erp1976 appendixes 2

Appendix B

STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION

165

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

C O N T E N T S

NATIONAL INCOME OR EXPENDITURE: Page

B-l. Gross national product or expenditure, 1946-75 171B-2. Gross national product or expenditure in 1972 dollars, 1946-75 172B-3. Implicit price deflators for gross national product, 1946-75 174B-4. Gross national product by major type of product, 1946-75 176B-5. Gross national product by major type of product in 1972 dollars,

1946-75 177B-6. Gross national product by sector, 1946-75 178B-7. Gross national product by sector in 1972 dollars, 1946-75 179B-8. Gross domestic product of nonfinancial corporate business, 1946-75. 180B-9. Gross private domestic investment, 1946-75 181B-10. Inventories and final sales of business in current and 1972 dollars,

1957-75 182B-l 1. Relation of gross national product and national income, 1946-75 183B-l 2. National income by type of income, 1946-75 184B-l 3. Relation of national income and personal income, 1946-75 186B-14. Disposition of personal income, 1946-75 187B-15. Sources of personal income, 1946-75 188B-l6. Personal consumption expenditures, 1946-75 190B-l 7. Total and per capita disposable personal income and personal con-

sumption expenditures in current and 1972 dollars, 1946-75. . . . . 191B-18. Gross saving and investment 1946-75 192B-19. Saving by individuals, 1946-75 193B-20. Number and money income (in 1974 dollars) of families and unrelated

individuals, by race of head, 1947-74 194

POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:

B-21. Population by age groups, 1929-75 195B-22. Noninstitutional population and the labor force, 1929-75 196B-23. Civilian employment and unemployment by sex and age, 1947-75.. 198B-24. Selected unemployment rates, 1948-75 199B-25. Unemployment by duration, 1947-75 200B-26. Unemployment insurance programs, selected data, 1946-75 201B-27. Wage and salary workers in nonagricultural establishments, 1929-75. 202B—28. Average weekly hours and hourly earnings in selected private non-

agricultural industries, 1947-75 204B-29. Average weekly earnings in selected private nonagricultural indus-

tries, 1947-75 205B-30. Productivity and related data, private economy, 1947-75 206B-31. Changes in productivity and related data, private economy, 1948-75.. 207

167


PRODUCTION AND BUSINESS ACTIVITY: PageB-32. Industrial production indexes, major industry divisions, 1929-75... . 208B-33. Industrial production indexes, market groupings, 1947-75 209B-34. Industrial production indexes, selected manufactures, 1947-75 210B-35. Capacity utilization rate in manufacturing, 1947-75 211B-36. New construction activity, 1929-75 212B-37. New housing starts and applications for financing, 1929-75 214B-38. Business expenditures for new plant and equipment, 1947-76 216B-39. Sales and inventories in manufacturing and trade, 1947-75 217B-40. Manufacturers' shipments and inventories, 1947-75 218B-41. Manufacturers' new and unfilled orders, 1947-75 219

PRICES:B-42. Consumer price indexes by expenditure classes, 1929-75 220B-43. Consumer price indexes by commodity and service groups, 1939-75. 221B-44. Consumer price indexes, selected commodities and services, 1939-75. 222B-45. Consumer price indexes, seasonally adjusted, 1972-75 223B-46. Percent changes in consumer price indexes, major groups, 1948-75.. 224B-47. Wholesale price indexes by major commodity groups, 1929-75 225B-48. Wholesale price indexes by stage of processing and by special group-

ings, 1947-75 227B-49. Wholesale price indexes for selected groupings, seasonally adjusted,

1972-75 229B-50. Percent changes in wholesale price indexes, major groups, 1948-75.. 230

MONEY STOCK, CREDIT, AND FINANCE:B-51. Money stock measures, 1947-75 231B-52. Commercial bank loans and investments, 1930-75 232B-53. Total funds raised in credit markets by nonfinancial sectors, 1967-75. 233B-54. Private liquid asset holdings, nonfinancial investors, 1959-75 235B-55. Federal Reserve Bank credit and member bank reserves, 1929-75. . 236B-56. Aggregate reserves and member bank deposits, 1959-75 237B-57. Bond yields and interest rates, 1929-75 238B-58. Short-and intermediate-term consumer credit outstanding, 1929—75. 240B-59. Instalment credit extended and repaid, 1946-75 241Er-60. Mortgage debt outstanding by type of property and of financing,

1939-75 242B-61. Mortgage debt outstanding by lender, 1939-75 243B-62. Net public and private debt, 1929-74 244

GOVERNMENT FINANCE:B-63. Federal budget receipts and outlays, fiscal years 1929-77 245B-64. Federal budget receipts, outlays, and debt, fiscal years 1967-77.. 246B-65. Relation of the Federal budget to the Federal sector of the national

income and product accounts, fiscal years 1975-77 248B-66. Receipts and expenditures of the government sector of the national

income and product accounts, 1946-75 249B-67. Receipts and expenditures of the Federal Government sector of the

national income and product accounts, 1949-77 250B-68. Receipts and expenditures of the State and local government sector of

the national income and product accounts, 1946-75 251B—69. State and local government revenues and expenditures, selected fiscal

years, 1927-74 252B-70. Public debt securities by kind of obligation, 1946-75 253B-71. Estimated ownership of public debt securities, 1946-75 254B-72. Average length and maturity distribution of marketable interest-

bearing public debt, 1946-75 255

168


CORPORATE PROFITS AND FINANCE: PageB-73. Corporate profits with inventory valuation adjustment and without

capital consumption adjustment, by industry, 1946-75 256B-74. Corporate profits with inventory valuation adjustment and without

capital consumption adjustment, manufacturing industries, 1946-75 258

R-75. Sales, profits, and stockholders' equity, all manufacturing corpora-tions, 1947-75 260

B-76. Relation of profits after taxes to stockholders' equity and to sales, allmanufacturing corporations, 1947-75 261

B-77. Relation of profits after taxes to stockholders' equity and to sales, allmanufacturing corporations, by industry group, 1974-75 262

B-78. Sources and uses of funds, nonfarm nonfinancial corporate business,1946-75 263

B-79. Current assets and liabilities of U.S. corporations, 1939-75 264B-80. State and municipal and corporate securities offered, 1934-75 265B-81. Common stock prices, earnings, and yields, and stock market credit,

1949-75 266B-82. Business formation and business failures, 1929-75 267

AGRICULTURE:B-83. Income of farm people and farmers, 1929-75 268B-84. Farm production indexes, 1929-75 269B-85. Farm population, employment, and productivity, 1929-75 270B-86. Indexes of prices received and prices paid by farmers, and parity ratio,

1929-75 271B-87. Selected measures of farm resources and inputs, 1929-75 272B-88. Comparative balance sheet of the farming sector, 1929-76 273

INTERNATIONAL STATISTICS:B-89. U.S. balance of payments, 1946-75 274B-90. U.S. merchandise exports and imports by commodity groups,

1958-75 276B-91. U.S. merchandise exports and imports by area, 1969-75 277B-92. International reserves, 1969-75 278B-93. U.S. reserve assets, 1946-75 279B-94. International investment position of the United States at year-end,

1960 and 1970-74 . 280B-95. Price changes in international trade, 1967-75 . 281B-96. Consumer price indexes in the United States and other major indus-

trial countries, 1955-75 282

General Notes

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

The national income and product accounts data shown in these tablesare the revised series to be published in the "Survey of Current Business,"January 1976. Data for 1929-45 usually shown in these tables are not yetavailable for the revised series.

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

169


NATIONAL INCOME OR EXPENDITURE

TABLE B—1.—Gross national product or expenditure, 1946-75

{Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Year or quarter

1946..19471948.. .1949

19501951..19521953..1954

19551956 .195719581959.. .

I96019611962.19631964

19651966196719681969 .

