scb_031979

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

MARCH 1979 / VOLUME 59 NUMBER

SURVEY OF CURRENT BUSINESS

CONTENTS

THE BUSINESS SITUATION 1

Revised Manufacturing and TradeInventories and Sales 7

National Income and Product Tables 8

Durable Goods Owned byConsumers in the United

States, 1925-77 17

Plant and Equipment Expenditures,First and Second Quarters and

Second Half of 1979 26

Capital Expenditures by Majority-Owned ForeignAffiliates of U.S. Companies, 1979 32

U.S. International Transactions,Fourth Quarter and Year 1978 38

CURRENT BUSINESS STATISTICS

General S1-S25

Industry S25-S40

Subject Index (Inside Back Cover)

U. S. Department of CommerceJuanita M. Kreps / Secretary

Courtenay M. Slater / Chief Economistfor the Department of Commerce

Bureau of Economic AnalysisGeorge Jaszi / DirectorAllan H. Young / Deputy, Director

Carol S. Carson / Editor-in-Chief,Survey of Current Business

Manuscript Editor: Dannelet A. GrosvenorGraphics Editor: Billy Jo Hurley

Staff Contributors to This Issue: Christopher L. Bach,Will iam K. Chung , David T. Dobbs, John C. Musgrave,

Kenne th A. Petr ick, J o h n T. Woodward

SURVEY OF CURRENT BUSINESS. Published monthly bythe Bureau of Economic Analysis of the U.S. Departmentof Commerce, Editorial correspondence should be ad-dressed to the Editor-in-Chief, Survey of Current Busi-ness, Bureau of Economic Analysis, U.S. Department ofCommerce, Washington, D.C. 20230.

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U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES

ALA., Birmingham 35205908 S. 20th St. 254-1331

ALASKA, Anchorage 99501632 6th Ave. 265-5307

ARIZ., Phoenix 85073201 N. Central Ave. 261-3285

CALIF., Lot Angeles 9004911777 San Vicente Blvd. 824-7591

CALIF., San Francisco 94102450 Golden Gate Ave. 556-5868

COLO., Denver 8020219th & Stout St. 837-3246

CONN., Hartford 06103450 Main St. 244-3530

FLA., Miami 3313025 West Flagler St. 350-5267

GA., Atlanta 303091365 Peachtree St., N.E« 881-7000

GA., Savannah 31402222 U.S. Courthouse & P.O. Bldg.232-4321

HAWAII, Honolulu 96850300 Ala Moana Blvd. 546-8694

ILL., Chicago 60603Rm. 1406 Mid Continental Plaza Bldg.353-4450

IND., Indianapolis 4620446 East Ohio St. 269-6214

IOWA, Des Moines 50309210 Walnut St. 284-4222

LA., New Orleans 70130

MICH., Detroit 48226445 Federal Bldg. 226-3650

MINN., Minneapolis 55401218 Federal Bldg. 725-2133

MO., St. Louis 63105120 S. Central 425-3302

NEBR., Omaha 681021815 Capitol Ave. 221-3665

NEW, Reno 89503777 W. 2d St. 784-5203

N.J., Newark 071024th Floor Gateway Bldg. 645-6214

N. Albuquerque 871O2432 International Trade Mart 589-6546 5 0 5 Marquette Ave., N.W. 766-2386

MD., Baltimore 21202415 U.S. Customhouse 962-3560

MASS., Boston 02116441 Stuart St. 223-2312

N.Y., Buffalo 14202111 W. Huron St. 846-4191

N.Y., New York 1000726 Federal Plaza 264-0634

N.C., Greensboro 27402203 Federal Bldg. 378-3345

OHIO, Cincinnati 45202550 Main St. 684-2944

OHIO, Cleveland 44114666 Euclid Ave. 522-4750

OREG., Portland 972041220 S.W. 3rd Ave. 221-3001

PA., Philadelphia 19106600 Arch St. 597-2850

PA., Pittsburgh 152221000 Liberty Ave. 644-2850

P.R., San Juan 00918659 Federal Bldg. 753-4555

S.C., Columbia 292042611 Forest Dr. 765-5345

TENN., Memphis 38103147 Jefferson Ave. 521-3213

TEX., Dallas 752421100 Commerce St. 749-1515

TEX., Houston 77002515 Rusk St. 226-4231

UTAH, Salt Lake City 84138125 South State St. 524-5116

VA., Richmond 232408010 Federal Bldg. 782-2246

WASH., Seattle 98109Rm. 706 Lake Union Bldg. 442-5615

W. VA., Charleston 25301500 Quarrier St. 343-6181

WIS., Milwaukee 53202517 E. Wisconsin Ave. 291-3473

WYO., Cheyenne 820012120 Capitol Ave. 778-2220


the BUSINESS SITUATIONCHART

Personal Income and Consumption:Change From Preceding Quarter

Billion $80

60

40

20

-20

PERSONAL INCOME

Total

Wage and SalaryDisbursements

* Projected

20

-20

40

20

-20

PERSONAL CONSUMPTION EXPENDITURES

Constant $

1976 1977 1978 1979

Based on Seasonally Adjusted Annual RatesU.S. Department of Commerce, Bureau of Economic Analysis

JL ERSONAL income expressed at anannual rate increased about $41 billionin the first quarter, compared with $57%billion in the fourth quarter of 1978(chart 1). Roughly one-half of the decel-eration was traceable to proprietors'income. Wage and salary disburse-ments and personal contributions forsocial insurance contributed aboutequally to the other half (table 1).

The deceleration in proprietors' in-come was mainly in farm income, which,at an annual rate, declined about $1%billion, compared with an increase of$5% billion in the fourth quarter. Amajor factor in the swing was Federalpayments to farmers. They declined$2% billion after increasing $2 billionin the fourth quarter, which had in-cluded unusually large payments tograin farmers under the target price pro-visions of the Food and Agriculture Actof 1977. The remaining swing in farmproprietors' income reflected a swing inthe volume of production only partlyoffset by a sharp acceleration in cropprices. Livestock prices increased atvery high rates in both quarters. Pro-duction expenses increased less in thefirst quarter than in the fourth, andthus partly offset the effect of thedeceleration in farm production onfarm proprietors' income.

Wages and salaries at an annual rateincreased about $31K billion, com-pared with $36 billion in the fourthquarter. The deceleration was wide-spread. In the distributive and serviceindustries it would have been largerhad it not been for the increase in theminimum wage from $2.65 to $2.90 perhour and the expansion of coverageunder the Fair Labor Standards Act.The changes became effective in Janu-ary and added about $2 billion to total

payrolls, almost all of it in the distribu-tive and service industries. In govern-ment and government enterprises, thedeceleration reflected last October'sFederal pay raise, which had added$2% billion to the fourth-quarter in-crease.

Personal contributions for social in-surance are deducted from wage andsalary disbursements and proprietors'income to arrive at personal income.These contributions at an annual rateincreased $6% billion, compared with$1% billion in the fourth quarter. The$5 billion step-up was due to an in-crease in the social security tax ratefrom 6.05 to 6.13 percent and an in-crease in the taxable wage base from$17,700 to $22,900.

The special factors that have beenmentioned are listed after the personalincome total in table 1. If their effectsare excluded, the deceleration is $6Kbillion, instead of $16 billion.

Disposition of personal income

Personal taxes at an annual rate de-clined about $6% billion in the firstquarter; they had increased $12 billionin the fourth quarter of 1978 (see theaccompanying tabulation). About $16billion of the $18% billion swing wasdue to legislative changes. In Federaltaxes, legislative changes led to a$13 billion decline in the first quarter,about $7V2 billion of which was offsetmainly by the continued increase inwithheld income taxes. The principalelement in the legislative changes wasa reduction in individual income taxesunder the Revenue Act of 1978, whichcut effective rates and increased thestandard deduction and personal ex-emptions. (For a discussion of 1978Federal tax legislation, see the Novem-

1


SUKVEY OF CUEEENT BUSINESS March 1979

ber 1978 and February 1979 issues ofthe SURVEY OF CURRENT BUSINESS.)

Legislative changes affecting State andlocal taxes occurred in California andNew York, and held down first-quartertax payments $3 billion.

(Change from preceding quarter; billions of dollars, based onseasonally adjusted annual rates)

CHART 2

Personal tax and nontax payments...

Federal...Impact of legislationOther

State and localImpact of legislationOther

1978: IV

11.9

10.0.4

9.6

1.8.0

1.8

1979: I *

-6 .4

- 5 . 4-12.9

7.5

- 1 . 0- 2 . 8

1.8

* Projected.

The swing in personal taxes morethan offset the deceleration in personalincome, and disposable personal incomeat an annual rate increased $47% billionin the first quarter, about $2 billionmore than in the fourth. Prices paid byconsumers increased substantially morethan the 6X-percent annual rate regis-tered in the fourth quarter. As a result,real disposable personal income, whichhad increased 6 percent in the fourthquarter, increased only about 2% per-cent in the first.

The acceleration in prices paid byconsumers was sharp in food and energy,and moderate in the average of otherprices.1 In food, it was concentrated inmeat and in fruits and vegetables. Theweather was a major factor in the in-crease in the price of fruits and vege-tables and contributed to the increasein the price of meat, especially beef.In energy, the acceleration was in gas-oline and electricity. Gasoline priceshave begun to reflect the increases in

1. The major source data that shed light on first-quarterproduction as reflected in the national income and productaccounts are limited to 1 or 2 months of the quarter, and insome cases are preliminary. These data are: For personalconsumption expenditures (PCE), January and Februaryretail sales, unit sales of autos through the first 10 days ofMarch, and sales of trucks for January and February; fornonresidential fixed investment, the same data for autos andtrucks as for PCE, January construction put in place, Jan-uary manufacturers' shipments of equipment, and businessinvestment plans for the quarter; for residential investment,January construction put in place, and housing starts forJanuary and February; for change in business inventories,January book values for manufacturing: and trade, and unitauto inventories for January and February; for net exports ofgoods and semces, January merchandise trade; for governmentpurchases of goods and services. Federal unified budget outlaysfor January, State and local construction put in place forJanuary, and State and local employment for January andFebruary; and for prices, the Consumer Price Index for Jan-uary, the Producer Price Indexes for January and February,and unit value indexes for exports and imports for January.

Housing StartsMillions of units2.5

1.0, / V..-

Single Family

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I M I I I I M I I I I I I I I I I I I1975 1976 1977 1978

Seasonally Adjusted at Annual Rates1979

U.S. Department of Commerce, Bureau of Economic Analysis

crude oil prices due to OPEC's priceactions last December, the shortagescaused by the cutoff in the productionof Iranian oil, and, most recently, pricecontrol regulations that allow refiners toredistribute toward gasoline the in-creased refining costs they pass on.

Real personal consumption expendi-tures increased little after an unusuallylarge increase—!){ percent at an annualrate—in the fourth quarter. The decel-eration was traceable to goods, wheredeclines were widespread; services in-creased in line with trend. Declines ingoods were registered in furniture andequipment and the "other" category ofdurable goods, and in clothing and shoesand the "other" category of nondurablegoods. The increase in motor vehicles—autos and trucks—was a little less thanin the fourth quarter.

The saving rate—personal saving asa percentage of disposable personal in-come—appears to have increased sev-eral tenths of a percentage point fromthe 4.8 percent registered in the fourthquarter. In view of the unusual shifts inthe sources of the personal income in-crease, the large swing in personal taxes,and the acceleration of consumer prices,it is very difficult to interpret the first-quarter changes in consumer spendingand saving.

Data: Census

79-3-2

Other first-quarter developments

Real residential investment declinedin the first quarter. The decline substan-tially exceeded the increase registeredin the fourth quarter. It would appearthat severe weather as well as financialfactors contributed—the former prob-

Table 1.—Personal Income: Change FromPreceding Quarter

[Billions of dollars, based on seasonally adjusted annual rates]

Wage and salary disbursements

Manufacturing _ _Other commodity-producingDistributive _ ._Services _Government and government en-

terprises

Proprietors' income.

FarmNonfarm._

Transfer payments. -

Other income

Less: Personal contributions forsocial insurance

Personal income.

Less: Federal pay raiseFederal payments to farmers.Minimum wages

Less: Personal contributionsfor social insurance: rateand base changes

Equals: Personal income, adjusted...

1978: IV

36.2

12.32.68.86.9

5.7

8.5

5.43.1

3.5

10.7

1.6

57.3

2.51.8

53.0

1979: I*

31.3

11.22.78.65.7

3.1

- . 4

- 1 . 3.9

3.9

12.9

6.5

41.2

-2.32.0

5.0

46.5

•Projected.


March 1979 SUEVEY OF CURRENT BUSINESS

ably more than the latter. Housingstarts declined sharply in January andFebruary, from 2.07 million in Decem-ber to 1.67 million in January and 1.41million in February at seasonally ad-justed annual rates (chart 2). The re-gional distribution of the declines in-dicates that they were correlated withthe incidence of the severe weather, butthat other factors were at work as well.

Money market certificates (MMC's)issued by banks and thrift institutionssince June 1 of last year have helpedsustain the availability of funds formortgage lending. Eates on MMC's aretied to the 6-month Treasury bill rate,which, as shown in chart 3, has risensharply since the introduction ofMMC's. The rising rates on MMC'shave maintained the ability of mortgagelenders, especially thrifts, to competefor funds. Eecently, however, therehave been indications that funds ob-tained from MMC's are being investedincreasingly in short-term instruments,especially 90-day certificates of deposit(CD's), rather than in mortgages. Onereason is that usury laws in many Statesprevent mortage lending at rates of 10percent or more, levels that were ap-proached last fall. Another reason forinvestment in 90-day CD's is that, asthe 6-month Treasury bill rate rose,thrifts felt increasing pressure to investinflows from MMC's at rates that main-tain the thrifts' earnings. As well, 90-day CD's have a maturity close to thatof MMC's—an advantage to the thriftsshould they be faced with a withdrawalof MMC funds.

In March, Federal regulatory agen-cies eliminated—for MMC's carrying 9-percent or higher interest rates—the0.25 percentage point differential abovethe 6-month Treasury bill rate thatthrifts had been allowed to pay, and alsothe compounding of interest. This ac-tion is likely to reduce further the sup-port available to housing finance fromthe MMC's.

Little is known at this time aboutfirst-quarter changes in the remainingcomponents of final sales—nonresi-dential fixed investment, governmentpurchases, and net exports. Taken to-gether, these components had increased6% percent at an annual rate in realterms in the fourth quarter. Partial

CHART 3

Selected Interest RatesPercent14

12 -

SHORT TERM

90-dayCertificatesof Deposit

6-month Treasury bills

4 I I I I I I I I I I I I I I I I I I I I I M I I I I I t I I I I I I I I I I M I I I I I I I I 1 1 I I 1 I I 1 1 M

12

10

8

MORTGAGES FOR NEW HOUSES

Commitments

\\

Conventional Loans

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I i I I I I I I I I I I I I I I I I I I I

1975 1976


1977 1978 1979Data: FRB, FHLBB

79 3 3

information indicates that the first-quarter increase was much smaller: Thesevere weather depressed the construc-tion components of nonresidential fixedinvestment and of State and localgovernment purchases; Federal loansunder Commodity Credit Corporationprice support operations, which aretreated as purchases in the nationalincome and product accounts, increasedmuch less than in the fourth quarter;and, more tentatively, the balance ofnonagricultural exports and nonpetro-leum imports—a balance that is lessaffected by special factors than thetotal balance, which includes agricul-tural exports and petroleum imports—

decreased in the first quarter followingan increase in the fourth.

Given the weakness in total finalsales, as well as the low level to whichinventories had fallen relative to finalsales in the fourth quarter, it would notbe surprising if inventory investmentincreased in the first quarter, providinga partial offset in GNP to the weaknessin final sales. An increase would beconsistent with the January figures onmanufacturing and trade inventories.

This review of final sales and in-ventory change has suggested a sub-stantial deceleration in real GNP fromthe 7-percent annual rate increaseregistered in the fourth quarter. The


SUEVEY OF CUEEENT BUSINESS March 1979

deceleration is seen to be compatiblewith that of personal income if allow-ance is made for prices and for theseveral definitional differences betweencurrent-dollar GNP and personal in-come. The increase in .GNP prices waslarger than the 8-percent annual rateincrease in the fourth quarter, althoughthe step-up was less than in prices paidby consumers because the prices of in-vestment goods increased less in the firstquarter than in the fourth. All of themajor definitional differences betweenGNP and personal income except corpo-rate profits can be estimated at thistime with a tolerable margin of error.For corporate profits, a substantial—but plausible—deceleration from thelarge increase that occurred in thefourth quarter is implied.

Employment and average hours,which are indicators of real labor input,are shown in table 2 along with otherlabor market indicators. As can be seenfrom the table, employment, whethermeasured by the household or by theestablishment survey, increased throughFebruary about as much as in thefourth quarter, and average weeklyhours declined. The resulting measureof aggregate hours, in conjunctionwith the first-quarter deceleration ofreal GNP, implies a poor productivityperformance in the first quarter.

Fourth-quarter NIP A revisions

The 75-day estimates of the nationalincome and product accounts (NIPA's)for the fourth quarter of 1978 areshown in table 3. The GNP estimatereflects upward revisions in nonresi-dential fixed investment and in thechange in business inventories, partlyoffset by a downward revision in per-sonal consumption expenditures. Eevi-sions are not shown for corporateprofits and thus national income, be-cause corporate profits estimates for thefourth quarter of 1978, which arediscussed later in the "Business Situa-tion/' were not available when the45-day estimates were prepared. Per-sonal income was revised upward.

The revised or additional majorsource data that are routinely incor-porated into the 75-day estimates arelisted in the note to the table. Two non-

routine revisions in time series, whichwere recently published by the CensusBureau, will be incorporated into theNIPA's when the annual July revisions,which cover 3 years, are made. Theserevisions are in the time series of mer-chandise trade and of wholesale andretail sales and inventories. The CensusBureau revisions of merchandise tradeintroduce a new seasonal adjustmentprocedure. The revisions in the salesand inventories series incorporate a newbenchmarking procedure and updatedseasonal adjustment factors.

The major sources and proceduresunderlying the NIPA estimates of non-residential fixed investment for recentyears—the BEA plant and equipmentsurvey and an abbreviated commodity-flow procedure—are being reevaluated,but the full results will not be availablefor the July revisions. The reevaluationis being undertaken because, beginningin 1976, estimates of investment basedon the plant and equipment surveyhave increased considerably less thanestimates based on the abbreviatedcommodity-flow procedure (table 4).Both measures have shortcomings. For

instance, the abbreviated commodity-flow procedure cannot make adequateallowance for changes in the allocationof types of equipment between businessand nonbusiness purchases or betweencapital expenditures and purchases ofintermediate products, or for changes inmargins. A major shortcoming of theplant and equipment survey-based esti-mate is that the survey does not coverfarms, real estate, nonprofit organiza-tions, and the professions, and it isdifficult to make accurate estimates ofthe investment outlays made by thesesegments of the economy.

A third series relating to invest-ment—the business equipment com-ponent of the Federal Eeserve Index ofIndustrial Production—has tended toagree with deflated commodity-flow-based estimates of producers' durableequipment. Beginning in 1976, thelatter has increased considerably morethan an estimate of equipment thatcan be extracted from the plant andequipment survey.

Three projects that have been under-way at BEA will contribute to thereevaluation of the sources and pro-cedures used to estimate nonresidential

Table 2.—Selected Labor

Household Survey

Civilian labor force (millions)Employment __Unemployment

Unemployment rate (percent) _

Employment-population ratio

Civilian labor force participationrates (percent):

TotalMen.. _ _WomenTeenagers.

Establishment Survey

Employment, nonfarm payroll(millions) _. _ . .

Goods producingManufacturing _ _ _ _Other

Distributive L__Services -Government

Average weekly hours, privatenonfarm:

Total.. . _Manufacturing.. _ _ _ _

Market Indicators[Seasonally adjusted]

1978

I

99.393.16 2

6.2

58.1

62.879.949 056 9

84.3

24.820.14 6

23.920 315.4

35.740.2

II

ICO. 194.16 0

6.0

58.6

63.179.849 457 9

85.7

25.420.35 1

24.220 615.6

36.040.6

III

100.894.76 0

6.0

58.7

63.379.649 858 7

86.1

25.520.35 2

24.420 815 5

35.840.4

I V

101.595.65 9

5.8

59.0

63.579.850 158 5

87.0

25.920.65 3

24.621 015.5

35.940.6

1979

Jan.

102.296.35 9

5.8

59.3

63.780.25C 158 9

87.5

26.120.85.3

24.821 115.5

35.740.7

Feb.

102.596.65 9

5.7

59.4

63.980.350 358 6

87.8

26.120.95.3

24.921.215.5

35.740.6

1978: I -1978: I I

0.91.0

9

- . 2

. 5

.3—. 1

41.0

1.4

.6

.2

.5

.3

.3

. 2

.3

.4

1978: I I -1978: I I I

0.6.6

G

0

. 1

.2- . 2

.4

. 8

.4

.10.1

.2

.20

- . 2- . 2

1978: I I I -1978: IV

0.8.9

—.1

- . 2

. 3

.2

.2

. 3- . 2

.8

.4

.3

.1

.3

.3- . 1

.1

.2

1978: I V -1979: Feb.

1.01.00

- . 1

.4

.4

. 5

. 2

. 1

.8

. 3

. 30

. 3

.20

r

0

1. Transportation and public utilities, and wholesale and retail trade.2. Services, and finance, insurance, and real estate.Source: Bureau of Labor Statistics.


March 1979 SUEVEY OF CUEEENT BUSINESS

fixed investment. The first project,begun several years ago, is a basic revi-sion of the plant and equipment surveyto provide full coverage of the privatenonfarm economy. This revision willalso improve the information nowavailable on the breakdown of invest-ment between plant and equipment.This breakdown will facilitate thetracing of the sources of the differencesbetween the survey, on the one hand,and the alternative measures of invest-ment, on the other. The second projectattempts a detailed reconciliation ofinvestment reported in the plant andequipment survey, with the commodity-flow-based estimates. The various cover-age and definitional differences betweenthe two measures have been listed andestimates of each difference are beingmade on the basis of whatever informa-tion is available. The third project willprovide estimates of constant-dollarinvestment for each of the industriescovered by the plant and equipmentsurvey. The estimates will facilitatecomparisons with other real measuresof investment, in particular, the busi-ness equipment component of the Indexof Industrial Production.

Corporate profits

Corporate profits from current pro-duction at an annual rate increased$12 billion in the fourth quarter of1978. This measure of profits includesthe inventory valuation and capitalconsumption adjustments, and is on abefore-tax basis. In the third quarter,these profits had increased $2 billion.Domestic profits of nonfinancial cor-porations accounted for most of thefourth-quarter increase. They increased$10% billion following an increase of $3billion. About one-half of the fourth-quarter increase resulted from increasedreal corporate product, the other halffrom increased profits per unit of prod-uct, which in turn reflected a faster in-crease in prices charged by corpora-tions than in their unit costs. Most ofthe increase was in manufacturing,with nonelectrical machinery, chemi-cals, and petroleum and coal productsshowing the largest gains. Widespreadincreases in nonmanufacturing werepartially offset by a decrease in the

transportation, communication, andutilities group, which mainly reflected asharp drop in air transportation.

Domestic profits of financial corpora-tions at an annual rate increased $1%billion, the same as in the third quarter.Profits from the rest of the world, asmeasured by the net inflow of branchprofits and dividends, were unchanged.

Before-tax book profits at an annualrate increased $20 billion in the fourthquarter, following no change in thethird. These profits exclude the twovaluation adjustments which are de-signed to value inventories and fixedcapital used up in production at re-placement cost, the valuation conceptunderlying national income and product

accounting, rather than at historicalcost, the valuation concept generallyunderlying business accounting. If, asin the fourth quarter, the historical costof inventories used up is less than theirreplacement cost, profits as measuredby business exceeded profits as measuredin the national income and productaccounts by an amount that is calledinventory profits. Inventory profits in-creased $7}i billion in the fourth quarter,following a decrease of $4 billion in thethird. In the third quarter, a decelera-tion in food price increases was mainlyresponsible for the decrease; the fourth-quarter increase resulted from an ac-celeration in prices of inventories inalmost all industries.

Table 3.—Revisions in Selected Component Series of the NIPA's, Fourth Quarter of 1978[Seasonally adjusted at annual rates]

GNPPersonal consumption expenditures.Nonresidential fixed investmentResidential investmentChange in business inventoriesNet exportsG overnment purchases

FederalState and local

National incomeCompensation of employees _.Corporate profits with inventory valuation and capital

consumption adjustmentsOther

Personal income.

GNP.

Personal consumption expenditures.Nonresidential fixed investmentResidential investmentChange in business inventoriesNet exportsGovernment purchases


GNP implicit price deflatorGNP fixed-weighted price index.GNP chain price index

Levels

45-dayestimate

75-dayestimate

Revision

Billions of current dollars

2,212.11,405.1

235.2113.311.6

- 7 . 8454.6162.3292.3

1,359. 6

257.6

1,787.3

2,214.81,403.9

237.1113.413.5

- 7 . 6454.5162.5292.0

1,795.61,359.8

177.0258.8

1,789.0

2.7- 1 . 2

1.9.1

1.9.2

- . 1.2

- . 3

.2

1.2

1.7

Billions of constant (1972) dollars

1,413.0

912.6143.760.2

7.010.1

279.5102.4177.1

1,414.7

911.8144.960.3

8.210.2

279.4102.5176.9

1.7

1.2.1

1.2.1

- . 1.1

- . 2

Index numbers, 1972=100 *

156.55158.9

156. 56158.9

.01

Percent change fromperceding quarter

45-dayestimate

75-dayestimate

Revision

15.015.014.316.8

14.223.29.5

13.6

19.8

13.5

15.614.618.017.3

14.123.99.0

16.513.6

31.722.2

13.9

0.6- . 43.7.5

- . 1.7

- . 5

2.4

.4

6.4

8.05.73.7

4.18.31.8

6.9

7.69.54.0

4.08.81.3

.5

- . 43.8.3

- . 1.5

- . 5

8.18.48.2

8.28.48.1

.10

- . 1

1. Not at annual rates.

NOTE.—For the fourth quarter of 1978, the following revised or additional major source data became available: Forpersonal consumption expenditures, revised retail sales for December, sales and inventories of used cars of franchised automobiledealers for December, consumption of electricity for November, expenditures for hospital and telephone service for December,and expenditures in the United States by foreigners for the quarter; for nonresidential fixed investment, revised manufacturers'shipments of equipment for December, revised construction put in place for December, and business expenditures for plantand equipment for the quarter; for residential investment, revised construction put in place for December; for change in businessinventories, revised book values for manufacturing and trade for December; for net exports of goods and services, revised mer-chandise trade for December, and revised service receipts for the quarter; for government purchases of goods and services, revisedconstruction put in place for December; for wages and salaries, revised employment, average hourly earnings, and averageweekly hours for December; for net interest, revised net interest received from abroad for the quarter; and for ONP prices,revised residential housing prices for the quarter, and revised unit value indexes for exports and imports for December.


SURVEY OF CURRENT BUSINESS March 1979

Table 4.—Nonresidential Fixed Investment[Percent change from preceding year]

Based onabbrevia-ted com-modity

flow3

1970.1971.1972.1973.1974.1975.1976.1977.1978.

Published i

1.53.6

12.316.410.8- . 39.6

15.716.9

Based onplant andequipment

survey 2

3.62.2

13.514.211.4- . 67.8

12.511.8

- .064.9

13.818.29.9.0

11.118.118.8

Addendum:

1969-781969-751975-78

Average annual rate of increase.

9.47 2

14.0

8.37.2

10.7

10.27 5

15.9

1. In general, calculated as an average of the plant andequipment survey-based estimate and the commodity-flow-based estimate.

2. Published plant and equipment survey estimates areadjusted to the industry coverage and the definitions offixed investment used in the national income and productaccounts.

3. Expenditures for structures are based on Census Bureauvalue of nonresidential construction put-in-place. Equip-ment expenditures are based on Census Bureau shipmentsof capital goods industries other than motor vehicles and ontrade sources for shipments of motor vehicles. Shipmentsare adjusted to exclude purchases of intermediate products,nonbusiness purchases, and exports, and to include imports,margins, and net transactions in used goods.

Corporate profits taxes, which arelevied on profits including inventoryprofits, at an annual rate increased $8Kbillion, following an increase of $1 bil-lion in the third quarter.

The Federal sector

The Federal Government deficit, asmeasured in the national income andproduct accounts (NIPA's), declined $3billion in the fourth quarter of 1978, asreceipts increased more than expendi-tures. It was about $20 billion at anannual rate, nearly $40 billion less thanin the fourth quarter of 1977.

Receipts at an annual rate increased$22 billion in the fourth quarter.Corporate profits tax accruals increased$7 billion, reflecting the large increase incorporate profits. Personal tax and non-tax receipts increased $10 billion, Con-tributions for social insurance increasedabout $4 billion, and indirect businesstax and nontax accruals increasedslightly.

Expenditures at an annual rate in-creased $19 billion. Purchases of goodsand services accounted for over $8billion of the increase, and included $2%billion for the 5.5 percent civilian andmilitary October pay raise. The agri-

cultural price support operations ofCommodity Credit Corporation contri-buted $4K billion to the increase inpurchases; there were substantial netextensions of loans, following small netredemptions in the third quarter. Sub-sidies less the current surplus of govern-ment enterprises increased $3 billion,largely as the result of an increase inwheat deficiency payments under theFood and Agriculture Act of 1977.Transfer payments to persons increased$2% billion and net interest paid in-creased about $2 billion.

Grants-in-aid to State and localgovernments increased nearly $3 billion.The increase included over $2 billion fora one-time payment of retroactivesocial service claims. Other increases—over $2K billion—were partly offset bydeclines of about $2 billion in grants forpublic service employment and localpublic works. The number of Federallyfunded public service jobs began todecline after mid-1978 and amountedto about 525,000 by December, wellbelow the level projected for 1979. Thedecline occurred because State andlocal governments decided not to main-tain or fill certain jobs, particularlythose for specific projects designed to

last no more than a year, and becausethey feared additional Congressionalcutbacks in program funding.

Federal budget developments.—Revisedestimates of Federal unified budget re-ceipts and outlays were released in mid-March by the Office of Managementand Budget. These revisions are re-quired by law to be submitted toCongress by April 10, but were submit-ted earlier to assist Congress in develop-ing the first concurrent resolution on the1980 budget. The new estimates are, ingeneral, based on the same economicassumptions as those in the Januarybudget (see the February SURVEY OF

CURRENT BUSINESS). Receipts havebeen revised to reflect the fact thatactual receipts in recent months havebeen higher than estimated in the budg-et; revisions in outlays reflect develop-ments in the Middle East and actualoutlays to date.

The fiscal year 1979 deficit is nowestimated to be $33.2 billion, $4.2 billionless than the January budget estimate(table 5). The revision is the result of a$5.8 billion upward revision in receipts,partly offset by a $1.6 billion upwardrevision in outlays. Nearly all of thereceipts revision is in individual incometaxes; January and February withheld

Table 5.—Federal Government Receipts and Expenditures

[Billions of dollars]

Unified budget:

ReceiptsOutlays

Surplus or deficit (—)

National income and product accounting basis:

Receipts

Personal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax accrualsContributions for social insurance

ExpendituresPurchases of goods and services

N ational defenseNondefense

Transfer paymentsTo personsTo foreigners

Grants-in-aid to State and local governmentsNet interest paid

Subsidies less current surplus of government enterprises-

Surplus or deficit (—)

Fiscal year 1979

Januaryestimates

456.0493.4

-37 .4

464.3

206.676.929.0

151.8

496.3

166.0105.160.9

200.2196.6

3.6

78.241.610.3

- 32 .0

Marchestimates

461.8495.0

-33.2

470.1

211.777.229.0

152.2

496.3

166.2105.360.9

200.6196.9

3.7

77.941.310.3

-26 .2

Revisions

5.81.64.2

5.8

5.1.3

0.4

.4

.3

.1

- . 3- . 30

5.8

Fiscal year 1980

Januaryestimates

502.6531.6

-29.0

514.6

237.278.230.4

168.8

540.0

178.2115.462.8

227.2223.3

3.9

78.945.210.5

-25.4

Marchestimates

Revisions

503.9532.3

-28.4

515.9

238.478.430.5

168.6

540.8

178.8116.062.8

227.6223.4

4.2

78.845.110.5

-24.9

1.3.7

1.3

1.2.2.1

- . 2

.8

.4

.1

.3

- . 1- . 10

.5


March 1979 SUEVEY OF CUEKENT BUSINESS

income tax collections were substanti-ally higher than estimated in January.

Eeduced receipts from Outer Con-tinental Shelf oil leases account for $0.6billion of the upward revision in outlays;receipts from a mid-Atlantic sale inFebruary were much lower than antic-ipated. (In the unified budget, receiptsfrom offshore oil are netted against out-lays.) National defense outlays are $0.5billion higher; the administration hasrequested that a Defense Departmentsupplemental appropriation be revisedto allow the purchase of items originallyordered by Iran. Small Business Admin-istration disaster loans are $0.5 billionhigher than originally estimated; asupplemental appropriation has beenrequested primarily because of North-eastern and Midwestern winter storms

and flooding. Unemployment benefitswere revised upward $0.3 billion. Allother changes, on balance, reduce out-lays $0.3 billion. A $0.7 billion reductionin grants-in-aid under the public servicejobs program is partly offset by a num-ber of small increases.

For fiscal year 1980, the deficit is nowestimated to be $28.4 billion, $0.6 bil-lion less than the January budgetestimate. The revision is the result ofa $0.7 billion upward revision in ex-penditures and a $1.3 billion upwardrevision in receipts. The revision to re-ceipts is largely in individual incometaxes. The largest revision to expendi-tures is a $0.6 billion upward revisionin "contingency allowances" to allowfor possible costs of the Middle-easternpeace settlement.

BEA has prepared estimates of theFederal sector on the NIPA basis con-sistent with the revised unified budgetestimates. On the NIPA basis, fiscal1979 receipts are $5.8 billion higherthan estimated in January, expendi-tures are unchanged, and the deficit is$5.8 billion lower. The receipts revisionis the same as in the unified budget.Most expenditure revisions are small.The upward revision in national defensepurchases is less than in the unifiedbudget because the increased outlaysare not fully reflected in deliveries infiscal year 1979. In fiscal year 1980,receipts are $1.3 billion higher, expendi-tures are $0.8 billion higher, and thedeficit $0.5 billion lower than the Jan-uary estimate.

Revised Manufacturing and Trade Inventories and Sales

Manufacturing and trade inventories (at book value), sales, and inventory-sales ratioshave been revised back to January 1967. Retail sales are revised for the period January1967 through December 1978 and retail inventories are revised for the period January1973 through December 1978. These revisions incorporate new benchmarking proceduresand updated seasonal adjustment factors. The seasonally adjusted merchant wholesalersinventories and sales for 1978 have been revised to reflect updated seasonal adjustmentfactors.

The revised data for 1978 are shown on pages S-5 and S-12 of the SURVEY OF CURRENTBUSINESS. Earlier data and a description of the methodology used in their preparationare available upon request from the Chief of Business Division, Bureau of the Census,Washington, D.C. 20233.


8 SUKVEY OF CURKENT BUSINESS

NATIONAL INCOME AND PRODUCT TABLES

March 1979

1977 1978T

1977

III IV

1978

I II III IV '

Seasonally adjusted at annual rates


1977 1978 r

1977

III IV

1978

I II III IV


Billions of 1972 dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)

Gross national product_ _

Personal consumption expenditures..

Durable goodsNondurable goods..Services

Gross private domestic investment.

Fixed investment

NonresidentialStructures..Producers' durable equipment..

Residential-Nonfarm structures.Farm structuresProducers' durable equipment..

Change in business inventories.Nonfarm. _Farm

Net exports of goods and services

Exports. _Imports _

Government purchases of goods and services:.

Federal.National defense..Nondefense

State and local

1,887.2

,206.5

178.4479.0549.2

297.8

282.3

190.463.9

126.5

91.988.91.51.5

15.615.0

.6

-11 .1

175.5186.6

394.0

145.194.350.8

248.9

2,107.6

1,340.1

197.5526.5616.2

345.6

329.6

222.677.8

144.8

107.0103.8

1.41.7

16.016.7- . 8

-12.0

204.8216.8

433.9

153.899.554.3

280.2

1,916.8

1,214.5

177.4479.7557.5

309.7

287.8

193.565.4

128.1

94.391.21.61.5

21.922.0- . 1

- 7 . 0

180.8187.8

399.5

146.894.452.4

252.7

1,958.1

1,255.2

187.2496.9571.1

313.5

300.5

200.367.4

132.8

100.297.51.21.6

13.110.42.7

-23 .2

172.1195.2

412.5

152.297.155.1

260.3

1,992.0

1,276.7

183.5501.4591.8

322.7

306.0

205.668.5

137.1

100.397.31.31.7

16.716.9- . 2

-24 .1

181.7205.8

416.7

151.597.953.6

265.2

2,087.5

1,322.9

197.8519.3605.8

345.4

325.3

220.176.6

143.5

105.3102.1

1.41.8

20.122.1

- 2 . 0

- 5 . 5

205.4210.9

424.7

147.298.648.6

277.6

2,136.1

1,356.9

199.5531.7625.8

350.1

227.580.9

146.6

109.0105.7

1.51.7

13.614.6

-10.7

210.1220.8

439.8

154.0

54.5285.8

2,214.8

1,403.9

209.1553.4641.4

364.0

350.5

237.185.1

152.0

113.4110.2

1.51.7

13.513.4

.1

- 7 . 6

221.9229.5

454.5

162.5102.160.4

292.0

1,332.7

857.7

137.8330.4389.5

196.3

187.4

129.840.089.8

57.755.6

.91.2

8.99.4

- . 5

9.5

98.288.7

269.2

101.6

167.6

1,385.7

891.7

144.6339.6407.4

210.6

200.1

140.244.595.8

59.857.7

.81.3

10.611.0- . 5

8.4

107.098.6

275.0

100.3

174.7

1,343.9

858.0

136.9329.2391.8

201.7

189.5

130.840.890.0

58.856.61.01.2

12.213.5

- 1 . 4

12.5

100.8

88.2

271.7

102.9

168.8

1,354.5

876.6

143.0338.1395.6

200.3

192.8

132.541.091.5

60.358.4

.71.2

7.56.5.9

3.1

96.092.9

274.5

103.6

170.9

1,354.2

873.5

137.8333.3402.4

205.7

193.4

133.841.092.9

59.557.4

.81.3

12.312.5- . 1

2.9

99.196.2

272.1

101.2

170.8

1,382.6

886.3

145. 8336.3404.2

213.1

200.4

140. 544.695.9

59.957.8

.81.4

12.713.9

- 1 . 2

11.3

108.497.1

271.9

97.1

174.8

1,391.4

895.1

144.8340.4410.0

210.4

201.4

141.745.696.1

59.757.6

.81.3

9.0

9.2

109.099.7

276.7

100.4

176.3

1,414.1

911.8

150.1348.5413.1

213.4

205.2

144.946.798.2

60.358.2

.81.3

8.28.1.1

10.2

111.7101.5

279.4

102.5

176.9

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)

Gross national product-

Final salesChange in business inventories.

Goods-

Final sales _Change in business inventories.

Durable goodsFinal salesChange in business inventories.

Nondurable goodsFinal sales __Change in business inventories-

Services. . . .Structures.

1,887.2

1,871.615.6

832.6

817.015.6

341.3332.9

8.4

491.3484.1

7.2

862.8191.8

2,107.6

2,091.616.0

918.4

902.416.0

376.8365.111.7

541.7537.4

4.3

962.5226.7

1,916.8

1,894.921.9

844.7

822.821.9

346.5334.6

11.9

498.2488.210.0

875.3196.8

1,958.1

1,945.013.1

859.6

846.513.1

347.4341.1

6.3

512.2505.4

6.8

893.6204.9

1,992.0

1,975.316.7

861.8

845.116.7

351.2336.3

14.8

510.6508.7

1.9

926.4203.8

2,087.5

2,067.420.1

912.2

892.120.1

375.8365.0

10.8

536.4527.1

9.3

952.0223.4

2,136.1

2,122. 513.6

927.3

913.713.6

380.1369.810.2

547.2543.9

3.4

973.7235.0

2,214.8

2,201. 313.5

972.5

958.913.5

400.1389.210.8

572. 4569.7

2.7

997.7244.7

1,332.7

1,323.88.9

608.4

599.68.9

253.7248.0

5.8

354.7351.6

3.1

602.9121.3

1,385.7

1,375. 210.6

629.7

619.110.6

265 4258.1

7.3

364.3361.1

3.3

627.0129.0

1,343.9

1,331.712.2

613.3

601.112.2

255.9248.0

7.9

357.4353.1

4.3

606.9123.7

1,354.5

1,347.17.5

620.1

612.77.5

255.1250.5

4.6

365.0362.1

2.9

609.6124.8

1,354.2

1,341.812.3

611.8

599.412.3

254.6245.0

9.6

357.2354.5

2.7

620.1122.3

1,382.6

1,369.912.7

627.7

615.012.7

266.6260.2

6.4

361.2354.8

6.3

625.6129.3

1,391.4

1,382.49.0

630.2

621.29.0

264.8258.7

6.1

365.4362.5

2.9

629.7131.6

1,414.7

1,406.5

8.2

649.1

640.98.2

275.5268.4

7.1

373.6372.5

1.1

632.6133.0

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)

Gross national product-

Gross domestic product

Business.._ _Nonfarm

Nonfarm less housing-Housing _.

FarmStatistical discrepancy...Eesidual J_

Households and institutions-

Government.FederalState and local.

Rest of the world.

1,887.2

1,869.9

1,599.31,544.01,397.8

146.250.54.7

62.7

208.066.4

141.5

17.3

2,107.6

2,088.2

1, 790. 21,730. 61,566. 4

164.357.81.7

71.5

226.571.1

155.4

19.4

1,916.8

1,898.7

1,626.41,571.61,423.2

148.447.77.1

63.5

208.965.7

143.2

18.1

1,958.1

1,942.2

1,660.41,601. 61,449.0

152.754.04.8

65.9

215.969.5

146.4

15.9

1,992.0

1,973.8

1,684.11,628.91, 471. 7

157.153.02.2

68.8

221.069.9

151.1

18.2

2,087.5

2,066.5

1,771. 81, 714.91,553. 2

161.756.4

.5

2,136.1 2,214.8

2,117.3 2,195.1

70.5

224.170.1

154.1

21.1

1,817. 51, 758. 51, 592.0

166.558.6

.4

72.3

227.570.5

157.0

18.8

1,887. 41,820. 31,648. 5

171.763.23.9

74.4

233.474.0

159.4

19.8

1,332.7

1,325.3

1,135.91,094. 2

980.5113.634.4

7.3

42.2

147.248.798.4

7.3

1,385.7

1,377.9

1,183. 71,146. 01, 026. 6

119.432.5

1,343.9

1,336.3

1,146.11,102.6

5.2

44.5

149.648.9

100.8

7.9

114.634.5

1,354.5

1,347.9

1,155.91,112.4

996.4116.036.1

9.0

42.5

147.748.899.0

7.6

1,354.2

1,346.6

1,153.51,115.4

998.1117.432.5

7.4

43.6

148.448.899.6

6.6

1,382.6 1

1,373.9 1

1,180.0 1,1,145. 2 1,1,026.5 1,

118.630.5

5.5

43.8

149.448.8

100.6

7.5

4.3

44.3

149.648.8

100.

8.8

,391.4

,383.9

9.3, 151. 8, 031. 7120.1

3.2

1,414.7

1,407.0

1,212.11,171. 81,050. 3

121.533.8

4.3

44.9

149.849.0

100.8

7.5

45.2

149.848.9

100.9

7.7

f Revised. Footnotes for tables 2 and 3 on p . 4

HISTORICAL STATISTICSThe national income and product data for 1929-72 are in The National Income and

Products Accounts of the United States, 1929-7$: Statistical Tables (available for $4.95, SN003-010-00052-9, from Commerce Department District Offices or the Superintendent of

Documents; see addresses inside front cover). Data for 1973,1974, and 1975-77 are in July1976, July 1977, and July 1978 issues of the SUKVEY, respectively.


March 1979 SUEVEY OF CURRENT BUSINESS

1977 1978'

1977

III IV

1978

I II III IV r


Billions of dollars

Table 4.—Relation of Gross National Product, Net NationalProduct, National Income, and Personal Income (1.9)

Gross national product

Less: Capital consumptionallowances withcapital consump-tion adjustment

Capital consumptionallowances withoutcapital consumptionadjustment

Less: Capital con-sumption adjust-ment

1,887.2 2,107.6 1,916.8 1,958.1

Equals: Net national product-Less: Indirect business tax

and nontax liability._.Business transfer pay-

mentsStatistical discrepancy..

Plus: Subsidies less currentsurplus of governmententerprises

Equals: National income

Less: Corporate profits withinventory valuationand capital consump-tion adjustments

Net interestContributions for social

insuranceWage accruals less dis-

bursements

Plus: Government transferpayments to persons

Personal interest in-come

Net interest.Interest paid by gov-

ernment to personsand business

Less: Interest receivedby government

Interest paid by con-sumers to business...

DividendsBusiness transfer pay-

ments _..

Equals: Personal income

195.2

153.6

-41 .6

1,692.0 1

165.1

9.64.7

2.8 3.9

1,515.3 1,703.8 1

144.295.4

140.3

0

199.2

141.295.4

43.0

25.8

28.643.7

9.6

1,529.0

216.9

165.4

-51 .5

,890.7

178.3

10.71.7

159.6106.3

164.3

0

215.3

159.0106.3

49.3

30.3

33.849.3

10.7

1,708.

198.5

155.9

-42 .6

1,718.3 1,755.5 1

166.5

9.97.1

2.7

,537.6

0 1

154.897.3

141.3

0

202.0

143.697.3

43.3

26.3

29.344.1

9.9

,543.

202.6

157.8

-44 .7

1,992.0

207.3

170.1

10.04.8

6.3

1,576.9 1

148.299.0

145.0

0

205.9

146.099.0

44.5

27.3

29.846.3

10.0

1,593.0

161.0

2,087.5

213.3

163.9

-46 .3

784. 7 1

173.3

10.22.2

4.1

,603. 1 1

132. fi101.7

157.4

0

208.9

151.4101.7

4o.7

28.5

31.547.0

10.:

1,628.!

-49 .4

874. 2 1

179.4

10.5.5

4.3

,688.1

163.4104.6

162.7

0

210.1

156.3104.6

48.4

29.7

33.048.1

10.5

9 1,

,136.1

220.8

166.9

2,214.8

226.3

169.9

- 5 3 . 8

915. 3 1

177.7

10.9.4

2.1

1,728.4

165. 2107.4

166.2

.2

219J

161.7107.4

50.6

30.9

34.650.1

10.9

682.4 1,731.7

-56 .4

,988.5

182.7

11.33.9

5.0

1,795.6

177.0111.4

170.7

0

222.7

166.6111.4

51.4

32.3

36.051.9

11.3

1,789.0

Table 5.—Relation of Gross National Product, Net NationalProduct, and National Income in Constant Dollars (1.10)

[Billions of 1972 dollars]

Gross national product

Less: Capital consumption al-lowances with capitalconsumption adjust-ment

1,332.7

Equals: Net national product.__

Less: Indirect business taxand nontax liabilityplus business transferpayments less subsi-dies plus current sur-plus of governmententerprise

128.9 131.9 129.3

1,203.8 1,253.8 1,214.6 1

Residual i _ _.

Equals: National income

131.4

7.3

1,065.1

1,385.7 1,343.9 1,354.5

130.2

, 224.4

1,354.2 1,382.6 1,391.4

130.9

1,223.3 1

138.0 131.7 134.0 135.0 137.4 139.1

5.2 9.0 7.4 5.5 4.3 4.3

1,110.6 1,073.9 1,083.0 1,082.8 1,109.4 1,115.8

131.6

,251. 1 1

132.3

,259. 2 1

1,414.7

133.0

,281.7

140.7

6.6

1,134.5

1977 1978'

1977

III IV

1978

I II III IV r


Billions of dollars

Table 6.—Net National Product and National Income by Sector inCurrent and Constant Dollars (1.11, 1.12)

Net national product

Net domestic product

BusinessNonfarmFarmStatistical discrepancy

Households and institutions.Government

Rest of the world

National income

Domestic income. . .

BusinessNonfarmFarm


Rest of the world..



BusinessNonfarm-Farm... __Residual1


Rest of the world . . .

National income

Domestic income

BusinessNonfarmFarm _


Rest of the world.

1,692.0 1

1,674.7 1

404.1 1,i; 363. 2 1

36.14.7

62.7

208.0

17.3

1,515.3 1

1,498.0 1,

890.7 1,718.3 1,755.5 1,784.7 1,874.2 1,915.3 1

871.2 1,700.2 1,739.6 1,766.5 1,853.2 1,896.5 1

3 1

4 11,227.1,192.

34.862.7

208.0

17.3

3 1573.529.

42.21.7

71.5226.5

19.4

,703.8 1,

,684.4

6 1. 9 1L, 386. 4i, 344.

41.571.5

226.5

19.4

L, 427.9 1,1,387. 6 1

33.27.1

63.5208.9

2 11, 247., 216.0

31.163.5

208.9

18.1

, 457. 8 1,,413.9 1

39.14.8

65.9215.9

15.918.1

,537.6 1

1,519.5 1,560.9

, 279.1, 238. 7 1

40.565.9

215.9

15.9

476.811,436. 7 1,37.9

2.268.8

221.0

18.2

576.9 1,603.11,

584.9 1,667.1 1

18.2

558.51,517. 0 1,41.0

.570.5

224.1

21.1

1, 295. 2 1,372.4 1,409.9 1'., 257. 7 1,332.4 1,368. 5 1

37.4 40.0 41. 368.8 70.5 72.3

221.0 224.1 227.5

21.1

596. 7 1553. 5 142.9

.472.3

227.5

18.8

,728.4

,709.7

18.8

,988.5

,968.7

,661.0, 610.0

47.13.9

74.4233.4

19.8

1,795.6

1,775.9

, 468. 2, 420.8

47.374.4

233.4

19.8


1,203.8

1,196.4

1,253.8

1,246.0

1,007.01,051.974.5 1,023.4

8 1

25.27.3

42.2147.2

868.3841.4

26.942.2

147.2

7.3

23.25.2

44.5149.

884.723.944.5

149.

7.9

1,214.

1,207.

, 016.8 1,982.525.39.0

42.5147.7

7.6

876.1849.127.042.5

147.

7.6

,224.4

,217. 7 1

1,223.3 1

[,215.8

7 1, 025.991.526.97.4

43.6148.4

7.3 7.9 7.6 6.6 7.5

1,065.1 1,110.6 1,073.9 1,083.0 1,082.8 1,109.4 1

1,057.7 1,102.7 1,066.3 1,076.4 1,075.3 1,100.6 1

884.3855.728.743.6

148.4

6.6

i, 251.1

1,242.3 1,

, 022. 6 1,048.5 1993.8 1,022." '23.35.5

43.8149.4

882.1857.324.843.8

149.4

7.5

8 121.3

4.344.3

149.6

906.8884.122.744.3

149.

8.8

1,259.

,251.

'.0 1[, 057.., 028. 8 1

23.94.3

44.9149.8

.8 1

7.5

I,115.

1,108.3 1

913.6888.3

25.344.9

149.8

7.5

1,281.7

[,274.0

L, 079.1L, 048. 0

24.56.6

45.2149.8

7.7

1,134.5

1,126.8

931.8909.0

22.845.2

149.8

7.7

r Revised.1. Equals GNP in constant dollars measured as the sum of final products less GNP in

constant dollars measured as the sum of gross product by industry. The quarterly estimatesare obtained by interpolating the annual estimates with the statistical discrepancy deflatedby the implicit price deflator for gross domestic business product.

NOTE.— Table 6: The industry classification within the business sector is on an establish-ment basis and is based on the 1972 Standard Industrial Classification.

Footnotes for tables 2 and 3.

1. Equals GNP in constant dollars measured as the sum of final products less GNP inconstant dollars measured as the sum of gross product by industry. The quarterly estimatesare obtained by interpolating the annual estimates with the statistical discrepancy deflatedby the implicit price deflator for gross domestic business product.

NOTE.— Table 2: "Final sales" is classified as durable or nondurable by type of product."Change in business inventories" is classified as follows: For manufacturing, by the type ofproduct produced by the establishment holding the inventory; for trade, by the type ofproduct sold by the establishment holding the inventory; for construction, durable; and forother industries, nondurable.

Table 3: The industry classification within the business sector is on an establishment basisand is based on the 1972 Standard Industrial Classification.

2 8 8 - 3 3 0 0 - 7 9 - 2


10 SURVEY OF CURRENT BUSINESS March 1979

1977 . 1978 '

1977

II I IV

1978

II III IV


Billions of dollars

Table 7.—National Income by Type of Income (1.13)

National income-

Compensation of employees. _.

Wages and salariesGovernment and govern-

ment enterprisesOther

Supplements to wages and

Employer contributionsfor social insurance

Other labor income

Proprietors* income with in-ventory valuation and capi-tal consumption adjust-ments..

FarmProprietors income with

inventory valuation ad-justment and withoutcapital consumption ad-justment

Capital consumption ad-justment

NonfarmProprietors' income with-

out inventory valuationand capital consump-tion adjustments

Inventory valuation ad-justment.

Capital consumption ad-justment

Rental income of persons withcapital consumption ad-justment

Rental incomeCapital consumption adjust-

ment _

Corporate profits with inven-tory valuation and capitalconsumption adjustments

Corporate profits with in-ventory valuation ad-justment and withoutcapital consumption ad-justment

P rofits before taxProfits tax liabilityProfits after tax

Dividends

Undistributed profits.Inventory valuation ad-

justment. _Capital consumption adjust-

ment

Net interest

Addenda:Corporate profits with inven-

tory valuation and capitalconsumption adjustments

Profits tax liabilityProfits after tax with inven-

tory valuation and capitalconsumption adjustments

DividendsUndistributed profits

with inventory valua-tion and capital con-sumption adjustment!

515.3

153.4

983.6

200.8782.9

79.490.4

99.8

20.

24.6

- 4 . 479.5

81.4

- 1 . 3

—.6

22.542.

- 1 9 . 6

144.

159.173.

71.102.

43.

58.

- 1 4 .

- 1 4 .

95.

144.

71.

72.43.

28.

703.8

301.4

101.0

216.1884.8200.5

94.5105.9

113.2

25.3

30.

- 4 . 987.8

92.0

- 2 . 2

- 2 .

23.447.

- 2 4 .

159.

177.202.

83.118.49.

68.

- 2 4 .

- 1 8 .

106.

159.

83.

75.49.

26.

537.6

165.8

993.6

201.7791.9

172.2

79.992.2

97.2

16.5

21.0

- 4 . 580.8

82.2

—. 7

22.42.6

-20 .2

154.

169.<177.,

72.:104.:

44.

60.

- 7 .

- 1 5 .

97.

154.

72.

82.44.

38.

576.9

199.7

021.2

208.1813.1

178.4

82.496.1

107.3

25.1

!9.8

- 4 .82.3

84.8

- 1 .

- 1 . 2

- 2 1 . 3

148.

163.178.73.

104.

46.

58.

- 1 4 .

- 1 5 .

99.

148.

73.

74.46.

28.

603.1

241.0

050.8

211.4

190.2

90.2100.0

105.0

21.9

26.6

- 4 .

86.7

- 2 . 1

- 1 . 5

22.844.6

- 2 1 .

132.6

148.172.70.

102.

47.

55.

- 2 3 .

- 1 6 .

101.

132.

70.

62.47.

15.

688.1

287.8

090.2

213.9876.3197.6

93.6104.0

110.1

24.0

28.8

- 4 . 886.1

90.1

- 2 .

- 1 . 8

22.245.5

- 23 .3

163.

180.1205.

85.120.

48.

72.

- 2 4 .

- 1 7 .

104.

163.

85.

78.48.

30.

728.4

317.1

113.4

216.8

203.6

95.7107.9

114.5

25.0

29.'

-4.889.6

93.5

- 1 . 8

- 2 . 1

24.349.5

-25 .2

165.

,795.6

,359.8

., 149.4

222.3927.1

210.4

98.6111.8

123.0

30.4

35.8

- 5 . 492.6

97.8

- 2 . 6

- 2 . 6

24.451.0

-26 .6

177.0

184.205.86.

119.

50.1

69.2

- 2 0 . 9

- 1 9 . 3

107.4

165.

86.

79.050.1

29.0

196.8225.394.5

130.7

51.9

78.8

-28 .4

- 1 9 . 9

111.4

177.0

94.5

82.451.9

30.5

Table 8.—Gross Domestic Product of Corporate Business (1.15, 7.8)

Gross domestic productof corporate business..

Capital consumption allow-ances with capital consump-tion adjustment- _

Net domestic productIndirect business tax and

nontax liability plus busi-ness transfer payments

Domestic incomeCompensation of em-

ployeesWages and salariesSupplements to wages

and salaries

1,160.2 1,307.1 1,183.3 1,206.1 1,223.4

120.9

1,039. 3 1

117.8921.5

776.3652.5

123.8

132.5 122.6

, 174.6 1,060.7 1

129.11,045.5

884.1737.5

146.5

118.9941.8

786.3660.4

125.5

124.6

,081. 4 1

121.5960.0

808.1678.1

130.0

1,298.0 1,328.7 1,378.2

127.4

, 096.1

124.3

837.4698.7

138.7

130.5

1,167.

134.7 137.4

5 1,194.0 1,240.8

129.1

875.1730.6

144.5

129.7971.8 1,038.3 1,064.3 1,107.4

896.4747.4

149.0

133.4

1977 1978'

1977

II I IV

1978

I II III IV r


Billions of dollars

Table 8.—Gross Domestic Product of Corporate Business—Con.

Corporate profits with inventoryvaluation and capital con-sumption adjustments. __.

Profits before taxProfits tax liabilityProfits after tax __.


Inventory valuation adjustmentCapital consumption adjustment.

Net interest ___

Gross domestic product of fi-nancial corporate business L..

Gross domestic product of non-financial corporate business.._

Capital consumption allowances withcapital consumption adjustment

Net domestic productIndirect business tax and nontax

liability plus business transfer pay-ments less subsidies

Domestic incomeCompensation of employees

Wages and salariesSupplements to wages and sala-

927.4773.4

154.0

Corporate profits with inventoryvaluation and capital con-sumption adjustments

Profits before taxProfits tax liabilityProfits after tax


Inventory valuation adjustment.Capital consumption adjustment.

Net interest

Gross domestic product of non-financial corporate business.,.

Capital consumption allowances withcapital consumption adjustment—

Net domestic productIndirect business tax and nontax

liability plus business transferpayments less subsidies

Domestic income

Current-dollar cost and profit perunit of constant-dollar grossdomestic product2 _

Capital consumption allowances withcapital consumption adjustment

Net domestic productIndirect business tax and nontax lia-

bility plus business transfer pay-ments less subsidies

Domestic income _.Compensation of employees.-.Corporate profits with inventory

valuation and capital con-sumption adjustments

Profits tax liabilityProfits after tax with inventory

and capital consumptionadjustments—

Net interest

.34.6

.64.371.892.539.053.5•14.8•14.910.6

57.0

103.2

115.6

987.6

107.8879.8732.1616.1

116.1

113.9143.559.084.

149.7192.283.9

108.344.364.0

-24.4-18.1

11.7

66.4

1,240.7

45.5-14.8-14.

33.

126.5

1,114.2

117.9996.3834.1

137.5

125.0167.168.598.645.053.6

-24.4-17.7

37.1

144.5167.272.894.439.255.3

- 7 . 7-15.0

11.0

58.7

1,124.6

117.2

1,007.4

108.7898.7741.6623.5

118.1

122.8145.359.485.939.546.4

- 7 . 7-14.8

34.4

140.3170.473.996.542.054.5

-14.8-15.3

11.5

59.8

1,146.3

119.0

1,027.3

110.9916.4762.2640.3

121.9

118.7148.560.488.042.545.6

-14.8-15.0

35.4

123.2162.770.092.742.350.4

-23.5-16.1

11.2

61.8

1,161.6

121.6

1,040.0

113.5926.5789.9659.8

130.1

100.9140.055.984.243.041.2

-23.5-15.7

35.7

151.7193.885.0

108.842.366.5

-24.9-17.2

11.5

64.9

1,233.0

124.6

1,108.5

118.0990.5826.0690.4

135.6

127.8169.570.199.442.956.5

-24.9-16.8

36.6

156.1196.386.2

110.145.664.5

-20.9-19.3

11.8

68.1

1,260.6

128.6

1,132.0

118.41,013.6845.5705.7

139.7

130.6170.370.2

100.146.253.9

-20.9-18.9

37.6

167.9216.294.5

121.747.174.5

-28.4-19.9

12.1

70.8

1,307.4

131.1

1,176.3

121.81,054.6875.1730.6

144.5

140.8188.678.0

110.647.862.8

-28.4-19.4

38.6


769.3

76.5

692.8

86.0606.9

810.4

77.9

732.5

89.8642.7

776.7

76.7

700.0

86.0614.0

783.6

77.1

706.5

87.5619.1

783.6

77.5

706.2

87.8618.4

811.9

77.8

734.1

89.3644.8

814.9

78.1

736.8

90.5646.3

831.3

78.4

752.9

91.7661.2

Dollars

1.434

.150

].284

.140

1.144.952

.148

.077

.071

.044

1.

1.

1.1.

531

156

375

146

229029

154085

070046

1.

1.

1.

448

151

297

140

157955

158076

082044

1.

1.

1.

463

152

311

142

169973

151077

074045

1.

1.

.

1.1.

•

482

155

327

145

182008

129071

057046

1.

1.

1.1.

519

153

365

145

220017

157086

071045

1.

1.

1.1.

547

158

389

145

244038

160086

074046

1.573

.158

1.415

.146

1.053

.169

.094

.076

.046

1. Consists of the following industries: Banking; credit agencies other than banks; security,commodity brokers and services; insurance carriers; regulated investment companies; smallbusiness investment companies; and real estate investment trusts.

2. Equals the deflator for gross domestic product of nonfmancial corporate business with thedecimal point shifted two places to the left.


March 1979 SUEVEY OF CUEEENT BUSINESS 11

1977 1978'

1977

III IV

1978

II III IV


Billions of dollars

Table 9.—Auto Output in Current and Constant Dollars (1.16, 1.17)

Auto output.

Final sales

Personal consumption ex-penditures

New autos...Net purchases of used autos

Producers' durable equip-ment.. _ _

New autos _ __.Net purchases of used autos

Net exportsExports _.Imports

Government purchases ofgoods and services

Change in business inventoriesol new and used autos

New. .Used..

Addenda:Domestic output of new

autos1.. _ __Sales of imported new autos2

Auto output..

Final sales


New autosNet purchases of used autos.

Producers' durable equip-ment—

New autos _.Net purchases of used autos.

Net exportsExportsImports.._


Change in business inventoriesof new and used autos

New..Used-


autos1

Sales of imported new autos 2...

72.3

70.9

61.846.315.5

12.219.0

- 6 . 8- 3 . 6

7.010.7

. 6

1.4

1.6-.2

59.415.3

77.5

76.7

67.850.617.2

14.722.3

- 7 . 6- 6 . 2

7.513.7

. 5

. 8

.9- . 1

63.916.7

70.0

68.1

60.445.015.4

11.718.5

- 6 . 8- 4 . 6

6.811.4

. 6

1.9

2.6- . 6

58.414.8

74.5

72.0

63.247.315.9

13.019.7

- 6 . 7- 4 . 8

6.911.8

. 6

2.5

3.4- . 9

60.215.5

73.8

71.3

63.147.315.8

13.420.3

- 6 . 9- 5 . 8

6.912.7

. 6

2.5

2 7-'.2

60.515.7

79.5

80.8

70.554.116.5

15.022.7

- 7 . 8- 5 . 2

7.913.1

. 5

- 1 . 3

- 2 . 2.9

65.317.0

75.8

77.4

67.949.918.0

15.523.4

- 7 . 9- 6 . 5

7.814.3

. 5

- 1 . 6

- 1 . 4- . 2

63.616.9


81.0

77.5

69.651.118.5

14.922.6

- 7 . 7- 7 . 5

7.414.9

.5

3.6

4.5- 1 . 0

66.717.3

55.2

54.0

44.436.0

8.5

10.614.8

- 4 . 2- 1 . 5

5.46.9

. 5

1.2

1.3- . 2

46.111.9

55.3

54.9

45.336.58.7

11.516.1

- 4 . 6- 2 . 3

5.47.7

. 4

. 4

.4- . 1

46.212.1

53.7

52.1

43.634.98.7

10.114.3

- 4 . 3- 2 . 0

5.27.2

. 5

1.6

2.0- . 4

45.211.5

55.4

53.8

44.735.89.0

10.614.9

- 4 . 3- 2 . 0

5.27.2

. 4

1.6

2.2- . 6

45.511.8

54.1

52.4

43.435.08.4

10.815.1

- 4 . 3- 2 . 2

5.27.3

. 4

1.6

1.8- . 1

44.911.6

57.0

58.3

47.839.38.4

11.816.5

- 4 . 7- 1 . 7

5.87.5

. 4

- 1 . 3

- 1 . 8.5

47.512.3

53.5

54.5

44.635.69.0

12.016.7

- 4 . 7- 2 . 4

5.57.9

. 4

- 1 . 1

- 1 . 0- . 1

45.312.0

56.5

54.2

45.336. 29.1

11.616.0

- 4 . 5- 3 . 0

5.38.3

.4

2.3

2.8- . 5

47.312.2

r Revised.1. Consists of final sales and change in business inventories of new autos produced in

the United States.2. Consists of personal consumption expenditures, producers' durable equipment, and

government purchases.3. Consists of agriculture, forestry, and fisheries; mining; construction; and manu-

facturing.4. Consists of transportation; communication; electric, gas, and sanitary services; and

trade.5. Consists of finance, insurance, and real estate; services; and rest of the world.

NOTE.—Table 10: The industry classification of wage and salary disbursements and pro-prietors' income is on an establishment basis and is based on the 1972 Standard IndustrialClassification.

1977 1978'

1977

III IV

1978

ii in rv


Billions of dollars

Table 10.—Personal Income and Its Disposition (2.1)

Personal income

Wage and salary disburse-ments

Commodity-producing in-dustries3...

ManufacturingD istributive industries4

Service industries«Government and govern-

ment enterprises

Other labor income

Proprietors' income with in-ventory valuation and capitalconsumption adjustments

FarmNonfarm.

Rental income of persons withcapital consumption adjust-ment

Dividends

Personal interest income.

Transfer payments

Old-age, survivors, dis-ability, and health insur-ance benefits

Government unemploymentinsurance benefits

Veterans benefitsGovernment employees

retirement benefitsAid to families with depend-

ent children...Other

Less: Personal contributionsfor social insurance

Less: Personal tax and nontaxpayments

Equals: Disposable personalincome

Less: Personal outlays


Interest paid by consumersto business

Personal transfer paymentsto foreigners (net)

Equals: Personal saving

Addenda:Disposable personal income:

Total, billions of 1972dollars

Per capita:Current dollars..1972 dollars

Population (millions)

Personal saving as percent-age of disposable personalincome

,529.0 1,708.0 1,543.7

983.6 1,100.9

343.7266.3239.1200.1

200.8

90.4

20.279.5

22.5

43.7

141.2

208.8

105.0

12.513.8

28.8

10.638.1

61.0

226.0

l ,303.0i

1,236.1

1,206.5 1,

28.6

1.0

66.9

926.3

6,0094,271

216.9

5.1

390.2299.9268.9225.8

216.1

105.9

113.2

25.387.8

23.4

49.3

159.0

226.0

117.4

8.913.6

32.8

10.842.5

69.7

256.2

,451.8

1,374.9 I

L, 340.1

33.8

1.0

76.9

966.1

6,6434,421

218.

5.3

1,593.

993.6 1,021.

348.3

241.2202.3

201.7

92.2

97.2

16.580.8

22.4

44.1

143.6

211.9

108.5

11.413.4

29.2

10.638.7

61.4

224.6

1,319.

,244.8

1,214.5

29.3

.9

74.3

931.9

6,0774,293

217.1

5.6

0 1,

2 1

357.1277.3247.5208.5

208.1

96.1

107.3

25.182.3

22.7

46.3

146.0

215.9

110.1

11.513.7

30.5

10.739.4

62.6

233.3

1 1

1,255.

29.8

.9

73.7

949.6

6,2504,365

217.5

5.4

,628,

,050.

9 1,

8 1,

286.9257.0216.5

211.4

100.0

105.0

21.983.1

22.8

47.0

151.4

219.2

112.1

10.413.8

31.3

10.740.9

67.2

237.3

6 1,391.6 1,391.6 1,433.3 1,

1,285.9 1,309.2 1,357.0 1

31.5

1.0

82.4

952.1

6,3874,370

217.9

5.9

,682.4

,090.2

387.0296.1266.4222.8

213.9

104.0

110.1

24.086.1

22.2

48.1

156.3

220.6

113.7

8.513.5

32.5

10.841.6

69.2

249.1

2 1,276.7 1,322.9 1,

33.0

1.1

76.3

960.3

6,5664,399

218.3

5.3

1,731.7

1,113.2 1,149.

396.4302.0271.6228.5

216.7

107.9

114.5

25.0

24.3

50.1

161.7

230.4

121.1

8.713.3

33.2

10.943.3

70.5

263.2

468.4

392.5 1

356. 9 1

34.6

76.0

968.'

6,7124,428

218.8

5.2

1,789.0

U

411.3314.4280.4235.4

222.3

111.8

123.0

30.492.6

24.4

51.9

166.6

233.9

122.7

8.113.7

34.4

10.844.2

72.1

275.1

1,513.9

,440.9

L, 403. 9

36.0

.9

73.0

983.2

6,9064,485

219.2

4.8



1977 1978'

1977

III IV

1978

I II III IV r



1977 1978 r

1977

III IV

1978

I II III IV r



Table 11.—Personal Consumption Expenditures by Major Type of Product in Current and Constant Dollars (2.3, 2.4)

Personal consuntDtion exDcnditures

Durable goods - - -

Motor vehicles and partsFurniture and household equipment .Other

Nondurable goods - - - - -

FoodClothing and shoesGasoline and oil - - - -Fuel oil and coalOther ---

Services - - - --

Housing - -Household operation _ _ _ __

Electricity and gas - . -Other

Other

1,206.5

178.4

81.571.325.6

479.0

245.281.546.513.592.4

549.2

184.681.638.043.644 2

238.8

1,340.1

197.5

89.777.730.0

526.5

269.489.051.214.9

101.9

616.2

207.391.343.048.352.6

264.9

1,214.5

177.4

79.572.025.8

479.7

246.481.446.013.192.8

557.5

186.983.739.544.145.0

241.9

1,255.2

187.2

84.075.327.9

496.9

252.686.747.513.996.2

571.1

192.084.639.345.347.3

247.3

1,276.7

183.5

84.172.127.3

501.4

257.782.948.315.896.7

591.8

198.189.643.346.349.7

254.4

1,322.9

197.8

92.576.528.8

519.3

267.887.549.115.299.7

605.8

204.188.941.547.452.1

260.6

1,356.9

199.5

89.878.930.7

531.7

272.090.551.514.3

103.3

625.8

210.192.643.349.353.7

269.3

1,403.9

209.1

92.683.233.3

553.4

279.995.355.814.3

108.1

641.4

217.094.144.050.155.0

275.4

857.7

137.8

60.057.620.2

330.4

165.166.626.6

5.666.4

389.5

140.355.422.433.030.8

162.9

891.7

144.6

61.760.422.6

339.6

165.470.928.1

5.969.4

407.4

146.658.223.434.834.1

168.5

858.0

136.9

58.658.020.3

329.2

164.966.226.5

5.466.3

391.8

141.256.122.933.231.0

163.6

876.6

143.0

60.960.321.8

338.1

167.670.226.95.7

67.8

395.6

142.456.322.533.831.9

164.9

873.5

137.8

59.557.421.0

333.3

165.666.827.1

6.467.3

402.4

144.258.724.634.133.0

166.5

886.3

145.8

64.259.821.8

336.3

164.769.527.5

6.068.5

404.2

145.857.022.534.534 0

167.4

895.1

144.8

60.861.023.0

340.4

164.871.828.4

5.669.8

410.0

147.458.323.035.234 6

169.8

911.8

150.1

62 263.324.6

348.5

166 475.229 45 4

72! o

413.1

149.258 923.435 534 8

170.3

1977 1978'

1977

in rv

1978

I II III IV r


Billions of dollars

Table 12.—Federal Government Receipts and Expenditures (3.2)

Receipts 374.5 431.5 374.3 385.5 396.2 424.7 441.7 463.2

Personal tax and nontax receipts.Income taxes _Estate and gift taxesNontaxes

Corporate profits tax accruals

Indirect business tax and nontaxaccruals

Excise taxes.Customs duties 1__Nontaxes

Contributions for social insurance

Expenditures

Purchases of goods and services.National defense

C om pensation of employeesMilitaryCivilian.

Other

NondefenseCompensation cf employees.Other

Transfer payments.To persons.To foreigners

Grants-in-aid to State and localgovernments

Net interest paidInterest paid

To persons and business _To foreigners

Less: Interest received by Government.

Subsidies less current surplus ofGoyernment enterprises

Subsidies _ _Less: Current surplus of Govern-

ment enterprises __

Less: Wage accruals less disburse-ments

Surplus or deficit ( - ) , nationalincome and product accounts. .

Social insurance funds..Other funds

62.17.2.2

61.3

25.017.55.42.1

18.7

422.6

.45.194.342.924.918.051.4

50.823.527.3

172.7L69.5

3.2

67.4

29.135.329.85.56.2

8.37.5

- . 9

-48.1

-10.1-38.0

193.2187.8

5.3.2

71.6

27.918.57.12.3

138.7

461.4

153.899.545.726.219.553.8

54.325.4

185.4181.9

3.5

76.9

35.543.134.48.77.6

9.78.9

- . 8

0

-29.9

- 1 . 2-28.7

.67.6

.61.75.7.2

62.0

25.417.55.72.1

119.3

0.7

146.894.442.424.517.852.0

52.423.329.1

175.7172.0

3.7

70.9

28.935.429.95.56.4

8.4

- 1 . 5

-56.4

-11.9-44.5

174.8L69.2

5.5.2

62.9

25.617.95.52.2

122.2

444.1

152.297.144.926.018.952.3

55.124.630.5

178.3175.0

3.4

71.1

30.737.030.46.66.3

11.810.3

-58.6

-11.5-47.1

176.8171.3

5.4.2

59.6

26.517.96.32.2

133.3

448.8

151.597.945.025.919.152.9

53.624.928.7

180.2176.9

3.3

73.9

33.240.232.37.97.0

10.08.8

- 1 . 2

-52.6

- 1 . 7-50.9

.86.7

.81.35.2.2

72.6

27.918.47.22.3

137.6

448.3

147.298.645.025.919.253.5

48.625.023.6

180.7177.0

3.7

75.9

34.642.333.78.57.7

10.08.4

- 1 . 6

-23.6

1.9-25.5

199.7194.4

5.2.2

73.6

28.218.67.22.3

140.1

464.5

154.099.645.326.019.354.3

54.525.229.2

188.8185.5

3.4

77.5

36.344.035.68.47.7

8.08.2

.2

-22.8

- 3 . 5-19.3

209.7204.1

5.4.2

80.7

28.818.97.42.5

144.0

483.8

162.5102.147.527.220.354.6

60.426.533.9

191.9188.3

3.6

80.3

38.145.936.19.87.8

11.010.3

- . 7

-20 .6

- 1 . 5-19 .1

1977 1978 r

1977

in rv

1978

I II III IV r


Billions of dollars

Table 13.—State and Local Government Receipts andExpenditures (3.4)

Receipts

Personal tax and nontax receiptsIncome taxesNontaxesOther

Corporate profits tax accruals. _

Indirect business tax and nontaxaccruals

Sales taxesProperty taxesOther _

Contributions for social insurance

Federal grants-in-aid

Expenditures

Purchases of goods and servicesCompensation of employees.

O t h e r . . . .

Transfer payments to persons

Net interest paidInterest pa id . . -Less: Interest received by govern-

mentSubsidies less current surplus of gov-

ernment enterprisesSubsidiesLess: Current surplus of govern-

ment enterprises.Less: Wage accruals less disbursements.

Surplus or deficit ( - ) , nationalincome and product accounts..

Social insurance funds —Other funds

296.2

56.630.918.27.4

10.5

140.063.962.313.7

21.7

67.4

266.6

248.9141.5107.4

29.7

- 6 . 513.2

19.6

- 5 . 6

.2

5.8

0

29.6

18.011.5

328.1

63.034.720.57.8

12.3

150.471.463.615.4

25.5

76.9

299.7

280.2155.4124.8

- 7 . 914.8

22.8

- 5 . 9.3

6.2

0

28.3

21.27.1

301.8

57.031.318.57.3

10.7

141.264.262.913.9

22.0

70.9

270.7

252.7143.2109.6

30.1

- 6 . 513.4

19.9

- 5 . 7.3

5.9

0

31.2

18.312.8

307.9

58.532.019.07.5

10.9

144.666.763.514.3

22.8

71.1

278.9

260.3146.4113.9

30.9

- 6 . 814.1

21.0

-5 .5.3

5.8

0

29.0

19.19.9

315.7

60.533.319.57.7

10.4

146.867.764.314.7

24.1

73.9

284.2

265.2151.1114.1

32.0

- 7 . 114.4

21.5

-6 .0.3

6.2

0

31.5

19.911.5

327.4

62.534.520.17.8

12.4

151.570.665.815.1

25.2

75.9

297.7

277.6154.1123.5

33.1

- 7 . 314.7

22.0

5.7.3

6.0

0

29.8

20.59.3

329.2

63.534.920.87.8

12.5

.49.572.261.615.6

26.1

77.5

305.8

285.8157.0128.8

34.1

- 8 . 215.0

23.1

- 5 . 9.3

6.2

0

23.4

21.61.8

340.1

65.336.021.57.8

13.8

153.875.062.716.1

26.7

80.3

311.3

292.0159.4132.7

34.4

- 9 . 115.3

24.5

- 6 . 0.3

6.3

0

28.8

22.95.9

1. Includes fees for licenses to import petroleum and petroleum products.


March 1979 SURVEY OF CURRENT BUSINESS 13

1977 1978'

1977

III IV

1978

II III IV


Billions of dollars

Table 14.—Foreign Transactions in the National Income andProduct Accounts (4.1)

Receipts from foreigners.

Exports of goods and services.. _Merchandise ._Other

Capital grants received by theUnited States (net)

Payments to foreigners...Imports of goods and services..

Merchandise _Other

Transfer payments (net)From persons (net)From government (net)

Interest paid by governmentto foreigners

Net foreign investment.

175.5

175.5120.654.9

0

175.5

186.6151.635.0

4.21.03.2

5.5

-20.9

204.8

204.8141.763.0

0

204.8

216.8176.340.5

4.51.03.5

8.7

-25 .2

180.8

180.8124.156.8

0

180.8

187.8153.134.8

4.6.9

3.7

5.5

-17 .1

172.1

172.1117.854.2

0

172.1

195.2158.536.7

4.3.9

3.4

6.6

-34 .1

181.7

181.7122.759.0

0

181.7

205.8167.538.3

4.31.03.3

7.9

-36 .3

205.4

205.4140.365.1

0

205.4

210.9171.539.4

4.81.13.7

8.5

-18 .9

210.1

210.1147.762.4

0

210.1

220.8179.940.9

4.3.9

3.4

8.4

-23 .5

221.9

221.9156.365.6

0

221.9

229.5186.243.3

4.6.9

3.6

9.8

-22 .1

Table 15.—Gross Saving and Investment (5.1)

Gross saving...

Gross private saving..

Personal savingUndistributed corporate

profits with inventoryvaluation and capitalconsumption adjustments.

Undistributed profits.Inventory valuation adjust-

ment _ „Capital consumption ad-

justmentCorporate capital consump-

tion allowances with capi-tal consumption adjust-ment.

Noncorporate capital con-sumption allowances withcapital consumption ad-justment

Wage accruals less disburse-ments

Government surplus or deficit(—), national income andproduct accounts

FederalState and local.

Capita] grants received by theUnited St1 States (net)..

Gross investment..

Gross private domestic invest-ment

Net foreign in vestment

Statistical discrepancy

272.2

290.8

66.9

28.758.4

-14.8

-14.9

120.9

74.3

0

-18.6

-48 .129.6

0

276.9

297.8-20.9

4.7

318.6

320.2

76.9

26.368.9

-24.4

-18 .1

132.5

84.4

0

- 1 . 6

-29 .928.3

0

320.4

345.6-25 .2

1.7

285.5

310.7

74.3

38.060.6

- 7 . 7

-15.0

122.6

75.9

0

-25.2

-56.431.2

0

292.6

309.7-17 .1

7.1

274.7

304.3

73.7

28.058.1

-14.8

-15.3

124.6

77.9

0

-29.6

- 5 8 629.0

0

279.5

313.5-34 .1

4.8

284.2

305.4

82.4

15.655.1

-23.5

-16.1

127.4

79.9

0

-21 .1

-52.631.5

0

286.4

322.7-36 .3

2.2

326.1

319.9

76.3

30.372.4

-24.9

-17.2

130.5

82.8

0

6.2

-23.629.8

0

326.6

345.4-18.9

. 5

326.2

325.7

76.0

29.069.2

-20.9

-19 .3

134.7

86.1

0

.6

-22 .823.4

0

326.6

350.1-23 .5

. 4

338.0

329.9

73.0

30.578.8

-28 .4

-19.9

137.4

89.0

0

8.2

-20 .628.8

0

342.0

364.0—22.1

3.9

r Revised.1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories

calculated from current-dollar inventories shown in this table is not the current-dollar changein business inventories (CBI) components of GNP. The former is the difference between twoinventory stocks, each valued at end-of-quarter prices. The latter is the change in the physicalvolume of inventories valued at average prices of the quarter. In addition, changes calculatedfrom this table are at quarterly rates, whereas CBI is stated at annual rates.

2. Quarterly totals at annual rates.3. Equals ratio of nonfarm inventories to final sales of business. These sales include a small

amount of final sales by farms.NOTE.— Table 16: Inventories are classified as durable or nondurable as follows: For manu-

facturing, by the type of product produced by the establishment holding the inventory; fortrade, by the type of product sold by the establishment holding the inventory; for construc-tion, durable; and for other nonfarm industries, nondurable. The industry classification isbased on the 1972 Standard Industrial Classification.

Table 17: The industry classification of compensation of employees, proprietors' income,and rental income is on an establishment basis; the industry classification of corporate profitsand net interest is on a company basis. The industry classification of these items is basedon the 1972 Standard Industrial Classification.

1977 1978'

1977

III IV

1978

I II III IV r


Billions of dollars

Table 16.—Inventories and Final Sales of Business in Current andConstant Dollars (5.9, 5.10)

Inventories1 483.6

Farm.Nonfarm

Durable goodsNondurable goods..

ManufacturingDurable goodsNondurable goods..

Wholesale tradeDurable goodsN ondurable goods..

Retail tradeDurable goodsNondurable goods..

Other.

Final sales2.Ratio of inventories to

final salesNonfarm3 •

Inventories1

Farm.Nonfarm

Durable goodsNondurable goods.

ManufacturingDurable goodsNondurable goods..

Wholesale tradeDurable goodsNondurable goods..

Retail tradeDurable goodsNondurable goods-

OtherFinal sales K

Ratio of inventories tofinal sales.

Nonfarm3

55.7

428.0245.2182.7

215.5138.177.4

82.854.128.7

87.539.847.7

42.3

.301

.267

498.6 520.7

60.3

438.3251.8186.5

219.2140.978.3

85.956.129.8

89.941.148.8

43.3

1,604.5 1,647.3 1,667.3

.303

.266

66.3

454.4263.2191.1

225.9146.579.4

90.959.631.4

94.342.951.3

43.3

.312

.273 .267

536.5

68.0

468.5271.2197.3

232.0150.781.2

94.261.932.3

97.543.953.6

44.8

1,751.7 1,803.9 1,873.9

548.5

68.1

480.4280.3200.1

239.0156.7,82.4

96.464.332.1

99.044.354.8

45.9

.266

574.5

73.8

500.7291.9208.7

248.3162.485.8

101.667.534.1

103.446.457.0

47.4

.307

.267


305.7 307.6 310.7 313.9

40.3

265.4154.2111.2

129.184.045.1

52.735.317.4

59.826.932.8

23.8

1,133.

.270

.234

9 1,

40.6

267.0155.4111.7

128.883.944.9

53.736.017.7

60.627.533.2

23.9

148.4

.268

.233

40.5

270.2157.8112.4

129.984.945.0

55.737.118.6

61.127.633.5

23.4

1,141.1

.272

.237

40.2

273.6159.4114.3

131.586.145.4

56.637.818.8

61.727.334.4

23.9

1,167.

.269

.234

316.1

40.1

276.0160.9

132.987.245.7

56.838.518.4

62.227.035.2

3 1

24.1

,180.

.268

.234

3 1

318.1

40.1

278.0162.6115.4

133.287.645.6

58.239.218.9

62.627.635.0

24.1

1,203.9

.264

.231

Table 17.—National Income Without Capital ConsumptionAdjustment by Industry (6.4)

National income with-out capital consump-tion adjustment

Domestic income

Agriculture, forestry, andfisheries

Mining and construction

ManufacturingNondurable goods..Durable goods

TransportationCommunication.Electric, gas, and sanitary

services

Wholesale and retail trade..-WholesaleRetail

Finance, insurance, and realestate

ServicesGovernment and govern-

ment enterprises

Rest of the world.

1,554.

1,537.

8 1

5 1

44.6

100.4

408.9161.7247.2

58.435.0

29.5

237.096.5

140.5

177.9213.1

232.7

17.3

,753.1

,733. 6 1

1,578.0

,559.

52.4

117.8

464.6177.0287.6

65.940.1

33.3

263.8106 9156.8

202.0240.3

253.4

19.4

9 1

1,619.

,603.4

41.1

103.6

412.9163.7249.2

59.635.4

30.4

245.5101.1144.3

181.5216.1

233.8

18.1

3 1,

50.6

104.2

428.7166.6262.1

61.336.6

30.0

242.996.8

146.1

185.5222.0

241.5

15.9

,647.2 1,735.2 1

1,629.0 1,714.1

47.9

101.6

432.5167.6265.0

61.338.6

33.3

245.798.2

147.5

189.9231.0

247.2

18.2

50.7

118.9

461.9176.0285.9

66.539.3

32.7

260.0105.5154.5

196.6236.8

250.7

21.1

[,779.8

1,761.1

52.2

123.3

469.4178.3291.1

66.741.1

33.1

270.5110.4160.1

207.2243.0

254.6

18.8

1,850.1

1,830.3

19.8


14 SUEVEY OF CUEEENT BUSINESS March 1979

1977 1978'

1977

III IV

1978

II III IV r


Billions of dollars

Table 18.—Corporate Profits by Industry (6.18)

Corporate profits withinventory valuationand capital consump-tion adjustments

Domestic industries.Financial iNonfinancial

Rest of the world.

Corporate profits withinventory valuationadjustment and with-out capital consump-tion adjustment

Domestic industriesFinancial1

Federal Reserve banksOther

Nonfinancial.-.Manufacturing, _

Nondurable goodsFood and kindred

productsChemicals and allied

productsPetroleum and coal

productsOther

Durable goods ._.Primary metal indus-

triesFabricated metal

productsMachinery, except

electrical .Electric and electronic

equipmentMotor vehicles and

equipmentOther

Wholesale and retail trade-Transportation, com-

munication, and elec-tric, gas, and sanitaryservices

Other.

Rest of the world.

Corporate profits beforededuction of capitalconsumption allow-ances with inventoryvaluation adjustment..

Domestic industriesFinancial1

Federal Reserve banks...Other

NonfinancialManufacturing..

Nondurable goods _.Food and kindred

products _Chemicals and allied

products...Petroleum and coal

productsOther

Durable goodsPrimary metal in

dustriesFabricated metal

productsMachinery, except

electricalElectric and electronic

equipment ._.Motor vehicles and

equipmentOther

Wholesale and retail trade.

Transportation, com-nunication, and electric,gas, and sanitary serv-ices

OtherRest of the world.

144.2

134.620.7

113.9

9.6

159.1

149.520.96.2

14.6

128.674.7

5.7

8.2

12.812.9

35.1

1.8

4.0

7.1

3.9

9.58.8

24.0

16.1

13.8

9.6

265.1

255.526.06.2

19.8

229.5118.660.9

9.3

13.5

19.318.8

57.7

5.8

5.9

11.5

7.3

12.914.3

36.2

42.9

31.8

9.6

159.6

149.724.7

125.0

9.8

177.7

167.825.17.7

17.4

142.785.442.1

43.3

292.0

282.230.77.8

23.0

251.5132.865.5

67.3

9.8

154.8

144.521.7

122.8

10.3

169.9

159.521.96.2

15.7

137.674.740.6

7.0

7.9

12.313.4

34.2

.9

3.9

7.3

4.1

9.28.7

30.6

17.5

14.7

10.3

277.5

267.127.16.2

20.9

240.0119.462.2

10.7

13.2

19.019.3

57.2

4.9

6.0

11.9

7.5

12.614.3

43.0

44.8

32.8

10.3

148.2

140.321.6

118.7

7.9

163.5

155.621.96.4

15.5

133.780.241.1

5.7

8.2

13.813.4

39.1

2.4

4.2

8.5

4.4

9.110.5

22.1

17.1

14.3

7.9

272.8

265.027.26.4

20.8

237.7125.563.2

9.4

13.7

20.519.5

62.4

6.5

6.2

12.9

8.0

12.616.1

34.8

44.8

32.6

7.9

132.6

123.222.3

100.9

9.4

148.7

139.222.76.9

15.7

116.669.837.0

4.3

8.1

10.414.3

32.8

1.2

3.2

6.4

4.3

7.99.7

16.7

17.3

12.8

9.4

260.0

250.628.17.0

21.1

222.5116.059.6

8.1

13.7

17.220.6

56.4

5.4

5.3

11.1

7.9

11.315.4

29.8

45.3

31.4

9.4

163.4

151.723.9

127.8

11.7

180.6

168.924.37.3

17.0

144.687.841.7

5.4

8.3

14.413.7

46.1

5.1

4.3

9.2

4.8

10.811.9

22.0

19.3

15.4

11.7

294.0

282.229.87.3

22.5

252.4134.864.8

9.2

14.2

21.420.0

70.0

9.4

6.4

14.0

8.4

14.217.6

35.5

47.7

34.4

11.7

165.2

156.125.5

130.6

9.1

184.5

175.426.08.0

18.0

149.487.142.5

6.6

8.2

14.613.2

44.6

5.0

4.7

7.4

5.8

10.211.7

25.8

20.7

15.8

9.1

299.9

290.831.68.0

23.6

259.2134.966.1

10.6

14.2

21.719.6

68.8

9.3

6.8

12.3

9.4

13.17.3

39.7

49.5

35.0

9.1

177.0

167.927.1

140.8

9.1

196.8

187.827.68.7

18.8

160.2

9.1

314.3

305.333.38.7

24.6

271.9

1977 1978 r

1977

III IV

1978

I II III IV r

Seasonally adjusted

Index numbers, 1972=100

Table 19.—Implicit Price Deflators for Gross National Product (7.1)

Gross national product...

Personal consumption expend-itures

Durable goodsNondurable goods..Services..

Gross private domestic invest-ment

Fixed investmentNonresidential

Structures _Producers' durable

equipmentResidential..

Nonfarm structuresFarm structuresProducers' durable

equipment

Change in business inven-tories

Net exports of goods and serv-ic

ExportsImports

Government purchases of goodsand services

FederalState and local.

141.61

140.7

129.5145.0141.0

150.6146.7159.6

141.0159.4160.0159.7

126.2

178.7210.3

146.3

142.7148.5

152.09

150.3

136.5155.0151.2

142.63

141.6

129.5145.7142.3

164.7158.7174.9

151.2178.8179.8179.1

132.2

191.3219.7

157.8

153.3160.4

144.56

143.2

130.9147.0144.4

151.9147.9160.2

142.4160.6161.3161.8

126.6

179.4212.9

147.1

142.7149.7

147.10

146.2

133.1150.4147.1

155.9151.2164.5

145.2166.1166.9167.5

127 5

179.2210.2

150.3

146.9152.3

150.98 153.52

149.3

135.7154.4149.9

158.2153.6167.2

147.6168.6169.5168.9

128.8

183.3213.8

153.2

149.6155.2

162.3156.7171.8

149.6175.7176.7176.5

131.8

189.4217.2

156.2

151.5158.8

151.6

137.8156.2152.6

167.1160.6177.3

152.7182.6183.7182.8

133.3

192.8221.5

158.9

153.4162.1

156.56

154.0

158.8155.2

170.8163.6182.2

154.8188.2189.3188.1

135.2

198.7226.1

162.7

158.5165.1

Table 20.—Fixed-Weighted Price Indexes for Gross NationalProduct, 1972 Weights (7.2)

Gross national product...

Personal consumption expend-itures

Durable goodsNondurable goodsServices

Gross private domestic invest-

Fixed investmentN onresidential

StructuresProducers' durable

equipmentResidential

Change in business inven-

Net exports of goods and serv-

Exports.Imports

Government purchases of goodsand services


Addenda:Final sales --Gross domestic product

Nonfarm - -

143.3

141.8

130.5146.4141.5

152 3148.7156.3

144.3159.2

181.3199.0

146.8

144.9148.1

143.3142.8142.9142.9

154.3

151.9

138.1157.1151.9

167.2161.1171.1

155.4178.6

193.3213.0

158.0

154.7160.2

154.2153.8153.9153.2

144.1

142.8

130.6147.2142.8

153.6149.9157.4

145.6160.4

181.8202.0

147.4

144.6149.3

144.0143.6143.7143.8

146.5

144.5

132.1148.6145.0

157.6153.0160.8

148.5166.1

181.7203.5

151.0

149.6152.0

146.4146.0145.9145.7

149.0

147.3

134.5151.7147.5

160.1155.5163.3

151.1168.6

185.2209.5

153.4

151.4154.9

148.9148.5148.3147.6

152.9

150.9

137.2156.4150.6

164.9159.2168.1

154.0175.5

190.9211.0

156.4

153.1158.6

152.8152.5152.6151.4

155.8

153.4

139.3158.6153.3

169.7163.0173.5

157.0182.3

194.6215.0

158.9

154.5161.9

155.7155.3155.6154.6

158.9

156.0

141.0161.6156.0

173.7166.1178.3

159.1188.0

200.1220.3

162.9

159.9164.9

158.8158.5158.6157.3

following industries: Banking; credit agencies other than banks; security;commodity brokers and services; insurance carriers; regulated investment compames; smallbusiness investment companies; and real estate investment trusts.

NOTE.—Table 18: The industry classification is on a company basis and is based on the1972 Standard Industrial Classification.

9.1



1977 1 9 7 8 '

1977

III IV

1978

I II III I V '

Seasonally adjusted


Table 21.—Implicit Price Deflators for Gross National Product byMajor Type of Product (7.3)

Gross national product..

Final salesChange in business inven-

tories

Goods

Final salesChange in business inven-

tories

Durable goodsFinal salesChange in business inven-

tories

Nondurable goods _Final salesChange in business inven-

tories _

ServicesStructures

141.61

141.4

136.8

136.3

134.5134.3

138.5137.7

143.1158.1

152.09

152.1

145.9

145.8

142.0141.5

148.7148.8

153.5175.7

142.63

142.3

137.7

136.9

135.4134.9

139.4138.3

144.2159.1

144.56

144.4

138.6

138.2

136.2136.1

140.3139.6

146.6164.1

147.10

147.2

140.9

141.0

137.9137.3

143.0143.5

149.4166.7

150.98

150.9

145.3

145.1

141.0140.3

148.5148.5

152.2172.7

153.52

153.5

147.2

147.1

143.5143.0

149.8150.0

154.6178.6

156.56

156.5

149.8

149.6

145.2145.0

153.2153.0

157.7183.9

Table 22.—Implicit Price Deflators for Gross National Product bySector (7.5)

Gross national product. _

Gross domestic product

BusinessNonfarm

Nonfann less housing-..Housing

FarmResidual

Households and institutions-

GovernmentFederalState and local

Rest of the world_.__

141.61

141.1

140.8141.1142.6128.7146.7

148.3

141.3136.4143.8

152.09

151.6

151.2151.0152.6137.6177.9

160.5

151.4145.5154.2

142.63

142.1

141.9142.5144.0129.5138.4

149.4

141.4134.6144.7

144.56

144.1

143.6144.0145.4131.6149.4

151.1

145.5142.5146.9

147.10

146.6

146.0146.0147.5133.9163.2

157.1

147.9143.3150.2

150.98

150.4

150.1149.8151.3136.3184.7

159.2

149.9143.5152.9

153.52

153.0

152.8152.7154.3138.7176.6

161.0

151.9144.0155.8

156.56

156.0

155.7155.3157.0141.4187.1

164.5

155.8151.3158.0

Table 23.—Implicit Price Deflators for the Relation of GrossNational Product, Net National Product, and National Income(7.6)

Gross national product _

Capital consumptionallowances with capi-tal consumption ad-justment

Equals: Net national product..

