erp1974 appendixes 3
Post on 18-May-2017
230 Views
Preview:
TRANSCRIPT
Appendix C
STATISTICAL TABLES RELATING TO INCOME,
EMPLOYMENT, AND PRODUCTION
243
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONTENTS
NATIONAL INCOME OR EXPENDITURE: Page
G-l. Gross national product or expenditure, 1929-73 249C-2. Gross national product or expenditure in 1958 dollars, 1929-73 •. 250G-3. Implicit price deflators for gross national product, 1929-73 252C-4. Implicit price deflators and alternative price measures of gross
national product and gross private product, 1939-73 254C-5. Gross national product by industry in 1958 dollars, 1947-72 255C-6. Gross national product by major type of product, 1929-73 256G—7. Gross national product by major type of product in 1958 dollars,
1929-73 257C—8. Gross national product: Receipts and expenditures by major economic
groups, 1929-73 258C-9. Gross national product by sector, 1929-73 260C-10. Gross national product by sector in 1958 dollars, 1929-73 261G—11. Gross product originating in nonfinancial corporations and dollar
costs per unit of output, 1948-73 262C-12. Personal consumption expenditures, 1929-73 263C-13. Gross private domestic investment, 1929-73 264C-14. Relation of gross national product and national income, 1929-73 265C-15. National income by type of income, 1929-73 266C—16. Relation of national income and personal income, 1929-73 267C-17. Disposition of personal income, 1929-73 268C-18. Total and per capita disposable personal income and personal con-
sumption expenditures in current and 1958 dollars, 1929-73 269C-19. Sources of personal income, 1929-73 270C-20. Sources and uses of gross saving, 1929-73 272C-21. Saving by individuals, 1946-73 273C-22. Number and money income (in 1972 dollars) of families and unrelated
individuals, by race of head, 1947-72 274
POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:
C-23. Population by age groups, 1929-73 275C-24. Noninstitutional population and the labor force, 1929-73 276C-25. Civilian employment and unemployment by sex and age, 1947-73. . 278C-26. Selected unemployment rates, 1948-73 279C-27. Unemployment by duration, 1947-73 280C-28. Unemployment insurance programs, selected data, 1946-73 281C-29. Wage and salary workers in nonagricultural establishments, 1929-73. 282C—30. Average weekly hours and hourly earnings in selected private non-
agricultural industries, 1947-73 284C-31. Average weekly earnings in selected private nonagricultural indus-
tries, 1947-73 285C-32. Output per man-hour and related data, private economy, 1947-73. . 286C-33. Changes in output per man-hour and related data, private economy,
1948-73 287
245
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITY: P a g €
C-34. Industrial production indexes, major industry divisions, 1929-73.. . . 288C-35. Industrial production indexes, market groupings, 1947-73 289C—36. Industrial production indexes, selected manufactures, 1947—73 290C-37. Capacity utilization rate in manufacturing and major materials
industries, 1948-73 291C-38. New construction activity, 1929-73 292C-39. New housing starts and applications for financing, 1929-73 294C-40. Business expenditures for new plant and equipment, 1947—74 296C—41. Sales and inventories in manufacturing and trade, 1947—73 297C-42. Manufacturers' shipments and inventories, 1947-73 298C-43. Manufacturers' new and unfilled orders, 1947-73 299
PRICES:C-44. Consumer price indexes by expenditure classes, 1929-73 300C—45. Consumer price indexes by commodity and service groups, 1939—73. 301C—46. Consumer price indexes, selected commodities and services, 1939—73. 302O-47. Consumer price indexes, seasonally adjusted, 1970-73 303C-48. Percent changes in consumer price indexes, major groups, 1948-73.. 304C-49. Wholesale price indexes by major commodity groups, 1929-73 305C-50. Wholesale price indexes by stage of processing, 1947-73 307C-51. Percent changes in wholesale price indexes, major groups, 1948-73.. 309
MONEY STOCK, CREDIT, AND FINANCE:C-52. Money stock measures, 1947-73 310C-53. Commercial bank loans and investments, 1930-73 311C-54. Total funds raised in credit markets by nonfinancial sectors, 1965-73. 312C-55. Private liquid asset holdings, nonfinancial investors, 1965-73 314C-56. Federal Reserve Bank credit and member bank reserves, 1929-73. . 315C-57. Aggregate reserves and member bank deposits, 1959-73 316C-58. Bond yields and interest rates, 1929-73 317C-59. Short-and intermediate-term consumer credit outstanding, 1929-73. 319C-60. Instalment credit extended and repaid, 1946-73 320C—61. Mortgage debt outstanding by type of property and of financing,
1939-73 321C-62. Mortgage debt outstanding by lender, 1939-73 322C-63. Net public and private debt, 1929-72 323
GOVERNMENT FINANCE:C-64. Federal budget receipts and outlays, fiscal years 1929-75 324C-65. Federal budget receipts, outlays, financing, and debt, fiscal years
1964-75 . 325C-66. Relation of the Federal budget to the Federal sector of the national
income and product accounts, fiscal years 1972—75 327C-67. Receipts and expenditures of the government sector of the national
income and product accounts, 1929-73 328C—68. Receipts and expenditures of the Federal Government sector of the
national income and product accounts, 1949-75 329C-69. Receipts and expenditures of the State and local government sector of
the national income and product accounts, 1946-73 330C—70. State and local government revenues and expenditures, selected fiscal
years, 1927-72 331C-71. Public debt securities by kind of obligation, 1946-73 332C-72. Estimated ownership of public debt securities, 1946-73 333C-73. Average length and maturity distribution of marketable interest-
bearing public debt, 1946-73 334
246
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITS AND FINANCE: Page
C-74. Profits before and after taxes, all private corporations, 1929-73 335C—75. Sales, profits, and stockholders' equity, all manufacturing corpora-
tions, 1947-73 336C-76. Relation of profits after taxes to stockholders' equity and to sales, all
manufacturing corporations, by industry group, 1950-73 337C—77. Sources and uses of funds, nonfarm nonfinancial corporate business,
1946-73 339C-78. Current assets and liabilities of U.S. corporations, 1939-73 340C-79. State and municipal and corporate securities offered, 1934-73 341C-80. Common stock prices, earnings, and yields, and stock market credit,
1949-73 342C-81. Business formation and business failures, 1929-73 343
AGRICULTURE:
C-82. Income of farm people and farmers, 1929-73 344C-83. Farm production indexes, 1929-73 345C-84. Farm population, employment, and productivity, 1929-73 346C-85. Indexes of prices received and prices paid by farmers, and parity ratio,
1929-73 347C-86. Selected measures of farm resources and inputs, 1929-73 348C-87. Comparative balance sheet of the farming sector, 1929-74 349
INTERNATIONAL STATISTICS:
C-88. U.S. balance of payments, 1946-73 350C-89. U.S. merchandise exports and imports by commodity groups,
1958-73 352C-90. U.S. merchandise exports and imports by area, 1967-73 353C—91. U.S. overseas loans and grants, by type and area, fiscal years,
1962-73 354C-92. International reserves, 1949, 1953, and 1968-73 355C-93. U.S. reserve assets, 1946-73 356C-94. International investment position of the United States at year-end,
1960 and 1968-72 357C-95. Price changes in international trade, 1965-73 358C—96. Consumer price indexes in the United States and other major indus-
trial countries, 1955-73 359
General Notes
Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.See Economic Report 1972 for data for intervening years not shown here.
Symbols used:» Preliminary._ _ Not available (also, not applicable).
247
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOME OR EXPENDITURE
TABLE C-l.—Gross national product or expenditure, 1929-73
Year or quarter
1929
1933
1939
19401941194219431944..19451946194719481949
1950195119521953195419551956195719581959
19601961 .19621963196419651966196719681969
1970197119721973 v
1971: 1 .IIII I . . . .IV
1972: 1IIIIIIV
1973: 1IIIII.IV v
Totalgross
nationalproduct
Per-
con-sump-
expend-itures »
Grossprivate
do-mesticinvest-ment^
Netexportsof goods
andserv-ices 3
Government purchases of goods and services *
Total
Federal
Total Nationaldefense 5 Other
Stateandlocal
Billions of dollars
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
977.11,055.51,155.21,288. 2
77 2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
617.6667.2726.5805.0
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54.159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
136.3153.2178.3201.5
1.1
.4
1.1
1.71.3.0
- 2 . 0- 1 . 8- . 67.5
11.56.46.1
1.83.72.2.4
1.82.04.05.72.2.1
4.05.65.15.98.56.95.35.22.51.9
3.6.8
- 4 . 64.6
8.5
8.0
13.3
14.024.859.688.696.582.327.025.131.637.8
37.959.174.781.674.874.278.686.194.297.0
99.6107.6117.1122.5128.7137.0156.8180.1199.6210.0
219.5234.3255.0277.2
1.3
2.0
5.1
6.016.951.981.189.074.217.212.516.520.1
18.437.751.857.047.444.145.649.553.653.7
53.557.463.464.265.266.977.890.798.898.8
96.298.1
104.4106.9
1.
2.
1.2
2.213.849.479.787.473.514.79.1
10.713.3
14.133.645.948.741.238.640.344.245.946.0
44.947.851.650.850.050.160.772.478.378.4
74.671.674.474.2
3
D
3.9
3.83.12.51.41.6.7
2.53.55.86.8
4.34.15.98.46.25.55.35.37.77.6
8.69.6
11.813.515.216.817.118.420.520.4
21.626.530.132.7
7.2
6.0
8.2
8.07.97.77.47.58.19.8
12.615.017.7
19.521.522.924.627.430.133.036.640.643.3
46.150.253.758.263.570.179.089.4
100.8111.2
123.3136.2150.5170.3
Percentchangefrom
precedingperiod,
total grossnationalproduct6
- 4 . 2
6.9
10.224.926.821.39.7.9
-1 .610.911.3- . 4
11.015.35.25.5.1
9.15.35.21.48.2
4.13.27.75.47.18.39.55.98.97.6
5.08.09.4
11.5
Seasonally adjusted annual rates
1,027.21,046.91,063.51,084.2
1,112.51,142.41,166.51,199.2
1,242.51,272.01,304.51,334.0
650.0662.2673.0683.4
700.2719.2734.1752.6
779.4795.6816.0829.0
145.5152.7153.8160.8
167.5174.7181.5189.4
194.5198.2202.0211.2
3.8.5
1.1- 2 . 2
- 5 . 5- 5 . 7—3.8- 3 . 5
.02.87.68.0
227.9231.5235.5242.2
250.3254.2254.7260.7
268.6275.3279.0285.8
96.196.798.2
101.2
106.0106.7102.3102.7
105.5107.3106.8107.8
72.371.370.372.4
76.576.671.972.4
74.374.274.274.0
23.925.427.928.8
29.530.130.430.3
31.233.132.733.8
131.8134.8137.3141.0
144.3147.5152.4158.0
168.0168.0172.2178.0
15.07.96.58.0
10.911.28.7
11.7
15.29.9
10.69.4
1 See Table C-12 for detailed components.2 See Table C-13 for detailed components.3 See Table C-8 for exports and imports separately.< Net of Government sales.s This category corresponds closely to the national defense classification in the "Budget of the United States Government
for the Fiscal Year ending June 30,1975."6 Changes are based on unrounded data and therefore may differ slightly from those obtained from published data.
Source: Department of Commerce, Bureau of Economic Analysis.
249
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-2.—Gross national product or expenditure in 1958 dollars, 1929-73
Year orquarter
Totalgross
na-tionalprod-uct
Personal consumptionexpenditures
TotalDura-
blegoods
Non-dura-
blegoods
Serv-ices
Gross private domestic investment
Total
Fixed investment
Total
Nonresidential
Total Struc-tures
Pro-ducers'durableequip-ment
Resi-dentialstruc-tures
Changein busi-
nessinven-tories
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973
1971:1IL...III—.I V . . . .
1972:1
I V . . . .
1973:1III I I . . . .IV p . . .
Billions of 1958 dollars
203.6
141.5
209.4
227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1
355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6
722.5745.4790.7837.3
139.6
112.8
148.2
155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5
230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3
316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1
477.5496.3526.8554.7
16.3
8.3
14.5
16.719.111.710.29.4
10.620.524.726.328.4
34.731.530.835.335.443.241.041.537.943.7
44.943.949.253.759.066.671.772.981.385.6
83.892.2
104.0114.6
69.3
58.6
81.2
84.689.991.393.797.3
104.7110.8108.3108.7110.5
114.0116.5120.8124.4125.5131.7136.2138.7140.2146.8
149.6153.0158.2162.2170.3178.6187.0190.2197.1201.3
206.5211.6220.9229.2
54.0
46.0
52.5
54.456.358.561.864.767.772.173.475.877.6
81.884.887.891.194.899.3
104.1108.0112.0116.8
121.6125.6131.1137.4144.4152.5159.4167.0174.4182.2
187.2192.4201.8210.9
40.4
5.3
24.7
33.041.621.412.714.019.652.351.560.448.0
69.370.060.561.259.475.474.368.860.973.6
72.469.079.482.587.899.2
109.3101.2105.2110.5
103.4110.3122.9131.7
36.9
9.7
23.5
28.132.017.312.915.922.642.351.755.951.9
61.059.057.260.261.469.069.567.662.468.8
68.967.073.476.781.990.195.493.598.8
103.8
99.5105.0118.3126.6
26.5
7.6
15.3
18.922.212.510.013.419.830.236.238.034.5
37.539.638.340.739.643.947.347.441.644.1
47.145.549.751.957.866.374.173.275.680.1
77.276.183.792.5
13.9
3.3
5.9
6.88.14.62.93.85.7
12.511.612.311.9
12.714.113.714.915.216.218.518.216.616.2
17.417.417.917.919.122.324.022.623.424.3
23.722.523.024.8
12.6
4.3
9.4
12.114.27.97.29.6
14.117.724.625.722.6
24.825.524.625.824.527.728.829.125.027.9
29.628.131.734.038.744.050.150.652.255.8
53.553.660.867.7
10.4
2.1
8.2
9.29.84.92.92.52.8
12.115.417.917.4
23.519.518.919.621.725.122.220.220.824.7
21.921.623.824.824.223.821.320.423.223.7
22.229.034.634.0
Seasonally adjusted annual rates
735.1740.4746.9759.0
768.0785.6796.7812.3
829.3834.3841.3844.1
489.5493.6498.0504.1
512.5523.4531.0540.5
552.7553.3558.1554.5
89.390.293.695.8
99.2101.9105.8109.2
117.0116.2115.4109.7
210.2211.8211.5213.0
215.0220.7222.2225.8
228.8228.0230.2229.6
189.9191.7192.9195.3
198.2200.8202.9205.4
207.0209.1212.5215.2
106.6110.3109.5114.8
116.5121.0124.8129.1
130.2130.2130.8135.7
100.7103.8105.5110.1
115.4116.7118.2122.8
126.9126.9127.7124.7
74.875.575.678.4
81.582.583.487.5
91.291.593.294.1
22.922.622.422.1
23.023.022.723.1
23.824.425.226.0
51.952.953.256.3
58.459.560.764.3
67.467.268.068.2
25.928.329.931.7
34.034.234.735.3
35.635.334.530.6
3.5
-4 .3
1.2
4.99.64.0
- . 2-1 .9-2 .910.0- . 24.6
-3.9
8.310.93.3.9
-2 .06.44.81.2
-1 .54.8
3.52.06.05.85.89.0
13.97.76.46.7
3.95.34.65.2
5.86.54.04.7
1.14.36.66.3
3.33.43.0
10.9
See footnotes at end of table.
250
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-2.—Gross national product or expenditure in 1958 dollars, 1929-73—Continue
Year or quarter
1929
1933
1939
19401941194219431944194519461947 . . .19481949
1950195119521953195419551956195719581959.
196019611962196319641965.1966196719681969
1970197119721973*
1971: 1IIIIIIV
1972: 1IIIllIV
1973: 1IIIllIV*
Net exports of goods andservices
Netexports Exports Imports
Government purchases ofgoods and services i
Total FederalStateandlocal
Adden-dum:Gross
privateproduct
Billions of 1958 dollars
1.5
.0
1.3
2 1.4
- 2 . 1- 5 . 9- 5 . 8- 3 . 8
8.412 36.16.4
2 75.33 01.13.03 25 06.22.2.3
4.35 14 55.68.36.24.23 61.0.2
2.3.4
- 2 . 06.0
11.8
7.1
10.0
11 011.27.86.87.6
10.219.622.618.118.1
16.319.318 217.818.820 924.226.223.123.8
27.328 030.032.136.537.440.242 145.748.4
52.252.756.467.3
10.3
7.1
8.7
8 910 89.9
12.613.413.911.210 312.011.7
13.614.115 216.715.817 719 119.920.923.5
23.022 925.526.628.231.236.138 544.748.3
50.052.458.461.3
22.0
23.3
35.2
36 456 3
117.1164.4181.7156.448.439 946.353.3
52.875.492 199.888.985 285.389.394.294.7
94.9100 5107.5109.6111.2114.7126.5140.2147.7145.9
139.3138.4143.0144.8
3.5
6.0
12.5
15 036.298.9
147.8165.4139.730.119 123.727.6
25.347.463 870.056.850 749 751.753.652.5
51.454 660.059.558.157.965.474.778.173.5
64.360.960.857.3
18.5
17.3
22.7
21 420.118.316.616.316.718.420 822.725.7
27.527.928 429 732.134 435.637.640.642.2
43.545 947.550.153.256 861.165 569.672.4
75 077.582.287.5
190.9
127.5
188.7
205 6236.6257.3272.8286.9282.5275.1281 4295.0294.1
324.2344.6353 2371.1366.2397 2404 8410.5405.2433.4
444.0452 3482 9503.2532.0567 0603.5617 5647.0664.9
661 7684.7729.5774.8
Percent change frompreceding periodJ
Totalgross
nationalproduct
- 1 . 9
8.5
8.516.112.913.27.2
- 1 . 7- 1 2 . 0
- . 94.4
.2
9.67.93.04.5
- 1 . 47.61.81.5
- 1 . 16.4
2.51.96.64.05.46.36.52.64.72.7
—.43.26.15.9
Grossprivateproduct
- 2 . 7
9.4
9.015.08.86.15.2
- 1 . 5- 2 . 6
2.34.8
- . 3
10.26.32.55.0
- 1 . 38.51.91.4
- 1 . 37.0
2.41.96.74.25.76.66.42.34.82.8
- . 53.56.56.2
Seasonally adjusted annual rates
2.4
- 1 . 6
- 3 7- 2 . 8- . 9- . 8
2.05.67.49.2
52.853.454.949.7
55.454.156.659.6
65.366.667.469.8
50.453.754.151.3
59.156.857.560.3
63.361.160.060.6
136.7136.7138 6141.6
142 7144.0141 8143.5
144.4145.2145.0144.8
60.159.961 162.5
63 062.958 858.6
58.258.257.255.6
76.676.877.579.1
79 781.183 085.0
86.287.087.889.2
674.6679.9686.1698.2
707.3725.0735.3750.3
767.1772.0778.8781.2
9.12.93.66.6
4 99.55.88.1
8.72.43.41.3
9.93.23.77.2
5.410.45.88.4
9.32.53.61.3
1 Net of Government sales.2 Changes are based on unrounded data and therefore may differ slightly from those obtained from published data.Source: Department of Commerce, Bureau of Economic Analysis.
251
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-3.—Implicit price deflators for gross national product, 1929-73
[Index numbers, 1958=100]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
19501951195219531954 . . .195519561957 . .19581959
I960196119621963196419651966196719681969
1970197119721973*
1971: 1IIIII.IV
1972: 1IIIllIV..
1973: 1II.. .IllIV*
Totalgross
nationalprod-uct^
50.64
39.29
43.23
43.8747.2253.0356.8358.1659.6666.7074.6479.5779.12
80.1685.6487.4588.3389.6390.8693.9997.49
100.00101.66
103.29104.62105.78107.17108.85110.86113.94117.59122.30128.20
135.24141.60146.10153.86
Personal consumDtion
Total
55.3
40.6
45.1
45.548.754.859.963.265.470.577.982.381.7
82.988.690.591.792.592.894.897.7
100.0101.3
102.9103.9104.9106.1107.4108.8111.5114.4118.4123.5
129.3134.4137.9145.1
expenditures
Dur-able
goods
56.4
41.9
46.0
46.550.459.364.271.575.976.882.786.386.8
87.894.295.494.392.991.994.998.4
100.0101.4
100.9100.6100.8100.4100.499.698.7
100.3103.4106.1
108.9112.3112.8114.5
Non-durablegoods
54.5
38.0
43.2
43.847.755.662.566.268.774.383.688.585.6
86.093.394.393.994.293.694.997.7
100.099.9
101.2101.9102.8104.0104.9106.9110.7113.0117.1122.2
127.8131.7135.7146.8
Serv-ices
56.1
43.6
47.7
47.949.852.755.357.558.762.767.972.174.3
76.380.083.687.790.092.094.697.3
100.0103.0
105.8107.6109.0110.9113.1115.1118.3122.2126.9133.2
140.2148.0153.2160.0
Gross private domestic investment i
Fixed investment
Total
39.4
30.6
37.7
39.042.046.549.351.151.558.566.773.974.7
77.583.185.386.686.889.094.098.5
100.0102.6
103.4103.9104.9106.0107.6109.3111.8115.9120.4126.4
132.5140.1145.7153.3
Nonresidential
Total
39.9
31.6
38.7
40.042.747.849.951.051.056.364.570.772.8
74.480.482.684.084.886.792.497.9
100.0102.2
102.9103.4104.1104.5105.7107.5110.2113.8117.5123.0
130.2137.3141.3147.0
Struc-tures
35.7
27.9
33.1
33.936.441.346.848.649.254.464.471.571.2
72.979.383.284.986.088.193.498.6
100.0102.7
104.0105.6107.1108.9111.1114.7118.9124.0129.8141.0
152.6168.4181.7194.4
Pro-ducers'durableequip-ment
44.6
34.5
42.2
43.446.351.551.151.951.757.564.670.373.6
75.280.982.283.584.085.991.897.5
100.0102.0
102.2102.1102.3102.3103.0103.9106.0109.3112.0115.2
120.3124.2126.0129.6
Resi-dentialstruc-tures
38.1
27.1
35.7
36.940.343.347.051.654.959.771.780.878.5
82.588.690.891.990.492.997.499.8
100.0103.1
104.5105.0106.7108.9112.3114.2117.4123.1129.7137.7
140.2147.5156.3170.5
Seasonally adjusted
139.73141.40142.39142.85
144.85145.42146.42147.63
149.81152.46155.06158.04
132.8134.2135.2135.6
136.6137.4138.2139.2
141.0143.8146.2149.5
112.3113.0112.6111.4
112.3112.9113.5112.5
113.0114.3115.1115.6
130.1131.3132.3133.1
134.3135.0136.0137.6
140.8144.8148.4152.9
145.4147.3149.2150.1
151.3152.5153.5155.3
157.0159.0160.7163.2
137.5139.7141.7141.3
143.6145.0146.3147.6
149.7152.7154.4156.6
135.6137.1138.5137.8
140.0141.1141.8142.1
143.5146.5148.1149.9
161.4166.5171.4174.4
178.2180.4182.2186.0
190.7193.9195.9196.8
124.1124.6124.7123.4
125.0125.9126.8126.3
126.8129.3130.3132.0
142.9146.7149.6149.9
152.4154.4157.0161.2
165.6168.6171.6177.1
See footnotes at end of table.
252
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-3.—Implicit price deflators for gross national product, 1929-73—Continued
[Index numbers, 1958=100]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953. . .1954195519561 9 5 7 _•_19581959
196019611962 .1963.196419651966.. . , . . .196719681969 -
1970197119721973 P
1971: 1IIIIIIV _.
1972: 1IIIIIIV
1973: 1IIIIIIV p_
Exports and Imports ofgoods and services!
Exports
59.5
33.7
44.1
48.653.061.565.269.971.375.487.392.787.0
84.997.098.895.294.394.997.5
101.3100.098.8
99.9101.9100.8100.6101.5104.7107.7109.7110.9114.6
120.5125.7130.2150.5
Imports
57.3
28.8
38.6
40.843.048.351.253.256.464.979.486.482.2
88.7107.2103.699.1
100.8100.6102.5104.0100.099.3
101.0100.198.599.5
101.5103.4105.6106.5107.7111.1
118.6125.0133.6157.8
Government purchases of goodsand services
Total
38.6
34.5
37.9
38.544.050.953.953.152.655.862.968.171.0
71.878.581.081.884.187.192.196.4
100.0102.4
105.0107.1109.0111.8115.7119.4124.0128.5135.1144.0
157.6169.2178.3191.4
Federal
36.0
33.1
40.8
40.246.652.554.953.853.157.365.669.873.0
72.979.481.281.483.586.991.795.8
100.0102.2
104.2105.2105.6108.0112.2115.5118.8121.5126.5134.5
149.5160.9171.7186.5
State andlocal
39.1
35.0
36.3
37.339.242.344.646.148.653.260.466.468.9
70.876.980.682.885.387.592.797.3
100.0102.6
105.9109.4113.2116.3119.5123.5129.4136.4144.8153.6
164.6175.8183.2194.5
Gross national productby sector
Private2
Total
51.73
39.92
43.93
44.6948.6655.5160.8562.0262.5968.2576.2781.4080.60
81.4187.3588.9989.6590.7791.5794.5397.92
100.00101.41
102. 76103.73104. 73105.80107.05108.83111.56114.79118.90124.30
130.32135.88139. 78147.23
Nonfarm
51.2
42.1
44.9
45 448.854.859.560.860.965.873.578.679.1
80.085.387.489.090.591.794.898.3
100.0101.8
103.2104.2105.1106.3107.7109.2111.6115.3119.3124.6
130.9136.6139.8145.4
Generalgovern-ment
34.1
33.5
36 8
36 034.737.339 743.348.355.458 560.864.7
67.170.574.476.679.584.088.793.3
100.0104.2
108.6113.6116.6121.5128.4133.5140.3147.6159.1171.0
188.9206.2221.5236.1
Seasonally adjusted
124.8125.6125.9126.6
127.0129.2130.7133.7
137.4145.9155.0162.6
123.2124.1125.8127.1
128.3133.0135.2137.8
141.8154.5161.7174.1
166.7169.4169.9171.0
175.4176.6179.6181.6
186.0189.6192.5197.4
160.0161.5160.7161.9
168.2169.8173.9175.5
181.2184.4186.8194.1
172.1175.5177.2178.2
181.0181.9183.7185.9
189.2193.1196.1199.5
134.15135. 73136.66136.93
138.59139.12140.07141.27
143. 25145.88148.47151.24
135.0136.5137.5137.5
139.0139.3140.0140.9
142.4144.5146.1148.6
201.9205.2207.1210.7
217.9220.8222.6224.6
230.8233.9237.1242.6
1 Separate deflators are not available for total gross private domestic investment, change in business inventories, andnet exports of goods and services.
2 Gross national product less compensation of general government employees. See also Tables C-9 and C-10.
Source: Department of Commerce, Bureau of Economic Analysis.
253
527-867 O - 74 - 17
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—4.—Implicit price deflators and alternative price measures of gross national product andgross private product, 1939-73
Year orquarter
1939 .
19401941194219431944
1945 .1946 . . .194719481949
19501951195219531954
19551956195719581959
1960196119619631964
19651966196719681969
1970197119721973*
1971:1IIIIIIV
1972:1IIIllIV
1973:1IIIllIV*_.___
Gross national product pricemeasures, 1958=100
Total
Implicitprice
deflator
43.23
43.8747.2253.0356.8358.16
59.6666.7074.6479.5779.12
80.1685.6487.4588.3389.63
90.8693.9997.49
100. 00101.66
103. 29104.62105. 78107 17108. 85
110.86113.94117.59122. 30128. 20
135. 24141.60146.10153. 86
Priceindex,1967
weights
110.75114.06117.58122. 51128.61
135.60142.55148.02157. 07
Private
Implicitprice
deflator
43.93
44.6948.6655.5160.8562.02
62.5968.2576.2781.4080.60
81.4187.3588.9989.6590.77
91.5794.5397.92
100. 00101.41
102. 76103.73104. 73105.80107 05
108. 83111.56114.79118.90124. 30
130.32135.88139.78147.23
Priceindex,1967
weights
108.65111.62114.78119.10124.67
130. 67136. 64141. 05149.50
Percent change from preceding periodl
Total
Implicitprice
deflator
- 1 . 5
1.57.7
12.37.22.3
2.611.811.96.6
- . 6
1.36.82.11.01.5
1.43.43.72.51.7
1.61.31.11.31.6
1.82.83.24.04.8
5.54.73.25.3
Priceindex,1967
weights
3.03.14.25.0
5.45.13.86.1
Chainpriceindex
3.14.24.9
5.35.13.65.8
Private
Implicitprice
deflator
- 1 . 6
1 78.9
14.19.61.9
.99.0
11 86.7
- 1 . 0
1.07.31.9.7
1.2
.93.23.62.11.4
1.3.9
1.01.01.2
1.72.52.93.64.5
4.84.32.95.3
Priceindex,1967
weights
2.72.83.84.7
4.84.63.26.0
Chainpriceindex
2.93.84.6
4.74.53.15.6
Seasonally adjusted annual rates
139.73141.40142.39142.85
144.85145.42146.42147.63
149.81152.46155.06158.04
140.36142.17143.48144.31
146.30147.33148.48149.95
152.79155. 59158.37161.48
134.15135.73136.66136.93
138.59139.12140.07141.27
143.25145.88148.47151.24
134.65136.34137. 58138.11
139.49140.35141.44142.87
145.32148.11150.87153.66
5.54.92.81.3
5.71.62.83.3
6.17.37.07.9
6.95.33.72.3
5.62.83.24.0
7.87.67.38.0
6.85.23.61.9
5.22.63.23.9
7.17.07.07.7
4.34.82.8.8
4.91.62.73.5
5.77.67.37.7
5.45.13.71.5
4.12.53.14.1
7.07.97.67.6
5.45.03.61.3
4.02.23.23.9
6.57.27.17.4
1 Changes are based on unrounded data and therefore may differ slightly from those obtained from published indexes.
Source: Department of Commerce, Bureau of Economic Analysis.
254
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-5.—Gross national product by industry in 1958 dollars, 1947-72
[Billions of 1958 dollars]
Year
194719481949
195019511952...19531954..
19551956...195719581959...
19601961. .196219631964 .
19651966—196719681969
19701971. .1972._
Totalgross
na-tional
product
309.9323.7324.1
355.3383.4395.1412.8407.0
438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1
617.8658.1675.2706.6725.6
722.5745.4790.7
Agri-culture,fores-try,andfish-eries
17.920.019.4
20.419.520.221.221.6
22.122.021.522.022.3
23.123.423.324.023.6
25.023.725.224.825.4
26.227.426.0
Con-tractcon-
struc-tion
12.914.114.7
16.218.218.318.919.3
20.821.821.120.722.0
21.721.421.721.923.3
23.524.723.123.824.1
23.624.124.7
Manufacturing
Total
91.896.390.9
105.5116.2118.7128.6119.5
133.6134.1134.6123.7138.9
140.9140.4154.6162.4173.7
190.5205.7205.4219.2228.6
217.5223.7243.7
Du-rablegoodsindus-tries
52.355.050.5
60.869.071.579.171.2
80.779.479.669.679.9
81.079.790.095.6
102.4
114.8125.1123.9131.8136.9
125.1127.7140.3
Non-durablegoodsindus-tries
39.441.340.4
44.747.247.349.548.3
52.954.654.954.059.0
59.960.764.766.871.3
75.780.781.487.491.7
92.496.0
103.4
Trans-porta-tion,com-muni-cation,
andutili-ties
29.630.428.7
30.834.334.635.736.4
38.640.541.340.643.3
44.946.048.951.954.7
59.264.066.570.975.4
77.481.086.4
Whole-saleand
retailtrade
52.754.255.2
60.461.462.964.965.5
71.673.875.175.180.8
82.383.588.992.898.9
104.8111.6113.9120.8124.2
126.5131.5139.9
Finance,insur-ance,andreal
estate
35.636.537.8
41.042.944.746.849.8
52.754.857.059.261.4
64.167.171.274.478.3
83.186.891.695.295.5
96.499.9
105.1
Serv-ices
30.631.932.1
33.134.034.535 335.4
38.240.241.842.945.1
46.748.350.852.254.7
57.760.663.465.867.7
69.269.672.5
Gov-ern-mentand
govern-mententer-prises
32.433.234.7
35.943.947.247.146.1
46.046.246.947.347.9
49.250.652.653.956.1
58.061.865.568.670.3
70.070.071.7
Allotheri
6.77.1
10.6
12.113.014.014 313.5
14.412.713.116.014.1
14.716.317.917.417.8
15.819.420.617.614.3
15.818.320.5
i Mining, rest of the world, and residual (the difference between gross national product measured as sum of final prod-ucts and gross national product measured as sum of gross product by industries).
Source: Department of Commerce, Bureau of Economic Analysis.
255
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-6.—Gross national product by major type of product, 1929-73
[Billions of dollars]
Year orquarter
1929
1933 . . . .
1939
194019411942194319441945 . . . .1946194719481949
195019511952 . . . .1953195419551956195719581959
1960 . . . .196119621963.196419651966196719681969
1970197119721973 v
1971:1IIIII __IV...
1972:1IIIIIIV...
1973:1 . . . .I I . . .
IV p.".
Totalgrossna-
tionalprod-
uct
103 1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364 8398.0419.2441 1447.3483 7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
977.11,055.51,155.21, 288. 2
Finalsales
101.4
57.2
90.1
97.5120.1156.2192.2211.1213.0202.1231.8252.9259.6
278.0318.1342.4364.1366.4392.0414.5439 8448.8478 9
500.2518 1554.3
. 584.6626.6675.3735.1785.7857.1922.5
972.61,049.41,149.11, 280.8
Inve
ntor
ych
ange
1.7
- 1 . 6
.4
2.24.51.8
- . 6- 1 . 0- 1 . 0
fi 4
1 7- 3 . 1
6.810.33,1.4
- 1 56.04.71 3
- 1 . 54 8
3 6? 0fi 05.95.89.6
14.88.27.17.8
4 56.16.07.4
Goods output
Total
Total
56.1
27.0
49.0
56.072.593.6
120.4132.3128.9124.9139.7154.2147.5
162.4189.7195.6204.1197.1216.4225.4234.6230.8249.1
259.6262.3284.5298.6319.4347.2383.3398.9429.5457.5
471.2497.1541.4614.3
Finalsales
54.3
?8.fi
48.6
53.868.091.9
121.0133.31?9.9118.5140.1149.4150.5
155.6179.4192.5203.7198.6
"210.4220.7233.3232.3244.4
256.0260.2278.5292.7313.6337.6368.5390.7422.4449.7
466.7491.1535.4606.8
l a11
1.7
- 1 . 6
.4
2.24.51.8
- . 6- 1 . 0- 1 . 0
fi 4
4! 7- 3 . 1
6.810.33.1.4
- 1 56.04.71 3
- 1 . 54 8
3.6? nfi 05.95.89.6
14.88.27.17.8
4 56.16.07.4
Durable goods
Total
17.5
4,9
12.7
16.626.835.554.257.948 936.946.048.747.8
60.473.774.679.472.185.790.394.483.695.6
99.596.5
109.0116.1127.0139.6156.7161.1174.5187.3
183.7193.1219.1249.2
Finalsales
16.1
5.4
12.4
15.423.834.554.258.550.?31.644.348.049.9
56.366.873.578.574.682.787.593.186.493.2
97.496.6
106.2113.3122.8133.0146.2156.5169.6182.3
182.5191.1214.1242.1
l lOi CO
J-g
1.4
- . 5
.3
1.23.01.0.0
- . 6- 1 . 3
5 31.7.7
- 2 . 1
4.16.91.1.9
- ? 53.02.81 3
- 2 . 8? 3
? 1- 1? 82.84.26.7
10.54.74.95.0
1 ?2.04.97.0
Nondurable goods
Total
38.5
36.3
39.345.658.166.274.480.088.093.7
105.599.7
102.0116.0121.0124.8125.0130.7135.1140.2147.2153.6
160.1165.8175.5182.5192.4207.6226.6237.7255.0270.2
287.5304.0322.3365.1
Finalsales
38.2
23.2
36.2
38.444.257.466.874.879.786.995.9
101.5100.6
99.3112.6119.1125.2124.1127.7133.2140.2145.9151.1
158.6163.7172.2179.4190.7204.7222.3234.2252.9267.4
284.1299.9321.2364.7
Ifc u
n 3
-1 .1
.1
101.4.7
- . 6- . 3
1 1-2 .2
4.0-1 .0
2.73.4? 0
- . 51 02.91.9.0
1.32.4
1 52.13 ?3.11.63.04.33.52.12.8
3 34.11.1.4
Serv-ices
35.6
25.7
34.0
35.440.350.362.571.876.568 070.275.780.8
87.0101.2110.8118.8123 5132.6142.3154 2163.4176.2
187.3199 5213.3226.2244.2262.9289.1316.5346.6377.9
410.3447.4487.3534.3
Struc-tures
11.4
2.9
7.5
8.311.814.08.76.16.5
15.621.427.728.3
35.437.539.141.744.249.051.552 353.158.3
56.858.362.665.768.874.877.578.688.194.9
95.6110.9126.5139.6
Grossautoprod-uct
7.28.8
11.9
15.413.512.016.314.621.216.919 514.519.1
21.417.922.525.125.831.830.028.936.336.6
30.740.943.649.5
Seasonally adjusted annual rates
1,027.21,046.91,063.51,084.2
1,112.51,142.41,166.51,199.2
1,242.51,272.01,304.51,334.0
1,020.21,039.21,059.21,078.9
1,110.81,136.91,157.81,191.0
1,237.81,267.51,299.81,318.1
7.07.64.35.3
1 75.58.78.2
4.64.54.7
15.9
489.1493.6499.5506.4
516.9536.4548.6563.6
589.6604.2622.3641.0
482.1485.9495.2501.1
515.2531.0539.9555.4
585.0599.6617.6625.1
7.07.64.35.3
1 75.58.78.2
4.64.54.7
15.9
191.4192.3193.5195.3
205.9214.6222.6233.2
242.5249.7254.3250.2
187.4188.1192.8196.2
205.5211.4216.8222.8
238.1242.4246.2241.8
4.14.2.7
- . 9
,43.25.8
10.4
4.47.38.08.4
297.7301.2306.0311.0
311.0321.9326.0330.3
347.2354.5368.0393.8
294.7297.8302.4304.9
309.7319.6323.1332.5
346.9357.3371.4383.4
2.93.43.76.2
1 32.32.9
-2 .2
.3-2 .8-3 .4
7.5
433.9444.0450.8460.9
471.8481.5491.8503.9
514.8527.7540.8554.1
104.1109.3113:2117.0
123.8124.4126.2131.7
138.1140.1141.4133.9
42.540.042.239.0
40.142.146.545.6
51.551.249.645.7
Source: Department of Commerce, Bureau of Economic Analysis.
256
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-7.—Gross national product by major type of product in 1958 dollars, 1929-73
[Billions of 1958 dollars]
Year orquarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973*-
1971: I....II..III..IV...
1972: I...II..III..IV..
1973: I...II..III.IV*.
Totalgrossna-
tionalprod-uct
203.6
141.5
209.4
227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1
355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9
487.7497.?529.8551. (581.1617.8658.1675.?706.6725.6
722.745.4790.837.3
Finalsales
In-ven-tory
change
200.1
145.9
208.2
222.3254.1293.8337.3363.2358.2302.6310.1319.1328.1
347.0372.5391.8411.8409.0431.6441.2451.448.471.
484.495.523.545.575.608.644.667.700.718.9
718.5740.786.832.
3.5
-4.3
1.2
4.99.64.0-.2-1.9-2.910.0- . 24.6
-3.9
8.310.93.3.9
-2.06.44.81
-1.54.8
3.52.06.05.85.89.013.9
6] 46.7
3.95.34.65.2
Goods output
Total
Total
103.9
68.8
110.7
124.0143.4158.1187.4204.8198.0172.1172.2178.4174.2
192.6208.4214.0225.4215.1236.1239.0239.8230.8247.7
256.0257.3277.3289.7308.6330.7356.8363.1379.7390.0
385.4396.1423.9455.9
Finalsales
100.4
73.2
109.5
119.0133.8154.1187.6206.7201.0162.1172.4173.8178.1
184.3197.5210.7224.5217.1229.7234.2238.5232.3242.9
252.6255.3271.3283.9302.8321.7342.9355.4373.3383.3
381.4390.8419.3450.7
c3<»a> to
|"g
3.5
- 4 . 3
1.2
4.99.64.0
- . 2- 1 . 9- 2 . 910.0—. 24.6
- 3 . 9
8.310.93.3.9
- 2 . 06.44.81.2
- 1 . 54.8
3.52.06.05.85.89.0
13.97.76.46.7
3.95.34.65.2
Durable goods
Total
33.6
11.7
27.6
35.650.057.285.695.984.354.760.161.358.0
73.484.184.691.081.996.596.596.283.694.0
97.894.9
107.0114.2124.6136.5151.8152.2160.7167.5
159.0163.0184.1205.6
Finalsales
30.9
13.4
27.0
32.843.554.485.297.487.446.158.660.061.0
68.376.183.289.984.893.093.595.086.491.6
95.994.9
104.1111.4120.4130.1141.9148.0156.2163.2
158.0161.3180.2200.5
Isss1"
2.7
- 1 . 7
.6
2.76.62.9.4
- 1 . 5- 3 . 1
8.61.51.2
- 3 . 0
5.28.01.51.2
- 3 . 03.43.01.2
- 2 . 82.4
2.0.0
2.82.84.16.59.84.34.44.3
cL73.95.1
Nondurable go
Total
70.4
57.1
83.0
88.493.4
100.9101.7108.8113.7117.4112.2117.1116.2
119.1124.3129.4134.4133.2139.7142.5143.6147.2153.7
158.2162.3170.3175.6184.1194.2205.1210.9219.0222.5
226.4233.1239.8250.3
Finalsales
69.5
59.8
82.5
86.290.399.7
102.4109.3113.6116. C113.8113.8117.1
116.0121.4127.6134.6132.3136.7140.7143.6145.9151.2
156.7160.3167.2172.5182.3191.6201.0207.4217.0220.1
223.4229.5239.1250.2
0.8
- 2 . 7
.6
2.23.11.2
- . 6- . 4
.21.4
-1.73.3
- . 9
3.12.91.8
"~!93.01.8.0
1.32.5
1.52.03.13.11.72.64.13.52.02.5
3.03.6
.7
.1
Serv-ices
Struc-tures
69.3
63.0
76.9
80.089.8
107.7131.8144.0144.3113.3106.5109.3112.4
117.5130.5136.3140.3141.8147.5153.0160.1163.4171.2
176.6184.0193.7200.9210.8221.9236.3249.259..268.2
273.3280.1292.6305.9
30.3
21.8
23.230.531.917.912.412.927.231.236.137.5
45.244.444.747.050.254.354.052.653.157.0
55.055.858.860.461.665.265.063.067.267.3
63.869.174.275.5
Grossautoprod-
uct
Seasonally adjusted annual rates
735.1740.4746.9759.0
768.0785.6796.7812.3
829.3834.3841.3844.1
729.3733.8742.9754.3
766.9781.3790.0806.0
826.0831.0838.3833.2
5.86.54.04.7
1.14.36.66.3
3.33.43.0
10.9
391.4392.4397.1403.4
407.3421.5428.4438.4
452.1453.9456.8460.7
385.5385.9393.1398.6
406.2417.2421.7432.1
448.7450.5453.7449.8
5.86.54.04.7
1.14.36.66.3
3.33.43.0
10.9
161.2161.3163.2166.2
173.5180.4186.2196.3
203.4207.1208.1203.7
158.0157.8162.4166.9
173.2177.7181.8188.0
200.3201.8202.4197.6
3.33.5
.8- . 7
.32.74.48.2
3.25.45.76.1
230.1231.1234.0237.2
233.8241.1242.2242.1
248.7246.7248.7257.0
227.6228.1230.7231.7
233.0239.5240.0244.1
248.5248.7251.3252.2
2.63.03.25.5
.81.62.2
- 1 . 9
.2- 2 . 0- 2 . 6
4.8
276.6279.4280.2284.3
286.8290.3294.5298.8
300.6304.1308.6310.4
67.268.569.671.3
73.973.873.875.1
76.776.376.073.0
10.311.414.8
19.115.913.518.717.124.618.620.214.518.5
21.017.522.024.725.531.830.629.035.435.0
28.536.439.044.0
37.234.837.735.9
36.137.741.041.4
46.445.543.640.6
Source: Department of Commerce, Bureau of Economic Analysis.
257
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-8.—Gross national product: Receipts and expenditures by major economic groupSy 1929-73
[Billions of dollars]
Ye3qua
1929
1933
1939
19401941194?1943194419451946194719481949
19501951195?1953195419551956H5719581959
19601961196?1963196419651966196719681969
19701971197?1973
1971
1972-
1973
r orrter
p
1II. „III . . .IV.._
1
III" II V . . .
lf"_~I I I . . .IV P..
Persons
Disposable personalincome
Total i
83.3
45.5
70.3
75.792.7
116.9133.5146.3150.2160.0169.8189.1188.6
206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3
350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4
691.7746.0797.0882.6
727.4744.0752.0760.4
772.8785.4800.9828.7
851.5869.7891.1918.0
Less:1nter-
estpaidand
trans-fer
pay-mentsto for-eigners
1.
11
1,11
2.
2.
9
7
9
01888048
4
93.13445566,7
7889
101?131315.
53619451
816770091
16.7
17.918?023.
18.18.18.19.
19.20.21.21.
22.23.24.25.
777
3382
8307
1116
Equals:Total
exclud-ing in-terest
andtrans-fers
81.4
44.9
69.4
74.791.6
116.1132.7145.5149.3158.6168.0186.9186.2
204.1223.5234.8248.3252.9270.2287.2302.2312.3330.3
342.3356.3376.6394.9427.4461.3498.9532.4575.9617.7
673.8727. 3776.2858.8
709.1725.7733.3741.2
753.1765.1779.9807.0
829.4846.6867.0892.4
Per-sonalcon-
sump-tionex-
pendi-tures
77.2
45.8
66.
70808899
108119143160173176.
191.?06?16230?36254?66?81290311
3?53^535537540143?46649?536579.
6176677?6805.
8
8653374768
037054741?
??10?831?5
6?50
650.0662.2673.0683.4
700.2719.2734.1752.6
779.4795.6816.0829.0
Per-sonalsaving
ordis-
saving
4.2
- . 9
2.6
3.811.027.633.437.329.615.27.3
13.49.4
13.117.318.118.316.415.820.620.722.319.1
17.021.221.619.926.228.432.540.439.838.2
56.260.249.753.8
Government
Net receipts
Taxandnon-taxre-
ceiptsor ac-cruals
11.3
9.3
15.4
17.725.032.649.251.253.250.956.858.956.0
68.784.889.894.389.7
100.4109.0115.6114.7128.9
139.8144.6157.0168.8174.1189.1213.3228.9263.5296.7
302.5322.0368.2419.0
Less:Trans-fers,inter-est,andsub-
sidies2
1.8
2.7
4.2
4.44.04.44.76.5
10.418.517.318.821.3
22.919.919.019.521.923.425.528.733.034.0
36.541.342.844.446.749.955.562.870.777.9
93.2105.9115.9130.2
Equals:Netre-
ceipts
9.5
6.7
11.2
13.321.028.244.444.742.832.439.540.134.7
45.864.970.874.867.876.983.586.881.695.0
103.3103.3114.2124.3127.3139.2157.9166.2192.7218.8
209.4216.2252.2288.8
Seasonally adjusted annual rates
59.263.560.257.8
52.945.945.854.4
50.051.051.163.3
312.5319.0324.4332.2
356.8363.4370.6381.9
402.7414.7425.0
100.5107.3107.2108.5
111 9113.0113.9125.0
125.2127.8131.7136.1
212.0211.8217.1223.7
244.9250.4256.7256.9
277. 5286.9293.3
Expendtiures
Totalex-
pendi-tures
10.3
10.7
17.
18?86493
10392.4542.
6
48030754
50.359.
60.7993
101.96.
1
80727
97.6104114.127.131
136.149159.166175.186.
242270.
1920
109949393
287.9
312.7340370470.
?94
328.4338.8342.8350.7
362.2367.2368.5385.7
393.8403.2410.7421.9
Less:Trans-
fers,inter-est,andsub-
sidies2
1.8
2.7
4.2
4.44.04.44.76.5
10.418.517.318.821.3
22.919.919.019.521.923.425.528.733.034.0
36.541.342.844.446.749.955.562.870.777.9
93.2105.9115.9130.2
100.5107.3107.2108.5
111.9113.0113.9125.0
125.2127.8131.7136.1
Equals:Pur-
chasesof
goodsand
serv-ices
8.5
8.0
13.3
14.024.859.688.696.582.327.025.131.637.8
37.959.174.781.674.874.278.686.194.297.0
99.6107.6117.1122.5128.7137.0156.8180.1199.6210.0
219.5234.3255.0277.2
227.9231.5235.5242.2
250.3254.2254.7260.7
268.6275.3279.0285.8
Sur-plusor
deficit
na-'tional
in-comeand
prod-uct ac-counts
1.0
- 1 . 4
- 2 . 2
- . 7- 3 . 8
- 3 1 . 4- 4 4 . 1- 5 1 . 8- 3 9 . 5
5.414.48.5
- 3 . 2
7.95.8
- 3 . 8- 6 . 9-7 .0
2.74.9
.7- 1 2 . 5- 2 . 1
3.7- 4 . 3- 2 . 9
1.8-1 .4
2.21.1
-13.9- 6 . 8
8.8
-10.1-18.1- 2 . 811.6
-15.9-19.7-18.4-18.6
-5 .4-3 .9
2.0- 3 . 8
8.911.614.3
See footnotes at end of table.
258
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—8.—Gross national product: Receipts and expenditures by major economic groups.
1929-73—Continued[Billions of dollars]
Yearor
quarter
J T O S S
re-tainedearn-ings3
Business
Grosspri-vateomes-
ticinvest-ment*
Excessof in-vest-ment()
International
Nettrans-ers tofor-
ignersjy per-sonsand
loversment
Net exports of goodsand services
Ex-ports
Less:Im-
ports
Equals:Netex-
ports
Excessof
trans-fersor
of netex-
ports(>'
Totalincomeor re-ceipts
Statis-ticaldis-
crep-ancy
Grossna-
tionalprod-
uctor ex-pendi-
ture
1929. . . .
1933. . . .
1939. . . .
1940. . . .1941 . . . .1942 . . . .1943 . . . .1944. . . .1945 . . . .1946. . . .1947. . . .1948. . . .1949. . . .
1950. . . .1951 . . . .1952. . . .1953. . . .1954. . . .1955.. . .1956.. . .1957.. . .1958... .1959... .
I960. . . .1961.. . .1962....1963. . .1964.. .1965.. .1966.. .1967.. .1968.. .1969.. .
1970. . .1971. . .1972. . .1973 P .
1971: I.
III.IV.
1972: L.
1973: I..II.
11.2
3.2
8.4
10.511.414.516.317.115.114.520.228.029.7
29.433.135.136.139.246.347.349.849.456.8
56.858.766.368.876.284.791.393.095.497.0
97.0111.8124.4134.7
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54.159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
136.3153.2178.3201.5
-5 .1
1.8
- . 9
-2 .7-6 .5
4.610.610.04.6
-16.1-13.8-18.0- 6 . 0
-24.7-26.2-16.8-16.5-12.5-21.1-22.8-18.1-11.5-18.5
-18.0-13.0-16.8-18.4-17.8-23.4-30.1-23.5-30.6-42.0
-39.3-41.4-53.9-66.8
0.4
.2
.2
.2
.2
.2
!3.8
2.92.64.55.6
4.03.52.52.52.32.52.42.32.42.4
2.42.62.72.82.82.82.83.02.92.9
3.23.63.73.6
7.0
2.4
4.4
5.45.94.84.45.37.2
14.719.716.815.8
13.818.718.016.917.819.823.626.523.123.5
27.228.630.332.337.139.243.446.250.655.5
62.966.373.5
101.3
5.9
2.0
3.4
3.64.64.86.57.17.97.28.2
10.39.6
12.015.115.816.615.917.819.620.820.923.3
23.223.025.126.428.632.338.141.048.153.6
59.365.578.196.7
1.1
.4
1.1
1.71.3.0
- 2 . 0- 1 . 8- . 67.5
11.56.46.1
1.83.72.2.4
1.82.04.05.72.2.1
4.05.65.15.98.56.95.35.22.51.9
3.6.8
-4.64.6
-0.8
- . 2
-1.5-1.1
2. 22.11.4
-4.6-8.9-1.9- . 5
2.2- . 2
.32.1
- L 5-3 .4
.22.3
-1 .7- 3 . 0- 2 . 5-3 .1-5 .7-4 .1- 2 . 4- 2 . 2
.41.0
- . 42.88.4
-1 .0
102.4
55.0
89.2
98.7124.1159.0193.6207.6208.0208.4230.4259.5256.2
283.3325.1343.3361.6362.1395.9420.4441.1445.8484.5
504.8520.8559.8590.8633.7688.0750.9794.6866.9936.3
983.51, 058.81,156.61,285.9
0.7
1.3
1.0.4
-1.1-2.02.53.9.1.9
-2.0
1.53.32.23.02.72.1
-1.1.0
1.6
-1 .0- . 8
-3 .1-1 .0
-7.7-6 .1
- 6 . 4- 3 . 4- 1 . 5
2.3
Seasonally adjusted annual rates
IIIIIIV
IV v
105.1109.9112.5119.5
117.4124.1124.5131.6
131.5132.0136.9
145.5152.7153.8160.8
167.5174.7181.5189.4
194.5198.2202.0211.2
- 4 0 . 3- 4 2 . 8- 4 1 . 3- 4 1 . 3
- 5 0 . 1- 5 0 . 5- 5 7 . 0- 5 7 . 8
- 6 3 . 0- 6 6 . 2- 6 5 . 1
3.23.43.83.9
3.93.83.83.5
3.03.33.54.4
65.967.169.163.0
70.369.974.079.7
89.797.2
104.5113.5
62.166.668.065.2
75.875.677.783.2
89.794.497.0
105.6
3.8.5
1.1- 2 . 2
- 5 . 5- 5 . 7- 3 . 8- 3 . 5
.02.87.68.0
- 0 . 62.92.76.1
9.49.47.67.0
3.0.5
- 4 . 0- 3 . 5
1,1,1,1,
1,1,1,1,
1,1,1,
029.5ObO.7066.9088.3
119.2143.4164.9199.1
241.4268.9300.8
- 2 . 3- 3 . 8- 3 . 3- 4 . 0
- 6 . 7- 1 . 0
1.6.2
1.13.23.7
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
977.11,055.51,155.21,288.2
1,027.21, 046.91,063. 51,084.2
1,112.51,142.41,166.51,199.2
1, 242.51,272.01, 304. 51,334.0
1 Personal income less personal tax and nontax payments (fines, penalties, etc.).2 Government transfer payments to persons, foreign net transfers by Government, net interest paid by government,
subsidies less current surplus of government enterprises, and disbursements less wage accruals.3 Capital consumption allowances, corporate inventory valuation adjustment, undistributed corporate profits, and
private wage accruals less disbursements.4 Private business investment, purchases of capital goods by private nonprofit institutions, and residential housing.
See Table C-13.s Net foreign investment less capital grants received by the United States, with sign changed.
Source: Department of Commerce, Bureau of Economic Analysis.
259
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-9.—Gross national pro 3uct by sector, 1929-73
[Billions of dollars]
Year orquarter
1929
1933
1939
1940194119421943194419451946194719481949
1950..195119521953.. .1954195519561957.19581959
1960 . . .196119621963.1964 . . .196519661967. .19681969
197019711972__1973 *
1971: 1IIIllIV
1972: 1IIIllIV
1973: 1IIIll
Totalgross
nationalproduct
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
977.11, 055. 51,155.21,288.2
Gross private product1
Total
98.8
50.9
82.9
91.9115.1142.8166.0177.9176.8187.7214.6240.1237.0
263.9301.0314.3332.7332.4363.8382.6402.0405.2439.4
456.3469.2505.7532.4569.4617.1673.3708.8769.3826.5
862.4930.3
1,019.71,140.7
Business
Total
95.1
48.9
80.3
89.1112.2139.5162.4173.8172.3182.7208.6233.5230.1
256.3292.8305.8323.6322.7352.9370.8389.3391.7425.0
440.7452.3487.4513.0548.2594.4648.9681.6739.0794.1
827.0889.9975.4
1,090.3
Nonfarm *
85.4
44.3
74.0
82.6103.3126.5147.2158.5156.4163.9188.5210.2211.4
236.3269.9283.7303.3303.1334.1352.2370.9370.9405.3
420.2431.4466.2491.5527.6570.8624.0657.0713.9766.2
797.9859.4941.0
1,042.7
Farm
9.7
4.6
6.3
6.58.9
13.015.315.315.918.820.223.318.8
20.022.922.220.319.618.818.618.420.819.6
20.520.921.221.520.623.724.924.625.227.9
29.030.434.447.6
House-holdsand
institutions
2.9
1.7
2.3
2.42.52.93 23.74.14.55.15.65.9
6.46.97.27.88.19.19.8
10.511.412.2
13.214.015.016.017.318.520.222.825.528.1
30.833.536.841.1
Rest ofthe world
0.8
3
.3
4.4.44
.4
.468
1.01.0
1.21.31.31.31.61.82.12.22.02.2
2.42.93.33.44.04.24.14.54.74.3
4.67.07.59.3
Grossgovern-ment
product»
4.3
4 7
7.6
7 89.4
15.125 632.235.220 816 717.419.4
20.927.431.231.932.534.236.639.142.144.3
47.550.954.758.163.067.876.685.194.9
103.8
114.7125.1135.4147.5
Seasonally adjusted annual rates
1,027.21, 046.91,063.51, 084.2
1,112.51,142.41,166.51,199.2
1,242. 51,272.01, 304.51,334.0
904.9922.8937.6956.0
980.31,008.61,030.01,060.0
1,098.91,126.21,156.31,181.5
866.4882.3897.5913.3
937.8965.2984.9
1,013.6
1,050.51,076.81,105.21,128.8
836.5852.0867.5881.7
904.8931.3951.0976.9
1,008.91,033.51, 056.21,072.2
29.930.230.031.6
33.033.933.936.7
41.643.349.056.6
32.633.133.834.5
35.536.637.537.8
39.340.541.843.0
5.97.46.38.2
7.06.87.68.7
9.18.99.39.7
122.3124.1125.9128.2
132.2133.8136.5139.2
143.5145.8148.2152.5
* Gross national product less compensation of general government employees.2 Includes compensation of employees in government enterprises.3 Compensation of general government employees.
