SCB_041968

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

'OF

APRIL 1968 /VOLUME 48 NUMBER

CONTENTS

THE BUSINESS SITUATION

Summary 1

National Income and Product Tables 3

1967 GNP by Major Industry 7

ARTICLES

Regional Changes in Personal Income, 1965-67 9

Alternative Estimates of Corporate Depreciationand Profits s Part I 17

CURRENT BUSINESS STATISTICS

General S1-S24

Industry S24-S40

Subject Index (Inside Back Cover)

tLS* of

C. R. Smith / SecretaryWilliam H* Chartener / Assistant Secretary

for Economic Affairs

Offiee of

George Jaszi / DirectorMorris H. Goldman Louis J. Puradiso

Associate DirectorsMurray F. Foss / EditorLeo V. Barry, Ji% / Statistics EditorBilly Jo Hurley / Graphics

STAFF CONTRIBUTORS TO THIS ISSUE ,

Business Review and Features:Leo BernsteinRichard C. Ziemer

Articles:

Robert B. Bretzfelder

Allan H. YoungClaudia Talbott

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the BUSINESS SITUATION

The expansion accelerated in the firstquarter of 1968 as GNP rose $20 billionor 2l/2 percent. The rise in final saleswas even greater—$25 billion—andreflected a strong surge in consumerdemand and increases in most otherfinal markets. The rise in sales causedinventory accumulation to fall sharplyfrom the fourth quarter rate. Thephysical volume of output (real GNP)increased \% percent while prices rose1 percent. These preliminary estimateswill be superseded next month byestimates based on more complete data.

THE expansion in economic activityaccelerated in the first quarter as theeconomy continued to recover from theslowdown of early 1967 and the auto-mobile strikes of last fall. According topreliminary estimates, the Nation'soutput of goods and services scored anincrease of $20 billion from the fourthquarter of 1967 to the first quarterof 1968 to reach a seasonally adjustedannual rate of $827 billion. A strikingupsurge in consumer demand, whichhad been rather sluggish during thesecond half of 1967, accounted formuch of the increase in total produc-tion. Demand in all other final marketscombined also advanced more rapidlythan in other recent quarters.

All told, final sales (GNP less inven-tory investment) increased by an ex-traordinary $25 billion. On the basis offigures that are still incomplete, itappears that business inventories rosein the first quarter but much less thanin the final quarter of 1967. This de-grease in inventory investment helddown the rise in total production, re-versing the experience from the thirdto the fourth quarter, when the rise in

inventory investment accounted for asignificant part of the GNP increase.

Of the 2% percent advance in currentdollar GNP from the fourth to the firstquarter, about two-fifths representedhigher prices, and the rest, increasedphysical volume. The price rise of 1percent was a continuation of the largeadvance evident since the middle of1967. The 1% percent increase in physi-cal volume was considerably greaterthan the quarterly changes during1967 and almost matched the large gain

1 of early 1966, when the military build-up for the war in Vietnam wasunderway.

Personal income up sharply

The rise in production was accom-panied by an unusually large increasein personal income—$16 billion at anannual rate. About three-fourths repre-sented a rise in wages and salaries,which in turn was attributable to aconsiderable step-up in employment—about 800,000 in nonfarm establish-ments—and further increases in averagehourly earnings. Dividends rose after adecline in the preceding quarter, andtransfer payments recorded a sizableincrease, chiefly because of the rise inSocial Security benefits that becameeffective in March.

Disposable income also showed anexceptionally strong advance of almost$14 billion, but with personal outlaysrising even more, personal saving de-clined. The personal saving rate fellbelow the very high figure of 7% percentin the fourth quarter, but at approxi-mately 7 percent, it was still largegaged by the experience of the severalyears before 1967.

Consumer outlays lead advance

The $16 billion rise in personal con-sumption expenditures from the fourth

to the first quarter was the largestquarterly increase on record. To someextent, it reflected the recovery fromthe automobile strikes of last fall. Therise in domestic car sales from a season-ally adjusted annual rate of 7% millionunits to 8)4 million and a large season-ally adjusted increase in imports to anannual rate of about 1 million units

CHART 1-

In the first quarter, currentdollar GNP showed its largestpercentage gain in 2 y e a r s . . ,

Percent Change

4 - . . - , .

GNP, TOTAL , ;

so did REAL GNP

GNP IN CONSTANT (1958) $

Overall PRICES continuedto rise sharply

PRICE DEFLATOR FOR GNP

1964 1965 1966Change from previous quarter

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

1967 1968


SUEVEY OF CURRENT BUSINESS April 1968

helped to boost expenditures on autosand parts by $3 billion. But the riseembraced far more than automobiles.A broadly based advance resulted in an$8 billion increase in expenditures fornondurable goods, which had shownlittle change in the second half of 1967.Spending on furniture and householdappliances also moved ahead, whileoutlays for services rose a little morerapidly than in other recent quarters.

The recovery in nonresidential fixedinvestment that started after the middle

CHART 2

First Quarter FINAL SALESexpanded by a record $25 billion

Billion $ Change3 0 , ,

TOTAL

10

A $16 billion upsurge in consumerspending dominated the advance

, RESIDENTIAL STRUCTURES:. .(Enlarged ,scafe); ; ;;:;

-5

20.GOVERNMENT

Stated local

1966 1967 1968Quarterly, Seasonally Adjusted at Annual Rates

U.S. Department of Commerce, Office of Business Economics 68-4-2

of 1967 continued in the first quarter of1968 with a large gain of $3 billion. Thegreater part of the rise represented in-creased expenditures for construction,which had declined steadily on a physi-cal volume basis since the summer of1966. In contrast, there was a markedslowdown in the rate of advance inresidential structures because the risein housing starts slowed down in thefourth quarter of 1967. In the firstquarter of 1968, both starts and permitsincreased slightly over the~fourth quar-ter rate.

Net exports of goods and services,which fell sharply in the fourth quarterof 1967, declined a little in the firstquarter, according to estimates basedon incomplete data. Although exportsregistered their best quarterly advancein 3 years, imports rose even more, inpart because of strike-hedge buying bydomestic steel consumers, unusuallyheavy imports of copper, and an up-surge in imports of foreign cars.

Government purchases of goods andservices rose almost $6 billion. Defensepurchases, which had grown ratherslowly in the second half of 1967, rosealmost $2% billion, mainly because ofincreased procurement of equipmentand supplies. Nondefense purchasesrose about $1 billion, chiefly becauseof agricultural purchases under CCCprograms. The steady long term in-crease in State and local governmentpurchases continued with a gain of $2%billion; higher payrolls accounted formost of the rise.

Decline in inventory investment

From the third to the fourth quarterof 1967, the rise in final sales sloweddown and inventory investment in-creased sharply. The upsurge in finalsales in the first quarter of 1968 broughtabout a reversal of this development.According to preliminary and incom-plete data, inventory accumulation fellfrom a seasonally adjusted annual rateof $9 billion in the fourth quarter of1967 to a rate of $4 billion in the open-ing quarter of the year. Sharp decreasesin the rate of accumulation occurredamong both manufacturing and tradefirms, particularly in durable goods.

Rapid price rise continues

Overall prices, as measured by theimplicit price deflator for GNP, rosealmost 1 percent in the first quarter,continuing the rapid rate of increaseexperienced during the second half of1967. Prices of consumer nondurablegoods, consumer services, and Stateand local government purchases rosefaster in the first quarter than in thefourth. This acceleration, however, wasoffset by smaller price increases inbusiness equipment and Federal Govern-ment purchases. The price advance forresidential and nonresidential construc-tion combined was about the same asin the fourth quarter.

The price rise continued to reflectboth demand and cost pressures. Al-though there was still some slack inmanufacturing capacity in early 1968,the overall unemployment rate, at 3.6percent, was quite low. This repre-sented a reduction from the 3.9 rate ineach of the two preceding quarters andindeed was the lowest quarterly ratesince 1953. During the quarter, pres-sures 011 unit labor costs mounted as aresult of continued increases in wagerates and boosts in Federal minimumwages and Social Security taxes.

Activity up in March

The underlying trend in activity wasupward throughout the quarter al-though the effect of special factors—badweather, strikes, and legislation affect-

(Continued on page 8)

Table 1.—Selected Measures of EconomicActivity: Change Over Previous Month

[Seasonally adjusted]

Retail sales

Employment *

Unemployment rate

Personal income

Wages and salaries

Industrial production. .AutosIron and steel

Wholesale pricesIndustrial com-

modities.

Unit

Percent .

Thous. ofpersons.

Percent

$bil., annualrate.

$bil., annualrate.

PercentPercent.-Percent _ .-.

PercentPercent

Jan.

2.2

11

*3.5

1.6

.7

-.5-6.8-3.7

.4

.4

1968

Feb.

1.5

575

*3.7

8.4

6.6

.2-3.2

1.0

.7

.5

Mar. P

1.9

143

*3.6

6.7

2.1

.49.5.7

.3

.3

*Data refer to actual rate, not change,1. Nonfarm establishments.

' Preliminary.


April 1968 SURVEY OF CURRENT BUSINESS

NATIONAL INCOME AND PRODUCT TABLES

1966 1967

1966

IV

1967

II III IV

1968

IP

Seasonally adjusted at annual rates

Billions of current dollars

1966 1967

1966

IV

1967

II III IV

1968


Billions of 1958 dollars

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

Gross national product - _ - -

Personal consumption expenditures

Durable goodsNondurable goodsServices

Gross private domestic investment

Fixed investment _ _

Nonresidential _Structures.,Producers' durable equipment

Residential structures.. _ __ _NonfarmFarm... _. _

Change in business inventoriesNonfarm _ _ •Farm

Net exports of goods and services.

ExportsImports _ _

Government purchases of goods and services

Federal.National defenseOther.

S tate and local

743. 3

465 9

70 3207 5188 1

118 0

104 6

80 227.952 3

24.423 8

.5

13 413 7— 3

5 1

43 037 9

154 3

77 060 516 5

77 2

785.0

491.7

72 1217.5202 1

112.1

107 0

82 626 855 7

24 423 9

6

5 24 8

4

4 8

45 340 6

176 3

89 972*517 4

86 4

762.1

473.8

70 6210. 3192 9

122.2

103 7

82 827 755 1

20.920 4

.5

18 519.0

4 3

44 039 7

161 7

81 565 615 9

80 2

766.3

480.2

69 4214.2196 6

110 4

103.3

81 927 754 2

21.420 9

6

7 17 3

— 2

5 3

45 339 9

170 4

87 170 216 8

83 3

775.1

489.7

72 5217.2200 0

105.1

104 6

81 526 355 2

23.122 5

6

56

_ i

5.3

45 139 8

175.0

89 572 517 0

85 4

791.2

495.3

72 7218. 5204 1

112 2

108 4

82 826 656 2

25 625 0

*6

3 83 4

4

5 4

45 640 2

178 2

90 973 317 6

87 4

807.3

501.8

73.8220.3207 7

120.8

111.6

84.026.757 3

27.627 0

.6

9 27.71 5

3.0

45 442.4

181 7

92 274 218 0

89 5

827.3

517.8

77 9228.09ll 9

119.4

115.5

87 228.758 5

28.327 8

.6

3 93.0

9

2.6

47 644.9

187.5

95 776 619.1

91 0

652.6

418.0

71 3187.7159 1

105 6

93 0

72 823 649 2

20 219 7

5

12 612 9— 3

4 4

40 836.4

124 5

64 7

59 9

669.3

430.1

72.1193.0165 0

96.9

92.1

73.021.851 2

19.118.6

.5

4 84.4

4

3.6

42.538.9

138.7

74 1

64 6

661.1

420.4

71.1188.4160 9

108.4

91.2

74 223.051 2

17.016 5

.5

17.217.7— 5

3.2

41.238.0

129 1

67 8

61 3

660.7

424.2

69.7191. 8162.6

96.9

90.2

73.022.950 1

17.316.8

.5

6.76.8

— .2

4.1

42.438.3

135.5

72.3

63.2

664.7

430.6

72.9193.6164 1

91.3

90.9

72 621.751 0

18.317.8

.5

.4

.5i

4.1

42.338.2

138.7

74 4

64 3

672.0

431.5

72.7192.8166.0

96.4

92.9

73.221.551.7

19.719.2

.4

3.53.2.4

4.2

42.838.6

139.9

75 1

64.9

679.6

434.0

73.0193. 6167.4

103.0

94.4

73.321.452.0

21.020.6

.4

8.77.21.5

1.9

42.540.7

140.7

74.7

66.0

689.7

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

Gross national product-

Final salesChange in business inventories

Goods output

Final sales.Change in business inventories

Durablegoods _ „ _ _Final sales.Change in business inventories

Nondurable goods.Final sales _ _ „C h ange in business inventories _ . .

Services _ _ _ _ _

Structures

743.3

729 913.4

379 6

366 213 4

154 6144 7

9 9

225 0221 5

3 5

287 2

76 5

785.0

779 85 2

396 0

390 85 2

158 5155 7

2 7

237 5235 1

2 5

311 2

77 8

762 1

743 618.5

391 7

373 218 5

161 1148 312 8

230 6224 9

5 7

296 9

73 5

766 3

759 27.1

388 1

380 971

153 9150 5

3 4

234 2230 5

3 7

303 1

75 2

775.1

774 65

392 1

391 65

155 5156 0

— 6

236 6235 5

1 1

307 8

75 2

791 2

787 43 8

398 7

394 93 8

161 4157 9

3 5

237 3237 0

3

313 5

79 0

807.3

798 19.2

405 2

396 09 2

163 1158 6

4 5

242 1237 4

4 7

320 3

81 8

827 3

893 43.9

3 9

652.6

639 912.6

353 7

341 012 6

150 0140 6

9 3

203 7200 4

3.3

235 2

63 7

669.3

664 54.8

361.4

356 64.8

150 2147.8

2 4

211 2208 8

2.4

245 8

62 1

661.1

643 917.2

361.1

343 917 2

154 2142.311 9

206 9201.6

5.3

239 8

60 2

660.7

654 06.7

356.6

349.96.7

146.6143.6

3.0

210.0206.3

3.6

242 7

61.3

664.7

664 3.4

359.5

359 1.4

148 3148.9

— 6

211 2210.2

1.0

244 4

60.8

672.0

668.53.5

362.9

359.43.5

153.0149. 8

3.2

209.8209.5

.3

246 9

62.3

679.6

671.08.7

366.5

357.88.7

152.9148.8

4.1

213.6209.0

4.6

249.2

64.0

689.7

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

Gross national product

Private

BusinessNonfarmFarm

Households and institutions

Rest of the world.

General government ._..

743 3

666 7

642 4617 624 8

20 1

4 2

76 6

785 0

699 6

673 6649 624 0

21 5

4 6

85 3

762 1

681 9

656 9633 023 9

20 6

4 4

80 2

766 3

683 9

658 7635 123 6

21 1

4 1

82 5

775 1

690 9

665 3641 923 3

91 4

4 2

84 2

791 2

705 2

679 0654 624 4

21 2

4 9

86 0

807 3

718 7

691 4666 624 8

22 1

5 1

88 6

827 3 652 6

597 5

578-9556 422 4

14 7

4 0

55 0

669 3

610 2

590 5566 424 1

15 3

4 4

59 1

661 1

604 2

585 1562 722 4

14 9

4 3

56 9

660 7

602 7

583.6559 923 7

15 1

4.0

57 9

664.7

606 0

586.6563 023 6

15 3

4.0

58.7

672.0

612 5

592.7568.424.2

15.0

[4.8

59.6

679.6

619.6

599.2574.424.7

15.6

4.9

60.0

689.7

3 Preliminary.


SURVEY OF CURRENT BUSINESS April 1968

1966 1967

1966

IV

1967

I II III IV

196S

I P


Billions of dollars

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

Gross national product . .

Less: Capital consumption allowances-

Equals* Net national product

Less: Indirect business tax and nontaxliability .

Business transfer payments.Statistical discrepancy

Plus: Subsidies less current surplus ofgovernment enterprises

Equals: National income

Less: Corporate profits and inventoryvaluation adjustment

Contributions for social insur-ance

Wage accruals less disburse-ments

Plus: Government transfer paymentsto persons

Interest paid by government(net) and by consumers

DividendsBusiness transfer payments.

Equals: Personal income

743.3

63.5

679.8

65.12.7

—2.6

2.2

616.7

82.2

38.2

.0

41.2

22.321.52.7

584.0

785.0

67.0

717.9

69.72.8

-3.0

1.7

650.2

79.6

43.0

.0

49.1

24.122.82.8

626.4

762. 1

64.7

697.4

67.02.8

-3.8

2,6

634.1

84.6

39.8

.0

44.7

23.221.22.8

601.6

766.3

65.5

700.8

67.92.8

-4.0

2.3

636.4

78.1

42.2

.0

48.1

23.722.22.8

612.9

775.1

66.4

708.7

69.12.8

-2.8

2.0

641.6

78.3

42.5

.0

48.6

23.923.12.8

619.1

791.2

67.6

723.6

70.22.8

-1.2

1.6

653.4

79.2

43.3

.0

49.6

24.223.42.8

631.0

807.3

68.6

738.7

71.42.8

-3.5

1.2

669.3

82.7

44.1

.0

50.1

24.722.42.8

642.5

827.3

69.4

757.9

73.02.8

.7

47.4

.0

52.8

25.523.22.8

658.7

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

Gross auto product 1

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

Net exportsExportsImports

Addenda:

New cars, domestic 2

New cars, foreign

Gross auto product l.

Personal consumption expenditures .Producers' durable equipment _ _Change in dealers' auto inventories..

Net exports..ExportsImports .

Addenda:

New cars, domestic 2. .New cars, foreign .

Billions of current dollars

29.8

24.94.4.4

.01.31.2

27.61.8

27.7

23.94.2

—.11.61.7

25.32.6

29.6

24.54.3.6

.01.51.5

27.42.1

25.0

22.23.9

-1.1

-.31.31.6

22.82.2

27.8

24.64.3

—1.2j

l'.61.7

25.32.7

27.9

24.54.3

-1.2

.11.91.7

25.42.6

29.9

24.34.31.3

i!s2.0

27.62.7


30.3

25.44.4.4

.11.31.2

28.21.8

27.7

24.04.1-.6

-.11.71.7

25.52.5

29.9

24.74.3.7

.11.51.5

27.82.1

25.3

22.63.9

-1.1

— 2l'.31.6

23.32.2

28.2

25.04.3

-1.3

.01.61.7

25.82.7

27.9

24.64.3

-1.3

.21.91.7

25.62.6

29.4

23.94.11.3

-.21.82.0

27.32.7

nnuaflôft^0 eriod^h^1 includes £°vernment purchases, which amount to $0.2 billion

p PreMmina?1 gr°SS aUt° pr°duct total by the markuP on b<>th used cars and foreign cars.

1966 1967

1966

IV

1967

I II III IV

1968

I P

Seasonally adjusted, at annual rates

Billions of dollars

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

National income

Compensation of employees -

Wages and salaries. . . .

Private _. .. ..MilitaryGovernment civilian

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

insurance _ _ .

Other labor incomeEmployer contributions to pri-

vate pension and welfare fundsOther

Proprietors' income _ _ _

Business and professionalIncome of unincorporated enter-

prisesInventory valuation adjustment

Farm

Rental income of persons

Corporate profits and inventory valua-tion adjustment - _ _ _ • ...

Profits before tax, _

Profits tax liabilityProfits after tax

DividendsUndistributed profits

Inventory valuation adjustment

Net interest. _ .

616.7

435.7

394.6

316.714.763.2

.41.1

20.3

20 8

17 33 5

59.3

43.2

43.6—.4

16.1

19.4

82.2

83.8

34.549.321 527.8

-1.6

20.2

650.2

469.7

423.8

337.516.469.8

45.9

22.6

23 2

58.4

43.6

44.0—.4

14.8

20.1

79.6

80.7

33.247.522 824.7

-1.2

22.4

634.1

450.2

407.4

326.115.865.6

42.7

21.1

21.7

58.6

43.4

15.1

19.6

84.6

83.9

34.649.321 228.2

.7

21.1

636.4

459.1

414.7

331.416.167.3

44.4

22.2

22 2

57.8

43.2

14.6

19.8

78.1

79.0

32.546.522 224.2

O

21.6

641.6

463.4

418.3

333.216.268.9

45.2

22.3

22.9

57.8

43.4

14.3

20.0

78.3

78.9

32.546.523.123.4

-.7

22.1

653.4

472.6

426.2

339.416.370.6

46.4

22.8

23.6

58.8

43.8

15.0

20.2

79.2

80.0

32.947.123.423.6

22.7

669.3

483.6

435.9

346. 217.372.5

47.6

23.3

24.3

59.3

44.1

15.2

20.4

82.7

85.1

35.050.122.427.6

-2.3

23.3

497.5

447.5

355.817.674.0

50.0

24.8

25.2

59.9

44.4

15.5

20.6

23.2

-4.7

23.9

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

All industries, total .

Agriculture, forestry, and fisheriesMining and constructionManufacturing

Nondurable goodsDurable goods

TransportationCommunication.. .Electric, gas, and sanitary servicesWholesale and retail trade _ _

Finance, insurance, and real estate.. ..ServicesGovernment and government enter-

prisesRest of the world _ _

616.7

22.738.2

192.173.2

118.9

24.812.412.190.8

65.669.3

84.64.2

650.2

21.840.2

196.776.3

120.4

26.113.112.896.1

70.474.7

93.94.6

634.1

22.038.7

198.875.3

123.5

25.412.712.392.6

67.571.3

88.44.4

636.4

21.639.8

195.075.9

119. 2

25.512.812.493.5

68.472.6

90.84.1

641.6

21.339.7

194.075.1

118.9

25.713.012.694.9

69.674.1

92.54.2

653.4

22.040.3

196. 075.9

120.0

26.513.212.996.9

70.975.3

94.54.9

669.3

22.240.9

201.678.1

123.5

26.913.213.199.2

72.576.9

97.65.1

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

All industries, total

Financial institutions.

MutualStock

Non financial corporations

ManufacturingNondurable goods...Durable goods .. ...

Transportation, communication,and public utilities

All other industries

82.2

9.3

1.97.4

72.9

43.118.724.4

11.918.0

79.6

9.7

69.9

39.318.021.3

12.018. 6

84.6

9.6

75.0

44.419.225.3

12.018.6

78.1

9.6

68.5

39.618.421.1

11.717.3

78.3

9.5

68.8

38.917.821.1

11.918.0

79.2

9.6

69.6

38.217.720.5

12.119.3

82.7

10.0

72.7

40.618.322.4

12.319.8


April 1968 SURVEY OF CUREENT BUSINESS

•1966 1967

1966

IV

1967

I II III IV

1968

I P


Billions of dollars

Table 9.— Gross Corporate Product1 (1.14)

Gross corporate product _

Capital consumption allowancesIndirect business taxes plus transfer

payments less subsidies

Income originating in corporate busi-ness

Compensation of employees. _ __Wages and salaries-Supplements,

Net interest

Corporate profits and inventoryvaluation adjustment-

Profits before tax___ _Profits tax liabilityProfits after t a x _ _ _ - :.


Inventory valuation adjustment- .

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

Gross product originating infinancial institutions

Gross product originating innonfinancial corporations

Capital consumption allowancesIndirect business taxes plus transfer

payments less subsidies. _

Income originating in nonfinancialcorporations

Compensation of employees.Wages and salariesSupplements

Net interest

Corporate profits and inventoryvaluation adjustment.

Profits before tax. _ 1 _ ._Profits tax liability.Profits after tax _ _ _ _ • _


Inventory valuation adjustment. ..

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

Gross product originating innonfinancial corporations

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

Capital consumption allowances _Indirect business taxes plus transfer

payments less subsidies-Compensation of employees-Net interest

Corporate profits and inventory valu-ation adjustment

Profits tax liabilityProfits after tax plus inven-

tory valuation adjustment ..

429.6

39.0

38.2

352.4

275.9246.129.8

-2.4

78.980.634.546.019.926.1

-1.6

85.065.1

17.5

412.1

37.9

36.5

337.7

261.3233.427.9

6.7

69.771.330.341. 018.522.5-1.6

78.960.4

450.1

41.4

40.7

368.0

294.5261.433.1

-2.5

76.077.233.244.021.122.8

-1.2

85. 364.2

19.0

431.2

40.2

38.9

352.0

278.3247.431.0

7.3

66. 367.528.838.719.619.1

-1.2

78.959.3

442.2

39.8

39.2

363.2

284.5253.530.9

-2.4

81.280.534.645.919.626.3

.7

85.666.1

18.0

424.2

38.6

37.5

348.0

269.5240.529.1

7.0

71.570.830.240.618.222.5

.7

79.361.1

441.5

40.3

39.7

361.5

289.1257.132.0

-2.5

74.975.732.543.220.722.5-.8

83.562.8

18.4

423.1

39.1

37.9

346.1

273.7243.730.0

7.1

65.366.128.138.019.218.8

Q

77.257.9

444.5

40.9

40.4

363.1

290. 5258.032.5

-2.5

75.175.832.543.321.621.7-.7

84.262.6

18.6

425.9

39.8

38.6

347.5

274.6244.130.5

7.3

65.666.328.238.120.018.1-.7

77.957.9

451.9

41.8

41.1

369.0

296.2262.8

33.4

-2.5

75.376.132.943.221.621.6

o

85.063.3

19.1

432.8

40.6

39.3

352.9

279.8248.531.3

7.4

65. 766.528.538.020.117.9

Q

78.658.5

462.7

42.5

41.8

378.4

302.2267.834.3

-2.5

78.781.135.046.120.625.5-2.3

88.668.1

19.8

442.9

41.4

39.9

361. 6

285.3253.232.1

7.5

68.871.130.440.719.021.7-2.3

82.163.1

43.1

42.6

311.2275.136.1

-2.5

-4.7

4.1.9

40.7

293.9260.233.8

7.5

-4.7


383.0 387.9 389.0 384.7 385.3 387.7 393.7

Dollars

1. 076

.099

.095

.682

.018

.182

.079

.103

1. 112

.104

.100

.718

.019

.171

.074

.097

1.091

.099

.096

.693

.018

.184

.078

.106

1.100

.102

.098

.711

.018

.170

.073

.097

1.105

.103

.100

.713

.019

.170

.073

,.097

1.116

.105

.101

.722

.019

.169

.073

.096

1. 125

.105

.101

.725

.019

.175

.077

.097

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

point shifted two places to the left.p Preliminary.

1966 1967

1966

IV

1967

I II III IV

1968

I P


Billions of dollars

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

Personal income

Wage and salary disbursementsCommodity-producingindustries. _

ManufacturingDistributive industriesService industries _Government- .

Other labor income. ._

Proprietors' income _Business and professionalFarm

Rental income of personsDividendsPersonal interest income

Transfer paymentsOld-age, survivors, disability, and

health insurance benefits. .State unemployment insurance

benefits . _ _.Veterans benefitsOther.

Less: Personal contributions forsocial insurance

Less: Personal tax and nontax pay-ments

Equals : Disposable personal income. . .

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

eigners. _

Equals : Personal saving.

Addenda:Disposable personal income :

Total, billions of 1958 dollars .

Per capita, current dollarsPer capita, 1958 dollars

584 0

394.6159.3128.193.963.577.9

20 8

59 343 216 1

19 421 542 4"

43 9

20 8

1.85.7

15 6

17 9

75 2

508.8

479 0465. 912 4

.6

29 8

456.3

2 5842,317

626,4

423.8167.2134.4100.969 586.3

23.2

58 443.614 8

20 122.846.5

51.9

25 7

2.16.6

17.5

20 4

81.7

544.7

505.9491.713 4

.8

38.7

476.5

2 7362,393

601 6

407.4164.1132 696.565 581 4

21 7

58 643 415 1

19 621 244 3

47 5

23 2

1 86.3

16 2

18 7

79 6

522.0

487 4473.8

12 9

.6

34 6

463 2

2 6392, 341

612 9

414.7165.7133 198.767 083 4

22 2

57 843 214 6

19 822 245 2

50 8

24 7

2 16.5

17 6

20 0

80 2

532.7

493 9480.213 1

.7

38.8

470 6

2 6862,373

619.1

418.3164.8132.699.668.885.0

22 9

57 843 414 3

20 023 146 0

51 4

25 6

2.16.5

17.0

20.2

79.1

540.0

504.0489.713.3

1.0

36.0

474.9

2,7162,388

631 0

426.2167.4134.6101.770.286.9

23.6

58 843.815 0

20.223.446.9

52.4

26.2

2.26.6

17.4

20.5

82.8

548.2

509.6495.313.5

.8

38.5

477.5

2,7492,394

642.5

435.9170.8137.2103.471.989.8

24.3

59.344.115.2

20.422.448.0

52.9

26.4

1.96.7

17.9

20.8

84.7

557.9

516.2501.813.8

.7

41.6

482.6

2,7892,413

658.7

447.5175. 8141.0106.373.891.7

25.2

59 944.415 5

20.623.249.4

55.6

27.9

2.06.9

18.7

22.6

87.1

571.7

532.6517.814.1

.7

39.1

489.4

2,8522,442

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

Personal consumption expendi-tures

Durable goods

Automobile sand parts . ...Furniture and household equipment.Other

Nondurable goods

Food and beveragesClothing and shoes-Gasoline and oilOther

Services

HousingHousehold operationTransportation.. _Other

465.9

70 3

29.829.910 6

207 5

106.740.316 244.3

188 1

67 127.013.680.4

491.7

72 1

29.332.010 9

217.5

110.642 817 546.6

202 1

71 328.214.787.8

473.8

70 6

29.630.610.4

210 3

107.240.816 645.7

192 9

68 527.714.082.7

480.2

69 4

27.331.410.7

214 2

109. 341.517.146.3

196 6

69 627.814.484.8

489.7

72.5

29.731.910 9

217.2

110.143.217.546.4

200.0

70.628.114.686.6

495.3

72 7

29.932.110.8

218.5

110.943.717.546.4

204.1

71.928.114.889.2

501.8

73.8

30.132.611.1

220.3

112.243.117.847.2

207.7

73.328.815.190.6

517.8

77.9

33.133.910.9

228.0

115.745.018.349.0

211.9

74.929.115.492.6

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

Receipts from foreigners ..

Exports of goods and services

Payments to foreigners

Imports of goods and services .

Transfers to foreignersPersonalGovernment

Net foreign investment

43.0

43.0

43.0

37.9

2.96

2.3

2.2

45.3

45.3

45.3

40.6

2.98

2.1

1.8

44.0

44.0

44.0

39.7

2.5.6

1.9

1.8

45.3

45.3

45.3

39.9

2.9.7

2.2

2.5

45.1

45.1

45.1

39.8

3.11.02.0

2.3

45.6

45.6

45.6

40.2

3.1.8

2.3

2.3

45.4

45.4

45.4

42.4

2.7.7

2.0

.3

47, (V

47,0

47.6

44.9

?.8.7

2.1

-.2


6 SURVEY OF CURRENT BUSINESS April 1968

1966 1967

1966

IV

1967

I II III IV

1968

I P


Billions of dollars

1966 1967

1966

IV

1967

I II III IV

1968

I P

Seasonally adjusted

Index numbers, 1958=100

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

Federal Government receipts.

Personal tax and nontax receiptsCorporate profits tax accruals. _Indirect business tax and nontax

accrualsContributions for social insurance. __

Federal Government expenditures

Purchases of goods and servicesNational defenseOther :...

Transfer payments. - -To persons...To foreigners (net).

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

Net interest paid

Subsidies less current surplus of gov-ernment enterprises

Surplus or deficit (—), nationalincome and product accounts

143.2

61.732.3

15.933.3

142.9

77.060.516.5

36.033.72.3

14.8

9.5

5.4

.3

151.8

66.531.0

16.637.7

164.3

89.972.517.4

42.940.72.1

16.0

10.5

5.1

-12.5

148.6

65.232.3

16.334.7

151.9

81.565.615.9

38.836.91.9

15.6

10.0

5.9

-3.3

149.1 148.1 152.7 157.3

65.530.3

16.237.0

160.9

87.170.216.8

42.240.02.2

15.6

10.4

5.6

-11.9

64.030.3

16.537.2

162.8

89.572.517.0

42.440.32.0

15.3

10.4

5.3

-14.7

67.530.6

16.738.0

165.9

90.973.317.6

43.541.22.3

16.0

10.5

5.0

-13.2

69.132.5

17.038.7

167.9

92.274.218.0

43.341.32.0

17.1

10.7

4.6

-10.7

71.2

17.541.8

174.8

95.776.619.1

45.843.72.1

18.2

11.0

4.1

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

State and local government receipts

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

accruals _ _ .. _Contributions for social insuranceFederal grants-in-aid _

State and local government expendi-tures _

Purchases of goods and servicesTransfer payments to personsNet interest paidLess: Current surplus of government

enterprises

Surplus or deficit (— ), nationalincome and product accounts

84.7

13.52.3

49.24.9

14.8

81.8

77.27.5.3

3.3

2.9

91.8

15.22.3

53.15.3

16.0

91 7

86.48 4.2

3 4

.1

87.9

14.32.3

50.65.0

15.6

84.9

80.27.8.3

3.4

3.0

89.3

14.72.1

51.75.2

15.6

88 3

83.38.1.2

3.4

1.0

90.4

15.12.1

52.65.3

15.3

90 6

85.48 3.2

3 3

2

92.6

15.42.3

53.55.4

16.0

92 7

87.48 5

2

3 4

-.1

95.0

15.62.5

54.45.4

17.1

95 1

89.58 8

2

3 4

-.2

15.9

55.55.6

18 2

97 8

91.99 1

3

3 4

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

Gross private saving

Personal savingUndistributed corporate profitsCorporate inventory valuation ad-

justment--Corporate capital consumption

allowancesNoncorporate capital consumption

allowancesWage accruals less disbursements ....

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

FederalState and local

Gross investment

Gross private domestic investmentNet foreign investment

Statistical discrepancy

119.5

29 827.8

— 1 6

3q o

24.5.0

3 2

.32 9

120 2

118.02.2

—2 6

129.3

38 724.7

— 1 2

41 4

25 7.0

— 12 4

—12 51

114 0

112.11 8

3 0

128 2

34 628.2

7

39 8

24 9.0

_ 3

—3 33 0

124 0

122.21 8

3 8

127 7

38 824.2

— 8

40 3

25 2.0

—10 8

—11 91 0

112 9

110.42 5

4 0

125.1

36 023.4

7

40 9

25 5.0

—15 0

—14 72

107 3

105. 12 3

2 8

129 0

38 523.6

g

41 8

25 8.0

13 3

13 2

^114 5

112.22 3

1 2

135 5

41 627.6

2 3

42 5

26 1.0

10 8

10 72

121 1

120.83

9 e

39 1

4 7

43 1

26 3.0

119 2

119.42

Gross national product _

Personal consumption expenditures

Durable goodsNondurable goods _Services .

Gross private domestic investment

Fixed investment

Nonresidential. _ . -

StructuresProducers' durable equipment--

Residential structures -Nonfarm ... ..Farm

Change in business inventories

Net exports of goods and services

Exports. . .Imports.

Government purchases of goods andservices . ...

FederalState and local

113.9

111.5

98.6110.6118.3

112.5

110.2

118.4106.2

120.9121.1114.1

105.4104.1

123.9

119.1129.0

117.3

114.3

100.0112.7122,5

116. 1

113. 1

122.8108.9

128.0128.1120.4

106.7104.3

127. 1

121.3133.8

115.3

112.7

99.4111.6119.9

113.7

111.6

120.1107.7

123.2123.4115.9

106.7104.3

125.2

120.2130.8

116.0

113.2

99.5111.7120.9

114.4

112.2

121.0108.2

123.8124.0117.3

125.8

120.5131.9

116.6

113.7

99.5•112. 2121.9

115.0

112.2

121.5108.3

126.2126.4118.8

126.1

120.3132.9

117.7

114.8

100.1113.3123.0

116.8

113.2

123.8108.8

129.9130.1122.4

127.4

121. 0134.7

118.8

115.6

101.1113. 8124.1

118.2

114.6

125.0110.3

131.0131.2123.2

129.1

123.4135.6

120.0

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


Goods output

Durable goodsNondurable goods

Services

Structures

Addendum:

Gross auto product. .

113.9

107.3

103.1110. 4

122.1

120.1

98.2

117.3

109.6

105.5112.5

126.6

125.3

99.8

115.3

108.5

104. 5111.5

123.8

122 0

99.0

116.0

108.8

104.9111.5

124.9

122 6

98.8

116.6

109.0

104.8112.0

125.9

123.8

98.8

117.7

109.9

105.5113.1

127.0

126.9

99.8

118.8

110.6

106.7113.4

128. 6

127. 8

101.5

120.0

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


Private

BusinessNonfarm ... _Farm

Households and institutions .

General government _

113.9

111.6

111.0111.0110 7

137.0

139.2

117.3

114.7

114. 1114.799 7

140.6

144.5

115.3

112. 9

112.3112.5106 7

141.0

116.0

113.5

112.9113.499 3

142.3

116.6

114.0

113 4114.098 8

143.4

117.7

115.1

114.6115.2100 6

144.5

118.8

116.0

115 4116.1100 3

147.7

120.0

p Preliminary.

HISTORICAL DATA

Historical national income and product data are available fromthe following sources:

1964-66: July 1967 SURVEY OF CURRENT BUSINESS.1929-63: The National Income and Product Accounts of the

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


April 1968 SUKVEY OF CURRENT BUSINESS

1967 GNP by Major Industry

AS the rise in demand slackened from1966 to 1967, real output increased only2% percent, the smallest annual gainsince 1961. The slowdown in the ad-vance in output occurred in the non-farm sector and was concentrated ingoods-producing and goods-distributingindustries, which had expanded sharplyfrom 1965 to 1966 (chart 3). Theseindustries accounted for only 25 percentof the 1967 increase in real output incontrast to their contribution of almost75 percent of the 1966 gain. The outputof the service-type industries, on theother hand, advanced at about the samerate in 1967 as in 1966 and was theprincipal source of growth in 1967.Farm production rose in 1967 followinga decrease the year before.

The increase in wage rates acceleratedin 1967 and with productivity growthslowing down, unit labor costs rose evenmore sharply than they had the yearbefore. Some of this cost increase wasabsorbed by cuts in profit margins, butmost of it was passed on in higherprices, which advanced more rapidlythan in 1966. This particular patternstands out in the goods-associated in-dustries. The decline in farm priceswas an important offset to the price risein the nonfarm sector.Changes in nonfarm output

The reduced rate of output expan-sion in 1967 was due largely to the de-cline in inventory accumulation, theleveling in business fixed investment,the slackened demand for consumerdurables, and the auto strike late in theyear. As a result, real manufacturingoutput, which had increased 8% percentfrom 1965 to 1966, showed practicallyno change from 1966 to 1967. Withinmanufacturing, production of durablegoods industries declined about 1 per-cent in 1967 after a 1.0 percent gain in1966; output of nondurable goods in-dustries was only 1 percent higher thanin 1966, following a 1966 gain of about7 percent. Mirroring the slowdown inmanufacturing, output in transporta-

Preliminary 1967 estimates of GNPin current and constant dollars and im-plicit price deflators, by major industry,are presented here for the first time.The data show that the slowdown indemand last year had its greatest im-pact in the nonfarm sector, particularlyin manufacturing, transportation, andtrade. These industries also experiencedsharp increases in unit labor costs andprices.

tion and trade increased less rapidlythan in 1966.

Production in most service-type in-dustries showed rates of increase similarto those of 1966. An exception was elec-tric, gas, and sanitary services, wherethe output rise accelerated significantly.Nonfarm costs and prices

Unit labor costs, as measured by em-ployee compensation per unit of realoutput, continued to increase for theeconomy as a whole, particularly forthe nonfarm business sector. The ad-vance in 1967 exceeded that of the pre-vious year and was far greater than theaverage rise in the 1961-65 period (table2). Higher Social Security costs, therise in minimum wage rates, and higherwage settlements contributed to the1967 advances in wage rates. The 1967increases in unit labor costs were espe-cially sharp in the manufacturing, trans-portation, and trade industries, whereoutput was either unchanged or roselittle and productivity gains were small.Communications and electric and gasutilities, where output gains were rela-tively large, were the only major groupsexperiencing lower unit labor costs lastyear.

Contrasting with the rise in the unitlabor and other costs, profits per unitof output declined from 1966 to 1967,according to preliminary estimates.Declines were widespread but weremost marked in manufacturing, trans-portation, and trade.

With labor costs up sharply and withprofits absorbing only part of these and

other costs, prices in the private non-farm business sector rose 3.3 percent in1967 after a 2.1 percent rise in 1966 andan average annual increase of 1.1 per-cent from 1961 to 1965. As table 2indicates, a step-up in the price rise in1967 occurred in most of the industries.Farm output and prices

The farm sector showed a pattern ofchange significantly different from thatof the nonfarm sector. Real output in1967 increased by almost 7 percent ascompared with a 4% percent declinefrom 1965 to 1966. Moreover, the pricedeflator for farm output declinedsharply in 1967.

CHART 3

Last year's slowdown in real GNP growth. , .Percent Change

-5 0 5 10

I

TOTAL GNP

I

1966-671965-66

centered in nonfarm commodity producingand distributing industries...

Mining &Contract Construction

with some offset from the sharp improvementin these industries

Electric, Gas &Sanitary Services

\ 1 1

Output growth was about maintainedin other industries

Services

Finance, Insurance& Real Estate

Communication

Govt. & Govt. Enterprises



8 SUEVEY OF CURRENT BUSINESS April 1968

Table 1.—Gross Product in Current and Constant Dollars and Implicit Price Deflators, by Industry, 1964-67

All industries, total (GNP)__.

Agriculture, forestry, and fisheriesMiningContract construction _ .

M anuf acturingTransportationCommunication

Electric, gas, and sanitary servicesWholesale and retail tradeFinance, insurance, and real estate

ServicesGovernment and government enterprisesRest of the world .

Residual *.

AddendaPrivate sector

Nonfarm businessFarm _

Current dollars 1 (Billions)

1964

632.4

22.213.228.7

180.326.613.8

15.7104.986.7

66.471.24.0

-1.3

569.4527.620.6

1965

683.9

25.313.631.6

197.828.914.8

16.5112.192.9

71.476.84.2

-2.0

616.1569.823.6

1966

743.3

26.714.234.2

218.631.116.0

17.4121.398.8

77.486.14.2

-2.6

666.7617.624.8

1967 *

785.0

26.0(5)(s)

224.332.817.4

18.4128.8105.9

83.295.64.6

-3.0

699.6649.624.0

Constant dollars 1 (Billions of1958 dollars)

1964

581.1

23.014.423.3

173. 726.213.2

15.398.978.3

54.756.13.9

-.5

532.0492.122.3

1965

616.7

24.914.823.7

190.128.714.4

16.0104.782.6

57.258.04.1

-2.5

595.9524.223.6

1966

652.6

23.715.524.1

206.431.115.7

16.5111.085.9

59.662.24.0

-3.3

597.5556.422.4

1967 v

669

25(s)(5)

2063217

17^11489^

62674

-4

61056624

Index of gross product in 1958dollars2 (1958=100)

1964

129.9

107.2116.6112.9

140.4124.8149.3

142.5131.6132.2

127.5118.6192.1

131. 3132.7107.2

1965

137.9

113. 1120.0114.6

153.7136.7162.3

149.3139.4139.6

133.2122.7202.7

139.7141.3113.2

1966 :

145.9

107.8125.7116.7

166.9148.5176.8

154.5147.8145.2

138.9131.6198.3

147.5150.0107.6

1967 v

149.6

115.3(5)(5)

166.6151.3189.4

163.7152.4151.4

144.4142.2217.9

150.6152.7115.5

Implicit deflators 3 (1958=100)

1964

108.8

94.291.7

123.1

103.8101.7104.6

102.9106.1110.8

121.2127.0

107.0107.292.3

1965

110.9

101.791.5

133.1

104.0101.0103.0

103.0107.0112,4

125.0132.5

108.9108.7100.0

1966

113.9

112.691.5

141.6

105.999.8

102.5

105. 2109.2115,0

129.8138.4

111.6111.0110.7

1967 '

117.3

102.4(5)(s)

108.8103.6103.7

105.2112.5118.3

134.3142.3

114.7114.799.7

NOTE.—Dash line (—) not applicable.J> Preliminary.1. Detail may not add to totals because of rounding.2. Indexes are based on unrounded data and may therefore differ from ones computed from

published figures.3. Implicit deflators are calculated by dividing the total gross product in current dollars

by the corresponding gross product in constant (1958) dollars based on unrounded data.They may therefore differ from figures computed from published figures.

4. Represents difference between GNP measured as sum of final products minus sum ofgross product originating by industries.

5. Data not shown separately but included in totals.

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

The rise in farm production duringthe year reflected an increase in thevolume of farm marketings and a re-building of inventories, which haddecreased in 1966. With prices receivedby farmers falling from the post-Koreanhigh reached in 1966 and with pricespaid by farmers increasing slightly,there was a decrease of almost 10 per-cent from 1966 to 1967 in the implicitprice deflator for the farm sector.

The Business Situation

(Continued from page 2)

ing wages and Social Security benefits—frequently dominated month-to-monthchanges, especially in production, em-ployment , and income. One exceptionto this irregular pattern during thequarter was retail sales, which rosesharply in March for the third monthin a row, according to advance reports.The March sales rise reflected increasesfor several lines of trade.

Most other indicators of activity alsorose in March. Personal income ad-vanced $6.7 billion, making the fourthtime in the past 5 months that theincome rise has totaled $6% billion ormore. The March income flow includeda $3% billion rise in transfer payments,most of which was attributable to thestatutory increase in Social Securitybenefits. Wages and salaries showed a

Table 2,—Percent Change in Implicit Price Deflators and Unit Labor Costs, by MajorIndustry

All industries, total GNP 2

Agriculture, forestry, and f i she r i e s _ . _ _ _ _ _ .Mining 1 1Contract construction

M anuf acturingTransportationCommunication . ..

Electric, gas, and sanitary servicesWholesale and retail tradeFinance insurance, and real estate

Services _ -Government and government enterprises

Addenda:Private sector -

Nonfarm businessFarm

Implicit price deflators

1961-65

1.5

1.8-1.4

5.1

.3

.0-.1

-.1.7

1.3

3.44. 1

1.21.11.5

1965-66

2.7

10.7.0

6.4

1.8-1.2-.5

2.12.12.3

3.84.5

2.52.1

10.7

1966-67

3.0

-9.1(3)(8)

2.73.81.2

.03.02.9

3.52.8

2.83.3

-9.9

Unit labor costs

1961-65 1

1.2

-.3-.25.0

-.9-1.8-1.5

-.8.8.6

3.63.8

.917

-1.3

1965-66

4.5

7.9.4

8.5

2.9-.31.5

2.92.94.5

5.74,8

4.33.96/4

1966-67

5.1

-3.9(3)(*)

5.75.3

-1.5

-.15.15.4

5.62.7

4.85.2

-4.9

1. Average annual compounded rate of change between initial and terminal years.2. Includes "Rest of the world," and the "Residual."3. Data not shown separately but included in totals.

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

gain of about $2 billion, the result ofwidespread but moderate industry in-creases.

The rise in payrolls reflected con-tinued increases in wage rates and arise of about 150,000 in nonfarm estab-lishment employment; weekly hours ofwork edged down slightly. Last month'semployment gains were concentrated inservice industries and government. Em-ployment in manufacturing and miningremained at the February level, but thesettlement of the strikes in the glass-container industry late in March andin copper mining early in April should

contribute a sizable boost to Aprilemployment.

Industrial production, which was ad-versely affected by strikes throughoutthe quarter, rose about % of 1 percentin March to regain the level reachedlast December. The March rise was dueprimarily to an improvement in dura-ble goods manufacturing. Steel produc-tion showed a modest seasonally ad-justed gain but automobile productionadvanced about 10 percent. If currentschedules are met, assemblies in Aprilwill be about the same as the Marchseasonally adjusted rate.


By ROBERT B. BREtZFELDER

Regional Changes in Personal Income, 1965-67

Jt ERSONAL income in the fourthquarter of 1967 was at a record level inevery region and in 42 States (table 1).In the eight States showing a fourthquarter dip, income had been at arecord high in the preceding quarter.

From the third to the fourth quarterof last year, the largest regional gainsin personal income (from 2% to 2%percent) were registered in the RockyMountains, Plains, Far West, and NewEngland. Average income advances(from 1% to 1% percent) occurred in theSoutheast, Southwest, and Mideast,while income in the Great Lakes roseonly 1 percent.

The largest regional gains—those inthe Rocky Mountain and PlainsStates—reflected strong increases inagricultural income as well as in con-struction and trade. In the Far Westand New England, income increaseswere widespread among the variousindustries, but the most pronouncedrise occurred in durable goods manu-facturing payrolls. In New England,construction also advanced sharply.In contrast, most income shares rosesluggishly in the Great Lakes States,where durable goods manufacturingpayrolls contracted slightly, mainlybecause of strikes in the motor vehicleindustry.

Personal income in 1967

From 1966 to 1967, personal incomerose a little less than 7 percent in thecountry as a whole.1 Above-averagegains were registered in the Far West(8 percent), Southwest (7% percent),Southeast (7% percent), and Mideast

This article presents preliminary esti-mates of personal income, by States andregions, for the fourth quarter and fullyear 1967. A special analysis of differ-ential rates of income change by regionpoints out that the pronounced differ-ences in rates that are apparent overthe long run narrowed considerably in1965-66, when the economy was expand-ing very rapidly, but reverted to thelong term pattern when the expansionslowed down in 1967.

1. State personal income differs from national personalincome in that wages and salaries of Federal employeestemporarily stationed abroad are excluded from the formerand included in the latter.

(7% percent). Advances in New Englandand the Rocky Mountain regions wereof average proportions (about 7 percent)while less-than-average gains occurredin the Great Lakes (6 percent) and thePlains (5% percent).

As table 2 shows, both manufacturingand Federal civilian payrolls grew atrelatively rapid rates in the Southwest,Far West, and Southeast. In addition,military payiolls rose sharply in the FarWest, and farm income was especiallywell maintained in the Southeast. Inthe large and diversified Mideast, earn-ings in all major industries expandedat approximately average rates. Thesmall size of the total income rise inthe Great Lakes was due to the slowgrowth in manufacturing wages andsalaries and a sharp decline in farmincome in that region. In the PlainsStates, a drop of more than 15 percentin agricultural income limited theincrease in total income.Per capita income in 1967

As a result of the widespread gains intotal personal income last year and

NOTE.—The estimates of State personal income wereprepared in the Regional Economics Division under thesupervision of Edwin J. Coleman and Q. Francis Dallavalle.The quarterly estimates were constructed by Marian Sacks;the annual estimates were prepared by Barbara Beacham,Sandra Bodine, Margaret Cannon, Vivian Conklin, LinneaHazen, Elizabeth H. Queen, Roselee Roberts, and SumnerSteinfeldt.

the equally widespread but smallerincreases in population, per capitaincome (total income divided by totalpopulation) was higher in 1967 thanin 1966 in every region and in everyState. Although incomes in the Nationaveraged $3,137 in 1967, there werelarge differences among the States. Asthe accompanying map shows, Stateper capita incomes in 1967 ranged from$3,865 in Connecticut to $1,895 inMississippi. Others in the top rank—allabove $3,600—include New York, Illi-nois, Delaware, California, Alaska,Nevada, and New Jersey. Tables 3 and 4present annual estimates of total andper capita personal income for theentire period 1948-67.

Regional Trends in PersonalIncome

The rest of this article is devoted toa discussion of changes in personalincome growth rates by regions. It firstsummarizes postwar trends up to thebeginning of the Vietnam buildup inearly 1965; it then examines the shiftsthat occurred during the rapid economicexpansion of 1965-66; finally, it evalu-ates changes over the course of the year1967.

Over the postwar period, there havebeen continuing and substantial re-gional differences in rates of incomegrowth. Broadly speaking, personal in-come has expanded much more rapidlyin the South and West than in the Northand East. With the rapid economicupturn of 1965 and 1966, a pronouncednarrowing of differentials occurred, asincome in all regions rose at compara-tively uniform rates. In 1967, when thepace of the expansion slowed down forthe Nation as a whole, regional differ-ences in rates of income increase re-verted to their long term pattern.

9



Long term trendsFrom 1948 to 1965, personal income

rose in every region and in every State,with sizable and persistent regionaldifferences in rates of increase. Thelargest gains occurred in the westernand southern sections of the country,and the smallest in the northeasternand north central areas. From thecyclical peak in late 1948 to the firstquarter of 1965 (the last quarter notgreatly affected by the Vietnam situa-tion), personal income in the Far West,Southeast, and Southwest combined

grew about 30 percent faster than thatin the New England, Rocky Mountain,Great Lakes, Mideast, and Plains re-gions taken together.

When the 17-year span is dividedinto four periods, each starting andterminating with a cyclical peak inbusiness activity, relative differences inregional trends in economic growth arefound to be of about the same magni-tude in each subperiod as in the longerperiod.2 Thus, the pattern of regionalexpansion in periods of secular growthhas been pervasive during the postwar

years. Table 5 shows the data for eachof the eight regions for the four selectedtimespaiis.

The consistency of the growth trendsin individual regions is striking. Amongthe eight regions in the four subperiodsfrom 1948 to 1965—32 observations inall—only three departures from thepattern may be noted. From 1948 to

2 For this purpose, business activity is measured by realgross national product. The periods used extended from thefourth quarter of 1948 to the second quarter of 1953, fromthe second quarter of 1953 to the third quarter of 1957, fromthe third quarter of 1957 to the first quarter of 1960, andfrom the first quarter of 1960 to the first quarter of 1965.

CHART 4

Per Capita Personal Income, 1967

3,624C 3,7003,434

4,268 (D.C.)

3,326

UNITED STATES $3,137

Over $3,500

$3,125 - $3,499

$2,750 - $3,124

| | $2,400 - $2,749

| | Under $2,400



April 1968 SURVEY OF CURRENT BUSINESS 11

Table 1.—Quarterly Total Personal Income, by States and Regions[Millions of dollars, seasonally adjusted at annual rates]

State and region

United States

New England

MaineNew HampshireVermont _

MassachusettsRhode IslandConnecticut

Mideast

New YorkNew Jersey—Pennsylvania

DelawareMaryland _District of Columbia-

Great Lakes

MichiganOhioIndiana _ . .

IllinoisWisconsin

Plains

MinnesotaIowa - - _ - _ . _Missouri

North DakotaSouth Dakota _Nebraska _.. .

Kansas

Southeast

VirginiaWest VirginiaKentucky..

Tennessee _.North Carolina..South Carolina

GeorgiaFlorida .Alabama

MississippiLouisiana _ _Arkansas

Southwest . .

OklahomaTexas , . _

New MexicoArizona

Rocky Mountain

Montana .IdahoWyoming

Colorado _Utah

Far West

WashingtonOregon

NevadaCalifornia

AlaskaHawaii 1

I

481,998

30 547

2,0341,569

830

15, 0522,2768,786

117, 613

54, 94220,04628, 939

1 5009,3982, 788

101,759

21, 97926,09712, 240

31, 30810 135

37, 205

8,4786, 519

10,800

1 2621,3273,402

5, 417

79, 138

9,5543,3626,000

6,9829,0294 141

8, 36512,5525 892

3,3666,5973,298

32, 939

5 09522, 334

2,0643,446

10, 930

1,5811 422

820

4,9182,189

69, 266

7,9414 792

1,32855 205

7501 851

IS

II

490, 054

31 055

2 0721 594

845

15 2892,3268 929

119 565

55, 73620, 32729 581

1 5229 6062,793

103, 610

22 46426, 48212, 425

31, 91510 324

37,537

8,5536, 550

10 905

1 2561 2823,447

5 544

80 466

9,7543 4185,894

7 0439,2334 224

8, 53412, 8626 016

3,3896,7373 362

33, 661

5 18622, 862

2,1013 512

11,007

1,5801 437

821

4 9462 223

70 485

8 0254 870

1,33556 255

7691 899

64

III

4fw* 441

31 612

2 1001* 624

866

15 5362,3769 no

121 959

56 73120,72930 218

1 5789 8542,849

106 049

23 07027 13512 749

32 57510 520

38 160

8 6506 667

11 116

1 2901 3193 505

5 613

81 988

10 0493 4755 955

7 1929 3354 290

8 74813,0846 162

3 4446,8463 408

34 261

5 25023 312

2, 1383 561

11 121

1 5991 468

828

5 0172 209

71 549

8 1294*987

1 37357 060

8041 938

IV

507,767

32, 278

2 1891 641

890

15 8382,4269 294

123 732

57 20521,08730 842

1 60010 1452,853

107 699

23 28527 56512,894

33 17910 776

38,903

8 8036 860

11 267

1 3401 3473 579

5 707

83 945

10, 2523 5636 060

7 3489 7004 446

8 92213, 4106 319

3 4906 9643 471

34 782

5 34323* 668

2,1593 612

11 281

1 6101 520

836

5 0652 250

72 359

8 2425 034

1 38957 694

8331 955

I

517 370

32 460

2 2111 666

901

15 8302,4269 426

125 179

58,02621, 34630 974

1 62910 3262,878

110 969

24 32828 24813, 470

33 92610 997

40 007

9 0937 071

11 528

1 4121 4273 663

5 813

85 803

10 4163 5926,256

7 5959 8954 516

9 18513, 6266 510

3, 5857,1353 492

35,358

5 48424030

2,1913 653

11 504

1 6521 620*840

5 0902 302

73 288

8 3465 215

1 40658 "321

8301 972

18

II

527 159

33 189

2 2531 700

925

16 1762,4539 682

127 009

58 76221 76931 408

1 65110* 5102,909

113 383

25 05928 68613 828

34 60911 201

41 332

9 3687 450

11 802

1 AQQ

1 4933 809

5 922

87 277

10 5343 6496* 436

7 6949 9924 624

9 37413 8826 605

3 6787,2803 529

36 074

5 57124* 553

2, 2443 706

11 650

1 6841 624

845

5 1812 316

74 414

8 4685 275

1 42559 246

8461 985

65

III

541 524

33 971

2 2921 766

968

16 7342 5689 643

130 585

60 27422 47932 304

1 71110 8222,995

116 079

25 51629 40214* 155

35 50411 502

42 582

9 7067 693

12 118

i fjii1 5623 881

6 081

90 099

10 9003 7466*633

7 96210*2824 850

9 64714 3376 781

3 8127 5443 605

36 996

5 73425 198

2,3143 750

11 985

1 7321 691'846

5 3482 368

76 307

8 7665 402

1 44860 691

8582 062

IV

552 805

34 648

2 3301*794

995

16 8762 581

10 072

132 461

61 12222 76632 775

1 75410 9873,057

119 798

26 78830 19414 670

36 44911 697

43 444

9 8257 873

12 446

1 5581 5683 987

6 187

91 953

11 0723 7836*730

8 13210 4584 949

9 95414 6616 890

3 9117 7293 684

37 692

5 85625 688

2,3163 832

12 237

1 7801 718

858

5 4642*417

77 610

8 9495 524

1 45261 685

8722 090

I

564,398

35 268

2 3611,8361,029

17,2222,646

10 174

135 045

62, 25523,19833 523

1 77411 1993,096

121 503

26 75230 82614 840

37 07312 012

44 221

10 0598 022

12 599

1 5601 6334 049

6 299

94 447

11 3353 8626 899

8 33510 9135 134

10 19514 8857 053

4 0397 9353 862

38 778

5 99626 475

2,3543 953

12 407

1 7891* 744*860

5 5692 445

79 654

9 3255 593

1 50263 234

8692 206

19

II

573,803

35 947

2 3901,8731,042

17, 4722,694

10 476

137 150

63,17923, 56234 047

1 79511 4313,136

123 231

27 20431 25015 019

37 61112 147

44 718

10 1748 148

12 694

1 5191 6404 098

6 445

96 443

11 4973 8547*007

8 55011 2055 260

10 47615 1957 226

4 1858 0823 906

39 399

6 00726 973

2,3884 031

12 564

1 8281 726

878

5 6622*470

81 285

9 5535 733

1 50664 493

8852 181

66

III

585,578

36,641

2,4381,9131,074

17, 7522,743

10, 721

139 036

63,93623,80234,662

1 81611 6463,174

126,787

28 25431,99115, 433

38,51612 593

45,739

10 5288,320

12 941

1 5091*6374 250

6 554

98 555

11 6803 9557*264

8 71111*4625 388

10 64615 6817 290

4 1428 3683 968

40 217

6 12627* 592

2,3764 123

12 668

1 8641*696

880

5 7202 508

82 816

10 0145*732

1 49865 572

9022 217

IV

597, 690

37,781

2,4961,9801,120

18, 2432,831

11, 111

142,437

65,28624,49235, 493

1,85411,9953,317

128,688

28,52332,60115,622

39, 13512 807

46,710

10, 7308,542

13 179

1 5391 6014,322

6 737

100 484

12,0164 0757 391

8 84311,6825 443

10, 97315,8567 437

4,2378,5473 984

41 084

6 25828 190

2,4364 200

12 913

1 8821 732*876

5 8402 583

84 321

10 2845 892

1 52166 624

9632 309

Ii

607,314

38, 085

2,5042,0161,138

18, 5162,869

11,042

145,522

66,91924,96636,066

1,91212, 3313,328

130, 434

28, 19233, 09215,993

40, 17012 987

46,776

10,8318,360

13 584

1 5871 6844,106

6 624

102, 024

12, 3704 1307,490

9,13211,6085 523

10,93016,0617, 612

4,3468,7294,093

41, 590

6 42428 446

2,4604,260

13 335

1 8811 813

932

6 0362 673

86 215

10 3985 928

1,59968 290

9742 359

196

Hi

613,402

38,448

2,5172,0371,128

18, 7352,847

11, 184

147,253

67, 91025,30836, 214

1,91912, 5023,400

130, 638

28, 86733, 02615, 824

39, 97112 950

46,970

10, 8948, 432

13 561

1 5431 6854,099

6 756

103 575

12,4804 1267,608

9 13311, 8155 570

11, 17516, 5587 610

4,5128,8424 146

42 511

6 46529 120

2,5004,426

13 384

1 9051 773

934

6,0952 677

87,275

10 4106 032

1,59969 234

9722 376

7

mi

625, 453

39, 101

2,5802,0891,172

19,0032,926

11,331

149, 200

68,87225, 40336, 752

1,97712, 7133,483

134, 177

29,83833, 81916, 183

40, 92513, 412

48, 162

11, 3058,535

13,857

1, 5121, 8134,244

6,896

105 595

12,6604,2207,692

9,27412,1545,702

11, 47317,2747,696

4, 3198,9744, 157

43, 168

6,57629, 766

2,4034,423

13,412

1,9251 806

974

6,0492, 658

89,282

10, 8526 106

1,60070, 724

9652,391

IV

636, 106

39,993

2,5942,1431,192

19,3823,013

11, 669

151,417

69, 55725,83337,464

1,93213,0303,601

135,564

29, 60234, 42316, 821

41.23513, 483

49,310

11, 5458,737

14,098

1,7121,6944,416

7, 108

107, 187

12, 8594,3627,658

9,35112, 6195,728

11, 74317,1647,753

4, 6199,2734,058

43,851

6,71630, 207

2,5124,416

13,768

2,0241,901

935

6,1942,714

91,462

11, 3246,357

1,64272, 139

1,0382,516

1. Revised.NOTE.—Quarterly totals for the State personal income series will not agree with the personal

income measure carried in the national income and product accounts since the latter includesincome disbursed to Government personnel stationed abroad.




Table 2.—Percent Changes in Selected Shares of Personal Income, by States and Regions,1966-67

State and region

United States ...

New Ejiud&iid

Maine . ,New Hampshire.Vermont

MassachusettsRhode Island.Connecticut _ _ _ _ • _

Mideast ,.. .

New YorkNew Jersey ... . .Pennsylvania

DelawareMarylandDistrict of Columbia. .

Great Lakes. _

MichiganOhioIndiana

IllinoisWisconsin

Plains

MinnesotaIowaMissouri

North D akota. _South D akotaNebraska

Kansas

Southeast

VirginiaWest Virginia ,Kentucky

TennesseeNorth CarolinaSouth Carolina. „

GeorgiaFloridaAlabama

Mississippi .LouisianaArkansas

Southwest

Oklahoma ,.Texas

New MexicoArizona

Rocky Mountain __.

MontanaIdaho _Wyoming

Colorado __Utah

Far West

WashingtonOregon.

Nevada. .California.

AlaskaHawaii

Totalper-

sonalin-

come

6.9

6.8

5.28.98.5

7.06.76.4

7.2

7.36.86.4

6.89.38.5

6.1

5.26.16.4

6.56.6

5.4

7.43.17.1

3.64.6.8

5.1

7.3

8.26.96.6

7.16.46.0

7.18.85.7

7.18.74.6

7.3

7.37.6

3.37.4

6.8

5.07.08.0

6.97.1

7.9

9.76.4

6.87.8

8.88.1

Earnings of persons engaged in production *

Farm

-6

-23

-37-22-11

-19-22-15

10

-4-12

29

4323

-10

-14-16

2

-15-5

-16

-9-32-2

-5-1

-28

-6

(2)

2264-6

-12(2)

5

12

-5

128

-18

-8

1-12

-914

5

41537

-1727

-2

-4(2)

40-2

(2)5

Min-ing

3

-3

-19(2)-9

8.(2)

2-8

2

12)15(')

5

-3112

56

1

(2)85

51

-5

-1

6

77

52013

13-4

9

662

1

23

1-17

-3

-20-1

6

5-10

2

-13

-64

50(2)

Con-tractcon-

struc-tion

5

21017

7133

6

587

-23

-2

8

54

11

127

6

8113

-315

3

6

(2)146

264

134

—2

6116

9

312

-24

-1

6-1

1

2-10

-3

7-4

-9-4

9-2

Manu-factur-

ing

6

898

667

5

544

267

2

W 32

44

9

1187

-41313

8

8

847

887

8116

899

11

712

(\

5

248

81

9

102

(2)9

-17

Whole-saleand

retailtrade

6

699

69

10

6

575

7103

7

776

77

6

866

356

6

7

667

687

886

675

7

58

37

5

322

64

5

94

35

109

Fi-nance,insur-ance,andreal

estate

8

10108

91010

9

989

1087

9

1088

99

8

1088

678

7

9

869

89

11

99

10

1189

.8

78

25

7

664

104

7

128

76

38

Trans-porta-tion,com-muni-cation,

andpublicutili-ties

6

691

747

5

564

365

5

655

65

6

747

435

6

8

735

697

10126

7104

5

74

45

5

5(2)

2

67

8

124

49

710

Serv-ices

8

9

91010

99

11

7

577

5118

7

667

79

8

888

71110

8

8

86

10898

9104

7108

10

912

67

7

462

88

7

106

57

911

Government

Fed-eral

civil-ian

7

4

5111

334

5

-4114

8116

7

768

67

5

777

52

0)

4

9

127

13

51011

96

(2)

5106

10

712

59

10

769

913

10

10a9

10

912

Fed-eral

mili-tary

10

8

6104

6148

8

1155

3199

11

111313

106

6

11134

15108

-1

10

141010

10127

31610

26

13

10

207

-634

14

1688

1514

12

1311

1812

128

Stateandlocal

12

9

81011

88

11

12

121012

91515

13

131213

1213

11

111212

969

13

12

131012

131112

121210

13127

13

1113

1012

13

141310

1312

12

1211

1312

1510

1. Consists of wage and salary disbursements, other labor income and proprietors' income, except Government, whichexcludes proprietors' income.

2. Less than one-half of 1 percent.


1953, income in the Great Lakes grewa little faster than the national average;from 1953 to 1957, income in the RockyMountains grew much faster than inthe country as a whole; and from 1957to 1960, the pace of the income expan-sion in the Southwest was well belowthe national rate.

Income gains in 1965-66

In contrast to the experience of theindividual regions over the long run,there was considerable uniformity inregional rates of growth during theseven quarters of very rapid economicexpansion that occurred from the firstquarter of 1965 to the fourth quarter of1966. Over this span, the rate of gainin the three rapid-growth regions ex-ceeded the rate in the five slower grow-ing regions by less than 10 percent-far short of the 30 percent margin thathad prevailed earlier. Moreover, therewas considerable departure from estab-lished trends among individual regions.The Far West, typically the fastestgrowing of the regions, expanded at aless-than-average rate in the 1965-66period, while income growth in the NewEngland, Great Lakes, and Plainsregions—which had been growing atless-than-average rates from 1948 to1965—exceeded that in the Nation.