Less: Indirect business taxand nontax liabilityplus business transferpayments less sub-sidies plus current sur-plus of governmententerprises

Residual

Equals: National income _

141.61

151.5

140.6

130.9

142.3

152.09

164.4

150.8

134.1

153.4

142.63

153.5

141.5

131.9

143.2

144.56

155.6

143.4

129.8

145.6

147.10

158.4

145.9

132.9

148.1

150.98

162.2

149.8

135.1

152.2

153.52

166.9

152.1

134.1

154.9

156.56

170.2

155.1

134.3

158.3

r Revised.1. Consists of final sales and change in business inventories of new autos produced in the

United States.2. Consists of personal consumption expenditures, producers' durable equipment, and

government purchases.NOTE.—Table 21: "Final sales" is classified as durable or nondurable by type of product.

"Change in business inventories" is classified as follows: For manufacturing, by the type ofproduct produced by the establishment holding the inventory; for trade, by the type of prod-uct sold by the establishment holding the inventory; for construction, durable; and for otherindustries, nondurable.

Tables 22 and 24: The industry classification within the business sector is on an establish-ment basis and is based on the 1972 Standard Industrial Classification

1977 1978'

1977

III IV

1978

I II III IV '

Seasonally adjusted


Table 24.—Implicit Price Deflators for Net National Product andNational Income by Sector (7.7)



BusinessNonfarmFarm _Residual

Households and institutions .G 0 vernment

Rest of the world

National income

Domestic income -

BusinessNonfarm _Farm

Households and institutions .Government

Rest of the world

140.6

140.0

139.4139.9143.3

148.3141.3

142.3

141.6

141.4141.7129.2

148.3141.3

150.8

150.2

149.6149.4181.7

160.5151.4

153.4

152.7

152.6152.0173.6

160.5151.4

141.5

140.9

140.4141.2131.2

149.4141.4

143.2

142.5

142.4143.2115.5

149.4141.4

143.4

142.9

142.1142.6145.4

151.1145.5

145.6

145.0

144.6144.8141.2

151.1145.5

145.9

145.3

144.4144.6163.0

157.1147.9

148.1

147.4

146.8146.7150.8

157.1147.9

149.8

149.2

148.6148.3192.6

159.2149.9

152.2

151.5

151.3150.7176.1

159.2149.9

152.1

151.5

151.1151.0179.2

161.0151.9

154.9

154.3

154.3154.1163.2

161.0151.9

155.1

154.5

153.9153.6192.4

164.5155.8

158.3

157.6

157.6156.3207.3

164.5155.8

Table 25.—Implicit Price Deflators

Auto output

Final sales -


New autosNet purchases of used

autos

Producers' durable equip-ment.. _

New autosNet purchases of used

Net exportsExportsImports »


Change in business inven-tories of new and used


autos •Sales of imported new autos »..

130.9

131.2

139.0128.6

114.9128.6

128.9154.2

126.0

128.6128.6

140.3

139.9

149.7138.5

127.4138.5

137.5177.3

139.6

138.3138.5

130.4

130.7

138.7129.1

116.1129.1

130.0157.7

128.7

129.2129.1

for Auto Output (7.9)

134.3

133.8

141.3132.2

123.0132.2

132.2163.6

134.3

132.2132.3

136.4

135.9

145.3135.0

124.5134.9

133.0172.4

135.9

134.7135.0

139.4

138.6

147.7137.5

126.8137.5

135.3175.4

137.8

137.3137.5

141.8

142.0

152.3140.3

129.5140.3

140.5180.0

142.0

140.4140.4

143.4

142.9

153.6141.0

128.6140.9

141.4180.8

143.8

140.9141.0

Table 26.—Implicit Price Deflators for Personal ConsumptionExpenditures by Major Type of Product (7.11)

Personal consumptionexpenditures

Durable goods

Motor vehicles and partsFurniture and household

equipmentOther

Nondurable goods

FoodClothing and shoes..Gasoline and oilFuel oil and coalOther _

Services

HousingHousehold operation

Electricity and gas _ __Other

TransportationOther —

140.7

129.5

135.8

123.8126.9

145.0

148.5122.3174.4239.4139.0

141.0

131.5147.2169.5132.1143.3146.6

150.3

136.5

145.5

128.7132.9

155.0

162.9125.7182.1253.8146.9

151.2

141.4156.9184.0138.7154.3157.2

141.6

129.5

135.7

124.1127.2

145.7

149.4123.0173.7243.3140.0

142.3

132.4149.1172.9132.8145.3147.9

143.2

130.9

137.9

124.7128.2

147.0

150.7123.5176.8244.8142.0

144.4

134.8150.1174.1134.1148.2150.0

146.2

133.1

141.3

125.7130.1

150.4

155.6124.0178.2247.2143.7

147.1

137.3152.7176.1135.8150.7152.8

149.3

135.7

144.0

128.0132.1

154.4

162.6125.9178.4252.1145.5

149.9

140.0156.0184.2137.6153.3155.7

151.6

137.8

147.8

129.5133.5

156.2

165.1126.0181.7254.5148.0

152.6

142.6158.9187.9140.0155.4158.6

154.0

139.3

148.9

131.4135.4

158.8

168.2126.6189.7262.6150.1

155.2

145.5159.8188.0141.2157.8161.7



1977 1978 r

Percent

III

1977

IV

1978

I II III

Seasonally adjusted

Percent at annual rate

I V '

Table 27.—Percent Change From Preceding Period in Gross Na-tional Product in Current and Constant Dollars, Implicit PriceDeflator, and Price Indexes (8.9)

Gross national product:Current dollars .1972 dollarsImplicit price deflatorChain price indexFixed-weighted price

index . . .

Personal consumption expend-itures:

Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index__

Durable goods:Current dollars1972 dollarsImplicit price deflator....Chain price indexFixed-weighted price

index

Nondurable goods:Current dollars1972 dollarsImplicit price deflator.__Chain price index.Fixed-weighted price

index

Services:Current dollars1972 dollarsImplicit price deflator.__Chain price indexFixed-weighted price

index

Gross private domestic invest-ment:

Current dollars. . __1972 dollars

Fixed-weighted price index. .

Fixed investment:Current dollars . . .1972 dollars.Implicit price deflatorChain price index . _Fixed-weighted price

index

Nonresidential:Current dollars1972 dollarsImplicit price deflator.__Chain price indexFixed-weighted price

index

Structures:Current dollars1972 dollarsImplicit price deflator.Chain price indexFixed-weighted price

index.

Producers' d u r a b l eequipment:

Current dollars _1972 dollars .Implicit price deflatorChain price indexFixed-weighted price

index _

Residential:Current dollars1972 dollarsImplicit price deflator..Chain price indexFixed-weighted price

index . .

11.04.95.96.2

6.3

10.74.75.75.95.9

13.99.44.14,3

4.4

8.23.24.94.9

5.0

11.84.47.27.2

7.3

22.613.2

21.312.47.97.8

8.2

15.79.16.06.2

6.3

11.44.46.76.5

6.3

17.911.45.86.0

6.3

34.820.511.811.8

11.8

11.74.07.47.5

7.6

11.14.06.87.07.1

10.75.05.55.6

5.8

9.92.86.97.2

7.3

12 24.67.37.3

7.4

16.07 3

16.86.79.49.6

9.8

16.98.18.28.3

8.4

21.811 19.69.6

9.4

14.56 77.37.6

7.7

16.43.8

12.212.2

12.2

11.15.75.14.6

4.7

9.04.14.84.64.6

4.02.02.01.4

1.2

5.32.52.72.9

2.9

14.16.17.57.2

7.3

20.59.7

13.95.3

. 8.28.2

7.9

14.15.38.38.2

7.9

12.97.65.07.5

6.6

14.74.39.98.6

8.6

13.55.27.98.0

8.0

8.93.25.56.5

6.8

14.19.04.75.05.0

24.119.04.34.4

4.7

15.111.23.63.9

3.9

10.13.96.06.2

6.2

5.1—2.9

18.87.1

11.010.8

10.9

14.85.39.08.8

8.6

13.42.0

11.19.2

8.9

15.66.88.28.6

8.4

27.311.114.615.1

14.9

7.1—.17.27.1

7.0

7.0—1.4

8.67.77.9

—7 7—13.7

7.07.2

7.5

3.7—5.59.88.4

8.6

15.37.07.77.3

7.3

12.211.3

7.51.26.26.5

6.5

11.14.26.76.7

6.7

6.3—.36.65.9

6.2

13.66.26.97.2

7.1

.5- 5 . 2

6.06.1

6.2

20.68.7

11.010.8

11.0

15.36.08.7

10.010.2

35.125.28.08.2

8.4

15.03.611.012.5

12.8

9.81.97.88.4

8.4

31.315.2

27.815.310.811.9

12.5

31.221.38.29.2

9.7

56.540.311.512.4

12.5

19.813 65.57.6

8.0

21.02.7

17.917.6

17.5

9.62.66.97.6

7.6

10.74.16.46.76.7

3.4- 2 . 8

6.46.3

6.4

9.95.04.75.8

5.9

13.95.97.67.6

7.6

5.5- 5 . 1

14.42.0

12.212.1

12.3

14.33.5

10.410.0

10.0

24.49.8

13.313.7

13.4

9.1.7

8.38.0

7.9

14.9- 1 . 616.716.7

16.4

15.66.98.28.1

8.4

14.67.66.56 97.1

20.815.64.55.0

4.9

17.410.06.87.5

7.8

10.33.17.17.1

7.2

16.95.8

17.77.89.29.3

9.7

18.09.57.87.5

7.7

22.59.8

11.511.9

11.6

15.59 35.75.1

5.3

17.34.0

12.813.1

13.1

1977 1978'

Percent

III

1977

rv

1978

I II III

Seasonally adjusted

Percent at annual rate

I V '

Table 27.—Percent Change From Preceding Period in Gross Na-tional Product in Current and Constant Dollars, Implicit PriceDeflator, and Price Indexes (8.9)—Con.

Exports:Current dollars1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index..

Imports:Current dollars1972 dollars...Implicit price deflatorChain price indexFixed-weighted price index..

Government purchases ofgoods and services:

Current dollars...1972 dollarsImplicit price deflatorChain price index. .Fixed-weighted price index..

Federal:Current dollars1972 dollarsImplicit price deflator..Chain price indexFixed-weighted price

index.

State and local:Current dollars1972 dollarsImplicit price deflator..Chain price indexFixed-weighted price

index

Addenda:

Final sales:Current dollars1972 dollars. . . .Implicit price deflatorChain price index . . .Fixed-weighted price in-

dex

Gross domestic product:Current dollars.1972 dollarsImplicit price deflatorChain price indexFixed-weighted price index..

Business:Current dollars1972 dollarsImplicit price deflator..Chain price indexFixed-weighted price

index

Nonfarm:Current dollars1972 dollarsImplicit price deflator.Chain price indexFixed-weighted price

index.

Disposable personal income:Current dollars.1972 dollars..

7.52.45.15.05.2

19.810.28.77.57.8

2.47.07.07.0

11.75.26.26.3

6.5

8.4.8

7.57.4

7.3

10.84.75.86.2

6.3

10.94.85.86.16.3

11.35.45.66.0

6.2

6.4

10.04.1

16.79.07.06.86.6

16.111.24.56.77.0

10.12.27.87.57.6

6.0- 1 . 3

7.47.0

6.8

12.64.28.07.8

8.1

11.83.97.67.5

7.6

11.74.07.47.57.7

11.94.27.47.6

7.7

11.45.25.96.2

12.14.77.07.1

7.2

11.44.3

6.47.6

- 1 . 2- . 5- . 4

8.51.47.16.05.7

11.55.85.45.05.0

11.36.44.6

3.6

11.65.45.95.8

5.9

10.15.04.84.6

4.7

11.25.85.14.54.6

11.66.05.34.6

4.7

11.95.16.46.1

6.2

10.95.9

-18.0-17.6- . 5- . 2- . 4

16.822.8

- 4 . 92.63.1

13.74.29.09.5

10.2

15.72.9

12.414.2

14.7

12.55.17.16.9

7.4

11.04.76.0

6.9

9.53.55.86.77.0

8.63.55.06.1

6.3

7.93.64.15.1

5.3

12.97.8

24.313.79.48.58.1

23.415.27.1

12.312.3

4.1-3.5

7.97.36.6

-2.0-8.9

7.66.1

4.9

7.8- . 18.08.0

7.8

6.4-1.6

8.07.0

7.0

6.7- . 47.17.17.0

5.8

6.76.7

6.7

7.01.15.85.4

5.3

63.443.314.013.712.9

10.33.76.43.72.9

7.9- . 28.27.57.8

-10.9-15.3

5.25.0

4.5

19.99.69.59.0

10.0

20.08.6

10.510.8

11.0

20.18.3

10.910.911.0

22.59.5

11.911.8

12.1

22.911.110.610.7

10.8

12.53.5

9.51.97.47.47.9

20.211.28.27.77.9

15.07.27.26.96.7

20.014.35.04.4

3.9

12.43.48.68.3

8.6

11.13.77.17.5

7.6

10.23.07.07.57.6

10.73.27.37.9

8.0

10.6

8.08.5

8.7

10.23.6

24.410.312.712.111.8

16.67.38.79.9

10.2

14.14.09.7

10.010.4

23.98.8

13.914.8

14.6

9.01.37.67.5

7.7

15.77.28.08.1

15.56.98.18.18.4

16.37.97.87.8

8.0

14.87.17.27.2

7.3

13.06.1

r Revised.

NOTE.—Table 27: The implicit price deflator for G N P is a weighted average of the detailedprice indexes used in the deflation of G N P . In each period, the weights are based on thecomposition of constant-dollar output in that period. In other words, the price index for eachitem is weighted by the ratio of the quantity of the item valued in 1972 prices to the totaloutput in 1972 prices. Changes in the implicit price deflator reflect both changes in prices andchanges in the composition of output. The chain price index uses as weights the compositionof output in the prior period, and, therefore, reflects only the change in prices between thetwo periods. However, comparisons of percent changes in the chain index also reflect changesin the composition of output. The fixed-weighted price index uses as weights the compositionof output in 1972. Accordingly, comparisons over any timespan reflect only changes in prices.


By JOHN C. MUSGRAVE

BEA annual estimates of thestock of durable goods owned by con-sumers in the United States for 1925-77are presented in this article.1 An analysisof the growth and composition of thestock and a summary methodology areprovided. Current-dollar estimates ofgross and net stocks of durable goodsowned by consumers, by type, areshown in tables 1 and 2 and correspond-ing constant-dollar estimates in tables3 and 4. The underlying expenditureflows, together with depreciation esti-mates, are shown in table 5. These serieswill be updated annually in the SURVEYOF CURRENT BUSINESS.

The new estimates were prepared aspart of BEA's project to measure theNation's tangible wealth. Previous re-search has provided annual estimates offixed nonresidential business and resi-dential capital, and annual and quar-terly estimates of business inventories.2

* Earlier estimates were presented in Henry Shavell, "TheStock of Durable Goods in the Hands of Consumers, 1946-1969," 1970 Proceedings of the Business and Economic StatisticsSection of the American Statistical Association, 1971; and AllanH. Young and John C. Musgrave, "Estimation of CapitalStock in the United States," paper presented at the con-ference on The Measurement of Capital, October 1976, Tor-onto, sponsored by the Conference on Research in Incomeand Wealth. Estimates of the total stock of autos, which werethe precursor of the estimates of the consumer stock of autosin this article, were presented in Charles S. Friedman, "TheStock of Automobiles in the United States—Its Size andValue in the Postwar Period," SURVEY OF CURRENT BUSI-NESS, October 1965.

2. Fixed Nonresidential Business and Residential Capital inthe United States, 1925-75, National Technical InformationService, 1976. A summary methodology and estimates for1925-72 appear in John C. Musgrave, "Fixed NonresidentialBusiness and Kesidential Capital in the United States, 1925-75," SURVEY, April 1976. Estimates for 1973 appear in theAugust 1976 SURVEY, for 1974 in the August 1977 SURVEY,and for 1975-77 in the September 1978 SURVEY.

For business inventories, a summary methodology andestimates for 1928-46 appear in Shirley F. Loftus, "Stocks ofBusiness Inventories in the United States, 1928-71," SURVEY,December 1972. Estimates for 1947-72 appear in tables 5.9and 5.10 of The National Income and Product Accounts of theUnited States, 1929-74: Statistical Tables. Estimates for 1973appear in the July 1977 SURVEY, for 1974-77 in the July 1978SURVEY, with updatings in table 16 of the national incomeand product tables shown in each SURVEY.

Durable Goods Owned by Consumers inthe United States, 1925-77

Development of these estimates as partof a single integrated project has as-sured maximum consistency amongthem, including consistent treatment ofsuch borderline items as original equip-ment and floor coverings in new dwell-ings, equipment in rented dwellings,and motor vehicles used for both busi-ness and personal purposes. Still to beestimated are fixed nonresidential capi-tal and inventories owned by govern-ments, on which research has begun,and land, on which research is planned.

Estimates of the stock of durablegoods owned by consumers and theassociated estimates of depreciationhave several uses.3 First, they complete

3. A detailed discussion of uses and of technical estimatingproblems appears in F. Thomas Juster, "Report of the Work-ing Group on Household Wealth," Appendix II: Part C. inJohn W. Kendrick, editor, "Measuring the Nation's Wealth,"Volume 29, Studies in Income and Wealth, National Bureauof Economic Research, 1964.

BEA's estimates of privately ownedreproducible tangible wealth, a majorportion of total national wealth. Con-sumer durables nearly doubled theirshare of the total constant-dollar netstock of privately owned reproducibletangible wealth between yearend 1945and yearend 1977 (table A). At yearend1977 they represented 19 percent ofthat total, 15 percentage points lessthan residential capital, the largestcomponent.

Second, the stock estimates provideinformation useful for appraisal offuture demand for consumer durablesand of the output required to meet thisdemand. The ratios shown in table Bare illustrative of the ways the estimatescan be arranged for this purpose. Oneshows that personal consumption ex-penditures (PCE) for durable goodswere about 26 percent of the constant-

Table A.—Constant-Dollar Net Stock of Privately Owned Reproducible Tangible Wealth,by Type of Wealth, Selected Years

Yearend

1925..1929..1935-1945-1955-

1965-1973-1977..

1925-1929-1935-1945-1955-

1965..1973-1977-

Total

Nonresidential

Equip-ment

Structures

Resi-dential

Businessinven-tories

Consumerdurables


772.1880.7777.3772.1

1,285.7

1,827.22,585.92,860.3

89.798.171.589.2

201.7

269.7413.0470.2

209.0237.0209.6170.6249.6

376.2515.5554.1

313.6357.8338.4328.2491.6

703.9906.9981.1

87.195.980.0

106.7155.3

209.0293.9307.6

72.791. fl77.877.4

187.5

268.4456.6547.3

Percent

100.0100.0100.0100.0100.0

100.0100.0100.0

11.611.29.2

11.615.7

14.816.016.4

27.126.927.022.119.4

20.619.919.4

40.640.643.542.538.2

38.535.134.3

11.310.910.313.812.1

11.411.410.8

9.410.410.010.014.6

14.717.619.1

17

288-330 O - 79 - 3


18 SUEVEY OF CUREENT BUSINESS March 1979

Table B.—Constant-Dollar Personal Consumption Expenditures for Durable Goods,Disposable Personal Income, and Net Stock of Durable Goods Owned by Consumers,Selected years

Year

192919351945 _ - -19551965

19731977


Personalconsump-

tion expend-itures—durables

(PCE-D)

21.515.414.852.273.4

121.8137.8

Disposablepersonalincome(DPI)

229.8196.6338.6425.9612.4

854.7926.3

Netstock i

89.478.478.3

181.0259.0

440.0532.4

Ratios

PCE-D/DPI

0.094.078.044.123.120

.143

.149

PCE-D/net stock

0.240.196.189.288.283

.277

.259

Net stock/DPI

0.389.399.231.425.423

.515

.575

1. Annual average net stock estimates were derived by averaging the yearend estimates in table 4.

Table C—Consumer Installment CreditOutstanding and Current-Dollar NetStock of Durable Goods Owned by Con-sumers, Selected Years

Yearend

19291935194519551965

19731977

Billions of dollars

Creditout-

standing i

2.92.52.3

26.966.0

127.2188.6

Netstock

38.426.448.6

151.9233.2

469.0710.5

Ratio

Creditoutstand-ing/netstock

0.076.095.047.177.283

.271

.265

1. Source for consumer installment credit outstanding:Federal Reserve Board. Credit outstanding for mobile homesand home improvements has been excluded to make thecredit series more comparable with the net stock estimates.

dollar net stock in 1977, a rather lowpercentage by standards of the twoprevious decades.

Third, the stock estimates provideinsight into past changes in consumerspending behavior. For instance, theportion of constant-dollar disposablepersonal income (DPI) devoted to PCEfor durable goods has risen by morethan one-half since 1929, from 9.4percent to 14.9 percent in 1977 (tableB). As a consequence, the net stock ofconsumer durables increased from 39percent of DPI in constant dollars in1929 to 57 percent in 1977.

Fourth, estimates of the stock ofconsumer durables add to the informa-tion available concerning the balancesheet position of households. For ex-ample, table C shows that consumerinstallment credit outstanding was equalto about 26 percent of the current-dollarnet stock of consumer durables atyearend 1977, moderately less than in1965 or 1973. Estimates of the current-

dollar net stock, as distinguished fromthe net stock based on original acquisi-tion prices, are especially necessaryafter a period of sizeable price advanceif the net worth of consumers, andhence their borrowing power, are notto be understated.

Fifth, estimates of depreciation onconsumer durables make it possibleto calculate a measure of personal con-sumption alternative to PCE. As isappropriate for a measure of produc-tion, which is defined as the sum ofexpenditures and inventory change, inthe measurement of GNP and its PCEcomponent, the entire expenditure fordurable goods each period is countedin that period. However, to assesschanges in personal consumption, it maybe desirable to spread the cost of adurable good over the several periodsit is in use.4 The difference between thetwo measures is greatest during the

depression of the 1930's and WorldWar II. In constant dollars, PCE fordurable goods declined 49 percent from1929 to 1933 and total PCE declined21 percent. Substitution of deprecia-tion on consumer durables for expendi-tures would yield a 2-percent increaseand a 16-percent decrease, respectively.From 1941 to 1944, PCE for durablesdeclined 45 percent and total PCE in-creased 5 percent; the substitutionwould yield an 8-percent decline and a9-percent increase, respectively.

Growth and Compositionthe Stock

of

The gross stock is the value of thestock of consumer durables before de-duction of losses in value throughphysical deterioration, obsolescence,and accident. The net stock is the valueof the gross stock less cumulative de-preciation on the items in the grossstock, where depreciation is the valuelost through physical deterioration, ob-solescence, and accident.

Gross stock

The gross stock of consumer durablesin constant (1972) dollars was nearly 8times as large in 1977 as in 1925. Theaverage annual growth rate was 4.0percent, but it has fluctuated widely(table D). It was 5.6 percent in 1925-29,

4. Other ways of treating consumer durables have beensuggested. One, use of imputed rent to measure their services,cannot be implemented because appropriate market rentalvalues are not available. Implementation of another way,application of an interest rate to the value of assets, is ham-pered by the difficulty of the choice of an interest rate.

Table D.—Growth Rates for Stocks of Durable Goods Owned by Consumers, SelectedPeriods

[Average annual percent change]

Yearends

1925-77

1925-291929-451945-77 . .

1945-551955-65 .1965-731973-77

Total stocks

Current-costvaluation

Gross

6.2

3.63.18.1

9.25.08.5

12.2

Net

6.1

4.21.58.7

12.14.49.1

10.9

Constant-costvaluation

Gross

4.0

5.6.6

5.6

6.44.26.25.8

Net

4.0

6.0- 1 . 1

6.3

9.33.76.94.6

]Per capita stocks


Gross

4.9

2.32.26.6

7.33.47.4

11.4

Net

4.8

2.9.6

7.3

10.12.88.1

10.1

l


Gross

2.8

4.3- . 34.2

4.62.65.25.0

Net

2.7

4.8- 2 . 0

4.9

7.42.15.83.8

Per household stocks*


Gross

4.1

1.81.65.7

6.53.26.09.9

Net

4.1

2.4- . 16.4

9.32.66.78.6


Gross

2.0

3.8- . 93.3

3.82.43.83.5

Net

2.0

4.2- 2 . 5

4.0

6.51.94.42.4

1. Source for population: U.S. Bureau of the Census, Current Population Reports, Series P-25.2. Source for number of households: U.S. Bureau of the Census, Current Population Reports, Series P-20.


March 1979

only 0.6 percent in 1929-45, and 5.6percent again in 1945-77. The stockincreased in every year except 1932-35,1938, and 1944 (chart 4).

The stock grew slowly during the1930's because consumer purchasingpower was held down by the depression,and during World War II because con-sumer durable were in short supply(autos were generally unavailable). Thestock grew rapidly during the firstdecade after World War II, moremoderately in 1955-65, and rapidlyagain in 1965-73. Its growth deceleratedin 1973-77 but, at 5.8 percent, was stillabove the 1945-77 average. (The growthrate of the net stock, however, fell to4.6 percent, well below its 1945-77average of 6.3 percent.) These fluctua-tions in the growth rate were largelyattributable to autos: After the war,autos were available to meet the pent-up demand; after 1973, the average sizeof autos in the stock declined becauselarger autos were replaced by smaller,more fuel-efficient autos.

For the period 1945-77, the fastestgrowing types of consumer durableswere: Autos; other motor vehicles;kitchen and other household appliances;radio and television receivers, records,and musical instruments; and wheelgoods, durable toys, sports equipment,boats, and pleasure aircraft. These typesaccounted for 42 percent of the totalconstant-dollar gross stock at yearend1945 and 64 percent at yearend 1977(table E). The slowest growing typeswere: Furniture, including mattressesand bedsprings; and china, glassware,tableware, and utensils, These typesaccounted for 34 percent of the totalstock at yearend 1945, compared with17 percent at yearend 1977.

There are at least four main reasonsfor the rapid growth in the first group.First, increased real disposable personalincome per capita resulted in sub-stantially increased consumer purchas-ing power. Although this affected alltypes of consumer durables, the effectwas largest for goods in the first group;i.e., demand for them is the mostincome elastic. In contrast, the slowgrowth in the second group occurredlargely because most of these goods arenecessities and the demand for them ismuch less income elastic than for goods

SUEVEY OF CURRENT BUSINESS 19CHART 4

Gross and Net Stocks of Durable Goods Owned by Consumers, 1925-77Billion $ (ratio scale)2,000

1,000

800

600

400

300

200

100

60

50

40

30

20

1,500

1,000

800

600

400

300

200

100

80

6050

CURRENT COST VALUATION

Gross Stock

Net Stock

I I I I I I I I I I I t I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I

CONSTANT (1972) COST VALUATION

Stock

1 I I 1 1 1 I 1 I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I 1 I I I I I I I 1 I I I I I I I I 1 1

1925 30 35 40 45 50 55

Yearend

60 65 70- 75 80



20 SUKVEY OF CURRENT BUSINESS March 1979

Table E.—Composition of the Constant-Dollar Gross Stock of Durable Goods Owned byConsumers, Selected Years

[Percent]

Yearend

19251929193519451955

196519731977

Total

100.0100.0100.0100.0100.0

100.0100.0100.0

Motorvehicles l

Autos

23.231.233.231.035.0

37.535.434.6

Other

0.2. 4. 7.6

1.6

1.63.44.2

Furniture and household equipment

Furni-ture, in-cluding

mattres-ses and

bed-springs

30.026.825.824.317.6

16.813.912.8

Kitchenand

otherhouse-

hold ap-pliances 2

4.44.24.65.08.1

9.28.88.6

China,glass-ware,table-ware,and

utensils

11.910.29.89.58.2

5.34.54.0

Otherdurablehouse

furnish-ings3

14.313.012.612.610.7

9.510.010.3

Radioand

televisionreceivers,records,

andmusicalinstru-ments

2.02.02.22.64.5

5.68.9

10.4

Other

Jewelryand

watches

6.05.44.65.25.1

5.05.15.1

Ophthal-mic

productsa n d

orthope-dic ap-

pliances

1.2.9.9

1.81.7

1.61.1. 9

Booksand

maps

4.33.93.94.83.9

3.32.82.6

Wheelgoods,

durabletoys,

sportsequip-ment,boats,and

pleasureaircraft

2.52.01.72.63.6

4.66.16.5

1. See footnote 1, table 1. 2. See footnote 2, table 1. 3. See footnote 3, table 1

in the faster growing categories. Second,the prices of the types of goods in thefirst group increased less than the aver-age price of all consumer durables.Third, technological improvements wereparticularly large for goods of thesetypes. Fourth, demographic factors, suchas the larger number of retirees, createdan increased demand for travel-, recrea-tion-, and other leisure-oriented goods,which make up much of the first group.

Atyearend 1977, autos was the largestcategory (35 percent) in the constant-dollar gross stock (table E). The nextlargest categories were: Furniture, in-cluding mattresses and bedsprings (13

Table F.—Service Life Assumptions forDurable Goods Owned by Consumers

Type of goods

Motor vehiclesAutos i.Other motor vehiclesTires, tubes, accessories, and other parts2

Furniture and household equipmentFurniture, including mattresses and bedsprings.Kitchen and other household appliances . .China, glassware, tableware, and utensilsOther durable house furnishingsRadio and television receivers, records, and

musical instruments

OtherJewelry and watchesOphthalmic products and orthopedic appli-

liancesBooks and maps . . . . .Wheel goods, durable toys, sports equipment,

boats, and pleasure aircraft

Life(years)

1083

14111010

9

11

610

10

1. As explained in the text, the estimation of the grossstock of autos does not depend on an explicit service lifeassumption. The unit values used to derive the net stock aredepreciated according to a 10-year life, and a nominal netunit value is assigned to autos over 10 years old.

2. Estimates for this category are included in either theAutos" or "Other motor vehicles" stocks in tables 1-4.

See text for further discussion.

compared with 4.0 percent for the totalstock (table D). Thus, the portion ofthe increase in the total stock due tothe increase in the number of consumerswas about 30 percent as measured bypopulation or about 50 percent asmeasured by households. Growth ratesin 1955-65 were well below those earlierand later in the postwar period on aper-capita and per-household basis aswell as for the aggregate.

Net stock

The average annual growth rate ofthe constant-dollar net stock of con-sumer, durables for 1925-77 was thesame as that of the gross stock—4.0percent. However, the net stock growthrate fluctuated more widely than thegross stock rate because the value of

percent); other durable house furnish- t h e n e t s t o c k r e f l e c t g c h a n g e s m a g e

mgs (10 percent); radio and television s t r u c t u r e ( c h a r t 1}. T h e n e t s t o c k

receivers, records, and musical mstru- g r e w f a s t e r t h a n t h e g r o g s s t o c k i n

ments (10 percent); kitchen and other p e r i o d s o f h e a v y c o n s u m e r s p e n d i n g

household appliances (9 percent); and f o r n e w dmMe g o o d s ( 1 9 4 5 _ 5 5 a n d

wheel goods, durable toys, sports equip- 1 9 6 5 _ 7 3 ) a n d l e s s i n p e r i o d s w h e n ex_ment, boats, and pleasure aircraft (6 penditures for consumer durables werepercent). The remaining categories— l o w e r (1929-45).jewelry and watches; other motor A v e r a g e a n n u a i g r o w t h r a t e s ofvehicles; china, glassware, tableware, c u r r e n t . d o i l a r n e t and gross stocksand utensils; books and maps; and w e r e a l m o s t t h e g a m e f o r m 5 _ 7 7

ophthalmic products and orthopedic ( t a b l e D ) A b o u t t w o . t h i r d s o f t h e

appliances-each accounted for 5 per- h w a g ^ ^ r e a l v o l u m e of c(m_cent or less

T ' , ,, ., T sumer durables. For 1945-77, growthIn current dollars, the average annual &

growth rate of the gross stock of con-sumer durables for 1925-77 was 6.2 Table G.—Modified Winfrey L-2 Retirement~™~~^± /+^ui~ T*\ ,\u~ 4- 4- 4."U' i f Pattern Used for the Stock of Durablepercent (table D). About two-thirds of G o o d s O w n e d b y C o n s u m e r s (Exceptthis rate was due to growth of the real Autos)volume of consumer durables and one-third was due to inflation. For 1945-77,tne rate averaged 8.1 percent annually;about 70 percent of this was due togrowth of the real volume of consumerdurables and 30 percent was due toinflation.

Gross stock per consumer unit—Forcertain purposes, it is more useful tolook at the stock of consumer durablesrelative to the number of consumers.Two measures of the number of con-sumers are available—population andnumber of households (families andunrelated individuals).

For 1925-77, the constant-dollar grossstock per capita and per householdgrew at average annual rates of 2.8percent and 2.0 percent, respectively,

Percentage of averageservice life

Less than 25

25

455565

7585 -95105115

125

145155165

175185 - -195205215 - -

More than 215

Percentageof

originalexpenditures

discarded

0

1.52.13.66.08.4

9.810.29.68.67. 5

6.45. 54.74.03.2

2.62.01.51.01.8

0

Cumulativepercentageof original

expendituresdiscarded

0

1.53.67.2

13.221.6

31.441.651.259.867.3

73.779.283.987.991.1

93.795.797.298.2

100.0

100.0


March 1979 SUKVEY OF CUERENT BUSINESS 21

of the current-dollar net stock averaged8.7 percent annually; about 70 percentof this was in the real volume.

Methodology

Gross expenditure flows and grossstock

The stock estimates are derived bythe perpetual inventory method.5 This

5. Procedures are similar to those used to measure thestock of fixed business capital.

method uses estimates of expenditureflows and, except for autos, estimatesof service lives and a retirement pat-tern. The methodology for derivingthe stock of autos, and the differencesbetween this methodology and thegeneral application of the perpetual in-ventory method described below, arediscussed in a later section. The grossstock is obtained by cumulating grossexpenditures in prior years and sub-tracting gross expenditures for goodsthat have completed their service lives.

The expenditure flows used for the yearssince 1929 are based on the durablegoods components of PCE.6 Those forthe years before 1929 are based ondata from a study by William H.Shaw.7

In the stock estimates, as in PCE,goods are classified as durable if they

6. For definitions underlying the PCE estimates, see "TheNational Income and Product Accounts of the United States:Revised Estimates, 1929-74," SURVEY, Part I, January1976, p. 35.

7. Value of Commodity Output Since 1869, National Bureauof Economic Research, 1949.

Table 1.—Current-Dollar Gross Stock of Durable Goods Owned by Consumers, by Type, 1925-77[Billions of dollars]

Yearend rotal

60.363.166.068.669.566.960.655.254.955.3

55.056.858.658.259.464.578.291.3

102.7111.8

113.3123.8142.5161.7176.6198.0222.3238.4251.3258.9

273.2301.1322.7344.6361.6374.1384.9397.1415.5431.0

444.5475.0514.4564.8615.7672.5716.8773.3852.6997.3

1,109. 71,220.91,352.5

Motor vehicles 1

Autos

10.212.414.416.217.718.117.516.115.715.8

15.615.816.416.216.418.224.429.132.434.6

33.135.141.951.859.665.976.483.988.690.0

95.1110.1120.3133.6141.1145.1149.3154.6162.2167.1

170.7178.2191.1207.3222.8246.9256.0271.8295.8343.1

382.6426.1482.1

Other

0.2.2.2.2. 3.4.4.4.4.4

. 4

. 5

.6

.6

.6

.7

.9

.8

.7

. 7

.61.01.41.92.32.83.54.04.44.3

4.55.05.45.65.75.75.86.06. 36.7

7.28.29.6

11.413.716.518.923.128.034.4

40.248.358.4


Furniture,includingmattresses

andbedsprings

14.414.414.614.814.313.811.710.511.011.0

11.111.812.212.012.012.915.218.321.825.1

26.427.529.730.931.534.737.638.740.241.5

43.646.448.750.452.354.556.558.660.963.5

66.972.878.786.494.3

100.5106.2112.1123.8141.3

153.8163.5176.0

Kitchenand

otherhouseholdappliances2

5.65.86.16.36.46.15.65.04.84.9

5.05.45.96.06.16.67.99.19.49.4

9.110.413.215.416.920.123.325.627.729.2

30.431.933.735.437.438.539.540.141.442.7

43.145.247.951.755.860.164.168.273.487.4

97.6106.5115.8

China,glassware,tableware,

andutensils

5.35.25.15.15.14.84.44.24.34.7

4.74.54.64.64.64.75.26.06.87.3

7.58.18.99.8

10.712.113.414.214.915.5

16.718.018.819.019.219.519.420.120.420.4

20.722.123.726.728.530.632.936.640.450.6

57.460.665.0

Otherdurablehouse

furnishings3

8.88.98.99.08.98.37.46.97.17.4

7.47.98.18.08.39.0

10.311.713.414.7

15.216.518.019.020.323.425.826.827.928.7

30.232.033.434.535.837.538.339.140.942.5

45.148.752.856.962.466.170.476.985.4

103.0

113.8125.8138.2

Radioand


andmusical

instruments

5.86.26.56.66.04.93.62.92.82.9

2.92.82.92.82.93.23.94.54.84.9

4.86.17.79.0

10.111.612.513.314.515.5

16.919.121.122.623.924.825.225.726.728.1

29.032.536.641.646.953.059.166.074.085.2

95.5105.3115.4

Other

Jewelryand

watches

5.15.05.15.25.35.45.14.84.54.1

4.03.93.73.63.84.25.15.96.97.9

8.59.5

10.411.011.412.313.313.914.414.6

15.215.816.417.017.718.418.919.521.222.4

21.723.325.528.931.934.437.240.745.151.5

56.961.466.1

Ophthalmicproducts

andorthopedicappliances

0.8. 8.8.8.8. 8. 8.7. 7. 7

. 7

. 7

.8

.8

.91.01.11.21.41.6

1.72.02.12.42.52.83.03.13.23.4

3.53.73.94.04.34.54.74.95.25.6

6.16.77.37.78.38.79.09.09.4

10.2

10.911.612.4

Booksand

maps

2.22.22.32.42.42.42.32.22.02.0

2.02.02.12.12.12.22.22.42.73.0

3.33.94.55.05.55.86.47.07.47.6

8.08.59.39.8

10.210.611.111.512.212.9

13.414.415.516.818.018.821.322.524.027.1

29.732.235.2

Wheelgoods,

durabletoys, sportsequipment,boats, andpleasureaircraft

2.02.02.02.02.12.01.81.61.51.4

1.31.41.51.51.61.82.12.32.42.7

3.03.84.75.45.86.57.27.78.28.6

9.310.411.612.814.015.116.217.118.219.2

20.622.925.729.433.136.941.646.553.463.7

71.279.687.8

1925.1926.1927.1928.1929.1930.1931.1932.1933.1934.

1935.1936.1937.1938.1939.1940.1941.1942.1943.1944.

1945.1946.1947.1948.1949.1950.1951.1952.1953.1954.

1955.1956.1957.1958.1959.1960.1961.1962.1963.1964.

1965.1966.1967.1968.1969.1970.1971.1972.1973.1974.

1975.1976.1977.

1. Includes tires, tubes, accessories, and other parts.2. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment,

stoves, air conditioners, sewing machines, vacuum cleaners, and other appliances.3. Includes such housefurnishings as floor coverings, comforters, quilts, blankets, pillows,

picture frames, mirrors, art products, portable lamps, and clocks. Also includes writing equip-ment and hand, power, and garden tools.

NOTE.—The stock estimates are based on straight-line depreciation and service lives givenin table F.



have an average life of at least 3 years;other goods are classified as nondurable.This classification is somewhat approxi-mate, because it is applied to broadcategories. For example, all purchasesof clothing and shoes are classified asnondurable, even though some items,such as fur coats, ordinarily are usedfor more than 3 years.

Consumer purchases of used goodsfrom another sector in PCE are modifiedfor use in estimating the stock of con-sumer durables. In PCE, these goodsare valued at secondhand sales prices.In the expenditure flows used to derive

the stock estimates, they are valued atestimated original acquisition prices, sothat goods which are transferredsecondhand between sectors are valuedconsistently with goods that remain inone sector. Estimated original acquisi-tion prices are derived by raising second-hand sales prices by a factor determinedby the estimated age of the goods whenthey are purchased by consumers. PCEfor tires, tubes, accessories, and otherparts are also modified; these modifica-tion are discussd in the section on autos.

Service lives and retirement pattern.—The service lives used to derive the stock

estimates are given in table F. Theyrange from 3 years for tires, tubes, ac-cessories, and other motor vehicle partsto 14 years for furniture, including mat-tresses and bedsprings, with most be-tween 8 and 11 years. Except for autos,the lives are based on the age distribu-tions of the stock of various consumerdurables in the 1960-61 and 1972-73Bureau of Labor Statistics (BLS) sur-veys of consumer expenditures, on U.S.Department of Agriculture studies, andon the assumptions of other researchers.8

The service lives in table F areaverages. Underlying the average for a

Table 2.—Current-Dollar Net Stock of Durable Goods Owned by Consumers, by Type, 1925-77[Billions of dollars]

Yearend Total

Motor vehicles *

Autos Other



andbedsprings

Kitchenand

otherhousehold

appliances2


andutensils

Otherdurablehouse

furnishings3

Radioand


andmusical

nstruments

Other

Jewelryand

watches

Ophthalmicproducts


Booksand

maps

Wheel

toys, sportsequipment,boats, andpleasureaircraft

1925.1926..1927.1928..1929..1930.1931-1932..1933..1934..

1935..1936..1937..1938..1939..1940..1941..1942..1943..1944..

1945..1946..1947..1948..1949.1950..1951.1952.1953-1954.

1955..1956.1957..1958..1959..1960.1961.1962.1963.1964.

1965.1966.1967.1968.1969.1970.1971.1972.1973.1974.

1975.1976.1977.

32.634.736.437.838.436.432.028.027.026.6

26.427.729.229.030.133.539.143.746.948.9

48.655.065.776.386.5

103.6119.4128.8137.9142.7

151.9165.8174.7181.4187.9192.4195.0200.3210.6221.4

233.2255.4279.6310.5340.6368.9391.6423.8469.0540.9

591.2644.2710.5

6.68.09.09.9

10.710.59.68.37.87.6

7.57.78.17.88.19.4

10.410.510.09.2

7.77.9

10.514.620.328.136.441.847.249.4

53.660.463.866.868.669.469.571.575.779.6

84.291.399.2

109.5118.9129.4133.1141.4154.0172.2

184.8202.2227.2

0.1.1.1.1.2.2.2.2.2.2

.2

.3

.3

.3

.3

.4

.5

.4

.3

.2

.2

.5

.81.21.41.72.02.22.22.1

2.22.42.62.62.72.72.72.83.13.5

3.94.65.56.78.19.6

11.014.017.120.1

22.727.533.5

7.67.77.87.97.77.36.15.35.45.3

5.35.76.05.96.06.67.99.6

11.312.8

13.314.015.316.216.618.620.321.021.922.7

24.025.827.127.928.930.030.931.933.234.7

36.840.343.647.952.255.358.161.468.177.7

84.289.396.3

3.13.23.43.53.53.33.02.52.42.4

2.62.93.23.33.43.64.55.04.84.5

4.15.17.49.3

10.512.814.715.816.717.3

17.918.819.620.321.221.521.821.922.523.2

23.524.726.328.530.933.435.638.141.449.4

54.759.164.0

2.52.52.52.62.72.42.22.12.12.3

2.32.22.32.32.32.42.73.23.53.7

3.84.34.95.56.06.87.47.78.08.1

8.79.39.59.59.59.59.49.89.9

10.0

10.411.412.514.215.416.517.819.922.127.5

30.631.934.0

4.64.74.74.84.84.43.83.53.53.5

3.53.84.04.04.24.65.36.17.07.6

7.88.79.7

10.411.213.114.414.815.115.2

15.916.817.417.918.619.419.920.421.522.7

24.526.829.331.835.137.139.643.448.658.7

64.370.577.1

3.13.33.53.63.32.72.0.5.4.4

.3

.4

.5

.4

.5..7

2.22.62.62.5

2.33.34.45.25.97.17.68.18.79.3

10.111.312.212.713.214.413.513.714.415.4

16.419.022.025.228.431.935.239.143.750.0

55.861.266.9

2.62.62.72.82.82.92.62.42.11.9

1.81.71.71.71.82.12.63.23.84.5

4.95.76.26.46.67.07.47.77.98.0

8.38.79.09.39.7

10.010.210.511.312.0

11.812.914.416.518.319.621.123.025.529.0

31.934.3

0.4.4.4.4.4.4.4.3.3.3

.4

.4

.4

.4

.5

.5

.6

.7

.8

1.01.1.2.3.3.4.6.6.7.8

.8

.92.02.12.22.32.42.62.73.0

3.23.63.84.04.24.34.44.44.65.0

5.55.86.3

.1

.1

.2

.3

.3

.3

.2

.1

.0

.0

.0

.0

.0

.1

.1

.1

.1

.3

.41.6

1.92.22.52.83.03.23.43.73.94.0

4.24.54.95.15.35.55.76.06.36.8

7.27.88.49.09.7

10.111.412.012.814.4

15.917.218.9

1.01.01.01.01.01.0.9.8.7.7

.6

.7

.8

.8

.91.01.21.31.41.5

1.72.32.93.33.53.84.24.44.64.8

5.35.96.67.38.08.69.09.49.9

10.5

11.412.914.817.119.521.724.227.231.337.0

40.845.249.5

1. See footnote 1, table 1.2. See footnote 2, table 1.

3. See footnote 3, table 1.

NOTE.—See table 1, Note.



given type of good is a distribution ofdiscards. To account for the fact thatgoods are discarded at different ages, apattern of retirement is used. Exceptfor autos, this pattern is based on the

8. Lenore A. Epstein, "Consumers' Tangible Assets,"Studies in Income and Wealth, Volume 12, National Bureauof Economic Research, 1950; Raymond W. Goldsmith, TheNational Wealth of the United States in the Postwar Period,National Bureau of Economic Research, 1962; Marilyn DossRuffin and Katherine S. Tippett, "Service-Life Expectancyof Household Appliances: New Estimates from TJSDA,"Home Economics Research Journal, March 1975: and BLS,"Survey of Consumer Expenditures, 1960-61, ExpandingOwnership of Household Equipment," BLS Report No.238-7, November 1964, and "Consumer Expenditure SurveySeries: Interview Survey, 1972-73, Inventories of Vehiclesand Selected Household Equipment, 1973," BLS ReportNo. 455-5, 1978.

Winfrey L-2 curve, modified so thatretirements start at 25 percent and endat 215 percent of the average life.9 Themodified L-2 curve, in table G, is anasymmetrical distribution with heavydiscards shortly before the averageservice life is reached and a taperingpattern thereafter.

Valuation

The stock estimates are valued inthree different ways—at historical cost,

9. Robley Winfrey, Statistical Analyses of Industrial Pro-perty Retirement, Iowa Engineering Experiment Station,Bulletin 125, December 11,1935.

at constant cost, and at current cost.The historical-cost estimates, whichvalue each good in the gross stock atits original acquisition price, are notshown in this article, but are availableon request from BEA.

Constant-cost, or constant-dollar,estimates value each good at theprices of 1972, the same prices asthose used for constant-dollar GNP.The estimating procedure starts withgross expenditure flows expressed inconstant prices, obtained by dividingcurrent-dollar expenditure flows byappropriate price indexes. Thus, theconstant-cost stock is an estimate of

Table 3.—Constant-Dollar Gross Stock of Durable Goods Owned by Consumers, by Type, 1925-77IBillions of 1972 dollars]

Yearend Total

Motor vehiclesl

Autos Other



andbedsprings

Kitchenand

otherhousehold

appliances!


andutensils

Otherdurablehouse

furnishings3

Radioand


andmusical

nstruments

Other

Jewelryand

watches

Ophthalmicproducts


Booksand

maps

Wheelgoods,durable

toys, sportsequipment,boats, andpleasureaircraft

1925.1926-1927.1928.1929..1930..1931-1932..1933-1934-

1935-1936-1937..1938-1939-1940..1941-1942..1943-1944-

1945-1946-1947-1948-1949-1950-1951-1952-1953-1954-

1955.1956..1957.1958.1959.1960.1961.1962.1963.1964.

1965.1966.1967.1968.1969.1970.1971.1972.1973.1974.

1975.1976.1977.

133.0141.4149.1156.8165.5170.2171.8169.8167.0164.1

162.6163.3165.1164.0166.1171.1179.0181.3181.9181.3

181.8192.0207.3223.4240.5258.8273.9288.4304.0318.4

338.8358.0376.6391.0406.7421.5433.1448.2465.9485.4

511.6539.8569.5607.7645.9680.5722.6772.5830.4878.8

925.3979.0

1,038.5

30.836.741.546.251.654.855.855.355.154.2

54.054.154.753.253.656.059.158.557.957.1

56.458.564.671.079.586.792.097.0

103.0108.7

118.5126.9135.9142.1148.7155.4159.6166.4174.3181.1

191.9199.9208.1222.0234.3243.3258.3274.8294.4307.5

321.3339.3359.2

0.3.4.5.5.7.9

1.01.01.01.1

1.1l.o1.41.51.61.71.91.71.51.3

1.11.62.12.73.13.64.24.75.05.1

5.55.86.06.06.06.26.26.56.87.3

8.19.2

10.412.314.416.319.023.327.930.8

33.838.643.7

40.942.343.444.344.544.744.143.142.2

41.942.042.142.142.443.244.445.044.944.5

44.245.046.247.548.750.451.753.355.257.1

59.762.364.766.969.471.773.976.378.982.2

85.789.693.397.0

100.6103.8107.1111.1115.9120.3

124.0128.1132.9

5.86.16.56.77.07.27.47.27.27.3

7.57.98.48.79.19.6

10.510.710.29.6

9.19.9

11.613.415.117.419.521.523.525.3

27.529.832.134.136.338.139.941.643.445.3

47.349.752.154.958.061.164.268.273.077.7

81.485.189.2

15.916.016.116.416.816.716.616.616.416.2

15.915.916.016.016.016.216.717.217.217.1

17.318.519.921.422.623.825.025.826.627.2

27.828.128.228.027.827.527.226.926.726.7

27.027.828.829.931.132.433.835.437.238.7

39.540.441.4

19.019.420.020.721.522.022.222.021.420.9

20.420.520.520.520.721.021.722.222.622.7

22.924.025.226.828.330.232.033.434.535.2

36.237.238.138.939.840.641.442.543.946.0

48.551.554.658.362.466.470.976.482.9

95.0100.7107.2

2.72.82.93.13.33.63.73.73.73.6

3.53.63.73.73.94.24.64.94.94.8

4.75.35.96.57.18.39.3

10.612.013.5

15.216.818.019.120.221.122.123.124.326.1

28.632.436.941.947.353.159.166.173.981.7

90.098.9

108.6

8.08.28.58.78.99.18.98.68.27.8

7.57.27.17.07.07.17.47.78.38.8

9.510.511.312.112.813.614.214.915.616.3

17.118.018.819.620.521.221.922.623.424.2

25.427.229.231.333.535.737.840.142.745.2

47.650.253.1

1.61.6.6.5.5.5.5.5.4.5

.5

.61.71.81.92.02.22.52.83.1

3.33.73.94.24.44.54.85.05.35.5

5.65.86.06.16.36.56.66.97.27.6

8.18.68.99.29.39.39.18.98.88.8

8.88.98.9

5.75.86.16.36.56.76.86.76.56.4

6.36.36.46.56.56.66.77.07.37.9

8.69.4

10.010.510.911.411.912.412.813.1

13.413.814.114.314.514.815.115.415.916.5

17.117.918.619.320.020.821.622.223.023.8

24.725.626.7

3.33.33.33.33.33.33.23.12.92.9

2.82.93.03.13.33.53.84.14.34.5

4.75.66.57.48.18.89.4

10.010.711.4

12.313.514.615.917.218.319.320.221.122.3

23.826.028.631.635.038.341.646.050.755.0

59.163.267.7


3. See footnote 3, table 1.NOTE.—See table 1, Note.



the quality of durable goods owned byconsumers valued in 1972 prices.

Current-cost, or current-dollar, esti-mates value each good at any specifiedperiod at the prices of that period.Current-cost stock estimates are calcu-lated by applying price indexes to theconstant-cost stock estimates. Forexample, each component of the year-end 1977 stock valued at current costis the product of the yearend 1977stock valued at constant cost and theappropriate yearend 1977 price index.In effect, the current-cost stock is an

estimate of the replacement value ofdurable goods owned by consumers.

The price indexes used to derive theconstant-cost and current-cost stockestimates are the same as those usedto estimate constant-dollar PCE. Forthe most part, they are derived fromcomponents of the Consumer PriceIndex (CPI), published by BLS. Incompiling the CPI, BLS attempts toremove from reported price changesthose changes in cost that are attribut-able to changes in specifications. Thus,if a good is replaced in the constant-

dollar stock by another that is morecostly to produce in real terms, thestock rises. However, if improvedtechnology permits production of a newimproved good at the same cost as anold good of the same type, replacementof the old good by the new good doesnot raise the stock.

Depreciation and net stock

Goods are carried in the gross stockat their undepreciated values duringthe entire time they remain in stock.To estimate the net stock, depreciation

Table 4.—Constant-Dollar Net Stock of Durable Goods Owned by Consumers, by Type, 1925-77[Billions of 1972 dollars]

Yearend

1925192619271928192919301931193219331934.

193519361937. . .19381939. .19401941194219431944

194519461947194819491950. .1951195219531954

195519561957.19581959I96019611962.19631964

196519661967.19681969.1970. .197119721973. .1974

197519761977.

Total

72.778.482.887.091.992 690.786.282.278.9

77.879.481 981.283.688.288.686.282.779.2

77.484.094.1

104.9117.1134.0146.1155.0165.9174.5

187.5196.4203.3205 8211.5217.0219.7226.5236.5249.6

268 4290.1309.4333 9357.1373 4394 7423.3456 6476.7

493 3517.4547.3

Motor vehicles i

Autos

20.023.726.028.331.031 630.528 527.526.2

25.926.327 125.826.528.825.221.117.815.1

13.113.116.120.027 137.043.948.354.959.7

66.869.772.071 172.374.474 376.981.486.3

94 7102.4108.0117 3125.0127 5134 3143.0153 2154.3

155 2161.0169.3

Other

0.2.3.33

.56

.65

.5

.5

.6

.7gg

.99

1.0g

. 6

.5

4g

1.31.71 92.22 42.52.62.5

2 72.82.92 82 92.92 93.13.43.8

4 45 25.97 28.69 4

11 114 117 018.0

19 122 025.1



andbedsprings

21.121.822.723.423.823.623.222.321.220.2

19.920.220 620.621.121.923.223.523.322.7

22.222.923.924.825 727.027.928.930.131.2

32.934.735.937 038.339.440.341.542.945.0

47 249.651.753.855.757 158 660.963 766.1

67 970.072.7

Kitchenand

otherhousehold

appliances 2

3.23.43.63.73.93.93.93.73.63.7

3.94.24 64.75.05.35.95.95.34.5

4.14.96.68.19 3

11.012.213.214.?15.0

16.217.518.719 620.621.322.022.723.624.6

25 727.228.630 332.133 935.738.141 244.0

45.747.249.3


andutensils

7.67.98.08.48.78.58.48.38.18.0

7.77.78.08.08.18.28.79.08.98.7

8.89.9

10.912.012.713.313.814.014.214.3

14.514.514.314 013.713.413.213.113.013.1

13.614.315.215.916.717.518.319.220.321.0

21.121.321.6

Otherdurablehouse

furnishings3

9.910.210.611.011.511.611.511.110.410.0

9.79.9

10.110.110.410.711.311.611.811.7

11.712.613.614.715.716.917.918.418.718.7

19.019.519.920.220.721.121.522.123.124.6

26.328.430.332.635.137.339.843.147.250.9

53.656.459.8

Radioand


andmusical

instruments

1.41.51.61.71.82.02.12.01.81.7

1.71.71.81.92.12.32.62.82.72.5

2.32.83.43.74.25.15.76.47.28.1

9.19.9

10.410.711.111.411.812.413.114.3

16.219.022.225.428.732.035.239.243.748.0

52.557.562.9

Jewelryand

watches

Other

Ophthalmicproducts


4.04.24.44.64.74.84.64.23.83.5

3.33.23.23.33.43.53.84.14.65.0

5.56.26.77.17.47.77.98.38.58.9

9.49.9

10.310.711.211.511.812.112.513.0

13.815.116.417.919.220.421.522.624.125.5

26.628.129.6

0.8.8.8.8.8.8.8.7.7.7

.8

.8

. 91.01.01.11.21.41.51.7

1.92.02.12.22.32.42.52.62.82.9

2.93.03.13.13.33.33.43.63.84.0

4.34.64.74.84.84.64.44 .34 .34.4

4.44.54.5

Booksand

maps1(

3.03.03.23.33.53.63.63.43.23.1

3.03.13.23.33.33.43.53.74.04.4

4.95.55.75.96.06.26.56.66.86.9

7.07.27.37.47.57.67.88.08.38.7

9.19.7

10.110.410.711.211.511.812.212.6

13.213.614.4

Wheelgoods,durable

L,oys, sportsiquipment,boats, andpleasureaircraft

1.61.61.61.61.71.61.61.51.41.3

1.31.41.61.71.82.02.22,32.42.5

2.63.34.04.64.95.25.45.66.06.3

7.07.78.49.19.9

10.410.811.111.512.2

13.114.716.418.420.622.524.226.929.731.9

34.035.938.1


3. See footnote 3, table 1.NOTE.—-See table 1, Note.



rates are applied to these values. Thedepreciation method used to derive thenet stock estimates in tables 2 and 4 isthe straight-line formula, which assumesequal dollar depreciation each year overthe life of the good.

In the NIPA's PCE for durablegoods is not capitalized. Thus, theestimates of depreciation on consumerdurable goods shown in table 5 are notincluded in the NIPA estimates ofcapital consumption.

Autos

Numbers and ages of autos in useare available each year from Stateregistration data tabulated by the R. L.Polk Company. The methodology forderiving estimates of the stock of con-sumer autos takes advantage of thisinformation and is therefore somewhatdifferent from that for other consumerdurables, in that it is not necessary toassume an estimated service life orretirement pattern for autos.

The stock of consumer autos is esti-mated in the following manner: First,the total stock of autos in use, regard-less of ownership, is derived, as follows:(a) The number of new autos enteringthe stock, regardless of ownership, eachyear is estimated from trade associationdata, (b) Survival rates are obtainedfrom the annual Polk tabulations forautos for each year of original registra-tion, (c) The survival rates in (b) areapplied to the annual new autos seriesin (a) to derive annual estimates ofautos in use by year of original registra-tion.

Second, the total stock of autos isseparated into household and non-household stocks using Polk tabulationsfor consumer, business, and "mixed-

use" autos. (These data are also usedto derive the autos component of PCEin the NIPA's.) In this process, house-hold-owned autos that are exclusivelyfor personal use are assigned to the con-sumer stock, and "mixed-use" autos—i.e., those owned by households butused partly for business purposes—aj*eallocated between consumer and busi-ness stocks on the basis of studies of theamount of business usage of these autos.

Next, the average unit value in eachyear of original registration is deflatedby the PCE implicit price deflator fornew autos to obtain the average unitvalue in 1972 prices. The constant-dol-lar gross stock of consumer autos is ob-tained each year by multiplying thenumber of autos in each year of originalregistration by the corresponding unitvalue. The net stock is derived simi-larly, but with the use of depreciatedunit values based on straight-line de-preciation. The unit value figures aredepreciated according to a 10-year life,and a nominal net unit value is assignedto autos over 10 years old.10

Motor vehicle parts and accessories.—The stock estimates for both autos andother motor vehicles implicitly includethe value of replacement tires andparts. However, the value of nonre-placement items purchased for motorvehicles is not included. It is estimatedseparately and added to the appropriatestock. Examples of such items are snowtires and citizens band radios not in-cluded as original equipment on newmotor vehicles. Trade association dataare used to estimate the value of theseitems and to allocate them between

autos and other motor vehicles. Non-replacement items account for about 20percent of total expenditures in the"tires, tubes, accessories, and otherparts" category.

Table 5.—Personal Consumption Expendi-tures for Durable Goods, Depreciation,and Personal Consumption Expendituresfor Durable Goods Net of Depreciation,in Current and Constant Dollars, 1929-77

10. The 10-year life was estimated by an analysis of usedauto prices, which indicated that most autos have depreci-ated to a small fraction of their original value when theyreach this age.

Year

1929193019311932193319341935193619371938

1939194019411942194319441945194619471948

194919501951195219531 9 5 4 . . . .195519561 9 5 7 . . . .1 9 5 8 . . . .

1 9 5 9 . . . .19601 9 6 1 . . . .19621 9 6 3 . . . .196419651 9 6 6 . . . .19671968

19691 9 7 0 . . . .1971197219731974197519761977

Billions of dollars

Ex-pend-itures

9.27.25.53.63.54.25.16.36.95.7

6.77.89.76.96.56.78.0

15.820.422.9

25.030.829.829.132.531.838.637.939.336.8

42.443.141.646.751.456.362.867.769.680.0

85.584.997.1

111.2123.7122.0132.6156.6178.4

De-preci-ation

6.86.76.25.45.15.25.15.15.45.4

5.45.76.57.47.98.68.69.7

11.613.0

14.215.818.520.723.124.926.729.231.833.5

35.536.537.538.539.641.242.544.948.753.7

59.264.770.976.182.693.3

106.0116.8127.9

Ex-pend-ituresnet of

de-preci-ation

2.4. 5

- . 7- 1 . 8-1 .6-1 .0

01.21.5. 3

1.32.13.2

- . 5-1 .4-1 .9

- . 66.18.89.9

10.815.011.38.49.46.9

11.98.77.53.3

6.96.64.18.2

11.815.120.322.820.926.3

26.320.226.235.141.128.726.639.850.5


Ex-pend-itures

21.517.014.611.110.912.415.419.120.116.2

19.121.824.716.314.513.514.825.830.633.1

36.343.439.938.943.143.552.249.849.746.4

51.852.550.355.760.765.773.479.079.788.2

91.988.998.1

111.2121.8112.5112.7125.9137.8

De-preci-ation

15.416.016.316.115.715.214.914.815.015.0

15.115.615.415.214.814.213.615.517.118.2

19.521.323.225.327.830.333.035.337.038.3

39.740.841.943.144.446.148.251.154.558.5

62.967.071.276.181.686.791.095.7

101.0

Ex-pend-ituresnet of

de-preci-ation

6.11.0

-1 .7-5 .0-4 .8- 2 . 8

. 54 .35.11.2

4.06.29.31.1

- . 3- . 71.2

10.313.514.9

16.822.116.713.615.313.219.214.512.78.1

12.111.78.4

12.616,319.625.227.925.229.7

29.021.926.935.140.225.821.730.236.8

288-330 O - 79 - 4


By JOHN T. WOODWARD

Plant and Equipment Expenditures, Firstand Second Quarters and Second Half of 1979

JSINESS plans to spend $171.1billion for new plant and equipment in1979, 11.3 percent more than in 1978,according to the BEA quarterly surveyconducted in late January and February(table 1 and chart 5).1 Spending in 1978

I. Plans have been adjusted for biases (table 7, footnote 2).The adjustments were calculated for each industry. Beforeadjustment, plans for 1979 were $80.61 billion for manufactur-ing and $93.96 billion lor nonmanufacturing. The net effect ofthe adjustments was to lower manufacturing $3.07 billion andnonmanufacturing $0.36 billion.

Table 1.—Expenditures for New Plant andEquipment by U.S. Business: PercentChange From Preceding Year

1977Actual

1978

Planned i Actual

1979Planned

All industries.

Manufacturing.

Durable goods.

Primary me ta l s 2 . .Blast furnaces,

steelworksNonferrous

metalsElectrical machin-

eryMachinery, except

electricalTransportation

equipment 2..-Motor vehicles...Aircraft

Stone, clay, and

Other durables

Nondurable goods. . .

Food includingbeverage

TextilesPaperChemicalsPetroleumRubberOther nondurables

Nonmanufacturing

MiningRailroadAir transportation.Other transporta-

tionPublic utilities . . . .

ElectricGas and other...

Communication. _.Commercial and

other

12.7

14.6

17.3

—4.9

—10.7

3.2

25.5

14.7

47.065.47.8

15.721.3

12.4

11.512.72.82.3

19.432.512.5

11.2

12.411.424.3

—30.915.814.821.316.2

9.4

10.9

11.7

12.0

9.9

2.3

17.9

12.8

10.5

11.910.616.5

19.012.7

11.5

13.410.710.66.5

10.531.019.4

10.4

14.112.824.1

-15.314.315.010.59.8

7.1

13.3

12.4

14.0

3.4

—8.1

9.6

21.3

9.2

20.214.648.6

23.916.0

11.0

16.613.43.04.0

11.720.225.8

13.9

6.318.542.5

—3.014.314.811.417.5

11.9

11.3

14.7

19.5

11.3

19.9

7.6

25.3

25.4

20.316.831.1

17.817.7

10.4

4.61.8

30.213.75.54.8

24.6

8.6

was $153.8 billion, 13.3 percent higherthan in 1977.

Business also reported sales expecta-tions for 1979; increases expected thisyear are smaller than those realizedlast year (table 2).

The plant and equipment figures arenot adjusted for price change. As

1. Plans for 1978 are based on the survey conducted in lateJanuary and February 1978.

2. Includes industries not shown separately.

26

CHART 5

Changes in Plant and EquipmentExpenditures

Percent-50 -30 -10 0 10 30 50

ALL INDUSTRIES

Durable GoodsManufacturing

Railroad

Air Transportation

MiscellaneousTransportation

Nondurable GoodsManufacturing

Electric Utilities

Gas, Water andSanitary Services

6.417.4 Commercial and17.1 Other

14.39.9

10.28.46.2

Mining

Communication

I I I I

1978 Actual

1979 Planned

I I I I

> t I 1 t i l l

measured by the implicit price deflatorfor nonresidential fixed investment inthe national income and product ac-counts, capital goods prices increased8.2 percent in 1978, indicating that realspending on plant and equipment in-creased about 5 percent. If survey re-spondents expect capital goods prices toincrease this year at about the same rateas last year and incorporated such ex-pectations into their 1979 spendingplans, an increase in real spendingplans of about 3 percent is indicated.

Spending increased 5.5 percent in thefourth quarter of 1978, one of the largestquarter-to-quarter increases ever re-corded by the survey; this increasefollowed sizable increases in the firstthree quarters of 1978—4.4 percent inthe first, 4.5 percent in the second, and

Table 2.—Change in Business Sales: PercentChange From Preceding Year

Manufacturing

Durable goods 2

Primary metalsElectrical machin-

eryMachinery, except

electrical _ -Transportation

equipmentStone, clay, and

glass -

Nondurable goods2._

Food includingbeverage

TextilesPaperChemicals --PetroleumRubber

Trade

WholesaleRetail

Public utilities

1977Actual

12.7

14.5

10.8

14.1

10.7

20.8

15.5

10.7

6.112.8

8.310.916.814.2

10.4

10.610.2

18.8

1978

Planned1

9.2

9.5

11.0

10.3

9.9

6.8

7.1

8.9

6.96.49.7

10.811.610.7

9.4

9.89.1

10.6

Actual

12.5

14.7

16.5

14.9

16.1

12.5

24.8

10.2

11.67.5

10.211.07.88.7

13.7

17.510.2

12.1

1979Planned

10.4

10.6

11.2

11.1

12.4

7.5

6.5

10.2

10.28.99.0

11.012.510.1

9.5

9.69.4

10.2

1. Plans for 1978 are based on the survey conducted inlate January and February 1978.

2. Includes industries not shown separately.



March 1979

3.1 percent in the third. The fourth-quarter increase was considerably largerthan the 3.8 percent indicated by plansshown in the preceding quarterly surveyreported in December.

Spending plans for 1979 call forspending in the first quarter to be about

CHART 6

Plant and Equipment ExpendituresBil l ion $ (Ratio scale)

200

150

100

80

60.

ALL INDUSTRIES

y

I I I I I I 1 I I 1 I I I I 1 I I I 1 I 1 I I I I I 1 I 1 I I I I 1

half

]

cvj

-

1 1 1 1 1 1 1 I

60

40

30

20

15

10

MANUFACTURING

-

-

111 I 11 11 i 11 I 11

Nondurables^

f

i 1 i 11 1 11 i 11 i

ADurables

-

hil l . . . I . . . In.

COMMUNICATION AND COMMERCIAL

pn 1. i . I n . I . . . I . • 1 1 . . . I . . , 1. . 11. . . 1 . . 11. . . 1.

50PUBLIC UTILITIES

I . M I . I . I I H I I M I I M I . I . I I M I . I I I I I I I I M


the same as in the fourth quarter of1978. A 2.0-percent increase is plannedfor the second quarter. For the secondhalf, spending plans are not reportedon a quarterly basis. However, the im-plied average quarterly increase isabout 3% percent.

The latest plans for 1979 spendingare $0.9 billion above those indicatedin the annual survey, which was con-ducted in November and December andreported in January. That surveyshowed planned spending of $170.2billion, 11.2 percent above the $153.1billion estimate of 1978 spending indi-cated in the quarterly survey con-ducted in October and November andreported in December. The year-to-year increase indicated by the latestsurvey is almost the same as thatreported in January, because estimatesof both actual 1978 spending andplanned 1979 spending were revisedupward. Some of the component in-dustries have different year-to-yearchanges in the latest survey than thoseindicated in the November-Decembersurvey; however, because the proce-dures used in adjusting the two surveysfor biases are not the same, small differ-ences should not be interpreted asindicating significant changes in 1979plans.2

2. The bias adjustments for both surveys are computedseparately for each major industry. The adjustments for thesurveys that provide only annual data are applied to anindustry only when planned spending deviates from actualspending in the same direction in at least 5 of the last 7 years.When this criterion is met, the adjustment is derived bytaking the median deviation between planned and actualspending for the last 5 years. The bias adjustments for theJanuary-February survey, as for all surveys that includequarterly data, are computed separately for each quarterand are based on techniques that embody the experience ofthe entire postwar period.

Table 3.—Petroleum Industry Expendituresfor New Plant and Equipment by Func-tion

15TRANSPORTATION INCLUDING RAILROAD

I I I I I I I I M I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I1969 71 73 75 77

Seasonally Adjusted at Annual Rateso PlannedU.S. Department of Commerce, Bureau of Economic Analysis

79

Total

ProductionTransportation..

Refiningand petro-chemicals

Marketing

Other

Billions of dollars

Actual

1977

13.87

7.05.98

3.58.68

1.58

1978

15.50

8.18.65

3.70.84

2.12

Planned

1979 1

16.35

8.05.79

4.00.78

2.72

Percentchange from

precedingyear

1978

11.7

16.1-33.9

3.523.1

34.3

1979

5.5

- 1 . 722.0

8.0- 6 . 9

28.1

1. The reported plans are adjusted for biases when neces-sary; adjustments are applied separately to expenditures foreach function. Before adjustments, plans for 1979 were $17.11billion.

27

The plant and equipment expendi-ture survey is one of the major sourcesused in estimating the nonresidentialfixed investment component of GNP.As mentioned in the "Business Situa-tion" article earlier in this issue, BE Ais reevaluating the several sources usedin estimating this component, becausethey have given divergent indicationsof recent increases in investment.

CHART 7

Starts and Carryover of InvestmentProjects

Bil l ion $ (Ratio scale)

-MANUFACTURING

, i i i , i i , i i i

1969 7971 73 75 77

Seasonally Adjusted* Carryover as of end of periodU.S. Department of Commerce, Bureau of Economic Analysis 79-3-7



Realization of 1978 plans.—In thesuccessive quarterly surveys of 1978investment programs, businesses gen-erally revised their spending plansupward. The actual spending increaseof 13.3 percent for the year comparedwith plans early in the year for a10.9-percent increase. Upward revisionsoccurred in both manufacturing andnonmanufacturing industries, but werelargest in nonmanufacturing, especiallyin the transportation, communication,and commercial groups. In manufac-turing, sizable upward revisions oc-curred in electrical machinery, stone-clay-glass, motor vehicles, aircraft,"other durables" and "other non-durables"; sizable downward revisionsoccurred in primary metals, paper, andrubber.

Table 5.—Manufacturers' Evaluation of Their Plant and Equipment Facilities l

[Percent distribution of gross capital assets]

More plant and equipment needed:

All manufacturingDurable goods 2

Primary metalsMetal fabricators 3

Nondurable goods 2

Food including beverageChemicalsPetroleum

About adequate:


Primary metalsMetal fabricators 3

Nondurable goods 2


Existing plant and equipment exceedsneeds:


Primary metalsMetal fabricators3

Nondurable goods 2


1977

Mar. 31 June 30 Sept. 30 Dec. 31

1978

Mar. 31 June 30 Sept. 30 Dec. 31

3535263835324539

5857625659604461

78

12

110

1. According to respondent companies' characterizations of their plant and equipment facilities, taking into accounttheir current and prospective sales for the next 12 months.

2. Includes industries not shown separately.3. Includes machinery, transportation equipment, and fabricated metals.

Table 4.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities[Billions of dollars]

Manufacturing _._ _ .

Durable goods 3. .Primary metals . . . _ . . . . . .Electrical machineryMachinery, except electrical..Transportation equipment 4

Stone, clay, and glass

Nondurable goods 3

Food including beverageTextilesPaper . _ChemicalsPetroleum

Public utilities

Manufacturing

Durable goods 3

Primary metalsElectrical machineryMachinery, except electricalTransportation equipment4


Nondurable goods 3

Food including beverageTextiles...PaperChemicalsPetroleum

Public utilities

Starts i

1976

51.05

24.305.183.045.423.871.83

26.763.89.90

2.945 22

10.93

29.66

1977

€6.73

30.435.433.626.196.322.33

36.304.41.96

4.146.98

16.04

32.54

1978

72. 44

34.926.024.266.797.823.17

37.524.961.053.387.04

16.57

34.93

1977

I

14.71

6.701.12.60

1.44

!46

8.01.83.24.80

1 693.59

15.55

15.26

7.001.02.66

1.551.53.50

8 26.92.22.75

1.843.62

9.76

I I

15.81

7.441.24.96

1.411.70.61

8.381.18.22.86

1 763.23

2.19

15.15

7.471.381.031.341.60.62

7 681.16.22.86

1.592.78

3.79

I I I

18.94

8.391.751.061.801.03.63

10.551.37.22

1.292 044.73

8.22

19.81

8.611.881.121.951.59.56

11 201.30.21

1.462.075.20

10.23

IV

17.26

7.901.321.001.531.49.63

9.371.02.27

1.191 504.49

6.57

16.54

7.401.11. 77

1.411.64.65

9.141.01.30

1.141.434.38

7.99

1978

I

16.96

8.081.221.101.551.57.87

8.881.22.31.84

1 554.02

13.55

17.41

8.351.211.171.611.56.93

9.061.35.29.73

1.773.95

7.98

I I

18.62

8.961.481.061.782.27.78

9.671.14.27.70

1.794.59

4.83

I I I

16.37

8.331.59.91

1.601.94.71

8.041.16.20.73

1.793.10

3.37

IV

20.50

9.571.731.191.852.03.82

10.931.44.27

1.121.914.87

13.18

Carryover 2

1977

Mar.

38.44

16.706.111.752.662.561.11

21.742.33.39

2.176.249.23

118.22

Seasonally adjusted

18.10

9.041.671.191.732.12.78

9 061.10.26.72

1.594.34

7.78

16.96

8.291.57.90

1.631.95.62

8.671.07.20.76

1.793.66

4.40

19.97

9.381.521.021.832.34.84

10.581.43.28

1.061.934.51

14.00

38.36

16.545.961.702.632.581.12

21.822.34

.392.116.339.29

115.45

June

39.41

17.355.961.962.702.891.22

22.062.48.37

2.226.328.98

114.04

38.65

17.205.941.952.612.841.24

21.452.48

.372.136.268.59

112.92

Sept.

42.74

18.566.232.163.023.101.34

24.182.75.36

2.666. 64

10.03

115.66

42.70

18.506.322.213.033.021.28

24.202.71

.342.746.56

10.11

116. 59

Dec.

42.82

18.465.932.102.943.101.42

24.362.56.40

2.896.16

10.67

114.95

43.90

18.866.012.113.053.231.45

25.042.58

.433.046.20

11.02

118.02

1978

Mar.

46.10

20.176.052.473.123.371.78

25.942.73.47

3.056.24

11.65

122.36

45.91

20.025.942.403.123.361.81

25.892.73

.473.016.34

11.55

119.02

June

47.96

21.336.072.623.314.021.96

26.632.60.46

2.976.28

12.34

120.05

47.22

21.216.112. 633.243.931.99

26.002.61

.452.926.17

11.98

119.69

Sept.

47.44

21.696.162.513.344.362.06

25.752.60.39

2.806.31

11. 60

115.99

47.23

21.446.192.513.294.251.98

25.792.57

.392.806.20

11.80

117.05

Dec.

47.54

21.726.092.383. 434.522.13

25.822.65.41

2.806.10

11.64

120.40

48.80

22.326.142.443.564.782.16

26.472.68

.422.906.23

11.88

123.11

1. Starts are estimated by adding changes in carryover to expenditures during the givenperiod.

2. Carryover refers to expenditures yet to be incurred on plant and equipment projects al-ready underway at the end of the period.

3. Includes industries not shown separately.4. Includes guided missiles and space vehicles.


March 1979 SUKVEY OF CURRENT BUSINESS 29

CHART 8 CHART 9

Manufacturers' Capacity Utilization Rateby Major Industry Groups

Manufacturers' Evaluation of Plant andEquipment Facilities*

Percent of Capital Assets Held by RespondentsReporting—60 r

88

84

80

76

7?n

1 1 1 1 1 1

Nondurable Goods

rA/Durable | A // Goods Y /I 1 I I I 1 I I ii i i i i i i I i i i I i i 11 i i i 1 1 1 1 I .LJ -

Primary-Processed

1969 71 73 75 77 79Seasonally Adjusted

U.S. Department of Commerce, Bureau of Economic Analysis 79-3-8

0 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I M I l I I 1 1 1

1969 71 73 75 77 79*Relative to prospective operations during the ensuing 12-month period.

U.S. Department of Commerce, Bureau of Economic Analysis 79 3

Table 6.—-Manufacturers' Capacity Utilization Rates: Operating Rates and Ratios of Operating to Preferred Rates l

[Seasonally adjusted]

Industry and asset size

Operating rates (percent)

1977

March June Sept. Dec.

1978

March June Sept. Dec,

Ratios of operating to preferred rates

1977

March June Sept. Dec

1978

March June Sept. Dec.

All manufacturing

Asset size:$100.0 million and over$10.0 to $99.9 million...Under $10.0 million

Durable goods 2

Asset size:$100.0 million and over$10.0 to $99.9 million...Under $10.0 million....

Primary metalsElectrical machineryMachinery, except electrical.Transportation equipment3.

Motor vehiclesAircraft


Nondurable goods 4

Asset size:$100.0 million and over$10.0 to $99.9 million...Under $10.0million....

Food including beverageTextilesPaperC hemicalsPetroleumRubber

Primary-processed goods 8

Advanced-processed goods 9

83

887876

78818791

1066979

82

84

897876

84848990

1047180

82

838079

768786799187

8484

82 82 84 83 84 0.87

.90

.85

.85

.87

0.89

.91

.85

.87

.91

.85

.87

.94

.92

.88

.89

0.87

.89

.86

.87

0.87

.88

.86

.84

.87

.89

.83

.87

.86

0.88

.90

0.90

.91

.91

.96

.87

.94

.75

.87

.89

.91

.88

.87

.87

.93

.87

.93

.90

.90

0.88

.90

.87

.83

.88

.90

.89

.87

0.90

.92

.88

.84

.90

.91

.87

.85

.92

.91

.98

.87

.93

.77

.91

.89

.92

.88

.84

.87

.88

.92

.91

.93

.89

.90

1. The survey asks manufacturers to report actual and preferred rates of capacity utilizationfor the last month of each quarter. Utilization rates for industry and asset-size groups areweighted averages of individual company rates. See "The Utilization of ManufacturingCapacity, 1965-73," SURVEY OF CURRENT BUSINESS, July 1974, p. 47.

2. Also includes lumber, furniture, fabricated metals, instruments, and miscellaneous.3. Also includes other transportation equipment.

4. Also includes tobacco, apparel, printing-publishing, and leather.5. Consists of lumber; stone, clay, and glass; primary metals; fabricated metals; textiles;

paper; chemicals (at H weight); petroleum; and rubber.6. Consists of furniture, electrical machinery, machinery except electrical, motor vehicles,

aircraft, other transportation equipment, instruments, food including beverage, tobacco,apparel, printing-publishing, chemicals (at \b weight), leather, and miscellaneous.



Manufacturing Programs

Manufacturers' spending increased 8percent in the fourth quarter to anannual rate of $73.2 billion, following a1-percent increase in the third. Non-durables increased 10% percent anddurables, 5^ percent. Manufacturersplan a decline in spending of 1% percentin the first quarter of 1979 and anincrease of 5}i percent in the second.The decline in the first quarter is innondurables; the increase in the secondquarter is primarily in durables. Bothgroups plan sizable increases in thesecond half.

Manufacturers plan to spend $77.5billion in 1979, 14.7 percent more thanthey spent last year. Durables andnondurables plan increases of 19% per-cent and 10% percent, respectively.

The largest increases are in aircraft (31percent), paper (30 percent), electricalmachinery (25 percent), nonelectricalmachinery (25 percent), and "othernondurables" (25 percent). Iron andsteel, stone-clay-glass, "other durables",motor vehicles, and chemicals plan in-creases ranging between 14 and 20 per-cent. Petroleum, rubber, and food-beverage plan increases of about 5percent. Petroleum companies areplanning large increases in spending fortransportation facilities and nonpetro-leum activities (table 3).

Manufacturing projects started in thefourth quarter of 1978 totaled $20.0billion, an 18-percent increase over thethird quarter (table 4). The increasewas larger in nondurables (22 percent)

than in durables (13 percent); sizableincreases were reported by petroleum,paper, food-beverage, motor vehicles,and stone-clay-glass. In the fourthquarter, the value of projects startedwas larger than spending so that carry-over increased. At the end of December,carryover was $48.8 billion, $1.6 billionmore than at the end of September.

Capacity utilization

The utilization of manufacturing ca-pacity rose 1 point from September toDecember, after having declined 1point from June to September (table 5and chart 8). The December rate—84percent—is 2 points below the prere-cession peak reached in March and Juneof 1973; the utilization rate reported in

Table 7.—Expenditures for New Plant and Equipment by U.S. Business l

[Billions of dollars]

1977

135.80

60.16

27.775.682.672.24

3.285.76

5.324.061.02

1.995.73

32.394.18.92

3.366.83

13.871.451.78

75.64

4.50

2.80

1.62

2.51

25.8021.594.21

15.45

22.97

1978

153.82

67.62

31.665.872.462.45

3.986.29

6.404.651.51

2.466.65

35.964.871.043.467.10

15.501.752.24

86.19

4.78

3.32

2.30

2.43

29.4824.794.70

18.16

25.71

19792

171.14

77.54

37.846.542.952.64

4.997.89

7.695.441.98

2.907.83

39.705.101.064.518.07

16.351.832.79

93.60

5.08

3.90

2.70

2.78

32.4027.325.09

19.28

27.45

Seasonally unadjusted

1977

III

34.82

15.60

7.171.49.69.58

.851.48

1.411.04.30

.511.43

8.431.11.24.85

1.723.69.39.44

19.21

1.17

.78

.39

.50

6.615.411.20

4.03

5.73

IV

38.06

17.19

8.001.61.74.66

1.071.61

1.491.16.28

.561.66

9.181.21.23.96

1.983.85.45.50

20.87

1.15

.76

.46

.63

7.286.061.21

4.26

6.33

1978

I

32.35

13.67

6.361.10.45.47

.731.37

1.301.00.25

.501.36

7.311.05.24.67

1.473.03.36.47

18.68

1.07

.71

.52

.51

6.155.27.88

3.97

5.76

II

37.89

16.76

7.791.46.65.59

.921.60

1.621.24.32

.601.60

8.971.27.27.78

1.753.90.47.52

21.13

1.22

.83

.60

.60

7.146.011.13

4.56

6.18

I I I

38.67

16.89

7.971.50.62.60

1.011.57

1.611.16.39

.621.66

8.921.16.27.89

1.753.84.44.57

21.78

1.24

.84

.54

.62

7.436.111.32

4.68

6.43

I V

44.91

20.30

9.531.81.74.79

1.331.76

1.871.26.54

.742.03

10.771.39.25

1.122.124.73.47.68

24.61

1.26

.94

.64

.71

8.787.401.37

4.96

7.34

1979

12

36.97

15.97

7.571.29.57.52

.921.55

1.531.10.36

.621.66

8.401.14.24.88

1.733.39.36.67

21.00

1.28

.80

.64

.62

7.126.16

.97

ilO. 53

112

42.07

18.91

9.201.60.71.65

1.171.83

1.931.38.48

.741.93

9.721.28.27

1.111.983.97.47.64

23.16

1.23

.83

.68

.77

8.006.781.22

11.63

2dhalf 2

92.10

42.66

21.073.651.661.46

2.904.51

4.242.951.15

1.544.24

21.592.68.55

2.524.368.991.011.48

49.44

2.57

2.26

1.37

1.38

17.2814.382.90

24.57


1977

III

140.38

63.02

29.235.982.832.30

3.456.09

5.634.181.17

2.125.96

33.794.30.94

3.417.08

14.701.601.75

77.36

4.74

3.20

1.69

1.96

26.2221.904.32

J16.40

123.14

I V

138.11

61.41

28.195.692.462.39

3.515.56

5.734.441.08

1.945.76

33.224.58.87

3.327.15

13.851.621.81

76.70

4.50

2.80

1.76

2.32

26.2322.054.18

15.82

23.27

1978

I

144.25

61.57

28.725.132.202.10

3.526.15

5.714.331.15

2.265.94

32.864.801.013.066.53

13.681.662.10

82.68

4.45

3.35

2.67

2.44

27.9223.154.78

17.07

24.76

II

150.76

67.20

31.405.992.682.41

3.836.45

6.224.741.26

2.436.49

35.804.91l . U3.237.04

15.621.802.08

83.56

4.81

3.09

2.08

2.23

28.4623.834.62

18.18

24.71

III

155.41

67.75

32.255.942.482.38

4.076.32

6.504.841.44

2.526.90

35.504.441.063.547.08

15.331.762.30

87.66

4.99

3.38

2.20

2.47

29.6224.924.70

18.90

26.09

I V

163.96

73.24

33.996.302.432.83

4.366.26

7.284.792.22

2.647.16

39.265.29.98

3.857.61

17.371.752.40

90.71

4.98

3.49

2.39

2.55

31.7326.954.78

18.46

27.12

1979

12

164.23

71.97

34.186.032.802.31

4.446.96

6.704.801.64

2.787.27

37.785.19.99

4.037.64

15.281.623.03

92.26

5.35

3.77

3.28

3.01

32.3027.065.24

U4.54

112

167.52

75.90

37.096.542.942.68

4.907.38

7.425.281.85

3.037.82

38.814.931.104.597.96

15.891.802.53

91.62

4.89

3.11

2.36

2.89

31.9126.924.98

46.46

2dhalf 2

176.09

80.93

39.886.733.002.75

5.248.52

8.385.872.23

2.928.08

41.055.131.074.638.29

17.211.942.79

95.16

5.12

4.42

2.67

2.63

32.7727.655.13

47.55

All industries

Manufacturing

Durable goodsPrimary metals 3 -

Blast furnaces, steel worksNonferrous metals

Electrical machinery

Machinery, except electrical-

Transportation equipment 3 .Motor vehiclesAircraft*

Stone, clay, and glassOther durables5

Nondurable goodsFood including beverageTextilesPaperChemicalsPetroleumRubberOther nondurables8

Non manufacturing

Mining

Railroad

Air transportation

Other t ransportat ion. . . .

Public utilitiesElectric

Gas and other

Communication

Commercial and other 7

1. Excludes agricultural business; real estate; medical, legal, educational, and culturalservices; and nonprofit organizations.

2. Estimates are based on planned capital expenditures reported by business in late Januaryand February 1979. The estimates for the first quarter, second quarter, and second half of 1979have been corrected for biases. The adjustment procedures are described in the February 1970issue of the SURVEY. Before adjustment, plans were $174.57 billion for all industries, $80.61billion for manufacturing, and $93.96 billion for nonmanufacturing.

3. Includes industries not shown separately.4. Includes guided missiles and space vehicles.5. Consists of fabricated metal, lumber, furniture, instruments, and miscellaneous.6. Consists of apparel, tobacco, leather, and printing-publishing.7. Consists of trade, service, construction, finance, and insurance.


March 1979 SUEVEY OF CUKKENT BUSINESS 31

the survey has varied between 82 and84 percent for the past 2 years.

The utilization rate for durable goodsindustries rose 2 points from Septemberto December, to 85 percent. Motorvehicles rose 6 points, to 96 percent;the September rate for motor vehiclesreflected some effects of a railroadstrike in the East. Stone-clay-glass rose4 points, to 84 percent; aircraft, 3points, to 72 percent; and nonelectricalmachinery, 2 points, to 92 percent. Therate for nondurable goods industriesrose 1 point, to 83 percent, primarily re-flecting rises of 4 points for chemicals,to 83 percent, and 2 points for paper,to 89 percent.

Primary-processed goods industriesreported a utilization rate of 85 percentin December, a 1-point rise fromSeptember; advanced-processed goodsindustries reported 84 percent, a 2-point rise.

The utilization rate reported by large-sized firms rose 2 points, to 87 percent;medium- and small-sized firms were

unchanged at 81 and 77 percent,respectively.

Manufacturing companies owning 35percent of fixed assets reported a needfor more facilities as of the end ofDecember, 2 points above the percent-age reported at the end of September(table 6 and chart 9). Facilities viewedas about adequate declined 1 point, to58 percent, and facilities viewed as inexcess of needs declined 1 point, to 7percent.

Nonmanufacturing Programs

Spending for plant and equipment bynonmanufacturing industries increased3% percent in the fourth quarter of 1978,to an annual rate of $90.7 billion, fol-lowing a 5-percent increase in the thirdquarter. Air transportation and electricutilities reported the largest fourth-quarter increases. A 2-percent increaseis planned in the first quarter and a 1-percent decline in the second. Plans forthe second half imply an average quar-terly increase of about 2}i percent.

For 1979, planned spending by non-manufacturing totals $93.6 billion, 8%percent more than spending last year.The largest increases are planned by thetransportation industries—railroads (17percent), airlines (17 percent), and"other transportation" (14 percent).Electric utilities plan a 10-percent in-crease, compared with 15 percent lastyear. According to Electrical World mag-azine, increases in spending by electricutilities for new generating facilities aresmaller this year than last, but increasesin spending on transmission and distri-bution facilities are larger. Gas utilitiesand commercial, communications, andmining firms plan spending increasesthis year ranging between 6 and 8%percent.

Starts of new projects by public utili-ties in the fouth quarter totaled $14.0billion, compared with $4.4 billion in thethird quarter; carryover of utility proj-ects increased $6.1 billion during thefourth quarter, to $123.1 billion at theend of December.


By WILLIAM K. CHUNG

Capital Expenditures by Majority-Owned ForeignAffiliates of U.S. Companies, 1979

]VLLAJORITY-owned foreign affiliatesof U.S. companies plan a 15-percent in-crease in capital expenditures, to $35.2billion, in 1979, following an 11-percentincrease in 1978 (chart 10 and tableI)-1

By area, affiliates in developed coun-tries plan a 14-percent increase, to$26.1 billion, compared with a 12-per-cent increase in 1978. In developingcountries, a 17-percent increase, to$7.6 billion, is planned, about thesame rate of increase as last year.Affiliates in "international and unal-located"—mainly those with shippingoperations spanning more than onegeographic area—plan a 22-percent in-crease, to $1.4 billion, following a 20-percent decline.

By industry, petroleum affiliates plana 7-percent increase, to $10.7 billion,about the same as in 1978. In manu-facturing, affiliates plan to increasespending 19 percent, to $17.1 billion,following a 13-percent increase. In otherindustries, an 18-percent increase, to$7.3 billion, is planned, following a14-percent increase (table 2).

For 1978, these plans, which werereported last December, were reviseddownward from plans reported 6 monthsearlier. The downward revision waslargely accounted for by manufacturing

NOTE.— The estimates were prepared by-Jeffrey H. Lowe.

affiliates in Europe and by petroleumaffiliates in developing countries and in"international and unallocated," mainlytanker operations. Spending by Euro-pean manufacturing affiliates that wereto be sold late in the year was reduced,and several expansion projects werepostponed or canceled by petroleum

1. Capital expenditures are expenditures that are made toacquire, add to, or improve property, plant, and equipment,and that are charged to capital accounts. They are on a grossbasis; sales and other dispositions of fixed assets are not nettedagainst them. A majority-owned foreign affiliate is a foreignbusiness enterprise in which a U.S. company owns, directlyor indirectly, at least 50 percent of the voting rights. Thesedata are universe estimates based on BEA's semiannualsample survey. The latest survey, taken in December 1978,covered about 5,000 majority-owned foreign affiliates. Seethe December 1973 SURVEY OF CURRENT BUSINESS, pp.21-23, for a description of the methodology used in preparingthe estimates.

32

affiliates in "international and un-allocated."

For 1979, the latest plans were alsorevised downward. However, the per-cent increase from 1978 remains aboutthe same, because the 1978 base waslower. The 1979 downward revision iscentered in petroleum and primarily

Capital Expenditures by Majority-Owned Foreign Affiliatesof U.S. Companies

(Ratio scale)

I 1 I I I I I 1 I I I I

CHART 10

Billion $I 40

BY AREA

20

Latin America ..•' f/-

s International

and Unallocated

Other• Developed /*

_ Countries /

1966 68 70 72 74 76 78• Planned


I I I I I I I I I I I I I I .2

1966 68 70 72 74 76 78


March 1979 SUEVEY OF CUEEENT BUSINESS 33

reflects the fact that in the earlier sur-vey a number of large petroleum com-panies were not able to provide reliableestimates of their 1979 spending.

Capital expenditures are reported toBE A in current dollars; they are notadjusted for price changes in host coun-tries or for changes in the value offoreign currencies relative to the dollar.At the time the 1978-79 spending planswere made, major host countries wereexperiencing inflation and the currenciesof a number of them were appreciatingagainst the dollar. Because the dataneeded to assess the quantitative impactof these changes on spending are un-available, it is not possible to adjustthe spending estimates for the changes.However, inflation and currency appre-ciation probably accounted for more ofthe increase in spending than additionsto productive capacity in both years.

Table 2.-—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies,Selected Areas and Industries, Latest Plans for 1978 and 1979

All areas..

Developed countriesD eveloping countriesInternational and unallocated.

All areas

D eveloped countriesD eveloping countriesInternational and unallocated.

1978

Total Petroleum Manu-facturing

Other i

1979

Total Petroleum Manu-facturing

Other i

Precent change from preceding year

11

1216

- 2 0

7

1215

- 5 7

13

1313

14

102619

15

141722

7

66

38

19

1922

18

133415

Millions of dollars

30,596

22,9176,4931,186

10,012

6,5793,103

330

14,353

12,2992,054

6,231

4,0381,336

856

35,177

26,1477,5881,442

10,734

6,9873,291

456

17,102

14,5972,505

7,341

4,5631,792

985

1. Consists of mining and smelting, trade, and "other" industries, which are shown separately in table 1.

Petroleum

Petroleum affiliates plan to increasespending 7 percent, to $10.7 billion,

increase—67 percent, to $0.8 billion—is planned in Norway, compared with a10-percent increase in 1978 (tables 3A,3B, and 3C). The increase is for North

about the same as in 1978. The sharpest Sea exploration and development, as

Table 1.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, 1973-79

Percent change from preceding year

Actual expenditures

1974 1975 1976 1977

Latest plans i

1978 1979

Earlier plans 2

1978 1979

Billions of dollars

Actual expenditures

1973 1974 1975 1976 1977

Latest plans *

1978 1979

Earlier plans 2

1978 1979

Total.

By industry

Mining and smelting..Petroleum

Manufacturing.

Food productsPaper and allied productsChemicals and allied products.

Rubber productsPrimary and fabricated metals..Machinery, except electrical

Electrical machineryTransportation equipment..Other

Trade-Other..

By area

Developed countries

Canada..Europe. .

European Communities (9).FranceGermanyUnited KingdomOther

Other

JapanAustralia, New Zealand, and South

Africa

Developing countries..

Latin AmericaOther AfricaMiddle EastOther Asia and Pacific.

International and unallocated..

