Appendix C STATISTICAL TABLES RELATING TO INCOME, EMPLOYMENT, AND PRODUCTION 187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Appendix C
STATISTICAL TABLES RELATING TO INCOME,
EMPLOYMENT, AND PRODUCTION
187
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CONTENTS
NATIONAL INCOME OR EXPENDITURE: Page
G-l. Gross national product or expenditure, 1929-72 193C-2. Gross national product or expenditure in 1958 dollars, 1929-72 194C-3. Implicit price deflators for gross national product, 1929-72 196C-4. Implicit price deflators and alternative price measures of gross
national product and gross private product, 1939-72 198C-5. Gross national product by industry in 1958 dollars, 1947-71 199G-6. Gross national product by major type of product, 1929-72 200G—7. Gross national product by major type of product in 1958 dollars,
1929-72 201C-8. Gross national product: Receipts and expenditures by major economic
groups, 1929-72 202G-9. Gross national product by sector, 1929-72 204G-10. Gross national product by sector in 1958 dollars, 1929-72 205G—11. Gross product originating in nonfinancial corporations and dollar
costs per unit of output, 1948-72 206C-12. Personal consumption expenditures, 1929-72 207G-l3. Gross private domestic investment, 1929-72 208G-14. Relation of gross national product and national income, 1929-72 209C-15. National income by type of income, 1929-72 210C-16. Relation of national income and personal income, 1929-72 211G-17. Disposition of personal income, 1929-72 212G-l8. Total and per capita disposable personal income and personal con-
sumption expenditures in current and 1958 dollars, 1929—72 213C-19. Sources of personal income, 1929-72 214G-20. Sources and uses of gross saving, 1929-72 216C-21. Saving by individuals, 1946-72 217C-22. Number and money income (in 1971 dollars) of families and unrelated
individuals, by race of head, 1947-71 218
POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:
C-23. Population by age groups, 1929-72 219C-24. Noninstitutional population and the labor force, 1929-72 220C-25. Civilian employment and unemployment by sex and age, 1947-72. . 222C-26. Selected unemployment rates, 1948-72 223C-27. Unemployment by duration, 1947-72 224C-28. Unemployment insurance programs, selected data, 1946-72 225C-29. Wage and salary workers in nonagricultural establishments, 1929-72. 226C-30. Average weekly hours and hourly earnings in selected private non-
agricultural industries, 1947-72 228C-31. Average weekly earnings in selected private nonagricultural indus-
tries, 1947-72 229C-32. Output per man-hour and related data, private economy, 1947-72. . 230C-33. Changes in output per man-hour and related data, private economy,
1948-72 231
189
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PRODUCTION AND BUSINESS ACTIVITY: P a g €
C-34. Industrial production indexes, major industry divisions, 1929-72... . 232C-35. Industrial production indexes, market groupings, 1947-72 233C-36. Industrial production indexes, selected manufactures, 1947-72 234C-37. Manufacturing output, capacity, and utilization rate, 1948-72 235C-38. New construction activity, 1929-72 236C-39. New housing starts and applications for financing, 1929-72 238C-40. Business expenditures for new plant and equipment, 1947-73 240C-41. Sales and inventories in manufacturing and trade, 1947-72 241C-42. Manufacturers' shipments and inventories, 1947-72 242C-43. Manufacturers' new and unfilled orders, 1947-72 243
PRICES:
C-44. Consumer price indexes by expenditure classes, 1929-72 244C-45. Consumer price indexes by commodity and service groups, 1939-72. 245C-46. Consumer price indexes, selected commodities and services, 1939-72. 246C-47. Consumer price indexes, seasonally adjusted, 1970-72 247C-48. Wholesale price indexes by major commodity groups, 1929-72 248C-49. Wholesale price indexes by stage of processing, 1947-72 250C-50. Percent changes in consumer price indexes, major groups, 1948-72.. 252C-51. Percent changes in wholesale price indexes, major groups, 1948-72.. 253
MONEY STOCK, CREDIT, AND FINANCE:
C-52. Money stock measures, 1947-72 254C-53. Commercial bank loans and investments, 1930-72 255C-54. Total funds raised in credit markets by nonfinancial sectors, 1964—72. 256C-55. Private liquid asset holdings, nonfinancial investors, 1965-72 258C-56. Federal Reserve Bank credit and member bank reserves, 1929-72. . 259C-57. Bond yields and interest rates, 1929-72 260C-58. Short-and intermediate-term consumer credit outstanding, 1929-72. 262C-59. Instalment credit extended and repaid, 1946-72 263C-60. Mortgage debt outstanding by type of property and of financing,
1939-72 264C-61. Mortgage debt outstanding by lender, 1939-72 265C-62. Net public and private debt, 1929-71 266
GOVERNMENT FINANCE:
C-63. Federal budget receipts and outlays, fiscal years 1929-74 267C-64. Federal budget receipts, outlays, financing, and debt, fiscal years
1963-74 268C-65. Relation of the Federal budget to the Federal sector of the national
income and product accounts, fiscal years 1971-74 270C-66. Receipts and expenditures of the Federal Government sector of the
national income and product accounts, 1949-74 271C-67. Public debt securities by kind of obligation, 1946-72 272C-6L8. Estimated ownership of public debt securities, 1946-72 273C-69. Average length and maturity distribution of marketable interest-
bearing public debt, 1946-72 274C-70. Receipts and expenditures of the government sector of the national
income and product accounts, 1929-72 275C-71. Receipts and expenditures of the State and local government sector of
the national income and product accounts, 1946-72 276C-72. State and local government revenues and expenditures, selected fiscal
years, 1927-71 277
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CORPORATE PROFITS AND FINANCE: Page
C-73. Profits before and after taxes, all private corporations, 1929-72 278C-74. Sales, profits, and stockholders' equity, all manufacturing corpora-
tions, 1947-72 279C-75. Relation of profits after taxes to stockholders' equity and to sales, all
manufacturing corporations, by industry group, 1950—72 280C—76. Sources and uses of funds, nonfarm nonfinancial corporate business,
1946-72 282C-77. Current assets and liabilities of U.S. corporations, 1939-72 283C-78. State and municipal and corporate securities offered, 1934-72 284C-79. Common stock prices, earnings, and yields, and stock market credit,
1949-72 285C-80. Business formation and business failures, 1929-72 286
AGRICULTURE:
C-81. Income of farm people and farmers, 1929-72 287C-82. Farm production indexes, 1929-72 288C-83. Farm population, employment, and productivity, 1929-72 289C-84. Indexes of prices received and prices paid by farmers, and parity ratio,
1929-72 290C-85. Selected measures of farm resources and inputs, 1929-72 291C-86. Comparative balance sheet of the farming sector, 1929-73 292
INTERNATIONAL STATISTICS:
C-87. U.S. balance of payments, 1946-72 293C-88. U.S. merchandise exports and imports by commodity groups,
1958-72 295C-89. U.S. merchandise exports and imports by area, 1966-72 296C-90. U.S. overseas loans and grants, by type and area, fiscal years,
1962-72 297C-91. International reserves, 1949, 1953, and 1967-72 298C-92. U.S. reserve assets, 1946-72 299C-93. Price changes in international trade, 1964-72 300C-94. Consumer price indexes in the United States and other major indus-
trial countries, 1957-72 301
General Notes
Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.See Economic Report 1972 for data for intervening years not shown here.
Symbols used:p Preliminary.__ Not available (also, not applicable).
191
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NATIONAL INCOME OR EXPENDITURE
TABLE C-l.—Gross national product or expenditure, 1929-72
Year or quarterTotalgross
nationalproduct
Per-sonalcon-
sump-tion
expend-itures i
Grossprivate'do-mesticinvest-ments
Netexportsof goods
andserv-ices 3
Government purchases of goods and services4
Total
Federal
Total Nationaldefense * Other
Stateandlocal
Percentchange
frompreceding
period,total gross
nationalproduct6
IV..
1 9 7 1 : I .
IllIV. .
1 9 7 2 : 1 . .I I .
IV i
Billions of dollars
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962.1963..1964..1965..1966..1967..1968..1969..
1970..197L.1972 P.
1970: I.
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
976.41,050.41,152.1
958.0971.7986.3989.7
1, 023.41, 043.0,056.9, 078.1
, 109.1., 139.4., 164.0., 195. 8
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375. 0401.2432.8466.3492.1536.2579.5
616.8664.9721.1
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54.159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
137.1152.0180.2
1.1
.4
1.1
1.71.3.0
-2 .0-1 .8- . 67.5
11.56.46.1
1.83.72.2.4
1.82.04.05.72.2.1
4.05.65.15.98.56.95.35.22.51.9
3.6.7
-4 .1
8.5
8.0
13.3
14.024.859.688.696.582.327.025.131.637.8
37.959.174.781.674.874.278.686.194.297.0
99.6107.6117.1122.5128.7137.0156.8180.1199.6210.0
219.0232.8254.9
1.3
2.0
5.1
6.016.951.981.189.074.217.212.516.520.1
18.437.751.857.047.444.145.649.553.653.7
53.557.463.464.265.266.977.890.798.898.8
96.597.8
105.9
1.3
2.0
1.2
2.213.849.479.787.473.514.79.1
10.713.3
14.133.645.948.741.238.640.344.245.946.0
44.947.851.650.850.050.160.772.478.378.4
75.171.476.2
3.9
3.83.12.51.41.6
2. 53.55.86.8
4.34.15.98.46.25.55.35.37.77.6
8.69.6
11.813.515.216.817.118.420.520.4
21.526.329.7
7.2
6.0
8.2
8.07.97.77.47.58.19.8
12.615.017.7
19.521.522.924.627.430.133.036.640.643.3
46.150.253.758.263.570.179.089.4
100.8111.2
122.5135.0148.9
Seasonally adjusted annual rates
604.1613.4623.0626.5
648.0660.4670.7680.5
696.1713.4728.6746.2
132.9137.7139.9137.8
143.9153.0152.2158.8
168.1177.0183.2192.4
3.63.94.02.8
4.5.1.4
-2 .1
-4 .6-5 .2-3 .4-3 .0
217.3216.7219.5222.6
227.0229.5233.6240.9
249.4254.1255.6260.3
99.796.295.295.0
96.296.397.9
100.7
105.7108.1105.4104.5
78.974.773.872.9
72.571.270.171.9
76.778.675.174.4
20.921.621.422.1
23.725.027.828.7
28.929.630.230.1
117.6120.5124.3127.6
130.8133.3135.7140.2
143.7146.0150.2155.8
-4 .2
6.9
10.224.926.821.39.7.9
-1 .610.911.3- . 4
11.015.35.25.5.1
9.15.35.21.48.2
4.13.27.75.47.18.39.55.98.97.6
5.07.69.7
3.95.96.11.4
14.37.95.48.3
12.011.48.9
11.4
1 See Table C-12 for detailed components.2 See Table C-13 for detailed components.3 See Table C-8 for exports and imports separately.* Net of Government sales.* This category corresponds closely to the national defense classification in the "Budget of the United States Government
for the Fiscal Year ending June 30,1974."6 Changes are based on unrounded data and therefore may differ slightly from those obtained from published data.
Source: Department of Commerce, Bureau of Economic Analysis.
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T A B L E i
Year orquarter
1929
1933
1939
194019411942194319441 9 4 5 . . . . . .194619471948 . . .1949
1950195119521953195419551956195719581959
196019611962196319641965 .19661967.19681969..
19701971.. .1972 P
1970: 1I I . . -III. . .IV . . . .
1971: !_ . ._I I . . .III. . .IV.. .
1972: L . . .I I . . .III. . .IV v.
Totalgrossna-
tionalprod-uct
203.6
141.5
209.4
227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1
355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6
722.1741.7789.7
O*2.—Gross national product or expenditure tn
Personal consumptionexpenditures
Total
139.6
112.8
148.2
155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5
230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3
316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1
477.0495.4524.8
Dura-ble
goods
16.3
8.3
14.5
16.719.111.710.29.4
10.620.524.726.328.4
34.731.530.835.335.443.241.041.537.943.7
44.943.949.253.759.066.671.772.981.385.6
83.192.1
103.1
Non-dura-
blegoods
69.3
58.6
81.2
84.689.991.393.797.3
104.7110.8108.3108.7110.5
114.0116.5120.8124.4125.5131.7136.2138.7140.2146.8
149.6153.0158.2162.2170.3178.6187.0190.2197.1201.3
207.0211.1220.5
Serv-ices
I
54.0
46.0
52.5
54.456.358.561.864.767.772.173.475.877.6
81.884.887.891.194.899.3
104.1108.0112.0116.8
121.6125.6131.1137.4144.4152.5159.4167.0174.4182.2
186.8192.2201.2
Total
1958 dollars, 1929-72
Gross private domestic investment
Fixed investment
Total
Nonresidential
Total
Millions of 1958 dollars
40.4
5.3
24.7
33.041.621.412.714.019.652.351.560.448.0
69.370.060.561.259.475.474.368.860.973.6
72.469.079.482.587.899.2
109.3101.2105.2110.5
104.0108.6123.8
36.9
9.7
23.5
28.132.017.312.915.922.642.351.755.951.9
61.059.057.260.261.469.069.567.662.468.8
68.967.073.476.781.990.195.493.598.8
103.8
99.9105.9119.3
26.5
7.6
15.3
18.922.212.510.013.419.830.236.238.034.5
37.539.638.340.739.643.947.347.441.644.1
47.145.549.751.957.866.374.173.275.680.1
77.676,884.3
Struc-tures
13.9
3.3
5.9
6.88.14.62.93.85.7
12.511.612.311.9
12.714.113.714.915.216.218.518.216.616.2
17.417.417.917.919.122.324.022.623.424.3
23.622.822.9
Pro-ducers'durableequip-ment
12.6
4.3
9.4
12.114.27.97.29.6
14.117.724.625.722.6
24.825.524.625.824.527.728.829.125.027.9
29.628.131.734.038.744.050.150.652.255.8
54.054.061.3
Resi-dentialstruc-tures
10.4
2.1
8.2
9.29.84.92.92.52.8
12.115.417.917.4
23.519.518.919.621.725.122.220.220.824.7
21.921.623.824.824.223.821.320.423.223.7
22.329.135.0
Changefn busi-
nessinven-tories
3.5
- 4 . 3
1.2
4.99.64.0
—.2—1.9—2.910.0
4.6- 3 . 9
8.310.93.3.9
- 2 . 06.44.81.2
- 1 . 54.8
3.52.06.05.85.89.0
13.97.76.46.7
4.12.64.5
Seasonally adjusted annual rates
720.4723.2726.8718.0
731.9737.9742.5754.5
766.5783.9796.1812.4
474.1476.9480.2476.5
488.2493.0497.4503.2
511.0520.9528.7538.6
83.884.784.978.9
88.890.094.295.4
98.6100.7104.5108.4
204.4206.0207.7209.9
210.0211.2210.5212.8
214.7220.1221.9225.3
185.9186.2187.6187.8
189.3191.8192.8195.0
197.7200.0202.3204.9
102.0105.6106.2102.2
105.0110.0107.3112.0
116.6122.0125.5131.1
101.0100.0101.397.4
101.2104.7106.6111.3
116.3118.0119.3123.4
78.878.979.373.6
75.376.476.479.2
82.283.684.287.2
24.023.923.522.9
23.423.022.522.2
23.023.022.623.1
54.855.055.750.7
51.953.353.957.0
59.260.661.664.0
22.221.122.023.9
25.928.330.132.1
34.234.435.136.3
0.95.64.94.8
3.85.3
J
.33.96.27.7
See footnotes at end of table.
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TABLE C-2.—Gross national product^ or
Year or quarter
1929 .
1933
1939
1940 . .194119421943194419451946194719481949
19501951195219531954195519561957 . .19581959
1960196119621963196419651966196719681969
197019711972*._
1970: 1IIIMIV
1971: 1||III . .IV
1972: 1||III . .IV*
Net exports of goods andservices
Netexports Exports Imports
expenditure in 1958 dollars, 1929-72—Continued
Government purchases ofgoods and services i
Total FederalStateandlocal
Adden-dum:Gross
privateproduct
Billions of 1958 dollars
1.5
.0
1.3
2.1.4
- 2 . 1- 5 . 9- 5 . 8- 3 . 8
8.412.36.16.4
2.75.33.01.13.03.25 06.22.2.3
4.35.14.55 68.36.24.23.61.0.2
2.2.1
- 1 . 8
1.92.02.91.9
2.7- . 7
.1- 1 . 8
- 3 . 3- 2 . 8- . 7- . 3
11.8
7.1
10.0
11.011.27.86.87.6
10.219.622.618.118.1
16.319.318.217.818.820.924.226.223.123.8
27.328.030.032 136.537.440.242.145.748.4
52.252.656.9
51.952.352.452.1
53.053.054.449.9
55.554.257.260.5
10.3
7.1
8.7
8.910 89.9
12.613 413.911.210.312.011.7
13.614.115.216.715.817.719 119.920.923.5
23.022.925.526 628.231.236 138.544.748.3
50.052.558.7
50.050.449.550.1
50.353.854.351.7
58.957.057.960.8
22.0
23.3
35.2
36.456 3
117.1164.4181 7156.448.439.946 353.3
52.875.492.199.888.985.285 389.394.294.7
94.9100.5107.5109 6111.2114.7126 5140.2147.7145.9
139.0137.6142.9
3.5
6.0
12.5
15.036 298.9
147.8165.4139.730.119.123.727.6
25.347.463.870 056.850.749 751.753.652.5
51.454 660.059 558.157.965 474.778.173.5
64.760.861.6
18.5
17.3
22.7
21.420 118 316.616 316 718.420.822 725.7
27 527.928.429 732.134.435 637.640.642.2
43.545 947.550 153.256.861 165.569.672.4
74.376.881.3
Seasonally adjusted annual rates
142.4138.6137.5137.3
136.1135.7137.6141.1
142.2143.9142.6143.0
69.064.862.962.1
60.259.761.062.3
62.863.760.859.2
73.573.874.675.1
75.976.076.778.8
79.480.381.883.8
190.9
127.5
188.7
205.6236 6257.3272.8286 9282 5275.1281.4295 0294.1
324.2344.6353.2371 1366.2397.2404 8410 5405.2433.4
444.0452 3482.9503 2532.0567.0603 5617.5647.0664.9
661.3681.0728.4
659.5662.3666.1657.4
671.3677.5681.7693.7
705.6723.0734.5750.3
Percent change frompreceding period3
Totalgross
nationalproduct
- 1 . 9
8.5
8.516 112 913.27 2
- 1 7-12 .0
- . 94 4.2
9.67.93.04.5
- 1 . 47.61.81.5
- 1 . 16.4
2.51.96.64.05.46.36.52.64.72.7
~2.16.5
- 2 . 51.52.0
- 4 . 8
8.03.42.56.7
6.59.46.38.5
Grossprivateproduct
- 2 . 7
9.4
9.015.08.86.15 2
- 1 . 5- 2 . 6
2.34.8
- . 3
10.26.32.55.0
- 1 . 38.51.91.4
- 1 . 37.0
2.41.96.74.25.76.66.42.34.82.8
T.O6.9
- 2 . 61.72.3
- 5 . 1
8.73.72.57.2
7.110.26.58.9
1 Net of Government sales.2 Changes are based on unrounded data and therefore may differ slightly from those obtained from published data.Source: Department of Commerce, Bureau of Economic Analysis.
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TABLE C-3.—Implicit price deflators for gross national product, 1929-72
[Index numbers, 1958=100]
Year or quarter
Totalgross
nationalprod-uct i
Persona! consumptionexpenditures
TotalDur-able
goods
Non-durablegoods
Serv-ices
Gross private domestic investment1
Fixed investment
Total
Nonresidential
Total Struc-tures
Pro-ducers'durableequip-ment
1929-
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966..1967..1968..1969.
1970.. .1971. . .1972' .
1970: L..II..III.IV..
1 9 7 1 : I . . .I I . .I I I .I V .
1972: L.II. .III.IV p
50.64
39.29
43.23
43.8747.2253.0356.8358.1659.6666.7074.6479.5779.12
80.1685.6487.4588.3389.6390.8693.9997.49
100.00101.66
103.29104.62105.78107.17108.85110.86113.95117.59122.30128. 20
135.23141.61145.88
55.3
40.6
45.1
45.548.754.859.963.265.470.577.982.381.7
82.988.690.591.792.592.894.897.7
100.0101.3
102.9103.9104.9106.1107.4108.8111.5114.4118.4123.5
129.3134.2137.4
56.4
41.9
46.0
46.550.459.364.271.575.976.882.786.386.8
87.894.295.494.392.991.994.998.4
100.0101.4
100.9100.6100.8100.4100.499.698.7
100.3103.4106.1
108.9112.4112.8
54.5
38.0
43.2
43.847.755.662.566.268.774.383.688.585.6
86.093.394.393.994.293.694.997.7
100.099.9
101.2101.9102.8104.0104.9106.9110.7113.0117.1122.2
127.7131.7135.8
56.1
43.6
47.7
47.949.852.755.357.558.762.767.972.174.3
76.380.083.687.790.092.094.697.3
100.0103.0
105.8107.6109.0110.9113.1115.1118.3122.2126.9133.2
140.1147.4151.7
39.4
30.6
37.7
39.042.046.549.351.151.558.566.773.974.7
77.583.185.386.686.889.094.098.5
100.0102.6
103.4103.9104.9106.0107.6109.3111.8115.9120.4126.4
132.2140.0146.2
39.9
31.6
38.7
40.042.747.849.951.051.056.364.570.772.8
74.480.482.684.084.886.792.497.9
100.0102.2
102.9103.4104.1104.5105.7107.5110.2113.8117.5123.0
130.0137.7142.9
35.7
27.9
33.1
33.936.441.346.848.649.254.464.471.571.2
72.979.383.284.986.088.193.498.6
100.0102.7
104.0105.6107.1108.9111.1114.7118.9124.0129.8141.0
152.7168.4184.1
44.6
34.5
42.2
43.446.351.551.151.951.757.564.670.373.6
75.280.982.283.584.085.991.897.5
100.0102.0
102.2102.1102.3102.3103.0103.9106.0109.3112.0115.2
120.1124.7127.5
Seasonally adjusted
132.97134.38135.71137.85
139.84141.34142.35142.88
144.68145.34146.21147.20
127.4128.6129.7131.5
132.8134.0134.8135.2
136.2137.0137.8138.6
107.6108.1109.0110.9
112.4113.2112.7111.3
112.6113.0113.5112.1
126.1127.4128.2129.2
130.2131.3132.3133.2
134.2135.0136.1137.8
137.8139.4140.8142.6
145.2146.7148.4149.2
150.1151.2152.2153.4
130.1131.4132.0135.6
137.4139.8141.0141.2
144.2145.8146.9147.8
127.2128.9130.4133.8
135.4137.5139.1138.6
141.3142.6143.5144.1
147.6151.1153.7158.5
160.9166.3171.9174.9
179.3182.7185.0189.6
118.2119.3120.6122.6
123.9125.0125.4124.5
126.5127.4128.3127.7
See footnotes at end of table.
196Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-3.—Implicit price deflators for gross national product, 1929-72—Continued
[Index numbers, 1958=100]
Year or quarter
1929
1933
1939
19401941. . .1942194319441945 . .1946 . . . . .194719481949
1950.19511952195319541955 .1956 . .195719581959
196019611962196319641965 . .1966196719681969
1970 . .1971.1972 v
1970:1IIIllIV
1971:1I I . . . .IllIV
1972:1IIIllIV P
Exports and importsof goods and services*
Exports
59.5
33.7
44.1
48.653.061.565.2G9.971.375.487.392.787.0
84.997:098.895.294.394.997.5
101.3100.098.8
99.9101.9100.8100.6101.5104.7107.7109.7110.9114.6
120.5125.8129.6
Imports
57.3
28.8
38.6
40.843.048.351.253.256.464.979.486.482.2
88.7107.2103.699.1
100.8100.6102.5104.0100.099.3
101.0100.198.599.5
101.5103.4105.6106.5107.7111.1
118.6124.5132.6
Government purchases of goodsand services
Total
38.6
34.5
37.9
38.544.050.953.953.152.655.862.968.171.0
71.878.581.081.884.187.192.196.4
100.0102.4
105.0107.1109.0111.8115.7119.4124.0128.5135.1144.0
157.6169.1178.3
Federal
36.0
33.1
40.8
40.246.652.554.953.853.157.365.669.873; 0
72.979.481.281.483.586.991.795.8
100.0102.2
104.2105.2105.6108.0112.2115.5118.8121.5126.5134.5
149.2160.8171.9
State andlocal
39.1
35.0
36.3
37.339.242.344.646.148.653.260.466.468.9
70.876.980.682.885.387.592.797.3
100.0102.6
105.9109.4113.2116.3119.5123.5129.4136.4144.8153.6
165.0175.7183.1
Gross national product bysector
Private 2
51.73
39.92
43.93
44.6948.6655.5160.8562.0262.5968.2576.2781.4080.60
81.4187.3588.9989.6590.7791.5794.5397.92
100.00101.41
102.76103.73104.73105.80107.05108.83111.56114.79118.90124.30
130.31135.91139.49
Generalgovernment
34.1
33.5
36.8
36.034.737.339.743.348.355.458.560.864.7
67.170.574.476.679.584.088.793.3
100.0104.2
108.6113.6116.6121.5128.4133.5140.3147.6159.1171.0
188.8205.7221.7
Seasonally adjusted
118.5120.4121.7121.4
125.2125.8125.9126.3
127.4129.1130.1131.7
115.8117.4120.8120.4
122.8123.8125.4126.0
128.0131.9134.3136.1
152.6156.3159.7162.2
166.8169.2169.7170.7
175.4176.6179.2182.0
144.6148.5151.3152.9
159.9161.3160.5161.5
168.2169.9173.4176.6
160.1163.2166.7169.8
172.3175.4177.1178.0
181.0181.9183.6185.8
128.31129.49130.71132.73
134.28135.69136.63136.98
138.40139.00139.77140.71
183.3187.6190.6193.6
201.5204.6206.4210.1
217.5220.7223.1225.5
* Separate deflators are not available for total gross private domestic investment, change in business inventories, andnet exports of goods and services.
2 Gross national product less compensation of general government employees. See also Tables C-9 and C-10.
Source: Department of Commerce, Bureau of Economic Analysis.
197Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-4.—Implicit price deflators and alternative price measures of gross national product andgross private product, 1939-72
Year orquarter
1939. . .
19401941194219431944
19451946194719481949.
19501951195219531954
19551956..1957.19581959
1960196119621963.1964
19651966196719681969
1970.19711972 v
1970:1IIIIIIV
1971:1IIIllIV
1972:1IIIIIIV*
Gross national product pricemeasures, 1958=100
Total
Implicitprice
deflator
43.23
43.8747.2253.0356.8358.16
59.6666.7074.6479.5779.12
80.1685.6487.4588.3389.63
90.8693.9997.49
100. 00101.66
103. 29104. 62105. 78107.17108. 85
110.86113.94117.59122. 30128.20
135. 23141.61145.88
Priceindex,1967
weights
- -
110.75114.06117.58122. 51128.61
135. 56142. 40147.97
Private
Implicitprice
deflator
43.93
44.6948.6655.5160.8562.02
62.5968.2576.2781 4080.60
81.4187.3588.9989.6590.77
91.5794 5397.92
100.00101.41
102.76103.73104 73105. 80107 05
108.83111.56114.79118.90124. 30
130.31135.91139.49
Priceindex,1967
weights
108.65111.62114.78119.10124.67
130.64136. 53140. 92
Percent change from preceding period i
Total
Implicitprice
deflator
—1 5
1.57.7
12.37.22.3
2.611.811.96.6
- . 6
1.36.82.11.01.5
1.43.43.72.51.7
1.61.31.11.31.6
1.81.83.24.04.8
5.54.73.0
Priceindex,1967
weights
3.03.14.25.0
5.45.13.9
Chainprice
index
3.14.24.9
5.35.03.7
Private
Implicitprice
'deflator
- 1 6
1.78.9
14.19.61.9
.99.0
11.86.7
- 1 . 0
1.07.31.9.7
1.2
.93.23.62.11.4
1.3.9
1.01.01.2
1.72.52.93.64.5
4.84.32.6
Priceindex,1967
weights
2.72.83.84.7
4.84.53.2
Chainpriceindex
2.93.84.6
4.74.53.1
Seasonally adjusted annual rates
132.97134.38135. 71137.85
139. 84141. 34142. 35142.88
144.68145.34146. 21147.20
133.25134.92136.15137.99
140. 35141.98143.11144.11
146. 26147. 35148.49149.72
128. 31129. 49130. 71132. 73
134. 28135. 69136. 63136.98
138. 40139.00139. 77140.71
128. 59130.05131.11132. 87
134. 67136.18137. 36137.94
139. 47140. 32141.34142.48
6.54.34.06.5
5.94.42.91.5
5.11.82.42.7
6.05.13.75.5
7.04.73.52.5
6.13.03.13.4
5.85.13.55.6
6.84.63.42.1
5.62.73.13.0
5.33.73.86.3
4.84.32.81.0
4.21.72.22.7
4.74.63.35.5
5.54.63.51.7
4.52.52.93.3
4.64.63.25.6
5.54.43.41.4
4.42.32.92.8
1 Changes are based on unrounded data and therefore may differ slightly from those obtained from published indexes.
Source: Department of Commerce, Bureau of Economic Analysis.
198Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-5.—Gross national product by industry in 1958 dollars, 1947-71
[Billions of 1958 dollars]
Year
1947 . .19481949
195019511952....19531954
19551956. .1957...19581959
196019611962 .19631964
1965....1966.196719681969...
19701971...
Totalgrossna-
tionalproduct
309.9323.7324.1
355.3383.4395.1412.8407.0
438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1
617.8658.1675.2706.6725.6
722.1741.7
Agri-culture,fores-try,andfish-eries
17.920.019.4
20.419.520.221.221.6
22.122.021.522.022.3
23.123.423.324.023.6
25.023.725.224.825.4
26.126.9
Con-tractcon-
struc-tion
12.914.114.7
16.218.218.318.919.3
20.821.821.120.722.0
21.721.421.721.923.3
23.524.723.123.824.1
23.624.0
Manufacturing
Total
91.896.390.9
105.5116.2118.7128.6119.5
133.6134.1134.6123.7138.9
140.9140.4154.6162.4173.7
190.5205.7205.4219.2228.6
217.8221.4
Du-rablegoodsindus-tries
52.355.050.5
60.869.071.579.171.2
80.779.479.669.679.9
81.079.790.095.6
102.4
114.8125.1123.9131.8136.9
125.8125.8
Non-durablegoodsindus-tries
39.441.340.4
44.747.247.349.548.3
52.954.654.954.059.0
59.960.764.766.871.3
75.780.781.487.491.7
92.095.7
Trans-porta-tion,com-muni-cation,
andutili-ties
29.630 428.7
30.834.334.635.736.4
38.640.541.340.643.3
44.946.048.951.954.7
59.264.066.570.975.4
77.480.9
Whole-saleand
retailtrade
52.754.255.2
60.461.462.964.965.5
71.673.875.175.180.8
82.383.588.992.898.9
104.8111.6113.9120.8124.2
126.8131.9
Finance,insur-ance,andreal
estate
35.636.537.8
41.042.944.746.849.8
52.754.857.059.261.4
64.167.171.274.478.3
83.186.891.695.295.5
95.698.8
Serv-ices
30. &31.932.1
33.134.034.535.335.4
38.240.241.842.945.1
46.748.350.852.254.7
57.760.663.465.867.7
68.769.5
Gov-ern-mentand
govern-mententer-prises
32.433.234.7
35.943.947.247.146.1
46.046.246.947.347.9
49.250.652.653.956.1
58.061.865.568.670.3
70.070.0
Allother i
6.77.1
10.6
12.113.014.014.313.5
14.412.713.116.014.1
14.716.317.917.417.8
15.819.420.617.614.3
16.018.1
i Mining, rest of the world, and residual (the difference between gross national product measured as sum of final prod-ucts and gross national product measured as sum of gross product by industries).
Source: Department of Commerce, Bureau of Economic Analysis.
199Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-6.—Gross national product by major type of product, 1929-72
[Billions of dollars]
Year orquarter
1929
1933
1939
1940194119421943194419451946 . . . .194719481949
195019511952 . . . .195319541955195619571958— —1959
19601961 . . . .19621963196419651966196719681969
197019711972 P . . . .
1970: !____II. . .III..IV..
1971: l__._II. . .III..IV-.
1972: L . . .II . . .III..IV '.
Totalgrossna-
tionalprod-
uct
103 1
55.6
90.5
99 7124.5157.9191 6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364 6364 8398.0419.2441 1447.3483 7
503.7520.1560 3590.5632 4684.9749.9793 9864.2930.3
976.41,050.41.152.1
Finalsales
101.4
57.2
90.1
97.5120.1156.2192.2211.1213.0202.1231.8252.9259.6
278.0318.1342.4364.1366.4392.0414.5439.8448.8478.9
500.2518.1554.3584.6626.6675.3735.1785.7857.1922.5
971.51,046.71,146.2
Inve
ntor
ych
ange
1.7
- 1 . 6
.4
7 74.51.8
- 6- 1 . 0- 1 . 0
6.4- . 54.7
- 3 . 1
6.810.33.1
4- 1 5
6.04.71 3
- 1 . 54 8
3.6?.O6.05 95 89.6
14.88 77.17.8
4.93 65.8
Goods output
Total
Total
56.1
27.0
49.0
56.072.593.6
120.4132.3128.9124.9139.7154.2147.5
162.4189.7195.6204.1197.1216.4225.4234.6230.8249.1
259.6262.3284.5298.6319.4347.2383.3398.9429.5457.5
471.9495.5542.8
Finalsales
54.3
?8.6
48 6
53.868.091.9
121.0133.3129.9118 5140.1149.4150.5
155.6179.4192.5203.7198.6210.4220.7233.3232.3244.4
256.0260.2278.5292.7313.6337.6368.5390.7422.4449.7
467.0491.8536.9
l lU1 7
- 1 . 6
.4
7 74.51.8
- 6- 1 . 0- 1 . 0
6.4- . 54.7
- 3 . 1
6.810.33.1
4- 1 . 5
6.04.71 3
- 1 . 54,8
3.6?.O6.05 9f> 89.6
14.88 ?7.17.8
4.93 65.8
Durable goods
Total
17 5
4.9
1? 7
16.626.835.554.257.948.936 946.048.747.8
60.473.774.679.472.185.790.394.483.695.6
99.596 5
109.0116.1127.0139.6156 7161.1174.5187.3
184.9195.7222.7
Finalsales
16.1
5.4
1? 4
15.423.834.554.258.550.?31.644.348.049.9
56.366.873. 578.574.682.787 593.186.493.2
97.496.6
106.2113.3122.8133.0146.?156.5169.6182.3
183.0194.6217.6
l l• «c o1.4
g
1 73.01.0
0- . 6
- 1 . 35.31.7.7
- 2 . 1
4.16.91.1
9- ? 5
3.0?.81 3
- 2 . 87 3
? 1- . 12.8? 84 ?6.7
10 54 74.95.0
1.91 15.2
Nondurable goods
Total
38 5
?2.1
36.3
39.345.658.166.274.480.088.093.7
105. 599.7
102.0116.01?1.0124.8125.0130.7135,1140.2147.2153.6
160.1165.8175.5182.5192.4207.6??6.6237.7255.0270.2
287.0299.8320.1
Finalsales
38.2
n 736.2
38.444.?57.466.874.879.786 995.9
101.5100.6
99.3112.6119.1125.2124.1127.7133 ?140.2145.9151.1
158 6163 7172.2179.4190.7204.7??? 3234.2252.9267.4
284.0297.3319.4
>>
IIc o
0 3
- 1 , 1
1
1.01.4
- 63
. 21,1
- 2 . 24,0
- 1 . 0
7 73,4?,0
- . 5l n2.91 9.0
1.37 4
1 5? 13.23 11.63.04 33 "i2.12.8
3.07 5.7
Serv-ices
35.6
25.7
34.0
35.440.350 362.571.876.568.070.275.780.8
87.0101.2110.8118.8123.5132.6142.3154.2163.4176.2
187.3199.5213 3226.2244.2262.9289.1316.5346.6377.9
409.2443.9482.2
Struc-tures
11.4
2.9
7.5
8.311.814.08.76.16.5
15.621.427.728.3
35.437.539.141.744.249.051.552 353.158.3
56.858.362 665.768.874.877.578.688.194.9
95.4111.0127.1
Grossautoprod-uct
7.28.8
11.9
15.413.512.016.314.621.216.919.514.519.1
21.417.922.525.125.831.830.028.936.336.6
30.740.943.0
Seasonally adjusted annual rates
958.0971.7986.3989.7
1,023.41,043.01,056.91,078.1
1,109.11,139.41,164.01,195.8
i
956.4965.5980.2984.1
1,018.51,036.41,055.61,076.4
1,108.61,134.41,156.01,185.9
1.56.36.25.7
4.96.61.31.7
.45.08.0
10.0
463.8473.6478.8471.2
487.1492.4497.5504.8
517.6537.1550.4566.0
462.3467.3472.7465.6
482.2485.8496.2503.1
517.2532.1542.4556.0
1.56.36.25.7
4.96.61.31.7
5!o8.0
10.0
185.4186.8193.4173.9
193.3194.5196.7198.2
209.2217.6226.1238.0
184.4185.2187.4174.8
189.6191.0197.7200.1
208.8214.6220.7226.2
1.01.66.0
- . 9
3.73.6
- 1 . 0- 1 . 9
.43.05.4
11.9
278.4286.7285.4297.3
293.8297.9300.8306.6
308.4319.6324.3327.9
277.8282.1285.2290.7
292.6294.8298.5303.0
308.4317.5321.7329.9
0.54.7
.26.6
1.23.12.33.5
.02.12.6
- 1 . 9
400.6405.1412.2418.7
431.3441.1446.7456.3
467.3477.3487.3496.8
93.593.195.399.8
105.0109.5112.7117.0
124.2125.0126.3133.1
30.935.134.222.5
42.540.142.438.8
39.941.546.044.5
Source: Department of Commerce, Bureau of Economic Analysis.
200Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-7.—Gross national product by major type of product in 1958 dollars, 1929-72
[Billions of 1958 dollars]
Year orquarter
1929
1933
1939
19401941194219431944 . .19451946194719481949
1950195119521953195419551956195719581959
1 9 6 0 . . . . . .196119621963196419651966196719681969
197019711972 P
1 9 7 0 : 1 . . . .I I . . .III. .IV...
1971: L . . .II.IllIV..
1972: I . . . .II..III.IV*.
Totalgrossna-
tionalprod-
uct
203.6
141.5
209.4
227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1
355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6
722.1741.7789.7
Finalsales
200.1
145.9
208.2
222.3254.1293.8337.3363.2358.2302.6310.1319.1328.1
347.0372.5391.8411.8409.0431.6441.2451.2448.8471.1
484.2495.2523.8545.2575.2608.8644.2667.5700.2718.9
718.0739.1785.2
In-ven-tory
change
3.5
- 4 . 3
1.2
4.99.64.0
- . 2- 1 . 9- 2 . 910.0- . 24.6
- 3 . 9
8.310.93.3.9
- 2 . 06.44.81.2
- 1 . 54.8
3.52.06.05.85.89.0
13.97.76.46.7
4.12.64.5
Goods output
Total
Total
103.9
68.8
110.7
124.0143.4158.1187.4204.8198.0172.1172.2178.4174.2
192.6208.4214.0225.4215.1236.1239.0239.8230.8247.7
256.0257.3277.3289.7308.6330.7356.8363.1379.7390.0
385.8393.8423.9
Finalsales
100.4
73.2
109.5
119.0133.8154.1187.6206.7201.0162.1172.4173.8178.1
184.3197.5210.7224.5217.1229.7234.2238.5232.3242.9
252.6255.3271.3283.9302.8321.7342.9355.4373.3383.3
381.7391.2419.4
3.5
- 4 . 3
1.2
4.99.64.0
- . 2- 1 . 9- 2 . 910.0- . 24.6
- 3 . 9
8.310.93.3.9
- 2 . 06.44.81.2
- 1 . 54.8
3.52.06.05.85.89.0
13.97.76.46.7
4.12.64.5
Durable goods
Total
33.6
11.7
27.6
35.650.057.285.695.984.354.760.161.358.0
73.484.84.691.081.996.596.596.283.694.0
97.894.9
107.0114.2124.6136.5151.8152.2160.7167.5
160.0164.5185.9
Finalsales
30.9
13.4
27.0
32.843.554.485.297.487.446.158.660.061.0
68.376.183.289.984.893.093.595.086.491.6
95.994.9
104.1111.4120.4130.1141.9148.0156.2163.2
158.6163.8181.9
2.7
- 1 . 7
.6
2.76.62.9.4
-1.5-3.18.61.51.2
-3.0
5.28.01.51.2
-3.03.43.01.2
-2.82.4
2.0.0
2.82.84.16.59.84.34.44.3
1.4.6
4.0
Nondurable goods
Total
70.4
57.1
83.0
88.493.4
100.9101.7108.8113.7117.4112.2117.1116.2
119.1124.3129.4134.4133.2139.7142.5143.6147.2153.7
158.2162.3170.3175.6184.1194.2205.1210.9219.0222.5
225.8229.4238.1
Finalsales
69.5
59.8
82.5
86.290.399.7
102.4109.3113.6116.0113.8113.8117.1
116.0121.4127.6134.6132.3136.7140.7143.6145.9151.2
156.7160.3167.2172.5182.3191.6201.0207.4217.0220.1
223.2227.3237.5
II2-5
0.8
- 2 . 7
.6
2.23.11.2
- . 6- . 4
.21.4
-1.73.3
- . 9
3.12.91.8
- . 2.9
3.01.8.0
1.32.5
1.52.03.13.11.72.64.13.52.02.5
2.62.0.6
Serv-ices
69.3
63.0
76.9
80.089.8
107.7131.8144.0144.3113.3106.5109.3112.4
117.5130.5136.3140.3141.8147.5153.0160.1163.4171.2
176.6184.0193.7200.9210.8221.9236.3249.1259.7268.2
272.5278.4291.1
Struc-tures
30.3
9.8
21.8
23.230.531.917.912.412.927.231.236.137.5
45.244.444.747.050.254.354.052.653.157.0
55.055.858.860.461.665.265.063.067.267.3
63.869.574.8
Grossautoprod-
uct
Seasonally adjusted annual rates
720.4723.2726.8718.0
731.9737.9742.5754.5
766.5783.9796.1812.4
719.5717.5721.9713.2
728.1732.6741.7753.8
766.3780.0789.8804.7
0.95.64.94.8
3.85.3.7.7
.33.96.27.7
384.0389.5390.3379.4
389.4391.0394.5400.4
407.0420.7428.7439.2
383.1383.8385.5374.6
385.6385.7393.7399.7
406.8416.7422.5431.5
0.95.64.94.8
3.85.3.7.7
.33.96.27.7
162.4162.9166.9147.6
162.7162.8164.9167.4
175.0181.4187.9199.1
161.8161.5162.2148.7
159.8160.0166.0169.5
174.8179.1183.8189.9
0.71.44.7
- 1 . 1
2.92.8
- 1 . 1- 2 . 1
.32.34.19.2
221.6226.6223.5231.7
226.6228.3229.5233.0
232.0239.2240.9240.1
221.3222.3223.3225.8
225.8225.7227.7230.2
232.0237.6238.7241.6
0.34.2.2
5.9
.92.61.92.8
.01.62.2
- 1 . 5
272.5271.1272.9273.6
274.8278.2278.4282.3
285.2289.3293.2296.6
64.062.663.565.0
67.768.869.671.8
74.374.074.176.6
10.311.414.8
19.115.913.518.717.124.618.620.214.518.5
21.017.522.024.725.531.830.629.035.435.0
28.436.438.4
29.232.831.620.0
37.134.837.835.8
35.637.040.640.4
Source: Department of Commerce, Bureau of Economic Analysis.
201Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-8.—Gross national product: Receipts and expenditures by major economic groups, 1929-72
[Billions of dollars]
Year orquarter
Persons
Disposable personalIncome
Total
Less:Inter-
estpaidand
trans-fer
pay-mentsto for-eigners
Equals:Total
exclud-ing in-terestand
trans-fers
Per-sonalcon-
sump-tionex-
pendi-tures
Per-sonal
savingor
dis-saving
Government
Net receipts
Taxandnon-taxre-
ceiptsor ac-cruals
Less:Trans-fers,inter-estandsub-
sidies3
Equals:Netre-
ceipts
Expenditures
Totalex-
pendi-tures
Trans-fers,
inter-est,andsub-
sidies*
Equals:Pur-
chasesof
goodsand
serv-ices
1929.
1933.
1939.
1940.1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..ia55_.1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966..1967_.1968..1969..
1970..1971-1972*
1970: L...II...III..IV..
1971:1....II—III..IV..
1972:1....II...III..IV*.
83.3
45.5
70.3
75.792.7
116.9133.5146.3150.2160.0169.8189.1188.6
206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3
350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4
689.5744.4795.1
667.9687.2699.1704.0
725.7742.9750.4758.5
770.5782.6798.8828.4
1.9
.7
.9
1.01.1.8
'.B1.01.41.82.22.4
2.93.13.54.34.65.15.96.46.57.1
7.88.18.69.7
10.712.013.013.915.116.7
17.918.519.3
81.4
44.9
69.4
74.791.6
116.1132.7145.5149.3158.6168.0186.9186.2
204.1223.5234.8248.3252.9270.2287.2302.2312.3330.3
342.3356.3376.6394.9427.4461.3498.9532.4575.9617.7
671.6725.8775.9
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
616.8664.9721.1
4.2
- . 9
2.6
3.811.027.633.437.329.615.27.3
13.49.4
13.117.318.118.316.415.820.620.722.319.1
17.021.221.619.926.228.432.540.439.838.2
54.960.954.8
11.3
9.3
15.4
17.725.032.649.251.253.250.956.858.956.0
68.784.889.894.389.7
100.4109.0115.6114.7128.9
139.8144.6157.0168.8174.1189.1213.3228.9263.5296.7
302.0321.6365.7
1.8
2.7
4.2
4.44.04.44.76.5
10.418.517.318.821.3
22.919.919.019.521.923.425.528.733.034.0
36.541.342.844.446.749.955.562.870.777.9
93.0105.7117.1
9.5
6.7
11.2
13.321.028.244.444.742.832.439.540.134.7
45.864.970.874.867.876.983.586.881.695.0
103.3103.3114.2124.3127.3139.2157.9166.2192.7218.8
209.0215.9248.6
10.3
10.7
17.6
18.428.864.093.3
103.092.745.542.450.359.1
60.879.093.7
101.296.797.6
104.1114.9127.2131.0
136.1149.0159.9166.9175.4186.9212.3242.9270.3287.9
312.1338.5372.0
1.8
2.7
4.2
4.44.04.44.76.5
10.418.517.318.821.3
22.919.919.019.521.923.425.528.733.034.0
36.541.342.844.446.749.955.562.870.777.9
93.0105.7117.1
8.5
8.0
13.3
14.024.859.688.696.582.327.025.131.637.8
37.959.174.781.674.874.278.686.194.297.0
99.6107.6117.1122.5128.7137.0156.8180.1199.6210.0
219.0232.8254.9
Seasonally adjusted annual rates
17.517.818.118.3
18.318.418.718.8
18.819.119.419.8
650.4669.4681.0685.7
707.4724.5731.7739.7
751.7763.5779.4808.6
604.1613.4623.0626.5
648.0660.4670.7680.5
696.1713.4728.6746.2
46.355.958.059.2
59.364.161.059.3
55.750.150.862.4
299.0303.7303.0302.4
313.5318.8323.3330.7
353.8361.4368.8
81.896.595.298.5
100.6107.4106.5108.4
112.1114.1115.7126.6
217.2207.2207.8203.9
212.9211.4216.8222.3
241.7247.3253.1
299.1313.2314.7321.2
327.5336.9340.2349.4
361.6368.3371.2386.9
81.896.595.298.5
100.6107.4106.5108.4
112.1114.1115.7126.6
217.3216.7219.5222.6
227.0229.5233.6240.9
249.4254.1255.6260.3
See footnotes at end of table.
202Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-8.—Gross national product: Receipts and expenditures by major economic groups,1929-72—Continued
[Billions of dollars]
Yearor
quarter
1929
1933 .
1939
1940.1941..1942 .194319441945. .19461947.1948.. . .1949
195019511952.. .19531954. . .19551956195719581959
I960..196119621963196419651966 .196719681969
1970 ._19711972 v
1970: 1IIIIIIV
1971: 1IIIIIIV.
1972: 1IIIIIIV *
Grossre-
tainedearn-ings 3
11.2
3.2
8.4
10.511.414.516.317.115.114.520.228.029.7
29.433.135.136.139.246.347.349.849.456.8
56.858.766.368.876.284.791.393.095.497.0
97.3109.9123.8
Business
Grosspri-vate
domes-tic
invest-ment4
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54.159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
137.1152.0180.2
Excessof in-vest-ment( - )
-5 .1
1.8
- . 9
-2 .7-6 .5
4.610.610.04.6
-16.1-13.8-18.0-6 .0
-24.7-26.2-16.8-16.5-12.5-21.1-22.8-18.1-11.5-18.5
-18.0-13.0-16.8-18.4-17.8-23.4-30.1-23.5-30.6-42.0
-39.7-42.1-56.3
Nettrans-fers to
for-eignersby per-sonsand
Govern-ment
0.4
.2
.2
.2
.2
.2
.23
.82.92.64.55.6
4 03.52.52.52.32.52.42.32.42.4
2.42.62.72.82.82.82.83.02.92.9
3.23.63.8
nternational
Net exports of goodsand services
Ex-ports
7.0
2.4
4.4
5.45.94.84.45.37.2
14.719.716.815.8
13.818.718.016.917.819.823.626.523.123.5
27.228.630.332.337.139.243.446.250.655.5
62.966.173.7
Less:Im-
ports
5.9
2.0
3.4
3.64.64.86.57.17.97.28.2
10.39.6
12.015.115.816.615.917.819.620.820.923.3
23.223.025.126.428.632.338.141.048.153.6
59.365.477.8
Equals:Netex-
ports
1.1
.4
1.1
1.71.3
0- 2 . 0- 1 . 8- . 67.5
11.56.46.1
1.83.72.2.4
1.82.04.05.72.2
.1
4.05.65.15.98.56.95.35.22.51.9
3.6.7
- 4 . 1
Excessof
trans-fersor
of netex-
ports(_)5
- 0 . 8
- . 2
- . 9
- 1 . 5- 1 . 1
.22.22.11.4
- 4 . 6- 8 . 9- 1 . 9- . 5
2.2- . 2
2.1.5.5
- 1 . 5- 3 . 4
.22.3
- 1 . 7-3 .0- 2 . 5-3 .1-5 .7-4 .1- 2 . 4-2.2
. 41.0
- . 42.87.8
Totalincomeor re-ceipts
102.4
55.0
89.2
98.7124.1159.0193.6207.6208.0208.4230.4259.5256.2
283.3325.1343.3361.6362.1395.9420.4441.1445.8484.5
504.8520.8559.8590.8633.7688.0750.9794.6866.9936.3
981.11,055.21,152.2
Statis-ticaldis-
crep-ancy
0.7
.6
1.3
1.0.4
- 1 . 1- 2 . 0
2.53.9
.'9- 2 . 0
.3
1.53.32.23.02.72.1
- 1 . 1.0
1.6- . 8
- 1 . 0- . 8
.5- . 3
- 1 . 3- 3 . 1-1 .0
1-2 .7-6 .1
-4 .7- 4 . 8
. 1
Grossna-
tionalprod-uct
or ex-pendi-ture
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
976.41,050.41,152.1
Seasonally adjusted annual rates
95.397.998.397.9
103.2108.6110.5117.2
115.9124.8125.1
132.9137.7139.9137.8
143.9153.0152.2158.8
168.1177.0183.2192.4
-37.6-39.8-41.6-39.9
-40.7-44.4-41 .7- 4 1 . 6
- 5 2 . 2- 5 2 . 2-58 .1
3.13.13.33.4
3.23.43.84.0
3.83.83.83.8
61.563.063.763.2
66.366.768.563.0
70.770.074.479.7
57.959.259.860.4
61.866.668.265.1
75.375.277.882.7
3.63.94.02.8
4.5.1.4
- 2 . 1
- 4 . 6- 5 . 2- 3 . 4- 3 . 0
- 0 . 5- . 7- . 6
.6
- 1 . 43.23.46.1
8.49.07.26.7
966.0977.6990.4990.9
1,026.71,047.91,062.81,083.2
1,113.11,139.41,161.6
-7 .9-5 .9-4 .0-1 .0
-3 .3-4 .9- 5 . 9- 5 . 2
- 4 . 1- . 12.3
958.0971.7986.3989.7
1,023.41,043.01,056.91,078.1
1,109.11,139.41,164.01,195.8
1 Personal income less personal tax and nontax payments (fines, penalties, etc.).2 Government transfer payments to persons, foreign net transfers by Government, net interest paid by government,
subsidies less current surplus of government enterprises, and disbursements less wage accruals.3 Capital consumption allowances, corporate inventory valuation adjustment, and undistributed corporate profits, and
private wage accruals less disbursements.* Private business investment, purchases of capital goods by private nonprofit institutions, and residential housing.
See Table C-13.5 Net foreign investment less capital grants received by the United States, with sign changed.
Source: Department of Commerce, Bureau of Economic Analysis.
203Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-9.—Gross national product by sector, 1929-72
[Billions of dollars]
Year orquarter
1929.
1933.
1939
1940194119421943.. .1944194519461947. .19481949
1950195119521953195419551956 .195719581959
196019611962.1963. .19641965196619671968 .1969
197019711972 v
1970: 1 . . . .IIIIIIV
1971: 1. _IIIllIV.. . . . .
1972: 1 .IIIIIIV v
Totalgross
nationalproduct
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
976.41,050.41,152.1
Gross private product *
Total
98.8
50.9
82.9
91.9115.1142.8166.0177.9176.8187.7214.6240.1237.0
263.9301.0314.3332.7332.4363.8382.6402.0405.2439.4
456.3469.2505.7532.4569.4617.1673.3708.8769.3826.5
861.8925.6
1, 016.0
Business
Total
95.1
48.9
80.3
89.1112.2139.5
172.3182.7208.6233.5230.1
256.3292.8305.8323.6322.7352.9370.8389.3391.7425.0
440,7452.3487.4513.0548.2594.4648.9681.6739.0794.1
826.3884.7970.8
Nonfarm *
85.4
44.3
74.0
82.6103.3126.5147.2158.5156.4163.9188.5210.2211.4
236.3269.9283.7303.3303.1334.1352.2370.9370.9405.3
420.2431.4466.2491.5527.6570.8624.0657.0713.9766.2
797.3853.9937.4
Farm
9.7
4.6
6.3
6.58.9
13.015.315.315.918.820.223.318.8
20.022.922.220.319.618.818.618.420.819.6
20.520.921.221.520.623.724.924.625.227.9
28.930.933.4
House-holdsand
institutions
2.9
1.7
2.3
2.42.52.93.23.74.14.55.15.65.9
6.46.97.27.88.19.19.8
10.511.412.2
13.214.015.016.017.318.520.222.825.528.1
30.933.937.8
Rest ofthe world
0.8
.3
.3
.4
.4
.4
.4
.4
.6
.81.01.0
1.21.31.31.31.61.82.12.22.02.2
2.42.93.33.44.04.24.14.54.74.3
4.66.97.3
Grossgovern-
mentproduct 3
4 3
4.7
7 6
7.89 4
15.125.632.235.220.816.717.419.4
20.927.431.231.932.534.236.639.142.144.3
47.550.954.758.163.067.876.685.194.9
103J
114.7124.8136.1
Seasonally adjusted annual rates
958.0971.7986.3989.7
1,023.41, 043.01,056.91, 078.1
1,109.11,139.41,164.01,195.8
846.2857.7870.7872.6
901.4919.3931.4950.2
976.61,005.01, 026.61,055.7
811.7823 4834.6835.3
862.7878.7890.9906.6
933.7960.8980.4
1,008.5
782.0794.3806.0807.0
832.8848.5859.6874.5
901.8928.2947.4972.2
29.729 228.728.2
29.930.231.232.1
31.932.633.036.3
30.030.131.332.3
33.033.234.335.1
36.037.338.639.4
4.54.14.85.1
5.77.46.28.5
6.86.97.67.8
111.7114.1115.6117.2
122.1123.7125.5127.9
132.5134.4137.4140.1
1 Gross national product less compensation of general government employees.2 Includes compensation of employees in government enterprises.3 Compensation of general government employees.
