scb_011966
TRANSCRIPT
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Economic Expansion in 1965
i,N 1965, the American economy setrecords in production, sales, employ-ment, income, and living standards,as the expansion that started in early1961 was extended for the fifth yearin a row. Most broad measures ofeconomic activity showed impressivegains, which exceeded even the largeadvances of 1964 and surpassed by awide margin the expectations for 1965held early in the year by most business-men and economic forecasters. De-mand increased in most final marketsand was especially strong for businessfixed investment and consumption ex-penditures, notably durable goods.
Within the year, the advance in totaloutput and sales was uninterruptedbut somewhat irregular. In the earlymonths of 1965, increases were un-usually large as the economy recoveredfrom the depressing effects of the auto-mobile strikes of late 1964. Gainsmoderated in the spring months butaccelerated after midyear under theinfluence of sharply rising capital out-lays, the cut in excise taxes, the increasein Social Security payments in earlyfall, and particularly the step-up indefense expenditures that resulted fromthe increase in the fighting in Vietnam.
Prices rose somewhat more from1964 to 1965 than in the other years ofthe current expansion, but for the yearas a whole, the rise over 1964, as in-dicated by the comprehensive GNPdeflator, could still be characterized asmoderate. The most prominent priceincreases occurred in the first half ofthe year, for farm products and forfood products at both wholesale andretail levels. Wholesale industrialprices rose in each quarter of 1965
and for the first time since 1959 showeda modest but noticeable increase forthe full year; consumer prices rosesomewhat more in 1965 than the yearbefore. The cost of credit also movedup as the demand for borrowed funds
Table .1.— Key Economic Measures, 1962-65
Gross national product__bil. $_.Personal consumption expendi-
tures _ __bil. $..Gross private domestic invest-
ment bil. $..Net exports of goods and serv-
ices - bil. $_.Government purchases-_do
Gross national product in con-stant (1958) dollars bil. $_.
National income do___.Compensation of employees
bil. .$. .Corporate profits. d o —Allother __—_do—_.
Personal income___--—-—-doDisposable personal income
bil. $_.Disposable personal income in
constant (1958) dollars._bil. $_.
Retail sales.. -_ d o —Dealers' sales of new domestic
cars -—_thous_.
Expenditures for new plant andequipment.. bil. $_.
Total construction _____doPrivate nonfarm housing starts
thous. units _.
Manufacturers' sales bil. $_.Industrial production
1957-59 = 100-.Steel ingot production
mil. tons__Motor vehicles, factory sales
thous. units..
Employees in nonfarm establish-ments -_thous__
Unemployed persons __ _ _ _ _ do
Consumer prices.—1957-59 = 100..Wholesale prices. ____—— do
Loans and investments of com-mercial banks, end of period
bil. $_.Consumer installment credit
outstanding, end of periodbil. $_.
1962 1963 1964 19651
560.3
355.1
83.0
5.1117.1
530.0
457.
323.655.
78.4
442.6
385.3
367.6
235.4
6, 753
37.3
1,
399.7
118.3
98.3
8,173
55, 5154,007
105.4100.6
228.3
48.0
589.2
373.8
86.9
5.9122. 6
550.0
481.1
341.058.182.0
464.8
403.8
246.4
7,334
62.8
1,582
417.3
124.3
109.3
9,100
4,166
106. 7100.3
246.5
53.7
398.9
92.9
128.4
577.6
514.4
365.364.584.6
495.0
435.8
406.5
261.6
7,617
44.965.8
1,530
445.6
132.3
127.1
56, 602 58,156 60, 4323,876
108.1100.5
267.2
59.4
675.6
428.5
104.9
7.2135.0
609.0
554.6
391.973.1
89.6
530.7
465.3
428.1
282.7
8,763
51.868.1
1, 481
143.3
131.2
9,292 11, 064
3,456
109.8102.5
294.0
2 66.0
1 Preliminary.2 End of November.Source: Automobile Manufacturers Association, Ameri-
can Iron and Steel Institute, and U.S. Government.
advanced even more rapidly than thesubstantially increased supply of credit.
Although the Nation's capacity toproduce was considerably enlarged in1965, the rise in output was still greater,and the gap between potential and ac-tual output was lower than at any othertime in the current expansion. Despitea large increase in the labor force, em-ployment rose even more; unemploy-ment declined steadily, and by yearendwas close to the Administration's in-tprim goal of a 4-percent unemploy-ment rate. Unemployment rates werestill high for teenagers and Negroes, buttoward the end of the year, labor short-ages were not uncommon in some occu-pations and industries. Even thoughbusinessmen made record capital out-lays to expand and modernize theirplant facilities, the utilization of manu-facturing capacity increased and for thefull year was about as high as it was in1955.
Perhaps the outstanding develop-ment in 1965 was the change in theeconomic climate that emerged aroundthe end of the year. It reflected thebuoyant state of demand, the prospec-tive large increases in spending, partic-ularly for defense, and the growing pinchon resources. It was a dramatic shiftfrom the spring months, when there wasa widespread belief that the expansionmight be slowing down. As the yearcame to a close, a basic question waswhether the Nation's capacity to pro-duce could accommodate the antici-pated increase in aggregate demandwith the moderate price increases thathave thus far distinguished the 5-yearexpansion.
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2 SURVEY OF CURRENT BUSINESS January 1966
Government policies
Economic activity during the yearwas influenced in many different ways—apart from the rise in defense programslate in the year—by Governmentpolicies adopted both during and before1965. The 1964 reduction in personaland corporate income taxes continuedto stimulate personal consumption ex-penditures and business spending onnew plant and equipment, and the cutin corporate taxes at the beginning of1965 provided a further stimulus tobusiness investment. The reductionin excise taxes around midyear loweredprices on a wide variety of consumergoods and provided an additional fillipto consumer spending. Personal in-come was directly increased by the risein Social Security benefits. Some ofthe rise in employment, notably amongteenagers, was a reflection of specialGovernment programs associated withthe war on poverty. Under the wageand price guidelines, the Governmentincreased pressures against excessivewage and price increases in particularindustries. A significant part of thereduction in the balance of paymentsdeficit was a result of the Administra-tion's voluntary program aimed atlowering private capital outflows.
The Federal Reserve permitted arecord expansion in bank credit in 1965but exerted moderate pressure on bankreserves during the year. In Decem-ber, Reserve authorities raised thediscount rate by one-half of 1 percentand permitted member commercialbanks to pay up to 5% percent on timedeposits held more than 30 days.
Yearend Position and Outlook
Total production and sales showed alarge increase in the closing months ofthe year. According to preliminarydata, fourth quarter GNP was up $13billion (annual rate) over the thirdquarter. Among the major markets,the most noteworthy development wasthe large advance in government pur-chases—more than $4 billion—abouthalf of which represented increased out-lays for defense, particularly militarypay.
Personal consumption expenditurescontinued their vigorous rise with afourth quarter gain of about $7% bil-lion; the change in durable goods pur-chases, however, was very small. Thestrong expansion in business fixedinvestment continued with an increaseof almost $2 billion, but investment inresidential structures edged down forthe second successive quarter.
Activity rose rapidly throughout thefourth quarter. In December, per-sonal income increased by $4% billionover November and reached a season-ally adjusted annual rate of more than$550 billion. Payrolls rose in mostindustries as employment and rates ofpay increased; hours of work continuedunchanged at peak postwar levels.
The December rise in employment innonfarm establishments was close to400,000, after seasonal adjustment, two-thirds larger than the average monthlyincrease since December 1964. Un-employment showed another improve-ment, and the unemployment rate fellto 4.1 percent of the labor force. Theunemployment rate for married men,at 1.8 percent, was the lowest since1953.
Industrial production in Decemberincreased over a broad range of indus-
tries and on an overall basis rose almostIK percent, after seasonal adjustment.One feature of the month was the pickupin steel output after 4 straight monthsof decline. The steel industry seemsto be preparing for a resurgence of steeldemand in the near future and isapparently building up its own inven-tories. Stocks of steel held by steelconsumers have been cut sharply sinceSeptember; with consumption movinghigher, the inventory adjustment bysteel users seems to be moving rapidlytoward completion.
Holiday trade appeared to be verybuoyant, and retail sales showed agood-sized increase over November,according to advance reports.
Wholesale prices in December rose0.6 percent over November because oflarge increases in the prices of farm andfood products. Industrial prices wereunchanged over the month.
Outlook for 1966
At no other time since the start ofthe expansion did prospects for risingoutput in the year ahead appear socertain as they did at the end of 1965.With a resolution of the Vietnam con-
(Continued on page 12)
1 CHART 1
GNP Showed Large Increases in Each Quarter of 1965Billion $ Change From Previous Quarter20
GROSS NATIONAL PRODUCT
16
1961 1962 1963
Seasonally Adjusted, at Annual Rates
U.S. Department of Commerce, Office of Business Economics
1 9 6 4 1 9 6 5
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National Income and Product in 1965
\ J F R O S S national product rose $47billion or 7% percent in 1965 to a totalof $675K billion. This vigorous ad-vance was one of the largest on recordand brought the Nation's economicexpansion since the last recession to 5years, the longest since the end ofWorld War II. Despite the largeincrease in demand, prices rose only1% percent, slightly more than theadvance in 1964 and other recent years.The increase in the physical volume ofproduction was 5% percent, better thanthe previous year's gain of 5 percent andconsiderably above the postwar averageannual growth rate.
Last year's advance in real outputwas exceeded in only 5 other postwaryears—1950, 1951, 1955, 1959, and1962. Except for 1951, the large gainsin output in these years reflected thesharp expansion typical of recoveriesfrom business recessions. In 1951, out-put was boosted by very heavy defenseexpenditures associated with theKorean war. In contrast, the 1965advance followed a long period ofexpansion, and production for the fullyear was little affected by expandingmilitary outlays.
Within the year, the largest increasesin GNP came in the first and fourthquarters, although advances in theother quarters were also sizable. Inthe first quarter, GNP rose by theunusually large amount of -$16% billionat a seasonally adjusted annual rate,mainly because automobile sales andproduction made a strong recoveryfrom the auto strikes in the fourthquarter of 1964. The above-averagerise in fourth quarter output stemmedfrom an acceleration in defense spend-
ing superimposed upon continuing largegains in consumer spending and busi-ness fixed investment.Private spending dominates advance
Most major GNP categories rosesubstantially in 1965. The relative risein business investment was the sharpest;the rise in consumption about equaledthe overall rate of advance in GNP,
CHART 2
Percent Changes in Gross National Product
GNP, Total
BusinessInvestment
State and LocalGov't Purchases
PersonalConsumptionExpenditures
Federal Gov't iPurchases
Investment inResidentialStructures
mmPercent
10 15
• P 19
VJ 1919
64-6563-6462-63
| 1961-62
1 I
20
—
MB
|
I1
I
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U.S. Department of Commerce, Office of Business Economics
and the rise in Government spendingfell somewhat below the overall advancein production (chart 2).
Last year, like 1964, was a year ofbuoyant consumer demand. Consumerexpenditures for all major categories ofgoods and services, especially autosand food, rose substantially, and thetotal increased $29K billion to a record$428% billion. The 7K-percent increaseover 1964 exceeded the relative gain indisposable personal income and thesaving rate fell.
Outlays for new capacity, replace-ment, and cost-cutting raised businessfixed investment $9% billion or 15%percent to an annual total of $69%billion. The share of real GNP devotedto such investment was 1 OK percent,the highest since 1957. Outlays forboth equipment and structures increasedsubstantially and investment rose siz-ably in each quarter.
With further declines in apartmenthouse building and little change insingle family home construction, expend-iture on residential structures, at$27% billion, was virtually unchangedfrom 1964 in current dollars and lowerin real terms. Residential investmentincreased moderately during the firsthalf of 1965 but declined during thesecond.
Nonfarm inventory investment in1965 was $7 billion, a rise of $1%billion over 1964. The peak in in-ventory accumulation was reached inthe first quarter, when special factorshelped boost accumulation to an annualrate of over $9 billion. Inventorybuying tended to slacken thereafter,ranging from $6 billion to $7 billion.
3
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SURVEY OF CURRENT BUSINESS January 1966
Farm inventories showed a small in-crease in 1965 after a decline in 1964.
Imports rose more than exports in1965, and net exports, at $7% billion,were off $1% billion from the 1964 pace.Because of the dock strikes, importsand especially exports fell during thefirst quarter of 1965. Both made strongrecoveries in the spring and, afterchanging little in the summer, roseagain in the final quarter.
An increase in nondefense spendingwas responsible for last year's $l}ibillion rise in Federal Government pur-chases of goods and services, whichtotaled $66% billion. From 1964 to1965, defense purchases were un-changed, even though military spendingmoved up in the last quarter of 1965.State and local government purchases,continuing their long uptrend, rose 8percent or $5 billion to a total of $68%billion.
Spurt in profits
National income rose 7% percent to atotal of $554J4 billion last year, accord-ing to preliminary data. All majorincome categories moved up, the largestrelative gains being scored by farmincome and corporate profits.
Corporate profits increased $8% bil-lion, the sharpest calendar-year gainsince the rise in 1959. Proprietors'income increased by $3% billion; two-thirds of this reflected a gain in farmproprietors' income, attributable mainlyto the rise in farm prices. Higheremployment and average annual earn-ings helped boost employee compen-sation $26^ billion.
Increases in profits and farm pro-prietors' income were most marked inthe first half of last year. During thesecond half, employee compensationaccounted for a much larger share ofthe national income rise.
Incomev Consumption, andSaving
THE strong advance in economicactivity in 1965 was accompanied bythe largest year-to-year absolute in-crease in personal income since WorldWar II. The 1965 total of $531 billionwas $36 billion or 7# percent above
1964. The large flow of income fromproduction was boosted by the increaseof 7 percent in social security benefitsthat began in October after a lump-sumdisbursement of $885 million in Septem-ber for payments retroactive to January1965. Thus, personal transfer pay-ments, which rose $1% billion in 1964,were up $2% billion in 1965.
As a result of these special factors,quarterly movements in personal in-come were not uniform during the year.The largest quarterly rise—$11 billionat an annual rate—occurred in the thirdquarter, when the retroactive socialsecurity payments were made.
Large rise in disposable income
Because of the underwithholding ofFederal taxes on personal income in1964—the withholding rate was cut to
Consumer Income and SpendingRegistered Large Gains in 1965
! CHART 3
Billion $ (Ratio Scale)
700
600
500
400
300
Personal Income
v
Personal Consumption
Expenditures
250 ! I l I I l l I I l l I I I I I I I I I I i I
1961 62 63 64 65 66Seasonally Adjusted at Annual Rates
• The take of taxes out of personal income wassomewhat higher than in 1964
The saving rate was lowerPercent
20
15
10
Ratio of Personal Tax Paymentsto Personal Income
\
Ratio of Personal Savingto Disposable Personal Income N
/1961-65 avg
0 I I I 1 I I I 1 I I I 1 I I I I I I I 1 I I I
1961 62 63 64 65 66
U.S. Department of Commerce, Office of Business Economics 66-1
14 percent as a result of the new laweven though the 1964 rate for the lowesttax bracket was reduced to 16 percent-final net settlements early in 1965 werehigher than normal, and Federal per-sonal taxes rose sharply in the first halfof the year. A moderate reductionfollowed in the second half. For 1965as a whole, Federal personal taxestotaled $54 billion, a rise of $5 billionover 1964. These taxes took 10.2percent of personal income in 1965, aslight increase over the 9.8 percent in1964. In the immediate pre-tax-cutyears, 1961-63, the ratios were 10.7,11.0, and 1.1.1 percent respectively(chart 3).
State and local personal taxes in 1965amounted to $ 11K billion, about $1billion more than in 1964. These taxesnow take 2.2 percent of personal in-come, having shown a slightly risingtendency over the past several years;in 1961, the ratio was 1.8 percent.
Because of the large final net settle-ments on Federal taxes in the first halfof 1965, the advance in disposablepersonal income was somewhat damp-ened. However, the total for the yearwas up 6% percent over 1964 and, at$465 billion, set another record. Realper capita disposable personal income—which takes into account the growth inpopulation and the advance in con-sumer prices—was 5 percent above1964.
Consumers spend at record rate
Consumers spent freely on all typesof goods and services in 1965, as theirincomes rose and they made extensiveuse of consumer credit. Even afterallowing for the moderately higherconsumer prices, the rise in real ex-penditures was an impressive 5 percent.
Auto purchases in 1965 showed thesharpest gain among the major ex-penditure groups (chart 4). Unit salesto all categories of buyers posted a newrecord of 9.3 million cars, of whichabout 500,000 were imported and 8.8million were domestically produced.The excellent performance in 1965followed a year of strong auto sales;8.1 million cars were sold in 1964.
Although auto buying last year re-flected some makeup of sales lostbecause of the auto strikes in October
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January 1966 SURVEY. OF GUEEENT BUSINESS
and November of 1964, that was not amajor factor. In both 1964 and 1965,auto purchases reflected the large ex-pansion in after-tax income. AfterMay 1965, sales were also boosted bythe reduction of the auto excise taxfrom 10 to 7 percent.
Purchases of durable goods otherthan autos and parts—i.e., furnitureand household equipment, jewelry,books, etc.—depend to a large extenton changes in income, and 1965 was noexception. Spending on these items inthe aggregate was up 6 percent over1964, as compared with a 6%-percentrise in disposable personal income.Furniture and household equipmentexpenditures rose only 5 percent, re-flecting in part the lag in residentialhousing sales. Spending for the otherdurable goods items increased 9 percentover 1964.
Nondurables reflect income rise
Throughout the postwar period, con-sumer expenditures for nondurablegoods, which include the large cate-gories of food and clothing, have movedin close relationship to disposableincome. The 6% percent increase inspending on nondurable goods in 1965was about the same as the rise indisposable personal income.
Food and clothing purchases, whichcomprise 70 percent of total spendingfor nondurable goods, rose 6){ and 5%percent respectively in 1965; expendi-tures for gasoline and oil rose 4}£percent, and outlays for all other typesof nondurables, 8% percent. Spend-ing for food and beverages increasedsteadily throughout the year; partlybecause of higher retail food prices,which advanced by more than 2 percentover 1964. In the fourth quarter oflast year, expenditures for food andbeverages topped the $100 billion annualrate for the first time, for an averageper capita outlay of about $520.
Services continue to grow
Consumers spent about $175 billionfor services in 1965, an increase of 7%percent over 1964. After allowancefor the 2%-percent rise in serviceprices in 1965, the increase over 1964came to 5% percent in real terms.
Of the major groups of services,housing expenditures showed the larg-
est current dollar advance in 1965—about 9 percent. The increase in ex-penditures for transportation services—4 percent—was much less than the risein disposable personal income; thisfact reflects the growing use of privateautomobiles at the expense of publictransportation. Total expendituresfor the other groups of services—medical care, personal business, etc.—advanced somewhat more than dispos-able income.
The ratio of expenditures for servicesto disposable personal income was 37 %percent in 1965. Throughout most ofthe postwar period, consumers havedevoted an increasing proportion oftheir income to services. By 1960, theratio had reached nearly 37 percent,
i^:^ri:^Vi^^:::'i:-c:-^7^:ic. CHART A
Personal Consumption ExpendituresAutos and parts recorded the sharpest
gain in 1965 among the major groups
0
TOTAL J i l l
1
mHousing . W&m
Other Goods | | | §& Services F 1 "
• LFood & .. H HBeverages jmm
Household § f | §Operation p p p
Clothing & Shoes I B
Furniture & t l l l l lHousehold [ f i fEquipment
Gasoline & Oil W§:
Transportation mm
Percent Change
4 8 12 16
^ ^ ^ ^ ^ 1964-65'
l l J J i p S l 1963-64
1 1962-63
• • • • • • ammsmm
pp. .fiBBBf
W B B •
Billl
F
U.S. Department of Commerce, Office of Business Economics
for the first time exceeding the high of36% percent recorded in 1929. Since1962, the ratio has fluctuated within anarrow range around 37% percent,representing at least a temporary haltin the steady rise in the portion ofincome spent on services.
Personal saving rate lower
Consumers saved about $25 billion,or 5.4 percent, of their disposable per-sonal income in 1965. Over the pastdecade, personal saving as a percent ofdisposable personal income has fluc-tuated from a high of 7.0 percent in1956 to a low of 4.9 percent in 1960.From 1955 to 1964, the average annualrate was 6.0 percent (chart 3). In1964, the saving rate was at this aver-age; in 1965, the volume of saving aswell as the rate of saving was lowerthan in 1964. The saving rate is, inpart, a function of consumer purchasesof durable goods, especially autos.From 1964 to 1965, expenditures onconsumer durable goods rose from 13J£percent of disposable income to 14percent—an increase only slightly lessthan the decline in the saving rate.In the fourth quarter of 1964, the dropin auto sales due to the strikes in thatperiod was a factor in the rise in thesaving rate to 6.6 percent from the 5.7percent in the preceding quarter. Fol-lowing the sharp pickup in auto salesin the first half of 1965, the saving ratefell to about 5 percent. Auto salescontinued at high rates in the secondhalf of 1965, and saving remainedbelow 6 percent of disposable income.
Another factor that may haveaffected the saving rate in 1965 wasthe increased flow of income in theform of transfer payments, a largerproportion of which is probably spentthan is the case with most other typesof income, since most of these pay-ments go to low income groups—theunemployed and those living on socialsecurity benefits. The abnormallyhigh income tax settlements in thefirst half of 1965 may also have con-tributed to the reduction in the rate.
Business Fixed Investment
Business investment in plant andequipment rose substantially through-
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out 1965 and totaled $69% billion forthe year as a whole, $9% billion or15% percent above 1964. This rise, likethe 11-percent rise from 1963 to 1964,outpaced the relative increases in con-sumption and government expendi-tures; in the earlier years of the currentexpansion, investment about kept pacewith the rise in overall activity.
Expenditures for both producers'durable equipment and nonresidentialstructures advanced relatively morefrom 1964 to 1965 than they had theprevious year. After a modest increasein 1964, investment in structures rosesubstantially in 1965 and apparentlyreflected increased emphasis on capacityexpansion as against replacement andmodernization. The acceleration oc-curred in expenditures for industrialand commercial facilities; in both 1964and 1965, public utility constructionrose moderately, and farm constructiondeclined slightly.
Rising investment during the yearreflected many influences—steadily in-creasing sales and unfilled orders, highand rising rates of capacity utilization,and a large advance in before-taxprofits. Cash flow also rose, in partbecause of a liberalization of the depre-ciation rules and the second stage of theincome tax cut.
Businessmen started the year 1965with high investment programs and, inthe first three quarters of the year,spent even more than they had antici-pated. This suggests that the stimu-lants to investment were stronger thanhad been expected earlier. In thisconnection, it may be noted that manu-facturing and trade sales each roseabout 8 percent from 1964 to 1965; inearly 1965, businessmen reported ex-pected gains of 5 to 6 percent over 1964.
The forces stimulating capital goodsdemand appeared to have lost little ornone of their strength as 1965 drew to aclose—although further increases ininterest rates may have a restraining in-fluence on some marginal investments.Investment in the fourth quarter was ata seasonally adjusted annual rate ofover $73 billion, and businessmen invirtually every major industry antici-pated further sizable advances throughat least mid-1966. An exceptionallylarge and growing volume of plant and
SURVEY OF CURRENT BUSINESS
equipment projects underway also but-tressed the near-term demand forcapital goods.
Investment by industries
Although the expansion in invest-ment in 1965 was sizable in all indus-trial sectors, the rise in manufacturingwas especially large (chart 5). Out-lays for new plant and equipment bymanufacturers were more than one-fifth higher in 1965 than in 1964, havingincreased 18 percent in the precedingyear. Investment by nonmanufactur-
CHART 5
Expenditures for New Plant and EquipmentShowed a Large Rise in 1965
Percent Change
20TOTAL BUSINESS
1961-62 62-63 63-64
Especially in manufacturing. . .
64-65
25
20
10
Durables\
Total •
I I
mmmm
itm1961-62 62-63 63-64 64-65
Where a rising proportion of firms haveindicated a need for more capacity
Percent of Mfg. Capital Assets*60
50
40
Durables
30 I ! I I ! I !
Mar. June Sept. Dec. Mar. June Sept.
1964 1965
* • ' .
Held by Manufacturers indicating need for more capacity in next 12 months.
Data: OBE& SEC
U.S. Department of Commerce, Office of Business Economics 66-1-5
January 1966
ing companies as a whole was up bymore than one-tenth in 1965, about thesame as the increase in 1964. Amongthe highlights in the nonmanuf acturingsector during 1965 were the resurgenceof capital spending by the airlines andthe continued large expansion by therailroads; these lifted expenditures fornew plant and equipment by the trans-portation group to one-fifth above the1964 total. The utilities and miningand communications firms showed in-creases of about 10 percent.
Within manufacturing, both the du-rable and the nondurable goods groupsenlarged their capital outlays more than20 percent in 1965, with every com-ponent industry contributing to theadvance. For the heavy goods in-dustries, the rise was about the same asin the previous year. Soft goods in-vestment rose somewhat more in 1965than in 1964 largely because of theaccelerated programs of textile, chem-icals, and rubber producers. Thesethree industries, and the motor vehicle,nonelectrical machinery, and nonferrousmetals industries in the durables group,all increased their outlays by 30 per-cent or more in 1965.
Despite the sizable expansion inmanufacturers' capital expenditures andcapacity in 1965, demand was such thata rising number of producers in a broadrange of industries felt that their exist-ing facilities were inadequate. At theend of September 1965, manufacturersholding about one-half of total grosscapital assets in manufacturing reportedthat they needed more plant and equip-ment facilities to meet their productionrequirements in the next 12 months—ascompared with 39 percent a year earlier.
Consistent with this evaluation ofgrowing capacity needs was an upwardtrend during the year in the aggregatevalue of new projects started. Invirtually all industries, the value of"starts" exceeded outlays each quarter;this brought about a widespread in-crease in the carryover of expendituresyet to be made on projects underway*On September 30, 1965, manufacturersreported a carryover of new investmentprojects of $16.2 billion, 37 percentabove the total in September 1964.
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January 1966
Residential Construction
Residential building was the onlymajor component of private domesticinvestment that did not show a real in-crease in 1965. Investment in privatenonfarm residential structures, at $27billion in current dollars, changed littlefrom 1964; constant dollar expenditureswere 3 percent lower than in 1964.Seasonally adjusted outlays rose mod-erately in the first quarter of 1965 andslightly further in the second, but de-clined after midyear. On a constantdollar basis, fourth quarter 1965 outlayswere about 10 percent below the peakreached at the beginning of 1964.
The decrease in the real volume ofhousing expenditures reflected a 3-per-cent decline in the number of privatenonfarm housing starts, which wasoffset by a small increase in averagevalue per unit. Starts totaled 1.48million units in 1965, as compared with1.53 million the year before and 1.58million in 1963, the recent peak.Average value per unit in 1965 rose(after allowing for the rise in construc-tion costs) because the product mixincluded a greater proportion of singlefamily homes, which are more costlyper unit than apartments, and home-builders continued to upgrade to thelarger and more expensive types ofsingle family residences.
1 CHART 6
Residential Construction Activity• Current dollar expenditures in 1965 were
close to the 1964 total
* Real volume was lower
Billion $
30PRIVATE NONFARM
Current $
25
20
15 i i i I i i i I i i i I i I I I i I i I I i I I i i i I i i i
1959 60 61 62 63 64 65
Quarterly,
Seasonally Adjusted, at Annual Rates
U.S. Department of Commerce, Office of Business Economics 66-1-E
SUEVEY OF CURRENT BUSINESS
Multifamily construction declinesFrom 1960 through 1964, single
family housing starts remained withina fairly narrow range of 945,000 to995,000 units per year. During thesame period, multifamily starts morethan doubled, from a little over 250,000units to nearly 600,000 in both 1963and 1964. The great rush by buildersto capitalize on the shift toward apart-ment living led to considerable over-building and increased vacancy rates ina number of the major metropolitanareas in late 1963 and early 1964, whichmarked the peak of the apartment houseboom.
In 1965, single family starts were onlya little under the 1964 total, butapartment building, although still veryhigh by past standards, declined nearly50,000 units, or more than 7% percent.The decline in apartment house con-struction appears to have been relatedto the continued existence of highvacancy rates in those areas wheremultifamily construction had been es-pecially active after 1960.
Sharp cutback in the West
There were divergent regional trendsin the volume of housing starts lastyear. As in 1964, most of the reductionin starts occurred in the Western States.In this region, starts dropped to 280,000units, down nearly one-fourth from the1964 total and far below the 430,000units started in 1963. The severityof the cutback in the West is illustratedby the fact that units begun in 1965were nearly one-tenth under the pre-vious low of 310,000 in 1960.
In both the Northeast and NorthCentral regions, where economic activ-ity has been especially buoyant becauseof rising durable goods production,starts rose about 25,000 units, or 9percent and 7 percent respectively.The gain in the North Central regionwas the fourth successive annual riseand boosted starts more than one-thirdfrom their recent low in 1961. In theSouth, the region with the largestnumber of units begun, starts held closeto 570,000 units for the third straightyear.
mmmmm^mmmmmmmm^m CHART Z
Housing Starts Drift Down Again in 1965Millions of Units
2.0PRIVATE NONFARM
Total
1959 60 61 62 63 64 65
Data-. Census
U.S. Department of Commerce, Office of Business Economics 66-1-7
Rise in mortgage rates at yearend
Funds for home construction andpurchase were generally ample in 1965,as they were in the previous years ofthe current expansion. After midyear,yields on FHA mortgages began to edgeup, but interest rates on conventionalmortgages continued to be stable.Following the increase in the discountrate early in December, interest rateson mortgages rose considerably and thefinancing of housing appeared lessfavorable than at any other time in thepast 5 years.
Inventory Investment
Apart from the early recovery period,the behavior of inventories during theeconomic expansion of the 1960's hasbeen quite different from that in pre-vious postwar expansions. In the pre-vious expansions, stocks tended toincrease relative to production afterthe first year or year and a half of theoverall economic advance. In con-trast, since the end of the early re-covery phase in late 1961-early 1962,the level of inventories has showncomparatively little change in relationto total output. Last year was no
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8
exception even though inventory accu-mulation was somewhat higher thanin the other years of the currentexpansion. Through the end of 1965the ratio of nonfarm stocks to GNP(based on constant dollars) held fairlyclose to the 21% percent ratio that hasprevailed since the fourth quarter of1961. Moreover^ with few exceptions,stocks in individual industries have notappeared excessive in relation to sales.
Durable goods increase
Investment in nonfarm inventoriestotaled about $7 billion last year ascompared with a rate of $5K billion in1964. Manufacturing and trade firmsin durable goods accounted for mostof last year's accumulation and for allof the increase in accumulation from1964 to 1965. Inventory investmentin nondurable lines decreased from1964 to 1965.
As compared with 1964, there was amodest rise last year in accumulationby durable goods manufacturers; thisreflected primarily increased produc-tion requirements in a broad range ofmetal-fabricating industries. Accumu-lation by trade firms—notably re-tailers—in durable goods lines alsoincreased from 1964 to 1965. Muchof this advance was accounted for byautomotive dealers whose stocks at
1 CHART 8
Change in Business Inventories (GNP Basis)• Was larger in 1965 than in 1963 and 1964
• Accumulation was at a peak in first quarter
Billion $
10
1963 1964 1965
Quarterly, Seasonally Adjusted, at Annual Rates
U.S. Department of Commerce, Office of Business Economics 66-1-8
SURVEY OF CURRENT BUSINESS
year end appeared high in relation tosales, judged by the experience of recentyears.
Accumulation at peak in first quarter
Inventory investment (nonfarm)showed considerable variation during1965. It surged to a seasonally ad-justed annual rate of $9 billion in theopening quarter of last year, after asubstantial increase toward the end of1964, and declined to a range of $6billion to $7 billion in the remainingquarters of 1965.
Special factors were responsible forthe bulge in inventory buying early in1965; their disappearance helped tomoderate the pace of accumulation lateron. In the first and second quarters oflast year, auto dealers replenished theirinventories after the depletion causedby strikes in the final quarter of 1964.The dockworkers' strike had the effectin the first quarter of temporarily build-ing up inventories of goods that nor-mally would have been shipped out.
Steel stocks showed a considerableswing during 1965. Late in 1964, steelconsumers and warehouses began tobuild up their stocks as a hedge againstthe possibility of a strike in the steelindustry. Accumulation continuedthrough the third quarter of 1965 butgave way to liquidation in the finalquarter after agreement was reached ona new labor contract in September.
Government Expenditures andReceipts
TOTAL government purchases of goodsand services increased $6^ billion from1964 to 1965. State and local purchasesagain accounted for the bulk of therise; Federal purchases, which roseonly modestly for the full year, beganto show the impact of Vietnam in thesecond half of 1965.
Total expenditures by all levels ofgovernment, including transfer pay-ments, subsidies, and interest, as wellas purchases, rose $10K billion.
Tax receipts and social insurancecontributions moved up sharply asrising business activity lifted tax bases:Federal receipts rose $9K billion, inspite of the important tax cuts, andState and local government receipts
January 1966
(exclusive of Federal grants-in-aid) wereup $4% billion.
Shift in Federal fiscal positionThese movements in expenditures
and receipts resulted in a sharp improve-ment in the Federal fiscal position:For State and local governments, theexcess of receipts over expenditureswas unchanged from a year earlier.
Because of the marked changes inFederal tax and expenditure patternsduring the course of 1965, semiannualcomparisons are more revealing thanannual comparisons about the majorshifts in the Federal fiscal position.In the first half of 1965, Federal ex-penditures were almost $2% billionhigher (annual rate) than in the pre-ceding half-year. Federal receipts overthe same period rose nearly $8% billion.These changes gave rise to a surplus ofover $3K billion, as compared with adeficit of $2% billion in the second halfof 1964.
In the latter half of 1965, however,expenditures spurted by $6 billion(annual rate), reflecting mainly thestep-up in defense outlays and theexpanded volume of transfer paymentsunder the Social Security Amendmentsof 1965. Receipts were virtually un-changed from the first half so that on
i CHART 9
federal Government Receiptsand Expenditures
Billion $
130
120
Surplus
Deficit
* Receipts
100
90 I I I I I I I I I I I I I I I I I I ! I I I I
1961 1962 1963 1964 1965 1966
Quarterly, Seasonally Adjusted, At Annual Rate
Note: Based on national income and product accounts.
U.S. Department of Commerce, Office of Business Economics 66-1-9
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January 1966
balance a deficit of $2% billion (annualrate) was incurred.
Small rise in Federal purchases
Since 1962, changes in Federal pur-chases of goods and services have beenrelatively small. Federal fiscal policyhas been aimed at stimulating privatedemand, primarily through tax reduc-tion; on the expenditure side, newprograms have been concentrated inincreased transfer payments and grants-in-aid.
In 1965, Federal purchases reached$66% billion, an increase of nearly $1%billion over the previous year. Meas-ured on a year-to-year basis, non-defense purchases accounted for theentire increase and reflected a $1 billionrise in outlays for the space programand small increases in other nondefenseprograms.'
Renewed advance in defense outlays
Although national defense outlays,which constitute the bulk of Federalpurchases, showed no change on anannual basis from 1964 to 1965, therewas a marked shift in the pattern ofthese purchases within the period, aschart 10 illustrates.
Defense expenditures declined ap-preciably in the latter half of 1964 andremained at this lower level in theopening half of last year. . In thesecond half of 1965, defense spendingwas accelerated under the impetus ofthe increasing American commitmentin Vietnam. Outlays for payrolls, am-munition, fuel, and supplies moved uprapidly. Military strength rose nearly100,000 in the second half of the year.In addition, total military compensa-tion was increased appreciably by ageneral pay raise for military personneland by an extension of combat payeligibility.
Expenditures for major hard goodscategories—missiles, aircraft, andships—did not show similar increases,because the Vietnam conflict has beenfought mostly from stocks on hand.However, new orders for defense prod-ucts have been advancing sharply inrecent months.
Social security benefits increase
Federal transfer payments increasedover $2 billion last year as compared
SURVEY OF CUBEENT BUSINESS
with a rise of about $% billion in theprevious year. Enactment of the wide-ranging Social Security Amendments of1965 in July increased benefit paymentsfor 20 million persons by 7 percent.The higher payments were made retro-active to January, and a lump-sumdisbursement was made in September,swelling transfers and personal incomein the third quarter. By the fourthquarter, total transfers to persons wereat an annual rate of nearly $30^ billion.
Grants-in-aid to State and localgovernments advanced about $1 billionin 1965. Most of this rise was in newor expanded programs associated witheconomic opportunity and education.Highway and public assistance pro-grams, which had been major elementsin the rise of recent years, showed littlechange.
Interest payments moved up withrising Treasury bill rates and someexpansion in outstanding debt. OtherFederal expenditures—subsidies andforeign transfers—were stable.
Federal Purchases ofGoods and ServicesVietnam war reverses trend indefense purchases
I S CHART 10
Billion $60
NATIONAL DEFENSE
55
50
45
20
15
10
Nondefense Purchases(Excluding NASA).
I1961 62 6563 64
Half Years
Seasonally Adjusted, At Annual Rates
U.S. Department of Commerce, Office of Business Economics
Federal receipts up $9Vk billion
Tha sharpness of the advance inFederal receipts last year reflected thepowerful revenue-generating capacityof the Federal tax structure underconditions approaching full employ-ment. Federal, re venues rose to $124billion, about $9% billion above thepreceding year. This occurred despitethe second stage of the 1964 cut incorporate income tax rates, whichbecame effective at the opening of theyear, and the cut in excise taxes in June.
Personal tax and nontax paymentsaccounted for over $5 billion of thetotal increase in revenues. Withheldtaxes advanced sharply through 1965,in line with the large gains in wagesand salaries. The second stage of thepersonal tax reduction lowered taxliabilities—from the 1964 schedule of16-77 percent to 14-70 percent—butdid not affect the statutory withholdingrate, which remained at the 1964 level.As a result, tax payments approximatedtax liabilities more closely in 1965 thanin 1964 when substantial underwith-holding was evident.
The 1964 underwithholding gave riseto unusually high net final settlements(on 1964 tax liabilities), which tempo-rarily accelerated personal tax pay-ments in the first half of 1965. Thisabnormal element tapered off in thelatter half of the year, and nonwithheldtaxes and refunds resumed a morenormal pattern. The change of pace inpersonal tax payments from the first tothe second half of the year contributedto the sharp turnabout in the overallfiscal position.
With corporate profits advancing by$8K billion, corporation income taxesrose about $2 billion last year. The taxrise did not keep pace with the advancein profits because the surtax rate oncorporate profits above $25,000 wasreduced from 50 percent to 48 percent.
Cut in excise taxes
Last year's cut in excise taxes pro-vided a good example of the ability of arapidly expanding economy to offsetrate reductions. Indirect business taxesrose more than $K billion above the1964 level, notwithstanding a cut in
796-566 G - 66 - 2
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10 SURVEY OF CURRENT BUSINESS January 1966
excise taxes at midyear. These taxes,which had risen about %% billion in eachof the previous 2 years, would probablyhave risen by well over $1 billion lastyear if excise taxes had not been cut.In addition to the tax cut realized lastyear, the Excise Tax Reduction Act of1965 called for reductions of $1.7billion in 1966. However, if Congressapproves the recent Administrationproposal to restore temporarily thelevies on new cars and on telephoneservice to the pre-January 1, 1966,levels, the $1.7 billion reductionoriginally indicated for 1966 will belowered about $1 billion.
The remaining major category ofFederal receipts, contributions for socialinsurance, was up %\% billion as aresult of higher earnings and employ-ment. A much larger increase—over$6 billion—is expected this year, pri-marily because of the 1965 SocialSecurity Amendments. About $5%billion of this rise will result from theincrease in the combined (employee-employer) tax rate from 7.25 to 8.4percent and from the advance from$4,800 to $6,600 in maximum earningssubject to tax. Part of the tax rise isearmarked for the new hospital in-surance program. In addition, startingJuly 1, social insurance contributionswill be enlarged by payments frompersons electing to participate in thesupplemental medical insurance planat a cost of $3 per month.
State and local outlays continue up-trend
State and local governments contin-ued to be a potent market force, gen-erating $68% billion in purchases ofgoods and services last year, almost%b% billion more than in 1964. Abouttwo-thirds of last year's advance cen-tered in employee compensation, mainlyschool payrolls. Public education em-ployment rose by about 7 percent, andaverage pay also edged upward. Com-pensation in other areas continued torise, reflecting the expanding level ofgovernment activity and higher averageearnings.
Outlays by State and local govern-ments for construction, which comprisemore than one-quarter of total pur-chases, were up $% billion, somewhat
less than increases in earlier years.The advances, though relatively small,were widely distributed among mostmajor types of construction, for exam-ple, schools, highways, and sewers.
Further rise in State and local receiptsTotal receipts of State and local
governments again exceeded expendi-tures, and amounted to more than $74billion, a rise of $5% billion over thepreceding year. The surplus on in-come and product account came to$1% billion, about the same as in 1964.The large pension trust funds of thesegovernments show substantial surpluses;if these funds were excluded from theconsolidated accounts, a deficit positionwould be indicated for all other govern-ment activities. Most State and localgovernments rely on the relativelyinflexible property tax for the majorshare of their receipts and operateunder stringent borrowing restrictions—explicit voter approval is frequentlyrequired—and they are hard pressed tomeet the demands stemming fromrapidly growing community needs.
Indirect business taxes were responsi-ble for about $3% billion of the rise inrevenues, reflecting the brisk rate ofeconomic actiyity as well as new andhigher taxes. Many states adoptednew sales taxes or raised previous rates.Increased State levies on cigarettes andgasoline were also evident. In addi-tion, a growing number of local govern-ments are collecting general sales taxes.The advance in these State and localtaxes was especially marked in thesecond half of the year and served as apartial offset to the reductions in Fed-eral taxes. Local property taxes, theprincipal revenue source of these gov-ernments, continued to push upward.
Personal taxes, which rose about$1 billion, reflected the advance in in-come and increases in tax rates onearnings in a number of states.
Gross National Product byMajor Type of Product
Last year's expansion in marketsbrought large increases in the produc-tion of all major types of products. Incurrent dollars, production of durable
goods rose 10% percent as comparedwith increases ranging from 6 to 7%percent for other types of products-nondurable goods, services, and struc-tures. The contrast was even moremarked in terms of real output: 10%percent for durables—the same as thecurrent dollar rise—as against increasesof approximately 4 percent for theothers.
The 1965 rise in durable goods pro-duction reflected large increases in
The 1965 Rise of $40 Billionin National Income ~
CHART 11
Change
50
40
30
20
10
1 Billion $ change| Percent change
20
featured another large advancein corporate profits—
and in employee compensation —
10
an unusually large increasein proprietors' income, mainly farm-
but less of a gain in other intomethan in recent years
20
1961-62 1962-63 1963-64 1964-65
* including IVA
U.S. Department of Commerce, Office of Business Economics 66-1
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January 1966
demand by consumers and business,but government purchases of hardgoods were unchanged from a yearearlier. The relative stability in theprices of durable goods in the face ofheavy demand was due in part to thefact that the major share of last year'sexcise tax cut on durables was passedon in lower prices.
Increased business and governmentspending resulted in a 7K:percent risein outlays for structures last year. Interms of physical volume, the gain was4% percent. In both current and con-stant dollars, last year's rate of gainexceeded that of the previous 2 years.
The 6-percent rise in the productionof nondurable goods was the largestrelative increase since 1951. However,the 1965 rise in prices of nondurables—2 percent—was twice as high as inother recent years, mainly because of
I CHART 12
Payrolls Rise SharplyIn 1965, payrolls for production workers inmanufacturing increased 9 percent—
Percent Change
10
as the number of production workersrose almost 5 percent—
while their average weekly hours increasedby 1 percent—
and their hourly earningsrose by slightly more than 3 percent
1961-62
U.S. Department of Commerce, Office of Business Economics
SURVEY OF CURRENT BUSINESS
higher meat prices. In real terms, the4-percent increase last year was littledifferent from the previous year.
Increases in consumer expendituresfor services and in government pay-rolls were reflected in a 7-percent risein service output or 4% percent in realterms. The 1965 gain in service outputwas moderately less than in 1964.
National Income
The rise in durable goods productionplayed a key role in last year's $40billion or 7% percent increase in nationalincome. From 1964 to 1965, incomeoriginating in durable goods manu-facturing rose UK percent—and ac-counted for one-fourth of the rise intotal income. Last year's advance inincome originating in agriculture, whichwas due mainly to the spurt in farmprices, was also well above average.
The 1965 advance in production wasalso reflected in widespread increasesamong the various distributive shares.The sharpest gains were in corporateprofits and farm proprietors' income.Employee compensation rose at a some-what slower pace than the total(chart 11).
Advances in farm proprietors' in-come and corporate profits were mostmarked in the first half of the year.Beginning with the summer, the con-tribution of these income shares tothe advance in total income tapered,and gains in employee compensationaccounted for a greater share of theincrease in the second half.
Employee compensation upEmployee compensation rose $26%
billion in 1965, of which private pay-rolls accounted for $19% billion, gov-ernment payrolls $4% billion, andsupplements to wages and salaries theremainder.
About half of the increase in privatewages and salaries stemmed from thelarge increase in employment; the bal-ance reflected chiefly higher rates ofpay. Chart 12 illustrates componentsof payroll changes for production work-ers in manufacturing. For this group,higher employment accounted for morethan half the rise in payrolls, and in-creased wage rates were responsible for
11
most of the remainder. Average weeklyhours, at a postwar peak, were up onlyslightly on a relative basis.
Wages and salaries of governmentemployees rose 7% percent in 1965.The continuing rise in State and localpayrolls reflected both higher employ-ment and increased pay rates. Federalcivilian employment did not rise lastyear, but average pay was increasedlate in the year. Military payrolls—which changed little in the first half—moved up in the second half because ofa military pay raise, an extension ofcombat pay to all military personnel inVietnam, and an increase in the num-ber of men in the service. In the finalquarter, military payrolls were 15 per*cent above their level a year earlier.
Corporate profits rise sharply
Corporate profits before taxes (afteradjustment for inventory gains) ad-vanced 13% percent last year to reach
Corporate Profits, Dividends, andInternal Funds at New Peaks in 1965
Billion $
100PROFITS BEFORE TAX*
20
80
60
40
20
DIVIDENDS
INTERNAL FUNDS
Undistributed Profits .
Capital Consumption Allowances
1961 1962 1963 1964 1965
•Excluding IVA.
U.S. Department of Commerce, Office of Business Economics 66-1-13
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12 SURVEY OF CUEEENT BUSINESS January 1966
an annual total of $73 billion. In bothrelative and absolute terms, this wasthe sharpest calendar-year rise since1959. Four-fifths of last year's gainwas scored in the first quarter and washeavily influenced by the spurt in auto-mobile production. Profits continuedto rise in subsequent quarters, but therate of increase was not as great as theextraordinary first quarter rise.
Most industries shared in last year'sadvance in profits. The rise wasespecially marked in durable goods man-ufacturing, and in the transportationindustries, where increases in volumehad a considerable effect on earnings.Profits remitted from the rest of theworld also rose rapidly last year, ascompanies stepped up the repatriationof earnings from abroad to conform tothe Administration's voluntary programto improve the balance of payments.
After the initial recovery phase of theearlier postwar expansions, there wasa tendency for profit margins to fallas the expansion progressed. In con-trast, since the sharp rise in profitmargins that accompanied the earlyrecovery period of the current economicexpansion, margins either have beenstable or have risen slightly. Last year,corporate profits were 18 percent ofcorporate output, as compared with 17percent in 1964. Margins rose sharplyin the first quarter of last year andapparently changed little thereafter.
Profits after taxes rose 19% percentlast year to reach a total of about$44% billion. The sharper rise in after-tax profits than in before-tax profitsstemmed from the second phase of the1964 income tax cut. Corporate divi-dend payments did not match the risein after-tax profits: At $19 billion,dividends were only 9% percent above a
year earlier. The combination of amarked increase in after-tax profits anda more moderate one in dividends wasreflected in an unusually large gain—28 percent—in undistributed corporateprofits. This rise, together with thelong-term growth in corporate capitalconsumption allowances, helped boostinternal funds 14% percent.
Farm income higher
Last year featured a rise of aboutone-fifth in the income of farm opera-tors (chart 14). This brought totalfarm proprietors' income to over $14billion-—the highest level since 1952,when there were roughly 50 percentmore farm operators than there aretoday.
The increase in farm income re-flected principally an upsurge in pricesreceived by farmers for meat animals.These prices moved up sharply in thesecond quarter, eased moderately there-after, and then jumped sharply againin December. For the year as a whole,the rise in meat prices over 1964 was
I CHART 14
Farm Proprietors' Income in 1965 WasHigher Than in Any Year Since 1952
Billion $20
15
10
5 . • I I .1 I I I I .1 I I I I .1 I I I I J I
1947 50 55 60 65
U.S. Department of Commerce, Office of Business Economics 66-1-
almost 20 percent. The volume offarm output was up 4 percent from theprevious year, and there was little in-crease in the unit operating expenses offarms.
Economic Expansion in 1965(Continued from page 2)
flict not in sight, by far the dominantfactor, of course, was the prospectiveincrease in defense purchases. Outlaysby State and local governments couldbe expected to continue their strongupward trend.
As pressures on capacity mounted andthe need for modernization continued,business was planning to make sizableincreases in plant and equipment ex-penditures. I t was not likely thatresidential construction would showmuch change in 1966; if anything, thetightening in interest rates was likely todampen new starts by homebuilders.Business inventory demand was, asusual, an uncertain quantity. Becauseof longer delivery times and the possi-bility of shifts in price expectations,it was not clear that businessmen wouldcontinue the relatively conservativeinventory policies generally pursuedthroughout the current expansion. Amore rapid rate of increase in pro-duction abroad seemed likely, thiswould stimulate some growth in ex-ports over late 1965 levels. Consumerincome and spending could be ex-pected to show further large gainsin 1966.
In the above setting, continued in-creases in employment and decreases inunemployment could be anticipated.The main uncertainties regarding 1966concerned the adequacy of supplies andstability of costs and prices.
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The Production Expansion in Perspective
OINCE reaching a low point in thefirst quarter of 1961, real GNP hasrisen almost 30 percent over the past 19quarters (chart 15). The increase ingross private domestic investment overthe same period was almost double theoverall rise, but if inventory investmentis excluded from the comparison, theincrease—in fixed investment—wasclose to 40 percent. This was stillconsiderably more than the rise in theother three major markets—persons,government, and foreign. Within fixedinvestment, expenditures on producers'durable equipment increased far morethan investment in structures.
The gain was somewhat less for per-sonal consumption expenditures thanfor GNP, with purchases of durablegoods expanding considerably morethan the other two major groups ofconsumption expenditures. Total gov-ernment purchases rose much less thanaverage; the rise in State and localpurchases was about 25 percent, doublethe Federal increase. Over this 19-quarter span, gross exports rose by morethan one-third, imports rose still more,and net exports declined slightly.
Sharp rise in durable goodsChanges in real output by type of
product are shown in table 1. Sincedurable goods markets have expandedmore rapidly than other markets ineach year of the current expansion,the rise in the production of durablegoods has outstripped by a wide marginthe rise in the production of other typesof products: nondurable goods, services,and structures. Indeed, last year dura-ble goods output accounted for thelargest share of total output for anyyear since World War II (table 2).
Apart from the shift in inventory in-vestment—from a fairly sizable liqui-dation in early 1961 to a moderatelylarge accumulation in late 1965—therise in consumer and business invest-
! CHART 15
Advances in Real GNPin the Expansion Period
Percent Change, 1Q. 1961 - 4 Q . 1965
-25 0 25 50 75
GNP TOTAL
GROSS PRIVATEDOMESTIC INVESTMENT
Producers' Durable Equipment
Nonresidential Structures
Residential Structures
PERSONAL CONSUMPTIONEXPENDITURES
Durable Goods
Services
Nondurable Goods
GOVT. PURCHASES
State and Local
Federal
NET EXPORTS OFGOODS AND SERVICES
U.S. Department of Commerce, Office of Business Economics
ment markets has accounted for vir-tually all of the increase in durablegoods production since the expansionstarted. The rise in consumer pur-chases has been widespread and hasbeen particularly important in auto-mobiles, furniture, and—during the last2 years—color television. The fastestrising business purchases during thisperiod were transportation equipment,office and computing machines, produc-tion machinery, and farm equipment.
Increases in auto production haveplayed a key role in the rise of durablegoods output since early 1961. Overthis period, real auto product has grownabout 120 percent and has risen from3 to 5 percent of total output. Realauto product in 1965 rose 23% percentover 1964, a much larger rate of increasethan in 1963 and 1964 but slightlybelow the gain in 1962. Last year wasthe fifth straight year of generally risingauto production, making this the longestcontinuous increase in car output sincethe early postwar catching-up processboosted auto production for the years1946-50.
Since early 1961, government pur-chases have on balance accounted forlittle of the rise in real durable output,partly because during these yearsDefense Department programs changedin emphasis.
Industrial Effects of the Rise inInvestment
Through the use of the total require-ments table of the 1958 Input-OutputStudy, it has been possible to calculatethe contribution of the rise in fixed
13
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14 SURVEY OF CURRENT BUSINESS January 1966
Table 1.—Percent Increases in Real Output,by Type of Product, First Quarter 1961-Fourth Quarter 1965
Percent increaseGross national product „_ . 29
Final sales 26
Goods output 35Final sales 31
Durable goods output _ — 59Final sales... .— 46
Nondurable goods output..----- 22Final sales..— —— 22
Services.. _—— ___.' _ 24
Structures.-— - __—___—_ __: 16
Addendum: Auto product . . _-__ --- 117
Source: U.S. Department of Commerce, Office of BusinessEconomics.
investment since 1961 to the (real)output increase in each of the in-dustries in the economy. The resultsof these calculations are illustrated inchart 16.
In this chart, industries have beengrouped into three categories: (1) thosethat increased more rapidly than realGNP from 1961 to 1965; (2) those thatincreased at roughly the same rate asreal GNP; and (3) those that increasedat a slower rate than real GNP. Foreach industry, the chart shows theproportion of its output increase thatwas due to the increase in fixed invest-ment over the same period. In addi-tion, the proportions are separated intothe direct and indirect effects of theinvestment increase. Because of datalimitations, the changes in chart 16 arebased on annual figures for 1961 and1965. Over this period, real GNPincreased more than 22 percent, andfixed investment rose almost one-third,more than any other major market.
In general, the industries whose rela-tive expansion from 1961 to 1965exceeded the rise in GNP were moredependent on the increase in fixedinvestment than were the industrieswhose output increased at average orless-than-average rates. Moreover, forthe top group of industries it made nodifference whether this dependence wasdirect or indirect. For example, theinvestment expansion directly caused asharp rise in the output of equipmentproducers and indirectly brought abouta substantial increase in the output ofthose industries supplying equipmentproducers. More than one-third of theoutput increase in primary metals wasdependent on the pickup in investmentdemand, and almost all of it was in-direct. It is also apparent that thefixed investment increase ^accountedfor significant proportions of the outputrise of industries that have little closerelationship to fixed investment. Agood example is chemicals, 10 percentof whose production increase was in-directly due to the fixed investmentadvance.
Not all of the industries with above-average rates of output increase wereespecially dependent on the expansionin investment, nor did every industryespecially dependent on investmentshow a better-than-average increase inoutput. Because the explanations arefairly lengthy, no attempt is madehere to explain, on the one hand, thegreater-than-average expansion in theproduction of chemicals, trade, andtextiles and, on the other hand, theaverage rate of expansion in stone,clay, and glass.
CHART 16
Proportion of Each industry's Output IncreaseAttributable to increases in PrivateDomestic Fixed Investment, 1961-65
Table 2.—Percent Distribution of GNP by Type of Product in Current and ConstantDollars, Selected Years, 1948-65
1948—--- -_-_ _
1953
19571958—19591960_1961
1962________ ____ _ _196319641965 P .
Based on current dollars
GNP
100.0
100.0
100.0100.0100.0100.0100.0
100.0100.0100.0100.0
Durablegoods
18.9
21.8
21.418.719.819.718.6
19.519.720.120.6
Non-durablegoods
41.0
34.2
•31.832.931.831.831.9
31.330.730.229.8
Services
29.4
32.6
35.036.536.437.238.4
38.138.538.838.6
Struc-tures
10.8
11.4
11.911.912.111.311.2
11.211.110.910.9
Based on constant (1958) dollars
GNP
100.0
100.0
100.0100.0100.0100.0100.0
100.0100.0100. 0100.0
Durablegoods
18.9
22.0
21.318.719.820.019.1
20.220.721.322.3
Non-durablegoods
36.2
32.6
.31.732.932.332.532.7
32.231.731.431.0
Services
33.8
34.0
35.436.536.036.237.0
36.536.636.636.2
Struc-tures
11.2
11.4
11.611.912.011.311.2
11.110.910.610.5
Industries with above
INDUSTRY & NUMBER^
Machinery Exc. Elect. (43-52)
Instruments, Optics & Clocks(62-63)
Primary Metals (37-38)
Fabricated Metals (39-42)
Lumber & Wood Prods. (20-21)
Electrical Machinery (53-58)
Furniture & Fixtures (22-23)
Transport Equip. & Ordnance(59-61, 13)
Rubber & Misc. Plastics (32)
Trade (69)
Chemicals & Allied Prods. (27-30)
Misc. Mfg. Industries (64)
Textile Mill Prods. & Apparel(16-19)
average increases in output
Percent3 20 40
iSHBfi
imAttributable:
Indirectly
60
p Preliminary.Source: U.S. Department of Commerce, Office of Business Economics.
Industries with about average increases in output
0 20 40 60
Stone, Clay & Glass (35-36)
Business Services (73)
Transportation (65)
Communication (66-67)
Paper & Allied Prods. (24-25)
Printing & Publishing (26)
Elect., Gas & Water Services (68)
Finance & Insurance (70)
Real Estate & Rental (71)
Medical, Educational & NonprofitServices (77)
Industries with below average increases in output
0 20 40 60
Mining (5-10)
Petroleum Refining (31)
Auto Repair & Services (75)
Hotels, Personal & Repair Service(72)
Amusements (76)
Agriculture, Forestry & Fisheries(1-4)
Food & Kindred Prods. (14)
Leather & Prods. (33-34)
Tobacco Mfg. (15)
-^Input-output code number. See Sept. 1965 Survey for definitions.
U.S. Department of Commerce, Office of Business Economics
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January 1966 SURVEY OF CURRENT BUSINESS 15
Postwar Growth Rates
Chart 17 illustrates annual averagerates of growth in real output for thepostwar period (1948-65) and for peak-to-peak years of the successive post-war business cycles. Growth ratesare shown first for total GNP and thenfor major markets and types of prod-ucts. In all cases, the rates (com-pounded) are based on the change fromthe beginning to the ending year.
Real GNP has increased at an averageannual rate of 4% percent in the 5years since 1960, the peak of theincomplete economic recovery thatstarted in 1958. This is well in excessof the average rate of 3% percent forthe entire period from 1948 to 1965.The rate was highest (5 percent) in theyears that included the Korean warbut showed a considerable retardationfrom 1953 to 1957 and from 1957 to1960.
The fastest growing markets in the1960-65 period have been consumerdurables and private investment. Con-sumer durables increased at an averagerate of 7% percent and private invest-ment by 5% percent; for both, averagerates of increase were well above thoseof prior periods. The high rate for con-sumer durables since 1960 has reflectedin large measure the unusual growth inautomobile demand, and the increasein private investment has been dueprimarily to exceptionally large gainsin producers7 durable equipment.
The growth since 1960 in consumerspending on nondurable goods andservices combined, almost 4 percent,has been somewhat smaller than thegrowth of real GNP but larger thanthe averages of the earlier periods.Consumer purchases of nondurablegoods and of services were both up ascompared with earlier periods, butthe rise in nondurables was moremarked.
The two government sectors showdiverse patterns. Since 1960, FederalGovernment purchases have increasedat an average annual rate of 2% percent,about half the rate for total GNP,while State and local purchases haveincreased at a 5-percent rate.
(Continued on page 25)
• • • • • • • i CHART 17
Since 1960 the Growth Rate of Real GNP Has Exceeded the PostwarAverage and Has Been Much Higher Than in the Period 1953-60
Percent (Average Annual Rate of Change)
GROSS NATIONAL PRODUCT
1948- 48- 53- 57- 60-65 53 57 60 65
As Compared With 1953-60, Changes in Growth Rates in the Past 5 Years Have Been Pronouncedin Durable Consumption Expenditures, Gross Private Domestic Investment, and Federal Purchases —
PCE, DURABLE GOODSGROSS PRIVATEDOMESTIC INVESTMENT
24.2
1948- 48- 53- 57- 60-65 53 57 60 65
1948- 48- 53- 57- 60-65 53 57 60 65
-7.3
1948- 48- 53- 57- 60-65 53 57 60 65
and Smaller in Other Consumption Expenditures, and State and Local Government Purchases8 8
PCE, EXCLUDING DURABLES STATE & LOCAL PURCHASES6 6
1948- 48- 53- 57- 60-65 53 57 60 65
1948- 48- 53- 57- 60-65 53 57 60 65
These Market Shifts From 1953-60 to 1960-65 Have AffectedMainly the Growth Rate of Durable Goods Production
10DURABLE GOODS, TOTAL
1948- 48- 53- 57- 60-65 53 57 60 65
NONDURABLE GOODS, TOTAL
1948- 48- 53- 57- 60-65 53 57 60 65
U.S. Department of Commerce, Office of Business Economics
SERVICES, TOTAL
• •1948- 48- 53-65 53 57
j••57-60
•I60-65
STRUCTURES
_•• I_•_•1948- 48-65 53
••53-57
J•57-60
••60-65
8
6
4
2
-0
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The Balance of Payments
J_ HE year 1965 opened with thebalance of payments and U.S. reservesunder severe strain. Both exports andimports were low because of the strikein the shipping industry, but sinceexports were more severely affected, thetrade balance was sharply depressed.Capital outflows, which had risen sub-stantially in 1964, continued to expand,particularly through increased bankJoans and direct investments; the risemay have occurred partly in anticipa-tion of later restrictions. Gold outflowswere among the highest on record.They reflected an extraordinary demandfor gold not only from foreign officialagencies but also from foreign privatesources. This demand was stimulated
Table 1.—U.S. Balance-of-Payments Trans-actions, 1963, 1964, and January-Septem-ber 1965 at Annual Rate
(Billions of dollars)
U.S. payments (recorded), ex-cluding reserve assets:
Imports of goodsImports of servicesPrivate remittances and
Government transfersGovernment grants and net
capital flowsIncrease in U.S. private as-
sets abroad, net . _ ___
U.S. receipts (recorded), ex-cluding liquid liabilities:
Exports of goods ___Income on investmentExports of servicesIncrease in foreign assets in
the United States, net
Change in U.S. official reserveassets, net (decrease —) _
Change in liquid liabilities (in-
Foreign official agenciesOther foreign accounts _.