23

- 223

26

244054

20

28

27388

51

- 2

- 3

- 2 125

3- 5

- 1 0

- 2 3- 1 1

10

413

14

1322

- 937

(•)22

(*)

18

1225520

- 2 3

- 2 1- 1 1

(*)- 1 5

10

- 2 2- 1- 4

- 4- 1 4

- 3 29

- 5

11- 1 1

- 1 1- 3 7- 9- 1

- 1 8

- 1 5

- 1 9

- 1 4- 1 8- 1 7- 3 5

11

20

- 228312

- 1 7

(*)

13

2030

- 3

- 714

112917

2213

12

513,

145

311645

44

19

17

2017

- 1 151

- 2 0

15

19

14

1018

161520122034

10

- 1

17

2419

- 1 226

22

15

14

120

216

37255

15

23

16

25

2737

- 357

- 5

16

2221

15

10- 924

25- 1 2

19

191514

149

!0.5

1.16.4

9.2

1.4

.3

.82.6

.91.2.8

1.72.0

14.2

4.28.3

7.31.31.92.41.61.0

1.0

4.2

2.3.4

2.1

25.3

1.1

7.8

11.6

.7

.92.1.4.7

3.11.11.61.1

2.12.6

17.8

5.510.2

1.52.32.72.41.4

1.2

5.4

2.9.6.8

1.1

2.0

26.8

1.2

8.9

11.3

.7

.72.5.4..7

.91.41.3

2.43.1

18.8

5.011.7

9.91.92.18.62.31.8

1.2

6.4

3.1.7

1.31.3

1.7

24.7

.9

7.9

10.9

.7

.62.7.3.7

2.7

1.41.1

1.63.3

17.8

5.610.5

8.81.21.93.62.21.6

1.0

5.1

2.6.6

1.1.8

1.8

27.5

12.7

.72.4

1.01.81.3

1.83.1

20.4

6.212.4

10.71.52.04.72.51.7

1.1

5.6

2.6.7

1.4.8

1.5

30.6

10.0

14.4

1.0.9

2.4.2.6

4.2

1.12.41.5

2.13.5

22.9

6.514.0

12.21.52.65.52.61.8

1.1

1.3

6.5

3.1.9

1.31.3

1.2

35.2

.710.7

17.1

1.11.12.7

.65.1

1.23.31.8

2.54.2

26.1

7.116.5

14.11.83.26.13.12.4

1.2

1.3

7.6

3.81.01.11.6

1.4

31.8

.610.215.2

1.11.02.5

.3

.74.3

1.12.61.5

2.03.8

23.3

6.214.9

12.91.62.75.92.72.0

.9

1.3

7.0

3.31.01.41.3

1.4

36.8

.712.3

17.4

1.2.9

3.1

.4

.65.1

1.33.01.7

2.34.1

27.1

7.517.1

14.81.82.97.13.02.3

1.1

1.4

8.1

4.11.21.31.5

1.6

*Less than 0.5 percent (±).1. Based on the BE A survey taken in December 1978.

2. Based on the BEA survey taken in June 1978.


34 SUEVEY OF CURRENT BUSINESS March 1979

Table 3A.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1977 1

[Millions of dollars]

Allindus-tries

Miningand

smelt-ing

Petro-leum

Manufacturing

Total Foodproducts

Paperand

alliedproducts

Chemi-cals and

alliedproducts

Rubberproducts

Primaryand fab-ricatedmetals

Machin-ery,

exceptelectrical

Electri-cal ma-chinery

Transpor-tationequip-ment

Othermanufac-

turing

TradeOtherindus-tries

All countries

Developed countries...

Canada

Europe

European Communities (9) _.Belgium and Luxembourg.FranceGermanyI ta ly . . .NetherlandsDenmarkIrelandUnited Kingdom

OtherNorwaySpainSwedenSwitzerland .Other

Japan

Australia, New Zealand and SouthAfrica

AustraliaNew Zealand-South Africa..

Developing countries-

Latin America

Latin American Republics.ArgentinaBrazilChileColombiaMexicoPanamaPeruVenezuelaOther Central America_ _.Other and unallocated

Other Western Hemisphere.BahamasBermudaJamaicaOther and unallocated

Other Africa.

LiberiaLibyaNigeriaOther and unallocated-

Middle East .

IranOther and unallocated.

Other Asia and Pacific.

IndiaIndonesiaKorea..PhilippinesOther and unallocated.

International and unallocated

27,507

20,443

6,169

12,399

10,666537

1,4732,009

727716124364

4,717

1,733542486191278237

762

1,112

77752

283

5,575

2,564

2,278219970

171383392290

3358466

287932

16175

749

5577

104513

1,417

791,337

845

2423683

106397

1,489

628

502

371

8

5000

(*)0014

43

(*)001

1

122

103(D)(D)

126

81

604

122152

(D)05

(D)

21102

18

6

3003

1

839

01100

28

9,317

5,856

1,832

3,619

3,07419

100197488732

1912,400

54544743245

26

101

303

1871997

2,690

412

26164334

4223

(D)1331

(D)

1519

140

644

217784

461

1,222

581,164

413

11952622

169

771

12,730

10,905

2,800

7,132

6,590ACQHXjif

1,1211,662

59951621

1642,037

54138

2531492080

552

421

3331177

1,825

1,464

1,44881

7366

86263

58

2252612

17(*)(*)

114

41

(*)0

1328

39

930

280

21134769

129

862

661

173

402

350

486532

10389

72

52(*)

44225

32

53

311

22

201

145

1454

44(*)

65032

2484

(*)0

(*)(*)C)

1

00

( • )

1

(•)

(*)( • )

55

C)

4212

702

612

443

142

1275

23

C)

C)

C)

16

(D)

8

2,435

2,054

706

1,228

1,13322114814935

1573

18403

952

49

70

531

16

382

329

31811

1861

2454

C)

31

265

176

63

93

8112188

12

030

12032

C)

C)

(*)

C)

507

82

414

3813

43726

35(*)(*)

221

33176721

513

188

147

147122223

1401

(*)

21

<*2\

C)

(C)

C)

3,648

3,359

367

2,601

2,479109535570341

()

122C)

2

(°)(P)

4(*)

289

26013

1770

12560

(*)

(*)C)

C)

(*)

(*)

(*)

C)

979

786

188

549

4865849

156

92

(P)19

(P)

25

193

113

1104

85

80

(*)

55

44

1,840

1,657

583

922

79625

1693631354

C)3

170126

n'(P)

1

16

116

183

174

17412

113

C)

C)

(*)

( • )

1,304

1,094

195

780

7572588

27621421

132173

23

213

75

44

311

12

210

1381371567

(*)

(*)

C)

1,762

1,399

203

1,000

71534

1921315995

(P)(P)

182

286194618

15250

67

128

641549

363

281

27231

12218

5421

4554

C)

2

C)

3,070

1,780

962

639

2821560182017

35735

144C)

9979

40

137

90

571

327

237396741

15

521723

898201

43

3003

11

141

11130

60

C)

31

718

*Less than $500,000.D Suppressed to avoid disclosure of data of individual reporters.



March 1979 SUKVEY OF CUEKENT BUSINESS 35Table 3B.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 1978 1


Allindus-tries

Miningand

smelt-ing

Petro-leum

Manufacturing

Total Foodproducts

Paperand

alliedproducts

Chemi-cals andallied

products

Rubberproducts


Machin-ery,

exceptelectrical



Othermanufac-

turingTrade

Otherindus-tries

All countries...

Developed countries..

Canada

Europe .

European Communities (9). _Belgium and Luxembourg.FranceGermanyItalyNetherlands.DenmarkIrelandUnited Kingdom

OtherNorwaySpainSwedenSwitzerland.Other

Japan.

Australia, New Zealand and SouthAfrica...

Australia.New Zealand-South Africa..

Developing countries..

Latin AmericaLatin American Republics.

ArgentinaBrazilChileColombiaMexicoPanamaPeruVenezuelaOther Central A m e r i c a -Other and unallocated-._

Other Western Hemisphere.BahamasBermuda...JamaicaOther and unallocated

Other Africa.

LiberiaLibyaNigeriaOther and unallocated.

Middle East

IranOther and unallocated.

Other Asia and Pacific.

IndiaIndonesia. _KoreaPhilippines

Other and unal located-

International and unallocated..

30,596

22,917

6,479

14,014

12,189397

1,5392,632

893908151209

5,459

1,825592498176289270

1,095

1,328

1,05249

227

6,493

3,076

2,754324

1,08423

16638326

120409113104

323111

220

189

875

61128135551

1,268

1001,168

1,274

25336

79

1,186

625

470

268

000

00

C)001

193

1781

15

155

103

791

37152

24

8450

2100

24

10,012

6,579

1,860

4,156

3,537(D)()

27165

1464371

2,799

61949154311033

232

331

276(D)(D)

3,103

578

40912146

(D)44

14

(D)152956

170182

(•)150

751

25127100498

1,068

671,001

706

1272

()346

330

14,353

12,299

3,223

7,882

7,356304

1,1022,150

742

1282,264

52625

2621253479

693

501

3971390

2,054

1,649

1,62997

7616

112295

4715

19(*)(*)

127

64

(*)0

2737

44

1727

297

221716

112131

1,032

752

177

440

40117545632

123164

99

C)

64

352

27

280

186

1867

621

D)5831

25

C)

(*)

8

(*)(*)(*)(*)

92

8(*)

910

815

508

272

2587

253

57105

(*)

21

o

(*)

()(*)CD)

2,375

1,954

822

990

9128586

15458

1503

21355

781

461759

77

64

431

21

422

33231911

1221

2664

(*)

(*)(*)

13

248

168

69

84

7819208103

(*)018

7011

4

1

14

1013

79

69

69825089011440

(*)00

(•)0

1

(*)001

1

10

8

21041

646

491

83

396

376836979471

(*)179

209255

(*)

6

6

411

155

121

120101622230

(•)6431

(*)000

(*)

24

00123

C)0

C)10

1(*)

054

4,165

3,759

460

2,937

2,821916057013868011

956

115(D)

13(D)(D)

21

303

60

54(*)

5

406

374

3732027606700

(*)2

(•)CO(*)

00

(*)0

(*)

000

1

1(*)

31

301

26

1,082

893

193

625

54628621731302554

119

78(D)

20(D)(D)

27

42

33

3012

188

101

97868

(*)

90

(•)(D)(D)

1

40013

(D)

00

(D)2

(D)

(D)6

63

(D)44

(D)44

2,374

2,178

702

1,213

1,066251056361565

(•)(*)220

1470

143112

85

178

157318

196

182

18216951

(D)300

(*)(D)

00

00000

1

0001

1

01

12

(*)0

(•)47

1,522

1,288

208

925

2511032345392

97257

272518

11

94

61

462

13

234

208

2071775

131144

<*)

(*)

(*)

2,140

1,732

264

1,203

94128

26518661

104212

274

262245120

11652

124

141

831443

408

318

34150

17

6631

34

10C)

16

11

24

123

50

2(*)

44

39

(*)

3,466

1,836

864

)262421588

)41550

131(*)

130105

162

118

773

428

7190

31610

2120

101930

(*)

33033

130

14116

175

(*)25

125

856





Table 3C.—Capital Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies in 19791


Allindus-tries

35,177

26,147

7,097

16,531

14, 089464

1,7743,157

9621,115

203323

6,091

2,442908618177427313

1,201

1,318

1,01059

249

7,588

3,827

3,494385

1,40657

181503

32198355

94284

333103

126

203

1,045

65121138722

1,114

901,024

1,602

28296197177904

1,442

Miningand

smelt-ing

686

462

258

7

(D)

000

(*)00

(•)

(D)

(*)002

(D)

<P)

(D)1

(D)

224

133

1094

21(E>)

162

(E>)

01611

23(*)

0(D)

( D )

7

3003

1

(*)(*)

84

055

00

29

0

Petro-leum

10,734

6,987

1,904

4,572

3,66040

(D)267

(D)687436

2,968

91181925315

31

(D)

(D)

289(D)

( D )

3,291

657

464135

87(E>)

3611

(P)8

1129

19332

(*)(*)

162

950

28121113687

920

59861

764

1205

(D)(D)

396

456

Manufacturing

Total

17,102

14,597

3,622

9,668

9,003366

1,2302,734

82389624

2752,655

66434

3801224089

820

487

3731796

2,505

2,071

2,045125993

9135423

1013

2704622

261

(*)1510

38

(*)0

1622

73

1558

323

251752

123106

Foodproducts

1,094

785

200

458

40017374433

16994

88

58(*)

48632

59

67

332

31

309

216

2161162

(*)137841

251212

(*)0

(*)

(•)

4

00

(*)4

(*)

(*)(*)

89

0(*)

27512

Paperand

alliedproducts

1,054

966

472

455

4329

204

68248

10

82

22254

101

11

29

235

(*)

88

70

70(*)

241

151700

(*)14

(*)

(*)000

(*)

0

0000

9

09

8

03

(*)23

Chemi-cals and

alliedproducts

2,702

2,135

896

1,078

98710591

21247

1132

51366

911

641538

111

50

291

21

567

455

436(E>)

2001

28103

17

(D)63

191

(*)12

6

13

0049

50

1040

48

1017

1515

Rubberproducts

327

218

96

98

881826

9125

(*)0

18

10022

(*)7

4

20

1415

109

93

936

5327

1601710

(*)00

(*)0

2

(*)002

1

10

13

23061


562

468

78

374

3561130

1011380

(*)

120

1912232

(*)

5

10

712

94

72

729

(D)23

0143

(*)

(*)000

(*)

5

00

(*)4

(*)

0(*)

17

(D)

(*)0

11(D)

Machin-ery,

exceptelectrical

5,064

4,619

662

3,541

3,435(E>)

690813475

31

1,255

106(D)

1672

(P)5

350

66

59

7

446

407

40624

2890

19710

(*)2

(*)C)(*)

00

(*)0

(•)

000

(*)

2

2(*)

37

2(*)

1(*)

33


1,225

976

204

691

584(D)

73(D)

112

73

(D)

107(D)(£))

17(D)

50

52

28

26(D)

( D )

249

182

17728

122(*)

5201

1161

50014

8

00

(D)(D)

10

27

49

(D)

482

(D)


3,266

2,919

824

1,754

1,547(D)

138

1595

12

(D)

2080

197217

162

179

159

(D)

347

335

335

(D)2

(*)(D)

03

(D)00

00000

000

(*)

1

01

11

(*)0

(*)92

Othermanufac-

turing

1,808

1,510

190

1,217

1,17421

126484

47692

213212

443

3

9

67

37

241

12

298

240

2391499

(*)45125

(*)55

35

1(*)

01

(*)

7

00

(D)

( D )

C)

(*)0

51

05

3429

Trade

2,498

2,026

305

1,394

1,03631

31413263

134272

333

358116923

18273

158

169

1061846

471

386

37331

23737

5361

2278

12(*)

39

13

1(*)

67

18

216

55

3139

39

(*)

Otherindus-tries

All countries

Developed countries

Canada

Europe

European Communities (9)Belgium and LuxembourgFranceGermanyItalyNetherlandsDenmarkIrelandUnited Kingdom

OtherNorwaySpainSwedenSwitzerlandOther

Japan.

Australia, New Zealand and SouthAfrica -

AustraliaNew Zealand

South Africa

Developing countries

Latin America

Latin American RepublicsArgentinaBrazilChileColombiaMexicoPanamaPeruVenezuelaOther Central AmericaOther and unallocated

Other Western HemisphereBahamas ,BermudaJamaicaOther and unallocated

Other Africa

LiberiaLibyaNigeriaOther and unallocated

Middle East

Iran

Other and unallocated

Other Asia and Pacific

IndiaIndonesiaKoreaPhilippinesOther and unallocated__

International and unallocated

4,157

2,075

1,008

890

27

25

167810

)143

1201118

52

124

45

1,097

580

5029168

22012

5514

214

79710

38

32032

102

1290

376

(*)

333

985





well as pipelines and associated facilitiesto bring North Sea petroleum onshore.

In most other developed countries,affiliates plan smaller increases ordeclines. Affiliates in the United King-dom plan a 6-percent increase, to$3.0 billion, after a 17-percent increasein 1978. The slowdown partly reflectsthe completion of several explorationprojects. In Japan, a decline in spendingis planned, following an unusuallylarge increase in 1978 for liquefiedpetroleum gas facilities, pollution con-trols, and storage facilities.

In developing countries, spendingincreases are planned in "other Afri-ca"—mainly in Egypt, Cameroon, andNigeria—for expansion of productivecapacity and development of new off-shore fields. In contrast, affiliates plandeclines in other developing countries.In Saudi Arabia, spending plans aredown in 1979 as they were in 1978,reflecting the slowing of some largeprojects, including exploration anddevelopment projects, a natural gascollection network, additional port facil-ities, and a saltwater injection systemto assist in more complete extractionof petroleum. In Indonesia, spendingplans are down. An unusually largeincrease in 1978 reflected deferralsfrom 1977, when affiliates were un-certain about the outcome of negotia-tions with the Indonesian Governmenton production sharing and taxarrangements.

In "international and unallocated/'affiliates plan a 38-percent increase,to $0.5 billion, following a sharp declinein 1978. The recovery of tanker rates,after several years of declines, led to theacquisition of new and used tankers.

Manufacturing

Manufacturing affiliates plan to in-crease spending 19 percent, to $17.1billion, following a 13-percent increase

increase in 1978. Within manufacturing,the increase is widespread and isparticularly large in transportationequipment and nonelectrical machinery.

In developed countries, a 19-percentincrease, to $14.6 billion, is planned,compared with a 13-percent increasein 1978. The increase is centered inEurope, particularly in Germany, theUnited Kingdom, and the Netherlands.

In Germany, affiliates plan a 27-per-cent increase, to $2.7 billion, only 2percentage points less than last year.The large increases in both years partlyreflect the appreciation of the Germanmark against the dollar. Increases areplanned in most industries. In trans-portation equipment, where moderniza-tion and expansion of facilities to pro-duce new car models is underway, theincrease is particularly large. In non-electrical machinery also, affiliates plansizable increases, both for capitalizationof computer equipment for rental, andfor expansion of productive capacity. Inthe United Kingdom, a 17-percent in-crease, to $2.7 billion, is planned, fol-lowing an 11-percent increase in 1978.As in Germany, the increase is centeredin transportation equipment and non-electrical machinery. In addition tothe factors underlying the increase inthat country, the increase reflects post-ponements to 1979 of some expendituresin transportation equipment originallyplanned for 1978 and, in nonelectricalmachinery, expansion of facilities tomanufacture tractors and heavy con-struction equipment. In the Nether-lands, affiliates plan to increase spend-ing 40 percent, to $0.9 billion, primarilyfor the construction of new paper plantsand related facilities.

Among the other developed countries,affiliates in Canada plan a 12-percentincrease, to $3.6 billion, following a 15-percent increase in 1978, and affiliatesin Japan plan an 18-percent increase,

following a 26-percent increase. In bothcountries, the increase is particularlylarge in nonelectrical machinery andtransportation equipment.

In developing countries, a 22-percentincrease, to $2.5 billion, is planned,following a 13-percent increase in 1978.The increase is centered in Brazil,where, after a 3-percent increase lastyear, planned spending is up 31 percent,to $1.0 billion. The increase in theBrazilian spending probably reflects ex-pansion of facilities to raise the localcontent of affiliate products, which isencouraged by import restrictions.Mexican affiliates also plan a sizableincrease, concentrated in transportationequipment and chemicals.

Mining and smelting, trade, andother industries

Mining and smelting affiliates planto increase spending 10 percent, to$0.7 billion; spending was unchanged in1978. The increase is mainly in In-donesia and Chile, where copper minedevelopment programs are beingstepped up. Partly offsetting is a declinein Brazil, reflecting a slowing in con-struction of bauxite processing facilitiesand in mining exploration.

Trade affiliates plan a 17-percent in-crease, to $2.5 billion, following a 22-percent increase in 1978. The increaseis concentrated in several Europeancountries and Brazil, and is for bothretail and wholesale trade.

Affiliates in "other" industries— agri-culture, public utilities, transportation,construction, and finance and otherservices—plan a 20-percent increase, to$4.2 billion, following a 13-percent in-crease in 1978. Particularly large in-creases are planned in Hong Kong, forconstruction of a new power station,and in "other" Latin American Re-publics, for a major overhaul ofundersea cables.


•kJt

Fourth Quarter and Year 1978

By CHRISTOPHER L. BACH

Fourth Quarter 1978

J L J A R G E official and private capitalflows, partly associated with downwardpressure on the dollar in exchangemarkets, dominated U.S. internationaltransactions in the fourth quarter of1978. Foreign assets in the UnitedStates increased $29.3 billion, comparedwith a $15.5 billion increase in thethird quarter. The step-up was morethan accounted for by foreign officialassets, which increased $19.0 billionfollowing a $4.9 billion increase in thethird quarter. The fourth-quarter in-crease reflected heavy net interventionpurchases of dollars in exchange marketsby several industrial countries; some ofthese purchases preceded the announce-ment of the dollar support programon November 1 (see the discussion of theU.S. dollar in exchange markets in1978), but late in the quarter furtherpurchases took place. Among otherforeign assets in the United States,U.S. liabilities to private foreigners andinternational financial institutions re-ported by U.S. banks increased $8.9billion, compared with a $6.9 billionincrease in the third quarter; the saleof mark-denominated U.S. Treasurysecurities to German residents as partof the dollar support program accountedfor $1.6 billion of the fourth-quarterincrease. Among other bank-reportedliabilities, there was a shift to a smallnet outflow to Carribean financialcenters from a $4.0 billion inflow, andinflows from industrial countries in-creased $7.2 billion, compared with$3.1 billion in the third quarter. Netforeign purchases of securities otherthan U.S. Treasury securities increased$0.1 billion, to $0.6 billion. Inflows forforeign direct investments in the UnitedStates were $0.7 billion, down sharply

38

from the second and third quarters,primarily due to a shift to net outflowson intercompany accounts with mem-bers of the European Communities.

U.S. assets abroad increased $27.3billion in the fourth quarter, comparedwith a $10.2 billion increase in thethird. Although total U.S. officialreserve assets decreased only $0.2 bil-lion, there were large and mostly off-setting changes in several components.Acquisition of $4.4 billion in foreigncurrencies was more than offset by theU.S. sale of special drawing rights(SDK's) and drawings by the UnitedStates on its reserve position in theInternational Monetary Fund (IMF).These transactions were part of thedollar support program announcedNovember 1. Among other U.S. assetsabroad, claims on foreigners reportedby U.S. banks rose a record $21.6 bil-lion, reflecting strong foreign demandfor dollar credits, as economic activityabroad continued to increase. Also, itappeared that there was some borrow-ing of dollars by foreigners to purchasecurrencies expected to appreciateagainst the dollar. Claims on indus-trial countries increased $12.0 billion;claims on developing countries—par-ticularly in Asia—rose sharply. NetU.S. purchases of foreign securitiesincreased $0.4 billion, to $0.9 billion,largely reflecting the purchase of aCanadian Government issue. U.S.direct investments abroad increased$3.7 billion, compared with a $2.7billion increase in the third quarter,as reinvested earnings increasedsharply.

The current-account deficit declined$2.4 billion, to $1.3 billion. About two-thirds of the decline was due to areduction in the trade deficit, as non-agricultural exports increase morerapidly than nonpetroleum imports.

Selected Balances on U.S.International Transactions

CHART 11

Billion $6

4 -

2 -

-121975 1976 1977

Seasonally Adjusted


1978


March 1979 SUKVEY OF CURRENT BUSINESS 39Table A.—Summary of U.S. International Transactions

[Millions of dollars, seasonally adjusted]

Line Lines in tables 1, 2, and 10 in which transactions areincluded are indicated in ( )

1977

183,205120,57662,629

-193,789-151,706-42,083

-2,776-1,932

-34,650-231

-3,679-30,740

50,86937,12413,746

-927

1978 v

218,024141,84476,180

-228,909-175,988-52,921

-3,028-2,048

-58,748872

-4,657-54,963

63,26033,96729,293

11,449

Change:1977-78

34,81921,26813,551

-35,120-24,282-10,838

-252-116

-24,0981,103

-978-25,223

12,391-3,15715,547

12,376

1977 r

I

44,77529,50115,274

-46,999-37,120-9,879

-636-490

-1,334-388

-9493

2,4905,451

-2,962

2,194

II

46,50730,86015,647

-48,088-37,635-10,453

-763-480

-12,0036

-795-11,214

14,0647,8846,180

763

I I I

46,70030,57816,122

-48,405-37,942-10,463

-787-490

-6,615151

-1,098-5,668

14,2518,2466,005

-4,655

I V

45,22629,63715,589

-50,298-39,009-11,289

-591-473

-14,700C)

-838-13,862

20,06515,5434,522

771

1978

I '

48,35530,78717,568

-54,657-42,707-11,950

-778-504

-15,067246

-896-14,417

18,09515,7602,336

4,555

I I r

54,17535,25618,919

-56,184-43,125-13,059

-781-536

-6,167329

-1,176-5,320

406-5,685

6,090

9,087

III '

55,59536,48619,109

-58,031-44,478-13,553

-779-496

-10,216115

-1,498-8 ,833

15,4894,852

10,637

-1,562

59,90039,31520,585

-60,038-45,678-14,360

-691-513

-27,298182

-1,086-26,394

29,27019,04010,230

-630

Change:1978

III-IV

16

Exports of goods and services (1)Merchandise, excluding military (2)._Other goods and services (3-15)

Imports of goods and services (17)Merchandise, excluding military (18)Other goods and services (19-31)

U.S. Government grants (excluding military grantsof goods and services) (34) _

Remittances, pensions and other transfers (35,36)

U.S. assets abroad, net (increase/capital outflow (-))(37)

U.S. official reserve assets, net (38)U.S. Government assets, other than official reserve

assets, net (43) _U.S. private assets, net (47)

Foreign assets in the United States, net (increase/capital inflow (+)) (56)

Foreign official assets, net (57) _Other foreign assets, net (64)

Statistical discrepancy (75)

4,3052,8291,476

-2,007-1,200

-807

88- 1 7

-17,08267

412-17,561

13,78114,188

-407

932

r Revised.J» Preliminary.•Less than $500,000 (±) .

Petroleum imports increased slightly;agricultural exports decreased slightly.Among service transactions, receiptsof income on direct and on otherinvestments continued to rise, morethan offsetting increases in incomepayments to foreigners. The statisticaldiscrepancy—errors and omissions inreported current- and capital-accounttransactions—dropped to a net outflowof $0.6 billion.

During the fourth quarter, pressureon the dollar in exchange markets,which began in midsummer and con-

tinued through October, led to thedollar support program. Although thedollar more than recovered its Octoberdecline in November, appreciating 8percent on a trade-weigh ted bassagainst the currencies of 10 industrialcountries and 11 percent against 22OECD currenices, more than one-thirdof the gain was lost in December. Fromthe end of September to the end ofDecember, the dollar's trade-weightedvalue depreciated 3 percent againstthe 10 currencies and 1 percent againstthe 22 currencies.

The Year 1978

An overview

Although the $16.0 billion current-account deficit in 1978 was $0.7 billionhigher than in 1977, there was improve-ment on a quarterly basis (chart 11).The deficit declined from an annualrate of $30.3 billion in the first quarterto an average of $14.1 billion in thesecond and third quarters, and to $5.4billion in the fourth. The rise in mer-chandise exports reflected improvedeconomic conditions abroad. In addi-

Table B.—Selected Transactions with Official Agencies


Line

1

234

5

66a6b

77a7b

Changes in foreign official assets in the U.S., net(decrease—) (line 57, table 1)_. _ _

Industrial countries *Members of OPEC 2.Other countries _ _

Changes in U.S. official reserve assets (increase —)(line 38, table 1 ) . . .

Activity under U.S. official reciprocal currency ar-rangements with foreign monetary authorities:3

U.S drawings, or repayments (—), net . . .DrawingsRepayments

Foreign drawings or repayments (—) netDrawingsRepayments

1977

37,12428,931

6 7331,460

-231

240835

-595

—300120

-420

1978 P

33,86734,573

—570- 3 6

872

5,0678 965

-3,898

317-317

Change:1977-78

-3,1575,642

—7 303-1,496

1,103

4,8278,130

-3,303

300197103

1977

I

5,4512,3852 927

139

-388

-163

-163

-10050

-150

II

7,8845,4601 3441,080

6

-144

-144

-16570

-235

III

8,2467,2121,438-404

151

-14435

-179

- 3 5

- 3 5

IV

15,54313,8741,024

645

(*)

691800

-109

1978

I

15,76013,1951,963

602

246

1,9462,042

- 9 6

295-295

II

—5,685-2,166-2,838

-681

329

-1,42375

-1,498

III'

4,8526,392

-1,59252

115

-409887

-1,296

22-22

IV P

19,04017,1521,897

- 9

182

4,9535,961

-1,008

Change:1978

III-IV

14,18810,7603,489

- 6 1

67

5,3625,074

288

- 2 222

p Preliminary.r Revised.•Less than $500,000 (±).1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.

2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-export-ing countries.

3. Consist of transactions of the Federal Reserve System and the U.S. Treasury Depart-ment's Exchange Stabilization Fund.


40

tion, the lagged impact of the dollar'sdepreciation in exchange marketstended to increase the competitivenessof U.S. merchandise exports in worldmarkets and to moderate the U.S. de-mand for merchandise imports. Thedepreciation probably more than offsetthe unfavorable effect on the deficit ofan acceleration of inflation in the UnitedStates and a deceleration of inflation ina number of other industrial countries.Partly in response to both sets of con-ditions, the surplus on service trans-actions rose by $2.7 billion, also con-tributing to the quarterly decline in thedeficit (table D). Increases in net re-ceipts on direct and other investmentsabroad were the primary factor.

The dollar depreciated substantiallyagainst most major currencies in 1978.The direction of exchange rate move-ments was widely anticipated, and bothactual and anticipated movementstended to increase capital outflows fromthe United States, and perhaps limitcapital inflows, particularly in the sec-ond half of the year. These capitalmovements, in turn, affected the dollarexchange rate. Outflows through netclaims on foreigners reported by U.S.banks, at $33.9 billion for 1978, wereparticularly large when the dollar's de-clines were sharpest, suggesting thatforeigners may have borrowed dollarsto switch into currencies expected toappreciate against the dollar. Inflowsreflecting increases in U.S. liabilities toforeigners and international financialinstitutions, at $19.1 billion, were alsolarge, especially when U.S. short-terminterest rates moved significantly abovemost comparable foreign rates.

Foreign official assets in the UnitedStates increased $34.0 billion, largelyreflecting intervention purchases ofdollars in exchange markets. Withoutsuch purchases, the dollar would havedeclined more and/or U.S. interest rateswould have risen to higher levels.Together with unrecorded net inflows—the statistical discrepancy—foreignofficial inflows offset the current-ac-count deficit and net private capitaloutflows.

The statistical discrepancy was arecord $11.4 billion inflow, in contrastto a $0.9 billion outflow in 1977. Muchof the discrepancy was probably due

SUEVEY OF CUREENT BUSINESS

to the failure of the reporting systemto capture a variety of commercial andfinancial flows, including leads and lagsin payments and receipts. Shifts inleads and lags largely reflected actualand anticipated exchange rate move-ments. Thus, in the first quarter, whenthe dollar's decline slowed, unrecordedinflows picked up; when the decline

March 1979

reversed in the second quarter, unre-corded inflows were even larger. Incontrast, there were unrecorded out-flows in the last two quarters, whenthe dollar's decline resumed.

U.S. dollar in exchange markets

The most significant depreciations ofthe dollar in 1978 were against the

Indexes of Foreign Currency Price of the U.S. Dollar (May 1970=100)

Trade-weighted average against 22 OECD currencies1

CHART 12

100

80

60 I l l i i i l l I I l l l M i l l M M i l l M i 1 111! 11 1 11 I I 1 111 i M 1 1111 I [ | I M 111 M I

100

Trade-weighted average against 10 currencies2

100

l i l l l l i l l l i II I I! I ! II I I ll I! M M II I I I I! M M M M l I I I I 11 I M M I 1 1 1 1 1 1 1 1 1 1 1 1 I60

1973 1974 1975 1976

Selected currencies3

1977 1978

120

100

80

60

40

CANADA

1 1 1 1 1 1 I 1 1 I 1

^

1 1 1 I 1 I 1 1 f 1 1 i 1 11 1 I I 1 1 I 1

JAPAN

I I I II I I I I I I 1 I I II I 1 I I I I I 1 I I I I 1 1 I 1 I 1 1

100

8 0

6 0

4 0

FRANHF

-

I 1 1 1 1 1 1 1 1 1 1 I I i ! 1 1 ! M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

NETHERLANDS

1 I 11 I I I I I I 1 1 I I I I I 1 I I I I I 1 I I I I I ! I M I I

100

80

60

40

20

GERMANY

~* *"""—* —

-

l i l l l l i l l l i i i i i i l i i i i i i 1 1 1 1 1 1 1 ! 1

SWITZERLAND

1 1 i i i l i i i i i l l i n i l i i i i i i i i i i i h i m

160

140

120

100

80

ITALY

I I I I 1 I I I I I 1 I I I 1 1 M I I I I 1 I 1 ! I I 1 I I 1 I I

UNITED KING!

I I I I I 1 I I I I I 1 I I 1 I I 1 I I I I I 1 I I I I I 1 1 I I I I

120

100

80

60

40

100

80

60

40

100

80

60

40

20

160

140

120

100

80

1976 1977 1978 1976 1977 1978

1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand,

Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury.

2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board. The index has been

revised as a result of a change in method of computation; for details, see the August 1978 Federal Reserve Bulletin. The new FRB index was rebased by BEA.

3. Data: International Monetary Fund.NOTE.-Data are for end of month.

U.S. Department of Commerce, Bureau of Economic Analysis.



Table C.—Indexes of Foreign Currency Price of the U.S. DollarfMay 1970=100]

End cf period

1976

II III IV

1977

II III IV

1978

II III IV

Trade-weighted average against 22 OECD currencies i .Trade-weighted average against 10 currencies2

Selected currencies:3

CanadaFranceGermanyItalyJapanNetherlandsSwitzerlandUnited Kingdom

88.886.8

91.684.669.9

133.683.574.058.6

125.4

89.187.9

90.285.970.9

133.782.975.357.2

134.9

88.287.0

90.689.367.1

136.780.170.756.8

143.2

89.786.2

94.090.065.0

139.181.667.756.7

141.1

90.786.6

98.490.065.8

141.177.368.658.8

139.7

89.785.6

98.789.164.4

140.774.668.156.9

139.6

90.385.1

99.988.863.5

140.374.067.654.1

137.6

85.479.5

101.985.257.9

138.666.962.846.5

126.0

84.177.4

105.483.055.7

135.562.059.643.2

129.4

82.177.1

104.781.657.1

135.957.061.543.0

129.1

79.273.2

110.278.553.4

130.952.758.035.7

121.8

78.571.3

110.475.750.3

131.954.254.237.5

118.1

1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Ger-many, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Depart-ment of the Treasury.

2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzer-

land, United Kingdom. Data: Federal Reserve Board. The index has been revised as a resultof a change in method of computation; for details, see the August 1978 Federal Reserve Bulletin.The new FRB index was rebased by BE A.

3. Data: International Monetary Fund.

Japanese yen and the Swiss franc, 19percent each, and against the Germanmark, 13 percent. The depreciationsreflected mounting concern over thesize of the U.S. current-account deficitand increases in the Japanese andGerman current-account surpluses.Also, skepticism concerning U.S. anti-inflation efforts persisted, as inflationaccelerated in the United States anddecelerated in Japan and Germany.

From the end of 1977 to the end of1978, the dollar declined 10 percent ona trade-weighted basis against thecurrencies of 10 industrial countries and8 percent against 22 OECD currencies(chart 12 and table C). During thefirst quarter, the dollar declined 3 per-cent of a trade-weighted basis againstthe 10 currencies. Exchange marketswere especially influenced by the largeU.S. trade- and current-account deficits.In April and May, the dollar re-covered 2 percent, reflecting favorablereaction to U.S. monetary policy andsome improvement in the merchandisetrade balance. However, the declineresumed in June and continued throughthe end of October. The 13-percentdecline in this period reflected exchangemarket reactions to the differential ratesof inflation in the United States and inother major industrial countries, aswell as the continued imbalance in theU.S. international accounts The declinewas especially sharp in the last weeksof October.

On November 1, the Treasury andthe Federal Reserve announced a new

dollar support program. The UnitedStates mobilized $30 billion in resourcesas its share in a joint intervention pro-gram with Germany, Japan, andSwitzerland (discussed under transac-tions in U.S. reserve assets). The Fed-eral Reserve raised the discount ratefrom 8}i to 9% percent, and imposed a2 percent supplementary reserve re-quirement on large time deposits. Inaddition, the Treasury announced thatit would substantially increase theamounts of gold to be offered at itsmonthly auctions. By the end of No-vember, the dollar had risen 8 percentfrom its lows on October 31, but by theend of December, it had lost half thatgain.

Merchandise trade

The U.S. merchandise trade deficitincreased to a record $34.1 billion in1978, compared with a deficit of $31.1

billion in 1977. Exports increased 18percent, to $141.8 billion, after a5-percent increase in 1977. Imports in-creased 16 percent, to $176.0 billion,after a 22-percent increase. Export vol-ume increased 8 percent, comparedwith 1 percent in 1977; import volumeincreased 7 percent, compared with 13percent.

The year-over-year comparisons ob-scure significant quarterly movements,especially in nonagricultural exportsand nonpetroleum imports, both ofwhich are sensitive to shifting relativereal growth rates and relative prices,including foreign exchange rates. Froman annual rate of $47.7 billion in thefirst quarter of 1978, the trade defic tdeclined to an average of $31.7 billionin the second and third quarters, andto $25.5 billion in the fourth. The largedeficit in the first quarter occurred asnonagricultural exports increased mod-

Table D.~U.S. International Service Transactions


Service transactions, net..

Receipts. . .Payments-

Military transactions, ne t 1

Travel and passenger fares, net..Other transportation, netInvestment income, net

Direct, netOther, net

Fees and royalties, netOther services, net

1976

18,714

56,580-37,866

312-2,389

14415,93315,889

443,871843

1977

20,546

62,629-42,083

1,334-2,764-28017,50717,022

4854,278471

1978^

23,259

76,180-52,921

531-2,777-35819,91520,294-3795,057892

Change:1977-78

2,713

13, 551-10,838

-803- 1 3- 7 8

2,4083,272-864

779421

^Preliminary.1. Consists of goods and services transferred under military sales contracts less imports of goods and services by U.S. de-

fense agencies.



erately and nonpetroleum imports in-creased sharply. After the first quarter,nonagricultural exports increased fasterthan nonpetroleum imports. Nonagri-cultural exports increased 30 percent toan annual rate of $126-0 billion in thefourth quarter from $97.1 billion in thefirst; volume increased 17 percent. Non-petroleum imports increased 8 percentto $139.4 billion n the fourth quarterfrom $129.4 billion in the first; volumeincreased 1 percent.

Year over year, both agriculturaland nonagricultural exports increasedstrongly in 1978. Agricultural exports .increased 23 percent, to $29.9 billion,compared with a 4-percent increase in1977. Volume increased 21 percent,compared with 2-percent increase.Sharp rises in agricultural prices in thefirst half of each year were followed bysharp declines in the second. There weresubstantial increases in shipments ofgrain to Latin America, where harvestswere poor, and to the Soviet Union.Soybean and cotton shipments to Japanand the developing countries in Asiaalso increased.

Nonagricultural exports increased 16percent, to $111.9 billion, comparedwith a 5-percent increase in 1977. Vol-ume increased 5 percent after remainingunchanged in 1977. Improved economicconditions in leading markets abroad,together with the lagged effects of adecline in the foreign exchange value ofthe dollar, probably contributed sub-stantially to the increase in nonagri-cultural exports as early as the secondquarter. About $6.7 billion of the total$15.7 billion nonagricultural export risewas accounted for by capital equip-ment; $4.8 billion of that representedmachinery. Shipments of civilian air-craft were up $0.9 billion. Industrialsupplies and materials increased $4.7billion. Following the coal strike, whichlasted through the first quarter, coalshipments recovered to about their 1977rate. Increases in other supplies andmaterials were broadly based; chemi-cals were especially strong, increasing20 percent. Automotive exports in-creased $2.3 billion, or 18 percent. Con-sumer goods increased $1.5 billion, or 17percent.

Petroleum imports declined 6 per-cent, to $42.3 billion. The number of

barrels imported daily declined to 8.72million from 9.27 million in 1977; muchof the decline was in imports from Ni-geria and Saudi Arabia, each of whichshipped about 20 percent fewer barrelsof oil to the United States (table E).The average unit value per barrel wasunchanged at $13.29. A 2-percent in-crease in total U.S. petroleum consump-tion was met by higher North Slope(Alaska) production and by a draw-down of inventories from unusually highlevels early in the year. Imports as apercentage of consumption declined to47 percent from 51 percent (chart 13).

Nonpetroleum imports increased 25percent, to $133.7 billion, comparedwith a 19-percent increase in 1977.Volume increased 12 percent, comparedwith 11 percent. By the second quarter,the rate of increase in nonpetroleumimports slowed, partly reflecting thelagged effects of exchange rate changes ;increases in volume moderated in manymajor categories, and prices increased.Of the $27.0 billion increase in non-petroleum imports, industrial suppliesand materials accounted for $7.8 billion.The increase was widespread, with thelargest increases in nonferrous metals(38 percent) and iron and steel (26percent). Steel imports were strong forthe second consecutive year; importsfrom Japan increased $2.7 billion, andfrom members of the European Com-munities, $2.1 billion. Capital goodsimports rose $5.2 billion. Automotiveimports increased $5.7 billion; thosefrom areas other than Canada in-creased $14.0 billion, or 46 percent,and their volume increased 13 percent.Much of the price rise can be attributedto the 19-percent appreciation of theyen and 13-percent appreciation of themark against the dollar. The numberof passenger cars imported from Japanincreased 17 percent and the numberimported from Germany declined. Im-ports accounted for 17.7 percent oftotal U.S. auto sales, compared with18.5 percent in 1977. Consumer goodsimports increased $6.4 billion; theincrease was evenly divided betweendurable and nondurable goods.

By area, the trade surplus withWestern Europe declined to $3.0 billion,about one-half of its 1977 level, asexports increased 16 percent and im-

ports increased 30 percent. The deficitwith West Germany increased to $3.1billion, from $1.4 billion, but declinedsharply after the first quarter. Thesurplus with the United Kingdomdeclined to $0.6 billion from $0.9 billion,and the surplus with France declinedto near balance from $0.5 billion. Thedeficits with Japan and Canada bothincreased, to $11.5 billion from $8.0billion, and to $2.7 billion from $1.4billion, respectively. A reduction inimports and expansion of exports con-tributed to a narrowing of the deficitwith OPEC countries to $18.4 billion,from $22.9 billion. The deficit withnon-OPEC developing countries alsodeclined.

Service transactions

Net services receipts increased $2.7billion, to $23.3 billion; the 13-percentincrease followed a 10-percent increase

CHART 13

U.S. Petroleum Consumption,Production, and Imports

Million barrels per day20

18

16

Consumption

Production

P e r c e n t

IMPORTS AS A PERCENTAGEOF CONSUMPTION

1972 1973 1974 1975 1976 1977 1978

Data: Consumption and production, U.S. Department of Energy;Imports, BEA



March 1979

in 1977. Net receipts on direct and otherinvestments abroad continued as themajor source of growth in the servicesbalance.

Net receipts of income on direct in-vestments increased $3.3 billion, to$20.3 billion. Receipts on U.S. directinvestments abroad increased to $24.0billion, largely due to the rise in re-invested earnings. Small increases individend payments by affiliates inmost areas were about offset by adecline in payments by German affili-ates. The concentration and size of theincreases in reinvested earnings inaffiliates in the European Communities(55 percent of the increase) and Japan(10 percent) suggest that the dollar'sdepreciation against several currenciesmay have boosted reported earnings.Also, increases in earnings of Europeanautomobile and computer manufactur-ing affiliates were particularly strong.Payments to foreigners on foreigndirect investments in the United Statesincreased to $3.7 billion from $2.8 bil-lion. The increase was about evenlydivided between reinvested earningsand interest, dividends, and earnings ofunincorporated affiliates. The increasein payments was concentrated in petro-leum and nonmanufacturing industries;by area, payments were largest to theUnited Kingdom and members of theEuropean Communities.

Net income on other investmentsdecreased $0.9 billion, shifting to netpayments of $0.4 billion. Receipts, at$17.5 billion, reflected both the increasein overseas credits extended by U.S.banks and interest rate increases. Pay-ments, at $17.9 billion, reflected sub-stantial increases in the volume of U.S.financial market instruments held byboth official and private foreigners, andsharp increases in U.S. interest rates.

Net receipts from U.S. militarytransactions with foreigners declined$0.8 billion, to $0.5 billion, as increasesin transfers under military sales con-tracts slowed and direct defense expend-itures continued to rise. Transfers in-creased $0.6 billion, to $7.7 billion,compared with a $1.7 billion increasein 1977, as aircraft deliveries to theMiddle East dropped in the last halfof the year. Direct defense expendi-tures increased $1.4 billion to $7.2


billion, compared with a $0.8 billionincrease in 1977. Increased constructionexpenditures in Saudi Arabia, andhigher overseas costs for troops inJapan and Germany, stemming fromthe dollar's depreciation against the yenand the mark, were the primary con-tributing factors.

International travel and passengerfare transactions resulted in net pay-ments of $2.8 billion, unchanged from1977. Total spending by foreigners fortravel in the United States was $7.1billion, up 15 percent. The largestincrease was in spending by visitorsfrom overseas, up 30 percent to $3.4billion. U.S. travelers spent $8.4 billionin foreign countries, about 12 percentmore than in 1977. Spending in overseascountries and in Mexico each increased20 percent, to $4.9 billion and $2.0billion, respectively; spending in Can-ada was slightly lower. Passenger farereceipts were up 15 percent; paymentswere up 7 percent.

The increases in merchandise exportsand imports boosted U.S. receiptsand payments associated with trans-portation $0.8 billion and $0.9 billion,respectively. About two-thirds of theincrease in receipts resulted from higherexpenditures by foreign carriers inU.S. ports. Ocean freight receipts didnot appear to benefit in proportion tothe large increase in the volume ofU.S. exports. Most of the increase inpayments resulted from U.S. freightexpenditures on nonpetroleum imports.

43

Expenditures on petroleum importsdeclined, as volume dropped 5 percentand tanker rates were unchanged.

U.S. assets abroad

U.S. assets abroad increased $58.7billion in 1978, compared with a $34.7billion increase in 1977. Bank-reportedoutflows more than tripled, accountingfor most of the step-up. There werelarge and mostly offsetting changes inseveral components of official reserveassets in the fourth quarter.

Net claims on foreigners reportedby U.S. banks increased $34.0 billion,following an $11.4 billion increase in1977; nearly two-thirds of the 1978increase occurred in the fourth quarter.Outflows increased throughout the yearto several industrial countries whosecurrencies had appreciated against thedollar, and to several non-0 PEC devel-oping countries. Factors that acted toslow U.S. lending abroad—rapidly ris-ing domestic loan demand, ampleliquidity, and a narrowing of spreadsbetween lending and borrowing ratesin the Euro-currency market—wereapparently more than oftset by risinginternational credit demands for dollars.Also, the size of outflows in the latterhalf of 1978—a period of sharp dollardepreciation—suggests that foreignersmay have borrowed dollars to purchaseother currencies.

For the year, the increase in claimsto industrial countries was $18.3 bil-

(Text continued on page 62)

Table E.—U.S. Imports of Crude Petroleum1

[Millions of barrels]

Total.

CanadaMexicoWestern Europe _

OPEC

AlgeriaEcuador..GabonIndonesia _IranIraqKuwait. _.LibyaNigeria

Saudi ArabiaUnited Arab Emirates.Venezuela

Other

Addendum:Average unit value per barrel ($)

1972

1,037.96

322.587.52.41

664.27

31.126.007.0158.0086.742.2815.6365.96123.511.6074.4712.02179. 93

43.18

2.57

1973

1,490.01

399.707.193.08

1,011.41

49.1920.936.8177.40157.634.7316.9481.12188.633.45

173.1524.89206.54

68.63

3.33

1974

1,554.60

311.142.37.96

1,161.65

76.2823.6020.28105.47255. 97

.58

.72287.5621.62166. 7332.83170.01

78.48

11.01

1975

1,771.45

234.0827.846.10

1,420.11

104.6323.3622.50149.24196.77

.715.26

104.34280.2033.64251.4964.16183. 81

83.32

11.45

1976

2,262.06

156.8432.7326.60

1,933.54

161.4421.3517.28191.08214.569.11.34

192.99400.0131.20446.17133.16114.85

112.35

12.14

1977

2,734.41

110.4362.6053.31

2,357.34

208.9319.7812.92195.16286.4233.1514.83

297.30438.8933.93524.47161.42130.14

150.73

13.29

1978

2,608.79

92.37112.15100.30

2,154.34

232.9916.9613.55

202.22327.59

19.593.45

294.46342.3125.94

419.66158.0497.58

149.63

13.29

1. Includes imports into the Virgin Islands from foreign countries.



Table 1.—U.S. International Transactions[Millions of dollars]

Line (Credits+; debits-) ' 1977 1978 v1977

II III IV

1978

I I I ' IV

Exports of goods and services 2 .Merchandise, adjusted, excluding military3 . .Transfers under U.S. military agency sales contractsTravelPassenger faresO ther transportationFees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private servicesU.S. Government miscellaneous servicesReceipts of income on U.S. assets abroad:

Direct investmentInterest, dividends, and earnings of unincorporated affiliates.Reinvested earnings of incorporated affiliates

Other private receiptsU.S. Government receipts.14 .*.

Transfers of goods and services under U.S. military grant programs, net-

Imports of goods and servicesMerchandise, adjusted, excluding military 3Direct defense expenditures.TravelPassenger faresOther transportationFees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other servicesU.S. Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:

Direct investmentInterest, dividends, and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates

Other private paymentsU.S. Government payments

U.S. military grants of goods and services, net

Unilateral transfers (excluding military grants of goods and services), net...U.S. Government grants (excluding military grants of goods and services).U.S. Government pensions and other transfersPrivate remittances and other transfers

U.S. assets abroad, net (increase/capital outflow (-—)).

U.S. official reserve assets, ne t 4 .GolcL.Special drawing rightsReserve position in the International Monetary Fund..Foreign currencies u

U.S. Government assets, other than official reserve assets, netU.S. loans and other long-term assetsRepayments on U.S. loans 5

U.S. foreign currency holdings and U.S. short-term assets, net

U.S. private assets, netDirect investment

Equity and intercompany accountsReinvested earnings of incorporated affiliates

Foreign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking

concerns:Long-termShort-term

U.S. claims reported by U.S. banks, not included elsewhere:Long-termShort-term

Foreign assets in the United States, net (increase/capital inflow (+)) .

Foreign official assets in the United States, netU.S. Government securities

U.S. Treasury securities 6 u

Other 7Other U.S. Government liabilities »U.S. liabilities reported by U.S. banks, not included elsewhere...Other foreign official assets 9_._

Other foreign assets in the United States, net.Direct investment

Equity and intercompany accountsReinvested earnings of incorporated affiliates.,

lurities.U.S. Treasury seenU.S. securities other than U.S. Treasury securities.U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking


U.S. liabilities reported by U.S. banks, not included elsewhere:Long-term 10

Short-term wAllocations of special drawing rightsStatistical discrepancy (sum of above items with sign reversed)

Memoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17) l l

Balance on goods, services, and remittances (lines 77, 35, and 36)Balance on current account (lines 77 and 33) »Transactions in U.S. official reserve assets and in foreign official assets in

the United States:Increase (—) in U.S. official reserve assets, net (line 38)Increase (+) in foreign official assets in the United States (line 57 less

line 61)

183,205120,576

7,0796,1641,3666,9833,767

9583,728

485

19,85112,5407,312

10,8811.368

194

-193,789-151,706

-5,745-7,451-2,843-7,263

-253-194

-2,383-1,359

-2,829-1,257-1,572-6,224-5,540

-194

-4,708-2,776

-973-959

-34,650

-231-118-121-294

- 3 , 679-6,445

2,72047

-30,740-12,215-4,904-7,312-5,398

25-1,725

-751-10,676

50,869

37,12432,60230,2942,3081,644

7732,105

13,7463,3381,7661,572

5632,869

-620877

3736,346

218,024141,844

7,7107,0701,5707,8044,5531,0554,322

583

24,02413,32410,69915,9501,540

274

-228,909-175,988

-7,179-8,364-3,053-8,162

-351-200

-2,466-1,547

-3,730-1,629-2,101-9,195-8,674

-274

-5,076-3,028-1,081

-967

-58,748

872- 6 5

1,2494,231

-4,543

-4,657-7,500

2,961-119

-54,963-15,361-4,662

-10,699-3,389

33-2,289

-311-33,646

63,260

33,96724,71924,063

6562,8105,0431,395

29,2935,6113,5102,1012,2482,899

- 4 91,725

25016,610

44,34329,4001,9121,390

2471,596

812227939135

4,9302,9861,9442,479

277

39

-45,587-36,422-1,344-1,387

-622-1,698

- 6 1- 4 8

-569-348

-553-245-309

-1,345-1,189

- 3 9

-1,101-626-240-236

-1,614

-388- 5 8

59

-1,124-1,772

579

-101-2,281

-338-1,944

-736

-801

-3063,990

2,490

5,4515,4215,323

98505

-725250

-2,962880571309981

-220-126

42-5,346

47,70831,8771,7021,583

3481,857

922235928123

5,1913,1652,0262,547

395

53

-48,924-38,224-1,407-2,019

-871-1,857

- 5 7- 4 8

-586-334

-767-363-404

-1,484-1,271

- 5 3

-1,290-811-232-247

-12,358

- 8 0169

-817-1,453

733- 9 6

-11,547-4,062-2,036-2,026-1,766

66-1,203

18-4,600

14,064

7,8845,7335,123

610417752

6,180996593404

-1,370725

-176-236

1046,136

-927

-31,130-10,585-12,516-15,292

-231

35,480

11,449

-34,144-10,885-12,933-15,961

872

31,157

1,469

-7,022-1,244-1,719-2,345

4,946

801

-6,347-1,217-1,696-2,507

7,467

45,12929,0131,9181,793

4561,855

970244923117

4,7222,9001,8222,791

327

31

-49,055-37,701-1,451-2,500

-782-1,914

- 5 9- 4 9

-601-321

-702-295-408

-1,585-1,391

- 3 1

-1,270-774-254-242

-6,533

151

Q

13327

-1,044-1,746

65646

-5,640-3,086-1,264-1,822-2,165

2051,184

-447-1,332

14,251

8,2467,5756,948

627332

-163502

6,0051,012

604408

1,251513

18572

1942,446

46,02530,2861,5471,398

3151,6741,063

252939109

5,009

1,5203,063

71

-50,223-39,359-1,542-1,545

-568-1,795

- 7 6- 4 9

-627-356

-807-354-452

-1,810-1,689

- 7 1

-1,047-566-247-235

-14,146

(*)- 6 0- 2 9

4247

-695-1,475

752

-13,451-2,787-1,266-1,520

-731

-279-905

- 1 6-8,734

20,065

15,54313,87312,900

973390909371

4,522450- 2452

-299803

-242667

333,110

47,88630,765

1,8421,626

3041,6731,059

2571,000

132

5,5872,9562,6313,400

241

75

-53,013-41,896-1,632-1,516

-688-1,808

- 7 9- 5 0

-621-366

-535-292-244

-1,878-1,943

- 7 5

-1,256-766-253-237

-15,351

246

55,66836,5882,2171,855

3602,0261,152

2621,049

149

6,0723,5832,4893,585

354

57

-57,111-43,858-1,773-2,148

-909-1,996

- 6 9- 5 0

-614

-1,154-452-702

-2,079-2,074

- 5 7

-1,360-827-270-264

-6,581

329

- 1 6324

- 6 2

-1,071-1,680

653

-14,526-5,085-2,454-2,631

- 5 7-2,165

-311-5,959

18,095

15,76013,08212,965

117804

1,456418

2,336812568244881462

38457

250-564

-104437- 4

-1,199-1,998

78713

-5,712-4,372-1,883-2,489-1,103

80187

12 -503

406

-5,685-5,517-5,728

211-312-493

637

6,0901,8521,150

702847

1,308

316

} 1,836

-2,522

-3,926-4,422-5,196

7,914

-674

-9,073-4,198-4,679-5,245

15,153

3,638

-11,131-5,127-5,617-6,382

246

14,956

8,979

-7,270-1,444-1,977-2,803

-5,373

53,61334,4901,8892,029

5252,0941,154

2661,107

164

5,3882,7952,5934,103

405

69

-58,667-44,130-1,877-2,979

-878-2,154

- 9 8- 5 0

-612

-1,103-464-639

-2,290-2,147

- 6 9

-1,272-769-274-229

-10,056

115

195- 3 7

-1,446-2,167

70021

-8,725-2,600

- 8-2,593

-467

62

12 -5,622

15,489

4,8523,4723,029

44335094684

10,6372,2061,567

639-1 ,053

533

106880

7,965

60,85840,001

1,7611,560

3822,0121,187

2701,167

139

6,9763,9902,9864,863

540

73

-60,118-46,104-1,897-1,721

-578-2,204

-105- 5 0

-619-446

-937-421-516

-2,948-2,509

- 7 3

-1,189-667-285-237

-26,760

182- 6 5

1,4123,275

-4,440

-942—1,654

822-110

-26,000-3,303

-317-2,986

-870

- 5 2-213

12 -21,562

29,270

19,04013,68213,797

-1151,9683,134

256

10,230741225516

13 1,573596

-12572

7,373

893

-9,640-5,054-5,556-6,326

115

4,502

-2,061

-6,103740217

-449

182

17,072

See footnotes on page 54.


March 1979 SUKVEY OF CURRENT BUSINESS 45Table 2.—U.S. International Transactions—Seasonally Adjusted


Line (Credits-*-; debits-) 11977'

II Ill IV

1978

I I ' I I I ' IV

910

1112131415

16

17181920212223242526

2728293031

32

33343536

37

Exports of goods and services2 __Merchandise, adjusted, excluding military3

Transfers under U.S. military agency sales contractsTravelPassenger faresOther transportationFees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private servicesU.S. Government miscellaneous servicesReceipts of income on U.S. assets abroad:


Other private receiptsU.S. Government receipts 14

Transfers of goods and services under U.S. military grant programs, net.

Imports of goods and servicesMerchandise, adjusted, excluding military3

Direct defense expendituresTravelPassenger faresOther transportationFees and royalties to affiliated foreigners...Fees and royalties to unaffiliated foreignersPrivate payments for other services _U.S. Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:

Direct investmentInterest, dividends, and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates

Other private paymentsU.S. Government payments.. _

U.S. military grants of goods and services, net-. _

Unilateral transfers (excluding military grants of goods and services), netU.S. Government grants (excluding military grants of goods and services.U.S. Government pensions and other transfersPrivate remittances and other transfers- _

U.S. assets abroad, net (increase/capital outflow (—))

U.S. official reserve assets, net 4

GoldSpecial drawing rightsReserve position in the International Monetary Fund..Foreign currencies u




E quity and intercompany accountsReinvested earnings of incorporated affiliates

Foreign securitiesU.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:

Long-term .Short-term


Foreign assets in the United States, net (increase/capital inflow (+))--


U.S. Treasury securities 6 u

Other? _ __Other U.S. Government liabilities 8

U.S. liabilities reported by U.S. banks, not included elsewhere..Other foreign official assets 9 .

Other foreign assets in the United States, netDirect investment


U.S. Treasury securitiesU.S. securities other than U.S. Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking


U.S. liabilities reported by U.S. banks, not included elsewhere:Long-term 10

Short-term 10

Allocations of special drawing rightsStatistical discrepancy (sum of a >ove items with sign reversed)

0 / which seasonal adjustment discrepancyMemoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17) n

Balance on goods, services, and remittances (lines 77, 35, and 36)...Balance on current account (lines 77 and 33) »Transactions in U.S. official reserve assets and in foreign official assets in the

United States:Increes3 ( - ) in U.S. official reserve assets, net (line 38)Increase (+) in foreign official assets in the United States (line 57 less line 61)

44,77529,5011,9121,401308

1,699860227939132

4,9283,0891,8392,520348

39

-46,999-37,120-1, 344-1,833-711

-1,771-61-48-569-344

-553-245-309

-1,433-1,211

-39

-1,126-636-240-250

-1,334

-58

-38959

-949-1, 654

637

3-2,177-338

-1,839-736

33-801

-3063,990

2,490

5,4515,4215,323

98505

-725250

2,962880571309981

-220-126

42-5, 346

2,194725

-7,619-2,224-2, 714-3, 350

46,50730,8601,7021,534348

1,777917235928118

5,0883,3951,6932,633367

53

-37, 635-1,407-1,872-705

-1, 841-57-48-586

-767-363-404

-1,527-1,307

-53

-1,243-763-232-248

-12,003

-83-80169

-795-1, 366

667

-11,214-3, 729-2, 036-1,693-1,766

-1,203

18-4, 600

14,064

7,8845,7335,123610417752982

6,180996593404

-1,370725

-176-236

1046,136

763-38

-6,775-1,581-2,061-2,824

7,467

46,70030,5781,9181,562345

1,7861,005244923119

5,1553,3061,8492,698367

31

-48,405-37, 942-1,451-1, 824-705

-1,810-59-49-601-322

-702-295-408

-1, 541-1,367

-31

-1,277-787-254-236

-6,615

151

-913327

-1,098-1,852

70846

-5,668-3,113-1,264-1,849-2,165

2051,184

-447-1, 332

14,251

8,2467,575

627332

-163502

6,0051,012604408

1,251513

18572

1942,446

-4,655-2,133

-7, 364-1, 705-2,195-2,982

1517,914

45,22629,6371,5471,667365

1,721985252939116

4,6812,7501,9313,030286

71

-50,298-39,009-1,542-1, 922-722

-1,841-76-49-627-357

-807-354-452

-1,723-1, 655

-71

-1,064-591-247-226

-14,700

(*)-60-294247

-1,57470828

-3,197-1,266-1,931-731

-279-905

-16-8, 734

20,065

15,54313, 87312, 900

973390909371

4,522450- 2452

-299803

-242667

333,110

48,35530, 7871,8421,668379

1,7821,120257

1,000128

5,6113,0892,5223,461320

75

-54,657-42,707-1,632-1,987-788

-1,888-79-50-621-389

-535-292-244

-2,006-1,974

-75

-1,282-778-253-251

-15,067

246

-16324-62

-896-1,564

711-43

-14,417-4,976-2 , 454-2, 522-949

-57-2,165

-311-5,959

18,095

15, 76013, 08212, 965

117804

1,456418

2,336812568244881462

457

250-564

54,17535,2562,2171,793358

1,9391,145262

1,049143

5,9723,8742,0983,709332

57

-56,184-43,125-1,773-2,009-738

-1,980-69-50-614-394

-1,154-452-702

-2,142-2,136

-57

-1,317-781-270-266

-6,167

329

-104437- 4

-1,176-1,911

72213

-5,320-3, 981-1, 883-2,098-1,103

80187

12 -503

406

-5, 685-5,517-5,728

211-312-493637

6,0901,8521,150702847

1,308

316

1,836

55,59536, 4861,8891,759394

2,0151,192266

1,107165

5,9103,2102,7003,967445

69

-58,031-44,478-1,877-2,231-793

-2,074-98-50-612-374

-1,103-464-639

- 2 , 234-2,107

-69

-1,275-779-274-222

-10,216

115

-43195-37

-1,4

75021

-8, 833-2 , 708

- 8- 2 , 700-467

62

-98

12 -5, 622

15,4894,8523,4723,02944335094684

10, 6372,2061,567639

-1, 053533

106

7,965

7711,445

-9, 372-5, 072-5,545-6,136

().15,153

4,555917

-11,920-6, 302-6, 806-7,584

24614,956

9,087108

-7,869-2,009-2, 545-3, 326

329-5,373

-1,562-2,455

-7,992-2, 436-2,932-3, 711

1154,502

59,90039,3151,7611,850439

2,0681,096270

1,167147

6,5313,1513,3804,813443

73

-60,038-45,678-1, 897-2,137-734

-2 , 220-105-50-619-391

-937-421-516

-2,813-2,457

-73

-1,204-691-285-228

-27,298 .

182-651,4123,275

-4, 440

-1,086-1,755

779-110

-26, 394-3,697-317

-3, 380-870

-52-213

12 -21,562

29,270

19, 04013, 68213, 797-1151,9683,134256

10,230741225516

131, 573596

-12572

7,373

-6301,431

-6, 363-138-651

-1,342

18217, 072



46 SUEVEY OF CUERENT BUSINESS March

Table 3.—U.S. Merchandise Trade[Millions of dollars]

Line 1977 1978

Not sesaonally adjusted

1977

II III IV

1978

II III IV v

Seasonally adjusted

1977 '

II III rv

1978

I I r H I r IV v

10

11

12

15

18

29

Balance of payments adjustments to Censustrade data:

E X P O R T S

Merchandise exports, Census basis * in-cluding reexports and excluding militarygrant shipments

Adjustments:Private gift parcel remittances.Virgin Islands exports to foreign countries.Gold exports, nonmonetary..Inland U.S. freight to CanadaU.S.-Canadian reconciliation adjust-

ments, nee, net2

Merchandise exports transferred underU.S. military agency sales contractsidentified in Census documents 3

Other adjustments, net4 _Of which quarterly allocation of annual

seasonal adjustment discrepancy5

Equals: Merchandise exports, adjusted tobalance of payments basis, excluding"military" (table 1, line 2)

21,150

928114

691

1,787

-3,28546

43,574

14310437

756

1,901

-4,71847

29,641

167

320

-79532

31,777

22235

186

551

162

29,091

27

9163

529

-742- 9 2

30,641

175

387

- 5 6

30,953

312029

163

416

-971124

37,020

202

517

-1,310

35,261

184

438

-1,210-248

207

530

-1,22773

I M P O R T S

Merchandise imports, Census basis i (gen-eral imports)

Adjustments:Virgin Islands imports from foreign

countriesGold imports, nonmonetaryU.S.-Canadian reconciliation adjust-

ments, n.e.c, net2

Merchandise imports of U.S. militaryagencies identified in Census docu-ments3

Other adjustments, net6

Of which quarterly allocation of annualseasonal adjustment discrepancy5

Equals: Merchandise imports, adjusted tobalance of payments basis, excluding"military" (table 1, line 18)

.20,576

[47,685

2,7051,286

-206

41,844

[72,026

2,779843

-243479

-181521

29,400

35,379

724267

- 3 7

31,877

37,239

670320

- 8 2

- 7 8155

29,013

36,927

620255

-145

107

30,286

38,140

691444

- 6 2

- 6 5211

30,765

40,551

906195

36,588

43,200

473211

34,490

43,145

733292

- 4 5 - 3 59

- 4 6

Merchandise trade, by area, adjusted tobalance of payments basis, excludingmilitary:7

EXPORTS

Total, all countries (A-10)

Western Europe _European Communities (9)

United KingdomEuropean Communities (6)

Western Europe, excluding EC (9)Eastern EuropeCanada2

Latin American Republics and otherWestern Hemisphere

JapanAustralia, New Zealand, and South Africa.Other countries in Asia and Africa

151,706

20,576

34,07626,5036,03319,5537,5732,91228,293

17,92110,5663,777

23,031

75,988

141,844

39,61031,9137,090

23,7r7,6973,835

31,061

22,01012,9454,21028,173

36,422

29,400

8,7426,7761,4885,0521,966

932

3,8622,810

9615,195

38,224

31,877

9,1857,1741,6185,3092,011

7367,754

4,3342,560

8896,419

37,701

29,013

7,8376,0671,3924,4701,770

5296,448

4,9982,472

9945,735

39,359

30,286

8,3126,4861,5354,7221,826

7157,193

4,7272,724

9335,682

41,896

30,765

7,0721,6755,1581,697

9076,842

4,6242,619

8656,139

43,858

36,588

8,0211,9045,8481,8741,4078,428

5,4903,0581,0577,253

44,130

34,490

9,4007,5681,5325,7841,832850

7,150

5,61'3,3391,0407,094

Seasonal adjustment discrepancy (Bl lessB2,7-12).

Memoranda:Developed countries 7

OPEC 7___ _

Other developing countries '

IMPORTS

Total, all countries (A-18)Western Europe _

European Communities (9)United KingdomEuropean Communities (6)

Western Europe, excluding EC (9)Eastern EuropeCanada2 ___Latin American Republics and other

Western Hemisphere _Japan _Australia, New Zealand, and South AfricaOther countries in Asia and Africa . . .

76,71212,87828,074

151,706

28,22622,1195,135

16,1636,1071,127

29,664

21,16218,5652,792

50,170

87,82614,84535,338

175,988

36,61729,0606,476

21,5767,5571,509

33,804

23,02924,4744,440

52,115

19,4112,8736,184

36,422

6,4394,9891,1803,61'1,450

2227,023

5,8463,913

55512,424

20,3883,3937,360

38,224

6,9865,5321,2784,0501,454306

7,799

5,2824,58969

12,57

17,7513,3397,394

37,701

7,2665,7841,3534,2321,482292

6,777

4,8694,810730

12,957

19,1623,2737,136

39,359

7,5355,8141,3244,2671,721307

8,065

5,1655,253816

12, 218

19,0953,3377,426

41,896

8,77'6,8911,5235,1251,883370

7,910

5,67:5,753904

12,514

22,4383,853

43,858

9,1637,2861,7135,3131,877360

8,823

5,7W6,22S1,05112,526

20,9293,7738,938

44,130

9,1257,3231,6125,4691,80235:

7,73C

5,6246,3631,10413,833

Seasonal adjustment discrepancy (B17 lessB18, 23-28)

Memoranda:30 Developed countries 7

31 O P E C 7 _ ___.32 Other developing countries '


79,24;35,7734,90C

99,33,28941,103

17,93(9,6538,438

20,0658,7158,905

19,5839,0498,700

21,66?8,3618,857

23,348,5039,497

25,2667,82210,232

24,3228,48910,685

40,340

44

40,001

45,130

667145

-55217

46,104

40,001

11,5469,2521,9796,9272,294671

8,641

6,2793,9291,2487,687

25,3643,88210,084

46,104

9,5557,5601,6285,6691,428

9,341

6,0286,1291,38113,242

26,4068,47510,689

29,798

172

320

-795-29

-61

29,501

36,078

724267

-375

-1

37,120

29,501

8,6096,6841,4594,9901,925869

7,081

4,0702,745961

5,282

-116

19,3963,0426,310

37,120

6,4314,9811,1733,6141,450222

7,185

5,7653,949582

12,162

824

18,149,3538,395

30,837

22

5172

551

-84999

30,860

36,651

670320

-82

-78154

37,635

30,860

8,8496,9091,5425,1271,940701

7,04'

4,2732,606889

6,145

850

19,3913,2467,172

37,635

6,9435,4891,2404,0501,454306

7,288

5,40C4,539692

13,002

-585

19,4629,2028,967

30,709

27289

173

529

-742-155

30,578

37,169

620255

-145

-63106

37,942

30,578

6,7321,5244,9801,948631

7,115

5,1112,563994

5,879

-395

19,3523,4037,587

37,942

7,2995,8171,3734,2321,482292

7,324

4,8334,796724

12,813

-189

20,143

30,054

2117

""174

387

-899-117

-61

29,637

37,792

691444

-62

-65209

-2

39,009

29,637

7,9386,1781,5084,4561,760711

7,050

4,4672,652933

5,725

161

18,5733,1877,005

39,009

7,5535,8321,3494,2671,721307

7,

5,1645,281794

12,193

-150

21,4958,3358,857

30,955

312029166

416

-971141

17

30,787

41,366

906195

35,685

34198

187

517

-1,310116

18

35,256

42,471

473211

-45285

-4

42,707

30,787

8,6676,9921,6445,1101,675841

7,034

4,8942,565865

6,263

-8$

19,1313,5427,615

42,707

8,7606,8771,5115,1251,883370

8,094

5,6085,784948

12,314

829

23,5868,2709,467

194

438

-1,210-230

18

36,486

43,497

733292

-355

-4

43,125

35,256

9,5367,7291,8165,6541,8071,3247,650

5,4383,1111,0576,920

220

21,3543,6878,671

43,125

9,1077,2301,6645,3131,877360

8,203

5,8166,1511,05212,877

24,5138,22410,291

37,229

209

530

-1,22791

18

39,315

44,708

667145

-462

44,478

36,486

10,3778,3751,6796,4132,002995

7,903

5,7383,4481,0407,259

-274

22,7683,8339,164

44,478

9,1617,3591,6325,4691,802351

8,384

5,5756,3591,09913,668

-119

25,0038,30510,655

39,634

4434

-55213

-4

45,678

39,315

11,0308,8171,9516,5402,213675

8,474

5,9403,8211,2487,731

896

24,5733,783

45,678

9,5897,5941,6695,6691,995428

9,123

6,0306,1801,34113,256

26,2338,49010,690


March 1979 SUKVEY OF CUREENT BUSINESS 47

Table 3.—U.S. Merchandise Trade—Continued(Millions of dollars]

Line 1977 1978

N o t sesaonally adjusted

1977

II III IV

1978

II III IV

Seasonally adjusted

1977'

II III IV

1978

I I ' I I I ' IV

22

37

Merchandise trade, by area, adjusted tobalance of payments basis, excludingmilitary—Continued

BALANCE (EXCESS OF EXPORTS-}-)

Total, all countries

Western EuropeEuropean Communities (9)

United KingdomEuropean Communities (6) ..

Western Europe, excluding EC (9)

Eastern EuropeCanada2

Latin American Republics and otherWestern Hemisphere

JapanAustralia, New Zealand, and South AfricaOther countries in Asia and Africa

Seasonal adjustment discrepany (BIS lessB29)

Memoranda:Developed countries 7

O P E C 7.Other developing countries 7

Merchandise trade, by principal end-usecategory, adjusted to balance of paymentsbasis, excluding military:

Total (A-10).EXPORTS

Agricultural productsNonagricultural products

Foods, feeds, and beverages __*Foods, feeds, and beverages—agricul-

turalGrainsSoybeans

Industrial supplies and materials.AgriculturalNonagricultural

Fuels and lubricantsPetroleum and products 8__.

Capital goods, except automotiveMachinery, except consumer-typeCivilian aircraft, complete—all types.Other transportation equipment

Automotive vehicles, parts, and engines-To Canada»To all other areas

Consumer goods (nonfood), except auto-motive

All other, including balance of paymentsadjustments, not included in lines C4-20

Seasonal adjustment discrepancy (Cl lessC4, 8,18,17, 20 and 21)

Total (A-18)_I M P O R T S

Petroleum and products 8

Nonpetroleum products..

Foods, feeds, and beverages

Industrial supplies and materials.Fuels and lubricants

Capital goods, except automotiveMachinery, except consumer-type..Civilian aircraft, engines, parts

Automotive vehicles, parts, and engines..From CanadaFrom all other areas


All other, including balance of paymentsadjustments, not included in lines C26-35

Seasonal adjustment discrepancy (C2S lessC26,27,29,82,35 and 86)

-31,130 -34,144

5,854,384898

3,39C146€

-1,37]

-3,24!

-7,99?

-27,13c

-2,535-22,900-6,826

120,576

24,33696,240

19,741

19,11610,2454,394

34,5274,643

29,8844,7641,334

39,80733,5252,751

590

13,0109,2613,749

8,937

4,554

51,706

44,980.06,726

14,027

81,05047,782

14,12213,401

592

18,8519,3149,537

21,827

1,

2,9932,853614

2,14114C

2,326-2,743

-1,01!

-ll,52c-23C

-23,942

-11,509-18,444-5,765

141,844

29,93C.11,91

25,196

24,17413,4775,192

39,2415,34233,8994,5001,583

46,47538,3613,654793

15,33610,1305,206

10,425

5,171

175,988

42,289.33,699

15,441

86,14845,787

19,30218,148

947

24,59110,63413,957

28,199

2,307

-7,022

2,3031,787308

1,43851€

-121

1,984

-1,103406

-7,229

1,4-6,780-2,254

29,400

6,41522,985

5,003

4,9152,6491,272

8,5031,3767,127898300

8,269516127

3,1932,334859

2,138

897

36,422

12,35124,071

3,522

20,25013,032

3,1503,027103

4,4422,4082,034

4,737

321

-6,34'

1,642341

1,25155:

43C

-45

-94?

-2,029198

-6,152

323-5,322-1,545

31,877

6,46925,408

5,263

5,1242,6691,324

9,1711,1727,'"1,395340

10,3288,640824137

3,5572,613944

2,306

1,252

38,224

10,70027,524

3,961

19,96611,350

3,5303,361143

4,8542,5592,295

5,337

576

-8 ,688

5712823£

23828*

23'- 3 2 S

12S

-2,338264

-7,222

-1,832-5,710-1,306

29,013

5,22123,792

4,299

4,0722,493

476

8,72697,

7,7511,313

36;

9,6278,276

517142

2,8281,912

916

2,296

1,237

37,701

11,34226,359

3,163

20,50211,976

3,5613,389

131

4,2551,8622,393

5,825

395

-9,07;

11167221:455105

408

- 8 7 2

- 4 3 8

-2,52c

ir- 6 , 5 3 6

-2,507-5,088-1,721

30,286

6,23124,055

5*, 176

5,0052,4341,322

8,12'1,1207,0071,158327

10,1868,340894184

3,4322,4021,030

2,197

1,168

39,359

10,58728,772

3,381

20,33211,424

3,8813,624215

5,3002,4852,815

5,928

537

-11,13]

18:15233

-186

537-1,068

-1,047

-3,134-39

-6,375

-4,246-5,166-2,071

30,765

6,24,073

5,313

5,1652,8721,092

8,4451,4117,034560332

10,0388,592500174

3,4612,3081,153

2,262

1,246

41,896

10,61831,278

3,870

21,05211,424

4,2404,062141

5,8642,4483,416

6,150

720

-7,270

73273519:535

1,04'-395

-216

-s,m-5,273

-2,828-3,969-1,342

36,588

7,28,601

6,832

6,6333,7421,548

9,7661,2278,5391,125379

11,5829,763658214

4,2262,8641,363

2,718

1,464

43,858

9,99133,867

3,865

21,31610,983

4,8604,549274

6,4882,8973,591

6,914

415

-9,640

275245-8031530

499-580

-3,024-64

-6,739

-3,393-4,716-1,747

34,490

6,92227,568

6,05'

5,6803,586786

10,0091,1598,8501,309415

11,5919,435995195

3,3342,1001,233

2,571

928

44,130

10,87333,257

3,602

21,77911,711

4,9694,667253

5,5322,2013,331

7,766

482

-6,103

1,9911,692351

1,258299

243-700

251

-2,200-133-5,555

-1,042-4,593-605

40,001

8,32931,672

6,994

6,6963,2771,766

11,0211,5459,4761,506457

13,26410,5711,501210

4,3152,8581,457

2,874

1,533

46,104

10,80735,297

4,104

22,00111,669

5,2334,870279

6,7073,0883,619

7,369

690

-7 ,61'

2,1781,703

2861,376

47.r

647-104

- 1 , 6

-1,204379

-6,88C

-Hi

1,249-6,311-2,085

29,501

6,24723,254

5,102

4,9532,6491,193

8,2921,1657,1271,127300

9,7788,316602127

3,1982,353903

2,157

956

18

37,120

11,99325,127

3,522

19,99612,674

3,1503,027103

4,2652,3581,892

5,051

321

815

-6,771

1,9061,420302

1,077486

395-24

-1,127

-1,933197

-6,85:

885

-71-5,956-1,795

30,860

6,25324,607

5,127

4,95'2,6691,239

9,1991,1998,0001,283340

8,285717137

3,2612,320908

2,159

1,167

87

37,635

11,26826,367

3,961

20,31611,919

3,5303,361

143

4,4882,3162,178

5,410

-7,364

1,38:91515:748466

339-209

278

-2,233270

-6,934

-256

-791-5,485-1,094

30,578

6,02324,555

4,744

4,6002,493

881

1,1677,7511,284367

10,2638,579

679142

3,2512,273

959

2,406

1,275

-279

37,942

11,15726,785

3,163

20,44711,791

3,5613,389

131

4,8072,2372,555

5,495

395

-9,372

34615918C.3°.

404-81'

-2,629139

-6,468

811

-2,922-5,148-1,852

29,637

5,81323,824

4,768

4,6062,4341,081

8,1181,1127,0061,070327

9,9068,345

753184

3,3002,315

979

2,215

1,156

m39,009

10,56228,447

3,381

20,29111,398

3,8813,6242L"

5,2912,4032,912

5,871

537

-243

-11,920

no

115133-15-208

47-l,06C

-714

-3,219-83

-6,051

-1,171

-4,455-4,728-1,852

30,787

6,51024,277

5,432

5,2112,8721,000

8,2191,1857,034730332

10,1888,652597174

3,4752,3321,217

2,286

1,311

-1*4

42,707

10,34732,360

3,870

20,90111,153

4,2404,062141

5,6272,3883,200

6,545

720

-7,869

42949915234-70

964-553

-37!

-3,04Cc

-5, 957

-3,159-4,537-1,620

35,256

7,66627,590

6,61:

6,3773,7421,394

9,7901,2518,5391,057379

11,0539,353561214

3,8522,5251,312

2,546

1,370

38

43,125

10,47432,651

3,865

21,509

6,0062,6143,434

7,003

415

-533

7,992

1,211l,01(

4944200

644

-48:

163

-2,91- 5 ?

-6,40c

-2,235-4,472-1,491

36,486

7,93728,549

6,662

6,3813,5861,400

10,2231,3738,8501,299415

12,4089,7791,274195

3 I2^5251,292

2,697

967

-331

44,478

10,64833,830

3,602

21,70111,4

4,94,667

253

6,2542,6423,582

7,333

137

-6,363

1,4411,223282871218

247-649

-90

-2,359-93

-5,525

-1, 600-4,707-802

39,315

7,81731,498

6,490

6,2053,2771,398

11,0091,5339,4761,414457

12,82610,5771,222210

4,1492,7481,385

2,896

1,523

422

45,678

10,82034,858

4,104

22,03711,682

5,2334,870279

6,7042,9903,741

7,318

690

-408




Table 3.—U.S. Merchandise Trade—Continued[Millions of dollars]

Line 1977 1978

Not seasonally adjusted

1977

II III IV

1978

II III IV

Seasonally adjusted

1977 r

II III I V

1978'

II III IV

D Merchandise trade, by end-use category,Census basis, * including military grantshipments:

Merchandise exports, Census basis, in-cluding military grant shipments (A-l)

Agricultural productsNonagricultural products.

Excluding military grant shipments..

Foods, feeds, and beveragesGrains and preparationsSoybeansOther foods, feeds, and beverages

Industrial supplies and materialsFuels and lubricants 10_Paper and paper base stocksTextile supplies and materials

Raw cotton, including lintersTobacco, unmanufacturedChemicals, excluding medicinalsOther nonmetals (hides, tallow, min-

erals, wood, rubber, tires, etc.)..

121,212 143,660

Steelmaking materialsIron and steel productsOther metals, primary and advanced,

including advanced steelPrecious metals (gold, silver, platinum)

Capital goods, except automotive..Machinery, except consumer-type

Electrical and electronic, includingparts and attachments. _ _

Nonelectrical, including parts andattachmentsConstruction machinery and non-

farm tractors....Textile and other specialized in-

dustry machineryOther industrial machinery, n.e.c...Agricultural machinery and farm

tractorsBusiness and office machines, com-

puters, etcElectronic computers and parts...

Scientific, professional, and serviceindustry equipment

Civilian aircraft, engines, partsCivilian aircraft, complete, all types.

Other transportation equipment

Automotive vehicles, parts and engines..To Canada 9

To all other areasPassenger cars, new and used.Trucks, buses, and special vehiclesBodies, engines, parts and accessories,

n.e.c

Consumer goods (nonfood), except auto-motiveConsumer durables, manufacturedConsumer nondurables, manufactured..Unmanufactured consumer goods (gem

stones)

Special category (military-type goods)

Exports, n.e.c, and reexportsDomestic (low-value, miscellaneous)..Foreign (reexports)

24,21996,99396,931

19,59110,2424,3934,955

34,2974,7632,6833,4081,5381,0948,641

7,356

4821,875

3,9961,169

39,31233,074

7,238

25,836

5,633

1,19,940

1,587

4,0493,264

2,630

5,6792,739559

12,1158,3663,7493,6282,041

6,446

8,8173,763

4,r~

366

3,2083,8721,6652,207

29,798113,861113,775

25,04913,4645,2086,377

38,9584,4992,6283,9991,7541,35810,362

8,444

8452,028

4,7941,356

45,95137,875

8,110

29,765

6,420

2,42610,464

1,755

5,2414,199

3,460

7,2833,616793

14,4609,2545,2063,6912,770

7,999

10,2724,6025,153

517

4,489

4,4801,9742,506

29,670

6,36723,30323,274

4,9522,6411,2581,053

8,397898658995500305

2,135

1,9

112477

914235

9,5668,172

1,760

6,412

1,429

4852,490

444

943758

622

1,267513127

3,0552,196859915495

1,645

2,110935

1,091

84

717873385488

Seasonal adjustment discrepancy (Dl lessD5, 9, 21, 85, 41, 45 and 46)

31,791

6,44625,34525,331

5,2312,6651,3411,224

8,9611,394710992502178

2,184

1,935

154503

913153

10,1878,504

1,855

6,649

1,467

5172,591

439

959770

675

1,547820136

3,2762,332944

1,<527

2,273992

1,182

100

834

424605

29,101

5,19323,90823,898

4,2602,504470

1,285

8,7921,313720699229282

2,309

1,818

12344'

1,080376

9,4988,151

1,761

6,390

1,391

5022,444

358

1,040829

655

1,205514142

2,5661,650916671511

1,384

2,256912

1,264

79

759970417553

30,650

6,21324,43724,428

5,1482,4321,324V8,1471,158595722307329

2,013

1,700

93448

1,089405

10,0618,247

1,

6,385

1,346

4922,415

346

1,107907

678

892154

3,2182,1881,030956508

1,754

2,178924

1,151

103

898

1,000439561

30,965

6,63'24,32724,315

5,2502,8521,1,310

8,370560618972511332

2,343

1,955

111448

1,029309

9,9088,467

1,822

6,645

1,476

533

2,362

391

1,104884780

1,267495174

3,2822,1291,153837600

1,846

2,227999

1,115

114

936993422571

37,051

7,99729,05429,023

6,8343,7641,5641,506

9,7011,124691

1,036485194

2,581

2,193

209520

1,155303

11,4419,630

2,029

7,601

1,594

6082,714

539

1,267993

880

1,597650214

3,9612,5991,3631,054756

2,152

2,6881,2501,317

121

1,243

1,181511670

35,281

6,87228,40928,389

6,0073,587773

1,647

9,9431,309643958404276

2,698

1,996

246500

1,316409

11,4759,330

2,045

7,285

1,541

5992,547

402

1,3361,079

858

1,950984195

3,1501,9161,23373964'

1,763

2,5281,0911,303

133

1,123

1,056490566

40,363

8,29232,07132,049

6,9583,2611,7821,914

10,9441,506676

1,033354556

2,740

2,300

279560

1,294335

13,12'

10,448

2,214

8,234

1,686

2,841

423

1,5341,243

942

2,4691, —210

4,0672,6101,4571,061767

2,238

2,8291,2621,418

149

1,187

1,250551699

29,827

6,19923,62823,599

5,0512,6411,1791,117

8,1861,127676908423250

2,135

1,853

141493

914235

9,6798,220

1,759

6,450

1,460

4982,490

428

937767

612

1,331599127

3,0602,215903937522

1,592

2,129944

1,091

80

717926385512

79

30,851

6,22924, 62224,608

5,0942,6651,2561,221

8,9881,282680921447243

2,184

1,850

133473

913153

9,7198,149

1,797

6,362

1,406

5012,591

364

964776

641

1,425713136

2,9802,039908960480

1,529

2,126919

1,182

90

834959424545

151

30,719

5,99424,72524,715

4,7052,504875

1,362

8,9831,284718781279359

2,309

1,902

11044;

1,080376

10,135

8,454

1,833

6,712

1,442

5262,444404

847

690

1,435676142

2,9892,011959877517

1,590

2,366976

1,264

90

759

998417584

-216

30,063

5,79724,26624,257

4,7412,4321,0831,255

8,1391,070609798389242

2,013

1,751

98462

1,089405

9,7798,251

1,849

6,312

1,325

4712,415

391

1,085874

687

751154

3,0862,101979854522

1,735

2,196924

1,151

106

898

989439566

235

20,967

6,45524,51224,500

5,3692,852997

1,397

8,144730634875427279

2,343

1,902

142463

1,029309

10,0588,527

1,826

6,697

1,51:

5492,362

375

1,100899

767

1,349592174

3,2962,1531,217857637

1,787

2,2511,0091,115

108

936

1,055422598

-142

35,716

7,67628,04028,009

6,6143,7641,4101,506

9,7251,056662948421283

2,581

2,092

181490

1,155303

10,91:9,220

1,964

7,274

1,530

5892,714

447

1,2731,001

837

1,461553214

3,5872,2601,312924687

1,971

2,5161,1571,317

108

1,243

1,102511604

37,249

7,88729,36229,34!

6,61:3,5871,"1,745

10,1571,299642

1,467364

2,698

2,087

223499

1,316409

12,2929,674

2,125

7,655

1,599

6302,547

455

1,3621,102

903

2,2971,263195

3,6762,3411,292964656

2,030

2,6541,1731,303

151

1,123

1,085490597

-850

39,656

7,78031,87631,854

6,4543,2611,4141,729

10,9321,414690

1,127439432

2,740

2,363

299576

1,294335

12,68910,454

2,195

8,139

1,779

6582,841

478

1,5061,197

953

2,1761,208210

3,9012,5001,385946790

2,211

2,8511,2631,418

150

1,187

1,238551707

404




Table 3.—U.S. Merchandise Trade—Continued[Millions of dollars]

Line 1977 1978

Not seasonally adjusted

1977

I I I I V

1978

I I III IV

Seasonally adjusted

II III IV III IV

50

5152535455

5657585960

61626364

65

66

676869

70

71

76

81

94

95

Merchandise imports, Census basis, (A-ll).Foods, feeds, and beverages

Coffee, cocoa, and sugarGreen coffeeCane sugar

Other foods, feeds, and beverages.

147,685 172,026

Industrial supplies and materialsFuels and lubricants n>

Petroleum and products 8

Paper and paper base stocksMaterials associated with nondurable

goods and farm output, n.e.s.Textile supplies and materialsTobacco, unmanufacturedChemicals, excluding medicinalOther (hides, copra, materials for

making photos, drugs, dyes)Building materials, except metals

Materials associated with durable goodsoutput, n.e.s

Steelmaking materials .Iron and steel productsOther metals, primary and advanced,

including advanced steelPrecious metals (gold, silver, plati-num).

Nonmetals (oils, gums, resins, min-erals, rubber, tires, etc.)

Capital goods, except automotiveMachinery, except consumer-type

Electrical and electronic, and partsand attachments

Nonelectrical, and parts and attach-ments

Construction, textile and other spe-cialized industry machinery andnonfarm tractors

Other industrial machinery, n.e.s...Agricultural machinery and farm

tractors _Business and office machines, com-

puters, etc...Scientific, professional and service

industry equipment

Transportation equipment, except au-tomotive

Civilian aircraft, engines, partsCivilian aircraft, complete, all types.

Automotive vehicles, parts, and engines..From CanadaFrom all other areas

Passenger cars, new and usedTrucks, buses, and special vehiclesBodies, engines, parts and accessories,

n.e.s...


Consumer durables, manufacturedConsumer nondurables, manufactured .Unmanufactured consumer goods

(gems, nursery stock)

13,9815,4693,9101,0768,513

76,42344,98342,3463,604

6,7411,584322

3,069

1,7673,312

17, 7841,8536,001

6,714

1,327

3,214

13,95413,280

4,365

8,916

1,6703,112

1,174

1,49

1,464

674

592265

18, 6709,1339,53710, 6512,634

5,385

Imports, n.e.s. (low value, goods returned,military aircraft, movies, exhibits)

Seasonal adjustment discrepancy (D50 lessD51, 56, 72, 84, 90 and 94)

21, 79011,7608,285

1,751

2,862

15, 3965,1183,728723

10,279

81, 73242, 91539, 5353,996

8,1651,951400

3,766

2,0494,387

22,2701,8487,590

2,593

3,544

19,18117,992

5,:

12,133

2,4034,275

1,367

2,143

1,945

1,189

982231

24,31410,35713, 95713, 6743,709

6,931

28,16614, 55111,249

2,367

3,235

35,379

3,5141,5811,235215

1,933

19, 05612,24811, 666

862

1,671385105739

441

3,587249

1,092

1,437

260

3,0962,979

927

2,053

363

718

289

33

34'

10336

4,3812,3472,0352,502589

1,290

4,7312,5381,791

401

602

37,239

3,9501,6211,234235

2,330

18,86010, 72410,078

42182841

465823

4,607516

1,499

1,743

305

3,4833,318

1,051

2,267

419

774

354

364

358

165

14352

4,8252,5302,2942,777640

1,408

5,3292,8542,024

452

792

36,927

3,1491,027632293

2,122

19, 53611,37710, 731

868

1,73242071783

458897

4,66458"

1,609

1,663

308

8023,5363,377

1,158

2,219

444792

259

367

356

159

13152

4,2051,8122,3922,401554

1,250

5,8173,0092,378

685

38,140

3,3681,240809333

2,128

18, 97110, 6349,871975

1,53035864706

403904

4,926501

1,801

1,871

454

7553,8393,606

1,229

2,37

444

828

272

429

403

233

215125

5, 2592,4442,8162,971851

1,437

5,9193,3592,092

783

40,551

3,8641,5351,179128

2,329

19,70110,4899,727930

2,043489105916

534936

5,300346

1,839

2,309

614

808

4,2374,023

1,226

2,798

547994

325

482

450

213

17636

5,8262,4103, 4163,375878

1,573

6,1453,1272,447

572

779

43,200

3,8531,178887144

2,675

20,40810,4769,5141,030

2,170509134

1,005

5231,133

5,601374

1,800

2,481

569

945

4,8144,504

1,436

3,068

6231,066

382

517

482

311

27486

6,4272,8363,5913, 653994

1,779

6,9043,5552,751

597

793

43,145

3,5871,089709267

2,499

20,59610,96110,146

995

1,97849856940

4841,184

5,477578

1,947

2,061

554

893

4,9344,632

1,544

3,088

6461,090

316

539

496

302

25351

5,4502,1193,3313,007799

1,645

7,7573,8933,237

627

820

45,130 36,078

4,1,

2,

21,

092316953184776

02710,98910,1,

1,

148041

974455105905

3,5141,5811,235278

1,933

18,80211,89011, 308

874

1,58938176721

5081,134

5,892550

2,004

2,437

856

8985,1964,833

1,654

3,179

581,125

344

605

517

363

27958

6,6112,9923, 6193,6391,038

1,934

7,3603,9762,814

843

441738

3,742358

1,437

260

808

3,0962,979

927

2,053

363

718

276

337

346

10336

4,2042,2971,8922,334563

1,314

5, 0452,7611,900

401

602

815

36,651

3,9501,6211,234216

2,330

19, 20811, 29210,646

863

1,76742063795

465761

4,473496

1,562

1,743

305

3,4833,318

1,051

2,267

419774

305

364

360

165

14352

4,4592,2872,1782,485591

1,365

5,4022,9012,112

452

792

37,169

3,1491,027632225

2,122

19,48011,19210,546

1,823430109816

458855

4,712514

1,663

308

802

3,5363,377

1,158

2,219

444792

367

356

159

13152

4,7572,1872,5552,813640

1,298

5, 4872,9192,148

685

75

37,792

3,3681,240809357

2,128

18,93210,6089,846987

1,56235374737

403958

4,857485

1,702

1,871

454

7553,8393,606

1,229

2,377

444828

295

429

402

233

215125

5,2502,3622,9123,019840

5,13,1792,125

46/

783

41,366

3,8641,5351,179171

2,329

19,55010,2189,456

1,94348377

893534

1,002

5,508481

1,838

2,309

614

4,2374,023

1,226

2,798

547994

482

448

213

17636

5,5892,3503,2003,161834

1,603

6,5403,3882,600

572

779

807

42,471

3,8531,178887138

2,675

20,60110,9599,997987

2,115507109946

5231,058

5,416353

1,862

2,481

569

9454,8144,504

1,436

3,068

6231,066

325

517

484

311

274

5,9452,5533,4343,283916

1,722

3,6122,864

597

793

43,497

3,5871,089709211

2,499

20,51910,7369,9211,008

2,051089979

4841,131

5,522492

1,982

2,061

554

8934,9344,632

1,544

3,1

646

539

497

302

25351

6,1722,5603,5823,533

7,3243,7872,922

627

820

141

44,708

4,0921,316953203

2,776

21,06311,00210,1611,053

2,021451125948

5081,196

5,824522

1,908

2,437

856

5,1964,833

1,654

3,179

5871,125

373

605

516

363

27958

6,6082,8943,7413,6971,027

1,898

7,3093,7642,863

571

843


With the January 1979 data, the Bureau of the Census introduced a new procedure for seasonally adjusting exports and imports.Under the new procedure, export and import totals represent the sum of seasonally adjusted commodity components. Under the oldprocedure, export and import totals were seasonally adjusted independently of the components. The new procedure has been appliedretroactively to January 1977.



Table 4.—-Selected U.S. Government Transactions[Millions of dollars]

Line 1977 19781977

II III IV

1978

II IV

Al

la

42

43

Bl

2345

Cl

U.S. Government grants (excluding military) and transactions increasing Government as-sets, total

Seasonally adjusted..

