scb_021981
TRANSCRIPT
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1981 / VOLUME 61 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION 1
National Income and Product Accounts Tables 2
Reconciliation and Other Special Tables 13
Consumer Credit, 1960-80 14
State Local Government Fiscal Position in 1980 19
The National Income and Product Accountsof the United States: An Overview 22
Quarterly and Monthly Constant-Dollar Manufacturingand Trade Inventories and Sales 35
Trends in the U.S. Direct Investment Position Abroad, 1950-79 39
Fixed Capital Stock in the United States: Revised Estimates 57
CURRENT BUSINESS STATISTICS
General SI
Industry S22
Footnotes S37
Subject Index (Inside Back Cover)
\*fc« '
U.S. Department of CommerceMalcolm Baldrige / SecretaryCourtenay M. Slater / Chief Economist
for the Department of Commerce
Bureau of Economic Analysis
George Jaszi / Director
Allan H. Young / Deputy Director
Carol S. Carson / Editor-in-Chief,Survey of Current Business
Manuscript Editor: Dannelet A. GrosvenorManaging Editor: Patti A. Trujillo
Staff Contributors to This Issue: Leo M. Bernstein,James C. Byrnes, Carol S. Carson, Robert T. Clucas,Douglas R. Fox, George Jaszi, David J. Levin, JohnMon, John C. Musgrave, George M. Smith, Edward I.Steinberg, Teresa L. Weadoek, Obie G. Whichard
SURVEY OF CURRENT BUSINESS. Published monthly bythe Bureau of Economic Analysis of the U.S. Departmentof Commerce, Editorial correspondence should be ad-dressed to the Editor-in-Chief, Survey of Current Busi-ness, Bureau of Economic Analysis, U.S. Department ofCommerce, Washington, D.C 20230.
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the BUSINESS SITUATION
LEVISED (45-day) estimates showthat real GNP increased 4 percent at anannual rate in the fourth quarter of1980,1 percentage point less than in thepreliminary (15-day) estimates (table1). The downward revision was morethan accounted for by a larger estimateof the decumulation of business inven-tories. Among the components of finalsales, there were upward revisions inpersonal consumption expenditures(mostly nondurable goods), nonresiden-tial fixed investment, and residential in-vestment, and downward revisions innet exports (mostly in goods, downwardin exports and upward in imports) andgovernment purchases. The increase inGNP prices as measured by the fixed-weighted price index was revised downone-half percentage point to 10 percent.
Table 1.—Revisions in Selected Component Series of the NIPA's, Fourth Quarter of 1980
The article "Pollution Abate-ment and Control Expenditures,"which regularly appears in theFebruary SURVEY OF CURRENTBUSINESS, will be published in theMarch issue. Publication is beingdelayed in order to incorporatedata on expenditures in 1979 bymanufacturing industries for theoperation of pollution abatementfacilities. These source data usual-ly become available in Novemberor December; this year they willbe released in February.
The article "Federal Fiscal Pro-grams," which regularly appearsin the February SURVEY, will bepublished in a later issue. Publica-tion is being delayed in order toincorporate the fiscal year 1982budget revisions submitted to Con-gress by the new administration.
GNP
Personal consumption expendituresNonresidential fixed investmentResidential investmentChange in business inventoriesNet exports
Government purchasesFederalState and local
Compensation of employeesCorporate profits with inventory valuation
and capital consumption adjustmentsOther. _
Personal income
GNP
Personal consumption expendituresNonresidential fixed investment .Residential investmentChange in business inventoriesNet exports
Government purchasesFederalState and local
GNP implicit price deflator . .
GNP fixed-weighted price index
GNP chain price index .
Seasonally adjusted at annual rates
15-dayestimate
45-dayestimate
Revision
Billions of current dollars
2,741.4
1,744.4297.3112.2-5.734.5
558.8213.3345.5
1, 662. 4
361.1
2,259.1
2,732.3
1, 749. 2300.0113.3
-15.226.9
558.0212.1346.0
1,661.6
360.3
2,256.0
-9.1
4.82.71.1
-9.5-7.6
-.8-1.2
.5
-.8
-.8
-3.1
Billions of constant (1972) dollars
1,490.1
943.0154.349.8-.252.9
290.2108.6181.6
1,486.5
946.0156.150.8-5.849.7
289.7107.6182.1
-3.6
3.01.81.0
-5.6-3.2
-.5-1.0
.5
Index numbers, 1972=100 »
183.98
188.6
183. 80
188.3
-.18
-.3
Percent change from precedingquarter at annual rates
15-dayestimate
45-dayestimate
Revision
16.7
15.64.5
63.8
20.443.68.4
17.3
17.2
14.9
15.2
16.98.4
70.5
19.740.29.0
17.1
16.1
14.3
-1.5
1.33.96.7
-.7-3.4
.6
-.2
-1.1
-.6
5.0
5.3-3.054.1
2.96.8.6
4.0
6.71.6
67.2
2.02.81.6
-1.0
1.44.6
13.1
-.9-4.0
1.0
11.2
10.7
11.0
10.7
10.1
10.5
-.5
-.6
-.5
1. Not at annual rates.
NOTE.—For the fourth quarter of 1980, thefollowing revised or additional major sourcedata became available: For personal consump-tion expenditures, revised retail sales forNovember and December, and sales and inven-tories of used cars of franchised automobiledealers for October and November; for non-residential fi&ed investment, manufacturers'shipments of equipment for November (re-vised) and December, and construction put inplace for November (revised) and December;for residential investment, construction put inplace for November (revised) and December;for change in business inventories, book valuesfor manufacturing and trade for November(revised) and December; for net exports of
goods and services, merchandise trade forNovember (revised) and December, and re-vised net investment income and other servicesreceipts for the quarter; for government pur-chases of goods and services, Federal unifiedbudget outlays for December, and State andlocal construction put in place for November(revised) and December; for wages andsalaries, revised employment, average hourlyearnings, and average weekly hours for No-vember and December; for net interest, re-vised net interest received from abroad for thequarter; for GNP prices, the Consumer PriceIndex for December, unit value indexes forexports and imports for November and Decem-ber, and residential housing prices for thequarter.
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SUEVEY OF CURKENT BUSINESS
National Income and Product Accounts Tables
February 1981
The tables that follow are presented in eight groups, and the table numbers reflect these groups. These table num-bers will also be used in future publications presenting NIPA estimates. The groups are:
1. National product and income2. Personal income and outlays3. Government receipts and expenditures4. Foreign transactions5. Saving and investment6. Product and income by industry7. Implicit price deflators and price indexes8. Supplementary table: Percent change from preceding period
Two abbreviations are used in the tables: IVA is inventory valuation adjustment and CCAdj is capital consump-tion adjustment.
1979 1980'
1979
III IV
1980
I II III IVr
Seasonally adjusted at annual rates
Billions of dollars
1979 1980 r
1979
III IV
1980
I II III IV'
Seasonally adjusted at annual rates
Billions of 1972 dollars
Table 1.1-1.2.—Gross National Product in Current and Constant Dollars
Gross national product
Personal consumption expenditures
Durable goodsNondurable goodsServices -
Gross private domestic investment-.
Fixed investment _ _ >Nonresi denti al
StructuresProducers' durable equipment
ResidentialNonfarm structuresFarm structuresProducers' durable equipment ..
Change in business inventoriesNonfarmFarm —
Net exports of goods and services
ExportsImports
Government purchases of goods and services
Federal _-„National defenseNondefense
State and local
2,413.9
1, 510. 9
212 3602\2696.3
415.8
398.3279.796.3
183 4118.6113. 9
1 82.9
17.513.44.1
13.4
281.3267.9
473.8
167.9111.256.7
305 9
2, 626. 5
1,672.3
211 9675.4785.1
395.4
400.8295 4108 6186 8105 3100.3
2 03.0
—5.3—4.1—1.2
24.2
340.1315.9
534.6
198.9131.767.2
335.7
2,444.1
1 529 1
213 3611.5704.3
421.7
408.3288 599.6
189 0119.8114.9
2 02.9
13.37.85.5
17.9
293.1275.2
475.4
165.1112.053.1
310 4
2,496.3
1 582 3
216 1639.2727.0
410.0
410.8290 2105.1185 1120.6115.4
2 33.0
—.8—4 4
3.6
7.6
306.3298.7
496.4
178.1118.759.4
318 3
2,571.7
1 631.0
220 9661.1749.0
415.6
413.1297 8108.2189 7115.2110.1
2 23 02.51 51.0
8.2
337.3329.1
516.8
190.0125.064.9
326 8
2,564.8
1 626.8
194 4664.0768.4
390.9
383.5289 8108.4181 493.688.91.82.97.46 11.3
17.1
333.3216.2
530.0
198.7128.770.0
331 3
2, 637.3
1. 682. 2
208 8674.2799.2
377.1
393.2294 0107.3186 899.294.51 73.0
—16.0—12 3—3.7
44.5
342.4297.9
533.5
194.9131.463 5
338 6
2,732.3
1,749.2
223 4702.2823.7
398.1
413.3300 0110.5189 5113.3107.9
2 23.1
-15.2—11.7—3.5
26.9
347.5320.5
558.0
212.1141.670.4
346 0
1,483.0
930.9
146 6354.6429.6
232.6
222.5163 348.5
114 859.166.2
92.0
10.27 g2.4
37.7
146.9109.2
281.8
101.767.134 6
180 1
1,480.9
934.9
135 8358 2440.8
203.8
206.4158 248.3
109 948.245.3
92.0
-2.6—2.1
—.5
52.3
161.2109.0
290.0
108.271.037.2
181 8
1,488.2
933 4
146 7355 4431.3
232.6
225.0166 449 4
117 058 655.5
92 17.64 53.1
41.1
151 3110.2
281.1
99.967.132 8
181 2
1,490.6
941.6
146.0361.3434.3
221.5
222.2164.150.7
113 558.154.91.12.1
—.7—2.7
2.0
42.2
154.8112.6
285.3
103.168.334 8
182 2
1,501.9
943.4
145.4361.5436.5
218.3
219.2165.050.5
114 554.251.21 02.1
—.9—1.4
.5
50.1
165.9115.8
2*0.1
107.669.937 7
182 5
1,463.3
919.3
126. 2356.6436.5
200.5
199.2156 148.7
107 443.140.3
g2.01.3
6.7
51.7
160.5108.9
291.9
110.770.939 7
181 2
1,471.9
930-8
132 6354.9443.3
195.3
200.2155 546.8
108 844 741.9
72 0
—5.0—3 1—1.8
57.6
160 5102.8
288.2
106.970.935 9
181 3
1,486.5
946.0
139 2359.9447.0
201.1
207.0156 147.3
108 850.847.81 02.1
—5.8—4.2—1.6
49.7
158.1108.3
289.7
107.672.135 5
182 1
Table 1.3-1.4.—Gross National Product by Major Type of Product in Current and Constant Dollars
Gross national product
Final sales - —Change in business inventories
Goods _ __
Final salesChange in business inventories
Durable goodsFinal salesChange in business inventories
Nondurable goodsFinal salesChange in business inventories
ServicesStructures _
Addenda:Gross domestic purchases 1
Final sales to domestic purchasers1
2,413.9
2, 396. 417.5
1,055.9
1, 038 517.5
451 2439 711.5
604.7598 8
6.0
1,097.2260.8
2,400.52, 383. 0
2,626.5
2, 631. 8—5.3
1,131.2
1 136 5—5.3
458 8463 0-4.1672.3673.5—1.2
1,229.5265.8
2, 602. 32, 607. 7
2 444.1
2, 430. 813.3
1,064.9
1 051 613 3
455 9449 2
6.7609.0602 4
6.6
1,112.0267.3
2, 426. 22, 412. 9
2 496 3
2,497 1—.8
1,078.3
1 079 1— g
448 1448 4-.4
630.3630 7
—.5
1,142.8275.1
2, 488. 72, 489. 5
2 571 7
2 569 12.5
1,116.9
1 114 42 5
456 4468 2
-11.8660.5646 214.3
1,178.6276.2
2, 563. 52, 560. 9
2 564 8
2 557 47.4
1,106.4
1 099 07 4
444 6441 3
3.3661.8657 7
4.1
1 205.6252.8
2, 547. 72, 540. 3
2 637 3
2 653 4—16.0
1,129.4
1 145 4—16 0
456 5464 9-8.4672.9680 5—7.7
1 249 0258.9
2 592 82,608.8
2,732 3
2, 747. 5—15.2
1,171.9
1 187 1—15 2
477 8477 4
.4694.1709 7
—15.6
1,284.8275.5
2,705.42, 720. 5
1 483 0
1 472.910.2
674.5
664 310 2
296 9290 2
6.7377.5374 1
3.5
678.0130.6
1,445 31, 435. 1
1 480 9
1 483 5—2.6
665.5
668 1—2 6
279 6281 4-1.8386.0386 7
—.7
695.6119.7
1 428.71, 431. 3
1 488 2
1 480 67.6
673.6
666 07 6
295 9292 1
3.8377 7373 8
3 8
683 0131 6
1 447 11,439 5
1 490 6
1 491 3—.7
673.3
674 0_ 7
289 6289 9-.3
383.7384 1
— 4
684 9132.4
1 448 41, 449. 1
1 501 9
1 502 8—.9
682.1
683 0— 9
290 6295 2-4.6391 4387 7
3 7
690 7129 1
1 451 81 452 7
1 463 3
1 462 01 3
658.1
656 81 3
270 8270 1
.7387 3386 7
6
690 6114 6
1 411 61 410 4
1 471 9
1 476 9—5 0
657.5
662 4—5 0
274 6278 4-3.8382 9384 0—1 1
699 9114 5
1 414 31 419 2
1 486 5
1 492 4'—5 8
664.5
670 3—5 8
282 2281*9
.4382 3388 5—6 2
701 4120 7
1 436 81 442.6
«• Revised.
NOTE.—Percent changes from preceding period for selected items in these tables are shownin table 8.1.
1. Gross domestic purchases equals gross national product less exports plus imports; finalsales to domestic purchasers equals final sales less exports plus imports.
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February 1981 SUEVEY OF CUEKENT BUSINESS
Table 1.5-1.6.—Gross National Product by Sector in Current and Constant Dollars
Gross national product
Gross domestic productBusiness - - --
N on farmNonfarm less housingHousing
FarmStatistical discrepancy
Households and institutionsPrivate households ._ _ __Nonprofit institutions
GovernmentFederal - - - -State and local.. _ __ __
Rest of the worldAddendum:
Gross domestic business product less housing. „
1979 1980'
1979
III IV
1980
I II III IV-
Seasonally adjusted at annual rates
Billions of dollars
2,413.9
2,370.1'2. 046. 31, 974. 11, 786. 0
188.170.02.2
75.76.4
69.3248.175.8
172.343.8
1, 858. 2
2,626.5
2,576.62,221.42,151.61, 1 38. 8
212.868.01.7
85.96.7
79.2269.382.0
187.449.9
2,008.6
2,444.1
2,396.02, 069. 81,996.51, 805. 4
191. C70.42.8
76.96.6
70.3249.474.9
174.548.1
1, 878. 7
2,496.3
2,449.72,113.92, 043. 61, 846. 3
197.371.0-.779.46.6
72.8256. 479.0
177.346.6
1,916.6
2,571.7
2,520.22,176.92, 106. 41, 903. 6
202.867.72.8
82.16.6
75.5261.279.6
181.651.5
1, 974. 1
2,564.8
2,516.72,166.42, 100. 81,891.7
20V. 167.5
-1.984.46.7
77.7265.980.5
185.448.1
1, 957. 3
2,637.3
2,586.92, 230. 02, 159. 11, 943. 1
216.067.93.0
86.96.7
80.2269.980.7
189.350.5
2, 014. 0
2,732.3
2,682.82, 312. 12,240.22,016.8
223. 369.03.0
90.36.9
83.5280.387.1
193. 349.4
2,088.8
1979 1980'
1979
III IV
1980
I II III IV'
Seasonally adjusted at annual rates
Billions of 1972 dollars
1,483.0
1,455.9I, 258. 31, 222. 11,094.8
127.334.9
1.443.73.5
40.2153.949.0
104.927.2
1,131.0
1,480.9
1, 452. 51,251.91, 215. 71,083.4
132.335.21.0
45.43.5
41.9155.249.2
106.028.5
1, 119. 6
1,488.2
1,458.61, 260. 01, 223. 21, 095. 0
128.235.11.7
44.23.6
40.6154.449.0
105. 329.6
1.131.9
1,490.6
1,462.41, 263. 61, 228. 21,099.1
129.135.8-.444.43.6
40.8154. 548.9
105. 628.1
1, 134. 4
1,501.9
1, 471.51, 271. 91, 233. 31, 103. 0
130.337.01.6
44.83.5
41.3154.849.0
105. 830.4
1, 141. 6
1,463.3
1,435.51. 235. 21, 198. 51, 066. 8
131.737.8-l.l44.93.5
41.5155. 449.4
105.927.8
1, 103. 5
1,471.9
1,443.41,242.31, 207. 61,074.6
133. 033.1
1.745.63.4
42.1155. 549.4
106.128.5
1, 109. 4
1 486.5
1,459.41. 258. 11,223.41,089.2
134.233.01.6
46.13.4
42.7155. 248.9
106.327.2
1, 123. 9
1979 1980'
1979
III IV
1980
I II III IV'
Seasonally adjusted at annual rates
Billions of dollars
1979 1980'
1979
III IV
1980
I II III IVr
Seasonally adjusted at annual rates
Billions of dollars
Table 1.7.—Relation of Gross National Product, Net National Table 1.11.—National Income by Type of Income
Less: Capital consumptionallowances withCCAdj
Capital consumptionallowances withoutCCAdj
Less: CCAdjEquals: Net national product. .Less: Indirect business tax
and nontax liabilityBusiness transfer pay-
mentsStatistical discrepancy...
Plus: Subsidies less currentsurplus of governmententerprises .
Equals: National incomeLess: Corporate profits with
IV A and CCAdj
Contributions for socialinsurance
Wage accruals less dis-bursements.
Plus: Government transferpayments to persons-
Personal interest income.Personal dividend in-
comeBusiness transfer pay-
Equals: Personal income
2,413.9
253.6
199.2-54.5
2,160.3
188.4
9.42.2
3.11,963.3
196.8143.4
187.1
-.2
239.9209.6
48.6
9.41,943.8
2,626.5
287.3
224.1-63.1
2,339.3
212.2
10.51.7
4.62,119.5
180.7179.9
203.7
0
283.8256.2
54.4
10.52,160.2
2,444.1
259.6
203.4-56.1
2,184.6
190.0
9.62.8
4.01,986.2
199.5146.8
188.5
-.1
248.3214.3
48.6
9.61,972.3
2,496.3
265.1
208.1-57.0
2,231.2
193.5
9.8-.7
2.72,031.3
189.4156.5
192.2
.2
253.3225.7
50.1
9.82,032.0
2,571.7
274.6
215.6-59.0
2,297.1
198.9
10.12.8
3.12,088.5
200.2165.4
198.8
-.2
261.6239.9
52.4
10.12,088.2
2,564.8
283.7
220.3-63.4
2,281.1
206.3
10.3-1.9
3.72,070.0
169.3175.3
199.5
0
270.3253.6
54.2
10.32, 114. 5
2,637.3
291.8
226.9-64.9
2,345.5
215.8
10.63.0
6.32,122.4
177.9185.3
204.1
.5
300.1261.8
55.1
10.62, 182. 1
Billions of 1972 dollars
Table 1.8.— Relation of Gross National Product, Net NatioiProduct, and National Income in Constant Dollars
Gross national productLess: Capital consumption al-
lowances with CCAdj.Equals: Net national product. .Jjess: Indirect business tax
arid nontax liabilityplus business transferpayments less subsi-dies plus current sur-plus of government
1,483.0
141.61,341.4
1 ,480. 9
147. 51,333.4
1,488.2
143.11,345.2
1,490.6
144.11,346.5
1,501.9
145.91,356.0
1,463.3
146.61,316.6
1,471.9
147.91,324.0
2 732 3 National income
Compensation of employees. . .
298. 9 Wages and salariesGovernment and govern-
ment enterprises233. 7 Other
~" ' Supplements to wages and2,433.3 salanes
Employer contributions227 6 for social insurance
Other labor income10. 9 Proprietors' income with IVA
and CCAdj
Farm. ._5.4 Proprietors' income with
IVACCAdj
... Nonfarm193. 6 Proprietors' income
IVA212.2 CCAdj_ z Rental income of persons with
CCAdj .. .
269! 4 Rental income of personsCCAdj ..
56.1 Corporate profits with IVAand CCAdj
10.92, 256. 0 Corporate profits with IVA .
Profits before taxProfits tax liabilityProfits after tax
Dividendsla| Undistributed profits.
IVA
1.486.5 Net interest
, J^-J Addenda:i, <w/. i Corporate profits after tax
with IVA and CCAdj...DividendsUndistributed profits with
IVA and CCAdj
1,963.3
1,460.9
1,235.9
235.91,000.0
225.0
106.4118.6
131.6
30.8
36.6-5.8
100.7105.2-3.4-1.0
30.5
58.9-28.3
196.8
212.7
255.487.6
167.850.2
117. 6-42. 6
— 15. 9
143.4
109.250.2
59.1
2,119.5
1,596.5
1,343.6
253.61,090.0
252.9
115.8137.1
130.7
23.4
30.3-6.9
107.2112.6-3.5-1.9
31.8
64.9-33.1
180.7
197.8
241.880.7
161.156.0
105.1-43.9
—17.2
179.9
100.056.0
44.0
1,986.2
1,476.7
1,248.5
237.01,011.6
228.2
107.3120.9
132.9
30.2
36.2-5.9
102.7107.3-3.5-1.2
30.3
59.7-29.4
199.5
215.6
262.088.4
173.650.2
123.5-46.5
-16.1
146.8
111.150.2
60.9
2,031.3
1,518.1
1 282 4
243.31, 039. 1
235.7
109.8126.0
136.3
29.5
35.7-6.2
106.8112.2-4.0-1.5
31.0
61.4-30.4
189.4
204.5
255.487.2
168.251.6
116.6-50.8
-15.1
156.5
102.251.6
50.6
2,088.5
1,558.0
1, 314. 5
246.71, 067. 9
243.5
112. 6130.9
133.7
25.7
32.3-6.5
107.9114.8-5.3-1.6
31.2
62.9-31. 6
200.2
215.6
277.194.2
182.953.9
128.9-61.4
-15.4
165.4
106.053.9
52.1
2,070.0
1,569.0
1, 320. 4
250.51, 069. 9
248.6
113.6135.1
124.9
23.3
30.2-6.9
101.6105. 5-2.0-1.9
31.5
64.5-33.0
169.3
186. 9
217.971.5
146.555.790.7
-31.1
-17.6
175.3
97.855.7
42.1
2, 122. 4
1,597.4
1, 342. 3
253. 91, 088. 4
255.0
116. 0139.1
129.7
22.1
29.0-6.9
107.6113.1-3.5-2.0
32.0
65.9-33.9
177.9
195.9
237.678.5
159.156.7
102.4-41.7
-17.9
185.3
99.556.7
42.8
1,661.6
1,397.2
263.31, 133. 9
264.5
121.0143.5
134.3
22.6
29.7-7.2
111.8117.2-3.4-2.0
32.4
66.4-33.9
57.7
-41.4
—17.8
193.6
"~57.~7
' Revised.
NOTE.—Percent changes from preceding period for selected items in table 1.5-1.6 are shownin table 8.1.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS February 1981
Table 1.13.—Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of NonfinancialCorporate Business in Current and Constant Dollars
Gross domestic productof corporate business. .
Capital consumption allow-ances with C C Adi
Net domestic product
Indirect business tax andnontax liability plus busi-ness transfer paymentsless subsidies
Domestic incomeCompensation of employ-
eesWaces and salariesSupplements to wages
and salaries .Corporate profits with
IVA and CCAdj
Profits before taxProfits tax liabilityProfits after tax ~
DividendsUndistributed profits
IVACCAdj
Net interest.
Gross domestic productof financial corporatebusiness
Gross domestic productof nonfinancial corpo-rate business
Capital consumption allow-ances with C C Adi
1979 1980 '
1979
III IV
1980
I II III IV r
Seasonally adjusted at annual rates
Billions of dollars
1,494.9
155.4
1,339.5
139.6
1, 199. 8
1,011.5845.9
165.6
166.5
225.087.6
137.434.9
102.5-42.6-15.9
21.9
77.9
1,417.0
147.5
1,614.2
175.4
1,438.8
159.2
1,279.5
1, 103. 1917.9
185.2
149.3
210.480.7
129.737.o92.2
-43. 9-17.2
27.2
80.9
1,533.3
165.9
1,510.8
158.7
1,352.1
140.9
1,211.2
1,023.5855.4
168.1
164.4
226.988.4
138.632.3
106.3-46.5
16 123.3
78.6
1,432.1
150.7
1,539.8
161.5
1,378.3
143.5
1,234.8
1,051.4877.8
173.6
157.7
223.787.2
136.535.3
101.2-50.8
15 125.6
82.0
1,457.7
152.9
1,584.0
167.1
1,416.9
148.1
1,268.9
1,079.9901.1
178.8
163.6
240.494.2
146.234.3
112.0-61.4-15.4
25.3
82.0
1,502.1
158.2
1,576.7
173.0
1,403.7
154.4
1,249.3
1,083.0900.8
182.2
140.0
188.671.5
117.137.979.3
-31.117 626.3
80.4
1,496.3
163.6
1,617.5
178.4
1,439.0
162.4
1,276.6
1,101.7915.2
186.4
147.0
206.778.5
128.237.990.3
-41.7-17.9
27.9
79.7
1,537.7
168.6
183.2
172.1
1, 147. 7954.5
193.2
40.0
-41.4—17.8
29.1
173.0
Net domestic productIndirect business tax and
nontax liability plus busi-ness transfer paymentsless subsidies
Domestic income.. _Compensation of employ-
ees . .Wages and salariesSupplements to wages
and salariesCorporate profits with
IVA and CCAdj
Profits before taxProfits tax liabilityProfits after tax...
DividendsUndistributed prof-
itsIVACCAdj
Net interest
Gross domestic productof nonfinancial corpo-rate business
Capital consumption allow-ances with CCAdj.-
Net domestic product..Indirect business tax and
nontax liability plus busi-ness transfer paymentsless subsidies
Domestic income
1979 1980 '
1979
III IV
1980
I II III IV '
Seasonally adjusted at annual rates
Billions of dollars
1,269.5
133.61,135.9
954.0798.9
155.2
136.7
193.469.7
123.737.3
86.3-42.6-14.1
45.2
1, 367. 4
152.41,215.0
1,037.1864.2
172.9
121.8
180.161.9
118.240.3
77.9-43.9-14.4
56.1
1,281.5
134.81,146.7
965.2807.7
157.5
134.8
195.570.5
125.034.9
90.1-46.5-14.2
46.7
1,304.8
137.31,167.5
991.1828.4
162.7
127.3
191.168.4
122.738.2
84.5-50.8-13.0
49.1
1,343.9
141.71,202.3
1,017.3849.9
167.4
132.6
207.274.3
132.936.9
96.0-61.4-13.1
52.3
1,332.7
147.71,185.0
1,018.0847.9
170.1
112.5
158.652.0
106.641.1
65.5-31.1-14.9
54.4
1,369.1
155.41,213.6
1,034.8860.9
173.9
121.2
177.960.3
117.640.8
76.8-41.7-15.0
57.6
164.7
1,078.5898.2
180.3
42.6
-41.4-14.7
60.1
Billions of 1972 dollars
873.3
84.6
788.7
92.7696.0
866.2
88.1
778.0
95.1682.9
874.3
85.5
788.8
92.7696.1
873.4
86.1
787.3
93.9693.5
878.2
87.1
791.2
94.9696.2
853.2
87.6
765.7
94.1671.6
860.4
88.5
771.9
95.3676.5
89.4
96.1
1979 1980 '
1979
III IV
1980
I II III IV '
Seasonally adjusted at annual rates
Billions of dollars
1979 1980'
1979
III IV
1980
I II III IV'
Seasonally adjusted at annual rates
Billions of 1972 dollars
Table 1.14-1.15.—Auto Output in Current and Constant Dollars
Final salesPersonal consumption expenditures.
New autosNet purchases of used autos .
Producers' durable equipmentNew autosNet purchases of used autos
Net exportsExportsImports
Government purchases of goods and services. .Change in business inventories of new and used
antosNew . .Used
Addenda:Domestic output of new autos *Sales of imported new autos *
68.0
69.265.349 415.913 222 2
—9 1—10 1
4.714 8
.8
1 2— 1 0
2
57.819 4
60.2
62 261.846 215.612 421 2
—8 8—12 9
4 0168
.8
2 01 3
_ 7
48.821 7
64.9
69 865.049 715.214 724 2
—9 5—10 8
4.815 5
.9
4 9—5 1
2
55.619 2
61.8
65 764.248 515.711 219 5
—8 3—10 5
4.915 4
.8
3 9—3 3
— 6
50.119 8
64.4
73 871 654 816 912 922 2
—9 4—11 5
4 816 3
.8
9 5
—1 2
51.624 3
53.6
51 550 736 813 911 018 3
—7*3—10 9
3 914 8
.8
2 o3 4
—1 4
43 018 2
54.3
57 858 744 314 413 321 9
—8 7—15 1
3 418 4
.8
3 53 8
4
45.321 2
68.6
65 566 148 717.312 622 4
—9 8—13 9
3.917 8
.8
3 13 5
_ 4
55.423 2
46.8
47.341.333 18.29 9
14 9—5 0—4 4
3.17 6.6
5— 4_ i
38.712 9
38.6
39 936 528 67.88 5
13 2—4.7—5 5
2 48 0.5
1 39
— 4
30 213 5
44.0
47.440.832 88.0
10 615 9
—5.3—4 7
3.17 8.6
3 3—3 4
1
36.512 7
41.4
44.139.931.88.18.2
12 8—4.6—4 5
3.27.7.5
—2 7—2 4
— 3
32.813 0
42.5
48.343.735.08.79.1
14 2—5.1—5.0
3.18.1.5
—5 85 2
6
33.015.6
34.6
33.530.422.97.57.3
11.4—4.1—4.6
2.47.1.5
1 01 8
—.8
26.811.4
34.6
36.834.326.97.48.6
13.4-4.8—6.6
1.88.4.5
—2 2—2 4
.2
27.312.9
42.8
40.937.429.67.88.9
13.6-4.7—6.0
2.48.3.5
1 92.1
—.2
33.714.1
Table 1.16-1.17.—Truck Output in Current and Constant Dollars
Truck output »
Final sales _Personal consumption expenditures __Producers' durable equipment .Net exports
ExportsImports
Government purchases of goods and services
Change in business inventories. __
37.8
37 711.423 7— 43 33 83.0
.1
25 7
27 87 9
17 61 i3 14 13.3
—2 1
34 5
37 610 823 9_ 23 23 43.1
—3.1
32 6
36 411.422 0_ i3*53 73.1
—3 8
28 0
30 99 1
19 4g
3 03 n
3.2
—2 9
23 g
26 17 3
16 17
2 93 53.3
—2 2
23 2
27 57 9
18 01 93 1c n3.4
4 3
27 7
26 87 5
16 81 03 34.33.5
9
22 3
22 37 6
13 34
1 92 31.7
I
13 8
14 94 99 1
1 6t) 0
1.7
1 2
19 8
21 87 1
13 3o
1 89 11.7
2 o
19 0
21 07 5
12 13
2 0t) 0
1.7
2 1
15.7
17 35 8
10 4Q
1 62 21.7
—1 6
12.8
14 14.58 4
— 61 52 11.7
—1 3
12.2
14.54.89 1
—1 21 62 81.7
—2 2
14.3
13.74.58 2
__ 71 62 31.7
5
' Revised.
Tablt 1.14-1.15:1. Consists of final sales and change in business inventories of new autos produced in the
Table 1.16-1.17:1. Includes new tracks only.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS
1979 1980 '
1979
III IV
1980
I II III IV r
Seasonally adjusted at annual rates
Billions of dollars
1979 1980
1979
III IV
1980
I II III IV'
Seasonally adjusted at annual rates
Billions of dollars
Table 2.1.—Personal Income and Its Disposition Table 2.2—2.3.—Personal Consumption Expenditures by Major Type
Personal income
Wage and salary disburse-ments
Commodity-producing in-dustries
Manufacturing _ _Distributive industriesService industriesGovernment and govern-
ment enterprises _~
Other labor income
Proprietors' income with IVAand CCAdj
FarmNonfarm
Rental income of personswith CCAdj
Personal dividend incomePersonal interest incomeTransfer payments
Old-age, survivors, dis-ability, and health in-surance benefits
Government unemploy-ment insurance benefits. ..
Government employeesretirement benefits
Other transfer payments. .Aid to families with de-
Other ._
Less: Personal contributions
Less: Personal tax and nontaxpayments
Equals: Disposable personalincome
Less: Personal outlays
Personal consumption ex-penditures
Interest paid by consumersto business
Personal transfer paymentsto foreigners (net)
-Equals: Personal saving
Addenda:Disposable personal income
Total, billions of 1972dollars
Per capita:Current dollars1972 dollars
Population (millions)
Personal saving as percent-age of disposal persona)income
1,843.8
1,236.1
437.9333.4303.0259.2
236.1
118.6
131.6
30.810U.7
30.548.6
209.6249.4
131.8
9.814.4
37.056.4
11.045.4
80.6
302.0
1,641.7
1,555.5
1, 510. 9
43.7
1.0
86.2
1,011.5
7,4414,584220.6
5.2
2,160.2
1,343.6
465.4350.7328.9295. 7
253.6
137.1
130.7
23.4107.2
31.854.4
256.2294.2
153. 8
16015.0
42.866.7
12.454.3
87.9
338.6
1,821.6
1,719.8
1,672.3
46.4
1.1
101.8
1,018.4
8,1764.571222.8
5.6
1,972.3
1,248.6
441.6335.5306.5263.4
237.1
120.9
132.9
30.2102.7
30.348.6
2U.3257.8
137.8
9.814.4
37.358.4
11.147.3
81.2
308.4
1,663.8
1,574.5
1, 529. 1
44.5
.9
89.3
1, 015. 7
7,5334,598220.9
5.4
2,032.0
1,282.2
450.4340.4315.0273.7
243.1
126.0
136.3
29.5106.8
31.050.1
225.7263.1
139.3
10.614.6
39.259.3
11.547.8
82.4
321.8
1,710.1
1,629.4
1, 582. 3
45.8
1.3
80.7
1, 017. 7
7,7224, 596221.5
4.7
2,088.2
1,314.7
461.7347.9322.6283.6
246.8
130.9
133.7
25.7107.9
31.252.4
239.9271.7
142.0
11.414.8
40.263.3
11.751.6
86.2
323.1
1,765.1
1,678.7
1,631.0
46.7
1.0
86.4
1, 021. 0
7,9534,600221.9
4.9
2,114.5
1,320.4
456.0343.2323. 2290.8
250.5
135.1
124.9
23.3101.6
31.554.2
253.6280.7
144.7
16.014.6
42.363.0
12 051.0
85.9
330.3
1,784.1
1,674.1
1, 626. 8
46.3
1.0
110.0
1,008.2
8,0204,532222.4
6.2
2,182.1
1,341.8
460.1346.7329.2298. 7
253.9
139.1
129.7
22.1107.6
32.055.1
261.8310.7
163.2
19.014.9
43.170.5
12.857.7
88.1
341.5
1,840.6
1,729.2
1,682.2
46.0
1.0
111.4
1, 018. 5
8,2494, 565223.1
6.1
r Revised.
Table 2.1:NOTE.— Percent changes from preceding period for selected items in this table are sh
table 8.1.
Table S.lfrNOTE.— In this table interest and dividends received is included in receipts; in tab
3.2 and 3.3, interest and dividends received is netted against expenditures.
Personal consumptionexpenditures1,397.7 uiuire»._-
Durable goods
484. 1 Motor vehicles and parts. .oSn!! Furniture and householdqnQ7 equipment
263. 3 Nondurable goods
143.5 FoodClothing and shoes
-, . , Gasoline and oilW4 •* Other nondurable poods. . .00 „ Fuel oil and coal**. o Other
111.8 Uine -Services .
32 .4 HnnsiTiff2M "1 Household operation ...oj« q E lectricity and gasOlO.V n + Viay
TransportationOther.
165.3
17.515.5
4r 7 Personal consumption«>YnAiirlitiiroa
1Q T Durable goods56< 7 Motor vehicles and parts..
Furniture and household01 9 equipment91'2 Other.... .
359 3 Nondurable goods
Food....1 896 7 Clothing and shoes' Gasoline and oil
i 7Q7 9 Other nondurable goods1 »'*'•* Fuel oil and coalOther.. ..
1,749.2 8^^
46.8 TTnn<!inff
i 2 Household operationElectricity and gas
qo r OtherTransportationOther
1,510.9
212.3
95.5
81.135.8
602.2
312.198.968.4
122.916.0
106.9
696.3
241.998.747.351.357.2
298.5
1,672.3
211.9
89.9
84.637.4
675.4
345.5104.889-0
136.119.7
116.4
785.1
272.0111.755.756.063.8
337.5
1,529.1
213.3
94.7
82.436.2
611.5
314.3100.372.1
124.917.9
107.0
704.3
244.999.547.352.258.2
301.7
1,582.3
216.1
95.4
83.837.0
639.2
329.0102.577.6
130.018.1
111.8
727.0
253.0102.749.852.959.9
311.4
1,631.0
220.9
100.6
83.636.8
661.1
336.2102.289.4
133.318.8
114.5
749.0
259.8104.250.054.261.4
323.7
1,626.8
194.4
77.5
81.335.6
664.0
338.4102.390.9
132.419.2
113.1
768.4
267.3109.354.554.861.6
330.2
1,682.2
208.8
87.0
84.637.2
674.2
347.7105.385.3
136.020.7
115.3
799.2
275.7116.15'J.356.865 8
341.5
1.749.2
223.4
94.5
89.039.9
702.2
359.7109.390.2
142.920.2
122.7
823.7
285.2117.259.158.166.5
354.7
Billions of 1972 dollars
930.9
146.6
61.7
59.825.1
354.6
176.776.628.173.24.7
68.5
429.6
159.359.623.136.535.5
175.2
934.9
135.8
53.8
59.023.1
358.2
181.478.026.272.64.2
68.4
440.8
164.261.523.338.234.6
180.5
933.4
146.7
60.8
60.725.2
355.4
177.477.427.473.24.8
68.3
431.3
159.859.622.637.035.8
176.1
941.6
146.0
60.3
60.725.0
361.3
181.378.427.274.44.5
69.9
434.3
160.960.123.037.135.5
177.7
943.4
145.4
62.1
59.623.8
361.5
183.676.927.073.94.2
69.7
436.5
162.160.022.337.735.2
179.2
919.3
126.2
47.0
57.022.2
356.6
182.276.726.471.24.1
67.2
436.5
163.561.323.138.234.1
177.7
930.8
132.6
51.5
58.422.6
354.9
180,178.325.271.44.37.0
443.3
164.862.624.138.434.7
181.2
946.0
139.2
54.5
60.823.8
359.9
179.680.126.374.04.2
69.8
447.0
166.562.223.638.734.5
183.7
I 025 g Billions of dollars
4,' 585 Table 3.14.— State and Local Government Social Insurance Funds223. 7 Receipts and Expenditures
Receipts5.2 «eceP*s
surance
Personal contributionEmployer contributions
own in Government and govern-ment enterprises.
Other
Ies3.1, interest and dividends re-ceived
Expenditures
Administrative expenses (pur-chases of goods and services) .
Transfer payments to persons.
Surplus or deficit (-)
40.2
28.1
7.520.7
18.32.4
12.1
16.4
.515.9
23.9
45.0
31.5
7.723.8
21.02.8
13.6
18.2
.617.6
26.9
41.0
28.6
7.521.1
18.62.5
12.4
16.6
.516.1
24.5
42.1
29.2
7.721.5
19.02.5
12.9
17.1
.516.6
25.0
42.9
29.6
7.522.2
19.62.6
13.3
17.6
.517.0
25.3
43.6
30.2
7.023.2
20.52.7
13.4
17.9
.517.4
25.7
46.0
32.3
8.124.3
21.42.8
13.7
18.3
.617.8
27.7
47.7
33.7
8.425.3
22.42.9
14.0
18.8
.618.2
28.9
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
6 SUEVEY OF CUEEENT BUSINESS February 1981
Table 3.7B-3.8B.—-Government Purchases of Goods and Services by Type in Current and Constant Dollars
Government purchases of goods and serv-ices _
FederalNational defense - -_
Durable goodsNondurable goods - -Services — - -
Compensation of employeesMilitaryCivilian —
Other servicesStructures
Nondefense .Durable goodsNondurable goodsServices --
Compensation of employeesOther services
Structures
State and local .. _Durable goods - -Nondurable goodsServices _ _ _
Compensation of employeesOther services
Structures. _
1979 1980'
1979
III IV
1980
I II III IV'
Seasonally adjusted at annual rates
Billions of dollars
473.8
167.9111.226.87.0
74.948.827.721.026.22.4
56.7.6
2.048.127.021.06.0
305.99.8
23.4232.4172.360.140.3
534.6
198.9131.733.010.984.752.830.422.431.93.2
67.21.54.1
55.129.125.96.6
335.710.626.3
253.6187.466.245.2
475.4
165.1112.026.67.4
75.348.227.320.827.12.7
53.11.2
-3.048.526.721.86.4
310.49.9
23.7235. 1174.560.641.7
496.4
178.1118.729.58.2
78.551.029.121.927.52.4
59.4-1.1
3.850.828.022.85.9
318.310. 124.3
239.8177.362.544.1
516.S
190.0125.031.59.8
80.851.329.322.029.52.9
64.91.54.4
52.328.324.16.7
326.810.325.0
245.4181.663.846.1
530.0
198.7128.732.310.483.151.429.421.931.82.9
70.01.37.8
54.629.125.46.3
331.310.525.7
250.7185.465.344.4
533.5
194.9131.432.910.584.151.829.722.132.33.8
63.51.5
-1.156.328.827.56.8
338.610.726.7
256.3189.367.144.9
558.0
212.1141.635.212.890. H56.833.223.633.83.1
70.41.65.3
57.130.326.86.4
346.010.927.7
262.0193.368.745.4
1979 1980'
1979
III IV
1980
I II III IV '
Seasonally adjusted at annual rates
Billions of 1972 dollars
281.8
101.767.116.62.4
46.732.018.813.214.71.4
34.6.7
1.129.617.012.63.2
180.16.2
13.4140.2104.935.320.4
290.0
108.271.018.42.5
48.532.118.913.216.41.6
37.2.9
2.031.117.114.03.2
181.86.3
13.7141.3106.035.320.5
281.1
99.967.116.02.4
47.232.018.813.315.11.6
32.8.9
-1.429.917.012.93.4
181.26.3
13.4140.7105. 335.320.8
285.3
103.168.317.72.4
46.932.018.813.214.91.3
34.801.6
30.116.913.13.1
182.26.3
13.4141.1105. 635.521.4
290.1
107.669.918.22.3
47.832.018.813.215.81.5
37.71.02.9
30.517.013.53.4
182.56.2
13.5141.1105.835.321.6
291.9
110.770.918.32.5
48.732.018.813.216.71.5
39.7.8
4.531.417.513.93.1
181.26.3
13.6141.1105.935.220.2
288.2
106.970.918.02.3
48.732.218.913.216.51.9
35.9.9
—.131.917.214.63.2
181.36.3
13.7141.4106.135.320.0
289.7
107.672.119.02.8
48.732.119.013.116.61.5
35.5.9.8
30.816.813.93.0
182.16.2
14.0141.8106.335.520.0
Table 3.2.—Federal Government Receipts and Expenditures Table 3.3.—State and Local Government Receipts and Expenditures
Receipts
Personal tax and nontax re-ceipts.
Income taxes..Estate and gift taxesNontaxes . .
Corporate profits tax accruals..
Indirect business tax and non-tax accruals _
Excise taxesCustoms dutiesNontaxes.. .
Contributions for social insur-ance.
Expenditures
Purchases of goods and serv-ices
National defense...Nondefense .
Transfer paymentsTo personsTo foreigners
Grants-in-aid to State andlocal governments
Net interest paid— .Interest paid.
To persons and business.. .To foreigners
Less: Interest received bygovernment
Subsidies less current surplusof government enterprises..
Subsidies. .Less: Current surplus of
government enterprises
Less- Wage accruals less dis-bursements
Surplus or deficit (-),national income andproduct accounts
Social insurance fundsOther
1979 1980 r
1979
III IV
1980
I II III IV '
Seasonally adjusted at annual rates
Billions of dollars
494.4
231.4225.7
5.5.2
74.6
29.418.67.53.4
159.0
509.2
167.9111.256.7
209.1204.9
4.2
80.4
42.353.642.611.1
11.3
9.49.3
-.1
0
-14.8
3.2-18.1
539.4
257. 8251. 0
6.6.2
68.7
40.629.17.24.3
172.2
601.6
198.9131.767.2
249.4244.9
4.5
87.9
53.467.554.812.7
14.1
12.010.7
-1.3
0
-62.3
-14.2-48.1
500.6
236.2230.6
5.4.2
75.3
29.318.57.33.5
159.9
515.8
165.1112.053.1
216.6212.8
3.8
80.8
42.954.743.711.0
11.7
10.59.0
-1.5
0
-15.2
-2.1-13.1
514.0
247.1241.0
5.9.2
74.3
29.618.67.43.6
163.0
538.6
178.1118.759.4
221.7216.8
4.9
84.9
44.456.845.511.3
12.4
9.59.8
.3
0
-24.5
-2.1-22.4
528.4
246.9240.7
6.0.2
80.5
31.920.97.23.8
169.2
564.7
190,0125.064.9
228.9224.4
4.5
85.5
50.363.150.912.2
12.8
10.110.0
—.1
0
-36.3
.4-36.7
520.9
252.0245.2
6.7.2
60.. 9
38.727,96.84.0
169.3
587.3
198.7128.770.0
236.0232.2
3.8
87.2
54.468.056.311.7
13.6
11.010.3
-.6
0
-66.5
-7.8-58.6
540.8
259.4252.3
6.9.2
66.7
42.931.47.34.2
171.8
615.0
194.9131.463.5
265.3260.4
4.9
87.7
53.568.256.311.9
14.8
13.710.7
-3.1
0
-74.2
-27.1-47.1
273. 0266.0
6.8.2
48.936.17.35.4
178.6
639.4
212.1141.670.4
267.6262.6
4.9
91.4
70.8710.855.815.0
15.4
13.111.6
-1.4
0
-22.2
Receipts
Personal tax and nontax re-ceipts
Income taxes - _NontaxesOther
Corporate profits tax accruals.
Indirect business tax and non-tax accruals
Sales taxes. _ _Property taxesOther
Contributions for social insurance - -
Federal grants-in-aid
Expenditures
Purchases of goods andservices
Compensation of employees.Other
Transfer payments to persons.
Net interest paid „Interest paidLess: Interest received by
government
Less: Dividends received bygovernment
Subsidies less current surplusof government enterprises.
SubsidiesLess: Current surplus of
government enter-prises..
Less: Wage accruals less dis-bursements
Surplus or deficit (— ),national income andproduct accounts
Social insurance fundsOther _
1979 1980'
1979
III IV
1980
I II III IV r
Seasonally adjusted at annual rates
BiUions of dollars
351.2
70.638.824.57.4
13.0
159.076.964.417.7
28.1
80.4
324.4
305.9172.3133.6
35.0
-8.816.3
25.1
1.5
-6.3.3
6.7
-.1
26.7
23.92.9
383.7
80.745.027.97.9
11.9
171.682.867.521.2
31.5
87.9
354.8
335. 7187.4148.3
38.9
-10.817.7
28.5
1.6
-7.4.4
7.7
0
28.8
26.91.9
355.4
72.340.024.9*7.4
13.1
160.677.864.818.1
28.6
80.8
328.9
310.4174.5135.9
35.4
-9.016.5
25.5
1.5
-6.5.3
6.8
-.1
26.5
24.52.1
365.6
74.741.325.97.5
12.9
163.979.465.419.1
29.2
84.9
336.7
318.3177.3141.0
36.4
-9.716.9
26.6
1.5
-6.7.3
7.0
.2
28.9
25.04.0
372.1
76.241.826.77.7
13.7
167.080.866.319.9
29.6
85.5
345.4
326.8181.6145.2
37.2
-10.217.2
27.4
1.6
-7.0.3
7.3
2
26.6
25.31.3
373.9
78.343.027.57.8
10.6
167.779.767.220.8
30.2
87.2
350.0
331.3185.4145.9
38.1
-10.617.4
28.0
1.6
-7.2.3
7.6
0
23.9
25.7-1.7
386.8
82.145.828.38.0
11.7
173.083.467.921.7
32.3
87.7
358.2
338.6189.3149.3
39.7
-11.117.7
28.8
1.6
-7.5.4
7.8
0
28.6
27.7.9
86.449.229.08.2
178.787.268.922.6
33.7
91.4
365.7
346.0193.3152.7
40.4
-11.318.3
29.6
1.6
-7.7.4
8.1
0
28.9Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS
1979 1980'
1979
III IV
1980
I II III IV '
Seasonally adjusted at annual rates
Billions of dollars
1979 1980'
1979
III IV I I
1980
I III IV
Seasonally adjusted at annual rates
Billions of 1972 dollars
Table 4.1-4.2.—Foreign Transactions in the National Income and Product Accounts in Current and Constant Dollars
Receipts from foreigners
Exports of goods and servicesMerchandise _ _ _
Durable goods .Nondurable goods
Services _ -Factor income *Other
Capital grants received by the United States (net).
Payments to foreigners
Imports of goods and servicesMerchandise
Durable goodsNondurable goods
ServicesFactor income ' ..Other
Transfer payments (net) _From persons (net)From government (net)..
Interest paid by government to foreigners
Net foreign investment...
282.5
281JL1 176. 91027974 1
104.466 637.8
1.1
282.5
267 9208 999.0
109.959 022.836.2
5.21.04.2
11.1
-1.7
341.3
340 1218 3127.790 6
121 879 742 0
1.1
341.3
315 9245 2111 6133.770 729.940.8
5.61.14.5
12.7|
7.0
294.3
2Q3 1183 6106.177 4
109 672 237.4
1.1
294.3
275 2214 599 9
114.660 824.136.6
4.7.9
3.8
11.0
3.4
307.4
306 3193.9109.484 6
112.474 537.9
1.1
307.4
298 7233 0103 7129.365 727.937.8
6.21.34.9
11.3
—8.7
338.5
337 3214 8127.087 8
122.583 039 5
1.1
338.5
329 1257 5115 7141.871 631.540.0
5.51.04.5
12.2
—8.3
334.4
333 3213 9126.387 6
119.478 141 3
1.1
334.4
316 °245 6107 9137.870 529.940.6
4.81.03.8
11.7
1.7
343.5
342 4222 9129.993 0
119 576 343 2
1.1
343.5
297 9231 5108 7122.866 425.940.6
6.91.04.9
11.9
27.8
348.6
347 5221 8127.794 i
125 781 544.1
1.1
348.6
320 5246 3113 9132.474 232 142.1
6.11.24.9
15.0
6.9
146 982 850.532 364 141 322 8
109 276 947 229.732 314.118.1
161 292 355.636 769.045 523 5
109 073 847 526.335 i17.018.1
151 384 551.333 266.844 522 3
110 277 348 129.232 914 918.0
154 887 652.335 367 215 022 3
112 678 048 030.034 716 817.8
165 994 158.136 071 84q o22 8
115 878 850 328.537 018 618.4
160 592 155.936 268 445 123 3
108 973 446 826.635 517 318.2
160 593 555 737 g67 043 123 9
102 870 545 824 632 414 617.8
158 189 352 636 668 844 g24 0
108 372 747 025 735 g17 618 0
Table 4.3-4.4.—Merchandise Exports and Imports by Type of Product and by End-Use Category in Current and Constant Dollars
Merchandise exports
Foods feeds and beveragesIndustrial supplies and materials
Durable goods.. _Nondurable goods
Capital goods, except autos.Autos. .Consumer goods
Durable goodsNondurable goods
OtherDurable goodsNondurable goods
Merchandise imports
Foods feeds and beveragesIndustrial supplies and materials, excluding
petroleum _ _ _ _ _Durable goodsNondurable goods
Petroleum and productsCapital goods, except autosAutos -Consumer goods
Durable goodsNondurable goods.. _ _ _ _ _ _
OtherDurable goodsNondurable goods
Addenda:Exports of agricultural products..Exports of nonagricultural productsImports of nonpetroleum products
176.9
29 852.617.934.658.217.412.66.26 56.33.23.2
208.9
17.4
47 428.718.660.024.625.630 618.412.23.51.81.8
35.4141.5148.9
218 3
35 g67.224.42 8
73.5lfi.816 58.87 78.54.34 3
245 2
8 2
51 830 920 979.030 027.134 421.213.14.82.42.4
42.2176.1166.2
183 6
32 553.718.235 561.417.412.86.36 55.72.92.9
214.5
17 5
47.929 018.964.425.225.631 218.812.52.61.31.3
37.5146.1150.1
193 9
34 860.320.939 460.617. 7 113.76.86 96.93.43.4
233.0
19 0
50.630 120.575.426.425.732.019.612.44 02.02.0
41.7152.2157.6
214 8
34 266.525.541 068.017.218 811.17 6
10.15.15.1
257.5
17 8
57.135 321.786.429.726.334 221.412.86.13.03.0
41.5173.3171.1
213 9
32 170.726.444 373.015.615 17.77 47.53.73.7
245.6
17 5
52.130.621.584.029.525.034.121.013.13.51.71.7
38.9174.9161.7
222 9
38 465.923.342 777.616.516 08.37 78.44.24.2
231.5
18 2
47.527 619.969.130.028.134 320.813.54.22.12.1
43.8179.1162.4
221 8
38 765.522 343 275 fi17.816 08.08 18 24.14. 1
246 3
19 5
50.530 i20.476.730.728.934 821.713.25.22.62.6
44.6177.2169.6
82 8
13 420.97.1
13 830.88.16.73.03 73.01.51.5
76.9
7 6
19.411 77.68.5
13.811.015.09.95.11.6.8.8
15.966.968.4
92 3
15 223.78 6
15 134 76.78 33.84 53 61.81.8
73 8
6 7
17.310 17.16.9
14.610.915 610.94.71.91.01.0
18.074.267.0
84 5
14 121.27.2
14 131 78.06 83.13 72.61.31 3
77.3
7 6
19.411 77.78.2
14.411.315.310.15.21.2.6.b
16.368.269.2
87 6
15 222.47.8
14 631 87.97 13.23 93.11.61.6
78.0
7 7
18.911 27.78.4
14.511.015.710.45.31.7.9.9
18.269.369.5
94 1
14 923.39 0
14 434 77.49 34.94 54 42.22 2
78.8
6 8
19.211 67.68.2
15.211.015.811.24.62.51.31.3
18.176.070.6
92 1
14 525.09 3
15 735 26.47 83.44 53 21.61.6
73.4
6 5
17.410. 17.37.2
14.210.715.911.14.81.4.7.7
17.674.566.1
93 5
16 423.58 3
15 235 66.57 93.64 43.51.81 8
70.5
6 6
15.68.96.75.8
14.411.215.210.54.71.7.8.8
18.774.864.7
89 3
15 223.17 9
15 333 i6 77 93 34.ti3 31.61.6
72 7
7 0
16.89 96.86.2
14.610.815.210.74.62.11.01.0
17.671.766.5
' Revised.
Table 4A-Lt:I. Equals rest-of-the-world production as shown in tables 1.5 and 1.6.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
8 SURVEY OF CURRENT BUSINESS
Table 5.1.—Gross Saving and Investment
February 1981
Gross saying
Gross private saving.Personal savinsUndistributed corporate
profits with IVA andCCAdj
Undistributed profits _IVACCAdj
Corporate capital consump-tion allowances withCCAdj
Noncorporate capital con-sumption allowances withCCAdj
Wage accruals less disburse-ments..... __..._.
1979 1980'
1979
in IV
1980
I II III IV
Seasonally adjusted at annual rates
Billions of dollars
411.9
398.986.2
59.1117.6
-42.6-15.9
155.4
98.2
0
400.7
433.1101.8
44.0105.1
-43.9-17.2
175.4
111.8
0
422.3
409.889.3
60.9123.5
-46.5-16.1
158.7
100.8
0
402.0
396.480.7
50.6116.6
-50.8-15.1
161.5
103.6
0
404.5
413.086.4
52.1128.9
-61.4-15.4
167.1
107.4
0
394.5
435.9110.0
42.190.7
-31.1-17.6
173.0
110.7
0
402.0
446.5111.4
42.8102.4
-41.7-17.9
178.4
113.4
.5
99.5
-41.4-17.8
183.2
115.8
-.5
Government surplus or deficit(— ), national income andproduct accounts
Federal _State and local.
Capital grants received by theUnited States (net)
Gross investment
Gross private domestic invest-ment
Net foreign investment
Statistical discrepancy...
1979 1980 r
1979
III IV
1980
I II m IVr
Seasonally adjusted at annual rates
Billions of dollars
11.9-14.8
26.7
1.1
414.1
415.81 7
2.2
-33.4-62.3
28.8
1.1
402.5
395.47.0
1.7
11.3-15.2
26.5
1.1
425.1
421.73.4
2.8
4.4-24.5
28.9
1.1
401.3
410.0-8.7
-.7
-9.6-36.3
26.6
1.1
407.3
415.6-8.3
2.8
-42.5-66.5
23.9
1.1
392.5
390.91.7
-1.9
-45.6-74.2
28.6
1.1
405.0
377.127.8
3.0
1.1405.0
398.16.9
Table 5.8-5.9.—Change in Business Inventories by Industry in Current and Constant Dollars
Change in business inventories
FarmNonfarm _ _
Change in book valueInventory valuation adjustment *
M anuf acturingDurable goods.. .Nondurable goods
Wholesale tradeDurable goods __Nondurable goodsMerchant wholesalers .Durable goods __Nondurable goods
Nonmerchant wholesalers _Durable goodsNondurable goods . ...
Retail trade _ _Durable goodsNondurable goods .. _. _
Other _Durable goods 3
Nondurable goods a
1979 1980'
1979
m IV
1980
I II m rv
Seasonally adjusted at annual rates
Billions of dollars
17.5
4.113.464.6
-51.2
12.311.3
.91.4.4
1.1.4
-.3.7
1.0.6.4
-.6-.5-.1
.3
.3—.1
-5.3
-1.2-4.147.8
-51.8
-6-.4-.3
26
-.5.5.94
-.3-.2—.1
-4.3-4.4
.1
.7
.1
.6
13.3
5.57.8
64.156 2
9.46.72.72.53.0-.52.62.6.1
-.1.4
-.6-2.2-3.7
1.5-1.8
.8-2.7
-0.8
3.6-4.457.0
-61.4
6.410.6
-4.2-1.2-2.7
1.5-3.9-3.1
82.7.4
2.3-9.8-9.1-.8
.2
.7-.5
2.5
1.01.5
75.1-73.5
13.33.49.8-.4
-3.93.5
-4.9-3.7-1.2
4.5-.24.7
-15.3-11.7-3.6
4.0.4
3.6
7.4
1.36.1
43.4-37.3
.4
.4
.15.65.9-.36.46.0.4
-.80-.7-.5
-3.22.7.6.2.4
-16.0
3.7-12.3
36.5—48.8
-12.6-4.4-8.2-1.9-.8
-1.03.7-.44.1
-5.6-.5
-5.12.9
-3.05.9-.8-.2-.6
-15.2
—3.511.736 047.7
-3.6-.9
-2.8-2.7
1.3-4.0—3.1
1.6-4.7
5-.3
.7-4.3
.24.5
-1.1-.2-.9
1979 1980'
1979
III IV
1980
I II III IVr
Seasonally adjusted at annual rates
Billions of 1972 dollars
10.2
2.47.8
6.86.3.6
1.0.5.5.4
0.4.6.5
0-.1-.2
.1
.1
.2-.1
-2.6
.5-2.1
-.30- 3
.1
.4-.3
2.5
-.3
-!l0
-2.1-2.3
.2
.20
.2
7.6
3.14.5
4.53.6.9
1.71.9-.21.51.60.2.4.2
-1.1-2.2
1.1-.5
.4— 9
-0.7
2.0-2.7
3.65.7
-2.1-1.1-1.1
0-1.8-1.5-.3
.7
.4
.3-5.3-5.2
00.4
-.4
-0.9
.5-1.4
5.42.13.3-.5
-1.0.5
-1.3-.9-.4
.8-.1
.9-7.5-5.9-1.6
1.1.2.9
1.3
.7
.6
-.50-.51.52.3-.81.62.3-.7-.10-.1
.6-1.7
1.1.2.1.1
-5.0
-1.8-3.1
-5.2-1.8-3.4
.9-.21.11.9
02.0
-1.1-.2
.91.3
-1.73.0-.1—.10
-5.8
-1.6-4.2
-.8-.3-.5
-1.5.5
-2.0-1.4
.6-2.0-.1-.1
.0-1.6
.3-1.9-.3— .1-.2
Table 5.10-5.11.—Inventories and Final Sales of Business in Current and Constant Dollars
Inventories i
FarmNonfarm
Durable goods _Nondurable goods
Manufacturing _Durable goodsNondurable goods
Wholesale tradeDurable goods _Nondurable goods
Merchant wholesalersDurable goodsNondurable goods
Nonmerchant wholesalersDurable goodsNondurable goods
Retail trade...Durable goods _Nondurable goods
Other
Final sales *
Business final sales 3
Business final sales of goods and structures . —
Ratio: Business inventories to business final salesNonfarm business inventories to business
final sales *Nonfarm business inventories to business
final sales of goods and structures. ._
681.9
83.4598 5348.1250 4
295.0192.1102 8129.480.848 5
103.466.636 826.014.211 7
119.758.960 8M 5
202.6
171 4109.9
3.98
3 49
5.45
710.1
84.3625.9363.6262 3
311.2203.7107 5134 683.651 0
106 368.637 728 315.113 3
122 659.762 957 5
208.1
176 2112 9
4.03
3 55
5.55
724.5
77.8646.6369.5277.1
325.0210.0115 0138.584.454 1
108.269.738 530.314.715 6
122 858.364 560 3
214.1
181 2115.9
4.00
3 57
5.58
740.4
81.8658.5374.6283.9
331.2212.6118 6142.087.055 0
111.672.239 430.414.815 6
124.057.966 261 3
213.1
179 9112.6
4.12
3 66
5 85
765.8
92.6673.2379.9293.4
335.3215.5119 8146.389.057.3
116.774.042 729.615.014 6
127.358.169 364 3
221.1
187 2117 0
4.09
3 60
5 75
769 6
92.7677.0383.9293.1
337.7217.7120 0146 590.056 5
116 674.91 8
29 915 114 8
127 858 869 064 9
229 0
193 9121 9
3 97
3 49
5 55
343.7
43.0300.7181.9118.8
145.097.547 564.542.522 053.235.317 911.37.24 i
68.133.934 223 l
123.4
104 466 5
3.29
2 gg
4.52
343.5
43.5300.0181.8118.2
145.999.047 064.242.222 052.834.917 811.47.34 2
66.832.634 223 1
124.3
105 467 2
3.26
2 85
4 46
343.3
43.6299.6180.6119.0
147.399.547.864.142.022 152.534.717.711.67.24 4
64.931.133 823 4
125.2
106 167 7
3.24
2 82
4 43
343.6
43.8299.8180.8118.9
147.299.547.764.542.521.952.935.317.611.67.24.4
64.730.734.123 4
121.8
102 864 3
3.34
2 92
4 66
342.3
43.4299.0179.9119.1
145.999.046.864.742.522.253.335.318.111.37.24.1
65.130.234.823.4
123.1
103.964.7
3.29
2.88
4.62
340.9
43.0297.9180.0118.0
145. 699.046.764.342.621.753.035.417.611.37.24.2
64.730.334.323.3
124.4
105.365.9
3.24
2 83
4.52
r Revised.See footnotes on page 11.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS
Table 6.4.—National Income Without Capital ConsumptionAdjustment by Industry
Table 6.20.—Corporate Profits by Industry
National income with,out CCAdj
Domestic industries
Private industries
Agriculture, forestry, andfisheries
MiningConstruction
ManufacturingDurable goodsNondurable goods
Transportation and publicutilities
TransportationCommunicationElectric, gas, and sani-
tary services
Wholesale tradeRetail tradeFinance, insurance, and
real estateServices
Government and govern-ment enterprises
Rest of the world
1979 1980'
1979
III IV
1980
I II III IV r
Seasonally adjusted at annual rates
Billions of dollars
2,014.3
1,970.5
1,692.7
64.730.1
102.6
514.5315.4199.1
158.37H.343.5
38.4
121.9108.9
256.3275.3
277.8
43.8
2,178.5
2,128.7
1,827.0
301.7
49.9
2,038.8
1,990.7
1,711.4
64.831.6
104.8
513.4312.9200.4
160.177.444.8
37.9
124.5171.7
2fi0.727D.9
279.3
48.1
2,084.6
2,037.9
1,750.9
65.432.6
107,9
516.7311.0205.8
163.479.545.9
38.0
128.0172.7
271.1293.0
287.1
46.6
2,143.6
2,092.1
1,799.6
63.534.4
110.2
538.9317.5221.4
167.179.447.3
40.5
129.8171.8
280.7303.2
292.5
51.5
2,129.4
2,081.3
1,783.7
62.436.4
105.3
504.3293.7210.6
170.078.248.1
43.6
134.5177.8
284.1308.9
297.6
48.1
2,183.1
2,132.6
1,830.1
62.136.0
106.6
517.6305.7211.9
179.379.950.9
48.5
131.4183.6
294.3319.1
302.5
50.5
314.0
49.4
' Revised.
Table 71-7 «:1. Gross domestic purchases equals gross national product less exports plus imports; final
sales to domestic purchasers equals final sales less exports plus imports.
NOTE.—Percent changes from preceding period for selected items in table 7.1—7.2 are shownn table 8.1. Fixed-weigh ted price indexes are subject to further revision.
Corporate profits withIVAandCCAdj
Domestic industriesFinancial _ . .Nonfinancial
Rest of the world
Corporate profits with
Domestic industries
FinancialFederal Reserve Banks. . .Other
NonfinaTicial -Manufacturing
Durable goodsPrimary metal indus-
triesFabricated metal
productsMachinery, except
electrical. -Electric and electronic
equipmentMotor vehicles and
equipmentOther
Nondurable goodsFood and kindred
productsChemicals and allied
productsPetroleum and coal
products.Other
Transportation and publicutilities
Wholesale and retail trade.Other..
Rest of the world
1979 1980'
1979
III IV
1980
I 11 i III IV r
Seasonally adjusted at annual rates
Billions of dollars
196.8
166.529.8
136.7
30.3
212.7
182.4
31.69.6
22.0
150.888.939.5
4.2
5.0
8.8
6.3
4.310.849.4
6.9
8.2
18.316.0
18.023.020.8
30.3
180.7
149.327.5
121.8
31.4
197.8
166.5
30 211.918.3
136.2
31.4
199.5
164.429.6
134.8
35.1
215.6
180.5
31.59.7
21.7
149.084.434.8
4.5
4.6
9.2
5.8
-.311.149.6
6.7
7.8
17.717.4
17.125.622.0
35.1
189.4
157.730.4
127.3
31.7
204.5
172.0
32.610.522.1
140 380.229.3
2.8
4.8
8.0
5.7
-.88.8
50.9
6.7
6.6
23.713.8
14.922.622.6
31.7
200.2
163.631.0
132.6
36.6
215.6
179.9
33.311.921.4
145.792.128.1
5.9
5.2
7.3
6.6
-2.96.0
64.0
8.2
8.8
31.016.0
16.114.822.7
36.6
169.3
140.027.4
112.5
29.3
186.9
157.5
30 112.717.4
127.561.310.1
2.0
1.7
5.7
3.8
-8.85.6
51.2
6.7
6.0
25.313.2
16.625.923.7
29.3
177.9
147.025.8
121.2
30.9
195.9
165.0
28.711.317.4
136.268 519.4
.7
3.9
6.2
5.5
-4.88.0
49.1
5.7
7.0
22.214.2
22.520.424.8
30.9 :::::Table 7.1-7.2.—Implicit Price Deflators and Fixed-Weighted Price Indexes, 1972 Weights, for Gross National Product
Gross national product
Personal consumption expendituresDurable goodsNondurable goodsServices . _.
Fixed investmentNonresidential
StructuresProducers' durable equipment
ResidentialNonfarm structuresFarm structuresProducers' durable equipment
Net exports of goods and servicesExportsImports
Government purchases of goods and servicesFederal
National defenseNondefense
State and local
Addenda:Gross domestic purchases *Final salesFinal sales to domestic purchasers l
Personal consumption expenditures foodPersonal consumption expenditures, energyOther personal consumption expenditures .
Gross domestic productBusiness
Nonfarm
1979 1980'
1979
III IV
1980
I II III IV
Seasonally adjusted
Implicit price deflators, 1972=100
162.77
162.3144.8169.8162.1
179.1171.3198.6159.7200.5202.7202.0140.3
191.5245.4
168.1165.1165.7163.8169.8
177.36
178.9156.0188.5178.1
194.2186.8224.7170.1218.5221.6219.9149.4
211.0289.9
184.4183.8185.6180.6184.7
164.23
163.8145.4172.1163.3
181.5173.4201.4161.5204.6207.0205.5140.5
193.7249.8
169.2165.2166.8161.9171.3
167.47
168.0148.0176.9167.4
184.9176.8207.4163.2207.7210.1207 7142.4
197.9265.2
174.0172.8173.8170.8174.7
171.23
172.9151.9182.91/1.6
188.5180.5214.3165.6212.6215.2213.6145.5
203.4284.2
178.1176.5178.9172.1179.1
175.28
177.0154.1186.2176.0
192.5185.7222.4169.0217.4220.7219. 4148.5
207.6290.4
181.6179.5181.4176.2182.8
179.18
180.7157.5190.0180.3
196.4189.1229.5171.7221.9225.2223.1151.0
213.4289.7
185.1182.4185.2176.7186.7
183.80
184.9160.5195.1184.3
199 7192.1233.4174.2222.9226.0224.0152.5
219.8295.9
192.6197.1196.5198.3190.0
1979 1980 r
1979
III IV
1980
I II III IV r
Seasonally adjusted
Fixed-weighted price indexes, 1972=100
166.3
164.8146.9173.1163.3
185.0176.7194.9166.2200.9
196.8243.3
170.4168.0
172.0
169.3166.2169.2177.0240.2154.3
166.4166.9
182.0
182.7159.0194. 4180.0
203.7195.4217.9182.5219.5
217.0300.0
188.1188.8
187.6
187.3181.8187.2190.7317.0168.0
182.0183.0
167.9
166.6147.8175.7164.6
187.9178.8197.6168.0205.1
199.5249.5
171.7169.0
173.5
171.2167.8171.0177.5255.3155.2
168.0168.8
171.9
171.1150.3181.3168.8
191.7183.0203.3171.4208.1
203.4265.3
177.5178.1
177.0
175.9171.7175.7181.8273.2158.6
171.9172.6
175.9
176.4154.2187.9173.2
196.7188.0210.3175.2213.2
210.0287.9
182.1182.8
181.7
181.0175.7180.8183.3304.1162.5
176 0176.8
179.8
180.5157.4191.8177.9
202.4193.9216.7180.8218.4
213.1296.9
185.9186.0
185.8
185.2179.7185.1185.8318.5166.2
179.9180.9
183.8
184.7161.0196.2182.2
207.1198.6221.0185.8223.1
2189305.8
189.7189.4
189.9
189.4183.6189.3193.2320.2169.7
183.9185.2
188.3
189.3164.0201.9186.3
209.6202.1224.1189.4223.9
22^.4311.7
194.8197.1
193.2
193.8188.1193.7200.8325.11734
188.4189.2Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
10 SURVEY OF CURRENT BUSINESS February 1981
1979 1980'
1979
III IV
1980
I II III IV'
Seasonally adjusted
Index numbers, 1972=100
Table 7.3.—Implicit Price Deflators for Gross National Product byMajor Type of Product
Gross national product..
Final salesChange in business inven-
tories
Goods _.
Final sales . _ _Change in business in-
ventories
Durable goodsFinal salesChange in business in-
ventoriesNondurable goods
Final salesChange in business in-
ventories
Services
Structures..
Addenda:Gross domestic purchases i_.Final sales to domestic pur-
chasers l
162.77
162 7
156.6
156.3
152 0151.5
160.2160 1
161.8
199.7
166.1
166.0
177.36
177.4
170.0
170.1
164.1164.5
174.2174.2
176.7
222.0
182.2
182.2
164.23
164 2
158.1
157.9
154 1153.8
161.2161 1
162.8
203.1
167.7
167.6
167.47
167 4
160.2
160.1
154 7154.7
164. 3164 2
166.9
207.8
171.8
171.8
171.23
171 0
163.8
163.2
157 0158.6
168.7166 7
170.6
213.9
176.6
176.3
175.28
174 9
168.1
167.3
164 2163.4
170.9170 1
174.6
220.6
180.5
180.1
179.18
179.7
171.8
172.9
166 3167.0
175.7177 2
178.5
226.0
183.3
183.8
183.80
184 1
176.4
177.1
169.3169.4
181.6182.7
183.2
228.3
188.3
188.6
Table 7.4.—Implicit Price Deflators for Gross National Product bySector
Gross national product. .
Gross domestic product
BusinessNonfarm
Nonfarm less housing. . .Housing
FarmStatistical discrepancy
Households and institutions.Private householdsNonprofit institutions
Govern mentFederal .State and local
Rest of the world
Addendum:Gross domestic business
product less housing..
162.77
162.8
162 6161 5163.1147 8200.8162.6173.2180.3172. 6161 3154.7164.4
161.0
164.3
177.36
177 4
177 4177.0179.0160.9193.1177.4189.4193.8189.1173 5166.6176.7
175.4
179.4
164.23
164 3
164 3163 2164.9149 1200 6164.3173.9181.3173.3161 5152 7165.6
162.4
166.0
167.47
167 5
167 3166 4168.0152 8198 5167.3179.0185.6178.4165 9161 6168.0
165.7
168.9
171.23
171 3
171 2170 8172.6155 6183 0171.2183.2188.8182.7168 7162 4171.7
169.4
172.9
175.28
175 3
175 4175 3177.3158 8178 6175.4187.7191.8187.4171 2162 8175.1
173.2
177.4
179.18
179 2
179 5178 8180.8162 5205.3179.5190.7195.0190.3173 5163 2178.3
177.2
181.5
183.80
183.8
183 8183 1185.2166 4208.8183.8195.9199.8195.6180 7178 0181.9
182.0
185.9
Table 7.5.—Implicit Price Deflators for the Relation of GrossNational Product, Net National Product, and National Income
Gross national product. .
Less: Capital consumption al-lowances with C C Adj
Equals: Net national product..
Less: Indirect business taxand nontax liabilityplus business transferpayments less subsidiesplus current surplus ofgovernment enterprises.
Statistical discrepancy. .
Equals: National income
162.77
179.1
161.0
135.7
162.6
164.1
177.36
194.8
175.4
146.3
177.4
179.1
164.23
181.4
162.4
135.8
164.3
165.6
167.47
184.0
165.7
137. 6
167.3
169.1
171.23
188.2
169.4
139.6
171.2
173.1
175.28
193.5
173.2
144.7
175.4
176.8
179.18
197.2
177.2
147.5
179.5
180.9
183.80
200.0
182.0
153.4
r Revised.
Table 7.5:1. Gross domestic purchases equals gross national product less exports plus imports; final
sales to domestic purchasers equals final sales less exports plus imports.NOTE.—Percent changes from preceding period for selected items in tables 7.3 and 7.4 are
shown in table 8.1.
Table 7.7:1. Equals the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Table 7.8:1. Consists of final sales and change in business inventories of new autos produced in the
United States.2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
1979 1980'
1979
III IV
1980
I II III IV'
Seasonally adjusted
Dollars
Table 7.7.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar Gross Domestic Product of Nonfinancial Corporate Business
Current-dollar cost andprofit per unit of con-stant-dollar gross do-mestic product i
Capital consumption allow-ances with CCAdj
Net domestic productIndirect business tax and
nontax liability plus busi-ness transfer paymentsless subsidies
Domestic incomeCompensation of employ-
eesCorporate profits with
IVA and CCAdj .Profits tax liabilityProfits after tax with
IVA and CCAdjNet interest __
1.623
.1691.454
.1531 301
1.092
.157
.080
.077
.052
1 771
.1911.579
.1761.404
1.197
.141
.071
.070
.065
1.638
.1721.466
.1541 312
1.104
.154
.081
.074
.053
1.669
.1751.494
.1571 337
1.135
.146
.078
.067
.056
1.710
.1801.530
.1611 369
1.158
.151
.085
.066
.060
1.754
.1921.562
.1731 389
1.193
.132
.061
.071
.064
1.787
.1961.591
.1811 411
1.203
.141
.070
.071
.067
Index numbers, 1972=100
Table 7.8.—Implicit Price Deflators for Auto Output
Auto output.
Final salesPersonal consumption ex-
pendituresNew autos -Net purchases of used
autosProducers' durable equip-
mentNew autosNet purchases of used
autosNet exports
ExportsImports
Government purchases ofgoods and services
Change in business inven-tories of new and used autos
Addenda:Domestic output of new
autos 1
Sales of imported newautos 2
145.5
146.4
158.3149.4
133.2149.4
150.0195.6
147.6
149.2
149.5
155.9
155.8
169.4161.2
146.6161.3
164.7211.4
167.1
161.7
161.4
147.3
147.3
159.2151.6
138.1152.1
152.0199.4
151.2
152.1
151.7
149.1
148.9
160.9152.4
136.1152.2
152.8199.5
155.6
152.6
152.4
151.3
152.7
163.8156.4
141.2156.2
156.7201.7
160.4
156.7
156.4
155.0
153.8
166.8160.4
150.8160.2
160.8209.8
172.1
160.2
160.5
156.8
156.8
171.0164.5
154.9164.3
182.4219.5
173.0
165.7
164.5
160.4
160.2
176.5164.6
140.7164.4
165.1214.1
163.7
164.4
164.6
Table 7.9.—Implicit Price Deflators for Truck Output
200 0 ImportsGovernment purchases of
182 0 goods and servicesChange in business inven-
tories
163.7
177.5
176.4
194.9
165.4
180.3
164.4
181.3
168.7
186.1
168.7
191.3
180.0
197.3
186.4
205.2
Table 7.11.— Implicit Price Deflators for Personal Consumption153 4 Expenditures by Major Type of Product
Personal consumptionexpenditures
Motor vehicles and partsFurniture and household
equipment• final Other ..., nnai Nondurable goods7 . Food _'* Clothing and shoes
Gasoline and oilOther nondurable goods
o irri+vi Fuel oil and coal.S Wlth OtherServices
Housing .. _\n fua Household operationin me Electricity and gas .t anrl Other _«», auu Transportation
Other _
162.3
144.8154.6
135.6142.7169.8176.6129.2243.4167.8340.6155. 9162.1151.9165.5205.2140.5161.2170.4
178.9
156.0167.1
143.5161.8188.5190.5134.3339.4187.5471.3170.1178.1165.6181.6239.3146.4184.3187.0
163.8
145.4155.7
135.8143.7172.1177.2129.5263.0170.7371.4156.6163.3153.2166.9209.5141.0162.7171.3
168.0
148.0158.0
138.0148.1176.9181.5130.8285.1174.8406.6160.0167.4157.3170.8216.6142.5168.5175.2
172.9
151.9161.9
140.4154.7182.9183.1132.9330.6180.3450.9164.1171.6160. ft173.7224.4143.7174.3180.6
177.0
154.1164.9
142.5160.6186.2185.7133.3345.1185.9473.3168.5176.0163.5178.2235.6143.5180.7185.9
180.7
157.5168.8
144.8164.4190.0193.0134.5338.6190.6476.6172.1180.3167.3185.6245.6147.9189.7188.4
184.9
160.5173.2
146.4167.5195.1200.3136.4343.7193.2484.2175.8181.3171.3188.3250.8150.2192.7193.1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SUKVEY OF CUEEENT BUSINESS 11
1979 1980'
1979
HI IV
1980
I II I]El IV r
Seasonally adjusted
Index numbers, 1972=100
Table 7.14B.—Implicit Price Deflators for Government Purchasesof Goods and Services by Type
Government purchasesof goods and services. .
FederalNational defense
Durable goodsNondurable goodsServices. _ _
Compensation of em-ployees
MilitaryCivilian
Other servicesStructures
NondefenseDurable goodsNondurable goodsServices
Compensation of em-ployees .....
0 ther servicesStructures
State and localDurable goodsNondurable goods .Services
Compensation of employ-ees . . _
Other servicesStructures
168.1
165 1165.7162.0292.4160.3
152.3147.6159.0177.8174.4
163 893.0
162 4
159.1166.9186.0
169 8157.7175.1165 8
164.4170.2197.6
184.4
183 8185 6179.0440.5174 7
164 7160 q170.2194.1198 2
180 6166 9
176 9
170 0185. 2207 7
184 7169 6191 6179 4
176.7187 5220.8
169.2
165 2166 8166.3306.015'j 6
150 4145 7157.1179.0175 2
161 9135.5
162 0
157.1168.5189 1
171 3157.6176.2167 1
165.6171.7200.6
174.0
172 8173 8166.6344.6Iu7 5
159 5155 3165.5184.6185 8
170 8
168 8
165.5173.2194 1
174 7161.2180.6170 0
168.0175 9206.1
178.1
176 5178 9172 6425.0169 0
160 3155 9166. 4 *186.6192 3
172 1160 6
171 5
166.3178.1200 1
179 1165 1184.9174 0
171.7180 7213.2
181.6
179 5181 4176 2420.7170 8
160 7156 4166.8190.0198 1
176 2165 4
173 7
166 7182.5206 0
182 8168 1188.6177 7
175.1185 5219.6
185.1
182 4185 2182.6451.6172 9
161 1156 8167 3195.9199 6
176 7168 6
176 6
167 2187.7211 0
186 7170 6194. 7181 3
178.3190 2224 7
192.6
197 1196 5184 5461.9185 9
176 9174 5180 4203 4202 3
198 3172 6
185 6
180 2192 1214 2
190 0174 7198 0184 8
181 9193 5226 3
Table 7.16.—Implicit Price Deflators for Exports and Imports ofGoods and Services
Exports of goods and services..
MerchandiseDurable goodsNondurable goods
Services.Factor incomeOther
Imports of goods and service...
MerchandiseDurable goodsNondurable goods
ServicesFactor incomeOther
191.5
213.7203.8229.1
162.8161.3165.6
245.4
271.6209.8369.9
182 9161.5199.5
211.0
236 7229.7247.3
176 5175.3179 0
289.9
332 2234.9507 4
201 2175 3225. 5
193.7
217 2206.8233.3
164.0162.4167 2
249.8
277.3207.5392 4
184 9162.4203.5
197.9
221 5209.2239.6
167 2165.7170 2
265.2
298.9216.1431 6
189 5165.7212.0
203.4
228 3218.5244.0
170.7169.4173 6
284.2
327.0230.0498 4
193 2169.4217.3
207.6
232 2225.9241.8
174.6173.2177.1
290.4
334.8230.8517 6
198 6173 3222.7
213.4
238 5233 1246.4
178 4177.2180 6
289.7
328. 4237.0498 6
205 2177.2228.3
219.8
248 4242 6256 8
182 8182 0184 2
295.9
338 8242 4515 4
208 3182 0234.0
' Revised.
Table 5.8-5.9:
1. The inventory valuation adjustment (IVA) shown in this table differs from that whichadjusts business income. The IVA in this table reflects the mix of methods (first-in-first-out,last-in-first-out, etc.) underlying book value inventories derived primarily from CensusBureau statistics. The mix differs from that underlying business income derived from statisticstabulated by the Internal Revenue Service and other sources.Table 5.10-5.11:
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventoriescalculated from current-dollar inventories in this table is not the current-dollar change inbusiness inventories (CBI) component of ON P. The former is the difference between twoinventory stocks, each valued at their respective end-of-quarter prices. The latter is the changein the physical volume of inventories valued at average prices of the quarter. In addition,changes calculated from this table are at quarterly rates, whereas CBI is stated at annual rates.Quarter-to-quarter changes calculated irom the constant dollar inventories shown in thistable are at quarterly rates, whereas the constant-dollar change in business inventories com-ponent of GNP is stated at annual rates.
2. Quarterly totals at monthly rates.3. Business final sales equals final sales less gross product of households and institutions,
government, and rest-of-the-world.4. Business final sales include a small amount of final sales by farms.
1979 1980'
1979
III IV I
1980
II III IV r
Seasonally adjusted
Index numbers, 1972=100
Table 7.17.—Implicit Price Deflators for Merchandise Exports andImports by Type of Product and by End-Use Category
Merchandise exports
Foods, feeds, and beverages.Industrial supplies and ma-
terialsDurable goodsNondurable goods
Capital goods, except autosAutos -_ _Consumer goods __
Durable goodsNondurable goods
OtherDurable goodsNondurable goods .
Merchandise imports. .
Foods, feeds, and beverages .Industrial supplies and mate-
rials, excluding petroleum .Durable goodsNondurable goods
Petroleum and productsCapital goods except autosAutosConsumer goods
Durable goodsNondurable goods
Other _ .Durable goods ..Nondurable goods
Addenda:Exports of agricultural prod-
uctsExports of nonagricultural
productsImports of nonpetroleum
products
213.7
222.8
251.7251.8251.7189.1215.8187.5203 4174 5213.0213.0213 0
271.6
228.4
244.5244 9244.1702.0178.6231 9203.7186.4236 9217.5217.5217.5
222.4
211.6
217.8
236.7
235.1
282.9282.9282.8212.2249. 6199. 4231 0172.6236.2236. 2236.3
332.2
270.1
300.03 ;4 8293 2
1,153.9205.3248 5221.2195.0282 4245.9246.1245. 8
234.4
237.2
248.1
217.2
230.7
252.9252.9252.9193.6216.3189.2206 7174.9217.3217.3217 3
277.3
230.8
247.2247 5246.8788.4174.9226 1204.8186.3240 8216.9216.9216.9
229.7
214.2
217.0
221.5
229.1
269.5269.5269.5190.2222.7192.5212 5176.3221.5221.5221 5
298.9
247.1
267.7267 7267.7893.3182.2233.5203.8188.1234 6226.7226.8226.6
229.0
219.5
226.7
228.3
228.7
285. 1285.1285.1196.0234. 5200.7227 9170.8228.2228.2228 2
327.0
260.4
296.6303 3286.2
1,059.7195.3239 3216.3190.7278 6239.2239.3239.0
229.8
227.9
242.3
232.2
221.6
282.8282.8282.8207.4243.1192.4226 8166.3232.1232.1232.1
334.8
266.6
299.2303 8292.9
1,163.2208.1235 0214.2188.8273 2242.2242.2242.2
220.7
234.9
244.4
238.5
234.1
280 5280 5280.5217.9255 0201.7232 2176 9238. 5238.4238 7
328.4
276.0
303.8309 3296 5
1.191.6208.1252 3226 2198.1289 1249.1249.3248.8
234.0
239.6
251.1
248.4
255.4
283.1283.1283.1228.1267.3202.7238 7176. 5248.7248.7248 7
338.8
277.3
301.3303 4298.3
1, 231. 4210.4267.4228.5202.8288 9254.3254.5254.1
253.5
247.1
255.2
Table 7.21.—Implicit Price Deflators for Inventories and Final Salesof Business
Inventories 1
Farm
NonfarmDurable goodsNondurable goods
M anuf acturingDurable goodsNondurable goods
Wholesale trade.Durable goodsNondurable goods
Merchant wholesalersDurable goods _ _Nondurable goods
Nonmerchant wholesalersDurable goodsNondurable goods .