Errors and omissions (net pay-ments —) __
1963
16.999.45
.83
3.58
4.46
22.074.655.63
.77
- . 3 8
-1.60- . 6 2
- . 4 0
1964
18.629.84
.84
3.56
6.46
25.295.466.27
.68
- . 1 7
-1.05-1.55
-1.16
Jan.-Sept.1965
aUyadjustedannualrate)
20.8710.37
1.00
3.33
3.64
25.526.306.56
.04
1.27
+1.03-1.03
- . 4 8
by the large dollar outflow in previousperiods. The adverse balance of pay-ments of the United Kingdom and theresulting decline of confidence in sterlingduring the latter part of 1964, whichoriginated largely with nonofficial ster-ling holders, may also have contributedto the widespread rise in the demandfor gold.
These developments formed the back-ground for the actions taken by thePresident last February in which heconfirmed the intent of the Governmentto maintain the current exchange valueof the dollar, and announced a programto achieve that goal. The programconsisted mainly of an appeal to banksto restrict their lending to foreigncustomers in 1965 to an increase of 5percent over the amounts outstandingat the end of 1964, and also to non-financial corporations to improve thebalance on their foreign transactionsand to repatriate liquid funds heldabroad to the maximum extent. Italso extended the Interest EqualizationTax to loans by banks and otherfinancial organizations. The programincluded an intensification of previousefforts to reduce Government expendi-tures abroad, to increase exports, andto attract foreign travelers to theUnited States.
Certain parts of the program to im-prove the balance of payments wereimmediately effective. Bank loansstarted to decline in March, and sub-stantial amounts of short-term fundswere repatriated by nonbanking cor-porations before the end of the firstquarter. Moreover, the trade surplusimproved with the ending of the dock-workers' strike in the major ports in
mid-February and in other ports earlyin March. For the first quarter as awhole, the decline in reserve assets andthe increase in liquid liabilities to allforeigners totaled roughly $700 mil-lion—after seasonal adjustment—con-siderably less than in the last quarterof 1964 and during the first 2 months of1965. Excluding liquid liabilities toforeign private accounts, the adversebalance was slightly lower.
Repatriations of banking claims,further withdrawals by nonbankingcorporations of funds held in foreignbanks, and the speedup in strike-delayed export shipments resulted instill more improvement of the balanceduring the second quarter. However,the effects of the balance of paymentsprogram and the settlement of the ship-ping strike were partly offset by slug-gishness in business activity in some of
Table 2.—U.S. Private Assets Abroad: Sug-gested Ceilings Outlined in 1966 Balanceof Payments Program
(Billions of dollars)
Net capital outflows for direct investments and rein-vested earnings in developed countries:
1962-64 total — 7.92Direct investment outflow _ 4.89Reinvested earnings _ 3.03
1965-66 ceiling (90 percent of 1962-64 total) 7.13
Claims on foreigners reported by U.S. banks:
Amount outstanding December 31,1964___.„_.__ 9.49September 30,1965 9.48December 31,1966 ceiling -- 10.44
Foreign assets of nonbank financial institutions:*
Amount outstanding December 31,1964 — - 3.39September 30,1965 3.10December 31,1966 ceiling... 3.25
Short-term foreign assets of U.S. corporations:
Amount outstanding December 31,1964_ _ _ .45September 30,1965 .26December 31,1966 ceiling.__ .43
*Ceiling on assets over 10 years maturity applies only toassets in developed countries other than Canada and Japan.These amounted to $1.63 billion at the end of September 1965.The December 31,1966, ceiling is $1.72 billion.
16
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January 1966
the major countries abroad, which hadan adverse effect on U.S. exports, andby the sharp rise in U.S. imports, whichwas related partly to protective buyingin anticipation of a strike in the steelindustry. Nevertheless, the drop in
1 CHART 18
International Transactionof the United States
U.S. PAYMENTS(Excluding reserve assets)
Billion
10 — ~ — —
Errors and Omissions
Increase in U.S.Private Assets Abroad, Net
Govt. Grants and
Net Capital Flow
Imports of Services^
-*- Imports of Goods
U.S. RECEIPTS(Excluding liquid liabilities)
40
30
20
10
„ Increase inForeign Assets in U.S., Net
-— Exports of Services
•#- Exports of Goods
CHANGE IN U.S. OFFICIALRESERVE ASSETS, NET
(Decrease—)
5
0
-5
5
0
-5
CHANGE IN U.S. LIQUIDLIABILITIES^7
(Increase-)
, Foreign Official Agencies
sOther Foreign Accounts
1963 1964 1965*
- Includes net private remittances and unilateral transfers.
^Including certain nonliquid U.S. Government obligations.
'"U.S. payments and receipts are based on Jan.-Sept. data at annual rate; otherdata are estimated annual totals.
U.S. Department of Commerce, Office of Business Economics 66-1-18
SURVEY OF CURRENT BUSINESS
reserve assets was reduced in the secondquarter to less than one-tenth of whatit had been in the first quarter, andliquid liabilities, mostly to foreign of-ficial organizations, declined by an evenlarger amount. However, that changeto a favorable balance, the first since1957, was not expected to continuesince it was based to some extent onrepatriations that were not likely to besustained and on a temporary upsurgein exports.
During the second half of the year,the balance turned adverse again sincerepatriations did not continue. How-ever, limitations on new bank loans, adecline in capital outflows through di-rect investments to not much morethan 50 percent of the rate in the firsthalf of the year, and a moderate rise inthe trade balance kept the deficit muchbelow the average rate for the years1958 to 1964. It was not quite $500million in the third quarter and some-what less in the fourth. The balancebased on changes in reserve assets andin liabilities to foreign official organiza-tions during the second half of 1965 wasalso adverse.
For 1965 as a whole, the adversebalance composed of declines in U.S.official reserve assets and increases inall liquid liabilities was less than half ofthe $2.8 billion deficit in 1964. Thealternative balance composed of changesin U.S. reserve assets and in liabilitiesto foreign official organizations only,which had improved substantially from1962 to 1964, probably was littlechanged in 1965.
The total 1965 improvement wasdivided in roughly equal parts betweena reduction in U.S. international pay-ments and an increase in receipts. Onthe payments side, the sharp cutbackin private capital outflows was offset tosome extent by the rise in U.S. mer-chandise imports. In the receipts ac-count, increased merchandise exportsand income on investment bolstered thetotal (chart 18).
Balance of payments developmentsin 1965 indicated that further improve-ments in the balance were still requiredand that the program to achieve themhad to continue. Accordingly, on De-cember 6, it was announced that theprogram would be extended into 1966.
17
The features of the original programwere' retained, and new ceilings for U.S.private assets abroad in 1966 were out-lined. These ceilings for the variouscategories of private capital are listedin table 2.
Economic DevelopmentsAbroad
U.S. international transactions wereaffected by economic developments inthe United States, reviewed elsewherein this issue, and by trends abroad,which are discussed briefly here.
In 1965, the rate of economic growthin most industrial areas abroad sloweddown considerably. This was re-flected in the movement of U.S. exportsand may also have contributed to thedecline in U.S. private capital outflowsduring the year (chart 19). The slowerrise in foreign demand may also havecontributed to the increase in U.S.imports by stimulating foreign business-men with idle productive capacity toexpand their sales in the United States.
In Western Europe, the rate ofeconomic growth slackened in 1965for the second consecutive year. In-dustrial production rose only about 2percent from the fourth quarter of1964 to the third quarter of last year.In France and the United Kingdom,industrial production showed little orno gain over that period. There wasa moderate advance in Germany, andin Italy there was a recovery fromreduced levels of production in 1964.Industrial production in Japan, afterexpanding vigorously for several years,remained almost stationary during1965.
The slower advance in demand inthese areas was reflected in our sales.Exports to Europe, our fastest growingmarket for the past several years, roseby only 2 to 3 percent in 1965, andshipments to Japan also expanded verylittle.
In Canada, industrial activity con-tinued to increase last year, keepingpace with the expanding U.S. economy.Canada was the most buoyant marketfor U.S. exports in 1965; shipmentsthere expanded by approximately 10percent.
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18
Demand in the expanding economiesof Australia and South Africa also con-tinued to increase in 1965, and eventhough reduced foreign trade earningscaused a drop in their reserve holdings,U.S. shipments to those countries ad-vanced for the second straight year.
Modest increases in foreign exchangeearnings of the less developed countries(other than those producing oil) wereused to finance larger expendituresabroad in 1965. These were reflectedin U.S. exports to these countries, whichrose slightly in 1965.
The current outlook for 1966 is forthe Canadian economy to continue toboom and for rates of growth in someWestern European countries and inJapan to improve moderately. Foreignexchange earnings of the less developedcountries may rise through increasedsales to the industrial areas. With U.S.demand also rising rapidly and withproductive resources in the UnitedStates more fully employed, an acceler-ation in foreign business activity maynot affect U.S. exports, particularlycapital goods, as much as it did in thepast.
* • •
Special developments in the UnitedKingdom
The uncertainty of the balance ofpayments position of the United King-dom which followed the serious sterlingcrisis of November 1964 and persistedthrough the early fall of 1965 had amajor impact on U.S. internationaltransactions. The conversions in thespring and summer months of U.S. cor-porate securities held by British author-ities and the deferral for the secondstraight year of the annual payment ofprincipal and interest due the UnitedStates on the postwar loan to theUnited Kingdom affected our paymentsposition adversely. In addition, duringthe summer months, the Federal Re-serve Bank of New York extendedsubstantial assistance on a swap basis,increasing holdings of sterling in ex-change for dollars. Beginning in Sep-tember, the British position improvedconsiderably when a 10-nation standbycredit was accorded the United King-dom and confidence in the pound wasrestored. These developments resultedin large shifts of foreign-held liquid
SURVEY OF CURRENT BUSINESS
dollar assets from foreign official toprivate accounts during the third quar-ter and back to foreign official accountsin the fourth quarter of last year.
Merchandise Trade
The merchandise export surplus nar-rowed from $6.7 billion in 1964 to about$5.0 billion in 1965. U.S. exports ofmerchandise, after a 15-percent rise in1964, rose about 4 percent in 1965.Imports, in contrast, increased about 15percent in 1965 after a 10-percent gainin the preceding year.
In addition to the slower rise inforeign demand in 1965, exports may
I CHART 19-
Industrial Production and RelatedU. $. Foreign Trade inMajor Industrial Areas
1961
160
140
120
100
= 100
UNITED STATES
U.
iiiilil
/Imports ^ y ^ i ^ ^
U.S. Industrial Production
80
160
140
120
100
80
160
140
120
100
80
160
140
120
100
80
I I I I I I I I I I I I
CANADA
Canadian Industrial Production^
s
I I I I I I I I
WESTERN EUROPE
U. S. Exports to W. Europe
i i
S. Exports toCanada
| |
7I I I I I I I I
W. European Industrial Production
I I I I I I I I I I I I I I I
JAPAN
Japanese IndustrialProduction
\
l I i I l I I I I I I64 65 66
Seasonally Adjusted
* Major U. S. strikes in shipping industry
U.S. Department of Commerce, Office of Business Economics
January 1966
have been affected by reduced capitaloutflows. Some of the loss of exportscaused by the dockworkers' strike earlyin the year may have been irretrievable.Also, as demand pressed against plantand labor capacity in this country,lengthened delivery times and less ag-gressiveness by U.S. firms selling inforeign markets may have weakenedour competitive position.
U.S. exports in the first half of 1965dipped below the level in the precedinghalf year partly because of reducedagricultural shipments and partly be-cause some goods had been preshippedin late 1964 to avoid delay from thelongshoremen's strike. In the secondhalf of the year, both agricultural andnonagricultural shipments increased,and total exports rose to a new record.
For the year as a whole, agriculturalexports were about equal to those in1964. Exports of feed grains and vege-table oils continued to expand in 1965and offset declines in cotton and wheat.Wheat exports picked up after midyearwhen the U.S. price fell and Europeandemand rose. Most of the advance innonagricultural exports was in capitaland automotive equipment. Other in-creases in exports included nonferrousmetals, reflecting both volume andprice gains.
In both 1964 and 1965, the ac-celerated advances in domestic produc-tion and income resulted in substantialincreases in imports. Industrial sup-plies and materials accounted for a largepart of the gain in U.S. imports lastyear. Some of this rise was in steelproducts, for which large foreign orderswere placed as a hedge against thethreatened steel strike in the UnitedStates.
Imports of capital equipment andconsumer goods also increased con-siderably in 1965. Only imports offoodstuffs showed little change from1964. This was partly because ofreduced prices for imported foodstuffsand partly because for some foodstuffsdomestic inventories were drawn downin lieu of a larger volume of imports.
Government Transactions
U.S. military expenditures, after de-clining during 1964 and the first quarter
(Continued on page 25)
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Employment—Prices—Finance
J_ HE strong expansion of the economyin 1965 was accompanied by an un-usually large advance in employment.Although the rise in the labor force wasabove the average of recent years, theexpansion in jobs was greater andunemployment was significantly re-duced. On an annual basis, the un-employment rate averaged 4.6 percentlast year, as compared with 5.2 percentin 1964 and 5.7 percent in 1963. Atthe start of 1965, the unemploymentrate was 5 percent, but the steadyimprovement through the year broughtthe rate by yearend close to theAdministration's interim goal of 4percent.
Toward the end of the year, thelabor market presented a mixed picture.Unemployment rates for young peoplewere still far above average; despiteimprovements, rates among Negroeswere nearly double the average; ratesfor white adults were quite low. Incertain occupations and industries inparticular geographic areas, labor short-ages were prevalent.
Labor force expands
The civilian labor force averaged75.6 million in 1965, a rise of 1.4 millionfrom 1964. The growth in the laborforce was slightly larger than the yearbefore, and considerably larger than inthe earlier years of the 1960's. Thelargest relative expansion in 1965 wasin the teenage group, which rose bymore than 500^000 for the year as awhole and by 1 million within the year.These large increases were mainly a re-flection of the bulge in the birth rate inthe very early postwar period. Thenumber of adult women in the labor
force continued to grow, with a rise of600,000, but the number of adult menrose only 200,000.
&^;^"iC::^^^^wc^T-:>?i:-:::-. CHART 20
Labor Market DevelopmentsThe 1.8 million rise in employment last yearexceeded the large increase in 1964
Million Persons
76
72
68
64
60
CIVILIAN EMPLOYMENT(Household Data)
Total
5 6 i i I i I • i I I i I I I I I I
Both the level and the rate of unemploymentwere the lowest since 1957
8UNEMPLOYED (All Civilian Workers)
o i i i i i i i i i i i i i i i
Percent
20UNEMPLOYMENT RATE
15
10
Married Meno i i i i i i i i i- i i I I i i
1950 52 54 56 58 60 62 64
Data: BLS
U.S. Department of Commerce, Office of Business Economics 66-1-20
Total civilian employment, at 72.2million (household basis), increased 1.8million from 1964 to 1965. Adultwomen accounted for a little more than700,000 of the increase and adult menand teenagers for roughly 500,000 each.For adults of each sex, the employmentincrease exceeded the rise in the laborforce; for teenagers, the advances wereabout equal.
Increases widespread by industry
Except for employment in agricultureand mining, where longrun declineswere extended, employment in 1965showed a broad industrial advance thatwas sustained throughout the year andaccelerated in the fourth quarter. Innonagricultural establishments, the gainover 1964 was more than 2 million jobs",and in manufacturing alone, almost %million. About half of the overall risewas in private nonmanufacturing, withall major groups except mining con-tributing to the advance. In nonmanu-facturing, relative gains were large intrade and finance, where employmenthas been showing a strong secular in-crease, and in contract construction,which rose mainly because of the largeadvance in private nonresidential con-struction last year. State and local
t government employment was up 400,000,extending the strong upward trend ofthe past several years, but Federalemployment was little changed.
Last year's large increase broughtfactory employment to an all time highof 18 million, which exceeded the post-war peak of 1953 as well as the all timepeak reached during World War II.In the durable goods industries, wherethe 1965 expansion in employmentcentered, a tight labor market developed
19
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20 SURVEY OF CURRENT BUSINESS January 1966
toward the end of the year, withshortages appearing in several types ofskills. Employment increases in 1965were quite general throughout thedurable goods group. Transportationequipment and electrical equipmentled the advance, and machinery andfabricated metal products also madegood gains. In the nondurable goodsindustries, small employment increasesoccurred in all except the food, tobacco,and petroleum refining industries.
Rise in blue collar employment
Both white and blue collar employ-ment rose considerably last year. Forthe former, it was an extension of alongrun trend, but for the latter, it wasa development of fairly recent origin,as chart 21 shows.
The absence of long-term growth inmanufacturing employment for severalyears after 1953 was a factor in thelack of growth of blue collar employ-ment. Since the current economicexpansion started in early 1961, how-ever, such employment has been movinghigher. It is only in the last 2 years,
CHART 2]
Employment Trends, by Occupation
• Employment of blue collar workers has risento new highs in the past 2 years
• The uptrend in employment of white collarworkers has been extended
Millions34
HOUSEHOLD DATA
White CollarWorkers N
32
30
28
26
24
22 I I I I I I I I I I I I I1953 55 57 59 61 63 6 5
Data: BLS
U.S. Department of Commerce, Office of Business Economics 66-1-21
however, when manufacturing increasedconsiderably, that blue collar employ-ment showed a sharp expansion. Moreblue collar workers were employed in1965 than at any other time in thepostwar period.
Longer hours
The expansion in labor requirementslast year was met largely by increasedemployment, but hours of work werealso lengthened, both by increasedovertime work and by the substitutionof full-time work for part-time sched-ules. In nonagricultural industries, thenumber of persons working over 40hours per week increased by nearlyIK million from 1964 to 1965; a similarincrease occurred in those workingfrom 35 to 40 hours. A decline of over1 million took place in those workingless than 35 hours.
The average workweek for productionworkers in manufacturing exceeded 41hours in 1965 for the first time (annualbasis) since World War II. The risefor the full year was 0.4 hours. In-creases in hours worked per week weregeneral by industry and were largerthan average in durable goods, whereovertime work was especially heavy.
General reduction in unemployment
Fewer persons were out of work in1965 than in any other year since 1957.The average number of unemployedwas 3.4 million, a reduction of 400,000from 1964 and a substantial improve-ment from the second quarter of 1961,when unemployment, at 5 million, wasat its recent peak.
The reduction in both the level andrate of unemployment in 1965 wasquite general, except for teenagers, andduring the year extended throughoutthe various categories of occupation,sex, color, marital status, and length oftime unemployed (table 1). Adultmale unemployment, which droppedjust below 4 percent in 1964, declinedto 3.2 percent in 1965; for adult females,the rate declined from 5.2 percent to4.5 percent. For the most experiencedgroup in the labor market, married men,the unemployment rate in Decemberwas 1.8 percent, the lowest since 1953.
The level of teenage unemploymentwas unchanged, and the rate, though
a little lower than 1964, continued highat 13.6 percent. The outstanding de-velopments in the teenage labor marketlast year were the unusually large risein the teenage labor force and the suc-cess young people had in finding jobs.The rise in employment reflected boththe buoyant demand for labor andspecial efforts to employ teenagers—the President's summer employmentprogram and the programs associatedwith the attack on poverty.
Table 1.—Selected Aspects of Unemploy-ment
[Percent]
Unemployment rates:Total.
Male..
14 to 19 years ofage____—_
20 and over
WhiteNonwhite..Married, with
spouseSingle
Female..14 to 19 years of
age..—20 and over _
White......Nonwhite..Married, with
spouse ...Single......
By Occupation:
White-collarworkers,- .
Professionaland technical.
Managers, offi-cials, andproprietors
Clericalworkers-—.
Sales workers __
Blue-collarworkers __
Craftsmen andforemen-——
Operatives.-—Nonfarm
laborers-..—-.
Service workers. _Private house-
hold workers.Other service
workers-——
Farmworkers.--—Farmers and
farm man-agers...__
Farm laborersand foremen. _
Percent distributionof unemployed byduration of unem-ployment:
Less than 5 weeks.5-14.15-26————27 weeks and over.
1956 1959 1960 1961 1962 1963 1964 1965
9. 6 13. 8 14. 0 15. 4 13.3 15. 5 14. 5 13.1
2.37.7 11.6 11.7 13.
4.3
9.9 12.3 12.9 14.8 13. 2 15.7 15.0 14.3
3.65.3
1-7
1.0
5.1
4.6
4.
4.8
1.9
.4
3.7
11. 5 10.7 12.9
3.6
5.9
5.1
3.7
5.9
9. 5 11.9 11.1
8.2 12.4 12.5 14.5 12.4
7.2
6.3
6.5
7.0
5.9
7.4
3.0
.4
5.7
10.7 12.3 12.8 15.18.2 15.0 11.5 16.7 14.6 13.3 12.4
11.0 10.6
3.611.2 12.4 11.5 10.1
6.2
11.3 10.8
52.6 43.5 45. 7 39.5 43.8 44.3 46.1 49.729. 2 29.9 28.6 28.3 29. 5 28.8 28.5
13.312.812.6 11.7
3.4
6.5
7.2
4.87.4
12.1
6.0
5.2
6.2
3.0
5.5
2.8
6.2
1.7
6.3
4.26.5
10.6
5.8
4.9
6.1
3.1
4.64.0
3.2
3.6
2.4
5.5
4.-5
5.09.3
4.58.2
2.3
1.5
1.1
3.23.3
5.3
3.65.5
8.4
5.2
4.2
5.5
2.6
4.8
10.2
Source: U.S. Department of Labor, Bureau of LaborStatistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966
Price Developments
In 1965, prices continued the mod-erate uptrend that has been evident inrecent years, although increases weresomewhat larger than in any other yearof the business expansion. The larg-est rises occurred in the second quarterand in the closing months. The springincrease was primarily in farm productsat all market levels; the advance late inthe year was somewhat more general.
The most important price develop-ments in 1965 were the large increase infarm prices and the modest advance inwholesale industrial prices after severalyears of little change. The table be-
SURVEY OF CUEEENT BUSINESS
low shows annual percentage changesfor major price measures:
CHART 22
Wholesale Price IndexPercent change from previous year
8TOTAL
11.-4
1955 56 57 58 59 60 61 62 63 64 65
Farm Products
nu
n
-4
Processed Foods
11
Commodities Other
n
1—RN HRI am
than Farm Products & Foods
. n „ .• •„ ,
p
i n
1955 56 57 58 59 60 61 62 63 64 65
U.S. Department of Commerce, Office of Business Economics
Consumer price index
Wholesale price index
Industrial commodi-ties
Prices received by farm-ers
1961-62
1.2
.3
0
1.7
1962-63
1.2
- . 3
- . 1
- . 8
1963-64
1.3
.2
.5
- 2 . 5
1964-65
1.6
2.0
1.3
5.1
Data: BLS66-1-22
Wholesale industrial prices riseLast year, wholesale prices of com-
modities other than farm products andprocessed foods, which had remainedvirtually unchanged from mid-1959 tolate 196^, moved moderately but dis-tinctly higher. On an overall basis,prices rose each quarter, and for theentire year, they averaged 1.3 percentabove the 1964 level.
Several factors contributed to theincrease in industrial prices in 1965.With capacity utilization in manufac-turing for the year as a whole higherthat at any other time during thecurrent expansion and close to the veryhigh rates of 1955, rising demand wasreflected in price boosts in a number ofindustries. Higher unit costs alsocontributed to price increases. Insome industries, shortages of qualifiedworkers, chiefly late in the year, wereresponsible for rising unit labor costs ;in others, the utilization of marginalplant facilities pushed up productioncosts. In the closing months of theyear, the escalating military conflict inVietnam may have given rise tospeculative price increases.
Federal Government policies had adirect influence on prices last year.After the announcements of price in-creases for copper and aluminum in thefall, the Government intervened active-ly under the wage-price guideposts tobring about revocation of the increases.The existence of the guideposts un-doubtedly served as a deterrent toother price advances. In addition,most of last year's cuts in excise taxeswere passed on in the form of lowerprices, particularly for motor vehiclesand several consumer appliances.
Among the 13 major commoditygroups of the BLS index, metals, fuels,hides, and miscellaneous products regis-tered price increases for the full yearthat exceeded the average rise; 8 other
Wholesale Pr ices-Industrial Commodity Groups
21
i CHART 23
1957-59 = 100
1.04
100
ities Other "Commodities Other ThanFarm Products &
I! I I I I I I I II
1963
I I I I I I I I I I I
1964
I I I I I I I I I I I
1965
These groups showed above average
increases from 1964 to 1965. . .
116
112
108
104
100
96
92 I I I I I I I I I II I I I Ml I I I
These showed small rises...
108
104
100
96
Machineryar]d Motive Products
\
9 2 I I I I I I I I I I I
Pulp & Paper'
— " \Chemicals
I I I I I I I I I I I I I I I I I I I I I I
and these little change112
108
104
100
96
92
88 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I
1963 1964 1965
Seasonally AdjustedData: BLS, with seasonal
adjustment by OBE
U.S. Department of Commerce, Office of Business Economics 66-1-23
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
22 SURVEY OF CURRENT BUSINESS January 1966
categories were up less than 1 percent,and 1—furniture and appliances—de-clined (chart 23). On a weightedbasis, about two-fifths of the 1.3percent rise in industrial commodityprices was due to higher prices formetals and metal products, and of thisincrease, 70 percent was attributableto nonferrous metals. Fuel and ma-chinery prices each accounted for aboutone-sixth of the overall industrial priceincrease.
The price increase in hides, skins, andleather—which was the largest amongthe major commodity groups—$vas as-sociated with a restriction of supplies,arising from the reduction in cattle andhog slaughter, and with a substantialincrease in demand, especially from shoemanufacturers. Fuel prices reboundedfrom the low level reached late in thesummer of 1964, when inventories werevery heavy. As excess stocks of refinedpetroleum products were worked off, thegasoline price wars came to an end.
Prices of metals and metal productscontinued to rise last year, extendingthe uptrend that began early in 1963.Much of 1965 advance was attributableto higher prices for nonferrous metals,as strong worldwide demand and strikesin major producing countries squeezeddomestic supplies. Iron and steelprices as a group were relatively stable;scrap prices fell sharply and prices forsteel mill products showed small selec-tive increases. The upswing in busi-ness capital outlays continued to push
up prices for most types of nonelectri-cal machinery. However, because ofstability in motor vehicle and electricalmachinery prices, the overall index ofmachinery and equipment prices roseonly moderately.
Price increases more frequentOne aspect of the rise in wholesale
industrial prices over the past yearhas been the greater frequency ofprice increases and the lesser frequencyof price decreases as compared withother years of the current expansion.This is brought out in table 2.
The data in table 2 are based on1,418 industrial commodities in theBLS Wholesale Price Index for whichcontinuous series exist back to October1961. For each of four timespans,frequency distributions of percentchanges are presented by size and direc-tion of change for all items and fordurables and nondurables separately.Over 80 percent of all industrial itemsare included. Preliminary October1965 figures were the most recentdetailed data available when thetabulation was made.
Approximately half of the com-modities registered some price increasefrom October 1964 to October 1965,and the proportion was the highestfor any of the timespans shown.Increases of 2 percent or less did notchange much in relative importanceover the entire 4-year period; advancesof more than 2 percent—especially
Table 2.—Frequency Distributions of Changes in Wholesale Industrial Prices
Percent change
10.01 and over.-_-_5.01 to 10.00——-4.01 to 5.00 -3.01 to 4.00_._2.01 to 3.00..._1.01 to 2.00-. -0.01 to 1.00.._—--
0-0.01 to -1.00_____-1.01 to -2 .00 . . . - .-2.01 to -3.00.____-3.01 to -4.00-4.01 to -5.00-5.01 to -10.00____—10.01 and over.__
Total
IncreasesNo change ._.Decreases _-_
Total
Total (1418 commodities)
Oct.1961-Oct.1962
2.84.01.93.55.18.79.7
36.15.64.23.32.01.95.65.6
100.0
35.736.128.2
100.0
Oct.1962-Oct.1963
3.06.14.75.24.57.88.5
36.24.63.92.72.22.04.73.8
100.0
39.836. 224.0
100.0
Oct.1963-Oct.1964
6.86.13.34.06.68.7
10.032.95.43.91. 82.71.53.62.5
100.0
45.632.921.5
100.0
Oct.1964-Oct.1965
6.39.43.26.47.69.48.0
29.85.33.22.31.81.63.12.5
100.0
50.329.819.9
100.0
Durable (829 commodities)
Oct.1961-Oct.1962
3.04.32.24.56.39.9
10.330.56.35.43.02.21.85.54.8
100.0
40. 430.529.1
100.0
Oct.1962-Oct.1963
2.85.75.86.85.7
11.110.930.84.54.02.32.12.74.11.1
100.0
48.630.820.6
100.0
Oct.1963-Oct.1964
7.06.54.15.28.99.9
12.225.76.54.31.62.11.32.81.9
100.0
53.825.720.5
100.0
Oct.1964-Oct.1965
5.29.73.37.78.1
11.89.7
22.35.54.03.12.21.92.53.0
100.0
55.422.322.3
100.0
Nondurable (589 commodities)
Oct.1961-Oct.1962
2.43. 6-1.52.23.47.19.0
44.04.82.53.71.72.05.66.6
100.0
29.044.027.0
100.0
Oct.1962-Oct.1963
3.26.83.13.12.93.25.1
44.04.83.93.22.41.25.67.6
100.0.
27.344.028.7
100.0
Oct.1963-Oct.1964
6.55.42.22.43.47.17.0
43.13.93.42.23.21.74.83.4
100.0
34. 043.122.9
100.0
Oct.1964-Oct.1965
7.89.03.14.67.06.15.6
40.44.92.21. 01.41.23.91.9
100.0
43.140.416.5
100.0
NOTE.—Detail may not add to total due to rounding.
Source: Basic data, BLS. Calculations by OBE.
those in excess of 5 percent—becamemore numerous.
About 30 percent of the commoditiesshowed no change, and 20 percentshowed declines from October 1964to October 1965. The proportion ofdecreases of 2 percent or less wasroughly the same throughout the4-year period; the proportion ofdecreases above 2 percent, particularlythose greater than 5 percent, declinedsteadily.
Farm and food prices advance
From 1962 to 1964, a downwarddrift in prices of farm products (fos-tered by a favorable supply situation),relative stability in wholesale foodprices, and only modest increases inretail food prices, made an importantcontribution to overall price stability.Last year saw a marked change attrib-utable chiefly to sharply higher pricesfor livestock and meat. On an overallbasis, prices at all levels of productionand distribution rose rapidly duringthe first half of 1965. In general,prices changed relatively little duringthe summer and fall months.
Wholesale market prices for farmproducts rose nearly 8 percent, sea-sonally adjusted, from December 1964to June 1965. From June to Novem-ber, there was little further net change,but in December, farm prices were againmoving higher. As chart 22 shows, the4%-percent rise in wholesale prices forfarm products from 1964 to 1965 wasthe largest annual increase since 1958.Prices for fruits, vegetables, and grainsmoved lower last year under the in-fluence of record crop production, butprices of livestock were one-sixth abovethe 1964 average. In early December,prices of hogs in Chicago were at a17-year high, nearly double the marketprice a year earlier.
In the first half of 1965, the rise inprocessed food prices at wholesale mar-kets did not match the increase for farmproducts. Unlike farm product prices,however, wholesale food prices contin-ued to move up during the last half of1965 as processors adjusted to higherraw material costs. For the full year,
. the advance from 1964 in wholesalefood prices—more than 4 percent—nearly equaled that of farm products.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1960
Prices paid by consumers for food, atboth grocery stores and restaurants,reflected the rise in wholesale prices.From January to July, food-at-homeprices in the consumer price index rose4 percent, seasonally adjusted, chieflyas a result of a 10-percent increase inthe meat, poultry, and fish index.With meat prices stabilizing after mid-summer, the index leveled out andtoward the end of the year declinedslightly. For the year as a whole, foodprices were about 2){ percent above the1964 level, as compared with increasesranging from 1 to 1% percent in thepreceding 4 years.
i CHART 24
Consumer Price Index Advanced to aNew Peak During 1965Rise exceeded increases in other recent years
1960 61 62 63 64 65
Food prices rose sharply in first half of 1965
Nonfood commodity prices showed asmall advance
SURVEY OF CUEEENT BUSINESS
Nonfood consumer prices mixed
Consumer prices for commoditiesother than food rose only two-thirds of1 percent from 1964 to 1965, thesmallest increase since 1961. The mid-year reduction in Federal excise taxeson automobiles, appliances, and otherconsumer items and price reductionsfor durable goods not associated withthe tax cut offset increases in appareland fuel.
In automobile markets, prices werelower despite record sales. Last year's2^-percent reduction in new car prices,the fourth successive annual decline,brought prices of new automobilesnearly 5 percent below the 1959 peak.Seasonally adjusted data show a definitetwo-stage reduction within the year.Prices fell about 2% percent after thetax cut and somewhat less in the fourthquarter. Used car prices (not directlyinfluenced by the tax reduction), whichrose one-fifth from 1960 to 1964,declined rather steadily throughout 1965.Although average prices for the yearwere down less than 1 percent from1964, yearend quotations were about 4percent under the figures a year earlier.Prices for household durable goods fellfor the seventh straight year; of the 1 %-percent decline from 1964, about one-half was attributable to the tax cut.
The long upward trend in serviceprices continued last year, with theaverage advance, 2% percent, slightlyabove the annual increases from 1961to 1964. Gains were fairly general and,as in recent years, were smaller forrent than for most other services.
124
120
116
112
'Rise in service prices continued
Services Less Rent
i960 61
U.S. Department of Commerce, Office of Business Economics
Financial Developments
Last year's expansion in economicactivity was accompanied by a markedincrease in the pace of credit demands.Most of the increase came from corpora-tions, but consumers and State and localgovernments also stepped up theirborrowing; the Federal Governmentmade only minor net demands on moneyand capital markets. The supply offunds available to meet the rising needfor credit accommodation showed in-creasing signs of stringency in thesecond half of the year, and interestrates moved moderately higher. Until
23
very late in the year, continued pressureby the Administration had been animportant influence in keeping bankrates on short-term business loansrelatively stable. In December, afterthe Federal Reserve raised the discountrate, the rise in interest rates of mosttypes accelerated.
Monetary policy less easy
Last year, the Federal Reserve sub-jected bank reserve positions to pressuresomewhat greater than in 1954. Dur-ing each month of 1965, borrowedreserves were substantially higher thana year earlier; total bank reserves in-creased $0.8 billion, not fast enoughto support the rise in total bank credit.These higher reserves were providedby increased bank currency holdingsand by a record volume of FederalReserve purchases of U.S. Governmentsecurities, which were $4 billion lastyear as compared with $3% billionin 1964.
Credit expansion by commercialbanks in 1965 reached a record of $26billion, as compared with $18 billionand $21 billion in 1963 and 1964respectively. Business loans rose mark-edly above the 1964 pace, $11 billionas compared with $6 billion. The in-crease was particularly sharp in thefirst quarter, when inventory accumu-lation was very large and just before thevoluntary guidelines on foreign lendingwere adopted. The rate of increase inbusiness loans slackened in the secondhalf to $4K billion at an annual rate.Banks also increased their lending toconsumers and their purchases of Stateand local government securities, butreal estate lending was little changed.
With reserve positions somewhattighter and loan demands heavy, bankholdings of U.S. Government securitiesdeclined very sharply in 1965; theydropped $4 billion as compared withless than $1 billion in 1964. The declinebottomed out at the end of the thirdquarter, and holdings of Governmentsrose slightly in the last quarter. Theseincreases in bank assets were matchedon the liability side by a $23 % billionincrease in deposits. Demand de-posits were up $5 billion as comparedwith a gain of $4^ billion in 1964.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
24 SURVEY OF CURRENT BUSINESS January 1966
Time deposits rose more sharply, $20 Kbillion as against $15 billion in 1964,and Government deposits declined.Since reserve requirements are lowerfor time deposits than for demanddeposits, this sharp rise contributed toan expansion in bank credit.
Corporate investment higherA sharp rise in the investment and
working capital requirements of non-financial corporations outstripped asubstantial increase in their internalfunds last year. Consequently, cor-porations stepped up their externalfinancing and reduced their holdings ofliquid assets.
Fixed investment expenditures bynonfinancial corporations in 1965 weremore than $9 billion above the 1964total. Corporate inventories rose $6billion in 1965 as compared with an
Interest RatesLong-term rates moved up, mainly in the latter part of 196$
Percent
6
Corporate Baa Bonds
increase of $4^ billion in 1964. Thepeak in accumulation was reached inthe first quarter, after which inventoryinvestment tapered off.
Direct investment abroad by cor-porations in the first three quarters of1965 was $3K billion as compared with$2% billion in all of 1964. The greatestpart of the increase occurred in thefirst half of 1965; the reduction inthese outlays as the year progressedreflected the efforts of firms to cooperatein the program to improve the balanceof payments.
Before-tax profits of nonfinancialcorporations rose 15% percent above1964 to $62 billion; the reduction inFederal taxes contributed to a relativelygreater increase in after-tax profits.Since dividend payments did not keeppace with the increase in earnings,undistributed profits rose $4% billion
CHART 25
State and Locaf Baa Bonds'
3 I i I I I I I I 11 I I I I I I I f I I I 1 I I 1 I I f I I I I ! 11 I I i i I I 11 I I I f i 11 | I | I 1 | I | ( I 1 | I I I M | I | I | I I | t ! t I I I Ii I I I I I ! I I I 11 I I
and short-term rates rose, particularly in December
2 I I If I I I I 11 I t I I I I I I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I I I1959 60 61 62
U.S. Department of Commerce, Office of Business Economics
U. S. Treasury Bills
(New Issues)
1111111111 11111 if I 111! I 11111 I i II11 1111111111
63 64 65 66
Data: Treas., Moody's & FRB
66-1-25
or 28 percent over the previous year.Net cash flow—the sum of undistributedprofits and capital consumption allow-ances—increased $6% billion in 1965 ascompared with a $5 billion advance in1964.
With internal funds rising less thaninvestment and working capital needs,new bank loans increased $6 billionfrom 1964 to 1965. Bond issues roseto $6% billion as compared with $4billion in 1964. Retirements of stockissues about equaled new flotations, incontrast to a net issue of $1% billionin 1964.
In 1965, liquid assets declined atabout the same rate as in 1964. Withinthis total, U.S. Government securities,demand deposits, and currency de-creased, and time deposits rose.
Consumer debts and assets upMortgage financing by consumers in
1965 was little different from 1964 be-cause of the comparative stability insingle-family home construction. How-ever, the sharp rise in purchases ofconsumer durable goods was accom-panied by a large increase in the useof credit. Consumer installment creditoutstanding increased $7% billion in1965, after an accretion of $5K billionin 1964. Automobile paper accountedfor almost half of the 1965 advance.
In the fourth quarter of 1965, theratio of installment debt to disposablepersonal income stood at 13.7 percent,as compared with 12.9 percent a yearearlier. Nevertheless, the most recentratio did not appear high when gaugedby postwar trends. The ratio has risenthroughout the postwar period, ashouseholds and individuals have madeincreased use of credit to finance theirpurchases and as average loan matu-rities have lengthened.
Consumers' investment preferencesin 1965 featured increased emphasis onbank time deposits and less on savingsand loan shares. Consumers steppedup their investment in mutual funds,about in line with the increase in totalstock market purchases, but decreasedtheir holdings of other types of stocks.
Government borrowing downThe improvement in the fiscal posi-
tion of the Federal Government in 1965was reflected in a reduction in Govern-ment borrowing. Last year, net bor-rowing by the Federal Government
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS 25
totaled a little over $1 billion, in con-trast to $6 billion a year earlier.Within 1965, however, movements inFederal borrowing did not match thewide swings in the Federal fiscal posi-tion. During the first half, when theGovernment ran a substantial surplus,its cash balances were built up. Thesewere permitted to run down in thesecond half as Federal expendituresexceeded receipts.
State and local governments increasedtheir borrowing moderately, from $10%billion in 1964 to $11 billion in 1965.
Interest rates riseOver most of the expansion that
started in early 1961, short-term inter-est rates moved irregularly higher whilelong-term rates were roughly stable.Monetary policy encouraged a rise inshort-term rates in order to dampen theoutflow of capital abroad but wasoriented toward stable long-term ratesin order to facilitate domestic economicexpansion. The fact that corporateinternal funds rose more rapidly thaninvestment requirements was also im-portant in fostering stability in long-term borrowing costs.
In 1965, the monetary authoritiesshifted somewhat from a policy of ease,and the rise in corporate investmentrequirements started to outstrip theincrease in internal funds. Interestrates began to edge up, mainly in thelatter part of the year. On December6, the Federal Reserve raised the dis-count rate from 4 to 4% percent andincreased the maximum rate on timedeposits having a maturity of 30 daysor more to 5% percent.
Short-term rates and long-term yieldsmoved sharply upward throughoutDecember. For the month as a whole,prime commercial paper moved 48basis points above the December 1964rate of 4.17 percent. Over the sameperiod, new 3-month Treasury issuesrose from 3.86 percent to 4.37 percent,and yields on long-term Governmentbonds rose from 4.14 percent to 4 .43percent.
Production Expansion(Continued from page Id)
Comparison with 1953-60When growth rates from 1960 to
1965 are compared with those for the
two periods from 1953 to 1960, it isclear that differences are most pro-nounced for consumer durables, pro-ducers' durable equipment, and FederalGovernment expenditures. The ratefor consumer expenditures other thandurables was moderately higher, butthe rate for State and local governmentpurchases was somewhat lower.
These shifts in markets underlie thechanges in output by type of product.Durable goods output, with a growthrate of 6% percent since 1960, hasincreased far more rapidly than it didfrom 1953 to 1957 or from 1957 to 1960.As compared with the 1953-60 period,average growth rates since 1960 haveaccelerated for each of the other threetypes of products, but not as much asin the case of durable output. Thedifferences over the two periods areleast for service output and greatest forstructures.
Balance of Payments(Continued from page 18)
of 1965, began to rise because of in-creased expenditures in Southeast Asia.Increased military sales offset much ofthe rise in expenditures.
U.S. Government grants and capitaloutflow, net of repayments, remainedclose to the $3.6 billion level of thepreceding 2 years. The small advancein outflow in 1965 was offset by in-creased repayments, which included alarge advance repayment by France inthe third quarter.
Private Capital Outflows
The substantial decline in U.S.private capital outflow in 1965 wasprimarily responsible for the improvedbalance-of-payments position of theUnited States. Through September,the outflow was reduced to $3.6 billionat an annual rate, well below the 1963and 1964 levels of $4.5 and $6.5 billionrespectively.
Principally through large net liqui-dations in the second quarter, bankloans shifted from an increase of $2.5billion in 1964 to a decrease of over$0.1 billion (after seasonal adjustment)in the 9-month period through Septem-ber 1965. Bank credits abroad re-mained well within the guideline of a
$0.5 billion increase suggested for thefull year 1965.
Nearly $0.5 billion in funds investedabroad by nonbank corporations wererepatriated in the first 9 months of 1965.This contrasts with the extraordinaryoutflow of over $0.9 billion in all of1964 and represents a $1.4 billion im-provement over the period. The liqui-dation occurred largely in the first twoquarters of the year.
U.S. direct investments abroad wereexceptionally high in the first half ofthe year before investment plans couldbe changed in response to the Presi-dent's program. Although direct in-vestments declined sharply in the thirdquarter, the 1965 total will probablybe substantially higher than the 1964level of $2.4 billion.
Through September 1965, purchasesof new issues of foreign securitiesamounted to $0.9 billion, seasonallyadjusted, as compared with $1.1 bil-lion for all of 1964. The 1965 pur-chases included a $160 milllion issue bythe International Bank, the proceedsfrom which were placed in long-termtime deposits so that they did not im-mediately affect liquid liabilities. Mostof the other new issues were Canadian.Since the introduction of the InterestEqualization Tax in July 1963, therehave been few issues sold here by coun-tries subject to the tax, but in the firstthree quarters of 1965, the amount in-volved rose to more than $100 million.
Other Major Transactions
U.S. receipts from income on invest-ment continued the strong upwardtrend of recent years. The increase inincome on investment in 1965 may havereflected, in addition to the expandedlevel of direct investment abroad, thereduction in the U.S. corporate incometax rate, changes in the German taxsystem, and, early in the year, someconcern about the balance of paymentssituation of the United Kingdom.
A major change in foreign long-terminvestment in the United States re-sulted from large net sales by foreignersof U.S. corporate securities in thesecond and third quarters, reflectingin part conversions by the BritishGovernment. Total net sales amountedto nearly $0.5 billion in 1965, as com-pared with $0.1 billion in 1964 and withnet purchases of $0.3 billion in 1963.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOME AND PRODUCT TABLESTable 1.—Gross National Product in Current and Constant Dollars
1962 1963 1964 1965 v
1964
IV
1965
II III IV v
Seasonally adjusted at annual rates
Billions of current dollars
1962 1963 1964 1965 P
1964
IV
1965
II III TV*
Seasonally adjusted at annual rates
Billions of 1958 dollars
Gross national product.. __.
Personal consumption expenditures. _ _ _ _ _ _,
Durable goods.______Nondurable goods—
Services
Gross private domestic investment ___.
Fixed investmentNonresidentiaL _ ___ .
Structures.Producers' durable equipment __.
Residential structures—___-_____—______Nonfarm ......Farm. _,
Change in business inventoriesNonfarm __.Farm____ __.
Net exports of goods and services _;Exports... __.Imports—-.
Government purchases of goods and services _.Federal ___.
National defenseOther ___________________
State and local
Addendum: Implicit price deflator for seasonallyadjusted GNP, 1958=100_____.________
p Preliminary.
560.3
355.1
49.5162.6143.0
83.0
77.051.719.232.525.324.8
.66.05.3
. 7
5.130.325.1
117.163.451.611.853.7
105.7
589.2
373.8
53.4168.0152.3
86.9
81.254.319.734.626.926.3
.65.74.9
.8
5.932.426.4
122.664.450.813.658.3
107.1
628.7
398.9
58.7177.5162.6
92.9
88.160.521.139.427,527.0
.64.85.4
- . 6
8.637.028.5
128.465.349.915.463.1
108.9
675.6
428.5
64.8189.0174.7
104.9
97.569.824.345.527.627.1
. 67.47.1
. 3
7.239.232.0
135.066.749.916.868.2
110.9
641.1
405.9
57.9180.9167.1
97.7
90.263.521.542.026.726.2
.67.57.8
- . 3
8.938.429.5
128.664.348.815.564.3
109.6
657.6
416.9
64.6182.8169.5
103.4
94.666.923.243.727.727.1
. 68.89.2
- . 4
6.034.728.6
131.364.948.816.166.4
110.0
668.8
424.5
63.5187.9173.1
102.8
96.468.424.543.928.027.5
.66.46.6
- . 2
8.040.432.4
133.565.749.216.567.8
110.8
681.5
432.5
65.4190. 5176.7
106.2
98.670.924.246.727.727.1
. 67.67.0
.6
7.440.132.7
135.466.549.816.768.9
111.2
694.6
440.1
65.7194.8179.6
107.5
100.573.225.447.827.226.7
.57.05.81.2
7.441.434.1
139.669.752.017.7
111.7
530.0
49.2158.4131.1
79.4
73.449.717.931.723.823.2
.66.05.2.7
4.530.025.5
107.560.0
47.5
550.0
352.4
53.2161.8137.3
82.3
76.651.918.033.824.724.1
.55.74.9
5.632.226.5
109.859.7
50.0
577.6
372.1
58.5169.4144.2
86.3
81.757.118.938.324.624.0
.54.65.1
—.5
8.536.527.9
110.757.8
52.8
609.0
394.1
65.4177.0151.6
96.1
88.965.021.243.823.923.3
.57.26.9.3
6.037.331.3
112.857.2
55.6
584.7
376.8
57.9171.8147.1
90.2
83.159.619.040.623.623.0
.57.17.3
37.329.0
109.456.1
53.3
597.7
386.1
64.5173.2148.4
95.4
62.520.342.224.323.8
.58.69.0
- . 4
5.132.927.8
111.256.4
54.8
603.5
390.5
63.4176.4150.7
94.2
88.163.721.442.324.423.9
.56.26.4
- . 2
6.638.531.9
112.156.8
55.3
613.0
396.9
66.4177.8152.7
96.9
89.766.021.045.023.723.2
.57.26.6
6.238.332.1
113.057.0
56.0
621.7
402.8
67.4180.8154.7
97.8
91.067.922.045.923.122.6
.56.85.61.2
6.139.533.4
114.958.fi
56.3
Table 2.—National Income by Type of Income
[Billions of dollars]
National income _ .
Compensation of employees..
Wages and salaries _.Private _ _ _ _.Military—__________Government civilian..
457.7 481.1
323.6 341.0 365.3 391
296.1311.2 333.5 357.'. 4 342.6240.1 251. 6 269.2 288. 5 276.5
Supplements to wages and salaries—Employer contributions for social
insurance_________ __Other labor income___ ___.
Employer contributions to privatepension and welfare funds _______
Other—.— ___.
Proprietors' income-
Business and professional—_________Income of unincorporated enterprises-Inventory valuation adjustment-
Farm—.
Rental income of persons ____.
Corporate profits and inventory valuationadjustment.... ______ __.
Profits before tax._________Profits tax liabilityProfits after tax__
Dividends— _.Undistributed profits-
Inventory valuation adjustment-
Net interest._—__—_.
1962
10.845.2
27.5
13.713.9
11.42.5
50.1
37.137.1
13.0
55.
55.424.231.215.216.0
11.6
1963
514.4 554.6 526.3
.9 375.4
10.848.829.8
15.014.8
12.12.7
50.8
37.837.8
13.0
17.6
58.1
58.626.032.615.816.8
13.6
1964 1965*
11.752.6
31.8
15.416.5
13.52.9
51.1
39.139.1
12.0
18.2
64.5
64.827.637.17.219.9
15.2
12.456.5
34.5
16.318.2
54.5
40.340.6
14.3
18.6
73.1
74.630.144.518.925.6
16.5
1964
IV
1965
II III IV
Seasonally adjusted atannual rates
11.954.3
32.7
15.717.1
51.8
39.6
12.2
18.5
64.9
65.928.137.817.
20.0
- 1 . 0
15.7
540.6 549.5
382.4 387.9
348.9 353.6282. 0 285.911.855.0
33.5
16.017.
51.9
39.9
12.0
18. i
71.'
73.129.543.618.025.7
- 1 .
16.1
11.855.9
34.3
16.218.1
54.6
40.1
14.
18.6
72.0
73.929.844.118.625.5
- 1 . 8
16.4
557.9
393.7 403.6
359. 0 368.1290. 0 296.112.3
56". 7
34.7
16.318.4
55.4
40.4
15.0
18.6
73.5
74.630.144.519.225.3
- 1 . 2
16.
13.758.335.5
16.618.9
56.2
40.7
15.5
18.7
Preliminary.
26
Table 3.—Personal Income and Its Disposition[Billions of dollars]
Personal incdme.. 442.6 464.8 495. 0 530. 7 507.1
Wage and salary disbursements.—-Commodity-producing industries
Manufacturing ___Distributive industries .Service industriesGovernment..— _______
296.1 311. 2 333. 5 357. 4 342.7 348.143.9
Other labor income..
Proprietors* incomeBusiness and professional..Farm...
Rental income of persons-Dividends
Personal interest income.
Transfer paymentsOld-age and survivors insurance
benefitsState unemployment insurance
benefits-Veterans' benefitsOther_____ ......
Less: Personal contributions for socialinsurance.... ____-.____ _._
Less: Personal tax and nontax payments. _Equals: Disposable personal income
n.a. Less: Personal outlays-
n.a. Personal consumption expend.-n.a. tures ____' .n.a. Interest paid by consumers19.9 Personal transfer payments ton.a. foreigners—--—- ,
- 1 . 6 Equals: Personal saving.. _ _
17.1 Addendum: Disposable personal incomein constant (1958) dollars.— ______
1962
72.546.856.0
13.9
50.137.113.0
16.715.2
27.7
33.3
14.3
2.94.8
11.2
10.3
363.7
8.1
1963
120.8 125.7 133.996.7 100.6 107.2
81.154.164.3
16.5
51.139.112.0
18.217.2
34.3
36.6
16. 0
2.65.3
12.7
76.049.959.6
14.8
50.837.813.0
17.615.8
31.1
35.2
15.2
2.85.0
12.1
11.8
57.4385.3 403.8 435
355.1373.8 398.99.0
.6
20.4
1964 1965*
12.4
383.4 409.5 440.2
10.0
26.321.6
367.6 380.6 406.5 428.1
86.558.1
18.2
54.540. 314.3
18.618.9
37.1
39.2
18.0
2.25.6
13.4
13.:
(.9 353.137.4 140.8 142.3 144.4 148. 0110. 0 113. 0 114. 2 116. 0 118.9
VI
11.1
25.1
1964
IV
1965
II III IV
Seasonally adjusted atannual rates
516. 2 524.7
83.255.966.2
17.1
51.839.612,2
18.517.7
35.3
36.
16.3
2.45.312.7
12.7
10.4
.6
29.5
65.4.8 465.3 446.4 451.4 458.5 471
84.756.5
17.5
51.939.912.0
18.518.0
36.0
38.4
16.6
2.45.5
13.9
12.9
64.8
10.6
23.3
414.5 417.9
536.0 546.0
6 359.0 368.1
57.567.7
18.1
54.640.114.5
18.618.6
36.7
37.5
16.6
2.25.6
13.1
13.0
66.2
416.9 428.1 436.1 444.4 452.3
428. 5 405.9 416.9 424. 5 432. 5 440.111.0
.6
22.4
421.'
87.058.569.0
18.4
55. 440.415.0
18.619.2
37.5
41.2
20.4
2.25.6
13.1
13.3
64.8
11.3
.6
26.8
88.259.972.0
18.9
56.240.715.5
18.719.9
38.2
39.7
18.6
2.05.7
13.4
13.6
65.7480.3
11.6
28.0
432.3 439.4
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Table 4.—Relation of Gross National Product, National Income,and Personal Income
[Billions of dollars]
Table 7.—National Income by Industry Division
[Billions of dollars]
G r o s s n a t i o n a l p r o d u c t _________
Less: Capital consumption allowances. __
Equals: Net national product
Less: Indirect business tax and nontaxliability ____,.__-____-__.
Business transfer payments _.Statistical discrepancy. ____ ___.
Plus: Subsidies less current surplus ofgovernment enterprises .
Equals: National income.
Less: Corporate profits and inventoryvaluation adjustment___-__-____.
Contributions for social insurance__Wage accruals less disbursements. _
Plus: Government transfer payments topersons... __„_
Interest paid by government (net)and by consumers
Dividends __Business transfer payments— _.
Equals: Personal income..
1962
560.3 589.2 628.7 675.6 641.1 657.6 668.8 681.5 694.6
50.0
510.4 536.5 573.0 616.8 584.3 599.9 610.5 622.4 634.7
51.52.1.5
55.724.0
.0
31.2
16.115.22.1
1963
52.8
54.62.2
- . 7
1.4
457.7 481.1
58.126.8
.0
33.0
17.515.82.2
1964
55.7
58.02.3
- . 5
1.2
64.527.8
.0
34. 2
19.117.22.3
442.6 464.8 495.0 530.7 507.1
1965*
58.7
62.02.3
•1.2
73.129.5
.0
36.8
20.618.92.3
1964 1965
IV I II III IV
Seasonally adjusted atannual rates
56.9
59.32.4
- 2 . 2
1.5
61.52.3
- 3 . 1
1.4
64.928.4- . 1
34.4
19.517.72.4
57.7
514.4 554.6 526.3 540.6 549.5 557.9
71.728.9
.0
36.0
19.918.02.3
58.3
61.42.3
- 1 . 4
1.3
72.029.2
.0
35.1
20.418.62.3
59.1
62.02.31.4
1.2
73.529.6
.0
38.9
20.819.22.3
516.2 524.7 536.0 546.0
62.92.3
1.1
30.2.0
37.3
21.119.92.3
1962
457.7
18.528.5
137. 055.681.419.1
9.770.3
50.750.7
60.73.3
1963
481.1
18*630.1
143.857.786.119.99.8
10.273.3
53.254.1
64.83.3
1964
AH industries, total_______
Agriculture, forestry, andfisheries-- _
Mining and construction _______Manufacturing. _
Nondurable goods--.—-Durable goods_.__ ______
Transportation-_ __________Communication-Electric, gas, and sanitary
servicesWholesale and retail tradeFinance, insurance, and real
estate ____________________Services.-.____Government and government
enterprises .Best of the world
p Preliminary.
Table 8.—-Personal Consumption Expenditures by Major Type
[Billions of dollars]
514.4
17.632.4
154.761.992.821.010.6
10.878.1
57.058.0
70.04.1
1965
554.6
19.934.6
169.666.2
103.422.611.3
11.683.2
61.8
74.94.6
1964
IV
1965
II III IV
Seasonally adjusted at annualrates
526.3
17.733.5
158.163.394.821.410.8
11.179.5
58.859.5
71.93.9
540.6
17.434.0
166.765. 5
101.221.811.0
11.281.8
59. 260.1
72.74,6
549.5
20.234.2
167.465.6
101.822.511.0
11.682.6
60.361.1
73.74.8
557.9
20.634.7
170.266.2
104.022.911.4
11.683.6
60.862.4
75.04.5
n.a.n.a.n.a.n.a.n.a.n.a.n.a.
n.a.n.a.
n.a.n.a.
n.a.n.a.
p Preliminary.
Table 5-.—Foreign Transactions in the National Income andProduct Accounts
[Billions of dollars]
Receipts from foreigners. ___ _ _
Exports of goods and services.__
Payments to foreigners.__
Imports of goods and services. __
Transfers to foreigners... _.__
Government
Net foreign investment
1962
30.3
30.3
30.3
25.1
2.7. 5
2.2
2.5
1963
32.4
32.4
32.4
26.4
2.8.6
2.2
3.2
1964
37.0
37.0
37.0
28.5
2.7.6
2.2
5.8
1965 v
39.2
39.2
39.2
32.0
2.8.6
2.2
4.4
1964
IV
1965
ii in iv
Seasonally adjusted at annualrates
Personal consumption ex-penditures.
Durable goods______ _.
38.4
38.4
38.4
29.5
2.7
2.1
6.2
34.7
34.7
34.7
28.6
2.6a
2.0
3.4
40.4
40.4
40.4
32.4
3.1a
2.4
5.0
40.1
40.1
40.1
32.7
2.8
2.1
4.7
41.4
41.4
41.4
34.1
2.8.6
2.14.6
Automobiles and parts. TFurniture and household
equipment ___.Other ________________
Nondurable goods.Food and beverages_Clothing and shoes...Gasoline and oil_____.Other.. _______
Services _.: .Housing-.Household operation..Transportation _.Other. _
1962
355.1
49.5
22.0
20.56.9
162.685.729.612. 934.4
143.052.022.011.058.0
1963
373.8
53.4
24.3
21.97.3
168.088.230.513.535.8
152.355.523.111.462.3
1964
398.9
58.7
25.8
24.78.2
177.592.333.314.037.8
162.659.524.411.767.0
1965
428.5
64.8
29.9
25.99.0
189.098.235.114.741.0
174.764.725.812.272.0
1964
IV
1965
II III
Seasonally adjusted at annualrates
405.9
57.9
24.8
24.88.3
180.994.134.014.238.6
167.161.424.811.969.1
416.9
64.6
30.3
25.58.8
182.894.834.314.239.5
169.562.724.911.970.0
424.5
63.5
29.3
25.48.9
187.997.335.014.740.8
173.164.025.512.171.4
432.5
65.4
30.3
26.09.1
190.599.335.214.841. 2
176.765.326.312. 372.7
440.1
65.7
29.6
26.99.2
194.8101.436.014. 942.5
179.666.726.612.573.8
Preliminary. p Preliminary.
Table 6.—Gross National Product by Major Type of Product in Current and Constant Dollars
1962 1963 1964 1965 p
1964
IV
1965
II III
Seasonally adjusted at annual rates
Billions of current dollars
1962 1963 1964 1965 p
1964
IV
1965
II III IV
Seasonally adjusted at annual rates
BiUions of 1958 dollars
Gross national product
Final sales. __________
Inventory change
Goods output
Final sales. ____Inventory change
Durable goods outputFinal sales ________Inventory change. ___.
Nondurable goods output.Final sales..Inventory change
Services __.Structures •_.Addendum: Auto product
p Preliminary.
560.3
554.36.0.
284.5
278.56.0
109.0106.2
2.8
175.5172.2
3.2
213.362.622.5
589.2
583.55.7
296.8
291.15.7
115.9113.1
2.8
181. 0178.1
2.9
226.965.525.0
628.7
623.94.8
316.1
311.34.8
126.1122.8
3.3
190.0188.4
1.5
244.068.625.9
675.6
668.17.4
340.8
333.37.4
139.3133.4
5.9
201.5200.0
1-5
261.173.731.4
641.1
633.67.5
323.3
315.87.5
128.8124.3
4.4
194.6191.5
3.1
249.768.123.4
657.6
648.88.8
331.6
322.88.8
137.2130.1
7.1
194.4192.8
1.6
253.872.133.0
668.8
662.46.4
335.5
329.16.4
136.6130.3
6.2
198.9198.7
.2
259.074.231.5
681.5
673.97.6
344.6
337.17.6
141.9135.4
6.5
202.7201.7
1.0
263.073.931.2
694.6
687.57.0
351.4
344.47.0
141.5137.7
210.0206.7
3.2
74.530.0
530.0
524.06.0
277.5
271.56.0
107.0104.1
2.8
170.5167.4
3.1
193.758.822.0
550.0
544.45.7
288.3
282.65.7
114.0111.2
2.8
174.3171.4
2.9
201.560.224.7
577.6
573.04.6
304.6
300.04.6
123.1120.0
3.1
181.5180.0
1.5
211.561.425.5
609.0
601.87.2
324.6
317.47.2
135.9130.2
5.7
188.7187.2
1.5
220.364.031.5
584.7
577.77.1
310.2
303.17.1
125.5121. 2
4.3
184.7181.9
2.8
214.360.323.2
597.7
589.28.6
317.9
309.38.6
133.7126.7
7.0
184.3182. 7
1,6
216.463.532.7
603.5
597.36.2
319.1
313.06.2
132.5126.5
6.0
186.6186.5
.2
219.564.931.2
613.0
605.87.2
327.9
320.77.2
138.8132.6
6.2
189.1188.1
1.0
221.363.731.4
621.7
614.96.8
333.6
326.86.8
138.7135.1
194.9191.7
3.2
224.164.030.8
27
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
28 SURVEY OF CUREENT BUSINESS January 1966
Table 9.— Government Receipts and Expenditures[Billions of dollars]
Federal Government receipts.Personal tax and nontax receipts
Corporate profits tax accruals •_.Indirect business tax and nontax ac-
* cruals_ _ _.Contributions for social insurance—
Federal Government expenditures..Purchases of goods and services _.