Factors making for uniformity

The increased uniformity that char-acterized regional income changes in1965-66 stemmed mainly from acceler-ated gains in areas that had beengrowing comparatively slowly in pre-vious years. Although several factorswere responsible for this, the overridinginfluence was the spurt in nationaleconomic activity. In the past, an ex-ceptional rise in the rate of nationaleconomic expansion has usually re-sulted in greater uniformity in rates ofregional income change. This tendencyis most evident during the recovery orexpansion phase of the business cycle.For example, in each of the four post-war periods of cyclical expansion (meas-ured from trough to peak of economicactivity), as well as during the defenseexpansion stemming from the Korean



hostilities, the rate of growth in national In 1965-66, economic activity ex-personal income rose sharply. In four of panded rapidly. From the first quarterthese five periods, regional differences of 1965 to the fourth quarter of 1966,in income growth rates were reduced. national personal income rose at an

annual rate of 8% percent, in contrastto a comparable growth rate of 5%percent from early 1960 to early 1965.As a result of this acceleration, regional

Table 3.—Total Personal Income, by States and Regions, 1948-67[Millions of dollars]

State and region

United States

New England ..

MaineNew Hampshire ._Vermont ._. _

MassachusettsRhode Island . • • . _ _ •Connecticut • _

Mideast _

New York.New JerseyPennsylvania

DelawareMarylandDistrict of Columbia. _

Great Lakes.

MichiganOhioIndiana

IllinoisWisconsin .

Plains

MinnesotaIowa. _-- . - - - -Missouri

North DakotaSouth Dakota.Nebraska

Kansas .

Southeast

Virginia.West Virginia. .Kentucky

TennesseeNorth Carolina. _South Carolina. ..

GeorgiaFlorida..Alabama

Mississippi . ....Louisiana ....Arkansas

Southwest .

Oklahoma...Texas

New MexicoArizona

Rocky Mountain _ . _

MontanaIdaho. ... .Wyoming _

Colorado .Utah

Far West

WashingtonOregon. _

NevadaCalifornia. _

Alaska.....Hawaii.. _

1948

208,878

13,796

1 084668407

7,0121, 1753,450

54,342

26, 0518,063

14, 716

5373,331

-.1,644

47,806

9,69112, 2695,624

15, 5214, 701

19,647

4,1064,0425,338

813916

1,909

2,523

31,769

3,6242,1262,788

3,0373,7321,779

3,1543,0432, 571

1,6392,6791, 597

13,066

2,3909,142

655879

4,650

876725429

1,810810

23,802

3, 6082,278

28317,633

723

1949

205,791

13,623

1,060671396

6,9711,1513,374

54,408

26,0468,131

14,553

5863,3921,700

46,004

9,62711, 7495,388

14, 6074,633

17,971

3,8463,3925,196

674689

1, 697

2,477

31,246

3,6481,9942,659

3,0013,6751,724

3,1503,1772,446

1,4412,8571,474

13,924

2,4609,839

719906

4,600

788712445

1,820835

24,015

3,6002,251

28617,878

685

1950

226,214

14,911

1,087704425

7,6541, 2623,779

59,210

27, 8418,934

16, 189

6843,7721,790

50,849

10,89512,9305,998

15,9485,078

20,135

4,2273,8975,672

782814

1,978

2,765

34,590

4,0702,1362,881

3,2954,2191,886

3,574

2,' 691

1,6433,0211,575

14,850

2,54710,486

8111,006

5,091

962764484

1,970911

26,578

3,9952,482

32719, 774

322692

1951

253,233

16,525

1,188792482

8,3441,3844,335

64,882

30,00910, 15117,752

7314,3181,921

57,556

12, 17614,8946,938

17,7115,837

21,912

4,6604,1276,245

794942

2,067

3,077

39,288

4,7632,3653, 361

3,6454,6912, 321

4,1224,0483,077

1,7963,3361,763

16,917

2,83711,914

9361,230

5,821

1,049850556

2,3131,053

30,332

4,4142,784

37822, 756

#ilifO

1952

269,767

17,451

1,291833496

8,6751,4464,710

68,428

31,39610, 93418,617

7824,7211,978

61,019

13, 05015,9427,326

18,6086,093

23,016

4,8234,3386,576

740828

2, 187

3,524

42,041

5,1502,4623,587

3,8104,8512,527

4,4474,5543,287

1,9073,6361,823

18,327

3,08712,837

1,0041,399

6,168

1,075932547

2,4981, 116

33,317

4,6972,966

44025, 214

m866

1953

285,458

18,500

1,298884521

9,1791,5315,087

72,684

33,20611, 75019,938

8355,0411,914

66,312

14,74117,4238,073

19,8126,265

23,435

5,0794,2006,948

757892

2,125

3,434

43,958

5,2922,4733,752

4,0805,0402,615

4,5815,0503,432

1,9433,8581,842

18,923

3,20113, 196

1,0481,478

6,238

1,096899549

2,5281,166

35,406

4,9342,990

48027,002

511896

1954

287,613

18,731

1,314915526

9,2931,5235,160

73,590

34,27511,95719, 515

8575,0691,917

65,549

14,35417,3977,653

19,9336,212

24,233

5,2024,5256,974

766916

2,253

3,597

43,780

5,3382,3473,692

4,1055,1202,434

4,5365,3283,314

1,8753,8811,810

19,288

3,19313,504

1,0771,514

6,245

1,079902533

2,5661,165

36, 197

5,0352,961

51927,682

1955

308,265

20,038

1,449983549

9,8911, 6145,552

78,206

36,45312,68820,669

9805,4671,949

70,776

15,90018, 7628,265

21, 1676,682

24,763

5,4834,3077,451

848857

2,191

3,626

47,557

5,6382,4923,866

4,3745,5712,599

5,0006,0703,761

2,1024,1141,970

20, 664

3,39014,438

1,1811,655

6,775

1,178951570

2,8041,272

39,486

5,3063,198

60430, 378

506972

1956

330,481

21,367

1,5341,035

598

10,4971, 6746,029

83,741

38,60813, 71922,295

1,1245,9762,019

75,631

16,52919,9928,875

23,0247,211

26,075

5,7784,5807,844

881914

2,274

3,804

51,312

6,0842,7684,107

4,6715,9352,697

5, 3506,9724,005

2,1414,5472,035

22,208

3,59115, 472

1,2841,861

7,340

1,2411,047

605

3,0661,381

42,807

5,5833,422

62533,177

648l,04i

1957

348,462

22,477

1,5831,102

619

11, 0741,7016,398

88,282

40,81814,55023, 414

1,1256,3142,061

78,619

16,87020,9599,187

24,0567,547

27,859

6,1355,0778,053

9051,0682,615

4,006

54,082

6,3492,9674,291

4,8725,9802,810

5,5317,7304,261

2,1725,0282,091

23,752

3,74416,538

1,4422,028

7,893

1,2971,104

645

3,3651,482

45,498

5,9123,416

67335, 497

5371,114

1958

358,474

23,078

1 6441,137

627

11,4561,7526, 462

90,022

41,80814,82223, 555

1,1306,5742,133

78,383

16,47820, 6159,157

24,3787,755

29.543

6,5945,2028,467

1,0301,0942,715

4,441

56,417

6,5932,8584,430

5,0266,2862,900

5,7788,4574,440

2,3525,0892,208

24,961

3,99417, 126

1,6192,222

8,281

1,3711,163

675

3,5251,547

47,789

6,1383,577

71337,361

6281,178

1959

380,963

24,405

1,7031,242

673

12, 1411,8466,800

95,290

44,39215,84524, 672

1,1966,9572,228

83,418

17,48222,0119,776

25, 7768,373

30,235

6,7985,3198,945

950980

2,760

4,483

60,401

6,9942,9384,655

5,3946,7313,132

6,2229,3084,693

2,5725,3442, 418

26,345

4,13117,995

1,7622,457

8,721

1,3451,230

715

3, 7551,676

52,148

6,5403,826

77241, 010

5621,315

1960

398,725

25,532

1,7961,305

716

12,6801,8977,138

99,042

46,28116,52825,395

1,2387,2892,311

86,490

18,20322,72910, 225

26, 7188,615

31,871

7,2415,4759,149

1,0871,2172,990

4,712

62,650

7,3392,9574,792

5,5217,1423,298

6,4899,7464,876

2,6325,3992, 459

27,370

4,35018, 535

1,8012,684

9,166

1,3831,241

749

4,0221,771

54,477

6,7063,960

83142,980

6491,478

1961

414,411

26,579

1,8151,360

732

13,2421,9667,464

102,420

47,93917,33625,696

1,2697,8052,375

88,002

18, 13122,97610,496

27, 5178,882

32,924

7,5845,7439,418

9641,2263,048

4,941

65,966

7,7763,0025,123

5,8797,6093,464

6,75710, 2535, 014

2,8205,5682,701

28,883

4,55119, 551

1,8732,908

9,666

1,3711,313

774

4,2991,909

57,738

7,0794,067

91445, 678

6351,598

1962

440,192

28,165

1,8851, 449

778

13,9122,1158,026

108,230

50, 67618, 44926,879

1,3438,3492,534

92,992

19,32024,15411,148

28,9929,378

35,002

7,8746,0059,892

1,3711,4073,276

5,177

70,551

8,4483,0955,427

6,2588,1783, 752

7,29311,0605,270

2,9795,8932,898

30,358

4,68820, 518

1,9703,182

10,424

1,5811,413

792

4,5662,072

62,124

7,6354,313

1,12549, 051

6661,680

1963

463,053

29,461

1,9321,516

799

14,5472,1998.468

113,023

52, 69719,40027,847

1,4468,9642,669

97,626

20, 78725, 14411,813

30,2289,654

36,374

8,3186,352

10,402

1,2921,3493,342

5,319

75,282

8,9843,2335, 733

6,6448,6323,948

7,90511,8655,660

3,2916,2843,103

31,867

4,88021,589

2,0323,366

10,715

1,5881,411

811

4,7502,155

66,225

7,7644,578

1,26852, 615

7041,776

1964

494,913

31,378

2,1001,608

858

15, 4312,3529,030

120,729

56,15620, 55029,896

1,5509,7552,822

104,786

22, 70126,82112, 577

32. 24710,439

37,958

8,6226,649

11,023

1,2881,3193,484

5,572

81,417

9,9093,4545,980

7,1439,3284,278

8,64712,9826,099

3,4236,7883,386

33,923

5,22023,053

2,1173,533

11,084

1,5931,462

823

4,9892,218

70,934

8,0874,921

1,35756, 570

7911,912

1965

534,816

33,608

2,2731,733

946

16,4402,5099,708

128,774

59,49922,09531, 855

1,68810,6812,957

115,094

25,44729,13914,030

35,13311, 345

41,844

9,4987,522

11,980

1,5001,5123,832

6,001

88,811

10,7363,6916,513

7,84710, 1654,731

9,54414,1326,700

3,7517,4233,578

36,543

5, 65524,889

2,2663,734

11,843

1,7121,662

845

5,2752,348

75,415

8,6265,350

1,43360,006

8532,032

1966

580,483

36,415

2, 4221,9011, 066

17, 6752,730

10, 621

138,436

63,66923,76734 434

1,81111, 5733,182

125,063

27,68531,67015,230

38,08912, 390

45,355

10,3738,258

12, 856

1,5331,6434, 181

6,511

97,524

11,6413,9377,143

8,61111,3215, 310

10,57915,4107,254

4, 1538,2353, 931

39,886

6,09927, 319

2,3904, 078

12,622

1, 8421,704

874

5,7002,502

82,045

9,7975,738

1, 50765,002

9072,230

1967*

620,568

38,906

2,5492,0711,157

18,9092,914

11,306

148,348

68,31525, 37736,624

1,93512,6443,453

132,703

29,12533, 59016, 205

40, 57513,208

47,804

11, 1448,516

13, 775

1,5881,7194.216

6,846

104,595

12, 5924,2107,612

9,22212, 0495,631

11, 33016, 7657,668

4,4498,9544,113

42,780

6, 54529,385

2,4694,381

13,475

1,9341,823

944

6,0942,680

88,559

10, 7466,106

1,61070,097

9872,411

» Preliminary.NOTE.—Total includes Alaska and Hawaii 1960-66 but not in earlier years.


293-992 O - IDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 SUEVEY OF CUKEENT BUSINESS April 1968

differences in growth rates narrowedsignificantly.

Tax reduction and Vietnam buildup

The major factors underlying the

intensification of the expansion in 1965and 1966 were the Vietnam militarybuildup and the 1964-65 tax reduc-tions. The impact of these develop-ments on personal income is seen most

clearly in the behavior of manufacturingwages and salaries.

Both the military buildup and the taxreduction contributed to the increase inmanufacturing activity through n-

Table 4.—Per Capita Personal Income, by States and Regions, 1948-67[Dollars]

State and region

United States

New England

Maine _ - _New HampshireVermont

Massachusetts _Rhode IslandConnecticut

Mideast

New YorkNew JerseyPennsylvania

DelawareMarylandDistrict of Columbia

Great Lakes. . ..

MichiganOhioIndiana

IllinoisWisconsin

Plains - -

MinnesotaIowa -Missouri

North Dakota .. . . .South DakotaNebraska

Kansas ..

Southeast

VirginiaWest VirginiaKentucky

TennesseeNorth CarolinaSouth Carolina . _ _ .

GeorgiaFloridaAlabama

MississippiLouisianaArkansas

Southwest .

OklahomaTexas

New MexicoArizona. _..-

Rocky Mountain

Montana .IdahoWyoming

Colorado,.Utah

Far West

WashingtonOregon _

NevadaCalifornia..

AlaskaHawaii

1948

1,430

1 494

1,2351,2851,134

1,5001 4931,713

1,648

1 7971 6891,431

1 7211,4671 957

1,603

1 5601, 5581 451

1,8151 419

1,444

1 4321 5891 389

1 4021,4971 509

1,334

984

1 1301,120

990

944973891

9681,180

866

7891,032

875

1,187

1,1441,199

1,0841,274

1 419

1,6161,3161,595

1,4331,240

1,715

1,6001,621

1,8141,752

1,407

1949

1,384

1 452

1,1741,2591 073

1,4701 4371,660

1 618

1 7491 6631 401

1 8541 4562 107

1 517

1 5201 4741 361

1 6851 366

1 298

1 3101 3161 338

1 1291 0921 303

1 287

953

1 1081,033

933

927940850

9471,191

815

6911 085

799

1,256

1,1691,291

1,1161,269

3 360

1,3851,2491,606

1,4051,244

1, 689

1,5691,573

1,8221,730

1,354

1950

1,496

1 601

1,1851,3231 121

1,6331 6061 875

1 756

1 8731 8341,541

2 1311 6022 221

1,666

1 7001 6201 512

1,8251 477

1,428

1 4101,4851 431

1 2631,2431 491

1,443

1,022

1 2281,065

981

9941,037

893

1 0341,281

880

7551,120

825

1,297

1,1431,349

1,1771,331

1 457

1,6221,2951,669

1,4871,309

1,801

1,6741,620

2,0191,852

2,3851,887

1951

1 652

1 779

1 2971 4971 275

1 7931 7652 138

1 912

2 0152 0281*697

2 2081 7692 377

1 864

1 8741*8481 694

2 0151 697

1 547

1 5481 5771 555

1 3151 4381 571

1 578

1 141

1 3871 1921 143

1 0811 1391 071

1 1671,3581 006

8301 205

927

1,431

1,2841 469

1 3051,567

1 659

1,7601,4431,911

1 7441,492

1 985

1,8211,789

2,2502,044

2,8851 580

1952

1 733

1 865

1 4111, 5571 323

1 8661 8032 263

1 985

2 0672 1331 773

2 2931 8882 457

1 937

1 9621*9271 766

2 0781 756

1 624

1 5921 6521 656

1 2171 2721 668

1 782

1 213

1 4701 2581 228

1 1371 1811 160

1 2411,4431 071

8861 279

992

1, 513

1,3911 544

1 3661,662

1 727

1 7861,5881,867

1,8301,541

2,103

1,9191,875

2,4312,167

2,6141 747

1953

1 804

1 921

1 4221 6161 375

1 9101 8792 346

2 068

2 1392 2471 870

2 3791 9642 363

2 062

2 1612 0281 930

2 1861 787

1 642

1 6651 5981 728

1 2431 3771 612

1 722

1 267

1 4881,2821 292

1 2291 2231 199

1 2881,5261 124

9231 3461,035

1, 555

1,4671 583

1,3861,653

1 699

1,7791,5081,893

1,7671,578

2 144

2,0011,868

2,4622,204

2,4981,796

1954

1 785

1 905

1 4171 6521 395

1 8931 8662 294

2 054

2 1672 2311 804

2 3291 8882 424

1 983

2 0311 9611 795

2 1541 722

1 677

1 6711*7231 715

1 2541 3981 681

1 762

1 256

1 5021 2321 272

1 2221 2391 119

1 2591,5201 100

9081 3461,044

1,570

1,4451 611

1 4121,623

1 661

1 7291,5031,819

1,7191,553

2 117

2,0011,821

2,4372,172

2,8021 802

1955

1 876

2 030

1 5511 7651 464

2 0261 9612 414

2 153

2 2832 3061 889

2 5191 9942 483

2 095

2 1832 0811 894

2 2431 816

1 681

1 7291*6081 802

1 3791 2931 595

1 732

1 343

1 5711 3261 329

1 2811 3131 181

1 3751,6201 233

1, 0201 3961,142

1,629

1,5071 667

1,5041,677

1 742

1 8521,5391,857

1 8141,625

2 239

2,0381,928

2,5492,313

2,2751 887

1956

1 975

2 152

1 6351 8291 586

2 1461 9932 603

2 283

2 3962*4432 032

2 7552 1262 660

2 198

2 2142 1711 991

2 4161 927

1 749

1 7831 6941 884

1 4371 3641 628

1 795

1 423

1 6351,4911 417

1 3681 3771 210

1,4461,7231,304

1,0261 5001,194

1,713

1,5801 752

1,5931,767

1 821

1 8921,6671,939

1,8871,707

2,335

2,0932,015

2,5002,419

2,4461 900

1957

2 045

2 241

1 6791 9271 646

2 2471 9992 712

2 378

2 4932 5362 137

2 6412 1982 701

2 248

2 2292 2272 098

2 4881 991

1 860

1 8741 8691 922

1 4791 6041 876

1 883

1 467

1 6521*6101 466

1 4191 3691 236

1 4691 7681 371

1 0401 6141 207

1 783

1,6411 823

1 7021,803

1 919

1 9441 7202,054

2 0221,794

2 400

2,1701,995

2,5882,489

2,8251 944

1958

2 068

2 258

1 7421 9571 650

2 9872 042o 642

2 387

2 5182 5162 130

2 6102 2052 818

2 203

2 1492 1481 998

2 4662 018

1 970

1 9901 9212 023

1 7001 6681 963

2 073

1 507

1 6841*5491 496

1 4481 4361 259

1 5191 8271 404

1 1281 6131 279

1 836

1,7621 851

1 8271,863

2 001

2 0591 8002 143

2 1151 831

2 433

2,2312,082

2,6512,511

2,8571 987

1959

2 161

2 338

1 7802*0841 739

2 3732 1542 695

2 494

2 6612 6342 196

2 7122 2692 928

2 322

2 2512 °762 119

2 5812 159

1 990

2 0201 9492 101

1 5371*4691*976

2 075

1 585

1 7701 5841 552

1 5321 5101 334

1 6091 9361 465

1 2031 6661 377

1 899

1 8051 913

1 9171,948

2 064

2 0101 8722 234

2 1961,926

2 567

2,3182,191

2,7672,651

2,5092 156

1960

2 215

2 425

1 8442 1431 841

2 4592 2112 807

2 565

2 7462 7082 242

2 7572 3433 017

2 383

2 3242*3342 188

2 6502 175

2 067

2 1161*9862 115

1 7151 7822 110

2 161

1 610

1 8411 5941 574

1 5431 5611 377

1 6391,9501 488

1 2051 6551 372

1 922

1,8611 925

1 8902, 032

9 108

2 0371 8492 263

2 2751,968

2 622

2,3492,235

2 8562,710

2,8462 369

1961

2 264

2 501

1 8292 2051 877

2 5532 2802 892

2 612

2 7962 7652*257

2 7592 4643*065

2 405

2 29Q2 3282 222

2 7202 227

2 114

2 1932*0812 166

1 5041 7712 114

2 210

1 664

1 8981 6341 668

1 6201 6261 429

1 6781 9701 508

1 2681 6871 486

1 97S

1 9101 984

1 9532 070

2 154

1 9731 9132 303

2 3432 039

2 694

2 4552,275

2 9282,777

2,7042 488

1962

2 368

2 626

1 9042 3001 980

2 6752 4253 040

2 728

2 9022 8892*371

2 8832*5733 249

2 522

2 4382*4272 359

2 8262* 336

2 235

2 2542 1762 270

2 1552 0012 247

2 295

1 748

2 0181 6981 751

1 6961 7271 531

1 7752 0511 577

1 3091 7481 545

2 024

1 9252 027

2 0152 171

2 284

2 2712 0332 386

2 4252 163

2 811

2,5932,373

3,2412,887

2,7422 530

1963

2 455

2 710

1 9612 3472 013

2 7702 5073* 118

2 807

2 9792 9652 441

3 0132 6753 370

2 620

2 5872*5092 472

2 9152 378

2 308

2 3722 3032 358

2 0021 9082 276

2 352

1 837

2 0951 7811 837

1 7761 8041 581

1,8792,1451,673

1,4361 8431,627

2,095

1,9922 105

2,0522,219

2 324

2 2662 0482,419

2 4832,215

2 910

2,6222,472

3,2442,997

2,8072 639

1964

2 586

2 853

2 1342 4402 150

2 9192 6603 244

2 958

3 1383*0762 599

3 1392 8343 549

2 775

2 7822 6492 603

3 0602 546

2 399

2 4432 4062 466

1 9811 8852 369

2,491

1,954

2,2671,8951 891

1 8771 9191 692

2,0092,2961,778

1,4861,9431,746

2,200

2,1212,216

2,1002,281

2 386

2,2662,1282,435

2, 5702,270

3,047

2,7222,609

3,2463,142

3,0882,771

19651

2 760

3 015

2 3052 5752 340

3 0672 8163 430

3 117

3 2863*2582*750

3 3563*0223 687

3 010

3 0602 8452 867

3 3022 740

2 639

2 6662*7272 667

2 3002 2042 626

2 669

2 103

2 4292,0342 053

2 0382 0601 855

2,1742,4381,922

1,6252,0851,843

2,338

2,3102,350

2,2352,371

2 536

2,4362,3982, 561

2,7072,362

3,176

2,9012,761

3,3023,261

3,1942,882

19661

2 963

3 239

2 4772 8082 595

3 2713 0473 690

3 325

3 4973*4452 968

3 5293*2043 948

3 229

3 2693 0563 076

3 5322 973

2 847

2 9042 9922 817

2 3842,4202 905

2,862

2,287

2,6052,1762 246

2 2272, 2772,052

2,3792,6142,066

1,7772,2772,010

2,520

2,4622,542

2,3852,544

2,697

2,6232,4452,739

2,9162,485

3,384

3,2222,908

3,4973,457

3,4213,124

1967 ^

3 13'

3 43(

2 62(3 01(

2* 77

3 483 233 86

3 53

3 723 623 14

3 703 434 2&

3,39

3 393 213 24

3 723 15

2,99

3 113 092 99

2,482,552 93

3,00

2,42

2,772,342,38

2,362,392,16

2,512,792,16

1,892,442,09

2,67

2,622,70

2,462,68

2,85

2,752,602,99

3,082,61

3,58

3,483,05

3,623,66

3,623,32

v Preliminary.

1. Based on population estimates published in Population Estimates, Series P-25, No. 373,September 5, 1967, Bureau of the Census, U.S. Department of Commerce. Subsequent

population revisions will be incorporated in the aunual personal income revisions publishedin the August SURVEY.

NOTE.—Total includes Alaska and Hawaii 1960-67 but not in earlier years.Source: U.S. Department of Commerce, Office of Business Economics.


April 1968 SUKVEY OF CUREENT BUSINESS 15

creased demands for a wide variety ofmilitary goods and increased consumerdemand for both durable and nondura-ble manufactured goods. These, inturn, swelled the demand for businessinvestment in plant and equipmentand led to an increase in the rate ofinventory accumulation by durablegoods manufacturers. As a result ofthese increased demands, as well ashigher pay scales, manufacturing wagesand salaries rose at an annual rate of9% percent over the 1965-66 period, ascompared with an average annual ad-vance of 4% percent during the preced-ing 5 years.

These increases in manufacturingpayrolls played a key role in shiftingthe overall income advance toward thepreviously slow-growing regions in twoways.

First, manufacturing is an especiallylarge source of income in the slowergrowing regions. In 1966, for example,manufacturing wages and salaries madeup about 25 percent of total personalincome in the slower growing areas, ascompared with 18 percent in the fastergrowing regions (a differential of almost40-percent). Thus, a general accelera-tion in manufacturing activity couldbe expected to have, and in 1965-66did have, a particularly large impacton the growth of total income in theslower growing areas.

Secondly, the rate of increase inmanufacturing wages and salaries inthe slower growing regions movedcloser to the rate in the faster growing

areas. The annual rate of growth infactory payrolls in the typically slow-growing regions increased from 3%percent during the 1960-65 period to9 percent in 1965-66, an accelerationof more than 150 percent. In the fast-growing areas, the increase was from5% in the first period to 10% percent inthe latter, an acceleration of under 100percent.

A shift in the product mix of militaryprocurement was the major factor inthe 1965-66 acceleration of manu-facturing activity in the slow-growthregions. Missiles and electronics, whichhad been accounting for about one-third of total military procurement,declined to one-seventh of the totalin 1966. In contrast, the importance ofaircraft, ordnance, and other conven-tional equipment in military purchasesincreased markedly. Because there is aheavy concentration of production facil-ities for conventional military equip-ment and its component parts in theslower growing regions, the shift inproduct mix contributed to the largegain in manufacturing payrolls inthese areas.

Farm income expands unevenly

Regional changes in farm incomecontributed to greater uniformity inregional rates of income gains in 1965-66, despite the fact that on a nationalbasis this income component did notexpand as rapidly as most other incomeflows. In nearly all States of the GreatLakes and Plains regions, income from

CHART 5

Changes in Regional Income,4th Quarter 1966-4th Quarter 1967

UNITED STATES

10


agriculture rose sharply. In the GreatLakes, agricultural income rose at anannual rate of 10 percent over the 2years, while in the highly agriculturalPlains region, it went up 15 percent. Incontrast, farm income changes in theSouth and West were quite small. Fromthe first quarter of 1965 to the finalquarter of 1966, farm income in theSoutheast, Southwest, and Far Westcombined was nearly unchanged. Withnonfarm income up at an annual rateof nearly 10 percent in each of these

Table 5.—Regional Growth Rates in Personal Income for Selected Periods

United States

Fast-growing regions

Far WestSoutheastSouthwest

Slow-growing regions

Rocky MountainNew England __Great Lakes. .MideastPlains.

Growth rates (Average percent change per quarter, annual rates,compounded)

IV-1948to

11-1953

6.5

7.6

8.56.87.6

6.1

6.06.36.96.03.9

11-1953to

III-1957

4.9

5.7

6.15.05.7

4.4

5.94.64.04.74.5

III-1957to

1-1960

4.5

5.1

6.44.84.1

3.9

4.64.43.54.03.5

1-1960to

1-1965

5.4

6.2

6.26.65.6

4.9

4.95.15.14.95.1

1-1965to

IV-1966

8.3

8.7

8.09.08.5

8.1

6.68.68.67.38.8

IV-1966to

IV-1967

6.2

7.3

8.26.56.6

5.5

6.65.75.36.15.4

IV-1948to

1-1965

5.5

6.6

6.05.96.9

5.0

5.24.95.04.45.4

Relative differences between regional and national growth rates l

IV-1948to

11-1953

0.9

16.9

30.84.6

16.9

-6.2

-7.7-3.1

6.2-7.7

-40.0

11-1953to

III-1957

0.0

16.3

24.52.0

16.3

-10.2

20.4-6.1

-18.4-4.1-8.2

III-1957to

1-1960

0.0

13.3

42.26.7

-8.9

-13.3

2.2•-2. 2

-22, 2-11.1-22.2

1-1960to

1-1965

0.0

14.8

14.822.23.7

-9.3

-9.3-5. 6-5. 6-9.3-5.6

1-1965to

IV-1966

0.0

4.8

-3.68.42.4

-2.4

-20. 53.63.6

-12.06.0

IV-1966to

IV-1967

0.0

17.7

32.34.86.5

-11.3

6.5-8.1

-14.5-1.6

-12.9

IV-1948to

1-1965

0.0

20.0

9.17.3

25.5

-9.1

-5.5-10.9-9.1

-20.0-1.8

1 [(Regional growth rate divided by national growth rate) less 1.00] 100.Source: U.S. Department of Commerce, Office of Business Economics.


16 SURVEY OF CUERENT BUSINESS April 1968

Table 6.—Growth Rates in Selected Components of Personal Income,by States and Regions in Two Recent Periods

State and region

United States. , _L

New England.

Maine .New HampshireVermont

MassachusettsKhode IslandConnecticut.

Mideast

New York „' _ _ _New JerseyPennsylvania

Delaware :Maryland *District of Columbia-

Great Lakes

MichiganOhioIndiana .

IllinoisWisconsin

Plains

MinnesotaIowaMissouri...

North DakotaSouth DakotaNebraska

Kansas

Southeast-.--.

VirginiaWest VirginiaKentucky

Tennessee .North Carolina ..South Carolina

Georgia ...FloridaAlabama

MississippiLouisianaArkansas ..

Southwest ..

Oklahoma-Texas

New MexicoArizona

Rocky Mountain

MontanaIdahoWyoming. .

ColoradoUtah

Far West

Washington _.Oregon

NevadaCalifornia ..

AlaskaHawaii . . _

Totalper-

sonalincome

Manu-factur-

ingpay-rolls

Agri-cultureincome

Min-ing

pay-rolls

FederalGov-ern-

mentpayrolls

Allother

income

1-1965 to IV-1966

8.3

8.6

7.09.7

12.5

8.18.79.5

7.3

6.88.07.7

7.28.78.1

8.6

9.18.38.3

8.28.7

8.8

9.510.87.9

5.08.59.5

8.4

9.0

8.27.39.5

8.69.5

10.7

10.28.97.6

9.510.37.5

8.5

7.59.2

6.28.0

6.6

7.53.82.3

7.96.6

8.0

11.96.9

4.37.6

8.59.1

9.8

10.8

10.611.518.2.

9.19.8

12.3

7.6

e:i8.38.9

7.67.54.8

9.0

9.29.09.3

9.77.9

11.1

12.312.59.3

12.87.8

10.1

13.5

10.1

7.26.4

10.6

11.810.910.2

10.211.37.9

14.39.1

11.2

12.3

11.811.8

5.419.0

7.3

5.85.42.7

11.22.6

10.9

17.46.5

.010.1

10.47.3

5.4

2.8

-10.517.520.0

6.214.46.5

2.6

10.411.4

-2.8

-18.9-14.7

10.4

13.128.68i6

-5.717:3

15.4

19.318.6-.8

3.216.527.1

14.1

-2.0

-17.9-23.2

8.8

.2-2.0.-1.3

1.6-8.8

-13.2

-5.719.3

-2.6

1.6

-1.53.0

25.2-18.0

o

15.9-16.6

9.3

-4.24.6

2.5

20.410.6

18.6-2.6

3.5

4.4

26.9

5.623.2

20.4

19.2

3.2

6.6-1.8

2.6

6.4

3.3

5.34.9

1.86.0

2.2

2.711.55.9

5.0

-3.0

6.8

5.36.68.3

14.4

11.511.0

-3.5

3.17.78.2

2.5

3.32.2

-1.56.7

5.3

3.512; 21.8

10.31.4

4.7

3.9

6.24.8

36.9

11.9

10.1

6.91.6

18.2

7.612.220.5

8.1

2.215.07.8

6.08.7

10.7

10.6

9.78.6

11.7

13.07.2

9.6

6.811.818.1

11,28.1

-1.7

2.1

13.7

13.39.2

22.9

4.015.419.3

16.110.88.8

18.915.711.7

14.8

13.516.8

5.411.9

14.0

11.24.55.4

15.018.6

13.5

11.48.1

7.014.3

9.16.1

7.8

7.7

7.19.69.8

7.67.77.5

7.3

7.07.47.3

8.29.17.1

8.0

8.87.28.0

7.88.4

7.4

8.18.77.1

4.46.66.6

7.3

8.9

7.67.97.8

8.49.4

10.4

9.88.88.7

10.29.88.3

7.9

7.08.4

.5.47.4

6.2

5.66.91.4

6.95.7

7.1

10.16.7

4.56.9

7.010.3

Totalper-

sonalincome

Manu-factur-

ingpayrolls

Agri-cultureincome

Miningpayrolls

FederalGov-ern-

mentpayrolls

Allother

income

IV-1966 to IV-1967

6.2

5.7

3.57.86.1

6.46.25.3

6.1

6.45.25.5

4.28.08.1

5.3

3.85.47.4

5.25.3

5.4

7.22.36.6

10.51.82.3

5.3

6.5

7.26.63.6

5.67.45.2

6.27.94.1

8.68.12.0

6.6

7.16.9

2.85.1

6.6

7.29.46.5

5.84.9

8.2

9.37.7

7.67.9

7.58.7

3.0

3.6

6.28.12.7

4.44.61.6

2.1

3.8.4.9

-3.44.05.2

-.8

-5.11.9.6

-.6-1.1

6.0

9.02.75.7

2.28.9

10.0

3.4

7.1

9.23.12.7

7.19.16.9

6.88.65.4

9.28.98.4

7.9

5.49.4

-1.8.7

3.5

.73.04.4

6.8-3.9

9.2

10.37.7

5.89.3

-7.47.5

0.6

-33.7

-70.2-5.4

9.4

-38.610.5

-39.2

9.3

-8.8-37.8

34.1

25.136.1

2.5

-15.8-18.7

46.5

-14.02.6

-10.7

-5.8-31.6

4.8

29.2-15.7-26.6

5.0

2.9

36.973.1

-18.5

-24.111.8

-4.4

2.519.4

-49. 9

27.424.7

-51.9

.6

19.0-4.3

-6.58.9

14.5

16.544.019.6

-31.717.6

7.8

12.814.0

24.55.3

-69.39.7

-0.2

-9.8

.0-40.5-40.5

.0

.013.4

.9

2.43.1.0

5.1

3.0

-13.810.43.5

4.59.5

3.7

6.24.45.7

8.0.0.0

-1.4

4.0

7.32.62.4

8.510.5

.0

8.73.16.1

2.63.5.0

-2.9

1.93.2

-4.5-69.3

-15.8

-71.3-8.0

9.0

3.8-44.2

.9

-6.915.4

-27.63.2

25.1

1.8

1.3

.0

.93.0

1.7-.8-.8

5.8

2.57.05.0

3.76.68.7

2.2

.44.38.1

-1.85.1

-0.5

4.012.7-.8

-4.1-4.8-3.1

-8.1

-1.3

.09.4

-6.0

2.6-2.9-.7

-3.6.4

-1.9

-11.91.71.6

-1.7

3.3-3.0

-9.56.2

3.3

1.41.1

-3.0

1.48.0

4.2

7.04.0

5.63.7

9.010.4

7.7

7.6

7.18.97.7

7.57.97.2

7.4

7.37.07.1

6.59.27.6

8.3

9.38.18.1

8.37.9

7.5

8.28.37.6

6.37.07.2

6.9

7.5

7.37.86.7

6.67.85.9

8.68.46.6

7.57.96.5

8.0

7.38.3

6.17.6

7.3

8.95.56.1

7.97.0

8.2

9.57.6

8.07.9

6.88.5

three regions, the limiting effect of thesmall changes in farm income on thetotal is obvious.

Federal payrolls rise sharply

Increases in Federal Governmentmilitary and civilian wages and sala-ries—mainly the result of increasedaction in Vietnam—were second onlyto manufacturing as a factor in thenational speedup in the rate of personalincome growth from the first quarter of1965 to the final quarter of 1966. Inrelative terms, Federal payrolls rosealmost as rapidly as did manufacturingwages and salaries but since the formerare only a quarter as large as the latter,their direct impact on the overall in-come total is much less. However, sinceFederal Government payrolls acceler-ated most in the three fast-growingregions of the Nation—the Southeast,Southwest, and Far West—during theVietnam buildup, this had the effect ofwidening regional growth differentialsinstead of narrowing them.

Summary of 1965-66 shifts

The following tabulation summarizesthe net effects of the acceleration in theincome flows from manufacturing, Fed-

(Continued on page 28)

NOTE.—Average percent change per quarter, annual rate, compounded.Source: U.S. Department of Commerce, Office of Business Economics.

Total personal income:

United StatesFast-growing regions. _ _Slow-growing regions.

Personal income, excludingmanufacturing wagesand salaries:

United StatesFast-growing regions _ . .Slow-growing regions. . _

Personal income, excludingfarm income:

United StatesFast-growing regions. . .Slow-growing regions. ..

Personal income, excludingFederal wages andsalaries:

United States _.Fast-growing regions _ . .Slow-growing regions. _ .

Average percentchange per quarter,

annual rates,compounded

1-1960 to1-1965

(1)

5.46.24.9

5.86.45.4

5.56.35.0

5.46.34.9

1-1965 toIV-1966

(2)

8.38.78.1

7.98.27.7

8.49.18.0

8.17.98.0

Relativeaccelera-tion inrates ofgrowth(percentchange)(2H(D

(3)

544065

362843

534460

502563


By ALLAN H. YOUNG

Alternative Estimates oi Corporate Depreciationand Profits: Part I

V><ORPORATE capital consumptionallowances in the national income andproduct accounts are based primarilyon the depreciation claimed by corpora-tions under the Federal tax laws andregulations.1 Because of the manychanges in these laws and regulationssince 1940, it has become increasinglydifficult to analyze not only the depre-ciation data but also the profits figuresshown in the accounts. For some typesof analyses, it is desirable to use insteadfigures based on depreciation methodsand service lives that are consistentover time.

The valuation of depreciation posesanother problem whose solution requiresdepreciation estimates that differ fromthose published. Depreciation in thenational accounts is valued in terms ofthe historical cost of assets and thusreflects a mixture of the prices of thevarious years in which the investmentswere made. For this reason, neithercorporate depreciation nor corporateprofits are comparable over time, norare they comparable with other com-ponents of the accounts for any givenyear.

The main purpose of this study isan evaluation of long-term trends inprofits. It involves the derivation ofconsistent measures of corporate depre-ciation that can be substituted forthose in the national accounts in orderto obtain estimates of corporate profitsunaffected by changes in depreciationpractices. It also involves the computa-tion of depreciation in terms of current

The many changes in the laws andregulations that have liberalized depre-ciation practices since the start ofWorld War II have made it difficult tointerpret long-term trends in corporatedepreciation and profits. This article isthe first of a two-part study whoseprimary purpose is to assess trends incorporate profits after making allow-ances for these changes. The articlepresents a set of calculations that showthe importance of the major changes indepreciation practices. In the period1941-66, corporate depreciation is esti-mated to have totaled $60 billion to$85 billion more than it would havewith pre-World War II practices. Thesecond part, which will appear in alater issue, will assess trends in profitsfrom 1929 to 1966 by providing alterna-tive estimates of depreciation based ondepreciation methods and service livesthat are consistent over time.

1. Capital consumption allowances of corporations in thenational income and product accounts are somewhat morecomprehensive than depreciation claimed on corporate taxreturns. (See appendix table C for the relationship betweencorporate depreciation reported to the Internal RevenueService, corporate capital consumption allowances in thenational accounts, and the concept used in this article.)

prices. Several alternative measures ofdepreciation and corresponding profitsestimates have been prepared becausea wide range of possibilities is opento the analyst—depending on themethods of depreciation used and theassumptions made as to service livesof assets, in addition to the choice ofasset valuation.

The results of the study are beingpresented in two articles. This article,part I, is concerned solely with deprecia-tion. It develops a methodology bywhich the corporate depreciation re-ported to the Internal Eevenue Service(IRS) can be approximated by the useof time series on corporate investmentunderlying the national accounts. Thismakes it possible to examine the effectsof the major changes made in deprecia-tion practices since the start of WorldWar II. These consist of three adminis-trative or statutory changes—the 60-month amortization of defense facilities

first permitted during World War II,the introduction of accelerated methodsof depreciation in 1954, and the 1962Guidelines—and a fourth change, whichwas the gradual shortening of servicelives in the 10 to 20 years prior to 1962.Because of the uncertainties associatedwith this gradual reduction in servicelives, it was not possible to present asingle approximation; instead, threeapproximations are provided. Part Ialso presents an appendix that includesa discussion of the procedures and dataused in the study.

Part II, which will be published in alater issue of the SURVEY, presentsseveral alternative estimates of depre-ciation that eliminate the effects ofchanges in depreciation practices; thedata are given in both historical andcurrent costs. The alternative estimatesare substituted for the capital consump-tion allowances in the national accountsto derive alternative estimates of cor-porate profits. The alternatives arecompared with published profits, andfor each, the ratios of profits to grosscorporate product and to income origi-nating in corporations are computedover time. This part of the study ex-tends and revises a similar analysis thatappeared in the October 1963 SURVEY.2

Major findings (part I)

The changes in depreciation prac-tices since 1940 have permitted corpora-tions to recover the costs of fixedinvestment more rapidly than was for-merly the case. With a rising investmentstream, this liberalization has yieldedsubstantially larger depreciation allow-ances than would have arisen from thedepreciation practices in effect before

2. Murray Brown, "Depreciation and Corporate Profits,"SURVEY OF CURRENT BUSINESS, October 1963.

17


18 SURVEY OF CUEEENT BUSINESS April 1968

World War II. In the period 1941-66,corporate depreciation allowances (ex-cluding depreciation on farm and resi-dential properties) are estimated to havetotaled $60 billion to $85 billion morethan they would have with the pre-World War II practices (table 1).

During World War II and duringand after the Korean war, investmentin defense facilities could be amortizedover 60 months. Amortization has con-tributed about $9 billion more in depre-ciation than would have resulted fromthe use of standard service lives. Amor-tization based on 60 months has run itscourse since this program was discon-tinued at the end of 1959. The net effectof amortization on depreciation becamenegative in 1961 and will remain sountil the facilities so amortized reachthe end of their service lives. At thattime, the net effect on depreciation willhave balanced out at zero.

Under the Eevenue Act of 1954, cor-porations were permitted to use accel-erated methods of depreciation for newinvestment as an alternative to thestraight line formula. In the 1954-66period, the new methods added about$28 billion to the depreciation chargesthat would have resulted had all cor-porations continued to use the straightline formula.

The Depreciation Guidelines and Rulesissued by the Treasury in 1962 per-mitted corporations to make severalchanges, the most important of whichallowed depreciation of investment innew and existing equipment to be cal-culated over shorter service lives thanhad been used previously. The use ofthe Guidelines is estimated to haveadded about $10 billion to depreciationcharges in the 1962-66 period.

Eeductions in tax service lives in the10 to 20 years prior to the Guidelines

also increased depreciation charges.Depending upon the assumptions as tothe timing and reduction in servicelives, the additional depreciation in the1941-66 period is estimated to rangefrom $15 billion (approximation III)to $40 billion (approximation I). The"correct" figure is likely to be near the$40 billion of approximation I. Thisapproximation is based on the assump-tion that tax service lives decreasedover a long period, from 100 percent ofBulletin F in 1940 to 75 percent ofBulletin F lives in the mid-fifties. Thestudy found less support for the otherapproximations, which are based onassumptions that tax service lives wereconstant throughout the 1940's.

In 1966, between $6% billion and

$9 billion of the $36 billion of corporatedepreciation allowances was due to theliberalization in depreciation practicessince 1940 (chart 6). Of this amount,the accelerated depreciation formulasaccounted for about $3K billion, theGuideline service lives for about $1%billion, and the pre-Guideline shorten-ing of service lives for $2 billion to$4% billion. Offsetting these additionalamounts was about $% billion attrib-utable to the negative effect of 60-month amortization of defense facilities.Correspondingly, corporate profits be-fore taxes, at about $80 billion in 1966,were from $6% billion to $9 billion lessthan they would have been in theabsence of the changes in depreciationpractices.

Tax Depreciation

This section presents the results of aprocedure that attempts to approxi-mate the corporate depreciation andamortization reported to the IRS.The computations make use of OBE'shistorical time series on investmentflows together with certain assumptionsas to the corporate share of investment,depreciation methods, and service lives.The computed estimates include allow-ances for the introduction of acceleratedmethods in 1954, the Guideline livesin 1962, the reductions in service livesmade prior to the introduction of theGuidelines, and the 60-month amorti-zation.

The depreciation figures with whichthe computed estimates are comparedexclude farm depreciation and deprecia-tion on residential property owned by

Table 1. Depreciation Resulting From Liberalization in Depreciation Practices Since 1940[Billions of dollars]

1941-461947-52

1953-611962-66 _

Total, 1941-66

60-monthamortization

of defensefacilities

4.4-.6

8.2-3.0

9.0

Accelerateddepreciation

12.815.0

27.8

Guidelineservice lives

9.6

9.6

Gradual shortening ofservice lives

Approxima-tion I

0.12.4

17.419.6

39.5

Approxima-tion III

6.19.0

15.1

Total

Approxima-tion I

4.51.8

38.441.2

85.9

Approxima-tion III

4.4-.6

27.130.6

61.5

corporations, but include estimates ofaccidental damage to fixed capital asestimated in the national income ac-counts. They will be referred to asNIA-IRS depreciation. (See appendixtable C for their relationship to IRScorporate depreciation and corporatecapital consumption allowances in thenational accounts.) The estimates com-puted from the corporate investmentdata will be referred to as the approxi-mations.

A close fit to the NIA-IRS depre-ciation series may be taken as evidencethat the computed depreciation repre-sents essentially the same asset baseas underlies NIA-IRS depreciationand that the assumptions regardingservice lives and methods of deprecia-tion correspond to those actually usedby corporations in reporting to IRS.It would also mean that we can haveconfidence in our estimates of theeffects of changes in depreciation prac-tices since World War II that are dis-cussed in the article and in the alterna-tive measures of depreciation to bepresented in part II of the study.

The laws and regulations governingthe reporting of depreciation to IRSand the basis for selecting the deprecia-


April 1968 SURVEY OF CUEEENT BUSINESS 19

New Investment Depreciated Wiih Accelerated Methods

tion methods and service lives used tocompute the approximations are dis-cussed briefly in the following sections.3

Methods of Depreciation

Until 1954, most investment wasdepreciated by the straight line method,in which the value of the asset is de-preciated in equal annual amounts overits service life. There was very littleuse of other methods, such as the units-of-production method and the decliningbalance method at 1% times the applica-ble straight line rate. Accordingly, inthe approximations all investment priorto 1954 was depreciated with thestraight line formula.

The Internal Revenue Code of 1954permitted businessmen to depreciatenew investment made in 1954 and sub-sequent years with the declining balancemethod at twice the applicable straightline rate (double-declining balance)and with the sum-of-the-years-digitsmethod. As compared with straight linedepreciation, both of these methods(described more fully in the appendix),permit the businessman to recover moreof an asset's cost in the early years ofits life. To approximate the introductionof these accelerated methods, about 30percent of total new investment in 1954was depreciated with the double-declin-ing balance formula, and the proportionwas gradually increased to about 65percent in 1960 and thereafter; the pro-portions are shown separately for manu-facturing and nonmanufacturing in thetable below. The remaining investmentin these years was depreciated with thestraight line formula.

3. A more thorough discussion of tax depreciation practicesmay be found in the following: Eugene L. Grant and Paul T.Norton, Depredation, Konald Press Co., 1955; Frederick W.Stevenson, "Tax Depreciation and Business Resources,"Conference Board Record, National Industrial ConferenceBoard, July and September 1965 and March 1966; GeorgeTerborgh, Realistic Depreciation Policy, Machinery and AlliedProducts Institute, 1954; George Terborgh, The Fading Boomin Corporate Tax Depreciation, Machinery and Allied ProductsInstitute, 1965; Norman B. Ture, Accelerated Depreciationin the United States 1954-60, National Bureau of EconomicResearch, 1967; U.S. Treasury Department, Internal Reve-nue Service, Bulletin F (Revised January 1942) Income Tax,Depreciation and Obsolescence, Estimated Useful Lives andDepreciation Rates; U.S. Treasury Department, InternalRevenue Service, Regulations Relating to Depreciation,Treasury Decision No. 6182,\3te\ U.S. Treasury Department,Internal Revenue Service, Depreciation Guidelines and Rules,revised August 1964; U.S. Treasury Department release,"Treasury Liberalizes Depreciation Rules," and attachedmaterials dated February 19, 1965.

Manufacturing:EquipmentStructures _ _ _ _

Nonmanufacturing:Equipment-- _ .Structures

1954

\ Q1

I 31

2731

1955

43

3337

1956

54

3843

1957

Percent

66

4449

1958

71

4854

1959

75

5259

1960-66

79

5664

NOTE.—Excludes defense facilities amortized over a 60-month period.

These percentages are obtained frominformation compiled by IRS on theamount of depreciation claimed eachyear with the double-declining balancemethod and the sum-of-the-years-digitsmethod. Experimentation showed thatthe two accelerated methods providedalmost identical estimates of deprecia-tion since 1954 so that it was not neces-sary to use both of them to obtain asatisfactory approximation.

Service LivesThe term "service life" is used in

two ways in this study: tax service lifeand actual service life. This section

NIA-IRS Corporate Depreciation1 for 1966$6ybillion to $9 billion due to liberalizationof depreciation practices since 1940

Billion $

40

35

30

25

20

15

10

Gradual Shortening of/ Service Lives!/

Guideline Service Lives

60-Month Amortizationof Defense Facilities

-5

III

Approximation-^

1. See footnote to table 2 for coverage.

2. See text for alternative assumptions about shortening of service lives.

U.S. Department of Commerce, Office of Business Economics 68-4-f

deals with tax service life—the periodover which depreciation on an asset isclaimed on tax returns. At the end ofits tax service life, an asset is fullydepreciated for tax purposes. Subse-quent sections of the study refer toactual service life, that is, the periodover which an asset is retained in serv-ice by the business. Tax and actualservice lives are not necessarily equalalthough IRS in general requires busi-ness to use tax lives that are approxi-mately the same as actual service lives.

The discussion of the available evidenceon which the estimates of tax servicelives are based is organized as follows:(1) tax service lives prior to TreasuryDecision 4422 in 1934, (2) tax servicelives from 1934 to 1962, (3) 60-monthamortization of defense facilities, and(4) the Guideline lives in 1962.

Pre-1934 service livesDepreciation was first allowed in the

income tax law of 1909, and practiceprobably varied widely during the nexttwo decades, when depreciation ac-counting was evolving. The IRS pub-lished estimates of average service livesin the first edition of Bulletin F in 1920and in a second edition in 1931. Littleinformation is available as to howclosely the tax service lives corre-sponded to these early IRS estimates.It is generally agreed that tax servicelives during this period were shorterthan those that resulted from TreasuryDecision 4422 in 1934, but how muchshorter is not known.

For the approximations, the tax serv-ice lives prior to 1934 were assumed tobe the same as those used after 1934.This assumption has little effect on thecomputed estimates after World WarII. Much of the investment madebefore 1934, particularly in the shorterlived equipment, was fully depreciatedby the end of World War II; further-


20 SUBVEY OF CTJKRENT BUSINESS April 1968

CHART 7

Percent of NIA-IRS Corporate Depreciation1 Due toLiberalization of Depreciation Practices Since 1940

Percent

40

- 1 0 e I I f t \ ^ } \ \ \

1940 45

1. See footnote to table 2 for coverage.


I

50 55 60 65 66

more, the dollar amount of investmenthas been much greater in the postwarperiod than in earlier years.1934-62 service lives

With Treasury Decision 4422 in 1934,the Treasury Department began toalter depreciation accounting practicessubstantially. Business was required tobegin shifting from item accounting togroup accounting and to use, on theaverage, longer service lives for bothnew and existing investment. Thesechanges were also applicable to yearsprior to 1934 for which a corporation'sbook were still subject to audit. Theresult was to reduce depreciation allow-ances in the 1930's, leaving more to berecovered in later years.

In general, the third edition of Bulle-tin F, published in 1942, containedestimates of service lives that werelonger than those given in the 1931edition. In view of Treasury Decision4422, the service lives in the 1942edition of Bulletin F are probablyindicative of the tax lives in the late1930's as well as in the early 1940'salthough a firm, if it justified them,could use shorter lives than Bulletin F.

At some point in the 1940's or early1950's, a decline in tax service livesset in, but little is known about whenit began and whether its pattern and

timing was the same for manufacturingand nonmanufacturing and for equip-ment and structures. However, by thelate 1950's, tax service lives were wellbelow those of the 1942 edition ofBulletin F. On the basis of depreciationstudies conducted by IRS, the averagetax service life of new investment bycorporations from 1954 to 1959 isestimated to have been almost 25 per-cent less than Bulletin F. The reduc-tions from Bulletin F were larger fornonmanufacturing than manufacturingand for equipment than for structures,but all of these averages were within therange of 75 to 80 percent of Bulletin F.

During the 1950's, two developmentscontributed to the decline in tax servicelives. In 1953, IRS issued a directiverelaxing depreciation audit practicesthat probably resulted in shorter servicelives for new investment. In 1954, the

adoption of accelerated depreciationmethods began; the new methods re-quired new depreciation accounts andin many instances probably led cor-porate management to review its de-preciation practices and to adopt shortertax lives. Some analysts feel that thesetwo developments account for the de-cline in service lives and that littledecline occurred before 1953.4

However, there is some evidence thattax service lives were declining duringthe 1940?s. The ratio of gross stocks tostraight line depreciation may be usedas an estimate of the average servicelife of existing assets. Because of a shiftin investment mix from structures toequipment, this ratio should have de-clined during the 1940's, but the ratiobased on tax returns filed with IRSdeclines more than one would expectfrom the change in mix. This suggeststhat the tax service lives were not con-stant but were declining during the1940's.

In view of the uncertainties aboutthe gradual shortening of tax servicelives, three approximations were com-puted on the basis of different assump-tions. (See the table below.) In each,the percentage reductions of Bulletin Flives were assumed to be the same forstructures as for equipment and thesame for both manufacturing and non-manufacturing. According to assump-tion I, tax service lives were constantat Bulletin F until 1940, declined to 85percent of Bulletin F (abbreviated .85F)in 1952, and then more rapidly to 75percent of Bulletin F (abbreviated .75F)in 1957. According to assumption II,tax service lives were constant at Bulle-tin F until 1952 and then declined to.75F in 1957. According to assumptionIII, tax service lives were constant at

4. George Terborgh, The Fading Boom in Corporate TaxDepreciation, pp. 5-8.

Tax Service Lives Used in Approximations of NIA-IRS Depreciation, Selected Years

[Percent of Bulletin F]

IIIIII

All equipment and structures

1940

100

100

85

1945

94

100

85

1950

88

100

85

1952

85

100

85

1955

77

77

77

1957

75

75

75

1960

75

75

75

1961

75

75

75

Equipment

Manufac-turing

Nonmanu-facturing

Structures

1962-66

64

64

64

67

67

67

75

75

75



.85F until 1952 and then declined to

.75F in 1957. These lives refer to thetax service lives applicable to new in-vestment in the indicated years and notto the average of the tax lives of invest-ment existing in those years.

60-month amortization

From 1940 to 1945, investment indefense facilities under certificates ofnecessity could be amortized over 60months. In addition, a 1945 statuteretroactively permitted amortizable in-vestment to be completely amortizedduring the period ending with 1945.Most amortizable investment made in1945, for example, was completelywritten off that year. The provision foramortization was reinstituted duringthe Korean war and again in 1953, con-tinuing until 1959. Amortization asreported to IRS is included in theNIA-IRS depreciation series. Sincethere are no direct estimates of theamount of investment that was amor-tized each year, it was necessary toprepare estimates of amortizable in-vestment by working backwards fromthe amortization figures reported toIRS. In computing the approximations,the standard service lives were appliedto a corporate investment total thatwas reduced by the estimated amount ofamortizable investment. The resultingdepreciation was then combined withamortization as reported to IRS.

Guideline service livesIn 1962, the Guidelines issued under

Revenue Procedure 62-21 set forthnew service lives for equipment thatwere 30 to 40 percent shorter than thosesuggested in Bulletin F. The new liveswere applicable to both new investmentand existing assets. Service lives ofstructures were not changed appreci-ably from Bulletin F.

In the approximations, allowances forthe Guideline changes were madepragmatically. As compared with thelives previously in use, the service livesof investment in new equipment in1962 and subsequent years were re-duced by about 15 percent for manu-facturing and about 10 percent fornonmanufacturing. The unused partsof the lives of old equipment in 1962were reduced by the same percentages.These reductions in service lives re-sulted in increases from 1961 to 1962

in the computed depreciation compo-nents for manufacturing and nonmanu-facturing that closely matched theincreases in the actual IRS series.5

The ComputedApproximations

The results show that NIA-IRS de-preciation can be closely approximated.Approximation I agrees remarkablywell with the NIA-IRS series for theperiod after World War II. It is shownin the last panel in chart 8 on page 22,and all three approximations are shownin table 2.

Because of the different service lifeassumptions, the three computed ap-proximations differ. Neither approxi-mation II, based on constant BulletinF lives through 1952, nor III, based onconstant service lives of .85F, generatessufficient depreciation to follow theNIA-IRS series in the 1950's as closelyas I, which is based on declining servicelives. The approximations tend to sup-port the hypothesis that tax servicelives were declining prior to 1953. Withapproximation II, the service lives ofthe investment made after 1940 are toolong to generate sufficient depreciationin the 1950's. With approximation III,more depreciation had already beentaken on past investment than with Iso that there was less undepreciatedstock remaining in the 1950's on whichto calculate depreciation. The approxi-mations are assessed further in theappendix.

Effect of changes in practiceThe approximations were calculated

by stages so that the effect of each ofthe changes in depreciation practicescould be assessed separately. In thefirst panel of chart 8, the NIA-IRSseries is compared with depreciationcomputed on the assumption that the1940 practices—Bulletin F service livesand straight line depreciation—re-mained in effect in subsequent years.This computed series is designated asline A. The differences between thesetwo series since 1940 represent theeffects of changes in depreciation prac-

5. In the approximations, no explicit allowances were madefor provisions in the Guidelines other than the reduction inservice lives or for a feature of the investment tax credit of1962 affecting depreciation. These other provisions weremuch less important than the reduction in service lives andare discussed in the appendix.

tices, which the article attempts toexplain.

In the second panel, line A is re-peated. The net effect of 60-monthamortization—the difference betweenthe gross amount of amortization asreported to IRS and depreciationcomputed from estimates of amortiz-able investment using straight linedepreciation and Bulletin F servicelives—is added to line A to obtain lineB.

The net effect of the gradual shorten-ing of tax service lives before 1962 wastaken as the difference between straightline depreciation (on all investmentthat was not amortized) computed withconstant Bulletin F service lives andthat computed with declining servicelives. This difference is added to line Bin the third panel to yield line C.

The net effect of accelerated deprecia-tion was calculated after allowance forthe gradual shortening in service lives.It was computed as the difference be-tween double-declining balance andstraight line depreciation applied topart of the new investment made since1954. In the fourth panel, this differenceis added to line C to obtain line D. Theeffect of the Guidelines was computedby making a further reduction in serv-ice lives of new and existing equipmentin 1962. The additional depreciation socomputed is added to line D in thefifth panel to yield line E, the endresult of approximation I. In the sixthand last panel, the NIA-IRS series isshown again for comparison with line E.

The total effect of changes in de-preciation practices is estimated inapproximation I to have added about$9 billion to depreciation charges in1966, about one-quarter of corporatedepreciation charges and 11 percent ofcorporate profits. About $1% billion isattributed to the Guideline service lives,about $3% billion to accelerated de-preciation, and about $4% billion to thegradual shortening in service lives priorto the Guidelines. Net amortization ofdefense facilities was negative by about$% billion in 1966.

The Guideline service lives haveyielded an estimated $9% billion inadditional depreciation since 1962, andaccelerated depreciation has resultedin about $28 billion additional deprecia-tion since 1954. Net amortization since


22 SURVEY OF CUEEENT BUSINESS April 1968

F.*:ra7'i :s:/a i?^^ —-

Derivation of Approximation of NIA-IRS Corporate Depreciation1

Billion $ (Ratio scale)

50

40 -

30 -

20 -

15 -

10 -

NfA-IRSDepreciation -

^ Line A[• Straight Line Depreciation

Bulletin F Service Lives

Billion $ (Ratio scale)

50

— 40

LineB60-IVIonth Amortizationof Defense FacilitiesAdded to Line A s Line A

- 8

3 J 1 " « M M I M I I I U M I M I I I IJ M I H I I I M | J 1 I M M I I I M I M H I I I M I I I I J I I I I J M I i;i I oM 1 M M ! I I i el H I M I i . l IJ I I I I J I I I IJ M I I J I 3

1929 35 40 45 50 55 60 65 1929 35 40 45 50 55 60 65 1929 35 40 45 50 55 60 65

50

40

30 -

15 -

10 -

Line D-Accelerated DepreciationAdded to Line C

LineC

^^Guideline Service LiveT""Added to Line D / /

sLine D

50

~ 40

- 30

- 20

- 15

~ 10

- 8

- 6

LineEFinaf Approximation I

3 \-\ I I m I i H j I M IJI I (HI I u etl I I. |J I i r IJ j J' | I | 1 M | | | ij i I | M i i I n I ( | g i i t ij || I M I

1929 35 40 45 50 55 60 65 1929 35 40 45 50 55 60 65

1, See footnote to table 2 for coverage.


.1 1 1 1 M en i i i .1 M i i j i i M OM M i oi t i t i ei r i \ i j i 3

1929 35 40 45 50 55 60 65


April 1968 SUKVEY OF CUEEENT BUSINESS 23

1940 has amounted to about $9 billion.Finally, the total amount resultingfrom the gradual shortening of servicelives—from Bulletin F service lives in1940 to .75F in 1957—has been about$40 billion.

Although the effects of the Guide-lines, accelerated methods, and amorti-zation in approximations II and IIIare about the same as in I, the amountof depreciation arising from the reduc-tions in service lives differs. As indi-cated above, the results support theservice life assumption in approximationI. The selection of appropriate servicelives, however, remains uncertain, andthe results of the other approximationsprovide a range within which the truefigures probably fall. They suggest thatif approximation I is in error, it is prob-ably too high in most years. The threeestimates of the total effect of decliningservice lives range from $15 billion inapproximation III to $40 billion in I,

with the estimate in II at $33 billion.The range for 1966 is from $2 billion inIII to $4% billion in II, with approxi-mation I at $4% billion.

Appendix

In this appendix, the approximationto NIA-IRS depreciation is assessedmore fully than in the article and themethods and data used in the presentstudy are described. Generally speak-ing, the section dealing with methodsand data applies to both parts of thestudy; however, there are occasionalreferences to matters discussed solelyin part II.

Further Evaluation of theApproximations

Approximation I was judged to beclose to NIA-IES depreciation in theperiod after World War II (table A).For the 1950's, it falls short of the

actual series in most years by anaverage of 1 percent per year. From1960 to 1965, it exceeds the actual seriesby an average of 0.6 percent per year.Until 1961, approximation II fallsshort of the actual series by largeramounts than I; it then moves above Iand exceeds the actual series by largeramounts than I. Approximation IIIruns at a lower level than I and fallsshort of the actual series every yearuntil 1965.Table A.—Percentage Differences * Between Approximations

and NIA-IRS Series[Averages computed with regard to sign]

1929-41

1942-49

1960-59

1960-65 _ _ - _ .

1966 . . ..

Approximation

I

5.8

-5. 7

- 1. 0

.6

3.2

II

5.8

-7.4

-5.5

.9

4.0

III

10. 4

-5. 6

-2.0

-.6

2.4

1. Difference equals approximation minus NIA-IRS aspercent of NIA-IRS.

Table 2.—Approximations to NIA-IRS Corporate DepreciationfBillions of dollars!