Source: Department of Commerce, Bureau of Economic Analysis.
260
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-10.—Gross national product by sector in 1958 dollars, 1929-73
[Billions of 1958 dollars]
Year orquarter
1929
1933
1939
1940194119421943194419451946194719481949
195019511952 . .-1953195419551956195719581959
I960196119621963196419651966196719681969
1970197119721973 *»
1971: 1IIIIIIV
1972: 1. . . .IIIIIIV
1973: 1IIIllIV*
Totalgross
nationalproduct
203.6
141.5
209.4
227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1
355.3383.4395 1412.8407.0438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6
722.5745 4790.7837.3
Gross private productl
Total
190.9
127.5
188.7
205.6236.6257.3272.8286.9282.5275.1281.4295.0294.1
324.2344,6353.2371.1366.2397.2404.8410.5405.2433.4
444.0452.3482.9503.2532.0567.0603.5617.5647.0664.9
661.7684.7729.5774.8
Total
182.1
120.6
180.7
197.1228.1248.7264.9278.9274.6267.0272.8286.0284.7
314.2334.5343.2360.7355.4385.4392.2397.5391.7419.4
429.5436.9466.7486.6514.4548.9584.9597.8626.5644.6
641.1662.2706.6750.9
Business
Nonfarm *
165.1
103.0
162.5
179.6209.3228.0245.3259.5256.5248.6255.8267.0266.2
294.9316.2324.2340.7335.0364.4371.4377.2370.9398.3
407.6414.8444.6463.8492.1525.2562.5573.9603.1620.5
616.4636.3682.0727.7
Farm
17.0
17.5
18.2
17.518.820.619.619.418.118.517.019.018.4
19.418.419.020.020.420.920.820.320.821.1
21.922.222.122.822.323.722.423.923.424.1
24.826.024.623.2
House-holdsand
institutions
7.4
5.7
7.1
7.67.57 87.27.17.17.17.57.98.2
8.78.88.89.19.2
10.110.610.911.411.7
12.212.412.913.213.714.014.615.416.016.3
16.616.817.418.3
Rest ofthe world
1.4
1.2
.9
1.0.988
.9
.8
.91.11.21.2
1.31.21.21.31.61.82.02.12.02.2
2.32.93.43.43.94.13.94.34.54.0
4.05.65.55.6
Grossgovern-
mentproduct*
12.7
14.0
20.6
21.627.240 564 374 472 837 528 628.730.1
31.138.841 841 740 940.741.341.942.142.5
43.744.846.947.849.150.854.657.659.760.7
60.760.761.162.5
Seasonally adjusted annual rates
735.1740 4746.9759.0
768.0785.6796.7812.3
829.3834.3841.3844.1
674.6679.9686.1698.2
707.3725.0735.3750.3
767.1772.0778.8781.2
652.9657 0664.3674.8
684.7702.6712.3726.8
742.9748.3754.7757.5
626.4631.2638.3649.1
659.2677.4688.7702.5
718.1725.9733.6733.2
26.525.925.925.7
25.625.223.624.2
24.822.421.224.3
16.816.816.816.9
17.217.417.517.4
18.018.218.518.5
4.86.05.06.5
5.45.05.56.2
6.35.55.45.3
60.660.560.860.8
60.760.661.362.0
62.262.462.562.9
* Gross national product less compensation of general government employees.2 Includes compensation of employees in government enterprises,s Compensation of general government employees.
Source: Department of Commerce, Bureau of Economic Analysis.
261
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-ll.—Gross product originating in nonfinancial corporations and dollar costs per unit ofoutput, 1948-73
Year or quarter
Gross productoriginating innonfinancial
corporations (bil-lions of dollars)
Currentdollars
1958dollars
Current dollar costs per unit of 1958 dollar gross product (dollars)
Totalcostsi
Capitalcon-
sump-tion
allow-ances
Indirectbusi-ness
taxes 2
Com-pensa-tion of
em-ployees
Corporate profits and inven-tory valuation adjustment
Netinterest
TotalProfits
taxliability
Profitsaftertaxes
plus in-ventory
valuationadjust-ment
19481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
1970197119721973
1971:1. .II.III.IV.
1972:1. .II.IllIV.
1973:1. .II.Ill
137.0133.3
151.7174.3182.0194.7191.6
216.3231.2241.9236.0263.7
273.1278.4302.8320.0346.0
377.6413.0430.8469.9504.3
519.1554.1608.9680.5
172.9165.6
186.4203.5207.1219.8213.4
237.2244.0247.2236.0260.8
267.1270.6292.9308.0329.7
357.8385.0390.2415.0433.9
427.7442.7475.5512.8
0.793.805
.814
.857
.879
.886
.898
.912
.948979000011
022029034039050
055073104132162
214252281327
0.040.047
.046
.049
.054
.059
.069
.072
.076
.082
.091
.091
.095
.100
.100
.100
.099
.100
.107
.109
.115
.126
.131
.133
.133
0.070.076
.075
.075
.081
.083
.081
.081
.085
.090
.097
.094
.099
.103
.101
.102
.103
.100
.096
.100
.105
.109
.119
.125
.122
.122
0.507.514
.507
.541
.570
.584
.591
.582
.619
.642
.659
.654
.670
.670
.665
.664
.664
.660
.678
.707
.727
.764
.812
.825
.847
0.005.006
.005
.005
.006
.006
.007
.007
.007
.009
.011
.010
.011
.013
.014
.015
.015
.017
.019
.023
.025
.029
.038
.037
.037.037
0.171.162
.180
.186
.168
.154
.149
.170
.160
.155
.142.164
.151
.149
.154
.158
.168
.179
.180
.167
.166
.145
.119
.134
.142
.156
0.069.057
.090
.103
.086
.084
.074
.084
.081
.076
.069
.080
.073
.073
.071
.074
.074
.077
.078
.073
.082
.078
.064
.067
.074
.091
Seasonally adjusted annual rates
540.5550.6557.4568.1
587.4601.9612.9633.2
656.7672.5689.3
434.6440.0443.5452.4
462.3471.9477.8489.8
503.4509.6517.2
1.2441.2511.2571.256
1.2711.2761.2831.293
1.3051.3201.333
0.130.131.132.132
.132
.135
.132
.133
.132
.132
.133
0.124.124.125.126
.122
.122
.122
.122
.122
.122
.122
0.820.824.828.828
.842
.845
.850
.853
.862
.874
.883
0.038.037
. .037.037
.036
.036
.037
.037
.036
.037
.037
0.131.135.135.133
.139
.138
.142
.148
.152
.155
.158
0.068.070.068.062
.072
.072
.074
.077
.088
.095
.092
0.103.104
.090
.083
.082
.070
.075
.086
.079
.078
.073
.084
.078
.076
.082
.084
.094
.102
.102
.094
.084
.067
.055
.067
.068.064
0.063.065,068.071
.067
.066
.068
.071
.064
.060
.066
1 This is equal to the deflator for gross product of nonfinancial corporations, with the decimal point shifted two places tothe left.
* Also includes business transfer payments less subsidies.
Source: Department of Commerce, Bureau of Economic Analysis.
262
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-12.—Personal consumption expenditures, 1929-73
[Billions of dollars]
Yearor
quarter
1 9 2 9 . . .
1 9 3 3 . . .
1 9 3 9 . . .
1 9 4 0 . . .1 9 4 1 . . .1 9 4 2 . . .1 9 4 3 . . .1 9 4 4 . . .1 9 4 5 . . .1 9 4 6 . . .1 9 4 7 . . .1 9 4 8 . . .1 9 4 9 . . .
1 9 5 0 . . .1 9 5 1 . . .1 9 5 2 - . .1 9 5 3 . . .1 9 5 4 . . .195519561I_1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .
1 9 6 0 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .1 9 6 4 . . .1 9 6 5 . . .1 9 6 6 . . .1 9 6 7 . . .1 9 6 8 . . .1 9 6 9 . . .
1970 . . . .1971 . . . .1972 . . . .1973*.. .
1971:1I I . . - .I I I . . .I V . . . .
1972:1I I . —I I I . . .IV. . . .
1973:1I L - - .I I I . . .I V P . . .
£=O
"S.E3
io3
Is
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
617.6667.2726.5805.0
Durable goods
19.2
3.5
6.7
7.89.66.96.66.78.0
15.820.422.724.6
30.529.629.333.232.839.638.940.837.944.3
45.344.249.553.959.266.370.873.184.090.8
91.3103.6117.4131.1
r•acca
JIa<3.2
1.1
2.2
2.73.4.7.8.8
1.04.06.27.59.9
13.111.611.114.213.618.416.418.315.419.5
20.118.422.024.325.830.330.330.537.540.2
37.346.652.857.9
1!E °
4.8
1.9
3.5
3.94.94.73.93.84.68.6
10.911.911.6
14.114.414.314.915.016.617.517.317.118.9
18.919.320.522.225.026.929.931.434.337.1
39.642.148.154.7
O
1.2
.5
1.0
1.11.41.61.92.22.53.23.33.43.2
3.33.63.94.14.24.65.05.25.45.9
6.36.56.97.58.59.1
10.511.212.313.5
14.414.916.518.5
Nondurable goods
I37.7
22.3
35.1
37.042.950.858.664.371.982.490.596.294.5
98.1108.8114.0116.8118.3123.3129.3135.6140.2146.6
151.3155.9162.6168.6178.7191.1206.9215.0230.8245.9
263.8278.7299.9336.3
1T3
03
19.5
11.5
19.1
20.223.428.433.236.740.647.452.354.252.5
53.960.463.464.465.467.269.973.676.478.6
80.582.985.788.292.998.8
105.8108.5115.3120.6
130.0136.6145.3161.5
c
iIE15o
9.4
4.6
7.1
7.48.8
11.013.414.416.518.218.820.119.3
19.621.221.922.122.123.124.124.324.726.4
27.327.929.630.633.535.940.342.346.350.2
52.857.062.369.8
•o-oco
I1u1.8
1.5
2.2
2.32.62.11.31.61.83.03.64.45.0
5.46.16.87.78.29.09.8
10.611.011.6
12.312.412.913.514.015.316.617.619.020.9
22.223.525.529.0
17.0
4.6
6.7
7.18.09.3
10.611.713.013.815.717.517.7
19.221.121.722.722.624.025.427.128.230.1
31.232.734.436.338.241.144.446.650.254.2
58.761.566.876.0
Services
130.3
20.1
25.0
26.028.130.834.237.239.845.349.854.757.6
62.467.973.479.985.491.498.5
105.0112.0120.3
128.7135.1143.0152.4163.3175.5188.6204.0221.3242.7
262.6284.9309.2337.6
I3OX
11.5
7.9
9.1
9.410.211.011.512.012.513.915.717.519,3
21.323.926.529.331.733.736.038.541.143.7
46.348.752.055.459.363.567.571.877.384.1
90.998.5
105.5114.5
11•g</>=1oX
4.0
2.8
3.8
4.04.34.85.25.96.46.87.58.18.5
9.510.411.112.012.614 015.216.217.318.5
20.020.822.023.124.325.627.129.131.233.8
36.439.743.848.0
c
••I
cco
2.6
1.5
2.0
2.12.42.73.43.74.05.05.35.85.9
6.26.77.17.87.98.28.69.09.3
10.1
10.810.611.011.411.612.613.614.515.516.6
18.320.421.823.4
o
12.2
7.9
10.1
10.411.212.314.015.616.819.721.423.323.9
25.426.928.730.833.235.538.641.344.348.0
51.654.958.062.568.173.880.488.597.3
108.2
117.0126.3138.0151.6
Seasonally adjusted annual rates
650.0662.2673.0683.4
700.2719.2734.1752.6
779.4795.6816.0829.0
100.3101.9105.4106.7
111.5115.1120.2122.9
132.2132.8132.8126.8
44.745.548.347.8
49.451.255.055.7
60.559.759.252.1
41.341.641.943.6
46.647.348.650.0
53.754.455.055.8
14.414.815.215.3
15.416.616.617.3
18.018.618.618.9
273.5278.0279.8283.5
288.8297.9302.3310.7
322.2330.3341.6351.1
134.1136.2137.6138.4
141.0144.7146.5149.1
154.7158.1164.3169.0
55.757.057.458.1
59.461.762.965.1
68.369.370.371.2
22.923.123.624.5
24.725.025.826.6
27.528.829.430.2
60.761.761.262.6
63.666.667.270.0
71.774.277.580.6
276.1282.3287.8293.2
300.0306.2311.6319.0
325.0332.6341.6351.2
95.497.699.5
101.4
103.1104.7106.3107.9
110.6113.3115.8118.4
38.439.340.340.7
41.843.244.545.7
46.547.148.749.7
19.420.120.621.2
21.621.721.822.2
22.823.223.724.2
122.8125.3127.4129.9
133.5136.6138.9143.1
145.1149.0153.4158.9
1 Includes consumer purchases of mobile homes.2 Includes imputed rental value of owner-occupied dwellings.Source: Department of Commerce, Bureau of Economic Analysts.
263
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-13.—Gross private domestic investment, 1929-73
[Billions of dollars]
Year orquarter
1929...
1933
1939
1940...1941...19421943.1944...194519461947...19481949
19501951.1952..19531954.19551956195719581959
19601961196219631964.19651966196719681969
1970197119721973 p..
1971: 1.IIIIIIV
1972: 1.IIIllIV
1973: 1IIM L . . . .IV p . . . .
Totalgross
privatedomesticinvest-ment
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54.159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
136.3153 2178.3201.5
Fixed investment
Total
14.5
3.0
8.9
11.013.48.16.48.1
11.624.234.441.338.8
47.349.048.852.153.361.465.366.562.470.5
71.369.777.081.388.298.5
106.6108.4118.9131.1
131.7147 1172.3194.0
Nonresidential
Total
10.6
2.4
5.9
7.59.56.05.06.8
10.117.023.426.925.1
27.931.831.634.233.638.143.746.441.645.1
48.447.051.754.361.171.381.683.388.898.5
100.6104 4118.2136.0
Structures
Total
5.0
.9
2.0
2.32.91.91.31.82.86.87.58.88.5
9.211.211.412.713.114.317.218.016.616.7
18.118.419.219.521.225.528.528.030.334.2
36.137.941.748.3
Non-farm
4.8
.9
1.9
2.22.81.81.21.72.76.16.78.07.7
8.510.410.511.912.313.616.517.215.815.9
17.417.718.518.820.524.927.827.329.633.5
35.337 040.847.3
Producers'durable
equipment
Total
5.6
1.5
4.0
5.36.64.13.75.07.3
10.215.918.116.6
18 720.720.221.520.623.826.528.425.028.4
30.328.632.534.839.945.853.155.358.564.3
64.466 576.587.7
Non-farm
4.9
1.3
3.4
4.65.63.53.24.26.39.2
14.015.513.7
15.717.717.618.618.021.224.225.922.025.4
27.725.829.531.236.341.648.450.053.659.2
58.960.969.879.3
Residential structures
Total
4.0
.6
2.9
3.43.92.11.41.31.57.2
11.114.413.7
19.417.217.218.019.723.321.620.220.825.5
22.822.625.327.027.127.225.025.130.132.6
31.242.754.058.0
Non-form
3.8
.5
2.8
3.23.71.91.21.11.46.7
10.413.612.8
18.616.416.417.219.022.720.919.520.124.8
22.222.024.826.426.626.724.524.529.532.0
30.742.253.557.4
Farm
0.2
.0
.1
.2
.2
.2
.2
.1
.1
.5
.7
.9
.8
.8
.8
.8
.8
.7
.6
.7
.6
.6
.6
.6
.6
.6
.5
.5
.5
.6
.5
.6
.5
.6
.6
.6
Change inbusiness
inventories
Total
1.7
- 1 . 6
.4
2.24.51.8
- . 6- 1 . 0- 1 . 0
6.4- . 54.7
- 3 . 1
6.810.33.1.4
- 1 . 56.04.71.3
- 1 . 54.8
3.62.06.05.95.89.6
14.88.27.17.8
4.56.16.07.4
Non-farm
1 8
- 1 . 4
.3
1 94.0
7- 6- . 6- . 66 41 33 0
- 2 2
6 09 12.11 1
- 2 . 15.55 1
.8- 2 . 3
4.8
3.31.75.35.16.48.6
15.07.56.97.7
4.34 55.66.7
Seasonally adjusted annual rates
145.5152.7153.8160.8
167.5174.7181.5189.4
194.5198.2202.0211.2
138.5145.0149.5155.6
165.8169.2172.9181.2
189.9193.7197.3195.3
101.4103.6104.7108.0
114.0116.3118.3124.3
130.9134.1138.0141.1
37.037.638.438.5
41.041.541.343.0
45.347.249.551.1
36.236.837.637.7
40.140.640.442.1
44.446.348.550.1
64.466.066.369.5
73.174.977.081.2
85.586.988.690.0
58.660.360.764.0
67.368.969.873.4
77.878.480.080.9
37.141.544.847.5
5i. 852.854.556.9
59.059.659.254.2
36.641.044.146.9
51.252.353.956.4
58.459.158.653.6
0.5.5.7.6
.6
.6
.6
.5
.6
.5
.6
.7
7.07.64.35.3
1.75.58.78.2
4.64.54.7
15.9
5.86.32.43.5
1.44.88.47.9
4.44.43.2
14.9
Source: Department of Commerce, Bureau of Economic Analysis.
264
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-14.—Relation of gross national product and national income, J929-73
[Billions of dollars]
Year or quarter
1929
1933
1939
194019411942194319441945 . • . . .1946194719481949
19501951195219531954 . .19551956195719581959
1960 .1961196219631964 . . . .1965196619671968 . . .1969
1970197119721973 y. .
1971: 1 . . .IIIllIV
1972: 1II .III..IV
1973: 1IIIIIIV v
Grossnationalproduct
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
977.11,055.51,155.21,288.2
1,027.21,046.91, 063. 51,084.2
1,112.51,142.41,166.51,199.2
1,242.51,272.01,304. 51,334.0
Less:Capital
con-sump-tion
allow-ances
7.9
7.0
7.3
7.58.29.8
10.311.011.39.9
12.214.516.6
18.321.223.225.728.231.534.137.138.941.4
43.445.250.052.656.159.863.968.974.581.6
87.393.8
102.4109.6
91.692.794.696.4
98.4103.6102.3105.1
106.9109.0110.5112.1
Equals:Net
nationalproduct
95.2
48.6
83.2
92.2116.3148.1181.3199.1200.7198.6219.1243.1239.9
266.4307.2322.3338.9336.6366.5385.2404.0408.4442.3
460.3474.9510.4537.9576.3625.1685.9725.0789.7848.7
889.8961.6
1,052.81,178.6
Plus:Subsidies
lesscurrentsurplus
of govern-ment
enter-prises
- 0 . 1
.0
.5
.4
.1
.2
.2
.7
.8
.9- . 2- . 1- . 1
2.2
- . 1- . 4— 2- . 1
.8
.9
.9
.1
.21.41.4.8
1.31.32.31.4
1.0
1.71.21.7
.7
Indirectbusinesstax andnontaxliability
7.0
7.1
9.4
10.011.311.812.714.115.517.118.420.121.3
23.325.227.629.629.432.134.937.338.541.5
45.247.751.554.758.462.565.770.478.685.9
93.5102.4109.5117.8
Seasonally adjusted annual
935.6954.1968.9987.8
1,014.21,038.81,064.21, 094.1
1,135.51,163.01,194.01,221.9
1.81.01.01.1
1.21.51.82.2
.9
.4
.6.9
99.7101.1103.2105.8
106.5108.4110.5112.8
115.6117.2118.5120.2
Less:
Businesstransfer
payments
0.6
.7
.5
.4
.5
.5
.5
.5
.5
.5
.6
.7
.8
.8
.91.01.21.11.21.41.51.61.7
1.92.02.12.32.52,73.03.13.43.8
4.04.34.64.9
rates
4.24.34.44.4
4.54.64.74.7
4.84.95.05.1
Statisticaldiscrep-
ancy
0.7
.6
1.3
1.0.4
- 1 . 1- 2 . 0
2.53.9
.1
.9—2.0
.3
1.53.32.23.02.72.1
- 1 . 1.0
1.6- . 8
- 1 . 0- . 8
.5- . 3
- 1 . 3- 3 . 1- 1 . 0
- 2 . 7- 6 . 1
- 6 . 4- 3 . 4- 1 . 5
2.'3
- 2 . 3- 3 . 8- 3 . 3- 4 . 0
- 6 . 7— 1.0
1.6.2
1.13.23.7
Equals:Nationalincome
86.8
40.3
72.6
81.1104.2137 1170.3182.6181 5181.9199.0224 2217.5
241 1278 0291.4304.7303 1331.0350.8366 1367.8400.0
414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0
800.5859.4941.8
1,054.2
835.9853.6865.6882.7
911.0928.3949.2978.6
1,015.01,038.21,067.4
Source: Department of Commerce, Bureau of Economic Analysis.
265
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-15.—National income by type of income, 1929-73
[Billions of dollars]
Year orquarter
1929
1933
1939
194019411942194319441945.194619471948 -1949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973 v
1971:1II —III. .IV..
1972: 1...IIIII.IV..
1973: 1HIII.IV v
Totalna-
tionalin-
come l
86.8
40.3
72.6
81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5
241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0
414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0
800.5859.4941.8
1,054.2
Compensation ofemployees
Total
51.1
29.5
48.1
52.164.885.3
109.5121.2123.1117.9128.9141.1141.0
154.6180.7195.3209.1208.0224.5243.1256.0257.8279.1
294.2302.6323.6341.0365.7393.8435.5467.2514.6566.0
603.9644.1707.1785.3
Wagesandsala-ries
50.4
29.0
45.9
49.862.182.1
105.8116.7117.5112.0123.0135.4134.5
146.8171.1185.1198.3196.5211.3227.8238.7239.9258.2
270.8278.1296.1311.1333.7358.9394.5423.1464.9509.7
542.0573.8627.3691.5
Sup-ple-
mentsto
wagesandsala-ries2
0.7
.5
2.2
2.32.73.23.84.55.65.95.95.86.5
7.89.6
10.210.911.513.215.217.317.920.9
23.424.627.529.932.035.041.044.249.756.3
61.970.379.793.9
Business and pro-fessional income
Total
9.0
3.3
7.4
8.611.114.017.018.219.221.620.322.722.6
24.026.127.127.527.630.331.332.833.235.1
34.235.637.137.940.242.445.247.349.550.5
50.051.954.057.5
In-come
ofunin-
corpo-ratedenter-prises
8.8
3.9
7.6
8.611.714.417.118.319.323.321.823.122.2
25.126.526.927.627.630.531.833.133.235.3
34.335.637.137.940.342.845.647.650.351.2
50.752.655.160.0
Inven-toryvalu-ation
adjust-ment
0.1
- . 5
- . 2
.0- . 6- . 4- . 2- . 1- . 1
- 1 . 7- 1 . 5- . 4
.5
- 1 . 1- . 3
.2- . 2
.0- . 2- . 5- . 3- . 1- . 1
.0
.0
.0
.0
-A- . 4- . 3- . 7- . 8
- . 7- . 7
- 1 . 1- 2 . 5
In-come
offarmpro-prie-tors3
6.2
2.6
4.4
4.56.49.8
11.711.612.214.915.217.512.7
13.515.815.013.012.411.411.411.313.411.4
12.012.813.013.112.114.816.114.814.716.7
16.916.820.226.8
Rentalin-
comeof
per-sons
5.4
2.0
2.7
2.93.54.55.15.45.66.67.18.08.4
9.410.311.512.713.613.914.314.815.415.6
15.816.016.717.118.019.020.021.121.222.6
23.924.524.125.1
Corporate profitsand inventory
valuationadjustment
Total
10.5
- 1 . 2
6.3
9.815.220.324.423.819.219.325.633.030.8
37.742.739.939.638.046.946.145.641.151.7
49.950.355.758.966.376.182.478.784.379.8
69.280.191.1
109.2
Corpo-rate
profitsbeforetaxesi
10.0
1.0
7.0
10.017.721.525.124.119.724.631.535.228.9
42.643.938.940.638.348 648.847.241.452.1
49.750.355.459.466.877.884.279.887.684.9
74.085.198.0
126.5
Inven-toryvalu-ation
adjust-ment
0.5
- 2 . 1
- . 7
- . 2- 2 . 5- 1 . 2- . 8- . 3- . 6
- 5 . 3- 5 . 9- 2 . 2
1.9
- 5 . 0- 1 . 2
1.0- 1 . 0- . 3
- 1 7- 2 . 7- 1 . 5- . 3- . 5
.2- . 1
.3- . 5- . 5
- 1 . 7- 1 . 8- 1 . 1- 3 . 3- 5 . 1
- 4 . 8- 4 . 9- 6 . 9
-17.3
Netinter-
est
4.7
4.1
3.5
3.33.23.12.72.32.21.51.91.81.9
2.02.32.62.83.64 14.65.66.87.1
8.410.011.613.815.818.221.424.426.930.5
36.542.045.250.4
Seasonally adjusted annual rates
835.9853.6865.6882.7
911.0928.3949.2978.6
1,015.01,038.21,067.4
627.6638.8648.8661.2
684.3699.6713.1731.2
757.4774.9794.0815.0
559.8569.3577.6588.6
607.3620.8632.5648.7
666.7682.3699.3717.6
67.769.671.172.6
77.078.980.582.5
90.892.694.797.5
50.951.752.352.7
53.153.354.355.3
56.357.157.958.7
16.916.616.317.5
19.519.919.821.8
24.324.427.131.3
24.424.724.724.4
24.122.624.924.9
24.724.625.325.7
75.880.580.983.4
86.288.091.598.8
104.3107.9112.0
80.885.587.086.9
92.894.898.4
106.1
119.6128.9129.0
- 5 . 0- 5 . 0- 6 . 1- 3 . 6
- 6 . 6- 6 . 7- 6 . 9- 7 . 3
-15.4-21.1-17.0-15.6
40.241.442.743.5
43.944.845.746.6
47.949.451.153.0
1 National income is the total net income earned in production. It differs from gross national product mainly in that itexcludes depreciation charges and other allowances for business and institutional consumption of durable capital goods,and indirect business taxes. See Table C-14.
2 Employer contributions for social insurance and to private pension, health, and welfare funds; compensation forinjuries; directors' fees; pay of the military reserve; and a few other minor items.
3 Includes change in inventories.* See Table C-74 for corporate tax liability and profits after taxes.
Source: Department of Commerce, Bureau of Economic Analysis.
266
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—16.—Relation of national income and personal income, 1929—73
[Billions of dollars]
Year or quarter
1929.
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961...1962...1963...1964...1965...1966...1967...1968...1969...
1970__.1971...1972__.1973*..
1971: !.
IV.
1972: 1.
III.IV..
1973: !I I . . .III..IV*..
Nationalincome
86.8
40.3
72.6
81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5
241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0
414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0
800.5859.4941.8
1, 054. 2
Less:
Corpo-rate
profitsand in-ventory
valuationadjust-ment
10.5
- 1 . 2
6.3
9.815.220.324.423.819.219.325.633.030.8
37.742.739.939.638.046.946.145.641.151.7
49.950.355.758.966.376.182.478.784.379.8
69.280.191.1
109.2
Contri-butions
forsocialinsur-ance
0.2
.3
2.1
2.32.83.54.55.26.16.05.75.25.7
6.98.28.78.89.8
11.112.614.514.817.6
20.721.424.026.927.929.638.042.447.154.2
57.764.673.792.1
Wageaccruals
lessdis-
burse-ments
0.0
.0
.0
.0
.0
.0
.2- . 2
.0
.0
.0
.0
.0
.0
.1
.0- . 1
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.6- . 5
i
Gov-ernmenttransfer
paymentsto per-
sons
0.9
1.5
2.5
2.72.62.62.53.15.6
10.811.110.511.6
14.311.512.012.814.916.117.119.924.124.9
26.630.431.233.034.237.241.148.756.161.9
75.188.998.3
112.5
Plus
Interestpaid
bygovern-ment
/n o i . \
{.net,;and bycon-
sumers
2.5
1.6
1.9
2.12.22.22.63.34.25.25.56.16.5
7.27.68.19.09.5
10.111.212.012.113.6
15.115.016.117.619.120.522.223.626.128.7
31.031.032.737.1
Divi-dends
5.8
2.0
3.8
4.04.44.34.44.64.65.66.37.07.2
8.88.68.68.99.3
10.511.311.711.612.6
13.413.815.216.517.819.820.821.423.624.3
24.725.126.027.8
Busi-ness
transferpay-
ments
0.6
.7
.5
.4
.5
.5
.5
.5
.5
.5
.6
.7
.8
.8
.91.01.21.11.21.41.51.61.7
1.92.02.12.32.52.73.03.13.43.8
4.04.34.64.9
835.9853.6865.6882.7
911.0928.3949.2978.6
1,015.01,038.21,067.4
Seasonally adjusted annual rates
75.880.580.983.4
86.288.091.598.8
104.3107.9112.0
63.364.165.066.0
71.772.974.575.8
89.390.993.095.0
0.0.2.6
1.5
- 1 . 4- . 4- . 2
.0
.0- . 3
.0
.0
82.690.390.692.1
94.395.396.4
107.3
108.8110.8113.7116.8
31.130.831.031.2
31.632.632.933.7
34.736.138.039.6
25.325.125.224.9
25.725.926.226.4
26.927.328.129.0
4.24.34.44.4
4.54.64.74.7
4.84.95.05.1
Equals:
Personalincome
85.9
47.0
72.8
78.396.0
122.9151.3165.3171.1178.7191.3210.2207.2
227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5
401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9
808.3863.5939.2
1,035.5
840.0859.5870.2884.4
910.8926.1943.7976.1
996.61,019.01,047.11,079.2
Source: Department of Commerce, Bureau of Economic Analysis.
267
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-17.—Disposition of personal income, 1929-73
Year orquarter
Per-sonal
income
Less:Per-sonaltaxand
nontaxpay-
ments
Equals:Dispos-
ableper-sonal
income
Less: Personal outlays
Total
Per-sonalcon-
sump-tion
expend-itures
Interestpaid by
con-sumers
Per-sonal
transferpay-
mentsto for-eigners
Equals:Per-
sonalsaving
Percent of disposablepersonal income
Personaloutlays
Total
Con-sump-
tionexpend*
itures
Per-sonal
saving
Billions of dollars Percent
1929.....
1933....
1939....
1940.....1941.....1942.....1943.....1944.....1945.....1946.....1947.....1948....1949....
1950....1951....1952....1953....1954....1955....1956....1957....1958....1959....
I960....1961—.1962....1963....1964....1965....1966....1967....19681969
19701971....1972....1973 P
1971: L . . .I I . . .III —IV...
1972: I . . . .I I . .I I I . .I V . . .
1973: I . . . .I I . . .ML.IV P .
85.9
47.0
72.8
78.396.0
122.9151.3165.3171.1178.7191.3210.2207.2
227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5
401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9
808.3863.5939.2
.,035.5
2.6
1.5
2.4
2.63.36.0
17.818.920.918.721.421.118.6
20.729.034.135.632.735.539.842.642.346.2
50.952.457.460.959.465.775.483.097.9
116.5
116.6117.5142.2152.9
83.3
45.5
70.3
75.792.7
116.9133.5146.3150.2160.0169.8189.1188.6
206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3
350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4
691.7746.0797.0882.6
79.1
46.5
67.7
71.881.789.3
100.1109.1120.7144.8162.5175.8179.2
193.9209.3220.2234.3241.0259.5272.6287.8296.6318.3
333.0343.3363.7384.7411.9444.8479.3506.0551.2596.2
635.5685.8747.2828.7
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
617.6667.2726.5805.0
1.5
.5
.7
.8
.9
.7
.5
.5
.5
.81.11.51.9
2.42.73.03.84.04.75.45.85.96.5
7.37.68.19.1
10.111.312.413.214.315.8
16.817.719.722.5
0.3
.2
.2
.2
.2
.1
.2
.4
.5
.7
.7
.7
.5
.5
.4
.4
.5
.5
.5
.6
.6
.6
.6
.5
.5
.5
.6
.6
.7
.6
.7
.8
.9
1.01.01.01.2
4.2
- . 9
2.6
3.811.027.633.437.329.615.27.3
13.49.4
13.117.318.118.316.415.820.620.722.319.1
17.021.221.619.926.228.432.540.439.838.2
56.260.249.753.8
95.0
102.0
96.3
94.988.276.475.074.580.390.595.792.995.0
93.792.492.492.893.694.393.093.393.094.4
95.194.294.495.194.094.093.692.693.394.0
91.991.993.893.9
92.7
100.6
95.0
93.686.975.774.474.079.789.694.691.893.8
92.391.090.991.191.992.491.091.291.092.3
92.992.092.292.791.691.591.190.190.791.3
89.389.491.291.2
5.0
- 2 . 0
3.7
5.111.823.625.025.519.79.54.37.15.0
6.37.67.67.26.45.77.06.77.05.6
4.95.85.64.96.06.06.47.46.76.0
8.18.16.26.1
Seasonally adjusted annual rates Seasonally adjusted
840.0859.5870.2884.4
910.8926.1943.7976.1
996.61,019.01, 047.11,079.2
112.6115.5118.1124.0
138.0140.7142.8147.4
145.1149.3156.0161.2
121A744.0752.0760.4
772.8785.4800.9828.7
851.5869.7891.1918.0
668.3680.6691.8702.6
720.0739.5755.1774.3
801.5818.7840.1854.6
650.0662.2673.0683.4
700.2719.2734.1752.6
779.4795.6816.0829.0
17.317.417.718.2
18.819.420.020.7
21.222.023.023.8
1.0.9
1.11.1
1.0.9
1.01.1
.91.01.11.8
59.263.560.257.8
52.945.945.854.4
50.051.051.163.3
91.991.592.092.4
93.294.294.393.4
94.194.194.393.1
89.489.089.589.9
90.691.691.790.8
91.591.591.690.3
8.18.58.07.6
6.85.85.76.6
5.95.95.76.9
Source: Department of Commerce, Bureau of Economic Analysis.
268
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-18.— Total and per capita disposable personal income and personal consumptionexpenditures in current and 1958 dollars, 1929-73
Year or quarter
1929
1933
1939
19401941 .19421943194419451946194719481949
1950195119521953195419551956 . .1957 . _ . .19581959
1960 . .196119621963196419651966196719681969
19701971 . .19721973*
1971:1||IIIIV
1972-1IIIllIV
1973:1IIIllIV v
Disposable personal income
Total (billionsof dollars)
Currentdollars
83.3
45.5
70.3
75.792.7
116.9133.5146.3150.2160.0169.8189.1188.6
206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3
350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4
691.7746.0797.0882.6
1958dollars
150.6
112.2
155.9
166.3190.3213.4222.8231.6229.7227.0218.0229.8230.8
249.6255.7263.3275.4278.3296.7309.3315.8318.8333.0
340.2350.7367.3381.3407.9435.0458.9477.5499.0513.6
534.8554.9577.9608.1
Per capita(dollars)
Currentdollars
683
362
537
573695867976
1,0571,0741 1321,1781,2901,264
1 3641,4691,5181,5831,5851 6661,7431,8011,8311,905
1,9371 9842,0652,1382,2832,4362 6042,7492,9453,130
3,3763 6033,8164,195
1958dollars
1,236
893
1,190
1,2591,4271,5821,6291 6731,6421 6061,5131,5671,547
1 6461,6571,6781,7261,7141,7951,8391,8441,8311,881
1,8831 9091,9692,0152,1262,2392 3352,4032,4862,534
2,6102,6802,7672,890
Personal consumption expenditures
Total (billionsof dollars)
Currentdollars
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
617.6667.2726.5805.0
1958dollars
139.6
112.8
148.2
155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5
230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3
316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1
477.5496.3526.8554.7
Per capita(dollars)
Currentdollars
634
364
510
536604656726782855
1,0141,1151,1841,185
1,2591,3371,3811,4411,4561,5391,5851,6431,6661,758
1,8001,8251,9031,9812,0912,2282,3722,4762,6712,859
3,0153,2223,4793,826
1958dollars
1,145
897
1,131
1,1781,2401 1971,2131 2381,3081 4391,4311,4381,451
1 5201,5091,5251,5721,5751,6591,6731,6831,6661,735
1,7491 7561,8141,8671,9482,0472 1272,1642,2562,315
2,3312,3972,5232,636
Seasonally adjusted annual rates
727.4744.0752.0760.4
772.8785.4800.9828.7
851.5869.7891.1918.0
547.8554.6556.4560.9
565.7571.6579.3595.1
603.9604.8603.5613.9
3,5263,5983,6283,658
3,7113,7653 8313,955
4,0574,1374,2314,350
2,6552 6822,6842,698
2 7162,7402 7712,841
2,8782,8772,8942,909
650.0662.2673.0683.4
700.2719.2734.1752.6
779.4795.6816.0829.0
489.5493 6498.0504.1
512.5523.4531.0540.5
552.7553.3558.1554.5
3,1513,2023,2463,288
3,3623,4473,5113,592
3,7143,7853,8743,928
2,3732 3872,4022,425
2,4612,5092 5402,580
2,6342,6322,6502,627
Popu-lation(thou-sands) i
121,875
125,690
131,028
132,122133,402134 860136,739138 397139 928141 389144 126146,631149,188
151 684154, 287156,954159,565162,391165 275168, 221171,274174,141177,073
180,671183 691186| 538189,242191,889194,303196 560198,712200, 706202,677
204,879207,045208,842210,404
206,306206,795207,313207,862
208, 259208,634209 058209,514
209,871210,221210,618211,036
1 Population of the United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annualdata are for July 1; quarterly data are for middle of period, interpolated from monthly data.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
269
527-867 O - 74 - 18
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-19.—Sources of personal income, 1929-73
[Billions of dollars]
Year or quarter
1929
1933
1939 .
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963 . . . .196419651966196719681969
1970197119721973» „ . . .
1971- 1IIIllIV
1972: 1IIIIIIV .
1973- 1IIIllIV*.._
Totalper-sonal
income
85.9
47.0
72.8
78.396.0
122.9151.3165.3171.1178.7191.3210.2207.2
227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5
401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9
808.3863.5939.2
1,035.5
Wage and salary disbursements*
Total
50.4
29.0
45.9
49.862.182.1
105.6116.9117.5112.0123.0135.3134.6
146.7171.0185.1198.3196.5211.3227.8238 7239.9258.2
270.8278.1296.1311.1333.7358.9394.5423.1464.9509.7
542.0573.3627.8691.5
Commodity-producingindustries
Total
21.5
9.8
17.4
19.727.539.148.950.345.846.054.361.057.7
64.676.181.889.485.492.8
100.2103.899.7
109.1
112.5112.8120.8125.7134.1144.5159.3166.5181.5197.5
200.9206.3226.0252.0
Manu-factur-
ing
16.1
7.8
13.6
15.621.730.940.942.938.236.542.547.244.7
50.359.464.271.267.673.979.582.578.786.9
89.789.896.7
100.6107.2115.6128.1134.2145.9157.6
158.3160.5175.9196.8
Distrib-utive
indus-tries
15.6
8.8
13.3
14.216.318.020.122.724.831.035.237.637.7
39.944.346.949.850.253.457.760.560.864.8
68.169.172.576.081.286.993.8
100.3109.2120.0
129.3138.3151.5165.1
Serviceindus-tries
8.4
5.2
7.1
7.58.19.09.9
10.912.014.416.117.918.6
19.921.723.325.126.428.931.633.935.938.7
41.544.046.849.954.158.363.770.578.588.1
96.6104.7116.1129.0
Gov-ern-ment
4.9
5.1
8.2
8.410.216.026.633.034.920.717.418.920.6
22.428.933.134.134.636.238.340.443.545.6
48.752.256.059.564.369.377.785.895.7
104.1
115.1123.9134.2145.4
Otherlabor
in-come*
0.6
.4
.6
7.7.9
1 11.51 81.92.32.73.0
3.84.85.36.06.37.38.49.59.9
11.3
12.012.713.914.916.618.720.722.325.428.4
32.236.640.744.9
Propriinco
Busi-nessand
profes-sional
9.0
3.3
7.4
8 611.114.017 018.219 221.620.322.722.6
24.026.127.127.527.630.331.332.833.235.1
34.235.637.137.940.242.445.247.349.550.5
50.051.954.057.5
etors'me
Farm1
6.2
2.6
4.4
4 56.49.8
11 711.612 214.915.217 512.7
13 515.815 013.012.411 411.411 313.411.4
12.012.813.013.112 114.816.114.814.716.7
16.916.820.226.8
Seasonally adjusted annual rates
840.0859.5870.2884.4
910.8926.1943.7976.1
996.61,019.01, 047.11,079.2
559.8569.1577.0587.1
608.8621.1632.7648.7
666.7682.6699.3717.6
202.5205.3207.0210.5
218.2223.7227.3234.8
241.6248.6255.3262.3
158.5159.9160.6163.1
168.9174.0177.0183.7
189.1194.8199.1204.3
134.7137.2139.2142.3
147.5150.0152.5156.0
159.5163.3167.0170.7
101.3103.6105.9108.0
111.6114.9117.9120.1
123.9126.9130.9134.2
121.4123.0125.0126.3
131.6132.6135.0137.8
141.6143.7146.1150.3
34.836.137.238.1
39.140.241.342.3
43.344.245.346.7
50.951.752.352.7
53.153.354.355.3
56.357.157.958.7
16.916.616.317.5
19.519. S19.821.8
24.324.427.131.3
See footnotes at end of table.
270
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-19.—Sources of personal income, 1929-73—Continued
[Billions of dollars]
Year orquarter
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948.1949.
1950.1951..19521953.1954.1955.1956.1957.1958.1959.
1960.1961.1962.1963.1964.1965.1966.1967.1968.1969.
1 9 7 0 . . . .1 9 7 1 . . . .1972 . . . .1973 v
1971:1
IV. . . .
1972:1I I . . . .IllIV
1973: III.IIIIV P . . .
Rentalincomeof per-sons
5.4
2.0
2.7
2.93.54.55.15.45.66.67.18.08.4
9.410.311.512.713.613.914.314.815.415.6
15.816.016.717.118.019.020.021.121.222.6
23.924.524.125.1
Divi-dends
5.8
2.0
3.8
4.04.44.34.44.64.65.66.37.07.2
8.88.68.68.99.3
10.511.311.711.612.6
13.413.815.216.517.819.820.821.423.624.3
24.725.126.027.8
Personalinterestincome
7.2
5.7
5.5
5.45.55.35.35.66.36.87.57.98.5
9.29.9
10.611.813.114.215.717.618.920.7
23.425.027.731.434.938.743.648.052.959.3
67.573.078.087.5
Transfer payments
Total
1.5
2.1
3.0
3.13.13.13.03.66.2
11.311.711.212.4
15.112.513.014.016.017.318.521.425.726.6
28.532.433.335.336.739.944.151.859.665.8
79.193.2
103.0117.5
Old age,survivors,disability,and healthinsurancebenefits
0.0
.0
.1
.1
.2
.2
.3
.4
.5
.6
.7
1.01.92.23.03.64.95.77.38.5
10.2
11.112.614.315.216.018.120.825.730.333.0
38.544.549.660.9
Stateunem-ploy-
ment in-surancebenefits
0.4
.5
.3
.3
.1
.1
.41.1
1.7
1.4.8
1.01.02.01.41.41.83.92.5
2.84.02.92.82.62.21.82.12.12.1
3.95.75.54.2
Vet-erans
benefits
0.6
.5
.5
.5
.5
.5
.5
.92.86.76.75.85.1
4.93.93.93.73.94.34.34.44.64.6
4.64.84.85.05.35.65.76.67.38.3
9.711.212.713.6
Other
0.9
1.6
2.0
2.02.22.22.22.42.73.13.74.14.9
7.95.96.06.36.56.87.27.98.79.4
10.010.911.212.212.914.015.717.520.022.4
27.131.835.138.8
Less:Personalcontri-butions
for socialinsur-ance
Seasonally adjusted annual rates
0.1
.2
.6
.7
.81.21.82.22.32.02.12.22.2
2.93.43.84.04.65.25.86.76.97.9
9.39.6
10.311.812.513.417.720.522.826.3
28.030.934.743.1
Non-agricul-
turalpersonalincome*
24.424.724.724.4
24.122.624.924.9
24.724.625.325.7
25.325.125.224.9
25.725.926.226.4
26.927.328.129.0
71.472.273.774.7
75.577.478.680.3
82.785.689.192.6
86.794.694.996.5
98.899.9
101.1112.0
113.6115.7118.7121.9
40.346.645.145.9
46.647.348.056.4
58.360.061.863.4
5.25.75.95.9
5.86.35.34.7
4.14.14.14.4
10.811.111.411.7
12.012.112.614.1
13.313.413.813.9
30.531.332.633.1
34.434.135.236.8
37.838.239.040.2
30.330.731.131.5
33.834.335.235.7
41.942.643.644.2
77.6
43.2
66.9
72.387.8
111.0137.3151.2156.4161.0173.0189.4191.3
210.9236.4254.1271.9274.7296.4318.5336.6344.3368.5
385.2400.0425.5448.1480.9519.5566.3609.4668.8728.3
784.9839.8911.5
1,000.6
816.0836.1847.0859.8
883.9898.8916.5946.7
964.5986.7
1,011.91,039.0
1 The total of wage and salary disbursements and other labor income differs from compensation of employees in TableC-15 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disburse-ments.
3 Includes change in inventories.3 Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises, farm wages,
agricultural net interest, and net dividends paid by agricultural corporations.
Source: Department of Commerce, Bureau of Economic Analysis.
271
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-20.—Sources and uses of gross saving, 1929-73
[Billions of dollars]
Year orquarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973* . . . .
1971: 1IIIII....IV....
1972: 1IIIII.—IV....
1973: 1IIIII....
Gross private saving and government surplus or deficit,national income and product accounts
Total
16.3
.9
8.8
13.618.610.75.52.55.2
35.142.049.935.9
50.456.149.547.548.564.872.771.259.273.8
77.575.585.090.5
101.0115.3124.9119.5128.3144.0
143.1153.8171.4200.2
Private saving
Total
15.3
2.3
11.0
14.322.442.049.754.344.729,727.541.439.0
42.550.353.354.455.662.167 870.571.775.9
73.979.887.988.7
102.4113.1123.8133.4135.2135.2
153.2171.9174.2188.6
Per-sonalsaving
4.2
- . 9
2.6
3.811.027.633.437.329.615.27.3
13.49.4
13.117.318.118.316.415.820.620.722.319.1
17.021.221.619.926.228.432.540.439.838.2
56.260.249.753.8
Grossbusi-ness
saving
11.2
3.2
8.4
10.511.414.516.317.115.114.520.228.029.7
29.433.135.136.139.246.347.349.849.456.8
56.858.766.368.876.284.791.393.095.497.0
97.0111.8124.4134.7
Government surplusor deficit ( - )
Total
1.0
- 1 . 4
- 2 . 2
- . 7- 3 . 8
-31.4- 4 M-51 .8-39 .5
5.414.48 5
- 3 . 2
7.95.8
- 3 . 8—6 9- 7 0
2.74 9
7-12.5- 2 . 1
3.7- 4 . 3- 2 9
1.8- 1 . 4
2.21.1
-13 .9- 6 . 8
8.8
— 10 1-18.1- 2 811.6
Fed-eral
1.2
- 1 . 3
- 2 . 2
- 1 . 3- 5 . 1
-33 .1-46 .6-54 .5-42 .1
3.513.48.4
- 2 . 4
9.16.2
- 3 . 8—7.0- 5 . 9
4.05 72.1
-10 .2- 1 . 2
3.5- 3 . 8- 3 . 8
.7- 3 . 0
1.2- . 2
-12.4- 6 . 5
8.1
-11 .9-22 .2-15 .9
.6
Stateandlocal
- 0 . 2
- . 1
(0.6
1.31.82.52.72.61.91.0.1
- . 7
- 1 . 2- . 4
- 1 . 1- 1 . 3_ 9
- 1 4- 2 . 3- . 8
.2- . 5
91.21.71.01.3
- 1 . 6
""'.7
1 84.0
13 111.0
Capitalgrants
receivedby theUnited
States i
mm"
------
9.77
.0
Gross investment
Total
17.0
1.6
10.2
14.619.09.63.55.09.1
35.242.947.936.2
51.859.551.650.551.366.971.671.260.773.0
76.574.785.590.399.7
112.2123.9118.8125.6137.9
137.6151.1170.6202.5
Grossprivatedomes-tic in-vest-ment
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54.159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
136.3153.2178.3201.5
Netforeigninvest-ments
0.8
.2
.9
1.51.1
-2^2- 2 . 1- 1 . 4
4.68.91.9.5
- 2 . 2
-i!i- . 51.53.4
- . 2- 2 . 3
1.73.02.53.15.74.12.42.2
-i'.o1.3
- 2 . 1- 7 . 6
1.0
Statis-ticaldis-
crep-ancy
0.7
.6
1.3
1.0.4
- 1 . 1- 2 . 0
2.53.9
.1
.9- 2 0
1.53.32.23 02.72.1
- 1 1.0
1.6- . 8
- 1 . 0- . 8
.5
- 3 . 1—1.0
- . 7- 2 . 7- 6 . 1
- 6 . 4- 3 . 4- 1 . 5
2.3
Seasonally adjusted annual rates
148.4153.6154.4158.7
164.8166.2172.4182.2
190.4194.5202.3
164.3173.3172.5177.3
170.2170.0170.3186.0
181.5183.0188.0
59.263.560.257.8
52.945.945.854.4
50.051.051.163.3
105.1109.9112.5119.5
117.4124.1124.5131.6
131.5132.0136.9
-15.9-19.7-18.4-18 .6
- 5 . 4- 3 . 9
2.0- 3 . 8
8.911.614.3
-17.6-23.5-23 .2-24 .5
-13 .8-19 .0- 7 . 4
-23 .4
- 5 . 0.0
4.0
1.73.74.85.9
8.415.29.5
19.6
13.911.510.4
0.7.7.7.7
.7
.7
.7
.7
.0
.0.0.0
146.8150.5151.8155.4
158.9165.9174.7183.1
191.5197.7206.0214.7
145.5152.7153.8160.8
167.5174.7181.5189.4
194.5198.2202.0211.2
1.3- 2 . 2- 2 . 0- 5 . 4
- 8 . 7- 8 . 7- 6 . 9- 6 . 3
- 3 . 0- . 54.03.5
- 2 . 3- 3 . 8- 3 . 3- 4 . 0
- 6 . 7- 1 . 0
1.6.2
1.13.23.7
1 Allocations of special drawing rights (SDR).2 Net exports of goods and services less net transfers to foreigners.3 Surplus of $32 million.« Deficit of $41 million.
Source: Department of Commerce, Bureau of Economic Analysis.
272
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-21.—Saving by individuals, 1946-73l
[Billions of dollars]
Year orquarter Total
Total 2
Increase in financial assets
Cur-rencyandde-
mandde-
posits
Sav-ingsac-
counts
Securities
Gov-ern-mentsecu-rities 3
Corpo-rateandfor-eign
bonds
Corpo-rate
equi-ties 4
Insur-anceandpen-sionre-
serves
Net investment in
Non-farmhomes
Con-sumer
du-rables
Non-cor-po-ratebusi-ness
assets
Less: Increase indebt
Mort-gagedebton
non-farm
homes
Con-sumercredit
Otherdebt«
0.02.52.92.6
5.63.83.02.16.0
6.83.44.26.27.9
5.78.78.5
11.811.4
13.812.318.617.313.3
12.119.227.3
1946..1947..1948..1949..
1950..1951..1952..1953..1954..
1955.. . .1956.. . .1957.. . .1958.. . .1 9 5 9 . . . . . . .
I960..1961..1962 .1963..1964..
1965..1966..1967..1968..1969..
1970..1971..1972..
1971:1st half.2nd half.
1 9 7 2 : I . . .I I . . .I I I . .I V . .
1973: I . . .I L .I I I .
25.720.23.318.9
26.930.327.230.428.2
34.36.034.133.034.8
32.331.737.139.149.5
55.265.'64.867.460.1
76.889.899.
18.913.29.0
10.0
13.818.822.722.522.7
28.430.028.631.636.5
31.635.139.45.155.5
58.162.768.572.061.3
79.699.9
124.9
5.6.1
- 2 . 9- 2 . 0
2.64.61.61.02.2
1.21.8
- . 53.8
1.92.51.73.04.7
7.83.9
11.312.51.6
9.611.012.9
6.33.42.32.7
2.54.97.88.39.3
9.612.114.1
•11.3
11.416.525.724.627.4
28.020.534.830.36.0
44.470.575.8
- 1 . 41.61.31.8
- . 41.92.3
6.03.92.2
-2.49.0
3.5.7
- . 84.45.7
4.211.4- . 94.7
21.8
-8 .2-13.6
5.7
-0 .9- . 8- . 1- . 4
- . 8.0.0
- ' . 3
1.0.9
1.11.3.3
.6
.1- . 1
.0
.1
1.02.14.64.77.4
10.18.24.9
1.11.11.0
.71.61.6.9.7
1.11.91.51.5.6
- . 4.4
- 2 . 1- 2 . 9- . 2
- 2 . 2-1 .1-4 .5-7 .9- 4 . 3
-2 .6-5.4-5.9
5.35.45.35.6
6.96.37.88.07.9
8.59.59.5
10.411.9
11.612.212.714.115.6
17.019.419.620.120.8
24.328.328.0
4.26.9
10.59.0
13.713.512.813.513.7
17.716.413.812.716.5
14.512.012.812.612.5
12.011.59.2
12.813.3
10.617.424.1
5.87.57.7.0
10.25.53.66.44.9
9.95.94.9.6
5.5
5.12.96.78.9
11.2
14.815.212.416.716.2
10.616.023.6
3.33.27.42.5
6.44.62.51.62.7
3.51.92.33.33.2
2.23.25.66.96.2
9.07.28.27.99.0
6.611.012.1
3.84.35.04.1
7.47.16.47.78.6
12.211.28.88.8
12.6
10.10.912.714.816.0
15.212.710.414.616.1
12.524.138.4
2.73.22.82.9
4.11.24.83.91.1
6.43.52.6.2
6.4
4.61.85.87.98.5
9.66.44.5
10.010.4
6.011.219.2
Seasonally adjusted annual rates
92.589.1
92.698.8
104.8101.4
105.3117.193.0
97.5104.4
113.2125.8127.2133.1
118.1131.0115.8
15.66.4
19.76.9
14.610.2
9.011.214.7
80.860.7
85.071.676.170.6
87.164.543.7
-24.2-1 .6
-7 .210.6
. 119.0
4.517.931.0
8.67.7
7.21.83.96.5
.32.8
.7
-10.6- . 2
-8 .1-5 .6
1.9-11.7
-6 .9-4 .5-9 .2
28.028.5
20.432.828.830.2
30.333.728.2
14.620.2
22.623.425.225.2
27.930.330.3
15.216.9
20.222.625.825.9
32.831.127.9
10.911.2
11.810.311.614.4
16.114.114.6
18.330.0
32.736.740.843.5
38.343.039.7
8.913.6
13.318.318.926.2
25.324.121.9
18.420.0
29.228.425.427.7
26.022.334.0
1 Saving by households, personal trust funds, nonprofit institutions, farms, and other noncorporate business.3 Includes commercial paper and miscellaneous financial assets, not shown separately.3 Consists of U.S. savings bonds, other U.S. Treasury securities, U.S. Government agency securities and sponsored
agency securities, and State and local obligations.4 Includes investment company shares.5 Private life insurance reserves, private insured and noninsured pension reserves, and government insurance and
pension reserves.• Security credit, policy loans, noncorporate business mortgage debt, and other debt.
Source: Board of Governors of the Federal Reserve System.
273
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—22.—Number and money income (in 1972 dollars) of families and unrelated individualsby race of head, 1947-72
Year
FAMILIES^194719481949
195019511952195319541955 . . .1956195719581959 .
1960196119621963196419651966196719681969
197019711972
UNRELATEDINDIVIDUALS 2194719481949
1950...19511952195319541955195619571958 . . .1959
1960...196119621963...196419651966...196719681969.
197019711972..
Total
Totalnum-ber
(mil-lions)
37.238.639 3
39.940.640.841.242 042.943.543.744 245.1
45 546.347.047 447.848.349.149 850.551.2
51.953.354.4
8.28.49.0
9.49.19.79.59.79.99.8
10.410.910.9
11.111.211.011.212.112.112.313.113.814.5
15.416.316.8
Medianincome
$5,6655,5275,443
5,7575,9756,1386,6306,4826,8987,3577,3657,3537,769
7,9418,0198,2478,5438,8619,2219,6679,940
10, 38110,766
10,61710,57811,116
$1,8661,7981,891
1,8771,9432,2352,1961,9152,0642,2092,2672,2072,268
2,4422,4562,4312,4612,6862,863
2,9803,3493,351
3,3833,4263,521
With incomesunder $3,000
Num-ber
(mil-lions)
7.68.18 8
8.37 77.57.38 07.26.56.66 76.4
6 56.56.15.85.45.24.74.53.93.9
4.14.13.9
Per-cent
20.420.922 5
20.818 918.317.619 116.815.015.115.214.3
14.214.113.012.211.310.79.69.17.87.7
7.97.77.2
With incomesunder $1,500
Num-ber
(mil-lions)
3.53.73 8
4 14.03 73.84.24.03.83.94.14.0
3.93.83.53.53.63.3
3.33.03.1
3.23.23.0
Per-cent
43.244.042.5
43 343.738.240.543.440.339.037.637.937.0
35.134.331.631.329.626.9
25.521.721.7
20.719.617.9
White
Totalnum-ber
(mil-lions)
34.135.3
38 239.039.539.740 240.9
41.141.942.442.743.143.544.144.845.446.0
46.547.648.5
7.27.3
8.38.58.58.99.29.3
9.69.69.59.7
10.410.510 711.312.012.5
13.414.214.5
Medianincome
$5,9095,7455,662
5,9866,2246,4906,8776,7497,2127,6987,6697,6648,104
8,2678,3908,6318,9469,2569,612
10,04710,31810, 75011,168
10,99610,94811,549
$1,9551,8731 994
1 9592,0272 4052,3202,0522,2092,2752,3972,3402,404
2,6302,6442,6072,5922,8302,979
3,1173,5373,511
3,5373,5943,677
With incomesunder $3,000
Num-ber
(mil-lions)
5.96.5
6.45.75.15.25.24.8
4.95.14.74.44.14.03.73.53.13.0
3.13.12.9
Per-cent
17.418.419.8
18.516.315.715.716.814.713.013.012.911.8
12.012.111.010.39.69.18.37.86.86.6
6.76.65.9
With incomesunder $1,500
Num-ber
(mil-lions)
3.03.1
3.43.33.23.23.33.3
3.23.12.82.92.92.7
2.72.52.5
2.62.62.4
Per-cent
41.842.641.0
41.842.636.939.841.438.437.835.736.235.0
32.932.029.529.428.025.6
24.220.520.1
19.118.116.6
Negro and other races
Totalnum-ber
(mil-lions)
3.13.3
3 83.94.04.04 04.2
4 34.54.64 84.84 85 05 05.15.2
5 45 75.9
1.01.1
1.41.41.31.51.61.6
1.51.61.51.51.61.71 61.81.82.0
1.92.12.3
Medianincome
$3,0233,0722 903
3,2483 2793,6853,8683 7593,9774,0524,1063 9384,178
4 5644,4614,6084,7515,1835,3496,0086,3806,7187,062
7,0186,9367,106
$1 3971,373L 435
L 420494
1,6641,8291,3591,4621,7141,5101,5621,544
1,5091,6191,7331,7691.9292,171
2,2842,4262,480
2,4282,4022,731
With incomesunder $3,000
Num-ber
(mil-lions)
1.51.6
1.61.51.51.51.51.6
1.41.51.41.41.21.21.11.0.9.9
1.01.01.0
Per-cent
49.649.051.5
46.245.839.037.541.738.336.436.537.937.5
33.733.431.129.325.424.8?} 620.217.917.3
18 ?18, 417.7
With incomesunder $1,500
Num-ber
(mil-lions)
0.5.6
.8
.7
.6
.7
.8
.8
.7
.8
.7
.7
.6
.6
.6
.5
.6
.6
.6
.6
Per-cent
52.653.852 0
52 050.246 043.755.251.247.249.948.849.3
49.847.444.144.139.535.2
33.330.332.3
31.730.426.9
i The term "family" refers to a group of two or more persons related by blood, marriage, or adoption and residingtogether; all such persons are considered members of the same family.