Transfer payments ____.To persons ___•To foreigners (net)
Grants-in-aid to State and local gov-ernments _•
Net interest paid-- . . .
Subsidies less current surplus of gov-ernment enterprises— __.
Surplus or deficit (—) on income andproduct account.-_ _
State and local government receipts
Personal tax and nontax receipts. .Corporate profits tax accruals _.Indirect business tax and nontax ac-
c rua l s—- _-_Contributions for social insurance.Federal grants-in-aid...
State and local government expenditures.
Purchases of goods and services.Transfer payments to personsNet interest paid..Less: Current surplus of govern-
ment enterprises __•
Surplus or deficit (—) on income andproduct account.- — _.
1962
106.4 114.3 114.5 124.153.928.3
48.622.7
14.620.5
63.4
27.725.52.
8.0
7.2
4.0
- 3 . 8
58.6
8.71.4
3.58.0
57.6
53.75.7.8
2.6
.9
1963
51.524.5
15.323.0
64.4
29.227.02.2
9.1
7.8
3.6
.3
63.1
9.51.5
39.23.89.1
62.2
58.36.0.8
2.8
.9
1964 1965*
48.626.0
16.123.7
65.3
29.927.82.
10.4
8.4
4.3
- 3 . 8
68.6
10.61.6
41.94.1
10.4
67.2
63.16.5•8
3.1
1.4
16.825.2
66.7
32.129.92.2
11.4
8.8
4.5
.6
74.2
11.51.8
45.24.3
11.4
72.6
68.26.9. 7
3)3
1.7
1964 1965
IV I I I I I I IV
Seasonally adjusted atannual rates
116.849.826.5
16.424.2
117.964.3
29.827.72.1
10.8
8.4
4.7
- 1 . 1
70.5
10.91.6
42.94.2
10.8
68.6
64.36.6
- .8
3.1
1.9
123.753.527.7
17.724.7
120.164.9
31.229.22.0
10.8
8.6
4.6
3.6
71.8
11.21.8
43.84.2
10.8
70.8
66.46.8.7
3.2
.1.1
124.454.828.0
16.724.9
120.665.7
30.628.22.4
11.0
8.7
4.5
3.8
73.2
11.41.8
44.74.3
11.0
72.1
67.86.9.7
3.2
1.1
122.753.228.3
16.125.2
125.666.5
34.132.02.1
11.7
8.8
4.5
- 2 . 9
75.4
11.61.8
45.94.4
11.7
73.2
68.96.9.7
3.3
2.2
54.0
16.525.8
127.669.7
32.530.32.1
12.0
8.9
4.4
11.7
46.44.4
12.0
74.2
7.0
3.3
Preliminary.
T a b l e 10.—Sources a n d Uses of Gross Saving
[Billions of dollars]
Gross private saving
Personal saving .Undistributed corporate profitsCorporate inventory valuation adjust-
ment__—__Corporate capital consumption allow-
ances.— __„___.Noncorporate capital consumption al-
lowances.Wage accruals less disbursements
Government surplus on income andproduct account.-__-_
Federal.. _ _.State and local..—_ _ __„_.
Gross investment... ____—___.
Gross private domestic investmentNet foreign investment- —
Statistical discrepancy- _________
1962
87.9
21.616.0
30.1
19.9.0
-2.9
-3.8.9
85.5
83.02.5
.5
89.5 101.7 107.9 105.3 105.3
20.416.8
- . 4
32.0
20.8.0
1.2
90.0
86.93.2
- . 7
1964 1965*
26 319.9
34,0
21.7.0
- 2 . 4
1.4
5.8
25.125.6
- 1 . 5
36.1
22.7.0
1.7
98.7 109.3
92.9 104.94.4
- . 8
1964 1965
IV I I I I I I IV
Seasonally adjusted atannual rates
29.520.0
- 1 . 0
34.8
22.1
- 1 . 11.9
6.2
- 2 . 2
23.3
25.7
-1 .4
35.422.3
• 0
4.7
3.61.1
3.4
- 3 . 1
104.4 110.0
22.425.5
- 1 . 8
35.8
22.5.0
4.9
1.1
103.9 106.8 107.8 110.9 112.1
97. 7 103. 4 102. 8 106. 2 017. 54.65.0
- 1 . 4
26.825.3
- 1 . 2
36.3
22.8.0
—.7
- 2 . 92.2
4.7
1.4
28.0
- 1 . 6
36.8
23.1.0
Preliminary.
Table 11.—Corporate Profits (Before Tax) and Inventory ValuationAdjustment, by Broad Industry Groups
[Billions of dollars]
All industries, total. _
Financial institutionsMutual _Stock
Nonfinancial corporationsManufacturing
Nondurable goo dsDurable goods
Transportation, communi-cation, and public utili-ties _ _
All other industries
1962
55.7
8.12.06.1
47.626.612.514.1
8.512. 4
1963
58.1
7.51.65.9
50.628.713.215.4
9.212.7
1964
64.5
8.01.76.3
56,532.114.917.2
10.014.3
1965 P
73.1
8.9
64.137.316.720.7
10.815.9
1964
IV
1965
I II III IV
Seasonally adjusted at annual* rates
64.9
8.5
56.432.315.317.1
10.114.0
71.7
8.3
63.437.316.620.8
10.515.5
72.0
8.9
63.236.716.620.1
10.516.0
73.5
9.2
64.337.316.620.7
11.016.0
n.a.
n.a.
n.a.n.a.n.a.n.a.
n.an.a
p Preliminary.
Table 12.—Corporate Gross Product 1
[Billions of dollars]
Corporate gross product
Capital consumption allowances _.Indirect business taxes plus transfer pay-
ments less subsidies- •__Income originating in corporate business.
Compensation of employees __.Wages and salaries ____Supplements.
Net interest. _ ___.Corporate profits and inventory valua-
tion adjustmentProfits before tax_____ .
Profits tax liability. _..Profits aftertax _ _.
Dividends ___.Undistributed profits _.____.
Inventory valuation adjustment
. Gross product originating in finan-cial institutions---—- -
Gross product originating in non-financial corporations-
Capital consumption allowances:Indirect business taxes plus transfer pay-
ments less subsidiesIncome originating in nonfinancial
corporations.---Compensation of employees
Wages and salaries—— - - - - - —Supplements -__-.
Net interest .- .-Corporate profits and inventory val-
uation adjustment __Profits before tax
Profits tax l iabi l i ty . - .Profits after tax -___
DividendsUndistributed profits
Inventory valuation adjustment— _-.
Addenda:Cash flow, gross of dividends:
All corporations.—.Nonfinancial corporations
Cash flow, net of dividends:All corporations ;_Nonfinancial corporations ______
1962
317.4 334.2 358.6 388.0 367.0 380.4 384
30.1
37.0256.4 269.4 289.8 314.8 296. 6 307.9 311. 5 316.631.0 35.6
596.6205.9 216.3 231.2 248.4 237.7186.1 194.9 208. 5 223.619.8
- 2 . 6
53.152.824.28.14.014.7
.3
14.6
29.3
29.7
45.044.20.923.912.811.1
. 3
58.53.2
44.840.4
32.0
32.8
21.4- 2 . 5
55.656.026.030.014.815.2
14.3
302.8 319.8 343.3 371,
31.
31.4
243.8 257.3194.7176.18.54.1
19.94.8
48.148.522.625.913.812.2— .4
62.057.1
47.243.3
1964 1965*
34.0
34.8
22.7- 2 . 8
61.461.727.634.116.018.1
15.3
33.1
33.3
204.4 218. 4 234.7184. 5 197. 3
21.15.0
53.453.23.630.014.15.3
68.0
52.148.5
36.1
37.1
24.8- 3 . 1
71.030.140.917.523.4
- 1 . 5
16.5
35.2
35.
276.8 300.7
60.562.026.335.716.019.7
- 1 . 5
76.970.8
54.8
1964
rv
1965
I II III IV
Seasonally adjusted atannual rates
34.8
242.8 246.3 249.7 255.0214.2 218.8 221. 6 224.7 229.423.5
- 3 . 0
61.962.928.134.816.518.3
- 1 . 0
283.1
211. 6 202. 6 207.23.15.5
21.85.3
53.554.423.930.615.215.4
- 1 . 0
69.664.5
53.149.3
35.4r
37.0
24.0- 3 . 0
68.169.629.540. 016.523.5
-1 .4
15.9
34.6
35.4
'.022.35.
59.861.26.035.215.120.1
- 1 . 4
75.569.8
59.054.6
35.8
0 389.9
36.3
24.7- 3 . 1
68.270.129.840.317.123.2
- 1 . 8
15.9
351.0 364.5 367.5 373.1
33.9
34.0
16.5
34.9
35.2
294.5 297.4 302.3 n.a.224. 4 229.4 232.6 236.0 240.9
209. 7 212.7 217.122.9 23.2 23.85.4 5.5 5. 7
59.461.26.135.115.619.5
- 1 . 8
76.070.0
59.054.4
25.0- 3 . 1
70.071.230.141.117.823.2
- 1 . 2
16.8
35.4
35.4
60.862.026.335.16.419.3
- 1 .
77.371.1
59.554.7
37.6n.a.
25.6- 3 . 2
n.a.n.a.n.a.n.a.n.a.n.a.- 1 . 6
n.a.
n.a.
35.9
36.0
n.a.n.a.n.a.n.a.n.a.n.a.
- 1 . 6
n.a.n.a.
n.a.n.a.
i Excludes gross product originating in the rest of the world. » Preliminary.
U. S. GOVERNMENT PRINTING OFFICE : 1966 O - 796-566
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT BUSINESS STATISTICS
JLHE STATISTICS here update series published in the 1965 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEYOF CUKRENT BUSINESS. That volume (price $2.00) provides a description of each series, references to sources of earlier figures, and historical dataas follows: For all series, monthly or quarterly, 1961 through 1964 (1954-64 for major quarterly series), annually, 1939-64; for selected series,monthly or quarterly, 1947-64 (where available). Series added or significantly revised after the 1965 BUSINESS STATISTICS went to press are indicatedby an asterisk (*) and a dagger (f), respectively; certain revisions for 1964 issued too late for inclusion in the 1965 volume appear in the monthlySURVEY beginning with the September 1965 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein correspondingto revised annual data are available upon request.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided throughthe courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1962 1963 1964
Annual total
1962
IV
1963
I II III IV
1964
I II III IV
1965
I II III IV* *
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
Gross national product, total. bil. $__
Personal consumption expenditures, total do____
Durable goods, total9 doAutomobiles and parts do____Furniture and household equipment do
Nondurable goods, total 9 doClothing and shoes doFood and beverages doGasoline and oil do
Services, total 9 do_.Household operation do_.Housing do_!Transportation ____ _do_.
Gross private domestic investment, total do
Fixed investment ...doNonresidential do___.
Structures do____Producers' durable equipment. do
Residential structures doNonfarm do____
Change in business inventories doNonfarm___ _.__do
Net exports of goods and services __do_Exports.- do_.Imports do.
Govt. purchases of goods and services, total..doFederal _.._ do
National defense _.__doState and local •_ do.
By major type of product:Final sales, total do
Goods, total doDurable goods doNondurable goods do____
Services doStructures do____
Inventory change, total do_.Durable goods do..Nondurable goods _do_.
GNP in constant (1958) dollars
Gross national product, total bil. $_
Personal consumption expenditures, total_.__do___
Durable goods. do..Nondurable goods do..Services _do_.
Gross private domestic investment, total.....do
Fixed investment.; do_.Nonresidential do..Residential structures do..
Change in business inventories do..
Net exports of goods and services do_.
Govt. purchases of goods and services, total. _doFederal do_State and local do_
560.3
355.1
49.522.020.5
162. 629.685.712.9
143. 022.052.011.0
83.0
77.051.719.232 525.324.86.05.3
5.130.325.1
117.163.451.653.7
554.3278.5106.2172.2213.362.6
6.02.83.2
530. 0
338.6
49.2158.4131.1
79.4
73.449.723.86.0
4.5
107.560.047.5
589.2
373.8
53.424.321.9
168. 030.588.213.5
152.323.155.511.4
86.9
81.254.319.734.626.926.35.74.9
5.932.426.4
122.664.450.858.3
583.5291.1113.1178.1226.965.5
5.72.82.9
550.0
352.4
53.2161.8137. 3
82.3
76.651.924.75.7
5.6
109.859.750.0
628.7
398.9
58.725.824.7
177. 533.392.314.0
162.624.459.511.7
92.9
88.160.521.139.427.527.04.85.4
37.028.5
128.465.349.963.1
623.9311.3122.8188.4244.0
4.83.31.5
577.6
372.1
58.5169.4144.2
86.3
81.757.124.64.6
8.5
110.757.852.8
572.0
363.0
51.123.021.0
165.330.286.713.4
146.722.453.611.2
84.7
78.352.719.533.225.625.06.45.3
4.930.525.5
119.364.450.955.0
565.6283.8108.1175.6218.563.4
6.41.74.7
538.5
344.8
50.8160.2133.8
80.7
74.550.723.86.2
4.4
108.560.648.0
577.0
368.0
52.223.621.4
166.630.387.513.3
149.222.854.511.3
82.6
78.152.119.033.126.025.44.5
4.530.025.6
121.965.451.556.5
572.5287.2109.8177.4222.163.2
4.52.02.5
541.2
348.3
52.0161.0135.3
78.7
74.250.024.24.4
4.0
110.361.349.1
583.1
371.1
52.623.921.4
167.430.288.113.4
151.122.855.311.4
84.8
80.153. 419.234.226.726.1
4.74.2
6.232.426.2
120.963.650.557.4
578.4289.2112.0177.2225.164.1
4.73.41.4
544.9
350.0
52.3161.2136.5
80.5
75.851.224.64.6
5.8
108.759.249.5
593.1
376.6
54.124.622.1
169.231.188.513.5
153.323.555.711.4
87.9
82.155.120.035.126.926.45.85.2
5.732.626.9
123.064.251.058.8
587.3292.9114.3178.6228.266.2
5.82.33.5
553.7
355.1
54.1163.0138.0
83.0
77.252.624.65.8
5.5
110.059.750.3
603.6
379.5
54.924.922.7
168.930.688.713.7
155.723.356.511.5
92.4
84.356.520.536.027.927.38.1
7.334.427.1
124.364.450.359.9
595. 5295.3116.2179.1232.168.0
8.13.84.3
560.0
356.4
54.7162.1139. 6
86.9
79.053.725.37.9
7.1
109.658.750.8
614.0
389.1
57.425.523.9
173.732.390.614.0
158.023.657.511.7
89.7
86.558.120.737.528.427.83.33.6
36.327.5
126.365.049.861.3
610.7304.9120.1184.9237.368.5
3.32.21.1
567.1
364.5
57.0166.4141.1
80.755.125.73.0
9.0
109.958.251.7
624.2
396. 0
59.125.725.1
175.733.291.313.9
161.224.458.811.7
90.9
58.921.137.927.927.34.15.1
7.736.028.2
129.767.051.762.7
620.1308.3121.6186.8242.869.0
4.13.5
575.9
58.7167.8143.3
85.2
80.755.725.04.5
8.1
112.859.952.9
634.8
404.6
60.527.125.0
179.833.893.314.0
164.324.860.111.8
92.6
61.621.140.527.226.63.84.6
37.328.5
128.764.949.563.8
631.0316.0125.4190.6246.4
2.71.1
582.6
377.3
60.2171.6145.5
86.0
82.258.124.13.8
8.7
110.557.153.4
641.1
405.9
57.924.824.8
180.934.094.114.2
167.124.861.411.9
97.7
90.263.521.542.026.726.27.57.8
8.938.429.5
128.664.348.864.3
633.6315.8124. 3191.5249.768.1
7.54.43.1
584.7
376.8
57.9171.8147.1
90.2
83.159.623.67.1
8.3
109.456.153.3
' 657.6
416.9
'64.6'30.3' 25. 5
' 182.834.3
'94.814.2
' 169. 524.962.7
'11.9
.1103.4.
'94.6'66.9'23.2'43.7
27.727.1' 8 . 8'9 .2
'6 .0'34.7
28.6
131.364.9
'48.8'66.4
' 648. 8' 322. 8' 130.1r 192. 8r 253.8' 7 2 . 1
7.11.6
• 597. 7
• 386.1
'64.5• 173. 2• 148. 4'95.4
'62.524.38.6
' 5.1
'111. 256.4
'54.8
1 668.8
424.5
'63.5'29.3'25.4
187.935.0
'97.314.7
173.1'25.5
64.012.1
1.102.8
' 96. 4'68.4'24.5'43.9
28.027.5'6 .4
' 8 . 0' 40.4'32.4
133. 5'65.7'49.2'67.8
• 662.41 329.1• 130.3• 198. 7" 259. 0' 7 4 . 2
' 6 . 46.2' . 2
' 603. 5
' 390. 5
' 6 3 . 4p 176. 4• 150.7
' 9 4 . 2
' 8 8 . 1' 6 3 . 7' 24.4
' 6 . 2
' 6 . 6
r 112.156.8
'55.3
681. 5
432. 5
' 65. 4'30.3'26.0
190. 5'35.2
99.314.8
• 176.7'26.3
65.3'12.3
'70.9'24.2'46.7'27.7
27.1' 7 . 6' 7 .0
'7 .4'40.1'32.7
• 135. 4'66.5'49.8'68.9
• 673.9337.1135.4
• 201.7' 263.0'73.9
' 7 .6' 6 . 5' 1 .0
r 613. 0
' 396.9
'66.4' 177. 8' 152. 7
'96.9
'89.7'66.0'23.7
'7 .2
' 6 . 2
' 113. 0'57.0'56.0
440.1
65.729.626.9
194.836.0
101.414.9
179.626.666.712.5
107.5
100.573.225 A47.827.226.77.05.8
7.441.434.1
139.669.752.0
687.5344.4137.7206.7268.674.5
7.03.83.2
621. 7
402.8
67.4180.8154.7
97.84
91.067.923.1
6.1
114.958.656.3
' Revised. » Preliminary. i Preliminary annual totals for 1965 for components shownin this column appear on pp. 26-28 of this issue of the SURVEY.
9 Includes data not shown separately.
s-l796-566 O - 66 - 3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-2* SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1962 1963 1964
Annual total
1963
II III IV
1964
II I I I I V
1965
i n IV *
GENERAL BUSINESS INDICATORS—Quarterly Series—ContinuedNATIONAL INCOME AND PRODUCT—Con.Quarterly Data Seasonally Adjusted at Annual Mates]National income, total bil. $_.
Compensation of employees, total doWages and salaries, total do
Private doMilitary. doGovernment civilian do
Supplements to wages and salaries do____Proprietors' income, total 9 do____
Business and professional 9 doFarm do
Rental income of persons i doCorporate profits and inventory valuation adjust-
ment, total bil. $__By broad industry groups:
Financial institutions doNonfinancial corporations, total do
Manufacturing, total doNondurable goods industries doDurable goods industries do
Transportation, communication, and publicutilities.., bif $__
All other industries doCorporate profits before tax, total do.
Corporate profits tax liability do.Corporate profits after tax do.
Dividends do_Undistributed profits .do
Inventory valuation adjustment doNet interest doDISPOSITION OF PERSONAL INCOME
Quarterly Data Seasonally Adjusted at Annual RatesPersonal income, total bil. $__Less: Personal tax and nontax payments doEquals: Disposable personal income __-do_Less: Personal outlays© do.Equals: Personal saving§ do.
NEW PLANT AND EQUIPMENTEXPENDITURES
Unadjusted quarterly or annual totals:All industries bil.
Manufacturing doDurable goods industries doNondurable goods industries do
Mining do.Railroad do.Transportation, other than rail do.Public utilities .do.Communication do.Commercial and other do.
Seas. adj. qtrly. totals at annual rates:All industries do
Manufacturing do. . .Durable goods industries do___Nondurable goods industries do
Mining do___Railroad do. . .Transportation, other than rail do. . .Public utilities do. . .Communication do.. .Commercial and other do
U.S. BALANCE OF INTERNATIONALPAYMENTScr1
Quarterly Data Are Seasonally AdjustedU.S. payments, recorded mil. $_
Imports:Merchandise d o . . .Military expenditures do_ _ _Other services do
Remittances and pensions do.__Govt. grants and capital outflows f doIncrease in U.S. private assets, net do___
Direct investments doLong-term portfolio doS h or t-term - do
Increase in U.S. official reserve assets, net__doU.S. receipts, recorded do.
Exports:Merchandise and military sales do.Income on investments do.Other services do.
Increase in foreign assets in U.S , — d o .Liquid assets: Foreign official agenciesf._do.
Other foreign accounts do.Other liquid assets do.
Unrecorded transactions (net) doIncrease in U.S. official reserve assets and decrease
in liquid liabilities to all foreigners mil. $_Increase in U.S. official reserve assets and decrease
in liquid and certain nonliquid liabilities tforeign official agencies mil. $
457.7
323.6
296.1240.110.845.227.550.137.113.016.7
55.7
8.147.626.612.514.1
8.512.455.424.231.215.216.0
.311.6
442.657.4
385.3363.7
21.6
37.3114.687.037.651.08.85
2.075.483.639.52
481.1.341.0311.2251.6
10.848.829.850.837.813.017.6
58.1
7.550.628.713.215.4
9.212.758.626.032.615.816.8- . 413.6
464.860.9
403.8383.420.4
39.22
15.697.857.841.041.101.925.653.79
10.03
34, 932
16,9922,9296,515
8373,581
4,4561,9761"~~
785-378
35, 333
22,7284,6544, 97
1,59c61 r
762
-40 :
- 2 , 67i
-1 ,97 '
514.4365.3333.5>69.211.752.631.851.139.112.018.2
64.5
8.056.532.114.917.2
10.014.364.827.637.217.219.9- . 315.2
495.059.2
435.8409.526.3
44.9018.589.439.161.191.412.386.224.30
10.83
39,150
18, 6192,8247,014
8393,5636,4622,3761, 97-2,11-171
40, 31:
26, 05i5,45'5,5113,2941,0531,554
68"-1,16:
- 2 , 79£
-1.22
470.4
333.6
304.5246.310.547.729.050.737.513.217.1
56.3
7.648.626.812.614.2
8.912.956.124.931.215.615.6
.212.7
456.160.4
395.7377.1
18.5
8.253.271.621.65.24.21.39
1.04.85
2.26
36.9514.857.357.501.05.90
1.705.203.559.65
476.7
338.0
308.4249.410.648.429.650.537.612.917.4
57.6
7.550.128.713.415.4
9.112.258.526.032.615.716.8- . 913.2
460.160.6
399.4380.5
18.9
9.743.921.961.95
.541.40.95
2.41
38.0515.307.657.1.001.002.055.453.659.65
484.6343.0312.9253.2
10.749.130.150.937.913.017.7
59.1
7.551.629.513.416.1
9.512.658.926.132.815.817.0
.213.9
467.161.0
406.1386.3
19.8
10.143.951.961.99.27.29.45
1.60.93
2.64
40.00
15.958.008.001.051.201.855.903.85
10.20
492.6349.5318.8257.4
11.649.930.751.038.013.018.0
59.6
7.452.229.713.516.1
9.413.160.827.033.816.117.7
- 1 . 214.5
475.661.6
414.0389.524.4
11.094.562.312.25.28.33.54
1.611.062.72
41.2016.458.308.11.051.352.105.804.05
10.45
501. 6355.1324.2261.611.651.030.8
50.438.511.917.9
63.6
7.556.231.914.417.5
9.914.5
64.027.336.716.720.0-.4
330.4266.911.651.931.5
51.039.012.018.1
64.5
7.856.732.115.017.1
10.114.5
64.527.537.017.119.9.0
14.5
483.060.4
422.6399.3
23.3
9.403.791.931.87
.26
.32
.511.18
.972.37
42.5517.408.858.551.11.402.305.954.05
10.25
9,218
4,410732
1,736209753
1,32746427'58S
5:
9,506
6,3431,39C1, 34;
42S18'
7:164
-28$
- 2 5 '
510.5
361.9
15.0
490.656.9
433.6406.3
27.3
11.11
4.532.302.23.29.36.63
1.581.102.61
43.50
17.809.008.801.151.252.256.304.30
10.4,
9,195
4,599720
1,742203
1,34454C256548
- 3 0 3
9,34'
6,25S1,39E1,335
3564£
23:7
-582
- 3 5 :
519.5
369. 0
336.8271.7
11.753.332.2
51.439.412.018.3
65.5
8.457.032.515.017.5
10.214.465.327.837.517.420.1
2
15.4
499.158.8
440.3415. 325.0
11.544.672.372.30.30.37.59
1.711.062.84
45.6518.859.609.201.201.502.406.304.40
11.00
9,737
4,709691
1,736207895
1,56955147C406
-7C10, 02S
6, 55C1,3921,393
692-116
63<
-29 :
-59;
526.3375.4342.6276.5
11.954.332.751.839.612.218.5
8.556.432.315.317.1
10.114.065.928.137.817.720.0
- 1 . 015.7
507.160.7
446.4416.9
29.5
12.84
5.592. 832.76.33.35.64
1.761.173.01
47.75
20.1510.1510.00
1.301.552.606.354.40
11.40
11, 000
4,901681
1,80022C
.1,025
2,22282183356S15:
11, 43C
6,89c1,2741, 43-'1,82;
93-61:
-43 i
— 1 , 36i
- 7 8 3
540.6
382.4
1.9282.0
11.855.0
' 3 3 . 5
51.939.912.018.5
71.7
8.363.437.316.620.8
10.515.573.1
'29.5'43.6'18.0'25.7- 1 . 4
16.1
516.264.8
451.4428.1'23 .3
10.794.542.252.28.29.39.58
1.321.082.59
49.0020.7510.4010.401.251.752.556.804.55
11.30
4,663662
1,83222-'797
1, 5411,159
679-297-842
5,7611,54^l,35f
21;-20C
6'341
- 7 0 S
- 6 4 !
549.5387.9353.6285.9
11.855.934.354.640.114.518.6
72.0
63.236.716.620.1
10.516.0
•73.9'29.8'44.1'18.6'25.5- 1 . 816.4
524.7'66.2458:5436.1'22 .4
12.815.472.762.70.33.44.77
1.711.242.85
50.3521.5510.8010.701.301.552.706.854.80
11.60
5, 469702
1,926290959367891
-10C-424- 6 8
9,722
6,97'1,64<1,46^-371-27:
- 3 '-61- 7 7
205
557.93.7
359.0290.0
12.356.734.755.440.4
'15 .018.6
73.5
9.264.337.316.620.7
11.016.074.6
'30.1'44.5'19.2'25.3- 1 . 216.7
536.0'64.8471.2444.4'26.8
3.415.2.2.
l".1.3.
52.
23.11.11.1.1.
739182324472882210
75
007525.25,70
3.006.511
.75
.05
.95
9,932
5,521735
1,920235739822515356
-4S-41
10,216
7,0161,52"i,48;
19i-30C
74;- 2 5 ,- 2 8 '
260
403.6
368.1296.1
13.758.335.5
56.240.7
«15.518.7
•19.9
546.0* 65.7480.3452.3
« 28.0
14.82
6.783.413.37
.35
.40
.761.94
~34.~59
54.85
24.3512.2012.15
1.401.703.10
317. 30
12.48
5.402.702.70
.32
.40
.891.47
56.70
24.7012.4012.251.351.803.907.65
317.3
r Revised. p Preliminary. « See note 1 on p. S-l.1 Estimates for Oct.-Dec. 1965 based on anticipated capital expenditures of business.2 Estimates for Jan . -Mar . 1966 based on anticipated capital expenditures of business.
Anticipated expenditures for the year 1965 are as follows (in bil. $): All industries, 51.83; manu-facturing, total, 22.51; durable goods industries, 11.34; nondurable goods industries, 11.18;mining, 1.30; railroad, 1.68; transportation, 2.83; public utilities, 6.84; commercial and other
( incl . communication), 16.66. 3 Includes communication.
9 Includes inventory valuation adjustment.©Personal outlays comprise personal consumption expenditures, interest paid by con-
sumers, and personal transfer payments to foreigners.§Personal saving is excess of disposable income over personal outlays.cfMore complete details are given in the quarterly reviews in the Mar., June, Sept., and
Dec. issues of the SURVEY. f Less payment on U.S. Govt. loans.t Includes certain nonmarketable, medium-term, nonconvertible Govt. securities.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-3
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May- June July Aug. Sept. Oct. Nov. Dec.»
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCESeasonally adjusted, at annual rates:
Total personal income _bil. $_
Wage and salary disbursements, total doCommodity-producing industries, total do
Manufacturing _do___Distributive industries ~ _ do_ _ _
Service industries.. do___Government " _~___do
Other labor income do __Proprietors' income:
Business and professional do__Farm ao~~~
Rental income of persons _ d oDividends _____ _~do ~_Personal interest income_. doTransfer payments _do____Less personal contributions for social insurance
bil. $..
Total nonagricultural income do___.
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Governmentpayments (48 States), total mil.$_.
Farm marketings and CCC loans, total do___.Crops doLivestock and products, total 9 do___
Dairy products do___.Meat animals doPoultry and eggs _ __ do _
Indexes of cash receipts from marketings and CCCloans, unadjusted:
All commodities _ _ _1957-59=100_Crops do._,.Livestock and products do
Indexes of volume of farm marketings, unadjusted:All commodities 1957-59=100-.
Crops do_._.Livestock and products do
INDUSTRIAL PRODUCTION
Federal Reserve Index of Quantity Output
Unadj., total index (incl. utilities).___ 1957-59=100.By industry groupings:
Manufacturing, total do_Durable manufactures do.__Nondurable manufactures do___
Mining do___Utilities do
By market groupings:Final products, total do_
Consumer goods! do_Automotive and home goods do_Apparel and staples do_
Equipment, including defense do_.
Materials do_Durable goods materials do_Nondurable materials do_
Seas. adj., total index (incl. utilities) do_.By industry groupings:
Manufacturing, total do_.
Durable manufactures 9 _• do_.Primary metals do_.
Iron and steel do_Nonferrous metals and products do_
Fabricated metal products do_Structural metal parts do_
Machinery do_.Nonelectrical machinery do_.Electrical machinery do_.
Transportation equipment 9 do_.Motor vehicles and parts do_.Aircraft and other equipment do_.
Instruments and related products do_.Clay, glass, and stone products do_.Lumber and products do_.Furniture and fixtures do_.Miscellaneous manufactures do,.
Nondurable manufactures do.Textile mill products do.Apparel products do.Leather and products _do.Paper and products do
464.8
311.2125.7100.676.0
49.959.614.8
37.813.0
17.615.831.135.2
11.8
447.4
37, 25317, 32719, 9264,84711,4413,312
116126108
116119114
124.3
124.9124. 5125.3107.9140.0
124.9125.2134.4122. 3124.2
123.7121.2126.3
124.9
124.5113.3109.6126.7123.4120.2
129.2126.9132.3127.0146.1109. 5
130.2117.5108.9133.1125.0
125.3116.9125.699.8
125.1
495.0
333.5133.9107.281.1
54.164.316.5
39.112.0
18.217.234.336.6
12.4
478.7
39,068
36,89917,13519, 7645,00811, 0903,335
114124107
118119117
132.3
133.1133.5132.6111.3151.3
131.8131.7142.8128.1132.0
132.8131.2134.3
132.3
133.1
133.5129.1126. 5138.3132.7130.3
141.4142.1140.6130.7150.1112.4
136.4126.0112.6143.4133.4
132.6122.9134.1102.6133.4
506.6
342.6137.4110.183.3
55.866.117.1
39.612.2
18.517.735.236.5
12.7
490.4
4,168
4,0632,3151,748407
1,025305
151202113
157199126
136.2
137.7139.0136.0113.4
135.5135.4153.1129.8135.7
136.8135.8137.9
135.4
136.4
137.0136.1135.2140.6136.9135.8
147.7148.1147.2129.2143.9114.5
140.2127.7109.2149.3137.4
135.6128.7139.1105.4133.8
512.0
346.2139.8111.9
56.266.417.1
12.4
18.518.135.537.0
12.8
495.3
3,529
3,4791,8591,620428888282
129162105
135161116
135.5
136.4140.7131.1112.1
135.1133.3156.7125.8139.1
135.9135.2136.6
138.1
139.4
140.9138.6136.4150.9139.7137.2
150.1150.7149.2140.3167.4115.0
142.0130.2105.5151.5139.1
137.6130.3140.6105.6140.2
BIS.0515.4
346.5139.8112.2
'56.366.6
'17.4
39.812.4
18.5'17.9
35.7140.1
'12.9
•i 498. 7
3,284
3,1981,5781,620430905251
119138105
124140113
136.7
137.7140.7133.8110.8
136.7136.0156.8129.4138.3
136.7135.7137.8
138.6
140.2
142. 0139.6137.1148.0140.6137.0
150.7151.3150.0141.4169.1115.5
142.7132.4111.9150.6139.6
137.9131.7142.2108.7139.1
• 515.2
140.8113.0'84.7
'56.666.8
'17.5
12.0
18.5'18.0
36.0
37.4
'12.9
499.0
2,429
2,292822
1,470
227
857295
8463
101
139.1
140.5143.5136.8111.1
138.3137.7161.5130.1139.8
139.8138.7140.9
139.2
140.8
142.7136.9137.0149.0145.0140.9
152.5152.7152.3139.7167.7114.1
145.3131.8115.6154.3140.8
138.4132.0143.7106.6137.5
1 517.8
• 351.1141.9113. 9'85.5
' 56. 767.0
'17.6
40.111.7
18.5'18.036.2
37.6
'13.0
502.2
2,702
2,452743
1,709443971260
9165111
118
141.7
143.5147.1139.0111.1
140.9140.5167.8131.8141.6
142.5142.9142.0
140.7
142.3
144.8140.4139.5151.0145.2144.1
153.9153.8154.1144.4176.4115.3
146.9129.2120.5154.3142.4
139.1131.5144.0106.1139.0
1 5 2 0 . 5
3 5 1 . 5141.4113. 6
r 85.6
57.267.4
'18.0
40.012.9
18.6'18.236.5
37.8
'12.9
503.2
2, 549
2,466804
1,662438916267
9270108
48114
141.6
143.4147.5138.2113.0
138.5136.9162.6128.7142.0
144.3144.4144.3
140.9
142.4
145.5141.4141.2153.6147.4144.3
155.4155.2155.8144.6173.2118.6
145.5129.9114.2155.6143.2
138.5132.2144.3105.0140.0
• 5 2 5 . 0
• 353.9• 142.3• 114.1'86.2
'57.667.7
'18.1
40.114.7
18.6'18.536.737.4
'13.0
• 5 0 5 . 8
2,574
2,546823
1,723454972261
9572112
8751
114
142.6
144.6149.0139.0114.4
139.8137.8163.6129.6144.2
145.0146.9143.1
141.6
143.1
146.4140.2139.7153.4146.0142.7
156.9157.0156.8147.3175.5121.7
147.0130.3117.1156.5143.6
138.8131.6145.3110.9140.9
528. 5
355.4143.1114.8'86.5
'57.868.0
'18.2
40.115.9
18.6'19.1
37.037.2
'13.1
508.2
2,922
2,8961,1061,790438
1,050278
10896116
10591115
145.2
147.2151.7141.5115.9
143.2141.6165.8133.9146.8
147.0149.5144.5
142.7
144.1
148.1143.0143.3146.1146.4144.3
159.0159.4158.4149.5178. 0123.3
149.8131.6112.8156.8143.6
139.0132.2145.4105.1139.4
530.4
357.4144.0
• 115. 6' 8 6 . 8
' 5 8 . 268.3
'18.3
40.3' 15.2
18.6'19.0
37.2
37.6
'13.2
510.8
3,152
3,0461,2971,749413
1,029291
113113114
114117111
139.3
140.3144.9134.6112.3
138.3135.2147.0131.4144.9
140.3142.9137.5
144.2
145.7
150.0148.7152.1138.4148.0145.5
160. 6161.7159.2149.8177.4124.1
152.1132.6115.4155.8143.5
140.4133.8143.8107.7142.1
• 532.1
• 358.8• 144. 6• 116.1'87.0
'58.568.7
'18.4
40.4'14.9
18.6'19.237.537.7
'13.3
• 512.9
3,864
3,2241,3361,888
4051,146
318
120116123
118116119
143.2
143.9143.3144.7118.2
141.1138.9129.6141.8145.9
145.1144.5145.7
144.5
146.0
150.5146.5143.3149.0147.5145.0
161.4162.4160.1151.5177.5127.3
152.6133.5117.2156.3146.6
140.4134.8141.9107.0141.1
' 545.4
' 360.8' 144. 7'116.4'87.2
'58.8'70.1'18.4
40.5'14.9
18.6' 19. 537.7
2 48.4
13.4
r2 526.2
4,521
3,9031,8832,020397
1,275332
145164131
140160126
145.9
147.5• 148.3146.5• 114.2
145.7• 143.8148.4• 142.3• 149. 7
• 146.2
• 146.6
• 145.8
• 143. 5
' 145.2148.2'131.2125.0
r 152.3147.0144.7
162.3162.4162.1149.4
'175.2125.6
155.7133.8116.2156.8147.1
141.3135.7
r 143. 8108.2143.9
• 541.3
• 364. 7146.1• 117. 5'87.8
'59.671.3
'18.6
40.6'15.3
18.7'19.737.9
'39.3
13.5
521. 7
5,263
4,9232,7702,153
4221,359358
183241140
181242135
149.9
152.2154.5149.3118. 5
151.4150.1174.8142.2• 154.1
' 148.6• 147. 5• 149.7
• 144.8
• 146.3
149.7• 123.3'115.9• 152.4• 149.5' 148.2
' 165.6165.7
' 1 6 5 . 5153.6
' 177.1131.8
' 158. 0' 134.4'118.3'159.7' 150. 4
'142.0' 136. 9
145. 7109.3
' 142.2
r 546.1
• 368.3• 148.1• 119.1'88.2
'60.072.0
'18.9
40.7'15.5
18.7'19.938.2
'39.6
13.6
• 526.3
4,370
4,2872,2082,079410
1,309
160192135
160200129
148.3
150.6154.6145. 5117.6
148.6145. 6173.6
155.2
• 147.9146.1149.8
• 146.3
' 147.9
'151.3121.1
'113.0157.8154.2
' 153.0
' 167.3' 166.8' 168. 0'156.0' 177.6' 135.8
' 159.2135.4118.2
' 162.7r 153.3
<• 143.6138.8
144.7
550.5
371.2149.7120.188.5
60.372.619.0
40.815.7
18.720.238.540.2
13.7
530.4
146.1
147.6154. 5138.8Ii7.2
145.9139.8167
158.9
146.6146148
148.3
150.1
154.7128119
157155
170169170159178140
161145
165155
144.4
' Revised. v Preliminary. i Italicized total excludes stepped-up rate of NSLI dividendpayments to veterans; total disbursements of $200 million put on annual rate basis amountedto $2.4 billion. Figures for transfer payments and total nonagricultural income reflectingsimilar exclusions are as follows (bil. $): 37.7 and 496.3.
2 Italicized total excludes and other footnoted figures include retroactive lump-sum pay-ment of social security benefits; disbursements of $885 million put on annual rate basisamounted to $10.6 billion.
9 Includes data for items not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-4 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May- June July Aug. Sept. Oct. Nov. Dec. *
GENERAL BUSINESS INDICATORS—ContinuedINDUSTRIAL PRODUCTION-Contimied
Federal Reserve Index of Quantity Output—Con.
Seasonally adjusted indexes—ContinuedB y industry groupings—Continued
Nondurable manufactures—ContinuedPrinting and publishing 1957-59=100_
Newspapers doChemicals and products do___
Industrial chemicals ,_ _ do_ _ _Petroleum products do___
Rubber and plastics products do___Foods and beverages do___
Food manufactures do___Beverages do___
Tobacco products do___
Mining doCoal do_._.Crude oil and natural gas ___do
Crude oil doMetal mining doStone and earth minerals . do
Uti l i t ies . __ . d o . . . .Electric doGas_ do
By market groupings:Final products, t o t a l . . do
Consumer goods doAutomotive and home goods do
Automotive p r o d u c t s . . doAutos doAuto parts and allied products.. __ do
Home goods 9 doAppliances, T V , and radios doFurni ture and rugs __do___.
Apparel and staples doApparel, incl. knit goods and shoes. _do_-_.Consumer staples do
Processed foods ___do
Beverages and tobacco doDrugs, soap, and toiletries ____doNewspapers, magazines, books___doConsumer fuel and lighting do___.
Equipment , including defense 9 do_ _ _.Business equipment do
Industr ial equipment doCommercial equipment doFreight and passenger equipment _ _ do_ _ _.Farm equipment do
Materials . do___Durable goods materials 9 ___do___
Consumer durable do__.Equipment do___Construction do___
Nondurable materials 9 • doBusiness supplies do___
Containers do_._General business supplies do
Business fuel and power 9 doMineral fuels do_._
Nonresidential utilities ._ do_ _ _
BUSINESS SALES AND INVENTORIES §
Mfg. and trade sales (seas, adj.), total mil. $_
Manufacturing, total do_ _ _Durable goods industries __do___Nondurable goods industries __do.__
Retail trade, total do___Durable goods stores doNondurable goods stores do
Merchant wholesalers, total. doDurable goods establishments doNondurable goods establishments do_
Mfg. and trade inventories, book value, end of yearor month (seas, adj.), total mil. $__
Manufacturing, total doDurable goods industries doNondurable goods industries do
Retail t rade, total___ do____Durable goods stores doNondurable goods stores do
Merchant wholesalers, total doDurable goods establishments do_—_Nondurable goods establishments do
116.4108.0148. 6162.7117.1
140.0116.9116.8117.8115.2
107.9102.5107. 9108.1112.3112.1
140.0142.6131.9
124.9125.2134.4
141.2149.5130.2129.6125.1131.3
122.3117.6123.7116.6
116.9140.1117.8133.5
124.2128.3123.0142.4132.2121.6
123.7121.2137.2125.4116.3
126.3120.3120.2120.4
117.2109.3138.7
816, 028
417, 291216, 847200,444
246,43580,098
166,337
152,30262, 92489,377
105,127
60,14736,02824,11929,38312, 50916, 87415, 5978,4477,150
123.3117.0159.6178.4121.0
156.3120.8120.1124.4120.8
111.3107.1110.4109.9117.4118.7
151.3153.9143.4
131.8131.7142.8
145.1150.6138.0141.1137.1142.4
128.1124.2129.3119.9
123.2146.9123.7142.3
132.0139.1137.0145.3141.0133.1
132.8131. 2145.8134.4124.5
134.3127.4127.9127.1
122.6112.2149.6
871, 765
445,552230, 775214, 777
261, 63085,116176, 514
164, 58368,98495, 601
110, 535
62,94438,41224, 532
31,13013,28217,848
16,4619, 0777,384
124.2117.0163.2182.9121.7
163.7123. 5122.6128.5121.0
112.8109.6110.4110.2126.6123.9
155.4157.4149.0
135.2134.5145.7
143.0145.1140.2147.7145.6148.3
131.0128.0131.8122.0
126.0149.7122.8147.0
136.7146.1144.5151.0149.1135.1
135.9134.9147.4139.2126.8
137.0129.0132.3127.3
124.0113.0151.2
73,371
37, 51419,29118,223
21, 6616,695
14, 966
14,1965,9778,219
109,320
62,37738,04024,337
30, 55912,87417, 68516,3849,0027,381
126.2122.6166.4187.9120.9
165.7123.8122.9128.6125.4
112.5110.1110.4110.9121.8123.4
157.1159.4149.6
138.1138.0156.9
166.2183.0144.0150.5149.4149.7
132.0129.4132.7122.5
127.5151.8124.3146.9
138.4148.5145.9152.4155.2142.1
138.0136.8156.1141.5127.5
139.2132.7135.3131.4
125.1113.3154.6
76,277
39,31820, 55918, 759
22, 7817,64515,136
14,1785,9828,197
110,535
62,94438,41224, 532
31,13013, 28217, 84816, 4619,0777,384
126.8121.4166.7186.0119.0
164.7124.3123.0131.4122.2
111.8107.7109.8109.8126.7120.8
154.9158.5143.6
138.4138.4157.4
165.7182.8143.1151.7147.2150.6
132.4131.6132.6122.3
128.3154.2125.8143.9
138.2147.7144.8152.5154.0142.5
138.8138,0159.6142.6128. 3
139. 5133. 2136.3131.6
124.1112.1153.8
75,913
20,41518,470
22, 9007,85515, 045
14,1286,0698,060
111,465
63, 21338,49524, 71831,47813,63517,84316, 7749,2757,499
127.7120.9167.8188.2121.5
171.1123.4122.6127.4123.5
111.8103.2110.6108.6123.4122.9
156.1159.6145.4
138.5138.0157.3
163.8178.9143.9152.7148.7152.6
131.9131.8131.9121.3
126.1152.8125.3145.4
139.4149.2147.1156.2150. 7141.3
139.7139.0164.9143.8130.8
140.5135. 6138.0134.4
123.9111.1155. 6
75,956
38, 69320,37418,319
23,3177,96615,351
13, 9466,0987,848
111,884
63,38238,69224,690
31,63513,79917, 836
16, 8679,3237,544
128. 5121.0169.5190.8122.2
172.6123.4122.4128.6127.2
112.5103.1111.4110.5124. 6124.1
158.5162.4146.0
140.1140.0161.9
173.1194.2145.2154.0150.8152.7
133.0132.5133.2122.1
128.1154.2128.6146.5
140.4150.1148.3159.1148.2140.4
141.7142.6166.3146.9133.5
140.6134.2129.7136.5
125.7112.3158.5
77, 815
40, 28521, 28419,001
22,8057,66915,136
14,7256,2408,485
113,032
38,97224, 736
32, 26014,22018, 040
17, 0649,4287,635
128.3120.7169.2191.6121.5
167.7122. 5122.6121.8120.9
113.0107.9112.0111.4125.8118. 2
159.9164.0147.2
139.4138.5158.2
166.9183.5145.1152.1149.0152.0
132.3131.8132. 4122.1
121.5152.6126.9148.8
141.2150. 9148.4161.3150.8138.3
142.6142.9163. 4147.5130.5
142.4135.1137.3134.0
127.2114.3159.6
77, 529
40,04420,91519,129
22,8657,55015,315
14, 6206,2138,407
113,761
39,23324, 76632, 54614,44018,10617,2169,4547,763
129.3121.5169.3191.7122. 9
168.2121.9120.6129.0116.5
114.0113.0111. 9111.3121.6123.9
160.4164.3147.8
140.2138.6158.5
168.1184.9146. 0151.8147.6154.4
132.2132.5132.2121.1
124.8151.9126.6148.2
143.7153.5150.6162. 3157.1141.7
142.6143.4162.3148.7131.4
141.8134.1132. 0135.2
127.9115.1160.1
77,884
39,81420, 51319,301
23,3527,70315, 649
14, 7186,3528,366
114,542
64,26939, 47524,794
32, 82314, 70718,116
17, 4509,5897,861
130.0124.7169.9192.9121.8
169.1122.3121.2128.5121.8
115. 3117.1112.5112.2123. 7125. 8
162.5167.1147.9
140.7138.7158.2
168.1187.1143.0151.3148.8153.5
132.8133.2132.7120.7
126.2152.9125.6150. 6
144.9154.6151.9164.1157.8143.7
144.5146.1169.9150.0131. 3
143.4134.8132.0136.2
129.9116.9162.4
78,010
39,94320, 65219, 291
23,3317,76015, 571
14, 7366,2438,493
115,049
64, 62539, 95124, 67433, 01414, 69218,322
17,4109,5927,819
131.3126.2172.8194.9124.5
170.2123.1122.6125.9119.9
116.0117.1113.0112.1126.4127.3
161.6165.8
141.7139.3158.1
167.8184.6145.8151.2146.5154.0
133.7132.2134.1122.4
123.9157.0128.0151.2
147.0156.4155.1165.2155.0145.3
146.4148.4171.8153.3132.7
145.0137. 6136.1138.3
128.9117.0158.8
80,023
41,45221.82019, 632
23,7437,92215.821
14,8286,3698,458
116, 012
65,39440, 60024,794
33,08814, 74418,34417, 5309,7797,751
133.0129.7174.2195.7125.8
168.1122.4121.9125.0120.7
117.0115.2114.2113.4130.2129.1
161.9166.2
142.3139.5158.1
169.8184 3150.7149.8145.2152.3
133.6131.9134.1121.6
123.6160.1128.0150.6
148.4157.8153.8165.2163.6157.1
146.1147.3167. 9154.7134.6
144.8135.1132.1136.6
129.2117. 2160.1
78,891
40, 51821,19119,327
23, 5447,83715,707
14, 8296,4158,414
116,683
65,78840,81424,974
33,36014, 96518,39517, 5359,8207,715
129.3120.1176.6199.9125.1
171.2123.2121.8131.0120.6
112.6106.7110.6108.5122.4127.4
165.3170.9
143.3140.7158. 5
166.5178.1151.2153.0149.1152.0
135.0134.0135.3121.6
• 127. 5161.3126.1154.2
149. 0159.0155.3166.4164.2155.4
• 143.7• 142.8165.4154.2134.5
• 144. 5135.9134.4136.7
• 126.3• 112.1' 161. 5
78,883
40,17320,92419,249
23, 7747,78915,985
14,9366,4058, 531
116,967
66,26741,30024,967
33, 04514,76118,28417,6559,9117,743
131.1125.1177.1200.9124.6
175.5123.6122.1131.8114.5
115.9116.8114.2114.0116. 5125. 5
165.7171.3
' 145.3* 141.3
161.1
'168.4181.1
' 151.7' 156. 0r 151.7' 154.9
135.4135.1135.4
*• 122.2
126.0' 159.2' 126.3
156.0
' 153.9163.8159.4
' 169.7' 178.7
153.4
' 144.3r142.1
167.0r 158.4' 135.3
' 147.2' 136.8
136.6'•136.9
>129.8r 118. 0
160.9
79,502
•40,548•21,14619,402
123,959i 7,83816,121
•14,995r 6,424' 8, 571
117,653
•66,642•41,523•25,119•33,29614,927
17,715r 9,948r 7, 767
133.1127.2178.5
125.0
125.0123.6
116.5115.7113.8114.5120.6133.4
166.5
147.3143. 0163.3
169.2182.5151.6159.2153.8159.3
136.5123.0
161.5127.5
' 156.5166.7162.1173.0178.1
145.8143.8168.9160.3137.0
147.9139.5141.4138.6
129.7• 117.8
80,963
41,44721,61019,837
124,013i 7,927
116,086
15,5036,6488,855
118,296
67,07941,80725,27233,53314,92918, 60417,6849,9847,701
134
117.9119114115
167.0
148.1143.9165
169182
137
157.3167
148.6147
150
130119
r Revised.separately.
v Preliminary. i Advance estimate. 9 Includes data for items not shown§ The term "business" here includes only manufacturing and trade. Business
inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm.Unadjusted data for manufacturing are shown in p . S-5; those for retail t rade on p . b - n .
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-5
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
GENERAL BUSINESS INDICATORS—ContinuedBUSINESS SALES AND INVENTORIES—Con.Inventory-sales ratios:
Manufacturing and trade, total— ratio..
Manufacturing, total. .doDurable goods industries do
Materials and supplies— doWork in process _ _do____Finished goods.___ __________do___.
Nondurable goods industries doMaterials and supplies doWork in process doFinished goods do
Retail trade, total doDurable goods stores do___.Nondurable goods stores do
Merchant wholesalers, total doDurable goods establishments doNondurable goods establishments do
MANUFACTURERS' SALES, INVENTORIES,AND ORDERS
Manufacturers' export sales:Durable goods industries (unadj.), total—.mil. $..
Shipments (not seas, adj.), total do___.
Durable goods industries, total 9 . do_.Stone, clay, and glass products __do_.Primary metals do_.
Blast furnaces, steel mills do..Fabricated metal products do_.
Machinery, except electrical do_Electrical machinery do_.Transportation equipment do..
Motor vehicles and parts do_.Instruments and related products do _.
Nondurable goods industries, total 9 do.Food and kindred products do.Tobacco products. do_.Textile mill products do.Paper and allied products.. do.Chemicals and allied products do.Petroleum and coal products do.Rubber and plastics products __do_
Shipments (seas, adj.), total . do.By industry group:
Durable goods industries, total 9 do.Stone, clay, and glass products do.Primary metals do.
Blast furnaces, steel mills do.Fabricated metal products __do_
Machinery, except electrical do.Electrical machinery do_Transportation equipment do..
Motor vehicles and parts do_.Instruments and related products do.
Nondurable goods industries, total 9 do_Food and kindred products do.Tobacco products.. . . . . do .Textile mill products do_.Paper and allied products do.Chemieals and allied products do_.Petroleum and coal products .do.Rubber and plastics products do..
By market category:Home goods and apparel do..Consumer staples do_.Equipment and defense prod., excl. auto.do..Automotive equipment do..Construction materials and supplies __do_.Other materials and supplies do..
Supplementary market categories:Consumer durables do..Defense products do..Machinery and equipment do..
Inventories, end of year or month:Book value (unadjusted), total do..
Durable goods industries, total do..Nondurable goods industries, total __do_
Book value (seasonally adjusted), total do_.By industry group:
Durable goods industries, total 9 do..Stone, clay, and glass products do..Primary metals do_.
Blast furnaces, steel mills do..Fabricated metal products do..
Machinery, except electrical doElectrical machinery doTransportation equipment._ do.
Motor vehicles and parts doInstruments and related products__do
r Revised. i Advance estimate.
1.50
1.691.94.59.80.55
1.41.59.20.63
1.391.791,20
1.181.58.90
417,291
216,84711,36935,32519,03322, 527
30,20028,77758,18037,8436,997
200,44469,9874,59616, 53716,26330,81117,4149,261
2 39, 7592 87, 0962 50,907" 42,847
33, 5492163,133
216, 5662 25,1572 38, 584
59,73835, 56524,173
60,147
36, 0281,5445,9183,5333,999
6,9105,0557,3312,6101,468
1.48
1.641.91.57.79.54
1.35.53.19.62
1.401.861.18
1.171.51.92
9,001
445,552
230,77511, 525
21, 23623, 549
30, 20759,62838,4507,523
214, 77775,8834,69317,80817,11633, 57818,18710,212
2 41, 7502 94,3972 55,1852 43,3442 35,8782174,998
217,9022 25,9532 42,331
62,64238, 00124, 641
62,944
38,4121,5876,1113,7074,251
7,5585,3887,9083,0131,619
1.49
1.661.97.60.82.56
1.34.53.19.61
1.411.921.18
1.151.51.90
782
37,700
19,363964
3,3541,8531,904
2,7262, 6105,0063, 266654
18,3376,433407
1,5961,4702,7611,547852
37,514
19,291984
3,4341,9331,937
2,8782,5084,7472,975
18,2236,414390
1,5501,4842,8581,552875
3,5217,9724,6573,3873,01714, 960
1,4972,1293,630
62, 05837,64724,411
62,377
38,0401,5936,1533,7764,149
7,5145,3077,8103,0591,584
1.45
1.601.87.57.77.'52
•1.31.51.19.61
1. 371.741.18
1.161.52.90
37,631
19,969837
3,3471,8541,931
2,6355,6463,744
17, 6626,346419
1,4941,4332,6061,560862
39,318
20,5591,0223,6562,0742,077
2,9772,5975,3413,502641
18, 759
4291,6141,5322,9171,525922
3,7138,2984,791
3,15415,426
1, 6212,1853,732
62,64238,00124,641
62,944
38,4121,5876,1113,7074,251
7,5585,3887,9083,0131,619
1.47
1.631.89.57.77.52
1.34.52.19
1.371.741.19
1.191.53.93
615
18, 924806
3,3451,9451,757
2,6952,4075,3003,654589
17,4606,184369
1,4441,4412,7231,542871
20,4151,0303,4551,9761,959
2,9692,6575,3613,550661
18,4706,446407
1,6061,5162,8541,519931
3,6538,0774,8463,9733,18315,153
1,5742,1973,755
63,29938,40324,896
63, 213
38,4951,5956,1613,7444,306
7, 5765,4037,8492,9771, 622
1.47
1.641.90.58.79.53
1.35.52.19.63
1.361.731.16
1.211.53.96
733
39,380
20,685860
3,5822,0601,947
3,0212,6765,755
650
18,6956,378399
1,6011,5592,9191,545940
38, 693
20,3741,0133,4561,9792,033
2,8982,6165,444
647
18,3196,267422
1,5601,5302,9021,519
3,6127,9254,8064,0303,11715,203
1,5672,2223,709
63,76138, 87524,886
63,382
1,5956,1533,7174,325
7,6385,4737,8693,0161,635
1.45
1.581.83.57.75.51
1.30.50.19.61
1.411.851.19
1.161.51.90
941
41,231
21,928924
3,8592,2452,012
3,2072,7486,1764,223704
19,3036,578394
1,6361,6403,0731,530
40, 285
21, 2841,0193,6292,0862,087
2,9962,6905,8593,974
19,0016,566413
1,6181,5983,0061, 571954
3,7308,2134,9454,3923,18315,822
1,6252,2813,872
64,06539, 26524,800
63,708
38,9721,5936,0713,6184,420
7,6685,5747,9453,0521,646
1.47
1.601.88.59.77.51
1.29.50.18
1.421.911.18
1.181.52.92
853
41,282
21,968967
4, 0742,4382,085
3,2282,718
3,970
19,3146, 594427
1,5741,6173,2211,5531,007
40,044
20,915935
3,7962,2452,048
2,9842,7575,4083,620701
19,1296,667440
1,5641,5913,0091,583967
3,681
4,9074,0203,06315,978
1,5942,2593,871
64,36639, 63324, 733
39,2331,6065,9003,4274,517
7,7265,6288,0953,1501,653
1.47
1.611.92.61.79.52
1.28.50.18.60
1.411.911.16
1.191.51.94
800
40,074
21,1571,0103, 6131,9232,025
3,1642,6465,7553,898679
18,9176,575374
1,5531,5663,1801,584
39,814
20,513923
3,4351,8351,955
2,9932,7485,5193,680
19,3016,661364
1,6101,5723,0301,631
3,7698,2804,9484,0883,00115, 728
1,5672,2813,849
64,76940,03324,736
64,269
39,4751,6205,9963,5314,544
7,7635,6628,1043,2491,676
1.47
1.621.93.61.80.53
1.28.50.19.59
1.421.891.18
1.181.54.92
831
41,914
22,2801,0953,6391,9542,147
3,2992,8446,1064,144732
19,6346,825439
1,6791,6533,1891,6471,028
20, 652962
3,3891,8201,974
3,0092, 701
3,814691
19, 2916,671411
1,6001,5753,0571,637958
3,7058,3744,9424,2323,06215, 628
1,5532, 2983,838
64,97940,32124, 658
64, 625
39,9511,6236,0743,5974,565
7,8785,7268,2673,2901,687
1.45
1.581.86.58.78.50
1.26.49.18.59
1.391.861.16
1.181.54.92
747
37,844
19,5641,0223,2731,8471,905
2,8572,5395,0693,366
650
18,2806,545
4151,3681,5032,8231,624
41,452
21,820969
3,7822,1702,036
3,1192,8945,8704,004
728
19, 6326,777400
1,6031, 6563,0631,648980
3,7888,5825,0934,4083,16916,412
1, 6442,3244,070
40,41024,678
65,394
40,6001,6006,1633,6314,611
7,9885,8108,6533,5271,683
1.48
1.621.93.60.82.51
1.29.50.19.60
1.421.911.17
1.181.53.92
805
39,443
19,8131,0463,5902,0762,089
2,8142,7464,3552,570675
19,6306,780407
1,6861,6582,9441,637948
40, 518
21,191926
3,7082,1051,968
2, 9902,8005,8033,932703
19,3276,843387
1,6191,6162,9571,615
3,7008,5545,0014,3473,05815,858
1,5642,3413,878
65, 48140, 70424,777
65,788
40,8141,6186,1423,5764,685
8,1425,8738,6003,3701,696
1.48
1.651.97.61.83.53
1.30.51.19.60
1.391.901.14
1.181.55.91
870
41,198
20,7781,0463,2661,6752,122
3,0633,0025,0353,071742
20,4207,215425
1,7251,7063,1331,628
40,173
20,924953
3,2371,6521,995
3,0812,7965,8633,905694
19,2496,821415
1,5811,6312,9421,614951
3,7158,5495,1254,3233,08015, 381
1,5672,422
41, 09624,773
66,267
41,3001,6146, 2243, 6334, 766
5,9078,7073,4301,711
1.48
'1.641.96.61.83.53
•1.29'.50.20
1.391.901.14
1.181.55.91
42,185
21,748' 1,050'3,215' 1,595' 2,088
'3,048'3,063' 6,057' 4,178'728
20,437' 7,154'405
' 1, 7511,718
' 3,070' 1,650'1,032
40,548
•21,146'947
' 3,204'1,608' 1,963
'3,127'2,906'5,973'4,037'707
'19,402' 6,845
'405'1,6091,656
' 2,982' 1,639'958
3,7358,6155,1724,4523,066
|'15, 508
• 1, 618• 2,402• 4,035
'66,218'41,212'25,006
66,642
'41,523• 1,640' 6,275' 3,669p 4, 772
'8,364' 5,947'8,706' 3,412r1, 714
1.46
1.621.93.60.82.52
1.27.49.19
1.401.881.16
1.141.50.•87
41,684
21,740998
3,2551,6102,104
2,9603,0956,2384,327
727
19,9447,055415
1,6911,6772,9631,640
41,447
21,6101,0183,3241,6792,143
3,1402,9685,9243,982
708
19,8377,038398
1,6451,6943,0711,6461,008
3,8548,8555,1594,4263,253
15,900
1,6752,3984,079
66, 66241,34825,314
67,079
41,8071,6386,2743,6624,813
8,4545,9908,7753,3351,729
121.200
i 3.200
i 6.100
121,900
i 3.500
15.900
2 Based on data not seasonally adjusted. 9 Includes data for items not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-6 SURVEY OF CUEEENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May- June July Aug. Sept. Oct. Nov. Dec.