Source: Department of Commerce, Bureau of Economic Analysis.
204Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-10.—-Gross national product by sector in 1958 dollars, 1929-72
[Billions of 1958 dollars]
Year orquarter
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966..1967..1968..1969...
1970-1971..1972 p.
19(70:1.IIIIIIV
1971: L...II —IIIIV
1972:1IIIIIIV v
Totalgross
nationalproduct
203.6
141.5
209.4
227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1
355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6
722.1741.7789.7
Gross private product1
Total
190.9
127.5
188.7
205.6236.6257.3272.8286.9282.5275.1281.4295.0294.1
324.2344,6353.2371.1366.2397.2404.8410.5405.2433.4
444.0452.3482.9503.2532.0567.0603.5617.5647.0664.9
661.3681.0728.4
Total
182.1
120.6
180.7
197.1228.1248.7264.9278.9274.6267.0272.8286.0284.7
314.2334.5343.2360.7355.4385.4392.2397.5391.7419.4
429.5436.9466.7486.6514.4548.9584.9597.8626.5644.6
640.7658.5705.0
Business
Nonfarm3
165.1
103.0
162.5
179.6209.3228.0245.3259.5256.5248.6255.8267.0266.2
294.9316.2324.2340.7335.0364.4371.4377.2370.9398.3
407.6414.8444.6463.8492.1525.2562.5573.9603.1620.5
616.0633.0681.7
Farm
17.0
17.5
18.2
17.518.820.619.619.418.118.517.019.018.4
19.418.419.020.020.420.920.820.320.821.1
21.922.222.122.822.323.722.423.923.424.1
24.725.523.3
House-holdsand
institutions
.7.4
5.7
7.1
7.67.57.87.27.17.17.17.57.98.2
8.78.88.89.19.2
10.110.610.911.411.7
12.212.412.913.213.714.014.615.416.016.3
16.716.917.9
Rest ofthe world
1.4
1.2
.9
1.0.9.8.8.9.8.9
1.11.21.2
1.31.21.21.31.61.82.02.12.02.2
2.32.93.43.43.94.13.94.34.54.0
4.05.65.4
Grossgovern-
mentproduct'
Seasonally adjusted annual rates
720.4723.2726.8718.0
731.9737.9742.5754.5
766.5783.9796.1812.4
659.5662.3666.1657.4
671.3677.5681.7693.7
705.6723.0734.5750.3
638.8642.3645.4636.4
649.7654.8659.8669.8
682.9700.1710.8726.3
614.7617.1620.8611.2
623.9629.3633.9644.8
659.2676.4688.4703.0
24.125.224.525.1
25.825.425.925.0
23.823.822.423.4
16.716.516.716.8
16.916.716.917.1
17.417.718.218.2
4.13.64.04.2
4.76.05.06.8
5.45.25.65.7
12.7
14.0
20.6
21.627.240.564.374.472.837.528.628.730.1
31.138.841.841.740.940.741.341.942.142.5
43.744.846.947.849.150.854.657.659.760.7
60.760.761.4
60.960.860.760.5
60.660.560.860.8
60.961.662.1
1 Gross national product less compensation of general government employees.3 Includes compensation of employees in government enterprises.* Compensation of general government employees.
Source: Department of Commerce, Bureau of Economic Analysis.
205490-000 O - 73 - 14Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-ll.—Gross product originating in nonfinancial corporations and dollar costs per unit ofoutput, 1948-72
Year or quarter
Gross productoriginating innonfinancial
corporations (bil-lions of dollars)
Currentdollars
1958dollars
Current dollar costs per unit of 1958 dollar gross product (dollars)
Totalcostsi
Capitalcon-
sump-tion
allow-ances
Indirectbusi-ness
taxes 2
Com-pensa-tion of
em-ployees
Netinterest
Corporate profits and inven-tory valuation adjustment
TotalProfits
taxliability
Profitsaftertaxes
plus in-ventory
valuationadjust-ment
1948-1949-
1050..1951-1952..1953-1954..
1955..1956..1957-1958-1959-
1960..1961-1962-1963-1964..
1965..1966-1967-1968-1969-
1970-1971-1972 *
1970: L .II.IllIV.
1971: I..II.IllIV.
1972: I..II.III.
137.0133.3
151.7174.3182.0194.7191.6
216.3231.2241.9236.0263.7
273.1278.4302.8320.0346.0
377.6413.0430.8469.9504.3
516.1549.4604.9
172.9165.6
186.4203.5207.1219.8213.4
237.2244.0247.2236.0260.8
267.1270.6292.9308.0329.7
357.8385.0390.2415.0433.9
427.4438.8475.3
0.793.805
.814
.857
.879
.886
0.040.047
.046
.049
.054
.059
.069
.072
.076
.082
.091
.091
.095
.100
.100
.100
.099
.100
.107
.109
.115
.124
.132
.136
0.070.076
.075
.075
.081
.083
.081
.081
.085
.090
.097
.094
.099
.103
.101
.102
.103
.100
.096
.100
.105
.109
.118
.124
.122
0.507.514
.507
.541
.570
.584
.591
.582
.619
.642
.659
.654
.670
.670
.665
.664
.664
.660
.678
.707
.727
.764
.812
.832
.843
0.005.006
.005
.005
.006
.006
.007
.007
.007
.009
.011
.010
.011
.013
.014
.015
.015
.017
.019
.023
.025
.029
.035
.037
.036
0.171.162
.180
.186
.168
.154
.149
.170
.160
.155
.142
.164
.151
.149
.154
.158
.168
.179
.180
.167
.166
.145
.119
.128
.134
0.069.057
.090
.103
.086
.084
.074
.084
.081
.076
.069
.080
.073
.073
.071
.074
.074
.077
.078
.073
.082
.078
.063
.067
.069
Seasonally adjusted annual rates
510.9516.4521.9515.3
536.2546.9552.2562.6
582.4599.3610.0
429.6429.6431.2419.2
432.0436.8438.9447.3
459.6471.7478.9
1.1891.2021.2101.229
1.2411.2521.2581.258
1.2671.2711.274
0.122.123.124.129
.128
.131
.134.135
.135
.138
.137
0.114.116.118.122
.123
.122
.124.126
.123
.122
.123
0.800.804.812.831
.826
.831
.834
.836
.842
.841
.842
0.033.035.036.037
.037
.037
.037
.037
.037
.036
.036
0.120.124.121.110
.128
.131
.128
.124
.130
.133
.136
0.065.064.065.058
.070
.071
.067
.061
.068
.068
.070
0.103.104
.090
.083
.082
.070
.075
.086
.079
.078
.073
.084
.078
.076
.082
.084
.094
.102
.102
.094
.084
.067
.056
.061
.065
0.055.059.056.052
.058
.061
.061
.063
.063
.065
.066
1 This is equal to the deflator for gross product of nonfinancial corporations, with the decimal point shifted two places tothe left.
2 Also includes business transfer payments less subsidies.
Source: Department of Commerce, Bureau of Economic Analysis.
206Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-12.—Personal consumption expenditures, 1929-72
[Billions of dollars]
Yearor
quarter
1929 . . .
1 9 3 3 . . .
1939..
1940..1941. .1942..1943. .1944..1945..1946..1947..1948..1949..
1950..1951. .1952..1953. .1954..1955..1956..1957..1958..1959..
I960. .1961..1962..1963..1964...1965.. .1966...1967...1968...1969. . .
1970. . .1971 . . .1972 *_.
1970:I . .II..III.IV.
1971:L_I I . .MLIV.
1972:
117.III.IV p
Durable goods
5o11
Nondurable goods Services
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
616.8664.9721.1
9.2
3.5
6.7
7.89.66.96.66.78.0
15.820.422.724.6
30.529.629.333.232.839.638.940.837.944.3
45.344.249.553.959.266.370.873.184.090.8
90.5'03.5116.3
3.2
1.1
2.2
2.73.4
'.Z.8
1.04.06.27.59.9
13.111.611.114.213.618.416.418.315.419.5
20.118.422.024.325.830.330.330.537.540.2
37.346.752.9
4.8
1.9
3.5
3.94.94.73.93.84.68.6
10.911.911.6
14.114.414.314.915.016.617.517.317.118.9
18.919.320.522.225.026.929.931.434.337.1
39.042.047.7
1.2
.5
1.0
1.11.41.61.92.22.53.23.33.43.2
3.33.63.94.14.24.65.05.25.45.9
6.36.56.97.58.59.1
10.511.212.313.5
14.214.815.7
37.7
22.3
35.1
37.042.950.858.664.371.982.490.596.294.5
98.1108.8114.0116.8118.3123.3129.3135.6140.2146.6
151.3155.9162.6168.6178.7191.1206.9215.0230.8245.9
264.4278.1299.5
19.5
11.5
19.1
20.223.428.433.236.740.647.452.354.252.5
53.960.463.464.465.467.269.973.676.478.6
80.582.985.788.292.998.8
105.8108.5115.3120.6
132.1136.4144.8
9.4
4.6
7.1
7.48.8
11.013.414.416.518.218.820.119.3
19.621.221.922.122.123.124.124.324.726.4
27.327.929.630.633.535.940.342.346.350.2
52.056.961.9
1.8
1.5
2.2
2.32.62.11.31.61.83.03.64.45.0
5.46.16.87.78.29.09.8
10.611.011.6
12.312.412.913.514.015.316.617.619.020.9
22.223.525.2
7.0
4.6
6.7
7.13.09.3
10.611.713.013.815.717.517.7
19.221.121.722.722.624.025.427.128.230.1
31.232.734.436.338.241.144.446.650.254.2
58.161.367.6
30.3
20.1
25.0
26.028.130.834.237.239.845.349.854.757.6
62.467.973.479.985.491.498.5
105.0112.0120.3
128.7135.1143.0152.4163.3175.5188.6204.0221.3242.7
261.8283.3305.4
11.5
7.9
9.1
9.410.211.011.512.012.513.915.717.519.3
21.323.926.529.331.733.736.038.541.143.7
46.348.752.055.459.363.567.571.877.384.1
90.999.2
107.2
4.0
2.8
3.8
4.04.34.85.25.96.46.87.58.18.5
9.510.411.112.012.614.015.216.217.318.5
20.020.822.023.124.325.627.129.131.233.8
36.339.543.3
2.6
1.5
2.0
2.12.42.73.43.74.05.05.35.85.9
6.26.77.17.87.98.28.69.09.3
10.1
10.810.611.011.411.612.613.614.515.516.6
18.219.921.7
Seasonally adjusted annual rates
12.2
7.9
10.1
10.411.212.314.015.616.819.721.423.323.9
25.426.928.730.833.235.538.641.344.348.0
51.654.958.062.568.173.880.488.597.3
108.2
116.3124.8133.2
604.1613.4623.0626.5
648.0660.4670.7680.5
696.1713.4728.6746.2
90.291.692.687.5
99.8101.9106.1106.1
111.0113.9118.6121.5
37.839.239.433.0
44.945.448.847.9
49.951.354.855.5
38.738.838.839.6
41.041.441.943.5
46.546.847.949.4
13.813.614.514.9
13.915.015.514.7
14.715.715.916.6
257.8262.4266.3271.3
273.4277.2278.5283.4
288.3297.2302.0310.4
128.0131.2133.9135.2
135.1135.9136.6137.9
140.3144.1145.8149.1
51.151.851.753.6
55.156.757.458.5
59.461.562.664.2
21.822.022.322.8
23.023.023.524.3
24.624.525.426.1
56.957.458.459.7
60.161.660.962.8
64.067.168.271.0
256.1259.4264.1267.7
274.8281.3286.1290.9
296.7302.4308.0314.3
88.790.191.493.4
95.898.1
100.3102.5
104.2106.1108.1110.2
35.335.936.937.2
38.039.140.040.7
41.242.744.045.2
17.718.018.518.8
19.319.820.220.4
21.021.521.922.4
114.3115.5117.2118.3
121.8124.3125.7127.3
130.3132.0134.0136.6
1 Includes consumer purchases of mobile homes.2 Includes imputed rental value of owner-occupied dwellings.
Source: Department of Commerce, Bureau of Economic Analysis.
207Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—13.—Gross private domestic investment, 1929—72
[Billions of dollars]
Year orquarter
Totalgross
privatedomesticinvest-ment
Fixed investment
Total
Nonresidential
Total
Structures
Total Non-farm
Producers'durable
equipment
Total Non-farm
Residential structures
TotalNon-farm Farm
Change inbusiness
inventories
Total
1929
1933.. .
1939...
19401941.. .1942..1943.1944... . . .1945...1946.1947...1948..1949..
1950..1951..1952...1953__.19541955...1956..1957...1958..1959
I960. . . .196119621963...1964.19651966196719681969..
1970.1971.1972*
1970: IIII l l — -IV
1971: IIIIIIIV
1972: IIIIll —IV' . . -
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54.159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
137.1152.0180.2
14.5
3.0
8.9
11.013.48.16.48.1
11.624.234.441.338.8
47.349.048.852.153.361.465.366.562.470.5
71.369.777.081.388.298.5
106.6108.4118.9131.1
132.2148.3174.3
10.6
2.4
5.9
7.59.56.05.06.8
10.117.023.426.925.1
27.931.831.634.233.638.143.746.441.645.1
48.447.051.754.361.171.381.683.388.898.5
100.9105.8120.4
5.0
.9
2.0
2.32.91.91.31.82.86.87.58.88.5
9.211.211.412.713.114.317.218.016.616.7
18.118.419.219.521.225.528.528.030.334.2
36.038.442.2
4.8
.9
1.9
2.22.81.81.21.72.66.16.78.07.7
8.510.410.511.912.313.616.517.215.815.9
17.417.718.518.820.524.927.827.329.633.5
35.237.541.4
5.6
1.5
4.0
5.36.64.13.75.07.3
10.215.918.116.6
18.720.720.221.520.623.826.528.425.028.4
30.328.632.534.839.945.853.155.358.564.3
64.967.478.2
4.9
1.3
3.4
4.65.63.53.24.26.39.2
14.015.513.7
15.717.717.618.618.021.224.225.922.025.4
27.725.829.531.236.341.648.450.053.659.2
59.260.970.3
4.0
.6
2.9
3.43.92.11.41.31.57.2
11.114.413.7
19.417.217.218.019.723.321.620.220.825.5
22.822.625.327.027.127.225.025.130.132.6
31.242.653.9
3.8
.5
2.8
3.23.71.91.21.11.46.7
10.413.612.8
18.616.416.417.219.022.720.919.520.124.8
22.222.024.826.426.626.724.524.529.532.0
30.742.053.2
0.2
.0
1.7
- 1 . 6
.4
2.24.51.8
- . 6- 1 . 0- 1 . 0
6.4
A. 7- 3 . 1
6.810.33.1
- L 56.04.71.3
- 1 . 54.8
3.62.06.05.95.89.6
14.88.27.17.8
4.93.65.8
Seasonally adjusted annual rates
132.9137. ?139.9137.8
143.9153.0152.2158.8
168.1177.0183.2192.4
131.4131.4133.7132.1
139.0146.4150.9157.2
167.7172.0175.2182.4
100.2101.7103.498.5
101.9105.0106.3109.8
116.1119.2120.7125.6
35.536.136.236.3
37.638.338.738.8
41.342.041.843.8
34.735.335.435.5
36.837.537.938.0
40.541.240.943.0
64.865.667.262.1
64.366.767.671.0
74.877.279.081.8
59.259.861.256.6
58.360.460.864.2
67.769.671.072.8
31.229.730.333.6
37.041.444.547.3
51.652.854.456.8
30.629.429.933.0
36.640.943.946.7
51.052.153.755.9
0.5.3.4.6
.5
.5
.7
.6
.6
.6
.8
.9
1.56.36.25.7
4.96.61.31.7
.45.08.0
10.0
Source: Department of Commerce, Bureau of Economic Analysis.
208Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—14.—Relation of gross national product and national income, 1929—72
[Billions of dollars]
Year or quarterGross
nationalproduct
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
976.41,050.41,152.1
Less:Capital
con-sump-tion
allow-ances
7.9
7.0
7.3
7.58.29.8
10.311.011.39.9
12.214.516.6
18.321.223.225.728.231.534.137.138.941.4
43.445.250.052.656.159.863.968.974.581.6
86.393.8
103.7
Equals:Net
nationalproduct
95.2
48.6
83.2
92.2116.3148.1181.3199.1200.7198.6219.1243.1239.9
266.4307.2322.3338.9336.6366.5385.2404.0408.4442.3
460.3474.9510.4537.9576.3625.1685.9725.0789.7848.7
890.1956.6
1,048.4
Plus:Subsidies
lesscurrentsurplus
of govern-mententer-prises
- 0 . 1
.0
.5
.4
.1
\l.7.8.9
- . 2- . 1- . 1
.2
.2- . 1- . 4- . 2- . 1
.8
.9
.9
.1
.21.41.4.8
1.31.32.31.4.7
1.0
1.5.9
1.7
Indirectbusinesstax andnontaxliability
7.0
7.1
9.4
10.011.311.812.714.115.517.118.420.121.3
23.325.227.629.629.432.134.937.338.541.5
45.247.751.554.758.462.565.770.478.685.9
93.4101.9110.1
Less:
Businesstransfer
payments
0.6
.7
.5
.4
.5
.5
.5
.5
.5
.5
.6
.7
.8
.8
.91.01.21.11.21.41.51.61.7
1.92.02.12.32.52.73.03.13.43.8
4.24.64.9
Statisticaldiscrep-
ancy
0.7
.6
1.3
1.0.4
- 1 . 1- 2 . 0
2.53.9.1.9
- 2 . 0.3
1.53.32.23.02.72.1
- 1 . 1.0
1.6- . 8
- 1 . 0- . 8
.5- . 3
- 1 . 3- 3 . 1- 1 . 0- . 7
- 2 . 7- 6 . 1
- 4 . 7- 4 . 8
.1
Equals:Nationalincome
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955._1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966..1967..1968..1969..
1970 . .1 9 7 1 . .1972 P.
1970: L_II.IIIIV.
1 9 7 1 : 1 . .II .IIIIV
1 9 7 2 : 1 . .ILIIIIV
Seasonally adjusted annual rates
958.0971.7986.3989.7
,023.4,043.0,056.9,078.1
,109.1,139.4,164.0,195.8
85.185.886.687.9
90.292.495.097.4
99.7105.3104.1105.6
1,1,1,1,
872.9885.9899.7901.8
933.2950.6961.9980.7
009.3034.1059.9090.2
1.31.71.61.4
1.7.8.3.7
1.21.61.82.1
90.692.694.895.7
99.2100.3102.6105.6
106.7108.7111.4113.5
4.14.24.34.4
4.54.64.74.7
4.84.95.05.0
- 7 . 9- 5 . 9- 4 . 0- 1 . 0
- 3 . 3- 4 . 9- 5 . 9- 5 . 2
- 4 . 1- . 12.3
86.8
40.3
72.6
81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5
241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0
414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0
798.6855.7934.9
787.5796.7806.3804.1
834.5851.4860.8876.2
903.1922.1943.0
Source: Department of Commerce, Bureau of Economic Analysis.
209Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-15.—National income by type of income, 1929-72
[Billions of dollars]
Year orquarter
Totalna-
tionalin-
come1
Compensation ofemployees
Total
51.1
29.5
48.1
52.164.885.3
109.5121.2123.1117.9128.9141.1141.0
154.6180.7195.3209.1208.0224.5243.1256.0257.8279.1
294.2302.6323.6341.0365.7393.8435.5467.2514.6566.0
603.8644.1705.2
Wagesandsala-ries
50.4
29.0
45.9
49.862.182.1
105.8116.7117.5112.0123.0135.4134.5
146.8171.1185.1198.3196.5211.3227.8238.7239.9258.2
270.8278.1296.1311.1333.7358.9394.5423.1464.9509.7
541.9573.5626.4
Sup-ple-
mentsto
wagesandsala-ries2
Business and pro-fessional income
Total
9.0
3.3
7.4
8.611.114.017.018.219.221.620.322.722.6
24.026.127.127.527.630.331.332.833.235.1
34.235.637.137.940.242.445.247.349.550.5
49.952.655.6
In-come
nfOT
unin-corpo-ratedenter-prises
8.8
3.9
7.6
8.611.714.417.118.319.323.321.823.122.2
25.126.526.927.627.630.531.833.133.235.3
34.335.637.137.940.342.845.647.650.351.2
50.753.456.8
Inven-tory
valu-ation
adjust-ment
In-come
offarmpro-prie-tors 3
Rentalin-
comeof
per-sons
Corporate profitsand inventory
valuationadjustment
Total
10.5
- 1 . 2
6.3
9.815.220.324.423.819.219.325.633.030.8
37.742.739.939.638.046.946.145.641.151.7
49.950.355.758.966.376.182.478.784.379.8
69.978.687.7
Corpo-rate
profitsbeforetaxes *
10.0
1.0
7.0
10.017.721.525.124.119.724.631.535.228.9
42.643.938.940.638.348.648.847.241.452.1
49.750.355.459.466.877.884.279.887.684.9
74.383.393.7
Inven-toryvalu-ation
adjust-ment
1929
1933
1939. . . . . .
19401941...1942...1943...1944...1945...1946...1947...1948...1949...
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
1960..1961196219631964..1965..1966..1967..1968..1969..
1970..1971..1972 P
1970: L -II...III..IV..
1971: I...II...M L .IV..
1972: I...II..III-IV
86.8
40.3
72.6
81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5
241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0
414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0
798.6855.7934.9
0.7
.5
2.2
2.32.73.23.84.55.65.95.95.86.5
7.89.6
10.210.911.513.215.217.317.920.9
23.424.627.529.932.035.041.044.249.756.3
61.970.778.7
0.1
- . 5
- . 2
.0- . 6- . 4- . 2- . 1
-\J- 1 . 5- . 4
.5
- 1 . 1- . 3
.2- . 2
.0- . 2
-.3- . 1- . 1
.0
.0
.0
.0- . 1- . 4- . 4- . 3- . 7- . 8
-.*8-1.2
6.2
2.6
4.4
4.56.49.8
11.711.612.214.915.217.512.7
13.515.815.013.012.411.411.411.313.411.4
12.012.813.013.112.114.816.114.814.716.7
16.917.319.6
5.4
2.0
2.7
2.93.54.55.15.45.66.67.18.08.4
9.410.311.512.713.613.914.314.815.415.6
15.816.016.717.118.019.020.021.121.222.6
23.324.525.6
0.5
-2 .1
- . 7
- . 2- 2 . 5- 1 . 2- . 8- . 3- . 6
- 5 . 3- 5 . 9- 2 . 2
1.9
- 5 . 0- 1 . 2
1.0- 1 . 0- . 3
- 1 . 7- 2 . 7- 1 . 5- . 3
. 2
.3
- . '5-1 .7- 1 . 8- 1 . 1- 3 . 3- 5 . 1
-4.4-4.7-6.0
Seasonally adjusted annual rates
787.5796.7806.3804.1
834.5851.4860.8876.2
903.1922.1943.0
594.3600.7609.0611.2
628.6639.6648.0660.4
682.7697.8710.2730.0
534.9539.5546.1547.2
560.4569.6576.5587.3
606.6620.0630.6648.5
59.561.262.863.9
68.270.071.573.0
76.177.879.681.5
49.750.050.149.9
51.352.453.153.8
54.354.456.257.4
18.017.116.515.9
16.816.917.618.1
19.118.719.121.6
23.023.223.423.8
23.924.424.825.0
25.224.226.226.9
69.371.572.066.9
76.680.178.379.4
81.886.189.6
75.875.276.669.6
81.384.584.183.2
88.291.695.7
- 6 . 4- 3 . 7- 4 . 6- 2 . 8
-4 .7- 4 . 4- 5 . 8- 3 . 9
- 6 . 5- 5 . 5- 6 . 1- 5 . 9
» National income is the total net income earned in production. It differs from gross national product mainly in that i texcludes depreciation charges and other allowances for business and institutional consumption of durable capital goods,and indirect business taxes. See Table C-14.
* Employer contributions for social insurance and to private pension, health, and welfare funds; compensation forinjuries; directors' fees; pay of the military reserve; and a few other minor items.
3 Includes change in inventories.* See Table C-73 for corporate tax liability and profits after taxes.
Source: Department of Commerce, Bureau of Economic Analysis.
210Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-16.—Relation of national income and personal income, 1929-72
[Billions of dollars]
Year or quarter Nationalincome
Less:
Corpo-rate
profitsand in-ventory
valuationadjust-ment
Contri-butions
forsocialinsur-ance
Wageaccruals
lessdis-
burse-ments
Plus:
Gov-ernmenttransfer
paymentsto per-
sons
Interestpaidby
govern-ment(net)
and bycon-
sumers
Divi-dends
Busi-ness
transferpay-
ments
Equals:
Personalincome
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966-1967..1968..1969-
1970..1971..1972 P.
1970:I...II..III.IV.
1 9 7 1 : 1 . . .I I -III.IV.
1 9 7 2 : 1 . - .I I . .I l l -
40.3
72.6
81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5
241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0
414.5427.3457.7481.9518.1564.3620 6653.6711.1766.0
798.6855.7934.9
10.5
- 1 . 2
6.3
9.815.220.324.423.819.219.325.633.030.8
37.742.739.939.638.046.946.145.641.151.7
49.950.355.758.966.376.182.478.784.379.8
69.978.687.7
0.2
.3
2.1
2.32.83.54.55.26.16.05.75.25.7
6.98.28.78.89.8
11.112.614.514.817.6
20.721.424.026.927.929.638.042.447.154.2
57.765.373.9
0.0 0.9
1.5
2.5
2.72.62.62.53.15.6
10.811.110.511.6
14.311.512.012.814.916.117.119.924.124.9
26.630.431.233.034.237.241.148.756.161.9
75.289.099.1
2.5
1.6
1.9
2.12.22.22.63.34.25.25.56.16.5
7.27.68.19.09.5
10.111.212.012.113.6
15.115.016.117.619.120.522.223.626.128.7
31.031.131.6
5.8
2.0
3.8
4.04.44.34.44.64.65.66.37.07.2
8.88.68.68.99.3
10.511.311.711.612.6
13.413.815.216.517.819.820.821.423.624.3
24.825.426.4
Seasonally adjusted annual rates
0.6
.7
.5
. 4
.5
.5
'.5.5
!6
.91.01.21.11.21.41.51.61.7
1.92.02.12.32.52.73.03.13.43.8
4.24.64.9
787.5796.7806.3804.1
834.5851.4860.8876.2
903.1922.1943.0
69.371.572.066.9
76.680.178.379.4
81.886.189.6
56.357.558.558.6
64.064.865.766.9
71.973.174.676.2
2.5- 2 . 1- . 4
.0
.0
.2
.61.4
- 1 . 4- . 5- . 2
.0
67.076.776.680.6
82.890.790.392.1
94.495.797.7
108.4
30.430.731.431.5
31.331.031.130.9
30.931.831.732.0
24.824.724.924.7
25.525.425.525.2
26.026.226.526.7
4.14.24.34.4
4.54.64.74.7
4.84.95.05.0
85.9
47.0
72.8
78.396.0
122.9151.3165.3171.1178.7191.3210.2207.2
227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5
401.0416.8442.6465.5497.5538.9587.2629 3688.9750.9
806.3861.4935.8
785.7806.1813.4819.8
838.0858.1867.9881.5
907.0922.1939.9974.3
Source: Department of Commerce, Bureau of Economic Analysis.
211Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE CM 7.—Disposition of personal income, 1929-72
Year orquarter
Per-sonal
income
Less:Per-
sonaltaxand
nontaxpay-
ments
Equals:Dispos-
ableper-sonal
income
Less: Personal outlays
Total
Per-sonalcon-
sump-tion
expend-itures
Interestpaid by
con-sumers
Per-sonal
transferpay-
mentsto for-eigners
Equals:Per-
sonalsaving
Percent of disposablepersonal income
Personaloutlays
Total
Con-sump-
tionexpend-
itures
Per-sonalsaving
Billions of dollars Percent
1929
1933
1939
19401941...1942 ::1943 ..1944...1945 :.19461947...1948 "1949195019511952...1953 V.19541955—1956.1957.......19581959
I960—196119621963—19641965.196619671968.1969
197019711972*
1970: L___IIIII...IV...
1 9 7 1 : I....II111 —IV...
19 7 2 : I....II —III —IV p..
85.9
47.0
72.8
78.396.0
122.9151.3165.3171.1178.7191.3210.2207.2
227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5
401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9
806.3861.4935.8
2.6
1.5
2.4
2.63.36.0
17.818.920.918.721.421.118.6
20.729.034.135.632.735.539.842.642.346.2
50.952.457.460.959.465.775.483.097.9
116.5
116.7117.0140.7
83.3
45.5
70.3
75.792.7
116.9133.5146.3150.2160.0169.8189.1188.6
206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3
350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4
689.5744.4795.1
79.1
46.5
67.7
71.881.789.3
100.1109.1120.7144.8162.5175.8179.2
193.9209.3220.2234.3241.0259.5272.6287.8296.6318.3
333.0343.3363.7384.7411.9444.8479.3506.0551.2596.2
634.7683.4740.4
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
616.8664.9721.1
1.5
.5
.7
.8
.9
.7
.5
.5
.5
.81.11.51.9
2.42.73.03.84.04.75.45.85.96.5
7.37.68.19.1
10.111.312.413.214.315.8
16.917.618.2
0.3
.2
.2
.2
.2
.1
.2
.4
.5
.7
.7
.7
.5
.5
.4
.4
.5
.5
.5
.6
.6
.6
.6
.5
.5
.5
.6
.6
.7
.6
.7
.8
.9
1.01.01.1
4.2
-.9
2.6
3.811.027.633.437.329.615.27.313.49.4
13.117.318.118.316.415.820.620.722.319.1
17.021.221.619.926.228.432.540.439.838.2
54.960.954.8
95.0
102.0
96.3
94.988.276.475.074.580.390.595.792.995.0
93.792.492.492.893.694.393.093.393.094.4
95.194.294.495.194.094.093.692.693.394.0
92.091.893.1
92.7
100.6
95.0
93.686.975.774.474.079.789.694.691.893.8
92.391.090.991.191.992.491.091.291.092.3
92.992.092.292.791.691.591.190.190.791.3
89.489.390.7
5.0
-2.0
3.7
5.111.823.625.025.519.79.54.37.15.0
6.37.67.67.26.45.77.06.77.05.6
4.95.85.64.96.06.06.47.46.76.0
8.08.26.9
Seasonally adjusted annual rates Seasonally adjusted
785.7806.1813.4819.8
838.0858.1867.9881.5
907.0922.1939.9974.3
117.8119.0114.3115.8
112.3115.2117.5123.0
136.5139.5141.1145.9
667.9687.2699.1704.0
725.7742.9750.4758.5
770.5782.6798.8828.4
621.6631.2641.1644.8
666.4678.8689.4699.2
714.9732.5748.0766.0
604.1613.4623.0626.5
648.0660.4670.7680.5
696.1713.4728.6746.2
16.516.817.117.3
17.417.517.617.7
17.818.018.218.6
1.01.01.01.0
.9
.91.11.1
1.01.11.21.2
46.355.958.059.2
59.364.161.059.3
55.750.150.862.4
93.191.991.791.6
91.891.491.992.2
92.893.693.692.5
90.489.389.189.0
89.388.989.489.7
90.391.291.290.1
6.98.18.38.4
8.28.68.17.8
7.26.46.47.5
Source: Department of Commerce, Bureau of Economic Analysis.
212Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—18.—Total and per capita disposable personal income and personal consumptionexpenditures in current and 1958 dollars, 1929-72
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
I96019611962196319641965196619671968.1969.
1970.1971.1972
1 9 7 0 : I .IIIIIIV
1 9 7 1 : I .I I .IIIIV
1 9 7 2 : I .I I .I l lIV
Disposable personal income
Total (billionsof dollars)
Currentdollars
83.3
45.5
70.3
1958dollars
667.9687.2699.1704.0
725.7742.9750.4758.5
770.5782.6798.8828.4
150.6
112.2
155.9
75.792.7
116.9133.5146.3150.2160.0169.8189.1188.6
206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3
350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4
689.5744.4795.1
166.3190.3213.4222.8231.6229.7227.0218.0229.8230.8
249.6255.7263.3275.4278.3296.7309.3315.8318.8333.0
340.2350.7367.3381.3407.9435.0458.9477.5499.0513.6
533.2554.7578.7
Per capita(dollars)
Currentdollars
683
362
537
573695867976
1,0571,0741,1321,1781,2901,264
1,3641,4691,5181,5831,5851,6661,7431,8011,8311,905
1,9371,9842,0652,1382,2832,4362,6042,7492,9453,130
3,3663,5953,807
1958dollars
1,236
893
1,190
1,2591,4271,5821,629',673,642,606,513,567,547
,646,657,678,726,714,795,839,844,831,881
1,8831,9091,9692,0152,1262,2392,3352,4032,4862,534
2,6032,6792,771
Personal consumption expenditures
Total (billionsof dollars)
Currentdollars
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
616.8664.9721.1
1958dollars
139.6
112.8
148.2
155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5
230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3
316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1
477.0495.4524.8
Per capita(dollars)
Currentdollars
Seasonally adjusted annual rates
634
364
510
536604656726782855,014,115,184,185
,259,337,381,441,456,539,585,643,666,758
,800,825,903
1,9812,0912,2282,3722,4762,6712,859
3,0103,2113,453
1958dollars
524.2534.2538.9535.4
546.6554.6556.5560.9
565.7571.4579.6597.9
3,2733,3593,4073,421
3,5173,5923,6203,649
3,7003,7513,8213,954
2,5692,6112,6262,602
2,6502,6822,6842,698
2,7162,7392,7732,854
604.1613.4623.0626.5
648.0660.4670.7680.5
696.1713.4728.6746.2
474.1476.9480.2476.5
488.2493.0497.4503.2
511.0520.9528.7538.6
2,9602,9983,0363,044
3,1413,1933,2353,274
3,3423,4203,4853,562
1,145
897
1,131
1,1781,2401,1971,2131,238',308,439,431,438,451
,520,509,525,572,575,659
1,6731,6831,6661,735
1,7491,7561,8141,8671,9482,0472,1272,1642,2562,315
2,3282,3932,513
2,3232,3312,3412,316
2,3662,3842,3992,421
2,4542,4972,5292,571
Popu-lation(thou-sands)^
121,875
125,690
131,028
132,122133,402134,860136,739138,397139,928141,389144,126146,631149,188
151,684154, 287156,954159,565162,391165, 275168, 221171,274174,141177,073
180,671183,691186,538189, 242191,889194,303196,560198,712200, 706202,677
204,879207,049208,837
204,082204,600205,186205,795
206,310206,806207,312207,856
208,255208,628209,053209, 509
i Population of the United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annualdata are for July 1; quarterly data are for middle of period, interpolated from monthly data.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
213Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O 1 9 . — Sources of personal income, 1929-72
[Billions of dollars]
Year or quarter
Totalper-sonal
income
Wage and salary disbursements*
Total
Commodity-producingindustries
TotalManu-factur-
ing
Distrib-utive
indus-tries
Serviceindus-tries
Gov-ern-ment
Otherlabor
in-come i
Proprietors'income
Busi-nessand
profes-sional
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949-
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966..1967..1968..1969..
1970..1971..1972*
1970: I—.II...III..IV..
1971: I . . .II...III..IV..
1972: I. . . .II...III..IV p.
85.9
47.0
72.8
78.396.0
122.9151.3165.3171.1178.7191.3210.2207.2
227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5
401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9
806.3861.4935.8
50.4
29.0
45.9
49.862.182 1
105.6116.9117.5112.0123.0135.3134.6
146.7171.0185.1198.3196.5211.3227.8238.7239.9258.2
270.8278.1296.1311.1333.7358.9394.5423.1464.9509.7
541.9572.9627.0
21.5
9.8
17.4
19.727.539.148.950.345.846.054.361.057.7
64.676.181.889.485.492.8
100.2103.899.7
109.1
112.5112.8120.8125.7134.1144.5159.3166.5181.5197.5
201.0206.1224.6
16.1
7.8
13.6
15.621.730.940.942.938.236.542.547.244.7
50.359.464.271.267.673.979.582.578.786.9
89.789.896.7
100.6107.2115.6128.1134.2145.9157.6
158.3160.3175.9
15.6
8.8
13.3
14.216.318.020.122.724.831.035.237.637.7
39.944.346.949.850.253.457.760.560.864.8
68.169.172.576.081.286.993.8
100.3109.2120.0
129.2138.2151.5
8.4
5.2
7.1
7.58.19.09.9
10.912.014.416.117.918.6
19.921.723.325.126.428.931.633.935.938.7
41.544.046.849.954.158.363.770.578.588.1
96.7105.0116.1
4.9
5.1
8.2
8.410.216.026.633.034.920.717.418.920.6
22.428.933.134.134.636.238.340.443.545.6
48.752.256.059.564.369.377.785.895.7
104.1
115.1123.5134.8
0.6
.4
.6
.7
.7
.91.11.51.81.92.32.73.0
3.84.85.36.06.37.38.49.59.9
11.3
12.012.713.914.916.618.720.722.325.428.4
32.136.540.3
Seasonally adjusted annual rates
9.0
3.3
7.4
8.611.114.017.018.219.221.620.322.722.6
24.026.127.127.527.630.331.332.833.235.1
34.235.637.137.940.242.445.247.349.550.5
49.952.655.6
785.7806.1813.4819.8
838.0858.1867.9881.5
907.0922.1939.9974.3
532.4541.6546.5547.2
560.4569.5575.9585.9
608.0620.5630.8648.5
201.8201.3202.2198.6
202.9205.7206.0209.9
217.5222.6225.1233.3
159.6159.2159.6154.9
158.5160.2160.0162.7
168.8174.1176.6183.9
126.3127.9130.6131.8
134.8137.2139.1141.7
147.2150.1152.4156.3
94.495.997.299.3
101.6103.9106.3108.4
111.9114.7117.5120.1
109.9116.5116.5117.6
121.1122.7124.6125.9
131.4133.1135.8138.8
30.731.532.633.7
34.836.137.238.0
38.839.840.841.8
49.750.050.149.9
51.352.453.153.8
54.354.456.257.4
See footnotes at end of table.
214Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O19.—Sources of personal income, 1929-72—Continued
[Billions of dollars]
Year orquarter
1929
1933
1939
1940194119421943194419451946..194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
197019711972*
1970: III .I I I . . .IV. . . .
1971: II I . . . .I I I . . .IV....
1972: ! . . ._
Rentalincomeof per-sons
5.4
2.0
2.7
2.93.54.55.15.45.66.67.18.08.4
9.410.311.512.713.613.914.314.815.415.6
15.816.016.717.118.019.020.021.121.222.6
23.324.525.6
Divi-dends
5.8
2.0
3.8
4.04.44.34.44.64.65.66.37.07.2
8.88.68.68.99.3
10.511.311.711.612.6
13.413.815.216.517.819.820.821.423.624.3
24.825.426.4
Personalinterestincome
7.2
5.7
5.5
5.45.55.35.35.66.36.87.57.98.5
9.29.9
10.611.813.114.215.717.618.920.7
23.425.027.731.434.938.743.648.052.959.3
65.869.672.9
Transfer payments
Total
1.5
2.1
3.0
3.13.13.13.03.66.2
11.311.711.212.4
15.112.513.014.016.017.318.521.425.726.6
28.532.433.335.336.739.944.151.859.665.8
79.593.6
104.0
Old age,survivors,disability,and healthinsurancebenefits
0.0
.0
.1
.1
.2
.2
.3
.4
.5
.6
.7
1.01.92.23.03.64.95.77.38.5
10.2
11.112.614.315.216.018.120.825.730.333.0
38.544.550.2
Stateunem-ploy-
ment in-surancebenefits
0.4
.5
.3
.3
.1
.1
.41.1
1.7
1.4.8
1.01.02.01.41.41.83.92.5
2.84.02.92.82.62.21.82.12.12.1
3.95.75.4
Vet-erans
benefits
0.6
.5
.5
.5
!5.5.9
2.86.76.75.85.1
4.93.93.93.73.94.34.34.44.64.6
4.64.84.85.05.35.65.76.67.38.3
9.711.312.7
Other
0.9
1.6
2.0
2.02.22.22.22.42.73.13.74.14.9
7.95.96.06.36.56.87.27.98.79.4
10.010.911.212.212.914.015.717.520.022.4
27.432.235.7
Less:Personalcontri-butions
for socialinsur-ance
Seasonally adjusted annual rates
0.1
.2
.6
."81.21.82.22.32.02.12.22.2
2.93.43.84.04.65.25.86.76.97.9
9.39.6
10.311.812.513.417.720.522.826.3
28.031.235.5
Non-agricul-
turalpersonalincome 3
23.023.223.423.8
23.924.424.825.0
25.224.226.226.9
24.824.724.924.7
25.525.425.525.2
26.026.226.526.7
63.564.966.868.0
68.669.170.270.6
71.072.773.474.5
71.180.980.985.0
87.395.295.096.8
99.2100.6102.7113.5
34.241.439.039.4
40.446.745.045.7
46.848.148.857.2
2.73.64.25.1
5.05.75.96.2
5.45.65.85.0
9.19.49.8
10.5
11.011.211.311.6
11.912.312.514.0
25.226.528.029.9
30.931.632.833.3
35.134.635.637.3
27.427.828.328.4
30.531.031.331.9
34.635.135.836.5
77.6
43.2
66.9
72.387.8
111.0137.3151.2156.4161.0173.0189.4191.3
210.9236.4254.1271.9274.7296.4318.5336.6344.3368.5
385.2400.0425.5448.1480.9519.5566.3609.4668.8728.3
782.8837.2909.2
761.4782.4790.3797.2
814.4834.4843.6856.5
881.0896.4913.9945.8
* The total of wage and salary disbursements and other labor income differs from compensation of employees in TableC—15 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disburse-ments.
2 Includes change in inventories.3 Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises, farm wages,
agricultural net interest, and net dividends paid by agricultural corporations.
Source: Department of Commerce, Bureau of Economic Analysis.
215Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-20.—Sources and uses of gross saving, 1929-72
[Billions of dollars]
Year orquarter
1929
1933
1939
194019411942.1943194419451946 . . . .194719481949
19501951195219531954 . . .195519561957 . . . .19581959
1960196119621963 . - -196419651966...19671968 . .1969
197019711972 v
1970:1III I I . . . .IV
1971:1IIIII.-.-IV. . . .
1972:1III I I . . . .IV p
Gross private saving and government surplus or deficit,national income and product accounts
Total
16.3
.9
8.8
13.618.610 75.52.55.2
35.142.049.935.9
50 456.149.547 548.564.872.771.259.273.8
77.575 585.090.5
101.0115.3124.9119.5128.3144.0
142.1153.9172.2
Private saving
Total
15.3
2.3
11.0
14.322.442.049.754.344.729.727.541.439.0
42 550.353.354 455 662.167.870.571.775.9
73.979 887.988.7
102.4113.1123.8133.4135.2135.2
152.2170.8178.4
Per-sona)
saving
4.2
— Q
2.6
3.811.027 633.437.329.615.27.3
13.49.4
13 117.318.118 316.415.820.620.722.319.1
17.021 221 619.926.228.432.540.439.838.2
54.960.954.8
Grossbusi-ness
saving
11.2
3.2
8.4
10.511.414 516.317.115.114.520.228.029.7
29 433.135.136 139.246.347.349.849.456.8
56.858 766.368.876.284.791.393.095.497.0
97.3109.9123.8
Government surplusor deficit ( - )
Total
1.0
- 1 . 4
- 2 . 2
- . 7- 3 . 8
-31 4-44.1-51.8-39.5
5.414.48.5
- 3 . 2
7 95.8
- 3 . 8- 6 9-7 .0
2.74.9.7
-12.5- 2 . 1
3.7- 4 3- 2 9
1.8- 1 . 4
2.21.1
-13.9- 6 . 8
8.8
-10.1-16.9-6 .2
Fed-eral
1.2
- 1 . 3
- 2 . 2
- 1 . 3- 5 . 1
-33.1-46.6-54.5-42.1
3.513.48.4
- 2 . 4
9.16.2
- 3 . 8- 7 0- 5 . 9
4.05.72.1
-10.2-1 .2
3.5- 3 8- 3 . 8
.7- 3 . 0
1.2- . 2
-12.4- 6 . 5
8.1
-12.9-21.7-18.5
Stateandlocal
- 0 . 2
- . 1
(3)
.61.31.82.52.72.61.91.0.1
- . 7
- 1 . 2
- 1 . 1- 1 . 3- . 9
- 1 . 4- 2 . 3- . 8
.2- . 5
.91.21.71.01.3
-1 .6—.3
.7
2.84.8
12.3
Capitalgrants
receivedby theUnitedStates i
0.9.7.7
Gross investment
Total
17.0
1.6
10.2
14.619.09.63.55.09.1
35.242.947.936.2
51.859.551.650 551.366.971.671.260.773.0
76.574.785.590.399.7
112.2123.9118.8125.6137.9
138.3149.8173.0
Grossprivatedomes-tic in-vest-ment
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54 159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
137.1152.0180.2
Netforeigninvest-ments
0.8
.2
.9
1.51.1
—.2-2 .2- 2 . 1- 1 . 4
4.68.91.9.5
-2 .2.2
—.3- 2 . 1- . 5
1.53.4
- . 2- 2 . 3
1.73.02.53.15.74.12.42.2
- . 4-1 .0
1.2- 2 . 1- 7 . 1
Statis-ticaldis-crep-ancy
0.7
.6
1.3
1.0.4
—1 1-2 .0
2.53.9
.9- 2 . 0
.3
1 53.32.23.02.72.1
- 1 . 1.0
1.6- . 8
- 1 . 0- . 8
.5—.3
- 1 . 3- 3 . 1—1.0
- . 7-2 .7- 6 . 1
-4 .7- 4 . 8
.1
Seasonally adjusted annual rates
141.3144.3144.5138.2
148.5154.8154.6157.8
163.9168.0173.6
141.5153.9156.3157.0
162.5172.8171.5176.5
171.6174.9176.0
46.355.958.059.2
59.364.161.059.3
55.750.150.862.4
95.397.998.397.9
103.2108.6110.5117.2
115.9124.8125.1
- 0 . 2-9 .6
-11.8-18.8
-14.0-18.0-16.9-18.7
-7 .7-6 .9-2 .4
- 3 . 8-13.4-14.7-19.7
-16.0-23.0-23.1-24.7
-14.8-21.6-11.8
3.63.82.9.9
2.05.06.26.0
7.114.89.4
0.9.9.9.9
.7
.7
.7
.7
.7
.7
.7
.7
134.3139.3141.4138.1
146.0150.5149.5153.4
160.5168.7176.7190.5
132.9137.7139.9137.8
143.9153.0152.2158.8
168.1177.0183.2192.4
1.41.61.5.3
2.1- 2 . 5-2 .7-5 .4
—7.7- 8 . 3-6 .5-6 .1
-7 .9-5 .9-4 .0-1 .0
- 3 . 3-4 .9-5 .9-5 .2
- 4 . 1- . 12.3
1 Allocations of special drawing rights (SDR).2 Net exports of goods and services less net transfers to foreigners.3 Surplus of $32 million.* Deficit of $41 million.
Source: Department of Commerce, Bureau of Economic Analysis.
216Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-2\.—Saving by individuals, 1946-72l
[Billions of dollars}
Year orquarter
194619471948..1949. . . .
19501951..1952. . .19531954
1955 .1956. . .195719581959
19601961196219631964
19651966196719681969
19701971
1970: L . . .I I . . .III..IV...
1971: 1 . . . .I I . . .ML.IV...
1972: !____I I . . .III. .
Total
26.020.923.118.8
26.929.426.730.327.6
33.935.733.733.033.6
29.633.136.039.947.0
53.862.461.966.359.6
82.983.1
Increase in financial assets
Total 2
19.213.28.89.8
13.718.121.922.422.2
28.229.728.331.735.4
28.936.538.045.953.1
57.260.765.872.462.6
87.196.3
Cur-rencyandde-
mandde-
posits
5.6.1
- 2 . 9- 2 . 1
2.64.41.6.9
2.0
1.11.7
- . 64.0.6
- . 32.71.03.44.7
8.02.6
11.212.83.6
6.38.6
Sav-ingsac-
counts
6.33.42.32.7
2.54.97.88.39.3
8.89.6
12.114.111.3
11.416.525.724.627.4
28.020.534.830.46.1
44.573.5
Securities
Gov-ern-mentsecu-rities 3
- 1 . 21.61.31.7
.0- . 71.42.2.5
5.93.62.1
- 2 . 18.5
3.6.9
- . 75.54.0
3.412.1
- 2 . 54.3
19.7
- 2 . 4-17.7
Corpo-rateandfor-eign
bonds
—0.9- . 8- . 2- . 4
- . 8
-A.0
- . 4
1.1.9
1.01.1.3
.2
.3- . 6- . 3- . 1
.71.94.84.85.7
12.47.6
Corpo-rate
stock*
1.11.11.0.8
.71.61.6.9.7
1.11.91.51.5.6
- . 4.4
- 2 . 0- 2 . 7- . 1
- 1 . 9- 1 . 0- 4 . 2- 7 . 6- 4 . 1
- 2 . 6- 5 . 2
Insur-anceandpen-sionre-
serves(«)
5.35.45.35.5
6.96.27.77.97.9
8.49.69.5
10.011.4
11.612.212.813.915.2
17.119.019.419.920.7
24.726.9
Net investment in
Non-farm
homes
4.26.9
10.59.0
13.713.512.813.513.7
17.716.413.812.716.5
14.512.012.812.612.5
12.011.59.2
12.813.3
10.616.5
Con-sumer
du-rables
5.87.57.17.0
10.25.53.66.44.9
9.95.94.9.6
5.5
5.12.96.78.9
11.2
14.815.212.416.716.2
9.916.2
Non-cor-po-ratebusi-ness
assets
3.33.37.42.5
6.44.62.51.62.5
3.51.92.33.33.2
2.23.25.66.96.2
9.07.28.27.89.0
8.213.8
Less
Mort-gagedebton
non-farm
homes
3.84.35.04.1
7.47.16.47.78.6
12.211.28.88.8
12.6
10.810.912.714.816.0
15.212.310.514.916.2
12.524.5
Increase indebt
Con-sumercredit
2.73.22.82.9
4.11.24.83.91.1
6.43.52.6.2
6.4
4.61.85.87.98.5
10.07.24.6
11.19.3
4.310.4
Otherdebts
0.02.52.92.6
5.64.02.82.16.0
6.83.44.26.27.9
5.78.78.5
11.811.4
13,912.618.617.416.1
15.924.8
Seasonally adjusted annual rates
67.091.794.179.2
88.585.176.581.7
81.996.994.2
64.589.9
106.788.5
87.999.090.6
106.1
103.0126.1124.8
7.73.38.95.3
15.18.6
- 1 . 411.1
12.5- 2 . 0
7.8
0.847.070.360.2
100.965.157.370.6
92.173.183.8
13.72.1
- 4 . 5-21.0
-52 .2- 8 . 6- 5 . 9- 4 . 6
-18.512.46.4
10.27.3
16.615.5
11.27.09.03.1
4.12.9.0
- 8 . 02.21.2
- 5 . 7
-14.9- . 7
.0- 5 . 3
- 8 . 8.8
- 7 . 3
22.226.523.726.4
27.928.223.727.8
18.233.526.6
11.210.39.2
11.6
12.916.017.319.7
20.121.523.6
11.911.911.24.4
15.015.518.016.2
19.320.423.1
8.18.88.57.5
13.313.714.913.5
16.115.215.8
11.612.013.612.9
13.923.429.131.7
27.537.041.8
4.86.26.4.4
4.09.0
12.614.5
13.917.518.6
12.311.021.719.6
22.726.622.627.6
35.131.632.8
i Saving by households, personal trust funds, nonprofit institutions, farms, and other noncorporate business.3 Includes commercial paper and miscellaneous financial assets, not shown separately.3 Consists of U.S. savings bonds, other U.S. Treasury securities, U.S. Government agency securities, and State and local
obligations.* Includes investment company shares.* Private life insurance reserves, private insured and noninsured pension reserves, and government insurance and
pension reserves.* Security credit, policy loans, noncorporate business mortgage debt, and other debt.
Source: Board of Governors of the Federal Reserve System.
217Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-22.—,•Number and money income {in 1971 dollars) of families andby race of head, 1947-71
unrelated individuals
Year
FAMILIES^
19471948.1949
1950...195119521953195419551956195719581959
1960.. .196119621963.. .196419651966.. . .