Year

1929

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966

Approximation I

NIA-IRS

depreci-ation

(1)

4.0

4.14.13.83.53.4

3.43.43.43.43.5

3.53.94.75.05.7

6.04.25.36.37.1

7.89.2

10.311.913.6

15.917.219.020.121.5

22.723.927.529.030.8

33.235.6

Straightline

depre-ciation,Bul-letin

F lives

(2)

3.8

4.04.03.93.83.7

3.63.73.83.83.8

3.94.04.14.04.0

4.04.34.85.76.5

7.48.49.3

10.110.9

11.712. 814.115.116.1

17.418.619.921.423.1

25.227.6

60-monthamorti-zationof de-fensefacil-ities

(3)

0.0.1.5.8

1.5

1.7-.2— 2-.2-.2

-.2.0.4.9

1.3

1.71.71.4.9.5

.1-.2

A

-'.6-.7

-.6-.7

Accel-erateddepre-

cia-tion

(4)

0.2

.71.11.61.92.2

2.52.62.62.72.9

3.23.5

Guide-lineser-vicelives

(5)

2.32.01.8

1.71.7

Grad-ual

short-eningof ser-vicelives

(6)

0.0.0.0.0

.0

.1

.1

.2

.3

.5

.6

.7

.81.0

1.31.61.92.22.5

2.83.13.43.63.8

4.24.6

Ap-proxi-

mation1(2+3+4+5+6)

(7)

3.8

4.04.03.93.83.7

3.63.73.83.83.8

3.94.14.64.95.5

5.74.14.75.76.7

7.78.9

10.311.813.5

15.417.219.020.121.3

22.824.127.729.230.9

33.636.7

Dif-fer-ence(7-1)

(8)

-0.1

-.1-.1

.1

.2

.3

,3.3.4.4.4

.4

.2i—.2

0

-.3-.1-.5-.7-.5

-.2-.2

.0-.1-.1

-.5.0.0.0

-.2

.0

.2 -

.2

.2

.1

.41.1

Approximation II

Straightline

depre-ciation,

Bul-letin

F lives

(9)

3.8

4.04.03.93.83.7

3.63.73.83.83. 8

3.94.04.14.04.0

4.04.34.85.76.5

7.48.49.3

10.110.9

11.712.814.115.116.1

17. 418.619.921.423.1

25,227.6

60-monthamortizationof de-fensefacil-ities

(10)

0.0.1.5.8

1.5

1.7-.2-.2-.2-.2

-.2.0.4.9

1.3

1.71.71.4.9• 5

.1-.2-.4-.6-.7

-.6-.7

Accel-erateddepre-cia-tion

(11)

0.2

.61.11.61.92.2

2.52.62.62.82.9

3.23.5


(12)

2.32.11.9

1.81.7

Grad-ual


(13)

0.1.2

.61.01.51.82.2

2.73.13.43.74.0

4.44.8

Approxi-mation11(9+10+11+12+13)

(14)

3.8

4.04.03.93.83.7

3. 63.73.83.83.8

3.94.14.64.95.4

5.74.14.65.46.3

7.28.49.6

11.012. 6

14.616.618.619.821.0

22.624.127.829.331.2

33.837.0

Dif-fer-ence(14-1)

(15)

-0.1

-.1-.1

.1

.2

.3

.3

.3

.4

.4

.4

.4

.2-.2-.2-.3

0

-.2-.7-.9-.8

-.6-.8-.7-.9-.9

-1.2-.6-.5-.4-.5

-.1.2.3.3.3

.61.4

Approximation III

Straightline

depre-ciation,

.85Bul-letin

F lives

(16)

4.1

4.34.34.14.03.8

3.83.83.93.93.9

4.04.14.24.14.0

4.14.45.06.07.0

8.09.0

10.010.911.7

12.713.915.216.417.4

18.720.121.523.124.9

27.129.8

60-monthamortizationof de-fensefacil-ities

(17)

0.0.1.5.8

1.4

1.6-.3-.3-.3-.3

-.3-.1

.3

.81.2

1.61.51.3.7.3

.0-.3-.5— . 6-.7

-.7-.7

Accel-erateddeprecia-tion

(18)

0.2

.71.11.61.92.2

2.52.62.62.72.9

3.23.5


(19)