3 The term "unrelated individuals" refers to persons 14 years old and over (other than inmates of institutions) who arenot living with any relatives.
Source: Department of Commerce, Bureau of the Census.
274
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
POPULATION, EMPLOYMENT, WAGES, ANDPRODUCTIVITY
TABLE C-23.—Population by age groups, 1929-73
[Thousands of persons]
July 1 Total
Age (years)
Under 5 5-15 16-19 20-24 25-44 45-64 65 andover
1929.
1933.
1939.
1940.1941.19421943.1944.
19451946.1947.1948.1949.
1950.1951.1952.1953.1954.
1955.1956.1957.1958.1959.
1960.1961.1962.1963.1964.
1965.1966196719681969
1970197119721973.
121,767
125, 579
130,880
132,122133, 402134, 860136, 739138, 397
139, 928141, 389144,126146, 631149,188
152,271154, 878157, 553160,184163, 026
165, 931168, 903171, 984174, 882177,830
180,671183,691186,538189,242191, 889
194, 303196, 560198,712200, 706202,677
204,879207, 045208, 842210,404
11,734
10,612
10, 418
10,57910,85011,30112,01612, 524
12, 97913, 24414, 40614, 91915,607
16,41017,33317,31217, 63818, 057
18, 56619, 00319,49419, 88720,175
20,33720, 50420,44820,31620,127
19,78619,17118, 52817, 88017,339
17,15617,17417, 00616,714
26,800
26,897
25,179
24, 81124, 51624, 23124,09323, 949
23,90724,10324,46825, 20925, 852
26,72127, 27928, 89430, 22731, 480
32,68233,99435, 27236, 44537, 368
38,49639,75341,18441,64042, 313
42,94443,69544,23444, 60944,804
44,77444,44143,94743, 227
9,127
9,302
9,822
9,8959,8409,7309,6079,561
9,3619,1199,0978,9528,788
8,5428,4468,4148,4608,637
8,7448,9169,1959,54310, 215
10,69411,07211,21512,00412,737
13, 50414,29414,21214,44914, 804
15,27515, 63415,94516, 308
10,694
11,152
11,519
11,69011, 80711,95512, 06412, 062
12, 03612,00411,81411,79411,700
11,68011,55211,35011,06210,832
10,71410,61610, 60310, 75610, 969
11,12411,45011,95412, 70713,256
13,75514,09015, 22715,76616,465
17,18018,08618,02118,331
35, 862
37,319
39, 354
39, 86840,38340,86141, 42042, 016
42, 52143, 02743,65744, 28844, 916
45, 67246,10346, 49546, 78647, 001
47,19447, 37947,44047, 33747,192
47,14047,08947, 00846,99646,965
46,91246,97647,18847,71448,055
48,43548,80950,25051,412
21, 076
22,933
25, 823
26, 24926,71827,19627, 67128,138
28,63029, 06429,49829,93130,405
30, 84931, 36231, 88432,39432, 942
33, 50634, 05734, 59135,10935, 663
36,20036,71437,25137, 79438,382
38,99739,61040,25840,89041,454
41,97442,41442,78943, 083
6,474
7,363
8,764
9,0319,2889,5849,867
10,147
10, 49410,82811,18511, 53811,921
12,39712,80313, 20313,61714, 076
14,52514,93815, 38815, 80616, 248
16,67917,10817,47617, 78518,108
18,40518, 72319,06619,39619,754
20,08520,48720,88321,329
Note.—Includes Armed Forces overseas beginning 1940. Includes Alaska and Hawaii beginning 1950.
Source: Department of Commerce, Bureau of the Census.
275
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-24.—Noninstitutional population and the labor force, 1929-73
Year or month
1929 .
1933
1939
19401941194219431944
194519461947
194719481949
1950195119521953 21954
1955 . .1956195719581959
I9602 .1961 .1962 21963 . . . .1964
1965 . .19661967 . .19681969
19701971
197221973 2
Nonin-stitu-tionalpopu-lation i
Totallaborforce
(includ-ing
ArmedForces)
ArmedForcesi
Total
Civilian labor force
Employment
TotalAgri-cul-tural
Non-agri-cul-tural
Unem-ploy-ment
Thousands of persons 14 years of age and over
100,380101,520102 610103, 660104,630
105,530106 520107; 608
49,440
51, 840
55, 600
56,18057,53060,38064,56066,040
65,30060 97061,758
260
250
370
5401,6203 9709,020
11,410
11,4403 4501,590
49,180
51, 590
55, 230
55,64055,91056,41055,54054,630
53,86057,52060,168
47,630
38, 760
45, 750
47,52050,35053 75054,47053,960
52,82055 25057,812
10,450
10, 090
9,610
9,5409,1009,2509,0808,950
8,5808 3208,256
37,180
28,670
36,140
37,98041,25044 50045,39045,010
44, 24046 93049,557
1,550
12, 830
9,480
8,1205,5602 6601,070
670
1,0402 2702,356
Thousands of persons 16 years of age and over
103,418104,527105,611
106,645107 721108,823110,601111,671
112,732113 811115;065116,363117,881
119,759121,343122 981125,154127,224
129,236131,180133,319135 562137,841
140 182142,596
145, 775148,263
60,94162,08062,903
63,85865 11765,73066,56066,993
68,07269 40969,72970,27570,921
72,14273,03173,44274,57175,830
77,17878,89380,79382,27284, 240
85,90386,929
88,99191,040
1,5911,4591,617
1,6503 1003,5923,5453,350
3,0492 8572,8002,6362,552
2,5142,5722,8282,7382,739
2,7233,1233,4463 5353,506
3,1882,817
2,4492,326
59,35060, 62161, 286
62, 20862 01762,13863,01563, 643
65,02366,55266,92967,63968,369
69,62870,45970,61471,83373,091
74,45575,77077,34778,73780, 734
82,71584,113
86, 54288,714
57,03958,34457,649
58,92059 96260, 25461,18160,110
62,17163 80264;07163,03664, 630
65,77865,74666, 70267,76269,305
71,08872,89574,37275,92077,902
78,62779,120
81,70284,409
7,8917,6297,656
7,1606 7266,5016,2616,206
6,4496,2835,9475,5865,565
5,4585,2004,9444,6874,523
4,3613,9793,8443,8173,606
3,4623,387
3,4723,452
49,14850,71349,990
51,76053 23953,75354,92253,903
55,72457,51758,12357,45059,065
60,31860,54661,75963,07664, 782
66,72668,91570,52772,10374, 296
75,16575,732
78, 23080,957
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,993
4,8404,304
Unem-ploy-mentrate
(percentof
civilianlaborforce)
Laborforce
partici-pationrate
(totallabor
force aspercentof non-institu-tionalpopu-lation)
Percent
3.2
24.9
17.2
14.69.94.71.91.2
1.93.93.9
3.93.85.9
5.33.33.02.95.5
4.44.14.36.85.5
5.56.75.55.75.2
4.53.83.83.63.5
4.95.9
5.64.9
56.056.758.862.363.1
61.957.257.4
58.959.459.6
59.960.460.460.260.0
60.461.060.660.460.2
60.260.259.759.659.6
59.760.160.660.761.1
61.361.0
61.061.4
See footnotes at end of table.
276
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-24.—Noninstitutional population and the labor force, 1929-73—Continued
Year or month
Nonin-stitu-tionalpopu-
lation i
Totallaborforce
(includ-ing
ArmedForces)
ArmedForces 1
Civilian labor force
Total
Employment
TotalAgri-cul-tural
Non-agri-cul-tural
Unem-ploy-ment
Unem-ploy-mentrate
(percentof
civilianlaborforce)
Laborforce
partici-pationrate
(totallabor
force aspercentof non-institu-tionalpopu-lation)
Seasonally adjusted
1972: Jan2.Feb..Mar..Apr..May.June.
July.Aug.Sept.Oct..Nov.Dec.
1973: Jan..Feb..Mar2Apr..May.June.
July.Aug.Sept.Oct..Nov.Dec.
144,697144, 895145, 077145, 227145, 427145,639
145, 854146, 069146, 289146, 498146, 709146, 923
147,129147,313147, 541147,729147, 940148,147
148, 361148, 565148,782149, 001149, 208149,436
88, 31588,17988, 66488, 56888, 74088, 854
88,99389, 33789,43289,62389, 40789, 701
89, 40490,10890.52390;62290,59791,133
91,13991,01191,66492.03892,18692,315
2,5942,5402,5042,4632,4192,393
2,3882,3962,4052,4152,4312,440
2,4042,3922,3612,3502,3342,315
2,3102,3072,2922,2892,2842,282
85, 72185,63986,16086,10586,32186, 461
86,60586, 94187, 02787, 20886,97687,261
87, 00087,71688,16288, 27288, 26388, 818
88, 82888, 70489, 37389, 74989. 90390,033
80,63780,67281,11081,15381, 40481,623
81,78182, 08382, 25682, 33882, 48682,841
82,61983, 23083, 78283, 85483, 95084, 518
84, 62184. 51385, 13385,64985,64985,669
3,3893,3873, 4453,3533,3783,351
3,4413,5933,5853,6503,4903,577
3,4893,4463,4693,3553,3203,430
3,5123,4253,3763,4553,5613,643
77, 24877, 28577,66577, 80078, 02678, 272
78,34078, 49078,67178,68878, 99679, 264
79,13079,78480,31380,49880,63081, 088
81,10981, 08881,75782,19482, 08882, 026
5,0844,9675,0504,9524,9174,838
4,8244,8584,7714,8704,4904,420
4,3814.4864,3804,4184,3134,300
4,2074.1914,2404,1004,2544,364
5.95.85.95.85.75.6
5.65.65.55.65.25.1
5.05.15.05.0
i
i.91.8
1.71.7\.l1.6\.l1.8
61.060.961.161.061.061.0
61.061.261.161.260.961.1
60.861.261.461.361.261.5
61.461.361.661.861.861.8
1 Not seasonally adjusted.2 Not strictly comparable with prior data due to the introduction of population adjustments in the period. The adjustment
beginning January 1972 added 787,000 to the noninstitutional population, 333,000 to the civilian labor force, 301,000 tocivilian employment and 32,000 to unemployment. The adjustment in March 1973 added 60,000 to the civilian labor forceand civilian employment. Unemployment rates were not significantly affected by the adjustments.
Note.—Labor force data in Tables C-24 through C-27 are based on household interviews and relate to the calendarweek including the 12th of the month. For definitions of terms, area samples used, historical comparability of the data,comparability with other series, etc., see "Employment and Earnings."
Source: Department of Labor, Bureau of Labor Statistics.
277
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-25.—Civilian employment and unemployment by sex and age, 1947-73
[Thousands of persons 16 years of age and over]
Year ormonth
1947..1948..1949..
1950..1951..1952..1953 i.1954..
1955..1956..1957..1958..1959..
19601.1961..1962..19631.1964..
1965..1966..1967..1968..1969..
1970..1971..1972119731
1972: Jani . . .Feb.. .Mar .Apr . . .May...June...
July...Aug.. .Sept—Oct....Nov. .Dec...
1973: Jan....Feb...Mari . .Apr. . .May...June..
July...Aug..Sept..Oct...Nov..Dec .
17,039 40,99458,344 41,17,649 40,
58,920 4159,962 4160,254 4161,181 42i60,110 41
62,17163,802 43;64,07163,036 ,64,630 43,
Employment
Total
65,778 43,65, 746 43,66,702 44,67,762 44,69,305 45,
71,088 46,72,895 46,74,372 47,75,920 48,77,902 48,
Males
Total
,580,780,684,431,620
42,62143,38043,357"",423
,466
1,904:,656,177,657i, 474
i,3401,919,4791,114;, 818
8,627 48,960" 120 49,245
702 50,630409 51,963
16-19years
2,218 38,776 16,045* 345 39,382 16,618
16,72322,124 38,803
2,186 39,3942,156 39,6262,106 39, 5782,135 40,2961,985 39,634
20yearsandover
2,095 40,526 19,!2,164 41,2. . ,2,117 41,239 20,:2,012 40,411:
1,5501,422),714
. 20,6132,198 41,267 21,164
,874!,090!,525
. 23,1052,587 42,886 23,831
2,360 41,543 21,2,314 41,342 22,12,362 41,815 22,!2,406 42, 251 J
2,918 43,422 24,3,252 43,668 25,3,18644,: .3,255 44,859 27,3,430 45,388 29,
3,407 45,553 29,3,470 45, ,3,750 46.880 31,4,017 47,946 32,
Females
Total
17,34018,18218, 57018,75018,490
16-19years
1,6911,6831,588 15,137
1,517',611,612,584,490 17,000
,548 18,002,654 18,767,663
2,972
20yearsandover
14,35414,937
15,82416,57016,95817,164
19,052,570 19,043,640 19,524
,769 20,105,793 20,296,833 20,693,849 21,257,929 21,903
2,118 22.6302,469 23,5102,497 24,3972, 525 25,2812,686 26,397
2,734 26,9332,725 27,149
28,10T3,219 29,228
Unemployment
Total
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,9934,8404,304
Males
Total
1,6921,5592,572
2,2391,2211,1851,2022,344
1,8541,7111,8413,0982,420
2,4862,9972,4232,4722,205
1,9141,5511,5081,4191,403
2,2352,7762,6352,240
16-19years
270255352
318191205184310
274269299416398
425479407500487
479432448427441
599691707647
20yearsandover
1,4221,3052,219
1,9221,029980
1,0192,035
1,5801,4421,5412,6812,022
2,0602,5182,0161,9711,718
1,4351,1201,060993963
1,6362,0861,9281,594
Females
Total
619717
1,065
1,049834698632
1,188
9981,0391,0181,5041,320
1,3661,7171,488,598,581
,452,324,468,397,429
1,8532,2172.2052,064
16-19years
20yearsandover
Seasonally adjusted
80,80,81,81,81,81,623
637 49, 922672 49, 935110 50,214153 50,257404 50,391
50,622
81,78182,08382,25682,33882,486 5182, 841
50,70550,86451,02251,06851,10851,340
82,83, 23083,78283,85483,95084,518
84,62184,513 5185,133 52;85,649 52,85,64985,669 52
619 51,24451, 45851, 76151,64151,59751,848
52,037,892290
:;63852,584"I, 732
625 46,297 30,715562 46,373 30,737657 46, 557 30,896685 46,572 30,896
3, 718 46,3,809 47,3, 836 47,3,866 47,3,839 47,3,866 47,
3,3,4,3,3,3,989
,987 31,076',055 31,219", 186 31,234,202 31,270,269 31,378,474 31,501
846 47,398 31,375945 47,513 31,772067 47,694 32,021986 47,655 32,213929 47,668 32, 353
47,859 32, 670
3,950 48,0873,900 47,99r ,4,152 48,138 32,8434,206 48,4324,159 48,425 .....4,173 48, 559 32,937
32,58432,621
2,9272,9082,9482,9743,0202,955
27,78827,82927,94827,92227,99328,046
2,9382,9262, 954 28;2,9973, 070 28;3,095 28,
28,13828,29328,28028,27328,308"1,406
3,053 28,3, 085 283,187 .3,177 29,3,208 29,3,332
3,103 29,3,138 29,3, 326 29,3,350 29,3,3613,341
1,322.1,687
28,834" "I, 036
,14529,338
1,481i,4831,5171,661
29, 70429, 596
5,0844,9675,0504,9524,9174,838
4,8244,8584,7714,8704,4904,420
i,381•,486, 380,418^ 313^,300
,207.191240
4; 1004,2544,364
2,8072,8382,8112,7342,6992,607
2,5bO2,6022,5642,6152,4312,325
2,2612,3342,3112,3492,3152,231
2,1642,1662,1722,1382,1932,182
747841785708700644
620736712662695686
598652632675658630
639638659649692656
2,0601,9972,0262,0261,9991,963
1,9301,8661,8521,9531,7361,639
1,6631,6821,6791,6741,6571,601
1,5251,5281,5131,4891,5011,526
2,2772,1292,2392,2182,2182,231
2,2742,2562,2072,2552,0592,095
2,1202,1522,0692,0691,9982,069
2,0432,0252,0681,9622,0612,182
144152223
195145140123191
176209197262256
286349313383386
395404391412412
506567595579
475564841
854689559510997
823832821
1,2421,063
1,0801,3681,1751,2161,195
1,056921
1,078985
1,016
1,3471,6501,6101,485
648617612607526583
598614591596566589
558652573605607557
543538586581582609
1,6291,5121,6271,6111,6921,648
1,6761,6421,6161,6591,4931,506
1,5621,5001,4961,4641,3911,512
1,5001,4871,4821,3811,4791,573
1 See footnote 2, Table C-24.
Note.—See Note, Table C-24.
Source: Department of Labor, Bureau of Labor Statistics.
278
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-26.— Selected unemployment rates, 1948-73
[Percent]
Year or month
19481949
19501951195219531954...19551956195719581959
196019611962196319641965 .1966196719681969
1970197119721973
1972: JanFeb . .MarAprMayJune
JulyAug .SeptO c t . . . . . .NovDec
1973: JanFeb.MarApr.MayJune
JulyAugSeptOct.NovDec
Allwork-
ers
3.85.9
5.33.33.02.95.54.44.14.36.85.5
5.56.75.55.75.24.53.83.83.63.5
4.95.95.64.9
B" sex and age
Bothsexes16-19years
9.213.4
12.28.28.57.6
12.611.011.111.615.914.6
14.716.814.717.216.214.812.812.812.712.2
15.216.916.214.5
Men20
yearsandover
3.25.4
4.72.52.42.54.93.83.43.66.24.7
4.75.74.64.53.93.22.52.32.22.1
3.54.44.03.2
Wom-en 20yearsandover
3.65.3
5.14.03.22.95.54.44.24.16.15.2
5.16.35.45.45.24.53.84.23.83.7
4.85.75.44.8
By color
White
3.55.6
4.93.12.82.75.03.93.63.86.14.8
4.96.04.95.04.64.13.43.43.23.1
4.55.45.04.3
Negroand
otherraces
5.98.9
9.05.35.44.59.98.78.37.9
12.610.7
10.212.410.910.89.68.17.37.46.76.4
8.29.9
10.08.9
By selected groups
Expe-riencedwageand
salarywork-
ers
4.36.8
6.03.73.33.26.24.84.44.67.25.7
5.76.85.65.55.04.33.53.63.43.3
4.85.75.34.5
House-hold
heads
3.73.22.72.22.11.91.8
2.93.63.32.9
Mar-ried
men*
3.5
4.61.51.41.74.02.82.62.85.13.6
3.74.63.63.42.82.41.91.81.61.5
2.63.22.82.3
Full-time
work-ers 2
5.4
5.02.62.5
5.23.83.74.07.2
6.7
5.54.94.23.53.43.13.1
4.55.55.14.3
Blue-collarwork-ers 3
4.28.0
7.23.93.63.47.25.85.16.2
10.27.6
7.89.27.47.36.35.34.24.44.13.9
6.27.46.55.3
Laborforcetimelost*
4.85.15.38.16.6
6.78.06.76.45.85.04.24.24.03.9
5.36.46.05.2
Seasonally adjusted
5.95.85.95.85.75.6
5.65.65.55.65.25.1
5.05.15.05.04.94.8
4.74.74.74.64.74.8
17.618.417.516.515.415.5
15.516.716.115.515.415.5
14.415.614.215.215.114.0
14.414.314.314.014.514.4
4.34.14.24.24.14.0
3.93.83.84.03.53.3
3.43.43.43.43.43.2
3.13.13.03.03.03.0
5.55.25.55.55.75.5
5.65.55.45.55.05.0
5.25.04.94.84.64.9
4.84.84.84.44.75.0
5.35.25.35.35.25.1
5.05.15.05.14.64.5
4.64.64.44.54.44.3
4.14.24.24.14.24.4
11.010.610.49.4
10.19.5
9.89.79.9
10.19.99.6
8.99.09.09.29.28.8
9.28.89.28.48.98.6
5.65.55.55.35.45.2
5.35.35.25.34.84.8
4.64.74.64.74.54.4
4.44.44.44.24.54.6
3.53.43.43.43.53.5
3.33.23.33.42.92.8
3.03.03.03.02.92.9
2.72.82.72.72.82.8
3.02.92.82.92.82.9
2.82.62.72.82.52.4
2.42.42.52.42.32.3
2.12.12.12.12.12.2
5.45.35.35.35.35.1
5.15.14.95.14.64.5
4.64.64.54.54.34.3
4.24.24.24.14.34.4
7.17.07.06.86.66.5
6.56.46.06.05.75.6
5.65.75.55.45.35.3
5.25.25.15.15.45.2
6.36.06.26.06.15.9
5.96.05.85.95.45.4
5.35.45.35.35. 25.2
5.15.15.15.15.25.4
i Married men living with their wives. Data for 1949 and 1951-54 are for April; 1950, for March,a Data for 1949-61 are for May.3 Includes craft and kindred workers, operatives, and nonfarm laborers. Data for 1948-57 are based on data for
January, April, July, and October.4 Man-hours lost by the unemployed and persons on part-time for economic reasons as a percent of potentially available
labor force man-hours.
Note.—See footnote 2 and Note, Table C-24.
Source: Department of Labor, Bureau of Labor Statistics.
279
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O27.—Unemployment by duration, 1947-73
Year or month
194719481949
19501951195219531954
19551956 . . .195719581959
1960 . . . . .196119621963 . . . .1964
19651966196719681969
1970197119721973
1972: JanFebMarAprMayJune
JulyAug . . . .SeptOctNovDec
1973: JanFeb . . .MarAprMayJune
JulyAugSeptOctNovDec
Total un-employ-
ment
Duration of unemployment
Less than5 weeks
5-14weeks
Thousands of persons 16 years
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,9934,8404,304
5,0844,9675,0504,9524,9174,838
4,8244,8584,7714 8704,4904,420
4,3814,4864,3804,4184 3134,300
4,2074,1914,2404,1004,2544,364
1,2101,3001,756
1,4501,1771,1351 1421,605
1,3351,4121,4081,7531,585
1,7191,8061,6631,7511,697
1,6281,5731,6341,5941,629
2,1372,2342,2232,196
2,3622,1162,3252,1972,2032,237
2,2122,2332,3102 2852,1581,982
2,0812,2642,1682,2072 2512,244
2,2252,2062,1582,0012,2432,308
704669
1,194
1,055574516482
1,116
815805891
1,3961,114
1,1761,3761,1341,2311,117
983779893810827
1,2891,5781,4591,296
Seasonally
1,5081,4701,4251,5071,5171,458
1,4861,5061,3831,4361,3651,423
1,3691,2641,3371,4871,2871,210
1,2671,2201,3391,2831,2351,270
15-26weeks
27 weeksand over
of age and over
234193428
425166148132495
366301321785469
503728534535491
404287271256242
427665597475
adjusted i
642654605530594604
643614569581558519
510533496467470463
478446476431469409
164116256
3571378478
317
336232239667571
454804585553482
351239177156133
235517562337
592647619642584554
518535549512470458
407365373320348326
277331292325351331
Average(mean)durationin weeks
8.610.0
12.19.78.48.0
11.8
13.011.310.513.914.4
12.815.614.714.013.3
11.810.48.88.47.9
8.711.312.010.0
12.112.412.212.512.312.5
11.912.012.111.811.411.3
10.910.510.510.010.09.7
9.810.09.4
10.310.09.3
i Because of independent seasonal adjustment of the various series, detail will not add to totals.
Note—See footnote 2 and Note, Table C-24.
Source: Department of Labor, Bureau of Labor Statistics.
280
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—28.—Unemployment insurance programs, selected data, 1946—73
Year or month
All programs
Cov-eredem-ploy-
ment*
Insuredunem-ploy-ment
(weeklyaver-age) 23
Totalbenefits
paid(mil-lions
of dol-lars) 2 i
State programs
Insuredunem-ploy-ment3
Initialclaims
Ex-haus-tions*
Insured unem-ployment as per-cent of covered
employment
Unad-justed
Season-ally ad-justed
Benefits paid
Total(mil-
lions ofdol-
lars)*
Aver-age
weeklycheck(dol-lars)*
1946..1947..1948..1949..
1950.1951.1952..1953..1954..1955..1956.1957.1958..1959..
1960.1961.1962.1963..1964.1965..1966.1967.1968.1969.
1970. . .1971 . . .1972 p..1973 P. .
1972: J a n " . .Feb*._Mar»»..A p r ' . .Mayp. .June p..
July * . .Aug*._Sept* .Oct *___
Dec P
1973: Jan p. .Feb p..Mar p..Apr p..May p..June p.
July p..Aug p..Sept p -Oct p . . .NOVP. .Dec p . .
Thousands Weekly average, thousands Percent
31,85633,87634,64633,098
34,30836,33437,00638,07236,62240,01842,75143,43644,41145,728
46,33446, 26647,77648,43449,63751, 58054,73956,34257, 97759,999
59, 5268 59,375
2,8041,7931,4462,474
1,6051,0001,0691,0672,0511,3991,3231,5713,2692,099
2,0712,9941,9461,9731,7531,4501,1291,2701,1871,177
2, 878. 51, 785. 51, 328. 72, 269.8
1, 467.6862.9
1,043. 51,050.62, 291.81,560.21, 540.61.913.04, 290.62, 854. 3
3,022. 84, 358.13.145.13, 025. 92,749. 22, 360. 41,890.92, 221. 52,191. 02, 298. 6
2,070 4,179.12,313 5,498.22,185 5,000.01,783 4,441.8
3,0973,1222,9222,4302,1051,951
2,0871,7631,5541,5121,6921,994
2,3332,2502,0751,8281,6101,523
1,6401,5721,4401,4511,6652,003
530.1548.9593.2449.0423.1383.1
375.2391.1307.8304.1325.3350.2
509.2447.0473.9393.3365.9309.4
320.9346.9273.9309.3320.9371.2
1,295997980
1,973
1,513969
1,044990
1,8701,2651,2151,4462,5261,684
1,9082,2901,783
7 1,8061,6051,3281,0611,2051,1111,101
1,8052,1501,8481,627
2,5242,4922,2792,0051,7401,636
1,8231,5651,3881,3571,5071,801
2,1242,0611,8981,6691,4651,384
1,5051,4361,2991,2981,5011,889
189187200340
236208215218304226111270369277
331350302
7 298268232203226201200
296295261246
385293242237216250
321213190214253324
331249213216193206
275212186210265395
38242037
36161815342520235033
31463230262115171616
25383730
404040433936
353329272828
333233333128
272725242932
4.33.13.06.2
4.62.82.92.85.23.53.23.66.44.4
4.85.64.44.33.83.02.32.52.22.1
3.44.13.52.8
4.84.74.33.83.33.1
3.42.92.62.52.73.3
3.83.73.42.82.52.4
2.52.42.12.12.43.1
3.53.63.63.63.63.6
3.63.43.43.33.23.0
2.72.82.82.72.72.7
2.62.72.82.82.82.9
1,094.9775.1789.9
1.736.0
1.373.1840.4998.2962.2
2,026.91,350.31,380.71,733.93, 512.72.279.0
2,726. 73,422.72,675.42,774.72.522.12,166.01,771.32,092. 32,031. 62,127.9
3,848.54,957.04,550.04,105.0
484.7502.9541.9407.9381.2344.4
338.6349.7274.7273.7294.4320.9
471.4416.4441.0365.7339.2286.6
296.3316.3248.3280.7301.4341.6
18.5017.8319.0320.48
20.7621.0922.7923.5824.9325.0427.0228.1730.5830.41
32.8733.8034.5635.2735.9237.1939.7541.2543.4346.17
50.3454.0256.0358.50
55.5056.0457.2157.1256.4055.23
55.7555.5360.1656.9557.5958.35
58.6959.0859.0959.4158.4458.12
57.4257.4658.1358.9758.6358.71
1 Includes persons under the State, UCFE (Federal employee, effective January 1955), and RRB (Railroad RetirementBoard) programs. Beginning October 1958, also includes the UCX program (unemployment compensation for ex-service-men).
2 Includes State, UCFE, RR, UCX, UCV (unemployment compensation for veterans, October 1952-January 1960), andSRA (Servicemen's Readjustment Act, September 1944-September 1951) programs. Also includes Federal and Stateextended benefit programs.
3 Covered workers who have completed at least 1 week of unemployment.4 Annual data are net amounts and monthly data are gross amounts. Monthly data exclude extended benefit pay-
ments.8 Individuals receiving final payments in benefit year. Data for New Jersey not available for April-June 1971.8 For total unemployment only. Excludes data for New Jersey for April-December 1971.7 Programs include Puerto Rican sugarcane workers for initial claims and insured unemployment beginning July 1963.8 Latest data available for all programs combined. Workers covered by State programs account for about 89 percent of
the total.
Source: Department of Labor, Manpower Administration.
281
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—29.—Wage and salary workers in nonagricultural establishments, 1929—73
'All employees; thousands of persons]
Year ormonth
1929
1933
1939
19401941194219431944
19451946 . .194719481949
19501951195219531954
1955 . . .1956195719581959
1960196119621963 .1964
19651966196719681969
1970197119721973 P .
Totalwageand
salarywork-
ers
31,339
23,711
30,618
32,37636,55440,12542,45241, 883
40,39441,67443, 88144,89143, 778
45, 22247,84948,82550, 23249,022
50,67552,40852,89451,36353,313
54,23454,04255, 59656,70258,331
60, 81563,95565, 85767,91570, 284
70, 59370,64572, 76475,570
Manufacturing
Total
10,702
7,397
10, 278
10, 98513,19215, 28017,60217,328
15, 52414,70315, 54515, 58214,441
15,24116,39316,63217,54916,314
16,88217, 24317,17415,94516,675
16,79616,32616,85316,99517,274
18,06219,21419,44719,78120,167
19,34918, 52918, 93319,821
Dura-ble
goods
4,715
5,3636,9688,823
11,08410, 856
9,0747,7428,3858,3267,489
8,0949,0899,349
10,1109,129
9,5419,8349,8568,8309,373
9,4599,0709,4809,6169,816
10,40611,28411,43911,62611,895
11,19510, 56510, 88411,634
Non-dura-
blegoods
5,564
5,6226,2256,4586,5186,472
6,4506,9627,1597,2566,953
7,1477,3047,2847,438
• 7,185
7,3407,4097,3197,1167,303
7,3367,2567,3737,3807,458
7,6567,9308,0088,1558,272
8,1547,9648,0498,187
Min-ing
1,087
744
854
925957992925892
836862955994930
901929898866791
792822828751732
712672650635634
632627613606619
623602607625
Con-tractcon-
struc-tion
1,497
809
1,150
1,2941,7902,1701,5671,094
1,1321,6611,9822,1692,165
2,3332,6032,6342,6232,612
2,8022,9992,9232,7782,960
2,8852,8162,9022,9633,050
3,1863,2753,2083,2853,435
3,3813,4113,5213,649
Trans-porta-tionand
pub-lic
utili-ties
3,916
2,672
2,936
3,0383,2743,4603,6473,829
3,9064,0614,1664,1894,001
4,0344,2264,2484,2904,084
4,1414,2444,2413,9764,011
4,0043,9033,9063,9033,951
4,0364,1514,2614,3104,429
4,4934,4424,4954,610
Whole-saleand
retailtrade
6,123
4,755
6,426
6,7507,2107,1186,9827,058
7,3148,3768,9559,2729,264
9,3869,742
10,00410,24710,235
10, 53510,85810,88610,75011,127
11,39111,33711, 56611,77812,160
12,71613, 24513,60614,08414,639
14,91415,14215,68316,294
Fi-nance,insur-ance,andreal
estate
1,509
1,295
1,462
1,5021,5491,5381,5021,476
1,4971,6971,7541,8291,857
1,9191,9912,0692,1462,234
2,3352,4292,4772,5192,594
2,6692,7312,8002,8772,957
3,0233,1003,2253,3823,564
3,6883,7963,9274,053
Serv-ices
3,440
2,873
3,517
3,6813,9214,0844,1484,163
4,2414,7195,0505,2065,264
5,3825,5765,7305,8676,002
6,2746,5366,7496,8067,130
7,4237,6648,0288,3258,709
9,0879,551
10,09910,62311,229
11,61211,86912, 30912,865
Government
Fed-eral
533
565
905
9961,3402,2132,9052,928
2,8082i 2541,8921,8631,908
1,9282,3022,4202,3052,188
2,1872,2092,2172,1912,233
2,2702,2792,3402,3582,348
2,3782,5642,7192,7372,758
2,7052,6642,6502,624
Stateandlocal
2,532
2,601
3,090
3,2063,3203,2703,1743,116
3,1373,3413,5823,7873,948
4,0984,0874,1884,3404,563
4,7275,0695,3995,6485,850
6,0836,3156,5506,8687,?48
7,6968,2278,6799,1099,444
9,83010,19110,64011,028
See footnotes at end of table.
282
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-29.—Wage and salary workers in nonagricultural establishments, 1929-73—Continued
[All employees; thousands of persons]
Year ormonth
1971: Jan . . ,Feb.. .Mar..Apr...May..June..
July. .Aug. -Sept. .Oct. . .Nov—Dec—
1972: Jan. . .Feb.. .Mar...Apr...May..June..
July. .Aug. -Sept. .Oct. . .Nov—Dec.. .
1973:Jan. . .Feb. . .Mar...Apr.. .May...June..
July...Aug...Sept.-Oct....Nov P .Dec V.
Totalwageand
salarywork-
ers
Manufacturing
TotalDura-
blegoods
Non-dura-
blegoods
Min-ing
Con-tractcon-
struc-tion
Trans-porta-tionandpub-lic
utili-ties
Whole-saleand
retailtrade
Fi-nance,insur-ance,andreal
estate
Serv-ices
Government
Fed-eral
Stateandlocal
Seasonally adjusted
70,32970,27670,32170,45770,60170,570
70,53370,52970,89770,86171,07871,264
71, 54571,74772,03372, 22472, 53472,705
72,69473,01673,26873, 58473,83574,002
74,25274,71574,91475,10575,32175,526
75,47875,74775,96176,36376,64276,677
18,68518,61118,53118, 53018, 58118,519
18, 46818,41018,53218,48618, 52318, 499
18, 54418,62018,69418,78018,86418,931
18,89318,97519,06919,21019,31219, 402
19,46319,58619,64319, 72719,78219,856
19,80419,86119,88220,01620,08720,113
10,68110,62510,56010,56210, 59910,569
10,52910,47810,56210, 54010, 55210,537
10,57310,63010,68210, 75010,82110,857
10,86710,93311,00311,11211,19411,270
11,32611,42111,46311,53411,60211,654
11,64611,69211,70811,80211,85411,870
8,0047,9867,9717,9687,9827,950
7,9397,9327,9707,9467,9717,962
7,9717,9908,0128,0308,0438,074
8,0268,0428,0668,0988,1188,132
8,1378,1658,1808,1938,1808,202
8,1588,1698,1748,2148,2338,243
624622621624623621
601613618519523611
615612613605605601
601603606608608607
610612610608608629
631634633639643646
3,3263,3033,3493,3963,4013,400
3,4113,4053,4363,4723,5223,475
3,5193,4943,5123,5003,5323,540
3,4993,5443,5513,5613,5243,459
3,4983,5943,6043,5713,6203,654
3,6803,6763,7003,6943,7073,753
4,4684,4874,4704,4624,4654,451
4,4384,4014,4254,4064,4034,432
4,4554,4384,4824,4764,4814,486
4,4774,4874,5074,5404,5494,558
4,5744,5804,5804,5914,5934,597
4,5984,6174,6294,6714,6514,633
15,00515,02015,02915,05915,09415,092
15,13015,17515,23215,25415, 28015, 333
15, 39115, 45615,52015, 56115,62415,678
15,68515,76215, 79415,83915,91115, 946
16,01316,11416,16316,21716,25616,262
16,29416,35216, 38816,46516,52916,456
3,7413,7443,7523,7643,7803,795
3,8033,8083,8213,8353,8473,855
3,8633,8743,8853,8923,9133,927
3,9273,9403,9533,9693,9813,991
3,9954,0144,0244,0314,0444,049
4,0484,0644,0784,0884,0934,099
11,76611, 76211,79411,80811,82311,844
11,85311,85311,94211,95111, 99712,030
12, 06912,11212,15112,19412,25212,315
12, 34112, 38212,40312, 45112, 49712, 537
12,62112,68212,71612, 74612,77612, 820
12,82812,90612,99513,04413,12213,127
2,6552,6552,6552,6602,6632,652
2,6562,6682,6732,6722,6682,664
2,6692,6652,6622,6622,6652,639
2,6132,6242,6332,6392,6442,650
2,6342,6282,6312,6282,6412,613
2,5882,5992,6132,6262,6382,623
10,05910,07210,12010,15410,17110,196
10,17310,19610,21810, 26610,31510, 365
10, 42010,47610, 51410, 55410, 59810, 588
10,65810,69910, 75210,76710,80910,852
10,84410,90510,94310,98611,00111,046
11,00711,03811,04311,12011,17211,227
Note.—Data in Tables C-29 through C-31 are based on reports from employing establishments and relate to full- andpart-time wage and salary workers in nonagricultural establishments who worked during, or received pay for, any part ofthe pay period which includes the 12th of the month.
Not comparable with labor force data (Tables C-24 through C-27), which include proprietors, self-employed persons,domestic servants, and unpaid family workers, and which count persons as employed when they are not at work becauseof industrial disputes, bad weather, etc.
For description and details of the various establishment data, see "Employment and Earnings."
Source: Department of Labor, Bureau of Labor Statistics.
283
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-30.—Average weekly hours and hourly earnings in selected private nonagriculturalindustries, 1947-73
[For production or nonsupervisory workers]
Yearor
month
194719481949
1950195119521953 . . . .1954
195519561957 .19581959
19601961196219631964-
19651966196719681969
1970197119721973 P.
1972: JanFebMarAprMayJune
JulyAugSeptOct . . .Nov . . .Dec
1973: Jan . .FebMarAprMayJune
JulyAugSeptOctNov p . . . .Dec v
Average weekly hours
Totalprivatenonag-ricul-tural i
40.340.039.4
39.839.939.939.639.1
39.639.338.838.539.0
38.638.638.738.838.7
38.838.638.037.837.7
37.137.037.237.1
Manu-factur-
ing
40.440.039.1
40.540.640.740.539.6
40.740.439.839.240.3
39.739.840.440.540.7
41.241.340.640.740.6
39.839.940.640.7
Con-tractcon-
struc-tion
38.238.137.7
37.438.138.937.937.2
37.137.537.036.837.0
36.736.937.037.337.2
37.437.637.737.437.9
37.437.337.037.1
Retailtrade 2
40.340.240.4
40.440.439.839.139.2
39.038.638.138.138.2
38.037.637.437.337.0
36.635.935.334.734.2
33.833.733.633.2
Average gross hourly earnings,current dollars
Totalprivate
non-agri-cul-
tural 1
$1,1311.2251.275
1.3351.451.521.611.65
1.711.801.891.952.02
2.092.142.222.282.36
2.452.562.682.853.04
3.223.433.653.89
Manu-factur-
ing
$1,2171.3281.378
1.4401.561.651.741.78
1.861.952.052.112.19
2.262.322.392.462.53
2.612.722.833.013.19
3.363.563.814.06
Con-tractcon-
struc-tion
$1,5411.7131.792
1.8632.022.132.282.39
2.452.572.712.822.93
3.083.203.313.413.55
3.703.894.114.414.79
5.245.696.066.46
Retailtrade 2
$0.838.901.951
.9831.061.091.161.20
1.251.301.371.421.47
1.521.561.631.681.75
1.821.912.012.162.30
2.442.572.702.86
Adjusted hourly earnings,total private nonagricultural 3
Index,1967=100
Cur-rentdol-lars
42.646.048.2
50.053.756.459.661.7
63.767.070.373.275.8
78.480.883.585.988.6
91.995.6
100.0106.6113.6
121.2129.7137.9146.5
1967dol-lars*
63.763.867.5
69.369.070.974.476.6
79.482.383.484.586.8
88.490.292.293.795.3
97.298.4
100.0102.3103.5
104.2106.9110.1110.1
Seasonally adjusted
37.037.237.137.337.137.1
37.237.137.337.337.237.0
36.937.237.137.237.237.1
37.237.037.237.037.137.0
40.140.540.440.740.540.6
40.640.640.840.740.840.7
40.341.040.940.940.740.6
40.740.540.840.640.740.7
37.237.337.236.836.836.9
37.037.036.937.436.935.8
36.136.237.037.037.537.4
37.537.136.736.938.537.1
33.733.633.733.733.733.8
33.633.633.633.533.533.6
33.433.533.433.433.433.5
33.233.033.233.033.033.0
$3.553.563.593.623.623.63
3.653.673.693.733.733.75
3.773.783.813.843.853.87
3.913.923.963.983.994.02
$3.693.713.743.763.783.79
3.793.833.863.883.893.93
3.973.963.984.014.024.04
4.074.094.134.164.164.19
$5.915.935.966.006.016.01
6.026.076.106.156.196.29
6.376.296.316.356.346.43
6.466.506.596.596.646.68
$2.652.652.662.672.682.69
2.712.722.732.742.752.77
2.772.792.802.822.832.86
2.872.892.922.932.942.95
134.5134.8135.6136.6136.7137.2
138.0138.5139.3140.4140.7141.9
142.3142.5143.3144.4144.7146.0
146.9147.6149.0149.6150.2151.4
109.0108.8109.3109.9109.7109.9
110.1110.2110.4110.9110.8111.5
111.3110.7110.4110.5110.1110.4
110.9109.3110.0109.5109.1109.4
Percentchangefrom
precedingperiod
Cur-rentdol-lars
8 04.8
3.77.45.05.73.5
3.25.24.94.13.6
3.43.13.32 93.1
3.74.04.66.66.6
6.77.06.36.2
1967dol-lars
0 25.8
2.7- . 42.84.93.0
3.73.71.31.32.7
1.82.02.21.61.7
2.01.21.62.31.2
.72.63.0
.0
Seasonallyadjusted
annual rates'
9.43.07.48.71.34.3
7.04.37.89.32.9
10.3
3.91.47.49.23.0
10.6
8.15.6
11.95.24.7
10.1
6.1- 2 . 7
6.16.3
- 2 . 32.8
2.11.02.55.1
- . 87.6
- 2 . 1- 6 . 6- 3 . 2
1.2- 4 . 1
3.4
5.2-16 .0
7.7- 4 . 9- 4 . 9
3.1
1 Also includes other private industry groups shown in Table C-29.2 Includes eating and drinking places.3 Adjusted for overtime (in manufacturing only) and for interindustry employment shifts.< Current dollar earnings index divided by the consumer price index.1 Computed from indexes to two decimal places.Note.-See Note, Table C-29.Source: Department of Labor, Bureau of Labor Statistics.
284
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-31.—.•Average weekly earnings in selected private nonagricultural industries; 1947-73
[For production or nonsupervisory workers]
Year or month
Average gross weekly earnings
Total privatenonagriculturall
Current 1967dollars dollars 2
Manu-facturing
Contractconstruc-
tion
Retailtrade 3
Current dollars
Average spendable weekly earnings, totalprivate nonagricultural4
Amount
Currentdollars dollars2
1967
Percent change frompreceding period
Currentdollars
1967dollars
1947..1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..
1965..1966..1967..1968..1969..
1970..1971..1972..1973 P.
1972:Jan.Teb_MarApr.May_June
July.Aug.SeptOct.Nov.Dec
1973:Jan.Feb.MarApr.May.June
July.Aug.SeptOct..NovDec
$45.5849.0050.24
53.1357.8660.6563.7664.52
67.7270.7473.3375.0878.78
80.6782.6085.9188.4691.33
95.0698.82101.84107.73114.61
119.46126.91135.78144.32
$68.1367.9670.36
73.6974.3776.2979.6080.15
84.4486.9086.9986.7090.24
90.9592.1994.8296.4798.31
100.59101.67101.84103.39104.38
102.72104.62108.36108.43
$49.1753.1253.88
58.3263.3467.1670.4770.49
75.7078.7881.5982.7188.26
89.7292.3496.5699.63
102.97
107.53112.34114.90122.51129.51
133.73142.04154.69165.24
$58.8765.2767.56
69.6876.9682.8686.4188.91
90.9096.38100.27103.78108.41
113.04118.08122.47127.19132.06
138.38146.26154.95164.93181.54
195.98212.24224.22239.67
$33.7736.2238.42
39.7142.8243.3845.3647.04
48.7550.1852.2054.1056.15
57.7658.6660.9662.6664.75
66.6168.5770.9574.9578.66
82.4786.6190.7294.95
$44.6448.5149.74
52.0455.7957.8760.3160.85
63.4165.8267.7169.1171.86
72.9674.4876.9978.5682.57
86.3088.6690.8695.2899.99
104.61112.12120.79126.55
$66.7367.2869.66
72.1871.7172.7975.2975.59
79.0680.8680.3279.8082.31
82.2583.1384.9885.67
91.3291.2190.8691.4491.07
89.9592.4396.4095.08
8.72.5
4.67.23.74.2.9
4.23.82.92.14.0
1.52.13.42.05.1
4.52.72.54.94.9
4.67.27.74.8
0.83.5
3.6- . 71.53.4.4
4.62.3
-.*63.1
- . 11.12.2.8
3.7
2.7- . 1- . 4
.6- . 4
- 1 . 22.84.3
- 1 . 4
Seasonally adjustedSeasonally adjusted
annual rates
$131.35132.43133.19135.03134.30134.67
135.78136.16137.64139.13138.76138.75
139.11140.62141.35142.85143.22143. 58
145.45145.04147.31147.26148.03148.74
$106.48106.84107.35108.63107.72107.88
108.35108.36109.07109.89109.28109.05
108.79109.22108.83109.30108.94108.60
109.77107.39108.72107.80107.52107.45
$147.97150.26151.10153.03153.09153.87
153.87155.50157.49157.92158.71159.95
159.99162.36162.78164.01163.61164.02
165.65165.65168. 50168.90169.31170.53
$219.85221.19221.71220.80221.17221.77
222.74224.59225.09230.01228.41225.18
229.96227.70233.47234.95237.75240.48
242.25241.15241. 85243.17255.64247.83
$89.3189.0489.6489.9890.3290.92
91.0691.3991.7391.7992.1393.07
92.5293.4793.5294.1994.5295.81
95.2895.3796.9496.6997.0297.35
$117.30118.15118.75120.20119.63119.92
120.79121.09122.26123.43123.14123.14
122. 51123.70124.26125.42125.70125.98
127.42127.11128.86128.82129.42129.96
$95.0995.3295.7196.7095.9596.07
96.3996.3696.8997.4996.9896.78
95.8196.0895.6795.9695.6195.29
96.1694.1195.1194.3094.0093.88
«4.79.16.3
15.7-5 .5
2.9
9.13.0
12.212.1
-2 .8.0
5 2.112.35.6
11.82.72.7
14.6-2 .917.8- . 45.75.1
M.82.95.0
13.1-8 .9
1.5
4.1- . 46.87.7
-6 .1-2 .4
« -4 .03.4
-5 .03.7
-4 .3-3 .9
11.5-22.8
13.5-9 .8-3 .8- 1 . 5
1 Also includes other private industry groups shown in Table C-29.» Earnings in current dollars divided by the consumer price index.3 Includes eating and drinking places.* Average gross weekly earnings less social security and income taxes for a worker with three dependents,s In annualizing the rates of change, the effect of the change in tax rates at the beginning of 1972 and 1973 is taken into
account separately.
Note.—See Note, Table C-29.
Source: Department of Labor, Bureau of Labor Statistics.
285
527-867 O - 74 - 19
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-32.—Output per man-hour and related data, private economy, 1947-73
[1967 = 100]
Year or quarter
Output^
Totalprivate
Privatenon-farm
Man-hours 3
Totalprivate
Privatenon-farm
Output perman-hour
Totalprivate
Privatenon-farm
Compensationper man-hour3
Totalprivate
Privatenon-farm
Unit laborcosts
Totalprivate
Privatenon-farm
Implicit pricedeflator*
Totalprivate
Privatenon-farm
194719481949
19501951195219531954
19551956195719581959
I9601961196219631964
19651966196719681969
1970197119721973
1971: IIIIII . . . .IV . . . .
1972: IIIIII —IV. . . .
1973: II I . . . .III-..-IV*
45.647.847.6
52.555.857.260.159.3
64.365.666.565.670.2
71.973.278.281.586.2
91.897.7
100.0104.8107.7
107.2110.9118.1125.5
44.546.546.4
51.355.056.359.158.3
63.464.765.764.869.5
71.172.577.680.985.9
91.597.9
100.0105.1108.0
107.3111.0118.7126.6
88.889.286.2
87.990.791.292.088.6
92.193.792.388.491.2
92.090.692.492.994.5
97.499.7
100.0101.8104.2
102.6102.0104.7108.1
78.079.176.0
79.082.984.185.982.6
86.188.487.984.587.6
88.687.789.890.992.9
96.399.5
100.0102.1105.1
103.8103.2106.0109.6
51.353.655.3
59.761.562.765.366.9
69.970.072.074.376.9
78.280.984.787.791.1
94.298.0
100.0102.9103.3
104.4108.7112.8116.1
57.158.861.1
65.066.366.968.970.5
73.673.274.876.779.3
80.382.786.489.192.4
95.198.4
100.0102.9102.7
103.4107.6112.1115.5
36.239.540.1
42.846.949.852.954.5
55.959.563.366.069.0
71.774.477.780.884.9
88.494.5
100.0107.6115.8
124.6133.3142.4153.5
38.341.843.0
45.349.352.054.956.6
58.662.065.568.171.0
73.976.379.382.286.1
89.294.6
100.0107.3114.8
123.2131.8140.9151.6
70.673.772.5
71.776.379.481.081.5
80.185.087.988.989.8
91.892.191.892.193.1
93.896.5
100.0104.6112.1
119.3122.6126.2132.2
67.171.070.3
69.774.377.679.780.3
79.684.787.688.789.5
92.092.391.892.393.2
93.996.2
100.0104.3111.8
119.1122.5125.7131.2
66.470.970.2
70.976.177.578.179.1
79.882.385.387.188.3
89.590.491.292.293.2
94.897.2
100.0103.6108.3
113.5118.4121.8128.3
Seasonally adjusted
109.2110.1111.1113.1
114.5117.4119.1121.5
124.2125.0126.1126.5
109.2110.2111.2113.3
114.9117.9119.9122.3
125.1126.3127.6127.5
101.6101.9101.7102.7
103.5104.4105.1105.9
106.7107.7108.6109.2
102.9103.0102.9103.8
104.6105.9106.2107.1
108.2109.5110.2110.7
107.5108.0109.3110.1
110.7112.5113.3114.8
116.4116.1116.2115.8
106.1107.0108.1109.1
109.8111.3112.9114.2
115.6115.3115.9115.1
130.1132.2134.7136.1
139.4141.4143.1145.7
149.6151.9154.6157.6
128.4130.9133.1134.6
137.8139.5141.8144.2
147.9149.8152.7155.7
121.0122.4123.3123.6
125.9125.7126.3126.9
128.5130.9133.1136.1
120.9122.3123.1123.3
125.5125.3125.6126.2
127.9129.8131.8135.2
116.9118.2119.1119.3
120.7121.2122.0123.1
124.8127.1129.3131.8
63.868.268.7
69.474.075.977.278.5
79.582.385.386.888.3
89.690.491.292.393.4
94.896.8
100.0103.5108.1
113.5118.5121.3126.2
117.1118.4119.3119.3
120.6120.8121.4122.3
123.6125.4126.8128.9
i Output refers to gross national product in 1958 dollars.> Hours of all persons in private industry engaged in production, including man-hours of proprietors and unpaid family
workers. Man-hours estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contribution for social insurance and private benefits plans. Also
includes an estimate of wages, salaries, and supplemental payments for the self-employed.« Current dollar gross product divided by constant dollar product.
Note.—Data relate to all persons.
Source: Department of Labor, Bureau of Labor Statistics.
286
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-33.—Changes in output per man-hour and related data, private economy, 1948-73
[Percent change from preceding period]
Year or quarterTotal
private
Output »
Privatenon-farm
Totalprivate
Man-hours2
Privatenon-farm
Output perman-hour
Totalprivate
Privatenon-farm
Compensationper man-hour3
Totalprivate
Privatenon-farm
Unit laborcosts
Totalprivate
Privatenon-farm
Implicit pricedeflator*
Totalprivate
Privatenon-farm
1948..1949..
1950..1951..1952..1953-1954..
1955..1956-1957..1958..1959..
I960..1961-1962..1963..1964..
1965..1966..1967..1968..1969..
1970...1971...1972...1973*..
1971: IIIIllIV
1 9 7 2 : IIIIl lIV
1 9 7 3 : IIII I I - - - . -
4.8- . 3
10.26.32.55.1
-1 .3
8.51.91.4
- 1 . 37.0
2.41.96.84.25.7
6.66.42.34.82.8
- . 53.56.56.2
4.4- . 1
10.67.02.55.1
-1 .5
2.01.6
-1.57.3
2.41.97.14.36.1
6.67.02.25.12.8
- . 63.47.06.6
0.4-3.4
2.03.2.5.8
-3.7
3.91.7
-1 .5-4 .2
3.3
.8-1 .5
2.0.6
1.8
3.12.4.3
1.82.3
- 1 . 5- . 62.73.2
1.3-3 .9
4.04.91.52.1
-3 .8
4.22.6
- . 6-3 .9
3.7
1.1- 1 . 0
2.51.22.3
3.63.3
2'.1.2.9
- 1 . 3- . 62.73.5
4.53.2
8.13.01.94.22.4
4.4.2
2.93.13.6
1.63.54.73.63.9
3.44.02.12.9,4
1.04.13.82.9
3.04.0
6.32.0.9
2.92.3
4.4- . 62.22.53.4
1.23.04.63.13.7
2.93.51.62.9
- . 1
.74.04.23.1
9.01.5
6.89.66.16.33.1
2.66.46.54.24.6
3.93.84.44.05.0
4.16.95.87.67.6
7.67.06.87.8
9.02.9
5.58.75.55.63.2
3.55.85.73.84.3
4.13.24.03.64.7
3.76.15.77.37.0
7.37.06.97.6
4.3-1 .6
- 1 . 26.44.12.0.6
-1 .76.23.51.11.0
2.2.3
- . 3.4
1.1
.72.83.74.67.1
6.52.82.9
44.7
5.8-1.0
6.64.52.6.9
- . 96.43.41.3.9
2.8.2
- . 5.5
1.0
2.54.04.37.2
6.62.82.64.4
6.7-1.0
1.07.31.9.7
1.2
.93.23.62.11.4
1.4.9.9
1.01.2
1.72.52.93.64.5
4.84.32.95.3
Seasonally adjusted annual rates
9.93.23.77.2
5.410.45.88.4
9.32.63.61.2
9.73.73.87.7
5.611.07.08.3
9.23.94.4
- . 4
1.21.1
- . 93.9
3.23.62.63.0
3.33.83.22.5
1.3.6
- . 43.6
3.05.01.33.4
4.04.82.62.1
8.62.04.73.2
2.16.53.15.2
5.8- 1 . 2
.4- 1 . 3
8.33.14.34.0
2.55.75.64.7
5.0- . 81.8
- 2 . 4
8.06.67.74.4
9.95.94.97.4
11.36.37.38.0
7.78.06.94.6
9.95.26.76.8
10.75.38.08.3
- 0 . 64.52.91.3
7.6- . 51.72.0
5.27.66.99.3
- 0 . 64.72.5.7
7.2- . 51.02.0
5.46.26.1
10.9
4.34.82.8.8
4.91.52.83.5
5.77.57.37.7
6.8
1.16.52.61.81.7
1.33.43.71.71.8
1.4.9.9
1.21.3
1.42.23.33.54.5
5.04.42.34.0
4.24.43.0
- . 1
4.41.01.92.9
4.35.94.76.9
i Output refers to gross national product in 1958 dollars.3 Hours of all persons in private industry engaged in production, including man-hours of proprietors and unpaid family
workers. Man-hours estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contribution for social insurance and private benefits plans. Also
includes an estimate of wages, salaries, and supplemental payments for the self-employed.* Current dollar gross product divided by constant dollar product.
Note.—Data relate to all persons.Percent changes are based on original data and therefore may differ-slightly from percent changes based on indexes
in Table C-32.
Source: Department of Labor, Bureau of Labor Statistics.
287
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITY
TABLE C-34.—Industrial production indexes, major industry divisions, 1929-73
{1967=1001
Year or month
1929 .