1970197119721973.1974

1975 *

1973: 1I II I IIV

1974: 1||I I IIV

1975: 1I II l lIVp

Grossnationalproduct

209.6232.8259.1258.0

286.2330.2347.2366.1366.3

399.3420.7442.8448.9486.5

506.0523.3563.8594.7635.7

688.1753.0796.3868.5935.5

982.41,063.4, 171. 1, 306. 3,406.9

,499.0

,265.0,287.8,319.7,352.7

,370.9,391.0,424.4, 441. 3

1,433.61,460.61,528.51,573.2

Per-sonalcon-

sump-tionex-

pend-itures i

143.8161.7174.7178.1

192.0207.1217.1229.7235.8

253.7266.0280.4289.5310.8

324.9335.0355.2374.6400.4

430.2464.8490.4535.9579.7

618.8668.2733.0808.5885.9

963.2

785.7800.5818.4829.5

849.5877.8907.7908.4

926.4950.3977.4998.7

Grossprivate

do-mesticinvest-ment*

30.734.045.935.3

53.859.252.153.352.7

68.471.069.261.977.6

76.474.385.290.296.6

112.0124.5120.8131.5146.2

140.8160.0188.3220.5212.2

183.3

211.7217.1221.2231.9

218.4212.7207.6210.3

168.7161.4194.9208.3

Net exports of goodsand services

Netexports

7.611.66.56.2

1.93.82.4.6

2.0

2.24.36.12.5.6

4.45.85.46.38.9

7.65.14.92.31.8

3.91.6

-3.37.47.7

21.5

2.04.5

10.212.8

15.64.03.28.2

17.324.222.122.4

Ex-ports

14.819.816.915.9

13.918.918.217.118.0

20.023.926.723.323.7

27.628.930.632.737.4

39.542.845.649.954.7

62.565.672.7

101.5144.2

147.3

89.496.6

105.2114.9

133.1141.6148.6153.6

148.2140.7148.5151.9

Im-ports

7.28.2

10.49.6

12.015.115.816.616.0

17.819.620.720.823.2

23.223.125.226.428.4

32.037.740.647.752.9

58.564.075.994.2

136.5

125.8

87.492.195.0

102.0

117.5137.6145.5145.3

130.9116.4126.4129.4

Government purchases of goods andservices 3

Total

27.525.532.038.4

38.560.175.682.575.8

75.079.487.195.097.6

100.3108.2118.0123.7129.8

138.4158.7180.2198.7207.9

218.9233.7253.1269.9301.1

330.9

265.7265.7270.0278.4

287.5296.5305.9314.4

321.2324.7334.1343.8

Federal

Total

17.612.716.720.4

18.738.352.457.547.9

44.545.950.053.953.9

53.757.463.764.665.2

67.378.890.998.097.5

95.696.2

102.1102.0111.7

123.1

104.199.9

100.0104.0

106.1108.9113.6118.2

119.4119.2124.2129.8

Na-tional

de-fense <

14.89.0

10.713.2

14.033.545.848.641.1

38.440.244.04R.645.6

44.547.051.150.349.0

49.460.371.576.976.3

73.570.273.573.477.4

84.0

74.073.072.374.2

74.875.878.480.5

81.482.184.987.4

Non-defense

2.83.76.07.2

4.74.86.58.96.8

6.05.75.98.38.3

9.310.412.714.316.2

17.818.519.521.221.2

22.126.028.628.634.3

39.2

30.127.027.629.8

31.433.035.137.7

38.037.139.342.3

Stateandlocal

9.912.815.318.0

19.821.823.225.027.8

30.633.537.141.143.7

46.550.854.359.064.6

71.179.889.3

100.7110.4

123.2137.5151.0168.0189.4

207.8

161.6165.8170.0174.5

181.4187.6192.3196.3

201.9205.5209.9214.1

Per-cent

changefrompre-

cedingperiod,grossna-

tionalpro-

duct^

11.111.3-.4

10.915.45.15.5.0

9.05.45.21.48.4

4.03.47.75.56.9

8.29.45.89.17.7

5.08.2

10.111.57.7

6.5

15.87.4

10.310.4

5.56.09.94.8

-2.17.7

19.912.2

1 See Table B-16 for detailed components.2 See Table B-9 for detailed components.3 Net of Government sales.* This category Corresponds closely to the national defense classification in "The Budget of the United States Government,

s Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here.

Source: Department cf Commerce, Bureau of Economic Analysis.

171


TABLE B-2.—Gross national product or expenditure in 1972 dollars, 1946-75

[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]

Year or quarter

19461947 .19481949

19501951 .195219531954

1955 ..19561957 _19581959

1960196119621963 .1964

19651966196719681969

19701971197219731974

1975 p

1973: 1-I II I IIV

1974: 1 ..I II l lIV ... .

1975: 1I II I I . .IV P . .


475.7468.3487.7490.7

533.5576.5598.5621.8613.7

654.8668.8680.9679.5720.4

736.8755.3799.1830.7874.4

925.9981.0

1,007.71,051.81, 078. 8

1,075.31, 107. 51,171.11, 233. 41, 210. 7

1,186.4

1,227.71, 228. 41, 236. 51,240.9

1,228.71,217.21,210.21, 186. 8

1, 158. 61, 168. 11,201.51,217.4

Personal consumption expenditures

Total

301.4306.2312.8320.0

338.1342.3350.9364.2370.9

395.1406.3414.7419.0441.5

453.0462.2482.9501.4528.7

558.1586.1603.2633.4655.4

668.9691.9733.0766.3759.8

766.6

765.8766.2770.5762.8

760.0763.2767.2748.9

752.3764.1771.6778.2

Durablegoods

25.830.633.136.3

43.439.938.943.143.5

52.249.849.746.451.8

52.550.355.760.765.7

73.479.079.788.291.9

88.998.1

111.2120.9112.5

109.3

124.0122.7121.2115.7

114.7115.5116.8102.9

104.0106.5112.3114.5

Non-durablegoods

158.9154.8155.0157.4

161.8165.3171.2175.7177.0

185.4191.6194.9196.8205.0

208.2211.9218.5223.0233.3

244.0255.5259.5270.2276.4

282.7287.5299.3309.6303.0

306.9

310.6308.2311.4308.3

304.5303.8304.7298.9

300.8306.9308.0311.8

Services

116.7120.8124.6126.4

132.8137.1140.8145.5150.4

157.5164.9170.2175.8184.7

192.3200.0208.7217.6229.7

240.7251.6264.0275.0287.2

297.3306.3322.4335.8344.4

350.4

331.2335.3337.9338.9

340.8343.9345.7347.2

347.5350.8351.2351.9

Gross private domestic investment

Total

71.070.182.365.6

93.794.183.285.683.4

104.1102.997.287.7

107.4

105.4103.6117.4124.5132.1

150.1161.3152.7159.5168.0

154.7166.8188.3207.4180.0

138.9

205.0206.1206.0212.6

195.9183.8173.2166.9

129.7124.1147.8153.9

Fixed investment

Total

58.870.476.870.0

83.280.478.984.185.6

96.397.195.789.6

101.0

101.0100.7109.3116.8124.8

138.8144.6140.7150.8157.5

150.4160.2178.8191.4172.2

149.0

193.2192.5191.8188.2

183.6177.0169.0159.3

148.7144.8148.7153.7

Nonresidential

Total

42.048.951.046.0

50.052.952.156.355.4

61.265.266.058.962.9

66.065.670.973.581.0

95.6106.1103.5108.0114.3

110.0108.0116.8131.3127.5

112.4

128.6130.2132.4133.9

134.5129.9125.0120.8

115.2110.8110.6113.0

Struc-tures

18.817.318.417.8

19.120.620.622.523.5

25.328.128.126.426.8

28.829.330.830.833.3

39.642.541.142.044.0

42.841.742.545.342.7

37.1

44.444.746.246.2

46.143.540.640.5

38.936.236.237.3

Pro-ducers'durableequip-ment

23.231.632.728.2

30.932.331.533.831.8

35.937.137.932.536.1

37.236.340.142.747.7

56.063.662.466.170.3

67.266.374.385.984.9

75.3

84.385.686.287.7

88.486.384.480.3

76.374.774.575.7

See footnotes at end of table.

172


TABLE B—2.—Gross national product or expenditure in 1972 dollars, 1946—75—Continued

[Billions of 1972 dollars, except as noted; quarterly data at seasonally adjusted annual rates)

Year orquarter

1946194719481949

19501951195219531954

19551956.195719581959. .

1960.1961196219631964

19651966196719681969

197019711972.. .19731974

1975 p

1973: 1I IIII....IV....

1974: 1I IIII....IV

1975: 1I IIII....IV P...

