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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1979 / VOLUME 59 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION 1
Revised Manufacturing and TradeInventories and Sales 7
National Income and Product Tables 8
Durable Goods Owned byConsumers in the United
States, 1925-77 17
Plant and Equipment Expenditures,First and Second Quarters and
Second Half of 1979 26
Capital Expenditures by Majority-Owned ForeignAffiliates of U.S. Companies, 1979 32
U.S. International Transactions,Fourth Quarter and Year 1978 38
CURRENT BUSINESS STATISTICS
General S1-S25
Industry S25-S40
Subject Index (Inside Back Cover)
U. S. Department of CommerceJuanita M. Kreps / Secretary
Courtenay M. Slater / Chief Economistfor the Department of Commerce
Bureau of Economic AnalysisGeorge Jaszi / DirectorAllan H. Young / Deputy, Director
Carol S. Carson / Editor-in-Chief,Survey of Current Business
Manuscript Editor: Dannelet A. GrosvenorGraphics Editor: Billy Jo Hurley
Staff Contributors to This Issue: Christopher L. Bach,Will iam K. Chung , David T. Dobbs, John C. Musgrave,
Kenne th A. Petr ick, J o h n T. Woodward
SURVEY OF CURRENT BUSINESS. Published monthly bythe Bureau of Economic Analysis of the U.S. Departmentof Commerce, Editorial correspondence should be ad-dressed to the Editor-in-Chief, Survey of Current Busi-ness, Bureau of Economic Analysis, U.S. Department ofCommerce, Washington, D.C. 20230.
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perintendent of Documents, U.S. Government Printing Of-fice, Washington, D.C. 20402. Make checks payable toSuperintendent of Documents.
Second-class postage paid at Washington, D.C. and atadditional mailing offices.
The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds forprinting this periodical has been approved by the Director of the Office of Management and Budget through September 1,1980.
U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES
ALA., Birmingham 35205908 S. 20th St. 254-1331
ALASKA, Anchorage 99501632 6th Ave. 265-5307
ARIZ., Phoenix 85073201 N. Central Ave. 261-3285
CALIF., Lot Angeles 9004911777 San Vicente Blvd. 824-7591
CALIF., San Francisco 94102450 Golden Gate Ave. 556-5868
COLO., Denver 8020219th & Stout St. 837-3246
CONN., Hartford 06103450 Main St. 244-3530
FLA., Miami 3313025 West Flagler St. 350-5267
GA., Atlanta 303091365 Peachtree St., N.E« 881-7000
GA., Savannah 31402222 U.S. Courthouse & P.O. Bldg.232-4321
HAWAII, Honolulu 96850300 Ala Moana Blvd. 546-8694
ILL., Chicago 60603Rm. 1406 Mid Continental Plaza Bldg.353-4450
IND., Indianapolis 4620446 East Ohio St. 269-6214
IOWA, Des Moines 50309210 Walnut St. 284-4222
LA., New Orleans 70130
MICH., Detroit 48226445 Federal Bldg. 226-3650
MINN., Minneapolis 55401218 Federal Bldg. 725-2133
MO., St. Louis 63105120 S. Central 425-3302
NEBR., Omaha 681021815 Capitol Ave. 221-3665
NEW, Reno 89503777 W. 2d St. 784-5203
N.J., Newark 071024th Floor Gateway Bldg. 645-6214
N. Albuquerque 871O2432 International Trade Mart 589-6546 5 0 5 Marquette Ave., N.W. 766-2386
MD., Baltimore 21202415 U.S. Customhouse 962-3560
MASS., Boston 02116441 Stuart St. 223-2312
N.Y., Buffalo 14202111 W. Huron St. 846-4191
N.Y., New York 1000726 Federal Plaza 264-0634
N.C., Greensboro 27402203 Federal Bldg. 378-3345
OHIO, Cincinnati 45202550 Main St. 684-2944
OHIO, Cleveland 44114666 Euclid Ave. 522-4750
OREG., Portland 972041220 S.W. 3rd Ave. 221-3001
PA., Philadelphia 19106600 Arch St. 597-2850
PA., Pittsburgh 152221000 Liberty Ave. 644-2850
P.R., San Juan 00918659 Federal Bldg. 753-4555
S.C., Columbia 292042611 Forest Dr. 765-5345
TENN., Memphis 38103147 Jefferson Ave. 521-3213
TEX., Dallas 752421100 Commerce St. 749-1515
TEX., Houston 77002515 Rusk St. 226-4231
UTAH, Salt Lake City 84138125 South State St. 524-5116
VA., Richmond 232408010 Federal Bldg. 782-2246
WASH., Seattle 98109Rm. 706 Lake Union Bldg. 442-5615
W. VA., Charleston 25301500 Quarrier St. 343-6181
WIS., Milwaukee 53202517 E. Wisconsin Ave. 291-3473
WYO., Cheyenne 820012120 Capitol Ave. 778-2220
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
the BUSINESS SITUATIONCHART
Personal Income and Consumption:Change From Preceding Quarter
Billion $80
60
40
20
-20
PERSONAL INCOME
Total
Wage and SalaryDisbursements
* Projected
20
-20
40
20
-20
PERSONAL CONSUMPTION EXPENDITURES
Constant $
1976 1977 1978 1979
Based on Seasonally Adjusted Annual RatesU.S. Department of Commerce, Bureau of Economic Analysis
JL ERSONAL income expressed at anannual rate increased about $41 billionin the first quarter, compared with $57%billion in the fourth quarter of 1978(chart 1). Roughly one-half of the decel-eration was traceable to proprietors'income. Wage and salary disburse-ments and personal contributions forsocial insurance contributed aboutequally to the other half (table 1).
The deceleration in proprietors' in-come was mainly in farm income, which,at an annual rate, declined about $1%billion, compared with an increase of$5% billion in the fourth quarter. Amajor factor in the swing was Federalpayments to farmers. They declined$2% billion after increasing $2 billionin the fourth quarter, which had in-cluded unusually large payments tograin farmers under the target price pro-visions of the Food and Agriculture Actof 1977. The remaining swing in farmproprietors' income reflected a swing inthe volume of production only partlyoffset by a sharp acceleration in cropprices. Livestock prices increased atvery high rates in both quarters. Pro-duction expenses increased less in thefirst quarter than in the fourth, andthus partly offset the effect of thedeceleration in farm production onfarm proprietors' income.
Wages and salaries at an annual rateincreased about $31K billion, com-pared with $36 billion in the fourthquarter. The deceleration was wide-spread. In the distributive and serviceindustries it would have been largerhad it not been for the increase in theminimum wage from $2.65 to $2.90 perhour and the expansion of coverageunder the Fair Labor Standards Act.The changes became effective in Janu-ary and added about $2 billion to total
payrolls, almost all of it in the distribu-tive and service industries. In govern-ment and government enterprises, thedeceleration reflected last October'sFederal pay raise, which had added$2% billion to the fourth-quarter in-crease.
Personal contributions for social in-surance are deducted from wage andsalary disbursements and proprietors'income to arrive at personal income.These contributions at an annual rateincreased $6% billion, compared with$1% billion in the fourth quarter. The$5 billion step-up was due to an in-crease in the social security tax ratefrom 6.05 to 6.13 percent and an in-crease in the taxable wage base from$17,700 to $22,900.
The special factors that have beenmentioned are listed after the personalincome total in table 1. If their effectsare excluded, the deceleration is $6Kbillion, instead of $16 billion.
Disposition of personal income
Personal taxes at an annual rate de-clined about $6% billion in the firstquarter; they had increased $12 billionin the fourth quarter of 1978 (see theaccompanying tabulation). About $16billion of the $18% billion swing wasdue to legislative changes. In Federaltaxes, legislative changes led to a$13 billion decline in the first quarter,about $7V2 billion of which was offsetmainly by the continued increase inwithheld income taxes. The principalelement in the legislative changes wasa reduction in individual income taxesunder the Revenue Act of 1978, whichcut effective rates and increased thestandard deduction and personal ex-emptions. (For a discussion of 1978Federal tax legislation, see the Novem-
1
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SUKVEY OF CUEEENT BUSINESS March 1979
ber 1978 and February 1979 issues ofthe SURVEY OF CURRENT BUSINESS.)
Legislative changes affecting State andlocal taxes occurred in California andNew York, and held down first-quartertax payments $3 billion.
(Change from preceding quarter; billions of dollars, based onseasonally adjusted annual rates)
CHART 2
Personal tax and nontax payments...
Federal...Impact of legislationOther
State and localImpact of legislationOther
1978: IV
11.9
10.0.4
9.6
1.8.0
1.8
1979: I *
-6 .4
- 5 . 4-12.9
7.5
- 1 . 0- 2 . 8
1.8
* Projected.
The swing in personal taxes morethan offset the deceleration in personalincome, and disposable personal incomeat an annual rate increased $47% billionin the first quarter, about $2 billionmore than in the fourth. Prices paid byconsumers increased substantially morethan the 6X-percent annual rate regis-tered in the fourth quarter. As a result,real disposable personal income, whichhad increased 6 percent in the fourthquarter, increased only about 2% per-cent in the first.
The acceleration in prices paid byconsumers was sharp in food and energy,and moderate in the average of otherprices.1 In food, it was concentrated inmeat and in fruits and vegetables. Theweather was a major factor in the in-crease in the price of fruits and vege-tables and contributed to the increasein the price of meat, especially beef.In energy, the acceleration was in gas-oline and electricity. Gasoline priceshave begun to reflect the increases in
1. The major source data that shed light on first-quarterproduction as reflected in the national income and productaccounts are limited to 1 or 2 months of the quarter, and insome cases are preliminary. These data are: For personalconsumption expenditures (PCE), January and Februaryretail sales, unit sales of autos through the first 10 days ofMarch, and sales of trucks for January and February; fornonresidential fixed investment, the same data for autos andtrucks as for PCE, January construction put in place, Jan-uary manufacturers' shipments of equipment, and businessinvestment plans for the quarter; for residential investment,January construction put in place, and housing starts forJanuary and February; for change in business inventories,January book values for manufacturing: and trade, and unitauto inventories for January and February; for net exports ofgoods and semces, January merchandise trade; for governmentpurchases of goods and services. Federal unified budget outlaysfor January, State and local construction put in place forJanuary, and State and local employment for January andFebruary; and for prices, the Consumer Price Index for Jan-uary, the Producer Price Indexes for January and February,and unit value indexes for exports and imports for January.
Housing StartsMillions of units2.5
1.0, / V..-
Single Family
I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I M I I I I M I I I I I I I I I I I I1975 1976 1977 1978
Seasonally Adjusted at Annual Rates1979
U.S. Department of Commerce, Bureau of Economic Analysis
crude oil prices due to OPEC's priceactions last December, the shortagescaused by the cutoff in the productionof Iranian oil, and, most recently, pricecontrol regulations that allow refiners toredistribute toward gasoline the in-creased refining costs they pass on.
Real personal consumption expendi-tures increased little after an unusuallylarge increase—!){ percent at an annualrate—in the fourth quarter. The decel-eration was traceable to goods, wheredeclines were widespread; services in-creased in line with trend. Declines ingoods were registered in furniture andequipment and the "other" category ofdurable goods, and in clothing and shoesand the "other" category of nondurablegoods. The increase in motor vehicles—autos and trucks—was a little less thanin the fourth quarter.
The saving rate—personal saving asa percentage of disposable personal in-come—appears to have increased sev-eral tenths of a percentage point fromthe 4.8 percent registered in the fourthquarter. In view of the unusual shifts inthe sources of the personal income in-crease, the large swing in personal taxes,and the acceleration of consumer prices,it is very difficult to interpret the first-quarter changes in consumer spendingand saving.
Data: Census
79-3-2
Other first-quarter developments
Real residential investment declinedin the first quarter. The decline substan-tially exceeded the increase registeredin the fourth quarter. It would appearthat severe weather as well as financialfactors contributed—the former prob-
Table 1.—Personal Income: Change FromPreceding Quarter
[Billions of dollars, based on seasonally adjusted annual rates]
Wage and salary disbursements
Manufacturing _ _Other commodity-producingDistributive _ ._Services _Government and government en-
terprises
Proprietors' income.
FarmNonfarm._
Transfer payments. -
Other income
Less: Personal contributions forsocial insurance
Personal income.
Less: Federal pay raiseFederal payments to farmers.Minimum wages
Less: Personal contributionsfor social insurance: rateand base changes
Equals: Personal income, adjusted...
1978: IV
36.2
12.32.68.86.9
5.7
8.5
5.43.1
3.5
10.7
1.6
57.3
2.51.8
53.0
1979: I*
31.3
11.22.78.65.7
3.1
- . 4
- 1 . 3.9
3.9
12.9
6.5
41.2
-2.32.0
5.0
46.5
•Projected.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUEVEY OF CURRENT BUSINESS
ably more than the latter. Housingstarts declined sharply in January andFebruary, from 2.07 million in Decem-ber to 1.67 million in January and 1.41million in February at seasonally ad-justed annual rates (chart 2). The re-gional distribution of the declines in-dicates that they were correlated withthe incidence of the severe weather, butthat other factors were at work as well.
Money market certificates (MMC's)issued by banks and thrift institutionssince June 1 of last year have helpedsustain the availability of funds formortgage lending. Eates on MMC's aretied to the 6-month Treasury bill rate,which, as shown in chart 3, has risensharply since the introduction ofMMC's. The rising rates on MMC'shave maintained the ability of mortgagelenders, especially thrifts, to competefor funds. Eecently, however, therehave been indications that funds ob-tained from MMC's are being investedincreasingly in short-term instruments,especially 90-day certificates of deposit(CD's), rather than in mortgages. Onereason is that usury laws in many Statesprevent mortage lending at rates of 10percent or more, levels that were ap-proached last fall. Another reason forinvestment in 90-day CD's is that, asthe 6-month Treasury bill rate rose,thrifts felt increasing pressure to investinflows from MMC's at rates that main-tain the thrifts' earnings. As well, 90-day CD's have a maturity close to thatof MMC's—an advantage to the thriftsshould they be faced with a withdrawalof MMC funds.
In March, Federal regulatory agen-cies eliminated—for MMC's carrying 9-percent or higher interest rates—the0.25 percentage point differential abovethe 6-month Treasury bill rate thatthrifts had been allowed to pay, and alsothe compounding of interest. This ac-tion is likely to reduce further the sup-port available to housing finance fromthe MMC's.
Little is known at this time aboutfirst-quarter changes in the remainingcomponents of final sales—nonresi-dential fixed investment, governmentpurchases, and net exports. Taken to-gether, these components had increased6% percent at an annual rate in realterms in the fourth quarter. Partial
CHART 3
Selected Interest RatesPercent14
12 -
SHORT TERM
90-dayCertificatesof Deposit
6-month Treasury bills
4 I I I I I I I I I I I I I I I I I I I I I M I I I I I t I I I I I I I I I I M I I I I I I I I 1 1 I I 1 I I 1 1 M
12
10
8
MORTGAGES FOR NEW HOUSES
Commitments
\\
Conventional Loans
I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I i I I I I I I I I I I I I I I I I I I I
1975 1976
U.S. Department of Commerce, Bureau of Economic Analysis
1977 1978 1979Data: FRB, FHLBB
79 3 3
information indicates that the first-quarter increase was much smaller: Thesevere weather depressed the construc-tion components of nonresidential fixedinvestment and of State and localgovernment purchases; Federal loansunder Commodity Credit Corporationprice support operations, which aretreated as purchases in the nationalincome and product accounts, increasedmuch less than in the fourth quarter;and, more tentatively, the balance ofnonagricultural exports and nonpetro-leum imports—a balance that is lessaffected by special factors than thetotal balance, which includes agricul-tural exports and petroleum imports—
decreased in the first quarter followingan increase in the fourth.
Given the weakness in total finalsales, as well as the low level to whichinventories had fallen relative to finalsales in the fourth quarter, it would notbe surprising if inventory investmentincreased in the first quarter, providinga partial offset in GNP to the weaknessin final sales. An increase would beconsistent with the January figures onmanufacturing and trade inventories.
This review of final sales and in-ventory change has suggested a sub-stantial deceleration in real GNP fromthe 7-percent annual rate increaseregistered in the fourth quarter. The
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SUEVEY OF CUEEENT BUSINESS March 1979
deceleration is seen to be compatiblewith that of personal income if allow-ance is made for prices and for theseveral definitional differences betweencurrent-dollar GNP and personal in-come. The increase in .GNP prices waslarger than the 8-percent annual rateincrease in the fourth quarter, althoughthe step-up was less than in prices paidby consumers because the prices of in-vestment goods increased less in the firstquarter than in the fourth. All of themajor definitional differences betweenGNP and personal income except corpo-rate profits can be estimated at thistime with a tolerable margin of error.For corporate profits, a substantial—but plausible—deceleration from thelarge increase that occurred in thefourth quarter is implied.
Employment and average hours,which are indicators of real labor input,are shown in table 2 along with otherlabor market indicators. As can be seenfrom the table, employment, whethermeasured by the household or by theestablishment survey, increased throughFebruary about as much as in thefourth quarter, and average weeklyhours declined. The resulting measureof aggregate hours, in conjunctionwith the first-quarter deceleration ofreal GNP, implies a poor productivityperformance in the first quarter.
Fourth-quarter NIP A revisions
The 75-day estimates of the nationalincome and product accounts (NIPA's)for the fourth quarter of 1978 areshown in table 3. The GNP estimatereflects upward revisions in nonresi-dential fixed investment and in thechange in business inventories, partlyoffset by a downward revision in per-sonal consumption expenditures. Eevi-sions are not shown for corporateprofits and thus national income, be-cause corporate profits estimates for thefourth quarter of 1978, which arediscussed later in the "Business Situa-tion/' were not available when the45-day estimates were prepared. Per-sonal income was revised upward.
The revised or additional majorsource data that are routinely incor-porated into the 75-day estimates arelisted in the note to the table. Two non-
routine revisions in time series, whichwere recently published by the CensusBureau, will be incorporated into theNIPA's when the annual July revisions,which cover 3 years, are made. Theserevisions are in the time series of mer-chandise trade and of wholesale andretail sales and inventories. The CensusBureau revisions of merchandise tradeintroduce a new seasonal adjustmentprocedure. The revisions in the salesand inventories series incorporate a newbenchmarking procedure and updatedseasonal adjustment factors.
The major sources and proceduresunderlying the NIPA estimates of non-residential fixed investment for recentyears—the BEA plant and equipmentsurvey and an abbreviated commodity-flow procedure—are being reevaluated,but the full results will not be availablefor the July revisions. The reevaluationis being undertaken because, beginningin 1976, estimates of investment basedon the plant and equipment surveyhave increased considerably less thanestimates based on the abbreviatedcommodity-flow procedure (table 4).Both measures have shortcomings. For
instance, the abbreviated commodity-flow procedure cannot make adequateallowance for changes in the allocationof types of equipment between businessand nonbusiness purchases or betweencapital expenditures and purchases ofintermediate products, or for changes inmargins. A major shortcoming of theplant and equipment survey-based esti-mate is that the survey does not coverfarms, real estate, nonprofit organiza-tions, and the professions, and it isdifficult to make accurate estimates ofthe investment outlays made by thesesegments of the economy.
A third series relating to invest-ment—the business equipment com-ponent of the Federal Eeserve Index ofIndustrial Production—has tended toagree with deflated commodity-flow-based estimates of producers' durableequipment. Beginning in 1976, thelatter has increased considerably morethan an estimate of equipment thatcan be extracted from the plant andequipment survey.
Three projects that have been under-way at BEA will contribute to thereevaluation of the sources and pro-cedures used to estimate nonresidential
Table 2.—Selected Labor
Household Survey
Civilian labor force (millions)Employment __Unemployment
Unemployment rate (percent) _
Employment-population ratio
Civilian labor force participationrates (percent):
TotalMen.. _ _WomenTeenagers.
Establishment Survey
Employment, nonfarm payroll(millions) _. _ . .
Goods producingManufacturing _ _ _ _Other
Distributive L__Services -Government
Average weekly hours, privatenonfarm:
Total.. . _Manufacturing.. _ _ _ _
Market Indicators[Seasonally adjusted]
1978
I
99.393.16 2
6.2
58.1
62.879.949 056 9
84.3
24.820.14 6
23.920 315.4
35.740.2
II
ICO. 194.16 0
6.0
58.6
63.179.849 457 9
85.7
25.420.35 1
24.220 615.6
36.040.6
III
100.894.76 0
6.0
58.7
63.379.649 858 7
86.1
25.520.35 2
24.420 815 5
35.840.4
I V
101.595.65 9
5.8
59.0
63.579.850 158 5
87.0
25.920.65 3
24.621 015.5
35.940.6
1979
Jan.
102.296.35 9
5.8
59.3
63.780.25C 158 9
87.5
26.120.85.3
24.821 115.5
35.740.7
Feb.
102.596.65 9
5.7
59.4
63.980.350 358 6
87.8
26.120.95.3
24.921.215.5
35.740.6
1978: I -1978: I I
0.91.0
9
- . 2
. 5
.3—. 1
41.0
1.4
.6
.2
.5
.3
.3
. 2
.3
.4
1978: I I -1978: I I I
0.6.6
G
0
. 1
.2- . 2
.4
. 8
.4
.10.1
.2
.20
- . 2- . 2
1978: I I I -1978: IV
0.8.9
—.1
- . 2
. 3
.2
.2
. 3- . 2
.8
.4
.3
.1
.3
.3- . 1
.1
.2
1978: I V -1979: Feb.
1.01.00
- . 1
.4
.4
. 5
. 2
. 1
.8
. 3
. 30
. 3
.20
r
0
1. Transportation and public utilities, and wholesale and retail trade.2. Services, and finance, insurance, and real estate.Source: Bureau of Labor Statistics.
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March 1979 SUEVEY OF CUEEENT BUSINESS
fixed investment. The first project,begun several years ago, is a basic revi-sion of the plant and equipment surveyto provide full coverage of the privatenonfarm economy. This revision willalso improve the information nowavailable on the breakdown of invest-ment between plant and equipment.This breakdown will facilitate thetracing of the sources of the differencesbetween the survey, on the one hand,and the alternative measures of invest-ment, on the other. The second projectattempts a detailed reconciliation ofinvestment reported in the plant andequipment survey, with the commodity-flow-based estimates. The various cover-age and definitional differences betweenthe two measures have been listed andestimates of each difference are beingmade on the basis of whatever informa-tion is available. The third project willprovide estimates of constant-dollarinvestment for each of the industriescovered by the plant and equipmentsurvey. The estimates will facilitatecomparisons with other real measuresof investment, in particular, the busi-ness equipment component of the Indexof Industrial Production.
Corporate profits
Corporate profits from current pro-duction at an annual rate increased$12 billion in the fourth quarter of1978. This measure of profits includesthe inventory valuation and capitalconsumption adjustments, and is on abefore-tax basis. In the third quarter,these profits had increased $2 billion.Domestic profits of nonfinancial cor-porations accounted for most of thefourth-quarter increase. They increased$10% billion following an increase of $3billion. About one-half of the fourth-quarter increase resulted from increasedreal corporate product, the other halffrom increased profits per unit of prod-uct, which in turn reflected a faster in-crease in prices charged by corpora-tions than in their unit costs. Most ofthe increase was in manufacturing,with nonelectrical machinery, chemi-cals, and petroleum and coal productsshowing the largest gains. Widespreadincreases in nonmanufacturing werepartially offset by a decrease in the
transportation, communication, andutilities group, which mainly reflected asharp drop in air transportation.
Domestic profits of financial corpora-tions at an annual rate increased $1%billion, the same as in the third quarter.Profits from the rest of the world, asmeasured by the net inflow of branchprofits and dividends, were unchanged.
Before-tax book profits at an annualrate increased $20 billion in the fourthquarter, following no change in thethird. These profits exclude the twovaluation adjustments which are de-signed to value inventories and fixedcapital used up in production at re-placement cost, the valuation conceptunderlying national income and product
accounting, rather than at historicalcost, the valuation concept generallyunderlying business accounting. If, asin the fourth quarter, the historical costof inventories used up is less than theirreplacement cost, profits as measuredby business exceeded profits as measuredin the national income and productaccounts by an amount that is calledinventory profits. Inventory profits in-creased $7}i billion in the fourth quarter,following a decrease of $4 billion in thethird. In the third quarter, a decelera-tion in food price increases was mainlyresponsible for the decrease; the fourth-quarter increase resulted from an ac-celeration in prices of inventories inalmost all industries.
Table 3.—Revisions in Selected Component Series of the NIPA's, Fourth Quarter of 1978[Seasonally adjusted at annual rates]
GNPPersonal consumption expenditures.Nonresidential fixed investmentResidential investmentChange in business inventoriesNet exportsG overnment purchases
FederalState and local
National incomeCompensation of employees _.Corporate profits with inventory valuation and capital
consumption adjustmentsOther
Personal income.
GNP.
Personal consumption expenditures.Nonresidential fixed investmentResidential investmentChange in business inventoriesNet exportsGovernment purchases
FederalState and local
GNP implicit price deflatorGNP fixed-weighted price index.GNP chain price index
Levels
45-dayestimate
75-dayestimate
Revision
Billions of current dollars
2,212.11,405.1
235.2113.311.6
- 7 . 8454.6162.3292.3
1,359. 6
257.6
1,787.3
2,214.81,403.9
237.1113.413.5
- 7 . 6454.5162.5292.0
1,795.61,359.8
177.0258.8
1,789.0
2.7- 1 . 2
1.9.1
1.9.2
- . 1.2
- . 3
.2
1.2
1.7
Billions of constant (1972) dollars
1,413.0
912.6143.760.2
7.010.1
279.5102.4177.1
1,414.7
911.8144.960.3
8.210.2
279.4102.5176.9
1.7
1.2.1
1.2.1
- . 1.1
- . 2
Index numbers, 1972=100 *
156.55158.9
156. 56158.9
.01
Percent change fromperceding quarter
45-dayestimate
75-dayestimate
Revision
15.015.014.316.8
14.223.29.5
13.6
19.8
13.5
15.614.618.017.3
14.123.99.0
16.513.6
31.722.2
13.9
0.6- . 43.7.5
- . 1.7
- . 5
2.4
.4
6.4
8.05.73.7
4.18.31.8
6.9
7.69.54.0
4.08.81.3
.5
- . 43.8.3
- . 1.5
- . 5
8.18.48.2
8.28.48.1
.10
- . 1
1. Not at annual rates.
NOTE.—For the fourth quarter of 1978, the following revised or additional major source data became available: Forpersonal consumption expenditures, revised retail sales for December, sales and inventories of used cars of franchised automobiledealers for December, consumption of electricity for November, expenditures for hospital and telephone service for December,and expenditures in the United States by foreigners for the quarter; for nonresidential fixed investment, revised manufacturers'shipments of equipment for December, revised construction put in place for December, and business expenditures for plantand equipment for the quarter; for residential investment, revised construction put in place for December; for change in businessinventories, revised book values for manufacturing and trade for December; for net exports of goods and services, revised mer-chandise trade for December, and revised service receipts for the quarter; for government purchases of goods and services, revisedconstruction put in place for December; for wages and salaries, revised employment, average hourly earnings, and averageweekly hours for December; for net interest, revised net interest received from abroad for the quarter; and for ONP prices,revised residential housing prices for the quarter, and revised unit value indexes for exports and imports for December.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS March 1979
Table 4.—Nonresidential Fixed Investment[Percent change from preceding year]
Based onabbrevia-ted com-modity
flow3
1970.1971.1972.1973.1974.1975.1976.1977.1978.
Published i
1.53.6
12.316.410.8- . 39.6
15.716.9
Based onplant andequipment
survey 2
3.62.2
13.514.211.4- . 67.8
12.511.8
- .064.9
13.818.29.9.0
11.118.118.8
Addendum:
1969-781969-751975-78
Average annual rate of increase.
9.47 2
14.0
8.37.2
10.7
10.27 5
15.9
1. In general, calculated as an average of the plant andequipment survey-based estimate and the commodity-flow-based estimate.
2. Published plant and equipment survey estimates areadjusted to the industry coverage and the definitions offixed investment used in the national income and productaccounts.
3. Expenditures for structures are based on Census Bureauvalue of nonresidential construction put-in-place. Equip-ment expenditures are based on Census Bureau shipmentsof capital goods industries other than motor vehicles and ontrade sources for shipments of motor vehicles. Shipmentsare adjusted to exclude purchases of intermediate products,nonbusiness purchases, and exports, and to include imports,margins, and net transactions in used goods.
Corporate profits taxes, which arelevied on profits including inventoryprofits, at an annual rate increased $8Kbillion, following an increase of $1 bil-lion in the third quarter.
The Federal sector
The Federal Government deficit, asmeasured in the national income andproduct accounts (NIPA's), declined $3billion in the fourth quarter of 1978, asreceipts increased more than expendi-tures. It was about $20 billion at anannual rate, nearly $40 billion less thanin the fourth quarter of 1977.
Receipts at an annual rate increased$22 billion in the fourth quarter.Corporate profits tax accruals increased$7 billion, reflecting the large increase incorporate profits. Personal tax and non-tax receipts increased $10 billion, Con-tributions for social insurance increasedabout $4 billion, and indirect businesstax and nontax accruals increasedslightly.
Expenditures at an annual rate in-creased $19 billion. Purchases of goodsand services accounted for over $8billion of the increase, and included $2%billion for the 5.5 percent civilian andmilitary October pay raise. The agri-
cultural price support operations ofCommodity Credit Corporation contri-buted $4K billion to the increase inpurchases; there were substantial netextensions of loans, following small netredemptions in the third quarter. Sub-sidies less the current surplus of govern-ment enterprises increased $3 billion,largely as the result of an increase inwheat deficiency payments under theFood and Agriculture Act of 1977.Transfer payments to persons increased$2% billion and net interest paid in-creased about $2 billion.
Grants-in-aid to State and localgovernments increased nearly $3 billion.The increase included over $2 billion fora one-time payment of retroactivesocial service claims. Other increases—over $2K billion—were partly offset bydeclines of about $2 billion in grants forpublic service employment and localpublic works. The number of Federallyfunded public service jobs began todecline after mid-1978 and amountedto about 525,000 by December, wellbelow the level projected for 1979. Thedecline occurred because State andlocal governments decided not to main-tain or fill certain jobs, particularlythose for specific projects designed to
last no more than a year, and becausethey feared additional Congressionalcutbacks in program funding.
Federal budget developments.—Revisedestimates of Federal unified budget re-ceipts and outlays were released in mid-March by the Office of Managementand Budget. These revisions are re-quired by law to be submitted toCongress by April 10, but were submit-ted earlier to assist Congress in develop-ing the first concurrent resolution on the1980 budget. The new estimates are, ingeneral, based on the same economicassumptions as those in the Januarybudget (see the February SURVEY OF
CURRENT BUSINESS). Receipts havebeen revised to reflect the fact thatactual receipts in recent months havebeen higher than estimated in the budg-et; revisions in outlays reflect develop-ments in the Middle East and actualoutlays to date.
The fiscal year 1979 deficit is nowestimated to be $33.2 billion, $4.2 billionless than the January budget estimate(table 5). The revision is the result of a$5.8 billion upward revision in receipts,partly offset by a $1.6 billion upwardrevision in outlays. Nearly all of thereceipts revision is in individual incometaxes; January and February withheld
Table 5.—Federal Government Receipts and Expenditures
[Billions of dollars]
Unified budget:
ReceiptsOutlays
Surplus or deficit (—)
National income and product accounting basis:
Receipts
Personal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax accrualsContributions for social insurance
ExpendituresPurchases of goods and services
N ational defenseNondefense
Transfer paymentsTo personsTo foreigners
Grants-in-aid to State and local governmentsNet interest paid
Subsidies less current surplus of government enterprises-
Surplus or deficit (—)
Fiscal year 1979
Januaryestimates
456.0493.4
-37 .4
464.3
206.676.929.0
151.8
496.3
166.0105.160.9
200.2196.6
3.6
78.241.610.3
- 32 .0
Marchestimates
461.8495.0
-33.2
470.1
211.777.229.0
152.2
496.3
166.2105.360.9
200.6196.9
3.7
77.941.310.3
-26 .2
Revisions
5.81.64.2
5.8
5.1.3
0.4
.4
.3
.1
- . 3- . 30
5.8
Fiscal year 1980
Januaryestimates
502.6531.6
-29.0
514.6
237.278.230.4
168.8
540.0
178.2115.462.8
227.2223.3
3.9
78.945.210.5
-25.4
Marchestimates
Revisions
503.9532.3
-28.4
515.9
238.478.430.5
168.6
540.8
178.8116.062.8
227.6223.4
4.2
78.845.110.5
-24.9
1.3.7
1.3
1.2.2.1
- . 2
.8
.4
.1
.3
- . 1- . 10
.5
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUEVEY OF CUEKENT BUSINESS
income tax collections were substanti-ally higher than estimated in January.
Eeduced receipts from Outer Con-tinental Shelf oil leases account for $0.6billion of the upward revision in outlays;receipts from a mid-Atlantic sale inFebruary were much lower than antic-ipated. (In the unified budget, receiptsfrom offshore oil are netted against out-lays.) National defense outlays are $0.5billion higher; the administration hasrequested that a Defense Departmentsupplemental appropriation be revisedto allow the purchase of items originallyordered by Iran. Small Business Admin-istration disaster loans are $0.5 billionhigher than originally estimated; asupplemental appropriation has beenrequested primarily because of North-eastern and Midwestern winter storms
and flooding. Unemployment benefitswere revised upward $0.3 billion. Allother changes, on balance, reduce out-lays $0.3 billion. A $0.7 billion reductionin grants-in-aid under the public servicejobs program is partly offset by a num-ber of small increases.
For fiscal year 1980, the deficit is nowestimated to be $28.4 billion, $0.6 bil-lion less than the January budgetestimate. The revision is the result ofa $0.7 billion upward revision in ex-penditures and a $1.3 billion upwardrevision in receipts. The revision to re-ceipts is largely in individual incometaxes. The largest revision to expendi-tures is a $0.6 billion upward revisionin "contingency allowances" to allowfor possible costs of the Middle-easternpeace settlement.
BEA has prepared estimates of theFederal sector on the NIPA basis con-sistent with the revised unified budgetestimates. On the NIPA basis, fiscal1979 receipts are $5.8 billion higherthan estimated in January, expendi-tures are unchanged, and the deficit is$5.8 billion lower. The receipts revisionis the same as in the unified budget.Most expenditure revisions are small.The upward revision in national defensepurchases is less than in the unifiedbudget because the increased outlaysare not fully reflected in deliveries infiscal year 1979. In fiscal year 1980,receipts are $1.3 billion higher, expendi-tures are $0.8 billion higher, and thedeficit $0.5 billion lower than the Jan-uary estimate.
Revised Manufacturing and Trade Inventories and Sales
Manufacturing and trade inventories (at book value), sales, and inventory-sales ratioshave been revised back to January 1967. Retail sales are revised for the period January1967 through December 1978 and retail inventories are revised for the period January1973 through December 1978. These revisions incorporate new benchmarking proceduresand updated seasonal adjustment factors. The seasonally adjusted merchant wholesalersinventories and sales for 1978 have been revised to reflect updated seasonal adjustmentfactors.
The revised data for 1978 are shown on pages S-5 and S-12 of the SURVEY OF CURRENTBUSINESS. Earlier data and a description of the methodology used in their preparationare available upon request from the Chief of Business Division, Bureau of the Census,Washington, D.C. 20233.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
8 SUKVEY OF CURKENT BUSINESS
NATIONAL INCOME AND PRODUCT TABLES
March 1979
1977 1978T
1977
III IV
1978
I II III IV '
Seasonally adjusted at annual rates
Billions of current dollars
1977 1978 r
1977
III IV
1978
I II III IV
Seasonally adjusted at annual rates
Billions of 1972 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product_ _
Personal consumption expenditures..
Durable goodsNondurable goods..Services
Gross private domestic investment.
Fixed investment
NonresidentialStructures..Producers' durable equipment..
Residential-Nonfarm structures.Farm structuresProducers' durable equipment..
Change in business inventories.Nonfarm. _Farm
Net exports of goods and services
Exports. _Imports _
Government purchases of goods and services:.
Federal.National defense..Nondefense
State and local
1,887.2
,206.5
178.4479.0549.2
297.8
282.3
190.463.9
126.5
91.988.91.51.5
15.615.0
.6
-11 .1
175.5186.6
394.0
145.194.350.8
248.9
2,107.6
1,340.1
197.5526.5616.2
345.6
329.6
222.677.8
144.8
107.0103.8
1.41.7
16.016.7- . 8
-12.0
204.8216.8
433.9
153.899.554.3
280.2
1,916.8
1,214.5
177.4479.7557.5
309.7
287.8
193.565.4
128.1
94.391.21.61.5
21.922.0- . 1
- 7 . 0
180.8187.8
399.5
146.894.452.4
252.7
1,958.1
1,255.2
187.2496.9571.1
313.5
300.5
200.367.4
132.8
100.297.51.21.6
13.110.42.7
-23 .2
172.1195.2
412.5
152.297.155.1
260.3
1,992.0
1,276.7
183.5501.4591.8
322.7
306.0
205.668.5
137.1
100.397.31.31.7
16.716.9- . 2
-24 .1
181.7205.8
416.7
151.597.953.6
265.2
2,087.5
1,322.9
197.8519.3605.8
345.4
325.3
220.176.6
143.5
105.3102.1
1.41.8
20.122.1
- 2 . 0
- 5 . 5
205.4210.9
424.7
147.298.648.6
277.6
2,136.1
1,356.9
199.5531.7625.8
350.1
227.580.9
146.6
109.0105.7
1.51.7
13.614.6
-10.7
210.1220.8
439.8
154.0
54.5285.8
2,214.8
1,403.9
209.1553.4641.4
364.0
350.5
237.185.1
152.0
113.4110.2
1.51.7
13.513.4
.1
- 7 . 6
221.9229.5
454.5
162.5102.160.4
292.0
1,332.7
857.7
137.8330.4389.5
196.3
187.4
129.840.089.8
57.755.6
.91.2
8.99.4
- . 5
9.5
98.288.7
269.2
101.6
167.6
1,385.7
891.7
144.6339.6407.4
210.6
200.1
140.244.595.8
59.857.7
.81.3
10.611.0- . 5
8.4
107.098.6
275.0
100.3
174.7
1,343.9
858.0
136.9329.2391.8
201.7
189.5
130.840.890.0
58.856.61.01.2
12.213.5
- 1 . 4
12.5
100.8
88.2
271.7
102.9
168.8
1,354.5
876.6
143.0338.1395.6
200.3
192.8
132.541.091.5
60.358.4
.71.2
7.56.5.9
3.1
96.092.9
274.5
103.6
170.9
1,354.2
873.5
137.8333.3402.4
205.7
193.4
133.841.092.9
59.557.4
.81.3
12.312.5- . 1
2.9
99.196.2
272.1
101.2
170.8
1,382.6
886.3
145. 8336.3404.2
213.1
200.4
140. 544.695.9
59.957.8
.81.4
12.713.9
- 1 . 2
11.3
108.497.1
271.9
97.1
174.8
1,391.4
895.1
144.8340.4410.0
210.4
201.4
141.745.696.1
59.757.6
.81.3
9.0
9.2
109.099.7
276.7
100.4
176.3
1,414.1
911.8
150.1348.5413.1
213.4
205.2
144.946.798.2
60.358.2
.81.3
8.28.1.1
10.2
111.7101.5
279.4
102.5
176.9
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product-
Final salesChange in business inventories.
Goods-
Final sales _Change in business inventories.
Durable goodsFinal salesChange in business inventories.
Nondurable goodsFinal sales __Change in business inventories-
Services. . . .Structures.
1,887.2
1,871.615.6
832.6
817.015.6
341.3332.9
8.4
491.3484.1
7.2
862.8191.8
2,107.6
2,091.616.0
918.4
902.416.0
376.8365.111.7
541.7537.4
4.3
962.5226.7
1,916.8
1,894.921.9
844.7
822.821.9
346.5334.6
11.9
498.2488.210.0
875.3196.8
1,958.1
1,945.013.1
859.6
846.513.1
347.4341.1
6.3
512.2505.4
6.8
893.6204.9
1,992.0
1,975.316.7
861.8
845.116.7
351.2336.3
14.8
510.6508.7
1.9
926.4203.8
2,087.5
2,067.420.1
912.2
892.120.1
375.8365.0
10.8
536.4527.1
9.3
952.0223.4
2,136.1
2,122. 513.6
927.3
913.713.6
380.1369.810.2
547.2543.9
3.4
973.7235.0
2,214.8
2,201. 313.5
972.5
958.913.5
400.1389.210.8
572. 4569.7
2.7
997.7244.7
1,332.7
1,323.88.9
608.4
599.68.9
253.7248.0
5.8
354.7351.6
3.1
602.9121.3
1,385.7
1,375. 210.6
629.7
619.110.6
265 4258.1
7.3
364.3361.1
3.3
627.0129.0
1,343.9
1,331.712.2
613.3
601.112.2
255.9248.0
7.9
357.4353.1
4.3
606.9123.7
1,354.5
1,347.17.5
620.1
612.77.5
255.1250.5
4.6
365.0362.1
2.9
609.6124.8
1,354.2
1,341.812.3
611.8
599.412.3
254.6245.0
9.6
357.2354.5
2.7
620.1122.3
1,382.6
1,369.912.7
627.7
615.012.7
266.6260.2
6.4
361.2354.8
6.3
625.6129.3
1,391.4
1,382.49.0
630.2
621.29.0
264.8258.7
6.1
365.4362.5
2.9
629.7131.6
1,414.7
1,406.5
8.2
649.1
640.98.2
275.5268.4
7.1
373.6372.5
1.1
632.6133.0
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product-
Gross domestic product
Business.._ _Nonfarm
Nonfarm less housing-Housing _.
FarmStatistical discrepancy...Eesidual J_
Households and institutions-
Government.FederalState and local.
Rest of the world.
1,887.2
1,869.9
1,599.31,544.01,397.8
146.250.54.7
62.7
208.066.4
141.5
17.3
2,107.6
2,088.2
1, 790. 21,730. 61,566. 4
164.357.81.7
71.5
226.571.1
155.4
19.4
1,916.8
1,898.7
1,626.41,571.61,423.2
148.447.77.1
63.5
208.965.7
143.2
18.1
1,958.1
1,942.2
1,660.41,601. 61,449.0
152.754.04.8
65.9
215.969.5
146.4
15.9
1,992.0
1,973.8
1,684.11,628.91, 471. 7
157.153.02.2
68.8
221.069.9
151.1
18.2
2,087.5
2,066.5
1,771. 81, 714.91,553. 2
161.756.4
.5
2,136.1 2,214.8
2,117.3 2,195.1
70.5
224.170.1
154.1
21.1
1,817. 51, 758. 51, 592.0
166.558.6
.4
72.3
227.570.5
157.0
18.8
1,887. 41,820. 31,648. 5
171.763.23.9
74.4
233.474.0
159.4
19.8
1,332.7
1,325.3
1,135.91,094. 2
980.5113.634.4
7.3
42.2
147.248.798.4
7.3
1,385.7
1,377.9
1,183. 71,146. 01, 026. 6
119.432.5
1,343.9
1,336.3
1,146.11,102.6
5.2
44.5
149.648.9
100.8
7.9
114.634.5
1,354.5
1,347.9
1,155.91,112.4
996.4116.036.1
9.0
42.5
147.748.899.0
7.6
1,354.2
1,346.6
1,153.51,115.4
998.1117.432.5
7.4
43.6
148.448.899.6
6.6
1,382.6 1
1,373.9 1
1,180.0 1,1,145. 2 1,1,026.5 1,
118.630.5
5.5
43.8
149.448.8
100.6
7.5
4.3
44.3
149.648.8
100.
8.8
,391.4
,383.9
9.3, 151. 8, 031. 7120.1
3.2
1,414.7
1,407.0
1,212.11,171. 81,050. 3
121.533.8
4.3
44.9
149.849.0
100.8
7.5
45.2
149.848.9
100.9
7.7
f Revised. Footnotes for tables 2 and 3 on p . 4
HISTORICAL STATISTICSThe national income and product data for 1929-72 are in The National Income and
Products Accounts of the United States, 1929-7$: Statistical Tables (available for $4.95, SN003-010-00052-9, from Commerce Department District Offices or the Superintendent of
Documents; see addresses inside front cover). Data for 1973,1974, and 1975-77 are in July1976, July 1977, and July 1978 issues of the SUKVEY, respectively.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUEVEY OF CURRENT BUSINESS
1977 1978'
1977
III IV
1978
I II III IV r
Seasonally adjusted at annual rates
Billions of dollars
Table 4.—Relation of Gross National Product, Net NationalProduct, National Income, and Personal Income (1.9)
Gross national product
Less: Capital consumptionallowances withcapital consump-tion adjustment
Capital consumptionallowances withoutcapital consumptionadjustment
Less: Capital con-sumption adjust-ment
1,887.2 2,107.6 1,916.8 1,958.1
Equals: Net national product-Less: Indirect business tax
and nontax liability._.Business transfer pay-
mentsStatistical discrepancy..
Plus: Subsidies less currentsurplus of governmententerprises
Equals: National income
Less: Corporate profits withinventory valuationand capital consump-tion adjustments
Net interestContributions for social
insuranceWage accruals less dis-
bursements
Plus: Government transferpayments to persons
Personal interest in-come
Net interest.Interest paid by gov-
ernment to personsand business
Less: Interest receivedby government
Interest paid by con-sumers to business...
DividendsBusiness transfer pay-
ments _..
Equals: Personal income
195.2
153.6
-41 .6
1,692.0 1
165.1
9.64.7
2.8 3.9
1,515.3 1,703.8 1
144.295.4
140.3
0
199.2
141.295.4
43.0
25.8
28.643.7
9.6
1,529.0
216.9
165.4
-51 .5
,890.7
178.3
10.71.7
159.6106.3
164.3
0
215.3
159.0106.3
49.3
30.3
33.849.3
10.7
1,708.
198.5
155.9
-42 .6
1,718.3 1,755.5 1
166.5
9.97.1
2.7
,537.6
0 1
154.897.3
141.3
0
202.0
143.697.3
43.3
26.3
29.344.1
9.9
,543.
202.6
157.8
-44 .7
1,992.0
207.3
170.1
10.04.8
6.3
1,576.9 1
148.299.0
145.0
0
205.9
146.099.0
44.5
27.3
29.846.3
10.0
1,593.0
161.0
2,087.5
213.3
163.9
-46 .3
784. 7 1
173.3
10.22.2
4.1
,603. 1 1
132. fi101.7
157.4
0
208.9
151.4101.7
4o.7
28.5
31.547.0
10.:
1,628.!
-49 .4
874. 2 1
179.4
10.5.5
4.3
,688.1
163.4104.6
162.7
0
210.1
156.3104.6
48.4
29.7
33.048.1
10.5
9 1,
,136.1
220.8
166.9
2,214.8
226.3
169.9
- 5 3 . 8
915. 3 1
177.7
10.9.4
2.1
1,728.4
165. 2107.4
166.2
.2
219J
161.7107.4
50.6
30.9
34.650.1
10.9
682.4 1,731.7
-56 .4
,988.5
182.7
11.33.9
5.0
1,795.6
177.0111.4
170.7
0
222.7
166.6111.4
51.4
32.3
36.051.9
11.3
1,789.0
Table 5.—Relation of Gross National Product, Net NationalProduct, and National Income in Constant Dollars (1.10)
[Billions of 1972 dollars]
Gross national product
Less: Capital consumption al-lowances with capitalconsumption adjust-ment
1,332.7
Equals: Net national product.__
Less: Indirect business taxand nontax liabilityplus business transferpayments less subsi-dies plus current sur-plus of governmententerprise
128.9 131.9 129.3
1,203.8 1,253.8 1,214.6 1
Residual i _ _.
Equals: National income
131.4
7.3
1,065.1
1,385.7 1,343.9 1,354.5
130.2
, 224.4
1,354.2 1,382.6 1,391.4
130.9
1,223.3 1
138.0 131.7 134.0 135.0 137.4 139.1
5.2 9.0 7.4 5.5 4.3 4.3
1,110.6 1,073.9 1,083.0 1,082.8 1,109.4 1,115.8
131.6
,251. 1 1
132.3
,259. 2 1
1,414.7
133.0
,281.7
140.7
6.6
1,134.5
1977 1978'
1977
III IV
1978
I II III IV r
Seasonally adjusted at annual rates
Billions of dollars
Table 6.—Net National Product and National Income by Sector inCurrent and Constant Dollars (1.11, 1.12)
Net national product
Net domestic product
BusinessNonfarmFarmStatistical discrepancy
Households and institutions.Government
Rest of the world
National income
Domestic income. . .
BusinessNonfarmFarm
Households and institutions.Government
Rest of the world..
Net national product
Net domestic product
BusinessNonfarm-Farm... __Residual1
Households and institutions.Government
Rest of the world . . .
National income
Domestic income
BusinessNonfarmFarm _
Households and institutions.Government
Rest of the world.
1,692.0 1
1,674.7 1
404.1 1,i; 363. 2 1
36.14.7
62.7
208.0
17.3
1,515.3 1
1,498.0 1,
890.7 1,718.3 1,755.5 1,784.7 1,874.2 1,915.3 1
871.2 1,700.2 1,739.6 1,766.5 1,853.2 1,896.5 1
3 1
4 11,227.1,192.
34.862.7
208.0
17.3
3 1573.529.
42.21.7
71.5226.5
19.4
,703.8 1,
,684.4
6 1. 9 1L, 386. 4i, 344.
41.571.5
226.5
19.4
L, 427.9 1,1,387. 6 1
33.27.1
63.5208.9
2 11, 247., 216.0
31.163.5
208.9
18.1
, 457. 8 1,,413.9 1
39.14.8
65.9215.9
15.918.1
,537.6 1
1,519.5 1,560.9
, 279.1, 238. 7 1
40.565.9
215.9
15.9
476.811,436. 7 1,37.9
2.268.8
221.0
18.2
576.9 1,603.11,
584.9 1,667.1 1
18.2
558.51,517. 0 1,41.0
.570.5
224.1
21.1
1, 295. 2 1,372.4 1,409.9 1'., 257. 7 1,332.4 1,368. 5 1
37.4 40.0 41. 368.8 70.5 72.3
221.0 224.1 227.5
21.1
596. 7 1553. 5 142.9
.472.3
227.5
18.8
,728.4
,709.7
18.8
,988.5
,968.7
,661.0, 610.0
47.13.9
74.4233.4
19.8
1,795.6
1,775.9
, 468. 2, 420.8
47.374.4
233.4
19.8
Billions of 1972 dollars
1,203.8
1,196.4
1,253.8
1,246.0
1,007.01,051.974.5 1,023.4
8 1
25.27.3
42.2147.2
868.3841.4
26.942.2
147.2
7.3
23.25.2
44.5149.
884.723.944.5
149.
7.9
1,214.
1,207.
, 016.8 1,982.525.39.0
42.5147.7
7.6
876.1849.127.042.5
147.
7.6
,224.4
,217. 7 1
1,223.3 1
[,215.8
7 1, 025.991.526.97.4
43.6148.4
7.3 7.9 7.6 6.6 7.5
1,065.1 1,110.6 1,073.9 1,083.0 1,082.8 1,109.4 1
1,057.7 1,102.7 1,066.3 1,076.4 1,075.3 1,100.6 1
884.3855.728.743.6
148.4
6.6
i, 251.1
1,242.3 1,
, 022. 6 1,048.5 1993.8 1,022." '23.35.5
43.8149.4
882.1857.324.843.8
149.4
7.5
8 121.3
4.344.3
149.6
906.8884.122.744.3
149.
8.8
1,259.
,251.
'.0 1[, 057.., 028. 8 1
23.94.3
44.9149.8
.8 1
7.5
I,115.
1,108.3 1
913.6888.3
25.344.9
149.8
7.5
1,281.7
[,274.0
L, 079.1L, 048. 0
24.56.6
45.2149.8
7.7
1,134.5
1,126.8
931.8909.0
22.845.2
149.8
7.7
r Revised.1. Equals GNP in constant dollars measured as the sum of final products less GNP in
constant dollars measured as the sum of gross product by industry. The quarterly estimatesare obtained by interpolating the annual estimates with the statistical discrepancy deflatedby the implicit price deflator for gross domestic business product.
NOTE.— Table 6: The industry classification within the business sector is on an establish-ment basis and is based on the 1972 Standard Industrial Classification.
Footnotes for tables 2 and 3.
1. Equals GNP in constant dollars measured as the sum of final products less GNP inconstant dollars measured as the sum of gross product by industry. The quarterly estimatesare obtained by interpolating the annual estimates with the statistical discrepancy deflatedby the implicit price deflator for gross domestic business product.
NOTE.— Table 2: "Final sales" is classified as durable or nondurable by type of product."Change in business inventories" is classified as follows: For manufacturing, by the type ofproduct produced by the establishment holding the inventory; for trade, by the type ofproduct sold by the establishment holding the inventory; for construction, durable; and forother industries, nondurable.
Table 3: The industry classification within the business sector is on an establishment basisand is based on the 1972 Standard Industrial Classification.
2 8 8 - 3 3 0 0 - 7 9 - 2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
10 SURVEY OF CURRENT BUSINESS March 1979
1977 . 1978 '
1977
II I IV
1978
II III IV
Seasonally adjusted at annual rates
Billions of dollars
Table 7.—National Income by Type of Income (1.13)
National income-
Compensation of employees. _.
Wages and salariesGovernment and govern-
ment enterprisesOther
Supplements to wages and
Employer contributionsfor social insurance
Other labor income
Proprietors* income with in-ventory valuation and capi-tal consumption adjust-ments..
FarmProprietors income with
inventory valuation ad-justment and withoutcapital consumption ad-justment
Capital consumption ad-justment
NonfarmProprietors' income with-
out inventory valuationand capital consump-tion adjustments
Inventory valuation ad-justment.
Capital consumption ad-justment
Rental income of persons withcapital consumption ad-justment
Rental incomeCapital consumption adjust-
ment _
Corporate profits with inven-tory valuation and capitalconsumption adjustments
Corporate profits with in-ventory valuation ad-justment and withoutcapital consumption ad-justment
P rofits before taxProfits tax liabilityProfits after tax
Dividends
Undistributed profits.Inventory valuation ad-
justment. _Capital consumption adjust-
ment
Net interest
Addenda:Corporate profits with inven-
tory valuation and capitalconsumption adjustments
Profits tax liabilityProfits after tax with inven-
tory valuation and capitalconsumption adjustments
DividendsUndistributed profits
with inventory valua-tion and capital con-sumption adjustment!
515.3
153.4
983.6
200.8782.9
79.490.4
99.8
20.
24.6
- 4 . 479.5
81.4
- 1 . 3
—.6
22.542.
- 1 9 . 6
144.
159.173.
71.102.
43.
58.
- 1 4 .
- 1 4 .
95.
144.
71.
72.43.
28.
703.8
301.4
101.0
216.1884.8200.5
94.5105.9
113.2
25.3
30.
- 4 . 987.8
92.0
- 2 . 2
- 2 .
23.447.
- 2 4 .
159.
177.202.
83.118.49.
68.
- 2 4 .
- 1 8 .
106.
159.
83.
75.49.
26.
537.6
165.8
993.6
201.7791.9
172.2
79.992.2
97.2
16.5
21.0
- 4 . 580.8
82.2
—. 7
22.42.6
-20 .2
154.
169.<177.,
72.:104.:
44.
60.
- 7 .
- 1 5 .
97.
154.
72.
82.44.
38.
576.9
199.7
021.2
208.1813.1
178.4
82.496.1
107.3
25.1
!9.8
- 4 .82.3
84.8
- 1 .
- 1 . 2
- 2 1 . 3
148.
163.178.73.
104.
46.
58.
- 1 4 .
- 1 5 .
99.
148.
73.
74.46.
28.
603.1
241.0
050.8
211.4
190.2
90.2100.0
105.0
21.9
26.6
- 4 .
86.7
- 2 . 1
- 1 . 5
22.844.6
- 2 1 .
132.6
148.172.70.
102.
47.
55.
- 2 3 .
- 1 6 .
101.
132.
70.
62.47.
15.
688.1
287.8
090.2
213.9876.3197.6
93.6104.0
110.1
24.0
28.8
- 4 . 886.1
90.1
- 2 .
- 1 . 8
22.245.5
- 23 .3
163.
180.1205.
85.120.
48.
72.
- 2 4 .
- 1 7 .
104.
163.
85.
78.48.
30.
728.4
317.1
113.4
216.8
203.6
95.7107.9
114.5
25.0
29.'
-4.889.6
93.5
- 1 . 8
- 2 . 1
24.349.5
-25 .2
165.
,795.6
,359.8
., 149.4
222.3927.1
210.4
98.6111.8
123.0
30.4
35.8
- 5 . 492.6
97.8
- 2 . 6
- 2 . 6
24.451.0
-26 .6
177.0
184.205.86.
119.
50.1
69.2
- 2 0 . 9
- 1 9 . 3
107.4
165.
86.
79.050.1
29.0
196.8225.394.5
130.7
51.9
78.8
-28 .4
- 1 9 . 9
111.4
177.0
94.5
82.451.9
30.5
Table 8.—Gross Domestic Product of Corporate Business (1.15, 7.8)
Gross domestic productof corporate business..
Capital consumption allow-ances with capital consump-tion adjustment- _
Net domestic productIndirect business tax and
nontax liability plus busi-ness transfer payments
Domestic incomeCompensation of em-
ployeesWages and salariesSupplements to wages
and salaries
1,160.2 1,307.1 1,183.3 1,206.1 1,223.4
120.9
1,039. 3 1
117.8921.5
776.3652.5
123.8
132.5 122.6
, 174.6 1,060.7 1
129.11,045.5
884.1737.5
146.5
118.9941.8
786.3660.4
125.5
124.6
,081. 4 1
121.5960.0
808.1678.1
130.0
1,298.0 1,328.7 1,378.2
127.4
, 096.1
124.3
837.4698.7
138.7
130.5
1,167.
134.7 137.4
5 1,194.0 1,240.8
129.1
875.1730.6
144.5
129.7971.8 1,038.3 1,064.3 1,107.4
896.4747.4
149.0
133.4
1977 1978'
1977
II I IV
1978
I II III IV r
Seasonally adjusted at annual rates
Billions of dollars
Table 8.—Gross Domestic Product of Corporate Business—Con.
Corporate profits with inventoryvaluation and capital con-sumption adjustments. __.
Profits before taxProfits tax liabilityProfits after tax __.
DividendsUndistributed profits
Inventory valuation adjustmentCapital consumption adjustment.
Net interest ___
Gross domestic product of fi-nancial corporate business L..
Gross domestic product of non-financial corporate business.._
Capital consumption allowances withcapital consumption adjustment
Net domestic productIndirect business tax and nontax
liability plus business transfer pay-ments less subsidies
Domestic incomeCompensation of employees
Wages and salariesSupplements to wages and sala-
927.4773.4
154.0
Corporate profits with inventoryvaluation and capital con-sumption adjustments
Profits before taxProfits tax liabilityProfits after tax
DividendsUndistributed profits
Inventory valuation adjustment.Capital consumption adjustment.
Net interest
Gross domestic product of non-financial corporate business.,.
Capital consumption allowances withcapital consumption adjustment—
Net domestic productIndirect business tax and nontax
liability plus business transferpayments less subsidies
Domestic income
Current-dollar cost and profit perunit of constant-dollar grossdomestic product2 _
Capital consumption allowances withcapital consumption adjustment
Net domestic productIndirect business tax and nontax lia-
bility plus business transfer pay-ments less subsidies
Domestic income _.Compensation of employees.-.Corporate profits with inventory
valuation and capital con-sumption adjustments
Profits tax liabilityProfits after tax with inventory
and capital consumptionadjustments—
Net interest
.34.6
.64.371.892.539.053.5•14.8•14.910.6
57.0
103.2
115.6
987.6
107.8879.8732.1616.1
116.1
113.9143.559.084.
149.7192.283.9
108.344.364.0
-24.4-18.1
11.7
66.4
1,240.7
45.5-14.8-14.
33.
126.5
1,114.2
117.9996.3834.1
137.5
125.0167.168.598.645.053.6
-24.4-17.7
37.1
144.5167.272.894.439.255.3
- 7 . 7-15.0
11.0
58.7
1,124.6
117.2
1,007.4
108.7898.7741.6623.5
118.1
122.8145.359.485.939.546.4
- 7 . 7-14.8
34.4
140.3170.473.996.542.054.5
-14.8-15.3
11.5
59.8
1,146.3
119.0
1,027.3
110.9916.4762.2640.3
121.9
118.7148.560.488.042.545.6
-14.8-15.0
35.4
123.2162.770.092.742.350.4
-23.5-16.1
11.2
61.8
1,161.6
121.6
1,040.0
113.5926.5789.9659.8
130.1
100.9140.055.984.243.041.2
-23.5-15.7
35.7
151.7193.885.0
108.842.366.5
-24.9-17.2
11.5
64.9
1,233.0
124.6
1,108.5
118.0990.5826.0690.4
135.6
127.8169.570.199.442.956.5
-24.9-16.8
36.6
156.1196.386.2
110.145.664.5
-20.9-19.3
11.8
68.1
1,260.6
128.6
1,132.0
118.41,013.6845.5705.7
139.7
130.6170.370.2
100.146.253.9
-20.9-18.9
37.6
167.9216.294.5
121.747.174.5
-28.4-19.9
12.1
70.8
1,307.4
131.1
1,176.3
121.81,054.6875.1730.6
144.5
140.8188.678.0
110.647.862.8
-28.4-19.4
38.6
Billions of 1972 dollars
769.3
76.5
692.8
86.0606.9
810.4
77.9
732.5
89.8642.7
776.7
76.7
700.0
86.0614.0
783.6
77.1
706.5
87.5619.1
783.6
77.5
706.2
87.8618.4
811.9
77.8
734.1
89.3644.8
814.9
78.1
736.8
90.5646.3
831.3
78.4
752.9
91.7661.2
Dollars
1.434
.150
].284
.140
1.144.952
.148
.077
.071
.044
1.
1.
1.1.
531
156
375
146
229029
154085
070046
1.
1.
1.
448
151
297
140
157955
158076
082044
1.
1.
1.
463
152
311
142
169973
151077
074045
1.
1.
.
1.1.
•
482
155
327
145
182008
129071
057046
1.
1.
1.1.
519
153
365
145
220017
157086
071045
1.
1.
1.1.
547
158
389
145
244038
160086
074046
1.573
.158
1.415
.146
1.053
.169
.094
.076
.046
1. Consists of the following industries: Banking; credit agencies other than banks; security,commodity brokers and services; insurance carriers; regulated investment companies; smallbusiness investment companies; and real estate investment trusts.
2. Equals the deflator for gross domestic product of nonfmancial corporate business with thedecimal point shifted two places to the left.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUEVEY OF CUEEENT BUSINESS 11
1977 1978'
1977
III IV
1978
II III IV
Seasonally adjusted at annual rates
Billions of dollars
Table 9.—Auto Output in Current and Constant Dollars (1.16, 1.17)
Auto output.
Final sales
Personal consumption ex-penditures
New autos...Net purchases of used autos
Producers' durable equip-ment.. _ _
New autos _ __.Net purchases of used autos
Net exportsExports _.Imports
Government purchases ofgoods and services
Change in business inventoriesol new and used autos
New. .Used..
Addenda:Domestic output of new
autos1.. _ __Sales of imported new autos2
Auto output..
Final sales
Personal consumption ex-penditures
New autosNet purchases of used autos.
Producers' durable equip-ment—
New autos _.Net purchases of used autos.
Net exportsExportsImports.._
Government purchases ofgoods and services
Change in business inventoriesof new and used autos
New..Used-
Addenda:Domestic output of new
autos1
Sales of imported new autos 2...
72.3
70.9
61.846.315.5
12.219.0
- 6 . 8- 3 . 6
7.010.7
. 6
1.4
1.6-.2
59.415.3
77.5
76.7
67.850.617.2
14.722.3
- 7 . 6- 6 . 2
7.513.7
. 5
. 8
.9- . 1
63.916.7
70.0
68.1
60.445.015.4
11.718.5
- 6 . 8- 4 . 6
6.811.4
. 6
1.9
2.6- . 6
58.414.8
74.5
72.0
63.247.315.9
13.019.7
- 6 . 7- 4 . 8
6.911.8
. 6
2.5
3.4- . 9
60.215.5
73.8
71.3
63.147.315.8
13.420.3
- 6 . 9- 5 . 8
6.912.7
. 6
2.5
2 7-'.2
60.515.7
79.5
80.8
70.554.116.5
15.022.7
- 7 . 8- 5 . 2
7.913.1
. 5
- 1 . 3
- 2 . 2.9
65.317.0
75.8
77.4
67.949.918.0
15.523.4
- 7 . 9- 6 . 5
7.814.3
. 5
- 1 . 6
- 1 . 4- . 2
63.616.9
Billions of 1972 dollars
81.0
77.5
69.651.118.5
14.922.6
- 7 . 7- 7 . 5
7.414.9
.5
3.6
4.5- 1 . 0
66.717.3
55.2
54.0
44.436.0
8.5
10.614.8
- 4 . 2- 1 . 5
5.46.9
. 5
1.2
1.3- . 2
46.111.9
55.3
54.9
45.336.58.7
11.516.1
- 4 . 6- 2 . 3
5.47.7
. 4
. 4
.4- . 1
46.212.1
53.7
52.1
43.634.98.7
10.114.3
- 4 . 3- 2 . 0
5.27.2
. 5
1.6
2.0- . 4
45.211.5
55.4
53.8
44.735.89.0
10.614.9
- 4 . 3- 2 . 0
5.27.2
. 4
1.6
2.2- . 6
45.511.8
54.1
52.4
43.435.08.4
10.815.1
- 4 . 3- 2 . 2
5.27.3
. 4
1.6
1.8- . 1
44.911.6
57.0
58.3
47.839.38.4
11.816.5
- 4 . 7- 1 . 7
5.87.5
. 4
- 1 . 3
- 1 . 8.5
47.512.3
53.5
54.5
44.635.69.0
12.016.7
- 4 . 7- 2 . 4
5.57.9
. 4
- 1 . 1
- 1 . 0- . 1
45.312.0
56.5
54.2
45.336. 29.1
11.616.0
- 4 . 5- 3 . 0
5.38.3
.4
2.3
2.8- . 5
47.312.2
r Revised.1. Consists of final sales and change in business inventories of new autos produced in
the United States.2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.3. Consists of agriculture, forestry, and fisheries; mining; construction; and manu-
facturing.4. Consists of transportation; communication; electric, gas, and sanitary services; and
trade.5. Consists of finance, insurance, and real estate; services; and rest of the world.
NOTE.—Table 10: The industry classification of wage and salary disbursements and pro-prietors' income is on an establishment basis and is based on the 1972 Standard IndustrialClassification.
1977 1978'
1977
III IV
1978
ii in rv
Seasonally adjusted at annual rates
Billions of dollars
Table 10.—Personal Income and Its Disposition (2.1)
Personal income
Wage and salary disburse-ments
Commodity-producing in-dustries3...
ManufacturingD istributive industries4
Service industries«Government and govern-
ment enterprises
Other labor income
Proprietors' income with in-ventory valuation and capitalconsumption adjustments
FarmNonfarm.
Rental income of persons withcapital consumption adjust-ment
Dividends
Personal interest income.
Transfer payments
Old-age, survivors, dis-ability, and health insur-ance benefits
Government unemploymentinsurance benefits
Veterans benefitsGovernment employees
retirement benefitsAid to families with depend-
ent children...Other
Less: Personal contributionsfor social insurance
Less: Personal tax and nontaxpayments
Equals: Disposable personalincome
Less: Personal outlays
Personal consumption ex-penditures
Interest paid by consumersto business
Personal transfer paymentsto foreigners (net)
Equals: Personal saving
Addenda:Disposable personal income:
Total, billions of 1972dollars
Per capita:Current dollars..1972 dollars
Population (millions)
Personal saving as percent-age of disposable personalincome
,529.0 1,708.0 1,543.7
983.6 1,100.9
343.7266.3239.1200.1
200.8
90.4
20.279.5
22.5
43.7
141.2
208.8
105.0
12.513.8
28.8
10.638.1
61.0
226.0
l ,303.0i
1,236.1
1,206.5 1,
28.6
1.0
66.9
926.3
6,0094,271
216.9
5.1
390.2299.9268.9225.8
216.1
105.9
113.2
25.387.8
23.4
49.3
159.0
226.0
117.4
8.913.6
32.8
10.842.5
69.7
256.2
,451.8
1,374.9 I
L, 340.1
33.8
1.0
76.9
966.1
6,6434,421
218.
5.3
1,593.
993.6 1,021.
348.3
241.2202.3
201.7
92.2
97.2
16.580.8
22.4
44.1
143.6
211.9
108.5
11.413.4
29.2
10.638.7
61.4
224.6
1,319.
,244.8
1,214.5
29.3
.9
74.3
931.9
6,0774,293
217.1
5.6
0 1,
2 1
357.1277.3247.5208.5
208.1
96.1
107.3
25.182.3
22.7
46.3
146.0
215.9
110.1
11.513.7
30.5
10.739.4
62.6
233.3
1 1
1,255.
29.8
.9
73.7
949.6
6,2504,365
217.5
5.4
,628,
,050.
9 1,
8 1,
286.9257.0216.5
211.4
100.0
105.0
21.983.1
22.8
47.0
151.4
219.2
112.1
10.413.8
31.3
10.740.9
67.2
237.3
6 1,391.6 1,391.6 1,433.3 1,
1,285.9 1,309.2 1,357.0 1
31.5
1.0
82.4
952.1
6,3874,370
217.9
5.9
,682.4
,090.2
387.0296.1266.4222.8
213.9
104.0
110.1
24.086.1
22.2
48.1
156.3
220.6
113.7
8.513.5
32.5
10.841.6
69.2
249.1
2 1,276.7 1,322.9 1,
33.0
1.1
76.3
960.3
6,5664,399
218.3
5.3
1,731.7
1,113.2 1,149.
396.4302.0271.6228.5
216.7
107.9
114.5
25.0
24.3
50.1
161.7
230.4
121.1
8.713.3
33.2
10.943.3
70.5
263.2
468.4
392.5 1
356. 9 1
34.6
76.0
968.'
6,7124,428
218.8
5.2
1,789.0
U
411.3314.4280.4235.4
222.3
111.8
123.0
30.492.6
24.4
51.9
166.6
233.9
122.7
8.113.7
34.4
10.844.2
72.1
275.1
1,513.9
,440.9
L, 403. 9
36.0
.9
73.0
983.2
6,9064,485
219.2
4.8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
12 SURVEY OF CURRENT BUSINESS March 1979
1977 1978'
1977
III IV
1978
I II III IV r
Seasonally adjusted at annual rates
Billions of current dollars
1977 1978 r
1977
III IV
1978
I II III IV r
Seasonally adjusted at annual rates
Billions of 1972 dollars
Table 11.—Personal Consumption Expenditures by Major Type of Product in Current and Constant Dollars (2.3, 2.4)
Personal consuntDtion exDcnditures
Durable goods - - -
Motor vehicles and partsFurniture and household equipment .Other
Nondurable goods - - - - -
FoodClothing and shoesGasoline and oil - - - -Fuel oil and coalOther ---
Services - - - --
Housing - -Household operation _ _ _ __
Electricity and gas - . -Other
Other
1,206.5
178.4
81.571.325.6
479.0
245.281.546.513.592.4
549.2
184.681.638.043.644 2
238.8
1,340.1
197.5
89.777.730.0
526.5
269.489.051.214.9
101.9
616.2
207.391.343.048.352.6
264.9
1,214.5
177.4
79.572.025.8
479.7
246.481.446.013.192.8
557.5
186.983.739.544.145.0
241.9
1,255.2
187.2
84.075.327.9
496.9
252.686.747.513.996.2
571.1
192.084.639.345.347.3
247.3
1,276.7
183.5
84.172.127.3
501.4
257.782.948.315.896.7
591.8
198.189.643.346.349.7
254.4
1,322.9
197.8
92.576.528.8
519.3
267.887.549.115.299.7
605.8
204.188.941.547.452.1
260.6
1,356.9
199.5
89.878.930.7
531.7
272.090.551.514.3
103.3
625.8
210.192.643.349.353.7
269.3
1,403.9
209.1
92.683.233.3
553.4
279.995.355.814.3
108.1
641.4
217.094.144.050.155.0
275.4
857.7
137.8
60.057.620.2
330.4
165.166.626.6
5.666.4
389.5
140.355.422.433.030.8
162.9
891.7
144.6
61.760.422.6
339.6
165.470.928.1
5.969.4
407.4
146.658.223.434.834.1
168.5
858.0
136.9
58.658.020.3
329.2
164.966.226.5
5.466.3
391.8
141.256.122.933.231.0
163.6
876.6
143.0
60.960.321.8
338.1
167.670.226.95.7
67.8
395.6
142.456.322.533.831.9
164.9
873.5
137.8
59.557.421.0
333.3
165.666.827.1
6.467.3
402.4
144.258.724.634.133.0
166.5
886.3
145.8
64.259.821.8
336.3
164.769.527.5
6.068.5
404.2
145.857.022.534.534 0
167.4
895.1
144.8
60.861.023.0
340.4
164.871.828.4
5.669.8
410.0
147.458.323.035.234 6
169.8
911.8
150.1
62 263.324.6
348.5
166 475.229 45 4
72! o
413.1
149.258 923.435 534 8
170.3
1977 1978'
1977
in rv
1978
I II III IV r
Seasonally adjusted at annual rates
Billions of dollars
Table 12.—Federal Government Receipts and Expenditures (3.2)
Receipts 374.5 431.5 374.3 385.5 396.2 424.7 441.7 463.2
Personal tax and nontax receipts.Income taxes _Estate and gift taxesNontaxes
Corporate profits tax accruals
Indirect business tax and nontaxaccruals
Excise taxes.Customs duties 1__Nontaxes
Contributions for social insurance
Expenditures
Purchases of goods and services.National defense
C om pensation of employeesMilitaryCivilian.
Other
NondefenseCompensation cf employees.Other
Transfer payments.To persons.To foreigners
Grants-in-aid to State and localgovernments
Net interest paidInterest paid
To persons and business _To foreigners
Less: Interest received by Government.
Subsidies less current surplus ofGoyernment enterprises
Subsidies _ _Less: Current surplus of Govern-
ment enterprises __
Less: Wage accruals less disburse-ments
Surplus or deficit ( - ) , nationalincome and product accounts. .
Social insurance funds..Other funds
62.17.2.2
61.3
25.017.55.42.1
18.7
422.6
.45.194.342.924.918.051.4
50.823.527.3
172.7L69.5
3.2
67.4
29.135.329.85.56.2
8.37.5
- . 9
-48.1
-10.1-38.0
193.2187.8
5.3.2
71.6
27.918.57.12.3
138.7
461.4
153.899.545.726.219.553.8
54.325.4
185.4181.9
3.5
76.9
35.543.134.48.77.6
9.78.9
- . 8
0
-29.9
- 1 . 2-28.7
.67.6
.61.75.7.2
62.0
25.417.55.72.1
119.3
0.7
146.894.442.424.517.852.0
52.423.329.1
175.7172.0
3.7
70.9
28.935.429.95.56.4
8.4
- 1 . 5
-56.4
-11.9-44.5
174.8L69.2
5.5.2
62.9
25.617.95.52.2
122.2
444.1
152.297.144.926.018.952.3
55.124.630.5
178.3175.0
3.4
71.1
30.737.030.46.66.3
11.810.3
-58.6
-11.5-47.1
176.8171.3
5.4.2
59.6
26.517.96.32.2
133.3
448.8
151.597.945.025.919.152.9
53.624.928.7
180.2176.9
3.3
73.9
33.240.232.37.97.0
10.08.8
- 1 . 2
-52.6
- 1 . 7-50.9
.86.7
.81.35.2.2
72.6
27.918.47.22.3
137.6
448.3
147.298.645.025.919.253.5
48.625.023.6
180.7177.0
3.7
75.9
34.642.333.78.57.7
10.08.4
- 1 . 6
-23.6
1.9-25.5
199.7194.4
5.2.2
73.6
28.218.67.22.3
140.1
464.5
154.099.645.326.019.354.3
54.525.229.2
188.8185.5
3.4
77.5
36.344.035.68.47.7
8.08.2
.2
-22.8
- 3 . 5-19.3
209.7204.1
5.4.2
80.7
28.818.97.42.5
144.0
483.8
162.5102.147.527.220.354.6
60.426.533.9
191.9188.3
3.6
80.3
38.145.936.19.87.8
11.010.3
- . 7
-20 .6
- 1 . 5-19 .1
1977 1978 r
1977
in rv
1978
I II III IV r
Seasonally adjusted at annual rates
Billions of dollars
Table 13.—State and Local Government Receipts andExpenditures (3.4)
Receipts
Personal tax and nontax receiptsIncome taxesNontaxesOther
Corporate profits tax accruals. _
Indirect business tax and nontaxaccruals
Sales taxesProperty taxesOther _
Contributions for social insurance
Federal grants-in-aid
Expenditures
Purchases of goods and servicesCompensation of employees.
O t h e r . . . .
Transfer payments to persons
Net interest paidInterest pa id . . -Less: Interest received by govern-
mentSubsidies less current surplus of gov-
ernment enterprisesSubsidiesLess: Current surplus of govern-
ment enterprises.Less: Wage accruals less disbursements.
Surplus or deficit ( - ) , nationalincome and product accounts..
Social insurance funds —Other funds
296.2
56.630.918.27.4
10.5
140.063.962.313.7
21.7
67.4
266.6
248.9141.5107.4
29.7
- 6 . 513.2
19.6
- 5 . 6
.2
5.8
0
29.6
18.011.5
328.1
63.034.720.57.8
12.3
150.471.463.615.4
25.5
76.9
299.7
280.2155.4124.8
- 7 . 914.8
22.8
- 5 . 9.3
6.2
0
28.3
21.27.1
301.8
57.031.318.57.3
10.7
141.264.262.913.9
22.0
70.9
270.7
252.7143.2109.6
30.1
- 6 . 513.4
19.9
- 5 . 7.3
5.9
0
31.2
18.312.8
307.9
58.532.019.07.5
10.9
144.666.763.514.3
22.8
71.1
278.9
260.3146.4113.9
30.9
- 6 . 814.1
21.0
-5 .5.3
5.8
0
29.0
19.19.9
315.7
60.533.319.57.7
10.4
146.867.764.314.7
24.1
73.9
284.2
265.2151.1114.1
32.0
- 7 . 114.4
21.5
-6 .0.3
6.2
0
31.5
19.911.5
327.4
62.534.520.17.8
12.4
151.570.665.815.1
25.2
75.9
297.7
277.6154.1123.5
33.1
- 7 . 314.7
22.0
5.7.3
6.0
0
29.8
20.59.3
329.2
63.534.920.87.8
12.5
.49.572.261.615.6
26.1
77.5
305.8
285.8157.0128.8
34.1
- 8 . 215.0
23.1
- 5 . 9.3
6.2
0
23.4
21.61.8
340.1
65.336.021.57.8
13.8
153.875.062.716.1
26.7
80.3
311.3
292.0159.4132.7
34.4
- 9 . 115.3
24.5
- 6 . 0.3
6.3
0
28.8
22.95.9
1. Includes fees for licenses to import petroleum and petroleum products.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 13
1977 1978'
1977
III IV
1978
II III IV
Seasonally adjusted at annual rates
Billions of dollars
Table 14.—Foreign Transactions in the National Income andProduct Accounts (4.1)
Receipts from foreigners.
Exports of goods and services.. _Merchandise ._Other
Capital grants received by theUnited States (net)
Payments to foreigners...Imports of goods and services..
Merchandise _Other
Transfer payments (net)From persons (net)From government (net)
Interest paid by governmentto foreigners
Net foreign investment.
175.5
175.5120.654.9
0
175.5
186.6151.635.0
4.21.03.2
5.5
-20.9
204.8
204.8141.763.0
0
204.8
216.8176.340.5
4.51.03.5
8.7
-25 .2
180.8
180.8124.156.8
0
180.8
187.8153.134.8
4.6.9
3.7
5.5
-17 .1
172.1
172.1117.854.2
0
172.1
195.2158.536.7
4.3.9
3.4
6.6
-34 .1
181.7
181.7122.759.0
0
181.7
205.8167.538.3
4.31.03.3
7.9
-36 .3
205.4
205.4140.365.1
0
205.4
210.9171.539.4
4.81.13.7
8.5
-18 .9
210.1
210.1147.762.4
0
210.1
220.8179.940.9
4.3.9
3.4
8.4
-23 .5
221.9
221.9156.365.6
0
221.9
229.5186.243.3
4.6.9
3.6
9.8
-22 .1
Table 15.—Gross Saving and Investment (5.1)
Gross saving...
Gross private saving..
Personal savingUndistributed corporate
profits with inventoryvaluation and capitalconsumption adjustments.
Undistributed profits.Inventory valuation adjust-
ment _ „Capital consumption ad-
justmentCorporate capital consump-
tion allowances with capi-tal consumption adjust-ment.
Noncorporate capital con-sumption allowances withcapital consumption ad-justment
Wage accruals less disburse-ments
Government surplus or deficit(—), national income andproduct accounts
FederalState and local.
Capita] grants received by theUnited St1 States (net)..
Gross investment..
Gross private domestic invest-ment
Net foreign in vestment
Statistical discrepancy
272.2
290.8
66.9
28.758.4
-14.8
-14.9
120.9
74.3
0
-18.6
-48 .129.6
0
276.9
297.8-20.9
4.7
318.6
320.2
76.9
26.368.9
-24.4
-18 .1
132.5
84.4
0
- 1 . 6
-29 .928.3
0
320.4
345.6-25 .2
1.7
285.5
310.7
74.3
38.060.6
- 7 . 7
-15.0
122.6
75.9
0
-25.2
-56.431.2
0
292.6
309.7-17 .1
7.1
274.7
304.3
73.7
28.058.1
-14.8
-15.3
124.6
77.9
0
-29.6
- 5 8 629.0
0
279.5
313.5-34 .1
4.8
284.2
305.4
82.4
15.655.1
-23.5
-16.1
127.4
79.9
0
-21 .1
-52.631.5
0
286.4
322.7-36 .3
2.2
326.1
319.9
76.3
30.372.4
-24.9
-17.2
130.5
82.8
0
6.2
-23.629.8
0
326.6
345.4-18.9
. 5
326.2
325.7
76.0
29.069.2
-20.9
-19 .3
134.7
86.1
0
.6
-22 .823.4
0
326.6
350.1-23 .5
. 4
338.0
329.9
73.0
30.578.8
-28 .4
-19.9
137.4
89.0
0
8.2
-20 .628.8
0
342.0
364.0—22.1
3.9
r Revised.1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories
calculated from current-dollar inventories shown in this table is not the current-dollar changein business inventories (CBI) components of GNP. The former is the difference between twoinventory stocks, each valued at end-of-quarter prices. The latter is the change in the physicalvolume of inventories valued at average prices of the quarter. In addition, changes calculatedfrom this table are at quarterly rates, whereas CBI is stated at annual rates.
2. Quarterly totals at annual rates.3. Equals ratio of nonfarm inventories to final sales of business. These sales include a small
amount of final sales by farms.NOTE.— Table 16: Inventories are classified as durable or nondurable as follows: For manu-
facturing, by the type of product produced by the establishment holding the inventory; fortrade, by the type of product sold by the establishment holding the inventory; for construc-tion, durable; and for other nonfarm industries, nondurable. The industry classification isbased on the 1972 Standard Industrial Classification.
Table 17: The industry classification of compensation of employees, proprietors' income,and rental income is on an establishment basis; the industry classification of corporate profitsand net interest is on a company basis. The industry classification of these items is basedon the 1972 Standard Industrial Classification.
1977 1978'
1977
III IV
1978
I II III IV r
Seasonally adjusted at annual rates
Billions of dollars
Table 16.—Inventories and Final Sales of Business in Current andConstant Dollars (5.9, 5.10)
Inventories1 483.6
Farm.Nonfarm
Durable goodsNondurable goods..
ManufacturingDurable goodsNondurable goods..
Wholesale tradeDurable goodsN ondurable goods..
Retail tradeDurable goodsNondurable goods..
Other.
Final sales2.Ratio of inventories to
final salesNonfarm3 •
Inventories1
Farm.Nonfarm
Durable goodsNondurable goods.
ManufacturingDurable goodsNondurable goods..
Wholesale tradeDurable goodsNondurable goods..
Retail tradeDurable goodsNondurable goods-
OtherFinal sales K
Ratio of inventories tofinal sales.
Nonfarm3
55.7
428.0245.2182.7
215.5138.177.4
82.854.128.7
87.539.847.7
42.3
.301
.267
498.6 520.7
60.3
438.3251.8186.5
219.2140.978.3
85.956.129.8
89.941.148.8
43.3
1,604.5 1,647.3 1,667.3
.303
.266
66.3
454.4263.2191.1
225.9146.579.4
90.959.631.4
94.342.951.3
43.3
.312
.273 .267
536.5
68.0
468.5271.2197.3
232.0150.781.2
94.261.932.3
97.543.953.6
44.8
1,751.7 1,803.9 1,873.9
548.5
68.1
480.4280.3200.1
239.0156.7,82.4
96.464.332.1
99.044.354.8
45.9
.266
574.5
73.8
500.7291.9208.7
248.3162.485.8
101.667.534.1
103.446.457.0
47.4
.307
.267
Billions of 1972 dollars
305.7 307.6 310.7 313.9
40.3
265.4154.2111.2
129.184.045.1
52.735.317.4
59.826.932.8
23.8
1,133.
.270
.234
9 1,
40.6
267.0155.4111.7
128.883.944.9
53.736.017.7
60.627.533.2
23.9
148.4
.268
.233
40.5
270.2157.8112.4
129.984.945.0
55.737.118.6
61.127.633.5
23.4
1,141.1
.272
.237
40.2
273.6159.4114.3
131.586.145.4
56.637.818.8
61.727.334.4
23.9
1,167.
.269
.234
316.1
40.1
276.0160.9
132.987.245.7
56.838.518.4
62.227.035.2
3 1
24.1
,180.
.268
.234
3 1
318.1
40.1
278.0162.6115.4
133.287.645.6
58.239.218.9
62.627.635.0
24.1
1,203.9
.264
.231
Table 17.—National Income Without Capital ConsumptionAdjustment by Industry (6.4)
National income with-out capital consump-tion adjustment
Domestic income
Agriculture, forestry, andfisheries
Mining and construction
ManufacturingNondurable goods..Durable goods
TransportationCommunication.Electric, gas, and sanitary
services
Wholesale and retail trade..-WholesaleRetail
Finance, insurance, and realestate
ServicesGovernment and govern-
ment enterprises
Rest of the world.
1,554.
1,537.
8 1
5 1
44.6
100.4
408.9161.7247.2
58.435.0
29.5
237.096.5
140.5
177.9213.1
232.7
17.3
,753.1
,733. 6 1
1,578.0
,559.
52.4
117.8
464.6177.0287.6
65.940.1
33.3
263.8106 9156.8
202.0240.3
253.4
19.4
9 1
1,619.
,603.4
41.1
103.6
412.9163.7249.2
59.635.4
30.4
245.5101.1144.3
181.5216.1
233.8
18.1
3 1,
50.6
104.2
428.7166.6262.1
61.336.6
30.0
242.996.8
146.1
185.5222.0
241.5
15.9
,647.2 1,735.2 1
1,629.0 1,714.1
47.9
101.6
432.5167.6265.0
61.338.6
33.3
245.798.2
147.5
189.9231.0
247.2
18.2
50.7
118.9
461.9176.0285.9
66.539.3
32.7
260.0105.5154.5
196.6236.8
250.7
21.1
[,779.8
1,761.1
52.2
123.3
469.4178.3291.1
66.741.1
33.1
270.5110.4160.1
207.2243.0
254.6
18.8
1,850.1
1,830.3
19.8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
14 SUEVEY OF CUEEENT BUSINESS March 1979
1977 1978'
1977
III IV
1978
II III IV r
Seasonally adjusted at annual rates
Billions of dollars
Table 18.—Corporate Profits by Industry (6.18)
Corporate profits withinventory valuationand capital consump-tion adjustments
Domestic industries.Financial iNonfinancial
Rest of the world.
Corporate profits withinventory valuationadjustment and with-out capital consump-tion adjustment
Domestic industriesFinancial1
Federal Reserve banksOther
Nonfinancial.-.Manufacturing, _
Nondurable goodsFood and kindred
productsChemicals and allied
productsPetroleum and coal
productsOther
Durable goods ._.Primary metal indus-
triesFabricated metal
productsMachinery, except
electrical .Electric and electronic
equipmentMotor vehicles and
equipmentOther
Wholesale and retail trade-Transportation, com-
munication, and elec-tric, gas, and sanitaryservices
Other.
Rest of the world.
Corporate profits beforededuction of capitalconsumption allow-ances with inventoryvaluation adjustment..
Domestic industriesFinancial1
Federal Reserve banks...Other
NonfinancialManufacturing..
Nondurable goods _.Food and kindred
products _Chemicals and allied
products...Petroleum and coal
productsOther
Durable goodsPrimary metal in
dustriesFabricated metal
productsMachinery, except
electricalElectric and electronic
equipment ._.Motor vehicles and
equipmentOther
Wholesale and retail trade.
Transportation, com-nunication, and electric,gas, and sanitary serv-ices
OtherRest of the world.
144.2
134.620.7
113.9
9.6
159.1
149.520.96.2
14.6
128.674.7
5.7
8.2
12.812.9
35.1
1.8
4.0
7.1
3.9
9.58.8
24.0
16.1
13.8
9.6
265.1
255.526.06.2
19.8
229.5118.660.9
9.3
13.5
19.318.8
57.7
5.8
5.9
11.5
7.3
12.914.3
36.2
42.9
31.8
9.6
159.6
149.724.7
125.0
9.8
177.7
167.825.17.7
17.4
142.785.442.1
43.3
292.0
282.230.77.8
23.0
251.5132.865.5
67.3
9.8
154.8
144.521.7
122.8
10.3
169.9
159.521.96.2
15.7
137.674.740.6
7.0
7.9
12.313.4
34.2
.9
3.9
7.3
4.1
9.28.7
30.6
17.5
14.7
10.3
277.5
267.127.16.2
20.9
240.0119.462.2
10.7
13.2
19.019.3
57.2
4.9
6.0
11.9
7.5
12.614.3
43.0
44.8
32.8
10.3
148.2
140.321.6
118.7
7.9
163.5
155.621.96.4
15.5
133.780.241.1
5.7
8.2
13.813.4
39.1
2.4
4.2
8.5
4.4
9.110.5
22.1
17.1
14.3
7.9
272.8
265.027.26.4
20.8
237.7125.563.2
9.4
13.7
20.519.5
62.4
6.5
6.2
12.9
8.0
12.616.1
34.8
44.8
32.6
7.9
132.6
123.222.3
100.9
9.4
148.7
139.222.76.9
15.7
116.669.837.0
4.3
8.1
10.414.3
32.8
1.2
3.2
6.4
4.3
7.99.7
16.7
17.3
12.8
9.4
260.0
250.628.17.0
21.1
222.5116.059.6
8.1
13.7
17.220.6
56.4
5.4
5.3
11.1
7.9
11.315.4
29.8
45.3
31.4
9.4
163.4
151.723.9
127.8
11.7
180.6
168.924.37.3
17.0
144.687.841.7
5.4
8.3
14.413.7
46.1
5.1
4.3
9.2
4.8
10.811.9
22.0
19.3
15.4
11.7
294.0
282.229.87.3
22.5
252.4134.864.8
9.2
14.2
21.420.0
70.0
9.4
6.4
14.0
8.4
14.217.6
35.5
47.7
34.4
11.7
165.2
156.125.5
130.6
9.1
184.5
175.426.08.0
18.0
149.487.142.5
6.6
8.2
14.613.2
44.6
5.0
4.7
7.4
5.8
10.211.7
25.8
20.7
15.8
9.1
299.9
290.831.68.0
23.6
259.2134.966.1
10.6
14.2
21.719.6
68.8
9.3
6.8
12.3
9.4
13.17.3
39.7
49.5
35.0
9.1
177.0
167.927.1
140.8
9.1
196.8
187.827.68.7
18.8
160.2
9.1
314.3
305.333.38.7
24.6
271.9
1977 1978 r
1977
III IV
1978
I II III IV r
Seasonally adjusted
Index numbers, 1972=100
Table 19.—Implicit Price Deflators for Gross National Product (7.1)
Gross national product...
Personal consumption expend-itures
Durable goodsNondurable goods..Services..
Gross private domestic invest-ment
Fixed investmentNonresidential
Structures _Producers' durable
equipmentResidential..
Nonfarm structuresFarm structuresProducers' durable
equipment
Change in business inven-tories
Net exports of goods and serv-ic
ExportsImports
Government purchases of goodsand services
FederalState and local.
141.61
140.7
129.5145.0141.0
150.6146.7159.6
141.0159.4160.0159.7
126.2
178.7210.3
146.3
142.7148.5
152.09
150.3
136.5155.0151.2
142.63
141.6
129.5145.7142.3
164.7158.7174.9
151.2178.8179.8179.1
132.2
191.3219.7
157.8
153.3160.4
144.56
143.2
130.9147.0144.4
151.9147.9160.2
142.4160.6161.3161.8
126.6
179.4212.9
147.1
142.7149.7
147.10
146.2
133.1150.4147.1
155.9151.2164.5
145.2166.1166.9167.5
127 5
179.2210.2
150.3
146.9152.3
150.98 153.52
149.3
135.7154.4149.9
158.2153.6167.2
147.6168.6169.5168.9
128.8
183.3213.8
153.2
149.6155.2
162.3156.7171.8
149.6175.7176.7176.5
131.8
189.4217.2
156.2
151.5158.8
151.6
137.8156.2152.6
167.1160.6177.3
152.7182.6183.7182.8
133.3
192.8221.5
158.9
153.4162.1
156.56
154.0
158.8155.2
170.8163.6182.2
154.8188.2189.3188.1
135.2
198.7226.1
162.7
158.5165.1
Table 20.—Fixed-Weighted Price Indexes for Gross NationalProduct, 1972 Weights (7.2)
Gross national product...
Personal consumption expend-itures
Durable goodsNondurable goodsServices
Gross private domestic invest-
Fixed investmentN onresidential
StructuresProducers' durable
equipmentResidential
Change in business inven-
Net exports of goods and serv-
Exports.Imports
Government purchases of goodsand services
FederalState and local
Addenda:Final sales --Gross domestic product
Nonfarm - -
143.3
141.8
130.5146.4141.5
152 3148.7156.3
144.3159.2
181.3199.0
146.8
144.9148.1
143.3142.8142.9142.9
154.3
151.9
138.1157.1151.9
167.2161.1171.1
155.4178.6
193.3213.0
158.0
154.7160.2
154.2153.8153.9153.2
144.1
142.8
130.6147.2142.8
153.6149.9157.4
145.6160.4
181.8202.0
147.4
144.6149.3
144.0143.6143.7143.8
146.5
144.5
132.1148.6145.0
157.6153.0160.8
148.5166.1
181.7203.5
151.0
149.6152.0
146.4146.0145.9145.7
149.0
147.3
134.5151.7147.5
160.1155.5163.3
151.1168.6
185.2209.5
153.4
151.4154.9
148.9148.5148.3147.6
152.9
150.9
137.2156.4150.6
164.9159.2168.1
154.0175.5
190.9211.0
156.4
153.1158.6
152.8152.5152.6151.4
155.8
153.4
139.3158.6153.3
169.7163.0173.5
157.0182.3
194.6215.0
158.9
154.5161.9
155.7155.3155.6154.6
158.9
156.0
141.0161.6156.0
173.7166.1178.3
159.1188.0
200.1220.3
162.9
159.9164.9
158.8158.5158.6157.3
following industries: Banking; credit agencies other than banks; security;commodity brokers and services; insurance carriers; regulated investment compames; smallbusiness investment companies; and real estate investment trusts.
NOTE.—Table 18: The industry classification is on a company basis and is based on the1972 Standard Industrial Classification.
9.1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 15
1977 1 9 7 8 '
1977
III IV
1978
I II III I V '
Seasonally adjusted
Index numbers, 1972=100
Table 21.—Implicit Price Deflators for Gross National Product byMajor Type of Product (7.3)
Gross national product..