By category

Grants, net (table 1, line 34, with sign reversed).Financing military purchases *Other grants

Loans and other long-term assets (table 1, line 44, with sign reversed) _ _.Capital subscriptions and contributions to international financial institutions, exclud-

ing IMF . 1 .Credits repayable in U.S. dollarsCredits repayable in foreign currenciesOther long-term assets.._ _ _

Foreign currency holdings and short-term assets, net (table 1, line 46, with sign reversed)Foreign currency holdings (excluding administrative cash holdings), net

Receipts from—Sales of agricultural commodities _ _ _InterestRepayments of principal _ _ _..Reverse grants _ _ _Other sources _ _

Less disbursements for—Grants and credits in the recipient's currencyOther grants and credits..Other U.S. Government expenditures _ _

Assets held under Commodity Credit Corporation Charter Act, netAssets financing military sales contracts, net 2

Other short-term assets (including changes in administrative cash holdings), net

By program

Capital subscriptions and contributions to international financial institutions, excludingIMF

Under farm product disposal programsUnder Foreign Assistance Act and related programs _. _Under Export-Import Bank ActOther assistance programs _ _Other foreign currency assets acquired (lines A13, A14, and A16)Less foreign currencies used by U.S. Government other than for grants or credits (line A19)._.Other (including changes in administrative cash holdings), net. _

By disposition 3

Estimated transactions involving no direct dollar outflow from the United States. . .Expenditures on U.S. merchandiseExpenditures on U.S. services 4

Financing of military sales contracts by U.S. Government5 (line C6) . . .By long-term credits..By short-term credits l . - --By grants1- _

U.S. Government grants and credits to repay prior U.S. Government credits * 4 . _U.S. Government long- and short-term credits to repay prior U.S. private creditsIncrease in liabilities associated with U.S. Government grants and transactions increasing

Government assets (including changes in retained accounts) 6 (line C l l ) . —Less receipts on short-term U.S. Government assets (a) financing military sales contracts1

and (b) financing repayments of private credits. . .Less foreign currencies used by U.S. Government other than for grants or credits (line A19)

Estimated dollar payments to foreign countries and international financial institutions

Repayments on U.S. Government long-term assets, total (table 1, line 45)

Receipts of principal on U.S. Government credits - -.Under farm product disposal programs— —Under Foreign Assistance Act and related programsUnder Export-Import Bank Act -Other assistance programs.

Receipts on other long-term assets

U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 61)

Associated with military sales contracts 2__ _U.S. Government cash receipts from foreign governments (including principal repayments

on credits financing military pales contracts), net of refunds iLess U.S. Government receipts from principal repaymentsLess U.S. Treasury securities issued in connection with prepayments for military pur-

chases in the United States ._Plus financing of military sales contracts by U.S. Government5 (line A34)

By long-term credits.By short-term credits *By grants1

Less transfers of goods and services (including transfers financed by grants to Israel, andby credits) 12 (table 1, line 3)_...

Associated with U.S. Government grants and transactions increasing Government assets(including changes in retained accounts) 6 (line A40) ---

Associated with other liabilities.Sales of nuclear materials by Department of EnergyOther sales and miscellaneous operations

9,175

2,776501

2,275

6,445

8705,507

3830

-47-71

()77198

*16

33747

-23

8701,1424,7371,48296228333736

7,4813,8861,1901,6241,124

500239965

-2

83337

1,694

2,720

2,686250776

1,141518

34

1,644

1,438

7,273

1,6241,124

500

7,079

-2

20892116

10,647

3,028500

2,528

7,500

8676,605

263

119-94

136

"19"

17(*)306170

43

8671,2395,5251,2401,647229306205

8,2733,8671,3571,5751,075

500250

1,660

(*)

129306

2,374

2,961

2,928216918

1,096

33

2,810

1,782

8,433517

1,5751,075

500

7,710

C)1,0281,012

17

2,329

626139487

1,772

1851,570

-25

C)1945

(*)803

-46

185188

1,3295071736580

-37

2,014983273623

13851179

13

80

315

5795745217726481

5

505

405

1,78795

623486

138

1,912

-1

1023370

2,360

2,225

811245565

1,453

2271,174

1140

96-10

10750

56

227347

1,03438926299107109

1,876927309353108

24589320

(*)

14107

484

733

70665218302121

27

417

395

1,83692

353108

245

1,702

(*)

23914

2,474

2,598

774117657

1,746

2431,516

6-19

-46-31

(*)2034

-22......

243411

1,1883493265886

-14

2,0371,132366341224

11748281

4586

437

656

65451175252176

332

302

1,96384

341224

117

1,918

1

291711

2,012

2,187

566

566

1,475

2151,247

121

-28- 4

(*)1842

-40

215196

1,1852372026163

-21

1,554844243306306

51186

1163

458

752

75282206323141

(*)

390

336

1,687110

306

1,547

-1

543421

2,489

2,385

766179587

292

43-21

(*)1635

-19

292229

1,409268252557460

2,023925356493314

17940306

2474

466

653

6494824026595

4

804

141

493314

179

1,842

1

-510

-15

2,812

2,679

827115711

1,998

1421,846

73

-13-45

(*)1835

14

10(*)10213

19

142348

1,5093534626710232

2,0931,056316349234

11560473

(*)

58102

719

787

78036244299201

7

-312

-382

1,617131

349234

115

2,217

(*)

702347

2,915

5,027

769177593

2,167

192

-21-13

(*)2332

(*)

3

"""66"

-78

192380

1,4113386165666

-10

2,467998393430253

17791634

(*)

1466

449

700

67846181236215

22

350

339

430253

177

(*)

11-1626

2,431

2,556

66729

1,654

2411,411

3-1

110-14

(*)1733

644

120

241283

1,1962823175264124

292304274

2959247

-1

3364

740

822

82286253296187

(*)

1,968

1,016

2,620146

304274

29

1,761

-1

953995-42



March 1979 SURVEY OF CURRENT BUSINESS 51Table 5.—Direct Investment: Income and Capital


Line (Credits+; debi ts-) 1977 1978 p1977

I II III IV

1978

I II I I I ' IV v

U.S. direct investment abroad:

Income (table 1, line 11)

Interest, dividends, and earnings of unincorporated affiliates (table 1, line 12).Interest _ -- - - -Dividends - . . .-Earnings of unincorporated affiliates __

Reinvested earnings of incorporated affiliates (table 1, line 13)

Capital (outflow(-)) (table 1, line 48)

Equity and intercompany accounts (table 1, line 49) _Incorporated affiliates __.

EquityIncrease1

Decrease2. -Intercompany accounts _

Short-term _Long-term... _ _ _

Unincorporated affiliates.Reinvested earnings of incorporated affiliates (table 1, line 50)

By industry of affiliate:3

Income (linel):PetroleumManufacturing.Other

Interest, dividends, and earnings of unincorporated affiliates (line 2):PetroleumManufacturing ._ _Other. — . —

Reinvested earnings of incorporated affiliates (line 6, or line 17 with sign re-versed) :

PetroleumManufacturing -Other . - . .

Equity and intercompany accounts (outflow(—)) (line 8):PetroleumManufacturingOther

Foreign direct investment in the United States:

Income (table 1, line 27)

Interest, dividends, and earnings of unincorporated affiliates (table 1, line 28).Interest...Dividends . .Earnings of unincorporated affiliates.-

Reinvested earnings of incorporated affiliates (table 1, line 29)

Capital (inflow (+)) (table 1, line 65)

Equity and intercompany accounts (table 1, line 66)Incorporated affiliatesEquity

Increase iDecrease2 - . .

Intercompany accounts _Short-term _ ._Long-term

Unincorporated affiliates _Reinvested earnings of incorporated affiliates (table 1, line 67)

By industry of affiliate:3

Income (line 30):Petroleum _Manufacturing --_ _Other

Interest, dividends, and earnings of unincorporated affiliates (line 31):PetroleumManufacturing _Other

Reinvested earnings of incorporated affiliates (line 35, or line 46 with gn re-versed):

Petroleum. _ _Manufacturing. _ _Other. . . .

Equity and intercompany accounts (inflow (+)) (line 37):Petroleum . - .ManufacturingOther

19,851

12,540786

6,4745,2807,312

-12,215

-4,904-1,669-1,316-2,400

1,084-353-683

330-3,235-7,312

5,4827,3267,044

4,4783,8124,250

1,0043,5142,794

-1,613-884

-2,406

-2,829

-1,257-147-781-329

-1,572

1,7661,8281,0491,124-75779815-37-631,572

-1,148

-234-467-556

-604-377-592

42747977

24,024

13,324n.a.n.a.n.a.

10,699

-15,361

-4,662n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

-10,699

n.a.n.a.n.a.

n.a.n.a.n.a.

n.a.n.a.n.a.

40n.a.n.a.

-3,730

-1,629-247—774-609

-2,101

5,611

3,5103,3531,7551,934-1791,598466

1,132157

2,101

-1,174-948

-1,609

-286-454

-493-720

3061,6361,567

4,930

2,986177

1,4241,3861,944

-2,281

-338-553-323-420

97-230-102-128215

-1,944

1,4511,7581,721

1,090895

1,001

360863720

552-420

-553

-245-28-175-42-309

880

571715230244-14486652

-167-144309

-223-239-91

-61-82-102

-162-158

11

-40162449

5,191

3,165194

1,6251,3472,026

-4,062

-2,036-596-160-418258

-436-505

69-1,441-2,026

1,3842,0091,798

1,205855

1,105

1781,154693

-1,63851

-449

-767

-363-36-211-115-404

996

593604119132-1448539987

-11404

-173-224-370

-57-136-170

-116-88-200

7114537

4,722

2,900230

1,4431,2271,822

-3,086

-1,264283

-417-538121700209491

-1,547-1,822

1,2291,7431,750

8411,112

631802

-378-503

-702

-295-34-191-70

1,012

604634

-32266166100-10

-207-210-286

-47-125-123

-160-85

93284227

5,009

3,489186

1,9831,3201,520

-2,787

-1,266-804-416

-1,024608

-388-286-102-463

-1,520

1,4181,8161,775

1,341951

1,197

77865579

-145-137-985

-807

-354-48-205-101-452

450

2-105352368-16-457-401-56103452

-235-170-402

-70-123-161

-165-47-241

-83156-75

5,587

2,956174

1,3041,4782,631

-5,085

-2,454-700-559-709150

-140-227

86-1,754-2,631

1,5582,2971,732

1,142773

1,041

4161,524691

-1,296-476-682

-535

-292-48-188-56-244

812

568655373386-13282329-47-87244

-246-120-169

-58-114-120

-189—f>-49

75283211

6,072

3,583192

2,0851,3072,489

-4,372

-1,883-688-567-751184

-121-315195

-1,196-2,489

1,3562,5802,137

1,0661,3731,144

2901,207993

-1,171-80

-1,154

-452-57-178-217-702

1,852

1,1501,032788840-51244-90334118702

-276-277

-91-203

-208-186-309

95801254

5,388

2,795213

1,3621,2202,593

-2,600

12-105-714609117261

-144-19

-2,593

1,0192,2542,115

8211,045

911,4331,069

1,265-1,059-214

-1,103

-464-69-180-215-639

2,206

1,5671,458323396-731,135331805109

-329-302-473

-71-118-276

-258-184-197

131567

6,976

3,990n.a.n.a.n.a.

2,986

-3,303

-317n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

-2,986

n.a.n.a.n.a.

n.a.n.a.n.a.

n.a.n.a.n.a.

1,242n.a.n.a.

-937

-421-73-228-121-516

741

225208271313-42-63-104

4117516

-249-365

-89-132-200

-234-117-165

5-14234



52 SUKVEY OF CUEKENT BUSINESS March 1979

Table 6.—Securities Transactions[Millions of dollars]

Line

Al

2

345

67

g

910111213

14

1516

17

181920

21222324252627282930

3132333435

Bl

2

34

67gg

10

11

121314

15

16

(Credits(+); debits(-))

Foreign securities, net U.S. purchases (—). balance of payments basis (table 1, line51, or lines 6+17 below)

Stocks:

Treasury basis, net1

Adjustments:Less recorded in table 1, line 48 as U.S. direct investment abroad. _. _Plus exchange of stock associated with direct investment in the United StatesPlus other adjustments _ .

Balance of payments basis netNewly issued in the United States

Of which Canada -

Other foreign stocks . _. _Western EuropeCanada - - -Japan .Other

Bonds:

Treasury basis, net * ._Ajustments:

Plus additional Canadian redemptions 2 _Plus other adjustments

Balance of payments basis, net.

Newly issued in the United States -By type• privately placed ._

publicly offered

Bv area* Western EuroDeCanadaJapan - - -- -Latin AmericaOther countries _._ __ __._International financial institutions 3

Redemptions of U S -held foreign bonds 2

CanadaOther countries - -- -International financial institutions 3

Other transactions in outstanding bonds 2 . . .Western EuropeCanada - -Japan - --Other - -

U.S. securities, excluding Treasury issues and transactions by foriegn official agen-cies, net foreign purchases (+) , balance of payments basis (table 1, line 69, or lines5+12 below) -

Stocks:

Treasury basis net1

Adjustments:

Plus other adjustments *

Balance of payments basis net -- --Western Europe -.Canada -JapanOther

Bonds:

Treasury basis, net * .

Adjustments ^ & - _ _

Balance of payments basis net - --New issues sold abroad by U S corporations 5

Investments by international financial institutions3 in nonguaranteedbonds of U S federallv SDonsored acencies

Other transactions in U S bonds

Of which United Kingdom . . -

1977

-5,398

-409

- 4 0 9- 1 9 6

- 2 1 3- 5 3 2- 2 0 1

46852

-5,035

46

- 4 , 9 8 9

- 6 , 8 8 0- 2 , 5 7 7- 4 , 3 0 3

- 1 , 5 9 6—2,395

- 3 3 8- 5 2 7- 5 7 4

—1,4501,318

505278535

573445

- 2 6 7- 2 9 1

686

2,869

2,675

-1,351

1,3251,010

6533

216

4,336

-2, 791

1,544658

11876

532

1978 v

- 3 , 3 8 9

519

519- 1 1 5

- 8 9

634337

- 5 2372

- 2 3

-3,908

- 3 , 9 0 8

- 5 , 899- 1 , 8 9 6- 4 , 0 0 3

- 1 , 7 0 7—3,479

- 5 0- 1 7 2- 4 9 1

1,091380189522

899723

- 6 031

205

2,899

2,370

-1,098

1,272864

7473

261

2,514

-888

1,626816

313497

297

1977

I

- 7 3 6

-194

- 1 9 4- 7 7

- 1 1 7- 1 2 3- 1 0 4

9713

-542

- 5 4 2

- 1 , 2 8 7- 4 6 3- 8 2 4

- 2 9 1—728- 1 5 0

- 1 1 8

55718133

343

188184

- 4 8- 6 8120

828

562

-232

330200

461866

536

-38

498322

- 1 7193

259

II

- 1 , 7 6 6

-118

- 1 1 8- 1 4

- 1 0 4- 1 6 8- 7 510831

- / , 694

46

- 1 , 648

- 1 , 9 9 8- 6 0 2

- 1 , 3 9 6

- 5 0 0—439- 1 4 7- 1 6 0- 5 2

—7002351533646

115100

- 1 0 6- 1 6137

725

721

-446

275223

- 4 19

84

1,500

-1,050

450161

—5294

238

III

- 2 , 1 6 5

-297

- 2 9 7- 6 8

- 2 2 9- 2 6 9- 5 4

8311

-1, 868

- 1 , 8 6 8

- 2 , 2 7 6- 5 8 5

- 1 , 6 9 1

- 2 9 3- 9 7 9

- 4 1—84

- 1 2 9- 7 5 0

216857952

19288

- 1 2 3- 5 7284

513

498

-359

139122

4- 316

1,046

—672

374125

8241

- 2 8

I V

- 7 3 1

200

200- 3 7

2372832

180- 3

-931

- 9 3 1

- 1 , 3 1 9- 9 2 7- 3 9 2

- 5 1 2- 2 4 9

- 2 8 3- 2 7 5

31086

13094

787310

- 1 5 0145

803

894

-314

580465

569

50

1,254

-1,031

22350

25148

63

1978

I

- 9 4 9

330

330

330239

- 6 2159- 6

-1,279

- 1 , 2 7 9

- 1 , 0 9 3- 7 5 3- 3 4 0

- 3 2 5- 6 5 9

- 4 5- 6 4

2631156286

- 4 4 9174

- 2 2- 6 9 7

96

462

670

-329

341389

- 4 82

- 2

288

-167

12165

1244

28

II

- 1 , 1 0 3

69

69- 3 6

- 3 6

10513

- 5 3132

13

-1,172

- 1 , 1 7 2

- 2 , 2 7 5- 4 0 9

- 1 , 8 6 6

- 6 3 0- 1 , 3 3 1

- 5 0- 2 6 4

3659065

210

73730524

223185

1,308

1,259

-332

927769

- 2 645

139

778

-398

380230

- 1 7167

47

III '

- 4 6 7

-12

- 1 2- 1 6

456

- 5 035

- 3 7

-455

- 4 5 5

- 9 4 3- 4 3 3- 5 1 0

- 4 6 4- 3 6 7

- 5 0

- 6 2

1988016

102

290235

- 1 2218

- 1 5 1

533

16

- 2 6- 2 0 0

831675

876

-317

559499

61- 1

97

I V v

132

132- 6 3

- 5 3

19529

11346

7

-1,002

- 1 , 0 0 2

- 1 , 5 8 8- 3 0 1

- 1 , 2 8 7

- 2 8 8- 1 , 1 2 2

- 7 7- 1 0 1

2659546

124

3219

- 5 0287

75

596

425

-395

30- 9 4

651049

572

-6

56622

257287

125



March 1979 SURVEY OF CURRENT BUSINESS 53Table 7.—Claims and Liabilities Reported by U.S. Nonbanking Concerns


Line(Credits (+) ; increase in U.S. liabilities or decrease in U.S. assets.Debits (—); decrease in U.S. liabilities or increase in U.S. assets.) 1977 1978*

1977

I II III IV

1978

I II III ' IV P

Amountsout-

standingDec. 31,

1978

Al234

567

23

24

Bl2345

Claims, totalLong-term (table 1, line 52)Short-term (table 1, line 53)

Payable in dollarsBy type:

Deposits of major U.S. corporationsShort-term investments of major U.S. corporations i_Other

By area:United KingdomOther Western EuropeCanadaJapanBahamasOther

Payable in foreign currenciesBy type:

DepositsOf which major U.S. corporations

Short-term investments of major U.S. corporations i_.Other

By area:Western Europe

CanadaJapanOther

Memoranda:U.S. dollar deposits in Canadian Banks:

As reported by major U.S. corporations other than banks (included in lineAJj. above)

As reported in Canadian banking statistics

Liabilities, totalLong-term (table 1, line 70) 2

Short-term (table 1, line 71) 2

Payable in dollarsUnited KingdomOther Western EuropeJapanOther AsiaAfricaOther

Payable in foreign currenciesOf which Western Europe

-1,70025

-1,725-1,354

-978- 2 9

-347

-212- 9 0- 3 0- 7 9

-466-477-371

-177-159-127- 6 7

-130-124- 6 5- 5 2

-18-93

257-620

877844

-370432473

8- 4 534633

-122

-2,25633

-2,289n.a.

-2,080-73n.a.

n.a.n.a.n.a.n.a.n.a.n.a.n.a.

n.a.-264

45n.a.

n.a.n.a.n.a.n.a.

-270n.a.

1,676-49

1,725n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

-768

-801-784

- 8 2207

- 4 5- 3 9- 1 4- 2

-438-246- 1 7

1221

- 1 6- 1 3

3446

- 5 5- 4 2

56-188

-346-220-126-181-242

50- 1 9

-100- 1 714755

- 4 6

1,13766

1,2031,106

1,115- 3 5

44

-589- 4 6- 6 7

57-357-104- 9 7

- 1 7- 1 6- 7 4- 6

12- 8 0- 1 5- 1 4

-82-389

-412-176-236-121

3614

-178- 3- 8

-115- 7 6

1,389205

1,1841,118

66448

406

57726366

-13432719

343039

- 7

- 2 66

3848

-15169

59018

572432

-12688

415185

- 2 0-110

1405

-1,184-279-905-582

38240

-1,004

-155-268- 1 5

(•)2

-146-323

-206-194- 7 6- 4 1

-150- 9 6- 3 3- 4 4

-22315

425-242

667714- 523373

101- 5317

- 4 7- 5

-2,222- 5 7

-2,165-1,883

-1,616-176- 9 1

18215

-756- 9 0

-1,045-189-282

- 5 0- 5 4

-146

- 1 9

-214- 5 8

-616-592

49538

457375584869

- 9 547

24882

102

26780

18751

14982

-180

261- 9 5

676523

-270136

642761

134-124

157- 3 1

61-57

248- 6 831637529

1135258

- 9132

- 5 9- 2 1

- 3 662

- 9 8307

14511745

-423- 5 2

74- 967740

-405

-130-131

47-322

-119

-26-387

10688085411148156

25257

-1032617

-265- 5 2

-213n.a.

-758-96n.a.

n.a.n.a.n.a.n.a.n.a.n.a.n.a.

n.a.-143

117n.a.

n.a.n.a.n.a.n.a.

311n.a.

-53-125

72n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

23,7395,266

18,473316,291

7,744520

3 8,027

3 2,6583 2,5873 2,839

3 8843 2,2833 5,0403 1,969

3 804873379

3 786

3 5413 8853 2733 270

1,2413 3,898

13,4283,4549,974

3 9,0513 1,08131,940

3 7933 1, 659

3 6523 2,926

3 8513 344

See footnote on page 55.

Table 8.—Claims on Foreigners Reported by U.S. Banks[Millions of dollars]

Line

123

4567g9

1011

121314151617181920212223242526272829

3031323334

(Credits (+); decrease in U.S. assets. Debits (—); increase in U.S. assets.)

Total . .Long-term 2 (table 1, line 54)Short-term 2 (table 1, line 55)

By area:Industrial countries 3

Of which United KingdomCaribbean banking centers 4

Oil-exporting countries 6 . . .Other

Of which Latin America . - . . - . . . . .AsiaAfrica

By type:Payable in dollars

Banks' claims for own accountOn own foreign offices

Of U.S.-owned banks_Of foreign-owned banks in the United States

On foreign public borrowers 7

On other foreign banksOf which deposits

On other foreignersBanks' claims for domestic customers' accounts

DepositsNegotiable and readily transferable instrumentsCollections outstanding and other claims

Payable in foreign currencies . .Banks8 laims for own account

Of which depositsBanks' claims for domestic customers' accounts

Of which depositsMemoranda:

Claims on foreign public borrowers (incl. in line 17 above)* Long-term 2

Short-term 2

Claims on all other foreigners (incl» in lines 18-1-20 above)' Long-term 2

Short-term 2

U.S. banks' dollar acceptances payable by foreigners . . . . .

1977

-11,427-751

-10,676

—3,125-1,942—5 825

-906— 1,571

—609-928-111

— 10,905

-522

8 162

m

-1,853

1978*

-33,957n.a.n.a.

—18 351-4,502—3 554-3,447—8,605-6,565-1,908

-106

—32,251n.a.n.a.n.a.n a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

-1,706n.a.

s -1,123n.a.

n.a.n.a.n.a.n a.n.a.

1977

I

3,684-3063,990

1 630865908197949

1,024113

- 4 7

3,977

-293

8 - 3 7

o

-432

II

-4,58218

-4,600

—2,649-1 ,443—1,275

-161—497

- 4 5-455- 2 6

—4,741

159

8 306

m

-419

III

-1 ,779-447

-1,332

407- 3 8

—786-400

-1 ,000-912-204

1

-1,804

25

8 16

o

-489

IV

-8,750- 1 6

-8,734

-2,513-1,326-4,672

-542-1,023

-676-382- 3 9

-8,337

-413

8 -123

m

-513

1978

I

-6,270-311

-5,959

-1,938-227

-3,255-519-558-608

65- 1 8

-6,243

- 2 7

8 - 7

320

II

-503n.a.n.a.

-2,396-1633,684

223-2,014-1,337

-829132

1,0766 880

6 4,253n.a.n.a.

6-3328 -2,013

« -712« -1,028

n.a.n.a.n.a.n.a.

-1,579n.a.

s -592n.a.n.a.

n.a.n.a.n.a.n.a.n.a.

I l l -

-5,622n.a.n.a.

-1,978-562

-1,852-754

-1,038-1 ,361

431- 2 2

-5,595-5 ,593-1,616

2,515-4,131-1 ,670-1,317

691-990

- 2- 8 1- 3 0109

-27-390-276

36J160

-1,005-582-501

-2,275n.a.

I V *

-21,562n.a.n.a.

-12,039-3 ,550-2 ,131-2,397-4,995-3,259-1,575

-198

-21,489-19,596-5,891-4,808-1 ,083-2,042-8,561-1,026-3,102-1,893

-472-1,037

-384- 7 3

-119-411

463

-1,387-857

-1,048-10,442

n.a.

Amountsout-

standingDec. 31,

1978

129,237n.a.n.a.

53,71514,00330,5908,931

36,00123,34710,2681,087

125,225114,21640,89227,96412,92810,04840,0095,714

23,26711.009

9724,7625,2754,0123,6121,797

40087

5,3154,4979,952

53,486n.a.




Table 9.—Foreign Official Assets in the United States and Other Foreign Assets in the United States Reported by U.S. Banks[Millions of dollars]

Line(Credits ( + ) ; increase in foreign assets.Debits (—); decrease in foreign assets.) 1977 1978*

1977

II I I I IV

1978

II I I I '

Amountsout-

standingDec. 31,

1978

Al Foreign official assets in the United States, net (table 1, line 57)_

89

101112

131415161718

Bl

91011121314151617181920

21222324252627282930

31323334353637

42

By area: (see text table B)

U.S. Treasury securities (table 1, line 59)..Bills and certificates. _

Denominated in U.S. dollars _ _.Denominated in foreign currencies _ __

Bonds and notes, marketable.Bonds and notes, nonmarketable

Denominated in U.S. dollarsDenominated in foreign currencies

Other U.S. Government securities (table 1, line 60)Other U.S. Government liabilities (table 1, line 61)U.S. liabilities reported by U.S. banks, not included elsewhere (table 1,

line 62) 3Banks' liabilities for own account, payable in dollars 4

Demand depositsTime deposits 3 *Other.

Banks' custody liabilities, payable in dollars * *Other foreign official assets (table 1, line 63).

Other foreign assets in the United States: U.S. Treasury securities andU.S. liabilities reported by U.S. banks, not included elsewhere (table 1,lines 68, 72, and 73)By area:

Industrial countries6

Caribbean banking centers7

Oil-exporting countries 8

Other countries.International financial institutions 9

By type:Foreign commerical banks. .

U.S. Treasury bills and certificatesU.S. liabilities reported by U.S. banks 3

Banks' liabilities for own account4.Payable in dollars

To own foreign offices "Of U.S.-owned banksOf foreign-owned banks in the United States.. .

To other foreign banksDemand deposits.Time deposits3 *Other

Payable in foreign currenciesBanks' custody liabilities, payable in dollars 4 6

International financial institutions 9.U.S. Treasury securities

Bills and certificates.Marketable bonds and notes

U.S. liabilities reported by U.S. banks«.. .Banks' liabilities for own account, payable in dollars *

Demand deposits _Time deposits3 *Other

Banks' custody liabilities, payable in dollars 4 *Other private foreign residents and unallocated

U.S. Treasury securitiesBills and certificates....Marketable bonds and notesNonmarketable bonds and notes

U.S. liabilities reported by U.S. banks3

Banks' liabilities for own account, payable in dollars «..Demand depo3 itsTime deposits3 4 _Other

Banks' custody liabilities, payable in dollars * »Memorandum:

Negotiable certificates of deposit held for foreigners *

37,124

30,29410,09410,094

20,328-128249

-3772,3081,644

773n.a.734

-5641,2032,105

7,282

1,2043,1281,1752,496-721

5,29922

5,277

-721-283

-1,9961,713

52

-4312,70482442782

1,880n.a.288

1,183409

33,967

24,06319,78819,533

255

1,707-1,098

6562,810

5,043n.a.-310308

5,0451,395

19,108

10,6344,6391,0482,765

22

15,13160

15,071n.a.n.a.n.a.

n.a.n.a.

n.a.n.a.n.a.n.a.

22-101-476

375123

n.a.9480

- 5 13,9552,289

43651

12 1,5951,6

n.a.224851591

5,451

5,3232,6422,642

2,189492577

- 8 598

505

-725n.a.

-756-565

596250

-4,323

-4 ,433-182

260417

-4,490- 1 1

-4,479

-385826

41785

-1,211n.a.- 8 7

35-1,159

55216650

116

n.a.-147

49142

7,884

5,123923923

4,367-167

- 8 1- 8 6610417

752n.a.

67519166982

4,870

2,4352,066

56217

96

3,768- 8

3,776

-1,584-222

-1,3621,680n.a.

25- 7 3

1,7281,006

222- 8 1

784n.a.- 7 9390473

8,246

6,948-521-521

7,237232318

- 8 6627332

-163n.a.428

-565- 2 6

502

3,891

1283,086

437958

-718

3,87625

3,851

-718758

-6451,403

-1,476n.a.- 1 4

29-1,491

733468237231

265n.a.

81420

-236

15,543

12,9007,0507,050

6,535-685-565-120

973

909n.a.395

47467371

2,844

3,074-1,842

422904286

2,14516

2,129

286- 2 8 3

-1,170887569

n.a.1761

491413

- 3 2-164

132

445n.a.433

-118130

15,760

12,96511,48311,483

2,412-930-796-134

117804

1,456n.a.

-724-1492,329

418

567

-202608

- 4 4-141

346

-15120

-171

346621612

9-275n.a.

1417

-306

372240

51189

132n.a.

277158

-5,685 4,852 19,040

-5,728-3,751-3,751

-1,748-229

- 9 5-134

211-312

-493n.a.

-364106

-235

637

2,683

447275430963568

1,19740

1,157-3,749-4 ,144

0-3,268n.a.n.a.

io-876io-31

io-387io-579

71210 287

568571

-367

n.a.1587

-105918236

20216

682n.a.430475

-223

10 173

2 3,029-581-581

2,7272883

1,1342 -251

443350

9461,005697585

-277-5984

3,1342,226

81-2342,379908256

6,912

3,1463,977-239

870-842

7,4927

7,4857,2616,9207,1694,9262,243-249-451

14188341224

-842-1,193

114-1,307

351288

-121- 1 942863

262133- 2135

129-287-110

- 5 8-119

416

397

2 13,79712,63712,382

2 255275

2 8851,464

2-579-1151,968

8,946

7,243-221

9011,073- 5 0

6,593- 7

6,6006,5456,4754,047-2774,3242,4281,525

2226817055

- 5 0-100-835

73550

154186- 5

- 2 7-1042,4031,680

- 2 6111

12 1,59572340520715741

318

851

176,988

124,49767,65067,395

25535,87720,97020,624

3466,324

14,579

22,95611,6813,3882,3295,964

11,2758,632

86,822

43,78012,6154,985

17,6887,754

59,078300

58,77854,25952,21936,58513,48923,09615,63411,2391,4912,9042,0404,519

7,7545,323

2015,1222,431

94507

1,50019,9904,216

2822,339

12 1,59515,77413,0324,2468,380

4062,742

10,894


Footnotes to U.S. International Transactions Tables 1-10

General notes for all tables:r Kevised.» Preliminary.*Less than $500,000 (±) .n.a. Not available.

Table 1:1. Credits, -f: exports of goods and services; unilateral transfers to United States; capital

inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S.official reserve assets.

Debts, —: imports of goods and services; unilateral transfers to foreigners; capital outflows(decrease in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. officialreserve assets.

2. Excludes transfers of goods and services under U.S. military grant programs (see line 16).3. Excludes exports of goods under U.S. military agency sales contracts identified in Census

export documents, excludes imports of goods under direct defense expenditures identified inCensus import documents, and reflects various other adjustments (for valuation, coverage,and timing) of Census statistics to balance of payments basis; see table 3.

4. For all areas, amounts outstanding December 31, 1978, were as follows in millions ofdollars: line 38, 18,650; line 39, 11,671; line 40, 1,558; line 41,1,047; line 42, 4,374.

5. Includes sales of foreign obligations to foreigners.

6. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convert-ible and nonconvertible bonds and notes.

7. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere,and of debt securities of U.S. Government corporation and agencies.

8. Includes, primarily, U.S. Government liabilities associated with military sales contractsand other transactions arranged with or through foreign official agencies; see table 4.

9. Consists of investment in U.S. corporate stocks and in debt securities of private corpo-rations and State and local governments.

10. Beginning with estimates for the second quarter of 1978, the distinction between short-and long-term liabilities is discontinued.

11. Conceptually, the sum of lines 79 and 74 (total, all areas) is equal to "net foreign invest-ment" in the national income and product accounts (NIPA's) of the United States. However,the foreign transactions account in the NIPA excludes reinvested earnings of incorporatedforeign affiiliates of U.S. direct investors and of incorporated U.S. affiliates of foreign directinvestors; beginning with 1973-IV, shipments and financing of extraordinary military ordersplaced by Israel are also excluded. Line 77 (total, all areas) differs from "net exports of goodsand services" in the NIPA due to the omission in the NIPA of net reinvested earnings,shipments of extraordinary military orders placed by Israel, and U.S. Government interestpayments to foreigners. The latter payments are classified in a separate category in the foreigntransactions account in the NIPA's. A reconciliation table of the international accounts andthe NIPA's foreign transactions accounts appeared in table 4.3 in the presentation of theN I P A ' s in the July 1978 SURVEY OF C U R R E N T BUSINESS .


March 1979 SURVEY OF CURRENT BUSINESS 5512. Due to the introduction of new reporting forms for bank-related transactions, the ma-

turity breakdown for bank claims is not available at this time.13. Includes foreign currency denominated notes sold to private residents abroad. See

table 9, line 35, footnote 12.14. In the third and fourth quarters of 1978, realized profits and losses incurred in the foreign

exchange operations of the U.S. Government are reflected in U.S. foreign currency reserveassets (line 42) and U.S. Treasury securities (line 59). Previously, these profits and losses wereincluded in U.S. Government income (line 15). Data prior to the third quarter of 1978 willbe revised in the June SURVEY.

Table 2:For footnotes 1-14, see table 1.

Table 3:1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation; im-

ports, Census basis, represent transaction values, f.a.s. foreign port of exportation.2. Adjustments in lines A6, A14, B8, B24, and B40 reflect the reconciliation of discrepancies

in the merchandise trade statistics published by the United States and the counterpartstatistics published by Canada. Since mid-1977, these adjustments have been estimated.

3. Exports of military equipment under U.S.- military agency sales contracts with foreigngovernments (line A7), and direct imports by the Department of Defense and the CoastGuard (line A15), to the extent such trade is identifiable from Custom declarations. Theseexports are included in tables 1, 2, and 10, line 3 (transfers under U.S. military agency salescontracts); and the imports are included in tables 1, 2, and 10, line 19 (direct defenseexpenditures).

4. Addition of electrical energy; deduction of exposed motion picture film for rental ratherthan sale; deduction of exports to the Panama Canal Zone; net change in stock of U.S.-ownedgrains in storage in Canada; net timing adjustments for goods recorded in Census data in oneperiod but found to have been shipped in another; and coverage adjustments for specialsituations in which shipments were omitted from Census data.

5. Correction for discrepancy between sum of four quarters, seasonally adjusted, and theunadjusted annual totals.

6. Addition of electrical energy; deduction of foreign charges for repair of U.S. vessels abroad,which are included in tables 1, 2, and 10, line 22 (other transportation); deduction of importsfrom Panama Canal Zone; net timing adjustments for goods recorded in Census data in oneperiod but found to have been shipped in another; and coveraged adjustments for specialsituations in which shipments were omitted from Census data.

7. Annual and unadjusted quarterly data shown in this table correspond to country andarea data in table 10, lines 2 and 18, except that imports from international organizations,namely, purchases of nonmonetary gold from the IMF, are included in data for Other coun-tries in Asia and Africa. The memorandum items are defined as follows: Developed countries:Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; OPEC:Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates,Indonesia, Algeria, Libya, Nigeria, Gabon; Other Developing countries: Latin American Re-publics, Other Western Hemisphere, and Other countries in Asia and Africa, less OPECand the IMF.

8. The BEA definition for "petroleum and products" (lines C12, C24, and D58) includespropane and butane, in line with current Bureau of Mines and Federal Energy Admin-istration practice.

9. The statistical identification of automotive products exports to Canada (line D36) isnot as complete and comprehensive as the identification of imports under the U.S.-CanadaAutomotive Products Trade Act. However, the underestimation of automotive shipmentsto Canada due to unreported exports, amounting to about $1,760 million in 1977, largely hasbeen corrected in line C18.

10. Includes nuclear fuel materials and fuels.

NOTE.—The "seasonal adjustment discrepancy lines" {BIS, B29, Bfi, C22, C37, D£9 andD95) show the difference between total exports and imports and the sum of major itemsindependently adjusted.

Table 4:1. Expenditures to release Israel from its contractual liability to pay for defense articles

and services purchased through military sales contracts—authorized under Public Law93-199 and subsequent similar legislation—are included in line A3. Deliveries against thesemilitary sales contracts are included in line C10; see footnote 2. Of the line A3 items, part of themilitary expenditures is applied in lines A38 and A41 to reduce short-term assets previouslyrecorded in lines A36 and C8; this application of funds is excluded from lines C3 and C4. Asecond part of line A3 expenditures finances future deliveries under military sales contractsand is applied directly to lines A37 and C9. A third portion of line A3, disbursed directly tofinance purchases by Israel and other countries from commercial suppliers, is included inline A32.

2. Transactions under military sales contracts are those in which the Department of Defensesells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.Purchases by foreigners directly from commercial suppliers are not included as transactionsunder military sales contracts. The entries for the several categories of transactions related tomilitary sales contracts in this and other tables are partially estimated from incomplete data.

3. The identification of transactions involving direct dollar outflows from the United Statesis made in reports by each operating agency. However, such data for the fourth quarter 1978are only extrapolated estimates by BEA, because of incomplete reports from one operatingagency, and are to be revised in future issues of the SURVEY.

4. Line A33 includes foreign currency collected as interest and lines A38 and B2 includeforeign currency collected as principal, as recorded in lines A13 and A14, respectively.

5. Includes (a) advance payments of the Department of Defense (on military sales contracts)financed by loans extended to foreigners by U.S. Government agencies and (b) the countervalue of the part of line C10 which was delivered without prepayment by the foreign pur-chaser. Also includes expenditures of appropriations available to release foreign purchasersfrom liability to make repayment.

6. Excludes liabilities associated with military sales contracts financed by U.S. Govern-ment grants and credits and included in line C2.Table 5:

1. Acquisition of capital stock of existing and newly established companies, capitalizationof intercompany accounts, and other equity, contributions.

2. Sales and liquidations of capital stock and other equity holdings, total and partial.3. Petroleum includes the exploration, development and production of crude oil and gas

and the transportation, refining and marketing of petroleum products exclusive of petro-chemicals. Manufacturing excludes petroleum refining and the smelting operations of miningcompanies. "Other" industries includes industries other than petroleum and manufacturing,the major ones being agriculture, mining and smelting, public utilities, transportation, trade,insurance, finance and services.Table 6:

1. As published in Treasury Bulletin, Treasury data are based on transactions by foreignersreported by banks and brokers in the United States; net purchases by foreigners (+) corre-spond to net U.S. sales (+).

2. Redemptions consists of scheduled retirements and identifiable premature retirements ofU.S.-held foreign debt securities, and estimates for redemptions of Canadian issues held byU.S. residents based on Canadian statistics. Unidentifiable nonscheduled retirements appearin line 31.

3. Consists of International Bank for Reconstruction and Development (IBRD), Inter-national Development Association (IDA), International Finance Corporation (IFC), AsianDevelopment Bank (ADB), and Inter-American Development Bank (IDB).

4. Mainly reflects exclusion of investments by foreign official agencies in U.S. corporatestocks and in debt securities of U.S. Government corporations and agencies, private corpora-tions, and State and local governments. These investments are included in table 1, lines60 and 63.

5. Securities newly issued by finance subsidiaries incorporated in the Netherlands Antillesare included to the extent that the proceeds are transferred to U.S. parent companies.Table 7:

1. Consists of negotiable and other readily transferable foreign obligations payable ondemand or having a contractual maturity of not more than one year, including loans payableon demand. Excludes other types of loans, acceptances and accounts receivable.

2. Includes funds obtained by finance and subsidiaries incorporated in the NetherlandsAntilles from sources other than sales of newly issued securities to the extent that they aretransferred to U.S. parent companies.

3. Outstanding amounts as of December 31,1978.Table 8:

1. Because of changes in U.S. Treasury reporting forms, there is discontinuity in the dataseries for components of claims on foreigners reported by U.S. banks beginning with amountsoutstanding at the end of April 1978. Only partial data are available for the second quarteron the new basis; data on the old basis are available in the June and September 1978 SURVEY.

2. Beginning with estimates for the second quarter of 1978, long-term claims are defined asclaims having more than one year remaining to contractual maturity.

3. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.4. Mainly in the Bahamas and the Cayman Islands.5. Based on data for Ecuador, Venezuela, Indonesia and other Asian and African oil-

exporting countries.6. Based on data for May and June.7. Includes central governments (central banks, departments, and agencies), state, pro-

vincial and local governments, and international and regional organizations.8. Prior to third quarter 1978, banks' deposits for own account are commingled with those

for domestic customers' accounts.Table 9:

1. Because of changes in U.S. Treasury reporting forms, there is discontinuity in the dataseries for some components of liabilities reported by U.S. banks beginning with amountsoutstanding at the end of April 1978. Data on the old basis are available in the June and Sep-tember 1978 SURVEY.

2. See footnote 14 to table 1.3. The distinction between long- and short-term liabilities is discontinued beginning with

the second quarter of 1978; for prior quarters, all long-term liabilities are combined with short-term time deposits.

4. Negotiable certificates of deposit issued to foreigners by U.S. banks are included withU.S. banks' custody liabilities, and are shown in the memorandum.

5. Mainly negotiable and readily transferable instruments; excludes U.S. Treasurysecurities.

6. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.7. Mainly in the Bahamas and the Cayman Islands.8. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-

exporting countries.9. Mainly the International Bank for Reconstruction and Development (IBRD), Inter-

national Development Association (IDA), International Finance Corporation (IFC), AsianDevelopment Bank (ADB), Inter-American Development Bank (IDB), and the TrustFund of the International Monetary Fund.

10. Based on data for May and June.11. Beginning in the second quarter 1978, coverage is expanded from Western Europe,

Canada, Japan, Bahamas and Cayman Islands to all countries.12. Consists of U.S. Treasury notes denominated in foreign currencies, sold through foreign

central banks to domestic residents in country of issue; notes are subject to restricted transfer-ability.Table 10:

For footnotes 1-9, see table 1.10. See footnote 11 to table 1.11. The "European Communities (9)" includes the "European Communities (6)", the

United Kingdom, Denmark and Ireland.12. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxem-

bourg, the Netherlands, the European Atomic Energy Community, the European Coal andSteel Community, and the European Investment Bank.

13. Includes transactions with U.S. affiliated shipping companies operating under theflags of Honduras, Liberia, and Panama, and U.S. affiliated multinational trading companies,finance, and insurance companies, not designated by country.

14. Details not shown separately; see totals in lines 57 and 64.In. Details not shown separately are included in combined lines 72 and 73.16. See footnote 12 to table 1.



Table 10.—U.S. International[Millions of

Line (Credits + ; debits - ) i

Western Europe

1977 1978 »1978

II ' III r IV V

Exports of good sand services2 . . .Merchandise, adjusted, excluding military3

Transfers under U.S. military agency sales contractsTravel _Passenger faresOther transportationFees and royalties from affiliated foreigners. _Fees and royalties from unaffiliated foreignersOther private servicesU.S. Government miscellaneous servicesReceipts of income on U.S. assets abroad:

Direct investmentInterest, dividends, and earnings of unincorporated amliates.Reinvested earnings of incorporated affiliates

Other private receiptsU.S. Government receipts

Transfers of goods and services under U.S. military grant programs, net..

Imports of good sand services.Merchandise, adjusted, excluding military3

Direct defense expendituresTravelPassenger faresOther transportation _Fees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other servicesU.S. Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:

Direct investment..Interest, dividends, and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates


U.S. military grants of good sand services, net

Unilateral transfers (excluding military grants of goods and services), netU.S. Government grants (excluding military grants of goods and services) .U.S. Government pensions and other transfersPrivate remittances and other transfers :


U.S. official reserve assets, net 4_.GoldSpecial drawing rightsReserve position in the International Monetary Fund-Foreign currencies

U.S. Government assets, other than official reserve assets, netU.S. loans ahd other long-term assetsRepayments on U.S. loans s





Long-term . .S hor t-1 erm


Foreign assets in the United States, net (increase/capital inflow (+))


U.S. Treasury securities «Other 7

Other U.S. Government liabilities 8

U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 9

Other foreign assets in the United States, netD irect investment


U.S. Treasury securitiesU.S. securities other than U.S. Treasury securitiesU.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:

Long-termShort-term

U.S. liabilities reported by U.S. banks, not included elsewhere:Long-termShort-term

Allocations of special drawing rights..Statistical discrepancy (sum of above items with sign reversed)

Memoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17)10

Balance on goods, services, and remittances (lines 77, 35, and 36)Balance on current account (lines 77 and 33) 10

51,46734,0761,146

2,4201,850413750155

7,1264,4062,7201,922136

10

-47,547-28,226-3,064-2,103-2,153-2,410-155-163-982-279

-1,805-833-972

-3,360-2,846

-10

-295-117-453

276

-11,068

2

-202-808637-31

-10,868-5, 453-2, 733-2, 720-1,585

96-422

-282-3,222

30,335

24,599

(14)

304(14)

5,7372,3221,350972

(14)

2,051

-580-60

-22,893

5,8503,9213,7433,626

62,37639,6101,1791,322603

2,7202,319454859187

9,8504,5335,3173,152121

58

-61,704-36,617-3,688-2,583-2,323-2,711-259-168-999-355

-2,735-1,197-1,538-4,562-4,704

-58

-268-131-480343

-23,558

-2,906

13,7208,7692082238957055211421045

2,3931,0031,390608-61

-13,847-8,774-845-296-481-605-60-42-252

-236-150-960

-1,058

- 4

-76-27-117

-2,980

-62

15,5149,89526635815371556811421347

2,5621,5461,016711-87

-15,580-9,163-892-732-732-658-49-42-249-84

-843-304-539

-1,036-1,101

- 5

-55-32-118

-2,8

14,7689,40027041221974958811321758

1,861838

1,023783

35

-16,061-9,125-983

-1,088-667-713-72-42-251-86

-743-324-419

-1,141-1,151

-35

-83-41-120

78

-3,910

-37

-2,906

-686-1,373

740-53

-19,966-8,191-2,874-5, 317-586

-113-314

103-10,865

37,652

23, 605

676(14)

14,0473,8732,3341,538

(14)

1,724

59418

- 6 2

-91-226

11521

-2.827-2,357

-966-1,390

113

-75178

103-790

6,264

6,324

(14)

190(14)

-60360210150

427

142209

- 4

-261-445175

- 2 , 623-1,721-706

-1,016-295

5353

i« -965

977

-1,567

(14)

12904)2,5441,335796539

(14)975

- 6 7

(14)

-i4,~497

(14)

-3,082

-37

-175-42419157

-3, 698-1,465-442

-1,023-161

24-625

" -1,471

10,205

5,956

04)

284

4,2491,6731,254419

04)221

111152

04)

2,993672534403

-5-127-176-203

2,032

732-67

-121

-4,919

275-1,293- 1 , 335-1,376

18,37411,546

43632914368561111322037

3,0341,1471,8871,049171

15

-16,216-9,555-968-467-443-736-79-42-247-97

-763-333-431

-1,425-1,394

-15

-55-31-125100

-13,780

-2,803

-2,803

-159-278259

-141

-10,818-2, 648-761

-1,887-244

-67-220

> - 7 , 639

20,206

12,891

(14)

73(14)

7,31450474

431

102

-127-29

04)

-8,528

1,9912,1582,1342,103



March 19T9 SURVEY OF CURRENT BUSINESS 57Transactions, by Areadollars]

European Communities (9) u

\ 1977

39,48326,503

612758380

1,4161,609

337522

89

5,6173,6421,9751,484

156

_ j

- 3 6 , 7 7 9-22 ,119- 2 , 6 7 2- 1 , 4 9 2- 1 , 5 7 1- 1 , 5 9 5

- 5 8- 1 4 3- 8 1 3- 1 5 8

- 1 , 5 8 8- 6 7 3- 9 1 5

- 2 , 1 4 9- 2 , 4 2 1

1

119

- 3 1 1432

- 8 , 8 2 9

2

2

218—67327

- 4 2

- 9 , 0 4 8- 4 , 3 4 3- 2 , 3 6 8- 1 , 9 7 5- 1 , 2 5 0

110- 4 3 6

( - 3 6 3I - 2 , 7 6 7

26,123

' (15)

89

> (15) •

2,1161,202

915(15)

1,650

- 5 5 7- 2 7 9

} 15 23,103

- 2 0 , 1 1 7

4,3842,7042,8242,823

1978*

49,22731, 913

5581,010

4851,5912,070

371600111

7,9553,5554,4002,436

127

—1

- 4 8 , 3 0 5- 2 9 , 060

- 3 , 2 5 1- 1 , 8 2 3- 1 , 7 0 6- 1 , 8 1 8

- 1 4 3- 1 4 7- 8 2 3- 1 9 6

- 2 , 4 6 8- 9 4 7

- 1 , 5 2 1- 2 , 9 9 5- 3 , 8 7 6

1

149—12

- 3 3 2493

-17 ,884

- 2 , 746

—2,746

255—9316

- 5 3

-15 ,393- 6 , 6 0 2- 2 , 202- 4 , 4 0 0

136

- 8 1- 3 4 2

133- 8 , 6 3 6

26,425

(15)

414

"(15)

3,6512,1301,521

(15)

2,265

60417

1519,618

- 9 , 6 1 2

2,853922

1,0831,071

I

11,0377,072

136170

70331505

9314526

2,001753

1,248473

16

—1

- 1 0 , 8 1 3- 6 , 891

- 7 5 8- 2 1 5- 3 3 6- 4 0 4

- 3 0- 3 6

- 2 0 8- 4 1

- 3 8 1- 1 9 8- 1 8 2- 6 2 8- 8 8 6

1

23

- 8 1105

- 1 , 9 9 7

1978

I I '

12,3738,021

92282118424508

9314829

2,1151,254

862541

2

(*)

-12,209-7,286

-761-522-536-441- 2 3- 3 6

-206- 4 8

-744-242-502-689-917

(*)

49—1

- 8 2132

-1,730

- 2 6

49

3910

- 2 , 0 4 5- 1 , 7 5 5

- 5 0 8- 1 , 2 4 8

157

- 3 7192

133- 7 3 5

4,688

(15)

32

(15)

337155182

(15)

517

140282

15 3,380

-2,938

181224

•248248

—26

95—48315

-1,798-1,525

-664-862-142

- 2284

{16-413

1,077

(15)

125

(15)

1,251750502

(15)

898

- 6 153

15-1,190

440

735164215214

III'

11,4397,568

121322188443523

9315237

1,371602769606

16

-12 ,679- 7 , 3 2 3

- 8 7 6- 7 9 4- 5 0 0- 4 7 7

- 3 5- 3 7

- 2 0 5- 5 2

- 6 8 6- 2 4 6- 4 4 0- 7 3 5- 9 5 9

29- 5

- 8 2115

- 2 , 8 8 2

9

9

110- 55757

- 3 , 0 0 1- 1 , 244

- 4 7 4- 7 6 9

154

31- 6 1 0

6-1,333

7,697

(15)

205

(15)

1,7061,266

440(15)

578

105144

" 4 , 9 5 9

- 3 , 6 0 3

245- 1 , 2 4 0- 1 , 207- 1 , 2 1 1

I V v

14,3789,252

210236109394535

93154

19

2,468947

1,522816

93

-12 ,605- 7 , 5 6 0

- 8 5 6- 2 9 2- 3 3 4- 4 9 6- 5 5- 3 8

- 2 0 4- 5 5

- 6 5 8- 2 6 1- 3 9 7- 9 4 4

- 1 , 1 1 4

49—5

- 8 7141

-11 ,275

- 2 , 729

—2,729

2

137- 1 3 5

- 8 , 5 4 8- 2 , 0 7 9

- 5 5 7- 1 , 5 2 2

- 3 3

- 7 3- 2 0 8

16-6,155

12,964

(15)

53

(15)

357- 4 0397

(15)

271

-124- 6 2

1512,469

-3 ,511

1,6921,7731,8271,822

1977

10,4636,033

126199142464501

7015627

1,802806996850

93

(*)

-9,862-5,135

-383-585-577-586

- 2 2- 7 4

-524- 2 5

-459-239-220

-1,091-402

(*)

- 5 9

- 4 6- 1 3

-4,416

153—16168

(*)

-4,569- 2 , 284-1,288

-996-152

35-227

( - 5 2{ -1 ,890

14,716

(15)

C)(15)

536316220

(15)

1,237

- 2 6 0- 4 7 6

15 13, 679

- 1 0 , 8 4 1

898601542542

1978 P

12,7777,090

187297189502637

7718038

2,1311,0631,0681,362

88

(*)

-12 ,742- 6 , 4 7 6

- 4 1 4- 7 7 2- 6 4 6- 6 5 3

- 5 6- 7 6

- 5 2 1- 2 6

- 7 7 6- 3 4 0- 4 3 6

- 1 , 5 8 4- 7 4 2

(*)

- 5 9

- 5 1- 8

- 7 , 0 5 6

129

142- 1 2

- 7 , 1 8 6- 2 , 6 0 8- 1 , 5 4 0- 1 , 068

82

- 1 0 2- 5 6

151- 4 , 653

469

(15)

61

(15)

1,009573436

(15)

1,767

102196

15-2,666

6,611

61435

- 2 4- 2 4

United Kingdom

I

3,0681,675

145328

104180

194211

654149505284

5

(*)

- 2 , 7 7 6- 1 , 5 2 3

- 1 0 7- 7 3

- 1 3 3- 1 4 5

- 1 5- 1 8

- 1 3 1- 6

- 7 0- 3 8- 3 2

- 3 3 3- 2 2 2

( • )

- 1 7

- 1 3- 5

- 4 7 0

3

12- 9

- 4 7 3- 6 4 1- 1 3 6- 5 0 5

256

- 2 2161

151- 3 7 8

- 7 7 4

(15)

26

(15)

- 8 5- 1 1 7

32(15)

339

68142

is-1,264

969

152292275275

1978

I I '

3,2121,904

168445

133147

194411

509336173296

6

- 3 , 3 5 9- 1 , 7 1 3

- 9 7- 1 7 7- 1 8 6- 1 5 9

- 1 0- 1 9

- 1 3 0- 5

- 3 0 4- 8 9

- 2 1 6- 3 6 8- 1 9 1

- 1 4

- 1 3- 1

- 8 8 0

13

14- 1

- 8 9 2- 7 0 1- 5 2 8- 1 7 3- 3 2 8

- 3 2332

f 16-163

- 2 , 0 7 0

(15)

26

(15)

797581216

(15)

628

- 5- 2 5

15-3,491

3,110

191- 1 4 7- 1 6 1- 1 6 1

III'

2,8211,532

2310270

140164

1946

9

372259114337

5

- 3 , 4 0 4- 1 , 6 1 2

- 1 0 5- 3 8 5- 2 0 2- 1 7 2

- 1 1- 1 9

- 1 3 0- 9

- 2 0 8- 9 1

- 1 1 7- 3 8 6- 1 6 6

- 1 5

- 1 3- 2

- 1 , 2 9 2

42

1229

- 1 , 3 3 4- 4 5 8- 3 4 4- 1 1 4

144

22- 4 8 0

16-562

968

(15)

71

(15)

248131117

(15)

467

75122

15-15

922

- 8 0-583-598-598

IV P

3,6751,979

1345846

1251462048

8

596320276445

72

-3,202-1,628

-106-137-125-177

- 2 0- 2 0

-130- 6

-194-122

- 7 1-497-163

- 1 3

- 1 31

-4,414

72

104- 3 2

-4,486-808-533-276

11

- 7 0- 6 9

i«-3,550

2,345

(15)

T - 6 3

(15)

49- 2 2

71(15)

333

- 3 6- 4 3

is 2,104

1,609

351473460460

1977

27,56319,553

471525219843

1,058263347

53'

3,5562,750

80761857

- 1

- 2 5 , 5 5 2- 1 6 , 1 6 3- 2 , 2 3 0

- 7 5 9- 8 9 1- 8 5 7

- 3 6- 6 6

- 2 8 0- 1 2 8

- 1 , 1 2 5- 4 3 3- 6 9 2

- 1 , 0 4 8- 1 , 9 7 0

1

217— 1

- 2 4 1459

- 4 , 0 5 9

2

2

63- 4 4138

- 3 2

- 4 , 1 2 3- 1 , 794

- 9 8 7- 8 0 7

- 1 , 0 3 7

76- 2 0 9

f - 3 2 7\ - 8 3 3

10,963

(15)

58

(15)

1,552860692

(15)

416

- 2 7 2189

15 9,020

- 9 , 1 3 2

3,3902,0112,2292,228

European Communities (6) 13

1978 P

34,65823, 717

355670277967

1,367289396

62

5,4782,4743,0041,047

34

_ j

-33 ,916-21 ,576

- 2 , 778- 8 7 3- 9 4 8- 9 9 8

- 8 1- 6 8

- 2 9 4- 1 6 4

- 1 , 691- 6 0 3

- 1 , 0 8 7- 1 , 3 9 2- 3 , 0 5 5

247— 12

- 2 5 5513

-10 ,344

- 2 , 7 4 6

—2, 746

103—5153

- 4 4

- 7 , 702- 3 , 5 5 0

- 5 4 6- 3 , 0 0 4

60

20- 2 9 5

- 1 6- 3 , 921

24,786

(15)

278

(15)

2,6471,5591,087

(15)

493

- 4 1219

15 21,191

- 1 5 , 4 3 1

2,141743

1,001989

I

7,5775,158

11811039

203311

739813

1,261589672182

10

- 1

- 7 , 6 8 8- 5 , 1 2 5

- 6 4 0- 1 3 2- 1 8 1- 2 2 1

- 1 3- 1 7- 7 5- 3 4

- 3 1 0- 1 5 9- 1 5 1- 2 9 1- 6 4 9

1

49—1

- 6 2112

- 1 , 4 5 1

40

2416

- 1 , 4 9 1- 1 , 0 2 3

- 3 5 1- 6 7 2

- 9 3

- 1 521

- 1 6- 3 6 5

5,172

(15)

- 9

(15)

415264151

(15)

174

71131

15 4,390

- 3 , 6 6 0

33- 1 1 0

- 6 1- 6 1

1978

I I '

8,7185,848

7418569

257343

739916

1,521905616239- 6

(*)

- 8 , 4 0 4- 5 , 3 1 3

- 6 5 3- 2 6 9- 3 1 4- 2 4 1

- 1 7- 1 7- 7 4- 4 1

- 4 3 7- 1 5 3- 2 8 5- 3 1 8- 7 0 9

(*)

72—1

- 6 3136

- 8 2 9

- 2 6

—26

66—461

9

- 8 7 0- 7 6 0- 1 4 4- 6 1 6

192

29- 5 4

} 18-277

2,876

(15)

64

(15)

454169285

(15)

273

- 5 380

15 2,057

- 2 , 4 3 2

535314387386

III'

8,2115,784

92210111268341

729924

937353583263

10

-8 ,825-5,469

-753-329-266-260

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

-478-154-323-346-770

53—5

- 6 3120

-1 ,502

9

9

72- 14330

-1,584-692-108-583

7

9-136

18 -772

6,389

(15)

126

(15)

1,4671,144

323(15)

111

2927

15 4, 629

- 4 , 3 2 6

315- 6 1 4- 5 5 6- 5 6 1

I V P

10,1536,927

7116558

239373

72100

8

1,759627

1,133363

19

- 9 , 0 0 0- 5 , 669

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

- 2 9- 1 8- 7 2- 4 7

- 4 6 6- 1 3 7- 3 2 8- 4 3 7- 9 2 6

73—5

- 6 7145

- 6 , 5 6 1

- 2 , 729

- 2 , 729

- 7 5

24- 9 9

- 3 , 757- 1 , 0 7 6

57- 1 , 1 3 3

- 4 6

- 3- 1 2 6

16-2,507

10,349

(15)

97

(15)

310- 1 8328

(15)

- 6 6

- 8 8- 1 9

is 10,115

- 5 , 0 1 4

1,2581,1531,2311,226

Line

123456789

10

1112131415

16

17181920212223242526

2728293031

32

33343536

37

3839404142

43444546

4748495051

5253

( 54I 55

56

f 58] 59[ 60

61( 621 V4\ 63I 6465

66676869

7071

( 72I 73

7475

76777879


58 SUKVEY OF CUREENT BUSINESS March 1979

Table 10.—U.S. International[Millions of

Line (Credits +; debits -) i

Eastern Europe

1977 19781978

III' IV v

10

1112131415

16

17181920212223242526

2728293031

32

33343536

37

3839404142

444546

4748495051

5253

5455

565758596061626364656667

7071

72737475

Exports of goods and services 2

Merchandise, adjusted, excluding military 3

Transfers under U.S. military agency sales contractsTravel _ _Passenger faresOther transportationFees and royalties from affiliated foreigners_Fees and royalties from unaffiliated foreignersOther private services .U.S. Government miscellaneous servicesReceipts of income on U.S. assets abroad:



Transfers of good sand services under U.S. military grant programs, net.

Imports of good sand servicesMerchandise, adjusted, excluding military 3

Direct defense expendituresTravelPassenger faresOther transportation.. _ _Fees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other services _U.S. Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:

Direct investment ._ _Interest, dividends, and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates



Unilateral transfers (excluding military grants of good sand services), netU.S. Government grants (excluding military grants of goods and services).U.S. Government pensions and other transfersPrivate remittances and other transfers .


U.S. official reserve assets, net *GoldSpecial drawing rights _Reserve position in the International Monetary Fund.Foreign currencies

3,3232,912

122

11759

- 1 , 3 2 6- 1 , 1 2 7

- 2- 6 1- 1 3- 5 5

C)- 2 6- 3 2

- 1 0

- 6 2- 1

- 1 9- 4 2

- 1 1

4,3123,835

153

11775

- 1 , 7 4 4- 1 , 5 0 9

- 3- 9 4- 1 2- 6 2

(*)- 2 5- 2 4

- 1 4O

- 6 9

- 2 0- 4 9

- 5 1 5

1,016907

1,5231,407

36 35

-407-370

• ) _

- 1- 1 4

- 4 1 7- 3 6 0

- 1- 1 9- 6

- 1 7

- 7- 7 - 5

- 3 - 3

- 1 2 - 1 8

- 1- 1 1

-28

- 6- 1 1

-173

971850

40

- 4 4 0- 3 5 1

- 1- 5 2

- 4- 1 6

(*)- 4

- 2 1

- 7-13

-237

802671

42

- 4 8 0- 4 2 8

- 1- 1 9

- 1- 1 6

- 6- 6

(*)- 4

- 2 0

- 5- 1 5

- 7 7

U.S. Government assets, other than official reserve assets, netU.S. loans and other long-term assets _ _ _Repayments on U.S. loans 6


U.S. private assets, netDirect investment..



Long-term _Short-term _

U.S. claims reported by U.S. banks, not included elsewhere:Long-term _Short-term _ _

Foreign assets in the United States, net (increase/capital inflow ( + ) )Foreign official assets in the United States, net.. _

U.S. Government securities _ _U.S. Treasury securities*Other7

Other U.S. Government liabilities 8

U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 9__

Other foreign assets in the United States, net.. _Direct investment _

Equity and intercompany accountsReinvested earnings of incorporated affiliates -


Long-termShort-term..

U.S. liabilities reported by U.S. banks, not included elsewhere:Long-term.. _Short-term

Allocations of special drawing rightsStatistical discrepancy (sum of above i tems with sign reversed)

Memoranda:Balance on merchandise t r ade (lines 2 a n d 18)Balance on goods and services (lines 1 a n d 17)10

Balance on goods, services, a n d remi t tances (lines 77, 35, a n d 36)Balance on current account (lines 77 and 33)«>

- 2 0 2- 3 4 7

10640

191

- 4 1 9- 6 1 7

17424

- 9 6

- 1 1 932

1

58

- 1 2 6- 1 8 2

4115

- 4 7

- 1 7 4- 2 4 7

677

- 6 3

- 1

1242

- 3- 2 7

3- 7 2

107 89 - 7 5

- 5 3

i« 9

67

- 7 5

31

(15)

(15)

(15)

(15)

(15) (15) (15)

(15) (15) (15)

(15)

- 3(15) (15)

- 635

15 58

- 2 , 0 7 3

- 1

- 51

15 - 7 0

(15) (15)

- 119

1,7851,9971,9361,935

2,3262,5682,4992,499

- 4 9 5

537609598

1547

- 9 8 2 '

15 15

- 3 0 5 '

1,0471,1061,0891,089

499531510510

- 4 4

- 1 0

16 _ 3 4

66

(15)

1

(15)

- 1

15 66

- 2 9 1

243322302302



March 1979 SURVEY OF CURRENT BUSINESS 59Transactions, by Area—Continued

dollars]

Canada

1 1977

38,14128,293

772,150

559670

48477

13

3,3411,4251,9162,497

18

- 3 3 , 2 4 5- 2 9 , 664

- 1 8 4- 1 , 4 3 3

- 4 7 1- 1 2 6

- 9- 3 7 0- 3 1

- 3 7 4- 1 1 2- 2 6 2- 4 2 1- 1 6 3

- 1 4 4

- 1 2 8- 1 6

- 4 , 6 8 7

19- 827

C)- 4 , 7 0 5- 1 , 5 0 7

409- 1 , 9 1 6- 2 , 3 5 7

- 2 1 0- 1 5 4

$ 203I - 6 8 0

- 4 4 8

( - 1 , 0 6 3

1 04)10

1 (14)| 614299

36262

155

- 1 6104

( u )

383

- 1 , 3 7 14,8964,7524,752

1978 »

41,81731,061

802,244

60071552

55120

3,3451,6001,7453,132

17

- 3 7 , 5 7 6- 3 3 , 8 0 4

- 1 7 1- 1 , 4 0 0

- 5 1 5- 1 4 3

- 9- 4 1 2- 3 3

- 3 4 3- 1 3 6- 2 0 8- 6 0 6- 1 4 0

- 1 2 9

- 1 4 617

- 9 , 1 8 2

8- 1 2

20(*)

- 9 , 1 9 0- 1 , 1 5 9

586- 1 , 745- 3 , 2 9 9

- 1 8- 9 7 2

27- 3 , 7 7 0

2,535

116(14)

5(14)

2,479420212208

(14)178

666

2,475

- 2 , 7 4 34,2414,1124,112

1978

I

9,4676,842

30675

131156

12131

2

755229526731

3

- 8 , 5 2 2- 7 , 9 1 0

- 5 3- 1 2 8

- 9 1- 3 2

- 2- 9 9- 5

- 4 4- 1 4- 2 9

- 1 2 9- 3 0

- 2 9

- 3 45

- 2 , 4 7 1

5- 3

62

- 2 , 4 7 6- 4 1 6

110- 5 2 6- 6 2 7

- 1 4- 7 4 7

27- 6 9 9

- 2 1

- 7 0 6(14)

- 4(14)

68521818829

(14)

- 2 9

- 426

(14)

1,576

-1,068945916916

I I '

11,1428,428

14583

16018313

1347

904321583710

6

-9,804-8,823

- 3 4-350

-120- 3 6- 2

-102- 2 0

-144- 6 4- 8 0

-137- 3 6

- 3 8

- 3 7- 1

-2,340

- 5- 7

3- 1

-2,335-400

183-583

-1,307

- 1 9- 5 7

»• -552

1,490

930(14)

10

%

1799980

- 1- 6

( u )

-451

-3951,3381,3011,301

H I "

9,8237,150

22607

15419414

1419

698214484832

3

-9,110-7,730

- 4 0-715

-144- 4 3- 2

-105- 4

-144- 5 0- 9 3

-148- 3 5

- 2 9

- 3 89

-1,642

4- 1

6(•)

-1,646-563- 7 9

-484-348

34-222

18 -547

-342

-1,106(14)

- 1 0

(14)76459

- 3 593

(14)

137

941

(14)

1,299

- 5 8 0713684684

I V v

11,3868,641

14379

15618214

1452

988837152859

6

- 1 0 , 1 4 1- 9 , 3 4 1

- 4 3- 2 0 7

- 1 6 0- 3 2

- 2- 1 0 6

- 5

- 1 3- 7- 6

- 1 9 2- 3 9

- 3 4

- 3 84

- 2 , 7 3 0

3- 2

5- 1

- 2 , 7 3 3221372

- 1 5 2- 1 , 0 1 6

- 1 954

»-1,972

1,468

998(14)

9

(14)470

- 3 5- 4 0

6(14)

67

25

(14)

50

- 7 0 01,2451,2111,211

Latin American Republics and Other Western Hemi-sphere

1977

30,43517,921

1282,128

240827333

74745

72

3,9132,3711,5423,756

298

13

-27 ,819- 2 1 , 1 6 2

- 1 9 1- 2 , 9 6 2

—233- 6 6 0

- 4- 6

- 7 7 6- 2 7 9

- 3 5 5- 2 1 5- 1 4 0

- 1 , 1 0 5- 8 7

— 13

- 7 6 2- 2 6 8- 1 2 9- 3 6 5

- 1 1 , 6 9 2

300

300

- 5 2 9- 1 , 1 2 0

56625

- 1 1 , 4 6 3- 3 , 6 3 2- 2 , 0 9 0- 1 , 5 4 2

- 1 5 1

109- 7 5 2

( - 9 1 8I - 6 , 1 2 0

5,517

" (15)

32

> (15)

18747

140(15)

280

—9149

" 4,878

4,322

- 3 , 2 4 12,6152,1211,853

1 9 7 8 '

37,75322,010

642,417

33293333081

83278

4,4892,6311,8585,874

313

17

- 3 1 , 2 2 8- 2 3 , 0 2 9

- 2 5 1- 3 , 2 2 8

—242- 7 9 8- 1 0

- 6- 7 8 7- 3 3 9

- 3 9 8- 1 3 5- 2 6 3

- 2 , 0 3 8- 1 0 3

- 1 7

- 8 2 9—247- 1 4 5- 4 3 7

- 1 6 , 4 7 0

- 4 3 1- 1 , 0 4 4

617- 5

- 1 6 , 0 3 9- 3 , 7 2 9- 1 , 8 7 0- 1 , 8 5 8

181

143- 7 4 8

- 4 9 5- 1 1 , 3 9 1

9,687

(15)

22

(15)

470207263

(15)

351

- 5 1354

15 8,541

1,088

-1,0196,5255,9435,696

1978

I

8,0034,624

2349060

2037820

19619

974617357

1,23779

6

-7,578- 5 , 671

- 4 7-852—74

-169- 3- 2

-206- 7 6

- 7 8- 2 2- 5 6

-374- 2 7

—6

-205- 7 1- 3 6- 9 8

-5,863

- 6 0-215

163- 8

-5,803-496-139-357

39

20-1,410

-495-3,461

1,865

(15)

- 4

(15)

12- 4 4

56(15)

26

- 3 6180

i«l,687

3,779

-1,047424290219

I I "

9,2155,490

1760360

2429620

20119

1,074599476

1,31082

2

-7,656-5,706

- 6 8-780—56

-211- 2- 2

-197- 8 6

- 8 5- 2 9- 5 7

-436- 2 7

—2

-197—52- 3 6

-109

1,509

-101-272

1701

1,610-614-139-476

139

89-171

18 2,167

845

(15)

10

(15)

701457

(15)

206

—168

15 492

- 3 , 7 1 6

- 2 1 61,5591,4141,362

III '

9,7985,617

14701131253

7221

20819

1,183698485

1,50377

4

- 7 , 7 4 8- 5 , 624

- 6 4- 8 5 5

- 7 0- 2 0 3

- 5- 1

- 1 8 8- 8 5

- 1 1 7- 4 4- 7 3

- 5 1 6- 2 0

—4

- 2 0 7- 5 8- 3 7

- 1 1 1

- 4 , 3 1 9

- 1 8 7- 3 2 6

1381

- 4 , 1 3 2- 1 , 1 4 8

- 6 6 3- 4 8 5

- 2 4

15859

«-3,834

4,611

(15)

- 2

(15)

290217

73(15)

71

- 1 4112

is 4,155

-2,136

- 72,0511,9021,844

IV v

10,7376,279

1062381

2368521

22721

1,258718540

1,82474

5

-8,246-6,028

- 7 1-741- 4 2

-215- 1- 1

-196- 9 2

-118- 4 0- 7 8

-712- 2 9

- 5

-220- 6 5- 3 6

-119

-7,798

- 8 3-230

1461

-7,714-1,471

-930-540

26

19- 2 6

«-6,263

2,366

(15)

17

(15)

992178

(15)

49

- 6

"2,207

3,161

2512,4912,3362,271

Japan

1977

14,19910,566

3343630080530028912031

51235615676344

(*)

- 2 2 , 3 0 5- 1 8 , 565

- 8 1 1- 1 4 9- 1 2 5

- 1 , 2 7 038

- 1 5- 8 1- 4 6

- 2 4 8- 4 5

- 2 0 3- 2 3 6- 7 9 7

(*)

- 4 3

- 8- 3 5

614

46- 5 7105- 2

568- 2 8 3- 1 2 7- 1 5 6- 3 0 8

11- 1 4 4

f 651,227

6,350

(15)

140

(15)

573370203

(15)

273

- 9 2501

15 4,956

1,185

- 7 , 9 9 9- 8 , 1 0 6- 8 , 1 4 9- 8 , 1 4 9

1 9 7 8 '

17,95012,945

5952029586943131814654

1,064516547

1,20644

(*)

- 2 9 , 5 4 3- 2 4 , 474

- 9 4 7- 1 5 5—129

- 1 , 4 3 066

- 1 5- 8 5- 4 3

- 1 8 9- 9 1- 9 9

- 4 2 2- 1 , 7 2 0

(*)

- 8 1

- 2 1- 6 1

- 5 , 9 6 7

- 1 , 6 3 7

- 1 , 6 3 7

- 1 8- 1 0 0

6219

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

391

- 7- 1 0 2

13- 3 , 9 0 4

13,150

(15)

1,071

(15)

671573

99(15)

211

- 5 3170

15 11,080

4,492

- 1 1 , 5 2 9- 1 1 , 5 9 3-11 ,675-11 ,675

1978

I

3,6372,619

1114388

1809476378

1378354

23114

(*)

- 6 , 7 9 0- 5 , 7 5 3

- 2 0 9- 1 7—36

- 3 1 919

- 4- 2 1- 8

- 2 2- 8

- 1 5- 7 7

- 3 4 3

(*)

- 1 7

- 5- 1 2

- 1 , 3 4 8

5- 1 9

213

- 1 , 3 5 3- 153

- 5 4- 5 2 5

- 1 8- 3 0 4

13- 5 1 88,217

(15)

20

(15)

176162

15(15)

30

- 5 472

15 7,973

-3,699

-3,134-3,152-3,170-3,170

I I '

4,2353,058

2313255

228110783721

21511699

2708

-7,503-6,229

-249- 4 9—39

-35519

- 4- 2 1- 1 1

- 6 0- 3 4- 2 6- 9 6

-410

- 2 3

- 5- 1 7

-427

- 6- 2 5

19(•)

-421-165- 6 6- 9 9381

6222

•i«-865

-1,217

(15)

37

(15)

242216

26(15)

104

138

15-1,639

4,934

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

III'

4,7703,339

813674

239123813617

386220165320

13

- 7 , 7 2 6- 6 , 3 6 3

- 2 4 5- 4 6—40

- 3 7 821

- 4- 2 2- 1 3

- 8 4- 2 9- 5 5

- 1 0 6- 4 4 7

- 2 0

- 5- 1 4

92

- 1 6- 2 6

56

108- 1 8 6- 2 0

- 1 6 5202

8- 1 5

i«98

2,572

(15)

3

(15)

16210855

(15)

- 2 5

- 157

15 2,376

311

- 3 , 0 2 4- 2 , 9 5 5- 2 , 9 7 5- 2 , 9 7 5

IV*

5,3073,929

1710978

22310583368

32697

229385

9

- 7 , 5 2 5- 6 , 1 2 9

- 2 4 5- 4 3- 1 4

- 3 7 77

- 4- 2 2- 1 1

- 2 3- 2 0

- 4- 1 4 3- 5 2 2

- 2 2

- 5- 1 7

- 4 , 2 8 5

- 1 , 6 3 7

- 1 , 6 3 7

- 2- 3 1

1910

- 2 , 6 4 5- 3 5 1- 1 2 2- 2 2 9

333

- 3- 5

«-2,619

3,578

(15)

1,012

(15)

91874

(15)

102

13

" 2 , 3 7 0

2,946

- 2 , 2 0 0- 2 , 2 1 8- 2 , 2 4 0- 2 , 2 4 0

Line

123456789

10

1112131415

16

17181920212223242526

2728293031

32

33343536

37

3839404142

43444546

4748495051

5253

f 54I 55

56f C7

1 58I 59I 60

616263

[ 646566676869

7071

(721737475

76777879


60 SUEVEY OF CURKENT BUSINESS March 1979

Table 10.—U.S. International[Millions

Line (Credits + ; debits - ) »

Australia, New Zealand, and South Africa

1977 1978 P1978

I I ' III IV

Exports of goods and services2 -Merchandise, adjusted, excluding military 3Transfers under U.S. military agency sales contracts.TravelPassenger fares - - - - -Other transportation.Fees and royalties from affiliated foreignersFees and royalties from unaffiliated foreignersOther private services -U.S. Government miscellaneous servicesEeceipts of income on U.S. assets abroad:

Direct investment -Interest, dividends, and earnings of unincorporated affiliates.Reinvested earnings of incorporated affiliates


Transfers of goods and services under U.S. military grant programs, net. .

Imports of goods and servicesMerchandise, adjusted, excluding military 3_Direct defense expendituresTravel -Passenger faresOther transportationFees and royalties to affiliated foreignersFees and royalties to unaffiliated foreignersPrivate payments for other servicesU.S. Government payments for miscellaneous servicesPayments of income on foreign assets in the United States:

Direct investment _Interest, dividends, and earnings of unincorporated affiliatesReinvested earnings of incorporated affiliates



Unilateral transfers (excluding military grants of goods and services), netU.S. Government grants (excluding military grants of goods and services).U.S. Government pensions and other transfersPrivate remittances and other transfers


U.S. official reserve assets, ne t 4

GoldSpecial drawing rightsReserve position in the International Monetary Fund.F oreign currencies

5,8423,777

34154126182208431323

91162428824923

6,9014,210211212118212228471573

1,15370944433219

1,395865233022445111331

25516887583

1,7711,057

416642576211371

295195100947

1,6811,040

747628595812421

22210911366

—3,302— 2 , 792

—20—112—115-83

2-1-29-30

-23-16-7-34-65

—4,440—24

—150—132

- 9 3(*)

- 3 1- 3 7

- 1- 1 8

17- 4 9- 4 2

—1,054—904—5—45—43-21

(*)(*)

-8

-1-32

-11

—1,174—1,051

—6—24—30-21

C)(*)

-8-11

6-12-11

-1,224-1,104

—8—19—33-24

(*)

C)

4-27

-12-11

-32 -34 -7

-24

-1,029

-10-24

-2-5

-206

-9

-3

-10

-421

-7

-204

2,0541,248

744026525713451

236144114

—1,546—1,381

—6—62—26-26

(*)(•)

-8

-4-84

-14-11

-8

-2-6

-26


U.S. foreign currency holding and U.S. short-term assets, net



Foreign securitiesU.S. Claims on unaffiliated foreigners reported by U.S. nonbanking concerns:

Long-termShort-term

U.S. Claims reported by U.S. banks, not included elsewhere:Long-termShort-term _

Foreign assets in the United States, net (increase/capital inflow (+))Foreign official assets in the United States, net

U.S. Government securities -U.S. Treasury securities 6

Other7

Other U.S. Government liabilities 8 . . .U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets 9

Other foreign assets in the United States, netDirect investment



Long-termShort-term

U.S. liabilities reported by U.S. banks, not included elsewhere:Long-termShort-term

Allocations of special drawing rightsStatistical discrepancy (sum of above items with sign reversed)

Memoranda:Balance on merchandise trade (lines 2 and 18)Balance on goods and services (lines 1 and 17)10 -Balance on goods, services, and remittances (lines 77, 35, and 36)Balance on current account (lines 77 and 33)10

50-17

653

-1,079-383-95

-288-273

-56-380

-626

(15)

97

(15)

- 2 8- 3 5

7(15)

2- 1 7

1 is _686

36- 1 1

48- 1

-892-756-312-444-174

- 1 4

1233

-341

(15)

25- 3

5(*)

-209-136- 4 9- 8 7

- 2

12- 8 6

150

(15)

81 27

(15) (15)

(*)26

- 1

-446-249-149-100-177

7-12

18-14

-57

(15)

70

(15)

- 3- 6

6- 3

-201-137- 2 4

-113- 1 1

5

ifl - 5 8

-334

(15)

- 2 5

(15)

5875

- 1 7(15) (15)

13

- 2(15)

49

- 6

1(15)

1623

n

)

- 4

17 25

1594

-853

9852,5392,5072,507

-671

-2301,9021,8681,868

-278

- 3 9341334334

17

5-148

—116

- 2 7

is -295

597588588

91

- 6 4457447447

11- 3113

- 3 7-234- 9 0

-14411

- 5

"191

-101

(15)

(15)

(15)

3741

- 4

2

15 -150

-373

-133508499499



March 1979 SUKVEY OF CURRENT BUSINESS 61Transactions, by Area—Continuedof dollars]

Other countries in Asia and Africa

1977

i37,95623,0315,658

308213

1,385362

601,049

141

3,8433,118

7251,207

700

171

-55 ,299- 4 9 , 5 1 6- 1 , 4 7 2

- 6 3 1- 1 5 0- 8 5 1

- 8- 1

- 1 1 8- 3 3 0

- 2 4- 3 6

12- 9 3 5

- 1 , 2 6 3

- 1 7 1

- 3 , 0 8 0- 2 , 1 0 0

- 2 2 7- 7 5 3

- 4 , 7 6 4

- 2 , 3 4 5- 3 , 5 6 6

1,21012

- 2 , 4 2 0- 1 , 0 5 5

- 3 3 0- 7 2 5

301

- 2- 3 1 2

f 151I - 1 , 5 0 2

10,273

1,062

(15)

-15- 3

-12(15)

82

8185

» 8,951

14,915

- 2 6 , 4 8 5- 1 7 , 3 4 3- 1 8 , 3 2 3- 2 0 , 4 2 3

1978 *

44,82928,1736,108

355222

1.548475

661,242

164

3,9203,244

6761,708

848

199

-58 ,759-51 ,363- 2 , 0 9 5

- 7 5 4- 1 6 3- 9 2 1

- 5—1

- 1 2 6- 3 5 7

- 6 4-53- 1 1

- 1 , 3 7 4- 1 , 5 3 5

- 1 9 9

- 3 , 2 9 7- 2 , 2 8 3

- 2 6 0- 7 5 4

- 7 , 6 7 7

- 2 , 6 6 3- 3 , 8 5 6

1,294- 1 0 2

- 5 , 0 1 4- 1 , 1 0 4

- 4 2 8- 6 7 6- 1 8 3

24- 1 1 3

23- 3 , 6 6 1

846

(IS)

955

(15)

11910811

(15)

164

- 4665

" - 1 , 0 5 3

24,059

- 2 3 , 1 9 0-13 ,930- 1 4 , 944-17 ,227

1978

I

10,1546,1391,547

6545

343116

15269

39

1,027809218367183

65

- 1 4 , 0 2 2-12 ,329

- 4 7 3—174- 3 7

- 2 2 2—3

(*)- 3 0- 8 0

- 5- 9

4- 2 9 0- 3 7 8

- 6 5

- 8 2 9- 5 8 6- 5 8

- 1 8 5

- 2 , 7 6 5

- 6 4 5- 8 9 1

308- 6 2

- 2 , 1 1 9- 1 , 8 4 6- 1 , 6 2 8

- 2 1 815

2894

23- 4 3 3

1,365

(IS)

574

(15)

4649

—4(15)

12

- 5-56

18 794

6,096

- 6 , 1 9 0- 3 , 8 6 7- 4 , 1 1 0- 4 , 6 9 6

I I '

11,7007,2531,849

11351

39512016

29636

958790168383232

51

-14 ,165-12 ,348

- 5 2 4- 1 9 4

- 3 9- 2 0 8

- 2(*)

- 3 1- 8 8

- 2 2- 1 5- 7

- 3 2 9- 3 8 0

- 5 1

- 9 2 9- 6 5 0—64

- 2 1 5

- 1 , 9 2 2

- 6 6 3- 1 , 0 0 5

353- 1 1

- 1 , 2 5 9- 8 8 5- 7 1 7- 1 6 8

- 1

—2- 9 4

} I8 - 2 7 7

-2,005

(15)

- 5 6 7

(15)

23167

(15)

61

194

18-1,617

7,320

-5,095-2,465-2,744-3,394

III '

11,2587,0941,502

9773

398107

17326

40

991720271434180

30

-15 ,432-13 ,550

- 5 3 5—204- 5 0

- 2 4 1(*)(*)

- 3 2- 9 3

- 2 1- 1 5- 6

- 3 2 8- 3 7 9

- 3 0

- 7 7 8- 5 4 6

- 6 3- 1 6 9

- 2 7 8

- 8 6 2- 1 , 1 0 3

286- 4 5

584606877

- 2 7 1- 1 6 3

- 2 0- 1 1 1

18 272

-62

(15)

100

(15)

6(*)

6(15)

74

530

u -771

5,292

- 6 , 4 5 6- 4 , 1 7 4- 4 , 4 0 7- 4 , 9 5 3

IV P

11,7167,6871,211

8054

412132

18352

49

944925

19525254

53

-15 ,140-13 ,136

- 5 6 3—182

- 3 7- 2 5 0

—1(*)

- 3 4- 9 7

- 1 6- 1 4- 2

- 4 2 8- 3 9 8

- 5 3

- 7 6 1- 5 0 1—75

- 1 8 5

- 2 , 7 1 4

- 4 9 4- 8 5 7

34717

- 2 , 2 2 01,0221,041

- 1 9- 3 5

18- 2

18 - 3 , 2 2 3

1,547

(15)

848

(15)

45432

(15)

16

97

18 541

5,351

- 5 , 4 4 9- 3 , 4 2 4- 3 , 6 8 3- 4 , 1 8 4

International organizations and unallocated «

1977

1,842

4

68343

38164

206241

- 3 6370

90

- 2 , 9 4 5- 6 5 4

- 5 4- 1 , 4 6 3

- 1- 3 3 2

- 1 2 3- 3 1 9

- 2 9 0- 2 9 0

- 2 , 0 1 4

- 5 3 3- 1 1 8—121- 2 9 4

- 5 1 7- 5 2 1

5

- 9 6 4986236

- 1 , 0 2 4

1

{ "-I- 6 3 8f1

1

I 'I1 -638

(15)

26

i s -664

4,046

-654-1,104-1,104-1,394

1978 v

2,087

8

76956

44969

20592

112429103

-3,357-752

- 5 2-1,634

- 1-359

-130-429

-368-368

5,478

5,415- 6 5

1,2494,231

-483-488

5

546280392

-112279

1

3- 1 6

-418

-418

(15)

268

18-685

-3,423

-752-1,270-1,270-1,638

1978

I

494

16714

10415

4748

- 1138

9

-793-185

- 1 6-368

(*)- 9 3

- 3 4- 9 8

- 8 1- 8 1

309

308

- 1 6324

-202-206

3

204167166

133

1

3

330

330

(15)

18 337

- 2 5 9

- 1 8 5- 2 9 9- 2 9 9- 3 8 0

II

567

8

19414

10916

6417478084

- 8 1 2- 1 7 8

- 7- 4 0 5

(*)- 8 4

- 2 9- 1 1 0

- 9 2- 9 2

80

333

—104437

- 6 2- 6 2

- 1 9 1- 3 3 7- 2 9 0

- 4 7153

- 1

| 18-6

304

304

(15)

- 4 4

18 348

- 4 8

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

III '

544

20313

11519

48—351

13611

- 9 2 7- 2 8 3

- 1 4- 4 3 7

(*)- 5 2

- 3 6- 1 0 5

- 1 2 5- 1 2 5

441

152

- 4 3195

- 3 5- 3 6

2

323293344

- 5 138

18 -_7

- 1 , 1 9 3

- 1 , 1 9 3

(15)

59

18-1,252

1,261

-283-384-384-509

IV P

482

20615

12119

46311575

-824-106

- 1 5-424

(*)-131

- 3 1-117

- 7 0- 7 0

4,648

4,622- 6 5

1,4123,275

-184-184

211158173

- 1 555

1

ia-3

141

141

(15)259

is - 1 1 8

- 4 , 3 7 7

- 1 0 6- 3 4 2- 3 4 2- 4 1 2

Line

123456789

10

1112131415

16

17181920212223242526

2728293031

32

33343536

37

38394041

43444546

4748495051

5253

{ 54\ 55

5657585960616263646566676869

7071

f 72X 73

7475

76777879



(Continued from page 43)

lion and to non-OPEC developingcountries $8.7 billion. About three-fourths of the increase to industrialcountries was accounted for by Japan,Canada, the United Kingdom, andFrance. Among the non-OPEC devel-oping countries, Argentina, Brazil, andColombia had large increases. Theincrease in claims to Caribbean bankingcenters, at $3.5 billion, was about halfthe 1977 increase.

U.S. official reserve assets decreased$0.9 billion, after a $0.2 billion increasein 1977. Transactions were dominatedby the initial steps implementing thedollar support program. The UnitedStates drew the equivalent of $3 billionon its IMF reserve position, $2 billionin German marks and $1 billion inJapanese yen. Also, the United Statessold $1.4 billion of SDR's to Germanyand Japan, and acquired $1.6 billion inmarks through the sale of mark-denominated notes (with the coopera-tion of the German Bundesbank) toprivate German residents. Other trans-actions affecting reserve assets were theIMF repayment to the United States offunds lent under the General Arrange-ments to Borrow, and the U.S. acquisi-tion of gold as part of the IMF restitu-tion program to return gold to itsmembers.

Net U.S. purchases of foreign securi-ties were $3.4 billion, compared with$5.4 billion in 1977. More than half ofthe decline was due to the absence ofthe World Bank from the U.S. bondmarket and a reduction in Canadianborrowing. Canadian borrowing wouldhave been even lower except for sub-stantial Government borrowing, prin-cipally in the second and fourthquarters, to acquire reserves to supportthe Canadian dollar in exchange mar-kets. High U.S. interest rates also mayhave slowed foreign borrowing, espe-cially in view of the ample liquidity ininternational markets. The dollar's de-cline in foreign exchange markets alsomade dollar-donominated issues lessattractive.

Net capital outflows for U.S. directinvestments abroad were $15.4 billion,compared with $12.2 billion in 1977.

Outflows on equity and inter-companyaccounts declined to $4.7 billion from$4.9 billion; outflows for reinvestedearnings increased to $10.7 billion from$7.3 billion. Among equity and inter-company accounts, for petroleum affili-ates, there was a shift to a small netinflow from outflows of $1.6 billion.Outflows to most major areas declined,except to the United Kingdom, wherethey were unchanged. There was alarge inflow from Canada because ofthe sale of two U.S. affiliates in thethird and fourth quarters. For non-petroleum affiliates, outflows, at $4.7billion, where $1.4 billion more than in1977.

Foreign assets in the United States

Foreign assets in the United Statesincreased $63.3 billion, compared witha $50.9 billion increase in 1977. Foreignofficial assets increased $34.0 billion,$3.2 billion less than in 1977 but stillhigh by past standards. Bank-reportedliabilities to other foreigners and inter-national financial institutions increased$19.1 billion, more than 2% times the1977 increase.

The increase in foreign official assetswas more than accounted for by in-dustrial countries, whose holdingsincreased $34.6 billion, up from a $28.9billion increase in 1977 (table B). Theincreases were especially large in thefirst and fourth quarters, when netdollar purchases in exchange markets—particularly by West Germany, Swit-zerland, and Japan—accounted for mostof the increase. Holdings of marketableU.S. Treasury bonds declined to $5.4billion, from $15.1 billion; in contrast,holdings of short-term obligationsdoubled to $21.2 billion. The increasein official Japanese dollar holdings in-cluded a large fourth-quarter prepay-ment for uranium enrichment. Officialdollar assets of members of OPECdeclined $0.6 billion and those of non-OPEC developing countries showedno net change, following increases of$6.7 billion and $1.5 billion, respec-tively, in 1977. The shifts were pri-marily due to the sale of marketableTreasury bonds. Partly offsetting werelarge prepayments by Iran and SaudiArabia associated with military salescontracts.

Liabilities to private foreigners andinternational financial institutions re-ported by U.S. banks (lines 68, 72, and73, table 2) increased $19.1 billion, fol-lowing a $7.3 billion increase in 1977.Inflows from Western Europe, at $5.4billion, were up from $1.4 billion, andwere concentrated in the same countriesthat had large increases in claims—theUnited Kingdom, Belgium, France,Germany, the Netherlands, and Swit-zerland. (The increase in liabilities toGermany included $1.6 billion of mark-denominated notes sold as part of thedollar support program.) Canada alsoshowed a large increase. Increases forthe developing countries were wide-spread, with Caribbean banking centersaccounting for $4.7 billion, up from $3.1billion. Inflows were especially large inthe second half of the year, when U.S.interest rates on certificates of depositand other short-term instrumentsmoved significantly above most foreigninterest rates.

Net foreign purchases of U.S. securi-ties other than U.S. Treasury securitieswere $2.9 billion, unchanged from 1977.Purchases of Eurobonds issued abroadby U.S. corporations, and foreign pur-chases of outstanding U.S. bonds, wereunchanged. Net foreign purchases ofU.S. stocks were down slightly for theyear, although there were unusuallyhigh net purchases in April.

Net inflows for foreign direct invest-ments in the United States increased$5.6 billion, compared with a $3.3billion increase in 1977. Decisions toexpand direct investment positions ormake new investments in the UnitedStates may have been spurred some-what by the dollar's depreciation, inaddition to strong U.S. sales and earn-ings of foreign firms already establishedin the United States. Equity and inter-company accounts increased $3.5 billion,compared with $1.8 billion; inflows onboth equity and intercompany accountsof incorporated affiliates increased sig-nificantly, to $1.6 billion and $1.8billion, respectively. Western Europeand the United Kingdom accounted formuch of the step-up in equity inflows,which were widespread geographically.Reinvested earnings increased $2.1billion, compared with $1.6 billion.



Region IMaineVermontNew HampshireMassachusettsConnecticutRhode Island

Region IINew YorkNew JerseyVirgin IslandsPuerto Rico

Region IIIPennsylvaniaDelawareMarylandWest VirginiaDist. of Col.Virginia

Region IVKentuckyTennesseeMississippiAlabamaFloridaGeorgiaNorth CarolinaSouth Carolina

Region VOhioIndianaIllinoisMichiganWisconsinMinnesota

U.S. Department of Commerce

Helen M. Keyes411 Stuart StreetBoston, Massachusetts 02116Phone: FTS 8-223-0695

Commercial 617-223-0695Telecopy 223-0699

Bernard H. JacksonFederal Bldg., Room 372226 Federal PlazaNew York, New York 10007Phone: FTS 8-264-5647

Commercial 212-264-5647Telecopy 264-9399/9248/4740

Dianne SemingsonWm. J. Green Federal Bldg.500 Arch Street, Room 10424Philadelphia, Pennsylvania 19106Phone: FTS 8-597-7527

Commercial 215-597-7527Telecopy 597-0676/2409/7139

Paul Hemmann1365 Peachtree StreetSuite 300Atlanta, Georgia 30309Phone: FTS 8-257-3165


Loren A. WittnerCNA Bldg., Room 140255 East Jackson Blvd.Chicago, Illinois 60604Phone: FTS 8-353-4609/4643/5185


Secretarial Representatives

Region VILouisianaArkansasOklahomaNew MexicoTexas

Region VIIMissouriIowaNebraskaKansas

Region VIIIColoradoUtahWyomingMontanaNorth DakotaSouth Dakota

Region IXArizonaNevadaCaliforniaHawaii

Region XIdahoWashingtonOregonAlaska

Edward L. CokerFederal Bldg., Room 9C401100 Commerce StreetDallas, Texas 75242Phone: FTS 8-749-2891/92

Commercial 214-749-2891Telecopy 749-3446/2476

Louis Gene BickelFederal Bldg., Room 1844601 East 12th StreetKansas City, Missouri 64103Phone: FTS 8-758-3961


Stephen L.R. McNicholsTitle Bldg., Room 515909 17th StreetDenver, Colorado 80202Phone: FTS 8-327-4285/4286


Allen HaileFederal Bldg., Box 36135450 Golden Gate AvenueSan Francisco, California 94102Phone: FTS 8-556-5145


Leonard SaariFederal Bldg., Room 3206915 Second AvenueSeattle, Washington 98174Phone: FTS 8-399-5780


U.S. GOVERNMENT PRINTING OFFICE : 1979 O - 288-330


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CURRENT BUSINESS STATISTICS

1_ HE STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEYOF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $6.80) provides a description of each series, referencesto sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterlyseries), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. Unless otherwise noted, revised monthly datafor periods not shown herein corresponding to revised annual data are available upon request.