Gross private domesticinvestment— continued

Fixed investment— continued

Residential

Total

16.821.525.824.0

33.227.526.827.830.2

35.131.929.730.638.1

35.035.138.443.243.8

43.238.537.242.843.2

40.452.262.060.144.7

36.6

64.562.359.454.3

49.147.144.138.5

33.634.038.040.7

Non-farmstruc-tures

15.519.823.922.3

31.525.925.326.328.8

33.830.428.329.236.5

33.733.636.941.742.2

41.636.935.541.141.5

38.950.560.358.442.6

35.0

62.760.757.652.4

46.945.042.036.4

32.332.436.238.9

Farmstruc-tures

.1

.3

.5

.4

.3

.3

.21.21.1

.91.01.0.9

1.0

.81.0.9.9.9

.8

.9

.9

.8

.9

.6

.7

.7

.5

.8

.4

.6

.4

.5

.6

.9

.7

.7

.9

.3

.4

.6

.5

Pro-duc-ers'dur-able

equip-ment

0.2.3.3.3

.3

.3

.3

.3

.3

.4

.4

.4

.5

.6

.5

.5

.6

.6

.7

.7

.8

.8

.9

.9

.91.01.11.21.3

1.2

1.21.21.21.2

1.31.31.31.2

1.01.11.21.2

Changein

busi-ness

inven-tories

12.2

5i5-4.4

10.613.74.31.5

-2.2

7.75.81.5

-1.86.5

4.42.98.17.87.3

11.316.712.08.7

10.6

4.36.69.4

16.07.7

-10.1

11.913.614.224.4

12.46.84.27.6

-19.0-20.7

-.8.2

Net exports of goodsand services

Netex-

ports

11.616.68.58.8

4.07.44.92.04.5

4.77.38.93.5.9

5.56.75.87.3

10.9

8.24.33.5-.4

-1.3

1.4-.6

-3.37.2

16.6

23.5

2.15.68.9

12.1

18.715.315.117.4

21.524.923.524.3

Ex-ports

26.130.224.224.2

21.725.924.923.825.3

27.932.334.830.731.5

35.837.039.642.247.8

49.151.654.258.562.2

67.167.972.787.697.6

90.4

84.586.788.490.7

98.199.596.995.7

90.786.890.893.4

Im-ports

14.613.615.715.4

17.718.520.021.820.8

23.225.026.027.230.6

30.330.333.935.036.9

41.047.350.758.963.5

65.768.575.980.481.0

66.9

82.381.179.578.6

79.584.281.978.3

69.262.067.369.1

Government purchasesof goods and services l

Total

91.875.484.196.2

97.7132.7159.5170.0154.9

150.9152.4160.1169.3170.7

172.9182.8193.1197.6202.7

209.6229.3248.3259.2256.7

250.2249.4253.1252.5254.3

257.4

254.7250.5251.1253.5

254.0255.0254.7253.6

255.1254.9258.7261.1

r'ed-eral

57.036.142.448.9

47.081.3

107.0114.695.2

86.985.989.892.891.8

90.895.6

103.1102.2100.6

100.5112.5125.3128.3121.8

110.7103.9102.196.195.0

94.2

100 494.994.294.9

94.794.795.794.7

93.792.494.995.9

Stateandlocal

34.839.341.847.4

50.751.352.555.459.7

64.066.570.376.478.9

82.087.190.095.4

102.1

109.1116.8123.1130.9134.9

139.5145.5151.0156.3159.3

163.2

154.3155.5156.9158.5

159.3160.2159.0158.9

161.4162.5163.8165.2

Percentchange

frompre-

cedingperiod,gross

nationalproduct 2

-1.64.1.6

8.78.13.83.9

-1.3

6.72.11.8-.26.0

2.32.55.84.05.3

5.95.92.74.42.6

-.33.05.75.3

-1.8

-2.0

8.8.2

2.71.4

-3.9-3.7-2.3-7.5

-9.23.3

12.05.4

1 Net of Government sales.2 Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here.

Source: Department of Commerce, Bureau of Economic Analysis.

173

597-578 O - 76 - 12


TABLE B-3.—Implicit price deflators for gross national product, 1946-75

[Index numbers, 1972=100, except as noted; quarterly data seasonally adjusted]

Year orquarter

1946194719481949

19501951.195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

1975 P

1973: 1||I I IIV

1974: 1I II I IIV

1975: !I II l lIV P....

Grossnational

prod-uct »

44.0649.7053.1352.59

53.6457.2758.0058.8859.69

60.9862.9065.0266.0667.52

68.6769.2870.5571.5972.71

74.3276.7679.0282.5786.72

91.3696.02

100.00105.92116.20

126.35

103.04104.84106.73109.01

111.58114.28117.70121.45

123.74125.04127.21129.22


Total

47.752.855.955.7

56.860.561.963.163.6

64.265.567.669.170.4

71.772.573.674.775.7

77.179.381.384.688.5

92.596.6

100.0105.5116.6

125.6

102.6104.5106.2108.8

111.8115.0118.3121.3

123.1124.4126.7128.3

Dur-able

goods

61.166.869.169.1

70.874.774.875.573.2

74.076.079.279.481.9

82.182.783.984.885.7

85.685.787.490.793.1

95.599.0

100.0101.7108.4

116.8

100.7101.4102.0102.8

103.2106.6110.4114.0

114.3116.3117.4118.9

Non-durablegoods

52.158.762.360.3

60.765.866.666.366.6

66.367.369.471.071.4

72.673.373.974.975.8

77.380.181.985.389.4

93.696.6

100.0108.0124.0

133.6

103.5106.4109.0113.1

118.2122.4126.0129.5

131.0131.9135.2136.2

Serv-ices

38.941.744.446.1

47.449.952.655.457.2

58.560.262.264.266.0

68.069.170.471.772.8

74.376.578.882.086.1

90.595.8

100.0104.6112.7

121.4

102.5103.8105.1106.9

108.9111.3114.2116.4

119.0120.2122.2124.4

Gross private domestic investment *

Fixed investment

Total

41.348.953.654.8

56.560.862.162.963.4

64.868.370.970.871.6

71.971.672.072.172.8

73.876.278.782.186.9

91.195.9

100.0106.0117.6

132.6

103.2105.3107.2108.5

110.9115.0120.2125.4

130.1131.9132.6135.6

Nonresidential

Total

39.946.851.352.8

54.358.959.961.061.4

62.667.070.770.672.0

72.271.872.372.973.6

74.576.879.382.686.6

91.396.4

100.0104.0116.0

132.3

101.9103.3104.7106.0

108.5112.9118.5125.0

129.6131.8132.6135.2

Struc-tures

36.343.748.448.0

48.854.755.856.855.9

57.061.864.463.363.6

63.162.763.063.564.4

65.968.871.875.381.1

88.094.4

100.0108.0127.5

141.7

104.3106.9109.0111.5

115.9124.4133.1138.3

141.0141.2141.4143.2

Pro-ducers'durableequip-ment

42.848.552.955.9

57.661.662.563.765.4

66.571.075.476.578.2

79.379.279.479.680.1

80.682.184.387.390.0

93.497.6

100.0101.8110.2

127.7

100.6101.4102.3103.0

104.7107.1111.5118.3

123.8127.3128.4131.2


174


TABLE B-3.—Implicit price deflators for gross national product, 1946-75—Continued

[Index numbers, 1972=100, except as noted; quarterly data seasonally adjusted]

Year orquarter

1946194719481949

19501951 . .195219531954

19551956195719581959

19601961196219631964

19651966196719681969

197019711972 . ...19731974

1975 v

1973: 1I II I IIV

1974: 1I II I IIV

1975: L. ...I II l lIV P....