Final salesChange in business inven-
tories
Goods
Final salesChange in business inven-
tories
Durable goodsFinal salesChange in business inven-
tories
Nondurable goods _Final salesChange in business inven-
tories _
ServicesStructures
141.61
141.4
136.8
136.3
134.5134.3
138.5137.7
143.1158.1
152.09
152.1
145.9
145.8
142.0141.5
148.7148.8
153.5175.7
142.63
142.3
137.7
136.9
135.4134.9
139.4138.3
144.2159.1
144.56
144.4
138.6
138.2
136.2136.1
140.3139.6
146.6164.1
147.10
147.2
140.9
141.0
137.9137.3
143.0143.5
149.4166.7
150.98
150.9
145.3
145.1
141.0140.3
148.5148.5
152.2172.7
153.52
153.5
147.2
147.1
143.5143.0
149.8150.0
154.6178.6
156.56
156.5
149.8
149.6
145.2145.0
153.2153.0
157.7183.9
Table 22.—Implicit Price Deflators for Gross National Product bySector (7.5)
Gross national product. _
Gross domestic product
BusinessNonfarm
Nonfann less housing-..Housing
FarmResidual
Households and institutions-
GovernmentFederalState and local
Rest of the world_.__
141.61
141.1
140.8141.1142.6128.7146.7
148.3
141.3136.4143.8
152.09
151.6
151.2151.0152.6137.6177.9
160.5
151.4145.5154.2
142.63
142.1
141.9142.5144.0129.5138.4
149.4
141.4134.6144.7
144.56
144.1
143.6144.0145.4131.6149.4
151.1
145.5142.5146.9
147.10
146.6
146.0146.0147.5133.9163.2
157.1
147.9143.3150.2
150.98
150.4
150.1149.8151.3136.3184.7
159.2
149.9143.5152.9
153.52
153.0
152.8152.7154.3138.7176.6
161.0
151.9144.0155.8
156.56
156.0
155.7155.3157.0141.4187.1
164.5
155.8151.3158.0
Table 23.—Implicit Price Deflators for the Relation of GrossNational Product, Net National Product, and National Income(7.6)
Gross national product _
Capital consumptionallowances with capi-tal consumption ad-justment
Equals: Net national product..
Less: Indirect business taxand nontax liabilityplus business transferpayments less sub-sidies plus current sur-plus of governmententerprises
Residual
Equals: National income _
141.61
151.5
140.6
130.9
142.3
152.09
164.4
150.8
134.1
153.4
142.63
153.5
141.5
131.9
143.2
144.56
155.6
143.4
129.8
145.6
147.10
158.4
145.9
132.9
148.1
150.98
162.2
149.8
135.1
152.2
153.52
166.9
152.1
134.1
154.9
156.56
170.2
155.1
134.3
158.3
r Revised.1. Consists of final sales and change in business inventories of new autos produced in the
United States.2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.NOTE.—Table 21: "Final sales" is classified as durable or nondurable by type of product.
"Change in business inventories" is classified as follows: For manufacturing, by the type ofproduct produced by the establishment holding the inventory; for trade, by the type of prod-uct sold by the establishment holding the inventory; for construction, durable; and for otherindustries, nondurable.
Tables 22 and 24: The industry classification within the business sector is on an establish-ment basis and is based on the 1972 Standard Industrial Classification
1977 1978'
1977
III IV
1978
I II III IV '
Seasonally adjusted
Index numbers, 1972=100
Table 24.—Implicit Price Deflators for Net National Product andNational Income by Sector (7.7)
Net national product
Net domestic product
BusinessNonfarmFarm _Residual
Households and institutions .G 0 vernment
Rest of the world
National income
Domestic income -
BusinessNonfarm _Farm
Households and institutions .Government
Rest of the world
140.6
140.0
139.4139.9143.3
148.3141.3
142.3
141.6
141.4141.7129.2
148.3141.3
150.8
150.2
149.6149.4181.7
160.5151.4
153.4
152.7
152.6152.0173.6
160.5151.4
141.5
140.9
140.4141.2131.2
149.4141.4
143.2
142.5
142.4143.2115.5
149.4141.4
143.4
142.9
142.1142.6145.4
151.1145.5
145.6
145.0
144.6144.8141.2
151.1145.5
145.9
145.3
144.4144.6163.0
157.1147.9
148.1
147.4
146.8146.7150.8
157.1147.9
149.8
149.2
148.6148.3192.6
159.2149.9
152.2
151.5
151.3150.7176.1
159.2149.9
152.1
151.5
151.1151.0179.2
161.0151.9
154.9
154.3
154.3154.1163.2
161.0151.9
155.1
154.5
153.9153.6192.4
164.5155.8
158.3
157.6
157.6156.3207.3
164.5155.8
Table 25.—Implicit Price Deflators
Auto output
Final sales -
Personal consumption ex-penditures
New autosNet purchases of used
autos
Producers' durable equip-ment.. _
New autosNet purchases of used
Net exportsExportsImports »
Government purchases ofgoods and services
Change in business inven-tories of new and used
Addenda:Domestic output of new
autos •Sales of imported new autos »..
130.9
131.2
139.0128.6
114.9128.6
128.9154.2
126.0
128.6128.6
140.3
139.9
149.7138.5
127.4138.5
137.5177.3
139.6
138.3138.5
130.4
130.7
138.7129.1
116.1129.1
130.0157.7
128.7
129.2129.1
for Auto Output (7.9)
134.3
133.8
141.3132.2
123.0132.2
132.2163.6
134.3
132.2132.3
136.4
135.9
145.3135.0
124.5134.9
133.0172.4
135.9
134.7135.0
139.4
138.6
147.7137.5
126.8137.5
135.3175.4
137.8
137.3137.5
141.8
142.0
152.3140.3
129.5140.3
140.5180.0
142.0
140.4140.4
143.4
142.9
153.6141.0
128.6140.9
141.4180.8
143.8
140.9141.0
Table 26.—Implicit Price Deflators for Personal ConsumptionExpenditures by Major Type of Product (7.11)
Personal consumptionexpenditures
Durable goods
Motor vehicles and partsFurniture and household
equipmentOther
Nondurable goods
FoodClothing and shoes..Gasoline and oilFuel oil and coalOther _
Services
HousingHousehold operation
Electricity and gas _ __Other
TransportationOther —
140.7
129.5
135.8
123.8126.9
145.0
148.5122.3174.4239.4139.0
141.0
131.5147.2169.5132.1143.3146.6
150.3
136.5
145.5
128.7132.9
155.0
162.9125.7182.1253.8146.9
151.2
141.4156.9184.0138.7154.3157.2
141.6
129.5
135.7
124.1127.2
145.7
149.4123.0173.7243.3140.0
142.3
132.4149.1172.9132.8145.3147.9
143.2
130.9
137.9
124.7128.2
147.0
150.7123.5176.8244.8142.0
144.4
134.8150.1174.1134.1148.2150.0
146.2
133.1
141.3
125.7130.1
150.4
155.6124.0178.2247.2143.7
147.1
137.3152.7176.1135.8150.7152.8
149.3
135.7
144.0
128.0132.1
154.4
162.6125.9178.4252.1145.5
149.9
140.0156.0184.2137.6153.3155.7
151.6
137.8
147.8
129.5133.5
156.2
165.1126.0181.7254.5148.0
152.6
142.6158.9187.9140.0155.4158.6
154.0
139.3
148.9
131.4135.4
158.8
168.2126.6189.7262.6150.1
155.2
145.5159.8188.0141.2157.8161.7
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
16 SURVEY OF CURRENT BUSINESS March 1979
1977 1978 r
Percent
III
1977
IV
1978
I II III
Seasonally adjusted
Percent at annual rate
I V '
Table 27.—Percent Change From Preceding Period in Gross Na-tional Product in Current and Constant Dollars, Implicit PriceDeflator, and Price Indexes (8.9)
Gross national product:Current dollars .1972 dollarsImplicit price deflatorChain price indexFixed-weighted price
index . . .
Personal consumption expend-itures:
Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index__
Durable goods:Current dollars1972 dollarsImplicit price deflator....Chain price indexFixed-weighted price
index
Nondurable goods:Current dollars1972 dollarsImplicit price deflator.__Chain price index.Fixed-weighted price
index
Services:Current dollars1972 dollarsImplicit price deflator.__Chain price indexFixed-weighted price
index
Gross private domestic invest-ment:
Current dollars. . __1972 dollars
Fixed-weighted price index. .
Fixed investment:Current dollars . . .1972 dollars.Implicit price deflatorChain price index . _Fixed-weighted price
index
Nonresidential:Current dollars1972 dollarsImplicit price deflator.__Chain price indexFixed-weighted price
index
Structures:Current dollars1972 dollarsImplicit price deflator.Chain price indexFixed-weighted price
index.
Producers' d u r a b l eequipment:
Current dollars _1972 dollars .Implicit price deflatorChain price indexFixed-weighted price
index _
Residential:Current dollars1972 dollarsImplicit price deflator..Chain price indexFixed-weighted price
index . .
11.04.95.96.2
6.3
10.74.75.75.95.9
13.99.44.14,3
4.4
8.23.24.94.9
5.0
11.84.47.27.2
7.3
22.613.2
21.312.47.97.8
8.2
15.79.16.06.2
6.3
11.44.46.76.5
6.3
17.911.45.86.0
6.3
34.820.511.811.8
11.8
11.74.07.47.5
7.6
11.14.06.87.07.1
10.75.05.55.6
5.8
9.92.86.97.2
7.3
12 24.67.37.3
7.4
16.07 3
16.86.79.49.6
9.8
16.98.18.28.3
8.4
21.811 19.69.6
9.4
14.56 77.37.6
7.7
16.43.8
12.212.2
12.2
11.15.75.14.6
4.7
9.04.14.84.64.6
4.02.02.01.4
1.2
5.32.52.72.9
2.9
14.16.17.57.2
7.3
20.59.7
13.95.3
. 8.28.2
7.9
14.15.38.38.2
7.9
12.97.65.07.5
6.6
14.74.39.98.6
8.6
13.55.27.98.0
8.0
8.93.25.56.5
6.8
14.19.04.75.05.0
24.119.04.34.4
4.7
15.111.23.63.9
3.9
10.13.96.06.2
6.2
5.1—2.9
18.87.1
11.010.8
10.9
14.85.39.08.8
8.6
13.42.0
11.19.2
8.9
15.66.88.28.6
8.4
27.311.114.615.1
14.9
7.1—.17.27.1
7.0
7.0—1.4
8.67.77.9
—7 7—13.7
7.07.2
7.5
3.7—5.59.88.4
8.6
15.37.07.77.3
7.3
12.211.3
7.51.26.26.5
6.5
11.14.26.76.7
6.7
6.3—.36.65.9
6.2
13.66.26.97.2
7.1
.5- 5 . 2
6.06.1
6.2
20.68.7
11.010.8
11.0
15.36.08.7
10.010.2
35.125.28.08.2
8.4
15.03.611.012.5
12.8
9.81.97.88.4
8.4
31.315.2
27.815.310.811.9
12.5
31.221.38.29.2
9.7
56.540.311.512.4
12.5
19.813 65.57.6
8.0
21.02.7
17.917.6
17.5
9.62.66.97.6
7.6
10.74.16.46.76.7
3.4- 2 . 8
6.46.3
6.4
9.95.04.75.8
5.9
13.95.97.67.6
7.6
5.5- 5 . 1
14.42.0
12.212.1
12.3
14.33.5
10.410.0
10.0
24.49.8
13.313.7
13.4
9.1.7
8.38.0
7.9
14.9- 1 . 616.716.7
16.4
15.66.98.28.1
8.4
14.67.66.56 97.1
20.815.64.55.0
4.9
17.410.06.87.5
7.8
10.33.17.17.1
7.2
16.95.8
17.77.89.29.3
9.7
18.09.57.87.5
7.7
22.59.8
11.511.9
11.6
15.59 35.75.1
5.3
17.34.0
12.813.1
13.1
1977 1978'
Percent
III
1977
rv
1978
I II III
Seasonally adjusted
Percent at annual rate
I V '
Table 27.—Percent Change From Preceding Period in Gross Na-tional Product in Current and Constant Dollars, Implicit PriceDeflator, and Price Indexes (8.9)—Con.
Exports:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index..
Imports:Current dollars1972 dollars...Implicit price deflatorChain price indexFixed-weighted price index..
Government purchases ofgoods and services:
Current dollars...1972 dollarsImplicit price deflatorChain price index. .Fixed-weighted price index..
Federal:Current dollars1972 dollarsImplicit price deflator..Chain price indexFixed-weighted price
index.
State and local:Current dollars1972 dollarsImplicit price deflator..Chain price indexFixed-weighted price
index
Addenda:
Final sales:Current dollars1972 dollars. . . .Implicit price deflatorChain price index . . .Fixed-weighted price in-
dex
Gross domestic product:Current dollars.1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index..
Business:Current dollars1972 dollarsImplicit price deflator..Chain price indexFixed-weighted price
index
Nonfarm:Current dollars1972 dollarsImplicit price deflator.Chain price indexFixed-weighted price
index.
Disposable personal income:Current dollars.1972 dollars..
7.52.45.15.05.2
19.810.28.77.57.8
2.47.07.07.0
11.75.26.26.3
6.5
8.4.8
7.57.4
7.3
10.84.75.86.2
6.3
10.94.85.86.16.3
11.35.45.66.0
6.2
6.4
10.04.1
16.79.07.06.86.6
16.111.24.56.77.0
10.12.27.87.57.6
6.0- 1 . 3
7.47.0
6.8
12.64.28.07.8
8.1
11.83.97.67.5
7.6
11.74.07.47.57.7
11.94.27.47.6
7.7
11.45.25.96.2
12.14.77.07.1
7.2
11.44.3
6.47.6
- 1 . 2- . 5- . 4
8.51.47.16.05.7
11.55.85.45.05.0
11.36.44.6
3.6
11.65.45.95.8
5.9
10.15.04.84.6
4.7
11.25.85.14.54.6
11.66.05.34.6
4.7
11.95.16.46.1
6.2
10.95.9
-18.0-17.6- . 5- . 2- . 4
16.822.8
- 4 . 92.63.1
13.74.29.09.5
10.2
15.72.9
12.414.2
14.7
12.55.17.16.9
7.4
11.04.76.0
6.9
9.53.55.86.77.0
8.63.55.06.1
6.3
7.93.64.15.1
5.3
12.97.8
24.313.79.48.58.1
23.415.27.1
12.312.3
4.1-3.5
7.97.36.6
-2.0-8.9
7.66.1
4.9
7.8- . 18.08.0
7.8
6.4-1.6
8.07.0
7.0
6.7- . 47.17.17.0
5.8
6.76.7
6.7
7.01.15.85.4
5.3
63.443.314.013.712.9
10.33.76.43.72.9
7.9- . 28.27.57.8
-10.9-15.3
5.25.0
4.5
19.99.69.59.0
10.0
20.08.6
10.510.8
11.0
20.18.3
10.910.911.0
22.59.5
11.911.8
12.1
22.911.110.610.7
10.8
12.53.5
9.51.97.47.47.9
20.211.28.27.77.9
15.07.27.26.96.7
20.014.35.04.4
3.9
12.43.48.68.3
8.6
11.13.77.17.5
7.6
10.23.07.07.57.6
10.73.27.37.9
8.0
10.6
8.08.5
8.7
10.23.6
24.410.312.712.111.8
16.67.38.79.9
10.2
14.14.09.7
10.010.4
23.98.8
13.914.8
14.6
9.01.37.67.5
7.7
15.77.28.08.1
15.56.98.18.18.4
16.37.97.87.8
8.0
14.87.17.27.2
7.3
13.06.1
r Revised.
NOTE.—Table 27: The implicit price deflator for G N P is a weighted average of the detailedprice indexes used in the deflation of G N P . In each period, the weights are based on thecomposition of constant-dollar output in that period. In other words, the price index for eachitem is weighted by the ratio of the quantity of the item valued in 1972 prices to the totaloutput in 1972 prices. Changes in the implicit price deflator reflect both changes in prices andchanges in the composition of output. The chain price index uses as weights the compositionof output in the prior period, and, therefore, reflects only the change in prices between thetwo periods. However, comparisons of percent changes in the chain index also reflect changesin the composition of output. The fixed-weighted price index uses as weights the compositionof output in 1972. Accordingly, comparisons over any timespan reflect only changes in prices.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
By JOHN C. MUSGRAVE
BEA annual estimates of thestock of durable goods owned by con-sumers in the United States for 1925-77are presented in this article.1 An analysisof the growth and composition of thestock and a summary methodology areprovided. Current-dollar estimates ofgross and net stocks of durable goodsowned by consumers, by type, areshown in tables 1 and 2 and correspond-ing constant-dollar estimates in tables3 and 4. The underlying expenditureflows, together with depreciation esti-mates, are shown in table 5. These serieswill be updated annually in the SURVEYOF CURRENT BUSINESS.
The new estimates were prepared aspart of BEA's project to measure theNation's tangible wealth. Previous re-search has provided annual estimates offixed nonresidential business and resi-dential capital, and annual and quar-terly estimates of business inventories.2
* Earlier estimates were presented in Henry Shavell, "TheStock of Durable Goods in the Hands of Consumers, 1946-1969," 1970 Proceedings of the Business and Economic StatisticsSection of the American Statistical Association, 1971; and AllanH. Young and John C. Musgrave, "Estimation of CapitalStock in the United States," paper presented at the con-ference on The Measurement of Capital, October 1976, Tor-onto, sponsored by the Conference on Research in Incomeand Wealth. Estimates of the total stock of autos, which werethe precursor of the estimates of the consumer stock of autosin this article, were presented in Charles S. Friedman, "TheStock of Automobiles in the United States—Its Size andValue in the Postwar Period," SURVEY OF CURRENT BUSI-NESS, October 1965.
2. Fixed Nonresidential Business and Residential Capital inthe United States, 1925-75, National Technical InformationService, 1976. A summary methodology and estimates for1925-72 appear in John C. Musgrave, "Fixed NonresidentialBusiness and Kesidential Capital in the United States, 1925-75," SURVEY, April 1976. Estimates for 1973 appear in theAugust 1976 SURVEY, for 1974 in the August 1977 SURVEY,and for 1975-77 in the September 1978 SURVEY.
For business inventories, a summary methodology andestimates for 1928-46 appear in Shirley F. Loftus, "Stocks ofBusiness Inventories in the United States, 1928-71," SURVEY,December 1972. Estimates for 1947-72 appear in tables 5.9and 5.10 of The National Income and Product Accounts of theUnited States, 1929-74: Statistical Tables. Estimates for 1973appear in the July 1977 SURVEY, for 1974-77 in the July 1978SURVEY, with updatings in table 16 of the national incomeand product tables shown in each SURVEY.
Durable Goods Owned by Consumers inthe United States, 1925-77
Development of these estimates as partof a single integrated project has as-sured maximum consistency amongthem, including consistent treatment ofsuch borderline items as original equip-ment and floor coverings in new dwell-ings, equipment in rented dwellings,and motor vehicles used for both busi-ness and personal purposes. Still to beestimated are fixed nonresidential capi-tal and inventories owned by govern-ments, on which research has begun,and land, on which research is planned.
Estimates of the stock of durablegoods owned by consumers and theassociated estimates of depreciationhave several uses.3 First, they complete
3. A detailed discussion of uses and of technical estimatingproblems appears in F. Thomas Juster, "Report of the Work-ing Group on Household Wealth," Appendix II: Part C. inJohn W. Kendrick, editor, "Measuring the Nation's Wealth,"Volume 29, Studies in Income and Wealth, National Bureauof Economic Research, 1964.
BEA's estimates of privately ownedreproducible tangible wealth, a majorportion of total national wealth. Con-sumer durables nearly doubled theirshare of the total constant-dollar netstock of privately owned reproducibletangible wealth between yearend 1945and yearend 1977 (table A). At yearend1977 they represented 19 percent ofthat total, 15 percentage points lessthan residential capital, the largestcomponent.
Second, the stock estimates provideinformation useful for appraisal offuture demand for consumer durablesand of the output required to meet thisdemand. The ratios shown in table Bare illustrative of the ways the estimatescan be arranged for this purpose. Oneshows that personal consumption ex-penditures (PCE) for durable goodswere about 26 percent of the constant-
Table A.—Constant-Dollar Net Stock of Privately Owned Reproducible Tangible Wealth,by Type of Wealth, Selected Years
Yearend
1925..1929..1935-1945-1955-
1965-1973-1977..
1925-1929-1935-1945-1955-
1965..1973-1977-
Total
Nonresidential
Equip-ment
Structures
Resi-dential
Businessinven-tories
Consumerdurables
Billions of 1972 dollars
772.1880.7777.3772.1
1,285.7
1,827.22,585.92,860.3
89.798.171.589.2
201.7
269.7413.0470.2
209.0237.0209.6170.6249.6
376.2515.5554.1
313.6357.8338.4328.2491.6
703.9906.9981.1
87.195.980.0
106.7155.3
209.0293.9307.6
72.791. fl77.877.4
187.5
268.4456.6547.3
Percent
100.0100.0100.0100.0100.0
100.0100.0100.0
11.611.29.2
11.615.7
14.816.016.4
27.126.927.022.119.4
20.619.919.4
40.640.643.542.538.2
38.535.134.3
11.310.910.313.812.1
11.411.410.8
9.410.410.010.014.6
14.717.619.1
17
288-330 O - 79 - 3
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18 SUEVEY OF CUREENT BUSINESS March 1979
Table B.—Constant-Dollar Personal Consumption Expenditures for Durable Goods,Disposable Personal Income, and Net Stock of Durable Goods Owned by Consumers,Selected years
Year
192919351945 _ - -19551965
19731977
Billions of 1972 dollars
Personalconsump-
tion expend-itures—durables
(PCE-D)
21.515.414.852.273.4
121.8137.8
Disposablepersonalincome(DPI)
229.8196.6338.6425.9612.4
854.7926.3
Netstock i
89.478.478.3
181.0259.0
440.0532.4
Ratios
PCE-D/DPI
0.094.078.044.123.120
.143
.149
PCE-D/net stock
0.240.196.189.288.283
.277
.259
Net stock/DPI
0.389.399.231.425.423
.515
.575
1. Annual average net stock estimates were derived by averaging the yearend estimates in table 4.
Table C—Consumer Installment CreditOutstanding and Current-Dollar NetStock of Durable Goods Owned by Con-sumers, Selected Years
Yearend
19291935194519551965
19731977
Billions of dollars
Creditout-
standing i
2.92.52.3
26.966.0
127.2188.6
Netstock
38.426.448.6
151.9233.2
469.0710.5
Ratio
Creditoutstand-ing/netstock
0.076.095.047.177.283
.271
.265
1. Source for consumer installment credit outstanding:Federal Reserve Board. Credit outstanding for mobile homesand home improvements has been excluded to make thecredit series more comparable with the net stock estimates.
dollar net stock in 1977, a rather lowpercentage by standards of the twoprevious decades.
Third, the stock estimates provideinsight into past changes in consumerspending behavior. For instance, theportion of constant-dollar disposablepersonal income (DPI) devoted to PCEfor durable goods has risen by morethan one-half since 1929, from 9.4percent to 14.9 percent in 1977 (tableB). As a consequence, the net stock ofconsumer durables increased from 39percent of DPI in constant dollars in1929 to 57 percent in 1977.
Fourth, estimates of the stock ofconsumer durables add to the informa-tion available concerning the balancesheet position of households. For ex-ample, table C shows that consumerinstallment credit outstanding was equalto about 26 percent of the current-dollarnet stock of consumer durables atyearend 1977, moderately less than in1965 or 1973. Estimates of the current-
dollar net stock, as distinguished fromthe net stock based on original acquisi-tion prices, are especially necessaryafter a period of sizeable price advanceif the net worth of consumers, andhence their borrowing power, are notto be understated.
Fifth, estimates of depreciation onconsumer durables make it possibleto calculate a measure of personal con-sumption alternative to PCE. As isappropriate for a measure of produc-tion, which is defined as the sum ofexpenditures and inventory change, inthe measurement of GNP and its PCEcomponent, the entire expenditure fordurable goods each period is countedin that period. However, to assesschanges in personal consumption, it maybe desirable to spread the cost of adurable good over the several periodsit is in use.4 The difference between thetwo measures is greatest during the
depression of the 1930's and WorldWar II. In constant dollars, PCE fordurable goods declined 49 percent from1929 to 1933 and total PCE declined21 percent. Substitution of deprecia-tion on consumer durables for expendi-tures would yield a 2-percent increaseand a 16-percent decrease, respectively.From 1941 to 1944, PCE for durablesdeclined 45 percent and total PCE in-creased 5 percent; the substitutionwould yield an 8-percent decline and a9-percent increase, respectively.
Growth and Compositionthe Stock
of
The gross stock is the value of thestock of consumer durables before de-duction of losses in value throughphysical deterioration, obsolescence,and accident. The net stock is the valueof the gross stock less cumulative de-preciation on the items in the grossstock, where depreciation is the valuelost through physical deterioration, ob-solescence, and accident.
Gross stock
The gross stock of consumer durablesin constant (1972) dollars was nearly 8times as large in 1977 as in 1925. Theaverage annual growth rate was 4.0percent, but it has fluctuated widely(table D). It was 5.6 percent in 1925-29,
4. Other ways of treating consumer durables have beensuggested. One, use of imputed rent to measure their services,cannot be implemented because appropriate market rentalvalues are not available. Implementation of another way,application of an interest rate to the value of assets, is ham-pered by the difficulty of the choice of an interest rate.
Table D.—Growth Rates for Stocks of Durable Goods Owned by Consumers, SelectedPeriods
[Average annual percent change]
Yearends
1925-77
1925-291929-451945-77 . .
1945-551955-65 .1965-731973-77
Total stocks
Current-costvaluation
Gross
6.2
3.63.18.1
9.25.08.5
12.2
Net
6.1
4.21.58.7
12.14.49.1
10.9
Constant-costvaluation
Gross
4.0
5.6.6
5.6
6.44.26.25.8
Net
4.0
6.0- 1 . 1
6.3
9.33.76.94.6
]Per capita stocks
Current-costvaluation
Gross
4.9
2.32.26.6
7.33.47.4
11.4
Net
4.8
2.9.6
7.3
10.12.88.1
10.1
l
Constant-costvaluation
Gross
2.8
4.3- . 34.2
4.62.65.25.0
Net
2.7
4.8- 2 . 0
4.9
7.42.15.83.8
Per household stocks*
Current-costvaluation
Gross
4.1
1.81.65.7
6.53.26.09.9
Net
4.1
2.4- . 16.4
9.32.66.78.6
Constant-costvaluation
Gross
2.0
3.8- . 93.3
3.82.43.83.5
Net
2.0
4.2- 2 . 5
4.0
6.51.94.42.4
1. Source for population: U.S. Bureau of the Census, Current Population Reports, Series P-25.2. Source for number of households: U.S. Bureau of the Census, Current Population Reports, Series P-20.
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March 1979
only 0.6 percent in 1929-45, and 5.6percent again in 1945-77. The stockincreased in every year except 1932-35,1938, and 1944 (chart 4).
The stock grew slowly during the1930's because consumer purchasingpower was held down by the depression,and during World War II because con-sumer durable were in short supply(autos were generally unavailable). Thestock grew rapidly during the firstdecade after World War II, moremoderately in 1955-65, and rapidlyagain in 1965-73. Its growth deceleratedin 1973-77 but, at 5.8 percent, was stillabove the 1945-77 average. (The growthrate of the net stock, however, fell to4.6 percent, well below its 1945-77average of 6.3 percent.) These fluctua-tions in the growth rate were largelyattributable to autos: After the war,autos were available to meet the pent-up demand; after 1973, the average sizeof autos in the stock declined becauselarger autos were replaced by smaller,more fuel-efficient autos.
For the period 1945-77, the fastestgrowing types of consumer durableswere: Autos; other motor vehicles;kitchen and other household appliances;radio and television receivers, records,and musical instruments; and wheelgoods, durable toys, sports equipment,boats, and pleasure aircraft. These typesaccounted for 42 percent of the totalconstant-dollar gross stock at yearend1945 and 64 percent at yearend 1977(table E). The slowest growing typeswere: Furniture, including mattressesand bedsprings; and china, glassware,tableware, and utensils, These typesaccounted for 34 percent of the totalstock at yearend 1945, compared with17 percent at yearend 1977.
There are at least four main reasonsfor the rapid growth in the first group.First, increased real disposable personalincome per capita resulted in sub-stantially increased consumer purchas-ing power. Although this affected alltypes of consumer durables, the effectwas largest for goods in the first group;i.e., demand for them is the mostincome elastic. In contrast, the slowgrowth in the second group occurredlargely because most of these goods arenecessities and the demand for them ismuch less income elastic than for goods
SUEVEY OF CURRENT BUSINESS 19CHART 4
Gross and Net Stocks of Durable Goods Owned by Consumers, 1925-77Billion $ (ratio scale)2,000
1,000
800
600
400
300
200
100
60
50
40
30
20
1,500
1,000
800
600
400
300
200
100
80
6050
CURRENT COST VALUATION
Gross Stock
Net Stock
I I I I I I I I I I I t I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I
CONSTANT (1972) COST VALUATION
Stock
1 I I 1 1 1 I 1 I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I 1 I I I I I I I 1 I I I I I I I I 1 1
1925 30 35 40 45 50 55
Yearend
60 65 70- 75 80
U.S. Department of Commerce, Bureau of Economic Analysis
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20 SUKVEY OF CURRENT BUSINESS March 1979
Table E.—Composition of the Constant-Dollar Gross Stock of Durable Goods Owned byConsumers, Selected Years
[Percent]
Yearend
19251929193519451955
196519731977
Total
100.0100.0100.0100.0100.0
100.0100.0100.0
Motorvehicles l
Autos
23.231.233.231.035.0
37.535.434.6
Other
0.2. 4. 7.6
1.6
1.63.44.2
Furniture and household equipment
Furni-ture, in-cluding
mattres-ses and
bed-springs
30.026.825.824.317.6
16.813.912.8
Kitchenand
otherhouse-
hold ap-pliances 2
4.44.24.65.08.1
9.28.88.6
China,glass-ware,table-ware,and
utensils
11.910.29.89.58.2
5.34.54.0
Otherdurablehouse
furnish-ings3
14.313.012.612.610.7
9.510.010.3
Radioand
televisionreceivers,records,
andmusicalinstru-ments
2.02.02.22.64.5
5.68.9
10.4
Other
Jewelryand
watches
6.05.44.65.25.1
5.05.15.1
Ophthal-mic
productsa n d
orthope-dic ap-
pliances
1.2.9.9
1.81.7
1.61.1. 9
Booksand
maps
4.33.93.94.83.9
3.32.82.6
Wheelgoods,
durabletoys,
sportsequip-ment,boats,and
pleasureaircraft
2.52.01.72.63.6
4.66.16.5
1. See footnote 1, table 1. 2. See footnote 2, table 1. 3. See footnote 3, table 1
in the faster growing categories. Second,the prices of the types of goods in thefirst group increased less than the aver-age price of all consumer durables.Third, technological improvements wereparticularly large for goods of thesetypes. Fourth, demographic factors, suchas the larger number of retirees, createdan increased demand for travel-, recrea-tion-, and other leisure-oriented goods,which make up much of the first group.
Atyearend 1977, autos was the largestcategory (35 percent) in the constant-dollar gross stock (table E). The nextlargest categories were: Furniture, in-cluding mattresses and bedsprings (13
Table F.—Service Life Assumptions forDurable Goods Owned by Consumers
Type of goods
Motor vehiclesAutos i.Other motor vehiclesTires, tubes, accessories, and other parts2
Furniture and household equipmentFurniture, including mattresses and bedsprings.Kitchen and other household appliances . .China, glassware, tableware, and utensilsOther durable house furnishingsRadio and television receivers, records, and
musical instruments
OtherJewelry and watchesOphthalmic products and orthopedic appli-
liancesBooks and maps . . . . .Wheel goods, durable toys, sports equipment,
boats, and pleasure aircraft
Life(years)
1083
14111010
9
11
610
10
1. As explained in the text, the estimation of the grossstock of autos does not depend on an explicit service lifeassumption. The unit values used to derive the net stock aredepreciated according to a 10-year life, and a nominal netunit value is assigned to autos over 10 years old.
2. Estimates for this category are included in either theAutos" or "Other motor vehicles" stocks in tables 1-4.
See text for further discussion.
compared with 4.0 percent for the totalstock (table D). Thus, the portion ofthe increase in the total stock due tothe increase in the number of consumerswas about 30 percent as measured bypopulation or about 50 percent asmeasured by households. Growth ratesin 1955-65 were well below those earlierand later in the postwar period on aper-capita and per-household basis aswell as for the aggregate.
Net stock
The average annual growth rate ofthe constant-dollar net stock of con-sumer, durables for 1925-77 was thesame as that of the gross stock—4.0percent. However, the net stock growthrate fluctuated more widely than thegross stock rate because the value of
percent); other durable house furnish- t h e n e t s t o c k r e f l e c t g c h a n g e s m a g e
mgs (10 percent); radio and television s t r u c t u r e ( c h a r t 1}. T h e n e t s t o c k
receivers, records, and musical mstru- g r e w f a s t e r t h a n t h e g r o g s s t o c k i n
ments (10 percent); kitchen and other p e r i o d s o f h e a v y c o n s u m e r s p e n d i n g
household appliances (9 percent); and f o r n e w dmMe g o o d s ( 1 9 4 5 _ 5 5 a n d
wheel goods, durable toys, sports equip- 1 9 6 5 _ 7 3 ) a n d l e s s i n p e r i o d s w h e n ex_ment, boats, and pleasure aircraft (6 penditures for consumer durables werepercent). The remaining categories— l o w e r (1929-45).jewelry and watches; other motor A v e r a g e a n n u a i g r o w t h r a t e s ofvehicles; china, glassware, tableware, c u r r e n t . d o i l a r n e t and gross stocksand utensils; books and maps; and w e r e a l m o s t t h e g a m e f o r m 5 _ 7 7
ophthalmic products and orthopedic ( t a b l e D ) A b o u t t w o . t h i r d s o f t h e
appliances-each accounted for 5 per- h w a g ^ ^ r e a l v o l u m e of c(m_cent or less
T ' , ,, ., T sumer durables. For 1945-77, growthIn current dollars, the average annual &
growth rate of the gross stock of con-sumer durables for 1925-77 was 6.2 Table G.—Modified Winfrey L-2 Retirement~™~~^± /+^ui~ T*\ ,\u~ 4- 4- 4."U' i f Pattern Used for the Stock of Durablepercent (table D). About two-thirds of G o o d s O w n e d b y C o n s u m e r s (Exceptthis rate was due to growth of the real Autos)volume of consumer durables and one-third was due to inflation. For 1945-77,tne rate averaged 8.1 percent annually;about 70 percent of this was due togrowth of the real volume of consumerdurables and 30 percent was due toinflation.
Gross stock per consumer unit—Forcertain purposes, it is more useful tolook at the stock of consumer durablesrelative to the number of consumers.Two measures of the number of con-sumers are available—population andnumber of households (families andunrelated individuals).
For 1925-77, the constant-dollar grossstock per capita and per householdgrew at average annual rates of 2.8percent and 2.0 percent, respectively,
Percentage of averageservice life
Less than 25
25
455565
7585 -95105115
125
145155165
175185 - -195205215 - -
More than 215
Percentageof
originalexpenditures
discarded
0
1.52.13.66.08.4
9.810.29.68.67. 5
6.45. 54.74.03.2
2.62.01.51.01.8
0
Cumulativepercentageof original
expendituresdiscarded
0
1.53.67.2
13.221.6
31.441.651.259.867.3
73.779.283.987.991.1
93.795.797.298.2
100.0
100.0
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUKVEY OF CUERENT BUSINESS 21
of the current-dollar net stock averaged8.7 percent annually; about 70 percentof this was in the real volume.
Methodology
Gross expenditure flows and grossstock
The stock estimates are derived bythe perpetual inventory method.5 This
5. Procedures are similar to those used to measure thestock of fixed business capital.
method uses estimates of expenditureflows and, except for autos, estimatesof service lives and a retirement pat-tern. The methodology for derivingthe stock of autos, and the differencesbetween this methodology and thegeneral application of the perpetual in-ventory method described below, arediscussed in a later section. The grossstock is obtained by cumulating grossexpenditures in prior years and sub-tracting gross expenditures for goodsthat have completed their service lives.
The expenditure flows used for the yearssince 1929 are based on the durablegoods components of PCE.6 Those forthe years before 1929 are based ondata from a study by William H.Shaw.7
In the stock estimates, as in PCE,goods are classified as durable if they
6. For definitions underlying the PCE estimates, see "TheNational Income and Product Accounts of the United States:Revised Estimates, 1929-74," SURVEY, Part I, January1976, p. 35.
7. Value of Commodity Output Since 1869, National Bureauof Economic Research, 1949.
Table 1.—Current-Dollar Gross Stock of Durable Goods Owned by Consumers, by Type, 1925-77[Billions of dollars]
Yearend rotal
60.363.166.068.669.566.960.655.254.955.3
55.056.858.658.259.464.578.291.3
102.7111.8
113.3123.8142.5161.7176.6198.0222.3238.4251.3258.9
273.2301.1322.7344.6361.6374.1384.9397.1415.5431.0
444.5475.0514.4564.8615.7672.5716.8773.3852.6997.3
1,109. 71,220.91,352.5
Motor vehicles 1
Autos
10.212.414.416.217.718.117.516.115.715.8
15.615.816.416.216.418.224.429.132.434.6
33.135.141.951.859.665.976.483.988.690.0
95.1110.1120.3133.6141.1145.1149.3154.6162.2167.1
170.7178.2191.1207.3222.8246.9256.0271.8295.8343.1
382.6426.1482.1
Other
0.2.2.2.2. 3.4.4.4.4.4
. 4
. 5
.6
.6
.6
.7
.9
.8
.7
. 7
.61.01.41.92.32.83.54.04.44.3
4.55.05.45.65.75.75.86.06. 36.7
7.28.29.6
11.413.716.518.923.128.034.4
40.248.358.4
Furniture and household equipment
Furniture,includingmattresses
andbedsprings
14.414.414.614.814.313.811.710.511.011.0
11.111.812.212.012.012.915.218.321.825.1
26.427.529.730.931.534.737.638.740.241.5
43.646.448.750.452.354.556.558.660.963.5
66.972.878.786.494.3
100.5106.2112.1123.8141.3
153.8163.5176.0
Kitchenand
otherhouseholdappliances2
5.65.86.16.36.46.15.65.04.84.9
5.05.45.96.06.16.67.99.19.49.4
9.110.413.215.416.920.123.325.627.729.2
30.431.933.735.437.438.539.540.141.442.7
43.145.247.951.755.860.164.168.273.487.4
97.6106.5115.8
China,glassware,tableware,
andutensils
5.35.25.15.15.14.84.44.24.34.7
4.74.54.64.64.64.75.26.06.87.3
7.58.18.99.8
10.712.113.414.214.915.5
16.718.018.819.019.219.519.420.120.420.4
20.722.123.726.728.530.632.936.640.450.6
57.460.665.0
Otherdurablehouse
furnishings3
8.88.98.99.08.98.37.46.97.17.4
7.47.98.18.08.39.0
10.311.713.414.7
15.216.518.019.020.323.425.826.827.928.7
30.232.033.434.535.837.538.339.140.942.5
45.148.752.856.962.466.170.476.985.4
103.0
113.8125.8138.2
Radioand
televisionreceivers,records,
andmusical
instruments
5.86.26.56.66.04.93.62.92.82.9
2.92.82.92.82.93.23.94.54.84.9
4.86.17.79.0
10.111.612.513.314.515.5
16.919.121.122.623.924.825.225.726.728.1
29.032.536.641.646.953.059.166.074.085.2
95.5105.3115.4
Other
Jewelryand
watches
5.15.05.15.25.35.45.14.84.54.1
4.03.93.73.63.84.25.15.96.97.9
8.59.5
10.411.011.412.313.313.914.414.6
15.215.816.417.017.718.418.919.521.222.4
21.723.325.528.931.934.437.240.745.151.5
56.961.466.1
Ophthalmicproducts
andorthopedicappliances
0.8. 8.8.8.8. 8. 8.7. 7. 7
. 7
. 7
.8
.8
.91.01.11.21.41.6
1.72.02.12.42.52.83.03.13.23.4
3.53.73.94.04.34.54.74.95.25.6
6.16.77.37.78.38.79.09.09.4
10.2
10.911.612.4
Booksand
maps
2.22.22.32.42.42.42.32.22.02.0
2.02.02.12.12.12.22.22.42.73.0
3.33.94.55.05.55.86.47.07.47.6
8.08.59.39.8
10.210.611.111.512.212.9
13.414.415.516.818.018.821.322.524.027.1
29.732.235.2
Wheelgoods,
durabletoys, sportsequipment,boats, andpleasureaircraft
2.02.02.02.02.12.01.81.61.51.4
1.31.41.51.51.61.82.12.32.42.7
3.03.84.75.45.86.57.27.78.28.6
9.310.411.612.814.015.116.217.118.219.2
20.622.925.729.433.136.941.646.553.463.7
71.279.687.8
1925.1926.1927.1928.1929.1930.1931.1932.1933.1934.
1935.1936.1937.1938.1939.1940.1941.1942.1943.1944.
1945.1946.1947.1948.1949.1950.1951.1952.1953.1954.
1955.1956.1957.1958.1959.1960.1961.1962.1963.1964.
1965.1966.1967.1968.1969.1970.1971.1972.1973.1974.
1975.1976.1977.
1. Includes tires, tubes, accessories, and other parts.2. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment,
stoves, air conditioners, sewing machines, vacuum cleaners, and other appliances.3. Includes such housefurnishings as floor coverings, comforters, quilts, blankets, pillows,
picture frames, mirrors, art products, portable lamps, and clocks. Also includes writing equip-ment and hand, power, and garden tools.
NOTE.—The stock estimates are based on straight-line depreciation and service lives givenin table F.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
22 SURVEY OF CURRENT BUSINESS March 1979
have an average life of at least 3 years;other goods are classified as nondurable.This classification is somewhat approxi-mate, because it is applied to broadcategories. For example, all purchasesof clothing and shoes are classified asnondurable, even though some items,such as fur coats, ordinarily are usedfor more than 3 years.
Consumer purchases of used goodsfrom another sector in PCE are modifiedfor use in estimating the stock of con-sumer durables. In PCE, these goodsare valued at secondhand sales prices.In the expenditure flows used to derive
the stock estimates, they are valued atestimated original acquisition prices, sothat goods which are transferredsecondhand between sectors are valuedconsistently with goods that remain inone sector. Estimated original acquisi-tion prices are derived by raising second-hand sales prices by a factor determinedby the estimated age of the goods whenthey are purchased by consumers. PCEfor tires, tubes, accessories, and otherparts are also modified; these modifica-tion are discussd in the section on autos.
Service lives and retirement pattern.—The service lives used to derive the stock
estimates are given in table F. Theyrange from 3 years for tires, tubes, ac-cessories, and other motor vehicle partsto 14 years for furniture, including mat-tresses and bedsprings, with most be-tween 8 and 11 years. Except for autos,the lives are based on the age distribu-tions of the stock of various consumerdurables in the 1960-61 and 1972-73Bureau of Labor Statistics (BLS) sur-veys of consumer expenditures, on U.S.Department of Agriculture studies, andon the assumptions of other researchers.8
The service lives in table F areaverages. Underlying the average for a
Table 2.—Current-Dollar Net Stock of Durable Goods Owned by Consumers, by Type, 1925-77[Billions of dollars]
Yearend Total
Motor vehicles *
Autos Other
Furniture and household equipment
Furniture,includingmattresses
andbedsprings
Kitchenand
otherhousehold
appliances2
China,glassware,tableware,
andutensils
Otherdurablehouse
furnishings3
Radioand
televisionreceivers,records,
andmusical
nstruments
Other
Jewelryand
watches
Ophthalmicproducts
andorthopedicappliances
Booksand
maps
Wheel
toys, sportsequipment,boats, andpleasureaircraft
1925.1926..1927.1928..1929..1930.1931-1932..1933..1934..
1935..1936..1937..1938..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.
1965.1966.1967.1968.1969.1970.1971.1972.1973.1974.
1975.1976.1977.
32.634.736.437.838.436.432.028.027.026.6
26.427.729.229.030.133.539.143.746.948.9
48.655.065.776.386.5
103.6119.4128.8137.9142.7
151.9165.8174.7181.4187.9192.4195.0200.3210.6221.4
233.2255.4279.6310.5340.6368.9391.6423.8469.0540.9
591.2644.2710.5
6.68.09.09.9
10.710.59.68.37.87.6
7.57.78.17.88.19.4
10.410.510.09.2
7.77.9
10.514.620.328.136.441.847.249.4
53.660.463.866.868.669.469.571.575.779.6
84.291.399.2
109.5118.9129.4133.1141.4154.0172.2
184.8202.2227.2
0.1.1.1.1.2.2.2.2.2.2
.2
.3
.3
.3
.3
.4
.5
.4
.3
.2
.2
.5
.81.21.41.72.02.22.22.1
2.22.42.62.62.72.72.72.83.13.5
3.94.65.56.78.19.6
11.014.017.120.1
22.727.533.5
7.67.77.87.97.77.36.15.35.45.3
5.35.76.05.96.06.67.99.6
11.312.8
13.314.015.316.216.618.620.321.021.922.7
24.025.827.127.928.930.030.931.933.234.7
36.840.343.647.952.255.358.161.468.177.7
84.289.396.3
3.13.23.43.53.53.33.02.52.42.4
2.62.93.23.33.43.64.55.04.84.5
4.15.17.49.3
10.512.814.715.816.717.3
17.918.819.620.321.221.521.821.922.523.2
23.524.726.328.530.933.435.638.141.449.4
54.759.164.0
2.52.52.52.62.72.42.22.12.12.3
2.32.22.32.32.32.42.73.23.53.7
3.84.34.95.56.06.87.47.78.08.1
8.79.39.59.59.59.59.49.89.9
10.0
10.411.412.514.215.416.517.819.922.127.5
30.631.934.0
4.64.74.74.84.84.43.83.53.53.5
3.53.84.04.04.24.65.36.17.07.6
7.88.79.7
10.411.213.114.414.815.115.2
15.916.817.417.918.619.419.920.421.522.7
24.526.829.331.835.137.139.643.448.658.7
64.370.577.1
3.13.33.53.63.32.72.0.5.4.4
.3
.4
.5
.4
.5..7
2.22.62.62.5
2.33.34.45.25.97.17.68.18.79.3
10.111.312.212.713.214.413.513.714.415.4
16.419.022.025.228.431.935.239.143.750.0
55.861.266.9
2.62.62.72.82.82.92.62.42.11.9
1.81.71.71.71.82.12.63.23.84.5
4.95.76.26.46.67.07.47.77.98.0
8.38.79.09.39.7
10.010.210.511.312.0
11.812.914.416.518.319.621.123.025.529.0
31.934.3
0.4.4.4.4.4.4.4.3.3.3
.4
.4
.4
.4
.5
.5
.6
.7
.8
1.01.1.2.3.3.4.6.6.7.8
.8
.92.02.12.22.32.42.62.73.0
3.23.63.84.04.24.34.44.44.65.0
5.55.86.3
.1
.1
.2
.3
.3
.3
.2
.1
.0
.0
.0
.0
.0
.1
.1
.1
.1
.3
.41.6
1.92.22.52.83.03.23.43.73.94.0
4.24.54.95.15.35.55.76.06.36.8
7.27.88.49.09.7
10.111.412.012.814.4
15.917.218.9
1.01.01.01.01.01.0.9.8.7.7
.6
.7
.8
.8
.91.01.21.31.41.5
1.72.32.93.33.53.84.24.44.64.8
5.35.96.67.38.08.69.09.49.9
10.5
11.412.914.817.119.521.724.227.231.337.0
40.845.249.5
1. See footnote 1, table 1.2. See footnote 2, table 1.
3. See footnote 3, table 1.
NOTE.—See table 1, Note.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 23
given type of good is a distribution ofdiscards. To account for the fact thatgoods are discarded at different ages, apattern of retirement is used. Exceptfor autos, this pattern is based on the
8. Lenore A. Epstein, "Consumers' Tangible Assets,"Studies in Income and Wealth, Volume 12, National Bureauof Economic Research, 1950; Raymond W. Goldsmith, TheNational Wealth of the United States in the Postwar Period,National Bureau of Economic Research, 1962; Marilyn DossRuffin and Katherine S. Tippett, "Service-Life Expectancyof Household Appliances: New Estimates from TJSDA,"Home Economics Research Journal, March 1975: and BLS,"Survey of Consumer Expenditures, 1960-61, ExpandingOwnership of Household Equipment," BLS Report No.238-7, November 1964, and "Consumer Expenditure SurveySeries: Interview Survey, 1972-73, Inventories of Vehiclesand Selected Household Equipment, 1973," BLS ReportNo. 455-5, 1978.
Winfrey L-2 curve, modified so thatretirements start at 25 percent and endat 215 percent of the average life.9 Themodified L-2 curve, in table G, is anasymmetrical distribution with heavydiscards shortly before the averageservice life is reached and a taperingpattern thereafter.
Valuation
The stock estimates are valued inthree different ways—at historical cost,
9. Robley Winfrey, Statistical Analyses of Industrial Pro-perty Retirement, Iowa Engineering Experiment Station,Bulletin 125, December 11,1935.
at constant cost, and at current cost.The historical-cost estimates, whichvalue each good in the gross stock atits original acquisition price, are notshown in this article, but are availableon request from BEA.
Constant-cost, or constant-dollar,estimates value each good at theprices of 1972, the same prices asthose used for constant-dollar GNP.The estimating procedure starts withgross expenditure flows expressed inconstant prices, obtained by dividingcurrent-dollar expenditure flows byappropriate price indexes. Thus, theconstant-cost stock is an estimate of
Table 3.—Constant-Dollar Gross Stock of Durable Goods Owned by Consumers, by Type, 1925-77IBillions of 1972 dollars]
Yearend Total
Motor vehiclesl
Autos Other
Furniture and household equipment
Furniture,includingmattresses
andbedsprings
Kitchenand
otherhousehold
appliances!
China,glassware,tableware,
andutensils
Otherdurablehouse
furnishings3
Radioand
televisionreceivers,records,
andmusical
nstruments
Other
Jewelryand
watches
Ophthalmicproducts
andorthopedicappliances
Booksand
maps
Wheelgoods,durable
toys, sportsequipment,boats, andpleasureaircraft
1925.1926-1927.1928.1929..1930..1931-1932..1933-1934-
1935-1936-1937..1938-1939-1940..1941-1942..1943-1944-
1945-1946-1947-1948-1949-1950-1951-1952-1953-1954-
1955.1956..1957.1958.1959.1960.1961.1962.1963.1964.
1965.1966.1967.1968.1969.1970.1971.1972.1973.1974.
1975.1976.1977.
133.0141.4149.1156.8165.5170.2171.8169.8167.0164.1
162.6163.3165.1164.0166.1171.1179.0181.3181.9181.3
181.8192.0207.3223.4240.5258.8273.9288.4304.0318.4
338.8358.0376.6391.0406.7421.5433.1448.2465.9485.4
511.6539.8569.5607.7645.9680.5722.6772.5830.4878.8
925.3979.0
1,038.5
30.836.741.546.251.654.855.855.355.154.2
54.054.154.753.253.656.059.158.557.957.1
56.458.564.671.079.586.792.097.0
103.0108.7
118.5126.9135.9142.1148.7155.4159.6166.4174.3181.1
191.9199.9208.1222.0234.3243.3258.3274.8294.4307.5
321.3339.3359.2
0.3.4.5.5.7.9
1.01.01.01.1
1.1l.o1.41.51.61.71.91.71.51.3
1.11.62.12.73.13.64.24.75.05.1
5.55.86.06.06.06.26.26.56.87.3
8.19.2
10.412.314.416.319.023.327.930.8
33.838.643.7
40.942.343.444.344.544.744.143.142.2
41.942.042.142.142.443.244.445.044.944.5
44.245.046.247.548.750.451.753.355.257.1
59.762.364.766.969.471.773.976.378.982.2
85.789.693.397.0
100.6103.8107.1111.1115.9120.3
124.0128.1132.9
5.86.16.56.77.07.27.47.27.27.3
7.57.98.48.79.19.6
10.510.710.29.6
9.19.9
11.613.415.117.419.521.523.525.3
27.529.832.134.136.338.139.941.643.445.3
47.349.752.154.958.061.164.268.273.077.7
81.485.189.2
15.916.016.116.416.816.716.616.616.416.2
15.915.916.016.016.016.216.717.217.217.1
17.318.519.921.422.623.825.025.826.627.2
27.828.128.228.027.827.527.226.926.726.7
27.027.828.829.931.132.433.835.437.238.7
39.540.441.4
19.019.420.020.721.522.022.222.021.420.9
20.420.520.520.520.721.021.722.222.622.7
22.924.025.226.828.330.232.033.434.535.2
36.237.238.138.939.840.641.442.543.946.0
48.551.554.658.362.466.470.976.482.9
95.0100.7107.2
2.72.82.93.13.33.63.73.73.73.6
3.53.63.73.73.94.24.64.94.94.8
4.75.35.96.57.18.39.3
10.612.013.5
15.216.818.019.120.221.122.123.124.326.1
28.632.436.941.947.353.159.166.173.981.7
90.098.9
108.6
8.08.28.58.78.99.18.98.68.27.8
7.57.27.17.07.07.17.47.78.38.8
9.510.511.312.112.813.614.214.915.616.3
17.118.018.819.620.521.221.922.623.424.2
25.427.229.231.333.535.737.840.142.745.2
47.650.253.1
1.61.6.6.5.5.5.5.5.4.5
.5
.61.71.81.92.02.22.52.83.1
3.33.73.94.24.44.54.85.05.35.5
5.65.86.06.16.36.56.66.97.27.6
8.18.68.99.29.39.39.18.98.88.8
8.88.98.9
5.75.86.16.36.56.76.86.76.56.4
6.36.36.46.56.56.66.77.07.37.9
8.69.4
10.010.510.911.411.912.412.813.1
13.413.814.114.314.514.815.115.415.916.5
17.117.918.619.320.020.821.622.223.023.8
24.725.626.7
3.33.33.33.33.33.33.23.12.92.9
2.82.93.03.13.33.53.84.14.34.5
4.75.66.57.48.18.89.4
10.010.711.4
12.313.514.615.917.218.319.320.221.122.3
23.826.028.631.635.038.341.646.050.755.0
59.163.267.7
1. See footnote 1, table 1.2. See footnote 2, table 1.
3. See footnote 3, table 1.NOTE.—See table 1, Note.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
24 SURVEY OF CURRENT BUSINESS March 1979
the quality of durable goods owned byconsumers valued in 1972 prices.
Current-cost, or current-dollar, esti-mates value each good at any specifiedperiod at the prices of that period.Current-cost stock estimates are calcu-lated by applying price indexes to theconstant-cost stock estimates. Forexample, each component of the year-end 1977 stock valued at current costis the product of the yearend 1977stock valued at constant cost and theappropriate yearend 1977 price index.In effect, the current-cost stock is an
estimate of the replacement value ofdurable goods owned by consumers.
The price indexes used to derive theconstant-cost and current-cost stockestimates are the same as those usedto estimate constant-dollar PCE. Forthe most part, they are derived fromcomponents of the Consumer PriceIndex (CPI), published by BLS. Incompiling the CPI, BLS attempts toremove from reported price changesthose changes in cost that are attribut-able to changes in specifications. Thus,if a good is replaced in the constant-
dollar stock by another that is morecostly to produce in real terms, thestock rises. However, if improvedtechnology permits production of a newimproved good at the same cost as anold good of the same type, replacementof the old good by the new good doesnot raise the stock.
Depreciation and net stock
Goods are carried in the gross stockat their undepreciated values duringthe entire time they remain in stock.To estimate the net stock, depreciation
Table 4.—Constant-Dollar Net Stock of Durable Goods Owned by Consumers, by Type, 1925-77[Billions of 1972 dollars]
Yearend
1925192619271928192919301931193219331934.
193519361937. . .19381939. .19401941194219431944
194519461947194819491950. .1951195219531954
195519561957.19581959I96019611962.19631964
196519661967.19681969.1970. .197119721973. .1974
197519761977.
Total
72.778.482.887.091.992 690.786.282.278.9
77.879.481 981.283.688.288.686.282.779.2
77.484.094.1
104.9117.1134.0146.1155.0165.9174.5
187.5196.4203.3205 8211.5217.0219.7226.5236.5249.6
268 4290.1309.4333 9357.1373 4394 7423.3456 6476.7
493 3517.4547.3
Motor vehicles i
Autos
20.023.726.028.331.031 630.528 527.526.2
25.926.327 125.826.528.825.221.117.815.1
13.113.116.120.027 137.043.948.354.959.7
66.869.772.071 172.374.474 376.981.486.3
94 7102.4108.0117 3125.0127 5134 3143.0153 2154.3
155 2161.0169.3
Other
0.2.3.33
.56
.65
.5
.5
.6
.7gg
.99
1.0g
. 6
.5
4g
1.31.71 92.22 42.52.62.5
2 72.82.92 82 92.92 93.13.43.8
4 45 25.97 28.69 4
11 114 117 018.0
19 122 025.1
Furniture and household equipment
Furniture,includingmattresses
andbedsprings
21.121.822.723.423.823.623.222.321.220.2
19.920.220 620.621.121.923.223.523.322.7
22.222.923.924.825 727.027.928.930.131.2
32.934.735.937 038.339.440.341.542.945.0
47 249.651.753.855.757 158 660.963 766.1
67 970.072.7
Kitchenand
otherhousehold
appliances 2
3.23.43.63.73.93.93.93.73.63.7
3.94.24 64.75.05.35.95.95.34.5
4.14.96.68.19 3
11.012.213.214.?15.0
16.217.518.719 620.621.322.022.723.624.6
25 727.228.630 332.133 935.738.141 244.0
45.747.249.3
China,glassware,tableware,
andutensils
7.67.98.08.48.78.58.48.38.18.0
7.77.78.08.08.18.28.79.08.98.7
8.89.9
10.912.012.713.313.814.014.214.3
14.514.514.314 013.713.413.213.113.013.1
13.614.315.215.916.717.518.319.220.321.0
21.121.321.6
Otherdurablehouse
furnishings3
9.910.210.611.011.511.611.511.110.410.0
9.79.9
10.110.110.410.711.311.611.811.7
11.712.613.614.715.716.917.918.418.718.7
19.019.519.920.220.721.121.522.123.124.6
26.328.430.332.635.137.339.843.147.250.9
53.656.459.8
Radioand
televisionreceivers,records,
andmusical
instruments
1.41.51.61.71.82.02.12.01.81.7
1.71.71.81.92.12.32.62.82.72.5
2.32.83.43.74.25.15.76.47.28.1
9.19.9
10.410.711.111.411.812.413.114.3
16.219.022.225.428.732.035.239.243.748.0
52.557.562.9
Jewelryand
watches
Other
Ophthalmicproducts
andorthopedicappliances
4.04.24.44.64.74.84.64.23.83.5
3.33.23.23.33.43.53.84.14.65.0
5.56.26.77.17.47.77.98.38.58.9
9.49.9
10.310.711.211.511.812.112.513.0
13.815.116.417.919.220.421.522.624.125.5
26.628.129.6
0.8.8.8.8.8.8.8.7.7.7
.8
.8
. 91.01.01.11.21.41.51.7
1.92.02.12.22.32.42.52.62.82.9
2.93.03.13.13.33.33.43.63.84.0
4.34.64.74.84.84.64.44 .34 .34.4
4.44.54.5
Booksand
maps1(
3.03.03.23.33.53.63.63.43.23.1
3.03.13.23.33.33.43.53.74.04.4
4.95.55.75.96.06.26.56.66.86.9
7.07.27.37.47.57.67.88.08.38.7
9.19.7
10.110.410.711.211.511.812.212.6
13.213.614.4
Wheelgoods,durable
L,oys, sportsiquipment,boats, andpleasureaircraft
1.61.61.61.61.71.61.61.51.41.3
1.31.41.61.71.82.02.22,32.42.5
2.63.34.04.64.95.25.45.66.06.3
7.07.78.49.19.9
10.410.811.111.512.2
13.114.716.418.420.622.524.226.929.731.9
34.035.938.1
1. See footnote 1, table 1.2. See footnote 2, table 1.
3. See footnote 3, table 1.NOTE.—-See table 1, Note.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 25
rates are applied to these values. Thedepreciation method used to derive thenet stock estimates in tables 2 and 4 isthe straight-line formula, which assumesequal dollar depreciation each year overthe life of the good.
In the NIPA's PCE for durablegoods is not capitalized. Thus, theestimates of depreciation on consumerdurable goods shown in table 5 are notincluded in the NIPA estimates ofcapital consumption.
Autos
Numbers and ages of autos in useare available each year from Stateregistration data tabulated by the R. L.Polk Company. The methodology forderiving estimates of the stock of con-sumer autos takes advantage of thisinformation and is therefore somewhatdifferent from that for other consumerdurables, in that it is not necessary toassume an estimated service life orretirement pattern for autos.
The stock of consumer autos is esti-mated in the following manner: First,the total stock of autos in use, regard-less of ownership, is derived, as follows:(a) The number of new autos enteringthe stock, regardless of ownership, eachyear is estimated from trade associationdata, (b) Survival rates are obtainedfrom the annual Polk tabulations forautos for each year of original registra-tion, (c) The survival rates in (b) areapplied to the annual new autos seriesin (a) to derive annual estimates ofautos in use by year of original registra-tion.
Second, the total stock of autos isseparated into household and non-household stocks using Polk tabulationsfor consumer, business, and "mixed-
use" autos. (These data are also usedto derive the autos component of PCEin the NIPA's.) In this process, house-hold-owned autos that are exclusivelyfor personal use are assigned to the con-sumer stock, and "mixed-use" autos—i.e., those owned by households butused partly for business purposes—aj*eallocated between consumer and busi-ness stocks on the basis of studies of theamount of business usage of these autos.
Next, the average unit value in eachyear of original registration is deflatedby the PCE implicit price deflator fornew autos to obtain the average unitvalue in 1972 prices. The constant-dol-lar gross stock of consumer autos is ob-tained each year by multiplying thenumber of autos in each year of originalregistration by the corresponding unitvalue. The net stock is derived simi-larly, but with the use of depreciatedunit values based on straight-line de-preciation. The unit value figures aredepreciated according to a 10-year life,and a nominal net unit value is assignedto autos over 10 years old.10
Motor vehicle parts and accessories.—The stock estimates for both autos andother motor vehicles implicitly includethe value of replacement tires andparts. However, the value of nonre-placement items purchased for motorvehicles is not included. It is estimatedseparately and added to the appropriatestock. Examples of such items are snowtires and citizens band radios not in-cluded as original equipment on newmotor vehicles. Trade association dataare used to estimate the value of theseitems and to allocate them between
autos and other motor vehicles. Non-replacement items account for about 20percent of total expenditures in the"tires, tubes, accessories, and otherparts" category.
Table 5.—Personal Consumption Expendi-tures for Durable Goods, Depreciation,and Personal Consumption Expendituresfor Durable Goods Net of Depreciation,in Current and Constant Dollars, 1929-77
10. The 10-year life was estimated by an analysis of usedauto prices, which indicated that most autos have depreci-ated to a small fraction of their original value when theyreach this age.
Year
1929193019311932193319341935193619371938
1939194019411942194319441945194619471948
194919501951195219531 9 5 4 . . . .195519561 9 5 7 . . . .1 9 5 8 . . . .
1 9 5 9 . . . .19601 9 6 1 . . . .19621 9 6 3 . . . .196419651 9 6 6 . . . .19671968
19691 9 7 0 . . . .1971197219731974197519761977
Billions of dollars
Ex-pend-itures
9.27.25.53.63.54.25.16.36.95.7
6.77.89.76.96.56.78.0
15.820.422.9
25.030.829.829.132.531.838.637.939.336.8
42.443.141.646.751.456.362.867.769.680.0
85.584.997.1
111.2123.7122.0132.6156.6178.4
De-preci-ation
6.86.76.25.45.15.25.15.15.45.4
5.45.76.57.47.98.68.69.7
11.613.0
14.215.818.520.723.124.926.729.231.833.5
35.536.537.538.539.641.242.544.948.753.7
59.264.770.976.182.693.3
106.0116.8127.9
Ex-pend-ituresnet of
de-preci-ation
2.4. 5
- . 7- 1 . 8-1 .6-1 .0
01.21.5. 3
1.32.13.2
- . 5-1 .4-1 .9
- . 66.18.89.9
10.815.011.38.49.46.9
11.98.77.53.3
6.96.64.18.2
11.815.120.322.820.926.3
26.320.226.235.141.128.726.639.850.5
Billions of 1972 dollars
Ex-pend-itures
21.517.014.611.110.912.415.419.120.116.2
19.121.824.716.314.513.514.825.830.633.1
36.343.439.938.943.143.552.249.849.746.4
51.852.550.355.760.765.773.479.079.788.2
91.988.998.1
111.2121.8112.5112.7125.9137.8
De-preci-ation
15.416.016.316.115.715.214.914.815.015.0
15.115.615.415.214.814.213.615.517.118.2
19.521.323.225.327.830.333.035.337.038.3
39.740.841.943.144.446.148.251.154.558.5
62.967.071.276.181.686.791.095.7
101.0
Ex-pend-ituresnet of
de-preci-ation
6.11.0
-1 .7-5 .0-4 .8- 2 . 8
. 54 .35.11.2
4.06.29.31.1
- . 3- . 71.2
10.313.514.9
16.822.116.713.615.313.219.214.512.78.1
12.111.78.4
12.616,319.625.227.925.229.7
29.021.926.935.140.225.821.730.236.8
288-330 O - 79 - 4
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
By JOHN T. WOODWARD
Plant and Equipment Expenditures, Firstand Second Quarters and Second Half of 1979
JSINESS plans to spend $171.1billion for new plant and equipment in1979, 11.3 percent more than in 1978,according to the BEA quarterly surveyconducted in late January and February(table 1 and chart 5).1 Spending in 1978
I. Plans have been adjusted for biases (table 7, footnote 2).The adjustments were calculated for each industry. Beforeadjustment, plans for 1979 were $80.61 billion for manufactur-ing and $93.96 billion lor nonmanufacturing. The net effect ofthe adjustments was to lower manufacturing $3.07 billion andnonmanufacturing $0.36 billion.
Table 1.—Expenditures for New Plant andEquipment by U.S. Business: PercentChange From Preceding Year
1977Actual
1978
Planned i Actual
1979Planned
All industries.
Manufacturing.
Durable goods.
Primary me ta l s 2 . .Blast furnaces,
steelworksNonferrous
metalsElectrical machin-
eryMachinery, except
electricalTransportation
equipment 2..-Motor vehicles...Aircraft
Stone, clay, and
Other durables
Nondurable goods. . .
Food includingbeverage
TextilesPaperChemicalsPetroleumRubberOther nondurables
Nonmanufacturing
MiningRailroadAir transportation.Other transporta-
tionPublic utilities . . . .
ElectricGas and other...
Communication. _.Commercial and
other
12.7
14.6
17.3
—4.9
—10.7
3.2
25.5
14.7
47.065.47.8
15.721.3
12.4
11.512.72.82.3
19.432.512.5
11.2
12.411.424.3
—30.915.814.821.316.2
9.4
10.9
11.7
12.0
9.9
2.3
17.9
12.8
10.5
11.910.616.5
19.012.7
11.5
13.410.710.66.5
10.531.019.4
10.4
14.112.824.1
-15.314.315.010.59.8
7.1
13.3
12.4
14.0
3.4
—8.1
9.6
21.3
9.2
20.214.648.6
23.916.0
11.0
16.613.43.04.0
11.720.225.8
13.9
6.318.542.5
—3.014.314.811.417.5
11.9
11.3
14.7
19.5
11.3
19.9
7.6
25.3
25.4
20.316.831.1
17.817.7
10.4
4.61.8
30.213.75.54.8
24.6
8.6
was $153.8 billion, 13.3 percent higherthan in 1977.
Business also reported sales expecta-tions for 1979; increases expected thisyear are smaller than those realizedlast year (table 2).
The plant and equipment figures arenot adjusted for price change. As
1. Plans for 1978 are based on the survey conducted in lateJanuary and February 1978.
2. Includes industries not shown separately.
26
CHART 5
Changes in Plant and EquipmentExpenditures
Percent-50 -30 -10 0 10 30 50
ALL INDUSTRIES
Durable GoodsManufacturing
Railroad
Air Transportation
MiscellaneousTransportation
Nondurable GoodsManufacturing
Electric Utilities
Gas, Water andSanitary Services
6.417.4 Commercial and17.1 Other
14.39.9
10.28.46.2
Mining
Communication
I I I I
1978 Actual
1979 Planned
I I I I
> t I 1 t i l l
measured by the implicit price deflatorfor nonresidential fixed investment inthe national income and product ac-counts, capital goods prices increased8.2 percent in 1978, indicating that realspending on plant and equipment in-creased about 5 percent. If survey re-spondents expect capital goods prices toincrease this year at about the same rateas last year and incorporated such ex-pectations into their 1979 spendingplans, an increase in real spendingplans of about 3 percent is indicated.
Spending increased 5.5 percent in thefourth quarter of 1978, one of the largestquarter-to-quarter increases ever re-corded by the survey; this increasefollowed sizable increases in the firstthree quarters of 1978—4.4 percent inthe first, 4.5 percent in the second, and
Table 2.—Change in Business Sales: PercentChange From Preceding Year
Manufacturing
Durable goods 2
Primary metalsElectrical machin-
eryMachinery, except
electrical _ -Transportation
equipmentStone, clay, and
glass -
Nondurable goods2._
Food includingbeverage
TextilesPaperChemicals --PetroleumRubber
Trade
WholesaleRetail
Public utilities
1977Actual
12.7
14.5
10.8
14.1
10.7
20.8
15.5
10.7
6.112.8
8.310.916.814.2
10.4
10.610.2
18.8
1978
Planned1
9.2
9.5
11.0
10.3
9.9
6.8
7.1
8.9
6.96.49.7
10.811.610.7
9.4
9.89.1
10.6
Actual
12.5
14.7
16.5
14.9
16.1
12.5
24.8
10.2
11.67.5
10.211.07.88.7
13.7
17.510.2
12.1
1979Planned
10.4
10.6
11.2
11.1
12.4
7.5
6.5
10.2
10.28.99.0
11.012.510.1
9.5
9.69.4
10.2
1. Plans for 1978 are based on the survey conducted inlate January and February 1978.
2. Includes industries not shown separately.
U.S. Department of Commerce, Bureau of Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979
3.1 percent in the third. The fourth-quarter increase was considerably largerthan the 3.8 percent indicated by plansshown in the preceding quarterly surveyreported in December.
Spending plans for 1979 call forspending in the first quarter to be about
CHART 6
Plant and Equipment ExpendituresBil l ion $ (Ratio scale)
200
150
100
80
60.
ALL INDUSTRIES
y
I I I I I I 1 I I 1 I I I I 1 I I I 1 I 1 I I I I I 1 I 1 I I I I 1
half
]
cvj
-
1 1 1 1 1 1 1 I
60
40
30
20
15
10
MANUFACTURING
-
-
111 I 11 11 i 11 I 11
Nondurables^
f
i 1 i 11 1 11 i 11 i
ADurables
-
hil l . . . I . . . In.
COMMUNICATION AND COMMERCIAL
pn 1. i . I n . I . . . I . • 1 1 . . . I . . , 1. . 11. . . 1 . . 11. . . 1.
50PUBLIC UTILITIES
I . M I . I . I I H I I M I I M I . I . I I M I . I I I I I I I I M
SURVEY OF CURRENT BUSINESS
the same as in the fourth quarter of1978. A 2.0-percent increase is plannedfor the second quarter. For the secondhalf, spending plans are not reportedon a quarterly basis. However, the im-plied average quarterly increase isabout 3% percent.
The latest plans for 1979 spendingare $0.9 billion above those indicatedin the annual survey, which was con-ducted in November and December andreported in January. That surveyshowed planned spending of $170.2billion, 11.2 percent above the $153.1billion estimate of 1978 spending indi-cated in the quarterly survey con-ducted in October and November andreported in December. The year-to-year increase indicated by the latestsurvey is almost the same as thatreported in January, because estimatesof both actual 1978 spending andplanned 1979 spending were revisedupward. Some of the component in-dustries have different year-to-yearchanges in the latest survey than thoseindicated in the November-Decembersurvey; however, because the proce-dures used in adjusting the two surveysfor biases are not the same, small differ-ences should not be interpreted asindicating significant changes in 1979plans.2
2. The bias adjustments for both surveys are computedseparately for each major industry. The adjustments for thesurveys that provide only annual data are applied to anindustry only when planned spending deviates from actualspending in the same direction in at least 5 of the last 7 years.When this criterion is met, the adjustment is derived bytaking the median deviation between planned and actualspending for the last 5 years. The bias adjustments for theJanuary-February survey, as for all surveys that includequarterly data, are computed separately for each quarterand are based on techniques that embody the experience ofthe entire postwar period.
Table 3.—Petroleum Industry Expendituresfor New Plant and Equipment by Func-tion
15TRANSPORTATION INCLUDING RAILROAD
I I I I I I I I M I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I1969 71 73 75 77
Seasonally Adjusted at Annual Rateso PlannedU.S. Department of Commerce, Bureau of Economic Analysis
79
Total
ProductionTransportation..
Refiningand petro-chemicals
Marketing
Other
Billions of dollars
Actual
1977
13.87
7.05.98
3.58.68
1.58
1978
15.50
8.18.65
3.70.84
2.12
Planned
1979 1
16.35
8.05.79
4.00.78
2.72
Percentchange from
precedingyear
1978
11.7
16.1-33.9
3.523.1
34.3
1979
5.5
- 1 . 722.0
8.0- 6 . 9
28.1
1. The reported plans are adjusted for biases when neces-sary; adjustments are applied separately to expenditures foreach function. Before adjustments, plans for 1979 were $17.11billion.
27
The plant and equipment expendi-ture survey is one of the major sourcesused in estimating the nonresidentialfixed investment component of GNP.As mentioned in the "Business Situa-tion" article earlier in this issue, BE Ais reevaluating the several sources usedin estimating this component, becausethey have given divergent indicationsof recent increases in investment.
CHART 7
Starts and Carryover of InvestmentProjects
Bil l ion $ (Ratio scale)
-MANUFACTURING
, i i i , i i , i i i
1969 7971 73 75 77
Seasonally Adjusted* Carryover as of end of periodU.S. Department of Commerce, Bureau of Economic Analysis 79-3-7
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
28 SURVEY OF CURRENT BUSINESS March 1979
Realization of 1978 plans.—In thesuccessive quarterly surveys of 1978investment programs, businesses gen-erally revised their spending plansupward. The actual spending increaseof 13.3 percent for the year comparedwith plans early in the year for a10.9-percent increase. Upward revisionsoccurred in both manufacturing andnonmanufacturing industries, but werelargest in nonmanufacturing, especiallyin the transportation, communication,and commercial groups. In manufac-turing, sizable upward revisions oc-curred in electrical machinery, stone-clay-glass, motor vehicles, aircraft,"other durables" and "other non-durables"; sizable downward revisionsoccurred in primary metals, paper, andrubber.
Table 5.—Manufacturers' Evaluation of Their Plant and Equipment Facilities l
[Percent distribution of gross capital assets]
More plant and equipment needed:
All manufacturingDurable goods 2
Primary metalsMetal fabricators 3
Nondurable goods 2
Food including beverageChemicalsPetroleum
About adequate:
All manufacturingDurable goods 2
Primary metalsMetal fabricators 3
Nondurable goods 2
Food including beverageChemicalsPetroleum
Existing plant and equipment exceedsneeds:
All manufacturingDurable goods 2
Primary metalsMetal fabricators3
Nondurable goods 2
Food including beverageChemicalsPetroleum
1977
Mar. 31 June 30 Sept. 30 Dec. 31
1978
Mar. 31 June 30 Sept. 30 Dec. 31
3535263835324539
5857625659604461
78
12
110
1. According to respondent companies' characterizations of their plant and equipment facilities, taking into accounttheir current and prospective sales for the next 12 months.
2. Includes industries not shown separately.3. Includes machinery, transportation equipment, and fabricated metals.
Table 4.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities[Billions of dollars]
Manufacturing _._ _ .
Durable goods 3. .Primary metals . . . _ . . . . . .Electrical machineryMachinery, except electrical..Transportation equipment 4
Stone, clay, and glass
Nondurable goods 3
Food including beverageTextilesPaper . _ChemicalsPetroleum
Public utilities
Manufacturing
Durable goods 3
Primary metalsElectrical machineryMachinery, except electricalTransportation equipment4
Stone, clay, and glass
Nondurable goods 3
Food including beverageTextiles...PaperChemicalsPetroleum
Public utilities
Starts i
1976
51.05
24.305.183.045.423.871.83
26.763.89.90
2.945 22
10.93
29.66
1977
€6.73
30.435.433.626.196.322.33
36.304.41.96
4.146.98
16.04
32.54
1978
72. 44
34.926.024.266.797.823.17
37.524.961.053.387.04
16.57
34.93
1977
I
14.71
6.701.12.60
1.44
!46
8.01.83.24.80
1 693.59
15.55
15.26
7.001.02.66
1.551.53.50
8 26.92.22.75
1.843.62
9.76
I I
15.81
7.441.24.96
1.411.70.61
8.381.18.22.86
1 763.23
2.19
15.15
7.471.381.031.341.60.62
7 681.16.22.86
1.592.78
3.79
I I I
18.94
8.391.751.061.801.03.63
10.551.37.22
1.292 044.73
8.22
19.81
8.611.881.121.951.59.56
11 201.30.21
1.462.075.20
10.23
IV
17.26
7.901.321.001.531.49.63
9.371.02.27
1.191 504.49
6.57
16.54
7.401.11. 77
1.411.64.65
9.141.01.30
1.141.434.38
7.99
1978
I
16.96
8.081.221.101.551.57.87
8.881.22.31.84
1 554.02
13.55
17.41
8.351.211.171.611.56.93
9.061.35.29.73
1.773.95
7.98
I I
18.62
8.961.481.061.782.27.78
9.671.14.27.70
1.794.59
4.83
I I I
16.37
8.331.59.91
1.601.94.71
8.041.16.20.73
1.793.10
3.37
IV
20.50
9.571.731.191.852.03.82
10.931.44.27
1.121.914.87
13.18
Carryover 2
1977
Mar.
38.44
16.706.111.752.662.561.11
21.742.33.39
2.176.249.23
118.22
Seasonally adjusted
18.10
9.041.671.191.732.12.78
9 061.10.26.72
1.594.34
7.78
16.96
8.291.57.90
1.631.95.62
8.671.07.20.76
1.793.66
4.40
19.97
9.381.521.021.832.34.84
10.581.43.28
1.061.934.51
14.00
38.36
16.545.961.702.632.581.12
21.822.34
.392.116.339.29
115.45
June
39.41
17.355.961.962.702.891.22
22.062.48.37
2.226.328.98
114.04
38.65
17.205.941.952.612.841.24
21.452.48
.372.136.268.59
112.92
Sept.
42.74
18.566.232.163.023.101.34
24.182.75.36
2.666. 64
10.03
115.66
42.70
18.506.322.213.033.021.28
24.202.71
.342.746.56
10.11
116. 59
Dec.
42.82
18.465.932.102.943.101.42
24.362.56.40
2.896.16
10.67
114.95
43.90
18.866.012.113.053.231.45
25.042.58
.433.046.20
11.02
118.02
1978
Mar.
46.10
20.176.052.473.123.371.78
25.942.73.47
3.056.24
11.65
122.36
45.91
20.025.942.403.123.361.81
25.892.73
.473.016.34
11.55
119.02
June
47.96
21.336.072.623.314.021.96
26.632.60.46
2.976.28
12.34
120.05
47.22
21.216.112. 633.243.931.99
26.002.61
.452.926.17
11.98
119.69
Sept.
47.44
21.696.162.513.344.362.06
25.752.60.39
2.806.31
11. 60
115.99
47.23
21.446.192.513.294.251.98
25.792.57
.392.806.20
11.80
117.05
Dec.
47.54
21.726.092.383. 434.522.13
25.822.65.41
2.806.10
11.64
120.40
48.80
22.326.142.443.564.782.16
26.472.68
.422.906.23
11.88
123.11
1. Starts are estimated by adding changes in carryover to expenditures during the givenperiod.
2. Carryover refers to expenditures yet to be incurred on plant and equipment projects al-ready underway at the end of the period.
3. Includes industries not shown separately.4. Includes guided missiles and space vehicles.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUKVEY OF CURRENT BUSINESS 29
CHART 8 CHART 9
Manufacturers' Capacity Utilization Rateby Major Industry Groups
Manufacturers' Evaluation of Plant andEquipment Facilities*
Percent of Capital Assets Held by RespondentsReporting—60 r
88
84
80
76
7?n
1 1 1 1 1 1
Nondurable Goods
rA/Durable | A // Goods Y /I 1 I I I 1 I I ii i i i i i i I i i i I i i 11 i i i 1 1 1 1 I .LJ -
Primary-Processed
1969 71 73 75 77 79Seasonally Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis 79-3-8
0 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I M I l I I 1 1 1
1969 71 73 75 77 79*Relative to prospective operations during the ensuing 12-month period.
U.S. Department of Commerce, Bureau of Economic Analysis 79 3
Table 6.—-Manufacturers' Capacity Utilization Rates: Operating Rates and Ratios of Operating to Preferred Rates l
[Seasonally adjusted]
Industry and asset size
Operating rates (percent)
1977
March June Sept. Dec.
1978
March June Sept. Dec,
Ratios of operating to preferred rates
1977
March June Sept. Dec
1978
March June Sept. Dec.
All manufacturing
Asset size:$100.0 million and over$10.0 to $99.9 million...Under $10.0 million
Durable goods 2
Asset size:$100.0 million and over$10.0 to $99.9 million...Under $10.0 million....
Primary metalsElectrical machineryMachinery, except electrical.Transportation equipment3.
Motor vehiclesAircraft
Stone, clay, and glass
Nondurable goods 4
Asset size:$100.0 million and over$10.0 to $99.9 million...Under $10.0million....
Food including beverageTextilesPaperC hemicalsPetroleumRubber
Primary-processed goods 8
Advanced-processed goods 9
83
887876
78818791
1066979
82
84
897876
84848990
1047180
82
838079
768786799187
8484
82 82 84 83 84 0.87
.90
.85
.85
.87
0.89
.91
.85
.87
.91
.85
.87
.94
.92
.88
.89
0.87
.89
.86
.87
0.87
.88
.86
.84
.87
.89
.83
.87
.86
0.88
.90
0.90
.91
.91
.96
.87
.94
.75
.87
.89
.91
.88
.87
.87
.93
.87
.93
.90
.90
0.88
.90
.87
.83
.88
.90
.89
.87
0.90
.92
.88
.84
.90
.91
.87
.85
.92
.91
.98
.87
.93
.77
.91
.89
.92
.88
.84
.87
.88
.92
.91
.93
.89
.90
1. The survey asks manufacturers to report actual and preferred rates of capacity utilizationfor the last month of each quarter. Utilization rates for industry and asset-size groups areweighted averages of individual company rates. See "The Utilization of ManufacturingCapacity, 1965-73," SURVEY OF CURRENT BUSINESS, July 1974, p. 47.
2. Also includes lumber, furniture, fabricated metals, instruments, and miscellaneous.3. Also includes other transportation equipment.
4. Also includes tobacco, apparel, printing-publishing, and leather.5. Consists of lumber; stone, clay, and glass; primary metals; fabricated metals; textiles;
paper; chemicals (at H weight); petroleum; and rubber.6. Consists of furniture, electrical machinery, machinery except electrical, motor vehicles,
aircraft, other transportation equipment, instruments, food including beverage, tobacco,apparel, printing-publishing, chemicals (at \b weight), leather, and miscellaneous.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
30 SURVEY OF CURRENT BUSINESS March 1979
Manufacturing Programs
Manufacturers' spending increased 8percent in the fourth quarter to anannual rate of $73.2 billion, following a1-percent increase in the third. Non-durables increased 10% percent anddurables, 5^ percent. Manufacturersplan a decline in spending of 1% percentin the first quarter of 1979 and anincrease of 5}i percent in the second.The decline in the first quarter is innondurables; the increase in the secondquarter is primarily in durables. Bothgroups plan sizable increases in thesecond half.
Manufacturers plan to spend $77.5billion in 1979, 14.7 percent more thanthey spent last year. Durables andnondurables plan increases of 19% per-cent and 10% percent, respectively.
The largest increases are in aircraft (31percent), paper (30 percent), electricalmachinery (25 percent), nonelectricalmachinery (25 percent), and "othernondurables" (25 percent). Iron andsteel, stone-clay-glass, "other durables",motor vehicles, and chemicals plan in-creases ranging between 14 and 20 per-cent. Petroleum, rubber, and food-beverage plan increases of about 5percent. Petroleum companies areplanning large increases in spending fortransportation facilities and nonpetro-leum activities (table 3).
Manufacturing projects started in thefourth quarter of 1978 totaled $20.0billion, an 18-percent increase over thethird quarter (table 4). The increasewas larger in nondurables (22 percent)
than in durables (13 percent); sizableincreases were reported by petroleum,paper, food-beverage, motor vehicles,and stone-clay-glass. In the fourthquarter, the value of projects startedwas larger than spending so that carry-over increased. At the end of December,carryover was $48.8 billion, $1.6 billionmore than at the end of September.
Capacity utilization
The utilization of manufacturing ca-pacity rose 1 point from September toDecember, after having declined 1point from June to September (table 5and chart 8). The December rate—84percent—is 2 points below the prere-cession peak reached in March and Juneof 1973; the utilization rate reported in
Table 7.—Expenditures for New Plant and Equipment by U.S. Business l
[Billions of dollars]
1977
135.80
60.16
27.775.682.672.24
3.285.76
5.324.061.02
1.995.73
32.394.18.92
3.366.83
13.871.451.78
75.64
4.50
2.80
1.62
2.51
25.8021.594.21
15.45
22.97
1978
153.82
67.62
31.665.872.462.45
3.986.29
6.404.651.51
2.466.65
35.964.871.043.467.10
15.501.752.24
86.19
4.78
3.32
2.30
2.43
29.4824.794.70
18.16
25.71
19792
171.14
77.54
37.846.542.952.64
4.997.89
7.695.441.98
2.907.83
39.705.101.064.518.07
16.351.832.79
93.60
5.08
3.90
2.70
2.78
32.4027.325.09
19.28
27.45
Seasonally unadjusted
1977
III
34.82
15.60
7.171.49.69.58
.851.48
1.411.04.30
.511.43
8.431.11.24.85
1.723.69.39.44
19.21
1.17
.78
.39
.50
6.615.411.20
4.03
5.73
IV
38.06
17.19
8.001.61.74.66
1.071.61
1.491.16.28
.561.66
9.181.21.23.96
1.983.85.45.50
20.87
1.15
.76
.46
.63
7.286.061.21
4.26
6.33
1978
I
32.35
13.67
6.361.10.45.47
.731.37
1.301.00.25
.501.36
7.311.05.24.67
1.473.03.36.47
18.68
1.07
.71
.52
.51
6.155.27.88
3.97
5.76
II
37.89
16.76
7.791.46.65.59
.921.60
1.621.24.32
.601.60
8.971.27.27.78
1.753.90.47.52
21.13
1.22
.83
.60
.60
7.146.011.13
4.56
6.18
I I I
38.67
16.89
7.971.50.62.60
1.011.57
1.611.16.39
.621.66
8.921.16.27.89
1.753.84.44.57
21.78
1.24
.84
.54
.62
7.436.111.32
4.68
6.43
I V
44.91
20.30
9.531.81.74.79
1.331.76
1.871.26.54
.742.03
10.771.39.25
1.122.124.73.47.68
24.61
1.26
.94
.64
.71
8.787.401.37
4.96
7.34
1979
12
36.97
15.97
7.571.29.57.52
.921.55
1.531.10.36
.621.66
8.401.14.24.88
1.733.39.36.67
21.00
1.28
.80
.64
.62
7.126.16
.97
ilO. 53
112
42.07
18.91
9.201.60.71.65
1.171.83
1.931.38.48
.741.93
9.721.28.27
1.111.983.97.47.64
23.16
1.23
.83
.68
.77
8.006.781.22
11.63
2dhalf 2
92.10
42.66
21.073.651.661.46
2.904.51
4.242.951.15
1.544.24
21.592.68.55
2.524.368.991.011.48
49.44
2.57
2.26
1.37
1.38
17.2814.382.90
24.57
Seasonally adjusted at annual rates
1977
III
140.38
63.02
29.235.982.832.30
3.456.09
5.634.181.17
2.125.96
33.794.30.94
3.417.08
14.701.601.75
77.36
4.74
3.20
1.69
1.96
26.2221.904.32
J16.40
123.14
I V
138.11
61.41
28.195.692.462.39
3.515.56
5.734.441.08
1.945.76
33.224.58.87
3.327.15
13.851.621.81
76.70
4.50
2.80
1.76
2.32
26.2322.054.18
15.82
23.27
1978
I
144.25
61.57
28.725.132.202.10
3.526.15
5.714.331.15
2.265.94
32.864.801.013.066.53
13.681.662.10
82.68
4.45
3.35
2.67
2.44
27.9223.154.78
17.07
24.76
II
150.76
67.20
31.405.992.682.41
3.836.45
6.224.741.26
2.436.49
35.804.91l . U3.237.04
15.621.802.08
83.56
4.81
3.09
2.08
2.23
28.4623.834.62
18.18
24.71
III
155.41
67.75
32.255.942.482.38
4.076.32
6.504.841.44
2.526.90
35.504.441.063.547.08
15.331.762.30
87.66
4.99
3.38
2.20
2.47
29.6224.924.70
18.90
26.09
I V
163.96
73.24
33.996.302.432.83
4.366.26
7.284.792.22
2.647.16
39.265.29.98
3.857.61
17.371.752.40
90.71
4.98
3.49
2.39
2.55
31.7326.954.78
18.46
27.12
1979
12
164.23
71.97
34.186.032.802.31
4.446.96
6.704.801.64
2.787.27
37.785.19.99
4.037.64
15.281.623.03
92.26
5.35
3.77
3.28
3.01
32.3027.065.24
U4.54
112
167.52
75.90
37.096.542.942.68
4.907.38
7.425.281.85
3.037.82
38.814.931.104.597.96
15.891.802.53
91.62
4.89
3.11
2.36
2.89
31.9126.924.98
46.46
2dhalf 2
176.09
80.93
39.886.733.002.75
5.248.52
8.385.872.23
2.928.08
41.055.131.074.638.29
17.211.942.79
95.16
5.12
4.42
2.67
2.63
32.7727.655.13
47.55
All industries
Manufacturing
Durable goodsPrimary metals 3 -
Blast furnaces, steel worksNonferrous metals
Electrical machinery
Machinery, except electrical-
Transportation equipment 3 .Motor vehiclesAircraft*
Stone, clay, and glassOther durables5
Nondurable goodsFood including beverageTextilesPaperChemicalsPetroleumRubberOther nondurables8
Non manufacturing
Mining
Railroad
Air transportation
Other t ransportat ion. . . .
Public utilitiesElectric
Gas and other
Communication
Commercial and other 7
1. Excludes agricultural business; real estate; medical, legal, educational, and culturalservices; and nonprofit organizations.
2. Estimates are based on planned capital expenditures reported by business in late Januaryand February 1979. The estimates for the first quarter, second quarter, and second half of 1979have been corrected for biases. The adjustment procedures are described in the February 1970issue of the SURVEY. Before adjustment, plans were $174.57 billion for all industries, $80.61billion for manufacturing, and $93.96 billion for nonmanufacturing.
3. Includes industries not shown separately.4. Includes guided missiles and space vehicles.5. Consists of fabricated metal, lumber, furniture, instruments, and miscellaneous.6. Consists of apparel, tobacco, leather, and printing-publishing.7. Consists of trade, service, construction, finance, and insurance.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUEVEY OF CUKKENT BUSINESS 31
the survey has varied between 82 and84 percent for the past 2 years.
The utilization rate for durable goodsindustries rose 2 points from Septemberto December, to 85 percent. Motorvehicles rose 6 points, to 96 percent;the September rate for motor vehiclesreflected some effects of a railroadstrike in the East. Stone-clay-glass rose4 points, to 84 percent; aircraft, 3points, to 72 percent; and nonelectricalmachinery, 2 points, to 92 percent. Therate for nondurable goods industriesrose 1 point, to 83 percent, primarily re-flecting rises of 4 points for chemicals,to 83 percent, and 2 points for paper,to 89 percent.
Primary-processed goods industriesreported a utilization rate of 85 percentin December, a 1-point rise fromSeptember; advanced-processed goodsindustries reported 84 percent, a 2-point rise.
The utilization rate reported by large-sized firms rose 2 points, to 87 percent;medium- and small-sized firms were
unchanged at 81 and 77 percent,respectively.
Manufacturing companies owning 35percent of fixed assets reported a needfor more facilities as of the end ofDecember, 2 points above the percent-age reported at the end of September(table 6 and chart 9). Facilities viewedas about adequate declined 1 point, to58 percent, and facilities viewed as inexcess of needs declined 1 point, to 7percent.
Nonmanufacturing Programs
Spending for plant and equipment bynonmanufacturing industries increased3% percent in the fourth quarter of 1978,to an annual rate of $90.7 billion, fol-lowing a 5-percent increase in the thirdquarter. Air transportation and electricutilities reported the largest fourth-quarter increases. A 2-percent increaseis planned in the first quarter and a 1-percent decline in the second. Plans forthe second half imply an average quar-terly increase of about 2}i percent.
For 1979, planned spending by non-manufacturing totals $93.6 billion, 8%percent more than spending last year.The largest increases are planned by thetransportation industries—railroads (17percent), airlines (17 percent), and"other transportation" (14 percent).Electric utilities plan a 10-percent in-crease, compared with 15 percent lastyear. According to Electrical World mag-azine, increases in spending by electricutilities for new generating facilities aresmaller this year than last, but increasesin spending on transmission and distri-bution facilities are larger. Gas utilitiesand commercial, communications, andmining firms plan spending increasesthis year ranging between 6 and 8%percent.
Starts of new projects by public utili-ties in the fouth quarter totaled $14.0billion, compared with $4.4 billion in thethird quarter; carryover of utility proj-ects increased $6.1 billion during thefourth quarter, to $123.1 billion at theend of December.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
By WILLIAM K. CHUNG
Capital Expenditures by Majority-Owned ForeignAffiliates of U.S. Companies, 1979
]VLLAJORITY-owned foreign affiliatesof U.S. companies plan a 15-percent in-crease in capital expenditures, to $35.2billion, in 1979, following an 11-percentincrease in 1978 (chart 10 and tableI)-1
By area, affiliates in developed coun-tries plan a 14-percent increase, to$26.1 billion, compared with a 12-per-cent increase in 1978. In developingcountries, a 17-percent increase, to$7.6 billion, is planned, about thesame rate of increase as last year.Affiliates in "international and unal-located"—mainly those with shippingoperations spanning more than onegeographic area—plan a 22-percent in-crease, to $1.4 billion, following a 20-percent decline.
By industry, petroleum affiliates plana 7-percent increase, to $10.7 billion,about the same as in 1978. In manu-facturing, affiliates plan to increasespending 19 percent, to $17.1 billion,following a 13-percent increase. In otherindustries, an 18-percent increase, to$7.3 billion, is planned, following a14-percent increase (table 2).
For 1978, these plans, which werereported last December, were reviseddownward from plans reported 6 monthsearlier. The downward revision waslargely accounted for by manufacturing
NOTE.— The estimates were prepared by-Jeffrey H. Lowe.
affiliates in Europe and by petroleumaffiliates in developing countries and in"international and unallocated," mainlytanker operations. Spending by Euro-pean manufacturing affiliates that wereto be sold late in the year was reduced,and several expansion projects werepostponed or canceled by petroleum
1. Capital expenditures are expenditures that are made toacquire, add to, or improve property, plant, and equipment,and that are charged to capital accounts. They are on a grossbasis; sales and other dispositions of fixed assets are not nettedagainst them. A majority-owned foreign affiliate is a foreignbusiness enterprise in which a U.S. company owns, directlyor indirectly, at least 50 percent of the voting rights. Thesedata are universe estimates based on BEA's semiannualsample survey. The latest survey, taken in December 1978,covered about 5,000 majority-owned foreign affiliates. Seethe December 1973 SURVEY OF CURRENT BUSINESS, pp.21-23, for a description of the methodology used in preparingthe estimates.
32
affiliates in "international and un-allocated."
For 1979, the latest plans were alsorevised downward. However, the per-cent increase from 1978 remains aboutthe same, because the 1978 base waslower. The 1979 downward revision iscentered in petroleum and primarily
Capital Expenditures by Majority-Owned Foreign Affiliatesof U.S. Companies
(Ratio scale)
I 1 I I I I I 1 I I I I
CHART 10
Billion $I 40
BY AREA
20
Latin America ..•' f/-
s International
and Unallocated
Other• Developed /*
_ Countries /
1966 68 70 72 74 76 78• Planned
U.S. Department of Commerce, Bureau of Economic Analysis
I I I I I I I I I I I I I I .2
1966 68 70 72 74 76 78
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUEVEY OF CUEEENT BUSINESS 33
reflects the fact that in the earlier sur-vey a number of large petroleum com-panies were not able to provide reliableestimates of their 1979 spending.
Capital expenditures are reported toBE A in current dollars; they are notadjusted for price changes in host coun-tries or for changes in the value offoreign currencies relative to the dollar.At the time the 1978-79 spending planswere made, major host countries wereexperiencing inflation and the currenciesof a number of them were appreciatingagainst the dollar. Because the dataneeded to assess the quantitative impactof these changes on spending are un-available, it is not possible to adjustthe spending estimates for the changes.However, inflation and currency appre-ciation probably accounted for more ofthe increase in spending than additionsto productive capacity in both years.
Table 2.-—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies,Selected Areas and Industries, Latest Plans for 1978 and 1979
All areas..
Developed countriesD eveloping countriesInternational and unallocated.