.......

~~~2.~2~2.01.8

1.71.7

Grad-ual


(20)

0.0.1

.3

.5

.7

.81.0

1.21.41.51.61.8

1.92.1

Approxi-mationIII (16+17+18+19+20)

(21)

4.1

4.34.34.14.03.8

3.83.83.93.93.9

4.04. 24.74.95.4

5.74.14.75.76.7

7.78.9

10.311.713.3

15.217.018.819. 920.9

22.423.827.428.830.6

33.336. 4

Dif-fer-ence(21-1)

(22)

o.i2

'2' 4'4

. ;.s4

'5'5'5>

4'3

_'l_' l-.3

-.3-.1-.5—.6

-.2-.2

.0-.2-.3

-.7-.3-.3-.3-.6

-.3-.1-.2-.2-.2

.1.9

NOTE.—NIA-IRS depreciation includes amortization and accidental damage to fixedcapital; excludes depreciation on farm and residental properties owned by corporations.



24 SUEVEY OF CUREENT BUSINESS April 1968

None of the approximations agreesclosely with the increase in the NIA-IES series from 1965 to 1966. TheNIA-IES series increases $2.4 billionwhile the approximations show increasesof about $3.1 billion. Part of. the dis-crepancy may be due to the preliminarynature of the NIA-IES series. FinalIES tabulations for 1965 and prelim-inary tabulations for 1966 will not beavailable until later this year. Anotherpossible explanation for part of thediscrepancy is that the reserve ratiotest and the restriction on open-endaccounts with respect to overage assetsmay have reduced the depreciationdeductions beginning in 1965. (This isdiscussed below.)

Although the approximations areshown back to 1929, the study did notattempt to approximate the NIA-IESseries closely in the years prior to 1940.The level of the NIA-IES series in1929 falls between the computed esti-mate based on Bulletin F lives and thatbased on .85F lives. The NIA-IESseries declines more than the computedseries in the early 1930's and increasesmore in the 1940's. The larger declineand later increase are consistent withthe effect of Treasury Decision 4422and with two other factors that may beassumed to have affected the NIA-IESseries in the 1930's and 1940's. Eeducedamounts of depreciation were takenwith the units-of-production method inthe 1930's, and there was probably anatural tendency for corporations show-ing losses to attempt to postponedepreciation to more prosperous years.A closer approximation could havebeen achieved in the 1930's if allowanceshad been made for the factors citedabove.

In addition to comparing the approxi-mations with the NIA-IES series, twocomparisons with independently de-rived estimates are possible. In a recentstudy based on balance sheets datafrom IES, Norman Ture estimatedthat the-accelerated methods contrib-uted $2.4 billion dollars of deprecia-tion in 1959.6 This figure compareswith an estimate of $2.2 billion in allthree approximations. About half ofthe $200 million difference is due to

the exclusion of farm and residentialdepreciation from the estimates pre-sented in this article.

In a survey of corporations made byQBE in the spring of 1963,7 it wasestimated that the Guidelines contrib-uted $2.4 billion additional deprecia-tion in 1962, which compares with arange of $2.2 billion to $2.3 billion inthe approximations. Because corpora-tions were able to switch to the Guide-lines for the year 1962 until their bookswere no longer subject to audit, a largerdiscrepancy might result if a surveycovering 1962 were taken now.

Possible sources of error

The uncertainties concerning theservice lives used by corporations havealready been indicated as a source ofpossible error in the approximations.Other possible sources of error includethe following: (1) The computed ap-proximations make no allowance forresale of used assets. On balance, theseprobably take place at prices higherthan the depreciated values; they thusincrease the net book value of thestock and result in larger depreciationdeductions than if the original ownerheld the asset to retirement. (2) Simpli-fying assumptions were necessary withrespect to the depreciation proceduresused by business. As indicated below,each of 34 types of investment wasassigned an average service life andretired in a range around the averageon the basis of the Winfrey distribu-tion. However, business proceduresare more complex. Neither the groupnor the item accounting methods usedby business corresponds exactly to theprocedures employed in the study.(3) The adjustments for changes inservice lives and the switch to acceler-ated methods were made on the basisof averages. Actually, there is a gooddeal of dispersion about these averages,by both type of investment and in-dustry, which could lead to somewhatdifferent results. (4) No explicit allow-ances were introduced in 1962 for severalaspects of the Guidelines and the invest-ment tax credit since they would have

6. Ture, op. ctt., pp. 82-96.

7. Lawrence Bridge, "New Depreciation Guidelines andthe Investment Tax Credit," SURVEY OF CURRENT BUSI-NESS, July 1963.

unduly complicated the procedures.Instead, the service lives were reducedin 1962 to provide a close match betweenthe computed and actual increase from1961 to 1962. The procedure may notprovide a close agreement after 1962,but more information and probablythe passage of a few more years areneeded before this can be adequatelyassessed. Those aspects of Guidelinesand the investment tax credit for whichno explicit allowances were introducedare discussed below. (5) Underlyingthe study are several sources of dataand a number of assumptions thatwere necessary in deriving the corporateshare of total investment, the estimateof corporate residential depreciation,etc. All these involve problems as todefinition, coverage, and statisticalaccuracy.

Guidelines

The Guidelines contained severalprovisions for which no explicit al-lowances were included in the approxi-mations. These provisions are discussedbelow.

The Guidelines established about 75asset classes and a suggested servicelife for each class. Most of the classescovered the equipment used by aparticular industry, but a few classescovered types of depreciable assets ingeneral use by business, such as officeequipment, transportation equipment,and buildings. The service lives sug-gested in the Guidelines were 30 to 40percent shorter than Bulletin F livesand also shorter than the lives beingused by many firms.

A firm had the option of either con-tinuing its previous procedures oradopting the Guidelines. In the presentstudy, instead of regrouping part of theinvestment data for equipment to cor-respond to the new asset groups andapplying the Guideline service lives tothese new groups, all of the data werecontinued as 20 equipment groups asdescribed below, and the service livesapplicable to all investment were re-duced. Because more use of the Guide-lines was made by manufacturing firmsthan by nonmanufacturing firms, serv-ice lives were reduced more for manu-facturing equipment than for non-manufacturing.



The Guidelines also established thereserve ratio test as a procedure fordetermining if a firm's depreciationrate under the Guidelines was excessive.Under the test, the ratio of the depre-ciation reserve to the gross value of theasset group is compared with a ratiobased on expected or normal replace-ment practice. The reserve ratio testwas originally scheduled to take effectin 1965, but the transition period wasextended and the test was significantlymodified when it became apparent thatmany firms would be unable to meetthe test. One reason that some firmsfailed the original test was the exag-gerated depreciation deductions arisingfrom the inclusion of fully depreciatedassets in group accounts. Assets thathad been fully depreciated in item oryear-of-acquisition accounts and thatwere still in use could be included innew group accounts established underthe Guidelines. It was to the taxpayer'sadvantage to include the original valueof such assets in new open-end groupaccounts and to depreciate the ac-counts with either the straight line orsum-of-the-years-digits method becausein both of these methods the gross valueof the assets is the base for calculatingdepreciation. For manufacturing cor-porations in 1963, about 20 percent ofthe additional depreciation arising fromthe Guidelines was estimated to be dueto the inclusion of fully depreciatedassets in group accounts and 80 percentto shorter lives.8 When the transitionperiod for the reserve ratio test wasextended, the regulations were alsochanged so that new investment in1965 and later years could not be addedto open-end accounts being depreciatedwith either the straight line or sum-of-the-years-digits method. This made theaccounts containing the fully depre-ciated assets closed end. Since the de-preciation taken previously had beentransferred to the new accounts, thedepreciation reserves of these accountswere already high and would rapidlyapproach the gross value if there wereno retirement of fully depreciatedassets.

In the approximations, no allowanceswere made for depreciation arising

from fully depreciated assets or for thereserve ratio test. The effect of thereserve ratio test is generally consideredto have been negligible. However, thepresence of the test and the restrictionon new additions to open-end groupaccounts after 1964 may have resultedin less depreciation being taken becauseof overage assets. The fact that theOBE approximations exceed the NIA-IRS figures in 1965 and 1966 lendssupport to this possibility.Investment tax credit

Beginning in 1962, corporations wereallowed an investment credit againsttheir income tax. Initially, the depreci-able base on which depreciation iscomputed was reduced by the amountof the tax credit. For corporationsother than public utilities, the creditallowed was 7 percent of the investmentin equipment with service lives of8 years or more and less than 7 percentfor equipment with service lives from4 to 8 years. Property with lives of lessthan 4 years was not eligible for credit.The credit was limited to a certainpercentage of profits; in addition, therewere provisions for carrying the creditforward or backward to other tax years.

In 1964, the law was changed so thatthe depreciable base was no longer re-duced by the amount of the tax creditand the reductions made in 1962 and1963 were restored. This change shiftedtax depreciation from 1962 and 1963to later years—perhaps as much as $100million from 1962 and $300 million from1963. In the approximation, no adjust-ment was made in the depreciable baseto take account of the initial provisionin the investment tax credit or itsrevision in 1964.

Methods and Sources of Data

The present study draws on OBE'sCapital Stock Study, which presentedestimates of fixed capital stocks andrelated measures for all business exclud-ing residential properties.9 Where nec-essary, reference is made to the methodsand data sources of the Capital StockStudy. Additional discussion of these

points may be found in the articledescribing the earlier study.

Computation of depreciation

The perpetual inventory method wasused to compute the approximations toNIA-IRS depreciation in part I andthe alternative measures of corporatecapital consumption allowances in partII. In the perpetual inventory method,estimates of gross investment and ofservice lives are used to develop meas-ures of stocks and depreciation. Grossstocks are obtained by cumulating grossinvestment in prior years and then sub-tracting gross investment in those assetsthat have completed their service lives.Depreciation charges are obtained byapplying depreciation rates to the in-vestment elements contained in thegross stock. Net stocks are obtained bysubtracting from the value of grossstocks the cumulated depreciation onassets still in service.

Corporate investment figures forabout 20 groups of equipment and 14types of structures were used in thecomputations. For each type of invest-ment, an average service life was usedtogether with a distribution of the re-tirements or discards of assets about theaverage. The distribution used was amodification of the Winfrey S-3 curve,10

a bell-shaped distribution with discardsstarting at 45 percent of the averageservice life and continuing until 155percent is attained. For example, forinvestment with an average service lifeof 20 years, the assumption is that dis-cards begin in the ninth year on a smallscale and increase gradually, with thegreatest concentration near the 20thyear. The discards continue beyond the20th year in declining amounts untilthe 31st year.

The service lives resulting from theWinfrey distribution were used incomputing depreciation. In the aboveexample, the investment discarded inthe ninth year was fully depreciatedover a 9-year service life. The invest-ment discarded in the 31st year wasfully depreciated over a 31-year servicelife.

8. Frederick W. Stevenson, op. cit.

9. Lawrence Grose, Irving Rottenberg, Robert C. Wasson,"New Estimates of Fixed Business Capital in the UnitedStates 1925-65," SURVEY OF CURRENT BUSINESS, December1966.

10. Robley Winfrey, Statistical Analyses of Industrial Prop-erty Retirement, Iowa Engineering Experiment Station Bulle-tin 125, December 11,1935, p. 104.


26 SUEVEY OF CURRENT BUSINESS April 1968

Three depreciation formulas wereconsidered in the study. The straightline formula depreciates the value of anasset over its service life in equalannual amounts. The straight lineformula may be written:

where D represents depreciation, /is an investment element containedin the gross stock, t is the year in whichthe investment was made, n is theservice life, and i=Q, 1, . . ., n— 1.

The double-declining balance formuladepreciates the net value of an assetby a constant percentage -each year,which is twice the percentage taken inthe first year with straight line de-preciation. The double-declining bal-ance formula may be written:

where Z>, ty /, n, and i are defined as inthe straight line formula. With thedouble-declining balance formula, thenet value never reaches zero. To writeoff the entire value, a convention thatis available under IRS regulations wasused. Depreciation was switched tostraight line at the point where straightline depreciation of the remaining valueresults in a larger deduction than wouldthe use of double-declining deprecia-tion.

The sum-of-the-years-digits formulatakes as depreciation a changing frac-tion of the original value of the asseteach year. The numerator of the frac-tion changes each year to correspondto the remaining useful life, and thedenominator, which remains constant,is the sum of all the years' digits in theservice life. The sum-of-the-years-digitsformula may be written:

^ n—i*+*— f1 J_O _L an\

JLt(1+2, + ...,/i)

where Z), t, I, n, and i are defined as inthe straight line formula.

The half-year convention was usedin computing depreciation, but tosimplify presentation it is not shownin the above formulas. With the half-year convention, all investment is

assumed to have occurred at midyear;a half-year of depreciation is taken inthe first year and a half-year in thelast yeai in which the asset is in service.

Service lives

The average service lives were basedon the results of the Capital StockStudy; the derivation of these lives isdiscussed below. Average service livesbased primarily on Bulletin F (1942edition) were estimated for each of the20 groups of equipment and 14 types ofstructures in the Capital Stock Study.The average life for each of the 19 bioadtypes of nonfarm equipment was de-rived from the Bulletin F service livesassigned to individual types of equip-ment within the group. Altogether,service lives for about 180 detailedtypes of equipment were used in obtain-ing averages for the 19 groups. Averageswere calculated with weights based onshipments data from the Census ofManufactures. The average life forfarm equipment was derived fromseveral Department of Agriculturestudies.

Since the investment data for struc-tures include both investment in newstructures and investment in alterationsand additions to existing structures, theaverage service life of the two is lessthan that for new structures alone asshown in Bulletin F. The service livesused were 20 percent shorter thanBulletin F for manufacturing structuresand 7 percent shorter than Bulletin Ffor nonmanufacturing structures.

No allowance was introduced foralterations and additions to farm struc-tures. The service lives of farm struc-tures represent a compromise betweenBulletin F lives and the shorter livesprovided in the Guidelines.

Although in most instances the livesof the individual types of equipmentwere taken as constant over the periodcovered by the study, the average livesfor the equipment groups change overtime because of differences in assetcomposition. The average lives as de-scribed above are those referred to asBulletin F service lives in the presentstudy. Lives shorter than Bulletin Fwere prepared by taking a percentageof the Bulletin F service lives.

Derivation of corporate investment

The corporate investment estimateswere prepared for the present studyfrom the data on private fixed non-residential investment as shown in thenational income and product accounts.

In the national accounts, nonresiden-tial fixed investment is shown for 20groups of equipment and 14 types ofstructures (tables 5.2 and 5.4 in theJuly 1967 SURVEY). These 34 serieswere separated into manufacturing,farm, and all other industries in theCapital Stock Study. This separationand the extension of the 34 series toyears earlier than 1929 are describedin the December 1966 SURVEY article.For the present study, these investmentestimates—updated to include revisionsthat appeared in the July 1967SURVEY—provided the starting pointfor developing corporate estimates ofinvestment in fixed assets.

The disaggregation of investmentinto corporate and noncorporate com-ponents was accomplished by a varietyof methods:

(1) Several investment series fromthe Capital Stock Study were whollyassigned to either the corporate or thenoncorporate sector. For example, allinvestment in public utility structureswas taken as corporate while all in-vestment by nonprofit institutions wasassigned to the noncorporate sector.

(2) Investment in automobiles wasseparated into corporate and non-corporate shares on the basis of infor-mation concerning corporate purchasesof autos obtained in the 1957-58 plantand equipment surveys and in the1957-58 surveys by the Federal Re-serve System on the use of cars forbusiness purposes by employees.

(3) Corporate and noncorporateshares of investment in petroleum andnatural gas structures (largely oilwells) were based on the depletionallowances reported to IRS by corporateand noncorporate businesses.

(4) After special treatment of theseitems, the remaining investment com-ponents, each of which was alreadyallocated among manufacturing, farm,and all other industries in the CapitalStock Study, were further allocated be-



tween corporate and noncorporate onthe basis of five overall ratios for (a)manufacturing equipment, (b) manu-facturing structures, (c) all other non-farm equipment, (d) all other nonfarmstructures, and (e) farm. Overall per-centages were used since informationis not available to separate the remain-ing investment components individuallyinto corporate and noncorporate parts.

To prepare the manufacturing per-centages, corporate and noncorporateinvestment in structures and in equip-ment—less those items handled sepa-rately in sections (1) through (3)above—were estimated for benchmarkyears from the 1954, 1958, and 1963Censuses of Manufactures. Using wagesand salaries plus net income of proprie-tors, the noncorporate estimates—sincethey were the smallest share—wereinterpolated between the benchmarksand extrapolated forward to 1966 andback to 1946. The noncorporate esti-mates were deducted from the annualtotals used in the Capital Stock Studyfor plant and equipment to establishcorporate investment for each yearfrom 1946 to 1966. Overall corporatepercentages were then computed formanufacturing equipment and manu-facturing structures.

The corporate-noncorporate alloca-tion for other nonfarm industries from1946 to 1966 were derived from severalsources: for trade and services, Censusof Business data; for transportation andconstruction, mainly the OBE-SECplant and equipment data; for the re-maining industries, IRS depreciationfigures. The noncorporate estimateswere interpolated between benchmarksand extrapolated forward to 1966 andback to 1946 using either gross recieptsor wages and salaries plus net income ofproprietors, although some use was alsomade of the OBE-SEC plant and equip-ment survey. The noncorporate esti-mates were then deducted from theannual totals to arrive at corporate in-vestment, and overall corporate per-centages were computed for all othernonfarm equipment and all other non-farm structures.

The corporate percentage for farmswas based on IRS corporate farm de-preciation and on total farm deprecia-

tion estimates of the Department ofAgriculture, after the former had beenadjusted to include only domestic farmsand had been revalued in currentprices.

The five corporate percentages de-rived by these processes were extrapo-lated from 1946 back to 1938 on thebasis of the corporate and noncorpo-rate capital consumption allowancesand were held constant prior to 1938.The corporate percentages used for1938 and 1966 are shown in table B.The resulting series of percentages wereapplied to the estimates of the 34 cate-gories of investment for the entire spanof over 100 years to derive the corporateshare of each of these items.

Separate estimates of investment byfinancial and nonfinancial corporationswere also required for this study. Thebasic technique employed was to meas-ure investment by financial corporationsas equal to the sum of the change innet stocks derived from successivebalance sheets plus capital consumptionallowances from income statements.Data from various government andprivate organizations were used for theseveral types of financial institutions.The sources included the Federal De-posit Insurance Corporation, FederalReserve System, Internal RevenueService, Institute of Life Insurance,and Best's Fire and Casualty Aggregatesand Averages. The investment by finan-cial corporations was allocated among

Table B.—Percent of Nonresidential Investment Allocatedto Corporations, 1938 and 1966

Manufacturing:

Equipment

Passenger cars not in IRS-Railroad .All other

Structures . - . .

Nonfarm nonmanufacturing:

Equipment

Passenger cars not in IRSRailroadNonprofit institutions ...Allother

Structures _

Petroleum and natural gas welldrilling and exploration .

Public utilitiesNonprofit institutionsAll other . _ _

Farm:

All equipment and structures

1938

93.0

91.8100. 092.9

97.5

65.9

87.4100.0

.062.9

82.9

94.1100.0

.074.2

2.0

1966

93.9

88.6100. 093.9

96.7

77.7

83.1100.0

.077.7

65.2

93.5100.0

.062.8

7.0

and deducted from the following cor-porate investment components: furni-ture, general industrial machinery, officeand store equipment, service-industrymachines, electrical machinery, auto-mobiles, and commercial structures.

Residential property

Estimates of the amounts accruing tocorporate owners of residential propertywere deducted from the publishedfigures pertaining to corporate profits,capital consumption, gross product, andincome originating so that the coverageof these series would correspond to thecomputed depreciation measures. Theresidential estimates for corporationswere obtained by allocating the compo-nents of gross product of tenant-occupied residential properties betweencorporate and other owners. The ratioof the stock of residential propertiesowned by corporations to the totaltenant-occupied stock was used toallocate gross product, income originat-ing, and the sum of depreciation andprofits of tenant-occupied properties.The stock estimates were developedfrom information from the 1960 Surveyof Residential Finance and the Flow ofFunds Accounts of the Federal Reserve.

The split between profits and de-preciation was based on the distributionbetween profits and depreciation shownfor the 3-digit IRS industry RealEstate Owners and Operators.

The allocation of the residentialestimates between financial and non-financial corporations was based on theratio of the stock of housing owned bylife insurance companies to the totalcorporate residential stock.

Derivation of NIA-IRS corporatedepreciation

Table C shows for the year 1966 therelationship between corporate depre-ciation as reported to IRS (line 1),corporate capital consumption allow-ances as published in the nationalaccounts (line 5), and the NIA-IRScorporate depreciation used in Part Iof this study (line 10). The NIA-IRStotal is obtained by adding to IRScorporate depreciation an allowancefor accidental damage to fixed capitaland deducting capital consumption al-


28 SUEVEY OF CUKRENT BUSINESS April 1968

lowances for both residential prop-erties and farms owned by corporations.

Table C.—Relationships Between Corporate DepreciationEstimates, 1966

[Billions of dollars]

Line Item

IRS corporate depreciation *

Plus: Accidental damage to fixed capi-tal

Capital consumption allowancesfor oil and gas well drilling andexploration charged to currentexpense

Capital consumption allowancesfor passenger cars of employeesreimbursed for travel expenses-

Equals: Corporate capital consumptionallowances in national incomeaccounts

Minus: Line 3Line 4Capital consumption allowances

for corporate firmsCapital consumption allowances

for residential properties ownedby corporations

Equals: NIA-IRS corporate depreciation.

Amount

236.2

1.5

.7

39.0

1.5.7

2

1.0

35.6

1. Excludes depreciation reported by foreign branches ofU.S. corporations.

2. Preliminary estimate prepared by OBE.

Regional Changes in Personal Income

(Continued from page 16)

eral Government, and farming onchanges in regional trends in totalincome from 1960-65 to 1965-66. Acomparison of changes in the rate ofpersonal income growth over the twoperiods with and without the compo-nent under evaluation provides a netmeasure that reflects both the weightof the component in the income struc-ture and the acceleration in the rate ofchange in the component.

It is evident from the tabulation thatthe increased growth in manufacturingwages and salaries had by far the largestabsolute effect on changes in the in-come aggregate both nationally and

regionally. It also contributed substan-tially to the narrowing of regionaldifferentials in growth rates. Changes inFederal payrolls boosted the rate ofgrowth in total income appreciably buttended to widen regional differentialsby stimulating total income growthmore in fast-growing than in slow-growing regions. Farm income, on theother hand, had no significant effect onthe national income growth rate butcontributed to uniformity by limitingthe relative increase of total income infast-growing regions.

Income Changes in 1967

During 1967, when the national rateof economic advance slowed, and therewas an actual decline in the outputof durable goods, regional economicgrowth once again resembled its longterm geographic pattern. That is, sub-stantially larger relative income gainswere again recorded in the West andSouth, and smaller ones in the northeastand north central regions. Over thecourse of the year, personal income rose30 percent more in the three rapid-growth regions than in the other fiveareas—a differential about the same asthat which prevailed over the longerspan from 1948 to 1965.

Manufacturing expansion slows

The factors responsible for the re-emergence of long term trends in 1967were generally the reverse of thoseoperating in 1965-66. Most of lastyear's change in regional growth pat-terns is traceable to a substantial declinein the rate of expansion of factory pay-rolls (centering in durable goods) in thetypically slow-growing regions and to a

near-continuation of the rate of ex-pansion in manufacturing payrolls inthe other regions. In addition, the smallrise in farm income in the fast-growingregions combined with a small declinein the slow-growing areas in 1967 towiden regional trends in total incomegrowth. Finally, the leveling off inFederal payrolls over the year tendedto narrow regional trends in total in-come growth during 1967.

Table 6 shows State and regionalchanges in total income and in selectedcomponents from the first quarter of1965 to the fourth quarter of 1966 andfrom the fourth quarter of 1966 to thefourth quarter of 1967.

Regional shifts within 1967

Developments within the year 1967buttress the foregoing analysis. Fromthe fourth quarter of 1966 to the secondquarter of 1967—when the economywas sluggish and output of durables fellmarkedly—the rate of growth in theusually fast-growing regions exceededthat in the slow-growing regions by 40percent. Thus, during the first half ofthe year, regional economic differenceswere even greater than those typical ofthe long term trend.

In contrast, when the economic ad-vance again quickened and output ofdurables nearly made up their previousdrop during the last half of 1967,regional rates of growth became moreuniform. Over this two-quarter span,the rate of growth in the fast-growingregions exceeded that in slow-growingregions by about 10 percent. This pat-tern of regional growth is closely inline with that which prevailed duringthe economic expansion of 1965-66.


CURRENT BUSINESS STATISTICS

JLHE STATISTICS here update series published in the 1967 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEYOF CURRENT BUSINESS. That volume (price $2.50) provides a description of each series, references to sources of earlier figures, and historical dataas follows: For all series, monthly or quarterly, 1963 through 1966 (1956-66 for major quarterly series), annually, 1939-66; for selected series,monthly or quarterly, 1947-66 (where available). Series added or significantly revised after the 1967 BUSINESS STATISTICS went to press are indicatedby an asterisk (*) and a dagger (f), respectively; certain revisions for 1966 issued too late for inclusion in the 1967 volume appear in the monthlySURVEY beginning with the September 1967 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein correspondingto revised annual data are available upon request.

Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided throughfche courtesy of the compilers, and are subject to their copyrights.

Unless otherwise stated, statistics through 1966and descriptive notes are shown in the 1967edition of BUSINESS STATISTICS

1965 1966 1967

Annual total

1965

I II III | IV

1966

•i | n III | IV

1967

I II III IV

1968

I*

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series

NATIONAL INCOME AND PRODUCT

Gross national product, total bil. $

Personal consumption expenditures, total do

Durable goods, total 9 - - _ _ _ doAutomobiles and parts doFurniture and household equipment.—— do

Nondurable goods, total 9 doClothing and shoes ., doFood and beverages _ _ __do_ __Gasoline and oil do

Services total 9 doHousehold operation _ _ _ _ _ _ _doHousing do_ _Transportation do

Gross private domestic investment, total do_ _ _

Fixed investment _ _ _do_Nonresident ial do

Structures - - doProducers' durable equipment. _do_

Residential structures. _ _ _ doNonfarm do

Change in business inventories -do_ __Nonfarm __ _ do

Net exports of goods and services _ - do.Exports doImports do

Govt. purchases of goods and services, total. .doFederal _ _ _ _ _ _ _ _ do_

National defense doState and local _ do

By major type of product:Final sales, total do

Goods, total _ _ _ _ _ _ doDurable goods doNondurable goods do

Services doStructures _ do

Change in business inventories doDurable goods. _ _ _ _ _ doNondurable goods do

GNP in constant (1958) dollars

Gross national product, total ____bil . $__

Personal consumption expenditures, total do

Durable goods _ doNondurable goods doServices. _ _ _ _ _ d o

Gross private domestic investment, total do

Fixed investment doNonresidential doResidential structures do

Change in business inventories do

Net exports of goods and services do

Govt. purchases of goods and services total doFederal _ ' doState and local do

683.9

433.1

66.029.927.0

191 236.199.015 1

175 925.763.612 6

107,4

98 071 125 146 027.026 49.48.4

6.939.132 2

136.466.850.169 6

674 5337 2132.8204.4262 974.4

9.46.72 7

616.7

398 4

66.4178 9153 2

98 0

89.166 023 28 8

6 0

114 357 856.4

743.3

465.9

70.329.829.9

207 540.3

106. 716 2

188 127.067.113 6

118.0

104.680 227 952.324.423 813.413.7

5.143.037 9

154.377.060.577.2

729 9366 2144.7221.5287 276.5

13.49.93 5

652.6

418 0

71.3187 7159.1

105 6

93.072 820 212 6

4 4

124 564 759.9

785.0

491.7

72.129.332.0

217 542.8

110.617 5

202 128.271.314 7

112.1

107.082 626 855.724.423 95 24.8

4 845.340 6

176.389 972.586 4

779 8390 8155.7235 1311 2

77 8

5.22 72 5

669.3

430 1

72.1193 0165 0

96 9

92.173 019 14 8

3 6

138 774 164.6

662.7

420.2

65.230.425.8

184 634.695.614 3

170 424 761.912 0

105.1

94 467 323 144.127.226 610 610.1

6.135.128 9

131.364.348.466 9

652 0325 9129.6196 3254 671 6

10.68 72 0

601.5

389 1

65.0174 7149 4

95 9

86 662 923 79 3

5 2

111 356 355! o

675.4

428.1

64.229.226.1

189 835.698.315 1

174 225 563 212 5

105.1

96 369 324 744 627.026 58 87.9

8.240.732 6

133.965.449.268.6

666.5332 8130.0202.9260 173.6

8.87.01 8

609.7

394 1

64.1178 0152 0

95 9

87 964 523 48 0

6 8

112 957 155.8

690.0

436.4

66.129.827.3

192 436.299.415 3

177 826 164.212 8

108.2

98 871 925 146 826.926 49 47.9

7.440.332 9

138.167.650.370 4

680 6340 2133.9206.3266 074.4

9.47 12 3

620.7

400 7

66.8179 3154.6

98 3

89 666 723 08 7

6 4

115 358 556.7

708.4

447.8

68.630.328.9

198 037.8

102.515 7

181 226 565.313 1

112.3

102 475 727 348 326.826 29.98.7

6 140 534 4

142.369 852 472 5

698 5349 9137 9212 0271 077 6

9.95 04 9

634.4

409 9

69.5183 6156.8

101 6

92.469 722 69 2

5 6

117 459 358.0

725.9

458.2

71.631.429.4

203 239.5

105.215 8

183 526 166.213 2

115.2

105 378 328 350 027.026 59 99.6

6 142.036 0

146.572.155.174 3

716 0359 6143 2216 4276 679 9

9.97 42 5

645.4

416 2

73.0185 8157.3

104 0

94.571 822 89 5

5 4

119 961 258.7

736.7

461.6

68.228.529.1

207 139 8

107.016 2

186 326 966.513 5

118.5

104 578 727 551.225.825 314.014.4

5.442.537 1

151.274.958.476.2

722.6361 7141.6220 1283 577.4

14.09 74 3

649.3

415 2

69.3187 7158.2

106 5

93.171 721 413 4

4 8

122 763 459.4

748 8

470.1

70.929.830.6

209 541 0

107.316 3

189 827 467 413 7

116 4

104 981 228 253 123.723 211 412.0

4 643.739 0

157.779 563.078 1

737.4370 3145 8224 5291 675 5

11.49 91 5

654.8

420 4

71.9188 8159.8

103 6

93.073 619 410 6

4 1

126 666 460.1

762 1

473.8

70.629.630.6

210 340 8

107.216 6

192 927 768.514 0

122.2

103 782 827 755.120.920 418.519.0

4.344.039 7

161.781 565.680 2

743 6373 2148 3224 9296 973 5

18.512 85 7

661. 1

420 4

71.1188.4160.9

108 4

91.274 217.017 2

3 2

129 167.861.3

766 3

480.2

69 427.331.4

214 241 5

109 317 1

196 627 869 614 4

110 4

103 381 927 754 221.420 97 17.3

5 345.339 9

170.487.170.283 3

759 2380 9150 5230 5303 175 2

7.13 43 7

660.7

424 2

69.7191 8162 6

96 9

90.273 017.36 7

4 1

135 572.363.2

775 1

489.7

72 529.731.9

217 243 2

110 117 5

200 028 170 614 6

105 1

104 681 526 355 223.122 5

.5

.6

5.345.139 8

175.089.572.585.4

774.6391 6156.0235. 5307.875.2

.5—.61.1

664.7

430.6

72.9193.6164.1

91.3

90.972.618.3

.4

4.1

138 774.464.3

791.2

495.3

72.729.932.1

218.543.7

110.917.5

204.128.171.914.8

112.2

108.482.826.656.225.625.03.83.4

5.445.640.2

178.290.973.387.4

787.4394.9157.9237.0313. 579.0

3.83.5.3

672.0

431.5

72.7192.8166.0

96.4

92.973.219.73.5

4.2

139 975.164.9

807.3

501.8

73.830.132.6

220 343.1

112.217 8

207 728 873.315 1

120.8

111.684 026 757.327.627 09 27.7

3 045.442 4

181.792 274.289 5

798.1396 0158 6237 4320 381 8

9 24 54 7

679.6

434 0

73.0193.6167.4

103.0

94.473.321.08 7

1 9

140 774.766.0

827.3

517.8

77.933.133.9

228.045.0

115.718.3

211.929.174.915.4

119.4

115.587.228.758.528.327.83.93.0

2.647.644.9

187.595.776 691.9

823.4

3.9

689.7

r Revised. * Preliminary. 9 Includes data not shown separately.

293-992 O - 68 - 3Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S-2 SURVEY OF CURRENT BUSINESS April 1968


1965 | 1966 _ | 1967

Annual total

1965

II III IV

1966

I II III IV

1967

I II III IV

1968

I P II

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued

NATIONAL INCOME AND PRODUCT— Con.

Quarterly Data Seasonally Adjusted at Annual Rates

National income total bil $

Compensation of employees total do

Wages and salaries total doPrivate doMilitary - doGovernment civilian do

Supplements to wages and salaries do

Proprietors' income, total 9 doBusiness and professional 9 doFarm _ _ do

Rental income of persons do

Corporate profits and inventory valuation adjust-ment total bil $

By broad industry groups:Financial institutions doNonfinancial corporations total do

Manufacturing total doNondurable goods industries doDurable goods industries do

Transportation, communication, and publicutilities bil $

All other industries do

Corporate profits before tax, total, _.__.__doCorporate profits tax liability doCorporate profits after tax do

Dividends doUndistributed profits do

Inventory valuation adjustment doNet interest - do

DISPOSITION OF PERSONAL INCOME

Quarterly Data Seasonally Adjusted at Annual Rates

Personal income total bil $Less: Personal tax and nontax payments doEquals: Disposable personal income doLess: Personal outlays© doEquals* Personal saving§ do

NEW PLANT AND EQUIPMENTEXPENDITURES

Unadjusted quarterly or annual totals:All industries bil. $

Manufacturing doDurable goods industries^. _ doNondurable goods industries^- _._ do

Mining _ doRailroad - doTransportation, other than rail doPublic utilities doCommunication doCommercial and other _ _ _ do

Seas. adj. qtrly. totals at annual rates:All industries _ • - - _ _ do

Manufacturing^. _ do_ _Durable goods industries^—.- doNondurable goods industries^ do

Mining _ _ _ _ _ doRailroad. do>Transportation, other than rail doPublic utilities _ _do— .Communication, doCommercial and other do

U.S. BALANCE OF INTERNATIONALPAYMENTSd*

Quarterly Data Are Seasonally Adjusted(Credits +; debits -)

Exports of goods and services (excl, transfers undermilitary grants) mil. $

Merchandise, adjusted, excl. military do.Military sales do._Income on U.S. investments abroad ___doOther services do

Imports of goods and services doMerchandise, adjusted, excl. military ___doMilitary expenditures doIncome on foreign investments in the U.S_-doOther services do

Unilateral transfers, net (excl. military grants);transfers to foreigners C ) mil $r Revised. » Preliminary.1 Estimates for Jan.-Mar. 1968 based on anticipate2 Estimates for Apr.- June 1968 based on antici]

Anticipated expenditures for the year 1968 are as foll<facturing, total, 27.93; durable goods industries, 14mining, 1.58; railroad, 1.27; transportation, 4.51; putcommercial and other, 12.60. 3 Includes commun]

9 Includes inventory valuation adjustment.

562.4

393.9

359.1289. 812.157.134.9

56.741.914.819.0

74.9

8.466.538.716.522.2

11.216.6

76.631.445.219.825.4

-1.717.9

537.865.6

472.2445.027.2

51.9622.4511.4011.05

1.301.732.816.944.94

11.79

39,14726,244

8445,8886,171

-32, 203-21,472-2, 921-1, 729-6,081

-2, 824

d capitalDated ca>ws (in b39; nond)lic utilitcation.

616.7

435.7

394.6316.714.763.241.1

59.343.216.119.4

82.2

9.372.943. 118.724.4

11.918.0

83.834.549.321.527.8

-1.620.2

584.075.2

508.8479.029.8

60.6326.9913.9913.00

1.471.9S3.448.415.62

12.74

43, 03929, 168

8476,2456,779

-37,937-25, 510-3,694-2,074-6, 659

-2, 925

expenditpital expl.$):Alliiurable gies, 10.88;

••650.2

469.7

423.8337.516.469.845.9

58.443.614.820.1

' 79. 6

9.7'69.9'39.3'18.0

21.3

12.0'18.6

'80.733.2

'47.522.8

'24.7-1.222.4

626.481.7

544.7505.938.7

61.6626.6913.7013.00

1.421.533.889.885.91

12.34

*45,693v 30, 463

p 1, 272*6,785p 7, 173

p-40,893p-26,980p-4,319*~2, 277*-7,317

p-3,049

ures of btsndituresidustries,oods indicommun

555.3

388.6

354.2286.211.756.334.5

56.741.715.018.9

73.4

8.465.037.716.021.6

10.916.5

75.630.944.619.425.2-2.117.6

530.166.1

464.0439.924.0

12.815.472.762.70

.33

.44

.771.711.242.85

50.3521.5510.8010.70

1.301.552.706.854.80

11.60

10, 1806,880

1921,5621,546

-8, 139-5, 475

-711—424

-1, 529

-775

siness.of busir65.23; mjistries, 11i cation, (

566.5

397.2

362.0292.112.157.835.2

57.242.015.219.1

74.9

8.466.538.616.522.1

11.216.7

75.831.144.820.224.6-.918.2

544.665.2

479.4448.530.9

13.415.732.912.82

.32

.44

.721.881.223.10

52.7523.0011.7511.25

1.251.703.006.755.05

11.95

10,0806,811

2301,4741,565

-8, 233—5,556

-754-435

-1,488

-725

less,mu-J.54;>.45;

582.8

408.4

372.4300.013.159.436.0

57.842.515.319.2

78.7

8.670.041.017.423.7

12.017.0

80.833.147.720.926.8

-2.218.8

556.166.7

489.4460.129.3

14.956.723.483.24

.35

.46

.732.041.413.25

55.3524.1512.4511.70

1.351.953.007.305.30

12.25

10, 1196,925

2121,3531,629

-8, 599-5,772

-785-469

-1, 573

-660©P

sume§P€1fD

Mar.,&b

issues

600.3

420.8

381.3306.913.660.739.5

60.042.817.119.2

81.1

8.972.242.718.324.3

11.717.8

83.734.549.221.427.8

-2.619.3

567.870.4

497.5470.926.6

12.775,612.872.74

.33

.40

.751.601.262.83

58.0025.6013.1512.45

1.401.753.308.255.35

12.35

10, 5117,203

2091,4691,630

-8,997-6,025

-861-475

-1,636

-851ersonalrs, and prsonal saata for itJune, Selore comof the S

610.4

430.7

390.2313.814.262.240.5

59.343.316. 019.3

81.3

9.072.242.518.524.0

12.017.8

83.634.549.221.627.6

-2.319.8

577.374.1

503. 3474.628.7

15.296.783.513.27

.40

.551.002.091.423.06

60.1026.8013.8512.95

1.552.003.508.305.50

12.45

10,6187,181

2221,5351,680

-9,265-6, 225

-911-471

-1,658

-733Dutlays cersonal tving is eidividualpt., andplete det£URVEY.

622.1

441.2

399.6320.115.164.341.6

59.243.315.919.4

81.9

9.572.442.718. 823.9

11.817.9

84.034.649.421.627.8

-2.220.4

589.376.9

512.4483. 229.2

15.576.843.543.30

.37

.48

.822.361.363.33

61.2527.5514.3513.20

1.451.853.408.555.60

12.85

10, 9137,382

2061,5871,738

-9, 762-6, 580

-953-565

-1, 664

-709ompriseransfer pxcess of ddurable

Dec. issuills are gri

634.1

450.2

407.4326.115.865.642. 7

58.643.415.119.6

84.6

9.675.044.419.225.3

12.018.6

83.934.649.321.228.2

.721.1

601.679.6

522. 0487.434.6

17.007.754.073.68

.38

.55

.862.361.583.52

62.8027.7514.5013.25

1.452.353.508.505.95

13.30

10,9977,402

2101,6541,731

-9,913-6,680

-969-563

-1, 701

-632personalaymentsisposabl(and nor

es of the7en in th(

636.4

459. 1

414.7331.416.167.344.4

57.843.214.619.8

78.1

9.668.539.618.421.1

11.717.3

79.032.546.522.224.2-.821.6

612.980.2

532. 7493.938.8

13.596.103.083.02

,32.41.70

1.841.352.87

61. 6527.8514.2013.70

1.401.803.059.205.75

12. 55

11,3527, 671

3391,5751,767

-9,999-6,662-1,045

-557— 1, 735

-728consum

to foreigij incomeidurableSURVEY

} quarter

641.6

463.4

418.3333.216.268.945.2

57.843.414.320.0

78.3

9.568.838.917.821.1

11.918.0

78.932.546.523.123.4-.722.1

619.179.1

540. 0504.036.0

15.616.813.463.34

.34

.411.122.461.492.99

61.5027.0013.7513.25

1.301.553.909.705.80

12.25

11,3537,712

3361,5451,760

-10,033-6, 558-1,070

-547-1,858

-852ption exaers.over pergoods in

y review

653.4

472.6

426.2339.416.370.646.4

58.843.815.020.2

79.2

9.669.638.217.720.5

12.119.3

80.032.947.123.423.6-.822.7

631.082.8

548.2509.638.5

15.406.483.333.15

.37

.35

.982.661.463.09

60.9026.1513.5012.65

1.451.404.109.806.05

11.95

11, 5307,626

2371,8421,825

-10,122-6,549-1,094

-585-1,894

-849penditur

sonal outdustries

s in the ft

r 669. 3

483.6

435.9346.217.372.547.6

59.344.115.220.4

' 82. 7

10.0'72.740.618.322.4

12.319.8

'85.1'35.0'50.1

22.4'27.6-2.323.3

642.584.7

557.9516.241.6

17.057.303.823.48

.39

.361.072.921.623.39

62.7026.0013.5012.55

1.501.404.45

10.656.05

12.65

Pll,458*7,454

*360* 1, 823P 1, 821

p-10,73p-7,21p-1.11p-58

p-1,83

p-62es, inter

lays,compone

£ar. , Jun

497.5

447.5355.817.674.050.0

59.944.415.520.6

23.2

-4.723.9

658.787.1

571.7532. 639.1

i 14.266.143.172.97

.35

.33

.922.25

34.27

1 64. 8028. 0014.6013.40

1. 551.454.00

11. 25

3 18. 55

216.317.083.663.41

.41

.301.112.78

34.62

264.3028.1014.5513.55

1.601.153.90

10.95

3 18. 60

sst paid by con-

nts appear in the

e, Sept., and Dec.


April 1968 SURVEY OF CURRENT BUSINESS S-3


1965 1966 1967

Annual total

1965

I II III IV

1966

I II III IV

1967

I II III IV

1968

I

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued

U.S. BALANCE OF INTERNATIONALPAYMENTS §— Con.

Quarterly Data Are Seasonally Adjusted

Transactions in U.S. private assets, net; increase(— ) mil. $

Transactions in U.S. Govt. assets, excl. officialreserve assets; increase (—). _ _ _ _ mil. $

Transactions in U.S. official reserve assets, net;increase ( — ) mil. $

Transactions in foreign assets in the U.S., net (U.S.liabilities)* increase (-j-) mil $

Liquid assets doOther assets do

Unrecorded transactions doBalance on liquidity basis— increase in U.S. official

reserve assets and decrease in liquid liabilities toall foreigners; decrease ( — ) mil. $

Balance on official reserve transactions basis— in-crease in U.S. official reserve assets and decrease inliquid and certain nonliquid liabilities to foreignofficial agencies; decrease (— ) mil. $


-3,743

-1, 575

1,222

391113278

-415

-1,335

-1, 304

1966

-4, 213

-1, 531

568

3,301789

2,512-302

-1,357

225

1967

Annual

p-5, 446

p-2, 362

P52

P 6,600P 3, 523* 3,077p-595

p-3, 575

p-3, 398

-1,657

-396

842

286-24310

53

-818

-834

-389

—490

68

-342-267-75

-113

199

239

-885

-r244

41

211416

-205-245

-457

207

-812

-445

271

236-12248

-110

-259

-916

-981

-365

424

492227265

-233

-651

-443

-1,135

—500

68

1, 14554

1,091-198

-122

-175

-932

-328

82

45983

376277

-165

861

-1, 165

-338

-6

1,205425780

-148

-419

-18

-984

-737

1,027

364-494

858-295

-533

-1,817

-1, 113

-556

-419

2,166972

1,194-546

-553

-832

1967

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

-1,741

-473

-375

1,8211,013

808209

-638

456

p- 1,608

p-596

p-181

P 2, 249P2,032

P217p37

"-1,851

p- 1,205

1968

Jan. Feb. Mar.p

GENERAL BUSINESS INDICATORS—Monthly Series

PERSONAL INCOME, BY SOURCE

Seasonally adjusted, at annual rates:Total personal income bil. $

Wage and salary disbursements, total d o _ _ _ _C ommodity-producing industries, total_do_ _ . ..

Manufacturing doDistributive industries do

Service industries doGovernment _ _ _ __• _ do

Other labor income _ _ . _ _do_ _ _Proprietors' income:

Business and professional _ . doFarm. __ _ _ _ __ __ __do _

Rental income of persons. . _ _ doDividends _ _ _ _ do _.Personal interest income. _ doTransfer payments doLess personal contributions for social insurance

bil. $__

Total nonagricultural income -do

FARM INCOME AND MARKETINGS

Cash receipts from farming, including Governmentpayments (48 States), total mil. $

Farm marketings and CCC loans, total doCrops doLivestock and products, total 9 do

Dairy products _ doMeat animals doPoultry and eggs. _ _ _ _do

Indexes of cash receipts from marketings and CCCloans, unadjusted:

All commodities 1957-59=100Crops doLivestock and products do

Indexes of volume of farm marketings, unadjusted:All commodities 1957—59 — 100

Crops doLivestock and products do

INDUSTRIAL PRODUCTION cf

Federal Reserve Index of Quantity Output

Unadj., total index (incl. utilities) d" __1957-59 =100. _By industry groupings:

Manufacturing, total _doDurable manufactures. _ doNondurable manufactures do

Mining doUtilities do

By market groupings:Final products, total do

Consumer goods. _ ._ doAutomotive and home goods. doApparel and staples do

Equipment, including defense d o _ _ _ _

Materials doDurable goods materials doNondurable materials _ _ do

584.0

394.6159.3128.193.9

63.577.920.8

43.216.1

19.421.542.443.9

17.9

563.1

46 485

43 21918 38424^8355 502

14 8904-, 134

134134134

121121120

156.3

158.6164.8150.8120.5173 9

155. 5147.5166. 5141 4172. 6

157 0156.9157.2

626 4

423. 8167.2134 4100.9

69 586 323.2

43 614.8

20 122 846.551 9

20.4

606.5

45 542

42 47118 31024 1615 757

14 4793* 644

132133131

124124123

p 158.0

p 159. 6P 163. 8P 154. 4pl23 5p 184 4

pl58 3pl48. 4P 159. 0P 145 oP179.6

p 157. 7P 152. 1P 163. 4

612.6

414.2165. 2132.798.6

66.983.422.2

43. 214.6

19.822.345.251.1

20. 0

593.0

2 978

2 765936

1 829452

1 077263

10382

119

9576

109

156. 6

158.4163.4152.1121.9

156.8145.8157.2142 1180.4

156.5151.5161.7

615.6

416.2165.6132.999. 1

67.684.022.4

43.114.3

19.922.645.551.7

20. 1

596.2

3 165

2 927942

1,985502

1 153297

10982

129

10070

122

157.0

158.9164. 4152.1120. 1

157.2146.2160.1141 8180.8

156.7151.9161.7

616.5

416. 7165.0132. 599.1

68.284.522.6

43. 314.4

20.022.845.851.0

20.1

596.9

2 744

2 649804

1,845493

1 040272

9970

120

8952

117

157.9

160.3164.9154.4122.1

157. 7147.1161.8142 5180.3

158.1152.5163.9

618.2

417. 2164.3132.299.3

68.685.022.8

43.414.4

20.023.146.051.5

20.1

598.8

2 906

2 873814

2,059527

1 213284

10771

134

9655

125

156.0

158.1164.1150.6121. 8

155.2144.2157.8139 8179.0

156.6152.5160.9

622 6

420.9165.2133 0100.4

69 585.723.1

43.614.3

20.123.346.151.6

20. 3

603.2

3, 271

3,2481,2731, 975

4971,165

292

121111128

11299

121

159.0

161.0165.6155.3123. 9

159.8150.5162. 0146 8180.0

158.3154.3162.4

627 0

423.4166. 1133 2101.3

69 686.423.3

43.714.7

20.223.546.452.2

20.4

607. 2

3 601

3 4951 5791, 916

4741 114

315

130138124

122132115

150. 5

150. 5154.7145.1124.8

151.2139.9132.9142 2175.3

150 0145.0155.2

631 6

426. 7168.0135 3101.8

70 186.923.6

43.815.0

20.223.546.952.4

20.6

611.4

4 499

3 6761,5472, 129

4661 308'343

137135138

128128128

157.9

158.3158. 9157.4129.0

156.9147.7137. 4151 1176.4

158. 9152.5165.4

634 4

428.5168.2135.4102.1

70.887.4OO O

43.915.3

20.323.447. 352.5

20.6

614.0

4 822

3 9331 8182,115

4551 311

338

146159137

136148128

161.1

162.6163.8161.2125 6

163 3155.7162.2153 7179.5

159 1152.0166.4

635 9

429.4167.9134 9102 6

71 187 824.0

44 015.1

20 323.247.652 8

20.6

615.7

5 401

4 9182 6012 317

4701 507'330

183227150

174215144

161.5

163.7164.4162.9124.7

162.2155.4170.0150 8176.8

160.8152.6169.3

642 4

435.3171.2137 5103 7

71 988 424 3

44 115 2

20 423.148.052 8

20.8

622.0

4 688

4 6262 5922,034

4541 271

299

172226132

168219129

161.2

163.5167.1159.0124.2

161.3152.0171.7145.7181.3

161.1153.7168.7

649 3

443. 1173.3139 6103.9

72 893.124.6

44.215.3

20.421.048.553 1

21.1

628.8

3 810

3 7661 8621,904

4781 104'297

140162124

135158119

' 160. 7

' 162. 6169.3

' 154. 2' 121. 4

161.0150. 3174.7142 5183.9

' 160. 4154.3

' 166. 7

650 9

442. 4173. 3139 6105. 1

73 190.924. 9

44.315.3

20.522.948.954.0

22. 3

630.3

3,778

3 7201,6612,059

4851 236'295

138145134

135149124

' 159. 1

' 160. 0' 165. 9' 152. 5' 121. 4

r 159. 2r 149. 1'168.3'

143.0' 181. 0

159.0' 151. 8r 166. 4

'659 3

' 449. 0' 176. 8r 141. 5'106.7

'73.8'91.6

25.2

44. 4' 15. 4

20.5' 23. 2 •'49.4'54.7

22.6

' 638. 6

3,014

2,830896

1,935464

1 176251

10578

126

9571

113

'162.1

' 163. 5'168.9' 156. 8'124.0

' 162. 1' 152. 6' 174. 5

' 182. 4

' 162. 0155.5

' 168. 8

666 0

451.1177.3141.8106. 9

74.492.425.5

44.515.6

20.623.649.958.0

22.7

645.0

163. 1

164.6170.7157.0125. 5

163.5154.4179

183.2

163.1157169

' Revised. p Preliminary.§ See note marked " cf" on p. S-2.

c? Revisions for 1966 appear on p. 20 of the Nov. 1967 SURVEY.9 Includes data for items not shown separately.




1966 1967 P

Annual

1967


1968

Jan. Feb. Mar.p

GENERAL BUSINESS INDICATORS—Continued

INDUSTRIAL PRODUCTION^1— Continued

Federal Reserve Index of Quantity Output— Con.

Seas, adj., total index (incl. utilities) cf- 1957-59 =100.By industry groupings:

Manufacturing total do

Durable manufactures 9 doPrimary metals do

Iron and steel _ doNonferrous metals and products do

Fabricated metal products doStructural metal parts. ... do

Machinery _ _ do_ _Nonelectrical machinery doElectrical machinery. do

Transportation equipment 9 _ do_Motor vehicles and parts do_Aircraft and other equipment do

Instruments and related products _ _ do_ _Clay, glass, and stone products doLumber and products doFurniture and fixtures _ doMiscellaneous manufactures do_

Nondurable manufactures _ doTextile mill products doApparel products doLeather and products doPaper and products do

Printing and publishing.. __ ___ d o _ _ _Newspapers do

Chemicals and products doIndustrial chemicals do

Petroleum products do

Foods and beverages doFood manufactures doBeverages do

Tobacco products "- do

Mining __ __ _ doCoal doCrude oil and natural gas do

Crude oil doMetal mining doStone and earth minerals do

Utilities. . _ doElectric doGas _ do

By market groupings:Final products, total d". do

Consumer goods doAutomotive and home goods do

Automotive products do. . _Autos __ _ do

Home goods 9 doAppliances TV and radios doFurniture and rugs do

Apparel and staples do

Consumer staples doProcessed foods do

"Drne1*? ^r»an anr! tnilptrfpV rinNewspapers magazines books doConsumer fuel and lighting do

E quipment , including defense 9 . _ _ doBusiness equipment do

Industrial equipment doCommercial equipment doFreight and passenger equipment doFarm pfniipTTiPTif (Jo

Materials cf — -- doDurable goods materials 9 do

Consumer durable doEquipment - doConstruction do

Nondurable materials 9 doBusiness supplies do

Containers doGeneral business supplies do

Business fuel and power 9 doMineral fuels doNonresidential utilities .do

156.3

158 6

164.8142 7136.2166 2163.0158 8

183.8181.9186 4166.9168.7165. 0

176.5140.7119 4171*9157.9

150 8142 5150 1111 71 9 1

142 1m o

193 2221 0128 3

128 71 9A A

1S9 9120 0

120 5117 0118 0119 3133 4133 5

173 9170 fi

156 1

155 5147 5166.5

163 0169 5

168 9166 6165 7

1 4.1 4.•I OQ K

142.0126 4

133 9

m K

136 5159 9

172.6181 2172 3190 1208 3167 5

157 0156.9166 5180 7141.7

157.2149 0145 6150 6

136.6122.5172.9

158.0

159 6

163.8132.5126.8153.1162.0158.1

183. 4183.4183.3166.0147.0182.2

184.8138.7116 5167.8157.4

154.4142.2147 7106 5153 6

146.8134 2203.8234 8133.9

190 3132.4130 11417120.0

123. 5118.1123.2126.4119.9135.4

184.4191 7161.2

158.3148.4159.0

149.1145.7153 6166.0159 5159.6

145 0136 2147.5130 0

136 4183 0140 1168 3

179.6182.9170 3200 9215 4158 7

157.7152.1144 6184.5140.1

163.4152 2148.5154 1

144.0128.9183.2

156.6

158 5

162.9131 9124.8167 2165.0160 9

186.8187.3186.2157.5136.5175.6

183.4136.9115 2170 6157.1

152 9138 9147 1103 7152 4

146 1134. 8

200 6230 9127 4

132 41 30 3143 9120 2

122 4115 7119 6120 0142 1136 6

180 5186 9

157 0146 1152.4

135 7120 5•I KK 7

164 1156 9158 5

14.4. 11 37 1

146.1130 2

135 91 on K

142 3162 7

180.3186 6176 8199 8215 0162 6

155 8151.3142 8186 5139 2

160.4151 0147 1153 0

139.6123.6180.2

156.4

158 2

162.6129.2123.7162 1162.9160.1

184.5185.2183.6162.6143.8178.8

185.8134. 9117 3166.5158.2

152.6138 8143 6101 0152 4

147.4132 8201 1231 3130 1

IBS A.

132 319Q 7

146 1116 2

121 5115 1118.1120 1143 7137 2

181 9188 8

157 1146.6155.2

144.6136 5155 3162 7152 9157 4

143 9135 5146.3129 6

136 0-101 0

142 3164 2

179.6184 4174 1199 1211 7162 8

155.5151.5139.5185.6139.7

159.7150 0144 6152 7

139.8123.2181.9

156.5

158 2

162.5129 1122 7161 4161.0158 1

182.1183.5180 3165 7149 5179.8

185 2136.0119 1166 5159 2

152 8137 8142 5107 11 <i9 1

148 31 33 8

200 1228 3133 1

133 11 3ft A

146 3116 0

122 0125 5117 1119 6149 5130 6

182 7189 9

157 3147 1155.8

151.3149 6153 6158 9144 2157 9

144 4135 0147.1129 6

136 1182 4143 6166 6

179.2183 5179 1

201 7210 4161 5

156.0151.0137 5183.2139.2

161.1153 4148 5155 8

141.3125.3182.1

155.6

157 2

162.2128 9122.9154 4160.8156 4

180.5181.7178 9167.5152.0181.4

185.3134.8115 6166.5158.1

151.1137 8142 6105 0151 4

147.4133 1199 6228 8132 1

1A(\ 7

132 01 3ft 3

141 2117 4

120 2120 1117.5119 6132 9129 2

182 7189 7

156 3146.0153.3

145.8149 9140 5158 5143 8157 2

143 7131 9147.0130 3

133 2182 3142 5166 9

178.5182.1169 1200 8211 7167 6

154.6149.7143.7180.9137.1

159.6150 1146.2152 0

140.3124.3181. 0

155.6

157 0

161.5129.0121.2156 4160.8156.9

177.5181.3172.4169.3154.5181.8

184.1133.5114 9166.3156.7

151.4136 6142 4105 4151 6

147.8134 3199 9227 5134 4

1 AA Q

131 91 9Q Q

149 9123 9

123 8122 5121.6123 6133 9133 3

183 2190 3

156 8146.9154.3

151.2156 0144 8156 6138 6157 3

144 6133 2147.8130 2

136 5182 7141 4169 3

178.1181.3169 0200 5208 9109 8

154.9148.9143.3179.6137.2

161.1151 3145.1154 4

143. 0128.2181.1

156.6

157 6

162.5129 6122 3155 3159.8156 1

180.0182.2177 1170 8156.7182.6

182 9134.1115 5162 7155.4

151 5136 8144 2103 0149 0

148 313A 1

201 0227 g132 8

131 51 OQ A

142 8123 6

128 0122 6129.1133 9119 7133 7

184 1191 4

157 1147.1156.4

155.2160 7148 0157 3143 3156 3

144 1132 8147.3129 0

136 3184 0142 1168 3

178.4180.8169 0201 1210 2148 6

156.1149.7141.8181.2138.1

162.6150 9141.7155 5

147.7135.1182.1

158.1

159 4

163.6129 3124. 3144 2159. 1156 8

182.8182.6183.2171.9158.0183.6

183.2136.9109 2164 8154 9

154 0138 7146 4106 5I CO O

148 6m o200 7231 4133 2

131 719Q ft

146 3121 4

127 8117 2131 2138 0105 7136 6

184 8192 1

158 2148 6162.5

161 1163 7157 8163 4155 0156 9

144 2134 8146.9129 8

137 9178 0140 9168 8

178.9180.6166 8201 9214 1154 3

157.9151.8142.7186.3139.0

164.2151 7143.0156 0

149.1137.1182.5

156.8

158.1

161.1129.2125.6141.1158.1156.0

182.2182.1182.4159.2129.4184. 3

183.1138.4114.3166.3156.4

154.2141.3146.8108.4152. 9

145.4135.7202.3234.2137.0

202 4131.2128.9143.8120.2

124.3115.5127.5133.195.6

136.5

184.8192.1

157.0147.0155.0

142.1133.4153.6164.1155.9157.8

144.4135 7146.9129.7

135 8179 8136 2170.5

178.6179.8166 6200 3210.4158 5

156.7148.5134.9184.7140.0

165.2153 1150.4154 5

147.3133.4183.8

156.9

158 3

160.7131.7127.7142.8158. 2156.4

179.6177.2182.8159.2128.6185. 2

183.2139.7117.0166.6155.0

155.2144. 9146.2109.7154.5

144.3134. 0205.5238.8137.6

199 1132.2129 3147.5118.0

122.4112.3126.1130.393.8

132.9

187.6195.8

156.9147.9157.7

145.2135.3158 2166.4162.9159.7

144 8136 0147.3129.5

137 6181 6134 8171.2

176.1176.9162 3199.0209.9157 5

157.4149.0133.3184.1139.3

166.0152 5153.7151.9

146.9131.0187.9

159.5

161.1

164.1135.0133.3142.2159.8158.8

183.2180.9186.3165.6141.4186.0

185.4139.2120.6167.8155.1

157.2147.4148.6113.3156.1

145.5134.4208.0242.3136.8

207.5133.5130.2151.2115.5

123.6115.3126.4128.793.2

139.0

190.5199.4

•- 160.0150.1163.2

152.4144.5162.9170. 8168.4163.4

145.9137. 4148.4129. 5

139.2183 1135.7174.1

181.1183.5170 4200.9222.9147 2

159.5152. 3143.8186.0140.9

166.9153 2152.6153 5

146.9130. 3188.5

162.0

' 164. 0

168.1' 140. 9' 140. 9' 145. 3r 162. 4

160.0

182.2179.5185.8177.5166.9186.3

186.3143.6125.7170.7155.7

r 158. 9' 151. 6' 150. 9' 115. 1

157.0

144.1129.9

r 210. 5'246.9' 138. 0

'215 4r 134. 1' 130 5

153.3120.5

' 122. 3116.1

r 123. 5r 126. 4

95.7142.7

191.8200 8

161.9152.8169.0

170.0175.1163 3

' 168. 3158 7166.5

147 6r 139 o

150.1'130 4

142 2184 3138 5

r 176 8

181.5183.4168 9204 7228 4131 2

' 162. 2' 155. 7

159 4184.9

r 143. 9

' 168. 9r 154 7r 152. 0r 156 0

r 145. 6r 128. 7

188.3

161.2

' 162. 6

r 167. 1' 137. 0r 135. 7r 143. 8' 162. 5

159.4

' 183. 0r 180. 7' 186. 2' 175. 6r 162. 2r 186. 8

' 186. 7' 140. 8r 118. 1' 171. 3r 158. 9

r 157. 1r 147. 6

145.0109.9154.8

r 143. 3129.9

r 211. 5250.1

r 134. 8

206 7' 134. 1r 131. 5

148.2113.5

r 122. 7110.8125.8130.3

' 100. 0135.3

' 195. 3205.2

r 160. 9r 151. 4

167.0

r 164. 2163.2

r 165. 4' 169. 1r 159. 3

166.4

146 4136 3

' 149. 3' 130. 4

136 5r 184 2'138 4

176 6

' 181. 4' 183. 3

168 0' 204 2r 226 4

148 3

161.6' 155. 0' 160. 9' 183. 9r 143. 2

' 168. 3r 153 7' 151. 4'154 9

' 147. 6130.4193.2

' 161. 5

' 162. 9

' 167. 3137.3

' 137. 0147.3

' 163. 8' 160. 4

183.4180.9186.6

' 175. 8160.4

' 188. 4

185.1' 136. 5

121.7172.6160.8

' 157. 4148.7

' 146. 1131.4210.6

134.8

133.7130.6

' 124. 1114.3

' 125. 8' 131. 6

101.1143.9

' 196. 5

' 161. 9' 152. 3

167.6

162.4158.0168.2171.2162.2168.8

150.8130.5

186 2141.7

182.4' 183. 4

166 8206.2230.5

' 161. 3' 155. 3

163.3186.3144.6

' 167. 4151 2146.9153.4

' 148. 5132.1

162. 1~

163.5

168.3138138

164160

183180187180169189

184137

173160

157.5

147

126.3126127133

196.0

162.6153.5172

171173

151

182.1183

161.6156

167

150135

r Revised. * Preliminary. cf See corresponding note on p. S-3. 9 Includes data for items not shown separately.


April 1968 SURVEY OF CUKEENT BUSINESS S-5


1966 1967

Annual

1967


1968

Jan. Feb. Mar.


BUSINESS SALES AND INVENTORIES §

Mfg. and trade sales (unadj.), total.. _ _ _mil. $

Mfg. and trade sales (seas, adj.) , total cf do

Manufacturing, totalcf doDurable goods industries doNondurable goods industriescf.- __do_ .

Retail trade, total _._ _ _ _ _ do_ _Durable goods stores ._ doNondurable goods stores do

Merchant wholesalers, total doDurable goods establishments doNondurable goods establishments _ do. _ _

Mfg. and trade inventories, book value, end of yearor month (unadj.) total mil $

Mfg. and trade inventories, book value, end of yearor month (seas, adj.), totalcf . .___ mil. $

Manufacturing, totals _ _ doDurable goods industries doNondurable goods industriescf do

Retail trade, total... doDurable goods stores _ _ do.Nondurable goods stores do__-_

Merchant wholesalers, total doDurable goods establishments do_ _ _ _Nondurable goods establishments do_

Inventory-sales ratios:Manufacturing and trade, totaled _ ratio

Manufacturing, totalcf doDurable goods industries.^ _. . do _

Materials and supplies _doWork in process doFinished goods _ _ _ do _

Nondurable goods industries cf . doMaterials and supplies do___Work in process doFinished goods,. __ _ do

Retail trade, total doDurable goods stores.-- _ doNondurable goods stores . __do _.

Merchant wholesalers, total do _Durable goods establishments. _ doNondurable goods establishments do

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS

Manufacturers' export sales:Durable goods industries (unadj.), total mil. $

Shipments (not seas, adj.), totaled do _

Durable goods industries, total 9 . d oStone, clay, and glass products doPrimary metals _ _ do

Blast furnaces, steel mills doFabricated metal products _ do

Machinery, except electrical _ do _Electrical machinery __ _ doTransportation equipment do

Motor vehicles and parts... doInstruments and related products do

Nondurable goods industries, totalcf 9 - doFood and kindred products.. _ do _Tobacco products doTextile mill products cf doPaper and allied products. _ _ doChemicals and allied products doPetroleum and coal products. doRubber and plastics products do

Shipments (seas, adj.), totalcf doBy industry group:

Durable goods industries, total 9 doStone, clay, and glass products doPrimary metals do

Blast furnaces, steel mills doFabricated metal products do

Machinery, except electrical doElectrical machinery doTransportation equipment do

Motor vehicles and parts doInstruments and related products do

Nondurable goods industries total cf 9 doFood and kindred products doTobacco products doTextile mill products cf doPaper and allied products doChemicals and allied products doPetroleum and coal products doRubber and plastics products do

1,035,052

11,035,052

*527,629276,069251,560

1303,67297,812

205,860

1203,75191, 026

112, 724

133, 474

135, 233

77, 58150, 03727, 54436, 96116, 53620, 42520, 69112, 1128,579

1.48

1.641.98.59.87.52

1.27.50.19.58

1.421.971.161.141.49.85

11, 437

527, 629

276, 06911, 92945, 65123, 70726, 024

40, 20439, 85273,46046, 4709,806

251, 56087, 7615,104

19, 58821, 77038, 67620, 51712, 752

1,057,637

11,057,637

1538,946277,474261, 472

i 313,50399, 669

213,834

i 205,18890, 447

114, 740

138,964

140, 742

82,42553,93028, 49536, 68215,97720,705

21, 63512, 5439,092

1.56

1.792.25.64

1.03.59

1.30.49.20.61

1.391.921.151.221.61.91

12,850

538,946

277, 47411,81742, 60722, 23725, 725

43, 11940,90973, 02042,22410,673

261,47292, 3925,102

19,20522, 49242,06921, 30413, 290

r Revised. 1 Based on data not seasonally adjusted. 2 Advancterm "business" here includes only manufacturing and trade; business ion p. S-l cover data for all types of producers, both farm and nonfarm.manufacturing are shown below and on p. S-6; those for wholesale and reand S-12.

cf Revised to incorporate new data for the textile mill products series

81, 466

86, 138

43, 77122, 62221, 149

25,4707,955

17, 515

16, 8977,4889,409

136, 506

136,491

79, 10531, 07928, 02636,64416,31520,32920, 74212, 0968,646

1.58

1.812. 26.66

1.02.59

1.33.50.20.62

1.442.051.161.231.62.92

1,016

44, 598

23,062864

3,7481,8762,121

3,6263,4196,0863,653

806

21, 5367,490

3981,5151,8913,3421,7451,086

43, 771

22,6221,0133,6181,8022,214

3,4853,3365,6863,385

805

21, 1497,370

4201,5131,8563,3251, 7221,075

e estimanventoriUnadjustail trade

wrhich, in

89, 060

87, 255

44,66323, 13721, 526

25, 7398,150

17, 589

16, 8537,3509,503

137, 833

136,815

79, 43051, 21628, 21436, 52616, 14220, 38420, 85912, 1058,754

1.57

1.782.21.64

1.00.58

1.31.49.20.62

1.421.981.161.241.65.92

1,201

45, 854

23,946928

3,7321,9232,187

3,7523,5006,5053,888

851

21, 9087,571

4081,5731,9283,4571,7391,138

44, 663

23, 1371,0203,5171,7872,272

3,4893,4356,0613,529

845

21, 5267,562

4281, 5231,8783, 3781,7891,106

te. §1es as shoted dataon pp. S

additioi

86, 362

86, 656

43, 76622, 26921, 497

25,9188,104

17, 814

16, 9727,2929,680

138, 439

137,080

80, 05951, 59328,46636,23616,03320,20320, 78512, 1628,623

1.58

1.832.32.66

1.05.60

1.32.50.20.62

1.401.981.131.221.67.89

1,053

45, 063

23,342959

3,6811,8922,116

3,7333,1776,4013,915

829

21, 7217,466

4251,5501, 8393,6481,7591, 133

43, 766

22, 269927

3,4391,7422,080

3,4533,2225,9123,557

836

21, 4977,549

4381,5491,8083,3881,7921,087

'hewnfor-11

ito

88,904

87, 358

44, 69222, 90021, 792

25,8978,187

17, 710

16, 7697,2469,523

138, 454

137,191

80,34151, 78428, 55736, 26315,90420, 35920, 58711,9898,598

1. 57

1.802.26.64

1.03.59

1.31.50.20.62

1.401.941.151.231.65.90

1,123

44, 918

23,528998

3,6131,8772,168

3,6473,1966,6094,085

865

21, 3907,629

4111,5481,8463,5031,7461,136

44,692

22,900914

3,4341,7912,092

3,4553,3236,3803,875

876

21, 7927, 728

4001,5771,8513,3311,7971,124

being i1966 Adata bbenchnot sh

91,970

88, 368

44, 70723, 05221, 655

26,5448,546

17, 998

17, 1177,4959,622

137, 455

136,805

80, 11951, 80928, 31036, 08715, 66120, 42620, 59911, 9818,618

1.55

1.792.25.63

1.03.59

1.31.50.20.61

1.361.831.131.201.60.90

1,098

46, 786

24, 7781, 0513,7171,8852,276

3,8693,5316,8914,178

929

22, 0087,811

4711,6471,8913,5641,8221,164

44, 707

23, 052923

3,4621,7552,093

3,5173,3586,4653, 896

878

21,6557, 634

4411,5721,8033,4321, 8111,085

êviewednnual Siack to 1markingown sep

83, 415

88, 759

45, 17023, 19221, 978

26,4448,592

17, 852

17, 1457,5039,642

136, 607

137,111

80, 60352, 34628, 25735, 99715, 54920,44820, 51112,0388,473

1.54

1.782.26.63

1.04.59

1.29.49.20.60

1.361.811.151.201.60.88

935

40, 985

20,580943

3,1051,6211,939

3,2723,0285,1682,782

832

20, 4057,352

4471,3441,7033,2831,8111,010

45, 170

23, 192897

3,5811,9052,068

3, 5873,4686,1723,561

933

21, 9787,611

4311,5901,8793,6161,8381,126

and corrirvey of962 for ato the lairately.

88, 462

89, 067

45, 44723, 63321, 814

26, 4228,508

17,914

17, 1987,5629,636

136, 503

137,850

81, 03352, 78428, 24936, 02815, 50320, 52520, 78912, 0998,690

1.55

1.782.23.62

1.02.59

1.29.49.20.60.36.82.15.21.60.90

982

44, 174

22,0891,0833,4011,8142,222

3,4363,3575,0232,463

926

22, 0857,634

4541,6471,9183,5811,7891,112

45, 447

23,633959

3,5191,8392,092

3,6723,4236,5773,900

965

21, 8147, 695

4321,5921,8703,6381,7621,136

ected, reManufac11 industitest data

89,967

88, 633

44, 57122, 94921, 622

26, 7328,743

17,989

17,3307,6849,646

136,917

137,794