Gross private domesticinvestment^— continued

Fixed investment— continued

Residential

Total

44.653.758.158.7

60.064.466.466.967.1

68.770.971.371.271.0

71.471.371.570.971.2

72.374.677.080.787.7

90.694.9

100.0110.6122.1

133.5

105.8109.7112.9114.9

117.4120.7124.9126.7

13L6132.3132.5137.0

Non-farmstruc-tures

43.953.057.558.1

59.563.865.866.366.6

68.270.570.870.770.6

70.970.971.170.570.8

72.074.276.780.487.5

90.494.8

100.0110.8122.6

134.1

105.9109.9113.1115.2

117.C121.2125.4127.2

132.2132.9133.0137.6

Farmstruc-tures

46.652.857.358.0

59.463.865.766.266.5

68.370.670.970.870.8

71.270.771.370.771.0

72.374.376.780.587.5

90.595.0

100.0110.7122.9

133.7

105.8109.2112.8114.9

117.8120.9125.4127.1

131.4132.2133.0137.4

Pro-ducers'

dur-able

equip-ment

95.2105.6111.5107.9

107.4114.9114.6114.2112.4

109.1104.3103.4101.9101.8

100.899.196.895.394.3

92.190.891.093.295.2

97.599.3

100.0100.3105.4

116.3

100.0100.2100.3100.6

101.4103.3106.8110.8

113.8115.5116.8118.6

Exports andimports ofgoods andservices 1

Ex-ports

56.765.869.865.5

64.073.173.071.971.2

71.873.976.475.775.4

77.178.077.377.578.3

80.582.884.085.387.9

93.196.6

100.0116.0147.8

162.9

105.8111.5119.0126.7

135.6142.3153.4160.4

163.5162.0163.6162.7

Im-ports

49.760.766.162.7

67.881.879.175.876.9

76.878.379.576.575.7

76.776.174.575.677.1

78.079.780.180.983.3

89.193.5

100.0117.1168.6

188.0

106.2113.6119.5129.8

147.9163.4177.7185.6

189.1187.8187.8187.3

Government purchasesof goods and services

Total

30.033.838.039.9

39.445.347.448.548.9

49.752.154.456.157.2

58.059.261.162.664.0

66.069.272.676.781.0

87.593.7

100.0106.9118.4

128.5

104.3106.1107.5109.8

113.2116.3120.1124.0

125.9127.3129.2131.7

Fed-eral

30.935.139.441.8

39.947.148.950.250.4

51.153.455.758.158.7

59.160.061.863.364.8

67.070.172.676.480.0

86.492.6

100.0106.1117.6

130.6

103.6105.3106.1109.5

112.1114.9118.6124.8

127.3128.9130.9135.3

Stateandlocal

28.632.536.638.0

39.042.444.245.146.6

47.850.452.853.855.4

56.858.360.361.963.3

65.168.472.576.981.9

88.394.5

100.0107.5118.9

127.3

104.8106.6108.3110.0

113.8117.1121.0123.6

125.1126.4128.2129.6

Grossdo-

mesticprod-

uct

44.049.753.152.6

53.657.257.958.859.6

60.962.865.066.067.5

68.669.270.571.672.7

74.376.879.082.686.8

91.496.0

100.0105.8115.7

126.0

103.0104.8106.7108.9

111.2113.8117.1120.9

123.4124.7126.8128.9

Percent changefrom preceding

period 2


12.86.9

-1.0

2.06.81.31.51.4

2.23.13.41.62.2

1.7.9

1.81.51.6

2.23.32.94.55.0

5.45.14.15.99.7

8.7

6.57.27.48.8

9.810.012.513.4

7.84.37.16.5

Grossdo-

mesticproduct

13.06.8-.9

1.96.71.21.61.4

2.23.13.51.52.3

1.6.9

1.91.61.5

2.23.42.94.65.1

5.35.04.25.89.4

8.9

6.57.07.48.6

8.79.8

12.213.5

8.54.37.16.6

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

2 Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here.Quarterly data are at annual rates.


175


TABLE B-4.—Gross national product by major type of product, 1946-75

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Yearor

quar-ter

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*

1973:

i f "III .IV.

1974:

if IIII .IV.

1975:

[\~.I I I .IVp


209.6232.8259.1258.0

286.2330.2347.2366.1366.3

399.3420.7442.8448.9486.5

506.0523.3563.8594.7635.7

688.1753.0796.3868.5935.5

982.41,063.41, 171. 11,306.31,406.9

1, 449. 0

1,265.01,287.81, 319. 71,352.7

1,370.91,391.01, 424. 41,441.3

1, 433. 61, 460. 61, 528. 51, 573. 2

Finalsales

203.2233.2254.4261.1

279.4319.9344.0365.7367.8

393.3416.0441.4450.4481.2

502.2521.1557.3588.8629.9

678.6738.7786.2860.8926.2

978.61,057.11, 161. 71,288.81,397.2

1,513.2

1, 252. 61,273.51, 304. 11,325.0

1, 356. 11,381.71, 420. 01,430.9

1, 458. 41, 490. 21,530.61, 573. 4

nven-tory

change

6.4-.54.7

-3.1

6.810.33.1.4

-1.5

6.04.71.3

-1.55.2

3.82.26.56.05.8

9.514.310.17.79.4

3.86.49.4

17.59.7

-14.2

12.414.315.627.7

14.99.34.4

10.4

-24.8-29.6-2.1

Goods output

Total

Total

125.3139.8154.4147.7

162.4189.5194.6203.1196.1

214.5223.3232.3228.2247.4

254.3256.5278.0289.7309.0

336.6373.9387.3418.9446.2

456.2479.8526.0599.8636.3

677.3

578.0588.2605.3627.8

622.8629.9644.6647.7

635.4653.9698.9720.9

Finalsales

118.9140.3149.7150.8

155.6179.2191.5202.7197.6

208.5218.6231.0229.7242.2

250.6254.3271.5283.7303.2

327.1359.6377.2411.2436.8

452.4473.5516.6582.3626.5

691.5

565.6573.9589.7600.1

607.9620.6640.2637.3

660.2683.5701.1721.1

nven-tory

change

6.4-.54.7

-3.1

6.810.33.1.4

-1.5

6.04.71.3

-1.55.2

3.82.26.56.05.8

9.514.310.17.79.4

3.86.49.4

17.59.7

-14.2

12.414.315.627.7

14.99.34.4

10.4

-24.8-29.6-2.1

Durable goods

Total

37.245.847.646.2

58.869.568.772.466.4

81.385.188.577.790.1

91.590.0

102.0108.0118.9

133.6149.1148.7162.4175.3

170.8181.6208.4239.1246.1

251.0

233.3237.7241.6243.7

238.0240.4251.7254.1

229.2243.3261.9269.6

Finalsales

31.844.146.948.3

54.762.567.671.569.0

78.282.387.380.587.4

89.190.298.4

105.4115.0

127.0139.0143.5157.4169.2

170.7179.8202.1228.8238.5

261.9

226.5228.2230.2230.2

231.4237.7245.8239.3

243.8258.8267.5277.4

nven-tory

change

5.31.7.7

-2.1

4.16.91.1.9

-2.5

3.02.81.3

-2.82.7

2.4-.13.62.73.9

6.610.05.35.06.1

.01.86.3

10.37.5

-10.9

6.89.5

11.413.5

6.72.75.9

14.9

-14.6-15.5-5.6-7.8

Nondurable goods

Total

88.194.0

106.7101.5

103.6120.0125.9130.8129.6

133.2138.1143.7150.5157.4

162.8166.5176.1181.6190.1

203.1224.9238.5256.5270.9

285.4298.3317.7360.7390.2

426.3

344.7350.5363.7384.1

384.7389.5393.0393.6

406.2410.6437.0451.3

Finalsales

87.196.2

102.8102.5

100.9116.7123.9131.2128.7

130.3136.3143.7149.2154.8

161.4164.1173.2178.3188.2

200.1220.6233.7253.8267.6

281.7293.7314.5353.5388.0

429.6

339.0345.6359.5369.9

376.6383.0394.4398.0

416.4424.7433.5443.7

nven-toryhange

1.1-2.2

4.0-1.0

2.73.42.0-.51.0

2.91.9.0

1.32.5

1.42.32.93.31.9

2.94.34.82.83.3

3.74.63.27.22.2

-3.3

5.64.94.2

14.2

8.26.5

-1.4-4.4

-10.2-14.

3.57.7

Serv-ices

68.671.376.781.9

88.2102.9113.1121.0125.7

135.3145.2157.5166.9179.5

193.2206.7221.5236.2254.4

272.7297.7326.1356.6388.7

424.6465.5510.8559.5624.1

680.6

540.8552.7565.8578.8

602.1612.0632.5649.7

659.3672.0688.1702.7

Struc-tures

15.721.728.028.4

35.637.839.442.044.5

49.552.253.053.859.5

58.460.164.368.972.4

78.881.482.993.0

100.7

101.6118.1134.3147.0146.6

141.1

146.3147.0148.6146.1

146.1149.1147.2143.9

138.9134.6141.4149.6

Autoout-put

~7.~38.9

12.0

15.513.412.216.314.9

21.517.219.614.619.6

21.618.122.925.626.5

31.831.128.836.636.8

30.842.045.151.143.8

45.0

54.653.348.747.9

39.042.951.741.7

35.142.954.247.7


176


TABLE B-5.—Gross national product by major type oj product in 1972 dollars, 1946-75


Yearor

quar-ter

1946.1947.1948.1949.