All areas
D eveloped countriesD eveloping countriesInternational and unallocated.
1978
Total Petroleum Manu-facturing
Other i
1979
Total Petroleum Manu-facturing
Other i
Precent change from preceding year
11
1216
- 2 0
7
1215
- 5 7
13
1313
14
102619
15
141722
7
66
38
19
1922
18
133415
Millions of dollars
30,596
22,9176,4931,186
10,012
6,5793,103
330
14,353
12,2992,054
6,231
4,0381,336
856
35,177
26,1477,5881,442
10,734
6,9873,291
456
17,102
14,5972,505
7,341
4,5631,792
985
1. Consists of mining and smelting, trade, and "other" industries, which are shown separately in table 1.
Petroleum
Petroleum affiliates plan to increasespending 7 percent, to $10.7 billion,
increase—67 percent, to $0.8 billion—is planned in Norway, compared with a10-percent increase in 1978 (tables 3A,3B, and 3C). The increase is for North
about the same as in 1978. The sharpest Sea exploration and development, as
Table 1.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1973-79
Percent change from preceding year
Actual expenditures
1974 1975 1976 1977
Latest plans i
1978 1979
Earlier plans 2
1978 1979
Billions of dollars
Actual expenditures
1973 1974 1975 1976 1977
Latest plans *
1978 1979
Earlier plans 2
1978 1979
Total.
By industry
Mining and smelting..Petroleum
Manufacturing.
Food productsPaper and allied productsChemicals and allied products.
Rubber productsPrimary and fabricated metals..Machinery, except electrical
Electrical machineryTransportation equipment..Other
Trade-Other..
By area
Developed countries
Canada..Europe. .
European Communities (9).FranceGermanyUnited KingdomOther
Other
JapanAustralia, New Zealand, and South
Africa
Developing countries..
Latin AmericaOther AfricaMiddle EastOther Asia and Pacific.
International and unallocated..
23
- 223
26
244054
20
28
27388
51
- 2
- 3
- 2 125
3- 5
- 1 0
- 2 3- 1 1
10
413
14
1322
- 937
(•)22
(*)
18
1225520
- 2 3
- 2 1- 1 1
(*)- 1 5
10
- 2 2- 1- 4
- 4- 1 4
- 3 29
- 5
11- 1 1
- 1 1- 3 7- 9- 1
- 1 8
- 1 5
- 1 9
- 1 4- 1 8- 1 7- 3 5
11
20
- 228312
- 1 7
(*)
13
2030
- 3
- 714
112917
2213
12
513,
145
311645
44
19
17
2017
- 1 151
- 2 0
15
19
14
1018
161520122034
10
- 1
17
2419
- 1 226
22
15
14
120
216
37255
15
23
16
25
2737
- 357
- 5
16
2221
15
10- 924
25- 1 2
19
191514
149
!0.5
1.16.4
9.2
1.4
.3
.82.6
.91.2.8
1.72.0
14.2
4.28.3
7.31.31.92.41.61.0
1.0
4.2
2.3.4
2.1
25.3
1.1
7.8
11.6
.7
.92.1.4.7
3.11.11.61.1
2.12.6
17.8
5.510.2
1.52.32.72.41.4
1.2
5.4
2.9.6.8
1.1
2.0
26.8
1.2
8.9
11.3
.7
.72.5.4..7
.91.41.3
2.43.1
18.8
5.011.7
9.91.92.18.62.31.8
1.2
6.4
3.1.7
1.31.3
1.7
24.7
.9
7.9
10.9
.7
.62.7.3.7
2.7
1.41.1
1.63.3
17.8
5.610.5
8.81.21.93.62.21.6
1.0
5.1
2.6.6
1.1.8
1.8
27.5
12.7
.72.4
1.01.81.3
1.83.1
20.4
6.212.4
10.71.52.04.72.51.7
1.1
5.6
2.6.7
1.4.8
1.5
30.6
10.0
14.4
1.0.9
2.4.2.6
4.2
1.12.41.5
2.13.5
22.9
6.514.0
12.21.52.65.52.61.8
1.1
1.3
6.5
3.1.9
1.31.3
1.2
35.2
.710.7
17.1
1.11.12.7
.65.1
1.23.31.8
2.54.2
26.1
7.116.5
14.11.83.26.13.12.4
1.2
1.3
7.6
3.81.01.11.6
1.4
31.8
.610.215.2
1.11.02.5
.3
.74.3
1.12.61.5
2.03.8
23.3
6.214.9
12.91.62.75.92.72.0
.9
1.3
7.0
3.31.01.41.3
1.4
36.8
.712.3
17.4
1.2.9
3.1
.4
.65.1
1.33.01.7
2.34.1
27.1
7.517.1
14.81.82.97.13.02.3
1.1
1.4
8.1
4.11.21.31.5
1.6
*Less than 0.5 percent (±).1. Based on the BE A survey taken in December 1978.
2. Based on the BEA survey taken in June 1978.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
34 SUEVEY OF CURRENT BUSINESS March 1979
Table 3A.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1977 1
[Millions of dollars]
Allindus-tries
Miningand
smelt-ing
Petro-leum
Manufacturing
Total Foodproducts
Paperand
alliedproducts
Chemi-cals and
alliedproducts
Rubberproducts
Primaryand fab-ricatedmetals
Machin-ery,
exceptelectrical
Electri-cal ma-chinery
Transpor-tationequip-ment
Othermanufac-
turing
TradeOtherindus-tries
All countries
Developed countries...
Canada
Europe
European Communities (9) _.Belgium and Luxembourg.FranceGermanyI ta ly . . .NetherlandsDenmarkIrelandUnited Kingdom
OtherNorwaySpainSwedenSwitzerland .Other
Japan
Australia, New Zealand and SouthAfrica
AustraliaNew Zealand-South Africa..
Developing countries-
Latin America
Latin American Republics.ArgentinaBrazilChileColombiaMexicoPanamaPeruVenezuelaOther Central America_ _.Other and unallocated
Other Western Hemisphere.BahamasBermudaJamaicaOther and unallocated
Other Africa.
LiberiaLibyaNigeriaOther and unallocated-
Middle East .
IranOther and unallocated.
Other Asia and Pacific.
IndiaIndonesiaKorea..PhilippinesOther and unallocated.
International and unallocated
27,507
20,443
6,169
12,399
10,666537
1,4732,009
727716124364
4,717
1,733542486191278237
762
1,112
77752
283
5,575
2,564
2,278219970
171383392290
3358466
287932
16175
749
5577
104513
1,417
791,337
845
2423683
106397
1,489
628
502
371
8
5000
(*)0014
43
(*)001
1
122
103(D)(D)
126
81
604
122152
(D)05
(D)
21102
18
6
3003
1
839
01100
28
9,317
5,856
1,832
3,619
3,07419
100197488732
1912,400
54544743245
26
101
303
1871997
2,690
412
26164334
4223
(D)1331
(D)
1519
140
644
217784
461
1,222
581,164
413
11952622
169
771
12,730
10,905
2,800
7,132
6,590ACQHXjif
1,1211,662
59951621
1642,037
54138
2531492080
552
421
3331177
1,825
1,464
1,44881
7366
86263
58
2252612
17(*)(*)
114
41
(*)0
1328
39
930
280
21134769
129
862
661
173
402
350
486532
10389
72
52(*)
44225
32
53
311
22
201
145
1454
44(*)
65032
2484
(*)0
(*)(*)C)
1
00
( • )
1
(•)
(*)( • )
55
C)
4212
702
612
443
142
1275
23
C)
C)
C)
16
(D)
8
2,435
2,054
706
1,228
1,13322114814935
1573
18403
952
49
70
531
16
382
329
31811
1861
2454
C)
31
265
176
63
93
8112188
12
030
12032
C)
C)
(*)
C)
507
82
414
3813
43726
35(*)(*)
221
33176721
513
188
147
147122223
1401
(*)
21
<*2\
C)
(C)
C)
3,648
3,359
367
2,601
2,479109535570341
()
122C)
2
(°)(P)
4(*)
289
26013
1770
12560
(*)
(*)C)
C)
(*)
(*)
(*)
C)
979
786
188
549
4865849
156
92
(P)19
(P)
25
193
113
1104
85
80
(*)
55
44
1,840
1,657
583
922
79625
1693631354
C)3
170126
n'(P)
1
16
116
183
174
17412
113
C)
C)
(*)
( • )
1,304
1,094
195
780
7572588
27621421
132173
23
213
75
44
311
12
210
1381371567
(*)
(*)
C)
1,762
1,399
203
1,000
71534
1921315995
(P)(P)
182
286194618
15250
67
128
641549
363
281
27231
12218
5421
4554
C)
2
C)
3,070
1,780
962
639
2821560182017
35735
144C)
9979
40
137
90
571
327
237396741
15
521723
898201
43
3003
11
141
11130
60
C)
31
718
*Less than $500,000.D Suppressed to avoid disclosure of data of individual reporters.
1. See footnote 1, table 1.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUKVEY OF CUEKENT BUSINESS 35Table 3B.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1978 1
[Millions of dollars]
Allindus-tries
Miningand
smelt-ing
Petro-leum
Manufacturing
Total Foodproducts
Paperand
alliedproducts
Chemi-cals andallied
products
Rubberproducts
Primaryand fab-ricatedmetals
Machin-ery,
exceptelectrical
Electri-cal ma-chinery
Transpor-tationequip-ment
Othermanufac-
turingTrade
Otherindus-tries
All countries...
Developed countries..
Canada
Europe .
European Communities (9). _Belgium and Luxembourg.FranceGermanyItalyNetherlands.DenmarkIrelandUnited Kingdom
OtherNorwaySpainSwedenSwitzerland.Other
Japan.
Australia, New Zealand and SouthAfrica...
Australia.New Zealand-South Africa..
Developing countries..
Latin AmericaLatin American Republics.
ArgentinaBrazilChileColombiaMexicoPanamaPeruVenezuelaOther Central A m e r i c a -Other and unallocated-._
Other Western Hemisphere.BahamasBermuda...JamaicaOther and unallocated
Other Africa.
LiberiaLibyaNigeriaOther and unallocated.
Middle East
IranOther and unallocated.
Other Asia and Pacific.
IndiaIndonesia. _KoreaPhilippines
Other and unal located-
International and unallocated..
30,596
22,917
6,479
14,014
12,189397
1,5392,632
893908151209
5,459
1,825592498176289270
1,095
1,328
1,05249
227
6,493
3,076
2,754324
1,08423
16638326
120409113104
323111
220
189
875
61128135551
1,268
1001,168
1,274
25336
79
1,186
625
470
268
000
00
C)001
193
1781
15
155
103
791
37152
24
8450
2100
24
10,012
6,579
1,860
4,156
3,537(D)()
27165
1464371
2,799
61949154311033
232
331
276(D)(D)
3,103
578
40912146
(D)44
14
(D)152956
170182
(•)150
751
25127100498
1,068
671,001
706
1272
()346
330
14,353
12,299
3,223
7,882
7,356304
1,1022,150
742
1282,264
52625
2621253479
693
501
3971390
2,054
1,649
1,62997
7616
112295
4715
19(*)(*)
127
64
(*)0
2737
44
1727
297
221716
112131
1,032
752
177
440
40117545632
123164
99
C)
64
352
27
280
186
1867
621
D)5831
25
C)
(*)
8
(*)(*)(*)(*)
92
8(*)
910
815
508
272
2587
253
57105
(*)
21
o
(*)
()(*)CD)
2,375
1,954
822
990
9128586
15458
1503
21355
781
461759
77
64
431
21
422
33231911
1221
2664
(*)
(*)(*)
13
248
168
69
84
7819208103
(*)018
7011
4
1
14
1013
79
69
69825089011440
(*)00
(•)0
1
(*)001
1
10
8
21041
646
491
83
396
376836979471
(*)179
209255
(*)
6
6
411
155
121
120101622230
(•)6431
(*)000
(*)
24
00123
C)0
C)10
1(*)
054
4,165
3,759
460
2,937
2,821916057013868011
956
115(D)
13(D)(D)
21
303
60
54(*)
5
406
374
3732027606700
(*)2
(•)CO(*)
00
(*)0
(*)
000
1
1(*)
31
301
26
1,082
893
193
625
54628621731302554
119
78(D)
20(D)(D)
27
42
33
3012
188
101
97868
(*)
90
(•)(D)(D)
1
40013
(D)
00
(D)2
(D)
(D)6
63
(D)44
(D)44
2,374
2,178
702
1,213
1,066251056361565
(•)(*)220
1470
143112
85
178
157318
196
182
18216951
(D)300
(*)(D)
00
00000
1
0001
1
01
12
(*)0
(•)47
1,522
1,288
208
925
2511032345392
97257
272518
11
94
61
462
13
234
208
2071775
131144
<*)
(*)
(*)
2,140
1,732
264
1,203
94128
26518661
104212
274
262245120
11652
124
141
831443
408
318
34150
17
6631
34
10C)
16
11
24
123
50
2(*)
44
39
(*)
3,466
1,836
864
)262421588
)41550
131(*)
130105
162
118
773
428
7190
31610
2120
101930
(*)
33033
130
14116
175
(*)25
125
856
*Less than $500,000.D Suppressed to avoid disclosure of data of individual reporters.
1. See footnote 1, table 1.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
36 SURVEY OF CURRENT BUSINESS March 1979
Table 3C.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 19791
[Millions of dollars]
Allindus-tries
35,177
26,147
7,097
16,531
14, 089464
1,7743,157
9621,115
203323
6,091
2,442908618177427313
1,201
1,318
1,01059
249
7,588
3,827
3,494385
1,40657
181503
32198355
94284
333103
126
203
1,045
65121138722
1,114
901,024
1,602
28296197177904
1,442
Miningand
smelt-ing
686
462
258
7
(D)
000
(*)00
(•)
(D)
(*)002
(D)
<P)
(D)1
(D)
224
133
1094
21(E>)
162
(E>)
01611
23(*)
0(D)
( D )
7
3003
1
(*)(*)
84
055
00
29
0
Petro-leum
10,734
6,987
1,904
4,572
3,66040
(D)267
(D)687436
2,968
91181925315
31
(D)
(D)
289(D)
( D )
3,291
657
464135
87(E>)
3611
(P)8
1129
19332
(*)(*)
162
950
28121113687
920
59861
764
1205
(D)(D)
396
456
Manufacturing
Total
17,102
14,597
3,622
9,668
9,003366
1,2302,734
82389624
2752,655
66434
3801224089
820
487
3731796
2,505
2,071
2,045125993
9135423
1013
2704622
261
(*)1510
38
(*)0
1622
73
1558
323
251752
123106
Foodproducts
1,094
785
200
458
40017374433
16994
88
58(*)
48632
59
67
332
31
309
216
2161162
(*)137841
251212
(*)0
(*)
(•)
4
00
(*)4
(*)
(*)(*)
89
0(*)
27512
Paperand
alliedproducts
1,054
966
472
455
4329
204
68248
10
82
22254
101
11
29
235
(*)
88
70
70(*)
241
151700
(*)14
(*)
(*)000
(*)
0
0000
9
09
8
03
(*)23
Chemi-cals and
alliedproducts
2,702
2,135
896
1,078
98710591
21247
1132
51366
911
641538
111
50
291
21
567
455
436(E>)
2001
28103
17
(D)63
191
(*)12
6
13
0049
50
1040
48
1017
1515
Rubberproducts
327
218
96
98
881826
9125
(*)0
18
10022
(*)7
4
20
1415
109
93
936
5327
1601710
(*)00
(*)0
2
(*)002
1
10
13
23061
Primaryand fab-ricatedmetals
562
468
78
374
3561130
1011380
(*)
120
1912232
(*)
5
10
712
94
72
729
(D)23
0143
(*)
(*)000
(*)
5
00
(*)4
(*)
0(*)
17
(D)
(*)0
11(D)
Machin-ery,
exceptelectrical
5,064
4,619
662
3,541
3,435(E>)
690813475
31
1,255
106(D)
1672
(P)5
350
66
59
7
446
407
40624
2890
19710
(*)2
(*)C)(*)
00
(*)0
(•)
000
(*)
2
2(*)
37
2(*)
1(*)
33
Electri-cal ma-chinery
1,225
976
204
691
584(D)
73(D)
112
73
(D)
107(D)(£))
17(D)
50
52
28
26(D)
( D )
249
182
17728
122(*)
5201
1161
50014
8
00
(D)(D)
10
27
49
(D)
482
(D)
Transpor-tationequip-ment
3,266
2,919
824
1,754
1,547(D)
138
1595
12
(D)
2080
197217
162
179
159
(D)
347
335
335
(D)2
(*)(D)
03
(D)00
00000
000
(*)
1
01
11
(*)0
(*)92
Othermanufac-
turing
1,808
1,510
190
1,217
1,17421
126484
47692
213212
443
3
9
67
37
241
12
298
240
2391499
(*)45125
(*)55
35
1(*)
01
(*)
7
00
(D)
( D )
C)
(*)0
51
05
3429
Trade
2,498
2,026
305
1,394
1,03631
31413263
134272
333
358116923
18273
158
169
1061846
471
386
37331
23737
5361
2278
12(*)
39
13
1(*)
67
18
216
55
3139
39
(*)
Otherindus-tries
All countries
Developed countries
Canada
Europe
European Communities (9)Belgium and LuxembourgFranceGermanyItalyNetherlandsDenmarkIrelandUnited Kingdom
OtherNorwaySpainSwedenSwitzerlandOther
Japan.
Australia, New Zealand and SouthAfrica -
AustraliaNew Zealand
South Africa
Developing countries
Latin America
Latin American RepublicsArgentinaBrazilChileColombiaMexicoPanamaPeruVenezuelaOther Central AmericaOther and unallocated
Other Western HemisphereBahamas ,BermudaJamaicaOther and unallocated
Other Africa
LiberiaLibyaNigeriaOther and unallocated
Middle East
Iran
Other and unallocated
Other Asia and Pacific
IndiaIndonesiaKoreaPhilippinesOther and unallocated__
International and unallocated
4,157
2,075
1,008
890
27
25
167810
)143
1201118
52
124
45
1,097
580
5029168
22012
5514
214
79710
38
32032
102
1290
376
(*)
333
985
*Less than $500,000.D Suppressed to avoid disclosure of data of individual reporters.
1. See footnote 1, table 1.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 37
well as pipelines and associated facilitiesto bring North Sea petroleum onshore.
In most other developed countries,affiliates plan smaller increases ordeclines. Affiliates in the United King-dom plan a 6-percent increase, to$3.0 billion, after a 17-percent increasein 1978. The slowdown partly reflectsthe completion of several explorationprojects. In Japan, a decline in spendingis planned, following an unusuallylarge increase in 1978 for liquefiedpetroleum gas facilities, pollution con-trols, and storage facilities.
In developing countries, spendingincreases are planned in "other Afri-ca"—mainly in Egypt, Cameroon, andNigeria—for expansion of productivecapacity and development of new off-shore fields. In contrast, affiliates plandeclines in other developing countries.In Saudi Arabia, spending plans aredown in 1979 as they were in 1978,reflecting the slowing of some largeprojects, including exploration anddevelopment projects, a natural gascollection network, additional port facil-ities, and a saltwater injection systemto assist in more complete extractionof petroleum. In Indonesia, spendingplans are down. An unusually largeincrease in 1978 reflected deferralsfrom 1977, when affiliates were un-certain about the outcome of negotia-tions with the Indonesian Governmenton production sharing and taxarrangements.
In "international and unallocated/'affiliates plan a 38-percent increase,to $0.5 billion, following a sharp declinein 1978. The recovery of tanker rates,after several years of declines, led to theacquisition of new and used tankers.
Manufacturing
Manufacturing affiliates plan to in-crease spending 19 percent, to $17.1billion, following a 13-percent increase
increase in 1978. Within manufacturing,the increase is widespread and isparticularly large in transportationequipment and nonelectrical machinery.
In developed countries, a 19-percentincrease, to $14.6 billion, is planned,compared with a 13-percent increasein 1978. The increase is centered inEurope, particularly in Germany, theUnited Kingdom, and the Netherlands.
In Germany, affiliates plan a 27-per-cent increase, to $2.7 billion, only 2percentage points less than last year.The large increases in both years partlyreflect the appreciation of the Germanmark against the dollar. Increases areplanned in most industries. In trans-portation equipment, where moderniza-tion and expansion of facilities to pro-duce new car models is underway, theincrease is particularly large. In non-electrical machinery also, affiliates plansizable increases, both for capitalizationof computer equipment for rental, andfor expansion of productive capacity. Inthe United Kingdom, a 17-percent in-crease, to $2.7 billion, is planned, fol-lowing an 11-percent increase in 1978.As in Germany, the increase is centeredin transportation equipment and non-electrical machinery. In addition tothe factors underlying the increase inthat country, the increase reflects post-ponements to 1979 of some expendituresin transportation equipment originallyplanned for 1978 and, in nonelectricalmachinery, expansion of facilities tomanufacture tractors and heavy con-struction equipment. In the Nether-lands, affiliates plan to increase spend-ing 40 percent, to $0.9 billion, primarilyfor the construction of new paper plantsand related facilities.
Among the other developed countries,affiliates in Canada plan a 12-percentincrease, to $3.6 billion, following a 15-percent increase in 1978, and affiliatesin Japan plan an 18-percent increase,
following a 26-percent increase. In bothcountries, the increase is particularlylarge in nonelectrical machinery andtransportation equipment.
In developing countries, a 22-percentincrease, to $2.5 billion, is planned,following a 13-percent increase in 1978.The increase is centered in Brazil,where, after a 3-percent increase lastyear, planned spending is up 31 percent,to $1.0 billion. The increase in theBrazilian spending probably reflects ex-pansion of facilities to raise the localcontent of affiliate products, which isencouraged by import restrictions.Mexican affiliates also plan a sizableincrease, concentrated in transportationequipment and chemicals.
Mining and smelting, trade, andother industries
Mining and smelting affiliates planto increase spending 10 percent, to$0.7 billion; spending was unchanged in1978. The increase is mainly in In-donesia and Chile, where copper minedevelopment programs are beingstepped up. Partly offsetting is a declinein Brazil, reflecting a slowing in con-struction of bauxite processing facilitiesand in mining exploration.
Trade affiliates plan a 17-percent in-crease, to $2.5 billion, following a 22-percent increase in 1978. The increaseis concentrated in several Europeancountries and Brazil, and is for bothretail and wholesale trade.
Affiliates in "other" industries— agri-culture, public utilities, transportation,construction, and finance and otherservices—plan a 20-percent increase, to$4.2 billion, following a 13-percent in-crease in 1978. Particularly large in-creases are planned in Hong Kong, forconstruction of a new power station,and in "other" Latin American Re-publics, for a major overhaul ofundersea cables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
•kJt
Fourth Quarter and Year 1978
By CHRISTOPHER L. BACH
Fourth Quarter 1978
J L J A R G E official and private capitalflows, partly associated with downwardpressure on the dollar in exchangemarkets, dominated U.S. internationaltransactions in the fourth quarter of1978. Foreign assets in the UnitedStates increased $29.3 billion, comparedwith a $15.5 billion increase in thethird quarter. The step-up was morethan accounted for by foreign officialassets, which increased $19.0 billionfollowing a $4.9 billion increase in thethird quarter. The fourth-quarter in-crease reflected heavy net interventionpurchases of dollars in exchange marketsby several industrial countries; some ofthese purchases preceded the announce-ment of the dollar support programon November 1 (see the discussion of theU.S. dollar in exchange markets in1978), but late in the quarter furtherpurchases took place. Among otherforeign assets in the United States,U.S. liabilities to private foreigners andinternational financial institutions re-ported by U.S. banks increased $8.9billion, compared with a $6.9 billionincrease in the third quarter; the saleof mark-denominated U.S. Treasurysecurities to German residents as partof the dollar support program accountedfor $1.6 billion of the fourth-quarterincrease. Among other bank-reportedliabilities, there was a shift to a smallnet outflow to Carribean financialcenters from a $4.0 billion inflow, andinflows from industrial countries in-creased $7.2 billion, compared with$3.1 billion in the third quarter. Netforeign purchases of securities otherthan U.S. Treasury securities increased$0.1 billion, to $0.6 billion. Inflows forforeign direct investments in the UnitedStates were $0.7 billion, down sharply
38
from the second and third quarters,primarily due to a shift to net outflowson intercompany accounts with mem-bers of the European Communities.
U.S. assets abroad increased $27.3billion in the fourth quarter, comparedwith a $10.2 billion increase in thethird. Although total U.S. officialreserve assets decreased only $0.2 bil-lion, there were large and mostly off-setting changes in several components.Acquisition of $4.4 billion in foreigncurrencies was more than offset by theU.S. sale of special drawing rights(SDK's) and drawings by the UnitedStates on its reserve position in theInternational Monetary Fund (IMF).These transactions were part of thedollar support program announcedNovember 1. Among other U.S. assetsabroad, claims on foreigners reportedby U.S. banks rose a record $21.6 bil-lion, reflecting strong foreign demandfor dollar credits, as economic activityabroad continued to increase. Also, itappeared that there was some borrow-ing of dollars by foreigners to purchasecurrencies expected to appreciateagainst the dollar. Claims on indus-trial countries increased $12.0 billion;claims on developing countries—par-ticularly in Asia—rose sharply. NetU.S. purchases of foreign securitiesincreased $0.4 billion, to $0.9 billion,largely reflecting the purchase of aCanadian Government issue. U.S.direct investments abroad increased$3.7 billion, compared with a $2.7billion increase in the third quarter,as reinvested earnings increasedsharply.
The current-account deficit declined$2.4 billion, to $1.3 billion. About two-thirds of the decline was due to areduction in the trade deficit, as non-agricultural exports increase morerapidly than nonpetroleum imports.
Selected Balances on U.S.International Transactions
CHART 11
Billion $6
4 -
2 -
-121975 1976 1977
Seasonally Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
1978
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUKVEY OF CURRENT BUSINESS 39Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Line Lines in tables 1, 2, and 10 in which transactions areincluded are indicated in ( )
1977
183,205120,57662,629
-193,789-151,706-42,083
-2,776-1,932
-34,650-231
-3,679-30,740
50,86937,12413,746
-927
1978 v
218,024141,84476,180
-228,909-175,988-52,921
-3,028-2,048
-58,748872
-4,657-54,963
63,26033,96729,293
11,449
Change:1977-78
34,81921,26813,551
-35,120-24,282-10,838
-252-116
-24,0981,103
-978-25,223
12,391-3,15715,547
12,376
1977 r
I
44,77529,50115,274
-46,999-37,120-9,879
-636-490
-1,334-388
-9493
2,4905,451
-2,962
2,194
II
46,50730,86015,647
-48,088-37,635-10,453
-763-480
-12,0036
-795-11,214
14,0647,8846,180
763
I I I
46,70030,57816,122
-48,405-37,942-10,463
-787-490
-6,615151
-1,098-5,668
14,2518,2466,005
-4,655
I V
45,22629,63715,589
-50,298-39,009-11,289
-591-473
-14,700C)
-838-13,862
20,06515,5434,522
771
1978
I '
48,35530,78717,568
-54,657-42,707-11,950
-778-504
-15,067246
-896-14,417
18,09515,7602,336
4,555
I I r
54,17535,25618,919
-56,184-43,125-13,059
-781-536
-6,167329
-1,176-5,320
406-5,685
6,090
9,087
III '
55,59536,48619,109
-58,031-44,478-13,553
-779-496
-10,216115
-1,498-8 ,833
15,4894,852
10,637
-1,562
59,90039,31520,585
-60,038-45,678-14,360
-691-513
-27,298182
-1,086-26,394
29,27019,04010,230
-630
Change:1978
III-IV
16
Exports of goods and services (1)Merchandise, excluding military (2)._Other goods and services (3-15)
Imports of goods and services (17)Merchandise, excluding military (18)Other goods and services (19-31)
U.S. Government grants (excluding military grantsof goods and services) (34) _
Remittances, pensions and other transfers (35,36)
U.S. assets abroad, net (increase/capital outflow (-))(37)
U.S. official reserve assets, net (38)U.S. Government assets, other than official reserve
assets, net (43) _U.S. private assets, net (47)
Foreign assets in the United States, net (increase/capital inflow (+)) (56)
Foreign official assets, net (57) _Other foreign assets, net (64)
Statistical discrepancy (75)
4,3052,8291,476
-2,007-1,200
-807
88- 1 7
-17,08267
412-17,561
13,78114,188
-407
932
r Revised.J» Preliminary.•Less than $500,000 (±) .
Petroleum imports increased slightly;agricultural exports decreased slightly.Among service transactions, receiptsof income on direct and on otherinvestments continued to rise, morethan offsetting increases in incomepayments to foreigners. The statisticaldiscrepancy—errors and omissions inreported current- and capital-accounttransactions—dropped to a net outflowof $0.6 billion.
During the fourth quarter, pressureon the dollar in exchange markets,which began in midsummer and con-
tinued through October, led to thedollar support program. Although thedollar more than recovered its Octoberdecline in November, appreciating 8percent on a trade-weigh ted bassagainst the currencies of 10 industrialcountries and 11 percent against 22OECD currenices, more than one-thirdof the gain was lost in December. Fromthe end of September to the end ofDecember, the dollar's trade-weightedvalue depreciated 3 percent againstthe 10 currencies and 1 percent againstthe 22 currencies.
The Year 1978
An overview
Although the $16.0 billion current-account deficit in 1978 was $0.7 billionhigher than in 1977, there was improve-ment on a quarterly basis (chart 11).The deficit declined from an annualrate of $30.3 billion in the first quarterto an average of $14.1 billion in thesecond and third quarters, and to $5.4billion in the fourth. The rise in mer-chandise exports reflected improvedeconomic conditions abroad. In addi-
Table B.—Selected Transactions with Official Agencies
[Millions of dollars]
Line
1
234
5
66a6b
77a7b
Changes in foreign official assets in the U.S., net(decrease—) (line 57, table 1)_. _ _
Industrial countries *Members of OPEC 2.Other countries _ _
Changes in U.S. official reserve assets (increase —)(line 38, table 1 ) . . .
Activity under U.S. official reciprocal currency ar-rangements with foreign monetary authorities:3
U.S drawings, or repayments (—), net . . .DrawingsRepayments
Foreign drawings or repayments (—) netDrawingsRepayments
1977
37,12428,931
6 7331,460
-231
240835
-595
—300120
-420
1978 P
33,86734,573
—570- 3 6
872
5,0678 965
-3,898
317-317
Change:1977-78
-3,1575,642
—7 303-1,496
1,103
4,8278,130
-3,303
300197103
1977
I
5,4512,3852 927
139
-388
-163
-163
-10050
-150
II
7,8845,4601 3441,080
6
-144
-144
-16570
-235
III
8,2467,2121,438-404
151
-14435
-179
- 3 5
- 3 5
IV
15,54313,8741,024
645
(*)
691800
-109
1978
I
15,76013,1951,963
602
246
1,9462,042
- 9 6
295-295
II
—5,685-2,166-2,838
-681
329
-1,42375
-1,498
III'
4,8526,392
-1,59252
115
-409887
-1,296
22-22
IV P
19,04017,1521,897
- 9
182
4,9535,961
-1,008
Change:1978
III-IV
14,18810,7603,489
- 6 1
67
5,3625,074
288
- 2 222
p Preliminary.r Revised.•Less than $500,000 (±).1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-export-ing countries.
3. Consist of transactions of the Federal Reserve System and the U.S. Treasury Depart-ment's Exchange Stabilization Fund.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
40
tion, the lagged impact of the dollar'sdepreciation in exchange marketstended to increase the competitivenessof U.S. merchandise exports in worldmarkets and to moderate the U.S. de-mand for merchandise imports. Thedepreciation probably more than offsetthe unfavorable effect on the deficit ofan acceleration of inflation in the UnitedStates and a deceleration of inflation ina number of other industrial countries.Partly in response to both sets of con-ditions, the surplus on service trans-actions rose by $2.7 billion, also con-tributing to the quarterly decline in thedeficit (table D). Increases in net re-ceipts on direct and other investmentsabroad were the primary factor.
The dollar depreciated substantiallyagainst most major currencies in 1978.The direction of exchange rate move-ments was widely anticipated, and bothactual and anticipated movementstended to increase capital outflows fromthe United States, and perhaps limitcapital inflows, particularly in the sec-ond half of the year. These capitalmovements, in turn, affected the dollarexchange rate. Outflows through netclaims on foreigners reported by U.S.banks, at $33.9 billion for 1978, wereparticularly large when the dollar's de-clines were sharpest, suggesting thatforeigners may have borrowed dollarsto switch into currencies expected toappreciate against the dollar. Inflowsreflecting increases in U.S. liabilities toforeigners and international financialinstitutions, at $19.1 billion, were alsolarge, especially when U.S. short-terminterest rates moved significantly abovemost comparable foreign rates.
Foreign official assets in the UnitedStates increased $34.0 billion, largelyreflecting intervention purchases ofdollars in exchange markets. Withoutsuch purchases, the dollar would havedeclined more and/or U.S. interest rateswould have risen to higher levels.Together with unrecorded net inflows—the statistical discrepancy—foreignofficial inflows offset the current-ac-count deficit and net private capitaloutflows.
The statistical discrepancy was arecord $11.4 billion inflow, in contrastto a $0.9 billion outflow in 1977. Muchof the discrepancy was probably due
SUEVEY OF CUREENT BUSINESS
to the failure of the reporting systemto capture a variety of commercial andfinancial flows, including leads and lagsin payments and receipts. Shifts inleads and lags largely reflected actualand anticipated exchange rate move-ments. Thus, in the first quarter, whenthe dollar's decline slowed, unrecordedinflows picked up; when the decline
March 1979
reversed in the second quarter, unre-corded inflows were even larger. Incontrast, there were unrecorded out-flows in the last two quarters, whenthe dollar's decline resumed.
U.S. dollar in exchange markets
The most significant depreciations ofthe dollar in 1978 were against the
Indexes of Foreign Currency Price of the U.S. Dollar (May 1970=100)
Trade-weighted average against 22 OECD currencies1
CHART 12
100
80
60 I l l i i i l l I I l l l M i l l M M i l l M i 1 111! 11 1 11 I I 1 111 i M 1 1111 I [ | I M 111 M I
100
Trade-weighted average against 10 currencies2
100
l i l l l l i l l l i II I I! I ! II I I ll I! M M II I I I I! M M M M l I I I I 11 I M M I 1 1 1 1 1 1 1 1 1 1 1 1 I60
1973 1974 1975 1976
Selected currencies3
1977 1978
120
100
80
60
40
CANADA
1 1 1 1 1 1 I 1 1 I 1
^
1 1 1 I 1 I 1 1 f 1 1 i 1 11 1 I I 1 1 I 1
JAPAN
I I I II I I I I I I 1 I I II I 1 I I I I I 1 I I I I 1 1 I 1 I 1 1
100
8 0
6 0
4 0
FRANHF
-
I 1 1 1 1 1 1 1 1 1 1 I I i ! 1 1 ! M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
NETHERLANDS
1 I 11 I I I I I I 1 1 I I I I I 1 I I I I I 1 I I I I I ! I M I I
100
80
60
40
20
GERMANY
~* *"""—* —
-
l i l l l l i l l l i i i i i i l i i i i i i 1 1 1 1 1 1 1 ! 1
SWITZERLAND
1 1 i i i l i i i i i l l i n i l i i i i i i i i i i i h i m
160
140
120
100
80
ITALY
I I I I 1 I I I I I 1 I I I 1 1 M I I I I 1 I 1 ! I I 1 I I 1 I I
UNITED KING!
I I I I I 1 I I I I I 1 I I 1 I I 1 I I I I I 1 I I I I I 1 1 I I I I
120
100
80
60
40
100
80
60
40
100
80
60
40
20
160
140
120
100
80
1976 1977 1978 1976 1977 1978
1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand,
Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury.
2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board. The index has been
revised as a result of a change in method of computation; for details, see the August 1978 Federal Reserve Bulletin. The new FRB index was rebased by BEA.
3. Data: International Monetary Fund.NOTE.-Data are for end of month.
U.S. Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 41
Table C.—Indexes of Foreign Currency Price of the U.S. DollarfMay 1970=100]
End cf period
1976
II III IV
1977
II III IV
1978
II III IV
Trade-weighted average against 22 OECD currencies i .Trade-weighted average against 10 currencies2
Selected currencies:3
CanadaFranceGermanyItalyJapanNetherlandsSwitzerlandUnited Kingdom
88.886.8
91.684.669.9
133.683.574.058.6
125.4
89.187.9
90.285.970.9
133.782.975.357.2
134.9
88.287.0
90.689.367.1
136.780.170.756.8
143.2
89.786.2
94.090.065.0
139.181.667.756.7
141.1
90.786.6
98.490.065.8
141.177.368.658.8
139.7
89.785.6
98.789.164.4
140.774.668.156.9
139.6
90.385.1
99.988.863.5
140.374.067.654.1
137.6
85.479.5
101.985.257.9
138.666.962.846.5
126.0
84.177.4
105.483.055.7
135.562.059.643.2
129.4
82.177.1
104.781.657.1
135.957.061.543.0
129.1
79.273.2
110.278.553.4
130.952.758.035.7
121.8
78.571.3
110.475.750.3
131.954.254.237.5
118.1
1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Ger-many, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Depart-ment of the Treasury.
2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzer-
land, United Kingdom. Data: Federal Reserve Board. The index has been revised as a resultof a change in method of computation; for details, see the August 1978 Federal Reserve Bulletin.The new FRB index was rebased by BE A.
3. Data: International Monetary Fund.
Japanese yen and the Swiss franc, 19percent each, and against the Germanmark, 13 percent. The depreciationsreflected mounting concern over thesize of the U.S. current-account deficitand increases in the Japanese andGerman current-account surpluses.Also, skepticism concerning U.S. anti-inflation efforts persisted, as inflationaccelerated in the United States anddecelerated in Japan and Germany.
From the end of 1977 to the end of1978, the dollar declined 10 percent ona trade-weighted basis against thecurrencies of 10 industrial countries and8 percent against 22 OECD currencies(chart 12 and table C). During thefirst quarter, the dollar declined 3 per-cent of a trade-weighted basis againstthe 10 currencies. Exchange marketswere especially influenced by the largeU.S. trade- and current-account deficits.In April and May, the dollar re-covered 2 percent, reflecting favorablereaction to U.S. monetary policy andsome improvement in the merchandisetrade balance. However, the declineresumed in June and continued throughthe end of October. The 13-percentdecline in this period reflected exchangemarket reactions to the differential ratesof inflation in the United States and inother major industrial countries, aswell as the continued imbalance in theU.S. international accounts The declinewas especially sharp in the last weeksof October.
On November 1, the Treasury andthe Federal Reserve announced a new
dollar support program. The UnitedStates mobilized $30 billion in resourcesas its share in a joint intervention pro-gram with Germany, Japan, andSwitzerland (discussed under transac-tions in U.S. reserve assets). The Fed-eral Reserve raised the discount ratefrom 8}i to 9% percent, and imposed a2 percent supplementary reserve re-quirement on large time deposits. Inaddition, the Treasury announced thatit would substantially increase theamounts of gold to be offered at itsmonthly auctions. By the end of No-vember, the dollar had risen 8 percentfrom its lows on October 31, but by theend of December, it had lost half thatgain.
Merchandise trade
The U.S. merchandise trade deficitincreased to a record $34.1 billion in1978, compared with a deficit of $31.1
billion in 1977. Exports increased 18percent, to $141.8 billion, after a5-percent increase in 1977. Imports in-creased 16 percent, to $176.0 billion,after a 22-percent increase. Export vol-ume increased 8 percent, comparedwith 1 percent in 1977; import volumeincreased 7 percent, compared with 13percent.
The year-over-year comparisons ob-scure significant quarterly movements,especially in nonagricultural exportsand nonpetroleum imports, both ofwhich are sensitive to shifting relativereal growth rates and relative prices,including foreign exchange rates. Froman annual rate of $47.7 billion in thefirst quarter of 1978, the trade defic tdeclined to an average of $31.7 billionin the second and third quarters, andto $25.5 billion in the fourth. The largedeficit in the first quarter occurred asnonagricultural exports increased mod-
Table D.~U.S. International Service Transactions
[Millions of dollars]
Service transactions, net..
Receipts. . .Payments-
Military transactions, ne t 1
Travel and passenger fares, net..Other transportation, netInvestment income, net
Direct, netOther, net
Fees and royalties, netOther services, net
1976
18,714
56,580-37,866
312-2,389
14415,93315,889
443,871843
1977
20,546
62,629-42,083
1,334-2,764-28017,50717,022
4854,278471
1978^
23,259
76,180-52,921
531-2,777-35819,91520,294-3795,057892
Change:1977-78
2,713
13, 551-10,838
-803- 1 3- 7 8
2,4083,272-864
779421
^Preliminary.1. Consists of goods and services transferred under military sales contracts less imports of goods and services by U.S. de-
fense agencies.
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42 SUEVEY OF CURRENT BUSINESS March 1979
erately and nonpetroleum imports in-creased sharply. After the first quarter,nonagricultural exports increased fasterthan nonpetroleum imports. Nonagri-cultural exports increased 30 percent toan annual rate of $126-0 billion in thefourth quarter from $97.1 billion in thefirst; volume increased 17 percent. Non-petroleum imports increased 8 percentto $139.4 billion n the fourth quarterfrom $129.4 billion in the first; volumeincreased 1 percent.
Year over year, both agriculturaland nonagricultural exports increasedstrongly in 1978. Agricultural exports .increased 23 percent, to $29.9 billion,compared with a 4-percent increase in1977. Volume increased 21 percent,compared with 2-percent increase.Sharp rises in agricultural prices in thefirst half of each year were followed bysharp declines in the second. There weresubstantial increases in shipments ofgrain to Latin America, where harvestswere poor, and to the Soviet Union.Soybean and cotton shipments to Japanand the developing countries in Asiaalso increased.
Nonagricultural exports increased 16percent, to $111.9 billion, comparedwith a 5-percent increase in 1977. Vol-ume increased 5 percent after remainingunchanged in 1977. Improved economicconditions in leading markets abroad,together with the lagged effects of adecline in the foreign exchange value ofthe dollar, probably contributed sub-stantially to the increase in nonagri-cultural exports as early as the secondquarter. About $6.7 billion of the total$15.7 billion nonagricultural export risewas accounted for by capital equip-ment; $4.8 billion of that representedmachinery. Shipments of civilian air-craft were up $0.9 billion. Industrialsupplies and materials increased $4.7billion. Following the coal strike, whichlasted through the first quarter, coalshipments recovered to about their 1977rate. Increases in other supplies andmaterials were broadly based; chemi-cals were especially strong, increasing20 percent. Automotive exports in-creased $2.3 billion, or 18 percent. Con-sumer goods increased $1.5 billion, or 17percent.
Petroleum imports declined 6 per-cent, to $42.3 billion. The number of
barrels imported daily declined to 8.72million from 9.27 million in 1977; muchof the decline was in imports from Ni-geria and Saudi Arabia, each of whichshipped about 20 percent fewer barrelsof oil to the United States (table E).The average unit value per barrel wasunchanged at $13.29. A 2-percent in-crease in total U.S. petroleum consump-tion was met by higher North Slope(Alaska) production and by a draw-down of inventories from unusually highlevels early in the year. Imports as apercentage of consumption declined to47 percent from 51 percent (chart 13).
Nonpetroleum imports increased 25percent, to $133.7 billion, comparedwith a 19-percent increase in 1977.Volume increased 12 percent, comparedwith 11 percent. By the second quarter,the rate of increase in nonpetroleumimports slowed, partly reflecting thelagged effects of exchange rate changes ;increases in volume moderated in manymajor categories, and prices increased.Of the $27.0 billion increase in non-petroleum imports, industrial suppliesand materials accounted for $7.8 billion.The increase was widespread, with thelargest increases in nonferrous metals(38 percent) and iron and steel (26percent). Steel imports were strong forthe second consecutive year; importsfrom Japan increased $2.7 billion, andfrom members of the European Com-munities, $2.1 billion. Capital goodsimports rose $5.2 billion. Automotiveimports increased $5.7 billion; thosefrom areas other than Canada in-creased $14.0 billion, or 46 percent,and their volume increased 13 percent.Much of the price rise can be attributedto the 19-percent appreciation of theyen and 13-percent appreciation of themark against the dollar. The numberof passenger cars imported from Japanincreased 17 percent and the numberimported from Germany declined. Im-ports accounted for 17.7 percent oftotal U.S. auto sales, compared with18.5 percent in 1977. Consumer goodsimports increased $6.4 billion; theincrease was evenly divided betweendurable and nondurable goods.
By area, the trade surplus withWestern Europe declined to $3.0 billion,about one-half of its 1977 level, asexports increased 16 percent and im-
ports increased 30 percent. The deficitwith West Germany increased to $3.1billion, from $1.4 billion, but declinedsharply after the first quarter. Thesurplus with the United Kingdomdeclined to $0.6 billion from $0.9 billion,and the surplus with France declinedto near balance from $0.5 billion. Thedeficits with Japan and Canada bothincreased, to $11.5 billion from $8.0billion, and to $2.7 billion from $1.4billion, respectively. A reduction inimports and expansion of exports con-tributed to a narrowing of the deficitwith OPEC countries to $18.4 billion,from $22.9 billion. The deficit withnon-OPEC developing countries alsodeclined.
Service transactions
Net services receipts increased $2.7billion, to $23.3 billion; the 13-percentincrease followed a 10-percent increase
CHART 13
U.S. Petroleum Consumption,Production, and Imports
Million barrels per day20
18
16
Consumption
Production
P e r c e n t
IMPORTS AS A PERCENTAGEOF CONSUMPTION
1972 1973 1974 1975 1976 1977 1978
Data: Consumption and production, U.S. Department of Energy;Imports, BEA
U.S. Department of Commerce, Bureau of Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979
in 1977. Net receipts on direct and otherinvestments abroad continued as themajor source of growth in the servicesbalance.
Net receipts of income on direct in-vestments increased $3.3 billion, to$20.3 billion. Receipts on U.S. directinvestments abroad increased to $24.0billion, largely due to the rise in re-invested earnings. Small increases individend payments by affiliates inmost areas were about offset by adecline in payments by German affili-ates. The concentration and size of theincreases in reinvested earnings inaffiliates in the European Communities(55 percent of the increase) and Japan(10 percent) suggest that the dollar'sdepreciation against several currenciesmay have boosted reported earnings.Also, increases in earnings of Europeanautomobile and computer manufactur-ing affiliates were particularly strong.Payments to foreigners on foreigndirect investments in the United Statesincreased to $3.7 billion from $2.8 bil-lion. The increase was about evenlydivided between reinvested earningsand interest, dividends, and earnings ofunincorporated affiliates. The increasein payments was concentrated in petro-leum and nonmanufacturing industries;by area, payments were largest to theUnited Kingdom and members of theEuropean Communities.
Net income on other investmentsdecreased $0.9 billion, shifting to netpayments of $0.4 billion. Receipts, at$17.5 billion, reflected both the increasein overseas credits extended by U.S.banks and interest rate increases. Pay-ments, at $17.9 billion, reflected sub-stantial increases in the volume of U.S.financial market instruments held byboth official and private foreigners, andsharp increases in U.S. interest rates.
Net receipts from U.S. militarytransactions with foreigners declined$0.8 billion, to $0.5 billion, as increasesin transfers under military sales con-tracts slowed and direct defense expend-itures continued to rise. Transfers in-creased $0.6 billion, to $7.7 billion,compared with a $1.7 billion increasein 1977, as aircraft deliveries to theMiddle East dropped in the last halfof the year. Direct defense expendi-tures increased $1.4 billion to $7.2
SURVEY OF CURRENT BUSINESS
billion, compared with a $0.8 billionincrease in 1977. Increased constructionexpenditures in Saudi Arabia, andhigher overseas costs for troops inJapan and Germany, stemming fromthe dollar's depreciation against the yenand the mark, were the primary con-tributing factors.
International travel and passengerfare transactions resulted in net pay-ments of $2.8 billion, unchanged from1977. Total spending by foreigners fortravel in the United States was $7.1billion, up 15 percent. The largestincrease was in spending by visitorsfrom overseas, up 30 percent to $3.4billion. U.S. travelers spent $8.4 billionin foreign countries, about 12 percentmore than in 1977. Spending in overseascountries and in Mexico each increased20 percent, to $4.9 billion and $2.0billion, respectively; spending in Can-ada was slightly lower. Passenger farereceipts were up 15 percent; paymentswere up 7 percent.
The increases in merchandise exportsand imports boosted U.S. receiptsand payments associated with trans-portation $0.8 billion and $0.9 billion,respectively. About two-thirds of theincrease in receipts resulted from higherexpenditures by foreign carriers inU.S. ports. Ocean freight receipts didnot appear to benefit in proportion tothe large increase in the volume ofU.S. exports. Most of the increase inpayments resulted from U.S. freightexpenditures on nonpetroleum imports.
43
Expenditures on petroleum importsdeclined, as volume dropped 5 percentand tanker rates were unchanged.
U.S. assets abroad
U.S. assets abroad increased $58.7billion in 1978, compared with a $34.7billion increase in 1977. Bank-reportedoutflows more than tripled, accountingfor most of the step-up. There werelarge and mostly offsetting changes inseveral components of official reserveassets in the fourth quarter.
Net claims on foreigners reportedby U.S. banks increased $34.0 billion,following an $11.4 billion increase in1977; nearly two-thirds of the 1978increase occurred in the fourth quarter.Outflows increased throughout the yearto several industrial countries whosecurrencies had appreciated against thedollar, and to several non-0 PEC devel-oping countries. Factors that acted toslow U.S. lending abroad—rapidly ris-ing domestic loan demand, ampleliquidity, and a narrowing of spreadsbetween lending and borrowing ratesin the Euro-currency market—wereapparently more than oftset by risinginternational credit demands for dollars.Also, the size of outflows in the latterhalf of 1978—a period of sharp dollardepreciation—suggests that foreignersmay have borrowed dollars to purchaseother currencies.
For the year, the increase in claimsto industrial countries was $18.3 bil-
(Text continued on page 62)
Table E.—U.S. Imports of Crude Petroleum1
[Millions of barrels]
Total.
CanadaMexicoWestern Europe _
OPEC
AlgeriaEcuador..GabonIndonesia _IranIraqKuwait. _.LibyaNigeria
Saudi ArabiaUnited Arab Emirates.Venezuela
Other
Addendum:Average unit value per barrel ($)
1972
1,037.96
322.587.52.41
664.27
31.126.007.0158.0086.742.2815.6365.96123.511.6074.4712.02179. 93
43.18
2.57
1973
1,490.01
399.707.193.08
1,011.41
49.1920.936.8177.40157.634.7316.9481.12188.633.45
173.1524.89206.54
68.63
3.33
1974
1,554.60
311.142.37.96
1,161.65
76.2823.6020.28105.47255. 97
.58
.72287.5621.62166. 7332.83170.01
78.48
11.01
1975
1,771.45
234.0827.846.10
1,420.11
104.6323.3622.50149.24196.77
.715.26
104.34280.2033.64251.4964.16183. 81
83.32
11.45
1976
2,262.06
156.8432.7326.60
1,933.54
161.4421.3517.28191.08214.569.11.34
192.99400.0131.20446.17133.16114.85
112.35
12.14
1977
2,734.41
110.4362.6053.31
2,357.34
208.9319.7812.92195.16286.4233.1514.83
297.30438.8933.93524.47161.42130.14
150.73
13.29
1978
2,608.79
92.37112.15100.30
2,154.34
232.9916.9613.55
202.22327.59
19.593.45
294.46342.3125.94
419.66158.0497.58
149.63
13.29
1. Includes imports into the Virgin Islands from foreign countries.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
44 SUEVEY OF CUEEENT BUSINESS March 1979
Table 1.—U.S. International Transactions[Millions of dollars]
Line (Credits+; debits-) ' 1977 1978 v1977
II III IV
1978
I I I ' IV
Exports of goods and services 2 .Merchandise, adjusted, excluding military3 . .Transfers under U.S. military agency sales contractsTravelPassenger faresO ther transportationFees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private servicesU.S. Government miscellaneous servicesReceipts of income on U.S. assets abroad:
Direct investmentInterest, dividends, and earnings of unincorporated affiliates.Reinvested earnings of incorporated affiliates
Other private receiptsU.S. Government receipts.14 .*.
Transfers of goods and services under U.S. military grant programs, net-
Imports of goods and servicesMerchandise, adjusted, excluding military 3Direct defense expenditures.TravelPassenger faresOther transportationFees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other servicesU.S. Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:
Direct investmentInterest, dividends, and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates
Other private paymentsU.S. Government payments
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of goods and services), net...U.S. Government grants (excluding military grants of goods and services).U.S. Government pensions and other transfersPrivate remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (-—)).
U.S. official reserve assets, ne t 4 .GolcL.Special drawing rightsReserve position in the International Monetary Fund..Foreign currencies u
U.S. Government assets, other than official reserve assets, netU.S. loans and other long-term assetsRepayments on U.S. loans 5
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, netDirect investment
Equity and intercompany accountsReinvested earnings of incorporated affiliates
Foreign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns:Long-termShort-term
U.S. claims reported by U.S. banks, not included elsewhere:Long-termShort-term
Foreign assets in the United States, net (increase/capital inflow (+)) .
Foreign official assets in the United States, netU.S. Government securities
U.S. Treasury securities 6 u
Other 7Other U.S. Government liabilities »U.S. liabilities reported by U.S. banks, not included elsewhere...Other foreign official assets 9_._
Other foreign assets in the United States, net.Direct investment
Equity and intercompany accountsReinvested earnings of incorporated affiliates.,
lurities.U.S. Treasury seenU.S. securities other than U.S. Treasury securities.U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns:Long-termShort-term
U.S. liabilities reported by U.S. banks, not included elsewhere:Long-term 10
Short-term wAllocations of special drawing rightsStatistical discrepancy (sum of above items with sign reversed)
Memoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17) l l
Balance on goods, services, and remittances (lines 77, 35, and 36)Balance on current account (lines 77 and 33) »Transactions in U.S. official reserve assets and in foreign official assets in
the United States:Increase (—) in U.S. official reserve assets, net (line 38)Increase (+) in foreign official assets in the United States (line 57 less
line 61)
183,205120,576
7,0796,1641,3666,9833,767
9583,728
485
19,85112,5407,312
10,8811.368
194
-193,789-151,706
-5,745-7,451-2,843-7,263
-253-194
-2,383-1,359
-2,829-1,257-1,572-6,224-5,540
-194
-4,708-2,776
-973-959
-34,650
-231-118-121-294
- 3 , 679-6,445
2,72047
-30,740-12,215-4,904-7,312-5,398
25-1,725
-751-10,676
50,869
37,12432,60230,2942,3081,644
7732,105
13,7463,3381,7661,572
5632,869
-620877
3736,346
218,024141,844
7,7107,0701,5707,8044,5531,0554,322
583
24,02413,32410,69915,9501,540
274
-228,909-175,988
-7,179-8,364-3,053-8,162
-351-200
-2,466-1,547
-3,730-1,629-2,101-9,195-8,674
-274
-5,076-3,028-1,081
-967
-58,748
872- 6 5
1,2494,231
-4,543
-4,657-7,500
2,961-119
-54,963-15,361-4,662
-10,699-3,389
33-2,289
-311-33,646
63,260
33,96724,71924,063
6562,8105,0431,395
29,2935,6113,5102,1012,2482,899
- 4 91,725
25016,610
44,34329,4001,9121,390
2471,596
812227939135
4,9302,9861,9442,479
277
39
-45,587-36,422-1,344-1,387
-622-1,698
- 6 1- 4 8
-569-348
-553-245-309
-1,345-1,189
- 3 9
-1,101-626-240-236
-1,614
-388- 5 8
59
-1,124-1,772
579
-101-2,281
-338-1,944
-736
-801
-3063,990
2,490
5,4515,4215,323
98505
-725250
-2,962880571309981
-220-126
42-5,346
47,70831,8771,7021,583
3481,857
922235928123
5,1913,1652,0262,547
395
53
-48,924-38,224-1,407-2,019
-871-1,857
- 5 7- 4 8
-586-334
-767-363-404
-1,484-1,271
- 5 3
-1,290-811-232-247
-12,358
- 8 0169
-817-1,453
733- 9 6
-11,547-4,062-2,036-2,026-1,766
66-1,203
18-4,600
14,064
7,8845,7335,123
610417752
6,180996593404
-1,370725
-176-236
1046,136
-927
-31,130-10,585-12,516-15,292
-231
35,480
11,449
-34,144-10,885-12,933-15,961
872
31,157
1,469
-7,022-1,244-1,719-2,345
4,946
801
-6,347-1,217-1,696-2,507
7,467
45,12929,0131,9181,793
4561,855
970244923117
4,7222,9001,8222,791
327
31
-49,055-37,701-1,451-2,500
-782-1,914
- 5 9- 4 9
-601-321
-702-295-408
-1,585-1,391
- 3 1
-1,270-774-254-242
-6,533
151
Q
13327
-1,044-1,746
65646
-5,640-3,086-1,264-1,822-2,165
2051,184
-447-1,332
14,251
8,2467,5756,948
627332
-163502
6,0051,012
604408
1,251513
18572
1942,446
46,02530,2861,5471,398
3151,6741,063
252939109
5,009
1,5203,063
71
-50,223-39,359-1,542-1,545
-568-1,795
- 7 6- 4 9
-627-356
-807-354-452
-1,810-1,689
- 7 1
-1,047-566-247-235
-14,146
(*)- 6 0- 2 9
4247
-695-1,475
752
-13,451-2,787-1,266-1,520
-731
-279-905
- 1 6-8,734
20,065
15,54313,87312,900
973390909371
4,522450- 2452
-299803
-242667
333,110
47,88630,765
1,8421,626
3041,6731,059
2571,000
132
5,5872,9562,6313,400
241
75
-53,013-41,896-1,632-1,516
-688-1,808
- 7 9- 5 0
-621-366
-535-292-244
-1,878-1,943
- 7 5
-1,256-766-253-237
-15,351
246
55,66836,5882,2171,855
3602,0261,152
2621,049
149
6,0723,5832,4893,585
354
57
-57,111-43,858-1,773-2,148
-909-1,996
- 6 9- 5 0
-614
-1,154-452-702
-2,079-2,074
- 5 7
-1,360-827-270-264
-6,581
329
- 1 6324
- 6 2
-1,071-1,680
653
-14,526-5,085-2,454-2,631
- 5 7-2,165
-311-5,959
18,095
15,76013,08212,965
117804
1,456418
2,336812568244881462
38457
250-564
-104437- 4
-1,199-1,998
78713
-5,712-4,372-1,883-2,489-1,103
80187
12 -503
406
-5,685-5,517-5,728
211-312-493
637
6,0901,8521,150
702847
1,308
316
} 1,836
-2,522
-3,926-4,422-5,196
7,914
-674
-9,073-4,198-4,679-5,245
15,153
3,638
-11,131-5,127-5,617-6,382
246
14,956
8,979
-7,270-1,444-1,977-2,803
-5,373
53,61334,4901,8892,029
5252,0941,154
2661,107
164
5,3882,7952,5934,103
405
69
-58,667-44,130-1,877-2,979
-878-2,154
- 9 8- 5 0
-612
-1,103-464-639
-2,290-2,147
- 6 9
-1,272-769-274-229
-10,056
115
195- 3 7
-1,446-2,167
70021
-8,725-2,600
- 8-2,593
-467
62
12 -5,622
15,489
4,8523,4723,029
44335094684
10,6372,2061,567
639-1 ,053
533
106880
7,965
60,85840,001
1,7611,560
3822,0121,187
2701,167
139
6,9763,9902,9864,863
540
73
-60,118-46,104-1,897-1,721
-578-2,204
-105- 5 0
-619-446
-937-421-516
-2,948-2,509
- 7 3
-1,189-667-285-237
-26,760
182- 6 5
1,4123,275
-4,440
-942—1,654
822-110
-26,000-3,303
-317-2,986
-870
- 5 2-213
12 -21,562
29,270
19,04013,68213,797
-1151,9683,134
256
10,230741225516
13 1,573596
-12572
7,373
893
-9,640-5,054-5,556-6,326
115
4,502
-2,061
-6,103740217
-449
182
17,072
See footnotes on page 54.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUKVEY OF CURRENT BUSINESS 45Table 2.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
Line (Credits-*-; debits-) 11977'
II Ill IV
1978
I I ' I I I ' IV
910
1112131415
16
17181920212223242526
2728293031
32
33343536
37
Exports of goods and services2 __Merchandise, adjusted, excluding military3
Transfers under U.S. military agency sales contractsTravelPassenger faresOther transportationFees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private servicesU.S. Government miscellaneous servicesReceipts of income on U.S. assets abroad:
Direct investmentInterest, dividends, and earnings of unincorporated affiliates.Reinvested earnings of incorporated affiliates
Other private receiptsU.S. Government receipts 14
Transfers of goods and services under U.S. military grant programs, net.
Imports of goods and servicesMerchandise, adjusted, excluding military3
Direct defense expendituresTravelPassenger faresOther transportationFees and royalties to affiliated foreigners...Fees and royalties to unaffiliated foreignersPrivate payments for other services _U.S. Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:
Direct investmentInterest, dividends, and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates
Other private paymentsU.S. Government payments.. _
U.S. military grants of goods and services, net-. _
Unilateral transfers (excluding military grants of goods and services), netU.S. Government grants (excluding military grants of goods and services.U.S. Government pensions and other transfersPrivate remittances and other transfers- _
U.S. assets abroad, net (increase/capital outflow (—))
U.S. official reserve assets, net 4
GoldSpecial drawing rightsReserve position in the International Monetary Fund..Foreign currencies u
U.S. Government assets, other than official reserve assets, netU.S. loans and other long-term assetsRepayments on U.S. loans 5
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, netDirect investment
E quity and intercompany accountsReinvested earnings of incorporated affiliates
Foreign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term .Short-term
U.S. claims reported by U.S. banks, not included elsewhere:Long-termShort-term
Foreign assets in the United States, net (increase/capital inflow (+))--
Foreign official assets in the United States, netU.S. Government securities
U.S. Treasury securities 6 u
Other? _ __Other U.S. Government liabilities 8
U.S. liabilities reported by U.S. banks, not included elsewhere..Other foreign official assets 9 .
Other foreign assets in the United States, netDirect investment
Equity and intercompany accountsReinvested earnings of incorporated affiliates
U.S. Treasury securitiesU.S. securities other than U.S. Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns:Long-termShort-term
U.S. liabilities reported by U.S. banks, not included elsewhere:Long-term 10
Short-term 10
Allocations of special drawing rightsStatistical discrepancy (sum of a >ove items with sign reversed)
0 / which seasonal adjustment discrepancyMemoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17) n
Balance on goods, services, and remittances (lines 77, 35, and 36)...Balance on current account (lines 77 and 33) »Transactions in U.S. official reserve assets and in foreign official assets in the
United States:Increes3 ( - ) in U.S. official reserve assets, net (line 38)Increase (+) in foreign official assets in the United States (line 57 less line 61)
44,77529,5011,9121,401308
1,699860227939132
4,9283,0891,8392,520348
39
-46,999-37,120-1, 344-1,833-711
-1,771-61-48-569-344
-553-245-309
-1,433-1,211
-39
-1,126-636-240-250
-1,334
-58
-38959
-949-1, 654
637
3-2,177-338
-1,839-736
33-801
-3063,990
2,490
5,4515,4215,323
98505
-725250
2,962880571309981
-220-126
42-5, 346
2,194725
-7,619-2,224-2, 714-3, 350
46,50730,8601,7021,534348
1,777917235928118
5,0883,3951,6932,633367
53
-37, 635-1,407-1,872-705
-1, 841-57-48-586
-767-363-404
-1,527-1,307
-53
-1,243-763-232-248
-12,003
-83-80169
-795-1, 366
667
-11,214-3, 729-2, 036-1,693-1,766
-1,203
18-4, 600
14,064
7,8845,7335,123610417752982
6,180996593404
-1,370725
-176-236
1046,136
763-38
-6,775-1,581-2,061-2,824
7,467
46,70030,5781,9181,562345
1,7861,005244923119
5,1553,3061,8492,698367
31
-48,405-37, 942-1,451-1, 824-705
-1,810-59-49-601-322
-702-295-408
-1, 541-1,367
-31
-1,277-787-254-236
-6,615
151
-913327
-1,098-1,852
70846
-5,668-3,113-1,264-1,849-2,165
2051,184
-447-1, 332
14,251
8,2467,575
627332
-163502
6,0051,012604408
1,251513
18572
1942,446
-4,655-2,133
-7, 364-1, 705-2,195-2,982
1517,914
45,22629,6371,5471,667365
1,721985252939116
4,6812,7501,9313,030286
71
-50,298-39,009-1,542-1, 922-722
-1,841-76-49-627-357
-807-354-452
-1,723-1, 655
-71
-1,064-591-247-226
-14,700
(*)-60-294247
-1,57470828
-3,197-1,266-1,931-731
-279-905
-16-8, 734
20,065
15,54313, 87312, 900
973390909371
4,522450- 2452
-299803
-242667
333,110
48,35530, 7871,8421,668379
1,7821,120257
1,000128
5,6113,0892,5223,461320
75
-54,657-42,707-1,632-1,987-788
-1,888-79-50-621-389
-535-292-244
-2,006-1,974
-75
-1,282-778-253-251
-15,067
246
-16324-62
-896-1,564
711-43
-14,417-4,976-2 , 454-2, 522-949
-57-2,165
-311-5,959
18,095
15, 76013, 08212, 965
117804
1,456418
2,336812568244881462
457
250-564
54,17535,2562,2171,793358
1,9391,145262
1,049143
5,9723,8742,0983,709332
57
-56,184-43,125-1,773-2,009-738
-1,980-69-50-614-394
-1,154-452-702
-2,142-2,136
-57
-1,317-781-270-266
-6,167
329
-104437- 4
-1,176-1,911
72213
-5,320-3, 981-1, 883-2,098-1,103
80187
12 -503
406
-5, 685-5,517-5,728
211-312-493637
6,0901,8521,150702847
1,308
316
1,836
55,59536, 4861,8891,759394
2,0151,192266
1,107165
5,9103,2102,7003,967445
69
-58,031-44,478-1,877-2,231-793
-2,074-98-50-612-374
-1,103-464-639
- 2 , 234-2,107
-69
-1,275-779-274-222
-10,216
115
-43195-37
-1,4
75021
-8, 833-2 , 708
- 8- 2 , 700-467
62
-98
12 -5, 622
15,4894,8523,4723,02944335094684
10, 6372,2061,567639
-1, 053533
106
7,965
7711,445
-9, 372-5, 072-5,545-6,136
().15,153
4,555917
-11,920-6, 302-6, 806-7,584
24614,956
9,087108
-7,869-2,009-2, 545-3, 326
329-5,373
-1,562-2,455
-7,992-2, 436-2,932-3, 711
1154,502
59,90039,3151,7611,850439
2,0681,096270
1,167147
6,5313,1513,3804,813443
73
-60,038-45,678-1, 897-2,137-734
-2 , 220-105-50-619-391
-937-421-516
-2,813-2,457
-73
-1,204-691-285-228
-27,298 .
182-651,4123,275
-4, 440
-1,086-1,755
779-110
-26, 394-3,697-317
-3, 380-870
-52-213
12 -21,562
29,270
19, 04013, 68213, 797-1151,9683,134256
10,230741225516
131, 573596
-12572
7,373
-6301,431
-6, 363-138-651
-1,342
18217, 072
See footnotes on page 55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
46 SUEVEY OF CUERENT BUSINESS March
Table 3.—U.S. Merchandise Trade[Millions of dollars]
Line 1977 1978
Not sesaonally adjusted
1977
II III IV
1978
II III IV v
Seasonally adjusted
1977 '
II III rv
1978
I I r H I r IV v
10
11
12
15
18
29
Balance of payments adjustments to Censustrade data:
E X P O R T S
Merchandise exports, Census basis * in-cluding reexports and excluding militarygrant shipments
Adjustments:Private gift parcel remittances.Virgin Islands exports to foreign countries.Gold exports, nonmonetary..Inland U.S. freight to CanadaU.S.-Canadian reconciliation adjust-
ments, nee, net2
Merchandise exports transferred underU.S. military agency sales contractsidentified in Census documents 3
Other adjustments, net4 _Of which quarterly allocation of annual
seasonal adjustment discrepancy5
Equals: Merchandise exports, adjusted tobalance of payments basis, excluding"military" (table 1, line 2)
21,150
928114
691
1,787
-3,28546
43,574
14310437
756
1,901
-4,71847
29,641
167
320
-79532
31,777
22235
186
551
162
29,091
27
9163
529
-742- 9 2
30,641
175
387
- 5 6
30,953
312029
163
416
-971124
37,020
202
517
-1,310
35,261
184
438
-1,210-248
207
530
-1,22773
I M P O R T S
Merchandise imports, Census basis i (gen-eral imports)
Adjustments:Virgin Islands imports from foreign
countriesGold imports, nonmonetaryU.S.-Canadian reconciliation adjust-
ments, n.e.c, net2
Merchandise imports of U.S. militaryagencies identified in Census docu-ments3
Other adjustments, net6
Of which quarterly allocation of annualseasonal adjustment discrepancy5
Equals: Merchandise imports, adjusted tobalance of payments basis, excluding"military" (table 1, line 18)
.20,576
[47,685
2,7051,286
-206
41,844
[72,026
2,779843
-243479
-181521
29,400
35,379
724267
- 3 7
31,877
37,239
670320
- 8 2
- 7 8155
29,013
36,927
620255
-145
107
30,286
38,140
691444
- 6 2
- 6 5211
30,765
40,551
906195
36,588
43,200
473211
34,490
43,145
733292
- 4 5 - 3 59
- 4 6
Merchandise trade, by area, adjusted tobalance of payments basis, excludingmilitary:7
EXPORTS
Total, all countries (A-10)
Western Europe _European Communities (9)
United KingdomEuropean Communities (6)
Western Europe, excluding EC (9)Eastern EuropeCanada2
Latin American Republics and otherWestern Hemisphere
JapanAustralia, New Zealand, and South Africa.Other countries in Asia and Africa
151,706
20,576
34,07626,5036,03319,5537,5732,91228,293
17,92110,5663,777
23,031
75,988
141,844
39,61031,9137,090
23,7r7,6973,835
31,061
22,01012,9454,21028,173
36,422
29,400
8,7426,7761,4885,0521,966
932
3,8622,810
9615,195
38,224
31,877
9,1857,1741,6185,3092,011
7367,754
4,3342,560
8896,419
37,701
29,013
7,8376,0671,3924,4701,770
5296,448
4,9982,472
9945,735
39,359
30,286
8,3126,4861,5354,7221,826
7157,193
4,7272,724
9335,682
41,896
30,765
7,0721,6755,1581,697
9076,842
4,6242,619
8656,139
43,858
36,588
8,0211,9045,8481,8741,4078,428
5,4903,0581,0577,253
44,130
34,490
9,4007,5681,5325,7841,832850
7,150
5,61'3,3391,0407,094
Seasonal adjustment discrepancy (Bl lessB2,7-12).
Memoranda:Developed countries 7
OPEC 7___ _
Other developing countries '
IMPORTS
Total, all countries (A-18)Western Europe _
European Communities (9)United KingdomEuropean Communities (6)
Western Europe, excluding EC (9)Eastern EuropeCanada2 ___Latin American Republics and other
Western Hemisphere _Japan _Australia, New Zealand, and South AfricaOther countries in Asia and Africa . . .
76,71212,87828,074
151,706
28,22622,1195,135
16,1636,1071,127
29,664
21,16218,5652,792
50,170
87,82614,84535,338
175,988
36,61729,0606,476
21,5767,5571,509
33,804
23,02924,4744,440
52,115
19,4112,8736,184
36,422
6,4394,9891,1803,61'1,450
2227,023
5,8463,913
55512,424
20,3883,3937,360
38,224
6,9865,5321,2784,0501,454306
7,799
5,2824,58969
12,57
17,7513,3397,394
37,701
7,2665,7841,3534,2321,482292
6,777
4,8694,810730
12,957
19,1623,2737,136
39,359
7,5355,8141,3244,2671,721307
8,065
5,1655,253816
12, 218
19,0953,3377,426
41,896
8,77'6,8911,5235,1251,883370
7,910
5,67:5,753904
12,514
22,4383,853
43,858
9,1637,2861,7135,3131,877360
8,823
5,7W6,22S1,05112,526
20,9293,7738,938
44,130
9,1257,3231,6125,4691,80235:
7,73C
5,6246,3631,10413,833
Seasonal adjustment discrepancy (B17 lessB18, 23-28)
Memoranda:30 Developed countries 7
31 O P E C 7 _ ___.32 Other developing countries '
See footnotes on page 55.
79,24;35,7734,90C
99,33,28941,103
17,93(9,6538,438
20,0658,7158,905
19,5839,0498,700
21,66?8,3618,857
23,348,5039,497
25,2667,82210,232
24,3228,48910,685
40,340
44
40,001
45,130
667145
-55217
46,104
40,001
11,5469,2521,9796,9272,294671
8,641
6,2793,9291,2487,687
25,3643,88210,084
46,104
9,5557,5601,6285,6691,428
9,341
6,0286,1291,38113,242
26,4068,47510,689
29,798
172
320
-795-29
-61
29,501
36,078
724267
-375
-1
37,120
29,501
8,6096,6841,4594,9901,925869
7,081
4,0702,745961
5,282
-116
19,3963,0426,310
37,120
6,4314,9811,1733,6141,450222
7,185
5,7653,949582
12,162
824
18,149,3538,395
30,837
22
5172
551
-84999
30,860
36,651
670320
-82
-78154
37,635
30,860
8,8496,9091,5425,1271,940701
7,04'
4,2732,606889
6,145
850
19,3913,2467,172
37,635
6,9435,4891,2404,0501,454306
7,288
5,40C4,539692
13,002
-585
19,4629,2028,967
30,709
27289
173
529
-742-155
30,578
37,169
620255
-145
-63106
37,942
30,578
6,7321,5244,9801,948631
7,115
5,1112,563994
5,879
-395
19,3523,4037,587
37,942
7,2995,8171,3734,2321,482292
7,324
4,8334,796724
12,813
-189
20,143
30,054
2117
""174
387
-899-117
-61
29,637
37,792
691444
-62
-65209
-2
39,009
29,637
7,9386,1781,5084,4561,760711
7,050
4,4672,652933
5,725
161
18,5733,1877,005
39,009
7,5535,8321,3494,2671,721307
7,
5,1645,281794
12,193
-150
21,4958,3358,857
30,955
312029166
416
-971141
17
30,787
41,366
906195
35,685
34198
187
517
-1,310116
18
35,256
42,471
473211
-45285
-4
42,707
30,787
8,6676,9921,6445,1101,675841
7,034
4,8942,565865
6,263
-8$
19,1313,5427,615
42,707
8,7606,8771,5115,1251,883370
8,094
5,6085,784948
12,314
829
23,5868,2709,467
194
438
-1,210-230
18
36,486
43,497
733292
-355
-4
43,125
35,256
9,5367,7291,8165,6541,8071,3247,650
5,4383,1111,0576,920
220
21,3543,6878,671
43,125
9,1077,2301,6645,3131,877360
8,203
5,8166,1511,05212,877
24,5138,22410,291
37,229
209
530
-1,22791
18
39,315
44,708
667145
-462
44,478
36,486
10,3778,3751,6796,4132,002995
7,903
5,7383,4481,0407,259
-274
22,7683,8339,164
44,478
9,1617,3591,6325,4691,802351
8,384
5,5756,3591,09913,668
-119
25,0038,30510,655
39,634
4434
-55213
-4
45,678
39,315
11,0308,8171,9516,5402,213675
8,474
5,9403,8211,2487,731
896
24,5733,783
45,678
9,5897,5941,6695,6691,995428
9,123
6,0306,1801,34113,256
26,2338,49010,690
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUKVEY OF CUREENT BUSINESS 47
Table 3.—U.S. Merchandise Trade—Continued(Millions of dollars]
Line 1977 1978
N o t sesaonally adjusted
1977
II III IV
1978
II III IV
Seasonally adjusted
1977'
II III IV
1978
I I ' I I I ' IV
22
37
Merchandise trade, by area, adjusted tobalance of payments basis, excludingmilitary—Continued
BALANCE (EXCESS OF EXPORTS-}-)
Total, all countries
Western EuropeEuropean Communities (9)
United KingdomEuropean Communities (6) ..
Western Europe, excluding EC (9)
Eastern EuropeCanada2
Latin American Republics and otherWestern Hemisphere
JapanAustralia, New Zealand, and South AfricaOther countries in Asia and Africa
Seasonal adjustment discrepany (BIS lessB29)
Memoranda:Developed countries 7
O P E C 7.Other developing countries 7
Merchandise trade, by principal end-usecategory, adjusted to balance of paymentsbasis, excluding military:
Total (A-10).EXPORTS
Agricultural productsNonagricultural products
Foods, feeds, and beverages __*Foods, feeds, and beverages—agricul-
turalGrainsSoybeans
Industrial supplies and materials.AgriculturalNonagricultural
Fuels and lubricantsPetroleum and products 8__.
Capital goods, except automotiveMachinery, except consumer-typeCivilian aircraft, complete—all types.Other transportation equipment
Automotive vehicles, parts, and engines-To Canada»To all other areas
Consumer goods (nonfood), except auto-motive
All other, including balance of paymentsadjustments, not included in lines C4-20
Seasonal adjustment discrepancy (Cl lessC4, 8,18,17, 20 and 21)
Total (A-18)_I M P O R T S
Petroleum and products 8
Nonpetroleum products..
Foods, feeds, and beverages
Industrial supplies and materials.Fuels and lubricants
Capital goods, except automotiveMachinery, except consumer-type..Civilian aircraft, engines, parts
Automotive vehicles, parts, and engines..From CanadaFrom all other areas
Consumer goods (nonfood), except auto-motive
All other, including balance of paymentsadjustments, not included in lines C26-35
Seasonal adjustment discrepancy (C2S lessC26,27,29,82,35 and 86)
-31,130 -34,144
5,854,384898
3,39C146€
-1,37]
-3,24!
-7,99?
-27,13c
-2,535-22,900-6,826
120,576
24,33696,240
19,741
19,11610,2454,394
34,5274,643
29,8844,7641,334
39,80733,5252,751
590
13,0109,2613,749
8,937
4,554
51,706
44,980.06,726
14,027
81,05047,782
14,12213,401
592
18,8519,3149,537
21,827
1,
2,9932,853614
2,14114C
2,326-2,743
-1,01!
-ll,52c-23C
-23,942
-11,509-18,444-5,765
141,844
29,93C.11,91
25,196
24,17413,4775,192
39,2415,34233,8994,5001,583
46,47538,3613,654793
15,33610,1305,206
10,425
5,171
175,988
42,289.33,699
15,441
86,14845,787
19,30218,148
947
24,59110,63413,957
28,199
2,307
-7,022
2,3031,787308
1,43851€
-121
1,984
-1,103406
-7,229
1,4-6,780-2,254
29,400
6,41522,985
5,003
4,9152,6491,272
8,5031,3767,127898300
8,269516127
3,1932,334859
2,138
897
36,422
12,35124,071
3,522
20,25013,032
3,1503,027103
4,4422,4082,034
4,737
321
-6,34'
1,642341
1,25155:
43C
-45
-94?
-2,029198
-6,152
323-5,322-1,545
31,877
6,46925,408
5,263
5,1242,6691,324
9,1711,1727,'"1,395340
10,3288,640824137
3,5572,613944
2,306
1,252
38,224
10,70027,524
3,961
19,96611,350
3,5303,361143
4,8542,5592,295
5,337
576
-8 ,688
5712823£
23828*
23'- 3 2 S
12S
-2,338264
-7,222
-1,832-5,710-1,306
29,013
5,22123,792
4,299
4,0722,493
476
8,72697,
7,7511,313
36;
9,6278,276
517142
2,8281,912
916
2,296
1,237
37,701
11,34226,359
3,163
20,50211,976
3,5613,389
131
4,2551,8622,393
5,825
395
-9,07;
11167221:455105
408
- 8 7 2
- 4 3 8
-2,52c
ir- 6 , 5 3 6
-2,507-5,088-1,721
30,286
6,23124,055
5*, 176
5,0052,4341,322
8,12'1,1207,0071,158327
10,1868,340894184
3,4322,4021,030
2,197
1,168
39,359
10,58728,772
3,381
20,33211,424
3,8813,624215
5,3002,4852,815
5,928
537
-11,13]
18:15233
-186
537-1,068
-1,047
-3,134-39
-6,375
-4,246-5,166-2,071
30,765
6,24,073
5,313
5,1652,8721,092
8,4451,4117,034560332
10,0388,592500174
3,4612,3081,153
2,262
1,246
41,896
10,61831,278
3,870
21,05211,424
4,2404,062141
5,8642,4483,416
6,150
720
-7,270
73273519:535
1,04'-395
-216
-s,m-5,273
-2,828-3,969-1,342
36,588
7,28,601
6,832
6,6333,7421,548
9,7661,2278,5391,125379
11,5829,763658214
4,2262,8641,363
2,718
1,464
43,858
9,99133,867
3,865
21,31610,983
4,8604,549274
6,4882,8973,591
6,914
415
-9,640
275245-8031530
499-580
-3,024-64
-6,739
-3,393-4,716-1,747
34,490
6,92227,568
6,05'
5,6803,586786
10,0091,1598,8501,309415
11,5919,435995195
3,3342,1001,233
2,571
928
44,130
10,87333,257
3,602
21,77911,711
4,9694,667253
5,5322,2013,331
7,766
482
-6,103
1,9911,692351
1,258299
243-700
251
-2,200-133-5,555
-1,042-4,593-605
40,001
8,32931,672
6,994
6,6963,2771,766
11,0211,5459,4761,506457
13,26410,5711,501210
4,3152,8581,457
2,874
1,533
46,104
10,80735,297
4,104
22,00111,669
5,2334,870279
6,7073,0883,619
7,369
690
-7 ,61'
2,1781,703
2861,376
47.r
647-104
- 1 , 6
-1,204379
-6,88C
-Hi
1,249-6,311-2,085
29,501
6,24723,254
5,102
4,9532,6491,193
8,2921,1657,1271,127300
9,7788,316602127
3,1982,353903
2,157
956
18
37,120
11,99325,127
3,522
19,99612,674
3,1503,027103
4,2652,3581,892
5,051
321
815
-6,771
1,9061,420302
1,077486
395-24
-1,127
-1,933197
-6,85:
885
-71-5,956-1,795
30,860
6,25324,607
5,127
4,95'2,6691,239
9,1991,1998,0001,283340
8,285717137
3,2612,320908
2,159
1,167
87
37,635
11,26826,367
3,961
20,31611,919
3,5303,361
143
4,4882,3162,178
5,410
-7,364
1,38:91515:748466
339-209
278
-2,233270
-6,934
-256
-791-5,485-1,094
30,578
6,02324,555
4,744
4,6002,493
881
1,1677,7511,284367
10,2638,579
679142
3,2512,273
959
2,406
1,275
-279
37,942
11,15726,785
3,163
20,44711,791
3,5613,389
131
4,8072,2372,555
5,495
395
-9,372
34615918C.3°.
404-81'
-2,629139
-6,468
811
-2,922-5,148-1,852
29,637
5,81323,824
4,768
4,6062,4341,081
8,1181,1127,0061,070327
9,9068,345
753184
3,3002,315
979
2,215
1,156
m39,009
10,56228,447
3,381
20,29111,398
3,8813,6242L"
5,2912,4032,912
5,871
537
-243
-11,920
no
115133-15-208
47-l,06C
-714
-3,219-83
-6,051
-1,171
-4,455-4,728-1,852
30,787
6,51024,277
5,432
5,2112,8721,000
8,2191,1857,034730332
10,1888,652597174
3,4752,3321,217
2,286
1,311
-1*4
42,707
10,34732,360
3,870
20,90111,153
4,2404,062141
5,6272,3883,200
6,545
720
-7,869
42949915234-70
964-553
-37!
-3,04Cc
-5, 957
-3,159-4,537-1,620
35,256
7,66627,590
6,61:
6,3773,7421,394
9,7901,2518,5391,057379
11,0539,353561214
3,8522,5251,312
2,546
1,370
38
43,125
10,47432,651
3,865
21,509
6,0062,6143,434
7,003
415
-533
7,992
1,211l,01(
4944200
644
-48:
163
-2,91- 5 ?
-6,40c
-2,235-4,472-1,491
36,486
7,93728,549
6,662
6,3813,5861,400
10,2231,3738,8501,299415
12,4089,7791,274195
3 I2^5251,292
2,697
967
-331
44,478
10,64833,830
3,602
21,70111,4
4,94,667
253
6,2542,6423,582
7,333
137
-6,363
1,4411,223282871218
247-649
-90
-2,359-93
-5,525
-1, 600-4,707-802
39,315
7,81731,498
6,490
6,2053,2771,398
11,0091,5339,4761,414457
12,82610,5771,222210
4,1492,7481,385
2,896
1,523
422
45,678
10,82034,858
4,104
22,03711,682
5,2334,870279
6,7042,9903,741
7,318
690
-408
See footnotes on page 55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
48 SUEVEY OF CUEEENT BUSINESS March 1979
Table 3.—U.S. Merchandise Trade—Continued[Millions of dollars]
Line 1977 1978
Not seasonally adjusted
1977
II III IV
1978
II III IV
Seasonally adjusted
1977 r
II III I V
1978'
II III IV
D Merchandise trade, by end-use category,Census basis, * including military grantshipments:
Merchandise exports, Census basis, in-cluding military grant shipments (A-l)
Agricultural productsNonagricultural products.
Excluding military grant shipments..
Foods, feeds, and beveragesGrains and preparationsSoybeansOther foods, feeds, and beverages
Industrial supplies and materialsFuels and lubricants 10_Paper and paper base stocksTextile supplies and materials
Raw cotton, including lintersTobacco, unmanufacturedChemicals, excluding medicinalsOther nonmetals (hides, tallow, min-
erals, wood, rubber, tires, etc.)..
121,212 143,660
Steelmaking materialsIron and steel productsOther metals, primary and advanced,
including advanced steelPrecious metals (gold, silver, platinum)
Capital goods, except automotive..Machinery, except consumer-type
Electrical and electronic, includingparts and attachments. _ _
Nonelectrical, including parts andattachmentsConstruction machinery and non-
farm tractors....Textile and other specialized in-
dustry machineryOther industrial machinery, n.e.c...Agricultural machinery and farm
tractorsBusiness and office machines, com-
puters, etcElectronic computers and parts...
Scientific, professional, and serviceindustry equipment
Civilian aircraft, engines, partsCivilian aircraft, complete, all types.
Other transportation equipment
Automotive vehicles, parts and engines..To Canada 9
To all other areasPassenger cars, new and used.Trucks, buses, and special vehiclesBodies, engines, parts and accessories,
n.e.c
Consumer goods (nonfood), except auto-motiveConsumer durables, manufacturedConsumer nondurables, manufactured..Unmanufactured consumer goods (gem
stones)
Special category (military-type goods)
Exports, n.e.c, and reexportsDomestic (low-value, miscellaneous)..Foreign (reexports)
24,21996,99396,931
19,59110,2424,3934,955
34,2974,7632,6833,4081,5381,0948,641
7,356
4821,875
3,9961,169
39,31233,074
7,238
25,836
5,633
1,19,940
1,587
4,0493,264
2,630
5,6792,739559
12,1158,3663,7493,6282,041
6,446
8,8173,763
4,r~
366
3,2083,8721,6652,207
29,798113,861113,775
25,04913,4645,2086,377
38,9584,4992,6283,9991,7541,35810,362
8,444
8452,028
4,7941,356
45,95137,875
8,110
29,765
6,420
2,42610,464
1,755
5,2414,199
3,460
7,2833,616793
14,4609,2545,2063,6912,770
7,999
10,2724,6025,153
517
4,489
4,4801,9742,506
29,670
6,36723,30323,274
4,9522,6411,2581,053
8,397898658995500305
2,135
1,9
112477
914235
9,5668,172
1,760
6,412
1,429
4852,490
444
943758
622
1,267513127
3,0552,196859915495
1,645
2,110935
1,091
84
717873385488
Seasonal adjustment discrepancy (Dl lessD5, 9, 21, 85, 41, 45 and 46)
31,791
6,44625,34525,331
5,2312,6651,3411,224
8,9611,394710992502178
2,184
1,935
154503
913153
10,1878,504
1,855
6,649
1,467
5172,591
439
959770
675
1,547820136
3,2762,332944
1,<527
2,273992
1,182
100
834
424605
29,101
5,19323,90823,898
4,2602,504470
1,285
8,7921,313720699229282
2,309
1,818
12344'
1,080376
9,4988,151
1,761
6,390
1,391
5022,444
358
1,040829
655
1,205514142
2,5661,650916671511
1,384
2,256912
1,264
79
759970417553
30,650
6,21324,43724,428
5,1482,4321,324V8,1471,158595722307329
2,013
1,700
93448
1,089405
10,0618,247
1,
6,385
1,346
4922,415
346
1,107907
678
892154
3,2182,1881,030956508
1,754
2,178924
1,151
103
898
1,000439561
30,965
6,63'24,32724,315
5,2502,8521,1,310
8,370560618972511332
2,343
1,955
111448
1,029309
9,9088,467
1,822
6,645
1,476
533
2,362
391
1,104884780
1,267495174
3,2822,1291,153837600
1,846
2,227999
1,115
114
936993422571
37,051
7,99729,05429,023
6,8343,7641,5641,506
9,7011,124691
1,036485194
2,581
2,193
209520
1,155303
11,4419,630
2,029
7,601
1,594
6082,714
539
1,267993
880
1,597650214
3,9612,5991,3631,054756
2,152
2,6881,2501,317
121
1,243
1,181511670
35,281
6,87228,40928,389
6,0073,587773
1,647
9,9431,309643958404276
2,698
1,996
246500
1,316409
11,4759,330
2,045
7,285
1,541
5992,547
402
1,3361,079
858
1,950984195
3,1501,9161,23373964'
1,763
2,5281,0911,303
133
1,123
1,056490566
40,363
8,29232,07132,049
6,9583,2611,7821,914
10,9441,506676
1,033354556
2,740
2,300
279560
1,294335
13,12'
10,448
2,214
8,234
1,686
2,841
423
1,5341,243
942
2,4691, —210
4,0672,6101,4571,061767
2,238
2,8291,2621,418
149
1,187
1,250551699
29,827
6,19923,62823,599
5,0512,6411,1791,117
8,1861,127676908423250
2,135
1,853
141493
914235
9,6798,220
1,759
6,450
1,460
4982,490
428
937767
612
1,331599127
3,0602,215903937522
1,592
2,129944
1,091
80
717926385512
79
30,851
6,22924, 62224,608
5,0942,6651,2561,221
8,9881,282680921447243
2,184
1,850
133473
913153
9,7198,149
1,797
6,362
1,406
5012,591
364
964776
641
1,425713136
2,9802,039908960480
1,529
2,126919
1,182
90
834959424545
151
30,719
5,99424,72524,715
4,7052,504875
1,362
8,9831,284718781279359
2,309
1,902
11044;
1,080376
10,135
8,454
1,833
6,712
1,442
5262,444404
847
690
1,435676142
2,9892,011959877517
1,590
2,366976
1,264
90
759
998417584
-216
30,063
5,79724,26624,257
4,7412,4321,0831,255
8,1391,070609798389242
2,013
1,751
98462
1,089405
9,7798,251
1,849
6,312
1,325
4712,415
391
1,085874
687
751154
3,0862,101979854522
1,735
2,196924
1,151
106
898
989439566
235
20,967
6,45524,51224,500
5,3692,852997
1,397
8,144730634875427279
2,343
1,902
142463
1,029309
10,0588,527
1,826
6,697
1,51:
5492,362
375
1,100899
767
1,349592174
3,2962,1531,217857637
1,787
2,2511,0091,115
108
936
1,055422598
-142
35,716
7,67628,04028,009
6,6143,7641,4101,506
9,7251,056662948421283
2,581
2,092
181490
1,155303
10,91:9,220
1,964
7,274
1,530
5892,714
447
1,2731,001
837
1,461553214
3,5872,2601,312924687
1,971
2,5161,1571,317
108
1,243
1,102511604
37,249
7,88729,36229,34!
6,61:3,5871,"1,745
10,1571,299642
1,467364
2,698
2,087
223499
1,316409
12,2929,674
2,125
7,655
1,599
6302,547
455
1,3621,102
903
2,2971,263195
3,6762,3411,292964656
2,030
2,6541,1731,303
151
1,123
1,085490597
-850
39,656
7,78031,87631,854
6,4543,2611,4141,729
10,9321,414690
1,127439432
2,740
2,363
299576
1,294335
12,68910,454
2,195
8,139
1,779
6582,841
478
1,5061,197
953
2,1761,208210
3,9012,5001,385946790
2,211
2,8511,2631,418
150
1,187
1,238551707
404
See footnotes on page 55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 49
Table 3.—U.S. Merchandise Trade—Continued[Millions of dollars]
Line 1977 1978
Not seasonally adjusted
1977
I I I I V
1978
I I III IV
Seasonally adjusted
II III IV III IV
50
5152535455
5657585960
61626364
65
66
676869
70
71
76
81
94
95
Merchandise imports, Census basis, (A-ll).Foods, feeds, and beverages
Coffee, cocoa, and sugarGreen coffeeCane sugar
Other foods, feeds, and beverages.
147,685 172,026
Industrial supplies and materialsFuels and lubricants n>
Petroleum and products 8
Paper and paper base stocksMaterials associated with nondurable
goods and farm output, n.e.s.Textile supplies and materialsTobacco, unmanufacturedChemicals, excluding medicinalOther (hides, copra, materials for
making photos, drugs, dyes)Building materials, except metals
Materials associated with durable goodsoutput, n.e.s
Steelmaking materials .Iron and steel productsOther metals, primary and advanced,
including advanced steelPrecious metals (gold, silver, plati-num).
Nonmetals (oils, gums, resins, min-erals, rubber, tires, etc.)
Capital goods, except automotiveMachinery, except consumer-type
Electrical and electronic, and partsand attachments
Nonelectrical, and parts and attach-ments
Construction, textile and other spe-cialized industry machinery andnonfarm tractors
Other industrial machinery, n.e.s...Agricultural machinery and farm
tractors _Business and office machines, com-
puters, etc...Scientific, professional and service
industry equipment
Transportation equipment, except au-tomotive
Civilian aircraft, engines, partsCivilian aircraft, complete, all types.
Automotive vehicles, parts, and engines..From CanadaFrom all other areas
Passenger cars, new and usedTrucks, buses, and special vehiclesBodies, engines, parts and accessories,
n.e.s...