80, 84152, 57228, 26936, 14315, 71120, 43220, 81012,0698,741

1.55

1.812.29.64

1.05.60

1.31.50.20.61

1.351.801.141.201.57.91

1,035

46,456

23, 5651,1063,4491,8052,230

3,6713,6685,7463,080

998

22, 8918,144

4311,7521,9223,7951,7961, 126

44, 571

22,9491,0103,4191,7802,094

3,6903,4125,9093,252

932

21, 6227,690

4211,6371,8393,5781,7801,088

lects revtures ancT groupavailab

90, 307

87,517

44, 23322, 31121,922

26,0898,235

17,854

17, 1957,7189,477

138,698

138,268

81, 10652, 91828, 18836, 21715, 68120, 53620,94512,2028,743

1.58

1.832.37.66

1.09.62

1.29.48.21.60

1.391.901.151.221.58.92

998

46,067

23,0191,0673,4851,8702,227

3,5373,5905,5092,966

967

23,0488,161

4151,8241,9453,7621,7911,195

44,233

22, 311966

3,4751,8852,094

3,6313,3945,3662,744

938

21,9227,809

4151,6851,8763,6661,7761,110

isions res1 the COBs, as welLe will b(

91, 593

89, 938

46,10823,48722,621

26,4118,221

18, 190

17,4197,8439,576

140 547

139,331

81,79653,50628,29036,47415, 72820, 74621,06112,2588,803

1,55

1.772.28.63

1.05.60

1.25.47.20.58

1.381.911.141.211.56.92

1,109

46,302

23, 5751,0063,5381,9112,142

3,5323,6416,2043,488

955

22, 7278,112

4311,7551,9313,6221,8291,120

46, 108

23,4871,0283,6201,9922,180

3,7373,4915,9293, 184

929

22, 6218,090

4141,6901,9493,7731,8351,149

lilting fr<ciputatior1 as high5 shown ;

96, 285

92,453

48,34225,29023,052

26, 4708,327

18,143

17,6417,9809,661

138,964

140,742

82,42553,93028,49536,68215,97720, 70521,63512,5439,092

1.52

1.712.13.59.99.561.24.45.20.58

1.391.92

'1.141.231.57.94

1,337

46,288

24,595977

3, 5061,8742,179

3,8753,6537,0564,013

975

21, 6937,937

4271,6341,8913,3641,7731,061

48,342

25,2901,1873,8262,0972,351

3,9963,5966,7723,855

904

23, 0528,295

4371,7342,0213,7971, 7401, 134

)m bendi of newer level iater.

86, 109

••92,892

'48, 133'25,227'22,906

'27,065' 8, 523'18, 542

'17, 694'7,892'9,802

140,058

'141,342

'82,571'53, 742^8,82937, 13016,23820,892

'21,641'12,433' 9, 208

'1.52

1.72'2.13

.59'.99'.561.26.46.20.60

1.371.911.131.221.58'.94

' 1, 139

'44,977

'23, 335'903

' 3, 610' 1, 987' 2, 123

'3,493'3,257' 6, 623' 3, 963

'924

'21, 642' 7, 656

385' 1, 592r 1,913'3,581' 1, 736'1,068

'48, 133

'25, 227'1,140' 3, 732' 2, 019' 2, 385

' 3, 852' 3, 586' 6, 748' 3, 839' 1, 043

'22, 906' 7, 989

425'1,747' 2, 013'3,758'1,727' 1, 142

imarkingseasonalndustry9 Includ

89,466

93,056

47,47924,66722,812

27,4828,760

18,722

18,0958,1699,926

141, 586

141,565

82,86254,07028, 79237,09416,26820, 82621,60912,3609,249

1.52

1.752.19.60

1.02.57

1.26.46.20.61

1.351.861.111.191.51.93

1, 143

48, 283

25, 086938

3,9112,1782,263

3, 9833,5536,7893,938

970

23, 1978,010

4121,7102,0393,9201,8121, 161

47,479

24, 6671, 1013,7742,0912,363

3,8313,4706,4043,717

968

22, 8127, 875

4361,7122,0003,9091,7921,149

the seri(factors,totals, res data f

js to theRevised3flectingor items




1966 1967

Annual

1967


1968

Jan. Feb. Mar.


MANUFACTURERS' SALES, INVENTORIES,AND ORDERS— Continued

Shipments (seas, adj.)— ContinuedBy market category:

Home goods and apparelc? mil $Consumer staples doEquipment and defense prod., excl. auto.doAutomotive equipment doConstruction materials and supplies doOther materials and supplies cT do

Supplementary market categories:Consumer durables doDefense products doMachinery and equipment do

Inventories, end of year or month:Book value (unadjusted), total c? do

Durable goods industries total doNondurable goods industries, total d" do

Book value (seasonally adjusted), totald* doBy industry group:

Durable goods industries, total 9 doStone clay and glass products doPrimary metals do

Blast furnaces, steel mills.. doFabricated metal products do

Machinery, except electrical. . doElectrical machinery doTransportation equipment do

Motor vehicles and [parts.. doInstruments and related products— do

By stage of fabrication:Materials and supplies 9 do

Primary metals doMachinery (elec and nonelec ) doTransp ortation equipment do

Work in process 9 doPrimary metals doMachinery (elec. and nonelec.) ... doTransportation equipment do

Finished goods 9 doPrimary metals doMachinery (elec. and" nonelec.) ...doTransportation equipment do

Nondurable goods industries, total 9 cfdoFood and kindred products doTobacco products doTextile mill products d*. doPaper and allied products. doChemicals and allied products doPetroleum and coal products doKubber and plastics products do

By stage of fabrication:Materials and supplies c? doWork in process^ doFinished goods & do

By market category:Home goods and apparel rf1 . doConsumer staples doEquip, and defense prod., excl. auto doAutomotivo equipment doConstruction materials and supplies doOther materials and suppliescF do


New orders, net (not seas adj ) total d1 doDurable goods industries, total doNondurable goods industries, totald1 do

New orders, net (seas, adj.), totald1----- .....doBy industry group:

Durable goods industries, total 9 doPrimary metals do

Blast furnaces, steel mills doFabricated metal products do__._Machinery, except electrical doElectrical machinery doTransportation equipment. _._ .do

Aircraft, missiles, and parts do

Nondurable goods industries totald1 doIndustries with unfilled orders ed* doIndustries without unfilled orders? do

By market category:Home goods and appareld"1 do_.._Consumer staples. __• doEquip, and defense prod., excl auto doAutomotive equipment do.___Construction materials and supplies_..___doOther materials and suppliescT do


r Revised. 1 Based on data not seasonally adeludes data for items not shown separately. d"Seeludes textile mill products, leather and products,and publishing industries; unfilled orders for othe

i 49, 716110,451167,889i 52S 045i 38, 977208, 551

i 21, 212l 33, 240i 53, 220

77,10849,43227, 676

77,581

50, 0371,7467,1094,0435,314

9,9427,653

11, 3693,5382,214

14, 8022,6034,8772,477

22,2632,4777,8537,512

12, 9722,0294,8651,380

27, 5446,3942,3433,0172,2715,0391,8691,402

10, 5014,306

12, 737

8, 24110,47618, 1664,3586,537

29, 803

4,1898,732

12, 592

541, 276289,836251, 440

i 541,276

289,83646,87924,28526, 74342, 67742, 26979, 86127,503

251, 44068,560

182,880

i 49, 8211110,454175,275152,058139,413

1214,255

121,318i 40, 469i 56, 770

justed,e correspcDaper ancr nondun

i 49, 3881116,303173,207i 47, 804i 37, 971214, 273

i 21, 979138,419i 56, 139

81,89853,26228,636

82,425

53,9301,7897,5194,3185,368

10,4957,869

13, 5103,6532,395

14,9092, 6084,7352,585

25,0992, 7388,2179,447

13,9222,1735,4121,478

28, 4956, 5612,3923,1692,2725,4511,9801,409

10, 4444,606

13,445

8,38410,91020, 9394,4376,504

31,251

4, 36810, 78113, 368

541, 997280, 530261, 467

1541,997

280,53042,21622, 40326,54242,94441,20875, 55728,936

261,46769,276

192, 191

149,1601116,306i 75, 520147,308138,812

1214,891

121,799i 42, 103i 55, 6932 Advan

nding noI allied prible good

4,1169,3465, 7033,8443,253

17, 509

1,7772,8974,562

79, 52351,27428, 249

79, 105

51,0791,7877,1744,1375,295

10,1177,85711,9213,6402,222

14,8562,6384,9102,519

22,9672,4897,9498,028

13, 2562,0475,1151,374

28, 0266,5942,3763,0602,2725,1751,9251,427

10, 5654,317

13, 144

8, 41110, 73018, 7504,4506,512

30,252

4,3289,193

12, 801

44, 59523, 11721, 478

43,390

22, 3293,4271,8052,2243,2663, 3625, 7992,291

21, 0615,613

15,448

4,0449,3485,7563,6103,307

17,325

1,.6983,3304,242

ce estimte on p. £oducts, i3 industr

4,2159,5326,0004,0043,297

17, 615

1,8633,1354,630

79,86651,58028, 286

79, 430

51, 2161,7947,2134,1285,273

10, 1527,825

12,0043,5332.251

14,7482,6424,8592,425

23, 1402,4707,9818,220

13,3282,1015,1371,359

28, 2146,6692,3893,0782,2865,2031,9151,446

10,6494,318

13, 247

8,39010,86119, 0094,3436,491

30, 336

4,2869,405

12,830

45, 04423,20421,840

43, 516

22,0653,0131,4342,2473,3513,2735,9112,207

21,4515,640

15,811

4,1119,5295,7603,8303,293

16, 993

1,7483,2354,315

ate. ?5-5. 6ind prinies are z

4, 0449,5555,8164,0053,039

17,307

1,7192,9884,524

80, 51852, 10728, 411

80, 059

51,5931,8197,3384,2045,269

10,1737,783

12,1643,4542,290

14,7212,7054,7812,363

23,4232,5107,9878,43913,4492,1235,1881,362

28, 4666,7562,3833,1012,3005,2901,9501,453

10, 7474,302

13, 417

8,37310,97719,3034,2636,541

30, 602

4,2539,61512,873

44,90623,15721, 749

43,689

22,2263,2361,7012,1363,4293,1966,1402,228

21,4635,680

15,783

4,0289,5555,6853,9623,099

17, 360

1,7123,2734,443

In-an-tingero.

4,1839,6845,9254,3243,023

17, 553

1,7633, 1624,538

80,96552,55828, 407

80, 341

51,7841,8427,4514,2435,229

10,2347,755

12,1843,3982,303

14,5762,7064,7192,343

23, 5922,6078,0148,442

13,6162,1385,2561,399

28, 5576,7372,3773,1012,3055,4121,9601,428

10, 8084,341

13, 408

8,35210,99419,4814,1716,504

30, 839

4,2769,744

12,903

44, 98723,60021, 387

45, 546

23,8573,6062,0202,1063,4973,2507,2092,763

21,6895,756

15,933

4,1059,6856,5604, 5032,991

17, 702

1,7283,8654,607

IfFcproduprodu

4,1569,6086,0264,3603,006

17, 551

1,7963,1454,644

80,60852, 34628, 262

80, 119

51,8091,8477,4784, 2425, 162

10, 2757,682

12, 2363, 3022,301

14, 4852,6934,6642,331

23, 7042,6468,0658,488

13, 6202,1395,2281,417

28,3106,6342,3803,1082,3105,3811,9181,415

10, 7834,385

13, 142

8,18210, 92219, 6464,0606,491

30, 818

4,2329,839

13, 016

47, 78625, 83021, 956

45, 881

24, 2633,5911,8862,1083,5903,4557,3273,067

21, 6185,667

15, 951

4,1639,6147,0474,3332,976

17, 748

1,8294,2014,794

>r these icts, petrcts) sale

4, 1239,6596,1633,9992, 979

18, 247

1,8553,2184,776

80,32852, 19428, 134

80,603

52,3461,8357,4954, 2575, 142

10,3137, 730

12, 7063,5682,313

14,5362,6684,7282,382

24, 1392,7048,0568,922

13,6712,1235,2591,402

28, 2576,6622,3733,0962,3105,3831,9351,402

10,6674,340

13, 250

8,11410,94619,8924,2976,433

30, 921

4,22810,09413,037

42, 20621, 75420, 452

45, 786

23,7153,6461,9941,9793,5643,5796,6972,469

22, 0716,007

16,064

4,1019,6636,2304, 0772,951

18,764

1,8143, 6414,853

ndustriejDleum an3 are cons

4,0029,7086,2234,3813,150

17, 983

1,8263,2844,775

80,71352,63128, 082

81, 033

52,7841,8137,4824,2655,179

10,3627,765

13,0823,7812,316

14,6682,6264,7252,591

24,2152,7138,0838,997

13,9012,1435,3191,494

28, 2496,5122,3663,1332,3075,4001,9231,398

10, 7224,386

13, 141

8,26810,75520, 0414,5236,368

31, 078

4,26910, 21813, 103

44, 38022,26822, 112

45, 621

23,7263,4701,7942,2543,9453,6405,9501,705

21, 8955,873

16,022

4,0579,7136,2304,2883,305

18,028

1,8592,8415,058

3 (food aid coal prc>idered e(

4,0009,6306,2583,7093,187

17, 787

1,8333,3124,768

80, 36352,28728,076

80,841

52, 5721,7697,4404,2485,230

10,4517,749

12,8243,5282,328

14,5972,5794,7082,512

24,1432,68t)8, 1178,894

13,8322,1815,3751,418

28,2696,3912,3483,1602,3005,4331,9201,389

10, 7114,413

13, 145

8,34310, 64720, 2184,2516,315

31, 067

4,25110,21313, 197

46, 80423,88822, 916

45, 128

23,4163,6121,9712,0093,6793,5546,0192,362

21, 7125,820

15, 892

4,0079,6306,3743,7123,111

18, 294

1,8103,7124,665

id kindr>ducts, cljual to n

3,9969,7756,1753,2093,122

17, 956

1,8553,2784,643

80, 66252,54128,121

81, 106

52,9181,7927,4644,2735,268

10,4257,830

12,9413,5682,357

14,7182,5394,7482,552

24,3702,7238,1628,957

13,8302,2025,3451,432

28,1886,4252,3383,1282,2795,4071,9251,398

10, 5734,520

13, 095

8,39710,68320,3564,3006,369

31, 001

4,34810,31913, 182

46, 70523, 66023,045

45,296

23,3813,4671,9052,2463,5883,4736,2413,023

21,9155,848

16, 067

4,0329,7657,2493,2313,249

17, 770

1,9064,0934,614

ed produlemicalsew order

4,13510, 1436,3963,6703,275

18,489

1,8933,4504,762

81,23252,92528,307

81,796

53,5061,7857,4764,2825,326

10,5407,880

13,2323,6752,359

14,8062,5604,7802,578

24,7212,7158,1849,223

13,9792,2015,4561,431

28,2906,4892,3263,1232,2855,4541,9301,419

10,5434,572

13,175

8,39910,74920,653

4,4366,430

31,129

4,39610,47613,354

45,87523,09622, 779

46,208

23,5453,7832,0912,3343,8403,3155,6732,072

22, 6636,033

16,630

4,06410, 1485,9203,7063,415

18,955

1,8573,0634,791

cts, tobaand alliecs.

4,38610,3516,8554,3553, 504

18,891

2,0123,6524,975

81,89853,26228,636

82,425

53,9301,7897,5194,3185,368

10,4957,869

13, 5103,6532,395

14,9092,6084,7352,585

25,0992,7388,2179,447

13,9222,1735,4121,478

28,4956,5612,3923,1692,2725,4511,9801,409

10,4444,606

13,445

8,38410, 91020, 9394,4376,504

31,251

4,36810, 78113,368

47,10025,39421,706

49,660

26,4924, 1202,3942,9363,8753,5697,1012,883

23,1686,291

16,877

4,40110,3427,6014,3144, 115

18,887

2,0203,9734,827

ceo prodI product

'4,47310,113' 6, 752' 4, 334' 3, 51118, 950

'1,960"3,674' 4, 921

82,54353,52729,016

82,571

' 53,7421,795

r 7, 547' 4, 335' 5, 313

r 10,338' 7, 881' 13,494' 3, 718' 2, 375

' 14,808' 2, 594'4,632'2,668' 24,921' 2, 691' 8, 252' 9, 338' 14,013' 2, 262'5,335'1,488

' 28,829' 6, 755' 2, 408'3,239' 2, 269'5,477' 2, 031'1,418

' 10,573' 4, 573' 13,683

' 8, 536' 11,152' 20,742' 4, 495' 6, 494' 31,152

'4,441' 10,758' 13,184

'45,757' 24,107' 21,650

'47,628

' 24,771' 4, 013' 2, 322' 2, 313' 3, 807'3,335'6, 562' 2, 327

'22,857'6,217'16,640

'4,424'10,097' 6, 117' 4, 325' 3, 375

'19,290

'1,904'3,331'4,866

ucts, apis, andru

4, 2829,9426, 5384,1963,570

18, 951

1,9193,5314,862

83, 30254, 28029, 022

82, 862

54, 0701,7757,5294,3345,366

10, 3527,861

13,6893,7702,402

14,8762,5774,5962,692

25, 1222,6688,2389,492

14, 0722,2845,3791,505

28,7926,7812,3973,2642,3025,4691, 9951,420

10,4304,554

13, 808

8,55111, 16120,8694,6056,564

31, 112

4,43010,89513, 176

48, 90225, 58323,319

47, 714

24, 8174,3142,5842, 2383,5743,5306,4062,448

22,8976,265

16,632

4,3159,9546,3474,0573,433

19, 608

1, 9363,7374,530

:>arel ancbber and

relatedplastics




1966 1967

Annual

1967


1968

Jan. Feb. Mar.


MANUFACTURERS' SALES, INVENTORIES,AND ORDERS— Continued

Unfilled orders, end of year or month (unadjusted),totalf mil $

Durable goods industries total doNondur goods ind with unfilled orders© f do

Unfilled orders, end of year or month (seasonallyadjusted), totalf mil. $

By industry group:Durable goods industries total 9 do

Primary metals doBlast furnaces steel mills do

Fabricated metal products doMachinery except electrical doElectrical machinery doTransportation equipment do

Aircraft missiles and parts do

Nondur. goods ind. with unfilled orders© f do

By market category:Home goods, apparel, consumer staples^ doEquip, and defense prod., incl. auto doConstruction materials and supplies _ doOther materials and suppliesf do

Supplementary market categories:Consumer durables _ _ _ ^ do..Defense products doMachinery and equipment do _

BUSINESS INCORPORATIONS^New incorporations (50 States and Dist. Col.):

Unadjusted _ . numberSeasonally adjusted do

INDUSTRIAL AND COMMERCIALFAILURES c?

Failures, total _ _ number

Commercial service doConstruction... doManufacturing and mining doRetail trade... doWholesale trade... _ . do

Liabilities (current), total thous. $

Commercial service. do. ._Construction doManufacturing and mining ... _ ... doRetail trade.. doWholesale trade _ _ _ d o

Failure annual rate (seasonally adjusted)No. per 10,000 concerns..

78 44975,3153,134

79,675

76,4156,9093,3056,221

12 81612, 27932,35026 056

3,260

2,20842, 2056, 493

28, 769

1,70431,76519,614

200, 010

13, 061

1,3682,5101,8526,0761, 255

1,385,659

185,202326, 376352, 861344, 346176, 874

251.6

81, 62878, 4953, 133

82, 872

79, 5976,5273, 4977, 084

12, 62612, 57734, 88429, 733

3,275

1,98144, 0477,381

29, 463

1,51535, 43319, 162

206, 569

12,364

1,3292,2611,8325,6961,246

1,265,227

144,965323, 680325, 869334, 279136, 434

249.0

78 60075 5363,064

78,239

75, 1316,2742 8826, 144

12 49712 39432, 15826 505

3,108

2,14641, 2976,457

28 339

1, 64432 16719 224

15 22515 987

1 216

152236160555113

113 450

12, 74625 05032, 32532 88710 442

57. 1

77 79174 7952,996

77,093

74 0605,7712 5296 119

12 35912' 23232 00926 649

3, 033

2 03740 8866,454

27 716

1 52632 26818 909

19 03616 244

1 216

128227190557114

119 322

10,08638 92829 32132 6528 335

49.7

77,633746093, 024

77,014

74,0165, 5692, 4876,17612,33512,20632,23726,971

2,998

2, 02240,7096,513

27, 770

1 52032 55218830

16 51116 760

1 160

125238149519129

103 817

9 76729 05827 48925 36712 136

52 1

77,70174 6793, 022

77,869

74, 9735,7412 7166,189

12 37612 13333, 06627 667

2 896

1 94641, 5226,482

27 919

1,48533 25318, 898

18 70017 627

1 100

119193157515116

93 370

10,28016 04626 91226 30713 825

48.6

78 70375*7322*971

79044

76 1855 8702 8476 205

12 44912 23033 92928 646

2 859

1 96042 5176 450

28 117

1 51934 30919 047

18 59117* 799

1 047

10518016350099

104 643

6 89626 91226 06227 93116 842

48 6

79 92776 9083*019

« 79 662

76 7105 9352 9366*116

12 42612 34134 45329 024

2 952

1 94342 6626 424

28 633

1 47934 73219 124

15 41516 300

843

8213212940595

72 551

4 69016 19127* 10017 0627 508

43 2

80 23177 1873 044

79832

76 8015 8862 ggo6 277

12 69912 55833 82628 520

3 031

2 00342 5746 579

28 676

1 51134 28819 407

17 33217 674

1 017

9815917249098

108 901

12 31012 75833 29437 86112 "678

49 3

80 58077 5103 070

80,390

77 2686 0783 0826*193

12 68812 70033 93528 661

3 122

2 Oil42 6926 501

29 186

1 48834 68719 307

16 22218 118

913

9315214543192

93 943

6 34411 53629 17737 769

9* 117

49 1

81,21778, 1503,067

81,455

78, 3406,0703 1026,345

12 64512 77934, 81129 509

3 115

2 03843 7866,630

29 001

1 54035 50319 278

17 23318 000

949

10819713042688

81 633

11 05214 19214 70533 6528 032

47 4

80,79577,6763,119

81,555

78,3966,2333 2016 499

12 7471260434,55529314

3 159

1 973433466 768

29468

1 50535 11619 306

16 06518 403

881

10216613339387

69 977

7 02515 78020 67819 1107 334

42 2

81, 62878, 4953,133

82,872

79, 5976,5273,4977,084

12, 62612, 57734, 88429 733

3,275

1 98144, 0477,381

29 463

1,51535 43319 162

17 52518 168

831

10415813334789

195 448

45 72597 86825 98816 3809 487

43 2

r 82, 405r 79, 265'3,140

'82,368

'79,141' 6, 808' 3, 800' 7, 012

r 12, 581'12,326'34,698'29 596

'3, 227

'1,919'43,406' 7, 243

'29 800

' 1, 460'35 092'19 105

20 43817 223

844

9015914935492

104 491

7, 39823 36631, 13120 33922 257

38.2

83, 02679, 7633,263

82, 602

79, 2917,3474,2926, 887

12, 32412, 38634, 69929, 774

3,311

1,96643, 0727,106

30 458

1,47935 29918 770

17 91018 014

832

8512914238888

79 602

6,91319 78624, 37719 0489 478

37.5

COMMODITY PRICESPRICES RECEIVED AND PAID BY

FARMERSPrices received, all farm products 1910-14=100..

Crops?.. . ... doCommercial vegetables do.Cotton doFeed grains and hay _. ._ doFood grains.. _ _ _ doFruit doTobacco do

Livestock and products ? doDairy products _ doMeat animals. doPoultry and eggs do

Prices paid:All commodities and services... do..

Family living items doProduction items. . do

All commodities and services, interest, taxes, andwage rates (parity index). 1910-14=100..

Parity ratio § do

CONSUMER PRICES

(U.S. Department of Labor Indexes')Unadjusted indexes:

All items _ 1957-59-100Special group indexes:

All items less shelter doAll items less food doAll items less medical care doCommodities do

Nondurables. _ doNondurables less food- do

Durables?... doNew cars... doUsed cars. __ _ _ do

266235288215181185243553292293356161

297315285

33480

113 1

112 9113 0112 3

109 2111 8109.7102 797 2

117. 8

252

224284191174177227554276304335132

302321287

342

74

116 3

115 9116 8115 0

111 2114 0113. 1104 398 1

121. 5

252

223280175184179199561276306328142

300319286

338

75

114 8

114 3115 2113 7

109 9112 7111.5102 897 3

114. 0

250224276173186189199561272300323144

'300' 319r 287

'33974

lie n

114 6115 4113 8

110 0112 9111.8102 997 2

115 Q

245923305173183185193558264291319130

301318288

34072

115 3

114 8115 9114 1

110 2113 0112.4103 497 0

118.8

252221276167183188197558279288351126

302320289

341

74

•ME C

115 1

116 3114 4

110 5113 2112.7103 996 9

121.4

255227322169184

917558279288qeq

123

303321290

3427K

116 0

115 6116 5114 8111 0113 8112.7104 196 8

122.4

257225326

1781fV7

203558285292OKO

133

304323291

3447K

l l f i 5

116 1llfi 811 "1 2

m e

m q

112.8If) A A

Q7 A194 8

256

224277186166

nr.fi

560283302qr»9198

30332398Q

3427K

11 A O

m e

1 1 f\ R

m Q

m o

113.2

% Q

195 9

2522172421801671 £79fifi537283312344133

303323289

34373

117 1

116 7117 7115 8

112 0114 9114.1104 896 1

12fi.2

251224252230160ocq

537275320330122

304324289

3447q

117 5

117 1118 2116 2112 4115 1114. 5105 7101 1126.0

250227275

^257154168OCA

544269321316122

302325286

3437q

117 8

117 5118 7116 5112 6115 3115.2106 0101 4125 fi

253231288233160169977557272321318129

303325287

34474

118 9

117 7118 9116 8112 9115 6115.2106 1101 3124.8

255

232362189162170284559274316324132

304327288

34674

118 6

118 2119 3117 3

113 2116 0115. 1106 3101 0125.8

258229344168165173287560282314342131

306329290

34874

119 0

118 5119 7117 6113 5116 4115.6106 4100 8123.6

259

231343164165173313559

283309345132

308330292

35074

'Revised. i Advance estimate. 2 Based on unadjusted dataSee note marked "d"" on p. S-5. © See corresponding note on p. !includes data for items not shown separately.

cf Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist,§ Ratio of prices received to prices paid (parity index). <= Corrected.

Col.).


S-8 SURVEY OF CUEEENT BUSINESS April 1968


1966 1967 v

Annual

1967


1968

Jan. Feb. Mar.p

COMMODITY PRICES—ContinuedCONSUMER PRICES-Continued

(U.S. Department of Labor Indexes— Continued)Unadjusted indexes— Continued

Special group indexes— ContinuedCommodities less food 1957-59=100Services - do _

Services less rent doFood 9 do

Meats poultry, and fish doDairy products doFruits and vegetables do

Housing doShelter 9 do

Rent . doHomeownership do

Fuel and utilities 9 doFuel oil and coal doGas and electricity do

Household furnishings and operation doApparel and upkeep doTransportation do

Private doPublic do

Health and recreation 9 doMedical care doPersonal care doReading and recreation do

Seasonally adjusted indexes:Food --- -- _- -do__ -Apparel and upkeep - _-do_ _Transportation - _ _ -do

WHOLESALE PRICES cf(U.S. Department of Labor Indexes)

Spot market prices, basic commodities:22 Commodities 1957-59=100

9 Foodstuffs, _ _. _ _ _ _do_ _13 Raw industrials do

All commodities do__ .By stage of processing:

Crude materials for further processing do

Finished goods O doBy durability of product:

Durable goods _ i_ do_.Nondurable goods l__doTotal manufactures __ _do _ _

Durable manufactures _ _ . . _ _ _ doNondurable manufactures do

Farm prod., processed foods and feeds do

Farm products 9 __ do __Fruits and vegetables, fresh and dried-doGrains ... _. _ do_ _Live poultry doLivestock do

Foods and feeds, processed 9 -- - - doBeverages and beverage materials. do - _Cereal and bakery products _ _ _doDairy products _ _ _ d o _ _ _Fruits and vegetables, processed do

Industrial commodities . do

Chemicals and allied products 9 doAgric. chemicals and chem. prod doChemicals, industrial doDrugs and Pharmaceuticals doFats and oils, inedible __ _.. do _ _ _Prepared paint do

Fuels and related prod., and power 9 doCoal doElectric power Jan. 1958=100-Gas fuels _ doPetroleum products, refined 1957-59=100—

Furniture and household durables 9 doAppliances, household. doFurniture, household do_ _Home electronic equipment . do

Hides, skins, and leather products 9 _doFootwear ___ doHides and skins. _ _ _ doLeather do

Lumber and wood products _do__Lumber _ do

Machinery and equipment 9 _ doAgricultural machinery and equip doConstruction machinery and equip do

Metalworking machinery and equip do

106.5122.3125.0114.2114.1111.8117.6111.1114.1110.4115.7107.7108.3108.1105.0109.6112.7111.0125.8119.0127.7112.2117.1

i 109. 5i 101.9U15.2

105.9

105.3104.8106.9

106.0105.6105.7106.0105.3

108.9

105.6102.597.391.4

110.0

113.0105.8115.4118.5104.8110.2

104.7

97.8102.895.794.5

102.8106.8

101.398.6

100.3129.399.5

99.189.1

109.183.6

119.7118.2140.8121.1105. 6108.5

108.2118. 5118.999.0

118.8

109.2127.7131.1115.2111.2116.7117.5114.3117.9112.4120.2109.0111.6108.5108.2114.0115.9113.9132.1123.8136.7115.5120.1

198.1194.7

1 100. 4

106.1

99.6105.6108.2

108.0104.7106.7108.2105.3

105.2

99.7101.692.282.2

101.0

111.7106.5117.1122.0107.2105.0

106.3

98.4103.697.494.081.3

109.3

103.6103.2100.7133.6102.2

101.090.1

112.882.5

115.8122.094.0

110.5105.4108.4

111.8122.3122.7101.8123.8

107.6125.9129.2114.2110.7116.1114.2113.3116.8111.7118.9108.7111. 1108.3107.0111.9113.8111.8130.0121.8133.6114.1118. 6

114.0112.3114.3

102.097.5

105.2

106.0

100.8105.5107.6

107.6104.7106.4107.7105.1

105.7

101.0104.595.897.199.5

111.7105.9117.3121.2104.3104.7

106.0

98.5105. 496.994.289.1

108.7

103.4102.3100.6134.5101.9

100.489.7

112.083.5

118.0121.6107.8116.3103.6105.4

111.2121.7121.4101.8122.2

107.8126.3129.5114.2110.0115.7115.2113.3116.6111.8118.6108.7111.1108.3107.3112.6114.2112.2130.5122.2134.6114.4118.9

114.3112.9114.5

100.096.3

102.5

105.7

99.7105.5107.2

107.6104.2106.3107.7104.8

104.6

99.698.499.990.897.4

110.6105.6117.5120.7104.2101.7

106.0

98.5105.997.094.481.5

108.8

103.7102.2100.6134. 6102.4

100.689.8

112.483.3

116.9121. 798.9

114.6103.6106.0

111.5121.9121.5102.2122.6

108.4126.6130.0113.7109.0115.7114. 2113. 6116.9111.9119.0108.8111.0108.4107.7113.0115.1113.2130.6122.6135. 1114.9119.4

113.9113.1115.3

98.195.3

100.1

105.3

98.0105.5107.0

107.6103.7106.2107.8104.6

103.4

97.699.698.389.094.0

110.0105.9117.2120.1104.3100.6

106.0

98.8105.297.694.085.3

108.8

103.3102.7100.6134.8101.7

100.689.8

112.483.3

115.7121.588.3

112.9104.1106.6

111.6121.8121.8102. 3122.9

108.7127.0130.4113.9108.5115.9116.4113.9117.5112.1119.7108.7110.8108.3107.9113.8115.5113.6130.9122.8135.7115.0119.6

114.5113.7115.6

99.098.199.6

105.8

100.6105.3107.6

107.5104.6106.3107.7105.0

105.0

100.7104.498.085.6

102.6

110.7106.0117.4120.8105.1103.8

106.0

98.8105.297.594.182.9

108.8

104.4102.6100.6135.0103.7

100.889.7

112.482.9

115.2121.487.2

110.9104.2107.0

111.6121.8121.9101.9123.6

108.9127.4130.8115.1111.6116.3139.9114.1117.7112. 2119.9108.6110.5108.2108.1113.9115.7113.7132. 2123.2136.3115.3119.7

115.3113.9115.9

98.897.399.8

106.3

101.4105.4108.4

107.5105.4106.6107.7105.6

106.8

102.4114.396.185.7

104.9

112.6106.3117.2122.2106.5108.3

106.0

98.5105.197.294.179.5

108.8

104.0102.4100.5134.3103.1

100.890.0

112.482.0

115.6121.595.8

110.2104.7108.0

111.6121.8121.9101. 8123.6

109.1127.7131.2116.0112.3116.4124.4114.3117.9112.4120.2108. 9111.4108.3108.2113.7116.2114.1132.7123.6136.9115.5119.8

115.0114.2116.0

97.195.498.3

106.5

101.7105.4108.7

107. 6105.6106.8107.9105.8

107.3

102.8107.992.691.9

107.4

113.1106.4116.9122.0107.0109.9

106.0

98.3103.597.294.177.1

108.8

103.9103.0100.6131.8103.3

100.990.1

112.681.8

115.2121.493.4

109. 5105.3108.3

111.6121.9122.1101.7123.9

109. 4128.2131.7116.6113.1116.6122.7114.7118.4112.6120.8109.1111.7108. 5108.3113.8116.4114.4132.8124.2137.5116.1120.0

115.8114.3116.3

96.794.698.1

106.1

99.5105.4108.3

107.9104.8106.8108.1105.6

105.2

99.296.686.177.3

106.3

112.1106.6116.8122.1107.1107.4

106.3

98.0101. 897.193.677.2

108.8

104.7103.0100.5132.0104.6

101.090.1

112.881.8

114.4121.286.8

109.2106.1109.0

111.8122.0122.4101.6124.4

110.0128.7132.3115.9113.4117.3115. 6115.0118.7112.8121.1109.4112.3108.9108.8115.1116.8114.8133. 0124.9138.5116.4120.5

115.6114.9117.0

95.993.497.8

106.2

98.5105.7108.7

108.2104. 8107.1108.4105.8

105.3

98.492.285.672.9

103.5

112.7106.7116.6122.8107.9108.6

106.5

97.9101.297.193.577.1

109.9

104.5104.1100.7132.6103.9

101.290.3

113.081.6

114.4121.893.2

105.3108. 7112.0

111.9122.2122.4101.5124.4

110.6129.1132.7115.7112.3117.9115.3115.3119.0113.0121.5109.4112.5108.9109.1116.0117.7115.7133.0125.5139.0116.5121.4

115.8115.4117.3

95.091.297.7

106.1

97.9105.7108.6

108.7104.2107.1109.0105.3

104.1

97.191.686.673.8

101.8

111.7107.3116.8123.0109.3104.7

106.8

98.2101.698.393.678.5

109.9

103.0103.8100.8132.7101.0

101.790.5

113.482.1

114.8123.686.8

104.7107.3111. 2

112.2122.3124.3101.5124.6

111.1129.6133.2115.6111.4117.8116.7115.5119.4113.2121.9109.3112.7109.0109.3116.6118.3116.2134.6126.2139.7116.9122.0

116.1115.9117.8

95.189.599.1

106.2

96.5105.9108.9

109.1104.0107.2109.3105.2

103.4

96.4102.981. 365.696.2

110.9107.4117.0123.0112.0102.2

107. 1

98.2101.798.393.777.9

109.9

102.8104.8100.9132.8100.4

102.090.8

114.382.2

115.4123.790.4

106.5106.7110.9

112. 6123.8125.3101.6125.4

111.1130.1133.8116.2111.2118.1119.6116.0119.9113. 5122.6109.3113.1108.7109.7116.8117.9115.8134.9126.6140.4117.2122.2

116.4116.2117.7

96.290.7

100.1

106.8

98.6106.3109.3

109.5104.8107.6109.6105.6

104.8

98.9105.085.468.297.6

111.5107.7116.9124.1113.1103.2

107.4

98.4102.298.393.877.2

112.2

102. 6104.9100.9133.199.9

102.190.9

114.381.8

116.0124.389.7

109.1107.6111.8

113.2124.9126.3102.3125.8

111.2130.8134.6117.0111.6118. 5124.1116. 4120.2113.7122.9109.5113.7108.9110.6115.9118.7116.6135.5127.1141.2117.6122.7

117. 2116.6118.5

96.190.999.8

107.2

99.1106.7109.7

110.2105.0108.1110.3105.9

105.3

99.0108.185.078.298.7

112.4107.9117.1123.8113.7105.5

107. 8

98.299.598.592.976.4

113.2

101.8105.0101.0130.098.8

103.091.1

115. 281.7

116.5125.687.3

108. 6108.6114.0

113.9125.8127.2102.7126.1

111.5131.3135.2117.4112.0118.5124.9116.9120.8113.9123.5109.8113.8109.3111.2116.6118.6116.4136.2127.5141.9117.6123.0

117.4117.1119. 1

96.492.299.5

' 108.0

100.9107.4110.3

110.9105.9108.7110.9106.4

* 106. 8

'101.3112.586.387.0

102.7

r 113. 3108.6117.4124.0113.8107.6

r 108. 3

98.1100.698.593.076.7

113.2

102.5105.0101.1133.399.5

103.391.6

115.781.7

116. 7125.589.5

108.9111.6117.1

114.1125. 8127.7102.7126.6

97.092.7

100.1

108.3

107.0

102.2

113.1

108.6

/Revised. * Preliminary. i Computed by QBE. 9 Includes data for items notshown separately. d"For actual wholesale prices of individual commodities, see respective

commodities. ©Goods to users, incl. raw foods and fuels.




1966 1967*

Annual

1967


1968

Jan. Feb. Mar.

COMMODITY PRICES—Continued

WHOLESALE PRICEScf— Continued(U.S. Department of Labor Indexes— Continued)

All commodities— ContinuedIndustrial commodities— Continued

Metals and metal products 9 1957-59—100Heating equipment doIron and steel doNonferrous metals do

Nonmetallic mineral products 9 doClay prod., structural, excl. refractories

doConcrete products doGypsum products do

Pulp, paper, and allied products. _ _ d o _ _ - _Paper do

Rubber and products doTires and tubes do

Textile products and apparel 9 doApparel doCotton products doManmade fiber textile products doSilk yarns doWool products do

Transportation equipment 9 doMotor vehicles and equipment do

Miscellaneous products 9 doToys, sporting goods, etc doTobacco products do

PURCHASING POWER OF THE DOLLAR

As measured by-Wholesale prices 1957-59 =$1. 00_ _Consumer prices _ . . do

108.392.5

102.3120.9

102.6

108.4103.0102.4102.6107.394.893.3

102.1105.0102.589.5

153.6106.0

100. 8106.8104.1109.6

$0.945.884

109.592.6

103.6120.6

104.3

110.1105.3102.4104.0110.097.096.2

102.1106.8100.686.8

171.9103.2

102.1109.2105.6112.9

$0. 943.860

109.692.3

103.2122.3

103.7

109.3104.4103.5103.3108.5

95.894.9

102.0105.9101.887.1

164.1104.7

101.6108.0105.3110.3

$0.943.871

109.492.2

103.3121.1

103.8

109. 3104.5102.3103.6108.595.994.9

101.8106.0101.386.9

164.1104. 0

101.6107.7104.0110.3

$0. 946.870

109.192.0

103.2120.0

103.9

109.4104.6102.3103.9109.3

95.9. 94.0

101.8106.2100.886.8

164.5102.9

101.6108.0105. 2110.3

$0. 950.867

108.992.0

103.2118.9

103.8

109.7105.2102.3103.9109.5

95.894.0

101.6106.3100.386.3

167.0103.1

101.6108.0105.3110.3

$0.945.865

108.992.5

103.3118.7

103.9

109.7105.7100.9103.9109.6

95.894.0

101.6106.799.785.8

167.0103.2

101.4109.6105.3114.8

$0. 941.862

109.092.6

103.4118.6

104.2

109.9105.8100.7104.1110.995.894.0

101.5107.198.985.5

168.4103.3

101.3109,7105. 6114.8

$0.939.858

109.292.5

103.5118.9

104.5

110.4105.8100.7104.0110.9

97.898.7

101.7107.398.885.9

172.6102.9

101.3110.0105.8114.8

$0. 943.855

109.692.7

104.0119. 4

104.7

110.7105.9100.7104.1110.998.298.7

102.0107.499.286.3

175.7102.7

101.5110.2106.1114.8

$0. 942.854

109.892.9

103.9120.7

104.9

110.7105.9103.9104.3111.298.898.7

102.2107.599.186.9

179. 5102.8

103.7110.5106.3114.8

$0.943.851

110.593.3

104.3122.7

105.1

111.1105.6103.9104.6111.299.198.7

103.0108.0101.288.1

183.9102.2

104.0110.6106.3114.8

$0.942.849

111.093.4

104.7123.7

105.3

111.6105.8103.9104.8111.299.298.7

103.8108.1104. 288.6

189.7102.2

104.0110.7106.4114.8

$0. 936.846

111.793.1

105.5125. 1

106.0

111.8106.5103.9105.2111.299.598.7

104.3108.3105.289.3

196.8102.3

104.3111.0106.7114.8

$0.933.843

112.893.8

105.8128.8

106.9

111.9106.8105.1105.7111.999.598.7

104.6108.8105.089.6

197.2102.8

104.4111.3106.6114.8

' $0.926.840

$0.923

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION PUT IN PLACE

New construction (unadjusted), total _ mil. $

Private, total 9 doResidential (nonfarm) do

New housing units doNonresidential buildings, except farm and pub-

lic utilities, total 9 . . _ . mil. $Industrial doCommercial do

Farm construction _ doPublic utilities:

Telephone and telegraph do

Public, total 9 . ~ do

Buildings (excluding military) 9 do____Residential,. _doIndustrial do

Military facilities doHighways and streets _do

New construction (seasonally adjusted at annualrates), total bil. $

Private, total 9 do

Residential (nonfarm) _ _ _ doNonresidential buildings, except farm and pub-

lic utilities, total 9 bil. $.Industrial.. _ doCommercial do

Public utilities:Telephone and telegraph do

Public, total 9 do

Buildings (excluding military) 9 doResidential doIndustrial _ do

Military facilities _ doHighways and streets do

CONSTRUCTION CONTRACTSConstruction contracts in 48 States (F. W. Dodge

Co.):Valuation, total ^ mil. $

Index (mo. data seas, adj.) 1957-59—100

Public ownership mil $Private ownership doBy type of building:

Nonresidential doResidential 1 do

Non-building construction doNew construction planning

(Engineering News-Record) § do

74, 371

50, 44623,81517, 964

18, 6076,7036,8901,225

1,600

23,925

8,921653369713

8,359

1 50, 150

21451 18, 1521 31, 998

1 19 3931 17, 827i 12, 930

52, 112

T 74, 936r 49 583r 23, 579r 17 884

r 18 108r 6 151r 6 991

1 629

r 25 353

412705

53 446

2 153

20 70932 737

20 41819 69513 333

r 59. 944

4,591

3 1081,263

891

1,327482490

115

1,483

646532545

376

75 0

48 0

20.3

19.87.17.7

1.6

27.0

9.5.8.3.8

10.2

3,300

143

1,1882,112

1,4301,056

814

5,401

5,175

3,3561,4221,022

1,357473512

139

1,819

738582845

546

73.1

46.9

20.8

18.26.17.2

1.7

26.2

9.8.8.3.6

9.1

4 424

149

1 5092 916

1 7141 5841,127

4,781

5,740

3,6731,6421,188

1,419464557

127

2,067

818682744

668

72.0

46.0

21.1

17.35.66.9

1.5

25.9

9.9.9.3.6

9.0

4,389

138

1 4982 891

1 8301 627

931

3,359

6,306

4,0231,8681,380

1,501499597

138

2,283

890734246

784

73.9

47.8

22.1

17.86.07.1

1.7

26.1

10.1.9.4.5

8.9

5,095

154

3,2751,820

1 8082,0021,285

r 4, 143

6,674

4,3162,1101,599

1,509515577

151

2,358

917584557

858

72.4

48.1

22.9

17.35.96.7

1.7

24.3

9.8.7.5.6

8.2

5,414

164

2,1693,245

2,0702,0001,344

5,809

6,982

4,5322,2801,732

1,554541593

134

2,450

925563464

939

73.4

49.2

23.7

17.66.26.7

1.6

24.2

9.9.6.5.8

8.0

4,879

149

1 9892,890

1 7491 8291,302

6,829

7,119

4,6962,3841,810

1,589530597

142

2,423

911573070

910

74.4

50.2

24.6

17.66.06 4

1 6

24 2

9.9.64

.78 0

5,104

165

] 8243 280

1,8471,9121,345

5,506

' 7, 193

4,7782,3771,835

1,678592626

140

' 2, 415

902613771

883

'76.9

51 7

25.3

18.46 66 7

1 7

'25.2

10.2.65

.78.3

4,695

168

1,6773,018

1 7861,7411,169

4,053

' 7, 117

4,7572,3451,848

1,665547663

147r 2, 360

882633771

840

P77.5

52.2

26.0

18.36.27 0

1 7

r 25 3

10.2.64

.88.2

5,053

171

1,5273,527

1 8741,8871,292

4, 932

'6,844

4,6622, 3251, 857

1,616494677

149

' 2, 182

854604073

704

r 78.4

52.6

26.6

18.05.67 2

1 7

'25 8

10.5.65

.88.0

4,258

168

1,4352,823

1 5861,717

956

4,295

' 6, 204

4,3532,1821,742

1,489522573

145r 1, 851

3670

r 78.4

52.4

26.9

17.45.96 7

1.6

'26.0

.5

.9

3,714

. 166

1,5072,490

1,5501,4041,042

5,896

r 5, 420

' 3, 766' 1, 869' 1, 466

' 1, 340'432'525

104

' 1, 654

3956

r 80. 5

54.5

26.9

'19.6'6.3r 7 9

1.6

'26.0

.5

.8

33,714

159

1,3002,414

1,34731,462

905

3,492

5,039

3,5471,6881,310

1,308397527

120

1,492

3852

81,3

54.9

27.1

19.65.88.3

1.7

26.3

.5

.9

3,704

156

1,0412,664

1,2511,495

958

5,040 3,930r Revised. * Preliminary. 1 Annual total includes revisions not distributed to

months. 2 Computed from cumulative valuation total. 3 gee note "1f" for this page,cf See corresponding note on p. S-8. 9 Includes data for items not shown separately.Beginning Jan. 1968, data are not entirely comparable with those for earlier periods; new

compilation method raises the level of residential data by 8 percent and the total valuationby 3 percent. § Data for Mar., June, Aug., and Nov. 1967 and Feb. 1968 are for 5 weeks;other months, 4 weeks.




1966 | 1967

Annual

1967


1968

Jan. Feb. Mar.

CONSTRUCTION AND REAL ESTATE—Continued

HOUSING STARTS AND PERMITS

New housing units started:Unadjusted:

Total, incl. farm (private and public). _ -thous --One-family structures do

Privately owned. _ _ _• _ • do

Total nonfarm (private and public) doIn metropolitan areas _ do

Privately owned . _ do

Seasonally adjusted at annual rates:Total, including farm (private only) _ doTotal nonfarm (private only) do

New private housing units authorized by buildingpermits (12,000 permit-issuing places):

Seasonally adjusted at annual rates:Total _ thous

One-family structures _ do

CONSTRUCTION COST INDEXES

Dept of Commerce composite 1957 59 — 100American Appraisal Co., The:

Average, 30 cities 1913=100Atlanta doNew York doSan Francisco . doSt. Louis.. _ - _ _ do

Associated General Contractors of America, Inc.,The (building only) 1957-59=100

E. H. Boeckh and Associates, Inc.: 1Average, 20 cities:

All tvpes combined 1957 59 100Apartments hotels office buildings doCommercial and factory buildings doResidences do

Engineering News-Record:!Building doConstruction do

Bu. of Public Roads—Highway construction:Composite (avg for year or qtr ) 1957-59—100

CONSTRUCTION MATERIALS

Output Index:Composite unadjusted 9 1947 49—100

Seasonally adjusted do

Iron and steel products unadjusted do

Portland cement unadjusted do

REAL ESTATE

Mortgage applications for new home construction:Applications for FHA commitments

thous. units. _Seasonally adjusted annual rates f do

Requests for VA appraisals _ - d oSeasonally adjusted annual ratest do

Home mortgages insured or guaranteed by —Fed. Hous. Adm.: Faceamount._ _._ _ mil. $Vet. A dm.: Face amount §_ do

Federal Home Loan Banks, outstanding advancesto member institutions, end of period mil. $__

New mortgage loans of all savings and loan associa-tions, estimated total t _ _ _ _ . mil. $

By purpose of loan:tHome construction _._ ._ _. . doHome purchase . doAll other purposes _ _ _ _ _ do

Nonfarm foreclosures number

Fire losses (on bld^s contents etc ) mil $

1,196.2779.5

1, 165. 0

1,172.8807.3

1, 141. 5

972£63

121

867941963867852

127

122 1123 2122 2120.1

r 123. 4r 134. 1

113 0

157 6

169 0155 0189 8

153.0

99.2

6, 095. 322, 600. 53

6,935

16, 720

3,6067,7465,368

117 473

1 AQfi 7fi

1,321. -9r 844. 9

1, 291. 6

1,298.8' 919. 7

1, 268. 4

1,079613

r 127

909992

1 008910903

132

129 8130 7130 2127 4

127 4140 8

116 9

I C O 1

163 01AQ K

186 6

167.2

124.4

5 884.643 404 87

4,386

19 891

4 1909 5056 196

1 7flfi 79

63.240 461 4

62.043 960 2

1 1491 132

894551

100

891970997890883

129

1 9^ d.

126 3125 8123 0

124 7136 9

19fi "»

143 1

132 4107 -1102 5

10.71377.7107

301. 12168. 52

5,800

950

205420325

8,701

155 08

92.966 691.5

90.762 689.2

1 0941 067

928558

123

891970997890883

129

125 5126 3125 8123 1

125.1137.3

113 2

158 0163 5

171 3164 8148 5

16.6151

10.3103

388. 16195. 36

5,175

1,347

306571470

10, 584

149 66

115.979 9

113 7

114.277 4

112 0

1 1161 099

1 028578

123

891972997890882

129

125 8126 6126 1123 3

125 1137 3

148 9146 3

164 2145 3167 1

14.8159

11.0122

358. 98184. 12

4,782

1,339

312586441

9,774

142 86

134. 287 4

132 0

131.991 7

129 7

1,2741 254

1 033601

124

899982997890912

130

127 0127 9127 3124 8

126.4139.4

164 5153 3

182 4156 3208 0

16.0162

10.9109

406. 92231. 28

4,421

1,738

400779559

9,914

143 15

.431.687 7

125 4

129.687 9

123 4

1 2331 214

1 109630

126

909982997891912

131

130 1131 2130 2127 9

127.3140.5

112 3

166 7155 7

177 0152 6226 9

16.3169

12.8135

508. 04265. 88

4,302

2,162

4351,046

681

10, 035

164 04

126.182 4

125 3

124.987 7

124 0

1 3691 356

1 093626

128

915995

1 013923912

133

131 9133 0132 2129 4

127 8141 9

150 5156 2

156 4131 7225 4

12.7155

12.2146

501. 11295. 92

4,221

1,860

382951527

9,484

144 17

130.283 8

127 4

126.589 8

123 6

1,4071 381

1,127639

129

917998

1,015924912

133

132 3133 4132 6130.0

128.6143.3

180 7164. 4

187 6165 7266 6

17.1180

11.6122

653. 83340. 29

4,153

2,228

4241,186

618

10, 274

173 25

125.878 2

121.9

123. 488.3

119.5

1,4451 415

1,159638

129

9191,0011,016

928912

133

133 3134 1133 8130.6

129.3143.7

123.0

162 4155. 9

r 162. 2155 5234.2

14.6176

10.8131

643. 11352. 10

4,122

1,971

3811,017

573

9,407

116 95

137.081.8

135. 4

134.699.0

133.1

1,4961,478

1,212673

r 129

9221,0191,019

928912

134

133 6134 5134 2130.9

129.7144.2

167 2148.2

172.1163 9239 3

15.3185

12.5151

665.33434. 29

4,114

1,950

413949588

114 79

120.269.1

118.4

118.684.9

116.8

1,5901,567

1,158625

129

9301,0241,025

933916

134

133 8134 7134.3131.2

130.1144.3

150.4157.9

161.4152 0182.2

12.91899.5136

620. 86382. 91

4,188

1,801

388856557

115 21

'183.1'47.180.1

82.1'63.6

79.1

1,2501,235

1,323702

129

9321 0251,026

937919

134

133 9134 7134 4131.2

130.4144.5

119 2

132 5154 4

147.6136 6127 5

10.21627.9125

457. 89340.32

4,386

1,759

380780599

127 82

'82.745.1

'80.5

'82.063.4

'79.8

' 1, 456' 1, 430

1, 102630

130

9371,0331,044

941923

134

133 7134. 6134.2131.1

131.4145.7

147. 7

102. 7

11.21638.4122

577. 59348. 77

4, 442

' 1, 389

'291'665'433

153 95

'86.956.1

'84.3

'85.063.3

'82.4

' 1, 529' 1, 491

' 1, 360'690

130

9381,0331,044

943923

134

134. 1135.1134.6131.6

131.8146.5

12.4152

'10.6'141

436.34279. 57

4,348

'1,456

'305'704'447

142. 75

125.9

123.8

123.2

121.1

1,4761,444

1 , 362706

9401,0471,044

943923

135

1132.5U47.0

120.6

15.9160

11.6125

434.80267. 29

4,269

1,763

407840516

DOMESTIC TRADE

ADVERTISINGMarketing/Communications advertising index, sea-

sonally adjusted : ©Combined index 1957-59 — 100

Business papers doMagazines doNewspapers doOutdoor doRadio (network) doTelevision (network") do

14812815911991

118194

14812815811397

118205

15212716512092

123207

14812515511385

115211

150130160121111117195

14512915711278

118197

14412616011194

124188

143124153104119105197

14512115011395

114206

15213016211388

125217

14813914910684

125215

14912515711396

130210

150125161114111101209

'Revised. 1 Index as of Apr. 1, 1968: Building. 132.9; construction, 147.6. c Corrected.^Copyrighted data; see last paragraph of headnote, p. S-l.^Revisions for July-Dec. 1966 for ENR building and construction cost indexes: for 1960-66

(seas, adj.) for FHA applications and VA appraisals; and for Jan.-Nov. 1966 for new mortgageloans will be shown later. 9 Includes data for items not shown separately. § Datainclude guaranteed direct loans sold. © Formerly Printer's Ink advertising index.


April 1968 SURVEY OF CURRENT BUSINESS S-ll


1966 1967

Annual

1967


1968

Jan. Feb. Mar.

DOMESTIC TRADE—Continued

ADVERTISING— Continued

Television advertising:Network (major national networks) :

Net time costs total m^l $Automotive, incl. accessories _doDruss and toiletries doFoods , soft drinks , confectionery. _ _ _ _ _ _ doSoaps cleansers etc do

All other do

Magazine advertising (general and natl. farm maga-zines):

Cost, total mil. $Apparel and accessories doAutomotive, incl. accessories _ doBuilding materials doDrugs and toiletries do _ _ .Foods, soft drinks, confectionery do

Beer, wine, liquors doHousehold equip., supplies, furnishings, .doIndustrial materials. _ _ _ _ _ . do_ _.Soaps, cleansers, etc doSmoking materials. do__ ._Allother _ - - _ _ _ _ _do

Newspaper advertising linage (52 cities) :Total mil. lines

Classified doDisplay total do

Automotive doFinancial doGeneral doRetail do

WHOLESALE TRADEMerchant wholesalers sales (unadj.), total, mil. $__

Durable goods establish trents doNondurable goods establishments do

Merchant wholesalers inventories, book value,end of year or rronth (unadj.), total roil. $__

Durable goods establish11" ents doNondurable goods establishments do

RETAIL TRADEAll retail stores:

Estimated sales (unadj.), total mil. $

Durable goods stores 9 - _ _ do _Automotive group do

Passenger car other auto dealers doTire, battery, accessory dealers do

Furniture and appliance group 9 do _ _Furniture homefurnishings stores doHousehold appliance, TV, radio do

Lumber, building, hardware group doLumber, bldg. materials dealerscf doHardware stores do

Nondurable goods stores 9 _ . do _Apparel group do

Men's and boys' wear stores doWomen's apparel, accessory stores doFamily and other apparel stores _doShoe stores _ __do .

Drug and proprietary stores- _ do _Eating and drinking places do _Food group _ _ _ do

Grocery stores doGasoline service stations _ do ._

General merchandise group 9 _ _ do ._Department stores _ _ do -Mail order houses (dept. store mdse.) _ d o _ _ - _Variety stores do

Liquor stores - do

Estimated sales (seas, adj.), total do

Durable goods stores 9 do -_Automotive group. do -

Passenger car, other auto, dealers doTire, battery, accessory dealers do

Furniture and appliance group 9 doFurniture, homefurnishings stores do —Household appliance, TV, radio do

Lumber, building, hardware group do _Lumber, bldg. materials dealers cf doHardware stores do

Nondurable goods stores 9 . do ._Apparel group _ _ _ ,_ do

Men's and boys' wear stores doWomen's apparel, accessory stores doFamily and other apparel stores doShoe stores. ... do

1 411 3106.7429.8274.0131.5161. 4308.0

1, 166. 768.1

123.534.5

134.4125. 4

79.280.153.317.639.6

411.0

3,354.3924.3

2,430.0182.973.2

310.31,863.6

203, 75191, 026

112, 724

20, 52011, 8058, 715

303, 672

97,81257, 41453,8753, 539

14,9789,0894,905

12,3079,3402, 967

205,86017,2763,5376,9134,0152,811

10, 14823, 43171, 12565,10523, 012

39,81126,0942,6915,7276,758

1 499.9115.8429.0306.8134.3183.1381.0

1,161.660.7

103. 731.0

148.4116.1

89.270.762.722.939.9

416.3

3, 297. 8878.1

2, 419. 6158.566.9

297. 11,897.1

205, 18890, 447

114,741

21, 60712,3089,299

313,503

99,66957, 55653, 6953,861

15, 7009,3845,245

12, 4119, 3503,061

213, 83418,1053,8226, 9944,3422,947

10, 89424, 88772,13766, 14624,011

42, 17427, 7032,7676,0787,120

89.94.1

10.12.0

11.610.4

5.13.54.11.73.4

33.9

233. 666.4

167.212.34.7

22. 7127.5

15, 2206, 6438,577

20, 63411,9618,673

21, 648

6, 8014,0103,787

223

1,101654375741557184

14, 8471,042

213422239168

8181,7265,4074,9611,722

2,4001, 534

172347500

25, 470

7,9554,3944, 085

309

1,308780449

1,058801257

17, 5151,476

304576357239

403.029 5

122.886 937 548.377 8

106.46.8

10.93.8

11.511. 0

6.86.55.52.33.1

38.2

278. 374.1

204. 314.35.6

25.5158.9

17,5277,6249,903

20, 85912, 1558,704

25,679

8,2344,9894,711

278

1,192715401905684221

17, 4451,512

277590354291

8931,9406,0965, 5961,901

3, 1972,077

221466551

25,739

8,1504,6024,291

311

1,278755441

1,049794255

17, 5891,443

315557343228

110.98.3

10.24.2

13.08.6

6.68.65.92.53.1

39.9

294.380.2

214.115.65.8

28.9163.8

16, 2187,1659,053

20, 72212, 231

8,491

25, 081

8,2054,9554,644

311

1,160725370999738261

16,8761,375

282550307236

8511,9915,8105,3481, 940

3,0492,016

199414541

25,918

8,1044,6604, 348

312

1,286791423

1,048779269

17,8141,585

333614384254

112.15.7

10.63.9

13.49.6

8.19.36.32.53.5

39.1

300.180. 6

219.516.55.6

29.3168. 1

17,4297, 6629,767

20, 55412, 1908,364

26, 557

8,9285, 4135,084

329

1,245781391

1,115844271

17, 6291,439

297575319248

8942,0935, 8885,3912,034

3, 3222,194

208470572

25,897

8,1874, 7524,448

304

1,306795420

1,001750251

17, 7101,490

317585342246

317.821 085 466.030.837.676.9

97.82.48.43.1

14. 910.4

8.15.66.42.43.5

32. 6

279.176.4

202.715. 75.4

26.3155.3

17,5687,9649,604

20, 51012, 2208,290

27, 616

9,3985,6445,273

371

1,313804439

1,167884283

18, 2181,473

337552337247

9102,1976,2595,7422,136

3,4832,322

198492586

26, 544

8,5465,0694,750

319

1, 295775450

1,014754260

17, 9981, 524

326596358244

_

69.3.9

4.01.7

10.89.4

5.63.74.41.62.9

24, 4

246. 474.9

171.511. 95.8

17.8136.0

16,4257,2879,138

20,38512, 171

8,214

26,005

8,5475,0144,670

344

1,239770399

1,143881262

17, 4581,301

286492314209

8792,2936,1455,6322, 159

3,0852, 008

179455577

26, 444

8,5925,1304.814

316

1,267784397

1,031771260

17, 8521,538

332594371241

64.45.33.11.5

10.26.9

3.42.93.61.42.5

23.6

269.876.3

193.611.24.2

19. 0159.2

18,0878, 061

10,026

20, 68412, 1138,570

26,201

8,2984, 6694,338

331

1,325818424

1,167911256

17,9031,451

293546372240

8882,3166,0595,5442,113

3,5022,280

233501580

26,422

8,5085,0534, 731

322

1,299781424

1,025767258

17, 9141, 562

340605367250

307.422.793.364 631.836.758.2

108.09.88.23.1

13.39.8

6.56.27.12.03.2

38.8

269.873.1

196.713.74.8

26.2152.0

17,2727,7279,545

20,84912, 1208,729

26,239

8,2004, 5154,192

323

1,367805464

1,121867254

18, 0391,574

304595394281

8822,1786,2365,7292,030

3,5162,319

223496589

26, 732

8, 7435,2244,891

333

1, 347812450

1,041789252

17, 9891,559

322607373257

118.47.0

13.32.7

14.810.8

9.59.05.62.23.8

39.8

296.276.9

219.312.76.2

29.9170. 5

18,0788,1079,971

21,26812, 1849,084

26, 162

8,5744, 8704,531

339

1,365820440

1,145892253

17, 5881, 472

300577361234

8862,1215,8425,3382,035

3, 5192,312

264479573

26, 089

8,2354,7074,361

346

1,300771423

1,038786252

17,8541,485

307575349254

115.65.49.82.2

14.611.9

11.57.55.42.23.7

41.3

305.868.4

237.413.95.3

28.7189. 5

18, 1327,904

10, 228

21,42512, 1509,275

27, 159

8,4824,7774,413

364

1,472859497

1, 057802255

18, 6771,628

357620404247

8952,0245,9995,4952,047

4,2192,760

359571624

26, 411

8,2214,6924,331

361

1,331782454

1,021774247

18,1901,515

324578364249

471.742.6

127. 589.134.160.4

117.9

99.93.38.11.4

12.310.1

15.05.14.41.14.7

34.4

283.259.8

223. 49.25.6

22.2186.4

17,4087, 5309,878

21, 60712,3089,299

32, 589

8, 9844,5034, 089

414

1,785957665

1,074716358

23, 6052,614

604995668347

1, 2612,1636,8486,2782, 067

6,3714, 223

3551,057

913

26,470

8,3274,6784,355

323

1,358778463

1,088839249

18, 1431,476

304559367246

63.31.64.41.27.16.7

3.42.54.21.72.7

27.6

231.367.0

164.211.47.6

17.3127.9

16, 8637,3659,497

21,67812, 2369,442

'24,269

'7,546r4,594r 4, 326

268

' 1,204'695'417'833'621'212

'16,723'1,288

'296'489'286'217

' 914'1,980' 5, 940' 5, 467'1,988

'2,721' 1, 815

176'363

560

'27,065

' 8, 523' 4, 892' 4, 549

343

'1,360'789'469

' 1, 084'819'265

'18,542' 1, 548

'338'584'365'261

84.73. 29.61.8

11.29.1

4.52.84.31.53.0

33.6

236.166.9

169.213.44. 6,

22.3128.9

16, 9517,5399, 412

21, 54812, 2249,323

'24,232

' 7, 791' 4, 718

4, 466252

' 1, 232730414887686201

'16,441' 1, 162

240450278194

'882'1,988r 5, 860'5,380'1,924

'2,761'1,806

187402551

'27,482

' 8, 7605,0494,716

333

1,394835467

1.184917267

'18,7221,588

330585403270

105.96.3

11.13.1

12.310.3

6.86.24.42.23.1

39.8

126, 943

18,772i 5, 412

1 1, 273

U8,1711 1, 418

1912i 2, 1811 6, 369i 5, 87012,050

13,32512,193

128,009

18,919

119,090

'Revised. i Advance estimate.9 Includes data for items not shown separately. cf Comprises lumber yards, building

materials dealers, and paint, plumbing, and electrical stores.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.

DOMESTIC TRADE—Continued

RETAIL TRADE— Continued

All retail stores— ContinuedEstimated sales (seas, adj.)— Continued

Nondurable goods stores — ContinuedDrug and proprietary stores mil. $Eating and drinking places do _ _Food group do

Grocery stores doGasoline service stations do

General merchandise group 9 doDepartment stores doMail orderhouses (dept. store mdse.) doVariety stores do -_

Liquor stores do

Estimated inventories, end of year or month:Book value (unadjusted) total mil $

Durable goods stores 9 doAutomotive group doFurniture and appliance group doLumber building hardware group do

Nondurable goods stores 9 doApparel group doFood group doGeneral merchandise group do

Department stores do

Book value (seas, adj.), total— doDurable goods stores 9 do

Automotive group doFurniture and appliance group doLumber, building, hardware group.__do

Nondurable goods stores 9 doApparel group doFood group doGeneral merchandise group do

Department stores do

Firms with 11 or more stores:Estimated sales (unadj.) total 9 do

Apparel group 9 doMien's and boys' wear stores doWomen's apparel accessory stores doShoe stores do

Drug and proprietary stores doEating and drinking places doFurniture and appliance group do

General merchandise group 9 doDept stores excl mail order sales doVariety stores do

Grocery stores doTire, battery, accessory dealers do

Estimated sales (seas, adj.), total 9 do

Apparel group 9 doIVTen's and boys' wear stores do"W omen's apparel accessory stores doShoe stores _ do _ _

Drug and proprietary stores doEating and drinking places do

General merchandise group 9 doDept stores excl mail order sale5* doVariety stores. _ do _

Grocery stores doTire, battery, accessory dealers do

A 11 retail stores, accounts receivable, end of yr. or mo.:Total (unadjusted) mil. $__

Durable goods stores doNondurable goods stores do

Charge accounts doInstallment accounts do

Total (seasonally adjusted). _._ doDurable goods stores doNondurable goods stores do

Charge accounts doInstallment accounts do

35,84616, 1447,9382,5122,401

19, 7024,1024,2016,4253,919

36, 96116, 5368,1082,5742,483

20, 4254,3184,2096,9094,200

80, 323

4,770573

1,7791,269

2,6632,2221,276

28,98819, 6534, 593

29,9061,472

18,9867,212

11, 7748,164

10, 822

17,7676,987

10, 7807,730

10, 037

35, 45915, 4686,9902,5302,361

19, 9914,1274,2656,7144,102

36, 68215, 9777,1402,6112,442

20, 7054,3634,2487,1894,359

85, 203

5,069612

1,8551,367

3,1202,5541, 362

30, 95320, 9845, 029

31, 1451,529

19, 8067,331

12,4758,336

11, 470

18, 5887,093

11, 4957,936

10, 652

8832,0265,9425,4521,968

3,3612,191

230472595

36, 34916,6818,2552,5182, 410

19,6684,2224,1296,4603,891

36, 64416, 3157,6722,6122,447

20, 3294,3894,1626,8324,162

5,550

27131

10276

22118589

1,7201,146

278

2,33493

6,907

41846

160109

254214

2,4711,685

387

2,548131

17, 5386,751

10, 7877,338

10, 200

18, 0077,144

10, 8637,721

10, 286

8892,0466,0415,5351,964

3,3272,200

223448584

37, 10816, 8558,2212,5482,471

20,2534,3084,1896,7674,108

36, 52616, 1427,5152,5612,418

20, 3844,3694,1566,8954,179

6,855

43045

152133

250206103

2,3241,561

383

2,686116

6,852

37247

13898

253209

2,4491,671

369

2,556135

17, 6566,766

10, 8907,518

10,138

18, 1597,129

11, 0307,804

10,355

9062,0345,9855,5131,992

3,4792,278

230520609

37, 19916,8268,1052,5992,514

20,3734,3144,1676,8334,123

36,23616,0337,4092,5682,448

20, 2034,2884,1146,8174,115

6,500

37143

140101

229202104

2,2371,533

341

2,516127

6,993

43850

165121

245205

2,5281,683

420

2,583127

17,8146,875

10, 9397,789

10, 025

18,2117,181

11, 0307,920

10, 291

9032,0385,9965,5071,996

3,4682,283

215504598

36,93516,6957,9662,6062,527

20, 2404,2704,1496,8164,120

36, 26315, 9047,3152,5852,451

20, 3594,3354,1496,9004,174

6,839

40447

152111

243214115

2,4321,667

388

2,498133

6,948

40747

151109

252209

2,4821,710

417

2,575123

18,0056,943

11,0628,0139,992

17,9266,973

10,9537,827

10, 099

9232,0596,0505,5482,040

3,6042,377

228516599

36, 33716, 2957,6832,5942,477

20, 0424,1314,1766,6934,025

36, 08715, 6617,1542,5862,419

20, 4264,3214,1846,9044,201

7,252

41553

151114

256223116

2,5591,767

407

2,692150

7,171

42452

155112

261209

2,6271,774

422

2,591130

18,3597,225

11, 1348,194

10, 165

18, 2257,049

11,1767,992

10, 233

9032,0716,0025,5002,020

3, 5292,305

236506580

35,89415, 9727,3632,5562,432

19, 9224,1254,1226,7604,076

35, 99715, 5496,9662,5712,427

20, 4484,3284, 1896,9614,233

6,683

33939

12692

247223113

2,2761,547

371

2,582129

7,162

41549

150111

256208

2,6431,738

416

2,613118

18, 0347,128

10, 9068,010

10, 024

18, 1696,985

11, 1848,016

10, 153

9132,0946,0195,5162,003

3,5652,341

222516597

35, 10614, 6915, 9722,5642, 419

20, 4154,4074,1086,9704,212

36,02815,5036,8672,5692,429

20, 5254,3334,2056,9974,250

7,063

41143

148112

251226118

2,5901,750

414

2,549126

7,013

43654

156119

265209

2,4861,780

427

2,628125

18, 0827,146

10, 9367,950

10, 132

18, 2516,974

11, 2777, 993

10, 258

9012,1106,0425,5352,028

3,5872,354

239516599

35, 705 -14, 7866,0662,6032,440

20,9194, 5454,1567,3204,449

36, 14315, 7117,0412,5672,452

20, 4324,2644,1817,0194,261

7,292

44447

160135

253222119

2, 5751,757

412

2,753122

7,215

43652

157122

261216

2,6461,759

428

2,640127

18,2057,194

11, Oil7,941

10,264

18,3997,064

11,3358,035

10,364

9122,1046,0545,5432,015

3,5432,321

250508600

36, 76814,9686,1722,6362,443

21,8004,6174,3207,8514,845

36,21715,6817,0062,5492,468

20,5364,2364,2317,0674,299

7,050

42652

157111

254223124

2,5861,753

395

2,489127

7,205

43450

160121

267221

2,6071,783

418

2,620130

18,1687,09411,0747,974

10,194

18,2516,91811,3337,93310,318

9282,1336,0955,5842,064

3,6132,371

239533601

37,89015,3636, 4512,7222,455

22,5274,7474,4638,1425,055

36,47415,7287,0482,6102,475

20, 7464,2944,3217,1414,345

7,820

47663

173118

267216126

3,1282,101

481

2,605137

7,368

42954

155118

, 277225

2,6671,830

443

2,655136

18,6967,109

11,5878,199

10,497

18,6647,05411,6108,08610,578

9492,1446,1795,6662,017

3,5772,367

231529586

35,45915,4686,9902,5302,361

19,9914,1274,2656,7144,102

36,68215, 9777,1402,6112,442

20, 7054,3634,2487,1894,359

10,604

776106288179

432221145

4,7043,146

893

3,116172

7,282

43553

159119

276223

2,5661, 767

445

2,712125

r 19. 806'7,331

r 12, 475'8,336

"11,470

'18, 588'7,093'11,495'7,936'10, 652

'954' 2, 173' 6, 249' 5, 743' 2, 095

' 3, 610' 2, 388

241'526

633

35,83716, 1047,5282,5182,422

19, 7333,9614,2216,7124,036

37, 13016, 2387,3302,6172,507

20, 8924,3434,2817,3654,475

6, 352

33849

11198

255210102

1,9941,374

297

2,620114

7,483

447. 58156125

283228

2,6771,834

435

2,764147

19, 0207,079

11,9417,931

11,089

18, 6227,178

11, 4447,956

10, 666

9262,2546,1915,6872,117

3,7202,477

237530625

36, 73616, 5997,8702,5922,442

20, 1374,2624,2426,9074,209

37, 09416, 2687,3142,6892,479

20, 8264,4304,2767,3074,502

6,387

32038

11387

250207100

2,0411,376

332

2,612107

7,683

47356

167121

281229

2,8271,941

444

2,738143

18, 5727,022

11,5507,774

10, 798

19,0017,371

11,6308,175

10,826

LABOR FORCE, EMPLOYMENT, AND EARNINGS

POPULATION OF THE UNITED STATESTotal, incl. armed forces overseas ___mi l__

LABOR FORCELabor force, total, 16 years of age and over. . thous

Civilian labor force. _. doEmployed, total do

Nonagricultural employment doAgricultural employment do

Unemployed (all civilian workers). "Ill IdoIIII

1 196. 92

78, 89375, 77072, 89568,9153,9792,875

i 199. 12

80, 79377,34774, 37270, 5283,8442,975

198. 28

79, 10775, 68972, 50669, 2253,2813,183

198. 43

78, 94975, 51372, 56069, 1493,4102,954

198. 61

79, 56076, 11173, 44569, 7243,7212,666

198.76

79, 55176,09573, 63769,8123,8252,457

198.94

82, 46479, 02075,39170,9964,3953,628

199. 12

82,92079, 47176, 22171,7054,5163,250

199. 32

82, 57179, 11276, 17071, 7924,3782,942

199.53

80,98277, 52674,63170,7003,9312,895

199. 73

81, 59578, 13275, 18171, 1484,0332,951

199.92

81, 58278, 11375,21871,4603,7592,894

200.09

81, 52778,05775,33871,7933,5452,719

200. 25

79,81176,34773,27369,9083,3663,074

200.36

80, 86977, 40274, 11470, 6533,4623,288

200.51

80, 93877, 44774, 51770, 9803,5372, 929

'Revised. ' As of July 1. 9 Includes data not shown separately.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.p

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued

LABOR FORCE— Continued

Seasonally Adjusted

Civilian labor force! thousEmployed, total - do

Nonagricultural employment _ _ __doAgricultural employment do

Unemployed (all civilian workers) . _ _doLong-term, 15 weeks and over. do

Kates (unemployed in each group as percentof total in that group) : J

All civilian workersMen, 20 years and overWomen, 20 years and over. __ _ .Both sexes, 16-19 years. _ _.

Married men* — .Nonwhite workers*White workers*

Occupation: White-collar workers*

Industry:Private wage and salary workers*

Construction*Manufacturing*

Durable goods* _ _

EMPLOYMENTEmployees on payrolls of nonagricultural estab.:f

Total, not adjusted for seasonal variation -_ thous ..

Seasonally AdjustedTotal thous

Mining doContract construction . ._. . . . . do ..Manufacturing do

Durable goods do

Ordnance and accessories. doLumber and wood products doFurniture and fixtures doStone, clay, and glass products doPrimary metal industries _ .doFabricated metal products doMachinery, except electrical do

E lectrical equip . and supplies doTransportation equipment doInstruments and related products., do .Miscellaneous manufacturing ind do

Nondurable goods doFood and kindred products doTobacco manufactures .... .. - d oTextile mill products do. . .Apparel and other textile products. .. doPaper and allied products doPrinting and publishing doChemicals and allied products doPetroleum and coal products. doRubber and plastics products, nec_.-doLeather and leather products do

Transportation, communication, electric, gas,and sanitary services. thous

Wholesale and retail trade doWholesale trade . _ doRetail trade..... . do

Finance, insurance, and real estate doServices doGovernment _ •_ do

Federal.. doState and local do

Production workers on manufacturing payrolls:Total, not seasonally adjusted! thous. .

Seasonally AdjustedTotalf thous

Durable goods doOrdnance and accessories doLumber and wood products doFurniture and fixtures _. doStone, clay, and glass products ..do. .Primary metal industries doFabricated metal products doMachinery, except electrical do

Electrical equipment and supplies doTransportation equipment do. . . _Instruments and related products doMiscellaneous manufacturing ind do

Nondurable goods .doFood and kindred products doTobacco manufactures . , doTextile mill products doApparel and other textile products. . . do

r Revised. v Preliminary. *New series. MontJBeginnmg in the Mar. 1968 SURVEY, labor force d$fEffective with the Sept. 1967 SURVEY, additional

adjusted production workers, hours, man-hours andand spendable earnings) are shown; these are not in

536

3.82.53.8

12.7

1.97.33.3

2.04.2

3.88.13.22.8

63,982

63,982625

3,29219, 18611, 256

256613462645

1,3451,3491,911

1,8961,912

433434

7,9301,779

84962

1,399668

1,022958186510364

4,15113,2113,4389,773

3,1029,545

10,8712,5648,307

14, 273

14,2738,349

122535383518

,096,050,345

,317,361277347

5,9251,181

72857

1,243

hly dataita reflectseries (unman-houthe 1967 e(

449

3.82.34.2

12.9

1.8

3.4

2.24.4

3.97.33.73.4

66, 063

66, 063613

3,26419, 33911,327

292593456631

1,3011,3551,971

1,9151,927

455431

8,0121,789

86952

1,391684

1,064991189514352

4,26213, 6723,556

10, 116

3,22810,07111, 6162,7198,897

14, 226

14,2268,282

150515376502

1,0431, 0471,371

1,2941,356

286341

5,9441,187

74844

1,232

!br earliernew seascemploymr indexes,lition of I

76, 92174, 06370, 1873,876

2,858447

3.72.24.0

12.6

1.7

3.3

2.0

3.77.73.42.9

64,491

65, 692624

3,35219,50711,482

283603465640

1,3481,3721,984

1,9591,938

454436

8,0251,798

85954

1,401681

1,056984187523356

4,24713, 5413,521

10, 020

3,1659,883

11,3732,6738,700

14, 252

14,4368,459

143524384509

1,0911,0651,392

1,3451,371

288347

5,9771,197

73848

1,243

years arnal factoent ratesprivate

BUSINESS

76, 67673, 82269, 9643,858

2,854436

3.72.34.1

11.8

1.8

3.2

2.1

3.77.43.63.1

64,843

65,749624

3,31319,44511,434

286602459638

1,3321,3641,984

1,9471,932

456434

8,0111,803

84952

1,384684

1,065981186521351

4,24613, 5573,535

10, 022

3,1799,946

11,4392,6858,754

14, 200

14,3588,407

146525379509

1,0731,0591,388

1,3321,363

289344

5,9511,200

72845

1,226

3 availatrs., seasonasector daSTATIST!

76,81473, 93970, 0963,843

2,875434

3.72.34.1

12.0

1.9

3.3

1.8

3.78.13.63.4

65,215

65,653620

3,27619,33111,322

288592455628

1,3051,3541,979

1,9161,916

456433

8,0091,800

86945

1,390680

1,063984187520354

4,21213, 5723,545

10, 027

3,1949,973

11, 4752,6888,787

14,104

14,2338,286

147514374499

1,0491,0461,380

1,2981,347

289343

5,9471,195

73838

1,232

>le.

ilyta,cs.

76,50273, 55069, 8223,728

2,952433

3.92.44.1

12.7

1.9

3.4

1.9

3.97.83.83.7

65,594

65,639617

3,19219,23811,283

286584453624

1,2991,3481,972

1,9041,927

454432

7,9551,797

86941

1,395679

1,064982187472352

4,26713,6093,549

10, 060

3,2059,987

11, 5242,6988,826

14, 059

14,1478,254

147507375495

1,0421,0411,373

1,2841,361

287342

5,8931,196

74835

1,235

Also, tfactorsrates) c<1909-67

77, 21474, 16970,4303,739

3,045441

3.92.54.2

12.7

1.9

3.5

2.2

4.08.43.93.6

66,514

65,903619

3,18719,28511,285

290590452626

1,2951,3571,972

1,8721,947

454430

8,0001,806

87948

1,396688

1,066990189479351

4,26613,6483,555

10,093

3,22710, 03511, 6362,7478,889

14, 249

14, 1708,240

149512371498

,037,048,372

,251,377285340

5,9301,201

75841

1,239

he establ; comparippear in, availat

77, 49574, 47870,6313,847

3,017436

3.92.44.3

12.9

1.8

3.5

2.24.6

4.07.44.04.0

66, 129

65, 939623

3,23119, 16911,218

292585447625

1,2801,3501,969

1,8891,896

455430

7,9511,790

89940

1,376689

1,066989191479342

4,29213,6473,555

10, 092

3,23410, 07411, 6692,7598,910

13,996

14, 0568,170

151508366498

1,0231,0411,368

1,2651,326

285339

5,8861,185

76834

1,220

ishmentable earliBLSBule from 1

77,59874,66470, 7083,956

2,934445

3.82.33.9

13.3

1.96.83.4

2.24.4

3.97.23.83.4

66,408

66, 190606

3,22319,31811, 351

297585451626

1,2811,3561,976

1,9161,980

456427

7,9671,751

85946

1,381687

1,067992190521347

4,28313,6643,569

10, 095

3,25310, 13011,7132,7468,967

14,261

14,1918,299

155509369497

1,0241, 0481,375

1,2901,410

285337

5,8921,148

72839

1,223

data refleer data ((lletin 13]he Gove

77,80774,63870, 9413,697

3,169440

4.12.34.9

13.4

1.88.03.6

2.44.6

4.25.44.03.7

66,672

66, 055601

3,23819, 14211, 149

299585451622

1,2621,3311,966

1,8821,873

452426

7,9931,777

81950

1,377682

1,064993191529349

4,26213,7193,565

10, 154

3,26410, 16111, 6682,7158,953

14, 290

14,0038,091

154508370494

1,0031,0231,365

1,2601,297

281336

5,9121,175

69842

1,218

ct adjustjxcept m2-5, EMIrnment

78, 07274,73571, 0173,718

3,337475

4.32.54.8

14.8

1.98.83.7

2.44.9

4.46.94.13.6

66,914

66,243597

3,23619,16911,143

300592455628

1,2671,3321,932

1,8961,862

454425

8,0261,783

82954

1,384685

1,0651,001

192529351

4,25113,7763,567

10,209

3,27010,19911,7452,7129,033

14,249

14,0348,083

157513374500

1,0091,0241,329

1,2701,289

283335

5,9511,185

70847

1,223ment to 1m-hours'LOYMENPrinting

77,98975,00571, 1663,839

2,984485