1950.1951.1952.1953.1954.

1955.1956.1957.1958.1959.

1960.1961.1962.1963.1964.

1965.1966.1967.1968.1969.

1970.19711972-1973.1974.

1975*

1973:I...II —III. .IV- -

1974:1if."I I I . .I V _ -

1975:1...II...I I I . .IVp.


475.7468.3487.7490.7

533.5576.5598.5621.8613.7

654.8668.8680.9679.5720.4

736.8755.3799.1830.7874.4

925.9981.0

1,007.71,051.81,078.8

1,075.31,107.51,171.11,233.41,210.7

1,186.4

1,227.71,228.41,236.51,240.9

1,228.71,217.21,210.21,186.8

1,158.61,168.11,201.51,217.4

Finalsales

463.5468.5482.2495. 1

522.9562.8594.2620.3615.8

647.1663.0679.4681.3714.0

732.4752.4791.0823.0867.1

914.6964.3995.7

, 043. 1,068.2

,071.0,100 9,161.7

1,217.31,203.0

1, 196. 5

1,215.81,214.81,222.31,216.5

1,216.31,210.41,206.01,179.3

1,177.61,188.71,202.41,217.2

Inven-tory

change

12.22

5! 5-4.4

10.613.74.31.5

-2.2

7.75.81.5

-1.86.5

4.42.98.17.87.3

11.316.712.08.7

10.6

4.36.69.4

16.07.7

-10.1

11.913.614.224.4

12.46.84.27.6

-19.0-20.7

-.8.2

Goods output

Total

Total

238.0236.8244.2239.9

261.5283.1292.3306.9292.2

316.3320.9321.8312.0332.5

337.1338.1362.0373.0394.0

421.5455.6461.9481.1492.3

483.4491.6526.0568.6549.9

531.1

564.8564.6569.0576.1

560.4555.1552.4531.9

510.1518.4542.7553.3

Finalsales

225.8237.0238.7244.3

250.9269.4288.0305.4294.4

308.6315.1320.3313.8326.1

332.8335.2353.8365.2386.7

410.2438.9449.9472.4481.7

479.1484.9516.6552.6542.2

541.2

552.9551.0554.8551.7

548.0548.2548.2524.4

529.2539.0543.5553.1

Inven-tory

change

12.2-.25.5

-4.4

10.613.74.31.5

-2.2

7.75.81.5

-1.86.5

4.42.98.17.87.3

11.316.712.08.7

10.6

4.36.69.4

16.07.7

-10.1

11.913.614.224.4

12.46.84.27.6

-19.0-20.7

-.8.2

Durable goods

Total

71.376.777.172.4

90.7102.4102.3107.398.1

117.1117.2116.1101.4113.8

114.4112.5125.5131.8144.2

160.6177.1173.0181.3190.1

179.2183.4208.4234.5223.5

203.7

231.7235.0235.8235.5

227.9224.0226.0215.9

191.6198.2210.7214.4

Finalsales

60.574.975.676.1

84.492.6

100.6105.9101.7

112.9113.5114.6104.8110.6

111.6112.6121.1128.4139.2

152.6165.2166.6175.7183.3

179.1181.5202.1224.5217.7

211.7

225.0225.8224.8222.6

221.8222.0221.6205.2

203.4209.7214.3219.3

Inven-tory

change

10.81.81.5

-3.7

6.39.81.81.4

-3.6

4.23.71.5

-3.43.3

2.9-.14.43.45.0

8.011.96.45.66.8

.11.86.2

10.05.8

-8.0

6.79.2

11.012.9

6.12.04.4

10.7

-11.7-11.5-3.7-4.9

Nondurable goods

Total

166.7160.1167.1167.5

170.7180.7189.9199.6194.1

199.2203.7205.7210.6218.7

222.7225.6236.5241.1249.9

261.0278.5288.9299.8302.2

304.2308.2317.7334.1326.5

327.4

333.0329.6333.2340.6

332.5331.0326.4316.1

318.5320.2332.0338.9

Finalsales

165.3162.1163.1168.2

166.5176.8187.4199.5192.7

195.7201.6205.6209.0215.5

221.2222.7232.7236.8247.5

257.7273.7283.3296.7298.4

300.0303.4314.5328.0324.5

329.5

327.9325.2330.0329.2

326.2326.2326.6319.2

325.8329.4329.2333.8

nven-tory

change

1.3-2.0

4.0-.8

4.23.92.5.1

1.4

3.52.1.0

1.63.2

1.53.03.74.32.3

3.34.85.63.23.7

4.24.83.26.11.9

-2.1

5.24.43.2

11.5

6.34.9

2-3.'l

-7.3-9.2

2.85.1

Serv-ices

197.7186.9190.9197.0

206.0229.0240.6245.5247.0

257.6267.2279.3285.6298.0

310.7325.5339.9354.0372.2

389.1410.2432.7449.9465.4

477.2491.1510.8530.1544.7

553.9

523.6527.8533.2535.8

543.7541.8545.1548.1

548.1552.5556.7558.2

Struc-tures

40.044.752.553.7

66.064.465.669.474.5

80.980.779.981.989.9

89.091.797.2

103.8108.1

115.3115.2113.1120.9121.1

114.6124.9134.3134.7116.1

101.4

139.4136.0134.3129.0

124.6120.4112.7106.8

100.497.2

102.2106.0

Autoout-put

~i2.~914.718.9

24.020.418.423.922.9

31.324.425.820.024.7

26.822.627.530.331.1

37.436.733.540.640.0

32.54? 145.150.740.2

39.5

54.553.048.446.9

38.840.345.636.1

32.138.046.541.3


177


TABLE B~6.—Gross national product by sector, 1946-75

[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Year or quarter

1946194719481949

1950195119521953 .1954

19551956195719581959

19601961 ... ....196219631964 .

19651966196719681969

19701971 . ...1972197319741975 v

1973: 1||I I IIV

1974- 1I II I IIV

1975: 1I II l lIV»