Consumer goods (nonfood), except auto-motive
Consumer durables, manufacturedConsumer nondurables, manufactured .Unmanufactured consumer goods
(gems, nursery stock)
13,9815,4693,9101,0768,513
76,42344,98342,3463,604
6,7411,584322
3,069
1,7673,312
17, 7841,8536,001
6,714
1,327
3,214
13,95413,280
4,365
8,916
1,6703,112
1,174
1,49
1,464
674
592265
18, 6709,1339,53710, 6512,634
5,385
Imports, n.e.s. (low value, goods returned,military aircraft, movies, exhibits)
Seasonal adjustment discrepancy (D50 lessD51, 56, 72, 84, 90 and 94)
21, 79011,7608,285
1,751
2,862
15, 3965,1183,728723
10,279
81, 73242, 91539, 5353,996
8,1651,951400
3,766
2,0494,387
22,2701,8487,590
2,593
3,544
19,18117,992
5,:
12,133
2,4034,275
1,367
2,143
1,945
1,189
982231
24,31410,35713, 95713, 6743,709
6,931
28,16614, 55111,249
2,367
3,235
35,379
3,5141,5811,235215
1,933
19, 05612,24811, 666
862
1,671385105739
441
3,587249
1,092
1,437
260
3,0962,979
927
2,053
363
718
289
33
34'
10336
4,3812,3472,0352,502589
1,290
4,7312,5381,791
401
602
37,239
3,9501,6211,234235
2,330
18,86010, 72410,078
42182841
465823
4,607516
1,499
1,743
305
3,4833,318
1,051
2,267
419
774
354
364
358
165
14352
4,8252,5302,2942,777640
1,408
5,3292,8542,024
452
792
36,927
3,1491,027632293
2,122
19, 53611,37710, 731
868
1,73242071783
458897
4,66458"
1,609
1,663
308
8023,5363,377
1,158
2,219
444792
259
367
356
159
13152
4,2051,8122,3922,401554
1,250
5,8173,0092,378
685
38,140
3,3681,240809333
2,128
18, 97110, 6349,871975
1,53035864706
403904
4,926501
1,801
1,871
454
7553,8393,606
1,229
2,37
444
828
272
429
403
233
215125
5, 2592,4442,8162,971851
1,437
5,9193,3592,092
783
40,551
3,8641,5351,179128
2,329
19,70110,4899,727930
2,043489105916
534936
5,300346
1,839
2,309
614
808
4,2374,023
1,226
2,798
547994
325
482
450
213
17636
5,8262,4103, 4163,375878
1,573
6,1453,1272,447
572
779
43,200
3,8531,178887144
2,675
20,40810,4769,5141,030
2,170509134
1,005
5231,133
5,601374
1,800
2,481
569
945
4,8144,504
1,436
3,068
6231,066
382
517
482
311
27486
6,4272,8363,5913, 653994
1,779
6,9043,5552,751
597
793
43,145
3,5871,089709267
2,499
20,59610,96110,146
995
1,97849856940
4841,184
5,477578
1,947
2,061
554
893
4,9344,632
1,544
3,088
6461,090
316
539
496
302
25351
5,4502,1193,3313,007799
1,645
7,7573,8933,237
627
820
45,130 36,078
4,1,
2,
21,
092316953184776
02710,98910,1,
1,
148041
974455105905
3,5141,5811,235278
1,933
18,80211,89011, 308
874
1,58938176721
5081,134
5,892550
2,004
2,437
856
8985,1964,833
1,654
3,179
581,125
344
605
517
363
27958
6,6112,9923, 6193,6391,038
1,934
7,3603,9762,814
843
441738
3,742358
1,437
260
808
3,0962,979
927
2,053
363
718
276
337
346
10336
4,2042,2971,8922,334563
1,314
5, 0452,7611,900
401
602
815
36,651
3,9501,6211,234216
2,330
19, 20811, 29210,646
863
1,76742063795
465761
4,473496
1,562
1,743
305
3,4833,318
1,051
2,267
419774
305
364
360
165
14352
4,4592,2872,1782,485591
1,365
5,4022,9012,112
452
792
37,169
3,1491,027632225
2,122
19,48011,19210,546
1,823430109816
458855
4,712514
1,663
308
802
3,5363,377
1,158
2,219
444792
367
356
159
13152
4,7572,1872,5552,813640
1,298
5, 4872,9192,148
685
75
37,792
3,3681,240809357
2,128
18,93210,6089,846987
1,56235374737
403958
4,857485
1,702
1,871
454
7553,8393,606
1,229
2,377
444828
295
429
402
233
215125
5,2502,3622,9123,019840
5,13,1792,125
46/
783
41,366
3,8641,5351,179171
2,329
19,55010,2189,456
1,94348377
893534
1,002
5,508481
1,838
2,309
614
4,2374,023
1,226
2,798
547994
482
448
213
17636
5,5892,3503,2003,161834
1,603
6,5403,3882,600
572
779
807
42,471
3,8531,178887138
2,675
20,60110,9599,997987
2,115507109946
5231,058
5,416353
1,862
2,481
569
9454,8144,504
1,436
3,068
6231,066
325
517
484
311
274
5,9452,5533,4343,283916
1,722
3,6122,864
597
793
43,497
3,5871,089709211
2,499
20,51910,7369,9211,008
2,051089979
4841,131
5,522492
1,982
2,061
554
8934,9344,632
1,544
3,1
646
539
497
302
25351
6,1722,5603,5823,533
7,3243,7872,922
627
820
141
44,708
4,0921,316953203
2,776
21,06311,00210,1611,053
2,021451125948
5081,196
5,824522
1,908
2,437
856
5,1964,833
1,654
3,179
5871,125
373
605
516
363
27958
6,6082,8943,7413,6971,027
1,898
7,3093,7642,863
571
843
See footnotes on page 55.
With the January 1979 data, the Bureau of the Census introduced a new procedure for seasonally adjusting exports and imports.Under the new procedure, export and import totals represent the sum of seasonally adjusted commodity components. Under the oldprocedure, export and import totals were seasonally adjusted independently of the components. The new procedure has been appliedretroactively to January 1977.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
50 SUEVEY OF CUEEENT BUSINESS March 1979
Table 4.—-Selected U.S. Government Transactions[Millions of dollars]
Line 1977 19781977
II III IV
1978
II IV
Al
la
42
43
Bl
2345
Cl
U.S. Government grants (excluding military) and transactions increasing Government as-sets, total
Seasonally adjusted..
By category
Grants, net (table 1, line 34, with sign reversed).Financing military purchases *Other grants
Loans and other long-term assets (table 1, line 44, with sign reversed) _ _.Capital subscriptions and contributions to international financial institutions, exclud-
ing IMF . 1 .Credits repayable in U.S. dollarsCredits repayable in foreign currenciesOther long-term assets.._ _ _
Foreign currency holdings and short-term assets, net (table 1, line 46, with sign reversed)Foreign currency holdings (excluding administrative cash holdings), net
Receipts from—Sales of agricultural commodities _ _ _InterestRepayments of principal _ _ _..Reverse grants _ _ _Other sources _ _
Less disbursements for—Grants and credits in the recipient's currencyOther grants and credits..Other U.S. Government expenditures _ _
Assets held under Commodity Credit Corporation Charter Act, netAssets financing military sales contracts, net 2
Other short-term assets (including changes in administrative cash holdings), net
By program
Capital subscriptions and contributions to international financial institutions, excludingIMF
Under farm product disposal programsUnder Foreign Assistance Act and related programs _. _Under Export-Import Bank ActOther assistance programs _ _Other foreign currency assets acquired (lines A13, A14, and A16)Less foreign currencies used by U.S. Government other than for grants or credits (line A19)._.Other (including changes in administrative cash holdings), net. _
By disposition 3
Estimated transactions involving no direct dollar outflow from the United States. . .Expenditures on U.S. merchandiseExpenditures on U.S. services 4
Financing of military sales contracts by U.S. Government5 (line C6) . . .By long-term credits..By short-term credits l . - --By grants1- _
U.S. Government grants and credits to repay prior U.S. Government credits * 4 . _U.S. Government long- and short-term credits to repay prior U.S. private creditsIncrease in liabilities associated with U.S. Government grants and transactions increasing
Government assets (including changes in retained accounts) 6 (line C l l ) . —Less receipts on short-term U.S. Government assets (a) financing military sales contracts1
and (b) financing repayments of private credits. . .Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
Estimated dollar payments to foreign countries and international financial institutions
Repayments on U.S. Government long-term assets, total (table 1, line 45)
Receipts of principal on U.S. Government credits - -.Under farm product disposal programs— —Under Foreign Assistance Act and related programsUnder Export-Import Bank Act -Other assistance programs.
Receipts on other long-term assets
U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 61)
Associated with military sales contracts 2__ _U.S. Government cash receipts from foreign governments (including principal repayments
on credits financing military pales contracts), net of refunds iLess U.S. Government receipts from principal repaymentsLess U.S. Treasury securities issued in connection with prepayments for military pur-
chases in the United States ._Plus financing of military sales contracts by U.S. Government5 (line A34)
By long-term credits.By short-term credits *By grants1
Less transfers of goods and services (including transfers financed by grants to Israel, andby credits) 12 (table 1, line 3)_...
Associated with U.S. Government grants and transactions increasing Government assets(including changes in retained accounts) 6 (line A40) ---
Associated with other liabilities.Sales of nuclear materials by Department of EnergyOther sales and miscellaneous operations
9,175
2,776501
2,275
6,445
8705,507
3830
-47-71
()77198
*16
33747
-23
8701,1424,7371,48296228333736
7,4813,8861,1901,6241,124
500239965
-2
83337
1,694
2,720
2,686250776
1,141518
34
1,644
1,438
7,273
1,6241,124
500
7,079
-2
20892116
10,647
3,028500
2,528
7,500
8676,605
263
119-94
136
"19"
17(*)306170
43
8671,2395,5251,2401,647229306205
8,2733,8671,3571,5751,075
500250
1,660
(*)
129306
2,374
2,961
2,928216918
1,096
33
2,810
1,782
8,433517
1,5751,075
500
7,710
C)1,0281,012
17
2,329
626139487
1,772
1851,570
-25
C)1945
(*)803
-46
185188
1,3295071736580
-37
2,014983273623
13851179
13
80
315
5795745217726481
5
505
405
1,78795
623486
138
1,912
-1
1023370
2,360
2,225
811245565
1,453
2271,174
1140
96-10
10750
56
227347
1,03438926299107109
1,876927309353108
24589320
(*)
14107
484
733
70665218302121
27
417
395
1,83692
353108
245
1,702
(*)
23914
2,474
2,598
774117657
1,746
2431,516
6-19
-46-31
(*)2034
-22......
243411
1,1883493265886
-14
2,0371,132366341224
11748281
4586
437
656
65451175252176
332
302
1,96384
341224
117
1,918
1
291711
2,012
2,187
566
566
1,475
2151,247
121
-28- 4
(*)1842
-40
215196
1,1852372026163
-21
1,554844243306306
51186
1163
458
752
75282206323141
(*)
390
336
1,687110
306
1,547
-1
543421
2,489
2,385
766179587
292
43-21
(*)1635
-19
292229
1,409268252557460
2,023925356493314
17940306
2474
466
653
6494824026595
4
804
141
493314
179
1,842
1
-510
-15
2,812
2,679
827115711
1,998
1421,846
73
-13-45
(*)1835
14
10(*)10213
19
142348
1,5093534626710232
2,0931,056316349234
11560473
(*)
58102
719
787
78036244299201
7
-312
-382
1,617131
349234
115
2,217
(*)
702347
2,915
5,027
769177593
2,167
192
-21-13
(*)2332
(*)
3
"""66"
-78
192380
1,4113386165666
-10
2,467998393430253
17791634
(*)
1466
449
700
67846181236215
22
350
339
430253
177
(*)
11-1626
2,431
2,556
66729
1,654
2411,411
3-1
110-14
(*)1733
644
120
241283
1,1962823175264124
292304274
2959247
-1
3364
740
822
82286253296187
(*)
1,968
1,016
2,620146
304274
29
1,761
-1
953995-42
See footnotes on page 55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 51Table 5.—Direct Investment: Income and Capital
[Millions of dollars]
Line (Credits+; debi ts-) 1977 1978 p1977
I II III IV
1978
I II I I I ' IV v
U.S. direct investment abroad:
Income (table 1, line 11)
Interest, dividends, and earnings of unincorporated affiliates (table 1, line 12).Interest _ -- - - -Dividends - . . .-Earnings of unincorporated affiliates __
Reinvested earnings of incorporated affiliates (table 1, line 13)
Capital (outflow(-)) (table 1, line 48)
Equity and intercompany accounts (table 1, line 49) _Incorporated affiliates __.
EquityIncrease1
Decrease2. -Intercompany accounts _
Short-term _Long-term... _ _ _
Unincorporated affiliates.Reinvested earnings of incorporated affiliates (table 1, line 50)
By industry of affiliate:3
Income (linel):PetroleumManufacturing.Other
Interest, dividends, and earnings of unincorporated affiliates (line 2):PetroleumManufacturing ._ _Other. — . —
Reinvested earnings of incorporated affiliates (line 6, or line 17 with sign re-versed) :
PetroleumManufacturing -Other . - . .
Equity and intercompany accounts (outflow(—)) (line 8):PetroleumManufacturingOther
Foreign direct investment in the United States:
Income (table 1, line 27)
Interest, dividends, and earnings of unincorporated affiliates (table 1, line 28).Interest...Dividends . .Earnings of unincorporated affiliates.-
Reinvested earnings of incorporated affiliates (table 1, line 29)
Capital (inflow (+)) (table 1, line 65)
Equity and intercompany accounts (table 1, line 66)Incorporated affiliatesEquity
Increase iDecrease2 - . .
Intercompany accounts _Short-term _ ._Long-term
Unincorporated affiliates _Reinvested earnings of incorporated affiliates (table 1, line 67)
By industry of affiliate:3
Income (line 30):Petroleum _Manufacturing --_ _Other
Interest, dividends, and earnings of unincorporated affiliates (line 31):PetroleumManufacturing _Other
Reinvested earnings of incorporated affiliates (line 35, or line 46 with gn re-versed):
Petroleum. _ _Manufacturing. _ _Other. . . .
Equity and intercompany accounts (inflow (+)) (line 37):Petroleum . - .ManufacturingOther
19,851
12,540786
6,4745,2807,312
-12,215
-4,904-1,669-1,316-2,400
1,084-353-683
330-3,235-7,312
5,4827,3267,044
4,4783,8124,250
1,0043,5142,794
-1,613-884
-2,406
-2,829
-1,257-147-781-329
-1,572
1,7661,8281,0491,124-75779815-37-631,572
-1,148
-234-467-556
-604-377-592
42747977
24,024
13,324n.a.n.a.n.a.
10,699
-15,361
-4,662n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
-10,699
n.a.n.a.n.a.
n.a.n.a.n.a.
n.a.n.a.n.a.
40n.a.n.a.
-3,730
-1,629-247—774-609
-2,101
5,611
3,5103,3531,7551,934-1791,598466
1,132157
2,101
-1,174-948
-1,609
-286-454
-493-720
3061,6361,567
4,930
2,986177
1,4241,3861,944
-2,281
-338-553-323-420
97-230-102-128215
-1,944
1,4511,7581,721
1,090895
1,001
360863720
552-420
-553
-245-28-175-42-309
880
571715230244-14486652
-167-144309
-223-239-91
-61-82-102
-162-158
11
-40162449
5,191
3,165194
1,6251,3472,026
-4,062
-2,036-596-160-418258
-436-505
69-1,441-2,026
1,3842,0091,798
1,205855
1,105
1781,154693
-1,63851
-449
-767
-363-36-211-115-404
996
593604119132-1448539987
-11404
-173-224-370
-57-136-170
-116-88-200
7114537
4,722
2,900230
1,4431,2271,822
-3,086
-1,264283
-417-538121700209491
-1,547-1,822
1,2291,7431,750
8411,112
631802
-378-503
-702
-295-34-191-70
1,012
604634
-32266166100-10
-207-210-286
-47-125-123
-160-85
93284227
5,009
3,489186
1,9831,3201,520
-2,787
-1,266-804-416
-1,024608
-388-286-102-463
-1,520
1,4181,8161,775
1,341951
1,197
77865579
-145-137-985
-807
-354-48-205-101-452
450
2-105352368-16-457-401-56103452
-235-170-402
-70-123-161
-165-47-241
-83156-75
5,587
2,956174
1,3041,4782,631
-5,085
-2,454-700-559-709150
-140-227
86-1,754-2,631
1,5582,2971,732
1,142773
1,041
4161,524691
-1,296-476-682
-535
-292-48-188-56-244
812
568655373386-13282329-47-87244
-246-120-169
-58-114-120
-189—f>-49
75283211
6,072
3,583192
2,0851,3072,489
-4,372
-1,883-688-567-751184
-121-315195
-1,196-2,489
1,3562,5802,137
1,0661,3731,144
2901,207993
-1,171-80
-1,154
-452-57-178-217-702
1,852
1,1501,032788840-51244-90334118702
-276-277
-91-203
-208-186-309
95801254
5,388
2,795213
1,3621,2202,593
-2,600
12-105-714609117261
-144-19
-2,593
1,0192,2542,115
8211,045
911,4331,069
1,265-1,059-214
-1,103
-464-69-180-215-639
2,206
1,5671,458323396-731,135331805109
-329-302-473
-71-118-276
-258-184-197
131567
6,976
3,990n.a.n.a.n.a.
2,986
-3,303
-317n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
-2,986
n.a.n.a.n.a.
n.a.n.a.n.a.
n.a.n.a.n.a.
1,242n.a.n.a.
-937
-421-73-228-121-516
741
225208271313-42-63-104
4117516
-249-365
-89-132-200
-234-117-165
5-14234
See footnotes on page 55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
52 SUKVEY OF CUEKENT BUSINESS March 1979
Table 6.—Securities Transactions[Millions of dollars]
Line
Al
2
345
67
g
910111213
14
1516
17
181920
21222324252627282930
3132333435
Bl
2
34
67gg
10
11
121314
15
16
(Credits(+); debits(-))
Foreign securities, net U.S. purchases (—). balance of payments basis (table 1, line51, or lines 6+17 below)
Stocks:
Treasury basis, net1
Adjustments:Less recorded in table 1, line 48 as U.S. direct investment abroad. _. _Plus exchange of stock associated with direct investment in the United StatesPlus other adjustments _ .
Balance of payments basis netNewly issued in the United States
Of which Canada -
Other foreign stocks . _. _Western EuropeCanada - - -Japan .Other
Bonds:
Treasury basis, net * ._Ajustments:
Plus additional Canadian redemptions 2 _Plus other adjustments
Balance of payments basis, net.
Newly issued in the United States -By type• privately placed ._
publicly offered
Bv area* Western EuroDeCanadaJapan - - -- -Latin AmericaOther countries _._ __ __._International financial institutions 3
Redemptions of U S -held foreign bonds 2
CanadaOther countries - -- -International financial institutions 3
Other transactions in outstanding bonds 2 . . .Western EuropeCanada - -Japan - --Other - -
U.S. securities, excluding Treasury issues and transactions by foriegn official agen-cies, net foreign purchases (+) , balance of payments basis (table 1, line 69, or lines5+12 below) -
Stocks:
Treasury basis net1
Adjustments:
Plus other adjustments *
Balance of payments basis net -- --Western Europe -.Canada -JapanOther
Bonds:
Treasury basis, net * .
Adjustments ^ & - _ _
Balance of payments basis net - --New issues sold abroad by U S corporations 5
Investments by international financial institutions3 in nonguaranteedbonds of U S federallv SDonsored acencies
Other transactions in U S bonds
Of which United Kingdom . . -
1977
-5,398
-409
- 4 0 9- 1 9 6
- 2 1 3- 5 3 2- 2 0 1
46852
-5,035
46
- 4 , 9 8 9
- 6 , 8 8 0- 2 , 5 7 7- 4 , 3 0 3
- 1 , 5 9 6—2,395
- 3 3 8- 5 2 7- 5 7 4
—1,4501,318
505278535
573445
- 2 6 7- 2 9 1
686
2,869
2,675
-1,351
1,3251,010
6533
216
4,336
-2, 791
1,544658
11876
532
1978 v
- 3 , 3 8 9
519
519- 1 1 5
- 8 9
634337
- 5 2372
- 2 3
-3,908
- 3 , 9 0 8
- 5 , 899- 1 , 8 9 6- 4 , 0 0 3
- 1 , 7 0 7—3,479
- 5 0- 1 7 2- 4 9 1
1,091380189522
899723
- 6 031
205
2,899
2,370
-1,098
1,272864
7473
261
2,514
-888
1,626816
313497
297
1977
I
- 7 3 6
-194
- 1 9 4- 7 7
- 1 1 7- 1 2 3- 1 0 4
9713
-542
- 5 4 2
- 1 , 2 8 7- 4 6 3- 8 2 4
- 2 9 1—728- 1 5 0
- 1 1 8
55718133
343
188184
- 4 8- 6 8120
828
562
-232
330200
461866
536
-38
498322
- 1 7193
259
II
- 1 , 7 6 6
-118
- 1 1 8- 1 4
- 1 0 4- 1 6 8- 7 510831
- / , 694
46
- 1 , 648
- 1 , 9 9 8- 6 0 2
- 1 , 3 9 6
- 5 0 0—439- 1 4 7- 1 6 0- 5 2
—7002351533646
115100
- 1 0 6- 1 6137
725
721
-446
275223
- 4 19
84
1,500
-1,050
450161
—5294
238
III
- 2 , 1 6 5
-297
- 2 9 7- 6 8
- 2 2 9- 2 6 9- 5 4
8311
-1, 868
- 1 , 8 6 8
- 2 , 2 7 6- 5 8 5
- 1 , 6 9 1
- 2 9 3- 9 7 9
- 4 1—84
- 1 2 9- 7 5 0
216857952
19288
- 1 2 3- 5 7284
513
498
-359
139122
4- 316
1,046
—672
374125
8241
- 2 8
I V
- 7 3 1
200
200- 3 7
2372832
180- 3
-931
- 9 3 1
- 1 , 3 1 9- 9 2 7- 3 9 2
- 5 1 2- 2 4 9
- 2 8 3- 2 7 5
31086
13094
787310
- 1 5 0145
803
894
-314
580465
569
50
1,254
-1,031
22350
25148
63
1978
I
- 9 4 9
330
330
330239
- 6 2159- 6
-1,279
- 1 , 2 7 9
- 1 , 0 9 3- 7 5 3- 3 4 0
- 3 2 5- 6 5 9
- 4 5- 6 4
2631156286
- 4 4 9174
- 2 2- 6 9 7
96
462
670
-329
341389
- 4 82
- 2
288
-167
12165
1244
28
II
- 1 , 1 0 3
69
69- 3 6
- 3 6
10513
- 5 3132
13
-1,172
- 1 , 1 7 2
- 2 , 2 7 5- 4 0 9
- 1 , 8 6 6
- 6 3 0- 1 , 3 3 1
- 5 0- 2 6 4
3659065
210
73730524
223185
1,308
1,259
-332
927769
- 2 645
139
778
-398
380230
- 1 7167
47
III '
- 4 6 7
-12
- 1 2- 1 6
456
- 5 035
- 3 7
-455
- 4 5 5
- 9 4 3- 4 3 3- 5 1 0
- 4 6 4- 3 6 7
- 5 0
- 6 2
1988016
102
290235
- 1 2218
- 1 5 1
533
16
- 2 6- 2 0 0
831675
876
-317
559499
61- 1
97
I V v
132
132- 6 3
- 5 3
19529
11346
7
-1,002
- 1 , 0 0 2
- 1 , 5 8 8- 3 0 1
- 1 , 2 8 7
- 2 8 8- 1 , 1 2 2
- 7 7- 1 0 1
2659546
124
3219
- 5 0287
75
596
425
-395
30- 9 4
651049
572
-6
56622
257287
125
See footnotes on page 55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 53Table 7.—Claims and Liabilities Reported by U.S. Nonbanking Concerns
[Millions of dollars]
Line(Credits (+) ; increase in U.S. liabilities or decrease in U.S. assets.Debits (—); decrease in U.S. liabilities or increase in U.S. assets.) 1977 1978*
1977
I II III IV
1978
I II III ' IV P
Amountsout-
standingDec. 31,
1978
Al234
567
23
24
Bl2345
Claims, totalLong-term (table 1, line 52)Short-term (table 1, line 53)
Payable in dollarsBy type:
Deposits of major U.S. corporationsShort-term investments of major U.S. corporations i_Other
By area:United KingdomOther Western EuropeCanadaJapanBahamasOther
Payable in foreign currenciesBy type:
DepositsOf which major U.S. corporations
Short-term investments of major U.S. corporations i_.Other
By area:Western Europe
CanadaJapanOther
Memoranda:U.S. dollar deposits in Canadian Banks:
As reported by major U.S. corporations other than banks (included in lineAJj. above)
As reported in Canadian banking statistics
Liabilities, totalLong-term (table 1, line 70) 2
Short-term (table 1, line 71) 2
Payable in dollarsUnited KingdomOther Western EuropeJapanOther AsiaAfricaOther
Payable in foreign currenciesOf which Western Europe
-1,70025
-1,725-1,354
-978- 2 9
-347
-212- 9 0- 3 0- 7 9
-466-477-371
-177-159-127- 6 7
-130-124- 6 5- 5 2
-18-93
257-620
877844
-370432473
8- 4 534633
-122
-2,25633
-2,289n.a.
-2,080-73n.a.
n.a.n.a.n.a.n.a.n.a.n.a.n.a.
n.a.-264
45n.a.
n.a.n.a.n.a.n.a.
-270n.a.
1,676-49
1,725n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
-768
-801-784
- 8 2207
- 4 5- 3 9- 1 4- 2
-438-246- 1 7
1221
- 1 6- 1 3
3446
- 5 5- 4 2
56-188
-346-220-126-181-242
50- 1 9
-100- 1 714755
- 4 6
1,13766
1,2031,106
1,115- 3 5
44
-589- 4 6- 6 7
57-357-104- 9 7
- 1 7- 1 6- 7 4- 6
12- 8 0- 1 5- 1 4
-82-389
-412-176-236-121
3614
-178- 3- 8
-115- 7 6
1,389205
1,1841,118
66448
406
57726366
-13432719
343039
- 7
- 2 66
3848
-15169
59018
572432
-12688
415185
- 2 0-110
1405
-1,184-279-905-582
38240
-1,004
-155-268- 1 5
(•)2
-146-323
-206-194- 7 6- 4 1
-150- 9 6- 3 3- 4 4
-22315
425-242
667714- 523373
101- 5317
- 4 7- 5
-2,222- 5 7
-2,165-1,883
-1,616-176- 9 1
18215
-756- 9 0
-1,045-189-282
- 5 0- 5 4
-146
- 1 9
-214- 5 8
-616-592
49538
457375584869
- 9 547
24882
102
26780
18751
14982
-180
261- 9 5
676523
-270136
642761
134-124
157- 3 1
61-57
248- 6 831637529
1135258
- 9132
- 5 9- 2 1
- 3 662
- 9 8307
14511745
-423- 5 2
74- 967740
-405
-130-131
47-322
-119
-26-387
10688085411148156
25257
-1032617
-265- 5 2
-213n.a.
-758-96n.a.
n.a.n.a.n.a.n.a.n.a.n.a.n.a.
n.a.-143
117n.a.
n.a.n.a.n.a.n.a.
311n.a.
-53-125
72n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
23,7395,266
18,473316,291
7,744520
3 8,027
3 2,6583 2,5873 2,839
3 8843 2,2833 5,0403 1,969
3 804873379
3 786
3 5413 8853 2733 270
1,2413 3,898
13,4283,4549,974
3 9,0513 1,08131,940
3 7933 1, 659
3 6523 2,926
3 8513 344
See footnote on page 55.
Table 8.—Claims on Foreigners Reported by U.S. Banks[Millions of dollars]
Line
123
4567g9
1011
121314151617181920212223242526272829
3031323334
(Credits (+); decrease in U.S. assets. Debits (—); increase in U.S. assets.)
Total . .Long-term 2 (table 1, line 54)Short-term 2 (table 1, line 55)
By area:Industrial countries 3
Of which United KingdomCaribbean banking centers 4
Oil-exporting countries 6 . . .Other
Of which Latin America . - . . - . . . . .AsiaAfrica
By type:Payable in dollars
Banks' claims for own accountOn own foreign offices
Of U.S.-owned banks_Of foreign-owned banks in the United States
On foreign public borrowers 7
On other foreign banksOf which deposits
On other foreignersBanks' claims for domestic customers' accounts
DepositsNegotiable and readily transferable instrumentsCollections outstanding and other claims
Payable in foreign currencies . .Banks8 laims for own account
Of which depositsBanks' claims for domestic customers' accounts
Of which depositsMemoranda:
Claims on foreign public borrowers (incl. in line 17 above)* Long-term 2
Short-term 2
Claims on all other foreigners (incl» in lines 18-1-20 above)' Long-term 2
Short-term 2
U.S. banks' dollar acceptances payable by foreigners . . . . .
1977
-11,427-751
-10,676
—3,125-1,942—5 825
-906— 1,571
—609-928-111
— 10,905
-522
8 162
m
-1,853
1978*
-33,957n.a.n.a.
—18 351-4,502—3 554-3,447—8,605-6,565-1,908
-106
—32,251n.a.n.a.n.a.n a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
-1,706n.a.
s -1,123n.a.
n.a.n.a.n.a.n a.n.a.
1977
I
3,684-3063,990
1 630865908197949
1,024113
- 4 7
3,977
-293
8 - 3 7
o
-432
II
-4,58218
-4,600
—2,649-1 ,443—1,275
-161—497
- 4 5-455- 2 6
—4,741
159
8 306
m
-419
III
-1 ,779-447
-1,332
407- 3 8
—786-400
-1 ,000-912-204
1
-1,804
25
8 16
o
-489
IV
-8,750- 1 6
-8,734
-2,513-1,326-4,672
-542-1,023
-676-382- 3 9
-8,337
-413
8 -123
m
-513
1978
I
-6,270-311
-5,959
-1,938-227
-3,255-519-558-608
65- 1 8
-6,243
- 2 7
8 - 7
320
II
-503n.a.n.a.
-2,396-1633,684
223-2,014-1,337
-829132
1,0766 880
6 4,253n.a.n.a.
6-3328 -2,013
« -712« -1,028
n.a.n.a.n.a.n.a.
-1,579n.a.
s -592n.a.n.a.
n.a.n.a.n.a.n.a.n.a.
I l l -
-5,622n.a.n.a.
-1,978-562
-1,852-754
-1,038-1 ,361
431- 2 2
-5,595-5 ,593-1,616
2,515-4,131-1 ,670-1,317
691-990
- 2- 8 1- 3 0109
-27-390-276
36J160
-1,005-582-501
-2,275n.a.
I V *
-21,562n.a.n.a.
-12,039-3 ,550-2 ,131-2,397-4,995-3,259-1,575
-198
-21,489-19,596-5,891-4,808-1 ,083-2,042-8,561-1,026-3,102-1,893
-472-1,037
-384- 7 3
-119-411
463
-1,387-857
-1,048-10,442
n.a.
Amountsout-
standingDec. 31,
1978
129,237n.a.n.a.
53,71514,00330,5908,931
36,00123,34710,2681,087
125,225114,21640,89227,96412,92810,04840,0095,714
23,26711.009
9724,7625,2754,0123,6121,797
40087
5,3154,4979,952
53,486n.a.
See footnotes on page 55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
54 SUEVEY OF CUEEENT BUSINESS March 1979
Table 9.—Foreign Official Assets in the United States and Other Foreign Assets in the United States Reported by U.S. Banks[Millions of dollars]
Line(Credits ( + ) ; increase in foreign assets.Debits (—); decrease in foreign assets.) 1977 1978*
1977
II I I I IV
1978
II I I I '
Amountsout-
standingDec. 31,
1978
Al Foreign official assets in the United States, net (table 1, line 57)_
89
101112
131415161718
Bl
91011121314151617181920
21222324252627282930
31323334353637
42
By area: (see text table B)
U.S. Treasury securities (table 1, line 59)..Bills and certificates. _
Denominated in U.S. dollars _ _.Denominated in foreign currencies _ __
Bonds and notes, marketable.Bonds and notes, nonmarketable
Denominated in U.S. dollarsDenominated in foreign currencies
Other U.S. Government securities (table 1, line 60)Other U.S. Government liabilities (table 1, line 61)U.S. liabilities reported by U.S. banks, not included elsewhere (table 1,
line 62) 3Banks' liabilities for own account, payable in dollars 4
Demand depositsTime deposits 3 *Other.
Banks' custody liabilities, payable in dollars * *Other foreign official assets (table 1, line 63).
Other foreign assets in the United States: U.S. Treasury securities andU.S. liabilities reported by U.S. banks, not included elsewhere (table 1,lines 68, 72, and 73)By area:
Industrial countries6
Caribbean banking centers7
Oil-exporting countries 8
Other countries.International financial institutions 9
By type:Foreign commerical banks. .
U.S. Treasury bills and certificatesU.S. liabilities reported by U.S. banks 3
Banks' liabilities for own account4.Payable in dollars
To own foreign offices "Of U.S.-owned banksOf foreign-owned banks in the United States.. .
To other foreign banksDemand deposits.Time deposits3 *Other
Payable in foreign currenciesBanks' custody liabilities, payable in dollars 4 6
International financial institutions 9.U.S. Treasury securities
Bills and certificates.Marketable bonds and notes
U.S. liabilities reported by U.S. banks«.. .Banks' liabilities for own account, payable in dollars *
Demand deposits _Time deposits3 *Other
Banks' custody liabilities, payable in dollars 4 *Other private foreign residents and unallocated
U.S. Treasury securitiesBills and certificates....Marketable bonds and notesNonmarketable bonds and notes
U.S. liabilities reported by U.S. banks3
Banks' liabilities for own account, payable in dollars «..Demand depo3 itsTime deposits3 4 _Other
Banks' custody liabilities, payable in dollars * »Memorandum:
Negotiable certificates of deposit held for foreigners *
37,124
30,29410,09410,094
20,328-128249
-3772,3081,644
773n.a.734
-5641,2032,105
7,282
1,2043,1281,1752,496-721
5,29922
5,277
-721-283
-1,9961,713
52
-4312,70482442782
1,880n.a.288
1,183409
33,967
24,06319,78819,533
255
1,707-1,098
6562,810
5,043n.a.-310308
5,0451,395
19,108
10,6344,6391,0482,765
22
15,13160
15,071n.a.n.a.n.a.
n.a.n.a.
n.a.n.a.n.a.n.a.
22-101-476
375123
n.a.9480
- 5 13,9552,289
43651
12 1,5951,6
n.a.224851591
5,451
5,3232,6422,642
2,189492577
- 8 598
505
-725n.a.
-756-565
596250
-4,323
-4 ,433-182
260417
-4,490- 1 1
-4,479
-385826
41785
-1,211n.a.- 8 7
35-1,159
55216650
116
n.a.-147
49142
7,884
5,123923923
4,367-167
- 8 1- 8 6610417
752n.a.
67519166982
4,870
2,4352,066
56217
96
3,768- 8
3,776
-1,584-222
-1,3621,680n.a.
25- 7 3
1,7281,006
222- 8 1
784n.a.- 7 9390473
8,246
6,948-521-521
7,237232318
- 8 6627332
-163n.a.428
-565- 2 6
502
3,891
1283,086
437958
-718
3,87625
3,851
-718758
-6451,403
-1,476n.a.- 1 4
29-1,491
733468237231
265n.a.
81420
-236
15,543
12,9007,0507,050
6,535-685-565-120
973
909n.a.395
47467371
2,844
3,074-1,842
422904286
2,14516
2,129
286- 2 8 3
-1,170887569
n.a.1761
491413
- 3 2-164
132
445n.a.433
-118130
15,760
12,96511,48311,483
2,412-930-796-134
117804
1,456n.a.
-724-1492,329
418
567
-202608
- 4 4-141
346
-15120
-171
346621612
9-275n.a.
1417
-306
372240
51189
132n.a.
277158
-5,685 4,852 19,040
-5,728-3,751-3,751
-1,748-229
- 9 5-134
211-312
-493n.a.
-364106
-235
637
2,683
447275430963568
1,19740
1,157-3,749-4 ,144
0-3,268n.a.n.a.
io-876io-31
io-387io-579
71210 287
568571
-367
n.a.1587
-105918236
20216
682n.a.430475
-223
10 173
2 3,029-581-581
2,7272883
1,1342 -251
443350
9461,005697585
-277-5984
3,1342,226
81-2342,379908256
6,912
3,1463,977-239
870-842
7,4927
7,4857,2616,9207,1694,9262,243-249-451
14188341224
-842-1,193
114-1,307
351288
-121- 1 942863
262133- 2135
129-287-110
- 5 8-119
416
397
2 13,79712,63712,382
2 255275
2 8851,464
2-579-1151,968
8,946
7,243-221
9011,073- 5 0
6,593- 7
6,6006,5456,4754,047-2774,3242,4281,525
2226817055
- 5 0-100-835
73550
154186- 5
- 2 7-1042,4031,680
- 2 6111
12 1,59572340520715741
318
851
176,988
124,49767,65067,395
25535,87720,97020,624
3466,324
14,579
22,95611,6813,3882,3295,964
11,2758,632
86,822
43,78012,6154,985
17,6887,754
59,078300
58,77854,25952,21936,58513,48923,09615,63411,2391,4912,9042,0404,519
7,7545,323
2015,1222,431
94507
1,50019,9904,216
2822,339
12 1,59515,77413,0324,2468,380
4062,742
10,894
See footnotes on page 55.
Footnotes to U.S. International Transactions Tables 1-10
General notes for all tables:r Kevised.» Preliminary.*Less than $500,000 (±) .n.a. Not available.
Table 1:1. Credits, -f: exports of goods and services; unilateral transfers to United States; capital
inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S.official reserve assets.
Debts, —: imports of goods and services; unilateral transfers to foreigners; capital outflows(decrease in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. officialreserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs (see line 16).3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, excludes imports of goods under direct defense expenditures identified inCensus import documents, and reflects various other adjustments (for valuation, coverage,and timing) of Census statistics to balance of payments basis; see table 3.
4. For all areas, amounts outstanding December 31, 1978, were as follows in millions ofdollars: line 38, 18,650; line 39, 11,671; line 40, 1,558; line 41,1,047; line 42, 4,374.
5. Includes sales of foreign obligations to foreigners.
6. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convert-ible and nonconvertible bonds and notes.
7. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere,and of debt securities of U.S. Government corporation and agencies.
8. Includes, primarily, U.S. Government liabilities associated with military sales contractsand other transactions arranged with or through foreign official agencies; see table 4.
9. Consists of investment in U.S. corporate stocks and in debt securities of private corpo-rations and State and local governments.
10. Beginning with estimates for the second quarter of 1978, the distinction between short-and long-term liabilities is discontinued.
11. Conceptually, the sum of lines 79 and 74 (total, all areas) is equal to "net foreign invest-ment" in the national income and product accounts (NIPA's) of the United States. However,the foreign transactions account in the NIPA excludes reinvested earnings of incorporatedforeign affiiliates of U.S. direct investors and of incorporated U.S. affiliates of foreign directinvestors; beginning with 1973-IV, shipments and financing of extraordinary military ordersplaced by Israel are also excluded. Line 77 (total, all areas) differs from "net exports of goodsand services" in the NIPA due to the omission in the NIPA of net reinvested earnings,shipments of extraordinary military orders placed by Israel, and U.S. Government interestpayments to foreigners. The latter payments are classified in a separate category in the foreigntransactions account in the NIPA's. A reconciliation table of the international accounts andthe NIPA's foreign transactions accounts appeared in table 4.3 in the presentation of theN I P A ' s in the July 1978 SURVEY OF C U R R E N T BUSINESS .
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 5512. Due to the introduction of new reporting forms for bank-related transactions, the ma-
turity breakdown for bank claims is not available at this time.13. Includes foreign currency denominated notes sold to private residents abroad. See
table 9, line 35, footnote 12.14. In the third and fourth quarters of 1978, realized profits and losses incurred in the foreign
exchange operations of the U.S. Government are reflected in U.S. foreign currency reserveassets (line 42) and U.S. Treasury securities (line 59). Previously, these profits and losses wereincluded in U.S. Government income (line 15). Data prior to the third quarter of 1978 willbe revised in the June SURVEY.
Table 2:For footnotes 1-14, see table 1.
Table 3:1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation; im-
ports, Census basis, represent transaction values, f.a.s. foreign port of exportation.2. Adjustments in lines A6, A14, B8, B24, and B40 reflect the reconciliation of discrepancies
in the merchandise trade statistics published by the United States and the counterpartstatistics published by Canada. Since mid-1977, these adjustments have been estimated.
3. Exports of military equipment under U.S.- military agency sales contracts with foreigngovernments (line A7), and direct imports by the Department of Defense and the CoastGuard (line A15), to the extent such trade is identifiable from Custom declarations. Theseexports are included in tables 1, 2, and 10, line 3 (transfers under U.S. military agency salescontracts); and the imports are included in tables 1, 2, and 10, line 19 (direct defenseexpenditures).
4. Addition of electrical energy; deduction of exposed motion picture film for rental ratherthan sale; deduction of exports to the Panama Canal Zone; net change in stock of U.S.-ownedgrains in storage in Canada; net timing adjustments for goods recorded in Census data in oneperiod but found to have been shipped in another; and coverage adjustments for specialsituations in which shipments were omitted from Census data.
5. Correction for discrepancy between sum of four quarters, seasonally adjusted, and theunadjusted annual totals.
6. Addition of electrical energy; deduction of foreign charges for repair of U.S. vessels abroad,which are included in tables 1, 2, and 10, line 22 (other transportation); deduction of importsfrom Panama Canal Zone; net timing adjustments for goods recorded in Census data in oneperiod but found to have been shipped in another; and coveraged adjustments for specialsituations in which shipments were omitted from Census data.
7. Annual and unadjusted quarterly data shown in this table correspond to country andarea data in table 10, lines 2 and 18, except that imports from international organizations,namely, purchases of nonmonetary gold from the IMF, are included in data for Other coun-tries in Asia and Africa. The memorandum items are defined as follows: Developed countries:Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; OPEC:Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates,Indonesia, Algeria, Libya, Nigeria, Gabon; Other Developing countries: Latin American Re-publics, Other Western Hemisphere, and Other countries in Asia and Africa, less OPECand the IMF.
8. The BEA definition for "petroleum and products" (lines C12, C24, and D58) includespropane and butane, in line with current Bureau of Mines and Federal Energy Admin-istration practice.
9. The statistical identification of automotive products exports to Canada (line D36) isnot as complete and comprehensive as the identification of imports under the U.S.-CanadaAutomotive Products Trade Act. However, the underestimation of automotive shipmentsto Canada due to unreported exports, amounting to about $1,760 million in 1977, largely hasbeen corrected in line C18.
10. Includes nuclear fuel materials and fuels.
NOTE.—The "seasonal adjustment discrepancy lines" {BIS, B29, Bfi, C22, C37, D£9 andD95) show the difference between total exports and imports and the sum of major itemsindependently adjusted.
Table 4:1. Expenditures to release Israel from its contractual liability to pay for defense articles
and services purchased through military sales contracts—authorized under Public Law93-199 and subsequent similar legislation—are included in line A3. Deliveries against thesemilitary sales contracts are included in line C10; see footnote 2. Of the line A3 items, part of themilitary expenditures is applied in lines A38 and A41 to reduce short-term assets previouslyrecorded in lines A36 and C8; this application of funds is excluded from lines C3 and C4. Asecond part of line A3 expenditures finances future deliveries under military sales contractsand is applied directly to lines A37 and C9. A third portion of line A3, disbursed directly tofinance purchases by Israel and other countries from commercial suppliers, is included inline A32.
2. Transactions under military sales contracts are those in which the Department of Defensesells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.Purchases by foreigners directly from commercial suppliers are not included as transactionsunder military sales contracts. The entries for the several categories of transactions related tomilitary sales contracts in this and other tables are partially estimated from incomplete data.
3. The identification of transactions involving direct dollar outflows from the United Statesis made in reports by each operating agency. However, such data for the fourth quarter 1978are only extrapolated estimates by BEA, because of incomplete reports from one operatingagency, and are to be revised in future issues of the SURVEY.
4. Line A33 includes foreign currency collected as interest and lines A38 and B2 includeforeign currency collected as principal, as recorded in lines A13 and A14, respectively.
5. Includes (a) advance payments of the Department of Defense (on military sales contracts)financed by loans extended to foreigners by U.S. Government agencies and (b) the countervalue of the part of line C10 which was delivered without prepayment by the foreign pur-chaser. Also includes expenditures of appropriations available to release foreign purchasersfrom liability to make repayment.
6. Excludes liabilities associated with military sales contracts financed by U.S. Govern-ment grants and credits and included in line C2.Table 5:
1. Acquisition of capital stock of existing and newly established companies, capitalizationof intercompany accounts, and other equity, contributions.
2. Sales and liquidations of capital stock and other equity holdings, total and partial.3. Petroleum includes the exploration, development and production of crude oil and gas
and the transportation, refining and marketing of petroleum products exclusive of petro-chemicals. Manufacturing excludes petroleum refining and the smelting operations of miningcompanies. "Other" industries includes industries other than petroleum and manufacturing,the major ones being agriculture, mining and smelting, public utilities, transportation, trade,insurance, finance and services.Table 6:
1. As published in Treasury Bulletin, Treasury data are based on transactions by foreignersreported by banks and brokers in the United States; net purchases by foreigners (+) corre-spond to net U.S. sales (+).
2. Redemptions consists of scheduled retirements and identifiable premature retirements ofU.S.-held foreign debt securities, and estimates for redemptions of Canadian issues held byU.S. residents based on Canadian statistics. Unidentifiable nonscheduled retirements appearin line 31.
3. Consists of International Bank for Reconstruction and Development (IBRD), Inter-national Development Association (IDA), International Finance Corporation (IFC), AsianDevelopment Bank (ADB), and Inter-American Development Bank (IDB).
4. Mainly reflects exclusion of investments by foreign official agencies in U.S. corporatestocks and in debt securities of U.S. Government corporations and agencies, private corpora-tions, and State and local governments. These investments are included in table 1, lines60 and 63.
5. Securities newly issued by finance subsidiaries incorporated in the Netherlands Antillesare included to the extent that the proceeds are transferred to U.S. parent companies.Table 7:
1. Consists of negotiable and other readily transferable foreign obligations payable ondemand or having a contractual maturity of not more than one year, including loans payableon demand. Excludes other types of loans, acceptances and accounts receivable.
2. Includes funds obtained by finance and subsidiaries incorporated in the NetherlandsAntilles from sources other than sales of newly issued securities to the extent that they aretransferred to U.S. parent companies.
3. Outstanding amounts as of December 31,1978.Table 8:
1. Because of changes in U.S. Treasury reporting forms, there is discontinuity in the dataseries for components of claims on foreigners reported by U.S. banks beginning with amountsoutstanding at the end of April 1978. Only partial data are available for the second quarteron the new basis; data on the old basis are available in the June and September 1978 SURVEY.
2. Beginning with estimates for the second quarter of 1978, long-term claims are defined asclaims having more than one year remaining to contractual maturity.
3. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.4. Mainly in the Bahamas and the Cayman Islands.5. Based on data for Ecuador, Venezuela, Indonesia and other Asian and African oil-
exporting countries.6. Based on data for May and June.7. Includes central governments (central banks, departments, and agencies), state, pro-
vincial and local governments, and international and regional organizations.8. Prior to third quarter 1978, banks' deposits for own account are commingled with those
for domestic customers' accounts.Table 9:
1. Because of changes in U.S. Treasury reporting forms, there is discontinuity in the dataseries for some components of liabilities reported by U.S. banks beginning with amountsoutstanding at the end of April 1978. Data on the old basis are available in the June and Sep-tember 1978 SURVEY.
2. See footnote 14 to table 1.3. The distinction between long- and short-term liabilities is discontinued beginning with
the second quarter of 1978; for prior quarters, all long-term liabilities are combined with short-term time deposits.
4. Negotiable certificates of deposit issued to foreigners by U.S. banks are included withU.S. banks' custody liabilities, and are shown in the memorandum.
5. Mainly negotiable and readily transferable instruments; excludes U.S. Treasurysecurities.
6. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.7. Mainly in the Bahamas and the Cayman Islands.8. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-
exporting countries.9. Mainly the International Bank for Reconstruction and Development (IBRD), Inter-
national Development Association (IDA), International Finance Corporation (IFC), AsianDevelopment Bank (ADB), Inter-American Development Bank (IDB), and the TrustFund of the International Monetary Fund.
10. Based on data for May and June.11. Beginning in the second quarter 1978, coverage is expanded from Western Europe,
Canada, Japan, Bahamas and Cayman Islands to all countries.12. Consists of U.S. Treasury notes denominated in foreign currencies, sold through foreign
central banks to domestic residents in country of issue; notes are subject to restricted transfer-ability.Table 10:
For footnotes 1-9, see table 1.10. See footnote 11 to table 1.11. The "European Communities (9)" includes the "European Communities (6)", the
United Kingdom, Denmark and Ireland.12. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxem-
bourg, the Netherlands, the European Atomic Energy Community, the European Coal andSteel Community, and the European Investment Bank.
13. Includes transactions with U.S. affiliated shipping companies operating under theflags of Honduras, Liberia, and Panama, and U.S. affiliated multinational trading companies,finance, and insurance companies, not designated by country.
14. Details not shown separately; see totals in lines 57 and 64.In. Details not shown separately are included in combined lines 72 and 73.16. See footnote 12 to table 1.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
56 SUEVEY OF CUEEENT BUSINESS March 1979
Table 10.—U.S. International[Millions of
Line (Credits + ; debits - ) i
Western Europe
1977 1978 »1978
II ' III r IV V
Exports of good sand services2 . . .Merchandise, adjusted, excluding military3
Transfers under U.S. military agency sales contractsTravel _Passenger faresOther transportationFees and royalties from affiliated foreigners. _Fees and royalties from unaffiliated foreignersOther private servicesU.S. Government miscellaneous servicesReceipts of income on U.S. assets abroad:
Direct investmentInterest, dividends, and earnings of unincorporated amliates.Reinvested earnings of incorporated affiliates
Other private receiptsU.S. Government receipts
Transfers of goods and services under U.S. military grant programs, net..
Imports of good sand services.Merchandise, adjusted, excluding military3
Direct defense expendituresTravelPassenger faresOther transportation _Fees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other servicesU.S. Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:
Direct investment..Interest, dividends, and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates
Other private paymentsU.S. Government payments
U.S. military grants of good sand services, net
Unilateral transfers (excluding military grants of goods and services), netU.S. Government grants (excluding military grants of goods and services) .U.S. Government pensions and other transfersPrivate remittances and other transfers :
U.S. assets abroad, net (increase/capital outflow (—))
U.S. official reserve assets, net 4_.GoldSpecial drawing rightsReserve position in the International Monetary Fund-Foreign currencies
U.S. Government assets, other than official reserve assets, netU.S. loans ahd other long-term assetsRepayments on U.S. loans s
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, netDirect investment
E quity and intercompany accountsReinvested earnings of incorporated affiliates
Foreign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term . .S hor t-1 erm
U.S. claims reported by U.S. banks, not included elsewhere:Long-termShort-term
Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, netU.S. Government securities
U.S. Treasury securities «Other 7
Other U.S. Government liabilities 8
U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 9
Other foreign assets in the United States, netD irect investment
E quity and intercompany accountsReinvested earnings of incorporated affiliates
U.S. Treasury securitiesU.S. securities other than U.S. Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-termShort-term
U.S. liabilities reported by U.S. banks, not included elsewhere:Long-termShort-term
Allocations of special drawing rights..Statistical discrepancy (sum of above items with sign reversed)
Memoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17)10
Balance on goods, services, and remittances (lines 77, 35, and 36)Balance on current account (lines 77 and 33) 10
51,46734,0761,146
2,4201,850413750155
7,1264,4062,7201,922136
10
-47,547-28,226-3,064-2,103-2,153-2,410-155-163-982-279
-1,805-833-972
-3,360-2,846
-10
-295-117-453
276
-11,068
2
-202-808637-31
-10,868-5, 453-2, 733-2, 720-1,585
96-422
-282-3,222
30,335
24,599
(14)
304(14)
5,7372,3221,350972
(14)
2,051
-580-60
-22,893
5,8503,9213,7433,626
62,37639,6101,1791,322603
2,7202,319454859187
9,8504,5335,3173,152121
58
-61,704-36,617-3,688-2,583-2,323-2,711-259-168-999-355
-2,735-1,197-1,538-4,562-4,704
-58
-268-131-480343
-23,558
-2,906
13,7208,7692082238957055211421045
2,3931,0031,390608-61
-13,847-8,774-845-296-481-605-60-42-252
-236-150-960
-1,058
- 4
-76-27-117
-2,980
-62
15,5149,89526635815371556811421347
2,5621,5461,016711-87
-15,580-9,163-892-732-732-658-49-42-249-84
-843-304-539
-1,036-1,101
- 5
-55-32-118
-2,8
14,7689,40027041221974958811321758
1,861838
1,023783
35
-16,061-9,125-983
-1,088-667-713-72-42-251-86
-743-324-419
-1,141-1,151
-35
-83-41-120
78
-3,910
-37
-2,906
-686-1,373
740-53
-19,966-8,191-2,874-5, 317-586
-113-314
103-10,865
37,652
23, 605
676(14)
14,0473,8732,3341,538
(14)
1,724
59418
- 6 2
-91-226
11521
-2.827-2,357
-966-1,390
113
-75178
103-790
6,264
6,324
(14)
190(14)
-60360210150
427
142209
- 4
-261-445175
- 2 , 623-1,721-706
-1,016-295
5353
i« -965
977
-1,567
(14)
12904)2,5441,335796539
(14)975
- 6 7
(14)
-i4,~497
(14)
-3,082
-37
-175-42419157
-3, 698-1,465-442
-1,023-161
24-625
" -1,471
10,205
5,956
04)
284
4,2491,6731,254419
04)221
111152
04)
2,993672534403
-5-127-176-203
2,032
732-67
-121
-4,919
275-1,293- 1 , 335-1,376
18,37411,546
43632914368561111322037
3,0341,1471,8871,049171
15
-16,216-9,555-968-467-443-736-79-42-247-97
-763-333-431
-1,425-1,394
-15
-55-31-125100
-13,780
-2,803
-2,803
-159-278259
-141
-10,818-2, 648-761
-1,887-244
-67-220
> - 7 , 639
20,206
12,891
(14)
73(14)
7,31450474
431
102
-127-29
04)
-8,528
1,9912,1582,1342,103
See footnotes on page 55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 19T9 SURVEY OF CURRENT BUSINESS 57Transactions, by Areadollars]
European Communities (9) u
\ 1977
39,48326,503
612758380
1,4161,609
337522
89
5,6173,6421,9751,484
156
_ j
- 3 6 , 7 7 9-22 ,119- 2 , 6 7 2- 1 , 4 9 2- 1 , 5 7 1- 1 , 5 9 5
- 5 8- 1 4 3- 8 1 3- 1 5 8
- 1 , 5 8 8- 6 7 3- 9 1 5
- 2 , 1 4 9- 2 , 4 2 1
1
119
- 3 1 1432
- 8 , 8 2 9
2
2
218—67327
- 4 2
- 9 , 0 4 8- 4 , 3 4 3- 2 , 3 6 8- 1 , 9 7 5- 1 , 2 5 0
110- 4 3 6
( - 3 6 3I - 2 , 7 6 7
26,123
' (15)
89
> (15) •
2,1161,202
915(15)
1,650
- 5 5 7- 2 7 9
} 15 23,103
- 2 0 , 1 1 7
4,3842,7042,8242,823
1978*
49,22731, 913
5581,010
4851,5912,070
371600111
7,9553,5554,4002,436
127
—1
- 4 8 , 3 0 5- 2 9 , 060
- 3 , 2 5 1- 1 , 8 2 3- 1 , 7 0 6- 1 , 8 1 8
- 1 4 3- 1 4 7- 8 2 3- 1 9 6
- 2 , 4 6 8- 9 4 7
- 1 , 5 2 1- 2 , 9 9 5- 3 , 8 7 6
1
149—12
- 3 3 2493
-17 ,884
- 2 , 746
—2,746
255—9316
- 5 3
-15 ,393- 6 , 6 0 2- 2 , 202- 4 , 4 0 0
136
- 8 1- 3 4 2
133- 8 , 6 3 6
26,425
(15)
414
"(15)
3,6512,1301,521
(15)
2,265
60417
1519,618
- 9 , 6 1 2
2,853922
1,0831,071
I
11,0377,072
136170
70331505
9314526
2,001753
1,248473
16
—1
- 1 0 , 8 1 3- 6 , 891
- 7 5 8- 2 1 5- 3 3 6- 4 0 4
- 3 0- 3 6
- 2 0 8- 4 1
- 3 8 1- 1 9 8- 1 8 2- 6 2 8- 8 8 6
1
23
- 8 1105
- 1 , 9 9 7
1978
I I '
12,3738,021
92282118424508
9314829
2,1151,254
862541
2
(*)
-12,209-7,286
-761-522-536-441- 2 3- 3 6
-206- 4 8
-744-242-502-689-917
(*)
49—1
- 8 2132
-1,730
- 2 6
49
3910
- 2 , 0 4 5- 1 , 7 5 5
- 5 0 8- 1 , 2 4 8
157
- 3 7192
133- 7 3 5
4,688
(15)
32
(15)
337155182
(15)
517
140282
15 3,380
-2,938
181224
•248248
—26
95—48315
-1,798-1,525
-664-862-142
- 2284
{16-413
1,077
(15)
125
(15)
1,251750502
(15)
898
- 6 153
15-1,190
440
735164215214
III'
11,4397,568
121322188443523
9315237
1,371602769606
16
-12 ,679- 7 , 3 2 3
- 8 7 6- 7 9 4- 5 0 0- 4 7 7
- 3 5- 3 7
- 2 0 5- 5 2
- 6 8 6- 2 4 6- 4 4 0- 7 3 5- 9 5 9
29- 5
- 8 2115
- 2 , 8 8 2
9
9
110- 55757
- 3 , 0 0 1- 1 , 244
- 4 7 4- 7 6 9
154
31- 6 1 0
6-1,333
7,697
(15)
205
(15)
1,7061,266
440(15)
578
105144
" 4 , 9 5 9
- 3 , 6 0 3
245- 1 , 2 4 0- 1 , 207- 1 , 2 1 1
I V v
14,3789,252
210236109394535
93154
19
2,468947
1,522816
93
-12 ,605- 7 , 5 6 0
- 8 5 6- 2 9 2- 3 3 4- 4 9 6- 5 5- 3 8
- 2 0 4- 5 5
- 6 5 8- 2 6 1- 3 9 7- 9 4 4
- 1 , 1 1 4
49—5
- 8 7141
-11 ,275
- 2 , 729
—2,729
2
137- 1 3 5
- 8 , 5 4 8- 2 , 0 7 9
- 5 5 7- 1 , 5 2 2
- 3 3
- 7 3- 2 0 8
16-6,155
12,964
(15)
53
(15)
357- 4 0397
(15)
271
-124- 6 2
1512,469
-3 ,511
1,6921,7731,8271,822
1977
10,4636,033
126199142464501
7015627
1,802806996850
93
(*)
-9,862-5,135
-383-585-577-586
- 2 2- 7 4
-524- 2 5
-459-239-220
-1,091-402
(*)
- 5 9
- 4 6- 1 3
-4,416
153—16168
(*)
-4,569- 2 , 284-1,288
-996-152
35-227
( - 5 2{ -1 ,890
14,716
(15)
C)(15)
536316220
(15)
1,237
- 2 6 0- 4 7 6
15 13, 679
- 1 0 , 8 4 1
898601542542
1978 P
12,7777,090
187297189502637
7718038
2,1311,0631,0681,362
88
(*)
-12 ,742- 6 , 4 7 6
- 4 1 4- 7 7 2- 6 4 6- 6 5 3
- 5 6- 7 6
- 5 2 1- 2 6
- 7 7 6- 3 4 0- 4 3 6
- 1 , 5 8 4- 7 4 2
(*)
- 5 9
- 5 1- 8
- 7 , 0 5 6
129
142- 1 2
- 7 , 1 8 6- 2 , 6 0 8- 1 , 5 4 0- 1 , 068
82
- 1 0 2- 5 6
151- 4 , 653
469
(15)
61
(15)
1,009573436
(15)
1,767
102196
15-2,666
6,611
61435
- 2 4- 2 4
United Kingdom
I
3,0681,675
145328
104180
194211
654149505284
5
(*)
- 2 , 7 7 6- 1 , 5 2 3
- 1 0 7- 7 3
- 1 3 3- 1 4 5
- 1 5- 1 8
- 1 3 1- 6
- 7 0- 3 8- 3 2
- 3 3 3- 2 2 2
( • )
- 1 7
- 1 3- 5
- 4 7 0
3
12- 9
- 4 7 3- 6 4 1- 1 3 6- 5 0 5
256
- 2 2161
151- 3 7 8
- 7 7 4
(15)
26
(15)
- 8 5- 1 1 7
32(15)
339
68142
is-1,264
969
152292275275
1978
I I '
3,2121,904
168445
133147
194411
509336173296
6
- 3 , 3 5 9- 1 , 7 1 3
- 9 7- 1 7 7- 1 8 6- 1 5 9
- 1 0- 1 9
- 1 3 0- 5
- 3 0 4- 8 9
- 2 1 6- 3 6 8- 1 9 1
- 1 4
- 1 3- 1
- 8 8 0
13
14- 1
- 8 9 2- 7 0 1- 5 2 8- 1 7 3- 3 2 8
- 3 2332
f 16-163
- 2 , 0 7 0
(15)
26
(15)
797581216
(15)
628
- 5- 2 5
15-3,491
3,110
191- 1 4 7- 1 6 1- 1 6 1
III'
2,8211,532
2310270
140164
1946
9
372259114337
5
- 3 , 4 0 4- 1 , 6 1 2
- 1 0 5- 3 8 5- 2 0 2- 1 7 2
- 1 1- 1 9
- 1 3 0- 9
- 2 0 8- 9 1
- 1 1 7- 3 8 6- 1 6 6
- 1 5
- 1 3- 2
- 1 , 2 9 2
42
1229
- 1 , 3 3 4- 4 5 8- 3 4 4- 1 1 4
144
22- 4 8 0
16-562
968
(15)
71
(15)
248131117
(15)
467
75122
15-15
922
- 8 0-583-598-598
IV P
3,6751,979
1345846
1251462048
8
596320276445
72
-3,202-1,628
-106-137-125-177
- 2 0- 2 0
-130- 6
-194-122
- 7 1-497-163
- 1 3
- 1 31
-4,414
72
104- 3 2
-4,486-808-533-276
11
- 7 0- 6 9
i«-3,550
2,345
(15)
T - 6 3
(15)
49- 2 2
71(15)
333
- 3 6- 4 3
is 2,104
1,609
351473460460
1977
27,56319,553
471525219843
1,058263347
53'
3,5562,750
80761857
- 1
- 2 5 , 5 5 2- 1 6 , 1 6 3- 2 , 2 3 0
- 7 5 9- 8 9 1- 8 5 7
- 3 6- 6 6
- 2 8 0- 1 2 8
- 1 , 1 2 5- 4 3 3- 6 9 2
- 1 , 0 4 8- 1 , 9 7 0
1
217— 1
- 2 4 1459
- 4 , 0 5 9
2
2
63- 4 4138
- 3 2
- 4 , 1 2 3- 1 , 794
- 9 8 7- 8 0 7
- 1 , 0 3 7
76- 2 0 9
f - 3 2 7\ - 8 3 3
10,963
(15)
58
(15)
1,552860692
(15)
416
- 2 7 2189
15 9,020
- 9 , 1 3 2
3,3902,0112,2292,228
European Communities (6) 13
1978 P
34,65823, 717
355670277967
1,367289396
62
5,4782,4743,0041,047
34
_ j
-33 ,916-21 ,576
- 2 , 778- 8 7 3- 9 4 8- 9 9 8
- 8 1- 6 8
- 2 9 4- 1 6 4
- 1 , 691- 6 0 3
- 1 , 0 8 7- 1 , 3 9 2- 3 , 0 5 5
247— 12
- 2 5 5513
-10 ,344
- 2 , 7 4 6
—2, 746
103—5153
- 4 4
- 7 , 702- 3 , 5 5 0
- 5 4 6- 3 , 0 0 4
60
20- 2 9 5
- 1 6- 3 , 921
24,786
(15)
278
(15)
2,6471,5591,087
(15)
493
- 4 1219
15 21,191
- 1 5 , 4 3 1
2,141743
1,001989
I
7,5775,158
11811039
203311
739813
1,261589672182
10
- 1
- 7 , 6 8 8- 5 , 1 2 5
- 6 4 0- 1 3 2- 1 8 1- 2 2 1
- 1 3- 1 7- 7 5- 3 4
- 3 1 0- 1 5 9- 1 5 1- 2 9 1- 6 4 9
1
49—1
- 6 2112
- 1 , 4 5 1
40
2416
- 1 , 4 9 1- 1 , 0 2 3
- 3 5 1- 6 7 2
- 9 3
- 1 521
- 1 6- 3 6 5
5,172
(15)
- 9
(15)
415264151
(15)
174
71131
15 4,390
- 3 , 6 6 0
33- 1 1 0
- 6 1- 6 1
1978
I I '
8,7185,848
7418569
257343
739916
1,521905616239- 6
(*)
- 8 , 4 0 4- 5 , 3 1 3
- 6 5 3- 2 6 9- 3 1 4- 2 4 1
- 1 7- 1 7- 7 4- 4 1
- 4 3 7- 1 5 3- 2 8 5- 3 1 8- 7 0 9
(*)
72—1
- 6 3136
- 8 2 9
- 2 6
—26
66—461
9
- 8 7 0- 7 6 0- 1 4 4- 6 1 6
192
29- 5 4
} 18-277
2,876
(15)
64
(15)
454169285
(15)
273
- 5 380
15 2,057
- 2 , 4 3 2
535314387386
III'
8,2115,784
92210111268341
729924
937353583263
10
-8 ,825-5,469
-753-329-266-260
- 2 2- 1 7- 7 3- 4 1
-478-154-323-346-770
53—5
- 6 3120
-1 ,502
9
9
72- 14330
-1,584-692-108-583
7
9-136
18 -772
6,389
(15)
126
(15)
1,4671,144
323(15)
111
2927
15 4, 629
- 4 , 3 2 6
315- 6 1 4- 5 5 6- 5 6 1
I V P
10,1536,927
7116558
239373
72100
8
1,759627
1,133363
19
- 9 , 0 0 0- 5 , 669
- 7 3 3- 1 4 3- 1 8 7- 2 7 5
- 2 9- 1 8- 7 2- 4 7
- 4 6 6- 1 3 7- 3 2 8- 4 3 7- 9 2 6
73—5
- 6 7145
- 6 , 5 6 1
- 2 , 729
- 2 , 729
- 7 5
24- 9 9
- 3 , 757- 1 , 0 7 6
57- 1 , 1 3 3
- 4 6
- 3- 1 2 6
16-2,507
10,349
(15)
97
(15)
310- 1 8328
(15)
- 6 6
- 8 8- 1 9
is 10,115
- 5 , 0 1 4
1,2581,1531,2311,226
Line
123456789
10
1112131415
16
17181920212223242526
2728293031
32
33343536
37
3839404142
43444546
4748495051
5253
( 54I 55
56
f 58] 59[ 60
61( 621 V4\ 63I 6465
66676869
7071
( 72I 73
7475
76777879
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
58 SUKVEY OF CUREENT BUSINESS March 1979
Table 10.—U.S. International[Millions of
Line (Credits +; debits -) i
Eastern Europe
1977 19781978
III' IV v
10
1112131415
16
17181920212223242526
2728293031
32
33343536
37
3839404142
444546
4748495051
5253
5455
565758596061626364656667
7071
72737475
Exports of goods and services 2
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contractsTravel _ _Passenger faresOther transportationFees and royalties from affiliated foreigners_Fees and royalties from unaffiliated foreignersOther private services .U.S. Government miscellaneous servicesReceipts of income on U.S. assets abroad:
Direct investmentInterest, dividends, and earnings of unincorporated affiliates.Reinvested earnings of incorporated affiliates
Other private receiptsU.S. Government receipts
Transfers of good sand services under U.S. military grant programs, net.
Imports of good sand servicesMerchandise, adjusted, excluding military 3
Direct defense expendituresTravelPassenger faresOther transportation.. _ _Fees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other services _U.S. Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:
Direct investment ._ _Interest, dividends, and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates
Other private paymentsU.S. Government payments
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of good sand services), netU.S. Government grants (excluding military grants of goods and services).U.S. Government pensions and other transfersPrivate remittances and other transfers .
U.S. assets abroad, net (increase/capital outflow (—))
U.S. official reserve assets, net *GoldSpecial drawing rights _Reserve position in the International Monetary Fund.Foreign currencies
3,3232,912
122
11759
- 1 , 3 2 6- 1 , 1 2 7
- 2- 6 1- 1 3- 5 5
C)- 2 6- 3 2
- 1 0
- 6 2- 1
- 1 9- 4 2
- 1 1
4,3123,835
153
11775
- 1 , 7 4 4- 1 , 5 0 9
- 3- 9 4- 1 2- 6 2
(*)- 2 5- 2 4
- 1 4O
- 6 9
- 2 0- 4 9
- 5 1 5
1,016907
1,5231,407
36 35
-407-370
• ) _
- 1- 1 4
- 4 1 7- 3 6 0
- 1- 1 9- 6
- 1 7
- 7- 7 - 5
- 3 - 3
- 1 2 - 1 8
- 1- 1 1
-28
- 6- 1 1
-173
971850
40
- 4 4 0- 3 5 1
- 1- 5 2
- 4- 1 6
(*)- 4
- 2 1
- 7-13
-237
802671
42
- 4 8 0- 4 2 8
- 1- 1 9
- 1- 1 6
- 6- 6
(*)- 4
- 2 0
- 5- 1 5
- 7 7
U.S. Government assets, other than official reserve assets, netU.S. loans and other long-term assets _ _ _Repayments on U.S. loans 6
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, netDirect investment..
Equity and intercompany accountsReinvested earnings of incorporated affiliates
Foreign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term _Short-term _
U.S. claims reported by U.S. banks, not included elsewhere:Long-term _Short-term _ _
Foreign assets in the United States, net (increase/capital inflow ( + ) )Foreign official assets in the United States, net.. _
U.S. Government securities _ _U.S. Treasury securities*Other7
Other U.S. Government liabilities 8
U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 9__
Other foreign assets in the United States, net.. _Direct investment _
Equity and intercompany accountsReinvested earnings of incorporated affiliates -
U.S. Treasury securitiesU.S. securities other than U.S. Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-termShort-term..
U.S. liabilities reported by U.S. banks, not included elsewhere:Long-term.. _Short-term
Allocations of special drawing rightsStatistical discrepancy (sum of above i tems with sign reversed)
Memoranda:Balance on merchandise t r ade (lines 2 a n d 18)Balance on goods and services (lines 1 a n d 17)10
Balance on goods, services, a n d remi t tances (lines 77, 35, a n d 36)Balance on current account (lines 77 and 33)«>
- 2 0 2- 3 4 7
10640
191
- 4 1 9- 6 1 7
17424
- 9 6
- 1 1 932
1
58
- 1 2 6- 1 8 2
4115
- 4 7
- 1 7 4- 2 4 7
677
- 6 3
- 1
1242
- 3- 2 7
3- 7 2
107 89 - 7 5
- 5 3
i« 9
67
- 7 5
31
(15)
(15)
(15)
(15)
(15) (15) (15)
(15) (15) (15)
(15)
- 3(15) (15)
- 635
15 58
- 2 , 0 7 3
- 1
- 51
15 - 7 0
(15) (15)
- 119
1,7851,9971,9361,935
2,3262,5682,4992,499
- 4 9 5
537609598
1547
- 9 8 2 '
15 15
- 3 0 5 '
1,0471,1061,0891,089
499531510510
- 4 4
- 1 0
16 _ 3 4
66
(15)
1
(15)
- 1
15 66
- 2 9 1
243322302302
See footnotes on page 55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS 59Transactions, by Area—Continued
dollars]
Canada
1 1977
38,14128,293
772,150
559670
48477
13
3,3411,4251,9162,497
18
- 3 3 , 2 4 5- 2 9 , 664
- 1 8 4- 1 , 4 3 3
- 4 7 1- 1 2 6
- 9- 3 7 0- 3 1
- 3 7 4- 1 1 2- 2 6 2- 4 2 1- 1 6 3
- 1 4 4
- 1 2 8- 1 6
- 4 , 6 8 7
19- 827
C)- 4 , 7 0 5- 1 , 5 0 7
409- 1 , 9 1 6- 2 , 3 5 7
- 2 1 0- 1 5 4
$ 203I - 6 8 0
- 4 4 8
( - 1 , 0 6 3
1 04)10
1 (14)| 614299
36262
155
- 1 6104
( u )
383
- 1 , 3 7 14,8964,7524,752
1978 »
41,81731,061
802,244
60071552
55120
3,3451,6001,7453,132
17
- 3 7 , 5 7 6- 3 3 , 8 0 4
- 1 7 1- 1 , 4 0 0
- 5 1 5- 1 4 3
- 9- 4 1 2- 3 3
- 3 4 3- 1 3 6- 2 0 8- 6 0 6- 1 4 0
- 1 2 9
- 1 4 617
- 9 , 1 8 2
8- 1 2
20(*)
- 9 , 1 9 0- 1 , 1 5 9
586- 1 , 745- 3 , 2 9 9
- 1 8- 9 7 2
27- 3 , 7 7 0
2,535
116(14)
5(14)
2,479420212208
(14)178
666
2,475
- 2 , 7 4 34,2414,1124,112
1978
I
9,4676,842
30675
131156
12131
2
755229526731
3
- 8 , 5 2 2- 7 , 9 1 0
- 5 3- 1 2 8
- 9 1- 3 2
- 2- 9 9- 5
- 4 4- 1 4- 2 9
- 1 2 9- 3 0
- 2 9
- 3 45
- 2 , 4 7 1
5- 3
62
- 2 , 4 7 6- 4 1 6
110- 5 2 6- 6 2 7
- 1 4- 7 4 7
27- 6 9 9
- 2 1
- 7 0 6(14)
- 4(14)
68521818829
(14)
- 2 9
- 426
(14)
1,576
-1,068945916916
I I '
11,1428,428
14583
16018313
1347
904321583710
6
-9,804-8,823
- 3 4-350
-120- 3 6- 2
-102- 2 0
-144- 6 4- 8 0
-137- 3 6
- 3 8
- 3 7- 1
-2,340
- 5- 7
3- 1
-2,335-400
183-583
-1,307
- 1 9- 5 7
»• -552
1,490
930(14)
10
%
1799980
- 1- 6
( u )
-451
-3951,3381,3011,301
H I "
9,8237,150
22607
15419414
1419
698214484832
3
-9,110-7,730
- 4 0-715
-144- 4 3- 2
-105- 4
-144- 5 0- 9 3
-148- 3 5
- 2 9
- 3 89
-1,642
4- 1
6(•)
-1,646-563- 7 9
-484-348
34-222
18 -547
-342
-1,106(14)
- 1 0
(14)76459
- 3 593
(14)
137
941
(14)
1,299
- 5 8 0713684684
I V v
11,3868,641
14379
15618214
1452
988837152859
6
- 1 0 , 1 4 1- 9 , 3 4 1
- 4 3- 2 0 7
- 1 6 0- 3 2
- 2- 1 0 6
- 5
- 1 3- 7- 6
- 1 9 2- 3 9
- 3 4
- 3 84
- 2 , 7 3 0
3- 2
5- 1
- 2 , 7 3 3221372
- 1 5 2- 1 , 0 1 6
- 1 954
»-1,972
1,468
998(14)
9
(14)470
- 3 5- 4 0
6(14)
67
25
(14)
50
- 7 0 01,2451,2111,211
Latin American Republics and Other Western Hemi-sphere
1977
30,43517,921
1282,128
240827333
74745
72
3,9132,3711,5423,756
298
13
-27 ,819- 2 1 , 1 6 2
- 1 9 1- 2 , 9 6 2
—233- 6 6 0
- 4- 6
- 7 7 6- 2 7 9
- 3 5 5- 2 1 5- 1 4 0
- 1 , 1 0 5- 8 7
— 13
- 7 6 2- 2 6 8- 1 2 9- 3 6 5
- 1 1 , 6 9 2
300
300
- 5 2 9- 1 , 1 2 0
56625
- 1 1 , 4 6 3- 3 , 6 3 2- 2 , 0 9 0- 1 , 5 4 2
- 1 5 1
109- 7 5 2
( - 9 1 8I - 6 , 1 2 0
5,517
" (15)
32
> (15)
18747
140(15)
280
—9149
" 4,878
4,322
- 3 , 2 4 12,6152,1211,853
1 9 7 8 '
37,75322,010
642,417
33293333081
83278
4,4892,6311,8585,874
313
17
- 3 1 , 2 2 8- 2 3 , 0 2 9
- 2 5 1- 3 , 2 2 8
—242- 7 9 8- 1 0
- 6- 7 8 7- 3 3 9
- 3 9 8- 1 3 5- 2 6 3
- 2 , 0 3 8- 1 0 3
- 1 7
- 8 2 9—247- 1 4 5- 4 3 7
- 1 6 , 4 7 0
- 4 3 1- 1 , 0 4 4
617- 5
- 1 6 , 0 3 9- 3 , 7 2 9- 1 , 8 7 0- 1 , 8 5 8
181
143- 7 4 8
- 4 9 5- 1 1 , 3 9 1
9,687
(15)
22
(15)
470207263
(15)
351
- 5 1354
15 8,541
1,088
-1,0196,5255,9435,696
1978
I
8,0034,624
2349060
2037820
19619
974617357
1,23779
6
-7,578- 5 , 671
- 4 7-852—74
-169- 3- 2
-206- 7 6
- 7 8- 2 2- 5 6
-374- 2 7
—6
-205- 7 1- 3 6- 9 8
-5,863
- 6 0-215
163- 8
-5,803-496-139-357
39
20-1,410
-495-3,461
1,865
(15)
- 4
(15)
12- 4 4
56(15)
26
- 3 6180
i«l,687
3,779
-1,047424290219
I I "
9,2155,490
1760360
2429620
20119
1,074599476
1,31082
2
-7,656-5,706
- 6 8-780—56
-211- 2- 2
-197- 8 6
- 8 5- 2 9- 5 7
-436- 2 7
—2
-197—52- 3 6
-109
1,509
-101-272
1701
1,610-614-139-476
139
89-171
18 2,167
845
(15)
10
(15)
701457
(15)
206
—168
15 492
- 3 , 7 1 6
- 2 1 61,5591,4141,362
III '
9,7985,617
14701131253
7221
20819
1,183698485
1,50377
4
- 7 , 7 4 8- 5 , 624
- 6 4- 8 5 5
- 7 0- 2 0 3
- 5- 1
- 1 8 8- 8 5
- 1 1 7- 4 4- 7 3
- 5 1 6- 2 0
—4
- 2 0 7- 5 8- 3 7
- 1 1 1
- 4 , 3 1 9
- 1 8 7- 3 2 6
1381
- 4 , 1 3 2- 1 , 1 4 8
- 6 6 3- 4 8 5
- 2 4
15859
«-3,834
4,611
(15)
- 2
(15)
290217
73(15)
71
- 1 4112
is 4,155
-2,136
- 72,0511,9021,844
IV v
10,7376,279
1062381
2368521
22721
1,258718540
1,82474
5
-8,246-6,028
- 7 1-741- 4 2
-215- 1- 1
-196- 9 2
-118- 4 0- 7 8
-712- 2 9
- 5
-220- 6 5- 3 6
-119
-7,798
- 8 3-230
1461
-7,714-1,471
-930-540
26
19- 2 6
«-6,263
2,366
(15)
17
(15)
992178
(15)
49
- 6
"2,207
3,161
2512,4912,3362,271
Japan
1977
14,19910,566
3343630080530028912031
51235615676344
(*)
- 2 2 , 3 0 5- 1 8 , 565
- 8 1 1- 1 4 9- 1 2 5
- 1 , 2 7 038
- 1 5- 8 1- 4 6
- 2 4 8- 4 5
- 2 0 3- 2 3 6- 7 9 7
(*)
- 4 3
- 8- 3 5
614
46- 5 7105- 2
568- 2 8 3- 1 2 7- 1 5 6- 3 0 8
11- 1 4 4
f 651,227
6,350
(15)
140
(15)
573370203
(15)
273
- 9 2501
15 4,956
1,185
- 7 , 9 9 9- 8 , 1 0 6- 8 , 1 4 9- 8 , 1 4 9
1 9 7 8 '
17,95012,945
5952029586943131814654
1,064516547
1,20644
(*)
- 2 9 , 5 4 3- 2 4 , 474
- 9 4 7- 1 5 5—129
- 1 , 4 3 066
- 1 5- 8 5- 4 3
- 1 8 9- 9 1- 9 9
- 4 2 2- 1 , 7 2 0
(*)
- 8 1
- 2 1- 6 1
- 5 , 9 6 7
- 1 , 6 3 7
- 1 , 6 3 7
- 1 8- 1 0 0
6219
- 4 , 3 1 2- 7 0 3- 1 5 5- 5 4 7
391
- 7- 1 0 2
13- 3 , 9 0 4
13,150
(15)
1,071
(15)
671573
99(15)
211
- 5 3170
15 11,080
4,492
- 1 1 , 5 2 9- 1 1 , 5 9 3-11 ,675-11 ,675
1978
I
3,6372,619
1114388
1809476378
1378354
23114
(*)
- 6 , 7 9 0- 5 , 7 5 3
- 2 0 9- 1 7—36
- 3 1 919
- 4- 2 1- 8
- 2 2- 8
- 1 5- 7 7
- 3 4 3
(*)
- 1 7
- 5- 1 2
- 1 , 3 4 8
5- 1 9
213
- 1 , 3 5 3- 153
- 5 4- 5 2 5
- 1 8- 3 0 4
13- 5 1 88,217
(15)
20
(15)
176162
15(15)
30
- 5 472
15 7,973
-3,699
-3,134-3,152-3,170-3,170
I I '
4,2353,058
2313255
228110783721
21511699
2708
-7,503-6,229
-249- 4 9—39
-35519
- 4- 2 1- 1 1
- 6 0- 3 4- 2 6- 9 6
-410
- 2 3
- 5- 1 7
-427
- 6- 2 5
19(•)
-421-165- 6 6- 9 9381
6222
•i«-865
-1,217
(15)
37
(15)
242216
26(15)
104
138
15-1,639
4,934
- 3 , 1 7 1- 3 , 2 6 8- 3 , 2 9 1- 3 , 2 9 1
III'
4,7703,339
813674
239123813617
386220165320
13
- 7 , 7 2 6- 6 , 3 6 3
- 2 4 5- 4 6—40
- 3 7 821
- 4- 2 2- 1 3
- 8 4- 2 9- 5 5
- 1 0 6- 4 4 7
- 2 0
- 5- 1 4
92
- 1 6- 2 6
56
108- 1 8 6- 2 0
- 1 6 5202
8- 1 5
i«98
2,572
(15)
3
(15)
16210855
(15)
- 2 5
- 157
15 2,376
311
- 3 , 0 2 4- 2 , 9 5 5- 2 , 9 7 5- 2 , 9 7 5
IV*
5,3073,929
1710978
22310583368
32697
229385
9
- 7 , 5 2 5- 6 , 1 2 9
- 2 4 5- 4 3- 1 4
- 3 7 77
- 4- 2 2- 1 1
- 2 3- 2 0
- 4- 1 4 3- 5 2 2
- 2 2
- 5- 1 7
- 4 , 2 8 5
- 1 , 6 3 7
- 1 , 6 3 7
- 2- 3 1
1910
- 2 , 6 4 5- 3 5 1- 1 2 2- 2 2 9
333
- 3- 5
«-2,619
3,578
(15)
1,012
(15)
91874
(15)
102
13
" 2 , 3 7 0
2,946
- 2 , 2 0 0- 2 , 2 1 8- 2 , 2 4 0- 2 , 2 4 0
Line
123456789
10
1112131415
16
17181920212223242526
2728293031
32
33343536
37
3839404142
43444546
4748495051
5253
f 54I 55
56f C7
1 58I 59I 60
616263
[ 646566676869
7071
(721737475
76777879
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
60 SUEVEY OF CURKENT BUSINESS March 1979
Table 10.—U.S. International[Millions
Line (Credits + ; debits - ) »
Australia, New Zealand, and South Africa
1977 1978 P1978
I I ' III IV
Exports of goods and services2 -Merchandise, adjusted, excluding military 3Transfers under U.S. military agency sales contracts.TravelPassenger fares - - - - -Other transportation.Fees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private services -U.S. Government miscellaneous servicesEeceipts of income on U.S. assets abroad:
Direct investment -Interest, dividends, and earnings of unincorporated affiliates.Reinvested earnings of incorporated affiliates
Other private receiptsU.S. Government receipts
Transfers of goods and services under U.S. military grant programs, net. .
Imports of goods and servicesMerchandise, adjusted, excluding military 3_Direct defense expendituresTravel -Passenger faresOther transportationFees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other servicesU.S. Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:
Direct investment _Interest, dividends, and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates
Other private paymentsU.S. Government payments
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of goods and services), netU.S. Government grants (excluding military grants of goods and services).U.S. Government pensions and other transfersPrivate remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (—))
U.S. official reserve assets, ne t 4
GoldSpecial drawing rightsReserve position in the International Monetary Fund.F oreign currencies
5,8423,777
34154126182208431323
91162428824923
6,9014,210211212118212228471573
1,15370944433219
1,395865233022445111331
25516887583
1,7711,057
416642576211371
295195100947
1,6811,040
747628595812421
22210911366
—3,302— 2 , 792
—20—112—115-83
2-1-29-30
-23-16-7-34-65
—4,440—24
—150—132
- 9 3(*)
- 3 1- 3 7
- 1- 1 8
17- 4 9- 4 2
—1,054—904—5—45—43-21
(*)(*)
-8
-1-32
-11
—1,174—1,051
—6—24—30-21
C)(*)
-8-11
6-12-11
-1,224-1,104
—8—19—33-24
(*)
C)
4-27
-12-11
-32 -34 -7
-24
-1,029
-10-24
-2-5
-206
-9
-3
-10
-421
-7
-204
2,0541,248
744026525713451
236144114
—1,546—1,381
—6—62—26-26
(*)(•)
-8
-4-84
-14-11
-8
-2-6
-26
U.S. Government assets, other than official reserve assets, netU.S. loans and other long-term assetsRepayments on U.S. loans 5
U.S. foreign currency holding and U.S. short-term assets, net
U.S. private assets, netDirect investment
Equity and intercompany accountsReinvested earnings of incorporated affiliates
Foreign securitiesU.S. Claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-termShort-term
U.S. Claims reported by U.S. banks, not included elsewhere:Long-termShort-term _
Foreign assets in the United States, net (increase/capital inflow (+))Foreign official assets in the United States, net
U.S. Government securities -U.S. Treasury securities 6
Other7
Other U.S. Government liabilities 8 . . .U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 9
Other foreign assets in the United States, netDirect investment
Equity and intercompany accountsReinvested earnings of incorporated affiliates
U.S. Treasury securitiesU.S. securities other than U.S. Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-termShort-term
U.S. liabilities reported by U.S. banks, not included elsewhere:Long-termShort-term
Allocations of special drawing rightsStatistical discrepancy (sum of above items with sign reversed)
Memoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17)10 -Balance on goods, services, and remittances (lines 77, 35, and 36)Balance on current account (lines 77 and 33)10
50-17
653
-1,079-383-95
-288-273
-56-380
-626
(15)
97
(15)
- 2 8- 3 5
7(15)
2- 1 7
1 is _686
36- 1 1
48- 1
-892-756-312-444-174
- 1 4
1233
-341
(15)
25- 3
5(*)
-209-136- 4 9- 8 7
- 2
12- 8 6
150
(15)
81 27
(15) (15)
(*)26
- 1
-446-249-149-100-177
7-12
18-14
-57
(15)
70
(15)
- 3- 6
6- 3
-201-137- 2 4
-113- 1 1
5
ifl - 5 8
-334
(15)
- 2 5
(15)
5875
- 1 7(15) (15)
13
- 2(15)
49
- 6
1(15)
1623
n
)
- 4
17 25
1594
-853
9852,5392,5072,507
-671
-2301,9021,8681,868
-278
- 3 9341334334
17
5-148
—116
- 2 7
is -295
597588588
91
- 6 4457447447
11- 3113
- 3 7-234- 9 0
-14411
- 5
"191
-101
(15)
(15)
(15)
3741
- 4
2
15 -150
-373
-133508499499
See footnotes on page 55.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SUKVEY OF CURRENT BUSINESS 61Transactions, by Area—Continuedof dollars]
Other countries in Asia and Africa
1977
i37,95623,0315,658
308213
1,385362
601,049
141
3,8433,118
7251,207
700
171
-55 ,299- 4 9 , 5 1 6- 1 , 4 7 2
- 6 3 1- 1 5 0- 8 5 1
- 8- 1
- 1 1 8- 3 3 0
- 2 4- 3 6
12- 9 3 5
- 1 , 2 6 3
- 1 7 1
- 3 , 0 8 0- 2 , 1 0 0
- 2 2 7- 7 5 3
- 4 , 7 6 4
- 2 , 3 4 5- 3 , 5 6 6
1,21012
- 2 , 4 2 0- 1 , 0 5 5
- 3 3 0- 7 2 5
301
- 2- 3 1 2
f 151I - 1 , 5 0 2
10,273
1,062
(15)
-15- 3
-12(15)
82
8185
» 8,951
14,915
- 2 6 , 4 8 5- 1 7 , 3 4 3- 1 8 , 3 2 3- 2 0 , 4 2 3
1978 *
44,82928,1736,108
355222
1.548475
661,242
164
3,9203,244
6761,708
848
199
-58 ,759-51 ,363- 2 , 0 9 5
- 7 5 4- 1 6 3- 9 2 1
- 5—1
- 1 2 6- 3 5 7
- 6 4-53- 1 1
- 1 , 3 7 4- 1 , 5 3 5
- 1 9 9
- 3 , 2 9 7- 2 , 2 8 3
- 2 6 0- 7 5 4
- 7 , 6 7 7
- 2 , 6 6 3- 3 , 8 5 6
1,294- 1 0 2
- 5 , 0 1 4- 1 , 1 0 4
- 4 2 8- 6 7 6- 1 8 3
24- 1 1 3
23- 3 , 6 6 1
846
(IS)
955
(15)
11910811
(15)
164
- 4665
" - 1 , 0 5 3
24,059
- 2 3 , 1 9 0-13 ,930- 1 4 , 944-17 ,227
1978
I
10,1546,1391,547
6545
343116
15269
39
1,027809218367183
65
- 1 4 , 0 2 2-12 ,329
- 4 7 3—174- 3 7
- 2 2 2—3
(*)- 3 0- 8 0
- 5- 9
4- 2 9 0- 3 7 8
- 6 5
- 8 2 9- 5 8 6- 5 8
- 1 8 5
- 2 , 7 6 5
- 6 4 5- 8 9 1
308- 6 2
- 2 , 1 1 9- 1 , 8 4 6- 1 , 6 2 8
- 2 1 815
2894
23- 4 3 3
1,365
(IS)
574
(15)
4649
—4(15)
12
- 5-56
18 794
6,096
- 6 , 1 9 0- 3 , 8 6 7- 4 , 1 1 0- 4 , 6 9 6
I I '
11,7007,2531,849
11351
39512016
29636
958790168383232
51
-14 ,165-12 ,348
- 5 2 4- 1 9 4
- 3 9- 2 0 8
- 2(*)
- 3 1- 8 8
- 2 2- 1 5- 7
- 3 2 9- 3 8 0
- 5 1
- 9 2 9- 6 5 0—64
- 2 1 5
- 1 , 9 2 2
- 6 6 3- 1 , 0 0 5
353- 1 1
- 1 , 2 5 9- 8 8 5- 7 1 7- 1 6 8
- 1
—2- 9 4
} I8 - 2 7 7
-2,005
(15)
- 5 6 7
(15)
23167
(15)
61
194
18-1,617
7,320
-5,095-2,465-2,744-3,394
III '
11,2587,0941,502
9773
398107
17326
40
991720271434180
30
-15 ,432-13 ,550
- 5 3 5—204- 5 0
- 2 4 1(*)(*)
- 3 2- 9 3
- 2 1- 1 5- 6
- 3 2 8- 3 7 9
- 3 0
- 7 7 8- 5 4 6
- 6 3- 1 6 9
- 2 7 8
- 8 6 2- 1 , 1 0 3
286- 4 5
584606877
- 2 7 1- 1 6 3
- 2 0- 1 1 1
18 272
-62
(15)
100
(15)
6(*)
6(15)
74
530
u -771
5,292
- 6 , 4 5 6- 4 , 1 7 4- 4 , 4 0 7- 4 , 9 5 3
IV P
11,7167,6871,211
8054
412132
18352
49
944925
19525254
53
-15 ,140-13 ,136
- 5 6 3—182
- 3 7- 2 5 0
—1(*)
- 3 4- 9 7
- 1 6- 1 4- 2
- 4 2 8- 3 9 8
- 5 3
- 7 6 1- 5 0 1—75
- 1 8 5
- 2 , 7 1 4
- 4 9 4- 8 5 7
34717
- 2 , 2 2 01,0221,041
- 1 9- 3 5
18- 2
18 - 3 , 2 2 3
1,547
(15)
848
(15)
45432
(15)
16
97
18 541
5,351
- 5 , 4 4 9- 3 , 4 2 4- 3 , 6 8 3- 4 , 1 8 4
International organizations and unallocated «
1977
1,842
4
68343
38164
206241
- 3 6370
90
- 2 , 9 4 5- 6 5 4
- 5 4- 1 , 4 6 3
- 1- 3 3 2
- 1 2 3- 3 1 9
- 2 9 0- 2 9 0
- 2 , 0 1 4
- 5 3 3- 1 1 8—121- 2 9 4
- 5 1 7- 5 2 1
5
- 9 6 4986236
- 1 , 0 2 4
1
{ "-I- 6 3 8f1
1
I 'I1 -638
(15)
26
i s -664
4,046
-654-1,104-1,104-1,394
1978 v
2,087
8
76956
44969
20592
112429103
-3,357-752
- 5 2-1,634
- 1-359
-130-429
-368-368
5,478
5,415- 6 5
1,2494,231
-483-488
5
546280392
-112279
1
3- 1 6
-418
-418
(15)
268
18-685
-3,423
-752-1,270-1,270-1,638
1978
I
494
16714
10415
4748
- 1138
9
-793-185
- 1 6-368
(*)- 9 3
- 3 4- 9 8
- 8 1- 8 1
309
308
- 1 6324
-202-206
3
204167166
133
1
3
330
330
(15)
18 337
- 2 5 9
- 1 8 5- 2 9 9- 2 9 9- 3 8 0
II
567
8
19414
10916
6417478084
- 8 1 2- 1 7 8
- 7- 4 0 5
(*)- 8 4
- 2 9- 1 1 0
- 9 2- 9 2
80
333
—104437
- 6 2- 6 2
- 1 9 1- 3 3 7- 2 9 0
- 4 7153
- 1
| 18-6
304
304
(15)
- 4 4
18 348
- 4 8
- 1 7 8- 2 4 5- 2 4 5- 3 3 7
III '
544
20313
11519
48—351
13611
- 9 2 7- 2 8 3
- 1 4- 4 3 7
(*)- 5 2
- 3 6- 1 0 5
- 1 2 5- 1 2 5
441
152
- 4 3195
- 3 5- 3 6
2
323293344
- 5 138
18 -_7
- 1 , 1 9 3
- 1 , 1 9 3
(15)
59
18-1,252
1,261
-283-384-384-509
IV P
482
20615
12119
46311575
-824-106
- 1 5-424
(*)-131
- 3 1-117
- 7 0- 7 0
4,648
4,622- 6 5
1,4123,275
-184-184
211158173
- 1 555
1
ia-3
141
141
(15)259
is - 1 1 8
- 4 , 3 7 7
- 1 0 6- 3 4 2- 3 4 2- 4 1 2
Line
123456789
10
1112131415
16
17181920212223242526
2728293031
32
33343536
37
38394041
43444546
4748495051
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{ 54\ 55
5657585960616263646566676869
7071
f 72X 73
7475
76777879
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
62 SUEVEY OF CURRENT BUSINESS March 1979
(Continued from page 43)
lion and to non-OPEC developingcountries $8.7 billion. About three-fourths of the increase to industrialcountries was accounted for by Japan,Canada, the United Kingdom, andFrance. Among the non-OPEC devel-oping countries, Argentina, Brazil, andColombia had large increases. Theincrease in claims to Caribbean bankingcenters, at $3.5 billion, was about halfthe 1977 increase.
U.S. official reserve assets decreased$0.9 billion, after a $0.2 billion increasein 1977. Transactions were dominatedby the initial steps implementing thedollar support program. The UnitedStates drew the equivalent of $3 billionon its IMF reserve position, $2 billionin German marks and $1 billion inJapanese yen. Also, the United Statessold $1.4 billion of SDR's to Germanyand Japan, and acquired $1.6 billion inmarks through the sale of mark-denominated notes (with the coopera-tion of the German Bundesbank) toprivate German residents. Other trans-actions affecting reserve assets were theIMF repayment to the United States offunds lent under the General Arrange-ments to Borrow, and the U.S. acquisi-tion of gold as part of the IMF restitu-tion program to return gold to itsmembers.
Net U.S. purchases of foreign securi-ties were $3.4 billion, compared with$5.4 billion in 1977. More than half ofthe decline was due to the absence ofthe World Bank from the U.S. bondmarket and a reduction in Canadianborrowing. Canadian borrowing wouldhave been even lower except for sub-stantial Government borrowing, prin-cipally in the second and fourthquarters, to acquire reserves to supportthe Canadian dollar in exchange mar-kets. High U.S. interest rates also mayhave slowed foreign borrowing, espe-cially in view of the ample liquidity ininternational markets. The dollar's de-cline in foreign exchange markets alsomade dollar-donominated issues lessattractive.
Net capital outflows for U.S. directinvestments abroad were $15.4 billion,compared with $12.2 billion in 1977.
Outflows on equity and inter-companyaccounts declined to $4.7 billion from$4.9 billion; outflows for reinvestedearnings increased to $10.7 billion from$7.3 billion. Among equity and inter-company accounts, for petroleum affili-ates, there was a shift to a small netinflow from outflows of $1.6 billion.Outflows to most major areas declined,except to the United Kingdom, wherethey were unchanged. There was alarge inflow from Canada because ofthe sale of two U.S. affiliates in thethird and fourth quarters. For non-petroleum affiliates, outflows, at $4.7billion, where $1.4 billion more than in1977.
Foreign assets in the United States
Foreign assets in the United Statesincreased $63.3 billion, compared witha $50.9 billion increase in 1977. Foreignofficial assets increased $34.0 billion,$3.2 billion less than in 1977 but stillhigh by past standards. Bank-reportedliabilities to other foreigners and inter-national financial institutions increased$19.1 billion, more than 2% times the1977 increase.
The increase in foreign official assetswas more than accounted for by in-dustrial countries, whose holdingsincreased $34.6 billion, up from a $28.9billion increase in 1977 (table B). Theincreases were especially large in thefirst and fourth quarters, when netdollar purchases in exchange markets—particularly by West Germany, Swit-zerland, and Japan—accounted for mostof the increase. Holdings of marketableU.S. Treasury bonds declined to $5.4billion, from $15.1 billion; in contrast,holdings of short-term obligationsdoubled to $21.2 billion. The increasein official Japanese dollar holdings in-cluded a large fourth-quarter prepay-ment for uranium enrichment. Officialdollar assets of members of OPECdeclined $0.6 billion and those of non-OPEC developing countries showedno net change, following increases of$6.7 billion and $1.5 billion, respec-tively, in 1977. The shifts were pri-marily due to the sale of marketableTreasury bonds. Partly offsetting werelarge prepayments by Iran and SaudiArabia associated with military salescontracts.