3.82.44.0

13.9

1.77.33.4

2.24.4

3.97.23.53.2

67,470

66,918597

3,28919,42211,364

303593458634

1,2891,3541,980

1,9191,951

455428

8,0581,785

89957

1,389687

1,0691,002

193533354

4,28713,9003,602

10,298

3,29010, 29711,8362,6989,138

14,406

14,2788,294

157515377505

1,0311,0451,372

1,2891,380

285338

5,9841,188

77848

1,231

tfar. 1966and manr AND EAOffice. W

78,47375,57771,3614,216

2,896445

3.72.24.1

12.8

1.76.93.3

2.14.3

3.86.13.53.5

67,980

67,126598

3,35319,49111,399

304600465642

1,2901,3681,947

1,9221,974

457430

8,0921,788

91964

1,397690

1,0711,008

193535355

4,29013,8703,598

10, 272

3,30410,33211,8882,7089,180

14,337

14,3178,313

158520383514

1,0301,0581,336

1,2931,398

286337

6,0041, 190

78855

1,234benchm-hour incRNINGS Iashingto

77,92375, 16771, 1644,003

2, 756488

3.52.33.9

11.3

1.66.43.2

2.04.3

3.68.33.32.8

'•66,107

r67 137'598

' 3, 175r!9 511'11,444

304'603

468642

' 1, 291' 1, 368' 1, 966

1, 924'1,985

457436

' 8, 067' 1, 779

'85'966

' 1, 385691

' 1, 070' 1, 008

192'535

356

' 4, 29413,915'3,609'10, 306

' 3, 30810, 35811, 9782, 721

' 9, 257

14, 127

14, 325' 8, 346

160'523

387513

' 1, 029' 1, 055r 1, 347

1,294' 1, 408

286344

' 5, 979' 1, 183

72855

1,221

irks andexes and'OR THE 1n, D.C.

78,67275, 73171,6044, 127

2,941455

3.72.34.0

12.6

1.77.23.3

2.24.3

3.87.43.63.4

'66,481

'67,712'602

' 3, 461'19, 525'11,422

'305607

'468'610

' 1, 292' 1, 366'1,958

' 1, 926'1,999

'456435

8,103' 1, 778

'86'976

' 1, 394'693

' 1, 072' 1, 012

'194'542

356

'4,32114, 047' 3, 64310, 404

3,32110, 40912,026'2,719' 9, 307

14, 155

14, 340' 8, 330' 160'527'387'481

' 1, 030' 1, 054

1, 351

'1,294' 1, 417

'286343

' 6, 010' 1, 180

'73'867

' 1, 232re vised sunemplcUNITED S20402. $4

78,65875, 80271,7884,014

2,856448

3.62.23.7

13.0

1.76.93.2

1.94.4

3.68.03.53.1

66,831

67, 855602

3,44219, 52211,417

307609467597

1,2891,3691,962

1,9192,005

456437

8,1051,785

87973

1,389694

1,0771,009

194543354

4,32114, 1113,650

10, 461

3,33010, 43612, 0912,7279,364

14, 164

14, 3228,314

161528386470

1,0261,0571,350

1,2901,419

284343

6,0081, 189

74862

1,227

aasonal>ymentTATES,75.


S-14 SURVEY OF CUKKENT BUSINESS April 1968


1966 | 1967

Annual

1967


1968

Jan. Feb. Mar.*>


EMPLOYMENT— Continued

Seasonally AdjustedProduction workers on manufacturing payrolls —

ContinuedNondurable goods industries — Continued

. Paper and allied products thous. _Printing and publishing. _ _ __doChemicals and allied products _. __do....Petroleum and coal products. _ _ doRubber and plastics products, nee doLeather and leather products .._ __do

HOURS AND MAN-HOURS

Seasonally AdjustedAverage weekly gross hours per production worker

on payrolls of nonagricultural estab. :fMining hoursContract construction doManufacturing: Not seasonally adjusted do

Seasonally adjusted doOvertime hours do

Durable goods. _ _ . . ' _ doOvertime hours do

Ordnance and accessories.. _ doLumber and wood products _ doFurniture and fixtures doStone, clay, and glass products do

< Primary metal industries _ _ . doFabricated metal products _ do .Machinery, except electrical doElectrical equipment and supplies doTransportation equipment doInstruments and related products doMiscellaneous manufacturing ind— . _ . _ . do

Nondurable goods doOvertime hours _. do

Food and kindred products doTobacco manufactures doTextile mill products... ... doApparel and other textile products do

Paper and allied products . doPrinting and publishing doChemicals and allied products doPetroleum and coal products doRubber and plastics products, nee .do ...Leather and leather products do....

Wholesale and retail trade doWholesale trade ... doRetail trade.. _. do

Finance, insurance, and real estate do

Seasonally AdjustedMan-hours in nonfarm estab., all employees,

seasonally adjusted, annual ratefbil. man-hours .-

Man-hour indexes (aggregate weekly), industrialand construction industries, totalt

1957-59=100..Mining doContract construction .doManufacturing-. do

Durable goods doOrdnance and accessories ._ . doLumber and wood products doFurniture and fixtures .do.. _Stone, clay, and glass products do

Primary metal industries doFabricated metal products doMachinery, except electrical doElectrical equipment and supplies doTransportation equipment. _ _ doInstruments and related products.. do.- .Miscellaneous manufacturing ind do

Nondurable goods... .. do .Food and kindred products . . .doTobacco manufactures doTextile mill products— ... doApparel and other textile products . '. . . do. . .

Paper and allied products . doPrinting and publishing.. doChemicals and allied products. . doPetroleum and coal products doRubber and plastics products, nee doLeather and leather products do

WEEKLY AND HOURLY EARNINGS

Not Seasonally Adjusted

Average weekly gross earnings per productionworker on payrolls of nonagricultural estab. :t

Mining.- dollarsContract construction . . _ doManufacturing establishments.. . do

519650572116397318

42.737.641.3

3.942.14.3

42.340.841.542.042.142.443.841.242.642.140.0

40.23.4

41.238.841.936.4

43.438.842.042.442.038.6

37.140.835.937.3

129. 28

115.982.2

114.7117.8124.2144.997.4

127.7111.2

116.9126. 1139.0145.8116.7127.7113.4

109.596.284.6

106. 0118.7

115.0115.8115.981.0

146. 8100.6

130. 66145.89112.34

531671586118395304

42.637.740.6

3.441.23.5

41.840.340.441.641.041.542.540.241.441.239.4

39. 73.1

40.938.540.936.0

42.8-38.441.642.741.438.2

36.640.435.337.0

132. 24

113.579.4

113.2115. 2120.4176.992.7

122.0106. 9

108.5123.1137.6140.0112.9129.1109.7

108. 596.286.6

101.9116.2

116.0118.4117.483.5

143.895. 0

136.32154,19114. 90

529670585117406309

42.237.640.140.33.4

41.03.7

41.740.340.241.540.941.443.039.740.740.938.7

39.53.1

41.038.240.235.6

42.838.641.442.640.937.1

36.640.535.337.0

131. 57

114.980.6

116.7116.3122.3167.894.2

124.2108.0

113.1124.9141.2143.6112.3129.1109.7

108.597.285.0

100.7116.0

115.6118.9116.782.3

146.093.8

131. 14143. 60111.88

531674580116403304

42.437.440.340.43.3

41.13.5

41.940.740.241.540.841.542.940.040.741.539.2

39.53.2

41.138.240.235.5

42.838.541.643.041.037.0

36.640.535.337.0

131. 67

114.380.8

114.6115.9121.9172.195.3

122.6108.0

110.9124.5140.5143.3HI; 6131.4110.1

108.197.783.8

100.3114.1

116.0119.3116.282.4

145.392.0

132. 09146.83112.44

526673583118402307

42.737.440.240.53.2

41.03.3

41.640.640.341.340.241.542.839.640.941.539.7

39.83.0

40.839.440.836.2

42.538.641.542.641.137.7

36.440.435.137.0

131. 08

113.280.9

112.6114.9119.8172.193.1

121.2105.4

106.8123.0139.3138.2110.9131.4111.2

108.596.587.7

101.0117.0

114.1119.4116.583.0

145.394.7

134. 51147. 23112. 56

525672580117354305

42.036.440.440.33.2

41.03.3

42.040.140.141.140.641.342.339.941.741.139.5

39.53.0

40.638.340.535.9

42.538.341.242.640.937.7

36.340.335.237.1

130.89

111.579.4

106.7114.0119.5173.790.7

121.0104.1

107.2121.8137.0137.8114.2129.3110.3

106.996.286.499.9

116.3

113.9118.3115.182.3

127.394.1

134. 09149. 54113. 52

535673583119362302

42.237.440.640.33.2

40.93.3

41.240.140.341.340.641.242.040.041.241.039.4

39.53.0

41.039.040.435.7

42.638.341.342.641.237.9

36.740.535.437.1

131. 80

111.979.7

109.1114.1118.9172.791.6

120.3105.2

106.7122.3136.0134.6114.2128.1109.4

107.897.589.2

100.4116. 0

116.3118.5116.083.7

131.293.7

136.53153. 56114. 49

536674585119362295

43.237.540.340.43.3

41.03.5

41.839.940.241.340.941.342.140.341.441.039.2

39.63.0

40.638.440.635.9

42.738.341.542.840.638.4

36.740.535.437.0

131. 62

111.882.2

111.2113.4118.3177.690.4

118.4105.2

106.0121.8135.9137.1110.5128.1108.5

107.095.389.0

100.0114.9

116.8118.6116.984.1

129.292.7

139.43157.90113.65

534673585118401299

42.837.540.740.73.3

41.33.5

41.939.740.241.641.041.542.240.442.541.239.4

39.73.1

40.838.941.035.8

42.638.341.543.142.038.3

36.740.535.537.1

132.74

113.078.5

111.0115.2121.0182.890.1

119.3105.7

106.4123.2136.9140.2120.6128.7108.4

107.692.785.4

101.6114.8

116.1118.5116.984.0

148.193.7

138.24159.08114. 77

527669585120407300

42.838.340.940.83.4

41.63.7

42.440.540.742.041.041.842.740.242.741.239.5

39.93.3

41.038.041.436.3

42.838.341.542.441.938.9

36.740.335.437.1

132. 56

112.777.7

113.9114.2118.6183.791.8

121.1106. 1

104.2121.1137.5136.2111.4126.9108.4

108.695.479.9

103.0115.9

115.1117.8116.984.0

150.095.5

139. 32162. 60116. 57

531669594121408303

42.337.140.840.73.4

41.33.5

41.740.540.441.8-41.341.442.340.541.541.139.4

39.73.2

40.739.041.335.8

42.838.041.543.041.938.7

36.340.335.137.1

132. 35

111.876.4

110.6113.8117.7184.292.7

121.6106.9

105.6120. 1132.6138.3107.6127.5107.8

108.795.583.2

103.3114.8

116.0116.8118.785.9

150.395.9

139. 00160. 40116. 28

533673595121412306

43.539.440.840.83.3

41.23.4

41.941.240.542.141.641.442.440.639.841.139.6

40.13.2

40.838.841.536.3

42.838.241.943.141.839.5

36.540.335.237.1

134.37

114.978.2

119.5115.9120.4185.194.7

122.8108.7

108.7122.5137.2140.8110.5128.4109.3

110.096.091.1

103.9117.2

116.4118.1120.086.1

151.598.9

139.32161. 24117. 50

536672597121414307

42.537.341.040.73.5

41.43.6

41.740.340.741.741.741.542.440.441.841.139.4

39.83.3

40.736.841.636.2

43.138.041.842.141.338.4

36.340.235.136.9

'134.06

114.676.6

115.3116.4121.3185.493.5

125.4109.6

108.8124.4133.6140.5117.6128.8108.4

109.995.987.5

105.1117.1

117.9117.4120.284.1

150.496.5

138. 55154. 76119. 31

536671598122414307

41.636.040.040.23.5

'41.0'3.740.4

'38.639.5

V 40. 8'41.5

41.4'41.8'40.2

41.9'40.5

39.2

'39.23.3

40.4'37.5'39.9'35.1

42.6'37.8

41.742.941.2

'37.8

'36.2'40.1

34.937.0

'133.05

' 111. 874.8

' 104. 1' 115. 0

120.6181.9'90.1123.0

' 107. 0

' 108. 2' 123. 7' 132. 8'139.9' 118. 7' 126. 9110.1

' 107. 8'94.6'82.3' 100. 8' 112. 4

116.5' 116. 6

120.186.4

150.0'95.0

' 137.45' 151.55' 117.60

'538'673'599'122'419

307

'41.9'38.0

40.540.7'3.4

'41.4'3.7

'42.1'41.2'40.9'42.2'41.7'41.2' 42. 2'40.3'41.8'40.8'39.7

40.03.2

'40.7'40.4'41.5'36.4

42.8'38.3'41.8'42.2'41.5'38.6

'36.1'40.0

34.9'36.7

135. 25

' 115. 8'76.4

' 121. 8' 116. 7'121.6' 189. 5'96.9

' 127. 3' 103. 8

' 108. 8' 123. 0' 134. 5' 140. 3' 119. 2' 127. 9' 111. 2

110.3'95.1'89.9

' 106. 3' 117. 6

' 117. 5' 118. 5' 120. 6'85.0

' 152. 9'97.0

' 135.96' 154.64119. 48

537673597123420306

42.236.940.640.73.4

41.43.6

41.941.240.841.841.841.442.140.342.140.839.4

39.73.3

40.438.741.335.9

42.638.141.741.941.538.7

36.040.034.636.6

135.14

114.976.7

118.0116.3121.5189.897.1

126.7100.5

108.7124.0134.1139.8120.2127.0110.4

109.695.187.3

105.2115.5

116.7117.8119.985.1

153.396.9

137. 70154.64120. 18

r Revised. *> Preliminary.tSee corresponding note, bottom of p. S-13.




1966 | 1967

Annual

1967


1968

Jan. Feb. Mar.p


WEEKLY AND HOURLY EARNINGS— Con.

Not Seasonally Adjusted— Continued

Avg. weekly gross earnings per prod, worker onmanufacturing payrolls — Continued f

Durable goods ___ dollars..Ordnance and accessories _ _ doLumber and wood products doFurniture and fixtures doStone, clay, and glass products. _ do

Primary metal industries _ _ do. _ _ _Fabricated metal products . _ _ _ ... doMachinery, except electrical . doElectrical equip, and supplies. do. _ _ .Transportation equipment _ _ _ _ _ _ _ doInstruments and related products doMiscellaneous manufacturing ind- do

Nondurable goods doFood and kindred products doTobacco manufactures doTextile mill products doApparel and other textile products do

Paper and allied products . doPrinting and publishing do. .Chemicals and allied products doPetroleum and coal products doRubber and plastics products, nee doLeather and leather products—. do

Wholesale and retail trade doWholesale trade doRetail trade _ do


Average hourly gross earnings per productionworker on payrolls of nonagricultural estab.:t

Mining _ _ ..dollars-..Contract construction doManufacturing.. _ do

Excluding overtime doDurable goods. do

Excluding overtime do.Ordnance and accessories doLumber and wood products _doFurniture and fixtures doStone, clay, and glass products do

Primary metal industries doFabricated metal products do _Machinery, except electrical doElectrical equip, and supplies doTransportation equipment doInstruments and related products. _ . . . _doMiscellaneous manufacturing ind do

Nondurable goods doExcluding overtime do

Food and kindred products __ doTobacco manufactures doTextile mill products.- doApparel and other textile products doPaper and allied products. doPrinting and publishing. _ doChemicals and allied products _ _doPetroleum and coal products doRubber and plastics products, nee doLeather and leather products do. _ _ _

Wholesale and retail trade doWholesale trade _ _ doRetail trade do


Miscellaneous hourly wages:Construction wages, 20 cities (EN R) : §

Commonlabor $oerhrSkilledlabor *do ""

Farm, without board or rm., 1st of mo doRailroad wages (average, class I) do

Spendable Weekly Earnings fSpendable average weekly earnings per worker (with

three dependents) in manufacturing industries:Current dollarsConstant dollars 1957-59 dollars

PRIVATE SECTOR SERIESNot Seasonally Adjusted

Excludes government employees:Employees, total, nonagricultural estab thous. _

Production or nonsupervisory workers doHrs. (gross), av. weekly: Unadjusted_.hours_L

Seasonally adj.doWeekly earnings (gross), average dollarsHourly earnings (gross), average... do

122.09134.9491.8091.72

114.24

138.09121.69134.90109.18141.86114.9388.80

98.49103.8284.9782.1268.80

119, 35122. 61125. 16144. 58112. 1474.88

79.02111.3868.5792. 50

3.063.882.722.592.902.763.192.252.212.72

3.282.873.082.653.332.732.22

2.452.352.522.191.961.892.753.162.983.412.671.942.132.731.912.48

3.6235.2071.23

i 3. 106

99.4587.93

53, 11144,234

38.7

98.692.55

123. 60135. 4395.9193.73

117. 73

136.94123. 26135. 15111. 76142. 42117. 0192.59

102. 03107. 9887.0184.2573. 08

122.84125.95128. 96152.87113. 8579.07

82.35116. 7670.9596.57

3.204.092.832.723.002.883.242.382.322.83

3.342.973.182.783.442.842.35

2.572.482.642.262.062.032.873.283.103.582.752.072.252.892.012.61

3.8875.5271.33

101. 2687.07

54,44845, 173

38.2

101. 992.67

120.77133. 2291.0890.12

112.19

134. 97120. 83135.88107.98136. 21114.1190. 17

99.18105. 1882.0880.6071.04

119. 14123.33125. 25147. 97109.3576.13

80.22114. 0569.1094.98

3.164.002.792.682.962.843.212.302.272.77

3.302.943.162.723.382.792.33

2.532.442.612.282.011.992.813. 223.043.542.702.032.212.831.982.56

3.7525.364

3.266

98.8686.11

53, 01743,895

37.938.2

99.302.62

121.36133. 5493.0990.74

113.70

135.38120. 72136.20108.93136. 49115.5192. 20

100. 08106. 5287.5281.2071.80

119. 71125.06126.88150. 94110. 1675.65

80.59114. 7469.3095.35

3.163.992.792.692.962.853.212.312.282.78

3.312.933.162.733.372.792.34

2.542.452.632.342.022.002.813.243.053.562.702.052.222.841.982.57

3.7575.371

3.179

99.3086.35

53,28944,136

38.038.2

99.562.62

121.18132.4894.7790.46

115. 23

133.57121. 54134.82108.35137.30115. 7791.57

100.22105.8691.3381.2072.16

119.00124. 03127.49153. 15110.3075.19

80.73115. 2669.8095.83

3.183.992.802.702.972.863.202.342.292.79

3.292.953.152.753.392.812.33

2.552.462.642.362.022.012.823.233.053.572.712.062.232.862.002.59

3.7575.3741.34

3.235

99.4086.21

53, 63144,440

37.838.0

99.412.63

122.89134.0895.1891.25

116.62

134.64123. 26134. 30110. 12141. 78115.9091.57

100. 73107. 1890.3082.2271.80

120.28124.86127. 10153. 58107. 5777.04

81.09115.6669.8096.20

3.174.022.812.702.992.873.202.352.312.81

3.302.973.162.763.402.822.33

2.552.462.642.372.032.002.833.263.073.582.632.062.242.872.002.60

3.8325.464

3.269

100. 1686.64

53,99044,782

37 93&o

100.062.64

123. 19132.2597.2793.09

117.46

136.12122.84134. 09111.88141. 17117. 0192.20

101. 63108. 5094.4182.8272.52

122. 41124.86128. 65152. 72109.0379.28

82.80116. 6471.5696.20

3.194.022.822.712.992.883.212.392.312.81

3.322.963.172.793.412.842.34

2.562.462.642.392.032.022.863.263.103.562.642.072.252.882.012.60

3.8765.533

3.212

100. 9387.01

54,85045, 545

38.338.1

101.882.66

122.40134.0596.6492.40

118.01

136.27121.66133.24111.32140.29116.2890.79

102. 03108. 6291.4481.4172. 16

123.69124.91129.48156.67105.7379.75

84.15117.6272.9697.20

3.224.082.822.713.002.883.232.412.312.83

3.342.963.182.793.432.852.34

2.572.472.632.402.022.012.893.273.123.612.632.052.252.892.012.62

3.9625.5601.36

3.259

100. 2786.07

54, 85845. 493

38.538.2

103. 182.68

123.30135.1196.8895.06

119.99

137.50123. 55132.82111. 76143. 52117. 1492.04

102.80107.9487.7583.8474.05

124.41126.28129. 17153.79116.8980.11

84. 15116.6472.9696.83

3.204.102.822.713.002.883.242.412.332.85

3.372.973.172.783.452.852.33

2.572.472.622.252.042.042.903.283.123.562.772.072.252.882.012.61

3.9785.620

3.226

101. 1686.54

55,16845, 785

38.638.2

103.452.68

126. 05138.6599. 7297. 41

121. 11

138. 58126. 00136. 10112. 31147. 48118. 5392.66

104. 66109. 6786.3386.7374.73

125. 85128. 21130. 31155. 52119. 7180.26

83.45118. 0871.6697.31

3.244.182.852.733.032.893.272.452.372.87

3.383.003.212.783.472.872.34

2.612.502.632.182.102.072.923.333.143.602.832.092.282.932.032.63

3.9785.627

3.271

102. 6187.63

55,05745, 696

38.438.4

104.062.71

125.44137.4399.5597. 82

121.25

137.90124. 38135. 46114. 09146. 86118. 5393.53

104. 14107.9886.0588.1973.75

125.85127. 25130.73155. 23119. 9980. 43

82. 90118. 0871. 5598.69

3.244.212.852.743.032.903.282.442.382.88

3.382.993.212.813.482.872.35

2.612.502.642.132.122.062.923.343.153.612.852.102.292.932.052.66

3.9975.6601.29

3.262

102. 3787.12

55, 03845,688

38.138.0

103. 252.71

126.07139.3599.9697.34

122. 38

141.25124.92137.05115.87141.35119.3694.56

105.06109.4783.4289.0374.93

125.99127.64132. 40156. 52120. 1282.92

82.67118.4871.3498.42

3.244.212.882.763.062.933.312.452.382.90

3.423.013.242.843.492.892.37

2.622.522.672.152.132.072.933.353.163.642.862.112.292.942.052.66

4.0015.687

3.312

103.3587.73

55,45946, 090

38.138.3

103. 632.72

129.58140.4497.2099.84

120. 22

143.45127.80139.53117.67152. 01120.8996.47

105.60HO. 2985.0389.6774.88

127. 74129. 75132. 82150. 06119. 5583.28

83.45119.8872.2299.16

3.264.242.912.793.102.963.322 A32.402.89

3.443.053.262.873.562.922.43

2.642.542.692.222.142.082.953.373.173.592.862.132.282.962.042.68

4.0095.713

104. 8188. 67

55,84846,449

38.238.0

103. 902.72

-•127.70135. 53' 94. 22' 93. 36

'116.69

'144.35'126.28'137.10'115.60'151.68' 117. 27

95.06

'103.86109. 87' 85. 88' 84. 74' 72. 66

124. 91' 126. 38'132,07'157.36117. 55'81.92

'83.65'118.80

72.1199. 90

'3.32'4.33' 2. 94

2. 833.133.003.332.46

'2.402.91

3.47'3.08

3.282.89' 3. 62

2.912.45

2.672.572.74

'2.342.14

'2.102.96

'3.37'3.19'3.72

2.86' 2. 15

2.332.972.092.70

4.0405.7471.42

'103.43' 87. 21

' 54, 079'44,683

37.537.7

'102.75'2.74

'128.96'139.53'100.85' 97. 77

'119.89

'144.70'125.56'139.26'116: 06'149.04'119.14' 98. 85

'106.40110. 00'93.35' 89. 42' 79. 57

'125.50'129.20' 132. 29'153.18'117.14' 85. 80

'84.49'119.80'73.14' 100,46

'3.30'4.26

2,952.833.133.00

' 3. 33'2.49' 2. 42

2.91

' 3. 47'3.07'3.30'2.88'3.60

2.92'2.49

'2.682.582.75

'2.452.162.18

'2.963.40

'3.18'3.70'2.85'2.20'2.36'3.01'2.12

2.73

4.0615. 750

104. 9488.18

'54,347'44,912

'37.7' 38. 0

'104.052.76

129. 68138. 11101. 3498.17

120. 30

145. 81126. 59140.44116. 18150. 48118.8498.60

106. 52109. 8593.9989. 6279.13

125.93130. 64132. 61153. 22118. 5385.69

84. 25119. 70

. 72.72100. 56

3.314.262.962.843.143.013.322.492.432.92

3.483.083.322.893.602.922.49

2.692.592.762.482.172. 182.973.423.183.712.872.222.363.002.122.74

4.0615.750

<* 1. 43

54,61045, 152

37.737.9

104. 432.77

' Revised. * Preliminary. « As of Apr. 1,1968.1 Includes adjustments not distributed by months.

fSee corresponding note, bottom of p. S-13.§ Wages as of Apr. 1,1965: Common labor $4.076; skilled labor. $5.761.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.


HELP- WANTED ADVERTISINGSeasonally adjusted index.. 1957-59=100—

LABOR TURNOVERManufacturing establishments: f

Unadjusted fqr seasonal variation:Accession rate, total

mo. rate per 100 employees.New hires . do

Separation rate, total doQuit - doLayoff - - -- -do

Seasonally adjusted:Accession rate total do

New hires - doSeparation rate, total _ _ ._ _ .do _

Quit doLayoff do

INDUSTRIAL DISPUTESStrikes and lockouts:

Beginning in period:Work stoppages numberWorkers involved - . _ _ _ . . . thous

In effect during month:Work stoppages numberWorkers involved - - - thous .

IVIan-davs idle during period doEMPLOYMENT SERVICE AND UNEMPLOY-

MENT INSURANCENonfarm placements thousUnemployment insurance programs:

Insured unemployment, all programs© doState programs:

Initial claims -- - - . . _ _ _do_Insured unemployment weekly avg do

Percent of covered employment:^ "Unadjusted - - _ - _ _ _ _ _Seasonally adjusted

Beneficiaries weekly average thousBenefits paid mil $

Federal employees, insured' unemployment,weekly average thous

Veterans' program (UCX):Initial claims _. -doInsured unemployment weekly avg doBeneficiaries weekly averase doBenefits paid mil $

Railroad program:Applications thousInsured unemployment weekly avc doBenefits paid mil $

190

5.03.84 62.61.2

4,4051,960

25 400

6,493

1 123

10, 5751 061

2.3

8951 771

21

1822119

39.5

14520

39 3

182

4.43.24 62.31.4

*4 475J>2,900

j, 41 Q00

5 817

1 270

11 7601 205

2.5

1 0172' 092

20

2222321

46 3

241246

40 6

190

3 62.74 01 91.3

4 33 44.92.51 5

325106

465151

1 280

407

1 654

1,0871 582

3.42.5

1 349219 5

24

152523

3.96

243.8

184

3 92 84 62 11 5

4 13 25.22.41 7

430141

575202

1 490

460

1 603

1,0611 532

3.32.6

1 374257 5

22

162422

4 25

234.2

181

3 92 84 32 21 3

4 23 14.72.31 5

440409

600443

2 170

476

1,423

1,0051 360

2.92.7

1 244200 6

19

142121

3.64

203 0

174

4 63.34 22 21.1

4 63.24.62.21.4

535255

695402

3 900

507

1,197

8481 142

2.42.7

1,014183.6

18

141918

3.4

317

2.8

171

5 94.54 32 31.1

4.63.24.82.41.4

430177

670350

4 360

537

1,070

8031 019

2.12.6925

156.1

18

171919

3.5

1514

2.5

169

4 63 34 82 11.9

4 23.04.42.11.6

375804

6301,0104 710

487

1,246

1,2181 184

2.42.8907

147.3

20

222418

3.1

2117

2.1

180

5.44.05 33.21.1

4.33.14.32.31.1

38586

655231

2 840

552

1,122

8721 059

2.22.6946

172.8

19

212523

4.4

1218

3.2

185

5.34.16.24.01.2

4.33.24.72.31.3

405375

670484

6,320

558

955

663894

1.82.4759

122.6

18

182221

3.7

1521

2.9

186

4.73.74 72.41.3

4.73.54.52.21.3

405158

645440

6 510

540

953

798889

1.82.4713

122.1

20

202219

3.5

5621

4.2

187

3.72.74.01.91.3

4.53.34.32.41.2

300197

530388

3 060

460

1,068

910997

2.02.3776

134.9

21

222621

4.0

5423

4.1

190

2.82.03.91.51.6

4.43.44.12.41.1

19065

400194

2 610

380

1,338

1,1491,259

2.62.3942

159.2

23

253326

4.6

3923

4.4

184

'4.2••2.9'4.4

2.0'1.5

'4.5'3.4'4.5

2.4'1.4

310135

470211

2, 520

419

' 1, 718

1,4601, 624

3.32.3

1,317248.5

28

314036

6.9

25'264.7

'193

*>3.8*»2.7J»3.8J>1.9*1.1

P4.5*3.4*4.6*2.5Pl.3

330232

500326

3, 780

400

1,651

9691,556

3.22.3

1,374243.7

29

244038

6.7

1227

4.0

v 201

FINANCE

BANKING

Open market paper outstanding, end of period:Bankers' acceptances mil $

Placed through dealers doPlaced directly (finance paper) do

Agricultural loans and discounts outstanding ofagencies supervised by the Farm Credit Adm.:

Total, end of period mil. $Farm mortgage loans:

Federal land banks. doLoans to cooperatives _ doOther loans and discounts do.__

Bank debits to demand deposit accounts, exceptinterbank and U.S. Government accounts,annual rates, seasonally adjusted:

Total (233 SMSA's)O-_ bil. $__New York SMSA do

Total 232 SMSA's (except N.Y.) _.do..._6 other leading SMSA'sf— - do226 other SMSA's do

Federal Keserve banks, condition, end of period:Assets, total 9 ..mil. $__

Reserve bank credit outstanding, total 9 -doDiscounts and advances doU.S. Government securities _do

Gold certificate reserves do

Liabilities, total 9 _ _ do

Deposits, total. doMember-bank reserve balances.... do.^..

Federal Reserve notes in circulation. .do ._

Ratio of gold certificate reserves to FR noteliabilities percent

3 60313 2793 089

10 190

9 452

4,9581,2903,205

5, 923. 12, 502. 23,420.91, 328. 12 092 7

70, 332

47, 192173

44, 28212 674

70 332

20 97219, 79440 196

31 5

4 31717 0844*901

12 183

10 848

5,6091,5063 733

6, 661. 52 921 23, 740. 31,471.82 268 5

75,330

51,948141

49, 11211 481

75 330

22 92020,99942 369

97 1

3 57515 1993 781

11* 418

9 721

5,0361,3423,343

6, 294. 92, 724. 73, 570. 21, 389. 52 igo 7

67,490

45, 799165

43, 97112 626

67 490

19 87918,91639 115

32 3

3 70416 0344 jJgQ

11 674

9 937

5,1111,3633,463

6,315.92,756 63,559.31,386.82 172 5

67,385

46, 50742

44,90812 611

67 385

20 56119, 14839 013

32 3

3 83016 2494*356

11* 893

10 103

5,1751,3373,590

6, 553. 52,864.03, 689. 51, 451. 42 238 1

69, 015

47, 26754

45, 46012 604

69 015

21 35319, 41039 070

32 3

3 96417 0674 713

12 354

10 280

5,2481,3163,716

6,348.22, 734. 53,613.71,409.22 204 5

68,862

47, 799415

46,06612, 608

68 862

20 84419, 63439, 499

31 9

4 13116 1504 934

11 216

10 435

5,3031,2963,836

6,637.22, 904. 13, 733. 11,476.42 256 7

70, 135

48,26868

46, 71812 610

70 135

21 47419, 50539 934

31 6

4 11617 0444 976

12 068

10 605

5,3581,3353,911

6, 688. 72, 857. 13,831.61,560.52 271 1

70, 516

47, 60341

46,80412,604

70 516

20 81318,87740, 199

31 4

4 10316 8164*979

11 837

10 661

5,4041,3683,889

7,067.83, 185. 73,882.11,575.02 307 1

70,126

48,36336

46, 55512 499

70 126

21 43319, 78940, 363

31 0

4,14616 2205 124

11,096

10,624

5,4491,3843,790

6,799.42, 952. 43,847.01,513.62,333 4

71, 193

48,86074

46,91612, 510

71 193

22 07220, 68640, 413

31 0

4, 13616 7775*186

11, 591

10, 661

5,5021,4383,721

6, 993. 03, 102. 43,890.61, 537. 72 352.9

71,383

48,873120

47,39012, 410

71, 383

21 87720,60440, 628

30 5

4,21817 1475,136

12, Oil

10, 675

5,5461,4753,654

6,997.73, 100. 83,896.91,557.82 339 1

73,418

50,86976

48,93112 392

73 418

22 83720,64841,488

29 9

4,31717 0844,901

12, 183

10, 848

5,6091,5063,733

7, 047. 03,149.73,897.31,515.42, 381. 9

75,330

51,948141

49, 11211, 481

75, 330

22, 92020, 99942, 369

27 1

4,31218, 3705,216

13, 154

11, 012

5,6611,5653,785

7,369.43,323.44,046.01, 584. 82, 461. 2

74,319

51,434843

49, 09211,484

74, 319

23, 61421,83841,365

27 8

4,26617, 8135,493

12, 320

11, 188

5,7211,5953,871

'7,263.93,216.8'4,047.11, 593. 3'2,453.8

'73,462

'51,056166

48, 95211,384

'73,462

'23,040'21,19541, 211

27.6

11,361

5,7931,5983,970

7,218.73,197.94,020.81, 601. 62,419.2

72,866

52, 101672

49,69110,131

72,866

22, 58821,10741,490

'Revised. * Preliminary.fSee corresponding note, bottom of p. S-13.©Excludes persons under extended duration provisions.cflnsured unemployment as % of average covered employment in a 12-month period.

OTotal SMSA's include some cities and counties not designated as SMSA's.Încludes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and

Angeles-Long Beach.9 Includes data not shown separately.

Los




1966 1967

End of year

1967


1968

Jan. Feb. Mar.

FINANCE—ContinuedBANKING— Continued

All member banks of Federal Reserve System,averages of daily figures:

Reserves held, total mil $Required doExcess do

Borrowings from Federal Reserve banks ...do.Free reserves . __ _ » do

Large commercial banks reporting to Federal Re-serve System, Wed. nearest end of yr. or mo.:

Deposits:Demand, adjustedo"1 - mil. $_.Demand, total 9 _ do

Individuals , partnerships , and corp doState and local Governments do _ _ .U.S. Government ' _ . doDomestic commercial banks _ _ _ _ do _

Time, total 9 _ ___ . doIndividuals, partnerships, and corp.:

Savings. . doOther time do

Loans (adjusted), totalc? doCommercial and industrial _ ... doFor purchasing or carrying securities doTo nonbank financial institutions do_ _Real estate loans _ _ __ doOther loans do

Investments, total doU.S. Government securities, total do

Notes and bonds - - doOther securities _ _ do

Commercial bank credit (last Wed. of mo., exceptfor June 30 and Dec. 31 call dates) , seas. adj.:|

Total loans and in vestments© bil $Loans O doU.S. Government securities doOther securities _ do

Money and interest rates: §Bank rates on short-term business loans: f

In 35 centers percent per annumNew York City do7 other northeast centers ...do. _8 north central centers . do7 southeast centers ._ do8 southwest centers _ do4 west coast centers do

Discount rate (N.Y.F.R. Bank), end of year ormonth percent__

Federal intermediate credit bank loans doFederal land bank loans _ _ _ _ doHome mortgage rates (conventional 1st mort-

gages) :JNew home purchase (U.S. avg.) percent..Existing home purchase (U.S. avg.) do

Open market rates, New York City:Bankers' acceptances (prime, 90 days) do.Commercial paper (prime, 4-6 months).. doFinance Co. paper placed directly, 3-6 mo. doStock Exchange call loans, going rate doYield on U.S. Government securities (taxable):

3-month bills (rate on new issue) percent. .3-5 year issues do

CONSUMER CREDIT(Short- and Intermediate-term)

Total outstanding, end of year or month mil. $„

Installment credit, total do .

Automobile paper doOther consumer goods paper . doRepair and modernization loans __do _Personal loans doBy type of holder:

Financial institutions, total do..Commercial banks doSales finance companies doCredit unions doConsumer finance companies. _ _ do__.Other do

Retail outlets, total doAutomobile dealers do

Noninstallment credit, total doSingle-payment loans, total _ do

Commercial banks doOther financial institutions _ _ do

Charge accounts, total doCredit cards do

Service credit dor Revised. « Corrected.1 Average for Dec. 2 Effective with the June 9

data exclude loan balances accumulated for paymentning June 30, about $1 bil. of certificates, formerly in '3 Average for year. * Daily average. « Effective

cTFor demand deposits, the term "adjusted" denotcommercial interbank and U.S. Government, less

i 23, 830123,438

13921557

i -165

75, 120114, 76583, 1086,1373,882

13, 838

89, 639

47, 21329, 002

134, 76160, 7796,691

11, 22827, 49234, 729

51, 50224, 80319, 81626, 699

2 310. 22 207. 8

53.7248.7

4.5035.8235.74

36.1436.30

45.3645.5545.4245.78

44.88145.16

94, 786

74,656

30, 96119, 8343,751

20, 110

65, 56532, 15516,9368,5496,0141,911

9,091490

20, 1307,8446,7141,1307,144

8745,142

shange inof persona'other loaApr. 19,

es demanccash item

125,2601 24, 915

13451238U07

81,848127, 27792,3806,2313,818

15, 752

102, 921

48,86438, 273

143,96666,2908,350

10, 47028, 98837, 700

61, 80428,37122,32233, 433

344.4224.060.060.4

35.9935.7236.3435.9635.9636.0636.09

4.5035.8836.02

36.3336.40

44.7545.1044.8945.66

44.32145.07

99,228

77, 946

31, 19721, 3283,731

21, 690

68,27333,99216, 8519,1696,2941,967

9,673506

21, 2828,2677,0641,2037,5951,0545,420

Federal 11 loans (atns," areiidiscount

1 depositss in proc(

23,70923,351

358362-4

72, 600109, 63579,2546,3102,944

13,236

94, 240

46, 60933,024

432,35060, 7306,7999,942

27, 16833,808

54. 14725, 62921, 05828, 518

318.0211.055.951.1

6.135.866.456.126.076.186.26

4.506.386.00

6.396.50

4.885.385.195.75

4.5544.73

92,517

73, 598

30, 53019, 4263,666

19,976

64,96631,96716, 6968,4295,9651,909

8,632485

18,9197,7546,6341,1205,824

8955,341

Reserve i)OUt$l.li" otherrate is 5other ths}SS Of CO]

23,40522,970

435199236

72,841106, 59277, 4695,9373,752

12,462

96,133

47,09834,039

133,02761,9626,6429,612

27, 13133,852

56, 03826, 77021,24829,268

321.4211.357.852.3

4.506.176.00

6.346.44

4.685.245.015.75

4.2884.52

92, 519

73, 591

30, 52719, 3693,648

20, 047

65,00632,06816, 5938,4855,9511,909

8,585486

18,9287,7696,6471,1225,809

8985,350

egulatiobil.); begsecuritie50.in domeslection;

23,36223,053

309134175

71, 484110,45577,8316,2296, 150

12, 927

96,569

46,97033,769

134, 23762, 6486,9019,723

27, 08734,068

56,03325, 32621,44630, 707

323.2213.556.153.6

4.006.036.00

6.316.34

4.294.834.575.50

3.8524.46

93, 089

73, 840

30, 63519, 3763,636

20, 193

65, 29832, 29916, 5908,5615,9511,897

8,542490

19, 2497,8906,7581,1325,923

9225,436

ns,in-s."

ticfor

23, 28422, 914

370101269

*72,785111,49579, 7826,2492,705

13,490

97,829

47,285" 34,706

433,10661,8366,3029,634

' 27,295"34,509

•> 56,27025, 39821,544

« 30,872

324.6213.556.155.0

5.955.676 325.915 936 046.05

4.005.786.00

6.256.29

4.274.674.415.50

3.6404.68

93,917

74, 290

30,85219, 4423,670

20, 326

65, 73332, 56016,6158,6655,9471,946

8,557494

19, 6278,0176,8481,1696,231

9395,379

loans,reserve

9Im(1948-61965-66see p.certain

23,51823,098

420123297

"73,174409,40279,244

° 5,9193,103

"12,700

'98,847

'47, 73835, 117

436,042« 63,769

6,050« 10,26927, 547

« 35,246

55, 78324, 126

" 21,33431, 657

325.6213.955.456.3

4.005.726.00

6.236.28

4.404.654.405.50

3.4804.96

94,813

75,051

31, 20819, 5803,696

20,567

66, 45232,96616, 7218,8265,9951,944

8,599502

19,7628,0776,9021,1756,334

9655,351

exclusives (indiviiludes da6) appeawill be

3-20.loans fo

23,90723,548

35987

272

"74,349412,460"81,031

6,0893,458

13,445

100, 731

47,83636,604

137,270« 63,419" 7,454« 9,90627, 797

c 35,020

58,26826,00421,04132,264

332.4217.158.856.5

4.005.636.00

6.316.30

4.584.924.705.50

4.3085.17

95, 115

75, 348

31, 36419,6073,711

20, 666

66, 78133, 23516, 7478,8646,0091,926

8,567506

19, 7678,1006,9271,1736,3461,0245,321

i of loandual loaita not shr in theshown lafBeginnirmerly in

23,79123,404

38789

298

73, 321107, 68679, 1575,5032,322

12, 643

101,827

47,95737,449

135, 48862, 1897,0249,495

28,09435,273

59,32126,90322, 27432,418

337.3218.261.857.3

5.955.666.295.925.926.016.02

4.005.626.00

6.286.34

4.775.004.755.50

4.2755.28

95,684

75,889

31,45519, 7553,743

20,936

67,27333, 53616, 7558,9916,0361,955

8,616508

19, 7958,1366,9501,1866,3681,0575,291

s to doni items aown sepaSept. 196ter. Cng Feb.eluded (

24,20023,842

35890

268

74,395113,04381,4445,6655,353

12, 846

101, 659

48, 34937, 174

138,00963, 3727,247

10, 18528,33735, 466

59, 71727,04321,97832, 674

339.5220.261.657.7

4.005.646.00

6.316.36

4.765.004.775.50

4.4515.40

95,886

76,039

31,29619, 9143,742

21, 087

67, 37633,63716, 7019,0266,0671,945

8,663507

19,8478,1796,9941,1856,3871,0835,281

lestic core showrrately.7 Fed. B)Adjuste1967, sensee May

24,60824, 322

286126160

77, 183118, 62584,8086,6834,031

13,960

102,189

48,43837,949

439,21763,4017,791

10,42828,53135, 730

61,67728,91521,84232, 762

342.6221.862.358.6

4.005.666.00

6.346.39

4.885.074.965.50

4.5885.52

96,094

76,223

31,23720,0423,746

21,198

67,51333,72316, 6989,0546,0861,952

8,710506

19,8718,1897,0011,1886,4711,0565,211

cninercia]L gross; i.

JReviseDeserve Bd to excles revise1967 Fed

24,74024,337

403133270

76, 649113,42183, 5215,6073,368

12, 774

102,969

48,53338,788

438,21363,7336,8179,773

28, 75435, 597

61,48528,40022,43633, 085

344.3222.361.860.2

5.965.716.295.915.946.036.03

4.505.786.00

6.336.42

4.985.285.175.68

4.7625.73

96,802

76,680

31,21720,3403,748

21,375

67,76333,81916,7229,1136,1381,971

8,917506

20,1228,2377,0341,2036,6141,0465,271

bankse., before>d monthulletin;ude inter1 to coveeral Rese

25, 26024, 915

345238107

81,848127,27792,3806,2313,818

15, 752

102,921

48,86438, 273

143,96666,2908,350

10,47028,98837,700

61,80428,37122,32233,433

344.4224.060.060.4

4.505.826.24

6.416.51

5.435.565.436.00

5.0125.72

99, 228

77, 946

31, 19721, 3283,731

21, 690

68, 27333, 99216, 8519,1696,2941,967

9, 673506

21, 2828,2677,0641,2037,5951,0545,420

and afteideducti(

ly data f(;hose forbank loar 35 cemrve Bull

25,83425,453

381237144

78, 598120,12886, 0536,3015,467

13,298

104, 178

48, 51639, 639

141, 76264,9948,3609,676

29,03536,293

62, 05728,08022,05733,977

348.4227. 259.162.1.

4.505.986.68

6.396.57

5.405.605.466.00

5. 0815.53

98,225

77, 467

31, 06121, 0973,678

21, 631

68,07634,01716,7759,0636,2511,970

9,391504

20, 7588,2887,0751,2136,9701,0815,500

* deduct])n of vali>r commehome mns. §1ers and tetin) .

25,610"•25,211

'399361'38

75, 721116, 45682, 7615,9846,515

12, 785

104,961

48,62039, 910

140, 51165,0577,5629,303

29, 10636, 431

62, 92728, 73823,87134,189

352.4228.361.862.3

6.366 146 736.356.216.416.31

4.506.106.71

'6.47' 6. 58

5.235.505.256.00

4.9695.59

97, 672

77,327

31,13720, 7853,653

21, 752

68,21534,15516, 7069,0946,2701,990

9,112507

20,3458,3257,0981,2276,3861,0405,634

on of valation rercial banortgage r?or bondjxclude r

25, 58725,225

361671

-310

76,244117, 04484, 7215,6203,323

14, 202

104,696

49, 00639,616

142,06867,0146,5789,597

29,26836,092

61, 48227, 20823,42334,274

351.3228.259.963.2

55.006.216.71

6.506.58

5.505.645.406.00

5.1445.77

luationserves),k creditates foryields,

ates for




1966 1967

Annual

1967


1968

Jan. Feb. Mar.

FINANCE—Continued

CONSUMER CREDIT-Continued

Installment credit extended and repaid:Unadjusted:

Extended, total _ mil. $Automobile paper doOther consumer goods paper doAll other * do

Repaid, total doAutomobile paper doOther consumer goods paper doAll other do

Seasonally adjusted:Extended, total do

Automobile paper doOther consumer goods paper doAll other do

Repaid, total doAutomobile paper doOther consumer goods paper _ doAll other do

FEDERAL GOVERNMENT FINANCE

Net cash transactions with the public: <?Receipts from mil $Payments to doExcess of receipts or payments ( ) doSeasonally adjusted, quarterly totals: §

Receipts from _ bil. $ _Payments to doExcess of receipts, or payments (— ) do

Receipts and expenditures (national income andproduct accounts basis), qtrly. totals, seas.adj. at annual rates:

Receipts bil $Expenditures doSurplus, or deficit ( — ) _ do

Budget receipts and expenditures:Receipts, total mil $

Receipts net^f doCustoms do

Individual income taxes doCorporation income taxes doEmployment taxes doOther internal revenue and receipts do

Expenditures total^f doInterest on public debt doVeterans' benefits and services doNational defense doAll other expenditures do

Public debt and guaranteed obligations:Gross debt (direct), end of yr. or mo., total-bil. $_.

Interest bearing, total doPublic issues _ do

Held by U S Govt investment accts doSpecial issues _ _ do

Noninterest bearing and matured do. _

Guaranteed obligations not owned by U.S. Treas-ury, end of year or month - _ bil. $

U.S. savings bonds:Amount outstanding, end of yr. or mo_-.doSales, series E and H doRedemptions do

LIFE INSURANCE

Institute of Life Insurance:Assets, total, all U.S. life insurance companies J

bil $Bonds (book value) total doStocks (book value)' total doMortgage loans, total do

Nonfarm " do

Real estate. . _ doPolicy loans and premium notes doCash__._. _ ~" ""doOther assets do

Payments to policyholders and beneficiaries inU.S., total mil $

Death benefits doMatured endowments doDisability payments do

Annuity payments. _ doSurrender values doPolicy dividends do

78, 89628 49123, 50226 903

72, 80526 37321 36125 071

145 136150 868

5 731

143 2142 9

.3

146 863HO* 802

1 930

66 15131 98624 05922 736

118 07812 7525 838

64 27135 872

i 329. 32i 325. 021273 031 1 ft RQi 51 99

1 4. 30

i 49

1 50. 924.866 00

i 167 02i 71 (\f\i g yg

i g4 61i 59 37

i 4 gg1 9 121 1 53i e 23

12 342 25 218 2

981 6169 3

1 152 62 120 62. 699. 9

81, 26327 22125, 78728 255

77, 97326 98524 29326, 695

156 300163 571

7 270

151 8164 312 5

160 057117 708

1 989

72 08834 21827 91723 845

131 69813 7696 288

76 25236 058

i 344. 661 341 191 283 96

i - i o 7f»

i 57 23

*3 47

1 55

i 51. 714.905.79

13 293 65 665 31 017 1

174 6

1 261 32 243 12.932.2

5,4881 9161 6551 917

5 9052 0751*8781 952

6 4972 1772 0992 221

6 2812 2171 9152 149

12 30811 852

AKR

12 0467* 757

134

6 212COK

3 9 CO

1 713

9 4591 108

KCO

5 7 co

2 fl4O

329. 62325 69274 20

51 49

3 93

51

51.014347

168 93

7 58fse en

60 26

4 899 341 337 70

968 1416 680 013 4

98 8167 1192.2

6 6412 3501 9852 306

6 6482 3532 0422 253

6 5102 1992 0492 262

6 2462 1931 8992 154

14 49013 1671 ' 393

39 238 S

4

149 1160 911 9

16 527U' 30*.

17fl

5 01 fi6 79Q9 3*^3

9 9fi1

n fiQQ1 -IKA

KAQ

6 CQ3

q 1 1 o

330.95327 01274 95

52 06

3 94

51

51.0946

' 52

169 86

7 81er on

fin ^9

4 929 441 9fi

7 82

1 236 8542 395 9-ic 'c

108 1206 0268. 0

6,4952 2941 9272 274

6 2462 1861 9202 140

6 6062 2172 0952 294

6 3932 2351,9682 190

17 07011 1895 881

19 22513 534

150

9 8074 9QC

3 1571 817

9 4641 127

XQrv

6 303l' 567

327. 80323 88272 23

51 65

3 93

51

51.163945

170 5779 Q8

7 9166 0260 72

4 949 541 188 00

1 034 1454 582 713 7

99 3189 6194.3

7,0622 5592,0742 429

6,6122 3422 0082,262

6,5542,2382 0322,284

6 3612,2191,9482 194

11 29514 4453 150

12 0726 289'l66

5 6871 0653*0332 120

10 9151* 103

5656 1253*130

330. 89326 99271 82

1Q 33

55 17

3.89

51

51.24.4448

171 2473 9fi

8 00fifi OK

60 92

4 959 621 357 80

1 103 2492 185 615 1

101 1195 7213.6

7,4582 6782,1552 625

6,6972 3222 0172,358

6,8232,3382,0812,404

6,5312,2811,9952,255

21,50112 7628 739

38.538.1

.4

148.1162 8

—14.7

22, 07218 304

176

7 2759 3282 5662 728

10 1311 127

4286 1132 505

326. 22322. 29266 13

19 5556.16

3.94

.51

51.30.41.50

171 8873 488 12

66 4161 04

4 999 701 307 89

1 137 5477 487 917 5

102 2199 2253.3

6,8592 3962,0712 392

6,5622 2402 0442 278

6 7762 2662 1472 363

6 5512 2282 0742 249

8 93814 5385 600

9 0186 371

160

4 107946

1 9701 835

11 5021 142

5436 4253 440

330.64327 13270 92

56 21

3.50

.52

51.41.41.47

173. 1374 378.34

66 3260 92

5 039 741 467 g7

969 0429 671 613 5

102 5169 2182.6

7,2232 3922,2292 602

6,6822 3012 0812,300

6,9292,2852,2122,432

6,5852,2402,0792,266

11 76616 3254 559

10 7687 301

178

5 375642

2 6461 927

12 7301 128

5506 7924 364

335. 85332. 41274. 1018 8358.31

3.44

.52

51.46.39.48

173. 8474 768 46

66 5161 07

5 059 811 347 92

1 166 8509 7

77 513 3

102 8198 0265.5

6,5902,0422,2052,343

6,4402,2012 0462,193

6,9732,3222,2342,417

6,6892,2802,1062,303

15, 17614 201

975

38.543.4

-4.9

152.7165.9

-13.2

15, 09012 404

163

7 1004 0322 1061 689

12 4681 145

5436 5864 257

335. 90332. 45274. 71

18 6157.74

3.45

.52-

51.50.35.46

174. 6674 968.62

66 7061 24

5 089 881 348 09

1 118 8453.978 816 6

121 0180. 6267.9

6,9122,3552,2152,342

6,7282,4142 0872,227

6,9422,3212,1652,456

6,6312,3012,0932,237

8,73914 815

—6 076

8,9796 823

179

4 468913

1 3902 029

11 5301 154

5996 6283,391

340. 50337.04279. 8718 6857.17

3.46

.52

51.59.40.44

175. 3975 378.72

66 8861 40

5.109 931 437.95

1, 078. 1465.487 113 0

109 8184.2218.6

7,0322,2222,3752,435

6,5752,2422,0772, 256

7,0322,3052,2422,485

6,6142,2402,1052,269

11, 03215 202

—4 170

10, 2257,529

193

5,463588

2 1071 872

11 7301 174

5866 4113 570

345. 09341. 57284. 2018 8057.37

3.52

.54

51.67.37.43

176. 1875 638.84

67 1061 60

5.1610 001.458.01

1, 059. 6447.396.014 3

107.4184.0210.6

7,8292,0943,0882,647

6,5632,1142 1002,349

7,0352,3062,3212,408

6,6522,2502,1672,235

12, 73413, 434

—699

38.843.3

-4.5

' 157. 3167.9

'-10. 7

12,71110, 616

160

4,8284,2241,5651,935

10, 0841,234

4176,0172,436

344. 66341.19283.9618.7057.23

3.47

.55

51.71.35.47

177.2075. 499.00

67.6062.04

5.1810.081.568.30

1, 373. 4520.580.812.9

91.8191.8475.6

6,3632,1781,9922, 193

6,8422,3142,2232,305

7,0892,4372,2232,429

6,6912,3022,0882,301

181

8,152940

' 1, 611

346. 26342.81286. 8818 7055.93

3.45

.55

51.70.46.63

178.2676 379.06

67.7762.22

5.2110.171.468.23

1,174.9531.286.517.4

133.5196.0210.3

6,3722,3011,8542,217

6,5122,2252,1662,121

7,2452,5192,2502,476

6,6792,3082,1102,261

351. 56348. 31291. 0719 0857.24

3.24

.55

51.73.42.53

178. 7676.689.17

67.8762.29

5.2410.261.338.21

1, 150. 8531.681.013.7

114.4197.0213.1

174.8

349.47346. 14289. 42

56.71

3.34

.56

51.73.40.54

r Revised. v Preliminary.1™5 of Tear; assets of life insurance companies are annual statement values.

io<£? borrowing. §Revisions for 1958-66 appear in the Treasury Bulletin (Dec.19o7).

HData for net receipts and total expenditures reflect exclusion of certain inter fundtransactions.

J Revisions for Apr. 1966-Jan. 1967 will be shown later.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.

FINANCE— Continued

LIFE INSURANCE— ContinuedLife Insurance Agency Management Association:!

Insurance written (new paid-for insurance) :Value estimated total mil. $

Ordinary doGroup and mass-marketed ordinary do_In dustrial do

Premiums collected:Total life insurance premiums do

Ordinary - - _ _ do_ __Group and mass-marketed ordinary doIndustrial do

MONETARY STATISTICSGold and silver:

Gold:Monetary stock, U.S. (end of period) ._ .mil. $_.Net release from earmark! _ • __doExports thous. $Imports.. _ _ _ _ _ _ . _ _ - d o _ _ _Production, world total.. mil. $__

South Africa _ doCanada _ - _ _ d oUnited States do

Silver:Exports thous. $__Imports doPrice at New York _ ___ dol. per fine ozProduction:

Canada ••?*. - - - - -thous. fine ozMexico_.._ ' _ _ _ _ doUnited States _ . do

Currency in circulation (end of period) bil. $__Money supply and related data (avg. of daily fig.) :

Unadjusted for seasonal variation:Total money supply, bil. $

Currency outside banks _ __ _ doDemand deposits do

Time deposits adiustedf doU.S. Government demand deposits _ _ do_ _

Adjusted for seasonal variation:Total money supply do

Currency outside banks _ . doDemand deposits _.do_ .

Time deposits adjusted^ doTurnover of demand deposits except interbank and

U.S. Govt., annual rates, seas, adjusted:Total (233 SMS A's) O__ ratio of debits to deposits.

New York SMS A doTotal 232 SMSA's (except N.Y.) do

6 other leading SMSA'sd" do... .226 other SMSA's _ _ do

PROFITS AND DIVIDENDS (QTRLY.)Manufacturing corps. (Fed. Trade and SEC):

Net profit after taxes, all industries mil. $__Food and kindred products do. _Textile mill products doLumber and wood products (except furniture)

mil. $_-Paper and allied products _ _ _ _ ._ doChemicals and allied products doPetroleum refining _ doStone , clay, and glass products doPrimary nonferrous metal do___Primary iron and steeL ___ doFabricated metal products (except ordnance,

machinery, and transport, equip.) _„ mil. $ _Machinery (except electrical) _ do_Elec. machinery, equip. , and supplies doTransportation equipment (except motor

vehicles, etc.) . . mil. $Motor vehicles and equipment - doAll other manufacturing industries do _

Dividends paid (cash) , all industries doElectric utilities, profits after taxes (Federal Re-

serve) mil.$

SECURITIES ISSUEDSecurities and Exchange Commission:

Estimated gross proceeds, total mil. $By type of security:

Bonds and notes, total doCorporate...- d o _ _ _

Common stock _ doPreferred stock do

By type of issuer:Corporate, total 9 do

Manufacturing d o _ _ _Extractive (mining) doPublic utility doRailroad _ doCommunication doFinancial and real estate do

'121,98987, 33227, 5807,078

10, 09012, 0632,6601,367

13, 159-50

457, 33342,004

2 1, 445. 01, 080. 8

114. 663.1

114, 32578, 3781.293

32,82041, 98445, 047

44.7

169.837.5

132. 3s 154. 0

4.9

52.8109.438.350.133.3

30, 9374 2, 102

702

345911

3,4745,055

7991, 2981,487

1,3953,0582,379

8213,053

4 4, 05812, 958

2,764

45, 015

42, 50115, 5611,939

574

18, 0747,070

3753,665

3392,0031 .941

1141,79993, 488

i 41, 2577,054

16,90612,6682,9071,332

11,982-86

1,005,19932, 547

1, 061. 6103.8

' 100, 710

80, 1781.550

37, 206

30, 35447.2

176.439.4

137.0173.2

5.0

56.7120.840.153.434.5

29, 0082,130

540

333796

3,2615,497

6721,0611,165

1,3162,8932,297

8092,3563,884

13, 262

2,911

68, 514

65, 67021,9541,959

885

24, 79811, 058

5874,935

2861,9799, 433

9, 5666, 8642,135

567

or 1, 284

«'96522693

13, 107-23

563,348

87.88.9

9,0186,3991.293

2,5043,2453,92743.6

170.638.3

132.3164.0

5.0

171.538.7

132.8163.5

55.6119.439.452.634.2

7, 523

7,3671,262

13917

1,41857015

27920

106248

11, 9928,3922,959

641

r 1, 459"•1,114

244.CM

13, 10712

2851,494

89.59.1

10, 6936,1361.293

3,3533,4693,59843.6

171.938.5

133.4166.7

4.9

173.138.9

134.2166.1

54.8117.239.151.233.9

6,748451105

*51* 191

7861,341

67325296

321674527

162620831

3,185

799

5,253

5,1102,219

11924

2,3621,283

3551042

14792

10, 7157,6152,484

616

' 1, 330' 1, 013

21899

13, 109-3162

2,326

89.18.9

11, 0728,4511.293

3,2243,1144,15143.7

173.638. 7

134.9168.8

4.8

172.739.1

133.6168.1

57.7123.040.854.235.1

4,229

3,9911,778

94144

2,0151,153

29401

12109143

11, 9258,2803,002

643

' 1, 4751,104

267105

13, 1093

632,239

91.28.9

15, 1498,1591.296

4,0202,3043,28044.4

. 171.138.9

132.2170.8

6.5

174.539.2

135.3170.0

54.8115.239.252.033.9

4, 002

3,8441,361

11147

1,51859830

4262792

ins

11, 3708,1402,644

586

' 1, 360'1,040

22595

13, 110-5490

2,530

89.19.1

19, 78610, 1201.301

3,4036,0784,19444.7

174.339.3

135.1173.0

3.9

176.239.3

136.8172.4

56.5120.040.153.434.4

7 596506124

82205849

1,344194311296

368840564

199831883

3,266

666

5,373

5,0432,343

31317

2,6741,334

4047733

354UQ

9,7327,2011,956

575

1,399' 1, 053

241104

13, 1081

772,041

88.98.4

2,9124,0211.593

2,7292,1292,46144.9

175.839.6

136.2175.1

5.6

177.939.5

138.4174.6

56.8119.840.755.534.5

4,375

4,1612,375

13084

' 2, 5899631634763540

279

10, 6267,8382,222

566

' 1, 406r 1, 051

25798

13,008-17104

3,331

90.58.3

1,7228,5201.750

2,6913,020

89245.1

175.939.6

136.2177.7

4.3

179.139.6

139.6177.2

59.0128.541.156.634.6

10, 625

10,3762,231

144105

2,4811,263

1653624

359122

10, 1407,2772,298

565

' 1, 313'988

23193

13, 0061

2268,219

89.98.0

4,0945,8391.680

2,9282,4621,36645.0

178.439.8

138.6178.9

5.0

179.239.8

139.5178. 9

57.4120.640.855.435.1

6,718584140

102190767

1,335216192227

305687540

199193

1,0413,079

717

4,218

4,0041,549

17341

1,76365416

26920

202187

11, 6838,4282,650

605

' 1, 4431,107

232105

12,905-873

1,771

84.18.6

2,4803,2961.786

3,3904,3931, 23545.4

180.640.0

140.6180.3

6.2

180.339.9

140.3180.8

58.3125.540.854.635.1

4,609

4,1411,940

238231

2,409930

65647

71213Q9

11, 4258,4282,424

573

1,3721,040

23596

12, 908-32969

1,126

90.08.2

' 2, 7926,7591.953

3,1344,027

64446.5

182.540.4

142.1181.1

5.2

181.240.0

141.2182.5

58.4130.241.255.734.8

8,732

8, 4281,196

22281

1,50052725

4100

8317fi

i 24,0898,586

1 14,932571

' 1, 721' 1, 157

328235

11, 982-221

1,002,5232,510

82.08.7

6,2364,9842.066

2,864

65047.2

187.241.2

146.0181.8

5.0

181.540.4

141.1183.8

.. 58. 5122.14i. 154.635.3

7 946589171

98210859

1 477195233346

322692666

249712

1,1293,732

729

4,483

4,2062,107

23542

2,3851,135

1262821670

977

'9,9897,198

' 2, 290501

1,4211,088

230103

11, 98452

1,5033,201

90.37.7

12, 99310, 9221.990

70345.8

187.840.5

147.3183.5

4.9

' 182. 540.5

141.9183.7

60.2128.541.655.636.0

4,539

4,2131,431

27947

1,75755740

4259

185259

10, 8718,0182,298

555

1,4251,088

24197

11, 882-31949

1,839

23,8898,6451.855

1,07945.8

' 181. 540.3

' 141. 3185.5'7.2

' 182. 540.7

' 141. 8185.0

59.8129.242.156.9

'36.1

8,068

7,8441,381

16855

1, 60456150

55947

14878

10, 484

2.180

182.140.7

141.4187.4

6.7

183.441.1

142.3186.6

59.3128.241.656.535.7

r Revised. i Includes $8.3 bil. coverage on Federal employees. 2 Estimated; excludesU.S.S.R., other Eastern European countries, China Mainland, and North Korea. 3 Be-ginning June 1966, data exclude balances accumulated for payment of personal loans (amount-ing to $1,140 million for week ending June 15). 4 Beginning with the period noted, datareflect reclassification of companies between industries and are not strictly comparable withthose for earlier periods. « Revisions for Jan. 1967: Total, 1,344; ordinary, 1,036.

t Revisions for mouths of 1966 will be shown later. § Or increase in earmarked gold (—).If Time deposits at all commercial banks other than those due to domestic commercial banksand the U.S. Govt. O Total SMSA's include some cities and counties not designated asSMSA's. c? Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland,and Los Angeles-Long Beach. 9 Includes data not shown separately.




1966 | 1967

Annual

1967


1968

Jan. Feb. Mar.

FINANCE—Continued

SECURITIES ISSUED— Continued

Securities and Exchange Commission—ContinuedEstimated gross proceeds— Continued

By type of issuer— ContinuedNoncorporate, total 9 mil $

IT S. Government - doState and municipal do

New corporate security issues:Estimated net proceeds, total do

Proposed uses of proceeds:New money, total. do

Plant and equipment doWorking capital _ do.

Hetirement of securities doOther purposes do

State and municipal issues (Bond Buyer) :Long-term doShort-term do

SECURITY MARKETS

Brokers' Balances(N.Y.S.E. Members Carrying Margin Accounts)

Cash on hand and in banks mil. $_.Customers' debit balances (net)- _ doCustomers' free credit balances (net) do.._

Bonds

Prices:Standard & Poor's Corporation:

Industrial, utility, and railroad (AAA issues) :Composite cf dol per $100 bond

Domestic municipal (15 bonds) do

U.S. Treasury bonds, taxable? do

Sales:Total, excl. U.S. Government bonds (SEC):

All registered exchanges:Market value mil $Face value do

New York Stock Exchange:Market value _. _ _ _ . do_Face value do

New York Stock Exchange, exclusive of somestopped sales, face value, total mil. $

Yields:Domestic corporate (Moody's) percent__

By rating:Aaa doAa __ _ doA. ._ doBaa ._ _ _ do

By group:Industrials _ _ _ _ _ d oPublic utilities doRailroads. do

Domestic municipal:Bond Buyer (20 bonds) _ doStandard & Poor's Corp. (15 bonds) _do

U.S. Treasury bonds, taxableO do

Stocks

Dividend rates, prices, yields, and earnings, com-mon stocks (Moody's) :

Dividends per share, annual rate, compositedollars _ _

Industrials. _ _ doPublic utilities doRailroads _ _ _ _ _ _ _ _ d oN.Y. banks, doFire insurance companies do

Price per share, end of mo., composite doIndustrials doPublic utilities doRailroads . _ _ _ do

Yields, composite .percent.."Industrials _ _ _ _ doPublic utilities doRailroads _ doN.Y. banks _ doFire insurance companies do

Earnings per share (indust., qtrly. at ann. rate;pub. util, and RR. , for 12 mo. ending each qtr.) :

Industrials dollarsPublic utilities doRailroads . . . do

26 9418 231

11, 089

17, 841

15, 80612, 4303,376

2411,795

11 0896,524

!6091 5, 3871 1, 637

86.1102.6

78.63

4,261.123,740.48

4,100.863,589.62

3, 092. 79

5.34

5.135.235.355.67

5.305 365.37

3.833.82

4.66

8.259.174 114.455.066.85

230. 88266 77102 9092.65

3.573.443.994.804.042.92

16.786.309.34

43 71619 43114, 288

24, 409

22,23016, 1546,076

3121,867

14, 2888,025

1 7911 7, 948* 2, 763

81.8100.5

76.55

6 087 435,393 60

5, 428. 004,862 48

3, 955. 54

25.822 5.51

5.665 866.23

5.745 81

2 5 89

3.963.98

4.85

8.269 034 344.625 357.82

246.54290 05101 8795 91

3.353 114 264 823 873.47

15.75r 6 68

6 1054 1541*159

1 400

1 375918457

124

1 159756

6855 4451 936

86 4106.4

80.73

409 22350 65

385 34330 33

258 78

5.35

5 035 185 385 82

5 335 255 48

3.603.56

4 47

8.309.164 204.635 287.81

233. 23267 35105. 1892.56

3.563.433.995.00

•3.943.17

9 891459

1 437

2,334

2,1781 755

42317

139

1,437634

7135 8032,135

85 6105. 8

80 96

478 39394 94

451 87374 71

281. 42

5.43

5.135.235.495.85

5.395.375.51

3.543.60

4.45

8.329.174.274.635.287.81

242. 02278. 90106. 8193.52

3.443.294.004.953.843.28

14.706.378.85

2 213393

1 129

1,985

1,8911 352

5391282

1 1291 197

7015 8962,078

85 4104.9

80 24

381 00333 15

349 76309 72

279 94

5.42

5 115 265 465 83

5 375 375 51

3.693.66

4 51

8.339 184 274.635 287.81

251. 52293 28108 9093 60

3.313 133.924.953.833.31

2 483*438

1 209

1,493

1,4181 082

3361956

1,209951

6735,9662, 220

83 4101.1

77.48

534 32451 62

484. 92413 73

329 41

5.56

5.245.425.605.96

5.465 595 62

3.963.92

4.76

8.198.954.324.635.287.81

238. 37277 83102. 5894.89

3.443.224.214.883.963.51

9 700410

1 461

2,631

2,3631 832

53120

248

1,461531

6866,1952,231

81.7100.2

76.37

539 46464. 38

463. 58406. 43

326. 62

5.75

5.445.635.776.15

5.645 805.80

4.063.99

4.86

8.208.954.384.635.297.81

242. 22282 15100. 7397.92

3.393.174.354.733.983.43

16.076.428.30

1 786415925

2,543

2,1791,531

64789

275

925286

6986,6362,341

81 199.3

76 39

541 91455 80

468 83402 31

358 94

5.86

5 585 725 886 26

5 795 915 88

3 914.05

4 86

8.218 964 394 655 997.81

252. 6999$ 94103 04105 56

3.253 004 964 413 683.53

8 1456 458

840

2,440

2,1841,717

46734

222

840752

7326,6772,281

80 399.6

75.38

529 22471 09

466 98422 84

326 09

5.91

5 625 765 946 33

5 845 965 94

4.064.03

4 95

8.218 964 394 655 307.81

249. 02295 0999 63

104 99

3.303 044 414.433 693.54

2 455362

1 273

1,733

1,5811,080

50110

142

1,273603

7206, 9432,401

80.098.0

75.04

494. 25439. 68

438. 28385. 75

319.92

6.00

5.655.876.066.40

5.936.026.03

4.194.15

4.99

8.228.964.394.655.487.81

257.40307 3599 76

101. 22

3.192.924.404.593.773.57

13.506.53

2 200422991

2,367

2,1201,459

66279

168

991764

7767,1112, 513

78 595.8

73.01

634. 15559. 18

553. 63494. 43

403 06

6.14

5 826 016 196 52

6 056 126 24

4.274.31

5 18

8.239 004 404.585 487.81

251. 90302 8893 6391 88

3.272 974.704.983 893.85

7 2325 0541,320

1,470

1,305914391

3163

1,320767

7917,2002,500

76.895.2

70.53

567 12536. 43

496. 10475. 48

382. 38

6.36

6.076.236.436.72

6.286 396.42

4.424.36

5.44

8.288.924 414.555 488.09

250. 32300 84

95 9290 80

3.312 974 605.014 064.02

2 099371

1,093

2,344

2,1131,379

7348

223

1,093330

7917,9482,763

75.993.6

71.22

531 62519. 14

440. 43446. 45

360. 78

26.51

2 6.196.356.586.93

6.396 57

2 6. 63

4.444.49

5.36

8.308.954 444.555 577.95

256.30309 1998 1990 86

3.242 894 525.014 063.78

r 18 73r 6 68

2 782481

1,162

1,718

1,6061,200

4063083

1 162569

8887,7972,942

77 295.5

73.09

552 08503 57

437. 51422 35

333 25

6.45

6 176 296 486 84

6 346 476 65

4.164.34

5 18

8.419 124 444 555 577.95

247. 26294 1897 7588 59

3.403 104 545 143 933.63

6 4644 7191,134

1,580

1,4741,145

3291492

' 1, 134563

8157,4192,768

77.594.8

73.30

402. 93392. 36

339. 82341. 27

268.61

6.40

6.106.276.416.80

6.316 366.65

4.444.39

5 16

8.429.124 454.525 698.08

241. 14286 9997 1585 80

3.493 184 585 273 773.99

1,3251,077

76 992.7

70.98

317 43

6.42

6 116.286 436 85

6 336 396 67

4.544.56

5 39

8.429 124 464 525 698.08

242. 77290 9692 6686 75

3.473 134 815 213 8Q4.11

r Revised. 1 End of year. 2 Beginning Dec. 18,1967 Aaa railroad bonds not included.9 Includes data not shown separately.cf Number of bonds represented fluctuates; the change in the number does not affect the

continuity of the series.^Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.OFor bonds due or callable in 10 years or more.


April 1968 SUEVEY OF CURRENT BUSINESS S-21


1966 1967

Annual

1967


1968

Jan. Feb. Mar.

FINANCE—Continued

SECURITY MARKETS— Continued

Stocks— Continued

Dividend yields, preferred stocks, 10 high-grade(Standard & Poor's Corp.) percent--

Prices:Dow-Jones averages (65 stocks)

Industrial (30 stocks) _ _ ___ _Public utility (15 stocks)Railroad (20 stocks)

Standard & Poor's Corporation :cfIndustrial, public utility , and railroad:

Combined index (500 stocks) 1941-43= 10__

Industrial, total (425 stocks) 9 do _ _ _Capital goods (122 stocks) doConsumers' goods (181 stocks) _ do _ _

Public utility (55 stocks) doRailroad (20 stocks) do

Banks:New York City (10 stocks) . _ doOutside New York City (16 stocks)., .do

Fire and casualty insurance (20 stocks)_,_do

New York Stock Exchange common stock indexes:Composite 12/31/65=50-

Industrial doTransportation. _ , doUtility doFinance do

Sales:Total on all registered exchanges (SEC):

Market value mil $Shares sold _ _ . _ _ _ _ _ millions

On New York Stock Exchange:Market value mil $Shares sold (cleared or settled) millions

New York Stock Exchange:Exclusive of odd-lot and stopped stock sales

(sales effected) millions

Shares listed, N.Y. Stock Exchange, end of period:Market value, all listed shares bil. $_.Number of shares listed. _ _ _ _ _ millions .

4.97

308. 70873.60136. 56227.35

85.26

91.0884.8674.1068.2146.34

33.3263.80

64. 55

46.1546.1850. 2645.4144. 45

123, 0343,188

98, 5652, 205

1,899

482. 5410, 939

5.34

314. 79879.12132. 65242. 38

91.93

99.1896.9679.1868.1046.72

36.4066.46

62. 29

50.7751.9753.5145.4349. 82

161, 7524,504

125, 3292,886

2,530

605. 8211, 622

4.98

305. 65851. 12138. 03228. 69

87.36

93.3586.7273.7870.4546.13

35.6267.09

68.99

47.8047.7252. 5647.0348.71

11, 181316

8,792216

183

527. 0411, 046

5.04

307. 70858. 11135. 96231. 98

89.42

95.8690.0875.1070.0346.78

35.3266.00

65.86

49.0249.0255.1947.8848.17

14, 515418

11,465268

225

549. 4911, 073

5.03

309. 45868. 66139. 29228. 77

90.96

97.5492.3777.5371.7045.80

36.0166.56

64.86

49.9250.1954.6048.0748.37

11, 777323

9,232206

188

572. 6411,114

5.17

315. 57883. 74137. 15238. 27

92. 59

99. 5995.1079.1370.7047.00

35.4365.81

62.60

51.0051.7855.7647.2048.17

14,411397

11, 335257

219

546. 6511, 199

5.30

318. 12872. 66131. 92253. 90

91.43

98.6196.3478.9467.3948.19

35.3563.97

61.34

50.5451. 5554.9745.9547.51

13, 891374

10,801243

213

559. 5011, 277

5.34

327. 23888. 51132. 72267. 65

93.01

100. 3898.3581.2767.7749.91

36. 7665.95

62.56

51.6753.1357.3044.8749.85

13, 313393

10, 114241

217

586.4111, 326

5.35

329. 62912. 46132. 43262. 85

94.49

102. 11101. 0183.8868.0350.43

37.8967.34

58.95

52. 4654.2056.8044.6951.24

14, 023392

10, 920251

208

581. 9911,374

5.41

330. 87923. 45131. 33261. 79

95.81

103. 84104.1784.6267.4549.27

38.3967.99

60.84

53.2355.2854.8944.5752.98

13, 092369

9,964228

205

600. 9411, 433

5.59

321. 30907. 54126. 08250. 55

95.66

104. 16106. 6483.6064.9346.28

37.8367.43

58.66

53.1355.6251.5643.3352.69

14, 499409

11, 006249

225

583. 1311, 484

5.79

303. 88865. 43123. 05230. 74

92.66

100.90103. 5880.4763.4842.95

35.6564.60

55.84

51.4053.7948.4342.3950.19

14, 478381

11, 193242

212

586. 1711, 568

5.95

309.78887.20125.19233.20

95.30

103. 91106.4181.9264.6143.46

35.5264.83

56.99

53.0655.8048.7342.7552.37

14,919412

11, 186262

230

605.8211, 622

5.70

312.05884. 77132. 48233. 76

95.04

103. 11102. 8781.0668.0243.38

37.1867.64

59.42

53.2455.4547.9044.8755.89

17, 662518

12,914298

263

582.9411, 696

5.65

299. 84847. 20128. 87224. 63

90.75

98.3398.1377.9965.6142.35

38.4670.66

56.61

50.6852.6345.1543.3653.88

12, 008321

8,909205

174

564. 1511, 796

5.80

292. 86834. 76123. 66217. 94

89. 00

96. 7796. 3277.4962.6241.68

38.3870.59

53.31

49. 4851.5443.2941.7852.98

193

568. 5111, 897

FOREIGN TRADE OF THE UNITED STATES

FOREIGN TRADE

Value

Exports (mdse.), incl. reexports, total mil. $._Excl. Dept. of Defense shipments do

Seasonally adjusted do

By geographic regions:Africa doAsia doAustralia and Oceania doEurope. do

Northern North America doSouthern North America doSouth America.. _ _ do _ _ _

By leading countries:Africa:

United Arab Republic (Egypt) doRepublic of South Africa do

Asia; Australia and Oceania:Australia, including New Guinea doIndia doPakistan _ doMalaysia do

Indonesia doPhilippines doJapan do

Europe:France doEast Germany __ _ doWest Germany do

Italy doUnion of Soviet Socialist Republics doUnited Kingdom do

North and South America:Canada... mil. $__

r Revised. cf Number of stocks represents nu]number does not affect continuity of the series.

30,319.629,379.2

1, 348. 56,733.3

805.310,003.0

6, 661. 22, 268. 32,499.9

189.1401.0

654.2929.3238.745.6

67.6347.8

2 363 6

1,007.025.2

1, 673. 6

908.841.7

1, 737. 1

6,660.8

nber cur

31,533.730,941.9

1,182.37, 147. 21. 016. 110,294.1

7, 174. 12, 365. 02,354.9

66.1426.4

891.3955.4346.949.2

68.4428.2

2, 695. 8

1, 025. 126.3

1, 076. 3

972.960.2

1, 960. 3

7, 172. 9

rently us

2,469.32,417.9

2,607.3

87.5r 583. 0

78.4r 819. 3

' 536. 7177.6

' 186. 8

7.834.4

70.1''84.5

30.75.0

4.431.0

218. 2

87.61.6

128. 5

78.88.7

146.9

r 530. 6

ed; the

2,831.92,796.8

2,551.4

113.9652.782.8

936.5

638.6205.1207.9

7.543.2

68.082.844.74.2

10.335.9

228.1

108.64.7

179.0

88.77,1

165.1

638.5

change

2,705.42,666.1

2,653.8

115.3608.676.7

892.8

625.9193.8203.7

11.340.7

68.280.725. 23.5

5.336.8

225. 9

92. 55.9

163. 1

77. 73.4

173.6

625.8

in

2,725.52,683.2

2,546.9

118.9582.278.4

877.8

684.6200.8188.2

10.832.0

65.584.514.33.1

4.635.7

221.5

95.53.5

151.3

82.45.2

163.5

684.5

9 Inel

2,667.22,617.9

2,576.5

114.0602.972.5

854.4

641.5203.5191.8

4.936.0

64.183.725.03.2

2.340.3

210.6

101.22.1

121.1

81.16.0

162.2

(341. 4

udes dat

2,418.82,376.4

2,584.1

86.0561.777.9

792.0

531.2190.1192.1

1.835.4

66.569.423.34.0

3.741.9

220. 1

73.51.5

131.1

76.72.7

141.0

531.1

i not sho

2,486.42,395.4

2,547.9

89.8584.173.3

811.5

533.0191.7204.3

3.438.2

63.694.514.43.2

3.232.6

217.2

67.9.6

152.2

69.12.3

167.0

532.9

wn sepai

2,549.72,504.6

2,642.7

90.3594.174.5

811.6

590.9198.3190.0

5.929.2

66.965.747.63.3

3.434.1

229.5

71.6.6

121.4

73.25.8

192.7

590.8

ately.

2,485.22,440.0

2,392.3

70.3570.482.9

789.8

600.3201.9169.6

1.525.7

73.974.729.74.4

5.837.6

216.7

78.3.3

129.4

72.26.1

147.7

600.2

2,797.02,760.8

2,692.2

88.6617.479.5

961.3

634.3213.4202.5

1.132.1

63.475.924.65.2

11.134.7

258.5

78.62.5

161.8

103.03.8

165.5

634.3

2,872.02,812.9

2,603.9

88.4642.6164.1943.1

618.1197.7218.1

2.929.0

157.958.534.66.7

7.433.8

244.1

86.01.1

136.3

93.44.5

193.6

618. 1

2,726.82,674.0

2,784.7

96.6676.292.1

870.8

615.4186.0189.6

2.535.3

73.694.618.45.9

11.145.8

246.1

102.32.5

117.1

95.15.9

167.4

615.4

2, 726. 02,666.7

2, 773. 1

107. 1639.988.6

880.1

600.7213.4196. 2

1.039.3

73.481.927.95.5

5.036.1

256.8

87.02.7.

124.7

74.72.9

179. 3

600.7


S-22 SURVEY OF CUEEENT BUSINESS April 1968


1966 1967

Annual

1967


1968

Jan. Feb. Mar.

FOREIGN TRADE OF THE UNITED STATES—ContinuedFOREIGN TRADE— Continued

Value — ContinuedExports (mdse.), incl. reexports— Continued

By leading countries— ContinuedNorth and South America — Continued

Latin American Republics, total 9 mil. $_.Argentina.. do_ _Brazil - do_ _Chile doColombia _ _ _ _ _ _ _ d o _ _ _Mexico _ _ _ -_ -- _ _ d o _ -Venezuela _ _ _ - -do

Exports of U.S. merchandise, total doExcluding military grant-aid do

Agricultural products, total _ _ _ _ _ do-_Nonagricultural products, total. -do.

By commodity groups and principal commodi-ties:

Food and live animals 9 doMeats and preparations (incl. poultry) __doGrains and cereal preparations do

Beverages and tobacco do

Cotton, raw, excl. linters and waste., doSoybeans, exc. canned or prepared. __ do_ _Metal ores, concentrates, and scrap do

Mineral fuels, lubricants, etc. 9 - -doCoal and related products doPetroleum and products - - do

Animal and vegetable oils, fats, waxes — do

C h emicals do

Manufactured goods 9 - do. .Textiles doIron and steeL_ doNonferrous base metals _ __do

Machinery and transport equipment, totalmil. $_-

Machinery, total 9 _ _ _ _ _ _ d o _ _Agricultural __do-_Metalworking _ _ _ _ doConstruction, excav. and mining. _.do _Electrical do

Transport equipment , total _ _ do _ _ _Motor vehicles and parts. __ -do

General imports total do

By geographic regions:Africa.. _ ___ __doAsia _ - _ _ doAustralia and Oceania do_ _Europe.- _ _ _ _ _ _ _ _ _ do

Northern North America doSouthern North America _ _ _ _ do_ _South America _ _ _ _ _ _ _ _ d o _ _

By leading countries:Africa:

United Arab Republic (Egypt) doRepublic of South Africa - do

Asia; Australia and Oceania:Australia, including New Guinea doIndia. _ _ do_ _ _Pakistan.- ___ _ _ _ doMalaysia doIndonesia doPhilippines doJapan do

Europe:France _ doEast Germany doWest Germany doItaly _ doUnion of Soviet Socialist Republics doUnited Kingdom do