1933
1939
1940—1941194219431944 .1945—1946194719481949
1950195119521953195419551956195719581959 -
I96019611962196319641965 -1966196719681969
1970197119721973*
1972: JanFebMarAprMayJune
JulyAugSeptOct .NovDec
1973- JanFebMar . .Apr . . .MayJune
JulyAugSeDtOctNov vDec v
Totalindustrialproduction
21.6
13.7
21.7
25.031.636.344.047.440.635.039.441.038.8
44.948.750.654.851.958.561.161.957.964.8
66.266.772.276.581.789.297.9
100.0105.7110.7
106.6106.8115.2125.6
Manufacturing
Total
22.8
14.0
21.5
25.432.437.847.050.942.635.339.440.938.7
45.048.650.655.151.558.260.561.256.964.1
65.465.671.475.881.289.198.3
100.0105.7110.5
105.2105.2114.0125.2
Durable
22.6
9.1
17.8
23.731.640.154.560.245.531.837.939.535.9
43.749.252.259.052.059.561.561.954.262.2
63.362.169.073.579.088.599.0
100.0105.5110.0
101.499.4
108.4122.1
Nondurable
23.0
19.7
25.9
27.232.934.336.738.238.139.340.942.241.5
46.247.848.750.751.056.659.560.561.067.0
68.670.775.179.284.490.097.3
100.0106.0111.1
110.6113.5122.1129.7
Mining
44.4
31.5
43.4
48.251.252.854.057.956.855.863.166.358.8
65.772.171.573.471.980.284.484.577.581.1
82.783.285.689.091.193.998.4
100.0103.9107.2
109.7107.0108.8110.0
Utilities
7.2
6.5
10.4
11.513.014.616.117.117.418.119.621.923.3
26.530.332.835.638.342.847.050.252.557.8
61.865.370.275 181.986.993 6
100.0109.4119.5
128.3133.9143.4152.2
Seasonally adjusted
108.7UO.O111.6113.2113.8114.4
115.1116.3117.6119 2120.2121.1
122.2123 4123 7124 1124.9125.6
126.7126.5126.8127.0127.3126.6
107.1108.5110.0111.8112.6113.1
114.3115.4117.0118 5119.5120.4
121.4122 7123 4123 8124.9125.6
126.5126.1126.3126.3126.9127.1
100.4102.1103.4105.7106.5107.5
108.8109.7111.6113 8115.3116.3
117.5118 7119 9120 6121.9123.0
123.8122.6123.3123.6124.1124.0
116.8117.8119.5120.7121.3121.4
122.5123.6124.8125.2125.6126.2
127.0128 4128.6128.4129.2129.3
130.6130.9130.7130.3131.2131.4
107.3107.2108.4109.4108.0108.6
108.6108.8110.8110.2109.7108.2
108.5110.2109.5109.0109.1109.5
111.0111.5111.8111.3110.4108.9
137.4139.7140.0141.2142.0141.5
143.3144.9146.4147.1148.2148.5
151.0150.5149.6148.7149. 5151.6
154.8154.8155.8156.2153.5144.5
Source: Board of Governors of the Federal Reserve System.
288
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—35.—Industrial production indexes, market groupings, 1947—73
[1967=1001
Year ormonth
Totalindus-trialpro-duc-tion
Final products
Total
Consumer goods i
Total
Auto-motiveprod-ucts
Homegoods
Equipment
Total Busi-ness
Inter-mediate
prod-ucts
Materials 2
TotalDura-
blegoods
Non-dura-
blegoods
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
1970197119721973
1972: Jan.. .Feb. .Mar. .Apr . .May..June.
July..Aug. .Sept.Oct..Nov..D e c .
1973: Jan..Feb. .Mar.Apr.May.JuneJuly.Aug..Sept..Oct...NOVP.Dec v.
39.441.038.8
44.948.750.654.851.9
58.561.161.957.964.8
66.266.772.276.581.7
89.297.9
100.0105.7110.7
106.6106.8115.2125.6
38.339.738.5
43.446.850.353.750.8
54.958.259.957.162.7
64.865.370.874.979.6
86.896.1
100.0105.8109.0
104.5104.7111.9121.2
42.744.043.8
50.049.550.653.753.3
59.561.763.262.668.7
71.372.877.782.086.8
93.098.6
100.0106.6111.1
110.3115.7123.6131.7
47.850.049.6
62.455.249.762.858.4
77.763.966.953.266.8
76.469.884.592.596.8
112.3108.8100.0117.9117.4
99.9119.5127.7136.8
39.140.837.7
52.044.844.850.746.8
55.258.156.853.661.6
62.063.969.474.981.7
91.4100.7100.0106.9111.6
107.6112.6124.5140.4
29.731.227.9
30.242.150.554.747.9
48.953.755.950.054.9
56.455.661.965.670.1
78.793.0
100.0104.7106.1
96.389.495.5
106.7
38.039.534.5
37.045.251.253.246.8
50.758.761.051.557.9
59.457.762.765.874.7
84.498.8
100.0103.4107.9
101.496.8
106.1122.6
42.544.942.6
49.652.051.755.355.1
62.665.365.363.970.5
71.072.476.981.187.3
93.099.2
100.0105.7112.0
111.7112.5121.1131.1
39.741.437.8
45.250.050.756.352.0
61.563.163.156.865.5
66.466.472.477.082.6
91.099.8
100.0105.7112.4
107.7107.4117.4129.3
39.140.236.0
45.351.652.761.553.1
65.065.265.154.865.3
66.164.671.876.682.7
93.0103.0100.0105.0112.2
103.2101.7113.5130.1
Seasonally adjusted
108.7110.0111.6113.2113.8114.4
115.1116.3117.6119.2120.2121.1
122.2123.4123.7124.1124.9125.6
126.7126.5126.8127.0127.3126.6
106.4107.6108.5110.4110.8111.0
111.6112.6113.6115.3116.3116.8
118.6119.3119.6120.0120.8121.3
122.1121.4122.4122.8123.2122.0
118.5119.6119.9122.5122.6122.7
123.3124.3125.2127.0127.4127.7
129.8130.2130.8130.9131.7131.9
132.9131.2132.3132.8133.2130.7
116.6119.5121.3130.5125.8125.1
125.3126.0125.4132.3138.3142.9
138.6141.7144.1141.7142.6142.6
141.7121.1129.8130.9134.1122.9
118.1120.7119.1124.7124.3124.9
124.1124.3125.8127.3126.9130.5
134.5135.8138.3139.8140.9141.3
142.9141.1142.9142.3141.5141.0
89.590.992.693.594.194.7
95.396.397.798.9
100.7101.5
102.9104.1104.1104.7105.7106.6
107.3107.6108.5108.8109.3109.9
98.499.9
101.5102.8104.0104.7
105.5107.2109.6111.6113.4114.4
116.9118.2118.6119.6121.3122.5
123.0124.6125.8126.2127.1127.6
115.9117.0117.5117.9118.9119.4
119.8122.3122.8124.7127.6127.7
128.4129.5129.4129.3130.5132.0
132.5132.1131.0130.5131.2131.0
109.2110.8113.7115.1115.8117.1
117.8118.8120.9122.3122.8124.4
124.5126.7127.0127.7128.3129.0
130.9130.9131.3131.5131.3131.0
103.5105.8107.8110.2111.3112.6
113.0114.5118.1120.2121.4123.5
124.1126.6127.6127.9128.6129.2
131.6131.8132.3133.0133.4133.6
40.937.8
43.647.147.350.250.3
56.959.559.358.165.0
65.968.272.977.182.1
88.596.3
100.0106.9112.8
112.5114.1122.5129.1
116.0117.0121.2121.3121.6122.8
124.0124.7124.6125.3124.6126.4
126.3127.7127.1128.5128.9129.4
130.4130.6130. 3129.9129.5129.7
i Also includes apparel and consumer staples, not shown separately.> Also includes industrial fuel and power, not shown separately.
Source: Board of Governors of the Federal Reserve System.
289
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—36.—Industrial production indexes, selected manufactures, 1947—73
[1967=100]
Year ormonth
19471948 . .1949
19501951195219531954
195519561957 . . .19581959
19601961196219631964
19651966196719681969
1970197119721973 P.
1972: Jan. . .FebMarAprMayJune
JulyAugs o e
c f ! : : : : :Nov.Dec
1973: JanFebMarAprMayJune
JulyAugSeptOctNov p . . . .Dec*
Durable manufactures
Pri-mary
metals
64.867.456.7
71.477.770.980.465.0
84.584.080.463.874.5
74.272.978.284.395.7
104.0108.8100.0103.2114.1
106.9100.9113.1127.0
102.4102.6104 9108.3110.1111.3
115.1114.3119.7122.1122.9125.4
123.1124 7123.5125.8126.1124.5
128.1125.6127.8130.8130.0130.4
Fabri-catedmetalprod-ucts
50.251.146.1
56.560.458.966.559.9
68.369.371.163.771.5
71.669.875.978.483.3
92.6100.5100.0106.3113.6
109.4107.4114.8130.8
106.0108.6110.2111.5112.9114.5
114.3116.6118.0120.4122.2122.3
125.7126 2128.4128.9130.3133.4
133.5133.8131.5132.6132.9134.1
Ma-chinery
41.7
46.752.252.045.453.9
56.257.164.867.974.3
84.198.6
100.0101.9106.8
100.396.2
107.5125.9
98.599.5
100.8103.3104.9106.6
108.4109.7111.8114.0115.7116.8
118.4119.1121.4122.6124.7126.9
127.6128.5130.0128.5130.5131.0
Trans-porta-tion
equip-ment
31.033.934.0
40.745.452.866.257.6
66.364.368.954.361.5
63.759.969.375.979.6
91.3101.2100.0109.7107.6
90.492.999.0
109.2
92.094.796.1
100.098.397.4
97.798.199.5
102.7105.0106.6
107.6110.0110.3110.0111.0112.2
112.1105.7107.3108.9108.3103.3
1 nstru-ments
24.525.222.5
26.130.035.739.239.6
44.248.550.747.755.2
57.857.359.866.471.3
82.995.3
100.0106.7116.1
110.8108.5120.2138.3
111.3114.5114.5116.7118.2120.7
121.7122.7124.3125.0125.1126.6
130.1131.9133.8134.7138.9140.2
140.8140.9141.5141.0141.8143.5
Ord-nance,private
andgov-ern-ment
7.89.09.2
11.442.252.063.248.4
36.131.835.944.446.1
46.439.245.051.650.7
60.575.1
100.0113.7111.6
95.386.186.085.3
Lum-ber,clay,andglass
64.7
73.875.973.371.482.2
78.579.784.388.994.0
98.7102.6100.0105.6111.1
106.3111.5120.0129.4
Furni-tureand
miscel-laneous
53.7
65.868.767.162.168.7
69.770.676.179.584.7
93.8100.8100.0106.2111.6
108.8111.7122.7135.3
Seasonally adjusted
83.283.786.486.486.487.7
86.686.584.885.287.387.8
87.087.687.186.485.486.7
86.783.883.783.982.383.3
115.5118.0117.2117.4117.9118.5
120.0121.0121.9124.9124.5123.7
126.4127.3129.1129.9130.3129.2
129.8129.2128.8129.7130.7132.5
115.0117.3118.3119.7121.1122.1
123.7126.2126.6126.9126.6127.7
130.3132.8133.4133.1136.0135.4
135.9137.5138.2136.1135.4137.3
Nondurable manufactures
Tex-tiles,
apparel,and
leather
65.7
73.475.173.471.879.6
79.280.284.386.991.9
97.8101.7100.0104.9105.9
100.2100.7108.1114.7
102.0101.1104 2107.0106.8107.5
109.0109.7111.2112.1113.0113.2
113.4114.4114.6114.0113.3115.0
114.5115.4117.5116.2116.2116.0
Paperand
print-ing
52.2
57.861.562.261.567.0
69.271.074.378.484.5
90.598.9
100.0104.2109.1
107.8107.8116.1122.3
111.3112.6115 0112.7114.0114.6
117.0117.6117.7119.9120.0120.3
120.0121.5122.4120.8121.9122.8
123.8124.5122.1121.3121.7122.6
Chem-icals,petro-leum,and
rubber
35.4
41 243 545.846.553.8
55 658.364.570.075 9
83.894.1
100.0109.6118.4
118.2124.7137.8149.3
129.8132.6133 6136.4137.3136.9
138.5140.0142.2141.6142.0143.8
145.5146.3146.3147.9150.2149.8
151.8151.0150.9151.1151.0151.6
Foodsand
tobacco
63.2
66.670.371.573.677.2
79.281.584.087.090.6
92.697.0
100.0103.6107.5
110.8113.7117. 6122.0
115.7115.9116 3117.7117.6117.9
117.0118.3118.6118.5119.0118.5
119.6122.0121.5120.7121.5119.5
121.3122.0122.2121.9124.8124.4
Source: Board of Governors of the Federal Reserve System.
290
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-37.—Capacity utilization rate in manufacturing and major materials industries, 1948-73
Period
19481949
19501951 -VlTT195219531954
19551956195719581959 . . . .
I9601961196219631964
1965196619671968 - . .1969
19701971 . . . .1972 .1973*
1968: 1IIIIIIV
1969: 1 . . .IIIIIIV
1970: 1II . . . .IllIV
1971: 1IIIIIIV
1972: 1IIIllIV
1973: 1 *II v\\\vIV*
Output Capacity
1967 output= 100
41.539.1
45.449.350.955.451.4
58.160.361.156.964.0
65.365.671.375.781.1
89.098.1
100.0105.6110.4
105.3105.2114.0125.1
44.847.3
49.451.854.958.161.2
64.468.374.875.778.6
81.684.587.791.294.8
100.0106.7113.7120.5127.7
134.6140.3145.0150.7
Manufacturing
Utilization rate3
Total Primaryprocessing
Advancedprocessing
Majormaterials
industries,utilization
rate'
Percent
92.782.7
91.995.192.895.584.1
90.088.284.575.181.4
80.177.681.483.085.5
89.091.987.987.786.5
78.375.078.683.0
98.183.8
97.8100.191.294.382.9
93.790.785.275.282.7
79.478.281.884.088.0
91.192.185.786.888.5
81.579.384.689.8
89.882.1
88.892.593.796.184.7
87.786.984.175.080.7
80.377.381.182.584.2
87.891.889.188.185.4
76.572.775.479.4
87.977.0
88.591.482.387.378.4
89.890.684.576.081.5
79.479.882.085.089.3
90.791.286.889.590.7
86.685.890.294.9
Seasonally adjusted
103.5105.3106.3107.3
109.5110.4111.8110.1
106.8106.8105.9101.6
103.8105.6105.3106.1
108.5112.5115.5119.4
122.5124.8126.2126.7
117.9119.6121.3123.0
124.9126.7128.6130.5
132.2133.8135.3136.9
138.3139.6141.0142.3
143.5144.5145.5146.6
148.0149.8151.6153.3
87.988.187.687.2
87.787.186.984.3
80.879.878.374.2
75.075.674.774.6
75.677.979.481.5
82.883 383.382.6
86.187.686.687.0
88.688.788.987.7
83.582.481.778.5
79.481.178.078.6
80.883.585.988.3
89.690.190.189.4
88.888.388.287.3
87.186.285.882.5
79.378.476.571.9
72.772.772.972.4
72.974.975.977.8
79.179.779.779.0
90.690.688.488.6
89.890.391.191.6
88.286.086.585.7
87.087.683.784.7
87.789.991.092.4
93.894.596.095.1
1 May differ slightly from data shown in Table C-34 because of rounding.2 Output as percent of capacity.Note.—For description of series, see "Federal Reserve Bulletin," October 1971 and November 1966 issues for manu-
facturing series and August 1973 issue for major materials industries seriesSource: Board of Governors of the Federal Reserve System, based on data of Federal Reserve, Department of Commerce,
McGraw-Hill Information Systems Company, and various industry organizations.
291
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE CV38.—New construction activity, 1929-73
[Value put in place, billions of dollars]
Year or month
1929
1933
1939
1940.1941. . . .194219431944
1945 .1946..
New series19461947..1948...1949
1950._1951. . .1952..1953..1954
19551956 .195719581959 _.
196019611962 . . . .19631964 . . .
19651966196719681969
19701971 _19721973 6
Totalnewcon-
struc-tion
10.8
2.9
8.2
8.712.014.18.35.3
5.812.6
14.320.026.126.7
33.635.436.839.141.4
46.547.649.150.255.3
54.656.360.064.667.4
73.476 077.586.693.4
94.2109.2]??.*135.1
Private construction
Total
8.3
1.2
4.4
5.16.23.42.02.2
3.410.4
12.116.721.420.5
26.726.226.027.929.7
34.834.935.134.739.2
38.839.142.145.247.0
51.452 052.059.065.4
66.179.49? fi
102.8
Residentialbuildings1
Total a
3.6
.5
2.7
3.03.51.7.9.8
1.34.8
6.29.9
13.112.4
18.115.915.816.618.2
21.920.219.019.824.3
23.023.125.227.928.0
27.925.725.630.633.2
31.943.354.257.9
Newhous-
ingunits
3.0
.3
2.3
2.63.01.4.7.6
.73.3
4.87.8
10.510.0
15.613.212.913.414.9
18.216.114.715.419.2
17.317.119.421.721.8
21.719.419.024.025.9
24.335.14^.747.8
Nonresidential buildings and otherconstruction'
Total
4.7
.8
1.7
2.12.71.71.11.4
2.15.6
5.86.98.28.0
8.610.310.211.311.5
12.914.716.114.915.0
15.816.016.917.319.0
23.426.326.428.532.2
34.236.13?. 544.9
Com-mer-c ia l
1.1
.1
.3
.3
.4
.2
.0
.1
.21.2
1.21.01.41.2
1.41.51.11.82.2
3.23.63.63.63.9
4.24.75.15.05.4
7.89.4
9.811.613.515.5
In-dus-trial
0.9
2
.3
.4
.8
.32
.2
.61.7
1.71.71.41.0
1.12.12.32.22.0
2.43.13.62.42.1
2.92.82.82.93.6
6.06.8
6.55.44.76.0
Other*
2.6
.5
1.2
1.31.51.2.9
1.1
1.32.8
3.04.25.55.9
6.16.76.87.37.2
7.38.09.08.98.9
8.88.69.09.4
10.1
14.716.0
17.919.121.323.4
Public construction
Total
2.5
1 6
3.8
3.65.8
10.76 33.1
2.42.2
2.23.34.76.3
6.99.3
10.811.211.7
11.712.714.115.516.1
15.917.117.919.420.4
22.124.025.527.628.0
28.129.930.232.2
Fed-erallyowned
0.2
5
.8
1.23.89.35 62.5
1.7.9
.9
.81.21.5
1.63.04.24.13.4
2.82.73.03.43.7
3.63.93.94.03.9
4.04.03.53.43.3
3.34.04.44.9
Stateand
locallyowned «
2.3
1 i
3.1
2 42 01 3
76
.71.4
1.42.53.54.8
5.26.36.67.18.3
8.910.011.112.112.3
12.213.314.015.416.5
18.020.022.124.224.7
24.825.925.827.4
See footnotes at end of table.
292
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—38.—New construction activity, 1929—73—Continued
[Value put in place, billions of dollars]
Year or month
1972: JanF e b . . . .M a r . . . .A p r . . . .May . . . .J u n e . . .
JulyAugSept. . . .Oct . . . . .NovDec
1973: JanFebMar. . . .Apr . . . .May...J u n e . . .
July...Aug...Sept...Oct*>_._Nov »
Totalnewcon-
struc-tion
Private construction
Total
Residentialbuildings i
Total 2Newhous-
ingunits
Nonresidential buildings and other
Total
construction i
Com-mer-cials
In-dus-trial
Other *
Public construction
TotalFed-
erallyowned
Stateand
locallyowned 5
Seasonally adjusted annual rates
119.9121.5123.0120.8122.5121.6
121.6123.0125.1128.5126.8131.6
135.7136.4137.5133.8134.1133.8
136.9136.9136.9134.9134.0
88.691.192.691.792.792.6
92.493.994.596.297.598.5
102.0104.1103.8101.2101.8102.8
105.4105.8103.7102.7101.8
49.852.053.352.952.753.3
53.854.555.556.457.257.5
59.461.560.758.057.558.2
59.459.859.056.354.6
40.642.844.043.643.443.8
44.144.745.946.947.848.0
48.149.449.648.949.249.5
49.549.348.246.044.0
38.839.139.438.940.039.3
38.739.439.039.840.340.9
42.742.643.143.244.344.6
45.946.044.746.447.2
13.213.213.213.414.113.3
13.213.413.413.713.613.9
15.014.915.115.516.115.7
16.115.815.115.615.6
4.94.74.84.64.74.8
4.64.74.54.34.64.8
5.35.25.55.35.35.9
6.36.76.36.66.8
20.721.221.420.921.221.1
20.821.321.021.822.122.3
22.422.622.522.422.923.0
23.523.523.324.324.8
31.330.430.429.029.829.0
29.229.230.632.329.333.1
33.732.333.632.632.331.0
31.531.133.232.232.3
4.44.44.64.24.54.8
4.44.14.34.44.44.4
5.14.95.54.55.34.8
4.94.64.64.84.8
26.926.025.724.925.224.3
24.825.126.427.924.928.7
28.627.428.128.027.026.1
26.626.528.627.4
1 Beginning I960, farm residential buildings included in residential buildings; prior to I960, included in nonresidentialbuildings and other construction.
2 Total includes additions and alterations and nonhousekeeping units, not shown separately.3 Office buildings, warehouses, stores, restaurants, garages, etc.* Religious, educational, hospital and institutional, miscellaneous nonresidential, farm, public utilities, and all other
private.s Includes Federal grants-in-aid for State and locally owned projects.* Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce, Bureau of the Census, except as noted.
293
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—39.—New housing starts and applications for financing, 1929-73
[Thousands of units]
Year or month
1929
1933
1939 . .
19401941194219431944 - .
New series
19451946194719481949
1950195119521953195419551956195719581959
I96019611962196319641965196619671968 .1969
1970197119721973 p
Housing starts
Private andpublic^
Total(farmandnon-
farm)
1, 553.7
1,296.11,365.01,492.51,634.91,561.01,509.71,195. 81,321.91,545.41,499.5
1,469.02,084. 52, 378.52,053.8
Non-farm
509.0
93.0
515.0
602.6706.1356.0191.0141.8
326.01,023.01,268.01,362.01,466.0
1,952.01,491.01, 504. 01,438.01,551.01,646.01,349. 01,224.01, 382.01,531.3
1, 274.01,336.81, 468. 71,614.81, 534.01,487.51,172.81,298.81,521.41,482.3
(8)(8)(8)(«)
Private i
Total (farm and nonfarm)
Total
1,517.6
1, 252.21,313.01,462.91,603.2 «1,528.81,472.81,164. 91,291.61,507.61,466.8
1,433.62,052.22, 356.62,041.6
Type ofstructure2
Onefamily
1,234.0
994.7974.3991.4
1,012.4970.5963.7778.6843.9899.4810.6
812.91,151.01,309.21,131.4
Two ormore
families
283.0
257.4338.7471.5590.8558.3509.1386.3447.7608.2656.2
620.7901.2
1,047.5910.2
Governmenthome programs
(nonfarm)3
FHA*
144.7
176.6217.1160.2126.183.6
38.967.1
178.3216.4252 6
328.2186.9229.1216.5250.9268.7183.4150.1270.3307.0
225.7198.8197.3166.2154.0159.9129.1141.9147.7153.6
233.5301.2198.473.6
VA
7 8.891 8
160.371.190 8
191.2148.6141.3156.5307.0392.9270.7128.3102.1109.3
74.683 377.871.059.249.436.852.556.151.2
61.094.0
104.086.1
Newprivatehousing
unitsauthor-ized«
1,208.3
998.01,064.21,186.61,334.71,285.81,239.8
971.91,141.01,353.41,323.7
1,351.51,924.62,218.91,771.3
Proposedhome con-struction 6
Appli-cations
forFHAcom-mit-
ments4
179 8
231.2288 5238 5144 462 9
56 6121 7286 4293 2327 0
397 7192.8267 9253.7338.6306 2197 7198.8341.7369.7
242.4243 8221.1190 2182.1188 9153.0167 2168.9187.6
315.0366.8225.283.2
Re-quests
forVAap-
prais-als
164.4226 3251.4535.4620.8401.5159.4234.2234.0
142.9177 8171.2139 3113.6102.199.2
124.3131.7138.2
143.7217.9209.4161.8
See footnotes at end of table.
294
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-39.—New housing starts and applications for financing, 1929-73—Continued
[Thousands of units]
Year or month
Housing starts
Private andpublic i
Total(farmandnon-
farm)
Non-farm
Private 1
Total (farm and nonfarm)
Total
Type ofstructure *
Onefamily
Two ormore
families
Governmenthome programs
(nonfarm)3
FHA* VA
Newprivatehousing
unitsauthor-ized s
Proposedhome con-struction 8
Appli-cations
forFHAcom-mit-
ments*
Re-quests
forVAap-
prais-als
Seasonally adjusted annual rates
1972: Jan . .Feb..Mar..Apr..May..June.
July..Aug—Sept.Oct. .Nov..Dec..
1973: Jan. .Feb..Mar..Apr..May..June.
July..Aug..Sept.Oct. .Nov*.Dec*.
150.9153.6205.8213.2227.9226.2
207.5231.0204.4218.2187.1152.7
147.3139.5201.1205.4234.2203.4
203.2199.9148.9149.5132.988.6
2,4392,5402,3132,2042,3182,315
2,2442,4242,4262,4462 3952,369
2,4972,4562,2602,1232,4132,128
2,1912,0941,8041,6461,6961,355
1,3951,2811,3101,2151,3081,283
1,3191,3731,3821,3151,324,207
1,4501,3721,2451,202[,2711,124
1,2471,125
982956936762
1,0441,2601,003
9891,0111,032
9251,0511,0451,1311,0711,162
1,0471,0841,015
9211,1421,004
944969822690760593
350285260221197182
176179175149125106
8711192748180
806968525737
11511812310410099
107103106989286
9610510110011188
879171625664
2,2652,1682,1532,1462,0452,201
2,1962,2812,3662,3182,2262,399
2,2332,2092,1291,9391,8382,030
1,7801,7501,5961,3161,3141,231
325323264111111111
224207166147162131
124100936889
103
937094505730
232226209243198219
200202192189207194
222217201169161166
135143133141136119
1 Units in structures built by private developers for sale upon completion to local public housing authorities under theDepartment of Housing and Urban Development "Turnkey" program are classified as private housing. Military housingstarts, including those financed with mortgages insured by FHA under Section 803 of the National Housing Act, are in-cluded in publicly owned starts but excluded from total private starts and from FHA starts.
2 Not available prior to 1959 except for nonfarm for 1929-44.3 Data are not available for new homes started under the Department of Agriculture, Farmers Home Administration
program.4 Units are for 1- to 4-family housing.« Authorized by issuance of local building permit: in 14,000 permit-issuing places beginning 1972; 13,000 for 1967-71;
12,000 for 1963-66; and 10,000 prior to 1963.e Units in mortgage applications or appraisal requests for new home construction.7 Monthly estimates for September 1945-May 1950 were prepared by Housing and8 Not available separately beginning January 1970.
Home Finance Agency.
Sources: Department of Commerce, Department of Housing and Urban Development, and Veterans Administration(except as noted).
295
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-40.—Business expenditures for new plant and equipment, 1947-74 l
[Billions of dollars]
Yearor quarter
194719481949
1950 .195119521953 .1954
19551956195719581959
196019611962 _ .1963...1964
19651966....196719681969
1970.1971197219733.. . . .
19743
1971: 1IIIII—.IV___.
1972: 1IIIII —I V —
1973: 1IIIII —
IV3...
1974: |3____113...
Total
19.3321.3018.98
20.2125.4626.4328.2027.19
29.5335.7337.9431.8933.55
36.7535.9138.3940.7746.97
54.4263.5165.4767.7675.56
79.7181.2188.44
100. 08
112.11
79.3281.6180.7583.18
86.7987.1287.6791.94
96.1997.76
100.90
104.94
108.16111.92
Manufacturing
Total
8.449.017.12
7.3910.7111.4511.8611.24
11.8915.4016.5112.3812.77
15.0914.3315.0616.2219.34
23.4428.2028.5128.3731.68
31.9529.9931.3538.00
44.40
30.4630.1229.1930.35
30.0930.3730.9833.64
35.5136.5838.81
40.54
42.9245.12
Dura-ble
goods
3.253.302.45
2.944.825.215.314.91
5.417.457.845.615.81
7.236.316.797.539.28
11.5014.0614.0614.1215.96
15.8014.1515.6419.39
22.61
14.2114.0613.7614.61
15.0614.7715.6716.86
17.8818.6419.73
20.94
22.2122.69
Non-durablegoods
5.195.714.68
4.455.896.246.566.33
6.487.958.686.776.95
7.858.028.268.70
10.07
11.9414.1414.4514.2515.72
16.1515.8415.7218.61
21.79
Nonmanufacturing
Total
10.8912.2911.86
12.8214.7514.9816.3415.95
17.6420.3421.4319.5120.78
21.6621.5823.3324.5527.62
30.9835.3236.9639.4043.88
47.7651.2257.0962.07
67.71
Mining
0.69.93.88
.841.111.211.251.28
1.311.641.691.431.36
1.301.291.401.271.34
1.461.621.651.631.86
1.892.162.422.76
3.14
Transportation
Rail-road
0.911.371.42
1.181.581.501.42.93
1.021.371.58.86
1.02
1.16.82
1.021.261.66
1.992.371.861.451.86
1.781.671.801.94
2.27
Seasonally adjusted annual rates
16.2516.0615.4315.74
15.0215.6015.3116.78
17.6317.9419.08
19.60
20.7122.43
48.8651.5051.5652.82
56.7056.7556.7058.30
60.6861.1862.09
64.40
65.2466.80
2.042.082.232.30
2.422.382.402.46
2.592.772.82
2.85
2.90
1.461.881.721.64
2.101.881.501.71
2.111.751.95
1.98
2.43
Air
0.17.10.12
.10
.14
.24
.24
.24
.26
.35
.41
.37
.78
.66
.73
.52
.401.02
1.221.742.292.562.51
3.031.882.462.41
2.16
1.292.281.682.26
1.962.892.672.33
2.212.722.49
2.22
2.16
Other
1.131.17.76
1.091.331.231.291.22
1.301.311.301.061.33
1.301.231.651.581.50
1.681.641.481.591.68
1.231.381.461.60
1.62
1.331.401.481.33
1.481.531.411.42
1.531.621.79
1.53
1.74
Publicutili-ties
1.542.543.10
3.243.563.744.343.99
4.034.525.675.525.14
5.245.004.904.985.49
6.137.438.74
10.2011.61
13.1415.3017.0019.09
22.16
14.6414.9115.8715.74
16.9216.6017.0117.53
18.3818.0818.58
21.20
21.57
Com-muni-cation
1.401.741.34
1.141.371 611.781.82
2.112.823.192.792.72
3.243.393.854.064.61
5.306.026.346.838.30
10.1010.7711.8913.03*- -
36
10.7011.2110.7310.44
11.7111.5911.5612.63
12.3412.7013.12
.
34
34
Com-mer-cialand
other 2
5 054.424.24
5.225 675 456.026.45
7 638.327.607.488.44
8.759.139.99
10.9912.02
13.1914.4814.5915.1416.05
16.5918.0520.0721.24
36
17.3917.7217.8519.10
20.1019.8820.1620.21
21.5321.5521.36
63
43
1 Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofitorganizations. These figures do not agree precisely with the nonresidential fixed investment data in the gross nationalproduct estimates, mainly because those data include investment by farmers, professionals, institutions, and real estatefirms, and certain outlays charged to current account.
2 Commercial and other includes trade, service, construction, finance, and insurance.3 Estimates based on expected capital expenditures reported by business in October-December 1973. Includes ad-
justments when necessary for systematic tendencies in expectations data.
Note.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of season-ally adjusted figures.
Source: Department of Commerce, Bureau of Economic Analysis.
296
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-41.—Sales and inventories in manufacturing and trade, 1947-73
[Amounts in millions of dollars]
Year or month
1947...1948...1949...
1950...1951...1952...1953...1954...
1955...1956...1957...1958...1959...
1960...1961*.1962...1963...1964...
1965...1966...1967...1968...1969...
1970...1971...1972...1973 K.
1 9 7 2 : J a n . . .F e b . . .M a r . . .A p r . . .M a y . . .June . .
Ju ly . . .A u g . . .S e p t . . .O c t . . .N o v . . .D e c . . .
1 9 7 3 : J a n . . .F e b . . . .M a r . . . .A p r . . . .M a y . . .June . . .
Ju ly . . . .AugS e p t . . .O c t . . . .Nov *>_.Dec p..
Total manufacturingand trade
Sales
35,26033,788
38,59643,35644, 84047,98746,443
51,69454,06355,87954, 23359, 661
60, 74661,13365,41768,96973,685
80, 276 12087,178 136
97,100103,104
Inven-tories 2
52, 50749,497
59,82270,24272, 37776,12273,175
79, 51687,30489, 05286,92291,891
94, 74795,648101,090105, 477111,457
,900,729
145,164155, 376166,813
174,875104,708112,267 183i 622124,680 194,"-144,094 215,
194,151"1,646
Ratio 3
1.421.53
1.361.551.581.581.60
1.471.551.591.601.50
1.561.541.511.491.47
1.451.471.571.551.56
1.631.601.511.42
Manufacturing
Sales i
15,51317,31616,126
18,63421,71422, 52924, 84323,355
26,48027,74028, 73627,28030,219
30, 79630,89633,11335, 03237,335
41,00344, 86946, 44950, 28253, 555
Inven-tories 2
25,89728,54326,321
31,07839, 30641,13643,94841,612
45, 06950,64251,87150,07052, 707
53,81454,93958, 21360, 04363,386
68, 22177,96584, 65590,87597, 074
52,860 10155,91762, 466 107;72,032 118,435
,645102, 445' " 7 1 9
Ratio s
1.581.571.75
1.481.661.781.761.81
1.621.731.1.841.70
1.761.741.721.691.64
1.601.621.761.741.76
1.891.821.671.56
Merchant wholesalers
Sales i
6,!6,514
7,6958,5978,7829,0528,993
9,89310,51310,47510,25711,491
11,65611,98812,67413,38214, 527
15, 59516,97917, 09918, 32919, 726
20,55422,28024, 85030, 083
Inven-tories 2
7,9577,706
9,2849,88610,21010,68610,637
11,67813, 26012,73012, 73913,879
14,12014,48814,93616,04816, 977
18, 27420,69121, 55722, 52824, 363
26, 60428,91631, 73236, 283
Ratio s
1.131.19
1.071.161.121.171.18
1.131.191.231.241.15
1.221.201.161.151.13
1.141.141.211.201.19
1.231.231.211.13
Retail trade
Sales i
10,20011,13511,149
12,26813, 04613, 52914,09114, 095
15,32115,81116, 66716,69617, 951
18, 29418, 24919,63020, 55621,823
23,67725,33026,15128, 49029, 824
31, 29434, 07137, 36541,979
Inven-tories 2
14,24116,00715,470
19,46021,05021,03121,48820,926
22,76923,40224,45124,11325,305
26,81326, 22127,94129,38631,094
34,40538,07338,95241,97345, 376
46, 62652, 26154,70060,928
Ratio 3
Seasonally adjusted
118,299
120,239121,352
184,068117,998 184,571
184, 856185, 655
122,673 186,816122,347 187,194
[22,783.26,792.27,656.30,336 191131,918.33, 483 194;
187, 681189, 093190,486191, 583192,921"1,151
1.561.561.541.531.521.53
1.531.491.491.471.461.45
.36,863 196, 29538,910 198,172.41,010 199,52541,274 200, 78742,682 202, 89642,311 205,252
46, 458 206,81346,068:208,66846,2411210,35450,2571212,41752,957 215,645
59, 062
59,905
102,56159,120 102,906
103,04360,886 103,26761,272 103,68561,295 104,260
61, 047 104, 68563,686 105,82264,503:106,16865,451 106,61766,993 106,97467,104 107, 719
1.43 68,401 108,1871.43i 69,245 109,0821.411 69,719 110,1741.42, 70,468 110,5771.42 71,284 111,6251.44 71,616,113,025
1.411.431.441.441.41
73, 248!113, 91073, 0211114,90773, O6O|116,11475,269 117,22477,019 118,435
1.741.741.72.70
24, 35123, 53323,88424,170
.69 24,260
.70 24,230
24, 39425,13725, 40725,77926, 21226,962
27,755.58 28,423.58 29,312.57, 29,621.57 29,675.58 29,528
1.5611.571.591.56,1.54
T
30,44330,69230,64631,91832, 903
29, 04929,18129,17429, 57429, 72929, 641
30, 05630,16430, 65731, 03231, 28931,732
32, 58233, 05133,245!33,574!33,98534,148
34, 65334,98435, 26635,37936,283
1.191.241.22
34, 88635, 34536,450
1.22! 36,2961.23; 37,1411.22 36,822
1.23 37,3421.20 37,9691.21 37,7461.20 39,1061.19 38,7131.18 39,417
52, 45852, 48452, 63952, 81453, 40253, 293
52,94053,10753, 66153,93454, 65854, 700
1.17 40,707 55,5261.16 41,242i 55,0391.13 41,979: 56,1061.13 41,185! 56,6361.15! 41,723 57,2851.16 41,167 58,079
1.141.141.151.111.10
42, 76742, 35542, 53543,07043, 03542,453
58,25058,79758,97459,81460,928
1.261.391.41
1.381.641.521.531.51
1.431.471.441.431.40
1.451.431.381.391.40
1.391.441.461.431.46
1.471.471.421.37
1.501.481.441.461.441.45
1.421.401.421.381.411.39
1.361.361.341.381.371.41
1.361.391.391.391.42
1 Monthly average for year and total for month.2 Seasonally adjusted, end of period.3 Inventory /sales ratio. For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.< Manufacturing data prior to 1961 not completely comparable with later data. See Department of Commerce, Bureau
of the Census, "Series M 3 - 1 . 1 , " September 1968.* Based on seasonally adjusted data through November.
Note.—The inventory figures in this table do not agree with the estimates of change in business inventories includedin the gross national product since these figures cover only manufacturing and trade rather than all business, and showinventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
297
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O42.—Manufacturers' shipments and inventories, 1947-73
[Millions of dollars]
Year or month
19471948...1949
19501951 .1952 . .1953. . .1954
1955.1956.. .195719581959...
1960.. .1961'196219631964
196519661967. .19681969
1970197119721973 *
1972: JanFebMarAprM a y . . . .June
JulyAugS e p t . . . .OctNovDec
1973:JanFebMarAprMayJune
JulyAugSeptOctNov p . -Dec p
Shipments i
Total
15,51317,31616,126
18,63421,71422,52924,84323,355
26,48027,74028,73627,28030,219
30,79630,89633,11335,03237,335
41,00344,86946,44950,28253, 555
52,86055,91762,46672,032
Dura-ble
goodsindus-tries
6,6947,5797,191
8,84510,49311,31313,34911,828
14,07114,71515,23713,57115,545
15,81715,54417,10318,24719,634
22,21624,63325,21227,69429,459
28,23129,94833, 89239, 563
Non-durablegoodsindus-tries
8,8199,7388,935
9,78911,22111,21611,49411,527
12,40913,02513,49913,70814,674
14,97915,35216,01016,78617,701
18,78820, 23621,23622, 58824,096
24,62925,96928, 57332,469
Inventories2
Total
25,89728,54326,321
31,07839,30641,13643,94841,612
45,06950,64251,87150,07052,707
53,81454,93958,21360,04363,386
68,22177,96584,65590, 87597, 074
101,645102,445107,719118,435
Durable goods industries
Total
13,06114,66213,060
15,53920,99123,73125,87823,710
26,40530,44731,72830,09531,839
32,36032, 50934,60535,81338,436
42,22749, 81854,93159,11263,371
66,76866,05070,21877,645
Mate-rialsandsup-plies
8,9667,894
9,19410,41710,6089,847
10,585
10,28610,24210,79811,00111,927
13,29915, 50116, 44517,41818,668
19,00019, 27020, 01023,444
Workin
process
10,7209,721
10,75612,31712,83712,29412,952
12,78013,21114,20514,99716,253
18,15221,97825, 01727,60529,175
30,39329,14232,07435, 519
Fin-ishedgoods
6,2066,040
6,3487,5658,1257,7498,143
9,1909,0569,6029,815
10,256
10,77612,33913,46914, 08915, 528
17, 37517,63818,13418,682
Nondurable goods industries
Total
12,83613,88113,261
15,53918,31517,40518,07017,902
18,66420,19520,14319,97520,868
21,45422,43023,60824,23024,950
25,99428,14729,72431,76333,703
34, 87736, 39537, 50140,790
Mate-rialsandsup-plies
8,3178,167
8,5568,9718,7758,6719,089
9,1139,4649,841
10,00310,185
10,48811,22011,74612, 29912, 823
13,13013,57813, 86515,868
Workin
process
2,4722,440
2,5712,7212,8642,8002,928
2,9353,1933,3043,4103,519
3,8234,2374,4344,8495,152
5,2785,6475,9686,416
Fin-ishedgoods
7,4097,415
7,6668,6228,6248,4988,857
9,3539,773
10,46310,81711,246
11,68312,69013, 54414,61515, 728
16, 46917,17017,66818, 506
Seasonally adjusted
59,06259,12059,90560,88661,27261, 295
61,04763,68664, 50365,45166,99367,104
68,40169, 24569,71970,46871, 28471,616
73,24873, 02173,06075,26977, 019
31,55631,75832,18833,00333,24132,919
32, 80334,68735, 24936,30236,87036,614
37,77338,12238,06438,65139, 28439,257
40,77939,63340,16241, 56741, 89640,646
27, 50627, 36227,71727,88328,03128, 376
28,24428,99929, 25429,14930,12330,490
30,62831,12331,65531,81732,00032,359
32,46933, 38832,89833,70235,123
102, 561102,906103,043103,267103,685104,260
104,685105, 822106,168106,617106,974107,719
108,187109,082110,174110, 577111,625113,025
113,910114,907116,114117, 224118,435
66,28366, 53466, 56966,72567,16167, 502
67,73468, 56868,87569,30869,61370, 218
70, 59071,13671,87372,21372,86773,801
74,27875,21376,24976, 95177,645
19,18119,17819,08319,03919,11018,900
19,31719, 59619,55819,79019,90220, 010
20,25220,46320,65920,88721,19821, 424
21,72122,08022,62123,06423,444
29, 32029,49229, 59529,72630,01430,380
30,32330,56330,93231,41231,63932,074
32,28632,55933,00533,11433, 31833,735
33,94434,46134,74235, 08235, 519
17,78217, 86417,89117,96018,03718, 222
18,09418,40918, 38518,10618,07218,134
18, 05218,11418,20918,21218, 35118,642
18,61318,67218,88618,80518, 682
36,27836,37236, 47436, 54236, 52436,758
36,95137, 25437,29337,30937,36137, 501
37,59737,94638, 30138,36438, 75839,224
39,63239,69439, 86540,27340,790
13, 56413,67313, 52713, 59913, 58913,708
13,70613,77613, 82713,78013, 80813, 865
13,96514, 25114, 40614,53114,66015,010
15,35015, 51415, 55415, 77215, 868
5,6755,6835,7995,7535,6905,722
5,7515,8135,8715,9285,9275,968
5,9606,0066,0486,0936,1346,151
6,1776,2506,2986,3236,416
17,03917,01617,14817,19017,24517, 328
17,49417,66517,59517,60117,62617,668
17,67217,68917,84717,74017,96418,063
18,10517,93018,01318,17818, 506
i Monthly average for year and total for month.> Book value, seasonally adjusted, end of period, except as noted.3 Data prior to 1961 not completely comparable with later data. See Department of Commerce, Bureau of the Census,
"Series M3-1.1," September 1968.« Based on seasonally adjusted data through November.
Source: Department of Commerce, Bureau of the Census.
298
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-43.—Manvjacturers* new and unfilled orders, 1947-73
[Amounts in millions of dollars]
Year or month
New ordersl
Total
Durable goodsindustries
Total
Capitalgoodsindus-tries,non-
defense
Non-dura-ble
goodsindus-tries
Unfilled orders 2
Total
Dura-ble
goodsindus-tries
Non-dura-
blegoodsindus-tries
Unfilled orders-shipments ratio 3
Total
Dura-ble
goodsindus-tries
Non-dura-ble
goodsindus-tries
1947..1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..1961«1962..1963..1964..
1965.1966..1967..1968..1969.
1970..1971..1972.1973»
1972: Jan... .Feb. . .Mar. . .A p r . . .May.. .June..
Ju ly . . .A u g . . .Sept...Oct. . . .Nov. . .Dec. . .
1973: J a n . . .Feb.. .Mar...
May"."June..
July...Aug. . .Sept..Oct....NOVJ>_.Dec »..
15,25617,69315,614
20,11023,90723,20423,58622,335
27,46528,36827, 55926,90330,672
30,11531,08633,00535,32237,952
41, 80345,94446,76350,24353,646
52,06355,73263,51474,605
6,3888,1266,633
10,16512,84112,06112,14710, 768
14,99615,36514, 11113,17115, 948
15, 22315,69917,02518,52120,258
22,98625,72025,52627,66629, 549
27,43129,75134,86742,073
6,9717,694
7,0217,3398,98311,016
8,8689,5668,981
9,94511,06611,14311, 43911,566
12, 46913,00313,44813, 73314,724
14,89315,38715,98016,80117,694
18,81720, 22421,23822, 57724,097
24,63225,98128,64832, 531
34,47330,73624,045
41,45667,26675,85761,17848,266
60,00467,37553,18348,88254,494
46,13348,39547,30750,94058,506
68,14681,02984,99484,17785,286
75,58573,28286,020114,324
28,57926,61919,622
35,43563,39472,68058,63745,250
56,24163,88050,35245,73950,654
43,40145,24144,48547,95855,623
64,92077,96481,90481, 24082,334
72, 59970,15281,986
109,606
5,8944,1174,423
6,0213,8723,1772,5413,016
3,7633,4952,8313,1433,840
2,7323,1542,8222,9822,883
3,2263,0653,0902,9372,952
2,9863,1304,0344,718
3.42
3.633,873.352.602.85
2.582.522.462.402.49
2.622.932.812.712.59
2.392.152.182.53
Seasonally adjusted
59,73959,54460,26061,74762,05163,817
61,48664,80966,62066,35567, 72668,908
70,01671,02272,80673,32574,53575,361
75,14576,11375,12977,75879, 441
32,15632, 03932,45333,80333,99235,396
33,20735,77237, 29237,12737,46238, 325
39,21839,76541,02141,34142, 44943,016
42,69742, 68942, 25944,03744,31541,655
7,8958,1528,3048,7008,9328,981
8,9548,8999,7279,6259,6999,991
10,27710,10510,57210,61910,91911,415
11,40411, 03211, 26711, 59511,97012,176
27, 58327, 50527,80727,94428,05928,421
28,27929,03729,32829,22830,26430, 583
30,79831,25731,78531,98432,08632,345
73,95974,38374,73875, 59976, 37878,900
79,33980,46282, 57983,48384, 21686,020
87,63589,41292,49995, 35498, 602102,355
32,448 104,24633,424 107,34432,870 j 109, 41033,721 jlll,89735,126 114,324
70, 75271,03371, 29872,09872, 84975,326
75,73076,81578,85879,68380, 27581,986
83,43185,07488,03190,71993,88297,647
99, 560102,621104, 716107,185109,606110,619
3,2073,3503,4403,5013,5293,574
3,6093,6473,7213,8003,9414,034
4,2044,3384,4684,6354,7204,708
4,6864,7234,6944,7124,718
2.132.142.122.102.112.18
2.172.142.182.152.132.18
2.172.182.252.282.322.41
2.412.512.572.522.53
4.12
4.274.554.003.493.44
3.213.012.952.892.99
3.123.513.383.273.13
2.902.592.593.00
2.572.582.552.522.522.62
2.612.562.602.552.532.59
2.572.582.662.702.752.85
2.842.983.022.973.00
0.96
1.121.04.85.55
.63
.72
.65
.63
.57
.60
.56
.52
.47
.45
.45
.44
.52
.54
0.45.46.47.48.48.48
.48
.48
.49
.50
.51
.52
.53
.54
.55
.57
.57
.57
.57
.57
.60
.56
.54
1 Monthly average for year and total for month.3 Seasonally adjusted, end of period.3 Ratio of unfilled orders at end of period to shipments for period; excludes industries with no unfilled orders. Annual
figures relate to seasonally adjusted data for December, except as noted.* Data prior to 1961 not completely comparable with later data. Comparable data for new orders (total, durable, and
nondurable) are available for 1958,1959, and 1960 only. See Department of Commerce, Bureau of the Census, "SeriesM3-1.1," September 1968, for these data.
« Based on seasonally adjusted data through November.
Source: Department of Commerce, Bureau of the Census.
299
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES
TABLE C-44.—Consumer price indexes by expenditure classes, 1929-73
For urban wage earners and clerical workers
[1967 = 100]
Year or month
1929
1933-.
1939
19401941194219431944..19451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973
1972: J a n . . .FebMar..AprMayJune-
JulyAugSept. .Oct .Nov.Dec
1973: Jan.Feb. . .MarAprMayJune
July. . .AugSeptOctNovDec.
Allitems
51.3
38.8
41.6
42.044 148 851.852.753 958 566.972.171.4
72.177.879.580.180.580.281.484.386 687.3
88.789.690.691 792 994.597.2
100 0104 2109.8
116.3121 3125.3.133.1
123.2123 8124.0124.3124.7125.0
125.5125.7126.2126.6126.9127.3
127.7128.6129 8130.7131.5132.4
132.7135.1135.5136.6137.6138.5
Food
48.3
30.6
34.6
35.238.445.150.349.650 758.170.676.673.5
74.582.884.383.082.881.682.284.988.587.1
88.089. i89.991 292.494.499.1
100.0103.6108.9
114.9118.4123.5141.4
120.3122.2122.4122.4122 3123.0
124.2124.6124.8124.9125.4126.0
128.6131.1134 5136.5137.9139.8
140.9149.4148.3148.4150.0151.3
Housing
Total
52.2
52.453 756 256.858.159 160 665.269.870.9
72.877.278.780 881.782.383.686.287 788.6
90 290.991.792 793 894.997.2
100 0104 2110.8
118.9124 3129.2135.0
127.3127 6127.9128.2128 5129.0
129 5129.9130.2130.4130 8131.2
131.5132.0132 4132 8133.3133.9
134.2135.2136 6138 1139.4140.5
Rent
76.0
54.1
56.0
56.257 258 558.558.658 859 261.165.168.0
70.473.276.280 383.284.385.987.589 190.4
91 792 994.095 095 996 998.2
100 0102.4105.7
110.1115 2119.2124.2
117.5117.8118.0118.4118.6119.0
119.2119.6119.9120.3120.5121.0
121.8122.3122 8123.2123.7124.0
124.4125.0125 4125 9126.3126.9
Appareland
upkeep
48.5
36.9
42.4
42.844 852.354.658.561 567.578.283.380.1
79.086.185.384 684.584.185.887.387 588.2
89 690.490.991 992 793.796.1
100 0105.4111.5
116.1119 8122.3126.8
120.2120 7121.3121.8122 5122.1
121 1120 8123.1124.3125 0125.0
123.0123.6124 8125 8126.7126.8
125.8126.5128.3129.6130.5130.5
Trans-porta-tion
43.0
42.744 248 147.947.947 850 355.561.866.4
68 272.577.379 578.377.478.883.386 089.6
89 690.692.593 094 395.997.2
100 0103 2107.2
112.7118 6119.9123.8
118.9118.3118.4118.6119.5119.8
120.2120.5121.0121.2121.4121.3
121.0121.1121 5122 6123.5124.6
124.8124.5123.9125.0125.8126.7
Medicalcare
36.7
36.837 038.039.941.142 144 448.151.152.7
53.756.359.361 463.464.867.269.973 276.4
79 181.483.585 687.389.593.4
100.0106.1113.4
120.6128.4132.5137.7
130.5131.0131.4131.7132.0132.4
132.7132.9133.1133.9134.1134.4
134.9135.3135 8136.2136.6137.0
137.3137.6138.3140.6140.9141.4
Personalcare
40.3
40.241 245 249.953.455 159 066.068.568.3
68.374.775.676.376.677.981.184.186 988.7
90.190.692.293 494.595.297.1
100.0104.2109.3
113.2116.8119.8125.2
118.1118.4118.7119.1119.7120.0
120.0120.2120.5120.8121.0121.5
121.8122.4123.1123.8124.4124.9
125.3125.7126.3127.3128.1129.2
Readingand
recrea-tion
45.3
46.147 750 054.160.062 464.568.772.274.9
74.476.676.977.776.976.777.880.783.985.3
87.389.391.392.895.095.997.5
100.0104.7108.7
113.4119.3122.8125.9
121.4121.5121.7122.3122.5122.9
123.0123.0123.7124.0124.1124.0
124.1124.3124.5125.2125.6125.9
126.2126.1126.8127.2127.5127.6
Othergoodsand
services
46.9
48.349 250 753.354.756 958 863.866.868.7
69 972.876.678 579.879.881.083.384 486.1
87 888 589.190 692 094.297.2
100.0104.6109.1
116.0120.9125.5129.0
123.5124.3124.6125.1125.4125.6
125.8126.0126.2126.4126.4126.5
126.7127.1127.6128.2128.5129.0
129.5129.4129.9130.3130.8131.3
Source: Department of Labor, Bureau of Labor Statistics.
300
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O45.—Consumer price indexes by commodity and service groups, 1939-73
For urban wage earners and clerical workers
[1967=100)
Year ormonth
Allitems
Commodities
Allcom-modi-ties
Food
Commodities less food
All Dura-ble
Non-dura-
ble
Services
All RentServ-iceslessrent
Special indexes
Allitemslessfood
Allitemsless
shel-ter
Non-dura-
blecom-mod-ities
1939 _.
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973
1972: JanFebMarAprMayJune
JulyAugSeptOctNovDec
1973: JanFebM a r . . . . .AprMayJune
JulyAugSeptOctNovDec
41.6
42.044.148.851.852.753.958.566.972.171.4
72.177.879.580.180.580.281.484.386.687.3
88.789.690.691.792.994.597.2
100.0104.2109.8
116.3121.3125.3133.1
123.2123.8124.0124.3124.7125.0
125.5125.7126.2126.6126.9127.3
127.7128.6129.8130.7131.5132.4
132.7135.1135.5136.6137.6138.5
40.2
40.643.349.654.054.756.362.475.080.478.3
78.885.987.086.785.985.185.988.690.690.7
91.592.092.893.694.695.798.2
100.0103.7108.4
113.5117.4120.9129.9
118.7119.4119.7119.9120.3120.7
121.2121.4122.0122.3122.7122.9
123.4124.5126.1127.4128.3129.4
129.7132.8132.8133.5134.7135.7
34.6
35.238.445.150.349.650.758.170.676.673.5
74.582.884.383.082.881.682.284.988.587.1
88.089.189.991.292.494.499.1
100.0103.6108.9
114.9118.4123.5141.4
120.3122.2122.4122.4122.3123.0
124.2124.6124.8124.9125.4126.0
128.6131.1134.5136.5137.9139.8
140.9149.4148.3148.4150.0151.3
47.7
48.050.456.058.461.664.168.176.882.781.5
81.487.588.388.587.586.987.890.591.592.7
93.193.494.194.895.696.297.5
100.0103.7108.1
112.5116.8119.4123.5
117.7117.8118.2118.5119.2119.4
119.4119.5120.3120.8121.0121.1
120.5120.9121.5122.3123.0123.7
123.5123.8124.3125.4126.3127.1
48.5
48.151.458.460.365.970.974.180.386.287.4
88.495.196.495.793.391.591.594.495.997.3
96.796.697.697.998.898.498.5
100.0103.1107.0
111.8116.5118.9121.9
117.3117.1117.3117.7118.4119.2
119.6119.7119.8120.1120.3120.3
119.9119.9120.2121.0121.8122.3
122.4122.6122.6123.2123.3123.2
44.3
44.746.751.653.856.658.662.972.277.876.3
76.282.082.483.183.583.585.387.688.289.3
90.791.291.892.793.594.8.97.0
100.0104.1108.8
113.1117.0119.8124.8
118.1118.4118.9119.1119.7119.5
119.3119.4120.8121.3121.7121.7
120.9121.6122.4123.3124.0124.7
124.4124.7125.5127.0128.5130.0
43.5
43.644.245.646.447.548.249.151.154.356.9
58.761.864.567.369.570.972.775.678.580.8
83.585.286.888.590.292.295.8
100.0105.2112.5
121.6128.4133.3139.1
131.5131.8132.1132.4132.7133.1
133.5133.8134.1134.6134.9135.4
135.7136.2136.6137.1137.6138.1
138.4139.3140.6142.2143.0143.8
56.0
56.257.258.558.558.658.859.261.165.168.0
70.473.276.280.383.284.385.987.589.190.4
91.792.994.095.095.996.998.2
100.0102.4105.7
110.1115.2119.2124.2
117.5117.8118.0118.4118.6119.0
119.2119.6119.9120.3120.5121.0
121.8122.3122.8123.2123.7124.0
124.4125.0125.4125.9126.3126.9
38.1
38.138.640.342.144.245.146.749.051.954.5
56.059.362.264.866.768.270.173.376.479.0
81.983.985.587.389.291.595.3
100.0105.7113.8
123.7130.8135.9141.8
134.1134.4134.6135.0135.3135.7
136.1136.4136.7137.2137.6138.0
138.3138.7139.2139.6140.1140.7
141.0141.9143.4145.2146.1146.9
47.2
47.348.752.153.655.756.959.464.969.670.3
71.175.777.579.079.579.781.183.885.787.3
89.790.892.093.294.596.7
100.0104.4110.1
116.7122.1125.8130.7
124.0124.2124.5124.9125.4125.7
125.9126.1126.7127.1127.4127.6
127.5127.9128.4129.1129.7130.3
130.4130.9131.8133.1134.0134.7
39.7
39.942.447.751.352.253.659.068.573.972.6
73.179.280.881.081.080.681.784.486.987.6
89.990.992.193.294.697.4
100.0104.1109.0
114.4119.3122.9131.1
120.9121.5121.8122.0122.4122.7
123.1123.2123.8124.2124.6124.8
125.3126.4127.8128.9129.7130.6
131.0133.5133.6134.5135.6136.5
38.4
38.941.647.651.852.253.759.671.977.274.9
75.482.583.483.283.2$2.583.786.388.688.2
89.490.290.992.093.094.698.1
100.0103.9108.9
114.0117.7121.7132.8
119.2120.3120.6120.7121.0121.2
121.7122.0122.8123.1123.5123.8
124.7126.2128.3129.7130.7132.0
132.4136.6136.5137.4138.9140.3
Source: Department of Labor, Bureau of Labor Statistics.