1966« . .1967 >1968 > . .1969*
1970*.19711
UNRELATEDINDIVIDUALS 3
194719481949
195019511952 .19531954 . .195519561957 . .19581959
19601961 . .19621963196419651966
196621967 21968«1969 2
1970219712
Total
Totalnum-ber
(mil-lions)
37.238.639.3
39.940.640.841.242.042.943.543.744.245.1
45.546.347.047.447.848.348.9
49.149 850.551.2
51.953.3
8.28.49.0
9.49.19.79.59.79.99.8
10.410.910.9
11.111.211.011.212.112.112.4
12.313.113.814.5
15.416.3
Medianincome
$5,4835^3675,278
5,5945,7835,9396,4336,2886,6937,1227,1387,1267,524
7,6887,7657,9758,2678,5798,9329,281
9,3609,683
10,04910,423
10,28910,285
$1,8151,7411,839
1 8251,8832,1662 1251,8441,9922,1372,1932,1232,188
2 3652,3782,3492,3822,5972,7712,833
2,9003,2413,250
3,2773,316
With incomesunder $3,000
Num-ber
(mil-lions)
7.98.49.2
8.68.07.77.58.37.66.86.96.96.7
6.66.86.46.15.75.55.1
5.14.74.24.1
4.34.4
Per-cent
21.221.823.3
21.619.718.918.319.817.615.715.815.714.9
14.614.713.612.911.911.310.5
10.39.58.38.1
8.38.3
With incomesunder $1,500
Num-ber
(mil-lions)
3.63.83.9
4.24.13.84.04.44.13.94.04.24.1
4.03.93.63.63.73.43.3
3.53.23.3
3.33.3
Per-cent
44.245.343.8
44.545.039.541.745.041.840.338.638.837.9
36.135.132.832.530.928.126.9
26.722.922.8
21.720.5
White
Totalnum-ber
(mil-lions)
34.135.3
38.239.039.539.740.240.9
41.141.942.442.743.143.544.0
44.144.845.446.0
46.547.6
7.27.3
8.28.58.58.99.29.3
9.69.69.59.7
10.410.510.8
10.711.312.012.5
13.414.2
Medianincome
$5,7145,5785,491
5,8116,0176 2856,6776,5556 9767,4527 4287,4257,838
7,9828,1098,3538,6648,9569,3119,638
9,72610 04110 40410,822
10,67410,672
$1,9051 8181,945
1 9111,9662 3352 2491 9832,1392,2042 3262,2632,327
2 5452,5572,5142 4972,7382 8872,945
3,0133,4323,409
3,4253,465
With incomesunder $3,000
Num-ber
(mil-lions)
6.36.7
6.66.05.35.35.45.1
5.15.?5.04.64.44.24.0
3.83.73.23.1
3.33.3
Per-cent
18.419.120.7
19.317.016.416.217.415.313.313.413.412.5
12.512 511.710.810.19.69.0
8.78.27.06.8
7.06.9
With incomesunder $1,500
Num-ber
(mil-lions)
3.13 2
3.53.43.33.23.43.3
3.23.22.93.03.02.82.8
2.92.62.6
2.72.7
Per-cent
42.943.842.1
43.143.938.141.042.939.939.136.537.135.8
33.833.030.730.529.226.725.5
25.421.621.1
20.118.9
Negro and other races
Totalnum-ber
(mil-lions)
3.13.3
3.83.94.04.04.04.2
4.34.54.64.84.84.84.9
5.05.05.15.2
5.45.7
1.01.1
1.41.41.31.51.61.6
1.51.61.51.51.61.71.6
1.61.81.82.0
1.92.1
Medianincome
$2,9302,9732,808
3,1423,1713,5693,7533,6373,8603,9283 9783,8054,045
4,4164,3214,4564,5965,0125,1605,766
5,8246,2346,5086,847
6,8066,714
$1,3571,3281 394
1,3741,4481,6051 7591,3171,4151,6201,4821,5131,497
1 4791,5671,6771,7181,8862 1012,139
2,2332,3622,410
2,3542,325
With incomesunder $3,000
Num-ber
(mil-lions)
1.61.7
1.61.51.51.51.61.6
1.51.61.51.51.31.21.1
1.11.11.0.9
1.01.1
Per-cent
51.250.453.2
47.847.340.538.942.939.437.737.739.438.5
34.834.832.330.726.825.823.1
22.721.218.718.0
19.019.4
With incomesunder $1,500
Num-ber
(mil-lions)
0.5.6
.9
'.6.8.8.8
.8
.8
.7
.7
.6
.6
.6
.6
.6
.6
Per-cent
53.755.253.2
53.351.447.445.257.052.848.650.749.750.1
50.848.545.545.040.636.536.1
34.731.833.7
33.131.8
1 The term "family" refers to a group of two or more persons related by blood, marriage, or adoption and residingtogether; all such persons are considered members of the same family.
2 Based on revised methodojogy.3 The term "unrelated individuals" refers to persons 14 years old and over (other than inmates of institutions) who arenot living with any relatives.
Source: Department of Commerce, Bureau of the Census.
218Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
POPULATION, EMPLOYMENT, WAGES, ANDPRODUCTIVITY
TABLE C-23.—Population by age groups, 1929-72
[Thousands of persons]
July 1 Total
Age (years)
Under 5 5-15 16-19 20-24 25-44 45-64 65 andover
1929
1933
1939.
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
197019711972
121,767
125,579
130,880
132,122133,402134,860136,739138, 397
139,928141, 389144,126146, 631149,188
152, 271154,878157, 553160,184163, 026
165,931168, 903171,984174,882177, 830
180,671183,691186,538189,242191,889
194,303196,560198,712200, 706202,677
204,879207,049208,837
11,734
10,612
10,418
10,57910,85011,30112, 01612, 524
12, 97913, 24414,40614,91915,607
16,41017,33317,31217, 63818, 05718,56619,00319,49419,88720,175
20,33720. 50420,44820,31620,127
19,78619,17118,52817,88017,339
17,16717,28917,242
26,800
26,897
25,179
24,81124,51624,23124,09323,949
23,90724,10324, 46825, 20925,85226,72127, 27928,89430, 22731, 48032,68233,99435, 27236, 44537, 368
38,49639,75341,18441,64042,313
42,94443,69544,23444,60944,804
44,73044,30443,684
9,127
9,302
9,822
9,8959,8409,7309,6079,561
9,3619,1199,0978,9528,788
8,5428,4468,4148,4608,637
8,7448,9169,1959,54310, 215
10,69411,07211,21512,00412,737
13, 50414,29414, 21214,44914,804
15,25915,60415,923
10,694
11,152
11,519
11,69011, 80711,95512,06412,062
12,03612,00411,81411,79411,700
11,68011, 55211,35011, 06210,832
10,71410,61610,60310,75610,969
11,12411,45011,95412,70713,256
13,75514,09015,22715, 76616,465
17,19218,16318,219
35,862
37,319
39,354
39,86840,38340,86141,42042,016
42, 52143,02743,65744, 28844,916
45,67246,10346,49546,78647, 001
47,19447, 37947,44047, 33747,192
47,14047,08947,00846,99646,965
46,91246,97647,18847,71448,055
48,41348,78150,126
21, 076
22, 933
25,823
26,24926,71827,19627,67128,138
28,63029, 06429,49829,93130,405
30,84931,36231, 88432,39432, 942
33, 50634, 05734, 59135,10935, 663
36,20036,71437,25137,79438,382
38,99739,61040,25840,89041,454
41,93842,34342,695
6,474
7,363
8,764
9,0319,2889,5849,86710,147
10,49410,82811,18511,53811,921
12,39712,80313, 20313,61714,076
14.52514,93815, 38815,80616, 248
16,67917,10817,47617,78518,108
18,40518,72319,06619,39619,754
20,17720,56720,948
Note.—Includes Armed Forces overseas beginning 1940. Includes Alaska and Hawaii beginning 1950.
Source: Department of Commerce, Bureau of the Census.
219Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-24.—Noninstitutional population and the labor force, 1929-72
Year or month
1929
1933
1939
1940194119421943 . . .1944
194519461947
194719481949 . . . . .
1950 . .19511952 _1953 _ .1954
1955 .19561957 .19581959
19601961196219631964 .
19651966 . .196719681969 . .
19701971
1972* . . . .
Nonin-stitu-tionalpopu-
lation i
Totallaborforce
(includ-ing
ArmedForces)
ArmedForcesi
Civilian labor force
Total
Employment
TotalAgri-cul-tural
Non-agri-cul-tural
Unem-ploy-ment
Thousands of persons 14 years of age and over
100,380101 520102,610103,660104,630
105,530106,520107,608
49 440
51, 840
55, 600
56,18057 53060,38064,56066,040
65,30060,97061,758
260
250
370
5401 6203,9709,020
11,410
11,4403,4501,590
49 180
51, 590
55, 230
55,64055 91056,41055,54054,630
53,86057,52060,168
47 630
38, 760
45, 750
47,52050 35053,75054,47053,960
52,82055,25057,812
10 450
10,090
9,610
9,5409 1009,2509,0808,950
8,5808,3208,256
37 180
28,670
36,140
37,98041 25044,50045,39045,010
44,24046,93049,557
1 550
12,830
9,480
8,1205 5602,6601,070
670
1,0402,2702,356
Thousands of persons 16 years of age and over
103,418104 527105,611
106,645107,721108,823110,601111,671
112,732113 811115!065116 363117,881
119 759121,343122 981125,154127,224
129, 236131,180133,319135,562137,841
140,182142,596
145, 775
60,94162,08062,903
63,85865,11765,73066,56066,993
68,07269 40969,72970, 27570,921
72,14273,03173,44274,57175,830
77,17878,89380,79382, 27284,240
85,90386,929
88,991
1,5911,4591,617
1,6503,1003,5923,5453,350
3,0492 8572,8002,6362,552
2,5142,5722,8282,7382,739
2,7233,1233,4463,5353,506
3,1882,817
2,449
59,35060,62161, 286
62, 20862,01762,13863,01563,643
65,02366 55266,92967,63968,369
69,62870,45970,61471,83373,091
74,45575,77077,34778,73780,734
82,71584,113
86,542
57,03958 34457,649
58,92059,96260, 25461,18160,110
62,17163 80264,07163,03664,630
65,77865,74666,70267, 76269,305
71,08872,89574,37275,92077,902
78,62779,120
81,702
7,8917 6297,656
7,1606,7266,5016,2616,206
6,4496,2835,9475,5865,565
5,4585,2004,9444,6874,523
4,3613,9793,8443,8173,606
3,4623,387
3,472
49,14850,71349,990
51,76053,23953,75354,92253,903
55,72457,51758,12357,45059,065
60,31860,54661,75963,07664,782
66,72668,91570,52772,10374,296
75,16575,732
78,230
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,993
4,840
Unem-ploy-ment
rate (per-cent ofcivilianlaborforce)
Laborforce
partici-pation
rate(totallabor
force aspercentof non-institu-tionalpopu-lation)
Percent
3.2
24.9
17.2
14.69.94.71.91.2
1.93.93.9
3.93.85.9
5.33.33.02.95.5
4.44.14.36.85.5
5.56.75.55.75.2
4.53.83.83.63.5
4.95.9
5.6
56.056.758.862.363.1
61.957.257.4
58.959.459.6
59.960.460.460.260.0
60.461.060.660.460.2
60.260.259.759.659.6
59.760.160.660.761.1
61.361.0
61.0
See footnotes at end of table.
220Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-24.—Noninstitutional population and the labor force, 1929-72—Continued
Year or month
Nonin-stitu-tionalpopu-lation i
Totallaborforce
(includ-ing
ArmedForces)
ArmedForces *
Civilian labor force
Total
Employment
TotalAgri-cul-tural
Non-agri-cul-tural
Unem-ploy-ment
Unem-ploy-ment
rate (per-cent ofcivilianlaborforce)
Laborforce
partici-pationrate
(totallabor
force aspercentof non-institu-tionalpopu-lation)
Seasonally adjusted
1971:JanFebMar
fcJuneJulyAugSeptOctNov.Dec
1972:Jan*FebMar
May.June
JulyAugSeptOctNovDec
141,500141,670141,885142,088142,285142,482
142,685142,886143,104143,321143,517143,723
86,66986,29186,34386,59486,81486,314
86,83687,14687,25287,41387,77487,803
88,23888,05888,76888,64788,85088,947
88,98589,33789,47189,65189,45489,707
2,9762,9502,9302,8822,8502,816
2,7972,7752,7492,7172,6962,658
2,5942,5402,5042,4632,4192,393
2,3882,3962,4052,4152,4312,440
83,69383,34183,41383,71283,96483,498
84,03984,37184,50384,69685,07885,145
85,64485,51886,26486,18486,43186,554
86,59786,94187,06687,23687,02387, 267
78,67978,44178,41778,73678,90678,653
79,09579,26479,47679,73879,98780,040
80,57980,59481,21681,20981,45881,752
81,78282,06182,25682,39782,52582,780
3,4113,2943,3703,5333,4023,293
3,3713,3963,3683,4133,4473,409
3,3973,3693,4603,3133,3383,331
3,4433,6103,5793,6583,5563,650
75,26875,14775,04775,20375,50475,360
75,72475,86876,10876,32576,54076,631
77,18277,22577,75677,89678,12078,421
78,33978,45178,67778,73978,96979,130
5,0144,9004,9964,9765,0584,845
4,9445,1075,0274,9585,0915,105
5,0654,9245,0484,9754,9734,802
4,8154,8804,8104,8394,4984,487
6.05.96.05.96.05.8
5.96.15.95.96.06.0
5.95.85.95.85.85.5
5.65.65.55.55.25.1
61.360.960.960.961.060.6
60.961.061.061.061.261.1
144,697144,895145,077145,227145,427145,639
145,854146,069146,289146,498146,709146,923
61.060.861.261.061.161.1
61.061.261.261.261.061.1
i Not seasonally adjusted.•Data beginning with 1972 not strictly comparable with prior data because of adjustment to 1970 Census data, which
added 787,000 to the noninstitutional population, 333,000 to the civilian labor force, and 301,000 to civilian employment.For further details, see "Employment and Earnings," February 1972.
Note.—Labor force data in Tables C-24 through C-27 are based on household interviews and relate to the calendarweek including the 12th of the month. For definitions of terms, area samples used, historical comparability of the data,comparability with other series, etc., see "Employment and Earnings."
Seasonally adjusted data in this table have been revised and do not agree with those published beginning February1972. They are subject to correction when the annual official revision of the series is published.
Source: Department of Labor, Bureau of Labor Statistics.
221490-000 O - 73 - 15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-25.—Civilian employment and unemployment by sex and age, 1947-72
(Thousands of persons 16 years of age and over)
Year ormonth
Employment
Total
Males
Total 16-iayears
20yearsandover
Females
Total 16-19years
20yearsandover
Unemployment
Total
Males
Total 16-19years
20yearsandover
Females
Total 16-19years
years
1947.1948.1949.
1950.1951.1952.1953.1954.
1955.1956.1957.1958.1959.
1960.1961.1962.1963.1964.
1965.1966.1967.1968.1969
1970.19711972
1971:Jan...Feb...Mar...Apr...May...June..
July...Aug...Sept..Oct.. .Nov...Dec...
1972:Jan__.Feb...Mar...Apr...May..June..
July..Aug...Sept..Oct.. .Nov...Dec...
57,039 40,99458,344 41,726"7,649 40,926
58,920 41,58059,962 41,78060,254 41,68411,18142,43110,110 41,620
62,17142,62163,802 43,38064,07143, • "63,036 42,64,630 43,466
65,778 43,90465,746 43,656
i, 702 44, "
2,218 38,776 16,0452,345 39,38216,6182,124 38,80316,723
2,186 39,394 17,3402,156 39,626 18,1822,106 39,578 18,5702,135 40,296 18,7501,985 39,634 18,490
2,095 40,526 19,5502,164 41,216 20,422* 117 41,239 20,714
__ 20,613198 41,267 21,164
177762 44,657
66,
69! 305 45; 474
2,360 41,543 21,8742,314 41,342 22,0902,362 41,815 22,5252,406 42,25123,1052,587 42,886 23,831
,691 14,354,683 14,937,58815,137
15,82416,570
612 16,958584 17,16449017,000
548 18,002654 18,767
,088 46,71,72,895 461
751920 48,11477,902 48,818
78,627 48,96079,120 49,24581,702 50,630
2,918 43,422 24,7483,252 43,668 25,9763,186 44,293 26,8933,255 44,859 27,8073,430 45,388 29,084
3,407 45,553 29,6673,470 45,775 29,8753,750 46,880 31,072
66319,052570 19,043640 19,524
,769 20,105,793 20,296,, 833 20,693,849 21,257,929 21,903
2,118 22,6302,469 23,5102,497 24,3972,525 25,2812,686 26,397
2,734 26,9332,725 27,1492,972 28,100
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,9934,840
1,6921,5592,572
2,2391,2211,1851,2022,344
1,8541,7111,8413,0982,420
2,4862,9972,4232,4722,205
1,9141,5511,5081,4191,403
2,2352,7762,635
270255352
318191205184310
274269299416398
425479407500487
479432448427441
599691707
1,4221,3052,219
1,9221,029980
1,0192,035
1,5801,4421,5412,6812,022
2,0602,5182,0161,9711,718
1,4351,1201,060993963
1,6362,0861,928
619717
1,065
1,049834698632
1,188
1,0391,018*., 504,320
,366,717,488,598,581
,452,324,468
.,3971,429
1,8532,2172,205
Seasonally adjusted
78,679 48,86978,441 48, 76578,417 48,81578, 736 49,10978,906 49, 20678,653 49,087
79, 095 49,79,264 49,79,476 49,43379,738 49,79,987 49,80,040 49,644
81,82,06182,282,382,582,7
1,3631,379
9,5849,683
80, 579 49, 88080, 594 49,86881, 216 50, 28281,209 50 2508 1 8
0,2500,375
, 752 50,710
,2 50, 25081,458 50,37581,752 50
782 50,70850,852
82,256 51,034"" 397 51,132
525 51,165780 51,336
3,426 45,443 29,8103,441 ". :. —3,382 45,433 29,3,489 45,620 29,6273,4513,321
45,324 29,6761,602J,627
45, 755 29, 70045, 766 29, 566
3,476 45,887 29,7323,487 45,892 29,3,477 45,956 30,3,541 . .3,615 46,068 30,3,566 46,078 30,
885043
46i 043 30', 154304396
3,619 46,261 30,3, 546 46,322 30,3,686 46, 596 30,3,710 46, 540 30,3, 718 46,657 313, 786 46,924 31
3,666 47,042 31,3, 782 47, 070 31,3,838 47,196 31,3,905 47, 227 31,3, 857 47,308 31,3,86147,475 31,
2,911
3,061
2,720 27,0902, 730 26, 9462, 716 26, 8862,718 26,9092, 719 26, 9812,609 26,957
2,712 27,0202, 760 27,1252, 734 27,3092, 723 27,4312, 759 27, 5452,830 27,566
2,926 27,77327, 815
2, 982 27, 9522, 997 27,962
28,0222, 970 28,072
2,927 28,1472,896 28,3132,935 28, 2872,984 28,2813,067 28, 2933, 087 28,357
5,0144,9004,9964,9765,0584,845
4,9445,1075,0274,9585,0915,105
5,0654,9245,0484,9754,9734,802
4,8154,8804,8104,8394,4984,487
2,7842,7172,7242,7362,8202,699
2,7462,8692,8132,7812,8332,851
2,782ti-ll2,7602,7362,579
2,5262,6162,5912,5972,4542,380
701669670677722645
690710673719710737
745850784725716614
611729716662718703
2,0832,0482,0542,0592,0982,054
2,0562,1592,1402,0622,1232,114
2,0371,9582,0252,0352,0201,965
1,9151,8871,8751,9351,7361,677
2,2302,1832,2722,2402,2382,146
2,1982,2382,2142,1772,2582,254
2,2832,1162,2392,2152,2372,223
2,2892,2642,2192,2422,0442,107
144152223
195145140123191
176209197262256
286349313383386
39540439141241;
506567595
587560590556582527
585556574556582583
644620618623546568
595605598592558595
Note.-See Note, Table C-24.Seasonally adjusted data in this table have been revised and do not agree with those published beginning February 1972.
They are subject to correction when the annual official revision of the series is published.
Source: Department of Labor, Bureau of Labor Statistics.
222Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-26.—Selected unemployment rates > 1948-72
[Percent]
Year or month
1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966..1967..1968..1969..
1970..1971..1972..
1971: Jan. . .Feb...M a r -Apr—May..June..
July—Aug...Sept..Oct. . .Nov...Dec...
1972: Jan. . .Feb...M a r -Apr—May_.June..
July..Aug...Sept..Oct. . .Nov...Dec...
Allwork-
ers
3.85.9
5.33.33.02.95.54.44.14.36.85.5
5.56.75.55.75.24.53.83.83.63.5
4.95.95.6
By sex and age
Bothsexes16-19years
9.213.4
12.28.28.57.6
12.611.011.111.615.914.6
14.716.814.717.216.214.812.812.812.712.2
15.216.916.2
Men20
yearsandover
3.25.4
4.72.52.42.54.93.83.43.66.24.7
4.75.74.64.53.93.22.52.32.22.1
3.54.44.0
Wom-en 20yearsandover
3.65.3
5.14.03.22.95.54.44.24.16.15.2
5.16.35.45.45.24.53.84.23.83.7
4.85.75.4
By color
White
3.55.6
4.93.12.82.75.03.93.63.86.14.8
4.96.04.95.04.64.13.43.43.23.1
4.55.45.0
Negroand
otherraces
5.98.9
9.05.35.44.59.98.78.37.9
12.610.7
10.212.410.910.89.68.17.37.46.76.4
8.29.9
10.0
By selected groups
Expe-riencedwageand
salarywork-
ers
4.36.8
6.03.73.33.26.24.84.44.67.25.7
5.76.85.65.55.04.33.53.63.43.3
4.85.75.3
House-hold
heads
3.73.22.72.22.11.91.8
2.93.63.3
Mar-ried
men*
3.5
4.61.51.41.74.02.82.62.85.13.6
3.74.63.63.42.82.41.91.81.61.5
2.63.22.8
Full-time
work-ers 2
5.4
5.02.62.5
5.23.83.74.07.2
6.7
5.54.94.23.53.43.13.1
4.55.55.1
Blue-collarwork-ers 3
4.28.0
7.23.93.63.47.25.85.16.2
10.27.6
7.89.27.47.36.35.34.24.44.13.9
6.27.46.5
Seasonally adjusted
Laborforcetimelost*
6.05.96.05.96.05.8
5.96.15.95.96.06.0
5.95.85.95.85.85.5
5.65.65.55.55.25.1
17.316.617.116.617.416.5
17.116.916.716.916.917.1
17.518.517.416.715.714.9
15.516.716.215.415.615.7
4.44.34.34.34.44.3
4.34.54.44.34.44.4
4.24.14.24.24.14.0
3.93.93.83.93.53.4
5.75.75.95.95.85.7
5.65.85.75.65.75.7
5.65.15.55.45.75.6
5.75.55.45.55.05.1
5.55.45.55.65.65.3
5.45.65.45.35.65.4
5.35.15.35.45.35.0
5.05.15.05.04.64.6
9.59.69.59.8
10.59.4
10.09.9
10.410.49.4
10.4
10.610.510.59.6
10.79.4
9.99.7
10.210.19.89.6
5.85.65.85.75.95.5
5.65.75.75.55.75.8
5.65.45.55.35.55.0
5.35.35.25.24.94.9
3.73.63.63.63.83.7
3.63.83.83.53.63.8
3.53.33.43.43.63.6
3.33.33.33.42.92.9
3.33.23.23.23.23.1
3.13.23.33.03.33.2
3.02.82.82.92.92.9
2.72.62.82.82.42.4
5.55.45.55.55.75. %
5.45.65.65.45.75.7
5.45.35.45.45.65.0
5.15.15.05.04.64.7
7.67.47.47.57.57.1
7.27.57.77.17.57.5
7.17.06.96.86.86.4
6.46.56.15.95.85.7
5.15.38.16.6
6.78.06.76.45.85.04.24.24.03.9
5.36.46.0
6.56.46.56.56.65.6
6.36.56.36.56.46.4
6.46.16.36.36.35.5
6.06.25.96.05.45.4
i Married men living with their wives. Data for 1949 and 1951-54 are for April; 1950, for March.» Data for 1949-61 are for May.3 Includes craftsmen, operatives, and nonfarm laborers. Data for 1948-57 are based on data for January, April, July,
and October.4 Man-hours lost by the unemployed and persons on part-time for economic reasons as a percent of potentially available
labor force man-hours.
Note—See Note, Table C-24.Seasonally adjusted data in the first four columns of this table have been revised and do not agree with those pub-
lished beginning February 1972. They are subject to correction when the annual official revision of the series is published.
Source: Department of Labor, Bureau of Labor Statistics.
223Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-27.—Unemployment by duration, 1947-72
Year or monthTotal un-employ-ment
Duration of unemployment
Less than5 weeks
5-14weeks
15-26weeks
27 weeksand over
Average(mean)durationin weeks
Thousands of persons 16 years of age and over
1947.1948.1949.
1950.1951.1952.1953.1954.
1955.1956.1957.1958.1959.
1960.1961.1962.1963.1964.
1965.1966.196719681969
197019711972.
1971: Jan.Feb.Mar.Apr.May.June.
July.Aug.Sept.Oct..Nov.Dec.
1972: Jan.Feb.Mar.Apr.May.June
July.Aug.Sept.Oct..Nov.Dec.
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,9934,840
1,2101,3001,756
1,4501,1771,1351,1421,605
1,3351,4121,4081,7531,585
1,7191,8061,6631,7511,697
1,6281,5731,6341,5941,629
2,1372,2342,223
704669
1,194
1,055574516482
1,116
815805891
1,3961,114
1,1761,3761,1341,2311,117
983779893810827
1,2891,5781,458
234193428
425166148132495
366301321785469
503728534535491
404287271256242
427665597
164116256
3571378478317
336232239667571
454804585553482
351239177156133
235517562
Seasonally adjusted l
5,0124,8865,0095,0565,1564,801
4,9165,1145,0404,9185,0965,127
5,0714,9125,0725,0795,0924,728
4,7854,8874,8274,7944,5064,525
2,3182,2182,1552,1762,2452,118
2,1502,3202,3172,1402,2902,410
2,3582,1422,3112,1692,2232,175
2,1492,2542,3692,2562,1652,092
1.630i;6051.633,587,552,572
,532,553,567,529,650,509
,502,454,412,521,514,437
,478,5051,3851,4471,398,445
663619645640667630
704735683628741724
636634591482587594
658644587545605566
412454455448516545
551556567625570549
562660633655593554
497544550550463428
no.
1970 Census data, whichi Because of independent seasonal adjustment of the various series, detail will not add to totals.* Data beginning with 1972 not strictly comparable with prior data because of adjustment to 19'
added 32,000 to unemployment (detail by duration not available).
Note—See Note, Table C-24.Seasonally adjusted data in this table are as published beginning Feburary 1972 and therefore do not agree with data
shown in Tables C-24 through C-26.
Source: Department of Labor, Bureau of Labor Statistics.
224Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-28.—Unemployment insurance programs, selected data, 1946-72
Year or month
All programs
Cov-eredem-ploy-
menu
Insuredunem-ploy-ment
(weeklyaver-age)"
Totalbenefits
paid(mil-lions
of dol-lars) a *
State programs
Insuredunem-ploy-ment3
Initialclaims
Ex-haus-tions »
Insured unem-ployment as per-cent of covered
employment
Unad-justed
Season-ally ad-justed
Benefits paid
Total(mil-
lions ofdol-
lars)*
Aver-weeklycheck(dol-lars)*
1946.1947.1948.1949.
1950.1951.1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966..1967..1968..1969..
1970. . .1971 *.1972*.
1971: J a n . . .F e b . . .Mar . . .A p r . . .May. . .June. .
July. . .Aug . . .Sept . .O c t * .Nov P.Dec p.
1972: Jan *...Feb*._Mar * . .Apr p..May *__June »_
July p . .A u g * . .Sept p..Oct p...Nov *_.Dec p . .
Thousands Weekly average, thousands Percent
31,85633,87634,64633,098
34,30836,33437,00638,07236,62240,01842,75143,43644,41145,728
46,33446,26647,77648,43449,63751, 58054,73956,34257,97759,999
59,526
58,00557,77658,13358,83459,05660,045
2,8041,7931,4462,474
1,6051,0001,0691,0672,0511,3991,3231,5713,2692,099
2,0712,9941,946
'1,9731,7531,4501,1291,2701,1871,177
2,0702,3132,185
3,1933,2153,0912,7562,4432,332
2,4312,3492,1732,1292,3122,666
3,0973,1222,9222,4302,1051,951
2,0871,7631,5541,5111,6911,991
2,878.51,785.51,328.72,269.8
1,467.6862.9
,043.5,050.61,291.8, 560.2,540.6,913.0,290.6
2,854.3
3,022.84,358.13,145.13,025.92,749.22,360.41,890.92,221.52.191.02,298.6
4.179.15,498.25,000.0
568.1599.3684.3588.8472.5494.0
470.9483.1441.9408.0451.9537.4
597.7638.3683.2516.4472.7423.0
402.0405.3313.5311.4413.7482.6
1,295997980
1,973
1,513969
1,044990
1,8701,2651,2151,4462,5261,684
1,9082,2901,783
7 1,8061,6051,3281,0611,2051,1111,101
1,8052,1501,850
2,7992,7512,5772,2832,0011,893
1,9931,9121,7391,716L.8792', 221
2,5242,4922,2792,0051,7401,636
1,8231,564,3881,3571,5071,804
189187200340
236208215218304226227270369277
331350302
7 298268232203226201200
296295265
427321275257238250
342282236252298358
385293242237216250
321213190214253324
4.33.13.06.2
4.62.82.92.85.23.53.23.66.44.4
4.85.64.44.33.83.02.32.52.22.1
3.44.13.5
5.25.24.84.33.83.6
3.83.63.33.23.54.2
4.84.74.33.83.33.1
3.42.92.62.52.73.3
3.83.83.94.04.24.2
4.14.24.34.44.23.8
3.43.53.53.63.73.6
3.73.43.43.33.33.0
1,094.9775.1789.9
1,736.0
1,373.1840.4998.2962.2
2,026.91,350.31,380.71,733.93,512.72,279.0
2,726.73,422.72,675.42,774.72, 522.12,166.01,771.32,092.32,031.62,127.9
3,848. 54,957.04,550.0
527.2557.9634.5544.2434.2451.4
428.0433.6400.3367.2406.9489.6
550.9589.5628.9472. S429.2382.1
364.3363.0280.1280.3386.4451.9
18.5017.8319.0320.48
20.7621.0922.7923.5824.9325.0427.0228.1730.5830.41
32.8733.8034.5635.2735.9237.1939.7541.2543.4346.17
50.3454.0257.00
52.8353.1253.0052.7152.3252.09
55.4756.2756.4853.4653.9654.58
55.3556.7157.2156.9056.3255.23
55.7555.5360.1656.9556.9457.02
1 Includes persons under the State, UCFE (Federal employee, effective January 1955), and RRB (Railroad RetirementBoard) programs. Beginning October 1958, also includes the UCX program (unemployment compensation for ex-service-men).
2 Includes State, UCFE, RR, UCX, UCV (unemployment compensation for veterans, October 1952-January 1960), andSRA (Servicemen's Readjustment Act, September 1944-September 1951) programs. Also includes Federal and Stateextended benefit programs.
8 Covered workers who have completed at feast 1 week of unemployment.« Includes benefits paid under extended benefit provisions of State laws, beginning June 1958. Annual data are net
amounts and monthly data are gross amounts.8 Individuals receiving final payments in benefit year. Data for New Jersey not available for April-June 1971.« For total unemployment only. Excludes data for New Jersey for April-December 1971.7 Programs include Puerto Rican sugarcane workers for initial claims and insured unemployment beginning July 1963.8 June 1971 is latest month for which data are available for all programs combined. Workers covered by State
programs account for about 89 percent of the total.
Source: Department of Labor, Manpower Administration.
225Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-29.—Wage and salary workers in nonagricultural establishments, 1929-72
[All employees; thousands of persons]
Year ormonth
1929..
1933..
1939..
1940..1941..1942..1943..1944..
1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957-1958..1959..
19601961196219631964
1965..1966..1967..1968..1969..
197019711972**
Totalwageand
salarywork-
ers
31,339
23,711
30,618
32,37636,55440,12542,45241,883
40,39441,67443,88144,89143,778
45,22247,84948,82550,23249,022
50,67552,40852,89451,36353,313
54,23454,04255, 59656,70258,331
60,81563,95565,85767,91570,284
70,59370,64572,750
Manufacturing
Total
10,702
7,397
10,278
10,98513,19215,28017,60217,328
15,52414,70315,54515,58214,441
15,24116,39316,63217,54916,314
16,88217,24317,17415,94516,675
16,79616,32616,85316,99517,274
18,06219,21419,44719,78120,167
19,34918,52918,928
Dura-ble
goods
4,715
5,3636,9688,82311,08410,856
9,0747,7428,3858,3267,489
8,0949,0899,34910,1109,129
9,5419,8349,8568,8309,373
9,4599,0709,4809,6169,816
10,40611,28411,43911,62611,895
11,19510,56510,881
Non-dura-
blegoods
5,564
5,6226,2256,4586,5186,472
6,4506,9627,1597,2566,953
7,1477,3047,2847,4387,185
7,3407,4097,3197,1167,303
7,3367,2567,3737,3807,458
7,6567,9308,0088,1558,272
8,1547,9648,048
Min-ing
1,087
744
854
925957992925892
836862955994930
901929898866791
792822828751732
712672650635634
632627613606619
623602607
Con-tractcon-
struc-tion
1,497
809
1,150
1,2941,7902,1701,5671,094
1,1321,6611,9822,1692,165
2,3332,6032,6342,6232,612
2,8022,9992,9232,7782,960
2,8852,8162,9022,9633,050
3,1863,2753,2083,2853,435
3,3813,4113,520
Trans-porta-tionandpub-
licutili-ties
3,916
2,672
2,936
3,0383,2743,4603,6473,829
3,9064,0614,1664,1894,001
4,0344,2264,2484,2904,084
4,1414,2444,2413,9764,011
4,0043,9033,9063,9033,951
4,0364,1514,2614,3104,429
4,4934,4424,495
Whole-saleand
retailtrade
6,123
4,755
6,426
6,7507,2107,1186,9827,058
7,3148,3768,9559,2729,264
9,3869,74210,00410,24710,235
10,53510,85810,88610,75011,127
11,39111,33711, 56611,77812,160
12,71613, 24513,60614,08414,639
14,91415,14215,679
Fi-nance,insur-ance,andreal
estate
1,509
1,295
1,462
,502,549,538,502,476
,497,697,754,829,857
,919,991
2,0692,1462,234
2,3352,4292,4772,5192,594
2,6692,7312,8002,8772,957
3,0233,1003,2253,3823,564
3,6883,7963,926
Serv-ices
3,440
2,873
3,517
3,6813,9214,0844,1484,163
4,2414,7195,0505,2065,264
5,3825,5765,7305,8676,002
6,2746,5366,7496,8067,130
7,4237,6648,0288,3258,709
9,0879,55110,09910,62311,229
11,61211,86912,309
Government
Fed-eral
533
565
905
9%1,3402,2132,9052,928
2,8082,2541,8921,8631,908
1,9282,3022,4202,3052,188
2,1872,2092,2172,1912,233
2,2702,2792,3402,3582,348
2,3782,5642,7192,7372,758
2,7052,6642,649
Stateandlocal
2,532
2,601
3,090
3,2063,3203,2703,1743,116
3,1373,3413,5823,7873,948
4,0984,0874,1884,3404,563
4,7275,0695,3995,6485,850
6,0836,3156,5506,8687,248
7,6968,2278,6799,1099,444
9,83010,19110,639
See footnotes at end of table.
226Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-29.—Wage and salary workers in nonagricultural establishments, 1929-72—Continued
[All employees; thousands of persons]
Year ormonth
1970: Jan . . .Feb. . .Mar. .Apr...May..June..
July. .A u g . .Sept. .Oct . . .N o v . .Dec . . .
1971: Jan . . .Feb. . .Mar. .Apr...May..June..
July . .A u g . .Sept. .Oct. . .N o v . .Dec. . .
1972: Jan . . .Feb. . .Mar. .Apr...May..June..
July . .A u g . .Sept. .a c t -Nay *>_Dec* .
Totalwageand
salarywork-
ers
Manufacturing
TotalDura-
blegoods
Non-dura-
blegoods
Min-ing
I/On-tractcon-
struc-tion
Trans-porta-tionandpub-lic
utili-ties
Whnlpwnoic-
saleand
retailtrade
Fi-nance,insur-ance,andreal
estate
Serv-ices
Government
Fed-eral
Stateandlocal
Seasonally adjusted
70,87571,00771,08171,00770,73070,574
70,61270,47270,49970,06569,96870,274
70,33170,26670, 29970, 46170,64370,574
70,53270, 54870,84370,86171,10371,291
71,55271,74472,01172, 24672, 59272,699
72,66172,98473,17673,58973,86873,892
19,99019,91619,89719,77219,54719,445
19,37819,24119,20518,64118,47118, 745
18,69018,60818,51918, 53818,60218,520
18,45318,39318,51718,49518, 53418,519
18, 55118,61218,68518, 79018,89218,931
18,86118,93019, 02919, 21919,32119,356
11,69011,62711,63411,53611,39111,285
11,21911,12911,11010,60210,44210,726
10,68310,62010,54910,56610,61210,568
10,51910,46610,55210,54710,56010,552
10,57510,62110,67310,75510, 83710, 857
10,84310,89710, 97011,12711,19111,240
8,3008,2898,2638,2368,1568,160
8,1598,1128,0958,0398,0298,019
8,0077,9887,9707,9727,9907,952
7,9347,9277,9657,9487,9747,967
7,9767,9918,0128,0358,0558,074
8,0188,0338,0598,0928,1308,116
624624623621619621
620622622623626625
625623622623622621
599612618521524611
615613614605604600
599602606610609603
3,3803,4613,4653,4103,3683,368
3,3583,3623,3333,3413,3603,392
3,3303,3033,3533,3923,4053,407
3,4053,4083,4363,4753,5183,468
3,5233,4943,5123,4933,5353,550
3,4893,5443,5513,5683,5293,445
4,5064,4964,4974,4734,4794,505
4,5314,5144,5054,5004,4854,420
4,4684,4874,4704,4674,4704,451
4,4334,3974,4204,4064,4034,432
4,4554,4384,4874,4814,4904,491
4,4734,4784,4994,5404,5504,551
14,87114,91914,90714,90314,91514,896
14,91514,89514,92114,94314,91614,938
14,99315,00815,01915,05315,09815,096
15,13715,18615, 23215, 25015, 29915,333
15,37915,45615, 50815,56115,63215,682
15,69215,75815,79415,83515,93515,914
3,6523,6593,6723,6803,6853,685
3,6893,6853,6963,7073,7173,727
3,7413,7443,7523,7643,7803,799
3,8033,8043,8213,8353,8473,855
3,8673,8743,8853,8923,9133,931
3,9273,9363,9533,9693,9813,982
11,50011,54911,55911,59011,58511,573
11,59511,61111,64911,68611,72211,744
11,76611,76211,79411,80811,82311,833
11,86511,88911,91811,95111,99712, 042
12,06912,11212,13912, 20612, 25212, 290
12, 34112,41912,37912,45112, 50112,544
2,7092,7072,7692,8382,7682,681
2,6582,6462,6572,6562,6642,661
2,6592,6592,6602,6622,6622,661
2,6642,6632,6632,6622,6662,666
2,6732,6692,6672,6642,6652,646
2,6212,6182,6242,6302,6422,640
9,6439,6769,6929,7209,7649,800
9,8689,8969,9119,968
10,00710,022
10,05910,07210,11010,15410,18110,186
10,17310,19610,21810,26610,31510,365
10,42010,47610,51410, 55410,60910, 578
10,65810,69910,74110,76710,80010,857
Note.—Data in Tables C-29 through C-31 are based on reports from employing establishments and relate to full- andpart-time wage and salary workers in nonagricultural establishments who worked during, or received pay for, any part ofthe pay period which includes the 12th of the month.
Not comparable with labor force data (Tables C-24 through C-27), which include proprietors, self-employed persons,domestic servants, and unpaid family workers, and which count persons as employed when they are not at work becauseof industrial disputes, bad weather, etc.
For description and details of the various establishment data, see "Employment and Earnings."
Source: Department of Labor, Bureau of Labor Statistics.
227Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-30.—Average weekly hours and hourly earnings in selected private nonagriculturalindustries, 1947-72
[For production or nonsupervisory workers]
Yearor
month
Average weekly hours
Totalprivatenonag-ricul-tural i
Manu-factur-
ing
Con-tractcon-
struc-tion
Retailtrade 2
Average gross hourly earnings,current dollars
Totalprivate
non-agri-cul-tural
Manu-factur-
ing
Con-tractcon-
struc-tion
Retailtrade 2
Adjusted hourly earnings,total private nonagricultural s
1967=100
Cur-rentdol-lars
1967dol-lars*
Percentchangefrom
precedingperiod
Cur-rentdol-lars
1967dol-lars
194719481949
19501951195219531954
195519561957.1958.1959.
I960.1961.1962.1963.1964.
1965.19661967.19681969
197019711972
AprMay
1971: Jan...Feb..Mar.Apr..Vlay_June-July..Aug...Sept..Oct...Nov...Dec—
1972: Jan...Feb...Mar..Apr...May..June-JulyAugSeptOctNov »Dec »
40.340.039.4
39.839.939.939.639.1
39.639.338.838.539.0
38.638.638.738.838.7
38,838.638.037.837.7
37.137.037.2
40.440.039.1
40.540.640.740.539.6
40.740.439.839.240.3
39.739.840.440.540.7
41.241.340.640.740.6
39.839.940.6
38.238.137.7
37.438.138.937.937.2
37.137.537.036.837.0
36.736.937.037.337.2
37.437.637.737.437.9
37.437.336.9
40.340.240.4
40.440.439.839.139.2
39.038.638.138.138.2
38.037.637.437.337.0
36.635.935.334.734.2
33.833.733.6
$1.1311.2251.275
1.3351.451.52
,61,65
.952.02
2.092.142.222.282.36
2.452.562.682.853.04
3.223.433.65
$1. 2171.3281.378
1.4401.561.651.741.78
1.861.952.052.112.19
2.262.322.392.462.53
2.612.722.833.013.19
3.363.563.80
$1.5411.7131.792
1.8632.022.132.282.39
2.452.572.712.822.93
3.083.203.313.413.55
3.703.894.114.414.79
5.245.696.05
$0,838.901.951
.9831.061.091.161.20
1.251.301.371.421.47
1.521.561.631.681.75
1.821.912.012.162.30
2.442.572.70
42.646.048.2
50.053.756.459.661.7
63.767.070.373.275.8
78.480.883.585.988.6
91.995.6
100.0106.6113.6
121.2129.7137.8
63.763.867.5
69.369.070.974.476.6
79.482.383.484.586.8
88.490.292.293.795.3
97.298.4
100.0102.3103.5
104.2106.9110.0
8.04.8
3.77.45.05.73.5
3.25.24.94.13.6
3.43.13.32.93.1
3.74.04.66.66.6
6.77.06.2
0.25.8
2.7- . 42.84.93.0
3.73.71.31.32.7
1.82.02.21.61.7
2.01.21.62.31.2
.72.62.9
Seasonally adjustedSeasonallyadjusted
annual rates»
36.936.937.037.036.937.0
36.936.936.937.037.137.1
37.037.237.137.337.037.1
37.237.137.337.337.237.2
39.939.739.839.840.040.0
40.039.839.639.940.140.2
40.140.440.440.840.540.7
40.640.640.840.740.941.0
37.436.737.637.136.937.3
37.237.235.837.639.036.8
37.137.337.236.736.736.9
37.037.137.137.637.035.6
33.633.633.533.733.733.7
33.833.633.633.733.733.9
33.733.633.633.733.733.8
33.733.633.533.533.533.8
$3.333.353.373.393.423.43
3.443.463.483.493.493.53
3.553.563.593.623.623.63
3.643.673.693.733.733.74
$3.483.513.523.533.553.56
3.583.593.603.593.593.68
3.693.723.743.763.783.79
3.793.833.863.863.893.93
$5.475.525.535.585.635.67
5.705.765.785.815.835.88
5.915.935.976.016.026.01
6.016.066.106.156.196.26
$2.512.532.542.552.562.57
2.592.592.602.602.592.63
2.652.652.662.672.682.69
2.712.722.732.742.742.75
126.0126.7127.1128.1128.9129.4
130.1130.8131.4131.8131.8133.6
134.6134.8135.5136.7136.7137.1
137.8138.3139.3140.5140.7141.9
105.5105.9106.0106.6106.7106.7
106.9107.2107.5107.7107.5108.6
109.1108.7109.2110.0109.6109.8
110.0110.1110.4111.0110.8111.6
10.57.24.19.68.24.1
6.77.15.6
17.8
9.61.66.0
11.5
6.94.49.1
10.61.3
11.3
6.84.11.56.31.7
- . 6
3.23.03.91.7
-2 .113.5
5.8- 5 . 0
5.79.3
- 3 . 92.4
1.71.43.26.6
- 1 . 98.5
1 Also includes other private industry groups shown in Table C-29.2 Includes eating and drinking places.3 Adjusted for overtime (in manufacturing only) and for interindustry employment shifts.* Current dollar earnings index divided by the consumer price index.5 Computed from indexes to two decimal places.Note.—See Note, Table C-29.Source: Department of Labor, Bureau of Labor Statistics.
228Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C~31.—Average weekly earnings in selected private nonagricultwral industries, 1947-72
[For production or nonsupervisory workers]
Year or month
Average gross weekly earnings
Total privatenonagricultural i
Current 1967dollars dollars2
Manu-facturing
Contractconstruc-
tion
Retailtrade 3
Current dollars
Average spendable weekly earnings, totalprivate nonagricultufal'
Amount
Currentdollars
1967dollars 2
Percent change frompreceding period
Currentdollars
1967dollars
1947..1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..
1965..1966..1967..1968..1969..
1970..1971..1972 v.
1971: Jan...Feb..Mar..Apr..May..June.
July..Aug..Sept..Oct...Nov..Dec.
1972: Jan...Feb..Mar..Apr..May..June.
July..Aug..Sept..Oct...Nov*.Dec*.
$45.5849.0050.24
53.1357.8660.6563.7664.52
67.7270.7473.3375.0878.78
80.6782.6085.9188.4691.33
95.0698.82101.84107.73114.61
119.46126.91135.78
$68.1367.9670.36
73.6974.3776.2979.6080.15
84.4486.9086.9986.7090.24
90.9592.1994.8296.4798.31
100.59101.67101.84103.39104.38
102.72104.62108.36
$49.1753.1253.88
58.3263.3467.1670.4770.49
75.7078.7881.5982.7188.26
89.7292.3496.5699.63102.97
107.53112.34114.90122.51129.51
133.73142.04154.28
$58.8765.2767.56
69.6876.9682.8686.4188.91
90.9096.38100.27103.78108.41
113.04118.08122.47127.19132.06
138.38146.26154.95164.93181.54
195.98212.24223.25
$33.7736.2238.42
39.7142.8243.3845.3647.04
48.7550.1852.2054.1056.15
57.7658.6660.9662.6664.75
66.6168.5770.9574.9578.66
82.4786.6190.72
$44.6448.5149.74
52.0455.7957.8760.3160.85
63.4165.8267.7169.1171.86
72.9674.4876.9978.5682.57
86.3088.8690.8695.2899.99
104.61112.12120.79
$66.7367.2869.66
72.1871.7172.7975.2975.59
79.0680.8680.3279.8082.31
82.2583.1384.9885.6788.88
91.3291.2190.8691.4491.07
89.9592.4396.40
8.72.5
4.67.23.74.2.9
4.23.82.92.14.0
1.52.13.42.05.1
4.52.72.54.94.9
4.67.27.7
0.83.5
3.6- . 71.53.4.4
4.62.3
- . 7- . 63.1
2.2.8
3.7
2.7- . 1- . 4
.6- . 4
- 1 . 22.84.3
Seasonally adjustedSeasonally adjusted
annual rates
$122.88123.62124.69125.43126.20126.91
126.94127.67128.41129.13129.48130.96
131.35132.43133.19135.03133.94134.67
135.41136.16137.64139.13138.76139.13
$102.95103.32103.99104.34104.45104.63
104.37104.62105.08105.51105.59106.47
106.48106.75107.32108.62107.39107.92
108.06108.39109.06109.91109.32109.38
$138.85139.35140.10140.49142.00142.40
143.20142.88142.56143.24143.96147.94
147.97150.29151.10153.41153.09154. 25
153.87155.50157.49157.10159.10161.13
$204.58202.58207.93207.02207.75211.49
212.04214. 27206.92218.46227.37216.38
219.26221.19222.08220.57220.93221.77
222.37224.83226.31231.24229.03222.86
$84.3485.0185.0985.9486.2786.61
87.5487.0287.3687.6287.2889.16
89.3189.0489.3889.9890.3290.92
91.3391.3991.4691.7991.7992.95
$108.94109.52110.37110.95111.56112.12
112.14112.71113.30113.86114.14115.31
117.30118.15118.75120.20119.34119.92
120. 50121.09122.26123.43123.14123.43
$91.2791.5392.0592.3092.3492.44
92.2192.3692.7293.0393.0893.75
95.0995.2495.6996.6995.6996.10
96.1696.3996.8897.5097.0197.04
58.26.69.76.56.86.2
.26.36.56.13.0
13.0
M.69.16.3
15.7-8 .3
6.0
6.06.0
12.212.1
- 2 . 82.9
M.63.57.03.3
l!3
- 2 . 92.04.84.1.6
9.0
*1.21.95.8
13.3-11.7
5.3
.82.96.38.0
-5 .9.4
1 Also includes other private industry groups shown in Table C-29.2 Earnings in current dollars divided by the consumer price index.3 Includes eating and drinking places.* Average gross weekly earnings less social security and income taxes for a worker with three dependents.«In annualizing the rates of change, the effect of the change in tax rates at the beginning of 1971 and 1972 is taken into
account separately.
Note.-See Note, Table C-29.
Source: Department of Labor, Bureau of Labor Statistics.
229Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-32.—Output per man-hour and related data, private economy, 1947-72
[1967=100]
Year or quarter
194719481949
19501951195219531954
19551956195719581959
1960 . . .1961196219631964
19651966196719681969
197019711972*
1970: 1II .IIIIV . . .
1971: l__ . .IIIIIIV
1972: 1IIIII..IV v
Output i
Totalprivate
45.647.847.6
52.555.857 260.159.3
64.365.666 565.670.2
71.973.278 281 586.2
91.897.7
100.0104.8107.7
107.1110.3118.0
Privatenon-farm
44.546.546.4
51.355.056.359.158.3
63.464.765.764.869.5
71.172.577 680.985.9
91.597.9
100.0105.1108.0
107.2110.4118.8
Man-hours 2
Totalprivate
88.889.286.2
87.990.791 292.088.6
92.193.792 388.491.2
92 090.692 492 994.5
97 499.7
100.0101.8104.2
102.6102.0104.7
Privatenon-farm
78.079.176.0
79.082.984.185.982.6
86.188.487.984.587.6
88.687.789 890.992.9
96.399.5
100.0102.1105.1
103.8103.2105.9
Output perman-hour
Totalprivate
51.353.655.3
59.761.562.765.366.9
69.970.072.074.376.9
78.280.984 787.791.1
94.298.0
100.0102.9103.3
104.3108.1112.7
Privatenon-farm
57.158.861.1
65.066.366.968.970.5
73.673.274.876.779.3
80.382.786 489.192.4
95.198.4
100.0102.9102.7
103.4107.1112.1
Compensationper man-hour 3
Totalprivate
36.239.540.1
42.846.949.852.954.5
55.959.563 366.069.0
71.774.477 780.884.9
88.494.5
100.0107.6115.8
124.6133.4141.7
Privatenon-farm
38.341.843.0
45.349.352.054.956.6
58.662.065.568.171.0
73.976.379 382.286.1
89.294.6
100.0107.3114.8
123.1131.8140.3
Unit laborcosts
Totalprivate
70.673.772.5
71.776.379 481.081.5
80.185.087 988.989.8
91 892.191 892 193.1
93 896.5
100.0104.6112.1
119.4123.4125.7
Privatenon-farm
67.171.070.3
69.774.377.679.780.3
79.684.787.688.789.5
92.092.391 892.393.2
93.996.2
100.0104.3111.8
119.1123.2125.1
Implicit pricedeflator *
Totalprivate
66.470.970.2
70.976.177 578.179.1
79.882.385 387.188.3
89.590.491 292.293.2
94.897.2
100.0103.6108.3
113.5118.4121.5
Privatenon-farm
63.868.268.7
69.474.075.977.278.5
79.582.385 386.888.3
89.690.491 292.393.4
94.896.8
100.0103.5108.1
113.5118.4120.9
Seasonally adjusted
106.8107.3107.9106.5
108.7109.7110.4112.3
114.3117.1118.9121.5
107.0107.3108.1106.5
108.7109.8110.5112.7
114.9117.8120.0122.5
103.9103.2102.1101.3
101.6101.9101.8102.6
103.4104.4105.0105.9
105.1104.2103.2102.5
102.8103.0103.0103.8
104.5105.9106.1107.2
102.8103.9105.8105.1
107.0107.6108.5109.4
110.5112.2113.3114.8
101.8103.0104.7103.9
105.8106.6107.3108.5
109.9111.3113.1114.3
121.5123.3126.1127.7
130.6132.5134.4136.0
138.8140.7142.2114.9
119.9122.0124.6126.1
128.8131.2132.9134.5
137.4139.0141.1143.6
118.2118.7119.4121.5
122.0123.2123.9124.2
125.7125.5125.5126.3
117.7118.4119.0121.3
121.8123.0123.8123.9
125.0124.9124.8125.7
111.8112.8113.9115.6
117.0118.2119.0119.3
120.6121.1121.8122.6
111.5112.8113.9115.9
117.1118.3119.1119.1
120.2120.6121.1121.7
1 Output refers to gross national product in 1958 dollars.2 Hours of all persons in private industry engaged in production, including man-hours of proprietors and unpaid family
workers. Man-hours estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contribution for social insurance and private benefits plans. Also
i ncludes an estimate of wages, salaries, and supplemental payments for the self-employed.* Current dollar gross product divided by constant dollar product.
Note.—Data relate to all personsSource: Department of Labor, Bureau of Labor Statistics.
230Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-33.—Changes in output per man-hour and related data, private economy, 1948-72
[Percent change from preceding period]
Year or quarter
1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..
1965..1966..1967..1968..1969..
1970...1971.. .1972 P.
1970: I
III.IV..
1971:IIIllIV
1972:IIIII.IV* . . .
Output '
Totalprivate
Privatenon-farm
4.8- . 3
10.26.32.55.1
- 1 . 3
8.51.91.4
- 1 . 37.0
2.41.96.84.25.7
6.66.42.34.82.8
- . 53.07.0
4.4- . 1
10.67.02.55.1
- 1 . 5
8.82.01.6
- 1 . 57.3
2.41.97.14.36.1
6.67.02.25.12.8
- . 73.07.6
Man-hours 2
Totalprivate
0.43.4
2.03.2
.5
.8- 3 . 7
3.91.7
- 1 . 5- 4 . 2
3.3
- 1 . 52.0
.61.8
3.12.4
.31.82.3
- 1 . 5- . 62.6
Privatenon-farm
1.3- 3 . 9
4.04.91.52.1
- 3 . 8
4.22.6
- . 6- 3 . 9
3.7
1.1- 1 . 0
2.51.22.3
3.63.3
.52.12.9
- 1 . 3- . 62.7
Output perman-hour
Totalprivate
4.53.2
8.13.01.94.22.4
4.4.2
2.93.13.6
1.63.54.73.63.9
3.44.02.12.9
.4
1.03.64.2
Privatenon-farm
3.04.0
6.32.0
.92.92.3
4.4- . 62.22.53.4
1.23.04.63.13.7
2.93.51.62.9
- . 1
.63.64.7
Compensationper man-hour3
Totalprivate
9.01.5
6.89.66.16.33.1
2.66.46.54.24.6
3.93.84.44.05.0
4.16.95.87.67.6
7.67.16.2
Privatenon-farm
9.02.9
5.58.75.55.63.2
3.55.85.73.84.3
4.13.24.03.64.7
3.76.15.77.37.0
7.27.16.4
Unit laborcosts
Totalprivate
4.3- 1 . 6
- 1 . 26.44.12.0
.6
- 1 . 76.23.51.11.0
2.2.3
- . 3.4
1.1
.72.83.74.67.1
6.53.41.9
Privatenon-farm
5.8- 1 . 0
6.64.52.6.9
- . 96.43.41.3.9
2.8
- ' . 5.5
1.0
2.54.04.37.2
6.63.41.6
Implicit pricedeflator <
Totalprivate
Seasonally adjusted annual rates
6.7- 1 . 0
1.07.31.9.7
1.2
.93.23.62.11.4
1.4.9.9
1.01.2
1.72.52.93.64.5
4.84.32.6
-2.61.72.3
-5.1
8.73.72.57.2
7.010.26.58.9
- 3 . 01.12.9
- 5 . 7
8.64.12.48.1
8.110.67.58.6
- 1 . 3- 2 . 5- 4 . 3- 3 . 3
1.21.5
- . 63.4
3.13.82.33.4
- 1 . 2- 3 . 4- 3 . 8- 2 . 7
1.1.9
- . 23.3
2.85.2.9
4.1
- 1 . 34.36.9
- 1 . 9
7.52.23.23.7
3.96.24.15.3
- 1 . 84.76.9
- 3 . 1
7.43.22.54.7
5.25.16.64.3
6.95.99.45.4
9.26.25.84.7
8.75.64.47.8
6.57.29.04.6
9.17.55.24.9
9.14.66.17.4
8.31.62.47.4
1.73.92.61.0
4.6- . 6
.32.3
8.42.42.08.0
1.54.22.5.3
3.8- . 5- . 43.0
5.23.83.86.3
4.74.32.81.0
4.21.72.22.7
Privatenon-farm
6.8
1.16.52.61.81.7
1.33.43.71.71.8
1.4.9.9
1.21.3
1.42.23.33.54.5
5.04.32.1
5.24.93.77.2
4.54.02.7
.1
3.71.51.42.1
1 Output refers to gross national product in 1958 dollars.2 Hours of all persons in private industry engaged in production, including man-hours of proprietors and unpaid family
workers. Man-hours estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contribution for social insurance and private benefits plans. Also
includes an estimate of wages, salaries, and supplemental payments for the self-employed.4 Current dollar gross product divided by constant dollar product.