North and South America:Canada. _ . . do

Latin American Republics, total 9 doArgentina doBrazil _ _ doChile doColombia doMexico do. .

4, 230. 9244.1575.0256.0287.1

1, 180. 0598.0

29,883.928,943.56,874.223,009.8

4,562. 4158.9

3, 189. 6

623.7

3,070. 4432.2759.9421.6

975.8493.0434.1

356.8

2,674. 5

3,433. 5554.2557.3582.4

11,155.5

7,445.8628.3337.9969.1

1,900.1

3, 709. 72,386.3

25,542.2

978.85, 276. 4

593.57,857.2

6, 131. 41, 912. 12, 785. 3

17.6249. 0

398.6327.067.8

176.7179.0397.6

2, 962. 6

697.98.2

1, 795. 6743. 049.4

1, 786. 1

6, 124. 9

3, 969. 9148.8599. 7229.1244.8750.2

4, 126. 2230.3547.9248.1218.0

1,223.3587.5

31,147.230, 555. 46,383.3

24, 763. 9

4,064.1151.3

2, 681. 4

648.7

3, 280. 1463.8771.6519.6

1, 104. 4501.3538.9

338.1

2,802.5

3,390.1530.9561.2516.8

12, 573. 0

8, 047. 8614.7338.8

1,038.02,096.9

4, 525. 22, 733. 9

26,815.6

905.45,352.2

581.38, 232. 2

7, 105. 01,968.22, 663. 4

14.9227.0

411.5297.654.8

195.6181.8380.5

2,998.7

689.85.6

1,955.4855.641.0

1, 709. 8

7, 099. 3

3, 853. 2140.3559.0175. 2240.4748.9

319.425.939.516.023.190.843.0

2,440.82,389.4' 512. 91,927.9

'308.412.8

196.9

'40.6

'280.653.862.934.7

81.439.136.9

'31.9

' 215. 5

285.642.152.849.5

' 957. 6

' 642. 457.725.986.5

r 166. 1

' 315. 2'198.8

2,003.72,229.2

94.7' 359. 8'41.1628.0

' 498. 2' 163. 4

217.9

.627.7

'30.121.14.8

10.815.322.9

' 193. 1

49.5.4

142.861.91.9

133.7

' 498. 1

319.810.436.025.818.8fi5.2

360.719.853.523.616.8

105.444.4

2,797.12,762.0

552.22,248.9

358.312.9

242.5

47.6

288.247.954.247.3

76.433.338.0

33.4

242.5

325.547.454.561.5

1, 157. 2

741.969.630.096.4

188.6

415.3254.1

2,354.82,202.9

95.6463.544.9

729.8

597.8200.9222.8

.921.9

27.229.46.4

18.817.536.3

251.5

57.9.3

160.377.76.0

147.1

597.5

344.613.543.211.418.970.5

351.317.340.921.213.4

101.255.6

2,669.82,630.5

524.22, 156. 7

327.811.6

212.1

59.2

263.034.265.341.7

84.442.038.6

29.2

234.2

309.344.950.255.9

1,116.9

726.364.132.995.8

185.6

390.6241.0

2,090.92,226.0

78.4421.446.7

608.5

544.4176.4214,9

.219.2

35.123.44.1

16.113.734.3

228.7

52.8.2

131.766.12.4

123.5

544.3

331.79.6

38.415.519.771.7

336.518.338.320.916.7

103.648.6

2,692.52,650.2

543.9, 154. 0

333.313.3

208.9

54.2

291.748.761.147.3

93.348.340.1

32.1

249.0

293.745.648.145.7

1, 115. 5

740.071.928.997.3

182.1

375.4243.5

2 222.02,139.9

76.9441.533.4

661.5

629.0169.7209.8

4.920.2

20.323.93.6

17.014.320.7

248.7

54.5.3

142.969.44.5

154.9

628.5

317.811.237.918.619.164.3

346.422.635.419.022.3

105.545.7

2,635.42,586.1

519.6, 129. 2

335.912.4

214.0

46.4

275.335.758.144.6

94.548.640.4

38.9

240.2

298.642.045.661.0

1,088.1

682.754.031.582.9

183.9

405.5235.2

2,269.82,227.3

68.5439.857.6

692.1

643.8173.6201.5

3.815.9

43.622.43.4

12.012.736.1

251.6

60.2.3

166.170.42.5

139.3

643.4

304.910.641.016.223.063.3

339.216.150.619.915.299.251.0

2,389.72,347.3

472.3, 929. 6

322.410.8

214.8

40.4

236.127.249.646.2

113.738.570.9

29.9

220.7

256.837.242.146.2

954.6

637.050.331.384.7

164.8

317. 5179. 1

2,126.92,208.0

57.4436.951.9

661.7

563.5136.1218.9

.211.5

32.821.02.8

10.016.036.0

251.2

60.7.4

166.171.01.7

131.3

562.5

304.410.054.411.822.050.7

348. 220.954.320.614.699.149.1

2,448.42,357.5

469.61,980.3

316.212.6

210.8

50.2

240.627.347.441.4

120.746.069.6

22.7

232.7

< 258. 541.140.630.6

908.8

597.844.619.680.3

161.0

311.0186.2

2, 165. 52,125.1

54.5488.956.5

630.9

578.9146.8207.8

.614.4

34.829.04.2

16.418.541.2

269.8

62.5.3

142.077.33.8

136.4

578.2

296.811.254.49.4

18.555.3

335.615.744.018.817.1

101.252.5

, 518. 2,473.1490.9

,027.3

334.912.4

222.4

69.5

228.430.629.350.8

109.140.161.9

26.2

235.3

267.743.841.332.2

1,017.7

630.937.422.885.4

168.1

386.8222.3

2,111.82,208.5

78.3438.745.3

617.6

573.3134.1223.5

.123.9

31.020.54.5

18.814.529.3

251.6

46.1.3

156.059.23.2

130.5

572.0

298.612.353.117.919.149.2

320.416.133.519.619.2

106.347.7

,456.0,410.8531.7

,924.2

332.914.9

209.7

56.8

290.230.983.452.6

92.846.841.7

24.7

218.6

256.444.840.027.7

959.9

618.4,35.829.678.0

169.9

341.6221.3

2, 342.22,201.5

74.1472.946.6

723.4

637.2150.1237,0

.721.2

32.426.12.9

17.515.228.6

280.2

58.2.5

182.579.22.9

137.4

637.0

317.113.660.39.5

17.257.6

358.620.256.522.815.3

109.050.5

,765.82,729.6

667.7, 098. 0

410.114.8

288.8

70.5

328.332.7

112.846.6

96.150.141.2

27.9

244.9

270.745.342.629.2

1, 080. 8

664.235.426.277.6

176.5

416.6252.0

2,435.42,375.7

62.1491.857.5

797.4

644.0161.3220.8

1.213.2

48.327.23.9

21.814.723.6

294.6

67.5.3

205.982.92.7

158.6

643.5

319.812.357.116.018.864.8

362.918.558.624.025.299.850.3

,841.02, 781. 9

563.62, 277. 4

351. 111.8

237.0

73.7

276.838.374.336.6

76.039.131.3

19.8

242.6

277.648.946.030.1

1, 242. 6

717.740.331.791.5

188.1

524.9281.1

2, 431. 12, 524. 8

80.5438.059.8

779.3

668.3176.0228.7

1.023.1

46.525.06.7

18.717.142.7

221. 3

61.7.3

186.883.42.9

170.0

668.0

331.610.830.78.4

20.165.9

329.918.646.518.321.994.745.8

,697.9, 645. 1545.5

,152.4

353.411.8

246.6

44.5

284.960.961.335.6

76.535.530.4

15.5

235.9

262.040.445.429.9

1, 160. 6

675.349.830.977.3

182.2

485.2278.3

2, 735. 22,615.4

101.6504.644.4

889.7

732.2206.5255.5

3.724.6

31.228.45.0

21.012.626.3

297. 6

71.9.5

231.585.79.2

165.2

732.1

379.715.948.915.726.372.2

359.416.148.421.123.3

118.849.3

, 695. 1, 635. 8547.5

, 147. 7

354.011.7

246.2

52.9

290.552.753.247.4

70.530.933.6

26.2

238.4

264.943.240 629 ?

1,163.1

679.053.026.982.2

173.5

484.1259.0

2,448.12, 601. 9

96.2422.849.9

818.0

634.4176.2250.3

.717.3

38.723.14.3

19.011.825.6

230.4

69.1.4

217.381.44.7

149.5

634.1

358. 615.364.115.921.373.8

r Revised. * Corrected. 9 Includes data not shown separately.


April 1968 SURVEY OF GTJKRENT BUSINESS S-23


1966 1967

Annual

1967


1968

Jan. Feb. Mar.

FOREIGN TRADE OF THE UNITED STATES—Continued

FOREIGN TRADE— ContinuedValue — Continued

General imports— ContinuedBy commodity groups and principal commodi-

ties:Agricultural products total mil $Nonagricultural products, total _ _ _do_ __

Food and live animals 9 doCocoa or cacao beans.. _ _do_ _Coffee doMeats and preparations doSugar do

Beverages and tobacco do

Crude materials inedible exc fuels 9 do"Metal ores doPaper base stocks -_ _ _ _ do _Textile fibers doRubber do

Mineral fuels, lubricants, etc doPetroleum and products do

Animal and vegetable oils and fats. _ _ _ doChemicals do

Manufactured goods 9 doIron and steel doNewsprint _ do _Nonferrous metals doTextiles do

Machinery and transport equipment do

Machinery, total 9 _ _ doMetalworking doElectrical do

Transport equipment doAutomobiles and parts do

Indexes §Exports (U.S. mdse., excl. military grant-aid):

Quantity 1957-59=100Value _ _ _ _ _ _ d oUnit value do

General imports:Quantity _ _ _ do _Value doUnit value _ _ do

Shipping Weight and ValueWater borne trade:

Exports (incl. reexports) :Shipping weight thous. sh. tonsValue. _ _ mil. $

General imports:Shipping weight thous. sh. tonsValue. _ _ _ _ _ mil. $

4, 530. 521,011.7

3, 947. 5122.2

1, 067. 3599.5501.2

641.7

3, 265. 51,019.8

449.3436.3180.9

2, 262. 02, 127. 1

146.2955.3

6, 352. 61, 305. 0

889.51, 551. 8

908.5

4,822.8

2, 612. 9135.3

1,010.5

2,209.81, 617. 7

158168106

180182101

185 97818, 520

266, 07417, 319

4 472 122, 343. 6

4, 003. 1147.2962.7645.0588.4

698.1

2, 964. 7973.9419.3305.6174.5

2, 250. 12, 088. 1

122.4963.1

6, 386. 71, 372. 8

863.71, 562. 3

811.9

5 791.2

3, 028. 8203.4

1, 139. 8

2, 762. 42, 259. 4

187 97318 642

254 59917, 415

364 6'1,639.1

314.125.974.547.537.0

49.9r 210. 7

61.233.324.914.1

186.7172.3

14.880.0

' 472. 198.264.6

r 123. 160.4

434.7

232.514.387.5

202.1164.1

12 9711,463

18 9941,315

431 51, 924. 4

369.020.893 851.446.2

63.6

254.562 839.832.021.2

211.8197 2

11.390.2

531.9114.471.4

129.776.7

537.2

286.119.8

103.7

251.1196.4

179192108

188188100

13, 7051,653

20 7641 540

375 7] , 715. 4

322. 611.776.944.354.4

62.4

226.362.732.425.213.6

193.8179.1

8.083.7

490.8105.668.9

122.369.8

430.4

234.117.580.7

196.2151. 1

14, 9481,601

20, 1321,348

336 11 , 886. 3

296.25.5

77 443 137.4

55.5

250 792 635.023.514 3

194.7181.1

8.285.1

551.7122.479.3

127.169.8

497.1

254.416 286.0

242 8192 8

16, 0581,607

22, 6461,426

358 41, 919. 0

337.29.9

75.451.559.7

51 4

282 2117.035.824.99.6

176.9163.7

6.276.1

527 5114.277.8

124.861.3

515 8

249.817.787.5

266.1218.2

191203106

18918899

16, 5701,572

22, 8101,484

344 51 782 8

327 68 8

80 559 663 8

38 3

224 079 730 723.09 o

165.3153 5

7.270 7

493 2110 869 9

105.060 4

473 6

251.615 989 1

222 0179 6

17,2161,500

19 4291,396

357 81, 807. 7

331 74.8

83 061.156.3

39 9

276 598.135.523.615.8

158.3147.4

9.182.9

513 2116.970.8

100.969.3

418 5

258.918.0

104.2

159.6115.2

16, 8921,450

21 0921,450

329 91,781.6

310.34.7

71 857.756.0

51.8

234.371.232.523.712 7

169.9154.3

8.969.6

536.1106.768.5

139.860.5

413. 1

224.016.094.1

189.1157.7

16, 3681,507

18, 9961,352

369 11, 973! 1

347.06.7

90 661.442.3

69.8

248 988 834.820.813 2

185.4174 4

10.273.1

549.8115.476.7

137.165.7

505.3

253.817.1

107.3

251.5219.8

16 8271 454

22 6861 487

378 52, 057! 0

335. 09.5

82 254.937.3

73.8

256 486 138.326.217 1

167.8152 6

12.887.8

628 0145 671.6

167.670 8

518 6

275. 617 6

118 8

242 9211 7

18 3641, 696

20 8611,567

410 82, 020. 2

357.014.463 958.264.3

81 7

254 486.033.728.516 6

212.5199 8

11.482.0

570 0121.071.3

155.666 6

562 6

266.017 095.1

296 6r 257. 1

15, 6021,606

23, 3121,539

430 82, 304. 4

366.521.0

100.157.225.2

74.2

254 770.135.332.916.8

237. 5219.6

13.891.5

681.5128.472.0

224.686.2

671 4

305.317 8

101.7

366.1322.3

14 2781,520

22 8561,740

415 22, 032. 9

356.913.9

110 552.935.2

64.2

225.353.735.731.614.0

204.1187.6

14.786.8

610.0123.861.1

198.770.2

586.2

263.116.190.0

323.1273.9

TRANSPORTATION AND COMMUNICATION

TRANSPORTATIONAir Carriers

Scheduled domestic trunk carriers:Financial operations (qtrly. total) :

Operating revenues, total 9 mil. $Transport, total 9 do

Passenger doProperty.. _ doU.S. mail (excl. subsidy) do

Operating expenses (incl. depreciation) doNet income (after taxes) do

Operating results:Miles flown (revenue) milExpress and freight ton-miles flown doMail ton-miles flown doPassengers originated (revenue) doPassenger-miles flown (revenue) bil

Express Operations (qtrly.)Transportation revenues mil. $Express privilege payments do

Local Transit LinesFares, average cash rate . centsPassengers carried (revenue) . . mil

Motor Carriers (Intercity)Carriers of property, class I (qtrly. total)-

Number of reporting carriers-Operating revenues, total mil $Expenses, total doFreight carried (revenue). mil. tons

3,7073 6723.261

24291

3 250240

1 010 91 081 7

282 481 157 1

430 8111.7

21 96 671

4 1, 1487,8497 457

462

1 274 51 285 9

393 499 371 3

423 1103.6

22 6r Q 634

88 985 524 56 74 6

22 2r 52?

1 0301 0^0

9046224

95139

102 6105.829 98.45 9

101 23 24.0

22 2595

1 2331 8991 851'l!6

100 1108.828.28.05.5

22 9

561

105 2114 429 47 95 4

22 3593

1,1221 112

9877226

99077

105 4117 428 99 26 7

108 829 0

22 45^3

1 2261 9831 917

126

110 5100 327 88.86 8

99 §

494

113 1113 831 89 77 4

23 o595

1 1 1881 1, 056

1 268i 20

1 1 040i 94

109 4113 433 58.36 0

104 33 23. 7

23 1546

114 1114 938 88 35 8

93 }580

109 9110.240 38.05 5

23 1560

117 5114.355 48.66.4

108 826.9

23 2551

23 3561

23 3540

^Revised. p Preliminary. i As compiled by Air Transport Assn. of America. 2 Ex-cludes excess baggage revenues. a For the 1st quarter 1967, payments of $2.6 mil. weredeferred until 2d quarter 1967; for the 3d quarter 1967, payments of $1.4 mil. were deferred

until the 4th quarter 1967. 4 Number of carriers filing complete reports for the year.9 Includes data not shown separately.§ Publication of data beyond 2d quarter 1967 withheld pending revision of comparable

back data.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.

TRANSPORTATION AND COMMUNICATION—Continued

TRANSPORTATION— ContinuedMotor Carriers (Intercity) — Continued

Freight carried, volume indexes, class I and II(ATA):

Common and contract carriers of property(qtrly ) average same period, 1957-59~~100

Common carriers of general freight, seas. adj.1957-59=100 .

Carriers of passengers, class I (qtrly.):Number of reporting carriersOperating revenues total mil. $Expenses total doPassengers carried (revenue) mil

Class I Railroads

Financial operations (qtrly.):Operatm01 revenues total 9 mil. $

Freight doPassenger do

Operating expenses doTax accruals and rents doNet railway operating income doNet income (after taxes) do

Operating results:Ton-miles of freight (net), revenue and nonrev-

enue (qtrly ) bilRevenue ton-miles do

Revenue per ton-mile (qtrly avg ) centsPassengers (revenue) carried 1 mile (qtrly.) _mil

TravelHotels:

Average sale per occupied room _ _ ..dollarsRooms occupied % of totalRestaurant sales index. __same mo. 1951 = 100

Foreign travel:U.S. citizens: Arrivals thous

Departures doAliens: Arrivals do

Departures... _ _ doPassports issued and renewed .do

National parks, visits doPullman Co. (qtrly.):

Passenger-miles (revenue) milPassenger revenues mil $

COMMUNICATION (QTRLY.)Telephone carriers^

Operating revenues 9 mil. $Station revenues doTolls, message . __ _ _ do

Operating expense (excluding taxes) doNet operating income (after taxes) doPhones in service, end of period mil

Telegraph carriers:Domestic:

Operating revenues mil $Operating expenses doNet operating revenues (before income taxes)

mil $International:

Operating revenues doOperating expenses doNet operating revenues (before income taxes)

mil $

161.2

156.0

1156641.0545.8223. 2

10, 6559,281

5448,1171,4921,046

902

750.5738.31 257

17, 095

10.0362

115

3,8813,7592,4132,0401,548

38, 490

1,96933.80

12, 9046,6994,7617,7132,31786.0

319.3275.5

24 9

121 490.4

27 1

160.2

147.7

10 3669 130

485

677

731 6

10 5961

116

4,387' 4, 338

2,7732,3581,686

39, 538

1,43424.57

13, 8467,0905,1708,3192,48890.2

334. 9291.8

24 2

132 4101.3

26 2

155.7

10.2262

114

254275149123111941

155.8

150.2

162137.8133.352.5

2,5362,226

1172,027

364145121

180.0177.21.2563,567

9.7964

122

322325191154188

1,380

4036.97

3,3561,7321,2452,040

58487.0

81.571.8

4 3

31.223.9

6 3

134.3

10.9867

123

308328206157197

1,711

141.6

10.4164

128

352365223190224

2,417

154.0

147.3

162162.8145.355.8

2,6282,312

1212,069

380179143

186.8184.01.2573,793

11.0663

123

402537236217219

5,674

3586 11

3,4451,7641,2912,067

61887.8

85 373.4

7 o

33 124.8

7 1

143.7

9.9355

109

455565319247165

8,814

148.6

11.1263

112

656475316291144

8,595

156.8

145.5

161203.7161.962.2

2,5292 217

1312,038

36312878

179.1174.91.2684,274

10.9764

120

434365306243100

3,892

3856 47

3,4771,7731,3032,059

64389.0

83 574.0

4 6

33 325.4

6 8

146.4

260.8

11.4068

112

36029624822683

2,725

150.7

257.2

11.2459

110

292C249'197

17279

1,534

154.5

154.3

2,6732,375

116

226

185.72 3 66. 2

9.9148

119

27829819620475

922

2885 02

3,5681,8221,3322,153

64290 2

84 672.6

8 3

34 827.2

6 0

162.8

251.4

10.7356

103

128832

162.7

254.3

10,8361

116

1431,082

2 s 71 6

176

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic chemicals, production:Acetylene mil cu ftAmmonia, synthetic anhydrous, thous. sh. toilsCarbon dioxide, liquid, gas, and solid doChlorine, gas (100% Ch) doHydrochloric acid (100% HC1) _ doNitric acid (100% HN"Os) doOxygen (high purity) _ mil. cu. ftPhosphoric acid (100% PsOs) thous. sh. tonsSodium carbonate (soda ash), synthetic (58%

Xa20) _ _ thous. sh tonsvSodium bichromate and chromate doSodium hvdroxide (100% NaOH) doSodium silicate, anhydrous . thous. sh. tonsSodium sulfate, anhydrous., thous. sh. tonsSulfuric acid (100% H3S04) do

16 598'10,622.41,089 0

r 7, 205. 2a, 519. 4r5, 514 4212, 751

r 4, 548. 6r 5, 089. 7

>• 141. 5r 7, 616 5

r 623. 3'1,445.128, 477 3

14 569rll,896.6r 1 172 8

7 653 9r 1,598 6r6 121 8r224 462T 4, 764 3

4, 827 9131.3

7 891 4605 3

r 1, 384. 6r28 213 0

1 234928.784.7

589.0126.7521 3

17072404.9

359 611.8

596 048 3

106 19 330 3

1 2251,032.2

93.9648.1138.8544.3

18,899424.8

429.411.6

660.053.6

121.72 480 8

1 280991.492 9

613.0133.2531 9

17, 617410.6

408.711.2

642 945.1

115.22,460.1

1 2901,072.8

103 6646 7134 2515 4

18 557408.4

404 010.1

673 043 6

122. 424260

1 0691,002.0

112 9624. 1125.9446 3

17 397353 6

421 710.7

643 5flfi 3

109 69 196 2

1 029967.6109.8647.2120.8457 5

17, 656345.0

398.19.7

662 350 7

102.22 115 3

1 162950.7115 3619.3127.6493 4

18, 932357.9

402.411.1

643 150 6

113.79 259 6

1 146925.9104 5621.8133.5504 8

18 660367.6

378 010.3

6440525

121.12 172 1

1 2341,022.9

98 2653 7138.2532 0

19 258415.3

407.411.2

679 253 3

120.62381 5

1 2301, 024. 7

83 7666.7139.1521 7

20 570414. 3

393.910.8

681 955 4

119.22 442 3

1 273' 955. 8'81 6691 4

r 146. 9'521 5

r 21, 511r455 1

433 511.6

708 849 0

r 115. 8r2 592 6

1 277949.283.7

662.6126. 7495 4

20, 637409.6

364.010.5

673 038 3

110.72 °88 3

r Revised. * Preliminary. 1 Number of carriers filing complete reports for the year.- Preliminary estimate by Association of American Railroads. 3 Data cover 5 weeks; other

months, 4 weeks. e Corrected. 9 Includes data not shown separately.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.

CHEMICALS AND ALLIED PRODUCTS—Continued

CHEMICALS— Continued

Organic chemicals, production :cfAcetic anhydride mil Ib\cetvlsalicylic acid (aspirin) doCreosote oil mil. gal_

DDT mil. IbEthyl acetate (85%) do_ _Formaldehyde (37% HCHO) doGlycerin, refined, all grades:

Production _ _ _ do__ _Stocks end of period do

Methanol synthetic and natural mil. gal _Phthalic anhydride mil. Ib

ALCOHOL

Ethyl alcohol and spirits:Production mil tax galStocks end of period doUsed for denaturation doTaxable withdrawals - _ _ do

Denatured alcohol :Production mil. wine galConsumption (withdrawals) _ _ _ _ _ _ _ d o _Stocks, end of period do

FERTILIZERS

Exports, total 9 - --thous. sh. tons._Nfitrogenous materials doPhosphate materials _ _ d o - _ _ _Potash materials do

Imports:Ammonium nitrate do _Ammonium sulfate _ _ _ _ do_ _Potassium chloride do_Sodium nitrate do_ _

Potash deliveries (KÔ) doSuperphosphate and other phosphatic fertilizers

(100%P205):Production thous. sh. tonsStocks, end of period _ _ __ do __

MISCELLANEOUS PRODUCTS

Explosives (industrial), shipments, quarterly:Black blasting powder _ mil. IbHigh explosives do

Paints, varnish, and lacquer, factory shipments:Total shipments., _ _ mil. $ .

Trade products doIndustrial f i n i s h e s . _ _ d o

Sulfur, native (Frasch) and recovered:Production . thous. Ig. tons_.Stocks (producers'), end of period do

PLASTICS AND RESIN MATERIALS

Production:Cellulose plastic materials _ mil. Ib

Therm osetting resins:Alkyd resins __ doCoumarone-indene and petroleum polymer

resins _ _ _ mil. IbPolyester resins _ _ _ _ _ doPhenolic and other tar acid resins ... _ do -Urea and melaniine resins do

Thermoplastic resins:Styrene-type materials (polystyrene) mil. Ib. _Vinyl resins (resin content basis) doPolyethylene. _ do

'1,600.934.1

1 112. 7

141.5i 121. 6

1 3, 627. 1

365. 626.0

1 485. 61 674.8

659.6204.0570.074.7

307.3310.0

3.5

14,2192,303

10,0181,000

154160

2,382321

3,991

4,431624

.51,753.1

2, 364. 41, 312. 41, 052. 0

i 8, 2422,704

i 190. 6

1 614. 0

i 333. 5453.3

1 982. 6i 632. 8

12,397.21 2, 670. 0!3 558 7

1 1, 556. 430.5

i 116. 5

102.8138.9

3, 686. 2

353.832.6

i 520. 2715.3

685.2218.4556.179.0

300.1298.7

4.9

15, 29411,62911, 0251,119

177U68

1 2, 711218

4,034

' 4, 563'725

.41 708 5

'2,450.11, 373. 1

r 1, 077. 0

8,2581,954

1 171. 9

i 585. 9

i 289. 9489.7

i 953. 71 645. 4

12,365.41 2, 599. 43 761 9

114. 72.27.2

10.18.3

289.8

26.527.341.053.6

49.1205.141.95.0

22.622.82.8

1,129118854109

929

21330

296

406637

167.388.978.4

6112,618

14.5

43.3

25.535.473.246.8

188.6204.4296.9

108.42.9

10.6

9.710.7

321.8

30.927.044.557.6

56.3204.151.66.7

27.926.83.8

1,16613792283

1932

24422

504

439623

.1406.4

208.3114.893.5

7082,492

15 7

51.1

28 141.fi88 257 4

201. 2225 .'5330 5

129.72.9

11.4

9.412.4

308.9

31.027.239.659 8

52 6209.539.86.5

21.521.83.6

1,17140

94377

2819

30822

611

415529

208.6121 187.5

6962,405

13 8

47.6

24 940.180.651 2

207.9215.9320 5

135 02 59.1

9.712.8

319 5

33.327.745.960 4

63 4214. 449.27.0

26.526.14.0

1,311153947

87

215

20721

319

385567

231.7134 497.3

7192,349

15 1

52.3

19 046.480.851 3

208.5211.8316 1

135 81 79.5

7.014.2

295 4

28.129.445.755 0

57.2216.045.66.8

24.525.03.6

1,36095

95976

123

15439

217

346627

.1456 2

250.4146.7103.7

6682,215

14 2

52.8

25 441.880.056 6

192.3212. 2309 8

140 12.29.2

9.610.1

281 2

26.827.941.952 8

54 1221.948.55.3

26.125.74.0

1,11168

85553

102

12124

145

287700

214.8134.280.7

7162,278

11.6

46.1

20 535.767. 342.8

169.8167.7299 7

131.82.29.9

10.511.2

299.0

24.822.344.961.0

55.2221.849.76.5

26.826.84.1

1,35411194098

1015

26416

298

325713

248.2146 8101.5

6952,244

12 5

53.1

20 844.080.757 9

190.2203.1291 8

127.02.89.9

5.79.4

289.8

25.721.439.565.1

57.4218.643.37.1

23.323.14.4

1,194218773109

128

2935

380

359684

. 1442 0

210.4120 190.3

6732,263

12.7

50.1

29.039.479.360.2

189.8221.5296.6

131.53.39.0

4.49.4

324.4

32.425.041.963.0

66.3219.544.18.4

23.724.04.1

1,501334963115

1613

1702

385

401597

204.8109. 395.4

6992,231

12.8

50.8

22.942.187.260.6

203.6228.5321 3

123.42.89.9

6.614.9

320.6

32.630.444.662.7

59.5208.744.28.4

23.823.64.4

1,34312894371

1713

32818

267

400653

188.096.991.0

6782,123

13.9

47.8

24.942.484.257.4

213.9235.4311.4

144.02.1

10.112.7

335.1

30.832.648.366.2

57.2218.441.66.2

22.922.44.9

1,428159947106

119

18811

259

'398'726

.1403.9

T 155. 678.6

'76.9

7021,954

14 9

44.0

27 444.976.052 8

208.7233 2360 3

133.32.67.2

11.713.5

' 313. 8

30.836.045.4

r 51.0

56.8220.044.06.4

23.722.95.7

1,41917593591

1820

46716

336

356697

180.691 189 5

6811,996

136.52.69.5

11.510.5

337.6

29.437.846.551 5

1, 324121948127

1817

3788

363705

ELECTRIC POWER AND GAS

ELECTRIC POWER

Production (utility and industrial), totalmil. kw.-hr__

Electric utilities, total . doBy fuels doBy waterpower do

Privately and municipally owned util doOther producers (publicly owned) do

Industrial establishments, total doBy fuels . doBy waterpower do

1,249,444

1,144,350949, 594194, 756

933, 464210,886

105. 094101,912

3,182

1,314,299

1,211,749991, 706220, 043

985,580226,169

102, 54999, 2033,346

101, 061

92, 96076,36916, 591

75, 46817, 492

8,1017,821

280

107, 699

98,94:280, 41918, 523

80, 62718, 315

8, 7578, 4,54

304

102, 172

93, 65476, 19917,455

75, 54618, 108

8,5188,220

298

106, 582

97, 72778, 52419, 203

78, 74718, 980

8,8548,524

330

111, 704

103, 00784, 50518, 502

83, 77219,235

8,6978,408

289

114,428

106, 01987, 10618,914

85, 83620, 184

8,4098,183

226

118, 321

109, 75391, 08818,666

89, 23120, 522

8,5688,320

248

107, 159

98, 93981, 65817, 281

80, 73118, 208

8,2208,001

219

109, 498

100, 86482, 98917, 874

82, 78418,079

8,6358,369

266

109,818

101,28882,78118, 508

82,86018, 429

8y5298,259

270

115,905

107, 34086, 50320,837

87, 36119, 979

8,5658,251

314

121, 305

112, 56592, 32520, 240

91, 86620, 699

8,7408,421

319

r Revised.1 Revised annual total; revisions are not distributed to the monthly data.

cTData are reported on the basis of 100 percent content of the specified material unlessotherwise indicated. 9 Includes data not shown separately.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.

ELECTRIC POWER AND GAS—Continued

ELECTRIC POWER— Continued

Sales to ultimate customers, total (EEI) mil.kw.-hrCommercial and industrial:

Small light and power§ doLarge light and power§ do

Railways and railroads doResidential or domestic doStreet and highway lighting doOther public authorities doInterdepartmental do.

Revenue from sales to ultimate customers (EdisonElectric Institute) mil. $.

GAS

Manufactured and mixed gas:Customers end of period, total 9 thous

Residential doIndustrial and commercial do

Sales to consumers total 9 mil thermsResidential doIndustrial and commercial do

Revenue from sales to consumers total 9 mil $Residential doIndustrial and commercial do

Natural gas:Customers, end of period, total 9 thous

Residential - doIndustrial and commercial do

Sales to consumers total 9 mil thermsResidential doIndustrial and commercial do

Revenue from sales to consumers, total 9 mil $Residential doIndustrial and commercial do

1,038,982

225, 878465, 077

4, 514306,572

9 24025, 9221,779

16, 196. 1

67062841

1 386807562

127 983 543 1

37, 18334, 0573 082

127 52440 95980 890

7 745 24 108 23 433 8

1,107,023

242, 492486, 043

4, 572331, 525

9, 86329, 4263,102

17, 222. 7

89 654

18 61338, 367

42328 895

8342 370

152

1, 398. 1

90, 421

18, 85939, 559

42628, 174

8172,407

179

1, 393. 8

67763443

561363198

49.033.615.3

38, 20135, 0623,139

42, 92718, 84324, 084

2, 882. 51, 731. 91, 150 5

88, 105

18, 70539, 530

37626, 142

7722, 376 -

204

1, 370. 4

87, 585

18, 67940, 304

37024,885

7262,316

306

1, 362. 4

90,587

20,34340, 991

33725,510

7022,405

301

1, 416. 3

67262942

311176131

29.018.510.2

38,07334,9913,037

31, 2259,194

20, 931

1, 868. 3962.6865.8

94, 197

22, 19640, 130

33628, 166

7132,341

315

1, 481. 4

97, 963

23, 05641, 913

35129, 130

7542,437

321

1, 523. 6

95,646

22, 31041, 507

33827,948

7942,436

314

1,496.5

66662442

17568

106

16.88.97.8

38, Oil34,9772,990

24, 5953,684

19, 578

1, 245. 1484.2719.6

92, 564

20, 86841, 724

35525, 939

8762,494

307

1,444.5

91,635

19,70841,308

38926, 513

9152,525

278

1,423.4

95, 386

20, 04741, 216

43429, 782

9622,669

277

1, 473. 0

FOOD AND KINDRED PRODUCTS; TOBACCO

ALCOHOLIC BEVERAGESBeer:

Production mil. bblTaxable withdrawals _ _ _ do ^Stocks, end of period do

Distilled spirits (total) :Production _ _ _ _ _ __mil. tax galConsumption, apparent, for beverage purposes

mil. wine galT-axable withdrawals mil. tax gal-Stocks, end of period doImports mil proof gal

Whisky:Production mil. tax gal._Taxable withdrawals doStocks, end of period doImports mil. proof gal

Rectified spirits and wines, production, totalmil. proof gal __

Whisky doWines and distilling materials:

Effervescent wines:Production. _ mil. wine galTaxable withdrawals doStocks, end of period doImports.. do

Still wines:Production . doTaxable withdrawals _ _ do_Stocks, end of period __doImports do

Distilling materials produced at wineries__.do

DAIRY PRODUCTS

Butter, creamery:Production (factory) mil. IbStocks, cold storage, end of period _ _ _ _ _ d o _ _Price, wholesale, 92-score (N.Y.) $ per lb_.

Cheese:Production (factory), total mil. lb__

American, whole milk do

Stocks, cold storage, end of period do. _American, whole milk do

Imports doPrice, wholesale, American, single daisies (Chi-

cago) .$ per lb_.

113. 04104. 2610.57

191.14

308. 92144. 73880. 56

60 30

128. 5194.58

835. 4652.20

101. 0867 14

8.757.403.751 64

218. 28165. 80265. 1116.34

391. 12

1, 112. 032.3.672

1,855.51 2206

372.7322.2135 5

.527

116 55106. 9710.77

r211 74

324 81r 148. 20

904 5868 17

r 153. 7896 99

856 6659 70

108 0867 18

10 118.714 301 92

217 22174. 53272. 03i 17 46

360.60

1 233 4'l68 6

.675

1, 897. 31 271 5

390 3344.0

i jjji g

.521

8. 157.07

11.77

17 20

21 54r9. 79

888 403 94

13.816.81

843 333.42

6.874 26

86.43

4 3813

3.1413.14

239. 901.08

7.44

105.054.7.672

143.795.4

361.2308.613.2

.520

10 689.50

12.14

19.36

27.2412.64

892 905 21

14.828.25

846. 854.49

8.945 53

.83

.654.50.17

3.2217.87

225. 491.47

10.56

111.876.2.672

160.7106.7

367.4317.918 8

.518

10.779.18

12.88

r 18. 18

23.6611.70

895. 694 90

14.097.54

850. 064.32

8.695 32

.71

.524.64.13

2.8813.59

212. 491.35

3.28

120.0102.9.672

170.5119.1

387.4335.115 7

.518

11.2610.2013.04

20.27

27.9913.46

899. 465 19

15.478.21

854. 574.49

9.675 93

.74

.624.66.15

2.6313.59

201. 881.51

10.74

129.1151.2.673

187.3131.1

408.0355.411.7

.518

11.2110.5112.83

r 16. 50

27.5212.95

900. 425 56

10.987.60

855. 374.88

9.375.82

.94

.684.87.14

3.1114.94

187. 261.41

6.59

129.5191.6.672

192.0137.4

r 438. 6384.818 4

.522

10 649 63

13.03

11.14

22.559.40

900 144 04

7.685.44

855. 623 50

6.473 87

.49

.484.86

10

1.8410.12

177. 281. 17

2.29

104.9228.5.672

172.4120.6

' 453. 3399.812 0

.524

10.7410.4812.48

13.83

26.4613.27

897. 624.89

9.918.29

854.324.27

9.135 56

1.01.63

5.14.10

3.5915.44

165. 281.27

8.90

86.2233.2.681

159.4108.6

r 457. 8404.1

7 2

.518

8.898.67

11.94

16.80

25.8012.77

898. 035.76

12.108.73

854. 335. 04

9.846.45

.80

.765.09.10

31.4314.69

177.921.51

62.10

75.3212.4.677

140.890.8

439.5386.1

7 6

.518

9.008.28

11.83

20.58

28.9416.07

897. 347.80

14.5811.69

853. 346.94

11.827.78

.851.114.75

.24

106. 2016.69

263. 561.69

161. 94

84.6200.5.676

138.187 2

419.7370.0

8 5

.518

8.378.12

11.30

20.73

33.9415.20

899. 168.54

14.8310.74

853. 747.67

12.177.90

1.001.264.46.28

47.7716.61

285. 852.24

58.10

82.2186.2.675

132.081.0

401.8354.3

9 3

.518

8.478.33

10.77

19.94

37.9811.05

904. 587.42

12. 767.21

856. 666.58

8.635.17

1.041.124.30.23

7.9314.45

272. 031.88

19.98

92.4168.6.686

148.092 5

390.3344.013 9

.529

9.057.58

11.52

18.33

23.2210.97

909. 394 76

13.087.19

860. 364.22

8.314 70

.98

.604.62.15

3.8815.11

258. 341.37

10.50

108 1163.5.673

147.795 1

372 9326. 3

9 3

.530

5 00

4 48

13

1 27

101 9r 173 0

.673

142.794 4

r 361 0

'312.38 7

.528

178 9.672

350 3302.1

.522

r Revised. 1 Annual total reflects revisions not distributed to the monthly data. §Data are not wholly comparable on a year to year basis because of changes from oneclassification to another. 9 Includes data not shown separately.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued

DAIRY PRODUCTS-Continued

Condensed and evaporated milk:Production, case goods:

Condensed (sweetened) mil. IbEvaporated (unsweetened) do

Stocks, manufacturers', case goods, end of period:Condensed (sweetened) mil. IbEvaporated (unsweetened) do

Exports:Condensed (sweetened) doEvaporated (unsweetened). __ _ __ do

Price, manufacturers' average selling:Evaporated (unsweetened) $ per case__

Fluid milk:Production on farms mil. IbUtilization in mfd. dairy products _ doPrice, wholesale, U.S. average $ per lOOlb..

Drymilk:Production:

Dry whole milk mil. lb__Nonfat dry milk (human food) do

Stocks, manufacturers', end of period:Dry whole milk doNonfat dry milk (human food) . do_

Exports:Dry whole milk _ _ doNonfat dry milk (human food) do__

Price, manufacturers' average selling, nonfat drymilk (human food) . $perlb_.

GRAIN AND GRAIN PRODUCTS

Exports (barley, corn, oats rye, wheat) _. .mil. bu__

Barley:Production (crop estimate) _ _ . _ _ do__-.Stocks (domestic), end of period-, do

On farms do___Off farms. do

Exports, including malt§ do_._Prices, wholesale (Minneapolis):

No. 2, malting _ _ _ $ per buNo. 3, straight . _ do

Corn:Production (crop estimate, grain only), .mil. bu__Grindings, wet process do

Stpcks (domestic), end of period, total, .mil. bu_.On farms doOff farms do

Exports, including meal and flour .do .Prices, wholesale:

No. 3, yellow (Chicago) $perbu._Weighted avg., 5 markets, all grades do...

Oats:Production (crop estimate) mil. bu._Stocks (domestic), end of period, total do

Onfarms__ do _Off farms do

Exports, including oatmeal doPrice, wholesale, No. 2, white (Chicago)

$ per bu._

Rice:Production (crop estimate) mil. bags?California mills:

Receipts, domestic, rough mil. lb._Shipments from mills, milled rice ..do «Stocks, rough and cleaned (cleaned basis), end

of period mil. lb._Southern States mills (Ark., La., Tenn., Tex.):

Receipts, rough, from producers mil. lb._Shipments from mills, milled rice — doStocks, domestic, rough and cleaned (cleaned

basis), end of period mil. IbExports . doPrice, wholesale, Nato, No. 2 (N.O.)..__$ perlb..

Rye:Production (crop estimate) mil. bu.Stocks (domestic) , end of period doPrice, wholesale, No. 2 (Minneapolis) __$ per bu._

Wheat:Production (crop estimate), total mil. bu

Spring wheat doWinter wheat do

Distribution _ do

Stocks (domestic), end of period, total doOnfarms doOff farms do

128. 61, 696. 1

11.6192.9

92. 938.4

6.73

119, 89256, 398

4.81

94.41, 595. 1

6.9118.2

16.4170.3

.182

1, 590. 3

2 393. 2294.4179.1115.263.6

1.351.33

2 4, 117203.6

3,6772,899

779616.6

1.341.31

2801662557105

30.2

< .77

285.0

1,536920

317

5,8803,962

1,7582,978.083

227.828.41.20

21,3122249

21,0621,559

1,049409641

63.71, 498. 9

5.8190.2

28.633.8

7.05

119, 29459, 578

5.02

82.81, 694. 2

6.1101.1

12.8140.9

.199

1,245.4

2 370. 2302.6182.8119. 840.2

1.301.29

2 4, 722.207.2

4,2153,353

862515.3

1.271.25

2782647544104

9.54.75

289.6

1,9131,403

254

6,6754,561

1,8754,066.085

224.127.71.19

21,5242312

21,2121,366

1,208505704

2.9102.6

15.5119.6

fi)5.9

7.05

9,2034, 5965.06

6.7129.6

7.0»-109.3

1.614.4

.199

82.7

3.1

1.321.31

15.1

38.1

1.381.33

(5)

.77

147119

248

294414

' 1, 416390

.085

1.19

4 0119.8

13 881.9

1.83.7

7.05

10, 5075,1854.95

8.0145.7

7.299.6

1.610.7

'.200

100.9

207.2114.992.2

.8

1.331.32

17.6

2,7152,044

67149.0

1.381.34

44235588

r.l

.77

163122

239

232441

1,163461

.085

24.31.23

349

700239461

6 61.46. 5

9 8124 0

7.32.2

7^.05

10, 7345,558

4.77

8.8173.0

8 8115.7

.87.2

.199

87.6

3.0

1.321.31

16.7

35.4

1.361.32

.2

.75

138134

202

150385

900319

.085

1.21

6.9167.2

r11.0174.2

7.02 ^J

7.05

11,4706,1344.74

10.2195.1

10.9137.9

1.216.2

.199

86.5

4.9

1.351.33

18.1

31.7

1.371.33

.8

.74

180206

120

104385

616324

.085

1.22

6.2173.3

'12.0228.6

5.23.6

7.05

11, 0956,3794.68

7.2202.4

9.4157.6

.932.1

.199

91.7

3121.8357.03 64. 8

5.2

1.331.31

18 2

1,7431,337

40634.0

1.351.33

32703199

3 71

1.7

.78

10458

135

26276

379510

.085

3 18. 71.17

275

34253 1453280

7 9152.0

••14.4266.8

.13.2

7.05

10, 3155,5994.80

8.2157.5

10 2162.3

.713.4

.199

98.7

7.9

1.321 29

16 1

28.0

1.281.26

2.8

.74

144122

113

405206

450223

.085

1.23

3.4141.9

13.6281.8

(i)1.4

7.05

9,7094,9844.98

5.1130.1

8.6152.6

.87.4

.198

106.1

2.3

1 311 30

18 6

36.8

1.221.19

1.4

.73

202153

118

1,133289

912194

.085

1.17

3.2115.5

10.4292.2

(i)2.3

7.06

9,1244.1735.20

4.7100.3

7.4136.0

.719.3

.199

121.8

380. 0230.6149 5

3.1

1.261 26

18 4

382335693 25446.4

1.191.19

776640136

.9

.74

165145

70

1,527358

1,571227

.085

33.31.18

393

1,566602955

4.397.0

8.7265.3

(i)2.5

7.06

9,1674,1375.32

5.4100 8

7 2116 1

1 24 7

.200

105.5

2 9

1 261 26

19 2

42 5

1.151 14

4

.74

35241

269

1,487504

2,064288

.085

1.16

5 985.0

8 9219.2

1.02.5

7.06

8 8143,8755.36

5.7100 6

6 599 7

1 13 5

.199

152.5

4 0

1 251 24

17 1

76 3

1.061 07

6

.74

8143

277

592492

2,003337

.085

1.14

7 892.9

5.8190.2

6.02.6

7.06

9 2994, 1985.29

6.1123 9

6 1101 1

1 i2.5

.198

121.2

302 6182 8119 8

3

1 201 20

15 9

4,2153,353

86261 7

1.111 09

647544104

.1

5962

254

384408

1, 875343

.085

27. 71.13

348

1,208505704

3 386.5

5 4142.2

93 3

7.06

9 608M 633

5.27

6 9128 9

6 684 6

I I4 1

.198

116.7

1 i

1 231 24

18 2

51 8

1.101 09

6

.80

187135

'260

338451

1,671559

1.17

7 485.8

8 2104 0

1 52 3

7.06

9 2494 610'5.20

7 3129 1

6 679 3

76 2

.198

122.8

4 8

1 241 25

17 9

48 1

1.051 10

7

.83

194224

185

511485

1,545295

1.18

10 269

5.11

1 231 23

18 3

1.141 14

.79

213167

179

1.17

r Revised. i Less than 50,000 Ibs. 2 Crop estimate for the year. 3 old crop only;new crop not reported until beginning of new crop year (July for barley, oats, rye, and wheat;

Oct. for corn). * Average for 11 months. s Less than 50,000 bushels. § Excludespearl barley. 9 Bags of 100 Ib.




1966 1967

Annual

1967


1968

(Jan. Feb. Mar.

FOOD AND KINDRED PRODUCTS; TOBACCO— Continued

GRAIN AND GRAIN PRODUCTS— Con.

Wheat— ContinuedExports, total, including flour _ mil. bu._

Wheat only do

Prices, wholesale:No. 1, dark northern spring (Minneapolis)

$ per bu._No. 2, hd. and dk. hd. winter (Kans. City). doWeighted avg., 6 markets, all grades do

Wheat flour:Production:

Flour thous sacks (100 Ib )Offal thous. sh. tons__

Grindings of wheat thous buStocks held by mills, end of period

thous. sacks (100 lb.)_.Exports _ _ _ __doPrices, wholesale:

Spring, standard patent (Minneapolis)$ per 100 lb_.

Winter hard 95% patent (Kans City) do

LIVESTOCK

Cattle and calves:Slaughter (federally inspected):

Calves thous animalsCattle do

Receipts at 28 public markets doShipments feeder to 8 corn-belt States doPrices, wholesale:

Beef steers (Chicago) _ $ per 100 IbSteers, stocker and feeder (Kansas City)__doCalves, vealers (Natl. Stockyards, !!!.)__ do

Hogs:Slaughter (federally inspected) thous animalsReceipts at 28 public markets do_ _Prices:

Wholesale, average, all grades (Chicago)$ per 100 lb-

Hog- corn price ratio (bu. of corn equal in valueto 100 Ib live hog)

Sheep and lambs:Slaughter (federally inspected). __thous. animals..Receipts at 28 public markets doShipments, feeder, to 8 corn-belt States do. _.Price, wholesale, lambs, average (Chicago)

$per lOOlb..

MEATS AND LARD

Total meats:Production (carcass weight, leaf lard in) , inspected

slaughter mil IbStocks (excluding lard), cold storage, end of

period _ mil. Ib _Exports (meat and meat preparations) doImports (meat and meat preparations) ._ do.. _

Beef and veal:Production, inspected slaughter doStocks, cold storage, end of period.. .doExports doImports _ _ doPrice, wholesale, beef, fresh, steer carcasses, choice

(600-700 Ibs.) (New York) $perlb__Lamb and mutton:

Production, inspected slaughter j, mil. lb__Stocks, cold storage, end of period do

Pork (including lard), production, inspectedslaughter mil. Ib

Pork (excluding lard) :Production, inspected slaughter doStocks, cold storage, end of period doExports _ doImports _ doPrices, wholesale:

Hams, smoked, composite $ per lb_Fresh loins, 8-12 Ib. average (New York) ._ do

Lard:Production, inspected slaughter mil. Ib .Stocks, dry and cold storage, end of period. _ do ._Exports doPrice, wholesale, refined (Chicago) $ per lb__

POULTRY AND EGGSPoultry:

Slaughter (commercial production) _ _ ...mil. IbStocks, cold storage (frozen), end of period, total

mil. lb__Turkeys do

Price, in Georgia producing area, live broilers$ per lb..

875.7820.8

1.971.811.88

253, COO4,621

567, 936

4,18023, 540

6.3655.994

4,43227, 31913, 1348,056

26.1725.4132.38

63,72915, 175

22.61

18.5

11, 5533,9011,988

25.00

29,291

621480

1, 318

16,71031732

895

.442

58117

12, 000

9,66223455

298

.587

.569

1,695100158

.152

8,786

436267

.145

675.6637.1

1.921.681.88

241, 6234,423

548, 125

4,37216, 535

6.1245.631

4,002-•27,773' 12, 506

7,852

25.9724.7332.38

r 70, 900» 16, 263

18.95

16.3

' 11, 4983,6191,449

23.48

' 31, 106

644484

1,397

' 17, 50128634

1967

.451

57415

' 13, 281

' 10, 75128656

*307

.544

.515

1,835151

'189.126

9,342

540367

.122

40.738.0

1.911.731.87

19, 019346

42, 662

1,172

6.1755.633

313••2,108

840355

24. 9224.0435.00

' 5, 6611,233

18.81

14.9

'99222167

21.25

' 2, 422

6974299

' 1, 326325

363

.434

5215

r 1, 043

'847290

727

.540

.506

14312514

.136

551

409254

.140

50.846.5

1.971.841.93

21, 272372

47, 842

4,2261,844

6.2635.850

4002,338

943459

24.6524.5835.00

6,7251,442

18.05

14.0

1,07225071

21.25

2,748

72741

110

1,466313

367

.419

5615

1,226

996331

632

.549

.467

166132

9.133

624

351207

.130

48.344.6

1.961.781.91

18,479345

42, 767

1,560

6.2635.790

3162,185

891388

24.5924.8131.00

5,8701,372

17.23

13.5

872215

76

22.75

2,513

7833996

1,378'301

361

.427

4416

1,090

890386

524

.483

.458

14514219

.135

622

321176

.125

48.044.2

1.991.771.94

19,756365

44, 336

1,642

6.2755. 767

3002,4251,013

406

25.3725.1434.50

5,3061,328

21.31

17.4

89030095

29.25

2,569

7254391

1,524300

356

.442

4317

1,002

798336

425

.523

.556

14812813

.129

733

296149

.120

50.545.9

1.941.661.86

19, 902365

44,724

4,2241,976

6.2135.700

2852,423

958326

25.8325.4932.00

5,1781,249

21.05

16.7

904272

96

26.75

2,552

66439

112

1,514288

377

.454

4315

995

799293

332

.557

.554

14112814

.124

791

308160

.125

59.657.4

1.931.611.75

18,490335

41,851

911

6.2755.800

2712,238

955397

26.3725.6130.00

4,7431,118

21.12

17.7

90227776

24.75

2,327

60134

130

1,381276

397

.460

4313

902

724239

226

.523

.594

12911820

.119

771

368221

.140

65.463.1

1.861.581.81

21, 660398

48,842

1,001

6.0135.583

3322,4611,108

612

27.1825.5331.00

5,8081,257

19.94

18.4

1,001359113

24. 00

2,624

52840

131

1,495255

399

.469

4811

1,082

878199

324

.563

.553

14910616

.125

992

486332

.120

71.068.4

1.901.571.90

20, 397382

47,094

4, 6891,118

5.9755.450

3482,3301,078

972

27.5924.7931.00

6,1141,286

19.09

17.1

1,037405223

22.50

2,599

'53740

134

1,422"260

2101

.486

5011

1,128

918203

421

.545

.545

15210713

.124

942

603441

.120

59.056.8

1.931.631.93

21, 216394

49, 019

921

5.9755.483

3832,4331,3931,468

26.9524.9131.00

6,6841,545

18.06

17.2

1,007451300

22.25

2,787

' 59147

138

1,490'265

3101

.466

4913

1,248

1,009250

723

.547

.502

17210518

.120

1,007

'721'551

.110

71.568.9

1.911.591.86

20,453378

46,957

1,115

5.9255.433

3572,254

' 1, 2151,287

26.4623.9032.00

6,4311,531

17.22

17.5

899323150

22.50

2,646

'63846

123

1,384'279

388

.460

4515

1,217

987279

523

.546

.465

16812027

.113

897

'606'429

.105

59.155.2

1.851.581.86

20, 731371

46, 503

4,3721,712

5.9135.383

3232,214

966668

26.3823.6833.00

6,1001,396

16.79

16.1

86924892

22.00

2,582

64436

120

1,381286

376

.460

4515

1,156

944286

532

.573

.472

154151

8.116

730

540367

.105

63.158.7

1.861.621.87

21, 513'387

48, 368

1,903

3652,4931,045

523

26.6823.89

6,4961,445

17.73

16.9

1,05027696

23.00

2,816

65138

128

1,554287

387

.464

5415

1,208

993288

427

.515

157'164

7

687

525'361

.125

69.165.4

1.851.631.85

20, 298364

45,456

1,568

3022,257

850401

27.1925.68

5,6971,288

18.86

17.8

84019078

24.75

2,494

'63537

117

1,414'264

276

.474

4413

1,036

849291

327

.533

13612427

566

'458'310

.135

1.871.611.84

847

27.6726.09

1,323

19.37

17.5

178

26.00

614

229

.469

13

306

.492

402269

.135

' Revised.i Annual total reflects revisions not distributed to the monthly data.


April 1968 SUEVEY OF CUKKENT BUSINESS S-29

Unless otherwise stated, statistics through 19S6and descriptive note? are shown in the 1967edition of BUSINESS STATISTICS

1966 1967

Annual

1967


1968

Jan. Feb. Mar.


POULTRY AND EGGS— Continued

Eggs:Production on farms mil. casesO-_Stocks , cold storage, end of period:

Shell - thous. cases OFrozen mil. Ib

Price, wholesale, extras, large (delivered; Chicago)Iperdoz--

MISCELLANEOUS FOOD PRODUCTS

Cocoa (cacao) beans:Imports (incl shells) thous. Ig. tonsPrice, wholesale, Accra (New York) $ per lb._

Coffee (green) :Inventories (roasters', importers', dealers'), end

of period thous bagsc?1

Boastings (green weight) _ _ _ do

Imports, total - - doFrom Brazil _ _ do

Price, wholesale, Santos, No. 4 (N.Y.)~$ per lb~Confectionery, manufacturers' sales mil $

Fish:Stocks, cold storage, end of period ___mil . lb_.

Sugar (United States):Deliveries and supply (raw basis) :§

Production and receipts:Production thous sh tonsEntries from off-shore, total 9 .—.do

Hawaii and Puerto Rico do

Deliveries, total 9 _ _ _ doFor domestic consumption do

Stocks, raw and ref., end of period do

Exports, raw and refined sh tons

Imports:Raw sugar total 9 thous sh tons

From the Philippines. _ doRefined sugar, total do

Prices (New York):Raw, wholesale. $perlb__Reflned*.

Retail (incl. N.E. New Jersey) ....$ per 5 lb~Wholesale (excl excise tax) $ per Ib

Tea, imports _ thous. Ib

Baking or frying fats (incl. shortening):Production mil IbStocks, end of period© do

Salad or cooking oils:Production _ _ _ doStocks, end of period© do

Marearine:Production _ doStocks, end of period© doPrice, wholesale (colored; mfr. to wholesaler or

laT?e retailer* delivered) $ oer Ib

PATS, OILS, AND RELATED PRODUCTS

Animal and fish fats: ATallow, edible:Production (quantities rendered) mil. lb-_Consumption in end products doStocks, end of period ^ do

Tallow and grease (except wool), inedible:Production (quantities rendered) doConsumption in end products doStocks, end of period 1 do

Fish and marine mammal oils:Production doConsumption in end products doStocks, end of period t do

Vegetable oils and related products:Coconut oil:

Production* Crude mil IbRefined do

Consumption in end products _ _ _ d o _ _ .Stocks; crude and ref., end of period If doImports do

Corn oil:Production: Crude do

Refined doConsumption in end products do -Stocks, crude and ref., end of period If do

184.6

2736

.401

319.3.246

3, 14121, 300

22, 0566,726

.414•' 1,535

271

4, 0456,2501,911

10, 44410,2992,598

3,006

4,1981,039

38

.070

.620

.096

132,996

3, 189 5118.6

2, 946. 883.4

2, 109. 753.2

.266

566.7516.150.9

4, 466. 92, 439. 6

447.4

164.172.1

158.5

358.5569.6783.4

"~498.~2~

446.6397.6388.053.5

194.9

8689

.298

282.6.288

2,41421,291

21,3126,069.384

1,616

253

4, 1036,3911,958

10, 51610,2452,870

1,468

4,5841 1, 134

97

.073

2.619.099

142, 583

3,225.7139.2

2, 922. 192.8

2, 114. 159.9

.257

577.8525.173.2

4, 753. 02, 401. 6

424.6

118.473.0

146.3

565.1749.1133.6

i 523. 0

444.2418.1421.537.7

15.0

••5341

.311

50.9.305

1,618359

.388143

224

216246143

683673

2,734

89

2954510

.072

.630

.099

11,633

260.1118.8

240.889.4

174.755.3

.256

53.444.475.1

387.9191.3471. 9

.55.6

154.4

(<044.956.4

206.879.6

33.730.332.545.8

17.0

'4144

.322

39.8.290

2,8745,657

2,092412

.388136

204

110233184

873859

2,614

91

406100

4

.072

.629

.099

14,419

270. 5119.2

254.181.9

194.965.3

.256

51.343.978.4

419.8205.6501.2

.85.7

135.5

(d)41.362.7

187.718.4

40.438.838.244.9

16.7

••11755

.265

21.6.274

1,717362

.385106

190

10158156

824788

2,501

57

421154

3

.072

.629

.099

14, 518

249.9125.9

244.597.9

160.568.2

.256

50.344.983.6

393.7202.1497.2

3.26.9

145.5

(«045.065.0

191.620.2

37.733.731.049.5

17.0

26571

.258

10.8.276

1,722455

.388115

183

144214198

880842

2,379

68

281544

.073

.627

.099

12, 663

283.6125.6

251.087.8

171.057.9

.256

57.246.380.8

403.8211.1481.8

9.16.2

165.9

(<052.468.3

184.324.3

38.534.835.150.0

16.2

42785

.251

18.9.278

2,4575,226

1,647468

.395111

184

123481146

1,0531,0222,130

197

466132

5

.074

.631

.099

12,378

275.9149.0

255.684.7

173.659.7

.256

49.845.083.5

419.1220,4432.4

20.16.6

165.6

(d)49.052.0

145.925.8

40.236.840.049.2

16.4

39193

.324

16.5.269

2,126627

.38886

226

48479102

891875

1,869

58

500143

3

.073

2.623.099

10, 476

221.5135.8

230 384.5

139.461.9

.256

41.540.480.5

364.1173.6397.4

21.46.0

167. 7

£463.5

114.024.1

33.933.230.048.7

16.1

31599

.288

9.2.279

1,818620

.380122

240

60760286

1,0481,0171,428

117

449701

.073

.620.099

11,907

281.3123.8

255.893.0

176.861.4

.256

44.955.472.8

405.8210.8394.2

21.96.6

165.0

(d)49.669.5

107.818.5

38.233.235.745.6

15.6

.' 253100

.320

8.9.303

2,7024,816

1, 599476

.380191

247

92538205

1,0511,0271,149

587

444103

3

.073

.620.099

9,931

276.0127.6

251.881. 3

168.257.9

.256

43.845.170.2

373.5200.7408. 8-

13.05.7

160.4

(d)44.562.9

107.734.2

39. 135.834.946.8

16.2

23998

.283

12.4.291

2,103778

.375167

238

670542152

862840

1,418

32

324497

.074

.615

.100

8,196

284.7126.0

238.270.0

186.661.3

.256

42.940.372.8

387.1194.4434.6

9.05.7

165.1

37.354.468.494.531.4

38.939.740.143.0

15.8

15096

.298

17.8.316

1,845637

.375166

248

1,090327117

829818

2,217

106

287291

.074

.617

.100

10, 144

294.2123.4

229.580.9

176.853.3

.256

45.744.469.7

395.7192.2441.9

11.65.7

168.1

35.542.761.4

100.535.2

35,532.734.241.3

16.5

8689

.315

26.1.310

2,4145,592

1,424316

.373127

253

97833999

848827

2,870

27

43413851

,.073

.618

.099

13,857

268.2139. 2

232.592.8

189.359.9

.256

46.039.773.2

394.0188.9424.6

5.96.2

146.3

34.635. 553.1

133.616.2

33.835.135.637.7

16.6

7585

••.300

35.8.320

2, 202631

.378'140

227

5512,128

24

763748

' 2, 891

85

201134

.074

.608

10, 910

••264.2' 141. 5

' 246. 5••73.0

•' 203. 3'68.8

••46.3••38.6' 81. 6

' 415. 0' 205. 3' 489. 2

'.96.0

' 144. 4

32.352.2

.' 62. 1' 147. 5

115.8

••35.136.435.7

••36.5

15.7

'7780

'.276

24.5.300

2,461956

.375142

'202

302129

^2,688

285

282325

.074

10, 121

270.9130.3

258. 3100.8

191.162.2

47.342.591.2

383.6190.8440.3

.46.2

121.2

20.945.856.4

143.559.6

37.736.536.034.3

17.0

8082

.298

.300

.375

175

.074

r Revised. *> Preliminary. <* Data withheld to avoid disclosure of operations of in-dividual firms.

1 Annual total reflects revisions not distributed to the monthly data. 2 Beginning July1967, prices based on 1967 benchmark; 1967 average is for July-Dec, period. July 1967 price onold basis, $0.631.

O Cases of 30 dozen. cf Bags of 132.276 Ib. § Monthly data reflect cumulative revisionsfor prior periods. 9 Includes data not shown separately; see also note t f §". AFor dataon lard, see p. S-28. ©Producers' and warehouse stocks. IfFactory and warehousestocks.




1966 | 1967

Annual

1967


1968

Jan. Feb. Mar.


FATS, OILS, AND RELATEDPRODUCTS— Continued

Vegetable oils and related products— ContinuedCottonseed cake and meal:

Production thous sh tonsStocks (at oil mills) , end of period do

Cottonseed oil:Production* Crude mil. Ib

Refined doConsumption in end products doStocks, crude and refined (factory and ware-

house) , end of period mil IbExports (crude and refined) doPrice wholesale (drums* N Y ) $ per Ib

Linseed oil:Production crude (raw) mil IbConsumption in end products doStocks, crude and refined (factory and ware-

house) , end of period mil. IbPrice, wholesale (Minneapolis) _ _ $ per Ib

Soybean cake and meal:Production _ thous. sh. tonsStocks (at oil mills) , end of period do

Soybean oil:Production* Crude mil Ib

Refined doConsumption in end products doStocks, crude and refined (factory and ware-

house) end of period mil IbExports (crude and refined). _ do _Price, wholesale (refined; N Y ) $ per Ib

TOBACCOLeaf:

Production (crop estimate) mil IbStocks, dealers' and manufacturers' end of period

mil IbExports, incl. scrap and stems thous. Ib _Imports incl scrap and stems do

Manufactured:Consumption (withdrawals) :

Cigarettes (small) :Tax-exempt millions _Taxable do

Cigars (large) , taxable _ _ doExports cigarettes millions

2, 381. 494.2

1, 674. 61, 506. 41,258.1

381.8184.0.178

454.2234.7

208.4.128

12,614.4120.0

5, 811. 25, 152. 05,210.2

510.9684.8.140

3 1,888

5,353551, 162179,336

46, 112522, 532

7,07623, 453

1, 570. 6146.7

1, 137. 51, 050. 8

997.0

252.1»72.12.154

365.8213.3

213. 3.129

13, 065. 1177.0

' 6, 122. 45, 072. 85, 207. 5

655.1i 912. 3

.120

3 2, 007

5,4861571,559i 197, 109

48,971527, 798

6,84523,652

179.1126.1

126.6117.186.3

476.94.6

.158

29.719.3

204.9.128

1,022.3111.0

468.8410.4418.7

581.645.7.127

34, 79116,680

3,96739,936

4771,731

184.0148.1

128.7122.886.9

514.08.7

.158

31.319.1

206.5.128

1,083.786.3

496.8446.0455.6

535.8120.2.12g

5,33939,11113,488

4,59343, 591

5922,202

106.8166.9

73.9108.590.5

476.925. 4.158

30.220.2

204.7.128

1,080.9146.1

502.8387.4404.4

600.441.0.127

53,27315, 305

3,97244,084

57?2,059

63.3160.9

43.587.591.9

416.711.6.158

32.522.5

211.8.128

1,107.6111.7

r 530. 9424.8436.8

633.766.5.127

48, 09114, 828

4,32148, 101

6391,943

67.5157.8

49.672.678.3

364.72.0

.160

35.419.6

199.2.128

1, 103. 6122.1

' 527. 9450.3450.6

591.0131.0.122

4 88039, 44419,089

5, 26248, 123

5292,396

44.2148.4

30.242.673.4

298.36.2

.150

7.216.9

184.1.128

1,061.7141.3

«* 512. 3377.0373.2

632.286.2.114

31, 42514, 899

4,14141, 376

4852,270

65.9133. 2

45.447.780.6

246.02.6

.152

32.918.1

185.4.128

1,029.5102.3

*-493 4432.7443.7

687 543.1

122

43,45819,985

3,49551, 658

6481,917

49.1104.9

33.532.974.7

207.03.0

.154

37.816.9

187.4.127

972.9109. 6

T 470. 2398.2450.1

595.0118.0.115

4 99559, 43916, 876

3,89443, 835

6051,811

143.5121. 6

100. 255.179.4

198.75.6

.150

35.315. 6

196.6.132

1,136.9151.6

»• 529. 3428.2448.5

571.379.1.111

50,65620,487

3,87046,653

7101,680

229. 0137.1

167. 1111.687.4

228.64.7

35.913.9

222.6.132

1, 180. 1165.5

•• 535. 3414.8436.2

570.1114.3.109

66,83417, 520

4,14842,529

6091,824

196.8146.7

140.8123.785. 1

252.13.4

.148

24.312.1

213. 3.132

1,128.3177.0

' 525. 7442.6432.7

655.140.1.110

5,48668,82213, 892

3.90236, 593

4412,049

r 198. 0«• 161. 8

143. 8r 136. 6•-85.7

••313.74.5

27.6r!4.6

' 222. 7

-1,191.7r 142. 7

•• 526. 2•• 429. 1••457.1

'688.430.3

44, 29616, 337

"3,485"40,982

5571,599

158.8167. 6

114.1107.182. 1

302.62.0

28.515.9

223. 0

1, 142. 5159.1

514.2457.6450.7

697.268.4

44, 79222, 179

4, 04046, 362

5311,940

LEATHER AND PRODUCTS

HIDES AND SKINSExports:

Value, total 9 thous. $Calf and kip skins thous skinsCattle hides thous hides

Imports:Value, total 9 thous $

Sheep and lamb skins thous piecesGoat and kid skins do

Prices, wholesale, f.o.b shipping point:Calfskins packer heavy 9H/151b SperlbHides steer heavy native over 53 Ib do

LEATHERProduction:

Calf and whole kip thous skinsCattle hide and side kip thous hides and kipsGoat and kid thous skinsSheep and lamb do

Exports:tipper and lining leather thous. sq ft

Prices, wholesale, f.o.b. tannery:Sole bends light index 1957-59—100Upper, chrome calf, B and C grades

index 1957-59—100

LEATHER MANUFACTURESShoes and slippers:

Production total thous pairsShoes, sandals, and play shoes, except athletic t

thous pairsSlippers! doAthletic doOther footwear do

Exports do

Prices, wholesale, f.o.b. factory:Men's and boys' oxfords, dress, elk or side

upper Goodyear welt index 1957 59—100Women's oxfords, elk side upper, Goodyear

welt index 1957 59—100Women's pumps low-medium quality do

155, 6232,582

14, 307

88,99536 99810, 331

.601177

4 72023 83013 37229,302

65 704

2 114 5

105 5

646 897

536 583100 633

6 5762 838

2,737

120 9

111 0121 2

127, 8932 626

11, 987

61 20036 044

7*109

460120

4 00823* 4068 682

28 375

71 769

97 9

92 g

603 214

497 26396 9486 8412 161

2 217

12? 9

113 1125 8

15,404230

1,324

5 6002 510*793

575129

3321 924'742

2,153

4 869

107 4

101 6

49 890

42 4636 723

532172

174

123 5

111 4124 5

13, 169265

1 103

6 2003 857

576

500129

3492 085

8412 251

6 192

106 0

99 2

53 812

44 6658 351

*63416?

237

123 5

111 4124 7

11,300198

1,154

6,3004 079'457

450125

3201 895

7522,201

3,691

104 6

98 3

46 302

38 4667 088

585163

164

121 5

113 7124 7

12,546264

1,090

5,2003 846

721

.450119

3792 050

7772,459

5 565

101.1

98.3

48 744

39 5528 364

613215

162

121 5

113 7124 4

8,801351757

5,4003 194

531

.450130

3401 983

7692,402

8 933

98 2

95 3

49 024

39 7778 504

583160

191

121 5

113 7125 2

8,593174735

5,3002 925

740

400125

2261 461

4851,808

4 415

95 4

88 1

40 932

34 0276 444

342118

162

121 5

113 7124 9

8,640138842

4,1002,503

558

.400

.110

3702 059

6242,778

5,631

95.4

88 1

58 249

47 31410 121

611203

207

121 5

113 7123 9

8,700160912

4 5002 833

510

410125

2941 892

6632, 557

7 260

91 2

83 5

50 545

40 3569 445

555189

212

122 0

113 7125 5

8,873221931

4,2003 46Q

479

.430105

3742 102

7572,607

6 301

90 5

84 2

53 858

43 1759 882

618183

179

124 5

113 7199 5

10, 783233

1,131

4,4001 804

488

.460108

3782 070

7812,748

6,883

90.5

85 8

51 558

41 3459 428

608177

207

124 5

113 7129 6

8,476217837

4,5003 174

391

500098

3471 977'641

2,399

6 520

91 2

87 9

r 47 881

r 40 696••6 418

••576191

167

125 7

113 7129 9

15, 701208797

6,6002 330

614

3412 088

6962,664

6 732

56,306

47 5897 943

607167

144

9,723211983

7,9003,413

734

7, 683

178

T Revised. « Correction.1 Annual total reflects revisions not distributed to the monthly data.2 Average for 11 months. « crop estimate for the year.

9 Includes data for items not shown separately. ^ ^^Revisions for 1966 (thous. pairs): Shoes, sandals, etc., June, 44,962; July, 38,471; Oct.,

43,372; slippers, June, 8,901; July, 6,560; Oct., 10,665.




1966 1967

Annual

1967

Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec.

1968

Jan. Feb. Mar.

LUMBER AND PRODUCTS

LUMBER— ALL TYPES

National Forest Products Association:Production total mil bd. ft

Hardwoods _ doSoftwoods _ _ _ _ _ _ _ _ __do

Shipments, total do _Hardwoods _ _ _ _doSoftwoods do _

Stocks (gross) mill end of period, total doHardwoods _ - doSoftwoods _ do

Exports, total sawmill products _ _ _ . _ doImports total sawmill products do

SOFTWOODSDouglas fir:

Orders, new mil. bd. ft._Orders unfilled end of period do

Production. doShipments doStocks (gross), mill, end of period do

Exports, total sawmill products.- doSawed timber _ _ _ _ doBoards, planks scantlings, etc do

Prices, wholesale:Dimension, construction, dried, 1" x 4", R. L.

$ per M bd. ft_Flooring, C and better, F. G., I" x 4", R. L.

$ per M bd. ft

Southern pine:Orders new mil bd. ftOrders, unfilled, end of period do -_

Production doShipments _ do __Stocks (gross) , mill and concentration yards, end

of period mil bd. ftExports, total sawmill products M bd. ftPrices, wholesale, (indexes):

Boards, No. 2 and better, 1" x 6", R. L.1957-59=100

Flooring, B and better, F. G., 1" x 4", S. L.1957-59=100

Western pine:Orders, new mil. bd. ftOrders, unfilled, end of period _ _ _ do

Production _ _ d oShipments doStocks (gross) , mill, end of period doPrice, wholesale, Ponderosa, boards, No. 3,1" x

12", R. L (6' and over) $ per M bd. ft

HARDWOOD FLOORING

Maple, beech, and birch:Orders, new mil. bd. ftOrders, unfilled, end of period _ do _Production do..Shipments doStocks (gross) mill end of period do

Oak:Orders, new _ doOrders, unfilled, end of period doProduction doShipments doStocks (gross) , mill, end of period do

36, 4337,563

28, 870

36,6628,075

28, 587

5 7471, 0804,667

1, 0095 120

8,480486

8,6018, 615

r 1 040

401110290

85. 62

165 87

6 419274

6 6546, 511

1 23099, 202

105.1

106.2

10,295427

10, 33710, 4031,666

69.39

31.216.325. 126. 71 8

618.126.0

685.6654.458.3

2 34, 5952 7, 185

2 27, 410

2 34, 9482 7, 356

2 27, 592

5, 8101,3914,419

1, 1124 987

2 7 934580

27,8642 7 8401 006

388113275

85 54

169 99

6 717307

6 7516 684

1 29787 436

103 4

106 0

2 10 375557

2 10 0232 10 245

1 445

71 95

26.115.428.426. 54 4

547.020.1

551. 2552 257.9

2 671560

2,111

2 736615

2 121

5 8801 1254,755

67

603602

612568

1 101

27g

19

80 91

170 31

524310

510502

1 2797 042

101.0

105 8

865501

770841

1,564

66 40

2.216. 71 81.82 0

48.331.742 443 056.4

3 161610

2, 551

3 112678

2 434

5 9311 1274 804

87502

668600

739670

1,170

319

22

84. 06

171. 47

582294

605598

1,2868,329

101.6

105.8

904503

947902

1,609

69.55

3 017.52 22.12 2

61. 139 451 653 453 9

2,900648

2,252

2, 954623

2,331

5, 9351, 1864, 749

95419

657589

670668

1,185

351025

82.96

171. 47

540291

526543

1,2696,425

101.4

105.8

871511

820863

1,566

73.32

3. 118.02.12.22 2

39.434.846 444 055 9

3,039628

2,411

2, 987571

2,416

5,9681,2154,753

98432

677562

729704

1,210

379

28

82.40

172. 63

566292

588565

1,2928,502

102.2

105.1

884507

847888

1,526

74.16

2.317.22 52 42 3

43.131.849 946 560 3

2,976621

2,355

2,961563

2,398

6, 0131,3004,713

131496

704567

656699

1,167

481830

83. 24

172 05

575294

583573

1, 3027 026

103.1

105 1

845495

862857

1,531

73. 87

2.617.42.42.42 3

45.328.447.247 961.4

2,654578

2,076

2,773529

2,244

5,9091,3744,535

89418

644606

539605

1,084

277

21

82.82

170. 86

519283

517530

1, 2895,989

103. 6

105.2

920525

824890

1,465

73 83

2 217.42 42 02 5

42 228 738 641 958 0

3,124594

2,530

3,137581

2,556

5,9021,3994,503

100598

708597

716716

1,084

304

26

86.09

170. 86

637316

586604

1, 2716,496

103.7

105.6

955510

973970

1,468

73.12

2 217.02 92 92 9

61 133.852 056 154 0

2,970605

2,365

3,043613

2,430

5,8571, 4144,443

90431

595528

634665

1,053

321121

90.71

169. 30

589315

584590

1,2656,220

105.0

106.4

898479

911929

1, 450

73.18

1.216.42.52.13 3

43.228.047.449 052 3

3,066613

2,453

3,025605

2,420

5,8721,4414,431

103415

624502

683649

1,045

329

23

89.63

168.63

599294

592620

1,2378,795

105.2

106.7

904484

923899

1,474

74.39

2.116.62 42 53 0

41.123.949.345 854.7

2,864564

2,300

2,853611

2, 242

5,9071,4264,481

82380

660505

662658

1,049

249

15

89.20

167. 96

572277

610589

1 2588, 817

106.5

107.2

793504

795773

1,496

73.73

1.815.82 72.435

40.021.945 442 158.1

2, 549513

2,036

2,700603

2,097

5, 8101,3914,419

95256

693580

574618

1,006

321022

90.43

165 24

527307

536497

1.2977,229

107.0

107 4

835557

731782

1,445

71.94

1.715.42 51.84 4

36.120.137.137 357.9

2,539316

2,223

2,655544

2,111

5,8121,3464,466

100407

681621

700640

1,018

369

27

577328

574556

1 3158 674

756607

714706

1,453

1.715. 22 72 15 0

42 020.541 140 658 4

2,829492

2, 337

2, 959620

2,339

5 7151,2654,450

108418

782726

705677

1 045

329

23

637356

579609

1,2856,965

869659

801817

1,437

2.014.92 31.75 8

50. 326.440.343 153.9

METALS AND MANUFACTURES

IRON AND STEELExports:

Steel mill products thous. sh tonsScrap doPig iron__ do

Imports:Steel mill products doScrap _ doPig iron _ do

Iron and Steel Scrap

Production thous sh tonsReceipts doConsumption doStocks, consumers', end of period do

Prices, steel scrap, No. 1 heavy melting:Composite (5 markets) $ per Ig ton

Pittsburgh district do.___

1 7245 857

12

10 753464

1 252

55 46336 60691 5848 193

29 9531.00

1 6857 635' 7

11 455286

2 631

3 27 5127.00

190544

(i)

7441246

4 1422 4626 9047*798

27 3827.00

162776

cn

8822437

4 6102 9097 499

7 826

28 5327.00

160641

I

8281641

4 3233 1507 0627 835

26 9826.50

137805

1

1 030' 26

63

4 4513 2597 2907*770

26 7926.00

122811

Yi)

9632741

4 1983* 1196 7847 854

27 2326.00

103716

(i)

9652249

3 8032 6746 0587 861

27 1826.00

118657

5

9852262

4 3513 0587 0097 871

27 5927.00

106779

(i)

9562922

4 2933 0706 9377 840

28 2827.00

129610

(i)

9992157

4 4883*2387*3977 709

26 5526.00

128451(i)

1 3082871

4 5873 4167 4817 739

27 4827.50

127353

(i)

1,0132878

28 6530.00

141485

(i)

1,1023414

104355

1

1,0582614

r Revised. p Preliminary. i Less than 500 tons. 2 Annual total reflects revisionsnot distributed to the monthly data. s For Feb.-Dec.


S-32


1966

SURVEY OF CURRENT BUSINESS April 1968

1967

Annual

1967


1968

Jan. Feb. Mar.

METALS AND MANUFACTURES—Continued

IRON AND STEEL— Continued

Ore

Iron ore (operations in all U.S. districts):Mine production thous Ig tonsShipments from mines doImports - _- - - -- do_

U.S. and foreign ores and ore agglomerates:Receipts at iron and steel plants doConsumption at iron and steel plants doExports do

Stocks, total, end of period doAt mines _ _ do__At furnace yards doAt U.S. docks _ - do

Manganese (mn content) general imports do

Pig Iron and Iron Products

Pig iron:Production (excluding production of ferroalloys)

thous sh tonsConsumption doStocks (consumers' and suppliers'), end of period

thous. sh. tonsPrices:

Composite $perlg. ton--Basic (furnace)... _ _ _. doFoundry, No. 2, Northern. __ do__ .

Castings, gray iron:Orders, unfilled, for sale, end of period

thous. sh. tonsShipments, total _ _ do

For sale _ _ _ _ _ _ _ __do _Castings, malleable iron:

Orders, unfilled, for sale, end of periodthous. sh. tons. .

Shipments, total doFor sale— __ _ _ - - do

Steel, Raw and Semifinished

Steel (raw):Production _ _ _ _ _ thous. sh. tons

Index daily average 1957-59—100Steel castings:

Orders, unfilled, for sale, end of periodthous. sh. tons

Shipments, total doFor sale, total do

Steel Mill Products

Steel products, net shipments:Total (all grades) doBy product:

Semifinished products doStructural shapes (heavy), steel piling doPlates . doRails and accessories do

Bars and tool steel total doBars: Hot rolled (incl. light shapes) do

Reinforcing doCold finished do

Pipe and tubing doWire and wire products doTin mill products doSheets and strip (incl electrical) total do

Sheets* Hot rolled doCold rolled do

By market:Service centers and distributors doConstruction, incl. maintenance doContractors' products doAutomotive do

Rail transportation doMachinery, industrial equip., tools doContainers, packaging, ship, materials. _ _ doOther do

Steel mill products, inventories, end of period:Consumers' (manufacturers only) -.mil. sh. tons__

Receipts during period doConsumption during period do

Service centers (warehouses) doProducing mills:

In process (ingots, semifinished, etc.) doFinished (sheets, plates, bars, pipe, etc.). do

Steel (carbon), finished, composite price.. _$ per lb-.r Revised. *» Preliminary.1 Revised total; monthly revisions are not availabl

90,70490,58346, 259

128, 225127, 694

7,779

69, 43112, 06654,6582,707

1,293

191,50091, 770

2,962

62.7463.0063.50

96215, 7168,927

1821,133

688

1 134,101138.1

5902,1551,792

189,995

3,8066,7649,1031,776

14, 5239,1263,2761,9999,2333,4955,828

35, 46810, 13715,972

116,400i 11, 86214,969

1 17, 984

14,3321 5, 747i 6, 597

i 22, 104

10.165.167.9

5.4

9.89.2

.0842

e.

84, 19583, 359

i 44, 627

119, 435118, 982

5,944

71, 11613, 00855, 1212,987

1,086

186,976

62.7063.0063.50

'913'14,329' 8, 128

'1201,040

615

-•1127,213' 131. 0

2631, 8571,554

183,897

4,0616,1337,9481,434

13,0537,9613,2491,7338,9693,1336,591

32, 5749,312

14, 709

i 14, 863i 11, 375i 4, 582

i 16, 488

i 3, 225i 4, 994i 7, 255

i 21, 115

9.162.563.5

'5.6

12.59.6

.0850

4,5761,7722,049

3,3919,370

366

' 63,07618,637' 41,885

2,544

134

6,8046,853

2,995

62.7063.0063.50

9451, 113

606

1478554

10. 041134.8

510165139

6,531

360508668144

1,059673215160557249510

2,476710

1,089

10.04.84.9

5.3

10.19.3

.0848

5,0491, 7781,712

3,75310, 479

346

59,34921,90835, 1382,303

112

7,5877,555

3,066

62.7063.0063.50

9271,246

675

1409560

10,963132.9

454189159

7,562

403591784169

1,212755268177705288638

2,772794

1,208

3,8422,6501,0893,928

9951,3571,8295,677

9.95.45.5

5.3

10.09.3

.0848

6,2775,4942,629

6,9889,816

736

57,14122,51532, 311

2,315

60

7,2157,117

3,161

62.7063.0063.50

8961,180

653

1348148

10, 349129.6

404162136

6,763

326536665154

1,069650267143722270589

2,432686

1,085

9.44.95.4

5.7

10.59.1

.0848

9,03911,1194,582

14,34910, 015

626

59, 24220, 43536,6452,162

61

7,3217,288

3,224

62.7063.0063.50

9191,262

698

1339355

10, 577128.2

373165139

7,247

316538667147

1,106662279156897275564

2,737796

1,238

9.05.35.7

5.6

10.79.0

.0848

2Fo

9,41910,9985,273

15, 2408,853

585

64,06918,85643, 0322,181

85

6,6396,605

3,299

62.7063.0063.50

8961,256

709

1318853

9,576119.9

342168142

7,029

291481660125

1,093637297149908280601

2,590773

1,111

3,7063,1611 1973,793

8991,2211,9525,109

8.75.15.4

5.3

10.48.7

.0848r month

9,52611,373

4,204

15,0379,222

739

68,20317, 04248,8472,314

60

6,6966,678

3,354

62.7063.0063.50

882934581

1326441

9,620116.6