301527-867 O - 74 - 20
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—46.—Consumer price indexes, selected commodities and services, 1939—73
For urban wage earners and clerical workers[1967=1001
Year or month
1939
194019411942 .1943194419451946 . . . .194719481949
195019511952195319541955195619571958 . .1959
1960196119621963196419651966196719681969
1970197119721973
1972: JanFebMar
MayJune
JulyAugSeptOct.NovDec
1973: JanFebMarAprMayJune
JulyAugSeptOctNov. .Dec
Durable commodities
Total i
48.5
48.151.458.460.365.970.974.180.386.287.4
88.495.196.495.793.391.591.594.495.997.3
96.796.697.697.998.898.498.5
100.0103.1107.0
111.8116.5118.9121.9
117.3117.1117.3117.7118.4119.2
119.6119.7119.8120.1120.3120.3
119.9119.9120.2121.0121.8122.3
122.4122.6122.6123.2123.3123.2
Newcars
43.2
43.346.6
69.275.682.8
83.487.494.995.894.390.993.598.4
101.5105.9
104.5104.5104.1103.5103.2100.999.1
100.0102.8104.4
107.6112.0111.0111.1
112.2111.9111.7111.7111.4111.3
111.0110.6109.6110.1110.2110.6
111.1111.0110.8111.1111.1111.0
110.9110.6109.1111.9112.2112.0
Usedcars
89.275.971.869.177.480.289.5
83.686.994.896.0
100.199.497.0
100.0(3)
103.1
104.3110.2110.5117.6
105.3103.0103.9106.4110.0112.0
112.7112.4113.6115.2116.0115.0
112.8112.4113.7117.3120.6122.3
122.7121.3120.3118.5116.1112.6
House-holddura-bles
56.6
55.959.866.969.576.081.886.595.6
101.799.0
100.2109.8106.9105.7102.9100.199.7
101.4102.1102.0
101.9100.7100.6100.3100.298.798.6
100.0103.3107.4
110.2112.9115.0118.8
113.7113.6114.1114.4114.8115.1
115.3115.4115.6115.8116.0116.2
116.1116.3116.9117.7118.5119.2
119.4119.6120.1120.4120.8121.0
Nondurable commod-ities less food
Total
44.3
44.746.751.653.856.658.662.972 277.876.3
76.282.082.483.183.583 585.387.688.289.3
90.791.291.892.793.594.897.0
100.0104.1108.8
113.1117.0119.8124.8
118.1118.4118.9119.1119.7119.5
119.3119.4120.8121.3121.7121.7
120.9121.6122.4123.3124.0124.7
124.4124.7125.5127.0128.5130.0
Ap-parelcom-mod-ities
43.0
43.545.853.555.959.863.069.580 485.482.0
81.188.787.786.786.385 887 388.288.289.0
90.390.891.292 092.893.696.0
100.0105 6111.9
116 5120.1122.7127.1
120.3120 9121.6122.1122.9122.4
121.3120.9123.5124.9125.6125.5
123.1123.8125.2126.2127.2127.2
126.0126.6128.7130.0130.8130.7
Non-dura-bleslessfoodand
apparel
46.3
46.848.451.153 254.755.858.266 272.372 4
72.977.579 081 081.882 184 187 488 389.6
90 991.392.193 193.995.597.5
100.0103 3107.0
111 2115.2118.2123.4
116.8117 0117.3117.4117.9117.9
118.2118.6119.3119.3119.4119.5
119.7120.4120.8121.7122.2123.3
123.5123.6123.8125.3127.3129.6
Services less rent
Total
38.1
38.138.640.342.144.245.146.749.051.954.5
56.059.362.264.866.768.270.173.376.479.0
81.983.985.587.389.291.595.3
100.0105.7113.8
123.7130.8135.9141.8
134.1134.4134.6135.0135.3135.7
136.1136.4136.7137.2137.6138.0
138.3138.7139.2139.6140.1140.7
141.0141.9143.4145.2146.1146.9
House-holdserv-iceslessrent
71.275.479.481.6
85.086.087.189.090.492.195.7
100.0105.9115.3
126.8132.6139.2146.8
136.9137.3137.6138.0138.4138.8
139.5140.0140.3140.7141.3141.9
142.3142.8143.2143.6144.2144.9
145.3146.8149.3151.7153.2154.2
Trans-porta-tionserv-ices
36.1
36.136.338.238 238.238.239.040 344.950 0
53.358.362.466.469.269.470.573.878.581.2
83.385.386.687.589.692.996.8
100.0104 0111.3
123.1133.0136.0136.9
135.6135.6135.4135.6135.8136.0
136.3136.3136.3136.2136.3136.4
136.0136.1136.3136.5136.6137.0
137.0137.1137.2137.4137.4138.1
Med-icalcareserv-ices
32.5
32.532.733.735.436.937.940.143 546.448.1
49.251.755.057.058.760 462.865.568.772.0
74.977.780.282.684.687.392.0
100.0107.3116.0
124.2133.3138.2144.3
135.8136.4136.9137.3137.6138.0
138.4138.6138.9139.9140.1140.5
141.0141.5142.2142.7143.1143.6
143.9144.3145.1147.8148.2148.7
Other*
71.173.976.278.0
80.883.485.687.790.192.696.2
100.0105.6110.6
116.7122.5125.8131.6
124.3124.5124.7125.1125.3125.6
125.8125.9126.7127.0127.4127.7
128.1128.6129.2129.9130.6131.3
131.7132.1133.3134.0134.8135.3
i Includes certain items not shown separately.3 Includes the services components of apparel, personal care, reading and recreation, and other goods and services.> Not available.Source: Department of Labor, Bureau of Labor Statistics.
302
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—47.—Consumer price indexes, seasonally adjusted, 1970—73
For urban wage earners and clerical workers
11967=100, seasonally adjusted]
Year and month
1970: Jan...Feb...Mar..Apr...May..June..
July..Aug...Sept..Oct...Nov...Dec...
1971: Jan...Feb...Mar-Apr...May..June..
July..Aug...Sept..Oct...Nov...Dec...
1972: JanFebMarAprMayJune
JulyAugSeptOctNovDec
1973: JanFebMarAprMayJune
JulyAugSept . . . -OctNovDec
Special indexes
Allitemslessfood
Allitemsless
shelter
113.4114.1114.7115.4116.0116.5
117.0117.3118.0118.7119.4120.1
120.4120.6120.7120.9121.6122.2
122.4122.8123.1123.3123.5123.8
124.1124.4124.6124.9125.4125.6
125.9126.2126.7126.8127.1127.5
127.6128.2128.5129.1129.7130.2
130.4131.0131.8132.8133.7134.6
112.2112.6112.8113.5113.9114.2
114.6114.9115.4116.0116.4116.8
117.2117.6118.0118.5119.1119.6
119.8120.2120.2120.3120.5120.9
121.1121.6121.8121.9122.3122.5
122.9123.2123.8124.2124.7124.8
125.6126.5127.8128.8129.6130.3
130.133.5133.6134.5135.7136.5
Allitemsless
med-ical
113.2113.8114.4115.0115.6115.9
116.3116.7117.2117.9118.3118.8
119.0119.2119.5119.8120.4121.0
121.3121.6121.7122.0122.2122.6
123.0123.5123.7123.9124.3124.5
125.0125.3125.9126.2126.6126.8
127.6128.3129.6130.5131.3132.
132.4135.0135.4136.4137.5138.3
Commodity groups
Allcom-mod-ities
111.4111.9112.1112.6113.1113.3
113.6113.7114.2114.7115.1115.6
115.7115.7116.2116.6117.2117.7
117.9118.1118.1118.3118.5118.9
119.1119.6119.8119.9120.3120.5
121.0121.3122.0122.3122.7122.8
123.8124.7126.2127.4128.3129.1
129.4132.7132.8133.5134.7135.6
Food
113.6114.3114.3114.6115.0114.9
115.0115.1115.6115.8115.7115.6
115.7116.1117.1117.7118.2118.8
119.0119.3119.0119.3119.8120.5
120.5122.4122.4122.3122.3122.5
123.3123.9124.8125.5126.4126.3
128.9131.4134.5136.4137.9139.2
139.9148.5148.3149.1151.2151.6
Commodities lessfood
Total
110.3110.6110.8111.5111.9112.4
112.6112.9113.4114.0114.6115.3
115.5115.5115.7115.9116.5116.9
117.1117.5117.4117.5117.6117.7
118.1118.2118.6118.6119.1119.2
119.5119.9120.3120.3120.5120.7
120.9121.3121.9122.4122.9123.5
123.6124.2124.3124.9125.8126.
Dur-able
109.1109.3109.8110.3111.0111.6
111.8112.2113.0113.7114.2115.1
115.2115.3115.7115.9116.5116.9
117.1116.9116.9116.9116.9117.1
117.3117.6117.9118.1118.3118.7
119.2119.7120.3119.9119.9120.1
119.9120.4120.8121.4121.7121.8
122.0122.6123.1123.0122.9123.0
Non-dur-able
111.0111.5111.7112.4112.7112.9
113.3113.5113.9114.4114.8115.4
115.6115.7115.9116.1116.6116.9
117.1117.7118.0118.1118.1118.3
118; 5118.8119.1119.2119.6119.5
119.8119.9120.4120.7121.1121.2
121.3122.0122.6123.4123.9124.7
124.9125.2125.1126.4127.9129.5
Selected expenditure classes
Shel-ter
118.4119.6121.2122.0122.8123.6
124.0124.8125.8126.4127.0127.8
128.0127.6126.7126.6127.5128.4
128.8129.4129.9130.5131.2131.5
132.4132.9132.8133.1133.8134.2
135.0135.4135.6135.9136.1136.7
137.0137.7137.7138.1139.0139.5
139.7141.0142.8144.6145.5146.3
Fuelandutili-ties
105.0105.2105.8106.4106.7106.8
107.6108.1108.7109.6110.6111.2
112.0112.9113.5113.8114.3114.8
115.6116.1116.3116.6116.3117.5
118.3118.8118.9119.2119.7120.0
120.1120.3120.9121.2121.6121.9
122.7123.9124.2124.7125.3125.9
125.8126.6127.3129.2132.0135.8
Ap-parelandup-
keep
Trans-por-
tation
114.2114.6114.8115.1115.4115.9
116.1116.6117.0117.3117.8118.3
118.4118.7118.8119.2119.8120.0
120.1120.2120.4120.6120.7120.8
121.0121.3121.5121.9122.0122.0
122.0122.1122.9123.3123.6124.0
123.9124.2125.1125.9126.2126.7
126.7127.9128.0128.6129.1129.5
109.5110.0110.0111.3111.9112.4
113.2112.8113.7115.0115.9116.9
117.1117.7118.2118.3118.6119.1
119.2119.3119.4118.9118.6118.4
118; 5118.5118.9118.8119.3119.3
120.0120.5122.0120.8121.3121.2
120.6121.3122.0122.8123.3124.1
124.6124.5124.9124.6125.126.6
Med-icalcare
116.5117.2118.1118.9119.5120.4
121.2121.9122.5123.0123.8124.6
125.2125.9126.7127.2127.8128.5
129.0129.7130.1129.9130.1130.5
130.8131.1131.3131.4131.7132.3
132.4132.6132.8134.2134.5134.8
135.2135.4135.7135.9136.3136.9
137.0137.3138.0140.9141.3141.8
Source: Department of Labor, Bureau of Labor Statistics.
303
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—48.—Percent changes in consumer price indexes, major groups, 1948—73
[Percent change from preceding period i]
Year or month
19481949
19501951 . . .195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971 . _ . .19721973
1971: JulyAugSeptOctNovDec
1972: JanFebMarAprMay ,June
JulyAug . . . .SeptOctNovDec . . . .
1973: JanFebMarApr . . .MayJune
JulyAugSeptOctNovDec
All items
Un-adjusted
2.7- 1 . 8
5.85.9.9.6
- . 5
.42.93.01.81.5
1.5.7
1.21.61.2
1.93 43.04.76.1
5.53.43.48.8
. 2
. 2
. 1
.2
.2
.4
.1
.5
.2
. 2
. 3
. 2
. 4
.2
.4
.3
.2
.3
.3
.7
.9
.7
.6
.21.8.3.8.7.7
Seasonallyadjusted
0.2.4. l.2.2.3
.2
.5
.1
. 2
. 3
.1
. 4
.3
.4
.3
.3
.2
.5
.7
.9
.6
.6
.6
.21.9.3.8.8.5
Food
Un-adjusted
- 0 . 8- 3 . 7
9.67.4
- 1 . 1- 1 . 3- 1 . 6
- . 93.12.82.2
- . 8
3.1- . 91.51.91 4
3.43 91.24.37.2
2.24.34 7
20.1
.5
.2- . 8- . 2
11.1
.01.6.2. 0
—.1.6
1.0
.2
.1
.4
.5
2.11.92.6L
OO
1.4
.86.0
.11.1.9
Seasonallyadjusted
0.2. 3
- . 3.3.4.6
.01.6.0
- . 1. 0. 2
.7
.5
.7
.6
.7- . 1
2.11.92.41.41.1.9
.56.1
- . 1.5
1.4.3
Commodities less food
Un-adjusted
2 2.8
1.5
_ 36
.71.2
4
.71 93 13.74.5
4.82.32 55.0
- . 1.1. 3.5.1.0
- . 3.1.3. 3.6.2
.0
.1
.7
.4
.2
.1
- . 5.3.5.7.6.6
- . 2.2.4.9.7.6
Seasonallyadjusted
0.2. 3
- . 1.1.1.1
.3
.1
.3
. 0
.4
.1
.3
.3
.3
.0
.2
.2
.2
.3
.5
.4
.4
.5
.1
.5
.1
.5.7.7
Services2
Un-adjusted
4.52 73 7
2.71 91 72.31.8
2 64.94.06 17 4
8 24 13 66.2
. 5
. 4
. 4
33
.6
.2
.2
. 2
. 2
. 3
. 3
.2
.2
.4
.2
.4
.2
.4
.3
.4
.4
.4
.2
.7
.91.1.6.6
1 Annual changes are from December to December.8 Percent changes for services are based on unadjusted indexes since these prices have little seasonal movement.Note.—The seasonally adjusted changes for the all items index are based on seasonal adjustment factors and seasonally
adjusted indexes carried to two decimal places.
Source: Department of Labor, Bureau of Labor Statistics
304
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C~49.—Wholesale price indexes by major commodity groups, 1929-73
[1967=100]
Year or month
1929
1933
1939
1940194119421943194419451946194719481949
1950....19511952195319541955195619571958.. . . _.1959
I960...196119621963196419651966 .196719681969
1970197119721973
1972: JanFebMarApr .MayJune
July...AugSeptOctNovDec
1973: JanFebMarAprMayJune
JulyAug __ . . .Sept...OctNov . .Dec
All com-modities
49 1
34 0
39 8
40 545 150 953.353.654 662.376.582.878.7
81.891 188.687.487.687.890.793.394.694 8
94.994.594.894.594.796.699.8
100.0102.5106.5
110.4113.9119.1135.5
116.3117.3117.4117.5118.2118.8
119.7119.9120.2120.0120.7122.9
124.5126.9129.7130.7133.5136.7
134.9142.7140.2139.5141.8145.3
Farm products and processedfoods and feeds
Total
94.3101.589.6
93.9106 9102.796.095.791.290.693.798.193.5
93.793.794.793.893.297.1
103.5100.0102.4108.0
111.7113.8122.4159.1
117.4119.6119.1118.3120.0121.3
124.0123.8124.5123.3125.3132.6
137.0142.4149.0147.9154.9163.6
156.9184.5173.5166.8164.4168.0
Farmproducts
64 1
31.4
40.0
41 450 364.875.075 578.590.9
109.4117.5101.6
106.7124.2117.2106.2104.798.296.999.5
103.997.5
97.296.398.096.094.698.7
105.9100.0102.5109.1
111.0112.9125.0176.3
117.8120.7119.7119.1122.2124.0
128.0128.2128.6125.5128.8137.5
144.2150.9160.9160.6170.4182.3
173.3213.3200.4188.4184.0187.2
Proc-essedfoodsand
feeds
82.988.780.6
83.492.791.687.488.985.084.987.491.889.4
89.591.091.992.592.395.5
101.2100.0102.2107.3
112.1114.3120.8148.1
117.2118.8118.6117.7118.6119.6
121.5121.0121.8121.8123.1129.4
132.4137.0141.4139.8145.0151.8
146.5166.2156.3153.1151.9155.7
Industrial commodities
Total
48 6
37.8
43.3
44.047.350.751.552.353.058.070.876.975.3
78.086.184.184.885.086.990.893.393.695.3
95.394.894.894.795.296.498.5
100.0102.5106.0
110.0114.0117.9127.0
115.9116.5116.8117.3117.6117.9
118.1118.5118.7118.8119.1119.4
120.0121.3122.7124.4125.8126.9
126.9127.4128.1129.6133.5137.1
Textileproducts
andapparel
103.6108.198.9
102.7114.6103.4100.898.698.798.798.897.098.4
99.597.798.698.599.299.8
100.1100.0103.7106.0
107.1108.6113.6123.8
111.3112.0112.1112.6113.3113.6
114.0114.1114.3114.8115.1115.6
116.6117.4119.0120.8122.3123.7
124.2125.2126.8128.5130.0131.4
Hides,skins,
leather,and
relatedproducts
48 9
36.3
42.8
45.248.452.852.752.252 961.183.384.279.9
86.399.180.181.377.677.381.982.082.994.2
90.891.792.790.090.394.3
103.4100.0103.2108.9
110.3114.0131.3143.1
117.8119.1123.0127.2129.5130.9
131.6134.6135.7139.8144.0142.2
143.9144.9143.5145.0142.2140.9
141.4143.0143.8143.8143.0141.9
Fuelsand
relatedproducts,
andpower
59 4
47.6
52.3
51.454.656 257.859.560 164.476.990.586.2
87.190.390.192.691.391.294.099.195.395.3
96.197.296.796.393.795.597.8
100.098.9
100.9
106.2114.2118.6145.5
116.0116.1116.5116.9117.5118.2
118.6119.7120.3120.6121.3121.9
122.2126.0126.7131.8135.5142.8
142.8142.9144.8150.5179.2201.3
Chemicalsand alliedproducts
47.4
51.5
52.457.063.364.164.865.270.593.795.987.6
88.9101.796.597.798.998.599.1
101.2102.0101.6
101.8100.799.197.998.399.099.4
100.099.899.9
102.2104.2104.2110.0
103.4103.5103.4104.1104.4104.3
104.2104.4104.4104.4104.7104.8
105.1105.6106.7107.7109.3110.4
110.8111.0111.5112.7113.5115.6
See next page for continuation of table and for footnotes.
305
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O49.—Wholesale price indexes by major commodity groups, 1929-73—Continued
[1967=100]
Year or month
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953 . . . . -195419551956195719581959
1960196119621963196419651966196719681969
1970 -197119721973
1972" JanFeb . .MarAprMayJune
July . . . .AugSeptOctNovDec
1973: JanFeb .MarAprMayJune .
JulyAugSeptOctNovDec
Industrial commodities—Continued
Rubberand
plasticproducts
59 4
40.2
61.2
57.161.571.673.672.770.570.870.572.870.5
85.9105.495.589.190.4
102 4103.8103.4103.3102.9
103.199.296 396.895.595.997 8
100 0103.4105. 3
108.3109 2109 3112.4
109 5109.2108.9108.7108 8108.9
109.2109.5109 5109.5109.8109.8
110.0110.1110.3110 6111.5112.6
112.9113.1112.8114.0114.8116.5
Lumberand
woodproducts
25 0
19.0
24.8
27.432.735.637.740.641.247.273.484.077.7
89.397.294.494.392.697 198.593.592.498.8
95.391.091.693.595.495 9
100.2100.0113.3125.3
113.6127.0144.3177.2
134.9137.7139.5141.1142.7144.2
146.1148.1148.5149.2149.4149.8
151.0161.0173.2182.0186.9183.1
177.8178.8181.9180.3184.7186.1
Pulp,paper,and
alliedproducts
72.575.772.4
74.388.085.785.585.587 893.695.496.497.3
98.195.296 395.695.496 298 8
100.0101.1104 0
108.2110 1113 4122.1
110 8111.6112 3112.8113 2113.5
113.7114.1114.3114.7115.0115.1
115.8116.5118.3119.8120.7122.0
122.3123.3124.4125.8127.6128.7
Metalsand
metalproducts
40 2
30.7
37.6
37.838.539.139.039.039.644.354.962.563.0
66.373.873.976.376.982.189.291.090.492.3
92.491.991 291.393.896.498.8
100.0102.6108.5
116.6119.0123.5132.8
121.4122.6123.4123.5123.6123.6
123.5123.7124.0124.1124.1124.4
125.6126.9129.2130.5131.7132.5
132.8133.7134.4135.9138.5141.8
Machin-ery andequip-ment
41.3
41.442.142.842.442.142.246.453.758.261.0
63.170.570.672.273.475.781.887.689.491.3
92.091.992.092.292.893 996.8
100.0103.2106.5
111.4115.5117.9121.7
116.5117.1117.3117.6117.9118.1
118.3118.3118.3118.4118.5118.6
118.9119.4120.0120.8121.5121.9
122.0122.3122.6123.1123.8124.6
Furni-ture andhouse-
holddurables
55 8
44.6
52.6
53.857.261.861 463 163.267.177.081.682.9
84.791.890.191.992.993 395.898.399.199.3
99.098.497 797.097.496.998.0
100.0102.8104.9
107.5109.9111.4115.2
110.2110.8110.9111.0111.1111.2
111.4111.7112.0112.0112.3112.4
112.6113.1113.5114.1115.1115.2
115.2115.9116.0116.6117.2117.5
N on me-tallic
mineralproducts
51 2
47 2
49.1
49 150.252.352 453.555.759.366 371.673.5
75.480.180 183.385.187 591.394.895.897.0
97.297.697 697.197.397.598.4
100.0103.7107.7
112.9122.4126.1130.2
124.3124.6124.8125.6125.9125.8
126.2126.7126.9127.3127.3127.4
128.2128.4129.0130.0130.5131.1
130.0130.0129.9130.9131.5132.6
Trans-portation
equip-ment:Motor
vehiclesand
equip-ment!
41 9
34 8
39.1
40 443 247.247 247 548 356.064 170.875.7
75.379.484 083.683.886 391 295.198.1
100.3
98 898.698 697.898.398 598.6
100.0102.8104.8
108.7114.7118.0119.2
117.9118.0118.0118.1118.1118.5
118.4118.5118.5116.9117.0118.4
118.2118.2118.6119.0119.1118.9
119.0119.0118.3120.0120.1121.4
Miscel-laneousproducts
73.576.578.0
79.283.983.485.686.486.587.690.292.092.2
93.093.393.794.595.295.997.7
100.0102.2105.2
109.9112.8114.6119.7
113.7114.0114.2114.1114.1114.2
114.9115.1115.2115.0115.0115.1
115.8117.1117.9118.6119.5120.2
120.9121. C121.1121.0121.3121.6
i Index for total transportation equipment is not shown but is available beginning December 1968.
Source: Department of Labor. Bureau of Labor Statistics.
306
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-50.—Wholesale price indexes by stage of processing, 1947-73
[1967=100]
Year or month
194719481949
19501951195219531954
19551956195719581959..
19601961196219631964
19651966196719681969
1970197119721973
1972: Jan...Feb.-Mar..Apr...May..June..
July..Aug..Sept..Oct...Nov..Dec...
1973:Jan...Feb...Mar...Apr._.May...June..
Ju ly . .Aug...Sept._Oct . . .Nov...Dec...
Allcom-modi-ties
76.582.878.7
81.891.188.687.487.6
87.890.793.394.694.8
94.994.594.894.594.7
96.699.8
100.0102.5106.5
110.4113.9119.1135.5
116.3117.3117.4117.5118.2118.8
119.7119.9120.2120.0120.7122.9
124.5126.9129.7130.7133.5136.7
134.9142.7140.2139.5141.8145.3
Crude materials
Total
101.2110.996.0
104.6120.1110.3101.9101.0
97.197.699.8
102.099.4
97.096.597.595.494.5
99.3105.7100.0101.6108.4
112.2115.0127.6174.0
120.2123.1123.1123.0125.5127.2
130.1130.3130.3129.2130.4138.3
143.3151.3159.0158.8167.7177.5
170.9207.5197.1185.7182.7186.4
Food-stuffsand
feed-stuffs
111.7120.8100.3
107.6124.5117.2104.9104.9
95.193.197.2
103.096.2
95.193.895.792.990.8
97.1105.9100.0101.3109.3
112.1114.2127.5179.6
119.3122.9122.0121.0124.0126.7
131.2130.7131.4129.6129.9140.7
146.4156.0166.2164.2173.7185.4
177.7226.2205.2189.2184.2185.3
Non-foodmate-rials
exceptfuel
90.6100.791.6
104.7120.7104.6100.198.2
103.8107.6106.2102.2105.8
101.4102.5102.0100.7102.4
104.5106.7100.0102.1106.9
109.8110.5121.9161.5
115.4117.3119.5121.3123.2122.7
122.6124.2122.2122.3124.7127.2
132.1138.1141.4144.6154.2161.8
155.9172.7184.7180.8180.8190.5
Fuel
66.678.778.3
77.979.479.982.779.0
78.884.489.290.391.9
92.892.692.193.292.8
93.596.3
100.0102.3106.6
122.3138.5148.7164.5
145.4145.6146.2146.9147.3147.2
147.5148.5149.1149.9154.4156.3
155.5156.3156.9160.4161.6162.6
163.0164.4169.2169.9175.0179.5
Intermediate materials, supplies, and components »
Total
72.478.375.2
78.688.185.586.086.5
88.192.094.194.395.6
95.695.094.995.295.5
96.899.2
100.0102.3105.9
109.8114.0118.7131.9
115.9116.7117.2117.7118.2118.5
118.8119.2119.7119.9120.6122.3
123.1125.1127.4128.5131.5134.3
131.9136.1133.9134.6136.4139.6
Materials and components formanufacturing
Total
72.177.874.5
78.188.584.886.286.3
88.492.694.895.296.5
96.595.394.794.995.9
97.499.3
100.0102.2105.7
110.0113.0117.0127.8
114.9115.7115.9116.4116.9117.1
117.3117.5117.7118.0118.2118.8
119.7121.1123.5125.1126.6127.8
128.1130.6130.8131.7132.8135.7
Materials
Forfood
manu-factur-
ing
94.096.983.3
86.796.692.993.092.2
89.389.791.393.490.0
91.194.092.096.695.2
97.6101.9100.0101.5107.1
112.9116.2119.9146.0
117.9119.4118.6117.8118.5119.2
120.1119.8120.3121.2120.9125.1
126.9130.8136.0136.4138.1142.6
143.3163.5157.6158.7156.0162.6
Fornon-
durablemanu-factur-
ing
95.2100.891.9
96.5111.8100.699.898.2
98.6100.1101.4100.4102.1
102.199.999.398.499.1
100.0100.8100.0101.3102.4
104.0105.6109.4121.5
107.0107.4107.5108.7109.3109.6
109.7110.0110.2110.7111.3111.8
112.6113.8115.7117.9120.0121.9
122.7123.6125.1126.3127.6130.2
Fordurablemanu-factur-
ing
54.461.463.1
66.774.174.377.679.3
83.388.591.492.094.2
94.393.092.993.094.8
96.898.6
100.0103.3109.1
115.1118.8123.8133.7
121.5122.7123.3123.7123.9123.8
123.8124.3124.6124.6124.6124.7
125.9127.7130.9132.7134.0134.3
134.1134.5135.0135.9137.8141.7
Com-ponents
58.363.064.2
66.675.675.777.177.5
80.988.391.892.593.6
93.192.291.591.592.3
93.897.1
100.0102.3105.6
111.1114.7117.6121.4
116.0116.5116.6117.0117.6118.0
118.1118.2118.1118.1118.2118.2
118.5118.8119.6120.1121.0121.3
121.6122.0122.3122.9123.8124.5
Mate-rialsand
com-ponentsfor con-struc-tion
66.073.173.2
77.084.383.785.185.5
88.993.594.094.096.6
95.994.694.294.595.4
96.298.8
100.0104.9110.7
112.6119.5126.2136.7
123.1124.2124.9125.5125.9126.3
126.7127.2127.4127.7127.8127.9
128.6130.9134.2136.8138.5137.9
136.7137.3138.3138.7140.7142.0
See next page for continuation of table and for footnotes.
307
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C~50.—Wholesale price indexes by stage of processing, 1947-73—Continued
[1967=100]
Year or month
Finished goods
Total
Consumer finished goods
Total Foods
Othernon-
durablegoods
Dur-able
goods
Special groups of industrialproducts
Pro-ducer
finishedgoods
Crudemate-rials 2
Inter-mediate
materials,supplies,and com-ponents 3
Con-sumerfinishedgoods
excludingfoods
1947..1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..
1965..1966..1967..1968..1969..
1970..1971..1972..1973_
1972:Jan..Feb_.Mar_.Apr . .May..June_
July..Aug. .Sept..Oct...Nov..D e c .
1973:Jan.. .Feb. .Mar. .Apr . .May..June.
July..Aug. .Sept..Oct...Nov .D e c .
74.079.977.6
79.086.586.085.185.3
85.587.991.193.293.0
93.793.794.093.794.1
95.798.8
100.0102.9106.6
110.4113.5117.2129.5
115.5116.3116.1115.8116.4116.9
117.8117.9118.2117.6118.3119.5
121.0122.5124.6125.6126.8128.7
128.8132.9132.2132.8136.8140.7
80.586.582.5
83.991.890.789.289.1
88.589.892.494.493.6
94.594.394.694.194.3
96.199.4
100.0102.7106.6
109.9112.7116.6131.2
114.7115.6115.2114.8115.5116.1
117.3117.4117.7117.1117.9119.3
121.2122.9125.5126.6127.9130.2
130.4135.4134.5135.0139.9144.7
82.890.483.1
84.795.294.389.488.7
86.586.389.394.590.1
92.191.792.591.491.9
95.4101.6100.0103.7110.0
113.4115.2121.7146.4
118.7120.6119.4118.0119.5120.7
123.3123.1123.6122.3124.1127.1
131.8134.1140.2140.7141.9145.0
145.4158.6156.1153.6153.7155.7
80.785.882.3
83.690.087.888.688.9
89.491.193.292.694.0
94.794.794.895.194.8
95.997.8
100.0102.2105.0
108.2111.3113.6125.9
112.0112.1112.4112.7113.1113.5
113.8114.2114.5114.7115.0115.2
115.4117.4117.8119.8121.6124.7
124.5124.5124.8128.2140.9151.1
74.679.781.8
82.788.288.989.690.3
91.294.397.198.499.6
99.298.898.397.898.2
97.998.5
100.0102.2104.0
107.1110.9113.2115.8
112.9113.2113.1113.2113.1113.2
113.5113.6113.7112.7112.8113.7
113.8114.0114.5115.3115.7115.9
116.1116.3115.8116.7117.0117.9
55.460.463.4
64.971.272.473.674.5
76.782.487.589.891.5
91.791.892.292.493.3
94.496.8
100.0103.5106.9
111.9116.6119.5123.5
118.4118.8119.0119.3119.4119.6
119.7119.8119.9119.7119.9120.3
120.6121.2121.7122.3123.1123.4
123.5123.9124.2125.1125.7126.7
79.292.584.0
93.6102.993.192.488.0
96.6102.3100.996.9
102.3
98.397.295.694.397.1
100.9104.5100.0102.0110.6
118.8122.7131.1155.2
125.6127.0129.1129.3129.9129.8
130.2132.3132.6133.8136.3136.8
139.1142.3142.5146.8149.6152.8
153.5156.0161.0164.7174.2179.8
70.076.174.2
77.787.084.385.385.7
88.392.695.094.896.4
96.895.595.395.095.6
96.998.9
100.0102.6106.1
110.0114.3118.9128.4
116.4117.2117.6118.2118.6119.0
119.2119.5119.8120.1120.3120.5
121.2122.6124.8126.6128.0128.9
128.7129.5130.3131.2133.5135.9
79.084.082.2
83.589.588.389.189.4
90.192.394.694.795.9
96.396.296.096.095.9
96.698.1
100.0102.1104.6
107.7111.2113.5121.9
112.3112.5112.7112.9113.1113.4
113.7114.0114.2113.9114.1114.6
114.8116.0116.5118.0119.3121.3
121.2121.3121.3123.7131.6138.2
1 Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.2 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and leaf tobacco.3 Excludes intermediate materials for food manufacturing and manufactured animal feeds.
Note.—For a listing of the commodities included in each sector, see monthly report, "Wholesale Prices and PriceI ndexes," January-February 1967.
Source: Department of Labor, Bureau of Labor Statistics.
308
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-51.—Percent changes in wholesale price indexes, major groups, 1948-73
[Percent change from preceding period l\
Yearor
month
19481949
1950.,1951195219531954
1955195619571958 . . . .1959
I9601961196219631964
1965196619671968 . .1969
1970 .197119721973
1971: JulyAugSeptOct...NovDec
1972: JanFebMarAprMay. . . .June
July . . . .AugSept . . . .OctNov . .Dec
1973:JanFebMarAprMayJune
July.. . . .AugS e p t . . . .OctNovDec
Allcommodities
Unad-usted
1.5- 6 . 1
14.71.2
- 3 . 45
- 6
1.64.52.0
- . 3
.5- . 2
.0- . 1
.4
3.41.71.02.84 8
2.24 06.5
18.2
.3
.3- . 3- . 1
.1
.8
.89
.1
.1
.6
.8
.2
.3- . 2
.61.8
1.31.92.2.8
2.12.4
- 1 . 35.8
- 1 . 8- . 51.62.5
Sea-sonally
ad-justed
0.2
_". 2.1.1.6
.45
.2
.3
'.4
.7
.6
.5
o.71.5
.91.62.31 02.02.3
- 1 . 46.2
- 1 . 5- . 31.82.2
Industrialcommodities
Unad-justed
5.0- 5 . 0
14.0,4
- 1 . 41 4,2
4.34 21.1.9
1 2
- . 6- . 1- . 2
.5
.6
1.42.21 92.73 9
3.63 23.6
14.8
.5
.5- . 1
.0- . 1
.3
.55
.3
.4.3
.3
.2
.3
.21
.3
.3
.51.11.21 41.1.9
.0
.4
.51.23.02.7
Sea-sonally
ad-justed
0.6
"o_ l
.1
.3
.34
.34.3
.4
.2
.3
.31
.4
.2
.31.01.21 31.21.0
.1
.4
.71.13.22.6
Farm productsand processed
foods and feeds
Unad-j usted
- 6 . 8- 8 . 9
17.03.5
-8.2- 2 3- 2 6
- 6 . 46.04.2
- . 2- 4 4
3.9- . 6
6- 2 . 1
.0
9.5.2
- 1 83.57 5
- 1 46.0
14.426.7
- . 3- . 3
- 1 4.0.5
2.0
1.31 9
- . 4- . 71.41.1
2.2- . 2
.6- 1 0
1.65.8
3.33.94.6
- 74.75.6
- 4 . 117.6
- 6 . 0- 3 . 9- 1 . 4
2.2
Sea-sonally
ad-justed
- 1 . 01.2
_ 98
.31.5
.59
.01
.8
.5
1.71.31.4
- 31.65.0
2.63.05.0
14.15.0
- 4 . 619.3
- 5 . 2- 3 . 3- 1 . 5
1.4
Consumer finished goods
Total
Unad-justed
1.2- 5 . 6
10.22.7
- 3 . 1- . 1- . 6
- . 13.13.0.2
- . 7
2.1- . 8
.1- . 4
.2
4.01.61.23.14 9
1.43.34.5
21.3
- . 1.3
- . 5.2.2
1.0
.4
.8- . 3- . 3
.6
.5
1.0.1.3
- . 5.7
1.2
1.61.42.1.9
1.01.8
.23.8
- . 7.4
3.63.4
Sea-sonally
ad-justed
- 0 . 51.0
- . 6.7.1.6
.2
.7- . 3
.1
.3
.3
.6
.7
.3
.0
.8
1.41.22.21.4.7
1.6
- . 24.5
- . 6.9
3.53.0
Foods
Unad-justed
- 2 . 4- 7 . 4
13.35.3
- 5 . 9- 2 . 2- 1 . 9
- 2 . 93.65.3.4
- 3 . 7
5.2- 1 . 8
- 1 . 3.4
9.11.4
- . 44.88.2
- 2 . 55 98.0
22.5
- . 7.4
- 1 . 0.1.6
1.7
.81.6
- 1 . 0- 1 . 2
1.31.0
2.2- . 2
.4- 1 . 1
1.52.4
3.71.74.5.4.9
2.2
.39.1
- 1 . 6- 1 . 6
.11.3
Sea-sonally
ad-justed
- 1 . 72.1
- 1 . 31.9
- . 1.9
.31.6
- 1 . 0- . 2
.7
.5
1.11.4.3
.81.6
3.11.84.51.4
L7
- . 810.8
- 1 . 7
- ! 6.5
All exceptfoods
Unad-justed
4.0- 4 . 5
8.2.9
- 1 . 11.6.3
1.72.51.7.2.8
.4- . 3- . 1
.1
.1
.91.72.12.02.9
3.91.82.2
20.6
.4
.1
.3
.0
.4
.2
.2
.2
.2
.2
.3
.3
.3
.2- . 3
.2
.4
.21.0
.41.31.11.7
- . 1.1.0
2.06.45.0
Sea-sonally
ad-justed
0.4
- ' . 1.0.1.4
.1
.'3
.3\l
.2
.4
.4- . 4
.3
.3
.11.1.5
1.41.11.6
- . 2
.*21.86.54.9
i Annual changes are from December to December.Note.—The seasonally adjusted changes for all commodities and industrial commodities are based on seasonal adjust-
ment factors and seasonally adjusted indexes carried to two decimal places.
Source: Department of Labor, Bureau of Labor Statistics.
309
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY STOCK, CREDIT, AND FINANCETABLE C-52.—Money stock measures, 1947-73
[Averages of daily figures; billions of dollars, seasonally adjusted]
Year andmonth
1947: Dec1948: Dec1949: Dec
1950: Dec19*51: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957- Dec1958: Dec1959: Dec
1960: Dec . .1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec . . .1967: Dec . . . .1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec1973: D e c * . —
1972:Jan ._ .FebMarAprMayJune
JulyAugSeptOct - .NovDec
1973: JanFebMarAprMayJune
JulyAugSeptOctNovDec P
Overall measures
Mi(Currency
plusdemanddeposits)
113.1111 5111.2
116.2122.7127.4128.8132.3135.2136.9135.9141. 1143.4
144.2148.7150.9156.5163 7171.3175.4186.9201.5208.6
221 2235.2255.7270.4
235.5238 2240 5242.0242 8244.2
246.6247.9249.5251.3252 6255.7
256.7257.9258.1259.4262.4265.5
266.4266.2265.4266.5268.8270.4
M3(M lPlus
timedepositsat com-mercialbanks
other thanarge CD's)
210.9
217.1228.6242.8258.9277.1301.4317.8349.7382.4392.1
425 2473.0525.5570.7
477.3482 9487 6490.6494 1498.4
503.7507.8511.9516.6520 1525.5
529.6532.3534.6538.3543.6549.4
552.0554.9556.6561.6566.7570.7
M3(Ms plusdepositsat non-bankthrift
institu-tions)
299.4
314.4336.5362.9393.2426.3462.7485.2532.8577.1593.8
641 2726.9822.4893.2
735.2745.0753.5760.0766.5774.1
783.3791.1798.8807.2813.9822.4
830.4836.7841.7847.7855.0863.5
867.9870.9873.2879.8886.9893.2
Components and related items
Cur-rency 1
26.425.825.1
25.026.127.327.727.427.828.228.328 628.9
29.029.630.632.534.336.338.340.443.446.1
49 152.656.961.6
52.953.253 653.854.154.3
54.654.955.355.856.356.9
57.157.558.058.658.959.4
59.559.860.260.460.961.6
Deposits at commercial
De-mand2
86.785.886.0
91 296 5
100.1101.1104.9107.4108.7107.6112.6114.5
115.2119.1120.3124.1129.5134.9137.0146.5158.1162.5
172 2182.6198.7208.8
182.6184.9186.9188.2188.7189.8
192.0193.0194.2195.6196.3198.7
199.6200.4200.1200.8203.4206.2
207.0206.4205.2206.1207.9208.8
banks
Time and savings 3
Total
35.436.036.4
36.738.241.144.548.350.051.957.465.467.4
72.982.797.6
112.0126.2146.3157.9183.1204.2194.4
229.2270.9313.3363.1
275.2278.7280.7283.6287.9291.7
295.0298.6302.1305.5309.4313.3
317.6323.5331.1337.3342.6345.8
349.4355.0357.9358.9359.9363.1
LargeCD's<
2.85.79.6
12.816.215.420.423.310.9
25.333.043.462.8
33.433.933.735.136.537.4
37.938.739.840.241.943.4
44.749.154.658.461.362.0
63.966.366.763.862.062.8
Other
67.4
72.979.992.0
102.3113.4130.2142.4162.7180.9183.5
203 9237.9269.9300.3
241.8244.7247.1248.5251.3254.3
257.1259.9262.4265.3267.5269.9
272.8274.4276.6278.9281.3283.8
285.6288.7291.2295.1297.8300.3
Depositsat non-bankthrift
institu-tions fi
88.5
97.3107.9120.1134.4149.2161.3167.4183.1194.7201.7
216 1253.9296.9322.6
257.9262.1265.9269.4272.4275.7
279.6283.2286.9290.6293.8296.9
300.8304.4307.0309.4311.4314.2
315.9315.9316.6318.3320.2322.6
U.S.Govern-
mentdemanddeposits(unad-justed^
1 01.82.8
2.42 74 93 85.03,43.43.53 94.9
4 74.95.65.15.54.63.45.05.05.6
7 36.97.46.3
7.47.47.97.7
10.56.9
7.35.36.06.76.37.4
8.19.9
10.48.38.77.1
6.54.15.36.04.36.3
1 Currency outside the Treasury, the Federal Reserve Banks, and the vaults of all commercial banks.2 Demand deposits other than those due to domestic commercial banks and the U.S. Government, less cash items in
process of collection and Federal Reserve float, plus foreign demand balances at Federal Reserve Banks.3 Time and savings deposits other than those due to domestic commercial banks and the U.S. Government. Effective
June 1966, excludes balances accumulated for payment of personal loans (about $1.1 billion).* Negotiable time certificates of deposit issued in denominations of $100,000 or more by large weekly reporting com-
mercial banks.« Average of the beginning- and end-of-month deposits of mutual savings banks and savings capital at savings and loan
associations.6 Deposits at all commercial banks.
Source: Board of Governors of the Federal Reserve System.
310
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-53.—Commercial bank loans and investments, 1930-73
[Billions of dollars!
End of yearor month 1
1930:June
1933:June
1939
19401941..1942194319441945194619471948
19481949
1950....195119521953195419551956...19571958...19593
19601961196219631964...196519661967196819695
19701971..19721973 v
1973: JanFebMarAprMayJune
July vAug*Sept*Oct"Nov*Dec*
Total loansand invest-
ments 2
48.9
30.4
40.7
43.950.767.485.1
105.5124.0114.0116.3114. 7
Loans
Total 2
34.5
16.3
17.2
18.821.719.219.121.626.131.138.142.4
Commercialand
industrial
Investments
U.S. Govern-ment securities
5.0
7.5
16.3
17.821.841.459.877.690.674.869.262.6
Othersecurities
9.4
6.5
7.1
7.47.26.86.16.37.38.19.09.2
Loans plusloans sold to
bank affiliates 2
Seasonally adjusted
113.0118.7
124.7130.2139.1143.1153.1157.6161.6166.4181.2188.7
197.4212.8231.2250.2272.4300.1
«316.1352.0390.2401.7
435.5484.8556.4625.4
564.7575.4583.6589.6597.7602.0
608.2616.0618.2621.7624.6625.4
41.542.0
51.156.562.866.269.180.688.191.595.6
110.5
116.7123.6137.3153.7172.9198.2
* 213.9231.3258.2279.1
291.7«320. 3
377.8444.5
385.8397.2405.8411.1417.4420.3
427.3435.3438.1440.0443.6444.5
39.4
42.143.947.652.158.469.578.686.295.9
105.7
110.0115.9
7 129.7156.3
133.3138.1141.8143.9146.8148.2
151.4153.6154.0154.0155.5156.3
62.366.4
61.160.462.262.267.660.357.256.965.157.7
59.965.364.761.560.857.153.559.460.751.5
57.960.161.953.2
61.860.660.461.061.061.6
59.657.756.354.954.553.2
9.210.3
12.413.414.214.716.416.816.317.920.520.5
20.823.929.235.038.744.8
M8.761.371.371.1
85.9fl 104.4
116.7127.7
117.1117.6117.4117.5119.3120.1
121.3123.0123.8126.8126.5127.7
283.0
294.7• 323.1
380.4448.8
388.4400.3409.0414.7421.1423.8
431.3440.0442.7444.6447.9448.8
1 Data are for last Wednesday of month (except June 30 and December 31 call dates).2 Adjusted to exclude all interbank loans beginning 1948 and domestic bank loans only beginning January 1959.3 Beginning January 1959, loans and investments are reported gross, without valuation reserves deducted, rather than
net of valuation reserves, as in earlier periods.4 Effective June 1966, balances accumulated for payment of personal loans (about $1.1 billion) are excluded from loans
at all commercial banks, and certain certificates of CCC and Export-Import Bank totaling about $1 billion are included inother securities rather than in loans.
* Beginning June 1969, data include all bank-premises subsidiaries and other significant majority-owned domesticsubsidiaries; earlier data include commercial banks only.
« Beginning June 1971, Farmers Home Administration insured notes totaling about $0.7 billion are classified as othersecurities rather than as loans.
7 Beginning June 1972, commercial and industrial loans were reduced by about $0.4 billion due to loan ^classificationsat one large bank.
Source: Board of Governors of the Federal Reserve System.
311
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-54.—Total funds raised in credit markets by nonfinancial sectors, 1965-73
[Billions of dollars]
Item 1965 1966 1967 1968 1969 1970 1971
Total funds raised
U.S. Government.
Public debt securities..Budget agency issues.
All other nonfinancial sectors.
Corporate equities.Debt instruments..
Debt capital instruments..
State and local government se-curities
Corporate and foreign bondsMo rtgages
HomeOther residential..CommercialFarm
Other private credit.
Bank loans n.e.cConsumer creditOpen-market paper.Other
By borrowing sector:
Total funds raised.
ForeignState and local governments...HouseholdsNonfinancial business
Farm . . . . .Nonfarm noncorporate.Corporate..
Total funds advanced to nonfinancial sectors
Financed directly or indirectly by:
Private domestic nonfinancial sectors
Deposits.
Demand deposits and currency...Time and savings accounts
At commercial banks...At savings institutions.
Credit market instruments, net—
U.S. Government securitiesPrivate credit market instruments.Corporate equities..Less secu rity debt
Other sources :
Foreign funds.
At banks..Direct
Change in U.S. Government cashbalacne
U.S. Government loansPrivate insurance and pension reserves.Other
69.9
1.8
1.3.5
68.1
.267.9
38.8
7.35.9
25.6
15.43.64.42.2
29.0
14.19.6
- . 35.6
68.1
2.57.7
28.429.5
3.35.7
20.4
69.9
46.3
40.5
7.832.7
19.613.2
5.8
2.95.0
- 2 . 2- . 1
.5
.8- . 3
-1 .02.8
15.65.8
67.7
3.6
2.31.3
64.1
.863.3
38.9
5.611.022.3
11.73.15.71.8
24.4
10.76.41.06.2
64.1
1.36.3
22.633.9
3.15.4
25.4
67.7
41.2
24.4
4.120.3
13.07.3
16.8
8.29.3
-1 .1- . 3
1.8
3.7-1 .9
- . 44.9
18.12.2
82.2
13.0
8.94.1
69.2
2.267.0
45.7
7.815.922.0
11.53.64.72.3
21.3
9.54.52.15.1
69.2
4.07.9
19.038.2
3.65.0
29.6
82.2
50.3
52.1
12.839.3
22.616.7
-1 .7
-1 .45.6
-4 .51.5
4.9
2.32.7
1.24.6
18.23.0
94.6
13.4
10.33.1
81.2
- 1 . 482.6
50.6
9.514.027.1
15.13.46.42.2
32.0
13.110.01.67.2
81.2
3.19.8
29.638.7
2.85.6
30.3
94.6
60.0
48.3
14.533.9
21.012.9
11.7
8.012.4
-7 .9
5.1
2.62.5
-1 .14.9
18.86.9
91.4
-3 .6
- 1 . 3-2 .4
95.0
3.491.6
50.6
9.913.027.7
15.74.75.31.9
41.0
15.310.43.3
12.0
95.0
3.310.732.248.8
3.27.4
38.3
91.4
47.8
5.4
7.7- 2 . 3
-10.38.0
42.4
16.828.2
-4 .3-1 .6
10.6
9.31.3
.42.9
19.210.4
97.5
12.8
12.9- . 1
84.7
4.979.8
57.7
11.320.625.7
12.85.85.31.8
22.1
6.46.03.85.9
84.7
3.011.422.947.3
3.25.3
38.8
97.5
62.6
66.6
10.556.1
39.216.9
- 4 . 1
- 8 . 35.9
- 2 . 6- . 9
2.4
-8 .510.9
2.82.8
21.85.1
146.7
25.5
26.0- . 5
121.2
11.7109.5
83.2
16.619.746.8
26.08.8
10.02.0
26.3
9.311.2- . 96.6
121.2
5.717.038.360.2
4.18.7
47.4
146.7
82.5
94.2
13.081.2
40.640.6
-11.7
-13.08.8
- 5 . 42.1
23.9
- 3 . 227.2
3.23.2
25.48.4
See footnote at end of table.
312
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-54.—Total funds raised in credit markets by nonfinancial sectors, 1965-73—Continued[Billions of dollars]
Item
Total funds raised
U.S. Government-
Public debt securities.Budget agency issues.
All other nonfinancial sectors.
Corporate equities.Debt instruments..
Debt capital instruments.
State and local government securities..Corporate and foreign bondsMortgages
HomeOther residential.CommercialFarm
Other private credit-
Bank loans n.e.cConsumer creditOpen-market paper..Other
By borrowing sector:
Total funds raised.
ForeignState and local governments.HouseholdsNonfinancial business
FarmNonfarm noncorporate..Corporate
Total funds advanced to nonfinancial sectors..
Financed directly or indirectly by:
Private domestic nonfinancial sectors..
Deposits
Demand deposits and currency.Time and savings accounts
At commercial banks..At savings institutions.
Credit market instruments, net..
U.S. Government securitiesPrivate credit market instruments.Corporate equitiesLess security debt
Other sources:
Foreign funds.
At banks..Direct
Change in U.S. Government cash balance.U.S. Government loans.Private insurance and pension reserves...Other
1973 unadjustedquarterly flows
46.5
8.8
8.2.6
37.7
2.235.5
18.4
1.51.7
15.1
8.22.83.11.0
17.0
13.91.8
-1 .73.1
37.7
3.31.6
11.221.6
2.02.7
16.9
46.5
20.3
17.9
-12.730.6
18.712.0
2.4
2.8- . 8
3
9.7
.29.5
2.3.5
7.36.5
47.1
-5 .9
-5 .9.0
53.1
2.250.9
27.4
2.83.6
21.0
11.64.14.01.3
23.5
13.17.8.5
2.1
53.1
1.82.8
21.327.2
2.83.7
20.6
47.1
35.6
29.7
10.119.6
11.08.6
5.9
2.23.8
- 1 . 2-1 .1
.2
2.1-1 .9
- . 4- . 27.14.8
37.4
- . 4
-1 .1.7
37.8
.737.1
23.8
1.02.0
20.8
11.63.44.81.0
13.2
5.86.0.8.7
37.8
- . 7.9
18.219.4
1.63.6
14.2
37.4
22.1
11.0
-4 .115.1
14.01.1
11.1
8.83.8
- 2 . 4
1.6
1.0.6
-5 .11.16.9
10.9
1973 seasonallyadjusted annual rates
221.7
32.6
30.12.6
189.1
8.9180.1
81.7
5.18.3
68.3
37.912.613.84.0
98.4
74.425.3
-10.89.6
189.1
14.35.4
71.398.0
7.013.877.2
221.7
111.4
120.0
- . 8120.7
76.344.4
- 8 . 5
- . 7-4 .1-6 .8-3 .0
38.6
1.936.7
16.41.9
28.824.5
180.2
1.5
1.4.1
178.7
8.7170.0
102.8
9.711.781.4
44.915.616.44.6
67.2
33.524.14.05.6
178.7
7.39.5
72.589.5
7.713.068.8
180.2
134.9
98.1
20.777.4
46.131.3
36.8
23.313.5
-4 .5-4 .5
.6
8.1-7 .5
-9 .3-1 .029.125.8
156.4
-9 .6
-12.42.9
166.0
2.9163.1
93.0
5.18.5
79.4
42.514.118.93.9
70.1
37.021.93.1
166.0
-2 .14.9
77.385.8
7.614.164.1
156.4
117.0
69.9
8.161.9
54.07.8
47.0
32.520.4
-9 .2-3.3
-1 .8
4.6-6 .4
-21.34.2
27.430.8
Source: Board of Governors of the Federal Reserve System.
313
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—55.—Private liquid asset holdings, nonfinancial investors, 1965—73
[Averages of daily figures; billions of dollars, seasonally adjusted]
Yearand
month
1965: Dec.1966: Dec.1967: Dec.1968: Dec.1969: Dec.1970: Dec.1971: Dec.1972: Dec.1973: Dec p.
1971: Jan..Feb..Mar..Apr_.May-June.
July.Aug_.Sept.Oct..Nov.-Dec.
1972:Jan...Feb..Mar..Apr_.May..June.
July..Aug..Sept.Oct._Nov..Dec.
1973:Jan...Feb..Mar..Apr . .May..June.
July...Aug. . .Sept..Oct . . .Nov...Dec p .
Totalliquidassets
561.0590.6640.4699.8730.3780.8863.9975.1
,080.9
789.0798.7807.1814.0821.6828.8
835.7840.4845.4852.4857.6863.9
872.6881.6892.3901.3909.2917.4
926.6935.2944.4954.0964.4975.1
983.2992.6
1,004.11,014.21, 026.41,037.2
1,045.21,053.11,058.51,064.31,071.21,080.9
Currency and deposits
Total
451.0473.7520.3564.2582.1630.7718.6814.7887.5
638.3649.4659.6668.2677.2684.4
690.4695.0699.7706.4712.2718.6
727.4737.2746.2752.6758.8766.1
774.9782.9790.8799.6806.5814.7
822.9829.2834.7841.0848.4857.3
Cur-rency ]
36.338.340.443.446.149.152.656.961.6
49.449.850.050.550.851.0
51.551.651.952.252.352.6
52.953.2b3.653.854.154.3
54.654.955.355.856.356.9
57.157.558.058.658.959.4
861.6864.2866.5873.3880.3887.5
59.559.860.260.460.961.6
De-mand
de-posits *
119.1121.1129.4139.4143.4151.5160.6174.7184.3
151.3153.1154.4155.4157.9159.7
160.5160.4160.3160.8160.3160.6
160.8163.0165.2166.3166.2166.9
168.4169.6170.7171.9172.5174.7
175.1175.7175.5176.5178.9181.4
182.0181.2179.8180.9183.0184.3
Time deposits
Com-mer-cial
banks1
125.2136.9156.3174.5177.2198.7233.4265.0294.6
202.7207.5212.4215.4217.9220.0
221.4222.9224.3227.1230.2233.4
237.4240.2242.4243.8246.5249.4
252.2255.0257.4260.4262.7265.0
268.0269.4271.6273.7276.0278.7
280.4283.5286.0289.7292.1294.6
Non-bankthrift
institu-tions 2
170.4177.3194.2206.9215.4231.4272.0318.1347.0
234.9239.0242.8246.9250.6253.7
257.1260.1263.1266.3269.3272.0
276.3280.9285.0288.7291.9295.5
299.6303.5307.5311.5315.0318.1
322.7326.6329.5332.3334.6337.8
339.7339.7340.5342.3344.3347.0
U.S. Governmentsecurities
Sav-ings
bonds 3
49.550.151.051.451.151.353.757.060.9
51.551.651.852.052.252.4
52.652.953.153.353.553.7
54.054.254.554.855.055.3
55.655.956.156.456.757.0
57.357.657.958.258.558.8
59.059.359.460.060.860.9
Short-term
market-able
secur-ities«
38.743.639.646.964.953.340.742.852.4
52.650.548.047.046.246.2
46.445.744.343.041.840.7
39.738.239.440.140.039.6
39.339.139.540.242.042.8
41.541.142.542.644.445.2
45.847.449.050.050.952.4
Nego-tiablecertifi-catesof de-posit*
14.914.519.122.49.0
23.029.739.357.2
24.325.526.526.126.426.9
27.427.227.828.728.729.7
30.130.630.532.033.434.3
34.835.636.636.838.239.3
40.244.349.653.356.056.4
58.460.861.058.056.357.2
Com-mer-cial
paper'
6.88.8
10.414.923.322.421.221.222.8
22.321.721.320.619.618.8
18.819.520.421.021.421.2
21.421.421.621.922.022.1
22.021.721.421.021.121.2
21.320.519.519.119.119.6
20.421.522.623.023.022.8
1 Money stock components (see Table C-52) after deducting foreign holdings and holdings by domestic financial institu-tions. The three columns add to M2 held by domestic nonfinancial sectors.
2 Deposits at nonbank thrift institutions, as published in money stock statistics, plus monthly-average deposits at creditunions.
3 Series E and H savings bonds held by individuals.* Short-term marketable U.S. Government securities excluding official, foreign, and financial institution holdings.5 Certificates over $100,000 at weekly reporting banks, except foreign holdings.6 Commercial paper held outside banks and other financial institutions.
Source: Board of Governors of the Federal Reserve System.