GENERAL BUSINESS INDICATORS—ContinuedMANUFACTURERS' SALES, INVENTORIES,
AND ORDERS—ContinuedInventories, end of year or month—Continued
Book value (seasonally adjusted)—ContinuedBy industry group—Continued
Durable goods industries—ContinuedBy stage of fabrication:
Materials and supplies 9 mil. $_.Primary metals. _•_ doMachinery (elec. and nonelec.)___doTransportation equipment do
Work in process 9 doPrimary metals doMachinery (elec. and nonelec.)__.doTransportation equipment do
Finished goods 9 doPrimary metals ___do___.Machinery (elec. and nonelec.)___doTransportation equipment do
Nondurable goods industries, total9--doFood and kindred products __doTobacco products doTextile mill products doPaper and allied products doChemicals and allied products doPetroleum and coal products doRubber and plastics products do
By stage of fabrication:Materials and supplies doWork in process doFinished goods do
By market category:Home goods and apparel do__Consumer staples do__Equip, and defense prod., excl. auto do__Automotive equipment do__Construction materials and supplies do__Other materials and supplies do__
Supplementary market categories:Consumer durables do__Defense products do__Machinery and equipment do__
New orders, net (not seas, adj.), total do__Durable goods industries, total do__Nondurable goods industries, total _do__
New orders, net (seas, adj.), total 1 doBy industry group:
Durable goods industries, total 9 doPrimary metals__ do
Blast furnaces, steel mills doFabricated metal products doMachinery, except electrical doElectrical machinery doTransportation equipment do
Aircraft and parts do
Nondurable goods industries, total __doIndustries with unfilled orders© doIndustries without unfilled orders! do
By market category:Home goods and apparel doConsumer staples doEquip, and defense prod., excl. auto doAutomotive equipment doConstruction materials and supplies doOther materials and supplies do
Supplementary market categories:Consumer durables doDefense products _doMachinery and equipment do
Unfilled orders, end of year or month (unadjusted),total mil. $_.
Durable goods industries, total doNondur. goods indus. with unfilled orders©-do
Unfilled orders, end of year or month (seasonallyadjusted), total mil. $_.
By industry group:Durable goods industries, total 9 do
Primary metals doBlast furnaces, steel mills do
Fabricated metal products doMachinery, except electrical doElectrical machinery doTransportation equipment do
Aircraft and parts do
Nondur. goods indust.with unfilled orders©.do
By market category:Home goods, apparel, consumer staples. __ doEquip, and defense prod., incl. auto. doConstruction materials and supplies doOther materials and supplies do
Supplementary market categories:Consumer durables do.
10,8792,2593,0091,95614,8571,9015, 2494,46710, 2921,7583,707
24,1196,0282,3142,8861,8003,8181,7361,157
9,7693,47910,871
6,3899,52512,3633,2455,29023,335
2,9555,5838,539
420,429219,598200,831
2 420,429
219, 59835, 51319,11022,62730,88628,92259, 63816, 782
200,83152, 932147,899
40, 06887, 08952, 41342,93233, 640164, 287
16,84925,87339, 914
49,14946,1932,956
49, 796
46, 6763,9302,1204,0627,0277,11419, 36814,446
3,120
1,98726,1974,98616, 626
1,40718,72411,186
11, 6882,2483,2632,21615,9332,0245,7634,69510, 7911,8393,920997
24,5326,0302,3592,8371,8854,0031,7451,176
9,6193,522
11,391
6,4999,66013,2413,6835,62924,232
3,0565,6259,431
452,368237, 631214, 737
2 452,368
237, 63141,30823,30324,22234, 92931, 21261,17417, 514
214, 73757,318157,419
41,74094,38857, 76543,64336,325178, 507
17,92027,12644,471
55,96253, 0422,920
57, 044
53,9586,5594,3114,8118,3028,10321,09015, 526
3,086
1,97529, 2235,49020,356
1,42020, 05813,367
11, 5002,1823,2382,20815,7992,0885,7174,62310, 7411,8833,866979
24,3376,0312,3032,7901,8694,0001,7521,191
9,6373,49711, 203
6,4059,59012,9783,7205,53324,151
5,4559,321
37, 67119, 27718,394
37, 720
19,4543,6632,0722,0112,9712,7634,283961
18, 2664,96013,306
3,4897,9724,5863,2893,04315,341
1,4981,7883,882
55,60552, 6522,953
56,363
53,4066,3704,1254,7628,1948,14220,86715,363
2,957
1,95428, 9715,433
20, 005
1,40120, 05813,175
11,6882,2483,2632,21615, 9332,0245,7634,69510, 7911,8393,920997
24, 5326,0302,3592,8371,8854,0031,7451,176
9,6193,52211,391
6,4999,66013, 2413,6835,62924,232
3,0565,6259,431
37,98620,35717,629
39, 590
20, 7203,8212,2432,0893,0982,6375,1721,227
18,8705,19013,680
3,7508,3034,7383,9843,098
15, 717
1,6641,8733,917
55,96253, 0422,920
57, 044
53, 9586,5594,3114,8118,3028,10321,09015, 526
1,97529, 2235,49020,356
1,42020, 05813,367
Defense products doMachinery and equipment do' Revised. i Advance estimate. 2 Data for total and components (incl. market
categories) are based on new orders not seasonally adjusted.9 Includes data for items not shown separately. © Includes textile mill products,
leather and products, paper and allied products, and printing and publishing industries; un-
11,8022,2973,3062,18115, 9341,9995,7924,67310, 7591,8653,881995
24,7186,1942,3222,8291,8694,0471,7941,191
9,5853,53211, 601
6,5349,77613, 2253,6545,64324,381
3,0725,6059,445
37,78520,32017,465
39,704
21, 2713,7392,2322,0683,0922,8915,5461,465
18,4335,01813,415
3,6078,0934,9394,1163,23815, 711
1,5802,3723,958
57,36354,4392,924
57, 317
54, 2806,6564,3874,8518,4138,24721, 05115,394
3,037
1,96229,2105,55820,587
1,42719, 96413, 534
11,8762,2953,3562,21016, 0082,0055,8354,66110, 8081,8533,920
24,6906,1972,3122,8111,8694,0551,8121,183
9,5413,53111,618
6,5349,75613,2833,7015,66124,447
3,0815,6079,543
40,64121,87818, 763
21,1303,8022,2912,1103,0502,5975,6901,703
18,3395,05413,285
3,5697,9274,9814,0833,15515, 754
1,5292,4383,799
58,62955, 6362,993
58,160
55, 0927,0734,7594,9108,4678,26921,36315, 738
3,068
1,90429,4945,59621,166
1,37420,26013, 572
12,0682,2923,3992,23416,0411,9675,8664,69610,8631,8123,9771,015
24,7366,1962,3282,8201,8554,0721,8001,213
9,5573,53311,646
6,5939,82713,3383,7515,73424,465
3,134
9,560
41,82022, 50719,313
40, 712
21, 7143,5932,0182,0653,1002,7116,3011,757
18,9985,20313,795
3,7278,2074,9744,5303,14516,129
1,6012,4634,024
59,21756,2153,002
58, 595
55, 5317,0584,7204,8978,5638,302
21, 77616, 098
3,064
1,89829, 5495,591
21, 557
1,35420, 50213, 771
12,4062,3323,4562,28016,1141,8835,9364,78210, 7131,6853,9621,033
24, 7666,1822,3072,8281,8654,1061,7921,222
9,6603,53311, 573
6,6509,80913,4903,8545,81624,380
3,1645,7889,617
41,84222,43519,407
41,120
22,0433,4561,8762,0983,1072,9296,4532,248
19,0775,13013,947
3,6728,3726,1214,1333,15015,672
1,6293,2364,078
59,77956, 6843,095
59,463
56, 374
4,3514,9118,6888,44822,66416,849
3,089
1,90130,6945,628
21, 240
1,37121,36113, 981
12, 5122,3173,5022,36216,1621,9575,9664,68610,8011,7223,9571,056
24,7946,1002,3282,8261,8854,1741,7751,221
9,6753,55811, 561
6,6949,77013,4193,9415,83524, 610
3,2105,7409,651
40,16221,16618,996
40,181
20,9923,2861,6322, 0273,1082,8015,8781,552
19,1895,15714, 032
8,2775,3234,2083,10515, 579
1,5742,4604,069
59,86956, 6943,175
59,897
56,8756,5694,1485,0518,7828,55522, 95116,861
3,022
1,90831,1545,72121,114
1,39921,45714,166
12, 5372,3053,5402,37216,5331,9856,1224,82010,8811,7843,9421,075
24,6746,0402,3172,8791,8824,1331,7651,234
9,6083,61111,455
6,6509,72113, 6353,9835,86224, 774
3,2415,814
42,35722,65119, 706
40,689
21,3103,4541,8162,0423,1892,8745,8701,684
19,3795,29814, 081
3,751
5,5094,1943,13215, 714
1,5862,5794,091
60,30957,0643,245
60, 588
57, 4546,6374,1445,0938,9638,77323,06917, 074
3,134
1,92231,6075,73321,326
1,41221, 74314,422
12,6642,3103,6092,420
17, 0532,0516, 2425,15510,8831,8023,9471,078
24, 7946,0732,2812,9521,9004,2031,7461,244
9,5373,59111, 666
6,6859,73713,8584,2155,821
25, 078
3,2495,96810,006
38, 71320,40418,309
41, 846
22,1953,4931,8512,0583,1403,0996,3631,646
19,6515,44414,207
3,725
5,4664,5243,15516,393
1,5602,6184,348
61,17857, 9043,274
60,981
57,8306,3483,8255,115
8,97823, 56317, 252
3,151
1, 86132, 0975,72021,303
1,32822, 03614, 700
12, 6722,3163,7022,23217,2832,0586,3515,28410,8591, 7683,9621,084
24,9746,0002,2863,0031,9164,2401,7271,258
9,6453,66211,667
6,8159,67514, 0464,0685,85225,332
3,2506,03010,216
39,96420,34819, 616
40,926
21, 5093,1191,4651,9743,3183,0006,1411,956
19, 4175, 34714, 070
3,7848,5585,5434,2943,04015, 707
1,6402,8084,159
61,69758, 4383,259
61,391
58,1485,7603,1855,1209,3139,17823,90117, 732
3,243
1,95332,5875,70121,150
1,40622,50314, 982
12,8122,3023,7472,317
17,3802,0666,4155,27711,1081,8564,0431,113
24,9675,8812,2863, 0381,9224,2581,6961,262
9,7663,70211, 499
6,8639,56614,2864,1245,908
25, 520
3,2216,04410,432
42, 25921,81820,441
41,483
22,1632,9081,2762,0133,3152,9956,8532,462
19,3205,26714, 053
3, 7808,5505,7564,5043,11815, 775
1,6103,4504,153
62, 75859, 4793, 279
62,699
59, 3855,4312,8095,1379,5479,37624,89118,631
3,314
2,01733,4015,739
21, 542
1,449=23. 53215,152
12,886' 2,302'3,808' 2, 34817,502' 2,114'6,491' 5,22811,135'1,859' 4, 012' 1,130
25,119' 5,861'2,328' 3,119' 1,919'4,285'1,718' 1,273
'9,769'3,82511,525
' 6,866' 9,63014,376' 4,102
25,685
' 3, 233' 6,09110,492
43.10422.64820.456
'41,843
22,4253,1481,451' 2,050'3,349' 2,983' 6,920'2,466
19,418'5,30714,111
r3,778'8,604' 5.689' 4,516' 3,12916,127
' 1,675'3,276'4,249
63,67660,379'3,297
'63,993
60,664'5,375' 2,653'5,224' 9,769'9,45325,83819,569
' 3,329
' 2,04633,983'5,80322,161
' 1,504•24,40715,369
12,8802,3433,8262,27317,7302,1016,5705,36711,1971,8304,0481,135
25,2725,9502,2583,1011,9324,3451,7271,313
9,7993,83411,639
9,65714,6114,0626,019
25,842
3,2556,247
10,569
42,12522,12320,002
42,266
22,406
1,2,2183,3703,1836,0161,637
19,8605.395
14,465
3,8658,8515,4874,4253,302
16,336
1,7032,5944,298
64,11860,7643,354
64,810
61,4585,4362,6125,2999,9989,66825,93019,703
3,352
2,05434,3085,85122,597
1,53424,60315,586
121.500
122.500i 3.600
15.900
161.100
162.100i 5.600
125.900
filled orders for other nondurable goods industries are zero. 1 For these industries (food andkindred products, tobacco products, apparel and related products, petroleum and coal proa-ucts, chemicals and allied products, and rubber and plastics products) sales are consideredequal to new orders. c Corrected.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CUERENT BUSINESS S-7
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. I Mar. | Apr. | May June July Aug. I Sept Oct. I Nov. Dec.
GENERAL BUSINESS INDICATORS—ContinuedBUSINESS INCORPORATIONS d*
New incorporations (50 States and Djst. Col.):Unadjusted ____number_Seasonally adjusted do___
INDUSTRIAL AND COMMERCIALFAILURES <?
Failures, total numbe:
Commercial service do.__Construction doManufacturing and mining do___Retail trade do___Wholesale trade do___
Liabilities (current), total thous. $__
Commercial service doConstruction _doManufacturing and mining___ doRetail trade doWholesale trade .. do
Failure annual rate (seasonally adjusted)No. per 10,,000 concerns.
186,404
14,374
1,3732,4012,4096,6811,510
1,352,593
89,104231,354557,699299,365175, 071
156.3
197,724
13,501
1,2262,3882,2546,2411,392
1,329,223
182, 527262,392361, 864281, 948240,492
1 53. 2
14,09817,103
967
100180175412100
119,324
4,87022,95359,17420, 62911, 698
50.3
17, 45917,154
968
8917516544297
98, 282
9,17125,83527, 23328,0238,020
48.2
18,18017,275
1,137
105206187525114
89,272
4,90524,38126,18919,74414, 053
52.8
15,96717,367
1,114
103199185525102
111, 985
9,11119,88143,26928, 66311, 061
51.7
19, 78917,112
1,332
124230218621139
146, 579
24,48721, 07547,86829,91323, 236
54.8
17, 71216,504
1,179
228183535134
83, 247
6,03919,55426, 09020, 06711,497
50.8
16, 54016, 043
1,183
126204191549113
133,113
48,80617, 72932,97820, 94412,656
54.1
17,63516, 671
1,094
90205172510117
144,607
54, 20735, 60122,43522,35310, 011
50.1
16,79416,369
1,074
82205157514116
121,485
4,89153,37231,14521,35210, 725
52.8
16,11416,957
1,131
114208176533100
135, 039
47,12724, 08030,09719,70414, 031
56.9
15,96217,138
1,100
124205172479120
104,976
23,03919,00724,88027,46310, 587
59.7
15,88916,744
1,047
11021214549090
82, 066
10,38119,13917,86227,8766,808
51.5
15,13017,480
1,033
10320115547797
71,722
7,63514,42022, 53920,6066,522
51.4
COMMODITY PRICESPRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products 1910-14=100__
Crops do_.Commercial vegetables do_.Cotton do..Feed grains and hay do_.Food grains do_.
Fruit do_.Oil-bearing crops.._ do_.Potatoes (inch dry edible beans) do_.Tobacco do_.
Livestock and products do_.Dairy products do_.Meat animals do_.Poultry and eggs do_.Wool do_.
Prices paid:All commodities and services do
Family living items doProduction items do
All commodities and services, interest, taxes, andwage rates (parity index) 1910-14=100-.
Parity ratio § do
CONSUMER PRICES
(U.S. Department of Labor Indexes)
All items 1957-59=100_Special group indexes:
All items less shelter do___All items less food do_._.Commodities do_
Nondurables do_.Durables 9 do_.
New cars do..Used cars ; do_.
Commodities less food do_.Services do..
Services less rent do_.
Food 9 - do_.Meats, poultry, and fish do_.Dairy products do_.Fruits and vegetables do..
Housing do..Shelter 9 do_.
Rent do_.Homeownership do_.
Fuel and utilities 9 do_.Fuel oil and coal do_.Gas and electricity do_.
Household furnishings and operation do_.
1 and upkeep doTransportation do
Private doPublic do
Health and recreation 9 doMedical care doPersonal care doReading and recreation do
r Revised. i Based on unadjusted data.& Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).
242
239233271164224
292258156494
245253290146269
283298273
312
78
106.7
106.7107.4
104.1104.9102.1101.5116.6
103.5113.0114.5
105.1100.2103.8111.0
106. 0106.9106.8107.0
107.0104.0107.9102.4
104.8107.8106.4116.9
111.4117. 0107.9111.5
236
238246262166190
298256227490
235256270142291
282300270
313
76
108.1
108.0108.9
105.2106.0103.0101.2121.6
104.4115.2117.0
106.498.6
104.7115,3
107.2108.7107.8109.1
107.3103.5107.9102.8
105.7109.3107.9119.0
113.6119.4109.2114.1
234
234281254161168
280263229496
235275258143277
282301269
313
75
108.7
108.5109.5
105.6106.4103.5102.5122.9
104.8116.0117.9
106.899.5105.3113.0
107.7109.3108.3109.8
107.5103.7108.1102.9
106.4110.0108.6119.5
114.2120.2109.7114.9
234
234241247171168
268273282495
234271261139266
301'269
313
75
108.8
108.6
105.7106.5103.4101.6123.7
104.9116.2118.2
106.999.0105.6114.5
107.8109.5108.4110.0
107.9105.8108.3102. 9
106.6110.5109.0120.3
114.3120.3110.0114.9
236
234234233174168
272275322488
237267272136270
285303272
317
74
108.9
108.6109. 8
105.6106.3103.6101.5123.7
104.9116.6118.6
106.699.2105.6112.4
108.1109.9108.4110.6
107.9106.5108.0102.8
105.6111.1109.7120.6
114.5120.6110.0115.0
238
234237233176167
257281331497
240262280137
286304273
318
75
108.9
108.6109.8
105.5106.3103.3101.0121.7
104.7116.9118.9
106.699.5105.2113.3
108.2110. 2108.5110. 9
107.4106.7107.8102.8
105.8110.6109.1121.2
114.7121.0110.1115.2
239
237261242177166
244282336497
241256283139268
286303273
318
75
109. 0
108.7109.9
105.6106.4103.2100.8121.7
104.8117.0119.1
106.999.6105.0115.3
108.2110.1108.7110.8
107.4106.5107.7103.1
106.0110.6109.0121.3
114.9121. 4110.4115.4
243
243287249180164
241281371499
244248292144265
287303276
320
76
109.3
109.1110.1
105. 9107.0103.0100.7120.6
105.0117.3119.3
107.399.8104.5117.6
108.2110.1108.8110.8
107.2105.4107.7103.1
106.3111.0109.5121.3
115.4121.6110.7115.9
251
325251182162
249272391499
254242320136
290308278
323
78
109.6
109.4110.3
106.2107.5102.9100.2121.1
105.2117.5119.5
107.9100.3104.2121.4
108.2110.2108.8110.8
107.1104.6107.7103.1
106.8111.4110.0121.3
115.6121.8111.0115.9
256
243299255180158
245274368
266239345138267
290307278
323
79
110.1
110.0110.3
106.9108.6102.697.4122.7
105.1117. 6119.7
110.1106.4104.0125.9
108. 2110.3108.8111.0
106. 9103.4107.8103.1
106.9111.2109.7121.3
115.7122.2111.0115.7
253
236254253177160
219269
247344142268
290307278
323
78
110.2
110.1110.2
106.9108.7102.397.2
123.. 0
104.7117.8120.0
110.9109.2104.3124.3
108.3110.6108.9111.2
106.6103.2106.9102.9
106.1111.5110.0121.4
115.3122.7108.7114.6
250
224235244171162
242258231508
272256344146
289305277
321
78
110.0
109.8110.2
106.6108.5101.897.1
120.3
104.7117.9120.0
110.1109.8105.0114.6
108.2110.7109.0111.4
105.3103.5107.7102.9
106.4111.0109.5121.5
115.6122.8109.0114.3
250
224231249171160
245179531
271267334150
305277
321
78
110.2
110.0110.6
106.6108.6101.796.5
118.9
104.9118.5120.7
109.7109.8105.3108.5
108.6110.8109.1111.6
107.4104.3107.9103.1
107.2111.0109. 5121.6
115.8122.8109.2114.8
248
220236248161164
241244181527
273277332150
305276
322
77
110.4
110. 2110.9
106. 9108.7102.197.7
119.4
105.3118.7121.0
109.7108.9105.5108. 5
109.0111.2109.2112.1
107.7106.9107.9103.3
107.8111.2109.7121.6
116.2123.0109.2115.2
248
218258245156167
215246182526
274279332154267
307276
322
77
110.6
110.4111.2
107.1108.9102.498.7
118.7
105.6119.0121.3
109.7108.5105.8109.9
109.2111.5109.3112.5
107.9107.2108.0103.3
108.1111.5110.1121.6
116.4123.4109.6115.4
259
223259236166170
228255188550
289280356164265
291309278
324
80
§ Ratio of prices received to prices paid (parity index).9 Includes data for items not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-8 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
COMMODITY PRICES—Continued
WHOLESALE PRICEScf
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:22 Commodities 1957-59=100
9 Foodstuffs do___13 Raw industrials ___do__.
AU commodities _ _do___
By stage of processing:Crude materials for further processing doIntermediate materials, supplies, etc do___Finished goods© do___
By durability of product:Durable goods do___Nondurable goods___ _____do__Total manufactures. do___
Durable manufactures do___Nondurable manufactures do
Farm products and processed foods ._do _ _ _
Farm products 9 — do___Fruits and vegetables, fresh and dried-do___Grains do___Livestock and live poultry do___
Foods, processed? ____do___Cereal and bakery products doDairy products and ice cream do___Fruits and vegetables, canned, frozen __do___Meats, poultry, and fish do
Commod. other than farm prod, and foods._do___
Chemicals and allied products 9 _do___Chemicals, industrial doDrugs and Pharmaceuticals do___Fats and oils, inedible __do___Fertilizer materials. doPrepared paint do___
Fuels and related prod., and power 9 do___Coal do___Electric power Jan. 1958=100-Gas fuels do___Petroleum products, refined 1957-59=100_
Furniture, other household durables 9 do___Appliances, household do___Furniture, household do___Radio receivers and phonographs do___Television receivers do___
Hides, skins, and leather products 9 _do___Footwear do___Hides and skins do___Leather ___do___
Lumber and wood products—. do___Lumber 2 do
Machinery and motive prod. 9 do___Agricultural machinery and equip do___Construction machinery and equip do___Electrical machinery and equip doMotor vehicles— do
Metals and metal products 9— doHeating equipment doIron and steel_____ ______doNonferrous metals do
Nonmetallic mineral products 9 doClay products, structural _do___
. Concrete products doGypsum products.—. _do
Pulp, paper, and allied products do___Paper do
Rubber and products do___Tires and tubes do___
Textile products and apparel 9 do___Apparel— do___Cotton products do___Manmade fiber textile products. doSilk products do___Wool products do___
Tobacco prod, and bottled beverages 9 _._do___Beverages, alcoholic do___Cigarettes __do___
Miscellaneous do___Toys, sporting goods do___
PURCHASING POWER OF THE DOLLAR
As measured b y -Wholesale prices 1957-59=$1.00.Consumer prices do
J93.9!92.0*95.2
100.3
95.0100.5101.4
101.099.6
100. 6101.399.8
98.7
95.796.1
101.988.8
101.1107.3107.5103.993.3
100.7
96.394.895.180.399.9
103.8
99.896.9
102.0122.897.2
98.191.8
104.682.892.3
104.2108.384.0
101.998.698.9
102.2111.1109.697.4
100.0
100.192.999.199.1
101.3103.6101.7105.499.2
102.493.890.1
100.5101.9100.393.9
139.9100.9
106.1101.0104.1110.4101. 0
$0.997.937
*97.7X88.8
1104.6
100. 5
94.1100.9101.8
102.499.1
101.1102.599.7
98.0
94.3103.294.184.7
101.0107.8
• 107. 8104.890.8
101.2
96.794.295.096.8
100.1104. 7
97.196.9
101.1121.392.7
98.591.3
105.381.590.9
104.6108.587.5
102.9100.6100.7
102.9112.9112.496.8
100.5
102.892.0
100.5105.9
101.5104.2100.9108.299.0
103.692.589.0
101.2102.8
99.695.8
117.3103.0
107.4100.7105.6109.2101.0
$0. 995.925
102.789.2
113.2
100.7
94.0101.1102.1
102.999.1
101.4102.999.8
97.8
94.0108.088.083.6
100.9108.3109.5102.389.8
101.6
97.194.194.7
112.6100.7104.9
97.698.0
101.4123.193.3
98.590.7
105.681.391.1
105.5109.090.7
103.999.6
. 99.2
103.2113.8113.496.5
100.7
104.391.9
100.9112.0
101.8104.7101.1108.698.9
104.092.288.0
101.4103.299.196.5
117.8103.3
107.5100.5105.6108.5101. 2
$0.993.920
103.291.1
112.5
100.7
94.0101.4101.9
103.099.0
101.5102.9100.0
97.2
92.798.990.183.1
100.8108.2108.9101.988.8
101.8
97.294.294.7
116.8100.7104.8
98.198.2
101.3124.094.0
98.490.6
105.781.390.0
105.4109.090.2
103.999.499.1
103.1114.2113.796.3
100.8
104.792.2
101.1113.0
101.6104.8101.1106.698.9
103.792.288.8
101.5103.199.496.8
117.4102.8
107.5100.5105.6110.7101.3
$0.993.919
102.391.5
110.6
•101.0
94.2101.6102.3
103.199.5
101.8103.2100.5
98.1
93.098.590.485.5
102. 2108.2108.3101.991.9
101.9
97.394.694.4
113.4102.3104.8
98.598.3
101.1121.495.2
98.390.2
106.181.189.7
104.9109.186.5
104.2100.8100.8
103.3114.3113.896.7
100.8
104.591.3
101.4111.5
101.7104.8101.3106.699.0
103. 792.388.8
101.5103.199.596.9
121.6103.4
107.5100.5105.6110.0102.1
$0.990.918
102.491.5
110.7
101.2
95.5101.6102.3
103.299.6
101.8103.3100.3
98.7
94.5102.590.588.4
102.1107.9107.8100.3
92.1
101.9
97.594.794.6
118.3103.8105.2
97.998.3
100.8124.193.9
98.290.0
106.081.188.9
105.1109.190.2
103.2100.8101.4
103.5114.4114.396.8
100.9
104.691.4
101.2111.8
101.8104.8101.2107.799.0
103.892.288.5
101.5103.199.696.3
135.5103.3
107.6100.9105.6109.6102.2
$0.988.918
103.089.8
113.2
101.3
95.8101.6102.4
103.399.8
101.8103.3100.4
99.0
95.4107.890.689.8
101.8108.1107.5100.792.4
102.0
97.594.594.6
118.7104.3104.4
97.997.3
100.8124.194.0
98.390.0
106.081.188.9
105.7109.192.1
105.7100.7101.3
103.5114.6114.596.8
100.8
104.891.6
101.3112.3
101.9104.9101.2108.499.5
103.892.288.5
101.5103.199.696.4
131.4103.1
107.5100.6105.6109.5102.2
$0.987.917
105.390.6
116.7
101. 7
96.9101.8102.8
103.4100.4102.1103.4100.7
100.2
97.6117.791.291.4
102.3108.3107.5100.993.6
102.1
97.694.894.8
121.2104.3104.4
97.694.6
100.8122.594.1
98.089.4
106.081.188.9
106.3109.796.3
103.6100.5101.0
103.7114.6115.097.0
100.8
105.291.9
101.4113. 4
101.9104.9101.3108.199.8
103.992.388.5
101.5103.199.796.1
134.5103.1
107.8100.7106. 5110. 3102.4
$0.983.915
105.290.3
116.9
102.1
98.3101. 9103.2
103.6100.8102. 4103.6101.1
101.1
98.4118.591.096.2
103.3108.3106.8100.497.7
102.3
97.694.895.0
116. 7104. 3105.7
98.494.6
100.8122.295.4
98.089.2
106.081.188.9
107.4109.7105.9104.2100.4.101.0
103.7114.7115.197.1
100.8
105. 791.6
101. 5115.2
101.9104.9101.3108.1100.0104.092.989.7
101.6103.299.996.0
135.1103.8
108.1100.8107.3108.9102.5
$0.979.912
104.290.1
115.3
102. 8
100.6102.2103. 9
103. 7102.0103.0103.7102.3
103.5
100.3109.089.6
104.6
106.1108.5107.1101.5105.5
102.5
97.494.893.9
114.0104.3105.7
98.794.7
100.8122.796.0
98.089.4
105.981.188.9
107.7109.8103.1107.6100.3101.1
103.8114.7115. 297.1
100.7
105.992.0
101.3116. 2
102.0104.9101.6107.5100.0104.193.190.2
101.9103.6100.295.9
132.2104.0
107.6100.7105.6111.0102.5
$0,973.908
103.389.0
114.6
102.9
100. 5102.3104.0
103.7102.2103.1103.7102.5
103.7
100.0103.988.4
105.0
106.6109.3107.8101.8106.3
102.5
97.495.094.0
110.3103.3105.7
98.795.2
100.7122.596.0
97.889.2
105.979.687.8
108.8110.0117.4105.9100.5101* 2
103.7114.9115.3-97.0100.7
105.891.7
101.5115.5
101.9105.3101.7105.799.9
104.193.090.2
101.9103.8100.395.7
127.6104.4
107.6100.7105.6112. 6102.9
$0. 972.907
104.791.2
115.2
102.9
100.8102.4103.8
103.9102.0103.2103.9102.4
103.3
99.185.588.3
106.4
106.7108.8108.5100.4106.3
102.7
97.195.093.9
104.4102.1105.7
99.095.8
100.8123.996.4
97.788.6
106.179.088.0
112. 2110.2133.4112.5101.8102.5
103.8114.8115. 696.7
100.7
106. 291.9
101.4116.5
101. 6105.3101.5100.699.9
104.193.291.1
101.9103.9100.494.7
132.8105.0
107.6100.7105.6111.5102.7
$0.972.909
105.493.2
114.8
103.0
100.0102.5104.1
103.9102.2103.2103.9102.5
103.5
99.596.189.3
102.6
106.7109.1109.1101.8105.3
102.7
97.295.093.9
108.4102.5105.7
99.296.6
100.8125.396.4
97.788.6
106.279.088.0
111. 3110.3124.9110.9102.0103.1
103.8115.0115.696.6
100.5
106.291.9
101.2117.0
101.6105.4101.699.9
100.0104.193.391.1
102.1104.2100.694.2
134. 9105.2
107.7100.9105.6111.5103. 0
$0.971.907
105.693.4
115.0
103.1
100.1102.6104.3
104.0102.4103.4104.0102.7
103.6
99.495.688.6
103.2
106.9109. 4109.4104.7104.9
102.8
97.695.494.1
110.1103.4105.9
99.497.3
100.8125.896.6
97.888.6
106.479.287.9
113.3113.6125.6111.9101.6103.0
103.9114.9115.896.6
100.5
106.391.9
101.2117.4
101.6105.4101.699.1
100.5104.593.491.1
102.0104.3100.893.3
140.3105.4
107.7100.9105.6111.2
' 103.1
$0.970.906
106.193.9
115.5
103.5
'100.8' 103.0104.7
104.2102.9103. 7
'104.2'103.2
104.3
100.3'94.287.4
104.0
'107.6'110.6110.4
'105.4'105.5
'103.2
97.595.594.7
106.7103.8105.9
100.3'97.5100.8
'126.898.1
98.088.6
'106.679.287.9
113.6'113.7126.5113.3101.6
'103.0
104.1116.8116.4'96.5100.5
'106.791.6
101.3'118.7
'101.6105.4101.898.6
'100.8104.893.591.1
'101.9104.2101.0'92.5142.2105.4
107.7100.9105.6
'113.2'103.0
$0.966.904
108.997.9
117.1
104.1
103.1103.0105.3
104.2103.9104.1104.2103.8
106. 5
103.092.490.1
109.0
109.4111.2111.3105.2110.4
103.2
97.695.594,6
110.1103.8105.9
100.697.6
100.7128.698.4
98.188.8
106.679.287.9
114.3113.8132.3114.2101.9103.3
104.1117.0116.596.5100. 5
106.691.7
101.7117.2
101.6105.5101.897.7
100.9104.993.591.1
102.0104.4101.291.9
143.6105.4
107.9101.3105.6112.5103.1
$0.961
'Revised. 1 Annual averages computed by OB E.cf For actual wholesale prices of individual commodities, see respective commodities.
0 Goods to users, including raw foods and fuels. 9 Includes data not shown separately
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-9
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
New construction (unadjusted), total mil. $._
Private, total 9 — - doResidential (nonfarm) do
New housing units __doNonresidential buildings, except farm and pub-
lic utilities, total 9 mil. $__Industrial _. doCommercial do
Stores, restaurants, and garages do.I _ _Farm construction doPublic utilities do
Public, total do.__.Nonresidential buildings doMilitary facilities .. doHighways doOther types do___.
New construction (seasonally adjusted at annualrates), total mil. $_.
Private, total 9 do_.
Residential (nonfarm) doNonresidential buildings, except farm and pub-
lic utilities, total 9 mil. $_.Industrial doCommercial do
Stores, restaurants, and garages doFarm construction doPublic utilities do
Public, total 9 _do_
N onresidential buildings doMilitary facilities do.Highways do..
CONSTRUCTION CONTRACTS
Construction contracts in 48 States (F. W. DodgeCo.):A
Valuation, total mil. $_.
Index (mo. data seas, adj.) 1957-59=100..
Public ownership mil.?Private ownership do..By type of building:
Nonresidential _do_Residential- d o . . .
Non-building construction do.New construction:
Advance planning (ENR) § do___Concrete pavement awards:
Total thous. sq. yds .Airports do___Roads '_ doStreets and alleys do___Miscellaneous do___
HOUSING STARTS AND PERMITS
New housing units started:Unadjusted:
Total, incl. farm (private and public) thous. .One-family structures do.
Privately owned do.
Total nonfarm (private and public) doIn metropolitan areas do.
Privately owned do.
Seasonally adjusted at annual rates:Total, including farm (private only) do.Total nonfarm (private only) do.
New private housing units authorized by bldg. per-mits (12,000 permit-issuing places):
Seasonally adjusted at annual rates:Total thous. .
One-family structures do.
CONSTRUCTION COST INDEXES
Dept. of Commerce composite .1957-59=100-.American Appraisal Co., The:
Average, 30 cities 1913=100.-Atlanta do.New York , do.San Francisco do_St. Louis do.
A.ssociated General Contractors (building only)1957-59=100..
62,755
43,85925,84320, 064
11,8632,9625, 2002,2681,2474,596
18,8965,5401,227
5*181
45, 5462132
14,65330,893
14,37720, 50210,667
33,236
120, 6415,782
76,93437,926
1,640.91, 021. 71,609. 2
1,613. 41,149. 01, 581.7
1,335750
109
780857858761760
114
65,817
45,89126, 50720, 612
12,9753,3035,6562,4341,2214,850
19,9266,163968
7,1825,613
47, 299
2 137
15,37131,928
15,49520,56111,244
44,405
123, 7685,352
3 89, 8723 25, 5783 2,967
1, 590. 8973.0
1, 557.4
1, 563.91,118.31, 530.4
720
112
802878
792785
119
5, 754
4,0002,2291,788
1,178307522244101466-
1,75449594714451
65,153
45,368
25,638
13,1903,5215,7092,6001,2125,012
19,785
6,2121.0337,087
3,757
143
1,1742,583
1,2631,4821,012
2,900
114.669.5112.0
112.577.7109.9
1,5051,480
1,256741
113
811892890803796
120
5,377
3,7672,0761,670
1,12232048321197447
1,61049363640414
66,178
45,684
25,953
13, 0343,6105,6412,5491,2095,165
20,494
6,440756
7,583
154
1,2302,368
1,2981,306
994
3,915
31,14822,2366,9931,039
98.358.896.7
96.470.494.8
1,6101,575
1,195720
113
812892890803797
120
4,682
3,3161,7881, 433
1,07032743917994
338
1,36647057
439400
66,055
26,676
13, 2903,7925,6622,5461,2054,824
19,722
6,319785
7,010
3,127
137
1,1042,023
1,1551,273700
2,614
85.651.881.5
84.258.880.1
1,4421,417
1,280734
113
814892917804804
121
4,236
3,0701,5801,273
1,04832742518192324
1,16645049290377
66,881
46, 846
26,713
13,4663,8715,7012,6601,2145, 075
20,035
6,476776
7,151
3,223
140
1,1122,110
1,0601,299
863
4,013
87.951.585.4
87.163.484.7
1,4821,468
1,224713
114
815901917804804
121
4,748
3,3781,8271, 398
1,05032143620094379
1,37049063398419
67,598
47,171
26,602
13, 7613,9345,9032,8551,2125,207
20,427
6,300912
7,541
4,209
141
1,3482,861
1,3791,877953
3,476
28,931623
22,8354,837635
124.976.7120.7
123.090.7118.8
1,4891,465
711
114
815901917804804
121
5,132
3,7132,1341,559
1, 04731643620192
409
1,419516
449
67, 590
47, 544
26,675
14,0473,9976,0893,0221,2095,181
20, 046
6,173888
7,396
4,770
152
1,5393,231
1,5462,1391,086
3,322
154.9100.2152.2
152.8102.5150.1
1,5521,532
1,187677
114
815901917804803
121
5,609
4,0452,3711,728
1,10831548123395435
1,56453877472477
67, 572
47, 982
27,070
14,2404,0126,2543,1271,2015,034
19, 590
6,321887
6,862
145
1,5173,348
I 7752,0741,015
2,962
162.1102.3157.5
159.8110.4155.2
1,5161,501
1,240722
114
818901917804810
122
6,364
4,4332,6301,935
1,209320555286102456
1,93158483737527
68,950
48, 616
27, 224
14, 5994,0406,5743,2901,1965,187
20,334
6,244833
7,546
4,625
139
1,5533,072
1,5512,080993
4,174
34, 4551,60122,4218,9911,443
162.399.9155.5
159.6114.3152.8
1,254703
116
820901917804
123
6,331
4,4842,5912, 019
1,294330611318109454
1,84755978709501
68, 599
26,983
14,8874,073
1,1885,185
19,996
7,156
4,795
149
1,7503,045
1,6911,9521,151
3,215
143.994.1141.3
141.695.1139.0
1,4731,447
1,243704
116
825907917804809
124
6,409
4,4662,5272,009
1,331342624315112465
1,94359986717541
67,953
48,194
26, 621
14,9214,0966,8153,2321,1865,142
19,759
6,642910
6,529
4,265
1,3132,952
1,5071,971788
3,714
138.0' 88. 5134.6
136.2'94.8132.8
1,4271,409
1,217692
117
827908917804809
124
6,484
4,3942,4501,955
1,336350617301107465
2,09061891840541
69,311
48, 068
26,413
14,8854,1146,7543,1011,1865,208
21,243
6,8281,0257,636
4,153
147
1,3322,821
1,4641,756934
3,915
33,048857
20,6929,5491,950
125.9'80.0124.3
124.3'87.8122.7
1,4531,436
1,180677
116
829
809
124
•6,316
• 4,3202,3701,897
1,319352600283104
'487
1,996'620
82766528
67,616
47,844
26,343
14,6834,0996,5292,8971,185
' 5,196
19,772
' 6,819832
4,356
147
1,2943,061
1,5821,897877
3,895
• 135. 7'87.1• 133.6
' 133. 0'95.2' 130.9
1,411• 1,380
1,259741
117
834909940
124
• 6,135
•4,242•2,278• 1,831
1,331'354' 611'293
99491
1,893'5570)771483
69,349
48,045
26,195
14,847' 4,050' 6,675' 3,1181,183
'5,305
'21,304
• 6,9920)7,609
3,745
141
1,1632,582
1,3281,696721
4,618
" 117.672.6
• 115.4
' 116.377.6
' 114.1
1,537• 1, 521
• 1,282'736
117
909940834815
124
5,645
3,9962,1011,686
1,31235659928695447
1,649530
0)0)(0
69,330
48,394
26,239
15,2643,9987,0293,4631,1825,177
20,936
6,8770)0)
5,707
101.9
101.0
100.3
1,7461,712
1,319745
117
837909941837817
124
' Revised. l Not yet available; estimate included in total. 2 Computed from cumu-lative valuation total. 3 Prior to 1964, "miscellaneous" yardage was included with data forroads and streets. * Effective Jan. 1964, based on 1964 definition of standard metropolitanstatistical areas; not strictly comparable with earlier data.
9 Includes data not shown separately.A Annual totals include revisions not distributed to months.§ Data for Dec. 1964 and Apr., June, Sept., and Dec. 1965 are for 5 weeks; other months,
4 weeks.
796-566 O - 66 - 4
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-10 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May- June July Aug. Sept. Oct. Nov. Dec.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES—Con.
E. H. Boeckh and Associates, Inc.: fAverage, 20 cities:
All types combined 1957-59=100. _Apartments, hotels, office buildings doCommercial and factory buildings do__._Residences J___ do__
Engineering News-Record:Building doConstruction Ido__I'I
Bu. of Public Roads—Highway construction:Composite (avg. for year or qtr.)_.. 1957-59=100__
CONSTRUCTION MATERIALS
Output index:Composite, unadjusted 9 1947-49=100.-
Seasonally adjusted 9 do
Iron and steel products, unadjusted __doLumber and wood products, unadj doPortland cement, unadjusted _do
REAL ESTATE
Mortgage applications for new home construction:Applications for FHA commitments
thous. units. _Seasonally adjusted annual rates do
Requests for VA appraisals doSeasonally adjusted annual rates do_
Home mortgages insured or guaranteed b y -Fed. Hous. Adm.: Face amount mil. $__Vet. Adm.: Face amount§ do
Federal Home Loan Banks, outstanding advancesto member institutions, end of period mil. $_.
New mortgage loans of all savings and loan associa-tions, estimated total mil. $_.
By purpose of loan:Home construction ; doHome purchase do"I.All other purposes do
New nonfarm mortgages recorded ($20,000 andunder), estimated total mil. $_.
Nonfarm foreclosures number-.
Fire losses (on bldgs., contents, etc.) mil. $„.
110.2111.3110.2108.5
112.7118.6
101.0
142.9
140.7141. 2175. 7
190.2
139.3
5, 569.103, 045.12
4,784
24,735
7,0399,9207,776
36,92598,195
1,405. 56
113.4114.6113.4111.6
116.1123.2
102.0
152. 6
154.2151.4183.2
182.1
113.6
6, 573. 222,852. 21
5,325
24,505
6,51510,3977,593
36,921108, 620
1,367.13
114.6115.8114.6112.7
117.0124.8
141.4147.9
143.7141.3186.0
11.61947.3118
556. 64258.30
4,784
1,791
462770559
2,8478,654
104. 21
114.7115.9114.6112.7
117.0124.8
103.!
130.9152. 2
135.9132.5155. 3
11.71937.1118
562. 63241.82
5,325
522784663
2,9368,987
124. 59
114.9116.1114.8113.0
116.9124.7
127.0135.4
136.7131.7104.9
11.8202
113
542. 46225.40
4,944
1,527
370638519
2,4228,858
136.18
115.4116.7115.3113.4
117.9126.0
131.9148.9
136.2138.493.4
15.12038.7124
443. 58199. 82
4,851
1,541
379638524
2,3969,113
113.11
115.5116.9115.4113.6
118.0126.0
103.2
164.4170.0
177.4171.0134.8
19.218410.5110
532. 44216.46
4,747
2,056
544824
138. 63
115.6117.0115.5113.7
117.8126.0
162.7160.0
183.4159.1179.4
18.71909.595
541.38178.87
5,219
2,068
558850
10, 259
128. 48
116.1117.5116.1114.1
117.8126.0
159.6148.9
165.9155.5207.3
16.618310.4109
515. 58182. 49
5,227
2, 022
526861
9,578
116.92
117.2118.4117.3115.0
118. 8127.6
106.9
171.2160.3
170.0161.9233.2
15.71559.7
610. 77217.36
5,586
2,399
614
10,248
119. 54
118.0119.2118.1116.0
119.1128.6
158.6164.1
163.6149.1236.2
15.11688.692
646. 67217. 21
5,793
2,186
5201,063603
9,753
130.52
118.2119.4118.3116.1
119.5129.5
175.8159.3
187.5167.5246. 7
17.31848.9
757.29244.70
5,770
2,187
5111,099577
9,521
111. 78
118.4119.7118.5116.4
120.1129.8
106.7
170.1162.6
161.6173.8224.5
16.61878.4
755. 77254.42
5,802
2,079
4901,015574
9,806
115. 44
118.8120.0118.8117.0
120.4129.8
159.9166.3
15.11927.297
714.36245.00
' 1,961
'487'910'564
108. 72
118.9120.1118.9117.0
120.2129.7
14.52296.8105
706. 02242.64
5,724
112.28
120.4130.0
13.32296.7117
698.25
5,997
124.04
ADVERTISING
Printers' Ink advertising index, seas, adj.:Combined index 1957-59=100
Business papers do _Magazines __ _ __NewspapersOutdoorRadio (network)Television (network)
__do ____.do..__
do-do.___
Ar\
Television advertising:Network (major national networks):
Net time costs, total mil. $..
Drugs and toiletries ...Foods, soft drinks, confectionerySoaps, cleansers, etc._Smoking materials __All other
__do______do__-__do_____-do____
AnSpot (natl. and regional, cooperating stations):
Gross time costs, total mil. $Automotive, incl. accessories do _.Drugs and toiletries ___Foods, soft drinks, confectionerySoaps, cleansers etc
.__do____
.__do.-_An
Smoking materials.-.. doAllother _ do
Magazine advertising (general and natl. farm maga-zines) :
Cost, total mil. $__Apparel and accessories-_ _ __ _ _ <ioAutomotive, incl. accessoriesBuilding materials.Drugs and toiletries _ _Foods, soft drinks, confectionery
Beer, wine, liquorsHousehold equip., supplies, furnishingIndustrial materialsSoaps, cleansers, etcSmoking materialsAllother .
___do . . .dododo ___
dos._do
dododo
___do.,__
1181111279588
102145
1, 058. 0Q f | f>
348.3189.797.9
130.4201 2
871.132.6
171.7291.491 738.8
244.9
931.657.3
101.826.596.4
124.3
56 466.345.111.935.9
309.6
12511213610389
103157
1,145.996 5
360.6209. 5103.2146.8229 2
1, 016. 038.5
192.9352.798 550.2
283.2
996.861.8
110.727.1
108.9134.8
58.371.748.416.0OQ O
320.9
DOMESTIC
12711913610196
104161
103.86.3
11.21.9
11.813.6
7.68.24.72.33.6
32. 7
129115141104104112163
353.633 7
109.259.127.744.979 0
272.88.3
49.892.823 613 784.5
80.23.96.11.0
10.411.1
9.75.33.2
. 93.6
25.0
1271201401085890
153
58.81.96.51.46.38.7
1.93.22.61.2
- 2.722.5
,TRADE
12611414210310192
149
77.23.59.11.88.5
11.5
3.73.02.81.93.1
28.3
13012114410690
101155
310.621 1
105.758.228.838.458 4
249.68.8
51.990.222 313.263.2
94.16.6
10.93.09.6
12.3
4.96.03.32.03.4
32.1
12511413910082
110154
103.48.6
11.93.79.7
11.3
6.17.74.62.83.4
33.5
130126144100108112155
103.76.6
11.03.79.4
11.6
5.99.24.92.73.6
35.2
13011414410699
105161
280.517 588.356.927.930.759 3
273.69.5
48.197.725.913.479.1
86.62.49.03.19.8
12.7
6.06.14.21.44.3
27.5
1301221501047795
157
68.7.9
5.92.48.39.4
4.63.83.91.73.3
24.3
136129
1049184
161
65.36.64.41.78.08.5
3.23.43.11.63.5.
21.3
133126
10978
111166
269.516 391.065. 726.829.340.4
248.310.151.182.726.410.567.5
90.010.13.63.0
10.19.3
5.26.05.01.63.4
32.7
120.58.0
16.93.2
12.013.1
7.38.56.52.23.9
38.8
117.85.9
15.22.2
12.314.3
9.29.15.71.73.7
38.6
91.53.97.21.2
11.911.1
11.35.44.5
.93.4
30.7
'Revised. i Index as of Jan. 1,1966: Building, 120.5; construction, 130.0.1 Copyrighted data; see last paragraph of headnote, p. S-l.
9 Includes data for items not shown separately.§ Data include guaranteed direct loans sold.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-ll
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
DOMESTIC TRADE—Continued
ADVERTISING—Continued
Newspaper advertising linage (52 cities):Total mil. lines.
Classified do___Display, total do___
Automotive do___Financial doGeneral do _Retail do___
RETAIL TRADE
All retail stores:Estimated sales (unadj.), total mil. $_
Durable goods stores 9 do_.Automotive group do.
Passenger car, other auto, dealers do_.Tire, battery, accessory dealers do_
Furniture and appliance group do_.Furniture, homefurnishings stores do_.Household appliance, TV, radio do_.
Lumber, building, hardware group do_.Lumber, bldg. materials dealerscf do_.Hardware stores do.
Nondurable goods stores 9 - - do___Apparel group do__.
Men's and boys' wear stores do___Women's apparel, accessory stores do__.Family and other apparel stores do___Shoe stores do___
Drug and proprietary stores do_.Eating and drinking places do_.Food group do_.
Grocery stores do_.Gasoline service stations do_.
General merchandise group 9 doDepartment stores doMail order houses (dept. store mdse.) _doVariety stores do.
Liquor stores do.
Estimated sales (seas, adj.), total do_.
Durable goods stores 9 do_.Automotive group do_.
Passenger car, other auto, dealers do_.Tire, battery, accessory dealers do..
Furniture and appliance group do_.Furniture, homefurnishings stores do_.Household appliance, TV, radio do_.
Lumber, building, hardware group do_.Lumber, bldg. materials dealerscf_ - _do_.Hardware stores do_.
Nondurable goods stores 9 do_.Apparel group do_.
Men's and boys' wear stores do_.Women's apparel, accessory stores do..Family and other apparel stores do_.Shoe stores do_.
Drug and proprietary stores do.Eating and drinking places do_.Food group do_.
Grocery stores do_.Gasoline service stations do_.
General merchandise group 9 do_.Department stores do.Mail order houses (dept. store mdse.) _do_Variety stores do_.
Liquor stores do.
Estimated inventories, end of year or month:Book value (unadjusted), total mil. $__
Durable goods stores 9 doAutomotive group doFurniture and appliance group. do__~~Lumber, building, hardware group. _do
Nondurable goods stores 9 do. _Apparel group doFood group doGeneral merchandise group do
Department stores do
Book value (seas, adj.), total doDurable goods stores 9 do
Automotive group doFurniture and appliance group do____Lumber, building, hardware group...do
2,856.5749.7
2,106.7150.658.8
285.81,611.6
246,435
80,09845,95943,1972,762
11,6127,4654.147
11,5668,9192,647
166,33714,4602,7865,5933,5942,487
8,17518.07159.14353,55119,365
28,66016.6832.1244,6255,659
28, 50012, 2555,3531,9752,316
16, 2453,3803,5544,7672,512
29,38312, 5095,4352,0132,402
2,973.5787.1
2,186.3159.760.9292.5
1,673. 2
261,630
85.11648.49145,6062.885
13.0938.4624.631
11.6448.8612,783
176,51415.5673,0286.1153.7912,633
8,58519.40162.19156.27320.295
31,72118.6312.3405.1695.959
30,18112,9965,5172, 1112,514
17,1853,4883,7625,2622,829
31,13013,2825,5842,1542,605
276.463.7212.813.14.730.1164.8
21.720
6.8133.7133.471242
1.169752417
995743252
14.9071.355273539333210
1.5685.0174.5461,712
3,0211.761262473518
21.661
6.6953.6853.428257
1.098701397
721261
14.9661.310261517303229
7241.6095.2584,7741.738
2.7381.580191466509
31,86012,8165,0702,2382,531
19,0444,0403,8166,3383,466
30,55912,8745,4342,1312,570
262.354.8207.59.35.022.2171.1
27.719
8.2014.3704,057313
1.488
992643349
19.5182.324523924571
9661,6585,7625,2081,790
5.0482.977341901770
22.781
7.6454,5884,344244
1.113702411
1.004742262
15.1361,300257518299226
7311.6535.4094.9131,755
2,7621,600196442508
30,18112,9965,5172,1112,514
17,1853,4883,7625,262
31,13013,2825,5842,1542,605
223.865.2158.610.67.319.3121.4
20,581
6.6654,2194,032187
953631322
743553190
13,9161,100231439247183
7161.5595.2424,7861.679
2,0941,254135311455
22.900
7,8554,7094.470239
1,103748355
1,050805245
15,0451,327258531315223
7341.7045,1924,7141,749
2,8321,715193439499
30,48613,5425,9932,1102,553
16,9443,3713,7165,2182,743
31, 47813,6355,8182,1892,637
214.562.5152.012.04.319.8116.0
19,608
6,6644,2474,069178
903598305
697528169
12,944917181378206152
1.4534,8544,4051,561
1,9981,159147333433
23,317
7,9664,8554,608247
1,081715366
991756235
15,3511,335265531320219
7451,7205,3384,8411,798
2,8481,712196456515
31, 29814,0376,3722,1512,577
17,2613,5173,7145,4162,849
31,63513,7995,9052,2222,632
256.371.3185.014.35.424.8140.4
21,915
7,7094,9584,744214
1,000665335
829636193
14,2061,072193448241190
7311,5955,1584,6841,698
2,3911,418192371448
22,805
7,6694,5924,352240
1,094720374
970746224
15,1361,261253513285210
7481,6995,3014,8091,774
2,8011,666208454504
32,91314,8276,9042,2242,684
18,0863,8313,7595,7493,050
32,26014,2206,2652,2402,626
271.872.7199.116.65.725.4151.4
23,525
8,0615,0364,780256
1,000671329
999759240
15,4641,411257555323276
7361,6995,3814,8861,769
2,7791,649194456482
22,865
7,5504,4554,204251
1,086706
738230
15,3151,253254499295205
7601,7415,4004,9101,798
2,7811,676197432512
33,38415,1257,0732,2902,667
18,2593,8403,8015,798
32, 54614,4406,4422,2702,592
286.079.9206.016.95.028.5155.6
23,820
8,2254,9844,711273
1,045700345
1,118854264
15,5951,281248511296
7491,8185,4414,9261,847
2,7441,646189442506
23,352
7,7034,5384,279259
1,085720365
1,030791239
15,6491,326263519320224
7491,7675,4054,9041,818
2,9131,753210472525
33,27715, 2407,2582,2642,667
18, 0373,7693,7435,7243,047
32,82314, 7076,7392,2592,589
266.075.7190.317.35.424.9142.7
23,825
8,4515,0714,793278
1,110746
1,175920255
15,3741,229260468289212
7441,8525,4224,9021,899
2,6821,618179427493
23,331
7,7604,5844,341243
1,107742365
1,042808234
15,5711,305254517318216
7581,7495,4894,9781,829
2,7951,666205462521
33, 08715,1387,2282,2592,646
17,9493,6903,7435,7093, 011
33, 01414, 6926,8252,2682,579
238.774.1
164.613.45.7
18.2127.3
24,129
8,1544,8004.523277
1,136765371
937256
15,9751,166229452291194
7642,0015,9835,4271,967
2,6081,551168431538
23,743
7,9224,7204,474246
1,135765370
1,049804245
15,8211,347260527347213
7761,8145,5465,0151,835
2.9121,757216467522
32,93515, 0557,2212,2162,602
17,8803,6973,7035,7373,030
33, 08814,7446,9032,2342,579
261.479.1182.313.33.918.1147.1
22,989
7,5394.2253,970255
1,143760
1,151909242
15.4501,197219456324198
7551,9695.4024.8741,930
2,7931,669207445493
23,544
7,8374,6394,387252
1,132742390
1,025778247
15,7071,336267511350208
7791.7755,5174,9961,826
2,8891,740207468509
32, 74314,4566,5432,2712,574
18, 2873,9943,6765,9003,135
33,36014,9657,1352,2762,561
271.972.9198.913.24.627.4153.8
22,741
7.1313.7293.490239
1.158732426
1,129879250
15,6101.327238502353234
1.8615.5014.9831,823
2,8691.741218442501
23.774
7.7894.5944.341253
1.136714422
1.024771253
15.9851.347266511353217
8071.8055.6265,1001.834
2.9461.768220476530
32. 52713. 7685,8802.3002.583
18,7594.2083.6616.1753.291
33.04514,7616.9592,2682,588
296.378.4
217.918.85.4
30.6163.2
i 24.892
18.414i 4.814
i 1.239
16,478i 1.395
18111,9585.8675.3521.865
3.0261.833
23.959
7.8384.457
1.167
16,121i 1.354
18281.8975.670
i 1.825
i 2.967
33,70814,1856,2752,2932,580
19,5234,2823,831
' 6,591' 3, 586
33,29614,9277,1712,2132,617
292.471.8
220.714.65.2
28.7172.2
24,512
i 8.223i 4,737
i 1,290
16,2891 1.455
1783i 1,78615,402i 4,924i 1.813
i 3,455i 2,106
24,013
i 7.927i 4.572
1.191
16,086i 1.377
1818i 1.855i 5.590
i 1.826
i 3.055
34.77114.719
2,3722,579
20,0524,3353,9196,7483,721
33,53314,9297,2252,2592,618
i 30.173
18.911i 4.638
11.584
i 21.262i 2.491
1.1001.8506.4085.8641.846
5.4463.351
i 24.303
i 8.112
16.191
" Revised. i Advance estimate. 9 Includes data not shown separately. cf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical stores.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-12 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
DOMESTIC TRADE—ContinuedRETAIL TRADE—Continued
All retail stores—ContinuedEstimated inventories, end of yr. or mo.—Con.
Book value (seas, adj.)—ContinuedNondurable goods stores? mil $_.
Apparel group. doFood group. . . . ____doGeneral merchandise group __ do
Department stores do
Firms with 4 or more stores:Estimated sales (unadjusted), total. __do_.
Firms with 11 or more stores:Estimated sales (unadj.), total 9 do_.
Apparel group 9- . - - _do__Men's and boys' wear stores do__Women's apparel, accessory stores do__Shoe stores __do__
Drug and proprietary stores do__Eating and drinking places do__Furniture, homefurnishings stores do__
General merchandise group 9 do_.Dept. stores, excl. mail order sales _do_.Variety stores , do_.
Grocery stores do_.Lumber yards, bldg. materials dealerscf _.do_.Tire, battery, accessory dealers._. do..
Estimated sales (seas, adj.), total9 do_.
Apparel group 9 do..Men's and boys' wear stores do.."Women's apparel, accessory stores do_.Shoe stores do_.
Drug and proprietary stores _do_Eating and drinking places do_.Furniture, homefurnishings stores do_.
General.merchandise group9. do..Dept. stores, excl. mail order sales do.Variety stores do.
Grocery stores do.Lumber yards, bldg. materials dealerscf ~do.Tire, battery, accessory dealers ....._do_
All retail stores, accounts receivable, end of yr. or mo.Total (unadjusted) mil. $_.
Durable goods stores . . .doNondurable goods stores do
Charge accounts .doInstallment accounts do
Total (seasonally adjusted) __do__.Durable goods stores do__.Nondurable goods stores do.. .
Charge accounts do...Installment accounts.. _do__.
Department stores:Ratio of collections to accounts receivable:
Charge accounts ._ percent.Installment accounts do...
Sales by type of payment:Cash sales percent of total sales.Charge account sales do...Installment sales ;___. do__.
16,8743,5393,5685,1862,730
69, 752
58,280
3,796355
1,6071,0541,7281,253500
19, 01811,8173,54223,692
7601,098
15, 5996,6268,9737,8267, 773
14,5776,4568,1217,3747,203
17,8483, 6723,7965, 684
75, 610
63,191
4,145387
1,7571,1421,8961,446552
21,37513, 3613,92824,903
7861,196
16,9296,88510,0448,0258,904
15, 7986,6969,1027,5558,243
17, 6853,6663,7275,5972,998
6,566
5,451
367371619115512054
2,0041,247350
1,98168102
5,382
3493214910016012247
1,8301,147344
2,11066106
15,8136,6469,1677,6118,202
15, 7316,5289,2037,462
17,8483,6723,7965,6843, 039
9,280
7,734
6266727214725212356
3,3582,089675
2,33256142
5,440
3533214810016312245
1,8191,145330
2,17466103
16,9296,885
10,0448,0258,904
15, 7986,6969,1027,5558,243
17, 8433,6563,7885,7183,034
5,735
4,699
281067414911536
1, 375887229
2,1254880
5,367
355331519415912449
1,8971,223336
2,04570105
16,4016,6279,7747,703
16, 0386,8239,2157,7768,262
17,8363,6673,7485,7373,057
5,391
22522936514511137
1,286793246
1,9524674
5,439
347341459216312746
1,8701,180344
2,13365106
15,8486,4749,3747,4668,382
16,3816,9079,4747,8748,507
18, 0403,8013,7405,7943,062
4,972
290251248116212646
1,580994280
2,08156
5,397
301438916912846
1,8671,164343
2,11765102
15,7476,4309,3177,4358,312
16, 2496,7849,4657,7948,455
18,1063,8103,7495, 7843,079
6,794
5,594
4063616212416713244
1,8681,175345
2,22267108
5,470
346361449317713446
1,8421,163325
2,16466107
16,0486,5209,5287,7238,325
16, 2726,7349,5387,7828,490
18,1163,8233,7245,7823,072
5,507
349341479716914048
1,8631,184336
2,16384115
5,619
352351469617413747
1,9681,238359
2,17678109
16, 5096,7329,7777,9968,513
16,4696,7459,7247,8508,619
18, 3223,8723,7325,9063,156
6,614
5,446
338331389617114450
1,8331,165328
2, 11190118
5,563
351331459617513851
1,8831,171351
2,19077103
16, 7087,0289,6808,0118,697
16, 6816,9189,7637,9688,713
18,3443,9043,7445,9203,186
5,641
304281308117714747
1,7901,128328
2,37490117
5,654
3583415094183137
1,9801,251351
2,18077104
16, 6607,0909,5707,8628,798
16, 7656,9059,8607,872
18,3953,9623,7555,9183,167
6,637
5,450
328261388817114849
1,9301,210342
2,03692110
5,694
362341489718113948
1,9901,263357
2,19478111
16, 5216,9959,5267,7168,805
16,5906,7689,8227,6938,897
18.2843.9663,6765.8793.122
6.837
5,631
3663015210517514550
1,9751, 251340
2,13887104
5,782
361559718514251
2,0201,265363
2,22075111
16,7437.0509.6937.8288,915
16.8816,85410,0277.8789.003
18.3693.9113.752r5,911'3,157
18.6043.9303.8355.9553.216
EMPLOYMENT AND POPULATIONPOPULATION
Population, U.S. (incl. Alaska and Hawaii):Total, incl. armed forces overseas _______mil__
EMPLOYMENTNoninstitutional population, est. number 14 years
of age and over, total, unadj. _ mil
Total labor force, incl. armed forces thous..Civilian labor force, total. _ do
Employed, total doAgricultural employment doNonagricultur al employment do
Unemployed (all civilian workers) doLong-term (15 weeks and over) _do_
Percent of civilian labor forceNot in labor force. thous._
Civilian labor force, seasonally adj doEmployed, total . . . do
Agricultural employment doNonagricultural employment . . . _ .do
Unemployed (all civilian workers) __ __do_ _Long-term (15 weeks and over) do
Rates: tAll civilian workers.