328124105

6,221

26444857495

958560278113736229541

2,377695

1,067

9.14.54.1

5.2

10.88.7

.0848shown.

9,69710, 6315,377

14, 3739,456

337

72, 37516, 10353. 7642,508

69

6,9517,102

3,204

62.7063.0063.50

8961,240

747

1378551

10,300124.8

317138113

7,169

32749264598

1,124663312142820276596

2,790793

1,267

9.15.35.3

5.4

10.78.7

.0848

8,8759,8163,500

12, 6279,562

524

74, 72715, 16256,8292,736

121

7,0557,198

3,068

62.7063.0063.50

8971,169

703

1328951

10,438130.7

319138116

6,700

32949459778

1,024617288112718267685

2,508726

1,121

3,4752,8761 1334 029

6341,1031 9564,885

8.85.15.4

5.3

11.18.8

.0852

7,3678,7144,946

12, 63110,307

674

75, 90313, 81559, 1532,935

66

7,5307,631

2,960

62.7063.0063.50

9091,235

742

1229549

11, 171135.4

303143118

7,181

36351164094

1,108650

, 311137710270560

2,924841

1,301

9.15.75.4

5.2

11.68.8

.0854

4,7666,5024,377

10, 65110, 479

417

73,80411, 47059,3253,009

96

7,6267,757

2,836

62.7063.0063.50

8501,262

716

1208951

11, 299141.5

300145119

7, 310

37151869188

1,136702281144725253333

3,196885

1,508

9.25.75.6

5.3

11.89.1

.0855

4,8313,2933,328

6,99511, 220

342

71, 11613, 00855, 1212,987

97

8,182

62.7063.0063.50

'913' 1, 212

'662

1208647

11,953144.9

'293'150'125

7,003

376493680109

1,044672236128662225427

2,986823

1,435

3,8642,7221,1684,774

7021,2751,5175,470

9.15.45.5

'5.6

12.59.6

.0860

5,2892,0092,390

3,69311, 251

346

66, 53216, 28847, 5272,717

108

8,097

62.70

9161,201

659

1229255

12,015145.6

336158128

7,758

380495759127

1,138749218161730267573

3,290947

1,573

2 1, 28529082374

2 1, 787

228325232646

2 1, 952

9.66.15.6

"5.7

'12.3'10.1

.0864

1,725

3,67410, 746

321

40, 4552,253

87

7,841

62.70

11, 795152.8

7,901

380525752139

1,155757228161851282509

3,307971

1,587

2 1, 32829982391

2 1, 857

2297252925782 1, 925

10.15.95.4

12.010.4

.0865

62.70

Pl2, 698P153. 9

.0865




1966 1967

Annual

1967


1968

Jan. Feb. Mar.


NONFERROUS METALS AND PRODUCTS

Aluminum:Production, primary (dom. and foreign ores)

, , . f A * jImports (general):

IWEetal and alloys crude doPlates sheets etc do

Exports metal and alloys crude do

Stocks, primary (at reduction plants), end ofperiod thous sfa tons

Price, primary ingot, 99.5% minimum.. .$ per lb._

Aluminum shipments:Ingot and mill products (net) mil Ib

IVtill products total doPlate and sheet (excluding foil) do

Castings^ do

Copper:Production:

Refinery primary doFrom domestic ores do

Secondary recovered as refined do

Imports (general) :Refined unrefined scrap (copper cont ) do

Refined doExports:

Refined and scrap doRefined do

Consumption refined (by mills etc ) doStocks refined, end of period do

Fabricators' doPrice bars electrolytic (N Y ) $ per Ib

Copper-base mill and foundry products, shipments(quarterly total) :

Copper mill (brass mill) products mil IbCopper wire mill products (copper cont ) doBrass and bronze foundry products do

Lead: AProduction:

]\d[ine recoverable lead thous sh tonsRecovered from scrap (lead cont ) do

Imports (general) oro (lead cont ) metal doConsumption, total do

Stocks, end of period:Producers', ore, base bullion, and in process

(lead content) ABM!S thous sh tonsRefiners' (primary), refined and antimonial

(lead content) thous sh tonsConsumers' (lead content) cT doScrap (lead-base, purchased), all smelters

(gross weight) thous sh tonsPrice, common grade (N.Y.) $ perlb__

Tin:AImports (for consumption):

Ore (tin content) Ig tonsBars, pigs, etc do

Recovery from scrap total (tin cont ) doAs metal do

Consumption, pig, total doPrimary do

Exports, incl. reexports (metal) doStocks pig (industrial) end of period doPrice, pig, Straits (N.Y.), prompt.. .."II$"perib_]

ZincrAMine production, recoverable zinc

Imports (general):Ores (zinc content) doMetal (slab blocks) do

Consumption (recoverable zinc content) :Ores doScrap, all types do

Slab zinc:Production (primary smelter), from domestic

and foreign ores thous sh tonsSecondary (redistilled) production doConsumption fabricators' doExports doStocks, end of period:

Producers', at smelter (AZI)O _do_ _Consumers' do

Price, Prime Western (East St. Louis). $ per lb. .

2 968 4808 0

521 8119.1188.2

74.8. 2450

8799 26,459. 12 942 31,633.7

1 429 21,711.01 353 1

357 9472.0

596 7162.7

334. 7273 1

2 382 0240.0174. 03617

3,3262 4941 007

327 4*572 8

431 311,323. 9

142 2

23 44 90. 3

4 52 8.1512

2 4 37241, 62425 3183,315

85, 48660 209

3 06922 6871. 6402

572 6

521 3277 4

1 126 71269 6

1 038 1' 72 4

1 410 21 4

4 64. 8r 129 5

.1450

3 269 3

450.556.3

209.0

208 0.2498

rg 356 5r6 365 9r 2 868 1l' 534! 7

949 81 133.0

846 6286 4394.5

644 1328.3

241. 8159.4

1 948 2v 172. 7P 117. 3

5 3823

2 595r 2 356

966

311 1545 3

488 41 240.2

160 2

23 6r 100 7

r 53 6.1400

3 25549 92421 4753 380

178 585157 310

2 509r ig gyo1. 5340

546 4

534 1221 4

106 1223 1

943 067 7

1 217 816 8

84.397 3

.1384

243 662 0

32 76 5

24 9

69 1.2500

739 8519 1239 2128 4

117 8138 6111 527 i33 1

58 419 8

22 416 0

197 8227 1160 63810

25 742 2

42 297 3

m o

90 7

90 2

d.R R

.1400

OQ9

2 8831 945' 265

6 7204 875

492on KM1. 5438

r 43 6

51 211 1

8 718 9

84 15 4

104 8(3)

83.8105 2.1450

274.472.0

41.16.8

24.0

69.8.2500

767.7559.8241.8136.4

132.9151.8124.926.941.0

42.613.3

32.724.9

217.9242.3177.5.3808

745••639

241

••30.148.0

46.6110.9

154 8

29 598.6

46.3.1400

1224,2681 940

2607,2605,275

23520 5001. 5371

r 50 7

48 626 9

10 219 2

89 25 4

105 83

87.9108.5.1450

268 467 0

44.55.3

21.9

83.1.2500

730.4524.2243 3128.4

131 9138. 3114. 923 442.3

45 421.3

27.721.5

187 0240.8193.63817

r 29 543 3

36 2104. 9

154 7

32 297.3

49 3.1400

325,3501 885

2706,6854,740

20920 8251. 5333

r 49 4

46 814 9

9 318 8

86 05 7

97.3.1

103.7103.7.1450

278 965 0

39.04.5

19.6

93.3.2500

752.1565.7242 5135.8

130 4160.0129 830 242.7

55 218.2

20.616.0

191 7270.7205.6

3812

r 31 945 5

34 6108.8

159 1

33 793.5

50 4.1400

1793, 9331 955

2707,5705,350

25720 2651.5311

r 50 3

56.915 4

8.819.0

87 65.4

100.4(3)

113.497.3

.1356

270 163 0

37 94 7

18 3

109 8.2500

751 0549 2254 2133 3

127 0161 9130 031 943 2

59 322.5

32.928 7

192 2289 6223.63808

649609249

27 840 9

54 0103 8

158 8

31 6105 3

50 8.1400

o3,3282 010

2807,0655,125

16520 5601. 5494

r 4g 2

64.017 0

8 018.5

83 04.9

99.810.6

105.696.0

.1355

277 058 0

26.43.6

20.3

142.0.2500

658 3486.9216 998.6

66 588.870 318 627.9

39 918.2

24.218.3

102 2318^4247.83830

24 439 2

38 285.4

165 0

31 5114.2

51 3.1400

o4,3591 620

3205,9954,370

6520 9751. 5439

r 44 6

45.218.3

7.617.7

73 84.8

83.74.3

117.9101.2. 1350

277 664 0

30.73.4

12.3

170.6.2500

743.3527.4227.5133.6

31 742.927 315 620.5

36 617.9

11.34.3

142 5279.2210.33909

24 648.7

43 6102. 6

171 2

28 2112.8

49 9.1400

03,3021 775

2756,2204,690

24019 8551. 5250

48 7

37.620.6

8.618.4

70.25.1

102.91.1

116.793.0

.1350

270. 465.0

43.03.1

12.8

187.6.2500

745.8534.3243.1115.2

22.430.08.3

21.722.8

57.826.9

12.54.9

133 5238.1172.5

605529232

23.346.9

30.3100.9

169 8

22 7108.5

46 8.1400

9644,3051 530

3056,0254,530

3918 6071. 5101

43 2

28.316.1

8.318.2

68.35.8

99.5.1

109.388.7

.1350

283.865.0

35.33.1

11.0

204.9.2500

760.8560.6255.5121.6

23.537.84.5

33.229.6

61.445.0

12.14.2

134.9204.4139.5

24.348.6

41.2109.8

173 4

19.5106.0

47.9. 1400

1,0134,4161 615

2956,1504,545

3019 2501. 5199

42 1

29.811.9

8.618.6

65 67.0

108.6.1

94.589.2

.1350

277.269.0

37.74.2

12.4

216.1.2500

'730.6539.2245.0130.1

21.816.0

27.4

79.958.1

13.32.9

122.6185.1124.1

21.950.1

42.5104.5

168 8

19.1102.0

48.2. 1400

685,343r 1 665

2856,1654,485

7517 5901.5501

41.3

44.823.0

10.018.6

68.56.5

106.5(3)

89.090.9

.1350

282.7

45.73.4

11.1

208.0.2500

' 749.2'507.4'234.2

127.9

21.518.1

23.3

-64.447.5

10.42.0

121.4' 169. 5' 114. 1

596579244

21.946.6

33.6104.6

160.2

23.6100.7

53.6.1400

4674,7751,625

2906,2654,655

36'18, 6701. 5259

41.1

32.819.0

8.918.1

71.66.0

100.7.1

84.3'97.4.1350

54.64.7

13.3

.2500

841. 9561.8265.0137.0

'22.917.7

21.2

99.578.3

9.42.5

J> 109. 8v 169. 5v 107. 6

22.947.3

43.9108.8

166 1

17 288.1

57.5.1400

05,473

7,0105,160

19017 9651. 4788

43 0

50.329.3

10.420.1

69.66.1

112.2'.6

73.493.8

.1350

44.74.1

13.7

.2500

27.916.1

24.9

86.374.1

12.61.1

P96.4p 159. 2p 100. 9

39.3

.1400

7845,145

303

1. 4563

33.730.8

5.7

66.4

. 1350

.2500

.1400

1. 4562

62.9

.1350

' Revised. p Preliminary. 1 Revised total; monthly revisions are not available.2 Total for 11 months. 3 Less than 50 tons. < Reported yearend stocks. See BUSINESS

STATISTICS note. $ Jan.-Aug. average.Êffective 1966, estimates are derived from a new sample and are not directly comparable

with earlier data; see note in Feb. 1967 SURVEY.

AData reflect sales from the Government stockpile.of Consumers' and secondary smelters' lead stocks in refinery shapes and in copper-base

scrap.©Producers' stocks elsewhere, end of Mar. 1968, 8,800 tons.



Unless otherwise stated, statistics through 1966and descriotive notes are shown in the 1967edition of BUSINESS STATISTICS

1966 | 1967

Annual

1967


1968

Jan. Feb. Mar.


HEATING EQUIPMENT, EXC. ELECTRIC

Radiators and convectors, shipments:Cast-iron - __mil. sq. ft. radiation..Nonferrous do

Oil burners:Shipments thousStocks end of period _ _ _ _ do

Ranges, gas, domestic cooking (incl. free-standing,set-in, high-oven ranges, and built-in ovenbroilers), shipments.. ._ --thous

Top burner sections (4-burner equiv.) , ship do

Stoves, domestic heating, shipments, total— _doGas -- -- - -- - do. ...

Warm-air furnaces (forced-air and gravity air-flow),shipments, total.. thous

Gas -- -- - --- doWater heaters, gas, shipments do

MACHINERY AND EQUIPMENT

Foundry equipment (new), new orders, netmo. avg. shipments 1957-59=100. _

Furnaces (industrial) and ovens, etc., new orders(domestic), net mil. $

Electric processing doFuel-fired (exc. for hot rolling steel) do

Material handling equipment (industrial) :Orders (new), index, seas, adjl 1957-59=100.-

Industrial trucks (electric), shipments:Hand (motorized) numberRider-type do

Industrial trucks and tractors (internal combustionengines) shipments number

Machine tools:Metal cutting type tools :f

Orders, new (net), total . - _ _ _ _ , .mil. $._Domestic do

Shipments, total • doDomestic do

Order backlog, end of period do

Metal forming type tools :tOrders, new (net), total do

Domestic doShipments total do

Domestic doOrder backlog, end of period. r. do

Other machinery and equip., qtrly. shipments:Construction machinery (selected types), total 9

mil. $__Tractors, tracklaying, total doTractors wheel (con off-highway) doTractor shovel loaders (integral units only),

wheel and tracklaying types mil $Tractors, wheel (excl. garden and contractors'

off-highway types) mil $Farm machines and equipment (selected types),

excl. tractors mil $ELECTRICAL EQUIPMENT

Batteries (auto, replacement) shipments thousHousehold electrical appliances:

Ranges, incl. built-ins, shipments (manufac-turers'), domestic and export thous

Refrigerators and home freezers, output1957-59=100..

Vacuum cleaners sales billed thousWashers, sales (dom. and export) % doDriers (gas and electric), sales (domestic and

export) thous

Radio sets, production© doTelevision sets (incl. combination), prod. 6 - -do -_.Electron tubes and semiconductors (excl. receiving,

power, and spec, purpose tubes), sales mil. $..Motors and generators:

New orders, index, qtrly 1947-49—100New orders (gross) :

Polyphase induction motors, 1-200 hp mil. $__D.C. motors and generators, 1-200 hp do

1-9.7290.4

1 559. 5344.1

12,135.6234.1

11,482.31,033.8

1, 525. 111,211.32,488.9

279.9

179.323.995.9

' 206. 1

10, 39012, 404

47, 043

1,629.901,483.101,221.751, 097. 501,306.7

445. 72401. 35463.45436. 85394.4

1 1,922.4i 476. 0

162.3

1412.9

1,005.9

'1,220.6

32,124

2,028.0

163.05, 582. 7

'4,446.5

2, 360. 8

23, 59512, 402

1868.3

239

6 113. 351.3

6.984.4

' 625. 227.3

2, 132. 7194.3

1,313.0928.9

'1,404.0'1,082.7'2,553.7

300.5

140.7112.3171.6

197.9

11, 13312, 174

41,996

1,134.951,024.651, 353. 201,211.051,088.5

286.65248.15452. 75406.90228.3

11,757.0388.484.4

406.9

957.9

1,203.4

32,062

1,909.6

145.85,677.4

'4,376.0

2,642.3

21,69810,881

712.0

205

697.647.5

.65.5

40.540.4

163.213.5

74.144.6

86.866.6

203:7

195.8

18.21.25.0

' 181. 0

903976

3,417

101. 4589.00

100.5590.45

1,309.5

24.4021.5540.8536.35361.3

2,179

138.0

143.3444.3

'328.7

202.2

1,4791,049

60.1

68.25.0

.65.9

46.639.1

206.916.1

74.349.4

94.073.6

229.0

320.6

13.41.48.3

' 179. 8

1,0241,374

3,985

105. 3593.30

132.80116.25

1,282.0

20.2018.8042.8539.70338.6

7435.095.4

720.7

7 102. 0

273.9

375.8

2,302

154.0

140.1506.6

' 401. 2

186.25 1, 77151,171

64.9

225

69.24.1

.35.8

30.343.3

161.313.6

69. 644.7

90.172.8

224. 6

523.5

10.61.05.8

' 234. 8

9971,032

3,552

90.8582.65

103. 6092.60

1, 269. 3

25.2520.2040.3538. 70323.5

1,872

164.9

155. 6397.7

' 276. 0

119.3

1,483680

56.1

69.14.3

.55.7

46.240.4

182.415.9

98.568.2

98.778.7

199.2

255.0

9.71.84.0

'170.8

1,0791,014

3,748

101. 0090.85

118.30107. 35

1, 252. 0

21.7018.2040.4037.00304.8

1,897

158.9

139.0394.9

' 349. 2

117.5

1,584729

58.2

68.35.0

.76.9

55.642.4

194.518.6

101.281.8

107.081.3

203.3

323.9

14.11.28.4

'203.5

1,136995

3,938

110.80100. 05129.80115. 50

1,233.0

28.5023.6546.7037.70286.6

534. 4121.728.0

122.5

294.0

348.7

2,070

163.7

156. 1444.6

' 386. 1

146.6

5 1, 6215728

59.2

218

68.43.6

.45. 6

35.742.6

133. 513.8

115.785.2

113.189.2

176.1

213.1

10. 91.07.1

'185.3

844885

3,283

93.9082.95

102. 5594.70

1, 224. 3

25.3518.7529.7026.10282.3

2,396

131.7

140.8415. 2

' 360. 7

169.1

1,027474

47.4

6 7. 63.9

.58.8

69.244.0

185.418.4

157.1113.4

144.7108. 5225. 5

207.0

14.3.5

9.8

'213.2

789780

3,284

115. 60105. 6093.0583.65

1,246.9

19.3018.3028.8024.65272.8

3,133

165. 1

106.6489,0

' 443. 3

285.7

1,767858

62.2

67.33.0

.89.6

71.536.8

197.621.2

190.7134.7

172. 5126.6214.7

319.8

10.7.5

3.6

201.0

8751,021

3,665

78.8074. 40

122.40108. 85

1,203.3

21.6019. 2031.9029.40262. 5

' 417. 292.6

' 7 17. 5

'91 0

185.1

263.4

3,246

153.0

151.4514.6

' 467. 2

316.2

52,574« 1, 219

60.2

188

3*.l

.7-9.8

74.929.7

195.518.9

188. 0136. 4

168.9126. 7233.3

536.0

5.51.11.8

'189.2

8451,067

3,292

77.2571.75

106. 2095. 80

1,174.3

24. 1021.7541.1537.30245. 4

3,609

162.8

171.1574.9

' 428. 7

325.8

2,1641,031

62.2

68.44.0

. 68.0

61.928.9

191.817.5

120. 192.7

126.896.9

197.1

210.2

10.31.36.3

221.1

9031,058

2,961

77.4567.65,

114. 25101. 45

1, 137. 5

23.6021.7034.5531.15234. 5

3,431

176.7

161.2563.4

' 321. 5

297.2

2,2261,022

58.2

67.63.4

.56.4

46.527.3

181.914.5

67.544.7

' 113. 2'93.5

' 240. 8

284.9

11.0.5

7.1

186.7

9121,086

3,406

88.3580.15

137.40121.401, 088. 5

33.2527.2039.4535.15228.3

370 478.818.3

91 3

204.9

215 6

3,179

173.4

139.6477.4

' 292. 9

256.1

s 2,27851,066

59.9

188

66.83.5

.58.0

46.532.3

170.4

75.543.9

108.889.1

252.2

270.1

'10.2.8

7.1

189.6

941992

3,418

'75.50'64.20'102.85' 91. 45'1,061.1

'21.85'20.45'31.50' 25. 20' 218. 6

434.9

483.1

3,843

191.6

147.0505.0347. 2

247.4

1,463798

58.3

66.93.8

275.2

12.7.7

9.6

819971

3,367

84.4073.25

115.05104.15

1, 030. 5

21.4520.3028.8527.05211. 2

189.8

175.1497.8376.4

228.2

' 1, 787919

56.1

67.54.1

377.4

200.2

s 2, 1345 1, 112

PETROLEUM, COAL, AND PRODUCTS

COALAnthracite:

Production, _._ _____thous. sh. tons_.Exports doPrice, wholesale, chestnut, f.o.b. car at mine

$persh. ton_.Bituminous:

Production _ _ . _ thous. sh. tons__

12, 941766

12.824

533,881

12,002595

12.892

'551,000

91935

13. 475

'42,841

95941

13. 475

'48, 217

93237

12. 005

'45, 179

1,079" 46

12. 005

'49,689

97545

12.005

'45, 174

88035

12. 495

'36,869

1,23549

12.495

'50,883

1,02476

12.985

'45,480

96263

12. 985

'48,693

1,01159

13. 475

'47,304

94748

13. 825

'43,169

89728

'45,180

'89425

42,875

994

47,050

' Revised. 1 Revised total; monthly revisions are not available. 2 Total for 11 months.3 Reported year-end stocks. See BUSINESS STATISTICS. * For month shown. «Data cover5 weeks; other periods, 4 weeks. « Excludes orders for motors 1-20 hp.; domestic sales ofthis class in 1967 totaled $110.5 mil.; Feb. 1968, $8.8 mil. t Effective 1st quarter 1967, totalshipments and shovel loaders include types not previously covered and off-highw y wheeltractors exclude types previously covered; also, the wheel tractors for 3d quarter 1967 omitone type (usually included) to avoid disclosure of individual operations.

IfData (back to Jan. 1965) reflect revisions and new seasonal adjustment factors.fRevised series. Monthly data for 1956-66 are on pp. 35 ff. of the Mar. 1968 SURVEY.t Revi?ed to include combination washer-driers. 9 Total includes data not shown

separately.ORadio production comprises table, portable battery, auto, and clock models; television

sets cover monochrome and color units.




1966 | 1967

Annual

1967


1968

Jan. Feb. Mar.

PETROLEUM, COAL, AND PRODUCTS—Continued

COAL— Continued

Bituminous — ContinuedIndustrial consumption and retail deliveries,

total 9 thous sh tonsElectric power utilities doIVlfg and mining industries total do

Coke plants (oven and beehive).. do___.

Retail deliveries to other consumers do

Stocks, industrial and retail dealers', end of period,total thous. sh. tons__

Electric power utilities doMfg and mining industries, total do

Oven-coke plants do

Retail dealers ' do

Exports doPrices, wholesale:

Screenings, indust. use, f .o.b. mine$ per sh. ton..

Domestic, large sizes, f.o.b. mine _ . do _

COKEProduction:

Beehive thous. sh. tonsOven (byproduct)-- _ _ _ _ _ _ _ doPetroleum coke§ do

Stocks, end of period:Oven-coke plants, total do _ _

At furnace plants doAt merchant plants _ _ do

Petroleum coke : _ _ _ _ ___ doExports do

PETROLEUM AND PRODUCTS

Crude petroleum:Oil wells completed _number__Price at wells (Okla.-Kansas) $ per bblRuns to stills — _._ _mil. bblRefinery operating ratio % of capacity

All oils, supply, demand, and stocks :New supply, total ..mil. bbl__

Production:Crude petroleum doNatural-gas liquids, benzol, etc _- -do___-

Imports:Crude petroleum _ doRefined products do

Change in stocks, all oils (decrease,—) do__._

Demand, total _ doExports:

Crude petroleum....... _ _ _ doRefined products , _ _ _ ^ _ _ _ d a _ ,_

Domestic demand, total 9 doGasoline _ _ _ doKerosene do

Distillate fuel oil doResidual fuel oil. . doJet fuel do

Lubricants doAsphalt _ doLiquefied gases do

Stocks, end of period, total doCrude petroleum _ doNatural-gas liquids.... _ _ _ _ _ doRefined products. _ _ _ do

Refined petroleum products:Gasoline (incl. aviation) :

Production doExports _ doStocks, end of period. do

Prices fexcl. aviation) :Wholesale, ref. (Okla., group 3) $ per gal__Retail (regular grade, excl. taxes), 55 cities

(1st of following mo.) $ per galAviation gasoline:

Production mil. bbl _.Exports.. __ doStocks, end of period . do

Kerosene:Production doStocks, end of period doPrice, wholesale, bulk lots (N. Y. Harbor)

$pergal_.r Revised. 1 Less than 50,000 bbls.2 Annual total reflects revisions not distributed to t

486,266264, 202201,49095,892

19,965

74,46652,89521, 3329,206

239

49,302

4.9526.971

1,44265,95917, 611

3,0782,863

2151,4591, 102

16,7802.93

3,447.291

4,435.6

3,027. 8468.7

447.1492. 0

38 J

4,397.5

1. 570.9

4, 325. 11,793.4

10J.1

797.4626.4244.4

48.9134. 1323.9

874. 5238.4

40.4595.7

1,792.63.8

194.2

•11*.216

41.23.47.8

102. 125.0

.104

lie month

480, 259271, 784190,90092, 106

17,099

93, 12869, 73723,21210,940

179

49, 510

5.2176. 795

83463,73718, 187

5,4674,961

5061,3642710

215,3673.02

3,582.693

4,656.8

3,216.5514.5

411.6514.2

63.9

4,592.9

26.585.4

4, 480. 91, 842. 7

100. 1

816.7652.1300,8

44.3131.2344.4

938.4249.0

65.7623.7

1,845.94.9

207.7

.117

.225

37.14.07.9

100.225.0

.110

ly data.

41,51722, 75816,2097,258

2,550

70, 19649,58320,4399,364

174

3,610

5.1227.162

924,9961,341

3,3883,156

2321,474

68

1,3032.98

268.492

' 356. 6

241. 539. 3

29.2'46.6

-18.4

' 375. 0

06.6

••368.4128.912.4

89.162. 8

'20.3

3.03.1

30. 9

857. 5252.433.3

571. 8.

136. 4

22l! 2

.115

.227

3.1.4

8.3

9.218. 3

.109

41, 71122,91017, 1177,979

1,680

71,23150,70220,3809,491

149

3,102

5.1167.197

635,5521,523

3,5273,273

2541,453

67

1,1683.00

296.192

'397.7

264.943.2

37.6'52.0

-12.8

' 410. 5

.16.3

' 404. 1152.2

9.6

90.267.7

'23.8

3.95.9

30.0

844.6258.135.8

550.8

146.2.3

216.2

.120

.227

2.9.3

7.7

8.517.2

.109

37,37020,95515,6397,611

729

74,69653,70220,8469,829

148

4,193

5.2386. 463

605,3121,420

3,7323, 465

2671,420

58

1, 0543.00

282.991

' 381. 4

254.342.6

38.2'46.4

33.4

'348.0

.36.8

' 340. 9145.7

5.7

58.352.7

'24.3

3.67.8

24.1

878. 1266.844.3

567.0

142.7.3

214. 7

.120

.225

3.0.3

7.9

7.218.7

.109

38, 15021, 54315,8457,836

693

80,20958, 15621,85510,596

198

4,912

5.2316.426

595,3941,545

3,9633,687

2771,372

50

1,2433.00

297.190

'383.6

260.043.3

39.9'40.4

12.5

' 371. 0

06.9

' 364. 2161.1

6.2

60.449.8

'24.6

3.811.924.3

890.5268.852.7

569.0

151.8.3

206.9

.120

.224

3.5.3

7.9

6.919.4

.109

9Inc

37, 59022,31814, 7707,327

433

85,23461,83123, 17511,019

228

4,987

5.2246.417

555,0981,535

4,3504,051

2991,387

48

1,2343.00

294.692

' 368. 4

256.341.5

33.6'37.0

5.0

'363.3

1.87.0

' 354. 6165. 5

4.3

49.245.5

r 25. 6

4.115.523.6

895.6261. 659.3

574.6

155.5.2

197.8

. 120

.228

2.8.2

7.5

6.521.6

.109

ludes da

36,72421,99914,1997,367

473

80,62160,15020,2408,774

231

4,032

5.2376.561

475,1051,605

4,7664,371

3961,451

36

1, 4663.00

310.094

' 388. 6

283.942.7

30.1'31.9

21.0

' 367. 6

8.57.7

' 351. 4162.7

5.5

48.641.5

'27.2

3.416.324.2

916. 5256.2

66.0594.3

159.2.7

194. 3

.120

.226

3.1.6

7.3

7.623.7

.112ta not sh

38,82022,92214,9427,513

895

86,72665,08921,3929,465

245

4,641

5.2336.596

605,2081,540

5,0164,595

4211,408

84

1,0563.05

309.794

'402.6

292.543.3

31. 5'35.3

18.7

'383.8

8.28.1

' 367. 5171.0

6.1

47.344.4

'26.3

4.020.325.0

935.3261.6

71.7602.0

160.3.6

183.7

.120

.230

3.3.3

7.3

7.525.1

.112

own sept

37,13021, 13314,6307,435

1,311

90,70768,65321, 8259, 726

229

3,966

5.2726.681

565,1541,529

5,2774,824

4531,413

61

1,1333.05

302.094

' 378. 7

272.941.6

31.5'32.7

23.4

'355.3

6.08.4

'340.9152. 6

74

47.740.8

' 26. 0

3.916,725.8

958.6257.375.9

625.5

158.8.7

190.5

.120

.226

3.3.4

7.6

7.625.5

.112

irately.

40,11522,52815,9397,829

1,592

94,46770,93523,30510,611

227

4,722

5.2426.856

745,4121,523

5,4394,972

4671,400

51

1, 7743.05

310.994

' 402. 2

279. 144.7

31.9'46.5

11.6

' 390. 6

1.47.6

'381.6160.6

7.7

60.356.2

' 28. 3

3.515.029.1

970.2255.176.3

638. 8

159.4.3

190.2

.110

.226

3.1.3

7.6

8.626.4

.112

§ Inclu

42,06623,36416,6747,840

1,985

95,00171,35723,34510,914

199

4,948

5.2876.998

745,4101,483

5,4995,022

4771,337

64

1,1933.05

299.194

'383.5

269.444.0

29.6'40.4

-23.3

' 406. 7

.18.4

' 398. 3154.510.5

80.356.8

'26.3

3.69.3

35.3

946.9254.270.4

622.3

155.3.4

191.7

.115

.226

2.9.4

7.5

10.125.9

.112des nonr

'44,03524, 63117,2478,165

2,148

93,12869, 73723, 21210,940

179

3, 775

5.2787.017

755,6431,606

5,4674,961

5061,364

46

2,0613.05

318.196

408.2

276.245.1

37.549.4

-8.5

416.8

.15.9

410.7150. 611.4

92.763.526.7

3.54.4

36.6

938.4249.065.7

623.7

165.9.3

207.7

. 115

.229

2.7.3

7.9

10.625.0

.112narketab

47, 34426,64617,9178,095

2,780

86, 32564, 26921, 92110,422

135

3,241

,745,602

5,3754,879

495

78

.225

2,786

715,352

5.2264.766

460

83

.225 .228

le catalyst coke.


S-36 SURVEY OF CUEBENT BUSINESS April 1968


1966 1967

Annual

1967


1968

Jan. Feb. Mar.

PETROLEUM, COAL, AND PRODUCTS—Continued

PETROLEUM AND PRODUCTS— Continued

Refined petroleum products— ContinuedDistillate fuel oil:

Production mil. bblImports.. -- - do .Exports... _ do _Stocks, end of period doPrice, wholesale (N.Y. Harbor, No. 2 fuel)

$ per galResidual fuel oil:

Production mil. bblImports doExports doStocks end of period doPrice, wholesale (Okla., No. 6) $ per bbl

Jet fuel (military grade only) :Production mil. bblStocks end of period do

Lubricants:Production doExports doStocks end of period doPrice, wholesale, bright stock (midcontinent,

f o b . Tulsa) $ per gal

Asphalt:"Production mil. bhlStocks end of period do

Liquefied petroleum gases:Production doTransfer from gasoline plants doStocks (at plants, terminals, underground, and

at refineries), end of period mil. bbl

Asphalt and tar products, shipments:Asphalt roofing total thous souares

Roll roofing and cap sheet doShingles all types do

Asphalt siding . _ doInsulated siding doSaturated felts thous sh tons

785.813.84.4

154.1

.094

264 0376.812.961 21.62

215. 519.4

65.417.112.7

.270

129.617.3

60.1215 1

37.7

69 36328, 91740, 446

554504880

805.818.54.3

157.1

.100

276 0395.822.062 51.47

273.222 2

64 918.614.8

.270

127.819.9

67.6233 9

63.4

76 92631 16045 765

482445864

61.9.9.3

104.7

.099

23 238.31.4

56 61.50

20.020 7

5 01 4

13.7

.270

5 723 0

5 122 0

29 9

3 ego1 5062 174

312052

70.12.7.3

87.0

.099

24 241.11.6

52 91.45

21.520 4

5 51.9

13.4

.270

8.125.4

5.820 1

32.6

5 3372 2323,106

412573

63 01.4.4

92 8

.099

22 836 51.3

58 61 45

21.920 2

5 41 7

13.5

270

9 026 8

5 514 9

40 7

6 0892 3493 740

343470

62 71 3

196 4

.099

21 630 81 7

59 81 45

22 720 4

5 71 8

13 6

270

11 927 1

6.215 2

49.6

6 4302 4164 014

334066

64 91 3

3113 0

099

21 626 61 6

61 21 45

23.421.3

5 41 4

13 4

270

12 825 0

5 714 5

56 6

8,0323,0015,031

395682

67 6.9.4

132 6

.102

21 523 12.0

62 71 45

23.721 0

5 41 6

13.9

270

14.323.7

5.615 2

63.1

7 9602 9654 996

394681

68.31.1.2

154.5

.102

21 126.52.6

63 71 45

23.821 6

5 51 5

13.8

270

14 919.0

5 616 6

69 0

9 2573 6215 636

485793

69 11.2.4

176 6

.102

20 924 22.8

65 51 45

23.521 1

5 21 4

13.6

270

13 716.8

5.816 8

73 2

8 1743 3094*864

445082

69 21.7.6

186 7

.102

21 735 41.9

65 01.45

25.121 8

5 51.6

14.0

.270

13 415.6

5.520 9

74.4

8 0273,4234,604

555184

65.51.4.5

172 8

.102

24 530 92.5

61 41 45

24.222 0

5 31 8

13.8

270

r 10 117.2

5.326 0

68.6

6 3362 7533 583

573377

73 83.5.4

157.1

.102

27 537 91.2

62 51.45

24.022 2

5 61.2

14.8

.270

6 919.9

5.726 4

63.4

4 1811*9332 248

311757

'4 689'2 025' 2, 664

'3113

'70

4 1201 8122 307

251464

PULP, PAPER, AND PAPER PRODUCTS

PULPWOOD AND WASTE PAPER

Pulpwood:Receipts thous. cords (128 cu f t )Consumption doStocks, end of period. do

Waste paper:Consumption thous sh tonsStocks, end of period do

WOODPULPProduction:

Total all grades thous sh tonsDissolving and special alpha doSulfate. doSulfite do

Groundwood doDefibrated or exploded. . doSoda, semichem., screenings etc do

Stocks, end of period:Total, all mills. do

Pulp mills doPaper and board mills doNonpaper mills. . do

Exports, all grades, total doDissolving and special alpha doAll other. do

Imports, all grades, total . doDissolving and special alpha doAll other do

PAPER AND PAPER PRODUCTS

Paper and board:Production (Bu. of the Census):

All grades, total unadjusted thous sh tonsPaper.. doPaperboard doWet-machine board doConstruction paper and board do

New orders (American Paper Institute) :All grades, paper and board do

Wholesale price indexes:Printing paper 1957 59—100Book paper, A grade doPaperboard doBuilding paper and board do

1 56 7971 56, 259i 6, 529

i 10 541*738

1 36 6401 1 527

i 23, 5621 2, 7481 3, 794i 1, 6581 3, 351

81627645684

1,572563

1,009

3,355293

3 065

47 18920 63122, 574

1533 831

46, 886

101 7115 197 192.8

54 92155, 2575,859

r 9 733r 602

35 4871 447

22 5932 669

3 9531 4183 407

r 7g6342

'36380

1 710607

1 102

3 162265

2 898

r 45 gigr 20 331r 21 840

r 135r ^ fift.9

r 46 034

101 9117 697*391.9'

4 5264 4546020

770616

2 897110

1 849221

322124271

778323379

76

1133875

26119

242

3 6841 6541,753

11266

' 3, 618

101.9116.797.392.4

5 1054 8016 286

829640

3 129' 139

1 981238

345132294

80532240776

1728389

29725

273

4 0151 7941 895

13313

3,972

101 9116.797.392.3

4 3614 7595 994

788630

3 065106

1 967233

337131290

78632438676

1283692

24520

226

3 8121 7301 856

11215

r 3 927

101 9118 897 392.2

4 5074* 7975 708

815642

3 133128

1 969239

350134314

80935637578

13331

101

26925

245

3 9341 7351 876

12311

r 3 gg5

101 9117 897 391.7

4 6864 5504 g57

811720

2 966*102

1 858*228

343137298

860363425

72

18577

108

27321

251

3 8851 6841 865

12324

T 3, 884

101 9117 897 391.5

4 3264 2795 939

695629

2 726104.

1 729189

310120273

827382378

67

1113873

23616

221

3 425I 4921 634

Q

290

3 544

101 9117 897 391.5

4 7754 6265 966

899615

3 004122

1 927221

335130269

814377370

67

165CO

106

25627

229

3 9381 7271 865

11334

3 913

101 9117 897 391.3

4 5484 2996 194

839601

2 834112

1 773211

328121288

80838136068

1354589

24921

228

3 7201 6531*723

10332

3 7g7

101 9117 897 391.4

4 g274 9006,233

892581

3 098*142

1,954226

345123308

83640835771

15047

103

24622

224

4 i2g1 7721 982

12363

r 4 159

101 9117 897 392.1

4 3774 6156 024

833594

2 997128

1 890227

334120296

81338835969

16057

103

29023

267

3 8711 6831 862

11315

r3 823

101 9117 897 392.0

4 1234,3335,859

'753r602

2 563119

1,751206

25615

217r 786

342'363

80

1565799

25226

226

' 3 592' 1 644' 1 659

r 12r 27g

'3 521

101 9117 897.392.1

v 4, 180f 4, 835f 5, 231

*>860539

3 139135

2,011256

348125294

*733P318?350

*>65

1394891

26927

242

»4 016P! 814P! 871

P 13P 3ig

1555798

27725

252

' Revised. *> Preliminary.1 Reported annual total; revisions not allocated to the months.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.

PULP, PAPER, AND PAPER PRODUCTS— Continued

PAPER AND PAPER PRODUCTS— Con.

Selected types of paper (API) :Fine paper:

Orders, new thous. sh. tons..Orders unfilled end of period do

Production doShipments - do

Printing paper:Orders, new _ doOrders unfilled, end of period do

Production doShipments do

Coarse paper:Orders, new doOrders unfilled end of period do

Production _ doShipments do

Newsprint:Canada:

Production doShipments from mills _ ___ doStocks at mills, end of period do

United States:Production .doShipments from mills _. doStocks at mills § do

Consumption by publishersd" doStocks at and in transit to publishers, end of

period thous. sh. tons

Imports doPrice, rolls, contract, f.o.b. mill, freight allowed

or delivered $ per sh ton

Paper board (American Paper Institute) :Orders, new (weekly avg.) thous. sh. tons_.Orders, unfilled § doProduction, total (weekly avg.) do

Percent of activity (based on 6.5-day week)

Paper products:Shipping containers, corrugated and solid fiber,

shipments mil. sq. ft. surf. area__

Folding paper boxes, shipments, index of physicalvolume _ 1947-49=100

2,637159

2,6412,633

6,711553

6,5116,511

4, 723200

4,6964,704

8,4198,385

184

2,4082,405

21

6,898

681

6,991

136.23

44972444692

160, 152

134.1

' 2, 642'155

'2,656' 2, 655

' 6, 328'443

' 6, 325'6,325

' 4, 673'210

' 4, 751' 4, 680

8,0517,968

268

2,6202,602

39

6,907

630

6,599

139. 95

444618

'439'87

161, 610

v 134. 1

215158

222223

494496

518518

393225

392376

659602327

21219951

511

672

500

138. 40

451720

'45292

12, 098

122.4

238157

237236

561496

565565

422223

429436

695653369

22522551

585

676

549

138.40

450705

'444'89

14,056

141. 7

237174

230230

554513

536536

392213

400389

670692348

22322154

609

654

528

138.40

459695

'454'89

12,747

128.6

231174

229231

532467

546546

367190

398385

704741311

22724932

616

676

614

138. 40

44869045288

13,999

136.5

222177

216211

569526

544544

387199

383387

652713250

22222827

568

711

601

139. 00

446614

'454'91

13,923

141.6

201178

194196

500509

488488

330195

315316

668592326

19719133

522

727

527

141.40

393654

'376'74

11, 630

118.5

232168

236243

514462

526526

418218

412408

705665365

22521246

544

726

542

141.40

454645

'44890

14, 336

142.0

198148

213213

514468

512512

363223

400379

641660346

209211

44

568

707

528

141.40

448702

'41384

14,227

137.4

'220' 151

'228'224

'536'482

'530'530

'397'224

' 418'405

681704323

22822647

634

698

575

141.40

476759

'46391

15,045

143.8

'215' 146

'215'217

'472'415

'501'501

406225

408404

675687311

22222841

622

673

541

141.40

466767

'458'89

13,940

139.7

'203'155

'199'200

'501'443

'501'501

'406'212

'396'398

602646268

20420639

587

630

531

141. 40

405648

'421'78

12,971

132.5

*232*157

P228p230

p. 646.p427

*532*532

*424P229

*423P406

6415$3325

23822355

518

617

537

'429'661'408'92

13,432

126.1

629573381

220215

59

523

613

460

'481'714'482'92

12,922

128.3

674659396

250242

68

604

584

49473348090

13, 763

RUBBER AND RUBBER PRODUCTS

RUBBER

Natural rubber:Consumption thous Ig tonsStocks, end of period doImports , incl. latex and guayule do

Price, wholesale, smoked sheets (N.Y.)__$ per lb_.

Synthetic rubber:Production.. _ _ _ _ thous Ig tonsConsumption _ doStocks, end of period do

Exports (Bu. of Census) do

Reclaimed rubber:Production doConsumption doStocks, end of period .. do

TIRES AND TUBES

Pneumatic casings, automotive:Production. _ __ _ _ _ _ _ _ t h o u s . _

Shipments, total doOriginal equipment doReplacement equipment doExport __ do

Stocks , end of period. . doExports (Bu. of Census) do

Inner tubes , automotive :Production. doShipments _ doStocks, end of period _ doExports (Bu. of Census) _ . _ do

' 545. 68r 91. 59431.66

.236

1,969.971,666.06

348. 69

308. 44

277. 36264. 5132.29

177, 169

173, 46454,680

116, 3482,436

42, 5692,051

42,76544,22211,9961,100

'488.85'111.66452. 80

.199

'1,911.87--1,628.26'369.94

299.80

'243.65'239.27'28.40

163, 192

172, 94747,617

123,2052,125

34, 7821,450

39, 77541, 69111,005

849

' 42. 7198.0733.06

.208

'150. 11'133. 55347. 55

25.24

' 20. 78' 20. 73

30.82

14, 147

11, 3533,2347,898

222

47, 594115

3,3853,312

10, 94755

' 47. 25104.9851.75

.206

164.60' 146. 15345. 57

25.07

' 23. 37' 21. 43

32.38

15, 070

14, 4344,4559,782

198

48, 273156

3,8093,762

10,922101

' 37. 64107. 6833.58

.208

' 154. 97'126.89353.99

22.81

' 18. 03' 19. 35

30. 12

12,424

16, 2994,330

11,788181

44,410147

3,1033,531

10,631108

' 29. 04116. 7636.61

.208

' 138. 45'106.88355. 02

27.40

' 14. 12' 15. 17

28.07

8, 734

16, 2654,835

11, 293137

37,088107

2,6963,5469,888

65

' 28. 32116.8424.13

.220

132. 09'103.87

355. 75

26.56

' 14. 50' 14. 74

26.39

8,748

16, 2014,695

11, 401105

29, 883101

2,8713,4129,337

71

' 23. 12126.9523.27

.206

137. 92' 84. 34383.04

23.73

'11.97' 11. 29

25.21

6,919

12, 4692,125

10, 239105

24, 38180

2,1453,0538,599

56

' 49. 14125.8343.57

.193

155. 68'157.17355.30

24. 57

' 23. 56' 24. 16

24.88

15, 744

13, 8182,673

10, 971174

26, 466106

3,5163,3618,937

45

' 46. 54118.4333.55

.179

'167.73'154.39

349.60

26. 11

' 22. 52' 21. 25

25.20

16, 162

15, 6703,693

11,757219

27, 114122

3,6343,2029,574

76

' 50. 75110. 2535.46

.188

178. 74'170.15335. 43

24.08

' 25. 45' 25. 24

24.90

18, 278

16,6954,098

12,368230

28,920106

4,0673,741

10,03372

' 46. 03109.4350.23

.179

'181.88'155.13347.00

24.94

' 23. 18' 21. 25

27.21

16,244

13, 6114,3089,132

171

31, 674166

3,8163,191

10, 50863

' 43. 06' 111. 66

48.22

.175

185. 10'143.83'369.94

23.02

' 23. 90' 22. 59' 28. 40

15,664

12,9725,0087,760

204

34,782121

3,3143,026

11, 00569

49.35108. 4446.88

.173

178.86163. 39361.46

24.35

23.7222.4328.67

17, 594

14,8184,8669,757

196

38, 02076

4,0784, 579

10, 79063

42.06

.164

23.99

17,118

13, 5384,5858, 755

198

41,916146

4,0053,664

11,15966

.176

r Revised. T> Preliminary.cf As reported by publishers accounting for about 75 percent of total newsprint consumption.

§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of themonth; annual data are as of Dec. 31.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.

STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENT

Shipments, finished cement thous bbl

CLAY CONSTRUCTION PRODUCTS

Shipments:Brick, unglazed (common and face)

Structural tile except facing thous sh tonsSewer pipe and fittings vitrified doFacing tile (hollow) , glazed and unglazed

Floor and wall tile and accessories, glazed and un-

Price index, brick (common), f.o.b. plant orN Y dock 1957 59 100

GLASS AND GLASS PRODUCTS

Flat glass, mfrs.' shipments thous $

Sheet (window) glass, shipments doPlate and other flat glass shipments do

Glass containers:

Shipments, domestic, total doGeneral-use food:

Narrow-neck food doWide-mouth food (incl. packers' tumblers,

Beverage doBeer bottles doLiquor and wine do

Medicinal and toilet doChemical household and industrial doDairy products do

Stocks, end of period do

GYPSUM AND PRODUCTS (QTRLY)

Crude gypsum, total:Imports . thous sh tonsProduction do

Calcined, production, total do

Gypsum products sold or used, total:Uncalcined uses doIndustrial uses doBuilding uses:

Plasters:Base-coat __ doAll other (incl. Keene's cement) do

Lath mil sq ftWallboard " doAll other. do

380 694

r 7 551 g267 4

1 610 3

308 1

272 7

111 5

343, 138

136, 785206 353

211 764

204, 093

21 605

59 igg

27, 09838 89517 608

39 766C 010

1 141

30 084

5 4799 647

8 434

4 693322

680899

1 0797 084

228

374 213

r 7 0Q7 5234 5

1 570 8

240 2

257 6

m q

332 067

131 5679QO 500

99 K K7Q

228 766

23 631

K7 OKO

38 18544 50119 459

38 516C RKA

958

22 546

4 7229 406

7 685

4 554295

560815

9476 993

247

17 066

369 821 072 1

15 3

19 1

112 9

16 852

15, 010

1 651

4 079

1,9182 6311,291

2 86549778

32 964

/

24 758

555 524 4

124 0

19 2

2° 9

112 9

76, 791

28, 38848 403

18 040

18, 485

2,056

4 432

2,7633,8851,682

3 06950593

31 943

7372 033

1 793

75778

135183

2191 596

49

27 940

605 921 8

119 3

19 9

20 8

119 Q

19 185

17, 458

1 804

4 023

2,7963 8901 495

2 95949566

33 580

34 765

CC1 Q

19 7140* 2

22 4

99 Q

113 1

IQ i7n

18 873

1 818

A 9994, &&&

3 3044 3291 602

3 07445371

33 223

37 909

fiftQ n91 1

•i eft n

91 ft

nt 7

76 644

29 862AD. 709

IQ 9^4

20 129

1 909

A 400

4,3014 5261 588

288344874

31 679

1,1712,236

1,824

1,27774

148202

2201,576

64

37 527

641 919 5

156 1

19 5

20 1

•110 K

IQ 147

17 540

1 609

4 072

3,3844 0681 136

2 809399

63

33 675

44 632

720 821 0

177 3

20 7

24 2

113 5

20 089

20, 410

2,275

5 361

3,4404 0481,479

3 25548171

32 736

39, 148

665 817 6

161 9

18 6

22 6

113 7

84, 901

35,62249, 279

17 938

19, 074

2, 906

4 893

2,6283,5111,598

2,99345986

31, 201

1,4422,742

2,320

1,33172

161240

3152.284

74

40, 000

700 819 0

163 4

21 8

21 6

113 7

20 213

19, 746

2,251

5 521

2,9633,2091,915

3,36244580

31 515

30,604

613 217 1

126 7

20 7

21 3

113 9

19 499

21, 123

1,700

5 633

3,7283,5592, 137

3,76851088

29, 394

21, 305

r469 214 3

r92. 2

' 18 3

r 18 4

114 9

93, 731

37, 69556, 036

19 073

25,647

2,204

6 887

5,1084, 1532,198

4,386600111

22, 546

1,3722,395

1,748

1, 18970

116190

1931,537

60

17, 166

364 313 582.9

14.4

21 5

20 629

25, 451

2,260

6 579

3,6945, 0402, 276

4,89860896

17, 598

20, 204

TEXTILE PRODUCTS

WOVEN FABRICS

Woven fabrics (gray goods), weaving mills:Production total Q mil linear vd

Cotton.. '_ doManmade fiber do

Stocks, total, end of period 9 d1 doCotton doManmade fiber do

Orders unfilled total end of period 9 IF doCotton. " doManmade fiber do

COTTON

Cotton (exclusive of linters) :Production:

GinningsA thous. running balesCrop estimate, equivalent 500-lb. bales

thous. balesConsumption doStocks in the United States, total, end of period

Domestic cotton, total doOn farms and in transit doPublic storage and compresses I_I" doConsuming establishments. do

Foreign cotton, total. do

1 9 AftQft ggQ

3 571

1 306766521

o 999

2 408746

9 562

9,5759 647

20 26520 1861 121

17, 6391,426

79

n Qoq

8 2633 493

1 317'837465

0 IQfl

2 0601 045

7 432

7 4509 215

M corj

14 4891 *19fi

11,3691,594

91

QCO

673262

1 311786505

o ACQ

2 251737

749

1 7 84.8

17 770954

14, 9421,874

78

11 1 58i §23i 312

1 307782504

3 n4fi2 290

686

4 9 562

i 906

Ifi ^48

16 479713

13, 7791,987

69

Q^fi674262

1 323806497

9 sni2 020

708

748

15 51615 455

80112, 6641,990

61

QCQ

670269

1 364835512

2 OQO

1 866749

733

14 37814 326

67111, 6901, 965

52

1 1 1 f i 7i §09i 334

1 396852527

9 5fi9

1 753735

i ggg

1 3 1Qfi

13 140*472

10. 8181,850

56

71 5477222

1 404860528

2 0991 748

799

257

562

19 *Wl

12 375400

10, 3181,757

58

918631270

1 390865511

2 8041 928

865

632

721

19 40019 3427 9269,8021,614

58

1 i i5j17811350

1,357845498

2 8351 882

881

1,013

1850

18 23518 1717 4599, 1571,555

64

971656299

1,338849475

2 9571 941

944

3,289

744

17 08817 0045 8089,7901,406

84

969649306

1,330850466

3 2022 0991 021

6,327

720

15 71515 6242 564

11, 6131,447

91

1 1 126i 7531353

1,317837465

3 1902,0601,045

2 6, 931

1825

14 58014, 4891 526

11,3691,594

91

i 1 16317491392

1,291821455

3 0441,9151,033

37,265

r!880

13 30113,2171,413

-•10,073' 1, 751

'86

729

12 10112, 0201, 1868,9701,864

81

s 7, 432

s 7, 450735

7,9171,955

73

'Revised, i Data cover 5 weeks; other months, 4 weeks. 2 Ginnings to Dec, 13.3 Ginmngs to Jan. 16. * Crop for the year 1966. s Crop for the year 1967.9 Includes data not shown separately.cf Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,

toweling, and blanketing, and billed and held stocks of denims.

Ûnfilled orders cover wool apparel (including polyester-wool) finished fabrics; productionand stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,and blanketing.

ATotal ginnings to end of month indicated, except as noted.


April 1968


1966

SURVEY OF CURRENT

1967

Annual

BUSINESS S-39

1967


1968

Jan. Feb. Mar.

TEXTILE PRODUCTS—Continued

COTTON— Continued

Cotton (exclusive of linters)— ContinuedExports thous. bales..Imports doPrice (farm), American upland cents per lb___Price, middling 1", avg. 14 markets f do

Cotton linters:Consumption —thous. bales..Production doStocks end of period do

COTTON MANUFACTURESSpindle activity (cotton system spindles):

Active spindles, last working day, total .mil-Consuming 100 percent cotton '. _do

Spindle hours operated, all fibers, total _-bil_-Average per working day _ do

Consuming 100 percent cotton. _ do

Cotton yarn, price, 36/2, combed, knitting, naturalstock $perlb_.

Cotton cloth:Cotton broad woven goods over 12" in width:

Orders, unfilled, end of period, as compared withavg. weekly production No. weeks' prod._

Inventories, end of period, as compared withavg. weekly production- -No. weeks' prod—

Ratio of stocks to unfilled orders (at cotton

Mill margins:*Carded yarn cloth average cents per lb__Combed yarn cloth average do _Blends (65% polyester-35% cotton) do _ _

Prices, wholesale:Print cloth, 39 inch, 68 x 72— .cents per yard-Sheeting, class B, 40-inch, 48 x 44-48 _ _ .do

MANMADE FIBERS AND MANUFACTURESFiber production, qtrly. total mil. lb__

Filament yarn (rayon and acetate) doStaple incl tow (rayon) doNoncellulosic, except textile glass:

Yarn and monofilaments _ doStaple incl tow do

Textile glass fiber do

Exports: Yarns and monofilaments thous. lb._Staple tow and tops do

Imports* Yarns and monofilaments doStaple, tow, and tops__ __. —do

Stocks, producers', end of period:Filament yarn (rayon and acetate) mil. lb._Staple incl tow (rayon) doNoncellulosic fiber, except textile glass:

Yarn and monofilaments doStaple incl tow do

Textile glass fiber do

Prices, manmade fibers, f.o.b. producing plant:Staple: Polyester, 1.5 denier $ per lb__Yarn* Rayon (viscose) 150 denier do

Acrylic (spun) , knitting, 2/20,3-6 D*_do__ . .Manmade fiber and silk broad woven fabrics:

Production (qtrly.). total 9 mil. lin. yd —Filament yarn'(100%) fabrics9 .do

Chiefly rayon and/or acetate fabrics do__ __Ohieflv nylon fabrics do

Spun yarn (100%) fabrics (except blanketing) 9mil. lin. yd__

Rayon and/or acetate fabrics and blendsdo

Filament and spun yarn fabrics (combinationsand mixtures) do

WOOLWool consumption, mill (clean basis) :

Apparel class _mil. lb..Carpet class „ do

Wool imports, clean yield _doDuty-free (carpet class) _ _ _ _ _ _ _ _ _ _ _ _ do

Wool prices, raw, clean basis, Boston:Good French combing and staple:

Graded territory, fine $ per lb._Graded fleece, % blood. do__

Australian, 64s, 70s, good topmaking do

WOOL MANUFACTURESKnitting yarn, worsted, 2/20s-50s/56s, American

system, wholesale price 1957-59=100—Wool broadwoven goods, exc. felts:

Production (qtrlv ) mil lin ydPrice (wholesale), suiting, flannel, men's and

bovs'. fn .h mill 1QR7 ô— inn

3,597100

: - * 20. 6

122.1

1,3661,419

725

19.515.1

132.1.509

102.4

.949

8,840

18.4

4.5

.25

4 41. 954 95. 74463.28

18.718.0

3, 860. 1799.8659.2

1, 164. 7904.0332.4

98, 72255, 52216, 571

177, 570

67.370.1

150.2129.842.5

.80.80

1.58

4, 234. 11, 612. 5

735.0335.4

1, 907. 7

623.61, 051. 2

479.4

266.6103.6277.2114.6

1.3491. 1711.259

108.2

264.9

in9 7

3,973169

1,080977617

20.014.4

126.2.48694.4

.942

8,284

15.4

5.2

.35

37.7575.6060.48

718.4

3, 980. 6734.7603.4

1,213.91, 119. 8

308.8

688,83178,29328, 194

6149,672

51.743.8

138.7142.440.4

.66

.811.52

4,234.81,625.6

761.1317.5

1, 978. 0

601.01,163.1

411.5

228.783.9

187.378.2

1.215.910

1.153

92.6

237.4

mi 7

4585

20.222.0

89111810

19.815.310.0.4997.8

.945

14.9

4.2

.29

40.5478.9752.69

18.4

8,1017,0343,357

13, 600

68. 680.1

.72

.811.54

18.46.1

13.14.2

1.225.975

1.175

100.1

102.7

4015

20.422.1

2105113828

19.815.3

211.9.47729.3

.940

2,221

14.5

4.4

.32

40.4278.5251.28

937. 7181.3155.3

300.3224.576.3

7,4536,3141,908

14, 488

63.382.8

164.6122.047.0

.72,81

1.53

1,020.4407 7194. 381.3

457,5

151 8259.5

102 3

222.126.817.65.7

1.213.945

1. 175

98.2

61.8

102.7

2883

20.422.2

9465

831

20.015.310.0.5017.7

.934

13.7

4.5

.33

40.0977.6251.18

17.8

_

7,4926,2901,574

10, 674

60.980.8

.72

.811.53

___,—

18.66.6

13.93.2

1.175.918

1.125

91.0

im.5

41619

19.722. 2

8737

766

19.715.09.9

.4967. 5

.932

12.7

4.7

.37

39.5976.0649.47

17.318.4

6,6857,5991,6669,465

61.778.4

.68

.811.53

19.07.1

13.95.6

1.175,895

1.125

91.6

i m . f i

2993

20.322.4

210440

695

19.614.8

212.3.49129.3

.927

2,131

12.3

5.1

.40

38.3375.4343.03

18.4

931 7172.2137 0

283.1264 3

75. 1

6,1477,7351,894

10, 776

60. 177.1

164.1120.947 1

. 65

.811.54

1,040.9402.0187. 980.6

, 486. 1

154 4284.9

99 3

223.326.915.86.3

1.235.975

1.175

91.9

65.9

101. fi

2284

20.922.6

70

637

19.814.98.1

.4036.0

.920

17.2

7.1

.41

37.9071.7943.15

18.4

5,8066,0621,532

13,846

64.475.5

169.1129.7

.62

.811.55

15.44.6

13.96.9

1.245.938

1. 175

92.5

101.5

24420

22. 022.8

7940

595

20.014.99.8

.4917.2

.920

13.7

5.1

.36

37.2373.4649.20

16.018.3

6,4427,4262,178

13,395

59.762.4

163.0128.4

.62

.811.54

18.17.0

15.07.3

1.237.895

1.165

90.0

101.5

27752

21.323.2

29733

546

20.014.7

2 12. 0.48128.8

.925

'1,897

13.5

5.1

.37

36.6473.6655.72

16.318.3

962.0175.3129. 4

296.2286.1

75.0

6,6935,9742,305

11,982

58.455.5

155.9132.143.4

.62

.811.53

' 999. 0' 375. 4' 171. 6' 76. 8

' 473. 0

' 134. 5'280.6

99.5

220.828.517.77.2

1.225.838

1.125

90.0

52.7

101.8

27525

27.323.4

8492

538

20.114.710.3.5137.4

.927

13.3

5.0

.38

35.7572.52

s 84. 03

16.318.3

9,3685,0712,535

14,314

58.549.5

147.6129.9

.62.81

1.53

16.77.3

13.96.6

1.225.825

1.125

89.4

101.8

29817

30.525.0

81146595

20.114.510.2.5117.3

.960

14.5

5.0

.34

33.4368.5090.55

16.518.5

7,8656,3633,942

14, 029

53.044.9

143.2131.6

.62

.811.46

17.56.8

16.98.7

1. 177.825

1.125

88.2

100.5

33110

27.627.0

298122617

20.014.4

211.6.46528.3

1.026

2,035

15.4

5.2

.35

32.3680.9899.86

17.019.0

1,149.2205.9181.7

334.3344.982.4

8,7825,9103,065

14,972

51.743.8

138. 7142.440.4

.60

.811.41

1, 174. 5440. 5207.378.8

561.4

160.3338.1

110.4

220.229.119.09.3

1.165.835

1.162

87.8

57.0

100.5

47410

22.426.2

'296122

'20.114.2

2 12.7.50828.9

13.9

5. 1

.37

33.7283.82

111.10

368.7361.2

3 119. 93 123. 1

8,1556,0774,978

22, 598

48.240. 7

136.6146.0

' 2 22. 7'29.0

24.012.3

1.165.825

1.175

4473

19.925.4

8498

614

20.114.110.4.5197.2

12.2

5.0

.42

35.3686.41

s 73. 54

363.4360.0

3 119. 2s 110. 7

8,6618,4454,456

19, 519

45.344.4

132.9145.0

19.77.5

23.59.0

1.165.825

1.175

19.425.2

85

20.113.910. 3.5167. 1

36.1390.4865. 97

_ -.

1.178.825

1.175

r Revised. 1 Season average. 2 For 5 weeks, other months, 4 weeks. 3 For monthshown. 4 Average for Aug.-Dec. * Margins for 5 blends, Sept. 1967; 78.50 cents; marginsfor 4 blends, Jan. 1968, 71.92 cents. See note "*." 6 Revised total; revisions not distributedby months. f yor ten months.

^Beginning Sept. 1967, average of 14 markets.

*New series. Beginning Aug. 1966, mill margins refer to weighted averages of 71 types ofunfinished carded yarn cloths and to simple averages of 8 combed yarn cloths and 4 polyester-cotton blends (Oct. 1967-Jan. 1968, 5 blends); no comparable data prior to Aug. 1966 areavailable. Spun yarn price (BLS) available beginning Jan. 1965.

9 Includes data not shown separately.




1966 1967

Annual

1967


1968

Jan. Feb. Mar.

TEXTILE PRODUCTS—Continued

APPAREL

Hosiery, shipments thou^T drtZ- pairsMen's 'apparel, cuttings:

Tailored garments:Suits thous. unitsOvercoats and topcoats do

Coats (separate) , dress and sport doTrousers (separate) , dress and sport do

Shirts (woven fabrics), dress and sportthous. doz

Work clothing:Dungarees and waistband overalls doShirts. _ _ . . do

Women's, misses', juniors' outerwear, cuttings:Coats thous. unitsDresses . doSuits _ _ do

Blouses, waists, and shirts thous. dozSkirts . _ .do

210, 425

20,7153 799

13, 148145 673

27, 827

5,9094,096

24, 595271, 10710, 375

17, 05310, 225

r223 880

T 18, 9043 812

* 12, 659r 133 762r 25, 985

" r 7 042' 3, 777

r 21 302r 283 398

r8 388

14 064r 8, 582

r!9 274

1,537227

1, 05510 994

2,477

552348

1 91824, 592

872

1 205710

19, 234

1,724331

1,17612 322

2,469

648372

1 25930 453

823

1 350792

17 856

1,532365

1,09010 571

2,129

596314

92327, 523

554

1 271790

18,990

1,538390

1,11511 202

2,070

636341

1 41925 359

543

1 209724

19, 879

1,726395

1,08412 019

2, 061

669331

1 77623, 693

702

1 179808

16, 020

880278

6238,927

1,504

441232

1,75919, 256

592

961801

19, 959

1,639361

1,03912, 219

2,255

606324

2,21525, 311

715

1,218784

18, 924

1,649290

1, 10411, 337

2,087

709303

2,09020, 956

547

1,145687

20,199

1, 774345

1,11611, 624

2,417

642308

2,17722,882

698

1,356754

19, 870

1,840335

1,15911, 594

2,288

490307

2,14822, 119

728

1,152578

15,368

«• 1, 603269

'995r 9, 919r 1, 846

'584r272

r 1, 543' 18,962

'630

867••398

16, 671

1,911298

1,24111, 320

1,898

478269

1,77624, 615

842

1, 193543

18, 197

TRANSPORTATION EQUIPMENT

AEROSPACE VEHICLES

Orders, new (net), qtrly. total mil. $_.U.S. Government ___ .do

Prime contract doSales (net), receipts, or billings, qtrly. total -.do

U.S. Government.. do

Backlog of orders, end of period 9 . . _ ,doU.S. Government. do

Aircraft (complete) and parts doEngines (aircraft) and parts "___ "doMissiles, space vehicle systems, engines, propul-

sion units, and parts.. mil. $Other related operations (conversions, modifica-

tions), products, services.. mil. $

Aircraft (complete) :Shipments © . do

Airframe weight © _ thous IbExports mil. $

MOTOR VEHICLES

Factory sales, total _thous_^Domestic do

Passenger cars, total _._ .doDomestic do

Trucks and buses, total .doDomestic . do

Exports:Passenger cars (new) , assembled doPassenger cars (used) doTrucks and buses (new) , assembled doTrucks and buses (used) _ _ do"Truck and bus bodies for assembly do

Imports:Passenger cars (new) complete units doPassenger cars (used) doTrucks and buses, complete units do

Shipments, truck trailers:Complete trailers and chassis number

Vans doTrailer bodies and chassis (detachable), sofd

separately number

Registrations (new vehicles) : OPassenger cars thous

Foreign cars doTrucks (commercial cars) do

RAILROAD EQUIPMENT

Freight cars (ARCI):Shipments number

Equipment manufacturers total doRailroad shops, domestic ~ do

New orders . doE quipm ent man ufacturers , total doRailroad shops, domestic do

Unfilled orders end of period doEquipment manufacturers, total doRailroad shops domestic ' do

Freight cars (revenue), class 1 railroads (AAR):§Number owned end of period thous

Held for repairs, % of total ownedCapacity (carrying), aggregate, end of period

Average per car _ tons

27, 22316, 35124, 21920, 22714 530

27, 54715,71114 6553,824

4,510

2,492

2, 087. 043, 983553.7

10, 329. 59, 943. 58,598.38,336.91, 731. 11, 606. 6

177 5812.7278 646.79

10 70

3 913 215.75

42.96

113, 49375 527

18, 402

2 9 008 52 658. 1

2 1,610. 4

90, 34967 94422 405

99, 83373, 190

r 26 643

56 61840 42616 192

1 .4074 8

Q1 KO

61.19

26, 88718, 53024 41323, 43816 329

30, 72217 75016 3774,251

5,704

2 629

2 981. 556 694786 5

8,976.28 484 67, 436. 87 070 21, 539. 51 414 4

280 5811 0882 246.00

10 99

1 020 624 99

75 0796 53959 147

27 497

2 8 361 92 780 6

21 518 9

83 099OA 77Q

18 320

r 54 129r 38 614

15 515

94 Q17

14 276in' CA-I

1 4.89

5 1no -if*

62.85

"•----—

141.23 01653 3

660.2628.1525. 6501.9134.6126.2

14 1984

6 57.51

1 09

79 52.33

5.49

8 3225 253

1 658

538 945.2

108.9

8 1016 0482 053

3 3582,908

450

46 19735 29310 904

1 4985 1

91 996L42

5,1933,6134,5865,1713 717

30,75415 97517 4463| 861

4, 740

2 668

261.85 13478 7

833.4785 1684.1647 4149 3137 7

31 4196

7 *»4.53

1 14QQ AC

.317 28

10 1116 309

2 377

670 857 5

132 2

9 1567 0*14

2 102

5 0283 8241 204

42 05532 04910 006

1 4QR

5 0no OK

61.60

224 94 329

62.3

792.2749. 4659.8628 3132.4121 1

26 6981

7 75.57

1 19

66 9721

6.06

7 9904 829

3 431

786 163 3

144.6

8 3116 4661*845

1 7281,444

284

34 96026 5158 445

1 4QQ

5 1

92 516L72

262 04 98455 2

898.3848 7750 3713 4148 0135 3

25 851 339 09.57

I 1Q

80 6645

7 42

8 8205 376

2 898

a 807 4a 70 o

a 139 o

6 3445 0941 250

4 1693 244

925

32 49324 3738 190

1 4965 2

no en

61.87

7,4384,7276 8645 9254 076

28 96416 14215 5083 957

4 833

2 578

259 84 80371 9

911.7865 2765 3732 3146 4133 0

15 811 138 94

581 -10

Q4 4fi

259 43

7 4833 999

2 227

&793 5666 7

6139 5

8 4587 H4Q

1 4ftQ

7 2946 757

W7

on 7 on

23 007

1 4QQ

5 O

Q9 Qfi

62.04

220.94,13352.4

530.8506.3425.5410 6105.395 6

13 3292

8 87.3776

85 06.32

7.44

6 4923 684

2 866

6 742 86 65 4

&130 7

5 6864 776

910

2 3652 140

225

97 ofi°.20 361

fi 7(19

1 4Q75 5

no ni62.14

281.54 92046 3

324.2300 8231.6218 392.682 5

10 6993

5 8056QQ

44 9828

2 59

7 4854 336

2 784

6 716 2683 9

6 141 i

6 9165 770

1 137

6 3472 3384 009

9fi 4ft°i16 7129 771

1 4Qfi5 5

no on

62.36

' 6, 798' 4, 648r 6, 160'5,682'3 985

' 29,921r 16,758r 15708

4,487

' 5, 104r 2, 595

243.24 53185 6

710.5670 3601.0570 6109 599 7

21 5674

5 27.6296

68 9743

5.58

7 8714 619

1 869

b 543 56 67 6

& 119 2

6 262A *tAA

1 918

r 4 608r 3, 948

660

24 81916 306o K-IO

1 4Qfi5 4

no en

62.46

273.25 23948.7

751.9706.9645.4608.8106.598 1

25 761 025 09.47

AK

98 0748

5.07

8 7875 549

1 787

6 696 46 72 3

6 115 7

6 039A OQ1

1 748

2 3782 352

26

21 08214 311fi 771

1 400

5 3no KA

62.64

296.65, 36795.2

807.7761.8683.0645.2124.7116 5

26 7469

5 16.4276

100 48.91

3.13

7 8345 161

2 326

6 632 5b 63 1

6 106. 2

5 1223 9581 164

6 2093 3652 844

21 82813 730

Q* AQQ

1 4925 2

93 6062^74

7,4585,5426,8036,6604, 551

30, 72217, 75016 3774,251

5,704

2,629

381.26,64595.3

957.8903.9813.9768.5144.0135. 4

37 1380

6 15.3452

110 67'82

8.88

7,2094 757

1 447

b 724 7* 65 8

& 120. 4

5 4873 9911*496

8 5904,551

r 4 039

24 91714 27610 641

1 4825 i

93 1662^85

' 337. 9»• 6, 043

127.5

937.5889.3787.0747.2150.4142.1

35.09.72

5.99.5571

145 98.42

9.23r 7*839

5,028

2,063

« 647. 8•61.2

« 117. 6

4,7133 871

842

' 4, 757' 3, 6271 130

24 89314, 02410 869

1 4805.3

93 7163.33

354.66,363145.6

847.6801.4703,2668.2144.3133.2

29.34.71

7 29.3857

121 37.54

9.74

8,8165,637

2,191

o594. 6« 60.7« 110.0

5,7544 3581 396

5,6142,8142 800

24 74212, 46912 273

1 4785.3

93 4163.18

1967.4

i 796. 3

1 171. 0

/Revised. i Preliminary estimate of production. 2 Annual total includes revisions notdistributed by months. 3 Revised to reflect Jan.-Apr. imports from Canada of new andused cars and other motor vehicles not specifically identified; beginning May 1966, data referto total imports (incl. those from Canada) of new, on-the-highway, four-wheeled passengerautomobiles. Revised Jan.-Apr. 1966 data (thous.): 77.9; 73.0; 93.7; 59.0. "Omits data for

two States. bOmits data for one State.9 Total includes backlog for nonrelated products and services and basic research.0Data include military-type planes shipped to foreign governments.©Courtesy of R. L. Polk & Co.; republication prohibited.§Excludes railroad-owned private refrigerator cars and private line cars.


TO

SECTIONS

General:Business indicators . » ...... ...... ..... . ...... 1—7Commodity prices. ......................... 7-9Construction and real estate* ..... . . . . . . ..... 9, 10Domestic trade. . . ..... .,.,..,. ____ . ..... ...

Labor force, employment, and earnings. ...... 12—16Finance. . . , . , ..... .....,......,,. ____ ..... 16-21Foreign trade of the United States ____ ........ 21-23Transportation and communications. , . , . , , . , . 23,24

Industry:Chemicals and allied products. . ..... , , • ...... . 24, 25Electric power and gas ...... . .......... ..... 25,26Food and kindred products; tobacco. . . . . . . . . . 26-30Leather and products. . . . . . . . . . . ___ . . . . . . . . . 30

Lumber and products. ................. ____ . 31Metals and manufactures. . ......... ......... 31-34Petroleum, coal, and products. . . . . . , , . . , . . » , . 34, 36Pulp, paper, and paper products, ...... . . . . . . . 36, 37

Rubber and rubber products. . . ____ . . . . . ...... 37Stone, clay, and glass products. . . . . . ,» . , . . . , , 38Textile products. . ...... ........ ........ ____ 38-40Transportation equipment ...... . ..... ....... 40

INDIVIDUAL SERIESAdvertising. 10,11,16Aerospace vehicles . . , . . .» , , 40Agricultural loans. , » . . . , . . . « . . . . » , 16Air carrier operations 23Aircraft and parts t 4,6,7,40Alcohol, denatured and ethyl 25Alcoholic beverages, 11,26Aluminum.... v . . . . . . , . , , . ..... 33Apparel, 1,3,4,8,9,11-15,40Asphalt and tar products...................... 35,36Automobiles, etc... 1,3-9,11,12,19,22,23,40

Balance of international payments.Banking. ....,.....,.......,,,,,Barley,Battery shipments. , . . »Beef and veal.Beverages. 4,8,11,22,Blast furnaces, steel works, etcBonds, outstanding, issued, prices, sales, yields.,..Brass and bronze, , fBrickBrofcer*s balancesBuilding and construction materials....

Building costs .„ . . , . . . . . , ,Building permitsBusiness incorporations (new), failures.Business sales and inventories.........Butter. . .» . , , . . . . . . . . . . . .

10,31,

2,316,17

273428

23,265-7

18-20333820

7-8,36,38

101075

26

Cattle and calves 28Cement and concrete products. 9,10,38Cereal and bakery products,................... 8Chain-store sales, firms with 11 or more stores,.. 12Cheese. 26Chemicals. 4-6,8,13-15,19,22-25Cigarettes and cigars. 30Clay products 9,38Coal 4,8,22,34,35Cocoa , 23,29Coffee 23,29Coke 35Communication 2,19,24Confectionery, sales. 29Construction;

Contracts.. . . .» 9Costs , 10Employment, unemployment, hours, earnings.. 13-15Fixed investment, structures... . . . . . . . . . . . 1Highways and roads. 9,10Housing starts. . . . . , , . . . .«. . , , . . , . . . , , , , . . , 10New construction put in place. . . » „ . . . „ , . » . , , . 9

Consumer credit.............. . .............. 17,18Consumer expenditures. 1Consumer goods output, index, 3,4Consumer price index....... 7,8Copper........,.,..,........,,.,....... 33Corn. 27Cost of living (see Consumer price index). 7, 8Cotton, raw and manufactures.......... 7,9,22,38,39Cottonseed cake and meal and oil. 30Credit, short- and intermediate-term.., 17,18Crops, 3,7,27,28,30,38Crude oil and natural gas...« 4,35Currency in circulation, ...,.., 19

Dairy products. 3,7.8,26,27Debits, bank.. . . . . . . . . . . . . . . . . . . . . . . . . . . 16Debt, U.S Government. 18Department stores . . . , .„ . , ,„ ' ' . . . . . . i . . . 11,12Deposits, bank. 16,17,19Disputes, industrial 16Distilled spirits........................... 26Dividend payments, rates, and yields....... 2,3,18-21Drug stores, sales... 11,12

Earnings, weekly and hourly.......... . . . . . 14,15Eating and drinking places 11,12Eggs and poultry 3,7,28,29Electric power. 4,8,25,26Electrical machinery and equipment............ 4-8,

13-15,19,22,23,34Employment estimates. . » . . . . . . . , * 12-15Employment Service activities............. » 16Expenditures, U.S Government 18Explosives.., 25Exports (see also individual commodities) 1,2,21-23Express operations. 23

Failures, industrial and commercial 7Farm income, marketings, and prices,., 2,3,7,8Farm wages..,..,.....,,.....,,.,....,»...... 15Fats and oils 8,22,23,29,30Federal Government finance 18Federal Reserve banks, condition of 16Federal Reserve member banks. 17Fertilizers... , . . . , 8,25Fire losses. ... 10Fish oils and fish . . 29Flooring, hardwood........... ... ..... 31Flour, wheat. ....... 28,29Food products.......... 1,4-8,11-15,19,22,23,26-30Foreclosures, real estate 10Foreign trade (see also individual commod.).. , . . 21—23Foundry equipment 34Freight cars (equipment) 4,40Fruits and vegetables. 7,8Fuel oil 35,36Fuels... 4,8,22,23,34-36Furnaces........,,.,,.., 34Furniture............. 4,8,11-15

Gas, output, prices, sales, revenues............ 4,8,26Gasoline... 1,35Glass and products..•,.....,.,..•».. ,,. 38Glycerin 25Gold 19Grains and products. 7,8,22,27,28Grocery stores , 11,12Gross national product 1Gross private domestic investment. 1Gypsum and products. 9,38

Hardware stores ..,..' 11Heating equipment 9,34Hides and skins. 8, 30Highways and roads. ,, 9,10Hogs. 28Home electronic equipment. 8Home Loan banks, outstanding advances. 10Home mortgages « , 10Hosiery. , .,.,. 40Hotels 24Hours of work per week ,, 14Housefurnishings. 1,4,8,11,12Household appliances, radios, and television sets. 4,„ . , 8,11,34Housing starts and permits............. ... 10

Imports (see also individual commodities)..... 1,22,23Income, personal 2,3Income and employment tax receipts,........ 18Industrial production indexes:

By industry. . . , . . ,„, , ' , , . . , . . . ; , . 3,4By market grouping* . 3,4

Installment credit . . . , . . . , , . 12,17,18Instruments and related products. 4-6,13-15Insurance, life. 18,19Interest and money rates 17Inventories, manufacturers' and trade,......... 5,6,12Inventory-sales ratios. 6Iron and steel 4,5-7,9,10,19,22,23,31,32

Labor advertising index, strikes, turnover.Labor forceLamb and muttonLard. .'...".I !!!!!!!!!Lead.

16. 12,13

282833

Leather and products... ..! t , _ ^ 4,8,13-15,30Life insurance. . . . , . . . , , . . , . . 18,19Linseed oil. 30Livestock... 3,7,8,28Loans, real estate, agricultural, bank, brokers*

(see also Consumer credit) 10,16,17,18,20Lubricants... , 35,36Lumber and products. 4,8,10-15,19,31

Machine tools. 34Machinery... ... 4,5-8,13-15,19,22,23,34Mail order houses, sales. 11Man-hours, aggregate, and indexes, 14Manmade fibers and manufactures 9,39Manufacturers* sales (or shipments), inventories,

orders 4-7Manufacturing employment, unemployment, pro-

duction workers, hours, man-hours, earnings... 13-15Manufacturing production indexes. 3,4Margarine. 29Meat animals and meats . 3,7,8,22,23,28Medical and personal care. 7Metals 4-7,9,19,22,23,31-33Milk. , 27Mining and minerals 2-4,9,13-15,19Monetary statistics. 19Money supply....,...., . . . » 19Mortgage applications, loans, rates... 10,16,17,18Motor carriers...,..,,. , 23,24Motor vehicles. 1,4-7,9,11,19,22,23,40Motors and generators ,....,.... 34

National defense expenditures.................. 1,18National income and product 1,2National parks, v is i ts . . . . . . . . . . . . . . . . . . . . . . . . . 24Newsprint. ,,' 23,37New York Stock Exchange, selected data........ 20,21Nonferrous metals ... 4,9,19,22,23,33Nonmstailment credit. 17

Oats........ 27Oil burners 34Oils and fats. 8,22,23,29,30Orders, new and unfilled, manufactures'..»..,... 6,7Ordnance. , 13-15

Paint and paint materials 8,25Paper and products and pulp. 4-6,

9,13-15,19,23,36,37Parity ratio. ...,.,,.....,.,.,,.....,.,.*..,.. 7Passports issued. ...,,.,,.,. 24Personal consumption expenditures.............. 1Personal income. 2,3Personal outlays 2Petroleum and products. 4-6,

8,11,13-15,19,22,23,35,36Pig iron 32Plant and equipment expenditures. 2,20Plastics and resin materials. 25Population , , , . . , , , , , , , . . . 12Pork. , 28Poultry and eggs. ,. 3,7,28,29Prices (see also individual commodities) ,,.. 7-9Printing and publishing 4,13-15Profits, corporate.. . . . . . . . . . . . . . . . . . 2,19Public utilities, 2-4,8,9,13,19-21Pullman Company. , 24Pulp and pulp wood. 36Purchasing power of the dollar 9

Radiators and convectors., ...... 34Radio and television 4,10,11,34Railroads 2,15,16,19,20,21,24,40Railways (local) and bus lines. 23Rayon and acetate. 39Real estate, , 10,17,18Receipts, U.S. Government. 18Recreation. 8Refrigerators and home freezers.. * 34Rent (housing). . » » . . . 7Retail trade.. 5,8,11-15,17,18Rice. , , , , . . , . . , 27Roofing and siding, asphalt.., 36Rubber and products (inel. plastics)...... .. 4-4,

23,379,13-15,

Saving, personal. ,,.,..,....... 2Savings deposits. 17Securities issued .....,;........ 19,20Security markets. , „ ... 20,21Services 1,7,13Sheep and l a m b s . . , , . . . . . . , . . . . 28Shoes and other footwear... ...,,...., 8,11* 12,30Silver.. ............,..,,...,,,,...,. 19Soybean cake and meal and oil..,,.,,.,,.,..... 30Spindle activity, cotton......... ... .. 39Steel (raw) and steel manufactures 31,32Steel scrap.... , 31Stock prices, earnings, sales, etc 20,21Stone, clay, glass products 4-6,8,13-15,19, 38Stoves ana" ranges,..;' 34Sugar 23,29Sulfur.,. 25Sulfttrie acid. 24Superphosphate,.,.,».......,... ... .... 25

Tea imports. A . . . . . . 29Telephone and telegraph carriers ..,....,„...... 24Television and radio ......,,.,.., 4,10,11,34Textiles and products 4-6,8,13-15,19, 22,23,38-40Tin ...;..... 33Tires and inner tubes. 9,11,12,37Tobacco and manufactures.... 4-4,9,11,13-15,30Tractors., » 34Trade (retail and wholesale).,, 5,11,12Transit lines, local 23Transportation,. 1,2,8,13,23,24Transportation equipment 4-7,13-15,19* 40Travel 23, 24Truck trailers.., 40Trucks (industrial and other) 34,40

Unemployment and insurance 12,13,16U.S. Government bonds, .- 16-18,20U»S. Government finance. 18Utilities 2-4,9,13,19-21,25,26

Vacuum cleaners. ,...*.,....,. 34Variety stores. 11,12Vegetable oils 29,30Vegetables and fruits. ,. 7,8Veterans* benefits ....... ........ .. 16,18

Wages and salaries. 2,3,14,15Washers and driers. — 34Water heaters 34Wheat and wheat flour..,..,,,.. .,... 28Wholesale price indexes. 8,9Wholesale trade 5,7,11,13-15Wood pulp . . , . , , . . . . 36Wool and wool manufactures....„,..,...,,.,.,. 9,39

Zinc.


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