Note.—Data relate to all persons.Percent changes are based on original data and therefore may differ slightly from percent changes based on indexes
in Table C-32.
Source: Department of Labor, Bureau of Labor Statistics.
231Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITY
TABLE C-34.—Industrial production indexes, major industry divisions^ 1929-72
[1967=100]
Year or month
1929. .
1933
1939
1940194119421943. .1944..-19451946194719481949
19501951195219531954 . .19551956195719581959
I9601961.1962196319641965 . .1966196719681969 .
1970 . .1971
1971- JanFebMarAprMay . . .June
JulyAugSeptOctNovDec
1972: JanFebMarAprMayJune
JulyAug..SeptOctNov*Dec*.
Totalindustrialproduction
21.6
13.7
21.7
25.031.636.344.047.440.635.039.441.038.8
44.948.750.654.851.958.561.161.957.964.8
66.266.772.276.581.789.297.9
100.0105.7110.7
106.6106.8114.3
Manufacturing
Total
22.8
14.0
21.5
25.432.437.847.050.942.635.339.440.938.7
45.048.650.655.151.558.260.561.256.964.1
65.465.671.475.881.289.198.3
100.0105.7110.5
105.2105.2113.2
Durable
22.6
9.1
17.8
23.731.640.154.560.245.531.837.939.535.9
43.749.252.259.052.059.561.561.954.262.2
63.362.169.073.579.088.599.0
100.0105.5110.0
101.499.4
107.4
Nondurable
23.0
19.7
25.9
27.232.934.336.738.238.139.340.942.241.5
46.247.848.750.751.056.659.560.561.067.0
68.670.775.179.284.490.097.3
100.0106.0111.1
110.6113.5121.5
Mining
44.4
31.5
43.4
48.251.252.854.057.956.855.863.166 358.8
65 772.171.573.471 980.284.484 577.581.1
82.783.285 689.091.193 998.4
100.0103.9107.2
109.7107.0108.4
Utilities
7.2
6.5
10.4
11.513.014.616.117.117.418.119.621.923.3
26.530.332,835.638.342.847.050.252.557.8
61.865.370.275.181.986.993.6
100.0109.4119.5
128.3133.9143.0
Seasonally adjusted
105.5106.0106.0106.5107.4107.4
106.7105.6107.1106.8107.4108.1
108 7110.0111.2112.8113 2113.4
113.9115.0116.1117.3118.4119.3
103.6104.2103.5104.8105.9106.0
105.8104.2105.7106.1106.0106.2
107 1108.5109.7111.8112 3112.5
113.2114.1115.2116.6117.5118.6
98.398.998.599.6
101.1100.7
100.397.499.3
100.199.199.5
100.4102.1103.4105.8106 3106.8
107.7108.4109.7111.3112.6113.9
111.2111.8110.8112.3112.8113.7
113.8114.0115.1114.7115.9116.0
116.8117.8118.8120.3120 8121.3
121.0122.6123.3124.3124.6125.3
111.6110.4111.7110.8108.7108.6
105.6106.3105.997.7
102.5107.8
107.3107.2108.5109.0107.9108.2
107.9107.7110.2109.9110.9109.4
131.3132.7133.0132.7132.8133.8
136.2134.1134.0135.2136.0135.8
137.4139.7139.7140.2141.1141.0
142.5144.1145.6146.3147.1146.1
Source: Board of Governors of the Federal Reserve System.
232Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O-35.—Industrial production indexes^ market groupings, 1947-72
[1967=100]
Year ormonth
Totalndus-trialpro-duc-tion
39.441.038.8
44.948.750.654.851.9
58.561.161.957.964.8
66.266.772.276.581.7
89.297.9
100.0105.7110.7
106.6106.8114.3
Total
38.339.738.5
43.446.850.353.750.8
54.958.259.957.162.7
64.865.370.874.979.6
86.896.1
100.0105.8109.0
104.5104.7111.1
Final products
Consumer goodsx
Total
Auto-motiveprod-ucts
Homegoods
Equipment
TotalBusi-ness
Inter-mediate
prod-ucts
Materials)
TotalDura-
blegoods
Non-dura-
blegoods
194719481949
19501951195219531954.
19551956195719581959
196019611962. .19631964
19651966196719681969
197019711972 v
1 9 7 1 : J a n . . .Feb . .M a r . .Apr . .M a y . .June.
July.Aug.Sept.Oct . .Nov.Dec. .
1 9 7 2 : J a n . .Feb . .Mar .A p r -May.June.
July.Aug .Sept.Oct .Nov vDec p
42.744.043.8
50.049.550.653.753.3
59.561.763.262.668.7
71.372.877.782.0
93.098.6100.0106.6111.1
110.3115.7123.1
47.850.049.6
62.455.249.762.858.4
77.763.966.953.266.8
76.469.884.592.596.8
112.3108.8100.0117.9117.4
99.9119.5126.9
39.140.837.7
52.044.844.850.746.8
55.258.156.853.661.6
62.063.969.474.981.7
91.4100.7100.0106.9111.6
107.6112.6124.2
29.731.227.9
30.242.150.554.747.9
48.953.755.950.054.9
56.455.661.965.670.1
78.793.0
100.0104.7106.1
96.389.494.5
38.039.534.5
37.045.251.253.246.8
50.758.761.051.557.9
59.457.762.765.874.7
84.498.8
100.0103.4107.9
101.496.8
104.4
42.544.942.6
49.652.051.755.355.1
62.665.365.363.970.5
71.072.476.981.187.3
93.099.2
100.0105.7112.0
111.7112.5120.6
39.741.437.8
45.250.050.756.352.0
61.563.163.156.865.5
66.466.472.477.082.6
91.099.8
100.0105.7112.4
107.7107.4116.3
39.140.236.0
45.351.652.761.553.1
65.065.265.154.865.3
66.164.671.876.682.7
93.0103.0100.0105.0112.2
103.2101.7112.0
Seasonally adjusted
105.5106.0106.0106.5107.4107.4
106.7105.6107.1106.8107.4108.1
108.7110.0111.2112.8113.2113.4
113.9115.0116.1117.3118.4119.3
103.2103.5103.3104.0104.4104.6
105.0104.8105.5105.4106.1106.2
106.4107.6108.2109.8110.2110.1
110.2111.3112.4113.8114.6115.8
113.0113.3113.7114.7115.4116.1
116.3115.9116.7116.6118.0118.0
118.5119.6119.6122.0122.2122.1
122.0123.1124.4125.5126.7127.9
111.2117.6117.8115.7120.7121.2
121.7122.3122.9121.9119.7119.9
116.6119.5119.3128.9127.4125.7
124.7127.1124.8130.7136.6144.4
106.1107.1109.1112.4115.0114.6
115.0114.4113.8113.9113.8116.0
118.1120.7118.7124.2124.3126.1
123.5125.1125.7127.3127.3127.5
89.489.888.888.988.788.5
89.389.589.889.889.689.6
89.590.992.492.793.493.3
93.494.895.897.197.998.7
95.196.795.695.695.195.6
97.197.598.298.297.998.0
98.499.9
101.3101.3102.5102.4
102.1105.0106.7108.3109.0110.4
110.3111.8111.4111.7112.9112.2
114.6110.9112.3113.2114.3114.9
115.9117.0117.3117.3119.3119.1
120.5121.2121.7123.6126.0127.5
106.9107.1107.7107.9109.4109.3
106.4104.8107.3106.6106.5108.4
109.2110.8113.1115.0115.6116.1
116.8117.4119.1120.0120.6121.1
101.9102.0102.3102.6105.4103.7
99.796.5
100.6102.2100.5101.6
103.5105.8107.8110.4111.1111.1
111.5112.6116.0117.1117.2118.4
38.840.937.8
43.647.147.350.250.3
56.959.559.358.165.0
65.968.272.977.182.1
88.596.3
100.0106.9112.8
112.5114.1121.7
112.1112.5112.9113.1113.3115.2
113.6114.7114.7115.0115.9116.7
116.0117.0119.8120.6121.3122.5
123.3123.7122.7123.3124.9125.0
i Also includes apparel and consumer staples, not shown separately,i Also includes industrial fuel and power, not shown separately.
Source: Board of Governors of the Federal Reserve System.
233Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—36.—Industrial production indexes, selected manufactures, 1947—72
{1967=100]
Year ormonth
Durable manufactures
Pri-mary
metals
Fabri-catedmetalprod-ucts
Ma-chinery
Trans-porta-tion
equip-ment
I nstru-ments
Ord-nance,private
andgov-ern-ment
Lum-ber,clay,and
glass
Furni- jture !and !
miscel-laneous
Tex-tiles,
apparel,and
leather
Nondurable manufactures
Paperand
print-ing
Chem-icals,petro-leum,and
rubber
Foodsand
tobacco
1947..1948..1949..
64.8 50.251.146.1
31.033.934.0
24.525.222.5
7.89.09.2
67.456.7
19501951195219531954
1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..
1965..1966..1967..1968..1969..
1970...1971....1972 p.
71.4
1971: J a n . . . .Feb. . . .M a r . . .AprMay.. .June...
J u l y . . .A u g . . .Sept . . .Oc t . . . .N o v . . .D e c . . .
1972: Jan . . .F e b . .M a r . .
May". 1June..
July..A u g . .Sept..Oct . . .Nov p.Dec »__
77.770.980.465.0
84.584.080.463.874.5
74.272.978.284.395.7
104.0108.8100.0103.2114.1
106.9100.9112.4
56.560.458.966.559.9
68.369.371.163.771.5
71.669.875.978.483.3
92.6100.5100.0106.3113.6
109.4107.4113.4
41.7
46.752.252.045.453.9
56.257.164.867.974.3
84.198.6
100.0101.9106.8
100.396.2
105.3
40.745.452.866.257.6
66.364.368.954.361.5
63.759.969.375.979.6
91.3101.2100.0109.7107.6
90.492.998.8
26.130.035.739.239.6
44.248.550.747.755.2
57.857.359.866.471.3
82.995.3
100.0106.7116.1
110.8108.5118.9
11.442.252.063.248.4
36.131.835.944.446.1
46.439.245.051.650.7
60.575.1
100.0113.7111.6
95.386.186.4
64.7
73.875.973.371.482.2
78.579.784.388.994.0
98.7102.6100.0105.6111.1
106.3111.5119.9
53.7
65.868.767.162.168.7
69.770.676.179.584.7
93.8100.8100.0106.2111.6
108.8111.7122.7
65.7
73.475.173.471.879.6
79.280.284.386.991.9
97.8101.7100.0104.9105.9
100.2100.7106.3
52.2
57.861.562.261.567.0
69.271.074.378.484.5
90.598.9
100.0104.2109.1
107.8107.8115.4
35.4
41.243.545.846.553.8
55.658.364.570.075.9
83.894.1
100.0109.6118.4
118.2124.7137.7
Seasonally adjusted
108.1105.8106.2108.5114.3108.1
98.981.293.896.191.494.3
102.4102.6105.1110.2113.5111.9
114.9113.6117.4118.2119.6121.5
105.9106.6104.9108.6108.6108.6
110.9108.2105.9107.1107.1107.6
106.0108.6110.1110.8111.9112.3
114.1114.4115.2117.5118.7119.7
93.594.594.294.495.696.3
97.796.797.998.397.897.9
98.599.5
100.3102.6103.0104.8
104.8107.1108.3109.5110.6112.0
92.193.892.590.792.193.1
93.293.994.294.593.492.7
92.094.795.9
100.498.997.4
98.298.499.8
102.4104.9107.1
106.5105.3105.5106.7108.0108.5
110.9109.1110.5111.2110.4109.3
111.3114.5114.2116.1117.3119.3
119.9120.9122.4122.9123.7123.5
87.986.085.587.988.587.1
85.085.585.285.384.984.4
83.283.786.487.387.687.8
88.086.284.886.387.487.5
105.7108.9110.4112.0111.6112.6
111.4111.0112.1113.2113.7114.8
115.5118.0118.1118.1118.2119.0
119.1119.6120.5123.5124.2125.4
105.4107.8106.7110.8111.6113.3
115.9114.0114.2114.0113.3114.3
115.0117.3118.4119.9120.6122.1
123.7126.7126.6126.2125.9128.3
99.097.697.799.8
100.6101.3
100.9100.8102.5102.3101.8103.1
102.0101.1103.7106.1104.9105.9
104.8106.8108.0109.0109.5110.7
107.0108.0104.4106.7106.8105.9
108.4108.1108.2109.4110.5110.7
111.3112.6112.6112.3114.1115.1
115.2116.4115.3118.3120.7120.2
118.7121.4121.6123.1123.2126.1
124.7126.3127.5126.6127.9127.9
129.8132.6133.4136.1137.5137.1
137.4139.9141.1142.0140.8142.4
Source: Board of Governors of the Federal Reserve System.
234Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-37.—Manufacturing output, capacity, and utilization rate, 1948-72
19481949
19501951195219531954
1956195719581959
19601961196219631964
1966196719681969
197019711972
1967:
1968:
19R9-
1970:
1971 •
1972
1IIIIIIV
1IIIIIIV
1IIIIIIV
IIIII. .IV
1IIillIV
1 PII P..Ill PIV P
Period Output1 Capacity
1967 output=100
41.539.1
45.449.350.955.451.4
58.160.361.156.964.0
65.365.671.375.781.1
89.098.199.9
105.6110.4
105.3105.2113.0
44.847.3
49.451.854.958.161.2
64.468.374.875.778.6
81.684.587.791.294.8
100.0106.7113.7120.5127.7
134.6140.3145.6
Utilization rate
Total Primaryprocessing
2
Advancedprocessing
Percent
92.782.7
91.995.192.895.584.1
90.088.284.575.181.4
80.177.681.483.085.5
89.091.987.987.786.5
78.375.077.6
98.183.8
97.8100.191.294.382.9
93.790.785.275.282.7
79.478.281.884.088.0
91.192.185.786.888.5
81.579.383.5
89.882.1
88 892.593.796 184.7
87.786.984.175.080.7
80.377.381.182.584.2
87.891.889.188.185.4
76.572.774.5
Seasonally adjusted
98.898.999.9
101.9
103.5105.3106.3107.3
109.5110.4111.8110.1
106.8106.8105.9101.6
103.8105.6105.3106.1
108.2112.2114.2117.6
111 2112.8114.5116.2
117 9119.6121.3123.0
124.9126.7128 6130.5
132.2133 8135.3136.9
138.3139.6141.0142.3
143.6144.9146.3147.6
88 987.787.387.7
87 988.187.687.2
87.787.186 984.3
80.879.878.374.2
75.075.674.774.6
75.377.478.179.7
87.184.484.986.5
86.187.686.687.0
88.688.788.987.7
83.582.481.778.5
79.481.178.078.6
80.383.384.386.2
89.989.588.688.4
88.888.388.287.3
87.186.285.882.5
79.378.476.571.9
72.772.772.972.4
72.774.374.776.2
1 May differ slightly from data shown in Table C-34 because of rounding.2 Output as percent of capacity.Note.—For description of series, see "Federal Reserve Bulletin," October 1971 and November 1966.
Source: Board of Governors of the Federal Reserve System, based on data of Federal Reserve, Department of Commerce,and McGraw-Hill Information Systems Company.
235Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE Q-38.—New construction activity, 1929-72
[Value put in place, millions of dollars]
Year or month
1929
1933
1939
1940194119421943.1944
19451946
New series19461947 .19481949
19501951195219531954
1955195619571958 . . .1959..
19601961196219631964
1965 .1966196719681969
19701971..1972*
Totalnewcon-
struc-tion
10,793
2,879
8,198
8,68211,95714,0758,3015,259
5,80912,627
14,30820,04126,07826, 722
33, 57535,43536,82839,13641,380
46, 51947,60149,13950,15355,305
54,63256, 29259,96564, 56367,413
73,41276,00277, 50386,62693,368
94,030109,399123, 570
Private construction
Total
8,307
1,231
4,389
5,0546,2063,4151,9792,186
3,41110,396
12,07716,72221,37420,453
26, 70926,18026,04927,89429,668
34,80434,86935, 08034, 69639, 235
38, 76939,14442,09645, 20647,030
51,35051,99551,96759,02165,404
65,93279,53593,390
Residentialbuildings i
Total 2
3,625
470
2,680
2,9853,5101 715
885815
1,2764,752
6,2479,850
13,12812,428
18,12615,88115,80316, 59418,187
21,87720,17819,00619, 78924, 251
22,97523,10725,15027,87428,010
27,93425,71525,56830,56533,200
31,86443,06253,910
Newhous-
ingunits
3,040
290
2,270
2,5603,0401,440
710570
7203,300
4,7957,765
10,50610,043
15,55113, 20712,85113,41114,931
18,24216,14314, 73615,44519, 233
17, 27917,07419,44321, 73521, 786
21,71219,35218,98524,03025,941
24, 27234,86044, 540
Nonresidential buildings and otherconstruction»
Total
4,682
761
1,709
2,0692,6961,7001,0941,371
2,1355,644
5,8306,8728,2468,025
8,58310, 29910, 24611,30011,481
12,92714,69116,07414, 90714,984
15,79416,03716,94617,33219,020
23,41626, 28026, 39928,45632,204
34,06836,47339, 480
Com-mer-cials
1,135
130
292
3484091553356
2031,153
1,153957
1,3971,182
1,4151,4981,1371,7912,212
3,2183,6313,5643,5893,930
4,1804,6745,1444,9955,396
7,7619,401
9,75411,61913, 520
In-dus-trial
949
176
254
442801346156208
6421,689
1,6891,7021,397
972
1,0622,1172,3202,2292,030
2,3993,0843,5572,3822,106
2,8512,7802,8422,9063,565
6,0216,783
6,5385,4234,660
Other*
2,598
455
1,163
1,2791,4861,199
9051,107
1,2902,802
2,988412135,4525,871
6,1066,6846,7897,2807,239
7,3107,9768,9538,9368,948
8,7638,5838,9609,431
10,059
14,67416,020
17,77619,43121,300
Public construction
Total
2,486
1,648
3,809
3,6285,751
10,6606,3223,073
2,3982,231
2,2313,3194,7046,269
6,8669,255
10, 77911,24211,712
11,71512, 73214,05915,45716,070
15,86317,14817,86919,35720,383
22,06224,00725,53627,60527,964
28,09829,86430,180
p. j
erallyowned
155
516
759
1,1823,7519,3135,6092,505
1,737865
865840
1,1771,488
1,6242,9814,1854,1393,428
2,7692,7262,9743,3873,724
3,6223,8793,9134,0013,898
4,0143,9643,4753,3673,313
3,2923,9764,430
Stateand
locallyowned «
2,331
1,132
3,050
2,4462,0001,347
713568
6611,366
1,3662,4793 5774,781
5,2426,2746,5947,1038,284
8,94610,00611,08512,07012,346
12,24113,26913,95615,35616, 485
18,04820,04322,06124,23824,651
24,80625,88825,750
See footnotes at end of table.
236Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-38.—New construction activity, 1929-72—Continued
(Value put in place, millions of dollars]
Year or month
1971:JanFebMarAprMayJune
JulyAugS e p t . . . .OctNovDec
1972:JanFebMarApr . . . . .M a y . . . .June
J u l y . . . .AugS e p t . . . .Oct *__..Nov»___
Totalnewcon-
struc-tion
102,103,104,107,108,108,
110,111,110,114,114,115,
337494943181014465
194021660047627553
120,790121,122120122121
777912417121035
119, 808122124129129
810900039083
Total
72,73,
131208
74,71477,22377,79,
80,
921688
52282,06281,82,84,
555441153
85, 241
8890929192
606860529469299
92,426
9193949697
525607289215946
I
Private construction
Residentialbuildings i
Total 2
36, 49337,67338,40,41,
785444896
42, 867
43,44,
566595
45, 57546,47,47,
49,51,53
387094919
594922089
52,66852,52
5354555656
330923
509314476298843
Newhous-
ingunits
Nonresidential buildings and other
Total
constructionl
Com-mer-cials
In-dus-trial
Seasonally adjusted annual rates
28,68829,99531,07032,34333,77634, 795
35,66636,71237, 45837,67137,95438,710
40,42442,80744,03143,62443,28643,655
44,01244,72645,90846,68647,135
35,35,35,36,36,
638535929779025
36, 821
36,95637, 46735,980363737,
393839383939
3839383941
054059322
012938440801969503
016293813917103
10, 20410,19010,11,11,11,
12,12,11,11,12,
651238150657
472936724779349
12,354
13,13,13131413
1213131313
272247244411132477
979406490770848
6,2466,2446,0726,0305,7375,459
5,3704,9034,6484,9884,9084,937
4,9354,6744,7964,6494,7234,944
4,5924,8144,4324,3014,587
Other *
19,18819,10119,20619, 51119,13819,705
19,11419, 62819, 60819, 28719,80220, 031
20,80521, 01721,40020,74121,11421,082
20,44521,07320, 89121,84622,668
Public construction
TotalFed-
erallyowned
30, 20630,28630,22929,95830,09328,777
29, 67228,95929,10531, 60630,47430,312
32,18430, 91730, 38328,94829,82228,609
28, 28329, 20330,61132,82431,137
\t'
II
I
iIi
1,8041,707t,807), 8951,9295,937
1,5235,9705,8471,0521,2715,932
(,4661,3811,7701,1601,5571,835
(,380M241,183(,391(,488
CtataOldie. _ j
analocally
owned'
26,40226,57926,42226,06326,16424,840
25,14924,98925,25827, 55426,20326,380
27,71826, 53625,61324,78825, 26523,774
23,90325,07926,42828,433
i Beginning 1960, farm residential buildings included in residential buildings; prior to 1960, included in nonresidentialbuildings and other construction.
3 Total includes additions and alterations and nonhousekeeping units, not shown separately.3 Office buildings, warehouses, stores, restaurants, garages, etc.< Religious, educational, hospital and institutional, miscellaneous nonresidential, farm, public utilities, and all other
private.* Includes Federal grants-in-aid for State and locally owned projects.« Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce, Bureau of the Census, except as noted.
237
490-000 O - 73 - 16
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-39.—New housing starts and applications for financing, 1929-72
[Thousands of units]
Year or month
1929
1933
1939 . . .
19401941194219431944
New series
19451946194719481949
195019511952195319541955195619571958 . . .1959
19601961196219631964.19651966196719681969
197019711972 »
Housing starts
Private andpublic i
Total(farmandnon-
farm)
1,553.7
1,296.11,365.01,492.51, 634.91,561.01,509.71,195.81,321.91,545.41,499.5
1,469.02,084. 52,377. 7
Non-farm
509.0
93.0
515.0
602.6706.1356.0191.0141.8
326.01,023.01,268.01,362.01,466.0
1,952. 01,491.01,504.01,438.01,551.01,646.01,349.01,224.01,382.01,531.3
1,274.01,336.81,468.71,614.81,534.01,487.51,172.81,298.81,521.41,482.3
O)
8
Private i
Total (farm and nonfarm)
Total
1,517.6
1,252.21,313.01,462.91,603.21,528.81,472.81,164.91,291.61,507.61,466.8
1,433.62,052.22, 355. 5
Type ofstructure2
Onefamily
1,234.6
994.7974.3991.4
1,012.4970.5963.7778.6843.9899.4810.6
812.91,151.01,310.0
Two ormore
families
283.0
257.4338.7471.5590.8558.3509.1386.3447.7608.2656.2
620.7901.2
1,045.5
Governmenthome programs
(nonfarm) 3
FHA *
144.7
176.6217.1160.2126.183.6
38.957.1
178.3216.4252.6
328.2186.9229.1216.5250.9268.7183.4150.1270.3307.0
225.7198.8197.3166.2154.0159.9129.1141.9147.7153.6
£33.5301.2
VA
7 8.891.8
160.371.190.8
191 2148.6141.3156.5307.0392.9270.7128.3102.1109.3
74.683.377.871.059.249.436.852.556.151.2
61.094 0
104.0
Newprivatehousing
unitsauthor-ized «
1,208.3
998.01,064.21,186.61,334.71,285.81,239.8
971.91,141.01,353.41,323.7
1,351.51,924 62,129.0
Proposedhome con-struction 6
Appli-cations
forFHAcom-mit-
ments*
179.8
231.2288.5238.5144.462.9
56.6121.7286.4293.2327 0
397 7192 8267.9253.7338.6306.2197.7198.8341.7369.7
242.4243.8221.1190.2182.1188.9153.0167.2168.9187.6
315.0366 8
Re-quests
forVAap-
prais-als
164 4226.3251.4535.4620.8401.5159.4234.2234.0
142.9177.8171.2139.3113.6102.199.2
124.3131.7138.2
143.7217.9209.4
See footnotes at end of table.
238
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O-39.—New housing starts and applications for financing, 1929-72—Continued
[Thousands of units]
Year or month
Housing starts
Private andpublic i
Total(farm
andnon-
farm)
Non-farm
Private i
Total (farm and nonfarm)
Total
Type ofstructure*
Onefamily
Two ormore
families
Governmenthome programs
(nonfarm) 3
FHA< VA
Newprivatehousing
unitsauthor-ized 5
Proposedhome con-struction «
Appli-cations
forFHA
com-mit-
ments «
Re-quests
forVAap-
prais-als
Seasonally adjusted annual rates
1971: Jan . . .Feb...Mar...Apr.. .May..June..
July..Aug...Sept..Oct . . .Nov...Dec...
1972: Jan . .Feb...M a r -Apr...May..June.
July..Aug..Sept..Oct.. .N O V PDec p.
114.8104.6169.3203.6203.5196.8
197.0205.9175.6181.7176.4155.3
150.9153.6205.8213.2227.9226.2
207.5231.0204.4218.2186.3152.7
(8<•
8(8(8
(8)8t
&iitI
(
(
(
)
))
)
J
1,8101,7941,9381,9512,0462,008
2,0912,2192,0292,0382,2282,457
2,4872,6822,3692,1092,3502,330
2,2182,4842,3992,4622,3882,392
1,0071,0051,0801,1221,1521,150
,1621,1981,1721,1551,2421,347
L,4151,3251,3021,1671,3441,296
1,2891,4101,3831,3081,3071,240
803789858829894858
9291,021857882985
1,110
1,0721,3571,067942
1,0061,034
9291,0741,0161,1541,0811,152
384286266280271290
288325294299293383
378287262219189177
173179173150126
757382939691
991039898105104
1161181251049898
106103106979386
1,6681,5721,7221,7211.9711,913
2,0792,0461,9872,0272,0922,191
2,2042,0562,0071,9911,9552,121
2,1082.2372,2652,2162,1392,372
366349344348375378
392359343351291450
333326260221217217
223206163150162
189175186206221250
234218253231207228
232224207248197219
203199193191207192
1 Units in structures built by private developers for sale upon completion to local public housing authorities under theDepartment of Housing and Urban Development "Turnkey" program are classified as private housing. Military housingstarts, including those financed with mortgages insured by FHA under Section 803 of the National Housing Act, ars in-cluded in publicly financed starts but excluded from total private starts and from FHA starts.
2 Not available prior to 1959 except for nonfarm for 1929-44.3 Data are not available for new homes started under the Department of Agriculture, Farmers Home Administration
program.4 Units are for 1- to 4-family housing.« Data beginning 1967 cover approximately 13,000 permit-issuing places. Data for 1963-66 are based on 12,000 places
and 1959-62,10,000 places. The addition of approximately 1,000 permit-issuing places in 1967 contributed an increase of3 percent in total permit authorizations.
« Units in mortgage applications or appraisal requests for new home construction.i Monthly estimates for September 1945-May 1950 were prepared by Housing and Home Finance Agency." Not available separately beginning January 1970.
Sources: Department of Commerce, Department of Housing and Urban Development, and Veterans Administration(except as noted).
239Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-40.—Business expenditures for new plant and equipment, 1947-73l
[Billions of dollars]
Yearor quarter
194719481949
195019511952. . . .19531954
19551956195719581959
1960196119621963 . . .1964
19651966196719681969
197019711972 3
19733
1970: 1IL —IIIIV
1971: 1IL —III . . .IV. . . .
1972: IIL —III . . .IV 3 . .
1973: | 3 . _ . .IM. . .
Total
19.3321.3018.98
20.2125.4626.4328.2027.19
29.5335.7337.9431.8933.55
36.7535.9138.3940.7746.97
54.4263.5165.4767.7675.56
79 7181.2188.54
99.99
Manufacturing
Total
8.449.017.12
7.3910.7111.4511.8611.24
11.8915.4016.5112.3812.77
15.0914.3315 0616.2219.34
23.4428 2028 5128.3731.68
31 9529.9931.16
35.42
Dura-ble
goods
3.253.302.45
2.944.825.215.314.91
5.417.457.845.615.81
7.236.316.797.539.28
11.5014.0614.0614.1215.96
15 8014.1515.52
18.11
Non-durablegoods
5.195.714.68
4.455.896.246.566.33
6.487.958.686.776.95
7.858.028.268.70
10.07
11.9414.1414.4514.2515.72
16.1515.8415.65
17.31
Mining
0.69.93.88
.841.111.211.251.28
1.311.641.691.431.36
1.301.291.401.271.34
1.461.621.651.631.86
1.892.162.45
2.88
Transportation
Rail-road
0.911.371.42
1.181.581.501.42.93
1.021.371.58.86
1.02
1.16.82
1.021.261.66
1.992.371.861.451.86
1.781.671.80
1.98
Air
0.17.10.12
.10
.14
.24
.24
.24
.26
.35
.41
.37
.78
.66
.7352
.401.02
1.221.742.292.562.51
3 031.882.52
2.41
Other
1.131.17.76
1.091.331.231.291.22
1.301.311.301.061.33
1.301.231.651.581.50
1.681.641.481.591.68
1.231.381.41
1.43
Publicutili-ties
1 542.543.10
3.243.563.744.343.99
4.034.525.675.525.14
5.245.004.904.985.49
6.137.438.74
10.2011.61
13.1415.3017.11
19.73
Com-muni-cation
1.401.741.34
1.141 371.611.781.82
2.112.823.192.792.72
3.243.393.854.064.61
5.306.026 346.838.30
10.1010.7711.90
36
Com-mer-cialand
other 2
5 054.424.24
5.225 675.456.026.45
7.638.327.607.488.44
8.759.139.99
10.9912.02
13.1914.4814.5915.1416.05
16.5918.0520.18
14
Seasonally adjusted annual rates
78.2280.2281.8878.63
79.3281.6180.7583.18
86.7987.1287.6792.36
96.6697.93
32.4432.4332.1530.98
30.4630.1229.1930.35
30.0930.3730.9832.96
35.1135.57
16.4016.3215.7414.92
14.2114.0613.7614.61
15.0614.7715.6716.44
17.9818.00
16.0516.1116.4016.05
16.2516.0615.4315.74
15.0215.6015.3116.52
17.1417.57
1.921.841.861.94
2.042.082.232.30
2.422.382.402.61
2.66
1.741.881.961.56
1.461.881.721.64
2.101.881.501.70
1.96
2.942.883.243.08
1.292.281.682.26
1.962.892.672.57
2.14
1.371.121.221.22
1.331.401.481.33
1.481.531.411.28
1.50
12.1412.7213.8413.68
14.6414.9115.8715.74
16.9216.6017.0117.94
19.48
9.1410.3810.6210.20
10.7011.2110.7310.44
11.7111.5911.56
16.5216.9817.0015.97
17.3917.7217.8519.10
20.1019.8820.16
33730
33.8062.36
* Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofitorganizations. These figures do not agree precisely with the nonresidential fixed investment data in the gross nationalproduct estimates, mainly because those data include investment by farmers, professionals, institutions, and real estatefirms, and certain outlays charged to current account.
2 Commercial and other includes trade, service, construction, finance, and insurance.3 Estimates based on expected capital expenditures reported by business in October-December 197?. Includes ad-
justments when necessary for systematic tendencies in expectations data.Note.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of season-
ally adjusted figures.
Source: Department of Commerce, Bureau of Economic Analysis.
240Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-41.—Sales and inventories in manufacturing and trade; 1947-72
[Amounts in millions of dollars]
Year or month
Total manufacturingand trade
Sales i Inven-tories 2 Ratio 3
Manufacturing
Sales Inven-tories 2 Ratio 3
Merchant wholesalers
Sales i Inven-tories 2 Ratios
Retail trade
Sales i Inven-tories 2 Ratio s
1947...1948...1949...
1950...1951...1952...1953...1954...
1955...1956...1957...1958...1959...
1960...1961*_1962...1963...1964...
1965...1966...1967...1968...1969...
1970...1971...1972*.
35,26033,788
38,59643,35644,84047,98746,443
51,69454,06355,87954,23359,661
60,74661,13365,41768,969
52,50749,497
59,82270,24272,37776,12273,175
79,51687,30489,05286,92291,891
94,74795,648101,090105,477
120, 900136,729145,108
80, 27687,178 136,89,69897,100 155; 336
103,104 166,694
104,407 174,942111,931 182,842123,816 192,282
1.421.53
1.361.551.581.581.60
1.471.551.591.601.50
1.561.541.511.491.47
1.451.471.571.551.56
1,641.601.51
15,51317,31616,126
18,63421,71422, 52924,84323,355
26,48027, 74028,73627,28030, 219
30,79630,89633,11335,03237,335
41,00344,86946,44950, 28253, 555
25,89728,54326,321
31,07839,30641,13643,94841,612
45,06950,64251,87150,07052, 707
53,81454,93958,21360,04363, 386
68, 22177,96584, 59990,83596,955
52,560 __55,580 10162,069 106;
101,712,665i, 371
585775
4866787681
6273808470
7674726964
6062767476
1.901.831.67
6,8086,514
7,6958,5978,7829,0528,993
9,89310,51310,47510,25711,491
11,65611,98812,67413,38214, 527
15,59516,97917,09918,32919, 726
20,55422,28024, 663
7,9577,706
9,2849,88610,21010,68610,637
11,67813,26012, 73012, 73913,879
14,12014,48814, 93616,04816,977
18, 27420,69121,55722,52824,363
26,60428,91631, 253
1.131.19
1.071.161.121.171.18
1.131.191.231.241.15
1.221.20.16.15.13
1414212019
232321
10, 20011,13511,149
12,26813,04613,52914,09114, 095
15,32115,81116,66716,69617,951
18, 29418,24919,63020, 55621,823
23,67725,33026,15128, 49029, 824
31, 29434,07137,085
14,24116,00715,470
19,46021,05021,03121,48820,926
22,76923,40224,45124,11325,305
26,81326,22127,94129,38631,094
34,40538,07338,95241,97345,376
46,62652, 26154, 658
Seasonally adjusted
1971:JanFebMarApr . . . .May. . .June.. .
July.. . .Aug. . . .Sept. . .Oc t . . . .Nov.. . .D e c . . .
1972: Jan. . . .Feb....Mar . . .Apr.. . .May.. .June...
July. . .Aug . . .Sept...Oct.. . .Nov*»_.Dec*...
106,767108,201109,752110,453111,458 178,827112,647
175,740176,472177,390178,037
179,155
111,791 .113,910 180,113,450113,191115,757 .115,630 182,842
179,612180, 298181,331181,747181,852
120,669 184,121,685122,814 185i122,283
123,371 „..126,458 188,127,056 189,129,609 190,131,529 192,
118,426 183,303118,077 183,826
.. ,263184,816185,953186,439
186,8841,409), 759i,9741,282
1.65.63.62.61.60.59
6158
.6061
.57
.58
555653525152
.51
.491.491.471.46
61,41361,231
53,139 101,90154,017 101,75754,802 101,78254,978 101,64355,507 101,86656,104 101,614
55,482 101,31756,650 101,28055,682 101,41355,943 101,73657,444 101,69957,740 101,665
59,189 101,79659,199 102,16160,335 102,45061,219 102,428
102,822103, 505
61,635 103,88863,352 105,13863,903 105,44164,725 106,00866, 553 106,371
1.921.881.861.851.841.81
1.831.791.821.821.771.76
1.721.731.701.671.671.69
1.691.661.651.641.60
21,33821,33421,67621,89722,44922,716
22,62122,60522,54922, 28422,73922,994
24,35123,53323,88424,17024,26024, 230
24,39425,13725,40725,77926,148
26,64626,80626, 78827,04627,14027,333
27,86627, 79527,81427,92828,23728,916
29,04929,18129,17429,57429,72929,641
30,05630,16430,65731,03231, 253
252624242120
232323252426
192422222322
1.231.201.211.201.20
32,29032,85033,27433, 57833, 50233,827
33,68834,65535, 21934,96435, 57434,896
34,88635,34536,45036, 29637,14136,822
37,34237,96937,74639,10538, 82838,944
47,19347,90948.82049,34849.82150,208
50,42951,22352,10452,08351,91652,261
52,45852,48452,63952,81453,40253, 293
52,94053,10753,66153,93454,658
1.261.391.41
1.381.641.521.531.51
1.431.471.441.431.40
1.451.431.381.391.40
1.391.441.461.431.46
1.471.471.43
1 Monthly average for year and total for month.2 Seasonally adjusted, end of period.~ Inventory/sales ratio. For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
" if ii:a. See Department of Commerce, Bureau
data, ratio of inventories at end of month to sales for month.* Manufacturing data prior to 1961 not com
of the Census, "Series M3-1.1," September l l _ _ .« Based on seasonally adjusted data through November.
Note.—The inventory figures in this table do not agree with the estimates of change in business inventories includedin the gross national product since these figures cover only manufacturing and trade rather than all business, and showinventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
241Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
C-42.—Manufacturers* shipments and inventories, 1947-72
[Millions of dollars]
Year or month
194719481949
195019511952..19531954.
19551956. .1957. . . .1958.1959
19601961s19621963. . . .1964
196519661967.1968.1969
197019711972*
1971: JanFebMarAprM a y . . . .June
JulyAugS e p t . . . .OctN o v . . . .Dec
1972: JanFebMarAprMayJune
J u l y . . . .AugSept - . . .O c t . . . . .Nov *»___.Dec ?
Shipmentsl
Total
15,51317,31616,126
18,63421,71422,52924,84323,355
26,48027,74028,73627.28030;219
30,79630,89633,11335,03237,335
41,00344,86946,44950,28253,555
52, 56055,58062,069
Dura-ble
goodsindus-tries
6,6947,5797,191
8,84510,49311,31313,34911,828
14,07114,71515,23713,57115,545
15,81715,54417,10318,24719,634
22,21624,63325,21227,69429,459
28,06129,88633,956
Non-durablegoodsindus-tries
8,8199,7388,935
9,789.11,221
11,21611,49411,527
12,40913,02513,49913,70814,674
14,97915,35216,01016,78617,701
18,78820,23621,23622,58824,096
24,49925,69428,113
Inventories 2
Total
25,89728,54326,321
31,07839,30641,13643,94841,612
45,06950,64251,87150,07052,707
53,81454,93958,21360,04363,386
68,22177,96584,59990,83596,955
101,712101,665106,371
Durable goods industries
Total
13,06114,66213,060
15,53920,99123,73125,87823,710
26,40530,44731,72830,09531,839
32,36032,50934,60535,81338,436
42,22749,81854,89359,05363, 254
66,82965,87469,641
Mate-rialsandsup-plies
8,9667,894
9,19410,41710,6089,847
10,585
10,28610,24210,79811,00111,927
13,29915, 50116,43717,41118,643
19,06319,14619,812
Workin
process
10,7209,721
10,75612,31712,83712,29412,952
12,78013,21114,20514,99716,253
18,15221,97824,99727,55729,105
30,33229,64532,321
Fin-ishedgoods
6,2066,040
6,3487,5658,1257,7498,143
9,1909,0569,6029,815
10,256
10,77612,33913,45914,08515, 506
17, 43417,08317,508
Nondurable goods industries
Total
12,83613,88113 261
15 53918,31517 40518,07017,902
18,66420,19520,14319,97520,868
21,45422,43023,60824,23024,950
25,99428,14729,70631, 78233,701
34,88335,79136,730
Mate-rialsandsup-plies
8,3178,167
8,5568,9718,7758,6719,089
9,1139,4649,841
10,00310,185
10,48811,22011,73512, 30412,817
13,17213,52613,736
Workin
process
2,4722,440
2,5712,7212,8642,8002,928
2,9353,1933,3043,4103,519
3,8234,2374,4284,8495,151
5,2395,3405,600
Fin-ishedgoods
7,4097,415
7,6668,6228,6248,4988,857
9,3539,773
10,46310,81711,246
11,68312,69013,54314,62915,733
16,47216,92517,394
Seasonally adjusted
53,13954,01754,80254,97855,50756,104
55,48256,65055, 68255,94357,44457,740
59,18959,19960,33561,21961,41361,231
61,63563,35263,90364,72566, 553
28,50128,96129,62829,51729,99030,370
29,79830,83529,79930,03330,79230,913
31,96532,04132,68333,58133,70533,129
33,82534,71035,03736,08636,75036,200
24,63825,05625,17425,46125,51725,734
25,68425,81525,88325,91026,65226,827
27,22427,15827,65227,63827,70828,102
27,81028,64228,86628,63929,803
101,901101,757101,782101,643101,866101,614
101,317101,280101,413101,736101,699101,665
101,796102,161102,450102,428102,822103,505
103,888105,138105,441106,008106,371
66,80866,71566,74366,69866,78066,400
66,17866,09366,11766,02565,87765,874
66,18766,42266,60466,57567,03567,427
67,64568,54268,83469,33069,641
19,10919,09319,04319,39619,63219, 702
19,90819,73219,36719,20819,11819,146
19,13819,09818,97918,93918,99518,804
19,25619,51919,46819,70119,812
30,21130,03829,98229,78529,74129,427
29, 21629,29229,54329,56429,64829,645
29,86330,05830,23130,24030,56230,982
30,78631,15331,52932,07032,321
17,48817,58417,71817,51717,40717,271
17,05417,06917,20717,25317,11117,083
17,18617,26617,39417,39617,47817,641
17,60317,87017,83717,55917,508
35,09335,04235,03934,94535,08635, 214
35,13935,18735,29635,71135,82235,791
35,60935,73935,84635,85335,78736,078
36,24336,59636,60736,67836,730
13,15813,16813,08313,08113,07013,189
13,15613,18913, 24313,39813,46213,526
13,52613,65913,46813,49913,46413,635
13,59613,67113,71113,67813,736
5,2455,2415,2645,2405,2925,277
5,2825,2655,2825,3025,3225,340
5,3545,3635,5555,4625,3815,412
5,4335,4925,5525,6055,600
16,69516,63316,69216,62416,72416,748
16,70116,73316,77117,01117,03816,925
16,72916,71716,82316,89216,94217,031
17, 21417,43317,34417,39517,394
1 Monthly average for year and total for month.> Book value, seasonally adjusted, end of period, except as noted.3 Data prior to 1961 not completely comparable with later data. See Department of Commerce, Bureau of the Census,
"Series M3-1.1," September 1968.4 Based on seasonally adjusted data through November.
Source: Department of Commerce, Bureau of the Census.
242Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-43.—Manufacturers* new and unfilled orders, 1947-72
(Amounts in millions of dollars]
Year or month
New orders i
Total
Durable goodsindustries
Total
Capitalgoodsindus-tries,non-
defense
Non-dura-ble
goodsindus-tries
Unfilled orders'
Total
Dura-ble
goodsindus-tries
Non-dura-ble
goodsindus-tries
Unfilled orders-shipments ratio 3
Total
Dura-ble
goodsindus-tries
Non-dura-ble
goodsindus-tries
1947.1948.1949.
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..19614.1962..1963..1964..
1965..1966..1967..1968..1969..
1970..1971..1972 5.
1971: Jan. . .Feb...Mar...Apr...May...June..
July...Aug...Sept..Oct.. .Nov...Dec...
1972: Jan. . .Feb...Mar...
May"!June..
July...Aug...Sept..Oct...NOVP.Dec*.
15,25617,69215,614
20,11023,90723,20323,53322,313
27,42328, 38327,51426,90130,679
30,11531,08633,00535,32237,952
41, 80345,94446, 76350, 26753,645
51,66355, 47363,062
6,3888,1266,633
10,16512,84112,06112,10510,743
14,95415,38114,07313,17015,951
15,22315,69917,02518,52120,258
22,98625,72025, 52627,69029, 548
27,16229, 76834,878
6,9717,694
6,8227,3989,020
8,8689,5668,981
9,94511,06611,14211,42811,570
12,46913,00213,44113,73114,728
14,89215,38715,98016,80117,694
18,81720, 22421, 23822, 57724, 097
24, 50025, 70528,185
34,41530,71724,506
43,05569,78575,64961,17848,266
60,00467,37553,18348,88254,494
46,13348,39547,30750,94058,506
68,14681,02984, 57684, 28385,315
74, 32273, 00483,947
28,53226,60120,018
36,83865,83572,48058,63745,250
56,24163,88050,35245,73950,654
43,40145,24144,48547,95855,623
64,92077,96481, 48881, 34882, 372
71,36169,90180,047
5,8834,1164,488
6,2173,9503,1692,5413,016
3,7633,4952,8313,1433,840
2,7323,1542,8222,9822,883
3,2263,0653,0882,9352,943
2,9613,1033,900
3.42
3.633.873.352.602.85
2.582.522.462.402.49
2.622.932.802,722.60
2.372.132.11
Seasonally adjusted
53,74254, 28154, 79354, 20654, 45454,728
55,19057,12255, 48956,29057,99257, 883
59, 87159, 79261,09761,68562,01263, 734
62, 27064, 40965,77665,45467,587
4.12
4.274.554.003.493.44
3.213.012.952.892.99
3.123.513.363.283.14
2.882.572.51
29,07929, 24629, 56628,75128,97428,971
29,48631,33529,65330,32131, 29431,001
32, 55432, 46633,32834,00534,30235,613
34, 43035,72736, 85136,75937,61936,879
6,8826,8107,1217,0097,2567,516
7,2137,4927,4717,8597,9328,131
8,1668,1968,5288,7859,0369,228
9,1009,2119,5199,6949,7629,944
24,66325,03525, 22725,45525, 48025, 757
25, 70425, 78725, 83625,96926,69826, 882
27,31727, 32627,76927,68027, 71028,121
27, 84028,68228,92528,69529,968
74,92575.18975,18074, 40873, 35571,979
71,68772,15971,96672, 31372, 86173,004
73,68674, 27975, 03975, 50676,10378,608
79, 24180, 29982,18082,90683,947
71,93972, 22472,16271, 39670,38068,981
68,66969,16969,02369,31169, 81369,901
70,49070,91571, 55871,98372, 57975,064
75,66776,68678, 50679,17480,04780, 726
2,9862,9653,0183,0122,9752,998
3,0182,9902,9433,0023,0483.103
3,1963,3643,4813,5233,5243,544
3,5743,6133,6743,7323,900
2.392.382.322.292.222.15
2.172.222.202.182.152.13
2.092.102.082.062.062.14
2.142.122.142.122.11
2.902.882.802.762.672.58
2.622.712.682.652.602.57
2.522.542.512.462.472.58
2.582.542.572.522.51
0.96
1.121.04.85.55.88
.63
.72
.65
.63
.57
.60
.56
.52
.47
.45
.45
.44
.49
0.46.45.45.45.44.44
.45
.43
.43
.43
.44
.44
.44
.46
.46
.47
.47
.46
.47
.47
.48
.49
.49
* Monthly average for year and total for month.2 Seasonally adjusted, end of period.3 Ratio of unfilled orders at end of period to shipments for period; excludes industries with no unfilled orders. Annual
figures relate to seasonally adjusted data for December, except as noted.< Data prior to 1961 not completely comparable with later data. Comparable data for new orders (total, durable, and
nondurable) are available for 1958, 1959, and 1960 only. See Department of Commerce, Bureau of the Census, "SeriesM3-1.1," September 1968, for these data.
* Based on seasonally adjusted data through November.
Source: Department of Commerce, Bureau of the Census.
243Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES
TABLE C—44.—Consumer price indexes by expenditure classes, 1929—72
For urban wage earners and clerical workers
[1967=1001
Year or month Allitems Food
Housing
Total Rent
Appareland
upkeep
Trans-porta-tion
Medicalcare
•ersonalcare
Readingand
recrea-tion
Othergoodsand
services
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946,.1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966..1967..1968.1969.
1970.1971.1972.
1971: Jan...Feb..Mar..Apr..May..June.
July..Aug..Sept.Oct..Nov..D e c
1972: Jan..Feb..Mar..Apr..May-June-
July..Aug..Sept.Oct...Nov..Dec.
51.3
38.8
41.6
42.044.148.851.852.753.958.566.972.171.4
72.177.879.580.180.580.281.484.386.687.3
88.789.690.691.792.994.597.2
100.0104.2109.8
116.3121.3125.3
119.2119.4119.8120.2120.8121.5
121.8122.1122.2122.4122.6123.1
123.2123.8124.0124.3124.7125.0
125.5125.7126.2126.6126.9127.3
48.3
30.6
34.6
35.238.445.150.349.650.758.170.676.673.5
74.582.884.383.082.881.682.284.988.587.1
88.089.189.991.292.494.499.1
100.0103.6108.9
114.9118.4123.5
115.5115.9117.0117.8118.2119.2
119.8120.0119.1118.9119.0120.3
120.3122.2122.4122.4122.3123.0
124.2124.6124.8124.9125.4126.0
52.2
52.453.756.256.858.159.160.665.269.870.9
72.877.278.780.881.782.383.686.287.788.6
90.290.991.792.793.894.997.2
100.0104.2110.8
118.9124.3129.2
122.7122.6122.4122.5123.2124.0
124.5125.1125.5125.9126.4126.8
127.3127.6127.9128.2128.5129.0
129.5129.9130.2130.4130.8131.2
76.0
54.1
56.0
56.257.258.558.558.658.859.261.165.168.0
70.473.276.280.383.284.385.987.589.190.4
91.792.994.095.095.996.998.2
100.0102.4105.7
110.1115.2119.2
112.9113.6113.9114.4114.7115.2
115.4115.8116.1116.4116.6116.9
117.5117.8118.0118.4118.6119.0
119.2119.6119.9120.3120.5121.0
48.5
36.9
42.4
42.844.852.354.658.561.567.578.283.380.1
79.086.185.384.684.584.185.887.387.588.2
89.690.490.991.992.793.796.1
100.0105.4111.5
116.1119.8122.3
117.6118.1118.6119.1120.2120.1
119.3119.0120.6121.6121.9121.8
120.2120.7121.3121.8122.5122.1
121.1120.8123.1124.3125.0125.0
43.0
42.744.248.147.947.947.850.355.561.866.4
68.272.577.379.578.377.478.883.386.089.6
89.690.692.593.094.395.997.2
100.0103.2107.2
112.7118.6119.9
117.5117.5117.8118.1118.8119.6
119.4119.3118.6119.3118.7118.5
118.9118.3118.4118.6119.5119.8
120.2120.5121.0121.2121.4121.3
36.7
36.837.038.039.941.142.144.448.151.152.7
53.756.359.361.463.464.867.269.973.276.4
79.181.483.585.687.389.593.4
100.0106.1113.4
120.6128.4132.5
124.9125.8126.8127.5128.1128.6
129.3130.0130.4129.6129.7130.1
130.5131.0131.4131.7132.0132.4
132.7132.9133.1133.9134.1134.4
40.3
40.241.245.249.953.455.159.066.068.568.3
68.374.775.676.376.677.981.184.186.988.7
90.190.692.293.494.595.297.1
100.0104.2109.3
113.2116.8119.8
115.3115.4115.8116.3116.5116.8
117.1117.5117.6117.9117.9117.9
118.1118.4118.7119.1119.7120.0
120.0120.2120.5120.8121.0121.5
45.3
46.147.750.054.160.062.464.568.772.274.9
74.476.676.977.776.976.777.880.783.985.3
87.389.391.392.895.095.997.5
100.0104.7108.7
113.4119.3122.8
117.3117.5117.7118.4118.9119.3
119.6119.7120.5120.5120.8121.1
121.4121.5121.7122.3122.5122.9
123.0123.0123.7124.0124.1124.0
46.9
48.349.250.753.354.756.958.863.866.868.7
69.972.876.678.579.879.881.083.384.486.1
87.888.589.190.692.094.297.2
100.0104.6109.1
116.0120.9125.5
118.9119.1119.4119.7119.9120.3
121.2121.8122.4122.6122.8123.0
123.5124.3124.6125.1125.4125.6
125.8126.0126.2126.4126.4126.5
Source: Department of Labor, Bureau of Labor Statistics.
244
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-45.—Consumer price indexes by commodity and service groups, 1939-72
For urban wage earners and clerical workers
[1967=100]
Year ormonth
Allitems
Commodities
Allcom-modi-ties
Food
Commodities less food
Alt Dura-ble
Non-dura-
ble
Services
Allervices Rent
Serv-iceslessrent
Special indexes
Allitemslessfood
Allitemsless
shel-ter
Non-dura-
blecom-mod-ities
1939
194019411942..194319441945.1946.194719481949
1950195119521953195419551956195719581959
196019611962.1963196419651966196719681969
1970.1971.1972
1971: J a n . . .Feb . . .Mar . . .Apr . . .May. . .June..
July. . .Aug. . .Sept..Oct._.Nov.. .Dec. . .
1972: Jan._ .Feb. . .Mar . . .Apr . . .May...June..
July—Aug...Sept. .Oct__.Nov...Dec...