Men, 20 years of age and over.Women, 20 years of age and overBoth sexes, 14-19 years of age
1189. 42
132.12
75, 71272,97568,8094,946
63,863
4,1661,088
5.756,412
1 192.12
134.14
76,97174 23370,3574,761
65, 596
3,8769735.2
57,172
193. 08
134. 95
76,89774 16670, 7934,545
66, 248
3,3737594.5
58, 055
74,40970,755
4, 67166, 0843,654
932
4.93.55.0
14.3
193. 29
135.14
76,56773,84170,3753,785
66, 590
3,4668024.7
58,568
74, 70671,004
4,54166,4633,702
889
5.03.54.7
15.7
193. 50
135. 30
75,69972,99268,9963,739
65, 257
3,9968455.5
59, 603
74, 91471,2844,513
66, 7713,630
823
4.83.54.5
15.2
193. 68
135. 47
76,41873, 71469,4963,803
65, 694
4,2181,050
5.759, 051
75, 05171,3044,595
66, 7093,747
905
5.03.65.1
14.4
193. 85
135. 65
76, 61273,90970,1693,989
66,180
3,7401,019
5.159, 039
74, 94471,4404,550
66, 8903,504
800
4.73.34.6
13.9
194. 03
135. 81
77, 30774, 62171, 0704,473
66,597
3,5521,050
4.858, 504
75,37771,7174,843
66,8743,660
809
4.93.44.6
15.2
194. 20
135. 98
78,42575, 74172,4075,128
67, 278
3,3358044.4
57, 556
75, 44371,9374,958
66,9793,506
696
4.63.34.3
14.5
194. 39
136.16
80, 68378,00373,7165,622
68, 094
4,2877625.5
55,477
75, 67672,1184,659
67,4593,558
806
4.73.24.8
14.1
194. 58
136. 25
81,15078, 45774,8545,626
69,228
3,6025874.6
55,102
76,18172,7664,674
68, 0923,415
659
4.53.14.3
13.2
194.80
136. 47
80,16377,47074, 2125,136
69, 077
3,2586124.2
56, 310
75,77272,3974,576
67,8213,375
705
4.53.24.5
12.4
195. 02
136. 67
78,04475,32172,4464,778
67,668
2,8756093.8
58, 626
75,48372,1824,405
67,7773,301
736
4.43.14.2
13.0
195. 24
136. 86
78, 71375,95373,1964,954
68,242
2,7575883.6
58,149
75,77872,4864,551
67,9353,292
703
4.32.94.2
13.1
195. 44
137.04
78, 59875,80372,8374,128
68, 709
2,9665313.9
58,445
76, 05272,8394,244
68, 5953,213
652
4.22.84.3
12.5
195. 63
137.23
78,47775,63672, 7493,645
69,103
2,8886003.8
58.749
76, 53473, 412
4,41768, 9953,122
665
4 .12.63. 9
13.1
'Revised. 1 As of July 1. 9Includes data not shown separately.d> Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical
stores.
1 Unemployed in each group as percent of that group.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-13
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.p
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT—Continued
Employees on payrolls (nonagricultural estab.) :fTotal, unadjusted! ._thous__
Manufacturing establishments doDurable goods industries doNondurable goods industries _do.
Mining, total9 -__.doMetal mining doCoalmining doCrude petroleum and natural gas do
Contract construction _ do.Transportation and public utilities 9 do
Railroad transportation doLocal and interurban passenger transit__do
Motor freight trans, and storage... do____Air transportation doTelephone communication doElectric, gas, and sanitary services.____ do
Wholesale and retail trade doWholesale trade ; do.Retail trade do
Finance, insurance, and real estate. do____Services and miscellaneous doGovernment do_
Total, seasonally adjustedf _doManufacturing establishments do
Durable goods industries doOrdnance and accessories doLumber and wood products _do____Furniture and fixtures doStone, clay, and glass products doPrimary metal industries do
Fabricated metal products doMachinery doElectrical equipment and supplies. __do
Transportation equipment. doInstruments and related products doMiscellaneous manufacturing ind do
Nondurable goods industries doFood and kindred products _doTobacco manufactures doTextile mill products doApparel and related products doPaper and allied products ___do____
Printing, publishing, and allied ind._doChemicals and allied products doPetroleum refining and related ind___doRubber and misc. plastic products. __ doLeather and leather products do
Mining do____Contract construction do__Transportation and public utilities doWholesale and retail trade doFinance, insurance, and real estate doServices and miscellaneous doGovernment. ____ do
Production workers on mfg. payrolls, unadjusted:!Total, unadjusted t thous.
Seasonally adjusted do
Durable goods industries, unadjusted--doSeasonally adjusted do
Ordnance and accessories do___~Lumber and wood products doFurniture and fixtures doStone, clay, and glass products doPrimary metal industries do_
B last furnaces, steel and rolling mills, doFabricated metal products doMachinery doElectrical equipment and supplies_ _ doTransportation equipment 9 do
Motor vehicles and equipment do____Aircraft and p a r t s . . . . do
Instruments and related products doMiscellaneous mfg. industries do____
Nondurable goods industries, unadj do___Seasonally adjusted do____
Food and kindred products doTobacco manufactures do____Textile mill products _do~~~_Apparel and related products do_Paper and allied products do
Printing, publishing, and allied ind doChemicals and allied products doPetroleum refining and related ind___do.___
Petroleum refining doRubber and misc. plastic products. __do__Leather and leather products do
r Revised.
56,602
16,9959,6167,380
63580
149
2,9633,903
772
904202686610
11,7783,1048,6752,8778,2269,225
56,60216,9959,616
266593390601
1,172
1,1501, 5291,554
1,610365387
7,3801,752
89885
1,283618
931865189418349
6352,9633,903
11, 7782,8778,2269,225
12, 555
7,027
115527324484947425882
1,0591,0341,112
574351232310
5, 527
1,16777
7931,138
486
59052512095
323
58,156
17,2599,8137,446
79148
3,0563,947
756267
920213706614
12,1323,1738,9592,9648,5699,595
58,15617,2599,813247602406612
1,231
1,1871,6061,548
1,605
7,4461,746
89891
1,302625
950877183434348
6333,0563,94712,1322,964
9,595
12, 769
7,209
106530337492
1,002459912
1,1181,0381,120581338234319
5,560
1,15477798
1,158489
60152911490
335306
59,405
17, 58910, 0277,562
64082148
3,2273,984745270
951219714611
12,4483,2209,2282,9828,6489,887
58,87917,4779,966234600414613
1,275
1,2051,6401,575
1,630372408
7,5111,755
92899
1,321630
957883181441352
6363,1243,97212, 2502,9948,6749,752
13, 07812,960
7,4127,349102530348498
1,029476937
1,1261,0841,175627335238345
5,6665, 6111,183
87808
1,187495
61052711086
347311
59,896
17, 54710, 0507,497
63382149287
3,0074,002746272
949220715611
13,0843,2409,8442,9818,62710,015
59,16317, 56510,044
231604417617
1,278
1,2181,6571,586
1,652373411
7,5211,756
89901
1,324629
961886180443352
6353,1793,99412,3032,9998,7059,783
13,03513, 045
7,4357,427101518347485
1,036480944
1,1551,0901,198648337238322
5,6005,6181,142
82803
1,174492
61452910886345311
58,234
17,3969,9967,400
61982147282
2,8003,863728273
912220715610
12,1903,1909,0002,9738,5579,836
59,29517,63810, 098
231600420621
1,282
1,2301,6631, 596
1,670374411
7,5401,753
88905
1,334631
963887179447353
6343,1853,92612,3743,0038,7329,803
12, 89013,116
7,3797,476100496344471
1,039481939
1,1601,0861,204654336237303
5,5115,6401,093
75798
1,166486
60652910785345307
58,341
17,47310, 0487, 425
61682146280
2,7133,917727271
913221717
12,1123,182
2,9868,6049,920
59, 58117, 70310,150
230603423619
1,283
1,2431,6691,609
1,681376414
7,5531,749
87909
1,334632
967890179453353
6343,2113,98512, 4233,0138,7719,841
12,95613,158
7,4237,515
99501346471
1,049487946
1,1681,0901,202656330238312
5,5335,6431,069
71804
1,193486
60953210786350311
58,784
17, 57810,1147,464
61582143279
2,8203,965729271
926222722610
12,1673,1898,9782,9998,6629,978
59,81417, 76210,194
230614425623
1,284
1,2221,6781,624
1,700378416
7,5681,746
86912
1,340632
892179457355
6323,2384,01712,4603,0238,794
13,04913, 220
7,4817,557
98511350480
1,057490927
1,1851,0981, 216664335239319
5,5685,6631,070
66811
1,207487
61354010886353312
59,471
17, 65910, 2187,441
62383144280
2,9783,977735270
930224728613
12,4183,1999,2193, 0128,79610, 008
59,84617,80310,241
229607428619
1,285
1, 2471,6831,635
1,712379417
7,5621, 729
86915
1,344
971893
. 178460353
6293,1454,01312,4943,0248,8149,924
13,10813, 238
7,5707,588
97518352492
1,065497958
1,1901,1061,227
240326
5,5385,6501,062
64816
1,182490
61454510986354302
60,000
17, 74510,2797,466
62983142282
3,2234,008737270
227731614
12,4373,2139,2243,0298,90510, 024
60, 03217,83510,266
231603428613
1,285
1,2511,6921,647
1,722378416
7,5691,734
86914
1,346633
971894176460355
6273,1884,02012, 5323,0328,8439,955
13,18013, 2527,6217,599
98531350497
1,066
1,1921,1141,240672342238329
5,5595,6531,080
63817
1,184490
61354410985355305
60,848
18, 02710,4377,590
64084142
3,4124,070747
978229740627
12,5963,2699,3273,0629,00810,033
60,29017,94310,345
234601428612
1,306
1,2591,7071,665
1,735383415
7,5981,728
86916
1,367634
975900177463352
6263,1954,03412, 5803,0418,85710, 014
13,41213,340
7,7507,662
99553355507
1,085506984
1,2061,1361,244678341245336
5,6625,6781,124
63826
1,208499
61654411287358310
18,01610,4167,600
64184139290
3,4764,083749248
233755634
12, 5833,3019,2823,0989,0819,716
60, 50118, 03210,424
236602430618
1,317
1,2691,7281,677
1,740389418
7,6081,733
87921
1,343641
981908179464351
6333,1544,03112, 6193,0498,92910, 054
13,36113,405
7,7017, 721100553353512
1,080506974
1,2041,1321,218660350247
5,6605,6841,175
63816
1,165499
61854811487354
60,960
18,21110,4107,801
64085140
3, 5754,098750252
985234756639
12,5743,3129,2623,1029,0629,698
60,62118,07210,476
239603427618
1,318
1,2631,7281,683
1,781388428
7,5961,723
80921
1,345637
981911179466353
6273,1894,04912,6003,0538,94610,085
13, 54013,440
7,6837,769102558360516
1,076504979
1,1961,1481,144568356250355
5,8575,6711,256
78830
1,224503
62255111487363318
61,515
18,42810,6087,820
62784136281
3,4954,112741270
1,001236744630
12,6393,3079,3323,0739,03910,102
60,75618,09810,494
242601430622
1,308
1,2691,7361,697
1,771390428
7,6041,717
79924
1,356640
910179465354
6173,1864,06712,6413,0618,96710,119
13,77313,457
7,8877,781106550364519
1,069484999
1,2121,1801,270682364254365
5,8865,6761,266
86832
1,229506
626547113
312
61,786
18,41210,6237,789
83143278
3,4654,104738271
1,005238742622
12,7363,3219,4153,0669,07310,301
61,00118,16310,523
243605432624
1,284
1,2741,7451,722
1,767392
7,6401,733
81928
1,362643
984909177469354
6223,2024,07112,6843,0699,01910,171
13,75413,507
7,9007,798108543366511
1,032451
1,0041,2121,2031,291697369254376
5,8545,7091,232
86835
1,229505
63054311185372311
61,984
18,44410,6917,753
63184145280
3,3794,093731270
1,002241744617
12,9493,3279,6223,0619,03310,394
61,43018,32310,621
245612436628
1,274
1,2961,7691,740
1,786394441
7,7021,760
81932
1,367647
990915177477356
6273,2714,08112,7443,0739,06010,251
13,76813,642
7,9507,877110539367509
1,021438
1,0181,2271,2191,308706376257374
5,8185,7651,192
75837
1,228507
63354311085378315
62,563
18,41310,7097,704
631
3,2004,086
13,6223,34410,2783,0589,01310,540
61,79718,42810,699
245619443634
1,280
1,3031,7721,756
1,804395448
7,7291,752
82935
1,372649
993924179485358
6333,3834,07812,8073,0769,09510,297
13,72313,732
7,9577,946110530369498
1,031
1,0181,2411,2291,321
256355
5,7665,7861,144
74832
1,216508
63654910885381317
'Preliminary.t As shown in this issue of the SURVEY, data for employment, hours, earnings, and labor
turnover reflect.adjustment to Mar. 1964 benchmarks and the introduction of the 1963 amend-ments to the 1957 SIC system; they are not strictly comparable with previously published
figures. Comparable earlier data will appear in the forthcoming BLS Bulletin 1312-3, Em-ployment and Earnings Statistics for the United States, 1909-65, $4.25, GPO, Washington,D.C. 20402.
9 Includes data for industries not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-14 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May- June July Aug. Sept. Oct. Nov. Dec. p
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT—Continued
Miscellaneous employment data:Federal civilian employees (executive branch) :
United States thous__Wash., D.C., metropolitan area do
Railroad employees (class I railroads):©Total do
Index, seasonally adjusted 1957-59=100..
INDEXES OF WEEKLY PAYROLLS!
Construction (construction workers) f_ 1957-59=100- _Manufacturing (production workers) f , doMining (production workers) f do
HOURS AND EARNINGS!
Average weekly gross hours per production workeron payrolls of nonagric. estab., unadjusted:!
All manufacturing estab., unadj. t hours. _Seasonally adjusted _do
Average overtime doDurable goods industries do
Seasonally ad jus ted . . . . doAverage overtime do
Ordnance and accessories doLumber and wood products doFurniture and fixtures doStone, clay, and glass products doPrimary metal industries do
Blast furnaces, steel and rolling mills._ do
Fabricated metal products _do_Machinery do_Electrical equipment and supplies do
Transportation equipment 9 doMotor vehicles and equipment doAircraft and parts do
Instruments and related products _do_Miscellaneous mfg. industries do_
Nondurable goods industries, unadj doSeasonally adjusted do
Average overtime doFood and kindred products doTobacco manufactures doTextile mill products doApparel and related products doPaper and allied products doPrinting, publishing, and allied ind____doChemicals and allied products do.Petroleum refining and related ind do.
Petroleum refining do.Rubber and misc. plastic products _do_Leather and leather products __do_
Nonmanufacturing establishments: tMining 9 do
Metal mining doCoalmining doCrude petroleum and natural gas do
Contract construction doGeneral building contractors doHeavy construction _doSpecial trade contractors do
Transportation and public utilities:Local and suburban transportation d o . . .Motorfreighttransportationandstorage.doTelephone communication doElectric, gas, and sanitary services do
Wholesale and retail trade§ _ doWholesale trade doRetail trade§ do
Services and miscellaneous:Hotels, tourist courts, and motels. _____ doLaundries, cleaning and dyeing plantsd1- do
Average weekly gross earnings per productionworker on payrolls of nonagric. estab.:f
All manufacturing establishmentst dollars..Durable goods industries do
Ordnance and accessories doLumber and wood products doFurniture and fixtures doStone, clay, and glass products do___.Primary metal industries doFabricated metal products ._do_.Machinery do_.Electrical equipment and supplies do_.Transportation equipment do._.Instruments and related products do___Miscellaneous mfg. industries do_ _ _
2,328239
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* 39.042.537.235.840.836.6
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42.341.240.242.536.935.640.436.4
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107. 26130.83112. 98123.11103.32132. 71106.1483.20
2,4521247
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42.543.341.5
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39.041.841.741.642.139.0
42.042.140.642.336.935.838.936.9
41.642.640.441.438.141.137.2
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107. 07117. 02127. 3184.4288.83
106. 50133.14115. 60126. 44105.83140. 68107.4984.82
2,293245
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41.742.940.8
43.245.141.841.039.5
39.740.12.8
40.937.541.435.942.7
38.241.541.341.341.938.3
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37.838.5
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104. 55133. 25113.42125. 27104. 04137. 38106.1984.53
2,289245
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41.842.13.7
41.139.741.441.142.341.3
41.943.140.9
42.844.441.541.139.7
39.840.22.9
40.437.241.736.642.738.441.640.840.741.938.5
41.241.239.541.735.734.837.035.8
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105. 22133. 67114. 39125.85104.30136.10106.8684.56
2,295246
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42.142.23.8
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2,306246
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2,352251
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41.341.23.9
42.142.04.2
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42.443.341.2
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40.240.13.4
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42.841.541.442.038.336.642.737.5
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37.938.8
108.62118.72133.5691.4990.73
112.94130. 06118.30129.47107.12141.48109.7886.46
151.0142.397.6
41.441.43.9
42.242.24.3
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43.845.442.842.040.4
40.340.33.4
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41.941.437.442.536.335.039.5
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109.71119.43133.5689.5790.30
112.67129.83119. 00130.20108.32144.10110. 8886.05
143.8
41.741.44.0
42.642.24.4
43.241.242.442.4.41.2
42.744.141.9
44.2
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110.92120.98137. 8189.4091.58
113.21131.84119.99133.18109.78146.30111.8387.48
r Revised. *> Preliminary. <* Average for 11 months.1 Includes Post Office employees hired for the Christmas season; there were about 138,000
such employees in the United States in Dec. 1964.0Effective Jan. 1965, data reflect change in definition of class I railroads (to $5 million or
more annual railway operating revenues). The index (back to 1963) has been adjusted forcomparability, whereas the number of employees has not.
fSee corresponding note, bottom p. S-13. 9 Includes data for industries not shownseparately. §Prior to Jan. 1964, data exclude eating and drinking places; 1964 annual aver-ages and monthly data comparable with 1963 and earlier periods for total and retail tradeare available.
cf Beginning Jan. 1964, data relate to nonsupervisory workers and are not comparable withdata for production-worker levels for earlier periods.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-15
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May- June July Aug. Sept. Oct. Nov. D e c *
EMPLOYMENT AND POPULATION—Continued
HOURS AND EARNINGS—ContinuedAverage weekly gross earnings per production
worker on payrolls of nonagric. estab.f—Con.All manufacturing establishments|— Continued
Nondurable goods industries dollars..Food and kindred products doTobacco manufactures do____Textile mill products do""."Apparel and related products doPaper and allied products doPrinting, publishing, and allied ind doChemicals and allied products doPetroleum refining and related ind doRubber and misc. plastic products doLeather and leather products do
Nonmanufacturing establishments: tMining? _.do
Metal mining doCoalmining doCrude petroleum and natural gas do
Contract construction doGeneral building contractors do..."Heavy construction doSpecial trade contractors do
Transportation and public utilities:Local and suburban transportation doMotorfreighttransportationandstorage.doTelephone communication doElectric, gas, and sanitary services do
Wholesale and retail trade§ doWholesale trade _ __ do __Retail trade§ do
Finance, insurance, and real estate:Banking doInsurance carriers© do
Services and miscellaneous:Hotels, tourist courts, and motels doLaundries, cleaning and dyeing plants A _ do
Average hourly gross earnings per productionworker on payrolls of nonagric. estab.rf
All manufacturing establishments! dollars__Excluding overtimed* do
Durable goods industries do~___Excluding overtimed" do
Ordnance and accessories doLumber and wood products. doFurniture and fixtures doStone, clay, and glass products doPrimary metal industries do
Blast furnaces, steel and rolling mills, .doFabricated metal products doMachinery doElectrical equipment and supplies. ____doTransportation equipment 9 do
Motor vehicles and equipment doAircraft and parts do
Instruments and related products doMiscellaneous mfg. industries do
Nondurable goods industries doExcluding overtimed1 do
Food and kindred products doTobacco manufactures doTextile mill products do ___Apparel and related products doPaper and allied products do__...Printing, publishing, and allied ind do___.Chemicals and allied products doPetroleum refining and related ind do___
Petroleum refining doRubber and misc. plastic products doLeather and leather products do
Nonmanufacturing establishments:!Mining 9 do
Metal mining. doCoal mining. doCrude petroleum and natural gas do
Contract construction doGeneral building contractors doHeavy construction doSpecial trade contractors do
Transportation and public utilities:Local and suburban transportation doMotor freighttransportationandstorage.doTelephone communication doElectric, gas, and sanitary services do___
Wholesale and retail trade § doWholesale trade doRetail trade§ do
Services and miscellaneous:Hotels, tourist courts, and motels do___Laundries, cleaning and dyeing plants A_do___
r Revised. p Preliminary. « Average for 11 months. fSee corresponding note,bottom p. S-13. 9 Includes data for industries not shown separately. § Prior to Jan. 1964,data exclude eating and drinking places; 1964 annual averages and monthly data comparablewith 1963 and earlier periods for total and retail trade are available.
87.9194.3073.9269.4362.45
105.90110.69112. 88131.77100. 7866.00
114.40118. 66119.89112. 52127.19117.36128.44133. 23
101. 88117.31102.40121. 5477.5999.4768.04
74.9796.21
47.5851.87
2.462.372.632.542.932.042.002.473.043.362.612.782.463.013.102.952.492.032.222.152.301.911.711.732.482.892.723.163.322.471.76
2.752.88
° 3. 122.663.413.263.113.65
2.422.822.562.952.012.451.80
1.221.33
90.9197.1776.0573.3964.26
109. 57114.35116. 48133.66104.9068.98
117.74122. 54126.82113.05132.06122. 79131.78138. 35
104.16124.02105. 32125. 2574.28
102. 5664.75
76.6792.01
49.5455.73
2.532.442.712.603.022.112.052.533.113.412.672.872.513.093.213.022.542.082.292.212.371.961.791.792.562.972.803.193.372.541.82
2.812.96
«3.262.663.553.433.233.78
2.482.962.623.041.962.521.75
1.291.44
92.1798.2973.9276.6865.70
109.82114. 82118.14134.69105. 7369.56
120.98124. 01134.67115.18131. 73123.53129. 68138.68
105. 59124. 27109.86128.1374.25
104.4564. 79
77.5893.74
50.0156.74
2.552.452.722.613.072.122.072.563.133.422.692.892.523.133.243.062.572.082.312.232.381.931.831.812.592.992.843.233.412.561.85
2.863.013.352.713.573.473.213.81
2.522.982.663.111.982.561.78
1.331.47
93.5099.6082.0177.0465.16
112. 32117.39119.13135.11-109.04
72.15
120.12126. 72135.20113. 36133.95124.94127. 20142. 07
104.42128. 65108.68129.1774.68
104.8165.84
77.5893.62
51.1757.57
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2.863.013.332.683.633.493.273.85
2.513.022.693.121.962.551.77
1.351.48
92.5098.9876.5075.7664.98
111.45114.60118. 28133.81108. 5271.24
120.51123.79135.83115.45131.41123.19126. 22138.96
104.49124.38106. 53129.4875.00
103.9465.34
78.5493.87
50.2756.60
2.582.482.762.653.092.082.072.553.153.442.722.922.553.183.313.072.592.142.332.252.422.041.831.812.613.002.853.243.402.591.86
2.892.993.432.713.623.473.223.86
2.532.992.673.122.002.561.79
1.331.47
92.7398.1777.3876.7366.61111. 45115. 97118. 56131.78108. 5271.61
119.07123.60135.88113.01
131.38122.84123.21139. 26
104.33126. 77107. 07130.10
75.00104.4965.34
79.0894.37
50.5456.30
2.592.482.772.65
3.092.122.092.563.163.44
2.732.922.553.183.303.092.602.13
2.332.252.432.081.841.822.613.022.853.233.392.591.86
2.893.003.442.713.683.533.333.
2.523.042.673.15
2.002.581.79
93.2098.4279.2476.9167.34
111. 97117.26118. 71134.05108.3671.43
120.10123. 90134.41114. 36133.96126. 02127.01141. 23
104.74128.41106. 27128. 64
75.38105.0165.34
78.7093.74
50.5456.98
2.592.492.782.663.102.122.092.573.173.452.732.932.563.193.333.102.602.13
2.332.252.432.131.841.822.613.032.843.233.412.581.87
2.883.003.422.713.653.523.243.
2.533.052.673.13
2.012.581.79
92.2098.7477.9675.0363.72
109.72115. 67120.84139.07104.45
1.56
120. 51125.33134.11114.66
132.49124. 24126. 72139. 76
106. 50126.46106. 66130.0075.58105.1566.06
79.2494.49
49.9059.10
2.602.502.782.673.082.132.092.593.203.48
2.732.912.563.173.313.092.592.12
2.342.262.452.191.831.792.603.022.853.283.462.561.88
2.893.023.432.733.613.493.203.85
2.563.042.683.14
2.012.591.
94.00100.4581.1076.5465.52
112. 66117.04120.69137.80107. 5971.44
123.97127.68138.40117.15140.16129. 54139. 86147.04
109.06129. 55107. 87131.14
76.33106. 7566. 43
78.8694.86
51.6560.19
2.612.502.792.663.102.162.102.613.173.43
2-. 762.952.573.193.323.122.602.13
2.352.262.452.181.841.802.62
3.042.863.253.432.581.88
2.913.043.462.753.653.523.333.89
2.563.072.693.16
2.032.611.82
1.371.52
94.47100. 5383.1677.5266.61114. 31117.43120.96137.38109.4672.19
123.97126. 77142. 27113.97
139.08127.78140. 53145.86
109.06131. 27107.33129.4776.56105.9367.16
78.4494.74
50.9059.58
2.612.502.792.673.102.182.102.613.193.462.762.952.583.193.323.122.622.14
2.352.262.442.201.851.822.643.052.883.243.452.601.88
2.913.043.472.723.663.523.373.90
2.563.062.693.152.022.591.82
1.351.52
94.87100.9882.7277.6466.43
114.65117.12120.22139.10109. 2571.80
122.96128. 21134.46116.03140.50129.15143. 38147.04
108.97131. 27108.40130.5177.95106. 6068.25
79.2495.74
52.1359.28
2.612.502.792.673.122.182.112.623.203.47
2.752.942.583.173.293.112.612.13
2.362.272.412.201.881.822.663.052.893.253.452.621.86
2.903.06
2.733.643.503.353.89
2.573.062.673.162.032.601.82
1.341.52
95.1199.1978.0779.1967.53
115.18118.81121.35138. 35109.8872.19
126.14127. 71141.98117.12143.15131.33148.43148.96
110.17132.62108.27130.6077.75106. 6068.07
79.2495.86
51.7458.67
2.592.492.772.653.132.202.122.633.173.43
2.742.942.573.163.283.132.612.12
2.362.262.392.061.891.832.663.072.913.243.432.611.88
2.923.073.482.733.683.543.423.92
2.583.072.683.17
2.032.601.82
1.331.52
95.68100.1978.4178.6267.33116.48120.28123.65142.68110. 4671. 82
124.66131.57135.29116.47138. 75128. 52138.63145.27
109. 56133.92112.75133.86
77.25106.9067.53
79.18
51.6559.06
2.632.512.812.683.132.212.142.653.203.492.782.972.603.233.363.152.612.13
2.382.282.421.991.891.862.693.102.933.283.482.631.90
2.943.143.462.763.743.613.443.98
2.593.102.733.212.062.621.85
1.371.53
95.68100.1977.6279.9967.52
117.12119.66122. 06141.10112.1071.82
126.26130.31143. 24115.92144. 01132.49149.45150.00
110.08133.18111. 66134.6977.42107.5767.33
80.3595.86
52.3060.14
2.632.522.822.683.152.212.152.673.183.47
2.792.992.603.263.393.182.622.14
2.382.282.421.981.901.862.68
3.102.923.323.522.651.90
2.953.143.462.763.763.623.504.00
2.593.092.733.232.072.631.86
1.381.55
96.32100. 7780.3580.5667.70
116. 58119.27123. 06142. 89111. 9472.77
123.61130. 00129. 78118.15135.40126.35135. 09142.16
111.54131.44115.92134.37
76.80107.7166.96
80.3596.12
51.7158.83
2.652.532.832.693.152.192.152.673.193.47
2.803.002.613.293.443.202.642.13
2.392.292.442.121.901.862.683.092.933.373.582.641.90
2.953.143.472.783.733.613.423.96
2.603.102.763.232.072.641.86
1.391.54
97.20101.4382.9981.3767.70
117.65121.99122.93141.54113.8574.87
2.662.542.842.703.192.172.162.673.20
2.813.022.623.31
3.212.652.162.402.302.452.151.911.862.683.122.923.373.572.661.91
1.33 1.33 1.321 . 4 7 1 . 4 8 1 . 5 0 x . u& x . o£ x . <-»ii x . u s J - . U U •"-• w ^ . ^ -
eEffective Jan. 1964, data exclude earnings of nonoffice salesmen and are not comparablewith earlier figures. , .
d^Derived by assuming that overtime hours are paid at the rate of time and one-half.AEffective Jan. 1964, data relate to nonsupervisory workers and are not comparable witn
data for production-worker levels for earlier periods.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-16 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
EMPLOYMENT AND POPULATION—Continued
HOURS AND EARNINGS—Continued
Miscellaneous wages:Construction wages, 20 cities ( E N R ) : §
Common labor $ per hr_.Skilled labor . . do___.
Farm, without board or rm., 1st of mo doRailroad wages (average, class I)______ do
LABOR CONDITIONS
Help-wanted advertising, seas, adj—_ 1957-59=100__Labor turnover in manufacturing estab.: t
Accession rate, total—mo. rate per 100 employees__Seasonally adjusted do____
New hires _.— doSeparation rate, total . . __do
Seasonally adjusted doQuit doLayoff do
Seasonally adjusted doIndustrial disputes (strikes and lockouts) :
Beginning in period:Work stoppages number . .Workers involved.. thous_.
In effect during month:Work stoppages number . .Workers involved thous_.
Man-days idle during period do
EMPLOYMENT SERVICE AND UNEMPLOY-MENT INSURANCE
Nonfarm placements ____thous_.Unemployment insurance programs:
Insured unemployment, all programs©- doState programs:
Initial claims doInsured unemployment, weekly avg___do
Percent of covered employment :<?UnadjustedSeasonally adjusted
Beneficiaries, weekly average thous_.Benefits paid mil. $_.
Federal employees, insured unemployment,weekly average thous_.
Veterans'program (UCX):Initial claims do___.Insured unemployment, weekly avg doBeneficiaries, weekly average doBenefits paid. mil. $_.
Railroad program:Applications thous_.Insured unemployment, weekly avg__.doBenefits paid mil. $_.
3.0824. 526
1.052.823
109
3.9
2.43.9
1.41.8
3,362941
16,100
6,581
1,939
15,4201,806
4.3
1,541
2, 775
31
3425552
91.816147
99.4
3.2424.7331.08
2.850
123
4.0
~2.~6~
1.51.7
3,6551,640
22,900
6,281
1,725
13,9381,605
3.8
1,373
2,522
30
3355148
90.215538
78.4
3.3054.815
2.856
134
3.24.12.23.63.61.21.71.5
238141
469274
1,730
508
1,397
1,1851,293
3.03.4969
147.0
27
274034
5.4
1137
5.6
3.3074.823
2.901
137
2.54.01.63.73.81.02.11.6
14642
346149
1,060
433
1,792
1,6181,675
3.93.6
1,283211.4
30
324841
6.9
1240
7.3
3.3074.8291.19
2.995
137
3.84.02.43.73.71.31.61.4
260107
390188
1,790
418
2,132
1,4531,996
4.63.4
1,667252.1
34
305552
8.0
1647
. 7.8
3.3394.851
3.035
145
3.54.02.43.13.71.31.21.4
20053
340153
1,450
421
2,065
1,1001,932
4.53.3
1,689245.7
34
255352
7.6
457.4
3.3394.852
2.970
148
4.04.32.83.43.81.51.21.4
350191
500234
1,760
491
1,837
1,0091,718
4.03.2
1,631273.4
31
264948
8.0
398.0
3.3424.8561.18
143
3.83.92. 63.74.01.71.31.5
340128
500175
1,630
555
1, 570
9561,470
3.43.2
1,373224.9
27
214141
6.8
533
6.2
3.3554.886
3.014
145
4.14.13.03.63.91.71.11.4
420111
580174
1, 770
573
1,259
7631,179
2.73.0
1,060165.7
22
173334
5.3
526
4.3
3.4144.969
2.994
146
5.64.54.33.64.01.71.11.4
450262
670332
2,520
610
1,131
8701,059
2.43.0941
156. 3
20
223030
5.2
1921
3.8
3.4534.9921.17
3.000
145
4.54.13.24.34.01.81.81.6
380
620303
1,630
554
1,210
1,0781,132
2.63.0932
149.5
22
263327
4.5
3024
3.5
3.4825.002
2.994
152
5.44.23.95.14.72.61.61.7
38092
2222,290
603
1,178
9761,102
2.53.1901
148.0
21
253331
5.2
1022
3.4865.029
160
5.54.54.05.74.43.51.31.3
280131
515224
1,950
644
1,030
760959
2.22.9834
138.6
19
192827
4.6
1124
3.7
3.4865.0561.09
168
' 4 . 5' 4 . 5' 3 . 5••4.4M.I'2.2' 1.4'1 .3
32096
560200
1,840
611
791916
2.02.7745
117.8
20
1624
'233.7
722
3.6
3.4865.041
r181
*>3.9P 5 . 0P 2 . 9*>3.8*>3.8*1.7P 1 . 4
• J » 1 . 2
270130
510185
1,390
531
1,104
1,0041,033
2.32.7794
132.2
21
182521
3.7
25
3.4955.055«1.24
FINANCE
BANKING
Open market paper outstanding, end of period:Bankers' acceptances _mil. $_.Commercial and finance co. paper, total.—do
Placed through dealers____ doPlaced directly (finance paper) __do
Agricultural loans and discounts outstanding ofagencies supervised by the Farm Credit Adm.:
Total, end of period mil. $_.Farm mortgage loans:
Federal land banks doLoans to cooperatives doOther loans and discounts do
Bank debits to demand deposit accounts, exceptinterbank and U.S. Government accounts,annual rates, seasonally adjusted:
Total (225 SMSA's)O_. bil. $_.New York SMSA _ do_
Total 224 SMSA's (except N.Y.). do_ _6 other leading SMSA's 1 do_ _218 other SMSA's do___.
Federal Reserve banks, condition, end of period:Assets, to ta l9—- mil. $
Reserve bank credit outstanding, total 9 __do_.Discounts and advances _do_.U.S. Government securities do_.
Gold certificate reserves do_.
Liabilities, total 9 do_
Deposits, total do_.Member-bank reserve balances ___do_.
Federal Reserve notes in circulation do..
Ratio of gold certificate reserves to FR noteliabilities. percent..
2,8906,7471,9284,819
6,403
3,310840
2,253
58, 028
36,41863
33, 59315, 237
58, 028
18, 39117, 04932,877
46.3
3,3858,3612,2236,138
7,104
3,718958
2,428
4,621. 41,925. 32, 696.11, 030. 81,665. 3
62,867
39, 930186
37,04415, 075
62, 867
19,45618, 08635,343
42.7
3,2179,1462,4386, 708
7,057
9752,402
4,648. 01,917. 72, 730.31, 023. 71,706. 6
61, 561
39,302210
36, 77415, 091
61, 561
19, 52318, 08434,640
43.6
3,3858,3612,2236,138
7,104
3,718958
2,428
4, 816. 52, 013. 02, 803. 51, 065. 41,738.1
62,867
39,930186
37, 04415, 075
62,867
19,45618, 08635,343
42.7
3,2768,9282,1436,785
7,223
3,7651,0202,438
4,870. 92, 067. 62, 803. 31, 065. 51, 737. 8
60, 729
38,737304
36, 74114, 906
60, 729
19, 09117,80134, 646
43.0
3,2329,0332,2396,794
7,356
3,8181,0372, 501
4,842. 51,997. 42,845.11, 077. 21, 767. 9
39,422300
36, 90714, 661
60, 769
19, 25517,90334, 562
42.4
3,3259,0772,0707,007
7,472
3,8891,0072,576
4,995. 62, 071. 82,923. 81,115. 41,808. 4
60, 573
38,972124
37, 59114, 293
60, 573
18, 50217, 27734, 629
41.3
3,3849,5332,0477,486
7,607
3,950978
2,679
5,113. 32,151. 32,962. 01,131. 71,830. 3
61, 688
40, 071568
37, 75414,144
61,688
19, 55718, 25934, 662
40.8
3,4679,9341,9767,958
7,729
4,011940
2, 778
4,825. 61, 954.12,871. 51, 082. 71,788. 8
61,475
41,169545
14, 023
61, 475
19, 62518, 00634, 974
40.1
3,3559,3701, 9657,405
7,873
4,058931
2,884
5, 327. 82,308. 43, 019. 41,146. 81,872.6
62,632
41,159657
39,10013,670
19, 27818,22935,444
38.6
3,33710,4392,046
7,988
4,097935
2,956
5, 302. 62, 281. 63, 021. 01,149. 51,871. 5
61, 914
41,166536
39, 20713, 591
61,914
19,30418, 00835, 796
38.0
3,29910, 3582,1178,241
8,040
4,135944
2,962
5,146. 82,128. 03, 018.81,141. 01,877. 8
61,429
40,619237
39,04913, 596
61,429
18, 64517,19136, 021
37.7
3,3149,6922,1947,498
8,013
4,171940
2,902
5,126. 92,104. 33, 022. 61,142. 91,879. 7
63,384
41, 704174
39, 77413,587
19, 59118,14936,319
37.4
3,31010, 5542,2508,304
8, 007
4,2041,0092,794
5,129. 92, 061. 03, 068. 91,165. 41,903. 5
63,504
41, 905510
39,65713, 582
63, 504
19, 61218, 20436, 628
37.1
3,24510,4062,2058,201
8,022
4,2451,0822,696
5.408.32.229.43,178.91,215. 01,963.9
64,050
42,789365
40,57513,512
64,050
19,16318,05037,408
36.1
8,080
4,2811,0552,745
5, 523.12.273.53.249.61,234.52,015.1
65,371
43,340137
40,76813,436
65,371
19, 62018,44737,950
35.4
r Revised. 3 Preliminar ' A s of Jan. 1, 1966.§ Wages as of Jan. 1,1966: Common labor, $3,496; skilled labor, $5,064.t See corresponding note, bottom of p. S-13.© Excludes persons under extended duration provisions.d> Insured unemployment as % of average covered employment in a 12-month period.
O Total SMSA's include some cities and counties not designated as SMSA's.f Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.9 Includes data not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-17
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
End of year
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
FINANCE—Continued
BANKING-ContinuedAll member banks of Federal Reserve System,
averages of daily figures:Reserves held, total mil. $__
Required doExcess do
Borrowings from Federal Reserve banks___doFree reserves do
Weekly reporting member banks of Fed. Res. Sys-tem, condition, Wed. nearest end of yr. or mo.:
Deposits:Demand, adjustedcf mil. $__Demand, total? do
Individuals, partnerships, and corp doState and local Governments doU.S. Government doDomestic commercial banks do
Time, total 9 - doIndividuals, partnerships, and corp.:
Savings doOther~time do
Loans (adjusted), totalcf do> Commercial and industrial.. do____
For purchasing or carrying securities doTo nonbank financial institutions doReal estate loans. do___.Other loans do
Investments, total doU.S. Government securities, total do
Notes and bonds doOther securities do
Commercial bank credit (last Wed. of mo., exceptfor June 30 and Dec. 31 call dates), seas, adjusted
Total loans and investments© bil. $..LoansO do___.U.S. Government securities doOther securities do__i.
Money and interest rates: §Bank rates on short-term business loans:
In 19 cities percent..New York City do7 other northern and eastern cities do11 southern and western cities ...do
Discount rate (N.Y.F.R. Bank), end of year ormonth . percent-
Federal intermediate credit bank loans doFederal land bank loans doHome mortgage rates (conventional 1st mort-
New home purchase (U.S. avg.) percent.Existing home purchase (U.S. avg.) do...
Open market rates, New York City:Bankers' acceptances (prime, 90 days) do__.Commercial paper (prime, 4-6 months)__do__.Finance Co. paper placed directly,3-6 mo.do__.Stock Exchange call loans, going ra te . . __do__.Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue) percent.3-5 year issues do__.
Savings deposits, balance to credit of depositors:N.Y. State savings banks, end of period.__.mil. $.U.S. postal savings f do...
CONSUMER CREDIT(Short- and Intermediate-term)
Total outstanding, end of year or month mil. $.Installment credit, total do...
Automobile paper do__.Other consumer goods paper _do__.Repair and modernization loans do__.Personal loans do._.By type of holder:
Financial institutions, total _do_.Commercial banks. do_.Sales finance companies do_.Credit unions do_Consumer finance companies do_Other __do_.
Retail outlets, total. do..Department stores do..Furniture stores do_.Automobile dealers, doOther do..
Noninstallment credit, total do.Single-payment loans, total , . . .do.
Commercial banks _______do_Other financial institutions do
20,74620, 210
1536*3271209
67, 844
104,33574, 5135,3384,556
13,320
59, 227
38,08313,310
92,90138,7936,6218,59517, 88023,809
48,40429, 01823,12719,386
246.5149.462.135.0
2 5.012 4.792 5.012 5. 30
3.502 4.262 5.49
2 5.842 5.98
3 3. 553 3.403 4.50
3 3.1573 3.72
25, 693452
69, 89053, 74522,19913,7663,38914,391
46,99221, 61013, 5235,6224, 5901,6476,7533,4271,086328
1,912
16,145
5,9595,047
912
21, 60921,198
14111243
68, 045
102,57473, 654
5, 2394,563
12, 539
66,881
40, 69816, 407
102,22742,1196,6779,032
20, 00829,156
48,78327, 67921, 97921,104
267.2167.161.438.7
2 4.992 4.752 5.022 5.30
4.002 4.702 5.45
2 5.782 5.93
3 3.773 3.973 3.833 4.50
3 3. 5493 4. 06
28, 260
76,810
59,397
24, 52115,3033,502
16, 071
51,99023,94314, 7626,4585,0781,749
7,4073,9221,152
3701, 963
17,413
6,4735,4691,004
21,15920,763
396430-34
64, 607
97, 70769,5155,333.4,36412, 54865, 670
40,31216, 23798,99240,9995,8658,43119,90928,355
48,00527,25622,10320, 749
265.5165.461.638.5
4.004.765.45
5.755.94
3.794.023.894.50
3.6244.04
27,893393
74,37158, 08524, 36714,4313,51615, 771
51,34123, 68014, 6226,3784,9191,742
6,7443,5411,088367
1,748
16, 2866,4125,3771,035
21, 60921,198
411243168
68, 04502, 57473, 6545,2394,56312,539
66,881
16,407.02, 22742,1196,6779,03220, 00829,156
48, 78327, 67921,97921,104
267.2167.161.438.7
5.004.775.035.31
4.004.745.45
5.765.92
4.004.17
4.50
3.8564.07
28,260390
76,81059,39724,52115,3033,50216,071
51,99023,94314, 7626,4585,0781,7497,4073,9221,152370
1,963
17,413
6,4735,4691,004
21, 61921, 217
402299103
64,992
96,05968, 5155,3963, 643
11,948
69, 234
41,33417,961
.01,06042, 239
8,33120, 074
"i, 517
1,14526, 51621, 50621, 629
269.6170.259.939.5
4.004.785.45
5.795.95
4.004.254.054.50
3.8284.06
28,482380
76,145
59,342
24,57415, 2043,473
16,091
52,15924,09114, 7976,4295,0781,764
7,1833,7911,128373
1,891
16, 803
6,4125,4091,003
21,22720, 790
43740532
63, 507
96, 23868,1275,4234,03612,327
70,341
41, 74418,359
.02,30143, 3436,1518,40420,18828,860
47,93125, 96321,35421, 968
272.1171.960.240.0
4.004.845.43
5.795.93
4.104.274.124.50
3.9294.08
28, 618371
75, 74159,36324,74314,9843,44616,190
52,35224, 24614,7826,4655,1011,758
7,0113,7131,101377
1,820
16, 3786,4425,4361,006
21,24820,908
340416-76
63,377
1,17867,6425,5705, 988
12, 662
71,140
42,32318,456.04,81744, 6206,4498,89720,32628,906
47,15024,96521,15922,185
275.5175.859.640.1
4.974.745.00
21,50521,146
359471
-112
64, 744
96,13368, 5725, 2705,26610,96572, 081
42,14919, 051105, 22944, 5976,5738,70320, 55529,97547,44024,51220,84322,928
277.3177.159.141.1
5.27
4.004.825.43
5.725.91
4.154.384.254.50
3.9424.12
28, 955363
76, 08559, 78825, 06314, 9443,44016,341
52, 83724, 53714, 8316,5695,1321,7686,9513,6731,085384
1,809
16, 297
6, 5185,4951,023
4.004.885.43
5.745.89
4.194.384.254.55
3.9324.12
28,V883356
77, 48360,80325, 61515, 0563,43916, 693
53,82825,11714, 9916,7395,2021,779
6,9753,7011,077395
1,802
16, 6806,6065,5721,034
21,47621,149
327505
-178
62, 611
97,84567, 5255,5456,38412,046
72,996
42, 53819, 679L07,45445,2706,8039,28920,84830,47546, 70724, 02620,82322, 681
279.4179.558.641.3
4.004.935.43
5.775.88
4.254.384.254.75
3.8954.11
28,995350
78, 68761, 73926,10915, 2293,48416, 917
54, 69425, 60215,1586,8715, 2431,820
7,0453,7451,076405
1,819
16, 948
5,6281,058
21, 70921, 366
343528
-185
63,810.03, 55169, 6525,4108,66412, 401
73,818
43.12920.13010,92546,8477,4189,83021,15129,324
47, 51424,25420, 61923, 260
282.8183.057.742.1
4.994.745.015.31
4.004.995.43
5.765.86
4.254.384.254.75
3.8104.09
29, 272342
79,88762, 79026, 68515, 4223,52417,159
55, 66626,15415,3727, 0325,2871,8217,1243,7851,084417
1,838
17, 0976,7765,7071,069
21, 86521, 516
349524
-175
64,179
94,57968,1024,9005,02210,862
74, 760
43,42920, 542,08, 55146,2825,7129,48421,36830,22647, 24423, 66720, 67723, 577
281.5182.756.442.4
4.004.985.43
5.775.86
4.224.384.254.75
3.8314.10
29,380338
63, 60927,17115, 5733,55317,312
56,44226, 61015, 5657,1245,3341,8097,1673,8111,090425
1,841
17, 0776,7815,7181,063
21, 62021,192
428564
-136
63, 50596,10168,1895,1053,91412, 566
75,896
43, 82720,99011,07146,9876,224
10, 28921, 73930,113
47, 08622,99220,32224,094
286.1185.857.043.3
4.004.985.43
5.765.86
4.144.384.254.75
3.8364.19
29,498332
81,454
64, 39327,49315, 7383,59717,565
57,18126, 99215, 7217,2355,3871,8467,2123,8471,103431
1,831
17,061
6,8255,7471,078
21,72921,356
373528
-155
64,133
97, 04868, 2804,9405,59112,075
76, 276
44,31921, 00311, 75548,1175,45310,15422, 01230,553
47, 02322,83020, 20224,193
286.2186.256.543.5
5.004.765.5.31
4.005.025.43
5.755.89
4.254.384.254.75
3.9124.24
29,785327
81,92464,84627, 55515,9543,613
17, 724
57, 57027, 21015, 8027,3105,4101,8387,2763,9101,117433
1,816
17, 0786,8565,7761,080
21,95921,618
341490
- 1 4 9
•65, 014
LOO, 02871,348
5,5722,442
13,692
77,170
44,80521,342
112,72948,778
5,58710,05822, 23130,587
47,76923,99119,94823,778
288.9188.0
57.043.9
'21,958'21,588
••370452
- 8 2
66,175
.01,20472,127
5,4293,789
12,977
77,662
45,09421,511
114,74149,167
6,48210,31922,42531, 245
47,79024,11919,55023,671
291.5189.857.644.1
4.005.015.43
5.755.87
4.254.384.324.75
4. 0324.33
29,845321
82,569
65,368
27,76616,2143,625
17,763
57,96227,47515,8767,3635,4221,826
7,4063,9791,138
4381,851
17,201
6,8715,7931,078
4.005.025.43
5.805.91
4.254.384.384.75
4.0824.46
30,001317
83,39066,01227,97616,5153,63817,883
58,41127,69915,9637,4365,4651,8487,6014,1011,167443
1,890
17,378
6,9035,8101,093
22, 71522, 272
443454-11
103,47275,2345,3553,86612,429
78,260
45,36221,258117,16550, 5646,42010,92922,57032,093
48, 29924,25219,50224,047
294.0191.857.644.6
5.275.085.325.46
4.505.025.43
5.785.91
4.554.654.604.97
4.3624.77
314
r Revised.1 Average for Dec. 2 Average for year. 3 Daily average.d"For demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial interbank and U.S. Government, less cash items in process of collection; forloans, exclusive of loans to domestic commercial banks and after deduction of valuationreserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
9 Includes data not shown separately.©Adjusted to exclude interbank loans.§For bond yields, see p. S-20.\Monthly data are as of the following dates: 1964—Nov. 6; Dec. 4; 1965—Jan. 29; Feb. 26;
Mar. 26; Apr. 23; May 21; June 30; July 16; Aug. 13; Sept. 10; Oct. 8; Nov. 5; Dec. 3.
6 - 5 6 6 O - 6 6 - 5
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY CUBRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
FINANCE—Continued
CONSUMER CREDIT—Continued
Total outstanding, end of year or month—Con.Noninstallment credit—Continued
Charge accounts, total ..mil. $_Department stores do___Other retail outlets do. . .Credit cards do___
Service credit do. . .Installment credit extended and repaid:
Unadjusted:Extended, total do.
Automobile paper ___do_.Other consumer goods paper _____do_.All other do_.
Repaid, total do_.Automobile paper do_.Other consumer goods paper do_.All other do_.
Seasonally adjusted:Extended, total do..
Automobile paper do_.Other consumer goods paper do_.All other do_.
Repaid, total do_.Automobile paper do.Other consumer goods paper do.All other do_.
FEDERAL GOVERNMENT FINANCE
Net cash transactions with the public: cfReceipts from mil. $_Payments to do___Excess of receipts, or payments (—) do. . .Seasonally adjusted, quarterly totals:
Receipts from___ do_.Payments to _._do_.Excess of receipts, or payments (—) do_.
Budget receipts and expenditures:Receipts, total do..
Receipts, net! do_.Customs do_.Individual income taxes do_.Corporation income taxes do_.Employment taxes do_.Other internal revenue and receipts do_.
Expenditures, totalf do_.Interest on public debt _do_.Veterans' benefits and services do_.National defense do_.All other expenditures _.do_.
Public debt and guaranteed obligations:Gross debt (direct), end of yr. or mo., total-bil. $_
Interest bearing, total. doPublic issues.-- do. . .
Held by U.S. Govt. investment accts.doSpecial issues do
Noninterest bearing and matured doGuaranteed obligations not owned by U.S. Treas-
ury, end of year or month bil. $..U.S. savings bonds:
Amount outstanding, end of yr. or mo__.doSales, series E and H .doRedemptions do
LIFE INSURANCE
Institute of Life Insurance:Assets, total, all U.S. life insurance companies
bil. $__Bonds (book value), domestic and foreign,
total bil. $.U.S. Government— do...State, county, municipal (U.S.) do__.Public utility (U.S.) __do___Railroad (U.S.) do._.Industrial and miscellaneous (U.S.) do^_.
Stocks (book value), domestic and foreign, totalbil. $__
Preferred (U.S.) do.Common (U.S.) do.
Mortgage loans, total do.Nonfarm do.
Real estate doPolicy loans and premium notes doCash doOther assets do
Payments to policyholders and beneficiaries inU.S., total mil. $..
Death benefits doMatured endowments.. doDisability payments doAnnuity payments .doSurrender values doPolicy dividends ...do
1 5,871!895
i 4,4561520
1 4,315
60,82222, 01317, 00721,80255,11119,35415, 84619,911
112, 577117,151- 4 , 574
114, 27887, 5161,263
54, 29622, 76816,15119,80094,18810,2235,267
52,96626, 265
i 309. 35i 305. 21i 261. 56
1 14.14i 43. 66M.13
i.74
1 49. 034.765.02
141.12
i 66. 0815.8113.85
i 16. 4413.35
i 31. 21
i 7.1412.31!4. 72
i 50. 54i 46. 7514.3216.6611.47M.92
10, 028. 24, 208. 6
809.0154.5901.7
1, 789. 32,165.1
i 6, 3001909
i 4, 7561635
i 4,640
66, 07023, 56519,16223,34360, 41821, 24317, 62521, 550
115, 031120,339-5,307
117,22288,6961,352
52,33425,04717,10621,38296, 94511,0395,484
52,26129,067
i 317. 94i 313. 55i 267. 48i 14. 36i 46. 0814.39
i 49. 894.615.25
149. 47
i 67.96i 5. 5913.77
116. 3213.31
1 33.14
17.9412.5115.30
1 55.15150.8514.5317.1411.4915.26
10,757. 84,533. 5
898.7160.6961.0
1,833. 72,370.3
5,394703
4,065626
4,480
5,3231,7271,6721,9245,0641,7831,4631,818
5,4561,8581,6311,9675,1551,8181,5091,828
9,7169,398
318
6,300909
4,756635
4,640
6,7671,9922,4042,3715,4551,8381,5322,085
5,8162,0431,7192,0545,2561,8641,5051,887
10,25610,882-626
28, 70829,822
-1,114
8,9727,037
1245,068
4491,4911,8407,051
917366
3,9971,780
318.49314. 02267. 3614.3346. 664.46
.83
49.81.35.36
148. 75
68.175.703.84
16.333.38
32.77
6.312.563.64
54.4050.154.517.091.396.87
803.8342.6
75.212.677.1
136.0160.3
10, 0258,856
1253,3983,953
7791,7698,770
955495
4,4732,866
317. 94313. 55267. 4814.3646.084.39
.81
.37
.43
149. 32
67.975.513.81
16.293.36
32.93
6.392.573.71
55.1850. 884.527.131.44
1,179. 3432.879.217.681.5
173.0395.2
5,724793
4,280651
4,667
5, 0231,8361,4401,7475,0781,7831,5391,756
2,1201,7292,034
5,2131,8301,5261,857
6,377' 9, 098-2,721
6,3295,642
76
607399
1,5607,676966450
3,9872,349
317. 98313. 68269. 4414.6844.244.31
49.94.43.53
150. 39
68.545.723.8216.273.3533.26
6.462.583.7755.6351.31
4.537.161.326.75
918.5389.286.713.5101.9163.1164.1
5,154660
3,857637
4,782
5,0071,9151,3381,754
4,9861,7461,5581,682
6,0222,2281,7602,034
5,3811,8971,6321,852
11,2279,6061,621
11, 3297,518
1066,174473
2,8101,765
7,146933478
3,8351, 940
319. 88315. 54269. 9814.6745.574.34
50.01.39.45
151. 03
68.735.763.8016.263.3433.42
6.522.603.8255.9451.594.547.201.256.84
842.3363.775.612.784.2143.4162.7
4,977601
3,743633
4,802
6,1732,3821,6192,1725,7482,0621,6592,027
6,0302,2291,6982,1035,3931,9241,5671,902
13,0659,5663,499
29,88330, 086-203
14, 51711,188
1554,1356,7591,4592,0098,139961459
4,4972,224
317. 70313. 33267. 6714.8545.664.36
.72
50.06.41.49
151.66
68.745.563.7916.253.3433.57
6.612.613.8956.3451.92
4.577.261.246.91
1, 059. 2468.391.915.788.5183.6211.2
5,210626
3,942642
4,864
6,4802,4961,6142,3705,4651,9441,5022,019
6,1892,2721,6452,2725,4451,9361,4872,022
10, 49210, 476
16
11,4238,549
1396,9431,1871,3111,843
8,268948452
4,3512,526
316. 56312. 21267. 8114.6344.404.35
50.08.39.49
152. 27
68.855.523.7716.253.3333.69
6.622.633.8856.6952.21
4.577.311.207.02
922.0398.682.012.983.5162.1182.9
5,453647
4,142664
4,809
6,1892,3841,6822,123
5,2531,8901,5091,854
6,1052,2151,7282,1625,4351,9401,5641,931
11,85710, 5671,290
11, 5827,268
1286,067
5202,8612,0078,116
955450
4,3172,486
319. 22314.17266. 3314.7047.835.05
.61
50.11.36.43
152,92
69.125.493.75
16.213.32
34.03
6.672.643.93
57.0052. 484.587.361.197.00
878.5374.3
75.212.781.2
165.2169.9
5,528627
4,218683
4,793
6,7802,6081,8042,3685,7292,0321,6112,086
6,1392,2501,7172,1725,5371,9601,5871,990
15,33411, 571' 3, 763
32, 73732,255
5,534591
4,217726
4,762
6,4292,4651, 7552,2095, 6101,9791,6042,027
6,2782,3011,7922,1855,6121,9721,6122,028
4,9819,696
- 4 , 714
482
15, 52513,404
145
'5,324' 6, 597'1,406r 2,053
r 9, 070'989476
r 4,949r 2, 700
317. 27313.11264. 4614. 5948.654.16
.59
50.15.36.46
153. 50
69.165.273.7216.173.3234.32
6.742.693.9457.3852.81
4.617.411.236.97
950. 2399.380.914.8
89.0162.9203.3
5,0703,807
137
1,661727629
1,9157,2401,000210
3,8482,261
316. 58312. 20264. 4114.3947.794.38
.47
50.23.39.46
154. 42
69.635.313.65
16.183.31
34. 77
6.752.683.96
57.6653.044.647.461.287.00
911.6388.0
71.112.384.6
157.1198. 5
5,498595
4,149754
4,738
6,3942,3431,7692,282
5,6102,0211,6041,985
2,3131,7942,1815,6792,0301,6581,991
11, 59512, 299
-705
5,496647
4,078771
4,726
5,9922,0391,8282,1255,5391,9771,6121,950
6,3312,324, 1,8342,173
5,6481,9961, 6292,023
12, 59911,0901,509
30, 45432,278-1,824
10, 5867,350
145
5,540482
2,5011,9188,990966483
4,3723,261
318. 24313. 90264.1214.9249.784.34
.50
50. 26.37.46
155.19
69. 825.323.6116.173.3034.98
6.802.684.0058.0253.364.657.511.317.09
935.5400.467.912.5
85.5158. 8210.4
5,645682
4,221742
4,685
6,1442,2631,8742, 0075,6222,0521,6141,956
6,3062,2661,8832,1575,7172,0281,6482,041
4,28310, 518-6,234
12,64010,999
1595,4224,2361,1201,7039,452
966474
4, 5313,482
316. 75312. 36264. 29
15. 4048.074.39
.52
50.28.34.45
156.04
69. 845.263.58
16.143.29
35.07
6.962.734.11
58.4153.72
4.7.551.277.34
954.2398.8
74.614.386.7
164.5215. 3
5,740725
4,291724
4,735
6,5012,3521,9792,1705,8572,1421,6782,037
6,4052,4081,8522,1455,7482,1121,6661,970
10.72812.312
- 1 , 584
4,3273,295
1531,508
625461
1,5808,750
962486
'4,477* 2,878
318.90314. 56267. 6015.1846.964.34
.49
50.36.37.41
156.89
70.105.163.54
16.103.28
35.48
7.072.754.21
58.8254.104.687.591.257.
918.9388.875.813.083.5
148.5209.3
10,2208.106
1645,934
5071,5082.1079,105
963526
4,5283,310
321. 71317.36270.30
15.6547.054.36
.46
50. 42.34.40
157.64
70.225.113.52
16.083.28
35.70
7.132.784.24
59.2854.52
4.707.621.367.33
879.4381.974.612.785.3
148.3176.6
320.90
316. 52270.26
46.264.39
.46
50.46.33.42
''Revised. * Preliminary.1 End of year; assets of life insurance companies are annual statement values.cf Other than borrowing.
\ Data for net receipts and total expenditures reflect exclusion of certain interfund transac-tions.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-19
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
FINANCE—Continued
LIFE INSURANCE—Continued
Life Insurance Agency Management Association:Insurance written (new paid-for insurance):
Value, estimated total mil. $.Ordinary __doGroup and wholesale _doIndustrial.. __do_
Premiums collected: JTotal life insurance premiums do
Ordinary doGroup and wholesale do.___Industrial..-- do____
MONETARY STATISTICS
Gold and silver:Gold:
Monetary stock, U.S. (end of period)_..mil. $__Net release from earmark§ doExports thous. $__Imports.. ___do
Production, world total mil. $_.South Africa doCanada doUnited States __do
Silver:Exports thous. $._Imports doPrice at New York dol. per fine oz__Production:
Canada i thous. fine oz._Mexico doUnited States do
89,56263,51618,8927,154
13,60610,1692,0301,408
15, 513-254
203,78444,414
21,350.0960.1139.051.4
Currency in circulation (end of period) bil. $_.
Money supply and related data (avg. of daily fig.) :tUnadjusted for seas, variation:
Total money supply bil. $__Currency outside banks do____Demand deposits do
Time deposits adjusted!- doU.S. Government demand deposits do
Adjusted for seas, variation:Totalmoney supply do
Currency outside banks doDemand deposits do____
Time deposits adjusted!-- do
Turnover of demand deposits except interbank andU.S. Govt., annual rates, seas, adjusted:
Total (225 SMSA's) 9 - .ratio of debits to deposits..New York SMSA do___.
Total 224 SMSA's (except N.Y.) do___.6 other leading SMSA'stf1 . do_._.218 other SMSA's. do.-_.
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SEC):Net profit after taxes, all industries mil. $..