Retail trade.. .Durable goodsNondurable goods
Other
Final sales
Business final sales 2
Business final sales of goodsand structures. _
198.4
194 0
199.1191.4210.8
203 4197.0216.6
200.6190.3220.5
194.4188.7205.6230.3198.6285.6
175.8173.8177.8
235.9
164.2
164.2
165.4
206.7
193 7
208.6200.0222.0
213 3205 9228.9
209.7198.2231.8
201.4196.2211.6247.8207.6317.9
183.6183.3184.0
248.8
167.5
167.3
167.9
211.0
178.4
215.8204.6232.9
220.6211.1240.6
216.1201.2244.4
206.3200.8217.1260.3203.1354.4
189.3187.6190.8
258.1
171.0
170.8
171.2
215.5
186 8
219.7207.2238.7
225 1213.7248.9
220.3204.7250.6
211.1204.6224.2262.0204.9356.6
191.6188.7194.2
261.5
174.9
175.0
175.2
223.7
213.6
225.2211.2246.3
229.9217.6255.9
226.2209.5258.1
218.7200.6236.6261.2208.9351.9
195.7192.0199.0
274.6
179.7
180.1
180.7
225.8
215.7
227.2212.9213.3
231.9220.0257.0
227.8211.2260.4
220.1211.3238.0263.9211.0355.0
197.7194.0201.0
278.3
184.1
184.1
184.9
1. Inventories are as of the end of the quarter.2. Business final sales equals final sales less gross product of households and institutions,
government, and rest of the world.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Table 8.1.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit PriceDeflator, and Price Indexes
Gross national product:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index. .
Personal consumptionexpenditures:
Current dollars1972 dollarsImplicit price deflatorChain price index. ..Fixed-weighted price index..
Durable goods:Current dollars1972 dollarsImplicit price deflators..Chain price indexFixed-weighted price
index
Nondurable goods :Current dollar .1972 dollarsImplicit price deflator...Chain price indexFixed-weighted price
index
Services:Current dollars1972 dollarsImplicit price deflator...Chain price indexFixed-weighted price
index _.
Gross private domestic invest-ment:
Current dollars1972 dollarsImplicit price deflator..Chain price indexFixed-weighted price index
Fixed investment:Current dollars..1972 dollarsImplicit price deflator...Chain price indexFixed-weighted price
index
Nonresidential:Current dollars1972 dollarsImplicit price de-
flatorChain price indexFixed-weighted in-
dex
Structures:Current dollars1972 dollarsImplicit price de-
flatorChain price index. .Fixed-weighted
price index
Producers' durableequipment:
Current dollars1972 dollarsImplicit price de-
flator...Chain price index.Fixed-weighted
index
Residential:Current dollars1972 dollarsImplicit price de-
flatorChain price indexFixed-weighted
price index
Exports:Current dollars1972 dollarsImplicit price deflator .Chain price deflatorFixed-weighted price index. .
1979 1980
Percent
12.03.28.58.69.2
12.02.98.99.19.4
6.5.2
6.36.6
6.7
13.72.6
10.811.2
11.5
12.44.18,08.1
8.2
10.81.3
12.83.19.4
10.2
10.7
15.66.5
8.69.0
9.7
22.48.7
12.612.9
12.9
12.35.5
6.47.1
7.6
6.6-5.2
12.512.6
12.6
28.015.211.112.012.6
8.8-.19.08.59.4
10.7.4
10.210.510.9
-.2-7.4
7.78.2
8.2
12.11.0
11.011.9
12.3
12.72.69.9
10.0
10.2
-4.9-12.4
.6-7.2
8.410.0
10.1
5.6-3.1
9.010.3
10.6
12.8-.3
13.111.9
11.8
1.9-4.3
6.59.5
9.8
-11.2-18.5
9 09.3
9.3
20.99 7
10.210 010.2
1979
III IV
1980
I II III IV'
Seasonally adjusted
Percent, at annual rates
12.24.17.87.48.9
14.64.79.49.9
10.4
11.97.34.34.9
5.1
18.35.6
12.012.7
13.5
12.23.18 99.1
9.2
-1 5-9.9
20.08.6
10.511.1
11.7
25.013.4
10.210.0
10.5
30.312.0
16 314.7
14.3
22.314.0
7.37.7
8.1
9.1-3.6
13 213.6
13.6
45.734.68.28.38.3
8.8.6
8.18.59.7
14.73.6
10.710.911.3
5.4-1.8
7.37.3
6.9
19.46.8
11.812.8
13.5
13 52.8
10.510.4
10.6
-10.6-17.8
2.5-4.8
7.78.4
8.4
2.3-5.4
8.29.4
9.8
24 010.3
12.412.2
12.0
-7.9-11.6
4.18.0
8.3
2.8-3.1
6.16.1
6.2
19.29.48.97.38.2
12.63.19.38.39.8
12.9.8
12.012.112.8
9.2-1.611.010.6
10.6
14.4.2
14.214.3
15.3
12.72.1
10.410.7
11.0
5 6-5.6
2.2-5.3
7.910.5
10.8
11.02.2
8.610.7
11.3
12.4-1.4
14 014.8
14.5
10.23.8
6.28.4
9.1
-16 7-24.2
9.810.1
10.1
47.132.011.512.613.5
-1.1-9.9
9.88.59.1
-1.0-9.8
9.89.59.8
-40.0-43. 3
5.88.5
8.6
1.8-5.3
7.58.2
8.6
10.80
10.710.9
11.3
-21.8-28.9
-25.8-31.8
8.912.3
12.0
-10 4-19.9
11.813.1
13.1
.7-13.1
15.912.6
12.6
-16 3-22.7
8.313.4
13.4
-56.4-60.2
9.510.2
10.2
-4.7-12.3
8.66.15.9
11.82.49.29.49.2
14.35.18.89.69.6
32.921.7
9.29.0
9.5
6.3-1.8
8.39.5
9.4
17.06.4
10.09.8
9.9
-13 3-10.0
10.52.18.39.7
9.7
6.0-1.5
7.610.0
10.2
-4 0-15.3
13 38.3
8.1
12.35.3
6.611.0
11.6
25.716.0
8.48.9
8.8
11.4_ <1L611.511.5
15.24.0
10.710.510.1
16.96.79.6
10.210.3
31.121.48.08.0
7.7
17.65.7
11.312.0
12.1
12.83.39.29.3
9.3
24.212.6
22 114.26.95.2
5.0
8.41.6
6.66.4
7.1
12.55.1
7.06.5
5.8
6.0.1
5 96.4
7.9
70.567.2
2.01.5
1.4
6.1-5.912.714.614.4
Imports:Current dollars . ..1972 dollarsImplicit price deflatorChain price indexFixed- weighted price index.
Government purchases ofgoods and services:
Current dollars1972 dollarsImplicit price deflatorChain price indexFixed- weighted price index. .
Federal:Current dollars1972 dollarsImplicit price deflator. .-Chain price index.Fixed-weighted price
index
National defense:Current dollars1972 dollarsImplicit price deflator.Chain price indexFixed-weighted
price index ...
Nondefense:Current dollars1972 dollarsImplicit price de-
flatorChain price indexFixed-weighted
State and local:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price
index
Addenda:
Gross domestic purchases:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed- weighted price index..
Final sales:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed- weighted price index. .
Final sales to domesticpurchasers:
Current dollars1972 dollarsImplicit price deflator ._Chain price index -Fixed-weighted price index..
Gross domestic product:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed- weighted price index..
Business:Current dollars.1972 dollarsImplicit price deflatorChain price index.. .. _Fixed-weighted price
index
Nonfarm:Current dollars1972 dollars..Implicit price de-
flatorChain price index. _.Fixed-weighted
price index
Disposable personal income:Current dollars1972 dollars
1979 1980'
Percent
21.66.0
14.717.116.1
9.51.57.98.49.0
9.51.97.48.3
8.9
11.22.68.4
6.1.6
5.5
9.61.28.28.4
9.0
11.32.38.89.29.6
12.33.58.58 69.2
11 62.68.89.19.5
11 52.88.58.79.2
11.92.98.78.9
9.6
11.83.1
8.58.6
9.2
12.23.1
17.9-.218.125.323.3
12.82.99.79.5
10.4
18.56.4
11.410.7
12.4
18.45.8
12.0
18.67.6
10.2
9.7.9
8.78.8
9.1
S.4-1.2
9.710.310.7
9.8.7
9.08 59.4
9 4-.39.7
10.210.6
8.7-.29.08.59 4
8.6-.59.18.6
9.6
9.0
9.69.2
10.3
11.0.7
1979
III IV
1980
I II III IV
Seasonally adjusted
Percent at annua, rates
28.35.0
22.232.427.5
9.21.27.98.49.8
3.7-3.6
7.59.9
12.5
15.02.0
12.7
-16.0-13.9
-2.4
12.23.98.07.5
8.1
10.51.58.99.8
10.5
16.17.28.37.38.8
14.44.69.39.8
10.5
11 13.07.87.48.9
11.53 08.37.7
9.5
11.52.7
8.5
13.33.5
38.79.1
27.228.327.9
18.86.1
12.012.114.1
35.413.119.720.3
23.4
26.27.1
17.9
56.426.4
23.8
10.62.48.17.9
8.3
10.7.4
10.310.711.4
11.42.98.28.49.6
13.32.7
10.310.711.4
9.31.08.18.59.7
8.81.17.68.0
9.3
9.81.7
8.0
11.6.8
47.411.931.841.138.6
17.56.99.99.6
11.0
29.518.98.97.7
11.0
23.29.8
12.2
42.938.4
3.3
11.2.6
10.510.6
11.0
12.61.0
11.511.312.1
12.03.18.78.39.7
12.01.0
10.911.412.1
12.02.59.38.29.8
12 52.79.58.3
10.2
12 91.7
11.0
13.51.3
-14.8-21.9
9.015.813.2
10.62.57.98.28.5
19.811.97.06.7
7.1
12.46.25.8
35.023.1
9.7
5 6-2.8
8.69.1
9.5
-2.4-10.6
9.29.79.8
-1.8-10.4
9.68.49.2
-3.2-11.2
9.09.79.9
-.6-9 4
9.88.59.1
-1.9-11.1
10.38.7
9.5
-1.1-10.8
10.9
4.4-4.9
-21.2-20.4-1.011.912.5
2.6-5.0
8.08.78.4
-7.5-13.1
6.48.3
7.5
8.4-.18.6
-32.2-33.1
1.3
9.1.3
8.89.0
9.0
7.3.8
6.59.49.4
15.94.1
11.39.49.2
11.22.58.59.49.4
11.62.29.29.49.2
12.32.39.79.9
9.8
11.63.1
8.3
13.34.1
34.123.28.88.67.9
19.72.0
17.311.611.1
40.22.8
36.419.2
17.2
35.26.7
26.7
51.2-4.6
58.5
9.01.67.27.4
7.1
18.56.5
11.310.810.6
15.04.3
10.310.510.1
18.36.8
10.89.79.5
15.74.5
10.710.410.1
15.65.29.99.6
8.9
15.95.4
10.0
12.82.9
r Revised. in 1972 prices. Changes in the implicit price deflator reflect both changes in prices and changesin the composition of output. The chain price index uses as weights the composition of output
NOTE.—The implicit price deflator for GNP is a weighted average of the detailed price in the prior period, and therefore, reflects only the change in prices between the two periods,indexes used in the deflation of GNP. In each period, the weights are based on the composition However, comparisons of percent changes in the chain index also reflect changes in the com-Of Constant-dollar OUtnilt in that np.rind Tn nthpr wnrds the nripp inHpv fnr panh item HQ79- ™citi«n nf ™it™if TVio fivaH^.roirrKioH r«M««, i«^«~ «o«o «o ,.,^^K*o +i™ ™~,.™o^~., ~t ~.,+™,+
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February 1981 SUEVEY OF CURRENT BUSINESS 13
Reconciliation and Other Special Tables
Table 1.—Reconciliation of Changes in Compensation Per Hour in the Business EconomyOther than Farm and Housing and Average Hourly Earnings in the Private NonfarmEconomy, Seasonally Adjusted
1. Compensation per hour of all persons in the business economy other than farm and hous-ing (p6rc6nt change at annual rate) *
3 Plus* Contribution of housing and nonprofit institutions
4. Less: Contribution of employees of government enterprises and self-employed and un-paid family workers - -
5. Equals: Wages and salaries per hour of employees in the private nonfarm economy(percent change at annual rate) -
6 Less' Contribution of nonproduction workers in manufacturing
7. Less: Contribution of non-BLS data, detailed weighting, and seasonal adjustment...
8. Equals: Average hourly earnings, production and nonsupervisory workers in the pri-vate nonfarm economy (percent change at annual rate)
I'
10 0
.1
—.1
o
9.8
.2
1.3
8.3
1980
II'
10 9
1.3
_ i
_ l
9.7
1.0
1.2
7.4
III'
9 7
.4
—.2
.3
8.8
.5
—.5
8.8
IV P
9 6
— 7
2
3
10 2
— 3
-.4
10.9
' Revised.v Preliminary.
1. Bureau of Labor Statistics estimates of changes in hourly compensation in the nonfarm business sector for the fourquarters are 9.9, 11.2, 9.2, and 9.6 percent.
NOTE.—The reconciliation of changesin the implicit price deflator forpersonal consumption expenditures(PCE), the PCE chain price index, andthe Consumer Price Index (CPI) willappear in a forthcoming issue of theSURVEY.
Electric Utilities in the 1972 Input-Output Study
A disaggregation of the 1972 input-output transactions data for the elec-tric utility industries (I-O's 68.0100, 78.0200, and 79.0200) is now available.Each of these industries is subdivided among fossil fuel generation, nuclearfuel generation, hydroelectric generation, and transmission and distribution.Single copies of the report, prepared by Nancy W. Simon, may be obtainedby requesting "Subdivision of Electric Utilities in the 1972 Input-OutputStudy" from the U.S. Department of Commerce, Bureau of Economic Anal-ysis, Interindustry Economics Division (BE-51), Washington, D.C. 20230.
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By EDWARD I. STEINBERG
Consumer Credit, 1960-80
V^ONSUMEE credit outstandingstood at almost $400 billion in 1980, anamount equal to about one-fifth of dis-posable personal income, and almost 30percent of total household credit out-standing. This article reviews the ma-jor statistical series on consumer credit.It focuses on trends since 1960 and oncyclical patterns during the period, withemphasis on developments in 1980.
Consumer credit consists of creditthat is extended to individuals throughregular business channels—preponder-antly commercial banks, finance com-panies, credit unions, and retailers—tofinance the purchase of consumer goodsand services, or to refinance debts in-curred for such purposes. Consumercredit excludes loans to individuals forbusiness purposes, policy loans of lifeinsurance companies, loans made by oneindividual to another, and loans madeby employers to their employees.
About four-fifths of consumer creditoutstanding consists of installmentcredit, which is defined as consumercredit that is scheduled to be repaid (orthat provides the option of repayment)in two or more payments. Publisheddata distinguish four components ofconsumer installment credit: automo-bile, revolving (mainly credit card),mobile home, and "other."* Noninstall-ment credit consists of consumer creditthat is scheduled to be repaid in a lumpsum; its main components are single-
CHART1
1. As the inclusion of mobile home credit (andalso home improvement loans) suggests, thecoverage of consumer credit differs from that ofpersonal consumption expenditures in the nationalincome and product accounts.
Credit on gasoline credit cards used by indi-viduals has been defined as installment credit sincethe beginning of 1971; previously, it was definedas noninstallment credit. Although it increasedmore than 46 percent from December 1978 toDecember 1980, gasoline credit represented only1.5 percent of consumer installment credit out-standing in December 1980.
14
Household Credit Outstanding
Billion $1,300
1,200 -
1,100 -
1,000 ~
1960
Data: Federal Reserve BoardU.S. Department of Commerce, Bureau of Economic Analysis
70 72
Seasonally Adjusted
74 76 78 80
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February 1981 SUEVEY OF CUEEENT BUSINESS
payment loans, charge accounts, andcredit extended by providers of services,such as doctors and hospitals.
Trends since 1960
Consumer credit outstanding in-creased 541 percent, from $60.0 to $384.4billion, from the first quarter of 1960 tothe first quarter of 1980 (chart 1). Bycomparison, mortgage credit outstand-ing, the other component of total house-hold credit, increased 580 percent, from$128.9 to $876.5 billion, during the sameperiod. Consumer credit thus accountedfor about 30 percent of total householdcredit outstanding during the period.Consumer credit increased more rapidlythan did mortgage credit during the1960's, but the reverse was true duringthe 1970's, when house prices rose veryrapidly.
A perspective on the extent of thecredit burden is obtained by relatingthe amount of credit outstanding to thelevel of consumers' incomes. Consumercredit outstanding increased from 17.4percent of disposable personal income inthe first quarter of 1960 to a high of22.2 percent in the second quarter of1979, before dropping to 1,9.8 percent inthe fourth quarter of 1980 (see the dis-cussion of "Eecent developments" laterin this article); much of the increaseoccurred in the late 1970's (chart 2,panel 1). The rapid inflation of the late1970's made credit more attractive, be-cause consumers expected the fixed re-payment amounts to constitute a de-clining percentage of their inflation-bolstered incomes. Also, there was adecline in the "real" interest rate onconsumer credit; for example, from1976 to 1979 the interest rate on personalloans at major finance companieshovered around 20-21 percent, while therate of increase in prices of personalconsumption expenditures acceleratedfrom about 5 percent in 1976 to about9 percent in 1979. Given the increasedattractiveness of credit, consumer creditmight have increased more rapidly inthe late 1970's, except that mortgagecredit was used by some consumers as asubstitute for consumer credit, becausethey found mortgage credit cheaper, ormore accessible, or both. The contractinterest rate on a 25-year mortgage with
15CHART 2
Selected Household Credit Measures as aPercentage of Disposable Personal IncomePercent80
70
60
50
40
30
20
CREDIT OUTSTANDING
Mortgage
Consumer
25
20
15
10
CREDIT REPAYMENTS
Total
Consumer Installment
Mortgage{
0 I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i
10NET CHANGE IN CREDIT OUTSTANDING
Consumer
I ! I I ! I huh
1960 62 64 66 68 70 72
Seasonally Adjusted at Annual Rates
Data: Federal Reserve Board
U.S. Department of Commerce, Bureau of Economic Analysis
74 76 78 80
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16 SUEVEY OF CUEEENT BUSINESS February 1981
Table 1.—Distribution of Consumer Installment Credit Outstanding by Type of Extender,Selected Years
[Percent]
CHART 3
I960Jan.
41.934.38.014.31.3
.3
1965Jan.
42.733.19.613.21.0
.5
1970Jan.
45.827.611.912.71.1
.8
1975Jan.
48.821.913.310.72.71.6.9
1980Jan.
49.422.114.98.82.71.3.9
Source: Federal Reserve Board.
a loan-to-price ratio of 75 percent wasunder 9 percent in 1976, compared to arate of about 21 percent on personalloans at finance companies.
Another factor underlying the in-crease in the late 1970's in the ratio ofconsumer credit outstanding to dispos-able personal income was the increasedtendency for consumers to use creditinstead of cash, paying their outstand-ing balance in full at the end of thebilling period. Also, there was an in-crease in the proportion of the popula-tion in the 25-44 year-old range, inwhich consumer debt burdens tend tobe heaviest. According to a survey con-ducted for the Federal Reserve Boardin 1977, over 68 percent of familieswith a head aged 25-44 had outstand-ing installment debt, compared to 65percent of the families with a headyounger than 25, 58 percent of thosewith a head aged 45-54, and smallerproportions of older families. The pro-portion of families with outstandinginstallment debt in excess of $3,000 wasalso highest for those with a head aged25-44.2
Mortgage credit outstanding in-creased from 37.3 percent of disposablepersonal income in the first quarter of1960 to its current level of just under 50percent; this increase, too, was concen-trated in the late 1970's, when factorssimilar to those that led to the expan-sion of consumer credit led to the ex-pansion of mortgage credit as well. Anadditional factor in the expansion ofmortgage credit was that some home-
owners took out second mortgages inorder to convert the capital gains ontheir homes into spending power.
For the purpose of analyzing con-sumers' ability to make purchases, theratio of credit repayments to disposablepersonal income is a more useful meas-ure than is the ratio of credit outstand-ing to disposable personal income.3 Theadvantage of the former ratio is that itindicates the proportion of consumers'income that is unavailable for pur-chases. Mortgage credit repaymentsvaried from 3.5 to 4.2 percent of dispos-able personal income from 1960 through1975, and then climbed to a plateau of5.0 percent in the late 1970's (chart 2,panel 2). Repayments for consumer in-stallment credit increased from about13 percent of disposable personal incomein 1960 to 17 percent in 1971, droppedduring the next 4 years, and thenclimbed in the late 1970's to a peak of17.7 percent, before falling in late 1979and 1980 to 16.3 percent in the fourthquarter of 1980. Given the increasingratio of consumer credit outstanding todisposable personal income and the highconsumer interest rates prevailing in thelate 1970's, the repayments ratio wouldhave climbed more rapidly, but for thelengthening of loan maturities. Forexample, the average maturity on loansby major automobile finance companiesincreased from about 38 months in early1976 to over 44 months in 1979. Morethan 60 percent of the loans made bycommercial banks for new car pur-chases in 1979 were for over 36 months,compared to less than 20 percent in 1975.
Consumer Installment CreditExtensions in Business Cycles
Percent of reference trough130
120 -
2. Board of Governors of the Federal ReserveSystem, 1977 Consumer Credit Survey, December1978, pages 95-96.
3. "Repayments" includes the majority of in-terest payments on consumer installment credit, aswell as principal payments.
100 -
90- 4 - 3 - 2 - 1 0 1 2 3 4
Quarters from Reference TroughsNote. — Based on seasonally adjusted data. Years indicate reference troughsas designated by the National Bureau of Economic Research.Data: Federal Reserve Board
U.S. Department of Commerce, Bureau of Economic Analysis 81-2-3
Table 1 shows the changes over timein the distribution of installment creditoutstanding by type of extender. Thedecline in the share of installment creditprovided by finance companies reflectsthe partial withdrawal of these com-panies from the automobile credit mar-ket; finance companies had provided44.3 percent of the automobile creditoutstanding in January 1960, but only23.8 percent of the amount outstandingin January 1980. The increase in theshare provided by commercial banksand the decline in the share providedby retailers reflect, in part, the aggres-siveness of commercial banks in pro-
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February 1981 SUKVEY OF CUEEENT BUSINESS 17
CHART 4
Loan Delinquency Rates
Percent delinquent31
Installment Loans atCommercial Banks
. I . I ! I ! . ! I I ! I I I I . I I , ! I I I I I I I I I I I , I . . . I . , I I I ! , I I ! . I ! I | I I I , I , . , I I , | I , ! ! I , ! I I I I I I ! I I
1960 '62 '64 '66 '68 70 72 74 76 78 '80
Note.— The rate on installment loans is seasonally adjusted and reters to the percent of accounts delinquent 30 days or more.The rate on mortgages is based on dollar amounts delinquent 60 days or more.Data: Federal Reserve Board, Federal Home Loan Bank Board
U.S. Department of Commerce, Bureau of Economic Analysis 81-2-
moting their credit cards. The FederalEeserve study cited earlier reportedthat the proportion of families usingbank credit cards increased from 19 per-cent in 1971 to 35 percent in 1977, andthat the proportion using retail cardsincreased only from 45 percent in 1971to 50 percent in 1977.4 The sharp in-crease in the share of installment creditprovided by credit unions is associatedwith the sharp increase in their im-portance as depository institutions;savings at credit unions increased ten-fold from 1960 to 1979. The partialreplacement of finance companies assources of automobile credit by com-mercial banks and credit unions hasprobably made such credit available atlower interest rates.
Cyclical patterns
The third panel of chart 2, whichtraces the net change in credit outstand-ing as a percentage of disposable per-sonal income, shows the slowing ofcredit growth that occurred in the re-cessions that troughed in the firstquarter of 1961, the fourth quarter of1.970, the first quarter of 1975, and thesecond quarter of 1980. The net change
in credit outstanding in any period isthe difference between the amount ofcredit extended during the period andthe amount repaid. Because repaymentsare a function of prior credit extensionsover a period of time, it is in credit ex-tensions that cyclicality is more evident.As shown in chart 3 for the 1961, 1970,and 1975 recessions, consumer install-ment credit extensions are flat or declin-ing in the several quarters before acyclical trough, after which they risesharply. Mirroring the greater volatilityof automobile purchases than of otherpurchases, cyclical variations in the au-tomobile credit component are sharperthan those in total consumer installmentcredit extensions. For reasons discussedlater in this article, the decline in creditextensions—both total and automo-bile—was unusually sharp in the 1980recession.
The net change in consumer install-ment credit outstanding generally leadsthe business cycle.5 During the earlyphases of an economic recovery, repay-ments, which are influenced by the lowlevel of extensions during the recession,
increase more slowly than do extensions.As the recovery continues, however, re-payments begin to increase faster thanextensions, and the net change in creditoutstanding turns down before the peakof the business cycle is reached.
In contrast, the volume of consumerinstallment credit outstanding generallylags the business cycle.6 Extensionsnormally exceed repayments; so, evenwhen a recession begins and extensionsflatten or decline, they continue to ex-ceed repayments, and the volume ofcredit outstanding continues to increaseeven after the business cycle peak haspassed.
Credit delinquency rates also show acyclical pattern (chart 4). The rate onconsumer installment loans at commer-cial banks, for example, reached highsin three of the four trough quarterscited above. (The exception was in 1980,when the delinquency rate continued torise from the second quarter to thethird.) Superimposed on the cyclicalpattern is a secular uptrend in this de-linquency rate. Because this rate refersonly to consumer installment loans ex-tended by commercial banks, the up-trend may reflect nothing more than thefact that in increasing their share of theconsumer installment credit market,commercial banks have accepted alarger number of high-risk customers.
Recent developments
Table 2 shows the monthly move-ments during 1980 in the net change inconsumer installment credit outstand-ing, in repayments, in extensions, and inthose components of total extensions forwhich data are available. Consumer in-stallment credit outstanding increased$1.6 billion in December, followingaverage monthly increases of one-halfthat size in August through November,and average monthly declines of $1.9billion in April through July. Behindthe decline was a drop in extensions,from a high of almost $28 billion inJanuary to a low of just over $22 billionin May. Automobile credit, which hadaccounted for less than 29 percent of
4. 1977 Consumer Credit Survey, pages 87-88.
5. In Business Conditions Digest, this series isclassified as leading at peaks, at troughs, and atpeaks and troughs combined. See page 32 of theJanuary 1981 issue.
6. Tn Business Conditions Digest, this series isclassified as lagging at peaks, at troughs, and atpeaks and troughs combined. See page 35 of theJanuary 1981 issue.
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18 SUEVEY OF CUEEENT BUSINESS February 1981
Table 2.-—Developments in Consumer Installment Credit, 1980[Millions of dollars, seasonally adjusted]
ExtensionsAutomobile __RevolvingMobile homeOther _ _
Repayments _
Net change in amount outstanding
Jan.
27, 9238 441
10 500522
8 460
25,196
2,727
Feb.
27 5817 973
10 756452
8 400
25,178
2,403
Mar.
25 8817 372
10*634435
7 440
25,227
654
Apr.
23 2205 922
10 347397
6 554
24,891
—1,671
May
22 0935 533
10 302299
5 959
24,770
-2, 677
19
June
22,3495 550
10 341424
6 034
24,394
-2,045
80
July
23,9976 068
10 679377
6 873
25,196
-1,199
Aug.
26,1767 400
10,700415
7,661
25,687
489
Sept.
27,0647,518
11, 143442
7,961
26,009
1,055
Oct.
27, 3657,544
11,124513
8,184
26,663
702
Nov.
25,9917,117
10,953424
7,497
25,152
839
Dec.
27, 1497,234
11,614479
7,822
25,530
1,619
Source: Federal Reserve Board.
the installment credit extended in 1979,accounted for about 50 percent of theJanuary-to-May drop in extensions.
Factors behind the January-to-Maydrop in credit extensions were the re-cession and the associated drop in con-sumer incomes and concern over possiblefuture income losses; high consumerinterest rates—for example, the rate on a36-month commercial bank loan for thepurchase of a new automobile was 15.72percent in May, up from 13.28 percentin February; cost pressures on creditextenders, who were limited in theirability to raise interest rates by Stateusury laws; and the credit control pro-gram announced by the Federal ReserveBoard on March 14 (see the "BusinessSituation" in the March 1980 SURVEY OFCURRENT BUSINESS)/
7. There is evidence of increasing consumerawareness of the interest rates on consumer credit.
It is difficult to assess the role thatthe Federal Reserve's program playedin curtailing credit extensions. On theone hand, automobile credit, whichplummeted, was exempt from the pro-gram, and from February to May (themonths for which data are available)interest rates rose as rapidly on autoloans as on other consumer loans. On theother hand, announcement of the pro-gram apparently caused some consumersto curtail their use of credit and somecredit extenders to tighten up on thegranting of credit—for example, byrequiring larger monthly payments orby raising eligibility requirements forcredit use.8 Because of the very sharpdrop in credit use, the Federal Reserve
(See 1977 Consumer Credit Survey, chapter 2.) Itis not clear, however, whether the demand for con-sumer credit is becoming more sensitive to changesIn interest rates.
8. For a description of the responses of variouscredit extenders to the program, see U.S. House ofRepresentatives, Committee on Banking, Finance
announced a relaxation of the creditcontrols on May 22, and their elimina-tion on July 3.
Several State legislatures have re-cently liberalized their usury laws. Forexample, in late November, New Yorkremoved its civil usury ceiling from con-sumer loans. These liberalizationswould support the upturn in consumercredit that seemed underway by Decem-ber. Facilitating such an upturn is thereduced burden of consumer credit; asnoted earlier, consumer installmentcredit repayments were equal to only16.3 percent of disposable personal in-come in the fourth quarter of 1980, thelowest level in 4 years. The strength ofany upturn will depend, of course, onauto sales; extensions of automobilecredit were down in November-Decem-ber from the previous 3 months.
and ^Jrban Affairs, Credit Controls: An Evaluation,U.S. Government Printing Office, 1980.
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By DAVID J. LEVIN
State and Local Government Fiscal Position in 1980
A HE State and local governmentsurplus on a national income and prod-uct accounting (NIPA) basis was $29billion in 1980, up $2 billion from thesurplus in 1979. The increase in the sur-plus reflected a larger acceleration inreceipts growth than in expendituresgrowth. It was the net result of a $3billion increase in the surplus of socialinsurance funds and a $1 billion declinein the surplus of other funds. The other-funds surplus has declined each yearsince 1977, from $10 billion to about $2billion in 1980.
Receipts
State and local government receiptsincreased 9 percent in 1980, up from a71/2-percent increase in 1979, but belowthe increases of 10 percent or more reg-istered in 1977 and 1978 (table 1). Allcategories of receipts recorded strongincreases in 1980 except corporateprofits tax accruals, which declined Sy2
percent. General own-source receipts ac-celerated—from a 7^-percent to a 9-percent increase—despite the decline incorporate profits taxes. Major increaseswere in personal tax and nontax receipts(especially income taxes) and in indi-rect business tax and nontax accrualsother than sales and property taxes,especially in receipts related to exploita-tion of mineral wealth.
Personal income tax growth accel-erated in 1980 despite a deceleration inincome growth. The 16-percent increasewas in line with increases in recent yearsexcept 1979, when the increase was only9 percent. The pattern appears to be re-lated to that of net final settlements. In1978, refunds exceeded payments on set-tlement by approximately $1 billion; in1979, the excess widened to about $2.5billion as a result of law changes affect-ing 1978 liabilities. The change of about$1.5 billion from 1978 to 1979 accountedfor much of the 1979 deceleration. In
1980, the excess was again about $2.5 bil-lion, so that final settlements had littleeffect on the change in personal incometaxes.
Sales taxes, the largest category ofindirect business taxes, again increasedless than in the preceding year. Gaso-line taxes declined slightly, despite anumber of rate increases, as gasolineconsumption declined for the secondconsecutive year. Factors contributingto the decline in consumption were anincreasing proportion of more fuel-efficient vehicles in the fleet and a de-cline in the number of miles driven.General sales tax growth was held downby a number of law changes. SeveralStates exempted some or all purchasesof residential utilities from the sales taxbase. Illinois and West Virginia con-tinued a phased removal of food sold ingrocery stores from the base, and Colo-rado removed these food sales from thebase.
Business property taxes increasedvery slowly by historical standards—about 5 percent—but more than in 1978and 1979. The virtual absence of growth
in 1978 and 1979 was largely the resultof California's Proposition 13, whichaffected the second half of 1978 and allof 1979. By 1980, it no longer exerted amajor negative effect on the year-to-year change. Tax limitations other thanProposition 13 enacted in 1978 are stillslowing property tax growth. In addi-tion, there are other possible reasons forcontinued slow growth: (1) Local offi-cials may have found it prudent to limittax growth in order to lessen pressuresfor voter initiatives, and (2) local gov-ernments that accumulated surpluses,as local governments as a whole did in1977 and 1978, allowed tax growth todecelerate while accumulated balancesran down. In 1980, there were referen-dums in several States designed to re-strict severely the growth of propertytaxes. However, these measures failed,with the exception of one in Massachu-setts. This referendum required legisla-tive implementation for several of itsprovisions, and both magnitude andtiming of its property tax provisionsare as yet unclear.
Table 1.—State and Local Government Receipts, NIPA Basis
Receipts
General own-source receipts
Personal tax and nontax receiptsIncome tax _NontaxesOther .
Corporate profits tax accruals
Indirect business tax and nontax accrualsSales taxes _ _ _Property taxesOther__
Contributions for social insurance
Federal grants-in-aid
Addenda: Receipts, excluding selected law changes:
TotalGeneral own-source receipts
Calendar years
Billions of dollars
1976
267.8
187.1
49.626.816.76.1
9.3
128.357.858.212.3
19.5
61.1
266.7186.1
1977
298.0
208.4
56.430.918.96.7
11.0
141.064.163.413.5
22.1
67.5
296.3206.7
1978
327.4
225.6
63.935.521.47.0
11.7
149.971.063.915.0
24.6
77.3
328.4226.6
1979
351.2
242.6
70.638.824.57.4
13.0
159.076.964.417.7
28.1
80.4
360.1251.6
1980
383.6
264.2
80.745.027.97.9
11.9
171.682.867.521.2
31.5
87.9
393.5274.2
Percent change
1977
11.3
11.4
13.815.313.19.2
18.5
9.910.98.99.9
13.1
10.5
11.111.1
1978
9.9
8.2
13.315.113.25.2
6.7
6.310.8
.910.8
11.3
14.4
10.99.6
1979
7.3
7.6
10.59.2
14.45.0
11.0
6.08.3.7
17.9
14.5
4.1
9.611.0
1980
9.2
8.9
14.416.013.87.5
7.97.64.9
20.2
11.9
9.4
9.39.0
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20 SURVEY OF CURRENT BUSINESS February 1981
Contributions for social insuranceincreased 12 percent, compared with14% percent in 1979. Most of this de-celeration was accounted for by a $0.4billion refund under the cash sickness(temporary disability insurance) pro-gram administered by the State of Cali-fornia ; 80 percent of contributions paidby employees to the program during1979 was returned during 1980.
Federal grants-in-aid increased 9%percent, compared with only 4 percentin 1979, but Wy2 percent and 14% per-cent in 1977 and 1978. Much of the ac-celeration was in entitlement pro-grams—Federal support for welfarebenefits, medical vendor purchases, pro-vision of food and home-heating for theneedy, and training and human devel-opment programs. Grants for these pro-grams increased 14 percent. Grantsfor capital purposes also increasedstrongly—11% percent—despite a $1.2billion decline in local public worksgrants due to the running down of the1977 program (only $0.2 billion of anoriginal $6 billion remained unspent as1980 ended). All other grants recordedan increase of less than 2 percent.
Expenditures
Expenditures increased 9% percentin 1980, compared with 8% percent in1979 (table 2). Accelerations in pur-chases of structures and in direct relieftransfer payments—the latter reflectingthe 1980 slowdown in the economy—were major factors.
Total purchases again increased 9%percent, but the composition of the in-crease differed from that in 1979. Pur-chases of structures increased 12 per-cent, up from 7% percent. The 1980increase was more than accounted for byprices, which increased 13 percent; realpurchases of structures declined slight-ly. Other purchases of goods and serv-ices from business increased 10 percent,a little more than in 1979. Real pur-chases were flat. Compensation of em-ployees increased 8% percent in 1980,less than in 1979. Higher average com-pensation accounted for most of the1980 increase. Real compensation in-creased only about 1 percent. About one-half of the increase in real compensa-tion was due to an increase in employ-
ment. The other one-half was due to ashift from employment funded bythe Comprehensive Employment andTraining Act (CETA), which declinedabout 75,000, to permanent employ-ment, which increased by about 140,000.(In the derivation of real compensation,a CETA employee's services are valuedat $7,000 in 1972 dollars, which is theestimated average compensation of anemployee under the Public EmploymentProgram of 1972, and a permanent em-ployee's services are valued at about$11,000; thus a shift of 75,000 fromCETA to permanent employment isvalued at about $3 billion in 1972dollars.)
In 1977 and 1978, CETA hiring byStates and localities had been largelyan addition to normal increases in em-ployment (chart 5). In 1979, whenCETA employment first declined, otheremployment accelerated, suggestingthat many of those leaving CETA rollsbecame permanent employees.
In 1980, however, the further declinein CETA employment was not offset bylarger-than-normal increases in perma-nent employment. Among the factorsthat contributed to the change in pat-tern from 1979 to 1980 are that: (1) thebetter qualified CETA employees, whoare more easily absorbed into the perma-nent workforce, were "skimmed" off in1979 as managers anticipated further
declines in CETA employment, and (2)by 1980 many governments had rundown surpluses accumulated in 1977and 1978, so that they were no longerable to finance larger-than-normalhirings.
Transfer payments to persons in-creased 11 percent, up from 7 percent in1979. Welfare and related transfers,which react quickly to changes in theeconomy, accounted for most of the ac-celeration ; they were up 14 percent afteran increase of 3% percent in 1979. Bene-fits from social insurance funds in-creased 11 percent, slightly less than in1979, and other transfers increased 3%percent, more than in 1979.
Interest received by government,which is netted against interest paid inthe NIPA's, increased more rapidlythan did most types of expenditures,thus holding down total expendituresgrowth. Dividends received by socialinsurance funds (which, until the re-cently published comprehensive re-vision of the NIPA's, were includedwith interest received) increased 4%percent in 1980, more than in 1979, butsignificantly less than in 1977 and 1978.The lower rates of increase reflect ashift in the holdings of State and localgovernment-administered retirementsystems from stocks—i.e. dividend-pay-ing investments—to interest-bearinginvestments.
Table 2.—State and Local Government Expenditures, NIPA Basis
Expenditures _
Purchases of goods and services _Compensation of employeesStructures _ _ _ _Medical vendor payments _ _Other purchases
T ransfer payments to personsBenefits from social insurance funds _Direct reliefOther _ . . .
Net interest paidInterest paid _ ...Less: Interest received by government
Less: Dividends received- _
Subsidies less current surplus of government enterprisesSubsidies..Less: Current surplus of government enterprises ...
Less: Wage accruals less disbursements
Calendar years
Billions of dollars
1976
251.2
232.9132.332.314.254.3
27.6H.312.83.5
-3.612.516.1
.8
-4.8.2
5.0
0
1977 1 1978
270.0
250.6144.031.015.759.9
29.712.513.43.8
-4.013.717.7
1.2
-5.1.2
5.4
0
298.4
279.2157.537.517.167.1
32.814.113.65.1
-6.214.921.1
1.5
-5.7.2
6.0
.2
1979
324.4
305.9172. 340.319.473.9
35.015.914.15.1
-8.816.325.1
1.5
-6.3.3
6.7
-.1
1980
354.8
335.7187.445.221.581.6
38.917.616.05.3
-10.817.728.5
1.6
-7.4.4
7.7
0
Percent change
1977
7.5
7.68.9
-3.810.610.3
7.810.64.7
10.3
9.49.6
45.1
11.16.4
1978
10.9
11.49.3
21.09.4
12.1
10.313.31.2
32.3
8.919.2
21.7
13.811.7
1979
8.7
9.69.47.4
13.210.1
6.812.33.3.8
9.519.0
1.8
36.811.7
1980
9.3
9.78.7
12.110.610.5
10.910.813.83.4
8.213.5
4.5
8.315.5
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February 1981 SURVEY OF CURRENT BUSINESS 21
CHART 5
State and Local GovernmentEmployment: Change FromPreceding Year
Thousands of employees, full-time equivalents300
-50 -
-100-
-1501977 1978 1979 1980
U.S. Department of Commerce, Bureau of Economic Analysis 81-2-5
Fiscal positionWith a surplus of $2 billion on 1980,
the State and local government sectorexcluding social insurance funds barelymaintained the record of surpluses reg-istered since 1975. These surpluses hadbeen $10 billion in 1977 and 1978 and $3billion in 1979. Over the past severalyears, certain mineral-wealthy Stateshave recorded strong revenue growth,partly in response to sharply rising en-ergy prices. In Texas, Alaska, and Lou-isiana, severance taxes and royalties in-creased sharply, as did corporate profitstaxes in Louisiana and Alaska (Texasdoes not levy a corporate profits tax).These States have accumulated sur-pluses, while other States and localitiesin aggregate have moved into deficit.
This other-funds measure has usuallyregistered a deficit; prior to 1972, whengeneral revenue sharing funds account-ed for much of the surplus, the last sur-plus was recorded in 1947. Because capi-tal spending by government is combinedwith current spending in the summaryNIPA presentations and because muchof the capital spending by States andlocalities is funded by long-term bor-
rowing, the "normal" fiscal position ofthe other-funds measure has been a defi-cit.1 The 1980 acceleration in capitalspending helped explain the continuedmove toward deficit.
NIPA surplus or deficit (-):
Total .
Social insurance funds.Other funds
1977
28.1
17.910.1
1978
29.0
20.09.0
1979
26.7
23.92.9
1980 P
28.8
26.91.9
p Preliminary.
OutlookIn 1981, total receipts will increase
at the same or at a slightly faster ratethan in 1980. General own-source re-ceipts are likely to increase faster, about11 percent. The increase in personal in-come taxes is likely to accelerate. Sev-eral States now indexing these taxes—i.e., adjusting any or all three of thedeterminants of tax liability that arestated in dollar amounts (personal ex-emptions and deductions, and tax ratebrackets) to reflect changes in the pricelevel—are considering modification ofthe practice. Indexation had a modestdampening affect on overall 1980growth; the intent of the modificationsis to allow more rapid increases. If theeconomy improves in 1981, the declinein corporate profits taxes will end. It islikely that there will be fewer lawchanges limiting sales tax growth thanthere were in 1980.
Localities may allow property taxesto increase somewhat more rapidly thanin 1980, as State legislatures (and theFederal Government as well) limitgrowth in grants-in-aid for local gov-ernment use. The property tax increasewill be held down by the Massachusettsaction mentioned earlier, which will re-duce total property tax accruals about$0.4 billion in 1981. Other indirect busi-ness taxes will continue to increase rap-idly, as energy prices continue to rise.
1. This and other characteristics of the surplusand deficit in the NIPA framework are discussedmore fully in "State and Local Government FiscalPosition in 1978," in the December 1978 issue ofthe Survey of Current Business.
These faster increases in own-sourcerevenue will be partly offset by a slowerincrease in Federal grants-in-aid. TheState portion of general revenue-shar-ing is scheduled to stop in 1981, re-ducing grants by $2.3 billion, and itappears that the Administration willattempt to curb growth in grants pro-grams supporting construction of high-ways, mass transit, and water treatmentplants. Grants for GET A employmentare likely to be further reduced, if noteliminated, in 1981. For the year as awhole, grants increases are unlikely toexceed 4-5 percent.
Increases in expenditures will prob-ably remain under 10 percent. Construc-tion will probably increase very little,as grants for capital purposes are cutback. Further reductions in CETA em-ployment will probably limit compen-sation growth, and some improvementin the economy will allow welfare trans-fers to increase more slowly. In Cali-fornia, State spending may have to bereduced below current levels.
Following the passage of Proposition13 in 1978, the State used its large ac-cumulated general fund surplus to helpfinance local government spending,especially for welfare and education.(See "Proposition 13: One Year Later,"in the November 1979 SURVEY OF CUR-RENT BUSINESS.) That surplus, whichwas $1 billion in June 1979, declinedto less than $1 billion as of January1981; almost all of that surplus is re-served for an "economic uncertainty"contingency fund. Unless increases inmajor State receipt categories acceleratesharply in the next few months, Statesupport for local operations will have tobe reduced.
The 1981 surplus on the NIPA basiswill be somewhat larger than in 1980—about $32 billion. The social insurancefunds will show a surplus of about thatamount, and the other funds will be inapproximate balance. Several of thepoints mentioned—specifically, smallerincreases in welfare transfers, stabilityof corporate profits taxes, and largerincreases in personal income taxes—rest on an assumption of some improve-ment in the economy. In the absence ofsuch an improvement, the other-fundsmeasure will move into deficit.
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By CAROL S. CARSON and GEORGE JASZI
The National Income and Products Accountsof the United States: An Overview
This article presents a summary explanation of BEA's national income andproduct accounts. It is an expansion of the article that appeared in the October1979 SURVEY OF CURRENT BUSINESS, and it incorporates the results of the recentlycompleted comprehensive revision of the national income and product accounts.An appendix to the article presents the definitions that underlie these accounts.These definitions provide detail that cannot be included in a summary explanation.
JL HE national income and productaccounts (NIPA's) show the economicprocess—i.e., the production, distribu-tion, and use of output. Although themeasurement of production is the func-tion of the NIPA's that is best known,they gained their preeminence as a toolof macroeconomic analysis because, in
addition to measuring production, theypresent a summary picture of the eco-nomic process. The first section of thisarticle explains how production ismeasured in the NIPA's, and the secondsection explains how the NIPA's pro-vide a summary picture of the economicprocess.
The Measurement of ProductionABOUT 85 percent of GNP—the mostpopular measure of the production ofthe Nation—originates in business. Ac-cordingly, a good way to explain theGNP is to show how the production at-tributable to a single business unit canbe measured. It can be measured in twoways: in terms of products, i.e., goodsand services; and in terms of incomesgenerated in production.
GNP as a sum of products
Of all the magnitudes that are observ-able for a business unit, its sales comeclosest to its production, but they arenot equivalent to it. First, sales fallshort of production if some of the unit'sproduction is added to inventories.Conversely, sales exceed productionif inventories are drawn down. Sec-ond, sales and inventory change ofa unit measure not only the productionattributable to that unit (also calledproduct originating in, or the valueadded by, the unit), but also the rawmaterials, semifinished products, andfinished products—more precisely, any
22
product other than plant and equipmentintended for use by the purchasingunit—that the unit purchases fromother units. Because these purchases arethe production of the other units, theymust be deducted from the sum of aunit's sales and inventory change toderive the production attributable tothat unit. In NIPA terminology, thesepurchases are called current-accountpurchases. (The term "intermediateproducts" is often used interchangeablywith current-account purchases.)
Thus, the production attributable tothe business unit can be measured by thefollowing formula:
Value of production = sales+inventorychange — current-account purchases.
The next step is to regard GNP asthe sum of the production of all thebusiness units that operate in the econ-omy and to examine what happens tothe formula if it is so interpreted. Itsinventory change component stands. Be-cause the current-account purchases ofone unit are the sales of another, they
cancel out for the economy as a whole.In an economy like that of the UnitedStates, the sales that do not cancel("final sales") can be seen to consist of(1) sales to consumers, (2) gross fixedinvestment (the plant and equipmentthat was omitted from current-accountpurchases), (3) sales to government,and (4) sales to foreigners—exports.Exports are measured after deductionof imports. Imports are reflected in finalsales and also in the inventory changecomponent of the formula. But they areforeign rather than U.S. production,and must be deducted if the aim is toderive a measure of production attrib-utable to the United States.
About 15 percent of GNP originatesoutside of business. Nonbusiness pro-duction includes the services providedby household employees (and by theemployees of nonprofit institution),the services provided by governmentemployees, and the services provided toforeigners abroad by factors of produc-tion—labor and property—owned byresidents of the United States (net ofthe services provided in the UnitedStates by factors of production ownedby residents of foreign countries). Thefirst two categories of nonbusiness pro-duction are measured by the compensa-tion of employees of households (andnonprofit institutions) and of govern-ment. The last category is measured bythe net inflow from abroad of employeecompensation and—much more impor-tant—of property incomes (interestand profits). The household componentis treated as a sale to consumers; thegovernment component, as a sale to gov-ernment ; and the foreign component, asa sale to foreigners.
This is a drastically abbreviated ex-planation of GNP and, at a minimum,
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February 1981 SURVEY OF CURRENT BUSINESS 23
requires the following further explana-tions.
First, the reference to business"units" was intentionally ambiguous.On the one hand, units may be estab-lishments (e.g., factories); on the other,they may be firms (enterprises, com-panies, corporations). The former tendto reflect technologies, the latter tendto reflect financial arrangements.1
Second, each of the components offinal sales has characteristics that arenot obvious. For instance, fixed invest-ment is defined "gross," i.e., no deduc-tion is made for plant and equipmentused up in production. Another char-acteristic of fixed investment is that itcovers, in addition to residences boughtby business, residences bought by house-holds. Common sense suggests that suchpurchases are investment rather thanconsumption.
Third, in addition to monetary trans-actions, GNP includes "imputations"for certain items of production in kind.These amount to less than 10 percent ofGNP. The major items are: wages andsalaries in kind, food and fuel producedand consumed on farms, the value ofservices rendered by owner-occupiedresidences, and the value of services fur-nished without payment by financialintermediaries. Each of these imputa-tions is made in order to obtain a betterview of total national output and of itsdistribution. This statement can beillustrated by one of the imputationsfor wages and salaries in kind. If onlymonetary transactions were taken intoaccount, meals provided free to restau-rant workers—unlike meals sold byrestaurants—would not appear as partof GNP, and wa^es of restaurant work-ers would be understated relative to thewages of workers who receive theirwages entirely in monetary form.
1. There are several systems of economic ac-counts that, taken together, are commonly calledthe national economic accounts. One of these sys-tems, the input-output accounts, because it showshow the industries of the Nation interact to pro-duce the GNP, are based on a technological defini-tion of the business unit. Another system, the de-tailed saving-investment accounts, because it showsthe transactions in the markets that transformsaving into investment, are based on a financialdefinition. Inasmuch as the NIPA's may be viewedas the system that summarizes the national eco-nomic accounts, they would seem to require both.The establishment-firm dichotomy is one of the mostimportant obstacles to integration within and amongparts of the national economic accounts.
GNP as a sum of incomes
The second way of measuring GNP isbased on a self-evident proposition:
Value of production = costs of produc-tion + profits.
To shorten the discussion, the followingexplanation omits the application ofthis formula to the single business unit,and applies it directly to business as awhole. When the formula is applied tobusiness as a whole, a major category ofcosts of a single business unit—current-account purchases—cancels out because,as has been explained, the current-account purchases of one unit are thesales of another. The costs remaining inthe formula fall into four main cate-gories : compensation of employees, netinterest, depreciation and other capitalconsumption allowances, and indirectbusiness taxes. Employee compensationconsists mainly of wages and salaries,but includes also employer contributionsto social security and private pensionand welfare funds. Net interest is in-terest paid by the business less the in-terest it receives. Depreciation, etc., rep-resents the cost of plant and equipmentused up in production. Indirect businesstaxes are taxes that can be charged tobusiness expense—for example, salesand excise taxes and business propertytaxes.
The difference between the value ofbusiness production and the costs justenumerated is business profits, of whichcorporate profits is the largest category.Corporate profits are measured beforetaxes on them. (Corporate profits taxesare not an expense in the strict sense ofthe word, because, unlike business ex-penses proper, they cannot be deter-mined before profits are calculated.)The other major profits category is la-beled proprietors' income, and coversthe incomes of proprietorships and part-nerships. The last category of profits,called rental income of persons, is verysimilar to proprietors' income.
This itemization of costs and profitsis applicable to business production.The items used to measure nonbusinessproduction were enumerated earlier. Inmeasuring GNP as a sum of incomes,these items are combined with corre-
sponding items of business costs and'profits.
A graphic summary.—Business andnonbusiness production, and productionin terms of products and of incomes,are quantified for 1980 in the upperpanel of chart 6.2 The bulk of produc-tion is seen to originate in business; outof a total of $2,629 billion, $2,224 billionoriginates in this sector. Production at-tributable to households accountsfor $86 billion, production attrib-utable to government for $269 billion,and production attributable to factorsof production provided (net) by U.S.residents to foreigners abroad—calledrest-of-the-world production—accountsfor $50 billion. Without rest-of-the-world production, the total is calledgross domestic product. This total,which is $2,579 billion, is useful instudies that focus on production attrib-utable to factors of production locatedin the United States.
The right-hand side of the panelshows production measured in terms ofproducts, and the left-hand side showsproduction measured in terms of in-comes. For the business sector, the dis-tinction between products and incomesis observable in the real world; for theother sectors, only incomes are observ-able. The sequence of incomes shownfor the business sector differs from thecosts-profits sequence just described forreasons that will be explained in thenext section.
The chart also shows how the sectors'corresponding product items and corre-sponding incomes items are combinedto derive the National Income andProduct (NIP) Account, which isshown in the lower panel. For example,sales to persons by business and by con-sumers are combined to become personalconsumption expenditures, and com-pensation of employees by business, byhouseholds, and by government is com-bined into a total for compensation ofemployees.
The national income and productaccount
The NIP account is shown as account1 of table 1. On the right-hand side,
2. The estimates shown in chart 6 are those inthe January 1981 SURVEY.
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24
GNP is measured as a sum of products.On the left-hand side, it is measured asa sum of incomes. The following pointshelp make the table intelligible.
First, the items "subsidies, etc.,""business transfer payments," and "sta-tistical discrepancy" are new. The firstof these can be regarded as negative in-direct business taxes. The businesstransfer payment item includes, in ad-dition to corporate gifts to nonprofitinstitutions, bad debts incurred by con-sumers. Sales on the right-hand side ofthe account include credit sales beforedefaults; accordingly, bad debts are anelement of business cost. They are calledtransfer payments—a NIPA term thatincludes incomes of consumers for whichthey did not render current services—because they are written off rather thancollected. Finally, the statistical dis-crepancy is the GNP measured as asum of products less GNP measured as asum of incomes. In theory, the statisticaldiscrepancy should be zero, becauseprofits is a residual—the value of pro-duction less the cost of production. Inpractice, the statistical discrepancy isnot zero, because the income and prod-uct sides of the NIP account are esti-mated independently, and—given the
SUEVEY OF CUKEENT BUSINESS
imperfection of estimating methodolo-gies—are subject to error.
Second, the terms "inventory valua-tion adjustment" and "capital con-sumption adjustment" are attached toseveral items on the income side of theNIP account. "Inventory valuation ad-justment" is attached to proprietors'income and to corporate profits to signalthat, with respect to inventory account-ing, even though these two forms ofprofits are derived from business re-ports, they are based on the method usedin the NIPA's rather than on methodsused by business. The NIPA method isto value the change in the physicalvolume of inventories in the prices ofthe current period. When the physicalvolume of an inventory good is un-changed or increasing, this method isidentical to the last-in-first-out method.The inventory item included on theproduct side of the account is also meas-ured using the NIPA method.
"Capital consumption adjustment" isattached to the two profits items justenumerated, and also to rental income ofpersons and to capital consumption al-lowances, to signal that, with respectto depreciation accounting, even thoughthe items are derived from business re-ports, they are based on the method usedin the NIPA's rather than on methods
February 1981
used by business. The method used inthe NIPA's is to measure depreciationwith uniform service lives and con-sistent depreciation formulas, and tovalue it at replacement cost.
Third, the sequence of items on theincome side of the NIP account departsfrom the costs-profits sequence used intheir explanation. The entries addingup to a total called national income area combination of items that can be en-visaged as the sum of the earnings ofthe several factors of production. This"factor cost" concept is often used instudies dealing with the allocation offactors of production to various uses.The two additional aggregates that areshown—charges against net nationalproduct and charges against GNP—measure production valued at marketprices, which include indirect businesstaxes. Because it is market price that isthe basis for choice among alternativeproducts, market-price valuation ispreferable for studies of economic be-havior and welfare. Charges against netnational product measure the value ofproduction after deduction of capitalconsumption allowances, and chargesagainst GNP is the income counterpartof the product measure of GNP.
Table 1.—Summary National Income and Product Accounts, 1980 l
[Billions of dollars]
Account 1.—National Income and Product Account
Line
1234567
g
9
10
11121314151617
18
19
20212223
24
25
Compensation of employees _ _ _ _ _ _Wages and salaries
Disbursements (2-7).. _ _ _ _ __ _Wage accruals less disbursements (3-12) and (5-4)
Supplements to wages and salaries _Employer contributions for social insurance (3-20)Other labor income (2-8).- _ __ _ _
Proprietors' income with inventory valuation and capital consumption ad-justments (2-9)
Rental income of persons with capital consumption adjustment (2-10)
Corporate profits with inventory valuation and capital consumption adjust-ments
Profits before tax _._ __Profits tax liability (3-17)Profits after tax
Dividends (2-12)Undistributed profits (5-6) _.
Inventory valuation adjustment (5-7)Capital consumption adjustment (5-8)
Net interest (2-15) _
National income ...
Business transfer payments (2-20)Indirect business tax and nontax liability (3-18)Less: Subsidies less current surplus of government enterprises (3-11)Statistical discrepancy (5-12)
Charges against net national product
Capital consumption allowances with capital consumption adjustment (5-9)..
CHARGES AGAINST GROSS NATIONAL PRODUCT
1, 596. 71 343 81,343 8o
252 9115 8137 1
130 6
31.9
182.1242.780 8
161 956.0
105.9—43 3-17 2
180.1
2, 121. 4
10 5212 2
4.51 7
2, 341. 3
287.5
2 628 8
Line
26272829
30313233343536
373839
4041424344
Personal consumption expenditures (2-3)Durable goodsNondurable goodsServices _ _
Gross private domestic investment (5-1)Fixed investment
Nonresidential.. _Structures _ _ _ _Producers' durable equipment
Residential— . ^Change in business inventories
Net exports of goods and servicesExports (4-1)Imports (4-3)
Government purchases of goods and services (3—1)Federal
NondefenseState and local
GROSS NATIONAL PRODUCT
_ 1,671.1211.6674.3785.3
396.8399.8294.7108.3186.5105.1-3.0
_ 26.1340.6314.5
534. 8199.2131.967. 3
335.6
2,628.8
NOTE.—Numbers in parentheses indicate accounts and items of counterentry in the accounts. For example, the counterentry for wage and salary disbursements, (2-7), is in account 2ne 7.
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February 1981 SURVEY OF CURRENT BUSINESS 25
Table 1.—Summary National Income and Product Accounts, 1980 1—Continued
[Billions of dollars]
Account 2.—Personal Income and Outlay Account
Line
Personal tax and nontax payments (3-16) _ 338.7
Personal outlays _ _ 1,718.7Personal consumption expenditures (1-26) 1,671.1Interest paid by consumers to business (2-18).. 46.5
Personal transfer payments to foreigners (net) (4-5) _ 1.1
Personal saving (5-3) 103.6
PERSONAL TAXES, OUTLAYS, AND SAVING 2,161.0
Wage and salary disbursements (1-3) 1,343.8
Other labor income (1-7) 137.1
Proprietors' income with inventory valuation and capital consumption ad-justments (1-8) _ 130.6
Rental income of persons with capital consumption adjustment (1-9)..
Personal dividend incomeDividends (1-14) _Less: Dividends received by government (3-10)
31.9
. 54.456.01.6
Personal interest income 256.6Net interest (1-18) 180.1Interest paid by government to persons and business (3-7) 72.7Less: Interest received by government (3-9) 42.6Interest paid by consumers to business (2-4) 46.5
Transfer payments to persons 294.4From business (1-20) _ 10.5From government (3-3) 283.9
Less: Personal contributions for social insurance (3-21) 87.9
PERSONAL INCOME 2,161.0
Account 3.—Government Receipts and Expenditures Account
Purchases of goods and services (1-40) 534.8
Transfer payments _ 288.4To persons (2-21) _ _. 283.9To foreigners (net) (4-6) 4.5
Net interest paid 42.6Interest paid 85.2
To persons and business (2-16) _ _ 72.7To foreigners (4-7) 12.5
Less: Interest received by government (2-17) 42.6
Less: Dividends received by government (2-13)
Subsidies less current surplus of government enterprises (1-22)..
Less: Wage accruals less disbursements (1-4)
1.6
4.5
0
Surplus or deficit (-), national income and product accounts (5-10) -33.3FederalState and local
GOVERNMENT EXPENDITURES AND SURPLUS.
-61.628.2
835.4
Personal tax and nontax payments (2-1)
Corporate profits tax liability (1-12)
Indirect business tax and nontax liability (1-21).
Contributions for social insuranceEmployer (1-6)Personal (2-22)
338.7
80.8
212.2
203.7115.887.9
GOVERNMENT RECEIPTS. 835.4
Account 4.—Foreign Transactions Account
Exports of goods and services (1-38) _ 340.6
Capital grants received by the United States (net) (5-11).
RECEIPTS FROM FOREIGNERS.
1.1
341.7
Imports of goods and services (1-39) 314.5
Transfer payments to foreigners (net)From persons (net) (2-5)From government (net) (3-4)
Interest paid by government to foreigners (3-8).
Net foreign investment (5-2)_._
PAYMENTS TO FOREIGNERS
5.61.14.5
12.5
9.1
341.7
Account 5—Gross Saving and Investment Account
Gross private domestic investment (1-30)..
Net foreign investment (4-8)
396.8
9.1
GROSS INVESTMENT 406.0
Personal saving (2-6) 103.6
Wage accruals less disbursements (1-4) 0
Undistributed corporate profits with inventory valuation and capital con-sumption adjustments 45.3
Undistributed corporate profits (1-15) 105.9Inventory valuation adjustment (1-16) --- —43.3Capital consumption adjustment (1-17) —17.2
Capital consumption allowances with capital consumption adjustment (1-25). 287.5
Government surplus or deficit (-), national income and product accounts(3-13). -33.3
Capital grants received by the United States (net) (4-2) 1.1
Statistical discrepancy (1-23) 1.7
GROSS SAVING AND STATISTICAL DISCREPANCY 406.0
NOTE.—Numbers in parentheses indicate accounts and items of counterentry in the accounts. For example, the counterentry for wage and salary disbursements, (2-7), is in account 2,line 7.
1. The estimates are those published in the January 1981 SURVEY OF CURRENT BUSINESS.
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26 SURVEY OF CURRENT BUSINESS February 1981
CHART 6
Derivation of the National Income and Product Account, 1980
PRODUCTION ORIGINATING, BY SECTOR
Measured in Terms of
Incomes$2,629
Products$2,629
Business
Households
Government
Rest of the World
NATIONAL INCOME AND PRODUCT ACCOUNT
2,500 -
1,500 ~
1,000 -
500 -
U.S. Department of Commerce, Bureau of Economic Analysis
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February 1981 SURVEY OF CURRENT BUSINESS 27
A Picture of the Economic ProcessTHE sketch of the first function of theNIPA's—the provision of measures ofthe total output of the Nation—has beencompleted. An explanation of theirsecond function—the provision of a pic-ture of the economic process in termsof the production, distribution, and useof output—is taken up next.
Inspection of the NIP account showsthat it provides considerably more thana product and an income measure oftotal GNP. In addition, it provides im-portant clues to the distribution and useof GNP. For instance, it shows the partof GNP that goes to consumers ("per-sons" in the NIPA's, to indicate thatnonprofit institutions and a few otherentities are merged with householdsproper). It also shows, on the left-handside of the account, many of the in-comes—for instance, wages and sala-ries--that persons receive and use topurchase goods and services. In otherwords, the NIP account shows manyof the elements that are necessary for acomprehensive accounting of the dis-tribution of GNP to, and the use of itby, persons—one of the major economicgroups distinguished in the NIPA's be-cause these groups determine the work-ing of the economy. But the picture isincomplete. The NIP account does notshow all the income receipts of persons;for instance, old-age and unemploymentbenefits and other transfer payments re-ceived from government are not shown.Nor does it show individual income andother personal taxes, or personal saving.
A similar situation holds for theother major economic groups, govern-ment and foreigners: The NIP accountshows some but not all of their receiptsand expenditures.
Finally, information is incom-plete for the part of GNP that is savedand invested. The NIP account showsthe part of GNP that is invested do-mestically, but not foreign investment.Among the forms of saving that makeinvestment possible, only business sav-ing (undistributed corporate profitsand capital consumption allowances) isshown.
Recognition of these gaps in the in-formation relating to the distributionand use of the GNP suggests a way inwhich these gaps can be filled: Accountsare established for persons, government,and foreigners to record systematicallyall the receipts of these groups and thedisposition they make of these receipts,and an account is established for the sev-eral forms of domestic saving thesegroups generate and the investmenttheir saving makes possible. These ac-counts are shown as accounts 2 through5 in table 1. They do not involve a calcu-lation of profit or loss, as does the NIPaccount, because they are receipt andexpenditure accounts—unlike the NIPaccount, which is .fashioned after a busi-ness income statement. Also, there is adifference between the personal, govern-ment, and foreign accounts on the onehand, and the saving-investment ac-count on the other. The former refer toeconomic groups. The latter cuts acrossthem and shows the saving and invest-ment transactions of all domesticgroups.
The remaining task is to fill in ac-counts 2 through 5. First, counterentriesto the transactions that appear in theNIP account are made in the appropri-ate accounts. For instance, personal con-sumption expenditures, which are areceipt in the NIP account, appear asa disposition of receipts in the personalincome and outlay account. Second, theaccounts are completed by filling intransactions not yet encountered—trans-actions that occur between two of theseaccounts. These new entries are ex-plained below.
Personal income and outlay account
In the personal income and outlayaccount, several new items are encoun-tered on the receipts side: dividendsreceived by government, interest paidby government to persons and businessless interest received by government,interest paid by consumers to business,transfer payments to persons from gov-ernment, and personal contributions forsocial insurance. Dividends received bygovernment is encountered because it
must be subtracted from the dividendtotal in the NIP account to derive per-sonal dividend income.
The interest items are encountered aspart of a presentation that replicates themethodology of deriving personal inter-est income from the net interest item inthe NIP account. This derivation isseen most easily in algebraic form. Ifinterest is paid (p) and received (r) bybusiness (B), by persons (P), by gov-ernment (G), and by foreigners intransactions with the United States(F),then:
Bp+Pp+Gp+Fp=Br+Pr+Gr+Fr,and
Inasmuch as (Bp-Br) + (Fp-Fr) is thenet interest item in the NIP account,it can be seen that personal interestincome equals net interest plus interestpaid by government less interest re-ceived by government plus interest paidby persons. The differences between theterminologies used in the algebraicformulation and in the personal incomeand outlay account mainly reflect clas-sificational features of the NIPA's.3
Transfer payments by government topersons consists of social security andunemployment insurance benefits, vet-erans' pensions, and other items paid bygovernment to persons for which thelatter do not perform current services.Personal contributions for social insur-ance consists of contributions of em-ployees and the self-employed to socialsecurity and similar government plans.
On the disposition side of the account,the new items are personal taxes, inter-est paid by consumers to business, per-sonal transfer payments to foreigners,and saving. Personal taxes consists of
3. These differences relate to GP and PP. "Interestpaid by government to persons and business" isused instead of GP to indicate that interest paidby government to foreigners is handled separately.Such payments are not regarded as payments forservices produced by property supplied by foreignersto the United States, and are therefore excludedfrom production in the rest of the world (and hencealso from the NIP account). "Interest paid byconsumers to business" is used instead of PP toindicate (1) that interest paid by nonprofit institu-tions is excluded (it is included in the businesscomponent of "net interest"), (2) that mortgageinterest paid is excluded (it also is included in thebusiness component of "net interest"), and (3) thatit is assumed that consumers pay interest only tobusiness.
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the individual income tax and othertaxes paid by persons that cannot becharged to business expense. Interestpaid by consumers to business consistsof interest paid by individuals in theircapacity as consumers. Transfer pay-ments to foreigners consists of remit-tances and other gifts in cash and inkind made by U.S. persons to residentsof foreign countries. Finally, saving isthe difference between personal incomeand the outlays listed on the dispositionside of the account.
Government receipts and expendituresaccount
The government receipts and expend-itures account, which can be regardedas a budget statement within theframework of the NIPA's, shows threenew items: transfer payments to for-eigners, interest paid to foreigners, andsurplus or deficit. Government transferpayments to foreigners consists of non-military grants in cash and in kindmade to foreign nations and of transferpayments to former residents of theUnited States. Interest paid to for-eigners consists of interest paid by theU.S. Government to foreign business,governments, and persons. The govern-ment surplus or deficit is the differencebetween government receipts andexpenditures.
Foreign transactions account
The foreign transactions account,which is an embryonic balance of pay-ments statement for the United States,shows two new items: net foreign in-vestment, and capital grants receivedby the United States. The latter con-sists mainly of allocations of SpecialDrawing Rights to the United Statesby the International Monetary Fund.Net foreign investment is the increaseof U.S. claims on foreigners less theincrease of foreign claims on the UnitedStates. U.S. exports give rise to claimson foreigners, as do capital grants re-ceived by the United States. U.S. im-ports, tarnsfer payments paid to for-eigners, and interest paid by govern-ment to foreigners give rise to foreignclaims on the United States.
Gross saving and investment account
There are no new entries in the grosssaving and investment account. This
account exhibits the well-known ex postequality of total saving and total in-vestment.
Estimates Supporting the Summary NIPA'sTHE figures shown in table 1 are onlythe tip of the iceburg. Information isavailable not only for years but also forquarters and, in the case of personalincome and its disposition, for months.For most annual information, theperiod since 1929 is covered; for mostquarterly and monthly information, thepost World War II period is covered.For GNP and its product components,current-dollar measures, such as thoseshown in table 1, are separated into"real" measures—i.e., measures fromwhich price change has been elimi-nated—and measures of price change.Finally, most of the items shown intable 1 are available in much greaterdetail. For instance, annual estimates ofpersonal consumption expenditures arebroken down into about 100 types of ex-penditures, and annual and quarterlyestimates of government receipts andexpenditures are shown separately forthe Federal Government and for Stateand local governments.
Major measures of production andincome.—Four widely used measuresof production and income—GNP, na-tional income, personal income, and dis-posable personal income—are shown inchart 7 for 1980.4 GNP and national in-come are comprehensive measures ofproduction. In the chart, the difference
4. The estimates shown in chart 7 are those pub-lished in the January 1981 SURVEY.
between them is separated into capitalconsumption and indirect businesstaxes, etc.; the latter makes up the dif-ference between the market-price andfactor-cost valuations.
Personal income is sometimes used asa proxy measure of production becauseit is available for regions of the Nationand because the national measure isavailable monthly. It differs from pro-duction because it excludes some in-comes that represent production but arenot distributed to persons—for ex-ample, social security taxes and undis-tributed corporate profits—and includessome incomes that do not represent cur-rent production—for example, transferpayments. Because, especially in theshort run, some of these incomes do notfollow the course of total production,the proxy is imperfect. In the chart, theformer is shown as what is subtracted,and the latter as what is added, in orderto derive personal income from nationalincome.
Personal income and its disposition—taxes, outlays, and saving—are usefulin their own right, especially becausepersons are the largest among the eco-nomic groups whose interaction deter-mines the working of the economy: Per-sons receive most of the income, accountfor the single largest share of taxes,give rise to the bulk of the demand forGNP, and contribute substantially tothe saving that finances investment.
Appendix: Definitions Underlyingthe National Income and Product Accounts
Definitions of NIPA Entries
Income and product aggregates aredefined below, and their definitions areamplified by definitions of their majorcomponents. Aspects of the aggregatesand their major components that arenot apparent from their titles areemphasized.
The definitions are presented in theframework of the five-account sum-mary of the national income and prod-uct accounts (NIPA's) shown in table 1.Each entry has a counterentry, gen-erally in another account. The paren-thetical numbers that follows an entryin table 1 identify the counterentry byaccount and line number.
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CHART 7
Major Measures of Production and Income, 1980
* GROSS NATIONAL PRODUCT Is the market value of goods and services produced• NATIONAL INCOME Is the income from the production of goods and services* PERSONAL INCOME is the Income received by persons from all sources• DISPOSABLE PERSONAL INCOME is the income remaining to persons after
payments of personal taxes
GROSSNATIONALPRODUCT
$2,629
EqualsNATIONALINCOME$2,121 Less
Plus
EqualsPERSONAL
INCOME$2,161
EqualsDISPOSABLEPERSONAL
INCOME$1,822
Interest Paid byConsumers and
Government
U.S. Department of Commerce, Bureau of Economic AnalysisBillions of Dollars
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With the exception of major incomeand product aggregates, entries areusually defined in this appendix in thesequence in which they appear in thefive-account summary. Their definitionis not repeated when the counterentriesappear, but a cross-reference is made tothe place of their first appearance. Thedefinitions of GNP, national income,and some other production aggregatescan be found in the first two sections,which define the entries in the nationalincome and product (NIP) account.Definitions of personal income and dis-posable personal income can be found inthe section that defines the entries in thepersonal income and outlay account.NIP account: gross national product
GNP is the market value of the goodsand services produced by labor andproperty supplied by residents of theUnited States, before deduction of de-preciation charges and other allowancesfor business and institutional consump-tion of fixed capital goods and after de-duction of products charged to expenseby business. GNP consists of the pur-chases of goods and services by personsand government, gross private domesticinvestment (including the change inbusiness inventories), and net exports(exports less imports).
Personal consumption expenditures(1-26) is goods and services purchasedby individuals, operating expenses ofnonprofit institutions serving individ-uals, and the value of food, fuel, cloth-ing, rent of dwellings, and financialservices received in kind by individuals.Net purchases of used goods are alsoincluded. All private purchases of resi-dential structures are classified as grossprivate domestic investment.
Gross private domestic investment(1-30) is fixed capital goods purchasedby private business and nonprofit insti-tutions, and the value of the change inthe physical volume of inventories heldby private business. The former includeall private purchases of residentialstructures whether purchased for tenantor owner occupancy. Net purchases ofused goods are also included.
Net exports of goods and services(1-38) and (1-39) is exports less im-ports of goods and services. Exports arepart of national production. Imports
are not, but are included in the compo-nents of GNP, and are therefore de-ducted. There are differences betweenthe NIPA measures of exports and im-ports and those in the detailed balanceof payments accounts.
Government purchases of goods andservices (1-40) is the compensation ofgovernment employees and purchasesfrom business and from abroad. It ex-cludes transfer payments, interest paidby government, and subsidies. It in-cludes gross investment by governmententerprises, but excludes their currentoutlays. It includes net purchases ofused goods and excludes sales and pur-chases of land and financial assets.
NIP account: charges against gross na-tional product
Charges against GNP is the costs in-curred and the profits earned in theproduction of GNP. Accordingly, itequals GNP, except for the statisticaldiscrepancy. These charges are arrangedin two groups. The first of these—com-pensation of employees, proprietors'income, rental income of persons, corpo-rate profits, and net interest—are fac-tor charges, because they represent theincomes of the factors of production(labor and property). The total of fac-tor incomes is called the national in-come. The second group consists of non-factor charges. Addition of businesstransfers, indirect business taxes, andcurrent surplus of government enter-prises less subsidies—which are includedin this group—to national income yieldscharges against net national product(and net national product). Additionof capital consumption allowances—theremaining item in the nonfactor costgroup—to charges against net nationalproduct yields, in principle, chargesagainst GNP (and GNP). In practice,measurement errors result in a statisti-cal discrepancy, which is entered be-tween national income and chargesagainst net national product to securebalance between GNP and the factorarid nonf actor charges against it.
The aggregates that have been enum-erated so far differ from each otherbecause of distinctions that are madebetween market value and factor costconcepts, and gross and net concepts.GNP as derived above is a gross market
value measure; national income is a netfactor cost measure; and net nationalproduct is a net market value measure.One further basic distinction can bemade in defining the value of produc-tion. This is the distinction betweendomestic measures and national meas-ures. The former denote the productionattributable to labor and property lo-cated in a country; the latter denote theproduction attributable to labor andproperty supplied by residents of acountry. The national measures exceedthe domestic measures by the net inflowof labor and property incomes fromabroad.
In principle, eight measures of pro-duction can be derived from these threedistinctions. Three of them are includedin table 1; two additional ones are in-cluded in more detailed presentationsof the NIPA estimates. GNP has al-ready been defined. Definitions of theother five follow. Gross domestic prod-uct is the market value of the goods andservices attributable to labor and prop-erty located in the United States. Itequals GNP less the net inflow of laborand property incomes from abroad. Netnational product is the net market valueof the goods and services attributableto labor and property supplied by resi-dents of the United States. Net nationalproduct equals GNP less capital con-sumption allowances; these allowancesare deducted from gross private do-mestic fixed investment to express it ona net basis. Net domestic product is thenet market value of the goods and serv-ices attributable to labor and propertylocated in the United States. It equalsnet national product less the net inflowof labor and property incomes fromabroad. National income is the incomethat originates in the production ofgoods and services attributable to laborand property supplied by residents ofthe United States. Thus, it measures thefactor costs of goods and services pro-duced. Incomes are recorded in theforms in which they accrue to residents,and are measured before deduction oftaxes on those incomes. They consist ofthe compensation of employees, propri-etors' income, rental income of persons,corporate profits, and net interest. Do-mestic income is the factor cost of the
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goods and services attributable to laborand property located in the UnitedStates. It equals national income lessthe net inflow of labor and property in-comes from abroad.
Compensation of employees is the in-come accruing to employees as remu-neration for their work. It is the sum ofwages and salaries and supplements towages and salaries.
Wages and salaries consists of themonetary remuneration of employees,including the compensation of corporateofficers; commissions, tips, and bonuses;and receipts in kind that represent in-come to the recipients. It consists ofdisbursements (1-3) and wage accrualsless disbursements (1-4). Disburse-ments is wages and salaries as just de-fined except that retroactive wages arecounted when paid rather than whenearned.
Supplements to wages and salariesconsists of employer contributions forsocial insurance and of other labor in-come. Employer contributions for socialinsurance (1-6) includes employerpayments under the following pro-grams: Federal old-age, survivors,disability, and hospital insurance ;State unemployment insurance; rail-road retirement and unemploymentinsurance; government retirement; andpublicly administered workmen's com-pensation. Other labor income (1-7) in-cludes employer contributions to privatepension and welfare funds, and direc-tors' fees.
Proprietors' income with inventoryvaluation and capital consumption ad-justments (1-8) is the income, includingincome in kind, of proprietorships andpartnerships and of producers' coopera-tives. Interest and dividend income re-ceived by proprietors and rental incomesreceived by persons who are not primar-ily engaged in the real estate businessare excluded. The inventory valuationadjustment is described under corporateprofits and the capital consumptionadjustment under capital consumptionallowances.
Rental income of persons with capitalconsumption adjustment (1-9) is theincome of persons from the rental ofreal property, except the income of per-sons primarily engaged in the real estate
business; the imputed net rental incomeof owner-occupants of nonfarm dwell-ings ; and the royalties received by per-sons from patents, copyrights, andrights to natural resources. The capitalconsumption adjustment is describedunder capital consumption allowances.
Corporate profits with inventory val-uation and capital consumption ad-justments is the income of corporationsorganized for profit and of mutualfinancial institutions that accrues to res-idents, measured before profits taxes,before deduction of depletion charges,after exclusion of capital gains andlosses, and net of dividends receivedfrom domestic corporations. Corporateprofits includes net inflows from abroadof dividends, reinvested earnings of in-corporated foreign affiliates, and earn-ings of unincorporated foreign affiliates.In other major respects, profits are de-fined as in Federal income tax regula-tions. The capital consumption adjust-ment is described under capital con-sumption adjustment is described undercapital consumption allowances.
Profits before tax is corporate profitswithout inventory valuation and capitalconsumption adjustments.
Profits tax liability (1-12) is Federal,State, and local taxes on corporateincome.
Profits after tax is profits before taxless profits tax liability. Dividends(1-14) is payments in cash or otherassets, excluding stock, by corporationsorganized for profit to stockholderswho are U.S. residents (including Stateand local social insurance funds).Undistributed profits (1-15) is corpo-rate profits before tax less corporateprofit tax liability and less dividends. Itmay also be viewed as the sum of pur-chases of fixed capital assets, the changein the book value of corporate inven-tories, and the net acquisition of finan-cial assets, less the sum of capital con-sumption allowances, net borowing, andnet stock issues.
Inventory valuation adjustment(1-16) is the change in the business in-ventories component of GNP, which ismeasured as the change in the physicalvolume of inventories valued in pricesof the current period, less the change inthe value of inventories reported by
business (book value). The inventoryvaluation adjustment converts inven-tories at historical cost, the valuationconcept generally underlying businessaccounting, to replacement cost, theconcept underlying the NIPA's. It is re-quired only for nonfarm inventories;the change in farm inventories is esti-mated directly. To make the measure-ment of charges against GNP consistentwith GNP, an inventory valuation ad-justment must be applied to reportedcorporate profits and proprietors' in-come.
Net interest (1-18) is interest paid bybusiness less interest received by it, plusnet interest received from abroad. Inaddition to monetary interest flows, netinterest includes flows of interest inkind (imputed interest). The latterhave their counterparts in servicecharges, which are included in personalconsumption expenditures and in gov-ernment purchases.
Business transfer payments (1-20) ispayments to persons for which the latterdo not perform current services. Theyinclude liability payments for personalinjury, corporate gifts to nonprofit in-stitutions and bad debts incurred byconsumers. Most of personal consump-tion expenditures is stated before de-duction of consumer bad debts; corpor-ate profits and proprietors' income areStated after allowance for bad debts.Accordingly, bad debts have to beentered explicitly among the chargesagainst GNP, and because they are writ-ten off rather than collected, they fitinto the general category of transferpayments.
Indirect business tax and nontaxliability (1-21) consists of tax liabilities(except employer contributions forsocial insurance) that are chargeable tobusiness expense in the calculation ofprofit-type incomes, and of certain otherbusiness liabilities to government agen-cies (except government enterprises)that it is convenient to treat like taxes.Indirect business taxes includes sales,excise, and property taxes, and thewindfall profit tax on crude oil produc-tion. Taxes on corporate income are ex-cluded ; these taxes cannot be calculateduntil profits are known, and in thatsense, are not a business expense. Non-
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taxes includes regulatory and inspectionfees, special assessments, fines and pen-alties, rents and royalties, and dona-tions. Nontaxes generally excludes busi-ness purchases from government ofgoods and services that are similar tobusiness purchases of intermediateproducts from other businesses. Govern-ment receipts from the sale of suchproducts are netted against govern-ment purchases so that they do notappear in GNP and other measures ofproduction.
Subsidies less current surplus of gov-ernment enterprises (1-22). Subsidiesis the monetary grants paid by govern-ment to business, including governmententerprises at another level of govern-ment. The current surplus of govern-ment enterprises is their sales receiptsless their current outlays. In the calcu-lation of their current surplus, no de-duction is made for depreciationcharges and net interest paid. Subsidiesand current surplus are often combinedbecause deficits incurred by governmententerprises may result from sellinggoods to businesses at lower thanmarket prices in lieu of giving themsubsidies. This is also the major reasonfor not counting the current surplus ofgovernment enterprises as a profit-typeincome and, accordingly, as part offactor charges.
Statistical discrepancy (1-23) isGNP less charges against GNP otherthan the statistical discrepancy. Itarises because GNP and charges againstGNP are estimated independently bymethodologies that are subject to error.
Capital consumption allowances withcapital consumption adjustment (1-25).Capital consumption allowances con-sists of depreciation charges and ac-cidental damage to fixed business capi-tal. For nonfarm business, they are asreported on Federal income tax returns.For farms, nonprofit institutions, andowner-occupied houses, depreciationcharges are not based on income taxreturns, but instead are calculated toconform to NIPA definitions. Capitalconsumption adjustment (1-17) for cor-porations is the tax return-based capitalconsumption allowances less capitalconsumption allowances that are basedon estimates of uniform service lives,
straight-line depreciation, and replace-ment cost. Similar adjustments are ap-plied to proprietors' income, and rentalincome of persons. The capital con-sumption allowances with capital con-sumption adjustment for nonprofit in-stitutions serving individuals is thevalue of the current services of the fixedcapital assets owned and used by theseinstitutions; it is included in personalconsumption expenditures.
Personal income and outlay accountPersonal income is the income re-
ceived by persons from all sources, thatis, from participation in production,from transfer payments from govern-ment and business, and from govern-ment interest, which is treated like atransfer payment. Persons consist of in-dividuals, nonprofit institutions, pri-vate noninsured welfare funds, andprivate trust funds. Proprietors' in-come is treated in its entirety as receivedby individuals. Life insurance carriersand private noninsured pension fundsare not counted as persons, but theirsaving is credited to persons. Personalincome is the sum of wage and salarydisbursements, other labor income, pro-prietors' income with inventory valua-tion and capital consumption adjust-ments, rental income of persons withcapital consumption adjustment, per-sonal dividend income, personal interestincome, and transfer payments, lesspersonal contributions for social insur-ance.
Disposable personal income is per-sonal income less personal tax and non-tax payments. It is the income availableto persons for spending or saving.
Wage and salary disbursements (see1-3).
Other labor income (see 1-7).Proprietors^ income with inventory
valuation and capital consumption ad-justments (see 1-8).
Rental income of persons with capitalconsumption adjustment (see 1-9).
Personal dividend income is the divi-dend income of persons from all sources.It equals dividends (see 1-14) less divi-dends received by government (2-13).Dividends received by government con-sists of dividends received by State andlocal government social insurancefunds.
Personal interest income is the in-terest income of persons from allsources. It equals net interest (see 1-18),plus interest paid by government to per-sons and business (2-16) less interest re-ceived by government (2-17) plus in-terest paid by consumers to business(2-18). The last item consists of all in-terest paid by individuals in their ca-pacity as consumers, and accordinglyexcludes interest payments on mort-gages and home improvement loans, be-cause homeowners are treated as busi-nesses in the NIPA's. The derivation ofpersonal interest income can be ex-plained as follows: Net interest equalsinterest paid by producers (in this case,business and U.S. residents supplyingproperty services to abroad) to personsand government less interest receivedby producers from consumers and gov-ernment. It therefore falls short of in-terest received by persons from pro-ducers by the amount of interest re-ceived by producers from consumersand government, and exceeds interestreceived by persons from producers bythe amount of interest received by gov-ernment from producers. Accordingly,the former is added to net interest, andthe latter is deducted, to obtain personalinterest income.
Transfer payments to persons is in-come payments to persons, generally inmonetary form, for which they do notrender current services. It consists ofbusiness transfer payments (see 1-20)and government transfer payments(2-21). Government transfer paymentsinclude payments under the followingprograms: Federal old-age, survivors,disability, and hospital insurance; sup-plementary medical insurance; Stateunemployment insurance; railroad re-tirement and unemployment insurance;government retirement; workmen'scompensation; veterans, including vet-erans life insurance; food stamp; blacklung; supplemental security income;and direct relief. Government paymentsto nonprofit institutions, other than forwork under research and developmentcontracts, is also included.
Personal contributions for social in-surance (2-22) includes payments byemployees, self-employed, and other in-dividuals who participate in the follow-
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ing programs: Federal old-age, sur-vivors, disability, and hospital insur-ance; supplementary medical insur-ance; State unemployment insurance;railroad retirement insurance; govern-ment retirement; and veterans life in-surance.
Personal tax and nontax payments(2-1) is tax payments (net of refunds)by persons (except personal contribu-tions for social insurance) that are notchargeable to business expense, and ofcertain other personal payments to gov-ernment agencies (except governmententerprises) that it is convenient totreat like taxes. Personal taxes includesincome, estate and gift, and personalproperty taxes. Nontaxes includes pass-port fees, fines and penalties, donations,and tuitions and fees paid to schools andhospitals operated mainly by govern-ment.
Personal outlays is the sum of per-sonal consumption expenditures (see1-26), interest paid by consumers tobusiness (see 2-18), and personal trans-fer payments to foreigners, net (2-5).The last item is personal remittances incash and in kind to abroad less suchremittances from abroad.
Personal saving (2-6) is personal in-come less the sum of personal outlaysand personal tax and nontax payments.It is the current saving of individuals(including proprietors), nonprofit in-stitutions, private noninsured welfarefunds, and private trust funds. Personalsaving may also be viewed as the sumof net acquisition of financial assets(such as cash and deposits, securities,and the net equity of individuals in lifeinsurance and in private noninsuredpension funds) and physical assets lessthe sum of net borrowing and of capitalconsumption allowances with capitalconsumption adjustment.
Government receipts and expendituresaccount
Personal tax and nontax payments(see 2-1).
Corporate pro-fits tax liability (see1-12).
Indirect business tax and nontaxliability (see 1-21).
Contributions for social insurance(see 1-6 and 2-22).
Purchases of goods and services (see1-40).