314
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-56.—Federal Reserve Bank credit and member bank reserves, 1929-73
[Averages of daily figures; millions of dollars]
Year and month
*929: Dec
1933- Dec . -
1939- Dec
1940: Dec1941: Dec1942: Dec . . .1943: Dec . - .1944: Dec1945- Dec . . .1946: Dec1947: Dec1948: Dec1949: Dec
1950: Dec1951: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957: Dec1958: Dec1959: Dec
1960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec1973: Dec*
1972:Jan . .FebMarAprMayJune
JulyAugSeptOctNovDec
1973:JanFebMarAprMayJune
JulyAugSeptOctNovDec p
Reserve Bank credit outstanding
Total
1,643
2,669
2,612
2,3052,4046,035
11,91419,61224, 74424, 74622, 85823,97819,012
21,60625,44627,29927,10726,31726, 85327,15626,18628,41229, 435
29, 06031,21733, 21836,61039, 87343,85346,86451,26856,61064,100
66,70874, 25576,85185,554
75,41573, 99473,18175,17175, 70576,108
77,03576,67675, 45177,33175,95976,851
78, 06377,60079, 21980, 54281,88980, 546
83, 88082,44581, 80983,64383, 75585,554
U.S.Govern-ment se-curities
446
2 432
2,510
2,1882,2195 549
11,16618, 69323 70823, 76721,90523, 00218, 287
20, 34523,40924, 40025, 63924,91724, 60224, 76523, 98226,31227, 036
27, 24829, 09830, 54633, 72937,12640, 88543, 76048, 89152, 52957, 500
61,68869,15871,09479,701
70, 68769, 96669, 27370, 93971, 42871, 632
72, 08971,85870, 25271 35971,11271,094
72 19472, 30774 01975,35376,75875, 355
77,44876,65376,07378 04278,45779,701
Member bankborrowings
Total
801
95
3
354
90265334157224134118
142657
1,593441246839688710557906
87149304327243454557238765
1,086
321107
1,0491,298
203399
10911994
202438514574606
1,049
1,1651,5931,8581,7211,7861,789
2,0512,1431,8611 4671 3991,298
Seasonal
41
53077
1241631471268441
Allother,mainly
float
396
142
99
114180482658654702822729842607
1,1191,3801,3061,0271,1541,4121,7031,4941,5431,493
1,7251,9702,3682,5542,5042,5142,5472,1393,3165,514
4,6994,9904,7084,555
4,7083,9953,8094,1234,1584,382
4,7444,3804,6855 3984,2414,708
4 7043,7003 3423 4683,3453,402
4,3813,6493,8754 1343 8994,555
Member bank reserves
Total
2,395
2 588
11,473
14, 04912,81213,15212, 74914,16816 02716,51717,26119,99016,291
17,39120,31021,18019,92019, 27919,24019, 53519,42018,899
2 18,932
19,28320,11820, 04020, 74621,60922, 71923, 83025, 26027, 22128, 031
29, 26531,329
3 31,3533 34,984
32, 86531,92231,92132, 56532,81232, 539
33, 02133,14833, 00333 803
3 31,77431,353
3 32,96231,74231 97332,27732, 39332, 028
33,54233, 78534,01934,91234, 72734,984
Re-quired
2,347
U 822
6,462
7,4039,422
10 77611,70112, 88414 53615,61716,27519,19315,488
16,36419, 48420, 45719,22718, 57618,64618,88318, 84318, 38318, 450
18, 52719, 55019,46820,21021,19822, 26723, 43824,91526, 76627, 774
28,99331,16431,13434,791
32,69231,79831,68832, 42932, 70832, 335
32, 87432,89332,84133 55631,46031,134
32,62031, 53731,67832,12532, 27531,969
33,19933,53933,78234,71234, 52334,791
Excess
48
I 766
5,011
6 6463,3902 3761 0481 2841 491'900986797803
1 027826723693703594652577516482
756568572536411452392345455257
272165
3 2193 193
173124233136104204
147255162247
3 314219
3 34220529515211859
343246237200204193
1 Data are for licensed banks only.2 Beginning December 1959, total reserves held include vault cash allowed.3 Beginning November 1972, includes $450 million of reserve deficiencies on which Federal Reserve Banks are allowed
to waive penalties for a transition period in connection with bank adaptation to Regulation J as amended effective Novem-ber 9,1972. Beginning 1973, allowable deficiencies included are (beginning with first statement week of quarter): firstquarter, $279 million; second quarter, $172 million; third quarter, $112 million; fourth quarter, $84 mifiion.
Source: Board of Governors of the Federal Reserve System.
315
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-57.—Aggregate reserves and member bank deposits, 1959-73
[Averages of daily figures; i billions of dollars, seasonally adjusted]
Year andmonth
1959: Dec
1960: Dec1961: Dec .1962: Dec1963: Dec1964: Dec
1965: Dec1966: Dec1967: Dec .1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec1973: D e c
1972: JanFeb .MarAprMayJune
JulyAugSeptOctNovDec
1973: JanFeb . . .MarAprMayJune
JulyAugSeptOctNovDec*5
Member bank reserves
Total
18.57
18.8819.7119.6420.2621.18
22.2423.3424.8127.2828.01
29.1931.3031.4135.11
31.7631.6831.9832.5732.8232.99
33.1733.3933.3533.8131.9231.41
32.2031.6331.9132.3032.4432.46
33.5833.9134.1734.9434.8635.11
N on bor-rowed
17.63
18.8119.5719.3819.9320.91
21.8022 8124.5826.5426.90
28.8631.1730.3633.81
31.7431.6431.8832.4532.7132.88
32.9333.0032.8133.2531.3230.36
31.0430.0430.0830.5930.6030.61
31.6231.7432.3233.4733.4633.81
Required
18.07
18 1419.1219.0719.7720.77
21.8223.0024.4426.8627.73
28.9531.1231.1334.80
31.5531.5231.7932.4232.6832.78
32.9733.2033.1433.5931.5731.13
31.9431.4331.7032.0832.2932.22
33.2933.7333.9534.7234.6234.80
2
Avail-able 3
16.62
17 0117.7117.5818.2619.08
20.2121.4022.5024.8625.40
27.1028.9629.0532.91
29.1829.3629.6629.8329.9430.17
30.3830.6530.9631.0629.6229.05
29.4429.3729.6229.8730.1130.55
31.3632.0432.3932.8432.7132.91
Deposits subject to reserverequirements *
Total
158.2
162 5175.5189.0203.2218.7
238.5246.7275.5299.6287.7
321.3360.3402.0442.2
363.5365.7370.2374.5378.9380.9
384.4387.3390.4394.1398.4402.0
404.7409.0416.3421.4425.1428.9
431.1436.7438.6439.7440.4442.2
Timeand
savings
54.3
58 867.779.992.1
103.8
120.6128 6148.8164.4150.4
178.8210.4241.4279.0
213.6216.2217.3219.4222.8225.6
228.0230.4233.1235.6238.7241.4
244.0248.9255.4260.9265.1267.3
270.1275.0277.5277.3277.1279.0
Demand
Private
99.0
99 1102.9103.3105.9109.1
112.8113 9121.2130.3131.9
136.1143.8154.5158.3
143.5145.2147.2147.6148.4149.3
150.9151.8152.4152.8152.9154.5
154.0154.0153.3153.4154.8156.3
157.1157.0156.2156.4157.5158.3
U.S.Govern-
ment
4.8
4.54.95.75.25.9
5.14.25.54.95.3
6.56.16.14.9
6.44.25.77.57.86.0
5.55.04.95.86.86.1
6.76.17.67.15.25.3
3.94.85.06.05.84.9
Totalmember
bankdeposits
plusnon-
deposititems 8
158.2
162 5175.5189.0203.4220.1
240.0250 9279.9306.6307.7
332.9364.3406 4449.6
367 5369.3373.9378.1382.7384 7
388.3391.4394.5398.4402.7406.4
409.7413.5421.2426.6430.5434.5
437.6443.8445.9446.5447.5449.6
1 Except as noted in footnote 5.2 Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the
effect of changes in Regulations D and M.3 Reserves available tc support private nonbank deposits are defined as (1) required reserves for (a) private demand
deposits, (b) total time and savings deposits, and (c) nondeposit sources subject to reserve requirements and (2) excessreserves. This series excludes required reserves for net interbank and U.S. Government demand deposits.
< Deposits subject to reserve requirements include total time and sayings deposits and net demand deposits as definedby Regulation D. Private demand deposits include all demand deposits except those due to the U.S. Government, lesscash items in process of collection and demand balances due from domestic commercial banks.
s Total member bank deposits subject to reserve requirements, plus Eurodollar borrowings, bank-related commercialpaper (data relate to Wednesday figures), and certain other nondeposit items. This series for deposits is referred to as"the adjusted bank credit proxy."
Source: Board of Governors of the Federal Reserve System.
316
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-58.—Bond yields and interest rates, 1929-73
(Percent per annum]
Year or month
1929 . . .
1933 .
1939
19401941 .194219431944
1945 . .194619471948 .1949
1950 . . . .1951195219531954
19551956195719581959
19601961 .196219631964
1965196619671968 . .1969
19701971 .1972...1973 . .
U.S. Government securities
3-monthTreas-
urybills i
0.515
.023
.014
.103
.326
.373
.375
.375
.375
.5941.0401.102
1.2181.5521.7661.931.953
1.7532.6583.2671 8393.405
2 9282.3782.7783.1573.549
3.9544.8814.3215.3396.677
6 4584.3484.0717.041
9-12monthissues2
0.75.79
.81
.82
.881.141.14
1.261.731.812.07.92
1.892.833.532.094.11
3.552.913.023.283.76
4.095.174.845.627.06
6 904.754.867.30
3-5year
issues 3
2.66
.59
.50
.731.461.341.33
1.181.161.321.621.43
1.501.932.132.561.82
2.503.123.622.904.33
3.993.603.573.724.06
4.225.165.075.596.85
7 375.775.856.92
Taxablebonds*
2.462.472.48
2.372.192.252.442.31
2.322.572.682.942.55
2.843.083.473.434.07
4.013.903.954.004.15
4.214.664.855.256.10
6 595.745.636.30
Corporatebonds
(Moody's)
Aaa
4.73
4.49
3.01
2.842.772.832.73? 1?
2.62? 532.612.82? 6fi
2.62? 862.963.202.90
3.063.363.893.794.38
4.414.354.334.264.40
4.495 n5.516.187.03
8 047.397.217.44
Baa
5.90
7.76
4.96
4.754.334.283.913.61
3.293.053.243.473.42
3.243.413.523.743.51
3.533 884.714 735.05
5.195.085.024.864.83
4.875.676 236.947.81
9 118.568.168.24
High-grademunic-
ipalbonds
(Stand-ard &Poor's)
4.27
4.71
2.76
2.502.102.362.061.86
1.671.642.012.402.21
1.982.002.192.722.37
2.532.933.603.563.95
3.733.463.183.233.22
3.273.823.984.515.81
6 515.705.275.18
Averagerate onshort-termbankloans
to busi-ness-
selectedcities
2.1
2.12.02.22.62.4
2.22.12.12.5
2.68
2.693.113.493.693.61
3.704.204.624.34
7 5.00
5.164.975.005.014.99
5.066.00
7 6.006.688.21
8 487 6.325.828.30
Primecom-mer-cial
'?.%•months
5.85
1.73
.59
.56
.53
.66
.69
.73
.75
.811.031.441.49
1.452.162.332.521.58
2.183.313.812 463.97
3.852.973.263.553.97
4.385.555.105.907.83
7.725.114.698.15
Fed-eral
ReserveBankdis-
countrate
5.16
2.56
1.00
1.001.00
6 1.00fi 1.00« 1.00
«1.006 1.00
1.001.341.50
1.591.751.751.991.60
1.892.773.122.153.36
3.533.003.003.233.55
4.044.504.195.175.87
5.954.884.506.44
FHAnew
homemort-gage
yields5
4.34
4.174.214.294.614.62
4.644.795.425.495.71
6.185.805.615.475.45
5.466.296.557.138.19
9.057.787.538.08
See next page for continuation of table and for footnotes.
317527-867 O - 74 - 21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-58.—Bond yields and interest rates, 1929-73—Continued
(Percent per annuml
Year or month
1971: JanFebMarAprMayJune
JulyAugSeptOctNovDec
1S72: Jan .FebMarAprMayJune
JulvAugSeptOctNovDec
1973: JanFebMarAprMayJune
JulyAugSeptOctNovDec
U.S. Government securities
3-monthTreas-
urybills i
4.4943.7733.3233.7804.1394.699
5.4055.0784.6684.4894.1914.023
3.4033.1803.7233.7233.6483.874
4.0594.0144.6514.7194.7745.061
5.3075.5586.0546.2896.3487.188
8.0158.6728 4787.1557.8667.364
9-12monthissues2
4.293.803.664.214.935.57
5.895.675.314.744.504.38
3.994.074.544.844.584.87
4.894.915.495.415.225.46
5.786.076.816.796.837.27
8.378.828.447.427.667.38
3-5year
issues 3
5.725.314.745.426.026.36
6.776.395.965.685.505.42
5.335.515.746.015.695.77
5.865.926.166.116.036.07
6.296.616.856.746.786.76
7.497.757.166.816.966.80
Taxablebonds4
5.915.845.715.755.965.94
5.915.785.565.465.445.62
5.625.675.665.745.645.59
5.575.545.705.695.505.63
5.946.146.206.116.226.32
6.536.816.426.266.316.35
Corporatebonds
(Moody's)
Aaa
7.367.087.217.257.537.64
7.647.597.447.397.267.25
7.197.277.247.307.307.23
7.217.197.227.217.127.08
7.157.227.297.267.297.37
7.457.687.637.607.677.68
Baa
8.748.398.468.458.628.75
8.768.768.598.488.388.38
8.238.238.248.248.238.20
8.238.198.098.067.997.93
7.907.978.038.098.068.13
8.248.538.638.418.428.48
High-grade
munic-ipal
bonds(Stand-ard &
Poor's)
5.705.555.445.656.146.22
6.315.955.525.245.305.36
5.255.335.305.455.265.37
5.395.295.365.205.035.03
5.055.125.305.165.125.15
5.395.475.115.055.175.12
Averagerate onshort-termbankloans
to busi-ness-
selectedcities
7 6.59
6.01
6.51
6.18
5.52
5.59
5.84
6.33
6.52
7.35
9.24
10.08
Primecom-mer-cial
paper,
months
5.114.474.194.575 105.45
5.755.735.755.544.924.74
4.083.934.174.584.514.64
4.854.825.145.305.255.45
5.786.226.857.147.277.99
9.1810.2110.238.928.949.08
Fed-eral
ReserveBankdis-
countrate
5.234.914 754.754 754 75
4 885.005.005 004.904.63
4.504.504.504.504.504.50
4 504.504.504.504.504.50
4.775.055.505.505.906.33
6.987.297.507.507.507.50
FHAnew
homemort-gage
yields s
8.40
7 327 377 75
7 897.977.927 847.757.62
7.597.497 467.457.507 53
7 547.547.557 567.577.57
7.567.557.567.637.737.79
7.898.19
9.188.978.86
1 Rate on new issues within period. First issued in December 1929.3 Certificates of indebtedness and selected note and bond issues.3 Selected note and bond issues.* First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as fol-
lows: April 1953 to date, 10 years; April 1952-March 1953,12 years; October 1941-March 1952,15 years.* Data for first of the month, based on the maximum permissible interest rate ( 8 H percent beginning August 25,1973).
Through July 1961, computed on 25-year mortgages paid in 12 years and thereafter, 30-year mortgages paid in 15 years.6 From October 30, 1942, to April 24,1946, a preferential rate of 0.50 percent was in effect for advances secured by
Government securities maturing in 1 year or less.7 Series revised. Not strictly comparable with earlier data.
NOte.—Yields and rates computed for New York City except for short-term bank loans.
Sources: Department of Housing and Urban Development, Department of the Treasury, Board of Governors of theFederal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation.
318
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-59.—Short- and intermediate-term consumer credit outstanding, 1929-73
[Millions of dollars]
End of year ormonth
1929.
1933
1939.
194019411942.194319441945.19461947.1948.1949.
19501951.195219531954.195519561957.19581959.
19601961.1962.19631964.196519661967.19681969.
19701971.1972.1973*
1972:
197 V
Jan . . .FebMarAprMayJune
July. . . .AugSept. . .Oct.NovDec
JanFebMarAprMay .June
JulyAugSeptOct .Nov .Dec4
Total
7,116
3,885
7,222
8,3389,1725,9834,9015,1115,6658,384
11, 59814,44717, 364
21,47122,71227, 52031,39332,46438, 83042,33444,97145,12951, 544
56,14157,98263, 82171,73980, 26889, 88396, 239
100,783110,770121,146
127,163138,394157, 564180, 800
137,426136,941137,879139,410141,450143,812
145,214147, 631148,976150, 576152, 968157, 564
157, 227157, 582159, 320161,491164, 277167, 083
169,148171,978173, 035174,840176,969180,800
Total
3,
1,
4,
\6
?'?2,4,6,8
11,
14,15,19,?\23,?8,31,33,33,
524
7?3
503
51408516613fi17646217?695996590
70S294403DOS568
7?n868fi4?
39,247
42,96843, 89148, 72055,6?70,76,7987,
48669?893?454?8745
97,105
102, 064111,295127, 332148,100
110,110111112114116
757510?574391833fi5
117,702119,911121,193122, 505124127
1?7127129131133
325332
3fi89593750??531
136,018
138r 21214014?143145148
810093610400100
Instalment credit
Auto-mobilepaper
1,384
493
1,497
2,0712,458
742355397455981
1,9243,0184,555
6,0745,9727,7339,8359,809
13,46014, 42015, 34014,15216,420
17,65817,13519, 38122, 25424, 93428,43730,01029, 79632,94835, 527
35,18438,66444,12951, 400
38,45038,51638,85339, 34840, 06341,019
41,60342, 32342, 64443,16243, 67444,129
44, 35344,81745,61046, 47847, 51848, 549
49,35250,23250,55751,09251,37151,400
Othercon-
sumergoodspaper
1,544
799
1,620
1,8271,9291,195
819791816
1,2902,1432,9013,706
4,7994,8806,1746,7796,7517,6418,6068,8449,028
10,631
11,54511,86212,62714,17716,33318, 48320, 73222, 38924, 62628,313
31,46534,35340,08047, 750
34, 04633, 57933, 69533, 98134, 43935, 041
35, 47036,18836, 74537,21638, 06440, 080
39, 95239,79539,95140, 44141, 09641, 853
42,57543, 50544, 01944, 63245,59247, 750
Homeimprove-
mentloans*
27
15
298
371376255130119182405718853898
1,0161,0851,3851,6101,6161,6931,9052,1012,3462,809
3,1483,2213,2983,4373,5773,7363,8414,0084,2394,613
5,0705,4136,2017 350
5,3995,4035,4375,5045,6045,717
5,7975,9506,0496,1246,1746,201
6,1936,2396,3286,4086,5416,688
6,8457,0097 1207,2357,3217,350
Per-sonalloans
569
416
1,088
1,2451,322
974832869
1,0091,4961,9102,2242,431
2,8143,3574,1114,7815,3926,1126,7897,5828,1169,386
10,61711,67313,41415,61817, 84820, 23721,66223, 23525, 93228,652
30, 34532, 86536,92241,600
32, 86233,01233, 27233, 60634, 07734, 588
34, 83235, 45035, 75536, 00336, 41336, 922
36, 87037,10837, 48637, 69538,37638,928
39,44040, 06440,39740,65141,11641,600
roninstalmentcredi
Total
3,
?,
?
?,32,?,2,
592
lfi?
719
8?40878177fiS935
3,2034,2124,55,
fi,7,8,
9034f>1774
7fiR418117
8,3888,9,
in,ii,11,12,
14,1516,17,
8969?4614103487297
173091101?S357fi
18,99019,994?1?3,24,
?527303?
2626?62627
3550?5041
099099232700
6694316??971?fi7
27, 447
27?727?82830
29
5127?n783071643232
8S929, 62329,94530.4693031
30313n313132
74fi065
93616894?230569700
Chargeac-
counts
1,996
1,286
1,414
1 4711,6451,4441 440i; 5171,6122,0762,3812,7222,854
3,3673,7004 1304,2744,4854 7954,9955,1465 0605,104
5,3295,3245,6845,9036,1956,4306,6867,0707,1937,373
7,9688,3509,0029,600
7,6306,9876,9637,1797,4647,610
7,6447,7177,6937,7808,0109,002
8,3577,6467,7028,0368,3198,555
8,4798,6058,3358,5908,7859,600
Other 2
1,
1
1,1,1,1,1,
?\2,?2,
33,3,4,4,5,\5,fi,7,
7,
596
876
305
3S344?3733?1)4185911365227?9920
4017189871144111?96199574?7193
8448,7679,417
10111?131415
3sn381•ifif)308?8583?
16,668
17,1311821?3
191919191919
749230inn
039444659792803837
19,86820, 00320, 09020, 29120, 63321, 230
21r 5022122????22
??????22??23
9772434334?7
,510
457563607
,640784
,100
Adden-dum:Policy
loans bylife in-surance
com-panies s
2,379
3 769
3,248
3 0912 9192,6832 3732 1341,9621 8941,9372,0572,240
2,4132,5902 7132,9143,1273,2903,5193,8694,1884,618
5,2315,7336,2346,6557,1407,6789,117
10,05911,30613,825
16,06417,06518, 003
17,13017,18617,26717,35217,43417,522
17,60117,69117, 77117,85517,92718, 003
18, 08018,16618, 28818, 42018, 53318, 673
18, 84119,18119,51119,76819, 926
1 Holdings of financial institutions only; holdings of retail outlets are included in other consumer goods paper.2 Single-payment loans and service credit.3 Data are annual statement asset values. These loans are not included in consumer credit series.* Preliminary; by Council of Economic Advisers.
Sources: Board of Governors of the Federal Reserve System and Institute of Life Insurance (except as noted).
319
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-60.—Instalment credit extended and repaid, 1946-73
[Millions of dollars]
Year or month
1946194719481949 .
19501951195219531954 .
19551956195719581959
19601961196219631964
19651966196719681969
197019711972..19731
Total
Ex-tended
8,49512,71315,58518,108
21, 55823, 57629, 51431, 55831,051
38,97239, 86642,01940,11048, 048
49,79349 04856,19163, 59170,670
78 66182,83287,17199,984
109,146
112,158124,2811*2,951165,800
Re-paid
6,78510,19013, 28415, 514
18, 44522,98525,40527,95630, 488
33,63437, 05639, 87040,33942,603
46,07348,12451,36056,82563,470
70,46377,48083,98891,66799,786
107,199115, 050126,914145,000
Automobilepaper
Ex-tended
1,9693,6925,2176,967
8,5308,956
11,76412,98111,807
16,73415,51516, 46514,22617, 779
17,65716 02919,69422,12624,046
27, 20827,19226,32031, 08332, 553
29,79434,87340,19446,800
Re-paid
1,4432,7494,1235,430
7,0119,058
10,00310, 87911,833
13,08214, 55515, 54515,41515, 579
16,41916, 55217,44719,25421,369
23,70625,61926,53427,93129,974
30,13731, 39334,72939,500
Other consumergoods paper
Ex-tended
3,0774,4985,3835,865
7,1507,4859,1869,2279,117
10,64211,72111,81011,73813,981
14, 52514,55115,70117,92020,821
22,85726,32929,50433,50738,332
43, 87347,82155, 59967,100
Re-paid
2,6033,6454,6255,060
6,0577,4047,8928,6229,145
9,75210 75811,57411,55712, 402
13,61314, 23514,93516,36918,666
20,70724,08027,84731,27034,645
40,72144,93349,87259,400
Home improve-ment loans
Ex-tended
423704714734
835841
1,2171,3441,261
1,3931,5821,6741,8712,222
2,2152,0922,0842,1862,225
2,2702,2232,3692,5342,831
2,9633,2444,0064,700
Re-paid
200391579689
717772917
1,1191,255
1,3161 3701,4771,6261,765
1,8762,0152,0102,0462,086
2,1122,1182,2022,3032,457
2,5062,9013,2183,600
Personalloans
Ex-tended
3,0263,8194 2714,542
5 0436,2947 3478,0068,866
10, 20311 05112 06912, 27514,070
15,39616 37718,71021, 35923, 578
26.32627,08828,97832,86035,430
35, 52838,34343,15247,200
Re-paid
2,5393,4053 9574,335
4 6605,7516 5937,3368,255
9,48410 37311 27611,74112, 857
14,16515 31916 96919,15621,349
23 93825,66327,40530,16332,710
33,83535,82339,09542,500
Seasonally adjusted
1972: Jan..Feb..Mar..Apr..May.June.
July.Aug..Sept.Oct..Nov..Dec.
1973: Jan..Feb..Mar-Apr..May.June.
July.Aug.Sept.Oct..Nov.Dec I
11,11610,95211,74111,37411,68712,057
11,68712,48411,95312,40412,84612,627
13,30413,43413, 85213, 46513,93213, 646
14, 54214, 29413,69114,14914,27513,600
10,01510, 06910,42710,38410,35510,671
10,59310,84110,66710,90811,12810,964
11,35511,43711,80812,06111,94112, 034
12, 54412,39912, 33212,44912,54912,400
3,0893,1003,1763,1623,2743,412
3,2983,4913,3683,5043,6203,763
4,0063,9724,0013,8223,9893,762
3,9303,9683,9393,9123,8193,600
2,7952,7762,8312,8672,8192,922
2,9172,8962,8733,0413,0232,977
3,0973,1453,2253,2183,2613,253
3,3343,2933,4063,4273,4713,450
4,2584,0524,4534,3704,3934,577
4,6844,9904,7724,9715,1184,876
5,2825,2455,3495,5635,5045,505
5,9435,9615,5375,9115,9785,700
3,9053,8783,9443,9863,9814,164
4,2494,3954,3034,3544,4444,341
4,6494,6274,7554,9634,9174,955
5,1415,1685,0725,1495,1545,050
309296323331334351
328371340335327351
329364406365374400
433408410415402450
256253262268287283
279270263263271263
267275286294290300
308298322308301300
3,4603,5043,7893,5113,6863,717
3,3773,6323,4733,5943,7813,637
3,6873,8534,0963,7154,0653,979
4,2363,9573,8053,9114,0763,850
3,0593,1623,3903,2633,2683,302
3,1483,2803,2283,2503,3903,383
3,3423,3903,5423,5863,4733,526
3,7613,6403,5323,5653,6233,600
1 Preliminary; December by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System (except as noted).
320
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-61.—Mortgage debt outstanding by type of property and of financing, 1939-73
[Billions of dollars]
End of yearor quarter
1939
194019411942 .19431944
1945194619471948 .1949
195019511952 .19531954
19551956 .195719581959
1960. .1961196219631964
196519661967. . .19681969
197019711972 *1973 *
1971:1 . .III I I . . . .IV
1 9 7 2 : 1 P . . . .II * > - . .III * . . .I V P _ _ ,
1 9 7 3 : !*__-_II *.__I l l pI V * . -
Allprop-erties
35.5
36.537.636.735.334.7
35.541.848.956.262.7
72.882.391.4
101.3113.7
129.9144.5156.5171.8190.8
206.8226.3248.6274.3300.1
325.8347.4370.2397.5425.3
451.7499.9565.4633.7
459.0471.1485.6499.9
511.7529.1547.3565.4
580.1600.4619.9633.7
Farmprop-erties
6.6
6.56.46.05.44.9
4.84.95.15.35.6
6.16.77.27.78.2
9.09.8
10.411.112.1
12.813.915.216.818.9
21.223.325.527.529.5
31.232.935.439.4
31.831.932.432.9
33.534.435.035.4
36.537.738.739.4
Nonfarm properties
Total
28.9
30.031.230.829.929.7
30.836.943.950.957.1
66.775.684.293.6
105.4
120.9134.6146.1160.7178.7
194.0212.4233.4257.4281.2
304.6324.1344.8370.0395.9
420.5467.0530.0594.3
427.2439.3453.2467.0
478.2494.8512.3530.0
543.6562.7581.2594.3
1- to 4-familyhouses
16.3
17.418.418.217.817.9
18.623.028.233.337.6
45.251.758.566.175.7
88.299.0
107.6117.7130.9
141.3153.1166.5182.2197.6
212.9223.6236.1251.2266.8
280.2307.8346.1383.8
283.6290.9299.7307.8
314.1324.6335.8346.1
353.9365.7376.6383.8
Multi-familyprop-erties
5.6
5.75.95.85.85.6
5.76.16.67.58.6
10.111.512.312.913.5
14.314.915.316.818.7
20.323.025.829.033.6
37.240.343.947.352.2
58.066.876.486.9
59.762.164.366.8
68.871.373.576.4
79.082.285.086.9
Com-mer-cial
prop-erties i
7.0
6.97.06.76.36.2
6.47.79.1
10.210.8
11.512.513.414.516.3
18.320.723.226.129.2
32.436.441.146.250.0
54.560.164.871.476.9
82.392.4
107.5123.6
83.986.389.292.4
95.398.9
103.0107.5
110.7114.8119.5123.6
Nonfarm properties by type of mortgage
Government underwritten
Total
1.8
2.33.03.74.14.2
4.36.39.8
13.618.1
22.126.629.332.136.2
42.947.851.655.159.3
62.365.669.473.477.2
81.284.188.293.4
100.2
109.2120.7131.1
111.0114.4117.5120.7
123.7126.6129.0131.1
132.5133.6
1- to 4-family houses
Total
1.8
2.33.03.74.14.2
4.36.19.3
12.515.0
18.922.925.428.132.1
38.943.947.250.153.8
56.459.162.265.969.2
73.176.179.984.490.2
97.2105.2113.0
98.2100.4102.9105.2
107.5109.6111.5113.0
113.7114.7
FHAin-
sured
1.8
2.33.03.74.14.2
4.13.73.85.36.9
8.69.7
10.812.012.8
14.315.516.519.723.8
26.729.532.335.038.3
42.044.847.450.654.5
59.965.768.2
61.062.864.465.7
66.867.668.468.2
67.967.5
VAguar-
anteed
0.22.45.57.28.1
10.313.214.616.119.3
24.628.430.730.430.0
29.729.629.930.930.9
31.131.332.533.835.7
37.339.544.7
37.337.638.539.5
40.742.043.144.7
45.847.2
Conventional *
Total
27.1
27.728.227.125.825.5
26.530.634.137.339.0
44.649.054.961.569.2
78.086.894.6
105.5119.4
131.7146.8164.1184.0204.0
223.4240.0256.6276.6295.7
311.3346.3398.8
316.2324.9335.7346.3
354.5368.2383.3398.8
410.9429.1
1- to 4-familyhouses
14.5
15.115.414.513.713.7
14.316.918.920.822.6
26.328.833.138.043.6
49.355.160.467.677.0
84.893.9
104.3116.3128.3
139.8147.6156.1166.8176.6
182.9202.6233 1
185.3190.5196.8202.6
206.6215.0224.3233.1
240.2251.0
1 Includes negligible amount of farm loans held by savings and loan associations.3 Derived figures.
Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied by variousGovernment and private organizations.
321
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-62.—Mortgage debt outstanding by lender, 1939-73
[Billions of dollars]
End of yearor quarter
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959 .
19601961196219631964
19651966196719681969
197019711972*1973 »
1971: 1IIIIIIV
1972: 1 vII vIll vIV v
1973:1 P.II pIII pIV*>_
Total
35.5
36.537.636.735.334.7
35.541.848.956.262.7
72.882.391.4
101.3113.7
129.9144.5156.5171.8190.8
206.8226.3248.6274.3300.1
325.8347.4370.2397.5425.3
451.7499.9565.4633.7
459.0471.1485.6499.9
511.7529.1547.3565.4
580.1600.4619.9633.7
Selected financial institutions
Total
18.6
19.520.720.720.220.2
21.026.031.837.842.9
51.759.566 975 185.7
99 3111.2119.7131 5145.5
157.6172 6192.5217.1241.0
264.6280.8298 8319 9339.1
355 9394.4450.6504.5
361.8372 0383.5394.4
404.2418.9434.6450.6
463.3480.5494.9504.5
Savingsandloan
associa-tions
3.8
4.14.64 64.64.8
5.47.18 9
10.311.6
13.715.618 422 026.1
31 435.740.045 653.1
60.168 878.890.9
101.3
110.3114.4121 8130 8140.2
150 3174.4206.4232.6
154.2161 2168.2174.4
180 1188.9197.9206.4
213.3222.8229.4232.6
Mutualsavingsbanks
4.8
4.94.84 64.44.3
4.24.44 95.86.7
8.39.9
11 412 915.0
17 519.721.223 325.0
26.929 132.336.240.6
44.647.350 553.556.1
57 962.067.673.2
58.759 660.662.0
63 064.465.967.6
68.970.672.073.2
Com-mercialbanks i
4.3
4.64.94 74.54.4
4.87.29 4
10.911.6
13.714.715 916 818.6
21 022.723.325 528.1
28.830 434.539.444.0
49.754.459 065 770.7
73 382.599.3
118.1
74.476 679.982.5
85 690.195.099.3
103.5109.1114.4118.1
Lifeinsurance
com-panies
5.7
6.06.46 76.76.7
6.67.28 7
10.812.9
16.119.321 323 326.0
29 433.035.237 139.2
41.844 246.950.555.2
60.064.667 570.072.0
74.475.577.380.6
74.574 574.875.5
75 475.575.877.3
77.677.979.080.6
Other lenders
U.S.agencies2
5.0
4.94.74.33.63.0
2.42.01 81.92.4
2.73.44 04 44.6
5 26.07.57 8
10.0
11.211.812.211.211.4
12.415.818.421.726.8
33.039.445.855.3
33.635.237.439.4
41.242.744.345.8
47.349.053.055.3
Indi-viduals
andothers
11.9
12.012.211 711.511.5
12.113.815 316.517.4
18.419.420 521.823.4
25.427.329.332.535.4
38.041.944.045.947.7
48.750.953.055.859.4
62.866.269.073.9
63.563.964.666.2
66.467.568.369.0
69.571.071.973.9
1 Includes loans held by nondeposit trust companies, but not by bank trust departments.2 Includes former Federal National Mortgage Association and new Government National Mortgage Association, as well as
Federal Housing Administration, Veterans Administration, Public Housing Administration, Farmers Home Administration,and in earlier years Reconstruction Finance Corporation, Homeowners Loan Corporation, and Federal Farm MortgageCorporation. Also includes U.S.-sponsored agencies such as new FNMA, Federal Land Banks, GNMA (Pools), and FederalHome Loan Mortgage Corporation. Other U.S. agencies (amounts small or current separate data not readily available)included with "individuals and others."
Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organiza-tions.
322
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-63.—Net public and private debt, 1929-72 *
[Billions of dollars]
End of year
1929
1933
1939
194019411942_19431944
194519461947.19481949 -
19501951 __195219531954
195519561 9 5 7 . _ .19581959
19601961 _cvtoa19631964 -
1965 . .1966196719681969
197019711972
1,1,
1,1111
122
Total
191.9
168.5
183.3
189.8211.4258.6313.2370 6
405.9396 6415.7431.3445.8
486.2519.2550.2581.6605.9
665.8698.4728.3769.6833.0
874.2930.3996.0070.9151.6
243.6338.7438.7582.5735.0
854.1018.3227.3
Fed-eralGov-ern-
ment2
16. 5
24.3
42.6
44.856.
101.154.211.
252.229.221.
74q
5
7215.3
?17
m'226229.
224.
231241
? q246.?53257.
6
49581
630n48765
264.0
266.4271.8286.5291.9289.3
301.1325.9341.2
Public
Fed-eral
finan-cial
agen-cies 3
0.7.6.7
.71.31.31.41.3
2.92.42.42.53.7
3.54.05.37.27.5
8.911.29.0
21.430.6
38.839.842.6
Stateandlocalgov-ern-
ments
13.6
16.3
16.4
16.416.115.414.513.9
13.413.715.017.019.1
21.724.227.030.735.5
41.144.548.653.759.6
64.970.577.083.990.4
98.3104.8113.4123.9132.6
144.8163.0176.5
111
111
Total
161.8
127.9
124.3
128.6139.0141.5144.3144.8
140.0153.4178.3198.4208.4
246.4276.8300.4322.7340.0
392.2427.2454.3482.4528.3
566.1609.1660.1722.3789.7
870.0950.8
, 029.9, 145.4,282.6
, 369. 4,489.6,667.0
Cor-porate
88.9
76.9
73.5
75.683.491.695.594.1
85.393.5
108.9117.8118.0
142.1162.5171.0179.5182.8
212.1231.7246.7259.5283.3
302.8324.3348.2376.4409.6
454.3506.6553.7631.5734.2
793.5858.6952.3
Total
72.9
51.0
50.8
53.055.649.948.850.7
54.759.969.480.690.4
104.3114.3129.4143.2157.2
180.1195.5207.6222.9245.0
263.3284.8311.9345.8380.1
415.7444.2476.2513.9548.4
575.9631.0714.7
Private
Individual and noncorporate
Farrr
1?
9.
8.
qq9.87.
778.
in1?
12.
l *
?
1
8
1
0
7
36680
13.715.216. 817.5
18.719.420.2?3?3
2730
36
3942485155
586367
8
15
0
34385
728
Total
60.7
41.9
42.0
43.946.340.940.542.9
47.452.360.769.778.4
92.0100.6114.2126.4139.7
161.4176.1187.4199.7221.2
238.2257.3281.7312.6344.1
376.4401.8427.9462.1492.9
517.2567.8646.9
Nonfarm
Mort-gage
31.2
26.3
25.0
26.127.126.826.126.0
27.031.837.242.447.1
54.861.768.976.786.4
98.7109.4118.1128.1141.0
151.3164.5180.3198 6218.9
236.8251.6266.9284.9303.9
320.9352.6397.8
Com-mer-cialand
finan-cial*
22. 4
11.7
9.8
9.5in8.9
11.
14.
nl
8
712 1111?
n16.171820.
24.
qqq
8
848
n24.424.3?6?8
34.V4?45.
49.53.60.66.67.
69.76.91.
57
886
0
79249
195
Con-sumer
7.1
3.9
7.2
8 39.26.04.95.1
5.78 4
11.614.417.4
21.522.727.531.432.5
38.842.345.045.151.5
56.158.063.871.780.3
89.996.2
100.8110.8121.1
127.2138.4157.6
1 Net public and private debt is a comprehensive aggregate of the indebtedness of borrowers after eliminating certaintypes of duplicating governmental and corporate debt.
2 Net Federal Government and agency debt is the outstanding debt held by the public, as defined in the "Budget of theUnited States Government, for the Fiscal Year ending June 30,1975."
3 This comprises the debt of federally sponsored agencies, in which there is no longer any Federal proprietary interest.The obligations of the Federal Land Banks are included beginning with 1947, the debt of the Federal Home Loan Banksis included beginning with 1951, and the debts of the Federal National Mortgage Association, Federal Intermediate CreditBanks, and Banks for Cooperatives are included beginning with 1968.
* Farm mortgages and farm production loans. Farmers' financial and consumer debt is included in the nonfarm categories,s Financial debt is debt owed to banks for purchasing or carrying securities, customers' debt to brokers, and debt owed
to life insurance companies by policyholders.
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, Department of Agri-culture, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Federal Land Banks, andFederal National Mortgage Association.
323
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENT FINANCETABLE C-64.—Federal budget receipts and outlays, fiscal years 1929-75
[Millions of dollars]
1929
1933
1939
1940 .194119421943 .. ..1944
1945 ..194619471948 .. .1949
195019511952 - ,19531954
1955... ..19561957 .19581959
19601961196219631964
196519661967—19681969
19701971 .197219731974 I
1975 I
Fiscal year Receipts
3,862
1,997
4,979
6,8799,20215,10425,09747,818
50,16243 53743,53145,35741 576
40,94053 39068,01171,49569,719
65,46974 54779,99079,63679,249
92,49294,38999,676106,560112,662
116,833130,856149,552153,671187,784
193,743188,392208,649232, 225270, 000
295,000
Outlays
3,127
4,598
8,841
9,58913,98034,50078,90993,956
95,18461,73836,93136,49340,570
43,14745,79767,96276,76970,890
68,50970,46076,74182, 57592,104
92,22397,795106,813111,311118,584
118,430134,652158,254178,833184,548
196,588211,425231,876246, 526274,660
304,445
Surplus ordeficit (-)
734
-2,602
-3,862
-2,710-4,778-19,396-53,812-46,138
-45,022-18,201
6,6008,8641,006
-2,2077,593
49-5,274-1,170
-3,0414,0873,249
-2,939-12,855
269-3,406-7,137-4,751-5,922
-1,596-3,796-8,702-25,161
3,236
-2,845-23,033-23,227-14,301-4,660
-9,445
i Estimate.Note.—Data for 1929-39 are according to the administrative budget, those for 1940-53 according to the consolidated
cash statement, and those for 1954-75 according to the unified budget.Certain interfund transactions are excluded from receipts and outlays beginning 1932. For years prior to 1932 the amounts
of such transactions are not significant.Refunds of receipts are excluded from receipts and outlays.Sources: Department of the Treasury and Office of Management and Budget.
324
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-65.—Federal budget receipts, outlays, financing, and debt, fiscal years 1964—75
{Millions of dollars; fiscal years]
Description
Actual
1964 1965 1966 1967 1968 1969
BUDGET RECEIPTS AND OUTLAYS:
Total receipts
Federal fundsTrust fundsInterfund transactions.
Total outlays
Federal fundsTrust fundsInterfund transactions.
Total surplus or deficit ( - ) _
Federal funds..Trust funds...
BUDGET FINANCING:
Total means of financing.
Net borrowing from the public orrepayment of borrowing ( - )
Other means of financing
OUTSTANDING DEBT, END OF YEAR:
Gross Federal debt
Held by Government agencies..Held by the public
Federal Reserve System.Others
112,662
87,20528,518
- 3 , 0 6 1
118,584
95,76125,884
- 3 , 0 6 1
- 5 , 9 2 2
-8,5562,634
5,922
3,0922,830
316,763
59,210257,553
34,794222, 759
116,833
90,94329,230
- 3 , 3 3 9
118,430
94,80726,962
- 3 , 3 3 9
- 1 , 596
- 3 , 8 6 42,268
1,596
4,061- 2 , 4 6 5
323,154
61, 540261,614
39,100222, 514
130,856
101,42732,997
- 3 , 5 6 8
134,652
106, 51231,708
- 3 , 568
- 3 , 7 9 6
- 5 , 0 8 51,289
3,796
3,076720
329,474
64,784264,690
42,169222,521
149,552
111,83542,935
- 5 , 218
158, 254
126,77936,693
- 5 , 2 1 8
-8,702
-14 ,9446,242
8,702
2,8385,863
341,348
73, 819267,529
46,719220,810
153,671
114,72644,716
- 5 , 7 7 1
178, 833
143,10541, 499
- 5 , 7 7 1
-25 ,161
-28 ,3793,217
25,161
23,1002,061
369,769
79,140290,629
52, 230238, 399
187, 784
143,32152,009
- 7 , 547
184, 548
148,81143, 284
- 7 , 547
3,236
- 5 , 4 9 08,725
1-3,236
- 1 , 0 4 4- 2 , 1 9 2
367,144
87,661279, 483
54, 095225, 388
BUDGET RECEIPTS.
Individual income taxesCorporation income taxesSocial insurance taxes and contributions...Excise taxesEstate and gift taxes..Customs dutiesMiscellaneous receipts:
Deposit of earnings by Federal Re-serve System
Allother
BUDGET OUTLAYS.
National defenseInternational affairs and financeSpace research and technologyAgriculture and rural developmentNatural resources and environmentCommerce and transportationCommunity development and housingEducation and manpowerHealthIncome securityVeterans benefits and services..InterestGeneral governmentGeneral revenue sharing....AllowancesUndistributed intragovernmental transac-
tions:Employer share, employee retirement-Interest received by trust funds
112,662
48,69723,49322,01213,7312,3941,252
947138
118, 584
53, 5914,1174,1705,1841,9666,531- 1 8 51,7621,71325,1415,6819,8101,979
116,833
48,79225,46122, 25814, 5702,7161,442
1,372111
118,430
49, 5784,3405,0914,8052,0567,440288
2,2901,700
25,7115,72210,3582,160
130,856
55,44630,07325, 56713, 0623,0661,767
1,713162
134,652
56,7854,4905,9333,6762,0367,3022,6444,2652,50528,9325,92111,2852,240
149,552
61, 52633,97133,34913,7192,9781,901
1,805303
158,254
70,0814,5475,4234,3731,8787,6472,6165,8806,66131,1686,89912, 5882,429
153,671
68, 72628,66534, 62214,0793,0512,038
2,091400
178, 833
80,5174,6194,7215,9401,7228,1264,0766,7439,60334,1396,88213,7462,500
-1,256-1,621
-1,329-1,780
-1,447-1,917
-1,661-2, 275
-1,825-2,674
187,784
87, 24936,67839,91815, 2223,4912,319
2,662247
184, 548
81, 2323,7854,2476,2182,1697,9421,9616,52911,60437,7487,64015,7912,800
-2,018-3, 099
See next page for continuation of table and for footnotes.
325
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-65.—Federal budget receipts, outlays, financing, and debt, fiscal years 1964—75—Con.
[Millions of dollars; fiscal years]
DescriptionActual
1970 1971 1972 1973
Estimate
1974 1975
BUDGET RECEIPTS AND OUTLAYS:Total receipts.
Federal fundsTrust fundsInterfund transactions
Total outlays.
Federal fundsTrust funds .Interfund transactions.
Total surplus or deficit (—). .
Federal funds.._Trust funds
BUDGET FINANCING:
Total means of financing...Net borrowing from the public or re-
payment of borrowing (—)Other means of financing
OUTSTANDING DEBT, END OF YEAR:
Gross Federal debtHeld by Government agencies.Held by the public
Federal Reserve System.Others
193,743
143,15859,362
- 8 , 7 7 8
196,588
156,30149,065
- 8 , 7 7 8
-2,845-13 ,143
10,297
12,845
3,814- 9 6 9
382,603
97,723284,88057,714
227,166
188,392
133,78566,193
-11 ,586
211,425
163,65159,361
-11 ,586
-23,033
- 2 9 , 8666,832
23,033
19,4483,585
409,457
105,140304,328
65,518238,810
208,649
148,84672,959
-13 ,156
231,876
177,95967,073
-13 ,156
-23 , 227-29 ,114
5,886
23, 227
19,4423,785
437,329
113,559323, 770
71,426252,344
232,225161,35792,193
-21 ,325
246,526
186,40681, 447
-21 ,325-14 ,301
-25 ,04610,746
14,301
19,275- 4 , 9 7 4
468,426125,381343, 045
75,182267,863
270,000185,581105,548
-21 ,129
274,660
203, 71592,075
-21 ,129- 4 , 6 6 0
-18 ,13314,473
4,660
3,5001,160
486,350139,806346,545
295,000
202, 757115,818
-23 ,575
304,445
220,636107,385
-23 ,575
- 9 , 4 4 5
-17 ,8788,433
9,445
12,500- 3 , 055
507,973
148,929359, 045
BUDGET RECEIPTS.Individual income taxesCorporation income taxesSocial insurance taxes and contributions..Excise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts:
Deposit of earnings by Federal ReserveSystem.
AllotherBUDGET OUTLAYS.
National defenseInternational affairs and financeSpace research and technologyAgriculture and rural developmentNatural resources and environmentCommerce and transportationCommunity development and housingEducation and manpowerHealthIncome securityVeterans benefits and servicesInterestGeneral governmentGeneral revenue sharingAllowancesUndistributed intragovernmental trans-
actions:Employer share, employee retirement.Interest received by trust funds
193,74390,41232,82945,29815,7053,6442,430
3,266158
196,588
80, 2953,5703,7496,2012,5689,4552,9657,28912,89843, 7348,67718,3123,255
188,392
86, 23026,78548,57816,6143,7352,591
3,533325
211,42577,661
3,0953,3815,0962,716
11,4283,3578,226
14,45256,1289,776
19, 6093,875
208,649
94,73732,16653,91415,4775,4363,287
3,252381
231,87678,3363,7263,4227,0633,761
11,2844,2829,752
17,09964,90910,73120,5824,787
232,225103, 24636,15364,54216, 2604,9173,188
3,495426
246,52676,0212,9573,3116,191
58913,0704,132
10,18518,41773, 07312,01322,8135,4806,636
- 2 , 4 4 4- 3 , 9 3 6
- 2 , 6 1 1- 4 , 765
- 2 , 7 6 8- 5 , 0 8 9
-2 ,927-5 ,436
270,000118,00043,00077,90717,1445,4003,500
4,400649
274,66080,573
3,8863,1774,039
60913,5215,450
10,81923, 26884,99513, 28527, 7546,8006,147
300
-3,543-6,420
295,000
129, 00048, 00085,60317, 4446,0003,800
4,700453
304, 44587,729
4,1033,2722,7293,128
13,4005,667
11,53726, 282
100,07113,61229,1226,7746,1741,561
-3 ,577- 7 , 1 4 0
i Excludes changes due to reclassification and to conversion of mixed-ownership enterprises to private ownership. (Seefootnotes to Table 9, "Budget of the United States Government for the Fiscal Year Ending June 30, 1971," and footnotesto Table 10, "Budget of the United States Government for the Fiscal Year Ending June 30,1972.")
Sources: Department of the Treasury and Office of Management and Budget.
326
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C-66.—Relation of the Federal budget to the Federal sector of the national income andproduct accounts, fiscal years 1972—75
[Billions of dollars; fiscal years]
Receipts and expenditures
RECEIPTS
Total receipts, budget
Government contribution for employee retire-ment (grossing)
Other netting and grossingAdjustment to accrualsOther .
Federal sector, national income and product accounts,receipts
EXPENDITURES
Total outlays, budget
Lending and financial transactionsGovernment contribution for employee retirement
(grossing)Other netting and grossingDefense timing adjustmentOther
Federal sector, national income and product accounts,expenditures
Actual
1972
208.6
3.31.6.5
- . 4
213.7
231.9
- 2 . 4
3.31.6
- . 3- 1 . 0
233.2
1973
232.2
3.71.76.1
- . 4
243.3
246.5
- 1 . 6
3.71.72.32.5
255.1
Estimate
1974
270.0
4.41.55.4
- . 8
280.5
274.7
- 2 . 4
4.41.5
- . 47.4
285.2
1975
295.0
4.51.64.3
- . 6
304.8
304.4
- 2 . 0
4.51.6
- . 25.1
313.4
Note.—See Special Analysis A, "Budget of the United States Government for the Fiscal Year Ending June 30, 1975,"for description of these categories.
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Manage-ment and Budget.
327
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C-67.—Receipts and expenditures of the government sector of the national income and productaccounts, 1929-73
[Billions of dollars]
Calendar year or quarter
1929.
1933
1939. . .
1940. . .L9411942 . .19431944 ..1945194619471948 .1949
1950. . . . .19511952. . .19531954. . .19551956 ..19571958 .1959
196019611962196319641965 .196619671968. . .1969
1970197119721973*
1971: 1IIIII . .IV
1972: 1.IIIIIIV
1973: 1
III
Total government
Re-ceipts
11.3
9.3
15.4
17.725.032.649 251.253.250.956.858.956.0
68.784 889.894 389.7
100 4109.0115 6114.7128.9
139 8144.6157.0168.8174.1189.1213.3228 9263.5296.7
302.5322.0368.2419.0
Ex-pendi-tures
10.3
10.7
17.6
18 428.864 093 3
103 092.745 542.450 359.1
60.879 093.7
101 296.797 6
104.1114 9127 2131.0
136 1149 0159.9166.9175 4186.9212 3242 9270.3287.9
312.7340.2370.9407.4
Sur-plus ordeficit
nationalincome
andprod-
uct ac-counts
1.0
-1 .4
-2 .2
_ 7-3 .8
-31 4-44 1-51 8-39.5
5 414.48 5
-3 .2
7.95 8
-3 .8- 6 9-7 .0
2 74.9
7-12 5-2.1
3 7- 4 3-2 .9
1.8- 1 4
2.21.1
-13 9-6 .8
8.8
-10.1-18.1- 2 . 811.6
Federal Government
Re-ceipts
3.8
2.7
6.7
8.615.422 939 341.042.539 143.243 338.9
49.964 067.270 063.872 177.681 678.789.7
96 598 3
106.4114.5115 0124.7142.5151 2175.0197.3
192.0198.9228.7265.4
Ex-pendi-tures
2.6
4.0
8.9
10.020.556.185 895.584.635 629.834 941.3
40.857.871.077.069.768.171.979 688.991.0
93 0102.1110.3113.9118 1123.5142.8163 6181.5189.2
203.9221.0244.6264.7
Sur-plus ordeficit
nationalincome
andprod-uct ac-counts
1.2
-1 .3
-2 .2
- 1 3
- 3 3 1-46 6-54 5-42.1
3 513.48 4
-2 .4
9.16 2
-3 .8- 7 0-5 .9
4 05.72 1
-10.2-1 .2
3 5-3 .8-3 .8
.7-3 .0
1.2- . 2
-12.4-6 .5
8.1
-11.9-22.2-15.9
.6
State and localgovernment
Re-ceipts
7.6
7.2
9.6
10 010.410 610 911 111.612 915.317 619.3
21.123 325.227 228.831 434.738 241.646.0
49 953 658.663.469 575.585.293 5
107.1119.7
135.0152.3177.2194.8
Ex-pendi-tures
7.8
7.2
9.6
9 39.18 88 48 59.0
11 014.317 420.0
22.323 725.327 029.932 735.639 544.046.8
49 654.157.662.267 874.583.995 1
107.5119.0
133.2148.3164.0183.8
Sur-plus ordeficit
nationalincome
andprod-
uct ac-counts
-0 .2
- . 1
0)
.61.31.82.52.72.61.91.0.1
- . 7
- 1 . 2
(2).1
-1 .1-1 .3- . 9
- 1 4- 2 . 3- . 8
.2- . 5
.9
1.01.3
- 1.6- . 3
.7
1.84.0
13.111.0
Seasonally adjusted annual rates
312.5319.0324.4332.2
356.8363.4370.6381.9
402.7414.7425.0
328 4338 8342.8350.7
362.2367 2368 5385.7
393.8403.2410.7421.9
-15 9-19.7-18.4-18.6
-5 .4- 3 9
2.0-3 .8
8.911.614.3
194 8197.7199.4203.5
222.9225.4229.6236.9
253.6262.4269 5
212 4221.2222.6228.0
236.6244 4237.0260.3
258.6262.4265.6272.4
-17.6-23.5-23.2-24.5
-13.8-19.0-7 .4
-23.4
- 5 . 0.0
4.0
145 1150 6154.3159.3
166.2175 9175.3191.2
190.2192.8196.0
143.4146.9149.5153.4
157.8160.8165.9171.6
176.4181.2185.7191.9
1.73.74.85.9
8.415.29.5
19.6
13.911.510.4
i Surplus of $32 million.3 Deficit of $41 million.Note.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State and local
receipts and expenditures. Total government receipts and expenditures have been adjusted to eliminate this duplication.Source: Department of Commerce, Bureau of Economic Analysis.
328
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-68.—Receipts and expenditures of the Federal Government sector of the national incomeand product accounts, 1949-75
[Billions of dollars]
Year or quarter
Fiscal year:19491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971..19721973 v1974 21975 2
Calendar year:1949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973 v
1972: I
1973:
IIIIIIVIIIIll
Receipts
Total
40.042.060.865.169.365.867.275.880.777.985.494.895.3
104.2110.2115.5120.5132.8147.2160.6190.4195.2192.6213.7243.3280.5304.8
38.949.964.067.270.063.872.177.681.678.789.796.598.3
106.4114.5115.0124.7142.5151.2175.0197.3192.0198.9228.7265.4
Per-sonaltavtaxandnon-tax
ceipts
16.316.523.228.831.430.329.733.636.736.338.242.543.647.349.650.751.357.664.571.490.093.687.4
100.1107.2123.7135.3
16.118.126.131.032.229.031.435.237.436.839.943.644.748.651.548.653.861.767.579.794.892.289.9
107.9114.5
Cor-po-rate
profitstaxac-
cruals
11.011.921.519.319.717.318.721.120.617.821.522.320.322.923.525.727.731.031.233.737.433.332.234.743.850.350.2
9.817.021.518.519.517.020.620.620.218.022.521.721.822.724.626.429.332.130.736.736.631.033.337.849.8
Indi-
busi-nesstaxandnon-taxac-cru-als
8.08.29.59.7
10.710.410.010.811.711.611.913.213.314.215.015.616.915.715.817.118.619.220.119.920.923.327.5
8.08.99.4
10.310.99.7
10.711.211.811.512.513.513.614.615.316.116.515.716.318.019.019.320.419.921.0
Con-tribu-tionsfor
socialinsur-ance
4.85.56.67.37.57.88.7
10.211.712.213.816.718.119.922.123.524.628.535.738.344.449.152.959.071.483.291.8
4.95.97.17.47.48.19.3
10.612.212.414.817.718.220.523.123.825.133.036.740.746.949.555.263.080.1
Expenditures
Total i
39.642.444.666.075.874.267.369.876.083.190.991.398.0
106.4111.4116.9118.5131.9154.5172.5185.7195.9212.6233.2255.1285.2313.4
41.340.857.871.077.069.768.171.979.688.991.093.0
102.1110.3113.9118.1123.5142.8163.6181.5189.2203.9221.0244.6264.7
Pur-chases
ofgoodsandserv-ices
19.319.025.146.656.153.243.945.247.750.754.752.755.560.963.465.764.471.785.394.999.498.095.9
103.2104.5111.5121.6
20.118.437.751.857.047.444.145.649.553.653.753.557.463.464.265.266.977.890.798.898.896.298.1
104.4106.9
Transferpayments
Toper-sons
8.111.38.18.59.3
10.512.112.814.417.819.820.623.625.126.427.328.331.837.242.748.554.867.475.886.8
102.5120.7
8.710.88.58.89.5
11.512.413.415.719.520.121.524.925.527.027.830.333.440.046.150.361.072.380.193.1
Tofor-eign-
ers(net)
5.04.33.12.62.11.72.11.81.91.71.81.82.12.12.12.22.22.32.22.12.22.02.32.82.64.72.8
5.13.63.12.12.01.82.01.91.81.81.81.92.12.22.22.22.22.32.22.12.12.22.62.72.4
Grants-in-aid
to Stateandlocal
govern-ments
2.12.42.42.52.82.93.03.23.74.76.26.86.97.68.49.8
10.912.714.817.819.222.626.832.940.444.146.6
2.22.32.52.62.82.93.13.34.25.66.86.57.28.09.1
10.411.114.415.818.720.324.429.137.741.2
Notwetin-ter-est
paid
4.34.44.64.84.85.04.95.15.55.75.97.06.86.87.58.18.59.09.9
10.912.314.014.313.414.418.219.6
4.44.54.74.74.95.04.95.3f> 75.66.47.16.67.27.78.38.79.5
10.211.713.114.613.613.515.9
Subsi-dieslesscur-rentsur-plusof
gov-ern-mententer-prises
0.81.01.31.1.9
1.01.31.72.82.52.42.33.23.83.63.84.14.55.14.14.14.75.85.26.44.22.1
.81.21.31.0.8
1.11.52.42.62.72.12.53.84.03.64.24.35.44.64.14.65.55.36.15.4
Sur-plusor
defi-cit- > ,na-
tion-al in-comeand
prod-uctac-
counts
0.4
-i!o-6 .5-8 .5- . 16.04.7
-5 .1-5 .5
3.5-2.7-2 .1-1 .2-1 .4
2.0.9
-7 .3-11.9
4.7- . 7
-19.9-19.5-11.8-4 .7-8 .6
-2 .49.16.2
-3.8-7.0- 5 . 9
4.05.72.1
-10.2- 1 . 2
3.5- 3 . 8- 3 . 8
.7- 3 . 0
1.2- . 2
-12.4-6 .5
8.1-11.9-22.2-15.9
.6
Seasonally adjusted annual rates
222.9225.4229.6236.9253.6262.4269.5
105.6106.6108.1111.3108.5111.4116.9121.1
36.036.738.040.746.650.851.0
19.719.719.920.320.721.220.8
-21.5
61.562.463.664.677.879.180.882.6
236.6244.4237.0260.3258.6262.4265.6272.4
106.0106.7102.3102.7105.5107.3106.8107.8
76.877.378.088.589.791.594.296.9
2.92.82.82.52.12.32.52.6
32.238.034.446.141.140.540.542.5
13.113.613.413.714.715.616.216.9
5.55.96.26.75.55.15.35.7
-13.8-19.0-7 .4
-23.4- 5 . 0
. 04.0
1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars at seasonallyadjusted annual rates) .0, - . 1 , .0, and .0 in the 4 quarters of 1972 and .0, - . 1 , .0, and .0 in the 4 quarters of 1973,respectively. 2 Estimates.
Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.
329
5 2 7 - 8 6 7 O - 7 4 - 2 2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C-69.—Receipts and expenditures of the State and local government sector of the nationalincome and product accounts, 1946-73
[Billions of dollars]
Calendaryear orquarter
Receipts
Total
Per-sonaltaxand
nontaxeceipts
Cor-porateprofits
taxiccruals
ndirectbusi-nesstaxand
nontaxaccruals
Contri-butions
forsocialinsur-ance
Fed-eral
grants-n-aid
Expenditures
Total »
Pur-chases
ofgoodsandserv-ices
Trans-fer
pay-ments
toper-sons
Netinterest
paid
Sub-sidiesless
currentsurplusof gov-
ern-ment
enter-prises
Surplusor
deficit<-),
nationalincome
andprod-uct ac-counts
1946..1947..1948..1949..
1950..1951..1952..1953..1954..
1955.1956.1957.1958.1959.
1960.1961.1962.1963.1964.
1965.1966.1967.1968.1969-
1970—1971...1972...1973 p..
1971: I
12.915.317.619.3
21.123.325.227.228.8
31.434.738.241.646.0
49.953.658.663.469.5
75.585.293.5107.1119.7
135.0152.3177.2194.8
1.51.82.12.4
2.62.93.13.43.7
4.14.75.25.66.3
7.37.78.79.4
10.8
11.813.715.518.321.7
24.427.734.338.4
0.5.6.7.6
.9
1.01.01.01.01.2
1.31.41.41.71.9
2.12.22.43.23.4
3.84.14.96.4
9.310.612.113.3
14.515.817.318.719.7
21.423.625.527.028.9
31.734.136.939.442.3
45.949.954.160.667.0
74.182.089.696.8
0.5.6.7
1.01.21.31.51.7
1.82.02.32.52.7
3.03.23.53.84.1
4.55.05.76.47.3
8.39.4
10.712.0
1.11.72.02.2
2.32.52.62.82.9
3.13.34.25.66.8
6.57.28.09.1
10.4
11.114.415.818.720.3
24.429.137.741.2
11.014.317.420.0
22.323.725.327.029.9
32.735.639.544.046.8
49.654.157.662.267.8
74.583.995.1
107.5119.0
133.2148.3164.0183.8
9.812.615.017.7
19.521.522.924.627.4
30.133.036.640.643.3
46.150.253.758.263.5
70.179.089.4
100.8111.2
123.3136.2150.5170.3
1.72.32.92.9
3.53.03.23.33.4
3.73.84.24.64.8
5.15.55.76.06.5
6.97.78.7
10.011.6
14.116.618.219.5
0.3.3.3.3
.3
.3
.3
.3
.4
.5
.5
.5
.6
.7
.7
.8
.8
. 8
.5
.3
.2
.0- . 2
- . 4- . 2- . 4
- 1 . 3
- 0 . 7
- . 9
- . 9
- L I- 1 . 2- 1 . 4
- 1 . 6- 1 . 7- 1 . 8- 1 . 8- 2 . 0
-2.2-2.3-2.6-2.8-2.9
-3 .0-3 .1-3 .2-3 .4-3 .5
-3 .8-4 .1-4 .4-4 .7
Seasonally adjusted annual rates
IIIl lIV
1 9 7 2 : II I . . . .HI —IV
1973: L . . .II . . .IllIV
145.1150.6154.3159.3
166.2175.9175.3191.2
190.2192.8196.0
26.027.128.029.5
32.434.134.636.1
36.637.939.140.1
3.94.14.34.2
4.64.74.95.2
6.16.66.6
78.980.983.285.1
86.888.790.692.5
94.996.097.798.6
8.99.29.59.8
10.210.510.911.3
11.611.812.112.5
27.429.329.330.7
32.238.034.446.1
41.140.540.542.5
143.4146.9149.5153.4
157.8160.8165.9171.6
176.4181.2185.7191.9
131.8134.8137.3141.0
144.3147.5152.4158.0
163.0168.0172.2178.0
15.916.416.817.2
17.518.018.518.8
19.119.419.519.9
- 0 . 3- . 2- . 2- . 2
- . 3- . 4- . 5- . 6
-1 .2-1 .6-1 .3-1 .1
-4 .0-4 .1-4 .1-4 .2
- 4 . 3-4 .4-4 .5-4 .6
-4 .6-4 .7-4.7-4 .8
1.91.0.1
- . 7
- 1 . 2- . 4
-1 .1
- 1 . 3- . 9
-1 .4-2 .3- . 8
.2- . 5
.91.21.7
1.01.3
-1 .6- . 3
.7
1.84.0
13.111.0
1.73.74.85.9
8.415.29.5
19.6
13.911.510.4
1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars, at seasonallyadjusted annual rates) .0, .0, .3, and .4 in the 4 quarters of 1971; - . 6 , - . 1 , .0, and .0 in the 4 quarters of 1972; and .0,— . 1 , .0, and .0 in the 4 quarters of 1973. respectively.
2 Deficit of $41 million.
Source: Department of Commerce, Bureau of Economic Analysis.
330
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-10.—State and local government revenues and expenditures, selected fiscal years, 1927-72
[Millions of dollars]
Fiscal year 1
General revenues by source*
TotalProp-erty
taxes
Salesand
grossre-
ceiptstaxes
Indi-vidualincometaxes
Corpo-ration
netincometaxes
Reve-nue
fromFederalGovern-
ment
Allotherreve-nues3
General expenditures by function*
Total Edu-cation
High-ways
Publicwel-fare
Allother *
1927..
1932..1934..1936..1938..
1940..1942..1944..1946..1948..
1950..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..1961..1962.1963.
1962-63«.1963-64 81964-65«.
1965-66«.. .1966-67«1967-68*.. .1968-69«.. .1969-70*. . .
1970-71'1971-72 5
7,271
7,2677,6788,3959,228
9,60910,41810,90812,35617,250
20,91125,18127,30729,012
31,07334,66738,16441,21945,306
50,50554,03^58,25262,890
62,26968, 44374,000
83,03691,197
101,264114,550130,756
144,927166,352
4,730
4,4874,0764,0934,440
4,4304,5374,6044,9866,126
7,3498,6529,3759,967
10,73511,74912,86414, 04714,983
16,40518,00219,05420,089
19,83321,24122,583
24,67026,04727, 74;30,67334,054
37,85242,133
470
7521,0081,4841,794
1,9822,3512,2892,9864,442
5,1546,3576,9277,276
7,6438,6919,4679,82910,437
11,84912,46313,49414,456
14, 44615,76217,118
19,08520,53022,91126,51930,32r
33,23337,488
70
7480153218
224276342422543
788998
1,0651,127
1,2371,5381,7541,7591,994
2,4632,6133,0373,269
3,2673,7914,090
4,7605,8267,3088,908
10,81'
11,90015,237
92
7949113165
156272451447592
593846817778
744890984
1,0181,001
1,1801,2661,3081,505
1,5051,6951,929
2,0382,2272,5183,1803,738
3,4244,416
116
2321,016948
945858954855
1,861
2,4862,5662,8702,966
3,1313,3353,8434,8656,377
6,9747,1317,8718,722
8,66310,00211,029
13,21415,37017,18119,15321,857
26,14631,253
1,793
1,6431,4491,6041,811
1,8722,1232,2692,6613,685
4,5415,7636,2526,897
7,5848,4659,2509,699
10,516
11,63412,56313,48914,850
14, 55615,95117, 250
7,210
7,7657,1817,6448,757
9,2299,1908,86311,02817,684
22,78726, 09827,91030, 701
33,72436,71140,37544, 85148,887
51,87656,20160,20664, 816
63,97769,30274,546
82,84393,350
598 102,411116,728131,332
19,26921,19723,59826,11829,971
32,374 150,67435,825 166,873
2,235
2,3111,8312,1772,491
2,6382,5862,7933,3565,379
7,1778,3189,39010, 557
11,90713,22014,13415,91917,283
18,71920,57422,21623,776
23,72926, 28628, 563
33,28737, 91941,15847,23852,718
59,41364,886
1,809
1,7411,5091,4251,650
1,5731,4901,2001,6723,036
3,8034,6504,9875,527
6,4526,9537,8168,5679,592
9,4289,844
10,35711,136
11,15011,66412,221
12,77013,93214,48115,41716,427
18,09519,010
151
444889827
1,069
1,1561,2251,1331,4092,099
2,9402,7882,9143,060
3,1683,1393,4853,8184,136
4,4044,7205,0845,481
5,4205,7666,315
6,7578,2189,857
12,11014,679
18,22621,070
3,015
3,2692,9523,2153,547
3,8623,8893,7374,5917,170
8,86710,34210,61911,557
12,19713,39914,94016, 54717, 876
19, 32521,06322,54924, 423
23,67825, 58627,447
30,02933,28136,91541,96347, 507
54,94061,907
i Fiscal years not the same for all governments. See footnote 5.3 Excludes revenues or expenditures of publicly owned utilities and liquor stores, and of insurance-trust activities.
Intergovernmental receipts and payments between State and local governments are also excluded.3 Includes licenses and other taxes and charges and miscellaneous revenues.* Includes expenditures for health, hospitals, police, local fire protection, natural resources, sanitation, housing and
urban renewal, local parks and recreation, general control, financial administration, interest on general debt, and un-allocable expenditures.
« Data for fiscal year ending in the 12-month period through June 30. Data for 1963 and earlier years include local govern-ment amounts grouped in terms of fiscal years ended during the particular calendar year.
Note.—Data are not available for intervening years.See Table C-63 for net debt of State and local governments.
Source: Department of Commerce, Bureau of the Census.
331
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-71.—Public debt securities by kind of obligation, 1946-73
[Billions of dollars]
End of year ormonth
1946194719481949
1950195119521953 . . .1954 . . . .195519561957 . .19581959
1960196119621963196419651966 -.--196719681969
1970197119721973
1972: JanFeb..MarAprMay .June
JulyAugSeptOctNovDec
1973:JanFebMarApr. . . .May... . .June _ . . .
JulyAugSeptOct . .NovDec
Totalpublicdebt
securi-ties
259.1256.9252.8257.1
256.7259.4267.4275.2278.7280.8276.6274.9282.9290.8
290.2296.2303.5309.3317.9320.9329.3344.7358.0368.2
389.2424.1449.3469.9
422.9424.0427.3425.3427.9427.3
432.4435.4433.9439.9444.2449.3
450.1454.8458.6457.1457.3458.1
459.0461.8461.4462.5464.0469.9
Interest-bearing public debt
Marketable public issuesby maturity class
Within1 year
54.849.644.649.4
49.447 157.773.962.861.768.675.372.679.9
75.385.987.389.488 593.4
105.2104.4108 6118.1
123 4119.1130.4141.6
119.2122.1126.3122.3126.6121.9
122.5121.6121 3122.4128.6130.4
131.5130.2130.2128.4125.7122.8
122.6129.1129.1130.9139.4141.6
1 to 10years
61.756.155.151.8
50.556.762.250.464.768.658.956.971.083.7
89.584.795.694.2
100.495.687.597.0
103.493.3
104.9123.0117.7106.8
123.0119.4119.5121.2115.9115.9
115.9114.9114.9116.9115.6117.7
117.7117.8117.8117.7117.8119.3
119.3111.7111.7111.6109.0106.8
10yearsandover
60.160.057.753.9
52.538.828.730.330.232.932.932.032.024.6
24.225.420.124.023 625.625.425.124.824.4
19.419.921.421.8
19.819.719.619.519.419.4
19.321.621.621.521.421.4
22.021.921.821.722.420.8
20.821.621.621.521.821.8
Nonmarketable publicissues
U.S.sav-ings
bondsand
notes
49.852.155.156.7
58.057.657.957.757.757.956.352.551.248.2
47.247.547.548.849 750 350.851.752 352.2
52.554.958.160.8
55.155.355.655.956.256.5
56.757.057.257.557.858.1
58.458.759.059.359.759.9
60.260.360.360.560.860.8
For-eignand
inter-na-
tional
0.5
1.31.82.41.53.24.44.7
6.517.421.326.9
17.617.517.219.118.919.7
22.722.422.521.821.721.3
21.226.129.129.229.029.2
28.828.628.928.426.726.9
Other
6 77 46 39.3
10.120 919 619 317.712.711 910.49.27.8
6.35 34.63.83 52 92.72.62 62.5
2.42.42 42.8
2.42.42.42.42.42.4
2.42.42.42.42.42.4
2.52.52.52.52.52.5
2.52.52.52.62.82.8
Specialissues
24 629 031.733.9
33.735 939 141 242.643.945 645.844.843.5
44.343 543.443.746 146.352.057.259.171.0
78.185.795.9
107.1
84.285.684.983.186.689.6
91.093.692.395.594.995.9
95.095.896.496.498.3
101.7
103.0106.1105.4105.1101.6107.1
Maturedpublicdebtanddebtbear-ing nointer-
est
1 52 72 22.1
2 42 32 12 33 03.02 42 02.13.1
3.43 54.34.14 44.44.33.52.92.0
1.91.82.02.1
1.81.91.81.81.81.9
1.81.91.81.81.82.C
1.91.91.81.81.91.J
1.8l.S2.C1.92.C2.1
Source: Department of the Treasury.
332
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-72.—Estimated ownership of public debt securities, 1946-73
[Par values,i billions of dollars]
End of year ormonth
19461947 .19481949
19501951 .195219531954195519561957.. . .19581959
I960.. . .196119621963196419651966196719681969
1970197119721973
1972:JanFebMarAprMayJune
JulyAugSeptOctNovDec
1973: JanFebMar . .AprMayJune
JulyAug _ .SeptOctNovDec . . .
Total public debt securities 2
Total
259.1256.9252.8257.1
256 7259 4267.4275.2278 7280.8276.6274.9282.9290.8
290.2296.2303.5309 3317 9320.9329.3344 7358 0368.2
389.2424.1449 3469.9
422 9424.0427 3425 3427.9427 3
432 4435 4433 9439 9444 2449 3
450.1454 8458.6457 1457.3458.1
459.0461.8461 4462.5464 0469.9
Held
Govern-ment
accounts
27.430.833.735.9
36.039.342.945.446.749.051.252.852.151.4
52.852.553.255.358.459.765.873.176.689.0
97.1106.0116.9129.6
104.4106.2105.5105.5109.1111.5
112.8115.4113.5116.7116.1116.9116.2117.1117.9117.9120.1123.4
125.0128.7127.8127.4127.1129.6
Held byFederalReserveBanks
23 322 623.318.9
20 823 824.725.924 924.824 924.226.326.6
27.428.930.833 637 040.844.349 152 957.2
62.170.269.978.5
69.667.769 970 371.671 4
70 870 769.770 169 569.9
72.072.674.375 574.175.0
77.176.176 278.577.278.5
Held by private investors
Total
208 3203 6195.8202.4
199 9196 3199.8203.8207 1207.0200.5197.9204.5212.7
210.0214.8219.5220 5222 5220 5219.2222 4228 5222.0
229.9247.9262.5261.7
248 9250.2251 9249.5247.2244 4
248 8249.3250.7253.1253 6262.5261.8265.1266.4263 7263.1259.7
256.9257.1257.4256.5259.7261.7
Com-mercialbanks 3
74 568 762.466.8
61 861 563.463.769 162.059 559.567.560.3
62.167.267.164 263 960 757.463 866.056.8
62.765.367 760.2
63.162.463 662.261.360 9
60 560.361.161.664.267 766.462.862.060.558.958.8
56.555.155.456.358.560.2
Mutualsavingsbanks
and in-surance
com-panies
36 735.932.731.5
29 626 225.525.124 123.121.220.119.819.4
18.117.417.416 816.515.614.112.711.610.1
9.89.38.77.6
9.29.29.29.19.18.98.88.68.98.68.88.68.78.48.48.28.18.1
8.07.87.77.67.57.6
Othercorpo-
rations4
15 314 114.816.8
19 720 719.921.519 123.218.717.718.121.4
18.718.518.618.718.215.814.912.214.210.4
7.311.49.8
11.4
10.811.110.69.5
10.39.39.48.07.89.1
10.69.8
10.310.911.210.010.89.8
10.311.59.2
10.211.111.4
Stateand localgovern-ments *
6 37 37.98.1
8 89 6
11.112.714 415.416.316.616.518.0
18.719.020.121.121.222.924.324.124.927.2
27.825.428.929.3
26.026.726.226.126.026.926.927.027.628.528.628.930.029.529.429.228.628.828.427.729.028.528.929.3
Indi-viduals 6
64 165 765.566.3
66 364.665.264.863 565.065.964.963.769.4
66.165.966.068.269.872.174.674.075.881.4
81.974.074.777.3
73.673.674.774.674.474.074.374.274.074.174.574.774.975.075.375.475.775.976.777.077.277.077.277.3
Miscel-laneousinves-tors 7
11 411.912.512.9
13.613.714.716.116.918.318.919.118.924.3
26.526.930.231.633.033.433.935.736.136.140.462.572.876.066.267.267.567.966.164.568.971.271.471.372. C72.871.578.580.180.481. C78.477.078.078. S76.976.676.0
1 U.S. savings bonds, series A-F and J, and U.S. savings notes are included at current redemption value.2 Not all of total shown is subject to statutory debt limitation.3 Includes commercial banks, trust companies, and stock savings banks in the United States and Territories and island
possessions; figures exclude securities held in trust departments. Since the estimates in this table are on the basis of parvalues and include holdings of banks in United States Territories and possessions, they do not agree with the estimatesin Table C-53, which are based on book values and relate only to banks within the United States.
4 Exclusive of banks and insurance companies.6 Includes trust, sinking, and investment funds of State and local governments and their agencies, and of Territories
and possessions.6 Includes partnerships and personal trust accounts.7 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers,
Federal oriented agencies not included in Government accounts, and investments of foreign balances and internationalaccounts in this country. Beginning with December 1946, the international accounts include investments by the I nternationa IBank for Reconstruction and Development, the International Monetary Fund, the International Development Association,the Inter-American Development Bank, and various United Nations' funds, in special non-interest-bearing notes andbonds issued by the U.S. Government.
Source: Department of the Treasury.
333
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-73.—Average length and maturity distribution of marketable interest-bearingpublic debt, 1946-73
End of year or month
Fiscal year:194619471948 .1949
19501951195219531954
19551956195719581959
I9601961196219631964
19651966196719681969
1970197119721973
1972- JanFebMarAprMayJune
JulyAugSeptOct - .NovDec
1973:Jan . .FebMar . .AprMayJune
JulyAugSeptOctNovDec
Amountout-
standing Within1 year
Maturity class
I to5years
5 to 10years
»
10 to 20years
20 yearsand over
Millions of dollars
189,606168, 702160, 346155,147
155,310137,917140, 407147,335150,354
155, 206154,953155, 705166,675178, 027
183, 845187,148196,072203,508206,489
208,695209,127210,672226, 592226,107
232, 599245, 473257, 202262,971
261,918261,215265,380262,989261,924257, 202
257,717258,095257, 720260,863265,621269, 509
271,121269,881269,775267, 847265,919262,971
262,708262,405262,356264, 047270,234270,224
61,97451,21148, 74248,130
42,33843,90846,36765, 27062, 734
49, 70358,71471,95267, 78272,958
70,46781,12088, 44285, 29481,424
87,63789,13689,648
106,407103,910
105, 530112,772121,944122,803
119,152122, 067126,315122,263126,617121,944
122, 528121, 589121,260122, 442128, 569130, 422
131,454130, 205130,187128, 359125,697122, 803
122,602129,072129,114130,940139,433141,571
24, 76321, 85121,63032, 562
51, 29246, 52647, 81436,16129, 866
39,10734, 40140,66942, 55758, 304
72, 84458,40057,04158,02665,453
56,19860, 93371,42464, 47062, 770
89,61589, 07489,00488, 223
93,64693,08993,10694, 84989,00589,004
89,00485, 73085, 73087,76286, 46488, 564
88, 57295,42295,42595, 39288, 22288,223
88,22380,59480,57680, 53583, 81781,715
41, 80735, 56232, 26416, 746
7,7928,707
13,93315,65127, 515
34, 25328,90812, 32821, 47617, 052
20, 24626, 43526,04937, 38534,929
39,16933, 59624, 37830, 75434, 837
15, 88224, 50326, 85231,111
29,31826,34726, 34926,34826,85326,852
26,85229,14929,14829,14729,14629,143
29,14222, 35722,35622,35629,62031,111
31,10831,10631,10331,10225,13625,134
17,46118, 59716, 22922, 821
28,03529,97925, 70028,66228,634
28,61328, 57826,40727,65221,625
12,63010, 2339,3198,3608,355
8,4498,4398,4258,4078,374
10, 5248,4559,343
14, 477
9,4849,4599,4199,3929,3639,343
9,31815,41915,39415, 36315, 33015, 301
15,27116,11416, 05816,02215,99614,477
14,45715, 34515,31715, 26915,67915,659
43, 59941,48141,48134, 888
25, 8538,7976,5941,5921,606
3,5304,3514,3497,2088,088
7,65810,96015,22114, 44416,328
17, 24117, 02316,79716, 55316, 217
11,04810,67010, 0596,357
10,31710, 25310,19110,13710,08610, 059
10,0156,2086,1886,1516,1126,079
6,6825,7835,7485,7186,3856,357
6,3186,2886,2456,2016,1696,145
Average length
Years
9998
g6555
55454
44455
54444
3333
333333
333333
333333
333333
Months
1529
27846
104937
46
111
o4
11720
86
2
443333
244321
110032
232110
Mote.—All issues classified to final maturity except partially tax-exempt bonds, which were classified to earliest calldate (the last of these bonds were called on August 14,1962 for redemption on December 15,1962).
Source: Department of the Treasury.
334
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITS AND FINANCE
TABLE C-74—Profits before and after taxes, all private corporations, 1929-73
[Billions of dollars]
Yq
1929
1933
1939
19401941194?1943194419451946194719481949
1951195?195319541955195619S719581959
I960196119621963196419651966196719681969
1970197119721973
1971:
1972'
1973
ear oruarter
V
1IIIII
IV
IIIIllIV
IIIIII
Corporate profits (before taxes) andinventory valuation adjustment
Allin-
dus-tries
10.
- 1 .
6.
9.15.702423.19.19
3330
374?39.
5
2
3
823482
608
77q
39.638464645
51.
4950555866768?788479
6q80qi
109.
7580.80.83.
86.
nqi617
q
7q
14738
112
8594
88.091.598.8
104.3107.112
90
rManufacturing
Total
5.
3.
5.9.
111313.9.q
131716
?n?4
22iq?6?4?4iq26.
?4?3?6?83?394?384136
?73?4051
31
2
4
3
558827066
q660q070
3
4
687
677fi
8517
832.731.833.6
37.338.739.944.7
49.75251
49
Dur-able
goodsin-
dus-tries
2.
1.
3.6.787.4.
578
1?13111110141?13q
13.
1?11141517
?4?0
18
1014?026
14141315
18
6
4
7
14
1454851
0
795383
6
041888n748
7
9
?
987
720.219.522.3
26.92826
56
Non-dur-able
goodsin-
dus-tries
2.
1.
2.3.45.5.5.67
108
8119
109
1111101012.
1?111?13141618.
6
0
7
4167926801
9491489707
4q50q66
18.01917
17.
37
317.8?024
17171817
18182022
22
08
6809
6544
823.925.3
Trans-porta-tion,com-muni-cation,
andpublic
utilities
1.8
.0
1.0
1.32.03.44.43.92.71.82.23.03.0
4.04.64.95.04.75.65.95.85.97.0
7.57.98.59.5
10.111.111.910.810.610.1
7.88.69.39.3
Allother
in-dus-tries
3.4
- . 8
2.0
3.03.75.16.6.6.89
12.
77595
11.6
1?13131?,1315151515.
75364
68q
18.4
17.919?0
?3?5
29.
i565691
32.033. 1
33.7394148
172
Cor-po-rateprof-itsbe-fore
taxes
10.0
1.0
7.0
10.017.721.525.124.119.724.631.535.228.9
42.643.938.940.638.348.648.847.241.452.1
49.750.355.459.466.877.884.279.887.684.9
74.085.198.0
126.5
Seasonally adjustec
8.29.19.17.9
8.58.99.89.9
9.28.5
10.3
35 838.640.041.9
40.440.441.744.2
45.44749
08
80.885.587.086.9
92.894.898.4
106.1
119.6128.9129.0
Cor-po-ratetaxlia-bil-ity i
1.4
.5
1.4
2.87.6
11.414.112.910.79.1
11.312.510.4
17.822.319.420.317.721.621.721.219.023.7
23.023.124.226.328.331.334.333.239.940.1
34.837.442.756.2
Corporate profitsafter taxes
Total
8.
5.
7.10.1011.11.9.
15?022.
6
4
6
2111205
718.5
?4
19
?0?7?7
22.
966460
03
28.5
26.7?73133384649464744
39475570
j><p1459688
3642
\ annual rates
37.038.438.036.4
40.641.442.945.9
52.757.457.6
43.8474950
5?535560
66
106
463
971.671.5
Divi-dends
5.
2.
3.
4.4.44.4.4.5677
88.
8
0
8
043466630
86
8.68.9
101111.1112.
131315161719?0
?3?4
24.
9353766
48
5888463
725.1?627
?5252524
?5252626
26
08
3129
7924
927.328.129.0
Un-dis-trib-utedprof-its
2.
1.
3.5.566.4.9
13.1511
161311.11.111615.14.1015.
13.131616.?0
29.
24.?0
14
?942.
8
6
8
2796549963
0005359
89
2506671325
6534
18.522.023.725.7
26.527.529.433.9
40.04443
24
Corpo-rate
capitalcon-
sump-tion
allow-ances2
4.2
3.8
3.7
3.84.25.05.46.16.44.75.87.07.9
8.810.311.513.215.017.418.920.822.023.5
24.926.230.131.833.936.439.543.046.851.9
56.060.465.971.0
58.859.861.062.1
63.466.266.068.0
69.370.571.772.7
Profitsplus
capitalcon-
sump-tion
allow-ances3
12.
4.
9.
11.14.15.16.17.15.20.26.29.26.
33.31.31.33.35.44.46.46.44.52.
51.53.61.64.72.82.89.89.94.96.
95.
8
2
3
04
424
075
780554
830
6538395668
108.0121.141.
102.
33
6106.9109.9112.6
115.6119121128
136142143
563
202
1 Federal and State corporate income and excess profits taxes.2 Includes depreciation and accidental damages.3 Corporate profits after taxes plus corporate capital consumption allowances.Source: Department of Commerce, Bureau of Economic Analysis.
335
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-75.—Sales, profits, and stockholders* equity, all manufacturing corporations, 1947—73
[Billions of dollars]
Year orquarter
194719481949. . .
19501951.195219531954
195519561957.19581959
I960..1961196219631964
19651966196719681969.
197019711972
1971:1IIIIIIV
1972:1IIIllIV
1973:1 . . .IIIII
1
Sales(net)
150.7165.6154.9
181.9245.0250.2265.9248.5
278.4307.3320.0305.3338.0
345.7356.4389.9412.7443.1
492.2554.2575.4631.9694.6
708.8751.4849.5
177.5191.4185.6196.9
197.2213.2210.6228.6
232.5256.3254.0
\ll manufacturingcorporations *
Profits
BeforeFederalincometaxes
16.618.414.4
23.227.422.924.420.9
28.629.828.222.729.7
27.527.531.934.939.6
46.551.847.855.458.1
48.153.263.2
12.114.512.813.7
13.916.715.117.5
18.322.219.6
AfterFederalincometaxes
10.111.59.0
12.911.910.711.311.2
15.116.215.412.716.3
15.215.317.719.523.2
27.530.929.032.133.2
28.631.336.5
7.08.57.58.2
7.99.68.8
10.1
10.513.011.6
Stock-holders'equity2
65.172.277.6
83.398.3
103.7108.2113.1
120.1131.6141.1147.4157.1
165.4172.6181.4189.7199.8
211.7230.3247.6265.9289.9
306.8320.9343.4
314.0319.0323.2327.3
332.6340.4347.4353.1
361.1370.8378.9
Durable goods industries
Sales(net)
66.675.370.3
86.8116.81?? 0137.9122.8
142.1159.5166.0148 6169.4
173 9175 ?195.5209.0226.3
?57 0291.7300 6335.5366.5
363.1382.5435.8
90 799 892.699.4
100.0111.5106.2118.1
] ? ] . ?136.5130.3
Profits
BeforeFederalincometaxes
7.68.97.5
12.915.412.914.011.4
16.516.515.811.415.8
14.013.616.718.521.2
26.229.225.730.631.5
23.026.533.6
6.07.85.86.9
7.39.67.59.2
10.312.79.9
AfterFederalincometaxes
4.55.44.5
6.76.15.55.85.6
8.18.37.95.88.1
7.06.98.69.5
11.6
14.516.414.616.516.9
12.914.518.4
3.24.33.23.8
3.95.34.25.1
5.77.15.7
Stock-holders'equity 2
31.134.137.0
39.947.249.852.454.9
58.865.270.572.877.9
82.384.989.193.398.5
105.4115.2125.0135.6147.6
155.1160.6171.4
158.0160.3161.2162.8
165.5170.3173.6176.3
181.9187.1191.9
Nondurable goodsindustries^
Sales(net)
84.190.484.6
95.1128.1128.0128.0125.7
136.3147.8154.1156.7168.5
171.8181.2194.4203.6216.8
235.2262.4274.8296.4328.1
345.7368.9413.7
86.991.693.197.4
97.2101.7104.4110.4
111.3119.9123.7
Profits
BeforeFederalincometaxes
9.09.57.0
10 312.110.010 49 6
12 113.212.411.313.9
13.513.915.116.418.3
20.322.622.024.826.6
25.226.729.6
6.16.87.06.8
6.67.27.68.3
8.09.59.7
AfterFederalincometaxes
5.66.24.6
6 15.75.25 55 6
7 07 87.56.98.3
8.28.59 2
10.011.6
13.014.614.415.516.4
15.716.718.0
3.84.24.34.4
4.14.34.65.0
4.85.85.9
Stock-holders'equity 2
34.038.140.6
43 551.153.955 758.2
61.366.470.674.679.2
83.187.792.396.3
101.3
106.3115.1122.6130.3142.3
151.7160.3172.0
156.0158.7162.0164.6
167.1170.1173.9176.8
179.2183.7186.9
1 Includes newspapers beginning 1969.2 Annual data are average equity for the year (using four end-of-quarter figures).
Note.—For explanatory notes concerning compilation of the series, see "Quarterly Financial Report for ManufacturingCorporations," Federal Trade Commission.
Data are not necessarily comparable from one period to another due to changes in accounting procedures, industryclassifications, sampling procedures, etc. Specific information about the effects of the more significant changes and re-visions is contained in the following issues of the "Quarterly Financial Report": third quarter 1953, third quarter 1956,first quarter 1959, and first quarter 1965.
Source: Federal Trade Commission.
336
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-76.—Relation of profits after taxes to stockholders* equity and to sales, all manufac-turing corporations, by industry group, 1950-73
Year orquarter
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
197019711972
1972: I
IV. . . .
1973: II I . . . .I I I . . .
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
197019711972
1972: I . . .I I . .III .IV..
1973: I
Allman-ufac-tur-ing
cor-pora-tions 1
Durable goods industries
Totaldur-able 2
Mo-tor
vehi-clesand
equip-ment
Air-craftandparts
Elec-tricalma-
chin-ery,
equip-ment,andsup-plies
Ma-chin-ery(ex-ceptelec-trical)
Fab-ri-
catedmetalprod-ucts
Pri-maryironandsteelin-
dus-tries
Pri-marynon-fer-rousmetal
in-dus-tries
Stone,clay,and
glassprod-ucts
Furni-tureandfix-
tures
Lum-berand
woodprod-ucts(ex-cept
furni-ture)
In-stru-mentsandre-
latedprod-ucts
Mis-cella-neousman-ufac-tur-ing(in-
clud-ingord-
nance)
Ratio of profits after Federal income taxes (annual rate) to stockholders' equity—percent3
15.412.110.310.59.9
12.612.310.98.6
10.49.28.99.8
10.311.613.013.411.712.111.59.39.7
10.69.5
11.310.111.511.614.012.3
16.13.11.11.
9011
10.313.12.11.
883
8.010.48.58.9.10.11.13.14.11.12.11.8.9.109.12911121511
1617827243083476539
25.14.13.13.14.21.13.14.8.14.13.11.16.16.16.19.15.11.15.12.
33991712255437959716
6.113.14161951721216
174156148
17.713.28.17.9.38
12.711.12.15.14.12.14.10.6.5.7.7.9.7.
3224926889273
7.49.8129.28
20.914.013.713.112.412.311.412.510.212.59.58.910.010.111.213.514.812.812.211.19.19.510.88.511.110.213.511.613.312.7
14.13.11.9.8.10.12.10.6.9.7.7.
103863679758
9.19.612.514.115.12.
09
12.312.9.8.
287
10.69.311.11.
70
10.21214
47
12.9
16.013.410.19.87.610.010.79.37.38.05.65.97.98.310.113.214.712.711.711.38.58.310.99.212.111.710.211.915.413.7
14.312.38.510.78.113.512.711.47.28.07.26.15.47.08.89.810.27.77.67.64.34.56.04.07.54.97.67.810.49.3
15.113.811.611.110.415.516.49.36.07.97.17.17.57.69.811.914.810.910.812.210.65.15.95.77.54.95.68.411.59.1
17.714.211.711.812.515.614.912.410.212.79.98.98.98.79.610.39.98.29.29.26.99.210.15.012.713.49.36.213.514.2
15.11.
23
8.68.26.09.11.
26
8.56.38.96.4.7.8.10.13.14.12.12.12.7.
59931421269
9.513.10.
41
14.613.14.14.14.12.
77247
17.511.98.57.16.311.18.74.75.79.43.64.15.68.29.910.110.08.614.613.05.611.416.312.519.219.214.121.030.422.3
16.713.211.611.412.312.512.412.010.613.111.610.612.012.114.417.520.918.016.615.614.313.614.913.514.915.815.214.116.617.6
Profits after Federal income taxes per dollar of sales—cents
7.14.84.34.34.55.45.34.84.24.84.44.34.54.75.25.65.65.05.14.84.04.14.34.04.54.24.44.55.14.6
7.75.34.54.24.65.75.24.83.94.84.03.94.44.55.15.75.64.84.94.63.53.84.23.94.74.04.34.75.24.4
8.34.74.73.95.16.95.25.44.06.35.95.56.96.97.07.26.24.95.74.72.64.64.85.45.92.25.36.16.12.4
2.92.41.61.41.82.42.32.63.33.02.73.23.02.01.82.52.32.92.42.22.93.22.9
7.25.04.54.14.54.43.84.23.84.4
3.53.53.73.84.24.84.84.44.33.9
3.33.53.93.24.03.84.54.14.34.3
7.35.54.84.24.45.15.44.83.74.8
3.94.14.54.75.86.26.45.75.55.44.64.24.94.55.25.14.65.55.95.4
6.85.04.03.63.13.84.03.63.13.22.42.53.13.23.74.54.94.54.13.83.02.93.53.13.83.83.13.74.34.0
7.95.84.75.35.37.26.76.65.45.4
5.14.63.94.85.65.75.84.84.64.42.52.63.12.33.72.53.73.54.44.0
10.27.86.76.36.68.39.36.64.75.85.45.35.55.36.57.38.26.86.26.66.23.33.73.74.53.23.34.55.44.7
10.17.16.66.57.48.68.27.56.87.9
6.65.85.65.35.65.95.64.85.24.73.64.54.72.75.85.94.13.15.65.8
5.13.42.72.62.12.93.42.62.02.72.11.62.32.42.93.73.93.53.43.52.53.03.73.13.93.84.04.13.83.6
9.45.54.13.53.45.43.92.32.84.2
1.71.92.53.33.94.03.83.45.34.82.54.45.04.45.85.74.36.37.86.3
8.66.14.84.65.56.05.85.75.46.55.95.45.96.07.28.69.58.58.17.87.37.28.27.88.18.58.27.98.79.2
12.39.77.08.27.58.5
11.67.78.29.39.29.99.48.89.5
10.715.413.112.411.6
10.09.0
10.87.6
10.99.8
14.66.9
12.112.5
5.63.72.72.92.83.13.62.53.03.5
3.53.63.43.33.63.84.94.24.03.83.43.23.32.53.33.13.92.13.53.5
See footnotes at end of table.
337
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-76.—Relation of profits after taxes to stockholders' equity and to sales, all manufac-turing corporations, by industry group, 1950-73—Continued
Year orquarter
1950195119521953195419551956 __1957..195819591960196119621963196419651966196719681969197019711972 . . .1972:1
III I I . . . .IV.....
1973: 1IIIII
1950 .1951195219531954 _19551956 . . .19571958195919601961196219631964196519661967196819691970197119721972:1
I I . . . .III . . - .IV. . . .
1973:1IL—III . . .
Nondurable goods industries
Totalnon-dur-
able '2
Foodandkin-dredprod-ucts
To-baccoman-ufac-tures
Tex-tilemill
prod-ucts
Ap-pareland
relatedprod-ucts
Paperand
alliedprod-ucts
Print-ingandpub-lish-ing i
Chem-icalsand
alliedprod-ucts
Petro-leumrefin-ing
Rub-berandmis-cella-neousplasticprod-ucts
Ratio of profits after Federal income taxes (annual rate) to stockholders' equity—percent
14.111.29.79.99.6
11.411.810.69.2
10.49.89.69.9
10.411.512.212.711.811.911.510.310.310.59.8
10.210.511.410.812.712.7
12.38.17.68.18.18.99.38.78.79.38.78.98.89.0
10.010.711.210.810.810.910.811.011.110.011.611.211.410.812.313.3
11.59.58.49.4
10.211.411.712.513.513.413.413.613.113.413.413.514.114.414.414.515.715.815.415.115.915.315.413.615.415.6
12.78.24.24.61.85.75.84.23.57.55.85.06.26.18.5
10.910.17.68.87.95.16.77.56.47.37.39.08.4
11.18.6
10.12.94.45.14.56.18.16.34.98.67.77.29.37.7
11.712.713.312.013.011.99.3
11.212.-010.99.3
12.415.18.0
14.66.3
16.213.910.510.19.9
11.511.68.98.19.58.57.98.18.19.39.4
10.69.19.7
10.17.04.89.06.5
10.58.6
10.510.814.613.1
11.510.39.19.49.2
10.213.011.79.0
11.410.68.5
10.39.2
12.614.215.613.012.512.611.210.712.17.6
12.612.615.310.412.213.7
17.812.210.910.711.614.714.213.311.413.712.211.812.412.914.415.215.113.113.312.811.411.812.912.712.912.912.814.415.514.8
15.213 313.412.713 413.912.510.09.8
10.110.310.111.311.411.812.412.512.311.711.010.38.78.87.48.79.89.2
10.712.3
16.914.811 111.310.613 212.211.19.1
11.09.19.39.69.2
10.611.712.210.312.310.37.19.6
10.810.212.110.010.910.014.19.6
Leatherand
leatherprod-ucts
3
10.92.15.86.05.98.57.27.05.78.56.34.46.96.9
10.511.612.911.913.09.39.48.29.1
10.26.3
10.69.29.17.4
10.6
Profits after Federal income taxes per dollar of sales—cents
6.54 54.14.34.45.15.34.94.44.94.84.74.74.95.45.55.65.35.25.04.54.54.44.24.34.44.64.34.94.8
3.42 01.92.02.12.32.42.22.22.42.32.32.32.42.72.72.72.62.62.62.52.62.52.42.72.52.52.42.62.7
4.93 83.23.74.24 85.05.25.45.45.55.75.75.95.95.95.95.95.55.25.86.16.05.96.26.05.85.66.06.0
5.83 41.92.21.02 62.61.91.63.02.52.12.42.33.13.83.62.93.12.91.92.42.62.32.52.62.82.83.42.8
2.8.6
1.01.21.11.31.61.31.01.51.41.31.61.42.12.32.42.32.42.31.92.42.42.32.02.32.7
1.62.81.2
8.86.65.75.45.66.16.15.04.75.25.04.74.64.55.14.95.44.74.74.83.42.34.03.04.63.84.64.75.95.6
4.53.73.33.43.43.64.23.73.14.03.62.83.43.24.34.85.14.44.14.74.24.14.73.04.84.95.74.14.55.2
10.36.56.16.16.88.38.07.67.07.97.57.37.47.57.97.97.86.96.86.55.96.16.46.46.36.56.36.97.06.9
11.110.110.410.611.111.610.69.59.59.9
10.39.7
10.810.911.111.211.010.710.19.38.36.76.85.86.87.26.77.58.0
5.84.53.63.84.04.44.44.23.54.03.63.83.73.64.14.34.43.94.53.82.73.64.04.04.33.73.93.64.63.2
3.7.6
1.81.81.92.52.12.01.72.21.61.11.81.82.62.83.03.03.32.62.52.22.42.81.72.82.22.42.02.8
i Includes newspapers beginning 1969.* Includes certain industries not shown separately.3 Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equity
at end of quarter only.Note.—For explanatory notes concerning compilation of the series, see "Quarterly Financial Report for Manufacturing
Corporations," Federal Trade Commission. See also Note, Table C-75.Source: Federal Trade Commission.
338
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-77.—Sources and uses of funds, nonfarm nonfinancial corporate business, 1946-73
[Billions of dollars]
Period
1946194719481949
19501951 .1952195319541955195619571958 _ .1959
1960 _ .1961196219631964 . .1965196619671968 . . . . .1969
1970 . .19711972
1971: 1st half...2d half
1972: 1IIIII . . .IV
1973: 1IIIII*
Total
18.327.028.219.6
41.135.529.127.228.852.544.342.241.255.1
47.454.559.265.072.491.497.494.1
112.4115.5
100.7122.7146.3
InternaM
7.812.618.719.1
17.919.921.221.123.329.228.930.629.535.0
34.435.641.843.950.556.661.261.561.760.7
59.469.977.5
Total
10.514.49.6.6
23.215.67.96.15.5
23.315.411.611.720.1
12.919.017.421.121.934.836.232.650.754.8
41.352.868.9
Sources
Externa
Credit market funds
Total
6.88.66.33.2
7.210.09.25.66.3
10.312.912.010.612.6
11.912.312.512.114.520.425.429.630.338.3
38.847.454.6
Long-term 2
3.45.56.45.1
3.85.97.85.96.66.57.5
10.310.58.1
7.510.89.58.28.89.2
15.621.317.019.5
29.842.038.2
Short-term 3
3.33.1
- . 1- 1 . 8
3.44.11.4
- . 3- . 33.85.41.7.0
4.5
4.51.52.93.95.6
11.39.88.3
13.318.8
9.05.4
16.4
Other
3.75.83.3
- 2 . 7
15.95.6
- 1 . 3.5
- . 813.02.5
- . 41.27.5
1.06.74.99.07.4
14.410.93.0
20.416.5
2.55.5
14.2
Total
16.525.525.218.7
40.437.228.926.826.447.839.738.737.850.8
41.449.554.759.365.082.589.188.2
104.0112.1
95.0109.7131.4
Uses
Pur-chase
ofphysi-
calassets4
17.917.220.215.2
24.029.824.324.521.531.335.734.527.036.7
38.736.343.645.251.662.376.571.475.083.7
84.086.7
100.7
In-crease
infinan-cial
assets
- 1 . 48.45.03.5
16.47.44.62.34.9
16.54.04.2
10.814.2
2.713.211.114.213.420.212.616.829.028.4
11.023.030.7
Discrep-ancy
(sourcesless
uses)
1 81.43.0.9
.7- 1 . 7
.2
.42.54.64 63.53.44.3
6.05.04.55.67.48.98.35.98.43.4
5.713.015.0
Seasonally adjusted annual rates
118.1127.2
129.7135.2144.3176.2
173.7183.9191.6
67.372.4
73.176.277.682.9
81.480.385.9
50.854.8
56.659.066.793.3
92.3103.6105.7
45.149.7
42.852.552.869.9
77.268.864.1
42.041.9
33.940.739.438.8
32.439.332.7
3.07.8
8.911.813.431.1
44.729.331.4
5.85.2
13.86.4
13.923.4
15.034.941.6
106.2113.3
127.3120.7131.8146.0
163.9167.7183.3
86.587.0
93.998.0
103.3107.4
107.4109.8117.7
19.726.3
33.422.728.538.6
56.557.965.6
12.013.9
2.314.612.530.2
9.716.28.2
1 Undistributed profits (after inventory valuation adjustment) and capital consumption allowances.2 Stocks, bonds, and mortgages.3 Bank loans, commercial paper, finance company loans, bankers' acceptances, and Government loans.4 Plant and equipment, residential structures, and inventory investment.
Source: Board of Governors of the Federal Reserve System.
339
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-78.— Current assets and liabilities of U.S. corporations, 1939—73[Billions of dollars]
End of yearor quarter
Current assets
Total
Cashon
handandin
banks1
U.S.Gov-ern-ment
securi-ties 2
Re-ceiv-ablesfromU.S.Gov-ern-
ment3
Notesandac-
countsreceiv-able
In-ven-tories
Othercur-rentas-
sets*
Current liabilities
Total
Ad-vances
andpre-pay-
ments,U.S.Gov-ern-
ment3
Notesandac-
countspay-able
Fed-eralin-
cometax
liabili-ties
Othercur-rentlia-bili-ties
Network-ing
capi-tal
All corporations»
1939.
1940..1941.1942.1943.1944.1945.1946.1947.1948.1949.
1950.1951.1952.1953.1954.1955.1956.1957.1958.1959.
1960.1961.
54.5
60.372.983.693.897.297.4
108.1123.6133.0133.1
161.579.1
186.2190.6194.6224.0237.9244.7255.3277.3
289.0306.8
10.8
13.113.917.621.621.621.722.825.025.326.5
28.130.030.831.133.434.634.834.937.436.3
37.241.1
2.
2.4
10162021
?
001491
15.31414
18
16.8
192019211923191818
77g525168
22.8
20.120 0
0.1.6
4.05.04.72.7
38.342.443.0
23.927.423.321.921.823.230.0
1.12.72.82.62.42.32.62.82.82.9
3.13.4
55.758.864.665.971.2£6.695.199.4
106.9117.7
126.1135.8
18.0
19.825.627.327.626.826.337.644.648.945.3
55.164.965.867.265.372.880.482.281.988.4
91.895.2
1.4
1.51.41.31.31.42.41.71.61.61.4
1.72.12.42.43.14.25.96.77.59.1
10.611.4
30.0
32.840.747.351.651.745.851.961.564.460.7
79.892.696.198.999.7
121.0130.5133.1136.6153.1
160.4171.2
0.6.8
2.02.21.8.9.1
37.639.337.5
21.9
22.625.624.024.125.024.831.5
.41.32.32.22.42.32.42.31.71.7
1.81.8
47.953.657.057.359.373.881.584.388.799.3
105.0112.8
1.
2.7.
12.16.15.10.8.
10.11.9.
2
5
66545753
16.721. 318.11815.1917.151215
13
7536490
514.1
6.9
7.17.28.78.79.49.7
11.813.213.514.0
14.916.518.720.722.525.729.031.133.337.0
40.142.5
Nonfinancial corporations«
1961..1962..1963..1964.1965..1966..1967.1968.1969.
1970.1971.1972.
1972: I . . . .I I . . .IllIV
1973: I
Ill
254.7269.7288.2305.6336.0364.0386.2426.5473.5
490.5516.6561.2
526.1534.3545.3561.2
577.0594.7611.6
24.5
27.532.336.342.145.651.656.262.168.672.4
81.686.590.191.894.9
103.0107.4111.6118.7124.2
128.6135.6
34.837.139.840.542.841.945.548.247.9
49.755.360.3
55.355.757.360.3
61.062.262.1
16.516.816.715.814.413.010.311.510.6
7.610.49.7
9.98.77.69.7
10.49.49.2
3.43.73.63.43.94.55.15.14.8
4.23.53.4
3.42.82.93.4
3.22.93.1
94.599.5
106.9116.5130.2142.1150.2168.8192.2
200.6207.5228.9
211.4216.3222.5228.9
234.0243.7252.2
95.0100.5106.8113.1126.6142.8153.1166.0186.4
196.02C3.1218.2
207.2210.7215.2218.2
225.9233.5241.5
10.512.114.416.318.119.722.026.931.6
32.436.840.7
38.940.139.840.7
42.543.043.5
123.7132.4145.5156.6178.8199.4211.3244.1287.8
302.6311.9336.8
316.4319.1326.2336.8
345.7356.9369.7
1.82.02.52.73.14.45.86.47.3
6.64.94.0
4.94.94.74.0
4.14.54.4
82.686.794.5
102.2118.4133.1141.3162.4191.9
200.5202.8216.9
202.5204.0207.6216.9
218.1227.6235.6
13.314.315.716.218.317.413.214.312.6
11.814.516.7
15.713.415.016.7
18.616.518.2
26.029.432.835.539.044.551.061.076.0
83.789.799.2
93.396.898.999.2
104.9108.3111.5
131.0137.3142.7H9.0157.2164.6174.9182.4185.7
187.9204.7224.4
209.7215.2219.1224.4
231.3237.8241.9
1 Includes time certificates of deposit.2 Includes Federal agency issues.3 Receivables from and payables to the U.S. Government do not include amounts offset against each other on corpora-
tions' booksor amounts arising from subcontracting which are not directly due from or to the U.S. Government. Whereverpossible, adjustments have been made to include U.S. Government advances offset against inventories on corporations'hnnbeIOKS.
* Includes marketable investments (other than Government securities and time certificates of deposit) as well as sundrycurrent assets.
5 Excludes banks, savings and loan associations, and insurance companies.6 Excludes banks, sayings and loan associations, insurance companies, investment companies, finance companies
(personal and commercial), real estate companies, and security and commodity brokers, dealers, and exchanges.Note.—Year-end data through 1969 are based on "Statistics of Income" (Treasury Department), covering virtually
U I \s WVlllUUlv«f h/U *J\*U Ufl VICI LCI WVMIUIIVU
Securities and Exchange Commission.Source: Securities and Exchange Commission.
340
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-79.—State and municipal and corporate securities offered, 1934-73
[Millions of dollars]
Year or quarter
1934
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
1970197119721973 v
1972: L_.I I . _III..IV..
1 9 7 3 : I . . .I I . . .I I I . .IV P.
State andmunicipalsecurities
offeredfor cash
(principalamounts)
939
1,128
1,238956524435661
7951,1572,3242,6902,907
3,5323,1894,4015,5586,969
5,9775,4466,9587,4497,681
7,2308,3608,55810,10710, 544
11,14811,08914,28816,37411,460
17, 76224,37022,94422,760
5,8656,1095,3835,587
5,6385,6045,0966,422
Corporate securities offered for cash
Totalcorpo-
rateoffer-ings
397
2,164
2,6772,6671,0621,1703,202
6,0116,9006,5777,0786,052
6,3617,7419,5348,8989,516
10,24010,93912,88411,5589,748
10,15413,16510, 70512,21113,957
15,99218, 07424,79821,96626, 744
38,50644,90740,83533,110
9,81311,1589,24010,624
8,2228,5986,3669,924
Type of corporate security
Com-monstock
19
87
1081103456163
397891779614736
8111,2121,3691,3261,213
2,1852,3012,5161,3342,027
1,6643,2941,3141,0112,679
1,5471,9391,9593,9467,714
6,9489,3159,6937,905
2,0652,7982,4182,412
2,7291,7991,2962,081
Pre-ferredstock
98
183167112124369
7581,127762492425
631838564489816
635636411571531
409450422343412
725574885637682
1,3833,6773,3723,390
8031,002
720847
1,142603440
1,205
Bondsand
notes
371
1,980
2,3862,390917990
2,669
4,8554,8825,0365,9734,890
1,
23221,
992848539510061
026701742226414
4,9205,6917,6017,0837,488
7,4208,0029,9579,6537,190
8,0819,4208,96910,85610, 865
13,72015,56121,95417,38318,348
30,17631,91527,77121,816
6,9457,3596,1037,364
4,3506,1974,6316,638
Industry of corporate issuer
Manu-fac-
turing^
67
604
1,2003,1224,0392,2542,268
2,9943,6474,2343,5152,073
2,1524,0773,2493,5143,046
5,4177,070
11,0586,9796,356
10,60911,6826,6224,845
1,4662,0881,6271,441
8791,4111,1561,399
Elec-tric,
water2
133
1,271
1,2031,357
472477
1,422
2,3192,1583,2572,1872,320
2,6492,4552,6753,0293,713
2,4642,5293,9383,8043,258
2,8513,0322,8252,6772,760
2,9363,6654,9355,2816,736
11,00711,77811,31810,246
2,2523,4792,6442,943
2,4272,8862,0182,915
Trans-porta-tions
176
186
32436648161609
1,454711286755800
813494992595778
2,2072,4422,0271,711
634529386478
329519478385
Com-munica-
tion
902571
399612760882720
893724824824967
718694567957982
1,0131,9722,0671,8752,146
1,1321,4191,4621,424717
1,0501,8341,3031,1052,189
9472,0031,9791,7662,188
5,1465,8194,8254,898
1,5061,369868
1,082
1,215964871
1,848
Other
103
15996421109
211329293
1,008946
1,3001,0581,0682,1382,037
2,7572,6192,4261,9912,733
3,3833,5272,7613,9574,980
5,6803,3644,7596,0649,319
9,53713,19016,04511,411
3,9553,6933,7164,681
3,3732,8211,8413,376
1 Prior to 1948, also includes extractive, radio broadcasting, airline companies, com mercial, and miscellaneous companyissues.
2 Prior to 1948, also includes telephone, street railway, and bus company issues.3 Prior to 1948, includes railroad issues only.
Note.—Covers substantially all new issues of State, municipal, and corporate securities offered for cash sale in the UnitedStates in amounts over $100,000 and with terms to maturity of more than 1 year; excludes notes issued exclusively tocorr rr.ercial banks, intercorporate transactions, investment company issues, and issues to be sold over an extended period,such as employee-purchase plans.
Sources: Securities and Exchange Commission, "The Commercial and Financial Chronicle," and "The Bond Buyer."
341
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-80.—Common stock prices\ earnings, and yields, and stock market credit, 1949-73
Year or month
1949..
1950..1951..1952.1953..1954..1955..1956.1957..1958..1959..
I960..1961..1962.1963.19641965.1966.1967.1968.1969..
1970.1971.1972.1973-.
1972:
1973:
Jan....Feb...Mar...Apr . . .May...June..
July...Aug...Sept...Oct....Nov...Dec...
Jan...Feb...Mar..Apr. . .May..June..
July..Aug_.Sept..Oct...Nov..Dec...
Standard & Poor's common stock data Margin credit at brokers and banks
Price indexes l
Total(500
stocks)
Indus-trials(425
stocks)
Publicutilities
(55stocks)
Rail-roads(20
stocks)
1941-43=10
15.23
18.4022.3424.5024.7329.6940.4946.6244.3846.2457.38
55.8566.2762.3869.8781.3788.1785.2691.9398.7097.84
83.2298.29
109. 20107.43
103.30105. 24107.69108.81107.65108.01
107.21111.01109.39109.56115.05117. 50
118.42114.16112. 42110.27107.22104. 75
105. 83103.80105.61109. 84102.0394.78
15. 00
18.3322.24.24.
687884
30.2542.49.47.49.61.
59.69.65.73.86.93.91.99.
107.
4080633645
439954391948081849
107.13
91108121
293579
120.44
114116119
128673
121.34120.16120.84
119.98124122122128131
132127126123119117
3533392908
558705569520
118.65116.75118.52123.42114 64106.16
17.
19.
87
9620.5922.24.27.31.32.32.
860357372519
37.2244.
46.60.59.64.69
15
8620169991
76.0868.68.66.62
21104264
54.4859.3356.9053
605757555453
535455566161
605755
47
194173709473
476636661673
015294
55.3455.4354.37
535052534845
3114312230
.74
12.83
15.5319.9122.4922.6023.9632.9433.6528.1127.0535.09
30.3132.8330.5637.5845.4646.7846.3446.7248.8445.95
32.1341.9444.1138.05
45.1645.6646.4847.3845.0643.66
42.0043.2842.3741.2042.4144.62
42.8740.6139.2938.8836.1434.35
35.2233.7635.4938.2439.7441.48
Divi-dendyield(per-cent) 2
6.59
6.576.135.805.804.954.084.094.353.973.23
3.472.983.373.173.013.003.403.203.073.24
3.833.142.843.06
2.962.922.862.832.882.87
2.902.802.832.822.732.70
2.692.802.832.903.013.06
3.043.163.133.053.363.70
Price/earn-ings
ratio 3
6.49
7.158.57
10.579.77
11.7512.5913.2512.7316.3317.32
16.9821.6817.3918.2018.8117.9215.1517.4817.6616.48
15.6918.5018.20
18.45
17.95
18.00
18.39
16.40
14.42
14.17
Regulated5
Total Brokers Banks
Unreg-ulated;
non-mar-gin
stockcredit
atbanks e
Otherse-
curitycredit
atbanks?
Millions of dollars
6,8507,4277,8478,2508,4728,747
8,9249,0929,0919,0249,0689,045
8,8408,6408,3478,1657,6507,369
7,2997,0816,9547,093
5,9896,4776,8967,2837,4787,792
7,9458,0608,0838,0818,1668,180
7,9757,7737,4687,2936,7846,416
6,2436,0565,9495,9125,671
861950951967994955
9791,0321,008943902865
865867879872866953
1,0561,0251,0051,181
1,1821,1701,1581,1501,1411,644
1,7721,8001,8711,8751,8711,896
1,9321,9511,8621,9521,9921,973
1,9571,9521,9091,878
1,3131,3271,2941,2781,2961,274
1,2851,2981,2551,3511,3961,528
1,4841,5081,5861,4921,513
1 Monthly data are averages of daily figures and annual data are averages of monthly figures.2 Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes-
day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.3 Ratio of price index for last day of quarter to earnings for 12 months ending with that quarter. Annual ratios are
averages of quarterly data.4 Margin credit includes all credit extended to purchase or carry stocks or related equity instruments and secured at
least in part by stock. Credit extended by brokers is end-of-month data for member firms of the New York Stock Ex-change. June data for banks are universe totals; all other data for banks represent estimates for all commercial banks,which accounted for 60 percent of security credit outstanding at banks on June 30,1971.
51 n addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan valuesfor convertible bonds and stock acquired through exercise of subscription rights.
8 Nonmargin stocks are those not listed on a national securities exchange and not included in the Board of Governorsof the Federal Reserve System's list of over-the-counter margin stocks. At banks, loans to purchase or carry nonmarginstocks are unregulated; at brokers, such stocks have no loan value.