Liabilities to private foreigners andinternational financial institutions re-ported by U.S. banks (lines 68, 72, and73, table 2) increased $19.1 billion, fol-lowing a $7.3 billion increase in 1977.Inflows from Western Europe, at $5.4billion, were up from $1.4 billion, andwere concentrated in the same countriesthat had large increases in claims—theUnited Kingdom, Belgium, France,Germany, the Netherlands, and Swit-zerland. (The increase in liabilities toGermany included $1.6 billion of mark-denominated notes sold as part of thedollar support program.) Canada alsoshowed a large increase. Increases forthe developing countries were wide-spread, with Caribbean banking centersaccounting for $4.7 billion, up from $3.1billion. Inflows were especially large inthe second half of the year, when U.S.interest rates on certificates of depositand other short-term instrumentsmoved significantly above most foreigninterest rates.
Net foreign purchases of U.S. securi-ties other than U.S. Treasury securitieswere $2.9 billion, unchanged from 1977.Purchases of Eurobonds issued abroadby U.S. corporations, and foreign pur-chases of outstanding U.S. bonds, wereunchanged. Net foreign purchases ofU.S. stocks were down slightly for theyear, although there were unusuallyhigh net purchases in April.
Net inflows for foreign direct invest-ments in the United States increased$5.6 billion, compared with a $3.3billion increase in 1977. Decisions toexpand direct investment positions ormake new investments in the UnitedStates may have been spurred some-what by the dollar's depreciation, inaddition to strong U.S. sales and earn-ings of foreign firms already establishedin the United States. Equity and inter-company accounts increased $3.5 billion,compared with $1.8 billion; inflows onboth equity and intercompany accountsof incorporated affiliates increased sig-nificantly, to $1.6 billion and $1.8billion, respectively. Western Europeand the United Kingdom accounted formuch of the step-up in equity inflows,which were widespread geographically.Reinvested earnings increased $2.1billion, compared with $1.6 billion.
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March 1979 SURVEY OF CURRENT BUSINESS 63
Region IMaineVermontNew HampshireMassachusettsConnecticutRhode Island
Region IINew YorkNew JerseyVirgin IslandsPuerto Rico
Region IIIPennsylvaniaDelawareMarylandWest VirginiaDist. of Col.Virginia
Region IVKentuckyTennesseeMississippiAlabamaFloridaGeorgiaNorth CarolinaSouth Carolina
Region VOhioIndianaIllinoisMichiganWisconsinMinnesota
U.S. Department of Commerce
Helen M. Keyes411 Stuart StreetBoston, Massachusetts 02116Phone: FTS 8-223-0695
Commercial 617-223-0695Telecopy 223-0699
Bernard H. JacksonFederal Bldg., Room 372226 Federal PlazaNew York, New York 10007Phone: FTS 8-264-5647
Commercial 212-264-5647Telecopy 264-9399/9248/4740
Dianne SemingsonWm. J. Green Federal Bldg.500 Arch Street, Room 10424Philadelphia, Pennsylvania 19106Phone: FTS 8-597-7527
Commercial 215-597-7527Telecopy 597-0676/2409/7139
Paul Hemmann1365 Peachtree StreetSuite 300Atlanta, Georgia 30309Phone: FTS 8-257-3165
Commercial 404-881-2026Telecopy 257-2026
Loren A. WittnerCNA Bldg., Room 140255 East Jackson Blvd.Chicago, Illinois 60604Phone: FTS 8-353-4609/4643/5185
Commercial 312-353-4609Telecopy 353-2418
Secretarial Representatives
Region VILouisianaArkansasOklahomaNew MexicoTexas
Region VIIMissouriIowaNebraskaKansas
Region VIIIColoradoUtahWyomingMontanaNorth DakotaSouth Dakota
Region IXArizonaNevadaCaliforniaHawaii
Region XIdahoWashingtonOregonAlaska
Edward L. CokerFederal Bldg., Room 9C401100 Commerce StreetDallas, Texas 75242Phone: FTS 8-749-2891/92
Commercial 214-749-2891Telecopy 749-3446/2476
Louis Gene BickelFederal Bldg., Room 1844601 East 12th StreetKansas City, Missouri 64103Phone: FTS 8-758-3961
Commercial 816-374-3961Telecopy 758-5112
Stephen L.R. McNicholsTitle Bldg., Room 515909 17th StreetDenver, Colorado 80202Phone: FTS 8-327-4285/4286
Commercial 303-837-4285Telecopy 327-3968
Allen HaileFederal Bldg., Box 36135450 Golden Gate AvenueSan Francisco, California 94102Phone: FTS 8-556-5145
Commercial 415-556-5145Telecopy 556-3238/7826
Leonard SaariFederal Bldg., Room 3206915 Second AvenueSeattle, Washington 98174Phone: FTS 8-399-5780
Commercial 206-442-5780Telecopy 399-4470/5353
U.S. GOVERNMENT PRINTING OFFICE : 1979 O - 288-330
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64 SUKVEY OF CUEEENT BUSINESS March 1979
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CURRENT BUSINESS STATISTICS
1_ HE STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEYOF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $6.80) provides a description of each series, referencesto sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterlyseries), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. Unless otherwise noted, revised monthly datafor periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, andare also listed alphabetically on pages 187-88. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Datafrom private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1976 1977 1978
Annual total
1975
IV
1976
I II III IV
1977
I II III IV
1978
I II III IV
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTt
Gross national product, totalt bll.$._
Personal consumption expenditures, total, -do
Durable goods, total? do____Motor vehicles and parts do. _..Furniture and household equipment.-.do....
Nondurable goods, total 9 do . . . .Clothing and shoes do..Food _t -do. . . .Gasoline and oil .do . . . .
Services, total9 do.___Houshold operation -do_._.Housing _do.Transportation do..]
Gross private domestic investment, total....do.
Fixed investment do . . . .Nonresidential do . . . .
Structures do . . ] .Producers' durable equipment do
Residential _. do.Change in business inventories .do.
Nonfarm _do.
Net exports of goods and services .doExports doImports do
Govt. purchases of goods and services, total.doFederal do
National defense .do..~ ~State and local do
By major type of product: tFinal sales, total do
d t t l, do
Goods, total doDurable goods doNondurable goods d o . . "
Services doStructures do..]]
Change in business inventories doDurable goods doNondurable goods ._ do
GNP in constant (1972) dollarst
Gross national product, total t bil.$__
Personal consumption expenditures, total..do
Durable goods .do.Nondurable goods do.Services do.
Gross private domestic investment, total...do.
Fixed investment do.Nonresidential doResidential ~~~do.~~~
Change in business inventories. d o " "
Net exports of goods and services do
Govt. purchases of goods and services, total doFederal doState and local do
243.0
232.8164.657.3
107.3
68.210.212.2
7.4163.2155.7
359. 5129.986.8
229.6
1, 689.9760.3304.6455.7778.0161.9
10.25.34.9
1,271.0
819.4
125.9320.2373.2
173.4
166.8118.947.86.7
15.4
262.896.6
166.2
1,887. 2
1,206.
178.81.71.
479.81.
245.46.5
549.281. t
184. C44.2
297.8
282.3190. 163.9
126.5
91.915.615.0
- 1 1 . 1175.5186.6
394.0145.194.3
248.9
, 107.6
, 340.1
197.589.7
526. 589.0
! 2f>9.451.2
(.41. 491.3
207.352.6
345.6
329.6222.677.8
144.8
107.016.016.7
-12.0204.8216.8
433.9153.899. 5
280.2
1,871.6 to OQI f>
491.3862.8191.8
15.68.47.2
1,332.7
857.7
137.8330.4389.5
196.3
187.4129.857.78.9
9.5
269.2101.6167.6
370. 8541. 7962. 5226.7
10.011.74.3
1,385.7
891.7
144.6339. 6407.4
210.6
200.1140.259.810.6
8.4
275. 0100.3174.7
',598.0
1,021.6
143.560.660.8
421.472.2
216.640.5
456.766.7
156. 334.0
203.9
208.8151. 554.796.8
57.3- 4 . 9- 9 . 0
20.9152.2131.2
351.5127.986.2
223.6
1,602.9718.6273. 7444.9726.4153.0
- 4 . 9- 8 . 6
3.7
1,227.9
791.1
119.7309.5361.9
148.9
154.1111.842.3
- 5 . 2
22.2
265.797.3
168.4
t, 649. 7
1,053.8
152.267.761.9
430.373.8
219.441.4
471.369.3
160.236.0
231.5
220.1157.756.4
101.3
62.411.412.7
10.4154.4144.1
354.0127.185.9
226.9
1, 638. 3741.9288.6453.4749.7158.1
11.4.1
11.3
1, 255.5
806.3
124.8314.6366.9
168.5
161.0115.545.57.5
16.5
264.396.2
168.1
1,685.4
1,075.1
154. 769.163.0
437.474.2
223.941.9
483.070.2
164.737.0
243.5
228.1162.257.6
104.6
65.915.418.8
9.7160.7150.9
357. 2127.885.6
229.4
1, 670.1758.0301.8456.2766.9160.5
15.46.58.9
1, 268.0
814.0
125.2318.2370.6
174.7
164.6117.846.810.1
16.1
263.295.9
167.3
1,715.6
1,098.4
156.769.564.2
444.576.1
227.443.0
497.273.5
168.238.7
249.9
235.3168.157.3
110.8
67.314.515.2
6.9168.2161.3
360.4129.986.5
230.5
1,701.0768.1312.4455. 7787.1160.3
14.59.35.3
1,276. 5
820.9
125.3320.5375.1
177.1
167.8121.046.89.3
16.1
262.596.8
165.7
1,749.8
1,133. 7
162.872.666.5
458.378.5
232.345.1
512.678.2
172.339.8
247.1
247.6170.557.9
112.6
77.1- . 62.2
2.8169.4166.6
366.3134.689.1
231.7
1,750.4772.9315.6457. 3808.1168.7
- . 65.2
- 5 . 8
1, 284.0
836.2
128.5327.7380.0
173.4
173.6121.452.3- . 2
13.1
261.397.5
163.8
1,806.8
1,167.7
173.281.368.0
465.978.5
237.546.1
528.680.2
177.340.8
272.5
262.2180.659.3
121.4
81.610.311.1
- 8 . 5170.9179.4
375.0138.391.9
236.7
1, 796.5800.2332.2468.0832.3174.3
10.36.14.2
1,306. 7
846.6
134.9327.1384.6
186.1
180.3126.853.55.8
11.2
262.898.7
164.1
1,867.0
1,188.6
175.681.269.9
473.679.3
244.545.2
539.478.0
182.143.5
295.6
278.6187.263.4
123.8
91.417.016.5
- 5 . 9178.1184.0
388.8142.993.7
245.9
1,850.0825.8339.1486.7850.0191.3
17.09.17.9
1,325.5
849.5
136.2327.2386.0
197.1
187.1129.158.010.0
11.0
267.9101. 3166.6
1,916.8
1,214. 5
177.479.572.0
479.781.4
246.446.0
557.583.7
186.945.0
309.7
287.8193.565.4
128.1
94.321.922.0
- 7 . 0180.8187.8
399.5146.894.4
252.7
1,894.9844.7346.5498.2875. 3196.8
21.911.910.0
1,343.9
858.0
136.9329.2391.8
201.7
189.5130.858.812.2
12.5
271.7102.9168.8
1,958.1
1,255. 2
187.284.075.3
496.986.7
252.647.5
571.184.6
192.047.3
313.5
300.5200.367.4
132.8
100.213.110.4
-23.2172.1195.2
412.5152.297.1
260.3
1,945.0859.6347.4512.2893.6204.9
13.16.36.8
1,354. 5
876.6
143.0338.1395.6
200.3
192.8132.560.37.5
3.1
274.5103.6170.9
1,992.0
1,276.7
183.584.172.1
501.482.9
257.748.3
591.889.6
198.149.7
322.7
306.0205.668.5
137.1
100.316.716.9
-24 .1181.7205.8
416.7151.597.9
265.2
1,975.3861.8351.2510.6926.4203.8
16.714.81.9
1,354.2
873.5
137.8333.3402.4
205.7
193.4133.859.512.3
2.9
272.1101.2170.8
2,087.5
1,322.9
197.892.576.5
519.387.5
267.849.1
605.889.9
204.152.1
345.4
325.3220.176.6
143.5
105.320.122.1
- 5 . 5205.4210.9
424.7147.298.6
277.6
2,067.4912.2375.8536.4952.0223.4
20.110.89.3
1,382.6
886.3
145.8336.3404.2
213.1
200.4140.559.912.7
11.3
271.997.1
174.8
2,136.1
1, 356.9
199.589.878.9
531.790.5
272.051.5
625.892.6
210.153.7
350.1
336.5227.580.9
146.6
109.013.614.6
-10.7210.1220.8
439.8154. 099.6
285.8
2,122. 5927.3380.1547. 2973.7235.0
13.610.23.4
1,391.4
895.1
144.8340.4410.0
210.4
201.4141.759.79.0
9.2
276.7100.4176.3
'2,214.8
1,403.9
' 209.1'92.6
83.2
' 553.4'95 .3
' 279.9'55.8
' 641.4'94.1217.055.0
' 364.0
'350.5' 237.1'85 .1
' 152.0
' 113.4' 13.5'13.4
' - 7 . 6'221.9' 229.5
' 454.5' 162.5
102.1'292.0
'2,201.3' 972.5' 400.1' 572.4' 997.7' 244. 7
'13 .5'10.8' 2 . 7
1,414.7
'911.8
150.1' 348.5' 413.1
' 213.4
' 205.2' 144.9
' 60.3' 8 . 2
'10.2
' 279.4r 102. 5' 176.9
'Revised v Preliminary. tRevised series. Estimates of national income and productand personal income have been revised back to 1973 (see p. 16 ff. of the July 1977 SURVEY and
p. 24 fl. of the July 1978 SURVEY); revisions prior to May 1977 for^personal income appear onp. 36 of the July 1978 SURVEY. 9 Includes data for items not shown separately.
S-l288-330 O - 79 - SI
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-2 SURVEY OF CURKENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1976 1977 1978
Annual total
1976
II III IV
1977
I II III IV
1978
I II III IV
1979
I II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCTf—Con.
Quarterly Data Seasonally Adjusted
Implicit price deflators:!Gross national product Index, 1972=100
Personal consumption expendituresDurable goodsNondurable goodsServices
Gross private domestic investment:Fixed investmentN on residentialResidential
Govt. purchases of goods and servicesFederalState and local.
dodo..dodo
dododo
dododo
Quarterly Data Seasonally Adjusted at Annual Rates
National income, total t bil $
Compensation of employees, total do
Oovt and trovt GntprDrispsOther
dodor\fi
Proprietors' income with inventory valuationand capital consumption adjustments,total bil $
FarmNonfarm
dorin
Rental income of persons with capital consump-tion fldinsttneTit bil $
Corp. profits with inventory valuation and capi-tal consumption adjustments, total bil. $__
Corp. profits with invent, val. adj.:Domestic, total. do
Financial Hn
TVTflnnfRotiirinGf total Qdodo
Transportation, communication, andelectric, gas, and sanitary serv bil. $..
Rest of the world...
Profits before tax, totalProfits tax liability...
Dividends..Undistributed profits
Capital consumption adjustment
_do
.do. . . .
.do. . . .do
.do. . . .
.do . . . .
rln.do . . . .
,3~
DISPOSITION OF PERSONAL INCOMEf
Personal income, total bil. $..Less: Personal tax and nontax payments do
Less: Personal outlays©Equals: Personal saving§...
NEW PLANT AND EQUIPMENTEXPENDITURES
Unadjusted quarterly or annual totals:All industries
Manufacturing . _Durable goods industries^!Nondurable goods industries^ _
Nonmanufacturing . . . . . .MiningRailroadAir transportationOther transportation
Public utilities...ElectricGas and other
CommunicationCommercial and other
Seas. adj. qtrly. totals at annual rates:All industries. _
ManufacturingDurable goods industries^Nondurable goods industries^
NonmanufacturingMining-RailroadAir transportationOther transportation-
Public utilitiesElectricGas and other
CommunicationCommercial and other
.do
.do. . . .
bil. $.do . .do
.do. . . .
_do._--do -
. d o -dodo . .
.do. . . .do
. d o . . -_dodo
.do. . . .do .do . .
.do. . . .
dodo _.-dododo . .
dodo . . .dodo
.do. . . .
133.76133.1124.4138.2131.6
139 6138.4142.5
136.8134 4138.1
1,359.2
1,036.8890 1187. 6702.5146.7
88.618.470.2
22.5
127.0
133.217.5
115 665*628 1
13.78.2
155.964.391.737.953.8
-14. 5-14 .4
84 3
1,380.9196.5
1 184 41,116. 3
68.0
120.4952.4823.6828.81
68.014.002.521.303.63
22.2818.803.47
20.99
141.61140.7129.5145.0141.0
150.6146.7159.4
146.3142.7148.5
<= 1,515.3
1,153.4983 6200.8782.9169.8
99.820.279.5
22.5
144.2
149.520 9
128 674 735 1
16.19.6
173.971.8
102.143.758.4
- 1 4 . 8- 1 4 . 9
95 4
1,529. 0226.0
1 303 01, 236.1
66.9
135.8060.1627.7732.39
75.644.502.801.622.51
25.8021.59' 4 . 2 115.4522.97
152.09150.3136.5155.0151.2
164.7158.7178.8
157.8153.3160.4
1, 703.8
1, 301.41 101 0
216.1884.8200.5
113 225 387 8
23.4
159.6
167.825 1
142 785 443 3
9.8
202.183.9
118.249.368.9
- 2 4 . 4- 1 8 . 1106 3
1, 708.0256. 2
1 451 81, 374. 9
76.9
153 8267 6^31 6635.96
86 194 783.322 302.43
29.4824 794.70
18.1625 71
132. 92132.1123. 6137. 4130.3
138.5137.7140.7
135.7133.3137.1
1,347.9
1,026.0881.5186.1695. 4144.6
88.819.669.3
22.4
128.6
135.417.0
118 467 529 7
14.37.6
158.766.392.437.255.2
-15.7-14.4
82 0
1, 363. 2192. 6
1,170. 61,100. 7
69.9
29.7012.665.617.05
17.04.99.68.42
1.02
5.504.74
.76
5.21
118.1250.6422.5428.09
67.483.832.641.444.16
21.8518.823.03
12.6220.94
134. 39133.8125.0138.7132.5
140.3138.9143.8
137.3134.2139.1
1,372.1
1,046.1897.3188.1709.2148.8
87.416.970.5
22.4
130.0
136.318.3
118.065.928 5
14.98. 2
157.864.793.138.454.7
-13 .3-14.5
86 2
1, 392. 8200.0
1,192. 81,124. 8
68.1
30.4113.486.027.46
16.931.04
.64
.26
.95
5.524.54.98
3 335.19
122.5554.7824.5930.20
67.764.212.691.123.44
21.6718.223.45
13.6420.99
136. 28135. 6126.8139.9134.9
142.6140.5147.6
140.2138.0141.5
1, 397. 0
1, 073. 3919.9192. 6727.2153.4
89.516.373.2
22.8
122.5
128.719.1
109 761 926 9
13.38.2
154.662.492.241.450.8
-17.6-14.5
88 9
1,430.5209.0
1, 221. 51,160. 9
60.7
34.5215.387.278.12
19.141.05.70.35.94
6.465.341.12q QA
5.78
125. 2254.4425.5028.93
70.784.132.631.413.49
23.4619.493.96
14.3021.36
138. 27137.9128.4142.4137.4
145.4142.5152.3
142.7140.1144.3
1,447.5
1,107. 9946.4195.2751.2161.5
95.619.476.1
22.5
129.9
134.819.7
115.166.429 9
15.49. 7
164.868.396.541.555.0
-20 .3-14.6
91 7
1, 470. 7222.7
1,248.01,195. 8
52.2
29.2012.525.806.72
16.681.02.59.33.61
5.554.78.77
3 305.27
130.1656.4326. 3030.13
73.744.242.711.622.96
25.3521.194.16
14.1922.67
140. 86139.9128.9144.7139.7
148.9145.0157.6
145.1141.1147.6
1, 499. 3
1,140. 5973.4198.1775.3167.1
98.920.078.9
22.4
143.7
148.119.9
128.177.437.2
14.510. 4
175.172.3
102.842.760.1
-16.6-14.8
93 7
1, 508. 6223. 3
1,285.31,217.8
67.5
33.7314.846.798.06
18.881.16.67.43.76
6.375.341.033 865.64
134.2459.4627.2632.19
74.784.492.571.432.96
25.2921.144.16
15.3222.73
142. 63141. 6129.5145.7142.3
151.9147.9160.6
147.1142.7149.7
1,537.6
1,165. 8993. 6201.7791.9172.2
97.216.580.8
22.4
154.8
159.521.9
137.674.734 2
17.510. 3
177.572.8
104.844.160.6
- 7 . 7-15 .0
97 3
1, 543. 7224. 6
1,319.11, 244. 8
74.3
34.8215.607.178.43
19.211.17.78.39.50
6.615.411.204 035.73
140. 3863.0229.2333.79
77.364.743.201.691.96
26.2221.904.32
16.4023.14
144. 56143.2130.9147.0144.4
155.9151.2166.1
150.3146.9152.3
1,576.9
1,199. 71,021. 2
208.1813.1178.4
107.325.182.3
22.7
148.2
155.621.9
133.780.239.1
17.1
178.373.9
104.446.358.1
-14.8-15 .3
99.0
1, 593. 0233.3
1, 359. 61, 285. 9
73.7
38.0617.198.009.18
20.871.15.76.46.63
7.286.061.214 266.33
138.1161.4128.1933.22
76.704.502.801.762.32
26.2322.054.18
15.8223.27
147.10146.2133.1150.4147.1
158.2153.6168.6
153.2149.6155.2
1,603.1
1,241.01,050. 8
211.4839.3190.2
105.021.983.1
22.8
132.6
139.222.7
116. 669.832.8
17.39. 4
172.170.0
102.147.055.1
-23 .5-16 .1101 7
1,628.9237.3
1, 391. 61, 309. 2
82.4
32.3513.676.367.31
18.681.07
.71
.52
.51
6.155.27.88
3 975.76
144.2561.5728.7232.86
82.684.453.352.672.44
27.9223.154.78
17.0724.76
150.98149.3135.7154.4149.9
162.2156.7175.7
156.2151.5158.8
1,688.1
1,287.81,090.2
213.9876.3197.6
110.124.086.1
22.2
163.4
168.924.3
144.687.846.1
19.311 7
205.585.0
120.548.172.4
-24.9-17.2104.6
1,682.4249.1
1,433.31,357.0
76.3
37.8916.767.798.97
21.131.22
.83
.60
.60
7.146.011.134 566.18
150.7667.2031.4035.80
83.564.813.092.082.23
28.4623.834.62
18.1824.71
153.52151.6137.3156.2152.6
167.1160.6182.6
158.9153.4162.1
1,728.4
1,317.11,113.4
216.8896.6203.6
114.525.089.6
24.3
165.2
175.426.0
149.487.144.6
20.7Q 1
205.486.2
119.250.169.2
-20.9-19 .3107.4
1,731.7263.2
1,468.41,392.5
76.0
38.6716.897.978.92
21.781.24.84.54.62
7.436.111.324 686.43
155.4167.7532. 2535.50
87.664.993.382.202.47
29.6224.924.70
18.9026.09
' 156.56154.0139.3158.8155.2
' 170.8' 163. 7' 188.2
162. 7158.5165.1
1,795.6
'1,359.8a,149.4
222.3' 927.1
210.4
' 123.0'30.4
92.6
24.4
177.0
187.827.6
160.2
Q 1
225.394.5
130.751.978.8
- ' 2 8 . 4-19.9' 111.4
'1,789.0' 275.1
'1,513.9'1,440.9
r 73. 0
' 44. 91' 20. 30'9 .53
' 10. 77
' 24. 61' 1.26' . 9 4' . 6 4' . 7 1
'8 .78'7 .40'1 .37
4 967.34
' 163.96' 73. 24' 33. 99' 39. 26
' 90. 71'4 .98'3 .49'2 .39' 2. 55
' 31. 73' 26. 95'4 .7818.4627.12
i 36. 97' 15. 97
7.57'8 .40
' 21. 00'1 .28' . 8 0' . 6 4
.62
'7 .12'6 .16' . 9 7
2 10.53
' 164.23'71.97' 34.18' 37. 78
' 92. 26'5 .35'3 .77'3 .28'3 .01
' 32. 30' 27. 06'5.24
2 44. 54
i 42.0718.919.209.72
23.161.23
.83
.68
.77
8.006.781.22
2 11.63
167. 5275.9037.0938.81
91.624.893.112.362.89
31.9126.924.98
2 46. 46r Revised. v Preliminary. * Estimates (corrected for systematic biases) for Jan.-
Mar. 1979 and Apr.-June 1979 based on expected capital expenditures of business. Expectedexpenditures for the year 1979 appear on p. 26 of the Mar. 1979 SURVEY. 2 Includes com-munication. fSee corresponding note on p. S-l. 9 Includes data for items not shownseparately. ©Personal outlays comprise personal consumption expenditures, interest paid
by consumers to business, and personal transfer payments to foreigners (net).§Personal saving is excess of disposable income over personal outlays.HData for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY. C Corrected.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS S-3
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1976 1977 1978 P
Annual total
1975
IV
1976
I II III IV
1977'
I II I I I I V
1978 v
I II III IV
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. INTERNATIONAL TRANSACTIONS
Quarterly Data Are Seasonally Adjusted'(Credits + ; debits - )
Exports of goods and services (excl. transfers undermilitary grants) mil. $..
Merchandise, adjusted, excl. military doTransfers under U.S. military agency sales con-
tracts mil. $..Receipts of income on U.S. assets abroad..-doOther services do
Imports of goods and services doMerchandise, adjusted, excl. military do . . .Direct defense expenditures doPayments of income on foreign assets in the
TI.S mil. $_.Other services do
Unilateral transfers (excl. military grants), netmil. $..
U.S. Government grants (excl. military)...doOther do
U.S. assets abroad, net do.V.&. official reserve, net do.U.S. Gov't, other than official reserve, net...do..U.S. private, net do.
Direct investment abroad_. do.
Foreign assets in the U.S., net do.Foreign official, net do.Other foreign, net do.
Direct investment in the U.S do.
Allocations of special drawing rights do.Statistical discrepancy do.
Memoranda:
Balance on merchandise trade do.Balance on goods and services do.Balance on goods, services, and remittances, .do.Balance on current account do.
171,274114,694
5,21329,24422,124
-161,913-124,047-4,901
-13,311-19,655
-5,022-3,145-1,878
-50,608-2,530- 4 , 213-43,865-11,614
36,96918,07318,8974,347
9,300
-9,3539,3617,4834,339
183, 205120,576
7,07932,10023,451
-193, 789-151,706- 5 , 745
-14,59321,746
-4,708- 2 , 776- 1 , 932
-34,650-231
-3,679-30, 740-12,215
50,86937,12413, 7463,338
-927
-31,130-10,585-12,516-15,292
218,024141,844
7,71041, 51426,957
-228,909-175,988-7,179
-21,599-24,143
-5,076-3,028- 2 , 048
-58,748872
4, 657-54,963-15,361
63,26033,96729,2935,611
11,449
-34,144-10,885-12,933-15,961
40, 76027,657
1,1646,8845,055
-34,131-25,431-1,198
-2,973-4,529
-1,241-805-436
-14,17989
-977-13,291-4,736
6,1772,8513,3261,369
2,614
2,2266,6296,1935,388
40,37527,001
1,0957,0275,252
-37, 644-28,352-1,159
-3,405-4,728
-1,028-546-482
-12,3ft-773-762
-10,830-3,923
7,5903,8193,7711,472
3,073
-1,3512,7312,2491,703
42,44928,380
1,1897,3695,511
-39,268-29,963-1,219
-3,332-4, 754
-1,040-592-448
-11,740-1,578-932
-9,230-2,047
7,9144,0173,8971,086
1,685
-1, 5833,1812,7332,141
44,16029,602
1,4727,4285,658
-41, 933-32,418-1,235
-3,293- 4 , 987
-1,908-1,440
-10, 269-407
-1,340-8,522-3,081
8,9323,0705,862999
1,018
-2,8162,2271,759319
44,29129,711
1,4577,4205,703
-43,068-33,314-1,288
-3, 281-5,185
-1,047-567
-16,235228
-1,180-15, 283-2,563
12,5347,1665,367790
3,525
-3,6031,223743176
44,77529,501
1,9127,7965,566
-46,999-37,120-1,344
-3,197-5,337
-1,126-636-490
1,334-388-949
3-2,177
2,4905,451
-2,962
2,194
- 7 , 619-2,224- 2 , 714-3,350
46, 50730,860
1,7028,0885,857
-48,088-37, 635-1,407
-3,601-5,445
-1,243-763-480
-12,003f>
-795-11,214- 3 , 729
14,0647,8846,180
996
763
-6,775-1,581-2,061-2,824
46,70030,578
1,9188,2205,984
-48,405-37 , 942-1,451
3,610-5,401
-1,277-787-490
- 6 , 615151
-1,098-5,668-3,113
14,2518,2466,0051,012
-4,655
-7,364-1,705-2,195-2,982
45,22629,637
1,5477,9976,045
-50,298-39,009-1,542
-4,185- 5 , 563
-1 , 064-591-473
-14, 700
-838-13,862-3,197
20,06515, 5434,522
450
771
-9,372-5,072-5,545-6,136
48,35530,787
1,8429,3926,334
-54,65^-42,70:-1,632
-4,515-5,802
-1,282-778-504
-15,067
246-896
-14,417-4,976
18,09515,7602,336
812
4,555
-11,920-6,302-6,806-7,584
54,17535,256
2,21710,013
-56,184-43,125-1,773
-5,432-5,854
-1,317-781-536
-6,167
329-1,176-5,320-3,981
406-5,6856,0901,852
9,087
-7,869-2,009-2,545-3,326
55,59536,486
1,88910,322
-58,031-44,478-1,877
-5,444-6,232
-1,275-779-496
-10,216
115-1,498-8,833-2, 708
15,4894,852
10, 6372,206
-1,562
-7, 992-2,436-2, 932-3,711
59,90039,315
1,76111,7877,037
-60,038-45,678-1,897
-6,207-6,256
- 1 , 204-691-513
- 2 7 , 298
182-1,086-26,394-3,697
29,27019,04010,230
741
-630
-138-651
-1,342
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978 1978 1979
Annual Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. *>
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME BY SOURCEt
Seasonally adjusted, at annual rates:fTotal personal income bil. $.
Wage and salary disbursements, total do . . .Commodity-producing industries, totaLdo...
Man ufacturing do_._Distributive industries do.
Service industries do.Govt. and govt. enterprises do.
Other labor income do.Proprietors' incomerA
Farm do.Nonfarm do..
Rental income of persons, with capital con-sumption adjustment bil. $__
Dividends doPersonal interest income do~~~~Transfer payments doLess personal contributions for social insur-
ance . bil. $ . .Total nonfarm income do
FARM INCOME AND MARKETING*
Cash receipts from farming, including Governmentpayments, totalf mil. $ . .
Farm marketings and CCC loans, total doCrops doLivestock and products, to ta l? do
Dairy products doMeat animals doPoultry and eggs do
Indexes of cash receipts from marketings and CCCloans, unadjusted:t
All commodities ...1967=100Crops doLivestock and products do
Indexes of volume of farm marketings, unadjusted:*All commodities... 1967=100
Crops doLivestock and products do
1,529.0
983.6343.7266.3239.1
200.1200.890.4
20.279.5
22.543.7
141.2208.8
61.01,494.4
1 96,889
95,02547,57247,45311,78227,90917,207
222258195
124138113
1,708.0
1,100.9390.2299.9268.9
225.8216.1105.9
25.387.8
23.449.3159. 0226.0
69.71,666.9
1,615.5
1,038.3359.0281.9253.3
215. 3210.698.7
25.682.0
23.046.8
149.6218.1
66. 51,574.7
9,162
8,8074,8773,9301,0082,336
543
240297197
133172106
1,625.0
1,047.4364.4286. 5256.2
215.1211.6100.0
21.583.0
22.847.0
151.4219.0
67.01,588.3
7,038
6,8732,8584,015
9442,492
538
192181201
10198
103
1,646.3
1, 066. 6374. 3292.4261.3
219.0212.0101.3
18.684.4
22.647.2
153.3220.3
68.01,612.5
7,407
7,2562,4024,8541,0643,098
652
205178226
10086
111
1,669.4
1,083.9383.9294.3264.9
222.2213.0102.7
22.085.5
22.347.4
154.8219.7
68.91,631.9
7,377
7,0792,4294,7501,0762,883
640
199156232
9675
111
1,682.1
1,088.4386.2295.9266.1
222.0213.9104.0
24.886.1
22.148.0
156.5221.3
69.01,641.8
7,730
7,5802,6864,7941,1083,161
571
217181244
10286
113
1,695.7
1,098.4390.9298.1268.3
224.3214.9105.4
25.386.7
22.149.0
157.6220.8
69.61,654.7
8,403
8,3393,5714,7681,0462,973
697
235232235
110113109
1,719.2
1,108.2395.4301.6269.8
227.2215.8106.7
24.088.4
24.349.2
159.6229.0
70.31,679.0
7,417
7,3423,6803,6621,0581,764
791
206240180
113124104
1,731.1
1,111.3395.7301.0271.0
228.0216.7107.9
24.990.1
24.350.3161.9230.8
70.41, 690.3
8048
7,9913,2574,7341,0512,910728
254282233
127150110
1, 744.7
1,120.1398.2303.6274.1
230.3217.5109.1
26.090.2
24.250.7163.6231.5
70.81, 702.6
10,457
10, 2295,4144,8151,0113,160556
262293238
129149114
1,768.7
1,137.5404.5
277.8
234.2221.0110.4
'27.492.0
24.351.3
' 165.1' 232.2
71.61,725.1
13, 224
12, 9497,2995,6501,0163,924
360468278
172239124
1,786.6
1,149.3411.7315.8279.7
235.4222.4111.8
'29 .092.6
24.451.8
' 166.1' 233. 6
72.01,741.3
' 12,3266,9925,3331,0433,527
709
'345••455'•262
-•165r232
117
1,811.6
1,161.4' 417. 7' 319. 5' 283. 7
' 236. 5' 223. 5
113.1
»-34.9'93.3
24.452.6
' 168.5' 235. 9
••72.61,760.3
10, 0085,1845,2231,1173,310732
292338257
134167110
1,817.9
1,172.6' 421. 7' 322.4' 286. 2
' 239.8' 224. 9114.5
29.7'93.0
24.553.6
' 170.4' 237. 7
78.1'1,771.3
1,829.0
1,180.3424.9325.7289.0
241.1225.3115.9
29.093.4
24.754.2
172.7237.3
78.61,782. 8
' Revised. v Preliminary. i Reported annual total; revisions are not reflected in themonthly data. 2 Less than $500,000(±). fSee corresponding note on p. S-l. Aln-cludes inventory valuation and capital consumption adjustments. JSeries revised begin-
ning 1973; revisions for periods prior to May 1976 are available from the U.S. Dept. of Agr.,Economic Research Service.
9 Includes data for items not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-4 SURVEY OF CURRENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978 v
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. p Feb.*
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTIONS
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index. 1967=100..
By market groupings:Products, total do
Final products doConsum er goods do
Durable consumer goods doNondurable consumer goods do
Equipment doIntermediate products do
Materials ...doBy Industry groupings:
Mining and utilities do.
Manufacturing do..Nondurable manufactures.. do.
Durable manufactures do.
Seasonally Adjusted
Total index 1967=100..
By market groupings:Products, total do.
Final products do.Consumer goods .do.Durable consumer goods do..
Automotive products do..Autos and utility vehicles do.Autos do.Auto parts and allied goods. do.
ITome goods do.Appliances, air cond., and TV...do.Carpeting and furniture. _..do_
Nondurable consumer goods do.Clothing ...do.Consumer staples do.
Consumer foods and tobacco do.Nonfood staples do.
Equipment do..Business equipment do..
Industrial equipment 9 do..Building and mining equipment.do..Manufacturing equipment do..
Commercial, transit, farm eq. 9.. .do.Commercial equipment do.Transit equipment do.
Defense and space equipment do.
Intermediate products .do..Construction supplies ...do.B usiness supplies do.
Materials do.Durable goods materials 9 do.
Durable consumer parts do.Equipment parts do.
Nondurable goods materials 9 -do.Textile, paper, and chemical do.
Energy materials. .do.
By industry groupings:Mining and utilities do.
Mining do.Metal mining do.Coal . do.
Oil and gas extraction 9 .do.Crude oil do.Natural gas do.
Stone and earth minerals do.
Utilities... do.Electric do.
Manufacturing. do.Nondurable manufactures do.
Foods 9 do.Meat products do.Dairy products -do.Beverages ..do.
Tobacco products do.Textile mill products... do..Apparel products do.Paper and products do.
Printing and publishing ...do.Chemicals and products .do.
Basic chemicals do.
Petroleum products .do.Rubber and plastics products.. do.Leather and products do.
137.1
137.1134.9143.4153.1139.6123.2145.1136.9
136.2
137.1148.1129.5
137.1
137.1134.9143.4
153.1174.2169.2148.4186.8
141.3127.3152.2
139.6125.2143.6135. 5152.9
123.2149.2138.5202.5113.9
161.6191.6117.8
79.6
145.1140.8149. 5
136.9134. 5132.0143.1153. 5158.3122.4
136.2117.8105.4118.0
118.092.4
110.4124.9
156.5175.5
137.1148.1137.9114.0117.4167.6
114.3137.1124.2137.4
124.7180.7165.3
141.0232.2
145.2
144.3141.4147.4158.9142.8133.1155.3146.5
141.5
145.6154.8139.3
145.2
144.3141.4147.4
158.9178.6172.5148.5194.0
147.8132.5164.3
142.8
147.6140.1156.2
133.1162.0149.9223.4121.9
175.9208.5133.6
84.5
155.3153. 3157.2
146.5146.9140.3159.1162.9167.9125.2
141.5124.2121.0115.8
124.796.
131.1
160.9
145.6154.8142.113.8120.4180.9
119.1140.0
144.4
129.9190.7173.7
144.2254.74.1
134.8
133.5131.0136.7142.7134.3123.1142.5137.0
142.0
133.9142.8127.8
138.8
138.5134.9141.8
146.5157.5145.5127.4187.8
140.3116.1159.1
139.9118.3145.9136.5156.6
125.4152.6144.3211.1118.8
162.2198.5111.1
79.7
151.6149.2153.8
139.2138.2133.0148.7155.0160.7122.2
137.4115.0121.454.8
121.196.9
108.8130.0
162.3183.6
138.7149.8139.3109.2119.0174.5
113.4137.1118.6139.9
129.9184.4165.1
139.7238.774.5
139.6
139.0136.6143.4155.7138.5127.1148.0140.6
139.9
139.6148.7133.2
139.2
139.6136.4143.8
151. 2162.8153.9131.5185.3
144.6133.3160.2
140.8121.1146.3138.3155.8
126.2154. 2144.6214.9117.7
165.5200.9115.9
79.2
151.4148.6154.2
138.6137.0131.1146.6158.5162.8117.7
137.7114.4119.956.5
120.492.7
108.7129.1
163. 5184.3
139.4150.6140.8117.9118.7176.0
117.7136.4121.1143.9
128.3183.7163.0
139.0240.073.0
141.4
141.0138.6145.3162.4138.4129.3150.3142.1
136.3
142.1150.5136.3
140.9
141.6138.9145.9
157.5175.8171.0149.7188.5
147.2135.4159.3
141.3122.4146.4138.7155.3
129.1157.4146.9221.7118.3
169.4202.0126.1
81.9
151.4147.9155.0
139.9138.6133.1151.3160.5165.7117.5
138.2119.3127.678.4
123.394.0
109.9128.2
159.5178.8
141.4151.4141.1113.8119.7172.6
115.6135.1122.8144.9
129.1185.2167.3
140.1243.172.1
144.2
143.2140.7148.4169.7140.0130.1152.6146.1
137.0
145.1153.3139.5
143.2
143.0140.5147.5
161.8184.3182.7159.1188.2
149.2142.2158.9
141.8124.9146.6140.8153.3
130.8159.3147.8225.1119.0
172.6203.8133.7
82.9
152.1148.5155.6
143.7142.7136.8154.8162.0166.4123.9
140.9127.2122.3129.5
127.399.4
107.6128.9
156.0175.0
143.5153.2143.1116.1119.8181.1
121.0138.1126.1145.7
128.6185.5171.0
141.7249.176.0
144.2
142.1138.9145.2163.7137.7130.4153.8147.0
136.4
145.1153.5139.2
143.9
143.1140.5147.0
160.2180.0175.6151.6191.5
148.9138.3163.4
141.7125.4146.2139.9153.4
131. 6160.2149.7226.0121.3
172.3204.2132.2
83.6
152.6150.4155.0
145.1143.9137.9155.8163. 5167.9125.2
140.9126.7120.0131.7
126.395.4
112.2130.1
157.0177.1
144.3154.0142.8113.6118.9177.8
120.2138.5125.8146.6
128.2188.1174.9
143.4252.775.7
/ Revised. v Preliminary. i Estimated. & Monthly revisions back to 1967 will beshown later; effective Sept. 1977 SURVEY, indexes revised to reflect more up-to-date informa-tion. 9 Includes data for items not shown separately.
148.8
148.2145.1152.1167.6146.0135.6159.9149.7
142.4
149.7159.3143.0
144.9
144.0141.1147.0
160.6179.9174.3149.8193.9
149.7139.0166.0
141.6124.8146.3139.0154.8
133.0161.8150. 9227.3122.8
174.4206.9132.3
84.6
154.7152.1157.0
146.4145.4138.7157.4164.1168.8127.5
142.5128.0121.1136.4
127.197.3
113.2130.7
158.6180.1
145.5154.141.8111.4119.4175.7
122.7140.4126.8148.0
128.7191.1178.7
142.8255.575.1
N O T E FOR P . S-5:
141.9
141.7138.2142.5143.9142.0132.2154.8142.2
145.5
141.2150.3135.1
146.1
145.0142.2147.7
160.9182.2176.7152.7196.1
148.9133.7168.5
142.4125.1147.3140.2155.5
134.7163.8151.9228.9122.6
177.5210.6134.9
85.9
155.6153.5157.6
147.9148.7142.0161.7162.5168.3127.9
142.6127.1117.0131.7
126.897.8
112.6131.3
159.9182.1
146.7155.0142.9115.2119.8185.3
120.8141.0124.5140.5
130.3192.3174.5
144.3259.174.5
146.9
147.0143.4149.7146.7150.9134.6160.3146.8
147.2
146.9160.3137.7
147.1
146.2143.3148.4
161.5182.1175.6151.1198.0
150.0133.9167.9
143.1126.6147.8140.8155.9
136.3165.4152.8228.1123.9
179.9212.2138.5
87.1
156.4154.7158.2
148.6150.4142.2162.9162.7167.0127.0
142.5126.0117.9124.9
126.297.7
110.5131.6
160.8183.2
147.6155.6144.0115.2120.6186.7
118.6139.5127.2141.
129.5192.2177.3
144.1261.174.0
152.0
153.3150.6158.4166.1155.3139.7163.4149.8
144.5
153.0164.2145.3
147.8
146.5143.7149.0
160.3178.3170.0144.4199.8
150.2134.4169.0
144.4128.9148.8141.2157.4
136.4165.8152.7226.3124.4
180.8214.1138.6
87.1
157.0155.6158.4
149.7152.1144.8164.6164.4170.0126.0
142.1124.1115.6114.7
124.997.6
106.0133.8
162.3184.4
148.7157.1144.4113.4121.5185.7
120.6142.2130.9142.3
131.0194.2179.2
147.1263.174.1
152.6
152.4149.5156.8173.7150.1139.5163.1152.9
141.4
154.1163.7147.5
148.7
147.0144.1149.2
161.6185.6180.5154.2199.1
148.2128.7168.0
144.3128.3148.8140.4158.5
137.0166.9152.9226.5125.0
182.9215.1142.6
86.7
158.0157.0159.2
151.4154.0147.3166.0165.7171.0128.0
144.1127.6122.1144.0
124.597.1
106.6134.0
162.4184.1
149.5157.4143.2112.8122.5184.8
119.0142.1130.6145.8
130.5195.9176.7
147.9264.173.8
149.7
147.9144.5149.0164.2142.9138.4160.6152.7
' 141. 2
151.1159.4145.2
'149.6
147.7144.5149.7
161.8189.0185.0159.7199.0
146.5123.4164.9
'144.8
' 145.7
142.3139.2141.1150.0137.6136.7153.7151.0
'144.7
145.9151.5142.1
'150.8
148.9145.5150.7
161.9185.1179.3151.8200.1
148.9129.1166.8
146.2
149.2141.0
'158.8
137.3167.2151.8223.8124.2
184.9214.9147.5
87.2
• 159.3• 159.0• 159.9
• 152.7154.9147.4167.6
• 167.8173.3
• 128. 4
'144.5' 128.1
125.3145.1
'124.9'98.0106.4132.9
' 162.9185.0
150.4' 158.5
144.2114.2123.2184.1
121.5' 143.9
145.3
132.1' 197. 6' 180. 2
' 148.9262.2'74.1
150.8143.1159.9
138.5168.6152.2
' 222.3124.7
' 187. 6• 216.6151.2
'87.9
• 161. 6• 161.6• 161. 8
' 153.6> 157.0• 148. 4' 170.5' 167.0' 172.1• 129.0
144.7127.5123.9146.8
123.7'98 .3
' 134.2
' 163.9
151.8' 159.4• 145.5113.9122.7
1187.4
121.7• 144.9
147.1
133.0• 197.9' 178.6
' 149.9• 265. 6'74.0
146.0
143.3140.8144.3154.9140.1135.8152.8150.0
147.8
145.9152.3141.5
150.8
149.1145.6150.5
160.7181.2173.8145.9200.0
149.0126.4168.1
146.3
150.9142.3160.7
138.9168.9153.3221.3126.1
186.7217.1148.4
88.6
162.6161.9163.2
153.4156.2147.2170.8167.9173.4128.3
143.4124.0123.9117.6
123.089.2
136.7
165.2
151.9160.3145.9110.8122.4188.9
144.4
144.9
134.9201.1180.3
148.6266.574.3
151.6
148.7145.9150.0164.9144.0140.4158.6156.2
145.7
152.8159.1148.5
151.2
149.6146.0150.5
160.4179.4171.0144.5200.6
149.8218.0
146.6
"llil.T161.3
139.8169.7154.5220.5127.5
187.2218.8146.9
89.5
162.9162.1
153.8156.8146.9172.0169.0174.3127.8
143.1122.1
103.0
122.2
166.4
152.4160.8
146.0
136.0
147.5
O Revised back to Jan. 1975 to reflect corrections in reporting errors in the machinery in-dustry, and corrections in classifications in the aircraft and machmwyindustnes; revisionsprior to Apr. 1976 are available from the Bur. of the Census. Wash., D.O. 2UZ63.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March SURVEY CURRENT BUSINESS S-5
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978 P
Annual
• ~
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
= =1979
Jan.p Feb.*
GENERAL BUSINESS INDICATORS—ContinuedINDUSTRIAL PRODUCTION*— Continued
Federal Reserve Board Index of QuantityOutput— Continued
Seasonally Adjusted—Continued
By industry groupings—ContinuedManufacturing—Continued
Durable manufactures 1967=100_Ordnance, pvt. and govt do_..Lumber and products do_._
Lumber do__-
Furniture and fixtures do.Clay, glass, and stone products do.Primary metals do.
Iron and steel do.Basic iron and steel do..Steel mill products do.
Nonferrous metals do.
Fabricated metal products do..Nonelectrical machinery do_.Electrical machinery do..
Transportation equipment do.Motor vehicles and parts do.Aerospace and misc. trans, eq do..
Instruments __do_.
BUSINESS SALES §
Mfg. and trade sales (unadj.), total t©A mil. $„
Mfg. and trade sales (seas, adj.), total t©A..do
••2,701,195 3,056,727
Manufacturing, total t© do.Durable goods industries do.Nondurable goods industries do.
Retail trade, totalA do..Durable goods stores do..Nondurable goods stores do_.
Merchant wholesalers, totalA do.Durable goods establishments do..Nondurable goods establishments do..
BUSINESS INVENTORIES §Mfg. and trade inventories, book value, end of year
or month (unadj.), total tA© mil. $_.
Mfg. and trade inventories, book value, end of yearor month (seas, adj.), total fA© mil. $__
Manufacturing, totalj© doDurable goods industries doNondurable goods industries do
Retail trade, totalA doDurable goods stores doNondurable goods stores do
Merchant wholesalers, totalA doDurable goods establishments doNondurable goods establishments do
BUSINESS INVENTORY-SALES RATIOSManufacturing and trade, totalt©A ratio..
Manufacturing, totalf© doDurable goods industries! do
Materials and supplies doWork in process do__IIFinished goods do .
Nondurable goods industriesf© do.Materials and supplies do.Work in process do..Finished goods _ __do_.
Retail trade, totalA do.Durable goods stores "I_do"___Nondurable goods stores doI-II
Merchant wholesalers, totalA doDurable goods establishments doll IINondurable goods establishments do
MANUFACTURERS' SALES, INVENTORIES,AND ORDERS
Manufacturers' export sales: 0Durable goods industries:
Unadjusted, total . mil. $Seasonally adj., total do
Shipments (not seas, adj.), totalt© do. . .
Durable goods industries, total 9t doStone, clay, and glass products do___Primary metals do
Blast furnaces, steel mills do_._Nonferrous and other primary met do__
129.573.9
133.4110.6
140.9146.1110.2103.497.4
105.3122.4
130.9144.8141.9
121.1159.784.7
159.1
22,701,195
21,335,072699,193635,879
2 724,020' 247,832r476,1882642,104285,605356,498
336,821
337,832
179,714115,42464,290
90,12043, 41446, 706
67, 99844, 36823, 630
1.44
1.581.93.65.78.49
1.19.48.19.53
1.401.971.11
1.211.73.80
66,765
1,335,072
699,19335,274
103,34051,51940,877
139.373.7
138.9110.8
154.7159.2119.1113.2104.8119.4130.1
142.6155.6154.3
130. 5168.394.9
171.6
!3,056,727
1,503,804803,082700,722
!798,818277,916520,902
>• 754,105349,916404,189
377,511
379,391
197,802129,14168, 661
100,81848,16152, 657
80,77152,46028,311
1.41
1.511.83.59.77.47
1.14.44.18.52
449715
196778
1,503,804
794,44143,888120, 39060,53347,455
131.172.3
138.5109.6
146.4152.2107.499.591.4
104.9121.7
136.9150.1144.0
116.2146.687.6
163.4
210,789
232,474
114,32259,97354,349
61, 89220,81741, 075
56, 26025,65530,605
'340,674
341,171
80,977116,27864,699
91,00344, 04046,963
69,19144,83724,354
1.47
1.581.94.64.80.51
1.19.46.19.54
' 1 . 4 7' 2 . 1 2'1 .14
1.231.75.80
4,9825,648
105,437
54,4262,6928,3054,1723,269
131.571.2
135.5108.9
150.1152.6106.296.389.798.0
124.0
150.1146.4
118.4153.185.8
163.5
225,715
239, m
118,98263,07756,905
62,89821, 24441,654
'57, 729'26,981
30, 748
••345,395
'343,932
182,393117,51164,882
91,21444, 43046, 778
70,32545,73824,587
' 1.44
1.531.86.61.77.48
L16.45.18.52
' 1 . 4 5' 2 . 0 9' 1 . 1 2
1.22' 1 . 7 0
6,1656,061
119,337
62,7663,0729,5154,8983,642
134.472.7
136.5103.7
149.5154.2106.1
96.488.299.8
123.9
138.1151.5149.5
126.5165.190.1
168.7
252,889
243,979
21,10164,45756,644
64,07521,81342,262
58,80327,41931,384
'352,902
r349,201
183,860118,72565,135
92,71244, 62448, 088
72,62946,87125,758
1.43
1.521.84.60.77
1.15.45.18.52
'1.45'2.05'1.14
1.241.71'.82
5,978
125,225
67,4733,4499,9575,1003,864
251,465 '259,
'251,323
136.973.0
136.9109.9
148.9156.7114.3109.097.4
116.9124.7
139.5152.2152.3
130.5171.791.8
170.5
' Revised. y Preliminary. i Estimated. a Based on data not seasonally adjusted.3 Advance estimate; total Mfrs. shipments for Jan. 1979 do not reflect revisions for selectedcomponents. {See note marked "c?" on p. S-4. §The term "business" here includesonly manufacturing and trade; business inventories as shown on p. S-l cover data for alltypes of producers, both farm and nonfarm. Unadjusted data for manufacturing are shownbelow on pp. S-6 and S-7; those for wholesale and retail trade on pp. S-ll and S-12. fSee
124, 5376G, 49358,044
'65,14622, 617
'42,529
' 61, 640'28,831' 32,809
-•356,913
-•354,332
185,715119,84865,867
'94,290'45,619'48,671
'74,327'47,67726,650
' 1.41
1.491.80.58.76.46
1.13.44.18.51
' 1 . 4 5' 2 . 0 2' 1 . 1 4
' 1 . 2 11.65' . 8 1
6,3786,240
127,014
68,3793,706
10,2525,1024,057
137.674.3
136.5106.0
152.8157.9115.5110.5104.7118.1124.8
140.4152.9152.9
130.1168.393.9
169.8
,345
!52, 259
123, 56665,41758,149
65,52222, 73042,792
63,17128,62734,544
'358,701
'357,401
187, 689121,47166, 218
94, 93345, 52549, 408
74,77948,31926,460
'1.42
1.521.86.60.78.47
1.14.44.18.52
1.452.001.15
1.181.69.77
6,3866,249
125,144
67,3573,80910,0865,1053,844
139.074.7
138.7110.6
156.2159.8117.5114.5109.4122.9123.2
142.3154.6154.1
130.4167.795.0
170.9
266,617
253,459
124,83966,29358,546
65, 96422, 94743, 017
62,65628,74133,915
'359,422
'360,355
189,557122,68806,869
95, fiO745, 50250,105
75,19148,75626,435
'1.42
1.521.85.60.78.47
1.14.45.18.52
.45
.98
.16
.20
.70
.78
6,6736,092
131,727
71,8394,03910,6095,3664,123
141.175.2
138.1112.8
158.1158.8123.0119.0110.5133.6129.5
144.0156.1157.9
132.1169.796.5
172.2
'241,588
'252,755
123,03964,84758,192
06, 22423, 04943,175
63,42529,85933,566
•359,884
•363,432
191,167123, 83067,337
•96,521•45,70450,817
•75,74449,414
•26,330
'1 .44
1.551.90.61.81.48
1.16.45.18.53
'1 .46'1 .98'1 .18
1.19'1 .65' . 7 8
5,7166,406
114,380
59,2963,5819,1314,6783,540
142.275.2136.9106.4
159.0159.5126.0120.9114.7123.1137.5
145.8157.3156.9
133.4171.098.3
175.4
'262,970
'260,068
127,87168, 68459,187
67,303'23,61743,686
64,89430,04334,851
'361,772
'367,044
192, 882125, 20667, 676
'97,824MB, 116'51,708
'76,338'49,972
'1.511.82.59.78.46
1.14.44.17.53
'1.45'1.95'1.18
1.18'1.66
.76
6,0336,666
126,166
65,9914,08110,1105,0394,083
142.874.3
139.2113.6
160.7160.9127.9123.2115.2129.0136.6
146.3158.7158.3
132.8168.9
174.6
'263,677
260,53£
127,91968, 91659,003
•68,08523,87244,213
• 64,531•29,86334,668
'365,748
'369,526
194,063126,17667,887
•98,350•46,44451,900
•77,113•50,160•26,953
1.521.83.60.77.46
1.15.44.18.53
1.441.951.17
1.191.68.78
6,8136,932
133, 527
71,8884,03910,6435,2834,279
144.073.9
141.2112.1
160.9162.1128.6123.8115.3130.4136.4
146.0160.3157.9
137.0176.899.6
175.3
273,756
266,946
30, 61470, 29260, 322
68,97124, 42244, 549
67,33830,95336,385
'374,553
'372,639
195, 735126, 78467,951
99,279•47,00652,273
78,62550,94827,677
' 1 .40
1.491.80.58.77.45
1.13.43.18.51
'1 .44'1 .92'1 .17
'1 .171.65' . 7 6
6,8676,643
136,055
73, 5914,176
10,9185,4454,321
'144.873.6
142.5113.3
157.6166.3
' 129.0' 124.1
114.3127.6137.6
146.9' 160.3' 159.0
139.3' 180.8' 100.2
176.2
'271,127
270,13;
'132,42471, 63560, 789
70,15824,95445,204
•67,552•31,498•36,054
'381,342
'376,596
196, 587128, 35768, 230
100,483•47,55552,928
79,526•51,625•27,901
1.39
' 1 . 4 81.79.58.77.45
1.12.43.18.51
' 1 . 4 3' 1 . 9 1' 1 . 1 7
' 1 . 1 81.64.77
6,9406,847
132,130
71,1343,855
10,4675,0684,290
146.5' 7 4 . 0146.3125.4
• 156.7• 167.7• 131.0• 125.9
111.7• 134.4• 141. 7
• 149.0" 161.8• 161.9
• 139.4• 179.5
101.7
•179.5
•276,786
273,776
-135,035•73,42961,606
70,91825,163"45, 755
67,823•31,939'35,884
•377,511
'379,391
"197,802129,141'68,661
100,818•48,161-52,657r80,771-52,460'28,311
' 1 . 3 9
' 1 . 4 6' 1 . 7 6
' . 5 6' . 7 6' . 4 4
1.11.43.17.51
' 1 . 4 2' 1 . 9 1' 1 . 1 5
1.19' 1 . 6 4
.79
6,9196,640
127,662
'68,942' 3, 38910,397' 5, 277' 4,103
180.8
250,713
273,704
135,60473,61161,993
71,03125,27145,760
67,06931,10635,963
383,511
384,801
201,224131,60869,616
101,67949,30252,377
81,89852,73329,165
1.41
1.481.79.57.77.45
1.12.44.18.51
1.431.951.14
1.22' 1 . 7 0
.81
124,998
66,3183,168
• 10,2955,1274,138
182.5
71,47225, 26646,206
73,081
•11,460
corresponding note on p. S-6. ©Mfrs. shipments, inventories and new orders were revisedback to 1958; revisions prior to Aug. 1977 are available from Bureau of the Census VV ash.^D.O.20233. ASee note " f" on p. S-12 for retail trade and notes " 0 " and t" on p. S-ll for whole-sale trade. 9 Includes data for items not shown separately. ©See corresponding noteon p. S-4.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
s-e SURVEY OF CUREENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrow?* 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
GENERAL BUSINESS INDICATORS—ContinuedMANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt—Continued
Shipments (not seas. adj.)t— ContinuedDurable goods industriesf—Continued
Fabricated metal products mil. $_Machinery, except electrical do___Electrical machinery do___Transportation equipment do__ _
Motor vehicles and parts doInstruments and related products do
Nondurable goods industries, total 9 © doFood and kindred products doTobacco products doTextile mill products do
Paper and allied products do_.Chemical and allied products do_.Petroleum and coal products do_.Rubber and plastics products do_.
Shipments (seas, adj.), totalf© do.By industry group:
Durable goods industries, total 9 do.Stone, clay, and glass products do.Primary metals do.
Blast furnaces, steel mills do.Nonferrous and other primary met.—do
Fabricated metal products do_Machinery, except electrical do_Electrical machinery do_Transportation equipment do_
Motor vehicles and parts do_Instruments and related products do_
Nondurable goods industries, total 9 ©.—do_.Food and kindred products do_.Tobacco products do_.Textile mill products do_.Paper and allied products do_.Chemicals and allied products do_.Petroleum and coal products do_.Rubber and plastics products do_.
By market category: fHome goods and apparel© do_Consumer staples do_Equipment and defense prod., excl. auto.doAutomotive equipment doConstruction materials and supplies doOther materials and supplies do_
Supplementary series:Household durables do_Capital goods industries do_
Nondefense do_Defense do_
Inventories, end of year or month:fBook value (unadjusted), totalf do
Durable goods industries, total doNondurable goods industries, total do
Book value (seasonally adjusted), total! doBy industry group:
Durable goods industries, total 9 doStone, clay, and glass products doPrimary metals do
Blast furnaces, steel mills doNonferrous and other primary met. do
Fabricated metal products doMachinery, except electrical doElectrical machinery doTransportation equipment do
Motor vehicles and parts doInstruments and related products__do
By stage of fabrication:!Materials and supplies 9 do
Primary metals doMachinery, except electrical doElectrical machinery doTransportation equipment do
Work in process 9 doPrimary metals doMachinery, except electrical doElectrical machinery doTransportation equipment do
Finished goods 9 doPrimary metals doMachinery, except electrical doElectrical machinery doTransportation equipment do
Nondurable goods industries, total 9 - -doFood and kindred products doTobacco products doTextile mill products doPaper and allied products doChemicals and allied products doPetroleum and coal products doRubber and plastics products do
By stage of fabrication:!Materials and supplies doWork in process doFinished goods do
85,255119,00885,759
170,739117,75828,570
635,879191,887
9,58940,821
52,368113,89195,65636,955
102,713244,028177, 735137, 605109,361563, 630
45,015205,263173, 72331,540
180,118114,86265,256
179, 714
115,4244,259
17, 7799,7826,826
14,76026, 37915,43321,2587,8515,727
38,7197,1417,3454,5206,733
46,8645,760
11,8036,835
11,655
29,8434,8787,2314,0792,870
64,29015,5753,5245,2945,622
14,1345,9924,281
25,10210,11629,071
96,090138,40098,676
192,697132,20731,560
700,722214,48910,94143,951
57,654126,483103,167
114,584270,805204,274153,752130,038630,351
51,490238,514204,39734,117
198,062128,44869,614
197,802
129,1414,825
18,0359,9146,895
16,79931,03717,02523,9087,6686,550
41,3256,6198,7434,9496,791
55,4846,363
14,3337,815
14,156
32,3325,0537,9614,2612,961
68,66117,0993,6395,6205,86815,4615,4584,580
26,53810,73331,390
6,3579,2857,13513,1409,0702,182
51,01115,338
7893,216
4,2299,3668,0052,820
114,322
59,9733,1368,7764,1633,677
7,00310,0517,831
14,4209,6882,397
54,34916,100
8363,5354,424
10,2238,0803,086
20, 66215,00511,4409,525
48,792
3,91117,97415, 2962,678
182,745L16,83565,910
£0,977
16,2784,416
17, 5559,5006,891
.4,849!6,731.5,539!1,4438,1285,820
38,1776,7117,3294,4406,810
47,7855,88012,0407,00011, 699
30,3164,9647,3624,0992,934
64,69915,7553,4275,4325,58814,1676,0164,356
25,19010,14529,364
7,45711,039
15,31310,6002,359
56,57117,487
8003,562
4,66610.3098,1513,260
118,982
63,0773,3419,5914,9323,698
7,58210,7787,71315,17610,4902,441
55,90517,343
8403,5834,59310,0937,9533,219
9,14721, 96915,71112,2619,935
50,054
3,95118,45915, 6902,769
184,450L18,70465,746
182,393
17, 5114,510
17,1859,0896,912
15,22526, 92415, 70321,8678,0225,950
38,5356,6037,3714,5286,971
48,6965,87112,1117,15112, 065
30, 2804,7117,4424,0242,831
64,88215,6903,4195,4505,63214,2255,9864,419
25,33210,25829,292
7,91911,8608,17516,67511,6412,661
57, 75217,694
8763,691
4,77511,0108,0193,400
121,101
64,4573,3969,3104,683
7,84810,9647,979
15,67610,8692,630
56,64417,747
8983,4864,719
10,2778,1583,226
9,19022,21716,20912,69010,27650,519
4,29618,97816,0952,883
185,448119,96965,479
183,860
118,7254,530
16,8288,7216,893
15.57327,40016,02322,1278,0196, 087
38,5476,3937,4974,5816,782
49,4915,69012,4577,259
12,266
30,6874,7457,4464,1833,079
65,13515,9683,4055,4455,664
14,4265,5914,401
25,73010,20829,197
8,18411,6858,119
17,08711, 9202,522
58, 63517,539
9033,912
4,75911,4348,2073,462
124,537
66,4933,6579,8244,9683,834
8,01311,3648,119
16, 28811, 2912,569
58,04417,775
9283,9764,750
10,5378,2393,314
9,61122,48016,54113,16010, 65352,092
4,36919,53616, 5982,938
186,844120,96365,881
185,715
119,8484,518
16, 9408,8246,901
15, 87427, 75716,18822, 2647,9196,104
38, 7946,3717,7034,6306,730
50, 3305,80112, 4877,36512, 674
30,7244,7687,5674,1932,860
65,86716,1683,4655,3945,68714, 7435,5764,445
25, 74210, 35229,773
8,11011,2597,848
16,83311,7802,575
57, 78717,778
8353,743
4,!11,8418,2733,306
123,566
65,4173,7109,6284,9423,640
7,88011,0917,929
15,97111,1382,602
58,14918,015
8213,6974,796
10,4338,4433,235
9,39522,55416,30012,91710,65151,749
4,13319,05816,2572,801
188,499122,54065,959
187,689
121,4714,570
17,0608,8796,974
15,99228,27916,44522,7438,0376,140
39,4846,4277,8974,7296,822
50,9665,74012,7237,41013,018
31,0214,8937,6594,3062,903
66,21816,4363,4775,4335,79814,7635,3024,498
25,82510,35430,039
8,51012,4538,62717,54012,0352,826
59,118,2041,0033,818
5,06611,1618,7213,491
124,839
66,2933,7109,8605,0623,786
7,89911, 4258,16715,88710,8032,674
58,54617,844
9603,6064,81510,7198,5903,283
9,53222,54516, 96812,56310, 78652,445
4,36119,65316, 7822,871
188,846122,89165, 955
189,557
122,6884,569
17, 2098,9787,000
16,13028,76616,62822, 784
!, 003i, 203
39, 6676,4448,0124,8196,736
51,6845,814
13, 0487,452
13,126
31,3374,9517,7064,3572,922
66,86916,6433,5015,4755,86914,8615,3974,521
26,31410, 27730, 278
7,15810,4467,271
13,1858,645
55,08416,983
8213,100
4,5929,6058,6793,001
123,106
65,2223,6449,9055,0303,823
7,53911,4548,071
15, 51010,6702,579
57,88417,599
8243,6394,861
10,3998,6003,258
9,29122,30016,83812,34010,60551,732
4,15519,57416,8192,755
189,439123,16066,279
191,167
123,8304,606
17,3351,126
16,31329,06216,75823,0107,8286,199
39,7276,3948,1554,8736,541
52,7635,998
13,1027,456
13,698
31,3404,9437,8054,4292,771
67,33716,5253,3855,5425,939
15,0545,5304,521
26,14510,34830,844
8,39311,0748,273
13,8589,1412,716
60,17518,209
9683,744
5,00710,2418,9263,544
127,871
68,6843,791
10,3465,0644,267
8,24111,8318,49516,32411,2372,714
59,18718,122
9213,7064,85910,1888,8633,515
9,80922,85517,60612,96311,20053,438
4,44720,40917,5982,811
191,281124,43066,851
192,882
125,2064,68817,5469,3846,953
16,42529,37416,86023,4008,2326,282
40,3436,5878,1754,8720,763
53,2966,02513,3747,55713,722
31,5674,9347,8254,4312,915
67,67616,6743,3595,5545,81615,1825,5124,581
26,02410,35231,300
8,63712,3469,026
16,95811,2902,890
61,63918,674
9393,901
4,96610,9619,1183,522
127,919
68,9163,725
10,2415,1544,036
8,20012,0628,50916,73811,0122,716
59,00317,853
9333,6574,812
10,4509,0403,426
9,82022,65818,27712,85611,06253,246
4,35321,29018,3572,933
191,875124,90366,972
194,063
126,1764,740
17,6789,5236,931
16,37429,70717,02323,6148,5006,384
41,1336,5548,4124,9797,122
53,3756,155
13,5567,645
13,506
31,6684,9697,7394,3992,986
67,88716,8953,4815,6015,855
15,3175,4064,561
26,10810,48431,295
8,60512,3848,967
18,12512,9872,857
•62,464•19,2911,0433,990
5,15710,7018,7813,642
130,637
70,2923,88410,8625,5344,253
8,15212,3718,52616,67411,6842,715
60,34518,5401,0463,7525,05110,6738,8373,483
23, 23317,95813,54311,37954,526
4,50320,74417,8822,762
193,494125,58367,911
194,735
126,7844,699
17,7519,6136,937
16,70630,04816,95923,4257,8176,461
40,9166,4998,6804,9516,593
54,2106, 257
13,5677,707
13,924
31,6584,9957,8014,301
67,95117,1043,5445, 5715, 795
15,2465,5034,528
26,17110,75431,026
8,43611,8288,699
17, 94412,5322,841
•60,99618,8311,0143,783
5,06110,4328,9523,461
132,424
71,6353,852
10,8685,2734,464
12,3208,519
•17,47311 ,991
2,761
•60,78918,595
9883,6845,10910,9428,9803,552
9,96423,54218,30313,87111,73155,103
4,43721,19118,2842,907
195,912127,23668,676
196,587
128,3574,78218,1189,9616,919
16,59830,25717,12024,0168,1966,494
41,2286,6478,5734,9376,840
54,8156,30513,9197,89414,079
32,3145,1667,7654,2893,097
68,23016,9563,6535,6325,778
15,2695,6254,491
26,38110,65831,191
'8,324'12,741' 8, 710
r 16,039'10,566' 2,741
•58,720r18,733
'941' 3,491
' 4,57310,422' 9,335' 3, 021
135.035
•73,429' 3,94311,425'5,876' 4,374
' 9,049•12,792
8,778•17,22711,891' 2,712
61,60619,133
'935' 3,649'4,86611,481' 9,298' 3,317
9,756'23,949'18,714' 13,73112,00556,880
4,46921,83318,838' 2,995
198,062128,448•69,614
197,802
129,141' 4,82518,035' 9,914'6,895
16, 79931,03717,02523,9087,6686,550
41,325'6,619' 8,743' 4,949'6,791
•55,484' 6,363• 14,333' 7,81514,156
32,332' 5,053' 7,961' 4,261' 2,961
68,66117,099' 3,639' 5, 620' 5,86815,461' 5,458' 4,580
26,53810,73331,390
7,88711,3438,132
16,91711,8452,457
58, 27117,963
8993,563
4,69010,7958,9823,048
135,604
• 73,1123,690
• 10,8875,1164,654
8,67812,3078,916
18,64512,6822,705
61,99318,828
9413,9124,905
11,7399,0693,319
9,92923, 79919,11514,84711,37456,540
r 4,38822,09319,018' 3,075
203,066132,18470,882
101,224
.31,6084,892
17,8799,8446,793
16,95831,45417,54824,9178,4306,826
41,7776,4518,7225,0667,273
56,4786,407
14,6168,047
14,328
33,3535,0218,1164,4353,316
69,61617,3003,6005,7255,857
15,6005,5674,769
27,09011,00531,521
17,715
73,291
11,553
117,443
i 4,52621,67118,793
i 2,878
' Revised i Advance estimate; total mfrs. shipments for Jan. 1979 do not reflect re-visions for selected components. f Revised series. Data revised back to Jan. 1958 to reflect(1) benchmarking of shipments and inventories data to the 1974, 1975, and 1976 Annual Sur-veys of Manufactures, (2) recalculation of new orders estimates, and (3) updating of the sea-
sonal factors. A detailed description of this revison and historical data appear in report M3-1.7,"Manufacturers' Shipments, Inventories, and Orders: 1958-1977," available for $2.45 from theBureau of the Census, Washington, D.C. 20233.©See corresponding note on p. S-5. 9 Includes data for items not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977
SUK
1978
Annual
O F (UUK1 1 BUI:S1JNE
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
S-71979
Jan. Feb.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,AND ORDERSt—Continued
Inventories, end of year or monthf—ContinuedBook value (seasonally adjusted)—Continued
By market category :fHome goods and apparel mil. $_Consumer staples doEquip, and defense prod., excl. auto—doAutomotive equipment do___Construction materials and supplies doOther materials and supplies do___
Supplementary series:Household durables do___Capital goods industries do___
Nondefense do_._Defense do_-_
New orders, net (not seas, adj.), total tA do_.Durable goods industries, total do_Nondurable goods industries, total A do_
New orders, net (seas, adj.), total fA do_By industry group:
Durable goods industries, totalf do_.Primary metals do_.
Blast furnaces, steel mills do_Nonferrous and other primary met.__do_
Fabricated metal products do.Machinery, except electrical do.Electrical machinery do_Transportation equipment do_
Aircraft, missiles, and parts do_
Nondurable goods industries, total A do_.Industries with unfilled orders© do_.Industries without unfilled ordersifA- -do_.
By market category:tHome goods and apparelA d o —Consumer staples d o —Equip, and defense prod., excl. auto doAutomotive equipment d o —Construction materials and supplies _doOther materials and supplies do—
Supplementary series:Household durables doCapital goods industries d o —
Nondefense d o —Defense do—
Unfilled orders, end of year or month (unadjusted),totalf mil. $_.
Durable goods industries, total doNondur. goods ind. with unfilled orders©—do
Unfilled orders, end of year or month (seasonallyadjusted) totalf mil. $_.
By industry group:Durable goods industries, total 9 do
Primary metals doBlastfurnaces, steel mills doNonferrous and other primary met.__do
Fabricated metal products doMachinery, except electrical doElectrical machinery doTransportation equipment do
Aircraft, missiles, and parts doNondur. goods ind. with unfilled orders©_do
By market category:!Home goods, apparel, consumer staples. _do_.Equip, and defense prod., incl. auto do_.Construction materials and supplies do_.Other materials and supplies do_.
Supplementary series:Household durables do_Capital goods industries do_
Nondefense do_Defense do_
15,34023,94242,83610,10814,93572,553
7,77146,67740,2946,383
1,354,099717,537636,562
21,354,099
717,537105, 96853,39441, 360
85,609122,48988,241178,61742,420
636, 562139,673496,889
103,442244,051186, 752138,805110,261570,788
45, 733216, 849182,41334,436
193,029184,4828,547
193,659
184,83418,51311,8525,350
23,20347, 22125,83360, 52741,275
8,825
4,091110, 48818, 76560, 315
3,389120,89985, 89335, 006
BUSINESS INCORPORATIONS©New incorporations (50 States and Dist. Col.):
Unad j usted number..Seasonally adjusted do
INDUSTRIAL AND COMMERCIALFAILURES©
Failures, total ...number..Commercial service doConstruction doManufacturing and mining. _ doRetail trade doWholesale trade do
Liabilities (current), total thous. $..Commercial service do.C onstructi on doManufacturing and mining doRetail trade do.Wholesale trade do.
Failure annual rate (seasonally adjusted)No. per 10,000 concerns.
16,87426,42950,3559,98316,96377,198
8,59555,32648,1557,171
1,551,160848,932702,228
1,551,160
848,932128,00265,30749,653
98,913144,166103,216216,47360,110
702,228153, 795548,433
114,499270,832229,717155, 810131,327648,975
51,408268,762225,77042, 992
240, 483230, 32410,159
240,483
230, 55426, 21616, 6627,450
26,00553, 03930, 41383, 99459, 61310,471
4,025137,78420,04379,173
3,299150,853107,04143,812
432,172
7,9191,0411,4631,1223,406887
3,095,317358,686420, 2201,221,122482,560612,729
228.4
15,73824,09242,97110,37715,20372,596
8,02646,96640,5126,454
109,53258,17251,360
117.899
63,3359,8574,9383,940
7,59710.5638,43414, 7493,675
54.56412,00242,562
9,00720,68016,83911,47510,01150,088
3,99419,38216,5112,871
197,123188,2278,896
197,235
188,19419, 59412,6275,613
23,79747, 73226,43660,85641, 598
9, 041
4,219112,15619, 24961,611
3,472122,30787,10735,200
36,98636, 547
504636974
23167
168, 30821,3599,764
82, 39340, 51314, 279
21.6
15,84823,90243,86910,27615, 72072,778
8,05347, 82441,1886,636
123,02266,34356,679
122,544
66,6819,9465,3023,611
8,01911,4828,46016, 3924,162
55,86312,04743,816
9,22221,98417,82212,52110,41750,673
3,99820,53817,8822,656
200,807191,8049,003
200,798
191,79819,94812,9965,526
24, 23348,43427,18662, 07242,5029,000
4,309114,52719, 73162, 231
3, 520124,38889,30135,087
35,24939,253
559631048325059
205,01470, 08124,29746,08034,85429,702
24.0
15,94724,15744, 64510,25615,85373,002
8,11648, 77242,1516,621
129,66871,71257,956
125,801
69,01610,2285,3763,850
7,82611,5738,31918,0854,221
56, 78512, 41244,373
9,16022,22218,80212, 89510, 39752,325
4,26221,99217, 5074,485
205,248196,039
205,500
196,35920,86613, 6895,696
24,21349, 04427,52664, 48043,396
9,141
4,285117,32619,85264, 037
3,486127,40290, 71236,690
43,13037,602
7910611428879
324,41212,31916,543
230,15!)37,86727,524
24.6
16,06624,62145,22810,12916,05973,612
8,18849,51842,7806,738
71,89059,009
128,175
70,03310,3085,3313,957
8,77811,5368,626
17, 7214,943
58,14212,88045,262
9,73522,53418,42313,17111,21853,094
4,51321,44017,4094,031
209,132199,549
9,583
209,133
199, 89521,34914,0525,819
24,97649,21928,03165, 91544,9989,238
4,457119,22120,41765,038
3,625129, 31091, 52837, 782
38, 69038,498
594781078125771
202,99031,38824,49078,09435,82433,194
24.1
16,18324,92846,15510,29716,09173,035
8,30150,51243,6106,863
128,66570,72357,942
128,450
70,04510,7545,8453,811
8,02311,8728,352
18,0194,832
58,40512,97145,434
9,42222,54919,29513,01810,60053,556
4,15022,20218,1244,078
212,654202,915
9,739
214,010
204,51622,47614,9555,990
25,11850,00128,45567,96346,6089,494
4,483122,30620,36666,855
3,644132,45393,39539,058
41,96038,320
583751098724666
160, 39514, 87217, 54777, 21327, 85022,913
23.4
16,27625,40746,76110, 26516,29374,555
8,30751,39944,5836,816
134,17174, 23759,934
127,580
68,84010,4285,4513,954
7,73611,4778,239
17,9535,677
58, 74012,93445,806
9,39822,52618,31712,61210,69054,037
4,26321, 59218,1553,437
215,098205,310
9,788
216,754
207,06723,04315, 3446,158
24, 95650,05528, 52970, 02948,756
9,687
4,329123,70820, 26968,448
3, 546134,39394, 76839,625
43,05939,796
519629970
22860
178,83942,98121,73355,15433,94725,024
21.9
16,70725,36647,33910,10616,29975,350
8,57452,11245,2276,885
117,02361,70255,321
123,279
65,18710,0955,1513,850
7,52411,6697,90215,2263,298
58,09213,07045,022
9,17722,35016,20412,20910,43752,902
4,03919,35517,0742,281
217,738207, 71410,024
216,922
207,02623,23215,4646,184
24,94150,26828,35869,74548,751
4, 266122,93820,10269,616
3,431134,17295,02139,151
39, 24539,403
45960947618148
231,82154, 75332,40559, 22025, 83259, 611
22.0
16,85925, 51147, 79010, 51016,37275,840
8, 63552, 62045, 7436,877
129,87369, 71360,160
130,952
71, 58210, 8765,1844,504
8,29411,8308,73018, 5165,460
59, 37013,20846,162
9,95522, 84019, 48513,00010, 98654,686
4,56322,70119, 3443,357
221,444211,43410, 010
219,999
209, 92223, 76015, 5836,421
24, 99350, 26628, 59471, 93850, 65010, 077
4,396124,85719, 88870,858
3,546136,46496, 76739, 697
42,39242,605
6757313110430859
206, 39532, 56939,27881,52240,00513,021
29.8
16,88725,91948,25510,75116,50375,748
8,67853,00746,2466,761
136,12974,52061,609
131,840
72,64511,2335,7644,365
8,19612,7088,91918,5365,412
59,19512,86646,329
22,62620,28113,13210,71455,149
4,45623,66720,1493,518
224,149214,067
10,082
223,921
213,65024,75316,1936,750
24,99050,91229,00673,73351,964
10,271
4,482127,13719,53972,763
3,649138,84198,56040,281
38,73241,827
16,61825,99048,90710,06616,73176,423
8,55953, 83946,9056,932
143,14180,75262, 389
137,185
76,98411,7225,9174,647
8,52413,2348,98820,5535,594
60.20112,986•47,215
9,80823,21121,70913,94711, 64056,870
4,29525,45522,2193,236
231,261221,23310,128
230,464
220,34125,61216,5767,143
25, 36151,77629,46677,61254,210
10,123
4,270131,29119,80075,103
3,442143,550102,79540,755
41,02241,945
16,67926,27149, 22910,47416,82877,106
8,59054, 39047, 4226,968
136,57375,51861,055
137,662
76, 65411,0925,5274,318
8,80413,0998,960
20, 9166,949
• 61,00813, 273'47,735
9,79723,44621,16514, 26111,55157, 442
4,32025, 23420,5754,659
235,753225,61910,134
235,704
225, 36125, 83416, 8296,997
25, 52652,55829, 91081, 05257,397
10, 343
4,098134,54419, 62177, 441
3,326147, 596105, 08842, 508
37, 66141,568
16,87426,42950,355r 9, 98316,96377,198
'8,59555,32648,155r 7,171
130, 608r 73,650r 58,746
••140,356
78,62311,806' 5,709' 4,827
' 9,52713,273* 9, 28520,167T 5, 928
61,73313,18448,549
' 9,70423,93320,55514,281' 12,4281 58,608
4,44624, 62920,790r 4, 301
•240,483r230,32410,159
'241,025r230,55426,216• 16,662r 7,450
26,00553,03930,41383,99459,613
10,471
- 4, 025137,78420,04379,173
3,299150,853107,04143,812
39,70142,461
17,44026,55151,19010,78717,17178,085
56,35349,0057,348
133,11874, 98358,135
143,042
81, 34413,9737,5725,172
9,34413,4019,682
20,8605,649
61,69813,03648,662
10,15123,81220, 81415,17111, 63661,458
4,61725,06122,3322,729
248,606238, 583
10, 023
248,464
238,28929,28819,1187,968
26, 67154,13431,18185,80760, 98010,175
4, 260139,80920, 30584,090
3,513153,760110,29643,464
r Revised. P Preliminary. * Advance estimate: totals for mfrs. new and unfilledorders for Jan. 1979 do not reflect revisions for selected components. 2 Based on unadjusteddata. f See corresponding note on p. S-6. 9 Includes data for items not shown sepa-rately. ASee note marked "©" on p. S-5. ©Includes textile mill prod., leather andprod., paper and allied prod., and print, and pub. ind.; unfilled orders for other nondurablegoods are zero.
H For these industries (food and kindred prod., tobacco mfs., apparel and other textueprod., petroleum and coal prod., chem. and allied prod., rubber and plastics prod.) sales areconsidered equal to new orders. O Compiled by Dun & Bradstreet, Inc. (failures datafor 48 States and Dist. of Col.; Hawaii included beginning July 1975; Alaska, beginningSept. 1976).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-8Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977
SUKV
1978
Annual
EY (JF C UKltJ[±;JNT BUSJUNES
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
March 1979
1979
Jan. Feb.
COMMODITY PRICES
PRICES RECEIVED AND PAID BYFARMERS!
Prices received, all farm products 1910-14=100-Crops 9 d o —
Commercial vegetables doCotton doFeed grains and hay doFood grains doFruit — - ~ doTobacco do
Livestock and products 9 doDairy products doMeat animals doPoultry and eggs .do. . . .
Prices paid:All commodities and services _______ do
Family living items ___doProduction items do
All commodities and services, interest, taxes, andwage rates (parity index) 1910-14=100..
Parity ratio § _. do
CONSUMER PRICES1(U.S. Department of Labor Indexes)
Not Seasonally AdjustedALL ITEMS, WAGE EARNERS AND CLERI-
CAL WORKERS, REVISED (CPI-W)^1967=100..
ALL ITEMS, ALL URBAN CONSUMERS(CPI-U)I _ .__1967=100_
Special group indexes:All items less shelter doAll items less food doAll items less medical care doCommodities do
Nondurables doNondurables less food do
Durables doCommodities less food doServices do
Services less rent ..doFood 9 do.
Food at home do.Housing do.__
Shelter9 do. , .Rent do. . .Homeownership do. . .
Fuel and utilities9 do. . .Fuel oil and coal do. . .Gas (piped) and electricity do . . .
Household furnishings and operation do . . .Apparel and upkeep do. . .Transportation do. . .
Private do. . .New cars doUsed cars do. . .
Public do. . .Medical care do__-
Seasonally Adjusted A©All items, percent change from previous monthCommodities 1967=100_Commodities less food do___Food.
Food at home -__do-Fuels and utilities do_.
Fuel oil and coal do_.Apparel and upkeep do_.Transportation do..
Private do_.New cars do..
Services _do_PRODUCER PRICESc?
(U.S. Department of Labor Indexes)Not Seasonally Adjusted
Spot market prices, basic commodities:22 Commodities 1967=100.. «209.6
9 Foodstuffs do 5 208.213 Raw industrials do 5 210.4
All commodities do 194.2By stage of processing:
Crude materials for further processing do ' 214.3Intermediate materials, supplies, etc do 201. 7Finished goods O do 180.6
Finished consumer goods do 178.9Capital equipment do 184.5
By durability of product:Durable goods do 188.1 196.1Nondurable goods do 198.4 202.3Total manufactures do 190.1 196.2
Durable manufactures do 188.1 196.1Nondurable manufactures do 191.8 195.6
••Revised. p Preliminary. 1 Includes TV and sound equipment and repairs formerlyin "health and recreation." 2 Residential. 3 Includes additional items not previouslypriced. * Includes bottled gas. 5 Computed by BEA. {Data revised back to 1965to reflect new base weights; comparable data for earlier periods will be shown later. 9 In-cludes data for items not shown separately. § Ratio of prices received to prices paid(parity index). TData through December 1977 are for urb«n wnge earners and clericalworkers; beginning January 1978, there are two indexes, all urban wage earners and clerical
457432499511316275370972481594564228
591573579
68766
181.5
181.5
179.1178.4180.3
174.7178.9166.5163.2165.1194.3201.6192.2190.2186.5191.1153.5204.9202.2283.4213.4167.5154.2177.2176.6142.9182.8182.4202.4
524456512465320336516
1,060
593647754242
616626
74470
195.3
195.4
191.3191.2194.0
187.1192.0174.3173.9174.7210.9219.4
211.4210.2
1 202.8210.4
2 164.0227.2
3 216.04 298.3
232.61 177.7
159.6185.5185.0153.8186.5187.8219.4
466424524404307314436
1,024509624613218
604590590
71166
187.1
187.2
183.8183.8185.8
179.2183.9169.7166.6168.6202.0209.8199.2197.0
1 193.8200.0
2158.8215.0
3 208.5295.2219.7
1171.3155.7179.0178.2150.9169.8186.6211.2
«0.7• 180.0«169.4• 200.0«197.63 208.0'4 291.4«157.2«180.3• 179.7«149.0"201.9
218.0215.4219.7200.1
219.6207.2187.0184.4193.0
M82
'427'512
434313320443
1,021539624661235
610593597
71767
188.4
188.4
185.0184.7186.9
180.2185.1169.6167.2168.8203.5211.4202.0200.1
1195.0201.3
2 159.7216.4
3 210. 64 296.9
223.31172.1
154.5179.4178.6151.2170.0186.8213.3
0.6180.9169.7202.2200.0
3 210.14 291.8
155.8181.0180.4150.0203.5
220.3220.8219.9202.1
225.0208.9188.5186.2193.7
198.0204.5197.8197.9197.1
500
442497432325328459
1,006560624700238
621598611
728
69
189.7
189.8
186.3185.9188.3
181.6186.8170.7168.3170.0204.9213.0204.2202.5
1 196. 7202.9
2 160. 5218.3
3 212.6* 297.2
226.6» 173. 6
156.5179.9179.1151.1172.3187.2214.5
0.8182.3170.7204.7202.8
3 211.8< 293.6
157.4181.4180.8150.5205.1
226.3236.0219.8203.7
230.5210.7189.1186.8194.6
199.3206.5198.9199.1198.1
520465662441337344441
1,017
576618730245
629602620
73671
191.4
191.5
188.1187.4190.1
183. 5188.8171.8169.9171.3206.5214.6
207.5206.5
1 198. 3204.7
2 161.5220.4
3 213.94 296. 6
229.21 175.0
158.4181.1180.3151.2177.3187.3215.7
0.8183.9171.6208.1207.1
3 213.54 295.0
158.9181.8181.1151.2206.9
225.0237.9216.5206.5
239.0212.5191.5189.7195.6
201.5209.5201.0201.3200.0
536476576454348340511
1,018
597612779237
'637608630
74472
193.3
193.3
189.9189.0191.9
185.5190.7172.8172.0173.0208.0216.2210.3209.7199. 9206.6
2162.7222.5
3 215. 54 295.6
232.5176.0159.8183.2182.6152.5184.6187.4216.9
0.8185.3172.6210.5209.9
3 215.54 295.9
159.7182.9182.3152.7208.7
228.1243.7217.8208.0
241.2213.9193.1191.4196.9
202.8211.3202.5202.6201.7
543485666463342337593
1,017
612789238
640613631
74773
195.3
195.3
191.8190.6193.9
187.5192.7173.7173.9174.4209.9218.3213.8213.9202.0208.9
2 163. 6225.3
3 217. 54 295.1
236.5177.6159.9185.5185.0153.5191.5187.2217.9
0.9186.9173.7213.5213.1
3 217.64 296.8
160.0184.2183.8154.2210.5
229.6240.8221.1209.6
245.4215.1194.5193.0198.1
203.8213.0203.9203.9203.2
536478509477324335595
1,030
597618763258
642620631
74972
196.7
196.7
192.7192.0195.3
188.6193.6174.1175.3175.4211.7220.4215. 0214.7203. 8211.3
2 164.2228.3
3 218.04 294.5
237.21 178.1
158.0187.2186.8153. 9195. 9187.7219.4
0.6187.7174.7213.7212.7
3 218.24 297.0
159.2185.6185.2155.5212.2
228.9234.9224.7210.7
245.4216.0196.0194.6199.2
205.3213.9204.8205.0203.9
526457441485307337564
1,078
598642765243
643624629
75070
197.7
197.8
193.5193.3196.3
189.3194.4175.4175.9176.3213.4222.2215.4214.5205.2213.3
2165.1230.6
3 218.14 294.2
236.9178.9159.6188.1187.7153.8196.7187.6221.4
0.6188.7175.7214.6213.2
3 218.94 297.9
160.0186.9186.5156.2213.8
236.2241.4232.6210.4
240.2217.3195.6193.6200.0
207.3212.1205.7207.1203.4
538458455475302336634
1,144
621667796247
650628638
757
71
199.1
199.3
194.5195.1197.9
190.5195.4177.1177.2177.8215.6224.6215.6214.1207.5216.2
2 166.4234.2
3 218.84 295. 7
237.9180.5161.9188.7188.3153.5195.9188.2222.6
0.9190.2177.2216.0214.5
3 219. 64 300.3
160.9188.2187.9156.9215.7
243.0248.7239.1212.3
244.9218.7196.9195.1201.0
208.0214.7207.1207.8205.6
544452442503302343560
1,107
639691830238
655632643
76171
200.7
200.9
195.8196.7199.4
191.8196.6178.1178.8179.1217.6226.7
216.8215.4209.5218.6
2 167.4237.0
3 220.14 300.1240.0181.9163.3189.7189.4155.5195.4189.3224.7
0.8191.7178.5217.9216.5
3 221.04 303.2
161.7189.0188.8155.3217.6
251.0253.1249.4215.0
249.9220.7199.7197.8204.1
210.7217.4209.6210.5207.9
538452457516309349483
1,115
627709792248
658638645
76471
201.8
202.0
196.7197.8200.5
192.9197.5179.1180.0180.3218.6227.8
217.8216.1210.6220.1
2 168.5238.8
3 218.54 306.1234.9
1 183.0164.1191.4191.1158.5194.7189.7227.0
0.6193.0179.8219.2217.8
3 218.94 306.8
161.9191.2191.1157.0218.7
252.2248.3254.8215.7
248.6221.8200.6198.3205.9
212.1217.6210.6211.8208.5
555461542490319347471
1,138653722829260
664641652
770
72
202.9
202.9
197.8198.6201.5
194.2198.8180.0181.2181.3219.2228.2219.4217.9
1211.5221.0
2 169. 5239. 5
3 219.94 311.8
236.21 184.0
163.2192.6192.5159. 8194.0189.1227.8
0.6194.6181.3221.3220.1
3 220.04 310.3
161.8193.2193.2157.3219.5
250.8249.1251.8217.4
252.4222.8202.4200.4206.9
213.0219.9212.0212.7210.5
'579'470'638'473'322'346'4821,134
'693'728904264
676644
'79673
204.7
204.7
199.5199.8203.2
195.8201.0180.3182.0181.9221.1230.4223.9223.1213.1222.8
2170.3241.6
3 221.54 316.4
239.5i 184.8
160.7193.9193.8161.2193.6190.0230.7
0.9196.7182.9224.5223.7
3 220.94 312.3
162.2195.4195.4159.1220.7
255.3250.9258.3220.7
260.2225.7205.3203.6209.2
216.1223.5214. 9215.5213.5
601481681454324347516
1,124726728964269
688650683
80874
207.1
207.1
201.6201.8205.5198.3204.0182.2183.6183.7223.3232.9228.2228.0
215.6225.9
2 171.0245.6
3 223. 34 326.1
241.2186.0161.4195.6195.5162.3193.4190.7232.6
1.2199.1184.8228.1227.7
3 222. 64 320.3
162.7197.5197.5161,0223.1
268.0260.2273.5223.9
270.5228.3207.4206.1210.5
218.6227.2217.2217.7215.9
workers, revised (CPI-W), and all urban consumers (CPI-U). These indexes reflect improvedpricing methods, updated expenditure patterns, etc.; complete details are available fromBureau of Labor Statistics, Washington, D.C. 20212. ABeginning Jan. 1978, CPI-U.
d"For actual producer prices of individual commodities see respective commodities.O Goods to users, incl. raw foods and fuels. 0 Beginning March 1979 SURVEY, data
have been revised (back to 1967) to reflect new seasonal factors. a See note "©" for this page.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 CURRENT BUSINESS S-9
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
COMMODITY PRICES—ContinuedPRODUCER PRICESd"—Continued
(U.S. Department of labor Indexes)—Continued
All commodities-—ContinuedFarm prod., processed foods and feeds .1967=100.
Farm products? d o . . .Fruits and vegetables, fresh and dried do . . .Grains d o . . .Live poultry do . . .Livestock do . . .
Foodsand feeds, processed 9 doBeverages and beverage materials doCereal and bakery products doDairy products doFruits and vegetables, processed doMeats, poultry, and fish do
Industrial commodities -do.
Chemicals and allied products 9 . _ do.Agric. chemicals and chem. prod do.Chemicals, industrial do.Drugs and Pharmaceuticals do.Fats and oils, inedible do.Prepared paint do.
Fuels and related prod., and power 9 do.Coal do.Electric power do.Gas fuels do.Petroleum products, refined do.
Furniture and household durables 9 do.Appliances, household do.Furniture, household do.Home electronic equipment do.
Hides, skins, and leather products 9 do..Footwear do..Hides and skins do..Leather do.
Lumber and wood products do..Lumber -do..
Machinery and equipment 9 do.Agricultural machinery and equip do.Construction machinery and equip do.Electrical machinery and equip do.Metalworking machinery and equip do.
Metals and metal products 9 do.Heating equipment do.Tron and steel do.Nonferrous metals do.
Nonmetallic mineral products 9 doClay prod., structural, excl. refrac doConcrete products doGypsum products do
Pulp, paper, and allied products doPaper do
Rubber and plastics products doTires and tubes do
Textile products and apparel §..- doSynthetic fibers Dec. 1975=100..Processed yarns and threads doGray fabrics doFinished fabrics doApparel 1967 = 100.Textile house furnishings do
Transportation equipment 9 . . .Dec. 1968=100.Motor vehicles and equip 1967=100.
Seasonally Adjusted!
All commodities, percent change from previousmonth
By stage of processing:Crude materials for further processing. .1967=100..Intermediate materials, supplies, etc. .doFinished goods O do
Finished consumer goods doFood doFinished goods, exc. foods.. . .do
Durable . .doNondurable .do
Capital equipment do
By durability of product:Total manufactures do..
Durable manufactures do..Nondurable manufactures do.