209.6232.8259.1258.0

286.2330.2347.2366.1366.3

399.3420.7442.8448.9486.5

506.0523.3563.8594.7635.7

688.1753.0796.3868.5935.5

982.4,063.4, 171. 1,306.3,406.9,499.0

,265.0,287.8,319.7,352.7

, 370. 9,391.0,424.4,441.3

,433.6,460.6, 528. 5, 573. 2

Gross domestic product

Total

209.0231.8257.9256.9

284.8328.7345.7364.6364.5

397.3418.5440.5446.6484.0

503.5520.2560.2591.1631.4

683.4748.8791.8863.7931.1

977.8,056.8, 164. 1, 297. 3,392.5, 488.5

,256.3, 279. 1,311.0;342.8

, 353. 9, 378. 9, 410. 6,426.6

,424.0,450.6,516.9,562.6

Business

Total

183.8210.0234.9231.5

257.5294.4307.3324.9323.9

354.0372.1390.8393.1427.7

442.5455.3490.4516.5550.7

596.6651.1682.7742.2798.1

831.5896.9989.5

,107.8,186.6,262.7

,072.3, 091. 4,119.9,147.3

,154.3,175.8, 203. 1!213.2

,205.5,227.4,289.2,328.7

Non-farm *

164.2188.0212.7211.7

235.5267.4282.5301.2301.3

332.8354.3372.3370.7408.9

423.0433.4465.9492.2529.2

573.8625.0658.8720.2776.2

807.6867.9955.8

,057.0,138.7,217.3

,026.4,044.2,065.0,092.3

, 105. 1,132.5,155.6,161.7

,162.9, 191. 3, 237. 5

Farm

18.920.223.318.8

20.022.922.220.319.6

18.818.618.420.719.1

20.220.220.520.519.3

22.022.922.222.625.2

25.927.732.050.448.550.1

42.848.154.056.8

55.444.845.148.6

45.845.155.054.4

Sta-tis-ticaldis-

crep-ancy

0.71.8

-1.21.0

2.04.02.73.33.0

2.5-.8

.21.7-.2

7.64.03.72.2

.93.21.7-.6

-3.3

-2.11.31.7

-!e-4.6

3.2-.91.0

-1.8

-6.2-1.6

2.42.9

-3.2-8.9-3.2

House-holdsand

insti-tutions

4.55.15.65.9

6.46.97.27.88.1

9.19.8

10.511.412.3

13.814.415.516.617.8

19.221.123.926.429.2

31.634.737.240.444.849.5

38.740.141.141.8

43.144.145.646.5

47.548.750.251.6

Government2

Total

20.816.717.419.4

20.927.431.231.932.5

34.236.639.142.144.0

47.150.554.358.062.9

67.676.585.195.2

103.7

114.7125.2137.4149.1161.1176.3

145.3147.6150.0153.6

156.6159.0161.9166.9

170.9174.5177.4182.3

Fed-eral

14.69.48.9

10.0

10.716.218.918.617.8

18.419.019.620.520.9

21.722.624.125.227.0

28.332.435.639.341.8

44.746.850.151.954.758.8

51.751.351.453.3

53.753.854.356.9

57.658.158.661.1

Stateandlocal

6.27.38.59.4

10.111.212.313.314.7

15.817.619.621.623.1

25.527.930.232.935.9

39.344.149.555.961.9

70.078.587.397.2

106.4117.4

93.696.398.5

100.4

102.9105.2107.6110.0

113.3116.4118.8121.2

Restof theworld

0.5.9

1.21.1

1.31.51.51.51.8

2.02.22.32.22.4

2.53.13.63.74.4

4.74.24.64.84.5

4.66.67.09.0

14.410.5

8.88.78.7

10.0

17.012.113.714.8

9.610.011.610.6

Percentchange

frompreced-

ingperiod,gross

domes-tic

prod-ucts

10.911.3-.4

10.915.45.25.5-.0

9.05.35.21.48.4

4.03.37.75.56.8

8.29.65.79.17.8

5.08.1

10.111.47.36.9

15.77.5

10.410.0

3.47.69.54.6

1; 719.612.6

1 Includes compensation of employees in government enterprises.2 Compensation of government employees.

a Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here.See table B-l for percent changes in gross national product.


178


TABLE B-7.—Gross national product by sector in 1972 dollars, 1946-75

[Billions of 1972 dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Year or quarter

1946194719481949

19501951 . ...195219531954

195519561957 .. ..19581959

19601961196219631964

19651966196719681969

19701971197219731974

1975 P

1973: 1I II l lIV

1974: 1I II I IIV

1975: 1I II l lIV p


475.7468.3487.7490.7

533.5576.5598.5621.8613.7

654.8668.8680.9679.5720.4

736.8755.3799.1830.7874.4

925.9981.0

1,007.71,051.81,078.8

1,075.31, 107. 51,171.11,233.41,210.7

1,186.4

1,227.71,228.41,236.51,240.9

1,228.71,217.21,210.21,186.8

1, 158. 61, 168. 11,201.51,217.4

Gross domestic product

Total

474.6466.7485.9488.8

531.5574.7596.7619.9611.4

652.2666.1678.0676.5717.3

733.6751.2794.3825.8868.7

919.9975.6

1,001.9,045.7, 073. 1

,069.8, 100. 3, 164. 1,225.7, 203. 7

, 181. 6

,219.4, 220. 8,229.2,233.4

,218.0,211.9,204.6,180.3

,154.3, 163. 5, 196. 1

1, 212. 6

Business

Total

383.7392.8411.2409.4

448.6477.2492.8515.6508.0

546.5557.2566.0561.9600.5

611.8625.6663.9692.0730.4

776.4822.4839.8878.2901.5

898.3927.6989.5

1, 049. 11, 024. 4

997.3

1,044.51,044.51, 052. 01,055.2

1,039.71, 033. 11,024.71, 000. 1

972.1979.5

1,011.11, 026. 8

Non-fa rm 1

356.6365.6387.5382.0

418.2445.0462.2482.6474.9

513.5529.6537.6530.2572.6

583.2593.8628.9657.1698.2

745.2789.9808.0849.5875.2

869.4893.4955.7

1,015.6993.5

965.9

1,007.51,012.41,019.81, 022. 5

1,013.71, 002. 9

991.8965.8

939.6954.3977.1

Farm

25.823.925.725.5

26.925.826.327.628.3

29.228.828.129.328.2

29.529.629.530.029.2

30.128.529.629.429.9

31.132.832.033.231.5

35.1

34.032.931.334.5

31.531.631.031.9

35.032.336.536.8

Resid-ual 2

1.43.3

-2.11.8

3.56.54.35.34.7

3.8-1.2

.32.4-.3

-.92.25.45.03.0

1.24.02.1-.7

-3.7

-2.21.41.7.3

-.5

-3.7

3.1-.8

.9-1.7

-5.6-1.4

2.02.4

-2.6-7.1-2.5

House-holdsand

insti-tutions

15.116.016.717.3

18.318.718.619.319.4

21.422.523.124.224.9

26.827.228.329.029.9

31.132.834.835.936.6

36.336.637.237.938.5

39.2

37.037.738.338.5

38.438.338.838.4

38.839.239.439.5

Government 3

Total

75.857.958.062.2

64.678.885.385.083.9

84.486.588.990.491.8

94.998.5

102.1104.8108.4

112.4120.4127.2131.7135.0

135.2136.0137.4138.7140.8

145.1

137.9138.6138.9139.6

139.8140.5141.1141.8

143.5144.8145.7146.3

Fed-eral

49.729.829.231.3

32.746.251.649.647.2

45.945.645.844.544.5

45.246.248.348.248.5

48.753.057.258.158.2

55.252.550.148.247.9

47.8

49.048.447.747.6

47.948.048.047.9

47.947.847.847.7

Stateand

local

26.128.128.830.9

31.932.633.735.536.7

38.440.843.145.847.3

49.752.353.956.660.0

63.667.570.073.676.8

80.183.587.390.692.9

97.3

88.990.291.292.0

91.992.593.194.0

95.797.097.898.7

Restof theworld

1.1*1.61.81.9

1.91.81.82.02.3

2.52.72.93.03.2

3.24.14.84.95.7

6.15.45.86.15.7

5.57.27.07.77.0

4.8

8.37.67.37.5

10.75.45.66.5

4.34.55.44.9

Percentchange

frompreced-

ingperiod,gross

domesticproduct4

-1.74.1.6

8.78.13.83.9

-1.4

6.72.11.8

-.26.0

2.32.45.74.05.2

5.96.12.74.42.6

-.32.95.85.3

-1.8

-1.8

8.7.5

2.81.4

-4.9-2.0-2.-4-7.8

-8.53.2

11.75.6

1 Includes compensation of employees in government enterprises. Data are preliminary.2 The difference between gross product in 1972 dollars measured as the sum of final products and that measured as the

sum of gross product by industry. Data are preliminary.3 Compensation of government employees.4 Changes are based on unrounded data and therefore may differ from those obtained from data shown here. See table

B-2 for percent changes in gross national product in 1972 dollars.


179


TABLE B—8.—Gross domestic product of nonfinancial corporate business, 1946—75


Yearor

quarter

1946....1947....1948....1949. ...

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

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

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

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

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

1975 P..

1973:

IL."I I I—IV...

1974:

ll~.~.~.~.I I I—IV...

1975:

IL."I l l—IV*.

Grossdo-

mes-tic

prod-uctof

non-finan-cialcor-po-ratebusi-ness

99.320.037.333.5

51.974.582.395.091.9

216.7231.6242.3236.3265.7

277.3284.5311.0330.9357.6

392.1430.7452.9498.4541.8

560.6602.5671.0751.9808.7

866.1

728.1742.6758.5778.3

786.2806.5820.3821.8

816.4845.1886.2

Cap-italcon-ump-tionllow-

anceswithcapi-

talcon-

sump-tionad-

just-ment

7.39.1

10.711.6

12.614.615.717.017.9

19.221.523.724.926.0

27.027.828.729.831.0

32.835.739.343.047.8

53.158.262.668.778.3

89.5

65.667.769.372.2

74.176.579.783.1

85.087.391.094.9

Net domestic product

Total

92.110.926.521.9

39.3159.9166.7178.1174.1

197.5210.1218.5211.4239.7

250.3256.7282.3301.1326.6

359.3394.9413.6455.4494.0

507.5544.2608.4683.2730.4

776.5

662.5675.0689.3706.2

712.1730.0740.6738.7

731.4757.8795.3

Indi-rect

busi-nesstaxesplusrans-fer

pay-mentslesssub-

sidies

10.111.212.112.6

14.115.216.818.217.4

19.220.822.422.825.4

28.330.133.035.638.4

41.142.945.851.657.1

61.868.273.580.686.0

93.1

78.880.381.382.0

83.085.687.887.5

88.591.695.596.9

Domestic income

Total

81.999.814.409.3

25.2144.7149.8159.9156.6

178.3189.2196.2188.6214.4

222.0226.5249.2265.6288.3

318.2352.0367.9403.8437.0

445.7476.0534.8602.6644.4

683.4

583.8594.7607.9624.2

629.1644.4652.8651.2

642.9666.2699.8

Com-pen-

sationof

em-ploy-ees

67.279.187.885.3

94.710.218.3

128.7126.5

138.5151.4159.1155.9171.6

181.1185.1199.8210.7226.3

246.1273.5291.9321.6357.4

377.1399.4443.8502.2549.5

568.5

483.4496.0507.6521.9

531.9544.8559.0562.3

554.4556.9572.7590.0

Corporate profits with inventory valuation and capitalconsumption adjustments

Total

14.119.925.823.0

29.633.430.329.928.6

38.236.135.030.139.7

37.437.444.950.056.7

66.171.267.272.166.4

51.658.772.075.963.2

80.7

78.675.375.074.8

68.168.661.254.8

55.375.792.7

Profits before tax

Total

22.029.131.824.9

38.539.133.834.932.1

42.041.839.833.743.1

39.539.243.748.354.6

64.469.565.471.968.4

55.163.375.992.8

103.8

97.7

91.993.891.993.5

96.7103.8118.496.3

73.186.8

108.5

Profitstax

labil-ity

8.610.811.89.3

16.921.217.818.515.6

20.220.119.116.220.7

19.219.520.622.824.0

27.229.527.733.633.3

27.329.933.539.142.7

37.3

39.339.738.539.0

39.742.848.939.4

27.132.041.6

Profits after tax

Total

13.418.320.015.6

21.617.916.016.416.4

21. 8«21.820.717.522.3

20.319.723.125.530.7

37. 2 ,40.037.7,38.335.1

27.9.33.342.453.761.1

60.4,

52.754.153.454.5

57.061.169.656.9

46.054.866.8

Divi-dends

5.15.96.56.5

7.97.87.88.08.2

-9.410.110.410.210.8

11.511.712.714.115.3

17.218.118.920.720.7

,.19.920.021.724.530.5

.30.8

23.223.925.225.6

26.532.632.730.4

30.130.731.3

Undis-tribu-

tedprofits

8.312.413.59.1

13.610.18.18.48.2

12.411.610.37.3

11.5

8.78.0

10.311.415.4

k.20.021.918.817.614.4

8.013.320.729.230.6

.29.6

29.530.128.229.0

30.528.536.926.5

15.924.035.5

Inven-toryvalu-ationad-

just-ment

-5.3-5.9-2.2

1.9

-5.0-1.2

1.0-1.0-.3

-1:7-2.7-1.5-.3-.5

.3

.1

.1-.2-.5

-1.9-2.1-1.7-3.4-5.5

-5.1-5.0-6.6

-18.4-38.5

-11.5

-15.8-20.6-17.9-19.5

-28.0-33.7-54.7-37.7

-13.7-6.6-9.9

-15.8

Capi-tal

con-sump-tionad-

just-ment

-2.7-3.3-3.9-3.8

-3.9-4.5-4.4-4.0-3.2

-2.1-3.0-3.3-3.4-2.9

-2.3-1.8

1.01.92.6

3.63.83.63.63.5

1.5.5

2.71.6

-2.1

-5.6

2.52.11.0.7

-.6-1.5-2.5-3.8

-4.1-4.5-5.9-7.8

Netnter-est

0.7.8.9

1.0

.91.11.21.31.6

1.61.72.22.73.1

3.53.94.54.85.3

6.17.48.7

10.113.1

17.017.919.124.531.7

34.3

21.823.425.327.5

29.131.032.634.0

33.233.634.435.8


180


TABLE B-9.—Gross private domestic investment, 1946-75


Year orquarter

1946194719481949

19501951195219531954

19551956195719581959 .

I9601961196219631964

19651966196719681969

19701971197219731974

1975 P

1973: 1I IML...IV

1974: 1I IIII....IV

1975: 1I Ii l lI V * _ _ _

Grossprivatedomes-

ticinvest-ment

30.734.045.935.3

53.859.252.153.352.7

68.471.069.261.977.6

76.474.385.290.296.6

112.0124.5120.8131.5146.2

140.8160.0188.3220.5212.2

183.3

211.7217.1221.2231.9

218.4212.7207.6210.3

168.7161.4194.9208.3

Fixed investment

Total

24.334.441.138.4

47.048.949.052.954.3

62.466.367.963.472.3

72.772.178.784.290.8

102.5110.2110.7123.8136.8

137.0153.6178.8203.0202.5

197.5

199.3202.8205.6204.2

203.5203.4203.1199.8

193.5191.1197.1208.4

Nonresidential

Total

16.822.926.224.3

27.131.131.234.334.0

38.343.746.741.645.3

47.747.151.253.659.7

71.381.482.189.398.9

100.5104.1116.8136.5147.9

148.7

131.0134.5138.5141.8

145.9146.6148.1151.1

149.3146.1146.7152.7

Structures

Total

6.87.68.98.6

9.311.311.512.813.2

14.417.418.116.717.0

18.218.419.419.621.5

26.129.229.531.635.7

37.739.342.549.054.4

52.6

46.347.750.351.5

53.454.154.056.1

54.951.151.253.4

Non-farm

-------

~~16.T

17.317.518.518.620.5

25.128.128.230.434.3

36.137.841.146.852.1

50.4

44.445.648.149.2

51.151.851.753.7

52.648.849.051.3

Producers'durable

equipment

Total

9.915.317.315.7

17.819.919.721.520.8

23.926.328.624.928.3

29.528.731.834.038.2

45.152.252.657.763.3

62.864.774.387.593.5

96.1

84.886.788.290.4

92.592.494.195.0

94.495.095.699.3

Non-farm

-------

"25.Y

27.026.128.930.634.6

41.247.948.053.458.9

58.159.969.180.786.0

88.4

78.679.881.383.4

85.685.086.686.7

86.787.288.691.2

Residential

Total

7.511.515.014.1

19.917.717.818.620.3

24.122.621.221.827.0

25.025.027.430.631.2

31.228.728.634.537.9

36.649.662.066.554.6

48.8

68.268.367.062.4

57.656.955.048.7

44.245.050.455.7

Non-farmstruc-tures

6.810.513.812.9

18.716.616.617.519.2

23.021.420.020.725.8

23.923.826.329.429.9

29.927.427.233.136.3

35.147.960.364.752.2

46.9

66.466.665.260.4

55.354.652.746.3

42.643.148.253.5

Farmstruc-tures

0.5.7.9.8

.8

.8

.8

.8

.7

.6

'.7.7.7

.6

le.7.7

.6

.7

.'6

.7

.6

.7

.7

.61.0

.6

.7

.5

.6

.7

1.0.9.9

1.2

.4

.5

.8

Pro-ducers'

dur-able

equip-ment

0.2.3.3.3

.4

.4

.4

.4

.4

.4

.5

!5.6

.5

.5

!e.6

.7

.7

.7

.8

.9

.91.01.11.21.3

1.3

1.21.21.21.2

1.31.41.41.3

1.21.31.41.4

Change inbusiness

inventories

Total

6.4-.54.7

-s;i6.8

10.33.1.4

-1.5

6.04.71.3

-1.55.2

3.82.26.56.05.8

9.514.310.17.79.4

3.86.49.4

17.59.7

-14.2

12.414.315.627.7

14.99.34.4

10.4

-24.8-29.6-2.1-.2

Non-farm

6.41.33.0

-2.2

6.09.12.11.1

-2.1

5.55.1.8

-2.35.3

3.51.95.85.26.4

8.514.59.47.69.2

3.75.18.8

14.111.6

-16.1

10.111.011.024.0

14.111.07.6

13.7

-23.3-29.6-5.7-5.7


181


TABLE B-10.—Inventories and final sales of business in current and 1972 dollars, 1957-75

[Billions of dollars, except as noted; seasonally adjusted]

Year andQuarter

Fourthquarter:

1957...1958...1959...