Food and kindred products doTextile mill products doLumber and wood products (except furniture)
mil. $_.Paper and allied products _do___.Chemicals and allied products doPetroleum refining doStone, clay, and glass products __doPrimary nonferrous metal do_._.Primary iron and steel doFabricated metal products (except ordnance,
machinery, and transport, equip.) mil. $..Machinery (except electrical) doElec. machinery, equip., and supplies doTransportation equipment (except motor
vehicles, etc.) mil. $-.Motor vehicles and equipment do_ _..All other manufacturing industries do
Dividends paid (cash), all industries doElectric utilities, profits after taxes (Federal Re-
serve) mil. $..Transportation and communications (see pp. S-23
andS-24).
SECURITIES ISSUED
Securities and Exchange Commission:Estimated gross proceeds, total mil. $._
By type of security:Bonds and notes, total do____
Corporate do_Common stock... do_Preferred stock.. do_
104,80472,92624,5667,312
14,38510,7682,2251,391
15,388256
422,74440,888
U,395.01,019.8133.451.4
41,76470,918
1.279
29,83939,43246,112
37.7
150. 631.5
119. 0105.5
5.9
19,4831,449
354
246634
2,4273,831
593563
1,4321,299
4442,5622,041
2,187
31, 616
30,25210, 8721,022
342
144,12166,3111.293
30,31641, 71645, 872
39.6
156.333.5
122.8119.4
5.8
23, 2111,692507
314754
2,8574,094681758
1,225
8422,0011, 512
5462,8082,617
10,810
2,385
37,122
34, 03010,8652, 679412
10,0676,3273,090
650
1,190899180111
15,38635
28,1879,704
88.011.5
23, 6286,2521.293
2,5944,017"2,844
39.2
160.634.6
126.1124.1
5.8
159.134.2
124.8125.1
45.191.333.241.029.5
4,631
4, 57967543
12,3596,8964,936
527
1,431987222222
15,388-26
28,1979,902
84.210.8
23, 6214,9561.293
2,9633,3794,522
39.6
164.035.0129.1125.25.5
159.7'34.2125.4126.6
45.590.733.441.730.0
6,299464159
218755
1,164167221355
225506456
143651749
3,405
600
3,1961,662
9449
7,7525,4771,722553
1,208920181107
15,185-173
49,2762,170
87.410.8
5,0234,7161. 293
2,5772,9813,445
38.5
164.434.4130.1128.34.2
160.034.5125.5128.8
46.394.833.842.830.0
2,333
2,2027278447
7,9865,8901,478618
1,159878180100
14,937-69
95,7662,062
85.3
'•Revised.1 Includes $28 bil. coverage on U.S. Armed Forces.2 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and
North Korea.t Revisions for premiums collected for Jan.-Aug. 1964 will be shown later; those for money
supply and related data for 1959-64 appear in the July 1965 Federal Reserve Bulletin.§ Or increase in earmarked gold (—).
8,2805,2781.293
2,2992,4324,035
38.6
159.534.2
125.3130.8
5.7
159.734.7
125.1131.0
47.196.134.644.330.5
3,997
3,84263713024
9,9297,3131,961655
994209105
14, 563-247
22,3042,128
86.810.8
4,4762,7601.293
2,3584,1804,452
38.8
159.034.3
124.6132.7
6.7
160.334.7
125.6132.1
47.996.935.444.831.2
6,232409151.
56185731
1,06183235388
244500406
147985651
2,658
712
3,003
2,8601,215
8260
9,0926,8711,595626
1,204914188102
14, 41013
58, 6371,779
8,9146,6741,549
1,218924188106
14,290124
267,9562,465
11.3
5,3024,9321.293
2,3792,9944,599
38.8
161.634.5
127.1134.0
5.6
161.134.7
126.4133.5
48.4100.035.244.531.2
3, 050
2,8871,07012735
9,4357,0031,799
1,223930195
13,93499
126,4071,562
89.210.4
9,2734,3641. 293
2,6323, 2903,527
39.2
157.634.6
123.0135.4
9.7
160.034.9125.1134.6
47.096.034.744.330.6
3,160
2,7121,32438465
8,5696,4391,535595
1,254954194105
13,857-157
159,9472,153
90.110.7
2,1013,7631.293
2,8842,9033,418
39.7
159.634.9124. 6136.69.3
161.835.0126.8135.9
50.9107.036.345.532.2
7,215454166
216853
220270411
325689455
1871,057730
2,942
597
4,297
3,9881,729154155
90.810.0
3,9171.293
2,549'3,8383,159
160.935.4125.6138.39.1
162.535.2127.3137.6
49.3104. 935.144.431.1
2,936
2,8141,322
7844
8, 7476,6051,537605
1,222915204103
13,85743
108,02817,794
142126,3241,539
91.010.5
4,1995,7161.293
2,5073,6473,231
40.2
160.535.5
125.0140.2
7.4
162.735.4
127.3140.1
48.499.435.544.931.7
2,354
2,2628377815
9,6636,6562,423584
1,191898193100
89.710.2
1,5346,1041.293
3,043
2,957
40.4
163.235.6
127.5141.4
5.6
164.335.6
128.7141.6
47.295.435.344.131.4
6,590522176
105215789
1,079253214312
304652471
185468845
2,623
626
3,029
2,8611,370
7692
137,6396,883
130,131625
1,264962196106
13, 85718
101,2751,888
9,9227,0722,209641
1,248934211104
13,80581
101,33556,027
90.410.5
4,0464,7221.293
3,871
40.8
165.836.0
129.8143. 5
5.0
165.635.9
129.7143.6
47.496.335.143.831.4
2,655
2,530877116
5,07210,8091.293
41.8
167.436.5
130.9144.4
4.0
165.736.1
129.6145.5
50.5104.737.047.632.1
6,380
6,1231,184
16592
13,733
1.293
172.037.0
135.0145.3
4.5
167.436.3
131.2147.0
50.6102.237.547.7
f Time deposits at all commercial banks other than those due to domestic commercialbanks and the U.S. Govt.
$ Total SMSA's include some cities and counties not designated as SMSA's.cfIncludes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-20 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar.
FINANCE—Continued
Apr. May- June July Aug. Sept. Oct. Nov. Dec.
SECURITIES ISSUED—ContinuedSecurities and Exchange Commission—Continued
Estimated gross proceeds—ContinuedBy type of issuer:
Corporate, total9 mil. $.Manufacturing doExtractive (mining) doPublic utility doRailroad. doCommunication doFinancial and real estate do
Noncorporate, total 9 doU.S. Government..-- doState and municipal do
New corporate security issues:Estimated net proceeds, total. do
Proposed uses of proceeds:New money, total do
Plant and equipment doWorking capital do
Retirement of securities do_Other purposes do
State and municipal issues (Bond Buyer):Long-term doShort-term do
SECURITY MARKETS
Brokers' Balances(N.Y.S.E. Members Carrying Margin Accounts)
Cash on hand and in banks mil. $__Customers' debit balances (net) doCustomers' free credit balances (net) doMoney borrowed-. do
BondsPrices:
Standard & Poor's Corporation:Industrial, utility, and railroad (A1+ issues):
Composited"-. dol. per $100 bond..Domestic municipal (15 bonds) do
U.S. Treasury bonds, taxable^ doSales:
Total, excl. U.S. Government bonds (SEC):All registered exchanges:
Market value. mil. $..Face value do—
New York Stock Exchange:Market value ..doFace value do
New York Stock Exchange, exclusive of somestopped sales, face value, total mil. $_.
Yields:Domestic corporate (Moody's) percent.
By ratings:Aaa doAa doA do...Baa do...
By groups:Industrial do..Public utility do..Railroad do..
Domestic municipal:Bond Buyer (20 bonds) do..Standard & Poor's Corp. (15 bonds) ..do..
U.S. Treasury bonds, taxable© do
Stocks
Cash dividend payments publicly reported:Total dividend payments mil. $_
Finance do.Manufacturing. do.M ining do.Public utilities:
Communications doElectric and gas... . do.
Railroads do.Trade - do.Miscellaneous do.
Dividend rates and prices, common stocks(Moody's):
Dividends per share, annual rate, compositedollars. _
Industrials do.Public utilities do.Railroads . do.N.Y. banks do.Fire insurance companies.^ do
Price per share, end of mo., composite doIndustrials do.PubLic utilities do.Railroads do.
12,2373,543
2142,668
4311,0943,120
19,3807,213
10,107
12,081
8,9935, 4053,5881,5281,561
10,1075,481
1461i 5, 54111, 210i 4,481
111.3
86.31
1,740.461, 653. 78
, 667. 281, 586. 04
4.50
4.264.394.484.86
4.424.414.65
3.183.23
4.00
16,187. 6
2,487. 48, 510. 0
.582.1
1, 455. 81,900. 5
377.4642.2232.2
6.426.983.213.504.465.84
202.32218. 24102. 7978.49
13, 9573,046
4212,760
3332,1893,856
23,16510, 65610, 544
13, 792
11, 2337,0034, 230
7541,805
10,5445,423
1 5,10111,169i 4,132
95.1111.5
84.46
2,882.482, 640. 74
2,782. 802, 542.26
2, 524. 50
4.57
4.404.494.574.83
4.524.534.67
3.203.22
4.15
17, 681. 6
2, 804. 99, 297. 7
600. 7
1,573.32,035. 5
421.8679.9267.8
7.057.703.433.814.576.00
235. 08258. 5510S. 7694.01
72722923471521
213
3,9043,242
566
720
55324331051
116
566354
4985,1811,1314,135
95.2112.0
84.81
204. 06193. 97
189. 71180. 23
179. 45
4.58
4.434.494.574.81
4.534.534.67
3.183.18
4.12
488.5
125.8175. 83.2
2.7140.76.523.010.8
7.328.063.494.004.616.12
241. 05268. 83115. 6295.95
1,80563752
2052934619
1,534373
1,097
1,787
1,322621701145320
1, 097296
4885,1011,1694,132
95.3112.6
84.65
211. 88200. 92
203.14192. 02
193.49
4.58
4.444.504.584.81
4.544.544.68
3.123.15
4.14
3, 520. 3
93.12, 282. 9183.0
112.6236.996.871.243.8
7.378.103.684.034.686.22
242.99270. 21115. 5492.59
85841211
1202622189
1,475433811
850
7004102905495
811424
5195,0191,2073,940
95.5114.0
84.56
204. 50194.12
195. 35185.17
196. 84
4.57
4.434.484.574.80
4.534.524.66
3.043.06
4.14
1,385.2
374.8408.120.0
290,8146.119.1102.124.2
7.448.203.734.034.806.22
250.34280. 74119. 0095.52
7912127
2303945220
3,2052,129933
779
6874432443359
933533
5,0381,2543,880
95.5113.3
84.40
215. 95195. 74
203. 26185. 24
215.30
4.55
4.414.464.544.78
4.524.514.62
3.173.10
4.16
613.3
214.1175. 53.6
2.0151.49.145.512.1
7.478.243.734.034.806.22
248. 21278.19118. 8194.62
1,358555
142894730
248
1,646413
1,003
1,343
1,039667372146157
1,003518
5015,0851,2644,000
95.2112.0
84.48
321. 07295. 71
305. 46282.15
258. 65
4.56
4.424.484.544.78
4.524.514.63
3.163.18
4.15
2, 622. 9
259.61, 725. 4
117.5
111.8233.969.867.337.6
7.488.243.804.034.926.25
245. 38274. 90118. 8594.16
1,23356275
2122118
251
1,817390971
1,214
93968026061
213
9711,046
4895,0961,2074,066
95.0112.2
84.53
261.23257. 53
251. 67248.48
214. 56
4.56
4.434.484.544.80
4.544.514.64
3.153.17
4.15
1,243. 8
267.5391.218.4
292.4152.225.774.222.2
7.488.253.804.034.926.25
253. 28287.13119. 5794.11
1,77373520
27524
145373
1,387356
1,020
1,746
1,56099356655
132
1,020652
4775,1541,2084,187
94.7111.9
84.58
240. 82220.36
230.16210. 27
207. 90
4.57
4.444.494.554.81
4.554.534.64
3.203.19
4.14
487. 4
106.5179.8
3.2
2.0150.2
5.927.412.4
7.548.383.804.004.926.31
249. 78282.16118. 2190.22
2,038484
14195
1699
1,045
2,260362
1, 000
2,018
1,665651
1,01472
281
1,000489
5155,1391,2974,436
94.3110.8
84.57
303. 79278. 99
287.04262. 56
271. 92
4.60
4.464.524.584.85
4.594.564.66
3.303.26
4.14
2,863. 7
251.21, 951. 0
121.2
114.8241.970.774.338.6
7.558.383.834.044.926.31
238. 93269.18114. 2286.23
1,4434544322827154206
1,492388
1,055
1,427
1,168735433137122
'991'380
4914,8871,233
93.9110.8
84.51
265. 58248.19
253. 01235. 86
191. 64
4.64
4.484.564.624.88
4.624.584.71
3.253.26
4.15
1, 279.3
270.8399.619.4
311.9151.521.581.623.0
7.578.413.844.044.926.31
242.16273.38114. 7690.93
36419
3051329134
1,424371718
919
7605721886991
718'557
4914,9081,1923,771
93.5111.0
84.00
294. 76256. 23
282.80245.19
244.98
4.65
4.494.594.654.88
4.634.604.73
3.293.25
4.19
507.0
114.6189.5
.9
2.3150.59.128.611.5
7.598.423.884.074.926.31
246. 50279. 07115. 4694.36
43525
36526202343
1,490342
1,523
1,249797452130143
984543
5395,0161,369
92.8109.3
83. 27
398. 73332. 00
389.95323. 26
307.79
4.69
4.524.634.694.91
4.654.644.77
3.413.36
4.25
2,735.1
305.61, 762.3121.4
114.4245.270.376.0
7.638.473.904.084.926.31
254. 52290.30116. 9595.11
1,002316311632096272
1,653369867
83145537756102
867397
5255,0961,4753,552
92.7108.4
82.97
424. 51345. 52
414.32336.49
290.84
4.72
4.564.664.714.93
4.674.674.81
3.403.42
4.27
1,332.8
277.0430.920.8
315.8153.324.884.325.9
7.788.673.964.164.926.31
260.91301. 00118.38
1,441475212421112561
4,9393,4631,018
1,419
1,19356962461165
1,018'665
5505,2321,4793,661
92.3107.7
82.22
373.10296.25
361. 09285. 05
272. 00
4.75
4.604.694.754.95
4.714.714.83
3.503.47
4.34
536.6
140.7198.93.5
2.3146.06.526.312.4
8.129.033.994.284.936.57
255. 62296. 07115. 84102.30
739331
91.1106.2
81.21
302.78
4.84
4.684.804.855.02
4.794.824.91
3.543.56
4.43
3, 881.1
571.92, 504. 5
186.9
118.0252.1113.280.853.7
8.159.064.024.344.946.59
258.09299.67114.86103.46
' Revised. 1 End of year. 9 Includes data not shown separately.c? Number of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
K Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.O For bonds due or callable in 10 years or more.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-21
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Dividend yields and earnings, common stocks(Moody's):
Yields, composite percent..Industrials do_._Public utilities do___.Railroads doN.Y. banks do___.Fire insurance companies do
Earnings per share (indust., qtrly. at ann. rate;pub. util. and RR., for 12 mo. ending each qtr.)
Industrials dollars..Public utilities doRailroads do
Dividend yields, preferred stocks, 14 high-grade(Standard & Poor's Corp.) percent-.
Prices:D ow-Jones averages (65 stocks)
Industrial (30 stocks)Public utility (15 stocks)Railroad (20 stocks)
Standard & Poor's Corporation:cfIndustrial, public utility, and railroad:
Combined index (500 stocks) 1941-43=10..
Industrial, total (425 stocks) 9 do.__.Capital goods (122 stocks) do....Consumers' goods (188 stocks) do_._
Public utility (50 stocks) do___.Railroad (25 stocks) do....
Banks:New York City (10 stocks) do___.Outside New York City (16 stocks) do_._.
Fire and casualty insurance (22 stocks)___do
Sales (Securities and Exchange Commission):Total on all registered exchanges:
Market value .mil. $_.Shares sold millions..
On New York Stock Exchange:Market value ; mil. $_.Shares sold (cleared or settled) millions..
Exclusive of odd-lot and stopped stock sales(N.Y.S.E.; sales effected) millions..
Shares listed, N.Y. Stock Exch., end of period:Market value, all listed shares bil. $..Number of shares listed millions..
3.173.203.124.463.152.51
12.434.996.29
4.30
253.67714.81138.36165.30
69.87
73.3963.3062.2864.9937.58
36.7574.8163.38
64,3141,838
54,8871,351
1,146
411.328,108
3.002.983.154.052.972.50
14.395.416.97
4.32
294.23834.05146. 02204.36
81.37
86.1976.3473. 8469.9145.46
39.6477.5467.20
72,1472,045
60,4241,482
1,237
474.329,229
2.953.003.024.172.932.60
4.25
311. 04880.04154.33217.16
85.44
90.3678.9779.1874.3948.01
41.6181.2066.82
5,195155
4,371108
94
472.159,136
3.033.003.194.352.992.62
15.965.416.97
4.23
304.50866. 73154.49206. 46
83.96
88.7177.2477.5874.2445.75
40.0876.0866.14
5,773170
4,872121
104
474.329,229
2.972.923.134.223.082.56
4.18
311.84
158. 09210.34
86.12
91.0480.1979.6975.8746.79
40.4075.1366.80
5,959179
4,918127
109
491. 859,292
3.012.963.144.263.252.55
4.22
313. 79894.41161.31210.01
86.75
91.6482.5280.7477.0446.76
39.4373.3068.47
6,330182
5,291131
493.489,336
3.053.003.204.283.332.59
15.905.516.79
4.26
315.14896.44161. 61212. 26
86.83
91.7583.6281. 5076.9246.98
38.9671.1368.26
217
5,979152
490. 259,481
2.952.873.184.283.242.51
4.28
317.55907. 71162. 25212.19
87.97
93.0884.8583.7877.2446.63
40.0071.8169.49
199
5,508136
119
506. 589,516
3.022.973.214.433.392.70
4.30
319.93927. 50161. 35209.18
89.28
94.6986.3585.2177.5045.53
38.9171.2367.67
6,580198
5,366133
110
503. 549,647
3.163.113.354.693.512.84
17.205.686.91
302. 72878. 06154.93195. 79
85.04
90.1981.6280.0474.1942.52
37.1768.4762.54
6,9il187
5,819136
128
478.839,785
3.133.083.354.443.382.86
4.38
303. 66873.43155.71199.51
84.91
89.9280.5478.8074.6343.31
38.1870.2260.95
5,655154
4,783116
85
487. 859,829
3.023.364.313.252.90
4.34
312.37887.70155.44214.21
86.49
91.6883.2580.2374.7146.13
70.9860.75
5,951163
4,937120
109
500. 62
3.002.923.334.293.172.94
14.605.827.11
4.32
321.61922.18157. 51218.86
94.9386.9182.3476.1046.96
40.4372.7460.79
7,993222
165
155
517. 67
2.982.883.354.173.432.96
4.38
330. 89944.77157.19231. 09
91.39
97.2090.2883.9076.6948.46
39.6871.6858.58
279
7,857199
164
532.839,984
3.183.053.444.183.512.94
4.41
335.45953.31157.11238.11
92.15
98.0291.6283.7576.7250.23
37.1969.2659. 56
8,592262
6,879163
147
530.7710,013
3.163.023.504.193.512.63
4.47
337.09955.19152. 00245.33
91.73
97.6691.4283.3175.3951.03
37.7170.2766.13
191
537.4810, 058
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value
Exports (mdse.), incl. reexports, totalO mil. $..Excl. Dept. of Defense shipments do
Seasonally adjusted do
23,347. 222,427.3
By geographic regions: AAfrica do_.Asia do..Australia and Oceania do..Europe . do..Northern North America doSouthern North America doSouth America do
By leading countries:Africa:
United Arab Republic (Egypt). doRepublic of South Africa do
Asia; Australia and Oceania:Australia, including New Guinea doIndia doPakistan. ____._doMalaysia do
Indonesia do.Philippines do_Japan do.
Europe:France do..East Germany do..West Germany do..
Italy do__._Union of Soviet Socialist Republics do. . . .United Kingdom do
26,438.425,620. 2
109.2323.0
1, 710. 7
681.26.4
1,120. 5
1,219. 05, 225. 7
738.08,303. 4
4,746. 72,044.82,122. 7
267.9393.2
627.6954.9375.7
77.0
67.8360.3
2,267.02,182. 9
2,196.8
97.8447.467.3
719.6
390.9177.1191.1
19.330.8
58.480.738.1
6.3
7.427.1
164.0
64.6.8
140. 0
70.51.8
138.6
2, 613. 02, 560. 9
2,430.4
122.1575.564.8
825.4
432.7204.3225.2
34.737.3
55.6104.244.3
6.7
7.530.1
212.6
82.82.7
139.5
82.02.1
143.6
1,247.41,188.1
1,217.3
33.9273.724.2
352.2
296.9126.573.3
6.914.6
19.541.914.24.3
1.713.9
116.6
42.3.1
59.6
33.1.2
67.9
1,598.11, 513. 7
1,592. 7
49.1283.763.3
509.3
354.1142.4116.4
5.523.7
56.128.313.35.6
2.521.2
135.8
49.51.6
91.4
55.75.6
107.7
2,974.12,891. 7
2, 752. 7
165.5680.287.4
1, 009.3
495.9194.4216.1
26.261.5
75.3156. 231.98.7
4.536.3
244.1
109.4.8
163.4
101.02.2
157.6
2, 612.32, 529.1
2,380.3
131.1559.682.3
885.1
456.8190.1210.2
21.943.9
70.293.342.89.1
4.434.0
189.5
84.8.5
152.5
95.27.4
144.8
2,428.32,381. 4
2,277. 7
120.4466.776.7
806.3
517. 7175.6192. 3
9.046.6
65.281.041.98.1
5.432.0
152.5
87.62.1
127.7
74.88.8
132.2
2,335.82,219.1
2,184.8
120.2459.070.2
675.9
531.2179.0
11.742.0
58.292.228.97.6
3.327.7
152.3
71.5.8
113.0
63.63.1
118.7
2,244. 82,172.1
2,262. 8
82.1485.069.4
732.9
451.1171.0164.7
10.429.5
58.697.326.98.1
4.328.4
195.4
69.2.1
121.2
67.52.0
128.5
2,188.32,123.5
2,345.7
111.9422.1104.9670.4
440.1170.9172.2
23.641.9
78.175.231.3
7.5
2.124.7
156.7
72.7.6
120.1
60.73.1
117.5
2,163. 62,140.8
2, 297.7
129.2401.178.9
666.7
458.5172.8191.9
17.850.0
60.972.914.07.1
4.334.5
145.6
61.8.5
114.1
59.51.5
126.3
, 444.02,419.5
2,348. 6
105.6458.8
67.1806.0
532.5188.6210.6
11.935 7
52.373.322.97.4
2.732.0
169.9
78.91.2
147.0
86.53.1
143.9
2,505.42,440.4
2,405.9
84.5480.366.3
857.6
528.3193.0197.4
6.427.7
56.353.325.58.1
2.7.25.4
196.6
86.1.9
159.7
81.73.1
155.6
'•Revised. p Preliminary.c? Number of stocks represents number currently used; the change in number does not
affect continuity of the series.9 Includes data not shown separately.O Beginning Jan. 1965, data reflect adoption of revised export schedule; in some instances,
because of regrouping of commodities and release of some "special category" items from therestricted list, data for commodities and countries are not comparable with those for earlierperiods.
A Excludes "special category" shipments.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-22 SURVEY OF CUERENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
FOREIGN TRADE OF THE UNITED STATES—ContinuedFOREIGN TRADE—Continued
Valuer—ContinuedExports (mdse.), incl. reexports—Continued
By leading countries—ContinuedNorth and South America:
Canada mil.
Latin American Republics, total 9 — . . . d o .
Argentina... do_.Brazil _do_Chile _ do_.
Colombia do.Cuba do_.Mexico .___ do.Venezuela ___do_
Exports of U.S. merchandise, total O doExcl. military grant-aid •___• do__._
By economic classes:Crude materials . . . ^__do____Crude foodstuffs. doManufactured foodstuffs and beverages doSemimanufactures cf . _._doFinished manufactures d1 do
Excl. military grant-aid doBy principal commodities:
Agricultural products, total 9 do____
Animal and vegetable oils and fats_____do__._Cotton, unmanufactured. ___doFruits, vegetables, and preparations____doGrains and preparations. doMeat and meat preparations doTobacco and manufactures A do
23,060,
Nonagricultural products, total 9--— do
Automobiles, parts, and accessories_____doChemicals and related products§ doCoal and related fuels. „_; doIron and steel prod. (excl. adv. mis.)___do
Machinery, total§ 9 - do
22,145'. 9
2,576. 72,273.31,495.83,341. 33,372. 812,453. 2
5, 584. 4
319. 7586. 9446. 4
2,300. 8147.4522.7
17,475.7
1,505. 91,942. 5
482.7
Agricultural do_.Tractors, parts, and accessories __do.Electrical do..Metalworking§ do_.Other industrial..... __ __do_.
Petroleum and products doTextiles and manufactures do
General imports, total do_.Seasonally adjusted __do_.
By geographic regions:Africa doAsia_ _ do_.Australia and Oceania doEurope ___do_
Northern North America doSouthern North America... doSouth America do.
By leading countries:Africa:
United Arab Republic (Egypt) _ _ _ do _Republic of South Africa do
Asia; Australia and Oceania:Australia, including New Guinea do_.India ____ "doPakistan :__ do..Malaysia "doIndonesia . do.Philippines "."doJapan . . . d o .
Europe:France doEast Germany "I"I"do~West Germany _ • _" ~"_" " . . .Italy _ Jdo. . . .Union of Soviet Socialist Republics.__ do _United Kingdom do.
North and South America:Canada do..
Latin American Republics, total 9 do
Argentina do_Brazil doChile . MHIIdoI
Colombia doCuba :d 0_:Mexico do_.Venezuela.. ~_I~I__do~'
4.119.8
3.199.9
189.4382.5162.4
241.036.5
857.9509.1
0 26,086.n 25,267.
5,441.1
183.0421.9
1,360.8443.5
2, 597. 9
491.9693.7
17,137. 9
113.3356. 9
1,498.1
430.73.2
1, 003. 7492.820.3
1,079. 2
3,829.0
3,450. 6
164.9561.8188.5
248.50)
594.4935.8
4, 746. 6
3, 714. 0
261.6386.9180.5
245.80)
1,076. 4599.6
0
2,897. 52,540. 21,687.44,067. 2
14,893.814,076.1
6,347. 0
429.4690.2434.7
2, 579.8181.3544.5
19, 739. 0
1, 720.82,326.2
504.7895.7
6, 344. 8
229.0547.3
1, 540. 2520.6
2, 991. 7
471. 4804.9
18, 684. 6
916.73, 617. 5
439.75,307.0
4, 243.91, 639.32, 508. 9
16.2249.5
281.1304.539.5
159.1169.7387.2
1,768. 5
495.06.7
1,171.3526.220.2
1,140. 7
4, 240.8
3, 524. 0
111.3534.6218.3
280.4(0643.0956.4
328.8
28.137.415.4
18.60)95.849.7
, 242.4,158.3
235.7153.8334.5237. 6
, 153. 5
607.9
36.350.935.5
231.315.258.2
1, 634. 5
141.4192.636.069.5
520.1
16.541.0
137.742.4
242.1
37.268.0
1,671.71, 697. 7
84.0322.632.6
503.3
362.1123.2242.6
24.5
26.326.73.7
12.214.732.8
165.8
50.6.6
113.556.12.1
112.8
361.7
321.1
6.771.414.2
28.50)46.682.5
103.860.4
2, 577. i525.,
432.6
376.6
34.533.321.6
23.3
6 1,230.7 1,575.5 2,942.0 2,585.2 2,397.5 1,171.4 1,491.1 2,859.6 2,502.0 2,350.
327.9226.6172.1410.3
1,440. 7, 388. 6
669.2
53.597.938.1
232.619.373.4
1,908.4
174.1234.837.985.0
636.7
18.147.5
156.458.6
299.2
44.278.7
1,755.01, 642. 2
79.6329.337.6
519.4
381.5147.6259.3
.527.6
24.429.93.5
15.315.233.4
161.7
45.2.3
119.748.81.9
101.3
381.4
352.4
11.759 2
35.50)54.480.0
1, 020.3
296.9
164. 4
11.210.57.3
7.20
74.721.7
210.4
1,112.91, 206. 4
27.9217.120.8
239.0
325.7124.4156.5
1.38.0
17.015.21.06.8
10.325.8
108.3
20.5.1
46.022.14.7
57.6
325.6
222.3
6.116.69.4
8.40)43.792.7
354.1
228.2
15.013.910.2
11.80
81.034.3
325.8
1, 249. 7 2,245. 8
1,463. 61, 600. 5
66.9291.721.3
422.6
325.5146.2188.0
.322.8
16.820.12.09.5
12.221.7
154.5
41.5.5
97.337.94.1
91.7
325.2
280.4
8.424.618.4
17.3i1)52.586.0
495.9
366.7
31.226.121.5
21.10)98.069.3
696.2
2,031.3
2,040. 21,869.0
89.2432.457.7
628.4
409.9181.1240.1
5.019.5
35.646.26.2
19.316.934.3
218.4
61. 2.7
133.559.31.5
126.1
409.8
359.5
11.549.615.1
26.20)64.796.8
456.7
352.1
28.726.922.3
20.0C1)92.963.8
553.9
1,854.91,834. 7
66.2402.530.7
575.4
377.6162.1240.4
1.319.3
19.037.55.6
23.516.636.7
204.9
55.6.6
131.252.62.5
109.6
377.4
338.5
11.137.230.3
24.20
61.192.2
517.6
327.6
23.227.521.0
21.40
92.756.4
.7 2,307
.8 2190
532.9
1,864.8
1,724.11, 798.9
75.3339.938.0
542.3
398.6145.4183.0
1.417.4
24.524.33.2
16.712.229.5
177.3
54.2.6
110.349.72.2
115.5
398.3
274.3
10.336.413.8
20.70
57.266.3
531.2
307.6
19.420.215.8
13.80
95.255.8
190. 92,212.2 2,161o n o K 9 nofi2,139.5
530. 9
1, 776. 7
1,906.91,834.8
82.0410.930.8
537.6
441.7158.3245.1
1.0.18.8
20.133.14.1
17.315.727.1
220.0
63.5.3
117.654.82.6
112.7
441.5
344.2
11.138.922.3
25.20
61.9101.9
451.1
297.6
22.018.818.0
12.80
92.552.2
548.1
1, 664.1
1,632.91, 669.8
50.9345.641.7
505.7
400.5114.5173.2
2.68.2
25.923.74.0
16.710.225.6
194.5
55.1.2
110.649.13.3
118.4
399.4
238. 6
27.89.9
18.80
39.371.1
440.1
304.1
25.924.717.4
13.40
88.952.8
,-U.O, 096. 2 2, 111.
459.3
1, 701. 7
1,717.61,725. 4
68.4394.736.7
486.8
408.3123.1198.9
15.3
25.128.04.2
13.610.835.3
231.0
53.3.3
91.256.12.4
112.1
407.6
270. 4
10.436.111.9
22.80
41.877.5
458.5
327.3
18.432.031.1
15.50)93.149.9
J.9 2,411.9 2,472.2L. 1 2,387. 4 2,407. 2
484.7
1, 649. 2
1,797.51,786.8
89.1423.447.4
489.9
414.7118.2214.1
.527.6
35.131.83.6
24.514.733.5
224.1
41.71.4
110. 453.11.9
111.8
413.5
276.2
11.854.318.9
24.10)39.268.9
532.5
354.5
25.539.921.3
17.20
98.058.3
587.0
1,824.9
1,997.12,002. 0
87.9411.055.5
621.1
416.4136.4268.4
16.3
43.027.03.3
18.616.231.2
227.8
54.7.3
135.758.58.2
148.2
416.0
348.5
11.365.624.9
31.40
47.384.5
528.3
344.8
22.735.923.2
18.30
99.254.0
652.2
1,820.0
1,966. 71,903.3
81.1412.435.2
592.3
151.9243.2
26.3
23.227.32.6
18.513.828.5
231.3
54.3.4
133.158.83.5
137.1
448.6
342.4
10.462.923.1
27.00
63.770.3
'Revised v Preliminary. 1 Less than $50,000. 9Includes data not shown sep-arately. O See similar note on p. S-21. cfData for semimanufactures reported as "spe-cial category" are included with finished manufactures.
A Manufactures of tobacco are included in the nonagricultural products total,eludes some "special category" exports.
§ Ex-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-23
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 | 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
FOREIGN TRADE OF THE UNITED STATES—ContinuedFOREIGN TRADE—Continued
Value—Continued
Imports for consumption, total mil. $__By economic classes:
Crude materials doCrude foodstuffs _ doManufactured foodstuffs and beverages. _do____Semimanufactures doFinished manufactures do____
By principal commodities:Agricultural products, total 9 ___ do__ __
Cocoa (cacao) beans, incl. shells doCoffee ___doRubber, crude (incl. latex and guayule) -doSugar (cane or beet) do____Wool and mohair, unmanufactured do
Nonagricultural products, total 9 do
Furs and manufactures doIron and steel prod. (excl. adv. mfs.)___doNonferrous ores, metals, etc.:
Bauxite, crude doAluminum semimfs (incl. calcined bauxite)
mil. $__Copper, crude and semimfs.___ doTin, including ore do
Paper base stocks_____ _doNewsprint doPetroleum and products ___do____
Indexes
Exports (U.S. mdse., excl. military grant-aid):Quantity 1957-59=100—Value .doUnit value do
Imports for consumption:Quantity doValue doUnit value __—do
Shipping Weight and Value
Water borne trade:Exports (incl. reexports) :§
Shipping weight- thous. sh. tons__Value mil. $._
General imports:Shipping weight thous. sh. tons__Value mil. $__
Airborne trade:Exports (incl. reexports):
Shipping weight thous. sh. tons__Value mil. $_.
General imports:Shipping weight thous. sh, tons__Value mil. $
17,000. 6
3, 288. 51,725.41,997.93,608. 46,380.4
4, 019. 7
135.2956.9197.4610.7225.9
12, 981. 0
130. 8712.7
114.1
202.4259.0109.8
361.2687.8
1, 789. 2
127128101
127122
157, 00815, 086.1
212,48512,382.3
123.71,638.1
56.5816.6
18, 599. 9
3,444.12, 034. 01,812. 0
7,321. 5
4,104. 6
130.91, 200. 3
200.6458. 4205.3
14,495.3
116.6819.9
125.8
199.0340.2111.7
405.5752.5
1,872. 4
143146102
13513399
172, 21017,394.1
233, 77413,441. 9
163.31,844.6
64.3956.1
1,655.1
282.7202.6176.7337.1655.9
384.4
8.8126.917.043.415.9
1, 270. 6
4.789.0
9.6
11.426.17.6
35.668.6144.9
145150104
14414299
14,6281,491. 2
20, 4191,213. 4
13.9140.2
7.0
1, 720. 4
313.5200.1165.4357.8683.6
372.9
11.8116.818.937.922.0
1,347. 5
15.469.4
10.2
14.548.710.7
36.773.0174.3
169176104
150148
14,9621, 750. 2
19,4991,250.1
17.7187.4
8.6108.8
1,138.1
253.078.577.3
300.1492.2
175.2
3.824.97.615.115.7
962.9
12.6
269.4
10.269.111.217.313.9
1, 219. 2
13.4
12.1
6.514.24.9
29.153.1184.8
7781105
9495101
6,508601. 2
18,164651.8
14.9140.7
6.589.1
1,488.6
420.4
11.8126.518.326.531.8
1, 578. 8
14.0
8.8
16.929.2
46.853.9163.3
97104107
125125100
8,555
17, 294
19.9175.2
8.4104.9
1,999. 2
369.0
9.283.724.038.627.4
1, 451. 7
16.0
13.7
23.124.117.2
41.969.2198. 8
187199106
175174100
15, 0009636
22, 0161, 465. 8
21.5197.4
7.8102.4
1,820. 7
338.8
13.877.313.347.317.6
1,380. 8
11.2
10.8
21.323.410.9
35.862.7186.7
164174106
161158
15,0687121
21,7831,373. 9
19.0189.1
6.998. 4
1, 719.6 1,878. 0
11.6
24.422.113.0
34.464.9144.3
155164105
149147
15,598836.7 1,963.6 1,712.1 1,558.0 1,411.6 1,447.8
19,9061, 207. 2
19.1193.7
6.2100.3
345.2
13.289.716.942.518.6
1, 532. 8
8.9
10.9
32.626.612.7
72.4192. 2
142152107
164163
15, 7534116
25,5521,368.0
17.7182.5
9.2103.9
1,635. 5 1,728.8
262.3
8. 659.412.822.316.9
1,370. 6
7.6
319.0
11.377.811.242.719.1
1, 409. 8
7.1
13.7
25.123.010.5
34.964.4147.4
16,340447
•20,5321,123.7
17.5180.3
7.5104.9
13.7
24.427.99.2
37.465.1159.4
15, 6751, 342. 5
21,8221,224.8
18.2189.6
95.1
1, 749.9 2,003.9
354.1
14.583.615.348.820.1
1, 440.8
6.5
411.2
8.9128.717.450.8
17.9
1,592. 7
6.5
11.1
20.325.416.5
36.470.5164.0
17.9173.1
8.194.0
1,952.9
11.4
23.935.413.1
36.367.6172.0
19.2202.0
8.3144.8
399.0
7.6125.917.241.018.4
1, 553.9
4.9
12.7
22.624.318.1
41.267.2150.1
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Scheduled domestic trunk carriers:Financial operations (qtrly. total):
Operating revenues, total 9 mil. $__Transport, total 9 do
Passenger, doProperty— do___IU.S. mail (excl. subsidy) do____
Operating expenses (incl. depreciation)___do____Net income (after taxes) do
Operating results:Miles flown (revenue) milExpress and freight ton-miles flown do____Mail ton-miles flown. ____doPassengers originated (revenue) doPassenger-miles flown (revenue) bil__
Express Operations
Transportation revenues mil. $Express privilege payments do__I_
centsmil
Local Transit Lines
Fares, average cash ratePassengers carried ( r e v e n u e ) -Operating revenues (qtrly. total) mil. $__
Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total):Number of reporting carriers.Operating revenues, total mil. $_~Expenses, total do _ .Freight carried (revenue) "_."_"_ "mil." tons"
2,4882,4682,22816160
2,35713
765.9590.3170.054.636.6
383.6113.2
20.56,9151,391
1 1, 0185,7415,498
2,8312,8052,527
18765
2,531136
822.1726.9184.761.941.9
412.4118.2
21.26,8541,408
i 1, 0186,1765,890366
67.560.814.65.03.2
21.7561
7257186405119
65438
70.970.822.35.33.7
112.531.7
21.7599371
1,0181,6461,591
73.559.415.65.43.7
21.9553
67.460.715.14.93.2
21.9524
7357286544917
67830
76.471.817.55.53.7
101.927.4
21.9606339
1,1281,6321,571
100
75.570.017.65.94.0
21.9593
78.074.816.65.83.9
21.9577
8328267445318
70865
78.374.516.96.34.5
103.728.2
22.0564
82.173.016.56.34.6
22.2520
83.677.617.26.84.9
22.2516
788
79
79.786.717.76.14.2
106.731.1
22.2559
83.095.019.46.34.2
22.2591
22.3574
Preliminary. i Number of carriers filing complete reports for 1963 andT Revised.
1964.9 Includes data not shown separately.
§Excludes "special category" shipments and all commodities exported under foreign-aidprograms as Department of Defense controlled cargo.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-24 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Get. Nov. Dec.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Motor Carriers (Intercity)—Continued
Freight carried, volume indexes, class I and II(ATA):
Common and contract carriers of property(qtrly.) average same period, 1957-59=100_.
Common carriers of general freight, seas, adj.*1957-59=100_.
Carriers of passengers, class I (qtrly.) :§Number of reporting carriers.Operating revenues, total mil. $_.Expenses, total doPassengers carried (revenue) mil_.
Class I RailroadsFreight carloadings (AAR):
Total cars thous _.Coal . doCoke do___.Forest products doGrain and grain products do
Livestock ____do_.Ore do_.Merchandise, l.c.l do_.Miscellaneous __do_.
Freight carloadings, seas. adj. indexes (Fed. R.):Total 1957-59=100-
Coal doCoke... do___Forest products. __do___Grain and grain products ____do___Livestock do___Ore ____do___Merchandise, l.c.l- _______do___Miscellaneous do___
Financial operations (qtrly.):Operating revenues, total? - mil. $_
Freight.Freight . do.Passenger do
Operating expenses doTax accruals and rents doNet railway operating income doNet income (after taxes) do
Operating results:Freight carried 1 mile, revenue and nonrevenue
(qtrly.) bil. ton-miles _.Revenue per ton-mile (qtrly. avg.) cents..Passengers carried 1 mile, revenue (qtrly.) mil_
Waterway TrafficClearances, vessels in foreign trade:
Total U.S. ports mil. net tons.Foreign vessels doUnited States vessels..^ do
Panama Canal:Total thous. Ig. tons.
In United States vessels do.__Travel
Hotels:Average sale per occupied room dollars..Rooms occupied % of total-Restaurant sales index.-.same mo. 1951=100-.
Foreign travel:U.S. citizens: Arrivals thous_
Departures _do___Aliens: Arrivals do
Departures doPassports issued and renewed do__.
National parks, visits doPullman Co. (qtrly.):
Passenger-miles (revenue) mil-Passenger revenues. _ mil. $_
COMMUNICATION (QTRLY.)Telephone carriers
Operating revenues 9 mil. $_Station revenues ___do.__Tolls, message do.__
Operating expenses (before taxes) ______do___Net operating income d o . . .Phones in service, end of period mil-
Telegraph carriers:Domestic (wire-telegraph):
Operating revenues mil. $_Operating expenses, incl. depreciation d o . . .Net operating revenues ____do___
International:^Operating revenues do__.Operating expenses, incl. depreciation do . . .Net operating revenues do__.
126.3
123.4
622.8541.1527.2
28,8715,533
3861,8722,804
1641,765
86815,478
958896
1025284
9,5608,155
5887,4521,302
806651
635.51.310
18,487
187.5153.434.1
65,4469,366
9.3760
109
2,6162,5881,5581,3201,056
33,351
2,51641.91
10,1475,5853,4765,948
31,77073.7
253.120.2
97.73 76.93 14.1
137.6
131.9
656. 5570.9506.9
29,027'5,530
'423'1,960'2, 625
153'2,005
'639'15,693
95113100
9,8578,455
5787,7381,301
818
670.71.282
18,248
202.2166.935.3
74,21010,750
9.5361
111
2,9132,8511,8901,6541,13333,976
2,21837.76
10,9385,9223,8276,496
31,92477.4
299.4264.221.1
107.43 83.0U7.6
138.2
2,34245538148221
1815441
1,267
97127
5413623100
16.713.83.0
6,156847
10.1157103
19116712711650
1,061
139.2
142.9
158157.9140.6128.1
2,08242736139180
109137
1,161
9990125100
974614322103
2,5262,169135
2,037303186182
172.0
4,163
16.713.92.8
6,645830
9.0848112
17318612313053
654
476
2,8351,5191,0061,71648977.4
75.464.98.2
27.321.24.1
137.7
2 2, 5712 5182 472 1782 231
2 112 812 46
2 1,460
10092109106944611323106
12.610.52.1
5,706779
9.3656102
2062071309774708
140.2
2,07441036147178
77239
1,185
96919999
874611022102
12.910.92.0
5,160652
9.5461113
1792251029695782
141.9
148.5
147118.5113.847.0
2,18540936152193
8141
1,265
9298
1019742
11021
103
2,3832,065
1261,900
320163121
165.21.2703,820
17.014.12.9
7,670822
9.1463119
243234136115151977
5289.07
2,8331,531
50578.3
73.765.53.9
27.221.34.7
143.6
2,8482 533247
2 1932 2362 102 1642 49
1,616
9999108103
973613621100
17.814.83.0
884
9.9665110
231278160134175
1, 453
142.1
2,41545635159180
20639
1,332
101104107105
9522104
18.615.43.2
6,631738
9.3665123
284296171159168
2,393
151.4
143.8
147150.8127.253.3
2,37645535151211
522537
1,257
9498109959531872097
2,5822,240139
1,963361258213
180.21.258
18.615.72.9
6,467
10.0363115
308398182165175
5,074
4738.05
2,8961,5471,0281,751
51979.2
77.367.65.6
28.822.15.3
141.5
2,7682 4272 43
2 1892 276
262 290244
1,493
9598
12210382339020
19.016.32.8
6,855496
9.1057
112
1318, 578
141.6
2,381479
35161221
722234
1,221
9410111799
101348618
18.615.62.9
6,809
65106
105
148.8
143.1
2,292448
31158200
1119233
1,220
949595
10210235811796
2,5752,215
1561,965
360250
178.7
6,035716
10.1566
116
803,631
5569.38
2,9641,5731,0641, 765
80.4
77.368.65.3
27.021.2
5.0
144.3
2 3,1082 6102 36
22002 284
2 262 228241
21,683
9782
1029941831795
7,065767
10.4470
112
2,534
151.7
2,347472
29160
1612931
1,273
10080
10610750
11317
7,090973
10.4160
109
591,219
2,189465
29156211
107329
1,217
1029883
11211445
11718
105
9.0849
115
817
' Revised. 1 Number of carriers filing complete reports for 1963 and 1964.2 Data cover 5 weeks; other periods, 4 weeks. 3 Revised total; quarterly revisions are
not available.*New series. The monthly index is based on a sample of motor carriers that represents
approximately one-third of the class I and II common carriers of general freight; monthlydata back to 1955 are available.
§Effective 1st qtr. 1965, carriers reporting both intercity and local and suburban schedulesare classified as intercity if intercity revenues equal or exceed 50 percent of revenues fromboth operations.
9 Includes data not shown separately.& Radio-telegraph and cable carriers.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-25
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:Acetylene mil. cu. ft_Ammonia, synthetic anhydrous (commercial)
thous. sh. tons_Carbon dioxide, liquid, gas, and solid doChlorine, gas (100% Cl2) _do___.Hydrochloric acid (100% HC1) do___.Nitric acid (100% HNO3) do___.Oxygen (high purity) __mil. cu. ft_.Phosphoric acid (100% P2O5)..--thous. sh. tons...Sodium carbonate (soda ash), synthetic (58%
Na2O) .___thous. sh. tons_.Sodium bichromate and chromate doSodium hydroxide (100% NaOH) do___.Sodium silicate (soluble silicate glass), anhydrous
thous. sh. tons_.Sodium sulfates (anhydrous, refined; Glauber's
salt; crude saltcake) thous. sh. tons..Sulfuric acid (100% H3SO4) do
Organic chemicals, production:^Acetic anhydride- mil. lb_.Acetylsalicylic acid (aspirin) doCreosote oil mil. gal_.
D D T mil. lb_Ethyl acetate (85%) doFormaldehyde (37% HCHO) ___do___Glycerin, refined, all grades:
Production do___Stocks, end of period do
Methanol, synthetic and natural mil. gal_Phthalic anhydride mil. lb_
ALCOHOL
Ethyl alcohol and spirits:Production mil. tax gal__Stocks, end of period do_Use for denaturation do_Taxable withdrawals do_
Denatured alcohol:Production mil. wine ga l -Consumption (withdrawals) doStocks, end of period do_
FERTILIZERS
Exports, total? thous. sh. tons__Nitrogenous materials doPhosphate materials doPotash materials do
Imports, total semimanufactures 9 do_.Ammonium nitrate do_.Ammonium sulfate do_Potassium chloride do_.Sodium nitrate do_
Potash deliveries (K2O) doSuperphosphate and other phosphatic fertilizers
(100%P2O5):Production thous. sh. tons__Stocks, end of period do
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly:Black blasting powder mil. lb__High explosives do
Paints, varnish, and lacquer, factory shipments:Total shipments__„ mil. $_
Trade products. do____Industrial finishes _do_
Sulfur, native (Frasch) and recovered:Production thous. lg. tons__Stocks (producers'), end of period.. do
PLASTICS AND RESIN MATERIALS
Production:Cellulose plastic materials mil. lb__Thermosetting resins:
Alkyd resins doCoumarone-indene and petroleum polymer
resins mil. ib...Polyester resins ___doPhenolic and other tar acid resins doUrea and melamine resins do
Thermoplastic resins:Styrene-type plastic materials (polystyrene)
mil. lb__Vinyl resins (resin content basis) doPolyethylene __do
14,730
6,682. 21,082.95,464.11,079. 44, 243. 0128, 5442,904.8
4, 681.8133.9
5,814. 4
551.2
1, 232. 620,935.8
1,271.528.498.1
178.9117.5
2, 537. 2
303.222.2
352.8458.6
691. 9177. 3532.9
64.0
287.2288.3
3.3
7,512661
5,861707
2,465250235877414
2,723
3,231490
1.11,206. 7
1,889. 61,125. 0
764.6
5,8284,682
152.0
605.9
343. 7254.9740.5517.8
1,494.11,760.32, 269. 9
15,964
7, 560.01,119. 65,893. 21, 228.14, 609.1158,3873,262.8
4,950. 6135.2
6,219. 3
565.4
1,302. 222,923.5
1,394. 728.2
115.5
2123. 7104.7
2, 752. 5
320.127.6
393.3555.3
684. 5192.9551.068.0
296. 8296.6
3.4
9,578799
7,1451,026
2,799200176
1,195363
3,088
3,465431
1, 281. 6
2, 002. 21,173. 4
6,2504,403
5 161.3
s 593.6
5 354.3s 316.65 832.5« 570.3
51,728.9" 2,066.8
2,613.4
1,432
640.281.6
502.5106. 4420.1
14,131275.3
428.311.3
525.2
46.7
111.21,933. 5
118.92.2
10.6
()11.1
238.6
26.330.134,147.3
60.7188.747.16.7
25.424.7
• 4.0
74444
522122
2391616
11924
181
289407
145.880.765.1
5534,562
14.8
38« 2
27.225.168.044.2
155.1174.5216.8
1,448
699.684.8523.6108.7445.214,608272.6
394.012.2557.0
44.1
114.32,037.1
135.82.512.0
)7.5
247.3
26.227.637.849.2
59.7192.946.35.5
24.925.53.4
135721129
2371214
11230
196
294431
.3337.4
133.766.267.5
5964,403
14.2
39.0
25.325.969.045.3
158.0178.4223. 8
1,408
679.383.6529.4114.5460.115,080284.1
402.611.6568.4
42.2
115.51,957.9
114.92.4
18.2
10.73.3
234.4
31.832.636.346.9
51.5186.350.74.9
25.626.43.3
4 5354 31^ 4084 59
357
303400
141.374.766.6
6104,476
10.3
41.9
24.824.569.243.0
159.8182.2229.1
1,271
650.480.1482.198.1409.514, 263272.2
382.511.4
498.1
48.9
104.0
114.72.07.9
11.38.8
229.4
26.237.331.842.7
54.6191.743.54.9
23.422.84.0
5253943043
92412323
206
295395
155.985.970.0
5604,500
12.1
44.4
25.428.9
145.5168.8216.2
1,439
707.291.4548.0109.2439.516,321304.4
436.512.2
571.9
56.1
114.92,044. 2
126.72.510.3
11.19.1
264.3
30.732.233.350.8
64.2191.255.66.6
31.029.65.0
87444
89
143015933
333336
279.2
184.4101.882.6
6144,451
14.6
53.9
29.933.980.247.5
171.9194.4241.2
1,425
717. 694.3533. 0106. 2415.115, 603324.0
415.911.2557.8
46.8
112.42,101. 2
117.02.410.0
12.88.1
256.7
25.127.636.248.6
54.0187.052.25.6
28.028.86.0
1,077125826
172820472
459
353224
191.9110.381.6
5944,333
14.2
51.1
28.734.576.444.2
165.4190.8237.8
1,420
721.5107.7544.7107.4351.515,314338.1
406.812.4569.4
46.6
119.62,116. 3
116.52.310.4
13.710.1250.3
31.430.137.551.3
58.9190.450.85.3
27.227.55.8
83510765057
171113332
301
343220
201.8121.979.9
6254,272
14.4
50.0
26.133.771.846.9
167.8181.6256.9
1,401
707.9111.7524.5106.2291.415,057350.9
398. 511.6549.7
45.7
105.32,011. 0
134.01.99.3
13.48.7
263.0
31.625.537.346.3
55.5190.950.56.1
27.127.95.1
1,0267882877
116
305348
.2387.1
216.9129.687.3
6114,178
15.8
54.5
25.435.572.948.2
168.9181.4256.4
1,385
698.2114.2540.0105.8350.215,064306. 9
411.89.5
572.0
45.4
108.12,001. 6
128.42.3
10.7
13.28.7
253.2
25.728.637.349.1
56.9191.151.04.9
27.427.05.6
1,005126703116
16107626
199
275450
200.6124.376.8
6274,058
11.8
47.7
28.732.166.940.0
150.4169.9254.3
1,358
707.4112.6535.2102.9386. 715,571330.3
409.210.6
558.4
50.3
122.02,120. 9
128.02.39.0
13.58.7
252.3
30.328.236.048.1
54.9196.345.45.3
24.324.75.2
97803101
196
19122
357
304459
195.7122.073.7
6284,001
12.6
51.6
26.632.176.146.3
168.2185.9262.3
r 1, 139
701.4104.2517. 2108.9400. 7
14,426r 313. 7
398.512.0
r 530. 1
'50 .8
• 123.12,088.8
156.52.68.7
11.313.2
274.1
27.929.834.147.7
60.6196. 946.16.1
24.825.24.7
935157
120
1414
17917
234
'411
.2396.3
188.0112.675.4
5313,846
15.6
51.8
27.431.684.355.8
179.2197.5264.7
1,399
737.697.5
559.6116.8448.6
15,409343.6
414.611.8
580.6
55.2
125.92,175.8
134.43.07.9
9.610.9
252.8
33.732.635.147.5
74.0196. 445.77.7
25.324.65.5
1,119151805129
147
227
307
425
178.199.778.4
645
21.4
49.1
28.330.386.260.0
171.7206.6278.8
1,380
765.087.9
542.3113.4443.4
14,753333.5
421.111.7
653.1
52.3
121.32,060.8
128.82.68.1
10.09.9
263.4
30.528.435.147.1
94413567497
2110
13650
462
167.990.577.4
r Revised. 1 Beginning Jan. 1965, data exclude creosote in coal-tar solutions (formerlyincluded); these averaged 927,000 gallons per month in 1964. 2 Reported annual total.3 Not available. 4 s e e note " O " for p. S-21. 5 Reported annual total containing re-visions not distributed by months.
cfData are reported on the basis of 100 percent content of the specified material unlessotherwise indicated. 9 Includes data not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-26 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), totalmil. kw.-hr__
Electric utilities, total doBy fuels doBy waterpower do
Privately and municipally owned util doOther producers (publicly owned) do
Industrial establishments, total doBy fuels doBy waterpower do
Sales to utilimate customers, total (EEI) doCommercial and industrial:
Small light and power§ doLarge light and power § do
Railways and railroads doResidential or domestic. doStreet and highway lighting doOther public authorities doInterdepartmental do
Revenue from sales to ultimate customers (EdisonElectric Institute) mil. $—
GAS
Manufactured and mixed gas:Customers, end of period, total 9 thous__
Residential doIndustrial and commercial do
Sales to consumers, total? mil. therms.Residential do___Industrial and commercial do.__
Revenue from sales to consumers, total 9-.mil. $_Residential do___Industrial and commercial do__.
Natural gas:Customers, end of period, total 9 thous.
Residential do__.Industrial and commercial do__.
Sales to consumers, total 9 mil. therms.Residential do___Industrial and commercial do
Revenue from sales to consumers, total 9 -_mil. $.Residential do___Industrial and commercial do__.
1,008,081
914,119748,713165,406
745,14968, 971
93,96190,8063,155
830,811
166,516
4,667241,6927,74820,1941,595
13,697.2
1,1721,089
82
1,9791,346619
235.9177.257.5
34,99632,1502,807
105,64735,31065,116
6,482. 63, 544.92,756. 2
1,078,797
979, 749803,834175, 915
803,307176,442
99,04895,8693,179
890,356
183,539409,356
4,721262,0108,290
20,6511,789
14,408.5
79874551
1,541976552
165.2117.346.9
36, 29833,3502,908
114,34037, 69971,293
6,960. 23, 772. 32,998.1
87,976
79, 75365,60014,153
65, 53014,223
8,2248,003221
72,557
14,35834,718
42520, 413
7891,706148
1,171.3
95, 713
87,22271,04616,176
71,45515, 767
8,4918,227
264
76,100
15, 00134,802
43223,110
8211,790144
1, 221.4
79874551
3582,20135
34.324.410.6
36, 29833,3502,908
28,6089,39017,887
1,759. 5950.3761.2
96, 621
87,97970,72917,250
71,18716, 792
i 8, 6421 8,364!278
78,718
15,26534,382
44925, 812
8651,809136
1, 262.8
88,136
80,20664,44715, 759
65,04915,157
7,9307,655275
77,124
15,06033,944
44125,058
7161,771134
1, 240. 2
96, 601
87,83970,49017,350
71,18516, 655
8,7628,450312
77,852
15,17135,485
42924,096
7631,764143
1, 232. 4
78573451
553367186
51.436.514.9
36, 43833,4183,020
38,79917, 57721, 222
2,624. 51,620.11,004. 5
90,336
81,85264,99716,856
67, 03614,816
8,4848,173311
76,693
15,07035,677
39322,882
6601,771140
1, 215. 6
93,320
87,74568,13416,610
68, 95915, 786
8,5758,257319
75,598
15,51736,336
36520,808
6551,768149
1,205.1
96,142
87, 76172, 02315, 738
71,91615,845
8,3818,126
255
78,238
17, 57136,641
35721,046
6311,822170
1,243. 2
70366042
300171126
29.119.19.7
33,3962,872
27,8058,52918,181
1, 676. 5
753.6
101, 631
93,10277,17815, 924
76, 06217, 040
8, 5308,298
232
80,576
18, 74535, 851
35723, 023
6441,775181
1, 287. 0
103,858
95, 24079, 57115, 670
77,92517,316
8,6178,407
211
83,922
19, 53637, 269
35324,100
6751,797192
1,325. 8
97,081
88,87773,87515, 002
69, 01119,866
8,2048,001203
83,712
19,02137,183
35324,474
7221,791167
1,332.2
69064941
16867100
1.6.59.07.4
36,29033,4142,836
21,8203,35117,216
1,126. 9448.8640.1
95,722
71, 67515,310
70,99815,987
8,7378,497240
80,488
17,77036,824
36722,759
7731,825169
1,284.0
95,299
86,72371,26015,463
70, 60616,117
8,5768,323252
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGESBeer:
Production mil. bbl__Taxable withdrawals doStocks, end of period do
Distilled spirits (total):Production mil. tax gal__Consumption, apparent, for beverage purposes
mil. wine gal__Taxable withdrawals mil. tax gal__Stocks, end of period doImports mil. proof gal__
Whisky:Production mil. tax gal__Taxable withdrawals.. doStocks, end of period doImports mil. proof gal__
Rectified spirits and wines, production, totalmil. proof gal__
Whisky do____Wines and distilling materials:
Effervescent wines:Production mil. wine gal__Taxable withdrawals do_Stocks, end of period do_Imports do_
Still wines:Production do.Taxable withdrawals do.Stocks, end of period do.Imports •_ do.
100.6393.799.67
150.06
258. 98124.18870.0045.87
104. 8684.97
842. 4040.17
63.29
4.824.232.651.02
202. 38157.32229. 0713.35
105. 9098.64
162. 94
275. 92133.17862.4250.60
112.8789.44
832.1840.81
92.2365.54
5.825.352.661.19
193.18164. 71231.23
14. 54
6.957.03
10.13
16.07
27.8413.30
859. 496.07
10.409.60
830. 055.46
9.747.24
.50
.723.00.20
13.2715.01
243. 541.86
r 35.20
8.107.71
15.53
34.2410.16
862.425.70
11.426.83
832.185.07
7.655.19
.50
.752.66.13
6.6814.66
231. 231.54
18. 26Distilling materials produced at wineries___do 472.91 368. 04r Revised. i Beginning Jan. 1965, data include Alaska and Hawaii. § Data are not
wholly comparable on year to year basis because of changes from one size classification to
7.756.54
10.73
15.03
19.219.82
864.863.12
11.366.71
834. 462.76
6.374.14
.44
.382.69.06
3.3612.35
218.15.51
3.48
7.346.32
11.30
13.96
18.989.85
866.373.31
10.666.98
835. 652.96
6.474.45
3.05.06
3.0412.68
207.19.84
9.848.58
11.93
15.93
24.0610.93
868. 445.06
12.277.36
837. 954.31
7.515.12
.77
.423. 36.13
3.0516.25
193.141.41
9.228.43
12.08
15.72
22.6410.95
870. 394.66
11.506.86
840. 224.10
7.425.06
.54
.413.47.10
3.7314.20
179. 751.35
10.059.24
12.24
14.44
22.4911.30
871. 053.96
10.056.92
840. 973.43
7.244.88
.57
.443.56.12
3.2812. 22
170. 561.27
11.2110.2112.50
14.01
24.0711.95
870. 654.58
6.94841.10
3.93
8.105.46
.513.62.10
2.5313.59
157. 011.27
10.429.85
12.38
8.32
22.189.85
866. 203.41
3.765.65
836. 603.00
6.314.38
.32
.313.60.07
1.489.91
146.16
9.669.61
11.68
13.04
21.7610.65
865.424.33
9.366.62
836.203.82
7.545.09
.52
.413.66
3.9213.57
137.141.01
5.18 4.01 2.39 3.79 3.42 3.42 17.60
another. 9 Includes data not shown separately.
9.088.49
11.58
15.84
24.0111.84
865. 735.26
10.917.94
836. 224.68
8.265.78
.52
.583.54
49.8015.33
171. 611.19
128.60
7.817.50
11.28
19.1L
26.6215.26
865. 316.31
11.8511.12
833. 245.64
10.968.11
.59
.733.31.20
112.9015.85
266.871.37
•200.11
7.717.60
10.83
7.31
6.53
.77
.913.14
.21
35.7216.25
279.141.82
80.88
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-27
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS
Butter, creamery:Production (factory) mil. lb.Stocks, cold storage, end of period doPrice, wholesale, 92-score (N.Y.) $ per lb__
Cheese:Production (factory), total-.. mil. lb.