Farm products doProcessed foods and feeds... do . . . .PURCHASING POWER OF THE DOLLARAs measured by—
Producer prices A--- 1967=$1.00.Consumer prices do
188.192.5192.2165.0175.4173.0
186.1201.0173.4173.4187.4182.0
195.1
192.8187.8223.9140.5279.0182.4
302.2389.4232.9387.8308.2
151.5145.1162.287.7
179.3168.7286.7201.0236.3276.5
181.7197.9213.5154.1198.5
209.0165.5230.4195.4
200.5179.8191.8183.5186.4194.3167.6169.9
154.0107.3100.9104.7103.7147.3171.3
161.3163.7
$0,554.551 .512
192.2192.2196.6169.1170.2188.2
191.5202.1184.3178.0194.3193.6
201.6
194.1187.5224.3144.1263.2186.1
312.8403.8239.5420.4314.3
156.5149.5168.289.0
185.8173.4300.4210.8256.4300.4
189.3206.7223.5160.0208.3
215.2171.3237.9198.0
212.9189.6202.9209.7188.0197.5170.2172.3
156.5110.0100.6108.9103.6150.1175.4
169.1171.3
0.8
222.2208.0186.9184.6196.0177.1157.6190.1192.3
196.6196.3196.2
193.2191.3
$0,535°.534
196.8198.9204.2170.8188.8202.1
194.9201.3185.0178.7194.5205. 4
202.9
195.2189.1224.2145.0281.5189.3
312.9404.9242.6417.7312.9
156.7149.8168.888.7
187.2175.7298.2211.9263.7308.5
190.3207.7224.8160.7209.5
219.1170.7244.8199.7
215.1190.4205. 2215.9188.6198.3170.2170.9
157.0109.9101.0109.9103.7150.0175.8
169.5171.8
0.9
226.5209.6188.4186.2199.8177.7157.8190.9193.4
198.2197.9197.9
197.6195.1
$0,531.531
200.0204.2201.2178.9187.9208.3
196.9200.1186.4180.3195.6204.7
204.1
196.1191.0224.1145.3294.6189.5
315.3407.0249.8424.8310.9
157.7151.2169.389.1
187.9175.7296.0215.3266.2312.5
191.6208.1225.7161.8210.8
221.1171.3247.6201.1
215.9192. 6206.0217.0189.7198.8171. 4172.3
157.4109.9101.2112.2103.0150.2176.3
169.6171.9
0.8
229. 2210.9189.5187.5201.7178.5158.8191.7194.4
199.3199.1198.7
205.2198. 3
$0,529.527
205.5213.7227.3198.7196.0218.1
200.2200.1188.8184.5196.5211.7
206.1
196.9192.3224.2146.2301.3191.6
317.3426.4250.6428.6311.7
158.4152.4169.988.7
191.9180.0320.5217.4269.6316.7
192.7209.0228.4162.7212.2
223.9172.7252.0202.9
218.4193.7207.9221.2191.9202.7172.8175.1
157.9109.2101.1113.9103.1150.7176.1
170.5172.9
1.1
233.8212.0191.5189.7203.8180.8163.0192.4195.7
200.8201.1199.8
212.8200.6
$0,522.522
207.6215.8220.1189.2194.5230.3
202.4199.5188.2184.5197.4220.4
207.4
198.6203.5224.0146.6315.2192.6
319.7432.4252.6428.8314.5
159.2152.4170.790.0
193.6180.9321.7217.3273.4316.5
193.9209.7230.3163.4214.0
224.6173.4252.0203.2
219.3194.2209.7228.2193.2204.0173.8178.8
158. 6109.5101.0117.3103.3151.0177.0
172.0174.6
0.7
235.9213.3192.8190.8204.4182.2165.3193.3197.2
202.1202.4201.5
212.8202.0
$0,518.517
210.4219.5230.3188.1221.6236.2
204.6200.0190.0185.4198.8226.2
208.7
198.9202.6224.0147.8313.2192.6
323.2434.5256.9428.8318.4
159.5152.7172.388.5
195.3181.1346.5217.4278.5320.8
195.3210.8231.1164.6215.6
225.9173.9252.5205.4
222.0195.5211.8230.2193.5205.1174.5179.5
159.2108.9101.6117.8103.1152.1178.7
172.4' 175.0
0.8
240.9214.4194.2192.3207.2183.0165.6194.4198.7
203.5203.9202.0
217.8203.0
$0,514.512
210.3219.9252.4183.8246.5226.8
204.2198.4191.0186.1200.4224.4
210.1
199.8202.1225.1148.5335.6192.6
324.5437.1254.8430.6321.1
161.4153.5174.690.8
197.3181.7360.4224.5277.5319.1
196.5212.2232.8165.4216.7
227.3174.4253.9205.9
224.7196.6214.4234.0195.5206.8174.9179.9
160.0108.9101.9119.2103.2153.0179.4
172.8175.5
0.4
241.5215.4195.6193.7207.4184.9168.5195.5200.1
204.4205.5202.5
216.0201.7
$0,510.508
205.3210.0215.3178.9204.8216.6
201.8196.9192.5190.8203.3215.9
211.4
199.5202.1226.4148.9312.9192.6
324.9441.7253.6425.3323.3
161.8154.0175.690.8
205.1184.0400.8251.9281.6326.7
197.5214.1234.6165.8218.2
231.0176.2258.6211.1
227.2197.7219.7235.9195.8208.0175.7180.0
160.5109.1102.4120.9103.4153.5179.2
173.1175.8
0.3
241.5216.8196.1194.0206.6185.9169.8196.3201.0
205.5207.3203.2
210.8201. 9
$0,511.506
209.4215.1208.0176.9211.1
205.5197.8191.0192.9205.1224.4
r 212. 5
200.3202.7226.4149.6338.5192.6
326.7442.7252.5431.4325.7
162.0154.2176.1••91.6
• 210. 7186.0435.3269.4282.8332.2
• 198.8• 217.8• 237.0• 166.4• 220. 3
• 231.4• 176.0' 258.5' 211.4
' 228.2• 202.3' 221.4236.0
' 199.0' 210.2'176.7' 180.4
' 161.3"-109.1
103.3' 124. 2' 104.1' 153. 3180.3
r 173. 6' 175. 9
0.8
245.7218.2197.7195.8209.7186.9171.0197.2202.1
207.3208.4205.3
215.4204.9
$0,507.502
213.2219.4214.2182.0184.9235.1
209.0201.1193.3197.0210.1228.2
214.7
201.6203.4228.1150.3340.0192.6
328.5443.9252.7429. 2329.4
162.9154.5177.9'91.3
• 213.0190.7427.9269.4
1 284. 2334.5
•200.5• 218. 6• 240.4
167.5' 223. 8
' 234.1' 176. 9' 259. 9' 217.1
' 229.1202.4
' 222.2236.8
r 202. 4' 213. 0' 178.1' 184.5
" 162.3' 109.4' 104.0
126.5' 104.5' 154.1
181.0
' 179. 2r 181. 8
1.3
253.4220.7199.4197.7213.6187.170.5199.2203.1
209.6209.9208.1
221.7209.6
$0,501
212.5219.2217.4189.0192.4222.4
208.1201.4195.8199.6216.3220.9
216.0
202.3201.8227.1152.1361.2196.9
329.9442.7250.4434.9331.9
162.9155.3178.988.9
216.0192.7417.0278.7288.5338.5
202.5219.9241.9169.6225.9
235.4177.0261.5218.1
229.8204.4222.9242.1203.7214.2179.2187.6
163.0110.8105.3126.7104.7155.2180.5
179.8182.1
0.7
256.0222.4200.9199.1215.1189.2171.2200.9204.
211.0211.8209.3
224.1210.4
$0,499.495
216.1222.4218.3184.7198.5230.1
211.9202.3196.4202.7218.4229.1
217.0
202.0201.6228.8153.2332.9199.1
334.1442.7251.3444.7337.4
163.7155.3178.989.7
216.5194.9401.3279.6288.7339.2
203.6221.0243.6170.4228.0
236.6178.8263.1218.9
230.9206.5224.2242.7204.9214.9179.6188.6
163.5111.5104.6125.9105.8155.4183.4
180.2182.5
0.6
$0.494.493
221.0230.1230.7184.4206.0247.3
215.3201.4196.9203.4218.4240.3
219.9
204.9201.4233.4155.4336.1198.9
338.3444.6251.6450.4343.7
165.8156.6180.989.6
223.8196.9452.8292.8290.1336.6
205.0221.8245.2171.1230.1
241.6180.1272.0223.2
237.7209.7235.0247.6206.8217.4180.7191.4
164.6113.3105.3125.6106.4157.1181.8
182.4184.7
1.4
257.3224.0202.5200.9217.3190.7172.1203.0206.4
212.6213.1211.3
225.2212.4
263.4226.6205.2203.7221.2193.0174.1205.5208.4
215.3215.7214.1
231.4215.0
$0,487
227.0240.5259.5189.3217.8266.5
218.7201.3199.1203.1219.3248.5
222.4
207.0202.9236.4155.8367.9202.3
342.4444.7252.2458.6348.8
166.7157.9181.289.6
232.8203.6505.7309.2292.3339.9
206.2222.7247.1172.4231.8
247.3181.2274.6238.8
240.3210.7236.3250.6208.4220.8183.1193.8
165.0113.7105.3123.2106.8157.5186.0
183.5185.9
1.3
272.2229.0207.3206.7224.7194.7175.4207.4210.1
217.6217.7216.8
239.0218.9
$0.482.483
r Revised. -Beginning Jan. 1978, based on CPI-U; see note "If" for p. S-8. cf1 Seecorresponding note on p. S-8. Q Includes data for items not shown separately. § Effec-tive with Jan. 1976 reporting, the textile products group has been extensively reclassified;no comparable data for earlier periods are available for the newly introduced indexes. t Be-
ginning in the. March 1979 SURVEY, data have been revised (back.to 1967) to reflect newseasonal factors. O See corresponding note on p. S-8. A Beginning Jan. 1979 SURVEYmonthly and annual data have been restated to reflect the ^C^}ulV°uZf\^vmeasured by finished goods: comparable data prior to Nov. 1977 will be shown later.
288-330 O - 79 - S2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-10
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
O F (JUKJMEN'! S1ME
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Marcti 1979
1979
Jan. Feb.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE J
New construction (unadjusted), total mil. $_.
Private, total 9 doResidential (including farm) do
New housing units doNonresidential buildings, except farm and pub-
lic utilities, total 9 ...mil. $__Industrial doCommercial ...do
Public utilities:Telephone and telegraph do
Public, total 9 —do-
Buildings (excluding military) 9 do... .Housing and redevelopment doIndustrial do
Military facilities do... .Highways and streets do
New construction (seasonally adjusted at annualrates), total bil. $..
Private, total 9 do
Residential (including farm) doNew housing units do
Nonresidential buildings, except farm and pub-lic utilities, total 9 bil. $..
Industrial doCommercial do
Public utilities:Telephone and telegraph do
Public, total 9 do.
Buildings (excluding military) 9 do.Housing and redevelopment do.Industrial do.
M ilitary facilities do.Highways and streets do.
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. DodgeDivision, McGraw-Hill):
Valuation, total mil. $..Index (mo. data seas, adj.)© 1972=100..
Public ownership mil. $_.Private ownership doBy type of building:
Nonresidential doResid ential do
Non-building construction doNew construction planning
(Engineering News-Record) O do
HOUSING STARTS AND PERMITS
New housing units started:Unadjusted:
Total (private and public) thous..Tnside SMSA's do.. . .
Privately owned doOne-family structures do
Seasonally adjusted at annual rates:Total privately owned A do.
One-family structures A do.
New private housing units authorized by buildingpermits (14,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:Total thous. .
One-family structures do
Manufacturers' shipments of mobile homes:Unadjusted IF thous..Seasonally adjusted at annual rates If do.
CONSTRUCTION COST INDEXES
Dept. of Commerce composited1 1972=100..
American Appraisal Co., The:Average, 30 cities
AtlantaNew YorkSan FranciscoSt. Louis
..1913=100..d o . . . .d o . . . .d o . . . .do.
Boeckh indexes:Average, 20 cities: §
Apartments, hotels, office buildings..1972=100..Commercial and factory buildings do.Residences do.
172,552
134,72480, 95665,749
28,6957,71214,783
4,345
37,827
12,751959
1,1461,5179,372
139,723-• i 154
36, 917102,805
35,08662,01742,620
91,702
1, 989. 81,377.91,987.11,450.9
1,6901,126
277.0
156.6
1,9982,1412,0652,0631,905
148.6152.8148.5
201,577
156,81292,66475,486
35,69710,76018,279
5,323
44,766
15,2361,0831,2591,464
10, 350
158,438r I 174
38,827119,610
44, 37374,53139,534
112,069
2,021.52 833.22,020.31,433.3
1,6801,089
275.6
175.7
2,1732, 3222,2222,2632,071
158.2164.3161.8
11,441
9,1885,1494,239
2,074554
1,081
294
2,253950
6396
115323
171.4
134.9
'79.465.0
28.47.4
15.0
4.7
36.4
12.7.9
1.21.48.4
9,390••172
2,4996,891
2,8093,8"2,697
6,885
88.667.588.663.3
1,7441,290
1,5261,032
18.9317
164.5
2,C2,1972,1622,167ir
154.0158.5155.5
11,395
9,1535,1584,295
2,095565
1,097
297
2,242
9455993
117266
177.6
141.9
85.370.9
28.77.7
15.2
4.5
35.7
13.1.9
1.11.57.4
9,695' 162
2,2397,456
2,9053,8622,929
10,349
101.375.2
101.372.8
1,6591,171
1,534957
18.7274
164.5
2,0952,2472,1622,1951,990
13,425
10,8236,2645,174
2,463720
1,242
424
2,603
1,0557096
119376
185.4
147.7
88.172.5
31.89.2
16.2
4.9
37.7
13.8.9
1.01.48.1
12, 345'153
3,1319,214
3,4296,1392,776
10,470
172.3121.6172.1121.4
2,0111,413
1,6471,037
24.6276
164.8
2,1112,2702,1742,1952,003
155.3160.9157.5
'15,319
' 12,159' 7,252
5,669
2,672750
1,365
417
3,159
1,17366
107120548
' 195.0
' 153. 5
'92.274.4
33.29.2
17.2
5.3
41.5
14.8.9
1.21.58.5
13,189' 169
3,5949,595
3,4706,8542,864
7,014
197.5141.8197.5139.9
2,1761,482
1,7401,157
23.2260
169.2
2,1242,2832,1812,2202,029
'17,263
' 13,440'8,271
6,366
2,825735
1,524
438
3,823
1,35392
106120897
' 201.3
' 156.2
'94 .375.1
34.28.7
18.5
5.0
45.1
16.41.21.21.4
10.6
17. 785'202
4,09713,688
4,5387,6525,596
6,556
211.1146.2211.0154.9
2,0371,463
1,5971,058
26.6268
171.0
2,1372,294
i 2,1911 2,216
2,066
156.7163.0158.8
'18,799
'14,558' 8, 927
7,041
3,171966
1,627
516
4,240
1,38691
119113
1,067
'206.3
' 161.1
'95.476.6
37.311.319.2
5.6
45.2
16.01.01.31.4
10.3
14,169'153
3,55110,618
3,7687,7222,679
8,771
216.1149.7216.0154.3
2,0931,439
1,8211,123
26.4270
174.1
2,169i 2,309
2,2112,2302,078
19,201
14,763r 9,1787,382
3,207950
1,661
443
4,4391,468
94114124
1,148
' 210.2
161.8
'95.977.7
37.711.219.5
5.5
48.4
1.01.61.59.8
14, 711' 173
3,56911,141
4,5346,7103,466
9,071
192.3131.2192.2139.3
2,1041,455
1,6321,035
20.2255
176.1
2,1802,3482 2112,2952,087
158.8165. 2162.0
19,952
15,108' 9,325
7,543
3,3591,0571,697
469
4,844
' 1,48295
'118128
1,413
' 208.7
160.6
'95.077.1
37.612.018.8
5.1
'48.2
'16.41.1
' 1 . 61.5
11.4
15, 597'177
3,85711, 740
3,9456, 9104,742
9,756
190.9()
190.9140.0
2,0041,431
1,5631,020
28.0267
179.5
2,2072,3662,2232| 3122,102
19,787
14,9909,0377,436
3,4371,1141,720
485
4,797
1,465116
'103146
1,271
209.2
161.3
94.276.8
38.212.618.9
5.6
48.0
16.01.21.31.6
10.9
13,816'182
3,49910,317
4,5726,3172,926
5,882
181.1
180.5124.6
2,0241,432
1,7311,092
24.1275
180.5
2,2182,3742,2292,3212,111
160.7167.5166.4
19,634
14,9898,6967,332
3,5591,1101,844
544
4,645
1,406103
'102116
1,310
209.8
161.9
93.676.838.712.619.4
5.9
47.9
'15.81.11.21.4
11.4
14,863'193
3,09911,764
4,1416,8213,901
9,837
192.1
192.1131.1
2,0541,436
1,7271,135
25.8
183.1
2,2442,3892,2982,3382,122
18,726
14,509' 8,267
7,041
3,4791,0781,788
499
4,217
1,349125102124
1,020
212.8
164.9
95.478.9
39.712.520.3
47.9
15.51.41.31.411.0
11,557'173
2,867
3,5325,9212,104
13,209
158.6
158.6110.4
2,1071,502
1,7241,114
22.2280
184.3
2,2492,3882,2972,3362,121
163.8170.9170.8
16,634
13,131• 7,142• 5,969
3,3541,1631,634
499
3,503
1,205'108104125
'711
215.7
168.2
'96.9'80.4
'40.213.3
'20.1
6.1
'47.6
'15.0'1.31.21.5
'11.9
10,185'184
2,9787,207
3,0964,7812,308
14,269
119.5'81.4
• 2,074•1,539
1,6641,149
17.0303
• 185.4
2,2542,3792,3242,3322,154
13,940
11,1106,0314,938
2,878949
1,442
2,830
1,16482103126387
208.1
162.2
92.675.4
39.312.719.9
45.9
15.61.21.21.610.0
10,716181
2,9847,732
3,9524,4682,296
9,936
'88.3
'88.1'58.1
' 1,66911,148
• 1,324'841
19.1311
186.8
2,2642,4312, 3312,3372,161
11,752
16.4
164.9172. 2171.6
86.260.2
1,411964
1,360814
2,2682,4302, 3532,3722,157
' Revised. *> Preliminary. 1 Computed from cumulative valuation total. 2 Datano longer available; 1978 annual total represents Jan.-July. JData for new construction havebeen revised bark to Jan. 1973 and are available from the Bureau of the Census, Washington,D.C. 20233. O Data for Mar., June, Aug. and Nov. 1978 are for 5 weeks; other months 4weeks. 9 Includes data for items not shown separately. & This index has been revisedto a new comparison base (1972=100); monthly data back to Jan. 1964 are available upon
request. § These indexes are restated on the 1972=100 base; monthly data for earlier periodswill be available later. © This index has been revised to a new comparison base (1972- «« ) .monthly data back to Jan. 1970 are available upon request. A Monthly revisions back toJan. 1970 will be shown later. \ Revised unadjusted data for Jan.-Dec. 19/ o and seasonallyadjusted data for Jan. 1974-Dec. 1976 will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977
SURVEY OF CURRENT
1978
Annual
BUSINESS
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
<5-11
1979
Jan. Feb.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES—Con.
Engineering News-Record:Building.. ...1967=100..Construction do
Federal Highway Adm.—Highway construction:Composite (avg for year or qtr.) 1967=100
CONSTRUCTION MATERIALS
Output index:Composite unadjusted 9 d* 1947-49=100
Seasonally adjusted & do
Iron and steel products unadjusted doT nmbpr and wood nrodncts unadiusted doPortland cement unadinsted do
REAL ESTATE \
Mortgage applications for new home construction:FHA net applications . thous. units
Seasonally adjusted annual rates . . . . doRequests for VA appraisals do .
Seasonally adjusted annual rates do . . .
Home mortgages insured or guaranteed b y -Fed. Hous. Adm.: Face amount mil. $..Vet. Adm.: Face amount§ do
Federal Home Loan Banks, outstanding advancesto member institutions, end of period mil. $..
New mortgage loans of all savings and loan associa-tions, estimated total mil. $..
By purpose of loan:Home construction doHome purchase doAll other purposes. . do
Foreclosures . . .number
Fire losses (on bldgs., contents, etc.) . . mil. $
228.6240.0
216.4
180.4
147.3199 8208 7
113.3
211.8
8,840. 8413,753.02
20,173
107, 368
20, 71766,06020,591
3,764
247.7258.4
264.9
118.8
192.7
11,139.9714,470.40
32, 670
110, 294
22,49568, 38019 419
237.7248.8
148.4156.9
124.9187.191.7
7.2117
15.3226
811.391,586.68
20, 422
7,115
1,3804,2121,523
310
239.0249.6
153.6174.1
129.2186.9110 8
7.299
13.7181
785. 781,411.86
20, 845
6,828
1,3644,0221 442
379
239.5250.7
219.5
186.6193.9
161.9212.7188 1
10.4112
18.1191
963.101, 344. 91
21,278
9,418
2,1135,5011 804
385
240.0251.2
158.9194.2226 5
11.0133
18.9215
714. 00988.96
22, 957
9,026
2,0115,2001 755
370
244.6254.4
176.4209.6268 6
12.0113
16.3171
868.921,180.30
23,664
10,436
2,2590,4231 754
311
246.2256.3
258.1
180.9205.0997 8
9.7104
16.7178
805. 681,108.57
25,274
11,472
2,2607,3581 848
355
251.0262.6
153.2177.0261 6
10.9132
15.4186
886. 601,178.68
26, 605
9,031
1,8115, 7561,464
351
252.3263.3
173.8207.2301 2
11.1122
17.7185
1, 049. 481,319.00
27,869
10,398
1,9810,8301 587
320
254. 5265.4
296.1
' 159.4' 198. 7r 266 4
8.6101
14.9188
807. 701,536.24
29,158
9,305
1,8076,0491 449
295
254.8265.4
173.2204.8289.9
11.6133
17.0192
1,916.271,178.75
30,104
9,674
2,0176,0771 580
302
256.3266.4
158.6193.1226.4
11.1148
15.5202
905.021,115.62
30, 975
9,165
1,7945,7751 596
311
256.7267.0
302.7
8.0120
13.2221
565.361,176.51
32,670
r 8,426
r 1, 092r 5,117r 1,017
257.5267.4
9.4145
15.7217
1,420.671,418.91
32,489
6,615
1,3983,9331,284
1 257. 61 267. 9
8.3113
14.6194
1,422.091,367.36
31,738
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national advertising index,seasonally adjusted:
Combined index 1967=100Network TV doSpot TV doMagazines doNewspapers do
Magazine advertising (general and natl. farm maga-zines):
Cost, total mil. $..Apparel and accessories doAutomotive, incl. accessories doBuilding materials doDrugs and toiletries doFoods, soft drinks, confectionery do
Beer, wine, liquors doHousehold equip., supplies, furnishings . .doIndustrial materials doSoaps, cleansers, etc doSmoking materials doAll other do
Newspaper advertising expenditures (64 cities): ©Total mil. $..
Automotive.. . doClassified doFinancial doGeneral . doRetail do
WHOLESALE TRADE O X
Merchant wholesalers sales (unadj.), total O mil. $..Durable goods establishments doNondurable goods establishments _. _ .do
207231223172197
1,965.41.6
176.636.2
201.8150.5
132.3112.849.533.9
194.5
5, 696.1r 144. 51, 522.5r 147. 4>" 752. 33,129.5
642,104285,605356,498
6,643. 7151.0
1, 884. 5201.7826. 6
3, 579. 9
754,105349, 916404,189
226247267182211
130.33.812.11.812.3
7.26.74.02.114.756.8
488.211.1142.018.467.7249.0
52,14322,86929,274
Merchant wholesalers inventories, book value,end of year or month (unadj.), total O mil. $ . 68,555 80,922 69,590
Durable goods establishments do 43,676 51,040 44,287Nondurable goods establishments do 24,879 29,270 25,309r Revised. p Preliminary. 1 Index as of Mar. 1, 1979: Building, 259.0; construction,
268.7. 9 Includes data for items not shown separately. § Data include guaranteeddirect loans sold.
If Home mortgage rates (conventional 1st mortgages) are under money and interest rateson p. S-18.
©Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart. cTMonthlyrevisions back to Jan. 1974 will be shown later.
215234250188212
160.23.7
17.52.1
16.113.5
10.38.73.83.0
16.165.4
458. 513.7
129.711.364.4
239.4
52,76623,88028,886
71,15645,75725,399
218235260191180
193.57.6
19.54.1
17.718.0
13.013.24.84.3
16.075.2
555.615.5
152.816.269.6
301.4
62,90028,98533,915
73,93147,27526,656
234261257196218
212.79.2
20.96.0
19.815.7
12.914.74.83.7
17.287.9
621.014.4
177.519.884.4
324.8
60,61328,78431,829
74, 03547,95720, 078
238271269197207
231.08.7
22.86.1
22.014.3
16.518.16.93.2
18.494.0
600.813.7
165.519.280.7
321.6
66, 24930,40535,844
74,63448,91825, 710
247274281210208
189.75.1
19.53.9
19.714.9
17.511.34.52.5
18.172.7
578.212.9
165.823.373.9
302.3
65,83430,99134,843
74,88249,02725,255
244267277212212
162.93.5
17.82.1
13.714.3
18.69.53.32.5
18.059.5
523. 210.9
172.917.150.9
271.3
00,05128,70131,950
74,87449,90024, 974
257288205228236
146.90.0
13.82.4
13.913.4
11.39.83.92.8
16. 353.3
488.710.8
162.78.6
47.4259.2
67,70232,27935,423
74,94349,84125,102
248286259224205
215.911.812.45.1
19.816.3
13.813.95.53.3
16.099.9
497.911.4
158.011.859.8
257.0
63,93130,40433,527
76,07449,94426,130
252291284204217
259.510.829.25.6
23.118.5
20.015.76.32.9
19.0108.4
578.112.8
174.016.272.9
302.2
69,08632,24236,844
78,71550,46228,253
257285287221228
263.59.5
26.14.4
21.624.6
22.818.15.84.0
18.2108.5
663.614.5
155.019.991.2
382.9
67,700•31,03836,002
258291280227219
207.86.4
16.12.7
19.816.4
29.39.04.83.0
16.783.4
590.09.1
128. 619.963.7
368.7
64,52729,34035,187
80,100 r 80,92250,971 '"51,64629,129 ir 29,276
63,68028, 37435, 306
82, 23652, 09530,141
©Beginning Nov. 1977 SURVEY, data revised to reflect new sample design, benchmarkingto the 1967 and 1972 Censuses, conversion of the classifications to the 1972 SIC, addition o]farm assemblers and bulk petroleum establishments, and revision and updating of seasona1
factors. Revisions back to Jan. 1967, as well as a summary of the changes, appear in the report-Monthly Wholesale Trade: January 1967-August 1977 (Revised) available from the CensusBureau, Washington, D.C. 20233. The revisions back to 1967 also appear on p. 34rl of theMay 1978 SURVEY. ^Effective March 1979 SURVEY, seasonally adjusted data for wholesaletrade have been revised back to Jan. 1978.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-12Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 r
SURVEY
1978
Annual
OF CURRENT BUSINESS
1978 r
Jan. Feb. Mar. Apr. 1 Mayi
June July Aug. Sept. Oct. Nov. Dec.
March 1979
1979
Jan. Feb.
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores: 1fEstimated sales (unadj.), totalif mil. $..
Durable goods stores 9 doBuilding materials, hardware, garden
supply, and mobile home dealers 9 .mil. $_Building materials and supply stores..doHardware stores do
Automotive dealers 9 doMotor vehicle dealers doAuto and home supply stores do
Furniture, home furn., and equip doFurniture, home furnishing stores doHousehold appliance, radio, TV do
Nondurable goods stores -doGeneral merch. group stores ...do
Department stores doVariety stores do
Food stores doGrocery stores ..do
Gasoline service stations - .do
Apparel and accessory stores doMen's and boys' clothing do
Women's clothing, spec, stores, furriers.doShoe stores.. do
Eating and drinking places doDrug and proprietary stores doLiquor stores doMail-order houses (dept. store mdse.)§..do
Estimated sales (seas, adj.), totalif do
Durable goods stores 9 . -.doBuilding materials, hardware, garden supply,
and mobile home dealers 9 mil. $_.Building materials and supply stores.doHardware stores _ do
Automotive dealers do.Motor vehicle dealers _ _.do_Auto and home supply stores do.
Furniture, home furn., and equip. 9—-do.Furniture, home furnishings stores...do.Household appliance, radio, TV do.
Nondurable goods stores __do_.General merch. group stores _ _ do..Department stores do..
Variety stores. do..
Food stores do.Grocery stores do..
Gasoline service stations _.do.
Apparel and accessory stores do.Men's and boys' clothing do_Women's clothing,spec. stores,furriers.do.Shoe stores _ do.
Eating and drinking places do.Drug and proprietary stores do.Liquor stores doMail-order houses (dept. store mdse.)§._do
Estimated inventories, end of year or month: IfBook value (unadjusted), totaW mil. $
D urable goods stores 9 do. .Building materials and supply stores.do..Automotive dealers do_.Furniture, home furn., and equip do..
Nondurable goods stores 9 doGeneral merch. group stores ...do
Department stores. ...doFood stores doA pparel and accessory stores do
Book value (seas, adj.), totalif doDurable goods stores 9 do
Building materials and supply stores.doAutomotive dealers .doFurniture, home furn., and equip do
Nondurable goods stores 9 do_General merch. group stores ...do
Department stores doFood stores... do.Apparel and accessory stores do.
724,020
247,832
38,64126,509
6,516
148,444135,77712,667
34, 7612,295
10,801
476,18890,13372,3337,602
158,519147,14258,231
34,3417,052
13,1065,852
63,55622,91812,8326,705
88,14843,170
7,18721,875
44, 97815,89511, 9329,5587,149
90,12043,4147,494
21,594
46,70617,37613,0269,4267,478
798,818
277,916
44,12529,9916,881
163,668149,66413,993
37,43022,71910,991
520,90299,50579, 7327,809
174,458161,52760,884
37,8287,353
14,6606,593
70,08325,33713,6167,073
98,52747,8887,79225,0117,133
50, 63917, 92613, 63810, 7347,957
100,81848,1618,12524,6907,140
52,65719,62214,90510,5968,332
53,209
16,944
2,3411,573390
10,3429,412930
2,5111,512758
36,2655,4054,345427
13,06112,1414,633
2,293480
853424
4,8291,875939
437
61,892
20,817
3,2752,155533
12,55911,4641,0952,8671,730872
41,0757,6986,270618
13,92312,9024,929
2,844551
1,069524
5,4502,0201,098603
43, 8667,41822,3736,734
44,46715, 76911,8439,3206,905
91, 00344,0407,61621,9776,871
46,96317,50713,1749,4437,465
53,612
17,936
2,4611,644
11,11910,257
862
2,5391,537738
35,6765,5244,424458
12,79211,8924,404
2,151421
374
4,7341,847922
434
62, 898
21,244
3,3242,183521
12,68911, 6031,0862,9341,763872
41,6547, 8156,338627
14, 07013, 0545,005
2,862570
1,089496
5,5632,0231,102558
44, 7517,745
22, 7486,776
45,03816, 08811, 9599,3597,145
91,21444,4367,73722,0436,943
46, 77817,27512, 9019,4927,490
64,764
22,777
3,1702,114504
14,56013,4621,098
2,9021,758852
41,9877,3665,894611
14,52913, 4824,906
2,940532
1,143570
5,5792,0701,038
594
64,075
21,813
3,3972,251545
13,13212,0301,1022,9241,734883
42,2627,9526,420622
14,17713,1534,996
2,983581
1,169528
5,7872,0501,110571
93, 52345,9267,92923,4036,918
47,59717,61013,3079,7147,392
92, 71244,6247,69122,0997,009
18,00613, 5799,7437,535
23,165
3,6652,382571
14,38213,2341,148
2,9011,825804
40, 6737,4726,010582
13,86512, 8624,889
2,816536
528
5,7191,9401,010
538
65,146
22,617
3,6092,451547
13,53712,4261,1113,0611,885877
42,5298,0486,462654
14, 29813, 2734,994
3,046585
1,201548
5,7942,0421,098584
95,43446, S758,66523,4787,110
48,45918, 29813,8999,6877,584
94, 29045,6198,37222,2757,124
48, 67118,31913,8449,7167,707
67,952
25,085
4,1152,653
15,41514,2501,165
3,0741,935
42,8678,0176,431629
14,52813,4555,156
2,906542
1,122529
6,0242,0601,086
534
65,522
22,730
3,5902,429552
13,52012,4131,1073,1161,918902
42, 7928,2366,609659
14.37513,3355,020
3,062577
1,176552
5,6722,0581,105586
95, 56846, 7528,06223,5647,127
48,81618, 46514, 0639,8647,622
94,93345,5257,80422,4857,156
49,40818,52214,0359,8847,834
69.056
25,685
4,2602,897631
15,71814,4641,254
3,1071,943892
43,3718,1066,522627
14, 93613, 8485,256
2,892563
1,104518
6,2202,0691,138
497
65,964
22, 947
3,6512,502552
13, 63812,5011,1373,0711,872895
43,0178,2946,662656
14,42013, 3935,030
3,074573
1,182552
5,7702,0751,109597
95, 69446,3088,10023,2017,105
49, 38618, 56014,13710,0837,661
95, 60745,5027,988
22, 4387,134
50,10518, 76814,32310,0937,922
66,557
23,932
4,0742,841585
14, 29413,0901,204
3,0211,853883
42, 6257,4975,965605
15.00613,9415,283
2, 754508
1,095467
6, 3952,0161,181
499
66,224
23,049
3,7072,546558
13,49012,3371,1533,0911,883893
43,1758,2876,650660
14,60913, 5744,887
3,126588
1,237532
5,8672,1021,122598
9f, 57145, 6528,01622,5647,121
49,91918, 77014,08610,0827,922
96,52145,7048,02422,4747,215
50,81719, 05314,44710,2158,067
69,102
24,898
4,3083,079582
14,64213,8351,257
3,2241,999930
44, 2048,1656,520649
14, 85813. 7815,387
3,194554
1,249571
6,5272,1091,161
67, 303
23,617
3,8092,625580
13,89512,6991,196
3,1701,922935
43, 6868,3616,701660
14, 62913, 5775,082
3,221614
1,272543
5,9232,1351,151584
9",54S43, 8557,91120,5427,241
51,69319, 63114, 68610,1868,324
97,82446,1167,991
22, 6737,299
51, 70819,40114,64210, 3738,217
66,219
22,563
4,0342,861600
12, 73311,5121,221
3,1381,897930
43.6568.0246,468605
14,94213,8925,191
3,236552
1,310594
6,1342,0411,147
552
68,085
23,872
3,7982,613599
14,03312,7911,2423,2281,978
44, 2138.379
658
14, 77513, 6875,191
3,261629
1,274547
5,9962,1581,167593
97, 79944,4117,922
20, 7787,313
53,38820,57415,45910,3128,767
98, 35^46, 4447,98622,9857,248
51, 90619, 60714,83610,4068,240
68,615
24,596
4,2192,985624
14,40113,1181,283
3,2311,973943
44,0198,2626,610631
14,41713,2955,264
3,273
1,320578
6,0062,1061,123
776
68,971
24,4223,9112,675
14,35213,1051,247
3,2481,967962
44,5498,3946,684
14,94713,8355,222
3,271636
1,262568
6,0182,1801,158595
10?, 34446, 3577,891
22, 2017,538
55, 98721,89416, 60210, 7349,127
99, 27947,0067,98723,4937,262
52, 27319,66114,85010,5038,305
71,297
24,463
3,9182,699632
13,61012,3221,288
3,5662,1971,034
46,8349,8837,908712
14,83413, 6955,197
3,675763
1,396617
5,7752,1641,196
902
70,158
24,954
3,9712,667621
14,43113,1791,2523,3032,003975
45, 2048,5496,806663
15,12513,9605,276
3,388685
1,287590
6,0032,2401,181598
105,33047, 7987,91023, 3967,441
57, 53222,45217,11311,0089,271
100,48347, 5558,04723,8497,176
52,92819,87714,93310,595• 8,413
84,597
25,872
3, .K602,263749
12,45211,1691,283
4,2162,2901,359
58, 72515,78412, 6351,273
16, 69015, 2435,318
5,6981,293
2,144823
6,1413,0401,675
722
70,918
25,163
4,0092,727631
14,55813,2961,2623,3072,014956
45, 7558,7166,897649
15,28413, 9845,292
3,376675
1,313586
6,1842,2321,194604
98,52747,8887,79225,0117,133
50, 63917,92613,63810,7347,957
100.81848,1618,12524, 6907,140
52,65719,62214,90510,5968,332
62,035
21,123
2,8341,878505
12,84611,7191,127
2,9791,870843
40, 9125,9724,783465
14,91013, 7335,089
2,685558
987478
5,4792,1361,068
439
71,031
25,271
3,9062,514679
15,05913,7551,3043,3592,108957
45, 7608.4396,843
15,62314,3205,385
3,269632
1,217580
6,1422, 2751,233604
49,1258,12825,7177,148
49,56817,72813,42910,6117,528
101,67949,3028,34525,2627,294
52,37719,70414,95410,7518,138
i 13,172
i 39,56015,995i 4,794
14,187i 13,107i 4,770
1 2,384
1 71,472
25,266
1 3,793
115,019
60,852
21,292
» 2,780
» 2,934
15,446i 2,123
13,404
46,206i 8,496i 6,868
15,60714,388i 5,420
i 3,166
16,400112,328
r Revised. 1 Advance estim ate. lEffective Mar. 1979 SURVEY, estimates have beenrevised to reflect a new sample des ign, benchmarking to the 1967 and 1972 Censuses, redefini-tion of sales to exclude sales taxes and finance charges, classifications based on the 1972 Stand-ard Industrial Classification (SIC), and revision and updating of seasonal adjustment factors.
Revision for retail sales (Jan. 1967-Dec. 1977) and for retail inventories (Jan. 1973-Dec. 1977),as well as a summary of the changes, are forthcoming from the Census Bureau, Washington,D. C. 20233. 91 ncludes data not shown separately. §Includes sale of mail-order catalogdesks within department stores of mail-order firms.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS S-13
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
DOMESTIC TRADE—Continued
RETAIL TRADEt—Continued
Firms with 11 or more stores:Estimated sales (unadjusted), totalt mil. $_
Durable goods stores _ do...Auto and home supply stores do...
Nondurable goods stores 9 do...General merchandise group stores do...
Department stores__ do...Variety stores do._.Miscellaneous general stores do...
Food stores do...Grocery stores do...
Apparel and accessory stores 9 do...Women's clothing, specialty stores, fur-
riers mil. $.Family clothing stores do...Shoe stores do...
Eating places do...Drug stores and proprietary stores do.. _
Estimated sales (seas, adj.), total} 9.. do...Auto and home supply stores do...Department stores .... do...Variety stores _ do._.Grocery stores.. do...
Apparel and accessory stores do...Women's clothing, spec, stores, furriers.do...Shoe stores _ do...
Drug stores and proprietary stores do...All retail stores, accts. receivable, end of yr. or mo.
Total (unadjusted) ..mil. $.Durable goods stores do...Nondurable goods stores do...
Charge accounts.. do...Installment accounts _ do...
Total (seasonally adjusted). do...Durable goods stores _ do...Nondurable goods stores. do...
Charge accounts.. _ do.Installment accounts do...
34,14910,08924,060
10,65923,490
32,01810,01921,999
10,49021,528
270,155
20,4473,139
249,70888,16875,2766,3296,563
92,71591,684
13,092
5,5163,0303,129
13,75411,975
37,33610,91126,425
11,53925,797
34,85910,82824,031
11,27223,587
17,556
1,162204
16,3944,7644,109
329326
7,0226,939
276163183
932862
20,703255
5,723480
7,213
925373233
32,4549,445
23,009
9,92822,526
31,9669,790
22,176
10,28121,685
17,477
1,194190
16,2834,8754,183
359333
6,8776,792
673
287158163
921825
21,264252
5,993489
7,488
423229934
31,6929,369
22,323
9,82321,869
32,0209,838
22,182
10,34621,674
21,496
1,508262
19,9886,5115,565
493453
7,876
7,776
1,032
432226279
1,122974
21,476251
5,984498
7,484
1,020439253971
31,6509,531
22,119
10,01121,639
32, 2759,919
22,356
10,37121,904
20,944
1,607294
19,3376,6075,686
459462
7,4067,325
404224243
1,130894
22,249268
6,140517
7,760
1,077464265974
31,5999,817
21,782
10,02921,570
32,03010,01022,020
10,07721,953
22,073
1,743266
20,3307,0966,082
496518
7,6497,567
1,017
432241247
1,203950
22,222245
6,187524
7,674
1,089461274962
31,9159,963
21,952
10,17121,744
31,9509,880
22,070
9,82022,130
22,380
1,788287
20,5927,1846,176
500508
7,8787,798
1,007
422233242
1,198970
22,243246
6,232519
7,668
1,058446263975
32,21210,20322,009
10,39921,813
32,3629,933
22,429
10,09722,265
21,611
1,724267
19, 8876,6045,649
481474
7,8737,790
931
406222212
1,236936
22,761256
6,249540
7,853
1,111474259994
32,14710, 37521,772
10, 31921,828
32,80710,19522, 612
10, 38122,426
22,570
1,782275
20,7887,2246,176
521527
7,6837,602
1,162
489273
978
22,432258
6,283538
7,527
1,138477254976
32,53410,49022,044
10,51322,021
33,10110,31222,789
10,74922,352
22,548
1,733272
20,8157,1116,111
497503
7,9857,907
1,166
494254296
1,171940
22,690285
6,300531
7,714
1,117460266
32,87910,50122,378
10,58922,290
33,26210,20423,058
10,68522,577
22,848
1,793284
21,0557,3076,232
513562
7,5747,494
1,149
493249278
1,212974
22,842277
6,226534
7,663
1,131472278
1,016
33,68010,88422,796
10,97322,707
33,90610,60823,298
10,89123,015
> 25,261
••1,950•-287
r 23,311'8,798'7,455'596'747
' 7,929' 7,846
'1,284
539294
' 1,184'1,038
' 23,676'279
' 6,410'549
' 7,846
' 1,197503
'290' 1,102
34,62110,81823,803
11,13823,483
34,42310,76123,662
11,12923,294
33,391
2,463279
30,92814,08711,8521,0851,150
8,848
2,005
842493408
1,2071,634
24,317270
6,730542
8,073
1,149486263
1,077
37,33610,91126,425
11,53925,797
34,85910,82824,031
11,27223,587
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas! mil..
LABOR FORCEIfNot Seasonally Adjusted
Labor force, total (including armed forces), persons16 years of age and over.. thous
Civilian labor force doEmployed, total do
Agriculture I_I"I""""do"""'Nonagricultural industries. . do
Unemployed IIIIIcloIII]Seasonally Adjusted? O
Civilian labor force . . doEmployed, total "I do""""
Agriculture _ "doNonagricultural industries."l'/_~_l do"""Unemployed. •_ do
Long-term, 15 weeks and over"" doKates (unemployed in each group as percent"
of total in the group):All civilian workers
Men, 20 years and over '_Women, 20 years and over"Both sexes, 16-19 years.WhiteBlack and other I.IIIIIMarried men, wife present—IIIIIIIII
Occupation: White-collar workers .Blue-collar workers. .
Industry of last job (nonagricultural):Private wage and salary workers
ConstructionManufacturing..]"!^"
Durable goods
2 216.82
99,53497,40190,5463,244
87,3026,855
1,911
7.05.27.0
17.7
6.213.13.6
4.38.1
7.012.76.76.2
218.50
102,537100,42094,3733,342
91,0316,047
1,379
6.04.26.0
16.3
5.211.92.8
3.56.9
5.910.65.54.9
217. 74
100,07197, 95091,0532,868
88,1856,897
•99,21592,9233,363
89,560
6,2921,641
6.34.66.2
16.4
5.512.83.1
3.77.3
6.311.55.75.3
217.84
100,04897,92491,1852,771
88,4136,739
99,13993,0473,280
89, 767
6,0921,559
6.14.55.8
17.2
5.411.92.9
7.2
6.111.25.85.1
217.94
100,56598,44391,9642,913
89,0516,479
r 99,43593, 2823,334
89,948
6,1531,488
6.24.55.9
17.0
5.312.53.0
3.57.2
6.111.05.65.0
218.09
100,98498,86693,1803,151
90, 0295,685
99,76793,7043,274
90,430
6,0631,486
6.14.36.0
16.7
5.212.02.8
3.66.7
5.99.85.44.5
218.22
101,42299,30993,8513,36990,4835,457
100,10993,9533,243
90, 710
6,1561,404
6.14.26.216.5
5.312.32.9
3.76.7
6.09.65.75.1
218.36
104, 276102,17895, 8523,983
91, 8696,326
100,50494,6403,424
91,216
5,8641,266
5.84.06.1
15.1
5.012.02.7
3.66.6
5.79.55.64.9
218.50
104,755102,63996,2023,997
92,2046,438
'100,62294,4463,377
91,069
6,1761,314
6.14.16.4
16.3
5.212.32.7
3.76.7
6.09.65.55.0
218.67
104,169102,04796,1163,856
92, 2615,931
'100,66394, 7233,351
91,372
5,9401,234
5.94.15.9
15.7
5.211.52.8
3.56.9
5.89.45.65.4
218.86
102,961100,83895,0413,549
91,4925,797
'100,97495,0103,406
91,604
5,9641,268
5.94.15.9
16.3
5.211.3
3.56.8
5.810.65.34.8
219.03
103, 677101,55596,0953,553
92,5415,460
101,07795,2413,374
91, 867
5,8361,317
5.84.05.6
16.2
5.111.32.6
3.3
5.611.25.14.6
219.19
103,776101,65996,029
3,10092,9295,629
101,62895,7513,275
92,476
5,8771,196
5.83.95.8
16.2
5.011.72.4
3.26.4
5.610.85.14.6
219.34
103,740101,63295,9062,99092,9165,725
101, 86795, 8553,38792,468
6,0121,208
5.94.15.816.5
5.211.52.5
3.56.8
5.812.15.04.4
219.48
102,961100,86794,4362,762
91, 6736,431
102,18396, 3003,232
93,068
5,8831,251
5.84.05.7
15.7
5.111.22.6
3.36.4
5.710.65.04.4
220
103,343101,24994,7652,796
91,9696,484
3102,52796,6473,311
93,335
5,8811,260
5.74.05.7
16.1
4.911.92.6
3.46.4
5.611.54.84.1
7'SS 7 & ^ ' ^ r i ^ x r to May 1977 are not
l L j J S j 2 J t a t 6 S *"* C t ' C h a n g e - 1 9 3 0 - 7 5 , " P - 2 5 , N o . 6 3 2
If Effective with the Feb. 1977 SURVEY, the labor force series reflect new seasonal factors.Data have been revised back to 1972; comparable monthly figures for 1972-75 appear in EM-PLOYMENT AND EARNINGS (Feb. 1977), U.S. Department of Labor, Bureau of Labor Statistics.
O Effective March 1979 SURVEY, the civilian labor force series, seasonally adjusted, reflectrevisions back to Jan. 1978; comparable data for earlier periods will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-14 SUEVEY OF CURRENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. v Feb. v
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT!©
Employees on payrolls of nonagricultural estab.:OTotal, not adjusted for seasonal variation, .thous..
Private sector (excl. government). do
Seasonally Adjusted f
Total employees, nonagricultural payrolls!© do.._Private sector (excl. government) do...
Nonmanufacturing industries. doGoods-producing. do...
Mining do...Contract construction _. -do
Manufacturing do.._Durable goods _ do...
Lumber and wood products do...Furniture and fixtures do.. _Stone, clay and glass products do...Primary metal industries do...Fabricated metal products© do...Machinery, except electrical. do...Electrical equipment and supplies..do...Transportation equipment© doInstruments and related prod.® do...Miscellaneous manufacturing do...
Nondurable goods do...Food and kindred products do...Tobacco manufactures doTextile mill products do...Apparel and other textile products..do...Paper and allied products... .do...Printing and publishing.. .do...Chemicals and allied products doPetroleum and coal products do...Rubber and plastics products, nee.do...Leather and leather products do
Service-producing _ do...Trans., comm., electric, gas, etc doWholesale and retail trade do...
Wholesale trade doRetail trade do...
Finance, insurance, and real estate doServices doG overnment .do
Federal .doState and local do
Production or nonsupervisory workers on privatenonagric. payrolls, not seas, adjustedO.thous...
Manufacturing do
Seasonally Adjusted t
Production or nonsupervisory workers on privatenonagricultural payrollsf.. thous..
Goods-producing. doMining .doContract construction do
Manufacturing. do.Durable goods do
Lumber and wood products doFurniture and fixtures ...do.Stone, clay, and glass products do.Primary metal industries _doFabricated metal products© .doMachinery, except electrical._ .doElectrical equipment and supplies. ..doTransportation equipment©. ...doInstruments and related prod.© doM iscellaneous manufacturing do
Nondurable goods. do.Food and kindred products doTobacco manufactures doTextile mill products .doApparel and other textile products doPaper and allied products... ...doPrinting and publishing ...do.Chemicals and allied products .doPetroleum and coal products ...doRubber and plastics products, nec__.do.Leather and leather products do.
Service-producing do..Transportation, comm., elec, gas, etc do..Wholesale and retail trade do..
Wholesale trade. do.Retail trade.. do.
Finance, insurance, and real estate do..Services. _do.
r Revised. P Preliminary. ©See end of notef for this page.tData have been revised to conform to the 1972 Standard Industrial Classification and
adjusted to March 1977 benchmark levels; consequently they are not comparable with pre-viously published data. For a discussion of the effect of these revisions, see "BLS Establish-ment Estimate Revised to Reflect New Benchmark Levels and 1972 SIC," in the October 1978
82,25667,177
82,25667,17747,53024,289
8093,833
19,64711,573
722463668
1,1791,5772,1791,8681,862
615439
8,0741,703
74914
1,312693
1,3381,071
202712253
57,9684,696
18,4924,677
13,795
4,45215,24915,0792,727
12,352
55,04014,110
55,04017, 729
6153,004
14,1108,291
616381533920
1,1941,4251,2271,284
375335
5,8191,154
60795
1,126519644615131557217
37,3113,993
16,2973,869
12,4273,385
13,636
85,76070,282
85,76070,28249,95125,381
8374,213
20,33112,159
751486696
1,2061,6532,3371,9661,956
654454
8,1721,694
73911
1,316702
1,1811,088
209748251
60,3804,858
19,3924,897
14,496
4,67615,97615,4782,754
12,723
57,53614,611
57,53618,576
6283,337
14,6118,727
644400554948
1,2551,5371,2901,351
401347
5,8841,147
58793
1,130528666624137587215
38,9614,088
17,0924,036
13,0563,556
14,225
82,72467,372
83,87168,55748,49224,648
6783,905
20,06511,917
754484689
1,1861,6252,2591,9231,917
632448
8,1481,706
74917
1,318699
1,1591,079
207737252
59,2234,758
18,9914,802
14,189
4,56315,59715,3142,736
12,578
55,02814,237
56,11417,954
4933,021
14,4408,569
650399553929
1,2341,4831,2671,326
386342
5,8711,156
59799
1,132523656618136576216
38,1604,028
16, 7373,958
12,7793,472
13,923
82,96267,363
84,18868,83848,69924,724
6843,901
20,13911,986
756487691
1,1931, 6382,2711,9351,928
635452
8,1531,705
74917
1,315699
1,1631,081
208738253
59,4644,782
19,0714,828
14,243
4,59115,67015,3502,736
12,614
54,98414,250
56,34818,016
4943,023
14,4998,620
650401551937
1,2471,4931,2761,332
388345
5,8791,158
59798
1,131525658620136578216
38,3324,044
16,8123,982
12,8303,494
14,982
83,89768,171
84,72669,29149,06124,927
6983,999
20,23012,041
752491692
1,1891,6392,2891,9511,944
639455
8,1891,718
76916
1,319703
1,1711,081
209744252
59, 7994,817
19,1694,854
14,315
4,60515, 77315,4352,739
12,696
55,71614,355
56,74418,198
5093,122
14, 5678,661
647405552933
1,2471,5071,2881,342
391349
5,9061,168
60798
1,134527663620137583216
38,5464,067
16,8944,007
12,8873,500
14,085
85,07569,309
85,41869,90149,61925,313
8674,164
20,28212,076
751491699
1,1921,6462,3091,9511,936
644457
8,2061,715
74911
1,330706
1,1741,085
210748253
60,1054,847
19,2524,872
14,380
4,62315,86615,5172,745
12,772
56,76114,444
57,26318,541
6553,288
14, 5988,676
646405558934
1,2511,5171,2841,337
394350
5,9221,167
59794
1,144530664624137586217
38,7224,094
16,9524,020
12,9323,516
14,160
85,79669,988
85,61870,05649,75925,341
8694,175
20,29712,093
745489700
1,1971,6522,3111,9521,942
649456
8,2041,701
75913
1,326709
1,1801,093
207747253
60,2774,847
19,3354,885
14,450
4,63715,89615, 5622,753
12,809
57,35814,534
57,42818,565
6593,303
14, 6038,685
639404557939
1,2571,5161,2831,344
397349
5,9181,154
60795
1,140535668628135586217
38,8634,086
17,0794,026
13,0533,523
14,175
86,80071,109
85,99670,39950,08325,473
8794,278
20,31612,109
747486701
1,1971,6452,3321,9621,929
654456
8,2071,702
76908
1,325709
1,1861,091
209749252
60,5234,881
19,4124,905
14,507
4,67015,96315,5972,772
12,825
58,28914, 737
57,65318,660
6633,401
14, 5968,683
641400558939
1,2501,5331,2841,327
402349
5,9131,152
61792
1,137535668628136587217
38,9934,109
17,1064,043
13,0633,546
14,232
85,92570,996
86,03370,47650,17425,501
8824,317
20,30212,138
743485698
1,1991,6432,3451,9771,937
660451
8,1641,688
73909
1,307710
1,1871,091
207749243
60,5324,827
19,4694,901
14,568
4,69015,98915, 5572,765
12,792
58,12014,476
57,70418,675
6673,439
14, 5698,694
637398554942
1,2451,5471,2931,328
407343
5,8751,142
58791
1,121535669628135587209
39,0354,051
17,1654,040
13,1253,565
14,254
86,13471,375
86,14970,61350,335
71,556
86,16370,71850,432
25,463 I 25,471887 887
4,298
20,27812,146
743481692
1,2051,6462,3511,9751,941
661451
8,1321,670
69903
1,309698
1,1881,089
209746251
60,6864,846
19,5234,905
14,618
4,70716,07415,5362,765
12,771
58,43714,532
57,77118,619
6683,419
14,5328,693
636394549947
1,2451,5441,2931, 336
405344
5,8391,124
54785
1, 127523667623136584216
39,1524,066
17,2144,042
13,1723,579
14,293
4,298
20,28612,166
744480692
1,2141,6502,3581,9721,943
662451
8,1201,665
70907
1,309697
1,1781,088
209744253
60,6924,855
19,5464,917
14,629
4,71916,12715,4452,752
12,693
58,63714,877
57,86118,629
6713,422
14,5368,706
636395548953
1,2481,5501,2901,337
406343
5,8301,122
56790
1,124522657624137581217
39,2324,064
17,2284,053
13,1753,591
14,349
87,30371,745
86,57371,13050,69425,670
8934,341
20,43612,305
748484696
1,2201,6672,3911,9871,991
665456
8,1311,667
71907
1,307692
1,1851,089
210752251
60,9034,92219,6324,94514,687
4,73716,16915,4432,76012,683
58,77114,878
58,15118,795
6753,465
14,6558,816
641398551960
1,2641,5761,3011,370
408347
5,8391,122
57790
1,123519663624137589215
39,3564,129
17,2884,075
13,2133,603
14,336
87,80072,097
87,036' 71,564' 50,963
25,872903
4,368
20,60112,410
759487701
1,2351,6842,4042,0012,010
671458
8,1911,693
71910
1,307700
1,1981,093
210761248
61,1644,947
19,7014,968
14,733
4,77416,27015,4722,757
12,715
59,06314,803
58,57618.974
6833,488
14,8038,909
649400556976
1,2801,5811,3121,393
412350
5,8941,148
56795
1,123525672627138598212
39,6024,150
17,3724,093
13,2793,635
14,445
' 88,054' 72,367
' 87,281' 71,810' 51,081' 26,030
'904' 4,397
' 20,729' 12,491
' 765491707
'1 ,240'1,697' 2,425'2,011' 2,021
'676'458
' 8,238'1,711
72910
'1 ,312'705
'1,203'1,097
211' 771
246
' 61,251' 4,967
' 19,697'4 ,995
' 14,702
' 4,789' 16,327' 15,471
2,734' 12,737
' 59,323' 14,927
' 58,780' 19,114
'682' 3, 513
' 14,919' 8,985
'654403561981
1,291' 1,603' 1,320' 1,407
'416'349
' 5,934' 1,166
' 5 8' 7931,124'531'676
630139
'607210
' 39,666' 4,155
' 17,355'4,109
' 13,246' 3,644
' 14,512
' 86,236' 70,716
' 87,465' 71,984' 51,172' 26,099
'908' 4,379
' 20,812' 12,553
'770494
' 7051,2391,705
' 2,445'2,025' 2,029
'682'459
' 8,259'1,714
72'910
'1,317'708
'1,209' 1,101
'211'773'244
' 61,366' 4,962
' 19,797' 5,007
' 14,790
' 4,811' 16,315' 15,481' 2,743
' 12,738
' 57,673' 14,794
' 58,842' 19,149
'688' 3,461
' 15,000' 9,039
'659'405'560'980
' 1,293'1,618' 1,333'1,418
421'352
'5 ,961'1,171
58'794
' 1,130'535
681'634' 140'609'209
' 39,693'4,156
' 17,404'4,116
' 13,288' 3,663
' 14,470
86,44170,703
87,76672,28051,395-26,149
9164,348
20,88512,635
777494714
1,2471,7092,4612,0392,052
688454
8,2501,709
72909
1,307709
1,2151,102
212775240
61,6174,998
19,9275,021
14,906
4,82816,37815,4862,742
12,744
57,64714,821
59,10319,193
6953,424
15,0749,127
664406568990
1,3041,6381,3491,433
429346
5,9471,157
57790
1,122538687637141612206
39,9104,191
17,5314,132
13,3993,674
14,514
issue of Employment and Earnings, available from the U.S. Government Printing Office,Washington, D.C. 20402.
©Effective October 1978 SURVEY, includes data formerly shown separately under ord-nance and accessories.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS S-15
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. p Feb.?
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEKf
Seasonally Adjustedf
Avg. weekly hours per worker on private nonagric.payrolls:^ Seasonally adjusted! hours.
Not seasonally adjusted d o . . .Mining d o . . .Contract construction do. - .Manufacturing: Not seasonally adjusted do . . .
Seasonally adjusted d o . . .Overtime hours d o . . .
Durable goods do..Overtime hours do.
Lumber and wood products do.Furniture and fixtures do.Stone, clay, and glass products do.Primary metal industries do.Fabricated metal products© do..
Machinery, except electrical do.Electrical equipment and supplies do.Transportation equipment© do.Instruments and related products© do.Miscellaneous manufacturing ind do.
Nondurable goods do.O vertime hours do..
Food and kindred products do.Tobacco manufactures do .Textile mill products do.Apparel and other textile products do.
Paper and allied products do.Printing and publishing do.Chemicals and allied products do.Petroleum and coal products do.Rubbcr and plastics products, nee do.Leather and leather products do.
Trans., comm., elec, gas, etc do.Wholesale and retail trade do.
Wholesale trade do_Retail trade do_
Finance, insurance, and real estate do.Services do.
AGGREGATE EMPLOYEE-HOURS
Seasonally Adjusted
Employee-hours, wage & salary workers in non-agric. establish, for 1 week in the month, season-ally adjusted at annual ratef bil. hours.
Total private sector doMining doContract construction doM anufacturing doTransportation, comm., elec, gas doWholesale and retail trade doFinance, insurance, and real estate doServices do
Government do
115.4100.2133.4105.898.098.797.1
126.0105.9123.0120. 6123.1131.3138.8
120.2105.1135.9118.2101.8104.298.2
130.6108. 6126. 8126.0127.1138.0144.0
116.299.3
105.6100.398.9
100.596.5
127.9107.0123.7123.1123.9134.3141.7
Indexes of employee-hours (aggregate weekly) : ffPrivate nonagric. payrolls, total 1967=100
Goods-producing doM ining doContract construction doManufacturing do
Durable goods doNondurable goods d o ] . . .
Service-producing doTransportation, comm., elec, gas do . .Wholesale and retail trade do.
Wholesale trade do.Retail trade d o ! . . .
Finance, insurance, and real estate doServices do.
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker:^Not seasonally adjusted:
Private nonagric. payrolls dollars 5.24 5.68 5.47Mining do . . 6.94 7.61 6.91Contract construction do 8.09 8.62 8.34Manufacturing do 5.67 6.16 5.97
Excluding overtime do 5.73Durable goods d o . . 6.06 6.57 6.35
Excluding overtime do 6.08Lumber and wood products do 5.09 5.59 5.39Furniture and fixtures do 4.34 4.67 4.55Stone, clay, and glass products do 5.80 6.31 6.04Primary metal industries do 7.40 8.19 7.86Fabricated metal products© do 5.90 6.33 6.11Machinery, except electrical do 6.25 6.75 6.53Electrical equipment and supplies do 5.39 5.82 5.66Transportation equipment©. do 7.28 7.89 7.59Instruments and related prod.© . do 5.29 5.70 5.54Miscellaneous manufacturing ind. .do 4.36 4.69 4.58
' Revised. v Preliminary. \ Production and nonsupervisory workers.t See corresponding note., p. S-14. © See corresponding note, p . S-14.
36.043.436.540.3
3.4
41.03.739.839.041.341.341.0
41.540.442.540.638.8
39.43.240.037.940.435.6
42.937.741.742.741.036.9
39.933.338.831.636.433.0
156.31126. 671.837.28
40. 969.7432.148.4426.2829. 64
35.843.436.740.4
3.6
41.13.8
39.739.341.641.841.0
42.040.342.140.938.8
39.43.2
39.838.240.435.6
42.937.641.843.540.937.1
40.032.838.831.036.532.8
162. 55132.02
1.898.03
42.4710.1233. 268.87
27.3830.53
35.535.142.834.339.239.83.5
40.43.7
39.338.440.041.440.3
41.139.741.640.438.0
38.83.2
39.737.640.333.7
42.537.441.643.140.236.5
40.032.738.730.936.333.0
157.83127. 87
1.507.03
41.439.87
32.518.64
26. 8929.96
35.735.343.235.639.640.13.7
40.74.0
39.640.040.941.640.7
41.840.040.940.638.3
39.13.3
39.738.340.335.5
42.537.441.642.839.836.4
40.132.738.730.936.332.9
159.13128.81
1.537.19
41.8910.0432.618.66
26.8830.32
117.1100.9106.8104.2100.1101.997.4
128.4107.7124.2123.9124.4135.1141.8
5.496.938.325.985.736.376.095.394.556.047.966.136.595.687.605.594.57
36.035.843.736.940.440.63.7
41.33.9
39.940.141.841.541.3
42.340.642.141.339.0
39.73.3
40.038.940.836.0
43.438.042.143.340.737.1
40.433.038.931.236.333.0
161.30130.93
1.597.62
42.5310.1233.098.42
27.2630.36
119.1103.6111.3111.5102.0103.999.2
129.8109.1125.9125.3126.1135.4143.3
5.526.958.406.005.756.406.125.404.566.087.940.196.615.687.695.604.60
36.135.844.037.340.440.83.8
41.44.0
40.240.142.041.541.4
42.340.442.441.439.1
39.83.4
40.138.740.936.3
43.537.942.043.641.338.1
40.033.039.031.236.733.0
162.90132. 21
1.988.10
42.5710.1133.228.84
27.3930.69
120.4106.0144.2118.8102.5104.299.9
130.5108.7126.4126.0126.6137.5144.1
5.597.628.396.035.796.446.165.434.596.187.986.256.615.707.745.624.63
35.935.743.436. 640.440.43.5
41.03.7
39.539.441.641.741.1
42.140.241.840.8
39.53.2
39.838.740.535.9
42.937.341.942.941.137.6
40.232.938.731.136.332.9
162.48131. 79
1.967.94
42.4410.1533.218.78
27.3030.69
120.0105.1143.1117.1101.0103.598.9
130. 5109.0126.8125.2127.3136.2143.8
5.627.648.526.075.826.476.195.494.616.258.046.276.635.737.755.654.64
35.936.243.437.340.840.53.6
41.23.7
40.039.541.941.841.0
42.340.242.040.838.8
39.43.1
39.639.640.335.8
42.937.541.943.441.137.4
40.132.838.831.036.532.8
163.31132. 60
1.988.36
42.4910.1833. 368.88
27.3430.71
120.6106.0144. 0122.8101.7103.898.7
130.7109.4126.8126.1127.0137.9143.9
5.657.698.566.115.856.526.235.664.666. 338.106.296.705. 757.815.654.66
35.936.343.037.340.340.53.6
41.23.8
39.839.341.741.841.0
42.240.742.140.738.8
39.43.2
39.838.640.235.8
42.937.641.843.940.937.2
39.632.938.731.136.632.8
163.47132. 56
1.998.39
42.549.93
33.428.94
27.3530.92
120.6106.1143. 5124.2101.6104.098.1
130.7106.5127.4125. 7128.0139. 0144.1
5.697.828.636.175.926. 576.295.714.686.378.196.326.735.837.845.704.70
35.836.243.637.140.440.3
3.4
41.03.6
39.339.041.642.040.9
41.840.441.841.039.0
39.33.2
39.537.740.435.6
42.737.441.944.340.937.1
39.932.838.830.936.532.7
162.91132. 29
2.038.29
42.2210. 0533.388.93
27.3930.62
120.4105.4145.7122.8101.0103.597.2
130.8107.7127.2126.1127.7139. 2144.1
5.717.798.726.165.906.576.285.684.726.408.310.356. 745.877.785.734.70
35.836.043.037.040.740.4
3.6
41.13.8
39.638.841.841.840.9
41.940.142.540.939.0
39.43.2
39.537.940.435.7
42.737.841.843.841.037.2
40.132.839.030.936.532.8
162.93132.61
1.998.26
42.3010.1133.478.96
27.5230.32
120.8105. 5144.4122.6101.2103.997.2
131.4108.2127. 5127.1127.7139.6145.1
5.827.948.876.285.996.716.395. 754.766. 468.426.456.885.948.045.764.74
35.935.943.036.940.640.5
3.6
41.23.9
40.139.041.842.140.8
42.040.342.640.933.8
39.33.2
39.936.740.335.2
42.637.741.943.941.037.1
40.132.938.931.036.632.8
163. 68133. 51
2.018.32
42.6010.2133.669.01
27.7030.18
121.6106.5145.2123.8102.1105.597.2
132.0109.9128.2121A128.5140.5145.0
5.867.978.886.326.046.766.445.774.786.488.426.496.945.968.215.794.77
35.835.843.336.840.940.7
3.7
41.44.0
40.139.241.942.341.1
42.240.442.940.938.8
39.63.2
40.037.440.435.7
43.137.942.144.241.136.8
40.032.838.830.936.3S2.7
165.19134.22
2.068.33
43.1410.2733. 639.03
27. 7630.97
122.4108.0148.0124.3103.7107.198.8
132.3110.2128.4127.6128.7140.6145.6
5.888.058.886.386.106.816.495.764.806.538.526.547.005.988.275.834.80
35.936.1
'•43.7'37 .2
41.440.7
3.8
41.54.1
40.1'39 .2
42.042.241.4
'42 .540.542.9
M0. 938.8
39.53.3
40.0'38 .1MO. 4' 35. 6
42.737.6
'41 .843.7
'41 .2'36 .7
'40 .032.938.931.036.3
'32 .5
165.53134.89
2.078.51
43.5110.3533.649.05
27.7630.63
122.9' 109.1' 149.1' 126. 5' 104. 6' 108. 3'99 .1
' 132. 5' 110. 3' 128. 7' 128. 5' 128.8' 140. 9' 145. 4
'5 .91'8 .05'8 .91
6.476.186.926.59
'5 .794.86
'6 .578.566.627.136.108.40
' 5. 95'4 .86
35.735.2
'43 .5'36 .0'40 .1'40 .7
3.8
'41 .44.2
'40 .0' 39 .1' 41 .3' 42. 2' 41.2
'42 .1'40 .6'43 .0'41 .2'39 .0
'39 .63.2
' 40 .1'36 .8'40 .9' 3 5 . 3
42.937.742.0
'44 .2'41 .5'36 .9
'40 .032.438.730.5
' 36 .332.6
165.68134. 89
2.048.38
43.5810.4133.619.10
27.7830.79
'122.4' 108. 6' 149. 7' 120. 6' 105.1' 108. 7'99 .9
' 132. 0' 110. 4' 127. 4
128.0' 127.1
141.7' 145.4
5.95'8 .20'8 .96'6 .48
6.22'6 .90
6.60'5 .81'4 .89'6 .55'8 .58'6 .59
7.07'6 .12' 8. 33'5 .97'4 .92
35.735.443.336.440.240.6
41.44.239.538.841.541.841.3
42.540.742.841.238.8
39.43.239.636.340.135.4
43.037.842.044.941.436.5
39.732.638.830.736.232.6
123.0109.0150.6120.7105.4109.799.2
132.8110.5129.0128.9129.0141.7145.9
5.978.218.976.506.236.936.625.824.936.578.666.637.136.148.326.044.94
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-16Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
iVKY O F KEN I 13U
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Marclt 1979
1979
Jan.*> Feb. P
LABOR FORCE, EMPLOYMENT,
HOURLY AND WEEKLY EARNINGS—Con.
Avg. hourly earnings per worker, private nonagric.payrolls. Not seas. adj. %—Continued
M anufacturing—ContinuedNondurable goods . . . dollars
Excluding overtime doFood and kindred products -. -do. - .Tobacco manufactures doTextile mill products... . doApparel and other textile products...doPaper and allied products doPrinting and publishing _.. . do. . .Chemicals and allied products doPetroleum and coal products.. . . doRubber and plastics products, nee - .do._ .Leather and leather products do
Transportation, comm., elec, gas _. doWholesale and retail trade . do . .
Wholesale trade doRetail trade do
Finance, insurance, and real estate . doServices.. . - . . . . . - do
Seasonally adjusted:!Private nonagricultural payrolls do
Mining . __ do. . .Contract construction doManufacturing . . . . .doTransportation, comm., elec, gas doWholesale and retail trade doFinance, insurance, and real estate doServices . . . . . . . do
Indexes of avg. hourly earnings, seas, adj.: If tPrivate nonfarm economy:
Current dollars 1967=1001967 dollars A - - do . . .
Mining _ _ . . . . _ .doContract construction doManufacturing . . . . . do . .Transportation, comm., elec, gas -doWholesale and retail trade doFinance, insurance, and real estate doServices . do
Hourly wages, not seasonally adjusted:Construction wages, 20 cities (ENR): cf
Common labor, $ per hr .Skilled labor . do
Farm (U.S.) wage rates, hired workers, bymethod of pay:
All workers, including piece-rate $ per hr . .
Workers receiving cash wages only .doWorkers paid per hour, cash wages only..do . . .
Avg. weekly earnings per worker, Ifprivate nonfarm:t
1967 dollars seasonally adiimteH ASpendable earnings (worker with 3 dependents):
1067 dollars seasonally adiiisfpfl ACurrent dollars, not seasonally adjusted:
Private nonfarm, total dollarsMining _ doContract construction doManufacturing ... . . .. . do ..
Durable goods doNondurable goods - - -do
Transportation, comm., elec, gas doWholesale and retail trade . .. - -do
Wholesale trade do . .Retail trade do
Finance, insurance, and real estate do ..Services _ _ do
HELP-WANTED ADVERTISING
Seasonallv adjusted index 1967=100
LABOR TURNOVER
Manufacturing establishments:Unadjusted for seasonal variation:
Accession rate, totalmo. rate per 100 emplovees.
New hires doSeparation rate, total _. do
Quit. _ _ doLayoff-.. . do
Seasonally adjusted:Accession rate, total . _ do
New hires . . . . doSeparation rate, total do . . .
Layoff do
WORK STOPPAGES O
Industrial disputes:Number of stoppages:
Beginning in month or year number.
Workers involved in stoppages:Beginning in month or year. . thous.In effect during month d o . . .
Days idle during month or vear do . . .
5.10
5.375.623.983.625.966.116.437.825.173.416.994.275.393.854.544.65
5.246.948.095.676.994.274.544.65
196.8108.4214.8194.3199.4213.2189.5180.7197.9
9.4612.56
2.872.823.06
7.481
188.64301.20295.29228.50248. 46200. 94278. 90142.19209.13120.11165.26153.45
118
4.02.83.81.91.2
' 5,506
' 2, 040
' 35,822
5.53
5.806.274.293.946.526.477.018.605.503.907.544.665.884.194.904.99
5.687.618.626.167.544.664.904.99
212.6108.9238.5206.8215.7230.1206.5194.6212.5
10.0813.36
3.073.023.223.10
203.34330.27316.35248.86270.03217.88301.60152.85228.14121.66178.85163.67
149
4.13.03.82.1.9
4,300
1,600
39,666
5.385.185.636.034.173.856.276.336.788.415.343.807.344.545.674.104.764.89
5.466.848.305.937.344.514.724.86
206.0109.8219.7198.8208.1223.8199.9187.7207.0
9.7713.01
3.183.143.403.18
193.83103.32
173.2792.36
192. 00289. 53275.22234.02252. 73205. 52289. 20146.19217.73120.08173.26.160.39
138
3.82.53.61.51.2
4.2
3.13.89 O
. 9
217r 394
62318
5,286
5.385.175.686.064.163.856.326.346.828.575.333.847.374.545.664.104.764.91
5.496.928.355.987.384.504.714.87
206.6109.4221.0200.1209.4224.9199.7187.3206.8
9.7813.03
195.99103.81
174.9392.65
193.80297. 30287. 87236.81256. 71208.21294.80146. 64217. 34122.36173.26160.56
139
3.22.23.11.4
.9
4.0q n3.82.0
. 9
247449
45329
4,802
5.395.195.696.304.173.896.326.376.838.505.323.867.344.565.694.114.764.91
5.546.948.476.017.404.554.754.90
208.3109.5222.5203.0211.0225.6201.5188.9208.7
9.8213.04
199.44104.86
177.5293.33
197. 62301. 63304. 92242.40263. 04212. 37294. 33149.11220.20122. 88172. 79161.05
141
3.72.63.51.8
. 9
3.9q (\3.82 01.0
287527
90367
4,842
AND
5.425.215.736.334.173.916.336.376.878.535.363.877.454.605.784.144.844.95
5.617.638.476.057.494.604.844.95
210.3109.6237.1203.5212.2228.4203.5192.3210.5
9.8313.04
3.093.053.223.08
202. 52105. 59
179.8393.76
200.12332. 23310. 43243. 61265.33213. 55296. 51150. 42224. 26127. 26177.14162.36
146
4.02.93.52.0
.7
4.23 14.02.2
. 9
395670
118190
2,097
EARNING S—Cont inued
5.445.245.756.414.193.896.376.386.938.525.433.887.454.615.784.154.854.95
5.627.668.596.087.504.604.844.94
211.0109.1237.3206.0213.5229.2204.0192.4210.4
9.8713.09
201.76104. 21
179.2692.69
200. 63331. 58312. 68245. 23265. 27213. 79297. 26150. 75223. 69133. 57176. 06161. 37
144
4.73.63.62.1
. 7
4.0q n3.92 11.0
484835
130307
2,670
5.485.265.756.614.203.926.516.426.968.525.473.897.474.625.814.164.894.93
5.667.718.656.127.524.634.894.96
212.3108.8239.8207.6214.7229.6205.2194.6211.5
9.9613.19
7.716
203.19104.20
180.3392.48
204. 53336. 05324. 42249. 29270. 58217. 56301. 04153. 38226. 59127. 40178. 49162. 69
147
4.83.83.82.2
. 7
3.9q n4.02 11.0
475859
114228
2,579
5.575.355.806.584.323.926.636.477.058.585.513.897.534.665.914.194.934.95
5.717.858.666.187.534.674.955.01
214.1109.1244.3207.9216.7230.4207.6196.9213.2
10.2613.55
2.932.903.063.00
204.99104.48
181.6892.60
206. 55337. 82329. 67248. 65268. 71220. 02301. 20157.04230. 49134. 08180. 93164.84
150
4.43.24.12.11.1
3.89 Q3.92 0
. 9
467810
177338
3,071
5.565.335.806.304.373.936.596.517.068.595.543.877.634.675.924.194.914.94
5.737.888.726.207.584.704.925.02
214.6108.7244.5209.2217.5231.2208.3196.0212.9
10.2713.61
205.13103.97
181. 7892.13
206. 70338.09330.49248.80268. 71220.18307.49156.45230. 88133.24179. 71164.01
151
5.34.15.23.4.7
3.89 ft3.71 9. 9
439774
198333
3,714
5.625.385.876.104.423.996.686.587.138.675.583.927.714.746.024.254.975.00
5.777.948.876.287.714.744.975.06
216.2108.7247.1209.9218.9233.3209.9198.2214.8
10.3113.66
20fi. 57103.86
182. 8691.94
209. 52345. 39332. 63255. 60277. 79223.68309.94Ic5. 47234. 78131. 33180. 91165.46
152
4.83.94.83.0
. 8
4.1q -i3.72 0
. 8
453785
448603
4,446
5.645.415.895.994.424.016.686.587.198.675.663.947.724.786.064.285.025.12
5.827.998.776.327.664.775.035.10
218.0108.8249.7210.6220.8234.0211.6199.8217.5
10.3313.68
3.183.113.343.20
208.94104.16
184. 6492.04
210. 37348. 29336. 55256.59279.19222.78309.57156.31236. 34131.82183. 73167.42
161
4.33.54.02.3
. 9
4.43 43.92.3
. 9
389775
106214
2,277
5.705.475.976.184.454.046.756.647.228.755.693.987.724.806.084.305.035.13
5.878.038.826.387.684.815.065.11
219.0108.5249.8211.4222.4234.7213.0200.8217.8
10.3413.72
210.15104.14
185.5591.95
210.15351.35323.60260.53283. 30226.46309. 20156.48236. 51131. 58182.59167.24
161
3.32.63.51.71.0
4.5S 53.92.2
. 8
290638
63199
1,776
5.755.52
'6 .02'6 .32
4.484.076.79
'6 .68'7 .28'8 .86'5 .75'4 .01'7 .82'4 .80
6.15'4 .31'5 .07
5.16
5.918.058.876.437.754.835.055.14
' 220. 7' 108. 6' 249.1' 212. 5' 224.1' 238. 3' 214. 6' 202. 0' 218. 9
10.3713.73
212.17104. 41
187.0692.06
'213.35»-350.18'330. 56
267. 86292. 7222t. 43r 314. 36
'158.88'240.47' 134. 90' 184. 04' 167. 70
165
' 2 . 31.7
' 3. 41. 31.3
' 4 . 43.5
' 4 . 12.2
. 9
157
49
1,440
5.81'5 .60'6 .10' 6 . 46' 4 . 5 1'4 .17'6 .80'6 .69'7 .31'8 .97'5 .81'4 .15'7 .79'4 .95
6.18'4 .46'5 .13'5 .23
5.948.178.946.437.784.915.075.21
222.3108. 3251.9
' 213. 5' 225. 3' 238. 0' 217. 6' 202.1' 221. 4
10.3713.76
3.373.333.603. 34
212. 06103. 34
188. 7191.96
209. 44r 348. 50r310. 91r 259. 85
281. 52226. 59r 306. 93
' 157. 91T 237. 31
133. 35'186.73r 169. 45
161
4.02.8
1.14.43.44.02.3
. 8
5.815 596.116.574.504.186.826.627.318.945.794.157.824.966.184.475.165.26
223.1
252.7215.3226.5239.0217.8202.8221.7
10.4013.79
213.13
189. 54
211. 34353. 03317. 54261. 30284.13226. 59309. 67159. 22237. 93134. 99187. 31170.42
'Revised. P Preliminary. f Production and nonsupervisory workers. AEarningsin 1967 dollars reflect changes in purchasing power since 1967 by dividing- by Consumer PriceIndex; effective Feb. 1977 SURVEY, data reflect new seas, factors for the CPI. tSee cor-
responding note on p. S-14. cfWages as of Mar. 1,,1979: Common, $10.40 skilled,©Revisions for 1975 are in the July 1976 SURVEY.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS S-17
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
UNEMPLOYMENT INSURANCEUnemployment Insurance programs:
Insured unemployment, all programs, averageweekly § 9 thous-.
State programs (excl. extended duration prov.)Initial claims thous..Insured unemployment, avg. weekly.._do
Percent of covered employment: AUnadjustedSeasonally adjusted
Beneficiaries, average weekly thous..Benefits paid § mil. $..
Federal employees, insured unemployment,average weekly thous.
Veterans' program (UCX):Initial claims do . . .Insured unemployment, avg. weekly.._do-._Beneficiaries, average weekly do . . .Benefits paid mil. $.
Railroad program:Applications thous.Insured unemployment, avg. weekly.-.do.--Benefits paid mil. $.
3,304
19,4882,647
3.9
2,1788,773.0
46
3548078
341.5
10421
99.8
2,428
17,9662,358
4.0
1,9448,225.5
34
2735354
247.3
13025
89.0
3,781
2,2723,191
4.63.6
2,520910.2
46
256971
26.0
1340
13.1
3,638
1,6923,273
4.73.6
2,753919.2
42
236965
22.6
1241
16.9
3,212
1,4422,901
4.23.5
2,6151,002.0
38
5960
24.5
3518.4
2,659
1,2112,379
3.43.1
2,140704.6
32
185255
19.7
322
10.4
1,2292,051
2.93.1
1,724638.9
29
204747
19.2
213
5.3
2,297
1,3491,962
2.83.1
1,653579.0
234546
18.2
115.9
2,581
1,6802,265
3.23.4
1,680557.8
31
244946
17.8
1616
3.9
2,394
1,3722,168
3.03.6
1,811677.4
32
255051
21.5
2833
1.5
2,064
1,0591,860
2.63.3
1,552521.0
5318.3
311.4
'1,999
1,2881,816
2.43.1
'1,455'519.7
34
4946
n»18.9
1523
1.0
2,148
P 1,4902,009
2.73.1
1P1,5395506
32
' P 2 248
r*>4819.5
1017
5.4
2,567
v 1,8822,421
3.23.1
1,881645.1
34
P 2 450
*>54"21.1
817
5.7
p 3,198
v 3,036
" 3 . 1
37
FINANCE
BANKINGOpen market paper outstanding, end of period:
Bankers' acceptances mil. $.Commercial and financial co. paper, total. _do-._
Financial companies do . . .Dealer p laced do . . .Directly placed do . . .
Nonfinancial companies do. - .Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:Total, end of period mil. $..
Farm mortgage loans:Federal land banks do
Loans to cooperatives doOther loans and discounts do
Bank debits to demand deposit accounts, exceptinterbank and U.S. Government accounts,annual rates, seasonally adjusted:
Total (233 SMSA's)O__I bil. $.New York SMSA do
Total 232 SMSA's (except N.Y.) do.6 other leading SMSA'sf do226 other SMSA's do.
Federal Reserve banks, condition, end of period:Assets, total 9 mil. 3
Reserve bank credit outstanding, total 9 _do..:_Time loans doU.S. Government securities do
Gold certificate account do
Liabilities, total 9 do.
Deposits, total doMember-bank reserve balances do
Federal Reserve notes in circulation do
All member banks of Federal Reserve System,averages of daily figures:
Reserves held, total mil. $._Required doExcess do
Borrowings from Federal Reserve banks. . .doFree reserves do
Large commercial banks reporting to Federal Re-serve System, Wed. nearest end of yr. or mo.:
Deposits:©Demand, adjustedo" mil. $..
Demand, total 9 doIndividuals, partnerships, and corp doState and local governments do..""U.S. Government doDomestic commercial banks do
Time, total 9 doIndividuals, partnerships, and Corp.:
Savings doOther time do
Loans (adjusted), total ©d" do__.Commercial and industrial do..""For purchasing or carrying securities doTo nonbank financial institutions do._.Real estate loans doOther loans _ do
Investments, total© doU.S. Government securities, total do
Notes and bonds.. . doOther securities . "do
'25,45063,97749,3228,926
40,39614,655
41, 713
22,1395,600
13,974
139,889
116,303265
102,81911,718
139,889
35, 55026,87093,153
1 36,47136, 297
i 1741558
120,472
200, 280143, 553
6,3463,744
29, 275
252,424
92,461121,400
324, 557125, 534
13, 63823,90474, 600
111, 547
113,93446, 11137, 24767,823
33,70082,23663,85712,35051,50718,379
47,344
25,5966,10215,646
153,151
123,4881,174
110,56211,671
153,151
36,97231,152
103,325
141,572141,447
U251874
i -615
113,248
203,092144,438
5,309981
34,086
258,061
77,865141,940
347,246134,03810,65524,16680,655
119,560
97,95335,549
3 32,43762,404
25, 25266,59451,0559,409
41,64615,539
42,179
22, 3516, 0x73
13, 755
134,925
109,849758
97, 00411,718
134,925
31,82219, 30190,159
38,18537, 880
305481
-144
.14,743
88,22634,1817,1072,105
27,983
252,425
92,562L20,910
!22,039.24,35912,98322,57375,241.09,149
.10,11344,61137,59865,502
25, 41167,11651,7859,34042,44515,331
42,663
22,5816,27713,806
134,500
110,235304
98,45011,178
134,500
30,80526,04790,703
36,73836,005
133405
-220
112,191
191,501136,2936,3772,74529,172
254,902
92,641122,262
323,040126,60912,61222,37075,897106,727
110,76344,96938,38065,794
26,18167,215•51,5628,972
•42,59015,653
43,632
22,9276,800
13,905
136,643
113,604332
101,57711,718
136,643
33,69727,90091,666
36,23135,925
306344
9
112,769
177,269128,408
5,6652,702
24,482
260,621
94,013126,550
325,163128,80511,52122,58976,788
107,664
109,90744,03837,71065,869
26,25670,70053,9839,693
44,29016,717
44,329
23,1856,939
14,205
\ uVf "Preliminary. i Average for Dec. 2 Data no longer available. 3 Seenote j on page S-18. ©See corresponding note on p. S-18. §Insured unemployment(an programs) data include claims filed under extended duration provisions of regular Statelaws: amounts paid under ihese programs are excluded from state benefits paid data.
Alnsural unemployment as % of average covered employment in a 12-month period.V includes data not shown separately. cfFor demand deposits, the term "adjusted"
288-330 O - 79 - S3
141,394
116,6211,750
103,50011,718
141,394
36,66328,32192,331
36,88036,816
64539
-432
112,127
188,146133,580
6,5103,714
26,886
261,462
93,202128,296
332,251131,65412,48122,93177,936108,708
112,41744,33539,53468,082
26,71471,90055, 89210,20145, 69116, 008
44, 666
23, 5266,63114,509
141,977
116.6071,167
102, 82611,718
141,977
33,64730,13594, 570
37,11936,867
2521,227-882
113,822
206,908144,8526,1441,325
35,975
265,176
93,405131,672
339,652134,60112,29623,02379,156117,686
111,29543,42538,50367,870
28,28972,88456,2779,83046,44716,607
44,926
23,8666,11414,945
148,127
124,4391,428
L10,14611,706
148,127
40,59527,92095,345
37,26237,125
1371,111-854
13,522
L87, 760.33,8236,1822,90927,540
266,884
92,88334,330
541,669L35,52812,33522, 99180,530.13,196
.10, 26342,74238,01167,521
27,57973,80956,63310,25846,37517,176
45,201
24,1525,74715,302
146,137
123,6071,127
108,88511,693
146,137
39,91028,46195,571
38,18938,049
1401,286
-1,003
116,955
L92,013138,2206,6321,444
28,213
267,169
91,857135,919
145,594L35, 46712,17223,52082,621.14,293
10,09742,84738,35067,250
28,31973,27356,23610,51145,72517,037
45,614
24,4675,63415,513
148,947
126,311954
111, 73911,679
148,947
40,77327,70596,534
37,66637,404
2621,147
14,813
.86,539
.35,1365,5921,031
27, 563
270,102
91,590L37,422
348, 636134, 98112,49023,57684,410.13,853
10,88842,77738,18768,111
27,95274,99457,37310,96646,40717,621
46, 051
24, 7605,642
15, 649
153,075
129,6751,365
115,27911,668
153,075
44,43026,83096,572
37,68937,614
751,068-802
113,870
191,858135,1285,8025,970
272,480
91,633139,485
353,784136, 71012,86524,022^85,882114,813
112,02042,91738,57969,103
30, 57978,51859,91711,219
18,601
46,729
25,0706,21415,445
156,320
.29,2661,207
15,32211,655
156,320
42,56326,26098,154
38,43438,222
2121,261
118,184
201,237142,470
6,7091,303
31,091
276,533
90,783.43,895
365,297139,87813,04824,69287,588.20,965
11,17641,48438,15669,692
32,14581,89062,58411,84250,74219,306
47,053
25,3556,38215,316
153,098
129,255813
13,30511,642
153,098
39,45231,91900,825
39,72839,423
305722
-232
14,248
.91,695
.38,6125,672954
29, 773
280,971
90, 044.48,290
366,087140,57310,97124,11988,929.25,474
11,49841,31738,18170,181
33,70082,23663,85712,35051,50718, 379
47,344
25,5966,102
15, 646
153,151
123,4881,174
L10,56211,671
153,151
36, 97231,152.03,325
41, 57241,447
125874
-615
13,248
203,092144,4385,309981
34,086
258,061
77,865.41,940
347,246L34,03810,65524,16680, 655.19,560
97,95335,549> 32,43762,404
••147,138
86,23266,45113,40853,04319, 781
48,374
26,0206,73215,622
49,351
26,3557,25515, 740
147,306
119,730 120,764' 4,366 1,604
101,279 103,48611,592 11,544
147,138
'34,666'29,93199, 354
'43,167'42,865
'302994
-580
.01,765
.76,356
.24,4815,3641,411
29,036
258,293
76,480.42,539
341,886131,60410,97923, 29781, 84924,743
98,84834,98431,05163,864
147,306
33,84529,280
40,82840,500
328973
-531
98,781
180,383126,0095,224862
31,681
257,738
76,023142,730
343,926133,89910, 28722. 98082,387115,230
100,58236,14031,73264,442
denotes demand deposits other than domestic commercial bank and U.S. Government, lesscash items in process of collection; for loans, exclusive of loans to and Federal funds transac-tions with domestic commercial banks and include valuation reserves (individual loan itemsare shown gross; i.e., before deduction of valuation reserves). ©Total SMSA's includesome cities and counties not designated as SMSA's. ^Includes Boston, Philadelphia,Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach. ^Corrected.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-18 SURVEY OF CURRENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
FINANCE—Continued
BANKING—Continued
Commercial bank credit (last Wed. of mo., exceptfor June 30 and Dec. 31 call dates), seas adj.:f
Total loans and investments© bil $LoansO . doU S Government securities doOther securities do
Money and interest rates:§Bank rates on short-term business loans:
Tn 35 center*? Dercent r>er annumNew York Citv do7 other northeast centers do8 north central centers do
8 southwest centers do
5 Discount rate (N.Y.F.R. Bank), end of year ormonth percent
Federal intermediate credit bank loans do
Home mortgage rates (conventional 1st mort-gages) :f
New home purchase (U.S. avg.) percent..Existing home purchase (U.S. avg.) do
Open market rates, New York City:Bankers' acceptances (prime, 90 days)_. .doCommercial paper (prime, 4-6 months).-doFinance co. paper placed directly, 3-6 mo.do
Yield on U.S. Government securities (taxable):3-month bills (rate on new issue) percent..3-5 year issues _ do
CONSUMER INSTALLMENT CREDIT |
Total extended and liquidated:Unadjusted:
Extended mil $Liquidated do
Seasonally adjusted:Extended, total 9 do
By major holder:Commercial banks doFinance companies doCredit unions doRetailers do
By major credit type:Automobile doRevolving doMobile home do
Liquidated total 9 do
By major holder:Commercial banks doFinance companies doCredit unions doRetailers do
By type of credit:Automobile doRevolving doMobile home do
Total outstanding, end of year or month: do
By major holder: 9Commercial banks doFinance companies. __ _ _ _ doCredit unions- doRetailers do
By type of credit: 9Automobile doRevolving.. . . doMobile home. _ _ do
865.4612.993.5
159 0
6.001 6.93
'8.8018.83
2 5.592 5. 602 5.49
2 5.2652 6.85
254,071218,793
230,829
112,37344,86837, 60523,490
82,91139,27415,141
967 3709.088 4
169 9
9.50
18.01
19.3019.36
2 8.112 7.992 7.78
2 7.2212 8.30
298,574253,508
275,640
136,18954,30945,93924,876
102,46847,05116,042
874.3622.492.5
159 4
6.37
7.34
8.938.95
6.866.796.69
6.4487.71
18,72519,426
21,983
10,5293,5732,9193,219
6,5417,960
447
19,546
9,0023,0512,4053,418
5,2157,545
398
230,126
112,77844,87737,40222,526
83,07538,79515,092
881 9625.497.5
159 0
6.50
7.48
8.968.99
6.826.806.74
6.4577.76
18,95918,538
22,758
10,7923,6983.0863,232
6,7308,147
405
19,896
9,1493,1472,4573,427
5,3977,698
389
•230,547
113,20545,09937,75821,869
83,82638,14315,070
888 8633.596.5
158 8
6.50
7.64
9.039.04
6.796.806.73
6.3197.76
24,61121,318
23,925
11,3823,8573,2823,438
7,0438,398
493
19,849
9,1693,1782,5173,228
5,4097,566
398
233,842
115,05045,60838,72421,639
85,75738,03415,149
904.8645.098.4
161 4
6.50
7.76
9.079.14
6.926.866.74
6.3067.90
23,98519,970
24,682
12,1024,1583,2573,337
7,4348,523
529
20,576
9.6553,2792,5873,279
5,6227,840
417
237,855
117,65446,46339,23621,570
87,74738,42615,287
917 9657.997.1
162 9
6.84
7.86
9.149.17
7.327.116.98
6.4308.10
26.89821,383
25,104
12,0674,1793,4843,408
7,5928,563
527
20,824
9,8073,3182,6353,273
5,7157,919
426
243,371
120,44047,58040,48121,744
90,35938,96715,396
92^.4661.298.4
162.8
7.00
7.94
9.239.27
7.757.637.41
6.7078.31
28,24421,750
25,565
12,3824,2233,4453,552
7,5959,062
510
21,358
9,9953,5992,6483,318
5,9538,107
440
249,865
124,08048,63741, 93621,813
93,36140,00115,532
035 9
672.099.7
163 5
7.23
8.05
9.349.41
8.027.917.66
7.0748.54
25,26621,234
25,022
12,1874,2613,2713,477
7,6528,700
509
21,556
10,0873,5902,7583,333
5,9418,100
426
253,897
126,61949,50242,35521,828
95,28940,55315,663
939.2677.297.0
165.0
7.43
8.18
9.459.55
7.987.907.65
7.0368.31
28,31322,596
25,669
12,2554.3483.3793,725
7,7449,028
531
22,037
10,4703,6122,7663,383
6,1408,291
452
259,614
129,62250,55843,49922,093
97,68741,62915,799
947.1684.496.3
166 4
7.83
8.27
9.509.62
8.548.448.18
7.8368.38
24,85921,086
25,537
12,1234,3723,3603,718
7,5429,006
494
21,857
10,4093.5252,7213,390
6,0108,384
422
263,387
131,40351,28044,32522,302
99,06242,42015,910
955.4693.794.3
167.4
8.26
8.38
9.609.68
9.329.038.78
8.1328.61
r 25,290r 22,845
25,758
12,1824,6053.4013,518
7,5018,846
604
22,384
10,5653,7422,7573,403
6,1268,500
579r 265,821
' 132,70251,98444.63522,464
100,15942,57915,925
966.3706.790.3
169.3
9.50
8.50
9.639.74
10.5310.239.82
8.7878.97
25.94622,079
26,214
12,4764,5123,5303,571
7,7879,176
486
22,115
10,5513,4942,7513,385
6,0328,511
411
26'J,445
133.90853,09945,30523,006
101,56543,52316,017
967.3709.088.4
169.9
9.50
8.70
9.769.85
10. 5510.4310.06
9.1229.23
- 27,47821,283
r 26,500
' 12,521* 4,679
3,5263,612
r 7,8339,424••502
22,100
10,4413,5812,7533,416
6.0538,555
431
' 275,640
' 136,18954,30945,939
r 24,876
p 102,468T 47,051r 16,042
9.50
9.16
'9 .92
r 10. 08
10.2910.3210.10
9.3519.36
22,60822, 902
25,544
12,1534,5473,2413,565
7,5459,417
369
22,483
10,8233,2062,8813,655
5,8658,984
329
275,346
136,45255,00445, 52623, 962
102, 89046, 51616,004
9.50
9.48
9.9110.12
10.0110.019.85
9.2659.16
r Revised, v Preliminary. 1 Average for year. 2 Daily average. 3 Data no longer available.©Adjusted to exclude interbank loans. § For bond yields, see p. S-21. f Beginning Jan. 1959,monthly data have been revised to reflect new seasonal factors and adjustment to bench marksfor the latest call date (Dec. 31,1975). Revisions are available from the Federal Reserve Board,Washington, D.C. 20551. JBeginning Jan. 1979 SURVEY, the consumer credit group has beencompletely restructured. Comparable data prior to Nov. 1977 are available from the FederalReserve Board, Washington, D.C. 20551. f Beginning Jan. 1973, data have been revised;revisions for Jan. 1973-April 1975 will be shown later. 9 Includes data for items not shownseparately.