The sources of the data are given in the 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, andare also listed alphabetically on pages 187-88. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Datafrom private sources are provided through the courtesy of the compilers, and are subject to their copyrights.

Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS

1976 1977 1978

Annual total

1975

IV

1976

I II III IV

1977

I II III IV

1978

I II III IV

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series

NATIONAL INCOME AND PRODUCTt

Gross national product, totalt bll.$._

Personal consumption expenditures, total, -do

Durable goods, total? do____Motor vehicles and parts do. _..Furniture and household equipment.-.do....

Nondurable goods, total 9 do . . . .Clothing and shoes do..Food _t -do. . . .Gasoline and oil .do . . . .

Services, total9 do.___Houshold operation -do_._.Housing _do.Transportation do..]

Gross private domestic investment, total....do.

Fixed investment do . . . .Nonresidential do . . . .

Structures do . . ] .Producers' durable equipment do

Residential _. do.Change in business inventories .do.

Nonfarm _do.

Net exports of goods and services .doExports doImports do

Govt. purchases of goods and services, total.doFederal do

National defense .do..~ ~State and local do

By major type of product: tFinal sales, total do

d t t l, do

Goods, total doDurable goods doNondurable goods d o . . "

Services doStructures do..]]

Change in business inventories doDurable goods doNondurable goods ._ do

GNP in constant (1972) dollarst

Gross national product, total t bil.$__

Personal consumption expenditures, total..do

Durable goods .do.Nondurable goods do.Services do.

Gross private domestic investment, total...do.

Fixed investment do.Nonresidential doResidential ~~~do.~~~

Change in business inventories. d o " "

Net exports of goods and services do

Govt. purchases of goods and services, total doFederal doState and local do

243.0

232.8164.657.3

107.3

68.210.212.2

7.4163.2155.7

359. 5129.986.8

229.6

1, 689.9760.3304.6455.7778.0161.9

10.25.34.9

1,271.0

819.4

125.9320.2373.2

173.4

166.8118.947.86.7

15.4

262.896.6

166.2

1,887. 2

1,206.

178.81.71.

479.81.

245.46.5

549.281. t

184. C44.2

297.8

282.3190. 163.9

126.5

91.915.615.0

- 1 1 . 1175.5186.6

394.0145.194.3

248.9

, 107.6

, 340.1

197.589.7

526. 589.0

! 2f>9.451.2

(.41. 491.3

207.352.6

345.6

329.6222.677.8

144.8

107.016.016.7

-12.0204.8216.8

433.9153.899. 5

280.2

1,871.6 to OQI f>

491.3862.8191.8

15.68.47.2

1,332.7

857.7

137.8330.4389.5

196.3

187.4129.857.78.9

9.5

269.2101.6167.6

370. 8541. 7962. 5226.7

10.011.74.3

1,385.7

891.7

144.6339. 6407.4

210.6

200.1140.259.810.6

8.4

275. 0100.3174.7

',598.0

1,021.6

143.560.660.8

421.472.2

216.640.5

456.766.7

156. 334.0

203.9

208.8151. 554.796.8

57.3- 4 . 9- 9 . 0

20.9152.2131.2

351.5127.986.2

223.6

1,602.9718.6273. 7444.9726.4153.0

- 4 . 9- 8 . 6

3.7

1,227.9

791.1

119.7309.5361.9

148.9

154.1111.842.3

- 5 . 2

22.2

265.797.3

168.4

t, 649. 7

1,053.8

152.267.761.9

430.373.8

219.441.4

471.369.3

160.236.0

231.5

220.1157.756.4

101.3

62.411.412.7

10.4154.4144.1

354.0127.185.9

226.9

1, 638. 3741.9288.6453.4749.7158.1

11.4.1

11.3

1, 255.5

806.3

124.8314.6366.9

168.5

161.0115.545.57.5

16.5

264.396.2

168.1

1,685.4

1,075.1

154. 769.163.0

437.474.2

223.941.9

483.070.2

164.737.0

243.5

228.1162.257.6

104.6

65.915.418.8

9.7160.7150.9

357. 2127.885.6

229.4

1, 670.1758.0301.8456.2766.9160.5

15.46.58.9

1, 268.0

814.0

125.2318.2370.6

174.7

164.6117.846.810.1

16.1

263.295.9

167.3

1,715.6

1,098.4

156.769.564.2

444.576.1

227.443.0

497.273.5

168.238.7

249.9

235.3168.157.3

110.8

67.314.515.2

6.9168.2161.3

360.4129.986.5

230.5

1,701.0768.1312.4455. 7787.1160.3

14.59.35.3

1,276. 5

820.9

125.3320.5375.1

177.1

167.8121.046.89.3

16.1

262.596.8

165.7

1,749.8

1,133. 7

162.872.666.5

458.378.5

232.345.1

512.678.2

172.339.8

247.1

247.6170.557.9

112.6

77.1- . 62.2

2.8169.4166.6

366.3134.689.1

231.7

1,750.4772.9315.6457. 3808.1168.7

- . 65.2

- 5 . 8

1, 284.0

836.2

128.5327.7380.0

173.4

173.6121.452.3- . 2

13.1

261.397.5

163.8

1,806.8

1,167.7

173.281.368.0

465.978.5

237.546.1

528.680.2

177.340.8

272.5

262.2180.659.3

121.4

81.610.311.1

- 8 . 5170.9179.4

375.0138.391.9

236.7

1, 796.5800.2332.2468.0832.3174.3

10.36.14.2

1,306. 7

846.6

134.9327.1384.6

186.1

180.3126.853.55.8

11.2

262.898.7

164.1

1,867.0

1,188.6

175.681.269.9

473.679.3

244.545.2

539.478.0

182.143.5

295.6

278.6187.263.4

123.8

91.417.016.5

- 5 . 9178.1184.0

388.8142.993.7

245.9

1,850.0825.8339.1486.7850.0191.3

17.09.17.9

1,325.5

849.5

136.2327.2386.0

197.1

187.1129.158.010.0

11.0

267.9101. 3166.6

1,916.8

1,214. 5

177.479.572.0

479.781.4

246.446.0

557.583.7

186.945.0

309.7

287.8193.565.4

128.1

94.321.922.0

- 7 . 0180.8187.8

399.5146.894.4

252.7

1,894.9844.7346.5498.2875. 3196.8

21.911.910.0

1,343.9

858.0

136.9329.2391.8

201.7

189.5130.858.812.2

12.5

271.7102.9168.8

1,958.1

1,255. 2

187.284.075.3

496.986.7

252.647.5

571.184.6

192.047.3

313.5

300.5200.367.4

132.8

100.213.110.4

-23.2172.1195.2

412.5152.297.1

260.3

1,945.0859.6347.4512.2893.6204.9

13.16.36.8

1,354. 5

876.6

143.0338.1395.6

200.3

192.8132.560.37.5

3.1

274.5103.6170.9

1,992.0

1,276.7

183.584.172.1

501.482.9

257.748.3

591.889.6

198.149.7

322.7

306.0205.668.5

137.1

100.316.716.9

-24 .1181.7205.8

416.7151.597.9

265.2

1,975.3861.8351.2510.6926.4203.8

16.714.81.9

1,354.2

873.5

137.8333.3402.4

205.7

193.4133.859.512.3

2.9

272.1101.2170.8

2,087.5

1,322.9

197.892.576.5

519.387.5

267.849.1

605.889.9

204.152.1

345.4

325.3220.176.6

143.5

105.320.122.1

- 5 . 5205.4210.9

424.7147.298.6

277.6

2,067.4912.2375.8536.4952.0223.4

20.110.89.3

1,382.6

886.3

145.8336.3404.2

213.1

200.4140.559.912.7

11.3

271.997.1

174.8

2,136.1

1, 356.9

199.589.878.9

531.790.5

272.051.5

625.892.6

210.153.7

350.1

336.5227.580.9

146.6

109.013.614.6

-10.7210.1220.8

439.8154. 099.6

285.8

2,122. 5927.3380.1547. 2973.7235.0

13.610.23.4

1,391.4

895.1

144.8340.4410.0

210.4

201.4141.759.79.0

9.2

276.7100.4176.3

'2,214.8

1,403.9

' 209.1'92.6

83.2

' 553.4'95 .3

' 279.9'55.8

' 641.4'94.1217.055.0

' 364.0

'350.5' 237.1'85 .1

' 152.0

' 113.4' 13.5'13.4

' - 7 . 6'221.9' 229.5

' 454.5' 162.5

102.1'292.0

'2,201.3' 972.5' 400.1' 572.4' 997.7' 244. 7

'13 .5'10.8' 2 . 7

1,414.7

'911.8

150.1' 348.5' 413.1

' 213.4

' 205.2' 144.9

' 60.3' 8 . 2

'10.2

' 279.4r 102. 5' 176.9

'Revised v Preliminary. tRevised series. Estimates of national income and productand personal income have been revised back to 1973 (see p. 16 ff. of the July 1977 SURVEY and

p. 24 fl. of the July 1978 SURVEY); revisions prior to May 1977 for^personal income appear onp. 36 of the July 1978 SURVEY. 9 Includes data for items not shown separately.

S-l288-330 O - 79 - SI


S-2 SURVEY OF CURKENT BUSINESS March 1979


1976 1977 1978

Annual total

1976

II III IV

1977

I II III IV

1978

I II III IV

1979

I II

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued

NATIONAL INCOME AND PRODUCTf—Con.

Quarterly Data Seasonally Adjusted

Implicit price deflators:!Gross national product Index, 1972=100

Personal consumption expendituresDurable goodsNondurable goodsServices

Gross private domestic investment:Fixed investmentN on residentialResidential

Govt. purchases of goods and servicesFederalState and local.

dodo..dodo

dododo

dododo

Quarterly Data Seasonally Adjusted at Annual Rates

National income, total t bil $

Compensation of employees, total do

Oovt and trovt GntprDrispsOther

dodor\fi

Proprietors' income with inventory valuationand capital consumption adjustments,total bil $

FarmNonfarm

dorin

Rental income of persons with capital consump-tion fldinsttneTit bil $

Corp. profits with inventory valuation and capi-tal consumption adjustments, total bil. $__

Corp. profits with invent, val. adj.:Domestic, total. do

Financial Hn

TVTflnnfRotiirinGf total Qdodo

Transportation, communication, andelectric, gas, and sanitary serv bil. $..

Rest of the world...

Profits before tax, totalProfits tax liability...

Dividends..Undistributed profits

Capital consumption adjustment

_do

.do. . . .

.do. . . .do

.do. . . .

.do . . . .

rln.do . . . .

,3~

DISPOSITION OF PERSONAL INCOMEf

Personal income, total bil. $..Less: Personal tax and nontax payments do

Less: Personal outlays©Equals: Personal saving§...

NEW PLANT AND EQUIPMENTEXPENDITURES

Unadjusted quarterly or annual totals:All industries

Manufacturing . _Durable goods industries^!Nondurable goods industries^ _

Nonmanufacturing . . . . . .MiningRailroadAir transportationOther transportation

Public utilities...ElectricGas and other

CommunicationCommercial and other

Seas. adj. qtrly. totals at annual rates:All industries. _

ManufacturingDurable goods industries^Nondurable goods industries^

NonmanufacturingMining-RailroadAir transportationOther transportation-

Public utilitiesElectricGas and other

CommunicationCommercial and other

.do

.do. . . .

bil. $.do . .do

.do. . . .

_do._--do -

. d o -dodo . .

.do. . . .do

. d o . . -_dodo

.do. . . .do .do . .

.do. . . .

dodo _.-dododo . .

dodo . . .dodo

.do. . . .

133.76133.1124.4138.2131.6

139 6138.4142.5

136.8134 4138.1

1,359.2

1,036.8890 1187. 6702.5146.7

88.618.470.2

22.5

127.0

133.217.5

115 665*628 1

13.78.2

155.964.391.737.953.8

-14. 5-14 .4

84 3

1,380.9196.5

1 184 41,116. 3

68.0

120.4952.4823.6828.81

68.014.002.521.303.63

22.2818.803.47

20.99

141.61140.7129.5145.0141.0

150.6146.7159.4

146.3142.7148.5

<= 1,515.3

1,153.4983 6200.8782.9169.8

99.820.279.5

22.5

144.2

149.520 9

128 674 735 1

16.19.6

173.971.8

102.143.758.4

- 1 4 . 8- 1 4 . 9

95 4

1,529. 0226.0

1 303 01, 236.1

66.9

135.8060.1627.7732.39

75.644.502.801.622.51

25.8021.59' 4 . 2 115.4522.97

152.09150.3136.5155.0151.2

164.7158.7178.8

157.8153.3160.4

1, 703.8

1, 301.41 101 0

216.1884.8200.5

113 225 387 8

23.4

159.6

167.825 1

142 785 443 3

9.8

202.183.9

118.249.368.9

- 2 4 . 4- 1 8 . 1106 3

1, 708.0256. 2

1 451 81, 374. 9

76.9

153 8267 6^31 6635.96

86 194 783.322 302.43

29.4824 794.70

18.1625 71

132. 92132.1123. 6137. 4130.3

138.5137.7140.7

135.7133.3137.1

1,347.9

1,026.0881.5186.1695. 4144.6

88.819.669.3

22.4

128.6

135.417.0

118 467 529 7

14.37.6

158.766.392.437.255.2

-15.7-14.4

82 0

1, 363. 2192. 6

1,170. 61,100. 7

69.9

29.7012.665.617.05

17.04.99.68.42

1.02

5.504.74

.76

5.21

118.1250.6422.5428.09

67.483.832.641.444.16

21.8518.823.03

12.6220.94

134. 39133.8125.0138.7132.5

140.3138.9143.8

137.3134.2139.1

1,372.1

1,046.1897.3188.1709.2148.8

87.416.970.5

22.4

130.0

136.318.3

118.065.928 5

14.98. 2

157.864.793.138.454.7

-13 .3-14.5

86 2

1, 392. 8200.0

1,192. 81,124. 8

68.1

30.4113.486.027.46

16.931.04

.64

.26

.95

5.524.54.98

3 335.19

122.5554.7824.5930.20

67.764.212.691.123.44

21.6718.223.45

13.6420.99

136. 28135. 6126.8139.9134.9

142.6140.5147.6

140.2138.0141.5

1, 397. 0

1, 073. 3919.9192. 6727.2153.4

89.516.373.2

22.8

122.5

128.719.1

109 761 926 9

13.38.2

154.662.492.241.450.8

-17.6-14.5

88 9

1,430.5209.0

1, 221. 51,160. 9

60.7

34.5215.387.278.12

19.141.05.70.35.94

6.465.341.12q QA

5.78

125. 2254.4425.5028.93

70.784.132.631.413.49

23.4619.493.96

14.3021.36

138. 27137.9128.4142.4137.4

145.4142.5152.3

142.7140.1144.3

1,447.5

1,107. 9946.4195.2751.2161.5

95.619.476.1

22.5

129.9

134.819.7

115.166.429 9

15.49. 7

164.868.396.541.555.0

-20 .3-14.6

91 7

1, 470. 7222.7

1,248.01,195. 8

52.2

29.2012.525.806.72

16.681.02.59.33.61

5.554.78.77

3 305.27

130.1656.4326. 3030.13

73.744.242.711.622.96

25.3521.194.16

14.1922.67

140. 86139.9128.9144.7139.7

148.9145.0157.6

145.1141.1147.6

1, 499. 3

1,140. 5973.4198.1775.3167.1

98.920.078.9

22.4

143.7

148.119.9

128.177.437.2

14.510. 4

175.172.3

102.842.760.1

-16.6-14.8

93 7

1, 508. 6223. 3

1,285.31,217.8

67.5

33.7314.846.798.06

18.881.16.67.43.76

6.375.341.033 865.64

134.2459.4627.2632.19

74.784.492.571.432.96

25.2921.144.16

15.3222.73

142. 63141. 6129.5145.7142.3

151.9147.9160.6

147.1142.7149.7

1,537.6

1,165. 8993. 6201.7791.9172.2

97.216.580.8

22.4

154.8

159.521.9

137.674.734 2

17.510. 3

177.572.8

104.844.160.6

- 7 . 7-15 .0

97 3

1, 543. 7224. 6

1,319.11, 244. 8

74.3

34.8215.607.178.43

19.211.17.78.39.50

6.615.411.204 035.73

140. 3863.0229.2333.79

77.364.743.201.691.96

26.2221.904.32

16.4023.14

144. 56143.2130.9147.0144.4

155.9151.2166.1

150.3146.9152.3

1,576.9

1,199. 71,021. 2

208.1813.1178.4

107.325.182.3

22.7

148.2

155.621.9

133.780.239.1

17.1

178.373.9

104.446.358.1

-14.8-15 .3

99.0

1, 593. 0233.3

1, 359. 61, 285. 9

73.7

38.0617.198.009.18

20.871.15.76.46.63

7.286.061.214 266.33

138.1161.4128.1933.22

76.704.502.801.762.32

26.2322.054.18

15.8223.27

147.10146.2133.1150.4147.1

158.2153.6168.6

153.2149.6155.2

1,603.1

1,241.01,050. 8

211.4839.3190.2

105.021.983.1

22.8

132.6

139.222.7

116. 669.832.8

17.39. 4

172.170.0

102.147.055.1

-23 .5-16 .1101 7

1,628.9237.3

1, 391. 61, 309. 2

82.4

32.3513.676.367.31

18.681.07

.71

.52

.51

6.155.27.88

3 975.76

144.2561.5728.7232.86

82.684.453.352.672.44

27.9223.154.78

17.0724.76

150.98149.3135.7154.4149.9

162.2156.7175.7

156.2151.5158.8

1,688.1

1,287.81,090.2

213.9876.3197.6

110.124.086.1

22.2

163.4

168.924.3

144.687.846.1

19.311 7

205.585.0

120.548.172.4

-24.9-17.2104.6

1,682.4249.1

1,433.31,357.0

76.3

37.8916.767.798.97

21.131.22

.83

.60

.60

7.146.011.134 566.18

150.7667.2031.4035.80

83.564.813.092.082.23

28.4623.834.62

18.1824.71

153.52151.6137.3156.2152.6

167.1160.6182.6

158.9153.4162.1

1,728.4

1,317.11,113.4

216.8896.6203.6

114.525.089.6

24.3

165.2

175.426.0

149.487.144.6

20.7Q 1

205.486.2

119.250.169.2

-20.9-19 .3107.4

1,731.7263.2

1,468.41,392.5

76.0

38.6716.897.978.92

21.781.24.84.54.62

7.436.111.324 686.43

155.4167.7532. 2535.50

87.664.993.382.202.47

29.6224.924.70

18.9026.09

' 156.56154.0139.3158.8155.2

' 170.8' 163. 7' 188.2

162. 7158.5165.1

1,795.6

'1,359.8a,149.4

222.3' 927.1

210.4

' 123.0'30.4

92.6

24.4

177.0

187.827.6

160.2

Q 1

225.394.5

130.751.978.8

- ' 2 8 . 4-19.9' 111.4

'1,789.0' 275.1

'1,513.9'1,440.9

r 73. 0

' 44. 91' 20. 30'9 .53

' 10. 77

' 24. 61' 1.26' . 9 4' . 6 4' . 7 1

'8 .78'7 .40'1 .37

4 967.34

' 163.96' 73. 24' 33. 99' 39. 26

' 90. 71'4 .98'3 .49'2 .39' 2. 55

' 31. 73' 26. 95'4 .7818.4627.12

i 36. 97' 15. 97

7.57'8 .40

' 21. 00'1 .28' . 8 0' . 6 4

.62

'7 .12'6 .16' . 9 7

2 10.53

' 164.23'71.97' 34.18' 37. 78

' 92. 26'5 .35'3 .77'3 .28'3 .01

' 32. 30' 27. 06'5.24

2 44. 54

i 42.0718.919.209.72

23.161.23

.83

.68

.77

8.006.781.22

2 11.63

167. 5275.9037.0938.81

91.624.893.112.362.89

31.9126.924.98

2 46. 46r Revised. v Preliminary. * Estimates (corrected for systematic biases) for Jan.-

Mar. 1979 and Apr.-June 1979 based on expected capital expenditures of business. Expectedexpenditures for the year 1979 appear on p. 26 of the Mar. 1979 SURVEY. 2 Includes com-munication. fSee corresponding note on p. S-l. 9 Includes data for items not shownseparately. ©Personal outlays comprise personal consumption expenditures, interest paid

by consumers to business, and personal transfer payments to foreigners (net).§Personal saving is excess of disposable income over personal outlays.HData for individual durable and nondurable goods industries components appear in the

Mar., June, Sept., and Dec. issues of the SURVEY. C Corrected.


March 1979 SURVEY OF CURRENT BUSINESS S-3


1976 1977 1978 P

Annual total

1975

IV

1976

I II III IV

1977'

I II I I I I V

1978 v

I II III IV

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued

U.S. INTERNATIONAL TRANSACTIONS

Quarterly Data Are Seasonally Adjusted'(Credits + ; debits - )

Exports of goods and services (excl. transfers undermilitary grants) mil. $..

Merchandise, adjusted, excl. military doTransfers under U.S. military agency sales con-

tracts mil. $..Receipts of income on U.S. assets abroad..-doOther services do

Imports of goods and services doMerchandise, adjusted, excl. military do . . .Direct defense expenditures doPayments of income on foreign assets in the

TI.S mil. $_.Other services do

Unilateral transfers (excl. military grants), netmil. $..

U.S. Government grants (excl. military)...doOther do

U.S. assets abroad, net do.V.&. official reserve, net do.U.S. Gov't, other than official reserve, net...do..U.S. private, net do.

Direct investment abroad_. do.

Foreign assets in the U.S., net do.Foreign official, net do.Other foreign, net do.

Direct investment in the U.S do.

Allocations of special drawing rights do.Statistical discrepancy do.

Memoranda:

Balance on merchandise trade do.Balance on goods and services do.Balance on goods, services, and remittances, .do.Balance on current account do.

171,274114,694

5,21329,24422,124

-161,913-124,047-4,901

-13,311-19,655

-5,022-3,145-1,878

-50,608-2,530- 4 , 213-43,865-11,614

36,96918,07318,8974,347

9,300

-9,3539,3617,4834,339

183, 205120,576

7,07932,10023,451

-193, 789-151,706- 5 , 745

-14,59321,746

-4,708- 2 , 776- 1 , 932

-34,650-231

-3,679-30, 740-12,215

50,86937,12413, 7463,338

-927

-31,130-10,585-12,516-15,292

218,024141,844

7,71041, 51426,957

-228,909-175,988-7,179

-21,599-24,143

-5,076-3,028- 2 , 048

-58,748872

4, 657-54,963-15,361

63,26033,96729,2935,611

11,449

-34,144-10,885-12,933-15,961

40, 76027,657

1,1646,8845,055

-34,131-25,431-1,198

-2,973-4,529

-1,241-805-436

-14,17989

-977-13,291-4,736

6,1772,8513,3261,369

2,614

2,2266,6296,1935,388

40,37527,001

1,0957,0275,252

-37, 644-28,352-1,159

-3,405-4,728

-1,028-546-482

-12,3ft-773-762

-10,830-3,923

7,5903,8193,7711,472

3,073

-1,3512,7312,2491,703

42,44928,380

1,1897,3695,511

-39,268-29,963-1,219

-3,332-4, 754

-1,040-592-448

-11,740-1,578-932

-9,230-2,047

7,9144,0173,8971,086

1,685

-1, 5833,1812,7332,141

44,16029,602

1,4727,4285,658

-41, 933-32,418-1,235

-3,293- 4 , 987

-1,908-1,440

-10, 269-407

-1,340-8,522-3,081

8,9323,0705,862999

1,018

-2,8162,2271,759319

44,29129,711

1,4577,4205,703

-43,068-33,314-1,288

-3, 281-5,185

-1,047-567

-16,235228

-1,180-15, 283-2,563

12,5347,1665,367790

3,525

-3,6031,223743176

44,77529,501

1,9127,7965,566

-46,999-37,120-1,344

-3,197-5,337

-1,126-636-490

1,334-388-949

3-2,177

2,4905,451

-2,962

2,194

- 7 , 619-2,224- 2 , 714-3,350

46, 50730,860

1,7028,0885,857

-48,088-37, 635-1,407

-3,601-5,445

-1,243-763-480

-12,003f>

-795-11,214- 3 , 729

14,0647,8846,180

996

763

-6,775-1,581-2,061-2,824

46,70030,578

1,9188,2205,984

-48,405-37 , 942-1,451

3,610-5,401

-1,277-787-490

- 6 , 615151

-1,098-5,668-3,113

14,2518,2466,0051,012

-4,655

-7,364-1,705-2,195-2,982

45,22629,637

1,5477,9976,045

-50,298-39,009-1,542

-4,185- 5 , 563

-1 , 064-591-473

-14, 700

-838-13,862-3,197

20,06515, 5434,522

450

771

-9,372-5,072-5,545-6,136

48,35530,787

1,8429,3926,334

-54,65^-42,70:-1,632

-4,515-5,802

-1,282-778-504

-15,067

246-896

-14,417-4,976

18,09515,7602,336

812

4,555

-11,920-6,302-6,806-7,584

54,17535,256

2,21710,013

-56,184-43,125-1,773

-5,432-5,854

-1,317-781-536

-6,167

329-1,176-5,320-3,981

406-5,6856,0901,852

9,087

-7,869-2,009-2,545-3,326

55,59536,486

1,88910,322

-58,031-44,478-1,877

-5,444-6,232

-1,275-779-496

-10,216

115-1,498-8,833-2, 708

15,4894,852

10, 6372,206

-1,562

-7, 992-2,436-2, 932-3,711

59,90039,315

1,76111,7877,037

-60,038-45,678-1,897

-6,207-6,256

- 1 , 204-691-513

- 2 7 , 298

182-1,086-26,394-3,697

29,27019,04010,230

741

-630

-138-651

-1,342


1977 1978 1978 1979

Annual Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. *>

GENERAL BUSINESS INDICATORS—Monthly Series

PERSONAL INCOME BY SOURCEt

Seasonally adjusted, at annual rates:fTotal personal income bil. $.

Wage and salary disbursements, total do . . .Commodity-producing industries, totaLdo...

Man ufacturing do_._Distributive industries do.

Service industries do.Govt. and govt. enterprises do.

Other labor income do.Proprietors' incomerA

Farm do.Nonfarm do..

Rental income of persons, with capital con-sumption adjustment bil. $__

Dividends doPersonal interest income do~~~~Transfer payments doLess personal contributions for social insur-

ance . bil. $ . .Total nonfarm income do

FARM INCOME AND MARKETING*

Cash receipts from farming, including Governmentpayments, totalf mil. $ . .

Farm marketings and CCC loans, total doCrops doLivestock and products, to ta l? do

Dairy products doMeat animals doPoultry and eggs do

Indexes of cash receipts from marketings and CCCloans, unadjusted:t

All commodities ...1967=100Crops doLivestock and products do

Indexes of volume of farm marketings, unadjusted:*All commodities... 1967=100

Crops doLivestock and products do

1,529.0

983.6343.7266.3239.1

200.1200.890.4

20.279.5

22.543.7

141.2208.8

61.01,494.4

1 96,889

95,02547,57247,45311,78227,90917,207

222258195

124138113

1,708.0

1,100.9390.2299.9268.9

225.8216.1105.9

25.387.8

23.449.3159. 0226.0

69.71,666.9

1,615.5

1,038.3359.0281.9253.3

215. 3210.698.7

25.682.0

23.046.8

149.6218.1

66. 51,574.7

9,162

8,8074,8773,9301,0082,336

543

240297197

133172106

1,625.0

1,047.4364.4286. 5256.2

215.1211.6100.0

21.583.0

22.847.0

151.4219.0

67.01,588.3

7,038

6,8732,8584,015

9442,492

538

192181201

10198

103

1,646.3

1, 066. 6374. 3292.4261.3

219.0212.0101.3

18.684.4

22.647.2

153.3220.3

68.01,612.5

7,407

7,2562,4024,8541,0643,098

652

205178226

10086

111

1,669.4

1,083.9383.9294.3264.9

222.2213.0102.7

22.085.5

22.347.4

154.8219.7

68.91,631.9

7,377

7,0792,4294,7501,0762,883

640

199156232

9675

111

1,682.1

1,088.4386.2295.9266.1

222.0213.9104.0

24.886.1

22.148.0

156.5221.3

69.01,641.8

7,730

7,5802,6864,7941,1083,161

571

217181244

10286

113

1,695.7

1,098.4390.9298.1268.3

224.3214.9105.4

25.386.7

22.149.0

157.6220.8

69.61,654.7

8,403

8,3393,5714,7681,0462,973

697

235232235

110113109

1,719.2

1,108.2395.4301.6269.8

227.2215.8106.7

24.088.4

24.349.2

159.6229.0

70.31,679.0

7,417

7,3423,6803,6621,0581,764

791

206240180

113124104

1,731.1

1,111.3395.7301.0271.0

228.0216.7107.9

24.990.1

24.350.3161.9230.8

70.41, 690.3

8048

7,9913,2574,7341,0512,910728

254282233

127150110

1, 744.7

1,120.1398.2303.6274.1

230.3217.5109.1

26.090.2

24.250.7163.6231.5

70.81, 702.6

10,457

10, 2295,4144,8151,0113,160556

262293238

129149114

1,768.7

1,137.5404.5

277.8

234.2221.0110.4

'27.492.0

24.351.3

' 165.1' 232.2

71.61,725.1

13, 224

12, 9497,2995,6501,0163,924

360468278

172239124

1,786.6

1,149.3411.7315.8279.7

235.4222.4111.8

'29 .092.6

24.451.8

' 166.1' 233. 6

72.01,741.3

' 12,3266,9925,3331,0433,527

709

'345••455'•262

-•165r232

117

1,811.6

1,161.4' 417. 7' 319. 5' 283. 7

' 236. 5' 223. 5

113.1

»-34.9'93.3

24.452.6

' 168.5' 235. 9

••72.61,760.3

10, 0085,1845,2231,1173,310732

292338257

134167110

1,817.9

1,172.6' 421. 7' 322.4' 286. 2

' 239.8' 224. 9114.5

29.7'93.0

24.553.6

' 170.4' 237. 7

78.1'1,771.3

1,829.0

1,180.3424.9325.7289.0

241.1225.3115.9

29.093.4

24.754.2

172.7237.3

78.61,782. 8

' Revised. v Preliminary. i Reported annual total; revisions are not reflected in themonthly data. 2 Less than $500,000(±). fSee corresponding note on p. S-l. Aln-cludes inventory valuation and capital consumption adjustments. JSeries revised begin-

ning 1973; revisions for periods prior to May 1976 are available from the U.S. Dept. of Agr.,Economic Research Service.

9 Includes data for items not shown separately.


S-4 SURVEY OF CURRENT BUSINESS March 1979


1977 1978 v

Annual

1978

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

1979

Jan. p Feb.*

GENERAL BUSINESS INDICATORS—Continued

INDUSTRIAL PRODUCTIONS

Federal Reserve Board Index of Quantity Output

Not Seasonally Adjusted

Total index. 1967=100..

By market groupings:Products, total do

Final products doConsum er goods do

Durable consumer goods doNondurable consumer goods do

Equipment doIntermediate products do

Materials ...doBy Industry groupings:

Mining and utilities do.

Manufacturing do..Nondurable manufactures.. do.

Durable manufactures do.

Seasonally Adjusted

Total index 1967=100..

By market groupings:Products, total do.

Final products do.Consumer goods .do.Durable consumer goods do..

Automotive products do..Autos and utility vehicles do.Autos do.Auto parts and allied goods. do.

ITome goods do.Appliances, air cond., and TV...do.Carpeting and furniture. _..do_

Nondurable consumer goods do.Clothing ...do.Consumer staples do.

Consumer foods and tobacco do.Nonfood staples do.

Equipment do..Business equipment do..

Industrial equipment 9 do..Building and mining equipment.do..Manufacturing equipment do..

Commercial, transit, farm eq. 9.. .do.Commercial equipment do.Transit equipment do.

Defense and space equipment do.

Intermediate products .do..Construction supplies ...do.B usiness supplies do.

Materials do.Durable goods materials 9 do.

Durable consumer parts do.Equipment parts do.

Nondurable goods materials 9 -do.Textile, paper, and chemical do.

Energy materials. .do.

By industry groupings:Mining and utilities do.

Mining do.Metal mining do.Coal . do.

Oil and gas extraction 9 .do.Crude oil do.Natural gas do.

Stone and earth minerals do.

Utilities... do.Electric do.

Manufacturing. do.Nondurable manufactures do.

Foods 9 do.Meat products do.Dairy products -do.Beverages ..do.

Tobacco products do.Textile mill products... do..Apparel products do.Paper and products do.

Printing and publishing ...do.Chemicals and products .do.

Basic chemicals do.

Petroleum products .do.Rubber and plastics products.. do.Leather and products do.

137.1

137.1134.9143.4153.1139.6123.2145.1136.9

136.2

137.1148.1129.5

137.1

137.1134.9143.4

153.1174.2169.2148.4186.8

141.3127.3152.2

139.6125.2143.6135. 5152.9

123.2149.2138.5202.5113.9

161.6191.6117.8

79.6

145.1140.8149. 5

136.9134. 5132.0143.1153. 5158.3122.4

136.2117.8105.4118.0

118.092.4

110.4124.9

156.5175.5

137.1148.1137.9114.0117.4167.6

114.3137.1124.2137.4

124.7180.7165.3

141.0232.2

145.2

144.3141.4147.4158.9142.8133.1155.3146.5

141.5

145.6154.8139.3

145.2

144.3141.4147.4

158.9178.6172.5148.5194.0

147.8132.5164.3

142.8

147.6140.1156.2

133.1162.0149.9223.4121.9

175.9208.5133.6

84.5

155.3153. 3157.2

146.5146.9140.3159.1162.9167.9125.2

141.5124.2121.0115.8

124.796.

131.1

160.9

145.6154.8142.113.8120.4180.9

119.1140.0

144.4

129.9190.7173.7

144.2254.74.1

134.8

133.5131.0136.7142.7134.3123.1142.5137.0

142.0

133.9142.8127.8

138.8

138.5134.9141.8

146.5157.5145.5127.4187.8

140.3116.1159.1

139.9118.3145.9136.5156.6

125.4152.6144.3211.1118.8

162.2198.5111.1

79.7

151.6149.2153.8

139.2138.2133.0148.7155.0160.7122.2

137.4115.0121.454.8

121.196.9

108.8130.0

162.3183.6

138.7149.8139.3109.2119.0174.5

113.4137.1118.6139.9

129.9184.4165.1

139.7238.774.5

139.6

139.0136.6143.4155.7138.5127.1148.0140.6

139.9

139.6148.7133.2

139.2

139.6136.4143.8

151. 2162.8153.9131.5185.3

144.6133.3160.2

140.8121.1146.3138.3155.8

126.2154. 2144.6214.9117.7

165.5200.9115.9

79.2

151.4148.6154.2

138.6137.0131.1146.6158.5162.8117.7

137.7114.4119.956.5

120.492.7

108.7129.1

163. 5184.3

139.4150.6140.8117.9118.7176.0

117.7136.4121.1143.9

128.3183.7163.0

139.0240.073.0

141.4

141.0138.6145.3162.4138.4129.3150.3142.1

136.3

142.1150.5136.3

140.9

141.6138.9145.9

157.5175.8171.0149.7188.5

147.2135.4159.3

141.3122.4146.4138.7155.3

129.1157.4146.9221.7118.3

169.4202.0126.1

81.9

151.4147.9155.0

139.9138.6133.1151.3160.5165.7117.5

138.2119.3127.678.4

123.394.0

109.9128.2

159.5178.8

141.4151.4141.1113.8119.7172.6

115.6135.1122.8144.9

129.1185.2167.3

140.1243.172.1

144.2

143.2140.7148.4169.7140.0130.1152.6146.1

137.0

145.1153.3139.5

143.2

143.0140.5147.5

161.8184.3182.7159.1188.2

149.2142.2158.9

141.8124.9146.6140.8153.3

130.8159.3147.8225.1119.0

172.6203.8133.7

82.9

152.1148.5155.6

143.7142.7136.8154.8162.0166.4123.9

140.9127.2122.3129.5

127.399.4

107.6128.9

156.0175.0

143.5153.2143.1116.1119.8181.1

121.0138.1126.1145.7

128.6185.5171.0

141.7249.176.0

144.2

142.1138.9145.2163.7137.7130.4153.8147.0

136.4

145.1153.5139.2

143.9

143.1140.5147.0

160.2180.0175.6151.6191.5

148.9138.3163.4

141.7125.4146.2139.9153.4

131. 6160.2149.7226.0121.3

172.3204.2132.2

83.6

152.6150.4155.0

145.1143.9137.9155.8163. 5167.9125.2

140.9126.7120.0131.7

126.395.4

112.2130.1

157.0177.1

144.3154.0142.8113.6118.9177.8

120.2138.5125.8146.6

128.2188.1174.9

143.4252.775.7

/ Revised. v Preliminary. i Estimated. & Monthly revisions back to 1967 will beshown later; effective Sept. 1977 SURVEY, indexes revised to reflect more up-to-date informa-tion. 9 Includes data for items not shown separately.

148.8

148.2145.1152.1167.6146.0135.6159.9149.7

142.4

149.7159.3143.0

144.9

144.0141.1147.0

160.6179.9174.3149.8193.9

149.7139.0166.0

141.6124.8146.3139.0154.8

133.0161.8150. 9227.3122.8

174.4206.9132.3

84.6

154.7152.1157.0

146.4145.4138.7157.4164.1168.8127.5

142.5128.0121.1136.4

127.197.3

113.2130.7

158.6180.1

145.5154.141.8111.4119.4175.7

122.7140.4126.8148.0

128.7191.1178.7

142.8255.575.1

N O T E FOR P . S-5:

141.9

141.7138.2142.5143.9142.0132.2154.8142.2

145.5

141.2150.3135.1

146.1

145.0142.2147.7

160.9182.2176.7152.7196.1

148.9133.7168.5

142.4125.1147.3140.2155.5

134.7163.8151.9228.9122.6

177.5210.6134.9

85.9

155.6153.5157.6

147.9148.7142.0161.7162.5168.3127.9

142.6127.1117.0131.7

126.897.8

112.6131.3

159.9182.1

146.7155.0142.9115.2119.8185.3

120.8141.0124.5140.5

130.3192.3174.5

144.3259.174.5

146.9

147.0143.4149.7146.7150.9134.6160.3146.8

147.2

146.9160.3137.7

147.1

146.2143.3148.4

161.5182.1175.6151.1198.0

150.0133.9167.9

143.1126.6147.8140.8155.9

136.3165.4152.8228.1123.9

179.9212.2138.5

87.1

156.4154.7158.2

148.6150.4142.2162.9162.7167.0127.0

142.5126.0117.9124.9

126.297.7

110.5131.6

160.8183.2

147.6155.6144.0115.2120.6186.7

118.6139.5127.2141.

129.5192.2177.3

144.1261.174.0

152.0

153.3150.6158.4166.1155.3139.7163.4149.8

144.5

153.0164.2145.3

147.8

146.5143.7149.0

160.3178.3170.0144.4199.8

150.2134.4169.0

144.4128.9148.8141.2157.4

136.4165.8152.7226.3124.4

180.8214.1138.6

87.1

157.0155.6158.4

149.7152.1144.8164.6164.4170.0126.0

142.1124.1115.6114.7

124.997.6

106.0133.8

162.3184.4

148.7157.1144.4113.4121.5185.7

120.6142.2130.9142.3

131.0194.2179.2

147.1263.174.1

152.6

152.4149.5156.8173.7150.1139.5163.1152.9

141.4

154.1163.7147.5

148.7

147.0144.1149.2

161.6185.6180.5154.2199.1

148.2128.7168.0

144.3128.3148.8140.4158.5

137.0166.9152.9226.5125.0

182.9215.1142.6

86.7

158.0157.0159.2

151.4154.0147.3166.0165.7171.0128.0

144.1127.6122.1144.0

124.597.1

106.6134.0

162.4184.1

149.5157.4143.2112.8122.5184.8

119.0142.1130.6145.8

130.5195.9176.7

147.9264.173.8

149.7

147.9144.5149.0164.2142.9138.4160.6152.7

' 141. 2

151.1159.4145.2

'149.6

147.7144.5149.7

161.8189.0185.0159.7199.0

146.5123.4164.9

'144.8

' 145.7

142.3139.2141.1150.0137.6136.7153.7151.0

'144.7

145.9151.5142.1

'150.8

148.9145.5150.7

161.9185.1179.3151.8200.1

148.9129.1166.8

146.2

149.2141.0

'158.8

137.3167.2151.8223.8124.2

184.9214.9147.5

87.2

• 159.3• 159.0• 159.9

• 152.7154.9147.4167.6

• 167.8173.3

• 128. 4

'144.5' 128.1

125.3145.1

'124.9'98.0106.4132.9

' 162.9185.0

150.4' 158.5

144.2114.2123.2184.1

121.5' 143.9

145.3

132.1' 197. 6' 180. 2

' 148.9262.2'74.1

150.8143.1159.9

138.5168.6152.2

' 222.3124.7

' 187. 6• 216.6151.2

'87.9

• 161. 6• 161.6• 161. 8

' 153.6> 157.0• 148. 4' 170.5' 167.0' 172.1• 129.0

144.7127.5123.9146.8

123.7'98 .3

' 134.2

' 163.9

151.8' 159.4• 145.5113.9122.7

1187.4

121.7• 144.9

147.1

133.0• 197.9' 178.6

' 149.9• 265. 6'74.0

146.0

143.3140.8144.3154.9140.1135.8152.8150.0

147.8

145.9152.3141.5

150.8

149.1145.6150.5

160.7181.2173.8145.9200.0

149.0126.4168.1

146.3

150.9142.3160.7

138.9168.9153.3221.3126.1

186.7217.1148.4

88.6

162.6161.9163.2

153.4156.2147.2170.8167.9173.4128.3

143.4124.0123.9117.6

123.089.2

136.7

165.2

151.9160.3145.9110.8122.4188.9

144.4

144.9

134.9201.1180.3

148.6266.574.3

151.6

148.7145.9150.0164.9144.0140.4158.6156.2

145.7

152.8159.1148.5

151.2

149.6146.0150.5

160.4179.4171.0144.5200.6

149.8218.0

146.6

"llil.T161.3

139.8169.7154.5220.5127.5

187.2218.8146.9

89.5

162.9162.1

153.8156.8146.9172.0169.0174.3127.8

143.1122.1

103.0

122.2

166.4

152.4160.8

146.0

136.0

147.5

O Revised back to Jan. 1975 to reflect corrections in reporting errors in the machinery in-dustry, and corrections in classifications in the aircraft and machmwyindustnes; revisionsprior to Apr. 1976 are available from the Bur. of the Census. Wash., D.O. 2UZ63.


March SURVEY CURRENT BUSINESS S-5


1977 1978 P

Annual

• ~

1978


= =1979

Jan.p Feb.*

GENERAL BUSINESS INDICATORS—ContinuedINDUSTRIAL PRODUCTION*— Continued

Federal Reserve Board Index of QuantityOutput— Continued

Seasonally Adjusted—Continued

By industry groupings—ContinuedManufacturing—Continued

Durable manufactures 1967=100_Ordnance, pvt. and govt do_..Lumber and products do_._

Lumber do__-

Furniture and fixtures do.Clay, glass, and stone products do.Primary metals do.

Iron and steel do.Basic iron and steel do..Steel mill products do.

Nonferrous metals do.

Fabricated metal products do..Nonelectrical machinery do_.Electrical machinery do..

Transportation equipment do.Motor vehicles and parts do.Aerospace and misc. trans, eq do..

Instruments __do_.

BUSINESS SALES §

Mfg. and trade sales (unadj.), total t©A mil. $„

Mfg. and trade sales (seas, adj.), total t©A..do

••2,701,195 3,056,727

Manufacturing, total t© do.Durable goods industries do.Nondurable goods industries do.

Retail trade, totalA do..Durable goods stores do..Nondurable goods stores do_.

Merchant wholesalers, totalA do.Durable goods establishments do..Nondurable goods establishments do..

BUSINESS INVENTORIES §Mfg. and trade inventories, book value, end of year

or month (unadj.), total tA© mil. $_.

Mfg. and trade inventories, book value, end of yearor month (seas, adj.), total fA© mil. $__

Manufacturing, totalj© doDurable goods industries doNondurable goods industries do

Retail trade, totalA doDurable goods stores doNondurable goods stores do

Merchant wholesalers, totalA doDurable goods establishments doNondurable goods establishments do

BUSINESS INVENTORY-SALES RATIOSManufacturing and trade, totalt©A ratio..

Manufacturing, totalf© doDurable goods industries! do

Materials and supplies doWork in process do__IIFinished goods do .

Nondurable goods industriesf© do.Materials and supplies do.Work in process do..Finished goods _ __do_.

Retail trade, totalA do.Durable goods stores "I_do"___Nondurable goods stores doI-II

Merchant wholesalers, totalA doDurable goods establishments doll IINondurable goods establishments do

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS

Manufacturers' export sales: 0Durable goods industries:

Unadjusted, total . mil. $Seasonally adj., total do

Shipments (not seas, adj.), totalt© do. . .

Durable goods industries, total 9t doStone, clay, and glass products do___Primary metals do

Blast furnaces, steel mills do_._Nonferrous and other primary met do__

129.573.9

133.4110.6

140.9146.1110.2103.497.4

105.3122.4

130.9144.8141.9

121.1159.784.7

159.1

22,701,195

21,335,072699,193635,879

2 724,020' 247,832r476,1882642,104285,605356,498

336,821

337,832

179,714115,42464,290

90,12043, 41446, 706

67, 99844, 36823, 630

1.44

1.581.93.65.78.49

1.19.48.19.53

1.401.971.11

1.211.73.80

66,765

1,335,072

699,19335,274

103,34051,51940,877

139.373.7

138.9110.8

154.7159.2119.1113.2104.8119.4130.1

142.6155.6154.3

130. 5168.394.9

171.6

!3,056,727

1,503,804803,082700,722

!798,818277,916520,902

>• 754,105349,916404,189

377,511

379,391

197,802129,14168, 661

100,81848,16152, 657

80,77152,46028,311

1.41

1.511.83.59.77.47

1.14.44.18.52

449715

196778

1,503,804

794,44143,888120, 39060,53347,455

131.172.3

138.5109.6

146.4152.2107.499.591.4

104.9121.7

136.9150.1144.0

116.2146.687.6

163.4

210,789

232,474

114,32259,97354,349

61, 89220,81741, 075

56, 26025,65530,605

'340,674

341,171

80,977116,27864,699

91,00344, 04046,963

69,19144,83724,354

1.47

1.581.94.64.80.51

1.19.46.19.54

' 1 . 4 7' 2 . 1 2'1 .14

1.231.75.80

4,9825,648

105,437

54,4262,6928,3054,1723,269

131.571.2

135.5108.9

150.1152.6106.296.389.798.0

124.0

150.1146.4

118.4153.185.8

163.5

225,715

239, m

118,98263,07756,905

62,89821, 24441,654

'57, 729'26,981

30, 748

••345,395

'343,932

182,393117,51164,882

91,21444, 43046, 778

70,32545,73824,587

' 1.44

1.531.86.61.77.48

L16.45.18.52

' 1 . 4 5' 2 . 0 9' 1 . 1 2

1.22' 1 . 7 0

6,1656,061

119,337

62,7663,0729,5154,8983,642

134.472.7

136.5103.7

149.5154.2106.1

96.488.299.8

123.9

138.1151.5149.5

126.5165.190.1

168.7

252,889

243,979

21,10164,45756,644

64,07521,81342,262

58,80327,41931,384

'352,902

r349,201

183,860118,72565,135

92,71244, 62448, 088

72,62946,87125,758

1.43

1.521.84.60.77

1.15.45.18.52

'1.45'2.05'1.14

1.241.71'.82

5,978

125,225

67,4733,4499,9575,1003,864

251,465 '259,

'251,323

136.973.0

136.9109.9

148.9156.7114.3109.097.4

116.9124.7

139.5152.2152.3

130.5171.791.8

170.5

' Revised. y Preliminary. i Estimated. a Based on data not seasonally adjusted.3 Advance estimate; total Mfrs. shipments for Jan. 1979 do not reflect revisions for selectedcomponents. {See note marked "c?" on p. S-4. §The term "business" here includesonly manufacturing and trade; business inventories as shown on p. S-l cover data for alltypes of producers, both farm and nonfarm. Unadjusted data for manufacturing are shownbelow on pp. S-6 and S-7; those for wholesale and retail trade on pp. S-ll and S-12. fSee

124, 5376G, 49358,044

'65,14622, 617

'42,529

' 61, 640'28,831' 32,809

-•356,913

-•354,332

185,715119,84865,867

'94,290'45,619'48,671

'74,327'47,67726,650

' 1.41

1.491.80.58.76.46

1.13.44.18.51

' 1 . 4 5' 2 . 0 2' 1 . 1 4

' 1 . 2 11.65' . 8 1

6,3786,240

127,014

68,3793,706

10,2525,1024,057

137.674.3

136.5106.0

152.8157.9115.5110.5104.7118.1124.8

140.4152.9152.9

130.1168.393.9

169.8

,345

!52, 259

123, 56665,41758,149

65,52222, 73042,792

63,17128,62734,544

'358,701

'357,401

187, 689121,47166, 218

94, 93345, 52549, 408

74,77948,31926,460

'1.42

1.521.86.60.78.47

1.14.44.18.52

1.452.001.15

1.181.69.77

6,3866,249

125,144

67,3573,80910,0865,1053,844

139.074.7

138.7110.6

156.2159.8117.5114.5109.4122.9123.2

142.3154.6154.1

130.4167.795.0

170.9

266,617

253,459

124,83966,29358,546

65, 96422, 94743, 017

62,65628,74133,915

'359,422

'360,355

189,557122,68806,869

95, fiO745, 50250,105

75,19148,75626,435

'1.42

1.521.85.60.78.47

1.14.45.18.52

.45

.98

.16

.20

.70

.78

6,6736,092

131,727

71,8394,03910,6095,3664,123

141.175.2

138.1112.8

158.1158.8123.0119.0110.5133.6129.5

144.0156.1157.9

132.1169.796.5

172.2

'241,588

'252,755

123,03964,84758,192

06, 22423, 04943,175

63,42529,85933,566

•359,884

•363,432

191,167123, 83067,337

•96,521•45,70450,817

•75,74449,414

•26,330

'1 .44

1.551.90.61.81.48

1.16.45.18.53

'1 .46'1 .98'1 .18

1.19'1 .65' . 7 8

5,7166,406

114,380

59,2963,5819,1314,6783,540

142.275.2136.9106.4

159.0159.5126.0120.9114.7123.1137.5

145.8157.3156.9

133.4171.098.3

175.4

'262,970

'260,068

127,87168, 68459,187

67,303'23,61743,686

64,89430,04334,851

'361,772

'367,044

192, 882125, 20667, 676

'97,824MB, 116'51,708

'76,338'49,972

'1.511.82.59.78.46

1.14.44.17.53

'1.45'1.95'1.18

1.18'1.66

.76

6,0336,666

126,166

65,9914,08110,1105,0394,083

142.874.3

139.2113.6

160.7160.9127.9123.2115.2129.0136.6

146.3158.7158.3

132.8168.9

174.6

'263,677

260,53£

127,91968, 91659,003

•68,08523,87244,213

• 64,531•29,86334,668

'365,748

'369,526

194,063126,17667,887

•98,350•46,44451,900

•77,113•50,160•26,953

1.521.83.60.77.46

1.15.44.18.53

1.441.951.17

1.191.68.78

6,8136,932

133, 527

71,8884,03910,6435,2834,279

144.073.9

141.2112.1

160.9162.1128.6123.8115.3130.4136.4

146.0160.3157.9

137.0176.899.6

175.3

273,756

266,946

30, 61470, 29260, 322

68,97124, 42244, 549

67,33830,95336,385

'374,553

'372,639

195, 735126, 78467,951

99,279•47,00652,273

78,62550,94827,677

' 1 .40

1.491.80.58.77.45

1.13.43.18.51

'1 .44'1 .92'1 .17

'1 .171.65' . 7 6

6,8676,643

136,055

73, 5914,176

10,9185,4454,321

'144.873.6

142.5113.3

157.6166.3

' 129.0' 124.1

114.3127.6137.6

146.9' 160.3' 159.0

139.3' 180.8' 100.2

176.2

'271,127

270,13;

'132,42471, 63560, 789

70,15824,95445,204

•67,552•31,498•36,054

'381,342

'376,596

196, 587128, 35768, 230

100,483•47,55552,928

79,526•51,625•27,901

1.39

' 1 . 4 81.79.58.77.45

1.12.43.18.51

' 1 . 4 3' 1 . 9 1' 1 . 1 7

' 1 . 1 81.64.77

6,9406,847

132,130

71,1343,855

10,4675,0684,290

146.5' 7 4 . 0146.3125.4

• 156.7• 167.7• 131.0• 125.9

111.7• 134.4• 141. 7

• 149.0" 161.8• 161.9

• 139.4• 179.5

101.7

•179.5

•276,786

273,776

-135,035•73,42961,606

70,91825,163"45, 755

67,823•31,939'35,884

•377,511

'379,391

"197,802129,141'68,661

100,818•48,161-52,657r80,771-52,460'28,311

' 1 . 3 9

' 1 . 4 6' 1 . 7 6

' . 5 6' . 7 6' . 4 4

1.11.43.17.51

' 1 . 4 2' 1 . 9 1' 1 . 1 5

1.19' 1 . 6 4

.79

6,9196,640

127,662

'68,942' 3, 38910,397' 5, 277' 4,103

180.8

250,713

273,704

135,60473,61161,993

71,03125,27145,760

67,06931,10635,963

383,511

384,801

201,224131,60869,616

101,67949,30252,377

81,89852,73329,165

1.41

1.481.79.57.77.45

1.12.44.18.51

1.431.951.14

1.22' 1 . 7 0

.81

124,998

66,3183,168

• 10,2955,1274,138

182.5

71,47225, 26646,206

73,081

•11,460

corresponding note on p. S-6. ©Mfrs. shipments, inventories and new orders were revisedback to 1958; revisions prior to Aug. 1977 are available from Bureau of the Census VV ash.^D.O.20233. ASee note " f" on p. S-12 for retail trade and notes " 0 " and t" on p. S-ll for whole-sale trade. 9 Includes data for items not shown separately. ©See corresponding noteon p. S-4.


s-e SURVEY OF CUREENT BUSINESS March 1979

Unless otherwise stated in footnotes below, datathrow?* 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS

1977 1978

Annual

1978


1979

Jan. Feb.

GENERAL BUSINESS INDICATORS—ContinuedMANUFACTURERS' SALES, INVENTORIES,

AND ORDERSt—Continued

Shipments (not seas. adj.)t— ContinuedDurable goods industriesf—Continued

Fabricated metal products mil. $_Machinery, except electrical do___Electrical machinery do___Transportation equipment do__ _

Motor vehicles and parts doInstruments and related products do

Nondurable goods industries, total 9 © doFood and kindred products doTobacco products doTextile mill products do

Paper and allied products do_.Chemical and allied products do_.Petroleum and coal products do_.Rubber and plastics products do_.

Shipments (seas, adj.), totalf© do.By industry group:

Durable goods industries, total 9 do.Stone, clay, and glass products do.Primary metals do.

Blast furnaces, steel mills do.Nonferrous and other primary met.—do

Fabricated metal products do_Machinery, except electrical do_Electrical machinery do_Transportation equipment do_

Motor vehicles and parts do_Instruments and related products do_

Nondurable goods industries, total 9 ©.—do_.Food and kindred products do_.Tobacco products do_.Textile mill products do_.Paper and allied products do_.Chemicals and allied products do_.Petroleum and coal products do_.Rubber and plastics products do_.

By market category: fHome goods and apparel© do_Consumer staples do_Equipment and defense prod., excl. auto.doAutomotive equipment doConstruction materials and supplies doOther materials and supplies do_

Supplementary series:Household durables do_Capital goods industries do_

Nondefense do_Defense do_

Inventories, end of year or month:fBook value (unadjusted), totalf do

Durable goods industries, total doNondurable goods industries, total do

Book value (seasonally adjusted), total! doBy industry group:

Durable goods industries, total 9 doStone, clay, and glass products doPrimary metals do

Blast furnaces, steel mills doNonferrous and other primary met. do

Fabricated metal products doMachinery, except electrical doElectrical machinery doTransportation equipment do

Motor vehicles and parts doInstruments and related products__do

By stage of fabrication:!Materials and supplies 9 do

Primary metals doMachinery, except electrical doElectrical machinery doTransportation equipment do

Work in process 9 doPrimary metals doMachinery, except electrical doElectrical machinery doTransportation equipment do

Finished goods 9 doPrimary metals doMachinery, except electrical doElectrical machinery doTransportation equipment do

Nondurable goods industries, total 9 - -doFood and kindred products doTobacco products doTextile mill products doPaper and allied products doChemicals and allied products doPetroleum and coal products doRubber and plastics products do

By stage of fabrication:!Materials and supplies doWork in process doFinished goods do

85,255119,00885,759

170,739117,75828,570

635,879191,887

9,58940,821

52,368113,89195,65636,955

102,713244,028177, 735137, 605109,361563, 630

45,015205,263173, 72331,540

180,118114,86265,256

179, 714

115,4244,259

17, 7799,7826,826

14,76026, 37915,43321,2587,8515,727

38,7197,1417,3454,5206,733

46,8645,760

11,8036,835

11,655

29,8434,8787,2314,0792,870

64,29015,5753,5245,2945,622

14,1345,9924,281

25,10210,11629,071

96,090138,40098,676

192,697132,20731,560

700,722214,48910,94143,951

57,654126,483103,167

114,584270,805204,274153,752130,038630,351

51,490238,514204,39734,117

198,062128,44869,614

197,802

129,1414,825

18,0359,9146,895

16,79931,03717,02523,9087,6686,550

41,3256,6198,7434,9496,791

55,4846,363

14,3337,815

14,156

32,3325,0537,9614,2612,961

68,66117,0993,6395,6205,86815,4615,4584,580

26,53810,73331,390

6,3579,2857,13513,1409,0702,182

51,01115,338

7893,216

4,2299,3668,0052,820

114,322

59,9733,1368,7764,1633,677

7,00310,0517,831

14,4209,6882,397

54,34916,100

8363,5354,424

10,2238,0803,086

20, 66215,00511,4409,525

48,792

3,91117,97415, 2962,678

182,745L16,83565,910

£0,977

16,2784,416

17, 5559,5006,891

.4,849!6,731.5,539!1,4438,1285,820

38,1776,7117,3294,4406,810

47,7855,88012,0407,00011, 699

30,3164,9647,3624,0992,934

64,69915,7553,4275,4325,58814,1676,0164,356

25,19010,14529,364

7,45711,039

15,31310,6002,359

56,57117,487

8003,562

4,66610.3098,1513,260

118,982

63,0773,3419,5914,9323,698

7,58210,7787,71315,17610,4902,441

55,90517,343

8403,5834,59310,0937,9533,219

9,14721, 96915,71112,2619,935

50,054

3,95118,45915, 6902,769

184,450L18,70465,746

182,393

17, 5114,510

17,1859,0896,912

15,22526, 92415, 70321,8678,0225,950

38,5356,6037,3714,5286,971

48,6965,87112,1117,15112, 065

30, 2804,7117,4424,0242,831

64,88215,6903,4195,4505,63214,2255,9864,419

25,33210,25829,292

7,91911,8608,17516,67511,6412,661

57, 75217,694

8763,691

4,77511,0108,0193,400

121,101

64,4573,3969,3104,683

7,84810,9647,979

15,67610,8692,630

56,64417,747

8983,4864,719

10,2778,1583,226

9,19022,21716,20912,69010,27650,519

4,29618,97816,0952,883

185,448119,96965,479

183,860

118,7254,530

16,8288,7216,893

15.57327,40016,02322,1278,0196, 087

38,5476,3937,4974,5816,782

49,4915,69012,4577,259

12,266

30,6874,7457,4464,1833,079

65,13515,9683,4055,4455,664

14,4265,5914,401

25,73010,20829,197

8,18411,6858,119

17,08711, 9202,522

58, 63517,539

9033,912

4,75911,4348,2073,462

124,537

66,4933,6579,8244,9683,834

8,01311,3648,119

16, 28811, 2912,569

58,04417,775

9283,9764,750

10,5378,2393,314

9,61122,48016,54113,16010, 65352,092

4,36919,53616, 5982,938

186,844120,96365,881

185,715

119,8484,518

16, 9408,8246,901

15, 87427, 75716,18822, 2647,9196,104

38, 7946,3717,7034,6306,730

50, 3305,80112, 4877,36512, 674

30,7244,7687,5674,1932,860

65,86716,1683,4655,3945,68714, 7435,5764,445

25, 74210, 35229,773

8,11011,2597,848

16,83311,7802,575

57, 78717,778

8353,743

4,!11,8418,2733,306

123,566

65,4173,7109,6284,9423,640

7,88011,0917,929

15,97111,1382,602

58,14918,015

8213,6974,796

10,4338,4433,235

9,39522,55416,30012,91710,65151,749

4,13319,05816,2572,801

188,499122,54065,959

187,689

121,4714,570

17,0608,8796,974

15,99228,27916,44522,7438,0376,140

39,4846,4277,8974,7296,822

50,9665,74012,7237,41013,018

31,0214,8937,6594,3062,903

66,21816,4363,4775,4335,79814,7635,3024,498

25,82510,35430,039

8,51012,4538,62717,54012,0352,826

59,118,2041,0033,818

5,06611,1618,7213,491

124,839

66,2933,7109,8605,0623,786

7,89911, 4258,16715,88710,8032,674

58,54617,844

9603,6064,81510,7198,5903,283

9,53222,54516, 96812,56310, 78652,445

4,36119,65316, 7822,871

188,846122,89165, 955

189,557

122,6884,569

17, 2098,9787,000

16,13028,76616,62822, 784

!, 003i, 203

39, 6676,4448,0124,8196,736

51,6845,814

13, 0487,452

13,126

31,3374,9517,7064,3572,922

66,86916,6433,5015,4755,86914,8615,3974,521

26,31410, 27730, 278

7,15810,4467,271

13,1858,645

55,08416,983

8213,100

4,5929,6058,6793,001

123,106

65,2223,6449,9055,0303,823

7,53911,4548,071

15, 51010,6702,579

57,88417,599

8243,6394,861

10,3998,6003,258

9,29122,30016,83812,34010,60551,732

4,15519,57416,8192,755

189,439123,16066,279

191,167

123,8304,606

17,3351,126

16,31329,06216,75823,0107,8286,199

39,7276,3948,1554,8736,541

52,7635,998

13,1027,456

13,698

31,3404,9437,8054,4292,771

67,33716,5253,3855,5425,939

15,0545,5304,521

26,14510,34830,844

8,39311,0748,273

13,8589,1412,716

60,17518,209

9683,744

5,00710,2418,9263,544

127,871

68,6843,791

10,3465,0644,267

8,24111,8318,49516,32411,2372,714

59,18718,122

9213,7064,85910,1888,8633,515

9,80922,85517,60612,96311,20053,438

4,44720,40917,5982,811

191,281124,43066,851

192,882

125,2064,68817,5469,3846,953

16,42529,37416,86023,4008,2326,282

40,3436,5878,1754,8720,763

53,2966,02513,3747,55713,722

31,5674,9347,8254,4312,915

67,67616,6743,3595,5545,81615,1825,5124,581

26,02410,35231,300

8,63712,3469,026

16,95811,2902,890

61,63918,674

9393,901

4,96610,9619,1183,522

127,919

68,9163,725

10,2415,1544,036

8,20012,0628,50916,73811,0122,716

59,00317,853

9333,6574,812

10,4509,0403,426

9,82022,65818,27712,85611,06253,246

4,35321,29018,3572,933

191,875124,90366,972

194,063

126,1764,740

17,6789,5236,931

16,37429,70717,02323,6148,5006,384

41,1336,5548,4124,9797,122

53,3756,155

13,5567,645

13,506

31,6684,9697,7394,3992,986

67,88716,8953,4815,6015,855

15,3175,4064,561

26,10810,48431,295

8,60512,3848,967

18,12512,9872,857

•62,464•19,2911,0433,990

5,15710,7018,7813,642

130,637

70,2923,88410,8625,5344,253

8,15212,3718,52616,67411,6842,715

60,34518,5401,0463,7525,05110,6738,8373,483

23, 23317,95813,54311,37954,526

4,50320,74417,8822,762

193,494125,58367,911

194,735

126,7844,699

17,7519,6136,937

16,70630,04816,95923,4257,8176,461

40,9166,4998,6804,9516,593

54,2106, 257

13,5677,707

13,924

31,6584,9957,8014,301

67,95117,1043,5445, 5715, 795

15,2465,5034,528

26,17110,75431,026

8,43611,8288,699

17, 94412,5322,841

•60,99618,8311,0143,783

5,06110,4328,9523,461

132,424

71,6353,852

10,8685,2734,464

12,3208,519

•17,47311 ,991

2,761

•60,78918,595

9883,6845,10910,9428,9803,552

9,96423,54218,30313,87111,73155,103

4,43721,19118,2842,907

195,912127,23668,676

196,587

128,3574,78218,1189,9616,919

16,59830,25717,12024,0168,1966,494

41,2286,6478,5734,9376,840

54,8156,30513,9197,89414,079

32,3145,1667,7654,2893,097

68,23016,9563,6535,6325,778

15,2695,6254,491

26,38110,65831,191

'8,324'12,741' 8, 710

r 16,039'10,566' 2,741

•58,720r18,733

'941' 3,491

' 4,57310,422' 9,335' 3, 021

135.035

•73,429' 3,94311,425'5,876' 4,374

' 9,049•12,792

8,778•17,22711,891' 2,712

61,60619,133

'935' 3,649'4,86611,481' 9,298' 3,317

9,756'23,949'18,714' 13,73112,00556,880

4,46921,83318,838' 2,995

198,062128,448•69,614

197,802

129,141' 4,82518,035' 9,914'6,895

16, 79931,03717,02523,9087,6686,550

41,325'6,619' 8,743' 4,949'6,791

•55,484' 6,363• 14,333' 7,81514,156

32,332' 5,053' 7,961' 4,261' 2,961

68,66117,099' 3,639' 5, 620' 5,86815,461' 5,458' 4,580

26,53810,73331,390

7,88711,3438,132

16,91711,8452,457

58, 27117,963

8993,563

4,69010,7958,9823,048

135,604

• 73,1123,690

• 10,8875,1164,654

8,67812,3078,916

18,64512,6822,705

61,99318,828

9413,9124,905

11,7399,0693,319

9,92923, 79919,11514,84711,37456,540

r 4,38822,09319,018' 3,075

203,066132,18470,882

101,224

.31,6084,892

17,8799,8446,793

16,95831,45417,54824,9178,4306,826

41,7776,4518,7225,0667,273

56,4786,407

14,6168,047

14,328

33,3535,0218,1164,4353,316

69,61617,3003,6005,7255,857

15,6005,5674,769

27,09011,00531,521

17,715

73,291

11,553

117,443

i 4,52621,67118,793

i 2,878

' Revised i Advance estimate; total mfrs. shipments for Jan. 1979 do not reflect re-visions for selected components. f Revised series. Data revised back to Jan. 1958 to reflect(1) benchmarking of shipments and inventories data to the 1974, 1975, and 1976 Annual Sur-veys of Manufactures, (2) recalculation of new orders estimates, and (3) updating of the sea-

sonal factors. A detailed description of this revison and historical data appear in report M3-1.7,"Manufacturers' Shipments, Inventories, and Orders: 1958-1977," available for $2.45 from theBureau of the Census, Washington, D.C. 20233.©See corresponding note on p. S-5. 9 Includes data for items not shown separately.


March 1979


1977

SUK

1978

Annual

O F (UUK1 1 BUI:S1JNE

1978


S-71979

Jan. Feb.

GENERAL BUSINESS INDICATORS—Continued

MANUFACTURERS' SALES, INVENTORIES,AND ORDERSt—Continued

Inventories, end of year or monthf—ContinuedBook value (seasonally adjusted)—Continued

By market category :fHome goods and apparel mil. $_Consumer staples doEquip, and defense prod., excl. auto—doAutomotive equipment do___Construction materials and supplies doOther materials and supplies do___

Supplementary series:Household durables do___Capital goods industries do___

Nondefense do_._Defense do_-_

New orders, net (not seas, adj.), total tA do_.Durable goods industries, total do_Nondurable goods industries, total A do_

New orders, net (seas, adj.), total fA do_By industry group:

Durable goods industries, totalf do_.Primary metals do_.

Blast furnaces, steel mills do_Nonferrous and other primary met.__do_

Fabricated metal products do.Machinery, except electrical do.Electrical machinery do_Transportation equipment do_

Aircraft, missiles, and parts do_

Nondurable goods industries, total A do_.Industries with unfilled orders© do_.Industries without unfilled ordersifA- -do_.

By market category:tHome goods and apparelA d o —Consumer staples d o —Equip, and defense prod., excl. auto doAutomotive equipment d o —Construction materials and supplies _doOther materials and supplies do—

Supplementary series:Household durables doCapital goods industries d o —

Nondefense d o —Defense do—

Unfilled orders, end of year or month (unadjusted),totalf mil. $_.

Durable goods industries, total doNondur. goods ind. with unfilled orders©—do

Unfilled orders, end of year or month (seasonallyadjusted) totalf mil. $_.

By industry group:Durable goods industries, total 9 do

Primary metals doBlastfurnaces, steel mills doNonferrous and other primary met.__do

Fabricated metal products doMachinery, except electrical doElectrical machinery doTransportation equipment do

Aircraft, missiles, and parts doNondur. goods ind. with unfilled orders©_do

By market category:!Home goods, apparel, consumer staples. _do_.Equip, and defense prod., incl. auto do_.Construction materials and supplies do_.Other materials and supplies do_.

Supplementary series:Household durables do_Capital goods industries do_

Nondefense do_Defense do_

15,34023,94242,83610,10814,93572,553

7,77146,67740,2946,383

1,354,099717,537636,562

21,354,099

717,537105, 96853,39441, 360

85,609122,48988,241178,61742,420

636, 562139,673496,889

103,442244,051186, 752138,805110,261570,788

45, 733216, 849182,41334,436

193,029184,4828,547

193,659

184,83418,51311,8525,350

23,20347, 22125,83360, 52741,275

8,825

4,091110, 48818, 76560, 315

3,389120,89985, 89335, 006

BUSINESS INCORPORATIONS©New incorporations (50 States and Dist. Col.):

Unad j usted number..Seasonally adjusted do

INDUSTRIAL AND COMMERCIALFAILURES©

Failures, total ...number..Commercial service doConstruction doManufacturing and mining. _ doRetail trade doWholesale trade do

Liabilities (current), total thous. $..Commercial service do.C onstructi on doManufacturing and mining doRetail trade do.Wholesale trade do.

Failure annual rate (seasonally adjusted)No. per 10,000 concerns.

16,87426,42950,3559,98316,96377,198

8,59555,32648,1557,171

1,551,160848,932702,228

1,551,160

848,932128,00265,30749,653

98,913144,166103,216216,47360,110

702,228153, 795548,433

114,499270,832229,717155, 810131,327648,975

51,408268,762225,77042, 992

240, 483230, 32410,159

240,483

230, 55426, 21616, 6627,450

26,00553, 03930, 41383, 99459, 61310,471

4,025137,78420,04379,173

3,299150,853107,04143,812

432,172

7,9191,0411,4631,1223,406887

3,095,317358,686420, 2201,221,122482,560612,729

228.4

15,73824,09242,97110,37715,20372,596

8,02646,96640,5126,454

109,53258,17251,360

117.899

63,3359,8574,9383,940

7,59710.5638,43414, 7493,675

54.56412,00242,562

9,00720,68016,83911,47510,01150,088

3,99419,38216,5112,871

197,123188,2278,896

197,235

188,19419, 59412,6275,613

23,79747, 73226,43660,85641, 598

9, 041

4,219112,15619, 24961,611

3,472122,30787,10735,200

36,98636, 547

504636974

23167

168, 30821,3599,764

82, 39340, 51314, 279

21.6

15,84823,90243,86910,27615, 72072,778

8,05347, 82441,1886,636

123,02266,34356,679

122,544

66,6819,9465,3023,611

8,01911,4828,46016, 3924,162

55,86312,04743,816

9,22221,98417,82212,52110,41750,673

3,99820,53817,8822,656

200,807191,8049,003

200,798

191,79819,94812,9965,526

24, 23348,43427,18662, 07242,5029,000

4,309114,52719, 73162, 231

3, 520124,38889,30135,087

35,24939,253

559631048325059

205,01470, 08124,29746,08034,85429,702

24.0

15,94724,15744, 64510,25615,85373,002

8,11648, 77242,1516,621

129,66871,71257,956

125,801

69,01610,2285,3763,850

7,82611,5738,31918,0854,221

56, 78512, 41244,373

9,16022,22218,80212, 89510, 39752,325

4,26221,99217, 5074,485

205,248196,039

205,500

196,35920,86613, 6895,696

24,21349, 04427,52664, 48043,396

9,141

4,285117,32619,85264, 037

3,486127,40290, 71236,690

43,13037,602

7910611428879

324,41212,31916,543

230,15!)37,86727,524

24.6

16,06624,62145,22810,12916,05973,612

8,18849,51842,7806,738

71,89059,009

128,175

70,03310,3085,3313,957

8,77811,5368,626

17, 7214,943

58,14212,88045,262

9,73522,53418,42313,17111,21853,094

4,51321,44017,4094,031

209,132199,549

9,583

209,133

199, 89521,34914,0525,819

24,97649,21928,03165, 91544,9989,238

4,457119,22120,41765,038

3,625129, 31091, 52837, 782

38, 69038,498

594781078125771

202,99031,38824,49078,09435,82433,194

24.1

16,18324,92846,15510,29716,09173,035

8,30150,51243,6106,863

128,66570,72357,942

128,450

70,04510,7545,8453,811

8,02311,8728,352

18,0194,832

58,40512,97145,434

9,42222,54919,29513,01810,60053,556

4,15022,20218,1244,078

212,654202,915

9,739

214,010

204,51622,47614,9555,990

25,11850,00128,45567,96346,6089,494

4,483122,30620,36666,855

3,644132,45393,39539,058

41,96038,320

583751098724666

160, 39514, 87217, 54777, 21327, 85022,913

23.4

16,27625,40746,76110, 26516,29374,555

8,30751,39944,5836,816

134,17174, 23759,934

127,580

68,84010,4285,4513,954

7,73611,4778,239

17,9535,677

58, 74012,93445,806

9,39822,52618,31712,61210,69054,037

4,26321, 59218,1553,437

215,098205,310

9,788

216,754

207,06723,04315, 3446,158

24, 95650,05528, 52970, 02948,756

9,687

4,329123,70820, 26968,448

3, 546134,39394, 76839,625

43,05939,796

519629970

22860

178,83942,98121,73355,15433,94725,024

21.9

16,70725,36647,33910,10616,29975,350

8,57452,11245,2276,885

117,02361,70255,321

123,279

65,18710,0955,1513,850

7,52411,6697,90215,2263,298

58,09213,07045,022

9,17722,35016,20412,20910,43752,902

4,03919,35517,0742,281

217,738207, 71410,024

216,922

207,02623,23215,4646,184

24,94150,26828,35869,74548,751

4, 266122,93820,10269,616

3,431134,17295,02139,151

39, 24539,403

45960947618148

231,82154, 75332,40559, 22025, 83259, 611

22.0

16,85925, 51147, 79010, 51016,37275,840

8, 63552, 62045, 7436,877

129,87369, 71360,160

130,952

71, 58210, 8765,1844,504

8,29411,8308,73018, 5165,460

59, 37013,20846,162

9,95522, 84019, 48513,00010, 98654,686

4,56322,70119, 3443,357

221,444211,43410, 010

219,999

209, 92223, 76015, 5836,421

24, 99350, 26628, 59471, 93850, 65010, 077

4,396124,85719, 88870,858

3,546136,46496, 76739, 697

42,39242,605

6757313110430859

206, 39532, 56939,27881,52240,00513,021

29.8

16,88725,91948,25510,75116,50375,748

8,67853,00746,2466,761

136,12974,52061,609

131,840

72,64511,2335,7644,365

8,19612,7088,91918,5365,412

59,19512,86646,329

22,62620,28113,13210,71455,149

4,45623,66720,1493,518

224,149214,067

10,082

223,921

213,65024,75316,1936,750

24,99050,91229,00673,73351,964

10,271

4,482127,13719,53972,763

3,649138,84198,56040,281

38,73241,827

16,61825,99048,90710,06616,73176,423

8,55953, 83946,9056,932

143,14180,75262, 389

137,185

76,98411,7225,9174,647

8,52413,2348,98820,5535,594

60.20112,986•47,215

9,80823,21121,70913,94711, 64056,870

4,29525,45522,2193,236

231,261221,23310,128

230,464

220,34125,61216,5767,143

25, 36151,77629,46677,61254,210

10,123

4,270131,29119,80075,103

3,442143,550102,79540,755

41,02241,945

16,67926,27149, 22910,47416,82877,106

8,59054, 39047, 4226,968

136,57375,51861,055

137,662

76, 65411,0925,5274,318

8,80413,0998,960

20, 9166,949

• 61,00813, 273'47,735

9,79723,44621,16514, 26111,55157, 442

4,32025, 23420,5754,659

235,753225,61910,134

235,704

225, 36125, 83416, 8296,997

25, 52652,55829, 91081, 05257,397

10, 343

4,098134,54419, 62177, 441

3,326147, 596105, 08842, 508

37, 66141,568

16,87426,42950,355r 9, 98316,96377,198

'8,59555,32648,155r 7,171

130, 608r 73,650r 58,746

••140,356

78,62311,806' 5,709' 4,827

' 9,52713,273* 9, 28520,167T 5, 928

61,73313,18448,549

' 9,70423,93320,55514,281' 12,4281 58,608

4,44624, 62920,790r 4, 301

•240,483r230,32410,159

'241,025r230,55426,216• 16,662r 7,450

26,00553,03930,41383,99459,613

10,471

- 4, 025137,78420,04379,173

3,299150,853107,04143,812

39,70142,461

17,44026,55151,19010,78717,17178,085

56,35349,0057,348

133,11874, 98358,135

143,042

81, 34413,9737,5725,172

9,34413,4019,682

20,8605,649

61,69813,03648,662

10,15123,81220, 81415,17111, 63661,458

4,61725,06122,3322,729

248,606238, 583

10, 023

248,464

238,28929,28819,1187,968

26, 67154,13431,18185,80760, 98010,175

4, 260139,80920, 30584,090

3,513153,760110,29643,464

r Revised. P Preliminary. * Advance estimate: totals for mfrs. new and unfilledorders for Jan. 1979 do not reflect revisions for selected components. 2 Based on unadjusteddata. f See corresponding note on p. S-6. 9 Includes data for items not shown sepa-rately. ASee note marked "©" on p. S-5. ©Includes textile mill prod., leather andprod., paper and allied prod., and print, and pub. ind.; unfilled orders for other nondurablegoods are zero.

H For these industries (food and kindred prod., tobacco mfs., apparel and other textueprod., petroleum and coal prod., chem. and allied prod., rubber and plastics prod.) sales areconsidered equal to new orders. O Compiled by Dun & Bradstreet, Inc. (failures datafor 48 States and Dist. of Col.; Hawaii included beginning July 1975; Alaska, beginningSept. 1976).


S-8Unless otherwise stated in footnotes below, data

through 1974 and descriptive notes are as shown inthe 1975 edition of BUSINESS STATISTICS

1977

SUKV

1978

Annual

EY (JF C UKltJ[±;JNT BUSJUNES

1978


March 1979

1979

Jan. Feb.

COMMODITY PRICES

PRICES RECEIVED AND PAID BYFARMERS!

Prices received, all farm products 1910-14=100-Crops 9 d o —

Commercial vegetables doCotton doFeed grains and hay doFood grains doFruit — - ~ doTobacco do

Livestock and products 9 doDairy products doMeat animals doPoultry and eggs .do. . . .

Prices paid:All commodities and services _______ do

Family living items ___doProduction items do

All commodities and services, interest, taxes, andwage rates (parity index) 1910-14=100..

Parity ratio § _. do

CONSUMER PRICES1(U.S. Department of Labor Indexes)

Not Seasonally AdjustedALL ITEMS, WAGE EARNERS AND CLERI-

CAL WORKERS, REVISED (CPI-W)^1967=100..

ALL ITEMS, ALL URBAN CONSUMERS(CPI-U)I _ .__1967=100_

Special group indexes:All items less shelter doAll items less food doAll items less medical care doCommodities do

Nondurables doNondurables less food do

Durables doCommodities less food doServices do

Services less rent ..doFood 9 do.

Food at home do.Housing do.__

Shelter9 do. , .Rent do. . .Homeownership do. . .

Fuel and utilities9 do. . .Fuel oil and coal do. . .Gas (piped) and electricity do . . .

Household furnishings and operation do . . .Apparel and upkeep do. . .Transportation do. . .

Private do. . .New cars doUsed cars do. . .

Public do. . .Medical care do__-

Seasonally Adjusted A©All items, percent change from previous monthCommodities 1967=100_Commodities less food do___Food.

Food at home -__do-Fuels and utilities do_.

Fuel oil and coal do_.Apparel and upkeep do_.Transportation do..

Private do_.New cars do..

Services _do_PRODUCER PRICESc?

(U.S. Department of Labor Indexes)Not Seasonally Adjusted

Spot market prices, basic commodities:22 Commodities 1967=100.. «209.6

9 Foodstuffs do 5 208.213 Raw industrials do 5 210.4

All commodities do 194.2By stage of processing:

Crude materials for further processing do ' 214.3Intermediate materials, supplies, etc do 201. 7Finished goods O do 180.6

Finished consumer goods do 178.9Capital equipment do 184.5

By durability of product:Durable goods do 188.1 196.1Nondurable goods do 198.4 202.3Total manufactures do 190.1 196.2

Durable manufactures do 188.1 196.1Nondurable manufactures do 191.8 195.6

••Revised. p Preliminary. 1 Includes TV and sound equipment and repairs formerlyin "health and recreation." 2 Residential. 3 Includes additional items not previouslypriced. * Includes bottled gas. 5 Computed by BEA. {Data revised back to 1965to reflect new base weights; comparable data for earlier periods will be shown later. 9 In-cludes data for items not shown separately. § Ratio of prices received to prices paid(parity index). TData through December 1977 are for urb«n wnge earners and clericalworkers; beginning January 1978, there are two indexes, all urban wage earners and clerical

457432499511316275370972481594564228

591573579

68766

181.5

181.5

179.1178.4180.3

174.7178.9166.5163.2165.1194.3201.6192.2190.2186.5191.1153.5204.9202.2283.4213.4167.5154.2177.2176.6142.9182.8182.4202.4

524456512465320336516

1,060

593647754242

616626

74470

195.3

195.4

191.3191.2194.0

187.1192.0174.3173.9174.7210.9219.4

211.4210.2

1 202.8210.4

2 164.0227.2

3 216.04 298.3

232.61 177.7

159.6185.5185.0153.8186.5187.8219.4

466424524404307314436

1,024509624613218

604590590

71166

187.1

187.2

183.8183.8185.8

179.2183.9169.7166.6168.6202.0209.8199.2197.0

1 193.8200.0

2158.8215.0

3 208.5295.2219.7

1171.3155.7179.0178.2150.9169.8186.6211.2

«0.7• 180.0«169.4• 200.0«197.63 208.0'4 291.4«157.2«180.3• 179.7«149.0"201.9

218.0215.4219.7200.1

219.6207.2187.0184.4193.0

M82

'427'512

434313320443

1,021539624661235

610593597

71767

188.4

188.4

185.0184.7186.9

180.2185.1169.6167.2168.8203.5211.4202.0200.1

1195.0201.3

2 159.7216.4

3 210. 64 296.9

223.31172.1

154.5179.4178.6151.2170.0186.8213.3

0.6180.9169.7202.2200.0

3 210.14 291.8

155.8181.0180.4150.0203.5

220.3220.8219.9202.1

225.0208.9188.5186.2193.7

198.0204.5197.8197.9197.1

500

442497432325328459

1,006560624700238

621598611

728

69

189.7

189.8

186.3185.9188.3

181.6186.8170.7168.3170.0204.9213.0204.2202.5

1 196. 7202.9

2 160. 5218.3

3 212.6* 297.2

226.6» 173. 6

156.5179.9179.1151.1172.3187.2214.5

0.8182.3170.7204.7202.8

3 211.8< 293.6

157.4181.4180.8150.5205.1

226.3236.0219.8203.7

230.5210.7189.1186.8194.6

199.3206.5198.9199.1198.1

520465662441337344441

1,017

576618730245

629602620

73671

191.4

191.5

188.1187.4190.1

183. 5188.8171.8169.9171.3206.5214.6

207.5206.5

1 198. 3204.7

2 161.5220.4

3 213.94 296. 6

229.21 175.0

158.4181.1180.3151.2177.3187.3215.7

0.8183.9171.6208.1207.1

3 213.54 295.0

158.9181.8181.1151.2206.9

225.0237.9216.5206.5

239.0212.5191.5189.7195.6

201.5209.5201.0201.3200.0

536476576454348340511

1,018

597612779237

'637608630

74472

193.3

193.3

189.9189.0191.9

185.5190.7172.8172.0173.0208.0216.2210.3209.7199. 9206.6

2162.7222.5

3 215. 54 295.6

232.5176.0159.8183.2182.6152.5184.6187.4216.9

0.8185.3172.6210.5209.9

3 215.54 295.9

159.7182.9182.3152.7208.7

228.1243.7217.8208.0

241.2213.9193.1191.4196.9

202.8211.3202.5202.6201.7

543485666463342337593

1,017

612789238

640613631

74773

195.3

195.3

191.8190.6193.9

187.5192.7173.7173.9174.4209.9218.3213.8213.9202.0208.9

2 163. 6225.3

3 217. 54 295.1

236.5177.6159.9185.5185.0153.5191.5187.2217.9

0.9186.9173.7213.5213.1

3 217.64 296.8

160.0184.2183.8154.2210.5

229.6240.8221.1209.6

245.4215.1194.5193.0198.1

203.8213.0203.9203.9203.2

536478509477324335595

1,030

597618763258

642620631

74972

196.7

196.7

192.7192.0195.3

188.6193.6174.1175.3175.4211.7220.4215. 0214.7203. 8211.3

2 164.2228.3

3 218.04 294.5

237.21 178.1

158.0187.2186.8153. 9195. 9187.7219.4

0.6187.7174.7213.7212.7

3 218.24 297.0

159.2185.6185.2155.5212.2

228.9234.9224.7210.7

245.4216.0196.0194.6199.2

205.3213.9204.8205.0203.9

526457441485307337564

1,078

598642765243

643624629

75070

197.7

197.8

193.5193.3196.3

189.3194.4175.4175.9176.3213.4222.2215.4214.5205.2213.3

2165.1230.6

3 218.14 294.2

236.9178.9159.6188.1187.7153.8196.7187.6221.4

0.6188.7175.7214.6213.2

3 218.94 297.9

160.0186.9186.5156.2213.8

236.2241.4232.6210.4

240.2217.3195.6193.6200.0

207.3212.1205.7207.1203.4

538458455475302336634

1,144

621667796247

650628638

757

71

199.1

199.3

194.5195.1197.9

190.5195.4177.1177.2177.8215.6224.6215.6214.1207.5216.2

2 166.4234.2

3 218.84 295. 7

237.9180.5161.9188.7188.3153.5195.9188.2222.6

0.9190.2177.2216.0214.5

3 219. 64 300.3

160.9188.2187.9156.9215.7

243.0248.7239.1212.3

244.9218.7196.9195.1201.0

208.0214.7207.1207.8205.6

544452442503302343560

1,107

639691830238

655632643

76171

200.7

200.9

195.8196.7199.4

191.8196.6178.1178.8179.1217.6226.7

216.8215.4209.5218.6

2 167.4237.0

3 220.14 300.1240.0181.9163.3189.7189.4155.5195.4189.3224.7

0.8191.7178.5217.9216.5

3 221.04 303.2

161.7189.0188.8155.3217.6

251.0253.1249.4215.0

249.9220.7199.7197.8204.1

210.7217.4209.6210.5207.9

538452457516309349483

1,115

627709792248

658638645

76471

201.8

202.0

196.7197.8200.5

192.9197.5179.1180.0180.3218.6227.8

217.8216.1210.6220.1

2 168.5238.8

3 218.54 306.1234.9

1 183.0164.1191.4191.1158.5194.7189.7227.0

0.6193.0179.8219.2217.8

3 218.94 306.8

161.9191.2191.1157.0218.7

252.2248.3254.8215.7

248.6221.8200.6198.3205.9

212.1217.6210.6211.8208.5

555461542490319347471

1,138653722829260

664641652

770

72

202.9

202.9

197.8198.6201.5

194.2198.8180.0181.2181.3219.2228.2219.4217.9

1211.5221.0

2 169. 5239. 5

3 219.94 311.8

236.21 184.0

163.2192.6192.5159. 8194.0189.1227.8

0.6194.6181.3221.3220.1

3 220.04 310.3

161.8193.2193.2157.3219.5

250.8249.1251.8217.4

252.4222.8202.4200.4206.9

213.0219.9212.0212.7210.5

'579'470'638'473'322'346'4821,134

'693'728904264

676644

'79673

204.7

204.7

199.5199.8203.2

195.8201.0180.3182.0181.9221.1230.4223.9223.1213.1222.8

2170.3241.6

3 221.54 316.4

239.5i 184.8

160.7193.9193.8161.2193.6190.0230.7

0.9196.7182.9224.5223.7

3 220.94 312.3

162.2195.4195.4159.1220.7

255.3250.9258.3220.7

260.2225.7205.3203.6209.2

216.1223.5214. 9215.5213.5

601481681454324347516

1,124726728964269

688650683

80874

207.1

207.1

201.6201.8205.5198.3204.0182.2183.6183.7223.3232.9228.2228.0

215.6225.9

2 171.0245.6

3 223. 34 326.1

241.2186.0161.4195.6195.5162.3193.4190.7232.6

1.2199.1184.8228.1227.7

3 222. 64 320.3

162.7197.5197.5161,0223.1

268.0260.2273.5223.9

270.5228.3207.4206.1210.5

218.6227.2217.2217.7215.9

workers, revised (CPI-W), and all urban consumers (CPI-U). These indexes reflect improvedpricing methods, updated expenditure patterns, etc.; complete details are available fromBureau of Labor Statistics, Washington, D.C. 20212. ABeginning Jan. 1978, CPI-U.

d"For actual producer prices of individual commodities see respective commodities.O Goods to users, incl. raw foods and fuels. 0 Beginning March 1979 SURVEY, data

have been revised (back to 1967) to reflect new seasonal factors. a See note "©" for this page.


March 1979 CURRENT BUSINESS S-9


1977 1978

Annual

1978


1979

Jan. Feb.

COMMODITY PRICES—ContinuedPRODUCER PRICESd"—Continued

(U.S. Department of labor Indexes)—Continued

All commodities-—ContinuedFarm prod., processed foods and feeds .1967=100.

Farm products? d o . . .Fruits and vegetables, fresh and dried do . . .Grains d o . . .Live poultry do . . .Livestock do . . .

Foodsand feeds, processed 9 doBeverages and beverage materials doCereal and bakery products doDairy products doFruits and vegetables, processed doMeats, poultry, and fish do

Industrial commodities -do.

Chemicals and allied products 9 . _ do.Agric. chemicals and chem. prod do.Chemicals, industrial do.Drugs and Pharmaceuticals do.Fats and oils, inedible do.Prepared paint do.

Fuels and related prod., and power 9 do.Coal do.Electric power do.Gas fuels do.Petroleum products, refined do.

Furniture and household durables 9 do.Appliances, household do.Furniture, household do.Home electronic equipment do.

Hides, skins, and leather products 9 do..Footwear do..Hides and skins do..Leather do.

Lumber and wood products do..Lumber -do..

Machinery and equipment 9 do.Agricultural machinery and equip do.Construction machinery and equip do.Electrical machinery and equip do.Metalworking machinery and equip do.

Metals and metal products 9 do.Heating equipment do.Tron and steel do.Nonferrous metals do.

Nonmetallic mineral products 9 doClay prod., structural, excl. refrac doConcrete products doGypsum products do

Pulp, paper, and allied products doPaper do

Rubber and plastics products doTires and tubes do

Textile products and apparel §..- doSynthetic fibers Dec. 1975=100..Processed yarns and threads doGray fabrics doFinished fabrics doApparel 1967 = 100.Textile house furnishings do

Transportation equipment 9 . . .Dec. 1968=100.Motor vehicles and equip 1967=100.

Seasonally Adjusted!

All commodities, percent change from previousmonth

By stage of processing:Crude materials for further processing. .1967=100..Intermediate materials, supplies, etc. .doFinished goods O do

Finished consumer goods doFood doFinished goods, exc. foods.. . .do

Durable . .doNondurable .do

Capital equipment do

By durability of product:Total manufactures do..

Durable manufactures do..Nondurable manufactures do.

Farm products doProcessed foods and feeds... do . . . .PURCHASING POWER OF THE DOLLARAs measured by—

Producer prices A--- 1967=$1.00.Consumer prices do

188.192.5192.2165.0175.4173.0

186.1201.0173.4173.4187.4182.0

195.1

192.8187.8223.9140.5279.0182.4

302.2389.4232.9387.8308.2

151.5145.1162.287.7

179.3168.7286.7201.0236.3276.5

181.7197.9213.5154.1198.5

209.0165.5230.4195.4

200.5179.8191.8183.5186.4194.3167.6169.9

154.0107.3100.9104.7103.7147.3171.3

161.3163.7

$0,554.551 .512

192.2192.2196.6169.1170.2188.2

191.5202.1184.3178.0194.3193.6

201.6

194.1187.5224.3144.1263.2186.1

312.8403.8239.5420.4314.3

156.5149.5168.289.0

185.8173.4300.4210.8256.4300.4

189.3206.7223.5160.0208.3

215.2171.3237.9198.0

212.9189.6202.9209.7188.0197.5170.2172.3

156.5110.0100.6108.9103.6150.1175.4

169.1171.3

0.8

222.2208.0186.9184.6196.0177.1157.6190.1192.3

196.6196.3196.2

193.2191.3

$0,535°.534

196.8198.9204.2170.8188.8202.1

194.9201.3185.0178.7194.5205. 4

202.9

195.2189.1224.2145.0281.5189.3

312.9404.9242.6417.7312.9

156.7149.8168.888.7

187.2175.7298.2211.9263.7308.5

190.3207.7224.8160.7209.5

219.1170.7244.8199.7

215.1190.4205. 2215.9188.6198.3170.2170.9

157.0109.9101.0109.9103.7150.0175.8

169.5171.8

0.9

226.5209.6188.4186.2199.8177.7157.8190.9193.4

198.2197.9197.9

197.6195.1

$0,531.531

200.0204.2201.2178.9187.9208.3

196.9200.1186.4180.3195.6204.7

204.1

196.1191.0224.1145.3294.6189.5

315.3407.0249.8424.8310.9

157.7151.2169.389.1

187.9175.7296.0215.3266.2312.5

191.6208.1225.7161.8210.8

221.1171.3247.6201.1

215.9192. 6206.0217.0189.7198.8171. 4172.3

157.4109.9101.2112.2103.0150.2176.3

169.6171.9

0.8

229. 2210.9189.5187.5201.7178.5158.8191.7194.4

199.3199.1198.7

205.2198. 3

$0,529.527

205.5213.7227.3198.7196.0218.1

200.2200.1188.8184.5196.5211.7

206.1

196.9192.3224.2146.2301.3191.6

317.3426.4250.6428.6311.7

158.4152.4169.988.7

191.9180.0320.5217.4269.6316.7

192.7209.0228.4162.7212.2

223.9172.7252.0202.9

218.4193.7207.9221.2191.9202.7172.8175.1

157.9109.2101.1113.9103.1150.7176.1

170.5172.9

1.1

233.8212.0191.5189.7203.8180.8163.0192.4195.7

200.8201.1199.8

212.8200.6

$0,522.522

207.6215.8220.1189.2194.5230.3

202.4199.5188.2184.5197.4220.4

207.4

198.6203.5224.0146.6315.2192.6

319.7432.4252.6428.8314.5

159.2152.4170.790.0

193.6180.9321.7217.3273.4316.5

193.9209.7230.3163.4214.0

224.6173.4252.0203.2

219.3194.2209.7228.2193.2204.0173.8178.8

158. 6109.5101.0117.3103.3151.0177.0

172.0174.6

0.7

235.9213.3192.8190.8204.4182.2165.3193.3197.2

202.1202.4201.5

212.8202.0

$0,518.517

210.4219.5230.3188.1221.6236.2

204.6200.0190.0185.4198.8226.2

208.7

198.9202.6224.0147.8313.2192.6

323.2434.5256.9428.8318.4

159.5152.7172.388.5

195.3181.1346.5217.4278.5320.8

195.3210.8231.1164.6215.6

225.9173.9252.5205.4

222.0195.5211.8230.2193.5205.1174.5179.5

159.2108.9101.6117.8103.1152.1178.7

172.4' 175.0

0.8

240.9214.4194.2192.3207.2183.0165.6194.4198.7

203.5203.9202.0

217.8203.0

$0,514.512

210.3219.9252.4183.8246.5226.8

204.2198.4191.0186.1200.4224.4

210.1

199.8202.1225.1148.5335.6192.6

324.5437.1254.8430.6321.1

161.4153.5174.690.8

197.3181.7360.4224.5277.5319.1

196.5212.2232.8165.4216.7

227.3174.4253.9205.9

224.7196.6214.4234.0195.5206.8174.9179.9

160.0108.9101.9119.2103.2153.0179.4

172.8175.5

0.4

241.5215.4195.6193.7207.4184.9168.5195.5200.1

204.4205.5202.5

216.0201.7

$0,510.508

205.3210.0215.3178.9204.8216.6

201.8196.9192.5190.8203.3215.9

211.4

199.5202.1226.4148.9312.9192.6

324.9441.7253.6425.3323.3

161.8154.0175.690.8

205.1184.0400.8251.9281.6326.7

197.5214.1234.6165.8218.2

231.0176.2258.6211.1

227.2197.7219.7235.9195.8208.0175.7180.0

160.5109.1102.4120.9103.4153.5179.2

173.1175.8

0.3

241.5216.8196.1194.0206.6185.9169.8196.3201.0

205.5207.3203.2

210.8201. 9

$0,511.506

209.4215.1208.0176.9211.1

205.5197.8191.0192.9205.1224.4

r 212. 5

200.3202.7226.4149.6338.5192.6

326.7442.7252.5431.4325.7

162.0154.2176.1••91.6

• 210. 7186.0435.3269.4282.8332.2

• 198.8• 217.8• 237.0• 166.4• 220. 3

• 231.4• 176.0' 258.5' 211.4

' 228.2• 202.3' 221.4236.0

' 199.0' 210.2'176.7' 180.4

' 161.3"-109.1

103.3' 124. 2' 104.1' 153. 3180.3

r 173. 6' 175. 9

0.8

245.7218.2197.7195.8209.7186.9171.0197.2202.1

207.3208.4205.3

215.4204.9

$0,507.502

213.2219.4214.2182.0184.9235.1

209.0201.1193.3197.0210.1228.2

214.7

201.6203.4228.1150.3340.0192.6

328.5443.9252.7429. 2329.4

162.9154.5177.9'91.3

• 213.0190.7427.9269.4

1 284. 2334.5

•200.5• 218. 6• 240.4

167.5' 223. 8

' 234.1' 176. 9' 259. 9' 217.1

' 229.1202.4

' 222.2236.8

r 202. 4' 213. 0' 178.1' 184.5

" 162.3' 109.4' 104.0

126.5' 104.5' 154.1

181.0

' 179. 2r 181. 8

1.3

253.4220.7199.4197.7213.6187.170.5199.2203.1

209.6209.9208.1

221.7209.6

$0,501

212.5219.2217.4189.0192.4222.4

208.1201.4195.8199.6216.3220.9

216.0

202.3201.8227.1152.1361.2196.9

329.9442.7250.4434.9331.9

162.9155.3178.988.9

216.0192.7417.0278.7288.5338.5

202.5219.9241.9169.6225.9

235.4177.0261.5218.1

229.8204.4222.9242.1203.7214.2179.2187.6

163.0110.8105.3126.7104.7155.2180.5

179.8182.1

0.7

256.0222.4200.9199.1215.1189.2171.2200.9204.