American, whole milk do__
Stocks, cold storage, end of period doAmerican, whole milk do
Imports doPrice, wholesale, American, single daisies (Chi-
cago) $perlb__Condensed and evaporated milk:
Production, case goods:Condensed (sweetened) mil. lb__Evaporated (unsweetened) do
Stocks, manufacturers', case goods, end of period:Condensed (sweetened) mil. lb__Evaporated (unsweetened) do____
Exports:Condensed (sweetened) doEvaporated (unsweetened) do
Price, manufacturers' average selling:Evaporated (unsweetened) $ per case__
Fluid milk:Production on farms. ______mil. lb__Utilization in mfd. dairy products doPrice, wholesale, U.S. average $ per 1001b__
Dry milk:Production:
Dry whole milk mil. lb__Nonfat dry milk (human food) do
Stocks, manufacturers', end of period:Dry whole milk doNonfat dry milk (human food) do
Exports:Dry whole milk doNonfat dry milk (human food)... do
Price, manufacturers' average selling, nonfat drymilk (human food) $ per lb__
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat) mil. bu__
Barley:Production (crop estimate) doStocks (domestic), end of period do
On farms doOff farms do
Exports, including malt§ doPrices, wholesale (Minneapolis) :
No. 2, malting $ per bu__No. 3, straight do
Corn:Production (crop estimate, grain only)..mil. bu.Grindings, wet process do___
Stocks (domestic), end of period, total, .mil. bu_On farms do___Off farms __do___
Exports, including meal and flour doPrices, wholesale:
No. 3, yellow (Chicago) $ per bu_Weighted avg., 5 markets, all grades do___
Oats:Production (crop estimate) mil. bu.Stocks (domestic), end of period, total do___
On farms doOff farms do___
Exports, including oatmeal do.Price, wholesale, No. 2, white (Chicago)
$ per bu__
Rice:Production (crop estimate) mil. bags 9 .California mills:
Receipts, domestic, rough mil. lb.Shipments from mills, milled rice doStocks, rough and cleaned (cleaned basis), end
of period mil. lb.Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers mil. lb__Shipments from mills, milled rice doStocks, domestic, rough and cleaned (cleaned
basis), end of period mil. lb.Exports doPrice, wholesale, Nato, No. 2 (N.O.) $ per lb__
Rye:Production (crop estimate) mil. buStocks (domestic), end of period doPrice, wholesale, No. 2 (Minneapolis)._$ per bu__
1,419.7207.0.590
1,631.81,108.4
340.7301.683.0
.426
79.01,897.3
5.8131.7
56.964.5
6.01
125,00961,158
4.11
91.02,106.1
5.381.5
29.8535.0
.144
1, 241.1
2 405.6332.8202.3130.457.4
1.191.11
2 4,092184.9
4,3843,2481,136439.4
1.241.20
2 97977368785
10.7
.73
2 70.3
1,4671,022
168
5,2553,243
1,5922,638.093
2 29.214.71.30
1,442.466.5.599
1,726.51,157.4
326.0283.678.0
.434
94.61,888.1
6.9185.3
62.837.3
5.99
126, 59862,883
4.16
87.62,176.8
7.0108.8
13.9838.6
.146
1,385.8
2 402.9310.2190.4119.974.4
1.211.13
2 3,584
3,9222,7841,138481.6
1.231.23
712624
4.6
.70
2 73.1
1,5231,025
185
5,543
1,6702,933
r 2 33. 321.21.28
95.895.3.629
122.275.7
335.2292.8
9.3
.451
6.6114.2
8.3219.5
6.81.9
6.09
9,4194,0864.53
7.4135.9
6.092.0
.766.9
.146
132.9
1.251.20
15.6
57.4
1.171.20
.5
.72
180
407
1,818154
.083
1.21
121.066.5.604
137.784.3
326.0283.6
8.6
.455
10.5127.3
6.9185.3
6.51.3
6.09
9,9914,7684.46
8.3177.2
7.0108.8
1.149.7
.146
121.5
310.2190.4119.9
4.3
1.251.19
14.7
3,9222,7841,13845.0
1.241.25
712624
.4
.77
8749
185
258329
1,670273
.083
21.21.21
132.863.1.587
132.787.1
311.8271.4
1.5
.450
9.3122.5
7.3154.5
15.112.1
10,3425,0754.37
8.5186.0
7.6117.4
18.3
.145
129.7
1.271.21
16.7
i7 .7
1.261.28
(15)
.78
12158
210
306270
1,6151193.083
1.18
126.071.0.587
128.383.7
298.8259.7
6.1
.444
4.6120.5
5.8123.8
5.91.7
6.09
9,7964,9394.29
7.5183.3
7.7127.7
1.27.6
.146
67.3
2.5
1.311.25
15.9
40.3
1.291.26
186182
161
158175
1,535143
.083
141.698.9.587
153.1100.5
292.4252.3
9.4
.444
8.0133.1
5.7
5.11.4
6.09
11,1555,7654.17
8.1203.4
6.7114.6
2.211.1
.144
142.4
205.0107.297.8*2.3
1.311.23
17.5
2,8361,897
68.1
1.311.28
47440371
.74
197114
189
101
1,225540
.083
140.2132.1.595
162.1110.8
310.9271.6
8.0
.441
10.1149.4
7.0113.6
7.01.4
6.09
11,4165,9424.02
8.5217.3
123.2
1.851.0
.145
114.8
1.331.23
16.8
42.1
1.331.31
.77
158151
150
102341
945161
.084
17.6 412.91.17 1.18 1.14 1.16 1.11
146.4165.8
179.3129.2
342.1299.3
7.0
9.4183.7
7.7165.9
6.31.7
6.07
12,3006,4353.89
7.6244.6
7.7153.3
2.730.3
.145
120.4
7.8
1.391.32
17.3
46.3
1.361.31
.5
.77
125134
91
62275
718392
.084
135.8207.9
179.8128.8
378.7333.2
6.3
.439
5.4180.8
7.9199.0
3.52.0
6.07
11,7736,3543.86
7.7224.9
7.8154.9
1.244.4
.145
127.3
4 102.0M0.84 61.1
9.31.391.27
17.1
1,9151,265
65057.5
1.341.28
4 2834 2214 63
.7
.74
6 422
374247
.084
106.6219. 5.602
161.3113.0
402.0354.7
4.2
.439
9.1159.2
9.1224.9
4.42.7
6.07
10,8885,5544.01
5.6169.8
7.6135.5
1.153.0
.146
127.5
5.2
1.341.23
16.8
51.6
1.331.26
2.3
.72
7976
70
238220
334322
.084
85.9192.5.620
142.596.7
415.0364.3
4.2
.441
8.5152.7
8.5235.6
6.92.4
6.08
10,1514,8004.18
4.7131.2
6.8111.5
3.163.3
.147
120.3
5.0
1.281.26
18.5
48.8
1.281.21
2.9
.72
65
87
907244
70997
74.6161.1.627
127.982.1
340.65.3
.449
5.6136.0
7.3228.2
2.62.3
6.11
9,4434,0554.41
5.4100.6
6.072.9
1.169.2
.148
124.3
256.0143.2
6.8
1.271.25
17.3
41,1604 5944 56643.3
1.281.23
974836138
4.3
.71
5946
72
1,547385
1,356151
.082
35.41.15
78.8124.8
126.877.3
351.9310.5
6.4
.457
7.5123.0
7.5200.6
5.52.5
6.13
9,4733,8674.55
6.2102.0
5.064.8
1.864.6
.148
134.8
8.5
1.311.28
17.9
52.9
1.191.19
5.6
.70
17337
122
1,403442
245
78.2'83.0
.641
119.470.0
335.3297.2
9.3
.470
9.0110.1
7.5166.4
3.01.8
6.11
9,1343,722'4.62
7.3105.2
4.359.3
1.821.5
.149
145.3
8.3
1.381.36
17.4
73.6
1.141.14
6.9
.72
11277
180
482408
1,787440
v. 081
50.4.646
305.3268.3
.490
9,592
4.60
3 411.!
1.341.33
3 4,17115.8
1.211.19
3 959
.77
3 76.9
'333.3
r Revised. v Preliminary. * See note " O " for p. S-21. 2 Crop estimate for theyear. 3 p e C t i estimate of the 1965 crop. 4 old crop only; new crop not reported untilbeginning of new crop year (July for barley, oats, rye, and wheat; Oct. for corn).
3 Less than 50,000 bu.§ Excludes pearl barley.9 Bags of 100 lb.
1.10 1.13 1.15 1.17 1.13 1.186 Beginning June 1965, data include shipments to Gov't. agencies.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-28 SURVEY OF CURKENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
FOOD AND KINDRED PRODUCTS;
GRAIN AND GRAIN PRODUCTS-Con.
Wheat:Production (crop estimate), total mil. bu__
Spring wheat doWinter wheat do
Distribution do
Stocks (domestic), end of period, total- _ __do_ .._On farms doOff farms do
Exports, total, including flour do__.Wheat only do
Prices, wholesale:No, 1, dark northern spring (Minneapolis)
$perbu__No. 2, hd. and dk. hd. winter (Kans. City)_do_—Weighted avg., 6 markets, all grades do
Wheat flour:Production:
Flour thous. sacks (100 lb.)Operations, percent of capacity _Offal thous. sh. tons _
Grindings of wheat thous. buStocks held by mills, end of period
thous sacks (100 lb )Exports __ __ _ __ _do _ _Prices, wholesale:
Spring, standard patent (Minneapolis)$ per 100 l b -
Winter, hard, 95% patent (Kans. City)._do
LIVESTOCK
Cattle and calves:Slaughter (federally inspected):
Calves thous. animals _Cattle _ _ __ _ _ ___do__
Receipts at 26 public markets doShipments, feeder, to 8 corn-belt States doPrices, wholesale:
Beef steers (Chicago) $ per 100 lbSteers, stocker and feeder (Kansas City)__doCalves, vealers (Natl. Stockyards, Ill.)__do
Hogs:Slaughter (federally inspected)..-thous. animals. _Receipts at 26 public markets doPrices:
Wholesale, average, all grades (Chicago)$per 1001b__
Hog- corn price ratio (bu. of corn equal in valueto 100 lb live hog)
Sheep and lambs:Slaughter (federally inspected)..-thous. animals__Receipts at 26 public markets. do _Shipments, feeder, to 8 corn-belt States doPrices, wholesale:
Lambs, average (Chicago).. $ per 100 lb._
MEATS AND LARD
Total meats:Production (carcass weight, leaf lard in), inspected
slaughter __ mil. lb _Stocks (excluding lard), cold storage, end of
period _ _ mil. lb.Exports (meat and meat preparations) doImports (meat and meat preparations) do
Beef and veal:Production, inspected slaughter. _ _ do _ _Stocks, cold storage, end of period doExports doImports _- doPrice, wholesale, beef, fresh, steer carcasses, choice
(600-700 lbs.) (New York) _ _ $perlbLamb and mutton:
Production, inspected slaughter mil. lb__Stocks, cold storage, end of period do
Pork (including lard), production, inspectedslaughter . . mil. lb
Pork (excluding lard) :Production, inspected slaughter. _doStocks, cold storage, end of period do_._Exports _ _ _ _ doImports doPrices, wholesale:
Hams, smoked, composite _ _ . $ per lbFresh loins, 8-12 lb. average (New York).._do
Lard:Production, inspected slaughter mil. lbStocks, d ry and cold storage, end of period__do__-Exports __ doPrice, wholesale, refined (Chicago) $ per lb_
11,14212341 908
1,350
1,614310
1,304
716. 6639.1
2.422.202.33
263,89592.6
4,878599, 710
4 82333,700
5.6395.365
4,53521, 66214,0726,612
23.7922.9530.00
71,57719,757
15.03
13.6
13, 9555,3342,403
18.69
27, 505
653544
1,466
13, 64928827
1,104
.417
66819
13,188
10,280277138211
.464
.443
2,117119538
.122
11,2911266
i 1 0251,458
1,450390
1,060
819.5746.2
2.061.861.92
265, 62193.5
4,941602, 209
5 06831,475
5.6525.390
4,82025,13314, 7797,096
22. 8619.7926.21
71,667r 19,138
14.92
13.2
12,9474,4582,547
21.93
29, 676
702665
1,088
15, 65332857
841
.398
62413
13,399
10, 445284133210
.458
.443
2,151127682
.136
67.461.9
1.841.681.75
22,311101.0
41650, 765
2,347
5.7735.477
4422,1111,5281,309
24.4219.1824.50
6,5461,750
14. 07
13.5
997394134
19.75
2,553
6655682
1,272304
672
.408
4913
1,233
973275
917
.475
.401
19010464
.148
362
1,450390
1,060
71.764.8
1.821.651.71
21,10486.6396
47, 910
5,0682,956
5.6235.387
4492,2541,245
527
23.7618.8025.00
6,648' 1,765
14.94
13.0
1,053336134
20.62
2,665
7026586
1,370328
1659
.400
5313
1,242
973284
721
.498
.403
19612743
.149
4 20.84 19.7
1.801.631.70
20,16692.7377
45, 750
4 467
5.6105.387
4042,1661,207
428
23.8319.8828.50
6,0471,527
15.58
13.4
1,062278122
22.25
2,518
7034 16
41
1,3413054330
.403
5412
1,123
88330843
7
.483
.460
1751514 23
- .148
24.522.6
1.801.611.69
'18,10283.3336
41,042
812
5.5855.310
3841,919
965279
23.5019.8530.50
5,3011,294
16.56
14.0
850209129
23.88
2,187
6813363
1,188268
639
.404
4311
956
751319
421
.463
.452
14913130
.148
TOBACCO—Continued
304
1 146264882
71.869.1
1.801.571.69
22, 62989.6
41951,068
4,7091,185
5.5605.303
4732,2261,113
332
23.8021.3127.50
6,5341,480
16.72
13.8
986227133
25.00
2,595
68968
108
1,366259
873
.403
5011
1,179
938335
727
.472
.454
17514318
.150
68.862.3
1.811.541.67
20,12883.3
37345,511
2,792
5.5855.280
4112,021
911354
25.0122.0429.50
5,8021,274
17. 26
13.7
989199136
23.25
2,352
6754472
1,235235
439
.418
4911
1,067
849335
528
.485
.453
15914738
.156
65.462.6
1.811.521.65
19, 65689.5
36444,331
1,195
5.5735. 260
3402,043
995367
26.4022.6827.00
4,7191,199
19.86
16.0
918229116
26. 50
2,165
6104487
1,239216
262
.446
4511
881
692292
319
.498
.512
13810720
.140
328
3 8183 1333 685
59.756.1
1.811.461.61
23, 50097.1433
53,168
4,8461,554
5.7405.360
3782,2191,152
328
27.4423.8827.50
4,7171,260
22.26
18.1
966294136
26.00
2,288
4933781
1,330182
254
.462
4510
894
698224
422
.531
.587
1449814
.144
68.264.9
1.861.501.64
18, 68980.9
34642,328
1,403
6.0135.653
3872,2381,045
338
26.7123.2225. 50
4,4301,090
23.09
18.9
976278113
24.75
2,194
4423793
1,323177
266
.446
4610
824
656176
321
.563
.571
1228229
.161
63.658.3
1.791.591.70
22,16991.6408
50, 275
2,227
5.9385.610
4282,3371,254
533
27.0122.9723.50
4,7501,166
23.88
20.2
973334191
23.75
2,283
3994598
1,370186
287
.450
4610
867
699135
421
.572
.564
1226913
.151
457
1,715569
1,146
69.464.2
1.841.611.76
23,307101.8
43152,838
4,1362,250
5.8755.577
4782,4061,304
906
26.9322.9225.00
5,4751,228
22.49
18.7
1,106382342
23.00
2, 459
40050
102
ly413202
371
.450
5310
993
795126
423
.542
.557
1446219
< .163
67.260.6
1.841.631.72
23,399102.1
42852,816
2,826
5.975' 5.600
4922,3901,4121,261
26.5822.8825.00
5, 4211,231
23.19
21.6
1,032384392
23.50
2,462
41056
104
1,410211
272
.439
5013
1,002
802127
623
' .575.576
1465916
° .165
56.251.0
1.881.651.76
21,25392.8
38748. 024
1,775
P5.987P5.622
4702,3341,4971,388
26.3323.02
P26.98
5,5031,357
24.07
23.7
943359181
23.75
2,465
'4535563
1,383'244
654
.435
47••12
1,035
818'142
621
p . 622.585
1586610
v. 158
2 1,3272 303
21,024
1.871.641.75
1,128
26.4124.12
1,263
26.85
24.8
271
25.88
488
270
.441
12
153
.616
r Revised. *> Preliminary.1 Crop estimate for the year.2 Dec. 1 estimate of 1965 crop.
«Corrected.3 Old crop only; new grain not reported until beginning of new crop year (July for wheat).4 See note " O " for p. S-21.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-29
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGSPoultry:
Slaughter (commercial production) mil. lb__Stocks, cold storage (frozen), end of period, total
mil. lb__Turkeys do____
Price, in Georgia producing area, live broilers$perlb__
Production on farms __mil. cases©—Stocks, cold storage, end of period:
Shell thous. cases©..Frozen. mil. lb__
Price, wholesale, extras, large (delivered; Chicago)$perdoz__
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:Imports (incl. shells) thous. lg. tons__Price, wholesale, Accra (New York) $ per lb._
Coffee (green):Inventories (roasters', importers', dealers'), end
of period thous. bagscf—Roastings (green weight) do
Imports, total . . do____From Brazil... do
Price, wholesale, Santos, No. 4 (New York)$perlb__
Confectionery, manufacturers' sales mil. $__
Fish:Stocks, cold storage, end of period -—mil. lb—
Sugar:Cuban stocks, raw, end of period
thous. Spanish tons__United States:
Deliveries and supply (raw basis) :§Production and receipts:
Production thous. sh. tons_.Entries from off-shore, total 9 do
Hawaii and Puerto Rico do
Deliveries, total 9 doFor domestic consumption. __. do
Stocks, raw and ref., end of period do
Exports, raw and refined sh. tons.-Imports:
Raw sugar, total9___ thous. sh. tons—From the Philippines : ___do
Refined sugar, total do
Prices (New York):Raw, wholesale $ per lb__Refined'.
Retail (incl. N.E. New Jersey)__$ per 5 lb__Wholesale (excl. excise tax) $ per lb—
Tea, imports thous. lb—
Baking or frying fats (incl. shortening):Production mil. lb—Stocks (producers' and warehouse), end of period
mil. lb . .Salad or cooking oils:
Production doStocks (producers' and warehouse), end of period
mil. lb__Margarine:
Production doStocks (producers' and warehouse), end of period
mil. lb__Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered) : _ _$ per lb__
FATS, OILS, AND RELATED PRODUCTS
Animal and fish fats: ATallow, edible:
Production (quantities rendered) mil. lb__Consumption in end products doStocks (factory and warehouse), end of period
mil. lb._Tallow and grease (except wool), inedible:
Production (quantities rendered) doConsumption in end products doStocks (factory and warehouse), end of period
mil. lb__Fish and marine mammal oils:
Production doConsumption in end products __doStocks (factory and warehouse), end of period
mil. lb__
7,249
364217
.138
175.5
.343
*281.6.253
4,72622,815
23,8359,265
.3451,319
244
98
3,7666,4781,908
10, 0279,9892,490
4,108
4,3041,088170
.081
.688
.111
126,228
2,584.3
119.3
2,360. 3
145.1
1,793.6
36.4
.238
527.9443. 7
35.6
4,156. 52, 206. 5
377.1
185.889.2
145.2
7,546
357207
.137
179.5
.331
268.4.234
4,47022,374
22,8237,212
.4791,395
215
4,4075,6051,903
9,7059,6712,700
4,222
3,5061,171
84
.069
.657
.100
133,592
2, 664.1
121.1
2,846.1
118.8
1,857.4
48.0
.241
553.2464.0
41.7
4, 565. 72,301.4
366.4
180.280.9
139.9
725
419274
.140
14.4
10269
.329
18.6.226
2,330924
.475138
218
275
9678354
738730
2,085
148
381109
.061
.590
.089
10,242
238.5
112.2
249.9
137. 5
143.9
47.2
.250
47.434.1
29.2
375.3179.2
312.4
8.36.1
144.6
640
357207
.131
15.1
.308
24.4.240
4,4705,672
2,069728
.458124
215
1,0066064
866860
2,700
143
3479116
.065
.583
.091
13,084
197.9
121.1
234.0
118.8
166.7
48.0
.260
41.125.9
41.7
381.6198.0
366.4
5.76.0
139.9
560
340195
.135
15.4
.261
8.0.226
461156
.450117
192
410
5991,870167
753745
2,893
i 78
132465
.590
.095
4,066
193.6
121.4
212.4
162.3
163.2
50.3
.256
46.927.0
46.4
378.9184.2
436.9
.55.7
145.7
469
300167
.145
14.1
.277
22.0, 201
1,296261
.463116
167
1,245
215110107
617609
2,731
123
154353
.069
.598
.095
7,176
204.6
111.0
220.5
166.9
167.2
44.6
.259
47.334.1
45.3
354. 8170.1
439.9
.56.0
126.9
526
252135
.150
15.8
.291
25.4.168
3,0365,401
2,446525
.453123
141
2,105
215196197
797780
2,619
347
2385620
.066
.598
.093
16,192
213.0
113.6
236.6
138.5
170.5
53.1
43.336.3
41.7
380.3184.0
447.8
.56.4
118.0
541
213104
.145
15.5
25.5.164
333
.458109
137
3,275
1081,502250
775756
2,490
403
3331386
.066
.588
.093
15,994
210.8
115.8
213.7
170.0
154.3
51.5
.263
39.937.5
35.0
350.7172.5
418.9
9.96.5
116.0
563
17681
.150
16.0
32167
.273
40.2.159
1,554386
.45384
152
3,200
145245240
855846
2,420
196
37382
.068
.591
.093
10,463
224.2
122.3
242.6
156.1
142.0
51.5
.263
45.335.8
34.9
351.0179.6
371.7
22.35.7
126.4
645
15869
.155
15.1
52584
.294
37.7.134
2,6125,330
1,831457
.46094
166
3,525
83253239
883876
2,170
71
373724
.068
.595
.095
11, 028
219.9
122.9
270.6
149.0
145.1
47.0
39.634.8
29.8
352.2181.6
353.5
40.16.8
148.1
683
17586
.155
15.0
52198
26.0.118
1,206278
.45575
192
3,055
65401198
957950
1,928
290
19469
.067
.592
.095
6,372
204.2
106.4
229.4
125.7
142.9
48.5
.263
40.630.4
27.6
325.1149. 5
354.5
40.66.4
166.1
773
237145
.150
14.6
423100
.341
36.2.161
1,556411
.455104
210
2,823
98317191
1,006996
1,658
166
365156
2
.068
.591
.095
9,173
240.2
103.2
226.4
85.5
148.6
44.5
.261
43.139.7
23.9
343.9195.0
320.4
37.77.6
204.4
847
341242
.145
14.1
32195
.384
48.5.171
2, 6545,112
1,812551
.445162
228
2,133
120219141
1,0231,0071,291
121
42213710
.068
.594
.095
14,543
274.6
97.6
218.4
65.9
164.9
41.9
.261
45.547.5
21.5
368.7187.7
351.3
17.87.1
192.1
877
468361
.135
14.7
23481
32.4.171
2,666802
.438'152
231
1,598
612229114
826815
1,552
106
451717
.596'.096
9,123
281.6
105. 7
213.5
62.2
161.6
47.2
.261
45.145.3
22.6
355.8184.5
368.3
' 9 . 1' 6 . 8
• 177.5
819
390'279
.140
14.4
'126'64
.410
27.2.183
2,549736
.438144
'232
217109
v 2,133
137
302852
P. 096
13, 724
284.5
113.1
231.3
80.3
168.7
45.3
P. 261
48.946.5
26.0
364.7183.6
391.5
7.57.2
201.3
314198
.140
15.1
8151
.411
.213
.440
233
973
.067
' Revised. v Preliminary. i See note " O " for p . S-21.O Cases of 30 dozen. <? Bags of 132.276 lb.
§ Monthly data reflect cumulative revisions for prior periods. 9 Includes data notshown separately; see also note " § " .
A For data on lard, see p. S-28.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-30 SURVEY OF CUKEENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 | 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND BELATEDPRODUCTS- Continued
Vegetable oils and related products:Coconut oil:
Production:Crude mil. lb__Refined do
Consumption in end products .doStocks, crude and refined (factory and ware-
house), end of period mil. lb__Imports do
Corn oil:Production:
Crude doRefined do
Consumption in end products doStocks, crude and refined (factory and ware-
house), end of period mil. lb__
Cottonseed cake and meal:Production thous. sh. tons__Stocks (at oil mills), end of period. . do
Cottonseed oil:Production:
Crude .mil. lb__Refined do
Consumption in end products doStocks, crude and refined (factory and ware-
house), end of period mil. lb__Exports (crude and refined) doPrice, wholesale (drums; N.Y.) $ per lb._
Linseed oil:Production, crude (raw) mil. lb__Consumption in end products doStocks, crude and refined (factory and ware-
house), end of period mil. lb_Price, wholesale (Minneapolis) $ per lb__
Soybean cake and meal:Production thous. sh. tons. .Stocks (at oil mills), end of period do
Soybean oil:Production:
Crude mil. lb_.Refined do
Consumption in end products doStocks, crude and refined (factory and ware-
• house), end of period mil. lb_.Exports (crude and refined) doPrice, wholesale, (refined; N.Y.) _$ per lb_.
Leaf:TOBACCO
Production (crop estimate) mil. lb .Stocks. dealers' and manufacturers' end of period
mil. lb_Exports, incl. scrap and stems thous. lb_Imports, incl. scrap and stems. do
Manufactured:Production (smoking, chewing, snuff) doConsumption (withdrawals):
Cigarettes (small):Tax-exempt millions.Taxable do
Cigars (large), taxable do___Manufactured tobacco, taxable thous. lb_
Exports, cigarettes millions.
554.5726.1
199.5372.2
390.5363.3353.0
64.8
2,703.4188.0
1,917.01,577.31,217.2
694.0365.3.153
111. 8.127
10,800.8159.5
5,053.24,033.7
1,024.01,102.6
.133
2 2,344
5,251505,484167,823
167,526
41,088509,5886,565
164,51123,615
i 327.6506.0765.4
154.0397.1
413.9393.1412.2
40.1
2,705.7126.8
1,932.81, 600.01,410.0
506.3603.5.141
443.6377.2
185.5.134
10,635.2102.6
4,943.84,591.84,423.6
544.21,273.2
.123
2 2,227
5,664514,514179,651
180,055
42,643497,4468,106
175,80825,144
37.838.961.7
146.714.5
33.532.8
43.4
339.0159.9
243.3177.2129.8
534.722.1.150
35.225.8
177.5.139
, 022.2120.3
467.9392.1368.7
532.7117.8.149
56,08114,846
13,470
3,23741,548
78413,7272,042
0)38.859.4154.06.1
32.032.336.1
40.1
325.0126.8
233.7192.8136.5
506.388.7.150
34.725.8
185.5.139
, 009.4102.6
464.8370.5338.6
544.2157.6.140
5,66469,9369,001
12,849
4,55739,898
44413,3062,843
36.746.863.2
143.271.8
35.132.433.3
39.4
315.4150.6
227.3172.9121.3
518.765.4.149
34.717.9
199.3
001.9186.8
463.3377.4321.7
586.668.4.139
5,98420,802
13,583
2,08839,086
60213,098
718
32.441.762.6
148.064.3
34.231.933.5
39.3
284.0177.0
205.9162.4131.1
546.943.0.159
31.918.8
204.2.139
877.5199.0
408.5348.2319.1
606.072.7.142
7,02513,440
12,677
3,38040,210
55412,1011,329
33.946.365.0
166.242.6
34.834.4
41.7
294.5192.7
213.6192.8122.0
568.750.2.170
39.521.4
214.8.139
956.8181.7
448.2395.0359.0
613.8146.6.141
5,59643,96653,208
15,449
3,70547,385
64215,2482,333
27.540.860.3
169.747.3
36.032.230.0
41.5
222.7220.7
164.6135.5110.8
583.434.1.164
28.520.5
212.3.139
882.0194.0
415.9367.1340.8
578.491.7.145
42,51938,749
14,213
4,014
63313,7182,094
32.547.163.7
181.338.8
36.134.335.8
38.4
181.9238.5
135.0119.6106.8
560.026.9.146
22.322.3
205.0.139
944.1239.5
448.0373.5368.3
573.385.1.129
35,73715,163
13,143
3,91940,841
71413,2282,795
23.542.163.2
156.022.7
38.231.834.1
126.1207.6
98.9121.5
492.550.3.138
31.323.4
198.2.137
856.2205.3
406.0390.9397.5
522.178.2.121
5,22836,11616,687
15,140
3,84647,063
65914,9042,109
24.925.644.5
137.80
36.431.135.8
39.3
98.9168.5
72.692.1105.8
420.641.5.137
15.721.5
184.6.134
846.4163.7
403.2340.2362.6
499.061.0.121
36,13714,210
12,112
3,67239,727
60712, 6361,831
30.641.463.2
123.57.1
37.935.3
38.5
71.9110.8
50.080.3113.0
292.554.6.135
37.221.0
180.7.133
856.5133.9
408.2375.8373.8
423.099.3.132
32,55416,181
15,032
4,90746,647
69714,5531,984
19.735.659.6
114.924.8
40.734.836.6
35.4
191.077.7
132.795.3133.4
236.230.6p. 135
48.720.4
184.7.128
697.274.2
329.5357.6385.3
297.489.9
5,32050,42515,382
14,847
4,02144,084
65814,024lf"~
28.742.360.8
106.834.4
40.139.038.5
32.0
297.991.0
212.1149.0145.9
243.618.1
45.918.8
188.2.128
999.797.2
474.8353.2366.2
373.028.5
'.132
44,05113,061
14,956
3,74741,771
67014,5051,920
38.239.957.1
124.618.7
36.538.737.6
28.6
338.496.1
236.5173.1130.3
272.137.9
33.517.1
199.9p. 128
125.6104.3
510.1423.2399.9
401.136.6p. 137
71,27314,937
13, 666
43,446689
12, 6511,701
3 1,913
LEATHER AND PRODUCTS
HIDES AND SKINSExports:
Value, total 9 thous. $__Calf and kip skins thous. skins__Cattle hides thous. hides..
Imports:Value, total 9 thous. $__
Sheep.and lamb skins thous. pieces._Goat and kid skins do
Prices, wholesale (f.o.b. shipping point) :Calfskins, packer, heavy, 9J4/15 lb $ per lb__Hides, steer, heavy, native, over 53 lb__ do
Production:LEATHEfi
Calf and whole kip thous. skins.Cattle hide and side kip thous. hides and kips__Goat and kid thous. skins__Sheep and lamb do_
Exports:Glove and garment leather thous. sq. ft_.Upper and lining leather .do
Prices, wholesale:Sole, bends, light, f.o.b. tannery $ per lb__Upper, chrome calf, B and C grades, f.o.b. tan-
nery $per sq. ft_.
74,5781,8587,971
63,03526,31014,774
p. 365p. I l l
5,59621,65414,18234,374
55,68641,081
p. 678
P 1.151
2,39111,504
81,87930,45512,882
p. 414v. 106
6,53522,83412,87431,548
46,49642,582
p. 662
p 1.200
9,005204
1,101
4,3821,052570
.450
.119
6291,845942
2,630
3,0152,756
1.223
7,922228
1,021
5,6641,378925
.500
.114
6371,8951,1202,333
3,9553,496
1.223
4,531130788
2,627616377
.500
.104
1,8751,1472,261
42,849
1.237
5,150130702
6,2132,246963
.105
5651,8841,0852,450
4,486
.695
1.237
6,037253
1,214
11,6596,3221,687
.520
.105
2,0331,2352,508
7,136
1.237
10,244226
1,324
.520
.116
5062,0221,2482,505
6,577
.700
1.243
11,809210
1,496
7,3532,7991,409
.550
.139
5321,9521,1622,646
6,804
.710
1.252
10,023218
1,219
6,2981,8251,430
.525
.134
5741,9841,3172,637
5,207
.710
1.248
9,720186
1,147
7,6643,763820
.525
.156
3971,5751,0711,902
4,836
.710
1.238
8,131190
5,5451,9991,282
.550
.194
4961,979
9732,723
5,627
.790
1.238
7,737190841
6,7722, 6071,225
.550
.174
'4641,9551,0662,558
5,420
.765
1.230
10,513161
1,339
6,0832,271
966
'.575.166
4742,0371,2962,469
7,169
.735
a . 247
9,655253
1,036
4,9681,382
968
P. 575P. 159
7,023
P. 750
1.253r Revised. *» Preliminary.1 Data withheld to avoid disclosure of individual operations; annual total is for 12 months.2 Crop estimate for the year.
3 Dec. 1 estimate of the 1965 crop.4 Effective Jan. 1965, data are for all leather, except sole and rough; see note "O" for p. S-21.9 Includes data for items not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-31
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers :JProduction, total thous. pairs.
Shoes, sandals, and play shoes, except athleticthous. pairs.
Slippers do___Athletic doOther footwear do
Exports do
Prices, wholesale, f.o.b. factory:Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt 1957-59=100-Women's oxfords, elk side upper, Goodyear
welt -1957-59=100-Women's pumps, low-medium quality--.do
604,328
509,72277, 6199,7537,234
2,037
105.1
108.5110.7
612,789
516,124r 79, 267r 7, 116
' 10,282
1,912
105.9
106.5111.0
47,184
37,993r 7, 796'492r903
133
108.0
106.5111.5
49,312
42,433' 5, 549'559
-771
145
108.0
106.5111.5
52,426
46,8004,876559191
108.0
106.5111.1
52, 779
5,585629177
190
108.0
106.5111.1
59,926
51,8177,223702184
291
108.0
106.5111.0
52,365
44,8376,699629200
247
109.6
106.5111.2
49,436
41,5577,097580202
171
109.6
106.5111.3
51,145
43,0847,241587233
115
109. 6
106.5111.2
46,268
39, 7825,974353159
191
109.6
106.5112.8
57,105
48,1848,185549187
231
110.1
106.5112.4
53,859
44,3588,714571216
237
110.1
106.5112.4
51, 760
41, 7959,224503238
285
116.5
109.71 117.3
255
116.5
109.7116.6
LUMBER AND PRODUCTS
LUMBER—ALL TYPES
National Lumber Manufacturers Association:Production, total mil. bd. ft—
Hardwoods doSoftwoods do
Shipments, total doHardwoods doSoftwoods do
Stocks (gross), mill, end of period, total doHardwoods doSoftwoods do
Exports, total sawmill products doImports, total sawmill products do
SOFTWOODDouglas fir:
Orders, new mil. bd. ft—Orders, unfilled, end of period do
Production doShipments doStocks (gross), mill, end of period do
Exports, total sawmill products doSawed timber doBoards, planks, scantlings, etc do
Prices, wholesale:Dimension, construction, dried, 2" x 4", R. L.
$per M bd. f t -Flooring, C and better, F. G., 1" x 4", R. L.
$ p e r M bd. ft_.Southern pine:
Orders, new mil. bd. ft__Orders, unfilled, end of period do
Production doShipments doStocks (gross), mill and concentration yards, end
of period. ,__mil. bd. ft—Exports, total sawmill products M bd. ft__
Sawed timber do___.Boards, planks, scantlings, etc do
Prices, wholesale, (indexes):Boards, No. 2 and better, 1" x 6", R. L.
1957-59=100-Flooring, B and better, F. G., 1" x 4", S. L. •
1957-59=100-Western pine:
Orders, new mil. bd. ft—Orders, unfilled, end of period do
Production doShipments doStocks (gross), mill, end of period doPrice, wholesale, Ponderosa, boards, No. 3, 1" x
12", R. L. (6' and over) $ per M bd. ft_.
HARDWOOD FLOORING
Maple, beech, and birch:Orders, new__ mil. bd. ft—Orders, unfilled, end of period doProduction doShipments doStocks (gross), mill, end of period do
Oak:Orders, new doOrders, unfilled, end of period doProduction -___doShipments doStocks (gross), mill, end of period do
34,5466,72527,821
34,4106,51327,897
6,5871,9714,616
8775,344
8,294535
8,2798,267950
367138228
79.91
134. 22
6,095256
6,0136,064
1,33776,9739,98166,992
92.5
95.2
10, 085347
10,0841,679
67.42
34.610.533.632.57.1
819.736.9832.1829.546.6
35,4085,89129, 517
35,5876,290
29, 297
6,4341,536
9575,240
8,916607
8,9678,8451,075
136233
81.14
153.07
6,346281
6,3466,321
1,362102, 68411,70990,975
92.7
95.3
10, 565463
10, 57910,4491,809
65.49
31.910.128.531.24.0
35.6842.2824.254.5
2,738509
2,229
2,709559
2,150
1,5904,799
76405
555
665666
79.75
490260
505495
1,2726,711532
6,179
92.7
95.3
726413
781747
1,798
62.63
2.210.42.02.44.2
57.735.364.862.050.4
2,642441
2,201
2,556489
2,067
6,4341,536
72319
607
625639
1,075
27719
155. 52
459281
528438
1,3629,4711,1878,284
92.0
95.6
848463
809798
1,809
63.15
2.110.12.32.44.0
54.835.667.058.854.5
2,488465
2,023
2,657520
2,137
6,2741,4744,800
170180
750
663716
13519125
82.60
155.52
583357
500507
1,355i 2,515
92.3
95.6
813537
646738
1,716
63.66
2.510.72.21.84.3
65.839.465.062.057.5
2,723485
2,238
2,807557
2,250
6,1801,3944,786
50378
550656
721643
1,115
26817
83.45
157. 64
475346
498486
1,3674,790
92.5
95.6
806479
766865
1,617
68.44
2.811.52.32.14.6
58.345.860.154.760.2
3,270478
2,792
3,107550
2,557
6,2251,3124,913
84520
802676
867782
1,200
331122
82.64
158.19
568341
566573
1,36012,117
92.6
95.6
960524
965916
1,666
70.55
2.812.02.52.44.6
63.247.764.363.758.5
2,981470
2,511
3,088528
2, 560
6,1061,2504,856
76394
814684
820806
1,215
321121
81.69
158.19
582381
560572
1,34810,932
92.3
96.0
889511
9011,613
70.70
2.411.82.62.45.0
71.254.664.966.256.7
2,980533
2,447
3,112557
2,555
5,9741,2244, 750
81411
782
742785
1,172
351124
81.22
158.19
618
519589
1,27812,380
92.0
96.0
906505
923912
1,624
70.33
2.411.62.52.64.8
72.261.961.762.651.8
3,111539
2,572
3,229539
2,690
5,8641,2244,640
70532
814624
804872
1,104
28721
80.01
157.10
579374
540585
1,2339,126
947532
9211,641
18.28
3.111.82.93.24.4
69.556.265.170.046.7
2,969518
2,451
3,193515
2,678
5,6451,2264,419
500
673
712788
1,021
381523
80.84
157.10
605387
562592
1,2038,136
93.4
96.8
1,064590
9171,0051,553
66.65
3.411.92.43.0
73.262.263.567.242.9
3,262552
2,710
3,316548
2,768
5,5661,2294,337
85513
773654
788792
83.34
155. 79
615
543614
1,1328,762
95.0
97.3
1,025526
1,0681,0551,566
66.34
1.911.42.22.93.1
83.370.068.972.537.7
3,349507
2,842
3,208537
2,671
1,1964,502
77449
719550
832823
1,007
34925
83.46
155.79
591373
582606
1,1086,212
96.0
98.2
935507
1,124954
1,736
67.53
2.611.42.62.73.0
71.670.270.771.437.0
3,128539
2,589
3,163568
2,595
5,6761,1614,515
87429
739518
772771
1,043
401229
* 82.27
155.79
572367
548578
1,078
96.2
98.8
943491
9591,746
' 67.07
2.611.12.32.53.1
64.069.264.666.434.9
2,970539
2,431
2,888550
2,338
5,7331,1474,586
67412
752523
777747
1,073
265
22
P81.86
"156.40
534
541552
1,0679,466
98.0
99.1
774456
839809
1,776
*>65.53
2.911.82.02.12.8
62.069.863.961.435.8
r Revised. » Preliminary.1 See note " O " for p. S-21.
% Revisions for Jan.-Oct. 1964 are shown in Bu. of Census report M31A(64)-13.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-32 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
METALS AND MANUFACTURES
IRON AND STEELExports:
Steel mill products thous. sh. tons__Scrap do-___Pig iron._-_ do
Imports:Steel mill products doScrap . doPig iron . do
Iron and Steel Scrap
Scrap for consumption, total thous. sh. tons__Home scrap produced doPurchased scrap received (net) do
Consumption, total ____doStocks, consumers', end of period doPrices, steel scrap, No. 1 heavy melting:
Composite (5 markets) $ per lg. tonPittsburgh district do_
Ore
Iron ore (operations in all U.S. districts) :Mine production thous. lg. tons—Shipments from mines do_.Imports do_.
U.S. and foreign ores and ore agglomerates:Receipts at iron and steel plants do_.Consumption at iron and steel plants do_.Exports do_.Stocks, total, end of period do_.
At mines do_.At furnace yards do_.At U.S. docks do-
Manganese (mn. content), general imports do-__
Pig Iron and Iron ProductsPig iron:
Production (excluding production of ferroalloys)thous. sh. tons . .
Consumption doStocks (consumers' and suppliers'), end of period
thous. sh. tons__Prices:
Composite $ per lg. ton_.Basic (furnace) doFoundry, No. 2, Northern do
Castings, gray iron:Orders, unfilled, for sale, end of period
thous. sh. tons-Shipments, total do___
Forsale do-__Castings, malleable iron:
Orders, unfilled, for sale, end of periodthous. sh. tons_
Shipments, total do___Forsale do___
Steel, Crude, Semifinished, and Finished
Steel ingots and steel for castings:Production- thous. sh. tons.
Index daily average 1957-59=100-Steel castings:
Orders, unfilled, for sale, end of periodthous. sh. tons_
Shipments, total do___For sale, total do__-
Steel forgings (for sale) :Orders, unfilled, end of period do___Shipments, total do___
Closed die (drop, upset, press) _do__-
Steel products, net shipments:Total (all grades) do..
Semifinished products do.Structural shapes (heavy), steel piling do_Plates do-Rails and accessories do_
Bars and tool steel, total do__Bars: Hot rolled (incl. light shapes) do__
Reinforcing do__Cold finished do__
Pipe and tubing do._Wire and wire products do__Tin mill products do__Sheets and strip (incl. electrical), total do__
Sheets: Hot rolled do__Cold rolled do.
Steel mill products, inventories, end of period:Consumers' (manufacturers only) __mil. sh. ton
Receipts during month doConsumption during month do
Service centers (warehouses) do.Producing mills:
In process (ingots, semifinished, etc.) doFinished (sheets, plates, bars, pipe, etc.) _ do
Steel (carbon), finished, composite price $ per lb__
2,2246; 364
70
5,446222659
74,08644,65529,43274, 6217, 945
26. 7827. 00
73,59974,38733,488
.01, 502:04, 0296,81677, 50311,09961, 0575,347
1,004
71,91772,689
2,806
62.8763.0063.50
71912, 7647,090
523
109, 261112.5
2621,5041,197
3421,5531,177
75, 5553,1525,3167,2341,106
11,6657,5682, 68T1,31'7,04c3,13*5,85*
31, 0428,82614,510
9.57.56.
7.7.
.070
3,4357,881
176
6,440299751
84,09352,26231,83184, 6267,413
32. 7734. 70
84,83685,18442,416
.18,325
.22,1976,96371,67710,75257,1843,741
1,032
85, 60186,382
2,461
62.7563.0063.50
85514,3168,131
1221,001589
127, 076130.5
1,8351,467
4591,742
84,9454, 2296,0858,4911,395
13,1998,40:3,22cl,46r
8,13'3,1056,083
34,2229,948
15, 69S
11.62.60.4.
9.8.
.071
49514
7343675
7,2184,5342, 6837,3727,287
36.3939.50
5,2907,6783,700
.1,4760,900648
% 4658,05162,4074,007
194
7,6747,641
2,410
62.7563.0063.50
8411,202726
1217647
11,292141.4
340154121
445144111
7,314418546762108
741265121
23-399
3,092862
1,45*
10.5.5.3.
9.8.
.071
35362410
5232349
7,5984,7672,8317,5427,413
36,9840.00
4,4592,9453,501
6,249.1,472
30970,4909,56517,1843,741
108
7,9587,955
2,461
62.7563.0063.50
8551,202682
1228349
11,612140."
33'163127
459156117
7,673401540834129
1,17C75526613"6722*41
3,28C901
1,571
11.6.5.4.
8..071
11151281(12)
3471929
7,4674,7422,7257,7567,138
.6139.00
4,5161,7822,192
3,981.1,5222 139
65,17912,31049, 6433,226
97
8,0138,012
2,461
62.7563.0063.50
9241,241
1239554
11, 830143.4
370158124
485155125
8,050385566844132
1,19984818615560127563
3,41951
1,6H
II.1
6.5..4.
8..071
162
4521632
7,2844,4632,8217,4177,002
35.7938.00
4,1691,7472,382
4,0530,446195
60,99014, 73243, 2493,009
104
7,3127,362
2,458
62.7563.0063.50
9491,201674
1309050
10,866145.8
334159125
491159126
7,839414530742135
1,15'786201160688
3,256929
1,507
12.5.5.4.
8..071
2817703
1,0251828
8,4465,1743,2728,5296,915
35.4136.75
4,7801,9662,943
4,74811,566
19656,43117,54636,4312,454
71
8,204
2,374
62.7563.0063.50
9741,425814
13610961
12,347149.7
363181145
494192151
9,590469638871163
1,46298626220397C36£81
3,828l,06C1,774
13.7.6.4.
7.8.
.071
230597
5
8,3005,0023,2988,2486,960
35.5237.50
5,4694,6223,489
7,08111,162
51652, 57718,39332,3501,834
122
7,9518,030
2,300
62.7563.0063.50
9401,404816
13910056
11, 966149.9
17313'
484173135
10,101489648881166
1,5341,041279203
1,040420
1,0263,8961,1821,74"
15.:7.4
7.:6.
.071
2006232
1,0141799
8,1114,8903,2218,0437,027
35.6638.50
9,144.0, 9134,120
14,08211,682
92953, 07916, 62434, 7501,705
97
8,1958,165
2,402
62.7563.0063.50
9601,376822
1529653
12,012145.6
355164131
512162127
7,874395569811148
1,26682728514577830631
3,286960
1,
15.16.
8.7.
.0715
177472
1
1,1922880
4,8633,2208,0217,066
33.8835.00
10,10211,3335,106
15,25611,083
95055,90915,39238, 9231,594
109
7,8497,864
2,508
62.7563.0^63.50
9171,454
144105
11, 593145.2
357178143
510172134
39457'808132
1,28281430515273298419
3,244942
1,485
15.86.25.4.2
7.3.0715
1887111
1,0941767
7,5694,7282,8407,5827,051
33.8435.00
10, 50812,4814,505
5,92911,1331,037
58, 93113,42043, 7101,801
74
7,7807,836
2,505
62.7563.0063.50
9251,282771
1658144
11, 551140.0
134105
544152114
7,699379590833101
1,21176"298138744268521
3,052893
1,409
16.35.55.4.4
8.7.
.0715
1955612
1,06122
7,6084,7312,8777,5157,184
32.7335.00
10,85111,6995,128
15,36710,8971,033
62, 67512,57248,1811,922
115
7,6617,762
2,416
62.7563.0063.50
8921,302815
1718150
11,324137.3
389152120
154114
8,634403606856101
1,328836315167877323733
3,4061,0091,538
17.26.05.14.6
8.27.
.0715
2045502
15114
30.6731.00
10,28210,3663,894
13,2249,764544
66,35712,48651,6412,230
105
62.7563.0063.50
881' 1,322
777
17690
'54
9,949124.6
171138
'172'134
33351682796
1,083644291139588248275
2,733797
1,178
17.05.25.4.6
7.30.715
2543341
89218101
29.3032.00
9,9554,093
12,9298,976778
69,46611,42455,5942,448
125
6,310
62.7563.0063.50
8791,281740
1739654
9,296112.7
404162130
573178139
6,23726552383399
1,036626264137566228360
2,327662985
'15.6' 4 .' 5 . 6
4.6
' 8 . 3' 7 . 4
.0715
218509
1
20
P29.57*>32.00
4,131
10,0508,213
331
57,4302,556
5,880
63.00P63.50
8,822110.5
6,200323512777111
972592237132534226631
2,116600880
P 4 . 4*>5.8
.0715
9,627116.7
.0715
r Revised. » Preliminary. i See note " O " for p. S-21. 2 Less than 500 tons. 3 Revised total; monthly revisions are not available.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CUEEEFT BUSINESS S-33
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May- June July A-Ug. Sept. Oct. Nov. Dec.
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Manufactured Products
Fabricated structural steel:Orders, new (net). thous. sh. tons__Shipments _ doBacklog, end of period _--_do
Barrels and drums, steel, heavy types (for sale):Orders, unfilled, end of period thous__Shipments __do
Cans (tinplate), shipments (metal consumed),total for sale and own use thous. sh. tons__
NONFERROUS METALS AND PRODUCTS
Aluminum:Production, primary (dom. and foreign ores)
thous. sh. tons__Recovery from scrap (aluminum content) __ doImports (general):
Metal and alloys, crude _doPlates, sheets, etc : do
Exports, metal and alloys, crude do
Stocks, primary (at reduction plants), end ofperiod •___thous. sh. tons__
Price, primary ingot, 99.5% min ___$ per lb__
Aluminum shipments:Ingot and mill products (net) mil. lb_-
Mill products, total doPlate and sheet (excl. foil) do
Castings _.do
Copper:Production:
Mine, recoverable copper thous. sh. tons__Refinery, primary do_
From domestic ores do_From foreign ores ___do_
Secondary, recovered as refined do_Imports (general):
Refined, unrefined, scrap (copper cont.)__doRefined _do.
Exports:Refined and scrap ___do_
Refined do_Consumption, refined (by mills, etc.) do.
Stocks, refined, end of period , do_Fabricators' do_
Price, bars, electrolytic (N.Y.) $perlb_.
Copper-base mill and foundry products, shipments(quarterly total):
Copper mill (brass mill) products— mil. lb__Copper wire mill products (copper cont.)___doBrass and bronze foundry products do
Lead:Production:
Mine, recoverable lead thous. sh. tons__Recovered from scrap (lead cont.) do_
Imports (general), ore (lead cont.), metal___doConsumption, total do_.
Stocks, end of period:Producers', ore, base bullion, and in process
(lead content), ABMS__ thous. sh. tons__Refiners' (primary), refined and antimonial
(lead content) thous. sh. tons__Consumers'cf do_Scrap (lead-base, purchased), all smelters
thous. sh. tons__Price, common grade (N.Y.) $ perlb__
Tin:Imports (for consumption) :
Ore (tin content) lg. tons__Bars, pigs, etc _do
Recovery from scrap, total (tin cont.) _doAs metal do_
Consumption, pig, total do_Primary do_
Exports, incl. reexports (metal) do_Stocks, pig (industrial), end of period§ do.Price, pig, Straits (N.Y.), prompt $ per lb._
Zinc:AMine production, recoverable zinc
thous. sh. tons__Imports (general):
Ores (zinc content) do.Metal (slab, blocks) do_
Consumption (recoverable zinc content):Ores do-Scrap, all types do.
4,0344,0972,322
1,11923,063
4,621
2,312.5703.0
415.841,3
165. 3
99.1.2262
4', 257. 21,995. 21,207. 2
1,213. 21,586.41, 219. 3377.0288.4
541. 6118.4
360.5311.5
1, 754. 5
145.382.8.3060
2,4651,711957
253.4493.5
376.01,163.4
110.2
56.7119.9
r 66.3.1114
()43,15122,3323,06178,30355,209
1,62529,3641.1664
529.3
373.2144.8
4 104. 74 204.4
4,5004,2412,712
1,15424,312
4,737
2, 552. 7657.0
392.449.7
208.6
96.9.2372
7, 060. 04,831. 42, 273. 9
H,253.7
'1,246.81,656.41, 259.9
396. 5332. 4
584.8137.7
430.6316.2
1,859. 2
149.6110.0.3196
2,7871,9921,063
286.0541.6
334.21,202.1
38.1113.4
71.5.1360
()31, 58423, 5083,33482, 78058,476
'4 4,04124,3431. 5772
574.9
357.1118.3
4 105. 94 222.5
433320
2,727
1,1461,879
325
214.050.0
20.33.815.1
116.1.2410
536.8382.4171.480.0
110. 0134.8110. 724.126.6
36.311.4
40.227.0148.6
144.290.7
23.444.0
19.2102.0
90.8
38.2115.3
61.8.1500
3121,7681,875275
6,1904,245
9021, 2851.9027
:8.7
30.512.3
8.016.8
358309
2,712
1,1541,959
331
• 222. 654.0
27.83.720.3
96.5.2434
651.0422.0192.085.2
111.8156.1121.934.233.7
69.814.0
58.037.0
160.2
149. 6110.0.3370
664519267
25.141.8
26.3106. 6
39.1108.8
68.6.1566
2682,4221,980
2856,7954,680
40324,3431. 6311
'52.0
32.99.4
8.716.6
3162,740
1,2431,711
318
222.756.0
12.91.1
117.5
107. 5.2450
530.6401.5187.8
2 113. 2
115.7146.6115.031.631.4
26.26.7
121.5U5.4166.4
158.291.9
.3360
24.044.3
31.2103.0
35.6106.5
74.3.1600
4731,8452,035
2407,0904,900
125123,6551. 5726
50.5
29.112.1
8.616.9
417294
1,751
1,3031,665
368
203.256.0
33.43.9
15.6
97.7.2450
614.7414.3196.2116.7
107.1131.4107.024.331.2
45.48.2
32.726.2167.5
146.483.0.3360
23.345.9
26.598.5
34.6101.0
70.6.1600
172,2392,035240
6,9704,980
21924, 0351. 5498
49.3
30.815.1
8.616.7
413365
3,022
1,2812,267
343
230.062.0
46.25.2
27.7
81.0. 2450
778.6528.5263.5136.4
121.4150.1118.831.335.4
35.512.6
63.548.3178.5
119.974.9. 3360
706513275
26.551.5
29.8102.2
29.9103.8
66.1.1600
8704,1831,990260
7,9055,775
56725, 2501. 6498
55.2
48.37.2
10.517.6
439351
3,071
1,3722,200
472
226.662.0
41.75.013.1
75.9.2450
726.3531.1275.4122.2
116.7150.0109.540.535.5
65.710.8
43.234.7
164.9
126.679.3
.3360
26.146.2
21.799.4
93.0
27.8100.4
65.7.1600
376
2,000250
7,4855,440
61124, 2601.8067
53.5
25.918.3
10.217.6
570318
3,279
1,2802,057
372
237.063.0
51.14.6
18.3
.2450
785.1535.8270.1115.0
119. 2144.6116.628.037.9
31.19.7
43.636.5171.1
112.376.7. 3545
22.046.7
18.799.4
86.9
27.2107.1
63.4.1600
4923,2071,925240
7,0105,080
8324, 2151. 9195
49.3
32.99.4
9.718.9
458363
3,245
1,2512,171
421
227.666.0
65.65.616.7
79.4. 2450
713.9517.6248.0121.7
116.2147.8110.237.535.3
58.412.9
29.318.9187.8
118.779.2.3560
798544274
22.448.1
25.8102.6
29.3110.8
62.5.1600
3223,0732,210310
7,6105,420
17323,1831.8894
52.1
32.33.7
8.919.1
337329
3,268
1,2642,001
235.157.0
51.45.119.0
83.0.2450
599.0436.9201.496.6
105.8143.8116.127.734.4
29.99.0
30.723.0124.5
162.3118.5.3560
22.640.5
37.186.1
93.9
31.0118.5
63.1.1600
402,6481,790230
6,7555,005
14223, 5871.8412
38.921.1
18.6
341413
3,176
1,3002,126
234.962.0
45.66.8
15.7
81.1.2450
648.4456.2200.7103.1
109.3139.4113. 026.433.4
36.79.5
33.326.0
178. 0
148.1111.2.3560
25.542.4
32.3103.1
26.3106.2
59.4.1600
2192,0611,815255
7,0755,135
22622,9851. 8696
50.5
36.110.7
8.618.5
438383
3,179
1,3232,045
497
218.7
39. (4.!17. (
71.0.2450
636.9461.1201.0117.2
107.9133.1101.132.036.6
39.011.4
29.022.0
183.2
132.893.3
.3560
716524249
'25.748.0
24.2105.3
105.3
24.395.5
53.8.1600
374,0151,885
2655, 9903,995
36424,3501. 9190
36.22.78.6
18.4
327411
3,177
1,2731,975
407
237.2
42.86.9
13.2
76.8.2450
632.4461.8191.7117.5
115.1143.5107.436.140.9
55.418.3
32.226.3
*>178.2
v 130.8
25.548.4
37.7111.2
25.092.2
52.2.1600
7922,552
6,2053,915
14925,3151. 8532
51.3
34.820.7
10.418.6
415365
3,199
236.5
41.67.0
14.5
75.0.2457
109.0137.6106.631.036.7
63.816.4
32.525.5
v 128.6P 8 4 . 9.3641
24.7
25.1
.1600
194, 348
131
1.7676
49.9
42.214.0
.2450
.3586
24.1
.1600
1.7423
49.2
r Revised. p Preliminary. * See note " O " for p . S-21. 2 Monthly data (1962-64),revised to the 1962 complete canvass of nonferrous producers, will be shown later; estimatesbeginning 1965 reflect the revised benchmark. 3 Data for Sept. 1963-Apr. 1964 are in termsof gross weight. 4 Revised total;- monthly revisions are not available.
cfConsumers' and secondary smelters' stocks of lead in refinery shapes and in copper-basescrap.
IStocks reflect surplus tin made available to industry by GSA.ABeginning Aug. 1964, data reflect sales to the industry of metal released from the Govern-
ment stockpile.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-34 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PROD.—Con.
Zinc—ContinuedSlab zinc:A
Production (primary smelter), from domesticand foreign ores thous. sh. tons__
Secondary (redistilled) production doConsumption, fabricators' doExports doStocks, end of period:
Producers', at smelter (AZI)cf doConsumers' do
Price, prime Western (East St. Louis) _ $ per RE-
HEATING EQUIPMENT, EXC. ELECTRICRadiators and con vectors, shipments:
Cast-iron mil. sq. ft. radiation..Nonferrous do
Oil burners:Shipments thous._Stocks, end of period do
Ranges, gas, domestic cooking (incl. free-standing,set-in, high-oven ranges, and built-in ovenbroilers) thous--
Top burner sections (4-burner equiv) ship do
Stoves, domestic heating, shipments, total.__doGas do
Warm-air furnaces (forced-air and gravity air-flow),shipments, total thous..
Gas doWater heaters, gas, shipments do____
MACHINERY AND APPARATUS
Fans, blowers, and unit heaters, qtrly.:Fans and blowers, new orders. mil. $__Unit-heater group, new orders do
Foundry equipment (new), new orders, netmo. avg. shipments 1957-59=100-.
Furnaces (industrial) and ovens, etc., new orders(domestic), net ..mil. $..
Electric processing do—Fuel-fired (exc. for hot rolling steel) _'__do
Material handling equipment (industrial):Orders (new), index, seas, adj 1957-59=100-
Industrial trucks (electric), shipments:Hand (motorized) number.-Rider-type do—
Industrial trucks and tractors (internal combustionengines), shipments number-
Machine tools:Metal cutting tools:
Orders, new (net), total mil. $-.Domestic do—
Shipments, total do—Domestic do—
Estimated backlog, end of period. _ _•_ _ .months..
Metal forming tools:Orders, new (net), total mil. $_.
Domestic do—Shipments, total do—
Domestic do___Estimated backlog, end of period months-
Other machinery and equip., qtrly. shipments:Construction machinery (selected types), total 9
mil. $_.Tractors, tracklaying, total do—_Tractors, wheel (con. off-highway) do—Tractor shovel loaders (integral units only),
wheel and tracklaying types mil. $_Tractors, wheel (excl. garden and contractors'
off-highway types) mil. $.Farm machines and equipment (selected types),
excl. tractors mil. $_ELECTRICAL EQUIPMENT
Batteries (auto, replacement), sh ipments . . . thous .Household electrical appliances:
Ranges (incl. built-ins), sales, total do___Refrigerators and home freezers, output
1957-59=100-Vacuum cleaners, sales billed thous.Washers, sales (dom. and export) doDriers (gas and electric), sales (domestic and
export) ,. thous-
Radio sets, production§ - doTelevision sets (incl. combination), prod.§- . .do .__.Electron tubes and semiconductors (excl. receiving,
power, spec, purpose tubes), sales mil. $_.Motors and generators:
New orders, index, qtrly 1947-49=100-New orders (gross):
Polyphase induction motors, 1-200 hp mil.D.C. motors and generators, 1-200 hp do___
892.6160.3
1,105.133.9
47.9'97.5.1200
U l . 9109.9
i 563. 261.0
363.9
1, 938. 71, 296. 7
1,384. 51,103. 52,403.8
164.662.7
131.9
98.513.540.8
128.7
6,5626,973
29,207
713. 90569. 95598. 50493. 20
5.6
217. 50190. 70183. 50154. 05
5.
1, 276.5i 314.4i 101. 0
i 293. 5
i 603. 6
841.1
31,840
1, 870. 0
127.84, 246. 43, 949. 2
11,595. 8
18,2817,130
609.9
151
149.230.8
954.1171.6
1,207. 326.5
31.2• 107.5.1357
10.5113.2
568.0
2,170.6342.6
1,810. 81, 227. 2
1,426. 01,162.1
1.1
182.374.9
218.6
114.913.757.5
152.0
6,8917,129
36,171
976. 50808.90791. 80636. 75
6,3
388. 70353. 30228. 20200. 85
10.9
1, 523. 7i 392. "
128.7
i 352. 9
1679.2
954.0
29, 302
1,965. 0
140.84, 506. 74,189. 6
'1,82
19,1769,570
653.0
178
183.236.3
80.05.8
100.4.1
36.498.0
.1450
9.6
50.639 5
172.523.8
132.992.5
121.997.0
190.5
201.6
8.31.14.1
163.1
585671
3,208
57.8565.6552.75
6.8
23.9520.4020.3518.1011.2
3,057
165.9
152.2409.6333.8
199.4
1,700914
57.1
15.82.
80.25.9
102.8
32.0103.0.1450
.78.8
35.442.6
172.124.9
98.670.6
106.387.9
194.2
45.018.1
358.5
13.61.45.6
169.3
724694
3,762
81.0570.7586.5070.35
6.3
38.2536.3524.2022.00
10.9
32193.423.0
72.6
142.1
190.
3,594
187.6
141.372.4316.1
193.1
3 1,963 93
58.