NOTES FOR P.S-17:0 Data beginning Dec. 1978 reflect a reduction in number of banks reporting (from 317
to 171) and changes in consolidation basis as well as content of several asset and liabilityitems. Comparable data for earlier periods will be available later.
$ Beginning Dec. 1978, data include all investment securities; not comparable with thoseshown for earlier periods.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977
SURVEY
1978
Annual
OF iCURRENT BUSINESS
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
S-191979
Jan. Feb.
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:Receipts (net) mil. $..Outlays (net). do—Budget surplus or deficit (—) do
Budget financing, total doBorrowing from the public doReduction in cash balances do
Gross amount of debt outstanding.. do
Held by the public do....
Budget receipts by source and outlays by agency:Receipts (net), total mil. $_.
Individual income taxes (net) do....Corporation income taxes (net)— doSocial insurance taxes and contributions (net)
mil. $..Other do
Outlays, total 9 doAgriculture Department doDefense Department, military. __ doHealth, Education, and Welfare Department
mil. $..Treasury Department doNational Aeronautics and Space Adm doVeterans Administration do
Receipts and expenditures (national income andproduct accounts basis), qtrly. totals seas. adj.at annual rates :f
Federal Government receipts, totalf bil. $..
Personal tax and nontax receipts doCorporate profit tax accruals doIndirect business tax and nontax accruals.doContributions for social insurance do.
Federal Government expenditures, totalf__do
Purchases of goods and services do
National defense do.
Transfer payments _ doGrants-in-aid to State and local govts doNet interest paid _ doSubsidies less current surplus of government
enterprises bil. $..
Less: Wage accruals less disbursements..do
Surplus or deficit (—) do
LIFE INSURANCE
Institute of Life Insurance:Assets, total, all U.S. life insurance cos bil. $__
Government securities doCorporate securities _ do.Mortgage loans, total do.
Nonfarm _ do.
Real estate do.Policy loans and premium notes doCash do.Other assets do.
Life Insurance Agency Management Association:Insurance written (new paid-for insurance):
Value, estimated total. mil. $..Ordinary (incl. mass-marketed ord.)...doGroup. _ doIndustrial do.
MONETARY STATISTICS
Gold and silver:Gold:
Monetary stock, U.S. (end of period)...mil. $..Net release from earmark§ do._Exports _ thous. $..Imports _ do.
Production :1[South Africa mil.Canada .do . . . .
Silver:Exports thous. $.Imports. do..".Price at New York dol. per fine oz__Production:
United States thous. fine oz.
357,762402,802
1-45,040
» 45,0401 53,516-8,476
709,138551,843
357,762157,626
1 54,892
108,688i 36,556
402,802i 16,7381 95,650
147,455i 50,461i 3,94418,019
374.4
169.461.325.0
118.7
422.6
145.194.3
172.767.429.1
0
- 4 8 . 1
351.7223.56
171.6596.8588.01
11.0627.562.13
18.92
367,335242,842117,960
6,533
11,719426
1,042,625674,026
2 951.62 73.7
84,6453.54,818
4.623
27,519
401,997450,758—48,761
48,76159,106-10,345
780,425610,948
401,997180,988i 59,952
123,410137,647
450,758120,368103,124
162,809i 56,309i 3,980118,962
431.5
193.271.627.9138.7
461.4
153.899.5
185.476.935.5
9.7
.0
-29.9
389.0225.94190.98105.9395.56
11.7830.202.14
22.05
407,042279, 044121, 729
6,T "
11,671525
1,113,795903,023
955.5
2 119,125836,423
5.401
23,972
33,20136,918
-3,717
3,7176,027
-2,310
31,82178,546
33,20120,217
1,991
7,9982,996
36,9172,6898,123
13,1255,082315684
26,79533,787-6,992
6,9925,1081,884
739,650583,654
26,79510,6201,013
12,4272,736
33,787939
8,226
13,3783,601
3421,514
354.0223.88173.7097.1588.26
11.1427.69
1.6418.82
' 26,192r 18,068
7,681'443
11, 718262
195,11975,585
76.05.8
136,446* 4. 934
1,219
24,87940,004-15,125
15,1259,6565,469
747,844393,310
24,8795,2588,023
8,5603,037
40,0041,879
14,3873,386
3702,676
396.2
176.859.6
356.2724.09175.1597.4888.47
11.2227.84
1.4619.03
26,81719,282' 7,091
••444
11,718- 9
26,09232,347
76.45.5
10,73582,3844.936
1,893
42,34335,7246,618
-6,618-2,263-4,355
746,431591,048
42,34318,8838,850
11,8282,831
35,724781
8,315
12,7565,647
316556
26.5133.3
448.8
151.597.9
180.273.933.2
10.0
.0
-52.6
359.1124.03
176.9898.0288.82
11.2128.02
1.5719.27
36,588' 24,463' 11,545
580
11,7188
36,552138,032
80.66.4
7,936210,902
5.273
2,536
34,96136,670
-1,709
1,708-5552,263
'51,412>90,493
34,96114,2931,183
16,0923,395
36,6701,2298,870
13,8263,657
3611,751
363.2723.88
180.3798.5889.21
11.2728.251.48
19.44
31,74022,848' 8,320
'572
11,71841
90,620
82.86.2
13,665164,590
5.118
1,634
47,65738,6029,055
- 9 , 0555,40114,456
r58,804i95, 894
47,65720,30114,655
9,2873,414
38,602819
8,854
14,1426,837
3202,432
424.7
186.772.627.9
366.9424.27
182.3499.1989.67
11.5428.431.54
19.62
24,651' 8,569
••582
11,71819
32,67449,529
80.25.8
5,75829,9155.121
1,911
29,19436,426
-7 ,232
7,2323,1954,037
760, 203599,089
29,19414, 5901,785
9,5183,300
36,4261,3368,285
13,1225,180
324
137.6
448.3
147.298.6
180.775.9
10.0
.0
-23.6
369.8824.20
183.70100.0490.34
11.5428.65
1.4820.27
37,47224,49412,458
••520
11,70647
23,11882,745
78.56.0
6,19433,2065.316
1,8
35,04039,572
-4,532
4,5329,039
-4,507
773,340308,128
35,04014,7841,122
15, 5873,547
39, 5721,2009,552
14,4173,727320
1,528
374.4224.38187.18100. 6090.78
11.5628.84
1.4220.44
28,66021,028r 7,138
'494
11,69326
40,90632,994
81.15.9
6,07932, 2095.331
1,526
378.1224.71189.47101. 6091.65
11.5429.07
1.4520.28
• 32,685• 23,912' 8,255
'518
11, 67922
29,53871,754
82.85.8
12,46833,1055.495
1,434
42,59138,9353,655
3, 6552,8216,476
'80,425510,948
42,59120,8839,753
8,5153,439
38,9351,8658,811
14,4023,585344
1,440
441.7
199.773.628.2140.1
464.5
154.0
28,74542, 691
-13,946
13,9466,4847,462
'85,267517,433
28,74515,9221,684
7,8053,335
42,6911,6969,164
14,1035,714300
1,645
188.877.536.3
8.0
-22.8
381.0525.18190.61102. 3692.26
11.5829.29
1.4220.60
34,61622,48611,644
'486
11,66819
269,91758,454
83.6
18,34530,5725.575
2,456
33,22739,134
-5,907
5,9075,236
671
'91,563>22,669
33,22716,6091,048
11,9233,647
39,1342,6549,224
14,5123,990
3501,665
382.4525.66189.98103.1692.90
11.6929.52
1.4221.01
34,17225,007' 8,509
'656
11,6555
45,804121,231
79.8
12,47235,7165.918
2,045
37,47741,392
-3,915
3,9153,533
382
'97,694.26,202
37,47716,06610,386
7,7163,309
41,3922,8599,383
15,0177,479
3332,648
• 463.2
• 209.7
385.5626.01191,32104.1193.75
11.7129.82
1.4621.14
34,80124,321' 9,946
'534
11, 64223
207,13374,477
79.4
8,44429,9855.866
1,645
'28 .8r 144.0
'483.8
' 162. 5102.1
r191.980.338.1
'11.0
.0
-20.6
389.0225.94
190.98105.9395.56
11.7830.202.14
22.05
49,49728,48420,573
'440
11,67162
18,07875,253
74.3
5,53930,5565.928
3,870
32,11121,48010,200
432
11,59215
247,73653,828
8,87332,1586.255
1,467
7.418
' Revised. *» Preliminary. * Data are for fiscal year ending Sept. 30 of respectiveyear and include revisions not distributed to the months. Data for 1976 and earlier yearsare for fiscal year ending June 30 of respective year. 2 Reported annual total; revisionsnot distributed to the months. 9 Includes data for items not shown separately.
fData have been revised back to 1946 (see table 3.2 in the Jan. 1976 and July 1978 SURVEYSfor earlier data).
§Or increase in earmarked gold ( - ) . HValued at $38 per fine ounce from Jan. 1972-Sept.1973; at $42.22 thereafter. <= Corrected.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-20
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes areas shown inthe 1975 edition of BUSINESS STATISTICS
1977
SURVEY OF
1978
Annual
' CURRENT BUSINESS
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Marcti 1979
1979
Jan. Feb.
FINANCE—Continued
MONETARY STATISTICS—Continued
Currency In circulation (end of period) bil. $_.
Money supply and related data (avg. of daily fig.): ©Unadjusted for seasonal variation:
Total money supply -bil. $._Currency outside banks doDemand deposits _ do
Time deposits adjustedif doU.S. Government demand depositsif do
Adjusted for seasonal variation:<~>Total money supply do
' Currency outside banks _ do2 Demand deposits do
Time deposits adjusted^.. _.do
Turnover of demand deposits except interbank andU.S. Govt., annual rates, seas, adjusted:
Total (233 SMS A's)O..ratio of debits to deposits.New York SMSA _do.
Total 232 SMSA's (except N.Y.) d o . . . .6 other leading SMSA'stf1 do226 other SMSA's . . d o . . . .
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):Net profit after taxes, all industries mil. $._
Food and kindred products.. doTextile mill products doPaper and allied products doChemicals and allied products. . .do
Petroleum and coal products.. _doStone, clay, and glass products doPrimary nonferrous metal doPrimary iron and steel doFabricated metal products (except ordnance,
machinery, and transport, equip.) mil. $..
Machinery (except electrical) doElec. machinery, equip., and supplies do
Transportation equipment (except motorvehicles, etc.) mil. $._
Motor vehicles and equipment doAll other manufacturing industries . .do
Dividends paid (cash), all industries do . . .
SECURITIES ISSUED
Securities and Exchange Commission^Estimated gross proceeds, total A mil. $.
By type of security:Bonds and notes, corporate d o . . .
Common stock do..Preferred stock.. _ . .do. .
By type of issuer:Corporate, total 9 mil. i
Manufacturing do..Extractive (mining) .do..Public utility do
Transportation do.Communication do.Financial and real estate _ do.
State and municipal issues (Bond Buyer):Long-term do.Short-term _ __.do.
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of monthor year, total mil. $_
At brokers doAt banks.. _ do . . .
Free credit balances at brokers:Margin accounts do__.C ash accounts i do
103.8
327.484.8
242.6517.1
4.2
70,3665,575
8282,3678,060
12,1791,686
873
3,458
9,1315,383
1,9896,133
11,840
26,585
53,618
37,532
8,0343,393
48,95812,2252,58913,199
1,6414,353
11,565
45,06021,349
10,8669,993873
6402,060
114.6
353.093.2259.8580.35.4
46,21521,642
100.8
347.588.7258.8549.54.3
341.989.4252.5550.0
3,074
2,314
462171
2,947273328644
70519
1,023
3,2241,171
10,6909,839851
6601,925
101.4
335.989.0
247.0554.9
4.3
342.490.2
252.3555.9
2,409
1,821
388138
2,34771699465
4134912
2,6621,521
10,90110,024
877
6351,875
102.4
338.289.9248.2563.24.8
343.290.7252.5560.8
16,0641,236225563
2,020
2,549246191161
720
2,0671,387
4981,4712,730
6,392
5,642
3,872
674148
4,6941,229187
1,258
113291
1,311
4,4301,556
11,02710,172
855
6301,795
103.1
350.991.0259.9567.45.0
347.991.3256.6565.9
3,458
2,434
239235
2,908549142618
25235931
3,4894,915
11,42410,510
914
7152,170
105.4
345.591.9253.6574.14.0
350.792.0258.8572.2
4,889
3,157
649
4,196878100
1,885
2160
811
5,146985
()10,910(2)755
2,395
106.3
351.892.8259.0578.56.2
352.592.5
260.0576.8
22,1891,707343719
2,392
3,152655376791
1,167
3,0291,710
5062,0143,628
6,957
5,274
3,598
819586
5,0031,471334
1,244
209349
1,017
4,1221,870
11,332
7002,300
106.6
356.393.9262.4582.44.5
354.593.2261.3582.2
4,056
3,446
45157
3,954842370799
261353
1,115
3,6831,598
11,438
7102,295
107.6
354.494.2260.2587.53.6
357.093.9263.0587.5
3,260
2,353
625157
3,135721277875
87552375
6,0201,760
11,984
7952,555
107.7
359.094.9
264.1593.1
6.2
361.195.2
265.9593.7
20,4361,531311629
2,251
3,423759303642
2,4711,757
6751,0203,634
7,056
4,133
2,871
800127
3,798971168
1,338
123215561
2,2891,937
12,626
109.3
361.495.6
265.8597.6
4.3
361.695.8265.8597.9
4,768
2,550
1,42247
4,019495435
1,619
67290707
3,2721,273
12,307
112.1
363.097.2265.7605.08.0
361.096.6264.4608.8
3,413
2,436
577149
3,16284053761
457814
4,026978
11, 209
790' 2,305
114.6
371.699.1272.5609.910.2
361.597.5
264.1611.4
r 3,854"2,077
11,035
8352,510
110.7
365.797.4268.3615.512.0
359.998.2
261.7616.0
2,6951,596
352.097.6
254.4619.1
8.3
358.8
259.9620.6
2,5721,533
r Revised. v Preliminary. J Data no longer available. © Effective February 1976SURVEY, data revised to reflect; annual review of seasonal factors; regular benchmarkadjustment; effect of changes in check collection procedures (Regulation J); and adjustmentsto include new figures from internationally oriented banking institutions. Monthly revisionsback to 1970 are in the Feb. 1976 Federal Reserve Bulletin.
ifAt all commercial banks.
S25 8852,655 r % 465
©Total SMSA's include some cities and counties not designated as SMSA's.^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach. § Data revised back to 1973; no monthly revisions for 1973-7o araavailable. 9 Includes data not shown separately. ABeginning Jan. 1973, data excludenoncorporate bonds and notes formerly included.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS S-21
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds
Prices:Standard <fc Poor's Corporation:
High grade corporate:Compositec? dol. per $100 bond..
Domestic municipal (15 bonds) do
U.S. Treasury bonds, taxableif do
Sales:Total, excl. U.S. Government bonds (SEC):
All registered exchanges:Market value mil. $..Face value do
New York Stock Exchange:Market value do.Face value... do.
New York Stock Exchange, exclusive of somestopped sales, face value, total mil. $..
Yields:Domestic corporate (Moody's)§ percent..
By rating:
4,646.35
8.43
Aaa . . .AaA .Baa
By group:Industrials..Public utilitiesKailroads..
d o — .. do. . . do—
do--.-
dododo....
8.028.248.498.97
C OQ
pooo
c
W Q
OC
Domestic municipal:Bond Buyer (20 bonds) doStandard & Poor's Corp. (15 bonds) do
U.S. Treasury bonds, taxable ©__ do
Stocks
Dividend rates, prices, yields, and earnings, com-mon stocks (Moody's):
Dividends per share, annual rate, compositedollars..
Industrials __ doPublic utilities -doRailroads doN.Y. banks d o —Property and casualty insurance cos do
Price per share, end of mo., composite doIndustrials doPublic utilities doRailroads _ _..do
59.681.3
56.89
5.675.56
7.06
0)
4,554.01
9.07
8.738.929.129.49
9.228.64
6.075.90
55.677.9
51.26
57.280.9
53.74
372.15
8.74
8.418.598.769.17
8.608.878.20
5.635.60
7.50
56.981.8
53.09
283.80
8.78
8.478.658.799.20
8.658.908.32
5.635.51
7.60
57.082.0
52.90
378.68
8.80
8.478.668.839.22
8.668.938.41
5.695.49
7.63
56.379.8
52.15
408.75
8.88
8.568.738.939.32
8.729.058.49
5.895.71
7.74
55.577.2
51.34
451.17
9.02
8.849.05
8.849.198.60
6.195.97
7.87
55.275.7
50.91
410.47
9.13
8.768.959.189.60
8.929.33
6.296.13
7.94
54.575.2
49.97
348.52
9.22
8.889.079.339.60
9.059.388.70
6.126.18
8.09
56.177.0
51.32
459.78
8.969.189.48
8.959.218.72
6.165.98
7.87
56.177.6
51.67
393.73
9.04
8.698.929.119.42
8.909.178.68
6.095.93
7.82
54.777.4
50.11
392.14
9.20
8.899.079.269.59
9.039.378.74
6.225.95
8.07
54.376.6
49.54
334.59
9.40
9.039.249.489.83
9.219.589.01
6.296.03
8.16
53.373.8
48.38
320.23
9.49
9.169.339.539.94
9.319.679.15
6.616.33
8.36
52.874.6
47.97
329.73
9.65
9.259.489.72
10.13
9.449.859.21
6.226.25
8.43
52.675.1
47.97
235.52
9.63
9.269.50
10.08
9.429.849.22
6.426.19
8.43
(0
Yields, composite .percent--Industrials. doPublic rtilities... do.—Railroads do . .N.Y. banks d o —Property and casualty insurance cos do
(0
Earnings per share (indust., qrtly. at ann. rate;pub. util. and RR.,for 12mo. ending each qtr.):
Industrials dollars _Public utilities doRailroads do
0)
Dividend yields, preferred stocks, 10 high-grade(Standard & Poor's Corp.). percent..
Prices:Dow-Jones averages (65 stocks)
Industrial (30 stocks)Public utility (15 stocks)Transportation (20 stocks)
Standard & Poor's Corporation:cfCombined index (500 Stocks) 1941-43-10
Industrial, total (400 Stocks) 9 — do.. .Capital goods (111 Stocks). . . .do._.Consumer goods (189 Stocks) do. . .
7.61
301.7089-1.62110. 96225.16
08.20108.44106. 7985.27
Utilities (40 Stocks) do . . . .Transportation (20 Stocks)*. . . _ 1970=10
Railroads (10 Stocks) 1941-43=10.Financial (40 Stocks)* 1970=10
New YorkCitybanks(6Stocks).1941-43=10..Banks outside N.Y.C. (10 Stocks) do.Property-Casualty Insurance (6 Stocks).do
'Revised. i No longer available. § Revised yields by rating for Jan. 1974-Nov. 1975will be shown later.
& Number of issues represents number currently used; the change in number does not
54.2314.0649.9411.6347.3498.23
112.42
282.59817.17104.24221.80
96.02106.16104.3884.80
51.6413.8145.3511. 5343.70100.99106.96
7.92
273.04781. 09106. 97209.90
90.2599.34• 99. 4280.14
52.4013.1346.1310.4640.3290.14101. 86
7.99
267.80763. 57104.32208.14
97.9596.2579.11
51.6012. 9144.6910.3338.7489.5699. 37
8.07
265.75756.24105.48204.50
88.8297,6593.1278.68
51.7212.7043. 6110.5038. 6690.36101.01
8.06
276. 65794. 66105.85214. 50
92.71102. 0797.8682.69
52.1613.3044.7711.2042.0497.09107. 52
8.11
288.45838. 56104.85225.96
97.41107. 70104.6986.84
51. 7114.0146.0511.8745. 20102. 28107.88
8.31
288. 53840.26105. 48224.33
97.66107. 96106. 3687.51
52. 2513.8844. 9211.8744. 85101. 70108. 43
8.42
287.85831. 71105.54227.06
97.19107. 39105. lfi86. 68
52.3214.0043.9711. 7543. 02100. 70106.90
8.26
306. 73887. 93108.51248.96
103.92114. 99115.1992.45
53.3515.4147.2612. 8548.02113.19117. 48
8.24
305. 26878. 64106. 67250. 25
103. 86115.11113.9491.30
52. 5415. 4048.1912. 7048.01114. 25115. 64
8.29
294. 58857. 69103.88234. 64
100. 58111.56111.3788.00
51.2814.6247.6312.2348.13
111.80110. 98
8.43
261.61767.7393.93
202.30
94. 71105.23103.3881.71
49.0413.1743.5611.2143.6199.93
101.35
8.84
274.87807.9499.38
211.12
96.11100.92105.8282.53
49.3213.1043.3711. 3043.19
100. 78105.07
8.79
283.85837.39102.24216.85
99.71111. 15112.0884.42
50.3313.4644.4511.6844.12
102. 32108.73
8.77
280.06825.18103.75210.41
98.23109.49110.6681.80
50.7413.0844.9211.2841.9197.54
108. 22
affect continuity of the series.sumed 3 percent 20-year bond.
9 Includes data not shown separately. * New series.
% Prices are derived from average yields on basis of an as-O For bonds due or callable in 10 years or more.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-22 SUEVEY OF CURRENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—ContinuedNew York Stock Exchange common stock indexes:
Composite 12/31/65=50..Industrial doTransportation _ _ doUtility doFinance do
Sales:Total on all registered exchanges (SEC):
TVTnrVpr valnp mil $Sharps <?old millions
On New York Stock Exchange:Market value mil. $Shares sold (cleared or settled) .millions. .
New York Stock Exchange:Exclusive of odd-lot and stopped stock sales
(sales effected) . millions..
Shares listed, N.Y. Stock Exchange, end of period:Market value, all listed shares bil. $Number of shares listed millions..
53.6957.8641.0840.9255.25
187 2037 023
157, 2505,613
5,274
796. 6426,093
53. 7058.2343. 5039.2256.65
249,2579,602
210,4267,618
7,205
822. 7427,573
49.8953.4539.1539.0950.91
14 442568
12,334462
428
750. 4526,153
49.4152.8038.9039.0250.60
11.889482
9,990387
369
737. 5526, 276
49.5052.7738.9539.2651.44
15 794639
13,289510
498
760. 3126,388
51.7555. 4841.1939.6955.04
20,335802
17, 316650
696
820. 7026,411
54.4959.1444.2139.4757.96
27,3671,041
23,486848
776
829.6326,588
54. 8359. 6344.1939.4158.31
24, 391923
20, 557744
671
818. 9526, 736
54.6159. 3544.7439.2857.97
18, 318669
15, 229534
541
864.1326,940
58. 5364.0749. 4540.2063.28
30, 4521,099
26,123895
865
890.5727,012
58.5864.2350.1939.8263.22
27.342r 1, 136
22,302790
672
883.8527,152
56.4061.6046.7039.4460.42
22,016801
18,476639
682
792. 0327, 243
52.7457.5041.8037.8854.95
20,091788
17, 248637
515
811.6027,401
53.6958.7242.4938.0955.68
16,820654
14,078522
493
822. 7427,573
55.7761.3143.6938.7957.59
616
858.6527,626
55.0860.3742.2739.2156.09
476
828.7927,726
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports, totalcf mil. $..
Excl. Dept. of Defense shipments doSeasonally adjusted © do
121,212.3
121,150.4
By geographic regions:Africa. doAsia doAustralia and Oceania doEurope ..do
Northern North America do.Southern North America do.South America do.
By leading countries:Africa:
Egypt. doRepublic of South Africa do
Asia; Australia and Oceania:Australia, including New Guinea doIndia... _ doPakistan doMalaysia _ do
Indonesia do.Philippines do.Japan do.
Europe:France.. __ doGerman Democratic Republic (formerly E.
Germany) mil. $._Federal Republic of Germany (formerly W.
Germany) mil. $._
Italy doUnion of Soviet Socialist Republics doUnited Kingdom.... do
North and South America:Canada _ do.
Latin American Republics, total? doArgentina doBrazil.... doChile "do."."Colombia... doMexico _ doVenezuela do
Exports of U.S. merchandise, totald*. doExcluding military grant-aid do
Agricultural products, total doNonagricultural products, total do
By commodity groups and principal commodi-ties:
Food and live animals $ mil. $_.Meats and preparations (incl. poultry)_doGrains and cereal preparations.. do
Beverages and tobacco ..do
Crude materials, inedible, exc. fuels 9 doCotton, raw, excl. linters and waste.._]do""Soybeans, exc. canned or prepared. doMetal ores, concentrates, and scrap. do
5,545. 0'31,435.82,876.5
'37,304.2
'25,791.48,676.59,283.5
982.41,054.4
2,375. 6778. 6292. 7-560.7
763.2875.9
10,528.9
3,503.2
36.1
•5,988.8
•2,789.61, 627. 55,950.9
-•25,788.1
16,371.1731.1
•2,489.8520. 2782.0
4,806.13,170. 5
119,005.5118,943.723,671.0" ':, 291.8
14,115.7796.9
8,754.8
1,846.8
13,086.31, 529. 54, 393. 21,197. 0
1143,659.9
•143,574.6
5,885.539,628.23,462.1
43,614.9
28,373.111,026.510,989.5
1,134.11,079. 6
2,941.9947.9495.7728.4
751.41,040.0
12,885.1
4,166. 3
170.4
6,956.9
3,360.42,252. 37,118. 7
28,371. 6
20,182.7841.8
2,978. 3724.6
1,040. 00,680. 53,726. 9
141,154.2141,008.929,400.9111,747.2
18,333.2957.8
11,634.0
2,292.9
15,552.81,739.65,210. 41,838. 9
19,366.9
19,364.419,863.7
372.12,463.4
224.43, 010.1
1,858.1691.7747.1
55.367.0
191.272.717.249.6
79.357.4
743.2
271.2
13.9
447.1
211.7155.2550.5
1,858. 0
1,304.456.0
234.832.665.2
379.3256.9
9,216. 69,214.11,943.57,273.1
•1,132.763.8
657.1
1 138.0
•1,049.8157.6323.0105.9
9, 518. 5
9, 514.69,945.0
415.82,578.5
203.02, 996. 0
1,945. 5729.7649.5
82.675.6
172.890.147.052.4
70.584.7
869.4
294.1
9.5
462.5
217.3197.3488.4
1, 945.1
1,263.346.5
165.035.459.9
425.4214.7
9,341.79,337. 82,008.17,273. 6
1,271.562.2
819.8
168.0
1,063. 4145.6334.284.8
12,079.4
12,074.211,146.5
529.33,366.1
253.23,723. 9
2, 412.0898.4896.0
111.481.5
209.875.972.959.7
69.179.4
1,015. 9
325.3
5.6
625.4
280.6241.7635.1
2,411.9
1,631.653.0
237.838.581.7
515.2336.0
11,835.811,830.52.519.49.316.4
1, 465. 775.3
920.1
213.6
1, 337. 5203.8431.5112.5
12,069.7
12,064.211,630.4
582. 73,174. 2
233.23,846. 8
2, 451.8867.7840.0
129.691.5
193.075.846.854.8
57.676.6
969.9
340.8
2.2
544.3
299.2308.3791.2
2, 451.8
1, 562. 660.5
224.142.587.4
505.0301.5
11,859.611,854.12, 508.09,351. 6
1,472.878.1
942.7
144.3
1,388.6182.8513.3149.9
12, 494.6 12,487.3 10,944. 7 11,621. 8 12,714. 4 13,157.4
12,478.912, 477.3 10, 934.11,786.0 12,268.2 11,661.5
510.5 567.1 544.43,297.0 3,390.2 3,209.4
293.6 289.7 j 256.82,726.0 3,690.2 3,076.2
0 11
2, 654.7926.4970.8
75.294.5
249.765.835.556.6
55.290.0
1,009.3
325.1
18.8
493.2
291.8356.5533.7
2, 654. 6
1,729.270.0
266.056.273.3
535.2357.0
12,250.012,234.32,729. 39,520. 7
1, 684. 277.6
1,168. 0
143.6
1,466.5143.8583.4149.5
2, 612.6922.7932.2
118.989.5
243.2128.830.258.4
89.391.8
1, 046.1
338.6
21.5
518.3
342.5265.4574.2
2, 612.5
1, 708.255.1
262.464.478.4
547. 9338.6
12,271.712,261.72, 639.89, 631.9
1,737.174.1
1,193. 0
141.5
1,353.9154. 2468.2162.3
1,995.5868.9927.9
110.776.1
219.484.716.372.6
59.288.2
1,046.7
280.1
.3
472.7
258.0170.9460.6
1,995.4
1,662.773.3
275.776.373.3
543.3289.6
10,780.010.769.42,133.88,646.2
1, 540. 604.8
1,008.5
161.6
992.5132.2238.6152.0
, 613.12,293.7
435.23.346.8
200. 03,467.7
2,143.8909.9901.6
80.890.7
216.470.140.059.4
53.887.3
1,092.3
415.2
11.5
542.2
222.6103.0534.0
2,143.8
1, 720.567.5
251.869.581.0
597.9292.3
11,429.311,421.42.391.19.038.2
1,716.290.7
1,107.2
213.3
1,083.4153.7271.9162.1
9 12,
486.6 510. 23,589.0 3,583.3
355.8 I 354.73,829.2 3,786.4
2.397.0 '2,806.0956.6 1,033.1
1,047.4 981.2
1,713.113,274.2
13,153. 612,901.1
13,672.3
13,055.4
86.792.2
312.580.754.870.9
50.288.8
1,193.5
395.5
15.4
802.0
275.197.0
575.9
2,396.9
1,843.776.2
278.677.296.1
598.8375.9
12,505. 712, 504. 42.208.010,237.7
1,645.793.2
1,049.2
176.9
1,111.9114.4262. 0179.8
86.6118.0
296.649.048.969.5
60.087.1
1,248.9
373.9
17.2
668.4
302.090.5
593.1
2,805.9
1,853.983.1
239.170.7
122.7003.2316.3
12, 926.412, 922. 62,005.810,260.6
1, 597. 994.4
937.8
251.3
1,470.484.7
593.2170.6
13,532.9
13,531.013,450.6 13,282.5
427.33,720.0
433.24,308.4
2,583. 71,109.61,023.5
90.6
382.763.621.158.0
48.1109.3
1,369.1
431.4
30.6
694.7
286.579.4
761.5
2.583.6
1,952. 379.3
289.271.1
111.1705.3327.6
13,433.513,410.52.806.710,626.8
1,513. 795.0
885. 2
281.1
1,678.4112. 5696.7201.4
12,561.3
12,558.13,133.3
504.33,910.3
303.94,154. 0
2,512. 31, 051.61,072.6
115.6112.3
254.784.764.966.4
53.199.6
1,280. 8
375.2
23.7
685.4
373.0121.2620.6
2,512.1
1, 950.5121.3253.890.3
116.1663.9320.4
13,303.913,302.12,738. 310,565.6
1, 555. 288.6
945.4
259.7
1,556.5154.3493.7202.1
12,352.512,349.4
1,313.3
135.4
1,550.4
Revised. i Beginning Jan. 1978, data are based on a new classification system and in-clude nonmonetary gold: the overall total and the commodity groups (but not the items with-in tne groups) have been revised back to Jan. 1977 to reflect these changes. d" Data maynot equal the sum of the geographic regions, or commodity groups and principal commodities,because of revisions to the totals not reflected in the component items!
9 Includes data not shown separately. 0 Effective Feb. 1979 SURVEY, seasonally ad-justed data have been revised to reflect sums of commodity components; comparable dataprior to Dec. 1977 will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS S-23
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan . Feb.
FOREIGN TRADE. OF THE UNITED STATES—ContinuedVALUE OF EXPORTS—Continued
Exports of U.S. merchandise—ContinuedBy commodity groups and principal commodi-
ties—ContinuedMineral fuels, lubricants, etc. 9 . . . m i l . $ . .
Coal and related products doPetroleum and products ._ _. .do
Oils and fats, animal and vegetable do. .
Chemicals. . . .do. .
Manufactured goods 91f doTextiles doIron and steel doNonferrous base metals do
Machinery and transport equipment, totalmil. $..
Machinery, total 9 doAgricultural doMetalworking doConstruction, excav. and mining doElectrical do
Transport equipment, total doMotor vehicles and parts do
Miscellaneous manufactured articles do
Commodities not classified do
VALUE OF IMPORTS
General imports, total _ . . . ._doSeasonally adjusted ©... do
1,871.1730.3
4,405.510,285. 318, 520. 011,796.5
8,233. 9
4,313. G
147,f85.0
By geographic regions:Africa.AsiaAustralia and OceaniaEurope
Northern North America. .Southern North Am erica. _South America
. . d o . . . .
. . d o . . . .
. . d o . . . .
. . d o . . . .
. . d o . . . .
. . d o . . . .
. . d o . . . .
By leading countries:Africa:
EgyptRepublic of South Africa
do .. . d o . . . .
Asia; Australia and Oceania:Australia, including New Guinea doIndia doPakistan . . . d o .Malaysia doIndonesia doPhilippines dol.ilJapan do.
Europe:France d o . . .German Democratic Republic (formerly E.
Germany) rr>j]. $_Federal Republic of Germany (formerly W.
Germany mil. $Italy d o . . .Union of Soviet Socialist Republics doUnited Kingdom do. . I
North and South America:Canada d o . . .
Latin American Republics, total 9 d o . . .Argentina d o _ I ~Brazil doowl.* :.:::::::doi:::Colombia doMexico 11 Idol IIIVenezuela .I.III.doIIII
By commodity groups and principal" commodi"ties:
Agricultural products, total mil. $Nonagriculiural products, total IZIZI.do'.-II
Food and live animals 9 doCocoa b e a n s . . . doCoffee I.IIIIIIdoIIIIMeat^ and preparations do
Sugar do
Beverages and tobacco do
Crude materials, inedible, exc. fuels 9 . doMetal ores doPaper base stocks ~_~a0Textile fibers doRubber IlllllllllllldoIIII
Minerals fuels, lubricants, etc do
4,183.62, 730. 41,275. 6
1,308.7
10,812.3
10,857.01,958.91,660.51,058.4
50,247.6
32,516.6
3,878.32,122. 61,561.3
1,521.3
12,618.4
12,466.02, 225. 41 713'. 91,047. 8
59,270.4
37, 022. 32,151.51,188. 4
681.86,966.9
22, 248. 013, 234. 9
10,190.9
5, 030, 0
Petroleum and products ZIIIIIZIIII Zdo 1111
Oils and fats, animal and vegetable. doChemicals " " " d o
Manufactured goods 9 ^ _ doIron and steel . doNewsprint doNonferrous metals doTextiles V.IIIIIIIIIIIIIHIIIIdoIIII
17,120. 949, 312. 01,727.28,801.5
29, 617.811,689.49,389.8
170.01,261.1
•1,266.2•• 776. 0r 56. 0
•1,318.2•3,475.1•1,109.5• 18, 549.1
3, 032. 4
16.7
7,238.33, 036.7' 452. 9
5,141.0
•29,598.6
16,450. 3r 392.3
2, 240. 5
' 89L 44,694.2
•4,084.4
13, 538. 3133,278.4
12,557.8485. 5
3,860. 91, 273. 21,079.1
1,669.4
8,486.22, 234. 41,252. 4
225.1650. 3
44.537.241,526.1
530. 74,970.4
21,367 05, 804.41,871.83, 938.41, 772. 4
9 16,
1 188. 952.8
115.8
196.0
« 830. 2
1 829. 9142.7113.059.5
13,852.0
2,465. 2132.886.361.1
467.01,386.8
903.3
665.6
433.6
172,025.5
\, 898. 318, 300. 32, 351. 0
37, 987.4
33, 5fO. 612, 622. 610, 307. 5
105. 02, 258. 9
1, 728. 3979.583.7
1,518.13, 606. 91, 206. 9
24, 457. 8
4, 053. 7
35.2
9, 960. 84,102. 5
540. 36,513.3
33, 529. 4
18, 560.1563. 3
2,831.3385. 3
1,043.96, 092. 83, 545.1
14, 960. 8157,064.7
113,520.6667. 0
3, 727. 81, 856. 0
723.0
12, 221. 4
1 9, 333. 62, 850. 21,154.2
247.8684.7
'42,105.239,108. 9
1511.16, 427. 4
27,237.37, 259. 32,100. 75,121. 92, 200.1
141.037.186.4
97.2
883.2
848.4140.6120.272.5
3, 641.9
2,546. 5174.482.758.7
483.81, 395. 4
948.2
689.6
237.5
12 717 7 13,286.413,102.6 14,259.5
1,388.2 1,325.34 234.1 4, 565. 8
121.5 178.02 759.7 2,875.1
2,360. 31,047.1
1.0126.5
96.863.65.3
86.4209.981.7
1,784.4
290.9
4.0
767.2274.025.4
457.4
2, 360.2
1, 485. 830.0
227.338.670.7
498.1295. 8
1, 239. 911,477.8
»1,126.968.9
414.4107.652.2
1 138.1
1 650. 4183.695.020.441.2
13,422.23,149.4
1 29.3•418.9
1,982.9493. 0159. 7404. 5201.4
2,562.9 2,806.21,022.0 1,067.5
756. 5 942. 4
165.224.5
119.4
141.5
1,031.1
1, 067. 7173.4136.084.6
5,144.4
3, 289. 7222.9113.166.5
597.41, 854. 71,181.6
878.5
390.4
14,547.314,004.1
284. 5134.7137.6
145.4
971.3
988.7171.1129.073.3
5, 098. 2
3,127. 9224.5112.459.8
587.71, 970. 3
1, 203. 7
854.6
511.1
363. 6235.1112.9
119.3
1,018. 7
1,100.4192.9146.686.2
5,132.2
3, 239. 3221.285.262.7
616.21, 892. 9
1, 247. 3
908.8
312.8
424.0289.8121.1
132.1
1,063.4
1,092. 5189.7152.888.6
5,075. 2
Z, 088.0196. 3102.456.4
591.11,987.1
1,201.9
857.2
395.0
321.7180.2118.9
130.7
1,077.2
939. 5164. 2129.480.7
4,486. 8
2,912.3166. 392.551.2
549.11,574.5
873.2
777.9
351.6
335.4181.7139.1
120.9
1,149.1
1,024. 7180.9149.386.1
4, 599. 8
2,933. 3146.0102.847.5
581.81,000.4
878.5
855.9
330.6
14.486.0 14,199.2 14,514.5 14,703,9 14,021.014,491.5 14,008.5, 13,970.3 14,544.7 14,132.6
1,409.8 1,407.24,702.6 ;4,924. 2
174. 9 209. 63,443.1 3,285.3
154.4
136.273.13.4
96.6290.490.4
1, 842.4
301.3
1.5
775.2243.620.8
506.1
2, 562. 6
1, 396.841.6
199,535.289.1
446.6249.4
1, 245.112,041.3
1,111.467.0
380.9124.632.4
162.4
657.2199.091.218.840.7
3, 502. 33, 241. 3
46.6472.7
2,195.4669.4152. 7443.8159.7
15.6186.4
128.5110.5
6.0141.6312.986.6
2,103.7
361.8
4.8
876.6360.6
566.4
2,802.4
1,592. 841.7
216.231.190.3
451.0411.0
1, 405. 713,141.6
1, 257. 592.2
383.6148.443.6
174.7
768.5218.591.721.862.5
3,431.23,194. 2
46.0604.2
2. 780. 31, 008.2
870.6
2.0141.7
152.490.8
7.2121.6338.5
95.42,181. 9
376.3
4.1
875. 3344.657.1
553.8
2, 777. 6
1, 509. 349.7
231. 656.066.3
460.9343.7
1, 346. 713,139.4
1,161. 553.3
345. 0171.014.5
201.5
712.4177. 584.023.272.8
3,513. 53, 246. 4
42.7611.6
1,310.5 1,261.2 1,355.6 1,430.74.640.3 5,01o.7 ,5,148.7 5,153.2
192.4 | 201.7 198.4 | 170.83,088.5 3,155.7 3,421.2 3,140.0
I !3,049.8 2,991.2 2,605.3 2,376.21.074.4 1,074.1 1,049.9 1,005.2
842.5 816.3 864.2 741.1
2,334.1 2,383.0rno n r* r* r* r~593. 9177.1465.1191.6
666. 5177.2480. 6199.5
10.5189.4
139.788.0
7.7120.1225.196.5
2,010.1
361.2
3.5
758. 6335.4
13.6568.1
3.4146.3
143.878.3
7.4154.9358. 597.6
2,048.9
316.3
1.2
780.8357.746.1
597.6
2,217.2 2,065.5
3,047.4 2,988.4
1,546.8 1,507.8
940. 3 839.4376.2 ! 391.0
21. 6 54. 6553.0 537. 7
2,664.7 2,372.8
54. 5256.039.568.9
511.8268.4
1.290.5
47.3215.235.781.4
480.5
1.168. 312,908.7 13,346.1
1,143. 454.8
285. 8155. 359.7
189.2
841.4233.1108.919.4
3, 234.12, 954. 0
51.5583. 9
2 359.3538. 4190. 0509. 8188.3
1,045.938.8
256. 5155.069.2
212.7
769.8230.885.321. 947.2
3,471.53, 235. 3
46.7547. 2
2,301.0516. 4194.1494. 9186.1
8.9148.6
139.281.69.2
119.4346.4101.8
1.7169.1
137.991.7
6.5149.8314.9103.9
396.1
2.5
321.6
4.1
1,538.752. 6
265. 232.170.4
471. 5260.0
1.192.9
1,378.243.1
176. 718.985. 6
495. 4248.3
1 021.213,511.0 13,002.8
1,126.146.8
259. 9153. 2110.4
177.4
788.0236.891.728.643.0
3, 380.1
924.043. 5
210.1125. 759.8
170.2
817.4266.991.023.764.3
3, 677.13,140.7 3,448.8
49.4546.9
43.0514.9
2,418.3 2,218.6030.8 1 637.9195.7 I 172.5
356. 5176. 2
433. 2192.2
348.0170.7
150.8
156.3
., 197. 9
., 132. 5202. 5149. 7119.1
5,142.1
3,211.4148.489.049. 0
024. 41, 930. 7
1,124. 4
891.3
703.0
14.416.914,819.7
1,465.4\ 089. 6
234.22, 904. 6
2, 759. 41,056.8
906.6
15.3228.1
166. 583.6
6.6143. 5291.5118.1
2,064. 8
278.7
2.0
704.8320. 023.1
529.8
2,757.9
1,571.950. 0
207.825. 7
111.5521. 0329.6
1,107.913,309.1
1, 048. 923.0
238. 0158. 597.1
168.2
829.3279.988.917.172.8
3, 698. 93,471.8
30.2537. 9
2, 215. 4593. 9104. 7344. 3175.3
422.1250.1152.7
113.9
, 085. 0
,120.8212. 0164.388.2
5, 586. 4
3,358.1158. 4100.050.7
628.42,228.31,330.3
953.6
325.1
465.9317.8137.3
121.0
, 174.4
, 134.3230.9149.0104.4
, 497. 3
3,296.7167.3100.452.3
603. 52, 200. 61,207.2
936.0
631.3
15,118.3 15,054.914,851.6
1,425.0i, 092. 3
209.93,321.3
3,116. 91,024.0
928.0
4.8208.0
155.185. 010.2
120.330o. 9110.9
2,120.4
337.6
2.7
836.4343. 2110.5576.8
3,115.5
1, 039. 049.8
283. 932.7
124.1531. 2271.4
1,231.013,887.3
1,152. 240.4
329. 5175. 305. 4
211.5
831.2272.7104.017.252.7
3,491.63, 200.2
40.9541.4
2, 344. 5019. 2180.1422.0184.2
14,824.7
1,637.74,863.0
252.93,293. 9
3.030.41,075.7
900.9
14.1349.8
190.275.87.9
125.9277.3109.9
2,024. 6
349.3
2.2
910.3375.537. 5
533. 8
3,028.7
1,643. 947.5
264.822.8
104.6583. 0272.5
1. 302. 213, 752.'
1,168. 763.7
317.0199. 259.4
209.6
843. 2307. 3111.321.046.5
3,536. 23, 301. 6
51.7512.5
2,373. 4738. 5178. 0384.1175.7
417.9230.3163.3
147.0
, 137.0
, 186.7224.0174.7104.7
., 714.2
3, 553.8193.0121.500. 0
030. 32,100. 3
1,135.4
921.9
407.9
14.956.315,031.8
1,481.64,872.8
200. 03,298.8
3,051.51,117.6
932.4
27.2210.7
142.256. 9
6.4138.8335. 6114.2
1,993.9
145.8
, 235. 6
1,121.5
362.6
2.2
896. 0374.231.9
532.8
3,051.1
1, 749.149.0
287.317.080.9
641.1308.2
1,409.313,547.0
1, 254.174. 5
300. 5182.159.4
205.9
806.9244.1111.214.874.4
3,746. 33, 465. 2
33. 0535. 3
2,111.5555. 5158. 8383.1170.0
350.2
5,040.4
873.2
15,846.316,231.
1,278.3
204.8
812.7
4,228.0
532.2
2,255.8
r Revised,arately.
1 See corresponding note for p . S-22. 9 Includes data not shown sep- \ Manufactured goods—classified chiefly by material.© See corresponding note on p. S-22.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-24 SURVEY OF CURRENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
FOREIGN TRADE OF THE UNTTED STATES—Continued
VALUE OF IMPORTS—Continued
General imports—ContinuedBy commodity groups and principal commodi-
ties—ContinuedMachinery and transport equipment . . . .mil . $ . .
Machinery, total 9 doMetalworking doElectrical do
Transport equipment do
Automobiles and parts do
Miscellaneous manufactured articles do
Commodities not classified do
Indexes
Exports (U.S. mdse., excl. military grant-aid):Unit value _ 1967=100..Quantity doVa lue . . . do
General imports:Unii value doQuantity doValue do
Shipping Weight and Value
Watprborne trade:Exports (inel. reexports):
Shipping weight thous. sh. t ons . .Value. . mil. $ . .
General imports:Shipping weight . . thous. sh. t ons . .Value mil. $ . .
36,406.817,663.8
433.58,432.0
17,829.915,842.0
13,809.4
3,335.7
' 210.2r 183.1' 384.7r 269.9r 200.8' 541.9
274,41365,376
612,798103,037
M7,625.624,404.0
946.75,170.8
23,221.620,631.2
'19,062.1
>3,981.1
p 231.5p 198.8P 460.3
p 292.7p 220.1P644.4
'3,392.71,619.9
69.3335.0
1,772.71,556.6h 1,227.9b 328.4
P219. 9164. 1360. 8
280.7203.6571.6
18,1444,947
44,640
3, 573. 21,751.8
67.8349.8
1,821. 41,574.6
1, 293.7
253.5
P219.6p 162.8P357.5
281.2212.8598.3
18,9305,108
45,9529,132
4,050.71,979. 7
75.2407.7
2,071.01,854. 8
1,511.1
369.2
P 219.4p 211.1p 463.3
289.4226. 4655.2
21,7126,431
47, 2009,680
4, 085. 52,003. 1
73.8408.4
2, 082. 31, 854. 4
334.8
p 223.0p 208.2p 464.2
290.3224.5651.9
24,1426,313
47,6819,838
4.020.42,011.6
80.5411.5
2.008. 81,776. 3
1,460.0
316.0
p 224.0p 213.9p 479.0
292.6218.4639.1
28, 0576,912
47,1769,400
4.132. 92, 073.3
69.5446.4
2, 059. 61, 840. 3
1, 651. 5
335.2
p 232.2P206.8P408. 1
293.6222.3652.7
29,4876,842
47,8409,657
4,108.22,217.6
86.4465.2
1,800. 61,676. 3
1,782.5
327.0
p 231.3182.3421.7
293.3225.1660.4
24, 9695,989
50, 70310,143
3, 578.52,046.5
91.0453.3
1,532.01,361.0
1,756. 5
323.6
P234.2p 190. 9p 447.2
295.0213.4629.6
26, 0016,385
53, 6529,880
3.832.02.077.1
82.1467.7
1, 754. 91, 547.1
1,751. 9
304.2
238.8205. 0489.6
294.3220.5649.0
26,2606,646
56,1969,780
4, 294. 62,277. 2
76.8494.0
2, 017.41,817. 8
1, 827.1
383.3
237.3213. 3506.1
296.3228.7677.7
26,5366,958
49, 8119,850
4,238. 32,162. 8
80.8451.1
2, 075. 51, 889. 0
1, 799. 9
321.4
p 248.1P211.7p 525. 3
303.9222.8677.0
4,318. 72,183. 3
93.5480.6
2,135. 41,891.2
1, 560.3
384.4
P250.7P207.8p 520. 9
300.9222.9670.6
4,515. 9
1,619.7
309.4
TRANSPORTATION AND COMMUNICATIONTRANSPORTATION
Air Carriers (Scheduled Service)Certificated route carriers:
Passenffer-mile"' (revenue) bilPassenger-load factor § percent . .
Ton-milps (revenue) totalU mil
Operating revenues (quarterly) 9 O mil. $..Passenger revenues doCargo revenues doMail revenues do
Operating expenses (quarterly)© doNet income after taxes (quarterly)© do
Domestic operations:Passenger-miles (revenue) . . bilOa,rs"o ton-miles milMail ton-miles do
Operating revenues (quarterly) O_ mil. $..Operating expenses (quarter ly)O.. . doNet income after taxes (quarterly)© do
International operations:Passenorer-mile (revenue) bilCargo ton-miles milMail ton-miles do
Operating revenues (quarterly)©. mil. $ . .Operating expenses (quarterly)©. doNet income after taxes (quarterly)© do
Urban Transit Systems
Passengers carried (revenue) milMotor Carriers
Carriers of property, large, class I, qtrly.:*Number of reporting carriers .
Net income, after extraordinary and prior periodcharges and credits mil. $..
Tonnage hauled (revenue), common and contractcarrier service _ mil. tons..
Freight carried—volume indexes, class I and IIintercity truck tonnage (ATA):
Common and contract carriers of property(qtrly.) cf . average same period, 1967=100
Common carriers of general freight, seas, adj.t1967=100..
Class I RailroadsAFinancial operations, qtrly. (AAR), excl. Amtrak:
Operating revenues, total© 9 mil. $Freight doPassenger, excl. Amtrak do
Operating expenses© doTax accruals and r en t s . . doNet railway operating income doNet income (after taxes)©. do
194.7556.2
26 100
19,92516,2741,719
39019, 017
731
156. 613,125
751
15,82115,165
497
36.612,302
397
4,1043,852
234
5,979
100213,853
2 452
217
166.2
20,11618,916
33716,3923,377
347284
181.03
7,636
181.7
16 6256.8
2,143
13.4223662
3.2022028
3 615
162.6
14 5155.1
1,948
12 0325160
2.4915827
610
175.9
18 4560.6
1,460
5,1154 226
43289
5,01163
15. 3230974
4,1514,053
67
3.1219933
964958- 5
691
1003,569
46
54
152
177.3
4,7504,440
854,905
-156-274
17 5859.9
2,344
14.3229368
3.2519332
616
192.5
17 9662.1
2,363
14.4629368
3.5017730
670
182.8
1
20.5167.6
2,630
5,7084 660
49290
5,258405
16.5330064
4,5564,205
311
3.9818728
1,1521,053
94
654
1004,139
153
61
167
178.5
5,7205,368
895,375
235203
22 4868.9
2,811
17.7428159
4.7319727
571
177.6
23.7071.1
2,972
18.9331665
4.7819328
619
177.6
19.0360.2
2,515
6,3085 230
52086
5,603629
14.7830865
4,9024, 406
433
4.2521129
1,4061,197
195
646
1004,166
154
58
160
184.3
5,3945,015
915,268
5328
p 18.81P 5 8 . 2
P 2 , 5 3 6
15.0332366
3.7823432
684
188.5
p 17.75P57.3
p 2, 414
14.4430967
3.1322637
652
— -
186.2
« p 14.03
609
197.1
« p 13.62 " p 13.03
r Revised. p Preliminary. i Before extraordinary and prior period items. 2 Annualtotal; quarterly revisions not available. 3 Beginning Jan. 1978, data are for total unlinkedpassenger trips; revenue passenger data no longer available. 9 Includes data not shownseparately. if Applies to prssengers, baggage, cargo, and mail carried. § Passenger-miles as a percent of available seat-miles in revenue service reflects proportion of seatingcapacity actually sold and utilized. CTotal revenues, expenses, and income for all groupsof carriers also reflect nonscheduled service. *New Series. Source: ICC (no comparabledata prior to 1972).
cf Indexes are comparable for the identical quarter of each year (and from year to year).AEffective 1976, defined as those with annual revenues of $50 million or more; restated 19//
data reflect changes. ©Natl . Railroad Pass. Corp. (Amtrak) operations (»ot included inAAR data above), 1975 and 1976 (mil. $): Oper. revenues, 235; 287; net loss, 353; 469 (ICC)
• Domestic trunk operations only (domestic trunks average about 90% of total domesticoperations). > See note 1 for p. S-22. t Effective Mar. 1977 SURVEY, revised back to1957 to new trading day and seas. adj. factors.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
VEY OF IJUKJbLEINT )1NEZ SIS
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
S-251979
Jan. Feb.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Class I Railroads A—ContinuedTraffic:
Ton-miles of freight (net), total, qtrly bil.Revenue ton-miles, qtrly. (AAR) do . . .
Revenue per ton-mile cents.Price index for railroad freight.. .1969=100.Passengers (revenue) carried 1 mile mil.
Travel
Hotels and motor-hotels:Restaurant sales index same month 1967=100.Hotels: Average room saleif ...dollars.
Rooms occupied % of total.Motor-hotels: Average room saleil dollars.
Rooms occupied % of total.Foreign travel:
U.S. citizens: Arrivals© thous.Departures© do . . .
Aliens: Arrivals© _ do . . .Departures ©._ do
Passports issued do . . .National parks, visits§_ do._.
COMMUNICATION
Telephone carriers:Operating revenues 9 _ _ mil. $.
Station revenues do._.Tolls, message do
Operating expenses (excluding taxes) d o . . .Net operating income (after taxes) doPhones in service, end of period mil.
Telegraph carriers:Domestic:
Operating revenues mil. $.Operating expenses _ d o . . .Net operating revenues (before taxes) do
Overseas, total:cfOperating revenues _do.. .Operating expenses .doNet operating revenues (before taxes) d o ~ .
826.22.289199.1
10, 295
13934.96
6524.65
70
8,2018,1986,4925,3643,10769,980
40,75418, 66716,31326,1207,298149.9
554.8439.686.9
396.9279.4108.4
856.2
213.1
15738.83
6828.45
72
8,9038,8837,8616,3253,23462,989
207.6
12438.43
6026.11
63
633592550450217
1,679
3,6401,6421,4872,302661
145.6
44.536.55.4
35.423.89.2
207.6
13938.32
6826.80
69
570586405325239
2,520
3,5851,6451,4062,248654
145.5
44.835.36.8
34.223.59.0
192.7188.5
"207." 7'
15738.09
6727 42'73
711721567420379
2,757
3,7881,6831,5702,447660
146.1
47.935.99.2
38.725.311.8
207.8
15539.37
7427.07
74
706662550420351
3,439
3,7151,6881.4692,335685
146.4
46.636.67.3
36.524.410.4
207.9
16439.83
7328.55
75
718804603496371
3,8201,6921,5742,470673
146.9
49.137.59.0
38.025.010.3
235.8203.4
208.2
16939.14
7228.91
785917686522380
8,232
3,8281,6941,5602,424702
147.2
48.137.58.5
39 225! 411.0
215.2
17436.77
6629.28
78
1,024858925545308
12,047
3,7831,6801.5262,356712
147.5
46.837.07.2
36.724.89.6
215.7
16338.39
6929.67
82
1,077901948844290
11,037
3 9241,7251,6362,532703
146.6
50.439.18.8
39.326.011.6
210.5
215.8
16038.20
7029.00
75
742910741698196
6,375
3.9421,7651.5732,527718
148.9
47.937.97.5
38.025.311.0
215.8
16742.06
7728.99
76
740624640539178
5,264
51.153.95.9
39.931.712.1
216.3
15439.30
6629.90
68
612593581517168
2,732
' 227.1
231.1
15538.02
5029.71
54
584714664548156
1,921
2 58.6
231.7
2211,574
2 61.6
2341,695
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:Aluminum sulfate, commercial (17% AI2O3)}
thous. sh. tons..Chlorine gas (100% Ch)t d o . . . .Hydrochloric acid (100% H Cl)} d o . . . .Phosphorus, elemental! doSodium carbonate (soda ash), synthetic (58%
NajO)} thous. sh. tons..Sodium hydroxide (100%NaOH)J doSodium silicate, anhydrous} . . .doSodium sulfate, anhydrous} doSodium trypolyphosphate (100% NasP30io)X
do....Titanium dioxide (composite and pure) f . . .doSulfur, native (Frasch) and recovered:
Production thous. Ig. tons..Stocks (producers') end of period do
Inorganic Fertilizer Materials
Production:Ammonia, synthetic anhydrous}
thous. sh. tons..Ammonium nitrate, original solution} doAmmonium sulfatef _ _ doNitric acid (100%HNO3)} d o . . . .Nitrogen solutions (100% N)} doPhosphoric acid (100% P2O5)} do. .Sulfuricacid (100% H2SO4)t doSuperphosphate and other phosphatic fertilizers
(100% PjO*):Production thous. sh. tons..Stocks, end of period do
Potash, deliveries (K3O)© doExports, total 9 do
Nitrogenous materials do l . l .Phosphate materials doPotash materials do.
Imports:Ammonium nitrate d o . . . .Ammonium sulfate doPotassium chloride doSodium nitrate dol "
1,16210,6642,568431
1,81210,481
7811,241
709679
» 9,3895,469
17,3987,454
* 1,9047,8772,6408,456
35,821
1,18510,8092,735
440
9,56339,584
6,699573
7 6,30923,108
1,16916,741
1,650
361327
8,229157
7,369492
6,8334 26, 249
* 2, 6234 16, 740
4 1,828
404326
8,390142
97816215
33
107818
6799
5947
7925,478
1,391612155643199693
3,041
556600458
4 2,1654 168
41,2724 154
4748
609(5)
(
5,
1
9382521233
6)
79865
104
5754
735441
208530157595173718
3,031
1
1
56257144792415334080
2127
54530
10281323036
(«)823
66104
6160
8095,389
1,435701160767227830
3,365
673506687
2,150192
1,448162
5431
85116
(
5,
1,
3,
1,
1,
9589025338
86764
115
6367
780352
558689177736224820319
627400789690
7332158
8159
66913
(6
5,
1,
10787522437
)861
68114
5866
826368
553640168719218P22
3,410
1,
1,
639471692831129306119
5326
81221
(e
5,
1,
3,
2,
1,
9888422139
)864
67104
5963
811437
424563164625210768250
569494557293148368205
3737
8495
95123739
()9416297
5863
8105,519
1,374512172604191732
3,107
573461417
2,596364
1,431210
223
73515
11592521033
()906
64102
6360
795
1,329537182627
e 176803
3,350
614395598
2,651406
1,496237
1311
6820
92919226
()885
6397
6063
7765,472
1,296523153603
»168796
3,337
619379487
2,690354
1,571169
1411
61916
10195023239
()918
73107
60
786
1,4256498 83733
»200853
3,476
651359620
1,985290
1,347122
2118
65415
96••971' 2 3 3
39
<'937' 7 3
' 1 0 3
66'60
7905,245
• 1,422'610(6)' 6 8 1U 6 8
825• 3,459
'599'425
5491,781
L701,241
70
2334
24238
()9637094
6558
8385,260
1,529639155716
5 163893
3,439
687492532
2,493176
1,599242
1821
7160
7865,126
'554101,975
10 2121,048
195
1824
64316
'Revised. v Preliminary. 1 Annual total; monthly revisions are not available.2 For month shown. » Reported annual total; see note 6 for this page. 4 Because of an
overall revision to the export commodity classification system effective Jan. 1, 1978, datamay not be strictly comparable with those for earlier periods. 6 Less than 500 short tons.a 7? a r e b e i n g w i t h h e l d t o avoid disclosing figures from individual companies. 7 See
© note, this page, s Excludes data for byproduct (other than coke oven); withheld to avoiddisclosure of figures from individual companies. » Represents solutions containing ammoniaand ammonium nitrate/urea solutions; not comparable with data prior to Aug. 1978.
10 Beginning Jan. 1979, data include chemically-treated fertilizer and sodium nitrate contain-ing over 16.3% nitrogen by weight; not strictly comparable with data shown for earlier periods.A See A " note, p. S-24. H Average daily rent per occupied room, not scheduled rates.
9 Includes data not shown separately. © Beginning Jan. 1977, data exclude potassiummagnesium sulfate; not strictly comparable with those shown for earlier p3"iois.
©Effective 1976, data are compiled by U.S. Dept. of Transportation from INS recordsand refer to air travel; travel by sea is omitted (for 1973-75, average annual arrivals and de-partures by sea are as follows—units and order as above: 814; 784; 159; 129). .
§ Effective Jan. 1976, data include visits to Voyageurs National Park (no count of visits forearlier periods is available); data for Mar.-Julv 1976 are restated to delete visits to Platt Na-tional Park which was reclassified as a national recreation area, and beginning Jan. 1979, datainclude visits to two additional parks.
cf Includes data for Western Union Int. Cable & Wireless.}Monthly revisions back to 1971 are available upon request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-26 SURVEY OF CUERENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—ContinuedIndustrial Gases|
Production:Acetylene -mil. cu. ft.Carbon dioxide, liquid, gas, and solid
thous. sh. tons.Hydrogen (high and low purity) mil. cu. ft.Nitrogen (high and low purity) do...Oxygen (high and low purity) do...
Organic Chemicals cfProduction-
Acetylsalicylic acid (aspirin) ...mil. lb.Creosoteoil mil. gal.Ethyl acetate (85%) mil. 1b.Formaldehyde (37% HCHO) do...Glycerin, refined, all grades do...Methanol, synthetic mil. gal_Phthalic anhydride mil. lb.
ALCOHOLfEthyl alcohol and spirits:
Production ...mil. tax gal.Used for denaturation... do...Taxable withdrawals do.. _Stocks, end of period.. do...
Denatured alcohol:Production mil. wine gal.Consumption (withdrawals) do...Stocks, end of period do...
PLASTICS AND RESIN MATERIALSProduction:
Phenolic resins .mil. lb.Polyethylene and copolymers do...Polypropylene do...Polystyrene and copolymers do...Polyvinyl chloride and copolymers--- do...
MISCELLANEOUS PRODUCTSExplosives (industrial), shipments, quarterly
mil. lb.P aints, varnish, and lacquer, factory shipments:
Total shipments mil. $.Trade products do...Industrial finishes do...
5,972
2.25684, 459
331,545392,984
i 31.4» 161.2i 217.86,046.5
286.0i 971.8i 926.0
498.3405. 3
81.071.4
223. 8224.6
2.6
1,797.110,100.12,705.85,203.0
• 5,267.3
2, 675.1
4,517.72,278.52,239.2
5,262
2,28790, 248
389,382428,014
32.2i 143. 2i 226.76,433.2
290.5i 957.8i 993.4
, 764.2Ul,083.4i 2,969.1
5,579. 815,653.8
' 2,821.1
431
1477.041
31,85332,012
2.78.4
15.4488.423.865.372.5
35.835.16.9
68.3
19.119.22.5
136.6845.1235.7413.3430.2
319.1149.4169.8
413
1586,591
28,90230,001
2.18.3
16.7477.721.062.572.6
41.132.45.8
75.2
17.417.12.8
138.2739.4210.8396.5413.8
341.1160.7180.3
422
181)7,809
33,49734,409
3.013.617.1
571.323.457.785.2
50.437.3
7.578.9
19.919.92.8
154.9916.7253.0467.1477.2
445.6
416.6204.0212.5
450
1907,26931,77633,694
2.413.112.4555.123.587.381.5
42.232.17.3
17.717.72.9
149.1905.2226.8474. 9481.0
(C3))
434
2007,34233,23537,805
3.211.918.4550.426.378.092.7
31.337.27.274.6
21.321.32.9
148.2915.4232.3479.6501.6
449
2047,186
32,27336,298
3.013.922.5
549.121.877.393.4
48.737.5
7.576.2
20.320.23.0
143.5900.8232.2483.4480.6
809.5
402
2057,394
31,87936,295
2.510.119.8
535.820.083.387.2
42.525.4
5.985.8
17.017.03.1
128.8937.1232.0450. 5458.1
448
2107,51034,00137, 554
2.511.620.4£22.829.479.880.1
45.436.67.788.4
19.919.93.0
142.7960.4260. 5427.5
415
2057,762
32,65336,904
2.512.917.9
546. 626.487.979.6
50.530.37.4
16.917,42.6
151.8962.2257.3473.4459.1
786.7
2067,906
34,62738,016
2.511.820.8
585.028.373.273.9
40.340.38.2
21.721.42.9
967.0246.8477.8500.3
••475
1807,929
33,16537, 605
2.912^821.7
531.324.760.976.5
38.038.6
7.464.6
16.617.22.9
151.7937.5268.2434.8479.7
455
1935,509
31,52137, 421
2.812.520.8
548.121.990.094.6
138.8961.2244.3481.5493.5
790.
21.4
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), totalmil. kw.-hr
Electric utilities, total doBy fuels doBy waterpower do
Industrial establishments total doBv fuels doBy waterpower do
Sales to ultimate customers, total (Edison ElectricInstitute). . . . . . mil. kw.-hr
Commercial and industrial:Small light and power§ doLarge light and power § ...do .
Railways and railroads doResidential or domestic doStreet and highway lighting do. .Other public authorities doInterdepartmental do
Revenue from sales to ultimate customers (EdisonElectric Institute) mil $
GAS
Total utility gas, quarterly(American Gas Association):
Customers, end of period, total thous..
Residential doCommercial . doIndustrial doOther do
Sales to customers, total.... tril. Btu_.
Residential doCommercial doIndustrial doOther.. do
Rev enue from sales to customers, total mil. $..
Residential doCommercial doIndustrial doOther do
*>2,124,0781,903,643220,435
1,950,791
469 227757,168
4,212652,345
14,41846,2427,179
62,610.0
45,725
42,1083,4002 1752 42
14,341
4, 9462,409
a 6, 7112275
28,303
11, 5414 980
a 11,3852 397
197,271172,48824,783
174,427
39,92263, 348
41564,624
1, 3964,135
587
5,674.5
173,676151,26022,416
169,924
39, 49859,724
42164,283
1, 2584,172
567
5,626.9
173,157148,49624, 661
164, 064
38, 46760,150
37759, 283
1,2273,978
583
5, 646. 4
46,172
42 4453 490
18354
5,312
2,4391,0661,692
115
11,166
5,6852,3303,019
132
159,749134,40625,343
153,146
36,00161, 706
33649,722
1,1703,643
568
5,277.1
175,184146,40928,775
153,813
36.25265, 057
31646, 764
1,1193,719
586
5,278.2
187,408162,16625,242
165,403
40, 36567,449
35351, 533
1,1014,005
597
5,802. 3
45 58041,9843,373
17251
3,180
960492
1,66266
6,861
2 5171,1183,128
97
202,595178,03724,558
176,403
44, 07165, 894
33560, 266
1,1294,103
606
6, 318. 6
205,637183,50522,132
181,386
44,91867,819
34462,366
1,1684,173
598
6, 510.8
185,597164,33821,259
108,454
44,20668,998
34260,883
1,2184,201
605
6,420. 2
45,35541,8163,332
16938
2,551
429306
1,75859
5,503
1,332713
3,37485
167,770
40,14468,723
34352,656
1,2854,009
609
5,918. 6
160,614
37,70067,247
37049,440
1,3303,913
614
5,552.0
r Revised. p Preliminary. i Reported annual total; revisions are not distributed tothe monthly data. 2 Beginning 1976, Industrial includes electric generation, prior to 1976,electric generation was included with other. s Series being restructured: data not availableat this time. § Data are not wholly comparable on a year to year basis because of changes
from one classification to another. d* Data are reported on the basis of 100 percent contentof the specified material unless otherwise indicated. | Monthly revisions back to 1973 areavailable upon request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977
STTRVET
1978
Annual
OF CURRENT BU
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
S-271979
Jan. Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES 9Beer:
Production mil. bbl..Taxable withdrawals . . .doStocks, end of period ._. do
Distilled spirits (total):Production —mil. tax gal..Consumption, apparent, for beverage purposes
mil. wine gal..Taxable withdrawals mil. tax gal..Stocks, end of period doTm ports mil. proof gal..
Whisky:Production mil. tax gal.Taxable withdrawals doStocks, end of period doImports mil. proof gal..
Rectified spirits and wines, production, totalmil. proof gal..
Whisky do . . . .Wines and distilling materials:
Effervescent wines:Production mil. wine gal..Taxable withdrawals -doStocks, end of period doImports do
Still wines:Prod uct i on doTaxable withdrawals doStocks, end of period doImports do
Distilling materials produced at wineries...do
DAIRY PRODUCTS
Butter, creamery:Production (factory) t mil. l b . .Stocks, cold storage, end of period. doPrice, wholesale, 92 score (N.Y.) $ per lb . .
Cheese:Production (factory) totalj mil. lb._
American, whole milkf .do
Stocks, cold storage, end of period.. .doAmerican, whole milk do
Im ports doPrice, wholesale, American, single daisies (Chi-
cago) $ per lb..Condensed and evaporated milk:
Production, case goodst— mil. lb-.Stocks, manufacturers', case goods, end of month
or year mil. lb..Exports:
Condensed (sweetened) doEvaporated (unsweetened) do
Fluid milk:Production on farmst doUtilization in mfd. dairy products}: doPrice, wholesale, U.S. averaget $ per 100 lb . .
Dry milk:Production:
Dry whole milkt mil. lb. .Nonfat dry milk (human food)t do
Stocks, manufacturers', end of period:Dry whole milk _doNonfat dry milk (human food)t do
Exports:Dry whole milk ..doNonfat dry milk (human food) do
Price, manufacturers' average selling, nonfat drymilk (human foodH $ per lb..
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat)...mil. bu . .Barley:
Production (crop estimate) A doStocks (domestic), end of period do.
On farms doOff farms do_.
Exports, including malt § ~~ "do.. ~ IPrices, wholesale (Minneapolis):
No. 2, malting $ per buNo. 3, straight do.
Corn:Production (crop estimate, grain only)Amil. bu . .Stocks (domestic), end of period, total do
On farms do.Off farms do!
Exports, including meal and flour do ~Price, wholesale:
Weighted avg., selected markets, all grades
Oats: $ P e r b U "Production (crop estimate)A mil. bu . .Stocks (domestic), end of period, total do
On farms doOff farms do....
170.51156.9212.42
159. 29
432. 56220. 74706.86112.94
80.60128. 27649.0091.15
110. 4641.48
22.8621.358.562.93
409.75310.41505.3665.79
276.55
1,085.6184.91.015
3, 357. 92,042.4
468.6404.7209.4
1.187
818.9
75.2
122,69865,8799.72
69.41,106.0
6.060.7
23.8
.665
2,586.1
3 420. 2329.2218.9110.372.8
2.452.64
3 6,425.55,503.03,824.31,678.71,596.2
2.22
3 750.9565.0482.382.7
11.2
128.60
101.89
23.0420.598.254.31
420.04318.75527.0789.77
244.23
999.0206.91.141
3,516. 52, 093. 6
436.4357.9242.2
1.301
777.2
70.3
5 a 37.0
121,92864,91010.58
72.8
4.440.1
5 6 122.8
.714
3,307.6
3 447. 0386.6272.1114.431.3
2.302.29
3 7,081.86,197. 24, 517. 51,679. 81, 975. 2
5.39
562.9483.279.715.1
12.8710.6913.92
11.88
30.5518.28
'01.168.29
5.2510.11
643. 656.59
9.953.95
1.721.049.06
.21
6.2225.20
478.445.61
4.81
108.3195.71.047
274.0163.6
460. 6395.214.5
1.229
56.2
59.7
4.3
5,39810.20
6.879.7
' 5 .9r 61. 3
6.8
.681
195.5
1.6
2.342.22
127.1
2.23
12.7111.0112.02
11.29
30.1616.87
691.798.65
5.409.70
633. 826.76
8.002.70
1.51.97
9.59.18
3.9921.23
461.305.39
5.49
95.7215.91.035
260.6154.3
442.0377.514.1
1.241
52.1
52.9
3.9
9,2875,09310.20
4.570.6
5.4'55.4
6.4
.680
224.2
.5
2.302.27
128.0
2.30
15.8614.1814.56
11.84
38.4221.12
690.809.74
5.4512.08
633. 437.63
10.003.42
1.841.259.84
.29
4.7931.63
434. 926.62
2.45
97.7235.61.059
311.8182.9
431.0365.3
16.7
1.246
67.3
52.1
2.6
10,5235,87110.20
7.184.4
6.149.8
.680
238.0148.989.0
.3
2.292.27
3,877.22,517.01,360.2
157.0
2.44
418.7357.361.3
.6Exports, including oatmeal do 11.2 15 1 .5Price, wholesale, No. 2, white (Minneapolis)
$ p e r b u . . 1.34 1.37 1.32 1.33 1.34' Revised. v Preliminary. i Includes Hawaii, not available on a monthly basis;
monthly revisions for 1976 will be shown later. 2 Stocks a= of June 1. 3 Crop estimate forthe year. < Previous year's crop; new crop not reported until Oct. for corn and June forbarley and oats (beginning cf new crop year). & Beginning Jan. 1978, data for condensedand evaporated milk are reported under the single heading "total milk and cream, con-
15.6313.6015.01
13.69
33.8220.15
686.6811.52
6.3911.58
629.079.04
8.682.81
1.41.98
10.19.30
5.7025.65
411.297.26
1.57
98.5245.61.084
306.2190.8
448.2379.813.6
1.259
68.9
57.4
10,6315,90310.10
7.496.4
7.3'79.3
.705
271.3
2.382.38
160. 9
2.80
16.5615.0014.97
15.15
34.3617.44
685.969.29
7.779.52
527. 727.12
9.363.10
1.941.71
10.67.40
4.8125.62
348.027.98
1.90
96.7264.61.088
328.7208.2
462.3392.1
13.8
1.259
82.4
79.4
3.5
11,1786. 29310.00
8.0103.0
8.4'87.2
.711
2U72.12 4104.72 * 67. 4
3.3
2.492.44
2 2,837.421,848.62 988.8
207.3
2.62
2 * 310.62 4 257.12 * 53.6
1.1
16.8815.8214.57
14.95
38. 7520.61
683. 3610.94
6.8011.37
624. 898.70
9.793.36
1.24.83
10.22.40
4.5126.34
355.008.64
3.56
84.7280.91.093
332.9209.3
501.1424.313.0
1.259
78.8
101.4
3.2
10,8516,29510.00
6.9113.5
9.5'95.0
12.9
.710
334.4
4.4
2.352.34
214.3
2.52
.6
16.7415.2919.81
7.63
32.0515. 63
678.12
3.098.68
619. 706.99
7.463.03
1.921.13
10.97.28
2.5323.32
320.448.18
1.46
73.7312.71.117
297.0183.4
501.6425. 516.4
1.260
73.8
120.2
2.3
10,5345,68710.10
5.998.2
9.4'94.9
288.3
5.2
2.122.10
171.3
2.47
1.
17.6116.2814.33
13.20
14.6213.72 !14.01
14.61
14.0112.9913.71
18.78
35.77 34.23 I 37.3521.30 20.18 i 25.42
672.34 669.16 665.181.90 10.94 14.83
6.06 7.3611.39 ! 12.00
614.91 610.95' 8.46
10.253.48
2.551.76
11.58.30
32.6725.43
332. 308.06
32.17
64.2282.41.207
284.6167.5
491.1418.022.7
1.321
69.0
134.4
2.1
10,2135,32310.50
5.578.6
9.3'73.9
.715
327.6
5.0
2.142.11
180.3
2.31
5.4
9.773.40
2.061.90
11.43.40
140.2026.29
431.507.68
97.78
64.5266.61.220
264.9149.2
475.8396.419.3
1.340
58.2
136.0
2.4
9,7334,85410.90
5.059.1
7.4'63.6
'.724
303.8
8.3915.12
605.2312.14
10.494.49
2.733.278.51
.44
151.1629.10
553.448.05
67.42
71.1251.81.219
279.4159.0
455.037S.922.0
1.394
58.9
113.8
4.2
9,8324,83711.30
4.949.0
5.3'52.2
.732
260.8
468.3338.7129.6
4.3
2.262.29
1,104.04 659.34 444. 7
176.4
2.24
665.'550.7115.0
.3
3.2
2.182.27
139.5
2.27
1.7
12.7112.0413.50
18.09
22.42663. 28
14.13
9.2112.99
601. 2011.55
9.603.42
2.593.25
12.56.64
41.1631.17
555.808.38
16.13
66.7228.81.260
276.3153.5
431.1357.130.7
1.400
52.3
84.4
2.7
11.28
8.83
9,3644,51711.60
5.041.9
3.7'36.6
.747
248.5
1.0
2.482.44
153.9
2.15
1.47
1.522.508.25
.47
22.2927.77
527.077.90
9.47
77.2206.91.258
300.1171.8
436.4357.945.6
1.410
59.3
70.3
2.4
9,7884,83311.80
5.854.4
4.4'40 .1
4.0
.765
252.1
386.6272.1114.4
.5
2.322.37
6,197.24,517.51,679.8
159.1
2.34
562.
79.7
1.4
1.44
8.36
6.36
.36
7.11
97.4208.61.150
288.9173.8
436.8361.612.8
1.410
58.0
66.0
3.1
10,0355,285
' 11.90
7.255.1
4.936.1
3.1
.764
202.4
.7
2.232.28
130.1
2.23
.3
213.31.150
449.5372.6
1.360
v 11.90
2.292.28
2.48
1.541.42 1.44 1.36 1.25 1.27 1.37 1.38densed and evaporated"; data for dry whole milk and nonfat dry milk are under the heading"total dry milk, whole and nonfat." 6 See corresponding note for p. b-29.
9 Scattered^onthly revisions back to 1973 are available. \ Revised monthly data backto 1973 are available. A Revised crop estimates for 1970-74 are available. c Corrected.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-28 SURVEY OF CURRENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS—Con.Rice:
Production (crop estimate) A - mil. bags 9 - -California mills:
Receipts, domestic, rough mil. lb..Shipments from mills, milled rice doStocks, rough and cleaned (cleaned basis), end
of period mil. lb..
Southern States mills (Ark., La., Tenn., Tex.):Receipts, rough, from producers mil. lb..Shipments from mills, milled rice __doStocks, domestic, rough and cleaned (cleaned
basis), end of period .mil. lb..
Exports... doPrice, wholesale, No. 2, medium grain (South-
west Louisiana) $ per lb..
Rye:Production (crop estimate) A mil. bu..Stocks (domestic), end of period doPrice, wholesale, No. 2 (Minneapolis)..$ per bu..
Wheat:Production (crop estimate), total A mil. bu..
Spring wheat A -doWinter wheat A do
Distribution, quarterly cf do
Stocks (domestic), end of period, total doOn farms doOff farms do
Exports, total, including flour do.Wheat only do.
Prices, wholesale:No. 1, dark northern spring (Minneapolis)
$per bu..No. 2, hd. and dk. hd. winter (Kans. City) do....Weighted avg., selected markets, all grades
$ per bu..
Wheat flour:Production:
Flour} thous. sacks (100 lb.)_.Offal ..thous. sh. tons..
Grindings of wheatt thous. bu_.Stocks held by mills, end of period
thous. sacks (1001b.) _.Exports _ doPrices, wholesale:
Spring, standard patent (Minneapolis)$ per 1001b..
Winter, hard, 95% patent (Kans. City)..do-..
LIVESTOCK
Cattle and calves:Slaughter (federally inspected):
Calves thous. animals..Cattle do....
Prices, wholesale:Beef steers (Omaha) $ per 100 1b..Steers, stockerand feeder (Kansas City)..doCalves, vealers (So. St. Paul)t do....
Hogs:Slaughter (federally inspected)...thous. animals..Prices:
Wholesale, average, all weights (Sioux City)©$ per 1001b..
Hog- corn price ratio (bu. of corn equal in valueto 100 lb. live hog)...
Sheep and lambs:Slaughter (federally inspected)..-thous. animals.Price, wholesale, lambs, average (Omaha)
$ per 1001b.
MEATSTotal meats (excluding lard):
Production, totalf mil. lb.Stocks, cold storage, end of period O do...Exports (meat and meat preparations) do...Imports (meat and meat preparations) do...
Beef and veal:Production, totalt .doStocks, cold storage, end of period O doExports .doImports doPrice, wholesale, beef, fresh, steer carcasses, choice
(600-700 lbs.) (East Coast) 1f $ per lb.
Lamb and mutton:Production, totalt-.. mil. lb.Stocks, cold storage, end of period do...
199.2
2,2151,460
214
9,5576,217
2,629
4,995
.152
U7.39.3
2.39
1 2,036*499
1 1,5371,827
1,993.8831.3
1,162.5
905.8863.9
2.802.62
2.88
275,7844,593
618,125
4,16017,994
7.1606.246
4,69638,717
40.3838.7448.19
74,018
41.12
19.9
6,133
53.38
39,1725 567
1,3151,741
25,780327
931,377
.662
34110
* 137.8
1,675989
304
8,8246,130
2,488
4,9727 .177
126.216.22.64
11,7991550
11,2482,163
1,630.7815.4815.3
1,286.01,243.5
3.243.24
3.33
277,6934,856
621,276
3,214618,268
8.0127.467
3,62036,947
52.3456.1669.24
74,142
48.67
22.4
5,169
63.28
38,104724
6 1,3372,072
24,601414
6 3871,635
.834
30012
11462
217
344433
2,474
204
.215
2.67
66.364.6
3.042.90
3.12
21,787381
48,430
723
7.5886.988
3683,238
43.6242.8540.50
46.08
22.0
425
64.00
3,214'559
109138
2,140'326
30103
.723
25
10961
228
282505
2,231
427
2.57
94.994.5
3.072.99
3.14
21,738385
48,910
147
7.3256.675
3363,046
45.0246.8943.75
5,840
49.26
23.6
390
67.50
3,044••572
101155
2,009331
35118
.747
23
17299
237
266520
1,933
294
.215
6.12.95
466
1,527.7
887.8
107.4103.3
3.133.16
3.27
24,330430
54,821
4,0961,774
7.6506.963
3863,243
48.6651.3947.60
6,794
47.77
21.8
487
69.38
3,341660115183
2,133370
27141
.782
28
226
131
463
1,638
339
.205
3.02
r Revised. * Crop estimate for the year. 2 See "d"" note, this page. 3 Stocks as ofJune 1. * Previous year's crop; new crop not reported until June (beginning of new cropyear. s see "©» note, this page. • See corresponding note on p. S-29. 7 Ten-monthaverage; Feb. and June prices not available. » See note "IT for this page. 9 Bags of100 lbs. c? Data are quarterly except for June (covering Apr. and May) and Sept. (coveringJune-Sept,). © Effective April 1977 SURVEY, data beginning Feb. 1976 are restated toexclude cooler meats; comparable earlier data will be shown later. t See corresponding
107.8101.8
3.323.34
22, 554385
50, 478
2,554
8. 6388.250
304
52.5253.8169.45
6,213
46.22
20.0
430
62.75
3,079748108202
1,960385
32161
.846
25
17081
165
101455
1,287
364
.190
3.23
U, 176.7H92,
124.2118.8
3.353.26
3.40
24,078417
53,601
2,297
8.3887.463
2883,215
57.2859.8577.26
6,298
49.25
20.9
451
71.00
3,268761108181
2,118400
30147
.922
179140
239
109434
952
694
2 351
115.1108.8
3.273.20
3.34
23,051402
51,544
3,4592,694
8.1007.225
2713,052
55.3857.4273.28
5,778
48.19
20.9
441
59.50
3,078721
2,00738532
133
.897
6955
229
110385
684
347
.185
2.39
110.0106.1
3.183.20
3.22
22,335384
49,749
1,674
8.2507.600
2612,869
54.5958.6775.72
5,402
46.94
20.9
406
60.00
2,88264293
161
1,89734428
123
.878
10361
237
1,005500
842
325
.175
2.19
136. 9131.9
3.183.12
3.31
25,053439
56,062
2,145
7.9387.575
3043,247
52.4058.2281.66
6,227
48.83
24.0
438
59.25
3,272582119137
2,146325
35107
.840
72109
185
3,062599
2,184
545
.145
24.02.37
2,137.01,032.91,104.2
122.8118.3
3.303.27
3.34
22,395400
50,506
3,3421,963
7.8257.550
2753,027
54.2660.2383.25
6,203
50.34
24.0
435
62.50
3,138598131182
2,018342
42151
.854
24058
277
1,708654
2,604
467
.145
2.32
116. 5113.0
3.393.44
3.51
24,843436
55,348
1,505
7.9007.600
2873,180
54.9362.0681.82
6,576
52.58
25.9
457
60.00
3,353641124184
2,15035831141
.859
7972
253
884620
2,496
371
.145
2.48
93.092.3
3.523.50
3.55
23,738416
52, 934
306
8.4007.925
2743,029
53.8260.7578.60
6,737
48.68
23.1
413
59.50
3,343716119
2,08339632165
.845
275126
304
822562
2,488
596
.148
16.22.52
507
630.7815.4815.3
91 290.0
3.163.46
3.40
21,791381
48,893
3,214486
8.1387.788
2672,834
55.5464.1978.00
6.105
49.73
23.0
396
64.00
3,092'724111
1,941'414
33145
.884
124162
222
607509
3,365
361
.163
2.38
71.370.4
3.323.41
3.30
382
7.8137.550
2653,090
60.3569.9580.73
6,393
52.11
'24 .0
391
73.75
3,281736102201
2,110440
28160
.974
17179
122
.140
2.49
3.473.52
3.55
7.775
64.8875.6191.48
54.93
24.8
71.25
721
424
.975
11
note, p. S-29. © Effective July 1977 SURVEY, monthly prices are restated through May1977 to coincide with published annual averages which are for "all weights, excluding sows";comparable monthly data prior to May 1976 will be shown later. A Revised crop estimatesfor 1971-1974 are available. JMonthly revisions back to Jan. 1976 will be shown later.^Effective Feb. 1979, prices are for Central U.S. (including East Coast); comparability is notaffected. e Corrected.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY OF CURRENT BUSINESS S-29
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb .
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
MEATS—Continued
Pork (excluding lard):Production, totalt .mil. lb . .Stocks, cold storage, end of periodA doExports . . . . . _ doImports doPrices, wholesale:
Hams, smoked composite ._.$ per lb__Fresh loins, 8-14 lb. average (New York)...do..
POULTRY AND EGGS
Slaughter (commercial production) mil. lb._Stocks, cold storage (frozen), end of period, total
mil.lb..Turkeys . . . . _ _ do
Price, in Georgia producing area, live broilers$perlb._
Production on farms t mil. cases©..Stocks, cold storage, end of period:
Shell.. . thous. cases©..Frozen mil lb
Price, wholesale, large (delivered; Chicago)$ per doz_.
MISCELLANEOUS POOD PRODUCTS
Cocoa (cacao) beans:Imports (incl. shells) .thous. lg. tons..Price, wholesale, Accra (New York) $ per lb._
Coffee (green):Inventories (roasters', importers', dealers'), end
of period thous. bagscf __Roastings (green weight) do
Imports, total. doFrom Brazil . do
Price, wholesale, Santos, No. 4 (N Y ) $ per lbConfectionery, manufacturers' sales mil $
Fish:Stocks, cold storage, end of period* mil. lb_.
Sugar (United States):Deliveries and supply (raw basis):§
Production and receipts:Production thon*! *?h ton5!
Deliveries, total doFor domestic consumption do
Stocks, raw and ref., end of period do
Exports, raw and refined ..sh. tons..
Imports:Raw sugar, total thous. sh. tons..
From the Philippines . doRefined sugar, total do
Prices (New York):Raw, wholesale.. $ per lb_.Refined*
Retail (incl. N.E. New Jersey) $ per 5 lbWholesale (excl. excise tax) _$perlb__
Tea, imports thous. lb._
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):Production! mil. lb .Stocks, end of period© do
Salad or cooking oils:Production:!: doStocks, end of period© do
Margarine:Production ._ doStocks, end of period© doPrice, wholesale (colored; mfr. to wholesaler or
large retailer; delivered) $ per lb_.
Animal and fish fats:Tallow, edible:
Production (quantities rendered) _ mil. lb._Consumption in end products doStocks, end of periodil do
Tallow and grease (except wool), inedible:Production (quantities rendered) f. . doConsumption in end productsl do. .Stocks, end of per iod^ do
13,0513186289298
J .865.952
11,916
310168
.237
179.5
3930
.624
172.12.144
1,68414,233
14,8082,453
3,059
420
5,053
11,24511,2104,349
20,335
5,1301,136
656
.109
1.118.169
4203,012
3,841.1113.0
4,352.9105.4
2,535.079.9
.507
769.4787.942.4
6,106.43,180.5
347.2
13,203242
6 346347
.9001.091
12,553
280175
.260
186.2
3825
.603
209.72.500
2,33116 299
18,1332,679
2 1.4843 089
422
614,138
7 4,1777 822(8)
6.143
9 1. 211.204
151,751
4,044.6106.7
4,849.2123.0
2,519.569.5
.529
835.0847.855.1
5,815.93,219.5
346.6
1,051'175
3229
.8571.038
932
305168
.230
15.9
'3428
.552
19.42.500
1,682209
252
384
602
766764
4,352
4,312
277118
.114
1.155.187
9,023
312.4138.8
391.1127.7
219.861.8
.500
64.066.648.7
483.2254.8352.0
1,013'172
26' 2 9
.9321.066
831
263137
.240
14.2
'2726
.628
20.32.500
1,575129
291
339
374
775772
4,104
881
18949
.114
1.174.201
12,791
305.1125.2
378.1118.3
224.670.3
.500
60.867.049.1
464.2261.9349.0
1,1792172635
.8221.022
981
233113
.240
15.8
3723
.620
27.92.500
2,1614.467
1,707115
271
336
280
930927
3,850
970
44753
.114
1.212.193
18,648
368.2112.1
459.0112.7
243.059.3
.514
74.182.840.6
537.4294.4352.3
1,0932812532
.7591.001
901
210101
.280
15.4
3623
.570
20.52.500
1,557319
207
319
130
864861
3,451
802
6728
.114
1.270.201
15,450
328.0128.4
435.0133.8
186.872.3
.552
60.874.838.3
463.3281.7289.2
1,1252813128
.8201.091
1,088
213104
.265
15.9
3022
.520
16.52.500
1,345329
211
324
189
891888
3,326
682
30063
.114
1.268.200
17,523
335.5141.1
413.1128.1
183 763.4
.552
70.071.438.8
500.1296.3292.7
1,0462582526
.8081.129
1,127
257152
.300
15.2
3027
.493
12.42.500
2,2023 554
1,249206
193
342
135
1 0331,0293,059
613
33056
.114
1 189.198
8,286
302.2126.1
406 8123.7
194 668.8
.552
65.563.745.4
464.9263.1289.3
9622182329
.8031.102
1,052
326213
.330
15.4
2928
.612
16.12.500
1,316337
174
364
48
905901
2,729
841
60716
.114
(9).191
13,141
293.0124.2
368.8130.8
166.067.8
.552
61.762.045.1
442.5242.5309.6
1,1011783123
.8871.067
1,234
413298
.265
15.4
5529
.618
14.72.500
1,12456
1 350314
408
35
1 1221,1092 264
747
33554
5.135
.205
13,788
360.4107.2
410.6132.9
200.660.3
.525
70.370.646.3
491.8273. 6346.1
1,0951763223
.9051.147
1,119
486370
.270
15.2
4229
.632
7.32.500
2,1313 781
1,33757
1.540306
425
115
1,0201,0142,054
1,019
550131
.144
.213
9,390
356.0106.9
389.2121.6
207.666.0
.522
68.874.841.8
474.1250.3394.0
1,1762073536
1.0381.212
1,229
543430
.245
15.9
2328
.608
«15.92.500
1,901334
1 540312
427
658
894888
2,324
1,020
400114
.150
.223
12,502
381.5107.9
407.1106.8
222.268.9
.521
79.377.344.4
505.9286.0304.2
1,2362453629
1.0861.124
1,081
346236
.245
15.8
3626
.672
18.62.500
1,689308
1.530'289
426
1 046
853849
3,084
1,077
32766
.142
.214
8,877
370.1110.0
401.3120.4
220.658.9
.533
78.872.145.0
501.8270.1348.8
1,128'242
2629
1.0781.097
978
280175
.250
16.5
3825
.716
20.22.500
2,3314,497
1,651280
1.460269
'422
3,711
1,174
348134
.145
.220
12,332
' 332.2' 106.7
' 389.1' 123.0
' 250. 0'69.5
.528
'80.9'64.7'55.1
' 486.7' 244.8' 346.6
1,1472252331
.8851.254
'280'171
.265
16.3
'22'26
.713
27.32. 500
1,747333
1.460
P379
865
3430
.138
.223
14,797
335.7121.9
395.1117.1
229.465.1
.523
81.570.968.8
502.0273.1400.5
219
.8801.251
260157
.280
1824
.677
2.500
1.270
P341
.150
.219
.523
ii
r Revised, v Preliminary, i Average for July-Dec; beginning July 1977, prices representMidwest and Los Angeles and are not comparable with those for earlier periods. 2 Aver-age for 5 mos. (Aug.-Dec). 3 See " A " note, this page. * Reflects revisions not dis-tributed to the months. s Beginning Aug. 1978, prices are estimated; not strictly compar-able with those for earlier periods. Annual average for 1978 represents Aug.-Dec. • Be-cause of an overall revision to the export commodity classification system effective Jan. 1,1978, data may not be strictly comparable with those for earlier periods. 7 Beginning Jan.1978, data are for both raw and refined sugar and are not comparable with those for earlierperiods. » Beginning Jan. 1978, data are no longer available; see note 7, this page. » Be-
ginning July 1978, data no longer available. Annual average for 1978 represents Jan.-June.© Cases of 30 dozen. cTBags of 132.276 lb. §Monthly data reflect cumulative revisions
for prior periods. ©Producers' and warehouse stocks. 11 Factory and warehousestocks. t Monthly revisions back to 1974 are available. AEffective April 1977 SURVEY,data beginning Feb. 1976 are restated to exclude cooler pork; comparable earlier data will
be shown later. t Revised series. Beginning May 1977 SURVEY, data represent total com-mercial slaughter (excluding rendered pork fat and lard), whereas the price for calves(p. S-28), represents a different market. Comparable data prior to Mar. 1976 will be shownlater. «Corrected.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-30 SUKVEY OF CUERENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATEDPRODUCTS—Continued
Vegetable oils and related products:Coconut oil:
Production, refined mil. lbConsumption in end products doStocks, refined, end of period If doImports do
Corn oil:Production* Crude do
Refined - doConsumption in end products. do. __Stocks, crude and ref., end of period 1f do
Cottonseed oil:Production* Crude do
Refined t do ._Consumption in end products _ _ do_ . .
Stocks, crude and ref., end of period Ht .-doExports (crude and refined) doPrice, wholesale (N.Y.) $ per lb__
Soybean oil:Production- Crude mil. lb .
Refined} - doConsumption in end products do
Stocks, crude and ref., end of period 1ft doExports (crude and refined) doPrice, wholesale (refined; N.Y.) $ per lb . .
TOBACCOLeaf:
Stocks, dealers' and manufacturers', end of periodmil lb
Exports incl scrap and stems thous. lbImports incl. scrap and stems . . do_ _.