41.6
42.044.148.851.852.753.958.566.972.171.4
72.177.879.580.180.580.281.484.386.687.3
88.789.690.691.792.994.597.2
100.0104.2109.8
116.3121.3125.3
119.2119.4119.8120.2120.8121.5
123.2123.8124.0124.3124.7125.0
125.5125.7126.2126.6126.9127.3
40.2
40.643.349.654.054.756.362.475.080.478.3
78.885.987.086.785.985.185.988.690.690.7
91.592.092.893.694.695.798.2
100.0103.7108.4
113.5117.4120.9
115.4115.5116.1116.6117.2117.9
121.8122.1122.2122.4122.6123.1
118.1118.2118.1118.4118.5118.9
118.7119.4119.7119.9120.3120.7
121.2121.4122.0122.3122.7122.9
34.6
35.238.445.150.349.650.758.170.676.673.5
74.582.884.383.082.881.682.284.988.587.1
88.089.189.991.292.494.499.1
100.0103.6108.9
114.9118.4123.5
115.5115.9117.0117.8118.2119.2
119.8120.0119.1118.9119.0120.3
120.3122.2122.4122.4122.3123.0
124.2124.6124.8124.9125.4126.0
47.7
48.050.456.058.461.664.168.176.882.781.5
81.487.588.388.587.586.987.890.591.592.7
93.193.494.194.895.696.297.5
100.0103.7108.1
112.5116.8119.4
115.2115.2115.5115.8116.6117.1
117.0117.1117.4118.0118.1118.1
117.7117.8118.2118.5119.2119.4
119.4119.5120.3120.8121.0121.1
48.5
48.151.458.460.365.970.974.180.386.287.4
95.196.495.793.391.591.594.495.997.3
96.796.697.697.998.898.498.5
100.0103.1107.0
111.8116.5118.9
115.2115.0115.2115.7116.6117.4
117.5116.9116.4117.1117.4117.2
117.3117.1117.3117.7118.4119.2
119.6119.7119.8120.1120.3120.3
44.3
44.746.751.653.856.658.662.972.277.876.3
76.282.082.483.183.583.585.387.688.289.3
90.791.291.892.793.594.897.0
100.0104.1108.8
113.1117,0119.8
115.3115.4115.7116.0116.6116.9
116.7117.2118.2118.7118.7118.8
118.1118.4118.9119.1119.7119.5
119.3119.4120.8121.3121.7121.7
43.5
43.644.245.646.447.548.249.151.154.356.9
58.761.864.567.369.570.972.775.678.580.8
83.585.286.888.590.292.295.8
100.0105.2112.5
121.6128.4133.3
126.3126.6126.6126.8127.5128.2
128.8129.3129.8129.9130.3130.7
131.5131.8132.1132.4132.7133.1
133.5133.8134.1134.6134.9135.4
56.0
56.257.258.558.558.658.859.261.165.168.0
70.473.276.280.383.284.385.987.589.190.4
91.792.994.095.095.996.998.2
100.0102,4105.7
110.1115.2119.2
112.9113.6113.9114.4114.7115.2
115.4115.8116.1116.4116.6116.9
117.5117.8118.0118.4118.6119.0
119.2119.6119.9120.3120.5121.0
38.1
38.138.640.342.144.245.146.749.051.954.5
56.059.362.264.866.768.270.173.376.479.0
81.983.985.587.389.291.595.3
100.0105.7113.8
123.7130.8135.9
128.7129.0128.9129.1129.8130.6
131.2131.8132.3132.4132.8133.3
134.1134.4134.6135.0135.3135.7
136.1136.4136.7137.2137.6138.0
47.2
47.348.752.153.655.756.959.464.969.670.3
71.175.777.579.079.579.781.183.885.787.3
89.790.892.093.294.596.7
100.0104.4110.1
116.7122.1125.8
120.3120.4120.6120.9121.6122.2
122.4122.7123.1123.5123.7123.9
124.0124.2124.5124.9125.4125.7
125.9126.1126.7127.1127.4127.6
39.7
39.942.447.751.352.253.659.068.573.972.6
73.179.280.881.081.080.681.784.486.987.6
88.989.990.992.193.294.697.4
100.0104.1109.0
114.4119.3122.9
117.0117.4118.0118.6119.2119.8
120.0120.2120.2120.3120.4120.9
120.9121.5121.8122.0122.4122.7
123.1123.2123.8124.2124.6124.8
38.4
38.941.647.651.852.253.759.671.977.274.9
75.482.583.483.283.282.583.786.388.688.2
89.490.290.992.093.094.698.1
100.0103.9108.9
114.0117.7121.7
115.4115.7116.4116.9117.4118.1
118.3118.6118.7118.8118.9119.5
119.2120.3120.6120.7121.0121.2
121.7122.0122.8123.1123.5123.8
Source: Department of Labor, Bureau of Labor Statistics.
245Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—46.—Consumer price indexes, selected commodities and services, 1939—72
For urban wage earners and clerical workers[1967=1001
Year or month
1939
1940194119421943194419451946 .194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970 . . .19711972
1971: JanFebMarAprMayJune
JulyAug.. .
NovDec
1972: JanFebMarAprMayJune
JulyAugSeptOct.NovDec
Durable commodities
Total i
48.5
48.151.458.460.365.970.974.180.386.287.4
88.495.196.495.793.391.591.594.495.997.3
96.796.697.697.998.898.498.5
100.0103.1107.0
111.8116.5118.9
115.2115.0115.2115.7116.6117.4
117.5116.9116.4117.1117.4117.2
117.3117.1117.3117.7118.4119.2
119.6119.7119.8120.1120.3120.3
Newcars
43.2
43.346.6
69.275.682.8
83.487.494.995.894.390.993.598.4
101.5105.9
104.5104.5104.1103.5103.2100.999.1
100.0102.8104.4
107.6112.0111.0
115.4115.2114.3113.8113.9113.9
113.8109.3105.6109.1109.6110.4
112.2111.9111.7111.7111.4111.3
111.0110.6109.6110.1110.2110.6
Usedcars
89.275.971.869.177.480.289.5
83.686.994.896.0
100.199.497.0
100.0
103.1
104.3110.2110.5
107.0105.5106.8109.8112.8114.1
113.5112.5111.6111.7110.2107.2
105.3103.0103.9106.4110.0112.0
112.7112.4113.6115.2116.0115.0
House-hold
dura-bles
56.6
55.959.866.969.576.081.886.595.6
101.799.0
100.2109.8106.9105.7102.9100.199.7
101.4102.1102.0
101.9100.7100.6100.3100.298.798.6
100.0103.3107.4
110.2112.9115.0
111.5111.8112.1112.4112.7113.1
113.2113.4113.5113.6113.6113.7
113.7113.6114.1114.4114.8115.1
115.3115.4115.6115.8116.0116.2
Nondurable commod-ities less food
Total
44.3
44.746.751.653.856.658.662.972.277.876.3
76.282.082.483.183.583.585.387.688.289.3
90.791.291.892.793.594.897.0
100.0104.1108.8
113.1117.0119.8
115.3115.4115.7116.0116.6116.9
116.7117.2118.2118.7118.7118.8
118.1118.4118.9119.1119.7119.5
119.3119.4120.8121.3121.7121.7
Ap-parelcom-mod-ities
43.0
43.545.853.555.959.863.069.580.485.482.0
81.188.787.786.786.385.887.388.288.289.0
90.390.891.292.092.893.696.0
100.0105.6111.9
116.5120.1122.7
117.8118.3118.8119.3120.5120.4
119.5119.1120.9122.0122.4122.2
120.3120.9121.6122.1122.9122.4
121.3120.9123.5124.9125.6125.5
Non-dura-bleslessfoodand
apparel
46.3
46.848.451.153.254.755.858.266.272.372.4
72 977.579.081.081.882.184.187.488 389.6
90.991.392.193.193.995.597.5
100.0103 3107.0
111.2115.2118.2
113.8113.8114.0114.0114.3114.9
115.1116.2116.6116.8116.5116.8
116.8117.0117.3117.4117.9117.9
118.2118.6119.3119.3119.4119.5
Services less rent
Total
38.1
38.138.640.342.144.245.146.749.051.954.5
56.059.362.264.866.768.270.173.376.479.0
81.983.985.587.389.291.595.3
100.0105.7113.8
123.7130.8135.9
128.7129.0128.9129.1129.8130.6
131.2131.8132.3132.4132.8133.3
134.1134.4134.6135.0135.3135.7
136.1136.4136.7137.2137.6138.0
House-holdserv-iceslessrent
71.275.479.481.6
85.086.087.189.090.492.195.7
100.0105.9115.3
126.8132.6139.2
131.6131.0130.1129.7130.7131.6
132.5133.5134.1134.6135.3136.0
136.9137.3137.6138.0138.4138.8
139.5140.0140.3140.7141.3141.9
Trans-porta-tion
serv-ices
36.1
36.136.338.238.238.238.239.040.344.950.0
53.358.3-62.466.469.269.470.573.878.581.2
83.385.386.687.589.692.996.8
100.0104.0111.3
123.1133.0136.0
129.5131.3131.9132.9133.0134.0
134.2134.0133.7133.8133.9134.1
135.6135.6135.4135.6135.8136.0
136.3136.3136.3136.2136.3136.4
Med-icalcareserv-ices
32.5
32.532.733.735.436.937.940.143.546.448.1
49.251.755.057.058.760.462.865.568.772.0
74.977.780.282.684.687.392.0
100.0107.3116.0
124.2133.3138.2
129.3130.2131.4132.2132.9133.5
134.4135.1135.6134.6134.8135.3
135.8136.4136.9137.3137.6138.0
138.4138.6138.9139.9140.1140.5
Other 3
71.173.976.278.0
80.883.485.687.790.192.696.2
100.0105.6110.6
116.7122.5125.8
120.7120.9121.2121.5122.0122.5
122.6122.8123.7123.8124.0124.0
124.3124.5124.7125.1125.3125.6
125.8125.9126.7127.0127.4127.7
i Includes certain items not shown separately.s Includes the services components of apparel, personal care, reading and recreation, and other goods and services.3 Not available.Source: Department of Labor, Bureau of Labor Statistics.
246
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—47.—Consumer price indexes, seasonally adjusted, 1970—72
(1967=100, seasonally adjusted]
Year and month
1970: JanFeb.MarAprMayJune
JulyAugSeptOctNov.Dec
1971: JanFeb.MarAprMayJune
JulyAugSeptOctNov..Dec
1972:JanFebMarAprMayJune
July.Aug...SeptOctNovDec
Special indexes
Allitemslessfood
113.4114.1114.7115.4116.0116.5
117.0117.3118.0118 7119.4120.1
120.4120.6120.7120.9121.6122.1
122.4122.8123 1123.3123.5123.8
124.1124.4124.6124.9125.4125.6
125.9126.2126.7126.8127.1127.5
Allitemsless
shelter
112.2112.6112.9113.5113.9114.2
114.6114.8115.4116.0116.4116.8
117.2117.6118.1118.5119.1119.6
119.8120.1120.2120.3120.5120.9
121.1121.7121.9121.9122.3122.5
122.9123.1123.8124.2124.7124.8
Allitemslessmed-icalcare
113.2113 9114.4115.1115.6115.9
116.3116.7117.2117 8118.3118.7
119.0119.3119.5119.9120.4121.0
121.3121.6121.7121.9122.2122.6
122.9123.6123.7124.0124.3124.5
125.0125.3125.9126.1126.6126.8
Commodity groups
Allcom-mod-ities
111.4112 0112.2112.7113.1113.3
113.6113.7114.2114 7115 0115.5
115 6115.8116.3116.6117.2117.7
117.9118.1118 2118 3118.5118.8
118.9119.8119.9119.9120.3120.5
121.0121.3122.1122.2122.7122.8
Food
113.6114.4114.4114.7115.0114.9
115.0115.1115.6115 6115.7115.5
115.6116.2117.2117.9118.3118.8
119.0119.3119.0118.9119.8120.5
120.4122.6122.6122.5122.4122.6
123.3123.9124.7124.9126.3126.3
Commodities lessfood
Total
110.2110.6110.8111.5112.0112.4
112.6112.9113.5114 0114 5115.3
115 4115.5115.7115.9116.6116.9
117.1117.5117 5117.5117.5117.7
117.9118.2118.4118.6119.2119.2
119.5119.9120.4120.3120.4120.7
Dur-able
109.0109 3109.8110.2111.0111.6
111.9112.3113.1113 7114 2115.1
115 2115.3115.7115.9116.5116.9
117.3117.0117.0116.9116.9117.0
117.3117.5117.8117.9118.3118.7
119.4119.8120.4119.9119.8120.1
Non-dur-able
111.0111 5111.7112.4112.7112.9
113.3113.3113.9114 4114.8115.4
115 6115.7115.9116.1116.6116.9
117.1117.7118 0118 1118 1118.4
118.5118.8119.1119.2119.7119.5
119.7119.9120.6120 7121.1121.3
Selected expenditure classes
ter
118.5119.7121.1122.0122.8123.6
124.0124.8125.8126.4127.0127.8
128.1127.7126.6126.5127.5128.4
128.8129.4129.9130.5131.0131.5
132.5133.0132.7133.1133.8134.2
135.0135.4135.6135.9135.9136.7
Fuel
utili-ties
105.0105 3105.9106.5106.8106.8
107.6108.0108.6109.5110.6111.2
112.0113.0113.6113.9114.3114.8
115.6116.0116.3116.5116.3117.4
118.3118.9119.1119.4119.7120.0
120.1120.1120.8121.1121.5121.7
Ap-parelandup-
keep
114.2114 6114.8115.1115.4115.9
116.0116.4117.0117.4117.9118.4
118.4118.7118.8119.2119.8119.9
120.0120.1120.4120.6120.7121.0
121.0121.3121.5121.9122.1121.9
121.8121.9122.9123.3123.8124.1
Trans-por-
tation
109.5110.0109.9111.2111.9112.4
113.2112.9113.8115.0115.9116.9
117.1117.6118.0118.2118.6119.1
119.2119.5119.6119.1118.7118.4
118.5118.4118.6118.7119.3119.3
120.0120.7122.0121.0121.4121.2
Med-ical
care
116.5117.2118.0118.9119.5120.4
121.2121.8122.4123.2123.8124.6
125.2125.9126.5127.2127.8128.5
129.0129.7130.1130.0130.2130.5
130.8131.1131.1131.4131.7132.3
132.4137.6132.8134.3134.6134.8
Source: Department of Labor, Bureau of Labor Statistics.
247Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-48.—Wholesale price indexes by major commodity groups, 1929-72
[1967=1001
Year or month
1929
1933
1939 .
19401941. . . .194219431944. . . .1945194619471948 .1949
195019511952.. .195319541955 .1956195719581959
I96019611962 .19631964 ,_19651966 . . .196719681969
197019711972
1971: JanFeb.MarAprMayJune
JulyAugSeptOct . .NovDec
1972: JanFebMarAprMay.. .June
J u l y . . .Aug. . _Sept.Oct.Nov .Dec
All com-modities
49 1
34.0
39.8
40.545.150.953.353.654.662.376.582.878.7
81.891 188.687.487.687.890.793.394.694.8
94.994.594.894.594.796.699.8
100.0102.5106.5
110.4113.9119.1
111.8112.8113.0113.3113.8114.3
114.6114.9114.5114.4114.5115.4
116.3117.3117.4117.5118.2118.8
119.7119.9120.2120.0120.7122.9
Farm products and processedfoods and feeds
Total
94.3101.589.6
93.9106 9102.796.095.791.290.693.798.193.5
93.793.794.793.893.297.1
103.5100.0102.4108.0
111.6113.8122.4
110.7113.6113.4113.3114.3115.4
115.0114.6113.0113.0113.6115.9
117.4119.6119.1118.3120.0121.3
124.0123.8124.5123.3125.3132.6
Farmproducts
64 1
31.4
40.0
41.450.364.875.075.578.590.9
109.4117.5101.6
106.7124.2117.2106.2104.798.296.999.5
103.997.5
97.296.398.096.094.698.7
105.9100.0102.5109.1
111.0112.9125.0
108.9113.9113.0113.0114.0116.0
113.4113.2110.5111.3112 2115.8
117.8120.7119.7119.1122.2124.0
128.0128.2128.6125.5128.8137.5
Proc-essedfoodsand
feeds
82.988.780.6
83.492.791.687.488.985.084.987.491.889.4
89.591.091.992.592.395.5
101.2100.0102.2107.3
112.0114.3120.8
111.8113.3113.7113.5114.5114.9
116.0115.4114.6114.1114.4115.9
117.2118.8118.6117.7118.6119.6
121.5121.0121.8121.8123.1129.4
Industrial commodities
Total
48.6
37.8
43.3
44.047.350.751.552.353.058.070.876.975.3
78.086.184.184.885.086.990.893.393.695.3
95.394.894.894.795.296.498.5
100.0102.5106.0
110.0114.0117.9
112.2112.5112.8113.3113.7113.9
114.5115.1115.0115.0114.9115.3
115.9116.5116.8117.3117.6117.9
118.1118.5118.7118.8119.1119.4
Textileproducts
andapparel
103.6108.198.9
102.7114.6103.4100.898.698.798.798.897.098.4
99.597.798.698.599.299.8
100.1100.0103.7106.0
107.2108.6113.6
106.9106.7106.9107.5107.8108.5
109.2109.7109.7109.6109.8110.6
111.3112.0112.1112.6113.3113.6
114.0114.1114.3114.8115.1115.6
Hides,skins,
leather,and
relatedproducts
48 9
36.3
42.8
45.248.452.852.752.252.961.183.384.279.9
86.399.180.181.377.677.381.982.082.994.2
90.891.792.790.090.394.3
103.4100.0103.2108.9
110.1114.0131.3
111.7112.4112.5114.0114.4114.2
114.2114.4114.7114.7115.1116.2
117.8119.1123.0127.2129.5130.9
131.6134.6135.7139.8144.0142.2
Fuelsand
relatedproducts,
andpower
59 4
47.6
52.3
51.454.656.257.859.560.164.476.990.586.2
87.190.390.192.691.391.294.099.195.395.3
96.197.296.796.393.795.597.8
100.098.9
100.9
105.9114.2118.6
113.5113.0112.8113.0114.2114.4
114.4114.8115.3114.8114.7115.0
116.0116.1116.5116.9117.5118 2
118.6119.7120.3120.6121.3121.9
Chemicalsand alliedproducts
47.4
51.5
52.457.063.364.164.865.270.593.795.987.6
88.9101.796.597.798.998.599.1
101.2102.0101.6
101.8100.799.197.998.399.099.4
100.099.899.9
102.2104.2104.2
103.8104.2104.5104.5104.3104.4
104 4104.3104.3104.2103.8103.4
103.4103.5103.4104.1104.4104.3
104.2104.4104.4104.4104.7104.8
See footnote at end of table.
248Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-48.—Wholesale price indexes by major commodity groups, 1929-72—Continued
(1967=100]
Year or month
1929
1933
1939
1940194119421943194419451946194719481949
1950 . .195119521953195419551956195719581959
I960196119621963196419651966196719681969
197019711972
1971- JanFebMarAprMayJune
JulyAugSeptOctNov . . .Dec
1972- JanFebMarAprMayJune _ . _
July . .Aug . .SeptOctNovDec.
Industria! commodities—Continued
Rubberand
plasticproducts
59.4
40.2
61.2
57.161.571.673.672.770.570.870.572.870.5
85.9105.495.589.190.4
102.4103.8103.4103.3102.9
103.199.296.396.895.595.997.8
100.0103.4105.3
108.6109.2109.3
108.4109.1109 1109.0108.7108.7
109.7109.8109.7109 5109 5109.4
109 5109.2108.9108.7108.8108.9
109.2109.5109.5109.5109.8109.8
Lumberand
woodproducts
25.0
19.0
24.8
27.432.735.637.740.641.247.273.484.077.7
89.397.294 494.392.697.198.593.592.498.8
95.391.091.693.595.495.9
100 2100.0113.3125.3
113.7127.0144.3
112.2117.5123 4124.6124.9126.1
130.6134.6134.3131 8131.3132.7
134 9137.7139.5141.1142.7144.2
146.1148.1148.5149.2149.4149.8
Pulp,paper,and
alliedproducts
72.575.772.4
74.388.085 785.585.587.893.695.496.497.3
98.195.296.395.695.496.298 8
100.0101.1104.0
108.2110.1113.4
109.0109.3109 3109.6109.9110.2
110.5110.6110.6110 6110.6110.7
110.8111.6112.3112.8113.2113.5
113.7114.1114.3114.7115.0115.1
Metalsand
metalproducts
40.2
30 7
37.6
37.838.539.139.039 039.644.354 962.563.0
66 373.873 976 376.982.189 291.090.492.3
92.491 991.291.393 896.498 8
100 0102.6108.5
116.7119 0123.5
116.5116.4116 5117.8118.5118.5
119.4121.1121.1121.0120.9120.8
121.4122.6123.4123.5123.6123.6
123.5123.7124.0124.1124.1124.4
Machin-ery andequip-ment
41.3
41.442.142.842.442.142.246.453 758.261.0
63.170.570 672 273.475.781 887.689.491.3
92.091 992.092.292 893 996 8
100.0103.2106.5
111.4115.5117.9
114.2114.6114 9115.0115.3115.5
115.7116.1116.0116.0115.9116.2
116.5117.1117.3117.6117.9118.1
118.3118.3118.3118.4118.5118.6
Furni-ture andhouse-hold
durables
55.8
44 6
52.6
53.857.261.861.463 163.267.177 081 682.9
84 791.890 191 992.993.395 898.399.199.3
99.098 497.797.097.496.998 0
100.0102.8104.9
107.5109.9111.4
109.3109.7109.6109.7109.9109.8
110.0110.2110.2110.2110.2110.2
110.2110.8110.9111.0111.1111.2
111.4111.7112.0112.0112.3112.4
Nonme-tallic
mineralproducts
51.2
47.2
49.1
49.150.252.352.453.555.759.366 371.673.5
75 480.180 183.385.187.591 394.895.897.0
97.297 697.697.197.397.598 4
100.0103.7107.7
113.3122.4126.1
118.8119.0120 9121.6121.8122.2
123.3124.2124.2124.1124.0124.2
124.3124.6124.8125.6125.9125.8
126.2126.7126.9127.3127.3127.4
Trans-portationequip-ment:Motor
vehiclesand
equip-ment i
41.9
34 8
39.1
40.443.247 247.247 548 356.064 170.875.7
75.379.484 083.683.886.391 295.198.1
100.3
98.898 698.697.898.398.598 6
100.0102.8104.8
108.5114.7118.0
113.9114.1113.8114.1114.2114.4
114.7114.9113.8115.2115.3117.5
117.9118.0118.0118.0118.1118.5
118.4118.5118.5116.9117.0118.4
Miscel-laneousproducts
73.576.578.0
79.283.983.485.686.486.587.690.292.092.2
93.093.393.794.595.295.997.7
100.0102.2105.2
109.9112.8114.6
112.3112.6112.8112.7112.5112.6
112.8113.0113.0113.0113.1113.2
113.7114.0114.2114.1114.1114.2
114.9115.1115.2115.0115.0115.1
i Index for total transportation equipment is not shown but is available beginning December 1968.
Source: Department of Labor, Bureau of Labor Statistics.
249Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-49.— Wholesale price indexes by stage of processing, 1947-72
[1967=1001
Year or month
194719481949
19501951195219531954
19551956195719581959
I9601961196219631964
1965 . -1966196719681969
197019711972
1971:Jan.FebMarAprMayJune
JulyAugSeptOct . . .NovDec
1972: JanFebMarAprMayJune
JulyAugSeptOctNovDec
Allcom-modi-ties
76.582.878.7
81.891.188.687.487.6
87.890.793.394.694.8
94.994.594.894.594.7
96.699.8
1C0.0102.5106.5
110.4113.9119.1
111.8112.8113.0113.3113.8114.3
114.6114.9114.5114.4114.5115.4
116.3117.3117.4117.5118.2118.8
119.7119.9120.2120.0120.7122.9
Crude materials
Total
101.2110.996.0
104.6120.1110.3101.9101.0
97.197.699.8
102.099.4
97.096.597.595.494.5
99.3105.7100.0101.6108.4
112.2115.0127.6
110.7115.9114.3115.2115.8116.9
116.6115.2113.9114.3114.3117.0
120.2123.1123.1123.0125.5127.2
130.1130.3130.3129.2130.4138.3
Food-stuffsand
feed-stuffs
111.7120.8100.3
107.6124.5117.2104.9104.9
95.193.197.2
103.096.2
95.193.895.792.990.8
97.1105.9100.0101.3109.3
112.1114.2127.5
108.9116.4114.0114.4115.4117.1
116.6114.5112.1112.6112.7115.8
119.3122.9122.0121.0124.0126.7
131.2130.7131.4129.6129.9140.7
Non-food
mate-rials
exceptfuel
90.6100.791.6
104.7120.7104.6100.198.2
103.8107.6106.2102.2105.8
101.4102.5102.0100.7102.4
104.5106.7100.0102.1106.9
109.8110.5121.9
108.9109.8109.4110.6110.3110.1
110.4110.2111.1111.1111.1112.8
115.4117.3119.5121.3123.2122.7
122.6124.2122.2122.3124.7127.2
Fuel
66.678.778.3
77.979.479.982.779.0
78.884.489.290.391.9
92.892.692.193.292.8
93.596.3
100.0102.3106.6
122.3138.5148.7
134.4133.4134.5138.5139.0139.4
139.7139.3140.3140.6140.6142.7
145.4145.6146.2146.9147.3147.2
147.5148.5149.1149.9154.4156.3
Intermediate materials, supplies, and componentsl
Total
72.478.375.2
78.688.185.586.086.5
88.192.094.194.395.6
95.695.094.995.295.5
96.899.2
100.0102.3105.9
109.8114.0118.7
111.5111.8112.6113.1113.6114.0
114.8115.6115.4115.0115.0115.4
115.9116.7117.2117.7118.2118.5
118.8119.2119.7119.9120.6122.3
Materials and components formanufacturing
Total
72.177.874.5
78.188.584.886.286.3
88.492.694.895.296.5
96.595.394.794.995.9
97.499.3
100.0102.2105.7
110.0113.0117.0
110.6110.9111.4112.1112.6112.8
113.6114.6114.4114.2114.2114.4
114.9115.7115.9116.4116.9117.1
117.3117.5117.7118.0118.2118.8
r
Forfood
manu-factur-
ing
94.096.983.3
86.796.692.993.092.2
89.389.791.393.490.0
91.194.092.096.695.2
97.6101.9100.0101.5107.1
112.9116.2119.9
113.2114.9115.5115.2116.2116.3
117.5118.3117.1116.6116.8117.3
117.9119.4118.6117.8118.5119.2
120.1119.8120.3121.2120.9125.1
Materials
Fornon-
durablemanu-factur-
ing
95.2100.891.9
96.5111.8100.699.898.2
98.6100.1101.4100.4102.1
102.199.999.398.499.1
100.0100.8100.0101.3102.4
104.0105.6109.4
104.0104.4104.8105.4105.5105.9
106.1106.3106.2105.9105.9106.3
107.0107.4107.5108.7109.3109.6
109.7110.0110.2110.7111.3111.8
Fordurablemanu-factur-
ing
54.461.463.1
66.774.174.377.679.3
83.388 591.492.094.2
94.393.092.993.094.8
96.898.6
100.0103.3109.1
115.1118.8123.8
114.7114.8115.9117.2118.0118.1
119.6121.7121.6121.4121.2121.0
121.5122.7123.3123.7123.9123.8
123.8124.3124.6124.6124.6124.7
Com-ponents
58.363.064.2
66.675.675.777.177.5
80.988.391.892.593.6
93.192.291.591.592.3
93.897.1
100.0102.3105.6
111.1114.7117.6
113.6113.6113.6113.8114.1114.5
114.9115.5115.6115.4115.6115.8
116.0116.5116.6117.0117.6118.0
118.1118.2118.1118.1118.2118.2
Mate-rialsand
com-ponentsfor con-struc-tion
66.073.173.2
77.084.383.785.185.5
88.993.594.094.096.6
95.994.694.294.595.4
96.298.8
100.0104. S110.7
112.6119.5126.2
114.1115.4117.3118.0118.5119.2
120.8122.5122.5121.9121.8122.3
123.1124.2124.9125.5125.9126.3
126.7127.2127.4127.7127.8127.9
See footnotes at end of table.
250Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-49.—Wholesale price indexes by stage of processing, 1947-72—Continued
11967=100]
Year or month
Finished goods
Total
Consumer finished goods
Total FoodsOthernon-
durablegoods
Dur-ablegoods
Pro-ducer
finishedgoods
Special groups of industrialproducts
Crudemate-rials a
Inter-mediate
materials,supplies,and com-ponents 3
Con-sumer
finishedgoods
excludingfoods
194719481949
19501951195219531954
1955,1956195719581959
19601961196219631964
19651966196719681969
197019711972
1971:Jan..Feb.Mar.Apr.May.June
July.Aug.Sept.Oc t .Nov.Dec.
1972:Jan..Feb.Mar.Apr.May.June.
July.Aug.Sept.Oct._Nov.Dec .
74.079.977.6
79.086.586.085.185.3
85.587.991.193.293.0
93.793.794.093.794.1
95.798.8
100.0102.9106.6
110.4113.5117.2
112.2112.8112.9112.9113.5113.8
113.8114.1113.6113.8114.0115.0
115.5116.3116.1115.8116.4116.9
117.8117.9118.2117.6118.3119.5
80.586.582.5
83.991.890.789.289.1
88.589.892.494.493.6
94.594.394.694.194.3
96.199.4
100.0102.7106.6
109.9112.7116.6
111.3112.0112.1112.0112.7113.1
113.0113.3112.7112.9113.1114.2
114.7115.6115.2114.8115.5116.1
117.3117.4117.7117.1117.9119.3
82.890.483.1
84.795.294.389.488.7
86.586.389.394.590.1
92.191.792.591.491.9
95.4101.6100.0103.7110.0
113.4115.2121.7
112,3113.9114.6114.5115.6116.4
115.6116.1114.9115.0115.7117.7
118.7120,6119.4118.0119.5120.7
123.3123.1123.6122.3124.1127.1
80.785.882.3
83.690.087.888.688.9
89.491.193.292.694.0
94.794.794.895.194.8
95.997.8
100.0102.2105.0
108.2111.3113.6
110.9110.8110.7110.5111.0111.2
111.6111.8111.9111.7111.7111.8
112.0112.1112.4112.7113.1113.5
113.8114.2114.5114.7115.0115.2
74.679.781.8
82.788.288.989.690.3
91.294.397.198.499.6
99.298.898.397.898.2
97.998.5
100.0102.2104.0
107.1110.9113.2
110.5110.8110.4110.5110.7110.7
111.0111.1110.4111.3111.3112.6
112.9113.2113.1113.2113.1113.2
113.5113.6113.7112.7112.8113.7
55.460.463.4
64.971.272.473.674.5
76.782.487.589.891.5
91.791.892.292.493.3
94.496.8
100.0103.5106.9
111.9116.6119.5
115.6115.9116.0116.1116.3116.5
116.8117.1116.9117.1117.0117.8
118.4118.8119.0119.3119.4119.6
119.7119.8119.9119.7119.9120.3
79.292.584.0
93.6102.993.192.488.0
96.6102.3100.996.9
102.3
98.397.295.694.397.1
100.9104.5100.0102.0110.6
118.8122.7131.1
121.4121.8121.4124.1123.5122.8
122.7122.3123.0122.9122.6123.4
125.6127.0129.1129.3129.9129.8
130.2132.3132.6133.8136.3136.8
70.076.174.2
77.787.084.385.385.7
88.392.695.094.896.4
96.895.595.395.095.6
96.998.9
100.0102.6106.1
110.0114.3118.9
111.5112.0112.7113.3113.8114.1
114.9115,9115.9115.7115.6115.8
116.4117.2117.6118.2118.6119.0
119.2119.5119.8120.1120.3120.5
79.084.082.2
83.589.588.389.189.4
90.192.394.694.795.9
96.396.296.096.095.9
96.698.1
100.0102.1104.6
107.7111.2113.5
110.7110.8110.6110.5110.9111.0
111.4111.5111.3111.6111.6112.1
112.3112.5112.7112.9113.1113.4
113.7114.0114.2113.9114.1114.6
1 Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.2 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and leaf tobacco.3 Excludes intermediate materials for food manufacturing and manufactured animal feeds.
Note.—For a listing of the commodities included in each sector, see monthly report, "Wholesale Prices and PriceIndexes," January-February 1967.
Source: Department of Labor, Bureau of Labor Statistics.
251Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-50.—Percent changes in consumer price indexes, major groups, 1948-72
[Percent change from preceding period i]
Year or month
19481949
19501951195219531954
19551956195719581959
1960 . .1961196219631964
1965 . .1966196719681969
197019711972 . .
1970: July .AugSeptOctNov.. . .Dec
1971: JanFeb. . .Mar .Apr - - . .MayJune
JulyAugSeptOctftovDec
1972: Jan . .Feb..MarAprMayJune -. -.
JulyAugSeptOctNovDec
All items
Un-adjusted
2.7- 1 . 8
5.85.9.9.6
.42 93.01.81 5
1.5.7
1 21.61 2
1.93.43 04.76.1
5.53 43.4
.3
^53
.5
.1
EJ1
CO
.6
2.2.1
.2
. 4
. 1
.5
.7CM
CO
CM
"«t
. 2
. 4
.3CM CO
Seasonallyadjusted
0.3. 3.6.5.4.4
.3
. 2
. 2
.3
.5
.4
.3
.3
.1
.2
.3
. 3
.6
.0
! l
.4
.2
.5
.3CO CM
Food
Un-adjusted
- 0 . 8- 3 . 7
9.67.4
- 1 . 1- 1 . 3- 1 . 6
—.93.12.82.2
— 8
3.1- . 91 51.91 4
3.43.91 24.37.2
2.24 34.7
.5
.1
- . 5.3
.2
. 3
.9
.7
.3
.8
.5
.2- . 8- . 2
.11.1
.01.6.2.0
- . 1.6
1.0CO
CM
»-<
'.5
Seasonallyadjusted
0.1
'A.0
12
.1
.5
.9
.6
.3
.4
.2
.3- . 3- . 1
.8
.6
- . 11:8.0
- . 1- . 1
.2
.6
'.S
1.1.0
Commodities less food
Un-adjusted
2.2.8
1 5
- . 3.6.7
1.24
.71.93.13.74.5
4.82.32.5
. 0
.1
!5.3
- . 3.0.3.3.7.4
—.1
.5
.1
.0
- . 3
. 3CO
CO
CM
a
.1
.7
.4
.2
.1
Seasonallyadjusted
0.2
[44
.7
1
\l.2.6.3
.2
.3
.0
.0
.0
.2
.2
.3
.2
'.5.0
.3
. 3
.4—.1
.1
.2
Services 2
Un-adjusted
4.52 73 7
2.71.91 72 31 8
2 64.94 06.17.4
8.24 13.6
.5
.6
.7
.5
.6
.6
.0
.5
.5
'A.1.3. 3
.6
.2
. 2CM
CM
CO
C
O
. 2
.2
.4
.2
.4
1 Annual changes are from December to December.2 Percent changes for services are based on unadjusted indexes since these prices have little seasonal movement.Note.—The seasonally adjusted changes for the all items index are based on seasonal adjustment factors and seasonally
adjusted indexes carried to two decimal places.
Source: Department of Labor, Bureau of Labor Statistics.
252Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-51.—Percent changes in wholesale price indexes, major groups, 1948-72
[Percent change from preceding periodl)
Yearor
month
19481949
19501951195219531954
19551956 . . . .195719581959 .
19601961 .1962 .19631964
19651966196719681969
197019711972
1970: JulyAugSeptOctNovDec
1971: JanFebMarAprMayJune
JulyAugSeptOctNovDec
1972: JanFebMarAprMayJune
JulyAugSeptOctNov. . .Dec
Allcommodities
Unad-justed
1.5- 6 . 1
14.71.2
- 3 . 4
- . 6
1.64.52.0.5
- . 3
.5—.2
.0- . 1
.4
3.41.71.02.84.8
2.24.06.5
.5- . 4
.5
.0- . 1
.1
.7
.9
.2
.3
.4
.4
.3
.3- . 3- . 1
.1
.8
.8
.9
.1
.1
.6
.5
.8
.2
.3
!61.8
Sea-sonally
ad-justed
0.5.1.5
-A- . 1
.5
.6
.2
.5
.3
.4
.2
.7- . 3
.1
.1
.6
.5
".1.3.5.5
.7
.6
.3
.1
.61.6
Industrialcommodities
Unad-justed
5.0- 5 . 0
14.0.4
- 1 . 41 4
2
4 34.21.1.9
1 2
— 6— 1- . 2
.5
.6
1.42 21.92.73.9
3.63.23.6
.2
.2
.2
.8
.0
.4
.4
.3
.3
.4
.4
.2
.5
.5- . 1
.0- . 1
.3
.5
.5
.3
.4
.3
.3
.2
.3
! l.3.3
Sea-sonally
ad-justed
0.32
.2
.6
.2
.3
3.1.34
.53
.6
.5- . 1
2.1.2
.4
.4
.3
.4
.4
.4
.2
.4
.2- . 1
.4
.1
Farm productsand processed
foods and feeds
Unad-justed
- 6 . 8- 8 . 9
17.03.5
- 8 . 2- 2 3- 2 . 6
- 6 46.04.2
- . 2- 4 4
3 9— 6
6- 2 . 1
.0
9.52
—1 83.57.5
- 1 . 46.0
14.4
1.5- 1 9
1.3- 2 . 04
- . 5
1 32.6
- . 2- . 1
.91.0
- . 3- . 3
- 1 . 4.0.5
2.0
1.31.9
- . 4- . 71.41.1
2.2- . 2
.6- 1 . 0
1.65.8
Sea-sonally
ad-justed
1.2- 41.3
- . 95- i ! i
81.9
- . 1.5.2.4
- . 71.2
- 1 . 21 l.3
1.4
.91.2
- . 3- . 1
.8
.5
1.81.4.8
L45.2
Consumerfinished goods,
total
Unad-justed
1.2- 5 . 6
10.22.7
- 3 . 1_ i— 6
_ i3.13.0
.2_ 7
2.1- 8
14
.2
4.01 61 23.14.9
1.43.34 5
.6_ 7
.8- . 3
.40
7.6.1
- . 1.64
- . 1.3
- . 52
.21.0
.4
.8- . 3- . 3
.6
.5
1.0.1.3
'.71.2
Sea-sonally
ad-justed
0.50
.5
.1
.3- 1
5.5.23
.41
- . 41.1
- . 84
.1
.9
.3
.7- . 3
.0
.3
.3
.8
.9- . 1- . 2
l'.l
Consumerfinished foods
Unad-justed
- 2 . 4- 7 . 4
13.35.3
- 5 . 9- 2 . 2- 1 . 9
- 2 . 93.65.3
- 3 . 7
5 2- 1 . 8
.5- 1 . 3
.4
9.11.4
- . 44.88.2
- 2 . 56.08.0
1.4- 2 . 1
1.4- 2 . 5
.6- . 9
1 21.4.6
- . 11.0.7
- . 7.4
- 1 . 0.1.6
1.7
.81.6
- 1 . 0- 1 . 2
1.31.0
2.2- . 2
.4- 1 . 1
1.52.4
Sea-sonally
ad-justed
0.6- 4
.6- . 6
.0- 1 . 3
81.3.68
.22
- 1 . 52.0
- 1 . 82 1
1.5
.41.5
- 1 . 0- . 3
.5
.5
1.31.4
- . 3.9.6
2.2
Consumerfinished goodsexcluding foods
Unad-justed
4.0- 4 . 5
8.2.9
- 1 . 11.6.3
1.72.51.7.2.8
4- 3- . 1
.1
.1
.91 72.12.02.9
4.01.72 2
.22
.31.3.2.5
5.1
- . 1.4. l
.4
.1- . 2
3.0.4
.2
.2
.2
.2
.2
.3
.3
.3
.22
\l.4
Sea-sonally
ad-justed
0.2.3.5.8.3.5
.5
.1
.0
.4
.0
.4
.2
.0- . 2
.1
.4
.2
.3
.3
.2
.2
.3
.4
.4- . 7
.3
1 Annual changes are from December to December.
Note.—The seasonally adjusted changes for all commodities and industrial commodities are based on seasonal adjust-ment factors and seasonally adjusted indexes carried to two decimal places.
Source: Department of Labor, Bureau of Labor Statistics.
490-000 O - 73 - 17253
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY STOCK, CREDIT, AND FINANCETABLE C-52.—Money stock measures, 1947-72
[Averages of daily figures; billions of dollars, seasonally adjusted]
Year andmonth
1947: Dec . . . .1948: Dec1949: Dec1950: Dec . . . .1951: Dec1952: Dec1953: Dec1954- Dec1955: Dec1956: Dec1957: Dec1958' Dec1959: Dec1960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec19j7O: Dec1971: Dec1972: Dec p . . . .1971: Jan
FebMarAprMayJune
JulyAugSeptOctNovDec
1972: JanFebMarAprMay . . . .JuneJulyAugSeptOctN o v . . .Deep
Overall measures
Mi(Currency
plusdemanddeposits)
113.1111.5111.2116.2122.7127.4128.8132.3135.2136.9135.9141.1142.6141.7146.0148.1153.6160.5168.0171.7183.1197.4203.7
214.8228.2246.9215.3217.7219.7221.2223.8225.5
227.4228.0227.6227. 7227.7228.2228.8231.2233.5235.0235.5236.6239.4240.5241.6242.3243.6246.9
M2(M i plus
timedepositsat com-mercialbanks
other thanarge CD's)
273.8298.1314.0345.7378.0386.8418.2464.7514.5423.1430.4437.1441.5446.6450.6453.4454.5455.6458.3460.8464.7469.9475.5480.1483.0486.1490.4495.0498.3501.8505.0508.2514.5
M3(M 2 plusdepositsat non-
bankthrift
institu-tions)
422.9459.4481.3528.8572.6588.3633.9718.1810.2642.2653.4663.9672.5681.0687.8
693.8697.6701.2706.5711.6718.1727.3737.4745.9752.7758.8766.1774.7781.6788.4795.2801.2810.2
Components and related items
Cur-rency l
26.425.825.125.026.127 327.727.427.828.228.328.628.928.929 630.632 534.236.338.340.443.446.049.052.556.949.349.750.050.550.851.1
51.651.751.952.252.252.552.853.253.754.054.454.754.955.055.555.956.356.9
Deposits at commercial banks
De-mand 2
86.785.886.091.296.5
100.1101.1104.9107.4108.7107.6112.6113.7112.8116.5117.6121 1126.3131.7133.4142.7154.0157.7165.8175.7190.0166.0168.0169.7170.7173.0174.5
175.8176.3175.7175.5175.5175.7176.0178.0179.9180.9181.1181.9184.5185.5186.1186.5187.3190.0
Time and savings3
Total
35.436.036.436.73S.241.144.548.350.051.957.465.467.472.982.797.8
112.2126.6146.8158.1183.4204.2194.1228.9269.9311.2234.4240.2245.4248.1251.3254.4
256.4257.3259.6263.3265.3269.9274.4278.1279.9282.8287.0290.9293.7297.1300.5303.4305.9311.2
LargeCD's*
13.316.715.920.823.611.025.533.443.726.627.528.127.828.529.4
30.430.831.632.732.233.433.233.833.434.736.337.138.139.340.340.741.343.7
Other
113.3130.1142.2162.6180.6183.2203.4236.4267.6207.8212.7217.4220.3222.8225.0
225.9226.5228.0230.6233.1236.4241.2244.3246.5248.1250.7253.8255.6257.7260 2262.7264.6267.6
Depositsat non-
bankthrift
institu-tions «
149.2161.3167.4183.1194.6201.5215.7253.4295.8219.2223.0226.8231.0234.4237.2
240.4243.1245.6248.3250.8253.4257.4261.8265.8269.7272.6275.7279.7283.3286.6290.1293.1295.8
U.S.Govern-
mentdemanddeposits(unad-justed)*
1.01.82.82.42.74.93.85.03,43.43.53.94.9
4.74.95.65.15.54.63.45.05.05.6
7.36.77.26.88.45.55.57.85.3
6.86.87.55.33.96.77.27.27.77.6
10.46.87.25.35.86.66.17.2
1 Currency outside the Treasury, the Federal Reserve System, and the vaults of all commercial banks.2 Demand deposits other than those due to domestic commercial banks and the U.S. Government, less cash items in
process of collection and Federal Reserve float, plus foreign demand balances at Federal Reserve Banks.3 Time and savings deposits other than those due to domestic commercial banks and the U.S. Government. Effective
June 1966, excludes balances accumulated for payment of personal loans (about $1.1 billion).4 Negotiable time certificates of deposit issued in denominations of $100,000 or more by large weekly reporting com-
mercial banks.5 Average of the beginning- and end-of-month deposits of mutual savings banks and savings and loan shares.6 Deposits at all commercial banks.Note.—The effects of the implementation on November 9, 1972 of revised Regulation J have been eliminated from
data for November-December 1972 to avoid a discontinuity in the series. The upward adjustment of demand depositsresulting from that implementation will be incorporated into the various series at a later time.
Source: Board of Governors of the Federal Reserve System.
254
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-53.—Commercial bank loans and investments, 1930-72
[Billions of dollars]
End of yearor month 1
1930:June
1933:June
1939 . . .
194019411942...194319441945 .1946.19471948
19481949...
19501951 .1952...195319541955...195619571958 . .1959 3
I960...1961196219631964 . . .19651966-..196719681969 s_.
1970 .19711972*
1972:Jan. .FebMarApr .MayJune
JulyAugSept»».OctpNov pDec v
Total loansand invest-
ments 2
48.9
30.4
40.7
43.950.767.485.1
105.5124.0114.0116.3114.2
Loans
Total 2
34.5
16.3
17.2
18.821.719.219.121.626.131.138.142.4
Commercialand
industrial
Investments
U.S. Govern-ment securities
5.0
7.5
16.3
17.821.841.459.877.690.674.869.262.6
Othersecurities
9.4
6.5
7.1
7.47.26.86.16.37.38.19.09.2
Loans plusloans sold to
bank affiliates 2
Seasonally adjusted
113.0118.7
124.7130.2139.1143.1153.1157.6161.6166.4181.2188.7
197.4212.8231.2250.2272.4300.1
* 316.1352.0390.6402.1
435.9485.7554.2
491.4496.6505.0507.4516.1517.5
521.9529.8535.3540.4549.4554.2
41.542.0
51.156.562.866.269.180.688.191.595.6
110.5
116.7123.6137.3153.6172.9198.2
< 213.9231.3258.2279.4
292.0« 320 6
376.6
325.7328 5333.8335.9341.9343.7
348.4356.2360.0367.2373 6376.6
39.4
42.143.947.652.158.469.578.686.295.9
105.7
109.6115.5129.1
116.4117.3118.4119.9121.2
7120.7
121.4123.9124.6126.7128 2129.1
62.366.4
61.160.462.262.267.660.357.256.965.157.7
59.865.364.761.760.857.153.559.361.051.5
58.060.762.0
59.761 062.362.663.163.2
62.36L462.059.960 662.0
9.210.3
12.413.414.214.716.416.816.317.920.520.5
20.823.929.235.038.744.8
M8. 761.471.471.2
85.9« 104. 5
115.6
106.0107 1108.9108.9111.1110.6
111.2112.3113.3113.3115.1115.6
283.3
294.9«323. 4
379.2
328.7331.5336.6338.5344.4346.0
350.7358.6362.3369.4376.1379.2
1 Data are for last Wednesday of month (except June 30 and December 31 call dates).2 Adjusted to exclude all interbank loans beginning 1948 and domestic bank loans only beginning January 1959.3 Beginning January 1959, loans and investments are reported gross, without valuation reserves deducted, rather than
net of valuation reserves, as in earlier periods.* Effective June 1966, balances accumulated for payment of personal loans (about $1.1 billion) are excluded from loans
at all commercial banks, and certain certificates of CCC and Export-Import Bank totaling about $1 billion are included inother securities rather than in loans.
* Beginning June 1969, data include all bank-premises subsidiaries and other significant majority-owned domesticsubsidiaries; earlier data include commercial banks only.
« Beginning June 1971, Farmers Home Administration insured notes totaling about $0.7 billion are classified as othersecurities rather than as loans.
7 Excludes $0.4 billion due to loan reclassification.
Source: Board of Governors of the Federal Reserve System.
255Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-54.—Total funds raised in credit markets by nonfinancial sectors, 1964-72
[Billions of dollars]
Item 1964 1965 1966 1967 1968 1969 1970
Total funds raised
U.S. Government.
Public debt securities..Budget agency issues..
All other sectors..
Corporate equity shares.Debt instruments
Debt capital instruments..
State and local government se-curities...
Corporate and foreign bondsMortgages _.
HomeOther residential..CommercialFarm
Other private credit-
Bank loans n.e.cConsumer creditOpen-market paper-Other
By borrowing sector:
Total funds raised.
ForeignState and local governmentsHouseholdsNonfinancial business
FarmNonfarm noncorporateCorporate -
Total funds advanced to nonfinancial sectors
Financed directly or indirectly by:
Private domestic nonfinancial sectors
Deposits
Demand deposits and currency...Time and savings accounts....
At commercial banks...At savings institutions.
Credit market instruments, net..
U.S. Government securitiesPrivate credit market instruments.Corporate equitiesLess security debt
Other sources:
Foreign funds.
At banks.Direct. . . .
Change in U.S. Government cashbalance
U.S. Government loansPrivate insurance and pension reserves.Other
67.8
6.3
5.4.9
61.5
1.659.9
36.3
5.74.5
26.1
15.64.53.82.1
23.7
9.48.5.7
5.1
61.5
5.16.0
27.922.6
2.65.3
14.6
67.8
43.5
36.5
7.429.1
13.315.8
7.0
1.06.0
- . 1- . 2
3.1
2.5.6
.22.8
13.94.4
70.4
1.8
1.3
68.6
.368.3
38.8
7.35.9
25.6
15.43.64.42.2
29.5
14.110.0
l!7
68.6
2.57.6
28.829.6
3.35.7
20.6
70.4
46.0
40.7
7.932.7
19.613.2
5.3
2.35.3
-1 .9.3
. 5
.8- . 3
-1 .02.8
15.66.6
68.7
3.6
2.31.3
65.0
.964.1
39.0
5.711.022.3
11.43.15.72.1
25.1
10.47.21.06.4
65.0
1.36.4
23.234.1
3.55.5
25.2
68.7
41.2
23.1
2.820.3
13.07.3
18.1
8.810.2
-1 .0
1.8
3.7-1 .9
- . 44.9
17.63.5
83.4
13.0
8.94.1
70.4
2.468.0
46.2
8.315.922.0
11.63.64.72.1
21.8
9.94.62.15.2
70.4
4.08.5
19.738.1
3.55.0
29.7
83.4
50.9
51.5
12.239.3
22.616.7
- . 6
-1 .37.1
-4 .22.2
4.9
2.32.7
1.24.6
18.03.8
97.8
13.4
10.33.1
84.4
- . 785.1
51.3
10.114.027.3
15.23.56.62.1
33.8
13.811.11.67.3
84.4
3.110.431.939.1
2.75.7
30.7
97.8
61.3
48.6
14.634.0
21.013.0
12.7
7.714.0
-7 .61.4
5.1
2.62.5
-1 .14.9
18.69.1
91.7
-3 .6
- 1 . 3- 2 . 4
95.3
4.890.6
49.0
7.913.127.9
15.74.85.51.9
41.6
16.89.33.3
12.2
95.3
3.38.7
32.650.8
3.27.4
40.2
91.7
45.6
5.3
7.6- 2 . 2
-10.28.0
40.2
16.026.7
-4 .1-1 .6
10.6
9.31.3
.42.9
19.113.1
101.6
12.8
12.9- . 1
88.8
6.881.9
60.8
13.821.125.8
12.85.95.41.8
21.1
5.04.33.88.0
88.8
3.013.922.349.5
3.26.4
39.8
101.6
69.8
63.9
7.756.2
39.317.0
5.9
-7 .614.6
-2 .6-1 .4
2.4
-8 .410.9
2.72.8
22.21.6
See footnote at end of table.
256Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-54.—Total funds raised in credit markets by nonfinancial sectors, 1964-72—Continued[Billions of dollars]
Item
Total funds raised
U.S. Government
Public debt securities.Budget agency issues
All other sectors
Corporate equity sharesDebt instruments
Debt capital instruments
State and local government securitiesCorporate and foreign bondsMortgages
HomeOther residentialCommercialFarm _ _
Other private credit
Bank loans n.e.cConsumer credit.Ooen-market paperOther
By borrowing sector:
Total funds raised
ForeignState and local governmentsHouseholdsNonfinancial business
FarmNonfarm noncorporateCorporate
Total funds advanced to nonfinancial sectors _
Financed directly or indirectly by:
Private domestic nonfinancial sectors
Deposits
Demand deposits and currencyTime and savings accounts .
At commercial banks __At savings institutions.__ _
Credit market instruments, net
U.S. Government securitiesPrivate credit market instrumentsCorporate equitiesLess security debt
Other sources:
Foreign funds
At banksDirect
Change in U.S. Government cash balanceU.S. Government loans _ _Private insurance and pension reservesOther
1972 unadjustedquarterly flows
I
29.5
4.3
3.7.6
25.2
2.622.6
19.7
4.53.0
12.2
6.71.92.9.6
3.0
.1- 1 . 1
1.52.4
25.2
.94.86.1
13.4
1.31.9
10.3
29.5
17.6
18.3
- 6 . 324.7
10.514.2
- . 8
- 1 . 02.4
1.7
4.7
.34.3
- 3 . 3.8
4.15.5
II
39.9
- 5 . 6
- 6 . 0.4
45.5
4.041.5
25.0
4.04.4
16.6
9.62.53.6.9
16.5
9.16.1
- . 51.8
45.5
.44.1
18.222.8
2.13.2
17.5
39 9
25.5
25.3
4.520.8
9.711.1
.1
- 2 . 25.6
- 1 . 32.0
1.6
1.8- . 3
1.5.3
6.94.0
III
39.5
5.3
4.6
34.1
2.831.3
25.4
4.13.0
18.3
11.02.63.9.7
5.9
2.54.3
- . 7- . 2
34.1
.04.2
15.514.3
.62.8
10.9
39.5
27.8
24.2
2.222.0
11.710.2
3.6
3.82.1
- 1 . 4.9
5.5
1.34.2
- . 3.9
6.1
1972 seasonallyadjusted annual rates
1
146.5
6.6
4.32.2
139.9
10.3129.6
84.1
16.712.954.4
30.28.7
12.92.6
45.5
20.113.92.98.6
139.9
4.217.850.767.2
3.911.851.5
146.5
97.2
119.1
24.994.2
37.356.9
-21 .8
-20 .814.6
- 8 . 86.9
18.2
1.316.9
-10 .83.2
16.821.8
II
166.8
16.3
14.81.5
150.5
15.9134.6
94.7
14.314.765.8
38.19.9
14.92.9
39.8
17.717.5
.34.2
150.5
1.514.760.973.3
4.910.957.5
166.8
114.4
90.6
4.086.6
45.041.6
23.8
12.518.6
.88.1
4.6
7.3- 2 . 6
.71.4
29.116.5
III
163.0
10.6
7.73.0
152.4
11.3141.1
101.7
17.613.370.9
42.110.615.32.8
39.4
22.218.6
- 5 . 54.1
152.4
1.018.069.164.4
4.110.250.0
163.0
120.0
108.3
17.391.0
45.945.2
11.7
9.912.4
- 7 . 33.4
16.2
5.011.1
- 3 . 63.3
24.03.2
Source: Board of Governors of the Federal Reserve System.
257Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-55.—Private liquid asset holdings, nonfinancial investors, 1965-72
[Averages of daily figures; billions of dollars, seasonally adjusted]
Yearand
month
1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec » „
1970: JanFebMarAprMayJune
JulyAugSeptOct . .NovDec
1971: JanFebMar . . .AprMayJune ._
JulyAug . - . -SeptOct . . .NovDec
1972: JanFebMarAprMayJune
JulyAug.SeptOctNov »Dec v
Totalliquidassets
557.7588.2637.5692.1719.2
766.8850.2961.4
720.9721.6725.3729.9733.5736.7
743.9749.8754.7759.6761.9766.8
774.6784.6792.7799.9808.8816.9
823.6827.9831.7838.0841.9850.2
858.2867.8876.6886.0894.2904.0
913.9921.5929.7938.1947.3961.4
Currency and deposits
Total
447.4469.6516.0559.7576.3
623.4710.0803.3
577.3576.6580.4584.9588.7591.6
596.8602.6608 1613.1617.2623.4
631.7643.0653.7662.6671 5678.6
684.7688.6692.4698.0703.0710.0
719.7729.6738.3745.2751.0758.0
766.6773.4780.4787.4794.0803.3
Cur-rency
36.338.340.443.446.0
49.052.556.8
46.246.446.747.147.747.8
48.048.148.348.548.749.0
49.349 750.050.550 851.1
51.651.751.952.252.252.5
52.853.253.754.054.454.7
54.955.055.555.956.356.8
De-mand
de-posits
115.5117.3125.2135.2138.1
144.8153.5166.9
139.3138.3139.8141.1141.4141.6
142.0143.2144.1144.0144.1144.8
144.5146.2147.9148.8151 2152.8
154.0154.2153 5153.3153.0153.5
153.8155 6157.4158.4158.2158.5
160.8161.7162.2162.6163.8166.9
Time deposits
Com-mer-cial
banks
125.2136.8156.2174.2177.1
198.5232.4262.3
176.7176.7178.0179.6181.3182.9
185.7188.2191.0193.8195.6198.5
203.2208.3213.0216.0218.6220.7
221.7222.3223.8226.4228.9232.4
237.2240 2242.3243.7246.2249.2
251 0253.0255.4257 8259.6262.3
Non-bankthrift
institu-tions
170.4177.3194.2206.8215.2
231.1271.7317.3
215.1215.2215.9217.1218.2219.3
221.2223.1224.8226.8228.8231.1
234.7238.8242.8247.3250.9254.0
257.5260.4263.1266.1268.9271.7
275.8280.5284.9289.1292.2295.6
299 8303.6307.3311.1314.3317.3
U.S. Governmentsecurities
Sav-ings
bonds
49.550.151.051.451.1
51.353.756.9
51.051.050.950.950.950.9
50.950.951.051.151.251.3
51.451.651.852.052.252.5
52.752.953 153.353.553.7
53.954.254.554.855.155.3
55 655.956.156.456.756.9
Short-term
market-able
secur-ities
38.243.339.544.261.9
49.438.642.6
63.063.662.760.458.958.8
58.056.554.854.452.249.4
48.346.443.842.742.243.0
43.143.342.040.839.738.6
36.635.936.036.537.138.5
38.237.737.538.440.342.6
Nego-tiablecertifi-catesof de-posit
15.515.019.522.69.1
23.230.139.9
8.38.18.39.9
10.410.7
14.116.518.720.221.223.2
24.525.626.225.726.126.7
27.427.528.129.228.830.1
29.930.530.231.633.234.0
35.036.337.137.337.639.9
Com-mer-cial
paper
7.110 211.514.220.9
19.517 718.6
21.222.423 023.924.624.7
24.123.322 020.820.119.5
18.718 017.216.916.816.2
15.715.616 116.716.917.7
18.117 717.717.917.918.1
18.518.418.518.618.618.6
Source: Board of Governors of the Federal Reserve System.
258Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-56.—Federal Reserve Bank credit and member bank reserves, 1929-72
[Averages of daily figures; millions of dollars]
Year and month
Reserve Bank credit outstanding
Total
1,643
2,669
2,612
2,3052,4046,035
11,91419,61224,74424,74622,85823,97819, 012
21,60625,44627,29927,10726,31726,85327,15626,18628,41229,435
29,06031,21733,21836,61039,87343, 85346, 86451,26856,61064,100
66,70874,25576,845
67,36366, 79766, 69167, 74768, 92668,834
71,05270, 74971,56872,34972,69474, 255
75, 41573,99473,18175,17175, 70576,108
77, 03576,67675, 45177, 33175,95976,845
U.S.Govern-ment se-curities
446
2,432
2,510
2,1882,2195,549
11,16618,69323,70823, 76721,90523, 00218, 287
20,34523,40924, 40025, 63924,91724,60224, 76523,98226,31227, 036
27, 24829,09830, 54633, 72937,12640,88543, 76048, 89152, 52957, 500
61,68869,15871,094
62,06862, 35062, 71963,37164,71464, 642
66, 00166, 32467,10667,69068, 05269,158
70,68769, 96669,27370,93971,42871,632
72,08971,85870, 25271,35971,11271,094
Memberbank
borrow-ings
801
95
3
354
90265334157224134118
142657
1,593441246839688710557906
87149304327243454557238765
1,086
321107
1,050
370328319148330453
820804501360407107
203399
10911994
202438514574606
1,050
Allother,mainlyfloat
396
142
99
114180482658654702822729842607
1,1191,3801,3061,0271,1541,4121,7031,4941,5431,493
1,7251,9702,3682,5542,5042,5142,5472,1393,3165,514
4,6994,9904,701
4,9254,1193,6534,2283,8823,739
4,2313,6213,9614, 2994,2354,990
4,7083,9953,8094,1234,158.4,382
4,7444,3804,6855,3984.2414,701
Member bank reserves
Total
2,395
2,588
11,473
14, 04912,81213,15212,74914,16816, 02716,51717, 26119,99016,291
17,39120,31021,18019,92019,27919,24019, 53519,42018, 899
2 18,932
19,28320,11820, 04020, 74621, 60922,71923, 83025, 26027, 22128, 031
29, 26531,329
3 31,351
30,48829, 88029, 68629, 88530,41930, 023
30, 54730, 45530, 80230,86030, 95331,329
32,86531,92231,92132, 56532,81232, 539
33,02133,14833, 00333, 803
3 31,7743 31,351
Re-quired
2,347
11,822
6,462
7,4039,422
10, 77611,70112,88414, 53615,61716,27519,19315,488
16,36419,48420,45719,22718, 57618,64618, 88318,84318,38318,450
18, 52719,55019,46820,21021,19822, 26723,43824,91526, 76627, 774
28,99331,16431,151
30, 20929, 67929,48729, 74530,10729,892
30, 38530, 25730, 59630, 65330,69031,164
32,69231,79831,68832,42932, 70832, 335
32,87432,89332, 84133, 55631, 46031,151
Excess
48
1766
5,011
6,6463,3902,3761,0481,2841,491
900986797803
1,027826723693703594652577516482
756568572536411452392345455257
272165
3 200
279201199140312131
162198206207263165
173124233136104204
147255162247
3 3143 200
Memberbank freereserves(excessreservesless bor-rowings)
-753
671
5,008
6,6433,3852,372
9581,0191,157
743762663685
885169
-870252457
-245- 3 6
-133- 4 1
-424
669419268209168
-165107
-310-829
-4958
s-850
- 1 9-127-120
- 8- 1 8
-322
-658-606-295-153-144
58
15391
13427
- 1 5110
- 5 5-183-352-327
3 - 2 9 23-850
1 Data are for licensed banks only.2 Beginning December 1959, total reserves held include vault cash allowed.3 Daily figures beginning November 9, 1972 adjusted to include $450 million of certain reserve deficiencies on which
penalties can be waived for a transition period in connection with bank adaptation to Regulation J (as amended effectiveNovember 9, 1972). Daily figures beginning December 28, 1972 adjusted to include $279 million in lieu of $450 million.
Source: Board of Governors of the Federal Reserve System.
259Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-57.—Bondyields and interest rates, 1929-72
[Percent per annum]
Year or month
1929
1933
1939 .
19401941 . . . .194219431944
1945 . .1946194719481949
1950 . . .1951195219531954
19551956 . .195719581959
1960 . . . .196119621963 . ._1964
1965 .1966196719681969
197019711972
U.S
3-mo nthTreas-
urybills i
0.515
.023
.014
.103
.326
.373
.375
.375
.375
.5941.0401.102
1.2181.5521.7661.931.953
1.7532.6583.2671.8393.405
2.9282.3782.7783.1573.549
3.9544.8814.3215.3396.677
6.4584.3484.071
. Government securities
9-12monthissues2
0.75.79
.81
.82
.881.141.14
1.261.731.812.07.92
1.892.833.532.094.11
3.552.913.023.283.76
4.095.174.845.627.06
6.904.754.86
3-5year
issues 3
2.66
.59
.50
.731.461.341.33
1.181.161.321.621.43
1.501.932.132.561.82
2.503.123.622.904.33
3.993.603.573.724.06
4.225.165.075.596.85
7.375.775.85
Taxablebonds4
2.462 472.48
2 372.192 252.442.31
2.322.572 682.942.55
2 843.083.473.434.08
4.023 903.954.004.15
4.214.654.855.266.12
6.585.745.64
Corporatebonds
(Moody's)
Aaa
4.73
4.49
3.01
2 842.772.832.732.72
2.622.532.612.822.66
2.622.862.963.202.90
3 063.363.893.794.38
4.414.354.334.264.40
4.495.135.516.187.03
8.047.397.21
Baa
5.90
7.76
4.96
4.754.334.283.913.61
3.293.053 243.473.42
3.243.413.523.743.51
3.533.884.714.735.05
5.195.085.024.864.83
4.875.676.236.947.81
9.118.568.16
High-grade
munic-ipal
bonds(Stand-ard &Poor's)
4.27
4.71
2.76
2 502.102.362.061.86
1.671.642.012.402.21
1.982.002.192.722.37
2.532.933.603.563.9S
3.733.463.183.233.22
3.273.823.984.515.81
6.515.705.27
Averagerate onshort-termbankloans
to busi-n e s s -
selectedcities
2.1
2.12.02.22.62.4
2.22.12.12.5
2.68
2.693.113.493.693.61
3.704.204.624.34
7 5.00
5.164.975.005.014.99
5.066.00
7 6.006.688.21
8.487 6.325.90
Primecom-mer-cial
»?!•months
5.85
1.73
.59
.56
.53
.66
.69
.73
.75
.811.031.441.49
1.452.162.332.521.58
2.183.313.812.463.97
3.852.973.263.553.97
4.385.555.105.907.83
7.725.114.69
Fed-eral
ReserveBankdis-
countrate
5.16
2.56
1.00
1.001.00
U . 0 06 1.008 1.00
«1.006 1.00
1.001.341.50
1.591.751.751.991.60
1.892.773.122.153.36
3.533.003.003.233.55
4.044.504.195.175.87
5.954.884.50
FHAnew
homemort-gage
yields*
4.34
4.174.214.294.614.62
4.644.795.425.495.71
6.185.805.615.475.45
5.466.296.557.138.19
9.057.787.53
See footnotes at end of table.
260Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-57.—Bond yields and interest rates, 1929-72—Continued
[Percent per annum]
Year or month
1970" JanFebMarAprMayJune
JulyAugSept .Oct . . .NovDec
1971: JanFebMarAprMayJune
JulyAugSeptOctNov . .Dec
1972: JanFebMar.AprMayJune
July. . . .AugSeptOctNovDec
U.S.
3-monthTreas-
urybills i
7.9147.1646.7106.4807.0356.742
6.4686.4126.2445.9275.2884.860
4.4943.7733,3233.7804.1394.699
5.4055.0784.6684.4894.1914.023
3.4033.1803.7233 7233.6483.874
4.0594.0144.6514.7194.7745.061
Government securities
9-12monthissues 2
8.227.606.886.967.697.50
7.006.926.686.345.524.94
4.293.803.664.214.935.57
5.895.675.314.744.504.38
3.994.074.544.844.584.87
4.894.915.495.415.225.46
3-5year
issues 3
8.147.807.207.497.977.86
7.587.567.247.066.375.86
5.725.314.745.426.026.36
6.776.395.965.685.505.42
5.335.515.746.015.695.77
5.865.926.166.116.036.07
Taxablebonds4
6.866.446.396.536.946.99
6.576.756.636.596.245.97
5.925.845.715.755.965.94
5.915.785.565.465.485.62
5.625.675.665.745.645.59
5.595.595.705.695.515.63
Corporatebonds
(Moody's)
Aaa
7.917.937.847.838.118.48
8.448.138.098.038.057.64
7.367.087.217.257.537.64
7.647.597.447.397.267.25
7.197.277.247.307.307.23
7.217.197.227.217.127.08
Baa
8.868.788.638.708.989.25
9.409.449.399.339.389.12
8.748.398.468.458.628.75
8.768.768.598.488.388.38
8.238.238.248.248.238.20
8.238.198.098.067.997.93
High-grademunic-
ipalbonds
(Stand-ard &Poor's)
6.806.576.146.557.027.06
6.696.336.456.556.205.71
5.705.555.445.656.146.22
6.315.955.525.245.305.36
5.255.335.305.455.265.37
5.395.295.365.205.035.03
Averagerate onshort-termbankloans
to busi-ness-
selectedcities
8.86
8.49
8.50
8.07
7 6.59
6.01
6.51
6.18
' " 5 : 5 2
5.59
5.84
6.33
Primecom-mer-cial
paper,
months
8.788.558.338.068.238.21
8.297.907.326.856.305.73
5.114.474.194.575.105.45
5.755.735.755.544.924.74
4.083.934.174.584.514.64
4.854.825.145.305.255.45
Fed-eral
ReserveBankdis-
countrate
6.006.006.006.006.006.00
6.006.006.006.005.855.52
5.234.914.754.754.754.75
4.885.005.005.004.904.69
4.504.504.504.504.504.50
4.504.504.504.504.504.50
FHAnew
homemort-gage
yields«
8.62
9.299.209.109.11
9.169.119.079.018.978.90
8.40
7.327.377.75
7.897.977.927.847.757.62
7.597.497.467.457.507.53
7.547.547.557.567.577.57
1 Rate on new issues within period. First issued in December 1929.2 Certificates of indebtedness and selected note and bond issues.3 Selected note and bond issues.* First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as fol-
lows: April 1953 to date, 10 years; April 1952-March 1953,12 years; October 1941-March 1952,15 years.6 Data for first of the month, based on the maximum permissible interest rate (7 percent beginning February 18,1971).
Through July 1961, computed on 25-year mortgages paid in 12 years and thereafter, 30-year mortgages prepaid in 15 years.« From October 30,1942, to April 24,1946, a preferential rate of 0.50 percent was in effect for advances secured by
Government securities maturing in 1 year or less.' Series revised. Not strictly comparable with earlier data.
Note.—Yields and rates computed for New York City except for short-term bank loans.
Sources: Department of Housing and Urban Development, Treasury Department, Board of Governors of the FederalReserve System, Moody's Investors Service, and Standard & Poor's Corporation.
490-000 O - 73 - 18 261Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-58.—Short- and intermediate-term consumer credit outstanding, 1929-72
[Millions of dollars]
End of year ormonth
Total
Instalment credit
TotalAuto-mobilepaper
Othercon-
sumergoodspaper
Homerepairand
modern-izationloans 1
Per-sonalloans
Noninstalment credit
TotalCharge
ac-counts
Other 2
Adden-dum:Policy
loans bylife in-surance
com-panies *
1929. .
1933. .
1939. .
1940. .1941. .1942. .1943. .1944. .1945. .1946. .1947. .1948. .1949..
1950. .1951. .1952. .1953. .1954. .1955. .1956. .1957. .1958. .1959. .
I960 . .1961. .1962. .1963. .1964. .1965..1966..1967..1968..1969..
1970..1971. .1972 4.
1971: Jan..Feb..Mar.Apr..ApMaWay..June..
July..Aug. .Sept..Oct.. .Nov. .Dec...
1972: Jan. . .Feb. .Mar . .Apr . .May..June.
July..Aug. .Sept..Oct...Nov..Dec 4.
7,116
3,885
7,222
8,3389,1725,9834,9015,1115,6658,38411,59814,44717, 364
21,47122,71227, 52031,39332,46438, 83042,33444,97145,12951, 544
56,14157,98263, 82171,73980, 26889,88396, 239100, 783110,770121,146
127,163138,394156,400
125,811125,447125,643127,009128,066129,336
130,062131, 593132,968133, 755135,415138,394
137,426136,941137,879139,410141,450143,812
145,214147,631148,976150,576152,968156,400
3,524
1,723
4,503
5,5146,0853,1662,1362,1762,4624,1726,6958,996
11, 590
14,70315, 29419,40323,00523,56828,90631, 72033,86833,64239,247
42,96843, 89148, 72055,48662,69270,89376, 24579,42887, 74597,105
102,064111,295126,900
100,929100,467100,602101,581102,409103,694
104, 572105,924107,073107, 775109,088111,295
110,757110,510111,257112,439114,183116,365
117,702119,911121,193122,505124, 325126,900
1,384
493
1,497
2,0712,458742355397455981
1,9243,0184,555
6,0745,9727,7339,8359,80913,46014,42015,34014,15216,420
17,65817,13519, 38122, 25424,93428,43730, 01029,79632,94835, 527
35,18438,66443,900
34,87834,85935,08935,60335,97936,593
37,06637,49737,81238,19338, 57638,664
38,45038, 51638,85339, 34840,06341,019
41,60342,32342, 64443,16243,67443,900
1,544
799
1,620
1,8271,9291,195819791816
1,2902,1432,9013,706
4,7994,8806,1746,7796,7517,6418,6068,8449,028
10,631
11, 54511,86212,62714,17716,33318,48320,73222,38924,62628,313
31,46534,35339,900
30,88930, 53030,38930, 59030,81331,163
31, 25031,56932,04532,18932,74034,353
34,04633, 57933,69533,98134,43935,041
35,47036,18836, 74537,21638,06439,900
27
15
298
371376255130119182405718853
1,0161,0851,3851,6101,6161,6931,9052,1012,3462,809
3,1483,2213,2983,4373,5773,7363,8414,0084,2394,613
5,0705,4136,200
5,0285,0165,0125,0355,0975,173
5,2345,3145,3645,4005,4175,413
5,3995,4035,4375,5045,6045,717
5,7975,9506,0496,1246,1746,200
569
416
1,088
1,2451,322974832869
1,0091,4961,9102,2242,431
2,8143,3574,1114,7815,3926,1126,7897,5828,1169,386
10,61711,67313, 41415,61817,84820, 23721,66223,23525,93228,652
30,34532,86536,900
30,13430, 06230,11230,35330, 52030,765
31,02231,54431,85231,99332,35532,865
32, 86233,01233,27233, 60634, 07734,588
34,83235,45035, 75536, 00336,41336,900
3,592
2,162
2,719
25,09927,09929, 500
24, 88224,98025,04125,42825,65725,642
25,49025,66925,89525, 98026,32727,099
26, 66926,43126,62226,97127,26727,447
27, 51227, 72027, 78328, 07128,64329,500
1,996
1,286
1,414
2,8243,0872,8172,7652,9353,2034,2124,9035,4515,774
6,7687,4188,1178,3888,8969,924
10,61411,10311,48712, 297
13,17314,09115,10116, 25317,57618,99019,99421,35523, 02524,041
1,4711,6451,4441,4401,5171,6122,0762,3812,7222,854
3,3673,7004,1304,2744,4854,7954,9955,1465,0605,104
5,3295,3245,6845,9036,1956,4306,6867,0707,1937,373
7,9688,3508,400
7,5247,3037,2397,4857,6757,650
7,5547, 5957,7447,7787,9488,350
7,6306,9876,9637,1797,4647,610
7,6447,7177,6937,7808,0108,400
1,596
876
1,305
1,3531,4421,3731,3251,4181,5912,1362,5222,7292,920
3,4013,7183,9874,1144,4115,1295,6195,9576,4277,193
7,8448,7679,41710, 35011,38112, 56013,30814, 28515,83216, 668
17,13118, 74921,100
17,35817,67717, 80217,94317,98217,992
17,93618,07418,15118, 20218,37918, 749
19, 03919,44419,65919,79219,80319,837
19,86820,00320,09020, 29120,63321,100
2,379
3,769
3,248
3,0912,9192,6832,3732,1341,9621,8941,9372,0572,240
2,4132,5902,7132,9143,1273,2903,5193,8694,1884,618
5,2315,7336,2346,6557,1407,6789,11710,05911,30613,825
16,06417,065
16,14416, 22016,29616, 37616,44416,531
16,60916,70416,81216,88716,94817,027
17,07417,13217, 21217,36017,44117,528
17,60517,68917,77317,854
1 Holdings of financial institutions only; holdings of retail outlets are included in other consumer goods paper.2 Single-payment loans and service credit.3 Year-end figures are annual statement asset values; month-end figures are book value of ledger assets. These loans
are not included in consumer credit series.* Preliminary; by Council of Economic Advisers.Sources: Board of Governors of the Federal Reserve System and Institute of Life Insurance (except as noted).
262Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-59.—-Instalment credit extended and repaid, 1946-72
[Millions of dollars]
Year or month
Total
Ex-tended
Re-paid
Automobilepaper
Ex-tended
Re-paid
Other consumergoods paper
Ex-tended
Re-paid
Home repair andmodernization
loans
Ex-tended
Re-paid
Personalloans
Ex-tended
Re-paid
194619471948.1949.
1950.1951.1952.1953.1954
1955.1956.195719581959
I9601961196219631964
19651966196719681969
197019711972
1971: Jan..Feb..Mar..Apr..May.June.
July.Aug.Sept.Oct..Nov.Dec.
1972: Jan..Feb..Mar..Apr..May.June.
July.Aug.Sept.Oct..Nov..DecV
8,49512,71315, 58518,108
21,55823, 57629,51431,55831,051
38, 97239, 86642, 01940,11048, 048
49,79349, 04856,19163, 59170,670
78,66182, 83(287,17199,984109,146
112,158124,281143,500
6,78510,19013, 28415, 514
18,44522,98525,40527,95630, 488
33, 63437,05639, 87040, 33942,603
46,07348,12451, 36056, 82563, 470
70,46377,48083,98891,66799, 786
107,199115,050127,900
1,9693,6925,2176,967
8,5308,95611,76412,98111,807
16,73415,51516, 46514,22617,779
17,65716,02919,69422,12624, 046
27,20827,19226,32031,08332, 553
29,79434,87340,400
1,4432,7494,1235,430
7,0119,05810,00310, 87911,833
13, 08214, 55515, 54515,41515, 579
16,41916, 55217,44719, 25421, 369
23,70625,61926,53427,93129, 974
30,13731,39335,200
3,0774,4985,3835,865
7,1507,4859,1869,2279,117
10,64211,72111,81011,73813,981
14, 52514, 55115, 70117,92020, 821
22,85726,32929,50433,50738,332
43,87347,82155,800
2,6033,6454,6255,060
6,0577,4047,8928,6229,145
9,75210,75811, 57411, 55712,402
13,61314, 23514,93516,36918,666
20,70724,08027,84731,27034,645
40,72144,93350,200
423704714734
835841
1,2171,3441,261
1,3931,5821,6741,8712,222
2,2152,0922,0842,1862,225
2,2702,2232,3692,5342,831
2,9633,2444,000
200391579689
717772917,119,255
,316,370,477,626,765
1,8762,0152,0102,0462,086
2,1122,1182,2022,3032,457
2,5062,9013,200
3,0263,8194,2714,542
5,0436,2947,3478,0068,866
10, 20311,05112.06912, 27514.070
15,39616,37718,71021, 35923, 578
26.32627,08828,97832,86035,430
35,52838,34343,300
Seasonally adjusted
9,3129,7379,984
10,26610,17310,249
10,10810,61010,82710,71811,15710,866
11,11610,95211,74111,37411,68712,057
11,68712,48411,95312,40412,84613,200
9,0859,2179,3549,4559,6069,670
9,4169,7099,7259,8439,9659,976
10,01510,06910,42710,38410,35510,671
10, 59310,84110,66710,90811,12811,600
2,5852,7242,8552,8742,7782,845
2,8133,0063,1233,0163,1213,051
3,0893,1003,1763,1623,2743,412
3,2983,4913,3683,5043,6203,700
2,4822,5322,6212,5312,5932,657
2,5272,6692,6892,6732,6762,715
2,7952,7762,8312,8672,8192,922
2,9172,8962,8733,0413,0233,200
3,5593,8123,8183,9473,9493,972
3,8794,0484,1884,1354,2544,153
4,2584,0524,4534,3704,3934,577
4,6844,9904,7724,9715,1185,350
3,5553,5893,6103,6733,7363,786
3,7493,8223,8043,8713,8753,891
3,9053,8783,9443,9863,9814,164
4,2494,3954,3034,3544,4444,700
229250272259258281
111283282283274294
309296323331334351
328371340335327350
219230251241236244
239245251248252244
256253262268287283
279270263263271300
2,9392,9513,0393,1863,1883,151
3,1443,2733,2343,2843,5083,368
3,4603,5043,7893,5113,6863,717
3,3773,6323,4733,5943,7813,800
2,5393,4053,9574,335
4,6605,7516,5937,3368,255
9,48410,37311,27611,74112, 857
14,16515,31916,96919,15621, 349
23,93825, 66327,40530,16332,710
33,83535,82339,300
2,8292,8662,8723,0103,0412,983
2,9012,9732,9813,0513,1623,126
3,0593,1623,3903,2633,2683,302
3,1483,2803,2283,2503,3903,400
1 Preliminary; December by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System (except as noted).
263Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-60.—Mortgage debt outstanding by type of property and of financings 1939-72
[Billions of dollars]
End of yearor quarter
1939 . . . .
1940 .194119421943 . . .1944
19451946194719481949
195019511952 . . . .19531954
19551956195719581959
1960 . . .1961196219631964
19651966196719681969
19701971 P ._1972 P
1970:1IIIllIV
1971:1 p....UP...I I I * . . .IV*___
1972:1 "II *_._Ill p . .IV P...
Allprop-erties
35.5
36.537.636.735.334.7
35.541.848.956.262.7
72.882.391.4
101.3113.7
129.9144.5156.5171.8190.8
206.8226.2248.6274.3300.1
325.8347.4370.2397.5425.3
451.7499.9564 5
429.4435.6443.4451.7
459.0471.1485.6499.9
511.7529.1546.9564.5
Farmprop-erties
6.6
6.56.46.05.44.9
4.84.95.15.35.6
6.16.77.27.78.2
9.09.8
10.411.112.1
12.813.915.216.818.9
21.223.325.527.529.5
31.232.935 6
29.830.330.831.2
31.831.932.432.9
33.534.435.135.6
Nonfarm properties
Total
28.9
30.031.230.829.929.7
30.836.943.950.957.1
66.775.684.293.6
105.4
120.9134.6146.1160.7178.7
194.0212.3233.4257.4281.2
304.6324.1344.8370.0395.9
420.5467.0528 9
399.6405.2412.5420.5
427.2439.3453.2467.0
478.2494.8511.9528.9
1- to 4-familyhouses
16.3
17.418.418.217.817.9
18.623.028.233.337.6
45.251.758.566.175.7
88.299.0
107.6117.7130.9
141.3153.0166.5182.2197.6
212.9223.6236.1251.2266.8
280.2307.8345 4
268.5271.7276.0280.2
283.6290.9299.7307.8
314.1324.6335.1345.4
Multi-familyprop-erties
5.6
5.75.95.85.85.6
5.76.16.67.58.6
10.111.512.312.913.5
14.314.915.316.818.7
20.322.925.829.033.6
37.240.343.947.352.2
58.066.876 5
53.254.556.158.0
59.762.164.366.8
68.871.373.876.5
Com-mer-cial
prop-erties i
7.0
6.97.06.76.36.2
6.47.79.1
10.210.8
11.512.513.414.516.3
18.320.723.226.129.2
32.436.441.146.250.0
54.560.164.871.476.9
82.392.4
107.0
77.879.080.482.3
83.986.389.292.4
95.398.9
102.8107.0
Nonfarm properties by type of mortgage
FHA-VA underwritten
Total
1.8
2.33.03.74.14.2
4.36.39.8
13.618.1
22.126.629.332.136.2
42.947.851.655.159.3
62.365.669.473.477.2
81.284.188.293.4
100.2
109.2120.7
101.9103.2106.8109.2
111.0114.4117.5120.7
123.7126.9
1- to 4-family houses
Total
1.8
2.33.03.74.14.2
4.36.19.3
12.515.0
18.922.925.428.132.1
38.943.947.250.153.8
56.459.162.265.969.2
73.176.179.984.490.2
97.2105.2
91.692.295.197.2
98.3100.4102.9105.2
107.5109.6
FHAin-
sured
1.8
2.33.03.74.14.2
4.13.73.85.36.9
8.69.7
10.812.012.8
14.315.516.519.723.8
26.729.532.335.038.3
42.044.847.450.654.5
59.965.7
55.656.158.159.9
61.062.864.465.7
66.867.6
VAguar-
anteed
0.22.45.57.28.1
10.313.214.616.119.3
24.628.430.730.430.0
29.729.629.930.930.9
31.131.332.533.835.7
37.339.5
36.036.037.037.3
37.337.638.539.5
40.742.0
Conventional *
Total
27.1
27.728.227.125.825.5
26.530.634.137.339.0
44.649.054.961.569.2
78.086.894.6
105.5119.4
131.7146.7164.1184.0204.0
223.4240.0256.6276.6295.7
311.3346.3
297.6302.0305.7311.3
316.2324.9335.7346.3
354.5368.1
1- to 4-familyhouses
14.5
15.115.414.513.713.7
14.316.918.920.822.6
26.328.833.138.043.6
49.355.160.467.677.0
84.893.8
104.3116.3128.3
139.8147.6156.1166.8176.6
182.9202.6
176.9179.6181.0182.9
185.3190.5196.8202.6
206.6215.1
» Includes negligible amount of farm loans held by savings and loan associations.2 Derived figures.Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied by various
Government and private organizations.
264Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-61.—Mortgage debt outstanding by lender, 1939-72
[Billions of dollars]
End of yearor quarter
1939
194019411942. . . .19431944
19451946194719481949
1950 . . .1951195219531954
195519561957..1958.. I'. . '1959
19601961196219631964
19651966196719681969
19701971 »___1972*
1970: I . . . .I I . . .I l l -IV..
1971: I *_.II *..III *.IV »_
1972: I p . .ll»>.III p.IV P..
otal
35.5
36.537.636.735.334.7
35.541.848.956.262.7
72.882.391.4
101.3113.7
129.9144.5156.5171.8190.8
206.8226.2248.6274.3300.1
325.8347.4370.2397.5425.3
451.7499.9564.5
429.4435.6443.4451.7
459.0471.1485.6499.9
511.7529.1546.9564.5
Selected financial institutions
Total
18.6
19.520.720.720.220.2
21.026.031.837.842.9
51.759.566.975.185.7
99.3111.2119.7131.5145.5
157.6172.6192.5217.1241.0
264.6280.8298.8319.9339.2
355.9394.4449.2
340.7344.5349.7355.9
361.8372.0383.5394.4
404.2418.9434.2449.2
Savingsandloan
associa-tions
3.8
4.14.64.64.64.8
5.47.18.9
10.311.6
13.715.618.422.026.1
31.435.740.045.653.1
60.168.878.890.9
101.3
110.3114.4121.8130.8140.3
150.3174.4206.0
140.8143.1146.4150.3
154.2161.2168.2174.4
180.1188.9197.9206.0
Mutualsavingsbanks
4.8
4.94.84.64.44.3
4.24.44.95.86.7
8.39.9
11.412.915.0
17.519.721.223.325.0
26.929.132.336.240.6
44.647.350.553.556.1
57.962.067.6
56.456.957.457.9
58.759.660.662.0
63.064.465.967.6
Com-mercialbanksi
4.3
4.64.94.74.54.4
4.87.29.4
10.911.6
13.714.715.916.818.6
21.022.723.325.528.1
28.830.434.539.444.0
49.754.459.065.770.7
73.382.598.9
70.971.372.473.3
74.476.679.982.5
85.690.194.698.9
Lifeinsurance
com-panies
5.7
6.06.46.76.76.7
6.67.28.7
10.812.9
16.119.321.323.326.0
29.433.035.237.139.2
41.844.246.950.555.2
60.064.667.570.072.0
74.475.576.7
72.773.273.674.4
74.574.574.875.5
75.475.575.876.7
Other lenders
U.S.agencies 2
5.0
4.94.74.33.63.0
2.42.01.81.92.4
2.73.44.04.44.6
5.26.07.47.8
10.0
11.211.812.211.211.4
12.415.818.421.726.8
33.039.446.0
28.630.031.733.0
33.635.237.439.4
41.242.744.346.0
Indi-viduals
andothers
11.9
12.012.211.711.511.5
12.113.815.316.517.4
18.419.420.521.823.4
25.427.329.332.535.4
38.041.844.045.947.7
48.750.953.055.859.4
62.866.169.3
60.161.161.962.8
63.563.964.666.1
66.467.568.469.3
1 Includes loans held by nondeposit trust companies, but not bank trust departments.2 Includes former FNMA and new GNMA, as well as FHA, VA, PHA, Farmers Home Administration and in earlier years
RFC, HOLC, and FFMC. Also includes U.S.-sponsored agencies such as new FNMA, Federal Land Banks, GNMA (Pools),and FHLMC. Other U.S. agencies (amounts small or current separate data not readily available) included with "individualsand others."
Source: Board of Governors of the Federal Reserve System, based on data from various Government and privateorganizations.
265Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-62.—Net public and private debt, 1929-711
[Billions of dollars]
End of year
1929
1933
1939 .
19401941194219431944
1945194619471948 . .1949
1950195119521953 . . .1954
1 9 5 5 . . .19561 9 5 7 . .1958 _ .1959 . . .
196019611962 .19631964 .
1965 . .19661967 _19681969 _
19701971
Total
191.9
168.5
183.3
189.8211.4258.6313.2370.6
405.9396.6415 7431 3445.8
486.2519 2550 2581.6605.9
665.8698.4728.3769.6833.0
874.2930.3996.0
1,070.91,151.6
1, 244.11,341.41,443.11,585.31,723.2
1, 843.91,996.4
Public
Fed-eralGov-ern-
ment 2
16.5
24.3
42.6
44.856.3
101.7154.4211.9
252.5229.5221.7215.3217.6
217.4216 9221.5226.8229.1
229.6224.3223.0231.0241.4
239.8246.7253.6257.5264.0
266.4271.8286.5291.9289.3
301.1325.9
Fed-eral
finan-cial
agen-cies 3
0 7.6.7
.71 31 31.41.3
2.92.42.42.53.7
3.54.05.37.27.5
8.911.29.0
21.430.6
38.839.8
Stateandlocalgov-ern-
ments
13.6
16.3
16.4
16.416.115.414.513.9
13.413.715.017.019.1
21.724.227.030.735.5
41.144.548.653.759.6
64.970.577.083.990.4
98.3104.8113.4123.9132.6
146.8167.7
Private
Total
161.8
127.9
124.3
128.6139.0141.5144.3144.8
140.0153.4178.3198.4208.4
246.4276.8300.4322.7340.0
392.2427.2454.3482.4528.3
566.1609.1660.1722.3789.7
870.4953.5
1,034.31,148.21, 270.8
1, 357.31,463.0
Cor-porate
88.9
76.9
73.5
75.683.491.695.594.1
85.393.5
108.9117.8118.0
142.1162.5171.0179.5182.8
212.1231.7246.7259.5283.3
302.8324.3348.2376.4409.6
454.3506.6553.7628.0714.8
773.6827.3
Individual and noncorporate
Total
72.9
51.0
50.8
53.055.649.948.850.7
54.759.969.480.690.4
104.3114.3129.4143.2157.2
180.1195.5207.6222.9245.0
263.3284.8311.9345.8380.1
416.1446.9480.6520.3556.0
583.7635.7
Farm*
12.2
9.1
8.8
9.19.39.08.27.7
7.37.68.6
10.812.0
12.313.715.216.817.5
18.719.420.223.223.8
25.127.530.233.236.0
39.342.448.351.855.5
58.763.1
Nonfarm
Total
60.7
41.9
42.0
43.946.340.940.542.9
47.452.360.769.778.4
92.0100.6114.2126.4139.7
161.4176.1187.4199.7221.2
238.2257.3281.7312.6344.1
376.8404.5432.3468.5500.5
525.0572.6
Mort-gage
31.2
26.3
25.0
26.127.126.826.126.0
27.031.837.242.447.1
54.861.768.976.786.4
98.7109.4118.1128.1141.0
151.3164.5180.3198.6218.9
236.8251.6266.9284.9303.9
320.8352.3
Com-mer-cialand
finan-cial *
22.4
11.7
9.8
9.510.08.19.5
11.8
14.712.111.912.913.9
15.816.217.818.420.8
24.024.424.326.528.7
30.834.837.642.345.0
49.755.463.370.474.2
77.483.0
Con-sumer
7.1
3.9
7.2
8.39.26.04.95.1
5.78.4
11.614.417.4
21.522.727.531.432.5
38.842.345.045.151.5
56.158.063.871.780.3
90.397.5
102.1113.2122.5
126.8137.2
1 Net public and private debt is a comprehensive aggregate of the indebtedness of borrowers after eliminating certaintypes of duplicating governmental and corporate debt.
2 Net Federal Government and agency debt is the outstanding debt held by the public, as defined in the "Budget of theUnited States Government, for the Fiscal Year ending June 30,1974."
3 This comprises the debt of federally sponsored agencies, in which there is no longer any Federal proprietary interest.The obligations of the Federal Land Banks are included beginning with 1947, the debt of the Federal Home Loan Banksis included beginning with 1951, and the debts of the Federal National Mortgage Association, Federal Intermediate CreditBanks, and Banks for Cooperatives are included beginning with 1968.
• Farm mortgages and farm production loans. Farmers' financial and consumer debt is included in the nonfarm categories,s Financial debt is debt owed to banks for purchasing or carrying securities, customers'debt to brokers, and debt owed
to life insurance companies by policyholders.
Sources: Department of Commerce (Bureau of Economic Analysis), Treasury Department, Department of Agriculture,Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Federal Land Banks, and FederalNational Mortgage Association.
266Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENT FINANCETABLE C-63.—Federal budget receipts and outlays, fiscal years 1929-74
[Millions of dollars]
Fiscal year Receipts Outlays Surplus ordeficit ( - )
Administrative budget:
1929
1933
1939
Consolidated cash statement:
19401941194219431944
19451946194719481949
1950195119521953
Unified budget:
1954
19551956195719581959
1960196119621963 _1964
19651966196719681969
19701971197219731.19741
3,862
1,997
4,979
6,8799,20215,10425,09747,818
50,16243,53743,53145,35741,576
40,94053,39068,01171,495
69,719
65,46974,54779,99079,63679,249
92,49294,38999,676106, 560112,662
116,833130,856149,552153,671187,784
193,743188,392208,649224, 984255, 982
3,127
4,598
8,841
9,58913,98034, 50078,90993,956
95,18461,73836,93136,49340,570
43,14745,79767,96276,769
70,890
68,50970,46076,74182, 57592,104
92,22397,795106,813111,311118,584
734
- 2 , 6 0 2
- 3 , 8 6 2
- 2 , 7 1 0- 4 , 7 7 8
- 1 9 , 396- 5 3 , 8 1 2-46 ,138
-45 ,022-18 ,201
6,6008,8641,006
- 2 , 2 0 77,593
49- 5 , 2 7 4
- 1 , 1 7 0
- 3 , 0 4 14,0873,249
- 2 , 9 3 9- 1 2 , 8 5 5
269- 3 , 406- 7 , 1 3 7- 4 , 7 5 1- 5 , 9 2 2
118,430134,652158,254178,833184,548196,588211,425231,876249, 796268, 665
-1,596-3,796-8, 702-25,161
3,236-2,845-23,033-23,227-24, 812-12,683
i Estimate.
Note.—Certain interfund transactions are excluded from receipts and outlays starting in 1932. For years prior to 1932 theamounts of such transactions are not significant.
Refunds of receipts are excluded from receipts and outlays.
Sources: Treasury Department and Office of Management and Budget.
267Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-64.—Federal budget receipts, outlays, financing, and debt, fiscal years 1963-74
[Millions of dollars; fiscal years]
DescriptionActual
1963 1964 1965 1966 1967 1968
BUDGET RECEIPTS AND OUTLAYS:
Total receipts
Federal fundsTrus* fundsIntragovernmental transactions.
Total outlays
Federal fundsTrust fundsIntragovernmental transactions.
Total surplus or deficit ( - ) .
Federal funds..Trust funds...
BUDGET FINANCING:
Total means of financing.
Net borrowing from the public orrepayment of borrowing (—)
Other means of financing
OUTSTANDING DEBT, END OF YEAR:
Gross Federal debt..
Held by Government agencies..Held by the public
Federal Reserve System.Others
BUDGET RECEIPTS.
Individual income taxesCorporation income iaxesSocial insurance taxes and contributions...Excise taxes.Estate and gift taxesCustoms dutiesMiscellaneous receipts:
Deposit of earnings by Federal Re-serve System
Allother
BUDGET OUTLAYS.
National defenseInternational affairs and financeSpace research and technologyAgriculture and rural developmentNatural resources and environmentCommerce and transportationCommunity development and housingEducation and manpowerHealthIncome securityVeterans benefits and servicesInterestGeneral governmentGeneral revenue sharingAllowancesUndistributed intragovernmental transac-
tions:Employer share, employee retirement.Interest received by trust funds
106,560
83, 55025,799
- 2 , 7 8 8
111,311
90,14123,958
- 2 , 7 8 8
- 4 , 7 5 1
- 6 , 5911,841
4,751
6,088- 1 , 3 3 7
310,807
56,345254,461
32.027222,434
106, 560
47,58821, 57919,80413,1942,1671,205
828194
111,311
52, 2574,1152,5525,1381,4985,765- 8 8 01,5021,379
24,0845,5209,2151,810
112,662
87, 20528, 518-3,061
118,584
95,76125,884-3,061
-5,922
-8, 5562,634
5,922
3,0922,830
316,763
59, 210257, 553
34,794222, 759
112,662
48,69723,49322,01213, 7312,3941,252
947138
118,584
53, 5914,1174,1705,1841,9666,511-1851,7511,716
25,1105,6819,8102,040
116,833
90,94329, 230-3,339
118,430
94,80726, 962-3,339
-1, 596
-3,8642,268
1,596
4,061-2,465
323,154
61, 540261,614
39,100222, 514
130,856
101,42732, 997-3, 568
134,652
106, 51231, 708-3, 568
-3,796
-5,0851,289
3,796
3,076720
329,474
64,784264,690
42,169222,521
149,552
111,83542, 935-5,218
158,254
126,77936,693-5, 218
-8,702
-14,9446,242
8,702
2,8385,863
341,348
73,819267,529
46,719220,810
116, 833
48,79225,46122, 25814, 5702,7161,442
1,372222
118,430
49, 5784,3405,0914,8052,0567,399288
2,2841,704
25,7025,72210,3572,210
130,856
55,44630,07325, 56713,0623,0661,767
1,713162
134,652
56,7854,4905,9333,6762,0367,1712,6444,2582,509
29,0165,920
11, 2852,292
149,552
61, 52633,97133,34913,7192,9781,901
1,805303
158, 254
70,0814,5475,4234,3731,8787,5942,6165,8536,667
31,1646,897
12, 5882,510
- 1 , 1 5 9- 1 , 4 8 5
- 1 , 2 5 6- 1 , 6 2 1
- 1 , 3 2 9- 1 , 7 8 0
- 1 , 4 4 7- 1 , 917
- 1 , 6 6 1- 2 , 275
See footnotes at end of table.
268Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G—64.—Federal budget receipts, outlays, financing, and debt, fiscal years 1963—74—Con.
[Millions of dollars; fiscal years]
DescriptionActual
1969 1970 1971 1972
Estimate
1973 1974
BUDGET RECEIPTS AND OUTLAYS:Total receipts
Federal fundsTrust funds ,
I ntragovernmental transactions
Total outlays
Federal fundsTrust fundsI ntragovernmental transactions
Total surplus or deficit ( - )Federal fundsTrust funds
BUDGET FINANCING:Total means of financing
Net borrowing from the public or re-payment of borrowing ( — ) .
Other means of financing.OUTSTANDING DEBT, END OF YEAR:
Gross Federal debtHeld by Government agencies.Held by the public
Federal Reserve System.Others
187,784
143,32152,009-7,547
184,548
148,81143, 284-7,547
3,236
-5,4908,725
1-3,236
-1,044-2,192
367,144
87,661279,483
54,095225,388
193,743143,15859,362
-8,778
196,588
156,30149,065
-8,778-2,845
-13,14310,297
12,845
3,814
382,60397,723284,880
57,714227,166
188,392
133,78566,193
-11,586
211,425
163,65159,361
-11,586
-23,033
-29,8666,832
23,033
19,4483,585
409,467
105,140304,328
65,518238,810
208,649
148,84672,959
-13,156
231,876
177,95967,073
-13,156
-23,227
-29,1145,886
23,227
19,4423,785
437,328
113,559323,770
71,427252,343
224,984
154,25091,952
-21,218
249,796
188,39082,624
-21, 218
-24,812
-34,1409,328
24,812
25,000-188
473,325
124,555348,770
255,982
171,308105,471-20,797
268,665
199,10890,354
-20,797
-12,683
-27,80015,117
12,683
16,500-3,817
505,453
140,183365,270
BUDGET RECEIPTS.Individual income taxesCorporation income taxesSocial insurance taxes and contributions..Excise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts:
Deposit of earnings by Federal ReserveSystem
AllotherBUDGET OUTLAYS.
National defenseInternational affairs and financeSpace research and technology _Agriculture and rural developmentNatural resources and environmentCommerce and transportationCommunity development and housingEducation and manpowerHealthIncome securityVeterans benefits and servicesInterestGeneral governmentGeneral revenue sharingAllowancesUndistributed i ntragovernmental trans-
actions:Employer share, employee retirement..Interest received by trust funds
187,784
87,24936,67839,91815, 2223,4912,319
2,662247
184,54881,2323,7854,2476,2182,1697,9211,9616,52511,61137,6997,64015, 7912,866
193,743
90,41232,82945,29815,7053,6442,430
3,266158
196,588
80,2953,5703,7496,2012,5689,3102,9657,28912,90743,7908,67718,3123,336
188,392
86,23026,78548,57816,6143,7352,591
3,533325
211,42577,6613,0953,3815,0962,71611,3103,3578,22614, 46356,1409,77619,6093,970
208,649
94,73732,16653,91415,4775,4363,287
3,252381
231,87678,3363,7263,4227,0633,76111,2014,2829,75117,11264,87610, 73120,5824,891
-2,018-3,099
-2,444-3,936
-2,611-4, 765
-2,768-5,089
224,984
99,40033,50064,54015, 9704,6003,000
3,350625
249,796
76,4353,3413,0616,064
87612,5433,95710,50017,99175,88911,79522,8085,6316,786
500
-2,980-5,401
255,982
111,60037,00078,16216, 7985,0003,300
3,700422
268,66581,0743,8113,1355,5723,66311,5804,93110,11021,73081,97611,73224, 6726,0256,0351,750
-3,157-5,974
1 Excludes changes due to ^classification and to conversion of mixed-ownership enterprises to private ownership. (Seefootnotes to Table 9, "Budget of the United States Government for the Fiscal Year Ending June 30,1971," and footnotesto Table 10, "Budget of the United States Government for the Fiscal Year Ending June 30,1972.")
Sources: Treasury Department and Office of Management and Budget.
269Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-65.—Relation of the Federal budget to the Federal sector of the national income andproduct accounts, fiscal years 1971-74
[Billions of dollars; fiscal years]
Receipts and expenditures
RECEIPTS
Total receipts, budget
Government contribution for employee retire-ment (grossing)
Other netting and grossingAdjustment to accruals .Other
Federal sector, national income and product accounts,receipts
EXPENDITURES
Total outlays, budget
Lending and financial transactionsGovernment contribution for employee retirement
(grossing)Other netting and grossingDefense timing adjustmentOther. " ' I " " . " ' " -
Federal sector, national income and product accounts,expenditures...
Actual
1971
188.4
3 11.5.1
- . 1
193.0
211.4
- 3 . 2
3.11.5
- . 4.3
212.8
1972
208.6
3 31.3
- 1 . 2- . 2
211.9
231.9
- 2 . 4
3.31.3
- l ' . 3
233.1
Estimate
1973
225.0
3.61.73.6
- . 6
233.3
249.8
- . 9
3.61.72.82.9
259.9
1974
256.0
4.01.71.7
263.0
268.7
- 1 . 5
4.01.7
2.'3
275.5
Note.—See Special Analysis A, "Budget of the United States Government for the Fiscal Year Ending June 30,1974,"for description of these categories.
Sources: Treasury Department, Office of Management and Budget, and Department of Commerce (Bureau of EconomicAnalysis).
270Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-66.—Receipts and expenditures of the Federal Government sector of the national incomeand product accounts, 1949-74
[Billions of dollars]
Year or quarter
Fiscal year:1949195019511952. .1953195419551956195719581959 . . .1960196119621963196419651966.. . .196719681969197019711972 P1973 21974»
Calendar year:194919501951195219531954.. . .1955195619571958195919601961.19621963.196419651966.19671968. .196919701971.. . .1972 »
1971: 1 .11III. . . .IV
1972: 1 .ILIII .IV p
Total
40.042.060.865.169.365.867.275.880.777.985.494.895.3
104.2110.2115.5120.5132.8147.2160.6190.4195.0193.0211.9233.3263.0
38.949.964.067.270.063.872.177.681.678.789.796.598.3
106.4114.5115.0124.7142.5151.2175.0197.3191.6199.1228.3
196.4198.2199.1202.8221.4224.9229.8
1
Per-sonaltaxandnon-taxre-
ceipts
16.316.523.228.831.430.329.733.636.736.338.242.543.647.349.650.751.357.664.571.490.093.787.1
100.1104.2116.6
16.118.126.131.032.229.031.435.237.436.839.943.644.748.651.548.653.861.767.579.794.892.489.6
108.8
86.688.189.893.8
105.8107.3109.1113.1
Receipts
Cor-po-rate
profitstaxac-
cruals
11.011.921.519.319.717.318.721.120.617.821.522.320.322.923.525.727.731.031.233.737.433.132.033.538.741.6
9.817.021.518.519.517.020.620.620.218.022.521.721.822.724.626.429.332.130.736.736.630.433.136.0
33.934.433.231.134.035.236.7
Indi-rect
busi-nesstaxandnon-taxac-
cru-als
8.08.29.59.7
10.710.410.010.811.711.611.913.213.314.215.015.616.915.715.817.118.619.220.120.120.521.6
8.08.99.4
10.310.99.7
10.711.211.811.512.513.513.614.615.316.116.515.716.318.019.019.320.520.1
20.920.220.020.819.919.720.220.5
Con-tribu-tionsfor
socialinsur-ance
4.85.56.67.37.57.88 7
10.211.712.213.816.718.119.922 123.524 628.535.738.344.449.053.858.369 883.2
4.95 97.17 47.48.19.3
10 612.212 414 817.718.220.523.123 825.133.036 740.746.949.555.963.3
Expenditures
Total i
39.642.444.666.075.874.267.369.876.083.190.991.398.0
106.4111.4116.9118 5131.9154.5172.5185.7196.3212.8233.1259 9275.5
41.340.857.871 077.069.768.171 979.688.991 093.0
102.1110.3113.9118 1123.5142.8163 6181.5189.2204.5220.8246.8
Pur-chases
ofgoodsand
serv-ices
19.319.025.146.656.153.243 945.247.750 754.752.755.560.963 465.764 471.785.394 999.498.395.8
103.1105 8111.5
20.118 437.751 857.047.444 145 649.553 653 753.557.463.464.265 266.977.890 798.898.896.597.8
105.9
Seasonally adjusted
55.055.656.157.061.762.663.865.2
212.4221.2222.2227.5236.3246.5241.6262.9
96.296.397.9
100.7105.7108.1105.4104.5
Transferpayments
Toper-sons
8.111.38.18.59.3
10.512.112.814.417.819.820.623.625.126.427.328.331.837.242.748.554.867.575.888.999.1
8.710.88.58 89.5
11.512.413 415.719.520 121.524.925.527.027.830.333.440 046.150.361.172.480.8
annual
66.974.373.674.976.677.679.489.6
Tofor-eign-ers
(net)
5.04.33.12.62.11.72 1
8q788
2.12.12.12.22 22.32.22.12.22.02.32.82 72.8
5.13.63.12 12.01.82.01 91.81.81 81.92.12.22.22 22.22.32 22.12.12.22.62.7
rates
2.22.52.72.92.82.82.62.6
Grants-in-aid
to Stateandlocal
govern-ments
2.12.42.42.52.82.93.03.23.74.76.26.86.97.68.49.8
10.912.714.817.819.222.627.032.741.641.6
2.22.32.52 62.82.93.13 34.25.66 86.57.28.09.1
10.411.114.415 818.720.324.529.337.7
27.129.529.830.832.438.134.445.9
Netin-ter-est
paid
4.34.44.64.84.85.04.95.15.55.75.97.06.86.87.58.18.59.09.9
10.912.314.014.313.514.615.8
4.44.54.74.74.95.04.95.35.75.66.47.16.67.27.78.38.79.5
11.713.114.613.613.6
14.013.613.613.313.113.813.613.7
Subsi-dieslesscur-rentsur-plusof
gov-ern-mententer-prises
0.81.01.31.1.9
1.01.31.72.82.52.42.33.23.83.63.84.14.55.14.14.14.75.85.26.34.8
.81.21.31 0.8
1.11.52.42.62.72 12.53.84.03.64.24.35.44.64.14.65.55.26.1
6.05.14.65.05.66.06.26.6
Sur-plusor
defi-cit
na-'tion-al in-comeand
prod-uctac-
counts
0.4- . 516.2
-1 .0-6 .5-8 .5— 16.04.7
- 5 1-5 .5
3.5-2 .7-2 .1- 1 2-1 .4
2 0.9
-7 .3-11 9
4.7-1 .3
-19.7-21.1-26 6-12.5
-2 .49 16.2
- 3 8- 7 . 0-5 .9
4 05 72.1
-10 2- 1 2
3.5-3 .8-3 .8
.7- 3 0
1.2- . 2
-12.4-6 .5
8.1-12.9-21.7-18.5
-16.0-23.0-23.1-24.7-14.8-21.6-11.8
1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars at seasonallyadjusted annual rates) .0, .0, .0, and .1 in the 4 quarters of 1971 and .0, — . 1 , .0, and .0 in the 4 quarters of 1972, respec-tively.
> Estimates.Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.
271Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-67.—Public debt securities by kind of obligation, 1946-72
[Billions of dollars]
End of year ormonth
1946194719481949
19501951195219531954 . . .19551956195719581959
I960196119621963196419651966196719681969
197019711972
1971: Jan ._.FebMarAprMayJune
July . .AugSeptOctNov .Dec
1972:JanFebMarAprMay . .June.
JulyAugSept-OctNovDec . . .
Totalpublicdebt
securi-ties
259.1256 9252.8257.1
256.7259.4267.4275 2278 7280.8276 6274 9282.9290.8
290.2296.2303.5309.3317.9320.9329.3344.7358.0368.2
389 2424.1449.3
388.3390 7391.7391 9396.8398.1
405.3414.6412.3411.9414.6424.1
422.9424.0427.3425 3427.9427.3
432 4435.4433.9439 9444.2449.3
Interest-bearing public debt
Marketable public issuesby maturity class
Within1 yea-
54.849 644.649.4
49.447.157.773 962.861.768 675 372.679.9
75.385.987.389.488.593.4
105.2104.4108.6118.1
123 4119.1130.4
123.4115 5114.9113.5114.0112.8
115.0116.7117.7118.0108.9119.1
119.2122.1126.3122 3126.6121.9
122 5121.6121.3122 4128.6130.4
1 to 10years
61.756.155.151.8
50.556.762.250.464.768.658 956.971.083.7
89.584.795.694.2
100.495.687.597.0
103.493.3
104 9123.0117.7
104.9113 2113.2113 2112.5113.6
113.6114.0113.3115.3125.5123.0
123 0119.4119.5121 2115 9115.9
115 9114.9114.9116 9115 6117.7
10yearsandover
60.160.057.753.9
52.538.828.730.330.232.932 932.032.024.6
24.225.420.124.023.625.625.425.124.824.4
19 419.921.4
19.419 419.319 219.219.1
19.119.019.018.920.019.9
19.819.719.619 519.419.4
19 321.621.621 521.421.4
Nonmarketable publicissues
U.S.sav-ings
bondsand
notes
49.852.155.156.7
58.057.657.957.757.757.956.352.551.248.2
47.247.547.548.849.750.350.851.752.352.2
52.554.958.1
52.652.853.053.253.453.6
53.854.054.254.454.754.9
55.155.355.655 956.256.5
56 757.057.257 557.858.1
For-eignand
inter-na-
tional
0.5.7
1.31.82.41.53.24.44.7
6.517.421.3
6.16 56.98.9
11.712.0
15.019.717.916.816.917.4
17.617.517.219 118.919.7
22 722.422.521 921.721.3
Other
6.77.46.39.3
10.120.919.619 317.712.711 910.49.27.8
6.35.34.63.83.52.92.72.62.62.5
2.42.42.4
2.42.42.42.42.42.4
2.42.42.42.42.42.4
2.42.42.42 42.42.4
2 42.42.42 42.42.4
Specialissues
24.629 031 733.9
33 735 939.141 242 643 945 645 844 843.5
44 343.543.443 746 146.352 057.259.171.0
78 185.795.9
77.778 980.079 781.782.8
84.787.086.084.384.485.7
84.285.684.983 186.689.6
91 093.692.395 494.995.9
Maturedpublicdebtanddebtbear-ing nointer-
est
1 52 72 22.1
2 42 32.12 33 03 02 42 02 13.1
3 43.54.34 14 44.44 33 52.92 C
1 91.82.0
1.92 01.91.91.91.8
1.81.81.81.8l.S1.8
1.81.91.11.81.81.9
1.81.91.81.81.82.C
Source: Treasury Department.
272Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-68.—Estimated ownership of public debt securities, 1946-72
[Par values,i billions of dollars}
End of year ormonth
Total public debt securities3
Total
Held
Govern-ment
accounts
Held byFederalReserveBanks
Held by private investors
TotalCom-
mercialbanks'
Mutualsavingsbanks
and in-surance
com-panies
Othercorpo-
rations*
Stateand localgovern-ments s
Indi-viduals <
Miscel-laneousinves-tors?
1946194719481949195019511952195319541955...195619571958195919601961196219631964196519661967196819691970197119721971:Jan
Feb..Mar..Apr..May..June.July..Aug..Sept..Oct...Nov..Dec.
1972:Jan...Feb..Mar..
"::::::::::June.July..Aug..Sept..Oct...Nov..D e c .
259.1256.9252.8257.1256.7259.4267.4275.2278.7280.8276.6274.9282.9290.8290.2296.2303.5309.3317.9320.9329.3344.7358.0368.2389.2424.1449.3388.3390,7391.7391.9396.8398.1405.3414.6412.3411.9414.6424.1422.9424.0427.3425.3427.9427.3
432.4435.4433.9439.9444.2449.3
27.430.833.735.9
36.039.342.945.446.749.051.252.852.151.452.852.553.255.358.459.765.873.176.689.097.1
106.0116.996.798.098.899.1
101.8102.9104.9107.3106.5104.7104.7106.0104.4106.2105.5105.5109.1111.5112.8115.4113.5116.7116.1116.9
23.322.623.318.920.823.824.725.924.924.824.924.226.326.627.428.930.833.637.040.844.349.152.957.262.170.269.961.862.564.263.764.865.565.866.967.667.267.870.269.667.769.970.371.671.470.870.769.770.169.569.9
208.3203.6195.8202.4199.9196.3199.8203.8207.1207.0200.5197.9204.5212.7210.0214.8219.5220.5222.5220.5219.2222.4228.5222.0229.9247.9262.5229.9230.2228.7229.1230.2229.7234.6240.4238.2240.0242.1247.9248.9250.2251.9249.5247.2244.4248.8249.3250.7253.1258.6262.5
74.568.762.466.8
61.861.563.463.769.162.059.559.567.560.362.167.267.164.263.960.757.463.866.056.862.765.363.361.761.361.860.559.461.060.559.560.060.961.565.362.862.163.361.960.859.957.657.958.558.861.163.3
36.735.932.731.529.626.225.525.124.123.121.220.119.819.418.117.417.416.816.515.614.112.711.610.09.89.38.8
10.010.19.69.69.79.49.69.59.39.39.29.39.29.29.29.19.18.98.88.68.98.68.78.8
15.314.114.816.819.720.719.921.519.123.218.717.718.121.418.718.518.618.718.215.814.912.214.211.79.4
12.412.79.8fr.O9.69.29.5
10.111.110.810.211.011.912.411.812.111.610.511.310.310.09.58.8
10.412.012.7
6.37.37.98.18.89.6
11.112.714.415.416.316.616.518.018.719.020.121.121.222.924.324.124.425.925.225.028.8
25.426.326.025.625.725.5
26.125.425.325.224.725.025.526.225.825.725.525.926.526.527.228.027.928.8
64.165.765.566.366.364.665.264.863.565.065.964.963.769.466.165.966.068.269.872.174.674.075.881.4
81.974.074.981.280.179.178.577.276.2
75.975.675.375.074.274.0
73.673.674.774.674.474.074.374.274.074.174.574.9
11.411.912.512.913.613.714.716.116.918.318.919.118.924.326.526.930.231.633.033.433.935.736.736.2
41.061.974.041.743.442.645.748.847.651.359.558.258.760.561.966.067.067.467.766.265.571.672.673.373.274.474.0
i U.S. savings bonds, series A-F and J, and U.S. savings notes are included at current redemption value.s Not all of total shown is subject to statutory debt limitation.»Includes commercial banks, trust companies, and stock savings banks in the United States and Territories and island
« Exclusive of banks and insurance companies.«Includes trust, sinking, and investment funds of State and local governments and their agencies, and of Territories
and possessions.6 Includes partnerships and personal trust accounts.7 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers,
Federal oriented agencies not included in Government accounts, and investments of foreign balances and internationalaccounts in this country. Beginning with December 1946, the international accounts include investments by the I nternationalBank for Reconstruction and Development, the International Monetary Fund, the International Development Association,the Inter-American Development Bank, and various United Nations' funds, in special non-interest-bearing notes andbonds issued by the U.S. Government.
Source: Treasury Department.
490-000 O - 73 - 19 273Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-69.—Average length and maturity distribution of marketable interest-bearingpublic debt, 1946-72
End of year or monthAmount
out-standing
Maturity class
Within1 year
Ito5years
5 to 10years
10 to 20years
20 yearsAverage length
Millions of dollars Years
Fiscal year:1946.. .1947...1948.. .1949—
1950...1951. . .1952.. .1953. . .1954.. .
1955.. .1956...1957.. .1958—1959...
1960.. .1961—1962., .1963—1964.. .
1965.. .1966.. .1967.. .1968...1969—
1970...1971—1972—
1971: Jan..Feb..Mar..Apr..May..June.
July..Aug..Sept..Oct..Nov..Dec.
1972: Jan..Feb..Mar_.Apr..May..June.
July..Aug..Sept.Oct..Nov..Dec.
189,606168,702160,346155.147
155,310137,917140,407147,335150,354
155,206154,953155,705166,675178,027
183,845187.148196,072203,508206,489
208,695209,127210,672226,592226,107
232,599245,473257,202
247,667248,092247,457245,888245,635245,473
247,649249,654249,931252, 240254,456262,038
261,918261, 215265,380262,989261,924257,202
257,717258,095257,720260,863265,621269,509
61,97451,21148,74248,130
42,33843,90846,36765,27062,734
49,70358,71471,95267,78272,958
70,46781,12088,44285,29481,424
87,63789,13689,648106,407103,910
105,530112,772121,944
123,418115,534114,940113,466113,959112,772
115,014116,664117,662118, 007108,911119,141
119,152122,067126,315122,263126,617121,944
122, 528121,589121,260122,442128,569130,422
24,76321,85121,63032,562
51,29246,52647,81436,16129,866
39,10734,40140,66942, 55758,304
72,84458,40057,04158,02665,453
56,19860,93371,42464,47062,770
89,61589,07489,004
82,31686,01186,02585,99088,00489,074
89,07792,86590,91592,94096,20493,648
93,64693,08993,10694,84989,00589, 004
89,00485,73085,73087,76286,46488,564
41,80735,56232,26416,746
7,7928,70713,93315,65127,515
34,25328,90812,32821,47617,052
20,24626,43526,04937,38534,929
39,16933,59624,37830,75434,837
15,88224,50326,852
22,55327,19727,19927,19924, 50224, 503
24, 50321,11522, 39722,39729, 32129,321
29,31826,34726,34926,34826, 85326,852
26,85229,14929,14829,14729,14629,143
17,46118,59716,22922; 821
28,03529,97925,70028,66228,634
28,61328,57826,40727,65221,625
12,63010,2339,3198,3608,355
8,4498,4398,4258,4078,374
10,5248,4559,343
8,5428,5298,5138,4918,4728,455
8,4358,4208,4048,3859,5669,530
9,4849,4599,4199,3929,3639,343
9,31815,41915,39415,36315, 33015,301
43,59941,48141,48134,888
25,8538,7976,5941,5921,606
3,5304,3514,3497,2088,088
7,65810,96015,22114,44416,328
17,24117,02316,79716, 55316,217
11,04810,67010,059
10,83910,82110,78010, 74210,69910,670
10,62210,59010,55310, 51110,45410,397
10,31710, 25310,19110,13710,08610,059
10,0156,2086,1886,1516,1126,079
Note.—All issues classified to final maturity except partially tax-exempt bonds, which were classified to earliest calldate (the last of these bonds were called on August 14,1962, for redemption on December 15,1962).
Source: Treasury Department.
274Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-70.—Receipts and expenditures of the government sector of the national income and productaccounts, 1929-72
[Billions of dollars]
Calendar year or quarter
1929
1933.. .
1939
1940194119421943194419451946 " "194719481949 . .
195019511952195319541955...1956195719581959
1960196119621963196419651966 .19671968...1969
19701S71 .1972 v
1970: 1IIIllIV
1971: 1IIIII .IV
1972: 1IIIllIV *
Total government
Re-ceipts
11.3
9.3
15.4
17.725.032.649 251.253 250.956.858.956.0
68.784.889.894.389.7
100 4109.0115.6114 7128.9
139.8144.6157.0168.8174 1189 1213 3228.9263.5296.7
302.0321.6365.7
Ex-pendi-tures
10.3
10.7
17.6
18.428.864.093 3
103.092 745.542.450.359.1
60 879.093.7
101 296.797 6
104.1114.9127 2131.0
136.1149.0159 9166.9175 4186 9212 3242.9270.3287.9
312.1338.5372.0
Sur-plus ordeficit
nationalincome
andprod-
uct ac-counts
1.0
- 1 . 4
- 2 . 2
—.7—3.8
-31.4-44 1-51.8—39 5
5.414.48.5
- 3 . 2
7 95.8
- 3 . 8—6 9- 7 . 0
2 74.9.7
-12.5- 2 . 1
3.7- 4 . 3- 2 . 9
1.8- 1 4
2.21 l
-13.9- 6 . 8
8.8
-10.1-16.9- 6 . 2
Federal Government
Re-ceipts
3.8
2.7
6.7
8 615.422.939 341.042 539.143.243.338.9
49 964.067.270.063.872 177.681.678.789.7
96.598.3
106 4114.5115 0124 7142 5151.2175.0197.3
191.6199.1228.3
Ex-pendi-tures
2.6
4.0
8.9
10.020.556.185 895.584.635.629.834.941.3
40.857.871.077.069.768.171.979.688.991.0
93.0102.1110.3113.9118 1123 5142 8163.6181.5189.2
204.5220 8246.8
Sur-plus ordeficit
nationalincome
andprod-uct ac-counts
1.2
- 1 . 3
- 2 . 2
—1.3- 5 . 1
-33.1—46 6-54.5—42 1
3.513.48.4
- 2 . 4
9.16.2
- 3 . 8- 7 . 0- 5 . 9
4.05.72.1
—10.2- 1 . 2
3.5- 3 . 8—3.8
.7- 3 0
1 2—.2
-12.4- 6 . 5
8.1
-12.9-21.7-18.5
State and localgovernment
Re-ceipts
7.6
7.2
9.6
10.010.410.610 911.111 612.915.317.619.3
21.123.325.227.228.831.434.738.241.646.0
49.953.658.663.469 575 585 293.5
107.1119.7
135.0151.8175.2
Ex-pendi-tures
7.8
7.2
9.6
9.39.18.88 48.59 0
11 014.317 420.0
22 323.725.327.029.932 735.639.544.046.8
49.654.157.662.267 874 583 995.1
107.5119.0
132.1147.0162.9
Sur-plus ordeficit(->,
nationalincome
andprod-uct ac-counts
- 0 . 2
- . 1
0).6
1.31.82.52.72.61.91.0.1
- . 7
- 1 . 2—.4
(2).1
- 1 . 1- 1 . 3- . 9
- 1 . 4- 2 . 3- . 8
.2
.91.21.71 01.3
- 1 . 6- . 3
.7
2.84.8
12.3
Seasonally adjusted annual rates
299.0303.7303.0302.4
313.5318.8323.3330.7
353.8361.4368.8
299.1313.2314.7321.2
327.5336.9340.2349.4
361.6368.3371.2386.9
- 0 . 2- 9 . 6
-11.8-18.8
-14.0-18.0—16.9-18.7
- 7 . 7- 6 . 9- 2 . 4
192.2194.2190.9189.1
196.4198.2199.1202.8
221.4224.9229.8
195.9207.5205 6208.8
212.4221.2222.2227.5
236.3246.5241.6262.9
- 3 . 8-13.4-14.7-19.7
-16.0-23.0-23.1-24.7
-14.8-21.6-11.8
130.1133.6137 1139.1
144.2150.1154.0158.7
164.8174.6173.4
126.5129.8134.1138.2
142.2145.2147.8152.7
157.7159.9164.0169.9
3.63.82.9.9
2.05.06.26.0
7.114.89.4
i Surplus of $32 million.'Deficit of $41 million.
Note.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State and localreceipts and expenditures. Total government receipts and expenditures have been adjusted to eliminate this duplication.
Source: Department of Commerce, Bureau of Economic Analysis.
275Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C-71.—Receipts and expenditures of the State and local government sector of the nationalincome and product accounts, 1946-72
[Billions of dollars]
Calendaryear orquarter
1946194719481949
19501951..1952..19531954..
1955..195619571958.1959.
19601961.1962.19631964.
19651966.19671968.1969-
19701971.1972 «
1970-
1971:
1972
>
|IIIllIV
IIIIllIV
1IIIll . . . .IV*
Receipts
Total
12.915.317.619.3
21.123.325.227.228.8
31.434.738.241.646.0
49.953.658.663.469.5
75.585.293.5
107.1119.7
135.0151.8175.2
Per-sonaltaxand
nontaxeceipts
1.51.82.12.4
2.62.93.13 43.7
4.14.75.25.66.3
7.37.78.79.4
10.8
11.813.715.518.321.7
24.327.431.9
Cor-poratejrofitstax
ccruals
0.5.6.7.6
.8
.9
.88
.8
1.01 01.01.01.2
1.31.41.41.71.9
2.12.22 43.23.4
3.84.25.0
ndirectbusi-nesstaxand
nontaxccruals
9.310 612.113.3
14.515.817.318 719.7
21.423 625.527.028.9
31.734.136.939.442.3
45.949.954 160.667.0
74.181.490.0
Contri-butions
forsocialinsur-ance
0.5.6
.8
1.01.21.31 51.7
1.82 02 32.52.7
3.03.23.53.84.1
4.55.05 76.47.3
8.39.4
10.6
Fed-eral
grants-n-aid
1.11.72.02.2
2.32.52.62 82.9
3.13 34.25.66.8
6.57.28.09.1
10.4
11.114.415 818.720.3
24.529.337.7
Expenditures
Total *
11.014.317.420.0
22.323.725.327 029.9
32.735.639.544.046.8
49.654.157.662.267.8
74.583.995 1
107.5119.0
132.1147.0162.9
Pur-chases
ofgoodsandserv-ices
9.812 615.017.7
19.521.522.924 627.4
30.133 036 640.643.3
46.150.253.758.263.5
70.179.089 4
100.8111.2
122.5135.0148.9
Trans-fer
pay-ments
toper-sons
1.72 32.92.9
3.53.03.23.33.4
3.73.84.24.64.8
5.15.55.76.06.5
6.97.78.7
10.011.6
14.116.618.3
Netnterestpaid
0.3
.3
.3
.3
.3
.3
.5
.5
.5
.6
.7
.7
.8
.8
.8
.5
.3
.2
.0- . 2
- . 5- . 1- . 1
Less:Currenturplus
of gov-ern-ment
enter-prises
0.78
.8
.9
91.11.11 21.4
1.61 71.81.82.0
2.22.32.62.82.9
3.03.13 23.43.5
4.04.34.4
Surplusor
deficit
nationalincome
andprod-uct ac-counts
1.91 0.1
- . 7
- 1 2- . 4
C)
-1 .1
-1 .3- 9
- 1 4- 2 . 3- . 8
.2- . 5
9?
.7
n
- . 3.7
2.84.8
12.3
Seasonally adjusted annual rates
130,1133.6137.1139.1
144.2150.1154.0158.7
164.8174.6173.4
23.724.124.624.9
25.827.127.729.2
30.632.132.032.8
3.83.83.93.5
4.24.34.34.1
4.74.95.1
71.473.475.276.2
78.380.182.684.8
86.889.091.292.9
7.98.18.48.6
9.09.29.59.8
10.210.510.711.0
23.324.125.025.8
27.129.529.830.8
32.438.134.445.9
126.5129.8134.1138.2
142.2145.2147.8152.7
157.7159.9164.0169.9
117.6120.5124.3127.6
130.8133.3135,7140.2
143.7146.0150.2155.8
13.113.714.515.2
16.016.316.717.2
17.818.118.418.8
- 0 . 5
- ! 6- . 4
- . 2
- ! l- . 1
.0
.0- . 1- . 3
3.73.94.14.3
4.34.34.34.3
4.44.44.44.5
3.63.82.9.9
2,05.06.26.0
7.114.89.4
1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars, at seasonallyadjusted annual rates) .0 in each of the 4 quarters of 1970, and .0, .0, .3, and .4 in the 4 quarters of 1971 and —.6, — . 1 , .0,and .0 in the 4 quarters of 1972. respectively.
2 Deficit of $41 million.Source: Department of Commerce, Bureau of Economic Analysis.
276Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-72.—State and local government revenues and expenditures^ selected fiscal years\ 1927-71
[Millions of dollars)
Fiscal year *
General revenues by source*
TotalProp-erty
taxes
Salesand
grossre-
ceiptstaxes
Indi-vidualincometaxes
Corpo-ration
netincometaxes
Reve-nue
fromFederalGovern-
ment
Allotherreve-nues 3
General expenditures by function 3
Total Edu-cation
High-ways
Publicwel-fare
Allother*
1927—
1932...1934...1936...1938...
1940...1942...1944...1946...1948...
1950...1952...1953...1954...
1955...1956...1957...1958...1959...
1960...1961..1962...1963...
1962-63«1963-64 8.. .1964-65*...
1965-66«...1966-67*...1967-68*...1968-69*1969-70*
1970-71*...
7,271
7,2677,6788,3959,228
9,110,41810,90812,35617,250
20,91125,18127,30729,012
31,07334,66738,16441,21945,306
50,50554,03758,25262,890
62,26968,44374,000
83,03691,197
101,264114,550130,756
144,927
4,730
4,4874,0764,0934,440
4,4304,5374,6044,9866,126
7,3498,6529,3759,967
10,73511,74912,86414,04714,983
16,40518,00219,05420,089
19,83321,24122,583
24,67026,04"27,74;30,67334,054
37,852
470
7521,0081,4841,794
1,9822,3512,2892,9864,442
5,1546,3576,9277,276
7,6438,6919,4679,82910,437
11,84912,46313,49414,456
14,44615,76217,118
19,08520,53022,91126,51930,322
33,233
70
7480153218
224276342422543
788998
1,0651,127
1,2371,5381,7541,7591,994
2,4632,6133,0373,269
3,2673,7914,090
4,7605,8267,3088,90810,812
11,900
92
7949113165
156272451447592
593846817778
744890984018001
,180,266,3081,505
1,5051,6951,929
2,0382,2272,5183,1803,738
3,424
116
2321,016948800
945858954855
1,861
2,4862,5662,8702,966
3,1313,3353,8434,8656,377
6,9747,1317,8718,722
8,66310,00211,029
13,21415,37017,18119,15321,857
26,146
1,793
1,6431,4491,6041,811
1,8722,1232,2692,6613,685
4,5415,7636,2526,897
7,5848,4659,2509,699
10,516
11,63412,56313,48914,850
14,55615,95117,250
7,210
7,7657,1817,6448,757
9,2299,1908,86311,02817,684
22,78726,09827,91030,701
33,72436,71140,37544,85148,887
51,87656,20160,20664,816
63,97769,30274,546
19,26921,19723,598 102,411
82,84393,350
26,118 116,728131,33229,971
32,374 150,674
2,235
2,3111,8312,1772,491
2,6382,5862,7933,3565,379
7,1778,3189,39010,557
11,90713,22014,13415,91917,283
18,71920,57422,21623,776
23,72926,28628,563
33,28737,91941,15847,23852,718
59,413
1,809
1,7411,5091,4251,650
1,5731,4901,2001,6723,036
3,8034,6504,9875,527
6,4526,9537,8168,5679,592
9,4289,844
10,35711,136
11,15011,66412,221
12,77013,93214,48115,41716,427
18,095
151
8271,069
1,1561,2251,1331,4092,099
2,9402,7882,9143,060
3,1683,1393,4853,8184,136
4,4044,7205,0845,481
5,4205,7666,315
6,7578,2189,85712,11014,679
3,015
3,2692,9523,2153,547
3,8623,8893,7374,5917,170
8,86710,34210,61911,557
12,19713,39914,94016,54717,876
19,32521,06322,54924,423
23,67825,58627,447
30,02933,28136,91541,96347,508
18,226 54,940
i Fiscal years not the same for all governments. See footnote 5.3 Excludes revenues or expenditures of publicly owned utilities and liquor stores, and of insurance-trust activities.
Intergovernmental receipts and payments between State and local governments are also excluded.3 Includes licenses and other taxes and charges and miscellaneous revenues.* Includes expenditures for health, hospitals, police, local fire protection, natural resources, sanitation, housing and
urban renewal, local parks and recreation, general control, financial administration, interest on general debt, 2nd un-allocable expenditures.
* Data for fiscal year ending in the 12-month period through June 30. Data for 1963 and earlier years include local govern-ment amounts grouped in terms of fiscal years ended during the particular calendar year.
Note.—Data are not available for intervening years.See Table C-62 for net debt of State and local governments.
Source: Department of Commerce, Bureau of the Census.
277Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITS AND FINANCE
TABLE C-73.—Profits before and after taxes, all private corporations, 1929-72
[Billions of dollars]
Year orquarter
1929
1933 . .
1939
19401941194219431944 . .19451946194719481949 .
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
197019711972 P
1970: 1IIIIIIV
1971: 1IIIIIIV
1972: 1IIIll ....IV v
Corporate profits (before taxes) andinventory valuation adjustment
Allin-
dus-tries
10.5
- 1 . 2
6.3
9.815.220.324.423.819.219.325.633.030.8
37.742.739.939.638.046.946.145.641.151.7
49.950.355.758.966.376.182.478.784.379.8
69.978.687.7
Manufacturing
Total
5.2
- . 4
3.3
5.59.5
11.813.813.29.79.0
13.617.616.2
20.924.621.622.019.926.024.724.019.326.3
24.423.326.628.832.739.342.638.741.736.6
27.730.937.6
Dur-able
goodsin-
dus-tries
2.6
- . 4
1.7
3.16.47.28.17.44.52.45.87.58.1
12.013.211.711.910.514.312.813.39.3
13.6
12.011.414.115.817.822.824.020.722.418.8
11.014.118.7
Non-dur-able
goodsin-
dus-tries
2.6
.0
1.7
2.43.14.65.75.95.26.67.8
10.08.1
8.911.49.9
10.19.4
11.811.910.710.012.7
12.411.912.513.014.916.618.618.019.317.7
16.716.818.9
Trans-porta-tion,com-muni-cation,
andpublicutilities
1.8
.0
1.0
1.32.03.44.43.92.71.82.23.03.0
4.04.64.95.04.75.65.95.85.97.0
7.57.98.59.5
10.111.111.910.810.610.1
7.68.28.8
Allother
in-dus-tries
3.4
- . 8
2.0
3.03.75.16.26.76.78.59.9
12.511.6
12.713.513.312.613.415.215.615.815.918.4
17.919.120.520.623.525.627.929.132.033.1
34.639.541.3
Cor-po-rateprof-
itsbe-fore
taxes
10.0
1.0
7.0
10,017.721.525.124.119.724.631.535.228.9
42.643.938.940.638.348.648.847.241.452.1
49.750.355.459.466.877.884.279.887.684.9
74.383.393.7
Cor-po-ratetaxlia-bil-ity i
1.4
.5
1.4
2.87.6
11.414.112.910.79.1
11.312.510.4
17.822.319.420.317.721.621.721.219.023.7
23.023.124.226.328.331.334.333.239.940.1
34.137.341.0
Corporate profitsafter taxes
Total
8.6
.4
5.6
7.210.110.111.111.29.0
15.520.222.718.5
24.921.619.620.420.627.027.226.022.328.5
26.727.231.233.138.446.549.946.647.844.8
40.245.952.6
Divi-dends
5.8
2.0
3.8
4.04.44.34.44.64.65.66.37.07.2
8.88.68.68.99.3
10.511.311.711.612.6
13.413.815.216.517.819.820.821.423.624.3
24.825.426.4
Un-dis-trib-utedprof-its
2.8
- 1 . 6
1.8
3.25.75.96.66.54.49.9
13.915.611.3
16.013.011.011.511.316.515.914.210.815.9
13.213.516.016.620.626.729.125.324.220.5
15.420.526.3
Corpo-rate
capitalcon-
sump-tion
allow-ances 2
4.2
3.8
3.7
3.84.25.05.46.16.44.75.87.07.9
8.810.311.513.2
| 15.017.418.920.822.023.5
24.926.230.131.833.936.439.543.046.851.9
55.260.367.7
Profitsplus
capitalcon-
sump-tion
allow-ances 3
12.8
4.2
9.3
11.014.415.216.417.215.420.226.029.726.5
33.731.831.033.535.544.446.146.844.352.0
51.653.561.364.872.382.989.589.694.696.8
95.3106.2120.3
Seasonally adjusted annual rates
69.371.572.066.9
76.680.178.379.4
81.886.189.6
29.429.928.922.6
30.931.230.131.2
35.437.037.9
13.113.0U. 76.2
14.314.413.314.3
17.719.418.4
16.417.017.216.4
16.616.816.916.9
17.717.619.5
8.07.47.87.2
7.88.88.57.6
7.88.89.6
31.934.135.337.0
37.840.139.640.6
38.540.342.1
75.875.276.669.6
81.384.584.183.2
88.291.695.7
34.334.635.432.2
38.038.637.535.3
38.840.141.8
41.440.641.237.4
43.245.846.648.0
49.551.553.9
24.824.724.924.7
25.525.425.525.2
26.026.226.526.7
16.615.816.312.7
17.720.421.022.7
23.525.327.3
54.454.855.256.1
57.559.461.263.0
64.868.068.469.5
95.895.496.593.5
100.7105.2107.8110.9
114.3119.5122.2
i Federal and State corporate income and excess profits taxes.> Includes depreciation and accidental damages.3 Corporate profits after taxes plus corporate capital consumption allowances.
Source: Department of Commerce, Bureau of Economic Analysis.
278Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-74.—Sales, profits, and stockholders9 equity, all manufacturing corporations, 1947-72
[Billions of dollars]
Year orquarter
All manufacturingcorporations i
Sales(net)
Profits
BeforeFederalincometaxes
AfterFederalincometaxes
Stock-holders'equity 2
Durable goods industries
Sales(net)
Profits
BeforeFederalincometaxes
AfterFederalincometaxes
Stock-holders'equity 2
Nondurable goodsindustries 1
Sales(net)
Profits
BeforeFederalincometaxes
AfterFederalincomitaxes
Stock-holders'equity *
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701 9 7 1 3 . . . .
1970: I . . .I I . . .I I I . .IV..
1971: I . . .II—III..IV 3.
1972: I . . .I I . . .III..
150.7165.6154.9
181.9245.0250.2265.9248.5
278.4307.3320.0305.3338.0
345.7356.4389.9412.7443.1
492.2554.2575.4631.9694.6
708.8751.4
170.4181.3176.7180.4
177.5191.4185.6196.9
197.5213.5210.9
16.618.414.4
23.227.422.924.420.9
28.629.828.222.729.7
27.527.531.934.939.6
46.551.847.855.458.1
48.153.2
12.113.711.710.7
12.114.512.813.7
13.916.715.1
10.111.59.0
12.911.910.711.311.2
15.116.215.412.716.3
15.215.317.719.523.2
27.530.929.032.133.2
28.631.3
6.98.07.06.7
7.08.57.58.2
7.99.68.8
65.172.277.6
83.398.3
103.7108.2113.1
120.1131.6141.1147.4157.1
165.4172.6181.4189.7199.8
211.7230.3247.6265.9289.9
306.8320.9
300.9306.0309.5310.8
314.0319.0323.2327.3
333.3341.1348.1
66.675.370.3
86.8116.8122.0137.9122.8
142.1159.5166.0148.6169.4
173.9175.2195.5209.0226.3
257.0291.7300.6335.5366.5
363.1382.5
87.295.489.790.8
90.799.892.699.4
100.0111.6106.2
7.68.97.5
12.915.412.914.011.4
16.516.515.811.415.8
14.013.616.718.521.2
26.229.225.730.631.5
23.026.5
5.97.35.34.5
6.07.85.86.9
7.39.67.5
4.55.44.5
6.76.15.55.85.6
8.18.37.95.88.1
7.06.98.69.5
11.6
14.516.414.616.516.9
12.914.5
3.24.02.92.8
3.24.33.23.8
3.95.34.2
31.134.137.0
39.947.249.852.454.9
58.865.270.572.877.9
82.384.989.193.398.5
105.4115.2125.0135.6147.6
155.1160.6
152.2155.1156.6156.6
158.0160.3161.2162.8
165.9170.8174.1
84.190.484.6
95.1128.1128.0128.0125.7
136.3147.8154.1156.7168.5
171.8181.2194.4203.6216.8
235.2262.4274.8296.4328.1
345.7368.9
83.286.087.089.6
86.991.693.197.4
97.5101.9104.7
9.09.57.0
10.312.110.010.49.6
12.113.212.411.313.9
13.513.915.116.418.3
20.322.622.024.826.6
25.226.7
6.26.46.46.2
6.16.87.06.8
6.67.27.6
5.66.24.6
6.15.75.25.55.6
7.07.87.56.98.3
8.28.59.2
10.011.6
13.014.614.415.516.4
15.716.7
3.74.04.04.0
3.84.24.34.4
4.14.34.6
34.038.140.6
43.551.153.955.758.2
61.366.470.674.679.2
83.187.792.396.3
101.3
106.3115.1122.6130.3142.3
151.7160.3
148.7151.0152.9154.2
156.0158.7162.0164.6
167.4170.3174.1
1 Includes newspapers beginning 1969.2 Annual data are average equity for the year (using four end-of-quarter figures).3 Data for fourth quarter and year 1971 are for industry classifications prior to the reclassifications made during the fourth
quarter.
Note.—For explanatory notes concerning compilation of the series, see "Quarterly Financial Report for ManufacturingCorporations," Federal Trade Commission.
Data are not necessarily comparable from one period to another due to changes in accounting procedures, industryclassifications, sampling procedures, etc. Specific information about the effects of the more significant changes and re-visions is contained in the following issues of the "Quarterly Financial Report": third quarter 1953, third quarter 1956,first quarter 1959, and first quarter 1965.
Source: Federal Trade Commission.
279Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—75.—Relation of profits after taxes to stockholders9 equity and to sales, all manufac-turing corporations, by industry group, 1950-72
Year orquarter
Allman-ufac-tur-ingcor-pora-tions !
Durable goods industries
Totaldur-
able2
Mo-tor
vehi-clesand
equip-ment
Air-craftandparts
Elec-tricalma-
chin-ery,
equip-ment,andsup-plies
Ma-chin-ery(ex-ceptelec-trical)
Fab-ri-
catedmetalprod-ucts
Pri-maryironandsteelin-
dus-tries
Pri-marynon-fer-rousmetal
in-dus-tries
Stone,clay,and
glassprod-ucts
Furni-tureandfix-
tures
Lum-berand
woodprod-ucts(ex-cept
furni-ture)
In-stru-mentsandre-
latedprod-ucts
Ratio of profits after Federal income taxes (annual rate) to stockholders' equity—percent3
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
19701971
1971: I . .II.III.IV.
1972: I . .II.III.
1950.195119521953195419551956195719581959
1960196119621963196419651966196719681969
19701971
1971: I . . . .I I . . .III..IV..
1972: I . . .II . . .I I I . . . .
15.412.110.310.59.9
12.612.310.98.6
10.4
9.28.99.8
10.311.613.013.411.712.111.5
9.39.7
8.910.79.39.89.5
11.310.1
16.913.011.111.110.313.812.811.38.0
10.4
8.58.19.6
10.111.713.814.211.712.211.4
8.39.0
8.010.88.19.39.3
12.49.6
25.314.313.913.914.121.713.114.28.2
14.5
13.511.416.316.716.919.515.911.715.112.6
6.113.1
14.815.67.0
14.716.218.75.5
17.713.28.1
7.39.8
12.711.312.215.214.412.914.210.6
6.85.8
5.46.76.54.46.49.16.8
20.914.013.713.112.412.311.412.510.212.5
9.58.9
10.010.111.213.514.812.812.211.1
9.19.5
,8.09.79.4
10.88.5
11.110.2
14.113.011.39.88.6
10 312.610.76.99.7
7.57.89.19.6
12.514.115.012.912.312.2
9.88.7
7.59.38.49.69.5
12.011.3
16.013.410.19.87.6
10.010.79.37.38.0
5.65.97.98.3
10.113.214.712.711.711.3
8.58.3
7.110.29.46.49.4
12.312.0
14.312.38.5
10.78.1
13.512.711.47.28.0
7.26.15.47.08.89.8
10.27.77.67.6
4.34.5
5.08.5.5
4.14.07.55.0
15.113.811.611.110.415.516.49.36.07.9
7.17.17.57.69.8
11.914.810.910.812.2
10.65.1
6.78.12.13.35.77.54.9
17.714.211.711.812.515.614.912.410.212.7
9.98.98.98.79.6
10.39.98.29.29.2
6.99.2
3.112.512.18.85.0
12.713.4
15.211.38.68.26.09.2
11.68.56.38.9
6.54.97.98.3
10.113.414.212.112.212.6
7.99.5
4.910.511.5,11.09.8
14.313.2
17.511.98.57.16.3
11.18.74.75.79.4
3.64.15.68.29.9
10.110.08.6
14.613.0
5.611.4
6.712.414.012.212.318.618.7
16.713.211.611.412.312.512.412.010.613.1
11.610.612.012.114.417.520.918.016.615.6
14.313.6
10.214.215.014.712.814.215.1
7.14.84.34.34.55.45.34.84.24.8
4.44.34.54.75.25.65.65.05.14.8
4.04.1
3.94.54.14.14.04.54.2
Profits after Federal income taxes per dollar of sales—cents
7.75.34.54.24.65.75.24.83.94.8
4.03.94.44.55.15.75.64.84.94.6
3.53.8
3.54.33.53.83.94.74.0
8.34.74.73.95.16.95.25.44.06.3
5.95.56.96.97.07.26.24.95.74.7
2.64.6
5.25.42.84.95.45.82.1
"2.9"2.41.6
1.41.82.42.32.63.33.02.73.23.0
2.01.8
1.71.92.21.42.12.92.3
7.25.04.54.14.54.43.84.23.84.4
3.53.53.73.84.24.84.84.44.33.9
3.33.5
3.13.73.63.83.24.03.8
7.35.54.84.24.45.15.44.83.74.8
3.94.14.54.75.86.26.45.75.55.4
4.64.2
3.84.34.14.64.75.45.3
6.85.04.03.63.13.84.03.63.13.2
2.42.53.13.23.74.54.94.54.13.8
3.02.9
2.63.53.32.13.13.83.9
7.95.84.75.35.37.26.76.65.45.4
5.14.63.94.85.65.75.84.84.64.4
2.52.6
2.94.1.3
2.52.33.72.6
10.27.86.76.36.68.39.36.64.75.8
5.45.35.55.36.57.38.26.86.26.6
6.23.3
4.44.81.42.33.74.53.2
10.17.16.66.57.48.68.27.56.87.9
6.65.85.65.35.65.95.64.85.24.7
3.64.5
1.85.85.44.32.75.85.9
5.13.42.72.62.12.93.42.62.02.7
2.11.62.32.42.93.73.93.53.43.5
2.53.0
1.73.33.63.33.03.93.6
9.45.54.13.53.45.43.92.32.84.2
1.71.92.53.33.94.03.83.45.34.8
2.54.4
3.04.75.24.54.45.85.7
8.66.14.84.65.56.05.85.75.46.5
5.95.45.96.07.28.69.58.58.17.8
7.37.2
5.77.48.07.77.37.68.0
See footnotes at end of table.
280Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-75.—Relation of profits after taxes to stockholders* equity and to sales, all manufac-turing corporations, by industry group, 1950—72—Continued
Year orquarter
Nondurable goods industries
Totalnon-dur-
able 12
Foodandkin-dredprod-ucts
To-baccoman-ufac-tures
Tex-tilemill
prod-ucts
Ap-pareland
relatedprod-ucts
Paperand
alliedprod-ucts
Print-ingandpub-lish-ing1
Chem-icalsand
alliedprod-ucts
Petro-leumrefin-
ing
Rub-berandmis-
cella-neousplasticprod-ucts
Leatherand
leatherprod-ucts
1950....1951....1952....1953....1954....1955....1956195719581959
196019611962....1963196419651966....1967....1968....1969....
1970
1971....1971:1
II.III.IV.
1972: L .II.III.
1950....1951....1952....1953....1954....1955195619571958195919601961196219631964....1965....1966....1967....1968....1969....1970....1971....
1971:1..II.III.IV.
1972:1..II.III.
Ratio of profits after Federal income taxes (annual rate) to stockholders' equity—percent3
14.111.29.79.99.6
11.411.810.69.2
10.49.89.69.9
10.411.512.212.711.811.911.510.310.3
9.810.610.610.29.8
10.210.5
12.38.17.68.18.18.99.38.78.79.38.78.98.89.0
10.010.711.210.810.810.910.811.010.211.511.710.610.111.711.4
11.59.58.49.4
10.211.411.712.513.513.413.413.613.113.413.413.514.114.414.414.515.715.814.815.717.115.315.115.915.3
12.78.24.24.61.85.75.84.23.57.55.85.06.26.18.5
10.910.1
7.68.87.95.16.74.67.26.58.26.47.37.3
10.12.94.45.14.56.18.16.34.98.67.77.29.37.7
11.712.713.312.013.011.99.3
11.25.5
10.912.515.110.99.3
12.4
16.213.910.510.19.9
11.511.6
8.98.19.58.57.98.18.19.39.4
10.69.19.7
10.17.04.84.95.95.32.96.5
10.58.6
11.510.39.19.49.2
10.213.011.79.0
11.410.6
8.510.39.2
12.614.215.613.012.512.611.210.77.9
10.810.413.67.6
12.612.6
17.812.210.910.711.614.714.213.311.413.712.211.812.412.914.415.215.113.113.312.811.411.811.712.811.811.012.812.912.9
15.213.313.412.713.413.912.510.09.8
10.110.310.111.311.411.812.412.512.311.711.010.311.09.9
10.69.88.87.48.6
16.914.811.111.310.613.212.211.19.1
11.09.19.39.69.2
10.611.712.210.312.310.3
7.19.67.6
10.99.3
10.510.212.110.0
6.54.54.14.34.45.15.34.94.44.9
4.84.74.74.95.45.55.65.35.25.04.54.54.44.64.64.34.24.34.4
Profits after Federal income taxes per dollar of sales—cents
3.42.01.92.02.12.32.42.22.22.42.32.32.32.42.72.72.72.62.62.62.52.62.52.72.82.52.42.72.6
4.93.83.23.74.24.85.05.25.45.45.55.75.75.95.95.95.95.95.55.25.86.16.06.06.56.05.96.26.0
5.83.41.92.21.02.62.61.91.63.02.52.12.42.33.13.83.62.93.12.91.92.41.72.62.42.92.32.52.6
2.8.6
1.0L2L.I1.31.6L3L.OL.51.41.31.6L.42.12.32.42.32.42.31.92.41.32.42.63.02.32.01.3
8.86.65.75.45.66.16.15.04.75.25.04.74.64.55.14.95.44.74.74.83.42.32.52.82.51.43.04.63.8
4.53.73.33.43.43.64.23.73.14.03.62.83.43.24.34.85.14.44.14.74.24.13.14.14.05.03.04.84.9
10.36.56.16.16.88.38.07.67.07.97.57.37.47.57.97.97.86.96.86.55.96.16.26.46.15.76.46.36.5
11.110.110.410.611.111.610.69.59.59.9
10.39.7
10.810.911.111.211.010.710.19.38.38.98.08.77.56.85.86.8
5.84.53.63.84.04.44.44.23.54.03.63.83.73.64.14.34.43.94.53.82.73.63.13.93.53.94.04.33.7
10.92.15.86.05.98.57.27.05.78.5
6.34.46.96.9
10.511.612.911.913.09.39.48.28.38.17.98.3
10.26.3
10.6
3.7.6
1.81.81.92.52.12.01.72.21.61.11.81.82.62.83.03.03.32.62.52.22.32.32.12.22.81.72.8
i Includes newspapers beginning 1969.s Includes certain industries not shown separately.3 Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equity
at end of quarter only.Note.—For explanatory notes concerning compilation of the series, see "Quarterly Financial Report for Manufacturing
Corporations," Federal Trade Commission. See also Note, Table C-74.Source: Federal Trade Commission.
281Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-76.—Sources and uses of funds, nonfarm nonfinancial corporate business, 1946-72
[Billions of dollars]
Period
1946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
19701971
1970:1||IIIIV .
1971: 1IIIIIIV
1972: 1.II
x III 9
Sources
Total
18.328.129.020.4
41.837.629.429.329.653.446.539.446.557.3
48.255.162.667.574.494.4
100.298.7
109.8117.6
102.5126.7
Internal
7.812.618.719.1
17.919.921.221.123.329.228.930.629.535.0
34.435.641.843.950.556.661.261.561.760.8
59.167.1
Total
10.515.510.41.3
23.817.68.28.26.3
24.317.68.8
17.022.3
13.819.520.723.623.937.839.137.348.156.9
43.459.6
Externa
Credit market funds
Total
6.88.76.33.1
7.210.08.75.76.1
10.412.712.010.211.9
11.412.512.412.314.620.625.229.730.740.3
39.848.5
Long-term 2
3.55.66.45.1
3.95.97.96.06.76.67.5
10.410.78.2
7.611.19.78.59.09.3
15.621.517.921.2
32.344.0
Short-term 3
3.33.1
- 1 . 9
3.34.1.8
- . 3- . 63.85.21.6
- . 43.7
3.81.52.73.85.7
11.39.58.2
12.919.1
7.54.6
Other
3.76.84.0
- 1 . 8
16.77.7
- . 52.5.2
13.84.8
- 3 . 16.8
10.4
2.47.08.4
11.49.3
17.213.97.6
17.416.6
3.611.0
Uses
Total
16.525.525.318.8
40.537.229.026.926.548.039.938.937.951.2
41.649.155.159.765.583.089.788.899.5
105.2
95.5106.9
Pur-chase
ofphysi-
calassets^
17.917.220.315.3
24.129.924.424.621.631.535.934.727.336.9
39.036.744.045.652.162.877.172.076.284.0
84.685.2
In-crease
infinan-cial
assets
- 1 . 48.35.13.5
16.47.34.62.24.8
16.54.04.2
10.614.2
2.612.511.114.213.420.212.616.823.321.1
10.921.7
Discrep-ancy(usesless
sources)
- 1 . 8- 2 . 5-3 .7- 1 . 6
- 1 . 3- . 4- . 3
- 2 . 4- 3 . 2- 5 . 4- 6 . 6
- 8 . 6- 6 . 1
- 6 . 6- 5 . 9- 7 . 5- 7 . 8- 9 . 0
-11.4-10.6- 9 . 9
-10.3-12.5
- 6 . 9-19.8
Seasonally adjusted annual rates
106.1112.692.798.2
118.2122.2135.2130.4
137.2139.7144.3
58.360.259.858.2
62.166.667.272.4
72.577.781.0
47.852.433.040.0
56.155.668.057.9
64.762.063". 3
36.445.832.844.2
45.648.557.442.8
51.557.650.0
24.831.232.840.6
41.846.945.242.2
36.044.940.8
11.614.6
.03.6
3.81.6
12.2.6
15.512.79.2
11.36 7.2
- 4 . 2
10.67.1
10.515.2
13.14.5
13.2
102.0107.384.188.3
105.9110.8108.5101.7
128.1125.8129.9
80.885.288.284.3
82.487.683.287.7
94.8100.1102.8
21.222.2
-4 .14.0
23.623.225.314.0
33.325.627.1
- 4 . 1- 5 . 2- 8 . 6
-10.0
-12.3-11.4-26.7-28.6
-9 .1-13.9-14.4
1 Undistributed profits (after inventory valuation adjustment) and capital consumption allowances.2 Stocks, bonds, and mortgages.s Bank loans, commercial paper, finance company bans, bankers' acceptances, and Government loans.4 Plant and equipment, residential structures, and inventory investment.
Source: Board of Governors of the Federal Reserve System.
282Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-77\—Current assets and liabilities of U.S. corporations, 1939-72[Billions of dollars]
End of yearor quarter
1939
1940 . . .1941194219431944194519461947 . . . .19481949
195019511952 .1953195419551956195719581959
19601961
196119621963196419651966196719681969
19701971 .
1971- 1IIIIIIV
1972: 1IIIII.
Current assets
Total
Cashon
handandin
banks*
U.S.Gov-ern-ment
securi-ties 2
Re-ceiv-ablesfromU.S.Gov-ern-
ment3
Notesandac-
countsreceiv-able
In-ven-tories
Othercur-rentas-
sets*
Total
Current liabilities
Ad-vances
andpre-pay-
ments,U.S.Gov-ern-
ment3
Notesandac-
countspay-able
Fed-eralin-
cometax
liabili-ties
Othercur-rentlia-bili-ties
Network-ing
capi-tal
All corporations s
54.5
60.372.983.693.897.297.4
108.1123.6133.0133.1
161.5179.1186.2190.6194.6224.0237.9244.7255.3277.3
289.0306.8
10.8
13.113.917.621.621.621.722.825.025.326.5
28.130.030.831.133.434.634.834.937.436.3
37.241.1
2.2
2.04.0
10.116.420.921.115.314.114.816.8
19.720.719.921.519.223.519.118.618.822.8
20.120.0
0.1.6
4.05.04.72.7.7
22.1
23.927.423.321.921.823.230.0
38.3424C
1.12.72.82.62.42.32.62.82.82.9
3.13.4
.4
.0
55.758.864.665.971.286.695.199.4
106.9117.7
126.1135.8
18.0
19.825.627.327.626.826.337.644.648.945.3
55.164.965.867.265.372.880.482.281.9.88.4
91.895.2
1.4
1.51.41.31.31.42.41.71.61.61.4
1.72.12.4
3.14.25.96.77.59.1
10.611.4
30.0
32.840.747.351.651.745.851.961.564.460.7
79.892.696.198.999.7
121.0130.5133.1136.6153.1
160.4171.2
0.6.8
2.02.21.8.9.1
21.9
22.625.624.024.125.024.831.5
37.639.337.5
.41.32.32.22.42.32.42.31.71.7
1.81.8
47.953.657.057.359.373.881.584.388.799.3
105.0112.8
1.2
2.57.1
12.616.615.510.48.5
10.711.59.3
16.721.318.118.715.519.317.615.412.915.0
13.514.1
6.9
7.17.28.78.79.49.7
11.813.213.514.0
14.916.518.720.722.525.729.031.133.337.0
40.142.5
24.5
27.532.336.342.145.651.656.262.168.672.4
81.686.590.191.894.9
103.0107.4111.6118.7124.2
128.6135.6
Nonfinancial corporations9
254.7269.7288.2305.6336.0364.0386.2426.5473.5
490.5516.6
494.1498.3507.1516.6
526.1534.3545.3
34.837.139.840.542.841.945.548.247.9
49.755.3
48.551.152.455.3
55.355.757.3
16.516.816.715.814.413.010.311.510.6
7.610.4
7.87.77.8
10.4
9.98.77.6
3.43.73.63.43.94.55.15.14.8
4.23.5
4.23.93.93.5
3.42.82.9
94.599.5
106.9116.5130.2142.1150.2168.8192.2
200.6207.5
201.3203.3206.5207.5
211.4216.3222.5
95.0100.5106.8113.1126.6142.8153.1166.0186.4
196.0203.1
198.5199.2201.6203.1
207.2210.7215.2
10.512.114.416.318.119.722.026.931.6
32.436.8
33.833.134.936.8
38.940.139.8
123.7132.4145.5156.6178.8199.4211.3244.1287.8
302.6311.9
302.1301.8306.3311.9
316.4319.1326.2
1.82.02.52.73.14.45.86.47.3
6.64.9
6.15.35.04.9
4.94.94.7
82.686.794.5
102.2118.4133.1141.3162.4191.9
200.5202.8
195.7195.8197.4202.8
202.5204.0207.6
13.314.315.716.218.317.413.214.312.6
11.814.5
13.712.413.814.5
15.713.415.0
26.029.432.835.539.044.551.061.076.0
83.789.7
86.688.390.189.7
93.396.898.9
131.0137.3142.7149.0157.2164.6174.9182.4185.7
187.9204.7
192.0196.5200.8204.7
209.7215.2219.1
1 Includes time certificates of deposit.2 Includes Federal agency issues.3 Receivables from and payables to U.S. Government do not include amounts offset against each other on corporations'
books or amounts arising from subcontracting which are not directly due from or to the U.S. Government. Wherever possible,adjustments have been made to include U.S. Government advances offset against inventories on corporations' books.
* Includes marketable investments (other than Government securities and time certificates of deposit) as well as sundrycurrent assets.
5 Excludes banks, savings and loan associations, and insurance companies.6 Excludes banks, sayings and loan associations, insurance companies, investment companies, finance companies
(personal and commercial), real estate companies, and security and commodity brokers, dealers, and exchanges.Note.—Year-end data through 1969 are based on "Statistics of Income" (Treasury Department), covering virtually
all corporations in the United States. "Statistics of Income" data may not be strictly comparable from year to year becauseof changes in the tax laws, basis for filing returns, and processing of data for compilation purposes. All other figures shownare estimates based on data compiled from many different sources, including data on corporations registered with theSecurities and Exchange Commission.
Source: Securities and Exchange Commission.
283
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-78.—State and municipal and corporate securities offered, 1934-72
[Millions of dollars]
Year or quarter
State andmunicipalsecurities
offeredfor cash
(principalamounts)
Corporate securities offered for cash
Totalcorpo-
rateoffer-ings
Type of corporate security
Com-monstock
Pre-ferredstock
Bondsand
notes
Industry of corporate issuer
Manu-fac-
turing1
Elec-tric,gasand
water2
Trans-porta-tion 3
Com-munica-
tionOther
1934
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
197019711972 P . .
1971: I . .II.IIIIV
1972: I . .II.IIIIV
939
1,128
1,238956524435661
7951,1572,3242,6902,907
3,5323,1894,4015,5586,969
5,9775,4466,9587,4497,681
7,2308,3608,55810,10710,544
11,14811,08914, 28816,37411,460
17, 76224,37022,903
6,5405,9615,8456,024
5,8656,1095,3835,546
397
2,164
2,6772,6671,0621,1703,202
6,0116,9006,5777,0786,052
6,3617,7419,5348,8989,516
10,24010,93912,88411,5589,748
10,15413,16510,70512,21113,957
15,99218,07424,79821,96626,744
38,94544,92140,106
12,13311,68710, 33610,765
9,80411,2149,3459,743
19
87
1081103456163
397891779614736
8111,2121,3691,3261,213
2,1852,3012,5161,3342,027
1,6643,2941,3141,0112,679
1,5471,9391,9593,9467,714
7,2409,1939,649
1,7792,6282,1192,667
2,0702,7922,4202,367
183167112124369
7581,127762492425
631838564489816
635636411571531
409450422343412
725574885637682
1,3903,6793,462
489702
1,963525
7801,006839837
371
1,980
2,3862,390917990
2,669
4,8554,8825,0365,9734,890
4,9205,6917,6017,0837,488
7,4208,0029,9579,6537,190
8,0819,4208,96910, 85610,865
13, 72015,56121,95417,38318,348
30,31532,04926,994
9,8658,3576,2547,573
6,9537,4166,0866,539
67
604
992848539510
1,061
2,0263,7012,7422,2261,414
1,2003,1224,0392,2542,268
2,9943,6474,2343,5152,073
2,1524,0773,2493,5143,046
5,4177,07011,0586,9796,356
10,51311,6726,957
3,7493,2652,2052,453
1,5252,1081,7491,575
133
1,271
1,2031,357472477
1,422
2,3192,1583,2572,1872,320
2,6492,4552,6753,0293,713
2,4642,5293,9383,8043,258
2,8513,0322,8252,6772,760
2,9363,6654,9355,2816,736
11,01711,78711,259
3,2152,8942,6373,041
2,2613,4952,7012,802
176
186
32436648161609
1,454711286755800
813494992595778
893724824824967
718694567957982
1,0131,9722,0671,8752,146
2,2602,4501,668
437959480574
534530334270
902571
399612760882720
1,1321,4191,4621,424717
1,0501,8341,3031,1052,189
9472,0031,9791,7662,188
5,1365,8204,739
1,606897
2,2631,054
1,4761,369856
1,038
21
103
15996
21109
211329293
1,008946
1,3001,0581,0682,1382,037
2,7572,6192,4261,9912,733
3,3833,5272,7613,9574,980
5,6803,3644,7596,0649,319
10,02013,19215, 483
3,1263,6722,7513,643
4,0083,7123,7054,058
1 Prior to 1948, also includes extractive, radiobroadcasting, airline companies, commercial, and miscellaneous companyissues.
2 Prior to 1948, also includes telephone, street railway, and bus company issues.3 Prior to 1948, includes railroad issues only.Note.—Covers substantially all new issues of State, municipal, and corporate securities offered for cash sale in the United
States in amounts over $100,000 and with terms to maturity of more than 1 year; excludes notes issued exclusively tocommercial banks, intercorporate transactions, investment company issues, and issues to be sold over an extended period,such as employee-purchase plans.
Sources: Securities and Exchange Commission, "The Commercial and Financial Chronicle," and "The Bond Buyer."
284Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-79.—Common stock prices, earnings, and yields
Year or month
1949
1950. . .195119521953195419551956195719581959
1960196119621963196419651966196719681969
197019711972
1971: JanFeb . .MarAprMayJune
JulyAug _SeptOctNovDec .