191
18.14.5
79.26.0
106.9
34.493.5
.1450
8.2
44.341.8
150.720.2
87.555.6
84.269.2
210.0
380.8
13.81.35.1
139.9
564566
2,944
81.8572.9568.1058.55
6.5
20.0018.4521.2019.6010.5
2,361
151.2
135.377.9309.5
145.5
1,70274f
55.2
14.73.2
75.86.2
104.3
28.487.1
.1450
7.3
38.042.9
167.022.7
86.355.3
90.173.9
230.4
407.3
11.91.95.5
184.9
572627
3,176
91.4078.0070.3560.45
6.7
22.5020.5524.5522.80
10.2
2,215
171.9
161.5416.7333.6
152.3
1,825851
55.0
16.43.4
83.26.7
118.7• 5
22.979.7.1450
8.3
45.645.8
206.928.9
128.089.1
92.877.1227.2
46.314.4
249.0
16.04.37.5
199.4
629808
3,445
97.8086.6590.3077.75
6.6
24.9523.3027.6525.10
9.7
412.2115.1
29.
95.4
220.1
294.5
1,769
205.5
168.4495.2390.0
145.8
3 2, 3063 996
64.5
205
18.94.1
82.86.5
109.81.2
20.277.6
.1450
.78.0
39.851.6
179.525.4
94.056.2
87.372.5
215.9
374.1
9.41.74.6
177.5
540663
2,604
96.0585.7077.7568.206.6
20.1517.7521.2519.409.5
1,722
161.7
162.0397.8298.0
91.9
1,757
59.4
19.53.2
113.3.4
25.2102.4.1450
.56.4
42.148.6
170.025.6
82.357.3
97.482.3192.1
192.9
11.31.15.3
165. 8
557820
3,242
74.7567.1082.4571.756.4
24.0522.5527.9024.809.0
1,660
144.1
160.5329.315.0
83.3
1,793751
57.5
17.63.
82.66.5
115.5.3
23.3102.3.1450
.78.4
46.347.9
199.231.4
110.377.5
107.388.7
205.0
53.619.0
274.6
9.71.45.1
188.6
765848
3,625
93.6587.1083.7571.15
6.5
40.8539.7026.0023.55
9.4
520.2120.550.4
114.9
209.5
295.2
176.3
159.8367.388.7
109.0
3 2,1713 946
63.3
228
19.43.8
85.15.4
96.9.5
26.9110.6.1450
11.4
43.444.6
153.919.7
158.8106.4
116.696.0
214.0
18.31.06.7
165.6
742842
3,497
95.6084.7569.4560.70
26.7026.0520.2017.75
9.4
2,052
148.5
125.1329.2356.1
1,757596
52.3
16.24.4
84.96.4
113.9.4
29.2128. 2.1450
1.011.6
41.2
191.527.1
186.5120.3
140.4112.2206.2
387.0
10.51.06.0
193.3
558695
3,378
106. 8095.4057.5550.10
7.3
24.5522.9520.3518.859.7
2,422
163.4
87.376.398.6
213.3
1,764819
63.4
15.53.6
84.05.3
117.0.2
27.3129.3.1450
1.013.1
-36.1
226.631.7
220.1150.7
181.8139.6
16.0
316.9
12.62.07.2
175.4
745899
3, 729
99.8587.0080.8070.907.6
25.6024.0021.2018.959.8
406.298.436.0
91.3
161.5
244.4
3,360
186.0
145. 3497.7430.6
274. 2
i 2, 214s 1, 230
72.4
209
19.23.2
87.56.0
117.8.2
30.3130.5.1450
12.4
35.9
212.726.1
253.7183.2
172. 5133.0234.2
295. 0
11.41.3
8101,015
3,910
99.2593. 0091. 0575. 60••7.6
35.2033.4524.3021.90'10.3
2 39.5
3,529
174.0
160.1534. 4397.2
279.1
2,312
70.0
15.94.2
27.2
.1450
13.82.07.7
112.00101.3577.3066.607.9
26.2524.3522.5019.3510.6
147.5543.5370.4
234.3
' 2, 074' 1, 044
18.13.1
30.1
.1450
3 2, 37931, 217
r Revised. » Preliminary. l Revised total; monthly revisions are not available.2 For month shown. 3 Data cover 5 weeks; other months, 4 weeks. 4 Less than 100
ton?.ASee similar note, p. S-33.
cf Producers' stocks, elsewhere, end of Dec. 1965, 8,800 tons.9 Includes data not shown. . .§ Radio production comprises table, portable battery, auto, and clock models; beginning
Jan. 1964, data for television sets include color sets.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-35
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
PETROLEUM, COAL, AND PRODUCTS
COALAnthracite:
Production __thous. sh. tons_Exports doPrice, wholesale, chestnut, f.o.b. car at mine
$persh . ton_Bituminous:
Production thous. sh. tons_
Industrial consumption and retail deliveries,total 9 thous. sh. tons_
Electric power utilities doMfg. and mining industries, total do
Coke plants (oven and beehive) do
Retail deliveries to other consumers do
Stocks, industrial and retail dealers', end of period,total 9 - thous. sh. tons_
Electric power utilities doMfg. and mining industries, total do
Oven-coke plants do
Retail dealers do
Exports do
Prices, wholesale:Screenings, indust. use, f.o.b. mine
$ per sh. ton_Domestic, large sizes, f.o.b. mine do
COKEProduction:
Beehive thous. sh. tons_Oven (byproduct) doPetroleum coke§ do
Stocks, end of period:Oven-coke plants, total ____do
At furnace plants doAt merchant plants do
Petroleum coke . doExports do
PETROLEUM AND PRODUCTS
Crude petroleum:Oil wells completed mumber_Price at wells (Okla.-Kansas) $ per bbl_Runs to stillsj mil. bbl_Refinery operating ratio__ % of capacity-
All oils, supply, demand, and stocks: tNew supply, total mil. bbl_
Production:Crude petroleum doNatural-gas liquids, benzol, etc do
Imports:Crude petroleum doRefined products do
Change in stocks, all oils (decrease,—) do
Demand, total do_.Exports:
Crude petroleum do_.Refined products do_.
Domestic demand, total? do_.Gasoline do_.Kerosene __do_.
Distillate fuel oil do_.Residual fuel oil __do_.Jet fuel do_.
Lubricants do_.Asphalt do_.Liquefied gases do_.
Stocks, end of period, total. doCrude petroleum doNaturaLgas liquids doRefined products do
Refined petroleum products: tGasoline (incl. aviation):
Production do_.Exports do_.Stocks, end of period do_.
18,2673,353
13.361
458,928
409,225209,038175,96977,633
23,548
70,08349,31420,2708,014
499
47, 078
4.7487.014
97153,30816,138
2,8792,394
4851,297
451
20,2882.93
3,170.787
3,928. 4
2,752.7401.0
412.7362.1
1.3
3,927.1
1.774.2
3,851. 21, 632.1
172.2
747.3538.9115.2
43.6117.4236.9
835.6237.433.7
564.5
1, 625.27.0
190.9
17,1841,575
13.895
431,116223,032187,75888, 757
19, 615
75,34252,66122,30510,081
376
47,969
4.7986.895
1,23660,90816,865
1,9711,708262
1,359524
20, 6202.92
3,223.387
4,036.1
2,786.8422.5
438.6388.13.7
4, 032. 4
1.472.5
3,958. 51, 685. 5178.4
750.4554.6118.6
45.8120.2247.9
839. 2230.135.7573.5
1, 687.48.0
199.5
1,340
78
14.196
41,877
36,97318, 67816,3647,879
1,851
77,28354,78522, 087
9,873
411
3,718
4.8107.094
1425,3731,354
2,1951,890304
1,375
1,8362.92260.9
85
328.8
229.035.7
34.130.04.2
324.6
05.4
319.2129.815.1
66.145.49.7
3.68.022.2
882.5236.843.2
602.4
139.7.7
197.2
' 1,414
61
14.196
43,364
41,85921,17417,7588,167
2,906
75,34252, 66122,30510,081
376
3,791
4.8107.144
1615,5691,412
1,9711,708
2621,359
36
1,6622.92
278.3
349.3
240.937.3
31.739.5
-43.2
392.6
.16.3
386.1144.020.7
95.160.67.3
3.43.9
29.2
839.2230.135.7
573.5
145.8.9
199.5
1,262132
14.441
39,390
42,81321,47118, 5178,215
2,825
70,43549,19520,9309,517
310
1 2,218
4.7887.176
1565,6031,496
1,8551,634221
1,461
1,4552.92277.1
87
362.4
240.937.0
37.347.1
-15.2
378.7
.15.0
372.52 125.02 13.0
92.865.3
2 18.7
3.93.525.7
824.0230.231.0
562.8
2145. 62.8
2 213.9
Prices (excl. aviation):Wholesale, ref. (Okla., group 3) $ per gal__ .109 .102 .113 .113 .113Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.) $pergaL_ .201 .200 .202 .202
' Revised. *> Preliminary. * See note " O " for p . S-21.2 Beginning Jan. 1965, gasoline excludes special naphthas; aviation gasoline represents
finished grades only (alkylate excluded); commercial jet fuel (formerly included with kerosene)is included with jet fuel.
1,04523
14.441
37,290
38,69719, 60816,3467,554
2,743
67,141
20, 2969,225
256
2,675
4.7897.175
1505,1281,406
1,6561,485171
1,50757
1,5542.92250.3
87
327.1
218.634.3
32.741.5
-22.1
349.2
()4.7
344.4119.612.0
86.958.014.8
3.23.524.3
801.9230.327.7544.0
130.5.3
225.0
.113
.192
1,30542
14.441
43,150
41,39421,13417,8878,445
2,370
64,92344,67020,0709,424
183
3,040
4.7856.960
1815,7321,448
1,4241,277147
1,50874
1,5222.92275.2
366.4
243.838.4
41.442.8
-11.3
377.7
()6.3
371.3140.411.0
83.959.417.2
4.34.825.2
790.6239.626.3524.8
139.7.3
224.9
.110
.212
1,17145
12.005
41,605
35,86618,32316,4798,144
1,019
65,48944, 97320,3499,576
167
4,268
4.8046.582
1495,5691,332
1,2251,095130
1,53959
1,4782.92262.3
85
353.2
236.836.7
38.141.612.2
341.0
.26.3
334.5140.96.3
61.054.917.6
3.87.718.5
802.9251.429.7521.8
133.4.4
217.4
.113
1,31373
12.005
41,390
35,41718,63216,1748,130
528
47,71320,7639,749
216
4,707
4.8066.551
1365,7811,390
1,136993143
1,564
1,3542.92272.9
85
346.8
238.336.8
39.032.923.9
323.0
05.8
317.2149.64.3
45.839.619.7
4.212.316.9
826.7255.135.0
536.7
137.9.5
205.6
.113
.208
1,62693
12.005
42,810
35,58419,29215,7618,119
442
71,41849,85721,3119,970
250
4.7996.595
1635,5661,407
1,118982136
1,548
1,5832.92273.1
87
340.9
232.435.2
39.933.313.3
327.5
.16.2
321.2155.24.5
41.838.618.2
4.315.717.1
840.1253.638.7547.8
141.6.7
192.6
.113
.213
1,256
82
12.495
33,880
36,13520,01815,4818,161
564
66,14947,48218,4077,744
4,231
4.7996.645
1515,5981,475
1,1771,017160
1,511
1,5212.92288.7
345.5
237.636.6
40.730.613.2
332.3
.45.7
326.2156.74.9
44.337.818.6
4.117.217.1
853.2242.143.6567.6
148.5.3
185.1
.113
.209
1,292
88
12.495
46,310
37,54521,05115,5628,120
840
69,30849,24419,7688,484
296
5,086
4.7866.833
1535,5471,489
1,2711,085185
1,46099
1,7842.92286.1
89
347.4
240.236.5
40.829.910.9
336.5
05.7
330.8154.45.9
47.936.820.0
4.017.817.9
864.1236.446.7581.0
150. 4.4
181.8
.113
.211
1,364129
12.495
43,370
19,93614,9107,504
1,266
70,41850,41119,7158,253
5,160
4,7907. 017
85!5,2081,443
1,4841,278
2061,418
73
1,8442.92
270.2
329.1
222.535.0
43.228.44.3
324.8
05.2
319.6142.5
6.0
49.837.519.6
4.015.519.0
868.4231.146.9
590.4
140.5.3
180.3
.113
.201
1,269108
12.985
46,820
38,16320,06616,237'7,457
' 1,748
73,00052, 01720,691' 9, 107
'292
5,560
'4.795'7.144
'725,1581,358
1, 9181,690
2271,414
65
1,3752.92
281.787
357.4
244.137.9
39.136.212.1
345.3
.25.1
340.0147.0
7.7
56.945.818.2
3.814.721.9
880.5231.845.9
602.8
140.5.3
176.6
.113
.209
1,25569
*12.985
46,150
39,17220, 55216,4637,114
2,078
75,16153,12521,6719,678
4,627
P4.795»7.194
4,952
2,3422,101
241
77
^2.92
. 113
.213
1,286
.210
» Less than 50,000 bbls.9 Includes data not shown separately.§ Includes nonmarketable catalyst coke.f Revisions for Jan.-Oct. 1964 will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-36 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products!—ContinuedAviation gasoline:
Production mil. bbl__Exports —_ _• doStocks, end of period.- do
Kerosene:Production do____Stocks, end of period doPrice, wholesale, bulk lots (N.Y. Harbor)
$pergal_.Distillate fuel oil:
Production __mil. bbl__Imports do____Exports _ doStocks, end of period doPrice, wholesale (N.Y. Harbor, No. 2 fuel)
$ per gaL-Residual fuel oil:
Production mil. bbl__Imports— doExports doStocks, end of period. doPrice, wholesale (Okla., No. 6) $ per bbl__
Jet fuel (military grade only):Production mil. bbl._Stocks, end of period do
Lubricants:Production doExports —.- doStocks, end of period ____doPrice, wholesale, bright stock (midcontinent,
f.o.b., Tulsa) $ per gal__Asphalt:
Production mil. bbl_.Stocks, end of period d o —
Liquefied petroleum gases:Production d o —Transfer from gasoline plants doStocks (at plants, terminals, underground, and
at refineries), end of period mil. bbL
Asphalt and tar products, shipments:Asphalt roofing, total thous. squares.
Roll roofing and cap sheet do___Shingles, all types do__.
Asphalt siding do___Insulated siding do___Saturated felts thous. sh. tons.
124.24.69.4
165.934.1
10.2
765.19.1
15.0156.7
.092
275.9272.815.347.51.57
99.48.5
63.118.314.3
.270
111.914.4
56.4182.0
30.3
64,48924,10940,380
797843
127.85.49.1
169.536.2
.096
742.411.85.4
155.8
.086
266.8295.818.940.41.50
108.09.9
63.718.214.1
.270
114.914.2
59.2189.6
31.8
71,07526, 21844,857
720680995
10.1.5
8.7
15.038.6
.095
58.9.62
182! 6
.08523.323.31.3
46.11.65
8.78.9
5.31.5
13.3
.270
8.211.7
4.617.3
40.6
5,3202,1163,203
704775
10.9.6
9.1
17.336.2
.099
66.81.9.4
155.8
25.130.91.5
40.41.80
8.2
5.71.6
14.1
.270
6.114.2
5.123.2
31.8
3,8151,4852,329
502762
1.818.2
124.0
.101
66.81.1.4
130.6
.091
25.338.71.5
38.31.80
U4.9117.7
4.91.3
13.9
.270
5.716.9
4.820.6
26.8
3,4041,4161,989
452564
3.8.28.5
8.720.7
.101
61.0.8.2
105.3
.091
22.434.21.735.71.80
13.718.7
4.91.114.4
.270
5.719.4
4.819.2
23.2
3,9801,5292,351
472370
4.0.38.8
8.418.1
.101
62.21.4.6
84.6
.091
24.734.71.634.41.75
16.019.2
5.51.614.0
.270
7.422.4
4.820.1
21.4
5,5042,2893,215
493891
3.8.39.0
6.918.7
.095
58.6.8.2
82.8
.087
22.034.11.434.51.75
15.820.0
5.31.913.7
.270
23.3
4.514.5
25.3
5,2161,9923,224
3747
4.3.48.5
6.621.0
.095
61.51.2.3
99.4
.087
21.324.6
.940.11.75
16.920.0
5.61.713.4
.270
12.223.5
4.913.0
31.1
6,0702,1973,874
406175
4.0.78.2
7.023.4
.095
58.7.5.2
116.6
.087
20.923.61.045.21.75
15.720.5
5.11.312.9
.270
12.120.7
4.812.8
35.3
7,2152,5914,625
5070
4.2.38.2
6.725.3
.095
65.5.9.3
138.5
.087
21.622.11.350.21.80
16.821.0
5.41.412.8
.270
14.418.5
4.912.3
40.1
7,6342,8564,778
526695
4.1.38.5
6.626.0
.095
66.41.6.3
158.4
.087
21.120.41.353.81.85
16.019.8
5.4.9
13.3
.270
14.616.2
4.813.1
43.5
8,5463,3225,224
7065109
4.1.3
8.7
6.926.9
62.81.1.5
172.0
.090
19.520.01.055.11.90
16.017.9
5.11.413.0
.270
13.514.8
4.314.6
43.8
7,7663,130
3.8.2
8.4
8.127.3
'.100
65.71.3.1
182.0'. 092
22.427.51.158.41.95
16.518.2
5.11.612.8
.270
12.613.2
4.317.5
42.8
7,2792,9874,292
756382
.100
p .092
1.95
p .270
5,5442,2723,273
614573
PULP, PAPER, AND PAPER PRODUCTS
PULP WOOD AND WASTE PAPER
Pulpwood:Receipts. thous. cords (128 cu. ft.)_Consumption do—Stocks, end of period do___
Waste paper:Consumption thous. sh. tons_Stocks, end of period do___
WOODPULPProduction:
Total, all grades thous. sh. tons-Dissolving and special alpha do___Sulfate . do___Sulfite do__.
Groundwood do_Defibrated or exploded do_.Soda, semichem., screenings, etc do_
Stocks, end of period:Total, all mills do_
Pulp mills - _do_Paper and board mills do_Nonpaper mills do_
Exports, all grades, total do..Dissolving and special alpha do_.Allother do_.
Imports, all grades, total do_.Dissolving and special alpha do.AU other do_
PAPER AND PAPER PRODUCTSPaper and board:
Production (Bu. of the Census):All grades, total, unadjusted__-thous. sh. tons.
Paper . do___Paperboard doWet-machine board do___Construction paper and board do___
46,02246, 4354,732
9,551599
29,4351,367
17,4932,692
3,4731,4023,007
71720240876
1,422524
2,775260
2,515
39,21517, 25118, 267
1413,557
49,87249, 7114,843
9,493596
32,4291,457
20, 0062,685
3,5961,621
78122846292
1,602581
1, 021
2,922272
2,650
41,74818,18019, 663
1483,797
3,8013,9774,769
787482
2,624111
1,602192
321131268
728268381
1124270
25724232
3,4281,5031,613
12300
3,8413,8294,843
737596
2,544121
1,516208
314131253
78122846292
152
25726231
3,2491,4831,518
12236
4,1804,2344,983
789507
2,781120
1,699230
335125274
74327638780
2 732 1558
21016194
3,5371,5981,660
12267
3,7893,9254,818
784498
2,585117
1,584215
305122242
74729437380
763244
24423221
3,3701,4931,603
11262
4,1584,2934,809
494
2,855144
1,754239
336121261
73627338182
17667109
30126265
3,7881,6611,780
13335
4,0384,2684,695
831522
2,764122
1,694239
323128256
72326837778
1475890
25125226
3,6821,6111,736
11323
4,1904,3654,429
515
2,900132
1,787242
342125271
73527837483
1324885
24423221
3,7201,6091,776
12324
3,9353,9894,613
854518
2,646110
1,605242
324125239
74828438184
1074364
26263
3,5751,5321,688
13341
4,2344,1104,856
720555
1131,657218
319125247
76328140082
1195267
24523222
3,4191,4881,599
8324
4,3794,3514,985
833532
2,917134
1,822238
337122263
76630238381
1094267
26523242
3,7461,6081,788
11
4,2704,0855,268
840520
2,700120
1,678220
305121256
'743290
'37578
11041
25325228
' 3,626' 1, 544' 1, 730
'11'342
4,6114,6645,328
'899511
2,949130
1,817258
334126284
746311
'36970
1234974
26023237
' 3, 911r 1, 677' 1, 858
11'365
4,2284,3835,317
834511
2,894119
1,811232
339119275
74030036773
10133
30624
282
3,7581,6371,786
10325
' Revised. p Preliminary. i See note 2 for p. S-35. 2 See note " O " for p . S-21. ^Revisions for Jan.-Oct. 1964 will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-37
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of B U S I N E S S S T A T I S T I C S
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May- June July Aug. Sept. Oct. Nov. Dec.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS—Con.
Paper and board—ContinuedNew orders (American Paper and Pu lp Assoc.):
All grades, paper and board tlious. sh. tons__Wholesale price indexes:
Printing paper 1957-59=100..Book paper, A grade doPaperjboard doBuilding paper and board do
Selected types of paper ( A P P A ) :Fine paper:
Orders, new thous. sh. tons._Orders, unfilled, end of period do
Production doShipments do
Print ing paper:Orders, new doOrders, unfilled, end of period do
Production doShipments do
Coarse paper:Orders, new do___.Orders, unfilled, end of period do_.__
Product ion . _______doShipments do
Newsprint:Canada:
Production doShipments from mills doStocks at mills, end of period do
United States:Production . doShipments from mills doStocks at mills, end of period do___..
Consumption by publishers©* doStocks at and in transit to publishers, end of
period thous. sh. tons__
Imports doPrice, rolls, contract, f.o.b. mill , freight allowed
or delivered ____$ per sh. t o n . .
Paperboard (National Paperboard Assoc.):Orders, new (weekly avg.) thous. sh. tons__Orders, unfilled, end of period doProduction, total (weekly avg.) do
Percent of activity (based on 6.5-day week)Paper products:
Shipping containers, corrugated and solid fiber,shipments mil . sq. ft. surf. area-
Folding paper boxes, shipments, index of physicalvolume 1947-49=100-
39,413
101.4107.494.796.2
2,09590
2,1312,098
5,372380
5,2695,269
4,263156
4,2414,211
6,6306,622
186
2,2182,208
34
5,585
545
5,413
134. 40
35749435887
128, 588
126.1
41, 646
101.4109.496.594.2
2,234
2,2442,237
5,800437
5,6235,623
190
4,3524,331
7,3017,310
178
2,2612,273
22
6,031
585
5,954
134. 23
386563384
137,234
125.7
3,395
101.4109.996.493.9
191106
182186
478420
477477
364203
360359
643665196
184
27
550
574
'545
134. 40
384576391
10,899
121.3
3,273
101.4109.996.493.3
175
180
496437
472472
362190
359360
614632178
17618122
535
585
584
132.40
35856335879
11, 599
128.7
3,534
101.4109.996.493.4
177116
191175
510448
490490
393214
375
606556228
19117934
490
571
422
132. 40
13901559
390
11,039
115.5
3,421
101.4109.996.492.2
195127
187190
484465
464464
387240
370365
582500311
174180
27
461
585
429
132. 40
40859740892
10,881
114.7
3,936
101.4109.996.392.2
223128
216223
577485
522522
411233
412414
650595366
18518725
535
559
554
132. 40
425642414
12, 519
132.4
3,733
101.4110. 796.392.3
213136
203201
511488
497497
389392
622677311
18318820
544
544
500
132. 40
41769241091
12,112
125.5
3,800
101.4110.796.392.7
208135
201207
512
504504
384226
392380
648691268
19621
570
526
515
132. 40
44174242392
11,865
119.9
3,631
101.4110.796.392.7
209145
200206
519522
503503
367232
359361
634697205
17119
527
560
581
132. 40
412760405
12, 674
133.0
3,632
101.4110.796.393.5
200161
186196
530558
471471
357226
357358
651642209
16816720
477
619
518
132. 40
81835978
11, 560
119.1
' 3,747
101.4110.796.393.3
'202'157
'204'208
'510'518
'493'493
'392'235
'382
663646225
196189
27
517
634
525
132. 40
41281841690
12, 639
129.9
3, 640
101.4110. 796.493.4
'197'153
'197'198
'523'549
'513"•513
'355'218
'372
637637225
16016720
509
573
132. 40
41384841590
13, 683
135.5
101.4110.796.593.8
*>206» 153
*>204
>538>542
?225
?392
217
18217823
591
580
539
132.40
44484444194
13,111
135.8
101.4111.596.593.5
717193
19319224
589
570
132.40
84744394
13,147
' 120.5
648691150
18118619
576
573
416803437
13,107
RUBBER AND RUBBER PRODUCTS
RUBBERNatura l rubber:
Consumption thous. Ig. tons__Stocks, end of period doImpor ts , incl. latex and guayule doPrice, wholesale, smoked sheets (N.Y.)__$ per lb__
Synthetic rubber:Production thous. lg. t ons . .Consumption doStocks, end of period doExports do
Reclaimed rubber:Production doConsumption _doStocks, end of period I_I_I~do"~_
T I R E S AND T U B E S
Pneumat ic casings:Production thous__
Shipments, total doOriginal equipment _____doReplacement equipment doExport do
Stocks, end of period do__Exports (Bu. of Census) do
Inner tubes:Production doShipments do__~~Stocks, end of period .doExports (Bu. of Census) do
457. 2360.58
379. 53v. 263
1, 608.451,306. 79
283.01283. 21
281.45263. 6731.19
139,073
138,54747,13489,866
1,546
29,452982
39, 65740, 7549, 573
913
481. 5086.85
441.19?.252
1,764.941, 451. 51
297.13321. 26
276. 26263.1930. 08
158,113
150,48848, 045
100,3692,075
37, 5531,589
42,43741, 89011,471
896
39.1678.9538.83.275
150. 88116. 69286. 9629.84
21.4019.6131.32
12, 797
11,1204, 0356,870
214
36, 608167
3,0703,008
11,19875
40.7986.8544.41.255
157. 52124. 97297.1329.14
21.8122. 2330.08
13, 632
12,9625,3667,364
231
37, 553165
3,2573,029
11,47178
42.2490.1919.02.261
151. 54125.19314. 21210. 51
22.9922.6630.88
13,884
13,2374,9548,136
148
38,2642 69
3,3834,821
10,1602 39
42.1379.1227.53.261
144. 99126. 43320. 67
8.97
22.3122.5330.15
14,126
11,8644,8306,796
239
40, 532158
3,6283,533
10, 28541
48.2491.1042.54.260
155.54138. 37311. 2030.91
26.7825.5730.73
15,242
14,3275,7128,352
263
41,467322
4,0163,750
10, 731115
45.5587.3452.92.276
153. 28129.16307. 6535.08
25.4224.3529.84
14, 633
15,4085,3419,782
285
40, 601211
3,7933,410
11,225102
41.5293.8731.72.283
155. 61121. 65317. 8129.27
22.0221.5130.22
13, 228
14,6885,0499,439
200
39, 515208
3,0793,070
11,334100
42.4295. 6842.22.268
144. 72125. 94315. 3723.87
23. 0622.9629.60
13,460
15, 6055,336
10, 033236
37, 207199
3,2903,438
11, 26682
37.0097.0430.66.258
141.35107.88325. 2624.32
21.0920.2329.96
12,174
14, 2274,2229,689
316
35, 036250
3,2073,297
11,196128
40.9496.2028. 42.248
148. 59118. 06323. 5624.87
22.5920.9330.88
12,822
12,1452,2159,682
248
36, 095173
3,2513,521
11, 01577
44.40' 96. 91
39.90.243
'137.70129. 70
'311.0821.70
22.3822.3430.39
13,921
14,8634,178
10,441244
35,110191
3,4553,413
11,145123
r 46. 5196.4441.91.241
156.37'138.77304.9725.17
23.44' 24.13•29.06
15,331
16,0735, 557
10, 206310
34,442259
3,5133,589
11,045174
45.79100.6243.91.241
157. 87131.41302.4523.79
22.6921.4828.85
14,194
13,7095,5118,017
181
35,083183
3,2433,058
11, 33699
.243
r Revised. v Preliminary. 1 Beginning Jan. 1965, data are 4-week averages for periodending on the Saturday nearest the end of the month. 2 See note "O" for p. S-21.
cf As reported by publishers accounting for about 74 percent of total newsprint consump-tion in 1963 and 75 percent in 1964 and 1965. c Corrected.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CUEEENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement thous. bbl__
CLAY CONSTRUCTION PRODUCTS
Shipments:Brick, unglazed (common and face)
mil. standard brick-_Structural tile, except facing thous. sh, tons__Sewer pipe and fittings, vitrified doFacing tile thollow), glazed and unglazed
mil. brick equivalent __Floor and wall tile and accessories, glazed and un-
glazed ____mil. sq. ft__Price index, brick (common), f.o.b. plant or
N.Y. dock 1957-59=100-
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments thous. $__
Sheet (window) glass, shipments doPlate and other flat glass, shipments. ______ do
Glass containers:Production thous. gross__
Shipments, domestic, total doGeneral-use food:
Narrow-neck food doWide-mouth food (incl. packers' tumblers,
jelly glasses, and fruit jars) thous. gross__
Beverage doBeer bottles doLiquor and wine do
Medicinal and toilet doChemical, household and industrial doDairy products do
Stocks, end of period do
GYPSUM AND PRODUCTS (QTRLY)
Crude gypsum, total:Imports thous. sh. tons__Production do
Calcined, production, total do____
Gypsum products sold or used, total:Uncalcined uses doIndustrial uses doBuilding uses:
Plasters:Base-coat doAllother (incl. Keene's cement) do
Lath . mil. sq. ft__Wallboard do_All other § do_
349,321
7,405.0342.8
1,771.9
378.4
267.1
106.1
317,299
141,479175,820
181,607
176,298
19,225
49,199
16,19529,43816,186
35, 6618,8721,522
25, 641
365,199
7,743.8311.4
1,837.2
353.4
286.0
107.1
325,306
144, 753180, 553
189,414
184,773
20,829
50,721
17, 66433,25216,756
36,7647,3661,421
25,375
5,49010,388
9,181
4,209279
1,036990
1,5497,109
248
6,25810, 684
9,440
4,562292
972993
1,4957,542
253
27,950
647.122.6132.9
31.9
22.1
107.2
14,812
14,122
1,356
4,024
1,1792,1371, 550
3,225536115
26,929
19,969
494.222.4111.2
28.1
21.3
107.6
84, 599
38,15646,443
13,511
14,671
1,300
4,068
1,6592,4511,363
3,192489149
25,375
1,5672,588
2,202
1,20672
204241
3271,790
58
1.17,539
463.623.393.5
20.1
20.5
107.6
15,818
14,575
1,301
4,326
9752,4221,375
3,471602103
26,515
15,939
418.821.590.1
20.2
21.4
107.7
15,663
14,265
1,323
4,132
1,0282,4171,321
3,30564099
26,794
22,535
578.423.6123.7
26.3
25.9
107.8
81,797
29,29952,498
12, 638
19,176
2,066
5,453
1,8363,6611,968
3,236835120
20, 274
1,0722,365
2,132
81576
208210
1,72951
29,987
700.027.3147.5
27.0
24.3
107.8
16, 684
12,813
1,176
2,838
1,5412,7611,082
2,77654198
24,074
34,416
758.329.6165.9
26.8
23.6
107.8
17, 672
15, 732
1,398
3,931
2,2773,3551,221
2,94752479
25,733
39,192
787.826.5185.4
29.8
26.4
107.8
83,162
32, 64350,519
18, 600
17,948
1,664
4,636
2,4653,9151,352
3,27555289
26,112
1,6302,622
2,365
1,30087
237263
3782,149
79
39,292
761.326.2171.0
31.1
24.0
107.8
18,460
16,894
2,080
4,431
2,0893,8521,155
2,69250986
26,812
41,242
768.228.9175.5
30.6
24.8
108.8
19,333
18,361
2,830
4,976
1,7643,3571,382
3,371564117
27,314
37,531
' 743.727.5166.3
30.3
24.7
109.2
89,869
38,84851,021
16,733
17,393
2,886
4,929
1,3712,8381,488
3,193560128
26,401
1,7342,838
2,505
1,25177
210266
3712,124
73
39,418
749.529.2155.6
28.5
23.4
109.2
18,227
16,638
1,932
5,030
1,3792,3321,759
3,548552106
27,537
31,446
109.4
16, 095
15,959
1,478
4,745
1,4612,5491,732
3,367514113
27, 518
TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills:fCloth woven, total 9 __ _ mil. linear yd
Cotton doManmade fiber _ _ _ __ _ d o _ _
Stocks, total, end of period 9 <f ___ _ doCotton doManmade fiber __ _ do__ _
Orders, unfilled, total, end of period 9 1f_ __doCotton.. . __ _ _ __ do __Manmade fiber do ___
COTTON
Cotton (exclusive of linters):Production:
Ginm'ngaA thons. running balesCrop estimate, equivalent 500-lb. bales
thous . bales._Consumption doStocks in the United States, total, end of period
thous. bales. _Domestic cotton, total _ _ do
On farms and in transit __ _ _ do __Public storage and compresses __ doConsuming establishments do
Foreign cotton, to ta l . _ _ do
11,6078 7412,593
1,180829327
2,8131,865
876
15,290
15,334699
20,85820,7051,887
17,3761,442
153
12, 6729 1363,289
1,068661386
3,7572,5001,161
15,148
15,180745
22,40422,2922,130
18,7061,456
112
1,000714271
1,073670384
3,6302,3571,184
12,383
723
'23,487r23,367r 4, 77917,3541,234
120
2 1,1072 7872 301
1,068661386
3,7572,5001,161
313,595
2 799
22,40422,2922,130
18, 7061,456
112
1,028740269
1,021614383
3,7482,5361,106
U4,939
729
20,97620,869
1,11418,1151,640
107
1,040745275
992597370
4,0352,8071,110
741
20,13820, 034
80817,4641,762
104
21,2862 9142 347
949567356
4,1492,9191,113
15,148
2 914
18,81318, 718
87316, 0211,824
95
1,026736269
953572356
4,2823,0671,099
735
17,34017,252
38815, 0801,784
88
1,050751276
979588367
4,4323,1531,159
742
16,38016,300
44814,0991,753
80
21,2582 8932 337
1,038621394
4,4093,121
1,168
2 897
15,24015,166
51113,0561,599
74
823581223
1,027615390
4,2413,025
1,110
180
595
14,29114,223
23012, 5211,472
67
1,036730285
1,065636408
4,2163,019
922
733
28,40128,30614, 62012, 5121,174
95
21,2582 8832 351
r 1, 077'649
409
r 4,1452,949
3,663
2 886
27,36627, 26512,15714,0371,071
101
1,033733281
1,068655395
4,1393,020i nis
8,920
742
26,30126,2027,544
17,4571,201
99
11, 718
751
25,05624,9564,915
18,6321,409
100
3 12,691
515,0592 831
r Revised. * Beginning Jan. 1965, excludes finished used in prepared masonry cement(128,000 bbls. in Dec. 1964). 2 Data cover 5 weeks; other months, 4 weeks. 3 Ginningsto Dec. 13. 4 Ginnings to Jan. 15. « Dec. 1 estimate of 1965 crop.
§ Comprises sheathing, formboard, and laminated board.f Beginning 1964, data are not strictly comparable with figures for earlier periods because of
revised fabric classifications and the inclusion of manmade fiber drapery fabrics.9 Includes data not shown separately.
cF Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,toweling, and blanketing, and billed and held stocks of denims. .
f Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; productionand stocks exclude figures for such finished fabrics. Orders also exclude bedsheetmg,toweling, and blanketing.
A Total ginnings to end of month indicated, except as noted.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January 1966 SURVEY OF CURRENT BUSINESS S-39
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (exclusive of linters)—ContinuedExports thous. bales__Imports do__—Prices (farm), American upland cents per lb__Prices, middling 1", avg. 15 markets: do
Cotton linters:Consumption thous. bales__Production *. doStocks, end of period do
COTTON MANUFACTURESSpindle activity (cotton system spindles):
Active spindles, last working day, total mil_.Consuming 100 percent cotton do
Spindle hours operated, all fibers, total __bil_.Average per working day do
Consuming 100 percent cotton doCotton yarn, natural stock, on cones or tubes:
Prices, f.o.b. mill:20/2, carded, weaving $ per lb_.36/2, combed, knitting§ do
Cotton cloth:Cotton broadwoven goods over 12" in width:
Production (qtrly.) mil. lin. yd_-Orders, unfilled, end of period, as compared with
avg. weekly production No. weeks' prqd_.Inventories, end of period, as compared with
avg. weekly production--No. weeks' prod--Ratio of stocks to unfilled orders (at cotton
mills) end of period, seasonally adjustedMill margins cents per lb_.Prices, wholesale:
Denim, mill finished cents per yd_.Print cloth, 39 inch, 68 x 72 do—.Sheeting, class B, 40-inch, 48 x 44-48 do
MANMADE FIBERS AND MANUFACTURESFiber production, qtrly. total mil. lb_.
Filament yarn (rayon and acetate) doStaple, incl. tow (rayon) do~_.Noncellulosic, except textile glass:
Yarn and monofilaments* ___doStaple, incl. tow* do
Textile glass fiber ; doExports:
Yarns and monofilaments thous. lb_.Staple, tow, and tops do
Imports:Yarns and monofilaments doStaple, tow, and tops do
Stocks, producers', end of period:Filament yarn (rayon and acetate) mil. lb_.Staple, incl. tow (rayon) doNoncellulosic fiber, except textile glass:
Yarn and monofilaments* doStaple, incl. tow* __do
Textile glass fiber do___.Prices, manmade fibers, f.o.b. producing plant:
Staple: Rayon (viscose), 1.5 denier $ per lb_.Polyester, 1.5 denier* do
Yarn: Rayon (viscose), 150 denier doManmade fiber and silk broadwoven fabrics:
Production (qtrly.), total 9 mil. lin. yd-Filament yarn (100%) fabrics 9 do
Chiefly rayon and/or acetate fabrics doChiefly nylon fabrics ___do
Spun yarn (100%) fabrics (except blanketing) 9mil. lin. yd_.
Rayon and/or acetate fabrics and blendsddo___.
Polyester blends with cotton doCombinations of filament and spun yarn fabrics
mil. lin. yd_.Exports, piece goods thous. sq. yd_.
WOOL
Wool consumption, mill (clean basis)::Apparel class mil. lb_.Carpet class do
Wool imports, clean yield* doDuty-free (carpet class)* do
Wool prices, raw, clean basis, Boston:Good French combing and staple:
Graded territory, fine___ $ per lb_Graded fleece, % blood do___
Australian, 64s, 70s, good topmaking do
WOOL MANUFACTURESKnitting yarn, worsted, 2/20s-50s/56s, American
system, wholesale price 1957-59=100__Woolen and worsted woven goods, exc. felts:
Production (qtrly.) mil. lin. yd_Suiting, price (wholesale), flannel, men's and
boys', f.o.b. mill _: 1957-59=100__
4,359132
2 32.02 33.2
1,3301,550
18.615.6
118.1.455
100.1
.644
.912
8,759
12.8
5.5
.44
25.18
38.115.917.0
2, 636. 7709.7579.1
712.8443.2191.9
98,34750, 244
8,161125, 554
47.037.9
85.850.129.7
.27io 1.14
.82
3, 060. 7
155, 662
251.3160.4277.2168.0
1.3261.1751.285
105.4
284.4
95.8
5,241118
2 29.62 30.7
1,3961,572709
18.715.3124.6.471103.6
.892
18.2
5.2
.30
* 29. 49
36.65 16.517.4
3,018.0777.5594.3
847.6559.1239.5
116,47356,411
9,202133, 695
32.651.3
76.957.536.8
.28
.988.78
3, 545. 41, 583.1852.2283.1
1, 260.4
665.6456.8
472.4185, 263
122.7212.3113.9
1.3971.2861.389
107.9
255.2
95.9
130.130.6
109209644
18.715.49.9.4958.2
.617
14.8
4.7
34.62
34.917.017.5
10, 2455,564
70610,346
32.446.5
.28
.98
.78
14, 538
'15.9'9.815.96. 2
1.3921.3251.375
108.7
96.1
747(?)29.3
3 123195709
18.715.311.1.4449.2
.617
.875
2,327
18.2
5.2
.30
35.22
34.917.517.5
819.3199.8154. 2
236.6166.262.5
13,0787,831
1,20811,140
32.651.3
76.957.536.8
.28
.98
.78
9 951. 89 426.49 234.3
73.6
»340. 8
9170.89132.3
9127. 717, 742
3 19.4'3 10.8
24.612.6
1.3371.2861.235
109.0
9 55.5
96.1
244G)27.630.6
110186762
18.715.3
.4958.1
.617
.876
15.6
4.3
.27
35.83
34.917.817.5
7 3,7867 2, 225
1,8144,948
33.949.3
.28
.94
.78
' 6, 716
19.49.314.15.2
1.3251.2161.200
108.7
96.1
1811
27.630.6
109167798
18.815.310.0.5028.2
.617
.876
17.2
4.1
.25
36. 02
35.118.017.5
5,5752,671
9755,837
32.449.0
10,821
19.58.912.82.6
1.2751.1551.125
108.3
96.8
5847
28.630.7
3 141175815
18.715.212.3.49410.1
.617
.878
2,364
18.0
4.0
.22
36.16
34.918.017.5
835.9203.3165.4
238.7163.165.4
12,1007,184
1,03216, 470
32.151.8
79.751.334.1
.84
.78
973.0417.2221.76.7
361.5
151.2
137.020,078
3 24.73 11.031.012.5
1.2151.1381.095
106.9
65.9
96.8
4074
29.530.8
112132800
18.715.1
.4978.1
.622
.878
19.1
3.9
.20
36. 49
34.918.517.5
11,0417,492
1,0878,892
32.952.4
.28
.84
.78
18, 797
22.58.730.211.0
1.1951.1301.075
105.7
96.8
2514
29.730.8
112105768
18.815.210.1.5068.2
.622
.878
19.1
3.9
.19
37.30
34.918.817.5
7,5594,686
9709,781
33.555.5
.28
.84
.78
14, 660
22.18.720.67.8
1.1951.1451.075
106.2
101.1
230.230.9
3 13371715
18.715.012.3.4929.8
.627
.885
2,368
19.5
4.1
.20
37.49
34.918.817.5
879.8207.9164.2
246.2191.869.7
10,0714,976
1,5649,505
34.5
88.757.033.7
.28
.84- .78
' 981.1416.7219.677.2
374.4
162.0171.9
r 131. 313,494
3 27.33 10.823.010.5
1.1951.1551.075
106.7
»-73..4
101.7
2663
29.930.7
671
18.815.08.3.4176.7
.632
24.2
5.1
.21
37.97
34.918.817.5
8,0812,840
1,023
40.169.6
.28
11,148
19.56.522.511.7
1.2181.1721.100
107.1
101.7
11753
28.930.0
10644605
18.915.110.1.5068.1
.632
18.8
4.0
.21
4 38.31
34.918.817.5
8,1893,336
1,11413,412
46.373.0
11, 910
23.28.725.511.1
1.2651.2201.225
109.0
101.7
329.529.7
123572
19.015.012.3.493
.637
.900
18.6
4.1
.21
38.57
34.918.817.5
902.0210.5162.0
251.1207.371.1
8,2824,034
1,31312,670
52.971.1
106.472.237.0
.28
.84
.80
960.9398.4209.373.8
378.6
152.4179.6
127.813,869
'27.110.925.910.3
1.2751.2531.225
109.0
102.4
3046
29.429.7
119••188641
19.015.010.3.5178.2
.637
.903
18.7
4.0
.22
38.62
34.918.817.5
6 65.36 50.4
7,5163,058
1,19812,507
55.368.5
.28
.84
14,839
22.69.323.812.0
1.2751.2551.225
109.0
102.4
3701
29.029.6
110200680
19.115.010.4.5228.3
v. 642p. 910
19.0
4.1
.23
38.58
j>34.9P18.8
6 67.86 51.9
8,8213,404
1,61012,537
55.560.4
v. 28p. 84
14,953
21.16.8
1.2791.2351.225
109.0
102.4
27.929.5
18.914.711.8.4709.3
18.77
1.2801.2351.225
r Revised. p Preliminary. i Less than 500 bales. 2 Season average. 3 F O r 5weeks; other months, 4 weeks. * Margins reflect equalization payments to domesticusers (Aug. 1964-July 1965, 6.5 cents; beginning Aug. 1965, 5.75 cents per pound). 5 For11 months; price not available for Sept. 1964. e For month shown. 7 See " O , " P- S-21.s Effective Jan. 1964, prices are not comparable with those for earlier periods. 9 For 14weeks. 10 Modern Textiles Magazine.
§Data beginning Aug. 1965 are not strictly comparable with earlier prices.9 Includes data not shown separately.*New series. Sources: Polyester staple price, U.S. Dept. Labor; wool imports, U.S. Dept.
Agriculture from Bureau of the Census records (such imports exclude animal hairs). Dataare available as follows: Price, back to 1955; noncellulosic yarn and staple—production, to1951; stocks, to 1953; wool imports, to 1948.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-40 SURVEY OF CURRENT BUSINESS January 1966
Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS
1963 1964
Annual
1964
Nov. Dec.
1965
Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
TEXTILE PRODUCTS—Continued
APPAREL
Hosiery, shipments thous. doz. pairs.Men's apparel, cuttings:
Tailored garments:Suits thous. units.Overcoats and topcoats do_ _.
Coats (separate), dress and sport ____do__.Trousers (separate), dress and sport do__.
Shirts (woven fabrics), dress and sportthous. doz.
Work clothing:Dungarees and waistband overalls __do__.Shirts do__.
Women's, misses', juniors' outerwear, cuttings:Coats .___ thous. units.Dresses do__.Suits. do__.
Blouses, waists, and shirts thous. dozSkirts._._ _' do._.
180,080
20,5614,279
11,175116,733
25,307
4,0263,791
23,259253,02510,191
16, 6448,347
189,534
20,6013,980
10,646129,052
28,582
4,8693,885
25,601269,79710,815
16,4919,295
15, 284
1,840280
1,0879,601
2,444
343330
2,43818, 512
899
1,349613
15,671
1,711256
93010,054
2,425
326305
1,69616, 759
840
1,170525
14,170
1,841193
1,03510,354
2,499
358339
2,10420,9851,138
1,506745
15,534
1,785193
11,240
2,505
346313
2,45023,6301,362
1,495752
17,147
2,103350
1,022 1 1,09512,228
2,671
442
2,14130,228
1,279
1,670841
15,033
418
1,03412,405
2,804
399324
81327,879
678
1,505830
13,905
1,889446
1,07311,937
2,573
367
1,34025,067
518
1,359902
17,289
1,995485
1,09912,465
2,499
436331
2,35424,311
903
1,445933
16,120
1,181321
66110,214
356261
2,30119,086
1,2841,001
17,105
1,858447
1,06211,937
2,439
410355
2,43721.932
904
1,291915
17, 620
' 1,897'417
r 1, 015
12,476
2,542465322
2,35020, 660
975
1,305
18,764
2,059455
1,08612,317
2,635
483361
2,79421, 5911,035
1,489905
16,1
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly. total mil. $_U.S. Government do___
Prime contract do.Sales (net), receipts or billings, qtrly. total- _.do
U.S. Government do
Backlog of orders, end of period 9 doU.S. Government do
Aircraft (complete) and parts doEngines (aircraft) and parts doMissiles, space vehicle systems, engines, propul-
sion units, and parts mil. $_.Other related operations (conversions, modifica-
tions), products, services mil. $_.
Aircraft (civilian): Shipments© doAirframe weight© thous. lb_.Exports .___ mil. $_.
MOTOR VEHICLES
Factory sales, total .__ thous_.Domestic- — do
Passenger cars, total doDomestic do
Trucks and buses, total doDomestic do.__
Exports, total do.Passenger cars (new and used) do_.Trucks and buses do_.
Imports (cars, trucks, buses), totalcf ____doPassenger cars (new and used)^ . . .do
Shipments, truck trailers:Complete trailers and chassis number..
Vans doTrailer bodies and chassis (detachable), sold
separately number..Registrations:©
New passenger cars.___ thous..Foreigncars do___.
New commercial cars (trucks) do
RAILROAD EQUIPMENT
Freight cars (ARCI):Shipments number..
Equipment manufacturers, total doRailroad shops, domestic do
New orders doEquipment manufacturers, total doRailroad shops, domestic do
Unfilled orders, end of period doEquipment manufacturers, total doRailroad shops, domestic. do___
Passenger cars: Shipments doUnfilled orders, end of period
do. . .
Freight cars, class 1 (AAR): §Number owned, end of period thous.
Held for repairs, % of total owned
17,63714,08616,08516,40713,203
13,90410,9505,301
1,510
4,646
1,295685.916,083244.0
9,100.48,759.87,637.77,443. 51,462.71,316.3
275.1154.2120.9
441.6423.7
77, 58546, 620
5,340
7, 556. 7385.6
1,244.2
44,96931,29013,679
61,06643,98517,081
32,31120,16112,150
193
317
1,5156.8
17,97013, 51616, 282
12,815
15,21811, 6586,2761,527
4,558
1,418
1,066.122,905287.2
9.292.38,931. 57,751.87, 554.11,540.51.377.4
329.5176.7152.8
543.2526.8
51,836
7,794
8,065.2484.1
1,361.8
69,07445,36023,714
71,14744, 62726, 520
32,94918,97213,977
254
191
1,4955.9
83.01,85621.7
794.1747.8679.2648.4114.9100.3
25.114.610.6
50.347.6
5,9473,558
987
563.539.997.8
5,8204,2601,560
6,4432,3264,117
29,82417,18712, 637
46
238
1,4936.0
2,9713,5344,2623,247
15,21811,6586,2761,527
4, 558
1,418
109.72,26312.8
,031.4995.1884.3862.4147.0132.6
36.120.715.3
66.463.4
7,1574,510
756.839.4
113.4
6,4904,6651,825
9,7416,6473,094
32,94918,97213,977
57
191
1,4955.9
91.22,0752 30.0
936.7910. 7798.1782.8138.6127.9
2 3 6.62 3 4. 52 3 2. 1
26.123.6
7,0634,536
403
667.036.0102.7
6,1304,2721,858
9,4364,5824,854
36,46519, 50016,965
24
177
1,4956.0
99.72,07123.1
906.0873.2774.8753.1131.2120.2
11.67.93.6
46.144.0
7,4814,613
305
631.130.1
6,5944,3372,257
4,7703,3141,456
35,00618,84516,161
27
150
1,4966.0
4,6942,9604,3414,0503,011
15,86211,6076,3771,850
4,602
1,514
137.92,83457.2
, 124.6, 091.0957. 5937.9167.1153.1
24.116.28.0
58.056.9
9,5915,659
245
798.743.1126.9
6,1524,3481,804
7,8276,0251,802
36, 58020,51716,063
31
119
1,4955.8
159.63,17451.8
, 017. 7991.4861.0846.9156.7144.5
16.610.16.5
66.765.1
9,3375,753
422
895.946.9142.3
6,1664,0402,126
4,8043,1101,694
35, 22519, 58915. 636
90
1,4955.7
124.62,57434.3
986.0960.7832.7819.3153.3141.4
13.88.25.6
42.441.8
9,3905,923
642
841.449.5130.8
5,8733,9761,897
5,241
35, 20720,87514,332
64
1,4955.7
5,1063,298
4,2063,081
16,76211, 8247,0561,771
4,725
1,568
119.12,47223.0
058.6, 034.3894.1880.9164.5153.4
11.96.65.3
52.651.4
9,1345,544
1,156
841.549.3135.2
6,8134,6592,154
8,5557,971584
36, 74423,98212, 762
22
62
1,4925.7
130.82,56224.1
880.1863.8754.0745.6126.1118.2
10.34.95.3
47.546.2
8,1745,261
1,593
833. 652.0136.4
5,7843,7392,045
6,3305,586744
37, 29325, 83211,461
10
52
1,4915.8
145.22,86661.1
444.7433. 9333.0330.4111. .7103.5
8.02.25.9
20.119.2
8,7525,627
1,146
766.754.3129.7
5,0343,5831,451
8,8016,1882,613
40,83228,20912, 623
13
5.8
148.42,68257.9
598.7574.2459.7445.2139.0129.0
13.17.75.3
49.246.7
8,6495,533
1,849
589.551.7122.6
6,3454,4291,916
7,8216,4411,380
42,37330,29112,082
30
1,4885.8
111.22,50817.7
1,016.8974.3862.2831.8154.6142.5
20.314.06.3
62.457.0
18,760" 5,716
• 2,402
745.852.1133.1
7,1124,8832,229
6,4745,732742
41,73531,14010, 595
0
10
1,4875.7
47.1
1,061.51,018.9
911.9882.0149.6136.9
21.616.64.9
68.0
8,2375,525
2,057
793.947.3
122.5
4,5982,385
7,9845,9292,055
42,73632,47110,265
1,4885.6
1,024.2
i~863.T
rRevised; * Preliminary estimate of production. 2 See note " O " for p. S-21.3 Beginning Jan. 1965, data exclude exports of incomplete (unassembled) vehicles.9 Total includes backlog for nonrelated products and services and basic research.©Data include military-type planes shipped to foreign governments.
cf Data cover complete units, chassis, and bodies.©Courtesy of R. L. Polk & Co.; republication prohibited.§ Excludes railroad-owned private refrigerator cars and private line cars.
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INDEX TO CUMMSNT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:Business indicatorsCommodity pricesConstruction and real estate.Domestic trade
Employment and population. . . . . . .FinanceForeign trade of the United States..Transportation and communications
1-77,8
9,1010-12
12-1616-2121-2323,24
Industry:Chemicals and allied products.. , , 25Electric power and gas 26Food and kindred products; tobacco 26-30Leather and products 30, 31
Lumber and products 31Metals and manufactures 32-34Petroleum, coal, and products 35,36Pulp, paper, and paper products 36,37
Rubber and rubber products 37Stone, clay, and glass products. 38Textile products 38-40Transportation equipment 40
INDIVIDUAL SERIESAdvertising 10,11,16Aerospace vehicles 40Agricultural loans 16Air carrier operations 23Aircraft and parts 3, 6,13-15,40Alcohol, denatured and ethyl 25Alcoholic beverages 8,10,26Aluminum . 23,33Apparel 1,3,4,7,8,10-15,40Asphalt and tar products 35,36Automobiles, etc 1,3-8,10,11,13-15,19,22,40
Balance of international payments 2Banking 16,17Barley 27Barrels and drums 33Battery shipments 34Beef and veal 28Beverages 4,8,10,26Blast furnaces, steel works etc 5,6,13-15Bonds, outstanding, issued, prices, sales, yields 18-20Brass and bronze 33Brick 38Broker's balances 20Building and construction materials 8,10,31,36,38Building costs 9,10Building permits 9Business incorporations (new), failures 7Business sales and inventories 4,5Butter 27
Cans (tinplate) 33Carloadings 24Cattle and calves 28Cement and concrete products 8-10,38Cereal and bakery products ; 8Chain-store sales, firms with 4 or more and 11 or
more stores 12Cheese 27Chemicals 4-6,8,13-15,19,22, 25Cigarettes and cigars 8,30Civilian employees, Federal. 14Clay products 8,38Coal 4,8,13-15,22,24,35Cocoa 23,29Coffee 23,29Coke 24,35Communications 2,13-15,20,24Confectionery, sales 29Construction:
Contracts , 9Costs 9,10Employment hours, earnings, wages.., 13-16Fixed investment, structures '. . . . . 1Highways and roads, 9,10Housing starts . . . 9ISew construction put in place. 9
Consumer credit 17,18Consumer expenditures 1Consumer goods output, index 3,4Consumer price index 7Copper 23, 33Corn. 27Cost of living (see Consumer price index) 7Cotton, raw and manufactures 7,8,22,38,39Cottonseed cake and meal and oil 30Credit, short- and intermediate-term 17,18Crops 3,7,27,28,30, 38Crude oil and natural gas 4,13-15,35Currency in circulation., , 19
Dairy products 3,7,27Debits, hank 16Debt, U.S. Government. 18Department stores 11,12,17Deposits, bank 16,17,19Disputes, industrial 16Distilled spirits 26Dividend payments, rates, and yields 2,3,18-21Drug stores, sales 11,12
Earnings, weekly and hourly 14-16Eating and drinking places 11,12Eggs and poultry 3, 7,29Electric power 4,8,26Electrical machinery and equipment 3,
5,6,8,13-15,19,22,34Employment estimates 12-14Employment Service activities 16Expenditures, U.S. Government 18Explosives 25Exports (see also individual commodities).... 1,2,21-23Express operations ». . . . 23
Failures, industrial and commercial 7Fans and blowers 34Farm income, marketings, and prices 2,3,7Farm wages 16Fats and oils . 8,22,29,30Federal Government finance '. 18Federal Reserve banks, condition of 16Federal Reserve member banks., 17Fertilizers 8,25Fire losses 10Fish oils and fish 29Flooring, hardwood 31Flour, wheat. 28Food products 1,4-8,10,11,13-15,19,22,23,27-30Foreclosures, real estate 10Foreign trade (see also individual commod.) . . . . . 21—23Foundry equipment 34Freight carloadings 24Freight cars (equipment) , 4,40Fruits and vegetables 7,8,22Fuel oil 35,36Fuels 4,8,35,36Furnaces , 34Furniture. 3,4,8,11-15,17Furs 23
Gas, output, prices, sales, revenues 4,8,26Gasoline 1,35, 36Glass and products 38Glycerin 25Gold 19Grains and products 7,8,22,24,27,28Grocery stores 11,12Gross national product 1Gross private domestic investment 1Gypsum and products 8,38
Hardware stores 11Heating equipment , 8,34Hides and skins 8,30Highways and roads 9,10Hogs 28Home Loan banks, outstanding advances 10Home mortgages 10Hosiery 40Hotels 14,15,24Hours of work per week 14Housefurnishings 1,4,7,8,10-12Household appliances and radios 4,8,11,34Housing starts and permits. . 9
Imports (see also individual commodities) 1,Income, personalIncome and employment tax receiptsIndustrial production indexes:
By industry.By market grouping
Installment credit 12,Installment sales, department storesInstruments and related products 3,5,Insurance, life. .Interest and money rates.Inventories, manufacturers' and trade ; 4-6,Inventory-sales ratiosIron and steel 3,5,6,8,10,13-15,19,22^ 23,
Labor advertising index, disputes, turnover.Labor forceLamb and mutton.LardLead.
22,232,3
18
3,43,4
17,1812
13-1518,19
1711,12
532,33
1612282833
Leather and products 3,8,13-15,30,31Life insurance 18,19Linseed oil 30Livestock 3, 7,8,24,28Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit) 10,16,17,20Lubricants 35,36Lumber and products 3,8,10-15,19,31
Machine toools 34Machinery 3,5,6,8,13-15,19,22,34Mail order houses, sales 11Manmade fibers and manufactures 8,39Manufacturers' sales (or shipments), inventories,
orders 4-6Manufacturing employment, production workers,
payrolls, hours, earnings 13-15Manufacturing production indexes 3,4Margarine 29Meat animals and meats 3, 7,8,22,28Medical and personal care 7Metals 3-6,8,13-15,19,22,23,32-34Milk 21Mining and minerals. 2-4,8,13-15,19,20Monetary statistics 19Money supply 19Mortgage applications, loans, rates 10,16,17Motor carriers 23,24Motor vehicles 1,3-8,10,11,13-15,19,22,40Motors and generators 34
National defense expenditures 1,18National income and product 1,2National parks, visits 24Newsprint.. .« 23,37New York Stock Exchange, selected data 20,21Nonferrous metals 3,8,19,23,33,34Noninstallment credit 17,18
Oats 27Oil burners 34Oils and fats 8,22,29,30Orders, new and unfilled, manufactures* 6Ordnance 13-15
Paint and paint materials 8,25Panama Canal traffic 24Paper and products and pulp , 3
5,6,8,13-15,19,23,36,37Parity ratio 7Passports issued 24Payrolls, indexes , 14Personal consumption expenditures 1Personal income 2, 3Personal outlays , 2Petroleum and products 4-6,
8,11,13-15,19,22,23,35,36Pig iron 32Plant and equipment expenditures 2,20Plastics and resin materials 25Population „ 12Pork '.'..'..'.'.'.'.'.'.'. 28Postal savings 17Poultry and eggs 3,7,29Prices (see also individual commodities) 7,8Printing and publishing. 4,13-15Profits, corporate 2,19Public utilities 2-4,7-9,13-15,18-21Pullman Company 24Pulp and pulpwood 36Purchasing power of the dollar 8
Radiators and convectors 34Radio and television 4,8,10,11,34Railroads 2,13,14,16,18,20,21,24,40Railways (local) and bus lines 13-15,23Rayon and acetate 39Real estate. , 10,17,18Receipts, U.S. Government 18Recreation 7Refrigerators and home freezers 34Rent (housing) 7Retail trade 4,5,7,11-15,17,18Rice 27Roofing and siding, asphalt 36Rubber and products (met plastics) 4-6,
8,13-15,23,37
Saving, personal ,Savings depositsSecurities issued.Security markets.Services 1, 7,Sheep and lambsShoes and other footwear 8,11,SilverSoybean cake and meal and oilSpindle activity, cotton, ,Steel ingots and steel manufacturesSteel scrapStock prices, earnings, sales, etcStone, clay, glass products 3-5,8,13-15,Stoves and rangesSugar.SulfurSulfuric acidSuperphosphate
217
19,2020,2113-15
2812,31
193039
32,3332
20,2119,38
3423,29
252525
29Tea imports , . . .Telephone, telegraph, cable, and radiotelegraph
carriers 13-15,24Television and radio 4,8,10,11,34Textiles and products 3, 5,6,8,13-15,19,22,38-40Tin. 23,33Tires and inner tubes 8,11,12,37Tobacco and manufactures 4-8,10,13-15,22,30Tractors 22,34Trade (retail and whoelsale). . . ; 4,5,11,12Transit lines, local 23Transportation 1,2, 7,13-15,23,24Transportation equipment 3-6,13-15,19,40Travel 23,24Truck trailers 40Trucks (industrial and other) 34,40
Unemployment and insurance 12,16U.S. Government bonds 16-18,20U.S. Government finance 18Utilities 2-4,9,13-15,18-21,26
Vacuum cleaners 34Variety stores 11,12Vegetable oils 30Vegetables and fruits 7,8,22Vessels cleared in foreign trade 24Veterans* benefits 16,18
Wages and salaries 2,3,14-16Washers and driers 34Water heaters. 34Waterway traffic ; 24Wheat and wheat flour 28Wholesale price indexes 8Wholesale trade. 4,5,7,13-15Wood pulp . 36Wool and wool manufactures 7,8,23,39
Zinc 33,34
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