211.0211.8209.3

224.1210.4

$0,499.495

216.1222.4218.3184.7198.5230.1

211.9202.3196.4202.7218.4229.1

217.0

202.0201.6228.8153.2332.9199.1

334.1442.7251.3444.7337.4

163.7155.3178.989.7

216.5194.9401.3279.6288.7339.2

203.6221.0243.6170.4228.0

236.6178.8263.1218.9

230.9206.5224.2242.7204.9214.9179.6188.6

163.5111.5104.6125.9105.8155.4183.4

180.2182.5

0.6

$0.494.493

221.0230.1230.7184.4206.0247.3

215.3201.4196.9203.4218.4240.3

219.9

204.9201.4233.4155.4336.1198.9

338.3444.6251.6450.4343.7

165.8156.6180.989.6

223.8196.9452.8292.8290.1336.6

205.0221.8245.2171.1230.1

241.6180.1272.0223.2

237.7209.7235.0247.6206.8217.4180.7191.4

164.6113.3105.3125.6106.4157.1181.8

182.4184.7

1.4

257.3224.0202.5200.9217.3190.7172.1203.0206.4

212.6213.1211.3

225.2212.4

263.4226.6205.2203.7221.2193.0174.1205.5208.4

215.3215.7214.1

231.4215.0

$0,487

227.0240.5259.5189.3217.8266.5

218.7201.3199.1203.1219.3248.5

222.4

207.0202.9236.4155.8367.9202.3

342.4444.7252.2458.6348.8

166.7157.9181.289.6

232.8203.6505.7309.2292.3339.9

206.2222.7247.1172.4231.8

247.3181.2274.6238.8

240.3210.7236.3250.6208.4220.8183.1193.8

165.0113.7105.3123.2106.8157.5186.0

183.5185.9

1.3

272.2229.0207.3206.7224.7194.7175.4207.4210.1

217.6217.7216.8

239.0218.9

$0.482.483

r Revised. -Beginning Jan. 1978, based on CPI-U; see note "If" for p. S-8. cf1 Seecorresponding note on p. S-8. Q Includes data for items not shown separately. § Effec-tive with Jan. 1976 reporting, the textile products group has been extensively reclassified;no comparable data for earlier periods are available for the newly introduced indexes. t Be-

ginning in the. March 1979 SURVEY, data have been revised (back.to 1967) to reflect newseasonal factors. O See corresponding note on p. S-8. A Beginning Jan. 1979 SURVEYmonthly and annual data have been restated to reflect the ^C^}ulV°uZf\^vmeasured by finished goods: comparable data prior to Nov. 1977 will be shown later.

288-330 O - 79 - S2


S-10


1977 1978

Annual

O F (JUKJMEN'! S1ME

1978


Marcti 1979

1979

Jan. Feb.

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION PUT IN PLACE J

New construction (unadjusted), total mil. $_.

Private, total 9 doResidential (including farm) do

New housing units doNonresidential buildings, except farm and pub-

lic utilities, total 9 ...mil. $__Industrial doCommercial ...do

Public utilities:Telephone and telegraph do

Public, total 9 —do-

Buildings (excluding military) 9 do... .Housing and redevelopment doIndustrial do

Military facilities do... .Highways and streets do

New construction (seasonally adjusted at annualrates), total bil. $..

Private, total 9 do

Residential (including farm) doNew housing units do

Nonresidential buildings, except farm and pub-lic utilities, total 9 bil. $..

Industrial doCommercial do

Public utilities:Telephone and telegraph do

Public, total 9 do.

Buildings (excluding military) 9 do.Housing and redevelopment do.Industrial do.

M ilitary facilities do.Highways and streets do.

CONSTRUCTION CONTRACTS

Construction contracts in 50 States (F. W. DodgeDivision, McGraw-Hill):

Valuation, total mil. $..Index (mo. data seas, adj.)© 1972=100..

Public ownership mil. $_.Private ownership doBy type of building:

Nonresidential doResid ential do

Non-building construction doNew construction planning

(Engineering News-Record) O do

HOUSING STARTS AND PERMITS

New housing units started:Unadjusted:

Total (private and public) thous..Tnside SMSA's do.. . .

Privately owned doOne-family structures do

Seasonally adjusted at annual rates:Total privately owned A do.

One-family structures A do.

New private housing units authorized by buildingpermits (14,000 permit-issuing places):

Monthly data are seas. adj. at annual rates:Total thous. .

One-family structures do

Manufacturers' shipments of mobile homes:Unadjusted IF thous..Seasonally adjusted at annual rates If do.

CONSTRUCTION COST INDEXES

Dept. of Commerce composited1 1972=100..

American Appraisal Co., The:Average, 30 cities

AtlantaNew YorkSan FranciscoSt. Louis

..1913=100..d o . . . .d o . . . .d o . . . .do.

Boeckh indexes:Average, 20 cities: §

Apartments, hotels, office buildings..1972=100..Commercial and factory buildings do.Residences do.

172,552

134,72480, 95665,749

28,6957,71214,783

4,345

37,827

12,751959

1,1461,5179,372

139,723-• i 154

36, 917102,805

35,08662,01742,620

91,702

1, 989. 81,377.91,987.11,450.9

1,6901,126

277.0

156.6

1,9982,1412,0652,0631,905

148.6152.8148.5

201,577

156,81292,66475,486

35,69710,76018,279

5,323

44,766

15,2361,0831,2591,464

10, 350

158,438r I 174

38,827119,610

44, 37374,53139,534

112,069

2,021.52 833.22,020.31,433.3

1,6801,089

275.6

175.7

2,1732, 3222,2222,2632,071

158.2164.3161.8

11,441

9,1885,1494,239

2,074554

1,081

294

2,253950

6396

115323

171.4

134.9

'79.465.0

28.47.4

15.0

4.7

36.4

12.7.9

1.21.48.4

9,390••172

2,4996,891

2,8093,8"2,697

6,885

88.667.588.663.3

1,7441,290

1,5261,032

18.9317

164.5

2,C2,1972,1622,167ir

154.0158.5155.5

11,395

9,1535,1584,295

2,095565

1,097

297

2,242

9455993

117266

177.6

141.9

85.370.9

28.77.7

15.2

4.5

35.7

13.1.9

1.11.57.4

9,695' 162

2,2397,456

2,9053,8622,929

10,349

101.375.2

101.372.8

1,6591,171

1,534957

18.7274

164.5

2,0952,2472,1622,1951,990

13,425

10,8236,2645,174

2,463720

1,242

424

2,603

1,0557096

119376

185.4

147.7

88.172.5

31.89.2

16.2

4.9

37.7

13.8.9

1.01.48.1

12, 345'153

3,1319,214

3,4296,1392,776

10,470

172.3121.6172.1121.4

2,0111,413

1,6471,037

24.6276

164.8

2,1112,2702,1742,1952,003

155.3160.9157.5

'15,319

' 12,159' 7,252

5,669

2,672750

1,365

417

3,159

1,17366

107120548

' 195.0

' 153. 5

'92.274.4

33.29.2

17.2

5.3

41.5

14.8.9

1.21.58.5

13,189' 169

3,5949,595

3,4706,8542,864

7,014

197.5141.8197.5139.9

2,1761,482

1,7401,157

23.2260

169.2

2,1242,2832,1812,2202,029

'17,263

' 13,440'8,271

6,366

2,825735

1,524

438

3,823

1,35392

106120897

' 201.3

' 156.2

'94 .375.1

34.28.7

18.5

5.0

45.1

16.41.21.21.4

10.6

17. 785'202

4,09713,688

4,5387,6525,596

6,556

211.1146.2211.0154.9

2,0371,463

1,5971,058

26.6268

171.0

2,1372,294

i 2,1911 2,216

2,066

156.7163.0158.8

'18,799

'14,558' 8, 927

7,041

3,171966

1,627

516

4,240

1,38691

119113

1,067

'206.3

' 161.1

'95.476.6

37.311.319.2

5.6

45.2

16.01.01.31.4

10.3

14,169'153

3,55110,618

3,7687,7222,679

8,771

216.1149.7216.0154.3

2,0931,439

1,8211,123

26.4270

174.1

2,169i 2,309

2,2112,2302,078

19,201

14,763r 9,1787,382

3,207950

1,661

443

4,4391,468

94114124

1,148

' 210.2

161.8

'95.977.7

37.711.219.5

5.5

48.4

1.01.61.59.8

14, 711' 173

3,56911,141

4,5346,7103,466

9,071

192.3131.2192.2139.3

2,1041,455

1,6321,035

20.2255

176.1

2,1802,3482 2112,2952,087

158.8165. 2162.0

19,952

15,108' 9,325

7,543

3,3591,0571,697

469

4,844

' 1,48295

'118128

1,413

' 208.7

160.6

'95.077.1

37.612.018.8

5.1

'48.2

'16.41.1

' 1 . 61.5

11.4

15, 597'177

3,85711, 740

3,9456, 9104,742

9,756

190.9()

190.9140.0

2,0041,431

1,5631,020

28.0267

179.5

2,2072,3662,2232| 3122,102

19,787

14,9909,0377,436

3,4371,1141,720

485

4,797

1,465116

'103146

1,271

209.2

161.3

94.276.8

38.212.618.9

5.6

48.0

16.01.21.31.6

10.9

13,816'182

3,49910,317

4,5726,3172,926

5,882

181.1

180.5124.6

2,0241,432

1,7311,092

24.1275

180.5

2,2182,3742,2292,3212,111

160.7167.5166.4

19,634

14,9898,6967,332

3,5591,1101,844

544

4,645

1,406103

'102116

1,310

209.8

161.9

93.676.838.712.619.4

5.9

47.9

'15.81.11.21.4

11.4

14,863'193

3,09911,764

4,1416,8213,901

9,837

192.1

192.1131.1

2,0541,436

1,7271,135

25.8

183.1

2,2442,3892,2982,3382,122

18,726

14,509' 8,267

7,041

3,4791,0781,788

499

4,217

1,349125102124

1,020

212.8

164.9

95.478.9

39.712.520.3

47.9

15.51.41.31.411.0

11,557'173

2,867

3,5325,9212,104

13,209

158.6

158.6110.4

2,1071,502

1,7241,114

22.2280

184.3

2,2492,3882,2972,3362,121

163.8170.9170.8

16,634

13,131• 7,142• 5,969

3,3541,1631,634

499

3,503

1,205'108104125

'711

215.7

168.2

'96.9'80.4

'40.213.3

'20.1

6.1

'47.6

'15.0'1.31.21.5

'11.9

10,185'184

2,9787,207

3,0964,7812,308

14,269

119.5'81.4

• 2,074•1,539

1,6641,149

17.0303

• 185.4

2,2542,3792,3242,3322,154

13,940

11,1106,0314,938

2,878949

1,442

2,830

1,16482103126387

208.1

162.2

92.675.4

39.312.719.9

45.9

15.61.21.21.610.0

10,716181

2,9847,732

3,9524,4682,296

9,936

'88.3

'88.1'58.1

' 1,66911,148

• 1,324'841

19.1311

186.8

2,2642,4312, 3312,3372,161

11,752

16.4

164.9172. 2171.6

86.260.2

1,411964

1,360814

2,2682,4302, 3532,3722,157

' Revised. *> Preliminary. 1 Computed from cumulative valuation total. 2 Datano longer available; 1978 annual total represents Jan.-July. JData for new construction havebeen revised bark to Jan. 1973 and are available from the Bureau of the Census, Washington,D.C. 20233. O Data for Mar., June, Aug. and Nov. 1978 are for 5 weeks; other months 4weeks. 9 Includes data for items not shown separately. & This index has been revisedto a new comparison base (1972=100); monthly data back to Jan. 1964 are available upon

request. § These indexes are restated on the 1972=100 base; monthly data for earlier periodswill be available later. © This index has been revised to a new comparison base (1972- «« ) .monthly data back to Jan. 1970 are available upon request. A Monthly revisions back toJan. 1970 will be shown later. \ Revised unadjusted data for Jan.-Dec. 19/ o and seasonallyadjusted data for Jan. 1974-Dec. 1976 will be shown later.


March 1979


1977

SURVEY OF CURRENT

1978

Annual

BUSINESS

1978


<5-11

1979

Jan. Feb.

CONSTRUCTION AND REAL ESTATE—Continued

CONSTRUCTION COST INDEXES—Con.

Engineering News-Record:Building.. ...1967=100..Construction do

Federal Highway Adm.—Highway construction:Composite (avg for year or qtr.) 1967=100

CONSTRUCTION MATERIALS

Output index:Composite unadjusted 9 d* 1947-49=100

Seasonally adjusted & do

Iron and steel products unadjusted doT nmbpr and wood nrodncts unadiusted doPortland cement unadinsted do

REAL ESTATE \

Mortgage applications for new home construction:FHA net applications . thous. units

Seasonally adjusted annual rates . . . . doRequests for VA appraisals do .

Seasonally adjusted annual rates do . . .

Home mortgages insured or guaranteed b y -Fed. Hous. Adm.: Face amount mil. $..Vet. Adm.: Face amount§ do

Federal Home Loan Banks, outstanding advancesto member institutions, end of period mil. $..

New mortgage loans of all savings and loan associa-tions, estimated total mil. $..

By purpose of loan:Home construction doHome purchase doAll other purposes. . do

Foreclosures . . .number

Fire losses (on bldgs., contents, etc.) . . mil. $

228.6240.0

216.4

180.4

147.3199 8208 7

113.3

211.8

8,840. 8413,753.02

20,173

107, 368

20, 71766,06020,591

3,764

247.7258.4

264.9

118.8

192.7

11,139.9714,470.40

32, 670

110, 294

22,49568, 38019 419

237.7248.8

148.4156.9

124.9187.191.7

7.2117

15.3226

811.391,586.68

20, 422

7,115

1,3804,2121,523

310

239.0249.6

153.6174.1

129.2186.9110 8

7.299

13.7181

785. 781,411.86

20, 845

6,828

1,3644,0221 442

379

239.5250.7

219.5

186.6193.9

161.9212.7188 1

10.4112

18.1191

963.101, 344. 91

21,278

9,418

2,1135,5011 804

385

240.0251.2

158.9194.2226 5

11.0133

18.9215

714. 00988.96

22, 957

9,026

2,0115,2001 755

370

244.6254.4

176.4209.6268 6

12.0113

16.3171

868.921,180.30

23,664

10,436

2,2590,4231 754

311

246.2256.3

258.1

180.9205.0997 8

9.7104

16.7178

805. 681,108.57

25,274

11,472

2,2607,3581 848

355

251.0262.6

153.2177.0261 6

10.9132

15.4186

886. 601,178.68

26, 605

9,031

1,8115, 7561,464

351

252.3263.3

173.8207.2301 2

11.1122

17.7185

1, 049. 481,319.00

27,869

10,398

1,9810,8301 587

320

254. 5265.4

296.1

' 159.4' 198. 7r 266 4

8.6101

14.9188

807. 701,536.24

29,158

9,305

1,8076,0491 449

295

254.8265.4

173.2204.8289.9

11.6133

17.0192

1,916.271,178.75

30,104

9,674

2,0176,0771 580

302

256.3266.4

158.6193.1226.4

11.1148

15.5202

905.021,115.62

30, 975

9,165

1,7945,7751 596

311

256.7267.0

302.7

8.0120

13.2221

565.361,176.51

32,670

r 8,426

r 1, 092r 5,117r 1,017

257.5267.4

9.4145

15.7217

1,420.671,418.91

32,489

6,615

1,3983,9331,284

1 257. 61 267. 9

8.3113

14.6194

1,422.091,367.36

31,738

DOMESTIC TRADE

ADVERTISING

McCann-Erickson national advertising index,seasonally adjusted:

Combined index 1967=100Network TV doSpot TV doMagazines doNewspapers do

Magazine advertising (general and natl. farm maga-zines):

Cost, total mil. $..Apparel and accessories doAutomotive, incl. accessories doBuilding materials doDrugs and toiletries doFoods, soft drinks, confectionery do

Beer, wine, liquors doHousehold equip., supplies, furnishings . .doIndustrial materials doSoaps, cleansers, etc doSmoking materials doAll other do

Newspaper advertising expenditures (64 cities): ©Total mil. $..

Automotive.. . doClassified doFinancial doGeneral . doRetail do

WHOLESALE TRADE O X

Merchant wholesalers sales (unadj.), total O mil. $..Durable goods establishments doNondurable goods establishments _. _ .do

207231223172197

1,965.41.6

176.636.2

201.8150.5

132.3112.849.533.9

194.5

5, 696.1r 144. 51, 522.5r 147. 4>" 752. 33,129.5

642,104285,605356,498

6,643. 7151.0

1, 884. 5201.7826. 6

3, 579. 9

754,105349, 916404,189

226247267182211

130.33.812.11.812.3

7.26.74.02.114.756.8

488.211.1142.018.467.7249.0

52,14322,86929,274

Merchant wholesalers inventories, book value,end of year or month (unadj.), total O mil. $ . 68,555 80,922 69,590

Durable goods establishments do 43,676 51,040 44,287Nondurable goods establishments do 24,879 29,270 25,309r Revised. p Preliminary. 1 Index as of Mar. 1, 1979: Building, 259.0; construction,

268.7. 9 Includes data for items not shown separately. § Data include guaranteeddirect loans sold.

If Home mortgage rates (conventional 1st mortgages) are under money and interest rateson p. S-18.

©Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart. cTMonthlyrevisions back to Jan. 1974 will be shown later.

215234250188212

160.23.7

17.52.1

16.113.5

10.38.73.83.0

16.165.4

458. 513.7

129.711.364.4

239.4

52,76623,88028,886

71,15645,75725,399

218235260191180

193.57.6

19.54.1

17.718.0

13.013.24.84.3

16.075.2

555.615.5

152.816.269.6

301.4

62,90028,98533,915

73,93147,27526,656

234261257196218

212.79.2

20.96.0

19.815.7

12.914.74.83.7

17.287.9

621.014.4

177.519.884.4

324.8

60,61328,78431,829

74, 03547,95720, 078

238271269197207

231.08.7

22.86.1

22.014.3

16.518.16.93.2

18.494.0

600.813.7

165.519.280.7

321.6

66, 24930,40535,844

74,63448,91825, 710

247274281210208

189.75.1

19.53.9

19.714.9

17.511.34.52.5

18.172.7

578.212.9

165.823.373.9

302.3

65,83430,99134,843

74,88249,02725,255

244267277212212

162.93.5

17.82.1

13.714.3

18.69.53.32.5

18.059.5

523. 210.9

172.917.150.9

271.3

00,05128,70131,950

74,87449,90024, 974

257288205228236

146.90.0

13.82.4

13.913.4

11.39.83.92.8

16. 353.3

488.710.8

162.78.6

47.4259.2

67,70232,27935,423

74,94349,84125,102

248286259224205

215.911.812.45.1

19.816.3

13.813.95.53.3

16.099.9

497.911.4

158.011.859.8

257.0

63,93130,40433,527

76,07449,94426,130

252291284204217

259.510.829.25.6

23.118.5

20.015.76.32.9

19.0108.4

578.112.8

174.016.272.9

302.2

69,08632,24236,844

78,71550,46228,253

257285287221228

263.59.5

26.14.4

21.624.6

22.818.15.84.0

18.2108.5

663.614.5

155.019.991.2

382.9

67,700•31,03836,002

258291280227219

207.86.4

16.12.7

19.816.4

29.39.04.83.0

16.783.4

590.09.1

128. 619.963.7

368.7

64,52729,34035,187

80,100 r 80,92250,971 '"51,64629,129 ir 29,276

63,68028, 37435, 306

82, 23652, 09530,141

©Beginning Nov. 1977 SURVEY, data revised to reflect new sample design, benchmarkingto the 1967 and 1972 Censuses, conversion of the classifications to the 1972 SIC, addition o]farm assemblers and bulk petroleum establishments, and revision and updating of seasona1

factors. Revisions back to Jan. 1967, as well as a summary of the changes, appear in the report-Monthly Wholesale Trade: January 1967-August 1977 (Revised) available from the CensusBureau, Washington, D.C. 20233. The revisions back to 1967 also appear on p. 34rl of theMay 1978 SURVEY. ^Effective March 1979 SURVEY, seasonally adjusted data for wholesaletrade have been revised back to Jan. 1978.




1977 r

SURVEY

1978

Annual

OF CURRENT BUSINESS

1978 r

Jan. Feb. Mar. Apr. 1 Mayi

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

March 1979

1979

Jan. Feb.

DOMESTIC TRADE—Continued

RETAIL TRADE

All retail stores: 1fEstimated sales (unadj.), totalif mil. $..

Durable goods stores 9 doBuilding materials, hardware, garden

supply, and mobile home dealers 9 .mil. $_Building materials and supply stores..doHardware stores do

Automotive dealers 9 doMotor vehicle dealers doAuto and home supply stores do

Furniture, home furn., and equip doFurniture, home furnishing stores doHousehold appliance, radio, TV do

Nondurable goods stores -doGeneral merch. group stores ...do

Department stores doVariety stores do

Food stores doGrocery stores ..do

Gasoline service stations - .do

Apparel and accessory stores doMen's and boys' clothing do

Women's clothing, spec, stores, furriers.doShoe stores.. do

Eating and drinking places doDrug and proprietary stores doLiquor stores doMail-order houses (dept. store mdse.)§..do

Estimated sales (seas, adj.), totalif do

Durable goods stores 9 . -.doBuilding materials, hardware, garden supply,

and mobile home dealers 9 mil. $_.Building materials and supply stores.doHardware stores _ do

Automotive dealers do.Motor vehicle dealers _ _.do_Auto and home supply stores do.

Furniture, home furn., and equip. 9—-do.Furniture, home furnishings stores...do.Household appliance, radio, TV do.

Nondurable goods stores __do_.General merch. group stores _ _ do..Department stores do..

Variety stores. do..

Food stores do.Grocery stores do..

Gasoline service stations _.do.

Apparel and accessory stores do.Men's and boys' clothing do_Women's clothing,spec. stores,furriers.do.Shoe stores _ do.

Eating and drinking places do.Drug and proprietary stores do.Liquor stores doMail-order houses (dept. store mdse.)§._do

Estimated inventories, end of year or month: IfBook value (unadjusted), totaW mil. $

D urable goods stores 9 do. .Building materials and supply stores.do..Automotive dealers do_.Furniture, home furn., and equip do..

Nondurable goods stores 9 doGeneral merch. group stores ...do

Department stores. ...doFood stores doA pparel and accessory stores do

Book value (seas, adj.), totalif doDurable goods stores 9 do

Building materials and supply stores.doAutomotive dealers .doFurniture, home furn., and equip do

Nondurable goods stores 9 do_General merch. group stores ...do

Department stores doFood stores... do.Apparel and accessory stores do.

724,020

247,832

38,64126,509

6,516

148,444135,77712,667

34, 7612,295

10,801

476,18890,13372,3337,602

158,519147,14258,231

34,3417,052

13,1065,852

63,55622,91812,8326,705

88,14843,170

7,18721,875

44, 97815,89511, 9329,5587,149

90,12043,4147,494

21,594

46,70617,37613,0269,4267,478

798,818

277,916

44,12529,9916,881

163,668149,66413,993

37,43022,71910,991

520,90299,50579, 7327,809

174,458161,52760,884

37,8287,353

14,6606,593

70,08325,33713,6167,073

98,52747,8887,79225,0117,133

50, 63917, 92613, 63810, 7347,957

100,81848,1618,12524,6907,140

52,65719,62214,90510,5968,332

53,209

16,944

2,3411,573390

10,3429,412930

2,5111,512758

36,2655,4054,345427

13,06112,1414,633

2,293480

853424

4,8291,875939

437

61,892

20,817

3,2752,155533

12,55911,4641,0952,8671,730872

41,0757,6986,270618

13,92312,9024,929

2,844551

1,069524

5,4502,0201,098603

43, 8667,41822,3736,734

44,46715, 76911,8439,3206,905

91, 00344,0407,61621,9776,871

46,96317,50713,1749,4437,465

53,612

17,936

2,4611,644

11,11910,257

862

2,5391,537738

35,6765,5244,424458

12,79211,8924,404

2,151421

374

4,7341,847922

434

62, 898

21,244

3,3242,183521

12,68911, 6031,0862,9341,763872

41,6547, 8156,338627

14, 07013, 0545,005

2,862570

1,089496

5,5632,0231,102558

44, 7517,745

22, 7486,776

45,03816, 08811, 9599,3597,145

91,21444,4367,73722,0436,943

46, 77817,27512, 9019,4927,490

64,764

22,777

3,1702,114504

14,56013,4621,098

2,9021,758852

41,9877,3665,894611

14,52913, 4824,906

2,940532

1,143570

5,5792,0701,038

594

64,075

21,813

3,3972,251545

13,13212,0301,1022,9241,734883

42,2627,9526,420622

14,17713,1534,996

2,983581

1,169528

5,7872,0501,110571

93, 52345,9267,92923,4036,918

47,59717,61013,3079,7147,392

92, 71244,6247,69122,0997,009

18,00613, 5799,7437,535

23,165

3,6652,382571

14,38213,2341,148

2,9011,825804

40, 6737,4726,010582

13,86512, 8624,889

2,816536

528

5,7191,9401,010

538

65,146

22,617

3,6092,451547

13,53712,4261,1113,0611,885877

42,5298,0486,462654

14, 29813, 2734,994

3,046585

1,201548

5,7942,0421,098584

95,43446, S758,66523,4787,110

48,45918, 29813,8999,6877,584

94, 29045,6198,37222,2757,124

48, 67118,31913,8449,7167,707

67,952

25,085

4,1152,653

15,41514,2501,165

3,0741,935

42,8678,0176,431629

14,52813,4555,156

2,906542

1,122529

6,0242,0601,086

534

65,522

22,730

3,5902,429552

13,52012,4131,1073,1161,918902

42, 7928,2366,609659

14.37513,3355,020

3,062577

1,176552

5,6722,0581,105586

95, 56846, 7528,06223,5647,127

48,81618, 46514, 0639,8647,622

94,93345,5257,80422,4857,156

49,40818,52214,0359,8847,834

69.056

25,685

4,2602,897631

15,71814,4641,254

3,1071,943892

43,3718,1066,522627

14, 93613, 8485,256

2,892563

1,104518

6,2202,0691,138

497

65,964

22, 947

3,6512,502552

13, 63812,5011,1373,0711,872895

43,0178,2946,662656

14,42013, 3935,030

3,074573

1,182552

5,7702,0751,109597

95, 69446,3088,10023,2017,105

49, 38618, 56014,13710,0837,661

95, 60745,5027,988

22, 4387,134

50,10518, 76814,32310,0937,922

66,557

23,932

4,0742,841585

14, 29413,0901,204

3,0211,853883

42, 6257,4975,965605

15.00613,9415,283

2, 754508

1,095467

6, 3952,0161,181

499

66,224

23,049

3,7072,546558

13,49012,3371,1533,0911,883893

43,1758,2876,650660

14,60913, 5744,887

3,126588

1,237532

5,8672,1021,122598

9f, 57145, 6528,01622,5647,121

49,91918, 77014,08610,0827,922

96,52145,7048,02422,4747,215

50,81719, 05314,44710,2158,067

69,102

24,898

4,3083,079582

14,64213,8351,257

3,2241,999930

44, 2048,1656,520649

14, 85813. 7815,387

3,194554

1,249571

6,5272,1091,161

67, 303

23,617

3,8092,625580

13,89512,6991,196

3,1701,922935

43, 6868,3616,701660

14, 62913, 5775,082

3,221614

1,272543

5,9232,1351,151584

9",54S43, 8557,91120,5427,241

51,69319, 63114, 68610,1868,324

97,82446,1167,991

22, 6737,299

51, 70819,40114,64210, 3738,217

66,219

22,563

4,0342,861600

12, 73311,5121,221

3,1381,897930

43.6568.0246,468605

14,94213,8925,191

3,236552

1,310594

6,1342,0411,147

552

68,085

23,872

3,7982,613599

14,03312,7911,2423,2281,978

44, 2138.379

658

14, 77513, 6875,191

3,261629

1,274547

5,9962,1581,167593

97, 79944,4117,922

20, 7787,313

53,38820,57415,45910,3128,767

98, 35^46, 4447,98622,9857,248

51, 90619, 60714,83610,4068,240

68,615

24,596

4,2192,985624

14,40113,1181,283

3,2311,973943

44,0198,2626,610631

14,41713,2955,264

3,273

1,320578

6,0062,1061,123

776

68,971

24,4223,9112,675

14,35213,1051,247

3,2481,967962

44,5498,3946,684

14,94713,8355,222

3,271636

1,262568

6,0182,1801,158595

10?, 34446, 3577,891

22, 2017,538

55, 98721,89416, 60210, 7349,127

99, 27947,0067,98723,4937,262

52, 27319,66114,85010,5038,305

71,297

24,463

3,9182,699632

13,61012,3221,288

3,5662,1971,034

46,8349,8837,908712

14,83413, 6955,197

3,675763

1,396617

5,7752,1641,196

902

70,158

24,954

3,9712,667621

14,43113,1791,2523,3032,003975

45, 2048,5496,806663

15,12513,9605,276

3,388685

1,287590

6,0032,2401,181598

105,33047, 7987,91023, 3967,441

57, 53222,45217,11311,0089,271

100,48347, 5558,04723,8497,176

52,92819,87714,93310,595• 8,413

84,597

25,872

3, .K602,263749

12,45211,1691,283

4,2162,2901,359

58, 72515,78412, 6351,273

16, 69015, 2435,318

5,6981,293

2,144823

6,1413,0401,675

722

70,918

25,163

4,0092,727631

14,55813,2961,2623,3072,014956

45, 7558,7166,897649

15,28413, 9845,292

3,376675

1,313586

6,1842,2321,194604

98,52747,8887,79225,0117,133

50, 63917,92613,63810,7347,957

100.81848,1618,12524, 6907,140

52,65719,62214,90510,5968,332

62,035

21,123

2,8341,878505

12,84611,7191,127

2,9791,870843

40, 9125,9724,783465

14,91013, 7335,089

2,685558

987478

5,4792,1361,068

439

71,031

25,271

3,9062,514679

15,05913,7551,3043,3592,108957

45, 7608.4396,843

15,62314,3205,385

3,269632

1,217580

6,1422, 2751,233604

49,1258,12825,7177,148

49,56817,72813,42910,6117,528

101,67949,3028,34525,2627,294

52,37719,70414,95410,7518,138

i 13,172

i 39,56015,995i 4,794

14,187i 13,107i 4,770

1 2,384

1 71,472

25,266

1 3,793

115,019

60,852

21,292

» 2,780

» 2,934

15,446i 2,123

13,404

46,206i 8,496i 6,868

15,60714,388i 5,420

i 3,166

16,400112,328

r Revised. 1 Advance estim ate. lEffective Mar. 1979 SURVEY, estimates have beenrevised to reflect a new sample des ign, benchmarking to the 1967 and 1972 Censuses, redefini-tion of sales to exclude sales taxes and finance charges, classifications based on the 1972 Stand-ard Industrial Classification (SIC), and revision and updating of seasonal adjustment factors.

Revision for retail sales (Jan. 1967-Dec. 1977) and for retail inventories (Jan. 1973-Dec. 1977),as well as a summary of the changes, are forthcoming from the Census Bureau, Washington,D. C. 20233. 91 ncludes data not shown separately. §Includes sale of mail-order catalogdesks within department stores of mail-order firms.




1977 1978

Annual

1978


1979

Jan. Feb.

DOMESTIC TRADE—Continued

RETAIL TRADEt—Continued

Firms with 11 or more stores:Estimated sales (unadjusted), totalt mil. $_

Durable goods stores _ do...Auto and home supply stores do...

Nondurable goods stores 9 do...General merchandise group stores do...

Department stores__ do...Variety stores do._.Miscellaneous general stores do...

Food stores do...Grocery stores do...

Apparel and accessory stores 9 do...Women's clothing, specialty stores, fur-

riers mil. $.Family clothing stores do...Shoe stores do...

Eating places do...Drug stores and proprietary stores do.. _

Estimated sales (seas, adj.), total} 9.. do...Auto and home supply stores do...Department stores .... do...Variety stores _ do._.Grocery stores.. do...

Apparel and accessory stores do...Women's clothing, spec, stores, furriers.do...Shoe stores _ do...

Drug stores and proprietary stores do...All retail stores, accts. receivable, end of yr. or mo.

Total (unadjusted) ..mil. $.Durable goods stores do...Nondurable goods stores do...

Charge accounts.. do...Installment accounts _ do...

Total (seasonally adjusted). do...Durable goods stores _ do...Nondurable goods stores. do...

Charge accounts.. _ do.Installment accounts do...

34,14910,08924,060

10,65923,490

32,01810,01921,999

10,49021,528

270,155

20,4473,139

249,70888,16875,2766,3296,563

92,71591,684

13,092

5,5163,0303,129

13,75411,975

37,33610,91126,425

11,53925,797

34,85910,82824,031

11,27223,587

17,556

1,162204

16,3944,7644,109

329326

7,0226,939

276163183

932862

20,703255

5,723480

7,213

925373233

32,4549,445

23,009

9,92822,526

31,9669,790

22,176

10,28121,685

17,477

1,194190

16,2834,8754,183

359333

6,8776,792

673

287158163

921825

21,264252

5,993489

7,488

423229934

31,6929,369

22,323

9,82321,869

32,0209,838

22,182

10,34621,674

21,496

1,508262

19,9886,5115,565

493453

7,876

7,776

1,032

432226279

1,122974

21,476251

5,984498

7,484

1,020439253971

31,6509,531

22,119

10,01121,639

32, 2759,919

22,356

10,37121,904

20,944

1,607294

19,3376,6075,686

459462

7,4067,325

404224243

1,130894

22,249268

6,140517

7,760

1,077464265974

31,5999,817

21,782

10,02921,570

32,03010,01022,020

10,07721,953

22,073

1,743266

20,3307,0966,082

496518

7,6497,567

1,017

432241247

1,203950

22,222245

6,187524

7,674

1,089461274962

31,9159,963

21,952

10,17121,744

31,9509,880

22,070

9,82022,130

22,380

1,788287

20,5927,1846,176

500508

7,8787,798

1,007

422233242

1,198970

22,243246

6,232519

7,668

1,058446263975

32,21210,20322,009

10,39921,813

32,3629,933

22,429

10,09722,265

21,611

1,724267

19, 8876,6045,649

481474

7,8737,790

931

406222212

1,236936

22,761256

6,249540

7,853

1,111474259994

32,14710, 37521,772

10, 31921,828

32,80710,19522, 612

10, 38122,426

22,570

1,782275

20,7887,2246,176

521527

7,6837,602

1,162

489273

978

22,432258

6,283538

7,527

1,138477254976

32,53410,49022,044

10,51322,021

33,10110,31222,789

10,74922,352

22,548

1,733272

20,8157,1116,111

497503

7,9857,907

1,166

494254296

1,171940

22,690285

6,300531

7,714

1,117460266

32,87910,50122,378

10,58922,290

33,26210,20423,058

10,68522,577

22,848

1,793284

21,0557,3076,232

513562

7,5747,494

1,149

493249278

1,212974

22,842277

6,226534

7,663

1,131472278

1,016

33,68010,88422,796

10,97322,707

33,90610,60823,298

10,89123,015

> 25,261

••1,950•-287

r 23,311'8,798'7,455'596'747

' 7,929' 7,846

'1,284

539294

' 1,184'1,038

' 23,676'279

' 6,410'549

' 7,846

' 1,197503

'290' 1,102

34,62110,81823,803

11,13823,483

34,42310,76123,662

11,12923,294

33,391

2,463279

30,92814,08711,8521,0851,150

8,848

2,005

842493408

1,2071,634

24,317270

6,730542

8,073

1,149486263

1,077

37,33610,91126,425

11,53925,797

34,85910,82824,031

11,27223,587

LABOR FORCE, EMPLOYMENT, AND EARNINGS

POPULATION OF THE UNITED STATES

Total, incl. armed forces overseas! mil..

LABOR FORCEIfNot Seasonally Adjusted

Labor force, total (including armed forces), persons16 years of age and over.. thous

Civilian labor force doEmployed, total do

Agriculture I_I"I""""do"""'Nonagricultural industries. . do

Unemployed IIIIIcloIII]Seasonally Adjusted? O

Civilian labor force . . doEmployed, total "I do""""

Agriculture _ "doNonagricultural industries."l'/_~_l do"""Unemployed. •_ do

Long-term, 15 weeks and over"" doKates (unemployed in each group as percent"

of total in the group):All civilian workers

Men, 20 years and over '_Women, 20 years and over"Both sexes, 16-19 years.WhiteBlack and other I.IIIIIMarried men, wife present—IIIIIIIII

Occupation: White-collar workers .Blue-collar workers. .

Industry of last job (nonagricultural):Private wage and salary workers

ConstructionManufacturing..]"!^"

Durable goods

2 216.82

99,53497,40190,5463,244

87,3026,855

1,911

7.05.27.0

17.7

6.213.13.6

4.38.1

7.012.76.76.2

218.50

102,537100,42094,3733,342

91,0316,047

1,379

6.04.26.0

16.3

5.211.92.8

3.56.9

5.910.65.54.9

217. 74

100,07197, 95091,0532,868

88,1856,897

•99,21592,9233,363

89,560

6,2921,641

6.34.66.2

16.4

5.512.83.1

3.77.3

6.311.55.75.3

217.84

100,04897,92491,1852,771

88,4136,739

99,13993,0473,280

89, 767

6,0921,559

6.14.55.8

17.2

5.411.92.9

7.2

6.111.25.85.1

217.94

100,56598,44391,9642,913

89,0516,479

r 99,43593, 2823,334

89,948

6,1531,488

6.24.55.9

17.0

5.312.53.0

3.57.2

6.111.05.65.0

218.09

100,98498,86693,1803,151

90, 0295,685

99,76793,7043,274

90,430

6,0631,486

6.14.36.0

16.7

5.212.02.8

3.66.7

5.99.85.44.5

218.22

101,42299,30993,8513,36990,4835,457

100,10993,9533,243

90, 710

6,1561,404

6.14.26.216.5

5.312.32.9

3.76.7

6.09.65.75.1

218.36

104, 276102,17895, 8523,983

91, 8696,326

100,50494,6403,424

91,216

5,8641,266

5.84.06.1

15.1

5.012.02.7

3.66.6

5.79.55.64.9

218.50

104,755102,63996,2023,997

92,2046,438

'100,62294,4463,377

91,069

6,1761,314

6.14.16.4

16.3

5.212.32.7

3.76.7

6.09.65.55.0

218.67

104,169102,04796,1163,856

92, 2615,931

'100,66394, 7233,351

91,372

5,9401,234

5.94.15.9

15.7

5.211.52.8

3.56.9

5.89.45.65.4

218.86

102,961100,83895,0413,549

91,4925,797

'100,97495,0103,406

91,604

5,9641,268

5.94.15.9

16.3

5.211.3

3.56.8

5.810.65.34.8

219.03

103, 677101,55596,0953,553

92,5415,460

101,07795,2413,374

91, 867

5,8361,317

5.84.05.6

16.2

5.111.32.6

3.3

5.611.25.14.6

219.19

103,776101,65996,029

3,10092,9295,629

101,62895,7513,275

92,476

5,8771,196

5.83.95.8

16.2

5.011.72.4

3.26.4

5.610.85.14.6

219.34

103,740101,63295,9062,99092,9165,725

101, 86795, 8553,38792,468

6,0121,208

5.94.15.816.5

5.211.52.5

3.56.8

5.812.15.04.4

219.48

102,961100,86794,4362,762

91, 6736,431

102,18396, 3003,232

93,068

5,8831,251

5.84.05.7

15.7

5.111.22.6

3.36.4

5.710.65.04.4

220

103,343101,24994,7652,796

91,9696,484

3102,52796,6473,311

93,335

5,8811,260

5.74.05.7

16.1

4.911.92.6

3.46.4

5.611.54.84.1

7'SS 7 & ^ ' ^ r i ^ x r to May 1977 are not

l L j J S j 2 J t a t 6 S *"* C t ' C h a n g e - 1 9 3 0 - 7 5 , " P - 2 5 , N o . 6 3 2

If Effective with the Feb. 1977 SURVEY, the labor force series reflect new seasonal factors.Data have been revised back to 1972; comparable monthly figures for 1972-75 appear in EM-PLOYMENT AND EARNINGS (Feb. 1977), U.S. Department of Labor, Bureau of Labor Statistics.

O Effective March 1979 SURVEY, the civilian labor force series, seasonally adjusted, reflectrevisions back to Jan. 1978; comparable data for earlier periods will be shown later.


S-14 SUEVEY OF CURRENT BUSINESS March 1979


1977 1978

Annual

1978


1979

Jan. v Feb. v

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued

EMPLOYMENT!©

Employees on payrolls of nonagricultural estab.:OTotal, not adjusted for seasonal variation, .thous..

Private sector (excl. government). do

Seasonally Adjusted f

Total employees, nonagricultural payrolls!© do.._Private sector (excl. government) do...

Nonmanufacturing industries. doGoods-producing. do...

Mining do...Contract construction _. -do

Manufacturing do.._Durable goods _ do...

Lumber and wood products do...Furniture and fixtures do.. _Stone, clay and glass products do...Primary metal industries do...Fabricated metal products© do...Machinery, except electrical. do...Electrical equipment and supplies..do...Transportation equipment© doInstruments and related prod.® do...Miscellaneous manufacturing do...

Nondurable goods do...Food and kindred products do...Tobacco manufactures doTextile mill products do...Apparel and other textile products..do...Paper and allied products... .do...Printing and publishing.. .do...Chemicals and allied products doPetroleum and coal products do...Rubber and plastics products, nee.do...Leather and leather products do

Service-producing _ do...Trans., comm., electric, gas, etc doWholesale and retail trade do...

Wholesale trade doRetail trade do...

Finance, insurance, and real estate doServices doG overnment .do

Federal .doState and local do

Production or nonsupervisory workers on privatenonagric. payrolls, not seas, adjustedO.thous...

Manufacturing do

Seasonally Adjusted t

Production or nonsupervisory workers on privatenonagricultural payrollsf.. thous..

Goods-producing. doMining .doContract construction do

Manufacturing. do.Durable goods do

Lumber and wood products doFurniture and fixtures ...do.Stone, clay, and glass products do.Primary metal industries _doFabricated metal products© .doMachinery, except electrical._ .doElectrical equipment and supplies. ..doTransportation equipment©. ...doInstruments and related prod.© doM iscellaneous manufacturing do

Nondurable goods. do.Food and kindred products doTobacco manufactures doTextile mill products .doApparel and other textile products doPaper and allied products... ...doPrinting and publishing ...do.Chemicals and allied products .doPetroleum and coal products ...doRubber and plastics products, nec__.do.Leather and leather products do.

Service-producing do..Transportation, comm., elec, gas, etc do..Wholesale and retail trade do..

Wholesale trade. do.Retail trade.. do.

Finance, insurance, and real estate do..Services. _do.

r Revised. P Preliminary. ©See end of notef for this page.tData have been revised to conform to the 1972 Standard Industrial Classification and

adjusted to March 1977 benchmark levels; consequently they are not comparable with pre-viously published data. For a discussion of the effect of these revisions, see "BLS Establish-ment Estimate Revised to Reflect New Benchmark Levels and 1972 SIC," in the October 1978

82,25667,177

82,25667,17747,53024,289

8093,833

19,64711,573

722463668

1,1791,5772,1791,8681,862

615439

8,0741,703

74914

1,312693

1,3381,071

202712253

57,9684,696

18,4924,677

13,795

4,45215,24915,0792,727

12,352

55,04014,110

55,04017, 729

6153,004

14,1108,291

616381533920

1,1941,4251,2271,284

375335

5,8191,154

60795

1,126519644615131557217

37,3113,993

16,2973,869

12,4273,385

13,636

85,76070,282

85,76070,28249,95125,381

8374,213

20,33112,159

751486696

1,2061,6532,3371,9661,956

654454

8,1721,694

73911

1,316702

1,1811,088

209748251

60,3804,858

19,3924,897

14,496

4,67615,97615,4782,754

12,723

57,53614,611

57,53618,576

6283,337

14,6118,727

644400554948

1,2551,5371,2901,351

401347

5,8841,147

58793

1,130528666624137587215

38,9614,088

17,0924,036

13,0563,556

14,225

82,72467,372

83,87168,55748,49224,648

6783,905

20,06511,917

754484689

1,1861,6252,2591,9231,917

632448

8,1481,706

74917

1,318699

1,1591,079

207737252

59,2234,758

18,9914,802

14,189

4,56315,59715,3142,736

12,578

55,02814,237

56,11417,954

4933,021

14,4408,569

650399553929

1,2341,4831,2671,326

386342

5,8711,156

59799

1,132523656618136576216

38,1604,028

16, 7373,958

12,7793,472

13,923

82,96267,363

84,18868,83848,69924,724

6843,901

20,13911,986

756487691

1,1931, 6382,2711,9351,928

635452

8,1531,705

74917

1,315699

1,1631,081

208738253

59,4644,782

19,0714,828

14,243

4,59115,67015,3502,736

12,614

54,98414,250

56,34818,016

4943,023

14,4998,620

650401551937

1,2471,4931,2761,332

388345

5,8791,158

59798

1,131525658620136578216

38,3324,044

16,8123,982

12,8303,494

14,982

83,89768,171

84,72669,29149,06124,927

6983,999

20,23012,041

752491692

1,1891,6392,2891,9511,944

639455

8,1891,718

76916

1,319703

1,1711,081

209744252

59, 7994,817

19,1694,854

14,315

4,60515, 77315,4352,739

12,696

55,71614,355

56,74418,198

5093,122

14, 5678,661

647405552933

1,2471,5071,2881,342

391349

5,9061,168

60798

1,134527663620137583216

38,5464,067

16,8944,007

12,8873,500

14,085

85,07569,309

85,41869,90149,61925,313

8674,164

20,28212,076

751491699

1,1921,6462,3091,9511,936

644457

8,2061,715

74911

1,330706

1,1741,085

210748253

60,1054,847

19,2524,872

14,380

4,62315,86615,5172,745

12,772

56,76114,444

57,26318,541

6553,288

14, 5988,676

646405558934

1,2511,5171,2841,337

394350

5,9221,167

59794

1,144530664624137586217

38,7224,094

16,9524,020

12,9323,516

14,160

85,79669,988

85,61870,05649,75925,341

8694,175

20,29712,093

745489700

1,1971,6522,3111,9521,942

649456

8,2041,701

75913

1,326709

1,1801,093

207747253

60,2774,847

19,3354,885

14,450

4,63715,89615, 5622,753

12,809

57,35814,534

57,42818,565

6593,303

14, 6038,685

639404557939

1,2571,5161,2831,344

397349

5,9181,154

60795

1,140535668628135586217

38,8634,086

17,0794,026

13,0533,523

14,175

86,80071,109

85,99670,39950,08325,473

8794,278

20,31612,109

747486701

1,1971,6452,3321,9621,929

654456

8,2071,702

76908

1,325709

1,1861,091

209749252

60,5234,881

19,4124,905

14,507

4,67015,96315,5972,772

12,825

58,28914, 737

57,65318,660

6633,401

14, 5968,683

641400558939

1,2501,5331,2841,327

402349

5,9131,152

61792

1,137535668628136587217

38,9934,109

17,1064,043

13,0633,546

14,232

85,92570,996

86,03370,47650,17425,501

8824,317

20,30212,138

743485698

1,1991,6432,3451,9771,937

660451

8,1641,688

73909

1,307710

1,1871,091

207749243

60,5324,827

19,4694,901

14,568

4,69015,98915, 5572,765

12,792

58,12014,476

57,70418,675

6673,439

14, 5698,694

637398554942

1,2451,5471,2931,328

407343

5,8751,142

58791

1,121535669628135587209

39,0354,051

17,1654,040

13,1253,565

14,254

86,13471,375

86,14970,61350,335

71,556

86,16370,71850,432

25,463 I 25,471887 887

4,298

20,27812,146

743481692

1,2051,6462,3511,9751,941

661451

8,1321,670

69903

1,309698

1,1881,089

209746251

60,6864,846

19,5234,905

14,618

4,70716,07415,5362,765

12,771

58,43714,532

57,77118,619

6683,419

14,5328,693

636394549947

1,2451,5441,2931, 336

405344

5,8391,124

54785

1, 127523667623136584216

39,1524,066

17,2144,042

13,1723,579

14,293

4,298

20,28612,166

744480692

1,2141,6502,3581,9721,943

662451

8,1201,665

70907

1,309697

1,1781,088

209744253

60,6924,855

19,5464,917

14,629

4,71916,12715,4452,752

12,693

58,63714,877

57,86118,629

6713,422

14,5368,706

636395548953

1,2481,5501,2901,337

406343

5,8301,122

56790

1,124522657624137581217

39,2324,064

17,2284,053

13,1753,591

14,349

87,30371,745

86,57371,13050,69425,670

8934,341

20,43612,305

748484696

1,2201,6672,3911,9871,991

665456

8,1311,667

71907

1,307692

1,1851,089

210752251

60,9034,92219,6324,94514,687

4,73716,16915,4432,76012,683

58,77114,878

58,15118,795

6753,465

14,6558,816

641398551960

1,2641,5761,3011,370

408347

5,8391,122

57790

1,123519663624137589215

39,3564,129

17,2884,075

13,2133,603

14,336

87,80072,097

87,036' 71,564' 50,963

25,872903

4,368

20,60112,410

759487701

1,2351,6842,4042,0012,010

671458

8,1911,693

71910

1,307700

1,1981,093

210761248

61,1644,947

19,7014,968

14,733

4,77416,27015,4722,757

12,715

59,06314,803

58,57618.974

6833,488

14,8038,909

649400556976

1,2801,5811,3121,393

412350

5,8941,148

56795

1,123525672627138598212

39,6024,150

17,3724,093

13,2793,635

14,445

' 88,054' 72,367

' 87,281' 71,810' 51,081' 26,030

'904' 4,397

' 20,729' 12,491

' 765491707

'1 ,240'1,697' 2,425'2,011' 2,021

'676'458

' 8,238'1,711

72910

'1 ,312'705

'1,203'1,097

211' 771

246

' 61,251' 4,967

' 19,697'4 ,995

' 14,702

' 4,789' 16,327' 15,471

2,734' 12,737

' 59,323' 14,927

' 58,780' 19,114

'682' 3, 513

' 14,919' 8,985

'654403561981

1,291' 1,603' 1,320' 1,407

'416'349

' 5,934' 1,166

' 5 8' 7931,124'531'676

630139

'607210

' 39,666' 4,155

' 17,355'4,109

' 13,246' 3,644

' 14,512

' 86,236' 70,716

' 87,465' 71,984' 51,172' 26,099

'908' 4,379

' 20,812' 12,553

'770494

' 7051,2391,705

' 2,445'2,025' 2,029

'682'459

' 8,259'1,714

72'910

'1,317'708

'1,209' 1,101

'211'773'244

' 61,366' 4,962

' 19,797' 5,007

' 14,790

' 4,811' 16,315' 15,481' 2,743

' 12,738

' 57,673' 14,794

' 58,842' 19,149

'688' 3,461

' 15,000' 9,039

'659'405'560'980

' 1,293'1,618' 1,333'1,418

421'352

'5 ,961'1,171

58'794

' 1,130'535

681'634' 140'609'209

' 39,693'4,156

' 17,404'4,116

' 13,288' 3,663

' 14,470

86,44170,703

87,76672,28051,395-26,149

9164,348

20,88512,635

777494714

1,2471,7092,4612,0392,052

688454

8,2501,709

72909

1,307709

1,2151,102

212775240

61,6174,998

19,9275,021

14,906

4,82816,37815,4862,742

12,744

57,64714,821

59,10319,193

6953,424

15,0749,127

664406568990

1,3041,6381,3491,433

429346

5,9471,157

57790

1,122538687637141612206

39,9104,191

17,5314,132

13,3993,674

14,514

issue of Employment and Earnings, available from the U.S. Government Printing Office,Washington, D.C. 20402.

©Effective October 1978 SURVEY, includes data formerly shown separately under ord-nance and accessories.




1977 1978

Annual

1978


1979

Jan. p Feb.?


AVERAGE HOURS PER WEEKf

Seasonally Adjustedf

Avg. weekly hours per worker on private nonagric.payrolls:^ Seasonally adjusted! hours.

Not seasonally adjusted d o . . .Mining d o . . .Contract construction do. - .Manufacturing: Not seasonally adjusted do . . .

Seasonally adjusted d o . . .Overtime hours d o . . .

Durable goods do..Overtime hours do.

Lumber and wood products do.Furniture and fixtures do.Stone, clay, and glass products do.Primary metal industries do.Fabricated metal products© do..

Machinery, except electrical do.Electrical equipment and supplies do.Transportation equipment© do.Instruments and related products© do.Miscellaneous manufacturing ind do.

Nondurable goods do.O vertime hours do..

Food and kindred products do.Tobacco manufactures do .Textile mill products do.Apparel and other textile products do.

Paper and allied products do.Printing and publishing do.Chemicals and allied products do.Petroleum and coal products do.Rubbcr and plastics products, nee do.Leather and leather products do.

Trans., comm., elec, gas, etc do.Wholesale and retail trade do.

Wholesale trade do_Retail trade do_

Finance, insurance, and real estate do.Services do.

AGGREGATE EMPLOYEE-HOURS

Seasonally Adjusted

Employee-hours, wage & salary workers in non-agric. establish, for 1 week in the month, season-ally adjusted at annual ratef bil. hours.

Total private sector doMining doContract construction doM anufacturing doTransportation, comm., elec, gas doWholesale and retail trade doFinance, insurance, and real estate doServices do

Government do

115.4100.2133.4105.898.098.797.1

126.0105.9123.0120. 6123.1131.3138.8

120.2105.1135.9118.2101.8104.298.2

130.6108. 6126. 8126.0127.1138.0144.0

116.299.3

105.6100.398.9

100.596.5

127.9107.0123.7123.1123.9134.3141.7

Indexes of employee-hours (aggregate weekly) : ffPrivate nonagric. payrolls, total 1967=100

Goods-producing doM ining doContract construction doManufacturing do

Durable goods doNondurable goods d o ] . . .

Service-producing doTransportation, comm., elec, gas do . .Wholesale and retail trade do.

Wholesale trade do.Retail trade d o ! . . .

Finance, insurance, and real estate doServices do.

HOURLY AND WEEKLY EARNINGS

Average hourly earnings per worker:^Not seasonally adjusted:

Private nonagric. payrolls dollars 5.24 5.68 5.47Mining do . . 6.94 7.61 6.91Contract construction do 8.09 8.62 8.34Manufacturing do 5.67 6.16 5.97

Excluding overtime do 5.73Durable goods d o . . 6.06 6.57 6.35

Excluding overtime do 6.08Lumber and wood products do 5.09 5.59 5.39Furniture and fixtures do 4.34 4.67 4.55Stone, clay, and glass products do 5.80 6.31 6.04Primary metal industries do 7.40 8.19 7.86Fabricated metal products© do 5.90 6.33 6.11Machinery, except electrical do 6.25 6.75 6.53Electrical equipment and supplies do 5.39 5.82 5.66Transportation equipment©. do 7.28 7.89 7.59Instruments and related prod.© . do 5.29 5.70 5.54Miscellaneous manufacturing ind. .do 4.36 4.69 4.58

' Revised. v Preliminary. \ Production and nonsupervisory workers.t See corresponding note., p. S-14. © See corresponding note, p . S-14.

36.043.436.540.3

3.4

41.03.739.839.041.341.341.0

41.540.442.540.638.8

39.43.240.037.940.435.6

42.937.741.742.741.036.9

39.933.338.831.636.433.0

156.31126. 671.837.28

40. 969.7432.148.4426.2829. 64

35.843.436.740.4

3.6

41.13.8

39.739.341.641.841.0

42.040.342.140.938.8

39.43.2

39.838.240.435.6

42.937.641.843.540.937.1

40.032.838.831.036.532.8

162. 55132.02

1.898.03

42.4710.1233. 268.87

27.3830.53

35.535.142.834.339.239.83.5

40.43.7

39.338.440.041.440.3

41.139.741.640.438.0

38.83.2

39.737.640.333.7

42.537.441.643.140.236.5

40.032.738.730.936.333.0

157.83127. 87

1.507.03

41.439.87

32.518.64

26. 8929.96

35.735.343.235.639.640.13.7

40.74.0

39.640.040.941.640.7

41.840.040.940.638.3

39.13.3

39.738.340.335.5

42.537.441.642.839.836.4

40.132.738.730.936.332.9

159.13128.81

1.537.19

41.8910.0432.618.66

26.8830.32

117.1100.9106.8104.2100.1101.997.4

128.4107.7124.2123.9124.4135.1141.8

5.496.938.325.985.736.376.095.394.556.047.966.136.595.687.605.594.57

36.035.843.736.940.440.63.7

41.33.9

39.940.141.841.541.3

42.340.642.141.339.0

39.73.3

40.038.940.836.0

43.438.042.143.340.737.1

40.433.038.931.236.333.0

161.30130.93

1.597.62

42.5310.1233.098.42

27.2630.36

119.1103.6111.3111.5102.0103.999.2

129.8109.1125.9125.3126.1135.4143.3

5.526.958.406.005.756.406.125.404.566.087.940.196.615.687.695.604.60

36.135.844.037.340.440.83.8

41.44.0

40.240.142.041.541.4

42.340.442.441.439.1

39.83.4

40.138.740.936.3

43.537.942.043.641.338.1

40.033.039.031.236.733.0

162.90132. 21

1.988.10

42.5710.1133.228.84

27.3930.69

120.4106.0144.2118.8102.5104.299.9

130.5108.7126.4126.0126.6137.5144.1

5.597.628.396.035.796.446.165.434.596.187.986.256.615.707.745.624.63

35.935.743.436. 640.440.43.5

41.03.7

39.539.441.641.741.1

42.140.241.840.8

39.53.2

39.838.740.535.9

42.937.341.942.941.137.6

40.232.938.731.136.332.9

162.48131. 79

1.967.94

42.4410.1533.218.78

27.3030.69

120.0105.1143.1117.1101.0103.598.9

130. 5109.0126.8125.2127.3136.2143.8

5.627.648.526.075.826.476.195.494.616.258.046.276.635.737.755.654.64

35.936.243.437.340.840.53.6

41.23.7

40.039.541.941.841.0

42.340.242.040.838.8

39.43.1

39.639.640.335.8

42.937.541.943.441.137.4

40.132.838.831.036.532.8

163.31132. 60

1.988.36

42.4910.1833. 368.88

27.3430.71

120.6106.0144. 0122.8101.7103.898.7

130.7109.4126.8126.1127.0137.9143.9

5.657.698.566.115.856.526.235.664.666. 338.106.296.705. 757.815.654.66

35.936.343.037.340.340.53.6

41.23.8

39.839.341.741.841.0

42.240.742.140.738.8

39.43.2

39.838.640.235.8

42.937.641.843.940.937.2

39.632.938.731.136.632.8

163.47132. 56

1.998.39

42.549.93

33.428.94

27.3530.92

120.6106.1143. 5124.2101.6104.098.1

130.7106.5127.4125. 7128.0139. 0144.1

5.697.828.636.175.926. 576.295.714.686.378.196.326.735.837.845.704.70

35.836.243.637.140.440.3

3.4

41.03.6

39.339.041.642.040.9

41.840.441.841.039.0

39.33.2

39.537.740.435.6

42.737.441.944.340.937.1

39.932.838.830.936.532.7

162.91132. 29

2.038.29

42.2210. 0533.388.93

27.3930.62

120.4105.4145.7122.8101.0103.597.2

130.8107.7127.2126.1127.7139. 2144.1

5.717.798.726.165.906.576.285.684.726.408.310.356. 745.877.785.734.70

35.836.043.037.040.740.4

3.6

41.13.8

39.638.841.841.840.9

41.940.142.540.939.0

39.43.2

39.537.940.435.7

42.737.841.843.841.037.2

40.132.839.030.936.532.8

162.93132.61

1.998.26

42.3010.1133.478.96

27.5230.32

120.8105. 5144.4122.6101.2103.997.2

131.4108.2127. 5127.1127.7139.6145.1

5.827.948.876.285.996.716.395. 754.766. 468.426.456.885.948.045.764.74

35.935.943.036.940.640.5

3.6

41.23.9

40.139.041.842.140.8

42.040.342.640.933.8

39.33.2

39.936.740.335.2

42.637.741.943.941.037.1

40.132.938.931.036.632.8

163. 68133. 51

2.018.32

42.6010.2133.669.01

27.7030.18

121.6106.5145.2123.8102.1105.597.2

132.0109.9128.2121A128.5140.5145.0

5.867.978.886.326.046.766.445.774.786.488.426.496.945.968.215.794.77

35.835.843.336.840.940.7

3.7

41.44.0

40.139.241.942.341.1

42.240.442.940.938.8

39.63.2

40.037.440.435.7

43.137.942.144.241.136.8

40.032.838.830.936.3S2.7

165.19134.22

2.068.33

43.1410.2733. 639.03

27. 7630.97

122.4108.0148.0124.3103.7107.198.8

132.3110.2128.4127.6128.7140.6145.6

5.888.058.886.386.106.816.495.764.806.538.526.547.005.988.275.834.80

35.936.1

'•43.7'37 .2

41.440.7

3.8

41.54.1

40.1'39 .2

42.042.241.4

'42 .540.542.9

M0. 938.8

39.53.3

40.0'38 .1MO. 4' 35. 6

42.737.6

'41 .843.7

'41 .2'36 .7

'40 .032.938.931.036.3

'32 .5

165.53134.89

2.078.51

43.5110.3533.649.05

27.7630.63

122.9' 109.1' 149.1' 126. 5' 104. 6' 108. 3'99 .1

' 132. 5' 110. 3' 128. 7' 128. 5' 128.8' 140. 9' 145. 4

'5 .91'8 .05'8 .91

6.476.186.926.59

'5 .794.86

'6 .578.566.627.136.108.40

' 5. 95'4 .86

35.735.2

'43 .5'36 .0'40 .1'40 .7

3.8

'41 .44.2

'40 .0' 39 .1' 41 .3' 42. 2' 41.2

'42 .1'40 .6'43 .0'41 .2'39 .0

'39 .63.2

' 40 .1'36 .8'40 .9' 3 5 . 3

42.937.742.0

'44 .2'41 .5'36 .9

'40 .032.438.730.5

' 36 .332.6

165.68134. 89

2.048.38

43.5810.4133.619.10

27.7830.79

'122.4' 108. 6' 149. 7' 120. 6' 105.1' 108. 7'99 .9

' 132. 0' 110. 4' 127. 4

128.0' 127.1

141.7' 145.4

5.95'8 .20'8 .96'6 .48

6.22'6 .90

6.60'5 .81'4 .89'6 .55'8 .58'6 .59

7.07'6 .12' 8. 33'5 .97'4 .92

35.735.443.336.440.240.6

41.44.239.538.841.541.841.3

42.540.742.841.238.8

39.43.239.636.340.135.4

43.037.842.044.941.436.5

39.732.638.830.736.232.6

123.0109.0150.6120.7105.4109.799.2

132.8110.5129.0128.9129.0141.7145.9

5.978.218.976.506.236.936.625.824.936.578.666.637.136.148.326.044.94




1977 1978

Annual

iVKY O F KEN I 13U

1978


Marclt 1979

1979

Jan.*> Feb. P

LABOR FORCE, EMPLOYMENT,

HOURLY AND WEEKLY EARNINGS—Con.

Avg. hourly earnings per worker, private nonagric.payrolls. Not seas. adj. %—Continued

M anufacturing—ContinuedNondurable goods . . . dollars

Excluding overtime doFood and kindred products -. -do. - .Tobacco manufactures doTextile mill products... . doApparel and other textile products...doPaper and allied products doPrinting and publishing _.. . do. . .Chemicals and allied products doPetroleum and coal products.. . . doRubber and plastics products, nee - .do._ .Leather and leather products do

Transportation, comm., elec, gas _. doWholesale and retail trade . do . .

Wholesale trade doRetail trade do

Finance, insurance, and real estate . doServices.. . - . . . . . - do

Seasonally adjusted:!Private nonagricultural payrolls do

Mining . __ do. . .Contract construction doManufacturing . . . . .doTransportation, comm., elec, gas doWholesale and retail trade doFinance, insurance, and real estate doServices . . . . . . . do

Indexes of avg. hourly earnings, seas, adj.: If tPrivate nonfarm economy:

Current dollars 1967=1001967 dollars A - - do . . .

Mining _ _ . . . . _ .doContract construction doManufacturing . . . . . do . .Transportation, comm., elec, gas -doWholesale and retail trade doFinance, insurance, and real estate doServices . do

Hourly wages, not seasonally adjusted:Construction wages, 20 cities (ENR): cf

Common labor, $ per hr .Skilled labor . do

Farm (U.S.) wage rates, hired workers, bymethod of pay:

All workers, including piece-rate $ per hr . .

Workers receiving cash wages only .doWorkers paid per hour, cash wages only..do . . .

Avg. weekly earnings per worker, Ifprivate nonfarm:t

1967 dollars seasonally adiimteH ASpendable earnings (worker with 3 dependents):

1067 dollars seasonally adiiisfpfl ACurrent dollars, not seasonally adjusted:

Private nonfarm, total dollarsMining _ doContract construction doManufacturing ... . . .. . do ..

Durable goods doNondurable goods - - -do

Transportation, comm., elec, gas doWholesale and retail trade . .. - -do

Wholesale trade do . .Retail trade do

Finance, insurance, and real estate do ..Services _ _ do

HELP-WANTED ADVERTISING

Seasonallv adjusted index 1967=100

LABOR TURNOVER

Manufacturing establishments:Unadjusted for seasonal variation:

Accession rate, totalmo. rate per 100 emplovees.

New hires doSeparation rate, total _. do

Quit. _ _ doLayoff-.. . do

Seasonally adjusted:Accession rate, total . _ do

New hires . . . . doSeparation rate, total do . . .

Layoff do

WORK STOPPAGES O

Industrial disputes:Number of stoppages:

Beginning in month or year number.

Workers involved in stoppages:Beginning in month or year. . thous.In effect during month d o . . .

Days idle during month or vear do . . .

5.10

5.375.623.983.625.966.116.437.825.173.416.994.275.393.854.544.65

5.246.948.095.676.994.274.544.65

196.8108.4214.8194.3199.4213.2189.5180.7197.9

9.4612.56

2.872.823.06

7.481

188.64301.20295.29228.50248. 46200. 94278. 90142.19209.13120.11165.26153.45

118

4.02.83.81.91.2

' 5,506

' 2, 040

' 35,822

5.53

5.806.274.293.946.526.477.018.605.503.907.544.665.884.194.904.99

5.687.618.626.167.544.664.904.99

212.6108.9238.5206.8215.7230.1206.5194.6212.5

10.0813.36

3.073.023.223.10

203.34330.27316.35248.86270.03217.88301.60152.85228.14121.66178.85163.67

149

4.13.03.82.1.9

4,300

1,600

39,666

5.385.185.636.034.173.856.276.336.788.415.343.807.344.545.674.104.764.89

5.466.848.305.937.344.514.724.86

206.0109.8219.7198.8208.1223.8199.9187.7207.0

9.7713.01

3.183.143.403.18

193.83103.32

173.2792.36

192. 00289. 53275.22234.02252. 73205. 52289. 20146.19217.73120.08173.26.160.39

138

3.82.53.61.51.2

4.2

3.13.89 O

. 9

217r 394

62318

5,286

5.385.175.686.064.163.856.326.346.828.575.333.847.374.545.664.104.764.91

5.496.928.355.987.384.504.714.87

206.6109.4221.0200.1209.4224.9199.7187.3206.8

9.7813.03

195.99103.81

174.9392.65

193.80297. 30287. 87236.81256. 71208.21294.80146. 64217. 34122.36173.26160.56

139

3.22.23.11.4

.9

4.0q n3.82.0

. 9

247449

45329

4,802

5.395.195.696.304.173.896.326.376.838.505.323.867.344.565.694.114.764.91

5.546.948.476.017.404.554.754.90

208.3109.5222.5203.0211.0225.6201.5188.9208.7

9.8213.04

199.44104.86

177.5293.33

197. 62301. 63304. 92242.40263. 04212. 37294. 33149.11220.20122. 88172. 79161.05

141

3.72.63.51.8

. 9

3.9q (\3.82 01.0

287527

90367

4,842

AND

5.425.215.736.334.173.916.336.376.878.535.363.877.454.605.784.144.844.95

5.617.638.476.057.494.604.844.95

210.3109.6237.1203.5212.2228.4203.5192.3210.5

9.8313.04

3.093.053.223.08

202. 52105. 59

179.8393.76

200.12332. 23310. 43243. 61265.33213. 55296. 51150. 42224. 26127. 26177.14162.36

146

4.02.93.52.0

.7

4.23 14.02.2

. 9

395670

118190

2,097

EARNING S—Cont inued

5.445.245.756.414.193.896.376.386.938.525.433.887.454.615.784.154.854.95

5.627.668.596.087.504.604.844.94

211.0109.1237.3206.0213.5229.2204.0192.4210.4

9.8713.09

201.76104. 21

179.2692.69

200. 63331. 58312. 68245. 23265. 27213. 79297. 26150. 75223. 69133. 57176. 06161. 37

144

4.73.63.62.1

. 7

4.0q n3.92 11.0

484835

130307

2,670

5.485.265.756.614.203.926.516.426.968.525.473.897.474.625.814.164.894.93

5.667.718.656.127.524.634.894.96

212.3108.8239.8207.6214.7229.6205.2194.6211.5

9.9613.19

7.716

203.19104.20

180.3392.48

204. 53336. 05324. 42249. 29270. 58217. 56301. 04153. 38226. 59127. 40178. 49162. 69

147

4.83.83.82.2

. 7

3.9q n4.02 11.0

475859

114228

2,579

5.575.355.806.584.323.926.636.477.058.585.513.897.534.665.914.194.934.95

5.717.858.666.187.534.674.955.01

214.1109.1244.3207.9216.7230.4207.6196.9213.2

10.2613.55

2.932.903.063.00

204.99104.48

181.6892.60

206. 55337. 82329. 67248. 65268. 71220. 02301. 20157.04230. 49134. 08180. 93164.84

150

4.43.24.12.11.1

3.89 Q3.92 0

. 9

467810

177338

3,071

5.565.335.806.304.373.936.596.517.068.595.543.877.634.675.924.194.914.94

5.737.888.726.207.584.704.925.02

214.6108.7244.5209.2217.5231.2208.3196.0212.9

10.2713.61

205.13103.97

181. 7892.13

206. 70338.09330.49248.80268. 71220.18307.49156.45230. 88133.24179. 71164.01

151

5.34.15.23.4.7

3.89 ft3.71 9. 9

439774

198333

3,714

5.625.385.876.104.423.996.686.587.138.675.583.927.714.746.024.254.975.00

5.777.948.876.287.714.744.975.06

216.2108.7247.1209.9218.9233.3209.9198.2214.8

10.3113.66

20fi. 57103.86

182. 8691.94

209. 52345. 39332. 63255. 60277. 79223.68309.94Ic5. 47234. 78131. 33180. 91165.46

152

4.83.94.83.0

. 8

4.1q -i3.72 0

. 8

453785

448603

4,446

5.645.415.895.994.424.016.686.587.198.675.663.947.724.786.064.285.025.12

5.827.998.776.327.664.775.035.10

218.0108.8249.7210.6220.8234.0211.6199.8217.5

10.3313.68

3.183.113.343.20

208.94104.16

184. 6492.04

210. 37348. 29336. 55256.59279.19222.78309.57156.31236. 34131.82183. 73167.42

161

4.33.54.02.3

. 9

4.43 43.92.3

. 9

389775

106214

2,277

5.705.475.976.184.454.046.756.647.228.755.693.987.724.806.084.305.035.13

5.878.038.826.387.684.815.065.11

219.0108.5249.8211.4222.4234.7213.0200.8217.8

10.3413.72

210.15104.14

185.5591.95

210.15351.35323.60260.53283. 30226.46309. 20156.48236. 51131. 58182.59167.24

161

3.32.63.51.71.0

4.5S 53.92.2

. 8

290638

63199

1,776

5.755.52

'6 .02'6 .32

4.484.076.79

'6 .68'7 .28'8 .86'5 .75'4 .01'7 .82'4 .80

6.15'4 .31'5 .07

5.16

5.918.058.876.437.754.835.055.14

' 220. 7' 108. 6' 249.1' 212. 5' 224.1' 238. 3' 214. 6' 202. 0' 218. 9

10.3713.73

212.17104. 41

187.0692.06

'213.35»-350.18'330. 56

267. 86292. 7222t. 43r 314. 36

'158.88'240.47' 134. 90' 184. 04' 167. 70

165

' 2 . 31.7

' 3. 41. 31.3

' 4 . 43.5

' 4 . 12.2

. 9

157

49

1,440

5.81'5 .60'6 .10' 6 . 46' 4 . 5 1'4 .17'6 .80'6 .69'7 .31'8 .97'5 .81'4 .15'7 .79'4 .95

6.18'4 .46'5 .13'5 .23

5.948.178.946.437.784.915.075.21

222.3108. 3251.9

' 213. 5' 225. 3' 238. 0' 217. 6' 202.1' 221. 4

10.3713.76

3.373.333.603. 34

212. 06103. 34

188. 7191.96

209. 44r 348. 50r310. 91r 259. 85

281. 52226. 59r 306. 93

' 157. 91T 237. 31

133. 35'186.73r 169. 45

161

4.02.8

1.14.43.44.02.3

. 8

5.815 596.116.574.504.186.826.627.318.945.794.157.824.966.184.475.165.26

223.1

252.7215.3226.5239.0217.8202.8221.7

10.4013.79

213.13

189. 54

211. 34353. 03317. 54261. 30284.13226. 59309. 67159. 22237. 93134. 99187. 31170.42

'Revised. P Preliminary. f Production and nonsupervisory workers. AEarningsin 1967 dollars reflect changes in purchasing power since 1967 by dividing- by Consumer PriceIndex; effective Feb. 1977 SURVEY, data reflect new seas, factors for the CPI. tSee cor-

responding note on p. S-14. cfWages as of Mar. 1,,1979: Common, $10.40 skilled,©Revisions for 1975 are in the July 1976 SURVEY.




1977 1978

Annual

1978


1979

Jan. Feb.


UNEMPLOYMENT INSURANCEUnemployment Insurance programs:

Insured unemployment, all programs, averageweekly § 9 thous-.

State programs (excl. extended duration prov.)Initial claims thous..Insured unemployment, avg. weekly.._do

Percent of covered employment: AUnadjustedSeasonally adjusted

Beneficiaries, average weekly thous..Benefits paid § mil. $..

Federal employees, insured unemployment,average weekly thous.

Veterans' program (UCX):Initial claims do . . .Insured unemployment, avg. weekly.._do-._Beneficiaries, average weekly do . . .Benefits paid mil. $.

Railroad program:Applications thous.Insured unemployment, avg. weekly.-.do.--Benefits paid mil. $.

3,304

19,4882,647

3.9

2,1788,773.0

46

3548078

341.5

10421

99.8

2,428

17,9662,358

4.0

1,9448,225.5

34

2735354

247.3

13025

89.0

3,781

2,2723,191

4.63.6

2,520910.2

46

256971

26.0

1340

13.1

3,638

1,6923,273

4.73.6

2,753919.2

42

236965

22.6

1241

16.9

3,212

1,4422,901

4.23.5

2,6151,002.0

38

5960

24.5

3518.4

2,659

1,2112,379

3.43.1

2,140704.6

32

185255

19.7

322

10.4

1,2292,051

2.93.1

1,724638.9

29

204747

19.2

213

5.3

2,297

1,3491,962

2.83.1

1,653579.0

234546

18.2

115.9

2,581

1,6802,265

3.23.4

1,680557.8

31

244946

17.8

1616

3.9

2,394

1,3722,168

3.03.6

1,811677.4

32

255051

21.5

2833

1.5

2,064

1,0591,860

2.63.3

1,552521.0

5318.3

311.4

'1,999

1,2881,816

2.43.1

'1,455'519.7

34

4946

n»18.9

1523

1.0

2,148

P 1,4902,009

2.73.1

1P1,5395506

32

' P 2 248

r*>4819.5

1017

5.4

2,567

v 1,8822,421

3.23.1

1,881645.1

34

P 2 450

*>54"21.1

817

5.7

p 3,198

v 3,036

" 3 . 1

37

FINANCE

BANKINGOpen market paper outstanding, end of period:

Bankers' acceptances mil. $.Commercial and financial co. paper, total. _do-._

Financial companies do . . .Dealer p laced do . . .Directly placed do . . .

Nonfinancial companies do. - .Agricultural loans and discounts outstanding of

agencies supervised by the Farm Credit Adm.:Total, end of period mil. $..

Farm mortgage loans:Federal land banks do

Loans to cooperatives doOther loans and discounts do

Bank debits to demand deposit accounts, exceptinterbank and U.S. Government accounts,annual rates, seasonally adjusted:

Total (233 SMSA's)O__I bil. $.New York SMSA do

Total 232 SMSA's (except N.Y.) do.6 other leading SMSA'sf do226 other SMSA's do.

Federal Reserve banks, condition, end of period:Assets, total 9 mil. 3

Reserve bank credit outstanding, total 9 _do..:_Time loans doU.S. Government securities do

Gold certificate account do

Liabilities, total 9 do.

Deposits, total doMember-bank reserve balances do

Federal Reserve notes in circulation do

All member banks of Federal Reserve System,averages of daily figures:

Reserves held, total mil. $._Required doExcess do

Borrowings from Federal Reserve banks. . .doFree reserves do

Large commercial banks reporting to Federal Re-serve System, Wed. nearest end of yr. or mo.:

Deposits:©Demand, adjustedo" mil. $..

Demand, total 9 doIndividuals, partnerships, and corp doState and local governments do..""U.S. Government doDomestic commercial banks do

Time, total 9 doIndividuals, partnerships, and Corp.:

Savings doOther time do

Loans (adjusted), total ©d" do__.Commercial and industrial do..""For purchasing or carrying securities doTo nonbank financial institutions do._.Real estate loans doOther loans _ do

Investments, total© doU.S. Government securities, total do

Notes and bonds.. . doOther securities . "do

'25,45063,97749,3228,926

40,39614,655

41, 713

22,1395,600

13,974

139,889

116,303265

102,81911,718

139,889

35, 55026,87093,153

1 36,47136, 297

i 1741558

120,472

200, 280143, 553

6,3463,744

29, 275

252,424

92,461121,400

324, 557125, 534

13, 63823,90474, 600

111, 547

113,93446, 11137, 24767,823

33,70082,23663,85712,35051,50718,379

47,344

25,5966,10215,646

153,151

123,4881,174

110,56211,671

153,151

36,97231,152

103,325

141,572141,447

U251874

i -615

113,248

203,092144,438

5,309981

34,086

258,061

77,865141,940

347,246134,03810,65524,16680,655

119,560

97,95335,549

3 32,43762,404

25, 25266,59451,0559,409

41,64615,539

42,179

22, 3516, 0x73

13, 755

134,925

109,849758

97, 00411,718

134,925

31,82219, 30190,159

38,18537, 880

305481

-144

.14,743

88,22634,1817,1072,105

27,983

252,425

92,562L20,910

!22,039.24,35912,98322,57375,241.09,149

.10,11344,61137,59865,502

25, 41167,11651,7859,34042,44515,331

42,663

22,5816,27713,806

134,500

110,235304

98,45011,178

134,500

30,80526,04790,703

36,73836,005

133405

-220

112,191

191,501136,2936,3772,74529,172

254,902

92,641122,262

323,040126,60912,61222,37075,897106,727

110,76344,96938,38065,794

26,18167,215•51,5628,972

•42,59015,653

43,632

22,9276,800

13,905

136,643

113,604332

101,57711,718

136,643

33,69727,90091,666

36,23135,925

306344

9

112,769

177,269128,408

5,6652,702

24,482

260,621

94,013126,550

325,163128,80511,52122,58976,788

107,664

109,90744,03837,71065,869

26,25670,70053,9839,693

44,29016,717

44,329

23,1856,939

14,205

\ uVf "Preliminary. i Average for Dec. 2 Data no longer available. 3 Seenote j on page S-18. ©See corresponding note on p. S-18. §Insured unemployment(an programs) data include claims filed under extended duration provisions of regular Statelaws: amounts paid under ihese programs are excluded from state benefits paid data.

Alnsural unemployment as % of average covered employment in a 12-month period.V includes data not shown separately. cfFor demand deposits, the term "adjusted"

288-330 O - 79 - S3

141,394

116,6211,750

103,50011,718

141,394

36,66328,32192,331

36,88036,816

64539

-432

112,127

188,146133,580

6,5103,714

26,886

261,462

93,202128,296

332,251131,65412,48122,93177,936108,708

112,41744,33539,53468,082

26,71471,90055, 89210,20145, 69116, 008

44, 666

23, 5266,63114,509

141,977

116.6071,167

102, 82611,718

141,977

33,64730,13594, 570

37,11936,867

2521,227-882

113,822

206,908144,8526,1441,325

35,975

265,176

93,405131,672

339,652134,60112,29623,02379,156117,686

111,29543,42538,50367,870

28,28972,88456,2779,83046,44716,607

44,926

23,8666,11414,945

148,127

124,4391,428

L10,14611,706

148,127

40,59527,92095,345

37,26237,125

1371,111-854

13,522

L87, 760.33,8236,1822,90927,540

266,884

92,88334,330

541,669L35,52812,33522, 99180,530.13,196

.10, 26342,74238,01167,521

27,57973,80956,63310,25846,37517,176

45,201

24,1525,74715,302

146,137

123,6071,127

108,88511,693

146,137

39,91028,46195,571

38,18938,049

1401,286

-1,003

116,955

L92,013138,2206,6321,444

28,213

267,169

91,857135,919

145,594L35, 46712,17223,52082,621.14,293

10,09742,84738,35067,250

28,31973,27356,23610,51145,72517,037

45,614

24,4675,63415,513

148,947

126,311954

111, 73911,679

148,947

40,77327,70596,534

37,66637,404

2621,147

14,813

.86,539

.35,1365,5921,031

27, 563

270,102

91,590L37,422

348, 636134, 98112,49023,57684,410.13,853

10,88842,77738,18768,111

27,95274,99457,37310,96646,40717,621

46, 051

24, 7605,642

15, 649

153,075

129,6751,365

115,27911,668

153,075

44,43026,83096,572

37,68937,614

751,068-802

113,870

191,858135,1285,8025,970

272,480

91,633139,485

353,784136, 71012,86524,022^85,882114,813

112,02042,91738,57969,103

30, 57978,51859,91711,219

18,601

46,729

25,0706,21415,445

156,320

.29,2661,207

15,32211,655

156,320

42,56326,26098,154

38,43438,222

2121,261

118,184

201,237142,470

6,7091,303

31,091

276,533

90,783.43,895

365,297139,87813,04824,69287,588.20,965

11,17641,48438,15669,692

32,14581,89062,58411,84250,74219,306

47,053

25,3556,38215,316

153,098

129,255813

13,30511,642

153,098

39,45231,91900,825

39,72839,423

305722

-232

14,248

.91,695

.38,6125,672954

29, 773

280,971

90, 044.48,290

366,087140,57310,97124,11988,929.25,474

11,49841,31738,18170,181

33,70082,23663,85712,35051,50718, 379

47,344

25,5966,102

15, 646

153,151

123,4881,174

L10,56211,671

153,151

36, 97231,152.03,325

41, 57241,447

125874

-615

13,248

203,092144,4385,309981

34,086

258,061

77,865.41,940

347,246L34,03810,65524,16680, 655.19,560

97,95335,549> 32,43762,404

••147,138

86,23266,45113,40853,04319, 781

48,374

26,0206,73215,622

49,351

26,3557,25515, 740

147,306

119,730 120,764' 4,366 1,604

101,279 103,48611,592 11,544

147,138

'34,666'29,93199, 354

'43,167'42,865

'302994

-580

.01,765

.76,356

.24,4815,3641,411

29,036

258,293

76,480.42,539

341,886131,60410,97923, 29781, 84924,743

98,84834,98431,05163,864

147,306

33,84529,280

40,82840,500

328973

-531

98,781

180,383126,0095,224862

31,681

257,738

76,023142,730

343,926133,89910, 28722. 98082,387115,230

100,58236,14031,73264,442

denotes demand deposits other than domestic commercial bank and U.S. Government, lesscash items in process of collection; for loans, exclusive of loans to and Federal funds transac-tions with domestic commercial banks and include valuation reserves (individual loan itemsare shown gross; i.e., before deduction of valuation reserves). ©Total SMSA's includesome cities and counties not designated as SMSA's. ^Includes Boston, Philadelphia,Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach. ^Corrected.




1977 1978

Annual

1978


1979

Jan. Feb.

FINANCE—Continued

BANKING—Continued

Commercial bank credit (last Wed. of mo., exceptfor June 30 and Dec. 31 call dates), seas adj.:f

Total loans and investments© bil $LoansO . doU S Government securities doOther securities do

Money and interest rates:§Bank rates on short-term business loans:

Tn 35 center*? Dercent r>er annumNew York Citv do7 other northeast centers do8 north central centers do

8 southwest centers do

5 Discount rate (N.Y.F.R. Bank), end of year ormonth percent

Federal intermediate credit bank loans do

Home mortgage rates (conventional 1st mort-gages) :f

New home purchase (U.S. avg.) percent..Existing home purchase (U.S. avg.) do

Open market rates, New York City:Bankers' acceptances (prime, 90 days)_. .doCommercial paper (prime, 4-6 months).-doFinance co. paper placed directly, 3-6 mo.do

Yield on U.S. Government securities (taxable):3-month bills (rate on new issue) percent..3-5 year issues _ do

CONSUMER INSTALLMENT CREDIT |

Total extended and liquidated:Unadjusted:

Extended mil $Liquidated do

Seasonally adjusted:Extended, total 9 do

By major holder:Commercial banks doFinance companies doCredit unions doRetailers do

By major credit type:Automobile doRevolving doMobile home do

Liquidated total 9 do

By major holder:Commercial banks doFinance companies doCredit unions doRetailers do

By type of credit:Automobile doRevolving doMobile home do

Total outstanding, end of year or month: do

By major holder: 9Commercial banks doFinance companies. __ _ _ _ doCredit unions- doRetailers do

By type of credit: 9Automobile doRevolving.. . . doMobile home. _ _ do

865.4612.993.5

159 0

6.001 6.93

'8.8018.83

2 5.592 5. 602 5.49

2 5.2652 6.85

254,071218,793

230,829

112,37344,86837, 60523,490

82,91139,27415,141

967 3709.088 4

169 9

9.50

18.01

19.3019.36

2 8.112 7.992 7.78

2 7.2212 8.30

298,574253,508

275,640

136,18954,30945,93924,876

102,46847,05116,042

874.3622.492.5

159 4

6.37

7.34

8.938.95

6.866.796.69

6.4487.71

18,72519,426

21,983

10,5293,5732,9193,219

6,5417,960

447

19,546

9,0023,0512,4053,418

5,2157,545

398

230,126

112,77844,87737,40222,526

83,07538,79515,092

881 9625.497.5

159 0

6.50

7.48

8.968.99

6.826.806.74

6.4577.76

18,95918,538

22,758

10,7923,6983.0863,232

6,7308,147

405

19,896

9,1493,1472,4573,427

5,3977,698

389

•230,547

113,20545,09937,75821,869

83,82638,14315,070

888 8633.596.5

158 8

6.50

7.64

9.039.04

6.796.806.73

6.3197.76

24,61121,318

23,925

11,3823,8573,2823,438

7,0438,398

493

19,849

9,1693,1782,5173,228

5,4097,566

398

233,842

115,05045,60838,72421,639

85,75738,03415,149

904.8645.098.4

161 4

6.50

7.76

9.079.14

6.926.866.74

6.3067.90

23,98519,970

24,682

12,1024,1583,2573,337

7,4348,523

529

20,576

9.6553,2792,5873,279

5,6227,840

417

237,855

117,65446,46339,23621,570

87,74738,42615,287

917 9657.997.1

162 9

6.84

7.86

9.149.17

7.327.116.98

6.4308.10

26.89821,383

25,104

12,0674,1793,4843,408

7,5928,563

527

20,824

9,8073,3182,6353,273

5,7157,919

426

243,371

120,44047,58040,48121,744

90,35938,96715,396

92^.4661.298.4

162.8

7.00

7.94

9.239.27

7.757.637.41

6.7078.31

28,24421,750

25,565

12,3824,2233,4453,552

7,5959,062

510

21,358

9,9953,5992,6483,318

5,9538,107

440

249,865

124,08048,63741, 93621,813

93,36140,00115,532

035 9

672.099.7

163 5

7.23

8.05

9.349.41

8.027.917.66

7.0748.54

25,26621,234

25,022

12,1874,2613,2713,477

7,6528,700

509

21,556

10,0873,5902,7583,333

5,9418,100

426

253,897

126,61949,50242,35521,828

95,28940,55315,663

939.2677.297.0

165.0

7.43

8.18

9.459.55

7.987.907.65

7.0368.31

28,31322,596

25,669

12,2554.3483.3793,725

7,7449,028

531

22,037

10,4703,6122,7663,383

6,1408,291

452

259,614

129,62250,55843,49922,093

97,68741,62915,799

947.1684.496.3

166 4

7.83

8.27

9.509.62

8.548.448.18

7.8368.38

24,85921,086

25,537

12,1234,3723,3603,718

7,5429,006

494

21,857

10,4093.5252,7213,390

6,0108,384

422

263,387

131,40351,28044,32522,302

99,06242,42015,910

955.4693.794.3

167.4

8.26

8.38

9.609.68

9.329.038.78

8.1328.61

r 25,290r 22,845

25,758

12,1824,6053.4013,518

7,5018,846

604

22,384

10,5653,7422,7573,403

6,1268,500

579r 265,821

' 132,70251,98444.63522,464

100,15942,57915,925

966.3706.790.3

169.3

9.50

8.50

9.639.74

10.5310.239.82

8.7878.97

25.94622,079

26,214

12,4764,5123,5303,571

7,7879,176

486

22,115

10,5513,4942,7513,385

6,0328,511

411

26'J,445

133.90853,09945,30523,006

101,56543,52316,017

967.3709.088.4

169.9

9.50

8.70

9.769.85

10. 5510.4310.06

9.1229.23

- 27,47821,283

r 26,500

' 12,521* 4,679

3,5263,612

r 7,8339,424••502

22,100

10,4413,5812,7533,416

6.0538,555

431

' 275,640

' 136,18954,30945,939

r 24,876

p 102,468T 47,051r 16,042

9.50

9.16

'9 .92

r 10. 08

10.2910.3210.10

9.3519.36

22,60822, 902

25,544

12,1534,5473,2413,565

7,5459,417

369

22,483

10,8233,2062,8813,655

5,8658,984

329

275,346

136,45255,00445, 52623, 962

102, 89046, 51616,004

9.50

9.48

9.9110.12

10.0110.019.85

9.2659.16

r Revised, v Preliminary. 1 Average for year. 2 Daily average. 3 Data no longer available.©Adjusted to exclude interbank loans. § For bond yields, see p. S-21. f Beginning Jan. 1959,monthly data have been revised to reflect new seasonal factors and adjustment to bench marksfor the latest call date (Dec. 31,1975). Revisions are available from the Federal Reserve Board,Washington, D.C. 20551. JBeginning Jan. 1979 SURVEY, the consumer credit group has beencompletely restructured. Comparable data prior to Nov. 1977 are available from the FederalReserve Board, Washington, D.C. 20551. f Beginning Jan. 1973, data have been revised;revisions for Jan. 1973-April 1975 will be shown later. 9 Includes data for items not shownseparately.

NOTES FOR P.S-17:0 Data beginning Dec. 1978 reflect a reduction in number of banks reporting (from 317

to 171) and changes in consolidation basis as well as content of several asset and liabilityitems. Comparable data for earlier periods will be available later.

$ Beginning Dec. 1978, data include all investment securities; not comparable with thoseshown for earlier periods.


March 1979


1977

SURVEY

1978

Annual

OF iCURRENT BUSINESS

1978


S-191979

Jan. Feb.

FINANCE—Continued

FEDERAL GOVERNMENT FINANCE

Budget receipts and outlays:Receipts (net) mil. $..Outlays (net). do—Budget surplus or deficit (—) do

Budget financing, total doBorrowing from the public doReduction in cash balances do

Gross amount of debt outstanding.. do

Held by the public do....

Budget receipts by source and outlays by agency:Receipts (net), total mil. $_.

Individual income taxes (net) do....Corporation income taxes (net)— doSocial insurance taxes and contributions (net)

mil. $..Other do

Outlays, total 9 doAgriculture Department doDefense Department, military. __ doHealth, Education, and Welfare Department

mil. $..Treasury Department doNational Aeronautics and Space Adm doVeterans Administration do

Receipts and expenditures (national income andproduct accounts basis), qtrly. totals seas. adj.at annual rates :f

Federal Government receipts, totalf bil. $..

Personal tax and nontax receipts doCorporate profit tax accruals doIndirect business tax and nontax accruals.doContributions for social insurance do.

Federal Government expenditures, totalf__do

Purchases of goods and services do

National defense do.

Transfer payments _ doGrants-in-aid to State and local govts doNet interest paid _ doSubsidies less current surplus of government

enterprises bil. $..

Less: Wage accruals less disbursements..do

Surplus or deficit (—) do

LIFE INSURANCE

Institute of Life Insurance:Assets, total, all U.S. life insurance cos bil. $__

Government securities doCorporate securities _ do.Mortgage loans, total do.

Nonfarm _ do.

Real estate do.Policy loans and premium notes doCash do.Other assets do.

Life Insurance Agency Management Association:Insurance written (new paid-for insurance):

Value, estimated total. mil. $..Ordinary (incl. mass-marketed ord.)...doGroup. _ doIndustrial do.

MONETARY STATISTICS

Gold and silver:Gold:

Monetary stock, U.S. (end of period)...mil. $..Net release from earmark§ do._Exports _ thous. $..Imports _ do.

Production :1[South Africa mil.Canada .do . . . .

Silver:Exports thous. $.Imports. do..".Price at New York dol. per fine oz__Production:

United States thous. fine oz.

357,762402,802

1-45,040

» 45,0401 53,516-8,476

709,138551,843

357,762157,626

1 54,892

108,688i 36,556

402,802i 16,7381 95,650

147,455i 50,461i 3,94418,019

374.4

169.461.325.0

118.7

422.6

145.194.3

172.767.429.1

0

- 4 8 . 1

351.7223.56

171.6596.8588.01

11.0627.562.13

18.92

367,335242,842117,960

6,533

11,719426

1,042,625674,026

2 951.62 73.7

84,6453.54,818

4.623

27,519

401,997450,758—48,761

48,76159,106-10,345

780,425610,948

401,997180,988i 59,952

123,410137,647

450,758120,368103,124

162,809i 56,309i 3,980118,962

431.5

193.271.627.9138.7

461.4

153.899.5

185.476.935.5

9.7

.0

-29.9

389.0225.94190.98105.9395.56

11.7830.202.14

22.05

407,042279, 044121, 729

6,T "

11,671525

1,113,795903,023

955.5

2 119,125836,423

5.401

23,972

33,20136,918

-3,717

3,7176,027

-2,310

31,82178,546

33,20120,217

1,991

7,9982,996

36,9172,6898,123

13,1255,082315684

26,79533,787-6,992

6,9925,1081,884

739,650583,654

26,79510,6201,013

12,4272,736

33,787939

8,226

13,3783,601

3421,514

354.0223.88173.7097.1588.26

11.1427.69

1.6418.82

' 26,192r 18,068

7,681'443

11, 718262

195,11975,585

76.05.8

136,446* 4. 934

1,219

24,87940,004-15,125

15,1259,6565,469

747,844393,310

24,8795,2588,023

8,5603,037

40,0041,879

14,3873,386

3702,676

396.2

176.859.6

356.2724.09175.1597.4888.47

11.2227.84

1.4619.03

26,81719,282' 7,091

••444

11,718- 9

26,09232,347

76.45.5

10,73582,3844.936

1,893

42,34335,7246,618

-6,618-2,263-4,355

746,431591,048

42,34318,8838,850

11,8282,831

35,724781

8,315

12,7565,647

316556

26.5133.3

448.8

151.597.9

180.273.933.2

10.0

.0

-52.6

359.1124.03

176.9898.0288.82

11.2128.02

1.5719.27

36,588' 24,463' 11,545

580

11,7188

36,552138,032

80.66.4

7,936210,902

5.273

2,536

34,96136,670

-1,709

1,708-5552,263

'51,412>90,493

34,96114,2931,183

16,0923,395

36,6701,2298,870

13,8263,657

3611,751

363.2723.88

180.3798.5889.21

11.2728.251.48

19.44

31,74022,848' 8,320

'572

11,71841

90,620

82.86.2

13,665164,590

5.118

1,634

47,65738,6029,055

- 9 , 0555,40114,456

r58,804i95, 894

47,65720,30114,655

9,2873,414

38,602819

8,854

14,1426,837

3202,432

424.7

186.772.627.9

366.9424.27

182.3499.1989.67

11.5428.431.54

19.62

24,651' 8,569

••582

11,71819

32,67449,529

80.25.8

5,75829,9155.121

1,911

29,19436,426

-7 ,232

7,2323,1954,037

760, 203599,089

29,19414, 5901,785

9,5183,300

36,4261,3368,285

13,1225,180

324

137.6

448.3

147.298.6

180.775.9

10.0

.0

-23.6

369.8824.20

183.70100.0490.34

11.5428.65

1.4820.27

37,47224,49412,458

••520

11,70647

23,11882,745

78.56.0

6,19433,2065.316

1,8

35,04039,572

-4,532

4,5329,039

-4,507

773,340308,128

35,04014,7841,122

15, 5873,547

39, 5721,2009,552

14,4173,727320

1,528

374.4224.38187.18100. 6090.78

11.5628.84

1.4220.44

28,66021,028r 7,138

'494

11,69326

40,90632,994

81.15.9

6,07932, 2095.331

1,526

378.1224.71189.47101. 6091.65

11.5429.07

1.4520.28

• 32,685• 23,912' 8,255

'518

11, 67922

29,53871,754

82.85.8

12,46833,1055.495

1,434

42,59138,9353,655

3, 6552,8216,476

'80,425510,948

42,59120,8839,753

8,5153,439

38,9351,8658,811

14,4023,585344

1,440

441.7

199.773.628.2140.1

464.5

154.0

28,74542, 691

-13,946

13,9466,4847,462

'85,267517,433

28,74515,9221,684

7,8053,335

42,6911,6969,164

14,1035,714300

1,645

188.877.536.3

8.0

-22.8

381.0525.18190.61102. 3692.26

11.5829.29

1.4220.60

34,61622,48611,644

'486

11,66819

269,91758,454

83.6

18,34530,5725.575

2,456

33,22739,134

-5,907

5,9075,236

671

'91,563>22,669

33,22716,6091,048

11,9233,647

39,1342,6549,224

14,5123,990

3501,665

382.4525.66189.98103.1692.90

11.6929.52

1.4221.01

34,17225,007' 8,509

'656

11,6555

45,804121,231

79.8

12,47235,7165.918

2,045

37,47741,392

-3,915

3,9153,533

382

'97,694.26,202

37,47716,06610,386

7,7163,309

41,3922,8599,383

15,0177,479

3332,648

• 463.2

• 209.7

385.5626.01191,32104.1193.75

11.7129.82

1.4621.14

34,80124,321' 9,946

'534

11, 64223

207,13374,477

79.4

8,44429,9855.866

1,645

'28 .8r 144.0

'483.8

' 162. 5102.1

r191.980.338.1

'11.0

.0

-20.6

389.0225.94

190.98105.9395.56

11.7830.202.14

22.05

49,49728,48420,573

'440

11,67162

18,07875,253

74.3

5,53930,5565.928

3,870

32,11121,48010,200

432

11,59215

247,73653,828

8,87332,1586.255

1,467

7.418

' Revised. *» Preliminary. * Data are for fiscal year ending Sept. 30 of respectiveyear and include revisions not distributed to the months. Data for 1976 and earlier yearsare for fiscal year ending June 30 of respective year. 2 Reported annual total; revisionsnot distributed to the months. 9 Includes data for items not shown separately.

fData have been revised back to 1946 (see table 3.2 in the Jan. 1976 and July 1978 SURVEYSfor earlier data).

§Or increase in earmarked gold ( - ) . HValued at $38 per fine ounce from Jan. 1972-Sept.1973; at $42.22 thereafter. <= Corrected.


S-20

Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes areas shown inthe 1975 edition of BUSINESS STATISTICS

1977

SURVEY OF

1978

Annual

' CURRENT BUSINESS

1978


Marcti 1979

1979

Jan. Feb.

FINANCE—Continued

MONETARY STATISTICS—Continued

Currency In circulation (end of period) bil. $_.

Money supply and related data (avg. of daily fig.): ©Unadjusted for seasonal variation:

Total money supply -bil. $._Currency outside banks doDemand deposits _ do

Time deposits adjustedif doU.S. Government demand depositsif do

Adjusted for seasonal variation:<~>Total money supply do

' Currency outside banks _ do2 Demand deposits do

Time deposits adjusted^.. _.do

Turnover of demand deposits except interbank andU.S. Govt., annual rates, seas, adjusted:

Total (233 SMS A's)O..ratio of debits to deposits.New York SMSA _do.

Total 232 SMSA's (except N.Y.) d o . . . .6 other leading SMSA'stf1 do226 other SMSA's . . d o . . . .

PROFITS AND DIVIDENDS (QTRLY.)

Manufacturing corps. (Fed. Trade Comm.):Net profit after taxes, all industries mil. $._

Food and kindred products.. doTextile mill products doPaper and allied products doChemicals and allied products. . .do

Petroleum and coal products.. _doStone, clay, and glass products doPrimary nonferrous metal doPrimary iron and steel doFabricated metal products (except ordnance,

machinery, and transport, equip.) mil. $..

Machinery (except electrical) doElec. machinery, equip., and supplies do

Transportation equipment (except motorvehicles, etc.) mil. $._

Motor vehicles and equipment doAll other manufacturing industries . .do

Dividends paid (cash), all industries do . . .

SECURITIES ISSUED

Securities and Exchange Commission^Estimated gross proceeds, total A mil. $.

By type of security:Bonds and notes, corporate d o . . .

Common stock do..Preferred stock.. _ . .do. .

By type of issuer:Corporate, total 9 mil. i

Manufacturing do..Extractive (mining) .do..Public utility do

Transportation do.Communication do.Financial and real estate _ do.

State and municipal issues (Bond Buyer):Long-term do.Short-term _ __.do.

SECURITY MARKETS

Stock Market Customer Financing

Margin credit at brokers and banks, end of monthor year, total mil. $_

At brokers doAt banks.. _ do . . .

Free credit balances at brokers:Margin accounts do__.C ash accounts i do

103.8

327.484.8

242.6517.1

4.2

70,3665,575

8282,3678,060

12,1791,686

873

3,458

9,1315,383

1,9896,133

11,840

26,585

53,618

37,532

8,0343,393

48,95812,2252,58913,199

1,6414,353

11,565

45,06021,349

10,8669,993873

6402,060

114.6

353.093.2259.8580.35.4

46,21521,642

100.8

347.588.7258.8549.54.3

341.989.4252.5550.0

3,074

2,314

462171

2,947273328644

70519

1,023

3,2241,171

10,6909,839851

6601,925

101.4

335.989.0

247.0554.9

4.3

342.490.2

252.3555.9

2,409

1,821

388138

2,34771699465

4134912

2,6621,521

10,90110,024

877

6351,875

102.4

338.289.9248.2563.24.8

343.290.7252.5560.8

16,0641,236225563

2,020

2,549246191161

720

2,0671,387

4981,4712,730

6,392

5,642

3,872

674148

4,6941,229187

1,258

113291

1,311

4,4301,556

11,02710,172

855

6301,795

103.1

350.991.0259.9567.45.0

347.991.3256.6565.9

3,458

2,434

239235

2,908549142618

25235931

3,4894,915

11,42410,510

914

7152,170

105.4

345.591.9253.6574.14.0

350.792.0258.8572.2

4,889

3,157

649

4,196878100

1,885

2160

811

5,146985

()10,910(2)755

2,395

106.3

351.892.8259.0578.56.2

352.592.5

260.0576.8

22,1891,707343719

2,392

3,152655376791

1,167

3,0291,710

5062,0143,628

6,957

5,274

3,598

819586

5,0031,471334

1,244

209349

1,017

4,1221,870

11,332

7002,300

106.6

356.393.9262.4582.44.5

354.593.2261.3582.2

4,056

3,446

45157

3,954842370799

261353

1,115

3,6831,598

11,438

7102,295

107.6

354.494.2260.2587.53.6

357.093.9263.0587.5

3,260

2,353

625157

3,135721277875

87552375

6,0201,760

11,984

7952,555

107.7

359.094.9

264.1593.1

6.2

361.195.2

265.9593.7

20,4361,531311629

2,251

3,423759303642

2,4711,757

6751,0203,634

7,056

4,133

2,871

800127

3,798971168

1,338

123215561

2,2891,937

12,626

109.3

361.495.6

265.8597.6

4.3

361.695.8265.8597.9

4,768

2,550

1,42247

4,019495435

1,619

67290707

3,2721,273

12,307

112.1

363.097.2265.7605.08.0

361.096.6264.4608.8

3,413

2,436

577149

3,16284053761

457814

4,026978

11, 209

790' 2,305

114.6

371.699.1272.5609.910.2

361.597.5

264.1611.4

r 3,854"2,077

11,035

8352,510

110.7

365.797.4268.3615.512.0

359.998.2

261.7616.0

2,6951,596

352.097.6

254.4619.1

8.3

358.8

259.9620.6

2,5721,533

r Revised. v Preliminary. J Data no longer available. © Effective February 1976SURVEY, data revised to reflect; annual review of seasonal factors; regular benchmarkadjustment; effect of changes in check collection procedures (Regulation J); and adjustmentsto include new figures from internationally oriented banking institutions. Monthly revisionsback to 1970 are in the Feb. 1976 Federal Reserve Bulletin.

ifAt all commercial banks.

S25 8852,655 r % 465

©Total SMSA's include some cities and counties not designated as SMSA's.^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los

Angeles-Long Beach. § Data revised back to 1973; no monthly revisions for 1973-7o araavailable. 9 Includes data not shown separately. ABeginning Jan. 1973, data excludenoncorporate bonds and notes formerly included.




1977 1978

Annual

1978


1979

Jan. Feb.

FINANCE—Continued

SECURITY MARKETS—Continued

Bonds

Prices:Standard <fc Poor's Corporation:

High grade corporate:Compositec? dol. per $100 bond..

Domestic municipal (15 bonds) do

U.S. Treasury bonds, taxableif do

Sales:Total, excl. U.S. Government bonds (SEC):

All registered exchanges:Market value mil. $..Face value do

New York Stock Exchange:Market value do.Face value... do.

New York Stock Exchange, exclusive of somestopped sales, face value, total mil. $..

Yields:Domestic corporate (Moody's)§ percent..

By rating:

4,646.35

8.43

Aaa . . .AaA .Baa

By group:Industrials..Public utilitiesKailroads..

d o — .. do. . . do—

do--.-

dododo....

8.028.248.498.97

C OQ

pooo

c

W Q

OC

Domestic municipal:Bond Buyer (20 bonds) doStandard & Poor's Corp. (15 bonds) do

U.S. Treasury bonds, taxable ©__ do

Stocks

Dividend rates, prices, yields, and earnings, com-mon stocks (Moody's):

Dividends per share, annual rate, compositedollars..

Industrials __ doPublic utilities -doRailroads doN.Y. banks d o —Property and casualty insurance cos do

Price per share, end of mo., composite doIndustrials doPublic utilities doRailroads _ _..do

59.681.3

56.89

5.675.56

7.06

0)

4,554.01

9.07

8.738.929.129.49

9.228.64

6.075.90

55.677.9

51.26

57.280.9

53.74

372.15

8.74

8.418.598.769.17

8.608.878.20

5.635.60

7.50

56.981.8

53.09

283.80

8.78

8.478.658.799.20

8.658.908.32

5.635.51

7.60

57.082.0

52.90

378.68

8.80

8.478.668.839.22

8.668.938.41

5.695.49

7.63

56.379.8

52.15

408.75

8.88

8.568.738.939.32

8.729.058.49

5.895.71

7.74

55.577.2

51.34

451.17

9.02

8.849.05

8.849.198.60

6.195.97

7.87

55.275.7

50.91

410.47

9.13

8.768.959.189.60

8.929.33

6.296.13

7.94

54.575.2

49.97

348.52

9.22

8.889.079.339.60

9.059.388.70

6.126.18

8.09

56.177.0

51.32

459.78

8.969.189.48

8.959.218.72

6.165.98

7.87

56.177.6

51.67

393.73

9.04

8.698.929.119.42

8.909.178.68

6.095.93

7.82

54.777.4

50.11

392.14

9.20

8.899.079.269.59

9.039.378.74

6.225.95

8.07

54.376.6

49.54

334.59

9.40

9.039.249.489.83

9.219.589.01

6.296.03

8.16

53.373.8

48.38

320.23

9.49

9.169.339.539.94

9.319.679.15

6.616.33

8.36

52.874.6

47.97

329.73

9.65

9.259.489.72

10.13

9.449.859.21

6.226.25

8.43

52.675.1

47.97

235.52

9.63

9.269.50

10.08

9.429.849.22

6.426.19

8.43

(0

Yields, composite .percent--Industrials. doPublic rtilities... do.—Railroads do . .N.Y. banks d o —Property and casualty insurance cos do

(0

Earnings per share (indust., qrtly. at ann. rate;pub. util. and RR.,for 12mo. ending each qtr.):

Industrials dollars _Public utilities doRailroads do

0)

Dividend yields, preferred stocks, 10 high-grade(Standard & Poor's Corp.). percent..

Prices:Dow-Jones averages (65 stocks)

Industrial (30 stocks)Public utility (15 stocks)Transportation (20 stocks)

Standard & Poor's Corporation:cfCombined index (500 Stocks) 1941-43-10

Industrial, total (400 Stocks) 9 — do.. .Capital goods (111 Stocks). . . .do._.Consumer goods (189 Stocks) do. . .

7.61

301.7089-1.62110. 96225.16

08.20108.44106. 7985.27

Utilities (40 Stocks) do . . . .Transportation (20 Stocks)*. . . _ 1970=10

Railroads (10 Stocks) 1941-43=10.Financial (40 Stocks)* 1970=10

New YorkCitybanks(6Stocks).1941-43=10..Banks outside N.Y.C. (10 Stocks) do.Property-Casualty Insurance (6 Stocks).do

'Revised. i No longer available. § Revised yields by rating for Jan. 1974-Nov. 1975will be shown later.

& Number of issues represents number currently used; the change in number does not

54.2314.0649.9411.6347.3498.23

112.42

282.59817.17104.24221.80

96.02106.16104.3884.80

51.6413.8145.3511. 5343.70100.99106.96

7.92

273.04781. 09106. 97209.90

90.2599.34• 99. 4280.14

52.4013.1346.1310.4640.3290.14101. 86

7.99

267.80763. 57104.32208.14

97.9596.2579.11

51.6012. 9144.6910.3338.7489.5699. 37

8.07

265.75756.24105.48204.50

88.8297,6593.1278.68

51.7212.7043. 6110.5038. 6690.36101.01

8.06

276. 65794. 66105.85214. 50

92.71102. 0797.8682.69

52.1613.3044.7711.2042.0497.09107. 52

8.11

288.45838. 56104.85225.96

97.41107. 70104.6986.84

51. 7114.0146.0511.8745. 20102. 28107.88

8.31

288. 53840.26105. 48224.33

97.66107. 96106. 3687.51

52. 2513.8844. 9211.8744. 85101. 70108. 43

8.42

287.85831. 71105.54227.06

97.19107. 39105. lfi86. 68

52.3214.0043.9711. 7543. 02100. 70106.90

8.26

306. 73887. 93108.51248.96

103.92114. 99115.1992.45

53.3515.4147.2612. 8548.02113.19117. 48

8.24

305. 26878. 64106. 67250. 25

103. 86115.11113.9491.30

52. 5415. 4048.1912. 7048.01114. 25115. 64

8.29

294. 58857. 69103.88234. 64

100. 58111.56111.3788.00

51.2814.6247.6312.2348.13

111.80110. 98

8.43

261.61767.7393.93

202.30

94. 71105.23103.3881.71

49.0413.1743.5611.2143.6199.93

101.35

8.84

274.87807.9499.38

211.12

96.11100.92105.8282.53

49.3213.1043.3711. 3043.19

100. 78105.07

8.79

283.85837.39102.24216.85

99.71111. 15112.0884.42

50.3313.4644.4511.6844.12

102. 32108.73

8.77

280.06825.18103.75210.41

98.23109.49110.6681.80

50.7413.0844.9211.2841.9197.54

108. 22

affect continuity of the series.sumed 3 percent 20-year bond.

9 Includes data not shown separately. * New series.

% Prices are derived from average yields on basis of an as-O For bonds due or callable in 10 years or more.


S-22 SUEVEY OF CURRENT BUSINESS March 1979


1977 1978

Annual

1978


1979

Jan. Feb.

FINANCE—Continued

SECURITY MARKETS—Continued

Stocks—Continued

Prices—ContinuedNew York Stock Exchange common stock indexes:

Composite 12/31/65=50..Industrial doTransportation _ _ doUtility doFinance do

Sales:Total on all registered exchanges (SEC):

TVTnrVpr valnp mil $Sharps <?old millions

On New York Stock Exchange:Market value mil. $Shares sold (cleared or settled) .millions. .

New York Stock Exchange:Exclusive of odd-lot and stopped stock sales

(sales effected) . millions..

Shares listed, N.Y. Stock Exchange, end of period:Market value, all listed shares bil. $Number of shares listed millions..

53.6957.8641.0840.9255.25

187 2037 023

157, 2505,613

5,274

796. 6426,093

53. 7058.2343. 5039.2256.65

249,2579,602

210,4267,618

7,205

822. 7427,573

49.8953.4539.1539.0950.91

14 442568

12,334462

428

750. 4526,153

49.4152.8038.9039.0250.60

11.889482

9,990387

369

737. 5526, 276

49.5052.7738.9539.2651.44

15 794639

13,289510

498

760. 3126,388

51.7555. 4841.1939.6955.04

20,335802

17, 316650

696

820. 7026,411

54.4959.1444.2139.4757.96

27,3671,041

23,486848

776

829.6326,588

54. 8359. 6344.1939.4158.31

24, 391923

20, 557744

671

818. 9526, 736

54.6159. 3544.7439.2857.97

18, 318669

15, 229534

541

864.1326,940

58. 5364.0749. 4540.2063.28

30, 4521,099

26,123895

865

890.5727,012

58.5864.2350.1939.8263.22

27.342r 1, 136

22,302790

672

883.8527,152

56.4061.6046.7039.4460.42

22,016801

18,476639

682

792. 0327, 243

52.7457.5041.8037.8854.95

20,091788

17, 248637

515

811.6027,401

53.6958.7242.4938.0955.68

16,820654

14,078522

493

822. 7427,573

55.7761.3143.6938.7957.59

616

858.6527,626

55.0860.3742.2739.2156.09

476

828.7927,726

FOREIGN TRADE OF THE UNITED STATES

VALUE OF EXPORTS

Exports (mdse.), incl. reexports, totalcf mil. $..

Excl. Dept. of Defense shipments doSeasonally adjusted © do

121,212.3

121,150.4

By geographic regions:Africa. doAsia doAustralia and Oceania doEurope ..do

Northern North America do.Southern North America do.South America do.

By leading countries:Africa:

Egypt. doRepublic of South Africa do

Asia; Australia and Oceania:Australia, including New Guinea doIndia... _ doPakistan doMalaysia _ do

Indonesia do.Philippines do.Japan do.

Europe:France.. __ doGerman Democratic Republic (formerly E.

Germany) mil. $._Federal Republic of Germany (formerly W.

Germany) mil. $._

Italy doUnion of Soviet Socialist Republics doUnited Kingdom.... do

North and South America:Canada _ do.

Latin American Republics, total? doArgentina doBrazil.... doChile "do."."Colombia... doMexico _ doVenezuela do

Exports of U.S. merchandise, totald*. doExcluding military grant-aid do

Agricultural products, total doNonagricultural products, total do

By commodity groups and principal commodi-ties:

Food and live animals $ mil. $_.Meats and preparations (incl. poultry)_doGrains and cereal preparations.. do

Beverages and tobacco ..do

Crude materials, inedible, exc. fuels 9 doCotton, raw, excl. linters and waste.._]do""Soybeans, exc. canned or prepared. doMetal ores, concentrates, and scrap. do

5,545. 0'31,435.82,876.5

'37,304.2

'25,791.48,676.59,283.5

982.41,054.4

2,375. 6778. 6292. 7-560.7

763.2875.9

10,528.9

3,503.2

36.1

•5,988.8

•2,789.61, 627. 55,950.9

-•25,788.1

16,371.1731.1

•2,489.8520. 2782.0

4,806.13,170. 5

119,005.5118,943.723,671.0" ':, 291.8

14,115.7796.9

8,754.8

1,846.8

13,086.31, 529. 54, 393. 21,197. 0

1143,659.9

•143,574.6

5,885.539,628.23,462.1

43,614.9

28,373.111,026.510,989.5

1,134.11,079. 6

2,941.9947.9495.7728.4

751.41,040.0

12,885.1

4,166. 3

170.4

6,956.9

3,360.42,252. 37,118. 7

28,371. 6

20,182.7841.8

2,978. 3724.6

1,040. 00,680. 53,726. 9

141,154.2141,008.929,400.9111,747.2

18,333.2957.8

11,634.0

2,292.9

15,552.81,739.65,210. 41,838. 9

19,366.9

19,364.419,863.7

372.12,463.4

224.43, 010.1

1,858.1691.7747.1

55.367.0

191.272.717.249.6

79.357.4

743.2

271.2

13.9

447.1

211.7155.2550.5

1,858. 0

1,304.456.0

234.832.665.2

379.3256.9

9,216. 69,214.11,943.57,273.1

•1,132.763.8

657.1

1 138.0

•1,049.8157.6323.0105.9

9, 518. 5

9, 514.69,945.0

415.82,578.5

203.02, 996. 0

1,945. 5729.7649.5

82.675.6

172.890.147.052.4

70.584.7

869.4

294.1

9.5

462.5

217.3197.3488.4

1, 945.1

1,263.346.5

165.035.459.9

425.4214.7

9,341.79,337. 82,008.17,273. 6

1,271.562.2

819.8

168.0

1,063. 4145.6334.284.8

12,079.4

12,074.211,146.5

529.33,366.1

253.23,723. 9

2, 412.0898.4896.0

111.481.5

209.875.972.959.7

69.179.4

1,015. 9

325.3

5.6

625.4

280.6241.7635.1

2,411.9

1,631.653.0

237.838.581.7

515.2336.0

11,835.811,830.52.519.49.316.4

1, 465. 775.3

920.1

213.6

1, 337. 5203.8431.5112.5

12,069.7

12,064.211,630.4

582. 73,174. 2

233.23,846. 8

2, 451.8867.7840.0

129.691.5

193.075.846.854.8

57.676.6

969.9

340.8

2.2

544.3

299.2308.3791.2

2, 451.8

1, 562. 660.5

224.142.587.4

505.0301.5

11,859.611,854.12, 508.09,351. 6

1,472.878.1

942.7

144.3

1,388.6182.8513.3149.9

12, 494.6 12,487.3 10,944. 7 11,621. 8 12,714. 4 13,157.4

12,478.912, 477.3 10, 934.11,786.0 12,268.2 11,661.5

510.5 567.1 544.43,297.0 3,390.2 3,209.4

293.6 289.7 j 256.82,726.0 3,690.2 3,076.2

0 11

2, 654.7926.4970.8

75.294.5

249.765.835.556.6

55.290.0

1,009.3

325.1

18.8

493.2

291.8356.5533.7

2, 654. 6

1,729.270.0

266.056.273.3

535.2357.0

12,250.012,234.32,729. 39,520. 7

1, 684. 277.6

1,168. 0

143.6

1,466.5143.8583.4149.5

2, 612.6922.7932.2

118.989.5

243.2128.830.258.4

89.391.8

1, 046.1

338.6

21.5

518.3

342.5265.4574.2

2, 612.5

1, 708.255.1

262.464.478.4

547. 9338.6

12,271.712,261.72, 639.89, 631.9

1,737.174.1

1,193. 0

141.5

1,353.9154. 2468.2162.3

1,995.5868.9927.9

110.776.1

219.484.716.372.6

59.288.2

1,046.7

280.1

.3

472.7

258.0170.9460.6

1,995.4

1,662.773.3

275.776.373.3

543.3289.6

10,780.010.769.42,133.88,646.2

1, 540. 604.8

1,008.5

161.6

992.5132.2238.6152.0

, 613.12,293.7

435.23.346.8

200. 03,467.7

2,143.8909.9901.6

80.890.7

216.470.140.059.4

53.887.3

1,092.3

415.2

11.5

542.2

222.6103.0534.0

2,143.8

1, 720.567.5

251.869.581.0

597.9292.3

11,429.311,421.42.391.19.038.2

1,716.290.7

1,107.2

213.3

1,083.4153.7271.9162.1

9 12,

486.6 510. 23,589.0 3,583.3

355.8 I 354.73,829.2 3,786.4

2.397.0 '2,806.0956.6 1,033.1

1,047.4 981.2

1,713.113,274.2

13,153. 612,901.1

13,672.3

13,055.4

86.792.2

312.580.754.870.9

50.288.8

1,193.5

395.5

15.4

802.0

275.197.0

575.9

2,396.9

1,843.776.2

278.677.296.1

598.8375.9

12,505. 712, 504. 42.208.010,237.7

1,645.793.2

1,049.2

176.9

1,111.9114.4262. 0179.8

86.6118.0

296.649.048.969.5

60.087.1

1,248.9

373.9

17.2

668.4

302.090.5

593.1

2,805.9

1,853.983.1

239.170.7

122.7003.2316.3

12, 926.412, 922. 62,005.810,260.6

1, 597. 994.4

937.8

251.3

1,470.484.7

593.2170.6

13,532.9

13,531.013,450.6 13,282.5

427.33,720.0

433.24,308.4

2,583. 71,109.61,023.5

90.6

382.763.621.158.0

48.1109.3

1,369.1

431.4

30.6

694.7

286.579.4

761.5

2.583.6

1,952. 379.3

289.271.1

111.1705.3327.6

13,433.513,410.52.806.710,626.8

1,513. 795.0

885. 2

281.1

1,678.4112. 5696.7201.4

12,561.3

12,558.13,133.3

504.33,910.3

303.94,154. 0

2,512. 31, 051.61,072.6

115.6112.3

254.784.764.966.4

53.199.6

1,280. 8

375.2

23.7

685.4

373.0121.2620.6

2,512.1

1, 950.5121.3253.890.3

116.1663.9320.4

13,303.913,302.12,738. 310,565.6

1, 555. 288.6

945.4

259.7

1,556.5154.3493.7202.1

12,352.512,349.4

1,313.3

135.4

1,550.4

Revised. i Beginning Jan. 1978, data are based on a new classification system and in-clude nonmonetary gold: the overall total and the commodity groups (but not the items with-in tne groups) have been revised back to Jan. 1977 to reflect these changes. d" Data maynot equal the sum of the geographic regions, or commodity groups and principal commodities,because of revisions to the totals not reflected in the component items!

9 Includes data not shown separately. 0 Effective Feb. 1979 SURVEY, seasonally ad-justed data have been revised to reflect sums of commodity components; comparable dataprior to Dec. 1977 will be shown later.




1977 1978

Annual

1978


1979

Jan . Feb.

FOREIGN TRADE. OF THE UNITED STATES—ContinuedVALUE OF EXPORTS—Continued

Exports of U.S. merchandise—ContinuedBy commodity groups and principal commodi-

ties—ContinuedMineral fuels, lubricants, etc. 9 . . . m i l . $ . .

Coal and related products doPetroleum and products ._ _. .do

Oils and fats, animal and vegetable do. .

Chemicals. . . .do. .

Manufactured goods 91f doTextiles doIron and steel doNonferrous base metals do

Machinery and transport equipment, totalmil. $..

Machinery, total 9 doAgricultural doMetalworking doConstruction, excav. and mining doElectrical do

Transport equipment, total doMotor vehicles and parts do

Miscellaneous manufactured articles do

Commodities not classified do

VALUE OF IMPORTS

General imports, total _ . . . ._doSeasonally adjusted ©... do

1,871.1730.3

4,405.510,285. 318, 520. 011,796.5

8,233. 9

4,313. G

147,f85.0

By geographic regions:Africa.AsiaAustralia and OceaniaEurope

Northern North America. .Southern North Am erica. _South America

. . d o . . . .

. . d o . . . .

. . d o . . . .

. . d o . . . .

. . d o . . . .

. . d o . . . .

. . d o . . . .

By leading countries:Africa:

EgyptRepublic of South Africa

do .. . d o . . . .

Asia; Australia and Oceania:Australia, including New Guinea doIndia doPakistan . . . d o .Malaysia doIndonesia doPhilippines dol.ilJapan do.

Europe:France d o . . .German Democratic Republic (formerly E.

Germany) rr>j]. $_Federal Republic of Germany (formerly W.

Germany mil. $Italy d o . . .Union of Soviet Socialist Republics doUnited Kingdom do. . I

North and South America:Canada d o . . .

Latin American Republics, total 9 d o . . .Argentina d o _ I ~Brazil doowl.* :.:::::::doi:::Colombia doMexico 11 Idol IIIVenezuela .I.III.doIIII

By commodity groups and principal" commodi"ties:

Agricultural products, total mil. $Nonagriculiural products, total IZIZI.do'.-II

Food and live animals 9 doCocoa b e a n s . . . doCoffee I.IIIIIIdoIIIIMeat^ and preparations do

Sugar do

Beverages and tobacco do

Crude materials, inedible, exc. fuels 9 . doMetal ores doPaper base stocks ~_~a0Textile fibers doRubber IlllllllllllldoIIII

Minerals fuels, lubricants, etc do

4,183.62, 730. 41,275. 6

1,308.7

10,812.3

10,857.01,958.91,660.51,058.4

50,247.6

32,516.6

3,878.32,122. 61,561.3

1,521.3

12,618.4

12,466.02, 225. 41 713'. 91,047. 8

59,270.4

37, 022. 32,151.51,188. 4

681.86,966.9

22, 248. 013, 234. 9

10,190.9

5, 030, 0

Petroleum and products ZIIIIIZIIII Zdo 1111

Oils and fats, animal and vegetable. doChemicals " " " d o

Manufactured goods 9 ^ _ doIron and steel . doNewsprint doNonferrous metals doTextiles V.IIIIIIIIIIIIIHIIIIdoIIII

17,120. 949, 312. 01,727.28,801.5

29, 617.811,689.49,389.8

170.01,261.1

•1,266.2•• 776. 0r 56. 0

•1,318.2•3,475.1•1,109.5• 18, 549.1

3, 032. 4

16.7

7,238.33, 036.7' 452. 9

5,141.0

•29,598.6

16,450. 3r 392.3

2, 240. 5

' 89L 44,694.2

•4,084.4

13, 538. 3133,278.4

12,557.8485. 5

3,860. 91, 273. 21,079.1

1,669.4

8,486.22, 234. 41,252. 4

225.1650. 3

44.537.241,526.1

530. 74,970.4

21,367 05, 804.41,871.83, 938.41, 772. 4

9 16,

1 188. 952.8

115.8

196.0

« 830. 2

1 829. 9142.7113.059.5

13,852.0

2,465. 2132.886.361.1

467.01,386.8

903.3

665.6

433.6

172,025.5

\, 898. 318, 300. 32, 351. 0

37, 987.4

33, 5fO. 612, 622. 610, 307. 5

105. 02, 258. 9

1, 728. 3979.583.7

1,518.13, 606. 91, 206. 9

24, 457. 8

4, 053. 7

35.2

9, 960. 84,102. 5

540. 36,513.3

33, 529. 4

18, 560.1563. 3

2,831.3385. 3

1,043.96, 092. 83, 545.1

14, 960. 8157,064.7

113,520.6667. 0

3, 727. 81, 856. 0

723.0

12, 221. 4

1 9, 333. 62, 850. 21,154.2

247.8684.7

'42,105.239,108. 9

1511.16, 427. 4

27,237.37, 259. 32,100. 75,121. 92, 200.1

141.037.186.4

97.2

883.2

848.4140.6120.272.5

3, 641.9

2,546. 5174.482.758.7

483.81, 395. 4

948.2

689.6

237.5

12 717 7 13,286.413,102.6 14,259.5

1,388.2 1,325.34 234.1 4, 565. 8

121.5 178.02 759.7 2,875.1

2,360. 31,047.1

1.0126.5

96.863.65.3

86.4209.981.7

1,784.4

290.9

4.0

767.2274.025.4

457.4

2, 360.2

1, 485. 830.0

227.338.670.7

498.1295. 8

1, 239. 911,477.8

»1,126.968.9

414.4107.652.2

1 138.1

1 650. 4183.695.020.441.2

13,422.23,149.4

1 29.3•418.9

1,982.9493. 0159. 7404. 5201.4

2,562.9 2,806.21,022.0 1,067.5

756. 5 942. 4

165.224.5

119.4

141.5

1,031.1

1, 067. 7173.4136.084.6

5,144.4

3, 289. 7222.9113.166.5

597.41, 854. 71,181.6

878.5

390.4

14,547.314,004.1

284. 5134.7137.6

145.4

971.3

988.7171.1129.073.3

5, 098. 2

3,127. 9224.5112.459.8

587.71, 970. 3

1, 203. 7

854.6

511.1

363. 6235.1112.9

119.3

1,018. 7

1,100.4192.9146.686.2

5,132.2

3, 239. 3221.285.262.7

616.21, 892. 9

1, 247. 3

908.8

312.8

424.0289.8121.1

132.1

1,063.4

1,092. 5189.7152.888.6

5,075. 2

Z, 088.0196. 3102.456.4

591.11,987.1

1,201.9

857.2

395.0

321.7180.2118.9

130.7

1,077.2

939. 5164. 2129.480.7

4,486. 8

2,912.3166. 392.551.2

549.11,574.5

873.2

777.9

351.6

335.4181.7139.1

120.9

1,149.1

1,024. 7180.9149.386.1

4, 599. 8

2,933. 3146.0102.847.5

581.81,000.4

878.5

855.9

330.6

14.486.0 14,199.2 14,514.5 14,703,9 14,021.014,491.5 14,008.5, 13,970.3 14,544.7 14,132.6

1,409.8 1,407.24,702.6 ;4,924. 2

174. 9 209. 63,443.1 3,285.3

154.4

136.273.13.4

96.6290.490.4

1, 842.4

301.3

1.5

775.2243.620.8

506.1

2, 562. 6

1, 396.841.6

199,535.289.1

446.6249.4

1, 245.112,041.3

1,111.467.0

380.9124.632.4

162.4

657.2199.091.218.840.7

3, 502. 33, 241. 3

46.6472.7

2,195.4669.4152. 7443.8159.7

15.6186.4

128.5110.5

6.0141.6312.986.6

2,103.7

361.8

4.8

876.6360.6

566.4

2,802.4

1,592. 841.7

216.231.190.3

451.0411.0

1, 405. 713,141.6

1, 257. 592.2

383.6148.443.6

174.7

768.5218.591.721.862.5

3,431.23,194. 2

46.0604.2

2. 780. 31, 008.2

870.6

2.0141.7

152.490.8

7.2121.6338.5

95.42,181. 9

376.3

4.1

875. 3344.657.1

553.8

2, 777. 6

1, 509. 349.7

231. 656.066.3

460.9343.7

1, 346. 713,139.4

1,161. 553.3

345. 0171.014.5

201.5

712.4177. 584.023.272.8

3,513. 53, 246. 4

42.7611.6

1,310.5 1,261.2 1,355.6 1,430.74.640.3 5,01o.7 ,5,148.7 5,153.2

192.4 | 201.7 198.4 | 170.83,088.5 3,155.7 3,421.2 3,140.0

I !3,049.8 2,991.2 2,605.3 2,376.21.074.4 1,074.1 1,049.9 1,005.2

842.5 816.3 864.2 741.1

2,334.1 2,383.0rno n r* r* r* r~593. 9177.1465.1191.6

666. 5177.2480. 6199.5

10.5189.4

139.788.0

7.7120.1225.196.5

2,010.1

361.2

3.5

758. 6335.4

13.6568.1

3.4146.3

143.878.3

7.4154.9358. 597.6

2,048.9

316.3

1.2

780.8357.746.1

597.6

2,217.2 2,065.5

3,047.4 2,988.4

1,546.8 1,507.8

940. 3 839.4376.2 ! 391.0

21. 6 54. 6553.0 537. 7

2,664.7 2,372.8

54. 5256.039.568.9

511.8268.4

1.290.5

47.3215.235.781.4

480.5

1.168. 312,908.7 13,346.1

1,143. 454.8

285. 8155. 359.7

189.2

841.4233.1108.919.4

3, 234.12, 954. 0

51.5583. 9

2 359.3538. 4190. 0509. 8188.3

1,045.938.8

256. 5155.069.2

212.7

769.8230.885.321. 947.2

3,471.53, 235. 3

46.7547. 2

2,301.0516. 4194.1494. 9186.1

8.9148.6

139.281.69.2

119.4346.4101.8

1.7169.1

137.991.7

6.5149.8314.9103.9

396.1

2.5

321.6

4.1

1,538.752. 6

265. 232.170.4

471. 5260.0

1.192.9

1,378.243.1

176. 718.985. 6

495. 4248.3

1 021.213,511.0 13,002.8

1,126.146.8

259. 9153. 2110.4

177.4

788.0236.891.728.643.0

3, 380.1

924.043. 5

210.1125. 759.8

170.2

817.4266.991.023.764.3

3, 677.13,140.7 3,448.8

49.4546.9

43.0514.9

2,418.3 2,218.6030.8 1 637.9195.7 I 172.5

356. 5176. 2

433. 2192.2

348.0170.7

150.8

156.3

., 197. 9

., 132. 5202. 5149. 7119.1

5,142.1

3,211.4148.489.049. 0

024. 41, 930. 7

1,124. 4

891.3

703.0

14.416.914,819.7

1,465.4\ 089. 6

234.22, 904. 6

2, 759. 41,056.8

906.6

15.3228.1

166. 583.6

6.6143. 5291.5118.1

2,064. 8

278.7

2.0

704.8320. 023.1

529.8

2,757.9

1,571.950. 0

207.825. 7

111.5521. 0329.6

1,107.913,309.1

1, 048. 923.0

238. 0158. 597.1

168.2

829.3279.988.917.172.8

3, 698. 93,471.8

30.2537. 9

2, 215. 4593. 9104. 7344. 3175.3

422.1250.1152.7

113.9

, 085. 0

,120.8212. 0164.388.2

5, 586. 4

3,358.1158. 4100.050.7

628.42,228.31,330.3

953.6

325.1

465.9317.8137.3

121.0

, 174.4

, 134.3230.9149.0104.4

, 497. 3

3,296.7167.3100.452.3

603. 52, 200. 61,207.2

936.0

631.3

15,118.3 15,054.914,851.6

1,425.0i, 092. 3

209.93,321.3

3,116. 91,024.0

928.0

4.8208.0

155.185. 010.2

120.330o. 9110.9

2,120.4

337.6

2.7

836.4343. 2110.5576.8

3,115.5

1, 039. 049.8

283. 932.7

124.1531. 2271.4

1,231.013,887.3

1,152. 240.4

329. 5175. 305. 4

211.5

831.2272.7104.017.252.7

3,491.63, 200.2

40.9541.4

2, 344. 5019. 2180.1422.0184.2

14,824.7

1,637.74,863.0

252.93,293. 9

3.030.41,075.7

900.9

14.1349.8

190.275.87.9

125.9277.3109.9

2,024. 6

349.3

2.2

910.3375.537. 5

533. 8

3,028.7

1,643. 947.5

264.822.8

104.6583. 0272.5

1. 302. 213, 752.'

1,168. 763.7

317.0199. 259.4

209.6

843. 2307. 3111.321.046.5

3,536. 23, 301. 6

51.7512.5

2,373. 4738. 5178. 0384.1175.7

417.9230.3163.3

147.0

, 137.0

, 186.7224.0174.7104.7

., 714.2

3, 553.8193.0121.500. 0

030. 32,100. 3

1,135.4

921.9

407.9

14.956.315,031.8

1,481.64,872.8

200. 03,298.8

3,051.51,117.6

932.4

27.2210.7

142.256. 9

6.4138.8335. 6114.2

1,993.9

145.8

, 235. 6

1,121.5

362.6

2.2

896. 0374.231.9

532.8

3,051.1

1, 749.149.0

287.317.080.9

641.1308.2

1,409.313,547.0

1, 254.174. 5

300. 5182.159.4

205.9

806.9244.1111.214.874.4

3,746. 33, 465. 2

33. 0535. 3

2,111.5555. 5158. 8383.1170.0

350.2

5,040.4

873.2

15,846.316,231.

1,278.3

204.8

812.7

4,228.0

532.2

2,255.8

r Revised,arately.

1 See corresponding note for p . S-22. 9 Includes data not shown sep- \ Manufactured goods—classified chiefly by material.© See corresponding note on p. S-22.




1977 1978

Annual

1978


1979

Jan. Feb.

FOREIGN TRADE OF THE UNTTED STATES—Continued

VALUE OF IMPORTS—Continued

General imports—ContinuedBy commodity groups and principal commodi-

ties—ContinuedMachinery and transport equipment . . . .mil . $ . .

Machinery, total 9 doMetalworking doElectrical do

Transport equipment do

Automobiles and parts do

Miscellaneous manufactured articles do

Commodities not classified do

Indexes

Exports (U.S. mdse., excl. military grant-aid):Unit value _ 1967=100..Quantity doVa lue . . . do

General imports:Unii value doQuantity doValue do

Shipping Weight and Value

Watprborne trade:Exports (inel. reexports):

Shipping weight thous. sh. t ons . .Value. . mil. $ . .

General imports:Shipping weight . . thous. sh. t ons . .Value mil. $ . .

36,406.817,663.8

433.58,432.0

17,829.915,842.0

13,809.4

3,335.7

' 210.2r 183.1' 384.7r 269.9r 200.8' 541.9

274,41365,376

612,798103,037

M7,625.624,404.0

946.75,170.8

23,221.620,631.2

'19,062.1

>3,981.1

p 231.5p 198.8P 460.3

p 292.7p 220.1P644.4

'3,392.71,619.9

69.3335.0

1,772.71,556.6h 1,227.9b 328.4

P219. 9164. 1360. 8

280.7203.6571.6

18,1444,947

44,640

3, 573. 21,751.8

67.8349.8

1,821. 41,574.6

1, 293.7

253.5

P219.6p 162.8P357.5

281.2212.8598.3

18,9305,108

45,9529,132

4,050.71,979. 7

75.2407.7

2,071.01,854. 8

1,511.1

369.2

P 219.4p 211.1p 463.3

289.4226. 4655.2

21,7126,431

47, 2009,680

4, 085. 52,003. 1

73.8408.4

2, 082. 31, 854. 4

334.8

p 223.0p 208.2p 464.2

290.3224.5651.9

24,1426,313

47,6819,838

4.020.42,011.6

80.5411.5

2.008. 81,776. 3

1,460.0

316.0

p 224.0p 213.9p 479.0

292.6218.4639.1

28, 0576,912

47,1769,400

4.132. 92, 073.3

69.5446.4

2, 059. 61, 840. 3

1, 651. 5

335.2

p 232.2P206.8P408. 1

293.6222.3652.7

29,4876,842

47,8409,657

4,108.22,217.6

86.4465.2

1,800. 61,676. 3

1,782.5

327.0

p 231.3182.3421.7

293.3225.1660.4

24, 9695,989

50, 70310,143

3, 578.52,046.5

91.0453.3

1,532.01,361.0

1,756. 5

323.6

P234.2p 190. 9p 447.2

295.0213.4629.6

26, 0016,385

53, 6529,880

3.832.02.077.1

82.1467.7

1, 754. 91, 547.1

1,751. 9

304.2

238.8205. 0489.6

294.3220.5649.0

26,2606,646

56,1969,780

4, 294. 62,277. 2

76.8494.0

2, 017.41,817. 8

1, 827.1

383.3

237.3213. 3506.1

296.3228.7677.7

26,5366,958

49, 8119,850

4,238. 32,162. 8

80.8451.1

2, 075. 51, 889. 0

1, 799. 9

321.4

p 248.1P211.7p 525. 3

303.9222.8677.0

4,318. 72,183. 3

93.5480.6

2,135. 41,891.2

1, 560.3

384.4

P250.7P207.8p 520. 9

300.9222.9670.6

4,515. 9

1,619.7

309.4

TRANSPORTATION AND COMMUNICATIONTRANSPORTATION

Air Carriers (Scheduled Service)Certificated route carriers:

Passenffer-mile"' (revenue) bilPassenger-load factor § percent . .

Ton-milps (revenue) totalU mil

Operating revenues (quarterly) 9 O mil. $..Passenger revenues doCargo revenues doMail revenues do

Operating expenses (quarterly)© doNet income after taxes (quarterly)© do

Domestic operations:Passenger-miles (revenue) . . bilOa,rs"o ton-miles milMail ton-miles do

Operating revenues (quarterly) O_ mil. $..Operating expenses (quarter ly)O.. . doNet income after taxes (quarterly)© do

International operations:Passenorer-mile (revenue) bilCargo ton-miles milMail ton-miles do

Operating revenues (quarterly)©. mil. $ . .Operating expenses (quarterly)©. doNet income after taxes (quarterly)© do

Urban Transit Systems

Passengers carried (revenue) milMotor Carriers

Carriers of property, large, class I, qtrly.:*Number of reporting carriers .

Net income, after extraordinary and prior periodcharges and credits mil. $..

Tonnage hauled (revenue), common and contractcarrier service _ mil. tons..

Freight carried—volume indexes, class I and IIintercity truck tonnage (ATA):

Common and contract carriers of property(qtrly.) cf . average same period, 1967=100

Common carriers of general freight, seas, adj.t1967=100..

Class I RailroadsAFinancial operations, qtrly. (AAR), excl. Amtrak:

Operating revenues, total© 9 mil. $Freight doPassenger, excl. Amtrak do

Operating expenses© doTax accruals and r en t s . . doNet railway operating income doNet income (after taxes)©. do

194.7556.2

26 100

19,92516,2741,719

39019, 017

731

156. 613,125

751

15,82115,165

497

36.612,302

397

4,1043,852

234

5,979

100213,853

2 452

217

166.2

20,11618,916

33716,3923,377

347284

181.03

7,636

181.7

16 6256.8

2,143

13.4223662

3.2022028

3 615

162.6

14 5155.1

1,948

12 0325160

2.4915827

610

175.9

18 4560.6

1,460

5,1154 226

43289

5,01163

15. 3230974

4,1514,053

67

3.1219933

964958- 5

691

1003,569

46

54

152

177.3

4,7504,440

854,905

-156-274

17 5859.9

2,344

14.3229368

3.2519332

616

192.5

17 9662.1

2,363

14.4629368

3.5017730

670

182.8

1

20.5167.6

2,630

5,7084 660

49290

5,258405

16.5330064

4,5564,205

311

3.9818728

1,1521,053

94

654

1004,139

153

61

167

178.5

5,7205,368

895,375

235203

22 4868.9

2,811

17.7428159

4.7319727

571

177.6

23.7071.1

2,972

18.9331665

4.7819328

619

177.6

19.0360.2

2,515

6,3085 230

52086

5,603629

14.7830865

4,9024, 406

433

4.2521129

1,4061,197

195

646

1004,166

154

58

160

184.3

5,3945,015

915,268

5328

p 18.81P 5 8 . 2

P 2 , 5 3 6

15.0332366

3.7823432

684

188.5

p 17.75P57.3

p 2, 414

14.4430967

3.1322637

652

— -

186.2

« p 14.03

609

197.1

« p 13.62 " p 13.03

r Revised. p Preliminary. i Before extraordinary and prior period items. 2 Annualtotal; quarterly revisions not available. 3 Beginning Jan. 1978, data are for total unlinkedpassenger trips; revenue passenger data no longer available. 9 Includes data not shownseparately. if Applies to prssengers, baggage, cargo, and mail carried. § Passenger-miles as a percent of available seat-miles in revenue service reflects proportion of seatingcapacity actually sold and utilized. CTotal revenues, expenses, and income for all groupsof carriers also reflect nonscheduled service. *New Series. Source: ICC (no comparabledata prior to 1972).

cf Indexes are comparable for the identical quarter of each year (and from year to year).AEffective 1976, defined as those with annual revenues of $50 million or more; restated 19//

data reflect changes. ©Natl . Railroad Pass. Corp. (Amtrak) operations (»ot included inAAR data above), 1975 and 1976 (mil. $): Oper. revenues, 235; 287; net loss, 353; 469 (ICC)

• Domestic trunk operations only (domestic trunks average about 90% of total domesticoperations). > See note 1 for p. S-22. t Effective Mar. 1977 SURVEY, revised back to1957 to new trading day and seas. adj. factors.


March 1979


1977 1978

Annual

VEY OF IJUKJbLEINT )1NEZ SIS

1978


S-251979

Jan. Feb.

TRANSPORTATION AND COMMUNICATION—Continued

TRANSPORTATION—Continued

Class I Railroads A—ContinuedTraffic:

Ton-miles of freight (net), total, qtrly bil.Revenue ton-miles, qtrly. (AAR) do . . .

Revenue per ton-mile cents.Price index for railroad freight.. .1969=100.Passengers (revenue) carried 1 mile mil.

Travel

Hotels and motor-hotels:Restaurant sales index same month 1967=100.Hotels: Average room saleif ...dollars.

Rooms occupied % of total.Motor-hotels: Average room saleil dollars.

Rooms occupied % of total.Foreign travel:

U.S. citizens: Arrivals© thous.Departures© do . . .

Aliens: Arrivals© _ do . . .Departures ©._ do

Passports issued do . . .National parks, visits§_ do._.

COMMUNICATION

Telephone carriers:Operating revenues 9 _ _ mil. $.

Station revenues do._.Tolls, message do

Operating expenses (excluding taxes) d o . . .Net operating income (after taxes) doPhones in service, end of period mil.

Telegraph carriers:Domestic:

Operating revenues mil. $.Operating expenses _ d o . . .Net operating revenues (before taxes) do

Overseas, total:cfOperating revenues _do.. .Operating expenses .doNet operating revenues (before taxes) d o ~ .

826.22.289199.1

10, 295

13934.96

6524.65

70

8,2018,1986,4925,3643,10769,980

40,75418, 66716,31326,1207,298149.9

554.8439.686.9

396.9279.4108.4

856.2

213.1

15738.83

6828.45

72

8,9038,8837,8616,3253,23462,989

207.6

12438.43

6026.11

63

633592550450217

1,679

3,6401,6421,4872,302661

145.6

44.536.55.4

35.423.89.2

207.6

13938.32

6826.80

69

570586405325239

2,520

3,5851,6451,4062,248654

145.5

44.835.36.8

34.223.59.0

192.7188.5

"207." 7'

15738.09

6727 42'73

711721567420379

2,757

3,7881,6831,5702,447660

146.1

47.935.99.2

38.725.311.8

207.8

15539.37

7427.07

74

706662550420351

3,439

3,7151,6881.4692,335685

146.4

46.636.67.3

36.524.410.4

207.9

16439.83

7328.55

75

718804603496371

3,8201,6921,5742,470673

146.9

49.137.59.0

38.025.010.3

235.8203.4

208.2

16939.14

7228.91

785917686522380

8,232

3,8281,6941,5602,424702

147.2

48.137.58.5

39 225! 411.0

215.2

17436.77

6629.28

78

1,024858925545308

12,047

3,7831,6801.5262,356712

147.5

46.837.07.2

36.724.89.6

215.7

16338.39

6929.67

82

1,077901948844290

11,037

3 9241,7251,6362,532703

146.6

50.439.18.8

39.326.011.6

210.5

215.8

16038.20

7029.00

75

742910741698196

6,375

3.9421,7651.5732,527718

148.9

47.937.97.5

38.025.311.0

215.8

16742.06

7728.99

76

740624640539178

5,264

51.153.95.9

39.931.712.1

216.3

15439.30

6629.90

68

612593581517168

2,732

' 227.1

231.1

15538.02

5029.71

54

584714664548156

1,921

2 58.6

231.7

2211,574

2 61.6

2341,695

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic Chemicals

Production:Aluminum sulfate, commercial (17% AI2O3)}

thous. sh. tons..Chlorine gas (100% Ch)t d o . . . .Hydrochloric acid (100% H Cl)} d o . . . .Phosphorus, elemental! doSodium carbonate (soda ash), synthetic (58%

NajO)} thous. sh. tons..Sodium hydroxide (100%NaOH)J doSodium silicate, anhydrous} . . .doSodium sulfate, anhydrous} doSodium trypolyphosphate (100% NasP30io)X

do....Titanium dioxide (composite and pure) f . . .doSulfur, native (Frasch) and recovered:

Production thous. Ig. tons..Stocks (producers') end of period do

Inorganic Fertilizer Materials

Production:Ammonia, synthetic anhydrous}

thous. sh. tons..Ammonium nitrate, original solution} doAmmonium sulfatef _ _ doNitric acid (100%HNO3)} d o . . . .Nitrogen solutions (100% N)} doPhosphoric acid (100% P2O5)} do. .Sulfuricacid (100% H2SO4)t doSuperphosphate and other phosphatic fertilizers

(100% PjO*):Production thous. sh. tons..Stocks, end of period do

Potash, deliveries (K3O)© doExports, total 9 do

Nitrogenous materials do l . l .Phosphate materials doPotash materials do.

Imports:Ammonium nitrate d o . . . .Ammonium sulfate doPotassium chloride doSodium nitrate dol "

1,16210,6642,568431

1,81210,481

7811,241

709679

» 9,3895,469

17,3987,454

* 1,9047,8772,6408,456

35,821

1,18510,8092,735

440

9,56339,584

6,699573

7 6,30923,108

1,16916,741

1,650

361327

8,229157

7,369492

6,8334 26, 249

* 2, 6234 16, 740

4 1,828

404326

8,390142

97816215

33

107818

6799

5947

7925,478

1,391612155643199693

3,041

556600458

4 2,1654 168

41,2724 154

4748

609(5)

(

5,

1

9382521233

6)

79865

104

5754

735441

208530157595173718

3,031

1

1

56257144792415334080

2127

54530

10281323036

(«)823

66104

6160

8095,389

1,435701160767227830

3,365

673506687

2,150192

1,448162

5431

85116

(

5,

1,

3,

1,

1,

9589025338

86764

115

6367

780352

558689177736224820319

627400789690

7332158

8159

66913

(6

5,

1,

10787522437

)861

68114

5866

826368

553640168719218P22

3,410

1,

1,

639471692831129306119

5326

81221

(e

5,

1,

3,

2,

1,

9888422139

)864

67104

5963

811437

424563164625210768250

569494557293148368205

3737

8495

95123739

()9416297

5863

8105,519

1,374512172604191732

3,107

573461417

2,596364

1,431210

223

73515

11592521033

()906

64102

6360

795

1,329537182627

e 176803

3,350

614395598

2,651406

1,496237

1311

6820

92919226

()885

6397

6063

7765,472

1,296523153603

»168796

3,337

619379487

2,690354

1,571169

1411

61916

10195023239

()918

73107

60

786

1,4256498 83733

»200853

3,476

651359620

1,985290

1,347122

2118

65415

96••971' 2 3 3

39

<'937' 7 3

' 1 0 3

66'60

7905,245

• 1,422'610(6)' 6 8 1U 6 8

825• 3,459

'599'425

5491,781

L701,241

70

2334

24238

()9637094

6558

8385,260

1,529639155716

5 163893

3,439

687492532

2,493176

1,599242

1821

7160

7865,126

'554101,975

10 2121,048

195

1824

64316

'Revised. v Preliminary. 1 Annual total; monthly revisions are not available.2 For month shown. » Reported annual total; see note 6 for this page. 4 Because of an

overall revision to the export commodity classification system effective Jan. 1, 1978, datamay not be strictly comparable with those for earlier periods. 6 Less than 500 short tons.a 7? a r e b e i n g w i t h h e l d t o avoid disclosing figures from individual companies. 7 See

© note, this page, s Excludes data for byproduct (other than coke oven); withheld to avoiddisclosure of figures from individual companies. » Represents solutions containing ammoniaand ammonium nitrate/urea solutions; not comparable with data prior to Aug. 1978.

10 Beginning Jan. 1979, data include chemically-treated fertilizer and sodium nitrate contain-ing over 16.3% nitrogen by weight; not strictly comparable with data shown for earlier periods.A See A " note, p. S-24. H Average daily rent per occupied room, not scheduled rates.

9 Includes data not shown separately. © Beginning Jan. 1977, data exclude potassiummagnesium sulfate; not strictly comparable with those shown for earlier p3"iois.

©Effective 1976, data are compiled by U.S. Dept. of Transportation from INS recordsand refer to air travel; travel by sea is omitted (for 1973-75, average annual arrivals and de-partures by sea are as follows—units and order as above: 814; 784; 159; 129). .

§ Effective Jan. 1976, data include visits to Voyageurs National Park (no count of visits forearlier periods is available); data for Mar.-Julv 1976 are restated to delete visits to Platt Na-tional Park which was reclassified as a national recreation area, and beginning Jan. 1979, datainclude visits to two additional parks.

cf Includes data for Western Union Int. Cable & Wireless.}Monthly revisions back to 1971 are available upon request.


S-26 SURVEY OF CUERENT BUSINESS March 1979


1977 1978

Annual

1978


1979

Jan. Feb.

CHEMICALS AND ALLIED PRODUCTS—Continued

CHEMICALS—ContinuedIndustrial Gases|

Production:Acetylene -mil. cu. ft.Carbon dioxide, liquid, gas, and solid

thous. sh. tons.Hydrogen (high and low purity) mil. cu. ft.Nitrogen (high and low purity) do...Oxygen (high and low purity) do...

Organic Chemicals cfProduction-

Acetylsalicylic acid (aspirin) ...mil. lb.Creosoteoil mil. gal.Ethyl acetate (85%) mil. 1b.Formaldehyde (37% HCHO) do...Glycerin, refined, all grades do...Methanol, synthetic mil. gal_Phthalic anhydride mil. lb.

ALCOHOLfEthyl alcohol and spirits:

Production ...mil. tax gal.Used for denaturation... do...Taxable withdrawals do.. _Stocks, end of period.. do...

Denatured alcohol:Production mil. wine gal.Consumption (withdrawals) do...Stocks, end of period do...

PLASTICS AND RESIN MATERIALSProduction:

Phenolic resins .mil. lb.Polyethylene and copolymers do...Polypropylene do...Polystyrene and copolymers do...Polyvinyl chloride and copolymers--- do...

MISCELLANEOUS PRODUCTSExplosives (industrial), shipments, quarterly

mil. lb.P aints, varnish, and lacquer, factory shipments:

Total shipments mil. $.Trade products do...Industrial finishes do...

5,972

2.25684, 459

331,545392,984

i 31.4» 161.2i 217.86,046.5

286.0i 971.8i 926.0

498.3405. 3

81.071.4

223. 8224.6

2.6

1,797.110,100.12,705.85,203.0

• 5,267.3

2, 675.1

4,517.72,278.52,239.2

5,262

2,28790, 248

389,382428,014

32.2i 143. 2i 226.76,433.2

290.5i 957.8i 993.4

, 764.2Ul,083.4i 2,969.1

5,579. 815,653.8

' 2,821.1

431

1477.041

31,85332,012

2.78.4

15.4488.423.865.372.5

35.835.16.9

68.3

19.119.22.5

136.6845.1235.7413.3430.2

319.1149.4169.8

413

1586,591

28,90230,001

2.18.3

16.7477.721.062.572.6

41.132.45.8

75.2

17.417.12.8

138.2739.4210.8396.5413.8

341.1160.7180.3

422

181)7,809

33,49734,409

3.013.617.1

571.323.457.785.2

50.437.3

7.578.9

19.919.92.8

154.9916.7253.0467.1477.2

445.6

416.6204.0212.5

450

1907,26931,77633,694

2.413.112.4555.123.587.381.5

42.232.17.3

17.717.72.9

149.1905.2226.8474. 9481.0

(C3))

434

2007,34233,23537,805

3.211.918.4550.426.378.092.7

31.337.27.274.6

21.321.32.9

148.2915.4232.3479.6501.6

449

2047,186

32,27336,298

3.013.922.5

549.121.877.393.4

48.737.5

7.576.2

20.320.23.0

143.5900.8232.2483.4480.6

809.5

402

2057,394

31,87936,295

2.510.119.8

535.820.083.387.2

42.525.4

5.985.8

17.017.03.1

128.8937.1232.0450. 5458.1

448

2107,51034,00137, 554

2.511.620.4£22.829.479.880.1

45.436.67.788.4

19.919.93.0

142.7960.4260. 5427.5

415

2057,762

32,65336,904

2.512.917.9

546. 626.487.979.6

50.530.37.4

16.917,42.6

151.8962.2257.3473.4459.1

786.7

2067,906

34,62738,016

2.511.820.8

585.028.373.273.9

40.340.38.2

21.721.42.9

967.0246.8477.8500.3

••475

1807,929

33,16537, 605

2.912^821.7

531.324.760.976.5

38.038.6

7.464.6

16.617.22.9

151.7937.5268.2434.8479.7

455

1935,509

31,52137, 421

2.812.520.8

548.121.990.094.6

138.8961.2244.3481.5493.5

790.

21.4

ELECTRIC POWER AND GAS

ELECTRIC POWER

Production (utility and industrial), totalmil. kw.-hr

Electric utilities, total doBy fuels doBy waterpower do

Industrial establishments total doBv fuels doBy waterpower do

Sales to ultimate customers, total (Edison ElectricInstitute). . . . . . mil. kw.-hr

Commercial and industrial:Small light and power§ doLarge light and power § ...do .

Railways and railroads doResidential or domestic doStreet and highway lighting do. .Other public authorities doInterdepartmental do

Revenue from sales to ultimate customers (EdisonElectric Institute) mil $

GAS

Total utility gas, quarterly(American Gas Association):

Customers, end of period, total thous..

Residential doCommercial . doIndustrial doOther do

Sales to customers, total.... tril. Btu_.

Residential doCommercial doIndustrial doOther.. do

Rev enue from sales to customers, total mil. $..

Residential doCommercial doIndustrial doOther do

*>2,124,0781,903,643220,435

1,950,791

469 227757,168

4,212652,345

14,41846,2427,179

62,610.0

45,725

42,1083,4002 1752 42

14,341

4, 9462,409

a 6, 7112275

28,303

11, 5414 980

a 11,3852 397

197,271172,48824,783

174,427

39,92263, 348

41564,624

1, 3964,135

587

5,674.5

173,676151,26022,416

169,924

39, 49859,724

42164,283

1, 2584,172

567

5,626.9

173,157148,49624, 661

164, 064

38, 46760,150

37759, 283

1,2273,978

583

5, 646. 4

46,172

42 4453 490

18354

5,312

2,4391,0661,692

115

11,166

5,6852,3303,019

132

159,749134,40625,343

153,146

36,00161, 706

33649,722

1,1703,643

568

5,277.1

175,184146,40928,775

153,813

36.25265, 057

31646, 764

1,1193,719

586

5,278.2

187,408162,16625,242

165,403

40, 36567,449

35351, 533

1,1014,005

597

5,802. 3

45 58041,9843,373

17251

3,180

960492

1,66266

6,861

2 5171,1183,128

97

202,595178,03724,558

176,403

44, 07165, 894

33560, 266

1,1294,103

606

6, 318. 6

205,637183,50522,132

181,386

44,91867,819

34462,366

1,1684,173

598

6, 510.8

185,597164,33821,259

108,454

44,20668,998

34260,883

1,2184,201

605

6,420. 2

45,35541,8163,332

16938

2,551

429306

1,75859

5,503

1,332713

3,37485

167,770

40,14468,723

34352,656

1,2854,009

609

5,918. 6

160,614

37,70067,247

37049,440

1,3303,913

614

5,552.0

r Revised. p Preliminary. i Reported annual total; revisions are not distributed tothe monthly data. 2 Beginning 1976, Industrial includes electric generation, prior to 1976,electric generation was included with other. s Series being restructured: data not availableat this time. § Data are not wholly comparable on a year to year basis because of changes

from one classification to another. d* Data are reported on the basis of 100 percent contentof the specified material unless otherwise indicated. | Monthly revisions back to 1973 areavailable upon request.


March 1979


1977

STTRVET

1978

Annual

OF CURRENT BU

1978


S-271979

Jan. Feb.

FOOD AND KINDRED PRODUCTS; TOBACCO

ALCOHOLIC BEVERAGES 9Beer:

Production mil. bbl..Taxable withdrawals . . .doStocks, end of period ._. do

Distilled spirits (total):Production —mil. tax gal..Consumption, apparent, for beverage purposes

mil. wine gal..Taxable withdrawals mil. tax gal..Stocks, end of period doTm ports mil. proof gal..

Whisky:Production mil. tax gal.Taxable withdrawals doStocks, end of period doImports mil. proof gal..

Rectified spirits and wines, production, totalmil. proof gal..

Whisky do . . . .Wines and distilling materials:

Effervescent wines:Production mil. wine gal..Taxable withdrawals -doStocks, end of period doImports do

Still wines:Prod uct i on doTaxable withdrawals doStocks, end of period doImports do

Distilling materials produced at wineries...do

DAIRY PRODUCTS

Butter, creamery:Production (factory) t mil. l b . .Stocks, cold storage, end of period. doPrice, wholesale, 92 score (N.Y.) $ per lb . .

Cheese:Production (factory) totalj mil. lb._

American, whole milkf .do

Stocks, cold storage, end of period.. .doAmerican, whole milk do

Im ports doPrice, wholesale, American, single daisies (Chi-

cago) $ per lb..Condensed and evaporated milk:

Production, case goodst— mil. lb-.Stocks, manufacturers', case goods, end of month

or year mil. lb..Exports:

Condensed (sweetened) doEvaporated (unsweetened) do

Fluid milk:Production on farmst doUtilization in mfd. dairy products}: doPrice, wholesale, U.S. averaget $ per 100 lb . .

Dry milk:Production:

Dry whole milkt mil. lb. .Nonfat dry milk (human food)t do

Stocks, manufacturers', end of period:Dry whole milk _doNonfat dry milk (human food)t do

Exports:Dry whole milk ..doNonfat dry milk (human food) do

Price, manufacturers' average selling, nonfat drymilk (human foodH $ per lb..

GRAIN AND GRAIN PRODUCTS

Exports (barley, corn, oats, rye, wheat)...mil. bu . .Barley:

Production (crop estimate) A doStocks (domestic), end of period do.

On farms doOff farms do_.

Exports, including malt § ~~ "do.. ~ IPrices, wholesale (Minneapolis):

No. 2, malting $ per buNo. 3, straight do.

Corn:Production (crop estimate, grain only)Amil. bu . .Stocks (domestic), end of period, total do

On farms do.Off farms do!

Exports, including meal and flour do ~Price, wholesale:

Weighted avg., selected markets, all grades

Oats: $ P e r b U "Production (crop estimate)A mil. bu . .Stocks (domestic), end of period, total do

On farms doOff farms do....

170.51156.9212.42

159. 29

432. 56220. 74706.86112.94

80.60128. 27649.0091.15

110. 4641.48

22.8621.358.562.93

409.75310.41505.3665.79

276.55

1,085.6184.91.015

3, 357. 92,042.4

468.6404.7209.4

1.187

818.9

75.2

122,69865,8799.72

69.41,106.0

6.060.7

23.8

.665

2,586.1

3 420. 2329.2218.9110.372.8

2.452.64

3 6,425.55,503.03,824.31,678.71,596.2

2.22

3 750.9565.0482.382.7

11.2

128.60

101.89

23.0420.598.254.31

420.04318.75527.0789.77

244.23

999.0206.91.141

3,516. 52, 093. 6

436.4357.9242.2

1.301

777.2

70.3

5 a 37.0

121,92864,91010.58

72.8

4.440.1

5 6 122.8

.714

3,307.6

3 447. 0386.6272.1114.431.3

2.302.29

3 7,081.86,197. 24, 517. 51,679. 81, 975. 2

5.39

562.9483.279.715.1

12.8710.6913.92

11.88

30.5518.28

'01.168.29

5.2510.11

643. 656.59

9.953.95

1.721.049.06

.21

6.2225.20

478.445.61

4.81

108.3195.71.047

274.0163.6

460. 6395.214.5

1.229

56.2

59.7

4.3

5,39810.20

6.879.7

' 5 .9r 61. 3

6.8

.681

195.5

1.6

2.342.22

127.1

2.23

12.7111.0112.02

11.29

30.1616.87

691.798.65

5.409.70

633. 826.76

8.002.70

1.51.97

9.59.18

3.9921.23

461.305.39

5.49

95.7215.91.035

260.6154.3

442.0377.514.1

1.241

52.1

52.9

3.9

9,2875,09310.20

4.570.6

5.4'55.4

6.4

.680

224.2

.5

2.302.27

128.0

2.30

15.8614.1814.56

11.84

38.4221.12

690.809.74

5.4512.08

633. 437.63

10.003.42

1.841.259.84

.29

4.7931.63

434. 926.62

2.45

97.7235.61.059

311.8182.9

431.0365.3

16.7

1.246

67.3

52.1

2.6

10,5235,87110.20

7.184.4

6.149.8

.680

238.0148.989.0

.3

2.292.27

3,877.22,517.01,360.2

157.0

2.44

418.7357.361.3

.6Exports, including oatmeal do 11.2 15 1 .5Price, wholesale, No. 2, white (Minneapolis)

$ p e r b u . . 1.34 1.37 1.32 1.33 1.34' Revised. v Preliminary. i Includes Hawaii, not available on a monthly basis;

monthly revisions for 1976 will be shown later. 2 Stocks a= of June 1. 3 Crop estimate forthe year. < Previous year's crop; new crop not reported until Oct. for corn and June forbarley and oats (beginning cf new crop year). & Beginning Jan. 1978, data for condensedand evaporated milk are reported under the single heading "total milk and cream, con-

15.6313.6015.01

13.69

33.8220.15

686.6811.52

6.3911.58

629.079.04

8.682.81

1.41.98

10.19.30

5.7025.65

411.297.26

1.57

98.5245.61.084

306.2190.8

448.2379.813.6

1.259

68.9

57.4

10,6315,90310.10

7.496.4

7.3'79.3

.705

271.3

2.382.38

160. 9

2.80

16.5615.0014.97

15.15

34.3617.44

685.969.29

7.779.52

527. 727.12

9.363.10

1.941.71

10.67.40

4.8125.62

348.027.98

1.90

96.7264.61.088

328.7208.2

462.3392.1

13.8

1.259

82.4

79.4

3.5

11,1786. 29310.00

8.0103.0

8.4'87.2

.711

2U72.12 4104.72 * 67. 4

3.3

2.492.44

2 2,837.421,848.62 988.8

207.3

2.62

2 * 310.62 4 257.12 * 53.6

1.1

16.8815.8214.57

14.95

38. 7520.61

683. 3610.94

6.8011.37

624. 898.70

9.793.36

1.24.83

10.22.40

4.5126.34

355.008.64

3.56

84.7280.91.093

332.9209.3

501.1424.313.0

1.259

78.8

101.4

3.2

10,8516,29510.00

6.9113.5

9.5'95.0

12.9

.710

334.4

4.4

2.352.34

214.3

2.52

.6

16.7415.2919.81

7.63

32.0515. 63

678.12

3.098.68

619. 706.99

7.463.03

1.921.13

10.97.28

2.5323.32

320.448.18

1.46

73.7312.71.117

297.0183.4

501.6425. 516.4

1.260

73.8

120.2

2.3

10,5345,68710.10

5.998.2

9.4'94.9

288.3

5.2

2.122.10

171.3

2.47

1.

17.6116.2814.33

13.20

14.6213.72 !14.01

14.61

14.0112.9913.71

18.78

35.77 34.23 I 37.3521.30 20.18 i 25.42

672.34 669.16 665.181.90 10.94 14.83

6.06 7.3611.39 ! 12.00

614.91 610.95' 8.46

10.253.48

2.551.76

11.58.30

32.6725.43

332. 308.06

32.17

64.2282.41.207

284.6167.5

491.1418.022.7

1.321

69.0

134.4

2.1

10,2135,32310.50

5.578.6

9.3'73.9

.715

327.6

5.0

2.142.11

180.3

2.31

5.4

9.773.40

2.061.90

11.43.40

140.2026.29

431.507.68

97.78

64.5266.61.220

264.9149.2

475.8396.419.3

1.340

58.2

136.0

2.4

9,7334,85410.90

5.059.1

7.4'63.6

'.724

303.8

8.3915.12

605.2312.14

10.494.49

2.733.278.51

.44

151.1629.10

553.448.05

67.42

71.1251.81.219

279.4159.0

455.037S.922.0

1.394

58.9

113.8

4.2

9,8324,83711.30

4.949.0

5.3'52.2

.732

260.8

468.3338.7129.6

4.3

2.262.29

1,104.04 659.34 444. 7

176.4

2.24

665.'550.7115.0

.3

3.2

2.182.27

139.5

2.27

1.7

12.7112.0413.50

18.09

22.42663. 28

14.13

9.2112.99

601. 2011.55

9.603.42

2.593.25

12.56.64

41.1631.17

555.808.38

16.13

66.7228.81.260

276.3153.5

431.1357.130.7

1.400

52.3

84.4

2.7

11.28

8.83

9,3644,51711.60

5.041.9

3.7'36.6

.747

248.5

1.0

2.482.44

153.9

2.15

1.47

1.522.508.25

.47

22.2927.77

527.077.90

9.47

77.2206.91.258

300.1171.8

436.4357.945.6

1.410

59.3

70.3

2.4

9,7884,83311.80

5.854.4

4.4'40 .1

4.0

.765

252.1

386.6272.1114.4

.5

2.322.37

6,197.24,517.51,679.8

159.1

2.34

562.

79.7

1.4

1.44

8.36

6.36

.36

7.11

97.4208.61.150

288.9173.8

436.8361.612.8

1.410

58.0

66.0

3.1

10,0355,285

' 11.90

7.255.1

4.936.1

3.1

.764

202.4

.7

2.232.28

130.1

2.23

.3

213.31.150

449.5372.6

1.360

v 11.90

2.292.28

2.48

1.541.42 1.44 1.36 1.25 1.27 1.37 1.38densed and evaporated"; data for dry whole milk and nonfat dry milk are under the heading"total dry milk, whole and nonfat." 6 See corresponding note for p. b-29.

9 Scattered^onthly revisions back to 1973 are available. \ Revised monthly data backto 1973 are available. A Revised crop estimates for 1970-74 are available. c Corrected.




1977 1978

Annual

1978


1979

Jan. Feb.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued

GRAIN AND GRAIN PRODUCTS—Con.Rice:

Production (crop estimate) A - mil. bags 9 - -California mills:

Receipts, domestic, rough mil. lb..Shipments from mills, milled rice doStocks, rough and cleaned (cleaned basis), end

of period mil. lb..

Southern States mills (Ark., La., Tenn., Tex.):Receipts, rough, from producers mil. lb..Shipments from mills, milled rice __doStocks, domestic, rough and cleaned (cleaned

basis), end of period .mil. lb..

Exports... doPrice, wholesale, No. 2, medium grain (South-

west Louisiana) $ per lb..

Rye:Production (crop estimate) A mil. bu..Stocks (domestic), end of period doPrice, wholesale, No. 2 (Minneapolis)..$ per bu..

Wheat:Production (crop estimate), total A mil. bu..

Spring wheat A -doWinter wheat A do

Distribution, quarterly cf do

Stocks (domestic), end of period, total doOn farms doOff farms do

Exports, total, including flour do.Wheat only do.

Prices, wholesale:No. 1, dark northern spring (Minneapolis)

$per bu..No. 2, hd. and dk. hd. winter (Kans. City) do....Weighted avg., selected markets, all grades

$ per bu..

Wheat flour:Production:

Flour} thous. sacks (100 lb.)_.Offal ..thous. sh. tons..

Grindings of wheatt thous. bu_.Stocks held by mills, end of period

thous. sacks (1001b.) _.Exports _ doPrices, wholesale:

Spring, standard patent (Minneapolis)$ per 1001b..

Winter, hard, 95% patent (Kans. City)..do-..

LIVESTOCK

Cattle and calves:Slaughter (federally inspected):

Calves thous. animals..Cattle do....

Prices, wholesale:Beef steers (Omaha) $ per 100 1b..Steers, stockerand feeder (Kansas City)..doCalves, vealers (So. St. Paul)t do....

Hogs:Slaughter (federally inspected)...thous. animals..Prices:

Wholesale, average, all weights (Sioux City)©$ per 1001b..

Hog- corn price ratio (bu. of corn equal in valueto 100 lb. live hog)...

Sheep and lambs:Slaughter (federally inspected)..-thous. animals.Price, wholesale, lambs, average (Omaha)

$ per 1001b.

MEATSTotal meats (excluding lard):

Production, totalf mil. lb.Stocks, cold storage, end of period O do...Exports (meat and meat preparations) do...Imports (meat and meat preparations) do...

Beef and veal:Production, totalt .doStocks, cold storage, end of period O doExports .doImports doPrice, wholesale, beef, fresh, steer carcasses, choice

(600-700 lbs.) (East Coast) 1f $ per lb.

Lamb and mutton:Production, totalt-.. mil. lb.Stocks, cold storage, end of period do...

199.2

2,2151,460

214

9,5576,217

2,629

4,995

.152

U7.39.3

2.39

1 2,036*499

1 1,5371,827

1,993.8831.3

1,162.5

905.8863.9

2.802.62

2.88

275,7844,593

618,125

4,16017,994

7.1606.246

4,69638,717

40.3838.7448.19

74,018

41.12

19.9

6,133

53.38

39,1725 567

1,3151,741

25,780327

931,377

.662

34110

* 137.8

1,675989

304

8,8246,130

2,488

4,9727 .177

126.216.22.64

11,7991550

11,2482,163

1,630.7815.4815.3

1,286.01,243.5

3.243.24

3.33

277,6934,856

621,276

3,214618,268

8.0127.467

3,62036,947

52.3456.1669.24

74,142

48.67

22.4

5,169

63.28

38,104724

6 1,3372,072

24,601414

6 3871,635

.834

30012

11462

217

344433

2,474

204

.215

2.67

66.364.6

3.042.90

3.12

21,787381

48,430

723

7.5886.988

3683,238

43.6242.8540.50

46.08

22.0

425

64.00

3,214'559

109138

2,140'326

30103

.723

25

10961

228

282505

2,231

427

2.57

94.994.5

3.072.99

3.14

21,738385

48,910

147

7.3256.675

3363,046

45.0246.8943.75

5,840

49.26

23.6

390

67.50

3,044••572

101155

2,009331

35118

.747

23

17299

237

266520

1,933

294

.215

6.12.95

466

1,527.7

887.8

107.4103.3

3.133.16

3.27

24,330430

54,821

4,0961,774

7.6506.963

3863,243

48.6651.3947.60

6,794

47.77

21.8

487

69.38

3,341660115183

2,133370

27141

.782

28

226

131

463

1,638

339

.205

3.02

r Revised. * Crop estimate for the year. 2 See "d"" note, this page. 3 Stocks as ofJune 1. * Previous year's crop; new crop not reported until June (beginning of new cropyear. s see "©» note, this page. • See corresponding note on p. S-29. 7 Ten-monthaverage; Feb. and June prices not available. » See note "IT for this page. 9 Bags of100 lbs. c? Data are quarterly except for June (covering Apr. and May) and Sept. (coveringJune-Sept,). © Effective April 1977 SURVEY, data beginning Feb. 1976 are restated toexclude cooler meats; comparable earlier data will be shown later. t See corresponding

107.8101.8

3.323.34

22, 554385

50, 478

2,554

8. 6388.250

304

52.5253.8169.45

6,213

46.22

20.0

430

62.75

3,079748108202

1,960385

32161

.846

25

17081

165

101455

1,287

364

.190

3.23

U, 176.7H92,

124.2118.8

3.353.26

3.40

24,078417

53,601

2,297

8.3887.463

2883,215

57.2859.8577.26

6,298

49.25

20.9

451

71.00

3,268761108181

2,118400

30147

.922

179140

239

109434

952

694

2 351

115.1108.8

3.273.20

3.34

23,051402

51,544

3,4592,694

8.1007.225

2713,052

55.3857.4273.28

5,778

48.19

20.9

441

59.50

3,078721

2,00738532

133

.897

6955

229

110385

684

347

.185

2.39

110.0106.1

3.183.20

3.22

22,335384

49,749

1,674

8.2507.600

2612,869

54.5958.6775.72

5,402

46.94

20.9

406

60.00

2,88264293

161

1,89734428

123

.878

10361

237

1,005500

842

325

.175

2.19

136. 9131.9

3.183.12

3.31

25,053439

56,062

2,145

7.9387.575

3043,247

52.4058.2281.66

6,227

48.83

24.0

438

59.25

3,272582119137

2,146325

35107

.840

72109

185

3,062599

2,184

545

.145

24.02.37

2,137.01,032.91,104.2

122.8118.3

3.303.27

3.34

22,395400

50,506

3,3421,963

7.8257.550

2753,027

54.2660.2383.25

6,203

50.34

24.0

435

62.50

3,138598131182

2,018342

42151

.854

24058

277

1,708654

2,604

467

.145

2.32

116. 5113.0

3.393.44

3.51

24,843436

55,348

1,505

7.9007.600

2873,180

54.9362.0681.82

6,576

52.58

25.9

457

60.00

3,353641124184

2,15035831141

.859

7972

253

884620

2,496

371

.145

2.48

93.092.3

3.523.50

3.55

23,738416

52, 934

306

8.4007.925

2743,029

53.8260.7578.60

6,737

48.68

23.1

413

59.50

3,343716119

2,08339632165

.845

275126

304

822562

2,488

596

.148

16.22.52

507

630.7815.4815.3

91 290.0

3.163.46

3.40

21,791381

48,893

3,214486

8.1387.788

2672,834

55.5464.1978.00

6.105

49.73

23.0

396

64.00

3,092'724111

1,941'414

33145

.884

124162

222

607509

3,365

361

.163

2.38

71.370.4

3.323.41

3.30

382

7.8137.550

2653,090

60.3569.9580.73

6,393

52.11

'24 .0

391

73.75

3,281736102201

2,110440

28160

.974

17179

122

.140

2.49

3.473.52

3.55

7.775

64.8875.6191.48

54.93

24.8

71.25

721

424

.975

11

note, p. S-29. © Effective July 1977 SURVEY, monthly prices are restated through May1977 to coincide with published annual averages which are for "all weights, excluding sows";comparable monthly data prior to May 1976 will be shown later. A Revised crop estimatesfor 1971-1974 are available. JMonthly revisions back to Jan. 1976 will be shown later.^Effective Feb. 1979, prices are for Central U.S. (including East Coast); comparability is notaffected. e Corrected.




1977 1978

Annual

1978


1979

Jan. Feb .


MEATS—Continued

Pork (excluding lard):Production, totalt .mil. lb . .Stocks, cold storage, end of periodA doExports . . . . . _ doImports doPrices, wholesale:

Hams, smoked composite ._.$ per lb__Fresh loins, 8-14 lb. average (New York)...do..

POULTRY AND EGGS

Slaughter (commercial production) mil. lb._Stocks, cold storage (frozen), end of period, total

mil.lb..Turkeys . . . . _ _ do

Price, in Georgia producing area, live broilers$perlb._

Production on farms t mil. cases©..Stocks, cold storage, end of period:

Shell.. . thous. cases©..Frozen mil lb

Price, wholesale, large (delivered; Chicago)$ per doz_.

MISCELLANEOUS POOD PRODUCTS

Cocoa (cacao) beans:Imports (incl. shells) .thous. lg. tons..Price, wholesale, Accra (New York) $ per lb._

Coffee (green):Inventories (roasters', importers', dealers'), end

of period thous. bagscf __Roastings (green weight) do

Imports, total. doFrom Brazil . do

Price, wholesale, Santos, No. 4 (N Y ) $ per lbConfectionery, manufacturers' sales mil $

Fish:Stocks, cold storage, end of period* mil. lb_.

Sugar (United States):Deliveries and supply (raw basis):§

Production and receipts:Production thon*! *?h ton5!

Deliveries, total doFor domestic consumption do

Stocks, raw and ref., end of period do

Exports, raw and refined ..sh. tons..

Imports:Raw sugar, total thous. sh. tons..

From the Philippines . doRefined sugar, total do

Prices (New York):Raw, wholesale.. $ per lb_.Refined*

Retail (incl. N.E. New Jersey) $ per 5 lbWholesale (excl. excise tax) _$perlb__

Tea, imports thous. lb._

FATS, OILS, AND RELATED PRODUCTS

Baking or frying fats (incl. shortening):Production! mil. lb .Stocks, end of period© do

Salad or cooking oils:Production:!: doStocks, end of period© do

Margarine:Production ._ doStocks, end of period© doPrice, wholesale (colored; mfr. to wholesaler or

large retailer; delivered) $ per lb_.

Animal and fish fats:Tallow, edible:

Production (quantities rendered) _ mil. lb._Consumption in end products doStocks, end of periodil do

Tallow and grease (except wool), inedible:Production (quantities rendered) f. . doConsumption in end productsl do. .Stocks, end of per iod^ do

13,0513186289298

J .865.952

11,916

310168

.237

179.5

3930

.624

172.12.144

1,68414,233

14,8082,453

3,059

420

5,053

11,24511,2104,349

20,335

5,1301,136

656

.109

1.118.169

4203,012

3,841.1113.0

4,352.9105.4

2,535.079.9

.507

769.4787.942.4

6,106.43,180.5

347.2

13,203242

6 346347

.9001.091

12,553

280175

.260

186.2

3825

.603

209.72.500

2,33116 299

18,1332,679

2 1.4843 089

422

614,138

7 4,1777 822(8)

6.143

9 1. 211.204

151,751

4,044.6106.7

4,849.2123.0

2,519.569.5

.529

835.0847.855.1

5,815.93,219.5

346.6

1,051'175

3229

.8571.038

932

305168

.230

15.9

'3428

.552

19.42.500

1,682209

252

384

602

766764

4,352

4,312

277118

.114

1.155.187

9,023

312.4138.8

391.1127.7

219.861.8

.500

64.066.648.7

483.2254.8352.0

1,013'172

26' 2 9

.9321.066

831

263137

.240

14.2

'2726

.628

20.32.500

1,575129

291

339

374

775772

4,104

881

18949

.114

1.174.201

12,791

305.1125.2

378.1118.3

224.670.3

.500

60.867.049.1

464.2261.9349.0

1,1792172635

.8221.022

981

233113

.240

15.8

3723

.620

27.92.500

2,1614.467

1,707115

271

336

280

930927

3,850

970

44753

.114

1.212.193

18,648

368.2112.1

459.0112.7

243.059.3

.514

74.182.840.6

537.4294.4352.3

1,0932812532

.7591.001

901

210101

.280

15.4

3623

.570

20.52.500

1,557319

207

319

130

864861

3,451

802

6728

.114

1.270.201

15,450

328.0128.4

435.0133.8

186.872.3

.552

60.874.838.3

463.3281.7289.2

1,1252813128

.8201.091

1,088

213104

.265

15.9

3022

.520

16.52.500

1,345329

211

324

189

891888

3,326

682

30063

.114

1.268.200

17,523

335.5141.1

413.1128.1

183 763.4

.552

70.071.438.8

500.1296.3292.7

1,0462582526

.8081.129

1,127

257152

.300

15.2

3027

.493

12.42.500

2,2023 554

1,249206

193

342

135

1 0331,0293,059

613

33056

.114

1 189.198

8,286

302.2126.1

406 8123.7

194 668.8

.552

65.563.745.4

464.9263.1289.3

9622182329

.8031.102

1,052

326213

.330

15.4

2928

.612

16.12.500

1,316337

174

364

48

905901

2,729

841

60716

.114

(9).191

13,141

293.0124.2

368.8130.8

166.067.8

.552

61.762.045.1

442.5242.5309.6

1,1011783123

.8871.067

1,234

413298

.265

15.4

5529

.618

14.72.500

1,12456

1 350314

408

35

1 1221,1092 264

747

33554

5.135

.205

13,788

360.4107.2

410.6132.9

200.660.3

.525

70.370.646.3

491.8273. 6346.1

1,0951763223

.9051.147

1,119

486370

.270

15.2

4229

.632

7.32.500

2,1313 781

1,33757

1.540306

425

115

1,0201,0142,054

1,019

550131

.144

.213

9,390

356.0106.9

389.2121.6

207.666.0

.522

68.874.841.8

474.1250.3394.0

1,1762073536

1.0381.212

1,229

543430

.245

15.9

2328

.608

«15.92.500

1,901334

1 540312

427

658

894888

2,324

1,020

400114

.150

.223

12,502

381.5107.9

407.1106.8

222.268.9

.521

79.377.344.4

505.9286.0304.2

1,2362453629

1.0861.124

1,081

346236

.245

15.8

3626

.672

18.62.500

1,689308

1.530'289

426

1 046

853849

3,084

1,077

32766

.142

.214

8,877

370.1110.0

401.3120.4

220.658.9

.533

78.872.145.0

501.8270.1348.8

1,128'242

2629

1.0781.097

978

280175

.250

16.5

3825

.716

20.22.500

2,3314,497

1,651280

1.460269

'422

3,711

1,174

348134

.145

.220

12,332

' 332.2' 106.7

' 389.1' 123.0

' 250. 0'69.5

.528

'80.9'64.7'55.1

' 486.7' 244.8' 346.6

1,1472252331

.8851.254

'280'171

.265

16.3

'22'26

.713

27.32. 500

1,747333

1.460

P379

865

3430

.138

.223

14,797

335.7121.9

395.1117.1

229.465.1

.523

81.570.968.8

502.0273.1400.5

219

.8801.251

260157

.280

1824

.677

2.500

1.270

P341

.150

.219

.523

ii

r Revised, v Preliminary, i Average for July-Dec; beginning July 1977, prices representMidwest and Los Angeles and are not comparable with those for earlier periods. 2 Aver-age for 5 mos. (Aug.-Dec). 3 See " A " note, this page. * Reflects revisions not dis-tributed to the months. s Beginning Aug. 1978, prices are estimated; not strictly compar-able with those for earlier periods. Annual average for 1978 represents Aug.-Dec. • Be-cause of an overall revision to the export commodity classification system effective Jan. 1,1978, data may not be strictly comparable with those for earlier periods. 7 Beginning Jan.1978, data are for both raw and refined sugar and are not comparable with those for earlierperiods. » Beginning Jan. 1978, data are no longer available; see note 7, this page. » Be-

ginning July 1978, data no longer available. Annual average for 1978 represents Jan.-June.© Cases of 30 dozen. cTBags of 132.276 lb. §Monthly data reflect cumulative revisions

for prior periods. ©Producers' and warehouse stocks. 11 Factory and warehousestocks. t Monthly revisions back to 1974 are available. AEffective April 1977 SURVEY,data beginning Feb. 1976 are restated to exclude cooler pork; comparable earlier data will

be shown later. t Revised series. Beginning May 1977 SURVEY, data represent total com-mercial slaughter (excluding rendered pork fat and lard), whereas the price for calves(p. S-28), represents a different market. Comparable data prior to Mar. 1976 will be shownlater. «Corrected.


S-30 SUKVEY OF CUERENT BUSINESS March 1979


1977 1978

Annual

1978


1979

Jan. Feb.


FATS, OILS, AND RELATEDPRODUCTS—Continued

Vegetable oils and related products:Coconut oil:

Production, refined mil. lbConsumption in end products doStocks, refined, end of period If doImports do

Corn oil:Production* Crude do

Refined - doConsumption in end products. do. __Stocks, crude and ref., end of period 1f do

Cottonseed oil:Production* Crude do

Refined t do ._Consumption in end products _ _ do_ . .

Stocks, crude and ref., end of period Ht .-doExports (crude and refined) doPrice, wholesale (N.Y.) $ per lb__

Soybean oil:Production- Crude mil. lb .

Refined} - doConsumption in end products do

Stocks, crude and ref., end of period 1ft doExports (crude and refined) doPrice, wholesale (refined; N.Y.) $ per lb . .

TOBACCOLeaf:

Stocks, dealers' and manufacturers', end of periodmil lb

Exports incl scrap and stems thous. lbImports incl. scrap and stems . . do_ _.

Manufactured:Consumption (withdrawals):

Cigarettes (small):Tax-exempt ..millions.-Taxablp do

Exports cigarettes do

729.4878.739.9

994.3

671.9577.0537.633.4

1,254.61,188.8

625.3

142.3731.2.299

8,836. 57,789.57,451.1

864.01,666.9

.289

i 1,912

5 070^628,564316,236

78,133592,006

3,77666,835

768.3914.244.4

1,022.5

720.0581.1537.970.4

1,417. 71,344.8

697.3

127.1728.8

.332

10, 621.48, 713. 78,175.2

970.651,945

.309

i 2, 016

687,773335,981

85,135614,217

3,62174,359

58.169.336.665.5

54.947.644.726.7

141.6132.450.0

162.350.6.295

911.9719.2664.1

918.8113.1.265

52, 53925,925

5,39948,436

2803,716

56.871.035.9

127.1

51.643.243.231.9

129.5117.052.3

167.068.2.288

809.5665.9648.8

861.2141.8.265

55,60426,973

6,76949,326

2716,151

73.081.546.0

102.9

58.751.148.733.4

141.8136.655.6

188.484.9.315

943.3816.9771.7

808.3252.6.320

4,81173,15727,773

7,36255,317

3296,580

70.488.948.272.4

57.144.437.541.2

122.1122.555.7

193.461.6.315

866.9752.3686.5

826.9218.9.319

40,90429,161

6,97350,268

2825,361

68.187.641.298.3

68.053.341.252.3

109.2109.963.4

165.459.8.335

908.2746.3662.4

833.8176.4.336

32, 31631,446

6,98154,390

3196,050

69.076.140.779.9

64.748.144.962.9

113.9114.165.9

139.763.5.333

795.1662.5640.5

839.3147.2.315

4,45329,17829,661

7,97158,267

3456,616

65.373.638.7

104.5

60.541.437.769.3

107.8110.062.3

114.370.2.340

777.9649.2596.2

825.6165.5.320

42, 66135,184

5,92544, 397

2355,523

70.379.039.083.7

59.755.147.371.0

103.5117.560.0

102.350.0.355

815.8725.3699.8

777.5108.8.316

52,26628,032

9,14154,308

2987,205

61 372.443.047.0

63.852.750.972.6

82.084.757.3

84.882.3.405

783.3679.9672.5

728.6193.4.330

4 63541, 31926, 755

8,00250, 321

3227,823

69.684.040.680.4

65.454.450.870.1

108.883.755.6

101.425.9.340

984.3782.8715.9

813.496.8.329

85,78532,049

7,63453, 387

3466,328

59.775.440.3

100.7

59.846.343.774.6

134.0116.064.6

123.029.2.328

974.8747.7709.3

837.1154.8.293

95, 78621,474

7,52253, 689

3236,846

'46.7'55.4

44.460.1

'55.843.547.370.4

'123.5' 100.4'54.6

127.182.5.330

'1,050.4' 765. 7' 707.5

' 970.6175.4.305

86,25821,548

5,45642, 111

2716,160

58.271.445.0

167.2

45.744.248.959.7

133.3118.755.9

152.256.7.335

986.1750.8690.9

946.0219.1.309

35,55942,866

4,398

.380

.325

LEATHER AND PRODUCTS

HIDES AND SKINSExports:

Value, total? thous. $_.Calf and kip skins thous. skins. -Cattle hides -thous. hides..

Im ports:Value, total? thous. $_.

Sheep and lamb skins thous. pieces,.Goat and kid skins - do

Prices, wholesale, f.o.b. shipping point:Calfskins, packer, heavy, 9^/15 lb $ per lb_.Hides, steer, heavy, native, over 53 lb do

LEATHER

Calf and wholp kin thous skinsOaftlp Jiirfp and sirta kin trimis hidps and kiDSGoat and kid thous. skins..

Exports:Upper and lining leather thous. sq. ft..

Prices, wholesale, f.o.b. tannery:Sole, bends, light. index, 1967=100..Upper, chrome calf, B and C grades

inripx 1967—100

LEATHER MANUFACTURES

Footwear:Production, to ta l . . . thous. pairs..

Shoes, sandals, and play shoes, except athleticthous. pairs .

Slippers doAthletic doOther footwear do

Exports -- -do

Prices, wholesale f.o.b. factory:Men's and boys' oxfords, dress, elk or side

upper, Goodyear welt index, 1967=100..Women's oxfords, elk side upper, Goodyear

welt index, 1967=100..Women's pumps, low-medium quality.. -do

582,9062,508

24,488

96, 60015,4681,137

3.914.370

(6)(6)

(6)(6)

2 206,276

r 206. 1

(6)

391,121

309,77065,96112, 6422,748

5,411

193.3

171.8144.9

5 694,6172,665

24, 792

105,600' 27,807

1,762

1,346.472

5208,799

4 235.2

395,765

309,69162,67515,8354,564

6,179

7 211.3

185.37 157.5

45,523211

1,893

6,700841116

.900

.388

17,364

210.0

32,395

26,9554,204

978258

395

200.8

176.9146.8

47,562160

2,021

10, 2001,850

227

.900

.378

15,309

212.8

32,572

26,4984,6981,020

356

378

206.8

176.9146.8

58,535288

2,270

10, 8002,080

143

1.000.373

16,408

208.5

37, 271

29,8955,5201,479

377

585

206.8

17G.9146. 8

61, 297265

2,375

12,2002,541

275

1.100.413

16,720

207.1

36,173

27,870G,0l01,568

725

495

211.4

181.7157.4

55, 370194

2,122

11,4002,245

128

1.100.418

18,899

210.0

36,761

28,8715,9911,578

321

448

211.4

182.9161.3

55,846199

2,078

8,8001,577

45

1.100.458

21,427

34,221

26,5165,8301,474

401

514

211.4

182.9161.3

47, 511222

1,725

8,3001,848

190

1.200.478

14,160

227.2

24,481

19,9873,248

947299

454

211.4

182.9161.3

58, 797189

2,176

7,8001,323

75

1.850.530

19,726

241.6

34,445

26,8275,8571,362

399

605

213.8

182.9161.3

54,396339

1,779

7,6001,093

117

1.850.590

16,224

270.4

31,629

24,1165,7991,334

380

467

218.6

187.7161.3

60,090181

1,922

7,700920112

1.850.573

17,438

261.7

33,530

25,1036,5011,501

425

546

221.0

197.3170.9

58,503177

1,754

7,100935175

1.650.548

17,947

270.4

' 31,364

' 24,241' 5,479

1,306'338

612

197.3

91,186241

2,676

7,000739158

1.650.518

17,176

' 267.5

27,923

22,8123,5381,288

285

679

197.3

61,605207

1,635

1,321352

1.800.603

13,854

'284.7

549

197.3

2.000.653

284.7

197.3

' Revised. * Crop estimate for the year. 2 Annual total reflects revisions not distrib-uted to the monthly data. 3 Average for Jan.-Sept., Nov. and Dec. 4 Average for Jan.-May, and July-Dec. 5 Because of an overall revision to the export commodity classifica-tion system effective Jan. 1,1978, data may not be strictly comparable with those for earlier

periods. 6 Data no longer available. 7 Average for Jan.-Oct.items not shown separately. 1 Factory and warehouse stocks,back to Jan. 1977 are available.

9 Includes data fort Monthly revisions


March 1979


1977

SUJ

1978

Annual

i OJb1 <JUK JSIJNI

1978


S-311979

Jan. Feb.

LUMBER AND PRODUCTS

LUMBER—ALL TYPES 9

National Forest Products Association:Production, total mil. bd. ft..

Hardwoods d o —Softwoods do

Shipments, total doHardwoods d o —Softwoods -_.do—

Stocks (gross), mill, end of period, total d o —Hardwoods doSoftwoods do—

Exports, total sawmill products doImports, total sawmill products do

SOFTWOODS

Douglas fir:Orders, new .mil. bd. ft..Orders, unfilled, end of period ..do

Production d o —Shipments doStocks (gross), mill, end of period.._ ..do

Exports, total sawmill products doSawed timber d o —Boards, planks, scantlings, etc do—

Price, producer:Dimension, construction, dried, 2" x 4", R. L.

$perM bd. ft..

Southern pine:Orders, new mil. bd. ft._Orders, unfilled, end of period do

Production doShipments doStocks (gross), mill and concentration yards, end

of period . . -mil. bd. ft..

Exports, total sawmill products M bd. ft_.

Prices, producer (indexes):Boards, No. 2 and better, 1" x 6", R. L.

1967=100..Flooring, C and better, 'F. G., 1" x 4", S. L.

1967=100..

Western pine:Orders, new .mil. bd. ft.Orders, unfilled, end of period do—

Production -do—Shipments -do—Stocks (gross), mill, end of period do—

Price, producer, Ponderosa, boards, No. 3,1"x 12",R. L. (6' and over) $ per M bd. ft..

HARDWOOD FLOORING

Oak:Orders, new .mil. bd. ft.Orders, unfilled, end of period do. . .

Production do . . .Shipments do . . .Stocks (gross), mill, end of period do . . .

137,906r 6,188

r 31, 718

138,155'6,299

r 31,856

4,862780

4,082

1,67010,698

8,712565

8,7968,781

964

129359

230.38

i 8, 317470

i 8,224i 8,290

1,166

157,806

271.0

250.2

10,331590

10,30910, 295

1,329

231.53

112.87.9

109.8110.0

6.2

137,5346,670

30,864

137,6826,641

31,041

4,746802

3,944

1,30012,199

*>8,903»553

v 8,912*>8,949

P944478119359

253.39

*i 8,319

•p 18,287v 18,284

1,169

152,121

329.7

276.9

*>9,907469

p 9,91010,028

v 1, 211

4 237.07

108.69.2

104.7106.3

2.7

2,843442

2,401

2,699426

2,273

4,963787

4,176

72865

738607

769696

1,037

285

23

238.08

624500

594

1,180

14, 712

299.7

267.9

696567

744719

1,354

247. 58

9.88.9

7.98.85.3

2,904430

2,474

2,741456

2,285

5,128763

4,365

94840

712586

810733

1,114

399

29

241. 81

591495

622596

1,206

9,784

305.5

269.9

752618

759701

1,412

263.85

8.69.1

8.08.54.8

3,222497

2,725

3,158511

2,647

5,201749

4,452

110

846

812783

1,143

521736

246.28

790552

728733

1,210

14,492

313.6

272.4

850636

871832

1,451

264.90

10.810.4

9.99.45.4

3,127571

2,556

3,133574

2,559

5,190752

4,438

125915

757679

745727

1,161

371027

238.48

767563

730756

1,175

14, 920

321.5

271.2

739596

790779

1,462

267.57

9.510.7

9.09.25.2

3,203546

2,657

3,355583

2,772

5,038715

4,323

2121,173

807706

745780

1,126

521636

238. 43

761588735736

1,174

12,506

329.7

274.4

877546

865927

1,400

240.07

9.311.6

8.55.4

3,333574

2,759

3,548600

2,948

4,877687

4,190

1181,117

833614

816925

1,017

5019

245. 28

696552

728732

1,170

15,495

331.5

274.4

874526

843894

1,349

251. 25

9.310.2

9.110.14.0

2,988597

2,391

3,156574

2,582

4,705706

1,194

705597

619722914

474

44

245.00

544

669676

1,163

8,991

333.6

276.6

854544

786836

1,299

232. 33

8.511.4

7.27.43.7

3,263591

2,672

3,357567

2,790

4,632732

3,900

1,119

634548

672717

272.06

769561

733752

1,144

10,324

337.7

280.6

889506

901927

1,273

236. 92

10.511.4

9.910.43.1

3,285580

2,705

3,250577

2,673

4,669737

3,932

941,014

779610

738717907

351124

274.74

671541

691

1,141

12,161

343.4

282.1

980545

927941

1,259

254. 23

7.910.6

8.78.73. 2

3,333629

2,704

3,262601

2,661

4,740765

3,975

1,091

742612

790740957

31

266.66

738542

737737

1,141

10,467

346.4

283.8

908545

897908

1,248

267.17

9.811.0

8.99.42.7

3,102618

2,484

3,116600

2,516

4,731783

3,948

96979

632526

707718946

347

27

271.51

626510

663658

1,146

15,751

347.1

284.3

714462

776797

1,227

8.39.6

9.48.73.4

2,931595

2,336

2,907572

2,335

4,746802

3,944

100954

718553

944

262.40

618505

646623

1,169

12,518

347.8

285.4

774469

751767

1,211

317. 01

6.39.28.07.22.7

97925

747

678935

23

258.77

15,273

348.6

285.4

793596

701666

1,246

304.49

9.49.2

8.39.41.6

METALS AND MANUFACTURES

IRON AND STEELExports:

Steel mill products thous. sh. tons..Scrap -doPig iron do

Imports:Steel mill products doScrap t - doPigiront - do

Iron and Steel Seraph

Production thous. sh. tons . .Receipts, net doConsumption doStocks, end of period do

Prices, steel scrap, No. 1 heavy melting:Composite (5 markets) $ per Ig. ton . .

Pittsburgh district do

2,0036,175

51

19,307625373

2,5089,278

51

21,135794655

1 49,523 ! 51,960147,873 j 51,804i 92,090 99,133* 9,360 I 8,293

2 55.99 !80.35 ! 78.29

160642

1

66. 0473.00

208444

1

2,220467

3,824 3, 7143,679 I 3,8687,541 7, 3748,923 8,797

68. 9474.50

191628

5

4, 7304,3968,3479, 017

205695

2,1754535

4,4774,2658,4888,779

2558211

1,51112738

4,5814,8518,938

2717861

1,3605599

4,6054,5098,5798,747

1747565

1,7857742

4,0704,1447,6598,865

7777

1,8707178

4,5654,4268,2799,018

1748341

1,58470

4,4264,1868,3388,808

21897711

1,7155141

4,6994,4438,9188,536

194973

2,0166775

' 4,442r 4,342' 8,397' 8,458

24894411

1,3726048

4, 3344,2378,3278,293

88.50

19389335

1,2644649

r Revised. * Preliminary. 1 Annual data; monthly revisions are not available.2 Effective with Feb. 1977, composite reflects substitution of Los Angeles for San Francisco;

effective July 1977, it reflects addition of Detroit and Houston. Avg. for 1977 is for July-Dec,s Less than 500 short tons. 4 Average for 11 months; price not available for Nov.9 Totals include data for types of lumber not shown separately. t Effective Aug. 1976

~93.~56Ti68.~50

eludes sponge iron imports"•"" " J, data reflect ex-

included in scrap


S-32 SURVEY CURRENT BUSINESS March 1979


1977 1978

Annual

1978


1979

Jan. Feb.

METALS AND MANUFACTURES—Continued

IRON AND STEEL—Continued

Ore

Iron ore (operations in all U.S. districts):Mine production thous. lg. tons..Shipments from mines doImports- - do....U.S. and foreign ores and ore agglomerates:

Receipts at iron and steel plants doConsumption at iron and steel plants doExports -doStocks, total, end of period do

At mines - --doAt furnace yards doAt U.S. docks - do

Manganese (mn. content), general imports...do—

Pig Iron and Iron Products

pig iron:Production (excluding production of ferroalloys)

thous. sh. tons.-Consumption... doStocks, end of period - doPrice, basic furnace $ per sh. ton..

Castings, gray and ductile iron:Orders, unfilled, for sale, end of period

thous. sh. tons..Shipments, total do.

For sale --- do.Castings, malleable iron:

Orders, unfilled, for sale, end of periodthous. sh. tons..

Shipments, total doFor sale do.

Steel, Raw and SemifinishedSteel (raw):

Production.. thous. sh. tons.-Rate of capability utilization*. .percent, -

Steel castings:Orders, unfilled, for sale, end of period

thous. sh. tons..Shipments, total do...

For sale, total . .do...

Steel Mill Products

Steel products, net shipments:Total (all grades) thous. sh. tons.By product:

Semifinished products .do...Structural shapes (heavy), steel piling.__do...Plates do...Rails and accessories... do...Bars and tool steel, total... do.

Bars: Hot rolled (incl. light shapes) do.Reinforcing. do.Cold finished do.

Pipe and tubing do.Wire and wire products do.Tin mill products do.Sheets and strip (incl. electrical), total. ..do.

Sheets: Hot rolled do.Cold rolled.. do.

By market (quarterly shipments):Service centers and distributors© do.Construction, incl. maintenance© do.Contractors' products do.Automotive do.Rail transportation doMachinery, industrial equip., tools doContainers, packaging, ship, materials _. .doOther© .do.

Steel mill shapes and forms, inventories, end ofperiod—total for the specified sectors:

mil. sh. tons..Producing mills, inventory, end of period:

Steel in process mil. sh. tons..Finished steel. do....

Service centers (warehouses), inventory, end ofperiod ...mil. sh. tons.

Consumers (manufacturers only):Inventory, end cf period do...Receipts during period do...Consumption during period do...

55,75054,05337,905

94,944108,462

2,143

59,39014,14042,2712,979

834

81,32882,017

1,309

183.11

93515,3187,496

65829458

125,333

78.4

4511,7181,488

91,147

1 3,9914,3827,5291,863

15,4209,3624,1791,794

7,4902,4006,382

41,68714,55817,684

315,3463 7,553

4,50021,4903,2385,5666,714

3 26,740

34.1

10.17.6

6.6

63.563.9

80,71882,53929,924

114,227116,305

3,762

55,33912,46939,3013,569

842

87,687

196.00

90415,2947,840

66816446

136,68986.6

7841,8631,627

86,187

3,9224,3836,5881,677

13,8077,4284,6881,691

6,5472,4576,100

40,70614,11417,235

17,3779,5823,789

21,2543,5556,0406,601

3 29,738

11.78.0

10.567.566.8

5,1043,871

0

4,4088,735

87

56,34215,35837,9153,069

94

6,3906,4521,271

191.00

9491,090543

10,30177.2

494152135

352376649136

1,221769284161

192461

3,3001,1271,382

34.1

10.07.8

6.4

9.95.15.0

4,8202.4751,316

4,1858,321

2

54,09217,70233,7012,689

50

5,9716,0611,200

191.00

9901,161596

9,64380.1

461141124

7,539

344354596132

1,236754307169

708198645

3,3261,1901,373

33.1

9.47.4

6.4

9.95.25.2

6,4252,4891,643

4,6399,048

2

53,08421,68729,1952,202

113

6,8947,0131,108

191.00

1,0091,327

646

11,08383.1

502158138

8,718

425421738157

1,438854384191

804235566

3,9331,4061,644

4,1792,079

5,117820

1,4771,7907,179

32.6

9.16.8

6.7

10.05.95.8

6,0345,2991,291

6.3639,379

50, 36022,41126,1991,750

49

7,1897,3161,916

191.00

1,9691,301663

11,52888.5

512153133

8,055

434413714146

1,423827412177

737231449

3,5091,2071,445

32.5

9.27.0

6.6

9.75.76.0

7,7518,5582,102

10,90710,114

393

49,86221,59826,9031,361

71

7,9367,969997

191.00

9761,423737

12,32091.5

492168145

8,610

491460767155

1,509884437180

779228502

3,7191,2971,527

33.7

9.57.3

7.1

6.26.1

7,9888,7542,182

11,44810,216

403

51,88720,96828,12722,792

55

7,7547,7701,014

191.00

1,406734

11,86191.1

501162140

8,787

467444772141

1,524904430182

737235549

3,9181,3491,629

4,7092,497

9265,257

8561,5771,6527,977

33.7

9.77.0

7.1

9.86.16.1

7,5591,757

11,7879,940

143

51,56118,77229,9392,850

82

7,6377,6111,068

191.00

9461,148587

11,38885.1

592124108

S93393694111

1,272661359149

175472

3,4551,1761,430

34.9

10.67.1

7.1

10.15.04.7

7,5939,7794,488

14,65810,137

348

53,79116,46134,3492,981

42

7,5187,5271,080

203.00

1,0001,330711

11,55086.3

634156134

8,293

457426697123

1,463845436174

211498

3,7201,3161,512

35.1

10.67.2

7.1

10.25.85.7

7,3148,7074,534

12,2919,797520

54,68115,16536, 7382,778

97

7,3917,4631,047

203.00

9631,279673

11,46788.6

668159139

8,252

491419688140

1,465877407173

204536

3,6301,2881,473

4,1592,432934

5,365

1,4971,6157,287

'35.0

10.77.3

'7.0

10.05.45.6

7,0328,0881,610

12,28510,323

317

55,50014,10438,5852,811

62

7,8097,887983

203.00

9171,444729

12,105

711173153

8,599

463422701156

1,531916422185

219487

3,9211,3911,588

34.9

10.97.4

6.6

10.0

'6.1

6,5467,6674,015

11,5249,954733

56,43212, 98240,0493,401

64

7,5337,594965

203.00

'9071,312

11,65489.4

'734'161'141

7,813

423424690145

1,370796411155

652199410

3,4991,2921,398

35.3

11.08.0

6.6

9.75.35.6

6,5527,0953,057

9,73210,341

435

55,33912,46939,3013,569

7,6887,721'889

203.00

9041,173558

11,81287.7

784156137

8,196

461424746154

1,430856408159

619184524

3,6531,3841,420

4,3202,463

9225,5261,0151,4861,5447,330

11.78.0

10.55.74.

6,1443,2962,108

4,7119,457

53,02814,85234,4733,703

62

7,0647,098

851

203.00

11,10583.5

8,206

411400662155

1,401805396191

641199526

3,8121,3151,607

2 1,4642 7152 305

2 1,8802 2912 4862 576

2 2,491

203.00

r Revised. v Preliminary. i Annual data; monthly or quarterly revisions are notavailable. 2 p o r month shown. 3 See note "©" for this page. 4 Avg. for 11 months;Feb. price not available.

•New series. Source: American Iron and Steel Institute. The production rate of ca-pability utilization is based on tonnage capability to produce raw steel for a full order book

based on the current availability of raw materials, fuels and supplies, and of the industry'scoke, iron, steelmaking, rolling and finishing facilities. Data prior to 1975 are not available.

©Beginning Jan. 1976, data are not comparable with those for earlier periods since oil &gas supply houses and pipelines, which were formerly shown in "Service centers and distrib-utors" and "Construction, incl. maintenance," respectively, are now included in "Other.


March 1979 SURVEY CURRENT BUSINESS S-33Unless otherwise stated in footnotes below, data


1977 1978

Annual

1978


1979

Jan. Feb.


NONFERROUS METALS AND PRODUCTS

Aluminum:Production, primary (dom. and foreign ores)

thous. sh. tonsRecovery from scrap (aluminum content)..do

Imports (general) :Metal and alloys, crude doPlatps sheets bars etc . do

Exports:Metal and alloys crude . doPlafp^ sheets bars etc do

Price, primary ingot, 99.5% minimum..$ per l b . .

Aluminum products:Shipments:

Ingot and mill prod, (net ship.) mil. lb._Mill Droducts total do

Castings do

Inventories, total (ingot, mill products, andscrap) end of period mil. l b . .

Copper:Production:

TVftnp rppnvprflble roDDPr thous sh tonsRpfinerv Drimarv do

From fiornpstic ores doFrom foreign ores do

Secondary, recovered as refined do

Imports (general):"Rftfinpd nnrpfinpfi soraD (coDDer cont ) do

Refined doExports:

T?ftfinpd fltid sorBX) do

Consumption, refined (by mills, etc.) dotftpV*? rpfitipd pnd of Deriod doFabricators' do

Price, electrolytic (wirebars), dom., delivered$perlb..

Copper-base mill and foundry products, shipments(quarterly total):

Copper wire mill products (copper cont.)...do

Lead:Production:

Recovered from scrap (lead cont.) do

Imports (general), ore (lead cont.), metal...do

Stocks, end of period:Producers', ore, base bullion, and in process

(lead content), ABMS. thous. sh. tons .Refiners' (primary), refined and antimonial

Scrap (lead-base, purchased), all smelters(pm<i<i vtrpipht") thoilS sh tons

Price, common grade, delivered ...$ per lb..

Tin:Imports (for consumption):

Ore (tin content) t .metric tonsMetal, unwrought, unalloyedf.-- do

Recovery from scrap, total (tin cont.)f doAsmetalf do

Consumption, totalt do

Price, Straits quality (delivered)* $ per lb..Zinc:

Mine prod., recoverable zinc thous. sh. tons..Imports (general):

Ores (zinc content) doMetal (slab, blocks).. do

Consumption (recoverable zinc content):Ores doScraD all tvDes do

Slab zinc: §Production (primary smelter), from domestic

and foreign ores thous sh tonsSecondary (redistilled) production doConsumption, fabricators do

Stocks, end of period:Producers', at smelter (ABMS)O_. doConsumers' do

Price, Prime Western $ per lb_.

4,5391,591

673.373.8

97.8207.9

.5134

13,19910,4206,0412,009

5,685

1,504.01,496.21,411.0

85.2376.0

528.1394.0

220.352.7

2,202649178

.6677

2,6682,667

583

1 589.2734.4

204.31,582.3

184.6

15.4109.3

91.3.3070

6,72448,33815,3801,790

68,00055,500

5,4628,441

3 5.3460

449.6

122.8576.7

100.8238.2

450 150.6

1,103.1O

65.886.8

.3439

4,8041,407

756.934.2

126.6197.0

.5308

1,986

1,490.31,533.11,408.9

124.2453.0

607.5463.4

321.6109.3

2,417172491

.6651

582.9

83.9

.3365

3,87346, 773

4,693

6.2958

337.6

207.2681.1

99.0237.3

444 838.7

1,127. 3o

38.494.6

.3097

400110

'53.01.5

3.713.0

.5300

932852476158

5,811

125.4116.3108.7

7.629.0

64.047.4

17.14.7

658164

.6362

49.854.7

5.4122.5

182.1

15.4106.0

97.6.3300

1692,9111,160

175

4,500

3247,626

5.9230

33.9

3.864.9

7.027.2

36.62.6

85.9

64.376.7

.3050

366104

'64.02.8

5.719.6

.5300

1,026889504171

5,802

122.5116.099.816.231.0

55.545.9

19.14.9

647151

.6359

45.056.4

3.4115.0

176.4

15.8111.7

94.2.3300

2734,7271,255

145

3,700

3806,628

5.9336

33.2

10.943.4

7.827.2

30.02.9

84.0

62.881.0

.3006

395117

'74.43.1

6.119.0

.5300

1,267986552184

5,732

133.5134.6124.410.241.0

69.358.2

24.211.9

566620144

.6241

'653679145

57.163.7

13.2125.2

184.4

20.0119.4

83.7. 3300

6645,0701,505

125

4,100

5796,291

5.5757

35.3

13.735.1

8.428.6

27.03.4

96.0

56.983.6

.2900

387114

'58.22.4

4.214.8

.5300

1,081933528164

5,751

129.3119.8113.7

6.141.0

94.577.9

20.47.3

648162

.6462

49.457.8

7.7122.5

189.8

31.4111.9

82.8.3300

4394,3691,485

135

3,900

6177,785

5. 3962

35.2

17.965.1

8.828.4

30.13.4

93.0(2)

50.086.4

.2900

405114

'89.92.4

7.019.5

.5300

1,228988565172

5,697

133.7129.6119.310.341.0

62.647.8

28.111.4

637163

.6477

54.364.3

5.5117.4

198.6

31.4119.7

73.8.3100

6353,4381,555

1605,7004,200

4058,139

5. 7027

33.1

13.078.8

9.916.4

32.03.7

99.0

40.982.5

.2900

395118

'83.52.1

9.317.3

.5300

1,258995556171

5,666

128.0128.4121.4

7.044.0

63.853.4

26.510.1

635642156

.6657

40.162.1

4.8121.6

198.5

32.1115.9

64.4.3100

405,4131,630

1555,4004,000

3847,846

6.0092

22.7

19.056.1

8.615.9

31.33.2

99.9

32.588.1

.2901

408107

'66.94.8

8.515.1

.5300

1,107878509126

5,705

97.8104.895.98.9

30.0

46.539.2

23.37.2

595144

.6408

35.554.1

11.099.5

199.2

30.1113.8

61.1.3100

623,1441,215

180

3,500

2747,817

6. 0700

19.9

6.049.9

8.815.6

31.72.7

84.3

31.893.2

.2980

410125

'50.75.2

11.014.5

.5300

1,1971,008

562165

5,588

125.1133.6126.9

6.736.0

38.628.7

31.610.2

578135

.6723

47.662.6

11.0125.2

24.2109.6

63.8.3217

3553,3821,410

155

3,700

5087,260

6. 3925

25.6

25.647.4

8.115.6

34.53.1

100.04.

27.492.3

.3116

399122

'51.32.2

15.919.5

.5300

1,175936535165

5,612

123.2123. 4117.4

6.037.0

28.417.6

41.222.2

621560130

.6763

49.568.5

4.5124.9

19.6115.6

63.7.3406

2733,8611,265

150

3,700

2985,774

6. 7484

24.6

9.249.2

7.4'15.6

33.53.9

96.4

30.186.8

.3237

416127

'86.92.4

17.713.8

.5300

1,344'1,008

'575184

'5,577

130.4136.4128.5

7.941.0

34.527.7

20.85.3

550154

.7050

55.571.2

7.4' 140.4

17.5113.4

68.7.3661

523,4101.855

1755,3004,000

2694,975

7.3918

26.6

25.354.0

6.8'16.3

41.32.9

105.3

26.989.0

.3283

403132

'43.12.8

23.115.4

.5300

1,181931.7

519'174

5,545

127.6147.4136.111.339.0

24.812.3

34.45.3

534133

.7119

50.070.1

5.2130.9

18.2110.5

75.4.3800

1934,518

5,4004,000

2805,666

7.4502

'23.6

29.253.4

9.116.3

39.03.4

95.61

32.985.3

.3442

418117

35.02.5

14.315.7

.5390

154

113.9142.8116.826.043.0

24.26.6

595491128

.7190

49.1

4.9

.3800

718115

375

6. 9562

23.9

33.683.8

8.415.2

39.13.5

87.9

38.494.6

.3450

69.63.1

18.5

.5500

.7657

4.4

.4076

2,5304,581

6.8423

34.048.2

39.9

.3457

.5500

.8970

.4363

7.2008

38.0

.3562r Revised. 1 Annual data; monthly revisions are not available. 2 Less than 50 tons.3 See " *" note for this page. 4 For month shown.cf Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.§ All data (except annual production figures) reflect GSA remelted zinc and zinc purchased

for direct shipment. O Revised Dec. 31 stocks for 1970-73 (thous. tons): 124.2; 48.6; 30.1,25.9. Producers' stocks elsewhere, end of Feb. 1979, 15,405 tons.

* New series effective with data for Jan. 1976. Source: Metals Week. MW Composite monthlyprice (Straits quality, delivered) is based on average of daily prices at two markets (Penang,Malaysia—settlement, and LME 3-month—High grade), and includes fixed charges plusdealer's and consumer's 70-day financing costs; no comparable earlier prices are available.

t Effective with the Apr. 1977 SURVEY, data are expressed in metric tons (to convert U.S.long tons to metric tons, multiply by factor, 1.01605). « Corrected.


S-34


1977 1978

Annual

KJtiJN.V B\J SIJNJi

1978


Marcli 1979

1979

Jan. Feb.


MACHINERY AND EQUIPMENT

Heating, combustion, atmosphere equipment, neworders (domestic), net, qtrly. 9 O mil. $.*.

Electric processing heating equip doFuel-fired processing heating equip d o —

Material handling equipment (industrial):Orders (new), index, seas, adj 1967= 100..

Industrial trucks (electric), shipments:Hand (motorized) number..Eider-type -do

Industrial trucks and tractors (internal combustionengines), shipments.. _ .number..

Industrial supplies, machinery and equipment:New orders index, seas, adjusted 1967-69=100..

Industrial suppliers distribution:Sales index, seas, adjusted... ....1967=100..Price index, not seas. adj. (tools, material handling

equip., valves, fittings, abrasives, fasteners,metal products, etc.) 1967=100..

Machine tools:Metal cutting type tools:

Orders, new (net), total mil. $..Domestic .do

Shipments, total . d o —Doirestic -do

Order backlog, end of period.. do

Metal forming type tools:Orders, new (net), total do..

Domestic do..Shipments, total do..

Domestic. _do_.Order backlog, end of period do..

Tractors used in construction, shipments, qtrly:Tracklaying, total units.

mil. $.Wheel (contractors' off-highway) units.

i l $mil.$_.Tractor shovel loaders (integral units only), wheel

and tracklaying types units..mil. $..

Tractors, wheel, farm, nonfarm (ex. garden andconstruction types), ship., qtrly ..units..

mil. $..

ELECTRICAL EQUIPMENT

Batteries (auto.-type replacement), ship thous..

Radio sets, production, total market thous..Television sets (incl. combination models), produc-

tion, total market . . . thous..

Household major appliances (electrical), factoryshipments (domestic and export) 9 thous..

Air conditioners (room) . . .doDishwashers doDisposers (food waste) doRanges... _ doRefrigerators _ doFreezers doWashers . . .doDryers (incl. gas) do

Vacuum cleaners (qtrly.) _ .do

GAS EQUIPMENT (RESIDENTIAL)

Furnaces, gravity and forced-air, shipments.thous_.Ranges, total, sales doWater heaters (storage), automatic, sales do

i 240.8168.0192.5

232.3

18,00021,409

43,289

199.2

207.4

191.4

2,202.051,980.701,650.801,469.851,793.6

794.85730.70629.95560.35384.1

19,9421,127.85,271330.1

42,7301,328.2

207,2392,758.7

54,601

52,926

15,432

30,9573,2703,3562,9413,0115,7071,5984,9333,5539,392

1,5081,746

* 3,070

286.871.4118.2

336.1

20,99425,119

51,986

231.1

236.5

205.3

3,375.453,043.152,188.501,960.102,980.6

986.55896.85824.95728.50517.7

22,0581,376.9

173,5682,662.7

56,229

17,406

33,2164,0373,5563,3133,1275,8901,5225,0383,6219,136

286.5

1,3631,614

3,219

213.8

198. e

230. 55205. 45146. 25130. 951,877.9

83.8076.3563.0055.55394.9

4,711

2,700

1,103

• 2,193233230234

'214360100348263

121110230

246.2

1,7751,912

4,378

215.4

208.7

199.8

234.40210.00151. 60140.351,960.7

76.9571.3050.0044.30421.9

4,209

2,907

1,197

2,422270266273230388114410287

124140242

67.314.828.8

298.6

1,8972,441

4,675

218.6

224.0

200.6

258.90230,80206.00188.35

2,013.6

65.4062.6066.3561.40420.9

5,820350.11,537107.7

11,825394.7

45,912

3,9752 5,4222 1 , 674

3,343569345291305569150513375

1,747

133157270

334.0

1,5392,173

4,312

222.8

233.6

201.5

302.20273. 70178.70158.652,137.1

76.7070.8064.2555.45433.4

3,287

3,272

1,368

3,100703307280293480118416296

130154286

362.1

2,0432,241

3,839

226.2

233.9

202.3

267.40235. 30189. 45175. 252,215.7

87.4580.2066.2561.20454.6

3,456

3,883

1,288

3,205639330277307536153446

118161275

75.015.336.5

351.0

1,8152,128

5,200

228.3

242.2

203.7

316.95280.55216. 05193.052,315.9

75.8069.6076.9068.95453.5

5,926361.01,546119.1

13,076464.9

47, 931706.6

3,695

2 5,585

2 1,678

3,247591320280296604191435271

3,084

127168217

318.2

1,2971,609

3,106

227.5

238.6

205.6

249.30231.20137.75123.55

2,427.5

72.2566.9570.6564.40455.1

3,703

4,328

1,225

2,616307211255249548163376246

126124217

433.5

1,6992,190

4,645

225.4

243.3

206.9

274.65255.10161.70142.90

2,540.5

100.1593.9553.7049.00501.5

5,247

4,313

1,279

2,789111301278294586168469327

137146230

65.516.823.3

308.0

1,8822,214

4,972

232.7

253.7

207.8

253.00234.40193. 60172.402,594.9

81.7075.3565.1557.55518.0

4,752304.31,464-L, t\Jt

105.7

12,031400.9

37,911552.8

5,972

2 4,831

a 2,044

2,720101288287274528115468340

2,162

155168217

353.0

1,9862,275

5,054

251.3

250.6

210.1

334.05312.00195. 05173,102,733.8

79.9574.5571.7565.45526.3

6,442

3,937

1,538

2,855130342335298518103463347

346.2

1,8422,191

4,486

258.0

253.3

212.5

352.90335.95188.85164. 602,897.9

88.1581.4585.5570.85528.9

5,692

3,246

1,345

2,55416234229325943181372324

78.934.429.6

392.5

1,8562,131

4,100

253.4

247.2

213.8

•301.15•238.70•218.50'196.95•2,980.6

' 80.25' 73.75' 91.40r 74. 40' 517.7

5,560361.5

41,814709.8

•5,818

3,610

1,666

2,225240276231221346

67325256

1,8472,472

4,729

266.0

255.5

215.7

P421. 20^378.20"177.55*159.15*>3,224.2

P 97.10?92.75P 68.25P59.40^546.6

5,364

3,552

1,224

2,479259300271236375

97416306

2,143

2,872

1,388

COALAnthracite:

Production }____ thous. sh. tons..Exports . dr»Price, wholesale,

Bituminous:Production $

chestnut, f.o.b. car at mine$ per sh. ton..

thous. sh. tons..

6,175625

46.579

688,575

PETROLEUM,

16,445869

5 47.1351 653.800

'35024

46. 579

23,115

M3033

46. 579

23,520

COAL,

61052

46. 579

38,765

AND PRODUCTS

57519

46. 579

59,530

65062

62,220

47.

65

59531

192

565

57043

47.192

53,640

47.

64,

68066

498

395

575116

47. 542

57,775

535142

47.537

69,860

575100

47.530

69,245

'425179

47. 675

59,630

45579

4.7.677

52,085

366

47. 677

r Revised. * Preliminary. 1 Annual data; monthly or quarterly revisions not avail.2 Data coyer 5 weeks; other periods, 4 weeks. 3 For month shown. 4 Beginning July

1977, data include shipments to mobile home and travel trailer manufacturers (formerlyexcluded); they are not directly comparable with those for earlier periods. 5 Average forJan.-Apr. and June-Dec.

9 Includes data not shown separately.t Monthly revisions back to 1973 are available upon request.©Effective 1976, data reflect additional reporting firms.


March 1979


1977 1978

Annual

OF KKN1r BU SUN*

1978


S-351979

Jan. Feb.

PETROLEUM, COAL, AND PRODUCTS—Continued

COAL—Continued

Bituminous—Continued tIndustrial consumption and retail deliveries,

total 9 _. . thous. sh. tons..Electric power utilities ...doMfg. and mining industries, total do

Coke plants (oven and beehive) -do

Retail deliveries to other consumers do

Stocks, industrial and retail dealers' end ofperiod, total thous. sh. tons..

Electric power utilities doMfg. and mining industries, total d o —

Oven-coke plants do

Retail dealers do.

Exports .-- doPrice, wholesale t Index, 1967=100-

COKEProduction:

Beehive.. thous. sh. tons..Oven (byproduct) doPetroleum coke § ..do

Stocks, end of period:Oven-coke plants, total d o —

At furnace plants doAt merchant plants ...do

Petroleum coke do

Exports do

PETROLEUM AND PRODUCTS

Crude petroleum:Oil wells completed. number..Price, wholesale Index, 1967=100..Gross input to crude oil distillation units..mil. bbl_.Refinery operating ratio % of capacity-

All oils, supply, demand, and stocks:New supply, total <?t mil. bbl_.

Production:Crude petroleum J doNatural-gas plant liquids do

Imports:Crude and unfinished oils | doRefined products t - do

Change in stocks, all oils (decrease,—)t—do.

Demand, total t__ -- - ..-do.Exports:

Crude petroleum _ do.Refined products do.

Domestic product demand, total 91 do..Gasoline do..Kerosene t do.

Distillate fuel oil t do.Residual fuel oil t do.JetfuelJ -do.

Lubricants t do.Asphalt do_.Liquefied gases t - do.

Stocks, end of period, total do.Cmde petroleum do.Unfinished oils, natural gasoline, etc do.Refined products. do.

Refined petroleum products:Gasoline (inch aviation):

Production t _ do.Exports do..Stocks, end of period . . .do.

Prices (excl. aviation):Wholesale, regular J Index, 2/73=100-Retail (regular grade, excl. taxes), 55 cities

(mid-month) $ per gal—Aviation gasoline:

Production mil. bbl—Exports doStocks, end of period do

Kerosene:Production t doStocks, end of period doPrice, wholesale (light distillate) t

Index, 1967=100.. .

620,174475,360137,78577,396

7,020

152,317130, 95121,14612,721

220

53,687

4492 53,060' 26,949r 6,444'6,308

1362,050

1,241

18,886274.2

5,468.390

6,832.8

3,009.3

2,425.6' 789.1

' 200.1

6,816.1

18.370.3

6,727.52,633.5

64.0

1,223.31,120.9' 379.3

58.3156.0

'518.9

1,311.9' 347.7' 121.7' 842.5

2,581.2

260.7

r 253. 6

.507

14.2.1

3.0

'62.618.0

' 358.5

15,517430.0

35548,238

3,357139

891

17,758300.1

264.9

.531

392.6

54,40542, 59410,9165,399

895

118,121102, 79215,1478,130

182

199403.2

293,6032,177

5,9375,772

1642,095

62

1,184288.8449.8

85

561.6

258.850.1

189.263.5

-43 .9

618.4

3.04.9

610.4207.6

9.6

137.6108.430.4

4.34.6

57.6

1,267.4351.2118.3797.8

215.80)

275.3

255.1

.512

03.0

5.514.3

383.0

46,01435,7379,3864,155

891

93,13082,43710,5745,067

119

109404.6

292,7412,014

5,2095,059

1502,146

81

1,486289.7401.2

84

503.6

234.445.3

159.264.7

-76 .1

590.3

.25.6

584.5193.6

8.8

135.3111.031.0

4.44.6

50.4

1,191.2350.1121.6719.6

186.40)

274.0

252.9

.511

.70

2.9

5.311.5

388.2

43,81033,9239,2373,988

650

83,94275,0818,7473,750

114

16406.5

292,6612,321

3,4613,373

872,270

42

1,499293.4447.9

85

585.4

237.050.9

190.371.2

-23 .5

616.8

1.96.5

608.4226.2

6.0

126.8109.634.5

4.87.7

44.2

1,167. 7363.8123.4680.6

210.10)

262.3

252.0

.510

.80

2.4

5.911.9

388.4

45,50434,54510,4185,501

540

96,46285,77210,5555,602

135

940426.4

293,7532,137

3,1893,107

812,321

56

1,369294.3426.3

537.4

261.249.9

163.5

62.7

6.5

541.52.87.4

531.4217.3

3.2

92.889.730.4

5.310.434.7

1,174.2365.0123.0686.1

201.2(0

251.6

253.0

.512

1.10

2.44.0

12.9

387.9

48,75337,12511,1326,406

495

110,88698,47212,2397,129

175

1,548432.4

334,3982,286

2,9932,910

832,380

103

1,209295.5472.2

549.6

272.848.9

173.154.6

3.4

571.8

3.85.9

562.1241.0

3.8

94.482.730.8

5.515.236.2

1,177. 6354.6124.0699.0

220.10)

236.1

255.5

.517

1.30

2.4

4.213.6

390.7

51,82740,59310,7586,382

475

121,588107,49813,7808,237

310

1,730434.5

294,3622,220

2,9382,848

902,376

74

1,812298.9451.2

553.6

264.749.0

192.1

47.8

7.6

560.15.96.1

548.1238.8

2.7

85.178.531.6

5.820.833.6

1,185. 2363.4121.0700.8

217.8

222.2

260.5

.524

1.40

2.5

3.914.8

391.4

55,42844, 03510,9426,530

450

119,791107,44312, 0586,604

290

1,223437.2

294,4552,252

2,8462,731

1142,489

53

1,503301.9470.3

88

573.5

271.250.1

192.859.5

37.1

556.8

4.35.9

546.5236.3

3.0

77.986.231.4

5.121.134.7

1,222.3367.9121.5732.8

226.6.1

219.1

266.4

.533

1.40

2.6

3.815.9

393.1

57,21545,95210,8206,436

442

122,607110,00612,2466,276

355

1,251'441.9

254,3792,388

2,9542,827

1272,397

46

1,516302.7483.2

91

575.1

272.450.0

197.055.7

—1.1

589.4

5.47.1

576.9245.6

3.4

86.291.135.0

5.824.133.7

1,221. 2357.7119.1744.5

232.70)

211.8

'271.3

.542

1.60

2.5

4.116.7

' 394. 4

53,92142,55610,8396,391

525

125,568112,79712,4076,202

364

3,338442.9

294,3462,188

3,0082,896

1122,287

125

1,619305.7461.9

90

579.5

263.648.0

209.1

58.8

41.9

551.16.36.8

538.0223.5

5.2

79.681.432.3

5.119.840.1

1,263.1368.3115.0779.8

223.4.1

219.3

274.6

.545

1.402.6

3.816.1

395.5

52,27039,77011,723

776

143,564 142,643129,359 127,118

15,1458,520

13,8487,272

357

1,837444.1

304,512

3,1283,029

99

1,406307.5

277.9

.547

397.1

52,18639,65911,6766,496

850

1,911442.9

314,383

• 3,277' 3,178

100

103

1,294310.5

277.3

.554

1,415442.8

324,645

3,4963,357

139

78

1,861312.2

282.8

.564

402,5

3,526444.8

30

1,372316.4

3.684

407.0

445.0

322.2

292.5

.700

413.8T Revised. i Less than 50 thousand barrels. 2 Reflects revisions not available by

months. 3 Beginning Jan. 1979, price includes taxes formerly excluded. 9 Includesdata not shown separately. § Includes nonrnarketable catalyst coke.

d* Includes small amounts of "other hydrocarbons and hydrogen refinery input," notshown separately. I Monthly revisions back to 1973 for bituminous coal, back to 1974for petroleum and products and for 1977 for wholesale price indexes will be shown later.


S-36


1977

SUE

1978 v

Annual

OF CURRENT BUSINESS

1978


Marcli 1979

1979

Jan. Feb.

PETROLEUM AND PRODUCTS—Continued

Refined petroleum products—ContinuedDistillate fuel oil:

Production! mil. bblImports^ExportsStocks end of DeriodPrice, wholesale (middle distillate) t

Index,Residual fuel oil*.

Production!Imports^ExportsStocks end of DeriodPrice, wholesale t - Index,

Jet fuel:Production!—_Stocks, end of period*

Lubricants:ProductionExDortsStocks end of Deriod

Asphalt:T rod notionStocks And of D&riod

dododo

1967=100..

mil bbldododo

1967=100

..mil. bbl..do.. . .

dododo

doAn

Liquefied gases (incl. ethane and ethylene).|Production, total _ do

At ess Tyroce^sinsr Dlants (L P Q ) AnAt rAfin«rip<5 (1* "R O ^

Stoolr<5 fat Tilants and rpfinpriftOdodo

PETROLEUM, COAL,

'1,196.3r 91.3

. 5250.3

'384.1r 640.1r496.1

2.389 7

' 522.5

' 355.0'34.5

64.59.6

12.1

154 118.7

' 571.6443 0

r 128 6' 136.3

398.1

496.8

94.76.0

(2)213.4

396.7

58.042.1

. 481.4

514.8

28.634.6

5.1. 8

12.3

8.622.6

47.237.110.1

121.7

82.25.8

. 4165.9

398.6

50.443.8

. 364.9

502.7

27.833.3

4.6. 7

12.1

6.724.7

43.133.6

9.5111.5

AND

93.05.8

137.9

394.8

54.552.7

. 762.2

491.6

30.132.0

5.8. 8

12.4

9.826.8

49.538.311.2

112.6

PRODUCTS—Continued

88.23.0

. 2136.3

393.3

46.646.9

. 266.2

494.6

29.534.6

5.71.1

12.0

12.228.6

47.136.710.5

121.5

99.43.7

145.1

393.3

51.037.9

. 572.4

505.9

31.438.5

5.9.7

11.9

15.929.2

47.736.511.2

129.4

93.24.4

157.5

393.3

47.530.4

. 171.9

509.3

28.837.4

5.8. 8

11.3

16.425.0

46.034.911.0

138.5

96.44.6

. 1180.5

393.2

49.440.2

. 375.3

494.5

28.838.0

6.3. 7

11.9

17.721.8

46.435.610.8

147.3

101.64.4

. 1200.4

' 393.6

50.739.2

. 873.7

'480.8

30.135.7

6.1. 9

11.6

18.916.8

46.335.410.9

155.1

95.24.9

. 1220.8

394.1

49.439.4

. 481.2

480.2

29.735.3

6.01.0

11.8

19.116.2

46.134.711.4

156.7

399.9

484.0

35.8

408.5

500.9

36.1

417.8

502.2

425.5

517.9

432.3

520.5

PULP, PAPER, AND PAPER PRODUCTS

PULPWOOD AND WASTE PAPERPulpwood:

Receipts thous. cords (128 cu. ft.).Consumption do...Stocks, end of period do...

Waste paper:Consumption thous. sh. tons.Stocks, end of period do

WOODPULPProduction:

Total, all grades 9 thous. sh. tons.Dissolving and special alpha do...Sulfate do...Sulfite do...Groundwood do...Semlchemical do...

Stocks, end of period:Total, all mills do.

Pulp mills do.Paper and board mills do.Nonpaper mills. do.

Exports, all grades, total do.Dissolving and special alpha do.Allother. do.

Imports, all grades, total do.Dissolving and special alpha do.Allother do.

PAPER AND PAPER PRODUCTSPaper and board:

Production (Bu. of the Census):All grades, total, unadjusted-..thous. sh. tons..

Paper doPaperboard _ doWet-machine board doConstruction paper and board do...

Producer price indexes:Book paper, A grade 1967=100.Paperboard do...Building paper and board _ do...

72,87573,971

5,761

'12,192728

149,0331,401

3 34,0052,0004,753

3 3,569

1,356

60962

i 2,640796

i 1,844

13,864179

i 3,686

61,86927,49128,727

1285,523

176.4157.0

179.4187.4

5,5346,4065,421

1,095640

3,944131

2,983172342316

1,05161337959

18561124

32610316

5,0032,3502,230

8416

170.7175.0

6,1296,2515,210

'1,046633

3,642135

2,701168326312

1,06261839153

18562123

31923297

4,9562,2972,211

8439

172.1180.1

6,9986,7805,382

'1,183706

4,149142

3,149166352340

1,09061341562

23383150

32720307

5,5472,5532,494

10

174.5186.6

6,5386,7765,151

1,155744

4,101113

3,150165342330

1,07461339764

21046163

300

5,2422,3792,368

10484

177.3188.7

6,4636,7514,844

1,217745

4,100136

3,064173387341

1,06961139563

22771156

40216

5,6022,5332,559

10499

178.0190.8

6,9496,8845,020

1,119753

4,109130

3,085178389325

426407

26680186

3037

296

5,4632,4442,541

11467

178.6' 192.3

6,2036,0905,141

732

3,672114

2,823129304301

1,014516432

23069161

32720307

4,7932,0752,278

6435

179.5' 193.1

6,3496,2315,323

' 1,136732

3,848117

116302329

1,04854543667

17454120

3255

320

5,2332,2012,513

10509

179.4189.8

6,2516,2755,363

' 1,020744

3,87884

2,9fiO127362345

99347345466

73196

31620297

4,9632,1342,374

9446

184.2187.0

6,8946,5085,895

'1,144'721

'4,051118

•3,088120375

'351

'999'486••442

'70

20760

147

3518

343

• 5,321• 2,332•2,543

' 9

185.5189.5

6,4296,3585,976

1,085729

3,931105

2,986130369341

480423

65

20452

152

36733

5,1962,2792,450

9459

186.3188.7

21047

163

7355

186.8187.6

16541

124

33116

315

188.5• 185.2

r Revised. * Preliminary.1 Reported annual total: revisions not allocated to the months. 2 Less than 50 thousandbarrels. 3 Beginning with January 1975, data for soda (formerly combined with semichemi-cal) is now combined with sulphate; not comparable with data for earlier periods.

* Data exclude small amounts of pulp because reporting would disclose the operations ofindividual firms.

X Monthly revisions back to 1974 for imports and back to 1977 for other refined petroleumproducts data are available upon request. 9 Includes data for items not shown separately.


March 1979 SURVEY CURRENT BUSINESS S-37


1977 1978

Annual

1978


1979

Jan. Feb.

PULP, PAPER, AND PAPER PRODUCTS—Continued

PAPER AND PAPER PRODUCTS—Con.

Selected types of paper (API):Groundwood paper, uncoated:

Orders new thous. sh. tonsOrders, unfilled, end of period . . . _Shirvments

Coated paper:Orders new -Orders, unfilled, end of periodShipments

Uncoated free sheet papers:Orders newShipm ents „_____

. . . do. . .do

d o . . . .d o . . . .

. . do. . .

dodo_ __

Unbleached kraft packaging and industrial con-verting papers:

Or/iprQ TIPW thoilc c * tATicOrrJpTN nnfillpd pnd of DfiriodShipments

Tissue Oftner Droduction

Newsprint:Canada:

ProductionShipments from millsStocks at mills, end of period

United States:ProductionShirnnpnts from millsStocks at mills, end of period

Consumption bv Dublishersd11

do. do. .

do

. . do. .dodo.

. do. .dod o . . . .

rloStocks at and in transit to publishers, end of

Dpriod thous- sh. tons

Imports doPrice, rolls, contract, f.o.b. mill, freight allowed

or delivered. Index, 1967=100..

Paperboard (American Paper Institute):Orders, new (weekly avg.)._ thous. sh. tons..Orders, unfilled § doProduction, total (weekly avg.) -

Paper products:Shipping containers, corrugated and

shipments .mil. sq. ft.

Folding paper boxes, shipments..thou

do- . - .

solid fibersurf, area..

s. sh. tons..mil.$._

1,312134

1,307

' 4,279398

4,261

'6,8787,170

3,8154,286

8,9889,005

282

'3,8713,866

34

6,772

796

6,559

215.4

5581,037

557

' 227,198

2,639.02,105.0

1,274133

1,245

4,413391

4,435

7,4627,547

3,8944,219

9,7139,792

203

3,8063,818

22

7,106

728

7,484

226.2

6001,370

582

244,127

2,731.02,261.2

121151105

356348370

577591

326368

811721372

32431543

548

774

593

216.7

5731,139

518

17,880

205.2164.7

98149101

363382351

602591

307340

767688452

307309

41

521

784

530

216.7

5921,166

577

18,669

210.9171.7

118155116

419403402

702691

347373

826927350

35236034

600

818

611

216.7

6101,306

593

21,555

240.2194.3

111133111

337391359

658644

345364

834798386

32832338

620

818

604

228.2

6221,385

598

19,970

215.7176.8

124130124

385390394

709661

348388

843895333

33634034

631

835

639

228.2

6341,546

612

21, 759

236.0193.4

132144106

376397370

666648

320369

807853287

33934230

586

876

747

228.2

6221,556

612

22,116

229.9191.7

7213883

333405326

572575

301317

838833293

25825533

560

898

649

228.2

5601,560

542

17,583

200.5166.5

8414381

382408381

636659

293338

823813303

27928428

558

868

680

230.5

5981,600

586

22, 311

244.2206.1

12417395

342405353

592597

301327

759770292

31931630

566

829

580

230.5

5841,470

573

20,548

232.1193.9

100160110

360'367

S90

598648

'319'360

855868279

33133725

624

840

672

230.5

6051,479

597

22,654

247.4209.4

' 8 8'140

110

'365'356

379

574'630

'305'344

782792269

32232324

657

761

648

230.5

5661,412

600

20,407

231.1192.2

'104'133'105

'363'391'333

'568'603

'291'329

768834203

31131222

636

728

532

230.5

5461,367

555

18,675

237.7200.5

128156105

373399342

637638

300365

230.5

6201,450'591

20,923

215.0183.1

6221,480

614

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption thous. metric tons..Stocks, end of period doImports, incl. latex and guayule.-thous. lg. tons..

Price, wholesale, smoked sheets (N.Y.)..$ per lb_.

Synthetic rubber:Production _ .thous. metric tons..Consumption doStocks, end of period.. do

Exports (Bu. of Census) thous. lg. tons..Reclaimed rubber:

Production thous. metric tons..Consumption _. doStocks, end of period do

TIRES AND TUBES

Pneumatic casings, automotive:Production thous.

Shipments, total do..Original equipment. . . . d o . .Replacement equipment . . . do.Exports do.

Stocks, end of period. do..Exports (Bu. of Census) do_.

Inner tubes, automotive:Production do_.Shipments _ do..Stocks, end of period do.Exports (Bu. of Census) do.

780.131127.65

792.41

.416

2,417.532,464.09

426.83

239.98

85.37111.3416.26

2 231,638

226,5832 65,998

2155,1952 5,390

2 47,1816,023

4 746.23

4 231.52

4 5,328

59.19123.2946.71

.430

198.20193.23430. 97

16.94

9.459.79

14.76

18,290

15,1705,2389,564

51,523384

61.06116.4045.68

.446

192. 71191.00427.88

18.86

9.629.1214.73

18,319

15,7554,84010,573

341

54,621389

63.79117.1071.77

.455

210.31200. 61434.49

22.55

9.619.3914.52

18,987

22,1986,38615,373

439

51,986474

61.23115.6083.44

.439

214.92195.68446. 93

19.48

10.0510.1113.45

18,828

21,7386,16115,224

352

50,006406

67.98122. 7675.96

.450

211.17211.42411.41

24.90

9.8510.2813.70

19,148

20,5976,30013,888

409

49,276458

61.88123.3954.36

.490

194.36194.19

22.28

10.2613.56

18,946

22,5096,12116,008

440

46,293483

51.68125.4147.79

.494

195.95169. 96456. 46

19.35

9.538.7513.67

15,108

17,5844,07713,265

242

44,280314

69.13126.0671.02

.520

205.67212.29445.08

10.799.60

15.14

19, 245

20, 5164,680

15,464372

44, 057462

65.55127. 6577.07

.544

207.37211.28437. 67

20.77

5.0010.0115.51

19,155

22,2145,933

15,888392

41,796414

69.47133.4854.90

.543

212.33219.86425.32

22.22

10.4011.2814.84

20,497

22,7276,403

15,871447

40,1350

70.89123.9546.05

.581

212.10211.85419.91

23.81

10.159.58

15.25

18,299

18,8725,911

12,597365

40,394

71.51

.558

23.77

18,869

16,9465,065

11,486396

43,472541

72.84

.544

21.12

559.5

.570

()2,298 4 3,015 251 240 198 188 143 223 223 274 343 312

r Revised. l Beginning Jan. 1977, producers' stocks are included; comparable data forearlier periods will be shown later. 2 Beginning Jan. 1977, data cover passenger car andtruck and bus tires; motorcycle tires and tires for mobile homes are excluded. 3 BeginningJan. 1977, data no longer available. 4 Reported total; revisions not distributed to themonths.

cfAs reported by publishers accounting for about 75 percent of total newsprint consumption.§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the

month; annual data are as of Dec. 31.


S-38


1977 1978

Annual

O F UUKJHEN'l : 13 u,S1JNE

1978


March 1979

1979

Jan. Feb.

STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENT

Shipments, finished cement thous. bbl..

CLAY CONSTRUCTION PRODUCTSShipments :J

Brick, unglazed (common and face)mil. standard brick..

Structural tile, except facing thous. sh. tons..Sewer pipe and fittings, vitrified _ doFacing tile (hollow), glazed and unglazed

mil. brick equivalent..Floor and wall tile and accessories, glazed and

unglazed mil. sq. ft..Price index, brick (common), f.o.b. plant or N.Y.

dook 0 . _ 1967=100..

GLASS AND GLASS PRODUCTS

Flat glass, mfrs.' shipments thous. $..Sheet (window) glass, shipments doPlate and other flat glass, shipments.. do

Glass containers:Production! thous. gross.

Shipments, domestic, total}: _-do...Narrow-neck containers:

Food do...Beverage do...Beer. do...Liquor and wine do...

Wide-mouth containers:Food (incl. packer's tumblers, jelly glasses,

and fruit jars) JO thous. gross.

Narrow-neck and Wide-mouth containers:Medicinal and toilet do...Chemical, household and industrial do...

Stocks, end of periodj do...

GYPSUM AND PRODUCTSProduction:

Crude gypsum (exc. byproduct)..thous. sh. tons.Calcined do...

Imports, crude gypsum do..

do..Sales of gypsum products:

TJrjcalcined

Calcined:Industrial plasters do...Building plasters:

Regular basecoat do...All other (incl. Keene's cement) do...

Board products, total .mil. sq. ft.Lath _ do...Veneerbase _ do...Gypsum sheathing do...Regular gypsum board __do--_TypeX gypsum board __do..-Predecorated wallboard do...

418,862

8,300.545.0

1,106.8

61.8

* 266.2

' 204.0

739,919(J)

303,452

304,785

25,06967,46692,75724,352

61,330

30,0913,720

36,912

113,390112,590

17,074

1 5,759

1326136312

15,369165418289

11,8402,425

232

1451,739

9,051.176.2

941.9

58.3

298.0

234.3

820,216

326,691

315, 339

26,62760,549

106,22625,070

65, 063

27,9643,840

44,349

15,330

461.23.8

43.9

2.9

20.6

224.0

25,982

21, 086

1,8763,7056,2491,841

4,937

2,074404

39,337

1,1101,051

593

295

25

20

1,254113521

96720417

18,516

476.97.7

38.6

3.1

21.5

224.4

31,452

713.67.4

70.9

4.6

27.9

228.0

202,552

25,375

22,020

1,9144,0146,8891,852

4,807

2,265279

42,408

1,027956

417

302

27

921

1,194143216

92119616

28,884

27,383

2,3175,4388,6792,321

5,806

2,515307

43,764

1,2221,071

493

370

35

1125

1,399154022

1,07123220

37,239

788.810.582.1

4.9

25.0

230.1

28,767

26, 528

2,2345,2028,9482,132

5,226

2,474312

45, 739

1,3331,195

529

423

1126

1,364123622

1,04922718

44,904

95.6

5.8

27.1

230.6

29,150

33,988

2,7056,94010,5692,770

7,194

3,349461

41,461

1,2771,237

767

458

36

1027

1,399134222

1,07023220

49,782

914.66.3

101.0

5.7

26.2

230.7

210, 640

28,759

27, 233

2,1846,0109,7551,897

4,717

2,375295

43,398

1,2081,121

684

565

38

1429

1,388114022

1,05823620

43,755

807.15.4

94.8

4.9

21.0

231.9

26,930

24,514

1,7585,3179,5011,573

4,187

1,906272

45,902

1,1951,164

825

505

28

25

1,351124021

1,03722120

50,340

911.65.1

106.4

5.6

27.0

234.1

44,617

784.96.9

91.3

5.4

24.3

242.2

202,475

29,428

29, 484

2,4325,683

10, 5192,134

6,018

2,371327

43,947

1,3021,184

788

568

33

1029

1,502134321

1,14725721

26,175

27, 674

3,3574,9149,3042,060

5,567

2,147325

43,233

1,2511,129

811

552

26

1,326103617

1,01422820

48,468

875.45.7

94.5

5.6

27.6

24.3

30,031

27,359

2,2424,7619,2532,390

5,967

2,415331

46,515

1,2121,206

700

494

1131

1,479114317

1,13625022

37, 851

r 769.26.0

72.5

4.6

25.7

244.6

25,710

25,547

1,9674,4738,5122,214

5,640

2,440301

46, 371

1,1361,091

658

462

37

925

1,3178

3517

1,00123718

28,952

654.44.950.4

5.0

24.0

247.9

204,549

21,500

22,523

1,6414,0928,0481,886

4,997

1,633226

44,349

253.2 255.3

TEXTILE PRODUCTS

FABRIC (GRAY)Knit fabric production off knitting machines (own

use, for sale, on commission), qtrly* mil. lb..Knitting machines active last working day*, .thous.-

Woven fabric (gray goods), weaving mills:Production, total? mil. linear yd..

Cotton doManmade fiber do

Stocks, total, end of period 9 d* doCotton doManmade fiber do

Orders, unfilled, total, end of period 9 IF...doCotton _ doManmade fiber do

COTTONCotton (excluding linters):

Production:GinningsA thous. running bales..Crop estimate thous. net weight bales 0 . .

Consumption thous. running bales..Stocks in the United States, total, end of period 9

thous. running bales..Domestic cotton, total do

On farms and in transit doPublic storage and compresses doConsuming establishments— do

1,688.67 34.3

10,2374,2375,915

986340640

2,004858

1,146

3 14,018314, 389

6,393

12,89012,8831,665

10,268950

10,1473,9626,070

829244579

3,0111,2301,781

10,8416,079

11,22911,22G2,3167,8601,050

827341478932314611

2,037819

1,218

13,859

493

11,93511,9281,3609,634

934

814323481927311609

2,050755

1,295

'501

10,83610,8281,1628,714

952

412.134.5

2 9832 3822 588

915306602

2,148806

1,342

3 14,018314,389

2 620

9,5259,5181,1107,3981,010

784303471866307553

2,388803

1,585

484

8,3958,388976

6,3751,037

786305471860307547

2,522797

1,724

•"483

7,3917,385

9775,3121,096

439.734.3

2 9702 3682 589

884298579

2,580821

1,759

2 575

6,2856,281

7654,4111,105

621234380871294570

2,8111,0821,728

144

383

5,3265,321

7003,8031,118

774298468871300565

2,7721,0081,765

672

459

15,13015,1261,6063,4571,063

2 96423752 579

851294551

2,7521,0431,709

1,492

2 569

13, 97613,971

9503,4311,030

863349505858295558

2,9231,1661,758

4,667

482

12, 93212,9296,6035,3121,014

2 1,0152 3922 613

876297574

2,9081,1271,781

6,678

••2595

12,12712,1244,8936,2301,001

746292447829244579

3,0111,2301,781

i,321

435

11,22911,226'2,316"•7,860' 1,050

* 10,8412 600

P10, 023P10, 019

1 2 8 8, 8

v 1,046r Revised. v Preliminary. * Annual total; revisions not allocated to the months.2 Data cover 5 weeks; other months, 4 weeks. 3 Crop for the year 1977.* Crop for the year 1978. * Beginning 1st Qtr 1977, data no longer available. 6 Dec. 1

estimate of 1978 crop. 7 Beginning 1st Qtr 1977, data exclude garment lengths, trimming,and collars; not comparable with earlier data. Q) Bales of 480 lbs. GIncludes data for"dairy products." *New series. Source: BuCensus. Data cover warp and weft knityard goods and knit garment, lengths, trimmings, and collars; no quarterly data prior to 1974available. JMonthly revisions back to 1975 for shipments of clay construction products

and for Jan.-Mar. 1975 for glass containers will be shown later. 9 Includes data not shownseparately. & Stocks (owned by weaving mills and billed and held for others) excludebedsheeting, toweling, and blanketing, and billed and held stocks of denims. fUnfilledorders cover wool apparel (including polyester-wool) finished fabrics; production and stocksexclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling, and blank-eting. ACumulative ginnings to end of month indicated. ©Monthly revisions for1977 will be shown later.


March 1979


1977 1978

Annual

ttJNT UN JUS

1978


S-391979

Jan. Feb.

TEXTILE PRODUCTS—ContinuedCOTTON AND MANUFACTURES—Con.

Cotton (excluding linters)—ContinuedExports - - thous. running bales..Imports . thous. net-weight(Dbales..Price (farm), American uplandU cents per lb._Price, Strict Low Middling, Grade 41, staple 34

(lMe*), average 10 markets .cents per l b . .Spindle activity (cotton system spindles):

Active spindles, last working day, total mil_.Consuming 100 percent cotton do. . .

Spindle hours operated, all fibers, total. "bil__Average per working day do

Consuming 100 percent cotton do. . .Cotton cloth:

Cotton broad woven goods over 12" in width:"Prrxinption (c\tT\v } mil lin vdOrders, unfilled, end of period, as compared with

avg. weekly production No. weeks' prod. .Inventories, end of period, as compared with

avg. weekly production No. weeks' prod. .Ratio of stocks to unfilled orders (at cotton

mills), end of periodExports, raw cotton equiv. thous. net-weight0bales_Imports, raw cotton equivalent do . .

MANMADE FIBERS AND MANUFACTURESFiber production, qtrly:

Filament yarn (acetate) mil. lb.Staple, incl. tow (rayon) . . .doNoncellulosic, except textile glass:

Yarn and monofilaments doStaple, incl. tow do

Tpxtilp fflflS1? fibpr doFiber stocks, producers', end of period:

Filament yarn (acetate) doStaple, incl. tow (rayon) do . . .Noncellulosic fiber, except textile glass:

Yarn and monofilaments doStaple incl tow do

Textile glass fiber doManmade fiber and silk broadwoven fabrics:

Production (qtrly.), total Q mil. lin. yd . .Filament yarn (100%) fabrics?— . . .do

Chiefly rayon and/or acetate fabrics doChiefly nylon fabrics do

Spun yarn (100%) fab., exc. blanketing9.doRayon and/or acetate fabrics, blends doPolyester blends with cotton... . . .do

Filament and spun yarn fabrics doManmade fiber gray goods, owned by weaving

mills:Ratio, stocks to unfilled orders, end of period...

Prices, manufacturer to mfr., f.o.b. mill:*50/50 polyester/carded cotton printcloth, gray,

48", 3.90 yds./lb., 78x54-56 $ per yd65% poly./35% comb. cot. broadcl., 3.0 oz/sp yd,

45", 128x72, gray-basis, wh. permpresfin.$ per yd . .

Manmade fiber knit fabric prices, f.o.b. mill:*65% acetate/35% nylon tricot, gray, 32 gauge, 54",

3 2 oz /linear vd $ ner vd100% textured polyester DK jacquard, 11 oz./

linear yd., 60", yarn dyed, finished...$ per yd_.Manmade fiber manufactures:

Exports, manmade fiber equivalent mil. lbs. .Yarn, tops, thread, cloth do

Cloth, woven . doManufactured prods., apparel, furnishings.do

Imports, manmade fiber equivalent doYarn, tops, thread, cloth. _ do .

Cloth, woven doManufactured prods., apparel, furnishings.do

Apparel, total . doKnit apparel doWOOL AND MANUFACTURES

Wool consumption, mill (clean basis):Apparel class mil lbCarpet class do

Wool imports, clean yield.. . . . do.Duty-free (carpet class) do

Wool prices, raw, shorn, clean basis, delivered toU.S. mills:d"

Domestic—Graded territory, 64's, staple 2*A"and up $perlb__

Australian, 64's, Type 62, duty-paid doWool broadwoven goods, exc. felts:

Production fotrlv ^ mil lin vd

FLOOR COVERINGS

Carpet, rugs, carpeting (woven, tufted, other), ship-ments, quarterly mil. sq. yds. .

APPARELWomen's, misses', juniors' apparel cuttings:*

Coats thous. units. .Dresses doSuits (incl. pant suits, jumpsuits) do. . .Blouses thous. dozen..Skirts . . . d o . . . .

4,44825

52.1

152.7

16.66.7

103.6.39843.4

4,356

3 11.7

3 4.7

3.40460.1525.2

282.0

3,659. 9

786.7

16.749.8

4 353.0299.767.9

6,223.62,014.1

371.5356.9

286.22,677.1

359.5

3.42

.405

.901

.501

« 1. 708

367.08206.34131.35160.74531.13110.1167.70

421.02365.24218.68

95.512.553.018.8

1.832.27

101.7

1,024.6

17,624166, 38534, 57519,5405,445

9 5,8753

60.2

16.56.4

102.5.39541.6

3 16.1

3 4.9

3.30457.9676.2

300.9534.6

3,814.33,952.8

928.3

13.128.7

343.4335.697.6

.492

6 .765

7 .458

81.657

441.70267.28165. 71174.42642.59147. 5587.76

495.04425.18212.40

103.313.050.423.4

1.902.34

1,075.9

5210

48.0

51.0

16.76.68.2

.4123.3

13.0

4.4

.34"32.2

70.0

.31

.451

.729

1.655

27.8417.1410.8510.7045.5414.917.98

r 30.6324.8012.33

7.71.03.72.2

1.822.28

1,03712,1522,3071,719

443

502(10)50.3

52.9

16.56.68.3

.4163.4

12.3

4.5

.37'35.2

44.8

.31

.456

.725

.443

1.665

29.2417.2410.6512.0146.6811.955.90

' 34.7329.5017.10

8.2. 8

3.21.9

1.782.30

98413,0062,5951,864

532

704(10)51.3

55.0

16.56.5

2 10.1.4032 4.0

1,046

14.4

4.8

.33'37 .1

56.7

71.519Q ^

'909.91 nno i

225.2

13.1AQ a

353.6306.384.5

1,648.5555.398.678.4

931 884.7

660.897.5

.30

.475

.729

.451

1.658

36.8322.8613.0713.9646.3413.297.27

' 33.0527.4815.78

10.51.24.11.4

1.782.31

28.2

242.6

1,17315,5042,8152,174

641

6400

51.7

54.7

16.66.68.2

.4133.4

14.0

4.9

.35'35.2

68.7

.34

.495

.751

.456

1.658

35.5721.5012.7714.0753.8716.117.85

' 37. 7631.0818.46

8.81.14.92.2

1.812.32

1,40815,0482,3431,778

537

510(10)53.7

57.6

16.46.48.2

.4083.3

13.7

4.8

.35'34 .5

53.9

.22

.515

.763

.467

1.651

39.0623.3013.2415.7759.7413.748.05

' 46. 0140.0025.09

9.21.04.01.5

1.842.33

1,74814,6002,1891,960

638

5281

54.8

57.4

16.36.3

2 10.0.4022 4.1

1,010

13.9

4,8

.35'33.0

60.6

76.3

'951.5

229.1

11.746.1

336.5347.689.4

1,690.3566.8104.095.1

QC7 o83.3

673.597.9

.21

.493

.780

.472

1.655

36.6320.8513.8215.7967.7012.367.94

' 55.3448.8830.40

10.31.53.82.0

1.922.36

31.7

281 3

1,96714,1152,0261,945

574

456(10)56.5

57.0

16.36.46.5

.3272.7

22.7

5.9

.26'31 .4

60.8

.21

.496

.778

32.0618.6211.1113.4370.4114.138.61

' 56.2849.6629.34

7.0. 8

4.72.3

1.922.36

1,53111,2461,7611,551

495

5240

56.6

59.8

16.36.37.9

.3953.2

17.7

5.2

.2935.951.3

.20

.496

.776

35.3820.9912.4814.3964.9012.298.51

' 52.6147.1026.89

8.41.05.42.5

1.922.36

2,19314,1332,2642,217

604

388(10)55.9

P60.0

16.36.3

3 9.6.385

2 3.9

899

17.2

4.7

.2837.952.1

76.9133.8

'955.5952.1233 7

12.637.4

334.3328.189.3

.19

.516

.794

38.1223.2915.1214.8258.3111.797.85

46.5240.2422.92

9 41.43.41.9

1.952.36

'269 8

2,08014,0012,0372,042

554

283(10)59.6

64.1

16.46.38.1

.4063.3

16.6

5.7

.2544.862.2

' . 1 7

.514

.824

43.6827.5216.9516.1650.4710.246.86

40.2334.3818.53

8.11.24.01.8

1.972.36

1 85413,8111,7572 136

603

3550

61.1

65.6

16.46.3

210.0.39924.0

17.0

4.3

.2550.151.1

.17

.496

44.4127.1517.9317.2641.088.686.00

32.4027.4913.53

8.1' 1 . 2

4.81.5

2.022.37

4640

58.1

64.4

16.56.47.4

.3713.0

21.1

4.6

.2250.444.1

76.2139.8

997.41,001.8

240 3

15.428.7

343.4335 697.6

495

42.8826 8217.7216.0637.548.064 93

29.4924.5812 02

7 8s

4.02.0

2.022.37

282.2

517(10)

'56.0

6.3

4 .1

19.4

4.1

2 145.654.0

42.8627.3017.6915.56

J>4.5?1.9

2.022.37

53.7

2.022.49

r Revised. v Preliminary. 1 Season average. 3 For 5 weeks, other months, 4 weeks.3 Monthly average. 4 Effective Sept. 1976 SURVEY, data omit production and stocks of

saran and spandex yarn. »Effective 1976, production of blanketing is included in 100%spun yarn fabric (prior to 1976, in "all other group," not shown separately). fl Avg. forJan.-Oct. 7 Aug. for Feb.-Jun. s Avg. for Jan-Jun. 9 Effective Jan. 1, 1978, in-cludes reexports formerly excluded. 10 Less than 500 bales.

H Based on 480-lb. bales, v price reflects sales as of the 15th; restated r price reflects totalquantity purchased and dollars paid for entire month (' price includes discounts andpremiums).

9 Includes data not shown separately. Q Net-weight (480-lb.) bales.

d" Effective Jan. 1976, specifications for the price formerly designated fine good Frenchcombing and staple have been changed as shown above. Effective with the May 1976 SURVEYthe foreign wool price is quoted including duty.

*New series. Apparel (BuCensus)—Annual totals derived from firms accounting for 99%of total output of these items; current monthly estimates, from smaller sample. Monthly datafor 1975, adjusted to annual totals, are available. Coats exclude all fur, leather, and raincoats.Suits omit garments purchased separately as coordinates. Except for the year 1974, earliermonthly data are available, except for suits. Prices (USDL, BLS)—Data not available priorto 1976. • Avg. for Jan.-Apr.; June-Dec.


S-40

Unless otherwise stated in footnotes below, datathrough 1974 and descriptive notes are as shown inthe 1975 edition of B U S I N E S S STATISTICS

1977

SUE

1978

Annual

OF UUKJ SINE

1978


March 1978

1979

Jan. Feb.

TEXTILE PRODUCTS—Continued

APPAREL-Con.

Men's apparel cuttings:Suits! thous. units..Coats (separate), dress and sportt doTrousers (separate), dress and sportt doSlacks (jean cut), casual % thous. doz__Shirts, dress, sport, inc. knit outerwear J._.do

Hosiery, shipments thous. doz. pairs..

"16,065• 13,652125,82715,53732,523

248,144 267,683

1,3351,0318,4991,1902,318

18,384

1,261960

9,4721,2832,298

19,418

1,4961,378

10,5051,2952,78421,859

1,3811,1939,2411,2392,60921,183

1,4321,3769,3681,1932,69122,541

1,4381,2918,8891,2722,86924,987

7865,711785

1,99022,044

1,3341,311

2,81024,569

1,3021,483

2,98523,664 24,589 24,062 20,383

TRANSPORTATION EQUIPMENT

AEROSPACE VEHICLESOrders, new (net), qtrly, total mil. $__

U.S. Government doPrime contract ...do

Sales (net), receipts, or billings, qtrly, total doU.S. Government do

Backlog of orders, end of period 9 doU.S. Government do

Aircraft (complete) and parts.._ doEngines (aircraft) and parts doMissiles, space vehicle systems, engines, propul-

sion units, and parts mil. $_.Other related operations (conversions, modifica-

tions), products, services mil. $..

Aircraft (complete):Shipments do

Airframe weight thous. lb__Exports, commercial mil. $_.

MOTOR VEHICLES (NEW)Passenger cars:

Factory sales (from U.S. plants), total thous.Domestic .do...

Retail sales, total, not seasonally adj do...Domestics A_ _ doImportsA do...

Total, seas, adjusted at annual rate t mil.DomesticsA t do...ImportsA t _ do...

Retail inventories, end of mo., domestics: ANot seasonally adjusted thousSeasonally adjusted! do...

Inventory-retail sales ratio, domestics A t

Exports (BuCensus), assembled cars thous..To Canada do...

Imports (BuCensus), complete units doFrom Canada, total. _ do

Registrations©, total new vehicles do..IImports, incl. domestically sponsored do....

Trucks and buses:Factory sales (from U.S. plants), total thous..

Domestic... _doRetail sales, seasonally adjusted:*

Light-duty, up to 14,000 lbs. GVW do....Medium-duty, 14,001-26,000 lbs. GVW doHeavy-duty, 26,001 lbs. and over GVW..do

Retail inventories, end of period, seasonally ad-justed* thous..

Exports (BuCensus), assembled units do....Imports (BuCensus), including separate chassis

and bodies thous..Registrations©, new vehicles, excluding buses not

produced on truck chassis. thous..

Truck trailers and chassis, complete (excludes de-tachables), shipments.. number

Vans.. _ doTrailer bodies (detachable), sold separately._.do_...Trailer chassis (detachable), sold separately..do....

RAILROAD EQUIPMENTFreight cars (new), for domestic use; all railroads

and private car lines (excludes rebuilt cars andcars for export):

Shipments. number.Equipment manufacturers do

New orders... doIII!Equipment manufacturers I.I .do

Unfilled orders, end of period _ doEquipment manufacturers IHIIdoIII!

Freight cars (revenue), class 1 railroads (AAR):§Number owned, end of period thous

Held for repairs, % of total owned.Capacity (carrying), total, end of mo..mil. tons.

Average per car _ tons.

38,92222,68235,47833,31520,704

45,30926,11919,7095,354

6,743

6,208

4,700.947,6472,605

9,1998,51111,1859,1092,075

1,7311,7842.3

697.20591.512,791.3849.2

i 10,826* 1,977

3,4403,178

3,145.0171.5169.1

716.1202.55

822.43

3,509

159,29798,6877,19320,662

51,72946,66466,75059,55735,91029,490

1,2678.9

95.6475.50

»3,589

2 9,172

"lljiii"9,3122,000

1,7291,7802.3

6 695.12«540.902,881.86 832.710,9461,946

2 3,711

3,540.5165.3202.2

843.86 248.43

51,035.68

3,963

193,245127,5886,06628,432

67,44062,400125,307124,86296,25589,944

1,2257.9

93.9676.68

294.52,624

«80

65761668754514210.18.02.1

1,8871,824

2.8

«47.09«38.S0«116.2«55.5•703•127

240223

259.3133.7147.1

719.5813.60

186.15

•255

12,5907,817

4832,265

3,7623,5226,3446,14438,19531,315

1,2639.1

95.4475.58

363.03,604203

67562377762814910.58.52.0

1,9521,8482.6

53.7241.81253.661.13 7673 152

268247

276. 3135.8151.6

727.518.58

84.67

3 287

14,0528,637408

2,429

3,7953,4836,3526,35240,60234,034

1,2539.3

94.8475.66

10,8075,56710,0848,5115,093

46,79625,84320,3305,192

6,163

478.54,287172

8421,07888319511.89.82.1

1,9911,8662.3

62.8449.56299.178.93 8703 163

341311

292.2151.2178.8

719.721.72

103.13

3 306

17,54311,653

5783,341

4,8744,4894,3464,346

45,38739,204

1,2479.5

94.4775.74

436.23,902

210

8061,043

863180

12.310.22.1

2,0081,877

2.2

70.4857.21310.1

78.1•916•162

319291

301.4145.3163.8

721.122.86

96.87

•320

15,5409,930

3522,643

4,7024,351

10,25810,00850, 94344,861

1,2479.5

94.4575.73

434.85,113

165

919850

1,159963196

12.110.02.1

1,9701,818

2.2

69.3257.92266.573.5•987• 162

338309

303. 3142.5167.2

702.922.74

92.12

•342

17,58911,150

6222,531

5,8435,64416,90716,90761,80255,919

1,2459.3

94.3875.83

11,6327,56610,7749,3315,622

49,90628,53723,1935,425

6,917

6,561

662.26,293275

8211,13795018711.89.72.0

1,9111,7212.1

70.6358.20281.486.8

3 1,0532 166

355324

315. 5142.8173.4

679.924.24

97.00

3 357

16,87210, 967

5402,421

6,8936,11314,81514,81569,29864,195

1,2429.3

94.3075.94

469.14,959248

58955393076216811.09.11.9

1,7291,694

2.2

45.8333.75236.847.6

•1,062•183

272254

297.7141.0179.6

661.018.05

85.88

13,7588,853

4622,192

4,7534,351

11,59911,26575,46170,426

1,2399.0

94.2076.04

564.15,844

379

528492958753205

11.99.92.0

1,5101,655

2.0

36.1125.95198.341.1

3 1,061U 9 8

281266

314.8113.3168.3

641.016.58

63.80

3 396

16,97911,585

6703,170

6,6976,198

13, 5«613, 08682,73378,197

1,2398.9

94.3876.20

10,9785,5039,8799,3665,431

51,51828,60924,001

5,214

7,268

7,246

679.16,071

356

73867682866216610.88.91.9

1,6061,6782.3

61.6046.61212.3

78.3•887•185

305281

261.5125.8172.4

664.722.18

76.23

•335

15,55810,324

3201,718

5,9425,533

10,5618,911

87,20081, 423

1,2328.8

94.0576.31

573.65,490

423

894828

1,034884150

11.19.21.9

1,6291,737

2.3

66.7450.06232.877.2•866•149

366337

308.5135.3173.3

694.224.90

83.21

•305

17,69111,961

'4631,795

6,4656,1749,0109,01087,60582,119

1,2318.4

94.1876.50

752.05,656

504

84278490977013911.09.02.0

' 1,728" 1,777

2.4

58.7343.19230.580.2•826•140

330305

309.0138.1167.9

732.221.73

90.77

•314

17,49212,344

5851,993

6,7336,4618,8028,302

91,77386,059

1,2288.1

94.0476.61

550

2 632

769646123

11.29.41.8

1,7291,780

2.3

52.0338.36244.374.3•949•158

2 277

301.0148.9178.6

773.921.24

75.85

•361

17,58412,367

5831,934

6,8276,524

12,72711,82796,25589,944

1,2257.9

93.9693.80

2 786

••784645138

11.09.02.0

1,8851,819

2.4

269.271.8

2 342

299.514.519.5

• 816.117.53

93.20

6,0485,667

13,65613,656

104,318

76.6876.76

P840676

P164p l l . 4

9.1

1,9571,851

2.4

•317

283.317.621.9

• 847.0

r Revised. v Preliminary. i Annual total includes revisions not distributed bymonths. 2 Production, not factory sales. 3 Excludes 2 States. • Excludes 1 State.

Excludes 3 States. « Beginning 1978, data may not be strictly comparable with those forearlier years because of the revised export schedule.

JAnnual figures, "Apparel 1975," MA-23A(75)-l. Survey expanded and classificationchanged; not comparable with data prior to 1974.

9 Total includes backlog for nonrelated products and services and basic research.. fSeas. adj. data (1971-74) in the Mar. 1976 SURVEY, p. 5, do not reflect end-digit revisions toimports and total sales introduced in the Feb. 1977 SURVEY.

ADomestics include U.S.-type cars produced in the United States and Canada; imports

cover foreign-type cars and captive imports, and exclude domestics produced in Canada.©Courtesy of R. L. Polk & Co.; republication prohibited.§Excludes railroad-owned private refrigerator cars and private line cars.*New series. Source: Motor Vehicle Manufacturers Assn. of the U.S. (seas, adjustment

by BEA). Reporting firms do not represent the entire industry. Motor coaches are notcovered. Sales include imports of U.S. manufacturers only (all other imports are not covered)Units refer to complete vehicles and to chassis sold separately. Gross vehicle weight reiersto the weight of the vehicle with full load. Seasonally adjusted monthly data back to 1971are available. "Excludes leisure-type; not strictly comparable with 1974.


INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40

SECTIONSGeneral:

Business indicators 1-7Commodity prices 8, 9Construction and real estate 10,11Domestic trade 11-13

Labor force, employment, and earnings 13-17Finance 17-22Foreign trade of the United States 22-24Transportation and communication 24,25

Industry:Chemicals and allied products 25, 26Electric power and gas,, 26Food and kindred products; tobacco 27-30Leather and products 30

Lumber and products 31Metals and manufactures 31-34Petroleum, coal, and products 34-36Pulp, paper, and paper products. 36,37

Rubber and rubber products 37Stone, clay, and glass products 38Textile products 38-40Transportation equipment 40

INDIVIDUAL SERIESAdvertising 11,16Aerospace vehicles 40Agricultural loans 17Air carrier operations 24Air conditioners (room). — 34Aircraft and parts 7,40Alcohol, denatured and ethyl 26Alcoholic beverages 11,27Aluminum 33Apparel 1,4,8,9,11-16,40Asphalt 35,36Automobiles, etc 1,4-6,8,9,11,12,20,23,24,40

BankingBarley.Battery shipments -Beef and vealBeverages 9,11, 22Blast furnaces, steel millsBonds, issued, prices, sales, yieldsBrass and bronzeBrickBuilding and construction materials

Building costsBuilding permitsBusiness incorporations (new), failuresBusiness sales and inventoriesButter

7,11

17,18273428

23,275-7

20, 213338

4, 6,31,3810,11

1075

27

Cattle and calves 28Cement and concrete products 9,11,38Cereal and bakery products 9Chain-store sales, firms with 11 or more stores. . . 13Cheese 27Chemicals 4,6,9,14-16,20,23,25, 26Cigarettes and cigars 30Clay products 9,38Coal 4,9,23, 34,35Cocoa 23,29Coffee 23,29Coke 35Combustion, atmosphere, heating equipment 34Communication 2,20,25Confectionery, sales 29Construction:

Contracts 10Costs 10,11Employment, unemployment, hours, earnings.. 13-16Fixed investment, structures 1Highways and roads 10,11Housing starts 10Materials output indexes 11New construction put in place 10

Consumer credit 18Consumer expenditures 1Consumer goods output, index 4Consumer Price Index 8Copper 33Corn 27Cost of living (see Consumer Price Index) 8Cotton, raw and manufactures 8,9,22,38,39Cottonseed oil 30Credit, short- and intermediate-term 18Crops 3, 8,27, 28,30,38Crude oil 4,35Currency in circulation 20

Dairy products 3,8,9,27Debits, bank 17Debt, U.S. Government 19Deflators, GNP 2Department stores, sales, inventories 12,13Deposits, bank 17,20Dishwashers 34Disputes, industrial 16Distilled spirits 27Dividend payments, rates, and yields 2,3, 20,21Drugstores, sales « 12,13

3b

Earnings, weekly and hourly 15,16Eating and drinking places 12,13Eggs and poultry 3,8,9,29Electric power 4,9,26Electrical machinery and equipment 5-7,

9,14,15,20,23,24,34Employee-hours, aggregate, and indexes 15Employment 13,14Expenditures, U.S. Government 19Explosives 26Exports (see also individual commodities).... 1, 3,22-24

Failures, industrial and commercial 7Farm income, marketings, and prices 2,3,8,9Farm wages 16Fats and oils , 9,23,29,30Federal Government finance 19Federal Reserve banks, condition of 17Federal Reserve member banks 17Fertilizers 9,25Fire losses 11Fish 29Flooring, hardwood 31Flour, wheat , 28Food products 1,4,6,8,9,14-16,20,22,23,27-30Foreclosures, real estate 11Foreign trade (see also individual comxnod.) 22-24Freight cars (equipment) 40Fruits and vegetables 8,9Fuel oil 35,36Fuels 4,8,9,23,34-36Furnaces 34Furniture 5,9,12-15

Gas, output, prices, sales, revenues 4,9,26Gasoline 1,35Glass and products 38Glycerin 26Gold 19Grains and products 8,9,22,27,28Grocery stores 12,13Gross national product 1Gross national product, price deflators 2Gross private domestic investment 1Gypsum and products 9,38

Hardware stores 12Heating equipment 9,34Hides and skins 9,30Highways and roads 10,11Hogs 28Home electronic equipment 9Home Loan banks, outstanding advances 11Home mortgages 11Hosiery 40Hotels and motor-hotels 25Hours, average weekly 15Housefurnishings 1,4, 5,8,11,12Household appliances, radios, and television sets. 4,

8,9,12,34Housing starts and permits 10

Imports (see also individual commodities)... 1,3,23,24Income, personal 2,3Income and employment tax receipts 19Industrial production indexes:

By industry 4,5By market grouping 4

Installment credit 13,18Instruments and related products 5,6,14,15Insurance, life 19Interest and money rates 18International transactions of the United States . . . 3Inventories, manufacturers* and trade 5-7,11,12Inventory-sales ratios 5Iron and steel 5,9,11,20, 23,31,32

Labor advertising index, stoppages, turnover 16Labor force 13Lamb and mutton 28Lead 33Leather and products 4,9,14-16, 30Life insurance 19Livestock 3,8,9, 28Loans, real estate, agricultural, bank (see also

Consumer credit) 11,17,18Lubricants 35,36Lumber and products 5,9,11,12,14,15,20,31

Machine tools 34Machinery 5-7,9,14,15,20,23,24,34Mail order houses, sales 12Manmade fibers and manufactures 9,39Manufacturers* sales (or shipments), inventories,

orders 5-7Manufacturing employment, unemployment, pro-

duction workers, hours, earnings 14-16Manufacturing production indexes 4,5Margarine 29Meat animals and meats 3,8,9,22,23,28,29Medical and personal care 8Metals 4-7,9,14,15,20,22,23,31-33Milk 27Mining and minerals 2,4,9,14-16,20Monetary statistics 19, 20Money supply 20Mortgage applications, loans, rates 11,17-19Motor carriers 24Motor vehicles 1,4-6,8,9,11,20,23,40

National defense expenditures 1,19National income and product 1,2National parks, visits 25Newsprint 23,37New York Stock Exchange, selected data 21,22Nonferrous metals 5-7,9,20,23,33Noninstallment credit 18

Oats 27Oils and fats 9,23,29,30Orders, new and unfilled, manufacturers* 7Ordnance 14,15

Paint and paint materials 9,26Paper and products and pulp 4,6,

9,14-16,20,23,36,37Parity ratio 8Passenger cars 1,4-6,8,9,11,12,20,23, 24,40Passports issued 25Personal consumption expenditures 1Personal income 2, 3Personal outlays 2Petroleum and products 4,6,

8,9,14,15,20,23,35,36Pig iron 31, 32Plant and equipment expenditures 2Plastics and resin materials 26Population 13Pork 28,29Poultry and eggs 3,8,9,29Price deflators, implicit, GNP 2Prices (see also individual commodities) 8,9Printing and publishing 4,14-16Private sector employment, hours, earnings 13-16Profits, corporate 2,20Public utilities 2,4,10,20,21, 26Pulp and pulpwood 36Purchasing power of the dollar 9

Radio and television 4,11, 34Railroads 2,16,17,21,24,25,40Ranges 34Rayon and acetate 39Real estate 11,17,19Receipts, U.S. Government 19Refrigerators 34Registrations (new vehicles) 40Rent (housing) 8Retail trade 5,7,12-16,18Rice 28Rubber and products (incl. plastics). 4,6,

9,14-16,23,37

Saving, personal 2Savings deposits 17Securities issued 20Security markets 20-22Services 1,8,14-16Sheep and lambs 28Shoes and other footwear 9,12, 30Silver 19Soybean cake and meal and oil 30Spindle activity, cotton 39Steel (raw) and steel manufactures 23,31, 32Steel scrap 31Stock market customer financing 20Stock prices, earnings, sales, etc 21,22Stone, clay, glass products 5, 6,9,14,15,20, 38Sugar 23,29Sulfur 25Sulfuric acid 25Superphosphate 25

Tea imports 29Telephone and telegraph carriers 25Television and radio 4,11, 34Textiles and products 4,6,9,14-16,20, 23,38-40Tin 33Tires and inner tubes 9,12,13,37Tobacco and manufactures.. 4,6,8,14,15,30Tractors 34Trade (retail and wholesale) 5,11,12,14-16Transit lines, urban 24Transportation 1,2,8,14-16,20-22,24, 25Transportation equipment 5-7,14,15,20,40Travel 24, 25Truck trailers 40Trucks (industrial and other) 34, 40

Unemployment and insurance 13,17U.S. Government bonds 17-21U.S. Government finance. f< 19U.S. International transactions 3Utilities 2,4,8,10,21,22,26

Vacuum cleaners 34Variety stores **• **[Vegetable oils 23,29,30Vegetables and fruits 8* *Veterans' unemployment insurance 1'

Wages and salaries 2,3,Washers and dryersWater heatersWheat and wheat flourWholesale Price IndexesWholesale trade 5,7,11,Wood pulpWool and wool manufactures

Zinc.

15, 16343428

8,914-16

369,39

33


UNITED STATES

GOVERNMENT PRINTING OFFPUBLIC DOCUMENTS DEPARTMENT

WASHINGTON, D.C. 20402

OFFICIAL BUSINESS

1 9 7 9 RELEASE DATES FOR BEA ESTIMATES~ , . ReleaseSubject D a t e *

Personal Income, March 1979 Apr. 18Gross National Product (preliminary), 1st quarter 1979. Apr. 19Corporate Profits (revised), 4th quarter 1978 Apr. 19Composite Indexes of Leading, Coincident and Lagging

Indicators, March 1979 Apr. 30

Merchandise Trade (balance of payments basis), 1stquarter 1979 May 2

Personal Income, April 1979 May 17Gross National Product (1st revision) 1st quarter 1979. May 18Corporate Profits (preliminary), 1st quarter 1979 May 18Federal Receipts and Expenditures, 1st quarter 1979... May 21Selected International Transactions, 1st quarter 1979. May 23Composite Indexes of Leading, Coincident and Lagging

Indicators, April 1979 May 31

Plant and Equipment Expenditures, 1st quarter 1979.. June 7Personal Income, May 1979 June 19Gross National Product (2nd revision), 1st quarter 1979. June 20Corporate Profits (revised), 1st quarter 1979 June 20Summary of International Transactions, 1st quarter

1979 June 21Composite Indexes of Leading, Coincident and Lagging

Indicators, May 1979 June 29

Personal Income, June 1979 July 19Gross National Product (preliminary), 2nd quarter

1979 July 20Composite Indexes of Leading, Coincident and Lagging

Indicators, June 1979 July 31

Merchandise Trade (balance of payment basis), 2ndquarter 1979 Aug. 1

Personal Income, July 1979 Aug. 16Gross National Product (1st revision), 2nd quarter 1979. Aug. 17Corporate Profits (preliminary), 2nd quarter 1979 Aug. 17Federal Receipts and Expenditures, 2nd quarter 1979.. Aug. 20

These are target dates; estimates may occasionally be releaseda day or two earlier or later.

CJ , . ReleaseSubject D a t e *

Selected International Transactions, 2nd quarter 1979. Aug. 22Composite Indexes of Leading, Coincident and Lagging

Indicators, July 1979 Aug. 29

Plant and Equipment Expenditures, 2nd quarter 1979. Sept. 6Personal Income, August 1979 Sept. 18Gross National Product (2nd revision), 2nd quarter

1979 Sept. 19Corporate Profits (revised), 2nd quarter 1979 Sept. 19Summary of International Transactions, 2nd quarter

1979 Sept. 20Composite Indexes of Leading, Coincident and Lagging

Indicators, August 1979 Sept. 28

Personal Income, September 1979 Oct. 17Gross National Product (preliminary), 3rd quarter 1979. Oct. 19Composite Indexes of Leading, Coincident and Lagging

Indicators, September 1979 Oct. 30

Merchandise Trade (balance of payments basis), 3rdquarter 1979 Nov. 1

Personal Income, October 1979 Nov. 19Gross National Product (1st revision), 3rd quarter 1979. Nov. 20Corporate Profits (preliminary), 3rd quarter 1979 Nov. 20Selected International Transactions, 3rd quarter 1979. Nov. 20Federal Receipts and Expenditures, 3rd quarter 1979. . Nov. 21Composite Indexes of Leading, Coincident and Lag-

ging Indicators, October 1979 Nov. 30

Plant and Equipment Expenditures, 3rd quarter 1979.. Dec. 6Personal Income, November 1979 Dec. 18Gross National Product (2nd revision), 3rd quarter 1979. Dec. 19Corporate Profits (revised), 3rd quarter 1979 Dec. 19Summary of International Transactions, 3rd quarter

1979 Dec. 20Composite Indexes of Leading, Coincident and Lagging

Indicators, November 1979 * Dec. 31

For information, call (202) 523-0777, Bureau of EconomicAnalysis, U.S. Department of Commerce.


scb_031979

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