1972: Jan.FebMarAprMayJune
JulyAugSeptOct _NovDec
Standard & Poor's common stock data
Price indexes l
Total(500
stocks)
Indus-trials(425
stocks)
Publicutilities
(55stocks)
Rail-roads(20
stocks)
1941-43=10
15.23
18.4022.3424.5024.7329.6940.4946.6244.3846.2457.38
55.8566.2762.3869.8781.3788.1785.2691.9398.7097.84
83.2298 29
109.20
93.4997.1199.60
103. 04101.6499.72
99.0097.2499.4097.2992.7899.17
103.30105.24107.69108.81107.65108.01
107.21111.01109.39109.56115.05117. 50
15.00
18.3322.6824.7824.8430.2542.4049.8047.6349.3661.45
59.4369.9965.5473.3986.1993.4891.0899.18
107. 49107.13
91.29108 35121.79
102. 22106.62109. 59113 68112.41110.26
109. 09107.26109. 85107. 28102. 21109.67
114.12116.86119.73121.34120.16120.84
119.98124.35122.33122.39128.29131.08
17.87
19.9620.5922.8624.0327.5731.3732.2532.1937.2244.15
46.8660.2059.1664.9969.9176.0868.2168.1066.4262.64
54.4859.3356.90
63.4362.4962.4262.0659.2057.90
60.0857.5156.4857.4155.8657.07
60.1957.4157.7355.7054.9453.73
53.4754.6655.3656.6661.1661.73
12.83
15.5319.9122.4922.6023.9632.9433.6528.1127.0535.09
30.3132. 8330.5637.5845.4646.7846.3446.7248.8445.95
32.1341.9444.11
36.6438.7839.7042.2942.0542.12
42.0543.5547.1844.5841.1943.17
45.1645.6646.4847.3845.0643.66
42.0043.2842.3741.2042.4144.62
Divi-dendyield(per-cent) 2
6.59
6.576.135.805.804.954.084.094.353.973.23
3.472.983.373.173.013.003.403.203.073.24
3.833.142.84
3.323.183.102.993.043.10
3.133.183.093.163.313.10
2.962.922.862.832.882.87
2.902.802.832.822.732.70
Price/earn-ings
ratio3
6.49
7.158.57
10.579.77
11.7512.5913.2512.7316.3317.32
16.9821.6817. 3918.2018.8117.9215.1517.4817.6616.48
15.6918.50
19.22
18.74
18.11
17.91
18.45
17.95
18.00
and stock market credit
Margin credit at brokers and
Total
Regulated
Brokers
5
Banks
1949-72
banks«
Unreg-ulated ;non-mar-gin
stockcredit
atbanks e
Millions of dollars
5,0445,1745,3925,5985,7015,783
5,8605,9175,9906,0165,9956,535
6,8507,4277,8478,2508,472
"8,860
"9,042"9, 217"9, 213"9,138
4,2244,3114,5314,7764,8744,976
5,0505,1215,2085,2385,1985,700
5,9896,4776,8967,2837,4787,792
7,9458,0608,0838,0818,166
820863861822827807
810796782778797835
861950951967994
"1,068
"1,097"1,156"1,130"1,057
1.104
p
P
1,1211,1371,1221,1221,228
1,0911,2081,1821,1941,1931,197
1,182,170,158,150,141,253
,334.348
"1,403"1,406
Otherse-
curitycredit
atbanks7
1.220
P
p
1 ?05M83
2351,263
18317061,2371 ?f)4,?09
1,298
3?7,294,?78,296,258
,??9?1R
"1, 278"1,368
1 Monthly data are averages of daily figures and annual data are averages of monthly figures.2 Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes-
day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.3 Ratio of price index for last day of quarter to earnings for 12 months ending with that quarter. Annual ratios are
averages of quarterly data.* Margin credit includes all credit extended to purchase or carry stocks or related equity instruments and secured at
least in part by stock. Credit extended by brokers is end-of-month data for member firms of the New York Stock Ex-change. June data for banks are universe totals; all other data for banks represent estimates for all commercial banks,which accounted for 60 percent of security credit outstanding at banks on June 30,1971.
6 In addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan valuesfor convertible bonds and stock acquired through exercise of subscription rights.
8 Nonmargin stocks are those not listed on a national securities exchange and not included in the Board of Governorsof the Federal Reserve System's list of over-the-counter margin stocks. At banks, loans to purchase or carry nonmarginstocks are unregulated; at brokers, such stocks have no loan value.
7 1 ncludes loans to purchase or carry margin stock if these are unsecured or secured entirely by unrestricted collateral.
Sources'. Board of Governors of the Federal Reserve System, New York Stock Exchange, and Standard & Poor's Cor-poration.
285Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-80.—Business formation and business failures
Year or month
19291933319393
1940..1941194219431944194519461947194819491950195119521953.. . .19541955195619571958.1959 .1960...1961.. . .19621963.1964.1965....19661967196819691970....19711972.
1971:JanFeb . .MarAprMayJuneJulyAug..SeptOctNovDec .
1972:JanFebMarApr . .MayJuneJulyAugSeptOctNovDec
Indexof net
businessformation
(1967=100)
112.587.993.198.298.194.491.398.995.090.389.496.792.488.490.793.397.298.598.2
100.0109.8116.2108.1111.2
* 118.1
Newbusinessincorpo-rations(num-ber)
132,916112,89796,34685,64093,09283,77892,946
102,706117,411139,915141,163137,112150,781193,067182,713181,535182,057186,404197, 724203,897200,010206,569233,635274,267264,209287,567
4 291,041
1929-72
Business failures *
Busi-ness
failurerates
103.9100.369.663.054.444.616.46.54.25.2
14.320.434.434.330.728.733.242.041.648.051.755.951.857.064.460.856.353.253.351.649.038.637.343.841.738.3
Seasonally adjusted
105.8105.4108.7108.8109.9111.9112.3112.8111.8114.7116.7115.6114.7113.9116 7117.6118.8117.8118.7117 8118.9120.6123.7
22,33820,92323, 22022, 77024,16824,69125,07325,14223,27825, 05025, 82825, 52924, 68524,74327,39926,37226,39626,27726,89326,61226, 79527,169
* 27,700
43.341.843 942.942.844.339 643.640.138.141.637.535.740.841 236.538.234.238.540 539.138.838.537.4
Number of failures
Total
22,90919,85914,76813,61911,8489,4053,2211,222
8091 1293 4745,2509,2469,1628,0587,6118 862
11,08610,96912,68613 73914 96414,05315 44517,07515,78214 37413 50113 51413,06112 3649,6369 154
10,74810 3269,566
905860
1 042989912935786848741759319730750880986808856730740824730755799708
Liability sizeclass
Under$100,000
22,16518,88014,54113,40011,6859,2823 1551,176
7591 0033 1034,8538,7088,7467,6267,0818 075
10,22610,11311,61512 54713 49912,70713 65015,00613,77212 19211 34611 34010,83310 1447, 8297,1928,0197 6117,040
663620743746676680606621523566629538553647672592670528538578551593574544
$100,000andover
744979227219163123664650
126371397538416432530787860856
1,0711 1921 4651,3461 7952,0692,0102 1822 1552,1742,2282 2201,8071,9622,7292 7152,526
242240299243236255180227218193190192197233314216186202202246179162225164
Amount of currentliabilities (millions
of dollars)
Total
483.3457.5182.5166.7136.1100.845.331.730.267.3
204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.6
1,090.11,213.61,352.61,329.21,321.71,385.71,265.2
941.01,142.11,887.81,916.92,000.2
168.8150.9224.6153.8249.5165.8147.0155.6115.8144.7129.0111.3101.6191.3220.7148.5190.1127.9204.6253.6113.5153.0208.686.8
Liability sizeclass
Under$100,000
261.5215.5132.9119.9100.780.330.214.511.415.763.793.9
161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8
23.622.426 826.224.522.521.822.120.020.621.219.620.123.024.428.523.318.119.221.019.621.421.019.1
$100,000andover
221.8242.049.746.835.420.515.117.118.851.6
140.9140.7146.797.1
128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.1
1,031.61,015.61,000.01,064.1
967.3699.9910.8
1,618.41,645.61,741.5
145.2128.6197.8127.9224.6143.3125.2133.495.9
124.1107.791.881.5
168.3196.3120. C166. £109.8185.4232. €
93. i131. e187. i67."
1 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.
2 Failure rate per 10,000 listed enterprises.3 Series revised; not strictly comparable with earlier data.' Preliminary; based on seasonally adjusted data through November.
Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet, Inc.
286Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AGRICULTURE
TABLE C-81.—Income of farm people and farmers, 1929-72
Year orquarter
1929
1933
1939
1940194119421943194419451946194719481949 . .
1950195119521953195419551956195719581959
1960.19611962 .1963
19651966196719681969
197019711972 '
1970: 1IIIllIV
1971: 1IIIIIIV
1972: 1I I . . .IllIV
Personal incomereceived by totalfarm population
Fromall
sources
Fromfarm
sources1
Fromnon-farm
sources 2
Income received from farming
Realized gross
Total«
Cashreceipts
frommarket-
ings
Produc-tion ex-penses
Net to farmoperators
Exclud-ing netinven-tory
change
Includ-ing netinven-tory
change4
Billions of dollars
7.4
7.610.114.116.516.617.220.021.123.819.5
20.422.722.119.818.417.617.817.719.518.1
18.719.720.420.620.623.624.924.025.127.6
28.229.533.2
4.8
4.86.8
10.112.112.212.815.515.818.013.3
14.116.215.413.412.511.411.211.012.811.0
11.512.212.312.111.313.514.413.113.214.9
15.015.617.7
2.6
2.83.33.94.44.44.44.65.35.86.2
6.36.56.76.45.96.26.66.66.77.0
7.27.58.28.59.3
10.010.510.911.912.7
13.213.915.5
13.9
7.1
10.6
11.113.918.823,424.425.829.534.134.731.6
32.337.136.835.033.633.134.334.037.937.5
38.139.841.342.342.644.949.749.050 955.6
57.960.166.4
CO
CO
O
i•-4
in
r««.
8.411.115.619.620.521.724.829.630.227.8
28.532.932.531.029.829.530.429.733.533.5
34.235.136.437.437.239.343.342 744.148.1
50.553.158.5
7.7
4.4
6.3
6.97.8
10.011.612.313.114.517.018.818.0
19.422.322.621.321.621.922.423.325.226.1
26.427.128.629.729.530.933.434 836.238.8
41.144.047.2
6.3
2.7
4.3
4.26.18.8
11.812.112.815.017.115.913.6
12.914.814.113.712.011.211.910.712.711.4
11.712.612.612.613.114.016.314 214 716.8
16.816.119.2
6.2
2.6
4.4
4.56.59.9
11.711.712.315.115.417.712.8
13.716.015.113.112.511.511.411.313.511.5
12.113.013.213.212.315.016.314 914 816.9
16.817.419.8
Net income perfarm, including
net inventorychange
Currentdollars
1967dollars s
Dollars
945
379
685
7061,0311 5881 9271 9502,0632 5432 6153 0442,233
2 4212 9462 8962 6262,6062,4632 5352 5903 1892,795
3 0493,3993,5863 7083 5644,4875,0194 7304 8545,674
5 7546,0497,000
1,969
1,115
1 851
1,8582,5783 4523 7063,6113,6194 0373 5343 9032,977
3 1863 5493 4483,1263,1022,9322 9822 9433,5833,140
3,3883,7773,9414 0303,8324,7235,1214 7304 6675,206
5,0475,0835,645
Seasonally adjusted annual rates
58.458.057.757.659 059 160 461.864 164.866.170.6
51.050 650.350.251 952 153 454.956 556.958.162.5
40.440 941.341.843 243 744 344.945.646.547.349.4
18.017 116.415.815 815 416.116.918.518.318.821.2
18.017.116.415.816 816 917 718.219.318.919.221.7
6,1605,8505,6105,4005,8405,8806,1506,3306,8206,6806,7807,660
5,5005,1804,9204,7004,9904,9805,1305,2805,5905,3905,4206,080
1 Net income to farm operators including net inventory change, less net income of nonresident operators, plus wages andsalaries and other labor income of farm resident workers, less contributions of farm resident operators and workers tosocial insurance.
2 Consists of income received by farm residents from nonfarm sources, such as wages and salaries from nonfarm em-ployment, nonfarm business and professional income, rents from nonfarm real estate, dividends, interest, royalties,unemployment compensation, and social security payments.
3 Cash receipts from marketings, Government payments, and nonmoney income furnished by farms (excluding netinventory change).
< Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.' Income in current dollars divided by the index of prices paid bv farmers for family living items on a 1967 base.
Source: Department of Agriculture.
287Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-82.—Farm production indexes, 1929-72
[1967=100]
Year
1929...
1933...
1939...
1940...1941...1942...1943 ...1944...
1945...1946...1947...1948...1949...
1950...1951...1952...1953...1954...
1955...1956...1957...1958...1959...
1960...1961...1962...1963...1964...
1965___1966...1967...1968...1969...
1970...1971...1972 P..
Farmout-put i
53
50
58
6062696870
6971697574
7375787979
8282808688
9090919594
9796100102103
102111112
Crops
Total 2
62
56
64
6668767175
7376738379
7677818179
8282808989
9291929593
9895100103104
100112113
Feedgrains
50
45
52
5370666063
6166507364
6560646266
6969758285
8879808776
89891009599
90118112
Hayandforage
69
60
65
7574817978
8176737372
7780788080
8581888884
8989929293
9796100100100
99105104
Foodgrains
50
35
47
5259625366
6871838069
6463817466
6265619072
8678737684
878710010597
91106101
Vege-tables
65
65
72
7475808682
8493828784
8580818483
8691889089
9196949490
9697100103103
101101101
Fruitsandnuts
67
68
85
8388877587
7994908287
8789868788
8892849193
8791928990
959710093113
107116104
Cot-ton
200
175
160
170145173155166
122117160202217
135205205222185
199180148154196
192193200207206
202129100148135
137140181
To-bacco
77
70
97
7464717199
100117107100100
103118114105114
111110848891
99104117119113
94951008791
978789
Oilcrops
8
6
17
2022333529
3130323936
4138373741
4654536558
6171727575
9096100112115
117120129
Livestock and products
Total 3
54
57
59
6064717773
7371706872
7578787982
8484838588
8791929597
9597100100101
105108109
Meatani-mals
52
58
59
6063738173
7068676669
7479797881
8683808288
8589909598
9296100102102
108112112
Dairyprod-ucts
76
80
83
8589929193
9594939093
9392929798
99101102101100
101104105104105
1041011009999
100101103
Poul-tryandeggs
32
32
35
3639455251
5450494854
5659596163
6268697376
7581818387
90%10098101
106107110
* Farm output measures the annual volume of farm production available for eventual human use through sales fromfarms or consumption in farm households. Total excludes production of seeds and of feed for horses and mules. TheDepartment of Agriculture also estimates net farm output, which excludes all quantities used for feed.
2 Includes production of seeds and of feed for horses and mules and certain items not shown separately.3 Includes certain items not shown separately.Source: Department of Agriculture.
288Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-83.—Farm population, employment', and productivity, 1929-72
Year
Farm population(Apri l l ) i
Num-ber
(thou-sands)
As per-cent of
totalpopu-
lation a
Farm employment(thousands) 3
Total Familyworkers
Hiredworkers
Farm output
Perunit oftotalinput
Per man-hour
Total CropsLive-stockand
products
Cropproduc-
tionper
acre <
1929..
1933..
1939..
1940..1941..1942..1943..1944..
1945..1946..1947..1948..1949..
1950..1951..1952..1953.1954..
1955..1956..1957..1958..1959.
I960..1961.1962.1963.1964..
1965.1966.1967.1968.1969.
1970...1971...1972 *._
Index, 1967=100
30,580
32,393
30,840
30,54730,11828,91426,18624,815
24,42025,40325,82924,38324,194
23,04821,89021,74819.87419,019
19,07818,71217,65617,12816, 592
15,63514,80314,31313,36712,954
12,36311,59510.87510,45410,307
9,7129,4259,500
25.1
25.8
23.5
23.122.621.419.217.9
17.518.017.916.616.2
15.214.213.912.511.7
11.511.110.39.89.4
8.78.17.77.16.8
6.45.95.55.25.1
4.74.64.5
12,763
12,739
11,338
10,97910,66910,50410,44610,219
10,00010,29510,38210,3639,964
9,9269,5469,1498,8648,651
8,3817,8527,6007,5037,342
7,0576,9196,7006,5186,110
5,6105,2144,9034,7494,596
4,5234,4464,392
9,360
9,874
8,611
8,3008,0177,9498,0107,988
7,8818,1068,1158,0267,712
7,5977,3107,0056,7756,570
6,3455,9005,6605,5215,390
5,1725,0294,8734,7384,506
4,1283,8543,6503,5363,419
3,3483,2813,240
3,403
2,865
2,727
2,6792,6522,5552,4362,231
2,1192,1892,2672,3372,252
2,3292,2362,1442,0892,081
2,036,952,940,982,952
,885,,8901,8271,7801,604
1,4821,3601,2531,2131,176
1,1751,1651,152
53
54
59
6163696768
6972707573
7373767778
8082838990
9394959896
9997100101101
100109109
17
16
20
2122242425
2729293233
3536394143
4750535962
6770738083
9194100106112
113125122
17
17
21
2324262627
2931313536
3938424345
4852566566
7173778285
9295100106112
110122122
26
25
27
2728303231
3232333436
3739404143
4648505559
6267717783
8793100105112
119129128
57
50
61
6263706468
6770677570
6969737371
74777786
92959795
10099100104107
102113116
i Farm population as defined by Department of Agriculture and Department of Commerce, i.e., civilian populationliving on farms, regardless of occupation.
> Total population of United States as of July 1 including Armed Forces overseas.3 Includes persons doing farm work on all farms. These data, published by the Department of Agriculture, Statistical
Reporting Service, differ from those on agricultural employment by the Department of Labor (see Table C-24) because ofdifferences in the method of approach, in concepts of employment, and in time of month for which the data are collected.See monthly report on "Farm Labor."
* Computed from variable weights for individual crops produced each year.
Sources: Department of Agriculture and Department of Commerce (Bureau of the Census).
490-000 O - 73 - 20 289Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-84.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-72
[Index, 1967=100]
Year or month
Prices received by farmers
All farmproducts Crops
Livestockand
products
Prices paid by farmers
All items,interest,
taxes, andwage rates
Familylivingitems
Produc-tion
items
Parity ratio»
Actual Adjusted 2
1929
1933
1939
1940194119421943.19441945...,1946194719481949....
19501951195219531954.1955.1956195719581959.
1960196119621963....1964196519661967..19681969...
197019711972
1971: Jan 15..Feb 15..Mar 15.Apr 15..May 15.June 15.
July 15.Augl5_Sept 15.Octl5_.Nov 15.Dec 15..
1972: Jan 15..Feb 15..Mar 15.Apr 15..May 15.June 15.
July 15.Aug 15.Sept 15.Octl5_.Nov 15.Dec 15.
58
28
37
3949637678819310911398
102119113100979191929895
949496969398105100103108
110112126
107112112111112113
112113111114115116
119122120119123125
127128128129130137
65
31
42
445570858792104122127111
103117118106107102104999998
9910010310610610310510010197
100107116
102105108108110113
109107104106109108
111110108112115116
116119117116120127
57
25
39
3950627171768710411498
10112111097908482889993
919192898594105100104117
118116133
110117115114114113
114117117118119122
126131129125129131
136135137138138145
9091929498100104109
114120127
117118118119120120
120120121121122122
123124124125125126
127127128129130131
90909192939598100104109
114119124
116117117117118119
119120120120120121
121123123123124124
125125126125127127
959589898787909293
92939495949699100102106
110115122
112113114115115116
116116116116117117
118118119120120121
122122124125126129
92
64
77
8193105113108109113115110100
10110710092898483828581
1 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wages rates on1910-14=100 base.
2 The adjusted parity ratio reflects Government payments made directly to farmers.
Source: Department of Agriculture.
290Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E G-85.—Selected measures of farm resources and inputs
Year
1929
1933
1939 . .
19401941194219431944
19451946 . . . .194719481949 . .
19501951195219531954
1955195619571958.1959
19601961196219631964 . .
19651966 . .1967.19681969
197019711972 p
Cropshar-vested(mil-lionsof
acres) i
365
340
331
341344348357362
354352355356360
345344349348346
340324324324324
324303295300301
298295308303294
297310298
Man-hoursof
farmwork(bil-lions)
23.2
22.6
20.7
20.520.020.620.320.2
18.818.117.216.816.2
15 115.214.514 013.3
12 812.011.110.510 3
9.89.49.08.78.2
7.87.47.37.06.7
6.56.56.5
1929-72
Index numbers of inputs (1967=100)
Total
100
94
97
9898101102103
1009999100102
101104104103102
102100979798
9796969798
9899100101102
102102103
Farmlabor
302
294
270
269265271267265
249239226220212
199200191184176
170160149143139
134129123120115
1091011009694
898989
Farmreal
estate 2
103
97
101
103102100
10
toto
to
0000
102103104104
105106105105105
106CO
CM
Oo
oc
100
99999899100
10099100100100
1009998
Me-chani-cal
powerandma-
chinery
39
32
40
4244505355
5655616875
7984889090
9191909192
9190919293
96100100102103
102102103
Ferti-lizerand
limingma-
terials
11
6
12
1415171923
2324282931
3236394243
4544464854
5458627076
8090100107110
113119122
Feed,seed,andlive-stockpur-
chases 3
31
28
41
434649
in
enen
tn
coco
54565762
6468707072
7376758084
8487898990
9197100101105
109109109
Taxesand
interest
69
71
67
6868697274
7576767477
7777798080
828?818286
8789909294
9598100103105
107104107
Miscel-laneous
53
52
50
5152495254
5354545962
6367676564
6870697479
8084899499
10198100108110
107109113
1 Acreage harvested (excluding duplication) plus acreages in fruits, tree nuts, and farm gardens.2 Includes service buildings and improvements on land.3 Nonfarm portion of feed, seed, and livestock purchases.Source: Department of Agriculture.
291Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-86.—Comparative balance sheet of the farming sector, 1929-73
[Billions of dollars]
Beginning ofyear
1929
1933
1939
19401941. .194219431944
1945 .1946.. .194719481949
19501951195219531954
19551956195719581959
1960 . .19611962 _1963_._,1964
1965 . . . .19661967_19681969.
1970.19711972_
1973 *.„. . .„
Assets
Total
52.955.06?. 973.784.6
94.2103.5116.4127.9134.9
132.5151.5167.0164.3161.2
165.1169.6177.9185.8202.1
203.5204.2212.8221.4229.2
237.2253.8266.8280.1294.8
305.8314.9339.2370.6
Realestate
48.0
30.8
34.1
33.634.437.541.648.2
53.961.068.573.776.6
75.386.695.196.595.0
98.2102.9110.4115.9124.4
130.2131.8138.0143.8152.1
160.9172.2181.8192.0201.5
207.1213.0228.6251.4
Live-stock^
6.6
3.0
5.1
5.15.37.19.69.7
9.09.7
11.913.314.4
12.917.119.514.811.7
11.210.611.013.917.7
15.215.516.417.315.8
14.417.618.918.820.2
23.523.727.3
Other physical assets
Ma-chin-eryand
motorvehi-cles
3.2
2.5
3.2
3.13.34.04.95.4
6.55.45.37.4
10.1
12.214.116.717.418.4
18.619.320.220.221.8
22.722.222.523.423.9
24.725.827.329.530.9
31.833.836.4
Crops *
2.73.03.85.16.1
6.76.37.19.08.6
7.67.98.89.09.2
9 68.48.37.69.3
7.78.08.89.39.8
9.29.7
10.09.6
10.6
10.910.711.8
House-hold
equip-mentand
furnish-ings
4.24.24.95.05.3
5.66.17.78.59.1
8.69.7
10.39.99.9
10 010.510.09.99.8
9.68.99.19.08.8
8.68.68.49.09.6
9.710.110.3
93.2
Financial assets
De-positsandcur-rency
3.23.54.25.46.6
7.99.4
10.29.99.6
9.19.19.49.49.4
9 49.59.49.5
10.0
9.28.78.89.29.2
9.610.010.310.911.5
11.912.413.1
U.S.savingsbonds
0.2.4.5
1.12.2
3.44.24.24.44.6
4.74.74.74.64.7
tt5.15.15.2
4.74.64.44.44.2
4.24.03.93.83.7
3.73.63.7
Invest-mentin co-opera-tives
0.8.9.901
?L.4
57
1.9
2.12.32.52.72.9
3 13.23.53.73.9
4.24.54.85.05.4
5.65.96.26.56.8
7.27.68.6
26.0
Claims
Total
52.955.062.973.784.6
94.2103.5116.4127.9134.9
132.5151.5167.0164.3161.2
165 1169.6177.9185.8202.1
203.5204.2212.8221.4229.2
237.2253.8266.8280.1294.8
305.8314.9339.2370.6
Realestatedebt
9.8
8.5
6.8
6.66.56.46.05.4
4.94.84.95.15.3
5.66.16.77.27.7
8 29.09.8
10.411.1
12.112.813.915.216.8
18.921.223.325.527.1
28.429.531.333.9
Otherdebt
3.43.94.14.03.5
3.43.23.64.26.1
6.87.08.08.99.2
9.49.89.5
10.012.5
12.713.414.816.518.1
18.720.422.424.927.5
29.731.635.638.1
Pro-prie-tors'equi-ties
42.944.652.463.775.7
85.995.5
107.9118 6123.5
120 1138.4152.3148.2144.3
147 5150.8158.6165.4178.5
178.7178.0184.1189.7194.3
199.6212.2221.1229.7240.2
247.7253.8272.3298.6
1 Beginning with 1961, horses and mules are excluded.2 Includes all crops held on farms and crops held off farms by farmers as security for Commodity Credit Corporation
loans. The latter on January 1,1973 totaled approximately $0.4 billion.
Source: Department of Agriculture.
292Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSTABLE C-87.— U.S. balance of payments, 1946-72
[Millions of dollars]
Year orquarter
1946194719481949
195019511952.19531954
19551956195719581959
19601961196219631964
19651966196719681969 .-
19701971197212
1970: 1I I . . . .I I I . . .IV . . .
1971: 1I I . . . .I I I . . .IV . . .
1972: 1II. .Ill P..IV*__
Merchandise i 2
Ex-ports
11,76416,09713, 26512,213
10,20314, 24313, 44912,41212, 929
14,42417, 55619, 56216,41416, 458
19,65020,10720,77922,25225,478
26,43829,28730,63833,57636,417
41,96342,77047,391
Imports
-5,067-5 ,973- 7 , 557-6 ,874
- 9 , 081-11,176-10,838-10,975-10,353
-11,527-12,803-13,291- 1 2 , 952-15,310
-14,744-14,519-16,218-17,011-18,647
-21,496-25,463-26,821-32,964-35 , 796
-39,799-45,459-54,355
Netbal-ance
6,69710,1245,7085,339
1,1223,0672,6111,4372,576
2,8974,7536,2713,4621,148
4,9065,5884,5615,2416,831
4,9423,8243,817
612621
2,164-2 ,689-6 ,964
Military transactions
Directexpend-itures
-493-455-799-621
-576-1 ,270- 2 , 054-2 ,615-2 ,642
-2,901- 2 , 949- 3 , 216- 3 , 435-3,107
-3 ,087-2 ,998-3 ,105-2 ,961-2 ,880
-2 ,952-3 ,764- 4 , 378- 4 , 535-4 ,856
-4 ,852-4 ,816-4 ,716
Sales
(8)(8)(8)(8)
(8)(8)
182
200161375300302
335402656657747
830829
1,2401,3921,512
1,4781,9221,153
Netbal-ance
-493-455-799-621
-576-1,270-2 ,054-2 ,423- 2 , 460
-2,701- 2 , 788- 2 , 841-3 ,135- 2 , 805
-2 ,752-2 ,596-2 ,449-2 ,304-2 ,133
-2 ,122-2 ,935-3 ,138-3 ,143-3 ,344
-3 ,374-2 ,894-3 ,563
Net invest-ment income
Pri-vates
750997
1,1771,200
1,3821,5691,5351,5661,899
2,1172,4542,5842,4162,658
2,8253,4513,9204,0564,872
5,2745,3315,8476,1575,820
6,3768,9529,211
U.S.Gov-ern-
ment
6508573
78151140166213
180404
16868
1610313297
3
21444063
155
-115-957
-1,803
Nettraveland
trans-porta-
tion ex-pendi-tures
733946374230
-12029883
-238-269
-297-361-189-633-821
-1 ,155-1 ,312-1 ,149
-1 ,318-1 ,380-1 ,763-1 ,565-1 ,784
-2 ,061-2 ,432-2 ,589
Otherserv-ices,net
114- 4 5- 2 7- 3
62
4124
0
- 4 347727862
7730
115178142
301286334302442
574748795
Bal-anceon
goodsandserv-ices i
7,80711,6176,5186,218
1,8923,8172,356
5321,959
2,1534,1455,9012,356
310
4,1075,5995,1265,9578,568
7,0985,1705,1362,4251,911
3,563727
-4 ,913
Remit-tances,
pen-sions,and
otheruni-
lateraltrans-fers i
-2 ,922-2,625- 4 , 525-5,638
-4,017- 3 , 515- 2 , 531-2 ,481-2 ,280
-2 ,498- 2 , 423- 2 , 345- 2 , 361-2 ,448
-2 ,292- 2 , 513-2 ,631-2 ,742-2 ,754
-2 ,835-2 ,890-3 ,081-2 ,909- 2 , 946
-3 ,208-3 ,574-3,737
Bal-anceon
cur-rent ac-count
4,8858,9921,993
580
-2 ,125302
-175-1,949
-321
-3451,7223,556
- 5-2 ,138
1,8153,0862,4953,2155,814
4,2632,2802,055- 4 8 4
-1 ,035
356-2 ,847-8 ,651
Seasonally adjusted
10,23110,56510,70510,462
11,01710,71011,4799,564
11,79111,44512,30713,185
-9 ,731-9 ,831-9 ,968
-10,269
-10,728-11,722-11,951-11,058
-13,478-13,393-13,895-14,857
500734737193
289-1 ,012
-472-1 ,494
-1,687-1 ,948-1 ,588-1 ,672
-1 ,180-1 ,259-1 ,210-1 ,203
-1 ,175-1 ,214-1 ,198-1 ,230
-1 ,218-1 ,239-1 ,080
273441329436
510516474423
334281250
-907-818-881-767
- 6 6 5-698-724-807
-884-958-830
1,5591,4581,6451,714
1,8992,3522,0382,663
2,2322,1962,480
33- 1
- 6 6- 8 1
-101-161-327- 3 6 8
-370-426-556
-428- 5 3 3-599-501
-498-625-606- 7 0 3
-679-657-606
141127153154
212180182172
200192204
898967989712
1,1363691
-537
-1 ,188-1,601
-896
-765-773-821-849
-791-846-946-992
-990-918-895
133194168
-137
345-810- 8 5 5
-1 ,529
-2 ,178-2 ,519-1 ,791
See footnotes at end of table on next page.
293Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-87.—U.S. balance of payments, 1946-72— Continued
[Millions of dollars]
Year orquarter
1946194719481949 , . .
1950 .1951195219531954
19551956195719581959
1960 _.196119621963.1964
19651966196719681969
19701971197213..
1970: 1 . . .IIIllIV
1971: 1 . . .I I . . . . . . .IllIV
1972: 1IIIll v
Long-termcapitalflows,
net
U.S.Gov-ern-
ment <
-889-901-892
-1,150-1 ,349
- 1 , 532-1 ,469- 2 , 424-2 ,159-1 ,926
- 2 , 018- 2 , 378
-959
Pri-vate^
-2 ,100-2 ,181-2 ,607-3,357- 4 , 470
- 4 , 577- 2 , 555-2 ,912
1,198- 5 0
-1 ,398-4,079
-632
Bal-ance
on cur-rent
accountand
long-term
capital
-1 ,1744
-1 ,003- 1 , 292
- 4
- 1 , 846-1,744- 3 , 280- 1 , 444-3 ,011
- 3 , 059- 9 , 304-10, 243
Non-liquidshort-term
privatecapitalflows,nets
- 2 5 3- 2 3 6-131
158
75-227- 4 1183
- 5 5 6
- 3 2 8-479- 1 7 4- 1 4 5- 8 9
9-1,405fl-1,2009-6579 - 9 6 8-1 ,642
-154-104-522
230-640
-482-2 ,386
-611
Allo-ca-
tionsof
spe-cial
draw-ing
rights
867717710
Errorsand
omis-sions,
net
155861
1 115717
-12435449722060
371390
1,012361260
-1 ,098- 1 , 054- 1 , 206
-455-1 ,048
-476-302-881-399
- 2 , 470
-1,174-11,031-2,951
Netliquid-
&ance
9-3,6769-2,2519-2,8649-2,713-2,696
- 2 , 477-2 ,151-4 ,683-1 ,610-6 ,122
- 3 , 851-22,002-13,093
Liq-uidpri-vate
capitalflows,net 8
9 2739 9039 2149 779
1,162
1,1882,3701,2653,2518,824
-5 ,988- 7 , 763
1,461
Officialreservetrans-actions
bal-ance
-3 ,403-1 ,348-2 ,650-1 ,934- 1 , 534
-1 ,289219
- 3 , 4181,6412,702
- 9 , 839-29,765-11,632
Changesin lia-bilities
toforeignofficialagen-cies,net«
1,258742
1,1171,5571,363
67-7873,366-761
-1 ,515
7,36227, 41711,441
Changesin U.S.officialreserveassets,
net 7
- 6 2 3-3 ,315-1 ,736
-266
1,758- 3 3
-4151,256
480
182-869
-1 ,1652,2921,035
2,145606
1,533377171
1,22256852
-880-1 ,187
2,4772,348
191
Seasonally adjusted
-462-563- 3 2 4-670
-702-584-558-533
-343- 9 5
-281
-922-236-191- 4 9
-922-1 ,605-1 ,883
330
-1 ,081750
-144
-1 ,251-605-347-856
- 1 , 279-2 ,999- 3 , 296-1 ,732
-3 ,602-1 ,864- 2 , 216
-247- 5 6
42-221
-534-315-883-654
-508592
-542
217217217216
180179179179
178178177
- 5 1-410-677- 3 7
-944- 2 , 586- 5 , 380-2 ,122
800-1 ,141- 1 , 872
-1 ,332-854-765-898
- 2 , 577- 5 , 721- 9 , 380-4 ,329
-3,132- 2 , 235- 4 , 453
-1 ,461-1 ,211-1,104- 2 , 212
- 2 , 848-745
- 2 , 551-1,619
-1191,386-171
-2 ,793- 2 , 065- 1 , 869-3 ,110
- 5 , 425- 6 , 466-11,931-5 ,948
- 3 , 251-849
-4,624
2,5291,2601,2852,286
4,7435,807
10,7376,135
2,8221,0804,679
264805584824
682659
1,194-187
429—231
- 5 5
U.S.officialreserveassets,
net(end ofperiod)
20,70624,02125,75826,024
24,26524,29924,71423,45822,978
22,79723,66624,83222,54021,504
19,35918,75317, 22016, 84316,672
15, 45014,88214, 83015,710
•016,964
14, 487"12,16713,150
Unad-justed
17,35016, 32815, 52714, 487
14,34213, 50412,131
"12,167
12, 2701313,339
13, 217
i Excludes military grants.s Adjusted from Census data for differences in timing and coverage.> Includes fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States.* Excludes liabilities to foreign official reserve agencies.* Private foreigners exclude the International Monetary Fund (IMF), but include other international and regional orga-
nizations.6 Includes liabTities to foreign official agencies reported by U.S. Government and U.S. banks and U.S. liabilities to the
IMF arising from reversible gold sales to, and gold deposits with, the United States.7 Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position
in the IMF.s Not available separately.9 Coverage of liquid banking claims for 1960-63 and of nonliquid nonbanking claims for 1960-62 is limited to foreign
currency deposits only; other liquid items are not available separately and are included with nonliquid claims.10 Includes gain of $67 million resulting from revaluation of the German mark in October 1969.i Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as of
December 31,1971.i2 First 3 quarters on a seasonally adjusted annual rates basis (except reserve assets are end of December).» Includes increase of $1,016 million resulting from change in par value of the U.S. dollar on May 8,1972.
Sources: Department of Commerce (Bureau of Economic Analysis) and Treasury Department.
294Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-88-—U.S. merchandise exports and imports by commodity groups, 1958-72
[Millions of dollars]
Year or quarter
19581959
19601961196219631964
19651966196719681969
1970 . . . .19711972 . .
1970: 1IIIIIIV..
1971: 1IIIllIV
1972: 1II.IIIIV . .
Merchandise exportsi
Total, includ-ing reexports 2
Sea-sonally
ad-justed
10,32710,79810,84810,757
11,23910,96611,6759,726
11,90311,57512,36513,300
Unad-justed
16,37516,426
19,65920,22620,98622,46725,832
26,74229,49031,03034,06337,332
42,65943,54949,116
10,19411,21910,15311,094
11,11611,40610,92410,103
11,89112, 04011, 55813,626
Domestic exports
Total 2 3
16,21116,243
19,45919,98220,71722,18225,479
26,39929,05430,64633,62636,788
42,02542,91148, 316
10, 06011, 0559,989
10,922
10,96211,22210,7779,950
11, 72511,82611,35913,406
Food,bever-ages,
and to-bacco
2,6882,852
3,1673,4663,7434,1884,637
4,5195,1864,7104,5924,446
5,0585,0766,573
1,1171,1451,2641,532
1,2951,2191,3361,225
1,4171,4321,6282,097
Crudemate-rialsand
fuels *
3,0522,996
3,9423,8643,3563,7754,337
4,2734,4044,7264,8655,006
6,6926,4417,090
1,4891 7251,6081,870
1,6891,6741,5691,509
1,7031,6881,5362,163
Man-ufac-tured
goods«
11,54711,179
12,58312,78413,66814,29716,529
17,43319,21820,84423,81826,785
29,34330,44333,650
7,2467,9326,8727,294
7,7388,0467,6487,010
8,3408,4317,9958,885
Merchandise imports
General imports «
Total 3
Sea-sonally
ad-justed
9,7219,864
10,02310,328
10,79911,74711,95811,030
13,41813,42013, 89614, 837
Unad-justed
13, 39215,690
15,07314,76116,46417,20718,749
21,42725,61826,88933,226*36,043
39,95245, 56355, 555
9,45510,0699,873
10,555
10,51812,00311,77811,264
13,30113, 73613, 52614, 992
Food,bever-ages,
and to-bacco
3,5503,580
3,3923,4553,6743,8634,022
4,0134,5904,7015,3655,308
6,2306,4047,371
1, 5121,5801,4961,640
1,4921,7061,8951,311
1,8091,7621,8081,993
Crudemate-rialsand
fuels *
4,1644,615
4,4184,3344,6914,7555,029
5,4405,7185,3676,0316,391
6,5427,2688,839
1,6671,6001,6171,657
1,6261,8361,9281,879
2,1302,1052,1962,407
Man-ufac-tured
goods«
5,3117,117
6,8636,5377,6498,0709,106
11,24414,44615, 75620,62423,011
25,90630,41437, 748
5,9986,5746,4226,913
7,0518,0847,5897,690
8,9859,4789,128
10,157
Grossmer-chan-dise
tradebal-
ance,sea-
sonallyad-
justed 7
2,983736
4,5865,4654,5225,2607,083
5,3153,8724,141
8371,289
2,708-2,014-6,439
606933825429
440-782-283
-1,304
-1,515- 1 , 845-1,531- 1 , 537
1 Beginning 1960, data have been adjusted for comparability with the revised commodity classifications effective in 1965.2 Totals exclude Department of Defense shipments of grant-aid military supplies and equipment under the M ilitary
Assistance Program.8 Total includes commodities and transactions not classified according to kind.* Includes fats and oils.' includes machinery, transportation equipment, chemicals, metals, and other manufactures. Export data for these items
in elude military grant-aid shipments.« Total arrivals of imported goods other than intransit shipments.7 Exports, excluding military grant-aid, less general imports; quarterly data seasonally adjusted.Note.—Data are as reported by the Bureau of the Census adjusted to include silver ore and bullion reported separately
prior to 1969. Export statistics cover all merchandise shipped from the U.S. customs area, except supplies for U.S. ArmedForces. Export values are f.a.s. port of export and include shipments under Agency for International Development andFood for Peace programs as well as other private relief shipments. Import values are defined generally as the marketvalue in the foreign country, excluding the U.S. import duty and transportation costs such as ocean freight and marineinsurance.
Source: Department of Commerce, Bureau of International Commerce.
295Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-89.— U.S. merchandise exports and imports by area, 1966-72
[Millions of dollars]
Area 1966 1967 1968 1969 1970 1971 1972
Exports (including reexports and special categoryshipments): Total
Developed countriesDeveloping countries
CanadaOther Western HemsiphereWestern Europe1 _Eastern Europe _.AsiaAustralia and OceaniaAfrica
General imports: Total _.
Developed countriesDeveloping countries
CanadaOther Western HemisphereWestern Europe iEastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries2
1966
30,430
20,12010,112
6,6794,7699,891198
6,740805
1,348
25,618
17,6327,795
6,1524,7377,679179
5,2775969926
1967
31,622
21,4679,960
7,1724,71810,187195
7,1501,0181,182
26,889
18,9937,709
7,1404,6628,052177
5,3495839206
1968
34,636
23,60010,821
80,725,33911,132215
7,5821,0261,269
33,226
24,1308,886
9,0055,14310,139198
6,911697
1,12211
1969
38,006
26,47911,277
9,1375,57612,392249
8,261998
1,392
36,043
26,4609,373
10,3845,16310,138195
8,275828
1,04612
1970
43,224
30,87712,993
9,0796,53214,463354
10,0281,1891,579
39,952
29,25910,442
11,0925,83611,169226
9,621871
1,11324
1971
44,130
30,33513,410
10,3656,48414,178384
9,8551,1681,694
45,563
33,74411,549
12,6916,03812,658223
11,779895
1,23641
49,676
34,21114, 585
12,4157,28015,280
81911,2761,0351,572
55, 555
40,80114,350
14,9097,00315,420
32115,1111,1451,595
51
i Includes Finland, Yugoslavia, Greece, and Turkey.3 Consists of certain low-valued shipments not identified by country.Note.—Developed countries include Canada, Western Europe, Japan, Australia, New Zealand, and the Republic of
South Africa. Developing countries include rest of the world except Communist areas in Eastern Europe and Asia andunidentified countries.
Source: Department of Commerce, Bureau of International Commerce.
296Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-90.—U.S. overseas loans and grants, by type and area, fiscal years; 1962-72[Millions of dollars]
Type of program and fiscalperiod
Total economic loans and grants(obligations and loan authori-zations) i
1962-71 averageLoansGrants
1972LoansGrants
Economic loans and grants toless developed countries, byprogram2
Obligations and loan authori-zations:
1962-71 average1972
Repayments and interest:1962-71 average1972
Agency for InternationalDevelopment
Obligations and loan authori-zations:
1962-71 average1972
Repayments and interest:1962-71 average1972
Export-Import Bank long-termloans
Loan authorizations:1962-71 average _1972
Repayments and interest:1962—71 average1972
Food for PeaceObligations:
1962-71 average1972
Repayments and interest:1962-71 average1972
Contributions and Subscriptionsto International LendingOrganizations*
Obligations:1962-71 average1972
Peace Corps and Other*Obligations:
1962-71 average1972
Repayments and interest:1962-71 average1972
Total
4,7542,5152,238
5,6983 3912,307
4,4775,088
8501,379
2,2222,072
237313
4421,468
440720
1,3031,186
146306
301142
209220
2640
NearEastand
SouthAsia
1,3701,038
331
1,018333685
1,3701,018
310476
644451
131171
9490
86142
620457
88160
1020
54
LatinAmerica
1,118700419
1,121819302
1,1181,121
337463
513338
3369
194536
273337
143102
1527
187104
8141
1630
EastAsiaand
Vietnam
1,029297732
1,6941,119
575
9611,422
75136
571676
3330
63242
2952
297481
1151
3123
22
Africa
384171213
398265133
384398
4285
198175
2126
3199
1536
133104
521
2219
0
Europe
29526232
773764
9
121512
81212
210
1715
58502
37150
61
2747
Otherandnon-
regional
55847
511
69491
603
523617
5
293422
22
2
01
4942
11438
65115
41 Some data are preliminary.3 Countries have been classified "less developed" on the basis of the standard list of less developed countries used
by the Development Assistance Committee of the Organization for Economic Cooperation and Development. On thisbasis, "less developed" countries include all countries receiving U.S. loans or grants except the following which areconsidered "developed": Japan, Australia, New Zealand, Republic of South Africa, Canada, and all of Europe exceptMalta, Spain, and Yugoslavia.
3 Includes capital subscriptions and contributions to the Inter-American Development Bank and the InternationalDevelopment Association.
* Data for certain programs from Department of Commerce, Bureau of Economic Analysis.
Source: Agency for International Development (except as noted).
297Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-91.—International reserves, 1949, 1953, and 1967-72
[Millions of dollars; end of period]
1972~
Area and country 1949
46,116
37,353
26,024
1,752
6,79392978580196
%
537
&
2,2841,197
(0
1,587
8,765
2,8001,5353,6402 639
1953
51,826
41,478
23,458
2,670
10,603325
1,144829
1,773768
1,232
1,026150
1,7681,588
1,902
892
1,953
10,350
3,4001,5103,7401,790
1967
74, 290
61,276
14,830
2,695
36,7261,4782,5906,9948,1535,4632,619
2,2361,1003,6962,397
2,717
2,030
2,278
13,015
3,4303,3104,0852,125
1968
77,355
63, 241
15,710
2,422
36,1681,5042,1874,2019,9485,3412,463
2,3161,1494,2932,766
3,046
2,906
2,989
14,115
3,9103,3204,2152,505
1969
78,220
62,636
16,964
2,527
33,6131,5302,3883,8337,1295,0452,529
2,2131,2814,4253,240
3,106
3,654
2,772
15,580
4,4703,0354,8253,105
1970
92,540
74,311
14,487
2,827
44,6471,7512,8474,96013,6105,3523,234
2,5381,8175,1323,406
4,679
4,840
2,831
18,230
5,6453,1205,1654,190
1971
132,345
109,222
13,190
8,835
61,7942,3433,4738,25318,3926,7873,796
3,7013,2686,9664,815
5,701
15,360
4,342
23,120
6,5905,1005,8105,500
No-vember
All countries
Developed areas
United States
United Kingdom
Other Western EuropeAustriaBelgiumFranceGermanyItalyNetherlandsScandinavian countries
(Denmark, Finland, Nor-way, and Sweden)
SpainSwitzerlandOther
Canada.
Japan
Australia, New Zealand, andSouth Africa
Less developed areas
Latin AmericaMiddle EastOther AsiaOther Africa
152,330
125,016
13,306
5,896
73, 7682,7533,930
10,01923,5706,0874,810
4,4014,9116,4406,847
6,046
18,412
7,587
27,315
8,2766,8936,1905,845
i Not available separately.3 Estimate.Note.—International reserves is comprised of monetary authorities' holdings of gold. Special Drawing Rights and
Reserve Positions in the International Monetary Fund, and convertible foreign exchange. Beginning December 1971gold is valued at 38 U.S. dollars per ounce and foreign exchange balances are expressed in dollars at the cross rates re-flecting parities and central rates agreed on December 17, 1971 and subsequently. Data cover all countries exceptU.S.S.R., other Eastern European countries, Mainland China, and Cuba (after 1960).
Beginning 1959, when most of the major currencies of the world became convertible, data exclude known holdings ofinconvertible currencies, balances under payments agreements, and the bilateral claims arising from liquidation of theEuropean Payments Union.
Source: International Monetary Fund, "International Financial Statistics."
298Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-92.—U.S. reserve assets, 1946-72
[Millions of dollars]
End of year ormonth
Total reserveassets
Gold stock 1
Total 2 Treasury
Specialdrawingrights a
Convertibleforeign
currencies*
Reserveposition in
InternationalMonetary Fund 5
1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966..1967..1968..1969..
1970-.1971..1972.
1971: JanFeb. . . .Mar. . . .Apr . . . .M a y . . .June...July....Aug.. . .Sept. . .Oct . . . .Nov....D e c . . .
1972: Jan . . .Feb.. .Mar . . .Apr. . .M a y -June..
July..Aug. . .Sept..Oct. . .Nov...Dec.. .
20, 70624, 02125, 75826,024
24, 26524, 29924,71423, 45822,97822,79723,66624,83222, 54021, 504
19, 35918, 75317, 22016, 84316,67215, 45014, 88214, 83015, 71016,964
20,70622, 86824,39924, 563
22, 82022, 87323, 25222,09121, 79321.75322, 05822, 85720, 58219, 507
17, 80416,94716, 05715, 59615, 471
«13, 80613, 23512, 06510, 89211, 859
14, 487812,167
13,150
14,69914, 53414,34214,30713, 81113, 504
13, 28312,12812,13112,14612,131
«12,167
12,87912,33012, 27012,285
«13,34513, 339
13,09013,12413,21713,31313,30713,150
11,07210, 20610,487
11,04011,03910,96310,92510, 56810, 507
10, 45310, 20910, 20710, 20710, 20610, 206
10,2069,6629,6629,662
»10,49010,490
10,49010,48810, 48710, 48710,48710,487
20, 52922, 75424, 24424, 427
22, 70622,69523,18722, 03021,71321,69021,94922,78120, 53419, 456
17, 76716, 88915,97815, 51315,388
e 13,73313,15911,98210,36710, 367
10, 73210,13210,410
10, 73210,73210,73210,73210,33210,332
10,33210,13210,13210,13210,13210,132
10,1329,5889,5889,588
»10, 41010, 410
10, 41010,41010,41010, 41010,41010,410
8511,1001,958
1,4681,4681,4431 4431,2471,247
1,1471,0971,0971,1001,1001,100
1,8101,8101,8101,803
91,9581,958
1,9581,9581,9581,9581,9581,958
11699212432781
1,3212,3453,528
7 2, 781
6298 276241
491327256257318322
250248250259243
»276
276276212429469457
203234323414403241
1,1531,3591,461
1,4451,4261,4621,3671,1851,0441,608,975L, 958,997
,555,6901,0641,035769
«863326420
1,2902,324
1,935585464
1,7001,7001,6801,6821,6781,428
1,433574577580582585
587582586391
M28434
439444449454459464
1 From 1956 through January 1972, includes gold sold to the United States by the International Monetary Fund ( IMF)with the right of repurchase, and beginning 1965 also includes gold deposited by the IMF to mitigate the impact on theU.S. gold stock of purchases by foreign countries for gold subscriptions on increased IMF quotas.
2 Includes gold in Exchange Stabilization Fund.3 Includes initial allocation on January 1, 1970 of $867 million, second allocation on January 1, 1971 of $717 million,
and third allocation on January 1, 1972 of $710 million of special drawing rights (SDR) in the Special Drawing Accountin the IMF, plus or minus transactions in SDR.
* Includes holdings of Treasury and Federal Reserve System.«The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund auto-
matically if needed. Under appropriate conditions the United States could purchase additional amounts equal to theUnited States quota.
fl Reserve position includes, and gold stock excludes, $259 million gold subscription to the Fund in June 1965 for a U.S.quota increase which became effective on February 23,1966. In figures published by the Fund from June 1965 throughJanuary 1966, this gold subscription was included in the U.S. gold stock and excluded from the reserve position.
7 Includes gain of $67 million resulting from revaluation of German mark in October 1969, of which $13 million representsgain on mark holdings at time of revaluation.
8 Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as ofDecember 31,1971.
9 Includes $1,016 million increase in total reserve assets resulting from the change in par value of the U.S. dollar onMay 8, 1972, consisting of $828 million total gold stock, $822 million Treasury gold stock, $155 million special drawingrights, and $33 million reserve position in the IMF.
Note.—Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included inthe gold stock of the United States.
Sources: Treasury Department and Board of Governors of the Federal Reserve System.
299Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-93.—Price changes in international trade, 1964-72
[1963=100]
Area or commodity class 1964 1965 1966 1967 1968 1969 1970 1971
1972
Thirdquarter
Developed areas
Total:
ExportsTerms of trade i
United States:
ExportsTerms of trade »
Developing areas
Total:
ExportsTerms of trade K
Latin America:
ExportsTerms of trade *
Southern and Eastern Asia:
ExportsTerms of trade *
Primary commodities: Total
Foodstuffs.
Coffee, tea, and cocoa..Cereals
Other agriculturalcommodities <_.
Fats, oils, and oilseeds.Textile fibers
WoolRubber
MineralsMetal ores.
Manufactured goods: Total«—
Nonferrous base metals«...
102100
10199
103101
107106
10099
103
105
121103
102
10410210395
102108
101
119
Unit value indexes by area
103100
104101
10299
106103
10199
105100
107101
104101
108103
101100
105101
110102
103100
105100
9999
104101
111103
103101
10699
97100
108101
115103
106101
109100
103103
114102
121101
109100
115101
106104
119101
12599
114101
10990
108104
World export price indexes
103
103
11199
103
114928697
104114
103
135
104
105
113104
104
HI929091
104105
106
156
101
104
111106
96
102887775
103109
107
142
100
102
111102
96
100887474
102108
107
150
104
106
120102
101
101857398
104114
110
168
107
111
13899
100
109846478
109122
117
175
117
118
121105
107
118855664
127126
124
154
130102
12994
* 117a 102
»111ago
U 0 9»103
133
135
143114
124
11310585
B 61
141137
135
152
* Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.2 Data are for second quarter 1972.3 Excludes Japan.* Includes nonfood fish and forest products.« Data are for first 3 quarters of 1972.« Data for manufactured goods are unit value indexes.
Note.—Data exclude trade of Communist areas in Eastern Europe (except Yugoslavia) and Asia.
Sources: United Nations and Department of Commerce (Bureau of International Commerce and Bureau of Resourcesand Trade Assistance).
300Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-94.—Consumer price indexes in the United States and other major industrial countries.1957-72
[1963=1001
Period
195719581959
19601961196219631964
19651966196719681969
1970197119721
1970: 1II.IIIIV
1971: 1IIIII .IV
1972: 1IIIIIIV a
UnitedStates
91.994.495.2
96.797.798.8
100.0101.3
103.1106.0109.1113.6119.7
126.8132.3136.6
124.2126.2127.6129.3
130.3131.7133.0133.8
134.9136.0137.2138.4
Canada
91.794.195.1
96.297.198.3
100.0101.8
104.3108.2112.0116.6122.0
126.0129.6135.2
125.0126.1126.7126.5
127.1128.9130.8131.7
133.3134.4137.1138.0
Japan
79.378.979.8
82.687.093.0
100.0103.9
110.7116.4121.0127.5134.1
144.5153.3159.6
142.1143.9143.9148.2
150.2152.7154.2156.2
156.6159.8161.1163.3
France
69.680.185.0
88.191.095.4
100.0103.4
106.0108.9111.8116.9124.4
131.2138.6145.8
129.0130.6131.9133.4
135.3137.4139.3141.3
143.0145.0147.8150.0
Germany
88.190.090.9
92.194.397.1
100.0102.3
105.8109.5111.1113.1116.1
120.5126.7133.3
119.4120.4120.6121.7
124.4126.3127.3128.8
131.3132.8134.8136.4
Italy
83.285.585.1
87.188.993.1
100.01D5.9
110.7113.3116.9118.5121.6
127.6133.9140.6
125.4127.1128.1130.1
131.7133.2134.3136.3
138.0139.8142.4145.1
Nether-lands
889091
939597
100106
111.0117.4121.4125.9135.3
141.3152.0162.9
138.2140.4142.5144.1
147.3151.1153.3156.3
159.3163.3164.4168.0
UnitedKingdom
86 989.590.0
90.994.098.0
100.0103.3
108.2112.4115.2120.6127.2
135.3148.0157.5
131.5134.6136,1139.0
142.8147.9149.9151.8
154.1157.0159.6162.8
i For United States, 12-month average; for all other countries, January-October average.» October-December average for United States; October data for all other countries.
Sources: Department of Labor and Organization for Economic Cooperation and Development.
301U.S. GOVERNMENT PRINTING OFFICE : 1973—O-490-000Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis