erp1975 appendix 3

Appendix C

STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION

243

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

CONTENTS

NATIONAL INCOME OR EXPENDITURE: Page

G-l. Gross national product or expenditure, 1929-74 , 249G-2. Gross national product or expenditure in 1958 dollars, 1929-74 250G-3. Implicit price deflators for gross national product, 1929-74 252G-4. Implicit price deflators and alternative price measures of gross

national product and gross private product, 1939-74 254C-5. Gross national product by industry in 1958 dollars, 1947-73 255C-6. Gross national product by major type of product, 1929-74 256C-7. Gross national product by major type of product in 1958 dollars,

1929-74 257C-8. Gross national product: Receipts and expenditures by major economic

groups, 1929-74 258C-9. Gross national product by sector, 1929-74 260C-10. Gross national product by sector in 1958 dollars, 1929-74 261C-l l . Gross product originating in nonfinancial corporations and dollar

costs per unit of output, 1948-74 262C-12. Personal consumption expenditures, 1929-74 263G-l 3. Gross private domestic investment, 1929-74 264C-14. Relation of gross national product and national income, 1929-74 265C-15. National income by type of income, 1929-74 266C-16. Relation of national income and personal income, 1929-74 267G-l 7. Disposition of personal income, 1929-74 268G—18. Total and per capita disposable personal income and personal con-

sumption expenditures in current and 1958 dollars, 1929-74 269C-19. Sources of personal income, 1929-74 270C-20. Sources and uses of gross saving, 1929-74 272C-21. Saving by individuals, 1946-74 273G-22. Number and money income (in 1973 dollars) of families and unrelated

individuals, by race of head, 1947-73 274

POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:

C-23. Population by age groups, 1929-74 275C-24. Noninstitutional population and the labor force, 1929-74 276C-25. Civilian employment and unemployment by sex and age, 1947-74. . 278C-26. Selected unemployment rates, 1948-74 279C-27. Unemployment by duration, 1947-74 ' 280C-28. Unemployment insurance programs, selected data, 1946-74 281C-29. Wage and salary workers in nonagricultural establishments, 1929-74. 282C-30. Average weekly hours and hourly earnings in selected private non-

agricultural industries, 1947-74 284C—31. Average weekly earnings in selected private nonagricultural indus-

tries, 1947-74 285C-32. Output per man-hour and related data, private economy, 1947-74. . 286C-33. Changes in output per man-hour and related data, private economy,

1948-74 287

245


PRODUCTION AND BUSINESS ACTIVITY: P a g e

C—34. Industrial production indexes, major industry divisions, 1929—74.. . . 288C—35. Industrial production indexes, market groupings, 1947—74 289C—36. Industrial production indexes, selected manufactures, 1947—74 290C-37. Capacity utilization rate in manufacturing and major materials

industries, 1948-74 291C-38. New construction activity, 1929-74 292C-39. New housing starts and applications for financing, 1929-74 294C-40. Business expenditures for new plant and equipment, 1947-75 296C-41. Sales and inventories in manufacturing and trade, 1947-74 297C-42. Manufacturers' shipments and inventories, 1947-74 298C-43. Manufacturers' new and unfilled orders, 1947-74 299

PRICES:C-44. Consumer price indexes by expenditure classes, 1929-74 300C—45. Consumer price indexes by commodity and service groups, 1939—74. 301C—46. Consumer price indexes, selected commodities and services, 1939—74. 302C—47. Consumer price indexes, seasonally adjusted, 1971-74 303C—48. Percent changes in consumer price indexes, major groups, 1948-74.. 304C—49. Wholesale price indexes by major commodity groups, 1929—74 305C-50. Wholesale price indexes by stage of processing, 1947-74 307C—51. Percent changes in wholesale price indexes, major groups, 1948—74.. 309

MONEY STOCK, CREDIT, AND FINANCE:C-52. Money stock measures, 1947-74 310C—53. Commercial bank loans and investments, 1930—74 311C—54. Total funds raised in credit markets by nonfinancial sectors, 1966—74. 312C-55. Private liquid asset holdings, nonfinancial investors, 1959—74 314C—56. Federal Reserve Bank credit and member bank reserves, 1929—74. . 315C-57. Aggregate reserves and member bank deposits, 1959—74 316C-58. Bond yields and interest rates, 1929-74 317C—59. Short-and intermediate-term consumer credit outstanding, 1929—74. 319C-60. Instalment credit extended and repaid, 1946-74 320C-61. Mortgage debt outstanding by type of property and of financing,

1939-74 321C-62. Mortgage debt outstanding by lender, 1939-74 322C-63. Net public and private debt, 1929-73 323

GOVERNMENT FINANCE:C-64. Federal budget receipts and outlays, fiscal years 1929-76 324C-65. Federal budget receipts, outlays, and debt, fiscal years 1965-76.. 325C-66. Relation of the Federal budget to the Federal sector of the national

income and product accounts, fiscal years 1973-76 327C-67. Receipts and expenditures of the government sector of the national

income and product accounts, 1929-74 328C-68. Receipts and expenditures of the Federal Government sector of the

national income and product accounts, 1949-76 329C—69. Receipts and expenditures of the State and local government sector of

the national income and product accounts, 1946-74 330C—70. State and local government revenues and expenditures, selected fiscal

years, 1927-73 331C-71. Public debt securities by kind of obligation, 1946-74 332C-72. Estimated ownership of public debt securities, 1946-74 333C—73. Average length and maturity distribution of marketable interest-

bearing public debt, 1946-74 334

246


CORPORATE PROFITS AND FINANCE: Page

C-74. Profits before and after taxes, all private corporations, 1929-74 335C-75. Sales, profits, and stockholders' equity, all manufacturing corpora-

tions, 1947-74 336C-76. Relation of profits after taxes to stockholders' equity and to sales, all

manufacturing corporations, 1947-74 337C-77. Relation of profits after taxes to stockholders' equity and to sales, all

manufacturing corporations, by industry group, 1973-74 338C-78. Sources and uses of funds, nonfarm nonfinancial corporate business,

1946-74 339C-79. Current assets and liabilities of U.S. corporations, 1939-74 340C-80. State and municipal and corporate securities offered, 1934—74 341C-81. Common stock prices, earnings, and yields, and stock market credit,

1949-74 342C-82. Business formation and business failures, 1929-74 343

AGRICULTURE:

C-83. Income of farm people and farmers, 1929-74 344C-84. Farm production indexes, 1929-74 345C-85. Farm population, employment, and productivity, 1929-74. 346C-86. Indexes of prices received and prices paid by farmers, and parity ratio,

1929-74 347C-87. Selected measures of farm resources and inputs, 1929-74 348C-88. Comparative balance sheet of the farming sector, 1929-75 349

INTERNATIONAL STATISTICS:

C-89. U.S. balance of payments, 1946-74 350C—90. U.S. merchandise exports and imports by commodity groups,

1958-74 352C-91. U.S. merchandise exports and imports by area, 1968-74 353C-92. U.S. overseas loans and grants, by type and area, fiscal years,

1962-74 354C-93. International reserves, 1949, 1953, and 1969-74 355C-94. U.S. reserve assets, 1946-74 356C—95. International investment position of the United States at year-end,

1960 and 1969-73 357C-96. Price changes in international trade, 1966-74 358C-97. Consumer price indexes in the United States and other major indus-

trial countries, 1955-74 359

General Notes

Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.See Economic Report 1972 for data for intervening years not shown here.

Symbols used:» Preliminary._ _ Not available (also, not applicable).

247


NATIONAL INCOME OR EXPENDITURE

TABLE C-l.—Gross national product or expenditure, 1929-74

Year or quarterTotalgross

nationalproduct

Per-sonalcon-

sump-tion

expend-itures 1

Grossprivate

do-mesticinvest-ment*

Netexportsof goods

andserv-ices 3

Government purchases of goods and services <

Total

Federal

Total Nationaldefense 5 Other

Stateandlocal

Percentchangefrom

precedingperiod,

total grossnationalproduct6

Billions of dollars

1929..

1933..

1939..

1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..

1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..

I960..1961.1962.1963.1964.1965.1966.1967.1968.1969.

1970...1971...1972...1973...1974 p..

1972: l___.II...III..IV...

1973: I....II...III-IV...

1974: I....II —III..IV*.

103.1

55.6

90.5

99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5

284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7

503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3

977.1054.9158.0294.9396.7

77.2

45.8

66.8

70.880.688.599.3

108.3119.7143.4160.7173.6176.8

191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2

325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5

617.6667.1729.0805.2877.0

16.2

1.4

9.3

13.117.99.85.77.1

10.630.634.046.035.7

54.159.351.952.651.767.470.067.960.975.3

74.871.783.087.194.0

108.1121.4116.6126.0139.0

136.3153.7179.3209.4208.9

1.1

.4

1.1

1.71.3.0

-2 .0-1 .8- . 67.5

11.56.46.1

1.83.72.2.4

1.82.04.05.72.2.1

4.05.65.15.98.56.95.35.22.51.9

3.6- . 2

-6 .03.92.0

8.5

8.0

13.3

14.024.859.688.696.582.327.025.131.637.8

37.959.174.781.674.874.278.686.194.297.0

99.6107.6117.1122.5128.7137.0156.8180.1199.6210.0

219.5234.2255.7276.4308.8

1.3

2.0

5.1

6.016.951.981.189.074.217.212.516.520.1

18.437.751.857.047.444.145.649.553.653.7

53.557.463.464.265.266.977.890.798.898.8

96.297.6

104.9106.6116.4

1..

2.

1.2

2.213.849.479.787.473.514.79.1

10.713.3

14.133.645.948.741.238.640.344.245.946.0

44.947.851.650.850.050.160.772.478.378.4

74.671.274.874.478.6

J

)

3.9

3.83.12.51.41.6.7

2.53.55.86.8

4.34.15.98.46.25.55.35.37.77.6

8.69.6

11.813.515.216.817.118.420.520.4

21.626.530.132.237.9

,115.0, 143.0., 169. 3, 204.7

, 248.9, 277.9,308.9,344.0

,358.8,383.8, 416.3

1,428.0

7.2

6.0

8.2

8.07.97.77.47.58.19.8

12.615.017.7

19.521.522.924.627.430.133.036.640.643.3

46.150.253.758.263.570.179.089.4

100.8111.2

123.3136.6150.8169.8192.4

Seasonally adjusted annual rates

701.5720.6736.8757.2

781.7799.0816.3823.9

840.6869.1901.3896.8

169.4175.5182.1190.2

199.0205.1209.0224.5

210.5211.8205.8207.6

-7 .1-6 .9-4 .8-5 .3

- . 8.5

6.79.3

11.3-1 .5-3 .1

1.2

251.1253.8255.1262.6

269.0273.3276.9286.4

296.3304.4312.3322.4

105.6105.9102.7105.2

106.4106.2105.3108.4

111.5114.3117.2122.8

75.975.972.674.7

75.074.073.375.3

75.876.678.483.5

29.730.030.130.5

31.432.232.033.1

35.737.738.839.3

145.5147.9152.4157.4

162.6167.1171.6177.9

184.8190.1195.1199.6

-4 .2

6.9

10.224.926.821.39.7.9

-1 .610.911.3

11.015.35.25.5

i\5.35.21.48.2

4.13.27.75.47.18.39.55.98.97.6

5.08.09.8

11.87.9

12.210.59.5

12.7

15.59.6

10.111.2

4.57.69.73.3

i See Table C-l2 for detailed components.3 See Table C-13 for detailed components.3 See Table C-8 for exports and imports separately.* Net of Government sales.s This category corresponds closely to the national defense classification in the "Budget of the United States Government

for the Fiscal Year ending June 30,1976."• Changes are based on unrounded data and therefore may differ slightly from those obtained from published data,

shown here.

Source: Department of Commerce, Bureau of Economic Analysis.

249


TABLE C-2.—Gross national product or expenditure in 1958 dollars, 1929-74

Year orquarter

Totalgross

na-tionalprod-uct

Personal consumptionexpenditures

TotalDura-

blegoods

Non-dura-

blegoods

Serv-ices

Gross private domestic investment

Total

Fixed investment

Total

Nonresidential

Total Struc-tures

Pro-ducers'durableequip-ment

Resi-dentialstruc-tures

Changein busi-

nessinven-tories

1929-

1 9 3 3 -

1939-

1940-1941..1942..1943-1944..1945 -1946-1947-1948-1949-

1950..1951-1952-1953-1954..1955-1956-1957-1958..1959..

1960..1961..1962..1963..1964-1965..1966..1967..1968..1969..

1970.1971197219731974 v

1972:1II —III. . .IV . . .

1973:1IIIIII V . . .

1 9 7 4 : 1 . . . .II —I I I . . .IV p . .

Billions of 1958 dollars

203.6

141.5

209.4

227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1

355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9

487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6

722.5746.3792.5839.2821.1

139.6

112.8

148.2

155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5

230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3

316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1

477.5496.4527.3552.1539.9

16.3

8.3

14.5

16.719.111.710.29.4

10.620.524.726.328.4

34.731.530.835.335.443.241.041.537.943.7

44.943.949.253.759.066.671.772.981.385.6

83.892.5

104.9113.6103.4

69.3

58.6

81.2

84.689.991.393.797.3

104.7110.8108.3108.7110.5

114.0116.5120.8124.4125.5131.7136.2138.7140.2146.8

149.6153.0158.2162.2170.3178.6187.0190.2197.1201.3

206.5211.3220.2228.6223.8

54.0

46.0

52.5

54.456.358.561.864.767.772.173.475.877.6

81.884.887.891.194.899.3

104.1108.0112.0116.8

121.6125.6131.1137.4144.4152.5159.4167.0174.4182.2

187.2192.6202.2209.9212.8

40.4

5.3

24.7

33.041.621.412.714.019.652.351.560.448.0

69.370.060.561.259.475.474.368.860.973.6

72.469.079.482.587.899.2

109.3101.2105.2110.5

103.4111.1125.0138.1126.3

36.9

9.7

23.5

28.132.017.312.915.922.642.351.755.951.9

61.059.057.260.261.469.069.567.662.468.8

68.967.073.476.781.990.195.495.598.8

103.8

99.5105.8118.0127.3118.1

26.5

7.6

15.3

18.922.212.510.013.419.830.236.238.034.5

37.539.638.340.739.643.947.347.441.644.1

47.145.549.751.957.866.374.173.275.680.1

77.276.783.794.494.1

13.9

3.3

5.9

6.88.14.62.93.85.7

12.511.612.311.9

12.714.113.714.915.216.218.518.216.616.2

17.417.417.917.919.122.324.022.623.424.3

23.723.223.825.426.2

12.6

4.3

9.4

12.114.27.97.29.6

14.117.724.625.722.6

24.825.524.625.824.527.728.829.125.027.9

29.628.131.734.038.744.050.150.652.255.8

53.553.559.869.067.8

10.4

2.1

8.2

9.29.84.92.92.52.8

12.115.417.917.4

23.519.518.919.621.725.122.220.220.824.7

21.921.623.824.824.223.821.320.423.223.7

22.229.134.332.924.0


770.9786.6798.1814.2

832.8837.4840.8845.7

830.5827.1823.1803.7

512.8523.2531.2542.2

552.9553.7555.4546.3

539.7542.7547.2530.1

99.8103.0106.8110.1

117.2115.7114.3107.2

105.2106.8107.893.7

214.4219.8221.3225.4

228.7228.3230.0227.4

223.9223.6225.8221.7

198.6200.4203.0206.6

207.1209.7211.2211.7

210.6212.2213.7214.7

119.4123.2126.6130.9

134.4136.3135.8145.8

133.3130.3122.7118.9

115.2116.6118.1122.0

127.1128.4127.7125.8

122.7122.2117.7109.7

81.382.483.887.2

92.294.395.196.0

96.396.594.189.3

23.924.023.523.9

24.725.125.626.0

26.726.625.426.2

57.458.460.363.3

67.469.269.570.0

69.769.968.763.1

33.834.234.334.8

35.034.132.629.8

26.425.723.620.4

3.5

- 4 . 3

1.2

4.99.64.0

- . 2-1 .9-2 .910.0- . 24.6

-3 .9

8.310.93.3

.9- 2 . 0

6.44.81.2

-1 .54.8

3.52.06.05.85.89.0

13.97.76.46.7

3.95.37.0

10.88.2

4.26.68.58.8

7.37.88.0

20.0

10.68.25.09.1

See footnotes at end of table.

250


TABLE C-2.—Gross national product or

Year or quarter

1929

1933

1939

1940L94119421943194419451946L94719481949

19501951L952L9531954L9551956195719581959

1960196119621963196419651966196719681969

19701971197219731974 v

1972: JIIIIIIV

1973: 1II . .IlliV

1974: 1IIIllIV* .

Net exports of goods andservices

Netexports Exports Imports

expenditure in 1958 dollars, 1929-74—Continued

Government purchases ofgoods and services i

Total FederalStateandlocal

Adden-dum:Grossprivateproduct

Billions of 1958 dollars

1.5

.0

1.3

2.1.4

- 2 . 1- 5 . 9- 5 . 8- 3 . 8

8.412.36.16.4

2.75.33.01.13.03.25.06.22.2.3

4,35.14.55.68.36.24.23.61.0.2

2.3- 5

- 3 04.69.0

- 4 . 9- 3 6- 1 . 4- 1 . 9

1 43.55.87.9

11.58.27 38.9

11.8

7.1

10.0

11.011.27.86.87.6

10.219.622 618.118.1

16.319.318.217.818.820.924.226.223.123.8

27.328.030.032.136.537.440.242.145.748.4

52.252 255.766.671.6

54 353 356.259.0

64 865.966.968.9

73.373.470 968.9

10.3

7.1

8.7

8.910.89.9

12.613 413.911.210 312.011.7

13.614.115.216.715.817.719.119.920.923.5

23.022.925.526.628.231.236.138.544.748.3

50.052 658.762.062.6

59.256 957.660.9

63 462.461.161.0

61.865.163.660.0

22.0

23.3

35.2

36.456.3

117 1164.4181 7156.448.439 946.353.3

52.875.492.199.888.985.285.389.394.294.7

94.9100.5107.5109.6111.2114.7126.5140.2147.7145.9

139.3139 3143.1144.4145.9

3.5

6.0

12.5

15.036.298 9

147.8165 4139 730.119 123 727.6

25 347.463.870.056.850 749.751.753 652.5

51 454.660.059.558.157.965.474.778.173.5

64.360 961 057.356.3

18.5

17.3

22.7

21.420.118 316.616 316 718.420 822 725.7

27 527.928.429 732.134 435.637.640 6M.I

43.545.947.550.153.256.861.165.569.672.4

75.078 482 187.089.5

Seasonally adjusted annual rate:

143 8143 8141 8143.0

144 1143.9143.7145.7

146.0145.8145 9145.8

62 962 559.559.2

58 957.756.256.4

56.356.356.556.3

80.981 382.483.8

85 286.287.589.3

89.789.589.489.5

190.9

127.5

188.7

205.6236.6257 3272.8286 9282 5275.1281 4295 0294.1

324 2344 6353.2371 1366.2397 2404 8410.5405 2433 4

444 0452.3482.9503.2532.0567.0603.5617.5647.0664.9

661.7685 6731 7776.9757.0

>

710.2726 2737.5753.0

771 2775.3778.4782.8

767.0763.2758.8738.9

Percent change frompreceding period3

Totalgross

nationalproduct

- 1 . 9

8.5

8.516.112 913.27 2

-1 .7-12.0

_ 94.4.2

9.67.93.04.5

- 1 . 47.61.81.5

- 1 . 16.4

2.51.96.64.05.46.36.52.64.72.7

- . 43.36.25.9

-2 .2

6.48.46.08.3

9.52.21.62.3

-7 .0-1 .6-1 .9-9 .1

Grossprivateproduct

-2 .7

9 4

9.015.08 86.15 2

- 1 . 5- 2 . 6

2 34.8

- . 3

10.26.32.55.0

- 1 . 38.51.91.4

- 1 . 37.0

2.41.96.74.25.76.66.42.34.82.8

- . 53.66.76.2

-2 .6

7.09.36.48.7

10.02.11.62.3

-7 .8-2 .0- 2 . 3

-10.1

» Net of Government sales.s Changes are based on unrounded data and therefore may differ slightly from those obtained from published data,

shown here.


251


TABLE C-3.—Implicit price deflators for gross national product, 1929-74

[Index numbers, 1958=100]

Year or quarter

Totalgross

nationalprod-uct i

Persona consumptionexpenditures

TotalDur-able

goods

Non-durablegoods

Serv-ices

Gross private domestic investment *

Fixed investment

Total

Nonresidential

Total Struc-tures

Pro-ducers'durableequip-ment

Resi-dentialstruc-tures

1929..

1933..

1939..

1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..

1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..

I960..1961..1962.1963..1964..1965..1966.1967..1968.1969.

1970...1971...1972...1973...1974 *_

1972:1...IL.III.IV..

1973:1—II..III.IV..

1974:1.....II...III...IV*..

50.64

39.29

43.23

43.8747.2253.0356.8358.1659.6666.7074.6479.5779.12

80.1685.6487.4588.3389.6390.8693.9997.49

100.00101.66

103.29104.62105.78107.17108.85110.86113.94117.59122.30128.20

135.24141.35146.12154.31170.11

55.3

40.6

45.1

45.548.754.859.963.265.470.577.982.381.7

82.988.690.591.792.592.894.897.7

100.0101.3

102.9103.9104.9106.1107.4108.8111.5114.4118.4123.5

129.3134.4138.2145.9162.4

56.4

41.9

46.0

46.550.459.364.271.575.976.882.786.386.8

87.894.295.494.392.991.994.998.4

100.0101.4

100.9100.6100.8100.4100.499.698.7

100.3103.4106.1

108.9112.3112.9114.7123.6

54.5

38.0

43.2

43.847.755.662.566.268.774.383.688.585.6

86.093.394.393.994.293.694.997.7

100.099.9

101.2101.9102.8104.0104.9106.9110.7113.0117.1122.2

127.8131.8136.1147.9169.9

56.1

43.6

47.7

47.949.852.755.357.558.762.767.972.174.3

76.380.083.687.790.092.094.697.3

100.0103.0

105.8107.6109.0110.9113.1115.1118.3122.2126.9133.2

140.2147.9153.8160.5173.4

39.4

30.6

37.7

39.042.046.549.351.151.558.566.773.974.7

77.583.185.386.686.889.094.098.5

100.0102.6

103.4103.9104.9106.0107.6109.3111.8115.9120.4126.4

132.5139.3144.8152.4165.6

39.9

31.6

38.7

40.042.747.849.951.051.056.364.570.772.8

74.480.482.684.084.886.792.497.9

100.0102.2

102.9103.4104.1104.5105.7107.5110.2113.8117.5123.0

130.2136.3139.6144.9159.0

35.7

27.9

33.1

33.936.441.346.848.649.254.464.471.571.2

72.979.383.284.986.088.193.498.6

100.0102.7

104.0105.6107.1108.9111.1114.7118.9124.0129.8141.0

152.6163.5172.6185.4199.1

44.6

34.5

42.2

43.446.351.551.151.951.757.564.670.373.6

75.280.982.283.584.085.991.897.5

100.0102.0

102.2102.1102.3102.3103.0103.9106.0109.3112.0115.2

120.3124.5126.5130.0143.5

Seasonally adjusted

144.62145.31146.50147.96

149.95152.61155.67158.93

163.61167.31172.07177.68

136.8137.7138.7139.7

141.4144.3147.0150.8

155.8160.2164.7169.2

112.4112.8113.4112.9

113.0114.2115.9116.0

117.8121.3126.3129.7

134.5135.3136.5137.9

141.4145.7149.5154.8

162.7168.0172.3176.6

151.6153.2154.4155.9

157.4159.4161.0164.1

167.3171.4176.1178.7

142.8143.8145.6146.9

148.7151.4154.3155.4

157.8162.3167.5176.0

138.5139.3140.2140.5

141.7143.9146.1147.9

150.7154.9160.4170.9

170.1171.3172.8176.2

180.4184.1187.1189.7

192.2196.2200.6207.5

125.4126.1127.5127.0

127.5129.2131.1132.3

134.8139.2145.5155.8

38.1

27.1

35.7

36.940.343.347.051.654.959.771.780.878.5

82.588.690.891.990.492.997.499.8

100.0103.1

104.5105.0106.7108.9112.3114.2117.4123.1129.7137.7

140.2147.4157.4174.0191.5

153.2154.6158.9162.8

167.1172.1178.1179.7

183.8190.0195.9198.3


252


TABLE C-3.—Implicit price deflators for gross national product, 1929-74—Continued

[Index numbers, 1958=1001

Year or quarter

1929

1933

1939

1940194119421943194419451946194719481949 . .

1950195119521953195419551956195719581959

1960196119621963196419651966 . . .196719681969

19701971197219731974 v

1972: 1IIIII . . .IV

1973- 1IIIIIIV

1974- 1IIIIIIV p

Exports and imports ofgoods and services*

Exports

59.5

33.7

44.1

48.653.061.565.269.971.375.487.392.787.0

84.997.098.895.294.394.997.5

101.3100.098.8

99.9101.9100.8100.6101.5104.7107.7109.7110.9114.6

120.5125.5130.0150.6194.7

Imports

57.3

28.8

38.6

40.843.048.351.253.256.464.979.486.482.2

88.7107.2103.699.1

100.8100.6102.5104.0100.099.3

101.0100.198.599.5

101.5103.4105.6106.5107.7111.1

118.6124.7133.7155 6219.5

Government purchases of goodsand services

Total

38.6

34.5

37.9

38.544.050.953.953.152.655.862.968.171.0

71.878.581.081.884.187.192.196.4

100.0102.4

105.0107.1109.0111.8115.7119.4124.0128.5135.1144.0

157.6168.1178.6191.5211.7

Federal

36.0

33.1

40.8

40.246.652.554.953.853.157.365.669.873.0

72.979.481.281.483.586.991.795.8

100.0102.2

104.2105.2105.6108.0112.2115.5118.8121.5126.5134.5

149.5160.3171.9185 9206.6

State andlocal

39.1

35.0

36.3

37.339.242.344.646.148.653.260.466.468.9

70.876.980.682.885.387.592.797.3

100.0102.6

105.9109.4113.2116.3119.5123.5129.4136.4144.8153.6

164.6174.2183.7195 1214.9

Gross national productby sector

Private2

Total

51.73

39.92

43.93

44.6948.6655.5160.8562.0262.5968 2576.2781.4080.60

81.4187.3588.9989.6590.7791.5794.5397.92

100.00101.41

102. 76103.73104. 73105.80107.05108.83111.56114.79118.90124.30

130.32135.70139 61147 56163.27

Nonfarm

51.2

42.1

44.9

45 448.854.859 560.860.965 873.578.579.2

80.085.387.489.090.591.794.898.3

100.0101.8

103.2104.2105.1106.3107.7109.2111.6115.3119.3124.6

130.8136.4139 8145 4162.1

Generalgovern-ment

34.1

33.5

36.8

36 034.737.339 743.348.355 458.560.864.7

67.170 574.476.679 584.088.793 3

100.0104.2

108.6113.6116.6121.5128 4133.5140 3147.7159 1171.0

188.9205 1224 6238 5250.9

Seasonally adjusted

127.2129 1130.4133.0

137.1144.8155.0164.8

179.0188.7202.5209.6

128.6133 0135.5137.6

141.2152.2158 7170.9

194.0214.9230.8238.8

174.6176 5179.9183.6

186.7189.9192.6196.5

202.9208.8214.1221.0

168.0169 4172.7177.7

180.5184.0187 3192.1

198 0203.0207.4218.1

179.8181 9185.0187.8

190.9193.9196.0199.3

206.0212.4218.3222.9

138. 31138 92139.95141.16

143.22145.90148 96152.10

156.77160.51165. 35170.72

138.8139 3139.9140.9

142.2144.2146 1149.2

154.3159.8164.8169.6

218.4222 1226.1231.8

234.3236.3239 3244.0

246.2248.5251.5257.1

1 Separate deflators are not available for total gross private domestic investment, change in business inventories, andnet exports of goods and services,

s Gross national product less compensation of general government employees. See also Tables C-9 and C-10.


253563-280 O - 75 - 17Digitized for FRASER

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

TABLE C-4.—Implicit price deflators and alternative price measures of gross national product andgross private product, 1939—74

Year orquarter

1939

19401941194219431944 .

19451946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974*

1972:1IIIllIV

1973:1IIIIIIV

1974:1IIIIIIV*

Gross national product pricemeasures, 1958=100

Total

Implicitprice

deflator

43.23

43.8747.2253.0356.8358.16

59.6666.7074.6479.5779.12

80.1685 6487.4588.3389.63

90.8693.9997 49

100 00101.66

103 29104.62105 78107 17108. 85

110.86113.94117.59122.30128. 20

135. 24141.35146.12154.31170.11

Priceindex.1967

weights

110.75114.06117.58122. 51128.61

135.60142.18148.03157. 36174.12

Private

Implicitprice

deflator

43.93

44.6948.6655.5160.8562.02

62.5968.2576.2781.4080.60

81.4187.3588.9989.6590.77

91.5794.5397 92

100.00101.41

102. 76103. 73104 73105 80107.05

108. 83111.56114.79118.90124.30

130.32135.70139.61147. 56163.27

Priceindex,1967

weights

108.65111.62114.78119.10124.67

130.67136.34140. 77149. 63166.68

Percent change from preceding periodl

Total

Implicitprice

deflator

- 1 . 5

1.57.7

12.37.22.3

2.611.811.9

* 6.6- . 6

1.36.82.11.01.5

1.43.43.72.51.7

1.6

l ! l1.31.6

1.82.83.24.04.8

5.54.53.45.6

10.2

Priceindex,1967

weights

3.03.14.25.0

5.44.94.16.3

10.6

Chainprice

index

3.14.24.9

5.34.83.96.0

10.0

Private

Implicitprice

deflator

- 1 . 6

1.78.9

14.19.61.9

.99.0

11.86.7

- 1 . 0

1.07.31.9

71.2

.93 23.62.11.4

1.3.9

1.01.01.2

1.72.52.93.64.5

4.84.12.95.7

10.6

Priceindex,1967

weights

2.72.83.84.7

4.84.33.36.3

11.4

Chainpriceindex

2.93.84.6

4.74.33.25.9

10.6


144.62145.31146. 50147.96

149.95152.61155.67158.93

163.61167.31172.07177.68

146.05147.12148.57150.33

152.87155.65158.68162.23

167.17171.64176.63181.66

138.31138.92139.95141.16

143.22145.90148.96152.10

156.77160.51165.35170.72

139.17140.02141.26142.59

145.14148.00151.02154.36

159.54164.22169.40174.25

5.51.93.34.1

5.57.38.38.6

12.39.4

11.913.7

5.63.04.04.8

6.97.58.09.3

12.711.112.711.9

5.42.94.04.3

6.47.18.18.5

11.69.8

12.711.3

4.41.83.03.5

6.07.78.78.7

12.99.9

12.613.7

3.72.53.63.8

7.48.18.49.1

14.112.313.812.0

3.82.33.63.5

6.77.58.48.6

12.610.613.811.5

1 Changes are based on unrounded data and therefore may differ slightly from those obtained from published indexes,shown here.


254Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE C-5.—Gross national product by industry in 1958 dollars, 1947-73

[Billions of 1953 dollars]

Year

19471948 .1949

1950195119521953 .1954

1955 .19561957..19581959

19601961.1962.. .19631964

19651966.196719681969

197019711972...1973 .

1

Totalgross

na-tional

product

309.9323.7324.1

355.3383.4395.1412.8407.0

438.0446.1452.5447.3475.9

487.7497.2529.8551.0581.1

617.8658.1675.2706.6725.6

722.5746.3792.5839.2

Agri-culturefores-

try,andfish-eries

17.920.019.4

20.419.520.221.221.6

22.122.021.522.022.3

23.123.423.324.023.6

25.023.725.224.825.4

26.227.727.428.9

Con-tractcon-

struc-tion

12.914.114.7

16.218.218.318.919.3

20.821.821.120.722.0

21.721.421.721.923.3

23.524.723.123.824.1

23.624.025.725.7

Manufacturing

Total

91.896.390.9

105.5116.2118.7128.6119.5

133.6134.1134.6123.7138.9

140.9140.4154.6162.4173.7

190.5205.7205.4219.2228.6

217.5223.1245.4272.4

Du-rablegoodsindus-tries

52.355.050.5

60.869.071.579.171.2

80.779.479.669.679.9

81.079.790.095.6

102.4

114.8125.1123.9131.8136.9

125.1127.1141.6159.7

Non-durable

goodsindus-tries

39.441.340.4

44.747.247.349.548.3

52.954.654.954.059.0

59.960.764.766.871.3

75.780.781.487.491.7

92.496.0

103.8112.7

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

andutili-ties

29.630.428.7

30.834.334.635.736.4

38.640.541.340.643.3

44.946.048.951.954.7

59.264.066.570.975.4

77.480.185.390.1

Whole-saleand

retailtrade

52.754.255.2

60.461.462.964.965.5

71.673.875.175.180.8

82.383.588.992.898.9

104.8111.6113.9120.8124.2

126.5131.2141.2146.1

Finance,insur-ance,andreal

estate

35.636.537.8

41.042.944.746.849.8

52.754.857.059.261.4

64.167.171.274.478.3

83.186.891.695.295.5

96.4101.0105.21C8.3

Serv-ices

30.631.932.1

33.134.034.535.335.4

38.240.241.842.945.1

46.748.350.852.254.7

57.760.663.465.867.7

69.269.873.277.5

Gov-ern-mentand

govern-mententer-prises

32.433.234.7

35.943.947.247.146.1

46.046.246.947.347.9

49.250.652.653.956.1

58.061.865.568.670.3

70.070.370.872.7

Allotheri

6.77.1

10.6

12.113.014.014.313.5

14.412.713.116.014.1

14.716.317.917.417.8

15.819.420.617.614.3

15.819.218.117.5

i Mining, rest of the world, and residual (the difference between gross national product measured as sum of final prod-ucts and gross national product measured as sum of gross product by industries).


255


TABLE O6.—Gross national product by major type of product, 1929-74

[Billions of dollars]

Year orquarter

Totalgrossna-

tionalprod-

uct

Finalsales

Goods output

Total

Total Finalsales Is

55

Durable goods

Total Finalsales l l

Nondurable goods

Total Finalsales II

<u m

Serv-ices

Structures

Grossautoprod-

uct

1929..

1933..

1939.

1940.1941..1942.1943.1944.1945.1946.1947.1948.1949.

1950.1951.1952.1953.1954.1955.1956.1957.1958.1959.

1960.1961.1962.1963.1964.1965.1966.1967.1968.1969.

1970.1971.1972.1973.1974i

1 9 7 2 : L .I I -I I I .I V .

1 9 7 3 : I . .I I . .I I I .I V .

1 9 7 4 : I . . .

103.1

55.6

90.5

99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5

284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7

503.7520.560.3590.5632.4684.9749.9793.9864.2930.3

977.11,054. ,1,158.01,1,294.'"1, 396.7

L91,

101.4

57.2

90.1

97.5120.1156.2192.2211.1213.0202.1231.8252.9259.6

278.0318.1342.4364.1366.4392.0414.5439.8448.8478.9

500.2518.1554.3584.662fi.6675.3735.1785.7857.1922.5

972.6., 048.6, 149.5,279.61,383.3

1.7

-1.6

.4

2.24.51.8-.6-1.0-1.06.4-.54.7

-3.1

6.810.33.1.4

-1.56.04.71.3

-1.54.8

3.62.06.05.95.89.614.88.27.17.8

4.56.38.515.413.4

56.1

27.0

49.0

56.072.593.6120.4132.3128.9124.9139.7154.2147.5

162.4189.7195.6204.1197.1216.4225.4234.6230.8249.1

259.6262.3284.5298.6319.4347.2383.3398.9429.5457.5

471.2497.9543.8622.7670.4

54.3

28.6

48.6

53.868.091.9

121.0133.3129.9118.5140.1149.4150.5

155.6179.4192.5203.7198.6210.4220.7233.3232.3244.4

256.0260.2278.5292.7313.6337.6368.5390.7422.4449.7

466.7491.6535.2607.3657.1

1.7

-1.6

.4

2.24.51.8

- . 6-1 .0-1 .0

6.4- . 54.7

-3 .1

6.810.33.1.4

-1 .56.04.71.3

-1 .54.8

3.62.06.05.95.89.6

14.88.27.17.8

4.56.38.5

15.413.4

17.5

4.9

12.7

16.626.835.554.257.948.936.946.048.747.8

60.473.774.679.472.185.790.394.483.695.6

99.596.5

109.0116.1127.0139.6156.7161.1174.5187.3

183.7194.2221.4250.3256.4

16.1

5.4

12.4

15.423.834.554.258.550.231.644.348.049.9

56.366.873.578.574.682.787.593.186.493.2

97.496.6

106.2113.3122.8133.0146.2156.5169.6182.3

182.5191.8214.3240.9249.9

1.4

.3

1.23.01.0.0

- . 6-1.3

5.31.7.7

-2.1

4.16.91.1.9

-2.53.02.81.3

-2.82.3

2.1- . 12.82.84.26.7

10.54.74.95.0

1.22.47.19.46.5

38.5

22.1

36.3

39.345.658.166.274.480.088.093.7

105.599.7

102.0116.0121.0124.8125.0130.7135.1140.2147.2153.6

160.1165.8175.5182.5192.4207.6226.6237.7255.0270.2

287.5303.7322.4372.4414.0

38.2

23.2

36.2

38.444.257.466.874.879.786.995.9

101.5100.6

99.3112.6119.1125.2124.1127.7133.2140.2145.9151.1

158.6163.7172.2179.4190.7204.7222.3234.2252.9267.4

284.1299.8321.0366.5407.1

0.3

-1 .1

.1

1.01.4

-'.%- . 3

.21.1

-2.24.0

-1.0

2.73.42.0

- . 51.02.91.9.0

1.32.4

1.52.13.23.11.63.04.33.52.12.8

3.34.01.46.06.9

35.6

25.7

34.0

35.440.350.362.571.876.568.070.275.780.8

87.0101.2110.118.8123.5132.6142.3154.2163.4176.2

187.3199.5213.3226.2244.2262.9289.1316.5346.6377.9

410.3446.0488.1534.4589.1

11.4

2.9

811.814.08.76.16.5

15.621.427.728.3

35.437.539.141.744.249.051.552.353.158.3

56.858.362.665.768.874.877.578.688.194.9

95.6111.0126.1137.8137.1


1,115.01,143.01,169.31,204.7

1,248.91,277.91, 308.91,344.0

1, 358.81,383.81, 416. 31,428.0

1,110.01,135.11,159.11,193.7

1,238.91, 267.21, 297.01,315.1

1,341.91, 370.31, 407.61,413.5

5.08.0

10.211.0

10.010.711.828.9

16.913.58.7

14.4

519.2537.4551.2567.2

595.8611.6629.9653.6

651.9664.9681.7683.2

514.3529.4541.0556.2

585.8600.9618.0624.7

635.0651.3673.0668.8

5.08.0

10.211.0

10.010.711.828.9

16.913.58.7

14.4

207.3216.4225.1236.8

244.0248.9252.8255.4

251.0246.6265.5262.5

204.6210.6218.3223.6

237.8241.2243.9240.6

242.3248.5259.8249.3

2.75.86.8

13.2

6.17.79.0

14.8

8.7-1 .8

5.713.2

311.9321.0326.1330.4

351.8362.7377.1398.2

401.0418.2416.2420.7

309.7318.9322.7332.6

347.9359.7374.2384.1

392.8402.9413.2419.5

2.22.23.4

-2 .2

3.93.02.9

14.1

8.215.43.01.2

472.1481.5492.4506.5

516.0528.3540.2553.2

569.7579.2597.8609.8

123.6124.1125.6130.9

137.1138.0138.8137.2

137.1139.7136.7135.0

7.28.8

11.9

15.413.512.016.314.621.216.919.514.519.1

21.417.922.525.125.831.830.028.936.336.6

30.740.843.949.940.8

40.342.146.546.6

51.550.850.347.0

33.538.648.342.9


256


TABLE C-7.—Gross national product by major type of product in 1958 dollars, 1929-74


Year orquarter

1929.

19 33

19 39

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974 v

1972:1....II...III...IV...

1973: L...II...III...IV...

1974:1...II...III..IV p.

Totalgrossna-

tionalprod-uct

203.6

141.5

209.4

227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1

355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9

487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6

722.5746.3792.5839.2821.1

Finalsales

In-ven-tory

change

200.1

145.9

208.2

222.3254.1293.8337.3363.2358.2302.6310.1319.1328.1

347.0372.5391.8411.8409.0431.6441.2451.2448.8471.1

484.2495.2523.8545.2575.2608.8644.2667.5700.2718.9

718.5741.0785.4828.4812.9

3.5

- 4 . 3

1.2

4.99.64.0

- . 2- 1 . 9- 2 . 910.0

24! 6

- 3 . 98.3

10.93.3.9

- 2 . 06.44.81.2

- 1 . 54.8

3.52.06.05.85.89.0

13.97.76.46.7

3.95.37.0

10.88.2

Goods output

Total

Total

103.9

68.8

110.7

124.0143.4158.1187.4204.8198.0172.1172.2178.4174.2

192.6208.4214.0225.4215.1236.1239.0239.8230.8247.7

256.0257.3277.3289.7308.6330.7356.8363.1379.7390.0

385.4396.3425.5459.1443.0

Finalsales

100.4

73.2

109.5

119.0133.8154.1187.6206.7201.0162.1172.4173.8178.1

184.3197.5210.7224.5217.1229.7234.2238.5232.3242.9

252.6255.3271.3283.9302.8321.7342.9355.4373.3383.3

381.4391.0418.5448.3434.8

I I

3.5

- 4 . 3

1.2

4.99.64.0

- . 2- 1 . 9-2.910.0- . 24.6

- 3 . 9

8.310.93.3.9

- 2 . 06.44.81.2

- 1 . 54.8

3.52.06.05.85.89.0

13.97.76.46.7

3.95.37.0

10.88.2

Durable goods

Total

33.6

11.7

27.6

35.650.057.285.695.984.354.760.161.358.0

73.484.184.691.081.996.596.596.283.694.0

97.894.9

107.0114.2124.6136.5151.8152.2160.7167.5

159.0163.6185.8206.0195.6

Finalsales

30.9

13.4

27.0

32.843.554.485.297.487.446.158.660.061.0

68.376.183.289.984.893.093.595.086.491.6

95.994.9

104.1111.4120.4130.1141.9148.0156.2163.2

158.0161.7180.1198.5191.4

I I

2.7

- 1 . 7

.6

2.76.62.9.4

-1.5-3.18.61.51.2

-3.0

5.28.01.51.2

-3.03.43.01.2

-2.82.4

2.0.0

2.82.84.16.59.84.34.44.3

.91.95.77.54.2

Nondurable goods

Total

70.4

57.1

83.0

88.493.4

100.9101.7108.8113.7117.4112.2117.1116.2

119.1124.3129.4134.4133.2139.7142.5143.6147.2153.7

158.2162.3170.3175.6184.1194.2205.1210.9219.0222.5

226.4232.7239.7253.1247.4

Finalsales

69.5

59.8

82.5

86.290.399.7

102.4109.3113.6116.0113.8113.8117.1

116.0121.4127.6134.6132.3136.7140.7143.6145.9151.2

156.7160.3167.2172.5182.3191.6201.0207.4217.0220.1

223.4229.3238.4249.9243.3

I I

0.8

-2 .7

.6

2.23.11.2

- . 6- . 4

.21.4

-1.73.3

- . 9

3.12.91.8

- . 2.9

3.01.8.0

1.32.5

1.52.03.13.11.72.64.13.52.02.5

3.03.41.33.34.0

Serv-ices

69.3

63.0

76.9

80.089.8

107.7131.8144.0144.3113.3106.5109.3112.4

117.5130.5136.3140.3141.8147.5153.0160.1163.4171.2

176.6184.0193.7200.9210.8221.9236.3249.1259.7268.2

273.3279.7291.4304.5310.5

Struc-tures

30.3

9.8

21.8

23.230.531.917.912.412.927.231.236.137.5

45.244.444.747.050.254.354.052.653.157.0

55.055.858.860.461.665.265.063 067.267.3

63.870.375.675.567.6

Grossautoprod-uct


770.9786.6798.1814.2

832.8837.4840.8845.7

830.5827.1823.1803.7

766.7780.0789.7805.3

825.5829.6832.7825.7

819.9818.9818.1794.6

4.26.68.58.8

7.37.88.0

20.0

10.68.25.09.1

409.2422.1430.2440.4

455.1457.6458.8465.1

449.1448.9446.0427.8

405.0415.5421.8431.6

447.8449.8450.8445.1

438.5440.8441.0418.7

4.26.68.58.8

7.37.88.0

20.0

10.68.25.09.1

174.5182.1188.2198.6

204.6206.7206.3206.3

200.2195.4200.2186.7

172.3177.2182.8188.1

199.5200.5199.0194.9

194.3196.6196.6178.2

2.24.85.4

10.5

5.16.27.2

11.5

5.8- 1 . 2

3.68.5

234.7240.1242.1241.9

250.4250.8252.6258.7

248.9253.6245.8241.1

232.7238.3239.0243.5

248.3249.3251.7250.2

244.2244.2244.4240.5

2.01.83.1

- 1 . 6

2.21.6.8

8.5

4.79.41.4.6

286.2289.0292.8297.5

299.9303.5306.9307.8

310.7308.3310.7312.2

75.575.575.176.3

77.876.375.172.8

70.769.866.463.7

10.311.414.8

19.115.913.518.717.124.618.620.214.518.5

21.017.522.024.725.531.830.629.035.435.0

28.536.239.144.233.6

36.137.540.941.8

46.345.243.641.6

29.232.638.933.8


257


TABLE O8.—Gross national product: Receipts and expenditures by major economic groups, 1929-74


Year orquarter

Persons

Disposable personalincome

Total i

Less:Inter-

estpaidand

trans-fer

pay-mentsto for-eigners

Equals:Total

exclud-ing in-terestand

trans-fers

Per-sonalcon-

sump-tionex-

pendi-tures

Per-sonalsaving

ordis-

saving

Government

Net receipts

Taxandnon-taxre-

ceiptsor ac-cruals

Less:Trans-fers,inter-est,andsub-

sidies3

Equals:Netre-

ceipts

Expenditures

Totalex-

pendi-tures

Less:Trans-fers,inter-est,andsub-

sidies2

Equals:Pur-

chasesof

goodsand

serv-ices

Sur-plusor

deficit(-),na-

tionalin-

comeand

prod-uct ac-counts

1929 . . . .

1933 . . . .

1939 . . . .

1940. . . .1941 . . . .1942. . . .1943 . . . .1944. . . .1945. . . .1946. . . .1947. . . .1948. . . .1949

195019511952195319541955 . . . .1956—.195719581959

I 9 6 0 . . . .1961196219631964. . . .1965 . . . .1966—.196719681969

1970197119721973 . . . .1974 v

1972:1II111IV . . .

1973:1IL—III...IV...

1 9 7 4 : 1 . . . .1 1 . . .I I I . . .IV P . .

83.3

45.5

70.3

75.792.7

116.9133.5146.3150.2160.0169.8189.1188.6

206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3

350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4

691.7746.4802.5903.7979.7

774.7790.0807.2838.1

869.5892.1913.9939.4

950.6966.5993.1

1,008.7

1.9

.7

.9

1.01.1.8.8.8

1.01.41.82.22.4

2.93.13.54.34.65.15.96.46.57.1

7.88.18.69.7

10.712.013.013.915.116.7

17.918.820.924.126.0

81.4

44.9

69.4

74.791.6

116.1132..7145.5149.3158.6168.0186.9186.2

204.1223.5234.8248.3252.9270.2287.2302.2312.3330.3

342.3356.3376.6394.9427.4461.3498.9532.4575.9617.7

673.8727.6781.6879.6953.7

77.2

45.8

66.8

70.880.688.599.3

108.3119.7143.4160.7173.6176.8

191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2

325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5

617.6667.1729.0805.2877.0

4.2

- . 9

2.6

3.811.027.633.437.329.615.27.3

13.49.4

13.117.318.118.316.415.820.620.722.319.1

17.021.221.619.926.228.432.540.439.838.2

56.260.552.674.476.7

11.3

9.3

15.4

17.725.032.649.251.253.250.956.858.956.0

68.784.889.894.389.7

100.4109.0115.6114.7128.9

139.8144.6157.0168.8174.1189.1213.3228.9263.5296.7

302.5321.6367.0411.5455.0

1.8

2.7

4.2

4.44.04.44.76.5

10.418.517.318.821.3

22.919.919.019.521.923.425.528.733.034.0

36.541.342.844.446.749.955.562.870.777.9

93.2105.9116.5131.6152.0

9.5

6.7

11.2

13.321.028.244.444.742.832.439.540.134.7

45.864.970.874.867.876.983.586.881.695.0

103.3103.3114.2124.3127.3139.2157.9166.2192.7218.8

209.4215.7250.5279.9303.1

10.3

10.7

17.6

18.428.864.093.3

103.092.745.542.450.359.1

60.879.093.7

101.296.797.6

104.1114.9127.2131.0

136.1149.0159.9166.9175.4186.9212.3242.9270.3287.9

312.7340.2372.1408.0460.9

1.8

2.7

4.2

4.44.04.44.76.5

10.418.517.318.821.3

22.919.919.019.521.923.425.528.733.034.0

36.541.342.844.446.749.955.562.870.777.9

93.2105.9116.5131.6152.0

8.5

8.0

13.3

14.024.859.688.696.582.327.025.131.637.8

37.959.174.781.674.874.278.686.194.297.0

99.6107.6117.1122.5128.7137.0156.8180.1199.6210.0

219.5234.2255.7276.4308.8


19.920.521.222.0

22.523.524.326.2

25.625.826.226.4

754.8769.5786.0816.1

847.0868.6889.6913.2

925.0940.7966.9982.3

701.5720.6736.8757.2

781.7799.0816.3823.9

840.6869.1901.3896.8

53.349.049.358.9

65.369.673.289.3

84.471.565.585.4

355.3362.4369.8380.5

398.1406.9416.5424.6

435.9450.7470.3

112.5113.8115.3124.4

127.2130.7133.0135.9

139.3147.4157.8163.9

242.8248.7254.5256.2

271.0276.2283.6288.7

296.5303.3312.4

363.5367.6370.4387.0

396.1403.9409.8422.3

435.5451.7470.0486.2

112.5113.8115.3124.4

127.2130.7133.0135.9

139.3147.4157.8163.9

251.1253.8255.1262.6

269.0273.3276.9286.4

296.3304.4312.3322.4

1.0

-1 .4

- 2 . 2

-31.4-44.1-51.8-39.5

5.414.48.5

-3 .2

7.95.8

- 3 . 8- 6 . 9- 7 . 0

2.74.9

- 1 2 ! 5- 2 . 1

3.7- 4 . 3- 2 . 9

1.8-1 .4

2.21.1

-13.9- 6 . 8

8.8

-10.1-18.5- 5 . 1

3.5- 5 . 9

- 8 . 2- 5 . 2- . 6

- 6 . 5

2.13.06.72.3

.4-1 .0

.2


258


TABLE C-8.—Gross national product: Receipts and expenditures by major economic groups,1929-74—Continued


Yearor

quarter

1929

1933

1939

1940194119421943.194419451946.194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974 P

1972: L -I L .III.IV..

1973: I...

IllIV

1974: I.IIIIIIV p_...

Business

Grossre-

tainedearn-ings3

Grosspri-vate

lomes-tic

invest-ment*

11.2

3.2

8.4

10.511.414.516.317.115.114.520.228.029.7

29.433.135.136.139.246.347.349.849.456.8

56.858.766.368.876.284.791.393.095.497.0

97.0110.2125.9136.5136.5

16.2

1.4

9.3

13.117.99.85.77.1

10.630.634.046.035.7

54.159.351.952.651.767.470.067.960.975.3

74.871.783.087.194.0

108.1121.4116.6126.0139.0

136.3153.7179.3209.4208.9

Excessof in-vest-ment(

Nettrans-fers tofor-

igners>y per-sonsand

Govern-ment

- 5 . 1

l.P

- . 9

- 2 . 7- 6 . 5

4.610.610.04.6

-16.1-13.8-18.0-6 .0

-24.7-26.2-16.8-16.5-12.5-21.1-22.8-18.1-11.5-18.5

-18.0-13.0-16.8-18.4-17.8-23.4-30.1-23.5-30.6-42.0

-39 .3-43.5-53 .5-72 .9-72 .4

International

0.4

.2

.2

.2

.2

.2

.2

.3

.82.92.64.55.6

4.03.52.52.52.32.52.42.32.42.4

2.42.62.72.82.82.82.83.02.92.9

3.23.63.83.93.6

Net exports of goodsand services

Ex-ports

7.0

2.4

4.4

5.45.94.84.45.37.2

14.719.716.815.8

13.818.718.016.917.819.823.626.523.123.5

27.228.630.332.337.139.243.446.250.655.5

62.965.472.4

100.4139.4

Less:Im-

ports

5.9

2.0

3.4

3.64.64.86.57.17.37.28.2

10.39.6

12.015.115.816.615.917.819.620.820.923.3

23.223.025.126.428.632.338.141.048.153.6

59.365.678.496.4

137.5

Equals:Netex-

ports

1.1

.4

1.1

1.71.3.0

- 2 . 0- 1 . 8- . 67.5

11.56.46.1

1.83.72.2.4

1.82.04.05.72.2.1

4.05.65.15.98.56.95.35.22.51.9

3.6- . 2

-6 .03.92.0

Excessof

trans-fersor

of netex-

ports( ) 5

- 0 . 8

- . 2

- . 9

- 1 . 5- 1 . 1

.22.22.11.4

- 4 . 6-8 .9-1 .9- . 5

2.2- . 2

.32.1.5.5

- 1 . 5-3 .4

.22.3

-1 .7-3 .0- 2 . 5- 3 . 1-5 .7- 4 . 1-2 .4- 2 . 2

.41.0

41 89.8

- . 11.6

Totalincomeor re-ceipts

102.4

55.0

89.2

98.7124.1159.0193.6207.6208.0208.4230.4259.5256.2

283.3325.1343.3361.6362.1395.9420.4441.1445.8484.5

504.8520.8559.8590.8633.7688.0750.9794.6866.9936.3

983.51,057.21,161.81,299.91, 396.7

Statis-ticaldis-

crep-ancy

0.7

.6

1.3

1.0.4

- 1 . 1- 2 . 0

2.53.9.1.9

-2 .0.3

1.53.32.23.02.72.1

-1 .1.0

1.6- . 8

-1 .0- . 8

.5- . 3

- 1 . 3-3 .1-1 .0

-j-1.1-5 .1

- 6 . 4- 2 . 3- 3 . 8- 5 . 0

.0


119.3125.6126.4132.2

133.7135.3137.1140.0

139.7135.7130.6

169.4175.5182.1190.2

199.0205.1209.0224.5

210.5211.8205.8207.6

-50.1-49.9-55.7-58.0

-65.3-69.8-71.9-84.5

-70.8-76.1-75.2

4.03.83.83.6

3.04.23.64.7

3.73.73.33.6

69.168.873.378.5

88.895.4

103.7113.6

131.2138.5143.6144.3

76.175.778.183.8

89.594.996.9

104.3

119.9140.0146.7143.2

-7 .1-6 .9- 4 . 8- 5 . 3

- . 8.5

6.79.3

11.3-1 .5-3 .1

1.2

11.010.78.68.9

3.83.7

-3 .1-4 .7

- 7 . 75.26.52.4

1,120.91,147.61,170.81, 208.0

1,254.71,284.41,313.81,346.6

1, 365.11, 383. 51,413.3

-5 .9-4 .5-1 .5-3 .3

-5 .9-6 .5-4 .9-2 .6

- 6 . 3.3

3.0

Grossna-

tionalprod-uct

or ex-pendi-ture

103.1

55.6

90.5

99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5

284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7

503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3

977.11,054.91,158.01,294.91,396.7

1,115.01,143.01,169.31,204.7

1,248.91,277.91, 308.91,344.0

1,358.81,383.81,416.31,428.0

1 Personal income less personal tax and nontax payments (fines, penalties, etc.).2 Government transfer payments to persons, foreign net transfers by Government, net interest paid by government,

subsidies less current surplus of government enterprises, and disbursements less wage accruals.3 Capital consumption allowances, corporate inventory valuation adjustment, undistributed corporate profits, and

private wage accruals less disbursements.* Private business investment, purchases of capital goods by private nonprofit institutions, and residential housing.

See Table C-13.s Net foreign investment less capital grants received by the United States, with sign changed.


259


TABLE C-9.—Gross national product by sector, 1929-74


Year or quarter

1929

1933

1939

1940194119421943 . .194419451946._194719481949

19501951 .19521953_19541955.1956.19571958 .1959

1960 . . .196119621963. .196419651966196719681969

1970 .19711 9 7 2 . . .19731974*

1972: 1III I I . .IV_

1973: 1III I I . . .IV

1974: 1 .IIIIIIV p

Totalgross

nationalproduct

103.1

55.6

90.5

99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5

284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7

503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3

977.11,054.91,158.01,294.91, 396.7

1,115.01,143.01,169.31,204.7

1, 248.91,277.91,308.91,344.0

1,358.81, 383.81,416.31,428.0

Gross domestic product

Total

102.3

55.3

90.2

99.3124.2157.5191.2209.7211.6207.9230.5256.6255.5

283.6327.1344.2363.3363.2396.2417.2438.9445.3481.5

501.4517.2557.1587.1628.5680.7745.8789.4859.5926.0

972.51,048.91,151.51, 286.51,385.6

1,109.21,137.11,162.41,197.4

1, 240. 51, 269.91,300.61,335.2

1,344.01, 374.11, 405.21,419.2

Total

95.1

48.9

80.3

89.1112.2139.5162.4173.8172.3182.7208.6233.5230.1

256.3292.8305.8323.6322.7352.9370.8389.3391.7425.0

440.7452.3487.4513.0548.2594.4648.9681.6739.0794.1

827.0890.5977.9

1,096.81,177.9

940.5965.9987.4

1,017.7

1,056.71,082.41,109.21,138.8

1,143.11,168.81,195.71, 203.8

Business

Nonfarm1

85.4

44.3

74.0

82.6103.3126.5147.2158.5156.4163.9188.5210.2211.4

236.3269.9283.7303.3303.1334.1352.2370.9370.9405.3

420.2431.4466.2491.5527.6570.8624.0657.0713.9766.2

797.9859.6942.6

1,040.31,124.1

Farm

9.7

4.6

6.3

6.58.9

13.015.315.315.918.820.223.318.8

20.022.922.220.319.618.818.618.420.819.6

20.520.921.221.520.623.724.924.625.227.9

29.030.935.356.553.8

House-holdsand

insti-tutions

2.9

1.7

2.3

2.42.52.93.23.74.14.55.15.65.9

6.46.97.27.88.19.19.8

10.511.412.2

13.214.015.016.017.318.520.222.825.528.1

30.833.737.241.347.0

General

Total

4.3

4.7

7.6

7.89.4

15.125.632.235.220.816.717.419.4

20.927.431.231.932.534.236.639.142.144.3

47.550.954.758.163.067.876.685.194.9

103.8

114.7124.6136.4148.5160.8


907.2931.6952.9978.9

1,008.81,029.01,049.01,074.5

1,082.61,117.81,144.41,151.7

33.334.434.638.8

47.953.460.264.4

60.551.151.352.1

36.037.037.838.0

39.540.742.043.0

44.646.548.048.9

132.6134.2137.1141.7

144.3146.8149.4153.4

156.3158.8161.6166.5

government2

Fed-eral

0.9

1.2

3.4

3.55.0

10.620.927.329.814.69.48.9

10.0

10 816.318.918.617.818.419.019 620.621.0

21.922.924.325.327.128.432.635.939.542.2

45.247.350.752.855.7

50.449.950.252.5

52.552.152.454.3

54.855.055.357.9

Stateandlocal

3.5

3.5

4.2

4.34 44 54 74.95 46.27 38 59 4

10 111.112 213.314 715 817.619 521.523.3

25.628.030.432.935.939.344.049.255.461.6

69.677.485.795.7

105.1

82.284.387.089.2

91.894.797.199.1

101.5103.9106.3108.6

Restof theworld

0.8

.3

.3

.4

.4

.4

.4

.4

.4

.6

.81.01.0

1.21.31.31.31.61.82.12.22.02.2

2.42.93.33.44.04.24.14.54.74.3

4.66.06.58.4

11.1

5.85.96.97.4

8.48.08.38.9

14.79.7

11.18.8

Adden-dum:Gross

privateproduct3

98.8

50.9

82.9

91.9115.1142.8166.0177.9176.8187.7214.6240.1237.0

263.9301.0314.3332.7332.4363.8382.6402.0405.2439.4

456.3469.2505.7532.4569.4617.1673.3708.8769.3826.5

862.4930.3

1,021.61,146.51,235.9

982.31,008.91, 032.11, 063.0

1,104.61,131.11,159.51,190.7

1, 202. 51, 225.01, 254.71,261.5

1 Includes compensation of employees in government enterprises.* Compensation of general government employees.* Gross national product less compensation of general government employees.


260


TABLE G-10.—Gross national product by sector in 1958 dollars, 1929-74


Year orquarter

Totalgross

nationalproduct

Gross domestic product

Total

Business

Total Non-farm i Farm

House-holdsand

insti-tutions

General government 2

Total Fed-eral

Stateandlocal

Restof theworld

Adden-dum:Gross

privateprod-uct^

1929

1933

1939

194019411942194319441945.1946194719481949

1950.1951195219531954195519561957.19581959

19601961196219631964196519661967..19681969

19701971197219731974*

1972: I

IV . .

1973: I . . . . .II —III...IV ..

1974: IIL . . .III. . .IV p . .

203.6

141.5

209.4

227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1

355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9

487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6

722.5746.3792.5839.2821.1

202.2

140.3

208.4

226.3262.8296.9336.3360.4354.5311.7308.9322.5322.9

354.0382.2393.9411.5405.5436.2444.1450.4445.3473.7

485.4494.2526.4547.6577.2613.7654.1670.8702.2721.6

718.5741.5787.7833.9817.1

182.1

120.6

180.7

197.1228.1248.7264.9278.9274.6267.0272.8286.0284.7

314.2334.5343.2360.7355.4385.4392.2397.5391.7419.4

429.5436.9466.7486.6514.4548.9584.9597.8626.5644.6

641.1663.7709.4753.1734.1

165.1

103.0

162.5

179.6209.3228.0245.3259.5256.5248.6255.8267.0266.2

294.9316.2324.2340.7335.0364.4371.4377.2370.9398.3

407.6414.8444.6463.8492.1525.2562.5573.9603.1620.5

616.4637.4683.4725.8706.6

17.0

17.5

18.2

17.518.820.619.619.418.118.517.019.018.4

19.418.419.020.020.420.920.820.320.821.1

21.922.222.122.822.323.722.423.923.424.1

24.826.326.027.427.5

7.4

5.7

7.1

7.67.57.87.27.17.17.17.57.98.2

8.78.88.89.19.2

10.110.610.911.411.7

12.212.412.913.213.714.014.615.416.016.3

16.617.017.618.518.9

12.7

14.0

20.6

21.627.240.564.374.472.837.528.628.730.1

31.138.841.841.740.940.741.341.942.142.5

43.744.846.947.849.150.854.657.359.760.7

60.760.860.762.364.1

2.6

3.3

8.5

9.314.828.452.562.660.924.914.914.315.0

15.522.925.424.623.022.221.721.520.620.2

20.420.621.821.621.621.823.925.726.326.0

24.523.021.821.321.1

10.1

10.7

12.2

12.312.412.111.811.711.912.613.714.415.1

15.615.916.417.117.818.619.620.521.522.3

23.324.225.126.227.429.030.731.933.434.7

36.237.838.941.043.1


1.4

1.2

.9

1.0.9.8.8.9.8.9

1.11.21.2

1.31.21.21.31.61.82.02.12.02.2

2.32.93.43.43.94.13.94.34.54.0

4.04.94.75.24.0

770.9786.6798.1814.2

832.8837.4840.8845.7

830.5827.1823.1803.7

766.5782.3793.2809.0

827.0832.4835.7840.7

823.5824.1819.8800.9

688.3704.3714.8730.3

747.3751.8754.4759.2

740.9741.4736.6717.3

661.8677.8690.2704.0

719.2724.3728.6731.0

713.9712.7708.0691.6

26.526.524.626.3

28.127.525.828.2

27.028.728.625.7

17.417.617.717.5

18.118.518.818.7

19.118.818.918.9

60.760.460.661.1

61.662.162.462.9

63.563.964.264.8

22.121.721.721.7

21.521.321.121.1

21.121.121.021.0

38.638.739.039.4

40.140.841.341.7

42.342.843.243.7

4.54.45.05.2

5.85.05.15.0

7.03.03.32.8

190.9

127.5

188.7

205.6236.6257.3272.8286.9282.5275.1281.4295.0294.1

324.2344.6353.2371.1366.2397.2404.8410.5405.2433.4

444.0452.3482.9503.2532.0567.0603.5617.5647.0664.9

661.7685.6731.7776.9757.0

710.2726.2737.5753.0

771.2775.3778.4782.8

767.0763.2758.8738.9

1 Includes compensation of employees in government enterprises.2 Compensation of general government employees.3 Gross national product less compensation of general government employees.Source: Department of Commerce, Bureau of Economic Analysis.


TABLE C-l 1.—Gross product originating in nonfinancial corporations and dollar costs per unit ofoutput, 1948-74

Year or quarter

19481949

19501951195219531954

195519561957.19581959

19601961196219631964

196519661967---19681969

19701971_.1972 .19731974*

1972: 1 . . .II .IIIIV

1973: 1II . .IllIV . .

1974: 1I I . . .Ill

Gross productoriginating innonfinancial

corporations (bil-lions of dollars)

Currentdollars

137.0133.3

151.7174.3182.0194.7191.6

216.3231.2241.9236.0263.7

273.1278.4302.8320.0346.0

377.6413.0430.8469 9504.3

519.1555.1614.3684.3731.8

1958dollars

172.9165.6

186.4203.5207.1219.8213.4

237.2244.0247.2236.0260.8

267.1270.6292.9308.0329.7

357.8385.0390.2415.0433.9

427.7441.5479.0516.4504.2

Seasonallyadjusted

annual rates

591.4607.4618.6639.7

663.5678.6690.0704.9

709.3727.9743.5

463.6475.0482.0495.3

510.1516.1518.7520.6

509.7507.9505.2

Current dollar costs per unit of 1958 dollar gross product (dollars)

Totalcostsi

0.793.805

.814

.857

.879

.886

.898

.912

.948

.9791.0001.011

1.0221.0291.034.039

L. 050

1.0551.0731.1041.132L. 162

1.2581.282L. 325L.451

Capitalcon-

sump-tion

allow-ances

0.040.047

.046

.049

.054

.059

.069

.072

.076

.082

.091

.088

.091

.095

.100

.100

.100

.099

.100

.107

.109

.115

.126

.132

.133

.132

.145

Indirectbusi-ness

taxes 2

0.070.076

.075

.075

.081

.083

.081

.081

.085

.090

.097

.094

.099

.103

.101

.102

.103

.100

.096

.100

.105

.109

.119

.126

.123

.123

.133

Com-pensa-tion of

em-ployees

0.507.514

.507

.541

.570

.584

.591

.582

.619

.642

.659

.654

.670

.670

.665

.664

.664

.660

.678

.707

.727

.764

.812

.830

.845

.879

.978

Netinterest

0.005.006

.005

.005

.006

.006

.007

.007

.007

.009

.011

.010

.011

.013

.014

.015

.015

.017

.019

.023

.025

.029

.038

.038

.037

.040

.045

Corporate profits and inven-tory valuation adjustment

Total

0.171.162

.180

.186

.168

.154

.149

.170

.160

.155

.142

.164

.151

.149

.154

.158

.168

.179

.180

.167

.166

.145

.119

.132

.145

.151

.150

Profitstax

liability

0.069.057

.090

.103

.086

.084

.074

.084

.081

.076

.069

.080

.073

.073

.071

.074

.074

.077

.078

.073

.082

.078

.064

.067

.070

.079

.091

Profitsaftertaxes

plus in-ventory

valuationadjust-ment

0.103.104

.090

.083

.082

.070

.075

.086

.079

.078

.073

.084

.078

.076

.082

.084

.094

.102

.102

.094

.084

.067

.055

.065

.075

.073

.059

Seasonally adjusted

1.2761.2791.2841.292

1.3011.3151.3301.354

1.3911.4331.472

0.132.134.133.132

.130

.131

.132

.134

.139

.142

.146

0.124.123.123.122

.122

.122

.124

.124

.128

.131

.136

0.843.843.846.848

.858

.870

.884

.905

.937

.964

.993

0.037.037.037.037

.038

.039

.040

.041

.043

.045

.046

0.140.142.144.152

.153

.152

.151

.150

.145

.152

.151

0.067068

.070

.074

.079

.081

.078

.077

.083

.090

.104

0.074074

.075

.078

.074

.071

.072

.073

.062

.061

.047

1 This is equal to the deflator for gross product of nonfinancial corporations, with the decimal point shifted two places tothe left.

3 Also includes business transfer payments less subsidies.


262


TABLE C-12.—Personal consumption expenditures, 1929-74


Yearor

quarter

2

iili

Q.co x

• S CD

Durable goods

Is

Nondurable goods Services

1929 . . .

1933 . . .

1939 . . .

1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..

1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..

I960. .1961..1962..1963..1964..1965..1966..1967..1968..1969..

1970...1971...1972...1973...1974 P..

1972:I —

IV..

1973:

\~\~.~.I I I .IV..

1974:I —II..III.IV v

77.2

45.8

66.8

70.880.688.599.3

108.3119.7143.4160.7173.6176.8

191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2

325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5

617.6667.1729.0805.2877.0

9.2

3.5

6.7

7.89.66.96.66.78.0

15.820.422.724.6

30.529.629.333.232.839.638.940.837.944.3

45.344.249.553.959.266.370.873.184.090.8

91.3103.9118.4130.3127.8

3.2

1.1

2.2

2.73.4.7.8.8

1.04.06.27.59.9

13.111.611.114.213.618.416.418.315.419.5

20.118.422.024.325.830.330.330.537.540.2

37.346.653.157.549.6

4.8

1.9

3.5

3.94.94.73.93.84.68.6

10.911.911.6

14.114.414.314.915.016.617.517.317.118.9

18.919.320.522.225.026.929.931.434.337.1

39.642.348.755.058.9

1.2

.5

1.0

1.11.41.61.92.22.53.23.33.43.2

3.33.63.94.14.24.65.05.25.45.9

6.36.56.97.58.59.1

10.511.212.313.5

14.415.016.617.819.2

37.7

22.3

35.1

37.042.950.858.664.371.982.490.596.294.5

98.1108.8114.0116.8118.3123.3129.3135.6140.2146.6

151.3155.9162.6168.6178.7191.1206.9215.0230.8245.9

263.8278.4299.7338.0380.2

19.5

11.5

19.1

20.223.428.433.236.740.647.452.354.252.5

53.960.463.464.465.467.269.973.676.478.6

80.582.985.788.292.998.8

105.8108.5115.3120.6

130.0135.9143.7165.1187.8

9.4

4.6

7.1

7.48.8

11.013.414.416.518.218.820.119.3

19.621.221.922.122.123.124.124.324.726.4

27.327.929.630.633.535.940.342.346.350.2

52.857.363.070.274.1

1.8

1.5

2.2

2.32.62.11.31.61.83.03.64.45.0

5.46.16.87.78.29.09.8

10.611.011.6

12.312.412.913.514.015.316.617.619.020.9

22.223.525.028.335.9

7.0

4.6

6.7

7.18.09.3

10.611.713.013.815.717.517.7

19.221.121.722.722.624.025.427.128.230.1

31.232.734.436.338.241.144.446.650.254.2

58.761.867.974.482.3

30.3

20.1

25.0

26.028.130.834.237.239.845.349.854.757.6

62.467.973.479.985.491.498.5

105.0112.0120.3

128.7135.1143.0152.4163.3175.5188.6204.0221.3242.7

262.6284.8310.9336.9369.1

11.5

7.9

9.1

9.410.211.011.512.012.513.915.717.519.3

21.323.926.529.331.733.736.038.541.143.7

46.348.752.055.459.363.567.571.877.384.1

90.999.1

107.9116.4126.4

4.0

2.8

3.8

4.04.34.85.25.96.46.87.58.18.5

9.510.411.112.012.614.015.216.217.318.5

20.020.822.023.124.325.627.129.131.233.8

36.439.443.347.352.9

2.6

1.5

2.0

2.12.42.73.43.74.05.05.35.85.9

6.26.77.17.87.98.28.69.09.3

10.1

10.810.611.011.411.612.613.614.515.516.6

18.320.421.823.426.1


701.5'20.6'36.8'57.2

781.7799.0816.3823.9

840.6869.1901.3896.8

12.2

7.9

10.1

10.411.212.314.015.616.819.721.423.323.9

25.426.928.730.833.235.538.641.344.348.0

51.654.958.062.568.173.880.488.597.3

108.2

117.0125.9137.9149.9163.6

112.1116.2121.2124.3

132.4132.1132.4124.3

123.9129.5136.1121.5

49.4515556

60595951.

534

4232

48.050.656.43.

27

47.247.949.350.7

54.354.955.555.4

57.559.560.458.4

15.616.816.717.2

17.718.017.617.7

18.319.419.419.5

288.4297.4302.0310.9

323.3332.7343.8352.1

364.4375.8389.0391.5

139.3142.4144.7148.5

155.9160.9169.1174.5

180.1183.5191.3196.6

60.062.563.766.0

69.170.170.670.9

72.874.475.773.5

24.624.525.125.8

26.828.028.729.8

31.536.837.937.5

64.668.168.570.7

71.573.675.477.0

80.081.184.284.0

301.0307.0313.6322.0

325.9334.2340.1347.4

352.4363.8376.2383.8

105.1106.9108.9110.7

113.1115.6117.0119.7

122.2124.9127.7130.9

41.242.643.945.5

45.646.648.348.7

49.251.754.656.2

21.521.621.922.3

22.823.123.624.1

25.025.626.527.5

133.1135.9138.8143.6

144.5148.8151.2155.0

156.0161.6167.5169.3

1 Includes consumer purchases of mobile homes.* Includes imputed rental value of owner-occupied dwellings.Source: Department of Commerce, Bureau of Economic Analysis.

263


TABLE C-13.—Gross private domestic investment, 1929-74


Year orquarter

1929

1933....

1939...

1940 .1941...19421943...19441945 .19461947.1948...1949

1950 .1951....19521953...19541955...19561957.19581959

19601961..196219631964. .19651966196719681969 . . .

19701971197219731974 v_

1972: 1IIIIIIV

1973:1IIIllIV

1974: 1IIIllIV»____

Totalgross

privatedomestici nvest-ment

16.2

1.4

9.3

13.117.99.85.77.1

10.630.634.046.035.7

54.159.351.952.651.767.470.067.960.975.3

74.871.783.087.194.0

108.1121.4116.6126.0139.0

136.3153.7179.3209.4208.9

169.4175.5182.1190.2

199.0205.1209.0224.5

210.5211.8205.8207.6

Fixed investment

Total

14.5

3.0

8.9

11.013.48.16.48.1

11.624.234.441.338.8

47.349.048.852.153.361.465.366.562.470.5

71.369.777.081.388.298.5

106.6108.4118.9131.1

131.7147.4170.8194.0195.6

164.5167.6171.9179.2

189.0194.4197.1195.5

193.6198.3197.1193.2

Nonresidential

Total

10.6

2.4

5.9

7.59.56.05.06.8

10.117.023.426.925.1

27.931.831.634.233.638.143.746.441.645.1

48.447.051.754.361.171.381.683.388.898.5

100.6104.6116.8136.8149.6

112.7114.7117.5122.5

130.5135.6139.0141.9

145.2149.4150.9152.7

Structures

Total

5.0

.9

2.0

2.32.91.91.31.82.86.87.58.88.5

9.211.211.412.713.114.317.218.016.616.7

18.118.419.219.521.225.528.528.030.334.2

36.137.941.147.052.2

Non-farm

4.8

.9

1.9

2.22.81.81.21.72.76.16.78.07.7

8.510.410.511.912.313.616.517.215.815.9

17.417.718.518.820.524.927.827.329.633.5

35.337.140.445.750.3

Producers'durable

equipment

Total

5.6

1.5

4.0

5.36.64.13.75.07.3

10.215.918.116.6

18.720.720.221.520.623.826.528.425.028.4

30.328.632.534.839.945.853.155.358.564.3

64.466.675.789.897.4

Non-farm

4.9

1.3

3.4

4.65.63.53.24.26.39.2

14.015.513.7

15.717.717.618.618.021.224.225.922.025.4

27.725.829.531.236.341.648.450.053.659.2

58.961.169.481.486.8

Seasonally adjusted annua

40.741.040.642.2

44.646.247.949.3

51.352.251.054.3

39.940.339.941.3

43.644.946.447.8

49.550.449.252.3

72.073.776.880.3

85.989.491.192.6

93.997.299.998.4

66.568.070.172.9

78.581.182.683.5

84.686.989.286.3

Residential structures

Total

4.0

.6

2.9

3.43.92.11.41.31.57.2

11.114.413.7

19.417.217.218.019.723.321.620.220.825.5

22.822.625.327.027.127.225.025.130.132.6

31.242.854.057.246.0

rates

51.852.954.556.7

58.558.758.153.6

48.448.846.240.5

Non-farm

3.8

.5

2.8

3.23.71.91.21.11.46.7

10.413.612.8

18.616.416.417.219.022.720.919.520.124.8

22.222.024.826.426.626.724.524.529.532.0

30.742.353.456.745.2

51.252.353.956.2

58.058.457.653.0

47.848.045.439.8

Farm

0.2

.0

.1

.2

.2

.2

.1

.1

.9

.8

.8

.8

.8

.8

.6

.7

.6

.6

.6

.6

.6

.6

.5

.5

.6

.6

.5

.6

.6

.7

0.6

.6

.5

.5

.4

.5

.6

.7

.8

.8

Change inbusiness

inventories

Total

1.7

- 1 . 6

.4

2.24.51.8

- . 6- 1 . 0- 1 . 0

6.4- . 54.7

- 3 . 1

6.810.33.1.4

- 1 . 56.04.71.3

- 1 . 54.8

3.62.06.05.95.89.6

14.88.27.17.8

4.56.38.5

15.413.4

5.08.0

10.211.0

10.010.711.828.9

16.913.58.7

14.4

Non-farm

1.8

- 1 . 4

.3

1.94.0.7

- . 6g

—.66.41.33.0

- 2 . 2

6.09.1

1.1

5.55 1

- 2 . 34.8

3.31.75 35 16.48 6

15.07.56.97.7

4.34.97.8

11.411.0

4.17.09.6

10.4

6.57.77.4

24.0

13.110.46.6

13.8


264


T A B L E C—14.-—Relation of gross national product and national income, 1929—74


Year or quarter

1929

1933

1939

194019411942194319441945194619471948 . . . .1949

1950195119521953 . . .195419551956195719581959

1960196119621963196419651966. .196719681969

19701971197219731974 v ._.

1972: 1IIIIIIV

1973: 1IIIII . . . .IV

1974: 1IIIIIIV P

Grossnationalproduct

103.1

55.6

90.5

99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5

284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7

503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3

977.11,054.91,158.01,294.91,396.7

1,115.01,143.01,169. 31,204.7

1,248.91,277.91, 308.91,344.0

1,358.81, 383.81,416.31, 428.0

Less:Capital

con-sump-tion

allow-ances

7.9

7.0

7.3

7.58.29.8

10.311.011.39.9

12.214.516.6

18.321.223.225.728.231.534.137.138.941.4

43.445.250.052.656.159.863.968.974.581.6

87.393.7

102.9110.8119.5

98.9103.7103.3105.8

107.4110.5111.5113.9

115.8118.6120.7123.0

Equals:Net

nationalproduct

95.2

48.6

83.2

92.2116.3148.1181.3199.1200.7198.6219.1243.1239.9

266.4307.2322.3338.9336.6366.5385.2404.0408.4442.3

460.3474.9510.4537.9576.3625.1685.9725.0789.7848.7

889.8961.2

1,055.11,184.11,277. 2

Plus:Subsidies

lesscurrentsurplus

of govern-ment

enter-prises

- 0 . 1

.0

.5

.4

.1

.2

.2

.7

.8

.9- . 2- . 1

.2

.2- . 1- . 4- . 2- . 1

.8

.9

.9

.1

.21.41.4.8

1.31.32.31.4

1.0

1.71.12.3.6

- 2 . 9

Less:

Indirectbusinesstax andnontaxliability

7.0

7.1

9.4

10.011.311.812.714.115.517.118.420.121.3

23.325.227.629.629.432.134.937.338.541.5

45.247.751.554.758.462.565.770.478.685.9

93.5102.7110.0119.2126.9

Seasonally adjusted annual

1,016.11,039.31,066.01,098.9

1,141.51,167.41,197.41,230.1

1,243.01,265.21,295.61, 305.0

1.52.12.52.9

1.5.7.3

- . 1

- 2 . 7- 3 . 7- 2 . 4- 2 . 7

106.7109.0111.1113.4

116.5118.6120.4121.3

122.6125.9129.5129.8

Businesstransfer

payments

0.6

.7

.5

.4

.5

.5

.5

.5

.5

.6

.7

.8

.8

.91 01.21.11.21.41.51.61.7

1.92.02.12.32.52.73.03.13.43.8

4.04.34.64.95.2

rates

4.54.54.64.6

4.74.84.95.0

5.15.25.35.3

Statisticaldiscrep-

ancy

0.7

.6

1.3

1.0.4

- 1 . 1- 2 . 0

2.53.9.1.9

- 2 . 0.3

1.53.32.23.02.72.1

- 1 . 1.0

1.6- . 8

- 1 . 0- . 8

.5- . 3

- 1 . 3- 3 . 1- 1 . 0- . 7

- 2 . 7- 6 . 1

- 6 . 4- 2 . 3- 3 . 8- 5 . 0

.0

- 5 . 9- 4 . 5- 1 . 5- 3 . 3

- 5 . 9- 6 . 5- 4 . 9- 2 . 6

- 6 . 3

3.*0

Equals:Nationalincome

86.8

40.3

72.6

81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5

241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0

414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0

800.5857.7946.5

1,065.61,142.2

912.3932.5954.3987.0

1,027.61,051.21,077.31,106.3

1,118.81,130.21,155.5


265


TABLE CM 5.—National income by type of income, 1929-74


Year orquarter

1929

1933. . .

1939

19401941194219431944194519461947.. . .19481949

1950195119521953195419551956 . .195719581959

I96019611962196319641965196619671968.1969

19701971197219731974 v

1972' 1IIIIIIV..

1973: I . .

III.IV.

1974- 1IIIII.IV p

Totalna-

tionalin-

come1

86.8

40.3

72.6

81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5

241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0

414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0

800.5857.7946.5

1,065.61,142.2

Compensation ofemployees

Total

51.1

29.5

48.1

52.164.885.3

109.5121.2123.1117.9128.9141.1141.0

154.6180.7195.3209.1208.0224.5243.1256.0257.8279.1

294.2302.6323.6341.0365.7393.8435.5467.2514.6566.0

603.9643.1707.1786.0855.7

Wagesandsala-ries

50.4

29.0

45.9

49.862.182.1

105.8116.7117.5112.0123.0135.4134.5

146.8171.1185.1198.3196.5211.3227.8238.7239.9258.2

270.8278.1296.1311.1333.7358.9394.5423.1464.9509.7

542.0573.6626.8691.6750.6

Sup-ple-

mentsto

wagesandsala-ries2

0.7

.5

2.2

2.32.73.23.84.55.65.95.95.86.5

7.89.6

10.210.911.513.215.217.317.920.9

23.424.627.529.932.035.041.044.249.756.3

61.969.580.394.4

105.0

Business and pro-fessional income

Total

9.0

3.3

7.4

8.611.114.017.018.219.221.620.322.722.6

24.026.127.127.527.630.331.332.833.235.1

34.235.637.137.940.242.445.247.349.550.5

50.052.054.957.661.2

In-come

ofunin-corpo-ratedenter-prises

8.8

3.9

7.6

8.611.714.417.118.319.323.321.823.122.2

25.126.526.927.627.630.531.833.133.235.3

34.335.637.137.940.342.845.647.650.351.2

50.752.756.059.864.7

Inven-toryvalu-ation

adjust-ment

0.1

- . 5

- . 2

.0- . 6- . 4- . 2- . 1- . 1

- 1 . 7- 1 . 5- . 4

.5

- 1 . 1

-' .2

- . 2- . 5

- . 1- . 1

.0

.0

.0

.0

- . 4- . 3- . 7- . 8

- . 7

- 2 . 3- 3 . 5

In-come

offarmpro-prie-tors'

6.2

2.6

4.4

4.56.49.8

11.711.612.214.915.217.512.7

13.515.815.013.012.411.411.411.313.411.4

12.012.813.013.112.114.816.114.814.716.7

16.917.221.038.531.8

Rentalin-

comeof

per-sons

5.4

2.0

2.7

2.93.54.55.15.45.66.67.18.08.4

9.410.311.512.713.613.914.314.815.415.6

15.816.016.717.118.019.020.021.121.222.6

23.925.225.926.126.5

Corporate profitsand inventory

valuationadjustment

Total

10.5

- 1 . 2

6.3

9.815.220.324.423.819.219.325.633.030.8

37.742.739.939.638.046.946.145.641.151.7

49.950.355.758.966.376.182.478.784.379.8

69.278.792.2

105.1105.4

Corpo-rate

profitsbeforetaxes«

10.0

1.0

7.0

10.017.721.525.124.119.724.631.535.228.9

42.643.938.940.638.348.648.847.241.452.1

49.750.355.459.466.877.884.279.887.684.9

74.083.699.2

122.7141.0

Inven-toryvalu-ation

adjust-ment

0.5

-2 .1

—.7

- . 2- 2 . 5- 1 . 2—.8

- 5 . 3- 5 . 9- 2 . 2

1.9

—5.0- 1 . 2

1.0- 1 . 0- . 3

-1 .7-2 .7- 1 . 5- . 3- . 5

.2- . 1

.3- . 5

-1 .7- 1 . 8- 1 . 1- 3 . 3-5 .1

-4 .8-4 .9- 7 . 0

-17.6-35.5

Netinter-

est

4.7

4.1

3.5

3.33.23.12.72.32.21.51.91.81.9

2.02.32.62.83.64.14.65.66.87.1

8.410.011.613.815.818.221.424.426.930.5

36.541.645.652.361.6


912 3932.5954 3987.0

1,027.61,051.21,077.31,106.3

1 118 81,130.21,155.1

683 8699.0712 6732.9

759.1776.7793.3814.8

828 8848.3868.2877.3

606 6619.7631 2649.6

667.6683.6698.2717.0

727.6744.6761.5768.8

77.179.381.483.4

91.593.195.197.7

101.2103.7106.7108.5

53.754.355.556.1

57.057.157.758.4

59.360.762.362.5

19.220.320.324.0

32.135.641.544.9

39.129.129.829.1

25.524.426.826.7

26.325.726.226.4

26.426.326.626.8

86.589.592.999.8

103.9105.0105.2106.4

107.7105.6105.8

92.396.0

100.2108.2

120.4124.9122.7122.7

135.4139.0157.0

-5 .8—6.5—7.3- 8 . 4

-16.5-20.0-17.5-16.3

-27.7-33.4-51.2-29.8

43.644.946.247.5

49.251.153.255.5

57.560.162.865.9

1 National income is the total net income earned in production. It differs from gross national product mainly in that itexcludes depreciation charges and other allowances for business and institutional consumption of durable capital goods,and indirect business taxes. See Table C-14.

3 Employer contributions for social insurance and to private pension, health, and welfare funds; compensation forinjuries; directors' fees; pay of the military reserve; and a few other minor items.

» Includes change in inventories.* See Table C-74 for corporate tax liability and profits after taxes.


266


T A B L E C—16.—Relation of national income and personal income, 1929—74


Year or quarter

1929

1933

1939

1940194119421943194419451946194719481949

1950 . . .195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974*

1972: 1IIIll -IV

1973: 1IIIIIIV

1974: 1IIML. .IVP

Nationalincome

86.8

40.3

72.6

81.1104.2137.1170.3182.6181 5181.9199.0224 2217.5

241.1278.0291.4304 7303.1331.0350.8366.1367.8400.0

414 5427.3457.7481.9518.1564.3620.6653.6711.1766.0

800.5857.7946.5

1,065.61,142. 2

912.3932.5954.3987.0

,027.6,051.2,077.3, 106.3

,118.8, 130.2, 155.5

Less:

Corpo-rate

profitsand in-ventory

valuationadjust-ment

10.5

- 1 . 2

6.3

9.815.220.324.423.819.219.325.633.030.8

37.742.739.939.638.046.946.145.641.151.7

49.950.355.758.966.376.182.478.784.379.8

69.278.792.2

105.1105.4

86.589.592.999.8

103.9105.0105.2106.4

107.7105.6105.8

Contri-butions

forsocialinsur-ance

0.2

.3

2.1

2.32.83.54.55.26.16.05.75.25.7

6.98.28.78 89.8

11.112.614.514.817.6

20 721.424.026.927.929.638.042.447.154.2

57.763.873.091.2

101.5

Wageaccruals

lessdis-

burse-ments

0.0

.0

.0

.0

.0

.0

.2- . 2

o.0.0

o.0

.0

.1

.0

.0

.0

.0

.0

.0

.0

o.0.0.0.0.0.0.0.0.0

.0

.6

.0- . 1- . 5

Gov-ernmenttransfer

paymentsto per-

sons

0.9

1.5

2.5

2.72.62.62.53.15.6

10.811.110.511.6

14.311.512.012.814.916.117.119.924.124.9

26.630.431.233.034.237.241.148.756.161.9

75.189.098.6

113.0134.6

Plus

Interestpaidby

govern-ment(net)

and bycon-

sumers

2.5

1.6

1.9

2.12.22.22.63.34.25.25.56.16.5

7.27.68.19.09.5

10.111.212.012.113.6

15.115.016.117.619.120.522.223.626.128.7

31.031.233.038.342.3


71.272.373.874.9

88.790 292.193.9

99.1100 8103.0103.2

- 1 . 4- . 4- . 22.1

.0_ 3

.0

.0

.0- 6

- 1 . 5.0

94.595.596.9

107.6

109.3111 3114.1117.1

123.1130 6138.7145.8

31.832.733.234.4

35.937.739.3'40.4

40.841.942.743.6

Divi-dends

5.8

2.0

3.8

4.04.44.34 44.64 65.66.37 07.2

8.88.68.68.99.3

10.511.311.711.612.6

13 413.815.216 517.819.820.821.423.624.3

24.725.027.329.632.7

26.427.127.828.2

28.729 129.830.7

31.632 533.233.3

Busi-ness

transferpay-

ments

0.6

.7

.5

4.5

*5.5

5.6

.8

8.9

1.01 21.11.21 41 51.61.7

1 92 02.12 32.52.73.03.13.43.8

4.04.34.64.95.2

4.54.54.64.6

4.74 84.95.0

5.15 25.35.3

Equals:

Personalincome

85.9

47.0

72.8

78.396.0

122.9151.3165.3171 1178.7191.3210 2207.2

227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5

401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9

808.3864.0944.9

1,055.01,150.4

913.3930.9950.3985.0

1,013.61,039.21,068.01,099.3

1,112.51,134.61,168.21,186.4


267


TABLE C-17.—Disposition of personal income, 1929-74

Year orquarter

Per-sonal

income

Less:Per-sonaltaxand

nontaxpay-

ments

Equals:Dispos-

ableper-sonal

income

Less: Personal outlays

Total

Per-sonalcon-

sump-tion

expend-itures

Interestpaid by

con-sumers

Per-sonal

transferpay-

mentsto for-eigners

Equals:Per-

sonalsaving

Percent of disposablepersonal income

Personaloutlays

Total

Con-sump-tion

expend-itures

Per-sonalsaving

Billions of dollars Percent

1929.

1933.

1939.

1940.1941.1942.1943.1944.1945.1946.1947.1948.1949.

1950.1951.1952.1953.195419551956195719581959

I960196119621963196419651966196719681969

19701971197219731974

1972:1. . . .I I . . .ML.IV . .

1 9 7 3 : I . . . .I I . . .

IV."

1974:1IIlll__IV* .

85.9

47.0

72.8

78.396.0

122.9151.3165.3171.1178.7191.3210.2207.2

227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5

401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9

808.3864.0944.9

1,055.01,150.4

2.6

1.5

2.4

2.63.36.0

17.818.920.918.721.421.118.6

20.729.034.135.632.735.539.842.642.346.2

50.952.457.460.959.465.775.483.097.9

116.5

116.6117.6142.4151.3170.7

83.3

45.5

70.3

75.792.7

116.9133.5146.3150.2160.0169.8189.1188.6

206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3

350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4

691.7746.4802.5903.7979.7

79.1

46.5

67.7

71.881.789.3

100.1109.1120.7144.8162.5175.8179.2

193.9209.3220.2234.3241.0259.5272.6287.8296.6318.3

333.0343.3363.7384.7411.9444.8479.3506.0551.2596.2

635.5685.9749.9829.4903.0

77.2

45.8

66.8

70.880.688.599.3

108.3119.7143.4160.7173.6176.8

191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2

325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5

617.6667.1729.0805.2877.0

1.5

.5

.7

.8

.9

.7

.5

.5

.5

.81.11.51.9

2.42.73.03.84.04.75.45.85.96.5

7.37.68.19.1

10.111.312.413.214.315.8

16.817.719.822.925.0

0.3

.2

.2

.2

.2

.1

.2

.4

.5

.7

.7

.7

.5

.5

.4

.4

.5

.5

.5

.6

.6

.6

.6

.5

.5

.5

.6

.6

.7

.6

.7

.8

.9

1.01.11.11.31.0

4.2

- . 9

2.6

3.811.027.633.437.329.615.27.3

13.49.4

13.117.318.118.316.415.820.620.722.319.1

17.021.221.619.926.228.432.540.439.838.2

56.260.552.674.476.7

95.0

102.0

96.3

94.988.276.475.074.580.390.595.792.995.0

93.792.492.492.893.694.393.093.393.094.4

95.194.294.495.194.094.093.692.693.394.0

91.991.993.491.892.2

92.7

100.6

95.0

93.686.975.774.474.079.789.694.691.893.8

92.391.090.991.191.992.491.091.291.092.3

92.992.092.292.791.691.591.190.190.791.3

89.389.490.889.189.5

5.0

-2.0

3.7

5.111.823.625.025.519.79.54.37.15.0

6.37.67.67.26.45.77.06.77.05.6

4.95.85.64.96.06.06.47.46.76.0

8.18.16.68.27.8

Seasonally adjusted annual rates Seasonally adjusted

913.3930.9950.3985.0

1,013.61,039.21,068.01,099.3

1,112.51,134.61,168.21,186.4

138.6140.9143.1147.0

144.1147.2154.2159.9

161.9168.2175.1177.8

77'4.7790.0807.2838.1

869.5892.1913.9939.4

950.6966.5993.1

1, 008.7

721.4741.1757.9779.2

804.2822.5840.7850.1

866.2894.9927.6923.3

701.5720.6736.8757.2

781.7799.0816.3823.9

840.6869.1901.3896.8

18.919.520.120.9

21.622.523.424.0

24.424.825.325.5

1.01.01.11.1

.91.0.9

2.2

1.21.0.9.9

53.349.049.358.9

65.369.673.289.3

84.471.565.585.4

93.193.893.993.0

92.592.292.090.5

91.192.693.491.5

90.691.291.390.3

89.989.689.387.7

88.489.990.888.9

6.96.26.17.0

7.57.88.09.5

8.97.46.68.5


268


TABLE C-18.—Total and per capita disposable personal income and personal consumptionexpenditures in current and 1958 dollars, 1929-74

Year or quarter

Disposable personal income

Total (billionsof dollars)

Currentdollars

1958dollars

Per capita(dollars)

Currentdollars

1958dollars

Personal consumption expenditures

Total (billionsof dollars)

Currentdollars

1958dollars

Per capita(dollars)

Currentdollars

1958dollars

Popu-lation(thou-sands)̂

1929..

1933..

1939..

1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..

1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..

I960..1961..1962.1963.1964.1965.1966.1967.1968.1969.

1970...1971...1972...1973...1974 p..

83.3

45.5

70.3

75.792.7

116.9133.5146.3150.2160.0169.8189.1188.6

206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3

350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4

691.7746.4802.5903.7979.7

150.6

112.2

155.9

166.3190.3213.4222.8231.6229.7227.0218.0229.8230.8

249.6255.7263.3275.4278.3296.7309.3315.8318.8333.0

340.2350.7367.3381.3407.9435.0458.9477.5499.0513.6

534.8555.4580.5619.6603.2

683

362

537

573695867976

1,0571,0741,1321,1781,2901,264

1,3641,4691,5181,5831,5851,6661,7431,8011,8311,905

1,9371,9842,0652,1382,2832,4362,6042,7492,9453,130

3,3763,6053,8434,2954,623

1,236

893

1,190

1,2591,427,582,629,673,642,606,513,567,547

,646,657,678,726,714,795,839,844,831,881

,883,909

1,9692,0152,1262,2392,3352,4032,4862,534

2,6102,6832,7792,9452,846

77.2

45.8

66.8

70.880.688.599.3

108.3119.7143.4160.7173.6176.8

191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2

325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5

617.6667.1729.0805.2877.0

139.6

112.8

148.2

155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5

230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3

316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1

477.5496.4527.3552.1539.9


1 9 7 2 : l . _I I .IIII V .

1 9 7 3 : I . .I I .IIIIV

1974: I.11.IIIIV

634

364

510

536604656726782855

1,014M15,184,185

,259,337,381,441,456,539,585,643,666,758

,800,825

1,9031,9812,0912,2282,3722,4762,6712,859

3,0153,2223,4913,8274,139

1,145

897

1,131

1,1781,2401,1971,2131,2381,3081,4391,4311,4381,451

1,5201,5091,5251,5721,5751,6591,6731,6831,6661,735

1,7491,7561,8141,8671,9482,0472,1272,1642,2562,315

2,3312,3982,5252,6242,548

774.7790.0807.2838.1

869.5892.1913.9939.4

950.6966.5993.1

1,008.7

566.2573.6581.9600.1

615.1618.2621.8622.9

610.3603.5602.9596.2

3,7203,7873,8614,000

4,1434,2444,3394,452

4,4974,5654,6814,744

2,7192,7492,7842,864

2,9312,9412,9522,952

2,8872,8502,8422,804

701.5720.6736.8757.2

781.7799.0816.3823.9

840.6869.1901.3896.8

512.8523.2531.2542.2

552.9553.7555.4546.3

539.7542.7547.2530.1

3,3683,4543,5243,614

3,7253,8013,8763,904

3,9774,1054,2494,218

2,4622,5082,5412,588

2,6352,6342,6372,589

2,5532,5632,5792,493

121,875

125,690

131,028

132,122133,402134,860136,739138,397139,928141,389144,126146,631149,188

151,684154,287156,954159,565162,391165,275168, 221171,274174,141177,073

180,671183,691186,538189,242191,889194,303196,560198,712200,706202,677

204,875207,045208,842210, 396211,909

208, 259208,634209,054209, 505

209,852210,205210,610211,030

211,381211,721212,139212,600

1 Population of the United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annualdata are for July 1; quarterly data are for middle of period, interpolated from monthly data.

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

269

563-280 O - 75 - 18Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE C-19.—Sources of personal incomet 1929-74


Year or quarter

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974P

1972: 1IIIII... : . . .IV _

1973: 1II ._IllIV

1974- 1||IIIIV* . .

Totalper-sonal

income

85.9

47.0

72.8

78.396.0

122.9151.3165.3171.1178.7191.3210.2207.2

227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5

401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9

808.3864.0944.9

1,055.01,150.4

Wage and salary disbursements*

Total

50.4

29.0

45.9

49.862.182.1

105.6116.9117.5112.0123.0135.3134.6

146.7171.0185.1198.3196.5211.3227.8238.7239.9258.2

270.8278.1296.1311.1333.7358.9394.5423.1464.9509.7

542.0573.0626.8691.7751.1

Commodity-producingindustries

Total

21.5

9.8

17.4

19.727.539.148.950.345.846.054.361.057.7

64.676.181.889.485.492.8

100.2103.899.7

109.1

112.5112.8120.8125.7134.1144.5159.3166.5181.5197.5

200.9206.2225.4251.9270.9

Manu-factur-

ing

16.1

7.8

13.6

15.621.730.940.942.938.236.542.547.244.7

50.359.464.271.267.673.979.582.578.786.9

89.789.896.7

100.6107.2115.6128.1134.2145.9157.6

158.3160.5175.8196.6211.3

Distrib-utive

indus-tries

15.6

8.8

13.3

14.216.318.020.122.724.831.035.237.637.7

39.944.346.949.850.253.457.760.560.864.8

68.169.172.576.081.286.993.8

100.3109.2120.0

129.3138.3151.0165.1178.9

Serviceindus-tries

8.4

5.2

7.1

7.58.19.09.9

10.912.014.416.117.918.6

19.921.723.325.126.428.931.633.935.938.7

41.544.046.849.954.158.363.770.578.588.1

96.6104.6115.3128.2142.6

Gov-ern-ment

4.9

5.1

8.2

8.410.216.026.633.034.920.717.418.920.6

22.428.933.134.134.636.238.340.443.545.6

48.752.256.059.564.369.377.785.895.7

104.1

115.1123.9135.0146.6158.8

Otherlabor

in-come i

0.6

.4

.6

.7

.79

1.11.51.81.92.32.73.0

3.84.85.36.06.37.38.49.59.9

11.3

12.012.713.914.916.618.720.722.325.428.4

32.236.441.746.051.4

Proprincc

Busi-nessand

profes-sional

9.0

3.3

7 4

8 611.114 017.018.219.221.620 322.722.6

24.026.127.127.527.630.331 332.833.235.1

34.235.637.137.940.242.445.247.349.550.5

50.052.054.957.661.2

etors'>me

Farm*

6.2

2.6

4 4

4.56.49 8

11.711.612 214.915 217.512.7

13.515.815.013.012.411.411 411.313 411.4

12.012.813.013.112.114.816.114.814.716.7

16.917.221.038.531.8


913.3930.9950.3985.0

1,013.61,039. 21,068.01,099. 3

1,112.51.134.61,168. 21,186.4

608.1620.1631.4647.5

667.6683.8698.2717.0

727.6745.2763.0768.8

217.8223.0226.6234.3

241.8248.5254.6262.6

264.0270.0276.0273.4

168.9173.8176.8183.6

188.9194.4198.3204.6

204.8210.1215.8214.3

147.0149.5151.9155.5

159.7163.8166.5170.4

172.9177.4181.6183.8

111.2114.3117.0119.0

123.5126.6129.7132.8

136.9140.9144.9147.5

132.1133.3135.9138.8

142.6145.0147.4151.3

153.8156.9160.5164.0

39.641.242.643.7

44.645.446.347.6

48.950.552.354.0

53.754.355.556.1

57.057.157.758.4

59.360.762.362.5

19.220.320.324.0

32.135.641.544.9

39.129.129.829.1


270


TABLE C-19.—Sources of personal income, 1929-74—Continued


Year orquarter

Rentalincomeof per-sons

5.4

2.0

2.7

2.93.54.55.15.45.66.67.18.08.4

9.410.311.512.713.613.914.314.815.415.6

15.816.016.717.118.019.020.021.121.222.6

23.925.225.926.126.5

Divi-dends

5.8

2.0

3.8

4.04.44.34.44.64.65.66.37.07.2

8.88.68.68.99.3

10.511.311.711.612.6

13.413.815.216.517.819.820.821.423.624.3

24.725.027.329.632.7

P 1interestincome

7.2

5.7

5.5

5.45.55.35.35.66.36.87.57.98.5

9.29.9

10.611.813.114.215.717.618.920.7

23.425.027.731.434.938.743.648.052.959.3

67.572.878.690.6

103.8

Transfer payments

Total

1.5

2.1

3.0

3.13.13.13.03.66.2

11.311.711.212.4

15.112.513.014.016.017.318.521.425.726.6

28.532.433.335.336.739.944.151.859.665.8

79.193.3

103.2117.8139.8

Old age,survivors,disability,and healthinsurancebenefits

0.0

.0

.1

.1

.2

.2

.3

.4

.5

.6

.7

1.01.92.23.03.64.95.77.38.5

10.2

11.112.614.315.216.018.120.825.730.333.0

38.544.549.660.469.8

Stateunem-ploy-

ment in-surancebenefits

0.4

.5

.3

.3

.1

.1

.41.1.8.8

1.7

1.4.8

1.01.02.01.41.41.83.92.5

2.84.02.92.82.62.21.82.12.12.1

3.95.75.54.27.1

Vet-erans

benefits

0.6

.5

.5

.5

.5

.5

.5

.92.86.76.75.85.1

4.93.93.93.73.94.34.34.44.64.6

4.64.84.85.05.35.65.76.67.38.3

9.711.212.713.916.1

Other

0.9

1.6

2.0

2.02.22.22.22.42.73.13.74.14.9

7.95.96.06.36.56.87.27.98.79.4

10.010.911.212.212.914.015.717.520.022.4

27.131.935.439.346.8

Less:Personalcontri-butions

for socialinsur-ance

0.1

.2

.6

.7

.81.21.82.22.32.02.12.22.2

2.93.43.84.04.65.25.86.76.97.9

9.39.6

10.311.812.513.417.720.522.826.3

28.030.734.542.847.9

Non-agricul-

turalpersonalincome 3

1929

1933

1939

1940.194119421943194419451946194719481949

1950195119521953195419551956..195719581959

19601961196219631964196519661967\9681969

19701971197219731974 v

1972:1III I I . . .I V . . . .

1973:1I I . . -IIIIV

1974:1

III. .IV P . .


25.524.426.826.7

26.325.726.226.4

26.426.326.626.8

26.427.127.828.2

28.729.129.830.7

31.632.533.233.3

75.477.579.581.9

85.188.892.595.9

98.2102.0105.5109.5

99.0100.1101.4112.2

114.1116.1119.0122.1

128.2135.8144.0151.1

46.547.248.056.6

58.459.961.062.3

63.668.772.574.3

5.96.35.34.6

4.24.14.24.4

5.46.37.39.4

12.012.212.614.1

13.413.514.214.5

15.015.216.617.5

34.734.435.537.0

38.138.739.640.9

44.145.747.749.9

33.634.134.935.2

41.842.543.343.8

46.847.648.548.6

77.6

43.2

66.9

72.387.8

111.0137.3151.2156.4161.0173.0189.4191.3

210.9236.4254.1271.9274.7296.4318.5336.6344.3368.5

385.2400.0425.5448.1480.9519.5566.3609.4668.8728.3

784.8840.0916.5

1,008.01,108.9

886.8903.3922.6953.4

973.3995.3

1.018.01, 045.3

1,064.01,096.01,128.61.147.1

i The total of wage and salary disbursements and other labor income differs from compensation of employees in TableC-15 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disburse-ments.

1 Includes change in inventories.* Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises, farm wages,

agricultural net interest, and net dividends paid by agricultural corporations.



TABLE C-20.—Sources and uses of gross saving, 1929-74

[Billions of dollars)

Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963..196419651966196719681969. . . .

19701971197219731974 v

1972:1II

IV.T."

1973:1IIIII. . . .IV . . . .

1974:1IIIII. . . .IV p . . .

Gross private saving and government surplus or deficit,national income and product accounts

Total

16.3

.9

8.8

13.618.610.75.52.55.2

35.142.049.935.9

50.456.149.547 548.564.872.771.259.273.8

77.575.585.090.5

101.0115.3124.9119.5128.3144.0

143.1152.2173.3214.4207.3

Private saving

Total

15.3

2.3

11.0

14.322.442.049.754.344.729.727.541.439.0

42.550 353.354 455.662.167.870 571.775.9

73.979.887.988.7

102.4113.1123.8133.4135.2135.2

153.2170.7178.5210.9213.2

Per-sonalsaving

4.2

- . 9

2.6

3.811.027.633.437.329.615.27.3

13.49.4

13.117.318.118.316.415.820.620.722.319.1

17.021.221.619.926.228.432.540.439.838.2

56.260.552.674.476.7

Grossbusi-ness

saving

11.2

3.2

8.4

10.511.414.516.317.115.114.520.228.029.7

29.433.135.136 139.246.347.349.849.456.8

56.858.766.368.876.284.791.393.095.497.0

97.0110.2125.9136.5136.5

Government surplusor deficit ( - )

Total

1.0

- 1 4

- 2 . 2

- . 7- 3 . 8

-31.4-44.1-51.8-39 5

5.414.48.5

- 3 . 2

7.95 8

- 3 . 8—6 9- 7 . 0

2 74.9

-12 5- 2 . 1

3.7- 4 . 3- 2 9

1.8- 1 . 4

2.21.1

-13.9- 6 . 8

8.8

-10.1-18.5—5 1

3.5- 5 . 9

Fed-eral

1.2

- 1 . 3

- 2 . 2

- 1 . 3- 5 . 1

-33.1-46.6-54.5-42.1

3.513.48.4

- 2 . 4

9.16.2

- 3 . 8- 7 0- 5 . 9

4.05.72 1

-10.2- 1 . 2

3.5- 3 . 8- 3 . 8

.7- 3 . 0

1.2

-12.4- 6 . 5

8.1

-11.9-21.9-17.5- 5 . 6-7 .6

Stateandlocal

- 0 . 2

—.1

.61.31.82.52.72.61.91.0

-'.7

- 1 . 2- . 4

- 1 . 1- 1 . 3- . 9

- 1 4- 2 . 3- . 8

.2- . 5

.91.21.71.01.3

- 1 . 6—.3

1.83.4

12 39.21.7

Capitalgrants

receivedby theUnitedStates *

IIIIIIII

------

0.0

.9

.7

.7

.0«-2.0

Gross investment

Total

17.0

1.6

10.2

14.619.09.63.55.09.1

35.242.947.936.2

51.859.551.650 551.366.971.671.260.773.0

76.574.785.590.399.7

112.2123.9118.8125.6137.9

137.6150.6170.2209.4205.3

Grossprivatedomes-tic in-vest-ment

16.2

1.4

9.3

13.117.99.85.77.1

10 630.634.046.035.7

54.159 351.952 651.767.470.067.960.975.3

74.871.783.087.194.0

108.1121.4116.6126.0139.0

136.3153.7179 3209.4208.9

Netforeigninvest-ment*

0.8

.2

.9

1.51.1

- . 2- 2 . 2- 2 . 1—1 4

4.68.91.9

- 2 . 2

- 2 1

1.53 4

—.2- 2 . 3

1.73.02.53.15.74.12.42.2

—.4- 1 . 0

1.3-3 .1—9.1

.1- 3 . 6

Statis-ticaldis-

crep-ancy

0.7

.6

1.3

1.0

- i l l- 2 . 0

2.53 9

.3

1.53 32.23 02.72 1

- l . l

o1 6- . 8

- 1 . 0- . 8

- 3- 1 . 3- 3 . 1—1.0

g j

- 6 . 4- 2 . 3—3 8- 5 . 0

.0


164.4169.4175.0184.6

201.1207.9217.0231.7

224.5206.3196.4

172.6174.6175.6191.1

199.0204.9210.3229.4

224.1207.3196.2

53.349.049.358.9

65.369.673.289.3

84.471.565.585.4

119.3125.6126.3132.2

133.7135.3137.1140.1

139.7135.8130.7

- 8 . 2- 5 . 2- . 6

- 6 . 5

2.13.06.72.3

.4- 1 . 0

.2

-14.9-19.6- 9 . 8

-25.6

-11.2- 7 . 4-1 .7- 2 . 3

- 2 . 8- 3 . 0- 1 . 9

6.714.49.2

19.1

13.210.48.44.6

3.22.02.1

0.7

'.7.7

.0

.0

.0

.0

8-8.1.0.0.0

159.1165.6174.2182.0

195.2201.4212.1229.1

210.1206.6199.3205.2

169.4175.5182.1190.2

199.0205.1209.0224.5

210.5211.8205.8207.6

-10.3-10.0- 7 . 9- 8 . 2

- 3 . 8-3 .7

3.14.7

- . 4- 5 . 2- 6 . 5- 2 . 4

- 5 . 9- 4 . 5- 1 . 5- 3 . 3

- 5 . 9- 6 . 5- 4 . 9- 2 . 6

- 6 . 3.3

1 Allocations of special drawing rights (SDR).' Net exports of goods and services less net transfers to foreigners.* Surplus of $32 million.< Deficit of $41 million.6 In February 1974, the U.S. Government granted to India $2,015 million (quarterly rate) in rupees under provisions

of the Agricultural Trade Development and Adjustment Act. Tentatively, this transaction is being treated as capital grantspaid to foreigners, and is included in the first quarter of 1974 as -$8.1 (annual rate) in capital grants received by theUnited States.


272


TABLE C-21.—Saving by individuals, 1946-74 l


Year orquarter

1946. . . .1947. . . .19481949

19501951 . . . .1952. . . .1953. . . .1954.. . .

1955. . .1956. . . .1957.. . .1958. . . .1959. . . .

1960.1961 . . . .1962. . . .1963. . . .1964.

19651966196719681969

1970197119721973

1 9 7 3 : 1 - . . .II.__III —I V . . .

1974:1IIlll

Total

Total»

25.720.823.318.9

26.930.327.230.428.2

34.136.034.133.034.7

32.331.737.139.149.5

55.465.165.068.360.6

76.287.497.9

120.2

Increase in financial assets

18.913.29.0

10.0

13.818.822.722.522.7

28.430.028.631.636.5

31.635.139.145.155.5

58.262.669.073.362.1

80.699.7

124.4138.2

Cur-rencyandde-

mandde-

posits

5.6

-2*. 9- 2 . 0

2.64.61.61.02.2

1.21.8

3.8

1.92.51.73.04.7

7.83.9

11.312.51.6

11.311.112.113.1

Sav-ingsac-

counts

6.33.42.32.7

2.54.97.88.39.3

8.89.6

12.114.111.3

11.416.525.724.627.4

28.020.534.830.36.0

44.470.375.467.7

Securities

Gov-ern-mentsecu-rities*

-1 .41.61.31.8

- . 1- . 41.92.3

6.03.92.2

-2 .49.0

3.5.7

- . 84.45.7

4.311.3

4! 822.5

-10.4-14.5

1.624.7

Corpo-rateandfor-eign

bonds

-0.9

- . 1- . 4

.0

.0- . 1- . 3

1.0.9

1.11.3

.6

.1- . 1

.0

.1

1.02.04.64.76.6

10.79.35.21.1

Corpo-rate

equi-ties*

1.11.11.0

.71.61.6.9

1.11.91.51.5.6

- . 4.4

- 2 . 1-2 .9- . 2

-2 .2- . 9

- 4 . 3- 6 . 5-3 .8

-1 .7- 5 . 3-5 .4-8 .2

Insur-anceandpen-sionre-

serves

5.35.45.35.6

6.96.37.88.07.9

8.59.59.5

10.411.9

11.612.212.714.115.6

17.019.419.620.121.3

24.327.730.331.6

Net investment in

Non-farm

homes

4.26.9

10.59.0

13.713.512.813.513.7

17.716.413.812.716.5

14.512.012.812.612.5

12.011.59.2

12.813.3

10.617.624.327.2

Con-sumer

du-rables

5.87.57.7.0

10.25.53.66.44.9

9.95.94.9.6

5.5

5.12.96.78.9

11.2

14.815.212.416.716.2

10.616.524.427.1

Non-cor-po-ratebusi-ness

assets

3.33.27.42.5

6.44.62.51.62.7

3.51.92.33.33.2

2.23.25.66.96.2

9.07.28.27.99.0

6.611.010.615.4

Less:Increase indebt

Mort-gagedebton

non-farm

homes

Con-sumercredit

3.84.35.04.1

7.47.16.47.78.6

12.211.28.88.8

12.6

10.810.912.714.816.0

15.212.710.414.616.1

12.524.238.444.2

2.73.22.82.9

4.11.24.83.91.1

6.43.52.6.2

6.4

4.61.85.87.98.5

9.66.44.5

10.010.4

6.011.219.222.9

Otherdebt«


106.8131.9116.7125.4

123.3131.3120.5

124.3148.1141.4138.8

137.1147.5127.8

10.610.35.4

26.0

4.1.9

-4 .6

83.874.250.861.9

74.473.922.9

15.730.736.016.4

20.020.049.3

-0 .5.0

-1 .46.1

3.4.3

4.9

- 9 . 3-3 .1

-20'. 0

-2 .7- 4 . 1

3.2

31.932.332.829.8

27.346.634.3

27.027.427.726.6

22.419.922.5

32.128.627.520.0

19.625.031.7

15.214.315.416.6

9.512.210.6

41.447.247.840.4

35.239.931.7

25.624.622.319.2

8.217.215.8

0.02.52.92.6

5.63.83.02.16.0

6.83.44.26.28.0

5.78.78.5

11.811.4

13.712.418.917.713.5

13.721.928.220.5

24.914.625.317.1

22.016.024.5

1 Savi ug by households, personal trust funds, nonprofit institutions, farms, and other noncorporate business.* Includes commercial paper and miscellaneous financial assets, not shown separately.> Consists of U.S. savings bonds, other U.S. Treasury securities, U.S. Government agency securities and sponsored

agency securities, and State and local obligations.* Includes investment company shares.* Private life insurance reserves, private insured and noninsured pension reserves, and government insurance and

pension reserves.* Security credit, policy loans, noncorporate business mortgage debt, and other debt.

Source: Board of Governors of the Federal Reserve System.

273


TABLE C-22.—Number and money income (in 1973 dollars) of families and unrelated individualsby race of head, 1947-73

Year

Total

Totalnum-ber

(mil-lions)

Medianincome

With i ncomesunder $3,000

Num-ber

(mil-lions)

Per-cent

White

Totalnum-ber

(mil-lions)

Medianincome

With incomesunder $3,000

Num-ber

(mil-lions)

Per-cent

Negro and other races

Totalnum-ber

(mil-lions)

Medianincome


Num-ber

(mil-lions)

Per-cent

FAMILIES^

194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973

UNRELATEDINDIVIDUALS 3

194719481949

1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..

I960..1961-1962..1963..1964..1965..1966..1967..1968..1969..

1970..1971..1972..1973..

37.238.639.3

39.940.640.841.242.042.943.543.744.245.1

45.546.447.147.548.048.549.250.150.851.6

52.253.354.455.1

8.28.49.0

9.49.19.79.59.79.99.8

10.410.910.9

2 11.12 11.22 11.02 11.22 12.12 12.22 12.52 13.22 13.92 14.6

215.516.316.818.3

$6,0325,8765,783

6,1466,3496,5237,0546,8847,3547,8257,8377,8128,261

8,4368,5238,7579,0679,4139,79210, 26910, 57111,02411,433

11,27711,24911,81312,051

$1,9531,8911,973

1,9592,0442,3592,3212,0212,1882,3372,3932,3392,402

2,5822,6052,5782,6192,8513,0313,1133,1823,5523|557

3,5883,6473,7704,134

6.97.68.3

7.87.16.96.87.56.76.06.16.26.0

5.96.05.65.34.94.84.34.23.63.6

3.83.73.53.3

18.619.621.1

19.517.617.016.517.915.713.914.014.013.2

13.013.011.911.210.29.88.78.37.07.0

7.27.06.46.0


Num-ber

(mil-lions)

3.43.53.6

3.93.83.53.64.03.83.63.73.93.8

3.73.73.33.33.33.12.93.12.72.9

2.92.92.82.6

Per-cent

41.441.640.4

41.141.536.038.140.937.936.535.536.135.2

33.632.629.629.327.525.023.423.319.719.8

18.817.916.514.0

34.135.3

38.239.039.539.740.240.9

41.141.942.442.743.143.544.144.845.446.0

46.547.648.548.9

7.27.3

8.38.58.58.99.29.3

9.69.69.59.7

10.410.510.711.312.012.5

13.414.214.515.8

$6,2856,1246,026

5.46.0

15.917.018.3

3.13.3

$3,2123,2643,076

6,4056,6096,8907,3357,1877,6738,1788,1608,1468,606

8,7588,8919,1639,5029,82710,21010,67010, 96011,42511,869

11,67111,62812,27312, 595

6.05.34.74.74.74.4

4.54.64.34.03.73.73.33.22.82.7

2.82.82.62.4

17.415.014.814.715.613.612.011.911.810.8

10.911.010.29.38.78.47.47.16.15.9

6.15.95.34.9

3,4493,479

3.83.94.04.04.04.2

4.34.54.64.84.84.85.05.05.15.2

5.45.75.96.1

3,9154,1123,9964,2364,3104,3624,1744,445

4,8484,7394,8895,0335,5105,6776,3946,7777,1457,513

7,4547,3617,5347,596


Num-ber

(mil-lions)

$2,0611,9622,114

2.92.9

2,0582,1532,5442,4502,1772,3262,4012,5232,4622,537

2,7912,8032,7642,7532,9943,1613,2413,3163,7423,740

3,7543,8223,9154,270

3.23.13.03.03.23.1

3.02.92.62.62.72.52.42.52.22.3

2.32.32.22.0

Per-cent

40.040.438.9

1.01.0

$1, 4841,4571,527

39.740.334.737.438.836.035.333.534.333.3

31.130.527.527.325.923.722.122.218.418.2

17.416.415.212.6

1.41.41.31.51.61.6

1.51.61.51.51.61.71.61.81.82.0

1.92.12.32.5

1,5091,6321,7711,9411,4441,5751,8571,6771,6771,658

1,6021,7191,8391,8782,0842,3392,3612,4252,5692,631

2,5752 5622,9053,191

1.41.5

.51.4.4.4.4.5

..4

..4.3

1.31.11.11.0.9.8.8

.91.01.0.9

46.646.448.9

43.843.236.435.239.336.334.334.435.335.5

31.731.029.126.923.222.619.918.016.416.0

17.016.816.215.4


Num-ber

(mil-lions)

0.5.5

Per-cent

50.451.249.3

49.847.843.641.051.948.544.246.846.747.5

48.345.641.942.037.333.032.431.027.729.8

29.227.924.722.4

1 The term "family" refers to a group of two or more persons related by blood, marriage, or adoption and residingtogether; all such persons are considered members of the same family.

2 Revised using population controls based on the 1970 Census. Population controls based on the 1970 Census not availableby race.

3 The term "unrelated individuals" refers to p ersons 14 years old and over (other than inmates of institutions) who arenot living with any relatives.

Source: Department of Commerce, Bureau of the Census.


POPULATION, EMPLOYMENT, WAGES, ANDPRODUCTIVITY

TABLE O23.—Population by age groups, 1929-74

[Thousands of persons]

July 1 Total

Age (years)

Under 5 5-15 16-19 20-24 25-44 45-64 65 andover

1929.

1933.

1939.

1940.1941.1942.1943.1944.

1945.1946.1947.1948.1949.

19501951195219531954

19551956195719581959

1960.1961.1962.1963.1964.

1965.1966.1967.19681969.

19701971197219731974

121,767

125, 579

130,880

132,122133, 402134, 860136, 739138, 397

139,928141, 389144,126146,631149,188

152, 271154, 878157, 553160,184163, 026

165, 931168,903171, 984174,882177, 830

180,671183,691186, 538189, 242191,889

194, 303196,560198,712200, 706202,677

i 204, 875207, 045208, 842

i 210, 396211,909

11,734

10,612

10, 418

10, 57910,85011,30112, 01612, 524

12,97913, 24414,40614,91915, 607

16,41017, 33317,31217,63818, 057

18,56619, 00319,49419,88720,175

20, 34120, 52220,46920, 34220,165

19, 82419, 20818,56317,91317,376

17,15617,17417,00616,71416,304

26, 800

26,897

25,179

24,81124, 51624, 23124, 09323,949

23,90724,10324, 46825, 20925, 852

26,72127, 27928, 89430, 22731,480

32,68233,99435, 27236, 44537, 368

38, 49439, 76541,20541,62642, 297

42,93843, 70244, 24444,62244, 840

44, 77444, 44143, 94843,22742, 547

9,127

9,302

9,822

9,8959, 8409,7309,6079,561

9,3619,1199,0978,9528,788

8,5428,4468,4148,4608,637

8,7448,9169,1959,543

10, 215

10,68311,02511,18012, 00712,736

13, 51614,31114, 20014, 45214, 800

15, 27415,63515,94516, 30716, 588

10,694

11,152

11,519

11,69011,80711,95512, 06412, 062

12,03612,00411,81411,79411,700

11,68011,55211,35011, 06210,832

10,71410,61610,60310,75610, 969

11,13411,48311,95912,71413,269

13, 74614,05015,24815,78616, 480

17,18018, 08618,02118, 33118, 733

35,862

37, 319

39,354

39, 86840,38340,86141, 42042,016

42, 52143, 02743,65744, 28844,916

45,67246,10346,49546,78647, 001

47,19447, 37947, 44047, 33747,192

47,14047,08447,01346, 99446, 958

46, 91247, 00147,19447, 72148,064

48, 43548, 80950,25051,41252, 593

21, 076

22,933

25, 823

26, 24926,71827,19627,67128,138

28,63029, 06429,49829,93130,405

30,84931, 36231, 88432,39432,942

33,50634, 05734, 59135,10935, 663

36,20336,72237,25537, 78238, 338

38, 91639,53440,19340,84641, 437

41,97442, 41342,78943,08443, 328

6,474

7,363

8,764

9,0319,2889,5849,86710,147

10,49410,82811,18511,53811, 921

12,39712,80313, 20313,61714, 076

14,52514, 93815, 38815, 80616, 248

16,67517, 08917,45717, 77818,127

18, 45118,75519,07119, 36519,680

20,08520,48720,88321,32921,815

1 Age detail does not add to total because total was computed using revised components of change for the period.

Note.—Includes Armed Forces overseas beginning 1940. Includes Alaska and Hawaii beginning 1950.


275


TABLE C-24.—Noninstitutional population and the labor force, 1929-74

Year or month

Nonin-stitu-tionalpopu-lation 1

Totallaborforce

(includ-ing

ArmedForces)

ArmedForces *

Civilian labor force

Total

Employment

ITotal

Agri-cul-tural

Non-agri-cul-tural

Unem-ploy-ment

Unem-ploy-mentrate

(percent?f.

civilianlaborforce)

Laborforce

partici-pationrate

(totallabor

force aspercentof non-institu-tionalpopu-lation)

Thousands of persons 14 years of age and over

1933

1939

19401941194219431944

194519461947

100,380101,520102,610103,660104,630

105,530106,520107,608

49,440

51,840

55,600

56,18057,53060,38064,56066,040

65,30060,97061,758

260

250

370

5401,6203,9709,02011,410

11,4403,4501,590

49,180

51, 590

55, 230

55,64055,91056,41055,54054,630

53,86057,52060,168

47,630

38, 760

45, 750

47,52050,35053,75054,47053,960

52,82055,25057,812

10,450

10, 090

9,610

9,5409,1009,2509,0808,950

8,5808,3208,256

37,180

28, 670

36,140

37,98041, 25044,50045,39045,010

44, 24046,93049,557

1947.1948.1949..

1950.1951.1952.1953 21954..

1955..1956.1957.1958.1959.

1960 21961..1962 21963..1964..

1965..1966.1967..1968..1969.

1970..1971..19722.1973 21974..

Thousands of persons 16 years of age and over

1,550

12,830

9,480

8,1205,5602,6601,070670

1,0402,2702,356

103,418104,527105,611

106,645107,721108,823110,601111,671

112,732113,811115,065116,363117,881

119,759121,343122,981125,154127, 224

129,236131,180133,319135,562137,841

140,182142,596145,775148,263150,827

60,94162,08062,903

63,85865,11765,73066,56066,993

68,07269,40969,72970,27570,921

72,14273,03173,44274,57175,830

77,17878,89380,79382,27284,240

85,90386,92988,99191,04093,240

1,5911,4591,617

1,6503,1003,5923,5453,350

3,0492,8572,8002,6362,552

2,5142,5722,8282,7382,739

2,7233,1233,4463,5353,506

3,1882,8172,4492,3262,229

59,35060,62161, 286

62,20862,01762,13863,01563,643

65,02366,55266,92967,63968,369

69,62870,45970,61471,83373,091

74,45575,77077,34778,73780,734

82,71584,11386,54288,71491, 011

57,03958,34457,649

58,92059,96260, 25461,18160,110

62,17163,80264,07163,03664,630

65,77865,74666,70267,76269,305

71,08872,89574,37275,92077,902

78,62779,12081, 70284,40985,936

7,8917,6297,656

7,1606,7266,5016,2616,206

6,4496,2835,9475,5865,565

5,4585,2004,9444,6874,523

4,3613,9793,8443,8173,606

3,4623,3873,4723,4523,492

49,14850,71349,990

51,76053, 23953,75354,92253,903

55,72457,51758,12357,45059,065

60,31860,54661,75963,07664,782

66,72668,91570,52772,10374,296

75,16575,73278,23080,95782,443

2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,0884,9934,8404,3045,076

Percent

3.2

24.9

17.2

14.69.94.71.91.2

1.93.93.9

3.93.85.9

5.33.33.02.95.5

4.44.14.36.85.5

5.56.75.55.75.2

4.53.83.83.63.5

4.95.95.64.95.6

56.056.758.862.363.1

61.957.257.4

58.959.459.6

59.960.460.460.260.0

60.461.060.660.460.2

60.260.259.759.659.6

59.760.160.660.761.1

61.361.061.061.461.8



TABLE C-24.—Noninstitutional population and the labor force, 1929-74—Continued

Year or month

Nonin-stitu-tionalpopu-lation i

Totallaborforce

(includ-ing

ArmedForces)

ArmedForces»

Civilian labor force

Total

Employment

TotalAgri-cul-tural

Non-agri-cul-tural

Unem-ploy-ment

Unem-ploy-mentrate

(percentof

civilianlaborforce)

Laborforce

partici-pationrate

(totallabor

force aspercentof non-institu-tionalpopu-lation)

Seasonally adjusted

1973: Jan..Feb..MaraApr..May.June.

July.Aug.Sept.Oct__Nov..Dec.

1974: Jan..Feb.Mar.Apr.May.June.

July.Aug.Sept.Oct..Nov.Dec.

147,129147,313147, 541147, 729147, 940148,147

148, 361148, 565148, 782149, 001149,208149, 436

149,656149, 857150, 066150, 283150, 507150, 710

150,922151,135151,367151, 593151,812152,020

89,36890,09590,40490,64690,65991,106

91,21291,12391,51591, 85792,13692, 330

92, 72392,80992,63292, 56792,98293,069

93, 50393, 41993,92294, 05893, 92194, 015

2,4042,3922,3612,3502,3342,315

2,3102,3072,2922,2892,2842,282

2,2582,2582,2512,2432,2292,212

2,2202,2202,2172,2142,2132,212

86,96487, 70388,04388,29688,32588, 791

88, 90288, 81689, 22389, 56889,85290,048

90,46590, 55190, 38190, 32490, 75390,857

91, 28391,19991, 70591, 84491, 70891, 803

82,63383, 27683,68683, 87784,02184,487

84, 67984, 58284,98385, 45285, 57785, 646

85, 80085, 86185, 77985, 78786, 06286, 088

86, 40386, 27486, 40286, 30485, 68985, 202

3,4513,4133,4303,3563,3523,465

3,5353,4343,3573,4283,5713,635

3,7493,8113,6533,5153,4973,333

3,4333,4513,4893,4403,3753,339

79,18279,86380,25680, 52180,66981,022

81,14481,14881,62682, 02482, 00682,011

82, 05182,05082,12682, 27282, 56582, 755

82, 97082, 82382, 91382, 86482,31481, 863

4,3314,4274,3574,4194,3044,304

4,2234,2344,2404,1164,2754,402

4,6654,6904,6024,5374,6914,769

4,8804,9255,3035,5406,0196,601

5.05.04.95.04.94.8

4.84.84.84.64.84.9

5.25.25.15.05.25.2

5.35.45.86.06.67.2

60.761.261.361.461.361.5

61.561.361.561.661.861.8

62.061.961.761.661.861.8

62.061.862.062.061.961.8

1 Not seasonally adjusted.2 Not strictly comparable with earlier data due to population adjustments as follows: Beginning 1953, introduction of

1950 Census data added about 600,000 to population and about 350,000 to labor force, total employment, and agriculturalemployment. Beginning I960, inclusion of Alaska and Hawaii added about 500,000 to population, about 300,000 to laborforce, and about 240,000 to nonagricultural employment. Beginning 1962, introduction of 1960 Census data reduced popu-lation by about 50,000 and labor force and employment by about 200,000. Beginning 1972, introduction of 1970 Censusdata added about 800,000 to civilian noninstitutional population and about 333,000 to labor force and employment. Asubsequent adjustment based on 1970 Census in March 1973 added 60,000 to labor force and to employment. Overallcategories of the labor force other than those noted were not appreciably affected.

Note.—Labor force data in Tables C-24 through C-27 are based on household interviews and relate to the calendarweek including the 12th of the month. For definitions of terms, area samples used, historical comparability of the data,comparability with other series, etc., see "Employment and Earnings."

Source: Department of Labor, Bureau of Labor Statistics.

277


TABLE C-25.—Civilian employment and unemployment by sex and age, 1947-74

[Thousands of persons 16 years of age and over]

Year ormonth

1947 . . .1948 . . .1949 . . .

1950 . . .1 9 5 1 . . .1952 . . .19531. .1 9 5 4 . . .

1955 . . .1956 . . .1957 . . .1958 . . .1959 . . .

19601. .1 9 6 1 . . .1 9 6 2 . . .1963!._1 9 6 4 . . .

1 9 6 5 . . .1 9 6 6 . . .1967 . . .1 9 6 8 . . .1 9 6 9 . . .

1970 . . .1 9 7 1 . . .1972L.19731..1974. . .

1973:Jan . .Feb..Mar 3.Apr..May-June.

July.Aug.Sept.Oct__Nov.Dec.

1974:Jan..Feb.Mar_Apr.May.June.


Employment

Total

57,03958,34457,649

58,92059,96260,25461,18160,110

62,17163,80264,07163,03664,630

65,77865,74666,70267,76269,305

71,08872,89574,37275,92077,902

78,62779,12081,70284,40985,936

Males

Total

40,99441,72640,926

41,58041, 78041,68442,43141,620

42,62143,38043,35742,42343,466

43,90443,65644,17744,65745,474

46,34046,91947,47948,11448,818

48,96049,24550,63051,96352, 519

16-19years

2,2182,3452,124

2,1862,1562,1062,1351,985

2,0952,1642,1172,0122,198

2,3602,3142,3622,4062,587

2,9183,2523,1863,2553,430

3,4073,4703,7504,0174,074

20yearsandover

38,77639,38238,803

39,39439,62639,57840,29639,634

40,52641,21641,23940,41141,267

41,54341,34241,81542,25142,886

43,42243,66844,29344,85945,388

45,55345, 77546,88047,94648,445

Total

16,04516,61816,723

17, 34018,18218, 57018,75018,490

19,55020,42220,71420,61321,164

21,87422,09022,52523,10523,831

24,74825,97626,89327,80729,084

29,66729,87531,07232,44633,417

Females

16-19years

1.6911,6831,588

1,5171,6111,6121,5841,490

,548,654

1,6631,5701,640

1,7691,7931,8331,8491,929

2,1182,4692,4972,5252,686

2,7342,7252,9723,2193,329

20yearsandover

14,35414,93715,137

15,82416,57016,95817,16417,000

18,00218,76719,05219,04319,524

20,10520,29620,69321,25721,903

22,63023,51024,39725,28126,397

26,93327,14928,10029,22830,088

Unemployment

Total

2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,0884,9934,8404,3045,076

Males

Total

1,6921,5592,572

2,2391,2211,1851,2022,344

1,8541,7111,8413,0982,420

2,4862,9972,4232,4722,205

1,9141,5511,5081,4191,403

2,2352,7762,6352,2402,668

16-19years

270255352

318191205184310

274269299416398

425479407500487

479432448427441

599691707647749

20yearsandover

1,4221,3052,219

1,9221,029

9801,0192,035

1,5801,4421,5412,6812,022

2,0602i 5182,0161,9711,718

1,4351,1201,060

993963

1,6362,0861,9281,5941,918

Total

619717

1,065

1,049834698632

1,188

9981,0391,0181,5041,320

1,3661,7171,488,598

1,581

1,4521,3241,4681,3971,429

1,8532,2172,2052,0642,408

Females

16-19years

144152223

195145140123191

176209197262256

286349313383386

395404391412412

506567595579660

20yearsandover

11

11111

1

1

1

11111

475564841

854689559510997

823832821

,242,063

,080,368,175,216,195

,056921

,078985

,016

,347,650,610,485,748

Seasonally adjusted

82,63383,27683,68683, 87784, 02184, 487

84,67984, 58284,98385,45285, 57785,646

85, 80085,86185, 77985,78786, 06286. 088

86,40386, 27486,40286, 30485,68985,202

51,18851,46451,68851, 68751,67351, 876

52,11351,96552,19752,49852,54152,663

52,84552, 73152, 50252, 43052, 74052, 492

52, 47352,52252,67152,67452,41051,953

3,8053,9354,0363,9803,9264,021

3,9963,9534,1004,1624,1524,173

4,1974,1774,1484,0894,1184,042

4,0224,0074,0884,0904,0313,992

47,38347, 52947,65247, 70747,74747,855

48,11748,01248,09748, 33648, 38948, 490

48,64848, 55448, 35448, 34148,62248,450

48, 45148, 51548, 58348, 58448, 37947,961

31,44531,81231,99832,19032,34832,611

32,56632,61732,78632,95433,03632,983

32,95533,13033,27733,35733, 32233, 596

33,93033,75233,73133,63033,27933, 249

3,0393,0773,1663,1623,2003,324

3,1353,2103,2993,3273,3463,340

3,3613,3583,3613,3243,2773,341

3,2463,3003,4413,3933 3343,257

28, 40628, 73528,83229, 02829,14829, 287

29,43129,40729, 48729,62729,69029,643

29, 59429, 77229,91630,03330, 04530,255

30,68430, 45230,29030, 23729,94529,992

4,3314,4274,3574,4194,3044,304

4,2234,2344,2404,1164,2754,402

4,6654,6904,6024,5374,6914,769

4,8804,9255,3035,5406,0196,601

2,2372,2972,2902,3352,3092,227

2,1832,1902,1632,1592,2072,237

2,3832,4582,3852,4402,4152,505

2,5282,6282,7843,0043,1913,523

589643626690659630

647654644655684657

688703691684707748

733727832807833842

1.6481,6541,6641,6451,6501,597

1,5361,536L, 5191,5041,5231,580

1,6951,7551,6941,7561,7081,757

1,7951.9011,9522,1972,3582,681

2,0942,1302,0672,0841,9952,077

2,0402,0442,0771,9572,0682,165

2,2822,2322,2172,0972,2762,264

2,3522,2972,5192,5362,8283,078

549637568605594567

545545592576593603

694631631518664637

671597680734714765

,545,493,499,479,401,510

,495,499,485,381,475,562

1,5881,6011,5861,5791,6121,627

1,6811,7001,839L,802>,114?, 313

1 See footnote 2, Table C-24.

Note.-See Note, Table C-24.


278


TABLE C-26.—Selected unemployment rates, 1948-74

[Percent]

Year or month

19481949 . .

1950195119521953195419551956195719581959

1960 .196119621963.. .19641965. .196619671968.. .1969

19701971197219731974

1973: JanFeb.MarAprMayJune

JulyAugSeptOct . .NovDec

1974:JanFebMarAprMayJune

JulyAugSeptOctNov... . . .Dec

Allwork-

ers

3.85.9

5.33.33.02.95.54.44.14.36.85.5

5.56.75.55.75.24.53.83.83.63.5

4.95.95.64.95.6

5.05.04.95.04.94.8

4.84.84.84.64.84.9

5.25.25.15.05.25.2

5.35.45.86.06.67.2

By sex and age

Bothsexes16-19years

9.213.4

12.28.28.57.6

12.611.011.111.615.914.6

14.716.814.717.216.214.812.812.812.712.2

15.216.916.214.516.0

14.215.014.315.314.914.1

14.314.314.614.114.614.5

15.414.815.013.915.715.8

16.215.317.017.017.418.2

Men20

yearsandover

3.25.4

4.72.52.42.54.93.83.43.66.24.7

4.75.74.64.53.93.22.52.32.22.1

3.54.44.03.23.8

3.43.43.43.33.33.2

3.13.13.13.03.13.2

3.43 53.43.53.43.5

3.63.83.94.34.65.3

Wom-en 20yearsandover

3.65.3

5.14.03.22.95.54.44.24.16.15.2

5.16.35.45.45.24.53.84.23.83.7

4.85.75.44.85.5

5.24.94.94.84.64.9

4.84.94.84.54.75.0

5.15 15.05.05.15.1

5.25.35.75.66.67.2

By color

White

3.55.6

4.93.12.82.75.03.93.63.86.14.8

4.96.04.95.04.64.13.43.43.23.1

4.55.45.04.35.0

Negroand

otherraces

5.98.9

9.05.35.44.59.98.78.37.9

12.610.7

10.212.410.910.89.68.17.37.46.76.4

8.29.9

10.08.99.9

By selected groups

Expe-riencedwageand

salarywork-

ers

4.36.8

6.03.73.33.26.24.84.44.67.25.7

5.76.85.65.55.04.33.53.63.43.3

4.85.75.34.54.9

Seasonally adjustec

4.54.54.44.44.44.3

4.24.24.24.14.24.4

4.74.64.64.54.74.8

4.84.95.35.55.96.4

8.89.08.99.39.18.9

9.28.99.38.48 88.4

9.29 29.28.89.39.0

9.49.49.9

10.911.612.5

4.64.74.64.74.54.4

4.44.54.44.34.54.6

4.74.94.84.94.95.0

5.15.25.55.76.26.9

House-hold

heads

3.73.22.72.22.11.91.8

2.93.63.32.93.3

2.93.03.02.92.92.9

2.82.82.72.72.82.9

2.93 03.03.03.03.1

3.03.23.43.73.94.6

Mar-ried

men*

3.5

4.61.51.41.74.02.82.62.85.13.6

3.74.63.63.42.82.41.91.81.61.5

2.63.22.82.32.7

2.42.42.42.42.32.2

2.12.12.12.12.22.2

2.32.42.32.42.22.6

2.72.72.83.03.33.8

Full-time

work-ers 2

5.4

5.02.62.5

5.23.83.74.07.2

6.7

5.54.94.23.53.43.13.1

4.55.5

4.35.1

4.54.54.44.44.34.3

4.24.24.24.14.34.4

4.64.64.64.64.64.7

4.84.85.35.86.26.8

Blue-collarwork-ers 3

4.28.0

7.23.93.63.47.25.85.16.2

10.27.6

7.89.27.47.36.35.34.24.44.13.9

6.27.46.55.36.7

5.65.55.45.35.45.3

5.35.35.25.25.55.2

5.96.06.06.35.86.2

6.26.67.07.48.39.3

Laborforcetimelost <

4.85.15 38.16.6

6.78.06.76.45.85.04.24.24.03.9

5.36.46.05.26.1

5.35.35.35.35.25.3

5.25.15.15.25.25.4

5.65.65.65.75.75.6

5.85 A6.46.67.27.9

* Married men living with their wives. Data for 1949 and 1951-54 are for April; 1950, for March.2 Data for 1949-61 are for May.3 Includes craft and kindred workers, operatives, and nonfarm laborers. Data for 1948-57 are based on data for

January, April, July, and October.* Man-hours lost by the unemployed and persons on part-time for economic reasons as a percent of potentially available

labor force man-hours.

Note.—See footnote 2 and Note, Table C-24.



TABLE C--27.— Unemployment by duration, 1947-74

Year or month

194719481949

19501951 . .195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974 . . . . .

1973-JanFebMarApr . .MayJune

JulyAug - - - --SeptOctNovDec

1974: JanFebMarAprMay . . .June . . .

JulyAugSeptOctNovDec

Total un-employ-

ment

Duration of unemployment

Less than5 weeks

5-14weeks

Thousands of persons 16 years

2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,0884,9934,8404,3045,076

4,3314,4274,3574,4194,3044,304

4,2234,2344,2404,1164,2754,402

4,6654,6904,6024 5374 6914,769

4 8804,9255 3035,5406 0196,601

1,2101,3001,756

1,4501,1771,1351,1421,605

1,3351,4121,4081,7531,585

1,7191,8061,6631,7511,697

1,6281,5731,6341,5941,629

2,1372,2342,2232,1962,567

2,0372,2502,1432,2342 2182,250

2 2252,2202,1652,0692,2402,305

2,4082,4112,4342 3122,4812,378

2,4722,5062,6542,7652 9813,077

704669

1,194

1,055574516482

1,116

815805891

1,3961,114

1,1761,3761,1341,2311,117

983779893810827

1,2891,5781,4591,2961,572

Seasonally

1,3441,2541,3401,4661,3041,227

1 2731,2281,3451,2991,2391,255

1,4051,4141,3981,4441,3781,489

1,5221,4491 7011,7541 9312,062

15-26weeks

27 weeksand over

of age and over

234193428

425166148132495

366301321785469

503728534535491

404287271256242

427665597475563

adjusted i

526515494467469457

476444468435470427

454488504528527565

546560603640691782

164116256

3571378478

317

336232239667571

454804585553482

351239177156133

235517562337373

404365377335347326

278328292320343322

326324316347350369

381380386376426537

Average(mean)durationin weeks

8.610.0

12.19.78.48.0

1 11.8

13.011.310.513.914.4

12.815.614.714.013.3

11.810.48.88.47.9

8.711.312.010.09.7

11.010.510.610.010.19.7

9.79.99.5

10.110.09.3

9.59.69.59.89.69.8

10.19.99.79.89.8

10.0

i Because of independent seasonal adjustment of the various series, detail will not add to totals.

N ote.—See footnote 2 and Note, Table C-24.


280


TABLE C-28.—Unemployment insurance programs, selected data, 1946-74

Year or month

All programs

Cov-eredem-ploy-

ment i

Insuredunem-ploy-ment

(weeklyaver-age)"

Totalbenefits

paid(mil-lions

of dol-lars) a 4

State programs

Insuredunem-ploy-ment8

Initialclaims

Ex-haus-tions *

Insured unem-ployment as per-cent of covered

employment

Unad-justed

Season-ally ad-justed

Benefits paid

Total(mil-

lions ofdol-

lars)*

Aver-weeklycheck(dol-lars)*

1946194719481949

1950195119521953195419551956195719581959

I960..196119621963196419651966196719681969

1970197119721973 *1974 9

1973: Jan..Feb..Mar..Apr..May..June-July..Aug..Sept.Oct__Nov..Dec .

1974: JanFeb...Mar...Apr . . .May...June_.

July...Aug. . .Sept..Oct*-.Nov *_.Dec*..

Thousands Weekly average, thousands Percent

31,85633,87634,64633,098

34,30836,33437,00638,07236,62240,01842,75143,43644,41145,728

46,33446,26647,77648,43449,63751,58054,73956,34257,97759,999

59,52659,37566,900170,379

2,8041,7931,4462,474

1,6051,0001,0691,0672,0511,3991,3231,5713,2692,099

2,0712,9941,946

U.9731,7531,4501,1291,2701,1871,177

2,0702,3132,1851,7832,578

2,3332,2502,0751,8281,6101,523

1,6401,5721,4411,4521,6672,093

2,7402,8242,7512, 5642,2782,161

2,2902,1532,0812,2472,8263,913

2,878.51,785.51,328.72,269.8

1,467.6862.9

1,043.51,050.62,291.81, 560.21,540.61,913.04,290.62,854.3

3,022.84,358.13,145.13,025.92,749.22,360.41,890.92, 221.52,191.02,298.6

4,209.36,214.95,510.54,527.06,987.9

523.7461.3492.1404.7379.2315.6

326.9353.5281.8322.9332.5378.2

622.7599.3652.4639.3584.5472.4

541.6522.3478.1530.2561.3781.8

1,295997980

1,973

1,513969

1,044990

1,8701,2651,2151,4462,5261,684

1,9082,2901,783

71,8061,6051,3281,0611,2051,1111,101

1,8052,1501,8481,6322,269

2,1242,0621,8981,6691,4651,384

1,5051,4361,2991,2991,5031,922

2,5612,6302,5022,2171,9341,834

1,9891,8741,7831,9472,4993,552

189187200340

236208215218304226227270369277

331350302

7 298268232203226201200

296295261246361

331249213216193206

275212186210266395

446359293263237269

340283274348480703

38242037

36161815342520235033

31463230262115171616

2538352939

333233333128

272725242527

323235383940

414035364345

4.33.13.06.2

4.62.82.92.85.23.53.23.66.44.4

4.85.64.44.33.83.02.32.52.22.1

3.44.13.52.73.6

3.83.73.42.82.52.4

2.52.42.12.12.43.1

4.14.24.03.53.02.9

3.12.92.73.03.85.4

2.92.92.92.72.72.7

2.72.62.62.62.72.8

3.13.33.43.33.33.3

3.33.23.43.74.24.9

1,094.9775.1789.9

1,736.0

1,373.1840.4998.2962.2

2,026.91,350.31,380.71,733.93,512.72.279.0

2,726.73,422.72,675.42,774.72.522.12,166.01,771.32,092.32,031.62,127.9

3,848.54,957.04,471.04,007.64,521.1

466.6417.2444.8363.8339.1286.7

296.3316.3248.3280.7289.4335.8

570.8553.3593.9552.7486.4383.4

459.1444.9381.0442.0489.7675.3

18.5017.8319.0320.48

20.7621.0922.7923.5824.9325.0427.0228.1730.5830.41

32.8733.8034.5635.2735.9237.1939.7541.2543.4346.17

50.3454.0256.7659.0063.97

59.1759.5658.9559.5858.4458.12

57.4257.4658.1358.9759.6160.40

62.2863.3563.8563.6262.6962.50

62.9364.1464.2365.2065.4665.51

1 Includes persons under the State, UCFE (Federal employee, effective January 1955), and RRB (Railroad RetirementBoard) programs. Beginning October 1958, also includes the UCX program (unemployment compensation for ex-service-men).

2 Includes State, UCFE, RR, UCX, UCV (unemployment compensation for veterans, October 1952-January 1960), andSRA (Servicemen's Readjustment Act, September 1944-September 1951) programs. Also includes Federal and Stateextended benefit programs.

s Covered workers who have completed at least 1 week of unemployment.* Annual data are net amounts and monthly data are gross amounts. Monthly data exclude extended benefit pay-

ments.* Individuals receiving final payments in benefit year. Data for New Jersey not available for April-June 1971.* For total unemployment only. Excludes data for New Jersey for April-December 1971.7 Programs include Puerto Rican sugarcane workers for initial claims and insured unemployment beginning July 1963.s Latest data available for all programs combined. Workers covered by State programs account for about 89 percent of

the total.

Source: Department of Labor, Manpower Administration.

281


TABLE C-29.—Wage and salary workers in nonagricultural establishments, 1929-74

(All employees; thousands of persons]

Year ormonth

1929

1933

1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959...,.

I960.....1961196219631964

19651966196719681969

1970197119721973 ___1974 v

Totalwageand

salarywork-

ers

31,339

23,711

30,618

32,37636, 55440,12542,45241,883

40,39441,67443,88144,89143,778

45,22247,84948,82550, 23249,022

50,67552,40852,89451,36353,313

54,23454,04255, 59656,70258,331

60,81563,95565,85767,95170,442

70,92071,21673,71176,83378,337

Manufacturing

Total

10.702

7,397

10, 278

10,98513,19215, 28017,60217,328

15,52414.70315, 54515, 58214,441

15,24116,39316,63217,54916,314

16,88217, 24317,17415,94516,675

16,79616,32616,85316,99517,274

18,06219, 21419,44719,78120,167

19,34918,57219,09020,05420,017

Dura-ble

goods

4,715

5,3636,9688,82311,08410,856

9,0747,7428,3858,3267,489

8,0949,0899,34910,1109,129

9,5419,8349,8568,8309,373

9,4599,0709,4809,6169,816

10,40611,28411,43911,62611,895

11,19510, 59711,00611,81411, 838

Non-dura-ble

goods

5,564

5,6226,2256,4586,5186,472

6,4506,9627,1597,2566,953

7,1477,3047,2847,4387,185

7,3407,4097,3197,1167,303

7,3367,2567,3737,3807,458

7,6567,9308,0088,1558,272

8,1547,9758,0848,2408,179

Min-ing

1,087

744

854

925957992925892

836862955994930

901929898866791

792822828751732

712672650635634

632627613606619

623603622638672

Con-tractcon-

struc-tion

1,497

809

1,150

1,2941,7902,1701,5671,094

1,1321,6611,9822,1692,165

2,3332,6032,6342,6232,612

2,8022,9992,9232,7782,960

2,8852,8162,9022,9633,050

3,1863,2753,2083,3063,525

3,5363,6393,831

Trans-porta-tionandpub-lic

utili-ties

3,916

2,672

2,936

3,0383,2743,4603,6473,829

3,9064,0614,1664,1894,001

4,0344,2264,2484,2904,084

4,1414,2444,2413,9764,011

4,0043,9033,9063,9033,951

4,0364,1514,2614,3114,435

4,5044,4574,517

4,028 | 4,6463,984 I 4,699

Whole-saleand

retailtrade

6,123

4,755

6,426

6,7507,2107,1186,9827,058

7,3148,3768,9559,2729,264

9,3869,74210,00410,24710,235

10, 53510,85810, 88610,75011,127

11,39111,33711,56611,77812,160

12,71613, 24513,60614,09914,704

15,04015,35215,97516,66517, 010

Fi-nance,insur-ance,andreal

estate

1,509

1,295

1,462

1,5021,5491,5381,5021,476

1,4971,6971,7541,8291,857

1,9191,9912,0692,1462,234

2,3352,4292,4772,5192,594

2,6692,7312,8002,8772,957

3,0233,1003,2253,3813,562

3,6873,8023,9434,0754,161

Serv-ices

3,440

2,873

3,517

3,6813,9214,0844,1484,163

4,2414,7195,0505,2065,264

5,3825,5765,7305,8676,002

6,2746,5366,7496,8067,130

7,4237,6648,0288,3258,709

9,0879,55110,09910,62211,228

11,62111,90312,39212,98613, 508

Government

Fed-eral

533

565

905

9961,3402,2132,9052,928

2,8082,2541,8921,8631,908

1,9282,3022,4202,3052,188

2,1872,2092,2172,1912,233

2,2702,2792,3402,3582,348

2,3782,5642,7192,7372,758

2,7312,6962,6842,6632,725

Stateandlocal

2,532

2,601

3,090

3,2063,3203,2703,1743,116

3,1373,3413,5823,7873,948

4,0984,0874,1884,3404,563

4,7275,0695,3995,6485,850

6,0836,3156,5506,8687,248

7,6968,2278,6799,1099,444

9,83010,19210,65611,07911,561


282


TABLE C-29.—Wage and salary workers in nonagr{cultural establishments•, 1929-74—Continued

[All employees; thousands of persons]

Year ormonth

1972: Jan.__Feb.. .Mar..Apr...May..June..

July. .Aug . .Sept..Oct. . .Nov . .Dec.. .

1973: Jan. . .Feb.. .M a r . .Apr...May..June..

July. .Aug. .Sept. .Oct.. .Nov. .Dec.. .

1974: Jan. . .Feb.. .Mar..Apr...May..June..

July. .Aug . .Sept. .Oct . .Nov v.Dec *_

Totalwageand

salarywork-

ers

Manufacturing

TotalDura-

blegoods

Non-dura-

blegoods

Min-ing

Con-tractcon-

struc-tion

Trans-porta-

tionandpub-

licutili-ties

Whole-saleand

retailtrade

Fi-nance,insur-ance,andreal

estate

Serv-ices

Government

Fed-eral

Stateandlocal

Seasonally adjusted

72,35072,49072,83173,09373,38673,637

73,69774,05474,30774,64674,91675,118

75,47275,85176,11176,33976, 50876, 787

76,86777,16377,31577,64977,91577,924

77,92578,05378, 08978,22678, 35778,421

78,47978,66178,84478, 86578,40077, 726

18,64518,73318,82718,91019,00119,082

19,05919,14919,24919,39519,48719, 599

19,68319,81419,88819,95019,99420,083

20,06420,12420,15520, 25220,31420,323

20,25320,15520,11620,14720,15120,184

20,16920,11220,11219,98219,64619,141

10,65110,72110,78710,85010,92710,976

10,99611,06411,13711,25511,33011,421

11,50011,60911,66111,70811,76611,826

11,84211,89211,91411,97912,02112,036

11,96811,88311,86211,91311,90811,959

11,95911,89911,90611,84111,62611,290

7,9948,0128,0408,0608,0748,106

8,0638,0858,1128,1408,1578,178

8,1838,2058,2278,2428,2288,257

8,2228,2328,2418,2738,2938,287

8,2858,2728,2548,2348,2438,225

8,2108,2138,2068,1418,0207,851

617615617621621622

620622628629629628

631634633631629632

637640640644648652

658661662665668669

675676682692696666

3,8463,7493,7873,8063,8363,846

3,8003,8633,8763,8973,8723,785

3,9083,9313,9533,9633,9964,034

4,0634,0634,0914,0834,0994,115

4,0984,1274,1024,0874,0663,994

3,9203,9653,9393,9113,8523,802

4,4654,4554,4944,4884,5014,506

4,5064,5084,5314,5624,5834,596

4,5964,5994,6094,6284,6324,638

4,6424,6574,6674,6964,6924,688

4,7104,7174,7084,7044,7014,698

4,6934,7014,6794,6994,6934,680

15,64515, 71015, 78915,84115, 88715,970

15,98616, 06716,10216,15116, 23116, 291

16,35816, 46716, 52916, 57716,61516, 641

16, 68816, 74616, 77716, 84716, 90416,826

16,85116, 87116,91416, 94516, 99417,031

17,10717,14017,16617,16017,04216, 906

3,8773,8853,8973,9073,9253,942

3,9473,9603,9733,9894,0004,011

4,0184,0344,0454,0524,0644,068

4,0774,0924,1024,1104,1164,121

4,1324,1424,1454,1544,1614,156

4,1574,1684,1764,1854,1794,178

12,11712,16512,20912,27312,32812,403

12,44112,48712,49112, 54812,59512,650

12,72412,78812,82912,87812,88712,954

12,97813,05813,11013,16013,22113,236

13,23613,31313,33913,36713,42913,488

13, 51613, 57313,64713, 70513, 72613, 754

2,7032,6952,6882,6922,6862,670

2,6532,6692,6742,6802,6802,684

2,6732,6622,6612,6612,6622,649

2,6322,6502,6602,6652,6732,680

2,6802,6962,6992,7052,7112,715

2,7352,7402,7472,7482,7462,744

10,43510,48310, 52310,55510,60110,596

10,68510,72910, 78310, 79510,83910,874

10,88110,92210,96410,99911,02911,088

11,08611,13311,11311,19211,24811,283

11,30711,37111,40411,45211,47611,486

11,50711,58611,69611,78311,82011,855

Note.—Data in Tables C-29 through C-31 are based on reports from employing establishments and relate to full- andpart-time wage and salary workers in nonagricultural establishments who worked during, or received pay for, any part ofthe pay period which includes the 12th of the month.

Not comparable with labor force data (Tables C-24 through C-27), which include proprietors, self-employed persons,domestic servants, and unpaid family workers, and which count persons as employed when they are not at work becauseof industrial disputes, bad weather, etc.

For description and details of the various establishment data, see "Employment and Earnings."


283


TABLE C-30.—Average weekly hours and hourly earnings in selected private nonaericulturalindustries, 1947-74

(For production or nonsupervisory workers]

Yearor

month

Average weekly hours

Totalprivateno n ag-ricul-tural*

Manu-factur-

ing

Con-tractcon-

struc-tion

Retailtrade*

Average gross hourly earnings,current dollars

Totalprivate

non-agri-cul-

tural 1

Manu-factur-

ing

Con-tractcon-

struc-tion

Retailtrade 2

Adjusted hourly earnings,total private nonagricultural '

Index,1967 = 100

Cur-rentdol-lars

1967dol-lars*

Percentchangefrom

precedingperiod

Cur-rentdol-lars

1967dol-lars

1947..1948..1949..

1950..1951..1952..1953..1954..

1955..1956..1957..1958..1959..

I960..1961..1962..1963__1964..

1965..1966..1967..1968..1969-

1970..1971..1972..1973..1974 p.

1973: Jan.. .Feb...Mar...Apr...May..June-July..Aug. .Sept..Oct...Nov..Dec...

1974: Jan___Feb...Mar..Apr...May..June

JulyAugSept___Oct .Nov p..Dec »..

40.340.039.4

39.839.939.939.639.1

39.639.338.838.539.0

38.638.638.738.838.7

38.838.638.037.837.7

37.137.037.137.136.6

40.440.039.1

40.540.640.740.539.6

40.740.439.839.240.3

39.739.840.440.540.7

41.241.340.640.740.6

39.839.940.640.740.0

38.238.137.7

37.438.138.937.937.2

37.137.537.036.837.0

36.736.937.037.337.2

37.437.637.737.337.9

37.337.236.937.036.9

40.340.240.4

40.440.439.839.139.2

39.038.638.138.138.2

38.037.637.437.337.0

36.635.935.334.734.2

33.833.733.733.332.7

$1,1311.2251.275

1.3351.451.521.611.65

1.711.801.891.952.02

2.092.142.222.282.36

2.452.562.682.853.04

3.223.443.673.924.22

$1,217.328.378

.440

.56

.651.741.78

1.861.952.052.112.19

2.262.322.392.462.53

2.612.722.833.013.19

3.363.573.814.074.40

$1. 5411.7131.792

1.8632.022.132.282.39

2.452.572.712.822.93

3.083.203.313.413.55

3.703.894.114.414.79

5.245.696.036.386.74

$0.838.901.951

.9831.06.09.16.20

.25

.30

.37

.42

.47

.52

.56

.63

.68

.75

.82

.912.012.162.30

2.442.572.702.873.09

42.646.048.2

50.053.756.459.661.7

63.767.070.373.275.8

78.480.883.585.988.3

91.695.4

100.0106.3113.3

120.8129.4137.8146.6158.3

63.763.867.5

69.369.070.974.476.6

79.482.383.484.586.8

88.490.292.293.795.1

97.098.1

100.0102.0103.2

103.9106.7110.0110.1107.2

8.04.8

3.77.45.05.73.5

3.25.24.94.13.6

3.43.13.32.92.8

3.74.14.96.36.6

6.67.16.56.48.0

0.25.8

2.7- . 42.84.93.0

3.73.71.31.32.7

1.82.02.21.61.5

2.01.11.92.01.2

.72.73.1.1

- 2 . 6

Seasonally adjustedSeasonallyadjusted

annual rates*

37.037.137.137.237.137.1

37.137.037.136.936.937.0

36.736.836.736.636.736.7

36.736.736.736.636.236.4

40.540.940.940.940.740.6

40.740.640.740.740.640.6

40.440.440.339.340.340.1

40.240.240.040.139.539.4

36.136.036.736.937.137.1

37.136.936.736.837.937.2

36.437.636.736.336.736.9

36.936.436.537.237.237.8

33.633.533.533.433.433.4

33.333.133.133.033.133.0

32.932.932.933.032.932.7

32.632.632.532.432.432.3

$3.793.803.833.863.873.90

3.933.953.984.004.034.04

4.054.084.104.114.174.21

4.234.274.324.354.364.39

$3.973.983.984.024.034.05

4.084.104.134.154.174.19

4.194.224.244.254.334.38

4.434.484.534.574.584.61

$6.346.246.276.296.306.36

6.376.406.466.456.466.48

6.486.526.576.606.626.74

6.756.896.946.906.886.96

$2.772.792.802.822.832.86

2.872.892.912.932.952.96

2.982.983.003.003.073.10

3.123.143.153.183.193.19

142.3142.7143.5144.4144.8146.0

146.8147.7148.9149.6150.3151.1

151.7152.7153.6154.3156.1158.2

158.7160.2162.1163.3164.0165.1

111.2110.8110.5110.5110.2110.4

110.8109.4109.9109.5109.2109.1

108.4107.7107.3107.2107.3107.8

107.4107.0106.8106.7106.2106.2

3.92.96.98.52.9

10.3

6.97.3

10.26.06.36.4

4.48.18.15.5

14.817.3

3.812.214.89.35.28.2

- 2 . 2- 4 . 7- 3 . 5

.4- 3 . 7

2.5

4.8-14.1

4.9- 3 . 9- 3 . 2- 1 . 0

- 8 . 0- 6 . 6- 4 . 8- 1 . 4

1.15.5

- 4 . 5- 4 . 4- 1 . 9- 1 . 2- 5 . 6

.0

1 Also includes other private industry groups shown in Table C-29.> Includes eating and drinking places.»Adjusted for overtime (in manufacturing only) and for interindustry employment shifts.« Current dollar earnings index divided by the consumer price index.' Computed from indexes to two decimal places.

Note—See Note, Table C-29.



TABLE C-31.—Average weekly earnings in selected private nonagricultural industries, 1947-74

[For production or nonsupervisory workers]

Year or month

194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

1970197119721973 .1974 v

1973:Jan. .FebMarAprMayJune

JulyAugSeptOct _ . .NovDec . _ . .

1974:JanFebMarAprMay . .June

JulyAugS e p t . . .OctNov pDec p

Average gross weekly earnings

Total privatenonagricultural i

Currentdollars

$45.5849.0050.24

53.1357.8660.6563.7664.52

67.7270.7473.3375.0878.78

80 6782.6085.9188 4691.33

95.0698.82

101 84107.73114.61

119.46127. 28136.16145. 43154.45

1967dollars 2

$68.1367.9670.36

73.6974.3776.2979.6080.15

84.4486.9086.9986.7090.24

90 9592.1994.8296.4798.31

100.59101.67101.84103. 39104.38

102.72104. 93108.67109. 26104.57

Manu-facturing

Contiactconstruc-

tionRetailtrade»

Current dollars

$49.1753.1253.88

58.3263.3467.1670.4770.49

75.7078.7881.5982.7188.26

89.7292.3496.5699.63

102.97

107. 53112.34114.90122.51129.51

133.73142. 44154.69165. 65176.00

$58.8765.2767.56

69.6876.9682.8686.4188.91

90.9096.38

100.27103.78108.41

113 04118.08122.47127.19132.06

138.38146. 26154.95164.49181.54

195.45211.67222. 51236. 06248. 71

$33.7736 2238.42

39.7142.8243.3845.3647.04

48.7550.1852.2054.1056.15

57.7658.6660.9662 6664.75

66.6168.5770 9574.9578.66

82.4786.6190.9995.57

101.04

Average spendable weekly earnings, totalprivate nonagricultural *

Amount

Currentdollars

$44.6448.5149.74

52.0455.7957.8760.3160.85

63.4165.8267.7169.1171.86

72 9674.4876.9978 5682.57

86.3088.6690.8695.2899.99

104.61112.41121. 09127. 41134.37

1967dollars 2

$66.7367 2869.66

72.1871 7172.7975 2975.59

79.0680.8680.3279.8082.31

82 2583.1384.9885 6788.88

91.3291.2190 8691.4491.07

89.9592.6796.6495.7390.97

Seasonally adjusted

$140.23140. 98142. 09143. 59143. 58144.69

145. 80146.15147. 66147.60148. 71149. 48

148. 64150.14150. 47150. 43153. 04154. 51

155. 24156. 71158. 54159.21157.83159.80

$109. 61109.48109. 40109. 85109. 23109. 41

110.06108. 30108 97108. 05108 02107. 93

106.19105. 97105. 08104. 53105. 23105.30

105.07104.65104. 51104.06102.23102.83

$160. 79162. 78162. 78164. 42164. 02164. 43

166. 06166. 46168 09168. 91169 30170.11

169. 28170.49170.87167. 03174. 50175.64

178. 09180.10181. 20183. 26180.91181.63

$228. 87224.64230.11232.10233. 73235. 96

236. 33236.16237.08237. 36244. 83241. 06

235. 87245.15241.12239. 58242.95248. 71

249. 08250. 80253. 31256.68255.94263.09

$93.0793.4793.8094.1994.5295.52

95.5795.6696.3296.6997.6597.68

98.0498.0498.7099.00

101. 00101.37

101.71102.36102.38103.03103.36103.04

$123. 39123. 98124. 83125. 99125.98126. 84

127.69127.96129 13129. 08129 94130. 53

129. 89131. 04131.30131. 27133. 28134.41

134.98136.11137.52138.04136.98138. 50

$96.4496.2896.1196.3995.8495.91

96.3994.8295 3094.4994 3994.25

92.8092.4991.7091.2291.6491.60

91.3690.9090.6590.2288.7389.12

Percent change frompreceding period

Currentdollars

8 72.5

4.67 23.74 2.9

4 23.82 92.14.0

1 52.13.42 05.1

4.52.72 54.94.9

4.67.57.75.25.5

1967dollars

6 83 5

3.6— 71.53 4

4

4 62.3

— 7- 63.1

_ 11 12.2

83 7

2 7- . 1- 4

.6- . 4

- 1 . 23.04.3

- . 9- 5 . 0

Seasonally adjustedannual rates

5 3.55.98.5

11.7- . 18.5

8.32.6

11 5- . 58 35.6

5-5.711.22.4

- . 320.010.7

5.210.513.24.6

- 8 . 814.2

5 -2 .6- 2 . 0- 2 . 1

3.6- 6 . 6

.9

6.2-17.9

6 2- 9 . 7- 1 3- 1 . 8

- 3 . 9- 9 . 8- 6 . 1

5.7- . 5

- 3 . 1- 5 . 9- 3 . 3- 5 . 5

-18.15.4

1 Also includes other private industry groups shown in Table C-29.* Earnings in current dollars divided by the consumer price index.8 Includes eating and drinking places.* Average gross weekly earnings less social security and income taxes for a worker with three dependents.* In annualizing the rates of change, the effect of the change in tax rates at the beginning of 1973 and 1974 is taken into

account separately.Note.—See Note, Table C-29.


285563-280 O - 75 - 19


TABLE C-32.—Output per man-hour and related data', private economy, 1947—74

[1967 = 100]

Year or quarter

194719481949 . . . .

19501951195219531954

19551956195719581959

19601961196219631964

1965 .1966196719681969

19701971197219731974 v

1972: 1II . .IIIIV

1973: 1IIIIIIV

1974- 1IIIIIIV*

Output1

Totalprivate

45.647.847.6

52.555.857 260.159 3

64.365.666.565.670 2

71.973 278.281 586.2

91.897.7

100.0104 8107.7

107.2111.0118.5125.8122.6

Privatenon-farm

44.546.546.4

51.355.056.359.158.3

63.464.765.764.869.5

71.172.577.680.985.9

91.597.9

100.0105 1108.0

107.3111.1118.9126.3122.9

Man-hours3

Totalprivate

88.889.286.2

87.990.791.292.088.6

92.193.792.388.491.2

92.090.692.492 994.5

97.499.7

100.0102 0104.4

103.0102.7106.0109.6109.7

Privatenon-farm

78.079.176.0

79.082.984.185.982.6

86.188.487.984.587.6

88.687.789.890.992.9

96.399.5

100.0102 3105.3

104.2103.9107.3111.3111.4

Output perman-hour

Totalprivate

51.353.655.3

59.761.562.765.366.9

69.970.072.074.376.9

78.280.984.787.791.1

94.298.0

100.0102.8103.2

104.0108.2111.8114.8111.7

Privatenon-farm

57.158.861.1

65.066.366.968.970.5

73.673.274.876.779.3

80.382.786.489.192.4

95.198.4

100.0102.7102.5

103.0106.9110.8113.4110.3

Compensationper man-hour3

Totalprivate

36.239.540.1

42.846.949.852.954.5

55.959.563.366.069.0

71.774.477.780.884.9

88.494.5

100.0107.8115.6

124.0132.1140.2151.0164.0

Privatenon-farm

38.341.843.0

45.349.352.054.956.6

58.662.065.568.171.0

73.976.379.382.286.1

89.294.6

100.0107 5114.6

122.6130.6138.7149.0162.0

Unit laborcosts

Totalprivate

70.673.772.5

71.776.379.481.081.5

80.185.087.988.989.8

91.892.191.892.193.1

93.896.5

100.0105 0112.1

119.3122.2125.3131.5146.8

Privatenon-farm

67.171.070.3

69.774.377.679.780.3

79.684.787.688.789.5

92.092.391.892.393.2

93.996.2

100.0104.6111.8

119.0122.2125.1131.3146.9

Implicit pricedeflator*

Totalprivate

66.470 970.2

70 976.177 578.179 1

79.882.385.387.188.3

89.590.491.292.293.2

94.897.2

100.0103 6108. 3

113.5118.2121.6128.6142.2

Privatenon-farm

63 868 268.7

69 474 075 977 278.5

79.582.335.386.888 3

89.690.491.292 393.4

94.896.8

100.0103 5108.1

113 5118.4121.2126.2140.6

Seasonally adjusted

115.0117.6119.4121.9

124.9125.6126.1126.8

124.2123.6122.9119.7

115.2117.9120.1122.4

125.2126.0126.8127.1

124.7123.7123.0120.2

104.6105.6106.4107.2

108.3109.3110.2110.7

110.6109.9109.9108.5

105.8107.1107.6108.6

109.9111.0111.9112.3

111.8111.7111.8110.2

110.0111.3112.3113.7

115.3114.9114.4114.5

112.3112.4111.8110.3

108.8110.0111.6112.7

113.9113.4113.3113.2

111.5110.7110.1109.0

137.4139.2140.8143.2

147.6149.6151.6154.9

157.3162.5166.5170.0

135.9137.5139.5141.7

145.5147.6149.7153.0

156.0160.3164.2167.9

125.0125.1125.4125.9

128.0130.3132.5135.2

140.1144.5148.9154.1

124.9125.0125.0125.7

127.8130.1132.1135.2

140.0144.7149.2153.9

120.5121.0121.9123.0

124.8127.1129.8132.5

136.6139.8144.0148.7

120.4120.8121.4122.3

123.4125. C126.7129.5

133.9138.7143.0147.1

i Output refers to gross product originating in the sector in 1958 dollars.1 Hours of all persons in private industry engaged in production, including man-hours of proprietors and unpaid family

workers. Man-hours estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private benefits plans. Also

includes an estimate of wages, salaries, and supplemental payments for the self-employed.* Current dollar gross product divided by constant dollar product.

Note.—Data relate to all persons.Source: Department of Labor, Bureau of Labor Statistics.

286


TABLE C-33.—Changes in output per man-how and related data, private economy, 1948-74

[Percent change from preceding period]

Year or quarter

Output i

Totalprivate

Privatenon-farm

Totalprivate

Man-hours 2

Privatenon-farm

Output perman-hour

Totalprivate

Privatenon-farm

Compensationper man-hour*

Totalprivate

Privatenon-farm

Unit laborcosts

Totalprivate

Privatenon-farm

Implicit pricedeflator*

Totalprivate

Privatenon-farm

1948..1949..

1950..1951..1952..1953..1954..

1955..1956-1957..1958..1959..

I960..1961..1962..1963..1964..

1965..1966..1967..1968..1969..

1970..1971.1972.1973.1974i

1 9 7 2 : IIIIIIIV

1973: I.I!I I ! . . . .IV

1974: I .

4.8- . 3

10.26.32.55.1

-1 .3

8.51.91.4

- 1 . 37.0

2.41.96.84.25.7

6.66.42.34.82.8

- . 53.66.76.2

-2.6

4.4- . 1

10.67.02.55.1

- 1 . 5

2.01.6

-1 .57.3

2.41.97.14.36.1

6.67.02.25.12.8

- . 63.57.16.2

-2 .7

0.43.4

2.03.2.5.8

-3 .7

3.91.7

- 1 . 5-4 .2

3.3

-1 .52.0.6

1.8

3.12.4.3

2.02.4

- 1 . 3- . 43.23.5.1

1.3-3.9

4.04.91.52.1

-3 .8

4.22.6

- . 6-3 .9

3.7

1.1-1 .0

2.51.22.3

3.63.3

2^32.9

-1 .0- . 33.33.7.1

4.53.2

8.13.01.94.22.4

4.4.2

2.93.13.6

1.63.54.73.63.9

3.44.02.12.8.4

4.03.42.6

-2.7

3.04.0

6.32.0.9

2.92.3

4.4- . 62.22.53.4

1.23.04.63.13.7

2.93.51.62.7

- . 2

.43.83.62.4

- 2 . 8

9.01.5

6.89.66.16.33.1

2.66.46.54.24.6

3.93.84.44.05.0

4.16.95.87.87.2

7.26.56.17.78.7

9.02.9

5.58.75.55.63.2

3.55.85.73.84.3

4.13.24.03.64.7

3.76.15.77.56.7

6.96.66.27.4

4.3-1 .6

-1 .26.44.12.0.6

-1 .76.23.51.11.0

2.2.3

- . 3.4

1.1.7

2.83.75.06.8

6.42.52.64.9

11.6

5.8-1 .0

6.64.52.6.9g

6! 43.41.3.9

2.8.2

- . 5

L0

2.54.04.66.9

6.52.62.44.9

11.9

6.7-1 .0

1.07.31.9.7

1.2

.93.23.62.11.4

1.4.9.9

1.01.2

1.72.52.93.64.5

4.84.12.95.7

10.6


7.19.36.48.7

10.02.11.62.3

-7 .8-2 .0- 2 . 3-10.1

7.09.77.88.0

9.42.52.51.1

-7 .5-2 .9- 2 . 3-9 .0

4.54.12.83.2

4.13.93.31.7

- . 3-2 .3

.0-5 .2

4.55.01.83.9

4.94.13.01.6

-1 .8A

'A-5 .5

2.55.03.55.3

5.7-1 .7-1 .6

.5

-7 .5.3

-2 .3-5 .1

2.54.55.93.9

4.3-1 .5- . 5- . 5

-5 .9-2 .5-2 .4-3 .7

8.95.24.77.1

12.95.55.39.1

6.513.710.28.8

8.74.85.96.4

11.25.95.99.1

8.111.310.29.1

6.2.2

1.11.7

6.77.37.08.5

15.113.312.814.7

6.1.3.0

2.4

6.77.66.49.6

14.914.213.013.3

4.31.83.03.5

6.07.68.78.7

12.99.9

12.613.6

6.8

1.16.52.61.81.7

1.33.43.71.71.8

1.4.9.9

1.21.3

1.42.23.33.54.5

5.04.32.44.1

11.4

4.21.41.92.9

3.65.65.69.0

14.215.113.112.0

1 Output refers to gross product originating in the sector in 1958 dollars.2 Hours of all persons in private industry engaged in production, including man-hours of proprietors and unpaid family

workers. Man-hours estimates based primarily on establishment data.s Wages and salaries of employees plus employers' contributions for social insurance and private benefits plans. Also

includes an estimate of wages, salaries, and supplemental payments for the self-employed.* Current dollar gross product divided by constant dollar product.

Note.—Data relate to all persons.Percent changes are based on original data and therefore may differ slightly from percent changes based on indexes

in Table C-32.

Source: Department of Labor, Bureau of Labor Statistics,

287


PRODUCTION AND BUSINESS ACTIVITY

TABLE C-34.—Industrial production indexes, major industry divisions, 1929-74

[1967=1001

Year or month

1929

1933

1939

19401941 -19421943194419451946194719481949

195019511952 . . . .1953 .19541955 . .195619571958 . -1959

I960196119621963196419651966196719681969 -

1970 .19711972--19731974*

1973: JanFebMarAprMayJune

JulyAugSeptOctNov.Dec.

1974: JanFeb. . .Mar .AprMayJune_- . . .

JulyAugSeptOct "___'_Nov» .Dec v

Totalindustrialproduction

21.6

13.7

21.7

25.031.636.344.047.440.635.039.441.038.8

44.948.750.654.851.958.561.161.957.964.8

66.266.772.276.581.789.297.9

100.0105.7110.7

106.6106.8115.2125.6124.8

Manufacturing

Total

22.8

14.0

21.5

25.432.437.847.050.942.635.339.440.938.7

45.048.650.655.151.558.260.561.256.964.1

65.465.671.475.881.289.198.3

100.0105.7110.5

105.2105.2114.0125.1124.5

Durable

22.6

9.1

17.8

23.731.640.154.560.245.531.837 939.535.9

43.749 252.259.052.059.561.561.954.262.2

63.362.169.073.579.088.599.0

100.0105.5110.0

101.499.4

108.4122.0120.8

Nondurable

23.0

19.7

25.9

27.232.934.336.738.238.139.340 942.241.5

46.247 848.750.751.056.659.560 561.067.0

68.670 775.179.284 490.097.3

100.0106.0111.1

110.6113.5122.1129.7129.9

Mining

44.4

31.5

43.4

48.251.252.854.057.956.855.863 166! 358.8

65.772 171.573.471.980.284.484 577 581.1

82.783 285 689.091 193.998.4

100 0103.9107.2

109.7107.0108.8110.3109.1

Utilities

7.2

6.5

10.4

11.513.014.616.117.117.418.119 621.923.3

26.530 332.835.638.342.847.050 252.557.8

61.865 370.275.181 986.993.6

100 0109.4119.5

128.3133.9143.4152.6149.4

Seasonally adjusted

122.2123.4123.7124.1124.9125.6

126.7126.5126.8127.0127.5126.5

125.4124.6124.7124.9125.7125.8

125 5125.2125.6124.8121.7118.3

121.4122.7123.4123.8124.9125.6

126.5126.1126.3126.4127.4126.4

125.3124.5124.6124 8125.7125.6

125.2125.2125.5124.5121.0117.6

117.5118.7119 9120.6121.9123.0

123.8122.6123.3123.6124.3123.1

121.0119.4120.4120.7122.1122.1

121.6121.6122.1121.4117.8113.5

127.0128.4128 6128.4129.2129.3

130.6130.9130.7130.4131.3131.2

131.4131.5131.0130.4130.9130.7

130.8130.4130.5129.0125.7123.5

108.5110.2109.5109.0109.1109.5

111.0111.5111.8111.9111.3110.4

109.9111.7112.2111.3111.0110.2

110.2107.3109.2109.1104.0104.0

151.0150.5149.6148.7149.5151.6

154.8154.8155.8156.2154.6147.6

144.9146.1146.5148.7149.1150.6

152.4152.7153.1152.2151.9151.2


288


T A B L E C—35.—Industrial production indexes, market groupings, 1947—74

[1967=1001

Year ormonth

Totalindus-trialpro-duc-tion

Final products

Total

Consumer goods *

Total

Auto-motiveprod-ucts

Homegoods

Equipment

Total Busi-ness

Inter-mediate

prod-ucts

Materials'

TotalDura-

blegoods

1947..19481949

1950195119521953.1954

19551956195719581959

19601961196219631964

19651966196719681 9 6 9 . . . _ ; . .

19701971197219731974 P .

1973: Jan.. .Feb. .Mar .Ap r . .May..June.

July..Aug...Sept..Oct...NovDec...

1974: J a n . .Feb..MarAp r . .May..June-July..AugSept..Oc t . .Nov J>_Dec p_

39.441.038.8

44.948.750.654.851.9

58.561.161.957.964.8

66.266.772.276.581.7

89.297.9

100.0105.7110.7

106.6106.8115.2125.6124.8

38.339.738.5

43.446.850.353.750.8

54.958.259.957.162.7

64.865.370.874.979.6

86.896.1

100.0105.8109.0

104.5104.7111.9121.3123.1

42.744.043.8

50.049.550.653.753.3

59.561.763.262.668.7

71.372.877.782.0

93.098.6

100.0106.6111.1

110.3115.7123.6131.7121.8

47.850.049.6

62.455.249.762.858.4

77.763.966.953.266.8

76.469.884.592.596.8

112.3108.8100.0117.9117.4

99.9119.5127.7136.6110.5

39.140.837.7

52.044.844.850.746.8

55.258.156.853.661.6

62.063.969.474.981.7

91.4100.7100.0106.9111.6

107.6112.6124.5140.1138.3

29.731.227.9

30.242.150.554.747.9

48.953.755.950.054.9

56.455,661.965.670.1

78.793.0

100.0104.7106.1

96.389.495.5

106.7118.8

38.039.534.5

37.045.251.253.246.8

50.758.761.051.557.9

59.457.762.765.874.7

84.498.8

100.0103.4107.9

101.496.8

106.1122.6129.6

42.544.942.6

49.652.051.755.355.1

62.665.365.363.970.5

71.072.476.981.187.3

93.099.2

100.0105.7112.0

111.7112.5121.1131.0128.2

39.741.437.8

45.250.050.756.352.0

61.563.163.156.865.5

66.466.472.477.082.6

91.099.8

100.0105.7112.4

107.7107.4117.4129.3127.6

39.140.236.0

45.351.652.761.553.1

65.065.265.154.865.3

66.164.671.876.682.7

93.0103.0100.0105.0112.2

103.2101.7113.5130.0127.7

Seasonally adjusted

122.2123.4123.7124.1124.9125.6

126.7126.5126.8127.0127.5126.5

125.4124.6124.7124.9125.7125.8

125.5125.2125.6124.8121.7118.3

118.6119.3119.6120.0120.8121.3

122.1121.4122.4122.7123.6122.6

121.3120.6121.0120.7122.4122.5

122.8122.1122.6122.4120.9118.7

129.8130.2130.8130.9131.7131.9

132.9131.2132.3132.6133.5131.3

129.2128.3128.5128.5129.6130.3

130.0129.8128.8128.3126.4123.5

138.6141.7144.1141.7142.6142.6

141.7121.1129.8131.4133.7120.6

108.0106.6108.0113.8116.1117.3

113.5114.9111.6114.7104.091.1

134.5135.8138.3139.8140.9141.3

142.9141.1142.8140.9141.1138.7

139.6137.5140.1140.6142.4142.7

141.8141.2139.0133.2129.7125.7

102.9104.1104.1104.7105.7106.6

107.3107.6108.5108.9110.1110.1

109.8109.9110.1110.1112.2112.0

113.0111.4113.8113.9113.2112.0

116.9118.2118.6119.6121.3122.5

123.0124.6125.8126.2127.8126.9

126.8127.3127.6127.9130.3130.2

131.3128.8132.3131.9130.9128.9

128.4129.5129.4129.3130.5132.0

132.5132.1131.0130.6131.1129.1

129.2129.1128.1129.4129.2128.9

127.8128.6127.6125.3122.0120.6

124.5126.7127.0127.7128.3129.0

130.9130.9131.3131.1131.5130.6

129.7128.3128.9128.7129.1128.8

128.0128.5129.3128.0122.7117.5

124.1126.6127.6127.9128.6129.2

131.6131.8132.3132.2133.0132.7

129.8127.3127.2127.3128.3127.6

125.8128.1129.2129.4124.0117.8

1 Also includes clothing and consumer staples, not shown separately.2 Also includes industrial fuel and power, not shown separately.


289


TABLE O36.—Industrial production indexes, selected manufactures, 1947-74

[1967=100]

Year ormonth

Durable manufactures

Pri-mary

metals

Fabri-catedmetalprod-ucts

Ma-chinery

Trans-porta-tion

equip-ment

Instru-ments

Ord-nance,private

andgov-ern-ment

Lum-ber,clay,andglass

Furni-tureand

miscel-laneous

Tex-tiles,

apparel,and

leather

Nondurable manufactures

Paperand

print-ing

Chem-icals,petro-leum,and

rubber

Foodsand

tobacco

1947..1948..1949..

64.867.4

50.251.146.1

31.033.934.0

24.525.222.5

7.89.09.256.7

1950195119521953...1954

1955..1956..1957..1958..1959..

71.477.7

56.560.458.966.5

40.745.452.866.257.6

66.364.368.954.361.5

63.759.969.375.979.6

91.3101.2100.0109.7107.6

90.492.999.0

109.197.0

26.130.035.739.2

11.442.252.063.248.4

36.131.835.944.446.1

46.439.245.051.650.7

60.575.1

100.0113.7111.6

95.386.186.085.786.3

70.980.465.0

84.584.080.463.874.5

74.272.978.284.395.7

104.0108.8100.0103.2114.1

106.9100.9113.1127.0124.4

I960..1961..1962..1963..1964..

1965 .1966....19671968 .1969....

1970.1971.1972.19731974 v




JulyAugSeptOctNov vDec v

59.9

68.369.371.163.771.5

71.669.875.978.483.3

92.6100.5100.0106.3113.6

109.4107.4114.8130.5131.3

41.7

46.752.252.045.453.9

56.257.164.867.974.3

84.198.6

100.0101.9106.8

100.396.2

107.5125.8129.8

39.6

44.248.550.747.755.2

57.857.359.866.471.3

82.995.3

100.0106.7116.1

110.8108.5120.2138.3144.1

64.7

73.875.973.371.482.2

78.579.784.388.994.0

98.7102.6100.0105.6111.1

106.3111.5120.0129.1123.8

53.7

65.868.767.162.168.7

69.770.676.179.584.7

93.8100.8100.0106.2111.6

108.8111.7122.7135.1135.9

65.7

73.475.173.471.879.6

79.280.284.386.991.9

97.8101.7100.0104.9105.9

100.2100.7108.1115.0108.8

52.2

57.861.562.261.567.0

69.271.074.378.484.5

90.598.9

100.0104.2109.1

107.8107.8116.1122.2121.1

35.4

41.243.545.846.553.8

55.558.364.570.075.9

83.894.1

100.0109.6118.4

118.2124.7137.8149.3151.9

Seasonally adjusted

123.1124.7123.5125.8126.1124.5

128.1125.6127.8128.7128.9130.7

129.5125.0125.3124.0124.6124.7

123.2121.9123.0124.2120.6112.3

125.7126.2128.4128.9130.3133.4

133.5133.8131.5132.4133.1130.0

131.4130.6131.6131.3131.9132.5

131.1131.6132.0129.3127.1124.3

118.4119.1121.4122.6124.7126.9

127.6128.5130.0129.3130.4130.9

128.6127.2128.4128.2129.7130.4

129.9130.5132.5130.7128.9125.8

107.6110.0110.3110.0111.0112.2

112.1105.7107.3108.8109.8103.0

95.793.995.097.8

100.699.4

98.799.9

100.4102.093.985.3

130.1131.9133.8134.7138.9140.2

140.8140.9141.5141.0142.6142.7

143.0142.8142.8143.8146.1147.5

146.7146.7144.9142.0142.7141.5

87.087.687.186.485.486.7

86.783.883.783.884.386.1

85.284.284.984.386.186.4

87.287.187.587.487.287.7

126.4127.3129.1129.9130.3129.2

129.8129.2128.8129.7129.3127.8

129.7127.4128.1128.9128.0126.4

125.5123.4120.6117.7114.9112.2

130.3132.8133.4133.1136.0135.4

135.9137.5138.2136.1136.3135.3

133.4135.2136.8136.8138.9138.5

139.7140.1138.8136.7128.3126.8

113.4114.4114.6114.0113.3115.0

114.5115.4117.5116.8116.7118.8

116.2115.3112.4109.3109.8108.5

108.1107.4106.5104.7101.699.8

120.0121.5122.4120.8121.9122.8

123.8124.5122.1121.3121.9121.2

121.7122.2122.5121.2121.3122.3

122.4121.0122.7120.6115.7114.7

145.5146.3146.3147.9150.2149.8

151.8151.015D.9151.1151.6151.6

151.5151.2151.2153.5153.0153.8

153.9154.4154.7153.0147.7142.9

63.2

66.670.371.573.677.2

79.281.584.087.090.6

92.697.0

100.0103.6107.5

110.8113.7117.6121.9124.8

119.6122.0121.5120.7121.5119.5

121.3122.0122.2121.7124.7123.0

125.4126.2125.3124.3126.5125.3

124.8124.8124.3123.6123.7123.7


290


TABLE C—37.—Capacity utilization rate in manufacturing and major materials industries, 1948-74

Period

19481949

19501951195219531954

195519561957..19581959

1960. . .196119621963 .1964

19651966196719681969 . . . .

19701 9 7 1 . . . .197219731974 p

1969: 1IIIII. .IV

1970: L...IIIIIIV .

1971: 1 . . .IIIIIIV

1972: 1IIIIIIV.. . .

1973: 1 .I I . .IIIIV

1974: 1 vII vIII vIV p

Manufacturing

Output1 Capacity

1967 output=iOO

41.539.1

45.449.350.955.451.4

58.160.361.156.964.0

65.365.671.375.781.1

89.098.1

100.0105.6110.4

105.3105.2114.0125.1124.1

109.5110.4111.8110.1

106.8106.8105.9101.6

103.8105.6105.3106.1

108.5112.5115.5119.4

122.5124.8126.2126.7

124.8125.3125.3121.0

44.847.3

49.451.854.958.161.2

64.468.374.875.778.6

81.684.587.791.294.8

100.0106.7113.7120.5127.7

134.6140.3145.0150.7157.1

Utilization rate2

Total

92.782.7

91.995.192.895.584.1

90.088.284.575.181.4

80.177.681.483.085.5

89.091.987.987.786.5

78.375.078.683.079.0

124.9126.7128.6130.5

132,2133.8135.3136.9

138.3139.6141.0142.3

143.5144.5145.5146.6

148.0149.8151.6153.4

155.0156.4157.9159.3

87.787.186.984.3

80.879.878.374.2

75.075.674.774.6

75.677.979.481.5

82.883.383.382.6

80.580.179.475.9

Primaryprocessing

Percent

98.183.8

97.8100.191.294.382.9

93.790.785.275.282.7

79.478.281.884.088.0

91.192.185.786.888.5

81.579.384.689.784.6

Advancedprocessing

89.882.1

88.892.593.796.184.7

87.786.984.175.080.7

80.377.381.182.584.2

87.891.889.188.185.4

76.572.775.479.476.0

Seasonally adjusted

88.688.788.987.7

83.582.481.778.5

79.481.178.078.6

80.883.585.988.3

89.690.190.089.0

87.386.385.179.9

87.186.285.882.5

79.378.476.571.9

72.772.772.972.4

72.974.975.977.8

79.179.779.779.2

76.976.876.373.8

Major materials industries

Output Capacity

1967 output = 100

42.239.7

46.450.148.752.650.8

60 462.462.258.866.2

67.369.774.679.487.2

93.8100.5100.0107.1113.6

112.7115.3126.2136.3133.8

110.9112.8114.6116.1

112.7111.9113.3113.1

115.0117.3113.1115.6

120.9124.2128.1131.6

134.2136.1137.6137.2

135.6137.3136.5125.8

49.952.1

54.256.358.461.264.6

67 770.774.678.682.5

85.588.492.094.998.4

103.4109.1114.3119.9126.2

130.7135.1140.8146.5153.3

124.3125.5126.9128.1

129.0130.3131.5132.2

133.1134.4135.9137.2

138.8140.1141.4142.9

144.3145.9147.2148.7

150.4152.3154.2156.2

Utilizationrate 2

Percent

84.576.1

85.689.183.386.078.6

89 288.383.474.780.2

78.778.881 183.788.6

90.892.187.489.390.0

86.285.389.693.087.4

89.289.990.390.7

87.385.986.285.5

86.487.383.284.3

87.188.790.692.1

93.093.493.592.3

90.290.288.580.6

1 May differ slightly from data shown in Table C-34 because of rounding.2 Output as percent of capacity.

Note.—For description of series, see "Federal Reserve Bulletin," October 1971 and November 1966 issues for manu-facturing series and April 1974 issue for major materials industries series.

Source: Board of Governors of the Federal Reserve System, based on data of Federal Reserve, Department of Commerce,McGraw-Hill Information Systems Company, and various industry organizations.

291


TABLE O-38.—New construction activity, 1929-74

[Value put in place, billions of dollars]

Year or month

1929

1933

1939

1940194119421943 . .1944

19451946

New series

19461947. . .19481949.

19501951 .1952. . .19531954. . .

19551956 .._195719581959

19601961196219631964

196519661967 .19681969 _.

1970 .1971 . .1972 „19731974 p

Totalnewcon-

struc-tion

10.8

2.9

8.2

8.712.014.18.35.3

5.812.6

14.320.026.126.7

33.635.436.839.141.4

46.547.649.150.055.4

54.756.460.264.867.7

73.776.478.187.193.9

94.9110.0124.1135.5134.4

Private construction

Total

8.3

1.2

4.4

5.16.23.42.02.2

3.410.4

12.116.721.420.5

26.726.226.027.929.7

34.834.935.134.639.3

38.939.342.345.547.3

51.752.452.559.566.0

66.880.193.9

102.996.1

Residentialbuildingsi

Total»

3.6

.5

2.7

3.03.51.7.9.8

1.34.8

6.29.9

13.112.4

18.115.915.816.618.2

21.920.219.019.824.3

23.023.125.227.928.0

27.925.725.630.633.2

31.943.354.357.646.5

Newhous-

ingunits

3.0

.3

2.3

2.63.01.4.7.6

.73.3

4.87.8

10.510.0

15.613.212.913.414.9

18.216.114.715.419.2

17.317.119.421.721.8

21.719.419.024.025.9

24.335.144.947.837.0

Nonresidential buildings and otherconstructionl

Total

4.7

.8

1.7

2.12.71.71.11.4

2.15.6

5.86.98.28.0

8.610.310.211.311.5

12.914.716.114.815.1

15.916.217.217.619.3

23.826.727.028.932.8

34.936.839.645.349.6

Com-mer-cials

1.1

.1

.3

.3

.4

.2

.0

.1

.21.2

1.204

4

1.11.82.2

3.23.63.63.63.9

4 24.75.15.05.4

7 89.4

9.811.613.515 516.0

In-dus-trial

0.9

.2

.3

.4

.8

.3

.2

.2

.61.7

1.71.71.41.0

1.12.12.32.22.0

2.43.13.62.42.1

2.92.82.82.93.6

6 06.8

6.55.44.76.27.7

Other*

2.6

.5

1.2

1.31.51.2.9

1.1

1.32.8

3.04.25.55.9

6.16.76.87.37.2

7.38.09.08.89.0

8.98.79.29.7

10.3

15.116.6

18.619.821.523.625.9

Public construction

Total

2.5

1.6

3.8

3.65.8

10.76.33.1

2.42.2

2.23.34.76.3

6.99.3

10.811.211.7

11.712.714.115.516.1

15.917.117.919.420.4

22.124.025.527.628.0

28.129.930.232.638.3

erallyowned

0.2

.5

.8

1.23.89.35.62.5

1.7.9

.9

.81.21.5

1.63.04.24.13.4

2.82.73.03.43.7

3 63.93.94.03.9

4.04 03.53 43.3

3.34.04.44.95.4

Stateand

locallyowned 5

2.3

1.1

3.1

2.42.01.3.7.6

.71.4

1.42.53.54.8

5.26.36.67.18.3

8.910.011.112.112.3

12 213.314.015.416.5

18.020.022.124.224.7

24.825.925.827 7


292


TABLE C-38.—New construction activity, 1929-74—Continued

[Value put in place, billions of dollars]

Year or month

Totalnewcon-

struc-tion

Private construction

Total

Residentialbuildings i

Total »New

hous-ing

units

Nonresidential buildings and otherconstructionl

TotalCom-mer-cials

In-dus-trial

Other*

Public construction

TotalFed-

erallyowned

I

Stateand

locallyowned 5


1973:Jan...Feb...Mar...AprMay..June..

Ju ly . . .Aug...Sept..Oct.—Nov...Dec. .

1974:Jan...Feb...Mar . . .AprMay..June..

Juiy..Aug . . .Sept..Oct*_Nov p.Dec p..

134.5136.1136.5134.0134.5134.7

137.2137.4137.3136.4135.7133.2

132.6136.3135.1136.4138.2136.9

137.9134.5132.9133.0130.1129.1

101.7104.0103.3101.7101.9103.2

105.6105.5104.1103.3102.3100.1

97.898.898.697.497.998.4

98.096.394.694.292.190.1

59.360.860.358.457.658.2

59.159.358.056.354.552.4

49.748.948.648.248.048.3

48.948.345.943.340.938.9

48.449.249.449.049.349.7

49.749.548.246.244.242.1

39.838.939.139.339.739.5

38.937.535.533.731.729.7

42.443.243,043.344.345.0

46.446.246.147.047.747.8

48.149.950.049.349.950.1

49.048.048.750.951.251.2

14.515.014.815.015.415.6

16.015.815.415.816.115.9

15.816.716.716.316.416.4

16.015.115.716.316.015.4

5.45.45.55.55.86.0

6.56.46.86.77.17.3

6.87.97.56.97.68.0

7.27.67.78.38.78.7

22.522.822.722.823.123.4

24.024.023.824.524.624.5

25.525.425.826.125.925.7

25.925.425.426.326.527.1

32.832.133.332.432.631.5

31.631.933.233.233.433.1

34.837.536.439.040.338.5

40.038.238.338.938.039.0

4.94.95.44.75.24.9

4.84.74.84.84.94.8

4.75.15.45.75.35.8

5.14.95.45.55.46.2

27.927.227.827.727.426.6

26.827.228.428.328.528.3

30.132.431.033.235.032.7

34.933.332.933.432.6

i Beginning 1960, farm residential buildings included in residential buildings; prior to 1960, included in nonresidentialbuildings and other construction.

3 Total includes additions and alterations and nonhousekeeping units, not shown separately.3 Office buildings, warehouses, stores, restaurants, garages, etc.* Religious, educational, hospital and institutional, miscellaneous nonresidential, farm, public utilities, and all other

private.«Includes Federal grants-in-aid for State and locally owned projects.

Source: Department of Commerce, Bureau of the Census, except as noted.


TABLE C—39.—New housing starts and applicationsJcor financing, 1929-74

[Thousands of units]

Year or month

1929

1933

1939

1940.194119421943. .1944

New series

19451946.194719481949

195019511952195319541955195619571958..1959

1960 . . . .19611962196319641965 .1966196719681969

197019711972 . .19731974 P

Housing starts

Private andpublic i

Total(farmandnon-

farm)

1,553.7

1, 296.11,365.01,492.51,634.91,561.01,509.71,195.81,321.91,545.41,499.5

1,469.02,084. 52, 378. 52, 057. 51, 351. 0

Non-farm

509.0

93.0

515.0

602.6706.1356.0191.0141.8

326.01,023.01,268.01,362.01,466.0

1,952.01,491.01,504.01,438.01,551 01,646.01, 349. 01,224.01,382.01,531.3

1,274.01,336.81,468.71,614.81,534.01,487.51,172.81,298.81,521.41,482.3

(8)(8)(•)(8)(8)

Private»

Total (farm and nonfarm)

Total

1,517.0

1,252.21,313.01,462.91,603.21,528.81,472.81,164.91,291.61,507.61,466.8

1,433.62,052.22,356.62, 045. 31,336.3

Type ofstructure3

Oneunit

1,234.0

994.7974.3991.4

1,012.4970.5963.7778.6843.9899.4810.6

812.91,151.01,309.21,132.0

887.4

Two ormoreunits

283.0

257.4338.7471.5590.8558.3509.1386.3447.7608.2656.2

620.7901.2

1,047.5913.3448.8

Governmenthome programs

(nonfarm) 3

FHA*

144.7

176.6217.1160.2126.183.6

38.967.1

178.3216.4252.6

328.2186.9229.1216.5250.9268.7183.4150.1270.3307.0

225.7198.8197.3166.2154.0159.9129.1141.9147.7153.6

233.5301.2198.473.656.8

VA

78.891.8

160.371.190.8

191.2148.6141.3156.5307.0392.9270.7128.3102.1109.3

74.683.377,871.059.249.436.852.556.151.2

61.094.0

104.086.172.8

Newprivatehousing

unitsauthor-ized s

1,208.3

998.01,064.21,186.61,334.71,285.81,239.8

971.91,141.01,353.41,323.7

1,351.51,924.62,218.91,819.51,051.8

Proposedhome con-struction e

Appli-cations

forFHAcom-mit-

ments4

179 8

231.2288.5238 5144.462 9

56 6121.7286 4293 2327 0

397.7192.8267.9253.7338.6306.2197.7198.8341.7369.7

242.4243.8221.1190.2182.1188.9153.0167.2168.9187.6

315.0366.8225.283.287.1

Re-quests

forVAap-

prais-als

164.4226.3251.4535.4620.8401.5159.4234.2234.0

142.9177.8171.2139.3113.6102.199.2

124.3131.7138.2

143.7217.9209.4161.9160.1


294


TABLE C-39.—New housing starts and applications for financing, 1929-74—Continued

[Thousands of units]

Year or month

1973: Jan..Feb..Mar..Apr..May .June.

July..Aug..Sept.Oct..Nov..Dec.

1974: Jan.. .Feb...Mar...Apr...May...June..

July...Aug...Sept..Oct...Nov " .Dec p.

Housing starts

Private andpublic i

Total(farmandnon-

farm)

147.3139.5201.1205.4234.2203.4

203.2199.9148.9149.5134.690.6

86.2109.6127.2160.9149.9149.5

127.2114.099.697.274.954.6

Non-farm

Private i

Total (farm and nonfarm)

Total

Type ofstructure2

Oneunit

Two ormoreunits

Governmenthome programs

(nonfarm)3

FHA 4 VA

Newprivatelousingunits

author-ized s

Proposedhome con-struction •

Appli-cations

forFHAcom-mit-

ments4

Re-quests

forVAap-

prais-als


2,4722,4232,2832,1532,3302,152

2,1522,0301,8441,6741,6751,403

1,4641,9221,4991,6301,4711,596

1,3381,1341,1501,109990

1,4181,3631,2441,2311,2431,140

1,2321,108

990957938767

7931,056

962993931

1,014

958812844777788678

1,0541,0601,040

9221,0881,013

920921854718737636

671866537634540582

380322306332202190

8911092758279

816966525737

394848416357

545861737167

9610510098

10989

889271625768

616472747975

716975797177

2,2672,2562,1211,9871,9022,070

1,8141,7771,6561,3791,3511,285

1,2821,3251,4101,2961,1201,106

1,017900823782730802

12410294719199

926994515630

466271718991

1068397

12710573

217216200168166166

136141137142134124

124163144150157185

159184167187158127

1 Units in structures built by private developers for sale upon completion to local public housing authorities under theDepartment of Housing and Urban Development "Turnkey" program are classified as private housing. Military housingstarts, including those financed with mortgages insured by FHA under Section 803 of the National Housing Act, are in-cluded in publicly owned starts but excluded from total private starts and from FHA starts.

2 Not available prior to 1959 except for nonfarm for 1929-44.s Data are not available for new homes started under the Department of Agriculture, Farmers Home Administration

program.* For 1- to 4-unit structuies.5 Authorized by issuance of local building permit: in 14,000 permit-issuing places beginning 1972; 13,000 for 1967-71;

12,000 for 1963-66; and 10,000 prior to 1963.e Units in mortgage applications or appraisal requests for new home construction.7 Monthly estimates for September 1945-May 1950 were prepared by Housing and Home Finance Agency.» Not available separately beginning January 1970.

Sources: Department of Commerce, Department of Housing and Urban Development, and Veterans Administration(except as noted).

295


TABLE C-40.—Business expenditures for new plant and equipment, 1947-75l


Yearor Quarter

1947 . . . .19481949

19501951195219531954

19551956195719581959 . .

19601961 . .196219631964

196519661967 .19681969

19701971197219731974 3

1975 3

1972: 1I I . . . .I I I . . .IV.. . .

1973: 1I I . . . .I I I . . .I V . . .

1974: 1I L . . .I I I . . .

!V3._

1975: | 3 _ _ _II 3 . . .

Total

19.3321.3018.98

20.2125.4626.4328.2027.19

29.5335.7337.9431.8933.55

36.7535.9138.3940.7746.97

54.4263.5165.4767.7675.56

79.7181.2188.4499.74

111.92

117.09

86.7987.1287.6791.94

96.1997.76

100.90103. 74

107.27111.40113.99

114.40

118.06119.47

Manufacturing

Total

8.449.017.12

7.3910.7111.4511.8611.24

11.8915.4016.5112.3812.77

15.0914.3315.0616.2219.34

23.4428.2028.5128.3731.68

31.9529.9931.3538.0145.80

49.92

30.0930.3730.9833.64

35.5136.5838.8140.61

42.9645.3247.04

47.33

50.6852.62

Dura-ble

goods

3.253.302.45

2.944.825.215.314.91

5.417.457.845.615.81

7.236.316.797.539.28

11.5014.0614.0614.1215.96

15.8014.1515.6419.2522.67

23.08

15.0614.7715.6716.86

17.8818.6419.7320.48

21.4322.5023.08

23.45

24.0924.50

Non-durablegoods

5.195.714.68

4.455.896.246.566.33

6.487.958.686.776.95

7.858.028.268.70

10.07

11.9414.1414.4514.2515.72

16.1515.8415.7218.7623.13

26.83

Total

10.8912.2911.86

12.8214.7514.9816.3415.95

17.6420.3421.4319.5120.78

21.6621.5823.3324.5527.62

30.9835.3236.9639.4043.88

47.7651.2257.0961.7366.12

67.17

Mining

0.69.93.88

.841.111.211.251.28

1.311.641.691.431.36

1.301.291.401.271.34

1.461.621.651.631.86

1.892.162.422.743.10

3.67

Nonmanufacturing

Transportation

Rail-road

0.911.371.42

1.181.581.501.42.93

1.021.371.58.86

1.02

1.16.82

1.021.261.66

1.992.371.861.451.86

1.781.671.801.962.48

3.17

Seasonally adjusted annual rate

15.0215.6015.3116.78

17.6317.9419.0820.13

21.5322.8223.96

23.88

26.5928.12

56.7056.7556.7058.30

60.6861.1862.0963.12

64.3166.0866.94

67.06

67.3866.85

2.422.382.402.46

2.592.772.822.76

2.803.073.27

3.24

3.34

2.101.881.501.71

2.111.751.952.05

2.102.422.68

2.79

2.68

Air

0.17.10.12

.10

.14

.24

.24

.24

.26

.35

.41

.37

.78

.66

.73

.52

.401.02

1.221.742.292.562.51

3.031.882.462.411.97

1.78

>

1.962.892.672.33

2.212.722.492.20

2.132.211.84

1.70

1.91

Other

1.131.17.76

1.091.331.231.291.22

1.301.311.301.061.33

1.301.231.651.581.50

1.681.641.481.591.68

1.231.381.461.662.03

2.34

1.481.531.411.42

1.531.621.791.73

1.631.842.16

2.38

2.42

Publicutili-ties

1.542.543.10

3.243.563.744.343.99

4.034.525.675.525.14

5.245.004.904.985.49

6.137.438.74

10.2011.61

13.1415.3017.0018.7120.60

21.46

16.9216.6017.0117.53

18.3818.0818.5819.80

20.1220.9720.16

21.11

21.68

Com-muni-cation

1.401.741.34

1.141.371.611.781.82

2.112.823.192.792.72

3.243.393.854.064.61

5.306.026.346.838.30

10.1010.7711.8912.8513.86

«.34

11.7111.5911.5612.63

12.3412.7013.1213.24

13.8313.9414.01

Com-mer-cialand

others

5.054.424.24

5.225.675.456.026.45

7.638.327.607.488.44

8.759.139.99

10.9912.02

13.1914.4814.5915.1416.05

16.5918.0520.0721.4022.08

75

20.1019.8820.1620.21

21.5321.5521.3621.35

21.6921.6322.84

35.83

35.36

1 Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofitorganizations. These figures do not agree precisely with the nonresidential fixed investment data in the gross nationalproduct estimates, mainly because those data include investment by farmers, professionals, institutions, and real estatefirms, and certain outlays charged to current account.

2 Commercial and other includes trade, service, construction, finance, and insurance.3 Estimates based on expected capital expenditures reported by business in October-December 1974. Includes adjust-

ments when necessary for systematic tendencies in expectations data.

Note.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of season-ally adjusted figures.


296


TABLE C-41.—Sales and inventories in manufacturing and trade, 1947-74

[Amounts in millions of dollars]

Year or month

1947.1948.1949.

1950.1951.1952.1953.1954.

1955..1956..1957..1958..1959..

1960..196141962..1963..1964..

1965..1966..1967..1968..1969_.

35,26033,788

38, 59643,35644,84047, 98746,443

51,69454, 06355,87954, 23359,661

60, 74661,13365, 41768,96973,687

80,29287,18689, 70797,138

103,134

1970...1971...1972...1973...1974«..

1 9 7 3 : J a n . . .Feb. .M a r . . .A p r . . .M a y . . .June . .

Ju ly . . .A u g . . .S e p t . . .O c t . . .N o v . . .D e c . . .

1 9 7 4 : J a n . . .F e b . . .M a r . . .AprM a y . . .June . .

Ju ly . . .A u g . . .S e p t . .Oc t ._ .Nov V-Dec v_.

Total manufacturingand trade

Sales i

104,736112,315124,244143,742.64,-'

Inven-tories 2

52,50749,497

59,82270,24272,37776,12273,175

79, 51687,30489,05286,92291,891

94, 74795,648101, 090105,477111,480

120,943136, 803145, 492155, 845167,360

175, 561184,401197, 087224, 004

344 267,818

Ratio

1.421.53

1.361.551.581.581.60

1.471.551.591.601.50

1.561.541.511.491.47

1.451.471.571.551.57

1.641.611.531.451.48

Manufacturing

Sales

15,51317,31616,126

18,63421,71422, 52924, 84323,355

26,48027, 74028, 73627,28030, 219

30, 79630,89633,11335, 03237,335

41,00344,86946,44950,28253,555

52,859 10155,91762, 01771, 39882,078

tories2

25,89728,54326,321

31,07839,30641,13643,94841,612

45.06950, 64251,87150.07052, 707

53, 81454,93958, 21360, 04363,386

68,22177,96584,65590,87597,074

,645102,445107,719120,870147,135

Ratio

Merchant wholesalers

Sales

6,8086,514

7,6958,5978,7829,0528,993

9,89310,51310, 47510,25711,491

11,65611,98812,67413,38214, 529

15,61116,98717,10818,36619,756

20, 58322,32724,86230, 40037,394

Inven-tories 2

7,9577,706

9,2849,88610,21010,68610,637

11,67813, 26012, 73012,73913,879

14,12014,48814, 93616,04817,000

18,31720,76521,88522,99724,910

27,29029, 69532,81738,30245, 847

Ratio 3

1.131.19

1.071.161.121.171.18

1.131.191.231.241.15

1.221.201.161.151.14

1.151.151.231.221.21

1.261.271.241.161.12

Retail trade

Sales i

10,20011,13511,149

12, 26813, 04613, 52914,09114, 095

15,32115,81116,66716,69617,951

18, 29418,24919,63020, 55621.823

23,67725,33026,15128,49029.824

31,29434,07137, 36541,94344,872

Inven-tories 2

14, 24116,00715,470

19,46021, 05021,03121,48820,926

22f 76923,40224,45124,11325, 305

26, 81326,22127, 94129, 38631, 094

34, 40538,07338,95241,97345,376

46, 62652,26156,55164, 83274,836

Ratio 3

Seasonally adjusted

198,939""1,887

135,848138,047 200',140,074 202,524140,022 203, '141, 726 206,141, 354 208,

145.583 210,145.584 212,145, 679 214,149,789 216,152,335 219,150,711 224,

154,064

168,824 248,171,644 253,170,862 258,171,647 264,.68,751 267,

203,912- 1 , 2 2 8

\ 770

1,773!,765t, 645,,8891,867i,004

226,918156;098 230,140'"" 239 233,120

675 235,216924 239,217052 243,831

1,7751,308t, 622t, 612,818

1.461.461.451.461.461.48

1.451.461.471.451.441.49

1.471.471.461.461.471.50

1.471.481.511.541.59

67,639 108,68,496 169,166 no;:69,627 110,!703

^,187109,082"1,174

1,577, 111,625

70,639 113,025

72,257

70,376

113,910114,907116,114117,224118,435

74; 617 120,870

72,29072,14674, 58176,178

76,38976,97878,19779,05081,11781,166

84,01985,76085,9378 8 " -

122,570124,831126, 500128,438130,936133,541

136,731139,727142,975

093 145,06286', 152 147,13580,009 150,059

1.601.59.59L59L. 591.60

585961575562

60626262.6165

6363

..66.65

27, 50228,30928,92929,21029,62729, 548

30, 55930,93931,00432, 23833,18133,978

34,74335,98637,17037,34236,91337,293

38,44938,82838,74837,75138,109

33, 50333,89734,12834,47635,02935,335

35,77036,23836, 58836,80937, 50938,302

38,98639, 64040,42540,42341,20342,347

43,17143,70444, 50045,64245, 847

1.22.20.18.18.18.20

.17:. 171.18.14L 131.13

L. 10.09.08.121.14

1.121.131.151.211.20

40,70741,24241,97941,18541, 72341,167

42,76742,35542,52942,97042,97642,116

42,93243,13443,87244,28344, 89444, 593

46, 35647, 05646.17745,80344,49044,808

57,24957,90858, 22258,85959,57460,410

61,09361,62061,94362,85663,92364,832

65,36265,66966,19566,35567,07867,943

68,87369,87771,14773,90874,836

1 Monthly average for year and total for month.3 Seasonally adjusted, end of period.3 Inventory/sales ratio. For annual periods, ratio of weighted average inventories to average monthly sales; for monthly

data, ratio of inventories at end ct month to sales for month.* Manufacturing data prior to 1961 not completely comparable with later data. See Department of Commerce. Bureau

of the Census, "Series M 3 - 1 . 1 , " September 1968.5 Based on seasonally adjusted data through November. (See Table C-42 for manufacturing data through December.

Based on those data, manufacturing ratio for 1974 is 1.64.)

Note.—The inventory figures in this table do not agree with the estimates of change in business inventories includedin the gross national product since these figures cover only manufacturing and trade rather than all business, and showinventories in terms of current book value without adjustment for revaluation.

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).


TABLE G-42.—Manufacturers* shipments and inventories, 1947-74

[Millions of dollars]

Year or month

Shipments *

Total

Dura-ble

goodsi nd us-tries

Non-durablegoodsindus-tries

Inventories8

Total

Durable goods industries

Total

Mate-rialsand

sup-plies

Workin

process

Fin-ishedgoods

Nondurable goods industries

Total

Mate-rialsandsup-plies

Workin

process

Fin-ishedgoods

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 P..

1973:Jan.. . .Feb. . . .Mar.. . .Apr . . . .May....June.. .

JulyA u g —SeptOct . . . .Nov... .Dec.--.

1974: Jan.. . .Feb....Mar....AprMay...June...

July.. .Aug . . .Sept...Oct....Nov p.Dec p..

15,51317,31616,126

18,63421,71422,52924,84323,355

26,48027,74028,73627,28030,219

30,79630,89633,11335,03237,335

41,00344,86946, 44950,28253, 555

52,85955,91762,01771, 39881,759

6,6947,5797,191

8,84510,49311,31313,34911,828

14,07114,71515,23713,57115,545

15,81715, 54417,10318,24719,634

22, 21624,63325,21227,69429,459

28, 22929,94833, 44338, 72442,648

8,8199,7388,935

9,78911,22111,21611,49411,527

12,40913,02513,49913,70814,674

14,97915,35216,01016,78617,701

18,78820,23621, 23622, 58824,096

25,89728,54326,321

31,07839,30641,13643,94841,612

45,06950,64251,87150,07052,707

53,81454,93958,21360,04363,386

68,22177,96584, 65590,87597, 074

24,629 101,64525,969 102,44528, 573 107,71932,674 120, 87039,111 150,059

13,06114,66213,060

15,53920,99123,73125,87823,710

26,40530,44731,72830,09531,839

32,36032,50934,60535,81338,436

42,22749, 81854,93159,11263, 371

66,76866,05070,21879, 44197,630

12,83613,88113,261

15,539

8,9667,894

9,19410,41710,6089,84710, 585

10,28610,24210,79811,00111,927

13,29915, 50116, 44517,41818,66819,00019,27020, 01024, 42332,758

10,7209,721

10,75612,31712,83712,29412,952

12,78013,21114,20514,99716,253

18,15221,97825,01727,60529,175

30, 39329,14232,0743G, 07841,731

6,2066,040

6,3487,5658,1257,7498,143

9,1909,0569,6029,81510,256

10,77612,33913, 46914, 08915,528

17, 37517,63818,13418. 94023; 141

18,31517,40518,07017,902

18,66420,19520,14319,97520,868

21,45422,43023,60824,23024,950

25,99428,14729,72431,76333,703

34,87736, 39537, 50141,42952,429

8,3178,167

8,5568,9718,7758,6719,089

9,1139,4649,841

10,00310,185

10,48811,22011,74612, 29912, 823

13,13013,57813, 86515,81820,698

2,4722,440

2,5712,7212,8642,8002,928

2,9353,1933,3043,4103,519

3,8234,2374,4344,8495,152

5,2785,6475,9686,5978,228

7,4097,415

7,6668,6228,6248,4988,857

9,3539,77310,46310,81711,246

11,68312,69013, 54414, 61515,728

16, 46917f17017,66819,01423,503

Seasonally adjusted

67,63968,49669,16669,62770,37670,639

72, 25772,29072,14674, 58176,17874,617

76, 38976,97878,19779,05081,11781,166

84,01985, 76085,93788,09386,15280, 009

37,01137, 37337,51137, 81038,37638, 280

39, 78838,90239, 24840, 87941, 05539,465

39, 99440,07340,63541,23242, 53842,785

44,12244,82545,01646,54844,75240,778

30,628 .31,123 109,31,65531,81732,00032,359

108,187109,082110,174110,577111,625113,025

32,46933, 38832,89833,70235,12335,152

36, 39536, 90537, 56237,81838, 57938,381

39,89740, 93540,92141,54541, 40039,231

113,910114,907116,114117,224118,435120, 870

122, 570124, 831126, 500128, 438130, 936133, 541

136, 731139, 727142,975145,062147,135150,059

70,59071,13671,87372,21372,86773, 801

74, 27875,21376, 24976,95177, 64579,441

80, 54181, 92583,01484,10885,71587,366

89,28691,00493,18494,68095, 78797,630

20,25220,46320,65920,88721,19821,424

21,72122,08022,62123,06423,44424,423

24, 92325, 49426, 33526, 91327, 73928,471

29,43930, 41631,10231,84632,16432,758

32,28632, 55933,00533,11433,31833,735

33,94434,46134,74235,08235, 51936, 078

36, 28536, 94237, 26437, 72138,33538,870

39, 34139, 91340, 48840, 84841,12141,731

18,05218,11418,20918,21218,35118,642

18,61318,67218, 88618,80518, 68218, 940

19, 33319,48919,41519,47419,64120,025

20, 50620, 67521,59421, 98622,50223,141

37,59737,94638,30138, 36438,75839,224

39,63239,69439, 86540,27340, 79041, 429

42,02942, 90643, 48644,33045, 22146,175

47, 44548, 72349, 79150,38251, 34852,429

13,96514.19414,26114, 38314,51014, 857

15.19515, 35815, 39515,61315, 70415,818

16, 33516,75117, 06217, 53518, 04618, 506

19,11119, 62320, 22620,27320, 35320,698

5,9605,9996,0616,1106,1516,170

6,1966,2706,3206,3476,4426,597

6,5686,7546,7326,9227,0567,307

7,5037,6817,7487,8237,9178,228

17,67217, 75317,98017,87118,09718,197

18, 24118,06618,15018,31318,64419,014

19,12619, 40119, 69219,87320,11920,362

20,83121,41921,81722, 28623,07823, 503

1 Monthly average for year and total for month.2 Book value, seasonally adjusted, end of period, except as noted.3 Data prior to 1961 not completely comparable with later data. See Department of Commerce, Bureau of the Census,

"Series M3-1.1," September 1968.


298


TABLE C-43.—Manufacturers' new and unfilled orders, 1947-74

{Amounts in millions of dollars]

Year or month

New orders t

Total

Durable goodsindustries

Total

Capitalgoodsindus-tries,non-

defense

Non-dura-

blegoodsindus-tries

Unfilled orders 2

Total

Dura-ble

goodsindus-tries

Non-dura-

blegoodsindus-tries

Unfilled orders-shipments ratio 3

Total

Dura-ble

goodsindus-tries

Non-dura-ble

goodsindus-tries

194719481949

19501951195219531954

19551956195719581959

I9601961196219631964

19651966.196719681969

19701971197219731974

1973: Jan.Feb.Mar.Apr.May.JuneJuly.Aug.SeptOct.Nov.Dec

1974: Jan.Feb.Mar.Apr.May.June

July.Aug.SeptOct..NovDec

15,25617,69315,614

20,11023,90723,20423,58622,335

27,46528,36827, 55926, 90330,672

30,11531,08633,00535,32237,952

41, 80345, 94446,76350, 24353, 646

52,11855, 72662, 92273, 83683,330

6,3888,1266,633

10,16512,84112,06112,14710, 768

14,99615, 36514,11113,17115, 948

15, 22315,69917,02518,52120,258

22,98625, 72025, 52627, 66629, 549

27,48629, 74534, 27441,09844,291

6,9717,694

7,0557,3248,487

10,31011,465

8,8689,5668,981

9,94511,06611,14311, 43911,566

12, 46913, 00313,44813,73314, 724

14,89315,38715,98016,80117,694

18,81720, 22421, 23822, 57724,097

24, 63225, 98128, 64832, 73839, 038

34,47330,73624,045

41,45667,26675,85761,17848,266

60,00467,37553,18348,88254,494

46,13348,39547,30750.94058, 506

68,14681,02984,99484,14685,265

76,27273, 92884, 948

114,694133,796

28,57926,61919,622

35,43563, 39472,68058,63745,250

56,24163,88050,35245,73950,654

43,40145,24144,48547,95855,623

64,92077,96481,90481, 20982,313

73,28670, 79880,914109,862129,825

5,8944,1174,423

6,0213,8723,1772,5413,016

3,7633,4952,8313,1433,840

2,7323,1542,8222,9822,883

3,2263,0653,0902,9372,952

2,9863,1304,0344.8323,971

3.42

3.633.873.352.602.85

2.582.522.462.402.49

2.622.932.812.712.59

2.412.172.192.642.97

Seasonally adjusted

4.12

4.274.554.003.493.44

3.213.012.952.892.99

3.123.513.383.273.13

2.922.622.613.143.59

69,16470, 27472,18472, 59973, 60074, 291

74, 28875, 40774, 02477, 02578, 60176, 292

78,13979,12779, 54782,05985, 26485,176

87, 51790, 39387,14786,36984,28276,935

33,36639,01740, 39940,61541, 51441, 946

41, 84041, 98341,15443, 30443, 47541,027

41,51542, 26741, 97444,12446, 73046, 848

47, 70949,46346, 40245,08443,18237,946

9,5679,44910,0359,94510, 04410,564

10,57110, 28310, 38910, 92811,16010, 943

11,00311,41511,30011,92511, 80412,011

12, 80011,80511,83211,38310,62310,108

30, 79831,25731,78531, 98432,08632, 345

32, 44833, 42432, 87033,72135,12635,265

36, 62436, 86037, 57337,93538, 53438, 328

39, 80840, 93040,74541, 28541,10038,989

86, 47388, 25191, 26994, 23997,460101,120

103,145106, 268108,144110, 586113,015114,694

116,445118,599119,955122, 961127,114131,129

134,623139, 256140,467138, 738136,869133,796

82,26983, 91386, 80189, 60492, 74096, 412

98, 459101,545103, 450105, 874108, 297109,862

111,384113,584114,927117,817122,016126,082

129,667134,305135,695134,224132,656129,825

4,2044,3384,4684,6354,7204,708

4,6864,7234,6944,7124,7184,832

5,0615,0155,0285,1445,0985,047

4,9564,9514,7724,5144,2133,971

2.192.202.252.302.342.43

2.442.532.572.532.552.64

2.632.642.642.682.692.76

2.812.872.872.762.812.97

2.592.612.672.732.792.89

2.893.013.063.003.043.14

3.133.163.153.213.223.30

3.383.443.453.303.383.59

0.96

1.121.04.85.55

.63

.72

.65

.63

.57

.60

.56

.52

.47

.45

.45

.44

.52

.57

.45

0.53.54.55.57.57.57

.57

.57

.60

.56

.54

.57

.57

.56

.57

.56

.54

.54

.52

.52

.50

.47.44.45

1 Monthly average for year and total for month.3 Seasonally adjusted, end of period.3 Ratio of unfilled orders at end of period to shipments for period; excludes industries with no unfilled orders. Annual

figures relate to seasonally adjusted data for December, except as noted.* Data prior to 1961 not completely comparable with later data. Comparable data for new orders (total, durable, and

nondurable) are available for 1958, 1959, and 1960 only. See Department of Commerce, Bureau of the Census, "SeriesM 3 - 1 . 1 , " September 1968, for these data.


299


PRICES

T A B L E C—44.—Consumer price indexes by expenditure classes, 1929—74

For urban wage earners and clerical workers

11967=1001

Year or month

1929

1933

1939

1940 . . .194119421943194419451946194719481949

195019511952195319541955195619571958 . . . .1959

I960196119621963196419651966196719681969

19701971 .19721973 . . .1974

1973- JanFeb... .MarAprMayJune


1974: Jan.FebMarAprMayJune

JulyAug .SeptOctNovDec

Allitems

51.3

38.8

41.6

42.044.148.851.852.753.958.566.972.171.4

72.177.879.580.180.580.281.484 386.687.3

88.789.690.691.792.994.597.2

100.0104.2109.8

116.3121 3125.3133.1147.7

127 7128.6129.8130.7131.5132.4

132 7135.1135.5136 6137.6138.5

139.7141.5143.1143.9145.5146.9

148.0149.9151.7153.0154.3155.4

Food

48.3

30.6

34.6

35.238.445.150.349.650.758.170.676.673,5

74 582.884.383.082.881.682.284 988.587.1

88.089. i89.991.292.494.499.1

100.0103.6108.9

114.9118.4123.5141.4161.7

128 6131.1134 5136.5137.9139.8

140 9149.4148.3148.4150.0151.3

153.7157.6159.1158.6159.7160.3

160.5162.8165.0166.1167.8169.7

Housing

Total

52.2

52.453.756.256.858.159.160.665.269.870.9

72.877.278.780.881.782.383.686.287.788.6

90.290.991.792.793.894.997.2

100.0104.2110.8

118.9124.3129.2135.0150.6

131.5132.0132.4132.8133.3133.9

134.2135.2136.6138.1139.4140.6

142.2143.4144.9146.0147.6149.2

150.9152.8154.9156.7158.3159.9

Rent

76.0

54.1

56.0

56.257.258.558.558.658.859.261.165.168.0

70.473.276.280.383.284.385.987 589.190.4

91.792.994.095.095.996.998.2

100.0102.4105.7

110.1115.2119.2124.3130.2

121 8122.3122 8123.2123.7124.0

124 4125.0125.4125.9126.3126.9

127.3128.0128.4128.8129.3129.8

130.3130.9131.4132.2132.8133.5

Appareland

upkeep

48.5

36.9

42.4

42.844.852.354.658.561.567.578.283.380.1

79.086.185.384.684.584.185.887.387.588.2

89.690.490.991.992.793.796.1

100.0105.4111.5

116.1119.8122.3126.8136.2

123 0123.6124 8125.8126.7126.8

125.8126.5128.3129.6130.5130.5

128.8130.4132.2133.6135.0135.7

135.3138.1139.9141.1142.4141.9

Trans-porta-tion

43.0

42.744.248.147.947.947.850.355.561.866.4

68.272.577.379.578.377.478.883 386.089.6

89.690.692.593.094.395.997.2

100.0103.2107.2

112.7118.6119.9123.8137.7

121 0121.1121 5122.6123.5124 6

124 8124.5123.9125 0125.8126.7

128.1129.3132.0133.7136.3138 8

140.6141.3142.2142.9143.4143.5

Medicalcare

36.7

36.837.038.039.941.142.144.448.151.152.7

53.756.359.361.463.464.867.269 973.276.4

79.181.483.585.687.389.593.4

100.0106.1113.4

120.6128.4132.5137.7150.5

134 9135.3135.8136.2136.6137.0

137.3137.6138.3140.6140.9141.4

142.2143.4144.8145.6147.2149.4

151.4153.7155.2156.3157.5159.0

Personalcare

40.3

40.241.245.249.953.455.159.066.068.568.3

68.374.775.676.376.677.981.184 186.988.7

90.190.692.293.494.595.297.1

100.0104.2109.3

113.2116.8119.8125.2137.3

121 8122.4123 1123.8124.4124.9

125 3125.7126.3127.3128.1129.2

129.8130.8131.8133.1134.9136.5

137.8139.3141.2143.0144.2145.3

Readingand

recrea-tion

45.3

46. T47.750.054.160.062.464.568.772.274.9

74.476.676.977.776.976.777.880.783.985.3

87.389.391.392.895.095.997.5

100.0104.7108.7

113.4119.3122.8125.9133.8

124.1124.3124.5125.2125.6125.9

126.2126.1126.8127.2127.5127.6

128.3128.9129.5130.4132.0133.5

134.6135.2137.0137.8138.8139.8

Othergoodsand

services

46.9

48.349.250.753.354.756.958.863.866.868.7

69.972.876.678.579.879.881.083 384.486.1

87.888.589.190.692.094.297.2

100.0104.6109.1

116.0120.9125.5129.0137.2

126.7127.1127.6128.2128.5129.0

129.5129.4129.9130.3130.8131.3

131.8132.3132.8133.6134.4135.8

137.7139.4140.4141.4142.7143.9


300


TABLE O-45.—Consumer price indexes by commodity and service groups, 1939-74


[1967=1001

Year ormonth

1939

194019411942 .1943194419451946194719481949

19501951195219531954 . .195519561957 . .19581959

1960196119621963196419651966196719681969

19701971 . .197219731974



1974: JanFebMarApr. . . . .MayJune

JulyAugSepOctNovD e c . . .

Allitems

41.6

42.044.148.851.852.753.958.566.972.171.4

72.177.879.580.180.580.281.484.386.687.3

88.789.690.691.792.994.597.2

100.0104.2109.8

116.3121.3125.3133.1147.7

127.7128.6129.8130.7131.5132.4

132.7135.1135.5136.6137.6138.5

139.7141.5143.1143.9145.5146.9

148.0149.9151.7153.0154.3155.4

Commodities

Allcom-modi-ties

40.2

40.643.349.654.054.756.362.475.080.478.3

78.885.987.086.785.985 185.988.690.690.7

91.592.092.893.694.695.798.2

100.0103.7108.4

113.5117.4120.9129.9145.5

123.4124.5126.1127.4128.3129.4

129.7132.8132.8133.5134.7135.7

137.0139.3141.0141.8143.4144.8

145.6147.6149.4150.7152.0153.0

Food

34.6

35.238.445.150.349.650.758.170.676.673.5

74.582.884.383.082.881.682.284.988.587.1

88.089.189.991.292.494.499.1

100.0103.6108.9

114.9118.4123.5141.4161.7

128.6131.1134.5136.5137.9139.8

140.9149.4148.3148.4150.0151.3

153.7157.6159.1158.6159.7160.3

160.5162.8165.0166.1167.8169.7

Commodities less food

All

47.7

48.050.456.058.461.664.168.176.882.781.5

81.487.588.388.587.586 987.890.591.592.7

93.193.494.194.895.696.297.5

100.0103.7108.1

112.5116.8119.4123.5136.6

120.5120.9121.5122.3123.0123.7

123.5123.8124.3125.4126.3127.1

127.9129.2131.1132.6134.5136.2

137.5139.3140.9142.2143.3143.9

Dura-ble

48.5

48.151.458.460.365.970.974.180.386.287.4

88.495.196.495.793.391 591.594.495 997.3

96 796.697.697 998.898.498.5

100.0103.1107.0

111.8116.5118.9121.9130.6

119.9119.9120.2121.0121.8122.3

122.4122.6122.6123.2123.3123.2

123.3123.4124.3125.6127.5129.7

131.5133.2134.8136.8138.0138.8

Non-dura-

ble

44.3

44.746.751.653.856.658.662.972.277.876.3

76.282.082.483.183.583.585.387.688.289.3

90.791.291.892.793.594.897.0

100.0104.1108.8

113.1117.0119.8124.8140.9

120.9121.6122.4123.3124.0124.7

124.4124.7125.5127.0128.5130.0

131.3133.5136.1137.7139.5141.0

141.8143.7145.3146.1147.2147.7

Services

Allervices

43.5

43.644.245.646.447.548.249.151.154.356.9

58.761.864.567.369.570 972.775.678.580.8

83.585.286.888.590.292.295.8

100.0105.2112.5

121.6128.4133.3139.1152.0

135.7136.2136.6137.1137.6138.1

138.4139.3140.6142.2143.0143.8

144.8145.8147.0147.9149.4150.9

152.5154.2155.9157.3158.6160.0

Rent

56.0

56.257.258.558.558.658.859.261.165.168.0

70.473.276.280.383.284 385.987.589.190.4

91.792.994.095.095.996.998.2

100.0102.4105.7

110.1115.2119.2124.3130.2

121.8122.3122.8123.2123.7124.0

124.4125.0125.4125.9126.3126.9

127.3128.0128.4128.8129.3129.8

130.3130.9131.4132.2132.8133.5

Serv-iceslessrent

38.1

38.138.640.342.144.245.146.749.051.954.5

56.059.362.264.866.768 270.173.376 479.0

81.983.985.587.389.291.595.3

100.0105.7113.8

123.7130.8135.9141.8156.0

138.3138.7139.2139.6140.1140.7

141.0141.9143.4145.2146.1146.9

148.0149.1150.4151.4153.1154.7

156.6158.4160.3161.9163.3164.8

Special indexes

Allitemslessfood

47.2

47.348.752.153.655.756.959.464.969.670.3

71.175.777.579.079.579.781.183.885.787.3

88.889.790.892.093.294.596.7

100.0104.4110.1

116.7122.1125.8130.7143.6

127.5127.9128.4129.1129.7130.3

130.4130.9131.8133.1134.0134.8

135.6136.8138.4139.6141.3142.9

144.4146.1147.8149.1150.4151.3

Allitemsless

shel-ter

39.7

39.942.447.751.352.253.659.068.573.972.6

73.179.280.881.081.080 681.784.486.987.6

88.989.990.992.193.294.697.4

100.0104.1109.0

114.4119.3122.9131.1146.1

125.3126.4127.8128.9129.7130.6

131.0133.5133.6134.5135.6136.5

137.8139.8141.5142.3144.0145.4

146.4148.3150.0151.2152.5153.5

Non-dura-ble

com-mod-ities

38.4

38.941.647.651.852.253.759.671.977.274.9

75.482.583.483.283.282.583.786.388.688.2

89.490.290.992.093.094.698.1

100.0103.9108.9

114.0117.7121.7132.8151.0

124.7126.2128.3129.7130.7132.0

132.4136.6136.5137.4138.9140.3

142.1145.2147.2147.8149.3150.4

150.9153.0154.8155.8157.2158.3


301


TABLE C-46.—Consumer price indexes, selected commodities and services, 1939-74

For urban wage earners and clerical workers[1967=100]

Year or month

1939

1940194119421943 .194419451946194719481949

1950195119521953195419551956 .195719581959

19601961 .19621963.19641965 . .1966 .196719681969

197019711972.. .19731974 . ,





Durable commodities

Total i

48.5

48.151.458.460.365.970.974.180 386 287.4

88.495.196.495.793.391.591.594.495.997.3

96.796.697.697.998.898.498.5

100.0103.1107.0

111.8116.5118.9121.9130.6

119.9119.9120.2121.0121.8122.3

122.4122.6122.6123.2123.3123.2

123.3123.4124.3125.6127.5129.7

131.5133.2134.8136.8138.0138.8

Newcars

43.2

43.346.6

69.275.682.8

83.487.494.995.894.390.993.598.4

101.5105.9

104.5104.5104.1103.5103.2100.999.1

100.0102.8104.4

107.6112.0111.0111.1117.5

111.1111.0110.8111.1111.1111.0

110.9110.6109.1111.9112.2112.0

112.9112.7112.8113.3114.6116.4

118.0118.1118.4123.7124.5124.9

Usedcars

89.275.971.869.177.480.289.5

83.686.994.896.0

100.199.497.0

100.0(s)

103.1

104.3110.2110.5117.6122.6

112.8112.4113.7117.3120.6122.3

122.7121.3120.3118.5116.1112.6

107.0103.0102.2107.0114.4122.2

127.9132.0135.9139.4141.6138.4

House-hold

dura-bles

56.6

55.959.866.969.576.081.886.595.6

101.799.0

100.2109.8106.9105.7102.9100.199.7

101.4102.1102.0

101.9100.7100.6100.3100.298.798.6

100.0103.3107.4

110.2112.9115.0118.8128.9

116.1116.3116.9117.7118.5119.2

119.4119.6120.1120.4120.8121.0

121.8122.5123.7125.1126.5128.2

129.5131.5133.0134.1135.4136.0

Nondurable commod-ities less food

Total

44.3

44.746.751.653.856.658.662.972 277 876.3

76.282.082.483.183.583 585.387.688.289.3

90.791.291.892.793.594.897.0

100.0104.1108.8

113.1117.0119.8124.8140.9

120.9121.6122.4123.3124.0124.7

124.4124.7125.5127 0128.5130.0

131.3133.5136.1137.7139.5141.0

141.8143.7145.3146.1147.2147.7

Ap-parelcom-mod-ities

43.0

43.545.853.555.959.863.069.580 485 482.0

81.188.787.786.786.385 887.388.288.289.0

90.390.891.292.092.893.696.0

100.0105.6111.9

116.5120.1122.7127.1136.1

123.1123.8125.2126.2127.2127.2

126.0126.6128.7130 0130.8130.7

128.6130.3132.1133.6135.0135.6

135.0138.0139.8141.0142.3141.6

Non-dura-bleslessfoodand

apparel

46.3

46.848.451.153.254.755.858.266 272 372 4

72.977.579 081.081.882 184.187.488.389.6

90.991.392.193.193.995.597.5

100.0103.3107.0

111.2115.2118.2123.4143 8

119.7120.4120.8121.7122.2123.3

123.5123.6123.8125 3127.3129.6

132.9135.5138.5140.1142.2144.3

145.9147.2148.6149.2150.2151.3

Services less rent

Total

38.1

38.138.640.342.144.245.146.749.051.954.5

56.059.362.264.866.768.270.173.376.479.0

81.983.985.587.389.291.595.3

100.0105.7113.8

123.7130.8135.9141.8156.0

138.3138.7139.2139.6140.1140.7

141.0141.9143.4145.2146.1146.9

143.0149.1150.4151.4153.1154.7

156.6158.4160.3161.9163.3164.8

House-holdserv-iceslessrent

71.275.479.481.6

85.086.087.189.090.492.195.7

100.0105.9115.3

126.8132.6139.2146.8166.0

142.3142.8143.2143.6144.2144.9

145.3146.8149.3151.7153.2154.3

155.8157.1158.8160.1162.1164.0

166.5169.0171.5173.8175.7177.5

Trans-porta-tionserv-ices

36.1

36.136.338.238.238.238.239.040 344.950.0

53.358.362.466.469.269.470.573.878.581.2

83.385.386.687.589.692.996.8

100.0104.0111.3

123.1133.0136.0136.9141.9

136.0136.1136.3136.5136.6137.0

137.0137.1137.2137.4137.4138.1

138.8139.1139.6140.1140.5141.5

142.3142.7143.4144.0144.9146.0

Med-icalcareserv-ices

32.5

32.532.733.735.436.937.940.143 546.448.1

49.251.755.057.058,760.462.865.568.772.0

74.977.780.282.684.687.392.0

100.0107.3116.0

124.2133.3138.2144.3159.1

141.0141.5142.2142.7143.1143.6

143.9144.3145.1147.8148.2148.7

149.7151.1152.7153.6155.4158,0

160.2162.8164.5165.6167.0168.5

Other *

71.173.976.278.0

80.883.485.687.790.192.696.2

100.0105.6110.6

116.7122.5125.8131.6141.7

128.1128.6129.2129.9130.6131.3

131.7132.1133. 3134.0134.8135.3

135.9136.8137.6138.4140.2141.1

142.1143.0144.7145.5146.7147.7

1 Includes certain items not shown separately.2 Includes the services components of apparel, personal care, reading and recreation, and other goods and services,s Not available.Source: Department of Labor, Bureau of Labor Statistics.

302


T A B L E C—47.—Consumer price indexes, seasonally adjusted, 1971—74


[1967=100, seasonally adjusted!

Special indexes

Year and month

!

Allitemslessfood

Allitemsless

shelter

Allitemsless

med-ical

Commodity groups

Allcom-mod-ities

Food

Commodities lessfood

Total Dur-able

Non-dur-able

Selected expenditure classes

Shel-ter

Fuelandutili-ties

Ap-parelandup-

keep

Trans-por-

tation

Med-ical

1971: Jan.Feb.Mar.Apr.May.June


1972: Jan..Feb.Mar.Apr.May.June.


1973: Jan..Feb.Mar.Apr..May.June.


1974: Jan..Feb..Mar.Apr.May.June

July.Aug.Sept.Oct..Nov.Dec

120.4120.6120.7120.9121.6122.1

122.5122.9123.2123.3123.5123.7

124.1124.4124.6124.9125.3125.6

126.0126.4126. 7126.8127.1127.3

127.6128.2128.5129.1129.6130.2

130.5131.2131.9132.8133.7134.5

135.7137.138.5139.6141.2142.8

144.5146.4147.9148.8150.1151.0

117.2117.6118.0118.5119.1119.6

119.9120.2120.2120.3120.5121.0

121.3121.7121.8121.9122.3122.5

123.0123.2123.8124.2124.7124.9

125.7126.5127.8128.8129.4130.3

130.9133.5133.6134.5135.7136.6

138.2139.9141.5142.2143.7145.1

146.3148.3150.0151.2152.7153.7

119.1119.3119.5119.8120.4121.0

121.3121.5121.7122.0122.2122.7

123.0123.6123.7123.9124.2124.5

125.0125.2125.9126.2126.6126.9

127.6128.3129.6130.5131.2132.1

132.2134.9135.4136.4137.5138.4

140.0141.6143.2143.9145.3146.7

147.6149.6151.5152.8154.2155.3

115.7115.8116.2116.6117.1117.7

117.9118.1118.1118.4118.5118.9

119.2119.8119.8119.9120.2120.5

121.0121.3122.0122.3122.7122.9

123.9124.9126.2127.4128.2129.1

129.3132.7132.7133.5134.7135.7

137.6139.7141.1141.8143.3144.5

145.2147.5149.3150.7152.0153.0

116.0116.1116.9117.7118.2118.8

119.0119.2118.9119.4120.0120.

120.122.4122.3122.2122.3122.6

123.2123.7124.6125.5126.4126.5

129.2131.4134.2136.1137.8139.5

139.9148.4148.0149.1151.2151.9

154.5157.9158.8158.1159.5160.0

159.4161.7164.7166.9169.2170.4

115.5115.5115.7115.9116.5116.7

117.1117.3117.5117.6117.6117.7

118.1118.3118.6118.6119.0119.0

119.5119.9120.4120.4120.5120.7

120.9121.4121.9122.4122.8123.3

123.6124.0124.4125.0125.9126.7

128.3129.7131.5132.7134.2135.8

137.6139.6141.0141.8142.9143.5

115.3115.5115.8115.9116.5116.9

117.1116.9116.8116.9116.9117.1

117.4117.7117.9118.1118.3118.6

119.2119.6120.2119.9119.9120.2

120.1120.5120.8121.4121.7121.7

121.9122.5122.8123.0122.9123.1

123.5124.0124.9126.0127.4129.1

131.0133.1135.1136.5137.6138.7

115.8115.7115.8116.0116.5116.8

117.1117.8118.0118.2118.1118.4

118.6118.8119.1119.1119.6119.4

119.8120.0120.4120.8121.1121.3

121.4122.0122.6123.3123.8124.6

124.9125.3125.1126.5127.9129.5

131.8133.9136.4137.7139.2140.9

142.4144.4144.9145.5146.5147.1

128.0127.4126.8126.6127.6128.6

128.8129.4129.9130.3131.0131.3

132.4132.7132.9133.2133.9134.4

135.1135.5135.6135.7135.9136.5

136.9137.5137.8138.4139.1139.7

139.8141.1142.8144.4145.2146.0

147.3148.4149.5150.5151.8153.1

154.6156.1157.9159.6160.7162.5

112.0112.8113.3113.8114.3114.8

115.7116.1116.3116.6116.5117.6

118.3118.6118.8119.1119.6120.0

120.2120.3120.9121.2121.7121.9

122.7123.6124.0124.6125.1125.9

126.0126.6127.3129.2132.2136.0

140.7142.9144.2146.3148.3149.7

151.2152.9154.6156.0157.3158.6

118.4118.8118.8119.1119.7120.0

120.3120.2120.4120.6120.7120.8

121.2121.4121.5121.8122.0122.0

122.1122.0122.9123.3123.6124.0

124.0124.3125.1125.8126.2126.7

126.9127.9128.0128.6129.1129.5

129.8131.2132.5133.6134.5135.6

136.5139.6139.6140.0140.9140.8

117.3117.9118.2118.2118.6119.0

119.0119.3119.6119.2118.7118.4

118.7118.7118.9118.7119.1119.2

119.7120.5122.0121.1121.4121.2

120.8121.5122.0122.7123.1124.0

124.3124.4124.9125.0125.8126.6

127.8129.7132.5133.8135.9138.1

140.0141.2143.3142.9143.4143.4

125.2125.9126.7127.2128.0128.5

129.2129.9130.3129.9130.0130.4

130.8131.1131.3131.4131.9132.3

132.6132.8133.0134.2134.4134.7

135.2135.4135.7135.9136.5136.9

137.2137.5138.3140.9141.2141. 7

142.5143.5144.7145.3147.1149.3

151.2153.5155.2156.6157.8159.3



TABLE C-48.—Percent changes in consumer price indexes, major groups, 1948-74

[Percent change]

Year or month

19481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

1973: JanFeb . . .MarAprMay..June


1974: Jan . .FebMarAprMayJune

JulyAugSept.. . .OctNov. .Dec

All items

Dec.to

Dec. 2

2.7- 1 . 8

5.85.9.9.6

.42.93.01.81.5

1.5.7

1.21.61.2

1.93.43.04.76.1

5.53.43.48.8

12.2

Yearto

year

7.8- 1 . 0

1.07.92.2.8.5

- . 41.53.62.7.8

1.61.01.11.21.3

1.72.92.94.25.4

5.94.33.36.2

11.0

Food

Dec.to

Dec. 2

- 0 . 8- 3 . 7

9.67.4

- 1 . 1- 1 . 3- 1 . 6

- . 93.12.82.2

- . 8

3.1- . 91.51.91.4

3.43.91.24.37.2

2.24.34.7

20.112.2

Yearto

year

8.5- 4 . 0

1.411.11.8

- 1 . 5- . 2

- 1 . 4

3.34.2

- 1 . 6

1.01.3.9

1.41.3

2.25.0.9

3.65.1

5.53.04.3

14.514.4

Commodities lessfood

Dec.to

Dec. 2

5.3- 4 . 8

- 5 . 74.6

- . 5

- 1 . 4

.02.52.2.8

1.5

- . 3.6

1.2.4

.71.93.13.74.5

4.82.32.55.0

13.2

Yearto

year

7.7- 1 . 5

- . 17.5.9.2

- 1 . 1

- . 71.03.11.11.3

.4

.3

.7

.8

.61.42.63.74.2

4.13.82.23.4

10.6

Services^

Dec.to

Dec.

6.13.6

3.65.24.64.21.9

2.33.14.52.73.7

2.71.91.72.31.8

2.64.94.06.17.4

8.24.13.66.2

11.3

Yearto

year

6.34.8

3.25.34.44.33.3

2.02.54.03.82.9

3.32.01.92.01.9

2.23.94.45.26.9

8.15.63.84.49.3

Change from preceding month

Un-adjusted

0.3.7.9.7.6

.21.8.3.8

'.7

.91.31.1,6

1.11.0

.71.31.2.9.8

Seasonallyadjusted

0.5.6.9.6.6.6

.21.9.4.8o

oco

—

1.21.1

.5

.9

.71.31.3.9.9.7

Un-adjusted

2.11.92.61.51.01.4

.86.0

- . 7.1

1.1.9

1.62.51.0

- . 3

'A

.11.41.4.7

1.01.1

Seasonallyadjusted

2.11.72.11.41.21.2

.36.1

- . 3.7

1.4.5

1.72.2.6

- . 4.9.3

- . 41.41.91.31.4.7

Un-adjusted

- 0 . 5.3.5.7.fiCD

C

MC

M«<*

.9

.7

.6

.61.01.51.11.41.3

1.01.31.1.9.8.4

Seasonallyadjusted

0.2.4.4.4.3.4

.2

.3

.3

.5

1.31.11.4.9

1.11.2

1.31.51.0.6.8.4

Un-adjusted

0.2.4.3.4.4.4

.2

1.1.6.6

.7

.7

.8

.61.01.0

1.1LI1.1.9.8.9

1 Percent changes for services are based on unadjusted indexes since these prices have little seasonal movement.2 Changes from December to December based on unadjusted indexes.Note.—The seasonally adjusted changes for the all items index are based on seasonal adjustment factors and seasonally

adjusted indexes to two decimal places.


304


TABLE C-49.—Wholesale price indexes by major commodity groups, 1929-74

[1967 = 100]

Year or month All com-modities

Farm products and processedfoods and feeds

Total Farmproducts

Proc-essedfoodsand

feeds

Industrial commodities

TotalTextile

productsand

apparel

Hides,skins,

leather,and

relatedproducts

Fuelsand

relatedproducts,

andpower *

Chemicalsand alliedproducts1

1929..

1933..

1939

1940. . . .1941. . . .1942. . . .1943. . . .1944. . . .1945.. . .1946.. . .1947.. . .1948.. . .1949.. . .

1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..

I960..1961..1962..1963..1964..1965..1966 _.1967..1968..1969..

1970..1971..1972..1973..1974..

1973: Jan. . .Feb...Mar . .Apr...May..June..

July..Aug. .Sept..Oct...Nov..Dec...

1974: Jan.. .Feb...Mar . .Apr...May..June..

July..Aug. .SepL.Oct...Nov..D e c .

49.1

34.0

39.8

40.5

64.1

31.4

45.150.953.353.654.6

40.0

41.450.364.

62.376.582.878.7

81.891.188.687.487.687.890.793.394.694.8

94.994.594.894.594.796.699.8

100.0102.5106.5

110.4113.9119.1134.7160.1

124.5126.9129.8130.5133.2136.0

134.3142.1139.7138.7139.2141.8

146.6149.5151.4152.7155.0155.7

161.7167.4167.2170.2171.9171.5

94.3101.589.6

93.9106.9102.796.095.791.290.693.798.193.5

93.793.794.793.893.297.1

103.5100.0102.4108.0

111.7113.8122.4159.1177.4

137.0142.4149.0147.9154.9163.6

156.9184.5173.5166.8164.4168.0

177.8180.6176.2169.6167.4161.7

172.7183.4179.1185.1189.0186.5

75.075.578.590.9

109.4117.5101.6

106.7124.2117.2106.2104.798.296.999.5

103.997.5

97.296.398.096.094.698.7

105.9100.0102.5109.1

111.0112.9125.0176.3187.7

144.2150.9160.9160.6170.4182.3

173.3213.3200.4188.4184.0187.2

202.6205.6197.0186.2180.8168.6

180.8189.2182.7187.5187.8183.7

82.988.780.6

83.492.791.687.488.985.084.987.491,889.4

89.591.091.992.592.395.5

101.2100.0102.2107.3

112.1114.3120.8148.1170.9

132.4137.0141.4139.8145.0151.8

146.5166.2156.3153.1151.9155.7

162.1164.7163.0159.1158.9157.4

167.6179.7176.8183.5189.7188.2

48.6

37.8

43.3

44.047.350.751.552.353.058.070.876.975.3

78.086.184.184.885.086.990.893.393.695.3

95.394.894.894.795.296.498.5

100.0102.5106.0

110.0114.0117.9125.9153.8

120.0121.3122.8124.2125.3126.0

126.1126.7127.4128.5130.1132.2

135.3138.2142.4146.6150.5153.6

157.8161.6162.9164.8165.8166.1

103.6108.198.9

102.7114.6103.4100.898.698.798.798.897.098.4

99.597.798.698.599.299.8

100.1100.0103.7106.0

107.1108.6113.6123.8139.1

116.6117.4119.0120.8122.3123.7

124.2125.2126.8128.5130.0131.4

133.8135.2136.1137.5139.1141.7

142.1142.3142.1140.5139.8138.4

48.9

36.3

42.8

45.248.452.852.752.252.961.183.384.279.9

86.399.180.181.372.677.381.982.082.994.2

90.891.792.790.090.394.3

103.4100.0103.2108.9

110.3114.0131.3143.1145.1

143.9144.9143.5145.0142.2140.9

141.4143.0143.8143.8143.0141.9

142.6143.4143.4145.4146.3146.0

146.6146.2148.1145.2144.5143.2

59.4

47.6

52.3

51.454.656.257.859.560.164.476.990.586.2

87.190.390.192.691.391.294.099.195.395.3

96.197.296.796.393.795.597.8

100.098.9

100.9

106.2114.2118.6134.3208.3

122.2126.0127.4129.2131.1133.4

134.7135.2137.4139.3144.1151.5

162.5177.4189.0197.9204.3210.5

221.7226.0225.0228.5227.4229.0

47.4

51.5

52.457.063.364.164.865.270.593.795.987.6

88.9101.796.597.798.998.599.1

101.2102.0101.6

101.8100.799.197.998.399.099.4

100.099.899.9

102.2104.2104.2110.0146.8

105.1105.6106.7107.7109.3110.4

110.8111.0111.5112.7113.5115.6

118.2120.2127.3132.3137.0142.8

148.4158.5161.7168.5172.9174.0

See next page for continuation of table and for footnotes.

305


TABLE C-49.— Wholesale price indexes by major commodity groups, 1929-74—Continued

11967=1001

Industrial commodities—Continued

Year or month Rubberand

plasticproducts

Lumberand

woodproducts

Pulp,paper,

andallied

products

Metalsand

metalproducts

Machin-ery andequip-ment

Furni-ture andhouse-

holddurables

Nonme-tallic

mineralproducts

Trans-portation

equip-ment:Motor

vehiclesand

equip-ment2

Miscel-laneousproducts

1929..

1933..

1939..

1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..

1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..

I960..1961..1962..1963..1964..1965..1966.1967.1968..1969..

19701971197219731974

1973: Jan. . .Feb.. .Mar. . .Apr. . .May_.June..

July. .Aug.. .

IT;.Nov. . .Dec . . .

1974: Jan. . .Feb...Mar. .Apr...May..June..

July..Aug. .Sept..Oct...Nov..Dec .

59.4

40.2

61.2

57.161.571.673.672.770.570.870.572.870.5

85.9105.495.589.190.4

102.4103.8103.4103.3102.9

103.199.296.396.895.595.997.8

100.0103.4105.3

108.3109.2109.3112.4136.2

110.0110.1110.3110.6111.5112.6

112.9113.1112.8114.0114.8116.5

117.7119.8123.8129.4133.7135.6

139.5143.4145.6147.5148.5149.4

25.0

19.0

24.8

27.432.735.637.740.641.247.273.484.077.7

89.397.294.494.392.697.198.593.592.498.8

95.391.091.693.595.495.9

100.2100.0113.3125.3

113.6127.0144.3177.2183.6

151.0161.0173.2182.0186.9183.1

177.8178.8181.9180.3184.7186.1

183.7184.1191.3200.2198.0192.2

188.6183.7180.4169.4165.8165.4

40.2

72.575.772.4

74.388.085.785.585.587.893.695.496.497.3

98.195.296.395.695.496.298.8

100.0101.1104.0

108.2110.1113.4122.1151.7

115.8116.5118.3119.8120.7122.0

122.3123.3124.4125.8127.6128.7

131.8132.9137.2144.4146.6147.5

153.3162.9164.2166.0166.9167.2

30.7

37.6

37.838.539.139.039.039.644.354.962.563.0

66.373.873.976.376.982.189.291.090.492.3

92.491.991.291.393.896.498.8

100.0102.6108.5

116.6119.0123.5132.8171.9

125.6126.9129.2130.5131.7132.5

132.8133.7134.4135.9138.5141.8

145.0148.0154.7161.2168.7174.0

180.3185.6187.1186.9186.7184.6

41.3

41.442.142.842.442.142.246.453.758.261.0

63.170.570.672.273.475.781.887.689.491.3

92.091.992.092.292.893.996.8

100.0103.2106.5

111.4115.5117.9121.7139.4

118.9119.4120.0120.8121.5121.9

122.0122.3122.6123.1123.8124.6

126.0127.0129.0130.8134.1137.2

140.3144.3146.8150.0152.7154.0

55.8

44.6

52.6

53.857.261.861.463.163.267.177.081.682.9

84.791.890.191.992.993.395.898.399.199.3

99.098.497.797.097.496.998.0

100.0102.8104.9

107.5109.9111.4115.2127.9

112.6113.1113.5114.1115.1115.2

115.2115.9116.0116.6117.2117.5

119.0120.2121.3122.9124.5126.1

128.2129.8132.8135.5136.9137.7

51.2

47.2

49.1

49.150.252.352.453.555.759.366.371.673.5

75.480.180.183.385.187.591.394.895.897.0

97.297.697.697.197.397.598.4

100.0103.7107.7

112.9122.4126.1130.2153.2

128.2128.4129.0130.0130.5131.1

130.0130.0129.9130.9131.5132.6

138.7142.1144.2146.7150.7152.3

156.4157.6159.8162.2163.4164.3

41.9

34.8

39.1

40.443.247.247.247.548.356.064.170.875.7

75.379.484.083.683.886.391.295.198.1

100.3

98.698.697.898.398.598.6

100.0102.8104.8

108.7114.7118.0119.2129.2

118.2118.2118.6119.0119.1118.9

119.0119.0118.3120.0120.1121.4

122.9123.1123.2123.3124.9126.1

128.5130.1130.6138.1138.9140.7

1 Prices for most items in this grouping are lagged and refer to 1 or 2 months earlier than the index month.2 Index for total transportation equipment is not shown but is available beginning December 1968.Source: Department of Labor, Bureau of Labor Statistics.

306


TABLE C-50.—Wholesale price indexes by stage of processing, 1947-74

(1967=100]

Year or monthAll

com-modi-ties

Crude materials

Total

101.2110.996.0

104.6120.1110.3101.9101.0

97.197.699.8

102.099.4

97.096.597.595.494.5

99.3105.7100.0101.6108.4

112.2115.0127.6174.0196.1

143.3151.3159.0158.8167.7177.5

170.9207.5197.1185.7182.7186.4

201.3205.6200.6192.9186.5178.5

194.5203.5196.8200.3198.2193.9

Food-stuffsand

feed-stuffs

111.7120.8100.3

107.6124.5117.2104.9104.9

95.193.197.2

103.096.2

95.193.895.792.990.8

97.1105.9100.0101.3109.1

112.1114.2127.5180.0189.4

146.4156.0166.2164.2173.7185.4

177.7226.2205.2189.2184.2185.3

203.2207.2197.6182.6176.6164.6

184.9196.5187.4192.9190.9187.8

Non-food

mate-rials

exceptfuel

90.6100.791.6

104.7120.7104.6100.198.2

103.8107.6106.2102.2105.8

101.4102.5102.0100.7102.4

104.5106.7100.0102.1106.8

109.8110.5121.9161.5205.2

132.1138.1141.4144.6154.2161.8

155.9172.7184.7180.8180.8190.5

201.4206.8210.4214.1203.7202.3

210.0213.1206.1205.4200.7188.8

Fuel

Intermediate materials, supplies, and components i

Total

Materials and components formanufacturing

Total

Materials

Forfood

manu-factur-

ing

Fornon-urable

manu-factur-

ing

Fordurablemanu-factur-

ing

Com-Donents

Mate-rialsand

com-ponentsfor con-struc-tion

1947..1948..1949__

1950..1951..1952..1953..1954..

1955..1956..1957..1958..1959..

I960..1961..1962..1963..1964..

1965..1966..1967..1968..1969..

1970..1971..1972..1973..1974..

1973:Jan...Feb...M a r -Apr. . .May...June..

Ju ly . .Aug.. .Sept..Oct__.Nov...Dec...

1974:Jan...Feb...Mar...Apr. . .May...June..

July—Aug...Sept..Oct. . .NovDec...

76.582.878.7

81.891.188.687.487.6

87.890.793.394.694.8

94.994.594.894.594.7

96.699.8

100.0102.5106.5

110.4113.9119.1134.7160.1

124.5126.9129.8130.5133.2136.0

134.3142.1139.7138.7139.2141.8

146.6149.5151.4152.7155.0155.7

161.7167.4167.2170.2171.9171.5

66.678.778.3

77.979.479.982.779.0

78.884.489.290.391.9

92.892.692.193.292.8

93.596.3

100.0102.3106.4

122.3138.5148.7164.5219.4

155.5156.3156.9160.4161.6162.6

163.0164.4169.2169.9175.0179.5

182.4186.3190.3205.4207.4213.6

222.0228.4236.8244.3251.9263.7

72.478.375.2

78.688.185.586.086.5

88.192.094.194.395.6

95.695.094.995.295.5

96.899.2

100.0102.3105.9

109.8114.0118.7131.6162.9

123.1125.1127.4128.4131.3134.0

131.7135.8133.7134.3135.4138.5

142.0144.6149.1152.8157.6160.9

166.3174.0173.8176.8178.6178.4

72.177.874.5

78.188.584.886.286.3

88.492.694.895.296.5

96.595.394.794.995.9

97.499.3

100.0102.2105.8

110.0113.0117.0127.7162.2

119.7121.1123.5125.0126.5127.7

128.1130.6130.7131.7132.6135.4

138.9141.6146.8150.9156.6160.7

166.7172.7174.1176.6180.7179.8

94.096.983.3

86.796.692.993.092.2

89.389.791.393.490.0

91.194.092.096.695.2

97.6101.9100.0101.5107.0

112.9116.2119.9146.0209.2

126.9130.8136.0136.4138.1142.6

143.3163.5157.6158.7156.0162.6

173.5184.0186.4180.4187.0191.5

205.9221.2222.6234.5265.8257.3

95.2100.891.9

96.5111.7100.699.898.2

98.6100.1101.4100.4102.1

102.199.999.398.499.1

100.0100.8100.0101.3102.5

104.0105.6109.4121.2155.0

112.6113.6115.7117.8119.8121.7

122.5123.4124.9126.0127.0129.3

132.6135.0140.8146.4147.9154.1

159.8166.0166.6169.5171.170.7

54.461.463.1

66.774.174.377.679.3

83.388.591.492.094.2

94.393.092.993.094.8

96.898.6

100.0103.3109.3

115.1118.8123.8133.7171.7

125.9127.7130.9132.7134.0134.3

134.1134.5135.0135.9137.8141.7

144.7146.5154.0161.1169.6174.7

180.2184.9186.5185.9186.2185.5

58.363.064.2

66.675.675.777.177.5

80.988.391.892.593.6

93.192.291.591.592.3

93.897.1

100.0102.3105.6

111.1,114.7117.6121.4139.9

118.5118.8119.6120.1121.0121.3

121.6122.0122.3122.9123.8124.5

126.1127.2129.4131.1135.2138.2

141.6145.6148.0150.2152.6153.6

66.073.173.2

77.084.383.785.185.5

88.993.594.094.096.6

95.994.694.294.595.4

96.298.8

100.0104.9110.9

112.6119.5126.2136.7161.6

128.6130.9134.2136.8138.5137.9

136.7137.3138.3138.7140.7142.0

145.0147.0151.1156.0160.7163.0

166.6169.3170.9169.7169.7170.1


307


TABLE C-50.—Wholesale price indexes by stage of processing, 1947-74—Continued

[1967=100]

Year or month

Finished goods

Total

Consumer finished goods

Total FoodsOthernon-

durablegoods

Dur-able

goods

Special groups of industrialproducts

Pro-ducer

finishedgoods

Crudemate-rials 3

Inter-mediate

materials,supplies,and com-ponents 3

Con-* sumer

finishedgoods

excludingfoods

1947..1948..1949..

1950..1951..1952..1953..1954..

1955..1956..1957...1958..1959..

I960..1961..1962..1963..1964..

1965..1966.1967.1968.1969.

1970.1971.1972.1973.1974.

1973:Jan...Feb..Mar..Apr..May..June.

July..Aug_.Sept..Oct...Nov..D e c .

1974:Jan...Feb..Mar..Apr..May...June.

July..Aug..Sept..Oct...Nov..Dec.

74.079.977.6

79.086.586.085.185.3

85.587.991.193.293.0

93.793.794.093.794.1

95.798.8100.0102.9106.6

110.4113.5117.2127.9147.5

121.0122.5124.7125.4126.2127.4

127,7131.9131.2131.2132.0133.6

137.4140.1141.0142.1143.8144.0

148.1150.6152.1155.2157.7158.0

80.586.582.5

83.991.890.789.289.1

88.589.892.494.493.6

94.594.394.694.194.3

96.199.4

100.0102.7106.5

109.9112.7116.6129.2149.3

121.2122.9125.7126.3127.1128.6

128.9134.2133.2133.0133.6135.5

139.9143.2143.8144.7146.0145.4

149.9152.1153.2156.0158.6158.7

82.890.483.1

84.795.294.389.488.7

86.586.389.394.590.1

92.191.792.591,491.9

95.4101.6100.0103.7110.0

113.5115.2121.7146.4166.9

131.8134.1140.2140.7141.9145.0

145.4158.6156.1153.6153.7155.7

162.7167.0164.6163.1162.4157.0

164.6167.7168.7171.4177.4175.9

80.785.882.3

83.690.087.888.688.9

89.491.193.292.694.0

94.794.794.895.194.8

95.997.8

100.0102.2105.0

108.3111.3113.6120.5146.8

115.4117.4118.1118.8119.5120.2

120.5120.9121.2122.6124.4126.6

130.2134.0137.8141.2144.3147.7

150.6153.0154.2155.7156.2156.9

74.679.781.8

82.788.288.989.690.3

91.294.397.198.499.6

99.298.898.397.898.2

97.998.5100.0102.2104.0

107.0110.9113.2115.8126.3

113.8114.0114.5115.3115.7115.9

116.1116.3115.8116.7117.0117.9

119.6120.2120.9122.0123.7125.0

126.8127.3128.4133.1133.8135.3

55.460.463.4

64.971.272.473.674.5

76.782.487.589.891.5

91.791.892.292.493.3

94.496.8

100.0103.5106.9

111.9J16.6119.5123.5141.0

120.6121.2121.7122.3123.1123.4

123.5123.9124.2125.1125.7126.7

128.3129.3130.9132.4135.9138.7

141.5145.2148.0151.9154.1155.3

79.292.584.0

93.6102.993.192.488.0

96.6102.3100.996.9

102.3

98.397.295.694.397.1

100.9104.5100.0102.0110.6

118.8122.7131.1155.2219.1

139.1142.3142.5146.8149.6152.8

153.5156.0161.0164.7174.2179.8

188.2202.7212.2224.8216.5217.5

228.9229.5229.8229.0228.7221.2

70.076.174.2

77.787.084.385.385.7

88.392.695.094.896.4

96.895.595.395.095.6

96.998.9

100.0102.6106.1

110.0114.3118.9128.1159.5

121.2122.6124.8126.4127.9128.6

128.5129.3130.1131.0132.4134.8

137.9140.6145.8150.8156.1159.6

164.5169.6170.6172.1173.0173.2

79.084.082.2

83.589.588.389.189.4

90.192.394.694.795.9

96.396.296.096.095.9

96.798.1

100.0102.1104.6

107.7111.2113.5118.6138.6

114.8116.0116.6117.4118.0118.4

118.7119.0119.0120.2121.4123.1

125.6128.4131.0133.5136.0138.6

141.1142.7143.9146.7147.2148.3

* Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.> Excludes crude foodstuffs and feed stuffs, plant and animal fibers, oilseeds, and leaf tobacco.1 Excludes intermediate materials for food manufacturing and manufactured animal feeds.

Note.—For a listing of the commodities included in each sector, see monthly report, "Wholesale Prices and PriceIndexes," January-February 1967.



TABLE C-51.—Percent changes in wholesale price indexes, major groups, 1948-74

[Percent change]

Year or month

19481949.

19501951..195219531954

1955..1956195719581959

19601961..196219631964

19651966196719681969

19701971197219731974





Allcommodities

Dec.to

Dec1

1.5- 6 . 1

14.71.2

- 3 . 4.5

- . 6

1.64.52.0.5

- . 3

.5- . 2

.0- . 1

.4

3.41.71.02.84.8

2.24.06.5

15.420.9

Yearto

year

8.2- 5 . 0

3.911.4

- 2 . 7- 1 . 4

.2

.23.32.91.4.2

.1

.3- . 3

.2

2.03.3.2

2.53.9

3.73.24.D

13.118.9

Industrialcommodities

Dec.to

Dec1

5.0- 5 . 0

14.0.4

- 1 . 41.4.2

4.34.21.1.9

1.2

- . 6- . 1- . 2

.5

.6

1.42.21.92.73.9

3.63.23.6

10.725.6

Yearto

year

8.6- 2 . 1

3.610.4

- 2 . 3.8.2

2.24.52.8.3

1.8

.0- . 5

.0

1.32.21.52.53.4

3.83.63.46.8

22.2

Farm productsand processed

foods and feeds

Dec.to

Dec1

- 6 . 8- 8 . 9

17.03.5

- 8 . 2- 2 . 3- 2 . 6

- 6 . 46.04.2

- . 2- 4 . 4

3.9- . 6

.6- 2 . 1

.C

9.5.2

- 1 . 83.57.5

- 1 . 46.0

14.426.711.0

Yearto

year

7.6-11.7

4.813.8

- 3 . 9- 6 . 5

- 4 . 71

3.44.7

- 4 . 7

.2

.01.1

- 1 . 0- . 6

4.26.6

- 3 . 42.45.5

3.41.97.6

30.011.5

Consumer finished goods

Total

Dec.to

Dec.1

1.11- 5 . 6

10.22.7

- 3 . 1- . 1- 6

- . 13.13.0.2

2 1- . 8

.1- . 4

.2

4.C1.61.23 14.9

1.43.34 5

13.617.1

Yearto

year

7.5-4 .6

1.79.4

-1 .2-1 .7- l

- . 71 52.92 2

- . 8

1.0

.3

\l

1.93 4.6

2 73.7

3.22.53 5

10.815.6

Foods

Dec.to

Dec1

- 2 . 4- 7 . 4

13.35.3

- 5 . 9- 2 . 2- 1 . 9

- 2 . 93.65.3.4

- 3 . 7

5.2- 1 . 8

.5- 1 . 3

.4

9.11.4

- . 44.88.2

- 2 . 55.98 0

22.513.0

Yearto

year

9.2- 8 . 1

1.912.4- . 9

- 5 . 2g

- 2 . b

3.55.8

- 4 . 7

2.2- . 4

.9- 1 . 2

.5

3.86.5

- 1 . 63.76.1

3.21.5b 6

20.314.0

All except foods

Dec.to

Dec1

4.C- 4 . 5

8 2.9

- 1 . 11.6

3

1.72.51.7.2.8

.4- . 3

.1

.1

.91.72.12 02.9

3 91.82 27.4

2G.5

Yearto

year

6.3- 2 . 1

1.67.2

- 1 . 3.9.3

.82.42.5.1

1.3

.4

- . 2.0

- . 1

.81.41.92.12.4

3.03.22.14.5

16.9

Change from preceding month

Unad-justed

1.31 92.3

52.12.1

- 1 . 35.8

- 1 . 7- . 7

41.9

3.42.01.3.9

1.5.5

3.93.5

- . 11.81.0

- . 2

Sea-sonally

ad-justed

0.91 42.2

81.92.1

- 1 46.2

- 1 . 5

1.6

2.91.51.21.11.3.5

3.73.9.1

2.51.2

Unad-justed

0.51 l1.21 l.9

- .6

.1

.5

.6

.91 21.6

2.32.13.02.92.72.1

2.72.4

.81.2.6.2

Sea-sonally

ad-justed

0.21 l1.1

91.0.7

.1

.6

.8

1 51.4

2.02.12.92.82.72.2

2.72.51.01.1.9.0

Unad-justed

3.33 94.6

14.75.6

- 4 . 117.6

- 6 . 0- 3 . 9— 1 4

2.2

5.81.6

- 2 . 4- 3 . 7- 1 . 3- 3 . 4

6.86.2

- 2 . 33.42.1

- 1 . 3

Sea-sonally

ad-justed

2.32 84.6.6

3.85.0

- 4 . 419.1

- 5 . 6- 2 . 2- 1 0

1.0

4.6.4

- 2 . 4- 2 . 4- 2 . 2- 4 . 0

6.47.6

- 1 . 95.12.5

- 2 . 5

Unad-justed

1.61 42.3

5.6

1.2

.24.1

- . 7- . 2

61.3

3.22.4

.6

.9- . 4

3.11.5

L81.7.1

Sea-sonally

ad-justed

1.11 l2.51.0

i!o

.04.4

- . 6.6

.8

2.62.1

1.0.6

2.81.7.8

2.71.8

- . 4

Unad-justed

3.71 74.5.4.9

2.2

.39.1

- 1 . 6- 1 . 6

1.3

4.52.6

- 1 . 4- . 9- . 4

- 3 . 3

4.81.9.6

1.63.5

- . 8

Sea-sonally

ad-justed

2.31 54.71.1.6

1.8

- . 910.5

- 2 . 51.0.1.9

3.02.4

- 1 . 3- . 1- . 6

- 3 . 8

3.63.2

- . 34.33.5

- 1 . 2

Unad-justed

0.21 0

.7

.5

.3

.3

!o1.01 01.4

2.02.22.01.91.91.9

1.81.1.8

1.9.3.7

Sea-sonally

ad-justed

0.21.0.6.7.4.4

.3

.4

.3

.81.21.0

2.02.12.21.91.72.1

1.81.31.21.7.4.4

1 Changes from December to December are based on unadjusted indexes.

Note.—The seasonally adjusted changes for all commodities and industrial commodities are based on seasonal adjust-ment factors and seasonally adjusted indexes to two decimal places.


309


MONEY STOCK, CREDIT, AND FINANCETABLE C-52.—Money stock measures, 1947-74

[Averages of daily figures; billions of dollars, seasonally adjusted]

Year andmonth

1947: Dec.1948: Dec.1949: Dec.

1950: D e c . . .1951: D e c . . .1952: D e c . . .1953: D e c . . .1954: D e c . . .1955: D e c . . .1956: D e c . . .1957: D e c . . .1958: D e c . . .1959: D e c . . .

1960: D e c . . .1961: D e c . . .1962: D e c . . .1963: D e c . . .1964: D e c . . .1965: D e c . . .1966: D e c . . .1967: D e c . . .1968: D e c . . .1969: Dec—.

1970: D e c . . .1971: D e c . . .1972: D e c . . .1973: D e c . . .1974: D e c * . .

1973: JanFeb.. .MarAprMayJune



JulyAugSeptOctNovDec*

256.9257.9258.0259.4262.3265.3

266.1266.0265.7266.6269.4271.5

270.9273.1275.2276.6277.6279.7

280.2280.5280.8281.7283.3283.8

Overall measures

Mi(Currency

plusdemanddeposits)

113.1111.5111.2

116.2122.7127.4128.8132.3135.2136.9135.9141.1143.4

144.2148.7150.9156.5163.7171.3175.4186.9201.7208.7

221.4235.3255.8271.5283.8

Mj(Mi plus

timedepositsat com-mercialbanks

other thanlarge CD's)

210.9

217.1228.6242.8258.9277.1301.3317.8349.6382.3392.2

425.3473.1525.7572.2613.9

529.8532.9535.3538.8544.2549.5

551.9555.1557.2561.6567.2572.2

575.5580.8585.5589.4591.5596.7

599.4602.0603.6607.8612.6613.9

M3(Mj plusdepositsat non-

bankthrift

institu-tions)

299.4

314.4336.5362.9393.2426.3462.6485.2532.6576. ff593.5

642.8727.9823.2895.3955.0

830.5836.2840.9846.5854.4862.6

866.8870.7873.9880.0887.8895.3

900.7907.7914.9920.5923.0929.5

933.4936.6938.9944.3951.1955.0

Components and related items

Cur-rency '

26.425.825.1

25.026.127.327.727.427.828.228.328.628.9

29.029.630.632.534.336.338.340.443.446.1

49.152.656.961.667.7

57.257.557.958.658.959.3

59.559.860.260.561.061.6

62.062.763.363.964.364.6

64.865.465.866.467.367.7

Deposits at commercial banks

De-mand 2

86.785.886.0

91.296.5

100.1101.1104.9107.4108.7107.6112.6114.5

115.2119.1120.3124.1129.5134.9137.0146.5158.2162.7

172.3182.7198.9209.9216.1

199.8200.4200.1200.8203.4206.0

206.6206.2205.5206.1208.4209.9

208.9210.4211.9212.8213.2215.0

215.4215.1215.0215.3216.0216.1

Time and savings 3

Total

35.436.036.4

36.733.241.144.548.350.051.957.465.467.4

72.982.797.6

112.0126.2H6.3157.9183.1204.1194.5

229.3271.2313.8364.5420.4

318.1324.4331.7337.1341.5344.9

348.3354.3357.6359.6360.8364.5

371.0375.9378.3386.7392.5398.4

402.8405.3407.6412.3414.9420.4

LargeCD's*

2.85.79.6

12.816.215.420.523.511.0

25.433.543.963.890.3

45.249.454.457.759,660.6

62.565.366.164.763.163.8

66.468.268.073.978.581.3

83.683.884.886.285.590.3

Other

87.4

72.979.992.0

102.3113.4130.1142.5162.7180.6183.5

203.9237.7269.9300.7330.1

272.9275.0277.3279.4281.9284.2

285.8289.0291.5295.0297.7300.7

304. 6307.7310.3312.7314.0317.0

319.2321.5322.8326.1329.3330.1

Depositsat non-bankthrift

institu-tions*

88.5

97.3107.9120.1134.4149.2161.3167.4183.0194.5201.3

217.5254.9297.5323.1341.1

300.7303.3305.6307.8310.2313.1

314.9315.6316.7318.4320.6323.1

325.2326.9329.5331.1331.5332.7

334.0334.5335.3336.6338.5341.1

U.S.Govern-

mentdemanddeposits(unad-justed) s

1.01.82.8

2.42.74.93.85.03.43.43.53.94.9

4.74.95.65.15.54.63.45.05.05.6

7.36.97.46.34.6

8.19.9

10.48.38.77.1

6.54.15.36.04.36.3

8.16.66.46.07.66.1

5.44.05.43.73.34.6

1 Currency outside the Treasury, the Federal Reserve Banks, and the vaults of all commercial banks.2 Demand deposits other than those due to domestic commercial banks and the U.S. Government, less cash items in

process of collection and Federal Reserve float, plus foreign demand balances at Federal Reserve Banks.3 Time and savings deposits other than those due to domestic commercial banks and the U.S. Government. Effective

June 1966, excludes balances accumulated for payment of personal loans (about $1.1 billion).4 Negotiable time certificates of deposit issued in denominations of $100,000 or more by large weekly reporting com-

mercial banks.« Average of the beginning- and end-of-month deposits of mutual savings banks and savings capital at savings and loan

associations.6 Deposits at all commercial banks.


310


TABLE C-53.—Commercial bank loans and investments, 1930-74[Billions of dollars1

End of yearor month i

1930:June

1933:June

1939

1940194119421943-.1944.. .19451946..19471948 . . _

19481949

1950195119521953195419551956195719581959 3

1960196119621963196419651966196719681969 *

19701971197219731974 p

1974: Jan -FebMarAprMayJune _ _ .

July pAug pSept pOct pNOVP.Dec p

Total loansand invest-

ments 2

48.9

30.4

40.7

43.950.767.485.1

105.5124.0114.0116.3114.2

Loans

Total 2

34.5

16.3

17.2

18.821.719.219.121.626.131.138.142.4

Commercialand

industrial

Investments

U.S. Govern-ment securities

5.0

7.5

16.3

17.821.841.459.877.690.674.869.262.6

Othersecurities

9.4

6.5

7.1

7.47.26.86.16.37.38.19.09.2

Loans plusloans sold to

bank affiliates 2

Seasonally adjusted

113.0118.7

124.7130.2139.1143.1153.1157.6161.6166.4181.2188.7

197.4212.8231.2250.2272.4300.1

4 316 1

352.0390 2401.7

435.5484.8556.4630.3

s 681.2

638.9647.4657.5666.9673.4

s 677. 5

686.6P92.0687.0687.1

s 688. 5681.2

41.542.0

51.156.562.866.269.180.688.191.595.6

110.5

116.7123 6137.3153.7172.9198.2

4 213 9

231.3258 2279.1

291.7« 320. 3

377.8447.3

8 494.1

452.9458.3468.2476.3481.4

s 484.5

494.3500.2498.2499.5

s 500.9494.1

39.4

42.143.947.652.158.469.578 686.295 9

105.7

110.0115.9

f 129.7155.8

s 180. 5

157.9159.5165.1169.5172.9174.6

177.9180.7180.8182.5

8 183.0180.5

62.366.4

61.160.462.262.267.660.357.256.965.157.7

59.965.364.761.560.857.153.559.460.751.5

57.960.161.952.848.8

54.556.456.457.157.256.4

55.855.352.249.749.348.8

9.210.3

12.413.414.214.716.416.816.317.920.520.5

20.823.929.235.038.744.8

M8. 761.371.371.1

85.9« 104. 4

116.7130.2

8 138. 3

131.5132.7132.9133.5134.8

8 136.6

136.5136.5136.6137.9

8 138.3138.3

283.0

29*. 7• 323.1

380.4451.6

s» 498. S

457.3463.3473.1481.7487.1

8 489.9

499.79 505.5

503.5504.7

s 505.8498. S

1 Data are for last Wednesday of month or year (except June 30 and December 31 call dates).2 Adjusted to exclude all interbank loans beginning 1948 and domestic bank loans only beginning January 1959.3 Beginning January 1959, loans and investments are reported gross, without valuation reserves deducted, rather than

net of valuation reserves, as in earlier periods.4 Effective June 1966, balances accumulated for payment of personal loans (about $1.1 billion) are excluded from loans

at all commercial banks, and certain certificates of CCC and Export-Import Bank totaling about $1 billion are included inother securities rather than in loans.

« Beginning June 1969, data include all bank-premises subsidiaries and other significant majority-owned domesticsubsidiaries; earlier data include commercial banks only.

• Beginning June 1971, Farmers Home Administration insured notes totaling about $0.7 billion are classified as othersecurities rather than as loans.

7 Beginning June 1972, commercial and industrial loans were reduced by about $0.4 billion due to loan ^classificationsatone large bank.

8 Beginning June 1974, the merger of a large mutual savings bank and a nonmember commercial bank increased totalloans and investments by $0.6 billion, loans by $0.5 billion, and other securities by $0.1 billion.

Beginning November 1974, the liquidation of one large bank reduced total loans and investments by $1.5 billion, totalloans by $1.0 billion, commercial and industrial loans by $0.6 billion, and other securities by $0.5 billion. In addition, com-mercial and industrial loans were increased by $0.1 billion due to loan ^classifications at one large bank.

9 Beginning August 1974, reflects new definition of affiliates included and different group of reporting banks. Amount oftotal loans sold was reduced by $0.1 billion.



TABLE C-54.—Total funds raised in credit markets by nonfinancial sectors, 1966-74


Item

Total funds raised

U.S Government . . . . . .

Public debt securities _Agency issues and mortgages

All other nonfinancial sectors

Corporate equitiesDebt instruments .

Debt capital instruments .

State and local government se-curities _ .

Corporate and foreign bondsMortgages

HomeOther residentialCommercialFarm..

Other private credit

Bank loans n.e.c.Consumer creditOpen-market paperOther

By borrowing sector:

Total funds raised

Foreign . .State and local governmentsHouseholdsNonfinancial business

FarmNonfarm noncorporateCorporate

Total funds advanced to nonfinancial sectors

Financed directly or indirectly by:

Private domestic nonfinancial sectors

Deposits

Demand deposits and currency..Time and savings accounts

At commercial banks „ .At savings institutions

Credit market instruments, net~_

U.S. Government securitiesPrivate credit market instru-

ments...Corporate equitiesLess security debt.

Other sources:

Foreign funds..

At banks . . . .Direct

Change in U.S. Government cashbalance

U.S. Government loans rPrivate insurance and pension re-

servesOther

1966

67 9

3.6

2.31.3

64.3

1.063.3

38 9

5.611.022 3

11.73.15.71.8

24.4

10 76.41.06.2

64.3

1.56.3

22.733.8

3.15.4

25 3

67.9

41.3

24.4

4.120.3

13.07 3

16.9

8.4

9.2- . 9—.3

1.8

3.7—1.9

—.44.9

18.12.2

1967

82 4

13.0

8.94.1

69.4

2.467.0

45 7

7,815.922 0

11.53.64.72.3

21.3

9.54.52.15.1

69.4

4.07.9

19.338.1

3.65.0

29.6

82.4

50.5

52.1

12.839.3

22.616 7

—1.5

—1.4

5.7—4.3

1.5

4,9

2.32.7

1.24.6

18.23.0

1968

95 9

13 4

10.33.1

82 5

.082.6

50 6

9.514.027 1

15.13.46.42.2

32.0

13 110.01.67 2

82.5

2.89.8

30 039.9

2.85.6

31.5

95.9

61.4

48.3

14.533.9

21.012 9

13.0

8.1

12.3—6.5

.8

5.1

2.62.5

—1.14.9

18.86.9

1969

91 8

—3 6

—1.32 4

95 5

3.991 6

50 6

9.913.027 7

15.74.75.31 9

41 0

15 310.43.3

12 0

95.5

3.710.731 749.4

3.27.4

38 9

91.8

47.7

5 4

7.7- 2 . 3

- 1 0 . 38 0

42.3

17.0

27.5—3.8—1.6

10.6

9.31.3

.42.9

19.710.6

1970

98 2

12 8

12.9— 1

85 4

5.879 7

57 6

11.220.625 7

12.85.85.31.8

22 1

6 46.03.85 9

85.4

2.711.323 448 0

3.25.3

39 5

98.2

63.3

66 6

10.556.1

39.216 9

—3.4

—9.0

6.5- 1 . 7—.9

2.4

—8.510.9

2.82.8

21.85.1

1971

147 4

25 5

26.0_ 5

121 9

11.5110 4

84 2

17.619.746 9

26.18.8

10.02.0

26.3

9 311.2—.9

6.6

121.9

4.617.839 859 6

4.18.7

46.8

147.4

83.1

93.7

12.781.0

40.640 4

—10.6

—14.0

10.7- 5 . 3

2.1

23.9

- 3 . 227.2

3.23.2

24.89.1

1972

169 4

17 3

13.93 4

152 1

10.5141 6

94 9

14.413.267 3

39.610.314.82.6

46 7

21 819.2

—1.67 3

152.1

4.314.263 170.5

4.910.455.3

169.4

105.8

101.9

16.785.2

39.345 9

3.8

1.6

12.1—5.4

4.5

15.8

5.210.6

- . 32.6

27.118.4

1973

187 4

9 7

7.72 0

177 7

7.2170 4

97 1

13.710.273 2

43.38.4

17.04 4

73 4

38 622.9

1.810 0

177.7

7.512.372.885.1

8.69.3

67.2

187.4

124.3

88.8

12.676.3

48.128.2

35.5

18. S

20.5—8.2—4.4

10.1

6.E3.e

- l . i3.C

29.522.;


312


TABLE G-54.—Total funds raised in credit markets by nonfinancial sectors, 7966-74—Continued[Billions of dollars]

Item

1974 unadjustedquarterly flows

III

1974 seasonallyadjusted annual rates

III

Total funds raised.._

U.S. Government

Public debt securities...

Agency issues and mortgages

All other nonfinancial sectors

Corporate equities

Debt instruments

Debt capital instruments

State and local government securitiesCorporate and foreign bonds..Mortgages.

HomeOther residentialCommercialF a r m . . .

Other private creditBank loans n.e.cConsumer creditOpen-market paperOther

By borrowing sector:

Total funds raised

ForeignState and local governmentsHouseholdsNonfinancial business

FarmNonfarm noncorporateCorporate

Total funds advanced to nonfinancial sectors

Financed directly or indirectly by:

Private domestic nonfinancial sectors

Deposits

Demand deposits and currency.Time and savings accounts..

At commercial banks

At savings institutions

Credit market instruments, net.

U.S. Government securitiesPrivate credit market instruments...Corporate equitiesLess security debt

Other sources:

Foreign funds

At banksDirect

Change in U.S. Government cash balance.U.S. Government loansPrivate insurance and pension reserves..Other

35.0

3.4

3.0.4

31.6

1.630.0

20.2

4.04.3

11.9

6.61.42.91.0

9.8

6.1-2 .9

3.63.0

31.6

3.4* 3.7

6.018.5

1.7- . 417.2

35.0

22.9

11.4

-12.924.3

13.910.4

11.6

5.25.7.9.2

2.7

2.3.4

-1 .6.4

6.64.0

52.0

- 6 . 2

- 6 . 4.2

58.2

1.157.1

29.3

4.95.9

18.5

11.02.43.71.4

27.7

16.25.93.62.1

58.2

6.54.4

15.831.6

3.13.1

25.4

52.0

33.0

30.7

8.222.5

18.14.4

2.3

- 1 . 04.7

- 1 . 2.2

6.7

2.73.9

.4

.59.02.5

48.5

4.5

4.9- . 4

44.0

1.442.6

23.9

3.25.5

15.2

9.42.32.41.1

18.7

5.74.55.92.7

44.0

3.03.0

13.924.1

1.82.2

20.2

48.5

26.7

3.1

- 5 . 78.8

8.4.4

23.6

11.410.4

5.6

3.22.4

- . 61.18.86.9

177.3

8.7

7.01.7

168.7

6.3162.4

92.7

15.819.657.3

33.07.1

13.43.8

69.7

41.78.2

11.48.4

168.7

14.114.551.488.7

6.34.4

78.0

177.3

132.8

89.7

7.182.6

45.137.6

43.1

19.027.8

-2 .7.9

12.4

11.11.4

.22.2

25.64.0

206.5

2.1

1.3.8

204.5

4.5200.0

110.8

19.720.970.2

41.78.7

15.14.8

89.1

47.117.218.06.8

204.5

25.117.453.6

108.3

8.510.289.7

206.5

124.7

105.9

9.396.5

81.015.5

18.8

5.318.6

-4 .11.0

28.8

9.519.3

-3 .81.7

36.918.3

199.1

15.1

16.6-1 .5

184.0

5.4178.6

87.7

12.321.853.5

31.19.28.84.4

90.8

35.215.822.517.3

184.0

13.311.557.6

101.5

8.78.3

84.6

199.1

127.7

38.7

2.436.3

28.77.6

89.0

37.444.03.2

- 4 . 5

15.9

14.21.7

1.64.3

35.014.5


313


TABLE C-55.—Private liquid asset holdings, nonfinancial investors, 1959-74

[Averages of daily figures; billions of dollars, seasonally adjusted)

Yearand

month

1959: Dec

1960: Dec1961: Dec.1962: Dec1963: Dec1964: Dec

1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec

1970: Dec1971: Dec.1972: Dec1973: Dec1974: Dec v


JulyAugSeptOct.NovDec

1974:JanFebMarAprMay-June

JulyAug . _ - . - .SeptOct . . .NovDec p

Totalliquidassets

375.4

388.1412.5444.5482.5518.4

562.9593.5643.2704.1737.1

786.. 5868.3979.8

1, 093.31,197.2

988.7997.9

1,008. 51,019.71,031.31, 042.5

1,050.81,061.11,068.81,074.61, 083.11,093.3

1,102.71,113.21,123.21,137.61,145.31,155.0

1,163.31,168.21,173.41,182.81,189.21,197.2

Currency and deposits

Total

290.6

305.7326.3352.3382.3415.1

451.5474.3520.9564.5583.0

634.4721.0815.9885.4945.6

823.2828.7833.8839.1846.6854.8

858.8862.2865.4870.9878.2885.4

890.5897.6904.6910,1912.3918.5

922.3925.0927.3933.6941.4945.6

Cur-rency i

28.9

29.029.630.632.534.3

36.338.340.443.446.1

49.152.656.961.667.7

57.257. b57.958.658.959.3

59.559.860.260.561.061.6

62.062.763.363.964.364.6

64.865.465.866.467.367.7

De-mandde-

posits 1

104.1

104.6106.3106.5109.8114.6

119.6121.7130.0140.1144.7

153.2161.7175.1181.3186.7

175.7175.9175.7176.1178.1180.2

180.5179.6178.6178.7180.5181.3

180.0181.4182.4183.0182.9184.2

184.7184.4184.2185.1186.4186.7

Time deposits

Com-mer-cial

banks»

64.7

69.977.088.898.6

108.9

125.2137.0156.3174.3177.3

199.2233.6264.7294.8322.8

267.7269.7272.1273.9276.3278.6

280.2283.3285.9289.2291.8294.8

298.6301.6304.1306.4307.6310.5

312.3314.1315.3318.6322.1322.8

Non-bankthrift

institu-tions 2

92.9

102.2113.5126.4141.5157.3

170.4177.3194.2206.7215.0

232.8273.1319.1347.6368.4

322.7325.6328.1330.6333.3336.6

338.6339.4340.7342.5344.9347.6

350.0351.9354.8356.8357.5359.1

360.5361.1362.0363.5365.6368.4

U.S. Governmentsecurities

Sav-ings

bonds 3

46.1

45.746.546.948.048.9

49.550.151.051.451.1

51.353.757.059.962.8

57.357.657.958.258.558.8

59.059.259.359.559.759.9

60.060.360.560.861.061.3

61.561.762.062.362.562.8

Short-term

market-able

secur-ities *

37.7

34.034.036.138.535.7

38.443.839.546.864.9

53.239.539.752.060.6

39.839.941.243.345.046.0

46.448.650.550.451.152.0

52.152.153.755.756.356.8

58.259.360.261.461.060.6

Nego-tiablecertifi-catesof de-posit8

2.75.39.0

11.6

15.014.519.222.59.1

23.130.339.958.080.2

40.844.649.252.454.154.8

56.959.760.358.857.258.0

60.662.562.468.372.875.1

76.776.176.477.376.080.2

Com-mer-cial

papers

1.0

2.83.13.94.77.0

8.410.712.718.828.9

24.523.927.438.047.9

27.627.026.526.627.228.2

29.731.433.235.136.938.0

39.540.841.842.643.043.3

44.746.247.548.348.247. S

1 Money stock components (see Table C-52) after deducting foreign holdings and holdings by domestic financial institu-tions. The three columns add to M? held by domestic nonfinancial sectors.

2 Deposits at nonbank thrift institutions, as published in money stock statistics, plus monthly-average deposits at creditunions.

3 Series E and H savings bonds held by individuals.* Short-term marketable U.S. Government securities excluding official, foreign, and financial institution holdings.s Certificates over $100,000 at weekly reporting banks, except foreign holdings.6 Commercial paper held outside banks and other financial institutions.Source: Board of Governors of the Federal Reserve System.

314


TABLE C-56.—Federal Reserve Bank credit and member bank reserves, 1929-74

[Averages of daily figures; millions of dollars]

Year and month

1929: Dec

1933: Dec

1939: Dec . . . .

1940: Dec1941: Dec _.1942: Dec1943- Dec1944: Dec1945' Dec1946- Dec1947: Dec1948: Dec1949: Dec

1950: Dec . . .1951: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957- Dec1958: Dec1959: Dec

1960: Dec1961- Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec

1970: Dec1971: Dec1972: Dec1973: Dec1974: Decp

1973:Jan .FebMarAprMayJune .

JulyAugSeptOctNovDec .


JulyAugSeptOctNovDec P

Reserve Bank credit outstanding

Total

1,643

2,669

2,612

2,3052,4046,035

11,91419,61224, 74424, 74622,85823,97819,012

21,60625, 44627,29927,10726,31726, 85327,15626,18628,41229, 435

29, 06031,21733,21836,61039, 87343, 85346,86451,26856,61064,100

66, 70874, 25576,85185,64293,993

78, 05777,59479, 21980,54281,83180, 547

83,92982,44381,81083,64483,75685,642

86, 56885,49384,94386,90789,40589, 254

91, 55491, 36791,61790,97191, 30293,993

U.S.Govern-ment se-curities

446

2,432

2 510

2 1882,2195,549

11 16618, 69323 70823 76721,90523, 00218,287

20,34523,40924, 40025, 63924,91724, 60224, 76523 98226,31227, 036

27, 24829 09830 54633, 72937,12640, 88543, 76048,89152, 52957, 500

61,68869,15871,09479,70186,679

72,19472, 30774,01975, 35376,75875, 355

77,44876,65376,07378,04278, 45779,701

80, 79380,80180,68681, 56783,43482, 812

84,31384,49384, 38483, 73584,05286,679

Member bankborrowings

Total

801

95

3

354

90265334157224134118

142657

1,593441246839688710557906

87149304327243454557238765

1,086

321107

1,0491,298

704

1,1641,5931,8581,7211,7861,788

2,0512,1441,8611,4651,3991,298

1,0441,1861,3521,7142,5803,000

3,3083,3513,2851,7931,285

704

Seasonal

4131

53077

1241631471268441

18173250

102130

1491651391176731

Allother,mainlyfloat

396

142

99

114180482658654702822729842607

1,1191,3801,3061,0271,1541,4121,7031 4941,5431,493

1,7251 9702,3682,5542,5042,5142,5472,1393,3165,514

4,6994,9904,7084,6436,610

4,6993,6943,3423,4683,2873,404

4,4303 6463,8764,1373,9004,643

4,7313,5062,9053,6263,3913,442

3,9333,5233,9465,4435,9656,610

Memb

Total

2,395

2,588

11 473

14 04912 81213,15212 74914 16816 02716 51717 26119, 99016,291

17,39120 31021,18019 92019,27919,24019, 53519 42018 899

2 18,932

19, 28320 11820 04020, 74621,60922, 71923, 83025 26027, 22128, 031

29,26531,329

3 31,3533 35,0683 36,960

3 32, 95031,73431,96932,27532,33632, 029

33, 59033,78334, 02034,91334, 72535,068

36, 65535,24234,96635,92936,51936, 390

37,33837,02937,07636,79636,83736,960

sr bank reserves

Re-quired

2,347

i l , 8 2 2

6 462

7 4039 422

10, 77611 70112 88414 53615 61716 27519,19315,488

16, 36419, 48420,45719 22718, 57618,64618,88318 84318 38318,450

18, 52719 55019,46820,21021,19822, 26723,43824,91526, 76627, 774

28,99331,16431,13434,80636,621

32, 60131, 53731,68232,12632,27731,970

33,19933, 54033,77534,69034, 54334,806

36,41935,05334, 79035,77136, 32536, 259

37,16136, 85136, 88536, 70536, 57936,621

Excess

48

1766

5 011

6 6463 3902'3761 0481 2841 491

900986797803

1,027826723693703594652577516482

756568572536411452392345455257

111165

3 2193 2623 339

3 349197287149

5959

391243245223182262236189176158194131

17717819191

258339

1 Data are for licensed banks only.2 Beginning December 1959, total reserves held include vault cash allowed.3 Beginning November 1972, includes $450 million of reserve deficiencies on which Federal Reserve Banks are allowed

to waive penalties for a transition period in connection with bank adaptation to Regulation J as amended effective Novem-ber 9,1972. Beginning 1973. allowable deficiencies included are (beginning with first statement week of quarter): firstquarter, $279 million; second quarter, $172 million; third quarter, $112 million; fourth quarter, $84 million. Beginning1974 allowable deficiencies included are: first quarter, $67 million and second quarter, $58 million. Transition periodended after second quarter 1974.



TABLE C-57.—Aggregate reserves and member bank deposits, 1959-74

[Averages of daily figures; i billions of dollars, seasonally adjusted]

Year andmonth

1959: Dec

1960: Dec1961: Dec_1962: Dec1963: Dec1964: Dec

1965: Dec___1966: Dec._1967: Dec1968: Dec1969: Dec

1970: Dec.1971: Dec1972: Dec1973: Dec1974: Deep

1973- JanFeb . .MarAprMayJune

JulyAug..SeptOctNovDec


July. . . .AugSeptOctNovDec p

Member bank reserves

Total

18.57

18.8819.7119.6420.2621.17

22.2423.3424.8127.2828.01

29.2031.3331.4635.1636.92

32.1731.6731.9432.2732.4332.46

33.5733.9234.1934.9334.8735.16

35.8235.1234.9835.8836.52

Nonbor-rowed

17.63

18.8119.5719.3819.9320.91

21.8022.8124.5826.5426.90

28.8731.2030.4133.8736.19

31.0130.0830.1230.5630.5930.61

31.6231.7632.3433.4533.4833.87

34.7733.9233.6634.1533.93

36. 74 33. 73

37.4037.2737.2836.8636.8736.92

34.1033.9334.0035.0435.6236.19

Required

18.07

18.1419.1219.0719.7720.77

21.8223.0024.4426.8627.73

28.9531.1531.1734.8636.66

31.9231.4631.7332.0532.2832.22

33.2933.7533.9734.7034.6334.86

35.6634.9334.8435.7036.3436.54

37.2437.0837.0936.7336.6736.66

2

Avail-able 3

16.62

17.0117.7117.5818.2419.09

20.2021.4022.4924.8525.39

27.1329.0329.0932.9734.63

29.4529.4329.6329.8930.0930.51

31.2731.9932.3732.8332.7832.97

32.8232.9033.1333.6634. 2634.71

34.9635.2735.3034.8934.8734.63

Deposits subject to reserverequirements *

Total

158.2

162.5175.5189.0203.2218.7

238.5246.7275.5299.6287.7

321.3360.3402.0442.2485.9

404.7409.4416.3421.0425.1428.9

431.1436.7438.6439.7440.4442.2

446.8447.5450.4461.2467.0472.9

475.7478.5480.6480.5483.6485.9

Timeand

savings

54.3

58.867.779.992.1

103.7

120.5128.6148.8164.3150.5

178.9210.7242.0280.0323.3

244.5249.7255.9260.6263.9266.2

268.8274.2277.0277.9277.8280.0

284.1287.4288.6296.6302.3307.0

310.7312.4314.4317.2318.4323.3

Demand

Private

99.0

99.1102.9103.3105.9109.1

112.8113.9121.2130.3131.9

136.0143.8154.5158.2160.8

154.2154.0153.3153.4154.8156.3

156.9156.8156.2156.5157.5158.2

157.5157.9158.7160.0159.1160.6

160.7159.9159.9159.5160.6160.8

U.S.Govern-

ment

4.8

4.64.95.75.25.9

5.14.35.55.05 3

6.45.85.63.91.8

6.05.77.16.96.46.4

5.45.75.45.25.13.9

5.12.23.24.65.65.3

4.26.26.33.74.61.8

Totalmember

bankdeposits

plusnon-

deposititems «

158.2

162.5175.5189.0203.4220.1

240 0250.9279.9306.6307 0

333.4365.2406.4448.7494.3

409 2413.9421.1426.1430.3433.9

437.0443.5445.3446.2446.8448.7

453.3454.4457.9469.2475.8481.2

484.9487.5489.1488.3491.2494.3

1 Except as noted in footnote 5.2 Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the

effect of changes in Regulations D and M.3 Reserves available tc support private nonbank deposits are defined as (1) required reserves for (a) private demand

deposits, (b) total time and savings deposits, and (c) nondeposit sources subject to reserve requirements and (2) excessreserves. This series excludes required reserves for net interbank and U.S. Government demand deposits.

4 Deposits subject to reserve requirements include total time and sayings deposits and net demand deposits as definedby Regulation D. Private demand deposits include all demand deposits except those due to the U.S. Government, lesscash items in process of collection and demand balances due from domestic commercial banks.

5 Total member bank deposits subject to reserve requirements, plus Eurodollar borrowings, bank-related commercialpaper (data relate to Wednesday figures), and certain other nondeposit items. This series for deposits is referred to as"the adjusted bank credit proxy."


316


TABLE C-58.—Bond yields and interest rates, 1929-74

[Percent per annum]

Year or month

1929

1933

1939

19401941..194219431944

19451946194719481949

195019511952 .1953.1954

19551956195719581959

I9601961196219631964

196519661967.19681969 . .

1970 .1971197219731974

U.S. Government securities

3-monthTreas-

urybills i

0.515

.023

.014

.103

.326

.373

.375

.375

.375

.5941.0401.102

1.2181.5521.7661.931.953

1.7532.6583.2671.8393.405

2.9282.3782.7783.1573.549

3.9544.8814.3215.3396.677

6.4584.3484.0717.0417.886

3-5year

issues 2

2.66

.59

.50

.731.461.341.33

1.181.161.321.621.43

1.501.932.132.561.82

2.503.123.622.904.33

3.993.603.573.724.06

4.225.165.075.596.85

7.375 775.856.927.81

Taxablebonds 3

2.462.472.48

2.372.192.252.442.31

2.322.572.882.942.55

2.843.083.473.434.07

4.013.903.954.004.15

4.214.664.855.256.10

6.595.745.636.306.99

Corporatebonds

(Moody's)

Aaa

4.73

4.49

3.01

2.842.772.832.732.72

2.622.532.612.822.66

2.622.862.%3.202.90

3.063.363.893.794.38

4.414.354.334.264.40

4.495.135.516.187.03

8.047.397.217.448.57

Baa

5.90

7.76

4.96

4.754.334.283.913.61

3.293.053.243.473.42

3.243 413.523.743.51

3.533.884.714 735.05

5.195.085.024.864.83

4 875.676.236.947.81

9.118.568.168.249.50

High-grademunic-

ipalbonds

(Stand-ard &

Poor's)

4.27

4.71

2.76

2.502.102.362.061 86

1.671.642.012.402.21

1.982.002.192.722.37

2.532.933.603.563.95

3.733.463.183.233.22

3.273.823.984.515.81

6.515.705.275.186.09

Averagerate onshort-termbankloans

to busi-ness -

selectedcities

2.1

2.12.02.22.62.4

2.22.12.12.52.68

2.693.113.493.693.61

3.704.204.624.34

«5.00

5.164.975.005.014.99

5.066.00

8 6.006.688.21

8.488 6.32

5.828.30

11.28

Primecom-mer-cial

paper,

months

5.85

1.73

.59

.56

.53

.66

.69

.73

.75

.811.031.441.49

1.452.162.332.521.58

2.183.313.812.463.97

3.852.973.263.553.97

4.385.555.105.907.83

7.725.114.698.159.87

Fed-eral

ReserveBankdis-

countrate*

5.16

2 56

1.00

1.001.00

71.0071.00M.00

M.0071 00

1.001.341.50

1.591.751.751.991.60

1.892.773.122.153.36

3.533.Q03.003.233.55

4.044.504.195.175.87

5.954.884.506.447.83

Federalfundsrates

1.782.733.111.573.30

3.221.%2.683.183.50

4.075.114.225.668.21

7.174.674.448.74

10.51

FHAnew

homemort-gage

yields«

4.34

4.174 214.294.614.62

4.644.795.425 495.71

6.185.805.615.475.45

5.466.296.557.138.19

9.057.787.538.089.47


317

563-280 O - 75 - 21


TABLE C-58.—Bond yields and interest rates, 1929-74— Continued

[Percent per annum]

Year or month

1972' JanFebMarADTM a / ; : : : :June


1973* JanFeb . . .MarAprMayJune


1974- JanFebMarAprMayJune


U.S. Government securities

3-monthTreas-

urybills i

3 4033.1803.7233 7233.6483.874

4.0594.0144 6514.7194.7745.061

5 3075.5586.0546.2896.3487.188

8.0158.6728 4787.1557.8667.364

7 7557.0607 9868.2298.4308.145

7.7528.7448.3637 2447.5857.179

3-5year

issues 2

5.335.515.746.015.695.77

5.865.926.166.116.036.07

6.296.616.856.746.786.76

7.497.757.166.816.966.80

6.946.777.337.998.248.14

8.398.648.387.987.657.22

Taxablebonds 3

5.625.675.665.745.645.59

5.575.545.705.695.505.63

5.946.146.206.116.226.32

6.536.816.426.266.316.35

6.566.546.817.047.077.03

7.187.337.307.226.936.78

Corporatebonds

(Moody's)

Aaa

7.197.277.247.307.307.23

7.217.197.227.217.127.08

7.157.227.297.267.297.37

7.457.687.637.607.677.68

7.837.858.018.258.378.47

8.729.009.249.278.908.89

Baa

8.238.238.248.248.238.20

8.238.198.098.067.997.93

7.907.978.038.098.068.13

8.248.538.638.418.428.48

8.588.598.658.889.109.34

9.559.77

10.1210.4110.5010.55

High-grademunic-

ipalbonds

(Stand-ard &Poor's)

5.255.335.305.455.265.37

5.395.295.365.205.035.03

5.055.125.305.165.125.15

5.395.475.115.055.175.12

5.205.195.365.675.%6.08

6.546.586.656.466.476.93

Averagerate onshort-termbankloans

to busi-ness-

selectedcities

5.52

5.59

5.84

6.33

6.52

7.35

9.24

10.08

9.91

11.15

12.40

11.64

Primecom-mer-cial

paper,

months

4.083.934.174.584.514.64

4.854.825.145.305.255.45

5.786.226.857.147.277.99

9.1810.2110.238.928.949.08

8.667.838.429.79

10.6210.%

11.7211.6511.239.368.818.98

Fed-era!

ReserveBankdis-

countrate4

4.504.504.504.504.504.50

4.504.504.504.504.504.50

4 775.055.505.505.906.33

6.987.297.507.507.507.50

7.507.507.507.608.008.00

8.008.008.008.008.007.81

Federalfundsrates

3 503.293.834 174.274.46

4.554.804.875.045.065.33

5 946.587.097.127.848.49

10.4010.5010.7810.0110.039.95

9.658.979.35

10.5111.3111.93

12.9212.0111.3410.069.458.53

FHAnew

homemort-gage

yields«

7 597.497.467 457.507.53

7.547.547 557.567.577.57

7 567.557.567.637.737.79

7.898.19

9.188.978.86

8.78

8.548.669.179.46

9.469.85

10.3010.3810.13

1 Rate on new issues within period. First issued in December 1929.2 Selected note and bond issues.3 First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as

follows: April 1953 to date, 10 years; April 1952-March 1953,12 years; October 1941-March 1952,15 years.* Average effective rate for the period.6 Based on seven-day averages for weeks ending Wednesday. Beginning with statement week ending July 25, 1973,

weekly averages are based on the daily average of the range of rates on a given day weighted by the volume of trans-actions at these rates. For earlier statement weeks, the averages were based on the daily effective rate—the rate consid-ered most representative of the day's transactions, usually the one at which most transactions occurred.

« Data for first of the month, based on the maximum permissible interest rate (9 percent beginning November 25, 1974).Through July 1961, computed on 25-year mortgages paid in 12 years and thereafter, 30-year mortgages paid in 15 years.

7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured byGovernment securities maturing in 1 year or jess.

s Series revised. Not strictly comparable with earlier data.

Mote.—Yields and rates computed for New York City except for short-term bank loans.

Sources: Department of Housing and Urban Development, Department of the Treasury, Board of Governors of theFederal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation.

318


T A B L E C—59.—Short- and intermediate-term consumer credit outstanding, 1929—74


End of year ormonth Total

1929..

1933..

1939..

1940..1941..1942..1943,.1944..1945..1946..1947..1948..1949..

1950..1951.,1952.1953..1954.1955.1956.1957.1958.1959.

I960..1961.1962.1963.1964.1965.1966.1967.1968.1969.

1970...1971...1972..1973..1974 4.

1973: Jan.. .Feb. .Mar . .Apr . .May..June.

July..Aug. .Sept..Oct...Nov..D e c .

1974: Jan . . .Feb...Mar . .Apr . .May..June..

July _AugSeptOctNovDec*

7,116

3,885

7,222

8,3389,1725,9834,9015,1115,6658,38411, 59814, 44717,364

21,47122,71227, 52031,39332,46438, 83042,33444,97145,12951, 544

56,14157,98263, 82171,73980,26889,88396,239100, 783110,770121,146

127,163138,394157, 564180,486190,400

157,227157, 582159, 320161,491164,277167, 083

169,148171,978173, 035174,840176,969180,486

178,686177, 522177,572179, 495181,680183,425

184,805187,369187,906188,023188,084190,400

Instalment credit

Total

3,524

1,723

4, 503

5,5146,0853,1662,1362,1762,4624,1726,6958,996

11, 590

14,70315, 29419,40323,00523, 56828, 90631, 72033, 86833,64239, 247

42,96843,89148, 72055,48662,69270,89376, 24579,42887, 74597,105

102,064111,295127, 332147, 437156,200

127, 368127,959129,375131,022133, 531136, 018

138,212140, 810142,093143,610145,400147,437

146, 575145,927145,768147,047148, 852150,615

152,142154,472155,139155,328155,166156,200

Auto-mobilepaper

1,384

493

1,497

2,0712,458

742355397455981

1,9243,0184,555

6,0745,9727,7339,8359,809

13,46014,42015, 34014,15216,420

17,65817,1?5198 38122, 25424,93428,43730,01029,79632,94835, 527

35,18438,66444.12951.13051,800

44,35344,81745,61046, 47847, 51848,54949,35250,23250,55751,09251,37151,130

50,61750, 38650,31050,60651,07651,641

52,08252,77252,84852,73652,32551,800

Other Icon-

sumergoodspaper

1,544

799

1,620

1,8271,9291,195

819791816

1,2902,1432,9013,706

4,7994,8806,1746,7796,7517,6418,6068,8449,028

10,631

11, 54511, 86212,62714,17716,33318,48320,73222,38924,62628,313

31,46534,35340,08047, 53051,900

39,95239,79539,95140,44141,09641,853

42,57543, 50544,01944,63245,59247, 530

47, 30346,78146,53647,01747, 58848,099

48,59249,32249,66449,98650,40151,900

Homeimprove-

mentloans i

27

15

298

371376255130119182405718853

1,0161,0851,3851,6101,6161,6931,9052,1012,3462,809

3,1483f 2213,2983,4373,5773,7363,8414,0084,2394,613

5,0705,4136,2017,3528,200

6,1936,2396,3286,4086,5416,688

6,8457,0097,1207,2357,3217,352

7,3037,3437,4307,5737,7867,930

8,0688,2148,2528,2878,2608,200

Per-sonalloans

569

416

1,088

1,2451,322974832869

1,0091,4961,9102,2242.431

2,8143,3574,1114,7815,3926,1126,7897,5828f1169,386

10,61711,67313,41415,61817,84820,23721,66223, 23525,93228,652

30,34532,86536,92241,42544,300

36,87037,10837,48637,69538, 37638,928

39,44040,06440,39740,65141,11641,425

41,35241,41741,49241, 85142,40242,945

43,40044,16444,37544,31944,18044,300

Noninstalment credit

Total

3,592

2,162

2,719

2,8243,0872,8172,7652,9353,2034,2124,9035,4515,774

6,7687,4188,1178,3888,8969,92410,61411,10311,48712,297

13,17314,09115,10116,25317,57618,99019,99421,35523, 02524, 041

25,09927,09930,23233,04934,200

29,85929,62329,94530t 46930,74631,065

30,93631,16830,94231,23031,56933,049

32,11131, 59531,80432,44832,82832,810

32,66332,89732,76732,69532,91834,200

Chargeac-

counts

1,996

1,286

1,414

1,4711,645lt4441,4401,5171,6122,0762,3812,7222,854

3,3673,7004,1304,2744,4854,7954,9955,1465. 0605,104

5,3295,3245,6845,9036,1956,4306,6867r0707,1937,373

7,9688,3509,0029.82910; 400

8,3577,6467,7028,0368,3198,555

8,4798,6058,3358,5908,7859,829

8,8758,0187,9398,4348,9479,106

9,1409,2659,1539,1839,31810,400

Other 2

1,596

876

1,305

1,3531,4421,3731,3251,4181,5912,1362,5222,7292,920

3,4013,7183,9874,1144,4115,1295,6195,9576,4277,193

7,8448,7679,41710,35011,38112, 56013,30814,28515,83216,668

17,13118, 74921, 23023,22023,800

21, 50221,97722,24322,43322, 42722,510

22,45722,56322,60722,64022,78423,220

23,23623, 57723,86524,01423,88123,704

23,52323,63223,61423, 51223,60023,800

Adden-dum:Policy

loans bylife in-surance

com-panies 3

2,378

3,769

3,248

3,0912,9192,6832,3732,1341,9621,8941,9372,0572,240

2,4132,5902,7132,9143,1273,2903,5193,8694,1884,618

5,2315,7336,2346,6557,1407,6789,117

10,05911,30613,825

16,06417,06518, 00320,199

18,08018,16318, 28418,42518,55613,713

18,89519,25219,59719,87020, 03920,199

20,24220,38220,53820,83021,06721, 321

21, 58121,88822,20222,50322, 710

1 Holdings of financial institutions only; holdings of retail outlets are included in other consumer goods paper.2 Single-payment loans and service credit3 Data are annual statement asset values. These loans are not included in consumer credit series.4 Preliminary; by Council of Economic Advisers.Sources: Board of Governors of the Federal Reserve System and Institute of Life Insurance (except as noted).

319


TABLE C-60.—Instalment credit extended and repaid, 1946-74


Year or month

Total

Ex-pended

Re-paid

Automobilepaper

Ex-tended

Re-paid

Other consumergoods paper

Ex-tended

Re-paid

Home improve-ment loans

Ex-tended

Re-paid

Personalloans

Ex-tended

Re-paid

1946..1947..1948..1949..

1950..1951..1952..1953..1954..

1955..1956..1957..1958..1959..

I960..1961..1962..1963..1964..

1965..1966..1967..1968..1969.

1970..1971-1972..1973..1974 i.

1973: Jan . .Feb..Mar..Apr..May..June.

July..Aug..Sept.Oct..Nov..D e c .

1974: Jan_.Feb..Mar_.Apr..May.June.

July.Aug..Sept.Oct..Nov.Dec*

8,49512,71315, 58518,108

21, 55813, 57629, 51431, 55831,051

38,97239, 86642,01940,11048, 048

49, 79349,04856,19163, 59170,670

78,66182, 83287,17199,984109,146

112,158124,281142. 951165,083165,850

6,78510,19013, 28415, 514

18,44522,98525, 40527,95630,488

33,63437,05639, 87040, 33942,603

46,07348,12451, 36056,82563,470

70,46377,48083,98891,66799,786

107,199115,050126,914144,978157,075

1,9693,6925,2176,967

8,5308,95611,76412,98111,807

16,73415,51516, 46514, 22617,779

17,65716, 02919,69422,12624,046

27,20827,19226,32031,08332, 553

29,79434, 87340,19446,45342,625

1,4432,7494,1235,430

7,0119,05810,00310, 87911,833

13,08214, 55515,54515,41515, 579

16,41916,55217,44719, 25421, 369

23,70625,61926,53427,93129,974

30,13731, 39334, 72939,45241,950

3,0774,4985,3835,865

7,1507,4859,1869,2279,117

10,64211,72111,81011,73813,981

14, 52514,55115,70117, 92020, 821

22,85726,32929, 50433,50738,332

43, 87347,82155, 59966,85970, 525

2,6033,6454,6255,060

6,0577,4047,8928,6229,145

9,75210, 75811,57411,55712, 402

13,61314, 23514,93516, 36918,666

20,70724,08027,84731,27034,645

40,72144,93349,87259,40966,150

423704714734

835841

1,2171,3441,261

1,3931,5821,6741,8712,222

2,2152,0922,0842,1862,225

2,2702,2232,3692,5342,831

2,9633,2444,0064,7284,650

200391579689

717772917

1,1191,255

1,3161,3701,4771,6261,765

1,8762,0152,0102,0462,086

2,1122,1182,2022,3032,457

2,5062,9013,2183,5773,8C0

3,0263,8194,2714,542

5,0436,2947,3478,0068,866

10, 20311,05112,06912,27514, 070

15, 39616,37718,71021, 35923, 578

26.32627,08828,97832,86035,430

35, 52838,34343,15247,04348,050

Seasonally adjusted

13,30413,43413, 85213,46513, 93213,646

14, 54214,29413,69114,14914,27512,677

13,71413, 54113, 82314,17914,66914, 387

14, 63514,39414,08913,62612,60912,700

11,35511,43711,80812, 06111,94112, 034

12, 54412,39912, 33212,44912,54912,267

12,79712,87013,20613,02613,40713,301

13,31012,88213,41213,22413,00913,000

4,0063,9724,0013,8223,9893,762

3,9303,9683,9393,9123,8193,315

3,4923,3893,4843,5453,7693,731

3,8123,8873,8353,3693,0623,100

3,0973,1453,2253,2183,2613,253

3,3343,2933,4063,4273,4713,338

3,4333,3943,5443,4983,6013,577

3,5633,4433,6043,4703,4233,400

5,2825,2455,3495,5635,5045,505

5,9435,9615, 5375,9115,9785,254

5,6625,6475,9336,0346,1566,043

6,1645,9935,9355,9485,7C05,700

4,6494,6274,7554,9634,9174,955

5,1415,1685,0725,1495,1545,001

5,1935,3405,5965,4835,6075,615

5,6105,4445,7005,4995,5615,600

329364406365374400

433408410415402429

373409424447468425

416388302348321300

267275286294290300

308298322308301332

356323308312315335

320309279321325300

3,6873,8534,0963,7154,0653,979

4,2363,9573,8053,9114,0763,679

4,1874,0963,9824,1534,2764,188

4,2434,1264,0173,9613,5263,600

2,5393,4053,9574,335

4,6605,7516,5937,3368,255

9,48410,37311,27611,74112, 857

14,16515,31916,96919,15621,349

23,93825,66327,40530,16332,710

33,83535, 82339,09542,54045,175

3,3423,3903,5423,5863,4733,526

3,7613,6403,5323,5653,6233,596

3,8153,8133,7583,7333,8843,774

3,8173,6863,8293,9343,7003,700

* Preliminary; December by Council of Economic Advisers.Source: Board of Governors of the Federal Reserve System (except as noted).

320


TABLE C-61.—Mortgage debt outstanding by type of property and of financing, 1939—74


End of yearor quarter

1939

19401941...194219431944

19451946194719481949

19501951195219531954.

1955195619571958.1959

19601961.196219631964..

19651966196719681969

1970.1971197219731974 »

1972: 1IfIIIIV

1973: 1IIML. . .IV

1974:1II . _ . .IllIV P. .

Allprop-erties

35.5

36.537.636.735.334.7

35.541.848.956.262.7

72.882.391.4

101.3113.7

129.9144.5156.5171.8190.8

206.8226.3248.6274.3300.1

325.8347.4370.2397.5425.3

451.7499.8564.8635.0686.9

511.6528.9546.9564.8

579,3600.0619.8635.0

645.9663.4677.2686.9

Farmprop-erties

6.6

6.56.46.05.44.9

4.84.95.15.35.6

6.16.77.27.78.2

9.09.8

10.411.112.1

12.813.915.216.818.9

21.223.325.527.529.5

31.232.935.439.344.2

33.534.435.035,4

36.437.738.639.3

40.241.642.944.2

Nonfarm properties

Total

28.9

30.031.230.829.929.7

30.836.943.950.957.1

66.775.684.293.6

105.4

120.9134.6146.1160.7178.7

194.0212.4233.4257.4281.2

304.6324.1344.8370.0395.9

420.5466.9529.4595.6642.8

478.1494.5511.9529.4

542.9562.3581.2595.6

605.7621.8634.4642.8

1- to 4-familyhouses

16.3

17.418.418.217.817.9

18.623.028.233.337.6

45.251.758.566.175.7

88.299.0

107.6117.7130.9

141.3153.1166.5182.2197.6

212.9223.6236.1251.2266.8

280.2307.2345.4386.2414.8

313.8324.2335.2345.4

353.8366.0378.2386.2

391.7402.0410.1414.8

Multi-familyprop-erties

5.6

5.75.95.85.85.6

5.76.16.67.58.6

10.111.512.312.913.5

14.314.915.316.818.7

20.323.025.829.033.6

37.240.343.947.352.2

58.067.476.585.492.2

69.171.673.876.5

78.481.183.585.4

86.788.490.492.2

Com-mer-cial

prop-erties i

7.0

6.97.06.76.36.2

6.47.79.1

10.210.8

11.512.513.414.516.3

18.320.723.226.129.2

32.436.441.146.250.0

54.560.164.871.476.9

82.392.3

107.5124.0135.8

95.298.8

102.9107.5

110.7115.2119.5124.0

127.2131.4133.8135.8

Nonfarm properties by type of mortgage

Government underwritten

Total

1.8

2.33.03.74.14.2

4.36.39,8

13.618.1

22.126.629.332.136.2

42.947.851.655.159.3

62.365.669.473.477.2

81.284.188.293.4

100.2

109.2120.7131.1135.0

123.7126.6129.0131.1

132.5133.6133.8135.0

136.6137.7

1- to 4

Total

1.8

2.33.03.74.14.2

4.36.19.3

12.515.0

18.922.925.428.132.1

38.943.947.250.153.8

56.459.162.265.969.2

73.176.179.984.490.2

97.3105.2113.0116.2

107.5109.6111.5113.0

113.7114.7115.1116.2

117.7118.4

-family houses

FHAin-

sured

1.8

2.33.03.74.14.2

4.13.73.85.36.9

8.69.7

10.812.012.8

14.315.516.519.723.8

26.729.532.335.038.3

42.044.847.450.654.5

59.965.768.266.2

66.867.668.468.2

67.967.566.966.2

66.065.5

VAguar-

anteed

0.22.45.57.28.1

10.313.214.616.119.3

24.628.430.730.430.0

29.729.629.930.930.9

31.131.332.533.835.7

37.339.544.750.0

40.742.043.144.7

45.847.248.250.0

51.752.9

Conventional2

Total

27.1

27.728.227.125.825.5

26.530.634.137.339.0

44.649.054.961.569.2

78.086.894.6

105.5119.4

131.7146.8164.1184.0204.0

223.4240.0256.6276.6295.7

311.3346.2398.3460.6

354.4367.9382.9398.3

410.4428.7447.4460.6

469.0484.1

1- to 4-familyhouses

14.5

15.115.414.513.713.7

14.316.918.920.822.6

26.328.833.138.043.6

49.355.160.467.677.0

84.893.9

104.3116.3128.3

139.8147.6156.1166.8176.6

182.9202.0232.4270.0

206.3214.5223.7232.4

240.0251.4263.1270.0

274.0283.6

1 Includes negligible amount of farm loans held by savings and loan associations.> Derived figures.

Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied by variousGovernment and private organizations.

321


TABLE C-62.—Mortgage debt outstanding by lender, 1939-74



1939

194019411942 . . . .19431944

19451946 . .194719481949

19501951195219531954

195519561957 . .19581959

I9601961 . . . . . . .196219631964

19651966196719681969

19701971197219731974 »

1972: 1IIIIIIV

1973: 1IIIllIV

1974: 1IIIIIIV*

Total

35.5

36.537.636 735.334.7

35.541.848.956.262.7

72.882.391.4

101.3113.7

129.9144.5156.5171.8190.8

206.8226.3248.6274.3300.1

325.8347.4370.2397.5425.3

451.7499.8564.8635.0686.9

511.6528.9546.9564.8

579.3600.0619.8635.0

645.9663.4677.2686.9

Private financial institutions

Total

18.6

19.520.720.720.220.2

21.026.031.837.842.9

51.759.5

f<\85.7

99.3111.2119.7131.5145.5

157.6172.6192.5217.1241.0

264.6280.8298.8319.9339.1

355.9394.2450.0505.4541.4

404.0418.7434.3450.0

462.6480.1494.9505.4

513.7527.4536.2541.4

Savingsandloan

associa-tions

3.8

4.14.64 64.64.8

5.47.18.9

10.311.6

13.715.618.422.026.1

31.435.740.045.653.1

60.168.878.890.9

101.3

110.3114.4121.8130 8140.2

150.3174.3206.2231.7249.4

180.0188.8197.7206.2

212.9222.3228.9231.7

236.1243.4247.6249.4

Mutualsavingsbanks

4 8

4.9\ 81 61 41.3

U1.4i q5.86.7

8.39.9

11.412.915.0

17 519.721.223 325.0

26.929.132.336.240.6

44.647 350.553 556.1

57.962.067.673 275.0

63 064.465 967.6

68.970.672.073.2

74.074.374 875.0

Com*mercialbanksi

4.3

4.64.94 74.54.4

4.87.29.4

10.911.6

13.714.715.916.818.6

21.022.723.325.528.1

28.830.434.539.444.0

49.754 459.065 770.7

73.382.599.3

119.1130.7

85 690.195.099.3

103.5109.1114.8119.1

121.7126.5129.3130.7

Lifeinsurance

com-panies

5.7

6.06.46.76*76.7

6.67.28.7

10.812.9

16.119.321.323.326.0

29.433.035.237.139.2

41.844.246.950.555.2

60.064.667.570.072.0

74.475.576.981.486.3

75 475.475.676.9

77.278.079.281.4

82.083.284.586.3

Other lenders

Federaland

relatedagencies3

5.0

4.94.74 33 63.0

2.42.01.81.92.4

2.73 44.04 44.6

5 26.07.57.8

10.0

11.211.812.211.211.4

12.415.818.421.726.8

33.039 445.855.772.3

41 242.744 345.8

47.349.053.055.7

58.462.567.772.3

Indi-viduals

andothers

11.9

12.012.211 711.511.5

12.113.815.316.517.4

18.419.420.521.823.4

25.427.329.332.535.4

38.041.944.045.947.7

48.750.953.055.859.4

62.866.269.073.973.2

66.467.568.369.0

69.571.071.973.9

73.773.573.373.2

1 Includes loans held by nondeposit trust companies, but not by bank trust departments.> Includes former Federal National Mortgage Association and new Government National Mortgage Association, as well as

Federal Housing Administration, Veterans Administration, Public Housing Administration, Farmers Home Administration,and in earlier years Reconstruction Finance Corporation, Homeowners Loan Corporation, and Federal Farm Mortgag eCorporation. Also includes U.S.-sponsored agencies such as new FNMA, Federal Land Banks, GNMA (Pools), and FederalHome Loan Mortgage Corporation. Other U.S. agencies (amounts small or current separate data not readily available)included with "individuals and others."

Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organiza-tions.

322


TABLE C-63.—Net public and private debt, 1929-73 *


End of year

1929

1933. . . .

1939._. .

1940194119421943. . . .1944

19451946. . . .194719481949

19501951195219531954

19551956. . .195719581959 ._

1960 . .1961196219631964

19651966 .196719681969

1970.197119721973

Total

191.9

168.5

183.3

189.8211.4258.6313.2370.6

405.9396.6415.7431.3445.8

486.2519.2550.2581.6605.9

665.8698.4728.3769.6833.0

874.2930.3996.0

1,070.91,151.6

1,243.61,338.71,438.71,582.51,736.0

1,868.92,045.82,270.22, 525.8

Public

Fed-eralGov-ern-

ment 2

16.5

24.3

42.6

44.856.3

101.7154.4211.9

252.5229.5221.7215.3217.6

217.4216.9221.5226.8229.1

229.6224.3223.0231.0241.4

239.8246.7253.6257.5264.0

266.4271.8286.5291.9289.3

301.1325.9341.2349.1

Fed-eral

finan-cial

agen-cies'

0.7.6.7

.71.31.31.41.3

2.92.42.42.53.7

3.54.05.37.27.5

8.911.29.0

21.430.6

38.839.941.459.8

Stateandlocalgov-ern-

ments

13.6

16.3

16.4

16.416.115.414.513.9

13.413.715.017.019.1

21.724.227.030.735.5

41.144.548.653.759.6

64.970.577.083.990.4

98.3104.8113.4123.9133.3

145.0162.4175.0184.5

Private

Total

161.8

127.9

124.3

128.6139.0141.5144.3144.8

140.0153.4178.3198.4208.4

246.4276.8300.4322.7340.0

392.2427.2454.3482.4528.3

566.1609.1660.1722.3789.7

870.0950.8

1,029.91,145.41,282.9

1,384.01,517.61,712.71,932.4

Cor-porate

88.9

76.9

73.5

75.683.491.695.594.1

85.393.5

108.9117.8118.0

142.1162.5171.0179.5182.8

212.1231.7246.7259.5283.3

302.8324.3348.2376.4409.6

454.3506.6553.7631.5734.2

797.7869.3978.3

1,111.1

Individual and noncorporate

Total

72.9

51.0

50.8

53.055.649.948.850.7

54.759.969.480.690.4

104.3114.3129.4143.2157.2

180.1195.5207.6222.9245.0

263.3284.8311.9345.8380.1

415.7444.2476.2513.9548.7

586.3648.3734.4821.3

Farm*

12.2

9.1

8.8

9.19.39.08.27.7

7.37.68.6

10.812.0

12.313.715.216.817.5

18.719.420.223.223.8

25.127.530.233.236.0

39.342.448.351.855.5

58.763.267.877. 3

Nonfarm

Total

60.7

41.9

42.0

43.946.340.940.542.9

47.452.360.769.778.4

92.0100.6114.2126.4139.7

161.4176.1187.4199.7221.2

238.2257.3281.7312.6344.1

376.4401.8427.9462.1493.2

527.6585.1666.6744.0

Mort-gage

31.2

26.3

25.0

26.127.126.826.126.0

27.031.837.242.447.1

54.861.768.976.786.4

98.7109.4118.1128.1141.0

151.3164.5180.3198.6218.9

236.8251.6266.9284.9303.9

332,1373.4426.0480.1

Com-mer-cialand

finan-cial8

22.4

11.7

9.8

9.510.08.19.5

11.8

14.712.111.912.913.9

15.816.217.818.420.8

24.024.424.326.528.7

30.834.837.642.345.0

49.753.960.266.468.1

68.373.482.983.4

Con-sumer

7.1

3.9

7.2

8.39.26.04.95.1

5.78.4

11.614.417.4

21.522.727.531.432.5

38.842.345.045.151.5

56.158.063.871.780.3

89.996.2

100.8110.8121.1

127.2138.4157.6180.5

i Net public and private debt is a comprehensive aggregate of the indebtedness of borrowers after eliminating certaintypes of duplicating governmental and corporate debt.

3 Net Federal Government and agency debt is the outstanding debt held by the public, as defined in the "Budget of theUnited States Government, for the Fiscal Year ending June 30,1976."

3 This comprises the debt of federally sponsored agencies, in which there is no longer any Federal proprietary interest.The obligations of the Federal Land Banks are included beginning with 1947, the debt of the Federal Home Loan Banksis included beginning with 1951, and the debts of the Federal National Mortgage Association, Federal Intermediate CreditBanks, and Banks for Cooperatives are included beginning with 1968.

* Farm mortgages and farm production loans. Farmers'financial and consumer debt is included in the nonfarm categories.« Financial debt is debt owed to banks for purchasing or carrying securities, customers'debt to brokers, and debt owed

to life insurance companies by policyholders.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, Department of Agri-culture, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Federal Land Banks, Depart-ment of Housing and Urban Development, and Federal National Mortgage Association.

323


GOVERNMENT FINANCETABLE C-64.—Federal budget receipts and outlays, fiscal years 1929-76


Fiscal year

1929...

1933...

1939...

1940. .1941 . .1942. .1943 . .1944. .

1945 . .1946 . .1947 . .1948 . .1949 . .

1950 . .1 9 5 1 . .1952 . .1953 . .1954...

1955...1956-.1957...1958...1959...

1960...1961...1962...1963..1964..

1965..1966..1967..1968..1969..

1970..1971..1972..1973..1974..

19751.19761.

Receipts

3,862

1,997

4,979

6,3618,62114,35023,64944,276

45,21639,32738,39441,77439,437

39,48551,64666,20469,57469,719

65,46974,54779,99079,63679,249

92,49294,38999,676106,560112,662

116,833130,856149,552153,671187,784

193,743188,392208,649232,225264,932

278,750297, 520

Outlays

3,127

4,598

8,841

9,45613,63435,11478, 53391,280

92,69055,18334, 53229,77338,834

42,59745, 54667,72176,10770,890

68,50970,46076,74182,57592,104

92,22397,795106,813111,311118,584

118,430134,652158,254178,833184,548

196,588211,425231,876246, 526268,392

313,446349, 372

Surplus ordeficit ( - )

734

- 2 , 6 0 2

- 3 , 8 6 2

- 3 , 0 9 5- 5 , 0 1 3

- 2 0 , 7 6 4- 5 4 , 8 8 4- 4 7 , 0 0 4

-47 ,474-15 ,856

3,86212,001

603

- 3 , 1 1 26,100

- 1 , 5 1 7- 6 , 5 3 3- 1 , 1 7 0

- 3 , 0 4 14,0873,249

- 2 , 9 3 9- 1 2 , 8 5 5

269- 3 , 4 0 6- 7 , 1 3 7- 4 , 7 5 1- 5 , 9 2 2

- 1 , 5 9 6- 3 , 7 9 6- 8 , 7 0 2

-25 ,1613,236

- 2 , 8 4 5-23 ,033-23 ,227- 1 4 , 301- 3 , 4 6 0

-34 ,696- 5 1 , 852

i Estimate.Note.—Data for 1929-39 are according to the administrative budget and those for 1940-76 according to the unified budget.Certain tnterfund transactions are excluded from receipts and outlays beginning 1932. For years prior to 1932 the amounts

of such transactions are not significant.Refunds of receipts are excluded from receipts and outlays.Sources: Department of the Treasury and Office of Management and Budget.

324


TABLE C-65.—Federal budget receipts, outlays, and debt, fiscal years 1965-76

[Millions of dollars; fiscal years]

DescriptionActual

1965 1966 1967 1968 1969 1970

BUDGET RECEIPTS AND OUTLAYS:

Total receipts

Federal fundsTrust funds _Interfund transactions.

Total outlays.

Federal fundsTrust funds.Interfund transactions.

Total surplus or deficit ( - ) _

Federal funds..Trust funds. . .

OUTSTANDING DEBT, END OF YEAR:

Gross Federal debt _

Held by Government agencies..Held by the public

Federal Reserve System.Others

116,833

90,94329,230

-3,339

118,430

94,80726,962

-3,339

- 1 , 596

-3,8642,268

323,154

61, 540261,614

39,100222,514

130,856

101,42732,997

-3,568

134,652

106,51231,708

- 3 , 568

-3,796

-5,0851,289

329,474

64,784264,690

42,169222, 521

149, 552

111,83542,935-5, 218

158,254

126,77936,693-5,218

-8,702

-14,9446,242

341,348

73,819267, 529

46,719220,810

153,671

114,72644,716-5,771

178,833

143,10541, 499-5,771

-25,161

-28, 3793,217

369,769

79,140290,629

52, 230238,399

187, 784

143,32152,009-7, 547

184, 548

148,81143, 284-7,547

3,236

-5, 4908,725

367,144

87,661279,483

54, 095225, 388

193,743

143,15859,362-8,778

196,588

156,30149,065-8,778

-2,845

-13,14310, 297

382,603

97,723284,880

57,714227,166

BUDGET RECEIPTS.

Individual income taxes.Corporation income taxesSocial insurance taxes and contributions...Excise taxesEstate and gift taxesCustoms duties _Miscellaneous receipts:

Deposit of earnings by Federal Re-serve System...

Allother

BUDGET OUTLAYS..

National defense.International affairsGeneral science, space, and technologyNatural resources, environment, and energy.AgricultureCommerce and transportationCommunity and regional developmentEducation, manpower, and social services..HealthIncome securityVeterans benefits and servicesLaw enforcement and justice.._General governmentRevenue sharing and general purpose fiscal

assistanceInterestAllowancesUndistributed offsetting receipts

116,833

48,79225,46122,25814, 5702,7161,442

1,372222

118,430

48,5814,1215,8902,9683,9486,8941,2552,1041,790

25,7415,722

5291,460

22910, 359

130,856

55,44630,07325, 56713,0623,0661,767

1,713162

134,652

55,8564,5546,7903,0742,4418,9561,5404,0932,638

28,8955,921

5541,426

24211,286

149,552

61, 52633,97133,34913,7192,9781,901

1,805303

158,254

69,1014,6956,3113,3792,9829,2051,6516,0236,759

30,8216,899

6101,569

28812,533

153,671

68, 72628,66534,62214,0793,0512,038

2,091400

178,833

79,4094,6125,6103,6244,54110,6372,1897,0049,70833,6806,882650

1,684

31113,751

187,784

87,24936,67839, 91815, 2223,4912,319

2,662247

184, 548

80,2073,7845,1083,5035,7797,0652,5316,871

11,75837,2817,640

7611,649

36515,793

193,743

90,41232,82945,29815,7053,6442,430

3,266158

196, 588

79,2843,5644,6113,6115,1649,0903,4957,888

13,05143,0668,683

9521,934

45118, 312

Composition of undistributed offsetting receipts:

Employer share, employee retirement..Interest received by trust fundsRents and royalties on the Outer Conti

nental Shelf..

-3 ,162

-1,329-1,780

- 5 3

-3 ,613

-1,447-1,917

- 2 4 8

- 4 , 573

-1 ,661-2,275

- 6 3 7

- 5 , 4 6 0

-1 ,825-2,674

-961

- 5 , 545

-2,018-3,099

- 4 2 8

- 6 , 567

- 2 , 4 4 4- 3 , 936

-187


325


TABLE C-65.—Federal budget receipts, outlays, and debt, fiscal years 1965-76—Con.

[Miiiions of dollars; fiscal years]

Description

BUDGET RECEIPTS AND OUTLAYS:Total receipts

Federal funds. . .„Trust fundsInterfund transactions

Total outlays.

Federal fundsTrust funds._Interfund transactions.

Total surplus or deficit ( - )Federal fundsTrust funds

OUTSTANDING DEBT, END OF YEAR:Gross Federal debt

Held by Government agencies.Held by the public

Federal Reserve System.Others

BUDGET RECEIPTS(Individual income taxes _; Corporation income taxes: Social insurance taxes and contributions..

Excise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts:

- Deposit of earnings by Federal ReserveSystem

Aliother _BUDGET OUTLAYS

National defense.International affairsGeneral science, space, and technologyNatural resources, environment, and energy.AgricultureCommerce and transportation _Community and regional developmentEducation, manpower, and social services..HealthIncome security _.Veterans benefits and servicesLaw enforcement and justiceGeneral government..Revenue sharing and general purpose fiscal

assistance _InterestAllowances....Undistributed offsetting receipts

Composition of undistributed offsettingreceipts:

Employer share, employee retirement-Interest received by trust fundsRents and royalties on the Outer Con-

tinental Shelf

Actual

1971

188,392133,78566,193

-11 ,586

211,425

163,65159,361

-11 ,586

- 23 ,033-29 ,866

6,832

409,467105,140304,328

65,518238,810

188,392

86,23026,78548,57816,6143,7352,591

3,533325

211,425

76,8073,0934,2944,4494,28810,3974,0109,04514, 71655, 4239,7761,2992,159

19,609

"-8,427

-2,611-4, 765

-1,051

1972

208,649

148,84672,959

-13,156

231,876

177,95967, 073

-13,156

-23, 227

-29,1145,886

437,329

113,559323, 770

71,426252,344

208,649

94,73732,16653,91415,4775,4363,287

3,252381

231,876

77,3563,7234,2995,0195,27910,6014,69911,69617, 47163,91110, 7301,6502,466

53120, 582

-8,137

-2 , 768-5, 089

-279

1973

232,225161,35792,193

-21, 325

246,526

186,40381, 447

-21,325-14,301-25,04610,746

468.426

125,381343,045

75,182267,863

232, 225

103,24636,15364,54216, 2604,9173,188

3,495426

246,526

75,0722,9564,1695,4614,8559,9385,86911,87418,83272, 95812,0132,1312,682

7,22222, 813

-12,318

-2,927-5,436

-3,956

1974

264,932

181,219104,846-21,133

268,392

198,69290,833

-21,133

-3,460

-17,47314,013

486,247

140,194346,053

80,649265,404

264,932

118,95238,62076,78016,8445,0353,334

4,845524

268.392

78,5693,5934,1546,3902,23013,1004,91011,60022,07484,43113,3862,4623,327

6,74628,072

-16 ,650

- 3 , 3 1 9- 6 , 5 8 3

- 5 , 4 7 8

Estimate

1975

278,750185,966118,681-25,897

313,446

229,005110,338-25,897

-34,696

-43,0398,343

538,541

148,988389,553

278,750

117,70038,50086,22519,9474,8003,910

5,7001,968

313,446

85,2764,8534,1839,4121,77311,7964,88714,71426,486106,70215,4663.0262; 646

7,03331,331

700-16,839

-4,070-7,769

-5,000

1976

297,520

199,278126,510-28,268

349,372

254,215123,425-28,268

-51,852

-54,9373,085

605,925

152,872453,053

297,520

106,30047,70091,55032,1454,6004,300

6,1004,825

349,372

94,0276,2944,58110,0281,81613,7235,92014,62328,050118,72415,5923,2883,180

7,24934,4198,050

-20,193

-3,888-8,305

-8,000

Sources: Department of the Treasury and Office of Management and Budget.

326


T A B L E C—66.—Relation of the Federal budget to the Federal sector of the national income andproduct accounts, fiscal years 1973-76

[Billions of dollars; fiscal years]

Receipts and expendituresActual

1973 1974

Estimate

1975 1976

RECEIPTS

Total receipts, budget..

Government contribution for employee retire-ment (grossing)

Other netting and grossingAdjustment to accrualsOther

Federal sector, national income and product accounts,receipts

EXPENDITURES

Total outlays, budget

Lending and financial transactionsGovernment contribution for employee retirement

(grossing)Other netting and grossingDefense timing adjustmentBonuses on Outer Continental Shelf land leases...Other

Federal sector, national income and product accounts,expenditures

232.2

3.81.63.3

- . 5

240.4

246.5

-1 .7

3.81.62.73.6

-1 .2

255.4

264.9

4.31.93.1

- . 6

273.6

268.4

-2 .9

4.31.9

6'.0.2

278.3

278.8

5.02.12.6

- . 8

287.6

313.4

-1 .2

5.02.1

- . 34.2.5

323.7

297.5

5.42.21.1

-1 .1

305.1

349.4

- 4 . 2

5.42.2.3

6.91.0

361.0

Note.—See Special Analysis A, "Budget of the United States Government for the Fiscal Year Ending June 30, 1976,"for description of these categories.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Manage-ment and Budget.

327


T A B L E C-67.—Receipts and expenditures of the government sector of the national income and productaccounts, 1929-74


Calendar year or quarter

1929

1933. .

1939

19401941— .19421943...19441945...1946194719481949

19501951—19521953. .195419551956195719581S59

196019611962 .1963 . .196419651966 . .196719681969

1970 . . . .1971197219731974*

1972: l ._.

IllIV

1973: 1

HIIV

1974: 1IIIllIV*

Total government

Re-ceipts

11.3

9.3

15.4

17.725.032.649.251.253 250.956 858.956.0

68.784.889.894.389.7

100 4109.0115 6114.7128.9

139 8144.6157.0168.8174.1189.1213.3228 9263.5296.7

302.5321 6367.0411.5455.0

Ex-pendi-tures

10.3

10.7

17.6

18.428.864.093.3

103.092 745.542 450.359.1

60.879.093.7

101.296.797.6

104.1114 9127.2131.0

136.1149.0159.9166.9175.4186.9212.3242.9270.3287.9

312.7340.2372.1408.0460.9

Sur-plus ordeficit

nationalincome

andprod-

uct ac-counts

1.0

-1 .4

- 2 . 2

- . 7-3 .8

-31.4-44.1-51.8-39 5

5.414 48.5

- 3 . 2

7.95.8

- 3 . 8- 6 9- 7 . 0

2 74.9

7-12.5-2 .1

3 7—4 3- 2 . 9

1.8—1 4

2.21.1

—13.9- 6 . 8

8.8

-10.1-18.5-5 .1

3.5- 5 . 9

Federal Government

Re-ceipts

3.8

2.7

6.7

8.615.422.939.341.042.539.143 243.338.9

49.964.067.270.063.872.177:681 678,789.7

96 598.3

106.4114.5115.0124.7142.5151.2175.0197.3

192.0198.5227.2258.5291.1

Ex-pendi-tures

2.6

4.0

8.9

10.020.556.185.895.584.635.629.834.941.3

40.857.871.077.069.768.171.979.688.991.0

93.0102.1110.3113.9118.1123.5142.8163 6181.5189.2

203.9220.3244.7264.2298.6

Sur-plus ordeficit

nationalincome

andprod-uct ac-counts

1.2

- 1 . 3

- 2 . 2

- 1 . 3—5.1

-33.1-46.6-54.5—42 1

3.513 48.4

- 2 . 4

9.16.2

- 3 . 8-7 .0-5 .9

4.05.72.1

-10.2-1 .2

3.5—3.8- 3 . 8

.7-3 .0

1.2- . 2

-12.4-6 .5

8.1

-11.9-21.9-17.5- 5 . 6- 7 . 6

State and localgovernment

Re-ceipts

7.6

7.2

9.6

10.010.410.610.911.111 612.915 317.619.3

21.123 325.227.228.831.434.738 241.646.0

49 953.658.663.469.575.585.293.5

107.1119.7

135.0152.2177.2193.5207.7

Ex-pendi-tures

7.8

7.2

9.6

9.39.18.88.48.59.0

11.014 317.420.0

22.323.725.327.029.932.735.639 544.046.8

49.654.157.662.267.874.583.995.1

107.5119.0

133.2148.8164.9184.4206.0

Sur-plus ordeficit

nationalincome

andprod-uct ac-counts

- 0 . 2

- . 1

0)

.61.31.82.52.72.61.91 0

- . 7

- 1 . 2. 4

(2).1

-1 .1—1.3—.9

—1 4—2.3- . 8

2—.5

.91.21.71.01.3

- 1 . 6

.7

1.83.4

12.39.21.7


355.3362.4369 8380.5

398.1406.9416.5424.6

435.9450.7470.3

363.5367.6370.4387.0

396.1403.9409.8422.3

435.5451.7470.0486.2

—8.2- 5 . 2— 6

- 6 . 5

2.13.06.72.3

.4—1.0

220.9224.1228.4235.6

249.1255.0261.8268.3

278 1288.6302.8

235.8243.7238.2261.2

260.2262.4263.4270.6

281 0291.6304.7317.3

-14.9-19.6—9.8

-25.6

-11.2-7 .4-1 .7- 2 . 3

—2.8- 3 . 0-1 .9

166.1176.2175.8190.8

190.3192.0194.6197.3

200 6205.3210.9

159.5161.7166.5171.7

177.0181.7186.2192.7

197.4203.3208.8214.4

6.714.49.2

19.1

13.210.48.44.6

3.22.02.1

i Surplus of $32 million.'Deficit of $41 million.

Note.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State and localreceipts and expenditures. Total government receipts and expenditures have been adjusted to eliminate this duplication.


328


TABLE C-68.—Receipts and expenditures of th& Federal Government sector of the national incomeand product accounts, 1949—76


Year or quarter

Fiscal year:1949.. . .1950.. . .1951. . . .1952.. . .1953. . . .1954.. . .1955.. . .1956.. . .1957.. . .1958.. . .1959. . . .I960. . . .1961. . . .1962. . . .1963. . . .1964.. . .1965.. . .1966.. . .1967.. . .1968.. . .1969.. . .1970197119721973.. . .1974197521976 2

Calendar year:194919501 9 5 1 . . . . . . .1952195319541955..1956195719581959196019611962196319641965196619671968196919701971197219731974 P

1973: III . . . .III...IV. . .

1974: I . . . .I I . . . .III . .IV p . .

Receipts

Total

40.042.060.865.169.365.867.275.880.777.985.494.895.3

104.2110.2115.5120.5132.8147.2160.6190.4195.2192.5213.2240.4273.6287.6305.1

38.949.964.067.270.063.872.177.681.678.789.796.598.3

106.4114.5115.0124.7142.5151.2175.0197.3192.0198.5227.2258.5291.1

Per-sonaltaxandnon-taxre-

ceipts

16.316.523.228.831.430.329.733.636.736.338.242.543.647.349.650.751.357.664.571.490.093.687.5

100.7106.8123.122.111.

16.18.26.31.032.229.031.435.237.436.839.943.644.748.651.548.653.861.767.579.794.892.289.9

108.2114.1131.2

Cor-po-rate

profitstaxac-

cruals

11.011.921.519.319.717.318.721.120.617.821.522.320.322.923.525.727.731.031.233.737.433.332.334.141.245.641.039.9

17.021.518.519.517.020.620.620.218.022.521.721.822.724.626.429.332.130.736.736.631.033.436.643.749.1

Indi-rect

busi-nesstaxandnon-taxac-cru-als

8.08.29.59.7

10.710.410.010.811.711.611.913.213.314.215.015.616.915.715.817.118.619.220.120.020.721.633.154.7

8.08.99.4

10.310.99.7

10.711.211.811.512.513.513.614.615.316.116.515.716.318.019.019.320.420.021.222.0

Con-tribu-tionsfor

socialinsur-ance

4.85.56.67.37.57.88.7

10.211.712.213.816.718.119.922.123.524.628.535.738.344.449.152.658.571.783.391.499.4

4.95.97.17.47.48.19.3

10.612.212.414.817.718.220.523.123.825.133.036.740.746.949.554.662.579.588.7

Expenditures

Total i

39.642.444.666.075.874.267.369.876.083.190.991.398.0

106.4111.4116.9118.5131.9154.5172.5185.7195.9212.4232.9255.4278.3323.7361.0

41.340.857.871.077.069.768.171.979.688.991.093.0

102.1110.3113.9118.1123.5142.8163.6181.5189.2203.9220.3244.7264.2298.6

Pur-chases

ofgoodsand

serv-ices

19.319.025.146.656.153.243.945.247.750.754.752.755.560.963.465.764.471.785.394.999.498.095.8

103.2105.3110.3121.1136.1

20.118.437.751.857.047.444.145.649.553.653.753.557.463.464.265.266.977.890.798.898.896.297.6

104.9106.6116.4

Transferpayments

Toper-

8.111.38.18.59.3

10.512.112.814.417.819.820.623.625.126.427.328.331.837.242.748.554.867.475.786.7

101.3128.2143.0

8.710.88.58.89.5

11.512.413.415.719.520.121.524.925.527.027.830.333.440.046.150.361.072.380.192.9

114.4

Tofor-

eign-ers

(net)

5.04.33.12.62.11.72.11.81.91.71.81.82.12.12.12.22.22.32.22.12.22.02.32.82.72.93.54.0

5.13.63.12.12.01.82.01.91.81.81.81.92.12.22.22.22.22.32.22.12.12.22.62.72.62.6

Grants-in-aid

to Stateandlocal

govern-ments

2.12.42.42.52.82.93.03.23.74.76.26.86.97.68.49.8

10.912.714.817.819.222.626.832.640.241.547.050.8

2.22.32.52.62.82.93.13.34.25.66.86.57.28.09.1

10.411.114.415.818.720.324.429.037.440.543.7

Netin-ter-est

4.34.44.64.84.85.04.95.15.55.75.97.06.86.87.58.18.59.09.9

10.912.314.014.313.414.517.419.823.0

4.44.54.74.74.95.04.95.35.75.66.47.16.67.27.78.38.79.5

10.211.713.114.613.613.516.318.8

Subsi-dieslesscur-rentsur-plusof

gov-ern-mententer-prises

0.81.01.31.1.9

1.01.31.72.82.52.42.33.23.83.63.84.14.55.14.14.14.75.75.36.74.73.74.1

.81.21.31.0.8

1.11.52.42.62.72.12.53.84.03.64.24.35.44.64.14.65.55.26.65.32.1

Sur-plusor

defi-cit

< - ) ,na-

tion-al in-comeand

prod-uctac-

counts

0.4- . 516.2

-1 .0-6 .5-8 .5- . 16.04.7

-5 .1-5 .5

3.5-2 .7-2 .1-1 .2-1 .4

2.0.9

-7 .3-11.9

4.7

-19! 8-19.7-15.0-4 .7

-36.1-55.9

-2 .49.16.2

- 3 . 8-7 .0-5 .9

4.05.72.1

-10.2-1 .2

3.5-3 .8-3 .8

.7-3 .0

1.2- . 2

-12.4-6 .5

8.1-11.9-21.9-17.5- 5 . 6-7 .6


249.1255.0261.8268.3278.1288.6302.8

107.9110.3116.7121.6124.1129.4134.8136 6

42.844.743.843.545.949.255.4

20.921.421.021.321.521.922.522.2

77.478.680.281.886.788.190.090.0

260.2262.4263.4270.6281.0291.6304.7317.3

106.4106.2105.3108.4111.5114.3117.2122.8

89.991.593.996.3

104.0110.8118.4124.4

2.13.32.72.52.52.72.42.7

41.240.139.841.042.943.243.445.5

14.815.916.817.617.918.719.119.7

6.15.45.04.82.21.32.72.3

-11.2-7 .4-1.7-2 .3-2 .8-3 .0-1 .9

1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars at seasonallyadjusted annual rates) .1, — . 1 , .0, and .0 in the 4 quarters of 1973 and .0, —.6, —1.5, and .0 in the 4 quarters of 1974.

2 Estimates.Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.

329563-280 O - 75 - 22Digitized for FRASER

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

T A B L E C-69.—Receipts and expenditures of the State and local government sector of the nationalincome and product accounts, 1946—74


Calendaryear orquarter

1946194719481949 . . . . . .

19501951195219531954

19551956195719581959 - .

1960 . .1961196219631964

196519661967 - - -19681969

19701971197219731974 v

1972- 1IIIIIIV

1973: 1 .IIIIIIV

1974: 11 1 . . . . . .IIIIVP

Receipts

Total

12.915.317.619.3

21.123 325.227.228.8

31.434.738.241 646.0

49.953.658 663.469.5

75.585 293.5

107.1119.7

135.0152.2177.2193 5207.7

Per-sonaltaxand

nontaxeceipts

1.51.82.12.4

2.62 93.13.43.7

4.14.75.25.66.3

7.37.78.79.4

10.8

11.813.715.518.321.7

24.427.734.237.239.5

Cor-porateprofitstax

ccruals

0.5.6

.6

.8

.9

.8

.8

.8

1.01.01.01 01.2

1.31.41.41.71.9

2.12.22.43.23.4

3.84.15.06.16.7

ndirectbusi-nesstaxand

nontaxccruals

9.310.612.113.3

14.515.817.318.719.7

21.423.625.527.028.9

31.734.136.939.442.3

45.949.954.160.667.0

74.182.290.098.0

104.9

Contri-butions

forsocialinsur-ance

0.5.6

.8

1.01.21.31.51.7

1.82.02.32.52.7

3.03.23.53.84.1

4.55.05.76.47.3

8.39.2

10.611.712.8

Fed-eral

grants-n-aid

1.11.72.02.2

2.32.52.62.82.9

3.13.34.25.66.8

6.57.28.09.1

10.4

11.114.415.818.720.3

24.429.037.440.543.7

Expenditures

Total *

11.014.317.420.0

22.323.725.327.029.9

32.735.639.544.046.8

49.654.157.662.267.8

74.583.995.1

107.5119.0

133.2148.8164.9184.4206.0

Pur-chases

ofgoodsandserv-ices

9.812.615.017.7

19.521.522.924.627.4

30.133.036.640.643.3

46.150.253.758.263.5

70.179.089.4

100.8111.2

123.3136.6150.8169.8192.4

Trans-fer

pay-ments

toper-sons

1.72.32.92.9

3.53.03.23.33.4

3.73.84.24.64.8

5.15.55.76.06.5

6.97.78.7

10.011.6

14.116.718.620.120.2

Netnterestpaid

0.3.3.3.3

.3

.3

.3

.3

.4

.5

.5

.5

.6

.7

.8

.8

.8

.5

.3

.2

.0- . 2

- . 4- . 2- . 3- . 8

- 1 . 6

Sub-sidiesless

currentsurplusof gov-

ern-mententer-prises

- 0 . 7— 8— 8- . 9

- . 91 i

—1 1- 1 . 2—1 4

- 1 . 6—1 7- 1 8—1 8—2 0

—2 2- 2 . 3—2 6- 2 8- 2 . 9

- 3 . 0—3 1- 3 2- 3 . 4- 3 . 5

- 3 . 8- 4 . 1- 4 . 4- 4 . 7- 5 . 0

Surplusor

deficit(->,

nationalncomeand

prod-uct ac-counts

1.91 0

1- . 7

- 1 . 24

.11 i

- 1 . 3_ 9

—1 42 3

— 8

2- . 5

§1 21 7

1 01 3

- 1 6- 3

.7

1.83.4

12.39 21.7


166.1176.2175.8190.8

190.3192.0194.6197.3

200.6205.3210.9

32.733.934.635.5

36.236.937.438.2

37.838.840.341.1

4.64.85.05.4

6.06.26.16.0

6.36.77.3

87.089.291.093.0

95.697.299.4

100.0

101.2104.0107.0107.6

10.110.410.711.0

11.311.611.912.1

12.412.713.013.3

31.737.834.445.8

41.240.139.841.0

42.943.243.445.5

159.5161.7166.5171.7

177.0181.7186.2192.7

197.4203.3208.8214.4

145.5147.9152.4157.4

162.6167.1171.6177.9

184.8190.1195.1199.6

17 918.418.919.2

19.519.920.320.8

19.119.820.421.4

- 0 . 2- . 3- . 3- . 3

- . 5- . 7- . 9

- 1 . 2

- 1 . 5- 1 . 6- 1 . 6- 1 . 5

- 4 . 2- 4 . 3- 4 . 4- 4 . 5

- 4 . 6- 4 . 7- 4 . 8- 4 . 9

- 4 . 9- 5 . 0- 5 . 0- 5 . 0

6.714.49.2

19.1

13.210.48.44.6

3.22.02.1

1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars, at seasonallyadjusted annual rates) - . 6 , - . 1 , .0, and .0 in the 4 quartets of 1972; .0, - . 1 , .0, and .0 in the 4 quarters of 1973;and .0 in each of the 4 quarters of 1974.

2 Deficit of $41 million.Source: Department of Commerce, Bureau of Economic Analysis.

330


T A B L E C-70.—State and local government revenues and expenditures, selected fiscal years, 1927—73


Fiscal year 1

1927

193219341936—1938

1940. . . .1942194419461948

1950 .1952..19531954

19551956195719581959 .

19601961. . .19621963

1962-63 51963-64 5 .1964-65 5

1965-66 5 . . .1966-67 51967-68 51968-69 51969-70 5

1970-7151971-72 51972-73 5

Total

7,271

7,2677,6788,3959,228

9,60910,41810,90812,35617,250

20,91125,18127,30729,012

31,07334,66738,16441,21945,306

50,50554,03758,25262,890

62,26968,44374,000

83,03691,197

101,264114,550130,756

144,927166,352190,177

General revenues by source

Prop-erty

taxes

4,730

4,4874,0764,0934,440

4,4304,5374,6044,9866,126

7,3498,6529,3759,967

10,73511,74912,86414,04714,983

16,40518,00219,05420,089

19,83321,24122,583

24,67026,04727,74730,67334,054

37,85242,1345,28

Salesand

grossre-

ceiptstaxes

470

7521,0081,4841,794

1,9822,3512,2892,9864,442

5,1546,3576,9277,276

7,6438,6919,4679,829

10,437

11,84912,46313,49414,456

14,44615,76217,118

19,08520, 53022,91126,51930,322

33,23337,48842,047

Indi-vidualncometaxes

70

7480

153218

224276342422543

788998

1,0651,127

1,2371,5381,7541,7591,994

2,4632,6133,0373,269

3,2673,7914,090

4,7605,8267,3088,908

10,812

11,90015,23717,994

Corpo-ration

netincometaxes

92

7949

113165

156111451447592

593846817778

744890984

1 0181,001

1 1801,2661,3081,505

1,5051,6951,929

2,0382,2272,5183,1803,738

3,4244,4165,425

2

Reve-nue

from:ederal

Govern-ment

116

2321,016

948800

945858954855

1,861

2,4862,5662,8702,966

3,1313,3353,8434 8656,377

6 9747,1317,8718,722

8,66310,00211,029

13,21415,37017,18119,15321,857

26,14631,25339, 256

Allotherreve-nues3

1,

1,1.1,1(

1,?,?,?3,

4,»>,6 ,6 ,

7 ,

793

643449604811

87?\n?69661685

541763252897

5848 4659,9

10

1112

n14

14

250699516

634563489850

55615,95117,250

19,26921,19723,59826,11829,971

32,37435,82540,172

General expenditures by function *

Total

7, ?m

7,7657,7,R,

9,9,8,

11.17,

22,?fi.2730

3336

181644757

??9190863f)?8684

787098910701

7?4711

40,37544 85148,887

51 87656,20160,20664

636974

8293

102116131

150166181

816

977302546

843350411728332

674,873086

Edu-cation

?,

?1,?,2,

?^

311831177491

2,6382,5862,7933,5,

7,8,

356379

177318

9,39010, 557

11,90713, ??014,13415,91917,

18

283

71Q20,57422,21623

23

776

7?926,28628,563

33,28737,91941,15847,23852,718

59,41364,88669,573

High-ways

1,

11,1,1,

1,1,1,3,

3,4,

809

7415094?5650

573490?0067?036

803650

4,9875,527

6,4526,78,9,

99

1011

11

953816567592

4?8844357136

15011,66412,221

12,77013,93214,48115,41716,427

18,09519,01018,615

Publicwel-fare

151

444889827

1,069

1,1561,2251,1331,4092,099

2,9402,7882,9143,060

3,1683,1393,4853,8184,136

4,4044,7205,0845,481

5,4205,7666,315

6,7578,2189,857

12,11014,679

18,22621,07023, 582

Allother <

3,

3,?,33,

3,3347,

8,101011

1?

n141617

192122

01S

?6995??15547

86?889737591170

86734?619557

197399940547876

3?5063549

24,423

23,6782527

3033364147

546169

586447

0?9281915963508

940907316

1 Fiscal years not the same for all governments. See footnote 5.3 Excludes revenues or expenditures of publicly owned utilities and liquor stores, and of insurance-trust activities.

Intergovernmental receipts and payments between State and local governments are also excluded.3 Includes licenses and other taxes and charges and miscellaneous revenues.* Includes expenditures for health, hospitals, police, local fire protection, natural resources, sanitation, housing and

urban renewal, local parks and recreation, general control, financial administration, interest on general debt, and un-allocable expenditures.

5 Data for fiscal year ending in the 12-month period through June 30. Data for 1963 and earlier years include local govern-ment amounts grouped in terms of fiscal years ended during the particular calendar year.

Note.—Data are not available for intervening years.See Table C-63 for net debt of State and local governments.


331


TABLE C-71.—Public debt securities by kind of obligation, 1946-74


End of year ormonth

1946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974

1973:Jan _FebMarAprMayJune

JulyAugSept . .Oct_NovDec

1974: JanFebMar . . .AprMay _ .June

JulyAugSeptOct .-NovDec

Totalpublicdebt

securi-ties

259 1256.9252.8257.1

256 7259 4267.4275 2278.7280 8276.6274.9282 9290 8

290 2296.2303.5309 3317.9320 9329.3344.7358 0368.2

389 2424.1449.3469.9

2 492.7

450.1454.8458.6457.1457.3458.1

459.0461.8461.4462.5464.0469.9

468.2470.7474.5471.9474.7475.1

2 475.3481.8481.5480.2485.4492.7

Interest-bearing public debt

Marketable public issuesby maturity class

Within1 year

54.849.644.649.4

49 447.157.773 962.861 768.675.372 679.9

75.385.987.389.488.593.4

105.2104.4108 6118.1

123.4119.1130.4141.6148.1

131.5130.2130.2128.4125.7122.8

122.6129.1129.1130.9139.4141.6

141.6141.4145.5140.9142.9139.9

142.2142.9143.4144.4143.4148.1

1 to 10years

61.756.155.151.8

50.556.762.250 464.768 658.956.971 083 7

89 584.795.694 2

100.495 687.597.0

103 493.3

104 9123.0117.7106.8113.2

117.7117.8117.8117.7117.8119.3

119.3111.7111.7111.6109.0106.8

106.8106.0106.0107.5104.1104.2

104.2108.4108.4108.4112.6113.2

10yearsandover

60 160.057.753.9

52.538.828.730 330.232 932.932.032 024.6

24.225.420.124 023.625 625 425.124 824.4

19 419.921.421.821.6

22.021.921.821.722.420.8

20.821.621.621.521.821.8

21.722.222.122.022.622.5

22.420.820.820.821.521.6

Nonmarketable publicissues

U.S.sav-ings

bondsand

notes

49.852.155.156.7

58.057.657.957.757.757.956.352.551.248.2

47.247.547.548.849.750 350.851.752.352.2

52.554.958.160.863.8

58.458.759.059.359.759.9

60.260.360.360.560.860.8

61.061.361.661.962.162.4

62.762.863.063.363.663.8

For-eignand

inter-na-

tional

0.5.7

1.31.82.41.53.24.44.7

6.517.421.326.922.8

21.226.129.129.229.029.2

28.828.628.928.426.726.9

26.226.326.126.626.925.9

24.423.223.223.123.122.8

Other

6.77.46.39.3

10.120.919.619 317.712 711.910.49 27.8

6 35.34.63.83.52 92.72.62 62.5

2.42.42.42.83.0

2.52.52.52.52.52.5

2.52.52.52.62.82.8

2.82.82.92.92.92.9

3.03.03.03.03.03.0

Govern-ment

accountseries*

24.629.031.733.9

33.735.939.141.242.643.945.645.844.843.5

44.343.543.443.746.146.352.057.259.171.0

78.185.795.9

107.1119.1

95.095.896.496.498.3

101.7

103.0106.1105.4105.1101.6107.1

106.2108.6108.5108.4111.3115.4

115.5119.6118.3116.2116.9119.1

Maturedpublicdebtanddebtbear-ing nointer-

est

1 52.72.22.1

2.42.32.12.33.03.02.42.02.13.1

3.43.54.34.14.44.44.33.52.92.0

1.91.82.02.1

2 1.1

1.91.91.81.81.91.8

1.81.92.01.92.02.1

1.92.11.91.81.91.8

21.01.11.41.11.21.1

1 Prior to July 1974, this series was shown as "Speciaj issues."2 Beginning July 1974, excludes the non-interest-bearing notes issued to International Monetary Fund to conform with

Budget presentation.Source: Department of the Treasury.

332


TABLE C-72.—Estimated ownership of public debt securities, 1946-74

[Par values,i billions of dollars]

End of year ormonth

1946194719481949

1950195119521953195419551956195719581959

196019611962196319641965196619671968 . . .1969

19701971197219731974

1973: Jan _FebMarAprMayJune

JulyAug _SeDtOctNovDec


July . -AugSeptOctNov .Dec

Total public debt securities2

Total

259.1256 9252.8257.1

256.7259 4267.4275.2278.7280.8276.6274.9282.9290.8

290.2296.2303.5309.3317.9320.9329.3344.7358.0368.2

389.2424.1449.3469.9

8 492.7

450.1454.8458.6457 1457.3458.1

459.0461.8461.4462.5464.0469.9468.2470.7474.5471.9474.7475.1

s 475.3481.8481.5480.2485.4492.7

Held

n ^Govern-

mentaccounts

27.430.833.735.936.039.342.945.446.749.051.252.852.151.452.852.553.255.358.459.765.873.176.689.097.1

106.0116.9129.6141.2116.2117.1117.9117.9120.1123.4125.0128.7127.8127.4127.1129.6128.7131.3131.2131.1133.9138.2137.5141.6140.6138.4139.0141.2

Held byFederalReserveBanks

23.322 623 318.920.823 824 725.924 924 824.924 226 326.627.428 930.833 637.040.844 349.152.957.262.170.269.978.580.572.072.674.375 574.175.077.176.176 278.577.278.578.278.279.580.081.480.578.181.181.079.481.080.5

Held by private investors

Total

208.3203 6195 8202.4199.9196 3199 8203.8207 1207 0200.5197 9204.5212.7210.0214.8219.5220 5222.5220.5219 2222.4228.5222.0229.9247.9262.5261.7

8 271.0261.8265.1266.4263 7263.1259.7256.9257.1257.4256.5259.8261.7261.2261.1263.8260.7259.4256.4

s 259.7259.0260.1262.5265.3271.0

Com-mercialbanks a

74.568 762 466.861.861 563 463.769 162 059.559 567 560.362.167.267.164 263 960.757 463 866.056.862.765.367.760.355.566.462.862.060.558.958.856.555.155.456.358.560.360.259.059.556.854.453.253.953.052.953.554.555.5

Mutualsavingsbanks

and in-surance

com-panies

36 735 932 731.529.626 225 525.124 123 121.220 119 819.418.117 617.617 016 815.814 513 212.210.710 510.110 09.38.4

10.09.99.99.79.69.69.59.29.29.29.19.39.18.88.98.68.68.58.38.38.38.48.48.4

Othercorpo-

rations4

15.314 114.816.819.720 719.921.519 123.218.717.718.121.418.718.518.618.718.215.814.912.214.210.47.3

11.49.8

10.911.510.310.911.210.010.89.8

10.311.59.2

10.211.110.910.710.911.710.511.210.811.311.010.511.211.011.5

Stateand localgovern-ments «

6.37 37.98.18.89 6

11.112.714 415.416.316 616.518.018.719.020.121 121.122.924 324.124.927.227.825.428.929.229.530.029.429.429.228.628.828.427.729.028.528.929.229.930.730.630.129.228.328.829.229.328.828.729.5

Indi-viduals B

64.165.765.566.366.364.665.264.863.565.065.964.963.769.466.165.865.968.069.571.974.273.575.180.881.273.273.977.384.674.975.075.375.475.775.976.777.077.277.077.277.377.477.978.479.280.080.781.682.683.383.884.384.6

Miscel-laneousinves-tors i

11.411.912.512.913.613.714.716.116.918.318.919.118.924.326.526.930.231.633.033.433.935.736.136.140.462.572.374.8

881.570.177.178.678.979.576.875.576.577.475.475.174.873.973. S74.775.675.975.0

8 75.775.075.776. i78.481.5

1 U.S. savings bonds, series A-F and J, and U.S. savjngs notes are included at current redemption value.2 Not all of total shown is subject to statutory debt limitation.3 Includes commercial banks, trust companies, and stock savings banks in the United States and Territories and island

possessions; figures exclude securities held in trust departments. Since the estimates in this table are on the basis of parvalues and include holdings of banks in United States Territories and possessions, they do not agree with the estimatesin Table C-53, which are based on book values and relate only to banks within the United States.

* Exclusive of banks and insurance companies.* Includes trust, sinking, and investment funds of State and local governments and their agencies, and of Territories

and possessions.s Includes partnerships and personal trust accounts.7 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers,

Federal oriented agencies not included in Government accounts, and investments of foreign balances and internationalaccounts in this country. Beginning with December 1946, the international accounts include investments by the InternationalBank for Reconstruction and Development, the International Monetary Fund, the International Development Association,the Inter-American Development Bank, and various United Nations' funds, in special non-interest-bearing notes andbonds issued by the U.S. Government. See also footnote 8.

8 Beginning July 1974, excludes non-interest-bearing notes issued to International Monetary Fund to conform withBudget presentation.

Source: Department of the Treasury.


TABLE C-73.—Average length and maturity distribution of marketable interest-bearingpublic debt, 1946-74

End of year or month

Fiscal year:1946194719481949.—

1950..1951..1952..1953..1954..

1955..1956-1957..1958-1959..

I960-1961..1962-1963-1964..

1965..1966-1967-1968-1969-

1970-1971-1972..1973..1974.

1973:Jan...Feb..Mar-Ap r -May-

^June.

July—Aug-Sept.Oct..Nov..Dec.

1974: Jan—Feb.-Mar..A p r -May..June..

July..Aug..Sept..Oct...Nov..Dec.

Amountout-

standing

Maturity class

Within1 year

I to5years

5 to 10years

10 to 20years

20 years

Millions of dollars

189,606 I168,702160,346155.147

155,310137,917140,407147,335150,354

155, 206154,953155,705166,675178,027

183, 845187.148196,072203,508206,489

208,695209,127210,672226, 592226,107

232,599245,473257, 202262,971266,575

271,121269,881269,775267,847265,919262,971

262,708262,405262,356264,047270,234270,224

270,131269,650273,596270,452269,550266, 575

268,782272,111272,608273, 529277,538282,891

61,97451,21148,74248,130

42,33843,90846,36765, 27062,734

49, 70358,71471,95267, 78272,958

70,46781,12088,44285, 29481,424

87,63789,13689,648106, 407103,910

105,530112,772121,944122, 803139,942

131,454130,205130,187128,359125,697122,803

122,602129,072129,114130,940139,433141,571

141,590141,444145,453140, 905142,864139,942

142,245142,900143,400144,373143,381148,122

24,76321, 85121,63032, 562

51, 29246,52647,81436,16129, 866

39,10734,40140,66942, 55758,304

72,84458,40057, 04158,02665,453

56,19860,93371,42464,47062,770

89,61589,07489,00488, 22377,199

88, 57295,42295,42595,39288,22288,223

88,22380,59480,57680,53583,81781,715

81,71679,04579,04580,57077,16577,199

77,20079,36679,36179,36984,73085,273

41,80735, 56232,26416,746

7,7928,70713,93315,65127,515

34, 25328,90812,32821,47617,052

20,24626,43526,04937,38534,929

39,16933, 59624, 37830,75434,837

15, 88224, 50326,85231,11126,957

29,14222,35722,35622,35629,62031,111

31,10831,10631,10331,10225,13625,134

25,13226,96826,96526,96126,96026,957

26,95328,99729,04429,02727,91627,899

17,46118, 59716, 22922,821

28,03529,97925,70028,66228,634

28,61328, 57826,40727,65221,625

12,63010, 2339,3198,3608,355

8,4498,4398,4258,4078,374

10, 5248,4559,34314,47717,403

15,27116,11416,05816,02215,99614,477

14,45715,34515,31715,26915,67915,659

15, 59616,12916,09216,03617,45817,403

17,34614,95214,92414,89414,86514,832

43, 59941,48141,48134,888

25, 8538,7976,5941,5921,606

3,5304,3514,3497,2088,088

7,65810,96015,22114,44416,328

17,24117,02316,79716, 55316, 217

11,04810,67010,0596,3575,074

6,6825,7835,7485,7186,3856,357

6,3186,2886,2456,2016,1696,145

6,0986,0636,0405,9815,1035,074

5,0395,8975,8795,8666,6456,765

Average length

Years Months

1529

2

846

104937

46

1110

411

720

86

20

110032

232110

00

1111

00

1100

110

11

Mote.—All issues classified to final maturity except partially tax-exempt bonds, which were classified to earliest calldate (the last of these bonds were called on August 14,1962 for redemption on December 15,1962).

Source: Department of the Treasury.

334


CORPORATE PROFITS AND FINANCE

TABLE G-74.—Profits before and after taxes, all private corporations, 1929-74


Year orquarter

Corporate profits (before taxes) andinventory valuation adjustment

Allin-

dus-tries

Manufacturing

Total

Dur-

in-d us-tries

Non-dur-able

goodsin-

dus-tries

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

andpublicutilities

Allother

in-dus-tries

Cor-po-rateprof-

itsbe-fore

taxes

Cor-po-ratetaxlia-bil-ity i

Corporate profitsafter taxes

Total Divi-dends

Un-dis-trib-utedprof-its

Corpo-rate

capitalcon-

sump-tion

allow-ances 2

Profitsplus

capitalcon-

sump-tion

allow-ances3

1929.

1933.

1939

1940.1941.1942.1943.1944.1945.1946.1947.1948.1949.

1950.1951.195219531954.19551956.1957.19581959

1960196119621963196419651966196719681969

19701971197219731974

10.5

-1 .2

6.3

9.815.220.324.423.819.219.325.633.030.8

37.742.739.939.638.046.946.145.641.151.7

49.950.355.758.966.376.182.478.784.379.8

69.278.792.2

105.1105.4

1972:1.IIIIIIV

1973: I

IV

1974: IIIIII—_IV p . .

86.589.592.999.8

103.9105.0105.2106.4

107.7105.6105.8

5.2

- . 4

3.3

5.59.5

11.813.813.29.79.0

13.617.616.2

20.924.621.622.019.926.024.724.019.326.3

24.423.326.628.832.739.342.638.741.736.6

27.832.340.847.646.8

2.6

- . 4

1.7

3.16.47.28.17.44.52.45.87.58.1

12.013.211.711.910.514.312.813.39.3

13.6

12.011.414.115.817.822.824.020.722.418.8

10.514.521.826.116.0

2.6

.0

1.7

2.43.14.65.75.95.26.67.8

10.08.1

8.911.49.9

10.19.4

11.811.910.710.012.7

12.411.912.513.014.916.618.618.019.317.7

17.317.819.021.530.8

1.8

.0

1.0

1.32.03.44.43.92.71.82.23.03.0

4.04.64.95.04.75.65.95.85.97.0

7.57.98.59.5

10.111.111.910.810.610.1

7.88.39.29.28.7

3.4

2.0

3.03.75.16.26.76.78.59.9

12.511.6

12.713.513.312.613.415.215.615.815.918.4

17.919.120.520.623.525.627.929.132.033.1

33.738.142.248.349.9

10.0

1.0

7.0

10.017.721.525.124.119.724.631.535.228.9

42.641938.940.638.348.648.847.241.452.1

49.750.355.459.466.877.884.279.887.684.9

74.083.699.2

122.7141.0

1.4

.5

1.4

2.87.6

11.414.112.910.79.1

11.312.510.4

17.822.319.420.317.721.621.721.219.023.7

23.023.124.226.328.331.334.333.239.940.1

34.837.541.549.855.8

8.6

.4

5.6

7.210.110.111.111.29.0

15.520.222.718.5

24.921.619.620.420.627.027.226.022.328.5

26.727.231.233.138.446.549.946.647.844.8

39.346.157.772.985.2

5.8

2.0

3.8

4.04.44.34.44.64.65.66.37.07.2

8.68.68.99.3

10.511.311.711.612.6

13.413.815.216.517.819.820.821.423.624.3

24.725.027.329.632.7

2.8

-1 .6

1.8

3.25.75.96.66.54.49.9

13.915.611.3

16.013.011.011.511.316.515.914.210.815.9

13.213.516.016.620.626.729.125.324.220.5

14.621.130.343.352.5


37.739.640.845.1

48.648.447.146.4

46.246.848.6

19.321.521.425.1

27.626.925.724.3

19.317.115.3

18.418.119.420.0

20.921.521.422.1

26.929.733.3

8.58.99.5

9.48.89.59.2

7.18.08.6

40.341.042.644.8

45.947.848.650.8

54.550.848.7

92.396.0

100.2108.2

120.4124.9122.7122.7

135.4139.0157.0

38.940.341,845.2

48.950.949.949.5

52.255.962.7

53.455.758.463.1

71.574.072.973.2

83.283.194.3

26.427.127.828.2

28.729.129.830.7

31.632.533.233.3

27.128.630.634.9

42.844.943.142.5

51.650.561.1

4.2

3.8

3.7

3.84.25.05.46.16.44.75.87.07.9

8.810.311.513.215.017.418.920.822.023.5

24.926.230.131.833.936.439.543.046.851.9

56.060.466.371.276.7

63.966.466.768.2

69.270.871.673.1

74.175.777.679.4

i Federal and State corporate income and excess profits taxes.> includes depreciation and accidental damages.3 Corporate profits after taxes plus corporate capital consumption allowances.Source: Department of Commerce, Bureau of Economic Analysis.

335


T A B L E C-75.—Sales, profits, and stockholders* equity, all manufacturing corporations, 1947—74


Year orquarter

194719481949

19501951..195219531954.

1955..195619571958..1959

19601961196219631964.

1965..1966196719681969

1970197119721973

1972:1.. . .IIIIIIV

1973:1IIIllIV

New series: 2

1973:IV

1974:1.IIIll

Sales(net)

150.7165.6154.9

181.9245.0250.2265.9248.5

278.4307.3320.0305.3338.0

345.7356.4389.9412.7443.1

492.2554.2575.4631.9694.6

708.8751.4849.5

1,017.2

197.2213.2210.6228.6

232.5256.3253.2275.1

236.5

242.2269.6271.9

All manufacturingcorporations

Profits

BeforeFederalincometaxes

16.618.414.4

23.227.422.924.420.9

28.629.828.222.729.7

27.527.531.934.939.6

46.551.847.855.458.1

48.153.263.281.4

13.916.715.117.5

18.322.219.521.4

20.6

21.125.825.0

AfterFederalincometaxes

10.111.59.0

12.911.910.711.311.2

15.116.215.412.716.3

15.215.317.719.523.2

27.530.929.032.133.2

28.631.336.548.1

7.99.68.8

10.1

10.513.011.613.0

13.1

13.516.315.5

Stock-holders'equity1

65.172.277.6

83.398.3

103.7108.2113.1

120.1131.6141.1147.4157.1

165 4172.6181.4189.7199.8

211.7230.3247.6265.9289.9

306.8320.9343.4374.1

332.6340.4347.4353.1

361.1370.8378.3386.4

367.5

378.7389.6401.8

Durable goods industries

Sales(net)

66.675.370.3

86.8116.8122.0137.9122.8

142.1159.5166.0148.6169.4

173.9175.2195.5209.0226.3

257.0291.7300.6335.5366.5

363.1382.5435.8527.3

100.0111.5106.2118.1

121.2136.5129.5140.1

122.7

120.6137.1134.7

Profits


7.68.97.5

12.915.412.914.011.4

16.516.515.811.415.8

14.013.616.718.521.2

26.229.225.730.631.5

23.026.533.643.6

7.39.67.59.2

10.312.79.9

10.8

10.1

9.412.510.5


4.55.44.5

6.76.15.55.85.6

8.18.37.95.88.1

7.06.98.69.5

11.6

14.516.414.616.516.9

12.914.518.424.8

3.95.34.25.1

5.77.15.76.3

6.2

5.77.56.2

Stock-holders'equity1

31.134.137.0

39.947.249.852.454.9

58.865.270.572.877.9

82.384.989.193.398.5

105.4115.2125.0135.6147.6

155.1160.6171.4188.7

165.5170.3173.6176.3

181.9187.1191.3194.7

185.8

190.6195.3201.0

Nondurable goodsindustries

Sales(net)

84.190.484.6

95.1128.1128.0128.0125.7

136.3147.8154.1156.7168.5

171.8181.2194.4203.6216.8

235.2262.4274.8296.4328.1

345.7368.9413.7489.9

97.2101.7104.4110.4

111.3119.9123.7135.0

113.9

121.6132.5137.2

Profits


9.09.57.0

10.312.110.010.49.6

12.113.212.411.313.9

13.513.915.116.418.3

20.322.622.024.826.6

25.226.729.637.8

6.67.27.68.3

8.09.59.7

10.6

10.5

11.713.414.5


5.66.24.6

6.15.75.25.55.6

7.07.87.56.98.3

8.28.59.2

10.011.6

13.014.614.415.516.4

15.716.718.023.3

4.14.34.65.0

4.85.85.96.7

7.0

7.88.89.3

Stock-holders'equity *

34.038.140.6

43.551.153.955.758.2

61.366.470.674.679.2

83.187.792.396.3

101.3

106.3115.1122.6130.3142.3

151.7160.3172.0185.4

167.1170.1173.9176.8

179.2183.7186.9191.7

181.7

188.0194.2200.8

1 Annual data are average equity for the year (using four end-of-quarter figures).2 See "Quarterly Financial Report for Manufacturing Corporations, First Quarter 1974," Federal Trade Commission.Note.—Data are not necessarily comparable from one period to another due to changes in accounting procedures,

industry classifications, sampling procedures, etc. For explanatory notes concerning compilation of the series, see "Quar-terly Financial Report for Manufacturing Corporations," Federal Trade Commission.

Source: Federal Trade Commission.

336


TABLE C-76.—Relation of profits after taxes to stockholders' equity and to sales, all manufac-turing corporations, 1947-74

Year or quarter

194719481949

19501951195219531954

195519561957 . _ .19581959

19601961196219631964

19651966196719681969

197019711972 . . . _1973

1972: 1 .IIIIIIV

1973- 1IIIIIIV

New series: 2

1973: IV

1974: IIIIII.

Ratio of profits after Federalincome taxes (annual rate)

to stockholders' equity—percent1

Allmanufacturingcorporations

15.616.011.6

15.412.110.310.59.9

12.612.310.98.6

10.4

9.28.99.8

10.311.6

13.013.411.712.111.5

9.39.7

10.612.8

9.511.310.111.5

11.614.012.313.4

14.3

14.316.715.5

Durablegoods

industries

14.415.712.1

16.913 011.111.110.3

13.812.811.38.0

10.4

8.58.19.6

10.111.7

13.814.211.712.211.4

8 39.0

10.813.1

9.312.49.7

11.6

12.515.311.812.9

13.3

12.015.412.4

Nondurablegoods

industries

16.616.211.2

14.111 29.79.99.6

11.411.810.69.2

10.4

9.89.69.9

10.411.5

12.212.711.811.911.5

10.310.310.512.6

9.810.210.511.4

10.812.712.714.0

15.3

16.518.018.6

Profits after Federal income taxesper dollar of sales—cents

Allmanufacturingcorporations

6.77.05.8

7.14 84.34.34.5

5.45.34.84.24.8

4.44 34.54.75.2

5.65.65.05.14.8

4.04.14.34.7

4.04.54.24.4

4.55.14.64.7

5.6

5.66.05.7

Durablegoods

industries

6.77.16.4

7.75 34.54.24.6

5.75.24.83.94.8

4.03.94.44.55.1

5.75.64.84.94.6

3.53.84.24.7

3.94.74.04.3

4.75.24.44.5

5.0

4.85.54.6

Nondurablegoods

industries

6.76.85.4

6.54 54.14.34.4

5.15.34.94.44.9

4.84.74.74.95.4

5.55.65.35.25.0

4.54.54.44.8

4.24.34.44.6

4.34.94.85.0

6.1

6.46.66.8

1 Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equityat end of quarter only.

2 See "Quarterly Financial Report for Manufacturing Corporations, First Quarter 1974," Federal Trade Commission.

Note.—Based on data in millions of dollars.For explanatory notes concerning compilation of the series, see "Quarterly Financial Report for Manufacturing

Corporations," Federal Trade Commission. See also Note, Table C-75.


337


TABLE C-77.—Relation of profits after taxes to stockholders* equity and to sales, all manufactur-ing corporations, by industry group, 1973-74

Industry

Ratio of profits after Federalincome taxes (annualrate) to stockholders'

equity—percent1

1973IV

1974

III

Profits after Federal in-come taxes per dollar

of sales—cents

1973IV

1974

III

All manufacturing corporations.

Durable goods industries..

Stone, clay, and glass products.Primary metal industries

Iron and steelNonferrous metals..

Fabricated metal products __Machinery, except electricalElectrical and electronic equipment..Transportation equipment

Motor vehicles and equipmentAircraft, guided missiles, and parts..

Instruments and related productsOther durable manufacturing products..

Nondurable goods industries

Food and kindred productsTobacco manufacturesTextile mill productsPaper and allied productsPrinting and publishingChemicals and allied products..

Industrial chemicals and synthetics..Drugs

Petroleum and coal productsRubber and miscellaneous plastics products..Other nondurable manufacturing products

14.3

13.3

11.512.7

11.115.3

14.413.914.610.9

12.09.6

16.514.6

15.3

15.017.08.1

13.015.015.5

13.718.7

17.014.613.4

14.3

12.0

6.013.7

11.317.3

14.213.412.08.0

7.211.3

16.614.4

16.5

12.513.810.115.811.618.1

16.620.1

20.514.011.1

16.7

15.4

14.819.5

18.520.9

20.115.312.511.2

10.112.6

16.517.3

18.0

13.617.212.020.514.821.3

21.320.0

20.017.611.5

15.5

12.4

15.019.0

20.816.3

18.512.110.74.7

2.59.8

15.211.1

18.6

15.515.97.2

20.113.018.9

19.419.0

23.214.414.2

5.6

5.0

5.05.6

4.77.0

4.26.75.13.7

4.32.8

9.44.1

6.1

3.08.92.55.65.37.9

7.312.6

13.85.02.6

5.6

4.8

2.85.9

4.77.6

4.26.34.33.0

3.03.4

10.24.5

6.4

2.58.73.16.64.18.7

8.312.9

13.45.02.4

6.0

5.5

6.07.4

6.78.5

5.46.64.23.7

3.83.4

9.34.8

6.6

2.710.83.57.95.39.6

9.713.3

11.75.62.4

5.7

4.6

5.97.6

7.57.6

5.15.63.81.7

1.02.9

8.53.3

6.8

3.09.02.37.84.78.3

8.612.2

13.74.62.9

1 Ratios based on equity at end of quarter.

Note.—Industry data are not available prior to 1973 IV on a basis comparable with figures shown here. Beginning 1973IV, there are fewer industry categories because of the recent merger movement and other forms of corporate diversifica-tion. See "Quarterly Financial Report for Manufacturing Corporations, First Quarter 1974," Federal Trade Commission.


338


T A B L E G—78.—Sources and uses of funds, nonfarm nonfinancial corporate business, 1946-74


Period

1946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973

1973: 1IIIllIV

1974: 1!lIII

Sources

Total

18.327.028.219.6

41.135.529.127.228.852.544.342.241.255.1

47.454.559.265.072.491.397.394.0

113.6118.1

103.7120.4148.0176.2

Internal1

7.812.618.719.1

17.919.921.221.123.329.228.930.629.535.0

34.435.641.843.950.556.661.261.561.760.7

59.468 078.784.6

Total

10.514.49.6.6

23.215.67.96.15.5

23.315.411.611.720.1

12.919.017.421.121.934.836.132.551.957.4

44.252 569.391.6

IIxternal

Credit market funds

Total

6.88.66.33.2

7.210.09.25.66.3

10.312.912.010.612.6

11.912.312.512.114.520.425.329.631.538.9

39.546 855 367.2

Long-terms

3.45.56.45.1

3.85.97.85.96.66.57.5

10.310.58.1

7.510.89.58.28.89.2

15.721.618.420.0

30.741 839.334.5

Short-term3

3.33.1

- . 1- 1 . 8

3.44.11.4

- . 3- . 33.8

. 5.41.7.0

4.6

4.51.52.93.95.6

11.29.68.0

13.218.9

8.85 0

16.032.7

Other

3.75.83.3

- 2 . 7

15.95.6

- 1 . 3.5

- . 813.02.5

- . 41.27.5

1.06.74.99.07.4

14.410.93.0

20.418.5

4.85.7

14.024.5

Uses

Total

16.525.525.218.7

40.437.228.926.826.447.839.738.737.850.8

41.449.554.759.365.082.589.188.2

104.0112.1

97.0110.3133.3162.4

Pur-chase

ofphysi-

calassets4

17.917.220.215.2

24.029.824.324.521.531.335.734.527.036.7

38.736.343.645.251.662.376.571.475.083.7

84.087.2

102.5121.5

In-crease

infinan-cial

assets

- 1 . 48.45.03.5

16.47.44.62.34.9

16.54.04.2

10.814.2

2.713.211.114.213.420.212.616.829.028.4

12.923.130.840.9

Discrep-ancy

(sourcesless

uses)

1.81.43.0.9

.7-1 .7

.2

.42.54.64.63.53.44.3

6.05.04.55.67.48.98.25.89.66.0

6.710.214.813.8


175.6182.3173 4173.6

200.1206.7204.4

83 783.684 886.3

83.878.572.8

91 998.788 687.3

116.3128 2131.6

73 970.766 157.9

78.089.784.6

31.338.935.332.5

36.741.335.3

42 531.730 725.5

41.448 349.2

18 028.122 429.3

38.338 547.1

159.8167.9158.1163.7

187.1192.4189.7

112.7117.7120 4135.2

128.8131 4123.4

47.150.237 728.5

58.361 066.3

15.714.315.310.0

13.114.314.7

* Undistributed profits (after inventory valuation adjustment) and capital consumption allowances.2 Stocks, bonds, and mortgages.3 Bank loans, commercial paper, finance company loans, bankers' acceptances, and Government loans.« Plant and equipment, residential structures, and inventory investment.


339


TABLE C-79.—Current assets and liabilities of U.S. corporations, 1939-74[Billions of dollars]


Current assets

Total

Cashon

handandin

banks*

U.S.Gov-ern-ment

securi-ties 2

Re-ceiv-ablesfromU.S.Gov-ern-

ment3

Notesandac-

countsreceiv-able

In-ven-tories

Othercur-rentas-

sets *

Current liabilities

Total

Ad-vances

andpre-pay-

ments,U.S.Gov-ern-

ment3

Notesandac-

countspay-able

Fed-eralin-

cometax

liabili-ties

Othercur-rentlia-bili-ties

Network-ing

capi-tal

All corporations »

1939

1940..194119421943194419451946194719481949

19501951.19521 9 5 3 . . . .195419551956195719581959

19601961

196119621963196419651966..196719681969

1970197119721973 . . . .

1973:1II . .IllIV

1974:1IIIII

54.5

60.372.983.693.897.297.4

108.1123.6133.0133.1

161.5179.1186.2190.6194.6224.0237.9244.7255.3277.3

289.0306.8

10.8

13.113.917.621.621.621.722.825.025.326.5

28.130.030.831.133.434.634.834.937.436.3

37.241.1

2.2

2.04.0

10.116.420.921.115.314.114.816.8

19.720.719.921.519.223.519.118.618.822.8

20.120.0

0.1.6

4.05.04.72.7.7

38.342.443.0

23.927.423.321.921.823.230.0

1.12.72.82.62.42.32.62.82.82.9

3.13.4

55.758.864.665.971.286.695.199.4

106.9117.7

126.1135.8

18.0

19.825.627.327.626.826.337.644.648.945.3

55.164.965.867.265.372.880.482.281.988.4

91.895.2

1.4

1.51.41.31.31.42.41.71.61.61.4

1.72.12.42.43.14.25.96.77.59.1

10.611.4

30.0

32.840.747.351.651.745.851.961.564.460.7

79.892.696.198.999.7

121.0130.5133.1136.6153.1

160.4171.2

0.6.8

2.02.21.8.9.1

37.639.337.5

22.625.624.024.125.024.831.5

.41.32.32.22.42.32.42.31.71.7

1.81.8

47.953.657.057.359.373.881.584.388.799.3

105.0112.8

1.2

2.57.1

12.616.615.510.48.5

10.711.59.3

16.721.318.118.715.519.317.615.412.915.0

13.514.1

6.9

7.17.28.78.79.49.7

11.813.213.514.0

14.916.518.720.722.525.729.031.133.337.0

40.142.5

Nonfinancial corporations«

254.7269.7288.2305.6336.0364.0386.2426.5473.6

492.3518.8563.1631.4

579.2596.8613.6631.4

653.9673.3696.0

24.5

27.532.336.342.145.651.656.262.168.672.4

81.686.590.191.894.9

103.0107.4111.6118.7124.2

128.6135.6

34.837.139.840.542.841.945.548.247.9

50.255.760.565.2

61.262.362.265.2

62.862.263.9

16.516.816.715.814.413.010.311.510.6

7.710.79.9

10.7

10.89.69.5

10.7

11.710.410.7

3.43.73.63.43.94.55.15.14.8

4.23.53.43.5

3.22.93.03.5

3.23.43.5

94.599.5

106.9116.5130.2142.1150.2168.8192.2

201.9208.8230.5255.8

235.7245.6254.2255.8

265.6278.7284.1

95.0100.5106.8113.1126.6142.8153.1166.0186.4

193.3200.3215.1247.0

222.8230.3238.2247.0

258.9269.7282.7

10.512.114.416.318.119.722.026.931.6

35.039.743.649.3

45.546.046.649.3

51.648.851.1

123.7132.4145.5156.6178.8199.4211.3244.1287.9

304.9313.9338.8386.1

347.4359.1371.7386.1

400.7415.8432.4

1.82.02.52.73.14.45.86.47.3

6.64.94.04.3

4.14.54.44.3

4.54.75.1

82.686.794.5

102.2118.4133.1141.3162.4191.9

204.7207.3221.6251.9

222.8232.5240.8251.9

256.7268.3276.6

13.314.315.716.218.317.413.214.312.6

10.012.214.116.6

15.713.915.316.6

18.717.420.5

26.029.432.835.539.044.551.061.076.0

83.689.599.1

113.3

104.7108.1111.2113.3

120.7125.3130.2

131.0137.3142.7149.0157.2164.6174.9182.4185.7

187.4204.8224.3245.3

231.8237.7241.9245.3

253.2257.4263.6

i Includes time certificates of deposit.3 Includes Federal agency issues.3 Receivables from and payables to the U.S. Government do not include amounts offset against each other on corpora-

tions'books or amounts arising from subcontracting which are not directly due from or to the U.S. Government. Whereverpossible, adjustments have been made to include U.S. Government advances offset against inventories on corporations'books.

41 ncludes marketable investments (other than Government securities and time certificates of deposit) as well as sundrycurrent assets.

s Excludes banks, savings and loan associations, and insurance companies.° Excludes banks, sayings and loan associations, insurance companies, investment companies, finance companies

(personal and commercial), real estate companies, and security and commodity brokers, dealers, and exchanges.Note.—Year-end data through 1970 are based on "Statistics of Income" (Department of the Treasury), covering virtually

all corporations in the United States. "Statistics of Income" data may not be strictly comparable from year to year becauseof changes in the tax laws, basis for filing returns, and processing of data for compilation purposes. All other figures shownare estimates based on data compiled from many different sources, including data on corporations registered with theSecurities and Exchange Commission.

Source: Securities and Exchange Commission.

340


TABLE C-80.—State and municipal and corporate securities offered, 1934-74


Year or quarter

State andmunicipalsecurities

offeredfor cash

(principalamounts)

Corporate securities offered for cash

Totalcorpo-

rateoffer-ings

Type of corporate security

Com-monstock

Pre-ferredstock

Bondsand

notes

Industry of corporate issuer

Manu-fac-

turing^

Elec-tric,

water >

Trans-porta-tion »

Com-munica-

tionOther

1934

1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974 »._

1973: I.ILIIIIV

1974: I.II.IIIIV

939

1,128

1,238956524435661

7951,1572,3242,6902,907

3,5323,1894,4015,5586,969

5,9775,4466,9587,4497,681

7,2308,3608,55810,10710,544

11,14811,08914,28816,37411,460

17,76224,37022,94422,95322,726

5,6295,5895,0966,639

6,3496,4414,0635,873

397

2,164

2,6772,6671,0621,1703,202

6,0116,9006,5777,0786,052

6,3617,7419,5348,8989,516

10,24010,93912,88411,5589,748

10,15413,16510,70512,21113,957

15,99218,07424,79821,96626,744

38,94343,44639,88832,12837,611

7,9688,1336,2319,796

9,2469,1997,45311,713

19

87

1081103456163

397891779614736

8111,2121,3691,3261,213

2,1852,3012,5161,3342,027

1,6643,2941,3141,0112,679

1,5471,9391,9593,9467,714

7,2389,561

10,7237,7414,082

2,7331,8191,2961,893

9591,002835

1,286

98

183167112124369

7581,127762492425

631838564489816

635636411571531

409450422343412

725574885637682

1,3933,6823,3403,3752,235

1,141597447

1,190

818534459424

371

1,980

2,3862,390917990

2,669

4,8554,8825,0365,9734,890

4,9205,6917,6017,0837,488

7,4208,0029,9579,6537,190

8,0819,4208,96910,85610,865

13,72015,56121,95417,38318,348

30,31230,20325,82521,01231,294

4,0945,7174,4886,713

7,4697,6636,159

10,003

67

604

992848539510

1,061

2,0263,7012,7422,2261,414

1,2003,1224,0392,2542,268

2,9943,6474,2343,5152,073

2,1524,0773,2493,5143,046

5,4177,070

11,0586,9796,356

10,51311,6246,4824,83710, 316

1,3661,1151,490

1,9262,5341,8653,991

133

1,271

1,2031,357472477

1,422

2,3192,1583,2572,1872,320

2,6492,4552,6753,0293,713

2,4642,5293,9383,8043,258

2,8513,0322,8252,6772,760

2,9363,6654,9355,2816,736

11,01611,74611,31410,27012,785

2,4282,9042,0412,897

3,5693,1902,3493,677

176

186

32436648161609

1,454711286755800

813494992595778

893724824824967

718694567957982

1,0131,9722,0671,8752,146

2,2181,314937

1,1271,032

185234340368

17170147644

902571

399612760882720

1,1321,4191,4621,424717

1,0501,8341,3031,1052,189

9472,0031,9791,7662,188

5,1385,8154,8354,9053,915

1,212962869

1,862

8741,313999729

103

15996421109

211329293

1,008946

1,3001,0581,0682,1382,037

2,7572,6192,4261,9912,733

3,3833,5272,7613,9574,980

5,6803,3644,7596,0649,319

10,05812,94716,32010,9899,563

3,2772,6671,8663,179

2,7062,0922,0932,672

* Prior to 1948, also includes extractive, radio broadcasting, airline companies, commercial, and miscellaneous companyissues.

* Prior to 1948, also includes telephone, street railway, and bus company issues.3 Prior to 1948, includes railroad issues only.Note.—Covers substantially all new issues of State, municipal, and corporate securities offered for cash sale in the United

States in amounts over $100,000 and with terms to maturity of more than 1 year; excludes notes issued exclusively tocommercial banks, intercorporate transactions, investment company issues, and issues to be sold over an extended period,such as employee-purchase plans.

Sources: Securities and Exchange Commission, "The Commercial and Financial Chronicle," and "The Bond Buyer."

341


TABLE C-81.—Common stock prices, earnings,

Year or month

1949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974



1974: JanFeb .MarAprMayJune .


Standard

and yields, and stock market credit, 1949-74

& Poor's common stock data

Price indexes i

Total(500

stocks)

Indus-trials(425

stocks)

Publicutilities

(55stocks)

Rail-roads(20

stocks)

1941-43=10

15.23

18 4022 3424.5024 7329.6940.4946 6244.3846.2457 38

55 8566 2762 3869 8781 3788 1785 2691 9398 7097 84

83 2298.29

109 20107.4382.85

118.42114 16112.42110.27107 22104.75

105.83103.80105 61109.84102 0394.78

96 1193.4597.4492 4689.6789.79

82.8276.0368 1269 4471.7467.07

15.00

18 3322 6824.7824 8430.2542 4049 8047 6349.3661 45

59 4369 9965 5473 3986 1993 4891 0899.18

107 49107 13

91 29108.35121 79120.4492.91

132.55127 87126.05123.56119 95117.20

118.65116 75118 52123.42114 64106.16

107 18104.13108.98103 66101.17101.62

93.5485.5176 5477 5780.1774.80

17.87

19 9620 5922.8624 0327.5731.3732 2532 1937.2244 15

46 8660 2059 1664 9969 9176 0868 2168 1066 4262 64

54 4859.3356 9053.4738.91

60.0157 5255.9455.3455 4354.37

53.3150 1452 3153.2248 3045.73

48 6048.1347.9044 0339 3537.46

35.3734.0030 9333 8034.4532.85

12.83

15 5319 9122.4922 60'23.9632.9433 6528.1127.0535.09

30 3132 8330.5637 5845 4646 7846 3446.7248 8445 95

32 1341.9444.1138.0137.53

42.8740 6139.2938.8836 1434.35

35.2233 7635 4938.2439 7441.48

44 3741.8542.8040 2637.0437.31

35 6335.0631 5533 7035.9534.81

Divi-dendyield(per-

cent) 2

6.59

6 576 135.805 804.954 084 094 353.973 23

3 472 983.373 173 013 003 403.203 073 24

3 833.142.843.064.47

2.692.802.832.903.013.06

3.043.163 133.053.363.70

3 643.813.653.864.004.02

4.424.905 455 385.135.43

Price/earn-ings

ratios

6.49

7 158.57

10.579 77

11.7512.5913 2512.7316.3317.32

16 9821 6817.3918 2018.8117 9215 1517.4817 6616.48

15 6918.5018.2014.22

16.40

14.42

14 10

11 95

11.16

9.71

6.86

Margin credit at brokers and banks(end of period) *

Regulated«

Total Brokers Banks

Unreg-ulated;

non-mar-gin

stockcredit

atbanks •

Millions of dollars

6,5359,0456,382

8,8408,6408,3478,1657,6507,369

7,2997,0816,9547,0936,7746,382

6,3436,4626,5276,5676,3816,297

5,9485,6255,097

5,7008,1805,251

7,9757,7737,4687,2936,7846,416

6,2436,0565,9495,9125,6715,251

5,3235,4235,5195,5585,3615,260

4,9254,6724,1734,0804,103

835865

1 131

865867879872866953

1,0561,0251 0051,1811,1031,131

1,0201,0391,0081,0091,0201,037

1,023953924

1,866

1,9321,9511,8621,9521,9921,973

1,9571,9521,9091,8781,9171,866

1,8451,8431,8691,8681,8582,072

2,0912,1192,060

> Monthly data are averages of daily figures and annual data are averages of monthly figures,a Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes-

day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.* Ratio of price index for last day of quarter to quarterly earnings (seasonally adjusted annual rate). Annual ratios are

averages of quarterly data.* Margin credit includes all credit extended to purchase or carry stocks or related equity instruments and secured at

least in part by stock. Credit extended by brokers is end-of-month data for member firms of the New York Stock Ex-change. June data for banks are universe totals; all other data fcr banks represent estimates for all commercial banks,which accounted for 60 percent of security credit outstanding at banks on June 30,1971.

* In addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan valuesfor convertible bonds and stock acquired through exercise of subscription rights.

* Nonmargin stocks are those not listed on a national securities exchange and not included in the Board of Governorsof the Federal Reserve System's list of over-the-counter margin stocks. At banks, loans to purchase or carry nonmarginstocks are unregulated; at brokers, such stocks have no loan value.

Sources: Board of Governors of the Federal Reserve System, New York Stock Exchange, and Standard & Poor's Cor-poration.

342


TABLE C-82.—Business formation and

Year or month

1929193331939 3

194019411942 . . .1943194419451946194719481949195019511952195319541955 .195619571958195919601961—1962196319641965....19661967196819691970...1971197219731974

1973:JanFebMarAprMayJuneJulyAugSeptOctNovDec

1974:JanFeb. .MarAprMayJune . . . .JulyAugSept..OctNovDec...

Indexof net

businessformation

(1967-100)

112.687.893.193.398.294.491.399.195.290.489.596.892.488.390.793.397.298.698.2

100.0109.8116.2108.0111.0117.9117.9

^113.4

Newbusiness

rations(num-

kor\

132.916112,89796,34685,64093,09283,77892,946

102,706117,411139,915141,163137,112150 781193,067182,713181,535182,057186,404197, 724203,897200,010206,569233,635274,267264,209287,577316,601329,358

4294,279

business failures, 1929-74

Business failures 1

nessfailure

103.9100.369.663.054.444.616.46.54.25.2

14.320.434.434.330.728.733.242.041.648.051.755.951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.438.4

Seasonally adjusted

119.1119.9120.8119.3118.8118.5118.2117.2115.6116.2117.6113.8113.0113.1114.0116.1116.7115.8118.8114.8110.5106.9107.4

27, 79628,75228,96428, 52228, 28627,99927,47726,68926, 24026, 80926,71824, 62726,20927,14226,57829,40628,01225, 87728,03626,13926,14325,30325,434

34.936.035.935.236.338.235.739.138.637.034.735.735.537.540.834.139.737.037.733.445.247.036.337.0

Number of failures

Total

22,90919,85914,76813,61911,8489 4053,2211,222

8091 1293 4745,2509,2469,1628,0587 6118,862

11 08610 96912,68613, 73914 96414,05315 44517 07515, 78214 37413 50113 51413,06112 3649 6369 154

10 74810 3269 5669 3459,915

772753874796838840714837717772739693795797971802925789782709839993785728

Liability sizeclass

Under$100,000

22,16518,88014,54113,40011,6859 2823,1551,176

7591 0033 1034,8538,7088,7467,6267,0818,075

10 22610 11311,61512,54713 49912,70713 65015,00613,77212 19211,34611,34010,83310 1447,8297,1928,0197 6117 0406,6276,733

534557647598559608520580502519513490505559686606619521522474559634544503

$100,000andover

744979227219163123664650

126371397538416432530787860 "856

1,0711,1921 4651,3461 7952,0692,0102 1822,1552,1742,2282 2201,8071,9622,7292 7152,5262,7183,182

238196in198279232194257215253226203290238285196306268260235280359241225

Amount of currentliabilities (millions

of dollars)

Total

483.3457.5182.5166.7136.1100.845.331.730.267.3

204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.6

1, 090.11,213.61,352.61,329.21,321.71,385.71,265.2

941.01,142.11,887.81,916.92,000.22,298.63,053.1

205.8137.2252.3119.3167.9180.2206.2190.1189.5185.7218.7245.6337.3213.1204.6209.8375.7215.5153.4232.7217.0306.8344.7242.6

Liability sizeclass

Under$100,000

261.5215.5132.9119.9100.780.330.214.511.415.763.793.9

161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6256.9

19.119.323.120.719.020.419.620.418.518.719,617.219.322.225.522.123.619.819.818.122.523.921.818.3

$100,000andover

221.8242.049.746.835.420.515.117.118.851.6

140.9140.7146.797.1

128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.1

1,031.61,015.61,000.01,064.1

967.3699.9910.8

1,618.41,645.61,741.52,063.02,796.3

186.7117.9229.298.7

149.0159.8186.6169. £171.0167.0199.1228.4317.9191.0179.1187.7352.1195.7133.6214.6194.5282.9322.9224.3

1 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.

3 Failure rate per 10,000 listed enterprises.3 Series revised; not strictly comparable with earlier data.« Preliminary; based on seasonally adjusted data through November.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet, Inc.

343


AGRICULTURE

TABLE G-83.—Income of farm people and farmers, 1929-74

Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

195019511952195319541955195619571958_.1959

196019611962196319641965 .19661967_ .19681969 . . - .

19701971 . . . _19721973 . . . .1974 P

1972: 1IIIIIIV

1973: 1IIIIIIV

1974: 1IIIIIIV v

Personal incomereceived by totalfarm population

Fromall

sources

Fromfarm

sources1

Fromnon-farm

sources 2

Income received from farming

Realized gross

Total 3

Cashreceipts

frommarket-

ings

Produc-tion ex-penses

Net to farmoperators

Exclud-ing netinven-tory

change

Includ-ing netinven-tory

change *

Billions of dollars

7.4

7.610.114.116.516.617.220.021.123.819.5

20.322.722.019.718.317.417.617.519.217.4

18.219.019.819.819.722.623.722.623.926.6

27.128.233.750.446.7

4.8

4.86.8

10.112.112.212.815.515.818.013.3

14.116.115.313.312.411.211.110.812.510.4

11.111.411.411.110.112.112.711.011.312.9

12.913.216.531.325.8

2.6

2.83.33.94.44.44.44.65.35.86.2

6.36.56.76.45.96.26.66.66.77.1

7.17.68.48.89.7

10.511.011.612.713.7

14.215.017.219.020.9

13.9

7.1

10.6

11.113.918.823.424.425.829.534.134.731.6

32.337.136.835.133.733.334.434.238.137.9

38.540.241.742.743.145.550.649.951.756.3

58.660.669.997.0

102.0

11.3

5.3

7.9

8.411.115.619.620.521.724.829.630.227.8

28.532.932.531.029.829.530.429.733.533.6

34.235.236.537.537.339.443.442.844.248.2

50.552.961.088.695.0

7.7

4.4

6.3

6.97.8

10.011.612.313.114.517.018.818.0

19.522.322.821.521.822.222.723.725.827.2

27.428.630.231.531.733.536.438.339.542.2

44.647.652.464.774.8

6.3

2.7

4.3

4.26.18.8

11.812.112.815.017.115.913.6

12.814.814.013.611.911.111.710.512.310.7

11.111.611.511.211.412.014.111.612.214.2

14.013.017.532.227.2

6.2

2.6

4.4

4.56.59.9

11.711.712.315.115.417.712.8

13.615.915.013.012.411.311.311.113.210.7

11.512.012.111.910.613.014.112.312.314.3

14.014.418.436.229.6

Net income perfarm, includingnet inventory

change

Currentdollars

1967dollars 5

Dollars

945

379

685

7061,0311,5881,9271,9502,0632,5432,6153,0442,233

2,4172,9362,8782,6042,5792,4292,4932,5363,1112,606

2,8963,1273,2773,3183,0643,8834,3163,8774,0184,753

4,7524,9576,410

12,74410,460

1,969

1,115

1,851

1,8582,5783,4523,7063,6113,6194,0373,5343,9032,977

3,1803,5373,4263,1003,0702,8922,9332,8823,4962,928

3,2183,4743,6013,6073,2954,0874,4043,8773,8634,361

4,1684,1665,1699,2356,500


66.068.969.575.4

86.293.2

101.8106.7

105.098.4

102.1102.5

57.460.060.266.4

77.584.893.698.5

98.091.394.596.2

50.552.152.554.6

60.162.967.069.0

72.174.576.576.1

15.516.817.020.8

26.130.334.837.7

32.923.925.626.4

16.617.717.821.5

29.633.339.342.7

36.926.927.626.9

5,7806,1706,2007,490

10,41011,71013,82015,010

13,0409,5009,7509,500

4,7404,9804,9605,940

7,9508,6109,870

10, 350

8,5805,9705,9505,590

1 Net income to farm operators including net inventory change, less net income of nonresident operators, plus wages andsalaries and other labor income of farm resident workers, less contributions of farm resident operators and workers tosocial insurance.

2 Consists of income received by farm residents from nonfarm sources, such as wages and salaries from nonfarm em-ployment, nonfarm business and professional income, rents from nonfarm real estate, dividends, interest, royalties,unemployment compensation, and social security payments.

3 Cash receipts from marketings, Government payments, and nonmoney and other farm income furnished by farms(excluding net inventory change).

4 Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.5 Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base.

Source: Department of Agriculture.


TABLE C-84.—Farm production indexes, 1929-74

[1967=100]

Year

1929....

1933....

1939....

1940.._1941...1942...1943...1944...

1945...1946 ...1947__.1948.__1949...

1950...1951...1952...1953...1954...

1955...1956...1957...1958...1959...

1960...1961...1962...1963...1964...

1965...1966...1967...1968...1969...

1970...1971...1972...1973...1974 P..

Farmout-put!

53

51

58

6063706971

7072697674

7476798080

8383818789

9192929695

9895100102102

101111110112109

Crops 2

Total 3

62

56

64

6768767275

7377738479

7778828180

8382818989

9392929693

9995100103104

101112113119110

Feedgrains

48

44

51

5256645861

5964497163

6359626164

6867738083

8677788574

87891009599

8911611211592

Hayandfor-age

69

61

66

7675828079

8277747373

7881798181

8682898985

9090939494

989610099101

100106105110104

Foodgrains

52

35

48

5259625466

6972848169

6564827566

6365629173

8679747785

888810010598

91107102112120

Vege-tables

73

65

72

7475798682

8493818683

8580808482

8591889089

9096949490

9697100104101

101100101103110

Fruitsandnuts

70

72

91

8893928092

84100958792

9394919393

9397899699

9397979595

1009810098116

109116104124122

Cot-ton

204

178

162

173148176157168

124119163205220

137208208208226

188202183150157

170195204211232

205130100148137

139145187174157

To-bacco

77

70

97

7464727199

101118107101100

103119114105114

112111858891

99105118119113

94961008791

97868889100

Oilcrops

10

9

25

2729404136

3534394745

4647464749

5360586964

6877788181

9597100114116

117121131155129

Livestock and products 2

Total 3

54

57

59

6164717774

7371706872

7578798082

8485838589

8891929598

9597100100101

105108108105109

Meatani-mals

52

58

59

6063728173

7068676669

7479797881

8683808288

8589909598

9296100101102

108112110109117

Dairyprod-ucts

76

80

82

8589929193

9594939093

9392929798

99101101101100

101104105104105

1041011009998

1001011029898

Poul-tryandeggs

32

32

35

3639455252

5450504954

5759606164

6369707476

7682828487

909610098100

106107109106106

1 Farm output measures the annual volume of net farm production available for eventual human use through sales fromfarms or consumption in farm households.

2 Gross production.3 Includes certain items not shown separately.


345


TABLE C-85.—Farm population, employment, and productivity, 1929-74

Year

Farm population(April l ) i

Num-ber

(thou-sands)

As per-cent of

totalpopu-

lation »

Farm employment(thousands) 3

Total Familyworkers

Hiredworkers

Farm output

Perunit oftotalinput

Per man-hour

Total CropsLive-stockand

products

Cropproduc-

tionper

acre*

1929.

1933.

1939.

1940.1941..1942.1943..1944.

1945..1946..1947..1948..1949..

1950..1951..1952..1953..1954..

1955..1956..1957..1958..1959..

I960..1961..1962..1963..1964..

1965..1966..1967..1968..1969..

1970...1971...1972...1973...1974 P..

Index, 1967=100

30,580

32,393

30,840

30, 54730,11828,91426,18624, 815

24,42025,40325, 82924,38324,194

23,04821, 89021, 74819, 87419, 019

19, 07818, 71217,65617,12816,592

15, 63514,80314,31313,36712,954

12,36311, 59510, 87510,45410, 307

9,7129,4259,6109,4729,264

25.1

25.8

23.5

23.122.621.419.217.9

17.518.017.916.616.2

15.214.213.912.511.7

11.511.110.39.89.4

8.78.17.77.16.8

6.45.95.55.25.1

.7

12,763

12,739

11,338

10,97910,66910,50410,44610, 219

10, 00010, 29510,38210,3639,964

9,9269,5469,1498,8648,651

8,3817,8527,6007,5037,342

7,0576,9196,7006,5186,110

5,6105,2144,9034,7494,596

4,5234,4364,3734,3374,?94

9,360

9,874

8,611

8,3008,0177,9498,0107,988

7,8818,1068,1158,0267,712

7,5977,3107,0056,7756,570

6,3455,9005,6605,5215,390

5,1725,0294,8734,7384,506

4,1283,8543,6503,5353,419

3,3483,2753,2283,1693,116

3,403

2,865

2,727

2,6792,6522,5552,4362,231

2,1192,1892,2672,3372,252

2,3292,2362,1442,0892,081

2,036,952,940,982,952

,885,890,827,780,604

,482,360,253,213,176

,175,161,146,168,178

54

55

61

6264706869

7073707673

7373767778

8082828989

9394959998

10297100101101

100108107106103

17

16

20

2122242425

2729293233

3435384042

4548515760

6568727781

9193100106109

111123126129125

17

17

21

2224262627

2931313536

3736404143

4650546263

6870747981

9395100105106

106115119126116

26

25

27

2728303231

3132333436

3739404143

4648505458

6266717782

8693100105112

121130138144140

56

50

60

6263706468

6771677570

6970737271

7476778685

8992959795

10097

100105106

104112115115104

i Farm population as defined by Department of Agriculture and Department of Commerce, i.e., civilian populationliving on farms, regardless of occupation.

' Total population of United States as of July 1 including Armed Forces overseas.3 Includes persons doing farmwork on all farms."~. These data, published by the Department of Agriculture, Statistical

Reporting Service, differ from those on agricultural employment by the Department of Labor (see Table C-24) because ofdifferences in the method of approach, in concepts of employment, and in time of month for which the data are collected.See monthly report on "Farm Labor."

* Computed from variable weights for individual crops produced each year.

Sources: Department of Agriculture and Department of Commerce (Bureau of the Census).

346


TABLE C-86.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-74

[Index, 1967 = 100, except as noted]

Year or month

1929

1933

1939

1940 . .194119421943. .19441945194619471948..1949

195019511952.. .19531954195519561957 . .19581959.

1960196119621963 .1964196519661967. .19681969

19701971.19721973.1974

1973:Jan 15Febl5. . ...Mar 15Apr 15.May 15June 15

July 15Augl5Sept 15Oct 15Novl5Dec 15

1974: Jan 15Feb 15Mar 15Apr 15May 15June 15

July 15Aug 15Sept 15Oct 15Nov 15Dec 15

Prices received by farmers

All farmproducts

58

28

37

3949637678819310911398

102119113100979191929895

949496969398105100103108

110112126172183

145149159158163172

173208191184181185

198202194183175165

175181178185182177

Crops

65

31

42

445570858792104122127111

103117118106107102104999998

9910010310610610310510010197

100107115164212

131131138143154170

162196182180181195

208220216205201199

204214211228224211

Livestockand

products

57

25

39

3950627171768710411498

10112111097908482889993

919192898594105100104117

118116134179163

155162174169170174

181218198188183179

193190179169158142

155160154155153153

Prices paid by farmers

All items,interest,taxes, andwage rates

47

32

36

36394450535661707673

75828481818181848687

88889091929498100104109

114120127145168

134136138141143146

146151150151152154

157159161164165166

168173175176178179

Familylivingitems

48

34

37

38404652545763747875

76838484848485888989

90909192939598100104109

114119124138161

129131133134136138

138141142143146147

149153155157159160

161164166167171173

Produc-tionitems

51

34

42

43455257606167788783

86959589898787909293

92939495949699100102106

110115122146172

132134138139143149

148157154153153156

161161162167166168

170178182183183184

Parity ratio *

Actual

92

64

77

8193105113108109113115110100

10110710092898483828581

80798078767780747374

7269748881

808285838587

8810295918990

949490837974

777875787673

Adjusted 2

66

85

8898109116110111115116111100

10210810193898584858882

82838381808286797980

7774799181

838488868890

9110597949292

949490837974

787875787673

1 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wages rates on1910-14=100 base.

2 The adjusted parity ratio reflects Government payments made directly to farmers.


347


TABLE

Year

1929

1933 . . .

1939

19401941194219431944 - . .

19451946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

1965 .1966196719681969

19701971197219731974 v

C-87.—Selected measures of farm resources and inputs.

Cropshar-

vested(mil-lionsof

acres) i

365

340

331

341344348 '357362

354352355356360

345344349348346

340324324324324

324302295298298

298294306300290

293305296322326

Man-hoursof

farmwork(bil-lions)

23.2

22.6

20.7

20.520.020.620.320.2

18.818.117.216.816.2

15.115.214.514.013.3

12.812.011.110.510.3

9.89.49.08.78.2

7.46.96.86.56.4

6.26.15.95.95.9

1929-74

Index numbers of inputs (1967=100)

Total

100

94

96

9798101102103

1009999100102

101104105104103

1031019898100

9897979797

9698100101101

101102102106105

Farmlabor

324

316

290

288284291287285

267256242236228

214214205197189

182172160153149

143137131127120

1081021009794

9290878787

Farmreal

estate

102

96

101

102101999797

97101102102103

104104103103104

10310110199100

9999999999

99991009998

9897959797

Me-chani-cal

powerandma-

chinery

38

32

39

4144515457

5857637179

8389949595

9697969797

9593949293

9499100102101

101103101111109

Agri-culturalchemi-cals 2

10

6

12

1314151720

2021242628

3033363738

4041414450

5054596672

7786100106no110120125131135

Feed,seed,andlive-stockpur-

chases 3

31

28

41"

4346495353

5554565763

6468707072

7376758184

8487898991

9297100101104

109109110109108

Taxesand

interest

69

71

67

6868697274

7576767477

7777798080

8282818286

8789909294

9598100103105

106104107105104

Miscel-laneous

92

88

83

8484828488

8587889398

93100999996

10096100105109

109108110110112

109104100106105

107105113120120

1 Acreage harvested (excludini2 Fertilizer, lime, and pesticides.3 Nonfarm portion of feed, seed, and livestock purchases.Source: Department of Agriculture.

in fruits, tree nuts, and farm gardens.

348


TABLE C-88.—Comparative balance sheet of the farming sector, 1929-75


Beginning ofyear

1929

1933

1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

I96019611962 . .19631964

1965 . . . .1966 . .196719681969

19701971197219731974

1975 v

Assets

Total

52.955.062.973.784.6

94.2103.5116.4127.9134.9

132.5151.5167.0164.3161.2

165.1169.6177.9185.8202.1

203.5204 2212.8221.4229.3

237.3253.8266.8280.3295.2

306.0317.5343.1386.8478.8

530.9

Realestate

48.0

30.8

34.1

33.634.437.541.648.2

53.961.068.573.776.6

75.386.695.196 595.0

98.2102.9110.4115 9124.4

130.2131 8138.0143.8152.1

160.9172.2181.7191.9201.4

206.9214.9231.5260.6325.3

374.1

Live-stock^

6.6

3.0

5.1

5.15.37.19.69.7

9.09.7

11.913.314.4

12.917.119.514.811.7

11.210.611.013.917.7

15.215.516.417.315.8

14.417.518.918.820.2

23.423.827.334.145.8

Other physical assets

Ma-chin-eryand

motorvehi-cles

3.2

2.5

3.2

3.13.34.04.95.4

6.55.45.37.4

10.1

12.214.116.717.418.4

18.619.320.220.221.8

22.722.222.523.423.9

24.825.927.429.831.3

32.334.436.639.143.6

Crops 2

2.73.03.85.16.1

6.76.37.19.08.6

7.67.98.89.09.2

9.68.48.37.69.3

7.78.08.89.39.8

9.29.7

10.09.6

10.6

10.910.711.814.522.1

House-hold

equip-mentand

furnish-ings

4.24.24.95.05.3

5.66.17.78.59.1

8.69.7

10.39.99.9

10.010.510.09.99.8

9.68.99.19.08.9

8.68.68.49.09.6

9.710.111.011.913.6

126.8

Financial assets

De-positsandcur-rency

3.23.54.25.46.6

7.99.4

10.29.99.6

9.19.19.49.49.4

9.49.59.49.5

10.0

9.28.78.89.29.2

9.610.010.310.911.5

11.912.413.214.014.9

U.S.savingsbonds

0.2.4.5

1.12.2

3.44.24.24.44.6

4.74.74.74.64.7

5.05.25.15.15.2

4.74.64.44.44.2

4.24.03.93.83.8

3.73.63.74.04.0

Invest-mentin co-opera-tives

0.8.9.9

1.01.1

1.21.41.51.71.9

2.12.32.52.72.9

3.13.23.53.73.9

4.24.54.85.05.4

5.65.96.26.56.8

7.27.68.08.69.5

30.0

Claims

Total

52.955.062.973.784.6

94.2103.5116.4127.9134.9

132.5151.5167.0164.3161.2

165.1169.6177.9185.8202.1

203.5204.2212.8221.4229.3

237.3253.8266.8280.3295.2

306.0317.5343.1386.8478.8

530.9

Realestatedebt

9.8

8.5

6.8

6.66 56.46 05.4

4 94.84.95.15.3

5.66.16.77.27.7

8.29.09.8

10.411.1

12.112.813.915.216.8

18.921.223.325.527.4

29.230.332.235.841.3

47.4

Otherdebt

3.43.94.14 03.5

3.43.23.64.26.1

6.87.08.08.99.2

9.49.89.5

10.012.5

12.713.414.816.518.1

18.620.422.424.927.6

29.731.635.639.142.8

47.5

Pro-prie-tors'equi-ties

42.944 652.463 775.7

85 995.5

107.9118 6123.5

120.1138 4152.3148 2144.3

147.5150.8158.6165.4178.5

178.7178.0184.1189.7194.4

199.8212.2221.1229.9240.2

247.1255.6275.3311.9394.7

436.0

1 Beginning with 1961, horses and mules are excluded.2 Includes all crops held on farms and crops held off farms by farmers as security for Commodity Credit Corporation

loans. The latter on January 1,1975 totaled approximately $0.3 billion.

Note.—Beginning 1969, data include Alaska and Hawaii.


349


INTERNATIONAL STATISTICSTABLE C-89.—U.S. balance of payments, 1946-74


Yearor

quar-ter

1946 . . .1947 . . .1948 . . .1949 . . .

1950 . . .1 9 5 1 . . .1952 . . .1 9 5 3 . . .1954 . . .

1955 . . .1956 . . .1957 . . .1958 . . .1959 . . .

1960 . . .1961 . . .1962 . . .1963 . . .1964 . . .

1965 . . .1966 . . .1967. . .1968 . . .1969 . . .

1970 . . .1 9 7 1 . . .1972 . . .1 9 7 3 . . .197412. .

1972:1IIIIL'IIV. . -

1973:

IL.II111...IV . . .

1974:1

nV.'.Il i b . .IV*..

Merchandise

Ex-ports

11,76416,09713, 26512,213

10, 20314, 24313,44912,41212, 929

14,42417, 55619, 56216,41416,458

19,65020,10820,78122,27225, 501

26,46129, 31030,66633,62636, 414

41,94742, 75448, 76870,27794,696

Imports

- 5 , 0 6 7- 5 , 9 7 3- 7 , 557- 6 , 874

- 9 , 0 8 1-11 ,176-10 ,838-10 ,975-10 ,353

-11,527-12 ,803-13,291-12 ,952-15 ,310

-14 ,758-14,537-16 ,260-17 ,048-18 ,700

-21 ,510- 2 5 , 493-26 ,866-32 ,991- 3 5 , 807

- 3 9 , 788- 4 5 , 476- 5 5 , 754-69 ,806

-100,379

13

Netbal-ance

6,69710,1245,7085,339

1,1223,0672,6111,4372,576

2,8974,7536,2713,4621,148

4,8925,5714,5215,2246,801

4,9513,8173,800

635607

2,159- 2 , 722- 6 , 986

471- 5 , 6 8 3

Military transactions

Directexpend-

itures

- 4 9 3- 4 5 5- 7 9 9- 6 2 1

- 5 7 6- 1 , 2 7 0- 2 , 0 5 4- 2 , 6 1 5- 2 , 6 4 2

- 2 , 9 0 1- 2 , 9 4 9- 3 , 216- 3 , 4 3 5- 3 , 1 0 7

- 3 , 087- 2 , 998- 3 , 1 0 5- 2 , 9 6 1- 2 , 8 8 0

- 2 , 9 5 2- 3 , 764- 4 , 378- 4 , 535-4 ,856

- 4 , 8 5 5-4,819- 4 , 759- 4 , 6 2 0- 4 , 9 8 9

Sales

(10)(10)(10)(10)

(10)

(10)

192182

200161375300302

335402656657747

830829

1,1501,3921,512

1,4781,9121,1542,3542,839

Netbal-ance

- 4 9 3- 4 5 5- 7 9 9- 6 2 1

- 5 7 6- 1 , 2 7 0- 2 , 0 5 4- 2 , 4 2 3- 2 , 460

- 2 , 701- 2 , 788- 2 , 841- 3 , 1 3 5- 2 , 8 0 5

- 2 , 7 5 3- 2 , 596- 2 , 448- 2 , 304- 2 , 1 3 3

- 2 , 1 2 2- 2 , 935- 3 , 228- 3 , 1 4 3- 3 , 344

- 3 , 377- 2 , 9 0 8- 3 , 6 0 4-2 ,266- 2 , 1 5 0

Net invest-ment income

Pri-vates

554807975989

1,1461,3171,2671,2831,594

1,7752,0542,1742,0082,147

2,2702,8323,1773,2273,926

4,1433,7284,0874,2073,655

3,8955,9766,4138,298

12,649

U.S.Gov-ern-ment

6508573

78151140166213

180404

16868

17105134989

26554163

156

- 1 1 1- 9 5 5

- 1 , 8 8 7- 3 , 008- 3 , 1 3 3

Nettraveland

trans-porta-tion ex-pendi-tures

733946374230

- 1 2 029883

- 2 3 8- 2 6 9

- 2 9 7- 3 6 1- 1 8 9- 6 3 3- 8 2 1

- 9 6 4- 9 7 8

—

-

_

——

1,1551,3121,149

1,2841,3321,7511,548

- 1 , 7 6 3

- 2 , 0 2 3-2,341- 3 , 055- 2 , 7 1 0- 2 , 3 5 5

Otherserv-ices,net 3

310145175208

242254309307305

299447482486573

632649860

1,0071,088

1,4261, 5361,7101,7662,034

2,3882,7813,1103,5403,837

Bal-anceon

goodsand

serv-ices 14

7,80711,6176,5186,218

1,8923,8172,356

5321,959

2,1534,1455,9012,356

310

4,0945,5845,0885,9418,542

7,1404,8684,6571,9801,344

2,932- 1 7 0

- 6 , 0 1 04,3273,165

Remit-tances,

pen-sions,and

otheruni-

lateraltrans-fers i

- 2 , 9 2 2- 2 , 6 2 5- 4 , 5 2 5- 5 , 6 3 8

- 4 , 017- 3 , 515- 2 , 531- 2 , 4 8 1- 2 , 2 8 0

- 2 , 4 9 8- 2 , 4 2 3- 2 , 3 4 5- 2 , 3 6 1- 2 , 4 4 8

- 2 , 3 0 0- 2 , 514- 2 , 6 2 8- 2 , 742- 2 , 7 5 4

- 2 , 8 5 3- 2 , 9 2 5- 3 , 1 1 3- 2 , 9 4 3- 2 , 9 7 8

- 3 , 2 5 6- 3 , 6 4 7- 3 , 797- 3 , 8 7 6

13-8,136

Bal-anceon

cur-rent ac-count

4,8858,9921,993

580

- 2 , 1 2 5302

- 1 7 5- 1 , 9 4 9

- 3 2 1

- 3 4 51,7223,556

- 5- 2 , 1 3 8

1,7943,0702,4603,1995,788

4,2871,9431,544- 9 6 2

- 1 , 6 3 3

- 3 2 4- 3 , 8 1 7- 9 , 8 0 7

45013-4,971

Seasonally adjusted

11,65511,53412, 35713,222

15,23016,67918,15220, 216

22, 29924, 08924,63426,109

-13 ,482-13 ,329-13 ,953-14 ,990

-16 ,184-17 ,042-17 ,574-19 ,006

- 2 2 , 373- 2 5 , 720-27,191-27 ,631

-1 ,827- 1 , 7 9 5-1 ,596- 1 , 7 6 8

- 9 5 4- 3 6 3

5781,210

-74- 1 , 6 3 1- 2 , 557- 5 , 7 6 3

- 1 , 2 2 2- 1 , 2 4 2- 1 , 1 0 9

14-1,185

- 1 , 1 7 5.14-1,209

- 1 , 067- 1 , 1 6 9

-1 ,166- 1 , 3 1 9-1 ,257

326281252295

342446520

1,046

673655801

- 8 9 6- 9 6 1-857

" - 8 9 0

- 8 3 3H-763

- 5 4 7- 1 2 3

- 4 9 3- 6 6 4-456

1,4261,4661,7021,819

2,0811,9682,0522,197

3,8432,6353,009

- 4 0 6- 4 4 8- 4 9 0- 5 4 3

- 6 3 4- 7 6 0- 7 9 5- 8 1 9

- 7 6 7- 7 8 9- 7 9 4

- 8 0 7- 7 3 7- 7 4 1- 7 7 0

- 6 8 6- 7 8 1- 6 1 3- 6 3 0

- 5 3 3- 7 3 0- 5 0 3

747753788822

841815984901

921995962

- 1 , 7 6 3- 1 , 7 2 2- 1 , 1 9 4- 1 , 3 3 0

- 1 8 5116

1,6592,736

2,897- 1 8 4- 3 3 9

- 9 9 0- 9 5 4- 9 5 8- 8 9 6

- 7 6 1- 1 , 0 5 6

- 8 9 7- 1 , 1 6 4

13-2,951- 1 , 9 0 2- 1 , 2 4 9

- 2 , 753- 2 , 6 7 6- 2 , 1 5 2- 2 , 2 2 6

- 9 4 6- 9 4 0

7621, 572

13-54- 2 , 086- 1 , 5 8 8

i Excludes military grants.3 Adjusted from Census data for differences in timing and coverage.3 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are

excluded from net investment income and included in other services, net.4 In concept, equal to net exports of goods and services in the national income and product accounts, although the two

series may differ because of revisions, special handling of certain items, etc.& Excludes liabilities to foreign official reserve agencies.6 Private foreigners exclude the International Monetary Fund (IMF), but include other international and regional

organizations.i Includes liabilities to foreign official agencies reported by U.S. Government and U.S. banks and U.S. liabilities to the

IMF arising from reversible gold sales to, and gold deposits with, the United States.s Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position

in the IMF. Minus sign indicates increase.

(Footnotes continued on following page.)

350


TABLE G-89.—U.S. balance of payments, 1946-74—Continued


Year orquarter

1946...194719481949

1950 .1951. . . .195219531954

1955.. . .195619571958... .1959

I 9 6 0 . . . .1 9 6 1 . . . .1962.. . . .1963 . . .1964 . . . .

19651966. . .19671968.1969 . . . .

1970 . . . .19711972 . . . .19731974 12..

1972:1III I I . . . .I V . . . .

1973:1I L - .I I I . . . .IV . . . .

1974:1II . . .IllpIVJ>

Long-termcapitalflows,

net

U.S.Gov-ern-

ments

-884-886-882

-1 ,151-1 ,353

-1 ,539-1 ,479- 2 , 336-2 ,164-1 ,933

- 2 , 0 2 5-2 ,362-1 ,330-1 ,5393 2, 571

Pri-vates

-2 ,100-2 ,182-2 ,606- 3 , 376-4 ,511

- 4 , 577-2 ,575-2 ,932

1,191- 7 0

-1 ,429- 4 , 381

- 9 862

-3 ,287

Bal-ance

on cur-rent

accountand

long-term

capital

-1 ,1912

-1 ,028-1 ,328

- 7 5

-1 ,829-2 ,110- 3 , 7 2 3-1 ,935-3 ,637

-3 ,778-10, 559-11,235-1 ,026-5 ,687

Non-liquidshort-term

privatecapitalflows,net«

- 2 5 3- 2 3 6- 1 3 1

158

75- 2 2 7- 4 1183

- 5 5 6

- 3 2 8-479- 1 7 4- 1 4 5- 8 9

n-1 ,405n-1 ,200ii - 6 5 7ii - 9 6 8-1 ,643

-154-104-522

231- 6 4 0

-482- 2 , 347-1 ,541-4 ,276

-14,751

Allo-ca-

tionsof

spe-cial

draw-ing

rights(SDR)

867111710

Errorsand

omis-sions,

net

155861

1,115717

-12435449722060

371390

1,012361260

-1 ,081-1 ,053-1 ,179

- 4 1 8- 9 7 8

-49464

-43994

-1 ,805

- 4 5 8- 9 , 776-1 ,790- 2 , 3 0 3

4,783

Netliquid-

itybal-ance

**

" - 3 , 6 7 7" - 2 , 2 5 2n-2 ,864n-2 ,713

-2,696

-2 ,478-2,151- 4 , 683-1,611- 6 , 081

-3,851- 2 1 , 965-13,856-7 ,606

-15,655

Liq-uidpri-vate

capitalflows,net*

H273H904ii 214ii 7791,162

1,1882,3701,2653,2528,820

- 5 , 988- 7 , 788

3,5022,302

10, 573

Officialreservetrans-actions

bal-ance

• *

- 3 , 4 0 3-1 ,348-2 ,650-1 ,934- 1 , 534

-1 ,290219

-3 ,4181,6412,739

- 9 , 839- 2 9 , 753-10,354-5 ,304-5 ,082

Changesin lia-bilities

toforeignofficialagen-cies,net 7

1,258742

1,1171,5571,363

67-7873,366- 7 6 1

-1 ,552

7,36227,40510, 3225,0957,176

Changesin U.S.officialreserveassets,

net 8

- 6 2 3-3 ,315-1 ,736

-266

1,758- 3 3

-4151,256

480

182-869

-1 ,1652,2921,035

2,145606

1,533377171

1,22256852

-880-1 ,187

2,4772,348

32209

- 2 , 095

Seasonally adjusted

-309-105-370-544

-37194

-398-862

31, 34C58(

i

-836398

-386726

309-3241,527

-1 ,451

506-973

-1,998

- 3 , 898- 2 , 383- 2 , 908- 2 , 044

-1,008-1,170

1,891-741

1,79*-2,47$- 3 , 581

-423301

-42C-99S

-1,663-1,457

97-1,253

-3,966—5,42S-1,66*

178178177177

816-442

-1 ,294-870

-3 ,943850

-3361,125

1,1181,686

783

- 3 , 327- 2 , 346-4,445-3,736

-6,614-1,777

1,652-869

-1,053-6,222-4,466

1801,474-2772,125

- 3 , 5812,063

2903,530

2,0951,6974,138

-3 ,147-872

-4 ,722-1 ,611

-10,195286

1,9422,661

1,042-4 ,525

- 3 2 8

2,7181,1034,7771,722

9,975-303

-1 ,929-2 ,646

-8324,8831,331

429- 2 3 1

- 5 5-111

22017

- 1 3- 1 5

-210- 3 5 8

-1.C03

U.S.officialreserveassets,

net(end ofperiod)9

20,70624,02125,75826,024

24,26524, 29924,71423,45822,978

22,79723,66624,83222, 54021, 504

19, 35918,75317, 22016, 84316,672

15, 45014, 88214,83015,71016, 964

14,48712,16713,15114,37815,883

Unad-justed

12,27013, 33913, 21713,151

12,93112,91412,92714, 378

14, 58814,94615,89315, 883

9 Includes increases as follows: for 1969, $67 million resulting from revaluation of the German mark in October 1969;for 1971, $28 million in dollar value of foreign currencies revalued to reflect market exchange rates as of December 31,1971; for second quarter and year 1972, $1,016 million resulting from change in par value of the dollar on May 8, 1972;and for fourth quarter and year 1973, $1,436 million resulting from change in par value of the dollar on October 18,1973.

Beginning July 1974, valuation of SDR and reserve position in the IMF based on a weighted average of exchange ratesfor the currencies of 16 member countries. On a pre-July 1974 basis, reserve assets for September 30, 1974 are $15,949million and for December 31,1974, $15,812 million.

i° Not available separately.n Coverage of liquid banking claims for 1960-63 and of nonliquid nonbanking claims for 1960-62 is limited to foreign

currency deposits only; other liquid items are not available separately and are included with nonliquid claims.12 First 3 quarters on a seasonally adjusted annual rates basis (except reserve assets are for end of December).13 Includes extraordinary U.S. Government transactions with India.14 Includes return import into the United States, at a depreciated value of $21 million in 1972 IV, and $22 million in 1973 I I ,

of aircraft originally reported in 1970 III sales as a long-term lease to Australia.**These balances have been used to measure exchange market pressures on the dollar. Under current floating exchange

rate conditions, these pressures are inadequately reflected in the balances.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.


TABLE C-90.— U.S. merchandise exports and imports by commodity groups, 1958-74


Year or quarter

19581959

1960 . . .1961196219631964

19651966196719681969

197019711972._19731974.

1972:1IIIIIIV

1973:1II. .IllIV

1974:IIIIIIIV

Merchandise exportsl

Total, includ-ing reexports 2

Sea-sonally

ad-justed

11,76711,67312,44213,333

15,33716,78318,32720,413

22, 35824,21224, 95826,455

Unad-justed

16,37516,426

19,65920, 22620,98622,46725,832

26,74229,49031,03034,06337,332

42,65943,54949,19970,82397, 907

11,89012,04011,57013,700

15, 52317,44817, 08120,771

22, 61525,12823,19226, 972

Domestic exports

Totaj 2 a

16,21116,243

19,45919,98220,71722,1822i5,479

26,39929,05430,64633,62636,788

42,02542,91148,39969,73096, 544

11,72411,82611,37113,479

15, 28817,14516, 81720, 481

22, 32924, 76122, 85826, 597

Food,bever-ages,

and to-bacco

2,6882,852

3,1673,4663,7434,1884,637

4,5195,1864,7104,5924,446

5,0585,0766,569

12,93815, 231

1,4161,4321,6252,095

2,3822,7733,5584,225

3,8613,6513,3734,345

Crudemate-rialsand

fuels*

3,0522,996

3,9423,8643,3563,7754,337

4,2734,4044,7264,8655,006

6,6926,4417,091

10,73515, 800

1,7041,6881,5362,163

2,5722,7452,2163,202

3,6954,2143,5334,359

Man-ufac-tured

goods6

11,54711,179

12,58312,78413,66814,29716,529

17,43319,21820,84423,81826,785

29,34430,44333,74044,73163, 526

8,3408,4308,0098,960

10, 06811, 25610, 73012,677

14, 33416,39815, 44317, 352

Merchandise imports

General imports s

Total s

Sea-sonally

ad-justed

13,42413,37013,90314, 888

16,14016, 83917,48318, 972

21,71325,16127, 06027,145

Unad-justed

13, 39215,690

15,07314,76116,46417,20718,749

21,42725,61826,88933,22636,043

39,95145, 56355, 58369.476

100, 972

13,30213,74313,53215,006

15,96917,30116,98319,223

21,17325, 82726, 61427, 358

Food,bever-ages,

and to-bacco

3,5503,580

3,3923,4553,6743,8634,022

4,0134,5904,7015,3655,308

6,2306,4047,3799,235

10, 701

1,8101,7691,8071,993

2,0842,3182,1902,644

2,7262,7722,5422,661

Crudemate-rialsand

fuels *

4,1644,615

4,4184,3344,6914,7555,029

5,4405,7185,3676,0316,391

6,5427,2688,838

13, 44631, 809

2,1302,1052,1952,408

2,7803,0763,3404,251

6,0828,3748,7608,592

Man-ufac-tured

goods6

5,3117,117

6,8636,5377,6498,0709,106

11,24414,44615, 75620,62423,011

25,90730,41437,76745, 00156, 210

8,9859,4789,135

10,169

10,66311,47210,99811, 868

11,89414,14614, 72915, 441

Grossmer-chan-disetradebal-

ance,sea-

sonallyad-

justed i

2,983736

4,5865,4654,5225,2607,083

5,3153,8724,141

8371,289

2,708-2 ,014- 6 , 384

1,348- 3 , 065

-1,657-1,697-1 ,462-1 ,555

-804- 5 6844

1,441

645-949

-2 ,102-690

1 Beginning 1960, data have been adjusted for comparability with the revised commodity classifications effective in 1965.2 Totals exclude Department of Defense shipments of grant-aid military supplies and equipment under the Military

Assistance Program.3 Total includes commodities and transactions not classified according to kind.* Includes fats and oils.5 Includes machinery, transportation equipment, chemicals, metals, and other manufactures. Export data for these items

include military grant-aid shipments.« Total arrivals of imported goods other than intransit shipments.7 Exports, excluding military grant-aid, less general imports; quarterly data seasonally adjusted.

Note.—Data are as reported by the Bureau of the Census adjusted to include silver ore and bullion reported separatelyprior to 1969. Export statistics cover all merchandise shipped from the U.S. customs area, except supplies for U.S. ArmedForces. Export values are f.a.s. port of export and include shipments under Agency for International Development andFood for Peace programs as well as other private relief shipments. Import values are defined generally as the marketvalue in the foreign country, excluding the U.S. import duty and transportation costs such as ocean freight and marineinsurance.

Source: Department of Commerce (Bureau of the Census and International Economic Policy and Research).


TABLE C-91.—U.S. merchandise exports and imports by area, 1968-74


Area 1968 1969 1970 1971 1972 1973 1974

Exports (including reexports and special categoryshipments): Total

Developed countries..Developing countries..

Canada^Other Western Hemisphere-Western Europe 2

Eastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries i

34,636

23,60010,821

8,0725,339

11,132215

7,5821,0261,269

38,006

26,47911,277

9,1375,576

12,392249

8,261998

1,392

43,224

30,87712,993

9,0796,532

14,463354

10,0281,1891,579

44,130

30,33513,410

10,3656,484

14,178384

9,8551,1681,694

49,758

34,31914,556

12,4157,275

15,361819

11,2781,0341,576

General imports: Total_

Developed countries..Developing countries..

CanadaOther Western Hemisphere-Western Europe 2

Eastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries*

33,226

24,130

9,0055,143

10,139198

6,911697

1,12211

36,043

26,4609,373

10,3845,163

10,138195

8,275828

1,04612

39,952

29,25910,442

11,0925,836

11,169226

9,621871

1,11324

45,563

33,74411,549

12,6916,038

12,658223

11,779895

1,23641

55,583

40,82214,356

14,9277,003

15,423321

15,1171,1451,595

51

71,339

47,20920,963

15,1049,929

21,3591,801

18,4191,7442,306

677

69,476

48,53020,313

17,7159,607

19,286526

18,1571,5622,583

40

98,506

63,01832,698

19,93215,81228,638

1,43225, 7842,6973,659

552

100, 972

60,47939,471

22,28218,42023, 745

89127, 500

1,5036 6 i ?

w , . I oilseeds through Canada are shown as exports to un-identified countries.

2 Includes Finland, Yugoslavia, Greece, and Turkey.3 Consists of certain low-valued shipments not identified by country.Note.—Developed countries include Canada, Western Europe, Japan, Australia, New Zealand, and the Republic of

South Africa. Developing countries include rest of the world except Communist areas in Eastern Europe and Asia andunidentified countries.

Source: Department of Commerce (Bureau of the Census and International Economic Policy and Research).

353


TABLE C-92.—U.S. overseas loans and grants, by type and area, fiscal years, 1962-74[Millions of dollars]

Type of program and fiscal period Yotal

NearEastand

SouthAsia

LatinAmerica

EastAsiaand

VietnamAfrica Europe

Otherand

inter-regional

TOTAL ECONOMIC LOANS AND GRANTS (OBLI-GATIONS AND LOAN AUTHORIZATIONS)*

1962-73 averageLoansGrants

1974 — .LoansGrants ...

OFFICIAL DEVELOPMENT ASSISTANCE TO LESSDEVELOPED COUNTRIES a

Obligations and loan authorizations:1962-73 average1974

Loan repayments and interest receipts:1962-73 average.1974

Agency for International DevelopmentObligations and loan authorizations:

1962-73 average1974..

Loan repayments and interest receipts:1962-73 average1974 .

Food for PeaceObligations:

1962-73 average1974.

Loan repayments and interest receipts:1962-73 average...1974

Contributions and subscriptions to internationalfinancial institutions3

Obligations:1962-73 average1974

5,3013,0162,286

7,7755,0622 713

1,357986371

919649270

1,136715421

1,410986424

1,191483708

1,8871,335

552

403203200

577344233

546517

29

1,5371,524

13

668111556

1,445224

1,221

Other official development assistance, includingPeace Corps*

Obligations:1962-73 average1974

3,9943,787

4821,242

2,1901,786

264642

1,269973

192600

327800

208228

1,199465

253678

606219

146458

582240

103220

887600

72115

482232

13451

198275

9511,188

69300

590673

333491

32260

340299

194133

124141

30

48

5661,223

315516

4850

129525

75131

OTHER ECONOMIC LOANS AND GRANTS TO LESSDEVELOPED COUNTRIES

Obligations:1962-73 average...1974

Loan repayments and interest receipts1962-73 average.1974

7212,561

480950

158454

98275

249810

278324

122583

34166

63278

126436

50109

ECONOMIC LOANS AND GRANTS TO DEVELOPEDCOUNTRIES

Obligations:1962-73 average..1974. . . .

5861,427

119116

3681,089 222

1 Some data are preliminary.2 Official development assistance is defined as concessional aid for development purposes. Countries have been

classified "less developed" on the basis of the standard list of less developed countries used by the DevelopmentAssistance Committee of the Organization for Economic Cooperation and Development. On this basis, "less developed"countries include all countries receiving U.S. loans or grants except the following which are considered "developed":Japan, Australia, New Zealand, Republic of South Africa, Canada, and all of Europe except Malta, Spain, and Yugoslavia.

3 Includes paid-in capital subscriptions and contributions to the Inter-American Development Bank, the InternationalBank for Reconstruction and Development, the International Development Association, and the Asian Development Bank.

4 Data for certain programs from Department of Commerce, Bureau of Economic Analysis.Source: Agency for International Development (except as noted).

354


TABLE C-93.—International reserves, 1949, 1953, and 1969-74

[Millions of U.S. dollars; end of period]

1974

Area and country 1949

46,037

37,274

26,024

1,751

6,502

13978580196723386

537122

1,6921,275

1,197

226

1,572

8,763

2,8001,5343,642639

1953

51,840

41,478

23,458

2,670

10,597

2771,144829

1,773848

1,230

1,026150

1,7681,552

1,909

892

1,952

10,362

3,4161,2563,7421,787

1969

78,126

62,636

16, 964

2,527

33,613

1,5302,3883,8337,1295,0452,529

2,2141,2814,4253,239

3,106

3,654

2,772

15,490

4,4703,0354,7423,094

1970

92,604

74, 318

14,487

2,827

44,654

1,7512,8474,96013,6105,3523,241

2,5381,8175,1323,406

4,679

4,840

2,831

18,285

5,6413,2465,0924,182

1971

130,581

107,197

13,190

6,582

62,023

2,3433,4738,25318,6576,7873,796

3,7013,2686,9664,779

5,701

15, 360

4,342

23,384

6,5845,2495,9205,497

1972

158,714

126, 596

13,150

5,647

75,375

2,7193,87010,01523,7856,0794,785

4,5135,0147,4887,107

6,050

18,365

8,009

32,119

10,5497,6257,8295,981

1973

183,848

139,151

14,378

6,476

92,601

2,8735,1008, 529

33,1476,4346,547

6,0716,7728,0789,050

5,768

12,246

7,682

44,697

16,31011, 54710,1326,558

Novem-ber

All countries._

Developed areas

United States

United Kingdom . . .

Other Western Europe . . .

AustriaBelgium __.FranceGermanyItalyNetherlandsScandinavian countries (Den-

mark, Finland, Norway,and Sweden)

SpainSwitzerlandOther

Canada

Japan

Australia, New Zealand, and SouthAfrica

Less developed areas»

Latin AmericaMiddle EastOther AsiaOther Africa 2

216,118

140,682

15, 845

7,917

91, 347

3,1255,4128,99032,8666,4247,150

5,2956,2777,5638,245

5,797

13, 738

6,038

75,436

18,85130,13213,02513, 278

1 Includes areas in addition to those listed.2 All Africa except South Africa.

Note.—International reserves is comprised of monetary authorities' holdings of gold, special drawing rights (SDR),reserve positions in the International Monetary Fund, and foreign exchange. Conversions from national currencies to U.S.dollars from December 1971 through January 1973 are calculated at the cross rates reflecting the parities and centralrates agreed in December 1971. From February 1973 through June 1974, the intention is to reflect the cross rates of paritiesor central rates for countries having effective parities or central rates and market rates for others. Beginning July 1974,foreign exchange is valued at end-of-month market rates or in the absence of market rate quotations at prevailing officialrates. Gold is valued throughout at SDR 35 per ounce, equivalent to US$38 per ounce from December 1971 through January1973, to US$42.22 per ounce from February 1973 through June 1974, but to the respective US$/SDR transactions value asmeasured by the "basket" valuation of the SDR beginning July 1974. Data exclude U.S.S.R., other Eastern Europeancountries, Mainland China, and Cuba (after 1960).

Source: International Monetary Fund, "International Financial Statistics."

355


TABLE C-94.— US. reserve assets, 1946-74

[Millions ot dollars]

End of year ormonth

19461947...19481949...

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974

1974: JanFeb . . . .MarAprMay . .June

July . . .AugSeptOctNovDec

Total reserveassets

20,70624,02125,75826,024

24, 26524, 29924,71423, 45822,97822,79723,66624, 83222, 54021, 504

19, 35918,75317, 22016, 84316, 67215, 45014, 88214, 83015,710

7 16,964

14, 487«12,1679 13,151

io 14,378"15,883

14 56514,64314,58814 64214,87014,946

ii 14,912ii 15,460ii 15,893ii 15,890ii 15 840ii 15,'883

Gold stock i

Total 2

20,70622, 86824 39924, 563

22, 82022, 87323, 25222,09121 79321. 75322, 05822, 85720, 58219 507

17 80416 94716 05715 59615 471

0 13 80613 23512, 06510 89211,859

11,07210, 206

»10,487ioil,652

11,652

11 65211,65211,65211 65211,65211,652

11,65211,65211,65211,65211 652H',652

Treasury

20, 52922,75424, 24424, 427

22, 70622,69523,18722,03021,71321,69021,94922,78120, 53419 456

17,76716 88915,97815 51315, 388

9 13 73313,15911,98210 36710,367

10, 73210,132

910,41010 11,567

11,567

11,56711,56711,56711,56711,56711,567

11,56711,56711,56711,56711 56711,567

Specialdrawingrights

(SDR) a

8511,100

9 1,95810 2,166H2,374

2,1662,1662,1662 1572,1632,195

ii 2, 227ii 2,200ii 2, 282ii 2, 306ii 2 329ii 2', 374

Convertibleforeign

currencies *

11699

212432781

1 3212,3453 528

? 2, 781

629•276

24185

5968

99

6694

1222424619343

Reserveposition in

InternationalMonetary Fund5

1 1531 3591,461

1 4451 4261 4621 3671 1851 0441 6081 9751 9581 997

1 5551 69010641 035'769o 863

326420

1 2902,324

1,935585

• 46510 552

"1 ,852

688757761824989

1,005

ii 1,021n 1,384ii 1,713ii 1,739» 1 816ii 1,852

1 Includes gold sold to the United States by the International Monetary Fund (IMF) with the right of repurchase andgold deposited by the IMF to mitigate the impact on the U.S. gold stock of purchases by foreign countries for gold sub-scriptions on increased IMF quotas.

2 Includes gold in Exchange Stabilization Fund.3 Includes initial allocation on January 1, 1970 of $867 million, second allocation on January 1, 1971 of $717 million,

and third allocation on January 1, 1972 of $710 million of special drawing rights (SDR) in the Special Drawing Accountin the IMF, plus or minus transactions in SDR.

«Includes holdings of Treasury and Federal Reserve System.8 The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund auto-

matically if needed. Under appropriate conditions the United States could purchase additional amounts equal to theUnited States quota.

8 Reserve position includes, and gold stock excludes, $259 million gold subscription to the Fund in June 1965 for a U.S.quota increase which became effective on February 23,1966. In figures published by the Fund from June 1965 throughJanuary 1966, this gold subscription was included in the U.S. gold stock and excluded from the reserve position.

7 Includes gain of $67 million resulting from revaluation of German mark in October 1969, of which $13 million representsgain on mark holdings at time of revaluation.

8 Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as ofDecember 31,1971.

9 Includes $1,016 million increase in total reserve assets resulting from the change in par value of the U.S. dollar onMay 8,1972. consisting of $828 million total gold stock, $822 million Treasury gold stock, $155 million SDR, and $33 millionreserve position in the IMF.

10 Includes $1,436 million increase in total reserve assets resulting from the change in par value of the dollar on Octo-ber 18, 1973, consisting of $1,165 million total gold stock, $1,157 million Treasury gold stock, $217 million SDR, and $54million reserve position in IMF.

n Beginning July 1974, the IMF adopted a technique for valuing the SDR based on a weighted average of exchangerates for the currencies of 16 member countries. SDR holdings and reserve position in the IMF are also valued on thisbasis beginning July 1974. At valuation used prior to July 1974 (SDR 1=$1.20635), end of month values are (in millions):

July..Aug..Sept..Oct...Nov..D e c .

Totalreserve

assets$14,921

15,52315,94915,91915,82815,812

SDR

$2,2332,2402,3182,3262,3262,338

Reservepositionin IMF$1,024

1,4071,7331,7481,8071,817

Note.—Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included inthe gold stock of the United States.

Sources: Department of the Treasury and Board of Governors of the Federal Reserve System.


TABLE C-95.—International investment position of the United States at year-end, 1960 and1969-73


Type of investment 1960 19691 1970 l 1971 1972 19732

Net international investment position of theUnited States s

U.S. assets abroad

Nonliquid assets

U.S. Government.

Long-term credits .Foreign currencies and other

short-term assets

Private long-term.

Direct investments abroad _Foreign securitiesOther claims *

Private short-term nonliquid cla ims 4 .

Liquid assets

Private claims i

U.S. monetary reserve assets.

GoldSpecial drawing rights (SDR)Convertible currenciesGold tranche position in IMF

U.S. liabilities to foreigners.

Nonliquid liabilities to other than foreignofficial agencies

U.S. Government..Private long-term.

Direct investments in the UnitedStates

U.S. securitiesOther liabilities *

Private short-term nonliqiid 7_

Liquid liabilities to private foreigners andliquid, other readily marketable, andnonliquid liabilities to foreign officialagencies

To private foreignersTo foreign official agencies.

LiquidOther readily marketableNonliquid, reported by U.S.

Government

44.7

85.6

66.2

16.9

14.0

2.9

44.5

31.99.63.1

M.8

19.4

19.4

17.8

1.6

40.9

19.8

.818.4

6.910.01.6

.6

21.0

9.111.9

11.9

67.3

158.3

138.6

30.7

28.2

2.5

96.5

71.018.76.8

11.4

19.6

2.717.0

11.9

2.82.3

90.9

45.0

2.439.6

11.822.94.8

3.0

45.9

28.917.0

13.01.5

2.5

69.1

166.8

149.9

32.1

29.6

2.4

105.0

78.219.67.2

12.8

16.9

2.414.5

11.1.9.6

1.9

97.7

50.7

2.044.8

13.325.65.9

3.9

47.0

22.624.4

20.6.7

3.1

57.7

180.8

164.7

34.2

31.8

2.4

115.9

86.221.78.0

14.6

16.1

4.012.2

10.21.1.3.6

123.1

55.3

1.549.8

13.730.16.1

3.9

67.8

16.651.2

47.6.1

3.5

51.2

200.6

181.8

36.1

34.1

2.0

129.0

94.324.9

9.7

16.7

18.85.6

6 13.2

6 10.562.0

.26.5

149.4

66.5

1.860.2

14.338.87.1

4.5

82.9

21.461.6

57.3.5

3.7

63.0

226.1

204.2

38.8

36.2

2.6

143.5

107.325.211.0

21.9

22.0

7.68 14.4

611.76 2 . 2

163.1

70.5

2.962.2

17.736.87.7

5.4

92.6

25.866.8

61.91.7

3.2

1 Data dp not reflect revisions made in balance-of-payments statistics in June 1974.2 Preliminary.3 Includes U.S. gold stock.< Reported by U.S. banks and nonbanking concerns.5 Liquid claims are not available separately and are included with nonliquid claims.6 Reserve assets include increases from changes in the par value of the dollar, as officially implemented; on May 8 ,1972 ,

the increase totaled $1,016 million, consisting of $828 million gold stock, $155 million SDR. and $33 million gold trancheposition in IMF; and on October 18, 1973, the increase was $1,436 million, consisting of $1,165 million gold stock, $217million SDR, and $54 million gold tranche position in IMF.

7 Reported by U.S. nonbanking concerns.


357


TABLE G-96.—Price changes in international trade, 1966-74

[1963=100]

Area or commodity class

Developed areas

Total:

ExportsTerms of trade *

United States:

ExportsTerms of trade l

Developing areas

Total:

Exports.Terms of trade i

Latin America:

Exports ._Terms of trade *

Southern and Eastern Asia:

ExportsTerms of trade *

Primary commodities: Total

Foodstuffs

Coffee, tea, and cocoa..Cereals . . . .

Other agriculturalcommodities 3

Fats, oils, and oilseeds.Textile fibers

WoolRubber

Minerals .Metal ores

Manufactured goods: Total * —

Nonferrous base metals«.. .

1966 1967 1968 1969 1970 1971 1972 1973

1974

Thirdquarter

Unit value indexes by area

105100

107101

104101

108103

101100

105101

110102

103100

105100

9999

104101

111103

103101

10699

97100

108101

115103

106101

109100

102102

114102

121101

109100

115101

106104

119101

12599

116102

122101

108104

130102

12995

121100

129102

in100

156101

15094

146104

143100

135102

v 201

19778

3 2242 124

21752 98

2 1652 92

World export price indexes

104

105

112103

104

111929091

104105

106

156

101

104

108105

96

102887775

103109

107

142

100

101

110100

96

99887474

102108

107

150

103

104

11998

101

101857398

104114

110

175

108

111

13696

101

118836378

111122

117

180

115

117

119100

105

118855764

127126

124

154

130

132

132111

120

1161098865

141134

134

154

188

191

174203

184

197186183129

181161

156

222

293

236

200249

228

P 3 3 2181130

U62

480204

189

257

1 Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.2 Data are for second quarter 1974.3 Includes forest products.* Data are an average for first 3 quarters of 1974.» Data for manufactured goods are unit value indexes.

Note.—Data exclude trade of Communist areas in Eastern Europe (except Yugoslavia) and Asia.

Sources: United Nations and Department of Commerce (International Economic Policy and Research and Bureau ofResources and Trade Assistance).


TABLE C-97.—Consumer price indexes in the United States and other major industrial countries.1955-74

[1970=100]

Period

19551956195719581959

1960 . . .1961196219631964

19651966196719681969

197019711972197319741

1972:1IIIII ._IV . . . .

1973:1. . .IIIIIIV . . . .

1974:1. . .IIIIIIV 3

UnitedStates

69.070.072.574.575.1

76.377.077.978.879.9

81.383.686.089.694.4

100.0104.3107.7114.4127.0

106.4107.2108.2109.1

110.7113.1115.6118.3

121.6125.0128.9132.6

Canada

69.970.973.275.075.9

76.777.178.079.480.8

82.885.988.992.696.8

100.0102 9107 8116.0127.9

105.7106.7108.8109.9

111.9114.5117.7119.8

122.7126.8130.6133.5

Japan

52.652.854.454.254.7

56.759.763.869.271.9

76.780.683.888.392.9

100.0106.3111.5124.5152.4

108.8111.2112.3113.9

116.9122.7126.5131.9

144.1150.5156.1162.3

France

50.451.453.261.265.0

67.369.572.976.479.0

81.083.285.489.395.0

100.0105.5111.7119.9135.5

108.9110.4112.5114.9

115.9118.2121.1124.4

129.0134.3138.7142.5

Germany

70.171.973.375.075.7

76.778.580.983.385.2

88.191.292.593.996.4

100.0105.3111.1118.8126.8

109.0110.2111.6113.4

116.0118.2119.3121.7

124.6126.6127.8129.3

Italy

62.264.365 267.066.7

68.269.772.978.383.0

86.7OO O

91.692.895.2

100.0105.0110.9122.414G.0

108.2109.6111.5114.5

117.5121.3123.6127.2

133.6140.9

2 148.3

Nether-lands

57.858 962 763.864.3

66.467.068 370.974.8

78.783 386.089 195.8

100.0107.5115.9125.2136.6

112.7115.4116.3119.2

121.3124.9125.9128.8

131.9135.9138.3142.5

UnitedKingdom

59.061 964 266.266.5

67.269.572 573.976.3

80.083.185.289 294.0

100.0109.5117.0126.7145.9

113.9115.9117.8120.7

122.2125.2127.7131.8

137.2145.3149.4154.9

1 For United States, 12-month average; for all other countries, January-November average, except Italy, January-August average.

2 July-August average.s October-December average for United States; October-November average for all other countries.Sources: Department of Labor and Organization for Economic Cooperation and Development.

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U. S. GOVERNMENT PRINTING OFFICE : 1975 O - 563-280Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

erp1975 appendix 3

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