Transfer payments is transfer pay-ments to persons (see ^-21) and trans-fer payments to foreigners, net (3-4).The latter is U.S. Government nonmili-tary grants to foreign governments incash and in kind, and U.S. Governmenttransfer payments, mainly retirementbenefits, to former residents of theUnited States.
Net interest paid is interest paid bygovernment less interest received bygovernment (see 2-17). The former isinterest paid to persons and business(see 2-16) and interest paid to foreign-ers (3-8). Interest paid to foreigners isinterest paid by the U.S. Governmentto foreign businesses, governments, andpersons.
Dividends received l>y government(see 2-13).
Subsidies less current surplus of gov-ernment enterprises (see 1-22).
Wage accruals less disbursements (see1-4).
Surplus or deficit ( — ) , national in-come and product accounts (3-13) isthe sum of government expenditures(lines 1, 2, 5, 10, 11, and 12 of account3) less the sum of government receipts(lines 16,17,18, and 19 of account 3). Itmay also be viewed as the net acquisi-tion of financial assets by governmentand government enterprises, and netgovernment purchases of land and ofrights to Government-owned landincluding oil resources.
Foreign transactions account
Imports of goods and services (see1-39).
Transfer payments to foreigners (see2-5 and 3^).
Interest paid ~by government to for-eigners (see 3-8).
Net foreign investment (4-8) is U.S.exports of goods and services and capi-tal grants received by the United States,net (see below), less imports of goodsand services by the United States,transfer payments to foreigners (net),and U.S. Government interest paid toforeigners. It may also be viewed asthe acquisition of foreign assets by U.S.residents less the acquisition of U.S.
assets by foreign residents. It includesthe statistical discrepancy in the de-tailed balance of payments accounts.
Exports of goods and services (see1-38).
Capital grants received by the UnitedStates, net (4-2) is mainly the alloca-tion of Special Drawing Eights to theUnited States.
Gross saving and investment account
Personal saving (see 2-6).Wage accruals less disbursements (see
Undistributed corporate profits withinventory valuation and capital con-sumption adjustments (see 1-15, 1-16,and 1-17).
Capital consumption allowances withcapital consumption adjustment (see1-25).
Government surplus or deficit ( — ) ,national income and product accounts(see 3-13).
Capital grants received l>y the UnitedStates, net (see 4-2).
Statistical discrepancy (see 1-23).Gross private domestic investment
(see 1-30).Net foreign investment (see 4-8).
Definitions of Sectors
In addition to the breakdowns ofGNP that appear in the five-accountsummary of the NIPA's, GNP can bebroken down by sectors — business,households and institutions, govern-ment, and the rest of the world.
Business consists of all organizationslocated in the United States that pro-duce goods and services for sale at aprice intended at least to approximatecosts of production. In the main, itcovers private enterprises organized forprofit, both corporate and noncorporate.Mutual financial institutions, privatenoninsured pension funds, cooperatives,nonprofit organizations serving busi-ness, Federal Eeserve banks, and fed-erally sponsored credit agencies are alsoincluded, as well as government enter-prises. Owner-occupied housing, andbuildings and equipment owned andused by nonprofit institutions servingindividuals, are considered to be busi-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
34 SUKVEY OF CUEEENT BUSINESS February 1981
ness organizations selling their currentservices to their owners.
The production of the business sec-tor can be measured either in terms ofthe value of the goods and services itproduces in the United States or interms of the costs incurred and theprofits earned in its production.
Households and institutions consists
of households of families and unrelatedindividuals, nonprofit institutions serv-ing individuals, private trust funds,and private noninsured welfare funds;the coverage is the same as that of per-sons as defined in the NIPA's. Produc-tion is measured by the compensationof employees.
Government consists of Federal and
State and local government agencies ex-cept government enterprises. Produc-tion is measured by the compensation ofemployees.
Rest of the world consists of foreign-ers as transactors with U.S. residents.Production is measured by net inflowsof labor and property incomes fromabroad.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS
Quarterly and Monthly Constant-Dollar Manufacturing and Trade Inventories and Sales
35
Revised quarterly estimates of constant-dollar inventories, sales, and inventory-sales ratios for manufacturing and trade, for 1976:1-1980 :IV and monthly estimates for July-December 1980 are shown below. They incorporate the revised national income and productaccount estimates of inventories that were described in the December 1980 SURVEY OF CURRENT BUSINESS and revised Census Bureausales and shipments series. Inventory estimates for the period beginning with 1959 have been revised principally to incorporate newprocedures for deflating the book value of inventories. Retail sales have been revised beginning with 1968, and manufacturing shipmentsand wholesale sales beginning with 1978. Revised estimates for earlier periods are available on request from the National Income andWealth Division (BE-54), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230.
Table 1.—Manufacturing and Trade Inventories in Constant Dollars, Seasonally Adjusted, End of Period
[Billions of 1972 dollars]
Manufacturing and trade
Manufacturing _
Durable goods _ _ __ _ _Primary metalsFabricated metals - _ _ _Machinery, except electrical... _ _ _ _ _Electrical machineryTransportation equipment - _Other durable goods1 _
Nondurable goods __ _ _ _ _ __Food and kindred productsNonfood _ __
Paper a n d allied products _ _ _ _ _ _ _ _ _Chemicals and allied products _ _Petroleum and coal productsRubber a n d plastic products _ _ _O ther nondurable goods 2
Merchant wholesalers. _ _ _ __ _
Durable goods _ _ _ _ _ _ _ _Nondurable goods
Groceries and farm products. _Other nondurable goods _ _ _ _ _
Retail trade _ _ . ._
Durable goods _ _ _Auto dealers _ _ _ _ _ _Other durable goods
Nondurable goods. _ _ _ _ _ _ _ _Food storesOther nondurable goods
I
227 5
127.4
84.013 210.920.310 914.514.2
43.511 032.43.67.93.13.1
14.7
42.9
28.914.05.48.7
57.2
27.013.413.630.26.1
24.1
1<
II
231 1
128.7
84.513 310.920.211 214.714.4
44.111 232.93.78.03.13.1
15 1
44.4
29.814.65.98.7
58.0
27.513.414.030.66.2
24.4
)76
III
233 6
129.7
85.013 510.920.211 414.414.6
44.711.633.13.78.23.13.0
15.0
45.1
30.514.65.69.0
58.8
28.314.014.330.56.3
24.2
IV
235 1
130.9
86 313 611 220.311 814 614.8
44.611 633 03.78.23.23.1
14 9
45.4
30.515 05.89.2
58.8
28.313.714.630.56.4
24.1
I
237 9
131.6
86.713 711.120.312 114.515.0
44.911 733.23.78.13.23.2
14 9
46.7
30.915.86.39.6
59.6
28.814.114.730.96.3
24.5
1
II
240 5
132.4
86.813 811 220.312 314 315.0
45.611 933.73.88.23.33.3
15.1
47.4
31.316.16.49.7
60.7
29.314.514.731.46.4
25.0
977
III
244 o
133.6
87 513 711 420.412 414 515.0
46.112 134 03.88.53.43.4
15 1
48.2
32.016.26.39.9
62.3
30.315.315.032.06.4
25.6
IV
245 8
133.9
87.913 411 420.812 614 615.1
46.011 634 43.88.63.33.4
15 3
48.9
32.416.56.69.9
63.0
30.615.714.932.46.4
26.0
I
250 5
135.5
89.213 111.621.113 014.915.5
46.311 634.63.88.73.33.4
15.4
50.7
33.417.36.9
10.4
64.2
31.315.915.432.96.4
26.5
19
II
253 4
136.9
90 413 211 621.513 315 215.5
46.611 634.93.98.83.23.5
15.6
51.2
33.917.36.8
10.5
65.2
31.515.715.733.76.5
27.3
78
III
255 8
138.2
91.713 411.621.913 615.515.8
46.511.634.93.98.83.23.5
15.5
51.3
34.217.16.5
10.6
66.3
32.016.015.934.36.5
27.8
IV
258 3
139.1
92.713 411.822.313 615.716.0
46.411.734.73.98.83.23.5
15.3
52.4
34.917.46.5
10.9
66.8
32.816.816.034.16.4
27.6
Manufacturing and trade. _ _
Manufacturing
Durable goodsPrimary metals7 _ _ _Fabricated metals _Machinery, except electricalElectrical machinery.. . . . .Transportation equipmentOther durable goods1. _. . . _ .
Nondurable goodsFood and kindred productsNonfood
Paper and allied products . . .Chemicals and allied productsPetroleum and coal products .Rubber and plastic productsOther nondurable goods 2
Merchant wholesalers _
Durable goods _ . . _Nondurable goods
Groceries and farm products0 ther nondurable goods
Retail trade
Durable goodsAuto dealers _ .Other durable goods
Nondurable goods -Food storesOther nondurable goods
I
261.5
141.8
94.913.212.023.014.116.316.4
46.912.034.93.98.83.13.5
15.6
52.9
35.117.86.5
11.3
66.8
33.217.016.233.76.5
27.1
1979
II
265.1
143.9
96.613.312.223.514.216.816.6
47.312.434.94.08.83.03.6
15.5
52.8
34.917.96.8
11.1
68.4
34.418.216.333.96.5
27.4
III
266.3
145.0
97.513.312.124.114.417.116.5
47.512.535.04.08.83.13.6
15.5
53.2
35.317.97.0
10.9
68.1
33.917.516.434.26.7
27.5
IV
265.4
145.9
99.013.312.324.414.917.516.5
47.012.634.34.18.73.13.4
15.0
52.8
34.917.87.0
10.9
66.8
32.616.516.134.2
, 6.727.4
I
264.6
147.3
99.513.312.324.615.217.516.6
47.812.535.24.29.13.23.3
15.4
52.5
34.717.76.9
10.9
64.9
31.115.515.633.86.8
27.0
II
264.7
147.2
99.513.412.024.915.017.716.5
47.712.335.34.39.13.33.2
15.4
52.9
35.317.66.8
10.7
64.7
30.715.115.634.16.9
27.2
III
264.2
145.9
99.013.111.724.915.018.016.4
46.812.334.54.28.83.33.1
15.2
53.3
35.318.17.2
10.9
65.1
30.214.915.434.86.9
27.9
IV
263.3
145.6
99.013.011.824.415.018.516.4
46.712.134.54.28.83.23.0
15.2
53.0
35.417.66.8
10.7
64.7
30.315.315.034.36.9
27.4
19*
July
264.8
147.2
99.813.411.925.115.117.916.5
47.412.435.04.28.93.33.2
15.3
52.8
35.117.76.9
10.8
64.8
30.414.915.434.56.9
27.6
$0
Aug.
264.4
146.4
99.513.211.825.015.018.016.5
46.912.334.64.28.83.33.1
15.2
53.3
35.517.86.9
10.9
64.7
30.615.115.434.16.9
27.3
Sept.
264.2
145.9
99.013.111.724.915.018.016.4
46.812.334.54.28.83.33.1
15.2
53.3
35.318.17.2
10.9
65.1
30.214.915.434.86.9
27.9
Oct.
264.5
145.3
98.613.011.624.515.018.016.4
46.712.234.54.28.73.23.1
15.3
53.5
35.218.37.4
10.9
65.7
30.515.115.535.27.0
28.2
Nov.
264.0
145.2
98.613.011.724.515.017.916.4
46.612.134.54.28.83.23.0
15.2
53.5
35.418.07.1
10.9
65.4
30.615.315.334.87.0
27.8
Dec.
263.3
145.6
99.013.011.824.415.018.516.4
46.712.134.54.28.83.23.0
15.2
53.0
a5.417.66.8
10.7
64.7
30.315.315.034.36.9
27.4
See footnotes to table 4.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
36 SURVEY OF CUERENT BUSINESS February 1981
Table 2.—Manufacturing and Trade Sales in Constant Dollars, Seasonally Adjusted Total at Monthly Rate
[Billions of 1972 dollars]
Manufacturing and trade
Manufacturing..
Durable goodsPrimary metals. ._ _Fabricated metalsMachinery, except electrical _Electrical machineryTransportation equipmentOther durable goods . _
Nondurable goodsFood and kindred products _ .Nonfood _ . _- _ _
Paper and allied productsChemicals and allied productsPetroleum and coal productsRubber and plastic productsOther nondurable goods.. . _ .
Merchant wholesalers
Durable goodsNondurable goods
Groceries and farm products __Other nondurable goods
Retail trade _ . --
Durable goods _ _Auto dealers _ _ _ _Other durable goods
Nondurable goodsFood stores -Other nondurable goods _ _
I
138.5
65.8
35 14 64 36 14 58 57 o
30 710 220.52 55 22 71 78 3
30 9
14 116 88.78 2
41.9
14.58.56.0
27.48.6
18.8
19
II
140 8
67 2
36 15 04 36 34 78 77 i
31 110 420 72 55 32 91 88 2
31 3
14 217 18 78 4
42.3
14 78.66 0
27.78.8
18.9
76
III
141 6
67.6
36 45 14 26 44 88 77 2
31 110 420 72 65 42 91 78 1
31 5
14 217 39.18 3
42.5
14.68.56 1
28.08.9
19.1
IV
143 2
68.2
36 74 84 36 55 19 07 2
31 410 520.92 65.52 91 88 1
31 9
14 417 49.28 3
43.2
14.88.76 1
28.39.1
19.3
I
147 3
70.7
38 54 94 66 75 39 67 5
32 210 521.72 75 73 02 08.4
32 7
14 917 89.38 5
43.8
15.49.16 3
28.59.0
19.5
K
II
148 6
70.7
38 75 04 66 75 39 57 6
32 010 221.82 75 72 92 08.5
33 7
15 318 49.98 5
44.2
15.69.26.4
28.69.1
19.5
)77
III
149 7
71 5
39 04 94 66 95 49 57 7
32 510 422 02 65 83 02 18 6
33 6
15 518 19.88 3
44.6
15.89.46 4
28.89.1
19.7
IV
152 5
72.8
39 95 04 77 05 69 67 9
32 910 622 42 75 93 02 28 6
34 2
16 317 99.68 3
45.6
16.29.66 6
29.49.2
20.2
I
153 4
73 3
39 85 04 77 Q5 89 47*9
33 510 622 82 76 13 o2 18 9
35 0
16 618 49.88 6
45.2
15.89.36 5
29.49.2
20.2
19'
II
158 6
75 8
41 45 24 87 3ft A
10 08 1
34 410 823 6
2*86 23 12 19 4
36 5
17 419 110 28 9
46 2
16 79 86 9
29 69 0
20.6
r8
III
159 4
7fi A
_L1 75 44. 87 55 Q
9 98 0
34 310 823 52 86 23 22 39 1
36 8
17 619 210 19 i
46 6
16 89 77 o
29 89 0
20 8
IV
162 6
77 4
AQ O
5 85 17 8A fl
10 38 2
34 210 723 52 §6 53 22 28 9
37 6
18 119 610 49 2
47 5
17 310 C7 3
30 29 1
21.1
IVlanufacturing and trade
Manufacturing _ _ _
Durable goods _ _._ _ _ _Primary metalsFabricated metalsMachinery, except electrical _ _ _ _Electrical machineryTransportation equipment
Nondurable goods _Food and kindred productsNonfood
Paper and allied products _ _ _ _Chemicals and allied productsPetroleum and coal productsRubber and plastic productsOther nondurable goods 2
Merchant wholesalers
Durable goodsNondurable goods
Groceries and farm productsOther nondurable goods
Retail trade
Durable goodsAuto dealersOther durable goods _ _ __
Nondurable goods... _ _ __Food storesO ther nondurable goods
I
162 8
78.3
43.85 75 27.96 3
10.58.2
34.510 723.82.86 73 22 38 7
37.1
18.019 110.09 1
47.3
17.310.27.2
30.09.1
20.9
19'
II
161 0
77.0
42.35 35 07 96 39.58.2
34.710 823 82.86 73 02 39 0
37 5
17.919 510.19 5
46.6
16.79.47.3
29.99.2
20.7
79
III
162 4
77.0
41.95 45 08.16 19.08.2
35.111 024.12.96 72 92 29 3
38.1
18.219 910.49.5
47.4
17.29.67.5
30.29.4
20.8
IV
161 2
75.8
41.25 35.08.16 28.58. 1
34.611 023.62.76.82.82.19.2
38.0
18.119.910.59.4
47.4
16.79.37.4
30.69.5
21.1
I
160 7
76.1
41.75 35.18.36 78.48.0
34.411 023.52.86.62.72.19.3
37.8
18.019.910.79.2
46.8
16.49.27.2
30.49.6
20.8
II
150 5
70.1
37.24 34 47.96 37.2
32.911 021.92.66 02.51.99.0
36.2
16.419.810.89.0
44.2
14.27.66.7
29.99.7
20.3
III
153 6
71.5
38.34 54 58.16 27.6
33.211 022.12.66 12.41.99.0
36.8
16.919.910.49.6
45.3
15.38.56.8
30.09.6
20.4
IV
158 1
73.9
40.45 05 08.36 38.1
33.510.922.72.76.42.62.09.1
38.5
17.920.610.79.9
45.6
15.48.37.1
30.29.4
20.8
198
July
152 6
70.9
37.94 34 48.16 27.7
33.011 022.02.66 02.41.99.1
36.6
16.719.910.49.5
45.2
15.38.56.8
29.99.7
20.2
0
Aug.
152 1
70.2
37.34 44 47.76 27.4
32.911 021.92.66 02.42.08.9
36.5
16.719.810.39.5
45.4
15.28.46.7
30.29.6
20.6
Sept.
156 0
73.3
39.64 74 78.46 27.8
33.711 12°. 62.76 32.42.09 1
37.3
17.220 110.49.7
45.4
15.58.76.8
29.99.5
20.4
Oct.
157 9
74.2
40 64 94 98.36 48.4
33.610 722.92.76 42.62.09 2
38.3
17.720 610.79.9
45.5
15.38.46.9
30.19.3
20.8
Nov.
158 5
73.9
40 75 04 98.36 58.2
33.310 722.62.66 32.62.09 0
38.2
18.120 110.49.7
46.3
15.98.67.2
30.59.5
21.0
Dec.
158 0
73.7
40.05 15.08.36.17.7
33.711.222.52.76.62.51.98.9
39.2
18.021.211.010.2
45.1
15.17.97.2
30.19.4
20.6
See footnotes to table 4.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS 37
Table 3.—Constant-Dollar Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted
[Ratio, Based on 1972 Dollars]
Manufacturing and trade
Manufacturing
Durable goodsPrimary metals - _Fabricated metalsMachinery, except electricalElectrical machineryTransportation equipment -Other durable goods ! _
Nondurable goodsFood and kindred productsNonfood
Paper and allied products -Chemicals and allied products - - - - - - ...Petroleum and coal productsRubber and plastic products _Other nondurable goods 2
Merchant wholesalers
Durable goodsNondurable goods _. . _ _ _ .
Groceries and farm productsOther nondurable goods _
Retail trade . _ _ _ . _ _ . _ _ .
Durable goodsAuto dealersOther durable goods _
Nondurable goodsFood stores . _ _ _ _ _ _ _Other nondurable goods
Manufacturing and trade - --
Manufacturing
Durable goodsPrimary metalsFabricated metalsMachinery, except electrical -Electrical machineryTransportation equipmentOther durable goods *
Nondurable goods -Food and kindred productsNonfood
Paper and allied productsChemicals and allied products _Petroleum and coal productsRubber and plastic products. _Other nondurable goods 2
IVferchant wholesalers
Durable goods _Nondurable goods _
Groceries and farm productsOther nondurable goods
Retail trade
Durable goodsAuto dealers _ _ _Other durable goods
Nondurable goodsFood storesOther nondurable goods
I
1 64
1 94
2 392.862 543.312.411 712.01
1.421 08.5945
.5114
.7878
1.39
2 05.83.62
1.06
1.37
1.871 572.291 10.71
1.28
I
1.61
1.81
2.172.312. 312.922 221.552 00
1.361.121.471 391.31.96
1.511 78
1 42
1.95.93.65
1.24
1.41
1.911.682.251.12.72
1.30
II
1 64
1 92
2 342 672 513 H2.4C1 6£2.0C
1.4S1 051.5?1 4i1.511 OC1.741 85
1 42
2 1C.8£.6£
1.0C
1.31
1.871 5f2.3C1 11.7(
1.2?
19
II
1 65
1 87
2 282.492 432 972 241.772 03
.3614
.4740
.3200
.5972
1 41
1.95.9268
1.17
1.47
2.061.942.221.14.70
1.33
19
t
r
)
)
{
r
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7€
76
III
1 6
1 S
2 22 f2 £3 12.21 f2.C
1.41 i1. f1 4l.iI ]1.71 j
1 4
2 1.£
f1 (
l.t
1 £1 (2 I1 (
1 5
III
1 64
1 88
2 332.472 422 972 341 902 01
1.3514
.4538310762
1 66
1 40
1.94.9068
1.15
1.44
1 971.822.171.13.71
1.32
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2 402.532 443 002 402 062 04
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1.16
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2 392.532 422 97? 282 082 08
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1 62
1 87
2 242 752 433 022 321 511.97
1.431 171.541 401.441 131 631 78
1 41
2 05.8765
1.14
1.37
1.881 592.291 10.71
1.28
III
1
2
22.2322.2
1.11.11.11.1
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1.
1.1.2.1.
1.
977
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1 63
1 87
2 242 802 492 962 281 521 96
1 421 161 551 461 461 121 621 76
1 43
2 068964
1.20
1.40
1 921 632.331 11.70
1 30
IV
1 67
1 97
2.452.592 392.942 372.292 10
1.391.121.521 601.371 251.551 68
1 38
1.98.85.64
1.08
1.42
1.971.842.111.14.73
1.32
IV
1 61
1 84
2 212 672 412 952 241 521 92
1.401 101 541 441.461 101 571 77
1 43
2 009269
1.19
1.38
1 891 632 271 10.70
1 29
198
July
1 74
2 08
2 633.132 723.102 442.342 25
1.441 131.591 621.491 401.651 69
1 45
2.10.89.66
1.14
1.44
1.991.752.281.15.71
1.37
I
1 6
1 8
2 22 62 53 02 21 51 9
1 31 01 51 41.41 i1 61 7
1 4
2 C.S
71.2
1.4
1.91 72 31 1.7
1 3
0
Aug.
1 74
2 08
2 663.002 663.252 412.442 29
1.431 111.591.651.451.361.581.72
1.46
2.12.90.67
1.14
1.43
2.021.802.291.13.72
1.32
3
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]
]1
]
1
Sept.
1.69
1.99
2.502.792.482.952.412.292.14
1.391.111.531.541.391.351.591.66
1.43
2.05.90.69
1.11
1.43
1.951.722.251.17.72
1.37
19
60
81
18554193•>35991
3508483940046367
40
95906717
41
896199147933
Oc
1
1
9???9?9
11111111
1
1
1
1
?121
1
78
]
t.
68
96
43673597351511
.3914515636?,65566
40
.99896910
45
00.79241775
.36
II
1 61
1 82
2 202 462 402.912.281 571.96
1.351 081.481 401.431 001.551 70
1.40
1 95.8965
1.17
1.42
1.911.652.271.15.72
1.34
Nov
1.6
1.9
2.42.52.32.92.32.12.1
1.41.11.51.61.31.21.51.6
1.4
1.9.9.6
1.1
1.4
1.91.72.11.1.7
1.3
7
6
?,88539?,
03309339
0
6083
1
372433
IV
1 59
1 80
2 152.332 312 862.251 521.94
1.361.091.481.391.371.001.611.72
1.39
1.93.89.62
1.19
1.41
1.891.682.181.13.71
1.31
Dec.
1.67
1.97
2.482.542.372.952.472.412.08
.39
.09
.53
.60
.34
.29
.60
.71
1.35
1.97.83.62
1.05
1.43
2.011.942.081.14.73
1.33
See footnotes to table 4.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
38 SUEVEY OF CURRENT BUSINESS February 1981
Table 4.—-Fixed-Weight Constant-Dollar Inventory-Sales Ratios for Manufacturing arid Trade, Seasonally Adjusted
[Ratio, Based on 1972 Dollars]
Manufacturing and trade
Manufacturing
Durable goodsNondurable goods - _ _ _
IVlerchant wholesalers
Durable goodsNondurable goods
Retail trade _ _ _ _ _ _
Durable goods - _ _ _ _Nondurable goods
I
1.63
1.93
2.391.39
1 38
2.03.83
1.34
1.851.09
19
II
1.63
1.90
2.331.40
1.40
2.06.85
1.35
1.851.09
76
III
1.64
1.91
2.321.43
1.41
2.10.84
1.36
1.921.08
IV
1.64
1.92
2.341.42
1.43
2.11.86
1.34
1.891.07
I
1.60
1.85
2.261.38
1.42
2.07.89
1.33
1.861.07
19
II
1.61
1.87
2.241.42
1.41
2.05.87
1.34
1.861.08
77
III
1.62
1.86
2.241.42
1.42
2.06.90
1.36
1.901.09
IV
1.59
1.83
2.201.39
1 41
2.00.92
1.34
1.881.08
I
1.62
1.85
2.241.40
1.44
2.04.95
1.39
1.971.09
19
II
1.58
1.80
2.181.36
1 38
1.96.90
1.36
1.871.10
78
III
1.58
1.80
2.191.35
1 37
1.96.89
1.37
1.891.11
IV
1.55
1.77
2.131.35
1.36
1.94.89
1.35
1.871.0!)
I
1.57
1.79
2.151.36
1.39
1.96.92
1.36
1.901.09
19
II
1.62
1.86
2 261.38
1.38
1.95.90
1.41
2.041.10
79
III
1.61
1.87
2.291.37
1.36
1.9388
1.38
1. 951.09
IV
1.62
1.91
2.361.37
1.36
1.93.88
1.36
1.921.08
I
1.63
1.92
2 371.40
1 36
1.9488
1.35
1.881.08
19
II
1.77
2 11
2 661.48
1 46
2.16.88
1.45
2.131.11
80
III
1 71
2 04
2 561.43
1 43
2.0989
1.40
1.951.12
IV
1 65
1 95
2 421.40
1 36
1.98.84
1.38
1. 951.09
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass prod-ucts; instruments and related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing andpublishing; and leather and leather products.
NOTE.—Manufacturing inventories are classified by the type of product produced by the
establishment holding the inventory. Trade inventories are classified by the type of productsold by the establishment holding the inventory.
Table 4: The I-S ratios shown in this table were obtained by weighting detailed industryI-S ratios by 1972 sales. For manufacturing, 20 industries were used: for merchant wholesalers,20 kinds of business; and for retail trade, 8 kinds of business.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
By OBIE G. WHICHARD
Trends in the U.S. Direct InvestmentPosition Abroad, 1950-79
This article presents data on the U.S.direct investment position abroad,equity and intercompany account out-flows, and reinvested earnings of incor-porated foreign affiliates for 1950-79.The data for 1950-65 have been reag-gregated from previously publisheddata into formats as similar as possibleto those used in the SURVEY OF CURRENTBUSINESS for 1966 forward. In tables7, <9, and 9, the 3 items are shown for 6areas (excluding subtotals], 5 of whichare cross-classified ~by 3 industries. Inthe near future, tables showing these 3items and, in addition, income; earn-ings; and interest, dividends, and earn-ings of unincorporated affiliates for 43countries or areas and 6 industries willbe available upon request.
DUEING 1950-79, the U.S. direct in-vestment position abroad expandedgreatly and underwent marked changesin its composition by area and industry.Also, the relative sizes of the differentcomponents of change in the positionvaried significantly. The major develop-ments, which are reviewed and inter-preted in this article, were:• At yearend 1950, the U.S. direct in-
vestment position abroad was $11.8billion. From 1950 to 1979, the posi-tion grew at an average annual rateof 10.1 percent and, by yearend 1979,had reached $192.6 billion. Growthtended to be most rapid in the early-to-mid fifties, and to be slowest in thelate fifties and early sixties.
• Of the two generally largest compo-nents of change in the position—equi-ty and intercompany account outflowsand reinvested earnings of incorpo-rated foreign affiliates—reinvestedearnings was generally the largercomponent at the beginning and end
of the period; equity and intercom-pany account outflows were largerduring the middle of the period.
• At yearend 1950, the shares of theposition accounted for by affiliates indeveloped and developing countrieswere about the same—48 and 49 per-cent, respectively. ("Internationaland unallocated" accounted for theremainder.) By yearend 1979, theshare of developed countries had in-creased to 72 percent, while that ofdeveloping countries had declined to25 percent. European affiliates largelyaccounted for the increase in the shareof developed countries, while LatinAmerican affiliates largely accountedfor the decline in the share of devel-oping countries.
• At yearend 1950, 29 percent of theposition was in petroleum, 32 percentin manufacturing, and 39 percent in"other" industries. Largely duringthe sixties and early seventies, in-vestments in manufacturing rose sig-nificantly relative to those in petro-leum. At yearend 1979, 22 percent ofthe position was in petroleum, 43 per-cent in manufacturing, and 35 per-cent in "other" industries.The position is the net book value of
U.S. direct investors' equity in, and out-standing loans to, their foreign affili-ates. It is sometimes confused with, andaccordingly should be distinguishedfrom, total assets of the affiliates them-selves, which are the sum of total own-ers' equity held by, and total liabilitiesowed to, both U.S. direct investors andall other persons.1
The change in the position in a givenyear consists of three components: (1)
1. Data on total affiliate assets are collected inBEA's benchmark surveys of U.S. direct invest-ment abroad.
equity and intercompany account out-flows, (2) reinvested earnings of incor-porated foreign affiliates, and (3) valua-tion adjustments. Equity and intercom-pany account outflows are the net in-crease in U.S. parents' capital .stock (in-cluding additional paid-in-capital) in,and intercompany account balanceswith, incorporated foreign affiliates,plus the net increase in U.S. parents'claims on the net assets of unincor-porated foreign affiliates. Reinvestedearnings are U.S. parents' shares in theearnings of incorporated foreign af-filiates (net of foreign income taxes),less gross dividends to U.S. parentsfrom these affiliates. Valuation adjust-ments are all changes in the position notarising from the other two components.The sum of equity and intercompanyaccount outflows and reinvested earn-ings is equal to capital outflows forU.S. direct investment abroad recordedin the U.S. international transactionsaccounts.
Data on the position are collected forthe universe of foreign affiliates incensuses, or benchmark surveys, of di-rect investment. Benchmark surveyswere conducted in 1950,1957, and 1966.2
(A survey covering 1977 is in the finalstages of processing.) For nonbench-mark years, sample data are collected,and are linked to the universe data col-lected in the most recent benchmarksurvey. As a result of this linking (orbenchmarking) process, the universe
2. Results of these surveys were published in U.,S.Department of Commerce, Office of Business Eco-nomics, Direct Private Foreign Investments of theUnited States: Census of 1950 (Washington, D.C. :U.S. Government Printing Office, 1953) ; idem, U.S.Business Investments in Foreign Countries (Wash-ington, D.C. : U.S. Government Printing Office,I960) ; U.S. Department of Commerce, Bureau ofEconomic Analysis, U.S. Direct Investment Abroad,1966: Final Data (Washington, D.C. : U.S. Gov-ernment Printing Office, n.d.).
39
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40 SUKVEY OF CUKKENT BUSINESS February 1981
data for the benchmark year are extrap-olated forward, based on the sampledata, to obtain universe estimates forsubsequent years.
For a benchmark year, estimatesmade by linking sample data to the pre-vious benchmark survey will generallydiffer from data collected in the newone, because movements in the sampledata collected in that year, and in theyears between the two benchmark sur-veys, do not perfectly reflect movementsin the universe. The technical note atthe end of the article compares thelinked-sample and benchmark*estimatesfor 1957 and 1966; the note also dis-cusses comparability problems stem-ming from changes in the definition ofdirect investment, changes in the meth-od of allocating the position by coun-try and industry, and measurement ofthe position in terms of historical bookvalues.
OverviewAt yearend 1950, the U.S. direct in-
vestment position abroad was $11.8 bil-lion ; at yearend 1979, it was $192.6 bil-lion (table 1 and chart 8). The averageannual growth rate was 10.1 percent,with a high of 16 percent in 1956 and alow of 5 percent in 1966. The 1966 figurereflected a downward revision made asa result of benchmarking the data toBEA's 1966 benchmark survey of U.S.direct investment abroad, rather thanan actual deceleration of investmentactivity; in the absence of this revision,the position would have increasedabout 11 percent in 1966. The secondslowest growth year was 1960, when theposition increased only 7 percent, pri-marily because expropriated invest-ments in Cuba were removed from theposition.
Although year-to-year variationsmake it difficult to draw general con-clusions concerning subperiods of 1950-79, there was some tendency for theposition to grow most rapidly during1950-57, when large investments weremade in Canada and, during 1956-57,in Venezuela. Growth tended to beslowest during the late fifties and earlysixties, probably because of slow growthin the world economy, as well as the1960 disinvestment in Cuba.
After the midsixties, growth in theposition was fairly stable: the ratesranged from 9 to 11 percent, except in4 years—1973, 1975, 1978, and 1979—when they ranged higher. The rapidgrowth in these 4 years was in part aconsequence of three related factorsthat characterized the seventies: (1)high rates of worldwide inflation, (2)sharp increases in petroleum prices, and
CHART 8
U.S. Direct Investment Position Abroad, 1950-79
Billion $ (Ratio scale)200
100
80
60
40
30
20
By Area By Industry
Total
\
Latin America
ll I I I I I I I I I I I I I I I I I I
*Break in series (see text lor discussion)
I I I I I I I I I I I
Total
Petroleum
Other
Billion $ (Ratio scale)200
100
80
60
40
30
20
10
8
6
4
3
1950 52 54 56 58 60 62 64 66 68 70 72 74 76 78
U.S. Department of Commerce, Bureau of Economic Analysis
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 i1950 52 54 56 58 60 62 64 66 68 70 72 74 76
I { 178
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SUEVEY OF CUERENT BUSINESS 41
(3) floating exchange rates. In 1973,1978, and 1979, the growth in the posi-tion was accounted for by reinvestedearnings of incorporated foreign affili-ates. In 1973 and 1979, dollar earningswere boosted by both rapid worldwideinflation and particularly sharp petro-leum price increases; in 1978, they wereboosted by depreciation of the U.S.dollar against several major foreigncurrencies. In each year, much of theincrease in earnings tended to be rein-vested by affiliates, probably in partbecause of the need to finance the re-placement of physical assets at costs ex-ceeding allowances calculated underhistorical cost accounting. In 1975, therapid growth in the position was ac-counted for by equity and intercompanyaccount outflows, partly due to the re-versal of large inflows from petroleumaffiliates in 1.974. This shift in equityand intercompany account flows wasrelated to sharp increases in petroleumprices in 1973-74.
Growth in the Position, byComponent
During 1950-79, the patterns ofgrowth in the position, both by com-ponent and by area and industry,varied. Table 2 shows, for 1950-79, thethree components of the change in theposition in millions of dollars and as apercent of the total change.
In most years, the two largest com-ponents of change in the position wereequity and intercompany account out-flows and reinvested earnings of in-corporated foreign affiliates. Of thesetwo components, equity and intercom-pany account outflows were larger in17 of the 30 years in the period—in 1950and 1956-71. Except for 1950, rein-vested earnings were larger at the be-ginning (1951-55) and end (1972-79)of the period.
A higher proportion of incorporatedaffiliates' earnings were reinvested,rather than being remitted to U.S.parents, in the two periods when rein-
Table 1.—-U.S. Direct Investment Position Abroad, 1950 and 1979
All areasPetroleumManufacturingOther
Developed countries _ _ . _ . - _ . . . . __PetroleumManufacturing _ _ .Other
CanadaPetroleumManufacturingOther.. .
EuropePetroleum _ _ _M anuf acturingOther _ .
OtherPetroleumManufacturing _Other
Developing countries . _ . _ _Petroleum. .ManufacturingOther . . .
Latin AmericaPetroleumManufacturingOther
Other . .Petroleum _ _ManufacturingOther ...
I nternational and u nallocatedPetroleum .ManufacturingOther
Amount
1950 1979
Millions of dollars
11,7883,3903,8314,567
5,696981
2,9841,731
3,579418
1,8971,264
1,733426932374
38413715692
5,7362,169
8472,720
4,5771,303
7812,493
1,15986666
228
356240
116
192,64841, 55383,56467, 531
137,92731, 82167, 36638,741
41, 0339,168
19, 23712, 628
81, 46318, 55541, 24621, 662
15, 4314,0986,8824,451
47,8417,231
16, 19824, 412
36,8344,568
13, 22019,046
11,0072,6622,9785,366
6,8802,502
4,378
Distribution
1950 1979
Averageannualrate of
growth,1950-79
Percent
100293239
488
2515
304
1611
15483
3111
49187
23
39117
21
10712
32
1
100224335
72173520
215
107
42102111
8242
2548
13
192
10
6123
41
2
10.19.0
11.29.7
11.612.711.311.3
8.811.28.38.3
14.213.914.015.0
13.612.413.914.3
7.64.2
10.77.9
7.54.4
10.27.3
8.13.9
14.011.5
10.88.4
13.3
vested earnings were larger than in theperiod when equity and intercompanyaccount outflows were larger. During1951-55, high rates of reinvestment ap-parently resulted mainly from the needto finance the expansion of existingaffiliates; passive accumulation of fundsbecause of restrictions on remittancesby host governments was of secondaryimportance.
During 1972-79, rates of reinvest-ment were comparatively high partlybecause, during much of the period,foreign inflation and dollar deprecia-tion against a number of foreign cur-rencies made it difficult for affiliates tomaintain stocks of physical capitalusing only funds provided by allow-ances based upon historical prices andexchange rates. Maintenance of thesestocks also required the reinvestment ofa portion of the affiliates' earnings. Ke-investment for this purpose had notbeen necessary to the same extent inearlier periods, when foreign inflationrates were generally lower and foreignexchange rates more stable.
The importance of reinvested earn-ings as a component of change in theposition during 1972-79 reflected notonly a relatively high rate of reinvest-ment, but also extremely slow growthin equity and intercompany account out-flows. Absolute declines in outflows wereregistered in 5 of the 8 years in the pe-riod. This slow growth was partly at-tributable to an increase in sales, rela-tive to purchases, of capital stock inincorporated affiliates by U.S. parents.Table 3 shows, for 1964-78, data on U.S.parents' acquisitions and sales of stockfrom or to foreigners other than theaffiliate in which the investment wasmade—primarily unaffiliated foreign-ers.3 (Such data are not available forother years.)
During 1963-72, outflows to acquirecapital stock from unaffiliated foreign-ers substantially exceeded inflows fromthe sale of capital stock to unaffiliatedforeigners. For most of these years, amajor portion of outflows for acquisi-tions was to acquire or add to invest-ment in European manufacturing affili-ates. Some of this investment was prob-
3. For 1978, the data cover only transactionswith unaffiliated foreigners.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
42 SURVEY OF CURRENT BUSINESS February 1981
Table 2.—Additions to U.S. Direct Investment Position Abroad, 1950-79
Year
1950195119521953
1954195519561957
19581959I9601961 --
1962196319641965
1966196719681969
197019711972 .1973
1974197519761977
19781979
Amount
Total
Equityand inter-companyaccountoutflows
Reinvestedearnings of
incorporatedaffiliates
Valua-tion
adjust-ments *
Millions of dollars
1,0881,1911,7421,533
1,3761,7663,1082,890
2,0152,4182,0392,852
2,5593,4603,7444,994
2,3184,7685,3476,186
7,3877,2807,118
11,435
8,76513, 97112,75913,039
17, 95724,844
621508853735
667823
1,9512,442
1,1811,3721,6751,599
1,6541,9762,3283,468
3,6253,0502,8553,130
4,4134,4413,2143, 195
1,2756,1964,2535,612
4,8775,904
475751923826
702962
1,1751,363
9451,0891,2661,054
1,1981,5071,4311,542
1.7911,7572,4402,830
3,1763,1764,5328,158
7,7778,0487,6967,286
11,46918,414
-8-68-34-28
7-19-18
-915
-111-43
-902199
293-23-15-66
-3,098-39
52226
-202-337-628
82
-287-273
810141
1,611525
Distribution
Total
Equityand inter-companyaccountoutflows
Reinvestedearnings of
incorporatedaffiliates
Valua-tion
adjust-ments *
Percent
100100100100
100100100100
100100100100
100100100100
100100100100
100100100100
100100100100
100100
57434948
48476384
59578256
65576270
156645351
60614528
15443343
2724
44635354
51543847
47456237
47443831
77374646
43446471
89586056
6474
-1-6-2-2
1-1-1
-32
-6-2
-447
-11-1
(*)
-134-1
14
-3-5-9
1
-3-2
61
92
Memo-randum:
Position atYearend
Millionsof dollars
11, 78812, 97914, 72116,253
17,63119, 39522, 50525, 394
27,40929,82731,86534,717
37, 27640, 73644,48049, 474
51, 79256, 56061,90768,093
75,48082, 76089,878
101,313
110, 078124, 050136, 809149,848
167,804192,648
i Includes all changes in the position not arising from the other two sources (see text).* Less than 0.5 percent (±).
ably a delayed response to the earlierformation of the European EconomicCommunity, and some was probably en-couraged by an overvalued U.S. dollar.Both factors tended to increase the at-tractiveness to U.S. companies of directinvestment, relative to exporting, as ameans of serving foreign markets.
In contrast, in 1973, outflows for ac-quisitions only slightly exceeded inflowsfrom sales, and in each of the succeed-ing years sales exceeded acquisitions.The excess of sales over acquisitions wasparticularly large in 1976 and 1978,when several sizable sales occurred. Themotivations previously mentioned foracquisitions of equity in foreign affili-ates had probably diminished by themidseventies: U.S. companies had hadample time to adjust patterns of tradeand investment in response to the for-mation of the European Economic Com-munity, and increased flexibility of for-eign exchange rates and the substantialdepreciation of the U.S. dollar proba-bly had reduced the significance of per-
sistent exchange-market disequilibriumas a factor in investment decisions. Inaddition, motivations for sales mayhave increased. Reasons for some of thelarger sales included concern over Cana-dian controls on petroleum exports;host-government procurement policiesfavoring locally owned firms; concernover the ability of affiliates to competewith more highly integrated locallyowned firms; the desire to raise fundsto finance domestic (U.S.) operations;arid pressures by host governments fora greater degree of local ownership ofaffiliates, particularly in the extractiveindustries. In some instances, local own-ership was increased through the saleof affiliates to governments or govern-ment enterprises.
Slow growth in equity and intercom-pany account outflows during 1972-79was also attributable to a tendency foraffiliates to rely increasingly on foreign,rather than U.S., funds to finance theiroperations. According to BEA's dataon sources and uses of funds of foreign
affiliates for 1957-76 (the data for 1966forward cover only majority-ownedaffiliates), this tendency first becameevident around 1968, when mandatorycontrols on U.S.-source financing offoreign affiliates were established.4 Itapparently continued even after thecontrols were abolished in January1974. The controls appear to have hadlasting effects on foreign capitalmarkets, which grew and developedduring the program years to meet in-creased demands for foreign-sourcefunds.
Finally, equity and intercompany ac-count outflows were dampened during1972-79 by a reduction in outflows to,or shift to inflows from, petroleum af-filiates. As discussed in the next section,the pattern of outflows in petroleumwas closely associated with changes incrude oil prices.
As noted above, valuation adjust-ments—the third component of changein the position—include all changes inthe position not arising from the othertwo components. They primarily reflectdifferences between transactions values
4. The tendency might have been even strongerhad there not been a provision that permitted U.S.parents to supply their foreign affiliates with fundsin excess of program ceilings by borrowing abroadand using the proceeds to offset their excessfinancing of affiliates.
Table 3.—-Acquisitions and Sales of CapitalStock in Incorporated Affiliates From orto Foreigners Other Than Affiliate inWhich Investment Was Made, 1963-78
[Millions of dollars]
Year
196319641965 . .1966
1967 .196819691970
1971197219731974
1975 - -197619771978
Acquisi-tions
(1)
228434369591
508800847855
656854666525
502311491721
Sales
(2)
521069029
318220164157
196152627573
5461055647
2,331
Column (1)minusdolumn (2)
(3)
176328279562
190580683698
46070239
-48
-44-744-156
-1,610
NOTE.—Data for any given year have not been revisedsince they were last published in the SURVEY. For 1963-77,includes transactions in which a U.S. parent acquired orsold capital stock in one affiliate from or to another affiliate.However, most acquisitions and sales were from or to un-affiliated foreigners. For 1978, only acquisitions and salesfrom or to unaffiliated foreigners are included.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CUREENT BUSINESS 43
on the books of U.S. parents, which areused to record equity and intercompanyaccount outflows, and book values onthe books of foreign affiliates, which areusd to record changes in the position.For example, they include differencesbetween the proceeds from and bookvalue of affiliates that are sold or liqui-dated ; differences between the purchaseprice and book value of affiliates thatare acquired by U.S. parents; and write-offs resulting from uncompensated ex-propriations of affiliates. Valuation ad-justments may also arise because of re-classifications of investments from (to)direct investment to (from) portfolioinvestment; revisions made in conjunc-tion with benchmarking, such as thecorrection of errors or changes in defini-tion ; and revaluations of affiliate assets.5
For individual areas and industries,they include reclassifications of invest-ments between areas and industries.
Valuation adjustments were a rela-tively small component of the change inthe position in most years shown intable 2. However, they were quite largein the benchmark years 195Y and 1966,
5. For 1978 and 1979, the gains and losses arisingfrom such revaluations are consistently includedas reinvested earnings of incorporated affiliates orequity and intercompany account outflows to un-incorporated affiliates, rather than as valuation ad-justments. Before 1978, however, these gains andlosses, if known,, were included as valuation adjust-ments.
and in 1960, when the expropriated in-vestments in Cuba were removed fromthe position; the adjustments werenegative in all three years. Relativelylarge negative adjustments were alsomade for 1962 and 1972; these adjust-ments resulted from the reclassificationof several Canadian investments fromdirect to portfolio investment. Thelargest positive adjustments were madefor 1978, when several affiliates weresold for more than their book value, andwhen, partly as a byproduct of the 1977benchmark survey, several previouslyunreported affiliates were included inthe position for the first time.
Area and Industry Patterns
Tables 1 and 4 show levels, percent-age distributions, and average annualrates of growth in the position by areaand industry. The percentage distri-butions and rates of growth are inter-related. The share in the total of a givenarea or industry will increase, remainunchanged, or decline, respectively, de-pending upon whether its growth rateis above, equal to, or below that of thetotal. For an area or industry whosegrowth rate is above (below) that of thetotal, the increase (decline) in its sharewill be larger (1) the larger its initialshare, (2) the larger the difference be-tween its growth rate and the growthrate for the total, and (3) the longer the
period over which growth is com-pounded.6
At yearend 1950, the shares of theposition accounted for by affiliates indeveloped and developing countrieswere about the same—48 and 49 per-cent, respectively. "International andunallocated," which includes shippingand certain other international opera-tions, accounted for the remainder. Inboth developed and developing coun-tries, the areas with the largest shareswere in the Western Hemisphere: indeveloped countries, Canada had thelargest share (30 percent); in develop-ing countries, Latin America had thelargest share (39 percent) (chart 9).
By yearend 1979, the geographicaldistribution of the position had changedsignificantly. The share of the devel-oped countries had increased to 72 per-cent, while that of the developing coun-tries had declined to 25 percent. Theshare of "international and unallocated"had increased slightly.
European affiliates largely accountedfor the increase in the share of the de-veloped countries. As a result of f aster-than-average growth in all three majorindustries, the share of Europe in-creased from 15 percent at yearend
6. More precisely, letting r equal the growth ratefor the given area or industry, R equal that for thetotal, and t equal the period over which growth iscompounded, the change in the share of the given
area or industry is equal to the initial share multi-plied by { [ i+( ( r -R) / ( l+R)) ] t - l} .
Table 4.—U.S. Direct Investment Position Abroad, Yearend 1950, 1957, 1966, and 1979, by Industry
All industries. _ _ _ _
Petroleum _ _ _
Manufacturing.. __ _ _Food products _ _Chemicals and allied productsPrimary and fabricated metals - _Machinery
Machinery, except electrical _ _ _ _ _ _ _Electrical machinery
Transportation equipment -Other manufacturing _ _ _ _
Paper and allied productsRubber and misc. plastics productsOther
Other industriesMining and smelting _ _ _Transportation, communication, and public utilitiesTrade
Wholesale trade.. _ . _ _ _ _ _ _ _Retail trade
Finance and insuranceOther.. _ _ _ _ _
Agriculture _ _ _ _ _ _ _ _ _ _Other
Amount
1950 1957 1966 1979
Millions of dollars
11,788
3,390
3,831483512385807420387485
1,159378182599
4,5661,1291,425
762542221425826589237
25,394
9,055
8,009723
1,378941
1,658927731
1,2042,106
722401983
8,3312,3612,1451,6681,156
5131,0011,155
680475
51,792
13, 893
20, 7401,7713,8401,4485,0333,2351,7983,9194,7291,294
8172,618
17,1603,9832,2604,3313,427
9054,5402,046
3221,724
192,648
41, 553
83,5647,291
18, 9904,681
23, 591n.a.n.a.
11, 48917, 522
n.a.n.a.n.a.
67, 5317,1853,607
20,709n.a.n.a.
27, 4598,570
n.a.n.a.
Distribution
1950 1957 1966 1979
Averageannual rateof growth,
1950-79
Percent
100
29
324437434
10325
3910126524752
100
36
3235474358324
33987524532
100
27
40373
106389225
33848729413
100
22
434
102
12n.a.n.a.
69
n.a.n.a.n.a.
3642
11n.a.n.a.
144
n.a.n.a.
10.1
9.0
11.29.8
13.39.0
12.3n.a.n.a.11.59.8
n.a.n.a.n.a.
9.76.63.3
12.1n.a.n.a.15.58.4
n.a.n.a.
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44 SURVEY OF CURRENT BUSINESS February 1981
1950 to 42 percent at yearend 1979. Theshare of "other" developed countries—Japan, Australia, New Zealand, andSouth Africa—rose from 5 percent to8 percent. Partly offsetting was a de-cline, from 30 percent to 21 percent, inthe share of Canada; this declineresulted from slower-than-averagegrowth in manufacturing and "other"industries.
Latin American affiliates largely ac-counted for the decline in the share ofdeveloping countries. The share ofLatin America declined from 39 percentto 19 percent because of slower-than-average growth in petroleum and"other" industries. The share of "other"developing countries also declined be-cause of slow growth in petroleum.
The industry distribution of the posi-tion also changed significantly duringthe period. At yearend 1950, 29 percentof the position was in petroleum, 32percent in manufacturing, and 39 per-cent in "other" industries. At yearend1979, 22 percent of the position was inpetroleum, 43 percent in manufacturing,and 35 percent in "other" industries.Investments in manufacturing hadrisen significantly—largely during thesixties and early seventies—relative topetroleum investments.
These changes in area and industrycomposition reflected changes in the rel-ative advantages and disadvantages ofinvesting in various areas and indus-tries. They also reflected the facts thatthe initial (1950) U.S. direct investmentposition in Europe, but not in Canadaand Latin America, had been lowered bythe destruction of U.S. investments dur-ing World War II, and that the positionin Europe in later years was raised bythe replacement of these investments.
Before 1950, U.S. direct investmentabroad tended to be made close to home,in part because expensive and inefficienttransportation and communicationmade it difficult to operate enterprisesfrom great distances. Canada, in par-ticular, was viewed by U.S. direct in-vestors as an extension of the domesticmarket. In addition, it Avas a locationfrom which manufactured goods couldbe exported on preferential terms tomembers of the British Commonwealth.Pre-1950 investments also tended to beconcentrated in public utilities, agricul-ture, and industries related to naturalresources—such as mining and petro-leum—from which it would be difficultto derive benefits through other means,Guch as by exporting. The agriculturaland natural resources investments were
made primarily to serve United States,rather than foreign, markets.
Many of the U.S. direct investmentsin Europe that had been made beforeWorld War II were destroyed duringthe war and had not been replaced by1950. Incentives to replace these invest-ments, and to make new ones, wore weakuntil economic reconstruction was morecomplete and currency convertibility,which had been suspended during theWar, began to be restored. Reconstruc-tion provided larger markets—with as-sociated economies of scale—for goodsproduced by foreign affiliates, and theeconomic infrastructure needed forefficient production and distribution.Moves towards currency convertibilityensured U.S. direct investors that in-come from, and capital invested in, for-eign affiliates could be largely or whollyrepatriated. Incentives to invest in Eu-rope were further strengthened by thesecular decline in the cost, and improve-ments in the quality, of long-distancetransportation and communication fa-cilities, and by the integration of sev-eral major economies into the EuropeanEconomic Community.
Because Canada and Latin Americawere more nearly "saturated" with U.S.investments in 1950 than was Europe,
Distribution of U.S. Direct Investment Position Abroad, 1950-79Percent
100
By Area By Industry
80
60
40
Canada
•urope
Petroleum
Manufacturing
CHART 9
Percent
100
80
60
1950 52 54 56 58 60 62 64 66 68 70 72 74 76 78
U.S. Department of Commerce, Bureau of Economic Analysis
1950 52 54 56 58 60 62 64 66 68 70 72 74 76 78
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February 1981 SURVEY OF CURRENT BUSINESS 45
in part because U.S. investments inthese areas had not been destroyed dur-ing the War, there was less immediatepotential for subsequent growth anddevelopment of U.S. investments inthese areas. Moreover, Canada andLatin America had initial concentra-tions of U.S. investments in indus-tries—such as public utilities and thoserelated to natural resources—in whichthe issue of foreign control became espe-cially sensitive. U.S. direct investorsmade a number of substantial disinvest-ments in these industries during1950-79.
Petroleum
At yearend 1950, the position in pe-troleum was $3.4 billion. From thenuntil 1979, it grew at an average annualrate of 9.0 percent; at yearend 1979, itwas $41.6 billion. Growth rates in par-ticular years varied widely, rangingfrom a 14-percent decline in 1974 to a 25-percent increase in 1956.
The position in petroleum grew at an-nual rates of 12.7 percent in developedcountries, 4.2 percent in developingcountries, and 8.4 percent in "interna-tional and unallocated." In developedcountries, the position grew at annualrates of 11.2 percent in Canada, 13.9percent in Europe, and 12.4 percent in"other" developed countries. In devel-oping countries, the position grew at a4.4-percent rate in Latin America and a3.9-percent rate in '"other" developingcountries.
In Canada, growth was most rapidduring 1950-57—at an average annualrate of 27.1 percent, compared with 7.4percent during 1956-79. The positiongrew more rapidly in each of the years1950-56 than in any subsequent year.Investments during 1950-56 werelargely accounted for by equity and in-tercompany account outflows, whichfinanced petroleum exploration and de-velopment, particularly in WesternCanada, and construction of pipelinesand refineries. As projects in Canadawere completed during 1956-58, growthslowed to an annual rate of about 14percent, and then dropped to 4.9 percentduring 1958-69. Because substantialdevelopment had already taken placeearlier, and because world petroleumsupplies were ample, further major de-
velopment was discouraged in the latterperiod.
The growth rate increased to 9.0 per-cent during 1969-79, entirely becauseof growth in reinvested earnings. Incontrast to earlier periods, equity andintercompany account , inflows wereregistered for 1970-79 as a whole, andfor 6 of the 10 years in the period. Theinflows reflected two factors—(1) ashift, affecting at least the yearsthrough 1976, in the sources of affiliates'external financing from funds fromU.S. parents to foreign-source (i.e.,non-U.S.) funds, and (2) sales ofaffiliates by U.S. parents in 1976 and1978. Data for a sample of majority-owned foreign affiliates showed thatduring 1972-76, over 98 percent ofaffiliates' total external funds were fromforeign sources; this was up sharplyfrom 60 percent during 1966-71.7 (Also,the proportion of external funds ac-counted for by foreign-source fundswas higher in each of the years 1972-76than in any of the years 1966-71.)
The sales of affiliates in 1976 and 1978reflected, in addition to the particularobjectives of individual companies,heightened Canadian interest in in-creasing domestic ownership and con-trol of natural resource industries, andassociated tax and regulatory policies—including export controls.
In Europe, the average annual rateof growth in the position in petroleumwas 13.9 percent during 1950-79,Growth rates in individual years rangedfrom 4 percent in 1952 to 30 percent in1956. For 1950-79 as a whole, an ex-ceptionally high proportion of growthwas financed by equity and intercom-pany account outflows. With the notableexception of 1979, reinvested earningstended to be quite low; for most of thesixties, they were actually negative. Lowor negative reinvested earnings reflectedcorporate earnings that were low or neg-ative due to intercompany pricing prac-tices; earnings were shifted from in-corporated refining and marketing affil-iates in oil-importing areas, primarily
7. Ida May Mantel, "Sources and Uses of Fundsof Majority-Owned Foreign Affiliates of U.S. Compa-nies,. 1973-76," U.S. Department of Commerce, Bu-reau of Economic Analysis Staff Paper No. 33(May 1979).
Europe, to crude-oil-producing affiliatesin oil-exporting areas, primarily theMiddle East. Tax considerations, someor all of which ceased to apply towardthe late seventies, were the primaryfactors.
In addition to 1956, years in whichgrowth in Europe was particularly rap-id were 1951 (20 percent) ,1957 (27 per-cent), 1960 (21 percent), 1961 (22 per-cent), 1973 (24 percent), and 1979 (23percent). In all these years, except 1973and 1979, major expansions in refinerycapacity or development of distributionsystems occurred. The largest increasesin the position tended to be in theUnited Kingdom, which, throughout1950-79, accounted for a larger shareof the position in petroleum than anyother European country.
In 1973, rapid growth in the positionwas attributable to sharp increases incrude oil prices, which resulted in in-creases in European affiliates' indebted-ness to their U.S. parents for oil theparents had purchased in crude-oil-pro-ducing countries, primarily in the Mid-dle East, and then resold to the Euro-pean affiliates. The increases in indebt-edness reflected both the higher value oftransactions associated with the higherprices and a temporary lengthening ofcredit terms by U.S. parents on salesto their affiliates.
These same factors contributed togrowth in 1974, when a second roundof sharp increases in crude oil pricesoccurred. However, growth in 1974 wasmoderated by a transfer to newlyformed Latin American finance affili-ates of accounts receivable due U.S. par-ents from their European petroleumaffiliates; the transfer caused the por-tion of the U.S. direct investmentposition represented by these receivablesto be shifted, by means of offsettingequity and intercompany account flows,from Europe (in petroleum) to LatinAmerica (in finance and insurance).
In 1975, crude oil prices stabilized,and affiliates were able to repay some ofthe debt they had incurred in 1973 and1974. However, growth in the positionin 1975 slowed only slightly from 1974because of a sizable increase in outflowsto the United Kingdom. The increase in
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46 SUKVEY OF CUERENT BUSINESS February 1981
outflows largely financed sharply higherspending, to a substantial extent in-duced by higher crude oil prices, forNorth Sea exploration and develop-ment. Outflows to finance such spend-ing continued to be an important sourceof growth for the remainder of theperiod.
In 1979, rapid growth in the positionwas attributable to a sharp increase inreinvested earnings, which, in turn, wasdue to increases in both corporate earn-ings and the rate of reinvestment. Theincrease in earnings largely reflectedincreased profit margins of refining affil-iates; margins rose as prices of refinedproducts were bid up considerably aboveOPEC-set crude oil contract prices, inresponse to growing uncertainties aboutthe future price and availability ofcrude oil. The reinvestment rate in-creased to help finance these affiliates'accumulation of inventories as a hedgeagainst further price increases and pos-sible supply disruptions.
In Latin America, the average annualrate of growth in the position was 4.4percent. Growth occurred mainly dur-ing the fifties and early sixties: from1950-61, the position grew almost 10percent per year; from 1961-79, it grew1.2 percent per year.
Growth was particularly strong in 4years—1952, 1956, 1957, and 1961. Ineach year, it was concentrated in Vene-zuela, which, until the midseventies, ac-counted for a larger share of the posi-tion in petroleum than any other LatinAmerican country. The most rapidgrowth in the position in Latin Americawas in 1956 and 1957, when there werelarge equity and intercompany accountoutflows to Venezuela to finance the ac-quisition of petroleum concessions.Growth in 1961 was mainly due to avaluation adjustment, which reflected awriteup in the book value of the fixedassets of a large Venezuelan affiliate.
During 1961-79, growth was de-pressed by two factors: (1) a large ($1.0billion) negative valuation adjustmentin 1966, associated with BEA bench-marking, and (2) a substantial decline,over several years, in the position inVenezuela. The growth in investmentsthat did occur during this period wasoutside Venezuela—primarily in re-
fining affiliates located on various At-lantic and Caribbean Islands; most ofthis growth took place in the seventies.
The position in Venezuela declinedfrom $2.4 billion at yearend 1961 to$0.4 billion at yearend 1979. Declineswere registered in 14 of the 18 years.One reason for the decline was that,during much of the period, affiliates5
depreciation and depletion chargesagainst existing capital exceeded theirgross capital spending.8 The excess pro-vided funds that could be transferredto U.S. parents as equity and intercom-pany account inflows without impairingaffiliate operations or requiring affiliatesto borrow additional funds abroad. Thedisinvestment in net fixed assets, inturn, may have reflected a combinationof political uncertainty and the avail-ability of more attractive investmentopportunities outside Venezuela. Polit-ical uncertainty was generated byrising taxes; by the refusal of the gov-ernment to grant new concessions toforeign-owned companies; and by an-nouncement of the intention to forcethe return of existing concessions to thegovernment well in advance of takeoverdates.
In some individual years during 1961-79, there were additional reasons for thedeclines in the position in Venezuela.The decline in 1966 was largely attribut-able to BEA benchmarking. In 1973 and1974, declines were associated withsharp increases in crude oil prices, whichincreased trade accounts receivable thataffiliates held against their U.S. parentsfor oil the latter had purchased, but forwhich payment had not been made. Fi-nally, the large decline in 1976 reflectedequity and intercompany account in-flows from compensation paid to U.S.parents by the Venezuelan Governmentfor affiliate assets it had nationalized.(Following the nationalization of theassets, some affiliates remained in Vene-zuela to purchase petroleum or to selltechnical services.)
In "other" developing countries,where affiliates were engaged primarily
8. This was evidenced by data for a sample ofmajority-owned affiliates. For these affiliates, de-preciation and depletion charges exceeded capitalspending during 8 of the 11 years 1966-76 forwhich data are available; the cumulative differenceover the entire period was about $0.5 billion.
in crude oil production and, to a lesserextent, in the purchase of crude oil fromstate-owned enterprises, the positiongrew 3.9 percent per year. It grew anaverage of 7.7 percent per year from1950 to 1972, when it peaked at $4.4billion. In 1973, it declined and, in 1974-76, was actually negative. It turned posi-tive again in 1977 and, in 1979, reached$2.7 billion—still considerably belowthe 1972 peak.
Before 1973, funds supplied by U.S.parents to finance oil-producing assetslargely determined the change in theposition. Crude oil was produced byaffiliates with little direct participationby host governments or their enter-prises, crude oil prices were relativelylow, and accounts receivable were com-paratively unimportant. The positionincreased in every year from 1950 to1972, except 1966, when a downwardadjustment was made as a result ofBEA benchmarking.
Beginning in 1973, the position in"other" developing countries was low-ered or made negative by two relateddevelopments. First, a few host govern-ments either nationalized the producingassets of affiliates, thus changing thestatus of the affiliates to trade and serv-ice companies, or purchased fractionalequity interests in the affiliates' pro-ducing assets. Compensation or otherproceeds from these transactions gen-erally were returned to the U.S. parents,thereby lowering their direct investmentpositions. Second, and probably moreimportantly, crude oil prices rose sharp-ly ; this increased trade accounts receiv-able that the affiliates held against theirU.S. parents or transferred to their par-ents for collection.
The increase in receivables was larg-est in the Middle East, where the posi-tion shifted to a negative value in 1973and remained negative for the rest ofthe period. In 1973 and 1974, the effectof increased prices apparently was re-inforced by a temporary extension ofcredit terms that allowed additionaltime for the higher priced oil to workits way through the distribution systembefore the receivables were required tobe settled. As prices stabilized, and cus-tomary credit terms were reinstated, theposition in "other" developing countries
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February 1981 SUEVEY OF CURRENT BUSINESS 47
increased somewhat, but remained nega-tive until 1977 due to the higher level ofreceivables associated with higherprices. In 1979, credit terms were short-ened significantly, thus lowering thelevel of receivables and sharply increas-ing the position.
During the years before 1973, thegeographical composition of the posi-tion within "other" developing coun-tries changed markedly. Until the mid-fifties, over three-fourths of the posi-tion in these countries was in MiddleEast countries other than Iran. Theshare of these countries declinedsteadily for the remainder of theperiod—by 1972, it was only 15 per-cent—while the share of other areas,most notably Africa, increased. By1972, Africa accounted for nearly one-half of the position in "other" develop-ing countries. Beginning in 1973, dis-cussion of the composition of the posi-tion is complicated by the shift to anegative position in the Middle East.
Throughout most of 1950-79, equityand intercompany account outflowswere a much more important source ofchange in the position in "other" de-veloping countries than were reinvestedearnings of incorporated affiliates. Theimportance of the former primarilyreflected the prevalance of unincorpo-rated affiliates, whose unremitted earn-ings are included in equity and inter-company account outflows, in crude-oil-producing areas. To a lesser extent, itreflected a low rate of reinvestment byincorporated affiliates, except in 1975,when temporary exchange restrictionscaused postponement, to early 1976, of amajor dividend payment by an affiliatein the Far East. This increased bothreinvested earnings and the position in1975, but reduced them by an equiva-lent amount in 1976.
Manufacturing
At yearend 1950, the position inmanufacturing was $3.8 billion; at year-end 1979, it was $83.6 billion. The aver-age annual growth rate was 11.2 per-cent, and growth for individual yearsranged from a 6-percent increase in the1957 BEA benchmark year to a 16-perceiit increase in 1973, when the posi-
tion apparently was boosted by rein-vestment of inflation-induced inventoryprofits. Throughout the period, the bulkof the position was in developed coun-tries; the share of these countriesranged from about three-fourths tofive-sixths of the total.
The position in manufacturing grewat similar average annual rates in de-veloped and developing countries—11.3and 10.7 percent, respectively. In de-veloped countries, the position grew atannual rates of 8.3 percent in Canada,14.0 percent in Europe, and 13.9 percentin "other" developed countries. In de-veloping countries, the rates were 10.2percent in Latin America and 14.0 per-cent in "other" developing countries.
Data on the position in individual in-dustries within manufacturing areavailable for the benchmark years 1950,1957, and 1966, and for each year from1967 forward. Data for 1950,1957,1966,and 1979—the most recent year forwhich data are available—are shown intable 4. Of the industries shown sep-arately, the positions in three—chem-icals, machinery, and transportationequipment—grew more rapidly from1950 to 1979 than the position in totalmanufacturing. The above-averagegrowth in chemicals and machinery waspartly attributable to investment insubindustries, such as petrochemicaland computer manufacturing, that havebeen characterized by high rates oftechnological innovation. At yearend1979, the position in chemicals andmachinery accounted for about one-halfof the position in manufacturing, com-pared with a little over one-third atyearend 1950.
By area, the average annual rate ofgrowth in manufacturing was lowest inCanada—8.3 percent. The rates for Can-ada in individual years ranged from a 6-percent decline in the BEA benchmarkyear 1966 to a 15-percent increase in1952, when direct investment capitaloutflows increased sharply, partly to fi-nance construction of hydroelectricpower-generating and other facilities toexpand the productive capacity of alu-minum-manufacturing affiliates.
Throughout 1950-79, growth in theposition in Canada tended to be financedout of reinvested earnings. Equity and
intercompany account outflows exceededreinvested earnings in only 4 years, andin 2 of those years, the difference wasslight. This pattern may have reflectedthe fact that Canadian affiliates areolder, on average, than affiliates else-where, and over time have developed thecapacity to finance growth primarilyout of internally generated funds.9 Therelatively slow growth of investmentsalso may have reduced the needs of affili-ates for large infusions of funds fromU.S. parents.
In Europe* the growth rate, at 14.0percent, was the highest among majorareas except "other" developing coun-tries, where the position was muchsmaller. Europe has accounted for thelargest share of the position in manu-facturing since 1964, when it surpassedCanada. By yearend 1979, Europe'sshare was nearly 50 percent.
Except for two years—1960 and1975—growth in Europe ranged from10 to 19 percent. In 1960, growth wasunusually rapid—29 percent—becauseof a large equity and intercompany ac-count outflow to acquire additional equi-ty in a United Kingdom automotiveaffiliate. In 1975, growth was relativelyslow—8 percent—largely due to poorbusiness conditions. Earnings of incor-porated affiliates fell in that year, there-by reducing the funds available for re-investment. Moreover, data for a sam-ple of majority-owned foreign affiliatesindicate liquidation of inventories and,to a much lesser extent, short-term ac-counts receivable from persons otherthan U.S. parents; this liquidation re-duced the affiliates' need for funds fromU.S. parents (as well as from othersources).10
9. Data on age of affiliate, measured by thenumber of years that the U.S. parent owned theaffiliate, are presented for a sample of foreignmanufacturing affiliates of U.S. manufacturingparents in L. A. Lupo, Arnold Gilbert, and MichaelLiliestedt, "The Relationship Between Age andRate of Return of Foreign Manufacturing Affiliatesof U.S. Manufacturing Parent Companies," SURVEYOF CURRENT BUSINESS, Vol. 58 (August 1978), p.62, table 3. The table shows that in 1966, 60 per-cent of the Canadian affiliates were at least 10years old, compared with 40 percent of Europeanaffiliates, 48 percent of affiliates in other developedcountries, and 42 percent of affiliates in developingcountries. The percentage of total affiliate assetsaccounted for by these older affiliates was 83 per-cent in Canada, compared with about 70 percent inthe three remaining areas (table 2, p. 61).
10. Mantel, ''Sources and Uses of Funds," p. 37.
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48 SUKVEY OF CURRENT BUSINESS February 1981
Within Europe, the geographicalcomposition of the position in manufac-turing changed significantly during1950-79. In 1950, 58 percent of the posi-tion was in the United Kingdom, 34 per-cent in the 6 countries—Belgium,France, Germany, Italy, Luxembourg,and the Netherlands—that were to com-prise the original European EconomicCommunity, and 8 percent in other Eu-ropean countries. The shares of theseareas remained about the same until themid-to-late fifties, when the share of theUnited Kingdom began to decline andthat of the European Economic Commu-nity—which beginning in 1967 becameknown as the European Communities(6)—began to rise; somewhat later, theshare of other European countries alsobegan to rise.11 These changes in compo-sition continued with few interruptionsuntil about the midseventies, when thecomposition again stabilized. At year-end 1979, 29 percent of the position wasin the United Kingdom, 55 percent inthe European Communities (6), and 16percent in other European countries.
One reason for the shift in distribu-tion from the United Kingdom to coun-tries in the European Communities (6)was the creation of the European Eco-nomic Community in 1958 through theTreaty of Rome, which had been signedin the previous year. The major featuresof the Community were (1) the gradualreduction in, and eventual eliminationof, barriers to movements of goods andfactors of production among membercountries, and (2) the adoption of com-mon external tariffs. The most impor-tant feature, from the standpoint of di-rect investment, was probably the elimi-nation of internal tariffs.12 Some U.S.manufacturers that had been servingmarkets in the Community through
Table 5.—Average Annual Rates of Growthin U.S. Direct Investment Position inEuropean Manufacturing Affiliates
[Percent]
11. The change in terminology resulted from anadministrative merger with other organizations. TheEuropean Communities (6) includes, in addition tothe 6 orisrinal member countries of the EuropeanEconomic Community, the European Atomic En-ergy Community, the European Coal and SteelCommunity, and the European Investment Bank.The organization became known as the EuropeanCommunities (9) in 1973, when Denmark, Ireland,and the United Kingdom joined the Communities.
12. The common external tariff may have had aneffect on investment in individual countries andindustries. However, because it was to be basedon an average of previous tariff rates in individualcountries, its overall effect on direct investment isunclear.
Entire 1950-79 period
Period up to EuropeanEconomic Commu-nity's formation (1950-58)
Periods followingformation:
5 years (1958-63)
10 years (1958-68)
21 years (1958-79)
Period following UnitedKingdom entry intothe European Com-munities (1973-79)
Total
14.0
13 0
17 9
16.0
14.3
12.1
UnitedKing-dom
11.3
12 2
15 0
11.8
10.9
10.5
EuropeanCommun-ities (6)
15.9
15 0
21.1
18.7
16.2
11.9
Other
16.8
8.7
20.6
25.6
20.0
16.4
U.S. exports found it necessary to pro-duce in the Community in order to com-pete with local firms in third-countrymarkets within the Community. Also,to the extent that the arrangements as-sociated with the Community increasedeconomic growth and efficiency in themember countries, general market ex-pansion may have created additionalinvestment opportunities. Finally, theability to export duty free within theCommunity raised the advantages to di-rect investors of choosing member coun-tries, rather than the United Kingdomor other outside countries, as a locus ofproduction from which to serve Europeas a whole; as a result, investment wasprobably diverted from nonmember tomember countries.
Table 5 show^s growth in the positionin the United Kingdom, the EuropeanCommunities (6), and "other" Europein the entire period 1950-79; the period1950-58 before the Community's forma-tion; three periods—1958-63, 1958-68,and 1958-79—following its formation;and the period 1973-79, following theUnited Kingdom's entry into the Com-munities. The figures suggest that theformation of the Community stimu-lated investment in the member coun-tries and diverted investment from theUnited Kingdom. The position in theEuropean Communities (6) grew morerapidly in each period following for-mation than it did before formation. Incontrast, growth in the United King-dom was more rapid than before the
Community's formation only in thefirst period following formation, andthen only because of the previouslymentioned transaction in 1960 involv-ing an automotive affiliate. The dif-ferential in growth rates between theUnited Kingdom and the EuropeanCommunities (6) narrowed consider-ably during 1973-79, when the UnitedKingdom (along with Denmark andIreland) was included in an expanded9-member European Communities.
Other factors also may have con-tributed to the shift in distribution.Partly because of the absence of lan-guage and cultural barriers, large-scaleinvestment by U.S. direct investors hadbeen channeled earlier to the UnitedKingdom than to continental Europe;thus, following a period of postwar re-construction, investment in the UnitedKingdom had less potential for subse-quent growth and development. Also,economic growth after 1958 tended tobe slower in the United Kingdom thanin the European Communities (6),partly for reasons unrelated to theCommunity's formation. This may havediscouraged investment in the UnitedKingdom relative to that in the Euro-pean Communities (6).
Growth in the position in manufac-turing in "other" European countries(table 5) increased sharply after 1957,although from a relatively small base.Contributing to the increase were eco-nomic expansion in .several countries inthe area, increasing familiarity of U.S.direct investors with the area as a by-product of investments elsewhere inEurope, and, possibly, the formation ofthe European Free Trade Association(EFTA) in 1960. In addition, some ofthe increase in 1966 represented a breakin series attributable to BEA bench-mark revisions.
The EFTA included six of the"other" European countries, togetherwith the United Kingdom. For severalreasons, it probably had less importanteffects on trade and investment than theEuropean Communities (6). First, byproviding only for the eventual elimi-nation of internal tariffs, but not forcommon external tariffs or increasedmobility of factors of production, itrepresented a lesser degree of integra-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS 49
tion. Second, with a population onlyabout one-half that of the EuropeanCommunities (6), it provided a muchsmaller internal market. (Over one-halfof the population within the EFTAwas, in turn, accounted for by theUnited Kingdom.) Third, longer dis-tances and other natural barriers, suchas bodies of water and mountain ranges,provided greater obstacles to trade inthe EFTA than in the European Com-munities (6). Finally, the EFTA's con-tinued existence was threatened by thepossibility that some of its memberswould eventually leave it to join theEuopean Communities, as the UnitedKingdom and Denmark in fact did in1973.
In "other" developed countries, theaverage annual rate of growth was 14.0percent. Rates in individual yearsranged from 29 percent in 1951 to 4 per-cent in 1975. The rapid growth in 1951was from a very small (less than $0.2billion) base. The slow growth in 1975was, as in the case of Europe, attribu-table to poor business conditions. Earn-ings of incorporated affiliates declined,reducing the funds available for rein-vestment; also, liquidation of inven-tories and receivables moderated affili-ates' need for equity and intercompanyaccount outflows from U.S. parents.
During 1950-79, the share of the"other" developed countries accountedfor by Japan increased sharply, whilethe shares of the remaining countries de-clined. At yearend 1950,3 percent of theposition was in Japan, 63 percent inAustralia, 6 percent in New Zealand,and 28 percent in South Africa. At year-end 1979, 40 percent of the position wasin Japan, 46 percent in Australia, 2 per-cent in New Zealand, and 12 percent inSouth Africa.
The position in Japan grew very rap-idly—at an average annual rate of 24.3percent—during 1950-79, and Japan'sshare increased during almost all of theperiod. (Corresponding declines inshares tended to be largely in SouthAfrica during the fifties and early six-'ties? and largely in Australia there-of ter.) The growth in the position in Ja-pan throughout most of the period re-flected very rapid growth of the Japa-nese economy. Growth in the position
during 1963-66 may have also reflected arelaxation of exchange restrictions,while growth in subsequent years re-flected several rounds of liberalizationof restrictions, beginning in 1967 andcontinuing through the midseventies, oninward direct investment. Despite therapid growth, the position in Japan hasremained small in relation to the size ofthe Japanese economy and the impor-tance of its manufacturing sector. Thismay reflect remaining restrictive ele-ments of Japanese policies.
In Latin America, the position inmanufacturing grew at an average an-nual rate of 10.2 percent during 1950-79.Rates of change ranged from a 26-per-cent increase in 1951 to a 16-percentdecline in 1957. The 1957 decline was en-tirely due to a break in series from BEAbenchmarking. It was concentrated intwo countries—Argentina and Brazil—that had experienced extremely highrates of inflation, accompanied by peri-odic large depreciations of their curren-cies against the U.S. dollar. Betweenbenchmark surveys, the estimated dollarvalue of investment in affiliates' net cur-rent assets in these countries that weredenominated in local currencies was notadjusted downward to allow for the de-preciations. In the 1957 benchmark sur-vey, however, the investments wererevalued at the prevailing (lower) ex-change rates, thus eliminating the over-statement that had arisen in nonbench-mark years. Although in 1966—the nextbenchmark year—the position for LatinAmerica as a whole increased, signifi-cant downward revisions were againmade for Argentina and Brazil, both ofwhich continued to experience highrates of inflation and currency deprecia-tion.13
13. In 1976, new rules for translating affiliatefinancial statements from foreign currencies intoU.S. dollars went into effect (see Financial Ac-counting Standards Board Statement No. 8). Underthese rules, when exchange rate changes reduce(increase) the dollar value of certain specified bal-ance-sheet items, including net current assets, thatare denominated in local currencies, income is alsoreduced (increased) ; the position is affected onan ongoing basis through reductions (increases) inreinvested earnings of incorporated affiliates andequity and intercompany account outflows to un-incorporated affiliates. Thus, in nonbenchmark years,overstatement of additions to the position in coun-tries such as Argentina and Brazil should belargely eliminated in estimates for 1976 forward,and overstatement of the position itself should belargely eliminated once the series for 1977 forwardhas been linked to the 1977 benchmark survey.
Much of U.S. direct investment inLatin American manufacturing indus-tries probably was undertaken inresponse to numerous restrictions onforeign trade and foreign exchangetransactions in several of the largercountries. These restrictions were de-signed to induce the substitution of do-mestic production for imports, and theyincreased the profitability of servingmarkets in these countries through di-rect investment, rather than through ex-ports. Automobile manufacturing affili-ates, for example, were established inseveral of the larger countries, eventhough economies of scale might havebeen exploited more effectively throughmore centralized production withinLatin America or through exports fromthe United States.
Throughout 1950-79, the position inLatin America was concentrated in four
(Text continued on page 54)
Table 6.—U.S. Direct Investment PositionAbroad, 1957 and 1966: Comparisons ofSeries Based on 1950, 1957, and 1966Benchmark Surveys
[Millions of dollars]
AH areasPetroleumManufacturing..Other
Developed countriesPetroleumManufacturing ....Other
CanadaPetroleum. ...ManufacturingOther
Europe . .PetroleumM anuf acturingOther
OtherPetroleumM anuf acturingOther
Developing countriesPetroleumManufacturingOther...
Latin AmericaPetroleum _ ..M anuf acturingOther
OtherPetroleumM anuf acturingOther
International and unal-located
19
1950basis
26,2789 1068,4148,758
14, 112(D)
6,608(D)
8,8702,0013,8902,979
4 1521,2192 239
694
1,090(D)
479(D)
11,092(D)1,807(D)
8,7663,1181,6503 998
2,326(D)
157(D)
1,074
57
1957basis
25, 3949 0558,0098,331
14,0383,6916,5913 757
8,7692,0163,9242,829
4,1511,2532,195
702
1,118421472225
10,3154,7151,4184,182
8,0522,9971,2803,775
2,2631,718
138407
1,041
19
1957basis
54,79916, 22222, 07816, 499
36,6618,588
18, 2379,836
17, 0173,6087,6925,717
16, 2334,0038,8793,351
3,411977
1,666768
118, 138i 7, 634
3,842i 6, 662
11, 4983,4753,3184,705
16,640i 4, 159
5241 1, 957
(2)
66
1966basis
51,79213, 89320, 74017,160
35,2907,661
17, 21410, 415
15, 7133,1716,6975,845
16, 3903,6278,9063,858
3,187863
1,611712
13,8665,0513,5255,290
9,7522,4562,9734,323
4,1142,595
552967
2,635
D Suppressed to avoid disclosure of data for individualcompanies.
1. Includes "international and unallocated."2. Included in "other" developing countries.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
50 SURVEY OF CURRENT BUSINESS February 1981
Table 7.—U.S. Direct Investment
Line
1234
5678
g101112
13141516
17181920
21222324
25262728
29303132
33
All areasPetroleum _ _ManufacturingOther..
Developed countries .Petroleum _ManufacturingOther
Canada ._ _Petroleum _ _ . _ _ManufacturingOther
Europe . .PetroleumManufacturingOther. _ _ .
OtherPetroleumManufacturingOther
Developing countries . . .PetroleumManufacturingOther
Latin America . _ . _PetroleumManufacturine;Other
Other -. .PetroleumManufacturingOther
International and unallocated
1950
11,7883,3903 8314 567
5 696981
2 9841 731
3 579418
1 8971 264
1 733426932374
38413715692
5 7362 169'847
2 720
4 5771 303
7812 493
1 15986666
228
356
1951
12,9793,6874 3484,944
6,4471,2583,2841 906
3 969563
2 0091,397
1 989512
1 074403
490183201106
6 1462 1621 0642,919
4 9491 294'982
2 672
1 19786882
247
387
1952
14,7214,2734 9675,481
7,4081,5063 7272 174
4 641719
2 3031,618
2 153532
1 194427
614255230129
6 8802 4661 2393 175
5 5141 4551 1532 905
1 3661 Oil
86269
433
1953
16,2534,9145,3405,998
8,3951,8084,1122,475
5 349941
2 5401,869
2 375609
1 310456
671258262150
7,3692 7631 2283,378
5 7741 5541 1343,085
1,5961 209
94293
488
1954
17, 6315,2975 8996,434
9,4432,1044 5672,773
6 0431 1652 7772,101
2 643'668
1 478497
757271312175
7,6202 7961 3323 492
5 9291 5391 2233,168
1 6901 257
109324
567
1955
19,3955,8996 6236,873
10, 6862,4885 1513,047
6 7611,3813 0932,287
3 002'762
1 685555
923345373205
8,0432 9441*4723,627
6 2421 6221 3533 266
1 8021 322
119361
666
1956
22,5057,3557 5617,589
12,3753,1195 8983,358
7 7951,7593 5262,511
3 561990
1 952619
1 019371420228
9,3263 6751 6633,988
7,2982 1971 5313,570
2 0281 478
133417
803
1957
25, 3949,0558 0098 331
14, 0383,6916 5913,757
8 7692,0163 9242,829
4 1511 2532 195
702
1 118421472225
10, 3154 7151,4184,182
8 0522 9971,2803,775
2 2631 718
138407
1,041
1958
27, 4099,8228 6738 914
15, 2504,0437 1784,029
9 4702,2934 1643,013
4,5731 3202 475
779
1,207430539238
10, 9715 0281 4954,448
8,4693 1521,3343,983
2,5031 876
161466
1,188
1959
29,82710,3249 7079,795
16, 9614,3848 1064 472
10 3102,4674 5653,278
5,3231 4522 947
924
1 328465593269
11,5085 0991 6024,808
8 8873 2081 4174,263
2,6211 891
185545
1,357
1960
31, 86510, 81011 05110,004
19,3194,9269 3235,070
11 1792,6644 8273 688
6 6911 7633 g041 124
1 449499692258
11 1285 0331 7274,367
8 3663 1221 5213,723
2,7621 912
206644
1.418
1961
Millions
34,71712,19011, 99710, 530
20,9785,571
10,0685,338
11,6022,8285 0763,698
7,7422 1524 2551,336
1,634591738304
12,2545 7511,9294,574
9,2393 6741,7073,858
3,0152,077
222716
1,485
Percent change from
34353637
38394041
42434445
46474849
50515253
54555657
58596061
62636465
66
All areas-Petroleum -_M anufacturing _ _Other .
Developed countriesPetroleumManufacturing.Other
CanadaPetroleum _ _ManufacturingOther _
EuropePetroleumManufacturing __Other
Other _Petroleum __ManufacturingOther
Developing countries _ _ __PetroleumManufacturingOther
Latin America.. _PetroleumM anufacturingOther
Other _ .PetroleumManufacturing ...Other
International and unallocated .
109
13g
13281010
11356
11
152015g
27343015
7(*)
267
g—1267
3(*)
259
9
13161411
15201414
17281516g4
116
25401422
1214169
1112179
141669
12
1015g9
13201014
15311015
1014107
91
1417
712
—16
57
-26
172099
13
gg
107
12161112
13249
121110139
135
1916
31g3
3—1
g3
64
1611
16
1011127
13181310
1218119
14141412
22282017
65
114
55
113
759
11
17
16251410
16251510
15271410
19301612
107
1311
16251310
1735139
13121216
21
13236
10
13181212
12151113
17271213
101412
—1
1128
-155
1036
—166
12164
-2
30
ggg7
91097
8146g
105
1311
g2
146
6756
5545
119
1614
14
95
1210Hg
1311
9g
109
16101919
10g
1013
517g
5267
51
1517
14
75
142
14121513
gg6
13
26212922
97
17-4
-3-1
8-9
-6-3
7-13
51
1118
5
91395
913g5
465
(*)
16221219
13197
18
1014125
1018124
998
11
5
"Less than 0.5 percent (±).1. Percent change not denned because of negative position in current year, previous year, or both.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981
Position Abroad, 1950-79
SURVEY OF CURRENT BUSINESS 51
1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979
of dollars
37,27612,72513,25011,301
22,9765,94311,0605,974
12,1332,8755,3123,947
8,9302,3854,8831,662
1,912682865365
12,6535,8152,1914,647
9,5243,6421,9443,938
3,1292,174246709
1,647
40,73613,65214,93712,147
25,6386,69712,4216,520
13,0443,1345,7614,149
10,3402,7765,6341,930
2,254786
1,026442
13,3655,9672,5164,881
9,9413,6362,2124,092
3,4242,332304789
1,733
44,48014,32816,93513,217
28,6377,20314,0457,389
13,8553,1966,1984,461
12, 1293.1226,5872,420
2,652884
1,260508
13,9606,0632,8905,006
10.2553,5892,5074,159
3,7052,475383847
1,883
49,47415,29819,33914,837
32,3137,72115, 9398,653
15,3193,3566,8725,090
13,9853,4277,6062,951
3,010937
1,461612
15, 1766,4763,4005,300
10,8853,5462,9444,395
4,2912,931455905
1,985
51,79213,89320,74017,160
35,2907,66117,21410,415
15, 7133,1716,697
. 5,845
16,3903,6278,9063,858
3,187863
1,611712
13,8665,0513,5255,290
9,7522,4562,9734,323
4,1142,595552967
2,635
56,56015, 16622,80318,591
38,7088,49318, 91211,303
16, 7033,3727,0596,272
18,2314,1589,8674,206
3,774963
1,986824
14,9055,2893,8915,725
10,2902,3913,2384,661
4,6152,898653
1,064
2,947
61,90716,57425, 16020,174
42,0889,15920, 72112,208
17,9523,6257,5356,792
19,8514,43410,9404,478
4,2841,1002,247938
16,4975,8524,4396,206
11,3422,5513,7235,068
5,1543,300716
1,138
3,323
68,09317,61228,33222, 149
46,6589,85923,28513,513
19,5783,8818,4047,293
22,2464,75612,3725,118
4,8341,2232,5091,102
17,6276,0325,0476,548
12,0392,5334,2025,304
5,5873,499845
1,244
3,809
75,48019,75431,04924,677
51,81911,20525,57215,042
21,0154,3378,9717,708
25,2555,48113, 8195,955
5,5491,3872,7831,379
19, 1926,6445,4777,072
12,9612.7034,5415,717
6,2313,941936
1,354
4,469
82,76021, 79434, 35926,607
56,95012,54428,32016,086
21,8184,6439,5047,671
28,6546,24715,6286,779
6,4781,6543,1881,636
20,7197,0276,0387,654
14,0132,9394,9956,080
6,7064,0881,0441,574
5,091
89,87823,38538,32528, 168
62,06013,54231,55816,959
22,9854,76410,4917,730
31,6966,87217,5297,295
7,3781,9063,5381,934
22,2747,3766,7678,130
14,8972,9795,6206,297
7,3774,3971,1471,833
5,545
101,31324,95144,37031,992
72,21415,91136,55019,753
25,5415,32011,7558,467
38,2558,52420,7778,954
8,4172,0664,0192,332
22,9046,0747,8209,010
16,4843,0436,4566,984
6,4203,0301,3632,027
6,196
110,07821,41851, 17237,488
82,89518,20441,97322,719
28,4045,73113,4509,223
44,6529,83023,99010,832
9,8392.6424,5332,664
19,848-3909,20011,038
19,5273,5647,5418,422
321-3,9541,6582,616
7,335
124,05025,97255,88642, 192
90,69520,12945,42725, 139
31,0386,22014,69110, 126
49,30511,16526,01312, 127
10,3522,7444,7222,886
26,2882,51910,45913,310
22, 1673,3248,56210,281
4,121-8051,8'63,029
7,067
136,80928,77561, 16146,872
100,30422,91249, 76627,625
33,8387,11915.96510, 754
55, 13912, 72628,78813,625
11,3273,0685,0133,246
29,3132,69011,39515,227
23,9342.9329,27511,727
5,379-2422,1203,501
7,192
149,84831,42066,03352,395
108,22524,85153,70929,665
35,2007,66016, 69610,844
60,93013,94731,67215,311
12,0953,2445,3423,510
34,4623,52012. 32418,618
28, 1103,48910,06314,557
6,35331
2,2614,061
7,160
167,80433, 79074,08059,934
120,47126,87159,85833,742
37,0718,24617,47711,347
69,55315, 12236,30418, 127
13,8473,5036,0764,269
40,3994,36114,22321,816
32,6623,89211,71217,059
7,737469
2,5114,757
6,934
192,64841,55383,56467,531
137,92731,82167, 36638,741
41,0339,16819,23712,628
81,46318,55541, 24621,662
15, 4314,0986,8824,451
47,8417,23116, 19824,412
36,8344,56813,22019,046
11,0072,6622,9785,366
6.880
Line
1234
5678
9101112
13141516
17181920
21222324
25262728
29303132
33
previous year
74107
1071012
5257
15111524
17151720
31142
3-1142
4511-1
11
97137
1213129
8985
16161516
18151921
63155
4(*)
144
972311
5
95139
1281313
6288
17121725
18122315
42153
3-1132
86267
9
1171412
1371317
1151114
15101522
1361620
97186
6-1176
1618197
5
5-9716
9-1820
3-5-315
1761731
6-81016
-9-224
(*)
-10-31
1-2
-4-11217
33
99108
1011109
6657
1115119
18122316
75108
6-398
12121810
12
99109
98108
7878
97116
14141314
1111148
107159
1214107
13
1061310
1181211
97127
1271314
13111217
73146
6-1135
86189
15
11121011
11141011
71276
14151216
15131125
91098
8788
1213119
17
1010118
1012117
476
(*)
13141314
17191519
86108
89106
841216
14
97126
98115
53101
1110128
14151118
85126
61134
1081016
9
1371614
16171616
11121210
21241923
1481421
3-181611
1121511
-13-311911
12
9-141517
15141515
118149
17151521
17281314
-13<*>
1823
18171721
-950)
2229
18
1321913
911811
99910
1014812
5448
320)
1421
14-71422
1,186(')
1416
-4
1011911
11141010
91496
12141112
912612
127914
8-12814
31(»)
1216
2
109812
8887
4851
11101012
7678
1831822
1719824
180)
716
C)
1281214
1181114
5855
1481518
1481422
17241517
16121617
221,428
1117
-3
15231313
14181315
11111011
17231420
1117134
18661412
13171312
424681913
-1
34353637
38394041
42434445
46474849
50515253
54555657
58596061
62636465
66
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
52 SURVEY OF CURRENT BUSINESS February 1981
Table 8.—Equity and Intercompany
{Millions
Line
1234
5678
9101112
13141516
17181920
21222324
25262728
29303132
33
All areas _PetroleumManufacturingOther
Developed countries. . _ __PetroleumManufacturing _ _Other
Canada. _ _ __ _PetroleumManufacturingOther
Europe _ _ __PetroleumManufacturing .Other
Other... _ __PetroleumM anufacturingOther
Developing countries _Petroleum __ __M anufacturingOther _ _
Latin AmericaPetroleum .Manufacturing _Other
OtherPetroleumManufacturing . __ _..Other
International and unalloacted _
1950
621248192181
463225126112
2871228877
121733216
55306
19
133-26669
51-63
6549
83612
20
25
1951
50895
202212
362200
7784
2351253971
6437216
6238177
169-83125127
187-47117117
—18-36
810
-22
1952
852254228370
508170150188
430125135170
-6-24
116
8469
412
37111379
179
3226681
175
4947-2
4
-26
1953
735412
-27349
45020644
199
40418545
173
4833-116
-3-13
(*)10
288207-71151
14271
-71142
146136(*)
9
-3
1954
667286148233
480218114149
40819473
141
452031-6
274
1014
1207
3479
53-36
2861
67437
18
66
1955
823392224207
578278152148
35316184
108
130545323
95631517
196697255
169537047
271638
49
1956
1,9511,173
390388
1,116648283184
601302149150
48834312321
274
1113
795483107204
647357102187
148126
517
40
1957
2,4421,408
432602
956362321273
678250184244
28713512131
-8-23
16-1
1,3781,004
111262
1,22086799
254
158137138
108
1958
1,181649269263
627292192144
421237
72113
* 190679231
16—12
28(*)
481285
77118
3291627096
152123
722
73
1959
1,372410468494
932267404261
417115146157
48415024490
312
1515
3054964
192
2665056
160
39-1
832
135
1960
1,675452801422
1,454411667376
45113529
287
96227360781
413
318
20930
13446
14924
126—1
6058
47
12
1961
1,599793462344
1,145541378226
30210011785
725376233116
119652826
44625184
111
219637877
227188
633
8
"Less than $500,000 (±).
Table 9.—Reinvested Earnings of
[Millions
Line
1234
5678
9101112
13141516
17181920
21222324
25262728
29303132
33
All areasPetroleum. _ _ __ _M anufacturingOther _
Developed countries _ _PetroleumM anufacturingOther
CanadaPetroleum __ __ _ _M anufacturingOther
EuropePetroleum -_ _ _ __M anufacturingOther _ __ _ _
OtherPetroleum . __ _.M anufacturingOther
Developing countriesPetroleum _ _M anufacturingOther _ _ _.
Latin AmericaPetroleum -M anufacturingOther.
Other _ _PetroleumM anufacturingOther
International and unallocated
1950
47574
266135
32751
208.68
146208541
15132
10119
30-1229
136125866
1036
4948
3369
18
12
1951
752204359189
40461
25292
18120
10160
18133
12126
428
295
29493
10795
210479667
84461027
53
1952
923338397188
45480
29678
23931
16048
17545
11119
403
2512
396195101100
265999472
131967
28
73
1953
826236403187
53497
34295
30136
19569
17345
11514
60163211
234966177
141335454
93637
23
58
1954
70294
418190
53270
339123
27425
16584
19836
13428
599
4011
157317947
127266932
305
1015
13
1955
962205477281
63293
392147
34241
20398
21941
14336
71124713
2818785
109
188377774
93508
35
49
1956
1,175292533351
761154454152
44167
27698
25166
14244
68223611
3178578
154
2365369
114
81329
40
97
1957
1,363468455440
731189377165
35767
180110
29495
15444
80274311
46919278
199
3309767
165
139951134
163
1958
944155464326
59069
388134
27940
16871
2388
18050
74213913
2805676
148
1912459
109
89321740
74
1959
1,089110581398
74971
493185
39344
240110
266-721359
90334017
3064488
175
2262871
127
80151648
34
1960
1,266169627470
857114529214
38946
234110
36338
23788
106315817
3595698
205
2783986
152
82171253
49
1961
1,054149445460
65983
340237
26641
13986
33214
189129
60271121
33551
105179
2794096
143
57119
37
60
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SUKVEY OF CURRENT BUSINESS 53
Account Outflows, 1950-79of dollars]
1962
1,654606712337
1,364454554357
31415912143
869229453186
181658927
21574158-17
29-67133-38
1861412421
74
1963
1,976828774373
1,471633587251
36518812057
930363395171
177827322
477162187128
2355
15081
2421583747
27
1964
2,328760
1,034534
1,901521846534
29825140133
1,388414619355
215828746
3491561884
1138
137-32
2361495136
78
1965
3,468977
1,525966
2,635561
1,225849
962179395388
1,479342760376
194406985
821406301114
271-74245100
5494805514
13
1966
3,625787
1,6111,227
3,064743
1,374948
985113439433
1,835593851392
2443784124
499-4237265
303-107187223
1961045042
62
1967
3,0501,0791,224746
2,198736960502
37210611255
1,435574684177
3915626570
734222264247
311-76197191
4232986857
117
1968
2,8551,149946760
1,627595638393
384147-4241
98435854383
258909970
1,126506308313
708141275292
4193653321
102
1969
3,130864
1,2101,056
2,044487924633
582152260170
1,197261587349
2657576114
738249286202
38532215138
3522177164
348
1970
4,4131,6241,2631,527
3,0711,0831,106883
763301234228
1,894676787430
41510585225
1,116590157368
579136132311
5374552557
226
1971
4,4411,6431,5641,234
2,8951,0971,280518
6473
-3929
2,209822
1,091296
623202228193
1,005293284428
696210228258
3098256170
541
1972
3,2141,2971,163754
1,989648840501
376-96227245
1,13958852823
47415685233
816329323164
27221288-37
54430835201
409
1973
3,195-331,863,663
,810,109,420,280
581106148327
3,0701,0571,225788
159-5347165
-852-1,749
443454
654-54360348
-1,507-1, 695
83106
238
1974
1,275-5,2152,8613,628
5,1431,2082,1911,744
643-110410344
3,664893
1,6021,169
836425179231
-4,573-6,881
6701,638
2,244418565
1,261
-6,817-7,299
105377
704
1975
6,1962,8201,3012,075
2,7991,113921765
419-57130346
2,2391,194769276
141-2422143
3,7321,988379
1,365
1,245-214246
1,213
2,4872,202133152
-335
1976
4,2531,6831,0411,529
2,7861,418777591
20-886742
2,4081,347686376
35716024174
1,827603265959
439-599189849
1,3881,202
76110
-360
1977
5,6121,7921,2822,537
2,9011,3571,218327
-248-538
-281
2,9201,3251,039556
2303614152
2,76642864
2,274
2,42229280
2,050
344136-16225
-55
1978
4,877412
1,5872,877
2,227225
1,084918
-600-437
41-204
2,447728937782
380-67107340
2,864554503
1,808
2,204218432
1,554
66033671254
-215
1979
5,9042,7301,2361,938
2,542737548
1,258
9155
380530
1,246439
-119926
382293287
-198
3,7492,088688972
1,45438621794
2,2952,050
67178
-387
Line
1234
5678
9101112
13141516
17181920
21222324
25262728
29303132
33
Incorporated Affiliates, 1950-79of dollars]
1962
1,198133514551
75762412283
37141230100
292-4138159
94264425
32545102178
30854103151
17-9-127
115
1963
1,507120871517
1,196119756320
53369335128
51327314172
1502310720
229-7115121
182-119994
4741527
82
1964
1,431-35934532
1,059-29762327
50054289157
408-87341155
1524
13315
2934
171117
2503
15196
4322121
79
1965
1,54254895593
1,07529694353
54066283191
388-50298140
1471311321
3876
202180
34530178137
42-242443
80
1966
1,791156918717
1,20645719442
62785285257
414-65338141
165259644
42768199160
30923174113
118452547
157
1967
1,757206845707
1,26690729447
65091334224
423-42285180
1934111043
29733116148
2021183108
96223341
194
1968
2,440248
1,357836
1,69964
1,116519
834108442285
617-86514189
2484216144
48051240188
36119209132
119323156
261
1969
2,83029
1,987814
2,34462
1,665616
1,002111610280
1,054-103870286
2885418550
420-62321161
331-51263118
89-125843
67
1970
3,176575
1,5281,073
2,141270
1,206665
699159339201
1,13649679407
3066218757
60171322208
45341259153
148306355
434
1971
3,176421
1,796959
2,538254
1,499785
1,023234574214
1,215-52747520
3007117851
557102297158
37326246101
183775056
81
1972
4,532356
2,8301,346
3,692390
2,396906
1,379276770333
1,89118
1,366507
4229625967
79542435319
64520364262
150217158
45
1973
8,1581,9254,1072,126
6,1771,2403,4881,449
1,867452
1,008406
3,507575
2,071861
804213409182
1,568494619454
991155476360
57633914394
413
1974
7,7771,7193,9362,122
5,5261,1163,1741,236
2,214530
1,298385
2,768434
1,586748
544151290103
1,841423762655
1,10995568446
732329194209
410
1975
8,0482,0573,4512,540
4,900816
2,5401,543
2,173548
1,106518
2,345142
1,261943
38112617482
3,0831,241910932
1,621173801647
1,4621,068110284
66
1976
7,696738
4,1172,841
6,133920
3,4691,744
2,451724
1,202525
3,08433
2,0111,040
599163256180
1,223-370648945
1,323227515580
-100-597132364
340
1977
7,2861,0123,5452,729
5,008653
2,7111,644
1,707611655441
2,845-981,8651,078
457140191126
2,269485834950
1,582271678632
688215156317
9
1978
11,4691,3556,1523,962
8,5731,0294,8332,711
1,724564679481
5,665213
3,5721,880
1,184252582351
2,864396
1,3191,149
2,096187
1,119791
768210200358
31
1979
18,4144,9798,1395,296
14,5094,0986,8583,553
2,884828
1,320736
10,5222,9475,0392,536
1,103323499281
3,573843
1,2811,450
2,589623918
1,048
984219364401
332
Line
1234
5678
9101112
13141516
17181920
21222324
25262728
29303132
33
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
54 SUEVEY OF CURRENT BUSINESS February 1981
of the larger countries—Argentina,Brazil, Venezuela, and Mexico—whichtogether accounted for from 76 to 86percent of the position. For almost allof the period, the position was largestin Brazil and Mexico. At yearend 1979,these two countries together accountedfor 63 percent of the position.
The position in manufacturingtended to grow faster during the sixtiesand seventies than during the fifties.This quickening of growth coincidedwith the formation of two regionalgroupings—the Latin American FreeTrade Area and the Central AmericanCommon Market. However, judgingfrom the extremely high proportion ofaffiliate sales that were local (i.e., with-in each affiliate's own country of loca-tion), the growth in the position prob-ably did not reflect U.S. direct inves-tors' efforts to gain preferential accessto third-county markets within thegroupings.14 Instead, it was probablymore due to increasing rates of eco-nomic growth and shifts toward manu-facturing in the composition of outputin the larger countries. This was par-ticularly true in Brazil, where, begin-ning in about 1964, major changes invarious internal policies resulted invery rapid economic growth that con-tinued through the early seventies.
The 14.0-percent average annual rateof growth in the position in "other" de-veloping countries was the highestamong the five major areas. Despite thisrapid growth and the area's large num-ber of countries, some of which had siz-able populations, the position in thisarea remained the smallest among themajor areas throughout 1950-79. Thesmall position reflected these countries'generally low per capita incomes andcorrespondingly small markets forgoods likely to be produced by large,technologically sophisticated rnultina-
14. Of total sales by majority-owned Latin Amer-ican manufacturing affiliates in 1976, the most re-cent year for which data are available, 94 percentwere local, while only 4 percent were exports tocountries other than the United States.. (In con-trast, for the European Communities (9), a sig-nificantly smaller fraction of sales—69 percent—was local, and a significantly larger fraction—29percent —was exports to countries other than theUnited States.) See William K. Chung, "Sales byMajority-Owned Foreign Affiliates of U.S. Com-panies, 1976," SURVEY, Vol. 58 (March 1978), p. 35.
tional corporations. It also reflectedpolitical uncertainty, and language andcultural barriers to investment. Changesin the position in individual years wereerratic, particularly in the early part ofthe period.
Throughout 1950-79, the position inmanufacturing in "other" developingcountries was highly concentrated inAsian and Pacific countries outside theMiddle East; these countries' share ofthe total ranged from 73 to 86 percent.Among these countries, however, thegeographical composition of the posi-tion changed significantly. During thefifties, the Philippines, India, and Indo-nesia together accounted for roughly a90-percent share. During the sixties andseventies, this share declined, due torapid growth in investment in otherAsian and Pacific countries outside theMiddle East, and by yearend 1979, ithad fallen to about 35 percent. Invest-ment in the other countries—such asSingapore, Hong Kong, Korea, andTaiwan—grew rapidly, partly as a re-sult of policies to promote the manu-facture, by both foreign and domesticinvestors, of labor-intensive productsfor export.
Other industries
At yearend 1950, the position in"other" industries was $4.6 billion.From 1950 to 1979, the position grew atan average annual rate of 9.7 percent,and at yearend 1979 was $67.5 billion.Growth in individual years ranged from2 percent in 1960, when the expropriatedinvestments in Cuba were removed fromthe position, to 17 percent in 1974, whenthe previously mentioned Latin Ameri-can finance affiliates of U.S. petroleumcompanies were established.
Rates of growth in the position in"other" industries varied considerablyamong areas. In developed countries,the growth rate was 11.3 percent peryear; in developing countries, 7.9 per-cent ; and in "international and unallo-cated," 13.3 percent. Among developedcountries, the growth rate was 8.3 per-cent in Canada, 15.0 percent in Europe,and 14.3 percent in "other" developedcountries. Among developing countries,it was 7.3 percent in Latin America and
11.5 percent in "other" developing coun-tries.
Rates of growth in the position alsovaried considerably among industrieswithin "other" industries. The positionin finance and insurance (which con-sisted primarily of investment in financeaffiliates) and in trade (which consistedprimarily of investments in wholesaletrade affiliates) grew significantly fasterthan the position in all "other" indus-tries combined. The position in miningand smelting; transportation, communi-cation, and public utilities; and all otherindustries, including agriculture, grewsignificantly slower. The slower growthin these industries partly reflected in-creasing pressures for transportationsystems and public utilities to be oper-ated, and for exploitation of natural re-sources to be conducted, by or withincreased participation of domesticinvestors.
Throughout 1950-79, the position in"other" industries was concentrated inthree areas—Canada, Europe, and LatinAmerica. At the beginning of the period,the largest shares were accounted for byLatin America and Canada. Subse-quently, the shares of these areas de-clined, while the share of Europe in-creased. At yearend 1979, Europe hadthe largest share.
In Canada, the average annual rate ofgrowth was 8.3 percent. The rate rangedfrom a small negative rate in 1971 to apositive 16 percent in 1952. The negative1971 rate resulted from a sizable nega-tive valuation adjustment that reflectedthe reclassification, from direct to port-folio investment, of a publicly held affil-iate in finance and insurance. The affili-ate was reclassified because the owner-ship interest of U.S. investors had fallenbelow the level used to define investmentin such publicly held affiliates at thattime (see technical note). For the samereason, a negative adjustment was madein 1972 to reflect the reclassification of apublicly held mining and smelting affili-ate ; as a result, growth in the position inthat year was unusually low—1 percent.Other years in which the position grewrelatively slowly were 1961 and 1977. In1961, some investment in public utilitieswas reclassified from direct to portfolioinvestment. In 1977, slow growth was
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SUKVEY OF CUKRENT BUSINESS 55
largely attributable to net equity andintercompany account inflows from anumber of finance affiliates.
Eapid growth in the position in Can-ada in 1952, and to a lesser extent inother years in the early fifties, resultedfrom sizable equity and intercompanyaccount outflows to mining affiliates. Asubstantial portion of these outflows fi-nanced the development of new iron-ore-mining facilities.
Growth was also relatively rapid in1965 and 1966, when increases of 14 and15 percent, respectively, were regis-tered. This partly reflected a surge inpurchases by U.S. investors of securi-ties issued by publicly held financeaffiliates. These purchases, in turn, prob-ably reflected the response of U.S. in-vestors to the Interest EqualizationTax, which had been in effect sincemid-1963 and which provided a tax ex-emption for interest received fromCanadian sources. The exemption en-couraged U.S. investors to substitute se-curities issued by Canadian companiesfor securities issued by companies inother developed countries; interest re-ceipts from the latter countries weresubject to the tax.
In Europe, the 15.0-percent growthrate in the position in "other" indus-tries was the average of rates in indi-vidual years ranging from 6 percent in1952 and 1968 to 31 percent in the BEAbenchmark year 1966. The low 1952 ratewas consistent with generally lowgrowth rates in the early fifties. Thelow rate in 1968—the first year of man-datory direct investment controls—may have been due to a substitution byaffiliates of funds borrowed from for-eign sources for funds from U.S. par-ents as a source of financing.15
The high 1966 rate primarily re-flected a change in the method of classi-fying the position by country and in-dustry (see technical note). Thischange resulted in an increase in theposition in finance and insurance inEurope because of the inclusion of sub-stantial investment in European hold-ing companies through which U.S. par-ents indirectly owned affiliates in otherareas or industries. The 1966 rate was
15. This is suggested by data for majority-ownedforeign affiliates in Mantel, "Sources and Uses ofFunds," pp. 40 and 41.
the culmination of generally rapidgrowth from the late fifties through themidsixties. The average rate of growthduring 1958-65 was 21.0 percent.
The position in "other" industries inEurope tended to be largest in tradethroughout 1950-79. The position intrade mainly represented investment inwholesale trade affiliates that had beenestablished to distribute goods pro-duced by U.S. parents and by their for-eign manufacturing affiliates. The dis-tribution of goods produced by manu-facturing affiliates in the EuropeanCommunities probably increased in im-portance following the formation of theEuropean Economic Community andthe associated expansion of U.S. manu-facturing investment.
Data on the position in finance andinsurance are available only for thebenchmark years 1950, 1957, and 1966,and for 1967 forward. For 1950 andfrom 1966 forward, the position infinance and insurance was larger thanthe position in any industry excepttrade. Part of the position in financeand insurance represented investmentin affiliates that were established tofinance the operations of affiliates inother industries, such as manufacturingand trade; the position also representedinvestment in banking affiliates, and—starting in 1966—in holding companies.
In Latin America, the relatively lowgrowth rate—7.3 percent—was theaverage of very low rates in most yearsbefore the early seventies, offset by con-siderably higher rates in subsequentyears. The position grew at an averageannual rate of 4.3 percent from 1950 to1972, compared with 17.1 percent from1972 to 1979. In the earlier period, therate of growth in each year was lowerthan in any year in the later period.
The relatively slow growth in theearlier period stemmed from an initialconcentration of the position in indus-tries—such as agriculture, mining, andpublic utilities—that were returned, toa substantial extent, to local ownershipduring that period. In the case of agri-culture, slow growth may also have re-flected the secular tendency for agricul-ture to grow more slowly than other in-dustries as economic developmentprogresses.
The position in Latin America actu-ally declined in 2 years—13 percent in1960, and 2 percent in the BEA bench-mark year 1966. The decline in 1960reflected the removal from the positionof about $0.7 million of expropriated in-vestments in Cuba. These investmentswere primarily in agriculture (mainlysugar) and public utilities.
The lowest positive growth rates wererecorded in 1962 and 1964—2 percent ineach case. In 1962, slow growth or slightdeclines occurred in several industries.Growth was slow in 1964 primarily be-cause of a 19-percent decline in trans-portation, communication, and publicutilities that, in turn, reflected the saleof an electric power utility to the Brazil-ian Government.16
Reductions in the position in miningand smelting in Chile significantly de-pressed growth in the position in LatinAmerica in 1969, 1972, and 1974, al-though the effect was obscured bygrowth in other areas and industries.The reductions, which totaled about $0.6billion in the 3 years combined, reflectedthe nationalization of U.S.-owned Chil-ean copper mines. The reductions weremade through both equity and intercom-pany account inflows, which reflectedcompensation received for the national-ized properties, and valuation adjust-ments, which reflected disputed claimsthat the U.S. direct investors wrote offor transferred to a U.S. Government in-surance agency.
In the 1972-79 period, the finance andinsurance industry contributed mostsignificantly to the relatively rapid(17.1 percent) growth in the position inLatin America. The position in this in-dustry grew at an average annual rateof more than 30 percent over the 7-yearperiod. This very high growth rate waspartly attributable to the previouslymentioned establishment, in 1974, of fi-nance affiliates of U.S. petroleum com-panies, and to subsequent expansion ofinvestment in these affiliates. Investmentin other finance affiliates includingbanks and holding companies, also grew
16. The proceeds of the sale were largely interest-bearing notes, which were included in portfolio in-vestment. Valuation adjustments, rather than bal-ance-of-payments capital flows, were used to recordthis change from direct investment to portfolio
investment.
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56 SURVEY OF CUEEENT BUSINESS February 1981
rapidly. Most of this investment was,for tax reasons, located in the Carib-bean and in Panama. Its expansion wasprobably related, among other factors,to expansion of international lendingactivity during the period.
Technical Note
Benchmark revisions
As noted in the text, estimates madefor a benchmark year by linking sampledata to the previous benchmark surveygenerally differ from data collected inthe new benchmark survey, becausemovements in the sample data do notperfectly reflect movements in the di-rect investment universe. Table 6 com-pares estimates on the two bases for thebenchmark years 1957 and 1966.
Classification of position in indirectlyowned affiliates
Before 1966, the positions in indi-rectly owned affiliates were classified inthese affiliates' own countries and indus-tries. A portion of the position in thedirectly owned affiliate through whichthe U.S. parent owned a given indi-rectly owned affiliate was attributed tothe indirect^ owned affiliate and "allo-cated" to its country and industry. After
1966, the position was, with one excep-tion, classified instead in the countryand industry of the directly owned affil-iate. The exception was that any directtransactions, such as intercompanyloans, of the U.S. parent with the indi-rectly owned affiliate continued to beclassified in that affiliate's own countryand industry. For 1966, the position wasclassified both ways for purposes ofcomparison.17 In this article, the classi-fication used for 1966 is the one de-scribed for years after 1966.
Changes in definition of direct invest-ment
From 1950 to 1961, direct investmentwas generally defined in two ways: (1)as ownership by a single U.S. investor(defined to include an associated groupof investors) of at least 25 percent ofthe voting interest in a foreign businessenterprise, or (2) ownership, by severalU.S. investors collectively, of at least 50percent of the voting interest in a pub-licly held foreign business enterprise inwhich no one U.S. investor owned asmuch as 25 percent. In a few instances,interests of slightly less than 25 percentwere included where important man-agement relationships were known to be
17. See U.S. Direct Investment Abroad: FinalData.
associated with the interests. Beginningin 1962, all ownership interests of 10-25percent were included in direct invest-ment. In 1970-71, the only two publiclyheld affiliates of any significance weredropped from the direct investmentuniverse because the 50-percent cri-terion was no longer met.
Measurement of position at historicalbook value
The position reflects U.S. direct in-vestors' net claims on their foreign af-filiates in terms of historical bookvalues, not in terms of constant dol-lars—probably the measure of greatestinterest for the analysis of long-termtrends. This limits the significance thatcan be attached to rates of growth inabsolute terms, or to small differencesin rates of growth among time periods,that may be attributable to variationsin rates of inflation or foreign exchangerates. However, comparisons of rates ofgrowth among areas or industries dur-ing a given period, or even amongperiods, usually appear to be attribut-able more to specific economic, political,or other factors than to rates of inflationor foreign exchange rates. Where thelatter two factors do seem particularlyimportant, they have been noted in thetext.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
By JOHN C. MUSGRAVE
Fixed Capital Stock in the United States: Revised Estimates• Fixed Nonresidential Private and Residential Capital, 1925-79• Government-Owned Fixed Capital, 1959-79
LEVISED estimates of fixed nonresi-dential private and residential capital inthe United States for 1925-79 are shownin tables 1-8. They incorporate the re-vised national income and product ac-
count (NIPA) estimates of private fixedinvestment and government purchasesof residential structures that were de-scribed in the December 1980 SURVEY orCURRENT BUSINESS. With one exception,
NIP A revisions mostly affect the esti-mates starting in 1968. The exceptionaffects the estimates for all years: In-vestment in hotels and motels, whichpreviously was included in residential
Table 1.—Current-Dollar Gross Stock of Fixed Nonresidential Private Capital, By Major Industry Group and Legal Form of Organization,1925-79
[Billions of dollars]
Year-end
1925—1926. _.1927. _.1928—1929—1930—1931—1932—1933—1934—
1935—1936—1937—1938—1939—1940—1941—1942...1943—1944—
1945—1946—1947—1948—1949—
1950...1951...1952...1953...1954...
1955...1956...1957...1958...1959...I960...
1961...1962...1963...1964...
1965...1966. _.1967...1968...1969...1970...1971 ...1972...1973...1974...
1975. ..1976. _ .1977...1978...1979...
Total
Equip-mentand
struc-tures
150.5156.0159.5162. 3162.0154.8140.9129.5128.7130.5
131.8139.2146.1144.7145.0152.0166.6177.7181.7185.7
201.0250.6301.5335.3348.4
384.0424.5449.3470.1488.3
530.5586. 3621.5645.1669.0685.9
705.8730.9759.3796.4
851.6928.8
1, 005. 21, 099. 91, 230. 7, 363. 6
1, 479. 11, 606. 21. 822. 62, 262. 1
2, 470. 62, 670. 83, 003. 93, 410. 33, 899. 6
Equip-ment
50.952.553.955.255.954.050.747.346.446.2
46.147.550.049.850.153.158.560.760.962.6
68.890.2
110.5131.6142.6
162.3183.6198.8214.0225.6
246.4275.1298.5311.6325.9336.5
344.4355.4368.8386.8
411.5450.1487.6534.2586.9645.1692.9744.0826.9
1, 010. 8
1, 157. 31, 277. 71, 433. 61, 612. 61, 816. 0
Struc-tures
99.6103.5105.7107.1106.2100.890.282.182.484.3
85.891.796.194.994.898.9
108.0116.9120.8123.1
132.3160.4191.0203.7205.8
221.7240.9250.5256.1262.7
284.1311.3323.0333.6343.1349.5
361.4375.5390.5409.6
440.1478.7517.7565.7643.8718.6786.2862. 1995. 7
1, 251. 3
1,313.31, 393. 01, 570. 31,797.72, 033. 6
By major industry group
Farm
Equip-mentand
struc-tures
12.613.013.213.313.112.311.010.09.89.6
9.610.210.911.011.011.412.513.313.614.2
15.519.624.128.130.4
34.538.441.042.643.8
46.649.150.652.153.453.9
55.056.458.360.5
64.168.773.678.786.892.898.8
108.1121.3151.4
164.7181.8206.6237.3272.0
Equip-ment
4.54.75.05.35.65.65.45.25.04.7
4.54.75.15.25.35.66.36.76.77.1
7.89.6
11.614.717.0
20.022.424.425.926.9
28.529.731.032.333.233.6
33.934.535.436.6
38.741.444.146.850.152.154.659.765.481.5
92.6104.61 17. 5132.8150.0
Struc-tures
8.18.38.18.07.56.75.64.84.84.9
5.15.55.85.75.75.86.26.77.07.1
7.710.012.513.313.4
14.616.016.616.716.9
18.019.519.619.820.220.3
21.121.922.923.8
25.327.329.431.936.740.844.348.455.869.9
72.177.289.1
104.4122.1
Manufacturing
Equip-mentand
struc-tures
31.933.334.135.035.032.528.825.826.127.1
27.429.731.831.631.933.937.540.041.242.1
46.761.777.887.590.2
99.1111.7118.5123.4128.5
140.7157. 4167.0171.3176.0179.4
183. 3188.6195.2203.5
217.2238.5260.2283.1314.7343.6364.5387. 8429.5529.2
577.3623.0703.1797.7909.5
Equip-ment
12.112.612.913.313.412.811.911.111.211.5
11.311.812.612.612.813.815.115.816.116.8
18.723.529.435.738.6
43.951.356.361.265.6
72.983.792.195.499.9
103.3
105.0103.1111.8117.5
126.1139.7153.4167.5182.2198.1209.8221.4242.0299.4
348.3386.0438.7497.9569.0
Struc-tures
19.820.821.221.721.619.716.914.814.915.6
16.117.819.219.119.120.122.424.325.125.4
28.038.248.351.851.5
55.260.462.162.262.9
67.873.774.975.976.176.1
78.380.583.586.1
91.198.7
106.8115. 6132 5145. 5154.8166.5187.4229.7
229.1237.0264.4299.8340. 4
Nonfarmnonmanufacturing
Equip-mentand
struc-tures
106.0109.7112.2114.0114.0110.0101.193.692.793.8
94.999.3
103.4102.1102.1106.7116.5124.2126.9129.3
138.9169.3199.7219.8227.9
250.4274.4289.8304.1316.1
343.2379.8403.8421.7439.6452.6
467.5485.9505.8532.4
570.3621.6671. 5738.1829.3927.2
1, 015. 71, 110. 21,271.81, 581. 5
1, 728. 61, 866. 02, 094. 22, 375. 32, 718. 1
Equip-ment
34.335.235.936.536.935.633.431.130.130.0
30.330.932.332.032.033.637.138.338.138.7
42.357.169.481.287.0
98.5109.9118.0126.9133.2
145.0161, 7175.3183.9192.8199.6
205.4212.8221.7232.7
246.7268.9290.1319.9354.6394.9428. 5463.0519.4629.9
716.4787.1877.4981.8
1, 097. 1
Struc-tures
71.774.476.377.577.174.467.862.562.663.8
64.668.471.170.170.173.079.485.988.890.7
96.6112.2130.2138.6140.9
151.9164.5171.8177.2182.9
198.2218.1228.5237.8246.8253.0
262.1273.2284.2299.7
323.7352.7381.4418.2474.6532.3587.2647.3752.4951.7
1, 012. 21, 078. 91, 216. 81, 393. 51, 621. 1
By legal form of organization
Corporate
Total
Equip-mentand
struc-tures
116.4119.9122.2123.6123.2117.9107.799.298.7
100.1
101.1106.1110 9109.4109.4114.5125.3133.8136.9139.6
150.8186.5222.8247.2256.3
280.5309.1327.1343.0356. 3
387.2429.5457.1474.9492.7504.8
518.0535.4554.5580.8
620.5677.1733.7804.9898.3997.8
1, 083. 61, 173. 51, 329. 31, 653. 4
1, 830. 31, 985. 42, 227. 92, 518. 32, 873. 3
Equip-ment
38.439.239.840.340.538.836.433.933.333.5
33.734.736.436.236.338.442.143.844.245.3
49.965.880.294.9
102.2
115.6131.1142.2153.7162.8
178.9202.4221.6232.1244.2253.5
260.7270.5282.0297.1
317.6349.9381.3420.9465.5515.4556.3598.1665.8816.6
939.21, 037. 31, 165. 11,311.31, 478. 6
Struc-tures
78.080.782.383.282.779.071.365.365.366.6
67.471.574.573.273.176.183.290.092.794.3
101.0120.6142.6152.3154.2
165.0178.0184.9189.3193.6
208.3227.1235.5242.8248.5251. 3
257.2264.9272.5283.7
302.8327.2352.4384.0432. 8482.3527.4575.4663. 5836.8
891.0948.1
1, 062. 81, 207. 01, 394. 7
Nonfinancial
Equip-mentand
struc-tures
114.3117.8119.8121.3120.8115.7105.797.496.998.3
99.3104.1108.8107.3107.3112.3122.9131.3134.4137.2
148.3183.3219.0243. 2252.2
276.0304.2321.8337.6350.6
380.9422.5449.7467.2484.4496. 3
509.0526.1544.4569.5
607.4661.8715.7782.6869.8963.2
1, 043. 01, 125. 91, 270. 31, 578. 4
1, 747. 91, 895. 42, 122. 62, 393. 92, 726. 6
Equip-ment
37.838.739.239.739.838.235.833.432.833.0
33.234.135.835.635.837.841.543.243.644.8
49.465.279.494.0
101.0
114.3129.7140.5151.9160.8
176.6199.8218.7229.0240.8249.9
257.0266.7277.8292.3
312.1343. 4373.6410.9452.8499.8537.8576.6639.2783.8
901.1994.9
1, 115. 21, 253. 01,411.5
Struc-tures
76.579.180.681.681.077.569.964.064.165.3
66.170.073.071.771.574.681.588.190.892.4
98.9118.1139.6149.2151.2
161.8174.5181.3185.7189.9
204.2222.6231.0238.1243.6246.4
252.0259.4266.6277.2
295.3318.4342.23"!. 7417.1463.4505. 2549. 2631.2794.7
846.8900.5
1,007.41, 140. 91, 315. 0
Noncorporate
Equip-mentand
struc-tures
34.136.137.538.738.936.933.230.330.130.4
30.733.035.235.335.637.541.343.844.846.1
50.264.278.788.192.1
103.5115.4122.1127.2132.0
143.3156.8164.3170.2176.3181.1
187.9195.5204.8215.6
231.2261. 7271.5295.0332.5365. 8395.4432.7493.3608.7
640.3685.4776.0892.0
1, 026. 3
Equip-ment
12.613.314.114.815.415.114.313.413.012.7
12.412.813.613.713.814.716.416.916.717.3
18.924.430.236.640.5
46.752.556.660.362.9
67.572.776.979.581.782.9
83.784.986.889.7
93.9100.2106.3113.3121.4129.6136. 6146.0161.1194.3
218.1240.5268.5301.3337.4
Struc-tures
21.622.823.423.923.521.818.916.817.017.7
18.320.221.621.621.822.824.926.928.128.8
31.339.848.451.551.6
56.862.965.566.969.1
75.884.287.490.794.598.1
104.2110.6118.0125.9
137.3151.5165.2181.7211.0236.2258.8286.7332.2414.4
422.3444.9507.5590.7688.9
57Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
58 SURVEY OF CURRENT BUSINESS February 1981
capital, is now included in fixed nonresi-dential private capital. The revisedcapital estimates also incorporated a re-vision that affected the private nonresi-dential stock estimates by broad indus-try groups for all years. Investment incentral administrative offices of manu-facturing establishments, which waspreviously included in nonfarm non-manufacturing stocks, is now includedin manufacturing stocks. A summarystatement of methodology appeared inthe April 1976 SURVEY.
Revised estimates of government-owned fixed capital in the United Statesfor 1959-79 are shown in tables 9-15.They also incorporate the revisedNIPA estimates of government pur-chases of goods and structures that weredescribed in the December 1980 SURVEY.The revisions mostly affect the estimatesstarting in 1968; estimates for 1925-58were not revised. The 1925-58 estimatesand a summary statement of method-ology appeared in the March 1980 SUR-VEY. The estimates of government-
owned fixed capital shown in tables 9-15include government-owned residentialcapital, which is also included andshown separately in the tables on resi-dential capital.
A detailed statement of methodologyfor fixed capital stock in the UnitedStates will appear in a forthcoming vol-ume that will present the stock esti-mates in greater detail. This volume isexpected to be available for purchase inMay 1981.
Table 2.—Current-Dollar Net Stock of Fixed Nonresidential Private Capital, By Major Industry Group and Legal Form of Organization,1925-79
[Billions of dollars]
Year-end
925. __926. __927...928—929.. _930...931—932. __933...934...
035—936—937—938—939—940—941—942. __943—944—
945...946...947—948—
949...950—951...952...953...954...
955...956...957...958—959...960—961...962...963...964—
965—966...967—968—969—970—971—972. ..973—974—
975—976—977—978—979...
Total
Equip-mentand
struc-tures
79.783.185.286.887.182.873.865.763.463.0
62.666.069.768.668.572.280.084.685.386.9
95.1120.9151.3174.0
183.8205.5229.3243.3256.3266.2
290.5323.4344.7356.8370.1380.2391.5407.0424.9449.3
487.2539.6588.7647.5729.0807.3872.7946.7
1,078.41,334.7
1,440.81,542.81, 726. 81, 954. 42, 232. 2
Equip-ment
27.027.928.529.129.528.225.622.821.420.8
20.421.423.323.223.625.729.430.530.532.0
36.648.162.877.8
85.297.3
109.5116.7124.6128.9
139.5154.5166.5171.1177.4181.9184.7190.5198.2209.6
226.7252.9276.8305.0336.7368.9393.2421.0471.1576.0
651.4712.5797.6896.1
Struc-tures
52.755.256.757.757.654.748.242.942.142.2
42.244.646.545.344.946.550.654.054.854.9
58.572.888.596.2
98.7108.2119.9126.6131.7137. 4
151.0169..0178.2185.7192.7198.3206.8216.5226.7239.7
260.5286.6311.9342.6392.3438.4479.5525.7607.3758.7
789.4830.3929.3
1. 058. 31,008.4 1,223.8
By major industry group
Farm
Equip-mentand
struc-tures
6.36.56.66.76.66.15.34.74.44.2
4.24.65.05.15.15.35.96.26.26.6
7.39.5
12.415.3
17.220.022.323.724.424.8
26.227.327.928.629.429.630.231.032.233.6
35.938.942.145.049.653.056.361.369.487.2
95.1105.0119.6137.1156.8
Equip-ment
2.32.52.72.93.03.02.82.52.32.1
2.12.32.62.72.83.03.43.63.53.9
4.35.26.78.9
10.512.413.814.615.115.1
15.715.916.316.917.317.317.417.718.219.0
20.522.324.125.527.228.229.532.235.945.2
51.758.565.773.782.5
Struc-tures
4.04.03.93.83.63.12.52.22.12.1
2.12.32.42.32.32.32.42.62.72.8
3.04.35.76.4
6.77.68.59.19.49.7
10.411.411.611.712.112.312.813.314.014.6
15.516.718.019.522.324.826.829.133.541.9
43.446.654.063.574.2
Manufacturing
Equip-mentand
struc-tures
17.218.118.619.219.417.915.413.313.113.3
13.214.315.515.215.316.518.719.920.220.6
23.332.142.248.6
50.355.162.265.968.570.9
77.086.592.093.394.595.696.898.9
102.2107.2
116.4130.6144.8158.0175.7191.2201.3213.4236.1292.7
319.3343.9387.3437.8489.3
Equip-ment
6.56.86.97.27.26.86.15.45.35.3
5.15.56.06.06.26.97.98.48.69.2
10.613.417.621.8
23.526.430.533.035.437.4
41.046.951.452.153.654.755.056.458.462.1
68.277.887.195.3
103.7112.3117.7124.0136.0170.4
198.2219.0248.8281.8321.8
Struc-tures
10.811.411.712.112.211.19.37.97.88.0
8.08.89.49.29.19.6
10.811.511.611.4
12.718.724.626.8
26.828.731.732.833.133.5
36.139.640.641.241.040.941.842.543.845.1
48.152.857.762.772.078.983.689.4
100.0122.3
121.2124.8138.5156.1176.5
Nonfarmnonmanufacturing
Equip-mentand
struc-tures
56.158.459.961.061.258.853.047.745.945.5
45.247.149.248.348.150.455.458.558.959.7
64.579.296.7
110.0
116.3130.5144.8153.7163.4170.5
187.3209.7224.8234.9246.1255.0264.5277.1290.5308.5
335.0370.0401.8444.6
' 503.7563.1615.1672.0772.9954.8
1,026.41,093.91, 219. 91,379.41,577.1
Equip-ment
18.218.618.919.119.318.416.714.813.813.4
13.213.614.614.514.615.818.118.618.419.0
21.729.538.547.1
51.158.565.269.174.176.3
82.891.798.8
102.2106.5109.9112.3116.4121.6128.6
138.0152.8165.6184.2205.7228.3246.1264.8299.2360.3
401.5434.9483.1540.7604.1
Struc-tures
38.039.841.141.941.940.536.332.832.232.1
32.033.534.733.833.534.637.439.940.540.7
42.849.858.263.0
65.272.079.684.689.294.2
104.5118.0126.0132.7139.6145.1152.3160.7168.8180.0
196.9217.1236.2260.4298.0334.7369.14,07.2473.7594.5
624.9658.9736.8838.7973.0
By legal form of organization
Corporate
Total
Equip-mentand
struc-tures
61.063.064.265.065.162.155.549.648.047.7
47.349.451.950.850.653.359.062.763.464.6
70.789.0
110.7126.8
133.4147.8164.6174.8185.0192.3
209.8234.6251.1259.6268.6275.3281.9292.0303.4320.2
347.0385.1421.3465.5523.1580.9628.5679.8773.1959.5
1,051.51, 130. 71, 262. 11,421.71,620.9
Equip-ment
20.220.720.821,021.020.018.216.215.315.0
14.815.416.616.516.718.220.821.822.123.2
26.635.045.455.8
60.568.877.983.690.093.8
102.5115.3125.6129.4134.7138.9141.7147.0153.5163.0
177.1199.1219.2243.5270.7298.6319.4342.0382.6468.7
531.9581.2650.9731.5824.2
Struc-tures
40.742.443.444.144.142.137.333.432.732.7
32.534.035.334.333.835.038.240.941.341.4
44.154.065.371.0
72.979.086.791.395.098.5
107.4119.3125.5130.2133.9136.4140.2145.1149.9157.2
169.9186.0202.1222.0252.4282.3309.1337.8390.5490.8
519.6549.5611.2690.2796.7
Nonfinancial
Equip-mentand
struc-tures
59.861.862.963.763.760.854.348.647.046.7
46.348.450.849.749.652.257.961.662.463.6
69.787.7
109.1125.1
131.7145.8162.3172.4182.4189.5
206.5230.8247.0255.2263.8270.3276.6286.6297.3313.1
338.5374.8409.0449.7502.5555.8599.2645.7730.8906.4
994.81,070.21, 192. 51, 340. 41, 525. 7
Equip-ment
20.020.420.520.620.719.617.815.915.014.8
14.615.116.316.216.417.920.421.521.822.9
26.434.745.055.2
59.868.077.082.689.092.7
101.1113.8124.0127.6132.8136.9139.6144.9151.2160.2
173.8195.1214.3236.9262.1288.0307.2328.0365.2447.7
508.4555.9621.6697.7785.7
Struc-tures
39.841.442.443.043.141.136.532.732.031.9
31.733.234.533.533.134.337.540.140.540.7
43.353.064.169.9
71.877.885.389.893.496.8
105.4117.0123.1127.6131.1133.4137.0141.7146.1152.9
164.7179.7194.6212.8240.4267.8292.1317.7365.6458.7
486.4514.3571.0642.7740.0
Noncorporate
Equip-mentand
struc-tures
18.720.021.021.822.020.718.316.115.415.3
15.316.617.817.817.918.921.021.921.922.4
24.431.940.647.2
50.457.764.868.571.373.9
80.788.893.597.2
101.5104.9109.6115.0121.5129.1
140.2154.5167.5182.1206.0226.4244.2266.9305.3375.2
389.3412.1464.8532.7611.3
Equip-ment
6.87.27.78.18.58.27.56.66.15.8
5.66.06.76.86.97.58.68.78.48.8
10.013.117.422.0
24.628.531.533.234.635.1
37.039.140.841.742.743.043.043.644.746.6
49.653.857.661.566.070.373.879.088.5
107.2
119.5131.3146.7164.7184.3
Struc-tures
11.912.813.313.713.512.510.89.59.49.5
9.710.611.211.111.111.412.413.213.513.5
14.518.823.225.2
25.829.233.235.336.738.9
43.749.752.755.558.861.966.671.476.882.5
90.6100.6109.8120.6139.9156.1170.4187.8216.8267.9
269.8280.8318.1368.1427.0
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CUEEENT BUSINESS 59
Revised estimates of capital stocks and related measuresfor fixed non-residential private and residential capital,government-owned fixed capital, and durable goods ownedby consumers for 1925-79 in machine readable form arenow available for sale. Copies of the data tape are avail-
able for $100 from National Income and Wealth Division(BE-54), Bureau of Economic Analysis, Washington,D.C. 20230. Please make remittance payable to "Bureauof Economic Analysis."
Table 3.—Constant-Dollar Gross Stock of Fixed Nonresidential Private Capital, By Major Industry Group and Legal Form ofOrganization, 1925-79
iBillions of dollars]
Year-end
1925. _.1926...1927. _ _1928.. _1929—1930. _.1931. _ _1932. __1933. _.1934. _.
1935—1936. _.1937—1938™1939—1940. _ _1941. __1942. _ _1943. _.1944...
1945, _.1946. _.1947—1948™
1949—1950—1951™1952...1953—1954—
1955—1956—1957—1958—1959—I960—1961 —1962. __1963—1964—
1965—1966—1967—1968—1969—1970—1971™1972—1973—1974—
1975—1976—1977—1978—1979—
Total
Equip-mentand
struc-tures
572.3589.0603.8617.8634.2644.1642.8632.7620.6610.4
602.0598.5599.2593.2588.7588.5592.2585.7574.9569.0
573.0598.2631.9660.7
681.6706.6734.3759.9787.6813.5
843.5874.0904.3925.7950.6977.9
1,003.71, 034. 11, 066. 11, 104. 3
1, 155. 31, 214. 71, 270. 21, 328. 81, 393. 41, 452. 61, 506. 01, 566. 91, 642. 81, 714. 7
1, 766. 91, 821. 91,888.01, 963. 62,045.4
Equip-ment
169.2174.7178.3182.0187.0188.8186.3180.6174.3169.4
166. 3166.2167.7165.2163.8165.2169.3168.3166.0167.2
175.2192.9220.3242.4
257.6275.9296.0314.3333.2348.8
365.5381.2396.7405. 0416.0427.4436.5448.1461.7480.1
504.8536.6565.7597.5633.1665.1693.6728.1774.3819.2
850.7885.4929.4979.7
1, 032. 1
Struc-tures
403.1414.4425.5435.8447.2455.3456.4452.2446.3441.0
435.7432.3431.5428.0425.0423.3422.9417.4408.9401.7
397.7405.3411.6418.3
424.0430.8438.344.5. 6454.5464.6
477.9492.8507.7520.7534.6550.5567.3586.1604.3624.3
650.5678.1704.5731.3760.2787.5812.4838.8868.5895.5
916.1936.5958.6983.9
1, 013. 3
By major industry group
Farm
Equip-mentand
struc-tures
50.451.051.451.752.151.950.849.247.646.2
45.545.245.345.144.844.645.145.044.344.7
45.347.250.554.5
58.662.766.269.171.773.6
75.275.876.277.078.378.979.680.782.384.0
86.489.492.695.197.6
100.3103. 0105.3109.4113.7
118.3123.2128.2133.3138.0
Equip-ment
14.314.915.516.116.817.216.916.215.514.9
14.915.215.916.216.517.018.118.618.519.4
20.421.423.927.3
30.734.237.139.441.442.8
44.044.144.144.444.944.744.744.945.646.4
47.949.851.753.154.455.757.058.260.763.2
65.768.471.173.676.1
Struc-tures
36.136.035.935.635.334.733.933.032.131.3
30.630.039.528.928.327.627.026.425.925.4
24.925.826.627.2
27.928.529.129.730.230.8
31.231.732.232.633.434.134.935.836.737.6
38.539.640.942.043.244.646.047.148.750.6
52.654.857.259.762.0
Manufacturing
Equip-mentand
struc-tures
130.2134.5138.3142.9148.8150.9149.8146.5144.3142. 3
140.3139.8141.0139.3138.2139.1142.2141.2138.9137.8
141.3155.1169.5179.9
186.1192.0200.7208.8216.7224.6
232.9242.3251.4256.2259.6263.9267.7272.3277.7284.7
296.0311.3327.3339.7352.7363.6370.8380.1391.3407.7
420.1433.6450.8469.3490.1
Equip-ment
42.343.844.946.247.648.047.646.244.743.5
42.842.943.542.842.743.444.845.345.746.9
50.456.966.674.0
78.883.990.897.5
103.9110.3
115.6122.3128.6131.1133.4136.2138.1140.6143.9149.2
157.3168.0178.9187.6196.6204.4210.1218.2227.8241.5
253.0265.4281.0298.0317.3
Struc-tures
87.990.793.496.7
101.2102.9102.3100.499.698.8
97.596.997.596.495.595.797.395.993.290.9
90.998.2
102.8106.0
107.3108.1109.9111.4112.7114.3
117.3120.0122.8125.1126.2127.7129.6131.7133.8135.5
138.7143.3148.4152.1156. 1159.1160.7161.9163. 6166.2
167.1168.2169.7171.3172.8
Nonfarmnonmanufacturing
Equip-mentand
struc-tures
391.7403.6414.2423.2433.4441.3442.2437.0428.8421.9
416.2413.4412.8408.8405.7404.8404.9399.5391.7386.4
386.4396.0411.9426.2
436.9452.0467.5482.0499.3515.3
535.4555.9576.7592.5612.6635.2656.4681.1706.1735.6
772.8813.9850.3894.0943.0988.7
1, 032. 31, 081. 51, 142. 01, 193. 3
1, 228. 51, 265. 11,309.01, 361. 01, 417. 3
Equip-ment
112.6115.9117.9119.7122.6123.5121.9118.2114.2111.0
108.6108.1108.4106.1104.6104.8106.3104.5101.9101.0
104.5114.6129.7141.0
148.1157.8168.1177.5187.8195.7
206.0214.8224.0229.5237.7246.5253.7262.5272.2284.4
299.6318.7335.1356. 8382.1405.0426.6451.8485.8514.6
532.0551.6577.3608.1638.8
Struc-tures
279.2287.6296.3303.5310.8317.8320.3318.8314.6310.9
307.6305.4304.5302.7301.1299.9298.6295.1289.8285.5
281.9281.3282.2285.1
288.9294.2299.6304.5311.5319.5
329.4341.1352.7363.0374.9388.6402.7418.6433.9451.2
473.2495.2515.2537.2560.9583.7t05.7629. 8656.2678.7
696.5713.5
By legal form of organization
Corporate
Total
Equip-mentand
struc-tures
439.9451.0460.6469.6481.1487.7485.9478.0468.8461.1
453.9450.5450.4444.8440.4439.6441.5436.7428.7423.8
427.1446.0470.9490.7
503.9519.0537.3555.0574.5592.6
613. 8636.4659.0673.5689.8708.4725.8746.8768. 7795.5
832.2876.3918.2963.7
1, 013. 71, 059. 21, 099. 11, 145. 21, 202. 91, 259. 3
1, 299. 91, 342. 2
731.7 1,392.4752.9778.5
1, 450. 01, 513. 1
Equip-ment
130.8134.3136.2138.1141.0141.8139. 8135.6131.1127.5
124.9124.5125.1122.5120.8121. 3123.4122.7121.3121.9
127.9141.2161.2176.3
186.1198.0212.2225.7240.0252.4
265.9279.7293.6301.0310.6321.1329.7340.3352.4368. 4
389.7417.1442.3470.5502.0530.3555.2585.4624. 2662.7
689.9719.2756.5799.0843.7
Struc-tures
309.1316.8324.4331.6340.1345.9346.1342.4337.7333.5
329.1326.1325.4322.2319.6318.2318.1314.0307.4301.9
299.1304.8309.7314.4
317.8321.0325.0329.3334.6340.2
348.0356.7365.4372.4379.2387.4396.2406.4416.3427.1
442.5459.3475.9493.1511.7529.0543.9559.9578.7596.6
610. 0623.0635.9651.0669.4
Nonfinancial
Equip-mentand
struc-tures
431.9442.8452.0460.7471.7478.0476.0468.0459.1451.4
444.5441.1441.1435.5431.3430.5432.6428.0420.3415.8
419.3438.2463.0482.8
495.9518.0528.9546.2565.6583.2
603.9625.9648.1662.1677.7695. 9712.7733.2754.2779.6
814.4856.2895.4936. 6981.7
, 022. 5, 057. 6, 098. 5, 150. 0, 201. 1
, 237. 9, 276. 3, 321. 9, 374. 0, 431. 3
Equip-ment
129.5132.9134.8136.6139.5140.2138.3134.1129.7126.1
123.5123.1123.6121.1119.4119.8121.9121.3120. 0120.7
126.8140.0159.8174.7
184.4196.1210.1223.4237.5249.7
262.9276.4290.1297.4306.6316.8325.2335.7347.4362.8
383.3409.6433.8459.7488.5514.2536.7564.0599.6635.0
660.2687.0721.5760. 8802.3
Struc-tures
302.5309.8317.2324.0332.2337.7337.7333.9329.4325.3
320.9318.0317.4314.4311.9310.7310.7306.8300.3295.0
292.5298.2303.2308.1
311.6314. 7318.7322.8328.1333.5
340.9349.4357.9364.7371.0379.0387.5397.5406.8416.8
431.1446.5461.6476.9493.2508.3520.9534.4550.4566.1
577.7589.2600. 4613.2628.9
Noncorporate
Equip-mentand
struc-tures
132.4138.0143.2148.2153.2156.4156.8154.8151.8149.3
148.0148.0148.8148.4148.3148.9150.7149.0146.3145.2
145.8152.2161.0169.9
177.7187.7197.0205.0213.1220.9
229.6237.6245.3252.2260.7269.5277.9287.3297.4308.8
323.0338.3352. 0365.1379.7393.4406.9421.7439.9455.4
467.0479.6495.5513.6532.4
Equip-ment
38.440.442.143.946.047.046.545.043.241.9
41.441.842.742.742.943.945.945.644.845.3
47.351.759.166.0
71.577.883.888.693.296.4
99.7101.5103.1104.0105.4106.4106.8107.7109.3111.7
115.1119.5123.4126.9131.1134.9138.4142.8150.1156.4
160.8166.2172.9180.7188.5
Struc-tures
94.097.6
101.1104.2107.1109.4110.3109.8108.6107.4
106.6106.2106.1105.8105.4105.0104.8103.3101.599.9
98.5100.5101.9103.9
106.3109.8113.3116.3119.9124.4
129.9136.1142.2148.3155.4163.1171.1179.6188.0197.1
207.9218.8228.6238.2248.5258.5268.5278.9289.8298.8
306.1313.5322.6332.9343.9
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
60 SUKVEY OF CUREENT BUSINESS February 1981
Table 4.—Constant-Dollar Net Stock of Fixed Nonresidential Private Capital, By Major Industry Group and Legal Form of Organization,1925-79
[Billions of 1972 dollars]
Year-end
1925...1926...1927...1928...1929...1930...1931...1932...1933...1934...
1935...1936...1937...1938...1939...1940...1941...1942...1943...1944...
1945...1946...1947...1948...
1949. _ _1950. __1951 .__1952...1953...1954. __
1955. _.1956. __1957. _.1958. _.1959...1960...1961. __1962...1963___1964.. _
1965. „1966. __1967. __1968. _.1969. __1970___1971 _ _ .1972...1973. __1974...
1975. _.1976. _ _1977. __1978...1979—
Total
Equip-mentand
struc-tures
304.1314.9323.7331. 9342.6346.3339.2324.2309.0296.8
288.1285.3286.8281.4278.0279.0283.9276.8266.5261.4
265.5287.1315.9341.2
357.2374.9393.7408.9426.6441.1
460.0480.5500.4511.8526.3543.2558.5578.0598.5625.1
662.9707.2745.2783.5825.5860.1888.7923.3971.1
1, 012. 4
, 033. 7, 056. 9, 089. 5, 129. 5, 174. 6
Equip-ment
89.792.794.095.498.197.392.684.877.973.4
71.673.477.175.976.279.484,783.180.882.2
89.6103.1125.4143.6
153.6164.6175.6183.7192.7197.9
205.6212.8220.0221.1225.0229.7232.6238.7246.7258.8
276.9300.6320.2340.2362.5379.7393.2411.9441.3467.8
480.4495.7519.2547.5577.1
Struc-tures
214.4222.3229.8236.5244.5249.0246.7239.4231.1223.4
216.5211.8209.8205.5201.9199.6199.2193.7185.7179.2
175.9183.9190.5197.6
203.5210.3218.1225.3233.9243.3
254.3267.7280.4290.8301.3313.6325.9339.3351.8366.3
386.0406.7425.0443.3462.9480.3495.5511.4529.8544.6
553.3561.2570.3582.0597.5
By major industry group
Farm
Equip-mentand
struc-tures
25.125.425.625.725.925.424.122.521.019.9
19.619.720.220.119.919.920.420.219.620.2
20.822.726.029.7
33.036.138.339.941.141.6
42.242.142.042.443.443.643.944.745.846.9
48.750.953.154.555.857.258.659.762.665.4
68.471.474.477.279.7
Equip-ment
7.57.98.38.79.19.38.77.87.16.6
6.87.38.18.48.68.99.89.99.5
10.2
11.011.713.816.6
19.121.422.823.524.124.0
24.223.623.123.123.323.022.822.823.423.9
25.226.728.128.929.530.130.831.433.335.1
36.738.439.841.042.0
Struc-tures
17.617.517.317.016.716.215.414.613.913.2
12.812.412.111.711.410.910.610.310.110.0
9.811.112.113.1
13.914.815.516.417.017.6
18.118.619.019.320.120.621.221.822.423.0
23.624.225.025.626.327.127.828.329.330.4
31.733.034.636.337.7
Manufacturing
Equip-mentand
struc-tures
70.473.275.578.482.783.080.475.872.770.0
67.767.368.566.865.967.170.369.267.066.0
69.180.992.4
100.3
103.8106.4111.5115. 7119.8123.5
127.1132.7138.1139.2139.2140.4141.2142.6145. 0149.6
158.1169.9181.5189.1196.7202.2204.6209.2215.3225.9
232.7239.7249.2259.1270.7
Equip-ment
22.623.524.024.625.525.224.222.320.719.5
19.119.720.720.320.521.723.323.623.824.9
27.932.840.245.5
47.950.253.956.959.962.6
64.668.371.571.371.271.972.073.074.878.5
84.893.3
101.4106.5111.9115.8117.8122.2128.0137.4
144.3151.1160.3169.9181.1
Struc-tures
47.849.751.453.857.257.856.253.552.050.5
48.647.747.846.445.445.547.045.643.141.0
41.248.152.254.8
55.856.257.658.859.960.9
62.464.466.567.967.968.669.169.670.271.1
73.276.680.182.584.886.386.987.087.388.5
88.488.688.989.289.6
Nonfarmnonmanufacturing
Equip-mentand
struc-tures
208.6216.3222.7227.8234.1237.8234.7225.9215.3206.9
200.8198.2198.1194.5192.2192.0193.1187.3179.8175.3
175.6183.5197.5211.2
220.4232.4243.9253.3265.7276.0
290.7305.7320.3330.2343.7359.2373.4390.7407.7428.7
456.1486.4510.6540.0573.0600.7625.5654.5693.2721.1
732.6745.8765.8793.2824.2
Equip-ment
59.561.361.662.163.562.959.754.750.247.2
45.746.548.347.247.148.951.649.547.447.1
50.758.671.481.5
86.693.199.0
103.2108.8111.2
116.8120.9125.4126.7130.4134.8137.8142.8148. 5156.4
166.9180.6190.7204.8221. 1233.8244.6258.3280.0295.3
299.4306.2319.1336.6354.0
Struc-tures
149.0155.0161.0165.7170.5175.0175.0171.2165.2159.7
155.1151.8149.9147.4145.0143.2141.5137.8132.4128.2
124.9124.8126.1129.7
133.8139.4144.9150.1157.0164.8
173.9184.7194.9203. 5213.3224.4235. 6247.9259.2272.3
289.2305.8319.9335.2351.8366.9380.8396.2413.2425.7
433.2439.6446.7456.6470.2
By legal form of organization
Corporate
Total
Equip-mentand
struc-tures
231.4238.2243.4248.3255.7258.1252.3240.8229.5220. 3
213.2210.4211.2206.4203.4204.1207.6202.9195.8192.0
195.6211.8233.0250.5
260.5270.9283.5294.4307.4317.6
330.5345.6360.2366.7374.9385.3394.5407.0420.2438.2
465.1497.9526.6556.8589.6616.3637.3663.4699.4732.4
749.4767.7792.5823.1858.5
Equip-ment
69.070.771.071.472.972.168.663.158.254.9
53.254.256.455.155.057.260.759.858.659.6
65.275.391.4
103.8
110.1117.2125.3131.8139.4144.4
151.2158.3165.5166.8170.3174.9178.1183.8190.7201.1
216.5236.6253.6271.6291.4306.8318.5334.7358.8381.2
392.0404.6424.4448.2473.6
Struc-tures
162.4167.5172.3176.9182.8186.0183.6177.7171.3165.4
159.9156.2154.8151.3148.4146.9146.9143.2137.1132.4
130.4136.4141.7146.8
150.4153.7158.2162.6168.0173.2
179.3187. 3194.6199.9204.6210.4216.5223.2229.4237.1
248.6261.3273.0285.2298.1309.5318.8328.7340.6351.2
357.5363.1368.0374.9384.9
Nonfinancial
Equip-mentand
struc-tures
226.7233.3238.2242.9250.1252.2246.3235.0224.0215.1
208.1205.5206.4201.8199.0199.8203.5199.1192.2188.8
192.7208.7229.9247.3
257.2267.3279.8290.3303.2312.9
325.4340.0354.1360. 3367.8377.9386.7398.9411.3428.2
453.4484.2510.9537.5566.3589.6607.3629.9661.7691.6
707.1723.7746.2774.0806.0
Equip-ment
68.370.070.370.772.171.267.862.457.554.2
52.653.555.754.454.356.559.959.158.059.1
64.874.790.6
102.8
109.0116.0124.1130.4138.0142.8
149.5156.4163.5164.7167.9172.5175.5181.3188.0197.9
212.6232.0248.2264.4282.3295.9306.2320.7342.7363.6
373.8385.5404.0426.2449.9
Struc-tures
158.4163.3167.9172.3177.9180.9178.5172.6166.5160.8
155.5152.0150.7147.5144.7143.4143.6140.0134.2129.7
127.9134.0139.3144.4
148.2151.3155.7159.9165.2170.1
175.9183.5190.6195.6199.8205.5211.1217.6223.3230.3
240.8252.2262.7273.1284.1293.7301.1309.2318.9328.0
333.2338.2342.2347.8356.1
Noncorporate
Equip-mentand
struc-tures
72.776.780.483.686.988.287.083.579.576.4
74.974.975.775.074.674.976.373.870.769.4
69.975.382.990.7
96.7104.0110.2114.6119.2123.6
129.4134.9140. 2145.1151.4157.9164.0171.0178.3186.9
197.8209.3218.6226.8235.9243.8251.4259.9271.7280.0
284.2289.2297.0306.3316.1
Equip-ment
20.621.922.924.025.225.224.021.719.818.5
18.419.320.720.821.222.224.023.322.222.6
24.427.834.039.8
43.547.450.351.953.353.5
54.454.454.554.354.754.854.654.955.957.7
60.464.066.668.671.173.074.677.282.586.6
88.491.094.899.2
103.5
Struc-tures
52.054.857.559.761.763.063.061.759.857.9
56.555.655.054.253.452.752.250.548.546.8
45.547.548.850.9
53.156.659.962.766.070.1
75.080.585.890.896.7
103.1109.4116.1122.4129.2
137.4145.4152.0158.1164.8170.8176.8182.7189.2193.4
195.8198.1202.2207.1212.6
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS 61
Table 5.—Current-Dollar Gross Stock of Residential Capital, By Type of Owner, Legal Form of Organization, and Tenure Group, 1925-79
[Billions of dollars]
Yearend
1925 _19261927. . .1928192919301931193219331934 .
1935193619371938 . .193919401941194219431944
194519461947.1948
194919501951 _ _19521953 _ _ _1954
195519561957 _ _ _1958195919601961..1962 __19631964 _
19651966 . _ _19671968196919701971197219731974
19751976.197719781979 _ _
Total
128.4133.4137.4144.8149.3142.5123.7110.5115.4120.9
123.5133.9144.6148.6154.0165.6182.8197.6214.1231.0
249.1288.8344.7378.2
378. 1426.0462.1483.6499.2522.8
555. 7584.0600.7619.0642.7663.8683.9708.1719.7763.1
796.1855.8898.5999.8
1,087.01, 162. 81, 274. 91, 425. 21,651.01, 862. 1
2,017.42, 273. 92, 627. 43, 135. 33, 493. 0
By type of owner and legal form of organization
Private
Total
128.4133.3137.4144.7149.3142.5123.6110.5115.3120.8
123.4133.6144.1147.8153.1164.6181.3195.6211.3227.8
245.6284.7340.0373.6
373.4420.6456.2476.9491.9515.1
547.6575.4591. 5608.9631.6651.9670.9693.7704.9747.4
779.6837.8879.4978.3
,063.4, 136. 9, 245. 5, 391. 6, 610. 9, 816. 2
1,968.42, 219. 92, 565. 73, 061. 93, 412. 0
Corporate
Total
2.02.22.42.62.82.72.32.12.22.3
2.32.52.82.82.93.23.53.74.04.3
4.75.36.26.7
6.67.37.88.08.18.3
8.68.89.09.19.49.8
10.211.011.712.9
13.915.216.318.621.023.025.829.635.239.8
43.448.756.166.975.1
Non-financial
1.82.02.22.42.52.52.11.92.02.1
2.22.32.52.62.72.93.23.43.74.0
4.34.95.76.2
6.16.87.27.37.47.6
7.98.18.28.48.79.09.5
10.110.811.9
12.914.215.217.319.521.524.027.732.937.2
40.645.652.562.570.2
Non-corporate
126.4131.1135.0142.1146.5139.8121.3108.4113.1118.5
121.1131.1141.3145.0150.2161.5177.9191.9207.3223.5
240.9279.4333.8366.9
366.8413. 3448.4468.9483.8506.8
539.0566.6582.6599.8622.2642.1660.7682.8693.2734.5
765. 7822.6863. 1959.7
1, 042. 41, 113. 91, 219. 81, 362. 01, 575. 71, 776. 4
1,925.12, 171. 22, 509. 62, 995. 03, 336. 9
Government
Total
0000000000
.1
.3
.5
.8
.91.01.42.02.83.1
3.54.24.74.6
4.75.45.96.77.27.7
8.18.69.1
10.011.111.913.014.414.915.8
16.518.019.121.423.625.929.333.640.145.9
49.054.061.773.481.0
Federal
0000000000
.1
.3
.5
.8
.8
.7
.91.31.92.2
2.52.93.12.7
2.52.72.52.52.62.6
2.62.82.93.33.94.34.85.45.65.8
6.06.56.67.27.68.39.5
17.514.617.0
17.819.322.026.528.9
Stateandlocal
0000000000
0000.1.3.5.7.9.9
1.01.31.71.9
2.22.73.44.14.75.1
5.55.96.26.77.27.78.29.09.29.9
10.511.612.514.316.017.719.822.025.528.9
31.134.739.747.052.1
By tenure group l
Owner occupied
Farm
10.410.410.410.610.710.18.67.78.08.3
8.49.09.69.8
10.010.611.712.613.614.7
15.818.221.423.2
23.025.326.927.527.728.2
28.929.629.629.629.729.829.930.029.530.4
30.732.333.135.838.039.541.945.150.355.8
59.365.373.685.892.6
Nonfarm
61.764.065.869.271.368.059.152.855.257.9
59.264.169.170.973.679.487.895.0
102.9111.3
120.3142.1173.7195.7
199.4230.5255.4272.1285.7304.9
330.8353.4368.3384.0403.7421.2437.2455.1465.2496.6
521.5564.1596. 0667.7729.4784.1865.8974.7
1, 136. 11, 290. 2
1,406.01, 597. 81, 861. 82,238.02, 508. 3
Tenant occupied
Farm
5.65.65.75.96.05.74.94.44.64.8
4.95.25.65.75.86.16.57.07.58.0
8.59.6
11.011.5
11.111.812.312.312.112.2
12.312.412.212.011.811.711.511.411.011.1
11.011.311.312.012.412.613.113.715.016.1
16.617.819.522.023.2
Nonfarm
49.652.154.257.659.857.149.744.446.448.6
49.754.158.760.662.967.774.881.087.994.6
101.8116.1135.2144.1
141.1154.6163.7167.8169.7173.6
179.6184.5186.4189.0192.9196.5200.6206.4208.6219. 1
226.3240.9250.2275.5297.8316.8343.7380.4437.1486.5
521.0577.2654.9769.3847.1
1. Excludes stocks of other nonfarm residential capital, which consists of dormitories, fraternity and sorority houses, nurses, homes, etc.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
62 SUEVEY OF CUKEENT BUSINESS February 1981
Table 6.—Current-Dollar Net Stock of Residential Capital, By Type of Owner, Legal Form of Organization, and Tenure Group, 1925-79
[Billions of dollars]
Yearend
1925192619271928 _192919301931193219331934
1935193619371938193919401941 _194219431944
1945 _19461947 ___19481949
19501951195219531954
1955..195619571958. _195919601961. _196219631964.
1965.-196619671968.-196919701971 _ _197219731974
19751976197719781979
Total
82.586.289.194.096.691.378.469.171.173.4
74.179.785.487.189.996.5
106.4114.1122.2130.0
138.3161.1194.0215.7217.7
249.6273.6288.6300.2316.9
340.4360.1372.1385.2403.1418.2432.6450.1460.2490.4
513.8553.0580.7647.4705.2754.1830.1933.9
1, 086. 81,223.5
1, 319. 21, 483. 81, 715. 72, 048. 52,279.4
By type of owner and legal form of organization
Private
Total
82.586.189.194.096.691.378.469.171.073.4
74.179.585.086.489.195.6
105.1112.2119.6127.1
135.1157.3189.8211.7213.7
245.1268.5282.9294.0310.5
333.7353.1364.7377.0394.2408.6422.1438.5448.3477.9
500.8539.0565.9631.1687.3734.6808.0908.7
1, 056. 61, 189. 3
1, 283. 41, 445. 11, 672. 31. 997. 52, 224. 1
Corporate
Total
.4
.6
.7
.92.0.9.7.5.5.5
.5
.7
.8
.8
.92.02.12.32.42.5
2.73.03.53.73.7
4.14.34.44.44.5
4.64.74.74.85.05.35.76.37.08.0
8.89.8
10.612.314.115.617.820.825.228.5
30.834.439.446.952.6
Non-financial
.3
.4
.6
.8
.9
.8
.5
.3
.4
.4
.4
.5
.6
.7
.71.82.02.12.22.3
2.42.83.23.43.4
3.84.04.04.14.1
4.24.34.44.44.64.95.35.86.57.4
8.29.19.9
11.513.214.616.619.523.626.7
28.932.237.044.049. 3
Non-corporate
81.084.587.392.194.589.476.767.669.671.9
72.677.883.284.687.393.6
102.9109.9117.2124.6
132.5154.3186.3207.9210.0
241.0264.2278.5289.6306.0
329.1348.4359. 9372.2389.1403.3416.4432. 2441.3470.0
492.0529.2555.4618.8673.2718.9790. 3887.8
1, 031. 51, 160. 8
1, 252. 61.410.81. 632. 91,950.62, 171. 5
Government
Total
0000000000
0.3.5.7.8.9
1.31.92.62.9
3.23.84.24.04.0
4.65.05.76.16.4
6.77.07.48.19.09.6
10.511.611.912.5
13.014.014.716.417.919.622.125.230.134.2
35.838.643.451.055.4
Federal
0000000000
0.3.5.7.7.6.8
1.21.82.0
2.22.62.72.32.1
2.21.92.01.91.9
1.92.02.12.42.93.23.74.14.44.4
4.54.84.85.15.35.76.78.3
10.712.4
12.613.314.817.718.9
Stateandlocal
0000000000
0000
.1
.3
.5
.7
.8
.9
.91.21.51.72.0
2.43.13.74.24.5
4.85.15.35.76.16.46.87.57.68.1
8.59.3
10.011.312.513.815.417.019.421.8
23.125.428.533.336. 5
By tenure group l
Owner occupied
Farm
5.85.85.75.85.85.44.53.94.04.1
4.14.44.64.74.85.15.66.06.56.9
7.48.6
10.311.411.5
12.813.614.014.114.3
14.614.814.714.714.614.514.514.514.214.6
14.715.315.716.917.818.419.520.923.125.8
27.430.034.040.042.6
Nonfarm
40.041.742.946.246.343.837.733.234.235.4
35.838.441.141.843.346.651.655.459.363.4
67.881.4
101.8117.9122.3
145.3163.8176.8187.8202.8
223.1240.5251.9263.7279.2292.3303.8316.7324.6347.1
365.1394.4416.1466.0508.5545.0602.6680.5794.1898. 3
973. 81, 104. 01, 286. 71, 546. 11, 728. 6
Tenant occupied
Farm
3.13.13.13.33.33.12.72.42.42.5
2.52.72.92.92.93.03.23.33.53.7
3.94.34.85.04.7
4.95.04.94.84.7
4.74.64.54.34.24.03.93.83.63.5
3.43.53.43.53.63.63.63.74.04.2
4.34.54.85.35.5
Nonfarm
32.834.736.438.840.137.932.628.729.530.5
30.833.335.936.838.140.844.948.251.754.8
58.065.475.579.777.6
85.089.491.291.893.4
96.298.499.1
100.4102.9105.1107.9112.2114.7121.6
126.4135.0140.3155.1169.0180.6197.6221.7257.8286.8
305.1335.9380.2446.1491.0
1. See footnote 1, table 5.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SUEVEY OF CURRENT BUSINESS 63
Table 7.—Constant-Dollar Gross Stock of Residential Capital, By Type of Owner, Legal Form of Organization, and Tenure Group, 1925-79
[Billions of 1972 dollars]
Yearend
19251926 -.1927.1928192919301931 - - _ - - - - - _ . _193219331934
193519361937 .19381939 - .19401941194219431944 -- ...
1945194619461947 . . - - - _1948.1949
19501951 - . . -195219531954
1955 . .-19561957 .- -.19581959 . . . -19601961 -- -196219631964
196519661967196819691970 .1971197219731974
197519761977 .19781979 .
Total
479.9498.3515.5531.2541.8546.9550.7551. 0550.5550.5
552.3556.4561.2565.8573.2581.8591.9595.7596.7595.6
594.5606.6606.6622.9643.4662.3
690.3712.7734.4756.6780.7
809.2834.5857.9882.6913.8941.0968.5999.3
1,033.41, 068. 1
1, 102. 21, 132. 31,161.01,195.31,229.91,261.71,305.41, 358. 51,409.31,445.6
1,474.41,511.11, 555. 81, 601. 61, 643. 5
By type of owner and legal form of organization
Private
Total
479.7489.1515. 3531.0541.6546.8550.5550.8550.3550.3
552.0555.2559.2562.7569.7578.1587.0589.3588.7587.3
586.0597.6597.6614.1635.4653.9
681.4703.5724.0745.5769.1
797.3822.1844.8868.2897.9924.0949.9978.8
1,011.71, 045. 7
, 079. 0, 108. 2, 136. 1, 169. 5, 203. 0, 233. 5, 275. 4, 326. 6,375.5, 410. 5
, 439. 2, 475. 8, 520. 1,565.3,606.8
Corporate
Total
7.58.28.99.6
10.010.210.310.310.310.3
10.310.410.510.610.810.911.011.111.011.0
10.911.011.011.111.211.4
11.711.811.912.012.1
12.312.412.612.813.213.614.315.316.517.8
19.020.020.922.223.724.926.438.330.231.1
31.932.733.634.736.0
Non-financial
6.87.58.28.89.29.39.49.49.49.4
9.59.69.79.89.9
10.010.110.210.110.1
10.010.110.110.210.310.5
10.710.910.911.111.2
11.311.411.611.812.112.513.214.115.016.5
17.618.619.520.622.023.324.626.428.229.1
29.830.531.432.433.6
Non-corporate
472.2489.9506.4521.4531.6536.6540.2540.5540.0540.0
541.7544.8548.6552.1558.9567.1576.0578.2577.6576.2
575.1586.7586.7603.0624.2642.5
669.7691.7712.1733.5756.9
785.0809.7832.2855.4884.7910.3935.6963.6995.2
1, 027. 9
, 060. 0,088.1,115.1, 147. 4, 179. 4,208.5, 249. 0, 298. 3, 345. 3, 379. 4
, 407. 3, 443. 2, 486. 5,530.6,570.9
Government
Total
0.2.2.2.2.2.2.2.2.2.2
.31.22.13.13.53.74.96.48.18.4
8.59.09.08.88.08.3
8.99.3
10.311.111.6
11.912.413.114.415.917.118.620.521.722.4
23.224.125.025.826.828.330.131.933.835.0
35.235.235.736.236.7
Federal
0.2.2.2.2.2.2.2.2.2.2
.31.22.13.13.32.73.24.15.76.0
6.16.36.35.74.74.5
4.54.04.04.04.0
3.94.04.24.85.66.27.07.88.48.4
8.68.88.78.78.79.09.8
10.912.112.7
12.412.212.312.412.4
Stateandlocal
0000000000
0000.2
1.01.72.32.42.4
2.42.72.73.13.33.9
4.45.36.37.17.6
8.08.48.99.6
10.310.911.712.713.313.9
14.615.316.217.118.119.220.321.021.722.4
22.723.023.423.824.3
By tenure group l
Owner occupied
Farm
39.039.139.239.139.038.938.638.338.137.8
37.637.437.337.237.337.537.938.038.038.0
37.938.238.238.839.640.4
41.141.541.842.042.2
42.242.342.342.342.342.242.442.442.542.6
42.642.742.842.943.042.942.943.042.943.3
43.343.343.543.743.5
Nonfarm
231.0239.6247.2254.3259.2261.7263.8264.2264.1264.4
265.4266.9268.8270.5274.3279.2284.8286.8287.3287.3
287.6298.9298.9314.3333.4349.8
374.1394.5413.8433.9455.9
482.3505.6526.7548.1574.6597.8619.7642.9668.6695.5
722.5746.6770.6798.6825. 4850.8896.5929.0969.5
1,001.1
1, 027. 11,060.91,101.91, 141. 41, 177. 9
Tenant occupied
Farm
21.021.121.321.521.821.922.021.921.821.8
21.821.821.821.721.621.521.221.020.820.6
20.420.220.219.919.719.5
19.219.018.718.518.2
18.017.717.517.216.916.616.416.115.815.5
15.214.914.614.314.013.713. 413.112.812.4
12.111.811.511.210.9
Nonfarm
184.6193.8202.7210.7216.1218.5220.3220.6220.5220.5
221.4224.2227.1230.2233.8237.3241.6243.5244.4243.5
242.5243.2243.2243.8244.6246.6
249.9251.7254.1256.3258.3
269.7262.9265.4268.8273.5277.8283.3290.6298.7306.0
312.8318.3322.8329.0336.8343.6351.9362.8373.5378.3
381.3384.6389.4395.0401.1
1. See footnote 1, table 5.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
64 SURVEY OF CURRENT BUSINESS February 1981
Table 8.—Constant-Dollar Net Stock of Residential Capital, By Type of Owner, Legal Form of Organization, and Tenure Group, 1925-79
[Billions of 1972 dollars]
Yearend
192519261927 _ _ _192819291930193119321933 __1934
1935 __193619371938.-19391940 _19411942 _ _ _ _1943 _ _ _1944
1945194619471948 _ _1949
19501951 _-19521953 __ — _ _1954
19551956 _19571958195919601961196219631964
19651966 _19671968 _- -_-1969197019711972 - -19731974
19751976 _197719781979
Total
308.4322.0334.4345.0350.6350.6349.3344.6339.3334.6
331.7331.4331.7331.8334.8339.0344.7343.9340.7335.4
330.3338.3350.5366.7381.1
404.3421.7438.0454.8473.0
495.5514. 4531.2549.1573.1592.8612.7635.3660.8686.5
711.4731.7750.4774.1797.8818.2850.0890.2927.7949.7
964.0985.8
1, 015. 51,045.71, 071. 6
By type of owner and legal form of organization
Private
Total
308.2321.9334.2344.9350.4350.4349. 1344.5339.2334.5
331.5330. 3329.8328.9331.6335.6340.1338.0333.1327.7
322.5330.2342.7359.8373.9
396.7413.8429.3445. 4463.4
485.7504.3520.6537.4560.2579.0597.6618.7643.4668.7
693.2712.9731.2754.4777.5796. 9827.3866.2902.3923.7
938.4960.6990.4
1, 020. 51, 046. 5
Corporate
Total
5.35.96.57.07.37.37.37.27.06.9
6.86.86.86.86.86.86.86.76.66.4
6.36.26.26.36.4
6.56.56.56.56.5
6.56.66.66.87.07.47.98.89.9
11.0
12.112.913.614.615.916.918.220.021.522.2
22.623.023.624.225.1
Non-financial
4.85.46.06.46.76.86.76.66.56.4
6.36.36.36.36.36.36.36.26.15.9
5.85.75.75.85.9
6.06.06.06.06.0
6.06.06.16.26.56.87.38.19.2
10.3
11.212.012.713.714.915.817.018.620.220.8
21.221.622.122.723.5
Non-corporate
302.9316.0327.7337.9343.2343. 1341.8337.3332.1327.5
324.7323.4323.0322.1324.8328.7333.3331.2326.5321.2
316.2324.0336.5353.5367.5
390.2407.3422.7438.9456. 8
479.2497.8514.0530.7553.2571.7589. 7609.9633.5657.7
681.2700.0717.5739.8761.6780.0809.2846.3880.7901.5
915.8937.6966.9996.3
1,021.4
Government
Total
0.2.2.2.2.1.1.1.1.1.1
.21.11.92.93.23.44.66.07.57.7
7.88.17.86.97.2
7.67.98.89.49.7
9.810.110.611.712.913.815.116.617.417.8
18.218.819.219.720.321.322.724.025.426.0
25.625.225.125.225.1
Federal
0.2.2.2.2.1.1.1.1.1.1
.21.11.92.83.02.42.93.85.35.5
5.55.65.04.03.7
3.63.13.13.02.9
2.82.83.03.54.24.75.36.06.56.4
6.56.56.36.26.16.36.97.88.89.2
8.88.48.38.28.0
Stateandlocal
0000000000
0000
.21.01.72.22.32.3
2.22.52.82.93.5
3.94.85.76.46.8
7.07.37.68.28.79.19.7
10.610.911.3
11.712.312.913.514.215.015.816.216.616.9
16.916.816.816.917.1
By tenure group1
Owner occupied
Farm
21.821.721.521.321.020.620.219.719.318.9
18.518.218.117.817.817.918.118.218.118.0
17.818.118.719.420.1
20.821.121.221.321.4
21.221.221.020.920.820.620.620.520.520.5
20.320.320.320.220.220.019.919.919.720.0
20.019.920.120.320.0
Nonfarm
149.8156.0161.3166.0168.4168.5168.2166.21C3.8161.8
160.7160.1159.9159.4161.2163.9167.4167.2165.6163.6
161.9171.1184.1200.7214.3
235.7252.9268.8285.1303.2
325.3343.9360.2376.4397.4414.8430.6447.4466. 4486.2
505.8522.1537.9557.4575.4591.4617.0648.6677.6697.1
711.4733.0760. 7788.1811.2
Tenant occupied
Farm
11.711.711.811.912.112.112.011.811.611.5
11.411.311.211.010.910.610.410.19.89.6
9.39.08.88.58.3
8.07.87.57.37.1
6.86.66.46.26.05.85.55.35.15.0
4.84.64.44.24.13.93.73.63.43.3
3.13.02.82.72.6
Nonfarm
122.1129.3136.1142.0145.0145.1144.8142.9140.6138.6
137.4138.1138.9139.9141.5143.1145.4145.1144.1141.3
138.4137.3136.1135.3135.6
137.1137.4138.0138.5138.8
139.6140.1140.9142.7145.8148.4152.3157.9164.3169.8
174.8178.3181.0185.2191.0195.9202.3211.4220.2222.9
223.2223.7225.9228.9232.3
1. See footnote 1, table 5.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SUEVEY OF CUEEENT BUSINESS
Table 9.—Current-Dollar Gross Stock of Government-Owned Fixed Capital, 1959-79[Billions of dollars]
65
Yearend
1959 ..19601961.1962196319641965196619671968
196919701971. ..19721973197419751976.197719781979
Total
Total
Equip-mentand
struc-tures
485.2500.7522.1549.3577.1610. 1651.2699.7753.9823.4
908.11,005.41, 095. 41, 188. 31,353.71, 564. 51, 700. 91, 814. 62, 013. 82, 258. 62, 586. 7
Equip-ment
135.6139.1142.6147.9153.8160.4167.4176.6187.0197.5
208.4223.7234.1242.5254.0282.5317.1343.7385.3421.8469.2
Struc-tures
349.6361.5379.5401.4423.4449.7483.8523.1566.9625.9
699.8781.7861.3945.8
1, 099. 71, 282. 01, 383. 81, 470. 81, 628. 51, 836. 72, 117. 5
Excluding military
Equip-mentand
struc-tures
345.8358.7376.5398.1420.7448.7483.1524.0569.7629.9
703.7786.1865.7949.0
1, 100. 81,292.31, 401. 81, 493. 51, 655. 71, 873. 12, 147. 6
Equip-ment
35.737.628.940.342.444.947.651.355.760.4
65.170.475.179.487.3
105.5181.1128.4140.4157.6176.5
Struc-tures
310.1321.2337.6357.8378.4403.4435.5472.7514.0569.5
638.6715.6790.6869.6
1, 013. 51, 186. 71, 283. 71, 365. 11, 515. 31, 715. 51, 971. 1
Federal
Total
Equip-mentand
struc-tures
219.4224.7231.0240.3249.6260.3272.6288.0304.0321.8
342.3367.6389.9411.4443.9491.3539.5578.1637.7694.9784.6
Equip-ment
119.7122.5125.3130. 0135.0140.7146.6154.3162.3169.9
177.5188.9195.9200.4206.0221.9248.4266.5298.5323.2354.9
Struc-tures
99.7102.2105.7110.4114.5119.6126.0133.7141.6152.0
164.7178.7194.0210.9237.9269.4291.1311.6339.2371.8429.6
Excluding military
Equip-mentand
struc-tures
80.082.885.489.193.298.5
104.5112.3119.7128.3
137.8148.3160.1172.1191.0219. 1240.4257.1279.6309.6345.5
Equip-ment
19.921.021.622.423.625.126.829.131.032.8
34.235.736.937.339.344.949.451.253.659.062.2
Struc-tures
60.161.963.966.769.573.377.883.388.795.5
103.6112.6123.2134.7151.7174.1191.0205.6226.0250.5283.2
Military
Equip-mentand
struc-tures
139.4141.9145.6151.2156.4161.9168.1175.7184.2193.5
204.4219.3229.7239.7252.9272.2299.1321.0358.1385.4439.1
Equip-ment
99.8101.6103.7107.6111.4115.5119.9125.2131.3137.1
143.3153.2159. 0163.1166.7176.9199.0215.3244.9264.2292.7
Struc-tures
39.640.341.943.645.046.348.250.453.056.4
61.266.170.776.286.295.2
100.1105.7113.2121.3146.4
State and local
Equip-mentand
struc-tures
265.8276.0291.1309.0327.5349.8378.6411. 7450.0501.6
565.9637.8705.6776.9909.8
1, 073, 21,161.31, 236. 51, 376. 11,563.61, 802. 1
Equip-ment
15.816.617.317.918.719.720.822.324.727.6
30.934.738.242.148.060.668.877.286.898.6
114.3
Struc-tures
250.0259.4273.8291.1303.8330.0357.8389.5425.3474.0
535.0603.1667.4734.8861.8
1,012.61, 092. 51, 159. 21, 289. 31,465.01, 687. 9
Table 10.—Current-Dollar Net Stock of Government-Owned Fixed Capital, 1959-79[Billions of dollars]
Yearend
195919601961196219631964._ __1965196619671968
19691970197119721973197419751976197719781979.
Total
Total
Equip-mentand
struc-tures
296.9306.0321. 3339. 2357.8378. 3404.2435.8469.8514. 8
568.5628.8683. 8742.6848.1979.8
1, 057. 81. 121. 01, 235. 01, 380. 21, 573. 2
Equip-ment
73.974.977.580.683.986.589.394.098.5
103.6
108,5115.9119.9125.7132.7148.5165.6179.0199.3218.8245.0
Struc-tures
223.0231.0243.7258.6273. 9291.8315. 0341.8371.2411.2
460.0513.0563.9616.9715.3831.3892.2941.9
1, 035. 71, 161. 41, 328. 3
Excluding military
Equip-mentand
struc-tures
219.0227.2239.2253. 5268.9287.4311.4339.9371. 3412.6
461.9515.8567. 5620.1717.8839. 4904.4956.9
1, 054. 21, 185. 61, 353. 0
Equip-ment
20.921.421.621.922.623.725.427.830.633.6
36.339.542.144.048.157.863.868.775.184.196.1
Struc-tures
198.1205. 7217.5231.7246. 3263. 7286.1312.1340.6379.0
425. 6476. 3525. 4576.1669.7781.6840.6888.2979.1
1, 101. 51, 257. 0
Federal
Total
Equip-mentand
struc-tures
127.5129.7134.5140. 3146.0150. 8156.5164.6171.4180.0
189.3201.2211.3223. 5242.1267.7291. 5310.5340.6371.7420.2
Equip-ment
64.765.668.171.174.176.278.482.185.088.0
90.595.397.1
100.3103.6111.5123.9132.714S.O161.2179.2
Struc-tures
62.864.066.469.171.974.678.282.586.492.0
98.7105.9114.2123. 2138.5156.2167.6177.9192.6210.6241.0
Excluding military
Equip-mentand
struc-tures
49.650.852.554.657.159.963.768.872.877.8
82.688.295.0
101.0111.8127. 3138. 2146.5159.8177.1200.0
Equip-ment
11.712.112.212.412.813.414.516.017.018.0
18.419.019.318.618.920.922.122.323.826.530.3
Struc-tures
37.838.740.342.244.346.549.352.855.859.8
64.369.275.782.492.9
106.4116.0124.2136.0150.7169.7
Military
Equip-mentand
struc-tures
77.978.982.185.788.990.992.895.898.5
102.2
106.6113.0116.3122. 5130.2140.4153.4164.0180.8194.5220.2
Equip-ment
53. 054.556.058.861.362.863.966.167.970.0
72.276.377.881.784.690.7
101.8110. 3124.2134.6148.9
Struc-tures
24.925.326.126.027.628.128.929.730.632.2
34.536.738.540.845.649.751.653.756.659.971.4
State and local
Equip-mentand
struc-tures
169.4176.3186.7198.9211.8227.5247. 7271.2298.4334.8
379.2427.6472.5519.1606.0712.0766.2810.4894.4
1, 008. 51, 153. 0
Equip-ment
9.29.39.49.59.8
10.310.911.813.615.7
17.920.622.925.429.236.941.746.451.457.665.8
Struc-tures
160.2167.0177.3189.5202.1217.3236. 8259.4284.9319.2
361.2407.0449.7493.8576. 8675.1724.5764.1843.0950.9
1, 087. 3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
66 SURVEY OF CURRENT BUSINESS
Table 11.—Constant-Dollar Gross Stock of Government-Owned Fixed Capital, 1959-79
[Billions of 1972 dollars]
February 1981
Yearend
1959196019611962196319641965196619671968
1969197019711972197319741975 .1976197719781979 . , .
Total
Total
Equip-mentand
struc-tures
750.7775.9800.9829.4860.1893.4926.9962.3997.9
1, 032. 8
1,064.7,093.1, 122. 2, 148. 7, 174. 5,200.1, 228. 1, 252. 9, 274. 5, 296. 7,318.7
Equip-ment
185.0188.6190.6194.8200.1206.9212.6218.5223.6227.4
231.0233.6237.0238.5239.9241.4247.9253.7258.6261.9267.4
Struc-tures
565.8587.3610.2634.6659.9686.5714.3743.8774.3805.5
833.6859.6885.3910.2934.6958.6980.2999.2
1, 016. 01, 034. 81,051.4
Excluding military
Equip-mentand
struc-tures
549.0570.9593.7617.9644.4672.9702.9734.9768.0801.4
832.0860.0888.3915.7943.7971.6996.9
1, 018. 71, 038. 61,062.41, 081. 6
Equip-ment
47.149.250.852.354.657.259.862.965.868.3
70.973.075.778.782.486.190.093.296.5
101.1103.4
Struc-tures
501.8521.8542.9565.6589.8615.8643.1672.1702.2733.2
761.1787.1812.5837.0861.3885.4960.9925.5942.2961.3978.2
Federal
Total
Equip-mentand
struc-tures
323.9331.0336.4344.7353.6363.6372.2380.7387.0390.8
393.5395.0398.2400.1400.9400.8405.2409.1412.2414.0417.1
Equip-ment
163.8166.6167.9171.4176.0181.9186.5191.2194.3196.0
197.4197.5198.3196.8194.7192.4195.0197.1198.3197.9199.7
Struc-tures
160.1164.4168.5173.3177.6181.7185.7189.6192.7194.8
196.1197.4199.9203.3206.2208.5210.1212.0213.9216.2217.4
Excluding military
Equip-mentand
struc-tures
122.1126.0129.2133.3138.0143.1148.2153.4157.1159.4
160.9161.9164.2167.1170.1172.3174.0174.9176.3179.7180.0
Equip-ment
25.927.228.029.030.532.133.835.636.536.9
37.236.937.137.037.237.037.136.636.237.135.8
Struc-tures
96.298.9
101.2104.3107. 5110.9114.5117.9120.5122.4
123.6124.9127.1130.0132.9135.3136.8138.4140.1142.7144.2
Military
Equip-mentand
struc-tures
201.8205.0207.2211.5215.6220.5224.0227.3229.9231.4
232.7233.1234.0233.0230.8228.5231.2234.2235.9234.3237.2
Equip-ment
137.8139.4139.9142.5145.5149.8152.8155.6157.8159.1
160.1160.6161.2159.8157.5155.3157.9160.5162.1160.8163.9
Struc-tures
63.965.567.469.070.170.871.271.772.172.3
72.672.572.873.273.373.273.373.673.873.573.2
State and local
Equip-ment1
andstruc-tures
426.3445.0464.5484.7506.5529.8554.7581.6610.9642.1
671.1698.2724.0748. 6>773.6799.3822.9843. 8862.3882.7901.6
Equip-ment
21.222.022.723.424.125.126.127.329.331.4
33.736.138.841.745.249.152.956.660.364.067.6
Struc-tures
405.6422.9441.8461.2482.3504.7528.7554.2581.6610.7
637.5662.1685.3706.9728.4750.2770.0787.2802.1818.6833.9
Table 12.—Constant-Dollar Net Stock of Government-Owned Fixed Capital, 1959-79
[Billions of 1972 dollars]
Yearend
1959196019611962196319641965 _196619671968
1969197019711972197319741975 _1976197719781979
Total
Total
Equip-mentand
struc-tures
461.3476.7495.4514.7536.0556.8578.2602.0624.6648.2
668.0684.9700.8717.4733.0747.7760.8771.6779.4789.4799. 0
Equip-ment
100.7101.4103.6106.1109.1111.5113.3116.1117.7119.2
120.1121.0121.4123.7125.3126.5129.2132.0134.0136.1139.7
Struc-tures
360.6375.2391.8408.6426.8445.5464.9485.8506.9529.0
547.9564.0579.5593.7607.8621.2631.6639.6645.5653.3659.2
Excluding military
Equip-mentand
struc-tures
347.9362.1377.9394.4413.0432.6454.1477.6501.4525.6
546.5564.7582.3598.1614.4630.1642.6652.1660.3671.1679.9
Equip-ment
27.628.028.228.429.130.131.934.136.238.0
39.540.942.543.645.447.148.750.051.754.156.4
Struc-tures
320.4334.1349.8366.0383.9402.5422.2443.6465.2487.7
507.0523.8539.9554.5569.0583.0593.9602.1608.6617.0623.6
Federal
Total
Equip-mentand
struc-tures
189.2192.0196.9202.2207.8211.6214.7218.5219.0219.3
218.1216.7215.9217.2217.9217.2217.7218.6219.2220.5222.6
Equip-ment
88.489.191.393.796.598.599.6
101.6101.6101.5
100.699.698.298.597.896.597.198.098.398.7
100.8
Struc-tures
100.7102.9105.6108.5111.2113.1115.1116.8117.4117.9
117.5117.1117.7118.7120.1120.7120.6120.5121.0121.7121.7
Excluding military
Equip-mentand
struc-tures
75.877.479.581.984.887.490.694.195.896.8
96.696.597.598.099.299.699.599.1
100.1102.1103.5
Equip-ment
15.315.615.816.016.517.118.219.520.020.2
19.919.619.418.517.917.216.616.016.116.717.5
Struc-tures
60.561.863.765.968.370.272.574.675.776.6
76.676.978.179.581.382.582.883.184.185.486.0
Military
Equip-mentand
struc-tures
113.4114.6117.4120.3123.0124.3124.1124.3123.3122.5
121.5120.2118.5119.3118.7117.6118.2119.5119.1118.3119.0
Equip-ment
73.173.475.577.780.081.481.482.181.681.2
80.780.079.980.179.979.380.582.182.282.083.4
Struc-tures
40.341.142.042.643.042.942.742.241.741.3
40.940.239.639.238.838.237.837.436.936.335.7
State and local
Equip-mentand
struc-tures
272.2284.7298.4312.5328.2345.2363.5383.5405. (i428.9
449.9468.2484.9500.1515.2530.5543.2553.0560.2568. 9576. 4
Equip-ment
12.312.412.412.412.613.113.714.516.117.8
19.621.323.125.227.529.932.134.035.737.438.9
Struc-tures
259.9272.3286.0300.1315.6332.1349.8369.0389.4411.1
430. 3446.8461.8475.0487.7500.6511.1519.0524.5531.5537.5
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS 67
Table 13.—Constant-Dollar Gross Stock of Government-Owned Structures, Excluding Military,* by Type of Structures, 1959-79
I Billions of 1Q72 dollars)
Yearend
1959I96019611962196319641965196619671968
19691970197119721973197419751976197719781979
Federal
Total
96.298.8
101.2104.3107.5110.9114.4117.8120.6122.4
123.6125.0127.1130.2133. 0135.1136.8138. 4140.0142.6144.2
Buildings
Resi-dential
5.66.27.07.88.48.48.68.88.78.7
8.79.09.8
10.912.112.712.412.212.312.412.4
Indus-trial
31.131.030.129.629.029.128.928.628.828.6
28.227.526.926.826.426.025.825.525.025.124.3
Educa-tional
0.5.5.6.6.7.7.7.7.8.8
.8
.8
.8
.8
.9
.9
.9
.9
.9
.9
.9
Hos-pital
2.32.42.52.52.72.83.03.23.33.4
3.53.73.84.04.14.24.44.74.95.25.4
Other »
7.98.28.58.99.6
10.611.612.312.612.7
12.712.712.712.712.712.813.013.013.113.313.6
High-waysand
streets
3.43.63.84.14.44.64.95.25.65.9
6.16.46.77.07.27.47.67.88.18.38.5
Conser-vation
and de-velop-ment
43.845.246.948.850.652.554.556.758.560.0
61.262.563.965.466.968.469.971.572.974.576.2
Other 2
1.61.71.82.02.12.22.22.32.32.3
2.42.42.52.62.72.72.82.82.82.92.9
Total
405. 6423.0441.8461. 3482.0504.9528.7554.2581.6610.9
637. 5662.1685.4707.0728.4750. 3770.0787.1802.1818.5834.0
State and local
Buildings
Resi-dential
10.310.911.712.713.313.914.615.316.217.1
18.119.220.321.021.722.422.723.023.423.824.3
Educa-tional
80.484.088.192.096.5
101.5107.1114.0121.5128.7
135.0140.5145. 3149.9154.9159.7164.5167.9170.4173. 0175.5
Hos-pital
16.617.017.317.718.118.718.919.319.920.5
21.221.822.423.023.524.125.025.826.527.027.3
Other i
26.427.729.130.431.933.635.337.039.341.9
45.047.550.353.055.859.061.563.565.267.469.4
High-waysand
streets
180.0188.0196.6205.7215.4225.1235. 1245.5255. 7266.5
276.2285.6294.9303.2310.9317.7322.7327.1331.0334.5338.0
Conser-vation
and de-velop-ment
4.34.54.85.25.76.27.07.78.69.4
10.110.711.211.611.912.312.713.313.714.014.4
Sewersystems
32.834.135.437.038.040.141.743.444.646.6
48.149.751.453.155.057.860.964.167.170.774.0
Watersupply
facilities
28.228.829.530.231.232.433.935.036.438.1
39.440.441.141.942.543.344.144.745.546.647.5
Other 2
26.828.029.330.431.933.435.137.039.442.1
44.446.748.550.352.254.055.957.750.361.563.6
*Estimates of the constant-dollar gross stock of military structures appear in table 3. Family housing for the armed forces is included in the Federal residential estimates above, and troophousing is included in the military structures estimates in table 3.
1. Consists of general office buildings, police and fire stations, courthouses, auditoriums, garages, passenger terminals, etc.2. Consists of electric and gas facilities, transit systems, airfields, etc.
Table 14.—Current-Dollar Gross and Net Stocks of Fixed Capital Owned by Government Enterprises, 1959-79
[Billions of dollars]
Yearend
1959 _19601961196219631964196519661967 _1968 _
1969 - -1970197119721973197419751976197719781979
Gross stock
Total
Equip-mentand
struc-tures
84.688.092.497.6
102.4108.9116.3124.7134. 3148.4
165.6186.1207.2229.0266.7316.7352. 2381.8425.3484.5562.2
Equip-ment
3.53.63.83.94.14.24.34.54.85.2
5.66.26.77.48.5
10.212.113.615.016.918.9
Struc-tures
81.184.488.693.798.3
104.7112.1120.1129.5143.2
160.0179.9200.4221.6258.1306.4340.1368. 3410.3467.7543.3
Federal
Equip-mentand
struc-tures
6.46.77.17.68.18.48.89.39.8
10.6
11.713.315.217.320.224.428.030.533.838.244.2
Equipment
1.51.61.61.71.71.71.71.81.81.9
2.02.22.42.62.93.44.14.44.95.45.9
Struc-tures
4.95.15.56.06.36.77.27.68.08.8
9.711.012.814.717.421.023.926.128.932.838. 3
State and local
Equip-mentand
struc-tures
78.281.385.390.094.3
100.5107.5115.3124 5137.8
153. 8172.8192.0211.8246.4292. 3324.23nl 3391. 5446. 3518.0
Equip-ment
2.02.12.22.32.42.52.52.73.03.2
3.53.94.34.95.66.88.09.1
10.111.513.1
Struc-tures
76.279.383.287.791.998.0
105. 0112.6121.5134. 6
150.3168.9187.7206.8240.8285. 5316.1342. I381.5434.9505.0
Net stock
Total
Equip-mentand
struc-tures
55.257.360.463.967.171.676.682.389.098.7
110.4124.0138.0152. 5177.4210.5233. 4252.4280.5319.3369.4
Equip-ment
1.91.92.02.12.22.22.32.42.62.9
3.23.53.94.45.16.27.38.29.0
10.011.0
Struc-tures
53.355.458.461.964.969. 474.479.986.495.8
107.3120. 5134.0148.1172.3204.4226.2244.3271.5309. 3358.4
Federal
Equip-mentand
struc-tures
4.04.14.44.85.25.45.76.16.57.1
8.09.1
10.712.514.918.220.822.625.028.332.4
Equip-ment
0.7.8.8.8.9.9.9.9
1.01.1
1.21.31.41.51.72.02.42.53.03.33.4
Struc-tures
3.23.33.64.04.34.54.85.25.56.0
6.87.89.3
11.013.216.218.319.922.025.129.0
State and local
Equip-mentand
struc-tures
51.353.255.959.161.966.271.076.282.491.6
102.5114. 9127.2140 0162. 5192.3212.6229.9255. 6291 0337.0
Equip-ment
.1
.2
.2
.2
.3
.3
.4
.5
.6
.8
2.02.22.52.93.44.24.95. 56.06.87.5
Struc-tures
50.152.154.757.960 664.969.774 880.989.8
100.4112.6124.8137.1159.0188.2207.7224.4249. 5284.2329.4
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
68 SUEVEY OF CUEEENT BUSINESS February 1981
Table 15.—Constant-Dollar Gross and Net Stocks of Fixed Capital Owned by Government Enterprises, 1959—79[Billions of 1972 dollars]
Yearend
1959I960 .._1961196219631964196519661967 .1968
196919701971197219731974 . . . .19751976197719781979
Gross stock
Total
Equip-mentand
struc-tures
132.7137.6143.4149.4155.4162.0168.6175.1182.1190.5
198.3206.1213.5221.0228.8237.1245.0252.4259.7268.9276.9
Equip-ment
4.44.64.84.95. 15.25.35.45.65.8
6.16.46.87.48.08.69.39.9
10.611.111.5
Struc-tures
128.2133.0138.5144.5150.3156.8163.2169.7176.5184.7
192.3199.8206.7213.6220.8228.5235.7242.4249.1257.8265.4
Federal
Equip-mentand
struc-tures
9.810.210.811.411.912.312.512.813.013.2
13.814.515.616.818.119.320.220.621.422.623.5
Equip-ment
2.02.02.12.12.22.22.22.12.12.2
2.22.32.52.52.72.93.13.33.43.63.7
Struc-tures
7.88.18.79.39.8
10.110.410.610.811.1
11.612.313.214.315.416.417.017.417.919.019.8
State and local
Equip-mentand
struc-tures
122.9127.5132.6138.0143.5149.7156.0162.4169. 2177.3
184.5191.5197.8204.2210.7217.8224.8231.7238.3246.4253.4
Equip-ment
2.52.62.72.83.03.13.23.33.53.7
3.94.14.34.85.35.76.26.67.17.57.9
Struc-tures
120.4124.9130.0135.2140.5146.6152.9159.0165.7173.7
180.7187.4193.5199.4205.4212.1218.6225.1231.2238.8245.5
Net stock;
Total
Equip-mentand
struc-tures
86.789.993.897.9
102.0106.5111.1115.7120.7126.7
132.2137.4142.1147.1152.2157.8162.6166.9171.2177. 2181.9
Equip-ment
2.42.52.62.62.72.82.82.93.13.2
3.53.73.94.44.85.25.66.06.46.66.7
Struc-tures
84.387.591.295.399.3
103.8108.3112. 7117.6123.4
128.7133.7138.2142.7147.4152.6157.0160.9164.8170.6175.2
Federal
Equip-mentand
struc-tures
6.16.36.87.27.77.98.18.48.68.9
9.410.111.012.113.314.415.015.215.716.717.1
Equip-ment
1.01.0.1.1.1.1.1.1.2.2
.3
.4
.5
.5
.6. .7
.9
.92.12.22.1
Struc-tures
5.15.35.66.26.66.76.97.27.57.7
8.18.79.6
10.611.712.713.113.313.614.515.0
State and local
Equip-mentand
struc-tures
80.683.687.090.794.398.7
103.1107.3112.0117.8
122.8127.3131.2135.0138.9143.5147.6151. 7155.5160.5164.7
Equip-ment
1.41.51.51.51.61.71.71.81.92.0
2.2,2.32.52.93.23.53.84.04.34.44.5
Struc-tures
79.282.185.589 292.797.0
101.3105.6110.1115.8
120.6124.9128.7132. 1135. 7140.0143.9147.6151.2156.0160.2
U.S. GOVERNMENT PRINTING OFFICE : 1981 0 - 336-907
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT BUSINESS STATISTICS
THE STATISTICS here update series published in the 1977 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY OF CURRENTBUSINESS. That volume (available from the Superintendent of Documents for $6.25) provides a description of each series, references to sources of earlier figures,and historical data as follows: For all series, monthly or quarterly, 1973 through 1976 (1966-76 for major quarterly series), annually, 1947-76; for selectedseries, monthly or quarterly, 1947-76 (where available).
The sources of the data are given in the 1977 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and are also listedalphabetically on pages 181-182. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sourcesare provided through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1977 1978 1979
Annual total
1978
I II III IV
1979
I II III IV
1980
I II III IV
1981
I
GENERAL BUSINESS INDICATORS—Quarterly SeriesNEW PLANT AND EQUIPMENT
EXPENDITURES t
Unadjusted quarterly or annual totals:Total nonfarm business bil $
Manufacturing do....Durable goods industries U doNondurable goods industries fl do....
Nonmanufacturing do....Mining . . . doRailroad doAir transportation doOther transportation do
Public utilities doElectric . doGas and other do....
Trade and services doCommunication and other do....
Seas. adj. quarterly totals at annual rates:Total nonfarm business do....
Manufacturing .. doDurable goods industries fl do....Nondurable goods industries U do
Nonmanufacturing do....Mining . doRailroad doAir transportation doOther transportation do
Public utilities doElectric doGas and other do
Trade and services do....Communication and other do
U.S. INTERNATIONAL TRANSACTIONS
Quarterly Data Are Seasonally Adjusted(Credits +; debits—)
Exports of goods and services (excl. transfers undermilitary grants) mil $
Merchandise, adjusted, excl. military do....Transfers under U.S. military agency sales
contracts mil $Receipts of income on U.S. assets abroad .. do. .Other services do
Imports of goods and services doMerchandise, adjusted, excl. military do. ..Direct defense expenditures doPayments of income on foreign assets in the
US mil $Other services. . .. do
Unilateral transfers (excl. military grants), netmil. $..
U.S. Government grants (excl. military) do....Other do
U S assets abroad net . doU.S. official reserve assets, net do...U.S. Gov't assets, other than official reserve
assets, net mil. $..U S private assets net . . do
Direct Investments abroad do....
Foreign assets in the U.S., net do....Foreign official assets, net doOther foreign assets net do
Direct investments in the U.S do .
Allocation of special drawing rights do....Statistical discrepancy do
Memoranda:
Balance on merchandise trade doBalance on goods and services do....Balance on goods services and remittances doBalance on current account do....
1980869.22340435.18
128.879243032.17420
26.792223
4.56565426.90
184 705120,816
745132,58723852
-194 169-151,689
-5823
1459822059
^4,605-2775-1830
35793-375
-3,693-31 725-12,898
50,7413657514 1673728
-880
-30873-9,464
-11 293-14.068
2312479.72404339.29
151.5210213483094 10
29952463
5.32686632.02
221 036142,054
8 24042,97227772
230 240-175,813
-7,354
2207325001
-5,055-3,171-1884
-61 191732
-4,644-57 279-16,345
64,09633293308047897
11354
-33 759-9,204
-11 088-14.259
2704698.68510747.61
171.771138403401431
339627656.31
792634.83
286 508182 055
7 1946597031 289
281 630-211 524
-8469
3346028 178
-5,666-3524-2 142
-61 774-1 133
-3,78356858
-24,319
37,575-14 271518459713
1,13923848
-29 4694,8782736-788
477915.767857.91
32.02209074072083
625529096
14576.82
21324726436 193644
140619093 353 174 08
28 1923 11508
62962976
4931930922
2 12196076669
54 288-42063
1680
-4 539-6006
-1,204-773-431
15 048187
-1,00914226-4707
18,2041542227831355
3 015
11 141-4969-5400-6.173
574119.589899.68
37.83258088082100
730602128
17297.96
2275378 1939.473872
149.3410 103 342793 86
289323795 14
68863146
54 15635404
2 05599576 740
56 951-43699
1752
5474-6026
-1,307-831-476
5749248
-1,257-4740-4051
77552736 0492313
9076
-8295-27953271
-4.102
584719.931024
9.69
38.55264089072105
757604154
17348.35
23324799641.093887
153281048354308405
30 162466549
68733324
5643236828
2013105577 034
-58 365-44'336-1874
5 717-6438
-1,233-772-461
9 977115
-1,386-8706-3010
170694777
122922620
3 926
-7508-1 9332394
-3.166
675724.45124612.00
43.122900980.83122
8837281.55
19478.90
247.3686 1543.884227
161.2111033 68341436
32 132665548
73.323328
61 13138900
2 051128517 329
60638^45715-2048
-6343-6532
-1,313-795-518
30 418182
-99129609-4578
28,0481836896801608
3 190
-681549325
-820
572619.651004
9.61
37.61259086080082
7 196 15105
17637.72
25555907546.384437
164.8011233 903494 04
32402685555
76033371
6566741805
2000142637 599
-62 935-46919
2029
7 225-6 762
-1,324-860-464
7 768-3585
-1,1023081
-5819
2201-8744109451 120
1,1393020
5 114273222681.408
668123.68123111.37
43.132811001 19108
858705153
19768.70
26524947149254547
1705211 013834034 16
34022788614
790334 44
67 76342815
1 927152507 771
-67 873-50 885
2029
7 979-6980
-1,383-899-484
15 300322
-991-14 631-7214
6407-10 095
165022812
10 385
-8070-110594
-1.493
683924.93129911.94
43.472.871040911 18
8807031.77
19878.79
273.15100 11
52.134797
173.0411404 13395460
35052871635
78863505
7477347 198
1 692180507 833
72267-54 258-2 135
-8 7317 143
-1,407-878-529
252152779
-766-27 228-7,156
24,9415789
19 1523217
-825
-70602,50619771.099
779930.42157314.69
47.573.111 121.101 23
9.387421.96
22019.62
284.301065755.035155
177.7311864244554 41
340827 16692
82.693590
7830550237
1 575184078086
78 555-59 462-2275
9 5247 294
-1,552-887-665
13 492-649
-925-11918-4,129
4,025-122152462564
11 269
-9225-250-915
-1.802
65 1824.10125411.56
41.082.740990.90084
8.016641.37
19088.52
291.891117758.285349
180.1311894463904 11
36262898728
82.173734
8564754708
1 497208468 596
-86 445-65558
2419
10 7527 716
-1,812-1247
-565
12711-3268
-1,4677976
-5463
7,194-721514 4091666
1,1526975
-10 850-7981363
-2.610
740228.86147914.06
45.163.271061.27098
8.847071.77
20239.52
294361156959.385632
178.661281406427376
350327917 12
81073766
8189254710
1 75816*6418 783
-82997-62215
2752
105087 522
-1,326-762-564
25 712502
-1,19125023-2873
7,9497775
1743082
20 194
-7505-1,1051669
-2.431
74 1228.98144914.50
45.133.501000931078976892.08
20389.28
296231164058.195821
1798313863984064 18
355828 14744
81 193697
8640356288
209319 1138 909
-80026-59' 116-2725
10 6467539
-1477-903-574
20 196-1 109
-1,32017767-4485
11,003802529782206
4293
-28286,37758034.900
'809832.9516.4316.53
48.024.001 120.87096
8.806851.95
22589.71
'294.951153757.4257.96
179.5815254223.59344
319525.05690
84.873626
'693626.5213.0113.51
42.843.700800.93079
8.076411.66
19549.01
'310.591226960.236246
187.901607362404383
36782799879
84.093948
See footnotes at end of tables. S-l
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-2 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
GENERAL BUSINESS INDICATORS—Monthly SeriesPERSONAL INCOME BY SOURCE t
Seasonally adjusted, at annual rates: tTotal personal income bil. $..
Wage and salary disbursements, total do....Commodity-producing industries, total.... do....
Manufacturing do....Distributive industries do....
Service industries do....Govt. and govt. enterprises do....
Other labor income do....Proprietors' income: $
Farm do....Nonfarm do....
Rental income of persons with capitalconsumption adjustment bil. $..
Dividends do....
Transfer payments ... do.Less: Personal contrib. for social insur do....
Total nonfarm income do....
DISPOSITION OF PERSONAL INCOME *
Seasonally adjusted, at annual rates:Total personal income bil $Less: Personal tax and nontax payments do....Equals: Disposable personal income do....Less: Personal outlays do....
Personal consumption expenditures do....Durable goods doNondurable goods do....Services do
Interest paid by consumers tobusiness .. . do....
Personal transfer payments toforeigners (net) ... .. . do....
Equals: personal saving do....Personal saving as percentage of disposable
personal income § percent-
Disposable personal income in constant (1972)dollars bil. $..
Personal consumption expenditures inconstant (1972) dollars do
Durable goods do....Nondurable goods doServices . . do....
Implicit price deflator for personal consumptionexpenditures index 1972 — 100
INDUSTRIAL PRODUCTION |
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index 1967 — 100..
By market groupings:Products, total do....
Final products . do..Consumer goods do....
Durable consumer goods do....Nondurable consumer goods do....
Equipment do....Intermediate products do
Materials .. .. do....
By industry groupings:Mining and utilities do....Manufacturing do..
Nondurable manufactures doDurable manufactures do....
Seasonally Adjusted
Total index do....
By market groupings:Products total do
Final products doConsumer goods ... do.. .
Durable consumer goods do....Automotive products do
Autos and utility vehicles do....Autos do
Auto parts and allied goods do....
Home goods do....Appliances, air cond., and TV do....Carpeting and furniture do
Nondurable consumer goods do....Clothing . .. . do....Consumer staples do
Consumer foods and tobacco do....Nonfood staples do....
Equipment do..Business equipment do....
Industrial equipment # doBuilding and mining equip do....Manufacturing equipment do....
Commercial, transit, farm eq. # do....Commercial equipment do....Transit equipment do....
Defense and space equipment do....
See footnotes at end of tables.
1,721.8
1,105.2389.1299.2270.5
226.1219.4102.2
26.191.0
27.443.1
1732223.369.6
1,679.2
1,721.8258.8
1,462.91,386.61,348.7
199.3529.8619.6
37.1
0.8
76.4
5.2
981.6
9048146.3345.7412.8
149 1
146.1
144.8142.2149.1159.2145.1132.8154.1148.3
141.7
146.81569139.7
146.1
144.81422149.1
159.2179.9172.51486198.5
147.7133.31642
145.1131.11489140.6158.5
1328160.31458207.3121.2
177.2212.0133.8
86.5
1,943.8
1,236.1437.9333.43030
259.2236.1118.6
30.8100.7
30.548.6
2096249.480.6
1,892.9
1,943.8302.0
1,641.71,555.51,510.9
2123602.2696.3
43.7
1.0
86.2
5.2
1,011.5
9309146.63546429.6
1623
152.5
150.01472150.8155.8148.8142.21605156.4
144.7
15361640146.4
152.5
150014721508
155.81677154.31367201.5
149.2127.41730
148.813191535145.0163.4
1422171.31522206.3130.3
193.4228.1151.6
93.4
2,051.8
1,293.1455.0342.83169
277.2244.1127.5
29.6107.6
31.250.9
2295265.182.9
2,000.7
2,051.8326.7
1,725.11,647.21,599.9
2194650.1730.4
46.0
1.3
77.9
4.6
1,018.9
9449147.23643433.4
1693
147.7
143.7141.2139.6137.1140.6143.3153.3153.9
148.8
147.61568141.2
152.5
14981472148.6
146.7141.8121.41102193.6
149.4133.11708
149.3131.31543145.8164.3
145.2174.11532205.0132.1
198.1237.2151.9
96.7
2,077.2
1,306.1459.3345.43212
2796246.0129.1
27.6109.5
31.451.6
2352272.786.1
2,027.4
2,077.2320.3
1,756.91,676.71,629.3
2320657.0740.4
46.4
1.1
80.2
4.8
1,028.9
9542153.73644436.1
1708
148.0
144.11422142.0137.0144.1142.51512153.9
152.5
14741582139.8
152.7
149914701479
142.31313108.7980
188.5
148.5128.91709
150.113021556146.9165.8
1458174.91572222.1132.6
195.2238.2142.8
97.0
2,086.4
1,315.0462.6348.3322.5
283.2246.8130.8
25.2108.2
30.852.4
240.0270.486.4
2,038.3
2,086.4323.1
1,763.31,671.71,623.9
218.9658.8746.2
46.7
1.0
91.6
4.9
1,050.7
940.0144.4360.8434.7
172.8
152.7
149.3147.7148.0147.9148.0147.3155.5157.9
153.1
152.7163.8145.0
152.6
150.11477148.4
144.5142.1124.6116.8186.7
145.8122.31682
150.0130.71554146.5165.6
146.6176.01592231.6133.1
195.5238.7145.4
97.2
2,101.0
1,322.9463.2349.9324.1
287.9247.6132.6
24.4106.1
31.453.2
244.5271.986.2
2,053.1
2,101.0325.9
1,775.11,687.81,639.9
211.9667.5760.5
46.9
1.0
87.4
5.3
1,013.3
936.1138.3359.2438.7
175.2
153.2
149.9148.0149.0149.1148.9146.7156.8158.3
151.2
153.5164.9145.6
152.1
150.01477148.6
144.1141.0122.01149189.1
145.8122.1169 1
150.3131.81555147.3165.0
1466176.11593235.6133.1
195.5240.4142.5
97.1
2,102.1
1,317.8458.8346.2322.6
287.7248.7133.8
23.8102.7
31.653.7
2483275.985.6
2,054.7
2,102.1326.6
1,775.61,670.71,623.0
196.1665.0761.8
46.7
1.0
104.9
5.8
1,009.1
922.4127.9358.1436.4
176.0
148.1
145.0143.7143.6140.0145.0143.9149.7152.9
145.0
148.5161.3139.7
148.3
146.61454145.3
136.3126.3102.397.1
187.2
142.0114.81658
148.8128.71544146.2164.0
1456174.21593239.5131.9
191.5235.6143.0
97.6
2,114.1
1,320.1455.4342.6323.5
290.2251.0135.0
23.3101.0
31.354.1
253.7281.485.8
2,067.0
2,114.1330.3
1,783.81,667.71,620.3
191.7661.3767.3
46.3
1.0
116.2
6.2
1,008.5
916.0124.6355.3436.1
176.9
143.5
142.2141.2139.9130.4143.6143.0145.9145.6
143.1
143.6157.1134.2
144.0
143.7143.1142.4
128.8118.592.688.4
184.0
134.6102.81542
147.7127.91532146.1161.5
144.0171.91578242.2129.5
188.2232.0136.3
97.2
2,127.1
1,323.2453.7340.9323.3
294.4251.8136.3
22.8101.0
31.654.7
258.9284.686.2
2,080.3
2,127.1334.2
1,793.01,683.91,637.1
195.5665.7776.0
45.8
1.0
109.1
6.2
1,007.0
919.5126.1356.3437.1
178.0
145.0
146.2145.6145.9132.9151.1145.2148.4143.0
149.1
144.4160.1133.5
141.5
142.5142.3142.1
128.2121.697.195.7
183.7
132.0105.61467
147.6126.7153.4146.2161.7
142.6169.81552241.0126.1
186.7228.8138.0
96.8
2,161.2
1,326.3452.5341.0325.5
295.3253.0137.7
22.4105.1
31.854.7
260.4309.787.0
2,114.5
2,161.2336.3
1,824.91,714.91,667.9
210.6667.4789.9
45.9
1.0
110.0
6.0
1,018.6
931.1134.8355.4440.8
179.1
137.2
140.8139.7138.3115.4147.5141.6144.8131.7
151.9
135.1151.0124.1
140.4
142.8142.4142.0
128.3129.2106.4105.2186.9
127.7102.3136 1
147.4122.5154.3146.4163.6
142.9170.11548244.4126.0
187.8229.0140.9
97.2
2,179.4
1,342.4460.0346.7329.4
298.9254.1139.1
22.0106.3
32.055.2
261.7309.088.3
2,132.7
2,179.4341.7
1,837.71,730.31,683.4
210.5674.4798.4
45.9
1.0
107.4
6.1
1,018.2
932.7133.6356.2442.8
180.5
142.9
146.3144.7146.5121.4156.6142.1152.2137.8
157.1
141.3161.2127.6
141.8
143.8142.8142.7
128.6121.594.191.3
191.1
132.6114.2141 1
148.3123.6155.1146.0165.7
142.9170.31545243.6124.4
188.4233.6138.4
96.9
2,205.7
1,356.8467.7352.5332.6
301.7254.7140.4
21.9111.4
32.255.4
263.2313.489.1
2,158.7
2,205.7346.5
1,859.21,742.41,695.2
205.2680.9809.1
46.2
1.0
116.8
5.9
1,018.6
928.8129.3353.2446.3
182.5
148.6
152.5151.2154.2139.0160.3147.1157.0142.7
152.3
148.0167.5134.6
144.1
145.3143.9144.3
132.7130.6105.598.0
194.2
134.0116.3146 1
148.9122.11563147.0167.1
143.2170.51542243.4123.9
189.4237.2133.8
97.4
'2,234.2
1,381.7475.8358.8338.6
305.6261.7141.9
22.1111.5
'32.355.5
r265.6313.890.4
'2,186.8
'2,234.2354.1
'1,880.1'1,777.3'1,729.6
'222.3'690.5'816.7
46.5
1.2
'102.8
'5.6
'1,023.5
'941.5'139.1356.0
'446.5
'183.7
'150.2
'151.8'150.4152.7148.4
'154.3'147.2157.3147.6
'146.1
'150.6167.8
'138.7
'146.9
'147.2'145.8146.6
139.6141.8120.2110.7196.8
138.3123.51502
149.4'125.1'156.1'147.7'165.9
'144.8'172.3'1544244.3
'123.9
'192.8'242.0135.0
98.5
'2,257.1
'1,400.4'485.2366.2
'341.4
'310.5263.3143.5
'22.4'111.5
'32.455.9
'269.1'313.2
91.4'2,209.4
'2,257.1'359.9
'1,897.2'1,800.3'1,752.4
'223.4'706.8'822.3
'46.7
1.2
'96.9
'5.2
'1,026.1
'947.8'139.0'362.4'446.3
184.9
'149.4
'148.7'147.3'146.9'144.5'147.9'147.8'153.9'150.5
'148.9
'149.5'163.8'139.5
'149.4
148.7'147.4'147.9
'142.9'145.3'124.3114.3
'198.6
'141.5'128.4'1549
'149.9127.0
'1563'147.4'166.5
'146.8'174.6'1572'250.1'126.0
'194.7'244.0'136.6
'100.0
'2,276.8
'1,410.9'491.2'370.1'341.8
'313.0'264.8145.0
'23.2'112.2
'32.556.7
'273.5'314.6'91.9
'2,228.2
'2,276.8'364.0
'1,912.8'1,814.1'1,765.7
'224.4'709.3'832.0
'47.1
1.2
'98.7
4.9
1,027.8
948.8139.4361.3448.1
186.1
"146.3
P143.9"142.4"139.5"131.9"142.5"146.4"149.8"150.0
"155.3"145.0"156.7"136.9
"150.9
"149.8"148.1"147.9
"141.1"138.7"115.8"105.3"196.8
"142.5"128.9"1552
"150.6
"1579"148.4"168.8
"148.3"176.4"1590"252.6"128.1
"196.5"246.2"137.7
"101.0
2,298.1
1,431.2500.4375.6348.7
316.0266.1146.6
23.3113.7
32.557.4
278.5316.7101.7
2,249.1
2,298.1371.1
1,927.01,839.01,790.4
232.0718.1840.3
47.4
1.2
88.1
'147.1
e!44.8'143.9142.1132.5146.0146.3148.2150.8
161.2145.2157.9136.4
151.8
150.5148.6147.8
137.5127.2
e99.3e90.0
197.9
143.3127.8
151.9
159 1
170.5
"1497178.21618e261.1129.5
197.1e248.6134.6
101.9
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-3
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
GENERAL BUSINESS INDICATORS—ContinuedINDUSTRIAL PRODUCTION H— Continued
Seasonally Adjusted— Continued
By market groupings — ContinuedIntermediate products 1967 = 100..
Construction supplies do ...Business supplies do
Materials doDurable goods materials # do....
Durable consumer parts do....Equipment parts do
Nondurable goods materials # do....Textile paper and chemical do
Energy materials do....
By industry groupings:Mining and utilities do....
Mining doMetal mining doCoal do....Oil and gas extraction # do
Crude oil do....Natural gas do....
Stone and earth minerals do
Utilities doElectric do....
Manufacturing . doNondurable manufactures do....
Foods do
Tobacco products do....Textile mill products . doApparel products do....Paper and products do
Printing and publishing do....Chemicals and products .... doPetroleum products doRubber and plastics products do....Leather and products do
Durable manufactures doOrdnance, pvt. and govt do....Lumber and products do
Furniture and fixtures doClay, glass, and stone products do....Primary metals do
Iron and steel doNonferrous metals do
Fabricated metal products do....Nonelectrical machinery do....Electrical machinery do
Transportation equipment doMotor vehicles and parts do
Instruments do
BUSINESS SALES
Mfg. and trade sales (unadj.), total $ mil. $..
Mfg. and trade sales (seas, adj.), total $ do....
Manufacturing total 1" doDurable goods industries doNondurable goods industries do....
Retail trade total § doDurable goods stores doNondurable goods stores do
Merchant wholesalers total doDurable goods establishments do....Nondurable goods establishments do....
Mfg. and trade sales in constant (1972) dollars(seas, adj.), total * bil $
Manufacturing * doRetail trade * doMerchant wholesalers * do....
BUSINESS INVENTORIES
Mfg. and trade inventories, book value, end of yearor month (unadj ) total $ mil $
Mfg. and trade inventories, book value, end of yearor month (seas adj ) total $ .. mil $
Manufacturing total 1" doDurable goods industries doNondurable goods industries do
Retail trade total § do...Durable goods stores . doNondurable goods stores do...
Merchant wholesalers total do....Durable goods establishments do....Nondurable goods establishments do....
Mfg. and trade inventories in constant(1972)doDars,end of year or month(seas adj ) total* ... . bil $
Manufacturing * do....Retail trade * do....Merchant wholesalers * do....
154.115171565
1483149.0140.81665165.617181253
14171240121011471246969
108.6131 2
161 41822
1468156.91427
11831375134.21448
131519741452253.6738
139773.7
1363
155815721199113 2131 9141.6153.61594
1325169 9167 1
3,051,568
'3,051,568
1 496573798 057698 515
'800 890281 491519 399
1754 105349,916404,189
378 243
380 643
198 334129 45668878
101 53850 10051438
8077152,46028,311
160.51580163 1
1564157.8137.11899175.9183 71289
14471255127 01356121 7946
109.2137 6
166 01858
153616401475
1178145 013441510
1369211 8143 9272.271 7
146 475.2
136 9
161 516391213113 2135 8148.5163.71750
135415991749
r3,461,38213,461,382
1 692001887 777804 224
'886 047308 156577 891
*883 334404,288479,046
r423 878
r426 796
228 258151 68976569
108 8625308755775
r89 676r57,21932,457
159.615571635
1566155.8125.11967180.218921294
1482131 4136914341272950
110.9141 4
16691860
153 21653148 4
11661480131 11557
13782168145 4263.871 2
144 877.5
1324
161016381153106 6131 1146.2163.01816
1273137 11750
r306,356r302,117
146 28974 19172098
77 15025 94351 207
r78 678r35,13843,540
160675746938 1
r423 878
r426 796
228 258151 68976569
108 86253 08755775
r89 676r57,21932,457
2573143.564.349.5
160.81564165 1
1570156.0120.81998181.018931300
14821335137614101299964
113.9144 6
16481834
153 416601485
1187143 413151574
13892180147 5265.5
74 2144 777.1
131 6
16081650116 4107 2133 4145.0167.11817
122 1126 21759
286,311
312,884
152 0887794874 140
7946427 26852 196
81 17836,84844,330
r!637r77 1r48 0386
430 052
431 815
232 294154 04378251
108 43652 13056306
9108558,14632,939
r2648r!46.3
r65.7r52.8
159.215381645
1565154.8119.9198 9179.9188 11315
14901329136 613601304958
112.41423
167 11857
15301659149 0
1200144 013381536
1399217 4144 6266.873 3
144 177.2
130 2
159 21624111 9103 41274145.7167.0179 2
1257133 91748
298,985
310,571
152 89979 15973730
7799326 36951 624
79 68936,83842,851
r!61376 7
r46 9r377
436 289
435 321
235 096155 31479782
108 7175223256 185
9150858,29333,215
r264 1146.4
r65.2r52.6
158.315231643
1553154.2120.3199 2177.0185 21309
151 4133013271372131 896 1
117.01360
17201924
152 11647149 3
1222142 0136 1152 7
13922136140 72644
72 8
143 476.9
125 3
159 51564113 710591280145.5166.51792
1238130 11735
312,588
305,657
150 0817592574 156
7653424 29652 238
79 04235,90343,139
157 2r74 5r45 5r372
443 435
439 325
238 522157 12781395
109 0955227656819
9170858,93732,771
r2646147.3
r649r52.5
150.813941620
1510148.2110.61958173.21807130 1
150 1133 1123514341325973
112.2133 1
169 11879
147 91616147 8
1219139 91313148 2
1365209 1137 4261.869 9
138 477.5
105 2
157 11488106 497 4
122 0141.4163.21770
115 1114 71738
300 289
295,277
143 59672 20771389
75 Oil22 82152 190
76 67033,30543,365
1518r71 1r44 2r364
448 552
445 528
242 540159 87782663
110 2525249057762
9273660,08032,656
r2660148 1
r652r52.8
146.213301594
1443139.8100.11908165.2171 51296
1496133412081450133 996 1
111.6128 1
167 71860
143 415801495
1162137 11286145 7
135 5199 2133 0248 1
70 1
133 377.9
104 5
149 5140896 184 4
116 4133.2162.1171 4
1098105 91710
300 850
292,478
141 51569 44372072
7458722 53752 050
76 37632,56143,815
1497r697r43 9r36 1
448 959
445 801
243 402160 60782795
109 83751 79258045
93 1476082832,319
r26521477
r649r52.7
143.512851584
1400133.896.0
1825159.616341304
150 1132912001500133 2955
107.1123 9
16931887
140315531490
113 9133 61272146 2
135 4191 1131 3242968 5
129 977.5
109 7
143 1134590 475 4
118 1126.1158.31666
1100106 71692
303 481
294,203
141 57369 05672517
76 0012321252 789
76 62933,44143,188
150 1695
r44 4r36.2
446 629
447 031
243 630160 40483226
109 76851 64558 123
936336048333,150
r264 71472
r64 7r52.9
144.512861604
1365129.093.9
1776156.215851304
150 1130683 1
1498134 3953
106.0123 7
171 81924
139 11547148 9
119 6132512151436
138 61903130 52425
67 8
128 377.1
112 8
138 6134281768 1
1073123.8158.5165 0
110710791675
294 795
304,154
145 67872 54473 134
7828725 07653 211
80 18934,08346,106
1526r709r452r36.6
446 492
449 510
244 105160 87583230
110 78651 53159255
946196034934,270
r264 81472
r648r52.8
147.6133.11619
1386131.398.1
1763159.81632130.0
1505129671 2
15491336933
105.1123 5173 g1954
14061569148 3
1174132 61238147 1
140 3197 8126 72459
67 7
129 477.2
121 7
141 1135786 075 3
104 5125.8158.8166 7
1083104 41676
306 603
308,019
146 6437205774586
7877024 82153 949
8260634,59748,009
152.1r702r454r36.5
447 153
451 951
243 517161 08182436
111 32352 38358940
97 11161 88035,231
r264 41464
r647r53.3
150.613741636
1424134.2104.21760169.7175 11284
1505130573 1
1489134 7929
109.51282
172 71939
143 41603148 6
119 1133 01267152 3
140 3206 8130 5253 167 2
131 777.1
122 6
144 8141 490 179 8
107 1129.0159.1167 5
1129113 41674
321,031
318,321
152 7647657176 193
8008725 86854 219
85 47035,88049,590
1560733
r45 4r373
450 356
454 566
243 615160 69182924
11284052 23860 602
98 11161 73836,373
r26421459
r65 1r53.3
152.41405
1643
1464140.4110.81785
r!73.718051272
1502132 1
r9081457135 4r925
129 0
17041903
146 416181494
123 1133812751530
1415r209 1130 1r259.2
70 2
135879.1
122 2
147 214521006
93 3113 1132.8
161.11700
1188124 21696
338,522
325,838
156 6977949777200
80 60925 59155 018
88 53237,38751,145
157 9r74 2r45 5r383
458 727
456 532
242 876160 13782 739
114 38152 68761 694
992756200537,270
r2645145.3
r657r53.5
153.61428164 3
1504146.4115.5
1840174.3181 31304
1523135 4107 2151 6
1368'92 l
131 5
171 3191 4
149 116331495
124 713501299
154 3
142 7r212 11328r259.6
r71 2
139 3r80.0
124 9
147 214781135107 21236133.9163.41733
121 712901699
r324,830r328,983
157 722r79 741r77 981r82 125r26 524r55 601r89 136r38,271r50,865
158 5r73 9r46 3r382
r463 170
r457 986r244 090160 977r83 113
113940r52 804r61 136r99 956r63,015r36,941
r2640145.2
r65.4r53.5
"156.2P1459P1665
"1527"148.6"117.2"185 9"177.3"1855"1320
"1547"137 7"115 0"158 3"1375"926
"135 5
"173 6
"1504"1649"1497
"134 0
"156 8
"144 8"217 3"136 9"259.7"68 3
"140 4"80.1
"124 7
"148 8"1512"1133"104 7"128 7"136.3"165.2"1753
"1205"126 7"172 1
342 810
332,212
158 51779 46179056
8236226 18556 177
91 33338,98052,353
158073745 1392
453 665
457 023
245 194161 91883276
1122885185660,432
99,54163,60735,934
2633145.664.753.0
e!57.5e!477
e!538e!49.9116.0e!895178.2C186 1e!331
e!56 461394
e!53 8*140 0
C175 3
e!51 1e!65 7
e!538e!46 2
'137 7
e!41 1e80.3
el!2 7
137.6167.8e!77 3el!7 5el!94e!750
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
8-4 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
GENERAL BUSINESS INDICATORS—ContinuedBUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total $ ratio-
Manufacturing total 1" doDurable goods industries do
Materials and supplies doWork in process doFinished goods .. do
Nondurable goods industries do....Materials and supplies doWork in process do....Finished goods .. do
Retail trade total § do....Durable goods stores doNondurable goods stores do
Merchant wholesalers total doDurable goods establishments do....
Manufacturing and trade in constant (1972) dollars,total * do
Manufacturing * doRetail trade * doMerchant wholesalers * do
MANUFACTURERS' SALES, INVENTORIES,AND ORDERS
Manufacturers' export sales:Durable goods industries:
Unadjusted total mil $Seasonally adj., total do....
Durable goods industries, total do....
Primary metals doBlast furnaces steel mills do
Fabricated metal products do....Machinery, except electrical do....
Transportation equipment do....Motor vehicles and parts do
Instruments and related products do....
Nondurable goods industries, total do....Food and kindred products do....Tobacco products doTextile mill products do
Paper and allied products do....Chemical and allied products do....Petroleum and coal products doRubber and plastics products do....
By industry group:Durable goods industries total $ do
Primary metals doBlast furnaces steel mills do
Fabricated metal products do....Machinery, except electrical do....
T ansn rt t' t doMotor vehicles and parts do....
Instruments and related products do....
Nondurable goods industries total # do....Food and kindred products doTobacco products do....Textile mill products do....Paper and allied products ... do ..Chemicals and allied products doPetroleum and coal products do....Rubber and plastics products do....
By market category: t
C In * Ipq ^0
Equipment and defense prod., exc. auto .... do....
Construction materials and supplies do....
Supplementary series:Household durables do..
1ST H f doDefense do
Inventories, end of year or month: tBook value (unadjusted), total do...
Nondurable goods industries, total do...
Book value (seasonally adjusted), total t do...By industry group:
Durable goods industries, total # do...Stone, clay, and glass products do...
Blast furnaces, steel mills do...
Fabricated metal products do...Machinery except electrical doElectrical machinery do...Transportation equipment do...
Motor vehicles and parts do...Tnatrrim*»nf.s «nrl r*»lat*»H nroHiirts . . . Ho
1.41
1.521.840.600.770.47
1.140.440.180.52
1.431.981.14
1.191.670.78
76,257
1,496,573
798,05743,888
120,39060,53396,212
137,11998,661
188,883132,20731,560
698,515211,921
10,94143,951
57,654126,445103,56739,930
2114,5472268,2372203,0252 153,7522130,0792626,934
251,4532233,4052200,895
232,512
197,979128,40569,574
198,334
129,4564,873
17,8759,761
16,94031,01317,08224,1517,798fijsm
1.41
1.521.910.610.820.47
1.080.420.170.49
1.452.081.11
1.171.640.77
82,988
1,692,001
887,77748,185
140,12268,663
109,463157,695110,713194,461129,36436,253
804,224234,828
12,17346,992
66,033149,181134,04144,742
2 125,7232298,9162236,7542151,0202 148,8062730,782
255,9382267,8072232,315
235,492
227,658150,32177,337
228,258
151,6895,643
19,80310,834
19,40236,62420,59829,9168,01277fi5
1.41
1.562.040.660.900.49
1.060.420.160.48
1.412.051.09
1.141.620.75
1.601.901.371.30
7,0186,755
139,658
70,3473,576
10,6994,9278,607
13,7429,720
13,9608,0033,248
69,31120,352
1,0523,786
5,15612,53313,4893,279
146,289
74,1914,119
11,8795,616
9,21413,6639,722
14,7809,0863,270
72,09820,534
1,0383,9605,574
13,64713,2083,611
11,11226,49521,04610,96312,58764,087
4,74223,37520,1873,188
227,658150,32177,337
228,258
151,6895,643
19,80310,834
19,40236,62420,59829,9168,01277fi5
1.38
1.531.980.640.870.47
1.060.420.160.48
1.361.911.08
1.121.580.74
'1.62r1.901.37'1.37
6,1496,996
139,629
70,1873,756
12,2085,6058,568
12,7369,204
13,8538,8323,030
69,44218,9031,0023,814
5,70512,91813,8273,677
152,088
77,9484,537
13,1485,869
9,52613,92310,03515,2419,3323,367
74,14020,117
1,0464,1956,067
13,92713,9654,042
11,53825,88621,08911,34213,45368,780
5,14523,95120,8753,076
233,547154,09779,450
232,294
154,0435,666
20,09311,039
19,44337,27221,03630,3717,8698.043
1.40
1.541.960.640.860.46
1.080.430.170.49
1.391.981.09
1.151.580.78
'1.64'1.91'1.39'1.39
7,5507,395
153,732
79,1163,858
12,9445,9229,570
14,65910,61716,27410,2243,485
74,61620,391
1,0614,258
5,96913,83714,5683,930
152,888
79,1594,215
12,8495,864
9,77214,31310,47115,8609,8763,613
73,72920,175
1,1444,3235,857
13,50814,3493,854
11,64225,96621,90711,85313,09867,742
5,17424,65221,3993,253
236,758156,47080,288
235,096
155,3145,758
20,38211,336
19,49037,50221,41330,6307,8018128
1.44
1.592.070.660.910.49
1.100.430.170.50
1.432.151.09
1.161.640.76
'1.68'1.98'1.43'1.41
8,1527,677
157,049
80,8973,999
13,3556,4779,693
15,28610,77816,3689,9383,719
76,15220,942
1,0194,441
6,03214,76614,5783,879
150,081
75,9253,898
12,1995,757
9,40214,04610,35214,9628,8313,643
74,15620,364
1,0414,1725,863
13,07914,8493,645
11,15626,09221,90410,54112,00768,381
4,89124,74121,3523,389
239,837158,72181,116
238,522
157,1275,987
20,38711,151
19,65937,60921,62031,447
7,8278.237
1.51
1.692.210.710.980.53
1.150.450.180.52
1.472.301.11
1.211.800.75
'1.75'2.08'1.47'1.45
8,0477,842
146,692
74,4644,010
12,1335,6819,334
13,7689,909
14,9598,7243,217
72,22819,0351,1754,193
5,92113,99114,1163,695
143,596
72,2073,944
11,3335,385
9,13413,3749,878
14,2768,2323,262
71,38919,1041,2034,1785,834
13,03114,2133,519
10,67125,07021,1079,784
11,64365,321
4,72423,91120,6253,286
243,705161,30682,399
242,540
159,8776,073
20,78911,472
19,74738,62421,99932,1218,0198.296
1.52
1.722.310.731.030.55
1.150.450.180.52
1.472.301.12
1.221.860.74
'1.77'2.12'1.48'1.46
7,4807,315
143,186
71,2963,946
10,9855,0028,719
13,7149,838
13,9227,7723,318
71,89020,013
1,1454,067
5,74213,15014,4853,404
141,515
69,4433,808
10,2684,675
8,44113,53810,04813,2997,2593,334
72,07220,116
1,1293,9925,649
12,70114,7513,311
10,56626,15121,6818,758
10,79363,566
4,61624,20220,7623,440
244,901162,27582,626
243,402
160,6076,089
21,97911,726
19,81639,07921,92432,202
7,7758.351
1.52
1.722.320.731.040.56
1.150.450.180.53
1.442.221.10
1.221.810.77
'1.76'2.12'1.46'1.46
8,2787,543
149,249
74,8804,208
10,6744,7409,095
14,99910,50014,3098,0593,574
74,36920,864
1,0654,190
6,08113,26314,8293,603
141,573
69,0563,7989,7914,293
8,40613,8229,893
12,9587,2313,348
72,51720,589
1,0123,9545,756
12,50214,7603,406
10,72426,70821,5108,767
11,11062,754
4,58824,06320,6283,435
243,494161,08782,407
243,630
160,4046,141
20,88411,751
19,45138,94021,86132,6887,4858.393
1.48
1.682220.690.940.53
1.140.440.170.52
1.422.051.11
1.181.770.74
'1.74'2.08'1.44'1.45
7,5558,521
134,602
65,2603,9549,4154,1178,082
12,6808,971
12,4536,8423,091
69,34219,8431,1873,397
5,52111,82314,1043,281
145,678
72,5444,063
10,2584,352
8,65913,94510,06714,9328,8563,375
73,13420,898
1,2054,0275,845
12,86913,9603,611
10,94927,12321,86710,33211,81963,339
4,82424,49621,0433,453
242,990160,64682,344
244,105
160,8756,079
20,84111,539
19,13439,33922,07932,951
7,2388.425
1.47
1.662.240.681.010.54
1.110.420.170.51
1.412.111.09
1.181.790.74
'1.74'2.08'1.43'1.46
7,2767,983
144,426
69,2494,249
10,2534,5318,984
12,82910,06211,7596,4463,541
75,17721,897
1,2163,944
5,97312,75814,396• 3,775
146,643
72,0573,930
10,6044,642
8,80113,56010,28314,3048,6413,536
74,58622,110
1,1923,9385,794
13,09914,3143,753
10,65528,15921,26710,47211,71064,380
4,69923,69320,3693,324
242,763160,80781,956
243,517
161,0815,993
20,58811,423
18,98039,25522,01233,505
7,2648.404
1.43
1.592.100.640.960.50
1.090.420.170.50
1.412.021.12
1.151.720.73
'1.69'1.99'1.43'1.43
9,0259,270
158,671
79,9214,590
11,4205,2179,796
14,90310,95516,0799,3713,807
78,75022,790
1,1374,211
6,24114,24714,4403,826
152,764
76,5714,288
11,3225,227
9,43214,59410,39215,3398,7463,552
76,19322,178
1,1453,9596,152
13,73114,3653,724
11,18628,57323,16610,63512,46366,741
4,97825,68021,8823,798
241,441159,17782,264
243,615
160,6915,920
20,18711,045
18,86339,10722,09533,950
7,4018.290
1.40
1.552.020.610.920.49
1.070.410.160.49
1.422.061.12
1.121.660.73
'1.68'1.96'1.45'1.40
9,2168,941
162,189
82,7214,640
11,7775,603
10,31014,82511,22917,66211,1913,771
79,46822,672
1,2904,303
6,16013,97714,8773,992
156,697
79,4974,285
11,7975,776
9,90114,74910,74716,4339,9363,620
77,20021,825
1,2314,0276,055
14,16115,0383,796
11,64927,96222,76511,83913,26669,216
5,21225,61821,8423,776
241,622158,49783,125
242,876
160,1375,976
20,05510,850
18,59238,58222,14034,290
7,0708.353
1.39
'1.55'2.020.610.920.48
1.070.410.160.49
1.391.99
'1.10
1.12'1.65'0.73
'1.67'1.96'1.41'1.40
9,4769,311
'156,659
'78,679'4,331
'11,515'5,733'9,742
'13,997'10,952'16,538'10,144
3,759
'77,980'22,427'1,206'4,138
'5,926'13,359'15,565'3,694
'157,722
'79,741'4,383
'12,284'6,286
'9,944'14,650'10,813'16,117'9,6793,629
'77,981'22,115'1,171'4,060'6,005
'14,121'15,590'3,810
'11,406'27,911'22,894'11,599'13,370'70,542
'4,998'25,716'21,858'3,858
'242,730'159,260'83,470
'244,090
'160,977'5,994
'20,148'10,854
'18,917'38,691'22,107'34,541'7,167'8,448
1.38
1.552.040.620.940.48
1.050.410.160.48
1.361.981.08
1.091.630.69
1.671.981.431.35
9,7769,390
151,674
75,5094,005
11,2845,8269,493
14,82510,17714,8278,3883,730
76,16522,421
1,2933,815
5,63613,54515,8643,308
158,517
79,4614,610
12,5656,643
10,13814,63610,18015,6409,4943,753
79,05622,610
1,2773,9866,112
14,77315,4733,655
11,45928,82222,60311,47713,60770,549
4,97725,15521,4283,727
244,423160,30784,116
245,194
161,9186,009
20,18110,873
19,03938,51722,18135,4127,2638,424
See footnotes at end of tables.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-5
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
GENERAL BUSINESS INDICATORS—ContinuedMANUFACTURERS' SALES, INVENTORIES,
AND ORDERS t— Continued
Inventories, end of year or month t — ContinuedBook value (seasonally adjusted) t— Continued
By industry group— ContinuedDurable goods industries — Continued
By stage of fabrication: tMaterials and supplies mil. $..
Primary metals doMachinery, except electrical do....Electrical machinery do....Transportation equipment do....
Work in process # doPrimary metals do..Machinery except electrical doElectrical machinery do....Transportation equipment . do
Finished goods $ do....Primary metals doMachinery except electrical .. do .Electrical machinery do....Transportation equipment do....
Nondurable goods industries, total # do....Food and kindred products do....Tobacco products do....Textile mill products do....Paper and allied products do....Chemicals and allied products do....Petroleum and coal products do....Rubber and plastics products do....
By stage of fabrication:Materials and supplies do....Work in process doFinished goods do....
By market category: tHome goods and apparel mil $Consumer staples do....Equip, and defense prod., exc. auto do....Automotive equipment do....Construction materials and supplies do....Other materials and supplies do....
Supplementary series:Household durables doCapital goods industries do....
Nondefense doDefense do
New orders, net (not seas, adj.), total t do....Durable goods industries, total do....Nondurable goods industries, total do....
New orders, net (seas, adj.), total t do....By industry group:
Durable goods industries, total do....Primary metals do
Blast furnaces, steel mills do....Nonferrous and other primary met do....
Fabricated metal products do....Machinery, except electrical do....Electrical machinery do .Transportation equipment do....
Aircraft, missiles, and parts do....
Nondurable goods industries, total do....Industries with unfilled orders $ do....Industries without unfilled orders fl do....
By market category: tHome goods and apparel doConsumer staples doEquip, and defense prod., excl. auto do....Automotive equipment do....Construction materials and supplies do....Other materials and supplies do....
Supplementary series:Household durables do....Capital goods industries do....
Nondefense doDefense do
Unfilled orders, end of year or month (unadjusted),total t niil $
Durable goods industries total doNondur. goods ind. with unfilled orders $ do....
Unfilled orders, end of year or month (seasonallyadjusted) total t mil $
By industry group:Durable goods industries total $ do
Primary metals. do ...Blast furnaces steel mills doNonferrous and other primary met do....
Fabricated metal products do....Machinery, except electrical do....Electrical machinery do....Transportation equipment do
Aircraft, missiles, and parts do....
Nondur. goods ind. with unfilled orders $ .. do....
By market category: tHome goods, apparel, consumer staples do....Equip, and defense prod., incl. auto do....Construction materials and supplies do....Other materials and supplies do....
Supplementary series:Household durables doCapital goods industries do....
Nondefense do....Defense do....
241,48026,53328,67024,95227,006
255,52326,320
2 14,29827,883
214,091232,454
25,02228,04524,24723,054
268,878217,298
23,60225,66425,889
2 15,43925,35924,629
226,7192 10,729231,430
217,010226,542250,369210,111217,116277,186
28,701255,444248,274
27,170
1,541,8612841,7392700,121
31,541,8612841,7392 128,002
265,307249,500299,016
2 142,8632103,2162210,419
253,5032700,1212 153,7952546,326
2114,5472268,2642226,2052155,9102131,3842645,552
251,4562261,4002219,693
241,706
2237,1342226,975
210,159
2238,6522228,181
226,738217,179
27,443226,094253,037230,427280,910256,098210,471
24,1082 134,669
220,195279,680
23,3472 147,7872104,225
243.563
48,8577,411
10,7325,9368,351
66,8377,013
16,95210,06417,832
35,9945,3798,9404,5983,733
76,56920,3973,5035,8446,795
16,9826,5814,777
30,25711,77434,538
17,58429,74961,62110,34719,64689,311
9,18068,64059,1789,462
1,732,015926,580805,435
31,732,015
926,580142,88269,12159,802
111,622163,304115,785216,52365,796
805,435172,569632,866
126,005298,939258,447149,571149,383749,670
55,939299,216259,72139,495
277,153265,77711,376
278,846
267,07129,60717,6909,295
28,25758,72935,552
102,74777,893
11,775
4,538154,69120,77298,845
3,408179,055131,56347.492
48,8577,411
10,7325,9368,351
66,8377,013
16,95210,06417,832
35,9945,3798,9404,5983,733
76,56920,3973,5035,8446,795
16,9826,5814,777
30,25711,77434,538
17,58429,74961,62110,34719,64689,311
9,18068,64059,1789,462
142,08673,10668,980
149,232
77,19911,5025,1145,230
9,68514,01610,06016,9706,019
72,03314,49957,534
11,03126,49223,27210,87012,86964,699
4,67026,07222,2853,787
277,153265,777
11,376
279,710
267,87929,96218,0079,334
28,38258,77935,631
102,90677,929
11,831
4,630154,99920,91099,171
3,475179,310131,81947.492
49,6277,802
10,7856,0348,082
67,9516,825
17,24510,17318,688
36,4655,4669,2424,8293,601
78,25120,2503,5415,9196,906
17,8756,9334,880
30,87312,06535,313
17,80129,73863,04910,24819,51491,944
9,24870,25260,6609,592
145,94376,23269,711
155,588
81,46713,5335,7766,432
9,09215,24910,62616,4485,643
74,12115,64058,481
11,54025,88623,83711,00212,93270,391
5,24727,21123,8593,352
283,465271,821
11,644
283,211
271,39930,34917,9159,708
27,94860,10536,219
104,11679,784
11,812
4,632157,40620,388
100,785
3,577182,569134,80047.769
50,2487,971
10,9946,1348,161
68,3976,869
17,26410,38518,772
36,6695,5429,2444,8943,697
79,78220,5053,5065,9627,156
18,4297,2974,840
31,41812,26936,095
17,83830,09063,71610,11419,57293,766
9,23471,10661,4889,619
156,94282,23074,712
154,602
81,02113,0865,8935,956
10,22414,24711,44016,0054,387
73,58115,07158,510
11,68725,97822,07611,96313,25069,649
5,24425,16121,4803,680
286,671274,931
11,740
284,924
273,26330,58617,9449,844
28,40060,04137,190
104,25780,298
11,661
4,689157,68420,541
102,010
3,648183,077134,88148.196
50,3477,919
10,9636,2228,501
69,5856,936
17,45110,51819,155
37,1955,5329,1954,8803,791
81,39520,4313,5066,0967,296
18,6778,0624,954
31,96712,68736,741
18,16830,42064,71810,18320,16694,867
9,31172,17762,10210,075
159,14582,64276,503
152,065
77,54611,1415,1624,830
9,73814,00011,10916,3455,558
74,51915,59458,925
11,14526,13223,59710,23712,23768,717
4,92327,18422,5904,594
288,770276,676
12,094
286,907
274,88429,52817,3499,397
28,73759,99437,944
105,64281,804
12,023
4,717159,07320,771
102,346
3,680185,519136,11849.401
51,0868,049
11,2146,2898,709
70,5947,141
17,73610,63119,477
38,1975,5999,6745,0793,935
82,66320,2923,4756,1437,416
19,2748,3885,098
32,32212,77437,567
18,41930,41866,20510,42820,16596,905
9,49573,74163,46410,277
146,49074,45272,038
143,313
72,4169,6804,1244,649
8,86211,65110,73717,5108,576
70,89714,70256,195
10,57025,10523,1868,948
11,45264,052
4,71327,11022,1624,948
288,564276,660
11,904
286,629
275,09827,87616,0889,178
28,46458,27038,808
108,87686,099
11,531
4,652160,31420,581
101,082
3,670188,718137,65751.061
50,6658,213
10,0356,2158,642
71,4117,315
17,93110,66219,644
38,5315,451
10,1135,0473,916
82,79520,1023,5056,1497,479
19,4518,3844,986
32,40612,70837,681
18,41330,35167,18010,01920,09597,344
9,39774,66864,21710,451
138,92467,66371,261
138,920
67,3288,3733,3564,368
8,33312,70110,02214,3206,188
71,59214,45657,136
10,28326,13522,3078,348
10,83861,009
4,41724,86819,5895,279
284,306273,032
11,274
284,033
272,98125,98214,7708,911
28,35657,43238,782
109,89687,994
11,052
4,355160,53020,62698,522
3,471189,384136,48252.902
50,1778,194
11,1146,1718,321
71,8917,398
17,71610,72920,469
38,3365,292
10,1104,9613,898
83,22620,2723,5296,0857,598
19,3308,7634,817
32,33812,61138,277
18,28630,41867,8199,647
19,95497,506
9,26775,37064,78210,588
145,56671,70073,866
138,582
66,4548,9473,8814,250
8,07613,0859,941
12,6724,810
72,12814,58257,546
10,61326,71220,8028,359
10,90661,190
4,50323,50019,9543,546
280,616269,847
10,769
281,044
270,38325,13914,3588,591
28,02756,69538,830
109,61188,827
10,661
4,247159,41220,42396,962
3,387188,821135,81053.011
50,0328,300
11,1236,1938,404
71,1267,232
17,86710,91520,524
38,7175,309
10,3494,9714,023
83,23020,8303,6185,9407,442
18,9648,8854,769
32,31412,63438,282
18,00831,01868,8249,347
19,82797,081
9,13276,56965,66110,908
136,33867,19169,147
147,104
74,22810,8114,7215,290
8,62114,1779,677
16,3625,682
72,87615,09957,777
10,88027,10721,72810,44411,66565,031
4,72825,97421,6084,366
282,354271,780
10,574
282,463
272,06225,69214,7278,874
27,98756,92638,437
111,04290,247
10,401
4,159159,38420,26998,651
3,288190,296136,37453.922
49,1368,124
11,1086,1637,817
73,1137,184
17,91610,99521,489
38,8325,280
10,2314,8544,199
82,43621,8673,5755,8507,550
18,5178,8114,520
31,46112,62038,355
17,98530,97869,2959,262
19,70796,290
9,16076,95665,77911,177
144,11968,83275,287
147,180
72,22911,4125,6444,854
8,52212,93110,79014,1753,794
74,95115,37059,581
10,74428,16821,72210,20511,50464,837
4,78923,88619,3714,515
282,047271,364
10,683
282,997
272,23126,49915,7288,706
27,70656,29438,947
110,91390,178
10,766
4,260159,57020,06399,104
3,381190,487135,37555.112
49,0078,090
10,9986,1667,770
73,2096,919
17,70611,09022,149
38,4755,178
10,4034,8394,031
82,92421,3373,7225,8767,475
18,4898,8944,470
31,91812,72538,281
17,84531,07169,2139,347
19.64996,490
9,05877,40166,09111,310
159,88681,06078,826
155,262
78,96012,5546,2555,292
8,90314,8179,977
17,4875,272
76,30215,87960,423
11,05128,56925,04910,85412,28167,458
4,83027,31820,8606,458
283,255272,495
10,760
285,497
274,62227,73116,7568,892
27,17856,51938,534
113,05890,632
10,875
4,120161,67019,88399,824
3,233192,126134,35557.771
48,7228,018
10,9436,1427,725
73,0376,796
17,40711,20822,448
38,3785,241
10,2324,7904,117
82,73921,5273,7235,9757,443
18,3588,4954,488
32,13912,55138,049
17,88231,31769,6159,981
19,49195,590
9,01477,80566,15811,647
165,76286,22879,534
r!58,054
80,69313,7457,1835,478
10,12114,80611,09815,0073,286
77,36115,80761,554
11,53527,94722,51412,07313,55270,433
5,08124,52620,6183,908
286,830276,003
10,827
286,849
275,81329,68018,1639,427
27,39656,57338,884
111,63389,150
11,036
3,988161,65220,168
101,041
3,100191,031133,12757.904
'48,841r7,906
r!0,990'6,081r7,929
'73,733'6,989
17,481rl 1,244'22,663r38,403
r5,25310,220
4,782r3,949
'83,113r21,756'3,771'6,068'7,473
18,610'8,333'4,393
'32,14212,560'38,411
17,880'31,773'69,813'9,073
19,704'95,847
'9,002'78,117'66,28411,833
155,859'78,070'77,789
158,775
'81,04713,029'7,071'4,872
'9,88414,82211,45915,957'4,624
'77,72815,469'62,259
11,359'27,897'23,12111,76013,158'71,480
'4,873'26,302'21,849'4,453
'286,027'275,39310,634
'287,907
'277,124'30,42518,948'9,394
'27,338'56,747'39,531111,473'89,089
10,783
'3,928162,04319,957101,979
'2,975191,621133,120'58.501
49,1138,025
10,7656,0378,299
74,4596,921
17,60711,37423,087
38,3465,235
10,1454,7704,026
83,27621,3603,6936,2017,499
18,8718,3914,445
32,74012,98237,554
18,10531,57570,4359,081
19,82696,172
9,12278,74666,63812,108
154,45478,24776,207
161,811
82,47112,8116,7704,886
10,49614,93710,38517,2255,017
79,34015,95663,384
11,49428,83724,76811,58113,72471,407
5,01727,34221,6285,714
288,811278,136
10,675
291,202
280,13530,67119,0759,486
27,69657,04839,737
113,05889,637
11,067
3,976164,31320,074
102,839
3,013193,809133,32160.488
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-6 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownhi the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
GENERAL BUSINESS INDICATORS—ContinuedBUSINESS INCORPORATIONS t
New incorporations (50 States and Dist. Col.):Unadjusted number-Seasonally adjusted .... do...
INDUSTRIAL AND COMMERCIALFAILURES *
Failures total numberCommercial service do....Construction do
Retail trade doWholesale trade do
Liabilities (current) total thous $Commercial service .... do
Manufacturing and mining doRetail trade . doWholesale trade do
Failure annual rate (seasonally adjusted)No per 10 000 concerns
478,019
6619773
120410132889
740
2 656 006325,681328 378878 727777,450345 770
*239
524 565
7564930
13781 1653,183
908
2 667 362347,749291,323970 178636,859421 253
*278
41,16743579
509688269
22070
138 01528,94616,9092882139,68723652
249
47,01644447
72998
12296
33281
243 14935,19130,4204376384,13649639
309
41,56944583
67768
14999
29170
190 7889,407
37 1707213154,36917711
275
45,00742615
92512019213538197
274,23821,97347,810
11901060,33225,113
362
44,47942461
1068143214143437131
428 15029,986
134,025126 68896,31741 134
422
43,43641,974
975130202128405110
381 14635,12984,405
120 03878,18363391
393
41,42039,746
1,094143210139483119
436,68032,913
130,69180,461
123,58969,026
48.7
46,15144,058
1,141154215164492116
445,69343,61049,079
178,37384,81189,820
52.0
41,86543266
1,009126221160400102
345,40846,13360,678
108,23181,87048,496
45.4
44,92346,488
926121190134363118
1,002,94426,84241,318
804,39056,49173,903
45.0
49,02347225
1,323211282147532151
359,24250,28859,971
106,53986,84955,595
56.8
39,69143,834
COMMODITY PRICESPRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products 1910-14=100..
Crops # . . . . . d oCommercial vegetables do....Cotton do. .Feed grains and hay doFood grains . do....Fruit . doTobacco do....
livestock and products # doDairy products do....Meat animals .... do....Poultry and eggs do
Prices paid:All commodities and services do....
Production items doAll commodities and services, interest, taxes, and
wage rates (parity index) 1910-14=100..
Parity ratio § do....
CONSUMER PRICES H(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS ANDCLERICAL WORKERS, REVISED(CPI-W) H 1967=100..
ALL ITEMS, ALL URBAN CONSUMERS(CPI-U) H 1967 - 100Special group indexes:
All items less shelter doAll items less food .... do .All items less medical care do....Commodities do
Nondurables do....Nondurables less food do....
Durables doCommodities less food doServices do....
Services less rent do....
Food # doFood at home * do....
Housing doShelter # do
Rent do....Homeownership do....
Fuel and utilities # do....Fuel oil and coal doGas (piped) and electricity do....
Houshold furnishings and operation do....
Apparel and upkeep . . .. do . .Transportation do....
Private .... do .New cars doUsed cars do
Public doMedical care .. do
Seasonally Adjusted t
All items, percent change from previous monthCommodities 1967= 100..Commodities less food do....Food .. do
Food at home do....
Apparel and upkeep do
Transportation doPrivate do....
New cars do
Services . do
See footnotes at end of tables.
524
456522466320336508
1,061
595647757242
639628
746
70
195.3
1954
1913191.2194.0187 1192.0174.317391747210.9219.4
2114210.2
220282104
3 164.0227.2
4216.052983232.6
2177.7
159.6185.5185.01538186518782194
r602r501548490360403'534
1,148
708736938252
725r722
'85071
217.7
2174
2108213.0216.12084215.9198.7191.1195 1234.2244.9
2345232.922762397176.0262.4239.3403 1257.8190.3
166.6212.021231660201020032397
'597
'498515506
'366'435'496
1,197
701783897262
758'752
'885
'67
230.0
2299
2206226.4228.62194228.2215.2199.82072249.3261.6
2417238.7
24362594182.9286.9255.14880270.8195.8
1722227.722751717198222302507
12220.4207.32448242.3
1708
2283228.31695
2495
'592
'496'500'520'374431
'4401,199
692783887251
770'770
'917
65
233.3
2332
2234229.9231.92224232.0220.520132104253.1266.1
2438240.624732640184.1292.5258.65140273.0196.9
171.0233.5233.51739197222682539
14223.5211.52448241.8
1724
235323541718
2529
'598
'497'487'562'368441'458
1,188
702783921230
780'778
'926
65
236.5
2364
2266233.5235.02252236.3227.3202 12138256.8270.2
2449241.3
25052672185.6296.3263.85391278.8199.0
1719239.623981753195322952579
14226.121522447240.9
173 5
242024231739
2568
'585
'496'542'547'367431
'4671,204
679111876233
791'789
'937
'62
239.9
2398
2296237.1238.42280240.3232.620302167261.3275.4
2473243.6
254.52716186.6302.0268.05534284.0201.3
176.0243.724401750195223212602
1.4228.8217.9247 1243.5
1770
246224651745
2616
'563
'491'584'534'366425
'4591,206
637111803219
790'784
'937
60
242.6
2425
2317239.9241.1229.9242.2234.6204.9218.6265.3280.0
249.1245.3
257.92760187.0307.7270.5556.4288.0203.0
177.3246.8247.01770196723592620
0.9230.0219.02484244.5
1775
2476247.91770
2656
'570
'505'581'564'381434
'4721,210
637771810211
793'784
'940
61
245.1
2449
2334242.6243.6231.4243.2235.5207.1220.2269.2284.4
250.4246.5261.72802188.9312.9275.9556.0298.2204.2
177.5249.0249.21789199323952634
0.9230.8219.82492245.1
1772
2483248.41787
2698
'582
'513'555'530391428
'5201,210
653764839218
801'791
'948
61
247.8
247.6
234.9245.5246.4232.8244.5236.3208.6221.4274.2290.0
252.0248.0266.7286.3191.1320.4282.2558.7308.8205.5
177.2249.7249.71785200.72422264.7
1.0231.6220.42505246.0
1772
2477247.51789
2747
617
544'524'632423443
'4631,204
694771894255
809'799
'956
65
248.0
247.8
236.4245.1246.5234.1245.9236.6209.8222.2272.4287.6
254.8251.5
265.1282.9192.1315.4285.5560.4314.3206.2
176.2251.0250.51792203.42505266.6
'0.1233.0221.42529248.9
1779
2486248.01805
2725
'643
'568'555'676445455
'4441,204
721783932271
819'813
'967
'66
249.6
249.4
238.5246.3248.1236.7248.3237.8212.4224.2272.5287.4
258.7256.3
265.8283.3193.2315.4286.8561.5316.1207.2
178.6252.7251.6181 1206.42615268.4
'0.8235.8223.5257.5254.7
1790
2508249.71835
2723
653
'584'576'687458458482
1,291
724807921284
828'824
'97667
251.9
251.7
241.0248.6250.4239.0250.2239.3215.3226.6274.8289.8261.1258.9
267.7285.3195.1317.6288.2561.5318.4209.2
182.2254.7253.21817214.62710270.6
1.0238.7226.02616259.6
1813
2539252.41854
2743
'652
583'569636464482
'5101,235
722838907279
835'830
'982
66
254.1
253.9
242.1250.9252.6240.7251.0239.6218.1228.3277.9293.2
262.4260.0271.12904197.1323.8287.6558.7317.1210.1
183.9256.1254.5181922272736272 8
•1.0'6241.1"228.0'6264 4r6262.2r°182 1
"256 6"255.1"183 3
"277 9
660
'609'623'655478499'493
1,248
714856877288
'847'838
'990
67
256.4
256.2
243.6253.2254.9242.5252.4240.5220.6230.0280.9296.4
264.5262.1
273.8294.7198.3329.4285.7567.0310.5211.0
184.8259.0257.41843230.827702745
'1.1'243.5'230.0'2676'265.6
'1828
'2599'258.4'1835
'2815
'662
'613'640'683'489'498'438
1,331
'713'863'867297
'851'840
'994
'67
258.7
258.4
245.2255.5257.1243.8254.1242.0221.1231.0284.7300.7
266.4263.9
276.9298.5199.6334.2289.9585.3313.9211.6
183.9261.1259.41845234.42801275.8
1.0245.2231.32702268.0
1828
2624260.91833
2855
658
619671657504496430
1,296
696863846279
862852
1,016
65
260.7
260.5
247.6257.6259.2245.4256.9245.3221.0232.4287.7304.2
268.6265.6
279.1300.1200.9335.8296.76259318.5212.6
181 1264.726291853234028642795
07246.6233626982669
1825
267026531835
2880
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-7
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
COMMODITY PRICES—ContinuedPRODUCER PRICES §
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
Spot market prices, basic commodities:22 Commodities 1967—100
9 Foodstuffs do....13 Raw industrials do
All commodities doBy stage of processing:
Crude materials for further processing do....Intermediate materials, supplies, etc do....Finished goods # do. ..
Finished consumer goods do....Capital equipment do....
By durability of product:Durable goods do....Nondurable goods doTotal manufactures do....
Durable manufactures doNondurable manufactures do....
Farm prod., processed foods and feeds do....Farm products # do....
Fruits and vegetables, fresh and dried.... do....Grains doLive poultry do....Livestock do....
Foods and feeds processed # do....Beverages and beverage materials doCereal and bakery products do....Dairy products do.Fruits and vegetables, processed do....Meats, poultry, and fish do....
Industrial commodities do....
Chemicals and allied products # do....Agric. chemicals and chem. prod do....Chemicals industrial doDrugs and Pharmaceuticals do....Fats and oils inedible doPrepared paint do....
Fuels and related prod., and power # do....Coal . do....Electric power doGas fuels do....Petroleum products, refined do....
Furniture and household durables # do....Appliances, household do....Furniture, household do....Home electronic equipment do....
Hides skins, and leather products # doFootwear doHides and skins do....Leather do
Lumber and wood products do....Lumber do
Machinery and equipment # do....Agricultural machinery and equip do....Construction machinery and equip do....Electrical machinery and equip do....Metalworking machinery and equip do....
Metals and metal products # do....Heating equipment doIron and steel do....Nonferrous metals . do
Nonrnetallic mineral products # do....Clay prod., structural, excl. refrac do....Concrete products do....Gypsum products . do
Pulp paper, and allied products do....Paper do....
Rubber and plastics products do....Tires and tubes do
Textile products and apparel do....Synthetic fibers Dec. 1975=100..Processed yarns and threads do....
Finished fabrics do....Apparel 1967=100..Textile house furnishings do....
Transportation equipment # ....Dec. 1968=100..Motor vehicles and equip 1967—100..
Seasonally Adjusted $
Finished goods, percent change from previousmonth *
By stage of processing:Crude materials for further processing 1967—100Intermediate materials supplies, etc do....Finished goods # do
Food do....Finished goods exc foods do
Durable do....Nondurable .. . do....
Capital equipment do....
X234 1'239.2*2306
2093
'234.4'215.61959'194.91992
204.92119204.22047203.0
206.6212.5216.51825199.8220 1
202.62000190.31884202.6217.1
209.4
198.8198.42256148.131581923
322.543002506428.7321.0
160.4153.0173590.2
20001830360.52386276.03224
196.1213.1232.9164.9217.0
227.1174 4253.62078
222.8197.2214.0229 1195.6206.1174.81792
159.8109.6102.41186103.8152.4178.6
173.5176.0
'277 1X2556'2930
2356r274.3r243.2'2177r217.9r2165
226.92417228.8226 1231.1
229.8241.4229.02148194.32603
2225210721032112221.9242.0
236.5
222.3214.42640159.437672044
408.145092702544.1444.8
171.3160.9186391.3
2524218053543567300.43543
213.9232.1256.2178.9241.3
259.3187 1283.52617
248.6217.9244 12523219.0229.6194.32059
168.7119.0109.2127 1107.4160.4190.4
188.11905
286225543096
2497
'286.7'259.2'2300'231.3'2252
23702593242.62362249.0
234.6242.5210.7227919472525
2293221622362199222.6242.8
253 1
238.2232.92923164.4327 l2107
487.9458628706624555.2
177.91653194890.5
2492227944393248290.13395
223.4244.2268.8186.6254.6
273.6195629282919
259.6226.725322550231.7242.7205.9223 1
173 1124.7112.71323109.9162.6197.1
195.61982
'08
'2909'260.6'2304'2319'2334'22601925'254.9'224.8
287 124953162
2549
'287.8'266.2'2344'235.8'229 1
243.82632248.42429253.9
231.9236.4219.02146195.22478
2285224022542210222.9239.6
260.6
246.0241.93029166.53256223.3
508.045932905677.5583.3
183.4166.5197491.0
25572291468.83476290.03363
227.6248.4276.0190.6258.9
284.61995297.43263
268.4229.626542554237.4245.5207.82251
175.2127.0114.61327110.5165.5199.0
198.7200.7
1.6
'288.8'267.3'234.2'2358232.0
'2325198.9'261.4'228.2
294 125723225
2602
'298.5'271.9'2377'239.72305
247 12702253.22457260.8
237.0242.3220.62233184.62572
2331224822992208223.3239.6
2659
248.7248.03079167.630222233
532.745962993716.6620.4
185.6168.7198591.2
25092280404.83403294.73414
230.2249.9278.3194.3261.8
288.92026300.33377
274.0231.026672622239.2247.2210.72316
176.5127.2118.01323111.1166.8199.7
198.2200.1
1.3
'295.1'272.0'237.3'2393'230.7'238.2'202.2'269.1230.0
285324503169
2619
'293.6'274.3'2400'242.22322
2466273 1255.22456265.2
234.9239.3218.5217918012518
2316225923182230223.7239.2
2686
252.8256.13133168.929992287
553.5461730557166659.0
185.7169.9198991.3
24682318348.73110294.93406
232.5252.0279.5196.5264.1
286.82026301.83214
276.5231.4269.12676242.6250.3212.72316
179.3129.1119.31368113.2168.0201.2
198.8200.7
1.1
'288.4'274.0'239.9'2421'232.9'2412'200.8'275.9'232.1
272523503019
2628
'286.2'275.7'242 1'243.72362
24772744257.02467267.9
229.3228.9223.2210817192305
2286227923242275224.6226.0
2713
259.8258.5322 1172.629822315
566.64652310 1730 1678.0
184.4171.1200391.4
24352319328.62976275.6310 1
236.4254.4284.2198.9270.2
284.42042307.22983
283.7235.0272.9264.0247.8253.5214.1231.8
181.2130.4122.1137.0114.5170.0201.6
203.2205.4
'0.8
'283.1'274.7'241.7'2433'229.8'2445'201.5'281.5'235.8
264 1244.42785
2642
'289.3'277.0'2434'245.2'2367
247.12776258.32467270.7
233.8233.5244.02190171.32333
233 12312234.72285225.4224.5
271.9
262.5258.53285172.82947238.8
572.1466.53165745.1680.9
185.4173.2203.092.0
240.72319289.7290.4272.1301.4
237.6256.4285.9199.9272.9
281.8204.0304.8289.7
284.0230.0275.2256.5249.2256.1215.0233.2
182.0133.2124.2136.5115.3170.2202.6
202.5204.5
'0.5
'286.1'276.4'242.8'2445'230.8'2458'201.7'283.6'236.6
2603250.02675
2656
'288.4'278.8'2449'246.8'237.8
248.72788259.8248.5271.7
234.3233.4233.52153166.62400
2339234323322295227.2226.6
273.5
262.8257.63295174.42558238.8
576.546663260749.2681.7
186.5175.5204.091.8
240.92319315.7284.4279.8313.0
239.2257.1287.6201.6275.4
281.9205.0303.4288.8
283.4230.1275.8257.1251.1257.9217.3235.6
183.0134.5122.81348115.8172.7202.7
203.1205.2
'0.8
'288.3'278.4'244.8'2466'232.1'2482'204.7'285.6'238.2
2746270.02776
2704
'304.3'281.6'249.3'251.7'240.6
251.22856263.0251.0275.9
246.6254.3252.02448227.22605
24152346234.7230 1229.8248.5
276.2
263.3258.73287175.72600238.8
585.5467.5331 1762.1693.9
188.0175.8206.591.7
245.12327356.6292.2289.2327.2
241.5258.6291.5203.7278.0
282.5206.2300.6292.6
284.8230.1275.9253.1251.7258.2218.8238.0
184.7136.0122.41357116.6174.4210.7
206.2208.6
1.7
'303.6'281.0'249.0'2512'240.6'2508'207.7'287.8'241.1
28872837292 1
2738
'317.0'284.3'251.4'254.1'241.9
253.12903265.7252.7279.5
255.1263.8254.02565224.52757
249.4237 1235.82326230.7259.9
278.2
264.4260.03300176.13076238.8
590.6468.73336772.6697.6
188.9176.3208.091.3
251.32337398.43142296.1333.7
242.6259.9293.4205.0278.8
285.1208.0302.6298.4
286.0229.7276.0251.8252.4258.6220.5238.0
185.6137.5123.2137.5116.8175.1211.0
208.8211.7
1.2
'317.5'283.7'252.0'254.3'247.0'2523'209.4'289.1'243.6
2928284.82983
'2746
'319.3'285.3'2514'254.1'241.8
'253.7'2912'265.8'253 1'279.5
'256.5'267.0266.02606241.0266.8
249.8'236 1'238.3234.1231.9
'257.8
'278.8
'263.4'260.63262
176.8304.5239.6
'593.5472.1338.6
'786.2'696.4
189.5176.2206.689.1
247.8235.7356.1300.2
'292.2'328.0
'244.7262.5295.0206.0280.2
'287.3208.8
'304.5'302.2
'286.8230.2277.5251.8
'252.8258.9
'222.0239.9
186.6139.3123.4139.2116.8174.7217.1
'204.4'205.6
'0.3
'321.8'285.2'252.7'255.1'248.3'252.8'209.1'290.3'243.9
2966290.3300.8
277.0
'322.6'286.9'254.7'256.5'248.1
257.2292.7268.8256.5281.8
258.8263.4240.42692222.9263.0
255.42367241.3238.4234.5255.8
281.2
264.6260.0329.0178.3302.0239.6
592.5471.0337.6801.1689.6
189.1176.6207.788.9
236.8381.5
288.7319.2
246.4262.8298.4207.0282.2
290.4210.0310.4303.9
287.8233.4276.9249.5254.4262.5222.7244.7
187.8140.9124.2142.5118.2175.5218.0
215.8217.8
'0.7
'326.9'286.8'254.5'256.5'249.5'254.3'211.3'291.2'247.0
2984289.43047
278.4
'323.2'288.6'255.6'257.4'248.9
257.8294.8270.1257.1283.9
260.1264.9246.42709221.02548
256.5238 1245.42406235.2250.8
282.7
266.9260.43334181.13082241.7
597.6475.7332.0826.5696.8
190.4177.2209.191.1
255.5237.7409.1317.3293.4325.0
247.7266.1299.7207.4283.7
290.7211.2312.5301.0
288.4233.6277.6253.3255.5264.4223.0244.7
189.3141.4124.9144.3119.0176.0218.0
216.0218.0
'0.7
'329.2'289.8'256.3'258.4'250.3'256.7'212.5'294.7'248.4
2877272.62984
2803
'320.8'291.7'256.9'258.6'250.8
260.8295.8271.9260.2284.2
256.5265.3244.72652218.9251.4
250.8238 1248.52427237.1248.0
286.1
267.9262.83346181.83160241.7
611.7475.73379841.8716.3
192.3178.2210.491.0
256.6237.1392.8332.4299.4333.0
249.5269.5301.1208.9285.6
290.7212.6316.0294.4
290.7234.1277.8252.7257.4269.8223.5244.7
190.2141.5127.6143.3120.0177.0218.5
224.1225.9
'0.5
'325.3'293.3'257.5'259.4'250.5'258.0'212.4'297.2'250.6
281726772916
2835
321.3295.5259.8261.4253.9
261.9300.7276.4261.5292.5
257.3264.4257.7277.7213.1244.3
252.4240.4250.8245.2237.4248.8
289.9
273.6265.83428184.7310.6243.3
625.9477.5341.7857.9736.0
193.2181.0211.391.0
258.5238.6377.8332.6296.6331.6
252.7273.5304.9211.9289.3
293.6215.4322.8290.6
296.3240.0285.6259.6262.0271.0224.9240.5
192.4147.3129.2142.8121.5178.6223.9
226.4228.5
0.9
322.1296.8259.7261.5250.6261.1212.5302.3253.0
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-8 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
COMMODITY PRICES—ContinuedPRODUCER PRICES— Continued
(U.S. Department of Labor Indexes) — Continued
Seasonally Adjusted
By durability of product:Total manufactures 1967—100..
Durable manufactures doNondurable manufactures do
PURCHASING POWER OF THE DOLLAR
As measured by:Producer prices fl 1967 = $1.00..Consumer orices i do....
'0.5110.512
'0.4600.461
243.8237 12505
'0.4350.435
248.924292549
'0.4270.429
253.524572616
'0.4210.423
255.524542657
'0.4170.417
256.2246.22668
'0.4130.412
257.324622694
'0.4110.408
259.324852701
'0.4080.404
262.5251.32745
'0.4010.404
266.0253.02795
'0.3980.401
265.725282794
'0.3980.397
268.5255.72824
'0.3930.394
270.525742853
'0.3910.390
273.3261.22859
'0.3890.387
(2)(2)(2)
0.3850.384
CONSTRUCTION AND REAL ESTATECONSTRUCTION PUT IN PLACE @
New construction (unadjusted), total mil. $..
Private total # doResidential do....
New housing units do
Nonresidential buildings, except farm andpublic utilities total # mil $
Industrial do...Commercial do
Public utilities:Telephone and telegraph do
Public, total # do. ..
Buildings (excluding military) # do....Housing and redevelopment doIndustrial do....
Military facilities doHighways and streets do....
New construction (seasonally adjusted at annualrates), total bil. $..
Private, total # do
Residential doNew housing units do....
Nonresidential buildings, except farm andpublic utilities, total # bil. $..
Industrial . d oCommercial do
Public utilities:Telephone and telegraph do
Public total # do
Buildings (excluding military) # . doHousing and redevelopment doIndustrial do
Military facilities doHighways and streets do
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F.W. DodgeDivision, McGraw-Hill):
Valuation total mil. $..Index (mo. data seas, adj.) tt 1972-100..
Public ownership mil $Private ownership doBy type of building:
Nonresidential doResidential do
Non-building construction doNew construction planning
(Engineering News-Record) § do....
HOUSING STARTS AND PERMITS
New housing units started:Unadjusted:
Total (private and public) thous..Privately owned do....
One-family structures do....
Seasonally adjusted at annual rates:Total privately owned @ @ . . . . do....
One-family structures @ @ do
New private housing units authorized by buildingpermits (16,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:Total thous
One-family structures . . do
Manufacturers' shipments of mobile homes(Manufacfactured Housing Institute):
Unadjusted thousSeasonally adjusted at annual rates do....
205,457
159 55693,42475808
362931099418565
5418
45,902
15,24110531,184
150210,712
159 930'174
39013120 917
450467494939935
112,069
2,023.32 020.31,433.3
18001 182
275 9
228,950
179 94899,03078587
472981495024924
6343
49003
15,85712111,411
164011,915
'168 4461186
'46 646'121 800
'50 206'74 557'43 683
135,004
1,749.11745 11,194.1
1552982
'277 4
18,923
15 16275475874
438813372382
580
3762
1,330119107
146737
244.0
1912
102 1785
53.6159294
70
529
1731 613
1 7129
'10 339183
'2844'7 495
'3428'4 173'2737
13,222
91891657.8
'1563'1 056
1 247776
'14 7'251
16,709
132156,7985234
39521 1422 167
483
3494
1,301115140
133567
259.6
198 1
105880.7
56.6158316
75
61 5
1761718
18169
11080190
3 4807 600
4 3524 1002628
17,164
73473 149.3
'1389'965
1 271780
'18 3'261
15,842
125386,2404687
381710942110
496
3304
1,269119103
131526
248.8
1917
101575 1
54.9157307
76
57 0
1821 714
1 5157
10394171
3 1347 260
3 6354 3372422
12,564
80679949.9
'1273'777
1 168'708
'18 9'274
17,003
133656,6864905
39691 1132209
557
3638
1,378133189
146574
237 1
1806
940684
52.3139299
70
5651851 92 1
1 9136
11286155
3 2877999
4 2724 5842 429
12,750
86 185 151.7
'1040'628
968556
'19 3'231
17,909
138696,8364731
42021,1062419
591
4040
1,483132151
146843
225.8
1715
83560.7
52.7136309
73
54 3
1831818
20144
11071130
3 7247 348
4 0634 3732635
12,397
96696261.5
'1044'650
789473
18 2'206
18,873
142126,9634695
43731,1742500
565
4,661
1,547132156155
1,186
218.9
1648
770552
52.914230 1
66
54 1
1851 518
1 7132
11 135125
3 5347 601
4 1354 4952 505
13,057
92.191764.9
'938'651
825495
'15 5'165
19,706
145686,9594753
45431,2742564
607
5 139
1,701141165
1491,497
215.0
1613
734519
52.9150296
68
53 7
1941618
17140
12425145
3 8678 558
4 86150922 471
8,900
1168116476.9
'1 184'760
1 078628
15 4'166
19,975
145227,1344993
43751,1532504
584
5,453
1,704148150
1741,590
214.3
1586
74352.2
49.413.3281
6.7
557
180161.8
20138
13466148
3 7839 684
4 81961052 542
9,642
1207120 185.6
'1277'867
1 236781
17 0'207
20,483
150547,5565405
45031,1872580
568
5,429
1,777129145
1971,488
215.1
162 1
78656.1
49.113.0280
6.3
53 1
19515162 3
113
15 146192
348811 657
431358974 936
8,997
1303129992.0
'1411'971
1 361857
200'208
21,156
154187,8765783
44731 1782529
596
5738
1,813139201
1761,637
223.7
1679
84460.8
49.013.1274
67
558
1941 424
1 7138
13077163
3 5599 518
4 41960692589
9,821
1393138395.0
'1482'1 032
1 564914
21 5'239
'21,127
'15 735'8,006'6061
46761,1782702
620
5,392
1,672157107
1581,644
'226.1
171 1
874'63.5
50.2130284
63
55 1
1881 61 4
2 1136
13886167
3 45910 428
50256 7852076
13,580
153.0152797.5
'1519'1009
1 333819
23 6'236
'20,048
'15 388'8,027'6 179
'4529'1 157'2586
532
'4660
'1,638'149'112
160'1,135
'231.6
'1778
'937'692
'51.1'134'289
63
'53 7
'1941 7
'1 4
1 9'124
13296210
33679929
500858472441
17,200
'1135'1129'71.2
'1550'1 019
1 355812
17 8'239
18,888
1477072065441
4 41312312444
4 117
1,594157174
157763
241.6
184597072.1
53.714.7300
57 1
2032022
1813.3
12513193
32389275
470955702 235
13,071
'962'957'56.5
'1 532'971
'1 235'743
16 0261
14,991
81580 946.4
1585941
1 231703
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-9
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1077 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
CONSTRUCTION AND REAL ESTATE—ContinuedCONSTRUCTION COST INDEXES
Dept. of Commerce composite 1972=100..
American Appraisal Co., The:Average, 30 cities 1913-100..
Atlanta do ..New York doSan Francisco do ...St Louis . .. . do
Boeckh indexes:Average, 20 cities: @
Apartments hotels office buildings 1972—100Commercial and factory buildings do....Residences do ..
Engineering News-Record:Building 1967= 100..Construction do....
Federal Highway Adm.— Highway construction:Composite (avg for year or qtr ) . 1967 — 100
CONSTRUCTION MATERIALS
Output indexes:Iron and steel products 1947-49=100..Lumber and wood products do....Portland cement do....
REAL ESTATE fl
Mortgage applications for new home construction:FHA net applications .. .... thous units
Seasonally adjusted annual rates do....
Requests for VA appraisals doSeasonally adjusted annual rates do....
Home mortgages insured or guaranteed by: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 loanassociations estimated total mil $ .
By purpose of loan:Home construction do ...Home purchase doAll other purposes do....
175.7
2,173232222222,2632071
1582164.31618
247.7258.4
2649
158.6196.6225.2
1188
1927
11 139 9714,470.40
32,670
110 294
224956838019,419
199.6
2,3572506243124982424
1705179.01766
269.32795
3083
165.6191.2225.2
1338
2161
18 166 7416,505.50
41,838
100 546
205836274017,223
208.0
24252600253426122289
282.62924
352 1
139.41523174.7
5992
130215
1 283 521,530.52
41,838
5372
1 1703 1871.015
211.4
2,4232594253126052284
178518821825
280.92915
82127
152208
2 085 531 956.35
41,733
4 116
9812316
819
215.4
24352606253526172289
280.72918
89118
166207
1 401 681,301.10
41,802
4 344
9282 544
872
216.0
243226002 53326102 286
179918931827
283.9294 1
3369
99117
157180
1 287 331 252.31
44,122
5723
1 1193 5471.057
216.3
241825612 51026092 261
282.62933
100109
149152
1 367 961 148 69
44,660
4581
9692 793
819
218.8
2,4302563250926072259
183 119171850
279.92922
123119
148165
92669848.02
43,366
3241
7061 848
687
222.6
2,5022672252826262367
284.12977
3602
109123
174197
91870740.56
42,364
4 130
9152374
841
223.7
2,5312726258027222383
187 819731857
289.03035
154165
223247
1 324 06817.14
41,473
5711
12383498
975
223.9
2,5512735258927322398
292.13076
156189
210246
1 506 58944.00
42,605
8339
155652081.575
224.3
2,5452,71725772,7172384
1926201.81888
292.43090
345 4
165189
203243
1 461 371 623 90
44,161
9500
18035 7081.989
2265
254727112 57527302395
292.53097
12 9139
19 8213
1 584 551 133 39
46,115
9336
188655521.898
2285
25562 7152 57927382399
194020321914
296.03125
96138
12 9189
1 242 931 135 18
47,322
r6574
1391r3 8211.362
230.2
256627232 58727442406
298.63143
3497
113161
113169
1 351 1495490
48,963
6693
1 41836411.634
'298.2'3139
74129
125
95533917.26
48,581
DOMESTIC TRADEADVERTISING
McCann-Erickson national advertising index,seasonally adjusted:
Combined index 1967 — 100Network TV do....Spot TV doMagazines do....Newspapers do
Magazine advertising (general and natl. farmmagazines):
Cost total mil. $..Apparel and accessories . doAutomotive, incl. accessories do. .Building materials doDrugs and toiletries do....Foods soft drinks confectionery . do
Houshold equip supplies furnishings doIndustrial materials . .. doSoaps cleansers etc doSmoking materials doAll other do....
Newspaper advertising expenditures (64 cities): $Total mil. $..
Automotive .. do ..Classified doFinancial doGeneral do....Retail do....
WHOLESALE TRADE
Durable goods establishments do
Merchant wholesalers inventories, book value,end of year or month (unadj ) total mil $
Durable goods establishments doNondurable goods establishments do
See footnotes at end of tables.
241269263209214
2,364.8858
220.8463
221.91867
19281488584374
20309628
6,665.81506
189242028827.1
3,592 9
754 105349 916404 189
809225164629276
274312293235246
2,671 1923
2237466
269.02007
236 11308699357
281 210852
7,529 01930
2201723689378
39598
883 334404 288479 046
r89 757r56 23033527
287341278249260
246076
20420
19318 1
35 1975922
288969
674 111 1
147622 1751
4182
753963251542881
899975647033527
289311300260278
172653
14317
154106
1205 14827
23677 1
6004167
1846286864
2842
77 1043357943525
914775726834 209
300338301263288
217.447
20.030
20.4197
15 2745823
23 195.9
636.5182
190020991.6
3160
757463394941 797
928545846334390
295332293266274
255710.024340
216195
19 51126 726
27 11092
7437173
213925 6
10443824
8059736 17044 427
937455946034285
297332342236270
261313220262
25.4188
20 31497 13 1
24 41077
669.4155
177730 0
10133449
793883530244086
934796045833021
302343339252261
266989
23965
283153
20 21656 632
24 81129
706.7159
1823259
103.03796
79 44934 21445235
935226171531807
311360329263276
234.459
20.150
24.9173
2291185822
24 394.2
695.214.7
188324996.5
370.8
777903461043 180
931126149331619
305341335243294
170853
12730
210152
137793409
21 3663
586.3129
172024372.1
3050
81 2563488246374
936126105332559
326370349280291
175.3788.429
23.6134
119794023
23 169.9
675.013.6
196816078.1
370.5
813973509146306
9521562,11933096
314363360253265
251.015912.052
27.8144
1671237433
256110.5
650.215.2
180821993.2
339.2
8571537 17348542
9630261,55334749
294330354227259
275.213024.346
25.9196
22 01467 23 1
249116.0
738.415.6
1838277
105.9405.4
9333640*20053 136
989696134637623
311511927.339
27.4294
2761847627
242131.2
r810.016.7
1853244
113.7469.9
r85 336r35 722r49 614
100 464'62,049r38 415
254.397
22.124
22.618.4
3691084514
234102.2
680.511.3
136.227976.6
428.5
918433785453989
9964862,52237 126
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-10 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
DOMESTIC TRADE—ContinuedRETAIL TRADE
All retail stores: tEstimated sales (unadj.), total t mil. $..
Durable goods stores $ doBuilding materials, hardware, garden supply,
and mobile home dealers # mil. $..Building materials and supply stores .. do....Hardware stores do
Automotive dealers $ doMotor vehicle dealers do.Auto and home supply stores do
Furniture, home furn., and equip # do....Furniture home furnishings stores doHousehold appliance, radio, TV do....
Nondurable goods stores doGeneral merch group stores . do
Department stores do.Variety stores do
Food stores doGrocery stores do
Gasoline service stations do
Apparel and accessory stores # do....
Wren's lothL™ ec stores furriers doShoe stores do
Eating and drinking places do....Drug and proprietary stores do....Liquor stores . do
Estimated sales (seas, adj.), total t do....
Durable goods stores # doBuilding materials, hardware, garden supply,
and mobile home dealers $ mil $Building materials and supply stores .. do. .Hardware stores do
Automotive dealers .... ... doMotor vehicle dealers doAuto and home supply stores do.
Furniture, home furn., and equip. # do....Furniture home furnishings stores doHousehold appliance radio TV do
Nondurable goods stores .. .. doGeneral merch. group stores do....
Department stores .. .... do...Variety stores do
Food stores doGrocery stores do....
Gasoline service stations do
Apparel and accessory stores $ . do....Men's and boys' clothing doWomen's clothing spec, stores, furriers do...,Shoe stores do
Eating and drinking places doDrug and proprietary stores doLiquor stores.... . .. . do. .
Estimated inventories, end of year or month: tBook value (unadjusted) total mil $
Durable goods stores # doBuilding materials and supply stores doAutomotive dealers doFurniture home furn and equip do
General merch 2rouo stores doDepartment stores do
Food stores do
Book value (seas adj ) total doDurable goods stores # do
Building materials and supply stores doAutomotive dealers doFurniture home furn and equip do
Nondurable goods stores $ doGeneral merch group stores do....
Department stores doFood stores . . . . . . .. do. .Apparel and accessory stores do
Firms with 11 or more stores:Estimated sales (unadjusted) total mil $
Durable goods stores doAuto and home supply stores do
Nondurable goods stores #... doGeneral merchandise group stores do
Department stores .. .... doVariety stores doMiscellaneous general stores do
See footnotes at end of tables.
800,890
281 491
45,89231,6457177
168 035153 917
14 188
36,71923 17510,476
519399101 240818507359
171 99716050659270
39,4138 127
147516387
69,14524,78713764
99342498158288
255307614
4952717 76613*160102098328
101 538501008651
25 1787699
5143819,43714336100988666
270 643
205463146
250097884047693458305640
886,047
308 156
52,23935,1028993
177 714161 27716437
41,8682672612,119
577 891110 233289,127
7914
191 326177 70371,894
43,0288 772
15 8027 127
75,13927,17415595
(*)
106 463527658678
26,6797835
536981924914265112508944
108 862530879058
263117930
5577521,0711553911 1289307
296 593
225683338
274 025959338385762585 gig
91,542
26785
4,0182,580
868
1273511,2661469
4,41425521,411
6475717 19613,9301283
17937164966,766
6,1311 410
2157853
6,6303,1271974
77,150
25943
44873,060
754
1461813 1921426
356822771022
5120796367700
679
16872156666752
3630'719
1324612
669023131395
106 463527658678
266797835
536981924914265112508944
108 862530879058
263117930
55775210711553911 1289307
36 190
2867295
3332315073130681 041
964
69,449
22707
3,4002,315
593
1336612,0551311
3,3172105
938
46,7426,8175,488
513
16,349152046,675
3,061604
1 112540
6,0232,3261,294
79,464
27268
4,6793,180
788
15,69114 1821,509
3,7332,3631068
52 1969,7097851
726
1699715,7397056
3,793696
1,420649
686024641460
105 028519288852
256587736
53 10019 25314*186109758 511
108 43652 1309088
25 1307910
5630621,4761583311,0979271
22164
1517244
2064758795 161
387331
69,575
23044
3,3352,195
577
13754125081246
3,2512086
906
46,5316,9115,571
517
16,146150026,702
2,796538
1046462
5,8712,3291,258
77,993
26369
4,3702,862
756
15,045135371,508
3,6202,3001016
51,6249,4267,674
682
1674915,5147285
3,671707
1,326608
663424391,425
106 677526149150
259907842
54063** 19*803
14*437109958 719
108 71752*2329 114
252098 010
564852136215641112089266
22209
1492230
2071759975245
405347
74,942
24366
3,6832,385
653
14444130601384
3,3922 176
945
5057683506,770
610
17 118158777,284
3,351614
1 254*599
6,4852,3641,301
76,534
24296
4,0762,698
716
13,488120701,418
3,51522181010
522389,2887,564
667
1722816,0057502
3,611674
1,401625
669224221,399
109 853536889374
26,3987949
56 16521 13215*476113019 119
109 09552*2769066
249988021
5681921,71215857112909248
24 933
1 682261
2325172866378
486422
74,209
23846
4,0492,623
747
1354211,9521590
3,3132 129
928
50,3638,6426,975
666
16,803155147,466
3,549645
1314667
6,6132,3991,297
75,011
22821
3,9022,620
703
12,251107191,532
3,4392,1421005
521909,2157,468
693
1737616,0777572
3,681678
1,405629
6,70024501,435
111 368540939465
26,2458 147
5727521 83916*003113429019
110 252524909136
247838 115
5776222,0151603511,3889 147
24983
1792302
2319175146559
523432
78,215
24445
4,4412,839
830
13,42211,8261,596
3,47821841,009
53,7709,5107,736
689
18,29916,9987,847
3,608691
1335628
7,0222,5091,425
74,587
22,537
3,9172,641
716
12,02510,5121,513
3,4782,1841009
52,0509,4737,721
694
17,09715,8567,531
3,723740
1,358634
6,52024991,412
110 536533339 183
25,6838139
572032172615,950113329136
109 837517928881
242528131
5804521,9001598211,3789342
26939
1938303
2500183027280
542480
76,442
24963
4,4232,917
768
1403912,4511588
3,3842 1371,015
51,4798,7457,116
635
17,212159078,088
3,383711
1203578
7,0112,4141,378
76,001
23,212
3,9142,604
706
12,61211,1071,505
3,4532,1351058
52,7899,3317,586
684
17,40016,1337,852
3,780763
1,364644
6,57724911,392
110 023526699 133
24,9438223
573542169915,937114759 144
109 768516458989
239618231
58 12321,93416 13111,4649398
25215
1887305
2332876426700
501441
78,937
26,284
4,4083,002
775
15,15913,4751,684
3,6252,2581,109
52,6538,6617,023
635
18,18916,8688,333
3,343633
1250552
7,1582,4331,429
78,287
25,076
3,9302,588
733
14,20312,5821,621
3,6152,2291,105
53,2119,4677,735
684
17,66016,3617,906
3,784758
1,397625
6,6032,5191,369
109,89051,5948,951
24,0498,048
582962199116,06811,5169436
110 78651,5318942
23,8588 121
59,25522,2811646311,6449,599
25841
1910313
23,93175466,616
500430
80,780
25492
4,4543,043
739
14,18412,5401,664
3,69523331,085
55,2889,6757,889
693
18,64517,3238,300
4,010767
1443693
7,4282,4751,452
78,770
24,821
3,9932,651
734
13,93812,3431,595
3,6202,2611,074
53,9499,8098,034
691
17,90616,5617,793
3,917835
1,424651
6,6382,5261,407
109,17549,9368976
22,1358,170
592392253216,503115679827
111 323523839076
245138203
5894022,1201635611,7559644
27678
1935306
25,74384777438
555484
76,650
24733
4,5873,189
740
13,49011,934
1,556
3,60322581,049
51,9178,9597,350
594
17,28116,0227,821
3,664683
1384664
6,8242,4221,305
80,087
25,868
4,2362,822
741
14,69613,1721,524
3,7192,3551,070
54,2199,5627,778
669
18,17916,8307,821
3,809796
1,384643
6,8312,5681,377
112,61350,0349001
21,8038,223
6257924 10517,6341178110560
112 84052,2389083
242808094
6060222,7521681011,8889925
25927
1904293
24,02378426,914
482446
82,997
26928
4,8333,372
798
15,01313,2811,732
3,8012,4021,092
56,06910,1448,255
687
18,38817,0798,078
4,026789
1,519693
7,0472,6011,377
80,609
25,591
4,2432,853
744
14,32912,7211,608
3,6542,3031,049
55,01810,0158,125
693
18,09516,7947,896
3,876803
1,397645
6,9292,6461,399
118,136'51,850
9050'22,900
8,482r66 286r26 035r!9,1081245510985
114 381'52,687
9197'24,414
8243r61,694'23,280'17 04512,153
9977
'28 491
'2057321
'26,434'8837'7,757
551529
'82,835
'25 369
'4,309'2,911
'761
13,25511,675
1,580
'4,022'2,5201,169
'57,46611,874'9,709
'736
18,02716,724'7,791
'4,288'900
'1,554'718
'6,694'2,5641,439
'82,125
'26,524
'4,455'2,961
'758
14,80213,222
1,580
'3,777'2,3531,109
'55,60110,175'8,327
'687
18,33816,979'7,926
'3,885'775
1,408'669
'6,937'2,6741,416
120,21953,3219,125
24,0248,360
668982631019,6221273111076
114 17052,8869302
24,5648093
6128423,1671704812,25310078
30028
2173301
27,855104439,108
610725
'99,293
'28 204
'4,1292,580
957
12 92211,248
1674
'4,86826891,581
'71,08918,48114,967
1,301
19,57917,937'8,165
'6,5471426
2317914
'7,006'3,6741,958
'82,362
'26,185
'4,4542,942
824
14,24112,6241,617
'3,8532,3611,125
'56,17710,201'8,224
691
18,58717,214'8,092
'3,892726
1,436658
'7,113'26881,418
'75,055
'22 724
'3,309
12873
'3,562
152,331'7,540'6,034
18,57717,278'7,982
'3,339
'6,458'2,628
'84,009
'26,936
'4,590
14,824
'3,936
'57,07310,417'8,357
'18,53317,124'8,402
'3,984
'7,224'2,729
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-ll
Unless otherwise stated in footnotes below, datathrough 1076 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
DOMESTIC TRADE—ContinuedRETAIL TRADE— Continued
Firms with 11 or more stores — ContinuedEstimated sales (unadjusted) — Continued
Nondurable goods stores— ContinuedFood stores mil $
Grocery stores do....
Apparel and accessory stores # do....Women's clothing, specialty stores,
furriers mil $Family clothing stores do....Shoe stores do
Eating places . do ...Drug stores and proprietary stores do....
Estimated sales (sea adj ) total # doAuto and home supply stores do....Department stores do ..Variety stores doGrocery stores . . . . . do .
Apparel and accessory stores do....Women's clothing spec stores furriers doShoe stores do....
Drug stores and proprietary stores do
All retail stores, accts, receivable, end of yr. or mo.:Total (unadjusted) mil. $..
Durable goods stores do. ..Nondurable goods stores do....
Charge accounts do....Installment accounts do....
Total (seasonally adjusted) do....Durable goods stores do....Nondurable goods stores do....
Charge accounts do ...Installment accounts do....
9273791,700
13,227
54643,2213129
1375811,971
37,3161090326,413
11,59925,717
34,84310,82324,020
1133123,512
102 496101,270
14,285
58763,4553420
1516513,720
40,3871139128,996
12,26828,119
37,43711,19426,243
1174325,694
96859,526
2,111
856557421
13221,736
26086281
7292530
8903
1210493284
1 148
40,3871139128,996
12,26828 119
37,43711 19426,243
1174325.694
87568,658
890
350204243
12141,150
26268296
7352565
8808
1245510318
1246
389601099027,970
11,74427216
38,0701146326,607
1195626.114
86078,497
861
354198219
12041,140
25799292
7205540
8724
1228504298
1234
379351073027,205
11,68326252
38,0631132126,742
11 91326.150
9 1269,016
1,117
464244300
13881,174
26056270
7 158531
9007
1 188497300
1215
36,9531045426,499
11,45825495
374521088826,564
11 41326.039
88908,775
1,196
491264332
13981211
25983285
6978548
9 150
1221530305
1245
365661091425652
1149325073
37 1081106626042
11 37525.733
97619,653
1,200
503282297
14571,286
26 198289
7280552
9047
1234507311
1294
362201083225388
1125024970
364341076325671
1092925.505
90038,897
1,107
450270269
14091,237
26443273
7 166547
9229
1222500298
1290
36 1571097325 184
11,37124786
365261079025736
11 25625.270
96089,497
1,068
467259242
14931260
26823298
7246546
9440
1263531303
1317
3604611 13824*908
1142624620
369721093826034
11 71625.256
98989,788
1,404
554347345
15671,292
27444298
7528558
9484
1312513319
1324
(2)(2)(2)
(2)(2)
(2)(2)
(2)
(2)
(2)
92099,105
1,227
496282325
14271,233
27235301
7355545
9584
1237505304
1342
99409,832
1,354r555r325332
r!502rl,297
r27 806295
r7657566
9630
1295r519315
1361
97869675
1,458
597360330
13301314
28005**2937845
5629636
1291530303
1357
LABOR FORCE, EMPLOYMENT, AND EARNINGSPOPULATION OF THE UNITED STATES
Total incl armed forces overseas iji .. mil
LABOR FORCE
Not Seasonally Adjusted
Labor force, total, persons 16 years of ageand over thous..
Armed forces . doCivilian labor force, total do....
Employed . .... do....Unemployed do
Seasonally Adjusted H
Civilian labor force, total do....Participation rate * percent-
Employed, total thous..Employment-population ratio * percent-
Agriculture thous..Nonagriculture do
Unemployed, total do....Long term, 15 weeks and over do....
Rates (unemployed in each group as percentof civilian labor force in the group):
All civilian workersMen 20 years and overWomen, 20 years and overBoth sexes 16-19 years
WhiteBlack and otherMarried men spouse presentMarried women, spouse presentWomen who head families
Occupation:White-collar workers ,Blue-collar workers
Industry of last job (nonagricultural):Private wage and salary workers
ConstructionManufacturing
Durable goods
EMPLOYMENT t
Employees on payrolls of nonagricultural estab.:Total, not adjusted for seasonal variation ....thous..
Private sector (excl. government) do....
Seasonally Adjusted t
Total employees, nonagricultural payrolls do....Private sector (excl. government) do....
Nonmanufacturing industries do....Goods-producing do
Mining do....Construction do....
102,537
100,420943736047
63.2
58.63,342
91031
1,379
60426.0
16352
11928
3.569
5.910.65549
86,69771,026
86,69771,02650,52125580
8514.229
104,9982084
102,908969455963
63.7
59.33,297
93648
1,198
584 157
16 15 1
1122 75 183
3.369
5.710 1
r5650
89,88673,966
89,88673,9665289726512
9604.483
105 9732089
103 884980475836
104 05363.9
r97 78159.3
r3,323r94 458
r62721,247
r60r445.7
163r53
115'305.185
3.3r75r6.0
11.2r6 1r58
91,39475,180
90,67874,6765369326590
9924.615
105 2692081
103 18896 145
7 043
104 20863.9
r97 70859.2
r3,287r94 421
r65001,319
6 2r4858
165r55
11 93 45390
3.4r8 1
62114
676 7
89,63073,601
91,03174,9995402826715
4.745
105 3432086
103 257962646 993
104 27163.9
r97 81759.2
r3,329r94 488
r64541,299
r62r47r58
16 6r54
11 7r3 25485
3.4r79r62
109r67r6 5
89,78173,489
91,18675,09954,14226623
1,0074.659
105 4412090
103 351965466 805
104 17163.7
r97 62859.0
r3,337r94 291
r65431,391
rg 3r50r58
162r5'5
1193 45486
r3.4r82r6.3
13.1r66r65
90,31673,871
91,14474,98354,04526476
1,0094.529
r227 00
105 5052092
103 412965666 846
104 42763.8
r97 22558.7
r3,262r93 963
r72021,599
fQ 9r58r62
164r6 112 6r4 05790
3.7r96T7.0
14.57.983
90,76174,110
90,95174,56753,92526 1211,0124.467
r227 18
106 1152088
104 02896709
7 318
105 06064.1
r97 11658.5
r3,352r93 764
r79441,686
r76r64r65
189r68
136r4 66 183
r3.8109
r8.016.6
r9.7104
90,84974,293
90,46874,1955390925745
10234.436
r227 44
108 1592092
106 06797 7768 291
104 59163.8
r96 78058.3
r3,232r93 548
r78111,777
r75r64r6.4
183r67
135r4 66.085
3.711.1
r8.015.6
r9.7109
91,04974,655
90,04773,8175380325422
10294.379
r227 64
109 0952099
106 997985878 410
105 02063.9
r96 99958.3
r3,267r93 732
r80211,935
r7 6r66r6.6
187r68
139r496.188
3.7113
r8.015.8
r98107
89,82074,270
89,86773,7105388225 163
1,0134.322
r227 84
108 2402 114
106 12698 1158011
104 94563.8
9700358.2
3,21093793r7,9422,150
766.56.5
18.86.7
137486.090
3.711 1
8.017393
101
90,07274,706
90,14273,99854,05825,312
1,0134,359
r228 07
106,8412 121
104,720972567464
104 98063.8
97,18058.3
3,39993781
7,8002,295
74666.2
17865
14 14 75790
3.8108
7.815.99.2
100
90,72974,965
90,38474,27554,23125,476
1,0284,404
r228 28
107 5362121
105,415979337482
105 16763.8
97,20658.2
3,31993887
79612,292
7 6646.7
18566
1424 66.0
102
3.910.8
7.814.69.29.5
91,33275,080
90,71074,55154,39425,636
1,0374,442
22848
107 4062 119
105*28797801
7 486
105 28563.8
9733958.2
3,340r93 999
79462,329
75646.7
1866.6
1404 45.99.9
3.910.7
7.814.88.99.0
r91,693r75,302
r90,961r74,797r54,515r25,811
1,054r4,475
22865
106 9022124
104 77897545
7 233
105 06763.6
9728258.1
3,39493888
77852,378
746.26.8
17.86.5
14.04.35.8
10.4
4.010.5
7.713.88.89.0
r91,839r75,483
r91,116r74,967r54,639r25,9041,069r4.507
22881
106 7962 125
104 67196 1288 544
105 54363.8
97,59658.3
3,40394294
7,8472,358
746.06.7
19.06.7
12.94.25.2
10.5
3.910.2
7.513.38.49.3
"90,089"73,945
"91,490"75,345"54,988"26,051"1,082"4,612
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-12 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—ContinuedEMPLOYMENT t— Continued
Seasonally Adjusted t
Employees on nonag. payrolls — ContinuedGoods-producing— Continued
Manufacturing ... .thous..Durable goods do....
Lumber and wood products do....Furniture and fixtures doStone, clay and glass products do....Primary metal industries doFabricated metal products § do....Machinery except electrical doElectric and electronic equipment @.... do....Transportation equipment § do....Instruments and related products do....Miscellaneous manufacturing do....
Nondurable goods do....Food and kindred products do....Tobacco manufactures do....Textile mill products do....Apparel and other textile products do....Paper and allied products do....Printing and publishing do....Chemicals and allied products do....Petroleum and coal products do....Rubber and plastics products, nee do....Leather and leather products do....
Service-producing doTransportation and public utilities do....Wholesale and retail trade do
Wholesale trade do....Retail trade do
Finance insurance, and real estate do....Services . do...Government do....
Federal do.State and local do....
Production or nonsupervisory workers on privatenonagric. payrolls, not seas, adjusted thous..
Manufacturing do
Seasonally Adjusted t
Production or nonsupervisory workers on privatenonagri cultural payrolls f thous
Goods-producing do....Mining doConstruction do....Manufacturing do....
Durable goods . . . . doLumber and wood products do....Furniture and fixtures do....Stone clay and glass products doPrimary metal industries do....Fabricated metal products § doMachinery, except electrical do....Electric and electronic equipment @.... do....Transportation equipment § do....Instruments and related products do....Miscellaneous manufacturing do
Nondurable goods . . . . do.Food and kindred products do....Tobacco manufactures do....Textile mill products do....Apparel and other textile products do....Paper and allied products do....Printing and publishing doChemicals and allied products do....Petroleum and coal products do....Rubber and plastics products, nee do....Leather and leather products do....
Service-producing do....Transportation and public utilities do....Wholesale and retail trade do....
Wholesale trade . .. do....Retail trade do
Finance, insurance, and real estate do....Services do
AVERAGE HOURS PER WEEK t
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.payrolls: fl Not seasonally adjusted hours..
Seasonally adjusted do....Mining $ doConstruction . ... . doManufacturing:
Not seasonally adjusted do....Seasonally adjusted do
Overtime hours do
Durable goods doOvertime hours do..
Lumber and wood products do....Furniture and fixtures do....Stone, clay, and glass products do....Primarv metal industries do....
20,50512,274
755494698
12151,67323262,0062,003
653452
8,2311,724
71899
1,332699
1,1921,096
208755257
61 1094,923
195424,969
14,5734,724
16,25215,6722753
12,919
58,15614734
58 15618,726
6383,354
14,7348,805
647406554954
12701,5261,3181,384
400344
59291,174
56783
1,145525672628136592220
39,4304,142
17,2194,094
13,1253,593
14476
35.8
434368
40.4
3 6
41 138
39.839.341.641.8
21,06212,772
766499710
12501,72424822,1242,083
689446
8,2901,728
70889
1,312707
1,2401,111
210776248
633765,141
202695,204
150664,974
17,07815,9202773
13,147
60,44215085
6044219,386
7213,581
15,0859,120
653407560984
13041,6321,3941,427
420340
59651,187
55774
1,124536701633137607211
410574,304
17,8184,274
135443,774
15 161
35.6
430370
40.2
3 3
40835
39.438.741.541.4
20,98312,706
746497704
12191,71824592,1632,057
698445
8,2771,724
66889
1,296708
1,2611,118
213756246
64,0885,212
20,4485,251
15,1975,064
17,36216,0022,773
13,229
61,47314,964
60,95819,382
7403,686
14,9569,009
633405553952
1,2931,6061,4091,397
421340
59471,188
52776
1,108537714632138589208
41,5764,361
17,9704,318
13,6523,822
15,423
35.935.7439372
40.94023 2
40 732
39.038.941.540.7
20,97112,681
743497705
12151,70725322,1691,970
699444
8,2901,716
67888
1,305710
1,2691,121
214755245
64,3165,202
20,5295,278
15,2515,091
17,46216,0322,791
13,241
59,87114,738
61,20619,471
7463,814
14,9118,953
629404554948
1,2821,6591,4141,304
421338
59581,182
53776
1,117539718639139588207
41,7354,347
18,0284,332
13,6963,844
15,516
35.135.6434373
39.840330
40835
39.439.241.440.8
20,95712,715
745495705
12141,71125292,1682,006
702440
8,2421,713
68888
1,313709
1,2731,121
161751245
64,5635,198
20,6375,302
15,3355,101
17,54016,0872,826
13,261
54,78414,678
61,30819,371
7503,750
14,8718,967
629403553945
1,2861,6491,4081,336
423335
5,9041,177
53775
1,12353871963791
584207
41,9374,346
18,1384,348
13,7903,860
15593
35.135.543237 1
39.840 130
4063 1
39.139.041.240.8
20,93812,707
737494700
1,2091,7112,5302,1762,006
705439
8,2311,704
68888
1,316708
1,2741,123
157749244
64,6685,202
20,6105,301
15,3095,115
17,58016,1612,886
13,275
60,10614,727
61,12419,181
7503,581
14,8508,961
621401549941
1,2861,6491,4131,339
427335
5,8891,169
53775
1,12653771763688
582206
41,9434,345
18,0984,347
13,7513,869
15631
35.235.4434366
39.83983 1
40332
38.738.540.940.7
20,64212,442
689491680
1,1931,6782,5182,1671,885
703438
8,2001,690
69884
1,302702
1,2721,123
175740243
64,8305,178
20,5315,286
15,2455,119
17,61816,3843,115
13,269
60,31114,466
60,72518,814
7553,509
14,5508,686
577398530924
1,2521,6301,4001,220
423332
5,8641,157
54771
1,111532715637109573205
41,9114,329
18,0294,334
13,6953,873
15,680
35.335.3428367
39.439830
40330
37.338.540.640.6
20,28612,140
654472663
1,1441,6202,5172,1271,819
700424
8,1461,691
70869
1,291692
1,2681,120
203703239
64,7235,167
20,4875,268
15,2195,137
17,65916,2732,960
13,313
60,45814,172
60,32518,438
7643,488
14,1868,386
544380513877
1,1951,6221,3581,159
419319
5,8001,157
55756
1,100522709632131537201
41,8874,314
17,9754,308
13,6673,893
15705
35.035.142.7368
39.339.325
3972.5
37.537.640.339.2
20,01411,947
648461647
1,0961,5842,4762,0941,831
696414
8,0671,677
71843
1,287685
1,2691,112
205681237
64,6255,134
20,4595,245
15,2145,150
17,65216,2302,951
13,279
60,73014,093
59,96418,144
7703,443
13,9318,205
538369498832
1,1661,5861,3201,172
415309
5,7261,143
55731
1,097515711625131518200
41,8204,280
17,9364,284
13,6523,898
15704
35.335.043.237 1
39.439.124
3952.4
37.637.040.438.8
19,82811,819
650449641
1,0491,5512,4482,0791,839
698415
8,0091,683
69833
1,276680
1,2661,103
207663229
64,7045,114
20,5065,247
15,2595,167
17,76016,1572,893
13,264
60,34913,657
59,88817,901
7573,385
13,7598,084
542359492793
1,1361,5611,3051,172
414310
5,6751,149
54721
1,093509708616132502191
41,9874,260
17,9844,288
13,6963,917
15,826
35.334.941.9368
38.839025
39424
38.136.640.238.6
19,94011,860
662456648
1,0591,5692,4372,0831,840
697409
8,0801,690
67851
1,296682
1,2661,100
208680240
64,8305,129
20,5895,263
15,3265,180
17,78816,1442,828
13,316
60,74913,947
60,13618,035
7533,410
13,8728,123
553366498822
1,1521,5511,3091,171
415306
5,7491,157
52739
1,107512710615133521203
42,1014,272
18,0464,297
13,7493,926
15,857
35.335.143.1365
39.339427
39926
38.937.440.339.2
20,04411,955
674464655
1,0741,5872,4522,0911,851
697410
8,0891,672
68851
1,299686
1,2691,104
208692240
64,9085,124
20,6205,280
15,3405,194
17,86116,1092,765
13,344
60,99114,182
60,36318,181
7663,443
13,9728,212
563374505817
1,1701,5681,3151,181
414305
5,7601,140
54740
1,108515714619133533204
42,1824,276
18,0744,307
13,7673,930
15,902
35.335.243.5374
39.839.627
4012.7
38.838.040.940.0
20,15712,043
677466656
1,0961,5952,4692,1071,873
697407
8,1141,682
69856
1,292690
1,2721,105
209699240
65,0745,147
20,6415,292
15,3495,214
17,91316,1592,788
13,371
61,08614,204
60,56718,313
7723,476
14,0658,288
566376506838
1,1781,5781,3231,207
414302
5,7771,149
54743
1,104519712619133540204
42,2544,296
18,0994,317
13,7823,940
15,919
35.335.343.5370
39.839.728
4012.8
38.738.040.940.1
20,282r!2,146
683r469661
1,1191,6062,475
'2,120rl,901
r701r411
'8,136rl,686
71'856
1,291692
1,2781,108
209705240
'65,150r5,132
r20,6605,297
15,363'5,225
17,96916,164
r2,79013,374
'61,26714,260
r60,78518,461
r783r3,499
14,1798,381
571'378r511r860
1,1891,578
1,3351,238
416305
r5,7981,154
55r744
1,104'521r716623133
r544204
r42,324'4,281
18,106'4,318
13,7883,947
15,990
35.335.443.5'37.2
40.239.929
40.53.0
39.338.041.140.8
'20,32812,169
685472'661
1,1291,609
'2,489'2,1361,871
'703'414
'8,1591,685
'69'859
1,292'694
1,2861,113
'210'712239
'65,212'5,130
'20,638'5,299
15,339'5,243
18,05216,149'2,796
13,353
'61,41114,215
'60,88118,529
'794'3,528
14,207'8,391
573'381511
'8701,191
1,5851,348
1,204419
'309
'5,8161,153
'53'747
1,104'524'732'625133'552'203
'42,352'4,280
18,073'4,320
13,753'3,961
16,038
'35.635.4
'44.0'372
'40.9'40.1
3 1
'4073.2
'39.438.541.2'41.5
"20,357"12,202
-691"472"665
"1,124pl,614P2,498P2,149"1,867
"705"417
"8,155"1,674
"69"861
"1,286"697
"1,284"1,115
"215"713"241
"65,439"5,149
"20,757"5,310
"15,447"5,265
"18,123"16,145"2,800
"13,345
"59,877"14,076
"61,185"18,673
"800"3,626
"14,247"8,425
"579"381"515"864
"1,197"1,594"1,360"1,201
"422"312
"5,822"1,145
"53"749
"1,101"526"721"629"140"554"204
"42,512"4,283
"18,171"4,328
"13,843"3,976
"16,082
"35.0"35.5"43.4"384
"39.9"40.4"3 1
"41 0"3.1
"39.6"39.0"41.5"41.3
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-13
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownhi the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—ContinuedAVERAGE HOURS PER WEEK t— Cont.
Seasonally Adjusted— Continued
Average weekly hours per worker — Cont.Manufacturing — Continued
Durable goods— ContinuedFabricated metal products § hoursMachinery, except electrical do....Electric and electronic equipment @ do....Transportation equipment § do....Instruments and related products doMiscellaneous manufacturing do....
Nondurable goods doOvertime hours . . . ... do. ..
Food and kindred products do....Tobacco manufactures ... do....Textile mill products doApparel and other textile products do....
Paper and allied products do....Printing and publishing do. ..Chemicals and allied products do....Petroleum and coal products do....Rubber and plastics products nee doLeather and leather products do....
Transportation and public utilities $ do....Wholesale and retail trade do
Wholesale trade do....Retail trade do .
Finance insurance and real estate $ doServices do....
AGGREGATE EMPLOYEE-HOURS t
Seasonally Adjusted
Employee-hours, wage & salary workers in non-agric. establish, for 1 week in the month,seas adj at annual rate bil. hours..
Total private sector doMining do....Construction . doManufacturing doTransportation and public utilities do....Wholesale and retail trade do....Finance, insurance, and real estate do....Services do
Government do
Indexes of employee-hours (aggregate weekly): flPrivate nonagric payrolls total 1967 — 100
Goods-producing do....Mining . doConstruction do....Manufacturing do
Durable goods do....Nondurable goods . do
Service-producing do....Transportation and public utilities do....Wholesale and retail trade do....
Wholesale trade .. doRetail trade do....
Finance, insurance, and real estate do....Services do
HOURLY AND WEEKLY EARNINGS t
Average hourly earnings per worker: flNot seasonally adjusted:
Private nonagric. payrolls dollars-Mining . . doConstruction do....Manufacturing do
Excluding overtime .. .. doDurable goods do
Excluding overtime do....Lumber and wood products do....Furniture and fixtures do....Stone, clay, and glass products do....Primary metal industries do....Fabricated metal products § . . doMachinery, except electrical do....Electric and electronic equipment @ do....Transportation equipment § do....Instruments and related products .... do....Miscellaneous manufacturing do....
Nondurable goods do....Excluding overtime do
Food and kindred products do....Tobacco manufactures doTextile mill products do....Apparel and other textile products .. do....Paper and allied products do....Printing and publishing do....Chemicals and allied products do....Petroleum and coal products do....Rubber and plastics products, nee .... do....Leather and leather products do....
Transportation and public utilities do....Wholesale and retail trade do....
Wholesale trade . doRetail trade do....
Finance, insurance, and real estate do....Services do....
41.042.140.342.240.938.8
39.43.2
39.738.140.435.6
42.937.641.943.640.937.1
40.032.939.331.036.432.8
164.09133.51
1.928.17
42.9910.2433.448.96
27.7830.58
121.4106.0138.5118.9102.6105.198.9
132.1109.9127.7127.7127.7139.4146.4
5.697.678.666.175.916.58
C6.295.604.686.338.206.356.785%27.915.714.69
5.535.325.806.134.303.946.526.517.028.635.523.897.574.675.894.204.894.99
40.741.840.341.140.838.8
39.33.1
39.938.040.435.6
42.637.541.943.840.536.5
39.932.639.330.636.232.7
169.04138.43
2.158.92
43.9410.6934.299.38
29.0730.61
125.6109.4155.0128.1104.5108.199.2
136.8114.0131.1133.4130.1145.7152.8
6.168.509.276.696.437.136.836.085.066.858.976.847.326.328.546.175.03
6.005.786.276.654.664.237.136.957.609.365.964.228.175.066.394.535.275.36
40.941.540.540.941.039.0
39.43.1
39.938.541.035.6
42.837.441.843.440.037.0
40.032.638.930.636.432.8
170.81139.99
2.259.32
43.7610.8234.529.59
29.7230.82
126.8109.4162.5132.8103.5106.499.2
138.8115.8132.2135.0131.0148.2156.0
6.388.759.586.976.697.427.126.245.267.119.287.147.636.648.936.505.20
6.266.016.556.984.874.387.507.217.929.486.214.358.545.186.694.615.485.61
40.941.640.540.941.439.2
39.53.1
39.838.541.536.0
43.037.842.036.940.737.2
39.532.638.930.636.232.7
171.61140.31
2.299.17
43.9310.8534.709.60
29.7631.30
127.1110.1162.0137.7103.4106.099.7
138.9114.0132.6135.4131.5148.2156.4
6.428.889.496.966.717.397.126.215.277.069.307.097.666.678.816.576.28
6.286.066.617.084.904.447.497.247.979.466.254.458.555.346.684.785.535.65
40.841.540.340.840.939.1
39.42.9
39.737.941.135.9
42.937.441.940.740.037.2
39.432.438.830.436.332.7
171.41140.16
2.289.13
43.8110.7434.669.63
29.9131.25
126.9109.1162.1134.7102.8105.898.4
139.2113.7132.7135.6131.5149.3157.2
6.468.909.617.006.757.467.196.335.327.149.447.147.696.718.866.595.30
6.276.066.647.364.904.457.527.298.019.376.254.478.585.366.724.785.605.70
40.741.340.040.440.438.6
39.03.0
39.337.740.835.3
42.637.241.839.739.936.9
39.532.338.530.336.332.7
170.93139.76
2.308.90
43.6010.7734.519.71
29.9831.17
126.0107.3162.9126.9101.8105.097.3
139.0113.9131.8134.5130.7149.6157.6
6.518.959.687.066.817.547.266.355.377.279.457.247.766.789.046.635.34
6.306.086.687.574.924.497.557.348.059.296.274.518.625.406.834.815.685.75
40.841.539.940.540.738.5
39.13.0
39.638.240.335.8
42.537.241.541.140.137.3
39.532.038.530.036.232.6
170.49138.36
2.288.52
42.8410.7134.399.65
29.9832.13
124.8105.2161.7124.799.8
101.697.2
138.3113.5130.4134.1128.9149.4157.6
6.539.109.697.096.857.567.316.285.397.349.537.277.816.799.046.635.37
6.366.156.757.794.914.467.637.348.129.836.304.528.715.406.874.805.685.75
39.941.039.539.740.338.3
38.92.6
39.938.239.735.3
41.737.141.342.539.336.7
39.332.138.630.136.132.5
169.27137.24
2.288.52
41.8010.6334.379.66
29.9732.03
123.4102.2163.2124.396.196.695.4
138.1112.6130.3133.7129.0149.7157.4
6.579.089.777.136.917.607.386.405.427.459.617.327.916.789.066.725.40
6.426.226.827.644.904.457.657.448.17
10.076.344.538.725.426.894.825.705.79
39.740.739.239.540.438.2
38.62.5
39.637.339.135.2
41.436.841.142.339.236.7
39.631.938.030.036.432.6
168.42136.36
2.328.56
41.0510.5134.159.77
30.0132.05
122.5100.3166.4123.793.894.093.5
137.9112.6129.1130.8128.5151.2157.8
6.619.169.817.206.987.697.466.565.497.539.657.427.976.879.246.805.42
6.486.286.847.974.934.517.797.468.24
10.226.394.548.755.436.954.835.775.81
39.640.639.039.640.138.3
38.52.6
39.738.538.835.1
41.436.940.842.239.036.1
39.931.838.029.836.232.6
167.63135.57
2.238.34
40.5910.5433.989.71
30.1732.06
121.998.5
158.7120.692.592.492.5
138.2112.8128.9131.0128.0151.1159.1
6.649.089.917.297.077.777.556.725.527.609.827.428.056.969.346.865.46
6.606.386.898.065.064.507.977.568.35
10.256.484.548.905.486.994.885.775.79
40.140.839.440.940.138.6
38.72.8
39.837.339.235.1
41.837.141.042.240.236.5
39.732.038.230.136.332.6
168.44136.60
2.298.32
40.9810.5034.449.76
30.3231.84
123.0100.0162.4120.594.294.194.3
139.0112.6130.4131.9129.8151.8159.4
6.689.18
10.057.307.057.787.536.765.547.649.847.488.077.029.356.865.46
6.626.396.907.745.194.607.997.638.39
10.226.574.598.955.487.014.895.825.81
40.440.939.540.640.138.9
38.82.7
39.737.539.735.1
42.236.941.342.740.136.2
39.732.138.530.136.132.5
169.07137.64
2.348.62
41.3110.5634.569.79
30.4631.43
123.8101.6166.7124.795.295.694.7
139.2112.7130.9133.3130.0151.1159.3
6.809.32
10.197.437.167.937.666.805.587.699.977.628.287.149.566.925.51
6.696.446.937.425.244.708.067.738.46
10.336.634.619.045.567.084.955.875.93
40.440.739.940.840.238.7
39.02.8
39.639.539.935.3
42.237.141.443.140.436.5
39.832.238.530.236.332.6
169.78138.26
2.318.57
41.6510.6534.749.85
30.4831.52
124.5102.3168.0124.596.196.695.4
139.9113.5131.4133.6130.6152.4160.0
6.869.37
10.257.497.238.027.746.765.597.74
10.097.688.367.209.776.955.55
6.726.486.957.565.264.738.097.758.52
10.396.704.649.205.597.104.985.916.00
r40.641.040.041.4
r40.5'38.6
39.02.9
r39.838.940.035.0
'42.636.841.7
r43.2r40.8r36.2r39.732.2
r38.630.236.332.7
170.22139.13
2.40r8.66
'42.0810.60'34.83
r9.89'30.67'31.09
125.2103.7170.4126.0
97.498.5'95.8140.2
112.8131.6134.0130.6152.6
161.2
'6.93r9.51
10.257.597.328.137.836.79
r5.62r7.82
10.287.758.447.29
r9.89'7.025.60
'6.80'6.55r7.097.74
r5.304.75
'8.18r7.79'8.59
10.52r6.79'4.68r9.28r5.64r7.20r5.026.01
r6.10
40.7r41.040.3
r41.6r40.6'39.1r39.3
3.0'39.8r37.5'40.4'35.7
'42.9'37.4'41.7'43.040.8
'36.7
'39.7'32.138.7
'30.0'36.3'32.6
171.21139.46
2.50'8.73
'42.3610.56'34.66'9.91
'30.74'31.75
125.5104.6174.8127.1
r98.2'99.1'96.9
139.9112.8130.8134.4129.4153.2161.2
'6.93'9.57
10.35'7.69'7.39'8.247.94
'6.76'5.707.83
10.40'7.85'8.54'7.39
10.10'7.12'5.72
'6.86'6.607.12
'8.05'5.32'4.82'8.28'7.86'8.67
10.386.88
'4.72'9.31'5.60'7.24'4.97'6.00'6.10
"40.9"41.5"40.4"42.3P41.1"38.8P39.6"3.1
P40.3"40.1"40.5P35.8P43.0"37.9"41.5P43.4P41.3P37.3
"39.5P32.3P38.8P30.3P36.1P32.5
P172.87P141.00
"2.56P9.24
"42.75p 10.68"35.16
P9.89P30.73"31.87
"126.6"106.5"173.7"134.8"99.2
"100.2"97.7
"140.6"112.3"132.5P135.0P131.6P152.9"161.1
"7.03P9.77
P10.44P7.73P7.47"8.26"7.91"6.84P5.73P7.85
P10.44"7.87"8.58"7.45
"10.02"7.16"5.81
"6.93"6.69"7.21"8.51"5.35P4.91P8.26P7.91P8.67
P11.13P6.89P4.81P9.34"5.79"7.35"5.16"6.12"6.20
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-14 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—ContinuedHOURLY AND WEEKLY EARNINGS f— Cont.
Average hourly earnings per worker— Cont.Seasonally adjusted:
Private nonagricultural payrolls dollars..Mining . . . do....Construction . . do....Manufacturing do....
Wholesale and retail trade do....
Services do. .
Indexes of avg. hourly earnings, seas, adj.: UPrivate nonfarm economy:
Current dollars 1967—100..1967 dollars $ do
Mining do....Construction doManufacturing do....Transportation and public utilities do....Wholesale and retail trade do....Finance, insurance, and real estate do....
Hourly wages, not seasonally adjusted:Construction wages, 20 cities (ENR): §
Common labor $ per hr..Skilled labor . do
Farm (U.S.) wage rates, hired workers, bymethod of pay:
All workers, including piece-rate $ per hr..All workers, other than piece-rate do....
Workers paid per hour, cash wages only.... do....Railroad wages (average, class I) do....
Avg. weekly earnings per worker,private nonfarm: fl
Current dollars seasonally adjusted1967 dollars seasonally adjusted $Spendable earnings (worker with 3 dependents):
Current dollars seasonally adjusted . .1967 dollars seasonally adjusted $
Current dollars, not seasonally adjusted:Private nonfarm, total dollars..
Mining • do....Construction doManufacturing . do....
Durable goods doNondurable goods do....
Transportation and public utilities doWholesale and retail trade do....
Wholesale trade .. do....Retail trade do....
Finance, insurance, and real estate do....Services do
HELP- WANTED ADVERTISING
Seasonally adjusted index 1967=100..
LABOR TURNOVER
Manufacturing establishments:Unadjusted for seasonal variation:
Accession rate, totalmo. rate per 100 employees-
New hires . do
Quit do....Layoff do
Seasonally adjusted:
New hires do...Separation rate total do
Quit ' do....Layoff do....
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:Insured unemployment, all programs, average
State programs (excl. extended duration prov.):initial claims .. ...
Percent of covered employment: @ @un JU8.rj ""•.• • ,
Beneficiaries, average weekly thous..
Federal employees, insured unemployment,
Veterans' program (UCX):
Insured unemployment, avg. weekly do...Beneficiaries, average weekly do...
Railroad program:Applications thousInsured unemployment, avg. weekly do...Benefits paid mil. $.
5.697.678.666.177.574.674.894.99
212.9109.0241.0207.6216.0230.9206.8194.5212.4
10.0813.36
3.093.043.223.108.27
203.77104.28
180.7792.52
203.70332.88318.69249.27270.44217.88302.80153.64231.48130.20178.00163.67
149
4.13.13.92.10.9
3,311
18,0142,358
3.3
1,9427,716.6
34
2735353
277.7
13025
89.0
6.168.509.276.698.175.065.275.36
229.8105.9263.9222.0234.7249.3223.8209.6227.8
10.7814.22
3.393.343.583.418.93
219.53100.81
194.4089.34
219.30365.50342.99268.94290.90235.80325.98164.96251.13138.62190.77175.27
158
4.03.04.02.01.1
2,592
19,9462,435
3.0
2,0439,260.6
28
2835152
261.5
10718
82.5
6.398.759.556.918.545.235.485.60
239.4103.8274.6228.1244.1260.1231.4217.9237.8
11.2114.77
'9.30
228.1298.88
201.1087.17
229.04384.13356.38285.07308.67249.77341.60170.42264.13142.91199.47184.01
159
2.21.53.51.11.7
3.92.94.01.91.2
3,047
2,2652,864
3.43.2
2,184843.9
31
245655
23.1
11228.1
6.418.889.466.938.555.285.535.60
240.3102.7277.0225.8245.2260.8234.2218.4237.7
11.2214.78
3693653 91365
r9.45
228.20'97.44
201.17'85.90
225.34385.39335.00277.01297.82244.92337.73170.35259.85200.19200.19183.63
154
3.82.44.11.61.6
3.92.84.11.91.3
3,740
2,8373,537
4.13.2
2,9931,283.9
34
256065
29.6
2238
15.0
6.458.909.646.998.585.315.605.64
242.4102.2278.5229.8247.8262.4235.2221.1239.7
11.2514.82
'9.65
228.9896.53
201.7685.06
226.75384.48343.08278.60300.64243.90338.05170.98260.74203.28203.28185.25
151
3.32.23.51.51.2
3.92.84.01.91.3
3,730
1,8183,518
4.13.1
3,0481,229.9
32
215861
25.4
736
14.6
6.518.959.757.068.625.375.685.72
245.2102.0280.9232.2250.2265.9237.8225.7242.7
11.2714.82
'9.57
230.45'95.90
202.87'84.42
229.15388.43350.42280.99303.86245.07340.49172.80263.16206.18206.18186.88
145
3.52.33.71.61.3
3.62.54.31.91.5
3,652
1,7053,356
3.93.4
3,1361,218.2
30
216359
24.9e
2913.9
6.549.109.797.118.715.385.685.72
246.2101.4283.7233.0252.4267.2238.0224.9243.0
11.2714.82
3613.563773.60'9.55
230.86'95.20
203.18'83.79
228.55389.48355.62279.35301.64246.13344.05171.72263.81142.56205.62186.30
122
3.12.14.61.52.3
3.02.15.31.52.9
3,627
2,1923,278
3.83.7
2,8841,232.2
25
215256
24.5
428
13.0
6.579.089.837.158.725.425.705.78
248.3101.4284.2234.2255.0268.7239.8226.3245.7
11.3414.91
'9.51
230.61'94.28
202.99'82.99
229.95387.72360.51280.21301.72248.45342.70172.90265.27144.12205.77187.02
112
3.42.14.81.52.5
3.01.85.71.43.5
3,680
2,2483,343
3.94.3
2,7961,196.8
22
205050
22.0
625
10.0
6.629.169.897.228.755.455.775.86
250.9101.5286.3235.3258.3270.6241.8230.2248.4
11.5915.20
'9.52
231.70'93.88
203.8282.59
233.33394.71371.80283.68306.06251.42346.50175.39265.49146.83210.03190.57
115
3.92.44.41.42.2
3.31.85.11.42.9
3,790
2,3193,455
4.04.7
2,9621,213.6
20
234529
11.8
2425
10.1
6.679.089.947.308.905.505.775.87
252.1102.0285.3236.7260.6272.8243.5229.0247.6
11.8315.49
3.543493.74362
'10.11
232.78'94.24
204.64'82.85
234.39380.45373.61282.85303.81254.10355.11178.10267.02149.82208.87191.65
118
3.82.14.21.42.0
3.41.93.81.31.7
4,140
,̂7371J,692
4.34.5
3,1301,397.5
26
275872
33.3
4435
13.3
6.719.18
10.047.368.955.535.825.91
254.0102.0288.9239.0262.4273.2245.3232.7249.8
12.0215.70
'10.28
235.5294.62
206.7283.05
237.14395.66374.87286.89308.87257.52355.32179.20269.18151.10211.27192.31
117
4.52.54.82.21.7
3.61.93.91.31.9
3,911
'1,8283,408
3.94.4
'3,026'1,244.4
25
235558
24.6
1337
17.3
6.779.32
10.057.429.045.565.875.93
255.4101.5290.4239.3264.5274.0246.5233.1251.7
12.1715.79
'10.31
238.30'94.68
208.83'82.97
240.04405.42386.20295.71318.79261.58358.89178.48272.58149.00211.91192.73
122
4.32.64.11.91.4
3.82.13.51.31.5
3,961
'1,7023,087
3.64.4
2,6561,144.9
29
255656
24.8
1040
18.8
6.839.37
10.147.499.205.595.915.99
257.9101.4294.4241.6266.6280.2247.7234.8254.2
12.2515.91
3.853.723.923.83
'10.25
241.10'94.81
210.95'82.95
242.16407.60388.48298.10323.21262.75366.16179.44274.77149.40214.53195.60
127
3.62.23.71.41.5
3.82.13.41.31.4
3,660
'1,808
3.34.1
2,4881,125.4
32
235655
25.9
9
17.8
6.91'9.51
'10.217.589.26
'5.666.01'6.08
'260.9'101.5298.7
'243.0268.9'283.4'250.9'239.3'258.5
12.2815.95
'10.49
244.61'95.10
213.62'83.06
'244.63'413.69'377.20305.12330.89
'267.24'368.42'180.48'277.92'150.60218.16'198.86
134
2.71.63.01.11.3
3.62.13.31.41.2
3,726
3.43.8
35
54
7
14.3
'6.94'9.57
'10.32'7.639.31
'5.66'6.00'6.08
'261.6'100.7'302.0'245.3'270.2'284.6'250.2'238.2'258.8
12.2916.04
'10.49
'245.68'94.57
214.43'82.54
'246.71'421.08'385.02'314.52'342.78'273.03'369.61'182.00'281.64'151.59'217.80'198.86
130
2.21.23.10.91.6
3.62.23.31.51.1
4,085
37
55
11
18.6
"7.02"9.77
"10.41"7.69P9.34P5.72"6.12"6.14
"264.3"100.9"306.8"248.1"272.9"285.7"254.1"240.9"260.7
"12.28"16.07
"249.21"95.19
"215.81"82.43
"246.05"424.02"378.97"308.43"334.53"270.96"368.93"183.54"282.98"152.74"220.93"200.26
3.41.83.51.21.5
3.52.23.51.51.2
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-15
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—ContinuedWORK STOPPAGES
Industrial disputes:Number of stoppages:
Beginning in month or year number-Workers involved in stoppages:
Beginning in month or year . thousDavs idle durine month or vear do....
4,200
160037.000
4,800
170033.000
149
452.419
352
2073.142
354
1143.025
396
1232.705
425
1162.786
505
1392.464
435
1642.553
491
2704.030
409
643.363
438
1633.169
360
942.638
284
541.244
66
18617
253
50614
FINANCEBANKING
Open market paper outstanding, end of period:Bankers' acceptances mil $Commercial and financial co paper total do
Financial companies . . . doDealer placed doDirectly placed do....
Nonfinancial companies 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
Federal Reserve banks, condition, end of period:Assets total # mil $
Reserve bank credit outstanding, total # .. do....Time loans ... doU.S. Government securities do....
Gold certificate account do
Liabilities, total # do
Deposits total doMember-bank reserve balances do....
Federal Reserve notes in circulation do....
All member banks of Federal Reserve System,averages of daily figures:
Reserves held total mil $Required doExcess do
Borrowings from Federal Reserve banks do....Free reserves .... . do
Large commercial banks reporting to Federal Re-serve System, Wed. nearest end of yr. or mo.:
Deposits: $Demand adjusted § mil $
Demand, total # do . .Individuals, partnerships and corp doState and local governments do....U.S. Government doDomestic commercial banks do....
Time total # .... doIndividuals, partnerships, and corp.:
Savings doOther time do
Loans (adjusted), total §t . doCommercial and industrial do....For purchasing or carrying securities do....To nonbank financial institutions do....Real estate loans .. do....Other loans do
Investments total iji doU.S. Government securities, total do....
Investment account * . . doOther securities do
Commercial bank credit, seas, adj.: tTotal loans and securities 1J bil $
U.S. Treasury securities do....Other securities doTotal loans and leases fl do
Money and interest rates:
Discount rate (N.Y.F.R. Bank), end of year ormonth percent
Federal intermediate credit bank loans do....
Home mortgage rates (conventional 1stmortgages):
New home purchase (U.S. avg.) percent..Existing home purchase (U.S. avg.) do....
Open market rates, New York City:Bankers' acceptances, 90 days do....Commercial paper 6-month $$ do....Finance co. paper placed directly, 6-mo @ do....
Yield on U.S. Government securities (taxable):3-month bills (rate on new issue) percent..
337008223663857123505150718379
47344
255966102
15646
153 151
123,4881 174
110,56211671
153 151
3697231,152
103,325
141 572*41 447
125'874
M515
113 248
203 092144 438
5,309981
34,086
258 061
77865141 940
347 246134 03810,65524,16680655
119 560
9795335,5493243762404
1 014 393.4
173 17478
95028.01
29.3029.36
38.1137.9937.78
37.221
45321111 094822791766364,61628815
58496
312848091
19 122
162 947
135,0921 454
117,45811 112
162 947
35 70829,520
113,355
*43 972*43 578
13941 1,473*~997
122 610
219 155155 734
5,942863
35975
267 415
74604159 958
402 310159 32110,27526,55999959
137 906
108 11436,08931 21472025
1 132593.8
19158472
1200210.09
210.48210.66
311.0431091310.25
310.041
45321111 094822791766364,61628815
58496
312848091
19 122
162 947
135,0921454
117,45811 112
162 947
35 70829,520
113,355
4397243578
3941,473-997
122 610
219,155155 734
5,942863
35,975
267 415
74604159 958
402 310159,32110,27526,55999,959
137 906
108 11436,08931 21472025
1 132593.8
19158472
1200
10.96
11.3011.59
13.3112.8011.68
12.071
47780117 80985 103184906661332706
59928
318808783
19264
157 208
129,965828
116,31111 172
157 208
35 20231,232
108,927
45 17044 928
2421,241
924
108 454
189 871132 164
r5,297r776
r31,664r270 607r73 162164 339r398 074157,908
r8,394r24,818101612128 363
108 770r35,838r30 594r72 932
1 144 893.2
193 18585
1200
11.47
11.4811.78
13.1512.6611.79
12.036
50269118 867838481805265,79635019
61 105
325029091
19513
156 569
130,1413364
115,17111 172
156 569
3532531,725
109,170
4315642966
1901,6551369
102 894
185 378128 202
4,6611821
32,015
271 911
72290166 226
399 761158 912
9,09125,647
102 192125 529
108 35335,45430 33272 899
1 162794.8
195.28727
12.52
11.83
11.6012.30
14.0113.6012.39
12.814
49317119036825811839064 19136455
62658
333159 196
20 147
158 198
131,3032502
116,65711 172
158 198
3538531,870
110,597
4335242907
4452,828
-2231
110613
201 657139 544
4,760972
34,760
276 175
71208171 839
405 960161 830
9,47027,531
103 209127 517
106 65934,67329 37771986
1 165294.5
196.0874.7
13.00
12.20
12.2512.56
17.1016.5014.70
15.526
50 177122 47385 1771897366,20437296
63969
342029 046
20722
165 649
135,5444770
118,82511 172
165 649
3904432,927
111,524
r44 877r44,683
194r2,455
r-2 106
104 700
201,144134 331
5,9752424
37,598
278011
68456176 018
399 389160,909
8,73825,033
104,285125 596
109,82435,28129,36074543
1,161.093.2
196.2871.6
13.00
13.12
12.6413.21
15.6314.9313.68
14.003
52636121 70783478184516502738229
64362
349968264
21 102
164 467
136,950602
124,27711 172
164 467
3844531,804
113,118
r43 968r43 785
1831,028r 782
100 692
194911132 409
4,5811811
35,489
278 736
69686175 623
392 482157,567
7,65323,498
104,914124 174
110,92335,56830,75575355
1,154.994.6
199.7860.6
12.94
13.54
13.2613.74
9.609.299.01
9.150
54356124 170817871825763,53042383
64632
355797584
21469
165 627
138,182215
124,51511 172
165 627
3883433,187
114,502
4347943,268
211380
-157
110,723
208,631141 960
5,0081,061
39,637
276 789
73,377172 887
396,202159,557
7,86522,961
105,217127,158
112,54836,95832,86175590
1,152.097.0
201.5853.5
1140
13.12
12.2412.88
8.318.037.42
6.995
54334121 365815331766763,86639832
65,654
36 1078033
21,514
160 556
132,648562
119,56311 172
160,556
3281027,548
115,654
4285942,575
284395
-104
107,393
187,725131 371
4,962817
30,413
273,708
74,574168 630
392,491158,038
6,46523,133
105,925120,007
113,70238,14133,23275561
1,1600100.9204.2855.0
1087
12.59
12.0812.23
8.588.298.03
8.126
54486120 299821911844563,74638 108
66,239
36,4708388
21,381
162 860
134,4621515
119,84811 172
162,860
33 14129,338
116,925
40,37340,071
302659
-347
108,966
204,290142,783
4,8871,015
36,559
281,420
75,905174,167
403,128161,390
6,92423,462
106,894128,526
115,85140,28334,83375568
1 177.2104.4207.0865.8
10.00
12.03
11.8411.89
9.859.619.08
9.259
55774120 93282,4081865463,75438524
66,975
36,8438902
21230
167 788
134,437982
120,71111 168
167,788
3307128,146
117,144
41,16440,908
2561,311
-1,029
112,467
208,621145,288
5,1351,031
37,552
285,113
76,664177 063
410,632166,261
7,64424,281
108,246128 393
114,86638,70634,38276 160
1 191.0106.6208.0876.4
10.17
11.82
11.9512.00
11.1311.0410.29
10.321
56610123 09585,7071944366,26437388
67,966
37,2609988
20,718
164 067
135,0291567
121,48211 163
164,067
3308830,518
118,248
41 81541,498
3171,335-951
108,156
191,810135 213
4,658787
34,457
289,376
76,042181 124
412,556166,168
7,08424,024
109,464126 159
114,23637,67433,89776,562
1,204.5107.9210.3886.2
11.00
11.50
12.2012.31
12.6912.3211.15
11.580
55226126 04887,83220 16967,66338216
68,324
37,6121026120,451
169,041
139,5762284
120,81211,162
169,041
3480931,528
121,191
4167840,723
9552,156
-1 102
111,706
207,817143 831
4,8042,964
36,804
300,970
74,946193,269
424,173172,266
8,96024,842
110,728133,629
116,52039,40934,42277,111
1,221.2109.3212.5899.4
11.47
11.53
12.6212.85
15.3414.7313.07
13.888
123 06387,7081994567,76335,355
68,648
38,1389,506
21,005
171,495
137,6441,809
121,32811,161
171,495
31 54627,456
124,241
40,09740,OB7
301,617
-1,471
119,584
228,967158,722
5,9331,088
41,710
313,750
72,313205,805
433,583174,751
9,97925,988
111,665135,983
118,03639,53935,24278,497
1,234.1109.6214.3910.2
12.87
11.90
12.8413.16
17.9616.4914.78
15.661
161,467
129,4921,304
117,16911,159
161,467
30,74726,621
118,147
41,51441,022
4921,405-793
100,185
185,566127,940
4,8461,676
34,044
320,947
74,382210,718
425,949171,414
7,74625,253
112,866131,059
117,33739,77733,43877,560
1,250.8112.7216.5921.5
13.00
12.29
12.8113.48
16.6215.1014.09
14.724
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-16 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
FINANCE—ContinuedCONSUMER INSTALLMENT CREDIT t
Total extended and liquidated:Unadjusted:
Extended .... •• mil $Liquidated do
Seasonally adjusted:Extended, total # do....
By major holder:
Finance companies . . . doCredit unions doRetailers do....
By major credit type:Automobile doRevolving do....Mobile home ... . do.
Liquidated total # do....By major holder:
Commercial banks do....Finance companies doCredit unions do....Retailers do
By major credit type:Automobile doRevolving do....Mobile home do
Total outstanding, end of year or month # do....By major holder:
Commercial banks .... do..Finance companies doCredit unions do....Retailers. do
By major credit type:Automobile doRevolving do....Mobile home do
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:Receipts (net) . mil $Outlays (net) doBudget surplus or deficit ( — ) do...
Budget financing total doBorrowing from the public .. doReduction in cash balances do
Gross amount of debt outstanding do.Held by the public .. do
Budget receipts by source and outlays by agency:Receipts (net) total .. mil $
Individual income taxes (net) do....Corporation income taxes (net) doSocial insurance taxes and contributions
(net) mil $Other . do
Outlays total # doAgriculture Department doDefense Department military do....Health and Human Services
Department § mil. $..
National Aeronautics and Space Adm do....Veterans Administration do...
LIFE INSURANCE
Institute of Life Insurance:Assets total all U S life insurance cos .. bil $
Government securities doCorporate securities . do....Mortgage loans total do....
Nonfarm do
Real estate do....Policy loans and premium notes do ..Cash doOther assets do...
Life Insurance Agency Management Association:Insurance written (new paid-for insurance):
Value, estimated total mil $..Ordinary (incl. mass-marketed ord.) do....Group doIndustrial do....
297 668254 589
273,645
136 016542984433425987
101 64748,30915235
'401 997'450 8361-48 839
'48 839'59 106
1 10267
'780 425'610 948
'401 997'180988'59 952
1 123 410137 647
'450 836"20 368
'1030421 162,856
*56 355'3,980
1 18 962
389922655
191.56106 179567
11.7630 15237
2137
414,211283,067125 129
6,015
324 777286 396
312,024
154 1776831846,51728 119
11636256,93716838
'465 9401493 221'-27 281
i£7 281'33 641'-6360
'833 751'644 589
1465 940'217841'65 677
»141 591140 832
'493 221120 634
'115013
'181 186'64 596'4,187
'19887
4322829 72
208751184210624
13013482267
2489
488,803323,640159 998
5,165
2854623856
26,638
123855 16328124036
773510,146
453
24605
115644 19027703955
67219745
368
312,024
154 177683184651728 119
116 3625693716838
4261744 010-1393
1 393112079814
852 184663 561
4261720 19210206
86753 544
44 0102870
10343
165028 759
3281776
4322829 72
20875118 42106 24
13013482267
2489
61,23232,90127 958
373
2467525687
27,923
1232254713 4834368
844110,500
522
25,196
11,77944582,7454061
69039971
418
311,012
153 636687244646627216
11671956,25616832
4342947 988-4559
4 5595201-642
854 741668 762
43429268562237
107753 560
47 9883785
10 955
16 8885 164
417800
4362329 93
2127811988107 68
130835301 58
2366
3860124,62313 666
312
2357624439
27581
127805*7552 4444*096
797310756
452
25 178
11748436027984084
699110034
397
310,149
153 308695454596426252
117 2025526916875
3786247 208-93469 34620667 280
861 603670 827
37862155221420
168574 064
47 2082054
10 940
17 0415 353
4082772
4386430 16
213701209310865
132035 841 40
2341
3706226,38410 354
324
2490225925
25,881
11 395557424284 108
737210,634
435
25,227
11658443627034201
685910373
380
309,127
152 347704214573025495
117 6425426916944
3335146566
-13 215
13 215118021 413
870 444682 630
3335190569508
114993 287
46 5661 732
11 460
16 5725 677
416743
4397330 36
2114012231109 91
135136901 23
2402
4574729,88515 501
361
2358324878
23220
10 227480118623*845
592210347
397
24891
11948397325974 124
656510677
383
307,831
150 937715454495425073
117 5025369016974
6109751 237
9*860
98604632
14492
876 914687 260
61097314889 171
158864 552
51 2371 901
11357
176677 584
3982004
4429330 30
2123512359111 10
137038 17084
2400
4152631,05710 122
347
22,77524818
22,093
97854,32015754,072
553310,302
299
24,770
11,72140742,5614 118
657410,589
349
305,788
149,23872 10144,13924,970
117 05853,22516912
3607150198
-14 127
14 12753508777
884 788692611
3607192751230
207874 780
50 1982089
11273
164475 928
3972792
447023032
213.771245611196
13.983889105
2445
41 16430,19810 661
305
2298824378
22,349
9892443913184186
555010,341
424
24,394
11,67536952,6164 118
657610,436
366
304,399
147 88373 11842,99524786
116 45653,04216988
590554670212353
12353-46157738
884 381687 997
590552779115804
107934667
467022632
11582
153689900
452630
4508630 13
215.141254611277
14083935161
2508
46 18330,60715 301
276
24,98425530
23,997
100984,80923054,148
606810,679
377
25,196
11,84743702,5754059
678510,641
363
303,853
146,5557390942,64424,620
116 12553,03617004
3734852409
-15,062
1506297375325
888,367697 734
37348197732136
102535 188
524091 195
11439
17,4556 815
4231713
4557630 66
218.7212646113 78
14 1639651 79
2431
4240929,81312 336
260
27,39125481
26,176
11 1075 15530854263
740010,700
415
25,687
11,78947682,6204 103
704510,419
382
305,763
146,5487443343,34724918
11686853,77117068
4425950755-6496
649611 111-4615
900 075708 844
44259195271367
185464816
507551374
11402
179925 164
4562655
4593630 86
2204512736114 65
14 1839921 65
2494
4429328,80115 212
280
2690725744
27,064
116715,35527524,596
751811,143
442
26,009
11,93647422,7164 140
743410,665
399
306,926
146,3627482343,56225301
116 78154,40617 113
53544472896255
-62556260
12515
914 317715 105
53544269368884
128604864
472891 340
11345
17 1535016
356744
464 4831 10
2234012809115 36
14 4640261 66
2551
4392530,05913 589
277
28 13627840
27,365
11977532328724291
754411,124
513
26,663
12,31348692,8094 157
734310,851
372
307,222
145 8957498543,51825703
116 65754,59817276
3892356304
-17 382
173824758
12624
914 782719 862
3892321 1501284
112835205
563051 785
12705
190177 286
4792857
4680631 34
225.731289811621
14704055
1462530
46 16933,60412 337
228
2491824088
25,991
11 432485227954,250
7 11710,953
424
25,152
11,55242582,5774 198
687210,688
400
308,051
145 1477569043,60626469
11651755,30417293
39 17548049-8874
8 8749231
357
920 316729 094
39 175208511003
132424078
480491 829
11601
169185 625
425717
473533172
228.631298811708
15.184088150
2573
4163330,21111 237
184
3105225669
27,149
114845 18530354497
723411,614
479
25530
11,76043252,6574 181
693210,998
413
313,435
145,7657675644,04129410
116 32759,86217327
670663914627 738
182
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-17
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownhi the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
FINANCE—CONTINUEDMONETARY STATISTICS
Gold and silver:Gold:
Monetary stock, U.S. (end of period) mil. $..Net release from earmark § doExports thous $Imports do
Production:South Africa mil. $..Canada do
Silver:Exports thous $Imports ... . .. do....Price at New York dol. per fine oz..Production:
United States thous. fine oz..
Currency in circulation (end of period) bil. $..
Money stock measures and components (averagesof daily figures): t
Measures (not seasonally adjusted): $Ml- A bil $Ml-B.. do....M2 doM3 . .. do...L (M3 plus other liquid assets) do
Components (not seasonally adjusted):Currency do....Demand deposits ... •• doOther checkable deposits $$ do....Overnight HP's and Eurodollars * do....Money market mutual funds do....Savings deposits .... do....Small time deposits @ doLarge time deposits @ do....
Measures (seasonally adjusted): $Ml-A .... do....Ml-B doM2 do....M3 doL (M3 plus other liquid assets) do....
Components (seasonally adjusted):Currency doDemand deposits do....Savings deposits .. do.. .Small time deposits @ doLarge time deposits @ .... do....
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):Net profit after taxes all industries mil. $
Food and kindred products do
Paper and allied products doChemicals and allied products do....
Petroleum and coal products do....Stone, clay, and glass products do....Primary nonferrous metal do
Fabricated metal products (except ordnance,machinery, and transport, equip.) mil. $..
Machinery (except electrical) doElec. machinery, equip., and supplies do....
Transportation equipment (except motor
Motor vehicles and equipment doAll other manufacturing industries do....
Dividends paid (cash), all industries do....
SECURITIES ISSUED
Securities and Exchange Commission:
By type of security:Bonds and notes corporate do
Common stock doPreferred stock do
By type of issuer:Corporate total # mil $
Fxtractive (rnmine1) doPublic utility do
Transportation doCommunication doFinancial and real estate do
State and municipal issues (Bond Buyer):Long-term . . doShort-term do
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers, end of yearor month mil $
Free credit balances at brokers:Margin accounts doCash accounts do....
11,671525
1,113,795903,023
955.470.4
119,125389,015
5.401
23,972
114.6
342.2r347.5
1,349.11,545.61,830.7
93.2249.0
r5.320.47.1
'488.3488.2173.0
81,1486,2131,1702,5989,117
12,8052,3531,3622,124
3,815
10,7466,500
2,3746,211
13,760
28,932
52,542
37,443
7,9372,832
48,21211,0623,100
12,253
2,6963,640
11,526
46,21521,642
11,035
8352.510
11,172294
4,907,8651,480,203
955.1'45.9
471,162961,761
11.094
27,397
125.6
360.0'374.5
1,469.01,704.3r2,057.6
102.3257.614.627.126.9
r446.2597.0204.6
98,6987,3401,3403,723
10,896
21,9362,3732,6912,185
4,431
11,5307,386
3,1894,382
15,314
32,491
57,626
40,781
8,7093,525
53,01511,5523,192
13,687
3,2944,694
12,868
42,26120,897
11,619
1,1054.060
11,17261
187,883233,832
74.36.3
100,241155,59021.793
4,442
125.6
r379.4r396.4
1,527.71,780.8
'2,154.3
108.3'271.117.025.343.6
r414.1'651.2'222.6
r369.8'386.9
1,526.01,775.5
r2,151.8
106.3r263.5'417.0r656.2r219.0
24,4911,794
358111
2,580
6,972567726
-141
1,051
3,0791,917
824352
3,635
9,096
3,602
2,266
1,044282
3,592532386
1,028
19475
959
3,7101,497
11,619
1,1054.060
11,17231
282,237254,927
76.45.3
298,433258,54738.257
2,046
121.2
r375.4r393.0
1,538.11,791.9r2,172.6
106.6r268.817.7'27.049.1
r409.8r662.0'223.5
r370.6r388.3
1,534.71,786.6r2, 166.0
107.3r263.3r412.4r660.9'221.6
7,165
5,281
1,089297
6,6671,817
5301,873
472483
1,074
2,9161,405
11,987
1,1804.680
11,17229
161,531261,649
77.75.1
345,301174,30135.085
3,508
121.4
'365.3'383.2
1,539.61,797.5'2,185.9
106.8'258.517.9'28.356.7
'400.9'673.4'227.6
'373.5'391.4
1,547.61,805.4'2,188.5
108.1'265.4'404.0'670.2'227.4
4,484
2,882
1,50888
4,4781,340
3211,212
315572350
2,5552,097
12,638
1,3204.755
11,17222
473,255153,063
75.65.6
253,438195,88924.133
4,424
122.9
'366.1'384.6
1,551.41,810.7'2,204.5
107.9'258.218.4'26.360.9
'393.6'689.0'230.4
'372.9'391.4
1,554.61,813.0'2,203.8
108.9'264.0'393.3'685.7'229.5
247071,697
314795
3,160
7,200237959814
1 167
25631 830
785217
3,403
8,779
6,827
3,294
2,757525
6,5763,391
2651,631
103223759
2,3651,796
11,914
1,3655.000
11,17230
671,189248,835
74.75.7
489,03791,53814.500
2,379
124.0
'370.0'389.6
1,558.61,818.1'2,221.3
108.7'261.319.5'22.160.4
'381.8'707.9'230.4
'366.7'386.3
1,550.41,811.9'2,213.3
109.0'257.7'379.4'705.3'232.4
5,784
4,882
679223
5,7841,777
469891
161651
1,473
4,5794,405
11,309
1,2904.790
11,17220
280,138211,651
78.15.7
81,99163,92712.533
2,846
125.7
'361.5380.5
1,560.81,821.7'2,224.1
109.9'251.519.0'23.366.8
'376.9'716.4'231.9
'367.1'386.1
1,563.71,825.7'2,229.8
110.2'256.9'375.2'715.3'233.1
9,262
7,133
1,802202
9,1372,888
4551,478
2851,1962,218
4,7781,975
11,441
1,2704.750
11,1723
252,31795,483
76.85.5
140,458108,25015.748
2,986
127.1
'369.7'390.2
1,589.41,845.6'2,241.0
111.2'258.6'20.4'24.674.2
'386.9'716.6'226.2
'370.9'391.3
1,587.61,846.2'2,242.7
111.0'259.9'384.6'715.8'228.6
22,3791,821
232803
2,777
6,621480766529
936
2,8861728
8151 3413,326
8,934
10,672
8,813
981382
10,1762,445
4221,807
394295
3,405
6,0042,098
11,370
1,3454.790
11,1720
102,151202,081
80.65.8
57,52799,03116.059
1,311
128.3
'375.5'397.5
1,618.01,870.8'2,259.6
112.7'262.7'22.0'29.180.6
'401.0'712.9'221.7
'373.5'395.5
1,612.51,867.7'2,258.2
112.1'261.4'398.0'712.4'224.0
8,155
6,780
1,014360
8,1543,216
2071,050
329787
1,382
4,7252,621
11,522
1,6654.905
11,1729
225,620162,535
76.8
65,52685,96715.897
1,607
129.7
'377.3'400.5
1,629.51,886.6'2,278.6
113.7'263.6'23.2'31.680.7
'408.8'711.1'223.3
'379.5'402.7
1,632.51,889.5'2,282.7
113.5'266.0'408.1'712.6'223.3
5,493
4,139
1,123131
5,3931,810
2351,444
370626703
3,9182,375
12,007
1,6954,925
11,16838
177,515540,145
76.06.0
29,012135,03120.144
3,277
129.9
'382.6'407.2
1,642.31,902.3'2,296.1
113.7'268.9'24.6'33.078.2
'412.4'714.9'226.5
'383.4'408.0
1,644.41,904.6'2,306.5
113.9'269.5'412.1'716.4'226.8
20,9612,085
198679
2,779
5,759602396218
877
2,6501712
75116323,887
8,925
5,237
3,114
1,717406
5,2371,025
5831,474
455598759
4,2262,379
12,731
1,8505,680
11,1631
421,774330,988
77.35.6
33,453129,45020.181
2,577
131.1
'388.0'413.7
1,656.91,923.0'2,317.6
114.9'273.1'25.7'32.577.4
'412.9'723.7'230.6
'386.3'412.0
1,656.51,921.8'2,318.8
115.1'271.2'414.2'723.6'229.8
6,073
3,085
2,084484
5,6531,498
2441,154
353858
1,137
4,3981,775
13,293
1,9505,500
11,16218
312,274157,531
74.75.5
40,921138,05318.648
3,034
134.1
'391.1'417.7
1,665.71,942.12,344.7
116.6'274.5'26.6'32.677.0
'405.8'735.9'240.0
'388.4'415.0
1,670.81,946.12,346.5
115.8'272.6'407.9'741.6'238.8
2,9502,197
14,363
2,1205,590
11,1603
287,932131,231
71.4
74,637122,73416.393
3,607
137.2
'394.7'421.8
1,674.91,963.0
118.5'276.2'27.1'32.175.8
'391.7'756.8'251.5
'384.8'411.9
1,673.51,958.1
116.4268.4394.4762.6248.0
2,8691,327
14.752
377.4420.7
1,686.41,984.8
115.8261.643.333.080.7
376.9778.4259.8
372.8416.1
1,683.01,979.4
116.6256.2379.2777.1257.9
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-18 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
FINANCE—ContinuedSECURITY MARKETS— Continued
Bonds
Prices:Standard & Poor's Corporation:
High grade corporate:Composite § dol per $100 bond-
Domestic municipal (15 bonds) do....
Sales:New York Stock Exchange, exclusive of some
stopped sales face value total mil. $..
Yields:Domestic corporate (Moody's) percent
By rating:Aaa •• doAa do....A do....Baa do
By group:Industrials do....Public utilities do
Domestic municipal:Bond Buyer (20 bonds) do....Standard & Poor's Corp. (15 bonds) do....
U.S. Treasury bonds, taxable $ do....
Stocks
Prices:Dow-Jones averages (65 stocks)
Industrial (30 stocks)Public utility (15 stocks)Transportation (20 stocks)
Standard & Poor's Corporation: §Combined index (500 Stocks) 1941-43=10..
Industrial, total (400 Stocks) # do....Capital goods (111 Stocks) do....Consumer goods (189 Stocks) do....
Utilities (40 Stocks) doTransportation (20 Stocks) 1970 — 10
Railroads (10 Stocks) 1941-43=10..
Financial (40 Stocks) 1970-10..NewYorkCity banks(6 Stocks) 1941-43=10..Banks outside N.Y.C. (10 Stocks) do....Property-Casualty Insurance (6 Stocks) do....
New York Stock Exchange common stock indexes:Composite 12/31/65 — 50
Industrial do....Transportation doUtility do....Finance . . . do
Yields (Standard & Poor's Corp.):Composite (500 stocks) percent
Industrials (400 stocks) do....Utilities (40 stocks) . . doTransportation (20 stocks) doFinancial (40 stocks) do
Preferred stocks, 10 high-grade do....
Sales:Total on all registered exchanges (SEC):
Market value mil $Shares sold millions
On New York Stock Exchange:Market value mil $Shares sold (cleared or settled) millions
New York Stock Exchange:Exclusive of odd-lot and stopped stock sales
(sales effected) millions
Shares listed, N.Y. Stock Exchange, end of period:Market value, all listed shares bil $Number of shares listed millions..
55.677.9
4,554 01
907
8738.929.12949
8.90922864
6075.90
7.89
2836382023104.6122261
96.02106.16104.3884.80
51.64138145.35
11.5343.70
100.99106.96
537058.23435039.225665
5285.068334495.03
8.24
249 2579602
210 4267618
7205
822.7427,573
51 173.4
4 087 89
10 12
963994
10201069
98510399 60
6536.39
8.74
29346844 401045623783
103.01114.831152783.82
504014 5351.74
123344.48
104.86119.06
58326475473438.206142
5455 189 194 68547
9.11
299 97310863
251 0988675
8 156
9606130,033
46.167.2
499.19
11.35
10.7411.1511.461206
11.0211.681044
7.327.09
9.59
29888836 14108.1725327
107.78120.78119.2784.52
5050152356.90
12.5043.50
105.44125.81
617569.82505937.296321
5535.26943475560
10.06
294131 044
24 151813
710
960.6130,033
44.066.2
411.58
11.74
11.0911.5611.881242
11.3512.121068
7.527.21
10.03
307 1686074108.1326383
110.87124.72126.6885.09
5026155158.64
12.6444.57
105.74129.12
637472.67526137.086422
5415.11953469557
10.17
398811402
339421091
1 158
1 019 0530,278
37.860.2
43178
1292
123812.7312.991357
12.3513.481106
8.728.04
11.55
320.7087822110.6429040
115.34130.91131.2783.14
49.04172269.61
11.9542.2697.02
121.98
660676.42579236.226184
5244.92984428581
10.55
457311 550
377211239
957
1 009 1330,383
37.353.5
422.52
1373
129613.5113.9714 45
13.11143311 43
9.449.09
11.87
291.8280356102.0325976
104.69118.73116.2075.50
45.40156263.39
10.7338.4687.69
110.23
595268.7151 7733.385471
5875.52
1065474657
11.37
357041 147
29 164904
876
8988230,558
41.058.0
406.20
13.21
120413.0613.5514 19
12.9313.501163
7.968.40
10.83
285.1578633105.80244 40
102.97115.57110.2076.93
48.37146859.46
11.5641.0997.54
120.70
584766.31486235.295732
6055.76
10 105016.14
11.16
26248963
22320788
674
941.8430,752
45.765.1
412.95
12.11
10.9911.9112.3513 17
12.0412.1711 54
7.737.37
9.82
299 10828 19109.0025735
107.69120.80113.4682.81
50.63152761.12
12.2044.54
103.52121.37
613869.39510737.316147
5775.499.674635.84
10.20
28029960
23402780
765
9939031,233
47.463.3
411.84
11.64
10.5811.3911.891271
11.4111.8711.26
7.887.60
9.40
314.7886986112.8127476
114.55128.80122.1485.76
52.4816.2765.44
12.8746.30
106.05127.07
65.4374.4754.0438.5365.16
5.395.109.434435.57
9.78
335741 155
27,996934
830
1 027.1331,893
45.559.9
400.89
11.77
11.0711.4311.951265
11.4312.121128
8.598.08
9.83
331.1790979113.9129978
119.83135.23129.2688.98
52.8217.9770.79
13.0546.06
107.86130.35
685678.6759.1438.7766.76
5204.909.464025.51
9.81
386111258
319491004
1022
1,101.1932,327
42.156.3
367.58
12.33
11.6412.0912.4413.15
11.8412.8211.36
8.858.62
10.53
342.77947.33110.38317.91
123.50140.18136.5593.62
51.1818.8373.90
13.0445.81
105.24133.87
70.8782.1562.4838.1867.22
5.064.759.713.845.54
10.04
437951433
35,6061 122
966
1,115.4832,602
41.154.3
373.04
12.80
12.0212.5212.9713.70
12.3113.2911.56
9.228.95
10.94
348.16946.67111.44333.91
126.51143.73142.1095.41
51.1019.8580.64
13.3845.86
107.15140.97
73.1284.9265.8938.7769.33
4.904.599.673605.38
10.14
41,2161336
35,3081090
1058
1,147.6032,804
39.753.4
414.73
13.07
12.3112.6813.051423
12.6013.531172
9.459.11
11.20
356.44949.17112.34357.32
130.22148.36145.0792.76
51.4921.7790.82
13.0443.27
103.65134.80
75.1788.0070.7638.4468.29
4.804.479.773325.58
10.64
506411501
42,8731216
1032
1,168.1133,041
37.850.9
427.57
13.63
12.9713.3413.591464
13.2014.071202
9.619.55
11.83
373.14971.08114.43393.29
135.65155.08153.6892.28
52.0824.65
106.28
12.6843.19
103.58128.25
78.1592.3277.2338.3567.21
4.634.319.652875.74
11.35
43 1571280
36,0151016
989
1,289.7133,427
37.248.1
709.63
14.04
13.2113.7814.0315 14
13.6014.481222
9.7610.09
11.89
368.4094596114.2339405
133.48152.19149.7890.30
51.662455
106.74
12.8946.63
109.74126.00
76.6990.3775.7437.8467.46
4.744.429.792995.71
11.94
1025
1,242.8033,709
38.050.4
353.06
1380
128113.5213.831503
13.3714.221242
9.65
11.65
371.59962 13113.5139464
132.97151.06147.2394.61
52.012425
102.31
13.5748.70
117.50129.13
762489.23744338.5370.04
11.55
956
1 189 1933,993
FOREIGN TRADE OF THE UNITED STATESVALUE OF EXPORTS
Exports (mdse.), incl. reexports, total @ mil. $..
Excl. Dept. of Defense shipments do....Seasonally adjusted @@ do..
By geographic regions:Africa doAsia do....Australia and Oceania doEurope do....
Northern North America do....Southern North America . doSouth America do....
1 143,662.81 143,577.5
5887 139,629.934643
43,607.7
28,375.211 026 210.992.3
r!81,815.6
181,650.8
6299248,771 143188
60,014 0
33,096.714 886 513.569.4
16,984.5r!6,954.116,741.7
59944 568.2
43875831.3
2,507.7152901.446.6
16,360.9
16,343.917 347 7
555040468
362 16214 1
2,598.61 48021.104.2
16,970.8
16,958.617 233 0
616347214
331360423
2,733.7136021.165.7
19,685.0
19,671.418 534 4
76795,147 5
37197,059 9
3,393.0160441.332.4
19,146.7
19,134.318 468 4
80984917.4
377 16 753.9
3,149.71 71351.319.5
18,770.0
18,764.417 677 7
737948707
397462839
3,074.0180661.490.1
18,706.7
18,674.818641.8
73145 224.8
42435 862.9
3,070.0176641.485.0
17,213.7
17,177.718,075 0
75574,925.6
39145,240 4
2,499.0186441.453.2
17,946.1
17,938.419 103 4
76565 273.6
43165 303.2
2,648.2179071.557.8
17,829.0
17,800.918 701.0
79874,956.2
41685,107.6
3,040.71796 11.578.4
19,948.9
19,936.919 088 5
89595 467.7
58945 965.6
3,078.22 12361.646.5
18,614.0
18,609.918,634 3
88005,078.6
39365,589.1
3,113.2191051.529.2
19,545.1
19,537.5191177
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-19
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownhi the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
FOREIGN TRADE OF THE UNITED STATES—ContinuedVALUE OF EXPORTS— Continued
Exports (mdse.), incl. reexports — Continued
By leading countries:Africa:
Egypt . . mil $Republic of South Africa do....
Asia; Australia and Oceania:Australia, including New Guinea do....India . . . . doPakistan do....Malaysia .. . do
Indonesia .. doPhilippines doJapan do....
Europe:France do....German Democratic Republic (formerly
E. Germany) mil. $..Federal Republic of Germany (formerly
W. Germany) mil. $..
Italy doUnion of Soviet Socialist Republics do....United Kingdom do
North and South America:Canada do....
Latin American republics, total # do....Argentina do..Brazil doChile doColombia doMexico do....Venezuela do
Exports of U.S. merchandise total § ... . .. do .Excluding military grant-aid do
Agricultural products total do....Nonagricultural products total do
By commodity groups and principalcommodities:
Food and live animals # mil. $ .Meats and preparations (incl poultry) doGrains and cereal preparations do....
Beverages and tobacco do
Crude materials, inedible, exc. fuels # do....Cotton raw excl linters and waste doSoybeans, exc. canned or prepared do....Metal ores concentrates and scrap do
Mineral fuels lubricants etc # mil $Coal and related products doPetroleum and products do....
Oils and fats, animal and vegetable do
Chemicals .. do
Manufactured goods # doTextiles doIron and steel doNonferrous base metals do
Machinery and transport equipment,total mil $.
Machinery, total # .. do....Agricultural . doMetalworking do....Construction excav and mining doElectrical do
Transport equipment total doMotor vehicles and parts do
Miscellaneous manufactured articles do....
Commodities not classified do....
VALUE OF IMPORTS
General imports, total do....Seasonally adjusted @ do
By geographic regions:Africa doAsia doAustralia and Oceania doEurope do
Southern North America doSouth America . do
By leading countries:Africa:
Egypt .. doRepublic of South Africa do....
1 134 11,080.1
2 944.19479495.77284
751410412
12 885.1
4 166.2
170.4
6 956.8
336062,252.37 1160
28,373.7
20,185.28418
298067246
104596 680.337277
141 125 6141 040 329 384 1
111 741 4
'1831139584
11 633.8
'2 292 8115,555.1
173965,210.41839 1
'3 880 62 12261,563.7
'15213
'126228
'12 416 8222521 716 310478
'59 255.4
37,017.52 15161,188.31318469666
22 250 313 237.3
'10,177.5
'5 006.7
171,978.0
16 898 158 264 0
2 350 437 984 5
33 546 212 624 410 302 6
10502.258.7
143331,413.0
3 649.41 1670
529.1932 1
98151570 1
17 579.3
5 586.7
356.0
8 482.3
435853,607.1
10 634 8
33,095.8
26,256.61889934416
8855140939 847.239313
178 578 0178 413 234 745 4
143 832 6
r22 250 91 1269
14 450 5r2 336 5
r20,756.02 19845,707.733246
r5 620 5349601,913.6
18450r!7 307 9
16 234 23 18942 342 016094
r70 407.3
44,741.0263551,391.4123388 635.0
25 750 415,076.5
12,637.4
9,030.3
r206,255.8
24 376 566 740 430720
43 548 2
38 122 317 287 813 172 5
38102.616.5
1210149.4
3705149 1327892
8941743
16063
5093
678
8494474 9426.48639
2,507 7
2,736.021933924884
148210085
430 1
16 662 116 631 63681512 980 6
227381202
15237
283 6
2,160.6311 9564.7412 8
54283198196.4
1587
16075
1 537 03026227 91718
63552
4 17081780125.3894
7886
221261,154.1
1,157.5
555.0
19,744.3196122
2727059086
304044366
3 428 51 772 712186
313167.3
15051365
3082860257850
1026123 7
15258
7170
172
9623
441 2174.0947 1
25985
23590176 12735770
123 998282872
16 031 51601453276912 754 6
2017984 2
13019
152 4
2,109.7256 1606.4404 8
481 42335219.3
1396
1617 1
1 647 9268617801712
56129
38728208 1975832
7833
1 744 11 1302
1,575.9
6597
20,132.220 937 6
2 421 06642 1
295 740926
3 463 41 916 513069
210342.5
1510133.7
28131756254916
10681672
16506
5866
908
9626
4429130.0984 8
27336
2 353.615242845857
143892563235
16 687 516 675 33354613 332 9
2046588 3
13192
204 1
2,169.63512513.1465 0
43582142186.9
1425
15378
1 734 72775219 32023
65407
4,075.12346107.2118 47762
2 472 11,213.1
1,408.5
455.2
20,638.621 640 4
3 249 363979
257 238860
3 631 61 914 213020
817215.9
1878162.2
31281938954
1047
9722295
18098
7842
68 1
10552
5180184.3
1 303 4
33929
2 739.61915361 2877
141 11 1049
3424
19 315 619 302 03687015 628 7
22123113 5
14282
335 3
2,375.4389 4480.35170
56692996234.9
228 1
18804
1 882 6317 1237 8248 1
7 444.5
4,823.92945121.913709084
2 625 91 414.4
1,542.7
8337
21,040.520 588 5
2 870 464586
269 743398
3 751 62 12631 243.6
96.1226.1
1992178.8
3145118 4380989
759152 1
1843 1
639 1
640
10226
540 4110.5
1 348 5
3 1497
2814 11835321 6962
11901 2114
3698
18 814 918 802 63468515 346 4
2 1348103 0
14233
224 7
2,255.23134544.23962
6305404.2204.8
210 1
1 750.6
2 1608307 126392465
7,015.4
4,611.62833138.613848836
2 407 212673
1,304.6
1 1158
19,625.819 257 2
2 753 464103
23494 248.5
324581 7887
998.5
57.5405.7
1705199.6
32961182457
1373
1222144 9
1599 1
6233
36.8
9047
466 845.7
12860
30740
3,079.02802382 71045153 1
127303586
18 395 318 389 63203215 192 0
1954 1104 8
1 1992
2005
2,186.1311 4489.44300
7365452.1249.7
201.1
1,851.7
18847295927892549
7,349.6
4,783.7274 1149.215059134
2 567 412147
1,340.1
685.1
20,502.920,439.4
3 17066,546.8
303.84,155.2
334922,067.3
999.9
33.8291.2
1278199.0
356.6132271.4
113 1
12801572
1,787.7
586.1
29.2
964.1
537751.0
10492
3 069.9
3,032.92099368310441537
1 243.34069
18 300 018 300 03017515 282 5
207191158
1,289.8
1963
2,032.72445395.84482
730 1462.1250.1
134.9
1,861.5
197703200298 12809
73029
4,965.82902162.91665896.7
233701,235.0
1,289.9
702.9
20,520.019,893.1
2,799.47,131.1
290.73,885.9
325592,002 61,154.0
44.5208.5
1578217.0
320.2154262.6
1289
9661870
1 7182
6312
21.0
869.2
407543.4
8707
2 499.0
3,087.1190936831366146 4
133943857
16 903 416 867 33019713 883 7
22035109 0
1 442.6
175 1
1,723.11904350.83509
7070415.6268.3
1405
17923
1 724 32726273 12412
66987
4 646.62825160.51555865.0
20808992.5
1,246.1
456.8
19,324.318,995.4
237376,636.2
28164,011.3
3 124 4182021,076 6
38270.2
1322239.7
357.21890848
1107
30291643
1 751.5
5370
54
807.0444 335.4
9070
2 648.1
3,108.72115414512231547
127104102
17 630 717 623 03243614 387 0
23400962
1613 1
1798
1,865.01559434.13896
70294809204.6
161 7
1760 1
1 946 93020294 43417
6 730.9
4,761.9237.1155.1137.1891.6
1 972.1975.8
1,295.7
640.1
18,858.819,235.6
274456,314 1
268037734
2 828 11 819 41 1109
416291.9
1639184.6
354.6124063.8864
16851323
1,682.2
5462
25.0
815.2
353349.9
9273
3,040.6
3,141.42590382811701385
126224179
17 527 917 499 83236214 291 7
250101034
1 657.7
2074
1,535.1150 4313.4298 1
70974300227.7
1605
16657
1836 1307.52755289.9
7,018.7
4,602.7242.6158.0146.3829.0
2,426.91,186.7
1,303.5
562.1
19,078.719,465.0
2 148 967215
215038086
3 341 7168641 1562
26.4203.8
145 1241.4
526.4145254.9
1468
139.91485
1,800.1
678.1
18.6
871.8
3788151.2
1 1396
3,078.1
3,510.62598359814141582
1,542 4463 1
19 520 619 508 63 672.915 847 7
268941306
1,710.0
2494
1,776.2950
493.6325 1
7553502.8238.1
145.3
1,765.9
19355328.2288.4253.2
7,934.7
5,130.6251.4173.6141.9997.3
2,812 51,445.9
1,400.6
856.4
20,267.820,060 5
2 556 465315
299339643
392991 91391,072.1
29.5297.5
152.9352.5
336.5122 141.0
1175
115.71487
1,793.0
584.0
33.6
896.8
4239264.79354
3 113.2
3,223.9271 7361413631289
1 407.53976
18 247 618 243 53 796.414 451 2
2 652.91186
1 765.1
2627
1,761.31813626.62263
785.3458.8269.4
131.0
1,488.0
1717.7314.1250.1219.9
7,372.8
4,723.7236.3163.9130.3870.7
2650 11,312.0
1,324.0
747.9
19,532.719 422.4
2273 16 220.5
35233 730.5
374771 800.91,407.5
12.6291.8
2919.4
2753
2,001.3
740.9
279.7
151.0
1,769.0
18064
7,531.1
1,311.5
703.8
21,312.021,173.9
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-20 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
FOREIGN TRADE OF THE UNITED STATES—ContinuedVALUE OF IMPORTS— Continued
General imports — Continued
By leading countries— ContinuedAsia; Australia and Oceania:
India doPakistan doMalaysia . do....Indonesia doPhilippines do....Japan do
Europe:France do....German Democratic Republic (formerly
E Germany) mil $Federal Republic of Germany (formerly
W Germany mil $Italy ... . do.. .Union of Soviet Socialist Republics doUnited Kingdom . . do....
North and South America:Canada do
A 0 t° ' doBrazil doChile doColombia do. ..Mexico doVenezuela . do....
By commodity groups and principalcommodities:
Agricultural products, total mil. $..
Food and live animals # do....Cocoa beans do. .Coffee do
Sugar do
Beverages and tobacco do
Crude materials, inedible, exc. fuels # do....Metal ores doPaper base stocks do....Textile fibers doRubber do
Mineral fuels lubricants etc doPetroleum and products do
Chemicals do
Manufactured goods $ doIron and steel doNewsprint ... doNonferrous metals doTextiles do
Machinery and transport equipment do....Machinery total # do .
Metalworking doElectrical do....
Transport equipment doAutomobiles and parts do .
Miscellaneous manufactured articles do
Commodities not classified ... do
Indexes
Exports (U.S. mdse., excl. military grant-aid):Unit value 1967-100..Quantity doValue . do....
General imports:Unit value doQuantity do....Value do
Shipping Weight and Value
Waterborne trade:Exports (incl. reexports):
Shipping weight thous sh tonsValue mil $..
General imports:Shipping weight thous sh tonsValue mil. $..
172779794837
1519 13606912072
24 457 7
4 051.0
353
996154 102 1
539 165139
33 525 0
18 556 05634
282573853
10442609393,545.1
14,961.6157 016 5113,521.5
6670372821 8560
7230
*2 221 3
'9,293.8281161,166 9
2478684 7
142 095 839 104 2
*511 0ig 430 0
127 234 97 259 32'l0075 122 82*200 1
147,590.224 403 8
94675,170 7
23 186 120 631 2
»19 061 5
'4,018 5
22472049460.3
2913221.2644 4
300 03277268
592 949115,480
2 236 210377
12002 14563620614888
26 242 9
4,770.8
36 2
10 955 34,918 1
872480287
38 099 3
24 782 2587 1
3 1188439 8
12094881345 1659
16,881.0189 445 5r!5,169.5
5549381972 539 3
9743r2 565 0
10,652.73247 115467
2312897 1
r59 997 956 046 0
739 8r7 478 6
r30 064 17 466 32 322 16 320 12 216 4
r53 677 328 044 8
1 442 46588 1
25 633 622 074 6
r21 006 3r4 904 6
255 5227 95822
347 42217770 1
357 79397,579
597 495140,091
218759482
171.72584149.5
2 1355
470.8
4 9
10706492.31478807.5
34264
2468 5507
287851 8
10729370462.8
1,656.418 140 8
1,470.925.3
45322326603
2585r853.63014135.4187627
r6 783 463002
97 6697 1
r2 740 0690 12204693 0207 9
4 608.923663
147 26047
2242518807
1 688 0
5463
2748237 0651 1
388 922768852
346449,751
51 74813,684
233 1922118
276851181491
24965
489.9
47
9893397.3418
782.3
3463 12 515 5
3662943376
10939489537.7
1,649.718 489 2
1,466.1352
4770228 7636
1786
882.430461483242999
6 558 660463
58 2696 1
29163580 92165808 0203 8
4976025194
14596044
2 463 420095
1 8798
5200
2810223 1627 1
402 522379003
288038554
4483213,692
210 81112
8520134927102.1
22498
380.3
3 1
9926379.1
19 1756.2
36313
2 605 8624
277655798.9
10884549.2
1,367.219 271 3
1,203.426.7
3117190 21187
1985
892.62905139.5209695
7 741 97 199 1
32 77268
2815668962249663 8204 2
4741924007
122 86007
2 341 220087
1 668 36168
280 1233 l6529
419 4220 1923 1
274268,954
4796614,404
195 4115 1
12 124294220122.6
23852
469.4
58
1 143 0401.1354
830.2
37494
2 601 6548
2684527
140010958
485.0
1,536.219 524 2
1,351.0263
31192008156 1
2129
988.729381844229
101 1
7 391 768376
42 3786 2
29099537 22450804 7243 3
5,084 326569
136 76798
2 447 32097 1
1 806 7
4668
2803269 67558
431 02187942 5
3146810285
4396714,231
1564986102
230.94170143.2
25647
442.2
26
1 101 1328.3
106827.6
3 245.2
2 210 3329
266.344292.1
9685311.7
1,458.218 222 4
1,278.962.0
3544154 41174
2247
867.13512141.420856 1
6 345 958332
48 87653
2618 1622 12176585 3213 6
5 027.226136
174 2630.3
2468420319
18972
5525
281 8261 27362
430 02049881 1
3439110 162
3943013,564
212 182.3103
215.84352149.7
26566
489.0
35
1 1175348.2222
763.1
3,348.6
24683547
303.2482
115.71 159.9
306.1
1,478.519 114 5
1,293.845.5
342318971238
244.0
886.03073165.726981 1
6894 565150
30 77684
27958741 624455832219 4
5,074.12 683.2
1412683.7
2481020246
19207
5949
2797257 4720 1
4326213 19219
3404210,071
4263014,532
220093.6128
214.64403146.1
26774
441.8
36
9924360.835 1
741.0
3 255.9
2617354 1
317.3314
134.81 1847
422.7
1,488.519 031 5
1,372.832.0
373016401776
223.3
913.7369 1147.9215638
6 937 665314
41 27624
2662 1600 123655959220 8
5,052.326855
1485686 1
2366 819936
2030 6
5240
2854251 17166
4406208.69189
3571610282
4358414,594
204974.998
187.64408138.9
26134
429.6
30
10535382.8329
788.0
3 120.8
2282661 1
323.242493.7
904.8339.3
1,439.817 884 5
1,335.540.8
34792135195.0
253.1
857.8326 1130.319.5576
579235 421.2
30 87050
244735435208.55595192 2
5,166.727820
161 97120
2 384 62008 1
2 182 5
5534
29042275660.5
4422195.68647
339789619
3698213,483
200 177.9104
152.8255.7135.4
2 541.3
428.2
39
933.1386.5
22.9734.3
2,825.1
2 141 0582
300.034369.1
1 045.8407.0
1,310.917 548 0
1,207.223.3
302.3180 1187.5
227.6
812.4275.0150.420.9448
623595,867.7
3086169
2 486.16292201.75082191 5
4,565.725780
1837647.1
1987616639
2 143 2
533.2
2936235 1690.0
444 718908403
3637310225
38 12213,328
172 1103.3103
195.54297154.1
26420
345.8
28
8448297.0953
996.8
3,339.7
22618710
293.350788.8
9150420.5
1,219.317 859 3
1,121.920.0
217.11529172.2
261.3
837.2279.8136.211.0756
5830554604
33 06413
24129520021605674194 7
4,952.226215
1368674.6
2330820003
20773
911 1
2947232 56852
445 81907850 1
221578.895
234.84156150.5
25689
457.8
39
8618284.9533
907.0
3,929.7
2419 1635
304.140286.1
1 106.6372.3
1,410.618 857 2
1,304.819.2
250.72468172.4
286.3
830.6302.4134.3
16.5427
623105846 1
64 67459
26297544822496883196 1
5,333.327545
1503729.6
2578822106
2 104 2
7374
3000254 77639
449 3201 19035
280996.889
192.63468130.9
25918
378.1
26
8763332.6288
743.1
3,747 7
266921053433.346992.2
10314449.0
1,529.918 002 8
1,441.321.0
2733199 1334 1
243.6
856.43030144.2175647
5879 65446 1
51 36503
26419617 421656017204 4
5,236.227338
1567668 1
250252 191 4
1 983 4
5487
30862315714.3
451 4193.08714
1,536.0
1,385.9
217.4
871.2
72184
690718 1
2 854.7
5,335.7
20172
624.4
31042423752.2
4582207.59505
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-21
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
TRANSPORTATION AND COMMUNICATIONTRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:Passenger-miles (revenue) bil..
Passenger-load factor percent..Ton-miles (revenue), total mil-
Operating revenues (quarterly) # § mil. $..Passenger revenues do ..Cargo revenues do....Mail revenues do
Operating expenses (quarterly) § do....Net income after taxes (quarterly) § do....
Domestic operations:Passenger-miles (revenue) bilCargo ton-miles milMail ton-miles do ..
Operating revenues (quarterly) § mil. $..Operating expenses (quarterly) § do....Net income after taxes (quarterly) § do....
International operations:Passenger-miles (revenue) bil..Cargo ton-miles milMail ton-miles do ..
Operating revenues (quarterly) § mil. $..Operating expenses (quarterly) § doNet income after taxes (quarterly) § do....
Urban Transit Systems
Passengers carried total mil
Motor Carriers
Carriers of property, large, class I, qtrly.:Number of reporting carriersOperating revenues, total mil. $..Net income, after extraordinary and prior period
charges and credits mil. $..Tonnage hauled (revenue), common and contract
carrier service mil. tons-
Freight carried — volume indexes, class I and IIintercity truck tonnage (ATA):
Common and contract carriers of property(qtrly.) average same period, 1967 — 100..
Common carriers of general freight,seas, adj 1967= 100-
Class I Railroads $
Financial operations, qtrly. (AAR), excl. Amtrak:Operating revenues, total # mil $ .
Freight doPassenger excl. Amtrak do .
Operating expenses do....Net railway operating income doNet income (after taxes) do. .
Traffic:Ton-miles of freight (net), total, qtrly bil..
Revenue ton-miles, qtrly. (AAR) do....Price index for railroad freight 1969=100-
Travel
Hotels and motor-hotels:Restaurant sales index.... same month 1967=100..Hotels: Average room sale fl dollars-
Rooms occupied % of total..Motor-hotels: Average room sale 1J dollars-
Rooms occupied % of total
Foreign travel:U.S citizens' Arrivals thous
Departures doAliens' Arrivals do
Departures do...Passports issued do....
National parks, visits @ do....
COMMUNICATION
Telephone carriers:Operating revenues # mil. $..
Station revenues . . . . doTolls message do
Operating expenses (excluding taxes) do....Net operating income (after taxes) do-Phones in service end of period mil
Telegraph carriers:Domestic:
Operating revenues mil $Operating expenses do.Net operating revenues (before taxes) do—
Overseas, total:Operating revenues doOperating expenses do..Net ooeratine revenues (before taxes) do—
226.7861.5
29,679
22,89218,8141,986
38721,5271,186
182.673,506
808
18,18917,172
856
44.112,314
374
4,7034,355
331
67,616
10016,618
495
236
157
181.7
21,83620,346
356
21,130446
3258
874.0858.1213.1
15738.83
6828.45
72
8,9038,8837,8616,3253,234
62,910
45,905219,90918,630
229,4898,191150.4
576.4470.085.6
454.8313.5123.3
261.9863.0
33,386
27,16922,7372,210
46326,977
398
208.863,466
852
21,59421,472
290
53.122,498
372
5,5755,505
109
7,830
10018,799
363
224
157
180.3
25,71423,912
387
24,518794
3814
928.7914.6
5243.4
17045.69
7232.36
71
9,2599,6819,8867,8143,170
56,922
50,60421,96722,38933,1109,084155.1
636.0519.280.2
491.1326.2142.7
20.5055.8
2,668
7,2566,012
60653
7,466-60
16.5027097
5,8425,979
-28
4.0020943
1,4141,488
32
633
1005,282
110
55
140
172.6
6,8516,452
97
6,517298315
243.0237.2264.5
16444.74
5532.61
50
593753798660150
1,922
4,2811,8381,7452,978
731155.1
53.244.06.9
38.032.83.9
19.9954.5
2,536
15.8725376
4.1217929
686
163.5
264.7
14445.27
5933.77
62
691693798674
r233
1,831
4,4791,9601,8172,976
806156.3
55.145.2
7.0744.1729.57 12.8
18.5755.1
2,415
15.1426273
3.4319430
679
155.5
267.7
16946.52
6634.63
70
626692648530258
1,846
4,4701,9521,7693,000
781156.8
55.644.38.3
43.229.012.4
22.0661.2
2,833
76246,373
568150
7,950276
18.0128679
6,1766,389-176
4.0522933
14491561
-99
744
159.7
6,8026,329
98
6404270274
236.1233.1269.8
18846.77
7235.46
74
741807851596313
2,339
4,5841,9761,8823,072
810157.3
57.744.09.3
44.129.912.2
20.5258.5
2,635
16.4826878
4.0420532
637
150.7
279.7
17749.04
7135.13
72
728754806692340
3,289
4,5991,9901,8533,093
832158.4
57.146.27.9
44.230.212.2
20.5857.4
2,665
16.0628478
4.5221233
718
139.3
279.7
20348.51
7135.99
69
747839906697318
4,694
4,6382,0081,8613,099
828158.6
59.646.410.4
45.730.513.4
23.2763.0
2,914
8,1526,844
591153
8,289116
18.1927371
6,5596,612
-22
5.0821032
1,5921676
-94
695
8 10087,489
896892
140.1
69596,492
107
6662175184
23082277282.3
27749.56
7535.48
74
8201,056
995768329
7,451
4,6591,9951,8883,119
83415.8
57.646.8
7.7
44.830.912.1
24.4962.9
3,050
18.6428175
5.8521430
641
133.1
291.7
19848.19
5836.70
64
9461,0351,272
883303
10,482
4,8202,022
346788915.8
59.148.3
7.8
45.431.212.3
26.3966.3
3,236
20.2528275
6.7621031
656
140.3
292.4
30949.40
4836.92
55
172954
2,1831,175
222
10,661
4,8312,0301,9873,228
86015.8
57.147.86.4
42.130.110.1
19.6155.9
2,540
89267,555
590143
r8,657203
14.8427373
6,853r6,700
105
4.77203
29
2,0731958
94
681
147.2
6,9956521
117
6,623222156
222.4298.5
24752.17
6934.37
66
200
6,195
4,8252,0591,9593,305
82715.9
59.948.87.7
44.730.112.8
20.6957.7
2,629
15.8029381
4.2521633
748
147.3
299.0
26753.05
7735.46
70
179
5,250
V11.78
663
153.7
299.6
150
2,875
1 13.45
231.5300.5
158
2,167
113.85
485.7
233
2,027
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-22 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
CHEMICALS AND ALLIED PRODUCTSCHEMICALS
Inorganic Chemicals
Production:Aluminum sulfate, commercial (17% A12O3) $
thous. sh. tons-Chlorine gas (100% C12) $ doHydrochloric acid (100% HC1) $ do....Phosphorus elemental i .... do .
Sodium hydroxide (100% NaOH) $ do....Sodium silicate, anhydrous $ do....Sodium sulfate anhydrous $ do....Sodium tripolyphosphate (100% Na5P3O10) t
do....Titanium dioxide (composite and pure) $ do....
Sulfur, native (Frasch) and recovered:Production thous. Ig. tons..Stocks (producers') end of period do
Inorganic Fertilizer Materials
Production:Ammonia, synthetic anhydrous $
thous. sh. tons-Ammonium nitrate original solution $ doAmmonium sulfate $ doNitric acid (100% HNO3) $ do
Nitrogen solutions (100% N) $ do....Phosphoric acid (100% P2O5) £ do....Sulfuric acid (100% H2SO4) $ do....
Superphosphate and other phosphatic fertilizers(100% P2O5):Production thous. sh. tons..Stocks end of period do
Potash deliveries (K2O) tl do
Exports total # doNitrogenous materials . . do....Phosphate materials doPotash materials . do....
Imports:Ammonium nitrate . do
Potassium chloride doSodium nitrate do....
Industrial Gases
Production:Acetylene mil cu ftCarbon dioxide, liquid, gas, and solid
thous. sh. tons..Hydrogen (high and low purity) mil. cu. ft..Nitrogen (high and low purity) doOxygen (high and low purity) do....
Organic Chemicals §
Production:Acetylsalicylic acid (aspirin) mil IbCreosote oil . mil gal.Ethyl acetate (85%) mil. Ib..Formaldehyde (37% HCHO) do....
Methanol, synthetic mil. gal..Phthalic anhydride mil. Ib..
ALCOHOL
Ethyl alcohol and spirits:
Stocks end of period do . .
Denatured alcohol:
Consumption (withdrawals) doStocks end of period do
PLASTICS AND RESIN MATERIALS
Production:Phenolic resins . mil IbPolyethylene and copolymers doPolypropylene . . . do..Polystyrene and copolymers do....Polyvinyl chloride and copolymers do....
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterlymil. Ib..
Paints, varnish, and lacquer, shipments:Total shipments @ mil $
Architectural coatings do....Product finishes (OEM) doSpecial purpose coatings do....
1,30911,0522,793
441
11,309829
1,168
739701
'9,5575,261
17,1197,210
92,4497,934
2,2869,637
41,314
7,176500
56,833426,247
42,622416,741
41,827
404326
8,390142
5,306
3,00190,470
378,923430,041
32.21143.2'181.9
'6,381.0
290.51970.4'978.0
506.771.2
227.7228.8
2.7
1 1,926.0'11,359.4'3,055.3'5,988.6'5,878.0
'2,821.1
6,008.1
1,31412,2283,090
460
12,772770
1,115
758741
'10,2634,172
18,5237,5432,3638,465
2,24510,31743,119
7,662366
57,640328,043
33,17617,9191,576
277245
9,275116
5,741
3,12499,271
427,151456,636
'31.9'161.6'262.4
'5,971.1
297.8'1,109.5'1,012.9
570.453.6
260.7260.9
4.1
'1,778.6'12,408.4'3,823.9'6,326.9'6,211.4
2,987.1
77,033.073,417.772,289.771,325.6
981,104
27842
1,1608493
6656
9424,172
1,760746194802
249994
4,006
736366657
3,379223
2,585138
1815
8405
454
2848,946
46,92344,235
2.514.121.4
532.4
21.0109.477.6
54.653.6
26.025.94.1
122.21,065.7
283.2519.1514.2
781.9
448.1196.3161.590.2
901,015
29637
1,03775
102
6063
9454,027
1,616762
(2)807
252846
3,577
662411574
2,232217
1,443179
2839
85713
526
2658,136
38,26637,835
2.512.122.2
482.3
27.299.074.8
57.455.0
22.822.13.2
137.91,070.5
326.3504.5512.9
540.8235.8196.8108.1
10299223738
1,01265
112
6368
8243,973
1,602750
(2)790
252895
3,538
674471574
1,956201
1,256156
2029
71920
524
2588,474
38,89537,582
3.212.923.3
514.7
28.189.883.6
52.756.5
25.325.5
1.8
132.01,012.4
298.4510.8519.6
567.9258.1204.2105.7
102962243
42
97473
104
7071
8793,896
1,665775181824
262qqc
3,860
703495477
15,4512,387
11,758807
2131
64425
511
2678,433
39,59937,952
3.714.122.7
534.3
28.290.791.6
54.755.4
28.628.05.3
138.71,116.1
325.8422.5575.1
7569
611.9289.3204.5118.1
96970236
37
96764
101
6269
8343,774
1,633775155796
260951
3,967
713587612
2,049219
1,429106
5253
75617
481
2688,365
38,34836,456
3.712.219.7
511.6
28.595.984.2
54.667.8
27.528.43.4
117.81,059.4
328.8480.7496.5
648.0317.2202.5128.3
10194921839
90156
102
5755
8263,664
1,626782149783
280838
3,494
630637355
2,034171
1,30195
2012
52722
443
2898,080
40,08834,916
3.813.515.8
476.4
27.880.073.4
54.073.5
26.425.63.4
91.3971.4287.4398.6401.4
702.4366.1197.5138.8
9187222132
87465
114
6161
8213,594
1,498653
(2)653
270858
3,471
624509535
3,123398
1,654282
1026
56321
439
3247,524
35,66529,298
3.412.016.8
422.9
24.787.449.8
45.765.0
28.223.86.6
98.3724.2231.6355.4351.5
751.4
721.6381.7193.1146.8
10881319732
84346
104
5653
8633,570
1,528568172592
250801
3,470
648460563
3,013402
1,471221
1011
7620
382
3256,845
37,41828,163
2.711.715.7
355.8
31.392.743.2
52.872.7
22.722.616.6
95.5761.1213.9433.7349.4
682.9367.3169.5146.0
10582421933
84066
106
5857
8343,503
1,634624161647
254914
3,540
693483657
3,125534
1,657156
2714
63811
429
3346,678
35,64931,637
2.511.317.0
416.0
20.680.551.0
46.470.4
21.323.119.9
109.8805.0241.6397.9393.3
689.3341.0199.7148.6
9790324028
90766
101
5853
8023,405
1,475632168672
232909
3,574
669515456
2,580319
1,560178
1212
7510
483
3267,857
40,55232,186
2.814.819.8
483.2
26.481.367.5
57.267.1
22.623.210.2
120.9906.8253.3454.3458.9
704.0
698.2329.5221.7147.0
102r938233'43
'97256
r!09
6148
8423,306
1,474r698191
r726r208901
'3,610
r666r431C674
2,487343
1,59583
1916
83613
r506r298
r7,740r43,459r35,529
3.212.320.1
524.2
25.369.573.5
131.9967.3259.3495.8515.6
r706.1r314.8r233.5r!57.9
85949222
47
96753
100
6055
'843'3,269
1,550750
(2)780
242916
3,793
676481
'663
1,853224
1,130133
1326
9016
405
2988,632
43,48335,966
2.711.722.2
498.6
'24.384.173.7
126.4972.4282.2464.2513.0
545.9222.1202.5121.3
8913,037
1,684817
(2)864
269984
3,989
717395
'810
2,486337
1,408101
1718
95210
514
2939,084
41,42537,490
2.814.022.0
519.0
22.1106.179.2
112.51,021.1
286.1498.2498.8
788.6
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-23
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
ELECTRIC POWER AND GASELECTRIC POWER
Production:Electric utilities, total mil. kw.-hr..
By fuels do.By waterpower do
Sales to ultimate customers, total (Edison ElectricInstitute) mil. kw.-hr..
Commercial and industrial:Small light and power § do....Large light and power § . do
Railways and railroads do...Residential or domestic do
Street and highway lighting doOther public authorities do....Intsrdepartmental .. do
Revenue from sales to ultimate customers (EdisonElectric Institute) mil $
GAS
Total utility gas, quarterly(American Gas Association):
Customers, end of period, total thous
Residential do....Commercial doIndustrial doOther do
Sales to customers, total tril. Btu..
Residential do....Commercial doIndustrial doOther do
Revenue from sales to customers, total mil. $..
Residential do....Commercial doIndustrial do....Other do....
2,203,8911 922 953
280 938
2,017,818
480,749782 141
4336679 156
1480349,5097 125
69 852 9
45995
42,3823378
18946
14,748
5 10725006 841
301
32 150
12,9395696
13065451
2 247 1971 966 868
280 329
2 079 221
493 494815 586
4245694 266
14755494817394
77 691 5
46817
43 1373441
19345
15,644
507725067753
309
39380
147696609
17495506
188,946166 21322732
170 377
3965565629
34958 741
13644 108
531
66222
46817
43,1373441
19345
3,749
1227624
1 82276
10532
395918754,554
144
200 027174 72925 297
178 424
4121665531
37065 146
13624261
538
7 0080
188 708167 33121 378
178 454
41 18666328
37064 587
1 2814 169
533
7 067 1
187 542163 21024 332
175 605
4077767 179
36661 451
1 2674016
550
7 i6i g
47577
437113627
18356
5,506
2 171995
2 236104
16382
7 1923 1495840
201
168 562142 81725 745
164 699
3874566 125
35353 831
1 1993900
545
6 821 4
175 733146 86728 866
157 676
3832165053
34748 483
1 1543767
551
6 743 8
189 430161 77427 656
165 924
4182264 946
34253 300
1 1243857
533
7 400 4
47206
435043464
19543
3,169
899447
1 76855
9960
33881 5344934
104
216 051191 75024 302
182 194
4646163715
34865 866
1 1214 138
545
8 392 0
215 435194 95920 476
192 936
4887265597
35672 190
1 1634 185
573
9 029 8
191 483172 99118 491
188 204
4740567583
34966 866
1 2034*249
550
8 745 4
46886
422383 414
18944
2,610
401271
1 89444
8289
1 748970
548290
178 541160 675
17 866
171 198
4247666978
35655 528
12664031
564
7 831 2
165 276
4036365657
35153 194
13073,835
568
7 448 8
FOOD AND KINDRED PRODUCTS; TOBACCOALCOHOLIC BEVERAGES
Beer:Production rn,il. bbl..Taxable withdrawals do....Stocks end of period do
Distilled spirits (total):Production mil tax galConsumption, apparent, for beverage purposes
mil wine galStocks end of period . . .. mil. tax galImports mil. proof gal..
Whisky:
Stocks end of period doImports mil proof gal
Wines and distilling materials:Effervescent wines:
Production mil wine galTaxable withdrawals doStocks end of period . doImports do
Still wines:
Taxable withdrawals do ...
Imports do
Distilling materials produced at wineries do
DAIRY PRODUCTS
Butter, creamery:Production (factory) @ mil. lb..Stocks, cold storage, end of period do....Price, wholesale, 92 score (N.Y.) $ per lb..
Cheese:Production (factory) total @ . mil lb
American, whole milk @ do....
Stocks, cold storage, end of period do....American, whole milk do ...
Imports doPrice, wholesale, American, single daisies
(Chicago) $ oer lb..
179.66162711376
166 61
M46 2066251128.60
79 1560062101 89
230921 528264 31
420 2431556527 218977
244 25
994.3206.91.141
351972,074.2
436.43579242 2
1.301
183401674312 73
186 68
2449 726456712365
101 26581 1695 40
r2348r22 2810034 53
433 96r326 21558 318763
r254 36
984.6177.81.272
371532,187.7
512.14065248 3
1.414
12 18110812 73
15 27
53 6064567
1236
6 58581 16
9 60
159267
10030 54
17 332671
558 31953
6 98
84.0177.81.366
3087175.4
512 14065
52 0
1.444
1464125413 33
13 41
32 88644 15
630
6 77578 43
4 49
1621 219540 26
7 0630.15
538 31687
7 18
103.8191.21.347
3105182.0
51604043
11 1
1.467
1472124913 83
12 73
31 7964895
906
7 6358020
6 85
1 471 418560 31
4 722652
515 72639
6 86
99.1203.31.357
2979176.5
510.53996
67
1.472
1656140814 84
13 36
34 5864808
7.79
9 5458001
5 62
1801 883360 35
5 2831 19
477 58677
1 60
101.7214.21.367
341 1194.5
498.13889
92
1.508
163614331531
13 92
354364921
8.26
10 30581 99
6 20
1721 49
10530 32
5662671
481 83780
1 49
111.1234.11.396
332.8203.6
513.0406.1
106
1.535
179716 1917 44
1349
34 60649 19
9.64
9 4858421
7 08
2211 45
11 040 38
4 652976
434 17926
2 27
116.4275.71.413
359.6230.5
545.5438.2
13.7
1.542
179315811543
1096
372864927
7.88
7 8558550
6 00
1621 85
10030 29
29327.18
384 80738
3 44
93.8289.41.424
354.2223.1
581.7469.8
15.1
1.548
18.7217081472
4 72
363563972
9.82
2 72576 77
7 43
1981 51
1057032
6 1726.92
364058.99
1.82
85.0300.11.433
329.4. 205.9
619.6505.6
176
1.555
17.02153514 45
7 14
34 4763344
7.83
4 4557226
5 80
2.652079.83035
20.2327.26
341 128.06
10.22
77.7306.41.515
316.7192.7
615.1501.0
175
1.570
1629145115 01
8 97
34 6862589
11.35
5 1056561
9 04
1.921 75
12.25044
164.4423.16
485389.14
37.10
77.2304.91.517
315.0181.5
612.5498.3249
1.615
1495135314 18
3824
14.66
11 35
3.61407
11.68050
201.6838.27
643498.76
90.62
89.6300.71.526
328.1186.0
593.6484.5293
1.653
13.0212511394
11.84
909
0.66
9.23
84.9r299.81.536
315.0177.2
r567.0r462.3
30.9
1.641
9.55
706
066
9.03
101.7302.71.539
345.2200.7
568.7466.8
44.4
1.641
1.534
1.640
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-24 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO—ContinuedDAIRY PRODUCTS— Continued
Condensed and evaporated milk:Production case goods @ mil IbStocks, manufacturers', case goods, end of month
or year mil Ib
Exports .. .. . do
Fluid milk:Production on farms $ doUtilization in mfd. dairy products @ do....Price, wholesale, U.S. average $ per 100 Ib..
Dry milk:Production:
Dry whole milk @ mil IbNonfat dry milk (human food)@ do
Stocks, manufacturers', end of period:Dry whole milk do....Nonfat dry milk (human food) @ .. .. do
Exports, whole and nonfat (human food) do....Price, manufacturers' average selling, nonfat dry
milk (human food) @ $ per Ib..
GRAIN AND GRAIN PRODUCTS
Exports (barley corn oats rye wheat) mil bu
Barley:Production (crop estimate) jj do....Stocks (domestic) end of period . . . do
On farms do....Off farms do
Exports including malt § do ...Prices, wholesale (Minneapolis):
No. 2, malting $ per bu..No 3 straight do
Corn:Production (crop estimate, grain only) fl .. mil. bu..Stocks (domestic), end of period total do....
On farms doOff farms do
Exports including meal and flour doPrice, wholesale:
Weighted avg., selected markets, all grades
Oats:Production (crop estimate) fl mil buStocks (domestic) end of period total do
On farms doOff farms do
Exports, including oatmeal doPrice, wholesale, No. 2, white (Minneapolis)
$ per bu
Rice:Production (crop estimate) fl mil. bags #California mills:
Receipts, domestic, rough mil. Ib..Shipments from mills, milled rice do....Stocks, rough and cleaned (cleaned basis), end
of period mil. Ib
Southern States mills (Ark., La., Tenn., Tex.):Receipts, rough, from producers mil. Ib..Shipments from mills, milled rice do....Stocks, domestic, rough and cleaned (cleaned
basis), end of period mil. Ib..
Exports doPrice, wholesale, No. 2, medium grain (South-
west Louisiana) $ per Ib .
Rye:Production (crop estimate) |J mil. bu..Stocks (domestic), end of period do....Price, wholesale. No. 2 (Minneapolis) $ per bu..
Wheat:Production (crop estimate) total U mil bu
Spring wheat fl doWinter wheat fl do
Distribution, quarterly @ @ 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)
$ per buNo. 2 hd. and dk. hd. winter (Kans. City) .. do....Weighted avg., selected markets, all grades
$ per bu..
7879
703
*370
r!21 46164,763
10.60
7469204
4.440 1
1 122.8
0714
133112
2454.8r3912r27701142
31 3
2.30229
r27,267.9r6 319 1r4 637 71 681 5
19752
239
25817r5463r465 8
806
152
137
21332
1675989
304
8,8246,130
2,488
497270 177
224 1r!5.22.64
217762553
21222r2144
rl,630.8r814 4816 4
1 289412435
3243.24
3.33
796 1
767
42.3
12341165,839
12.00
8539087
4.3926
73.3
0800
36403
2382.8r3656r246.41192
345
2.67261
r27,938.8r6,886.2r5 041 71 844 5
23335
2 42
25266r4768'400 8
760
48
157
21319
27211,800
249
9,2476,019
2503
4978
0 173
222.417.72.51
22 1342533
21601r2051
rl,716.2r7739r942 2
1,265.112225
4084.03
3.73
592
767
3.8
10 0775,03312.80
64719
4.3926
3.6
0841
3483
r3656r246.41192
45
2.77263
r6,886.2r5 041 71 844 5
2236
2 60
r4768r400 8
760
08
161
292208
249
634434
2503
546
0 195
17.72.50
r555
1,716.2r7739r942 2
1195114 9
4324.59
4.43
598
753
29
10 307560612.80
80750
4.7855
14.1
0839
2785
32
269262
189 9
2 67
03
152
364348
175
479510
2317
584
0 200
2.47
850827
425437
4.43
583
739
3.6
r99705,48812.80
6 1758
4.6805
10.1
0.839
2812
39
2.62262
1846
2 56
0 1
151
248146
214
1,032621
2346
557
0220
2.36
92.5895
422442
4.51
620
762
3.7
10 946608112.70
8190 1
6.1833
15.7
0841
3100
r262 3166.0
963
4 1
2.54258
r4 857.3r3 441 01 416 3
2048
2 58
r3396r284 3
553
0 1
147
247228
173
620619
2 138
584
0 235
15.02.38
r492
1,225.1r5696655 5
101.1947
4204.19
4.33
688
886
4.0
11 0136,34512.70
661120
4.4115.4
6.6
0873
3210
67
2.67263
2133
2 64
05
152
243192
169
289490
1859
518
0240
2.18
100.3983
4 133.94
4.40
639
1058
4.4
11 6646,89512.60
5.71334
4.8140.4
11.7
0.887
2663
r4192 1r4112.4
r4797
47
2.762.69
r33 670.4r32 577 8r3l 0926
1703
2 88
r4236 4r4198 3
438 1
04
164
254176
156
166445
1552
585
0 240
r412.22.44
r4902.0r4376 5r4525 5
90.7886
4 48413
4.63
69.1
115.8
2.8
11 3216,58012.50
7.11326
6.3137.4
15.3
0.888
2987
5 1
2.90295
1920
275
12
165
320256
166
155611
1082
540
0220
2.73
r8324
99.9962
4544 12
4.68
66.9
127.8
2.1
11 0366,33912.60
7.4122 1
6.51187
5.3
0.889
3276
37
(10)
(10)
197 1
(10)
1.0
(10)
288285
100
218412
866
644
0 210
....._.....
12571236
(10)
(10)
(10)
578
1317
3.1
10 7825,89712.80
62102 1
4.51095
10.6
0.892
3632
93
2062
13
237113
162
829498
912
419
0205
14461396
562
1196
4.2
10 3645,39813.20
6.2758
2.9757
28.1
0.897
3505
r3953r248.01473
67
r5l,617.5r5920 956966
2026
r484 1r3948
r893
10
195258
49
2,439568
1938
577
0.205
18.4
r8800r2,471.9
r97531 496 6
13931360
504
934
4.0
10 4555,60113.70
82742
3.4753
26.5
0922
3681
56
2409
17
476132
255
2,170687
2664
409
0210
118.61162
515
75.6
3.6
10 0765,12714.00
79685
r5.0r696
14.7
0936
3664
68
2450
0.5
368238
301
1,077583
2813
474
0245
113.41122
603
51.8
5.0
104915,88814.10
6.8894
5.3849
17.5
0.939
3829
9358.53026184.51181
9 1
96,647.55,853.34 140 117132
2386
9457.6390.9329261.8
0.9
9145.1
342339
231
1,358761
2969
730
0265
91639.2
923709478
91891570
1,902.0754 1
1 147 9
133.41319
10739
14.10
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-25
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO—ContinuedGRAIN AND GRAIN PRODUCTS— Continued
Wheat flour:Production:
Flour $ . thous sacks (100 Ib.)Offal $ thous. sh. tons..
Grindings of wheat 4- thous buStocks held by mills, end of period
thous. sacks (100 Ib.)..Exports do....Prices, wholesale:
Spring, standard patent (Minneapolis)$ per 100 Ib.
Winter hard 95% patent (Kans City) do
POULTRY AND EGGS
Poultry:Slaughter (commercial production) mil. Ib..Stocks, cold storage (frozen), end of period, total
mil. Ib..Turkeys .. do ...
Price, in Georgia producing area, live broilers$ per Ib..
Eggs:Production on farms @ mil. cases §..Stocks, cold storage, end of period:
Shell . . . . thous. cases §..Frozen mil Ib
Price, wholesale, large (delivered; Chicago)$ per doz
LIVESTOCK
Cattle and calves:Slaughter (federally inspected):
Calves thous. animals-Cattle .. do ...
Prices, wholesale:Beef steers (Omaha) $ per 100 Ib..Steers, stocker and feeder (Kansas City) .... do....Calves vealers (So St Paul) do
Hogs:Slaughter (federally inspected) thous. animals-Prices:
Wholesale, average, all weights (Sioux City)$ per 100 Ib..
Hog-corn price ratio (bu. of corn equal in valueto 100 Ib live hog)
Sheep and lambs:Slaughter (federally inspected) thous animalsPrice, wholesale, lambs, average (Omaha)
$ per 100 Ib..
MEATS
Total meats (excluding lard):Production, total mil. Ib..
Exports (meat and meat preparations) do
Beef and veal:Production total do ...Stocks, cold storage, end of period do....Exports.. do....Imports do
Price, wholesale, beef, fresh, steer carcasses,choice (600-700 Ibs.) (East Coast) # .... $ per Ib..
Lamb and mutton:Production total . mil. Ib..Stocks cold storage end of period do
Pork (excluding lard):Production total mil IbStocks cold storage end of period do....Exports • do .Imports do
Prices, wholesale:Hams smoked composite $ per Ib.Fresh loins, 8-14 Ib. average (New York).... do....
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:Imports (incl shells) thous Ig tonsPrice, wholesale, Accra (New York) $ per Ib..
Coffee (green):Inventories (roasters', importers', dealers'),
Roastings (green weight) do
Imports total do....From Brazil .. do....
Price, wholesale, Santos, No. 4 (N.Y.) $ per Ib..Confectionery manufacturers' sales mil. $..
Fish:Stocks, cold storage, end of period mil. Ib..
See footnotes at end of tables.
277 9504,860
621 321
3,214'19,711
80127467
12,554
280175
0.260
186.5
3825
0603
3,62036948
52.3456.166924
74,139
48.67
224
5 169
63.49
38,119724
"13382072
24610414
'3881635
0.839
30012
13209242
134Q347
09001.092
209742.500
234716299
18,1332,679
51.4843,847
421
284 0514,945
636 375
3,97518,291
95089268
13820
387240
0.260r!92.3
3823
0662
2,49931504
r67.7577.60
r91 41
85,425
42.13
183
4833r66.58
37,225706
13782178
21671361366
1712
r21.011
28411
15270281330361
308061.076
1652"1.604
252117005
19,3961,8901.7634347
471
22744398
50643
3,9751,971
1043810463
1026
387240
0.250
16.8
3823
0724
1922470
r68.7277.557000
7,234
38.30
158
389
67.75
3,074706155193
172536134
154
1.055
2311
13262813433
09270.986
801.550
2 5214266
1,89372
2.120382
471
24553429
54955
1,018
1008810000
1 170
387247
0.280
168
4722
0599
2122739
66.3276.527000
8,036
37.58
148
448
66.00
3,393735101196
1917380
29156
1.023
2710
1449284
2232
06830.973
11 11.638
2,020309
1.890414
445
22624394
50352
1300
1041310263
1047
363224
0.255
155
2424
0563
1872486
67.4478.357088
7,276
37.61
154
419
63.00
3,048716108152
173536937
111
1.037
259
12872712134
06730.951
921.735
1,366274
2.130469
399
22 165384
49 104
3,3232713
10 1139813
1,081
360209
0.240
165
2323
0606
2022403
66.8872.677388
7,854
33.97
139
470
61.38
3,100697144166
1683346
42121
1.032
288
13882912637
07120.916
801.570
29184?297
1,42144
2.050415
370
21231368
47 170
867
96889488
1 183
375211
0.215
r!59
2926
0568
1852539
63.0766.897360
8,454
29.08
119
466
59.50
3,310714132134
1769305
3793
0.994
288
1 514344
3235
0.870
1951.470
1,642314
2.080340
355
22814390
49836
918
1037510013
1226
403237
0.225
161
4727
0508
1612616
64.5865.527188
8,165
29.35
118
454
62.75
3,314707139173
181428531
133
1.020
279
14733583031
0.866
1541.350
1,566277
2.180325
345
21356377
47786
4,2681606
103389 838
1206
463289
0.235
15.5
5029
'0546
1542533
66.2968.837200
7,279
34.97
133
400
64.00
3,090642164154
1,75626436
111
1.052
2210
13133143235
0.970
1201.253
29074023
1,663287
2.110318
347
23 137410
51760
894
1102510 000
1211
495326
0.300
15.9
3829
0632
1862667
70.4769.487300
6,910
41.78
15 1
420
67.50
3,065579145208
181225038
158
1.101
2310
12312642844
0.7471.032
1691.345
1,533419
1.950293
359
24025424
52980
2,137
1096310 113
1,170
548384
0.305
16.0
2931
0659
1822684
72.3171.9279 12
6,745
48.49
158
427
68.25
3,020514129170
1,806235
40125
1.120
239
1,191217
1939
0.8511.116
9.61.200
1,386336
2.060396
380
24 813430
54 762
3,7161396
1097510475
1,215
557399
0.325
15.9
3930
0688
1982739
69.6871.538500
7,600
47.42
153
466
65.75
3,221505136133
1,8602263595
1.080
268
1,335217
1831
0.8771.114
8.21.220
r2956r3,859
1,062208
2.060578
379
r26 285r453
r58 392
1034
11 11310600
1,319
577418
0.315
16.5
1529
0643
2283003
67.1871.648340
8,404
48.36
15.8
510
62.00
3,577582165207
2,06325039
162
1.055
298
1,4852682840
0.9131.136
9.61.190
1,292346
2.100r581
391
22742393
50371
522
11 13810675
1070r402r257
0.290r!6.1
18r25
0.757
1852,507
65.0570.237647
7,361
46.44
147
415
55.67
3,100681144167
1,736r287
27122
1.014
2510
1,339r322
2937
0.9381.100
9.41.200
1,486r352
2.100r508
r400
609
1 150
341200
0.295
168
3425
0773
2142725
64.2970.0477 17
7,788
45.07
r!3.8
468
53.75
3,346744154191
1,89133233
143
1.006
289
1,4263502839
0.9211.094
19.91.080
2,8144,865
1,715341
2.080488
"399
0.285
63.0868.567738
41.67
12.3
46.50
0.998
1.156
1.090
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-26 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.MISCELLANEOUS FOOD PRODUCTS— Cont.
Sugar (United States):Deliveries and supply (raw basis): §
Production and receipts:Production thous. sh. tons-
Deliveries total do
Stocks raw and ref., end of period do....
Exports raw and refined sh tons
Imports raw and refined. ... thous. sh tons.
Prices, wholesale (New York):Raw $ per lb..Refined (excl. excise tax) do....
Tea imports thous lb
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):Production . .. mil lbStocks end of period @ do....
Salad or cooking oils:Production do...Stocks end of period @ . . do
Margarine:Production do....Stocks end of period @ do
Price, wholesale (colored; mfr. to wholesaler orlarge retailer; delivered) $ per lb..
Animal and fish fats:Tallow, edible:
Production (quantities rendered) mil lbConsumption in end products doStocks end of period fl . . do
Tallow and grease (except wool), inedible:Production (quantities rendered) do....Consumption in end products doStocks end of period 1f do
Vegetable oils and related products:Coconut oil:
Production refined mil lbConsumption in end products do
Stocks, refined, end of period fl . doImports do
Corn oil:Production' Crude doProduction* Refined do..
Consumption in end products doStocks, crude and ref, end of period fl do....
Cottonseed oil:Production' Crude doProduction: Refined do. .
Consumption in end products doStocks, crude and ref, end of period ff do....
Exports (crude and refined) do....Price, wholesale (N.Y.) $ per lb..
Soybean oil:Production* Crude mil lbProduction* Refined do
Consumption in end products do....Stocks, crude and ref., end of period 1J do
Exports (crude and refined) do....Price, wholesale (refined; N.Y.) $ per lb..
TOBACCO
Leaf:Production (crop estimate) mil lb .Stocks, dealers' and manufacturers',
end of period . mil lbExports incl scrap and stems thous lbImports, incl. scrap and stems do....
Manufactured:Consumption (withdrawals):
Cigarettes (small):Tax-exempt millionsTaxable do....
Cigars (large) taxable .. doExoorts. cigarettes do....
4,574
10900108493,621
'14 138
4177
20.1430.204
151 751
40446106.7
4,842.31230
2,519.5695
0.529
835.0847855.1
5,815.932195
3466
768 39142
44410225
7200581 1
537970.3
1417712073
6973127.1
728.80.332
10 621 486184
8 175.29706
1 1,944.50.309
r32,025
5071687 772335,981
85 135614,208
362174.359
4,731
1078810 714r3,503
14924
4,810
40.1640.228
174 690
4 206.4131.9
5,075.6141.2
2,553.280.5
0.549
904.8765756.6
5,836.33 1176
390.4
5956748.4
40.19798
7435589.4
555065.2
126051 140.8
6182144.3
633.00369
11 504 19 110 1
8 656.41030 1
2,370.60327
31527
4883561 756377,203
93 150r6 13,830
335679.717
888
841837
r3,503
3957
231
0.1800.261
15578
3377131.9
417.11412
241.580.5
0.565
72.453556.6
492.722103904
403485
40.1757
63046.9
47065.2
1199103.0
51 1144.3
27.00.285
1 102.07603
730 110301
261.90.316
48838154923,979
759340,044
2397.432
636
817782
3,606
16668
213
0.1890.250
18749
3759136.0
431.71188
235.8716
0.565
73.861062.8
531.525684202
527559
51.375 1
62355.4
51466.9
1428119.1
556173.2
34.80255
1 11538019
75071 1552
173.40.282
2797029,332
923954,126
2566.262
467
874829
3,563
32009
367
0.2720.364
17562
350.2148.3
417.61456
228.780.0
0.565
70.265259.2
480.6244 44404
395499
40.6501
60049.8
46366.1
12571027
564198.9
28.10275
106497605
719412045
250.00.289
5252134,263
961048,092
2446.236
229
869843
3,384
38,616
392
0.2000.295
17,456
362.8158.1
450.1144.9
231.673.2
0.565
82.965.352.9
501.02675399.3
53959.5
46.4427
70746.5
49872.1
145 1118.7
566212.8
110.50243
1098 17677
762.91 1759
325.40.274
46168005838,677
965049,534
28510.928
116
810765
3,071
21008
302
0.2320.315
18501
328.3146.0
421.8146.1
184.569.5
0.599
84.657750.0
504.72474343.0
47555.8
38.41028
64346.4
43 164.0
1198107.5
586188.7
71.00215
9937687 1
67161,183 7
269.60254
54 61936,353
672952830
2376.485
176
965936
2,841
35,730
304
0.3310.422
15,871
325.1135.6
448.7160.7
200.562.5
0.599
89.953.857.2
489.22644417.1
58358.1
37.7393
68346.6
46565.4
1255112.8
682165.8
105.00210
100987128
693.61 1448
327.30.256
5323126,995
6 16150,496
2815.409
158
933875
2,510
64,641
398
0.3240.452
16,460
314.5125.6
433.0148.3
214.674.7
0.599
89.854.761.7
459.72406427.5
47656.3
41.9628
65 152.9
49660.0
1168103.4
65 1167.1
31.40223
901.66990
683.712259
194.60.262
42844299840,909
664453,689
3256.690
70
968907
2,204
45,114
397
0.2770.393
14,099
329.8111.7
409.6135.6
192.178.3
0.599
88.359.053.8
470.5233.0455.7
46456.2
32.7587
66245.2
44571.6
1042103.5
579144.6
70.30263
92787203
671.213050
109.70.319
4087725,681
6 19349,612
2284.860
60
975900
1,866
87,919
349
0.3510.442
11,883
348.1114.5
481.1157.9
186.960.7
0.637
87.851.152.2
431.92353402.8
52451.0
47.667.7
69.951.2
44762.2
104.996.2
655138.6
77.60.273
913.87607
754.51,263 0
175.70.318
2578025,073
680952,145
2752.548
96
955905
1,548
40,495
314
0.3720.413
11,870
347.0125.5
452.8137.5
213.266.1
0.637
91.961.746.0
455.62457430.5
57262.5
35.056.5
76256.3
52865.8
93.194.8
556121.9
89.30.263
890.17645
737.11,210 2
171.20.320
4,5483232327,144
855454,839
3357.770
592
899808
1,679
81,229
310
0.4270.560
14,271
379.6102.8
414.5131.8
221.980.0
0.624
99.665.447.0
512.2268.6439.5
71666.9
36.5126.7
80663.9
52872.1
116.494.1
575122.6
53.70.248
1,080.2784 1
719.11,373 9
112.50.302
4761032,793
963062,133
r3358.171
928
744701
r2,345
20,650
510
0.4090.550
12,126
T348.9'111.9
r394.4142.7
'218.4'71.4
0.624
'87.8'57.3'50.8
'449.3'236 1'412.1
'630'63.1
'36.690.9
68064.3
'523'79.3
130.5'119.8
'518'152.9
66.60.330
1,077.6'7605
'682.6'1 677 3
84.70.309
6442026,059
683349,248
2516.116
"2,871
123,950
272
0.2910.403
15,936
367.5132.5
411.1127.8
262.474.2
0.624
96.162.455.9
496.82369406.6
61556.2
52.81160
59759.7
61474.7
121.6125.0
500162.2
47.10.338
1,024 37638
737.617379
120.50.286
51,772
6656322,342
6.781
0.303
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-27
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
LEATHER AND PRODUCTSHIDES AND SKINS
Exports:Value total # thous $
Calf and kid skins thous skins..Cattle hides thous hides
Imports:Value total # thous $
Sheep and lamb skins thous piecesGoat and kid skins do
Price, wholesale, f.o.b. shipping point:Calfskins, packer, heavy, 9 1/2-15 Ib $ per lb..Hides, steer, heavy, native, over 53 lb do....
LEATHER
Exports:Upper and lining leather thous sq ft
Price, wholesale, f.o.b. tannery:Sole bends light index, 1967-100
LEATHER MANUFACTURES
Footwear:Production total thous pairs.
Shoes, sandals, and play shoes, except athleticthous pairs..
Slippers . . doAthletic do....Other footwear do
Exports do...
Prices, wholesale f.o.b. factory:Men's and boys' oxfords, dress, elk or side
upper Goodyear welt index 1967—100
Women's oxfords, elk side upper, Goodyearwelt . . . index 1967 — 100
Women's pumps, low-medium quality do....
'694 6172,665
24792
105 600178071762
1.3460.472
*208 799
3235.2
418,948
314,6957935320,8522669
6179
42113
18534157.5
991 7072321
23731
138 800155292444
1.6870.731
187 665
3296
398 480
305 1727277920,5293651
7581
21698181.5
71798157
1603
8000624309
1.1000.571
15433
2912
28690
2249246581540
267
879
2346179.9
60782159
1308
9300779144
1.5000.591
15769
3272
35509
2729762451967
259
689
2395179.9
75 134205
1705
7 100641217
1.3440.487
16873
3149
33705
26 19758471661
293
862
240 7179.9
78 195337
1737
89001074
52
1.1500.394
18710
2847
34440
26 18164881771
349
770
243 1189.3
58999181
1671
98001378
6
0.8600.381
13024
2704
33517
2577758281912
414
780
247 9189.3
61787147
1914
9 1001466
15
0.8600.338
12652
2632
34832
2594965332350
373
742
2479189.3
49921122
1650
75001,027
1
0.8600.382
15483
263.9
33 137
246616 1832,293
337
730
189.3
45904260
1509
6200640
30
1.1000.439
15481
282.6
27932
21 37847331,821
309
704
189.3
52 134281
1703
6400666
o
1.1000.533
15215
3128
31474
2385853632,253
309
893
189.3
48820325
1510
5 10028629
1.1000.430
15818
2553
33335
25 18858622,285
375
875
53048138
1608
6500492
8
1.1000.491
19,051
r36 976r28,239
r6421r2,316
r381
952
50461137
1542
5400330
6
1.1000.543
20,880
268.9
30285
23,0305 1052,150
375
908
58493202
1711
24810
1.1000.501
13,641
283.2
29446
23,31040452,091
372
877
LUMBER AND PRODUCTSLUMBER— ALL TYPES #
National Forest Products Association:Production total mil bd ft
Hardwoods do .Softwoods do
Shipments total doHardwoods doSoftwoods do
Stocks (gross), mill, end of period, total do....Hardwoods doSoftwoods •• do
Exports total sawmill products doImports total sawmill products do
SOFTWOODS
Douglas fir:Orders new mil bd ftOrders unfilled end of period do
Production do ..Shipments doStocks (gross), mill, end of period do....
Sawed timber do ..Boards, planks, scantlings, etc do....
Price, wholesale:Dimension, construction, dried, 2" x 4", R.L.
$ per M bd ft
Southern pine:
Orders unfilled end of period do
Production • doShipments do
Stocks (gross), mill and concentration yards, endof period mil bd ft
Exports, total sawmill products thous. bd. ft..
Prices, wholesale (indexes):Boards, No. 2 and better, 1" x 6", R.L.
1967=100..Flooring, C and better, F. G., 1" x 4", S.L.
1967=100..
237 6576758
30899237 712
673530977
4,795796
3999
130012199
8894553
8,8458906
903
478119359
253 39
zg 229505
2826728 264
1 169
152,121
329.9
276.9
237 0617317
29744236 514
694229 572
5,3421 1714 171
144711 513
8388529
84278412
918
520156363
277 24
27 950523
2793827932
1 175
209,793
366.2
301.4
2631612
2019
2589552
2037
52101 1674 043
113771
647529
627617918
368
28
24976
571523
522511
1 175
28,052
372.9
320.4
2798628
2170
2707567
2 140
5,30112284 073
120727
753664
651618951
448
35
237 36
668597
633594
1 214
21,203
370.1
320.4
2855592
2263
2791553
2 238
5,37412764 098
116923
589558
710695966
348
26
23696
544536
599605
1 208
23,793
371.7
323.6
2 879588
2291
2538543
1 995
572113274 394
180896
575542
683591
1,058
531439
222 70
509501
640544
1 304
41,269
368.3
326.9
2257600
1657
2343562
1 781
5,76913714398
178655
539565
449516991
581444
184 83
441486
425456
1 273
23,153
334.4
319.3
2 307568
1 739
2512500
2 012
5,56814434 125
170730
563508
525620896
661353
18556
571512
493545
1 221
17,882
331.0
319.3
2486543
1943
2530469
2 061
5,53415274007
153830
614515
592607881
491039
23701
552503
553561
1 213
29,384
329.6
319.3
2 479494
1985
2454419
2 035
5,57016133957
119876
559563
540511910
426
36
23897
580512
566571
1 208
22,228
333.0
323.6
2783570
2213
2716504
2212
5,65917013958
134804
581522
614622902
421329
248 37
558470
614600
1 222
24,274
331.6
325.8
2818527
2291
2,708494
2214
5,7761,7414035
118863
682557
685647940
357
28
232 98
510434
575546
1 251
19,376
324.3
325.8
2903549
2354
2851511
2 340
5,83217834 049
123867
670566
638661917
401130
224 31
678492
626620
1257
20,072
316.1
330.2
2480550
1930
2494542
1 952
5,82617994027
117892
572568
558570905
405
35
21486
509473
519528
1248
16,731
316.1
330.2
127799
479499
520548877
378
29
217.12
20,878
320.0
330.2
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-28 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
LUMBER AND PRODUCTS—ContinuedSOFTWOODS— Continued
Western pine:Orders new mil bd ft.Orders unfilled end of period do
Production doShipments do....
Stocks (gross) mill end of period do
Price, wholesale, Ponderosa, boards, No. 3,1" x 12" R.L (6' and over) $ per M bd. ft..
HARDWOOD FLOORING
Oak:Orders new mil bd ftOrders, unfilled, end of period do....
Production doShipments doStocks (gross), mill, end of oeriod do....
9946469
1003310,067
1295
2258.44
108 69.2
104.71063
2.7
9630403
97809,696
1379
317.26
93 47.0
9989675.4
685403
639663
1379
240.42
4 47.0
70495.4
754513
608644
1 343
25262
(3)
4.9(3)
826.6
586442
670657
1356
29136
4.1
667.6
546364
696624
1428
314.97
3.7
588.9
572367
563569
1422
242.34
3.5
5310.5
595365
496597
1321
215.48
3.5
5510.0
627369
552623
1250
252.06
3.7
6611.1
726415
620680
1 190
310.05
3.7
739.6
692387
707720
1 177
327.35
4.0
709.4
801436
753752
1 178
304.06
2.9
649.8
783442
785111
1 186
293.25
2.0
729.4
597414
615625
1 176
306.22
1.5
6 110.0
489327
568576
1 168
340.83
1.9
5812.4
METALS AND MANUFACTURESIRON AND STEEL
Exports:Steel mill products thous. sh. tons..Scrap do.. .Pig iron do
Imports:Steel mill products doScrap . do .Pig iron do
Iron and Steel Scrap
Production thous sh tonsReceipts net doConsumption doStocks, end of period do.
Prices, steel scrap, No. 1 heavy melting:Composite $ per Ig. ton..
Pittsburgh district do
Ore
Iron ore (operations in all U.S. districts):Mine production thous Ig tonsShipments from mines doImports do
U.S. and foreign ores and ore agglomerates:Receipts at iron and steel plants doConsumption at iron and steel plants ... . d oExports do
Stocks total end of period doAt mines doAt furnace yards do..At U S docks do
Manganese (mn content), general imports do..
Pig Iron and Iron Products
Pig iron:Production (including production of ferroalloys)
thous. sh. tons-Consumption do....Stocks, end of period do....
Price, basic furnace $ per sh. ton..
Castings, gray and ductile iron:Orders, unfilled, for sale, end of period
thous. sh. tons..Shipments total do
For sale do
Castings, malleable iron:Orders, unfilled, for sale, end of period
thous sh tons .Shipments, total do
For sale do
Steel, Raw and Semifinished
Steel (raw):Production .. . thous sh tons
Rate of capability utilization.. percent
Steel castings:Orders, unfilled, for sale, end of period
thous. sh. tons..Shipments, total do. .
For sale, total do....
2,4229038
51
21 135'794655
152 082'46*06899 2248277
73.847829
81 5838320729924
114 227116 304
3762
5533912 469393013569
842
87,67988,384
889
196.00
961155797910
66817447
1137031868
80018541.640
2,81811094
105
17518760476
52 13750048989208692
98.07101 50
85 12386'63332698
115 892115014
4455
5575311 368389695 416
850
86,70987,339
881
203.00
84214 5737 520
57724398
136 013874
1,02620231.767
289889
1
15426133
3 70033937 1218692
93.4096 50
7 38066113 119
8 5718507
748
5575311 368389695 416
76
6,3726,383
881
202.50
842852418
573922
780
1,026159136
1981 139
2
1265516
3 99836337 9688398
97.42101 00
6 86722791856
3 5268631
149
5371915 945338753 899
109
6,5836638
841
203.00
8441 033
541
475126
10 70182 7
1,080182155
296992
1
16677030
3870362277638 112
104.24108 50
638217841 167
26288325
2
51 7502055528 1093086
56
6,3576407
815
203.00
856973500
475228
10332853
1005180151
2761,163
1
1 1207035
4202397283937819
104.58107 50
66772 1001087
29769331
237
4901325 132216452236
54
7,1157038
880
203.00
8581 064
549
475226
11 439884
955187157
321829
2
12504956
4050390278937866
98.9610350
605466312 138
75698891
644
496012683320*2372531
66
6,6776717
882
203.00
8211 015
537
404925
10658830
865169147
3381,207
19
16154022
4006354374918967
83.1187 00
684893282714
108947975
653
506762435523 1003221
97
5,9065926
889
203.00
745860457
364224
9 226696
790173148
4181,070
36
12033823
2868282058037839
71.216950
6 4157*9992638
99565768
551
5352222771272423509
68
4,6644697
900
203.00
705788446
373821
7 501584
691152133
398870
1
10792642
2583232450097684
73.777350
532670212712
94675456
284
567842107331 1764535
54
4,2224270
870
203.00
719686412
333015
6 79653 1
673115109
449821
4
13742626
2856257455207653
83.618850
473660522029
76715644
650
5754519757329534835
67
4,3604383
867
203.00
737787467
343520
7 01954 8
645120105
401822
1
10645412
32473066
r63287691
92.3899 00
436862112062
80545953
484
5799917914350095076
60
4,596
203.00
771896498
383819
7 767627
602142122
366967
2
1 1424032
3672375073627783
96.6510450
50246*6382499
84987*203
552
5765316289361315233
38
5,621
203.00
r803rl 064
r571
r434623
9 442722
574141122
316525
3
1 1793543
98.2110550
468665872348
83237895
309
56,6211437436,4995748
57
6,132
203.00
825888476
214021
10 057795
324763
(4)
15345872
101.8610600
1809
563
69
6,489
10 18077 8
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-29
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
METALS AND MANUFACTURES—ContinuedSteel Mill Products
Steel products, net shipments:Total (all grades) thous. sh. tons..By product:
Semifinished products do....Structural shapes (heavy), steel piling do....Plates do....Rails and accessories do
Bars and tool steel total .... doBars: Hot rolled (incl. light shapes) do....Bars* Reinforcing doBars' Cold finished do
Pipe and tubing doWire and wire products do....Tin mill products doSheets and strip (incl. electrical), total do....