7 Includes loans to purchase or carry margin stock if these are unsecured or secured entirely by unrestricted collateral.
Sources: Board of Governors of the Federal Reserve System, New York Stock Exchange, and Standard & Poor's Cor-poration.
342
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-81.—Business formation and business failures, 1929-73
Year or month
1929 . . . . .1933 31939 3
1940194119421943 . .1944194519461947 .19481949195019511952195319541955195619571958... .1959196019611962 .1963...1964...19651966196719681969 . .1970 . .197119721973
1972:JanFebMarAprMayJuneJulyAugSeptOctNovDec
1973:JanFebMarAprMayJuneJulyAugSept.Oct . . .NovDec
Indexof net
businessformation
(1967 = 100)
112.687.893.193.398.294.491.399.195.290.489.596.802.488.390.793.397.298.698.2
100.0109.8116.2108.0111.0117.9
4118.4
Newbusiness
rations(num-
132,916112,89796, 34685,64093,09283,77892 946
102 706117 411139,915141,163137,112150,781193,067182 713181 535182, 057186,404197, 724203,897200,010206,569233,635274,267264,209287, 577316,601
4 306,404
Business failuresl
nessfailure
103.9100.369.663.054.444.616.46.54.25.2
14.320.434.434.330.728.733.242.041.648.051.755.951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.4
Seasonally adjusted
114.7114.6116.9118.0118.5117.7118.0117.5118.7120.4120.2120.1119.1119.8121.9119.6119.0118.2118.1117.7115.6
P 1 1 5 . 8P117.8
24, 87125,05526, 86226, 68126,24326,30326,81526,42026, 79827,41726, 38727,61427,17328,64029,91428,69328, 42227, 85927, 83227,69626,277
P 2 6 , 2 1 5v27,683
35.740.841.236.538.234.238.540.539.138 838.537.434.936.035.935.236.338.235.739.138.637.034.735.7
Number of failures
Total
22,90919,85914,76813,61911,8489,4053,2211 222
8091,1293,4745,2509,2469,1628,0587 6118 862
11 08610,96912,68613, 73914,96414,05315 44517 07515 78214,37413,50113,51413,06112 3649 6369,154
10,74810,3269,5669,345
750880986808856730740824730755799708772753874796838840714837717772739693
Liability sizeclass
Under$100,000
22,16518,88014, 54113,40011,6859,2823,1551 176
7591,0033,1034,8538,7088,7467,6267 0818 075
10,22610,11311,61512, 54713,49912,70713 65015 00613,77212,19211,34611,34010,83310 1447,8297,1928,0197,6117,0406,627
553647672592670528538578551593574544534557647598559608520580502519513490
$100,000andover
744979227219163123664650
126371397538416432530787860856
1,0711,1921,4651,3461 7952 0692 0102,1822,1552,1742,2282 2201 8071,9622,7292,7152,5262,718
197233314216186202202246179162225164238196111198279232194257215253226203
Amount of currentliabilities (millions
of dollars)
Total
483.3457.5182.5166.7136.1100.845.331.730.267.3
204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.6
1, 090.11,213.61,352.61,329.21,321.71,385.71 265.2
941.01,142.11,887.81,916.92,000.22,298.6
101.6191.3220.7148.5190.1127.9204.6253.6113.5153 0208.6
86.8205.8137.2252.3119.3167.9180.2206.2190.1189.5185.7218.7245.6
Liability sizeclass
Under$100,000
261.5215.5132.9119.9100.780.330.214.511.415.763.793.9
161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6
20.123.024.428.523.318.119.221 019.621 421.019.119.119.323.120.719.020.419.620.418.518.719,617.2
$100,000andover
221.8242.049.746.835.420.515.117.118.851.6
140.9140.7146.797.1
128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.1
1,031.61,015.61,000.01,064.1
967.3699.9910.8
1,618.41,645.61,741.52,063.0
81.5168.3196.3120.0166.8109.8185.4232.693.9
131.6187.667.7
186.7117.9229.298.7
149.0159.8186.6169.8171.0167.0199.1228.4
1 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.
2 Failure rate per 10,000 listed enterprises.3 Series revised; not strictly comparable with earlier data.* Preliminary; based on seasonally adjusted data through November.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Brad street, Inc.
343
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AGRICULTURE
TABLE C-82.—Income of farm people and farmers, 1929-73
Year orquarter
1929
1933
1939
194019411942194319441945 . . .1946194719481949
195019511952195319541955 . . .1956195719581959
1960196119621963196419651966196719681969
1970197119721973P
1971: 1II .IllIV
1972: 1IIIIIIV .
1973: 1II .IllIVP
Personal incomereceived by totalfarm population
Fromall
sources
Fromfarm
sources^
Fromnon-farm
sources 2
Income received from farming
Realized gross
Total 3
Cashreceipts
frommarket-
ings
Produc-tion ex-penses
Net to farmoperators
Exclud-ing netinven-
torychange
Includ-ing netinven-tory
change«
Billions of dollars
7.4
7.610.114.116.516.617.220.021.123.819.5
20.422.722.119.818.417.617.817.719.518.1
18.719.720.420.620.623.624.924.025.127.6
28.329.234.041.3
4.8
4.86.8
10.112.112.212.815.515.818.013.3
14.116.215.413.412.511.411.211.012.811.0
11.512.212.312.111.313.514.413.113.214.9
15.115.218.123.8
2.6
2.83.33.94.44.44.44.65.35.86.2
6.36.56.76.45.96.26.66.66.77.0
7.27.58.28.59.3
10.010.510.911.912.7
13.214.015.917.5
13.9
7.1
10.6
11.113.918.823.424.425.829.534.134.731.6
32.337.136.835.033.633.134.334.037.937.5
38.139.841.342.342.644.949.749.050.955.6
57.859.768.990.5
11.3
5.3
7.9
8.411.115.619.620.521.724.829.630.227.8
28.532.932.531.029.829.530.429.733.533.5
34.235.136.437.437.239.343.3M.I44.148.1
50.552.860.783.4
7.7
4.4
6.3
6.97.8
10.011.612.313.114.517.018.818.0
19.422.322.621.321.621.922.423.325.226.1
26.427.128.629.729.530.933.434.836.238.8
41.044.549.264.4
6.3
2.7
4.3
4.26.18.8
11.812.112.815.017.115.913.6
12.914.814.113.712.011.211.910.712.711.4
11.712.612.612.613. 114.016.314.214.716.8
16.815.219.726.1
6.2
2.6
4.4
4.56.59.9
11.711.712.315.115.417.712.8
13.716.015.113.112.511.511.411.313.511.5
12.113.013.213.212.315.016.314.914.816.9
16.916.920.326.9
Net income perfarm, including
net inventorychange
Currentdollars
1967dollars«
Dollars
945
379
685
7061,0311,5881,9271,9502,0632,5432 6153 0442 233
2,4212 9462 8962 6262 6062,4632,5352 5903 1892,795
3 0483 3953 5793,6973,5484,4654 9904,7074,8285,620
5,7255,8177,0899,469
1,969
1 115
1,851
1,8582,5783 4523 7063 6113,6194,0373 5343 9032 977
3,1863 5493 4483 1263 1022,9322,9822 9433 5833,140
3 3873,7723,9334,0183,8154,7005,0924,7074,6425,156
5,0224,8885,7176,862
Seasonally adjusted annual rates
58.959.759.161.365.868.168 772.879.882.591.4
108.3
51 852.852.254.457.859.860 564.672 475.584.5
101.2
43 144.444.745.947.048.849 451.555 858.065.977.9
15 815.314.415.418.819.319 321.324 024.525.530.4
17 016.716.417.619.620.019 921.924 424.727.231.4
5 8405,7405,6406,0506,8306,9706 9307,6308,6208,7209,610
11,090
4,9904,8604,7005,0405,6005,6205,5406,0606,5806,4106,8607,650
1 Net income to farm operators including net inventory change, less net income of nonresident operators, plus wages andsalaries and other labor income of farm resident workers, less contributions of farm resident operators and workers tosocial insurance.
2 Consists of income received by farm residents from nonfarm sources, such as wages and salaries from nonfarm em-ployment, nonfarm business and professional income, rents from nonfarm real estate, dividends, interest, royalties,unemployment compensation, and social security payments.
3 Cash receipts from marketings, Government payments, and nonmoney income furnished by farms (excluding netinventory change).
* Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.* Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base.
Source: Department of Agriculture.
344
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-83.—Farm production indexes, 1929-73
[1967=100]
Year
1929...
1933...
1939...
1940...1941...1942...1943 ..1944...
1945 ..1946...1947...1948...1949...
1950...1951...1952. .1953...1954...
1955 ..1956...1957...1958...1959...
1960...1961...1962 ..1963...1964...
1965...1966...1967...1968...1969...
1970...1971 ..1972...1973P
Farmout-put i
53
50
58
6062696870
6971697574
7375787979
8282808688
9090919b94
9796100102103
102110112116
Crops
Total 2
62
56
64
6668767175
7376738379
7677818179
8282808989
9291929593
9895100103104
100112113119
Feedgrains
50
45
52
5370666063
6166507364
6560646266
6969758285
8879808776
89891009599
90117114117
Hayandforage
69
60
65
7574817978
8176737372
7780788080
8581888884
8989929293
9796100100100
99105104109
Foodgrains
50
35
47
5259625366
6871838069
6463817466
6265619072
8678737684
878710010597
91106101111
Vege-tables
65
65
72
7475808682
8493828784
8580818483
8691889089
9196949490
9697100103103
10199100101
Fruitsandnuts
67
68
85
8388877587
7994908287
8789868788
8892849193
8791928990
959710093113
107115104127
Cot-ton
200
175
160
170145173155166
122117160202217
135205205222188
199180148154196
192193200207206
202129100148135
137142182173
To-bacco
77
70
97
7464717199
100117107100100
103118114105114
111110848891
99104117119113
94951008791
97868990
Oilcrops
8
6
17
2022333529
3130323936
4138373741
4654536558
6171727575
9096100112115
117121129156
Livestock and products
Total 3
54
57
59
6064717773
7371706872
7578787982
8484838588
8791929597
9597100100101
105107108107
Meatani-mals
52
58
59
6063738173
7068676669
7479797881
8683808288
8589909598
9296100102102
108110111111
Dairyprod-ucts
76
80
83
8589929193
9594939093
9392929798
99101102101100
101104105104105
1041011009999
10010110299
Poul-tryandeggs
32
32
35
3639455251
5450494854
5659596163
6268697376
7581818387
909610098101
106106109106
1 Farm output measures the annual volume of farm production available for eventual human use through sales fromfarms or consumption in farm households. Total excludes production of seeds and of feed for horses and mules. TheDepartment of Agriculture also estimates net farm output, which excludes all quantities used for feed.
2 Includes production of seeds and of fe"ecf for horses and mules and certain items not shown separately.3 Includes certain items not shown separately.
Source: Department of Agriculture.
345
527-867 O - 74 - 23
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E
Year
1929
1933
1939
19401941194219431944
19451946194719481949
1950 . , .1951195219531954
1955 . .1956195719581959
19601961196219631964
19651966196719681969
1970197119721973 p
C-84.—Farm population, employment,
Farm population(April l ) i
ber(thou-sands)
30, 580
32,393
30, 840
30, 54730,11828,91426,18624, 815
24, 42025, 40325, 82924, 38324,194
23, 04821, 89021,74819, 87419,019
19, 07818,71217,65617,12816,592
15, 63514,80314 31313, 36712,954
12 36311,59510, 87510,45410, 307
9,7129,4259,6109,500
As per-cent of
totalpopu-
lation 2
25.1
25.8
23.5
23.122.621.419.217.9
17.518.017.916.616.2
15.214.213.912.511.7
11.511.110.39.89.4
8.78.17.77.16.8
6.45.95.55.25.1
4.74.64.64.5
Farm employment(thousands) 3
Total
12, 763
12,739
11,338
10, 97910,66910, 50410, 44610,219
10, 00010, 29510,38210, 3639,964
9,9269,5469,1498,8648,651
8,3817,8527,6007,5037,342
7,0576,9196,7006,5186,110
5,6105,2144,9034,7494,596
4,5234,4364,3734,395
Familyworkers
9,360
9,874
8,611
8,3008,0177,9498,0107,988
7,8818,1068,1158,0267,712
7,5977,3107,0056,7756,570
6,3455,9005,6605,5215,390
5,1725,0294,8734,7384,506
4,1283,8543,6503,5363,420
3,3483,2753,2273,232
Hiredworkers
3,403
2,865
2,727
2,6792,6522,5552,4362,231
2,1192,1892,2672,3372,252
2,3292,2362,1442,0892,081
2,0361,9521,9401,9821,952
1,8851,8901,8271,7801,604
1,4821,3601,2531,2131,176
1,1751,1611,1461,163
and productivity, 1929-73
Farm output
Par
unit oftotalinput
54
54
60
6264696869
7072707673
7373767778
8182838990
9394959897
10097
100101101
101108110112
Per man-hour
Total Crops
Index, 1967 =
17
16
20
2122242425
2729293233
3536394143
4750535962
6770738083
9194
100106112
113125131129
17
17
21
2224262627
2931313536
3938424345
4852566566
7173778285
9295
100106112
110122126127
Live-stockand
products
100
26
25
27
2728303231
3132333436
3739404143
4648515559
6267717783
8793
100105112
119130138127
Cropproduc-
tionper
acre <
57
50
61
6264706468
6870677570
6969737371
7477778686
8892959795
10099
100104107
102111115114
1 Farm population as defined by Department of Agriculture and Department of Commerce, i.e., civilian populationliving on farms, regardless of occupation.
2 Total population of United States as of July 1 including Armed Forces overseas.3 Includes persons doing farmwork on all farms. These data, published by the Department of Agriculture, Statistical
Reporting Service, differ from those on agricultural employment by the Department of Labor (see Table C-24) because ofdifferences in the method of approach, in concepts of employment, and in time of month for which the data are collected.See monthly report on "Farm Labor."
< Computed from variable weights for individual crops produced each year.
Sources: Department of Agriculture and Department of Commerce (Bureau of the Census\
346
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-85.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-73
[Index, 1967=100, except as noted]
Year or month
1929
1933.
1939
194019411942194319441945194619471948 . .1949
1950195119521953195419551956 .195719581959
1960196119621963196419651966196719681969
1970197119721973
1972: Jan 15Feb 15Mar 15Apr 15..May 15June 15...
July 15Aug 15Sept 15"Oct 15Nov 15 .Dec 15
1973:Jan 15Feb 15Mar 15 ....Apr 15May 15June 15
July 15Aug 15Sept 15Oct 15 . . .Nov 15Dec 15
Prices received by farmers
All farmproducts
58
28
37
3949637678819310911398
102119113100979191929895
949496969398105100103108
110112126172
120122120119123125
127128128129130137
144149159157163172
172207191184181184
Crops
65
31
42
445570858792104122127111
103117118106107102104999998
9910010310610610310510010197
100107115164
111110108112114116
115117117117120127
131133140143154170
164195183182181193
Livestockand
products
57
25
39
3950627171768710411498
10112111097908482889993
919192898594105100104117
118116134178
127131129126130132
136135138139138145
153161174168169173
179217198187182178
Prices paid by farmers
All items,interest,taxes, andwage rates
47
32
36
36394450535661707673
75828481818181848687
88889091929498100104109
114120127145
123124124125125126
127127128129130131
134136138140143146
146151150150151153
Familylivingitems
48
34
37
38404652545763747875
76838484848485888989
90909192939598100104109
114119124138
121123123123124124
125125126125127127
129131132134136138
138141142142146146
Produc-tionitems
51
34
42
43455257606167788783
86959589898787909293
92to
co4*
CO
95949699100102106
110115122CD
«
118119119120121
122122124125126129
132134138139143149
148157154153153156
Parity ratio l
Actual
92
64
77
8193105113108109113115110100
10110710092898483828581
80798078767780747374
72697488
737472717374
757575757578
808286838587
8810295918989
Adjusted 2
66
85
8898109to
o
111115116111100
10210810193898584858882
82838381808286797980
77747992
787977767879
808080808083
838589878991
9210799959393
1 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wages rates on1910-14=100 base.
2 The adjusted parity ratio reflects Government payments made directly to farmers.
Source: Department of Agriculture.
347
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-86.—Selected measures of farm resources and inputs, 1929-73
Year
1929...:
1933
1939
1940. .194119421943.. .1944
1945. .1946194719481949
19501951195219531954
19551956195719581959
1960196119621963 . .1964
19651966196719681969
19701971 . . . . .19721973 v
Cropshar-
vested(mil-lionsof
acres) i
365
340
331
341344348357362
354352355356360
345344349348346
340324324324324
324302295298298
298294306300290
293305294322
Man-hoursof
farmwork(bil-lions)
23.2
22.6
20.7
20.520.020.620.320.2
18.818.117.216.816.2
15.115.214.514.013.3
12.812.011.110.510.3
9.89.49.08.78.2
7.87.47.37.06.7
6.56.46.26.5
Index numbers of inputs (1967 = 100)
Total
99
93
96
9797100101102
99989899101
100103103102101
101100979798
9696969797
9798100101102
101102102104
Farmlabor
302
294
270
269265271267265
249239226220212
199200191184176
170160149143139
134129123120115
1091011009694
89888589
Farmreal
estate
104
98
103
105103101100100
100104105105106
107108106107107
107104104102102
101100100100101
1011001009999
989710197
Me-chani-cal
powerandma-
chinery
40
33
41
4345515456
5756626976
8086909192
9394929394
9290929192
9599100102102
101103102105
Ferti-lizerand
limingma-
terials
11
6
12
1415171923
2324282931
3236394243
4544464854
5458627076
8090100107110
113121120124
Feed,seed,andlive-stockpur-
chases2
31
28
41
4346495353
5554565763
6468707072
7376758184
8487898991
9297100101104
109109110109
Taxesand
interest
69
71
67
6868697274
7576767477
7777798080
828?818286
8789909294
9598100103105
106104108109
Miscel-laneous
53
52
50
5152495254
5354545962
6367676564
6870697479
8084899499
10198100108110
107109117115
1 Acreage harvested (excluding duplication) plus acreages in fruits, tree nuts, and farm gardens.2 Nonfarm portion of feed, seed, and livestock purchases.
Source: Department of Agriculture.
348
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-87.—Comparative balance sheet of the farming sector, 1929-74
[Billions of dollars]
Beginning ofyear
1929
1933
1939....
1940.1941...194219431944..
1945.1946.194719481949...
1950.195119521953.1954
1955.1956 .1957-19581959. .
19601961 . . .1962_19631964
19651966196719681969
19701971197219731974 v
Assets
Total
52.955.062.973.784.6
94.2103.5116.4127.9134.9
132.5151.5167.0164.3161.2
165.1169.6177.9185.8202.1
203.5204.2212.8221.4229.2
237.2253.7266.6279.9294.0
305.1316.2341.4384.5454.6
Realestate
48.0
30.8
34.1
33.634.437.541.648.2
53.961.068.573.776.6
75.386.695.196.595.0
98.2102.9110.4115.9124.4
130.2131.8138.0143.8152.1
160.9172.2181.7191.9200.8
206.1214.1230.5258.7310.4
Live-stock *
6.6
3.0
5.1
5.15.37.19.69.7
9.09.7
11.913.314.4
12.917.119.514.811.7
11.210.611.013.917.7
15.215.516.417.315.8
14.417.518.918.720.1
23.323.627.234.2
Other physical assets
Ma-chin-eryand
motorvehi-cles
3.2
2.5
3.2
3.13.34.04.95.4
6.55.45.37.4
10.1
12.214.116.717.418.4
18.619.320.220.221.8
22.722.222.523.423.9
24.725.827.229.530.9
31.933.936.039.0
Crops 2
2.73.03.85.16.1
6.76.37.19.08.6
7.67.98.89.09.2
9.68.48.37.69.3
7.78.08.89.39.8
9.29.7
10.09.6
10.6
10.910.711.814.1
House-hold
equip-mentand
furnish-ings
4.24.24 95.05.3
5.66.17.78.59.1
8.69.7
10 39.99.9
10.010.510.09.99.8
9.68.99.19 08.8
8.68.68.49.09.6
10 110.311.011.9
115.6
Financial assets
De-positsandcur-rency
3.23.54 25.46.6
7.99.4
10.29 99.6
9.19.19.49.49.4
9.49.59.49.5
10.0
9.28.78.89.29.2
9.610.010.310.911.5
11.912.413.114.1
U.S.savingsbonds
0.2.4.5
1.12.2
3.44.24.24.44.6
4.74.74.74.64.7
115.15.15.2
4.74.64.44.44.2
4.24.03.93.83.7
3.73.63.73.9
Invest-mentin co-opera-tives
0.8.9.9n
L.I
?L.4
7q
2.12.32.52.72.9
3.13.23.53.73.9
4.24.54.85.05.4
5.65 96.26.56.8
7.27.68.18.6
28:6
Claims
Total
52.955.062 973.784.6
94.2103.5116.4127.9134.9
132.5151.5167.0164.3161.2
165.1169.6177.9185 8202.1
203.5204.2212.8221 4229.2
237.2253 7266.6279.9294.0
305.1316.2341.4384.5454.6
Realestatedebt
9.8
8.5
6.8
6.66.56 46.05.4
4.94.84.95 15.3
5.66.16 77.27.7
8.29.09.8
10 411.1
12 112.813.915 216.8
18.921 223.325.527.1
28.429.531 334.538.0
Otherdebt
3.43.94 14.03.5
3.43.23.64.26.1
6.87.08.08.99.2
9.49.89.5
10 012.5
12.713.414.816.518.1
18.720 422.424.927.5
29 731.635 639.141.9
Pro-prie-tors'equi-ties
42.944.652 463 775.7
85.995.5
107.9118 6123.5
120.1138.4152 3148.2144.3
147.5150.8158.6165 4178.5
178.7178.0184.1189 7194.3
199.6212.1220.9229.5239.4
247.0255.1274.5310.9374.7
1 Beginning with 1961, horses and mules are excluded.2 Includes all crops held on farms and crops held off farms by farmers as security for Commodity Credit Corporation
loans. The latter on January 1,1974 totaled approximately $0.3 billion.
Source: Department of Agriculture.
349
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSTABLE C-88.— U.S. balance of payments, 1946-73
[Millions of dollars]
Year orquarter
1946194719481949
1950195119521953.1954
195519561957 „.19581959
19601961196219631964
19651966196719681969
197019711972197313
1971:1I I . . . .111...IV — _
1972:1I I . . . .IllIV
1973:1I I . . . .III*..IV
Merchandise 12
Ex-ports
11,76416,09713, 26512,213
10, 20314, 24313, 44912,41212,929
14, 42417, 55619, 56216,41416, 458
19,65020,10820,78122,27225,501
26,46129,31030,66633,62636,400
41,96442,76848,76967,001
Imports
-5 ,067- 5 , 9 7 3- 7 , 557- 6 , 874
- 9 , 081-11,176-10,838-10,975-10,353
-11,527-12 , 803-13,291-12,952-15,310
-14,758-14,537-16,260-17,048-18,700
-21,510-25,493-26,866-32,991-35,807
-39,788-45,466-55,681-67 , 655
Netbal-ance
Directexpend-
itures
6,69710,1245,7085,339
1,1223,0672,6111,4372,576
2,8974,7536,2713,4621,148
4,8925,5714,5215,2246,801
4,9513,8173,800635593
2,176-2,698-6,912-653
Military transactions
- 4 9 3- 4 5 5- 7 9 9- 6 2 1
- 5 7 6- 1 , 2 7 0- 2 , 054- 2 , 6 1 5- 2 , 6 4 2
- 2 , 9 0 1- 2 , 949- 3 , 2 1 6- 3 , 4 3 5- 3 , 1 0 7
- 3 , 0 8 7- 2 , 9 9 8- 3 , 1 0 5- 2 , 9 6 1- 2 , 8 8 0
- 2 , 9 5 2- 3 , 7 6 4- 4 , 3 7 8- 4 , 5 3 5- 4 , 8 5 6
- 4 , 8 5 2- 4 , 8 2 9
Sales
192182
200161375300302
335402656657747
Netbal-
- 4 9 3- 4 5 5- 7 9 9- 6 2 1
- 5 7 6-1,270-2,054-2,423-2,460
-2, 701-2,788-2, 841-3,135-2, 805
Net invest-ment income
Pri-vates
750997
1,1771,200
1,3821,5691,5351,5661,899
2,1172,4542,5842,4162,658
-2,753 2,825-2,596 3,451-2,448; 3,920-2,304 4,056-2,133 4,872
830 -2,122829 -2,935
1,240-3,1381,392-3,1431,512
1,478-r,^t 1,9124,724 1,1664,617[ 1,776
- 3 , 3 4 4
5,2745,3315,8486,1575,820
-3,374 6,374-2,918 8,929-3,558 9,751-2, 841111,927
U.S.Gov-ern-
ment
Nettraveland
trans-porta-
tion ex-pendi-tures
6508573
78151140166213
18040
416868
1610313297
3
20444063
155
- 1 1 5- 9 5 7
-1,889-2,9521
733946374230
- 1 2 0298
83- 2 3 8- 2 6 9
- 2 9 7- 3 6 1- 1 8 9- 6 3 3- 8 2 1
- 9 6 4- 9 7 8
-1,155-1,312-1,149
-1,284-1,332-1,751-1,548-1,782
-2,013-2,288-2,853-2, 449
Otherserv-ices,net
114- 4 5- 2 7
- 3
62
4124
0
- 4 347727862
7830
116179142
301285335302449
581739851932
Bal-ance
ongoodsand
serv-ices 1 *
7,80711,6176,5186,218
1,8923,8172,356532
1,959
2,1534,1455,9012,356310
4,0935,5825,0865,9408,537
7,1415,2105,1322,4651,891
3,630
Remit-tances,
pen-sions,and
otheruni-
lateraltrans-fers 1
807-4,610
-2,922-2,625-4, 525-5,638
-4,017-3,515-2,531-2, 481-2,280
-2,498-2, 423-2, 345-2, 361-2, 448
-2,292-2,513-2,631-2,742-2,754
-2,835-2,890-3,081-2,909-2,941
Bal-anceon
cur-rent ac-
count
3,2143,5983,744
3', 963 - 3 , 619
4,8858,9921,993
580
-2,125302
- 1 7 5-1,949
- 3 2 1
- 3 4 51,7223,556
- 5-2,138
1,8013,0692,4563,1995,783
4,3062,3202,051- 4 4 3
-1,050
416-2,790-8,353
344
Seasonally adjusted
10,87210,79111, 5229,583
11,65511,53912,36213, 213
15,32016, 77818,15320,048
-10,743-11,708-11,907-11,108
-13,475-13,313-13,935-14,958
-16,280-17,022-17,43918,748
129-917-385
-1,525
-1,820-1,774-1,573-1,745
-960-244714
1,300
-1,175-1,214-1,204-1,237
-1, 222-1,242-1,108-1,151
-1,168-1,185-1,110
498507489419
328288262287
343455534
-677-707-715-818
-894-954-846-864
-825-730-576
1,9422,3582,0512,577
2,2902,2522,4472,763
2,9542,8883,103
- 1 1 3- 1 7 8- 3 0 6- 3 6 0
- 3 9 9- 4 6 1-497- 5 3 1
- 6 4 5- 7 7 7- 7 9 2
- 5 1 3- 5 9 9- 5 5 0- 6 2 6
- 7 5 5- 6 9 1- 6 7 9- 7 3 0
- 6 0 8- 7 0 3- 5 2 6
186174185192
204202209237
234240225
954131280
- 5 6 0
- 1 , 3 7 4- 1 , 4 2 6
- 9 3 9- 8 7 0
150674
2,148
- 8 0 3- 8 5 9- 9 5 8- 9 7 8
- 9 6 9- 9 3 8- 9 5 4- 8 8 1
- 7 4 2-1,041
- 9 3 1
151- 7 2 8- 6 7 8
-1,538
-2,343-2,364-1,893-1,751
- 5 9 2- 3 6 71,217
See footnotes at end of table.
350
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-88.— U.S. balance of payments, 1946-73—Continued
[Millions of dollars]
Year orquarter
1946.1947..19481949
19501951195219531954
19551956195719581959
I 9 6 0 . . . .1 9 6 1 . . . .1 9 6 2 . . . .1 9 6 3 . . . .1 9 6 4 . . . .
1 9 6 5 . . . .1 9 6 6 . . . .1 9 6 7 . . . .1 9 6 8 . . . .1 9 6 9 . . . .
1 9 7 0 . . . .1 9 7 1 . . . .1972 . . .197313...
1971: L .II.III.IV.
1972: l._II.IllIV.
1973:1. .II. .Ill»IVP.
Long-termcapitalflows,
net
U.S.Gov-ern-
ment «
- 8 8 9- 9 0 1- 8 9 2
- 1 , 1 5 0- 1 , 348
- 1 , 532- 1 , 4 6 9- 2 , 4 2 3- 2 , 1 5 8- 1 , 9 2 6
- 2 , 0 1 8- 2 , 359- 1 , 339
- 8 3 2
Pri-vate e
- 2 , 1 0 0- 2 , 1 8 2- 2 , 6 0 6- 3 , 3 7 6- 4 , 5 1 1
- 4 , 577- 2 , 5 7 5- 2 , 9 3 2
1,191- 7 0
- 1 , 4 2 9- 4 , 4 0 !
- 1 5 21,803
Bal-ance
on cur-rent
accountand
long-term
capital
- 1 , 1 8 8- 1 5
- 1 , 0 4 2-1 ,328
- 7 6
-1 ,804- 1 , 7 2 4- 3 , 304- 1 , 4 1 1- 3 , 0 4 6
- 3 , 0 3 1- 9 , 550-9 ,843
1,315
Non-liquidshort-term
privatecapitalflows,net e
- 2 5 3- 2 3 6- 1 3 1
158
75- 2 2 7- 4 1183
- 5 5 6
- 3 2 8- 4 7 9- 1 7 4- 1 4 5
- 8 9
10-1,40510-1,200
io-657io-968
-1 ,643
-154-104- 5 2 2
231-640
- 4 8 2- 2 , 347-1 ,637-3 ,989
Alto-ca-
tionsof
spe-cial
draw-ing
rights
867717710
Errorsand
omis-sions,
net
155861
1,115717
- 1 2 435449722060
371390
1,012361260
-1 ,084- 1 , 037-1 ,166
-418-978
-520- 3 2 2-857-431
- 2 , 395
- 1 , 205-10 ,784
-3 ,112- 6 , 428
Netliquid-
itybal-ance
io-3,677io-2F252io-2,864io-2,713
-2 ,696
-2 ,478-2 ,151- 4 , 6 8 3-1 ,611- 6 , 081
-3 ,851-21 ,965-13,882- 9 , 1 0 3
Liq-uidpri-vate
capitalflows,net«
10 27310 90410 21410 7791,162
1,1882,3701,2653,2528,820
- 5 , 9 8 8- 7 , 7 8 8
3,542- 1 , 6 3 9
Officialreservetrans-actions
bal-ance
- 3 , 4 0 3- 1 , 348- 2 , 6 5 0- 1 , 9 3 4- 1 , 5 3 4
- 1 , 290219
- 3 , 4 1 81,6412,739
- 9 , 839-29,753
10,340-10,741
Changesin lia-bilities
toforeignofficialagen-cies,net?
1,258742
1,1171,5571,363
67- 7 8 73,366- 7 6 1
- 1 , 552
7,36227, 40510, 30810, 443
ChangesnU.S.
officialreserveassets,
nets
- 6 2 3- 3 , 3 1 5- 1 , 7 3 6
- 2 6 6
1,758- 3 3
- 4 1 51,256
480
182- 8 6 9
- 1 , 1 6 52,2921,035
2,145606
1,533377171
1,222568
52- 8 8 0
-1 ,187
2,4772,348
32299
Seasonally adjusted
- 6 4 2- 5 7 5- 5 9 8- 5 4 4
- 2 8 9- 9 5
- 3 6 6- 5 8 6
- 3 3 675
- 3 6 3
- 8 9 5- 1 , 6 9 1- 2 , 0 1 8
201
- 1 , 1 4 3604
- 3 9 3781
- 1 6- 3 1 71,685
- 1 , 386- 2 , 9 9 4- 3 , 294- 1 , 8 8 1
- 3 , 775- 1 , 8 5 5- 2 , 6 5 2- 1 , 556
- 9 4 4- 6 0 92,539
-517-492- 8 2 2-516
-535310
-430-982
-1 ,822-1 ,404
234
180179179179
178178177177
-949- 2 , 391-5 ,511- 1 , 933
944-940
-1 ,626-1 ,490
- 3 , 891425
-1 ,355
-2 ,672-5 ,698-9 ,448-4 ,151
-3 ,188- 2 , 307- 4 , 531-3 ,851
-6 ,657- 1 , 588
1,418
- 2 , 9 5 8-647
- 2 , 434- 1 , 7 4 9
- 2 8 81,456
72,367
- 3 , 8 4 21,923
690
- 5 , 6 3 0- 6 , 345
- 1 1 , 882- 5 , 9 0 0
- 3 , 4 7 6- 8 5 1
- 4 , 524- 1 , 4 8 4
-10 ,499335
2,108
4,9485,686
10,6886,087
3,0471,0824,5791,595
10, 279- 3 5 2
- 2 , 095
682659
1,194-187
429- 2 3 1
- 5 5- 1 1 1
22017
- 1 3
U.S.officialreserveassets,
net(end ofperiod)
20,70624,02125,75826,024
24,26524, 29924,71423,45822,978
22,79723,66624,83222, 54021, 504
19, 35918,75317,22016,84316,672
15,45014,88214, 83015,710
1116,964
14, 4871212,167
13,1511414,378
Unad-justed
14, 34213,50412,131
1212,167
12,2701*13,339
13, 21713,151
12,93112,91412,927
H14.378
1 Excludes military grants.2 Adjusted from Census data for differences in timing and coverage.3 Includes fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States.• Equal to net exports of goods and services in the national income and product accounts when converted to an annual
rates basis.« Excludes liabilities to foreign official reserve agencies.« Private foreigners exclude the International Monetary Fund (IMF), but include other international and regional orga-
nizations.7 Includes liablities to foreign official agencies reported by U.S. Government and U.S. banks and U.S. liabilities to the
IMF arising from reversible gold sales to, and gold deposits with, the United States.« Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position
in the IMF.• Not available separately.10 Coverage of liquid banking claims for 1960-63 and of nonliquid nonbanking claims for 1960-62 is limited to foreign
currency deposits only; other liquid items are not available separately and are included with nonliquid claims.11 Includes gain of $67 million resulting from revaluation of the German mark in October 1969.u Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as of
December 31,1971.» First 3 quarters on a seasonally adjusted annual rates basis (except reserve assets are for end of December).i< Includes increase of $1,436 million resulting from change in par value of the U.S. dollar on October 18,1973.is Includes increase of $1,016 million resulting from change in par value of the U.S. dollar on May 8,1972.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
351
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-89.— U.S. merchandise exports and imports by commodity groups, 1958-73
[Millions of dollars]
Year or quarter
19581959
19601961196219631964
19651966196719681969 .
1970197119721973
1971: 1IIIIIIV
1972: 1IIIIIIV
1973: 111IIIIV
Merchandise exports i
Total, includ-ing reexports *
Sea-sonally
ad-justed
11,23910,96611,6759,726
11,76711,67312,44713,347
15,40716,86618, 33520,178
Unad-justed
16,37516,426
19,65920, 22620,98622,46725,832
26,74229, 49031, 03034,06337,332
42,65943,54949,21970,798
11,11611,40610,92410,103
11,89012,04011,57413,714
15, 52017,44017, 07220,766
Domestic exports
Total 2 3
16,21116,243
19,45919,98220,71722,18225,479
26,39929,05430,64633,62636,788
42,02542,91148,41969,707
10,96211,22210,7779,950
11,72411,82611,37613,493
15, 28617,13616, 80820,477
Food,bever-ages,
and to-bacco
2,6882,852
3,1673,4663,7434,1884,637
4,5195,1864,7104,5924,446
5,0585,0766,569
12,939
1,2951, 2191,3361,225
1,4161,4321,6252,095
2,3842,7703,5574,228
Crudemate-rialsand
fuels*
3,0522,996
3,9423,8643,3563,7754,337
4,2734,4044,7264,8655,006
6,6926,4417,091
10,738
1,6891,6741,5691,509
1,7041,6881,5362,163
2,5712,7442,2223,201
Man-ufac-tured
goods*
11, 54711,179
12,58312, 78413,66814, 29716,529
17, 43319, 21820,84423,81826,785
29,34330,44333, 75944,703
7,7388,0467,6497,010
8,3408,4308,0148,975
10,06511,25010,71612,671
Merchandise imports
General imports«
Total 3
Sea-sonally
ad-justed
10,79911,74711,95811,030
13,42413,37013,90314, 888
16,25816,84817,35818,623
Unad-justed
13, 39215,690
15,07314,76116,46417,20718,749
21,42725,61826,88933,22636,043
39,95245, 56355, 58369,121
10,51812,00311,77811,264
13,30213,74313, 53215,006
15,96517,28316,93618,938
Food,bever-ages,
and to-bacco
3,5503,580
3,3923,4553,6743,8634,022
4,0134,5904,7015,3655,308
6,2306,4047,3799,199
1,4921,7061,8951,311
1,8101,7691,8071,993
2,0842,3172,1882,610
Crudemate-rialsand
fuels*
4,1644,615
4,4184,3344,6914,7555,029
5,4405,7185,3676,0316,391
6,5427,2688,838
13, 343
1,6261,8361,9281,879
2,1302,1052,1952,408
2,7773,0633,3174,186
Man-ufac-tured
goods5
5,3117,117
6,8636,5377,6498,0709,106
11,24414,44615, 75620,62423,011
25,90630,41437,76744,788
7,0518,0847,5897,690
8,9859,4789,135
10,169
10,66211,46910,97711,682
Grossmer-chan-disetradebal-
ance,sea-
sonallyad-
justed 7
2,983736
4,5865,4654,5225,2607,083
5,3153,8724,141
8371,289
2,708-2 ,014
6,3641,677
440-782- 2 8 3
-1 ,304
-1,657-1,697-1,456- 1 , 540
-85118
9771,555
1 Beginning 1960, data have been adjusted for comparability with the revised commodity classifications effective in 1965.2 Totals exclude Department of Defense shipments of grant-aid military supplies and equipment under the Military
Assistance Program.3 Total includes commodities and transactions not classified according to kind.* Includes fats and oils.'includes machinery, transportation equipment, chemicals, metals, and other manufactures. Export data for these items
include military grant-aid shipments.• Total arrivals of imported goods other than intransit shipments.7 Exports, excluding military grant-aid, less general imports; quarterly data seasonally adjusted.Note.—Data are as reported by the Bureau of the Census adjusted to include silver ore and bullion reported separately
prior to 1969. Export statistics cover all merchandise shipped from the U.S. customs area, except supplies for U.S. ArmedForces. Export values are f.a.s. port of export and include shipments under Agency for International Development andFood for Peace programs as well as other private relief shipments. Import values are defined generally as the marketvalue in the foreign country, excluding the U.S. import duty and transportation costs such as ocean freight and marineinsurance.
Source: Department of Commerce, International Economic Policy and Research.
352
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-90.— U.S. merchandise exports and imports by area, 1967-73
IMillions of dollars]
Area 1967 1968 1969 1970 1971 1972 1973
Exports (including reexports and special category
shipments): T o t a l . . .
Developed countries..Developing countries..
Canada *Other Western Hemisphere..Western Europe2
Eastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries i
General imports: Total .
Developed countries..Developing countries..
CanadaOther Western Hemisphere.Western Europe 2
Eastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries *
31,622
21,4679,960
7,1724,71810,187
1957,1501,0181,182
34,636
23,60010,821
8,0725,33911,132
2157,5821,0261,269
38,006
26,47911,277
9,1375,57612,392
2498,261998
1,392
43,224
30,87712,993
9,0796,53214,463
35410,0281,1891,579
44,130
30,33513,410
10,3656,48414,178
3849,8551,1681,694
26,889
18,9937,709
7,1404,6628,052177
5,3495839206
33,226
24,1308,886
9,0055,14310,139
1986,911697
1,12211
36,043
26, 4609,373
10,3845,16310,138
1958,275828
1,04612
39,952
29,25910,442
11,0925,83611,169
2269,621871
1,11324
45, 563
33, 74411,549
12,6916,03812,658
22311,779
8951,236
41
49,778
34, 31914, 576
12,4157,27515,361
81911,2971,0341,576
55, 583
40, 82214,356
14,9277,00315,423
32115,1171,1451,595
51
71,314
47,17720,973
15, 0739,93121, 3611,79718,4261,7442,3071677
3 69,121
48,09419,461
17,4439,338
19,162519
17,7751,5542,3503 981
1 Beginning January 1973, transshipments of certain grains and oilseeds through Canada are shown as exports to un-identified countries.
2 Includes Finland, Yugoslavia, Greece, and Turkey.3 Beginning November 1973, crude petroleum imports are not available by country of origin, but are included in the
total and in unidentified countries.* Consists of certain low-valued shipments not identified by country.
Note.—Developed countries include Canada, Western Europe, Japan, Australia, New Zealand, and the Republic ofSouth Africa. Developing countries include rest of the world except Communist areas in Eastern Europe and Asia andunidentified countries.
Source: Department of Commerce, International Economic Policy and Research.
353
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-91.—U.S. overseas loans and grants, by type and area, fiscal years, 1962-73[Millions of dollars]
Type of program and fiscal period
TOTAL ECONOMIC LOANS AND GRANTS (OBLI-GATIONS AND LOAN AUTHORIZATIONS)*
1962-72 average . .Loans. ._ .-Grants
1973Loans. -_ .Grants
OFFICIAL DEVELOPMENT ASSISTANCE TO LESSDEVELOPED COUNTRIES2
Obligations and loan authorizations:1962-72 average1973
Loan repayments and interest receipts:1962-72 average1973
Agency for International DevelopmentObligations and loan authorizations:
1962-72 average1973 .
Loan repayments and interest receipts:1962—72 average1973
Food for PeaceObligations:
1962-72 average1973
Loan repayments and interest receipts:1962-72 average _..1973
Contributions and subscriptions to internationalfinancial institutions3
Obligations:1962-72 average1973 . , .
Other official development assistance, includingPeace Corps•
Obligations:1962-72 average1973
Other economic loans and grants to less developedcountries
Obligations:1962-72 average1973
Loan repayments and interest receipts1962-72 average1973 _ . -
ECONOMIC LOANS AND GRANTS TO DEVELOPEDCOUNTRIES
Obligations:1962-72 average1973
Total
4,9272 6822,245
7,4244,7042,720
3,9834,105
4321,034
2,2072,001
244490
1,2831,116
161529
286801
207187
5901,780
466650
3551,539
NearEastand
SouthAsia
1,360996364
992543449
1,239754
234468
626387
134272
602362
95187
115
121238
91171
Latinm erica
1,117710407
1,388775613
891881
69102
497314
3675
13889
1627
179432
7745
226508
278284
EastAsiaand
ietnam
1,133413719
1,8391,253
586
9231,253
49290
580696
3353
314549
14235
308
90471
3172
119115
Africa
390184206
546414132
347255
2960
196163
2136
12969
724
2223
43290
1740
Europe
360330
30
1,6081,595
13
5518
46109
317
1752
520
2956
107269
4780
1981,321
Otherand
inter-egional
56850
518
1,052124928
528944
56
305423
22
4847
107369
68105
34
02
38103
1 Some data are preliminary.2 Official development assistance is defined as concessional aid for development purposes. Countries have been
classified "less developed" on the basis of the standard list of less developed countries used by the DevelopmentAssistance Committee of the Organization for Economic Cooperation and Development. On this basis, "less developed"countries include all countries receiving U.S. loans or grants except the following which are considered "developed":Japan, Australia, New Zealand, Republic of South Africa, Canada, and all of Europe except Malta, Spain, and Yugoslavia.
3 Includes paid-in capital subscriptions and contributions to the Inter-American Development Bank, the InternationalBank for Reconstruction and Development, the International Development Association, and the Asian Development Bank.
< Data for certain programs from Department of Commerce, Bureau of Economic Analysis.
Source: Agency for International Development (except as noted).
354
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-92.—International reserves, 1949, 1953, and 1968-73
[Millions of dollars; end of period]
Area and country 1949 1953 1968 1969 1970 1971 1972
1973
No-vember
All countries
Developed areas
United States
United Kingdom
Other Western Europe.._AustriaBelgiumFrance.GermanyItalyNetherlandsScandinavian countries (Den-
mark, Finland, Norway, andSweden)
SpainSwitzerland..Other
Canada
Japan
Australia, New Zealand, and SouthAfrica
Less developed areas l
Latin AmericaMiddle East . . . .Other AsiaOther Africa 2
46,116
37, 353
26, 024
1,751
6,58392978580196723386
537122
1,692
1,277
1,197
226
1,572
8,763
2,4171,5343,642639
51, 826
41,478
23,458
2,670
10, 597277
1,144829
1,773848
1,230
1,026150
1,7681,552
1,909
892
1,952
10, 347
2,8691,2563,7421,787
77,425
63, 246
15,710
2,422
36,1741,5042,1874,2019,9485,3412,463
2,3201,1494,2932,768
3,046
2,906
2,989
14,180
3,9153,3204,2852,495
78, 255
62, 636
16,964
2,527
33,6101,5302,3883,8337,1295,0452,529
2,2141,2814,4253,236
3,106
3,654
2,772
15,620
4,4703,0354,8703,095
92,600
74,311
14,487
2,827
44,6461,7512,8474,96013,6105,3523,234
2,5381,8175,1323,405
4,679
4,840
2,831
18, 285
5,6403,1205,2254,175
130,560
107, 210
13,190
6,582
62, 0362,3433,4738,25318,6576,7873,796
3,7013,2686,9664,792
5,701
15, 360
4,342
23,350
6,5855,2405,8905,500
158,700
126, 592
13,150
5,647
75, 3722,7193,87010,01523,7856,0794,785
4,5135,0147,4887,104
6,050
18, 365
8,009
32,110
10, 5507,6257,8105,985
180,835
140,110
14,373
6,646
91,6932,8784,9778,550
34,1326,0846,208
5,8086,6957,2209,141
5,736
13,196
8,466
40,725
14,22010,06010,1106,185
1 Includes areas in addition to those listed.2 All Africa except South Africa.
Note.—International reserves is comprised of monetary authorities' holdings of gold, Special Drawing Rights andReserve Positions in the International Monetary Fund, and convertible foreign exchange. Beginning December 1971gold is valued at 38 U.S. dollars per ounce and foreign exchange balances are expressed in dollars at the cross rates re-flecting parities and central rates agreed on December 17, 1971 and subsequently. Data cover all countries exceptU.S.S.R., other Eastern European countries, Mainland China, and Cuba (after 1960).
Beginning 1959, when most of the major currencies of the world became convertible, data exclude known holdings ofinconvertible currencies, balances under payments agreements, and the bilateral claims arising from liquidation of theEuropean Payments Union.
Source: International Monetary Fund, "International Financial Statistics."
355
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-93.— U.S. reserve assets, 1946-73
[Millions of dollars)
End of year ormonth
1946 . .194719481949..
195019511952. .19531954.19551956195719581959
196019611962 . . .1963196419651966196719681969
1970197119721973
1972: JanFebMarApr •MayJune
JulyAugSeptOctNov.. .Dec .
1973: JanFebMarAprMayJune. . .
JulyAugSeptOctNovDec
Total reserveassets
20,70624, 02125,75826, 024
24, 26524, 29924,71423, 45822,97822,79723,66624, 83222, 54021, 504
19, 35918, 75317, 22016, 84316 67215, 45014, 88214, 83015,710
7 16,964
14, 487812,167913,151
io 14, 378
12,87912, 33012, 27012,285
913, 34513, 339
13, 09013,12413,21713,31313,30713,151
13 05412,92612,93112,90412 91612,914
12,91812,92312,927
io 14, 36714, 37314, 378
Gold stock i
Total 2
20,70622, 86824, 39924, 563
22, 82022, 87323, 25222, 09121, 79321.75322, 05822, 85720, 58219, 507
17, 80416 94716 05715, 59615 471
e 13 80613, 23512 06510 89211, 859
11,07210, 206
910 487io i l ,652
10, 2069,6629 6629,662
910, 49010,490
10,49010, 48810 48710, 48710,48710,487
10 48710,48710,48710,48710 48710,487
10,48710,48710,487
io 11,65211,65211,652
Treasury
20, 52922, 75424, 24424, 427
22, 70622,69523,18722,03021,71321, 69021,94922, 78120, 53419, 456
17,76716 88915 97815, 51315 388
6 13 73313,15911 98210 36710, 367
10, 73210,132
9 10,410ioi l ,567
10,1329,5889 5889,588
9 10, 41010, 410
10,41010,41010,41010,41010,41010,410
10,41010,41010,41010,41010,41010, 410
10,41010,41010,410
io 11,56711,56711,567
Specialdrawingrights s
8511,100
9 1 95810 2,166
1,8101,8101 8101,803
91, 9581,958
1,9581,9581 9581,9581,9581,958
1 9581,9581,9581,9491,9491,949
1,9491,9491,949
io 2,1662,1662,166
Convertibleforeign
currencies «
11699
212432781
1,3212 3453,528
7 2,781
6298 276
2418
276276212429469457
203234323414403241
140888
168
888888
Reserveposition in
InternationalMonetary Fund«
1,1531,3591,461
1,4451,4261 4621,3671,1851,0441,6081,9751,9581,997
1,5551 6901 0641,035
769«863
326420
1,2902,324
1,935585
9 46510 552
587582586391
9 428434
439444449454459465
469473478460464470474479483
10 541547552
1 Includes gold sold to the United States by the International Monetary Fund (IMF) with the right of repurchase andgold deposited by the IMF to mitigate the impact on the U.S. gold stock of purchases by foreign countries for gold sub-scriptions on increased IMF quotas.
2 Includes gold in Exchange Stabilization Fund.3 Includes initial allocation on January 1, 1970 of $867 million, second allocation on January 1, 1971 of $717 million,
and third allocation on January 1, 1972 of $710 million of special drawing rights (SDR) in the Special Drawing Accountin the IMF, plus or minus transactions in SDR.
* Includes holdings of Treasury and Federal Reserve System.* The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund auto-
matically if needed. Under appropriate conditions the United States could purchase additional amounts equal to theUnited States quota.
8 Reserve position includes, and gold stock excludes, $259 million gold subscription to the Fund in June 1965 for a U.S.quota increase which became effective on February 23,1966. In figures published by the Fund from June 1965 throughJanuary 1966, this gold subscription was included in the U.S. gold stock and excluded from the reserve position.
i Includes gain of $67 million resulting from revaluation of German mark in October 1969, of which $13 million representsgain on mark holdings at time of revaluation.
8 Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as ofDecember 31,1971.
9 Includes $1,016 million increase in total reserve assets resulting from the change in par value of the U.S. dollar onMay 8,1972, consisting of $828 million total gold stock, $822 million Treasury gold stock, $155 million SDR, and $33 millionreserve position in the IMF.
10 Includes $1,436 million increase in total reserve assets resulting from the change in par value of the dollar on Octo-ber 18, 1973, consisting of $1,165 million total gold stock, $1,157 million Treasury gold stock, $217 million SDR, and $54million reserve position in IMF.
Note.—Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included inthe gold stock of the United States.
Sources: Department of the Treasury and Board of Governors of the Federal Reserve System.
356
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-94.—International investment position of the United States at year-end, 1960 and1968-72
[Billions of dollars]
Type of investment 1960 19681 19691 1970 1971 19722
Net international investment position of theUnited States s_.
U.S. assets abroad_
Nonliquid assets
U.S. Government.
Long-term creditsForeign currencies and other
short-term assets
Private long-term.
Direct investments abroad_Foreign securitiesOther claims*
Private short-term nonliquid claims 4__
Liquid assets.
Private claims *. .U.S. monetary reserve assets.
Gold.SDR _Convertible currenciesGold tranche position in IMF
44.7
85.6
66.2
16.9
14.0
2.9
44.5
31.99.63.1
54.8
19.4
17.8
U.S. liabilities to foreigners.
Nonliquid liabilities to other than foreignofficial agencies
U.S. Government..Private long-term.
Direct investments in the UnitedStates
U.S. securitiesOther liabilities <___
Private short-term nonliquid 7_
Liquid liabilities to private foreigners andliquid, other readily marketable, andnonliquid liabilities to foreign officialagencies
To private foreigners _To foreign official agencies.
LiquidOther readily marketable.Nonliquid, reported by
Government
1.6
40.9
19.8
.818.4
6.910.01.6
.6
21.0
9.111.9
11.9
U.S.
65.6
146.9
128.6
28.5
25.9
2.6
89.7
65.018.26.5
10.4
18.3
2.615.7
10.9
3.51.3
81.3
42.7
2.238.0
10.823.83.4
2.5
38.6
20.118.5
13.52.3
2.6
67.3
158.3
138.6
30.7
28.2
2.5
96.5
71.018.76.8
11.4
19.6
2.717.0
11.9
2.82.3
90.9
45.0
2.439.6
11.822.94.8
3.0
45.9
28.917.0
13.01.5
2.5
69.1
166.8
149.9
32.1
29.6
2.4
105.0
78.219.67.2
12.8
16.9
2.414.5
11.1.9.6
1.9
97.7
50.7
2.044.8
13.325.65.9
3.9
47.0
22.624.4
20.6.7
3.1
57.6
180.7
164.6
34.1
31.7
2.4
115.9
86.221.7
8.0
14.6
16.14.0
12.210.21.1.3.6
123.1
55.3
1.649.8
13.730.16.1
3.9
67.8
16.651.2
47.6.1
3.5
50.6
199.3
180.9
36.1
34.2
2.0
128.4
94.024.99.4
16.4
18.4
5.26 13.2
6 10.56 2.0
.26 . 5
148.7
65.7
1.859.8
14.438.66.9
4.1
82.9
21.461.5
57.3.5
3.7
1 Data do not reflect revisions made in balance-of-payments statistics in June 1973.2 Preliminary.3 Includes U.S. gold stock.* Reported by U.S. banks and nonbanking concerns.& Liquid claims are not available separately and are included with nonliquid claims.6 Total reserve assets include an increase of $1,016 million resulting from a change in the par value of the U.S. dollar
on May 8,1972, consisting of $828 million total gold stock, $155 million SDR, and $33 million gold tranche position in IMF.7 Reported by U.S. nonbanking concerns.
Source: Department of Commerce, Bureau of Economic Analysis,
357
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-95.—Price changes in international trade, 1965-73
[1963=1001
Area or commodity class 1965 1966 1967 1968 1969 1970 1971 1972
1973
Thirdquarter
Developed areas
Total:
ExportsTerms of trade
United States:
Exports
Terms of trade».
Developing areas
Total:Exports.Terms of trade i .
Latin America:
ExportsTerms of trade
Southern and Eastern Asia:
ExportsTerms of trade i
Primary commodities: Total
Foodstuffs
Coffee, tea, and cocoa..Cereals
Other agriculturalcommodities*..
Fats, oils, and oilseeds.Textile fibers
WoolRubber
MineralsMetal ores.
Manufactured goods: Totals
Nonferrous base metals«...
103
103
11199
103
114928697
104114
103
135
Unit value indexes by area
103100
104101
10299
106103
10199
105100
107101
104101
108103
101100
105101
no102
103100
105100
9999
104101
111103
103101
10699
97100
108101
115103
106101
109100
102102
114102
121101
109100
115101
106104
119101
12599
116102
122101
108104
130102
12995
121100
129102
111100
World export price indexes
104
105
112103
104
111929091
104105
106
156
101
104
118105
96
102887775
103109
107
142
100
100
no100
96
99887474
102108
107
150
104
104
11998
101
101857398
104114
no168
108
111
13696
101
118836378
111122
117
180
115
117
119100
105
118855764
127126
124
154
130
132
132111
120
116109
65
141134
135
154
164102
15494
2 1342 101
2 1382 105
2 1332 109
192
203
187219
193
234181189
M21
171170
158
226
i Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.s Data are for second quarter 1973.3 Excludes Japan.* Includes nonfood fish and forest products.8 Data are for first 3 quarters of 1973.6 Data for manufactured goods are unit value indexes.Note.—Data exclude trade of Communist areas in Eastern Europe (except Yugoslavia) and Asia.
Sources: United Nations and Department of Commerce (International Economic Policy and Research and Bureau ofResources and Trade Assistance).
358
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-96.—Consumer price indexes in the United States and other major industrial countries.1955-73
11970=100]
Period
19551956195719581959
1960 . -1961196219631964
19651966.19671968 . -1969
1970197119721973 l
1971* 1IIIIIIV
1972: 1IIIII . . . .IV
1973:1IIIllIV 2
UnitedStates
69.070.072.574.575.1
76.377.077.978.879.9
81.383.686.089.694.4
100.0104.3107.7114.4
102.8103.9104.9105.5
106.4107.2108.2109.1
110.7113.1115.6118.3
Canada
69.970.973.275.075.9
76.777.178.079.480.8
82.885.988.992.696.8
100.0102.9107.8115.1
100 9102.3103.8104.5
105.7106.7108.8109.9
111.9114.5117.7119.0
Japan
52.652.854.454.254.7
56.759.763.869.271.9
76.780.683.888.392.9
100.0106.1110.9122.1
103.9105.7106.7108.1
108.4110.6111.5113.0
116.1122.2125.8129.1
France
50.451.453.261.265.0
67.369.572.976.479.0
81.083.285.489.395.0
100.0105.5111.7118.9
103.0104.6106.0107.5
108.9110.4112.5114.9
115.9118.2121.1123.4
Germany
70.171.973.375.075.7
76.778.580.983.385.2
88.191.292.593.996.4
100.0105.2111.2118.5
103.3104.8105.7106.9
109.0110.2111.8113.8
116.3118.7119.6120.7
Italy
62.264.365.267.066 7
68.269 772.978.383.0
86.788.891.692.895.2
100.0104.8110.8121.6
103.1104.2105.2106.7
108.0109.5111.4114.4
117.5121.6124.4126.1
Nether-lands
57.858 962.763.864 3
66.467 068.370.974.8
78.783.386 089.195.8
100.0107.6116.0124 9
104 4107.1108.3110.4
112.7115.5116.3119.3
121.3124.9125.9128.5
UnitedKingdom
59.061.964.266.266 5
67.269 572.573.976.3
80.083.185 289.294.0
100.0109.4117 2126.8
105.5109.3110.8112.2
113.9116.1118.0120.8
122.9126.9128.8132.2
1 For United States, 12-month average; for Netherlands January-November average; and for all other countries,January-October average.
2 October-December average for United States; October-November average for Netherlands; and October data for allother countries.
Sources: Department of Labor and Organization for Economic Cooperation and Development.
359U.S. GOVERNMENT PRINTING OFFICE : 1974—O-527-867
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
top related