Manufactured:Consumption (withdrawals):
Cigarettes (small):Tax-exempt ..millions.-Taxablp do
Exports cigarettes do
729.4878.739.9
994.3
671.9577.0537.633.4
1,254.61,188.8
625.3
142.3731.2.299
8,836. 57,789.57,451.1
864.01,666.9
.289
i 1,912
5 070^628,564316,236
78,133592,006
3,77666,835
768.3914.244.4
1,022.5
720.0581.1537.970.4
1,417. 71,344.8
697.3
127.1728.8
.332
10, 621.48, 713. 78,175.2
970.651,945
.309
i 2, 016
687,773335,981
85,135614,217
3,62174,359
58.169.336.665.5
54.947.644.726.7
141.6132.450.0
162.350.6.295
911.9719.2664.1
918.8113.1.265
52, 53925,925
5,39948,436
2803,716
56.871.035.9
127.1
51.643.243.231.9
129.5117.052.3
167.068.2.288
809.5665.9648.8
861.2141.8.265
55,60426,973
6,76949,326
2716,151
73.081.546.0
102.9
58.751.148.733.4
141.8136.655.6
188.484.9.315
943.3816.9771.7
808.3252.6.320
4,81173,15727,773
7,36255,317
3296,580
70.488.948.272.4
57.144.437.541.2
122.1122.555.7
193.461.6.315
866.9752.3686.5
826.9218.9.319
40,90429,161
6,97350,268
2825,361
68.187.641.298.3
68.053.341.252.3
109.2109.963.4
165.459.8.335
908.2746.3662.4
833.8176.4.336
32, 31631,446
6,98154,390
3196,050
69.076.140.779.9
64.748.144.962.9
113.9114.165.9
139.763.5.333
795.1662.5640.5
839.3147.2.315
4,45329,17829,661
7,97158,267
3456,616
65.373.638.7
104.5
60.541.437.769.3
107.8110.062.3
114.370.2.340
777.9649.2596.2
825.6165.5.320
42, 66135,184
5,92544, 397
2355,523
70.379.039.083.7
59.755.147.371.0
103.5117.560.0
102.350.0.355
815.8725.3699.8
777.5108.8.316
52,26628,032
9,14154,308
2987,205
61 372.443.047.0
63.852.750.972.6
82.084.757.3
84.882.3.405
783.3679.9672.5
728.6193.4.330
4 63541, 31926, 755
8,00250, 321
3227,823
69.684.040.680.4
65.454.450.870.1
108.883.755.6
101.425.9.340
984.3782.8715.9
813.496.8.329
85,78532,049
7,63453, 387
3466,328
59.775.440.3
100.7
59.846.343.774.6
134.0116.064.6
123.029.2.328
974.8747.7709.3
837.1154.8.293
95, 78621,474
7,52253, 689
3236,846
'46.7'55.4
44.460.1
'55.843.547.370.4
'123.5' 100.4'54.6
127.182.5.330
'1,050.4' 765. 7' 707.5
' 970.6175.4.305
86,25821,548
5,45642, 111
2716,160
58.271.445.0
167.2
45.744.248.959.7
133.3118.755.9
152.256.7.335
986.1750.8690.9
946.0219.1.309
35,55942,866
4,398
.380
.325
LEATHER AND PRODUCTS
HIDES AND SKINSExports:
Value, total? thous. $_.Calf and kip skins thous. skins. -Cattle hides -thous. hides..
Im ports:Value, total? thous. $_.
Sheep and lamb skins thous. pieces,.Goat and kid skins - do
Prices, wholesale, f.o.b. shipping point:Calfskins, packer, heavy, 9^/15 lb $ per lb_.Hides, steer, heavy, native, over 53 lb do
LEATHER
Calf and wholp kin thous skinsOaftlp Jiirfp and sirta kin trimis hidps and kiDSGoat and kid thous. skins..
Exports:Upper and lining leather thous. sq. ft..
Prices, wholesale, f.o.b. tannery:Sole, bends, light. index, 1967=100..Upper, chrome calf, B and C grades
inripx 1967—100
LEATHER MANUFACTURES
Footwear:Production, to ta l . . . thous. pairs..
Shoes, sandals, and play shoes, except athleticthous. pairs .
Slippers doAthletic doOther footwear do
Exports -- -do
Prices, wholesale f.o.b. factory:Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt index, 1967=100..Women's oxfords, elk side upper, Goodyear
welt index, 1967=100..Women's pumps, low-medium quality.. -do
582,9062,508
24,488
96, 60015,4681,137
3.914.370
(6)(6)
(6)(6)
2 206,276
r 206. 1
(6)
391,121
309,77065,96112, 6422,748
5,411
193.3
171.8144.9
5 694,6172,665
24, 792
105,600' 27,807
1,762
1,346.472
5208,799
4 235.2
395,765
309,69162,67515,8354,564
6,179
7 211.3
185.37 157.5
45,523211
1,893
6,700841116
.900
.388
17,364
210.0
32,395
26,9554,204
978258
395
200.8
176.9146.8
47,562160
2,021
10, 2001,850
227
.900
.378
15,309
212.8
32,572
26,4984,6981,020
356
378
206.8
176.9146.8
58,535288
2,270
10, 8002,080
143
1.000.373
16,408
208.5
37, 271
29,8955,5201,479
377
585
206.8
17G.9146. 8
61, 297265
2,375
12,2002,541
275
1.100.413
16,720
207.1
36,173
27,870G,0l01,568
725
495
211.4
181.7157.4
55, 370194
2,122
11,4002,245
128
1.100.418
18,899
210.0
36,761
28,8715,9911,578
321
448
211.4
182.9161.3
55,846199
2,078
8,8001,577
45
1.100.458
21,427
34,221
26,5165,8301,474
401
514
211.4
182.9161.3
47, 511222
1,725
8,3001,848
190
1.200.478
14,160
227.2
24,481
19,9873,248
947299
454
211.4
182.9161.3
58, 797189
2,176
7,8001,323
75
1.850.530
19,726
241.6
34,445
26,8275,8571,362
399
605
213.8
182.9161.3
54,396339
1,779
7,6001,093
117
1.850.590
16,224
270.4
31,629
24,1165,7991,334
380
467
218.6
187.7161.3
60,090181
1,922
7,700920112
1.850.573
17,438
261.7
33,530
25,1036,5011,501
425
546
221.0
197.3170.9
58,503177
1,754
7,100935175
1.650.548
17,947
270.4
' 31,364
' 24,241' 5,479
1,306'338
612
197.3
91,186241
2,676
7,000739158
1.650.518
17,176
' 267.5
27,923
22,8123,5381,288
285
679
197.3
61,605207
1,635
1,321352
1.800.603
13,854
'284.7
549
197.3
2.000.653
284.7
197.3
' Revised. * Crop estimate for the year. 2 Annual total reflects revisions not distrib-uted to the monthly data. 3 Average for Jan.-Sept., Nov. and Dec. 4 Average for Jan.-May, and July-Dec. 5 Because of an overall revision to the export commodity classifica-tion system effective Jan. 1,1978, data may not be strictly comparable with those for earlier
periods. 6 Data no longer available. 7 Average for Jan.-Oct.items not shown separately. 1 Factory and warehouse stocks,back to Jan. 1977 are available.
9 Includes data fort Monthly revisions
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977
SUJ
1978
Annual
i OJb1 <JUK JSIJNI
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
S-311979
Jan. Feb.
LUMBER AND PRODUCTS
LUMBER—ALL TYPES 9
National Forest Products Association:Production, total mil. bd. ft..
Hardwoods d o —Softwoods do
Shipments, total doHardwoods d o —Softwoods -_.do—
Stocks (gross), mill, end of period, total d o —Hardwoods doSoftwoods do—
Exports, total sawmill products doImports, total sawmill products do
SOFTWOODS
Douglas fir:Orders, new .mil. bd. ft..Orders, unfilled, end of period ..do
Production d o —Shipments doStocks (gross), mill, end of period.._ ..do
Exports, total sawmill products doSawed timber d o —Boards, planks, scantlings, etc do—
Price, producer:Dimension, construction, dried, 2" x 4", R. L.
$perM bd. ft..
Southern pine:Orders, new mil. bd. ft._Orders, unfilled, end of period do
Production doShipments doStocks (gross), mill and concentration yards, end
of period . . -mil. bd. ft..
Exports, total sawmill products M bd. ft_.
Prices, producer (indexes):Boards, No. 2 and better, 1" x 6", R. L.
1967=100..Flooring, C and better, 'F. G., 1" x 4", S. L.
1967=100..
Western pine:Orders, new .mil. bd. ft.Orders, unfilled, end of period do—
Production -do—Shipments -do—Stocks (gross), mill, end of period do—
Price, producer, Ponderosa, boards, No. 3,1"x 12",R. L. (6' and over) $ per M bd. ft..
HARDWOOD FLOORING
Oak:Orders, new .mil. bd. ft.Orders, unfilled, end of period do. . .
Production do . . .Shipments do . . .Stocks (gross), mill, end of period do . . .
137,906r 6,188
r 31, 718
138,155'6,299
r 31,856
4,862780
4,082
1,67010,698
8,712565
8,7968,781
964
129359
230.38
i 8, 317470
i 8,224i 8,290
1,166
157,806
271.0
250.2
10,331590
10,30910, 295
1,329
231.53
112.87.9
109.8110.0
6.2
137,5346,670
30,864
137,6826,641
31,041
4,746802
3,944
1,30012,199
*>8,903»553
v 8,912*>8,949
P944478119359
253.39
*i 8,319
•p 18,287v 18,284
1,169
152,121
329.7
276.9
*>9,907469
p 9,91010,028
v 1, 211
4 237.07
108.69.2
104.7106.3
2.7
2,843442
2,401
2,699426
2,273
4,963787
4,176
72865
738607
769696
1,037
285
23
238.08
624500
594
1,180
14, 712
299.7
267.9
696567
744719
1,354
247. 58
9.88.9
7.98.85.3
2,904430
2,474
2,741456
2,285
5,128763
4,365
94840
712586
810733
1,114
399
29
241. 81
591495
622596
1,206
9,784
305.5
269.9
752618
759701
1,412
263.85
8.69.1
8.08.54.8
3,222497
2,725
3,158511
2,647
5,201749
4,452
110
846
812783
1,143
521736
246.28
790552
728733
1,210
14,492
313.6
272.4
850636
871832
1,451
264.90
10.810.4
9.99.45.4
3,127571
2,556
3,133574
2,559
5,190752
4,438
125915
757679
745727
1,161
371027
238.48
767563
730756
1,175
14, 920
321.5
271.2
739596
790779
1,462
267.57
9.510.7
9.09.25.2
3,203546
2,657
3,355583
2,772
5,038715
4,323
2121,173
807706
745780
1,126
521636
238. 43
761588735736
1,174
12,506
329.7
274.4
877546
865927
1,400
240.07
9.311.6
8.55.4
3,333574
2,759
3,548600
2,948
4,877687
4,190
1181,117
833614
816925
1,017
5019
245. 28
696552
728732
1,170
15,495
331.5
274.4
874526
843894
1,349
251. 25
9.310.2
9.110.14.0
2,988597
2,391
3,156574
2,582
4,705706
1,194
705597
619722914
474
44
245.00
544
669676
1,163
8,991
333.6
276.6
854544
786836
1,299
232. 33
8.511.4
7.27.43.7
3,263591
2,672
3,357567
2,790
4,632732
3,900
1,119
634548
672717
272.06
769561
733752
1,144
10,324
337.7
280.6
889506
901927
1,273
236. 92
10.511.4
9.910.43.1
3,285580
2,705
3,250577
2,673
4,669737
3,932
941,014
779610
738717907
351124
274.74
671541
691
1,141
12,161
343.4
282.1
980545
927941
1,259
254. 23
7.910.6
8.78.73. 2
3,333629
2,704
3,262601
2,661
4,740765
3,975
1,091
742612
790740957
31
266.66
738542
737737
1,141
10,467
346.4
283.8
908545
897908
1,248
267.17
9.811.0
8.99.42.7
3,102618
2,484
3,116600
2,516
4,731783
3,948
96979
632526
707718946
347
27
271.51
626510
663658
1,146
15,751
347.1
284.3
714462
776797
1,227
8.39.6
9.48.73.4
2,931595
2,336
2,907572
2,335
4,746802
3,944
100954
718553
944
262.40
618505
646623
1,169
12,518
347.8
285.4
774469
751767
1,211
317. 01
6.39.28.07.22.7
97925
747
678935
23
258.77
15,273
348.6
285.4
793596
701666
1,246
304.49
9.49.2
8.39.41.6
METALS AND MANUFACTURES
IRON AND STEELExports:
Steel mill products thous. sh. tons..Scrap -doPig iron do
Imports:Steel mill products doScrap t - doPigiront - do
Iron and Steel Seraph
Production thous. sh. tons . .Receipts, net doConsumption doStocks, end of period do
Prices, steel scrap, No. 1 heavy melting:Composite (5 markets) $ per Ig. ton . .
Pittsburgh district do
2,0036,175
51
19,307625373
2,5089,278
51
21,135794655
1 49,523 ! 51,960147,873 j 51,804i 92,090 99,133* 9,360 I 8,293
2 55.99 !80.35 ! 78.29
160642
1
66. 0473.00
208444
1
2,220467
3,824 3, 7143,679 I 3,8687,541 7, 3748,923 8,797
68. 9474.50
191628
5
4, 7304,3968,3479, 017
205695
2,1754535
4,4774,2658,4888,779
2558211
1,51112738
4,5814,8518,938
2717861
1,3605599
4,6054,5098,5798,747
1747565
1,7857742
4,0704,1447,6598,865
7777
1,8707178
4,5654,4268,2799,018
1748341
1,58470
4,4264,1868,3388,808
21897711
1,7155141
4,6994,4438,9188,536
194973
2,0166775
' 4,442r 4,342' 8,397' 8,458
24894411
1,3726048
4, 3344,2378,3278,293
88.50
19389335
1,2644649
r Revised. * Preliminary. 1 Annual data; monthly revisions are not available.2 Effective with Feb. 1977, composite reflects substitution of Los Angeles for San Francisco;
effective July 1977, it reflects addition of Detroit and Houston. Avg. for 1977 is for July-Dec,s Less than 500 short tons. 4 Average for 11 months; price not available for Nov.9 Totals include data for types of lumber not shown separately. t Effective Aug. 1976
~93.~56Ti68.~50
eludes sponge iron imports"•"" " J, data reflect ex-
included in scrap
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-32 SURVEY CURRENT BUSINESS March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Ore
Iron ore (operations in all U.S. districts):Mine production thous. lg. tons..Shipments from mines doImports- - do....U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants doConsumption at iron and steel plants doExports -doStocks, total, end of period do
At mines - --doAt furnace yards doAt U.S. docks - do
Manganese (mn. content), general imports...do—
Pig Iron and Iron Products
pig iron:Production (excluding production of ferroalloys)
thous. sh. tons.-Consumption... doStocks, end of period - doPrice, basic furnace $ per sh. ton..
Castings, gray and ductile iron:Orders, unfilled, for sale, end of period
thous. sh. tons..Shipments, total do.
For sale --- do.Castings, malleable iron:
Orders, unfilled, for sale, end of periodthous. sh. tons..
Shipments, total doFor sale do.
Steel, Raw and SemifinishedSteel (raw):
Production.. thous. sh. tons.-Rate of capability utilization*. .percent, -
Steel castings:Orders, unfilled, for sale, end of period
thous. sh. tons..Shipments, total do...
For sale, total . .do...
Steel Mill Products
Steel products, net shipments:Total (all grades) thous. sh. tons.By product:
Semifinished products .do...Structural shapes (heavy), steel piling.__do...Plates do...Rails and accessories... do...Bars and tool steel, total... do.
Bars: Hot rolled (incl. light shapes) do.Reinforcing. do.Cold finished do.
Pipe and tubing do.Wire and wire products do.Tin mill products do.Sheets and strip (incl. electrical), total. ..do.
Sheets: Hot rolled do.Cold rolled.. do.
By market (quarterly shipments):Service centers and distributors© do.Construction, incl. maintenance© do.Contractors' products do.Automotive do.Rail transportation doMachinery, industrial equip., tools doContainers, packaging, ship, materials _. .doOther© .do.
Steel mill shapes and forms, inventories, end ofperiod—total for the specified sectors:
mil. sh. tons..Producing mills, inventory, end of period:
Steel in process mil. sh. tons..Finished steel. do....
Service centers (warehouses), inventory, end ofperiod ...mil. sh. tons.
Consumers (manufacturers only):Inventory, end cf period do...Receipts during period do...Consumption during period do...
55,75054,05337,905
94,944108,462
2,143
59,39014,14042,2712,979
834
81,32882,017
1,309
183.11
93515,3187,496
65829458
125,333
78.4
4511,7181,488
91,147
1 3,9914,3827,5291,863
15,4209,3624,1791,794
7,4902,4006,382
41,68714,55817,684
315,3463 7,553
4,50021,4903,2385,5666,714
3 26,740
34.1
10.17.6
6.6
63.563.9
80,71882,53929,924
114,227116,305
3,762
55,33912,46939,3013,569
842
87,687
196.00
90415,2947,840
66816446
136,68986.6
7841,8631,627
86,187
3,9224,3836,5881,677
13,8077,4284,6881,691
6,5472,4576,100
40,70614,11417,235
17,3779,5823,789
21,2543,5556,0406,601
3 29,738
11.78.0
10.567.566.8
5,1043,871
0
4,4088,735
87
56,34215,35837,9153,069
94
6,3906,4521,271
191.00
9491,090543
10,30177.2
494152135
352376649136
1,221769284161
192461
3,3001,1271,382
34.1
10.07.8
6.4
9.95.15.0
4,8202.4751,316
4,1858,321
2
54,09217,70233,7012,689
50
5,9716,0611,200
191.00
9901,161596
9,64380.1
461141124
7,539
344354596132
1,236754307169
708198645
3,3261,1901,373
33.1
9.47.4
6.4
9.95.25.2
6,4252,4891,643
4,6399,048
2
53,08421,68729,1952,202
113
6,8947,0131,108
191.00
1,0091,327
646
11,08383.1
502158138
8,718
425421738157
1,438854384191
804235566
3,9331,4061,644
4,1792,079
5,117820
1,4771,7907,179
32.6
9.16.8
6.7
10.05.95.8
6,0345,2991,291
6.3639,379
50, 36022,41126,1991,750
49
7,1897,3161,916
191.00
1,9691,301663
11,52888.5
512153133
8,055
434413714146
1,423827412177
737231449
3,5091,2071,445
32.5
9.27.0
6.6
9.75.76.0
7,7518,5582,102
10,90710,114
393
49,86221,59826,9031,361
71
7,9367,969997
191.00
9761,423737
12,32091.5
492168145
8,610
491460767155
1,509884437180
779228502
3,7191,2971,527
33.7
9.57.3
7.1
6.26.1
7,9888,7542,182
11,44810,216
403
51,88720,96828,12722,792
55
7,7547,7701,014
191.00
1,406734
11,86191.1
501162140
8,787
467444772141
1,524904430182
737235549
3,9181,3491,629
4,7092,497
9265,257
8561,5771,6527,977
33.7
9.77.0
7.1
9.86.16.1
7,5591,757
11,7879,940
143
51,56118,77229,9392,850
82
7,6377,6111,068
191.00
9461,148587
11,38885.1
592124108
S93393694111
1,272661359149
175472
3,4551,1761,430
34.9
10.67.1
7.1
10.15.04.7
7,5939,7794,488
14,65810,137
348
53,79116,46134,3492,981
42
7,5187,5271,080
203.00
1,0001,330711
11,55086.3
634156134
8,293
457426697123
1,463845436174
211498
3,7201,3161,512
35.1
10.67.2
7.1
10.25.85.7
7,3148,7074,534
12,2919,797520
54,68115,16536, 7382,778
97
7,3917,4631,047
203.00
9631,279673
11,46788.6
668159139
8,252
491419688140
1,465877407173
204536
3,6301,2881,473
4,1592,432934
5,365
1,4971,6157,287
'35.0
10.77.3
'7.0
10.05.45.6
7,0328,0881,610
12,28510,323
317
55,50014,10438,5852,811
62
7,8097,887983
203.00
9171,444729
12,105
711173153
8,599
463422701156
1,531916422185
219487
3,9211,3911,588
34.9
10.97.4
6.6
10.0
'6.1
6,5467,6674,015
11,5249,954733
56,43212, 98240,0493,401
64
7,5337,594965
203.00
'9071,312
11,65489.4
'734'161'141
7,813
423424690145
1,370796411155
652199410
3,4991,2921,398
35.3
11.08.0
6.6
9.75.35.6
6,5527,0953,057
9,73210,341
435
55,33912,46939,3013,569
7,6887,721'889
203.00
9041,173558
11,81287.7
784156137
8,196
461424746154
1,430856408159
619184524
3,6531,3841,420
4,3202,463
9225,5261,0151,4861,5447,330
11.78.0
10.55.74.
6,1443,2962,108
4,7119,457
53,02814,85234,4733,703
62
7,0647,098
851
203.00
11,10583.5
8,206
411400662155
1,401805396191
641199526
3,8121,3151,607
2 1,4642 7152 305
2 1,8802 2912 4862 576
2 2,491
203.00
r Revised. v Preliminary. i Annual data; monthly or quarterly revisions are notavailable. 2 p o r month shown. 3 See note "©" for this page. 4 Avg. for 11 months;Feb. price not available.
•New series. Source: American Iron and Steel Institute. The production rate of ca-pability utilization is based on tonnage capability to produce raw steel for a full order book
based on the current availability of raw materials, fuels and supplies, and of the industry'scoke, iron, steelmaking, rolling and finishing facilities. Data prior to 1975 are not available.
©Beginning Jan. 1976, data are not comparable with those for earlier periods since oil &gas supply houses and pipelines, which were formerly shown in "Service centers and distrib-utors" and "Construction, incl. maintenance," respectively, are now included in "Other.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY CURRENT BUSINESS S-33Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:Production, primary (dom. and foreign ores)
thous. sh. tonsRecovery from scrap (aluminum content)..do
Imports (general) :Metal and alloys, crude doPlatps sheets bars etc . do
Exports:Metal and alloys crude . doPlafp^ sheets bars etc do
Price, primary ingot, 99.5% minimum..$ per l b . .
Aluminum products:Shipments:
Ingot and mill prod, (net ship.) mil. lb._Mill Droducts total do
Castings do
Inventories, total (ingot, mill products, andscrap) end of period mil. l b . .
Copper:Production:
TVftnp rppnvprflble roDDPr thous sh tonsRpfinerv Drimarv do
From fiornpstic ores doFrom foreign ores do
Secondary, recovered as refined do
Imports (general):"Rftfinpd nnrpfinpfi soraD (coDDer cont ) do
Refined doExports:
T?ftfinpd fltid sorBX) do
Consumption, refined (by mills, etc.) dotftpV*? rpfitipd pnd of Deriod doFabricators' do
Price, electrolytic (wirebars), dom., delivered$perlb..
Copper-base mill and foundry products, shipments(quarterly total):
Copper wire mill products (copper cont.)...do
Lead:Production:
Recovered from scrap (lead cont.) do
Imports (general), ore (lead cont.), metal...do
Stocks, end of period:Producers', ore, base bullion, and in process
(lead content), ABMS. thous. sh. tons .Refiners' (primary), refined and antimonial
Scrap (lead-base, purchased), all smelters(pm<i<i vtrpipht") thoilS sh tons
Price, common grade, delivered ...$ per lb..
Tin:Imports (for consumption):
Ore (tin content) t .metric tonsMetal, unwrought, unalloyedf.-- do
Recovery from scrap, total (tin cont.)f doAsmetalf do
Consumption, totalt do
Price, Straits quality (delivered)* $ per lb..Zinc:
Mine prod., recoverable zinc thous. sh. tons..Imports (general):
Ores (zinc content) doMetal (slab, blocks).. do
Consumption (recoverable zinc content):Ores doScraD all tvDes do
Slab zinc: §Production (primary smelter), from domestic
and foreign ores thous sh tonsSecondary (redistilled) production doConsumption, fabricators do
Stocks, end of period:Producers', at smelter (ABMS)O_. doConsumers' do
Price, Prime Western $ per lb_.
4,5391,591
673.373.8
97.8207.9
.5134
13,19910,4206,0412,009
5,685
1,504.01,496.21,411.0
85.2376.0
528.1394.0
220.352.7
2,202649178
.6677
2,6682,667
583
1 589.2734.4
204.31,582.3
184.6
15.4109.3
91.3.3070
6,72448,33815,3801,790
68,00055,500
5,4628,441
3 5.3460
449.6
122.8576.7
100.8238.2
450 150.6
1,103.1O
65.886.8
.3439
4,8041,407
756.934.2
126.6197.0
.5308
1,986
1,490.31,533.11,408.9
124.2453.0
607.5463.4
321.6109.3
2,417172491
.6651
582.9
83.9
.3365
3,87346, 773
4,693
6.2958
337.6
207.2681.1
99.0237.3
444 838.7
1,127. 3o
38.494.6
.3097
400110
'53.01.5
3.713.0
.5300
932852476158
5,811
125.4116.3108.7
7.629.0
64.047.4
17.14.7
658164
.6362
49.854.7
5.4122.5
182.1
15.4106.0
97.6.3300
1692,9111,160
175
4,500
3247,626
5.9230
33.9
3.864.9
7.027.2
36.62.6
85.9
64.376.7
.3050
366104
'64.02.8
5.719.6
.5300
1,026889504171
5,802
122.5116.099.816.231.0
55.545.9
19.14.9
647151
.6359
45.056.4
3.4115.0
176.4
15.8111.7
94.2.3300
2734,7271,255
145
3,700
3806,628
5.9336
33.2
10.943.4
7.827.2
30.02.9
84.0
62.881.0
.3006
395117
'74.43.1
6.119.0
.5300
1,267986552184
5,732
133.5134.6124.410.241.0
69.358.2
24.211.9
566620144
.6241
'653679145
57.163.7
13.2125.2
184.4
20.0119.4
83.7. 3300
6645,0701,505
125
4,100
5796,291
5.5757
35.3
13.735.1
8.428.6
27.03.4
96.0
56.983.6
.2900
387114
'58.22.4
4.214.8
.5300
1,081933528164
5,751
129.3119.8113.7
6.141.0
94.577.9
20.47.3
648162
.6462
49.457.8
7.7122.5
189.8
31.4111.9
82.8.3300
4394,3691,485
135
3,900
6177,785
5. 3962
35.2
17.965.1
8.828.4
30.13.4
93.0(2)
50.086.4
.2900
405114
'89.92.4
7.019.5
.5300
1,228988565172
5,697
133.7129.6119.310.341.0
62.647.8
28.111.4
637163
.6477
54.364.3
5.5117.4
198.6
31.4119.7
73.8.3100
6353,4381,555
1605,7004,200
4058,139
5. 7027
33.1
13.078.8
9.916.4
32.03.7
99.0
40.982.5
.2900
395118
'83.52.1
9.317.3
.5300
1,258995556171
5,666
128.0128.4121.4
7.044.0
63.853.4
26.510.1
635642156
.6657
40.162.1
4.8121.6
198.5
32.1115.9
64.4.3100
405,4131,630
1555,4004,000
3847,846
6.0092
22.7
19.056.1
8.615.9
31.33.2
99.9
32.588.1
.2901
408107
'66.94.8
8.515.1
.5300
1,107878509126
5,705
97.8104.895.98.9
30.0
46.539.2
23.37.2
595144
.6408
35.554.1
11.099.5
199.2
30.1113.8
61.1.3100
623,1441,215
180
3,500
2747,817
6. 0700
19.9
6.049.9
8.815.6
31.72.7
84.3
31.893.2
.2980
410125
'50.75.2
11.014.5
.5300
1,1971,008
562165
5,588
125.1133.6126.9
6.736.0
38.628.7
31.610.2
578135
.6723
47.662.6
11.0125.2
24.2109.6
63.8.3217
3553,3821,410
155
3,700
5087,260
6. 3925
25.6
25.647.4
8.115.6
34.53.1
100.04.
27.492.3
.3116
399122
'51.32.2
15.919.5
.5300
1,175936535165
5,612
123.2123. 4117.4
6.037.0
28.417.6
41.222.2
621560130
.6763
49.568.5
4.5124.9
19.6115.6
63.7.3406
2733,8611,265
150
3,700
2985,774
6. 7484
24.6
9.249.2
7.4'15.6
33.53.9
96.4
30.186.8
.3237
416127
'86.92.4
17.713.8
.5300
1,344'1,008
'575184
'5,577
130.4136.4128.5
7.941.0
34.527.7
20.85.3
550154
.7050
55.571.2
7.4' 140.4
17.5113.4
68.7.3661
523,4101.855
1755,3004,000
2694,975
7.3918
26.6
25.354.0
6.8'16.3
41.32.9
105.3
26.989.0
.3283
403132
'43.12.8
23.115.4
.5300
1,181931.7
519'174
5,545
127.6147.4136.111.339.0
24.812.3
34.45.3
534133
.7119
50.070.1
5.2130.9
18.2110.5
75.4.3800
1934,518
5,4004,000
2805,666
7.4502
'23.6
29.253.4
9.116.3
39.03.4
95.61
32.985.3
.3442
418117
35.02.5
14.315.7
.5390
154
113.9142.8116.826.043.0
24.26.6
595491128
.7190
49.1
4.9
.3800
718115
375
6. 9562
23.9
33.683.8
8.415.2
39.13.5
87.9
38.494.6
.3450
69.63.1
18.5
.5500
.7657
4.4
.4076
2,5304,581
6.8423
34.048.2
39.9
.3457
.5500
.8970
.4363
7.2008
38.0
.3562r Revised. 1 Annual data; monthly revisions are not available. 2 Less than 50 tons.3 See " *" note for this page. 4 For month shown.cf Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.§ All data (except annual production figures) reflect GSA remelted zinc and zinc purchased
for direct shipment. O Revised Dec. 31 stocks for 1970-73 (thous. tons): 124.2; 48.6; 30.1,25.9. Producers' stocks elsewhere, end of Feb. 1979, 15,405 tons.
* New series effective with data for Jan. 1976. Source: Metals Week. MW Composite monthlyprice (Straits quality, delivered) is based on average of daily prices at two markets (Penang,Malaysia—settlement, and LME 3-month—High grade), and includes fixed charges plusdealer's and consumer's 70-day financing costs; no comparable earlier prices are available.
t Effective with the Apr. 1977 SURVEY, data are expressed in metric tons (to convert U.S.long tons to metric tons, multiply by factor, 1.01605). « Corrected.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-34
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
KJtiJN.V B\J SIJNJi
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Marcli 1979
1979
Jan. Feb.
METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, neworders (domestic), net, qtrly. 9 O mil. $.*.
Electric processing heating equip doFuel-fired processing heating equip d o —
Material handling equipment (industrial):Orders (new), index, seas, adj 1967= 100..
Industrial trucks (electric), shipments:Hand (motorized) number..Eider-type -do
Industrial trucks and tractors (internal combustionengines), shipments.. _ .number..
Industrial supplies, machinery and equipment:New orders index, seas, adjusted 1967-69=100..
Industrial suppliers distribution:Sales index, seas, adjusted... ....1967=100..Price index, not seas. adj. (tools, material handling
equip., valves, fittings, abrasives, fasteners,metal products, etc.) 1967=100..
Machine tools:Metal cutting type tools:
Orders, new (net), total mil. $..Domestic .do
Shipments, total . d o —Doirestic -do
Order backlog, end of period.. do
Metal forming type tools:Orders, new (net), total do..
Domestic do..Shipments, total do..
Domestic. _do_.Order backlog, end of period do..
Tractors used in construction, shipments, qtrly:Tracklaying, total units.
mil. $.Wheel (contractors' off-highway) units.
i l $mil.$_.Tractor shovel loaders (integral units only), wheel
and tracklaying types units..mil. $..
Tractors, wheel, farm, nonfarm (ex. garden andconstruction types), ship., qtrly ..units..
mil. $..
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement), ship thous..
Radio sets, production, total market thous..Television sets (incl. combination models), produc-
tion, total market . . . thous..
Household major appliances (electrical), factoryshipments (domestic and export) 9 thous..
Air conditioners (room) . . .doDishwashers doDisposers (food waste) doRanges... _ doRefrigerators _ doFreezers doWashers . . .doDryers (incl. gas) do
Vacuum cleaners (qtrly.) _ .do
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments.thous_.Ranges, total, sales doWater heaters (storage), automatic, sales do
i 240.8168.0192.5
232.3
18,00021,409
43,289
199.2
207.4
191.4
2,202.051,980.701,650.801,469.851,793.6
794.85730.70629.95560.35384.1
19,9421,127.85,271330.1
42,7301,328.2
207,2392,758.7
54,601
52,926
15,432
30,9573,2703,3562,9413,0115,7071,5984,9333,5539,392
1,5081,746
* 3,070
286.871.4118.2
336.1
20,99425,119
51,986
231.1
236.5
205.3
3,375.453,043.152,188.501,960.102,980.6
986.55896.85824.95728.50517.7
22,0581,376.9
173,5682,662.7
56,229
17,406
33,2164,0373,5563,3133,1275,8901,5225,0383,6219,136
286.5
1,3631,614
3,219
213.8
198. e
230. 55205. 45146. 25130. 951,877.9
83.8076.3563.0055.55394.9
4,711
2,700
1,103
• 2,193233230234
'214360100348263
121110230
246.2
1,7751,912
4,378
215.4
208.7
199.8
234.40210.00151. 60140.351,960.7
76.9571.3050.0044.30421.9
4,209
2,907
1,197
2,422270266273230388114410287
124140242
67.314.828.8
298.6
1,8972,441
4,675
218.6
224.0
200.6
258.90230,80206.00188.35
2,013.6
65.4062.6066.3561.40420.9
5,820350.11,537107.7
11,825394.7
45,912
3,9752 5,4222 1 , 674
3,343569345291305569150513375
1,747
133157270
334.0
1,5392,173
4,312
222.8
233.6
201.5
302.20273. 70178.70158.652,137.1
76.7070.8064.2555.45433.4
3,287
3,272
1,368
3,100703307280293480118416296
130154286
362.1
2,0432,241
3,839
226.2
233.9
202.3
267.40235. 30189. 45175. 252,215.7
87.4580.2066.2561.20454.6
3,456
3,883
1,288
3,205639330277307536153446
118161275
75.015.336.5
351.0
1,8152,128
5,200
228.3
242.2
203.7
316.95280.55216. 05193.052,315.9
75.8069.6076.9068.95453.5
5,926361.01,546119.1
13,076464.9
47, 931706.6
3,695
2 5,585
2 1,678
3,247591320280296604191435271
3,084
127168217
318.2
1,2971,609
3,106
227.5
238.6
205.6
249.30231.20137.75123.55
2,427.5
72.2566.9570.6564.40455.1
3,703
4,328
1,225
2,616307211255249548163376246
126124217
433.5
1,6992,190
4,645
225.4
243.3
206.9
274.65255.10161.70142.90
2,540.5
100.1593.9553.7049.00501.5
5,247
4,313
1,279
2,789111301278294586168469327
137146230
65.516.823.3
308.0
1,8822,214
4,972
232.7
253.7
207.8
253.00234.40193. 60172.402,594.9
81.7075.3565.1557.55518.0
4,752304.31,464-L, t\Jt
105.7
12,031400.9
37,911552.8
5,972
2 4,831
a 2,044
2,720101288287274528115468340
2,162
155168217
353.0
1,9862,275
5,054
251.3
250.6
210.1
334.05312.00195. 05173,102,733.8
79.9574.5571.7565.45526.3
6,442
3,937
1,538
2,855130342335298518103463347
346.2
1,8422,191
4,486
258.0
253.3
212.5
352.90335.95188.85164. 602,897.9
88.1581.4585.5570.85528.9
5,692
3,246
1,345
2,55416234229325943181372324
78.934.429.6
392.5
1,8562,131
4,100
253.4
247.2
213.8
•301.15•238.70•218.50'196.95•2,980.6
' 80.25' 73.75' 91.40r 74. 40' 517.7
5,560361.5
41,814709.8
•5,818
3,610
1,666
2,225240276231221346
67325256
1,8472,472
4,729
266.0
255.5
215.7
P421. 20^378.20"177.55*159.15*>3,224.2
P 97.10?92.75P 68.25P59.40^546.6
5,364
3,552
1,224
2,479259300271236375
97416306
2,143
2,872
1,388
COALAnthracite:
Production }____ thous. sh. tons..Exports . dr»Price, wholesale,
Bituminous:Production $
chestnut, f.o.b. car at mine$ per sh. ton..
thous. sh. tons..
6,175625
46.579
688,575
PETROLEUM,
16,445869
5 47.1351 653.800
'35024
46. 579
23,115
M3033
46. 579
23,520
COAL,
61052
46. 579
38,765
AND PRODUCTS
57519
46. 579
59,530
65062
62,220
47.
65
59531
192
565
57043
47.192
53,640
47.
64,
68066
498
395
575116
47. 542
57,775
535142
47.537
69,860
575100
47.530
69,245
'425179
47. 675
59,630
45579
4.7.677
52,085
366
47. 677
r Revised. * Preliminary. 1 Annual data; monthly or quarterly revisions not avail.2 Data coyer 5 weeks; other periods, 4 weeks. 3 For month shown. 4 Beginning July
1977, data include shipments to mobile home and travel trailer manufacturers (formerlyexcluded); they are not directly comparable with those for earlier periods. 5 Average forJan.-Apr. and June-Dec.
9 Includes data not shown separately.t Monthly revisions back to 1973 are available upon request.©Effective 1976, data reflect additional reporting firms.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
OF KKN1r BU SUN*
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
S-351979
Jan. Feb.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued tIndustrial consumption and retail deliveries,
total 9 _. . thous. sh. tons..Electric power utilities ...doMfg. and mining industries, total do
Coke plants (oven and beehive) -do
Retail deliveries to other consumers do
Stocks, industrial and retail dealers' end ofperiod, total thous. sh. tons..
Electric power utilities doMfg. and mining industries, total d o —
Oven-coke plants do
Retail dealers do.
Exports .-- doPrice, wholesale t Index, 1967=100-
COKEProduction:
Beehive.. thous. sh. tons..Oven (byproduct) doPetroleum coke § ..do
Stocks, end of period:Oven-coke plants, total d o —
At furnace plants doAt merchant plants ...do
Petroleum coke do
Exports do
PETROLEUM AND PRODUCTS
Crude petroleum:Oil wells completed. number..Price, wholesale Index, 1967=100..Gross input to crude oil distillation units..mil. bbl_.Refinery operating ratio % of capacity-
All oils, supply, demand, and stocks:New supply, total <?t mil. bbl_.
Production:Crude petroleum J doNatural-gas plant liquids do
Imports:Crude and unfinished oils | doRefined products t - do
Change in stocks, all oils (decrease,—)t—do.
Demand, total t__ -- - ..-do.Exports:
Crude petroleum _ do.Refined products do.
Domestic product demand, total 91 do..Gasoline do..Kerosene t do.
Distillate fuel oil t do.Residual fuel oil t do.JetfuelJ -do.
Lubricants t do.Asphalt do_.Liquefied gases t - do.
Stocks, end of period, total do.Cmde petroleum do.Unfinished oils, natural gasoline, etc do.Refined products. do.
Refined petroleum products:Gasoline (inch aviation):
Production t _ do.Exports do..Stocks, end of period . . .do.
Prices (excl. aviation):Wholesale, regular J Index, 2/73=100-Retail (regular grade, excl. taxes), 55 cities
(mid-month) $ per gal—Aviation gasoline:
Production mil. bbl—Exports doStocks, end of period do
Kerosene:Production t doStocks, end of period doPrice, wholesale (light distillate) t
Index, 1967=100.. .
620,174475,360137,78577,396
7,020
152,317130, 95121,14612,721
220
53,687
4492 53,060' 26,949r 6,444'6,308
1362,050
1,241
18,886274.2
5,468.390
6,832.8
3,009.3
2,425.6' 789.1
' 200.1
6,816.1
18.370.3
6,727.52,633.5
64.0
1,223.31,120.9' 379.3
58.3156.0
'518.9
1,311.9' 347.7' 121.7' 842.5
2,581.2
260.7
r 253. 6
.507
14.2.1
3.0
'62.618.0
' 358.5
15,517430.0
35548,238
3,357139
891
17,758300.1
264.9
.531
392.6
54,40542, 59410,9165,399
895
118,121102, 79215,1478,130
182
199403.2
293,6032,177
5,9375,772
1642,095
62
1,184288.8449.8
85
561.6
258.850.1
189.263.5
-43 .9
618.4
3.04.9
610.4207.6
9.6
137.6108.430.4
4.34.6
57.6
1,267.4351.2118.3797.8
215.80)
275.3
255.1
.512
03.0
5.514.3
383.0
46,01435,7379,3864,155
891
93,13082,43710,5745,067
119
109404.6
292,7412,014
5,2095,059
1502,146
81
1,486289.7401.2
84
503.6
234.445.3
159.264.7
-76 .1
590.3
.25.6
584.5193.6
8.8
135.3111.031.0
4.44.6
50.4
1,191.2350.1121.6719.6
186.40)
274.0
252.9
.511
.70
2.9
5.311.5
388.2
43,81033,9239,2373,988
650
83,94275,0818,7473,750
114
16406.5
292,6612,321
3,4613,373
872,270
42
1,499293.4447.9
85
585.4
237.050.9
190.371.2
-23 .5
616.8
1.96.5
608.4226.2
6.0
126.8109.634.5
4.87.7
44.2
1,167. 7363.8123.4680.6
210.10)
262.3
252.0
.510
.80
2.4
5.911.9
388.4
45,50434,54510,4185,501
540
96,46285,77210,5555,602
135
940426.4
293,7532,137
3,1893,107
812,321
56
1,369294.3426.3
537.4
261.249.9
163.5
62.7
6.5
541.52.87.4
531.4217.3
3.2
92.889.730.4
5.310.434.7
1,174.2365.0123.0686.1
201.2(0
251.6
253.0
.512
1.10
2.44.0
12.9
387.9
48,75337,12511,1326,406
495
110,88698,47212,2397,129
175
1,548432.4
334,3982,286
2,9932,910
832,380
103
1,209295.5472.2
549.6
272.848.9
173.154.6
3.4
571.8
3.85.9
562.1241.0
3.8
94.482.730.8
5.515.236.2
1,177. 6354.6124.0699.0
220.10)
236.1
255.5
.517
1.30
2.4
4.213.6
390.7
51,82740,59310,7586,382
475
121,588107,49813,7808,237
310
1,730434.5
294,3622,220
2,9382,848
902,376
74
1,812298.9451.2
553.6
264.749.0
192.1
47.8
7.6
560.15.96.1
548.1238.8
2.7
85.178.531.6
5.820.833.6
1,185. 2363.4121.0700.8
217.8
222.2
260.5
.524
1.40
2.5
3.914.8
391.4
55,42844, 03510,9426,530
450
119,791107,44312, 0586,604
290
1,223437.2
294,4552,252
2,8462,731
1142,489
53
1,503301.9470.3
88
573.5
271.250.1
192.859.5
37.1
556.8
4.35.9
546.5236.3
3.0
77.986.231.4
5.121.134.7
1,222.3367.9121.5732.8
226.6.1
219.1
266.4
.533
1.40
2.6
3.815.9
393.1
57,21545,95210,8206,436
442
122,607110,00612,2466,276
355
1,251'441.9
254,3792,388
2,9542,827
1272,397
46
1,516302.7483.2
91
575.1
272.450.0
197.055.7
—1.1
589.4
5.47.1
576.9245.6
3.4
86.291.135.0
5.824.133.7
1,221. 2357.7119.1744.5
232.70)
211.8
'271.3
.542
1.60
2.5
4.116.7
' 394. 4
53,92142,55610,8396,391
525
125,568112,79712,4076,202
364
3,338442.9
294,3462,188
3,0082,896
1122,287
125
1,619305.7461.9
90
579.5
263.648.0
209.1
58.8
41.9
551.16.36.8
538.0223.5
5.2
79.681.432.3
5.119.840.1
1,263.1368.3115.0779.8
223.4.1
219.3
274.6
.545
1.402.6
3.816.1
395.5
52,27039,77011,723
776
143,564 142,643129,359 127,118
15,1458,520
13,8487,272
357
1,837444.1
304,512
3,1283,029
99
1,406307.5
277.9
.547
397.1
52,18639,65911,6766,496
850
1,911442.9
314,383
• 3,277' 3,178
100
103
1,294310.5
277.3
.554
1,415442.8
324,645
3,4963,357
139
78
1,861312.2
282.8
.564
402,5
3,526444.8
30
1,372316.4
3.684
407.0
445.0
322.2
292.5
.700
413.8T Revised. i Less than 50 thousand barrels. 2 Reflects revisions not available by
months. 3 Beginning Jan. 1979, price includes taxes formerly excluded. 9 Includesdata not shown separately. § Includes nonrnarketable catalyst coke.
d* Includes small amounts of "other hydrocarbons and hydrogen refinery input," notshown separately. I Monthly revisions back to 1973 for bituminous coal, back to 1974for petroleum and products and for 1977 for wholesale price indexes will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-36
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977
SUE
1978 v
Annual
OF CURRENT BUSINESS
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Marcli 1979
1979
Jan. Feb.
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products—ContinuedDistillate fuel oil:
Production! mil. bblImports^ExportsStocks end of DeriodPrice, wholesale (middle distillate) t
Index,Residual fuel oil*.
Production!Imports^ExportsStocks end of DeriodPrice, wholesale t - Index,
Jet fuel:Production!—_Stocks, end of period*
Lubricants:ProductionExDortsStocks end of Deriod
Asphalt:T rod notionStocks And of D&riod
dododo
1967=100..
mil bbldododo
1967=100
..mil. bbl..do.. . .
dododo
doAn
Liquefied gases (incl. ethane and ethylene).|Production, total _ do
At ess Tyroce^sinsr Dlants (L P Q ) AnAt rAfin«rip<5 (1* "R O ^
Stoolr<5 fat Tilants and rpfinpriftOdodo
PETROLEUM, COAL,
'1,196.3r 91.3
. 5250.3
'384.1r 640.1r496.1
2.389 7
' 522.5
' 355.0'34.5
64.59.6
12.1
154 118.7
' 571.6443 0
r 128 6' 136.3
398.1
496.8
94.76.0
(2)213.4
396.7
58.042.1
. 481.4
514.8
28.634.6
5.1. 8
12.3
8.622.6
47.237.110.1
121.7
82.25.8
. 4165.9
398.6
50.443.8
. 364.9
502.7
27.833.3
4.6. 7
12.1
6.724.7
43.133.6
9.5111.5
AND
93.05.8
137.9
394.8
54.552.7
. 762.2
491.6
30.132.0
5.8. 8
12.4
9.826.8
49.538.311.2
112.6
PRODUCTS—Continued
88.23.0
. 2136.3
393.3
46.646.9
. 266.2
494.6
29.534.6
5.71.1
12.0
12.228.6
47.136.710.5
121.5
99.43.7
145.1
393.3
51.037.9
. 572.4
505.9
31.438.5
5.9.7
11.9
15.929.2
47.736.511.2
129.4
93.24.4
157.5
393.3
47.530.4
. 171.9
509.3
28.837.4
5.8. 8
11.3
16.425.0
46.034.911.0
138.5
96.44.6
. 1180.5
393.2
49.440.2
. 375.3
494.5
28.838.0
6.3. 7
11.9
17.721.8
46.435.610.8
147.3
101.64.4
. 1200.4
' 393.6
50.739.2
. 873.7
'480.8
30.135.7
6.1. 9
11.6
18.916.8
46.335.410.9
155.1
95.24.9
. 1220.8
394.1
49.439.4
. 481.2
480.2
29.735.3
6.01.0
11.8
19.116.2
46.134.711.4
156.7
399.9
484.0
35.8
408.5
500.9
36.1
417.8
502.2
425.5
517.9
432.3
520.5
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPERPulpwood:
Receipts thous. cords (128 cu. ft.).Consumption do...Stocks, end of period do...
Waste paper:Consumption thous. sh. tons.Stocks, end of period do
WOODPULPProduction:
Total, all grades 9 thous. sh. tons.Dissolving and special alpha do...Sulfate do...Sulfite do...Groundwood do...Semlchemical do...
Stocks, end of period:Total, all mills do.
Pulp mills do.Paper and board mills do.Nonpaper mills. do.
Exports, all grades, total do.Dissolving and special alpha do.Allother. do.
Imports, all grades, total do.Dissolving and special alpha do.Allother do.
PAPER AND PAPER PRODUCTSPaper and board:
Production (Bu. of the Census):All grades, total, unadjusted-..thous. sh. tons..
Paper doPaperboard _ doWet-machine board doConstruction paper and board do...
Producer price indexes:Book paper, A grade 1967=100.Paperboard do...Building paper and board _ do...
72,87573,971
5,761
'12,192728
149,0331,401
3 34,0052,0004,753
3 3,569
1,356
60962
i 2,640796
i 1,844
13,864179
i 3,686
61,86927,49128,727
1285,523
176.4157.0
179.4187.4
5,5346,4065,421
1,095640
3,944131
2,983172342316
1,05161337959
18561124
32610316
5,0032,3502,230
8416
170.7175.0
6,1296,2515,210
'1,046633
3,642135
2,701168326312
1,06261839153
18562123
31923297
4,9562,2972,211
8439
172.1180.1
6,9986,7805,382
'1,183706
4,149142
3,149166352340
1,09061341562
23383150
32720307
5,5472,5532,494
10
174.5186.6
6,5386,7765,151
1,155744
4,101113
3,150165342330
1,07461339764
21046163
300
5,2422,3792,368
10484
177.3188.7
6,4636,7514,844
1,217745
4,100136
3,064173387341
1,06961139563
22771156
40216
5,6022,5332,559
10499
178.0190.8
6,9496,8845,020
1,119753
4,109130
3,085178389325
426407
26680186
3037
296
5,4632,4442,541
11467
178.6' 192.3
6,2036,0905,141
732
3,672114
2,823129304301
1,014516432
23069161
32720307
4,7932,0752,278
6435
179.5' 193.1
6,3496,2315,323
' 1,136732
3,848117
116302329
1,04854543667
17454120
3255
320
5,2332,2012,513
10509
179.4189.8
6,2516,2755,363
' 1,020744
3,87884
2,9fiO127362345
99347345466
73196
31620297
4,9632,1342,374
9446
184.2187.0
6,8946,5085,895
'1,144'721
'4,051118
•3,088120375
'351
'999'486••442
'70
20760
147
3518
343
• 5,321• 2,332•2,543
' 9
185.5189.5
6,4296,3585,976
1,085729
3,931105
2,986130369341
480423
65
20452
152
36733
5,1962,2792,450
9459
186.3188.7
21047
163
7355
186.8187.6
16541
124
33116
315
188.5• 185.2
r Revised. * Preliminary.1 Reported annual total: revisions not allocated to the months. 2 Less than 50 thousandbarrels. 3 Beginning with January 1975, data for soda (formerly combined with semichemi-cal) is now combined with sulphate; not comparable with data for earlier periods.
* Data exclude small amounts of pulp because reporting would disclose the operations ofindividual firms.
X Monthly revisions back to 1974 for imports and back to 1977 for other refined petroleumproducts data are available upon request. 9 Includes data for items not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979 SURVEY CURRENT BUSINESS S-37
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1979
Jan. Feb.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS—Con.
Selected types of paper (API):Groundwood paper, uncoated:
Orders new thous. sh. tonsOrders, unfilled, end of period . . . _Shirvments
Coated paper:Orders new -Orders, unfilled, end of periodShipments
Uncoated free sheet papers:Orders newShipm ents „_____
. . . do. . .do
d o . . . .d o . . . .
. . do. . .
dodo_ __
Unbleached kraft packaging and industrial con-verting papers:
Or/iprQ TIPW thoilc c * tATicOrrJpTN nnfillpd pnd of DfiriodShipments
Tissue Oftner Droduction
Newsprint:Canada:
ProductionShipments from millsStocks at mills, end of period
United States:ProductionShirnnpnts from millsStocks at mills, end of period
Consumption bv Dublishersd11
do. do. .
do
. . do. .dodo.
. do. .dod o . . . .
rloStocks at and in transit to publishers, end of
Dpriod thous- sh. tons
Imports doPrice, rolls, contract, f.o.b. mill, freight allowed
or delivered. Index, 1967=100..
Paperboard (American Paper Institute):Orders, new (weekly avg.)._ thous. sh. tons..Orders, unfilled § doProduction, total (weekly avg.) -
Paper products:Shipping containers, corrugated and
shipments .mil. sq. ft.
Folding paper boxes, shipments..thou
do- . - .
solid fibersurf, area..
s. sh. tons..mil.$._
1,312134
1,307
' 4,279398
4,261
'6,8787,170
3,8154,286
8,9889,005
282
'3,8713,866
34
6,772
796
6,559
215.4
5581,037
557
' 227,198
2,639.02,105.0
1,274133
1,245
4,413391
4,435
7,4627,547
3,8944,219
9,7139,792
203
3,8063,818
22
7,106
728
7,484
226.2
6001,370
582
244,127
2,731.02,261.2
121151105
356348370
577591
326368
811721372
32431543
548
774
593
216.7
5731,139
518
17,880
205.2164.7
98149101
363382351
602591
307340
767688452
307309
41
521
784
530
216.7
5921,166
577
18,669
210.9171.7
118155116
419403402
702691
347373
826927350
35236034
600
818
611
216.7
6101,306
593
21,555
240.2194.3
111133111
337391359
658644
345364
834798386
32832338
620
818
604
228.2
6221,385
598
19,970
215.7176.8
124130124
385390394
709661
348388
843895333
33634034
631
835
639
228.2
6341,546
612
21, 759
236.0193.4
132144106
376397370
666648
320369
807853287
33934230
586
876
747
228.2
6221,556
612
22,116
229.9191.7
7213883
333405326
572575
301317
838833293
25825533
560
898
649
228.2
5601,560
542
17,583
200.5166.5
8414381
382408381
636659
293338
823813303
27928428
558
868
680
230.5
5981,600
586
22, 311
244.2206.1
12417395
342405353
592597
301327
759770292
31931630
566
829
580
230.5
5841,470
573
20,548
232.1193.9
100160110
360'367
S90
598648
'319'360
855868279
33133725
624
840
672
230.5
6051,479
597
22,654
247.4209.4
' 8 8'140
110
'365'356
379
574'630
'305'344
782792269
32232324
657
761
648
230.5
5661,412
600
20,407
231.1192.2
'104'133'105
'363'391'333
'568'603
'291'329
768834203
31131222
636
728
532
230.5
5461,367
555
18,675
237.7200.5
128156105
373399342
637638
300365
230.5
6201,450'591
20,923
215.0183.1
6221,480
614
RUBBER AND RUBBER PRODUCTS
RUBBERNatural rubber:
Consumption thous. metric tons..Stocks, end of period doImports, incl. latex and guayule.-thous. lg. tons..
Price, wholesale, smoked sheets (N.Y.)..$ per lb_.
Synthetic rubber:Production _ .thous. metric tons..Consumption doStocks, end of period.. do
Exports (Bu. of Census) thous. lg. tons..Reclaimed rubber:
Production thous. metric tons..Consumption _. doStocks, end of period do
TIRES AND TUBES
Pneumatic casings, automotive:Production thous.
Shipments, total do..Original equipment. . . . d o . .Replacement equipment . . . do.Exports do.
Stocks, end of period. do..Exports (Bu. of Census) do_.
Inner tubes, automotive:Production do_.Shipments _ do..Stocks, end of period do.Exports (Bu. of Census) do.
780.131127.65
792.41
.416
2,417.532,464.09
426.83
239.98
85.37111.3416.26
2 231,638
226,5832 65,998
2155,1952 5,390
2 47,1816,023
4 746.23
4 231.52
4 5,328
59.19123.2946.71
.430
198.20193.23430. 97
16.94
9.459.79
14.76
18,290
15,1705,2389,564
51,523384
61.06116.4045.68
.446
192. 71191.00427.88
18.86
9.629.1214.73
18,319
15,7554,84010,573
341
54,621389
63.79117.1071.77
.455
210.31200. 61434.49
22.55
9.619.3914.52
18,987
22,1986,38615,373
439
51,986474
61.23115.6083.44
.439
214.92195.68446. 93
19.48
10.0510.1113.45
18,828
21,7386,16115,224
352
50,006406
67.98122. 7675.96
.450
211.17211.42411.41
24.90
9.8510.2813.70
19,148
20,5976,30013,888
409
49,276458
61.88123.3954.36
.490
194.36194.19
22.28
10.2613.56
18,946
22,5096,12116,008
440
46,293483
51.68125.4147.79
.494
195.95169. 96456. 46
19.35
9.538.7513.67
15,108
17,5844,07713,265
242
44,280314
69.13126.0671.02
.520
205.67212.29445.08
10.799.60
15.14
19, 245
20, 5164,680
15,464372
44, 057462
65.55127. 6577.07
.544
207.37211.28437. 67
20.77
5.0010.0115.51
19,155
22,2145,933
15,888392
41,796414
69.47133.4854.90
.543
212.33219.86425.32
22.22
10.4011.2814.84
20,497
22,7276,403
15,871447
40,1350
70.89123.9546.05
.581
212.10211.85419.91
23.81
10.159.58
15.25
18,299
18,8725,911
12,597365
40,394
71.51
.558
23.77
18,869
16,9465,065
11,486396
43,472541
72.84
.544
21.12
559.5
.570
()2,298 4 3,015 251 240 198 188 143 223 223 274 343 312
r Revised. l Beginning Jan. 1977, producers' stocks are included; comparable data forearlier periods will be shown later. 2 Beginning Jan. 1977, data cover passenger car andtruck and bus tires; motorcycle tires and tires for mobile homes are excluded. 3 BeginningJan. 1977, data no longer available. 4 Reported total; revisions not distributed to themonths.
cfAs reported by publishers accounting for about 75 percent of total newsprint consumption.§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-38
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
O F UUKJHEN'l : 13 u,S1JNE
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
March 1979
1979
Jan. Feb.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement thous. bbl..
CLAY CONSTRUCTION PRODUCTSShipments :J
Brick, unglazed (common and face)mil. standard brick..
Structural tile, except facing thous. sh. tons..Sewer pipe and fittings, vitrified _ doFacing tile (hollow), glazed and unglazed
mil. brick equivalent..Floor and wall tile and accessories, glazed and
unglazed mil. sq. ft..Price index, brick (common), f.o.b. plant or N.Y.
dook 0 . _ 1967=100..
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments thous. $..Sheet (window) glass, shipments doPlate and other flat glass, shipments.. do
Glass containers:Production! thous. gross.
Shipments, domestic, total}: _-do...Narrow-neck containers:
Food do...Beverage do...Beer. do...Liquor and wine do...
Wide-mouth containers:Food (incl. packer's tumblers, jelly glasses,
and fruit jars) JO thous. gross.
Narrow-neck and Wide-mouth containers:Medicinal and toilet do...Chemical, household and industrial do...
Stocks, end of periodj do...
GYPSUM AND PRODUCTSProduction:
Crude gypsum (exc. byproduct)..thous. sh. tons.Calcined do...
Imports, crude gypsum do..
do..Sales of gypsum products:
TJrjcalcined
Calcined:Industrial plasters do...Building plasters:
Regular basecoat do...All other (incl. Keene's cement) do...
Board products, total .mil. sq. ft.Lath _ do...Veneerbase _ do...Gypsum sheathing do...Regular gypsum board __do--_TypeX gypsum board __do..-Predecorated wallboard do...
418,862
8,300.545.0
1,106.8
61.8
* 266.2
' 204.0
739,919(J)
303,452
304,785
25,06967,46692,75724,352
61,330
30,0913,720
36,912
113,390112,590
17,074
1 5,759
1326136312
15,369165418289
11,8402,425
232
1451,739
9,051.176.2
941.9
58.3
298.0
234.3
820,216
326,691
315, 339
26,62760,549
106,22625,070
65, 063
27,9643,840
44,349
15,330
461.23.8
43.9
2.9
20.6
224.0
25,982
21, 086
1,8763,7056,2491,841
4,937
2,074404
39,337
1,1101,051
593
295
25
20
1,254113521
96720417
18,516
476.97.7
38.6
3.1
21.5
224.4
31,452
713.67.4
70.9
4.6
27.9
228.0
202,552
25,375
22,020
1,9144,0146,8891,852
4,807
2,265279
42,408
1,027956
417
302
27
921
1,194143216
92119616
28,884
27,383
2,3175,4388,6792,321
5,806
2,515307
43,764
1,2221,071
493
370
35
1125
1,399154022
1,07123220
37,239
788.810.582.1
4.9
25.0
230.1
28,767
26, 528
2,2345,2028,9482,132
5,226
2,474312
45, 739
1,3331,195
529
423
1126
1,364123622
1,04922718
44,904
95.6
5.8
27.1
230.6
29,150
33,988
2,7056,94010,5692,770
7,194
3,349461
41,461
1,2771,237
767
458
36
1027
1,399134222
1,07023220
49,782
914.66.3
101.0
5.7
26.2
230.7
210, 640
28,759
27, 233
2,1846,0109,7551,897
4,717
2,375295
43,398
1,2081,121
684
565
38
1429
1,388114022
1,05823620
43,755
807.15.4
94.8
4.9
21.0
231.9
26,930
24,514
1,7585,3179,5011,573
4,187
1,906272
45,902
1,1951,164
825
505
28
25
1,351124021
1,03722120
50,340
911.65.1
106.4
5.6
27.0
234.1
44,617
784.96.9
91.3
5.4
24.3
242.2
202,475
29,428
29, 484
2,4325,683
10, 5192,134
6,018
2,371327
43,947
1,3021,184
788
568
33
1029
1,502134321
1,14725721
26,175
27, 674
3,3574,9149,3042,060
5,567
2,147325
43,233
1,2511,129
811
552
26
1,326103617
1,01422820
48,468
875.45.7
94.5
5.6
27.6
24.3
30,031
27,359
2,2424,7619,2532,390
5,967
2,415331
46,515
1,2121,206
700
494
1131
1,479114317
1,13625022
37, 851
r 769.26.0
72.5
4.6
25.7
244.6
25,710
25,547
1,9674,4738,5122,214
5,640
2,440301
46, 371
1,1361,091
658
462
37
925
1,3178
3517
1,00123718
28,952
654.44.950.4
5.0
24.0
247.9
204,549
21,500
22,523
1,6414,0928,0481,886
4,997
1,633226
44,349
253.2 255.3
TEXTILE PRODUCTS
FABRIC (GRAY)Knit fabric production off knitting machines (own
use, for sale, on commission), qtrly* mil. lb..Knitting machines active last working day*, .thous.-
Woven fabric (gray goods), weaving mills:Production, total? mil. linear yd..
Cotton doManmade fiber do
Stocks, total, end of period 9 d* doCotton doManmade fiber do
Orders, unfilled, total, end of period 9 IF...doCotton _ doManmade fiber do
COTTONCotton (excluding linters):
Production:GinningsA thous. running bales..Crop estimate thous. net weight bales 0 . .
Consumption thous. running bales..Stocks in the United States, total, end of period 9
thous. running bales..Domestic cotton, total do
On farms and in transit doPublic storage and compresses doConsuming establishments— do
1,688.67 34.3
10,2374,2375,915
986340640
2,004858
1,146
3 14,018314, 389
6,393
12,89012,8831,665
10,268950
10,1473,9626,070
829244579
3,0111,2301,781
10,8416,079
11,22911,22G2,3167,8601,050
827341478932314611
2,037819
1,218
13,859
493
11,93511,9281,3609,634
934
814323481927311609
2,050755
1,295
'501
10,83610,8281,1628,714
952
412.134.5
2 9832 3822 588
915306602
2,148806
1,342
3 14,018314,389
2 620
9,5259,5181,1107,3981,010
784303471866307553
2,388803
1,585
484
8,3958,388976
6,3751,037
786305471860307547
2,522797
1,724
•"483
7,3917,385
9775,3121,096
439.734.3
2 9702 3682 589
884298579
2,580821
1,759
2 575
6,2856,281
7654,4111,105
621234380871294570
2,8111,0821,728
144
383
5,3265,321
7003,8031,118
774298468871300565
2,7721,0081,765
672
459
15,13015,1261,6063,4571,063
2 96423752 579
851294551
2,7521,0431,709
1,492
2 569
13, 97613,971
9503,4311,030
863349505858295558
2,9231,1661,758
4,667
482
12, 93212,9296,6035,3121,014
2 1,0152 3922 613
876297574
2,9081,1271,781
6,678
••2595
12,12712,1244,8936,2301,001
746292447829244579
3,0111,2301,781
i,321
435
11,22911,226'2,316"•7,860' 1,050
* 10,8412 600
P10, 023P10, 019
1 2 8 8, 8
v 1,046r Revised. v Preliminary. * Annual total; revisions not allocated to the months.2 Data cover 5 weeks; other months, 4 weeks. 3 Crop for the year 1977.* Crop for the year 1978. * Beginning 1st Qtr 1977, data no longer available. 6 Dec. 1
estimate of 1978 crop. 7 Beginning 1st Qtr 1977, data exclude garment lengths, trimming,and collars; not comparable with earlier data. Q) Bales of 480 lbs. GIncludes data for"dairy products." *New series. Source: BuCensus. Data cover warp and weft knityard goods and knit garment, lengths, trimmings, and collars; no quarterly data prior to 1974available. JMonthly revisions back to 1975 for shipments of clay construction products
and for Jan.-Mar. 1975 for glass containers will be shown later. 9 Includes data not shownseparately. & Stocks (owned by weaving mills and billed and held for others) excludebedsheeting, toweling, and blanketing, and billed and held stocks of denims. fUnfilledorders cover wool apparel (including polyester-wool) finished fabrics; production and stocksexclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling, and blank-eting. ACumulative ginnings to end of month indicated. ©Monthly revisions for1977 will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
March 1979
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS
1977 1978
Annual
ttJNT UN JUS
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
S-391979
Jan. Feb.
TEXTILE PRODUCTS—ContinuedCOTTON AND MANUFACTURES—Con.
Cotton (excluding linters)—ContinuedExports - - thous. running bales..Imports . thous. net-weight(Dbales..Price (farm), American uplandU cents per lb._Price, Strict Low Middling, Grade 41, staple 34
(lMe*), average 10 markets .cents per l b . .Spindle activity (cotton system spindles):
Active spindles, last working day, total mil_.Consuming 100 percent cotton do. . .
Spindle hours operated, all fibers, total. "bil__Average per working day do
Consuming 100 percent cotton do. . .Cotton cloth:
Cotton broad woven goods over 12" in width:"Prrxinption (c\tT\v } mil lin vdOrders, unfilled, end of period, as compared with
avg. weekly production No. weeks' prod. .Inventories, end of period, as compared with
avg. weekly production No. weeks' prod. .Ratio of stocks to unfilled orders (at cotton
mills), end of periodExports, raw cotton equiv. thous. net-weight0bales_Imports, raw cotton equivalent do . .
MANMADE FIBERS AND MANUFACTURESFiber production, qtrly:
Filament yarn (acetate) mil. lb.Staple, incl. tow (rayon) . . .doNoncellulosic, except textile glass:
Yarn and monofilaments doStaple, incl. tow do
Tpxtilp fflflS1? fibpr doFiber stocks, producers', end of period:
Filament yarn (acetate) doStaple, incl. tow (rayon) do . . .Noncellulosic fiber, except textile glass:
Yarn and monofilaments doStaple incl tow do
Textile glass fiber doManmade fiber and silk broadwoven fabrics:
Production (qtrly.), total Q mil. lin. yd . .Filament yarn (100%) fabrics?— . . .do
Chiefly rayon and/or acetate fabrics doChiefly nylon fabrics do
Spun yarn (100%) fab., exc. blanketing9.doRayon and/or acetate fabrics, blends doPolyester blends with cotton... . . .do
Filament and spun yarn fabrics doManmade fiber gray goods, owned by weaving
mills:Ratio, stocks to unfilled orders, end of period...
Prices, manufacturer to mfr., f.o.b. mill:*50/50 polyester/carded cotton printcloth, gray,
48", 3.90 yds./lb., 78x54-56 $ per yd65% poly./35% comb. cot. broadcl., 3.0 oz/sp yd,
45", 128x72, gray-basis, wh. permpresfin.$ per yd . .
Manmade fiber knit fabric prices, f.o.b. mill:*65% acetate/35% nylon tricot, gray, 32 gauge, 54",
3 2 oz /linear vd $ ner vd100% textured polyester DK jacquard, 11 oz./
linear yd., 60", yarn dyed, finished...$ per yd_.Manmade fiber manufactures:
Exports, manmade fiber equivalent mil. lbs. .Yarn, tops, thread, cloth do
Cloth, woven . doManufactured prods., apparel, furnishings.do
Imports, manmade fiber equivalent doYarn, tops, thread, cloth. _ do .
Cloth, woven doManufactured prods., apparel, furnishings.do
Apparel, total . doKnit apparel doWOOL AND MANUFACTURES
Wool consumption, mill (clean basis):Apparel class mil lbCarpet class do
Wool imports, clean yield.. . . . do.Duty-free (carpet class) do
Wool prices, raw, shorn, clean basis, delivered toU.S. mills:d"
Domestic—Graded territory, 64's, staple 2*A"and up $perlb__
Australian, 64's, Type 62, duty-paid doWool broadwoven goods, exc. felts:
Production fotrlv ^ mil lin vd
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other), ship-ments, quarterly mil. sq. yds. .
APPARELWomen's, misses', juniors' apparel cuttings:*
Coats thous. units. .Dresses doSuits (incl. pant suits, jumpsuits) do. . .Blouses thous. dozen..Skirts . . . d o . . . .
4,44825
52.1
152.7
16.66.7
103.6.39843.4
4,356
3 11.7
3 4.7
3.40460.1525.2
282.0
3,659. 9
786.7
16.749.8
4 353.0299.767.9
6,223.62,014.1
371.5356.9
286.22,677.1
359.5
3.42
.405
.901
.501
« 1. 708
367.08206.34131.35160.74531.13110.1167.70
421.02365.24218.68
95.512.553.018.8
1.832.27
101.7
1,024.6
17,624166, 38534, 57519,5405,445
9 5,8753
60.2
16.56.4
102.5.39541.6
3 16.1
3 4.9
3.30457.9676.2
300.9534.6
3,814.33,952.8
928.3
13.128.7
343.4335.697.6
.492
6 .765
7 .458
81.657
441.70267.28165. 71174.42642.59147. 5587.76
495.04425.18212.40
103.313.050.423.4
1.902.34
1,075.9
5210
48.0
51.0
16.76.68.2
.4123.3
13.0
4.4
.34"32.2
70.0
.31
.451
.729
1.655
27.8417.1410.8510.7045.5414.917.98
r 30.6324.8012.33
7.71.03.72.2
1.822.28
1,03712,1522,3071,719
443
502(10)50.3
52.9
16.56.68.3
.4163.4
12.3
4.5
.37'35.2
44.8
.31
.456
.725
.443
1.665
29.2417.2410.6512.0146.6811.955.90
' 34.7329.5017.10
8.2. 8
3.21.9
1.782.30
98413,0062,5951,864
532
704(10)51.3
55.0
16.56.5
2 10.1.4032 4.0
1,046
14.4
4.8
.33'37 .1
56.7
71.519Q ^
'909.91 nno i
225.2
13.1AQ a
353.6306.384.5
1,648.5555.398.678.4
931 884.7
660.897.5
.30
.475
.729
.451
1.658
36.8322.8613.0713.9646.3413.297.27
' 33.0527.4815.78
10.51.24.11.4
1.782.31
28.2
242.6
1,17315,5042,8152,174
641
6400
51.7
54.7
16.66.68.2
.4133.4
14.0
4.9
.35'35.2
68.7
.34
.495
.751
.456
1.658
35.5721.5012.7714.0753.8716.117.85
' 37. 7631.0818.46
8.81.14.92.2
1.812.32
1,40815,0482,3431,778
537
510(10)53.7
57.6
16.46.48.2
.4083.3
13.7
4.8
.35'34 .5
53.9
.22
.515
.763
.467
1.651
39.0623.3013.2415.7759.7413.748.05
' 46. 0140.0025.09
9.21.04.01.5
1.842.33
1,74814,6002,1891,960
638
5281
54.8
57.4
16.36.3
2 10.0.4022 4.1
1,010
13.9
4,8
.35'33.0
60.6
76.3
'951.5
229.1
11.746.1
336.5347.689.4
1,690.3566.8104.095.1
QC7 o83.3
673.597.9
.21
.493
.780
.472
1.655
36.6320.8513.8215.7967.7012.367.94
' 55.3448.8830.40
10.31.53.82.0
1.922.36
31.7
281 3
1,96714,1152,0261,945
574
456(10)56.5
57.0
16.36.46.5
.3272.7
22.7
5.9
.26'31 .4
60.8
.21
.496
.778
32.0618.6211.1113.4370.4114.138.61
' 56.2849.6629.34
7.0. 8
4.72.3
1.922.36
1,53111,2461,7611,551
495
5240
56.6
59.8
16.36.37.9
.3953.2
17.7
5.2
.2935.951.3
.20
.496
.776
35.3820.9912.4814.3964.9012.298.51
' 52.6147.1026.89
8.41.05.42.5
1.922.36
2,19314,1332,2642,217
604
388(10)55.9
P60.0
16.36.3
3 9.6.385
2 3.9
899
17.2
4.7
.2837.952.1
76.9133.8
'955.5952.1233 7
12.637.4
334.3328.189.3
.19
.516
.794
38.1223.2915.1214.8258.3111.797.85
46.5240.2422.92
9 41.43.41.9
1.952.36
'269 8
2,08014,0012,0372,042
554
283(10)59.6
64.1
16.46.38.1
.4063.3
16.6
5.7
.2544.862.2
' . 1 7
.514
.824
43.6827.5216.9516.1650.4710.246.86
40.2334.3818.53
8.11.24.01.8
1.972.36
1 85413,8111,7572 136
603
3550
61.1
65.6
16.46.3
210.0.39924.0
17.0
4.3
.2550.151.1
.17
.496
44.4127.1517.9317.2641.088.686.00
32.4027.4913.53
8.1' 1 . 2
4.81.5
2.022.37
4640
58.1
64.4
16.56.47.4
.3713.0
21.1
4.6
.2250.444.1
76.2139.8
997.41,001.8
240 3
15.428.7
343.4335 697.6
495
42.8826 8217.7216.0637.548.064 93
29.4924.5812 02
7 8s
4.02.0
2.022.37
282.2
517(10)
'56.0
6.3
4 .1
19.4
4.1
2 145.654.0
42.8627.3017.6915.56
J>4.5?1.9
2.022.37
53.7
2.022.49
r Revised. v Preliminary. 1 Season average. 3 For 5 weeks, other months, 4 weeks.3 Monthly average. 4 Effective Sept. 1976 SURVEY, data omit production and stocks of
saran and spandex yarn. »Effective 1976, production of blanketing is included in 100%spun yarn fabric (prior to 1976, in "all other group," not shown separately). fl Avg. forJan.-Oct. 7 Aug. for Feb.-Jun. s Avg. for Jan-Jun. 9 Effective Jan. 1, 1978, in-cludes reexports formerly excluded. 10 Less than 500 bales.
H Based on 480-lb. bales, v price reflects sales as of the 15th; restated r price reflects totalquantity purchased and dollars paid for entire month (' price includes discounts andpremiums).
9 Includes data not shown separately. Q Net-weight (480-lb.) bales.
d" Effective Jan. 1976, specifications for the price formerly designated fine good Frenchcombing and staple have been changed as shown above. Effective with the May 1976 SURVEYthe foreign wool price is quoted including duty.
*New series. Apparel (BuCensus)—Annual totals derived from firms accounting for 99%of total output of these items; current monthly estimates, from smaller sample. Monthly datafor 1975, adjusted to annual totals, are available. Coats exclude all fur, leather, and raincoats.Suits omit garments purchased separately as coordinates. Except for the year 1974, earliermonthly data are available, except for suits. Prices (USDL, BLS)—Data not available priorto 1976. • Avg. for Jan.-Apr.; June-Dec.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-40
Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of B U S I N E S S STATISTICS
1977
SUE
1978
Annual
OF UUKJ SINE
1978
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
March 1978
1979
Jan. Feb.
TEXTILE PRODUCTS—Continued
APPAREL-Con.
Men's apparel cuttings:Suits! thous. units..Coats (separate), dress and sportt doTrousers (separate), dress and sportt doSlacks (jean cut), casual % thous. doz__Shirts, dress, sport, inc. knit outerwear J._.do
Hosiery, shipments thous. doz. pairs..
"16,065• 13,652125,82715,53732,523
248,144 267,683
1,3351,0318,4991,1902,318
18,384
1,261960
9,4721,2832,298
19,418
1,4961,378
10,5051,2952,78421,859
1,3811,1939,2411,2392,60921,183
1,4321,3769,3681,1932,69122,541
1,4381,2918,8891,2722,86924,987
7865,711785
1,99022,044
1,3341,311
2,81024,569
1,3021,483
2,98523,664 24,589 24,062 20,383
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLESOrders, new (net), qtrly, total mil. $__
U.S. Government doPrime contract ...do
Sales (net), receipts, or billings, qtrly, total doU.S. Government do
Backlog of orders, end of period 9 doU.S. Government do
Aircraft (complete) and parts.._ doEngines (aircraft) and parts doMissiles, space vehicle systems, engines, propul-
sion units, and parts mil. $_.Other related operations (conversions, modifica-
tions), products, services mil. $..
Aircraft (complete):Shipments do
Airframe weight thous. lb__Exports, commercial mil. $_.
MOTOR VEHICLES (NEW)Passenger cars:
Factory sales (from U.S. plants), total thous.Domestic .do...
Retail sales, total, not seasonally adj do...Domestics A_ _ doImportsA do...
Total, seas, adjusted at annual rate t mil.DomesticsA t do...ImportsA t _ do...
Retail inventories, end of mo., domestics: ANot seasonally adjusted thousSeasonally adjusted! do...
Inventory-retail sales ratio, domestics A t
Exports (BuCensus), assembled cars thous..To Canada do...
Imports (BuCensus), complete units doFrom Canada, total. _ do
Registrations©, total new vehicles do..IImports, incl. domestically sponsored do....
Trucks and buses:Factory sales (from U.S. plants), total thous..
Domestic... _doRetail sales, seasonally adjusted:*
Light-duty, up to 14,000 lbs. GVW do....Medium-duty, 14,001-26,000 lbs. GVW doHeavy-duty, 26,001 lbs. and over GVW..do
Retail inventories, end of period, seasonally ad-justed* thous..
Exports (BuCensus), assembled units do....Imports (BuCensus), including separate chassis
and bodies thous..Registrations©, new vehicles, excluding buses not
produced on truck chassis. thous..
Truck trailers and chassis, complete (excludes de-tachables), shipments.. number
Vans.. _ doTrailer bodies (detachable), sold separately._.do_...Trailer chassis (detachable), sold separately..do....
RAILROAD EQUIPMENTFreight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars andcars for export):
Shipments. number.Equipment manufacturers do
New orders... doIII!Equipment manufacturers I.I .do
Unfilled orders, end of period _ doEquipment manufacturers IHIIdoIII!
Freight cars (revenue), class 1 railroads (AAR):§Number owned, end of period thous
Held for repairs, % of total owned.Capacity (carrying), total, end of mo..mil. tons.
Average per car _ tons.
38,92222,68235,47833,31520,704
45,30926,11919,7095,354
6,743
6,208
4,700.947,6472,605
9,1998,51111,1859,1092,075
1,7311,7842.3
697.20591.512,791.3849.2
i 10,826* 1,977
3,4403,178
3,145.0171.5169.1
716.1202.55
822.43
3,509
159,29798,6877,19320,662
51,72946,66466,75059,55735,91029,490
1,2678.9
95.6475.50
»3,589
2 9,172
"lljiii"9,3122,000
1,7291,7802.3
6 695.12«540.902,881.86 832.710,9461,946
2 3,711
3,540.5165.3202.2
843.86 248.43
51,035.68
3,963
193,245127,5886,06628,432
67,44062,400125,307124,86296,25589,944
1,2257.9
93.9676.68
294.52,624
«80
65761668754514210.18.02.1
1,8871,824
2.8
«47.09«38.S0«116.2«55.5•703•127
240223
259.3133.7147.1
719.5813.60
186.15
•255
12,5907,817
4832,265
3,7623,5226,3446,14438,19531,315
1,2639.1
95.4475.58
363.03,604203
67562377762814910.58.52.0
1,9521,8482.6
53.7241.81253.661.13 7673 152
268247
276. 3135.8151.6
727.518.58
84.67
3 287
14,0528,637408
2,429
3,7953,4836,3526,35240,60234,034
1,2539.3
94.8475.66
10,8075,56710,0848,5115,093
46,79625,84320,3305,192
6,163
478.54,287172
8421,07888319511.89.82.1
1,9911,8662.3
62.8449.56299.178.93 8703 163
341311
292.2151.2178.8
719.721.72
103.13
3 306
17,54311,653
5783,341
4,8744,4894,3464,346
45,38739,204
1,2479.5
94.4775.74
436.23,902
210
8061,043
863180
12.310.22.1
2,0081,877
2.2
70.4857.21310.1
78.1•916•162
319291
301.4145.3163.8
721.122.86
96.87
•320
15,5409,930
3522,643
4,7024,351
10,25810,00850, 94344,861
1,2479.5
94.4575.73
434.85,113
165
919850
1,159963196
12.110.02.1
1,9701,818
2.2
69.3257.92266.573.5•987• 162
338309
303. 3142.5167.2
702.922.74
92.12
•342
17,58911,150
6222,531
5,8435,64416,90716,90761,80255,919
1,2459.3
94.3875.83
11,6327,56610,7749,3315,622
49,90628,53723,1935,425
6,917
6,561
662.26,293275
8211,13795018711.89.72.0
1,9111,7212.1
70.6358.20281.486.8
3 1,0532 166
355324
315. 5142.8173.4
679.924.24
97.00
3 357
16,87210, 967
5402,421
6,8936,11314,81514,81569,29864,195
1,2429.3
94.3075.94
469.14,959248
58955393076216811.09.11.9
1,7291,694
2.2
45.8333.75236.847.6
•1,062•183
272254
297.7141.0179.6
661.018.05
85.88
13,7588,853
4622,192
4,7534,351
11,59911,26575,46170,426
1,2399.0
94.2076.04
564.15,844
379
528492958753205
11.99.92.0
1,5101,655
2.0
36.1125.95198.341.1
3 1,061U 9 8
281266
314.8113.3168.3
641.016.58
63.80
3 396
16,97911,585
6703,170
6,6976,198
13, 5«613, 08682,73378,197
1,2398.9
94.3876.20
10,9785,5039,8799,3665,431
51,51828,60924,001
5,214
7,268
7,246
679.16,071
356
73867682866216610.88.91.9
1,6061,6782.3
61.6046.61212.3
78.3•887•185
305281
261.5125.8172.4
664.722.18
76.23
•335
15,55810,324
3201,718
5,9425,533
10,5618,911
87,20081, 423
1,2328.8
94.0576.31
573.65,490
423
894828
1,034884150
11.19.21.9
1,6291,737
2.3
66.7450.06232.877.2•866•149
366337
308.5135.3173.3
694.224.90
83.21
•305
17,69111,961
'4631,795
6,4656,1749,0109,01087,60582,119
1,2318.4
94.1876.50
752.05,656
504
84278490977013911.09.02.0
' 1,728" 1,777
2.4
58.7343.19230.580.2•826•140
330305
309.0138.1167.9
732.221.73
90.77
•314
17,49212,344
5851,993
6,7336,4618,8028,302
91,77386,059
1,2288.1
94.0476.61
550
2 632
769646123
11.29.41.8
1,7291,780
2.3
52.0338.36244.374.3•949•158
2 277
301.0148.9178.6
773.921.24
75.85
•361
17,58412,367
5831,934
6,8276,524
12,72711,82796,25589,944
1,2257.9
93.9693.80
2 786
••784645138
11.09.02.0
1,8851,819
2.4
269.271.8
2 342
299.514.519.5
• 816.117.53
93.20
6,0485,667
13,65613,656
104,318
76.6876.76
P840676
P164p l l . 4
9.1
1,9571,851
2.4
•317
283.317.621.9
• 847.0
r Revised. v Preliminary. i Annual total includes revisions not distributed bymonths. 2 Production, not factory sales. 3 Excludes 2 States. • Excludes 1 State.
Excludes 3 States. « Beginning 1978, data may not be strictly comparable with those forearlier years because of the revised export schedule.
JAnnual figures, "Apparel 1975," MA-23A(75)-l. Survey expanded and classificationchanged; not comparable with data prior to 1974.
9 Total includes backlog for nonrelated products and services and basic research.. fSeas. adj. data (1971-74) in the Mar. 1976 SURVEY, p. 5, do not reflect end-digit revisions toimports and total sales introduced in the Feb. 1977 SURVEY.
ADomestics include U.S.-type cars produced in the United States and Canada; imports
cover foreign-type cars and captive imports, and exclude domestics produced in Canada.©Courtesy of R. L. Polk & Co.; republication prohibited.§Excludes railroad-owned private refrigerator cars and private line cars.*New series. Source: Motor Vehicle Manufacturers Assn. of the U.S. (seas, adjustment
by BEA). Reporting firms do not represent the entire industry. Motor coaches are notcovered. Sales include imports of U.S. manufacturers only (all other imports are not covered)Units refer to complete vehicles and to chassis sold separately. Gross vehicle weight reiersto the weight of the vehicle with full load. Seasonally adjusted monthly data back to 1971are available. "Excludes leisure-type; not strictly comparable with 1974.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONSGeneral:
Business indicators 1-7Commodity prices 8, 9Construction and real estate 10,11Domestic trade 11-13
Labor force, employment, and earnings 13-17Finance 17-22Foreign trade of the United States 22-24Transportation and communication 24,25
Industry:Chemicals and allied products 25, 26Electric power and gas,, 26Food and kindred products; tobacco 27-30Leather and products 30
Lumber and products 31Metals and manufactures 31-34Petroleum, coal, and products 34-36Pulp, paper, and paper products. 36,37
Rubber and rubber products 37Stone, clay, and glass products 38Textile products 38-40Transportation equipment 40
INDIVIDUAL SERIESAdvertising 11,16Aerospace vehicles 40Agricultural loans 17Air carrier operations 24Air conditioners (room). — 34Aircraft and parts 7,40Alcohol, denatured and ethyl 26Alcoholic beverages 11,27Aluminum 33Apparel 1,4,8,9,11-16,40Asphalt 35,36Automobiles, etc 1,4-6,8,9,11,12,20,23,24,40
BankingBarley.Battery shipments -Beef and vealBeverages 9,11, 22Blast furnaces, steel millsBonds, issued, prices, sales, yieldsBrass and bronzeBrickBuilding and construction materials
Building costsBuilding permitsBusiness incorporations (new), failuresBusiness sales and inventoriesButter
7,11
17,18273428
23,275-7
20, 213338
4, 6,31,3810,11
1075
27
Cattle and calves 28Cement and concrete products 9,11,38Cereal and bakery products 9Chain-store sales, firms with 11 or more stores. . . 13Cheese 27Chemicals 4,6,9,14-16,20,23,25, 26Cigarettes and cigars 30Clay products 9,38Coal 4,9,23, 34,35Cocoa 23,29Coffee 23,29Coke 35Combustion, atmosphere, heating equipment 34Communication 2,20,25Confectionery, sales 29Construction:
Contracts 10Costs 10,11Employment, unemployment, hours, earnings.. 13-16Fixed investment, structures 1Highways and roads 10,11Housing starts 10Materials output indexes 11New construction put in place 10
Consumer credit 18Consumer expenditures 1Consumer goods output, index 4Consumer Price Index 8Copper 33Corn 27Cost of living (see Consumer Price Index) 8Cotton, raw and manufactures 8,9,22,38,39Cottonseed oil 30Credit, short- and intermediate-term 18Crops 3, 8,27, 28,30,38Crude oil 4,35Currency in circulation 20
Dairy products 3,8,9,27Debits, bank 17Debt, U.S. Government 19Deflators, GNP 2Department stores, sales, inventories 12,13Deposits, bank 17,20Dishwashers 34Disputes, industrial 16Distilled spirits 27Dividend payments, rates, and yields 2,3, 20,21Drugstores, sales « 12,13
3b
Earnings, weekly and hourly 15,16Eating and drinking places 12,13Eggs and poultry 3,8,9,29Electric power 4,9,26Electrical machinery and equipment 5-7,
9,14,15,20,23,24,34Employee-hours, aggregate, and indexes 15Employment 13,14Expenditures, U.S. Government 19Explosives 26Exports (see also individual commodities).... 1, 3,22-24
Failures, industrial and commercial 7Farm income, marketings, and prices 2,3,8,9Farm wages 16Fats and oils , 9,23,29,30Federal Government finance 19Federal Reserve banks, condition of 17Federal Reserve member banks 17Fertilizers 9,25Fire losses 11Fish 29Flooring, hardwood 31Flour, wheat , 28Food products 1,4,6,8,9,14-16,20,22,23,27-30Foreclosures, real estate 11Foreign trade (see also individual comxnod.) 22-24Freight cars (equipment) 40Fruits and vegetables 8,9Fuel oil 35,36Fuels 4,8,9,23,34-36Furnaces 34Furniture 5,9,12-15
Gas, output, prices, sales, revenues 4,9,26Gasoline 1,35Glass and products 38Glycerin 26Gold 19Grains and products 8,9,22,27,28Grocery stores 12,13Gross national product 1Gross national product, price deflators 2Gross private domestic investment 1Gypsum and products 9,38
Hardware stores 12Heating equipment 9,34Hides and skins 9,30Highways and roads 10,11Hogs 28Home electronic equipment 9Home Loan banks, outstanding advances 11Home mortgages 11Hosiery 40Hotels and motor-hotels 25Hours, average weekly 15Housefurnishings 1,4, 5,8,11,12Household appliances, radios, and television sets. 4,
8,9,12,34Housing starts and permits 10
Imports (see also individual commodities)... 1,3,23,24Income, personal 2,3Income and employment tax receipts 19Industrial production indexes:
By industry 4,5By market grouping 4
Installment credit 13,18Instruments and related products 5,6,14,15Insurance, life 19Interest and money rates 18International transactions of the United States . . . 3Inventories, manufacturers* and trade 5-7,11,12Inventory-sales ratios 5Iron and steel 5,9,11,20, 23,31,32
Labor advertising index, stoppages, turnover 16Labor force 13Lamb and mutton 28Lead 33Leather and products 4,9,14-16, 30Life insurance 19Livestock 3,8,9, 28Loans, real estate, agricultural, bank (see also
Consumer credit) 11,17,18Lubricants 35,36Lumber and products 5,9,11,12,14,15,20,31
Machine tools 34Machinery 5-7,9,14,15,20,23,24,34Mail order houses, sales 12Manmade fibers and manufactures 9,39Manufacturers* sales (or shipments), inventories,
orders 5-7Manufacturing employment, unemployment, pro-
duction workers, hours, earnings 14-16Manufacturing production indexes 4,5Margarine 29Meat animals and meats 3,8,9,22,23,28,29Medical and personal care 8Metals 4-7,9,14,15,20,22,23,31-33Milk 27Mining and minerals 2,4,9,14-16,20Monetary statistics 19, 20Money supply 20Mortgage applications, loans, rates 11,17-19Motor carriers 24Motor vehicles 1,4-6,8,9,11,20,23,40
National defense expenditures 1,19National income and product 1,2National parks, visits 25Newsprint 23,37New York Stock Exchange, selected data 21,22Nonferrous metals 5-7,9,20,23,33Noninstallment credit 18
Oats 27Oils and fats 9,23,29,30Orders, new and unfilled, manufacturers* 7Ordnance 14,15
Paint and paint materials 9,26Paper and products and pulp 4,6,
9,14-16,20,23,36,37Parity ratio 8Passenger cars 1,4-6,8,9,11,12,20,23, 24,40Passports issued 25Personal consumption expenditures 1Personal income 2, 3Personal outlays 2Petroleum and products 4,6,
8,9,14,15,20,23,35,36Pig iron 31, 32Plant and equipment expenditures 2Plastics and resin materials 26Population 13Pork 28,29Poultry and eggs 3,8,9,29Price deflators, implicit, GNP 2Prices (see also individual commodities) 8,9Printing and publishing 4,14-16Private sector employment, hours, earnings 13-16Profits, corporate 2,20Public utilities 2,4,10,20,21, 26Pulp and pulpwood 36Purchasing power of the dollar 9
Radio and television 4,11, 34Railroads 2,16,17,21,24,25,40Ranges 34Rayon and acetate 39Real estate 11,17,19Receipts, U.S. Government 19Refrigerators 34Registrations (new vehicles) 40Rent (housing) 8Retail trade 5,7,12-16,18Rice 28Rubber and products (incl. plastics). 4,6,
9,14-16,23,37
Saving, personal 2Savings deposits 17Securities issued 20Security markets 20-22Services 1,8,14-16Sheep and lambs 28Shoes and other footwear 9,12, 30Silver 19Soybean cake and meal and oil 30Spindle activity, cotton 39Steel (raw) and steel manufactures 23,31, 32Steel scrap 31Stock market customer financing 20Stock prices, earnings, sales, etc 21,22Stone, clay, glass products 5, 6,9,14,15,20, 38Sugar 23,29Sulfur 25Sulfuric acid 25Superphosphate 25
Tea imports 29Telephone and telegraph carriers 25Television and radio 4,11, 34Textiles and products 4,6,9,14-16,20, 23,38-40Tin 33Tires and inner tubes 9,12,13,37Tobacco and manufactures.. 4,6,8,14,15,30Tractors 34Trade (retail and wholesale) 5,11,12,14-16Transit lines, urban 24Transportation 1,2,8,14-16,20-22,24, 25Transportation equipment 5-7,14,15,20,40Travel 24, 25Truck trailers 40Trucks (industrial and other) 34, 40
Unemployment and insurance 13,17U.S. Government bonds 17-21U.S. Government finance. f< 19U.S. International transactions 3Utilities 2,4,8,10,21,22,26
Vacuum cleaners 34Variety stores **• **[Vegetable oils 23,29,30Vegetables and fruits 8* *Veterans' unemployment insurance 1'
Wages and salaries 2,3,Washers and dryersWater heatersWheat and wheat flourWholesale Price IndexesWholesale trade 5,7,11,Wood pulpWool and wool manufactures
Zinc.
15, 16343428
8,914-16
369,39
33
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UNITED STATES
GOVERNMENT PRINTING OFFPUBLIC DOCUMENTS DEPARTMENT
WASHINGTON, D.C. 20402
OFFICIAL BUSINESS
1 9 7 9 RELEASE DATES FOR BEA ESTIMATES~ , . ReleaseSubject D a t e *
Personal Income, March 1979 Apr. 18Gross National Product (preliminary), 1st quarter 1979. Apr. 19Corporate Profits (revised), 4th quarter 1978 Apr. 19Composite Indexes of Leading, Coincident and Lagging
Indicators, March 1979 Apr. 30
Merchandise Trade (balance of payments basis), 1stquarter 1979 May 2
Personal Income, April 1979 May 17Gross National Product (1st revision) 1st quarter 1979. May 18Corporate Profits (preliminary), 1st quarter 1979 May 18Federal Receipts and Expenditures, 1st quarter 1979... May 21Selected International Transactions, 1st quarter 1979. May 23Composite Indexes of Leading, Coincident and Lagging
Indicators, April 1979 May 31
Plant and Equipment Expenditures, 1st quarter 1979.. June 7Personal Income, May 1979 June 19Gross National Product (2nd revision), 1st quarter 1979. June 20Corporate Profits (revised), 1st quarter 1979 June 20Summary of International Transactions, 1st quarter
1979 June 21Composite Indexes of Leading, Coincident and Lagging
Indicators, May 1979 June 29
Personal Income, June 1979 July 19Gross National Product (preliminary), 2nd quarter
1979 July 20Composite Indexes of Leading, Coincident and Lagging
Indicators, June 1979 July 31
Merchandise Trade (balance of payment basis), 2ndquarter 1979 Aug. 1
Personal Income, July 1979 Aug. 16Gross National Product (1st revision), 2nd quarter 1979. Aug. 17Corporate Profits (preliminary), 2nd quarter 1979 Aug. 17Federal Receipts and Expenditures, 2nd quarter 1979.. Aug. 20
These are target dates; estimates may occasionally be releaseda day or two earlier or later.
CJ , . ReleaseSubject D a t e *
Selected International Transactions, 2nd quarter 1979. Aug. 22Composite Indexes of Leading, Coincident and Lagging
Indicators, July 1979 Aug. 29
Plant and Equipment Expenditures, 2nd quarter 1979. Sept. 6Personal Income, August 1979 Sept. 18Gross National Product (2nd revision), 2nd quarter
1979 Sept. 19Corporate Profits (revised), 2nd quarter 1979 Sept. 19Summary of International Transactions, 2nd quarter
1979 Sept. 20Composite Indexes of Leading, Coincident and Lagging
Indicators, August 1979 Sept. 28
Personal Income, September 1979 Oct. 17Gross National Product (preliminary), 3rd quarter 1979. Oct. 19Composite Indexes of Leading, Coincident and Lagging
Indicators, September 1979 Oct. 30
Merchandise Trade (balance of payments basis), 3rdquarter 1979 Nov. 1
Personal Income, October 1979 Nov. 19Gross National Product (1st revision), 3rd quarter 1979. Nov. 20Corporate Profits (preliminary), 3rd quarter 1979 Nov. 20Selected International Transactions, 3rd quarter 1979. Nov. 20Federal Receipts and Expenditures, 3rd quarter 1979. . Nov. 21Composite Indexes of Leading, Coincident and Lag-
ging Indicators, October 1979 Nov. 30
Plant and Equipment Expenditures, 3rd quarter 1979.. Dec. 6Personal Income, November 1979 Dec. 18Gross National Product (2nd revision), 3rd quarter 1979. Dec. 19Corporate Profits (revised), 3rd quarter 1979 Dec. 19Summary of International Transactions, 3rd quarter
1979 Dec. 20Composite Indexes of Leading, Coincident and Lagging
Indicators, November 1979 * Dec. 31
For information, call (202) 523-0777, Bureau of EconomicAnalysis, U.S. Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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