Sheets' Hot rolled doSheets' Cold rolled do....
By market (quarterly):Service centers and distributors do....Construction incl maintenance doContractors' products do....Automotive doRail transportation . do..Machinery industrial equip tools doContainers, packaging, ship, materials do....Other do
Steel mill shapes and forms, inventories, end ofperiod— total for the specified sectors:
mil. sh. tons-Producing mills, inventory, end of period:
Steel in process . mil sh tonsFinished steel do...
Service centers (warehouses), inventory, end ofperiod mil sh. tons.
Consumers (manufacturers only):Inventory end of period . . . . do..Receipts during period do....Consumption during period do....
NONFERROUS METALS AND PRODUCTS
Aluminum:Production, primary (dom. and foreign ores)
thous. sh. tons-Recovery from scrap (aluminum content) do....
Imports (general):Metal and alloys crude do....Plates sheets bars etc , do
Exports:Metal and alloys crude .. doPlates sheets bars etc do
Price, primary ingot, 99.5% minimum .... $ per lb..
Aluminum products:Shipments:
Ingot and mill prod (net ship ) mil lbMill products, total do...
Sheet and plate doCastings do...
Inventories, total (ingot, mill products, andscrap) end of period . .. mil lb
Copper:Production:
Mine recoverable copper thous tons §Refinery primary do
From domestic ores . . . . do...
Secondary, recoveredas refined do
Imports (general):Refined, unrefined,
scrap (copper cont ) thous tons §Refined do...
Exports:
Refined do...
Consumption, refined(by mills etc ) thous sh tons
Stocks, refined, end of period do...Price, electrolytic (wirebars), dom., delivered
$ per lb.
Copper-base mill and foundry products, shipments(quarterly total):
Brass mill products mil lbCopper wire mill products (copper cont.) do...
Lead:Production:
Recovered from scrap (lead cont.) do...
Imports (general), ore (lead cont.), metal do...Conaumntion. total do...
'97,935
'5,070I4#6i's.eoi1 1,703
1 16,9151 10,045'4,7042,084
8,3992,5106,100
43,60915,44717,821
17,333'9,6123,480
21,2533,5495,9926,595
30,121
37.2
11.78.0
7.1
10.481.680.9
4,8041,407
756.9207.1
126.6197.0
0.5308
14,01811,3466,4092,005
5,494
1,490.31,533.11,408.9
124.2
453.0
607.5463.4
321.6109.3
2,417491
0.6651
2,7692,911
565
582.9753.1
83.91.432.7
100,262
5,4965,5969,0352,026
17,6019,9585,3032,245
8,2422,4496,310
43,50715,99517,284
18,26310,0584,021
18,6244,1276,0276,770
132,372
36.7
11.57.6
7.4
10.280.180.3
5,0231,476
571.0187.6
200.7256.8
0.5940
14,53711,2416,3181,994
5,125
1,441.31,515.41,411.5
103.9
575.6
341.3217.9
308.980.5
0.9333
2,9793,048
579
'525.6719.0
59.61.303.6
6,743
393448646178
1,160581435137
677145443
2,6531,0681,010
3,9552,442
9303,4541,0521,2891,5047,857
36.7
11.57.6
7.4
10.25.45.5
435115
62.69.0
33.623.2
0.6600
1,152810457128
5,125
115.9126.7117.8
9.0
45.8
34.225.0
24.61.5
628288
1.0645
622680146
43.954.3
6.194.0
7,952
404504729182
1,415764461183
722180573
3,2421,1541,290
36.2
11.47.5
7.3
10.05.86.0
431114
61.88.6
39.612.4
0.6600
1,255941506163
5,069
124.5132.9121.111.8
'64.1
11.22.9
19.81.0
1.1939
51.659.2
4.497.3
7,690
503485743177
1,308681460159
747170520
3,0361,0851,216
35.1
11.17.4
7.1
9.55.56.0
406111
45.37.7
37.731.9
0.6600
1,218892500162
5,011
117.0128.1116.811.3
'56.2
46.537.8
24.21.4
1.3381
50.455.4
6.584.9
8,711
563488848185
1,334709457159
871191685
3,5471,3381,394
44292,426
9743,6621,0371,51817618,544
35.3
11.37.3
7.2
9.56.36.3
434115
47.86.9
52.820.9
0.6600
1,274958494166
4,949
130.0133.3124.2
9.1
'55.8
69.153.2
23.61.9
678345
1.0604
716787140
50.059.6
2.290.0
7,296
442437721191
1,191645387152
756167466
2,9251,0781,165
35.2
11.57.6
6.8
9.35.75.9
421113
45.45.6
52.323.2
0.6800
1,180926489143
4,910
127.8145.3131.314.0
53.0
38.632.3
25.51.5
0.9485
49.159.1
3.283.8
6,440
431443639173
1,053555357134
779135464
2,323793945
35.8
12.17.4
7.4
8.95.15.5
438111
42.16.0
52.324.9
0.6800
1,135884498125
4,950
129.2162.3151.211.2
55.1
50.737.5
34.01.5
0.9348
50.051.2
4.484.1
5,848
343355592151
982500359117
755129411
2,139775827
3,5922,075
7522,580
8551,1701,2797,281
34.8
12.17.2
7.3
8.24.55.2
425106
51.76.8
61.327.5
0.6800
1,093788497107
5,021
120.1155.1147.6
7.5
52.7
31.727.5
30.42.0
530480
0.9271
584647120
46.357.1
7.877.2
5,354
35135559598
83238634794
672118416
1,915681740
33.5
11.96.9
7.0
7.74.14.6
427102
40.34.4
51.324.6
0.6800
1,10480046291
5,072
49.544.8
(3)(3)
26.6
26.824.7
39.21.9
1.0356
43.546.0
2.068.2
5,745
386942587112
889433350101
689124435
2,168754848
33.0
11.46.8
7.5
7.34.44.8
426113
40.74.4
97.642.5
0.6800
1,177820468111
5,026
34.122.7
(3)(3)
33.6
38.634.8
39.20.9
1.0071
41.756.0
4.279.5
6,682
379447652138
1,011517371117
739136426
2,756988
1,104
3,4322,006
7272,440
582882
1,1926,518
r31.2
10.36.6
'7.4
6.95.15.5
419124
43.03.7
98.924.5
0.6933
'1,196851479123
'4,968
48.3'25.8(3)(3)
33.4
42.839.1
20.80.4
375392
0.7886
39.350.2
6.595.6
7,458
496489702124
1,132583415126
789146432
3,1491,0831,282
2 1,53027872316
2 1,224222523452422
22,610
29.7
9.66.7
6.9
6.55.96.3
437128
41.47.2
70.134.1
0.7546
1,232911494'138
4,942
'76.064.258.75.5
60.8
64.259.2
25.30.5
0.9947
48.5
4.6103.0
7,038
488432627125
1,036571340120
767129425
3,0101,1111,179
21,45926862287
21,175221623272396
24,548
30.0
9.66.9
7.1
6.45.25.3
29.94.8
55.024.2
0.7600
1,013796435132
5,066
102.090.282.77.5
55.846.0
25.21.0
0.9698
38.7
3.7
9.67.0
6.65.45.2
78.35.2
46.124.6
0.7600
44.336.8
22.93.4
0.8913
2.6
0.7600
0.8857
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-30 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
METALS AND MANUFACTURES—ContinuedNONFERROUS METALS AND
PRODUCTS— Continued
Lead— ContinuedStocks, end of period:
Producers', ore, base bullion, and in process(lead content) ABMS thous tons §
Refiners' (primary), refined and antimonial(lead content) thous tons §
Consumers' (lead content) U doScrap (lead-base, purchased), all smelters
(gross weight) . thous. tons §..Price common grade delivered $ per Ib
Tin:Imports (for consumption):
Ore (tin content) metric tonsMetal unwrought unalloyed do
Recovery from scrap total (tin cont.) doAs metal do
Consumption total doPrimary do
Exports incl reexports (metal) . . .. doStocks pig (industrial) end of period doPrice Straits quality (delivered) $ per Ib
Zinc:Mine prod recoverable zinc thous tons §Imports (general):
Ores (zinc content) doMetal (slab blocks) do
Consumption (recoverable zinc content):Ores doScrap all types do..
Slab zinc: @Production (primary smelter), from domestic
and foreign ores thous tons §Secondary (redistilled) production doConsumption, fabricators do....Exports do .Stocks, end of period:
Producers', at smelter (ABMS) do....Consumers' do....
Price, Prime Western $ per Ib..
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, neworders (domestic) net qtrly # . mil $
Electric processing heating equipment do....Fuel-fired processing heating equip do.
Material handling equipment (industrial):Orders (new) index seas adj . .. 1967—100
Industrial trucks (electric), shipments:Hand (motorized) numberRider-type do. .
Industrial trucks and tractors (internal combustionengines), shipments number..
Industrial supplies, machinery and equipment:New orders index, seas, adjusted 1967-69=100..
Industrial suppliers distribution: tSales index, seas, adjusted 1977=100..Price index, not seas. adj. (tools, material
handling equip., valves, fittings, abrasives,fasteners, metal products, etc.) 1977 = 100..
Fluid power products shipments indexes: *Hydraulic products, seas, adj 1972=100..Pneumatic products seas adj . . . . . do
Machine tools:Metal cutting type tools:
Orders, new (net) total . mil $Domestic do
Shipments, total do....Domestic do .
Order backlog, end of period do....Metal forming type tools:
Orders, new (net) total doDomestic do....
Shipments total . .doDomestic do....
Order backlog end of period . . do
Tractors used in construction, shipments, qtrly:Tracklaying, total units..
mil $.Wheel (contractors' off-highway) units..
mil. $..Tractor shovel loaders (integral units only),
wheel and tracklaying types units..mil $..
Tractors, wheel, farm, nonfarm (ex. garden andconstruction types), ship, qtrly units..
mil. $..
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement), ship thous..
Radio sets, production, total market thous..Television sets (incl. combination models),
production, total market thous..
'1704
1941108
86.603365
38734677321 1001565
6310047000
46935040
62958
3027
2072681.1
990237.3
406 138.7
1,127.30.8
38.494.6
0.3097
286.871.4
118.2
336 1
2099425,119
51,986
231.16114.0
107.2
225200
3 373 453 043 152,188.501 960 102,980.6
96855896.8582495728.505177
22,05714043
6,013440.0
48,8511,728.9
175,2452,662.1
56,389
48,036
17,406
1052
46 1118 8
52.405264
45294835417,4151880
62,50049000
3,4184238
75389
2637
2250527.1
827230.0
4430445
1,008.203
55.878.9
0.3730
3726105.5160.4
4194
24 18328654
55,782
261.36129.6
117.4
272235
4 495 103 865 802,930.052 605 504,545.7
1 047 60919.9094650859.806188
19,8231 1730
5 146417.1
540,22651 350 5
202 6593,421.0
53,746
40029
16,616
1052
46 11188
52.405595
6214 1711,415
1554,6003900
2584238
82795
21 4
8535.3
5622.2
2901.4
71.40.1
55.878.9
0.3723
93032.5344
4335
20732233
3,367
257.7
123.7
122.8
288232
304052633531445272854,545.7
982584.45846573.656188
2,8711456
73057.7
44028800.0
4,64734 1953 1,469
108 1
6091183
55.104988
3446171325
17055004500
3927720
83736
283
8 1
5422.3
2562.1
80.4(2)
43.173.6
0.3744
3537
18402149
3940
243.6
132.0
124.3
306233
385 10321 5524785230604,682.9
818070.35828575.206178
3,859
1696
1,050
1146
666114 4
44.404956
4124 1451395
14553004300
1526882
86873
265
102308
7022 1
25720
80.3(2)
30.870.8
0.3750
4376
18092254
4,423
228.3
139.3
125.4
313232
4019036200266.75242854,818.1
99 1091.65887079.456282
3,220
1785
1,188
1196
6441107
36.704922
16445851445
18557504750
3537527
89860
282
18
6822.3
82.8(2)
29.072.1
0.3796
109723.3567
4088
20972446
5,016
225.1
136.3
126.9
285231
42080374 35366.80321204,872.1
1078593.40932081.156429
4,8303565'1 128
r9,827.0
16,0505354
48854868.0
3,197319233 1,492
1236
7561078
34.104402
5938771305
1505,3004350
3225443
87666
269
10229.5
6219.3
74.1(2)
28.566.5
0.3801
3634
18602330
4,130
221.4
140.7
129.5
298237
35430325 10258.85224054,967.5
576050.35842073.256163
98,270
3,014
1536
1,156
1373
81.71004
35.70.3600
043641,175
1554,6003700
4797263
8.6850
255
9429.1
5519.1
61.0(2)
33.566.8
0.3750
3835
19102 178
3,353
206.4
138.7
130.6
274232
373603500528365240705,057.6
604546.20910082.955857
2,765
2317
1,265
142.9
77.0962
39.20.3419
042021,055
1604,1003250
5666592
8.5346
27 1
9.421.2
5.818.5
55.501
'38.960.9
0.3644
84918.9373
3363
15022251
3,875
195.6
132.2
132.0
259218
41420379 15382.85337755,089.0
430033.20927579.055359
4,5183404'1441rl!4.5
111,102'465 1
38475785.5
3,04932463
r8 1,785
140.9
61.0873
38.50.3560
o3 1311,015
1253,7003000
4266544
8.4316
24.6
16.320.8
4518.0
46.8(2)
'38.257.5
0.3550
3554
15111,577
2,073
197.5
132.2
132.9
284236
2676025065248.05211505,108.6
369530.45789067.704939
3,525
2607
1,174
138.3
49.1845
35.50.4096
027361,230
1753,9003050
4986051
8.3922
25.2
15630.1
5318.3
'58.20.1
'32.156.3
0.3573
331.5
13961,647
1,972
198.6
134.2
133.2
244218
165051489524465223505,029.0
594051.30662553.604870
4,564
2365
1,301
138.9
31.5868
38.20.4226
03,0951,220
1554,1503,350
2275 180
8.6898
24.1
8632.3
4618.4
66.7(2)
'27.357.9
0.3663
39.5'19.4'200
453.4
19131,947
2,590
201.0
131.4
133.9
246225
29565259 4533775292804,986.9
791572.45734566.104927
3,82429301265101.1
9,3463583
27750580.5
5,741837923 1,980
142.4
26.1907
38.90.4500
1473,6881,370
1554,3003,400
1805208
8.4000
282
2.138.3
3819.4
74.6(2)
'21.358.6
0.3726
371 1
16241,839
2,878
207.3
135.7
134.6
253251
286 552630535215295104,921.3
434537.40876572.404485
13341128
144493719
6,249
2540
1,668
1369
0.4381
263738
4,0503250
1515086
7.9779
240
8545.1
6319.3
72.0(2)
'18.757.5
0.3858
15121658
2636
'218.4
132.7
135.3
240233
'275 00'253 953186527645
'4,877.6
'54 05r44 15'8150'6945'421 1
5361
2931
1,684
1353
0.3897
3805
547
7.5956
136520
(2)
'18.7
0.4059
1 5211712
2562
' 224.5
128.1
136.3
'255'259
"247 35P209 75P375 25P315 95
P4,749.6
P5435P45 10P91 40P7885P384 1
5520r32 149
'1,765
0.3379
74876
16.7
0.4119
247248
3354
1,560See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-31
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
METALS AND MANUFACTURES—ContinuedELECTRICAL EQUIPMENT— Continued
Household major appliances (electrical), factoryshipments (domestic and export) $ . thous
Air conditioners (room) doDishwashers doDisposers (food waste) doRanges do....Refrigerators doFreezers do....Washers doDryers (incl. gas) do....
Vacuum cleaners (qtrly ) do
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments.... thous..Ranges total, sales doWater heaters (storage), automatic, sales @ do....
33215403735583312321758901521503836219 136
163617942,921
33 16237493488331630035701185949653551
13019
186317992,887
r2258235240
r243r212337101298228
4072
156152221
2763201265290261466130479360
138123262
2580342250283262375135373278
131133233
2845434277295215436152421283
2 183
122151262
2608416232264211409128374241
87122257
2238344168164199396151317197
71123210
2422316189195192453192340196
1939
83132215
2711'566184199189477182345227
9493
199
239194
212229191464180397257
123119208
247866
261234206476146401285
1948
147138237
287790
297343257519123468333
174143271
2234'l25204256208371
74331284
144121218
2 13120319822318529589
302238
132141246
PETROLEUM, COAL, AND PRODUCTSCOAL
Anthracite:Production $ thous. sh. tons-Exports doPrice, wholesale * Index, 1967=100..
Bituminous: tProduction thous. sh. tons-
Consumption total doElectric power utilities doIndustrial, total ffl do
Coke plants (oven and beehive) do....
Residential and commercial @ @ do....
Stocks end of period total doElectric power utilities doIndustrial total ffi . . do
Oven-coke plants do
Exports doPrice wholesale $ Index 1967-100
COKE
Production: $Beehive and oven (byproduct) thous. sh. tons..Petroleum coke § do....
Stocks, end of period: $Oven-coke plants total do
At furnace plants .... . doAt merchant plants do
Petroleum coke do
Exports do
PETROLEUM AND PRODUCTS
Crude petroleum:Oil wells completed numberPrice wholesale .. Index 1967-100Gross input to crude oil distillation
units $ ... . mil bblRefinery operating ratio % of capacity
All oils, supply, demand, and stocks:New supply total fl$ mil bbl
Production:Crude petroleum iji doNatural gas plant liquids do....
Imports:Crude and unfinished oils $ do....Refined products $ do....
Change in stocks, all oils (decrease, — ) $ .... do....
Demand, total $ do....Exports:
Crude petroleum . .. doRefined products do
Domestic product demand, total #$ do....Gasoline ... doKerosene . . do
Distillate fuel oil do....Residual fuel oil do....Jet fuel do
Lubricants . . . . do .Asphalt doT.iquefifirf gasps rin
Stocks, end of period, total $ do....Crude petroleum do
Strategic petroleum reserve do....Unfinished oils natural gasoline etc doRefined products do....
6,160866
403.1
665,127
621,330480,171133,24571,078
7,914
143,573126,04717,1668,162
39,825430.0
'49,00926,916
3,5343,350
1842,214
889
17,775300.1
5,500.888
6,822.2
3,178.2591.4
2,329.7722.9
-34.3
7,011.1
57.774.3
6,879.02,719.5
64.0
1,252.61,103.2
385.7
62.6171.4515.7
1,277.6376.3566.9116.7784.6
4,8351,233411.0
776,299
677,286526,005144,15077,009
7,131
178,440156,44021,66010,028
64,783451.1
*52,943r27,455
5,1634,613
5491,042
1,545
19,346376.5
r5,458.785
r6,803.2
'3,121.3'594.2
'2,400.9'686.8
'455.7
'6,930.2r85.7r86.1
'6,758.3r2,581.5
'68.6
1,209.71,031.6
r392.7
'65.5172.0'581.0
r4l,340.9430.3591.2
'4132.0'4778.6
423206
423.7
60,339
60,97746,97913,1236,405
875
178,440156,44021,66010,028
6,072458.7
4,4442,395
5,1634,613
5491,042
73
'2,390470.8
'472.485
'586.4
'267.0'51.8
199.0'68.5
1.5
'601.2
'6.7'7.9
'586.6'209.5
6.8
114.9'93.4'34.2
4.3'9.2
'56.6
1,340.9430.391.2
132.0'778.6
470167
435.7
67,806263,27650,295
212,1556,319
28263 175,824155,336220,488
9,540
4,292459.1
4,3942,298
5,5314,859
6721,038
46
1,436513.6
453.582
579.7
268.153.1
200.658.0
5.8
'595.0
9.67.1
'578.3197.2
7.4
115.788.834.1
5.45.7
62.2
1,347.9444.891.2
125.6777.4
35050
435.7
64,328
59,42947,44011,2845,991
705
173,129153,66919,4609,196
3,990459.4
4,2042,172
5,7815,097
6841,212
84
1,632515.1
421.881
529.2
252.249.4
174.253.4
-8.4
'561.2
9.06.6
'545.6192.3
6.8
107.589.931.1
5.05.7
52.6
1,339.4452.891.2
125.8760.8
46067
435.7
69,866
58,55746,60111,4976,405
459
172,966154,13818,8289,263
5,565461.6
4,4442,274
5,8325,150
6821,342
189
2,383522.8
434.078
553.2
270.150.2
181.051.8
2.4
'556.5
10.07.5
'538.9199.7
5.4
98.382.134.6
5.06.8
48.1
1,341.9452.991.2
131.2757.8
510145
459.7
69,871
52,37240,62211,2706,230
480
180,286160,99119,2959,534
7,414464.4
4,3962,163
6,0635,315
7481,327
253
1,836533.9
412.976
520.4
260.650.3
168.541.0
24.1
'515.4
6.57.2
'501.7204.9
4.2
78.973.033.2
5.18.4
35.8
1,365.9470.591.2
139.9755.5
500143
459.7
70,399
52,59841,37810,9306,111
290
189,929170,31919,6109,653
8,449465.9
4,2382,262
6,6985,850
8471,111
229
2,061540.1
423.475
520.5
267.849.7
159.943.1
21.1
518.2
9.58.2
500.4209.7
3.5
74.469.231.5
4.613.037.7
. 1,387.1475.191.2
147.2764.8
495184
459.7
71,355
55,88145,7319,9215,317
229
195,147175,12120,0269,872
8,711465.9
3,6862,246
7,4266,488
9381,137
226
2,232549.0
421.777
511.4
256.448.2
166.540.3
23.3
506.0
11.08.6
486.4201.0
3.6
69.969.731.7
4.616.236.5
1,410.4473.291.2
149.4787.8
525273
462.1
60,700
62,90853,4899,1904,893
229
181,715162,89618,8198,386
7,972466.7
3,3702,402
8,1337,0951,0381,167
199
2,068551.4
421.974
500.9
265.248.2
145.142.4
14.8
511.3
7.49.1
494.8210.0
3.6
69.070.934.4
4.318.235.7
1,425.2470.591.2
149.5805.2
425286
469.8
70,240
62,63153,1349,2804,867
217
181,333162,79218,5417,829
8,944467.8
3,3872,318
8,6767,6121,0631,151
246
2,340566.8
412.373
498.4
261.148.2
147.042.1
23.7
497.4
2.47.5
487.5207.3
4.3
66.270.932.3
4.317.835.5
1,448.9478.891.2
148.2821.9
40096
478.4
72,060
57,14647,8299,0294,785
288
189,844170,777
19,0678,175
8,266471.0
3,295
9,0187,9071,112
207
2,636570.8
460248
479.4
75,750
45,011
5,099
177,564
8,445
9,204469.9
3,470
9,0117,8891,123
260
2,409579.6
42580
491.2
65,505
45,642
5,142
179,472
8,563
8,905474.3
3,565
9,0407,8331,207
156
2,239580.7
38057
497.9
72,120
8,169474.1
67
3,675596.0
1,789
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-32 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
PETROLEUM, COAL, AND PRODUCTS—ContinuedPETROLEUM AND PRODUCTS— Continued
Refined petroleum products:Gasoline (incl. aviation):
Production $ mil bblExports do....Stocks end of period do
Prices (excl. aviation):Wholesale, regular $ Index, 2/73-100..Retail, regular grade (Lundberg/Platt's) fl
$ per gal..Aviation gasoline:
Production mil bblStocks end of period do
Kerosene:Production $ doStocks end of period doPrice, wholesale (light distillate) $
Index 1967-100Distillate fuel oil:
Production $ mil bbl
Exports doStocks end of period doPrice, wholesale (middle distillate) $
Index, 1967=100..Residual fuel oil:
Production $ mil bbl
Exports doStocks end of period doPrice wholesale $ Index 1967—100
Jet fuel: $Production mil bblStocks end of period do
Lubricants:Production doExports doStocks end of period do
Asphalt:Production doStocks end of period do
Liquefied gases (incl. ethane and ethylene): $Production total do
At gas processing plants (L P G ) doAt refineries (L R G ) do
Stocks (at plants and refineries) do
263050.5
2408
265.0
0.531
13928
563143
3927
1 156 163312
216 5
398.0
6086494 g
4690 2
4980
3539337
69 597
122
1729209
561 1431 512951320
'2 514 6r02
r2239 9
367640.878
137227
r66815 8
5396rl 150 8
r71 8rl 1
228 7
573.9r6156r420 1
r32r95 66845
r3692385
'71 086
12 5
168 8189
r5680443 9124 1
r21107
r2180(»)
r2399
459.6
1.051
0927
6 1158
7063r999
7 1(»)
228 7
719.9r587r39 6
r04r95 68346
r332385
6010
125
11 5189
499392106
1107
2175(*)2649
481.1
1.127
0827
51140
7339
9375 502
212 1
739.3
54835 10 1
97 29455
31 1384
5 706
124
100233
49 739 210 596 7
2002(!)
2773
5175
1.190
1 i27
5413 3
7769
8066402
191 5
793.5
51332505
91 09698
297383
5 306
12 3
9 5272
47 136810 290 4
2035(»)
2858
560.4
1.226
1330
4713 1
8346
7955506
1777
837.7
49030 101
8839793
320387
561 i
119
11 1315
48638010690 3
1895(»)2750
585.4
1.229
103 1
43134
8625
7394 40 1
1770
858.9
47723 l12
8529332
307393
5608
118
10 7338
47037 0100
1000
1966(!)
2660
595.5
1.234
1029
36138
8705
76639
0)183 1
864.8
46725206
876870.0
310413
5809
125
12 0329
46336 2101
1076
198 1(!)
2675
598.6
1.237
1028
35139
8784
79432
(*)
1958
860.9
47222504
877853.7
30 1423
5309
123
13 4302
45835 8100
116 8
20170.1
2638
601.1
1.235
132.9
3.8143
8927
83.4360 1
2138
870.2
4592441.9
856944.5
302409
5808
133
14 i262
46135 9102
125 5
2014(*)
2622
602.9
1.233
143.0
3.3133
903.1
76.324
C)2263
875.6
44.827 10.1
869953.7
29.7403
500.6
136
139225
46736 7100
134 7
599.6
1.221
9018
873.2
951.4
591.2
1.217
8952
868.4
939.0
590.5
1.220
895.7
873.4
1,012.0
595.9
1.233
910.3
891.2
1,160.7
1.278
PULP, PAPER, AND PAPER PRODUCTSPULPWOOD AND WASTE PAPER
Pulpwood:Receipts . thous cords (128 cu ft )Consumption doStocks end of period do
Waste paper:Consumption thous. sh. tonsStocks end of period do
WOODPULP
Production:Total all grades # thous sh tons
Sulfate do....Sulfite doGroundwood do....Semichemical . ... do....
Stocks, end of period:Total, all mills do....
Pulp mills doPaper and board mills doNonpaper mills do
Exports, all grades, total . doDissolving and special alpha doAll other do
Imports, all grades, total doDissolving and special alpha doAll other do
PAPER AND PAPER PRODUCTS
Paper and board:Production (Bu. of the Census):
All grades, total, unadjusted thous. sh. tons-Paper doPaperboard doWet-machine board do....Construction paper and board do....
'374,824374,170'6,001
'3 12,586740
'350,0201,405
'35,4571,643
'4,655'3,549
1,081'461551
7032,599
75731,84134,025
17633,849
64,30028,50630,033
1365,625
'376,887'377,362
'5,430
r312,915636
'350,6121,447
'35,5531,829'4,667'3,854
'930'364'507
5932,935
76432,17034,318
15534,163
'66,608'30,012'30,936
144'5,516
6,4796,057
'5,430
985636
3,874118
2,942150355310
'930'364'507
59
29075
215
34711
336
'5,278'2,436'2,454
16'372
6,9066,9235,320
1,060652
4,390146
3,380147364353
85037741755
21243
169
36515
350
5,7492,6562,685
13395
6,9966,6145,677
1,055605
4,152125
3,183154358332
84336541860
26954
215
32814
314
5,4682,5012,551
12403
6,8957,0445,555
1,083573
4,496134
3,446158394364
86735545062
32191
230
44513
432
5,7482,6612,706
13368
6,6776,7625,464
1,035607
4,243134
3,238152375345
92238547166
36084
276
32024
296
5,3292,5232,497
10298
6,8006,8115,425
1,054668
4,447138
3,403161395351
976420485
72
31758
259
37313
360
5,4222,5312,600
8284
7,3656,9695,715
1,050672
4,307126
3,297156386342
971435462
74
36279
283
33629
307
5,2892,3942,592
9296
6,7826,3566,114
957743
3,965111
3,049130369306
98246145368
35673
283
28510
276
4,9452,2282,395
8314
6,8936,7196,310
1,051727
4,334129
3,324150397335
1,03449347962
38570
315
34421
323
5,2992,3822,561
10346
6,7226,6016,349
1,051747
4,18694
3,216160388328
96045445254
31360
252
30010
290
5,3142,3822,560
13359
6,8786,7796,396
1,153'790
'4,319124
'3,292164411
'328
'960'467'440
54
34152
289
29812
286
'5,720'2,614'2,702
13391
6,4086,7106,123
1,064751
4,230124
3,236164383325
1,00954740656
24752
195
32324
299
5,3142,4032,552
12347
32252
270
33410
324
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-33
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
PULP, PAPER, AND PAPER PRODUCTS—ContinuedPAPER AND PAPER PRODUCTS— Cont.
Paper and board — Cont.Producer price indexes:
Paperboard 1967- 100..Building paper and board do
Selected types of paper (API):Groundwood paper, uncoated:
Orders, new thous. sh. tons..Orders unfilled end of period . . doShipments do....
Coated paper:Orders, new do....Orders, unfilled, end of period do....Shipments do....
Uncoated free sheet papers:Orders, new do....Shipments . . . . . . . do
Unbleached kraft packaging and industrialconverting papers:
Shipments thous sh. tons.
Tissue paper, production do....
Newsprint:Canada:
Production thous metric tonsShipments from mills do .Stocks at mills, end of period do....
United States:Production do .Shipments from mills doStocks at mills, end of period do....
Consumption by publishers fl do....Stocks at and in transit to publishers, end of
period thous. metric tons..
Imports thous sh tonsPrice, rolls, contract, f.o.b. mill, freight allowed
or delivered Index 1967—100
Paperboard (American Paper Institute):Orders, new (weekly avg.)§ thous. sh. tons..Orders unfilled doProduction, total $ do....
Paper products:Shipping containers, corrugated and solid fiber
shipments mil. sq. ft. surf. area-
Folding paper boxes, shipments.... thous. sh. tons-mil. $..
179.6187.4
1,414185
1,354
4,432404
4,453
7,538r7,571
3,884
4,215
8,8428,913
184
3,4183,429
20
6,446
660
7,484
226.3
6001,368
30,275
243,8982,734.02,278.0
202.1182.4
1,519149
1,509
4,547r385
4,527
7,8268,189
3,934
4,506
8,7568,780
162
3,6853,689
16
6,673
628
7,223
249.4
6131,393
'31,429
250,643
2,716.02,416.7
215.4184.6
rlll149120
r366r385'368
602r656
'302
'345
732774162
307315
16
580
628
636
268.2
5601,393
r2,332
18,109
220.2206.1
221.8186.2
169180135
460381416
730747
346
384
111727212
34333623
516
617
619
269.4
(2)(2)2,738
21,935
(2)(2)
223.7191.7
119173117
407420390
647710
335
371
738744205
33433424
521
670
624
269.4
2,576
20,452
227.4198.7
136179132
373378415
682753
346
398
782111210
35835130
582
683
685
269.4
2,777
21,466
232.1201.3
116170127
403405377
652714
319
372
766763214
33934623
545
724
631
269.4
2,570
20,636
239.2206.8
105136132
410360380
628710
325
378
767774207
36836526
569
749
648
277.6
2,661
19,150
238.9208.9
115119127
357344364
579678
299
340
717732192
356346
36
538
806
641
283.7
2,608
19,115
237.1211.8
118119116
400405340
580614
282
323
601640154
341350
27
498
793
550
283.7
2,393
18,456
238.4210.3
135129125
384404378
591669
306
351
692662183
37437130
533
793
546
2,592
19,345
239.2209.6
120125121
384r385389
596658
311
356
651642192
353350
32
534
782
584
283.8
'2,526
21,054
241.0212.1
139135130
426398421
733r722
328
375
735735192
377381
28
583
763
588
283.8
r2,681
23,229
243.2215.6
'117r!32rl!2
r375r352r394
r619'661
'302
'376
708691208
35834640
'592
'696
568
283.8
'2,622
18,849
241.1219.1
91108102
366356379
566613
305
355
691735165
33835522
576
721
596
298.3
2,310
19,313
RUBBER AND RUBBER PRODUCTSRUBBER
Natural rubber:Consumption thous metric tonsStocks end of period do. .
Imports, incl. latex and guayule ....thous. Ig. tons-
Price, wholesale, smoked sheets (N.Y.).... $ per lb..
Synthetic rubber:Production thous metric tonsConsumption do....
Stocks end of period doExports (Bu. of Census) thous. Ig. tons
TIRES AND TUBES
Pneumatic casings, automotive:Production thous
Shipments total doOriginal equipment do. ..Replacement equipment . doExports do
Stocks end of period do
Exports (Bu of Census) do
Inner tubes, automotive:Exports (Bu of Census) do
76465125.58
746.23
0.496
2 475 212,436 40
424 0725496
'223 406
»236 640'66 884
165 193'4563
*43 4725328
3015
73900132.12
747.68
0.651
2 528 162 339.75
40286385 10
206 687
213 92958072
150 7815077
448736572
3576
4790132 12
47.94
0.679
2075516325
40286
3476
12340
12 44629809024
442
44873
527
493
629213140
76.82
0.730
1955817078
43990
31 46
15 188
1370038309463
407
46760605
405
572713533
56.00
0.865
1946517609
436 16
3448
15059
1244539748004
46749993
698
481
556914136
73.96
0.733
2067719106
42756
41 98
15082
15 1804208
10 443528
504711098
420
468515242
38.90
0.723
1924014889
452 15
41 68
13678
15 5583271
11791496
49220
863
438
4233145.70
55.26
0.690
15957135.73
44508
4688
11370
140563131
10505419
46972787
328
4125147.39
44.46
0.685
12964120.14
42922
3733
10716
15 3013073
11786442
42817618
441
388414989
38.49
0.673
1102913103
391 19
3654
10206
13 4572217
10817423
40079572
458
4316138.50
31.37
0.680
12367133.73
37233
3046
1205715 5372521
12566450
37057
657
265
4938132.90
55.92
0.728
14976165.97
33973
2551
13 911
175643,615
13497452
33730
885
464
4948129.52
31.77
0.790
17459167.86
32535
3345
15790
180344304
13 133597
32 112
638
226
50.31
3072
12861133053,3469499
431
32,363
691
314
45.06
0.730
3231
946
317
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-34 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
STONE, CLAY, AND GLASS PRODUCTSPORTLAND CEMENT
Shipments finished cement thous bbl
CLAY CONSTRUCTION PRODUCTS
Shipments: @Brick, unglazed (common and face)
mil standard brick-Structural tile except facing thous sh tonsSewer pipe and fittings vitrified doFacing tile (hollow), glazed and unglazed
mil brick eouivalentFloor and wall tile and accessories, glazed and
unglazed mi. sq. ft..
Price index, brick (common), f.o.b. plant or N.Y.dock 1967—100
GLASS AND GLASS PRODUCTS
Flat glass mfrs ' shipments thous $
Glass containers:Production thous. gross-
Shipments domestic total doNarrow-neck containers:
Food doBeverage ... . doBeer do....Liquor and wine ... . do
Wide-mouth containers:Food (incl. packer's tumblers, jelly glasses,
and fruit jars) thous gross
Narrow-neck and wide-mouth containers:Medicinal and toilet do .Chemical household and industrial do
Stocks end of period . do
GYPSUM AND PRODUCTS
Production:Crude gypsum (exc byproduct) thous sh tonsCalcined do
Imports crude gypsum do
Sales of gypsum products:Uncalcined do....
Calcined:Industrial plasters . do .Building plasters:
Regular basecoat do-All other (incl Keene's cement) do
Board products total mil SQ ftLath doVeneer base do....Gypsum sheathing do
Regular gypsum board . . . doType X gypsum board doPredecorated wallboard do...5/16 mobile home board do....
'451 266
8 585.6480
9274
581
301.7
234 4
829 449
327 609
317 440
2756361403
106 48925084
65062
279983841
43950
*14 891»14 041
'8 308
'5,881
*383
140306
1 16 445137458234
125662786
231
*451 383
80198433
8473
56 1
3143
263 1
858 130
321 999
317 829
2668654995
11387526111
66517
258563789
45935
1 14 6301 14 543
7773
5596
379
121283
16865125444218
12,5563272
249(5)
29202
483749
422
46
22.8
2666
226 566
21311
23324
155539398,1612684
5073
1661251
45935
12071 191
794
562
32
1020
1 4159
3118
1043298
16(5)
22032
450158
463
32
26.9
272 5
27,262
24825
2 13037318,7011991
5517
2449'306
47556
10951 111
847
390
34
2015
1 401103616
1006308
718
22101
401894
365
35
26.3
2746
28,136
25234
254436339,1551816
5244
2462380
50288
1050943
563
324
35
1714
1 1308
2914
801254
818
26005
439469
406
4 1
26.7
2762
220 279
28,572
28578
274948879,6142213
6267
2526322
50323
963926
636
344
39
2013
1 1107
2514
783254
819
33011
50507 1
508
34
24.1
2809
27,154
24925
233845169,2291750
4489
2379224
52488
951874
477
410
34
1914
1 1316
2513
789273
916
36324
520.876
520
46
24.3
2817
26,615
25630
22955,1099,8671,858
4251
2028222
52913
924826
607
459
32
1814
10216
2513
711243
814
39314
558.476
533
46
24.6
2817
191,757
27,068
27654
23925,502
11,0682,149
4283
2,017243
52,828
980869
597
575
30
1913
10907
2515
753266
815
39840
588.09 1
715
42
24.1
2817
27,329
28,495
23006,076
11,2541,873
4812
1,876304
51,372
1019964
617
413
33
1813
1 1666
2717
807281
918
39644
574.08.9
767
30
24.4
2807
28,625
28,829
2,7285,683
10,7932,032
5241
2,099253
50,285
1,050984
625
428
36
1913
12035
2917
840278
1025
40489
625.59.4
787
38
26.1
2816
210,915
26,476
30,064
2,7815,662
10,3432,278
6,306
2,369325
46,574
1,1061032
595
607
34
1813
12586
3118
879289
1024
43303
r681.09.7
965
4.2r25.9
2859
r29,145r26,558
r2,157r4,776r9,433r2,478
5,149
r2,305260
r48,825
1,2481,064
493
529
40
2015
1365
3120
9613101127
31824
528.910.377 1
32
20.6
2863
25,207
23,306
1,7823,9358,6512,034
4794
1,913197
50,526
1,028968
719
493
31
1411
1 1085
2717
784246
820
2873
TEXTILE PRODUCTSFABRIC
Woven fabric, finishing plants: *Production (finished fabric) mil linear yd
Cotton do....
Inventories held at end of period doCotton doManmade and silk fiber do...
Backlog of finished orders doCotton do....Manmade and silk fiber .. do
COTTON
Cotton (excluding linters):Production:
Ginnings fl thous. running bales..Crop estimate thous net weight bales §
Consumption . thous running balesStocks in the United States, total, end of period #
thous running balesDomestic cotton, total do....
On farms and in transit . doPublic storage and compresses do....Consuming establishments do....
85233,3375 186
831361470
94714,8624609
210,5492 10 856
6079
1122911,22623167,8601.050
80653,1074 957
1037442876*086
94084*8384569
2 14,2622 14 527
6 140
1293312,92939378,160
832
657235422
828r351r477r740r397r343
12728
436
1293312,92939378,160
832
380133253476
79933473452
784413371
3604
1132311,31525937,734
988
703279424
796344452523432391
507
9792978622456554
987
710288422
800340459
833440393
1426214 629
513
8129812318035,2521.068
386633463520
81833503468
826433393
3622
65926,58613764,0811.129
662274388
806342463
774399376
496
51875,182
9623,1241.096
650277374
780340440
691354337
478
40144,012
6712,3411.000
358832523336
78833463442
679346333
4200
3487
30273,026
2501,822
954
602248354795353442
689363331
4581
443
1329013,288108901,509
889
641268373
777332445
660343317
41,311
456
1244312,441100801,578
783
383233473485380333473456367933453335
44,603
3597
1094810,94670243,180
742
47,8434 10 938
T458
1005310,05242445056
752
49,925
468
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-35
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
TEXTILE PRODUCTS—ContinuedCOTTON AND MANUFACTURES— Cont.
Cotton (excluding linters)— ContinuedExports thous running balesImports thous. net-weight bales §..Price (farm), American upland fl cents per lb..Price, Strict Low Middling, Grade 41, staple 34
(1-1/16"), average 10 markets cents per lb..
Spindle activity (cotton system spindles):Active spindles last working day total mil
Consuming 100 percent cotton do....Spindle hours operated all fibers total bil
Average per working day do.Consuming 100 percent cotton do
Cotton cloth:Cotton broadwoven goods over 12" in width:
Production (qtrly.) mil. lin. yd..Orders, unfilled, end of period, compared with
avg. weekly production no. weeks' prod..Inventories, end of period, compared with
avg. weekly production no. weeks' prod..Ratio of stocks to unfilled orders (at cotton
mills), end of periodExports, raw cotton equiv. thous.
net-weight § balesImports, raw cotton equivalent do....
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:Filament yarn (acetate) mil. lb..Staple, incl. tow (rayon) do....Noncellulosic, except textile glass:
Yarn and monofilaments do....Staple, incl. tow do....
Textile glass fiber do
Fiber stocks, producers', end of period:Filament yarn (acetate) mil. lb..Staple, incl. tow (rayon) do....Noncellulosic fiber, except textile glass:
Yarn and monofilaments do....Staple, incl. tow do ..
Textile glass fiber do....
Manmade fiber and silk broadwoven fabrics:Production (qtrly.), total # mil. lin. yd..
Filament yard (100%) fabrics # do....Chiefly rayon and/ or acetate fabrics do....Chiefly nylon fabrics .. .. do ..
Spun yard (100%) fab., exc. blanketing #.. do....Rayon and/ or acetate fabrics, blends do....Polyester blends with cotton do
Filament and spun yarn fabrics do....Manmade fiber gray goods, owned by weaving
mills:Ratio, stocks to unfilled orders end of period
Prices, manufacturer to mfr., f.o.b. mill:50/50 polyester/carded cotton printcloth, gray,
48", 3.90 yds./lb., 78x54-56 $ per yd..
Manmade fiber manufactures:Exports, manmade fiber equivalent mil Ibs
Yarn, tops, thread cloth .. doCloth, woven do
Manufactured prods., apparel furnishings do
Imports, manmade fiber equivalent . doYarn tops thread cloth do
Cloth woven doManufactured prods., apparel, furnishings do
Apparel total doKnit apparel do
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):Apparel class mil lbCarpet class do
Wool imports clean yield doDuty-free (carpet class) do
Wool prices, raw, shorn, clean basis, delivered toU.S. mills:
Domestic— Graded territory, 64's, staple 2-3/4"and up cents per lb..
Australian, 64's, Type 62, duty-paid do....Wool broadwoven goods, exc. felts:
Production (qtrly ) .. . mil lin yd
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),shipments quarterly .. mil sq yds
APPAREL
Women's, misses', juniors' apparel cuttings: @Coats thous unitsDresses • do .Suits (incl pant suits jumpsuits) do
Skirts do....
'58752,78358.5
861.6
1646.4
10240.394415
4,007516.1
54.950.30
4579676.2
300.9534.6
3,814.33,952.7
9233
15.428.7
343.4335.598.6
6,603.02,247.0
406.43844
3,703.1331.2
2593 1376.2
8022
0.492
441 70267281657117442
642591475587 76
49504425 1824240
102.213050423 4
1.902.34
1166
zl 162 3
19400191 8273284025 3885,616
66496 12757.5
361.6
16264
1020039341 7
3858518.9
53750.20
6278506.4
3166549.4
4,136.34,282.310136
11.8356
3798311 11527
6,589.82,414.3
39644252
3,531 93384
242663989
5022
60.472
596583714422863225 13
524971022064 58
422793604118450
1068105423220
2.182.77
1194
12160
21058142 1983105927614
7,478
902o59.9
66.2
162647 1
035229
927
22.6
39
0.17
58 140.5
812135.9
1,023.610946
2390
11.8356
3798311 11527
1,656.4644.2
r!04610458383853
58321142
025
0469
581236 1221 172200
35647 184 08
284623511169
8404351 7
2.332.80
282
3178
'893rll 454
rl 4191 558
r350
737o
r61.6
72.4
16464
41000402
44 1
179
37
021
50643.0
1,739.4638.6107911309470807
673 11218
028
0476
4725294218581783
36397834 96
28572395920
41134106 13 1
2.382.92
1 142r!5 913
rl 786r2 166
r630
1025(7)'66.5
80.7
1636487
043634
166
36
022
54 241.6
027
0.488
5936290816.043028
39907714 gg
321827281451
10208491 6
2.533.10
132317*430
r2057r2410
'456
1 1501
r64.8
79.2
16 36383
041433
1032
172
36
021
52 457.5
8001269
1,017.51 1076
233 1
11 1343
3778347 61280
0491
6955353121 133424
39629836 43
297924 1312 11
980 95 12 3
2.563.06
336
2934
130518 235
r2192r2224
r530
914o'63.3
79.0
16364
41000402
44 1
168
40
024
45 253.0
1,646.3609.1100810509124776
658299 1
0486
690136 1719023284
37378 59602
287823 601166
41144094 62 2
2.312.99
1 43317,3271825'2 199
'480
911(7)'66.8
78.3
1626481
040333
147
4 1
028
42444.7
0482
646534 8020893005
46728645 60
380932391685
9207573 3
2.253.10
171214,847'1390'2 152
'438
686(7)'62.8
72.4
16 16379
039332
'968
154
40
0.29
47 260.5
0476
7085378423743301
5592940641
465240702181
8.3064530
2.333.21
'33.9
258.5
180315,5531469'1 987
'462
5402
'74.9
79.0
16062
4820329
434
180
54
030
34 649.2
5740929872
8688725
6170969
0.490
5844308017392763
5769790584
497944032330
47.54075330
2.453.11
162812 9031533'1 803
'408
4020
'80.1
85.6
16 16276
037832
132
42
0.32
44341.3
0.494
6379357722.002802
5018755569
426437621938
84094820
2.513.06
222
231013 17719572216
548
3932
'81.4
87.5
1576273
036732
818
138
4 1
0.30
48049.4
0.513
6329331520.9530 14
52117965 72
44 1538261920
77074 11 2
2.533.11
2570
232012,74523572246
573
2371
75.3
85.8
16 16 1
4100'0398
44 1
120
42
035
42 044.7
0551
7594436627 143228
49197 455 57
417336 101889
4108083 91 2
2.533.06
2,26212,79619942429'570
4365
'77.6
87.0
1606077
0388'34
0593
90063615
2.533.20
5415
'80.9
87.2
60
34
0575
2.533.21
85.1
2.53
See footnotes at end of tablei
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-36 SURVEY OF CURRENT BUSINESS February 1981
Unless otherwise stated in footnotes below, datathrough 1976 and descriptive notes are as shownin the 1977 edition of BUSINESS STATISTICS
1978 1979
Annual
1979
Dec.
1980
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1981
Jan.
TEXTILE PRODUCTS—ContinuedAPPARELr-Continued
Men's apparel cuttings: @Suits thous unitsCoats (separate) dress and sport do....Trousers (separate) dress doSlacks (jean cut) casual . do.. .Shirts dress and sport thous doz
Hosiery, shipments thous. doz. pairs..
1701414,024
129 225214 66043523
267.683
1606513,096
137 915233 53943034
290,453
1038665
887418,5453423
22.564
12901031
10741178363728
22,392
12201 110
10999192693728
20.685
1 1971260
1231524 168
4 10721,675
13381,590
1201420,2253662
23.254
12451,490
1120319,2633596
20,496 23,995 24,580 21,851 20,593 24.182 21.575
TRANSPORTATION EQUIPMENTAEROSPACE VEHICLES
Orders new (net) qtrly total mil $ .U S Government do
Sales (net), receipts, or billings, qtrly, total do....U.S Government do....
Backlog of orders end of period # do
Aircraft (complete) and parts doEngines (aircraft) and parts do....Missiles, space vehicle systems, engines, propul-
sion units, and parts mil. $..Other related operations (conversions, modifica-
tions) products services mil $
Aircraft (complete);Shipments . do....
Airframe weight thous IbExports commercial mil $
MOTOR VEHICLES (NEW)
Passenger cars:Factory sales (from U.S. plants), total thous..
Retail sales total, not seasonally adj do....Domestics § . do....Imports § do
Total, seas adjusted at annual rate mil..Domestics § doImports § do....
Retail inventories, end of mo., domestics:Not seasonally adjusted thous..Seasonally adjusted § do
Inventory-retail sales ratio domestics §
Exports (BuCensus) assembled cars thousTo Canada .... . do
Imports (BuCensus) complete units doFrom Canada total . . . do
Registrations 1j total new vehicles doImports incl. domestically sponsored do
Trucks and buses:Factory sales (from U.S. plants), total thous..
Domestic do
Retail sales, seasonally adjusted:Light-duty up to 14 000 Ibs GVW doMedium-duty 14 001-26,000 Ibs GVW doHeavy-duty, 26,001 Ibs. and over GVW do....
Retail inventories, end of period, seasonally
Exports (BuCensus) assembled units . doImports (BuCensus), including separate chassis
and bodies thous
Registrations, fl new vehicles, excluding buses notproduced on truck chassis thous
Truck trailers and chassis, complete (excludes
Vans ' doTrailer bodies (detachable) sold separately doTrailer chassis (detachable) sold separately do.
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all railroadsand private car lines (excludes rebuilt cars andcars for export):
Shipments number.Equipment manufacturers do
New orders do ..Equipment manufacturers do
Unfilled orders, end of period do..Equipment manufacturers do
Freight cars (revenue), class 1 railroads (AAR): $Number owned, end of period thous..
Held for repairs, % of total ownedCapacity (carrying), total, end of mo mil. tons..
Average per car tons..
49819259924634037,96821,888
57 16030223282675,602
7,557
7697
6,530.85454233589
9,1658494
11,3129,3122000
1,7291740
223695 123540.90
32 881 838327
109461946
3,7063 415
354721645202.3
773 93248 42
31 035 68
3963
194 976128 566
646829775
6744062400
129 196124 86296,25589944
1,2257.9
93.9676.68
639062934658 82845,84423,206
7500936 174397898,241
7,270
10336
1 118.6773276 149
8,4197678
10,67083402329
1,6911674
25
779 165909530018
6712
103572351
3,0372 741
r2 865 9'1515r223.6
814 825944
974 13
3472
209 522138*484
9 15414700
9002183931
119 291113 060119201112 749
1,21780
94.4777.62
183339120
1671812,2185,909
7500936 174397898,241
7,270
10336
1,271.47 191
658
494442
72655417110.3782.5
1,6911667
26
55954067257948548364 199
166141
r2040r99
15.8
'825 71971
97 43
4266
136278956
326994
8084737685387538
119201112 749
121780
94.4777.62
636.05055
270
9513468
80658821811.9883.2
1,5981462
20
494337.33279548647534203
9165148
r214310017.8
r78891881
97 40
4233
12 2207602
6441423
7,83573657,0106310
116 458109 776
12058 1
936677.70
1 100.28081
768
619563
81259222010.8792.9
1,6101437
2263325126286651567018196
176157
185 7r93
15.5
r768 21694
99 06
6210
12 1977081
4861 145
7,90374403,7763776
109 406104 045
1,20284
935077.80
148496325
14 14411,9085,096
84546329994368410,345
6,720
8921
1,187.69,118
786
649578
8956702259.67.12.5
1,5671404
2472446262288161658015220
169148
1749r8 1
14.7
•734 118.94
10061
5220
13 1568025
5091262
8,795822434713471
100 95596 165
1 1998 1
935378.01
1,210.98,975
706
572516
7435412028.05.92.1
1,5851409
29693858.9529514724787*222
129113
1498r74
13.1
r730717.45
10505
4221
11 8767493
6311493
7,89375465,5012851
9194084847
12018 1
93.8478.15
1,275.39,084
709
518462
6974991987.25.32.0
1,5981423
32
60215135294351347334215
10993
148757
12.6
r699315.51
98 13
4207
103376318
7701,348
8,07374845,7443882
87,27778911
1,1958 1
937478.46
197786501
1871415,1145,686
89211338144695310,878
6,778
9600
1,041.37,397
640
544496
7025111917.45.32.2
1,6281450
3.3
51924294307752.646764 199
10483
1667r7.4
14.1
r612016.40
9282
4211
10 1386364
509883
7,90275213,1443 144
7948671 701
1,19283
93.5179.48
1,041.37,851
607
432400
7725422309.06.52.5
1,5071417
2.6
310427.09277638.857168216
10688
177 1r7.4
15.2
r578015.42
10895
5222
7 2944080
258820
5,890545533933393
7528467934
1 18687
93.3178.67
717.15,571
522
299280
6864871998.96.72.1
1,3371330
2.4
226118.78230321.857045215
8373
1565r8.1
16.9
r522713.33
9089
5 196
84355404
231840
6,9946 15827972531
69,43262652
1,18488
93.2778.75
1,305.010,343
792
529487
6724861868.56.32.2
1,3731332
2.6
416435.48252841.947024212
133120
1479r90
15.3
r524 11321
8986
4 190
9 4396088
8401053
6,94765964,4064406
66,00759806
1,18089
930678.83
1,200.78,662
705
2668
8476641839.26.82.4
1,3901328
2.3
58395109276966 157475 196
2183
143 1r7 1
14.3
r55421494
11044
5 185
105056,540
9961,444
7,368
2,0471847
59,37853389
1,17788
93.6179.09
726
2559
6985301699.36.82.5
1,4401351
2.4
46953978271863.347304187
2 150
1517r6.3
12.9
r570514.08
77.93
4190
930679.38
1020
2470
6504721788.96.42.5
1,4481350
2.5
404632.45253449.9
2143
14576.6
13.6
5905
62.17
455
6444701749.67.02.6
1,4211,256
2.1
See footnotes at end of tables.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
February 1981 SURVEY OF CURRENT BUSINESS S-37
FOOTNOTES FOR PAGES S-l THROUGH S-36General Notes for all Pages:
r Revised,p Preliminary,e Estimated,c Corrected.
Page S-l1. Estimates (corrected for systematic biases) for Oct.-Dec. 1980 and Jan.-Mar. 1981
based on planned capital expenditures of business. Planned capital expenditures for the year1980 appear on p. 44 of the Dec. 1980 SURVEY.
t The estimates for plant and equipment expenditures have been revised. An articledescribing that revision and containing revised estimates for 1947-77 begins on p. 24 of theOct. 1980 S U R V E Y .
51 Data for the individual durable and nondurable goods industries appear in the Mar.,June, Sept., and Dec. issues of the SURVEY.
Page S-2t Revised series. Estimates of personal income have been revised as part of the 1980
benchmark revision of the national income and product accounts. An article describing thatrevision appears in the Dec. 1980 SURVEY. Data for 1976-79 will be published in a separatesupplement to the SURVEY. Pre-1976 data will be published in The National Income andProduct Accounts of the United States, 1929-76: Statistical Tables.
$ Includes inventory valuation and capital consumption adjustments.# New series. Detailed descriptions begin on p. 18 of the Nov. 1979 SURVEY. See note "t"
for this page for information on historical data.§ Monthly estimates equal the centered three-month average of personal saving as a
percentage of the centered three-month moving average of disposable personal income.# Includes data for items not shown separately.H Revised data for 1976-78 will be shown in the 1979 BUSINESS STATISTICS.
Page S-31. Based on data not seasonally adjusted.II See note "II" for p. S-2.# Includes data not shown separately.$ Revised series. Data for both the manufacturing and retail sectors have been revised.
For manufacturing see note "t" f°r P- S-4. For retail see note "t" f°r P- S-10.t See note "t" for p. S-4.§ See note "t" for p. S-10.# New series. Data back to 1967 are available from the National Income and Wealth
Division, Bureau of Economic Analysis.
Page S-41. Advance estimate; total manufacturers' shipments for the previous month do not
reflect revisions for the selected components.2. Based on data not seasonally adjusted.$ Revised series. Data for both the manufacturing and retail sectors have been revised.
For manufacturing see note "t" f°r this page. For retail see note "t" for P- S-10.t Revised series. Data revised back to 1958 to reflect (1) benchmarking of shipments and
inventories to the 1974, 1975, and 1976 Annual Surveys of Manufacturers, (2) recalculationof new orders estimates, and (3) updating of the seasonal factors. A detailed description ofthis revision and historical data appear in reports "Manufacturers' Shipments, Inventories,and Orders" M3-1.7 (1958-1977), M3-1.8 (1967-1978), and M3-1.9 (1977-1979), availablefrom the Bureau of the Census, Washington, D.C. 20233.
§ See note "t" for p. S-10.# New series. Data back to 1967 are available from the National Income and Wealth
Division, Bureau of Economic Analysis.# Includes data for items not shown separately.
Page S-51. Advance estimate; total manufacturers' new and unfilled orders for the previous month
do not reflect revisions for the selected components.2. The Sept., Oct., and Nov. 1979 issues of'the SURVEY incorrectly show annual data for
1977 and 1978 and monthly data for 1978 that had been superseded by the August 1979revision. The Aug. 1979 SURVEY shows the correct data.
3. Based on data not seasonally adjusted,t See note "t" for p. S-4.# Includes data for items not shown separately.$ Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries; unfilled orders for other nondurable goods industries arezero.
H For these industries (food and kindred products, tobacco, apparel and other textile pro-ducts, petroleum and coal, chemicals and allied products, and rubber and plastics products)sales are considered equal to new orders.
Page S-61. Based on unadjusted data.2. Beginning Jan. 1978, includes TV and sound equipment and repairs formerly in "health
and recreation."3. Beginning Jan. 1978, residential.4. Beginning Jan. 1978, includes additional items not previously priced.5. Includes bottled gas.6. Revised seasonally adjusted data prior to Oct. 1980 are not available for this issue of
the S U R V E Y , but will be shown in the future.t Compiled by Dun & Bradstreet, Inc.# Includes data for items not shown separately.§ Ratio of prices received to prices paid (parity index).U Data through 1977 are for urban wage earners and clerical workers; beginning Jan.
1978, there are two indexes, all wage earners and clerical workers, revised (CPI-W), and allurban consumers (CPI-U). These indexes reflect improved pricing methods, updatedexpenditure patterns, etc.; complete details are available from the Bureau of Labor Statistics,Washington, D.C. 20212.
# New series. Earlier data are available from The Bureau of Labor Statistics, Washington,D.C. 20212.
t Beginning Jan. 1978, CPI-U.
Page S-71. Annual average computed by BEA.§ For actual producer prices of individual commodities see respective commodities in the
Industry section beginning p. S-22. All data subject to revision four months after originalpublication.
t Revised series. Stage-of-processing producer price indexes have been revised back to1976 to reflect updated industry input-output relationships and improved classification ofsome products.
# Includes data for items not shown separately.$ Effective Mar. 1980 SURVEY, data have been revised back to 1967 to reflect new
seasonal factors. Effective Feb. 1981, data have been revised back to 1976 to reflect newseasonal factors.
# New series. Data back to 1975 will be shown in the 1979 BUSINESS STATISTICS.
Page S-81. Computed from cumulative valuation total.2. Data shown here are based on 1980 seasonal factors. Effective Feb. 1981, data are no
longer seasonally adjusted.IT Beginning Jan. 1979 SURVEY, monthly and annual data have been restated to reflect the
purchasing power of the dollar as measured by finished goods; comparable data for periodsprior to November 1977 will be shown in the 1979 BUSINESS STATISTICS.
$ Beginning Jan. 1978, based on CPI-U; see note "V for p. S-6.# Includes data for items not shown separately.§ Data for Jan., May, July, and Oct. 1980, and Jan. 1981 are for five weeks; other months
four weeks.@ Data for new construction have been revised back to Jan. 1975 and are available from
the Bureau of the Census, Washington, D.C. 20233.@@ Monthly revisions back to Jan. 1975 will be shown in the 1979 BUSINESS
STATISTICS.$$ Monthly data back to Jan. 1970 on the 1972=100 base will be shown in the 1979
BUSINESS STATISTICS.
Page S-91. Index as of Feb. 1, 1981: building, 298.4; construction, 314.0.II Home mortgage rates (conventional first mortgages) are under money and interest rates
on p. S-15.§ Data include guaranteed direct loans sold.$ Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart.@ Monthly data back to 1972 on the 1972=100 base are available upon request.
Page S-101. Advance estimate.2. Effective Jan. 1979 data, sales of mail-order houses are included with department store
sales.t Effective April 1980 SURVEY, retail trade data have been revised back to 1973. Effective
April 1979 S URVEY, data have been revised from 1967-1972. Revised data and a summary ofthe changes are available from the Census Bureau, Washington, D.C. 20233.
# Includes data for items not shown separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-38 SURVEY OF CURRENT BUSINESS February 1981
Page S-ll1. As of July 1.2. The publication of the accounts receivable data has been suspended.# Includes data for items not shown separately.$ Revisions for Jan. 1977-Oct. 1979 appear in "Current Population Reports," Series P-25,
No. 870. Revisions for July-Dec. 1976 appear in "Populations: Estimates of the Populationof the United States and Components of Change—1940-79," P-25 No. 802 (June 1979),Bureau of the Census.
f Effective July 1980 SURVEY, data have been revised based on March 1979 benchmarklevels and updated seasonal adjustment factors; they are not comparable with previouslypublished data. Effective Oct. 1979 SURVEY, data have been revised based on March 1978benchmark levels and updated seasonal adjustment factors; effective Oct. 1978 SURVEY, datahave been revised to conform to the 1972 SIC and adjusted to March 1977 benchmark levels,therefore, data are not strictly comparable with earlier periods. See "BLS EstablishmentEstimates Revised to March 1979 Benchmarks," in the July 1980 issue of Employment andEarnings. See also Oct. 1979 and Oct. 1978 issues of Employment and Earnings for similararticles.
II Effective with the Jan. 1980 SURVEY, the labor force series reflect new seasonal factors.Data have been revised back to 1975; comparable monthly data for 1975-79 appear in theFeb. 1980 issue of Employment and Earnings, U.S. Department of Labor, Bureau of LaborStatistics.
# New series. The participation rate is the percent of the civilian noninstitutional po-pulation in the civilian labor force. The employment-population ratio is employment as apercent of the total noninstitutional population, 16 years and over.
Page S-12t See corresponding note on p. S-ll.§ Effective October 1978 SURVEY, includes data formerly shown separately under
ordnance and accessories.@ Formerly shown as Electrical equipment and supplies.U Production and nonsupervisory workers.$ This series is not seasonally adjusted because the seasonal component is small relative to
the trend-cycle and/or irregular components and consequently cannot be separated withsufficient precision.
Page S-13t See note "t" on p. S-ll.§ See note "§" on p. S-12.@ See note "@" on p. S-12.$ See note "t" on p. S-12.II Production and nonsupervisory workers.
Page S-14t See corresponding note on p. S-ll.II Production and nonsupervisory workers.$ Earnings in 1967 dollars reflect changes in purchasing power since 1967 by dividing by
Consumer Price Index; effective Mar. 1979 SURVEY, data reflect new seasonal factors for theCPI.
§ Wages as of Feb. 1, 1981: Common, $12.28; Skilled, $16.07.# Includes data for items not shown separately.@ Insured unemployment (all programs) data include claims filed under extended
duration provisions of regular State laws; amounts paid under these programs are excludedfrom state benefits paid data.
@@ Insured unemployment as a percent of average covered employment in a 12-monthperiod.
Page S-151. Average for Dec.2. Average for the year.3. Daily average.4. Beginning Jan. 1981, data are for top-rated only. Prior data cover a range of top-rated
and regional dealer closing rates.# Includes data for items not shown separately.§ For demand deposits, the term "adjusted" denotes demand deposits other than
domestic commercial bank and U.S. Government, less cash items in process of collection;for loans, exclusive of loans to and Federal funds transactions with domestic commercialbanks and include valuation reserves (individual loan items are shown gross; i.e. beforededuction of valuation reserves).
11 Adjusted to exclude domestic commercial interbank loans and Federal funds sold todomestic commercial banks.
$ Data beginning Dec. 1978 reflect a reduction in the number of banks reporting (from317 to 171) and changes in consolidation basis as well as content of several asset and liabilityitems. Unless otherwise stated, comparable data for earlier periods will be available later.
# New series. Beginning Dec. 1978, data are for all investment account securities;comparable data for earlier periods are not available.
t Revised series. Data are now monthly averages and the coverage has been expanded.Comparable data back to Dec. 1972 are available from the Federal Reserve Board,Washington, D.C. 20551.
$$ Rates on the commercial paper placed for firms whose bond rating is Aa or theequivalent. Data through Oct. 1979 show a maturity for 120-179 days. Beginning Nov. 1979,maturity is for 180 days.
@ Data through Oct. 1979 show a maturity for 150-179 days. Beginning Nov. 1979,maturity is for 180 days.
Page S-161. Data are for fiscal years ending Sept. 30 and include revisions not distributed to the
months.f Beginning Jan. 1979 SURVEY, the consumer credit group has been completely
restructured; comparable data for periods prior to Nov. 1977 are available from the FederalReserve Board, Washington, D.C. 20551.
# Includes data for items not shown separately.§ The Department of Health, Education, and Welfare was redesignated as the
Department of Health and Human Services by the Department of Education OrganizationAct. Data for the months Dec. 1979-Apr. 1980 include 5,732 million dollars in outlays by theDepartment of Education.
Page S-171. Total for Jan.-May and Oct.-Dec.§ Or increase in earmarked gold (—).t The Federal Reserve has redefined the monetary aggregates. The redefinition was
prompted by the emergence in recent years of new monetary assets—for example, negotiableorder of withdrawal (NOW) accounts and money market mutual fund shares—andalterations in the basic character of established monetary assets—for example, the growingsimilarity of and substitution between the deposits of thrift institutions and those of com-mercial banks. Monthly data from 1959 to date are available from the Banking Section ofthe Division of Research and Statistics at the Federal Reserve Board, Washington, D.C.20551.
$ Composition of the money stock measures is as follows:Ml-A.—This measure is currency plus demand deposits at commercial banks. It is essential-ly the same as the old Ml except that it excludes demand deposits held by foreign com-mercial banks and official institutions.Ml-B.—This equals Ml-A plus interest-earning checkable deposits at all depositaryinstitutions—namely NOW accounts, automatic transfer from savings (ATS) accounts, andcredit union share draft balances—as well as a small amount of demand deposits at thriftinstitutions that cannot, using present data sources, be separated from interest-earningcheckable deposits.A/2.—This measure adds to Ml-B overnight repurchase agreements (RP's) issued by com-mercial banks and certain overnight Eurodollars (those issued by Caribbean branches ofmember banks) held by U.S. nonbank residents, money market mutual fund shares, andsavings and small-denomination time deposits (those issued in denominations of less than$100,000) at all depositary institutions. Depositary institutions are commercial banks (inc-luding U.S. agencies and branches of foreign banks, Edge Act corporations, and foreigninvestment companies), mutual savings banks, savings and loan associations, and creditunions.M3.—This measure equals M2 plus large-denomination time deposits (those issued indenominations of $100,000 or more) at all depositary institutions (including negotiableCD's) plus term RP's issued by commercial banks and savings and loan associations.L.—This broad measure of liquid assets equals M3 plus other liquid assets consisting ofother Eurodollar holdings of U.S. nonbank residents, bankers acceptances, commercialpaper, savings bonds, and marketable liquid Treasury obligations.
$$ Includes ATS and NOW balances at all institutions, credit union share draft balances,and demand deposits at mutual savings banks.
# Overnight (and continuing contract) RP's are those issued by commercial banks to thenonbank public, and overnight Eurodollars are those issued by Caribbean branches ofmember banks to U.S. nonbank customers.
@ Small time deposits are those issued in amounts of less than $100,000. Large timedeposits are those issued in amounts of $100,000 or more and are net of the holdings ofdomestic banks, thrift institutions, the U.S. Government, money market mutual funds, andforeign banks and official institutions.
# Includes data for items not shown separately.
Page S-181. Beginning Jan. 1978, data are based on a new classification system and include
nonmonetary gold; the overall total and the commodity groups (but not the items within thegroups) have been revised back to Jan. 1977 to reflect these changes.
§ Number of issues represents number currently used; the change in number does notaffect the continuity of the series.
$ For bonds due or callable in 10 years or more.# Includes data for items not shown separately.@ Data may not equal the sum of the geographic regions, or commodity groups and
principal commodities, because of revisions to the totals not reflected in the componentitems.
@@ Effective Feb. 1979 SURVEY, seasonally adjusted data have been revised to reflectsums of commodity components; comparable data for periods prior to 1977 will be shown inthe 1979 BUSINESS STATISTICS.
Page S-191. See note 1 for p. S-18.# Includes data not shown separately.§ Data may not equal the sum of geographic regions, or commodity groups and principal
commodities, because of revisions to the totals not reflected in the components.@ See note "@@" for p. S-18.
Page S-201. See note 1 for p. S-18.# Includes data not shown separately.
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February 1981 SURVEY OF CURRENT BUSINESS S-39
Page S-211. Domestic trunk operations only (averaging about 90 percent of domestic total).2. Annual total; quarterly or monthly revisions are not available.3. Before extraordinary and prior period items.4. For month shown.5. Beginning Jan. 1979, data are based on a new sample of freight shipments for 1976. The
new indexes have been linked to the old indexes to maintain comparability.6. Beginning Jan. 1977, data are for unlinked passenger trips.7. Beginning Jan. 1980 data, another company is included.8. Data are for six months, Jan.-June 1980.# Includes data for items not shown separately.§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled
service.$ Beginning Jan. 1977, defined as those having operating revenues of $50 million or more.II Average daily rent per room occupied, not scheduled rates.@ Beginning Jan. 1979, data include visits to Badlands and Theo. Roosevelt National
Parks (formerly classified as recreational areas). Beginning Jan. 1980, data include visits toChannel Islands (formerly classified as a monument). Beginning June 1980, data includevisits to Biscayne (formerly classified as a monument). Beginning Dec. 1980, data includevisits to Katmai (formerly classified as a monument).
Page S-221. Reported annual total; monthly revisions are not available.2. Data withheld to avoid disclosing operations of individual companies.3. Beginning Jan. 1979, data include chemically-treated fertilizer and sodium nitrate
containing over 16.3% nitrogen by weight; not strictly comparable with data shown forearlier periods.
4. Because of an overall revision to the export commodity classification system effectiveJan. 1, 1978, data may not be strictly comparable with those shown for earlier periods.
5. See note "II" for this page.6. Reported annual total; includes monthly data withheld to avoid disclosing operations
of individual companies.7. Data beginning Jan. 1979 are for value of shipments and comprise three new product
categories. Comparable data for these new categories are not available prior to Jan. 1979.However, the difference between total value of shipments and total factory sales (formerlyshown) is considered statistically insignificant.
# Includes data for items not shown separately.§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.$ Monthly revisions, back to 1975 for some commodities, will be shown in the 1979
BUSINESS STATISTICS.@ Monthly revisions for Oct. 1976-Feb. 1978 will be shown in the 1979 BUSINESS
STATISTICS.H Data for Jan. 1977-June 1979 exclude potassium magnesium sulfate; not strictly
comparable with those shown for other periods.
Page S-231. Includes Hawaii, not available on a monthly basis; monthly revisions for 1976-78 will
be shown in the 1979 BUSINESS STATISTICS.2. Reported annual total, including Hawaii; monthly data are preliminary and subject to
change.§ Data are not wholly comparable from year to year because of changes from one
classification to another.@ Monthly revisions, for some series back to 1976, will be shown in the 1979 BUSINESS
STATISTICS.
Page S-241. See note 4 for p. S-22.2. Crop estimate for the year.3. Stocks as of June 1.4. Stocks as of June 1 and represents previous year's crop; new crop not reported until
June (beginning of new crop year).5. Previous year's crop; new crop not reported until Oct. (beginning of new crop year).6. Less than 50 thousand bushels.7. Ten-month average; Feb. and June prices not available.8. See note "@@" for this page.9. Crop estimate for 1980.10. Data are no longer available.§ Excludes pearl barley.# Bags of 100 Ibs.H Revised crop estimates for 1970-75 will be shown in the 1979 BUSINESS
STATISTICS.@ Monthly revisions, for some series back to 1976, will be shown in the 1979 BUSINESS
STATISTICS.$ Monthly revisions back to 1975 will be shown in the 1979 BUSINESS STATISTICS.@@ Data are quarterly except for June (covering Apr. and May) and Sept. (covering
June-Sept.).
Page S-251. See note 4 for p. S-22.2. See note "#" for this page.3. Effective Mar. 1979, prices are for Central U.S. and Los Angeles; comparability not
affected.4. Prices for Sept. 1977-Mar. 1979 are estimated; actual price not available. Annual
average for 1978 reflects those estimates. Annual average for 1979 is based on actual price(Apr.-Dec.).
5. Average for five months (Aug.-Dec.).§ Cases of 30 dozen.H Bags of 132.276 Ibs.$ Monthly revisions back to Jan. 1975 will be shown in the 1979 BUSINESS
STATISTICS.@ Monthly revisions back to 1976 will be shown in the 1979 BUSINESS STATISTICS.# Effective Jan. 1979, prices are for Central U.S. (including East Coast); comparability is
not affected.
Page S-261. See note 4 for p. S-22.2. Beginning Aug. 1978, prices are estimated; not comparable with those shown for earlier
periods. Annual average for 1978 represents Aug.-Dec.3. Crop estimate for the year.4. Beginning Sept. 1979, estimated prices are derived from a different source and are not
comparable with those shown for earlier periods. Annual average for 1979 represents Sept.-Dec.
5. Crop estimate for 1980.§ Monthly data reflect cumulative revisions for prior periods.@ Producers' and warehouse stocks.II Factory and warehouse stocks.
Page S-271. See note 4 for p. S-22.2. Annual total; monthly revisions are not available.3. Average for Jan.-May and July-Dec.4. Average for Jan.-Oct.5. Average for July-Dec.# Totals include data for types of lumber not shown separately.
Page S-281. Annual data; monthly revisions not available.2. Average for 11 months; price not available for Nov.3. Effective Jan. 1980, data are no longer available.4. Less than 500 short tons.
Page S-291. Annual data; monthly revisions are not available.2. For month shown.3. Copper refinery production from domestic and foreign ores are not shown to avoid
disclosing information for individual firms. The source reports 79,039 metric tons ofdomestic ores and 14,623 metric tons of foreign ores for the period July-Sept. 1980.
§ Beginning with Jan. 1979 data, units are metric tons; to convert, multiply short tons by0.907185.
Page S-301. Data beginning Jan. 1978 exclude stocks of lead base bullion in transit and at refineries.2. Less than 50 tons.3. Data are for five weeks; other months 4 weeks.4. For month shown.5. Data withheld to avoid disclosing information for individual companies in the 4th
quarter of 1979. Annual total for 1979 is the sum of available data.6. Effective July 1980 SURVEY, data are revised and shown on a new base. Revised data
are not comparable to previously published data.§ Beginning with Jan. 1979 data, units are metric tons; earlier data are shown in short
tons; to convert, multiply short tons by 0.907185.II Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.@ All data (except annual production figures) reflect GSA remelted zinc and zinc
purchased for direct shipment.# Includes data not shown separately.t Revised series. The sample size has been restored to 100 firms and the base has been
changed to 1977=100.* New series. These indexes are based on shipments of hydraulic and pneumatic products
reported by participating members of the National Fluid Power Association. Data back to1959 are available upon request.
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S-10 SURVEY OF CURRENT BUSINESS February 1981
Page S-311. Reflects revisions not available by months.2. Beginning May 1980 S URVEY, monthly data are available only at quarterly intervals.3. Effective Jan. 1980, total stocks for bituminous coal and lignite exclude residential and
commercial stocks and are not comparable with data shown for earlier periods. See also note2 for this page.
4. Beginning Jan. 1979, data reflect coverage of additional processing facilities; notstrictly comparable with data shown for earlier periods.
5. Data are available back to Oct. 1977.# Includes data for items not shown separately.@ Beginning July 1977, data include shipments to mobile home and travel trailer
manufacturers (formerly excluded); they are not directly comparable with data for earlierperiods.
* New series. Annual data prior to 1978 and monthly data prior to April 1979 areavailable upon request.
§ Includes nonmarketable catalyst coke.If Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.$ Monthly revisions for the following series will be shown in the 1979 BUSINESS
STATISTICS: bituminous coal—back to 1975; coke—back to 1977; petroleum and pro-ducts—back to 1976; anthracite coal production—1977; and wholesale price indexescovering bituminous coal and petroleum and products—1977.
$f Formerly shown as Manufacturing and mining industries.@@ Formerly shown as Retail deliveries to other consumers.
Page S-321. Less than 50 thousand barrels.2. See note 4 for p. S-31.3. Reported annual totals; revisions not allocated to the months.4. See note "U" for this page.$ See note "$" for p. S-31.11 Prices are mid-month and through 1978, exclude taxes. Beginning Jan. 1979, taxes are
included; comparable prices for earlier periods are not available.# Includes data for items not shown separately.
Page S-331. Beginning Jan. 1977, data cover passenger car and truck and bus tires; motorcycle tires
and tires for mobile homes are excluded.2. Effective Jan. 1980, data are no longer available.If Consumption by 525 daily newspapers reporting to the American Newspaper
Publishers Association.§ Monthly data are averages of the 4-week periods ending on the Saturday nearest the end
of the month; annual data are as of Dec. 31.$ Data are monthly or annual totals. Formerly weekly averages were shown.
Page S-341. Reported annual total; revisions not allocated to the months.2. Crop for the year.3. Data cover five weeks; other months, four weeks.4. First-of-the-month estimate of the 1980 crop.5. Data are not available prior to Jan. 1980.@ Monthly revisions back to 1976 will be shown in the 1979 BUSINESS STATISTICS.# New series. Data for finishing mills have replaced data for weaving mills, which are no
longer available.# Includes data for items not shown separately.If Cumulative ginnings to the end of month indicated.§ Bales of 480 Ibs.
Page S-351. Effective Jan. 1, 1978, includes reexports, formerly excluded.2. Effective 1st quarter 1977, data are not directly comparable with earlier periods.3. Average for crop year; Aug. 1-Jul. 31.4. For five weeks; other months four weeks.5. Monthly average.6. Average for 11 months; no price for Oct.7. Less than 500 bales.§ Bales of 480 Ibs.If Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price
reflects total quantity purchased and dollars paid for the entire month (revised price includesdiscounts and premiums).
# Includes data not shown separately.@ Effective Apr. 1979 SURVEY, data include 600 additional firms; comparable data back
to Jan. 1977 (except for slacks, jean cut, casual, shown on p. S-36) will appear in the 1979BUSINESS STATISTICS.
Page S-361. Annual total includes revisions not distributed to the months.2. Estimates of production, not factory sales.3. See note 4 for p. S-22.4. Excludes one state.5. Excludes two states.6. Excludes three states.7. Excludes four states.8. Effective Jan. 1979, data are not directly comparable with earlier periods because of the
inclusion of Volkswagens produced in the U.S.9. Effective Jan. 1980, passenger vans previously reported as passenger cars are now inc-
luded with trucks.@ See note "@" p. S-35.# Total includes backlog for nonrelated products and services and basic research.§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and
imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965.Imports comprise all other cars.
if Courtesy of R.L. Polk & Co.; republication prohibited.$ Excludes railroad-owned private refrigerator cars and private line cars.
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INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONSGeneral:
Business indicators 1-6Commodity prices 6-8Construction and real estate. 8,9Domestic trade 9-11
Labor force, employment, and earnings 11-15Finance 15-18Foreign trade of the United States 18-20Transportation and communication 21
Industry:Chemicals and allied products 22Electric power and gas 23Food and kindred products; tobacco 23-26Leather and products 27
Lumber and products 27,28Metals and manufactures 28-31Petroleum, coal, and products 31,32Pulp, paper, and paper products 32,33
Rubber and rubber products 33Stone, clay, and glass products 34Textile products 34-36Transportation equipment 36
INDIVIDUAL SERIES9,14
36152131
AdvertisingAerospace vehiclesAgricultural loansAir carrier operationsAir conditioners (room)Aircraft and parts 5,36Alcohol, denatured and ethyl 22Alcoholic beverages 9,23Aluminum 29Apparel 2-7,9-13,35,36Asphalt 31,32Automobiles, etc 2-7,9,10,17,19,20,36
Banking 15Barley 24Battery shipments 30Beef and veal 25Beverages. . 7,9,19,20,23Blast furnaces, steel mills 4,5Bonds, issued, prices, sales, yields 17,18Brass and bronze 29Brick 34Building and construction materials 2-5,9Building costs 9Building permits 8Business incorporations (new), failures 6Business sales and inventories 3,4Butter 23
Cattle and calves 25Cement and concrete products 7,9,34Cereal and bakery products 7Chain-store sales, firms with 11 or more stores. . . 10,11Cheese : 23Chemicals 3-5,7,12,13,17,19,20,22Cigarettes and cigars 26Clay products 3,4,7,34Coal 3,7,19,31Cocoa 20,25Coffee 20,25Coke 31Combustion, atmosphere, heating equipment 30Communication 1,17,21Confectionery, sales 25Construction:
Contracts 8Costs 9Employment, unemployment, hours, earnings. . 11-14Highways and streets 8Housing starts 8Materials output indexes 9New construction put in place 8
Consumer credit 16Consumer goods output, index 2Consumer Price Index 6Copper 29Corn 24Cost of living (see Consumer Price Index) 6Cotton, raw and manufactures 6,19,34,35Cottonseed oil. 26Credit, short- and intermediate-term 16Crops 6,24,26,34Crude oil. 3,31Currency in circulation 17
Dairy products 6,7,23,24Debt, U.S. Government 16Deflator, PCE 2Department stores, sales, inventories 10,11Deposits, bank 15,17Dishwashers.Disposition of personal income....Disputes, industrialDistilled spiritsDividend paymentsDrugstores, sales
312
1523
2,1710,11
Earnings, weekly and hourly 13,14Eating and drinking places 10,11Eggs and poultry 6,7,25Electric power 3, 7,23Electrical machinery and equipment 3-5,
7,12,13,17,19,20,30, 31Employee-hours, aggregate, and indexes 13Employment 11,12Explosives 22Exports (see also individual commodities) 1,18,19
Failures, industrial and commercial 6Farm prices 6,7Farm wages 14Fats and oils 7,19,20,26Federal Government finance 16Federal Reserve banks, condition of 15Federal Reserve member banks 15Fertilizers 7,22Fire losses 9Fish 25Flooring, hardwood 28Flour, wheat 25Food products 2-7,9,12,13,17,19,20,23-26Foreign trade (see also individual commod.) 18-20Freight cars (equipment) 36Fruits and vegetables 6, 7Fuel oil 6,31,32Fuels 3,6, 7,19, 20,31, 32Furnaces 31Furniture 3,7,10,12,13
Gas, output, prices, sales, revenues 3,6,7,23Gasoline 32Glass and products 34Glycerin 22Gold 17Grains and products 6,7,19,24,25Grocery stores 10,11Gypsum and products 7,34
Hardware stores 10Heating equipment 7,30Help-wanted advertising index 14Hides and skins 7,27Highways and streets 8Hogs 25Home electronic equipment 7Home Loan banks, outstanding advances 9Home mortgages 9Hosiery 36Hotels and motor-hotels 21Hours, average weekly 12,13Housefurnishings 2,4-6,9,10Household appliances, radios, and television sets. 2,
7,10,30Housing starts and permits 8
Imports (see also individual commodities) 1,19,20Income, personal 2Income and employment tax receipts 16Industrial production indexes:
By industry 3By market grouping 2,3
Installment credit : 11,16Instruments and related products 3,4,12,13Insurance, life 16Interest and money rates 15International transactions of the United States. . . 1Inventories, manufacturers' and trade 3-5,9,10Inventory-sales ratios 4Iron and steel 3,7,9,17,19,20,28,29
Labor advertising index, stoppages, turnover 14,15Labor force 11Lamb and mutton 25Lead 29,30Leather and products 3,7,12,13,27Life insurance 16Livestock 6,7,25Loans, real estate, agricultural, bank (see also
Consumer credit) 9,15Lubricants 31,32Lumber and products 3,7,9,12,13,27,28
Machine tools 30Machinery 3-5,7,12,13,17,19,20, 30Mail order houses, sales 10Manufacturers1 sales (or shipments), inventories,
orders 4,5Manufacturing employment, unemployment, pro-
duction workers, hours, earnings 11-14Manufacturing production indexes. 2,3Margarine 26Meat animals and meats 7,19,20,25Medical care 6Metals 3-5,7,12,13,17,19,20,28-31Milk 24Mining and minerals 1-3,7,11-14,17Monetary statistics 17Money and interest rates 15Money supply 17Mortgage applications, loans, rates 9,15,16Motor carriers 21Motor vehicles 2-4,6,10,17,19,20,36National parks, visits 21Newsprint 20, 33
New York Stock Exchange, selected data 18Nonferrous metals 3,5,7,17,19,20,29, 30
Oats 24Oils and fats 7,19,20,26Orders, new and unfilled, manufacturers* 5Outlays, U.S. Government 16
Paint and paint materialsPaper and products and pulp.
7,223-5,
7,12,13,17,20,32,33Parity ratio 6Passenger cars 2-4,6,7,9,10,17,19,20, 36Passports issued 21Personal consumption expenditures 2Personal income 2Personal outlays 2Petroleum and products. . . . 3-7,12,13,17,19,20,31,32Pig iron 28Plant and equipment expenditures 1Plastics and resin materials 22Population 11Pork 25Poultry and eggs 6, 7,25Price deflator, implicit (PCE) 2Prices (see also individual commodities) 6-8Printing and publishing 3,12,13Private sector employment, hours, earnings 11-14Producer Price Indexes 7,8Profits, corporate 17Public utilities 1-3,8,17,18,23Pulp and pulpwood 32Purchasing power of the dollar 8
Radio and television 2,10, 30Railroads 1,14,18,21, 36Ranges 31Rayon and acetate 35Real estate 9,15,16Receipts, U.S. Government 16Refrigerators 31Registrations (new vehicles) 36Rent (housing) 6Retail trade 3,4,6,10-14,16Rice 24Rubber and products (incl. plastics). 3-5,7,12,13,20, 33
Saving, personal 2Savings and loan assoc., new mortgage loans 9Savings deposits 15Securities issued 17Security markets 17,18Services 6,12-14Sheep and lambs 25Shoes and other footwear 7,10,11,27Silver 17Soybean oil 26Spindle activity, cotton 35Steel (raw) and steel manufactures 20,28,29Steel scrap 28Stock market customer financing 17Stock prices, yields, sales, etc 18Stone, clay, glass products 3,4,7,12,13,17,34Sugar 20,26Sulfur 22Sulfuric acid , 22Superphosphate 22
Tea imports 26Telephone and telegraph carriers 21Television and radio 2,10,30Textiles and products.... 3-5,7,12,13,17,19,20,34-36Tin 30Tires and inner tubes 7,33Tobacco and manufactures 3-6,12,13, 26Tractors 30Trade (retail and wholesale) 3,4,6,9-14Transit lines, urban 21Transportation 1,6,12-14,17,18,21Transportation equipment... 2-5,7,12,13,17,19,20,36Travel 21Truck trailers 36Trucks (industrial and other) 30,36
Unemployment and insurance 11,14U.S. Government bonds 15-18U.S. Government finance 16U.S. International transactions 1Utilities 1,3,6,8,17,18,23
Vacuum cleaners 31Variety stores 10,11Vegetable oils 19,20,26Vegetables and fruits. 6,7Veterans' unemployment insurance 14
Wages and salaries 2,13,Washers and dryersWater heatersWheat and wheat flour 24,Wholesale trade 3,4,6,9,12-Wood pulpWool and wool manufactures
Zinc 30
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