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

1970...1971...1972...1973 ...1974...1975 P..

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

1975: 1II....III...I V * _ .

Fourthquarter:

1957...1958...1959...

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

1970...1971...1972...1973...1974...1975 P..

1974:1I IIII....IV....

1975:1II....III....I V p _ _

Inventories 1

Total Farm

Nonfarm

Totalnon-farm

Manufac-turing

Wholesaletrade

Retailtrade

SHtiarutner

Final sales 2

Total Nonfarm

Inventory-finalsales ratio

Total Non-farm

Current dollars

126.7128.9132.3

136.2138.4145.2151.5157.6172.7189.1202.2215.3236.2

244.2261.9288.6353.6422.3428.7

371.7387.7413.9422.3

412.6413.1423.7428.7

20.924.923.6

24.825.026.626.925.729.728.929.230.433.4

31.736.844.664.157.663.8

63.257.261.057.6

54.760.364.163.8

105.8103.9108.7

111.3113.4118.6124.6131.8143.0160.2173.0184.9202.8

212.5225.1243.9289.5364.8364.9

308.5330.5353.0364.8

357.9352.8359.7364.9

57.956.057.5

58.159.562.564.868.573.783.491.197.4

107.1

110.8113.6120.4143.7188.6189.0

154.9168.3181.6188.6

186.6183.6186.1189.0

16.916.918.0

18.419.019.721.222.324.027.229.230.933.8

36.839.443.652.866.365.8

57.060.764.666.3

65.163.865.165.8

24.024.125.3

26.826.327.929.431.134.438.039.242.245.9

47.152.958.067.076.576.5

68.470.874.676.5

73.372.475.376.5

6.96.98.0

8.18.78.69.29.9

10.911.613.514.416.1

17.719.221.826.033.433.6

28.230.632.233.4

32.933.033.133.6

392.7405.0426.7

442.1465.3492.7524.2553.1610.7647.5688.0757.6804.5

839.4915.2

,019.9,119.6,202.7,328.9

,139.4, 166. 5,198.7,202.7

,230.4,257.0

1,291.41,328.9

374.2383.2406.2

422.2443.5471.1499.6534.9586.6622.6666.4736.0783.9

814.2888.6982.8

1,068.31,148.01,283.2

1,090.91,121.61,148.01,148.0

1,186.21,220.81,243.21,283.2

0.323.318.310

.308

.297

.295

.289

.285

.283

.292

.294

.284

.294

.291

.286

.283

.316

.351

.323

.326

.332

.345

.351

.335

.329

.328

.323

0.283.271.268

.264

.256

.252

.249

.246

.244

.257

.260

.251

.259

.261

.253

.248

.271

.318

.284

.283

.295

.307

.318

.302

.289

.289

.284

1972 dollars

162.6160.8167.2

171.6174.5182.6190.4197.7209.0225.7237.7246.4257.0

261.3267.9277.4293.4301.1291.1

296.5298.2299.3301.1

296.4291.2291.0291.1

31.432.432.4

32.833.234.535.735.136.236.036.837.037.3

37.739.239.842.241.442.7

42.442.241.841.4

41.241.141.842.7

131.2128.4134.8

138.8141.2148.1154.7162.6172.8189.7200.9209.4219.7

223.6228.8237.6251.2259.7248.4

254.2256.1257.5259.7

255.2250.1249.3248.4

71.168.671.1

72.474.278.480.884.789.199.0

105.9110.7115.8

117.1115.4117.5123.6129.5124.9

125.5126.4127.8129.5

128.8126.4125.1124.9

20.320.322.1

22.723.424.326.227.528.932.033.934.936.5

38.740.142.445.048.144.9

46.447.647.748.1

47.245.845.644.9

30.029.731.1

33.032.234.035.737.641.044.444.847.049.4

49.053.756.560.359.256.4

59.759.559.159.2

56.655.556.456.4

9.89.8

10.5

10.711.411.412.012.813.814.316.316.818.0

18.819.521.322.422.922.2

22.622.722.822.9

22.622.322.122.2

565.3577.2596.8

609.0636.6664.2699.3730.7791.3809.2837.2882.8892.2

891.7935.0

1, 007. 61,030.8

992.51,026.6

1,027.31,026.31, 020. 6

992.5

991.11, 000. 11,012.01,026.6

537.5545.7566.3

580.8606.4633.7663.7703.3759.3777.4807.8855.3869.1

859.9905.0973.7

1,000.5956.8996.0

1,002.0995.3986.2956.8

957.5974.9980.5996.0

0.288.279.280

.282

.274

.275

.272

.271

.264

.279

.284

.279

.288

.293

.287

.275

.285

.303

.284

.289

.291

.293

.303

.299

.291

.288

.284

0.244.235.238

.239

.233

.234

.233

.231

.228

.244

.249

.245

.253

.260

.253

.244

.251

.271

.249

.254

.257

.261

.271

.267

.257

.254

.249

* End of quarter.2 Annual rates.

Source: Department of Commerce (Bureau of Economic Analysis).

182


TABLE B-l 1.—Relation of gross national product and national income, 1946-75


Year or quarter

1946194719481949

19501951195219531954

195519561957 . .19581959

I9601961196219631964

196519661967 .19681969

197019711972 . .19731974

1975 9

1973: |II . . ..I l lIV

1974- 1I II l lIV

1975: 1III l lIV P


209.6232.8259.1258.0

286.2330.2347.2366.1366.3

399.3420.7442.8448.9486.5

506.0523.3563.8594.7635.7

688.1753 0796.3868.5935.5

982.4063 4

,171.1, 306. 3406.9

, 499. 0

, 265. 0, 287. 8, 319. 7, 352. 7

370. 9, 391. 0, 424. 4, 441. 3

, 433. 6, 460. 6528. 5

1,573.2

Less:Capital

consump-tion allow-ances with

capitalconsump-ion adjust-

ment

13.817 220.322.0

23.927.629 631.633.1

35.338 942.044.146 1

47.749 150.552.254 6

57.561 767 073.882 5

90.898 8

105 4117.1134 0

152.5

111.0115.3118.3123.7

126.9131.1136.1142.1

145.4149.5154.7160.5

Equals:Net

nationalproduct

195.7215.6238.8236.1

262.3302.6317.6334.5333.2

364.0381.8400.8404.8440.4

458.3474.2513.3542.5581.2

630.6691 3729.3794.7853.1

891.6964 7

1, 065. 81, 189. 31 272.9

1,346.4

1, 154. 11, 172. 51,201.41, 229. 1

1, 244. 01, 259. 91. 288. 31, 299. 3

1, 288. 21,311.11 373 81,412.7

Plus:Subsidies

lesscurrentsurplus

of govern-ment

enter-prises

0.9- 2-.1-.3

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

-.077

1.11

.41 71.81.11 7

1.62 51 61.31 8

2.72 43 63.7

7

1.9

3 14.54.03.3

1 0.5.9.4

1.62.21 91 9

Indirectbusinesstax andnontaxliability

17.118.420.121.3

23.425.327.729.729.6

32.235.137.538.741.8

45.448.051.654.658.8

62.665 370.278.886.4

94.0103 4111.0120.2127.3

137.2

117.9119.9121.1121.9

123.3126.6129.6129.5

131.6135.2140 0141 8

Less:

Businesstransfer

payments

0.5.6.7.8

.8

.91.0.2.1

.24

.5

.68

2.02 02.12.42 7

2.83 03 13.43 8

4.04 24 75.25 8

6 3

5 05 15.25.4

5 65.85.96 0

6.26.36 46 5

Statisticaldiscrep-

ancy

0.71.8

-1.21.0

2.04.02.73.33.0

2.5-.8

1.7- 2

-.71 64.03.72 2

.93 21.7-.6

-3 3

-2.11 31.7.4

—.6

-4.6

3.2-.91.0

-1.8

-6 2-1.6

2.42.9

-3.2-8.9-3 2

Equals:Nationalincome

178.3194.6219.0212.7

236.2272.3285.8299.7299.1

328.0346.9362.3364.0397.1

412.0424.2457.4482.8519.2

566.0622.2655.8714.4767.9

798.4858.1951.9

1, 067. 31, 141. 1

1,209.5

1, 031. 21, 052. 91, 078. 11, 106. 8

1,122.31, 129. 61,151.31,161.3

1,155.21, 180. 81 232.5


183


TABLE B-12.—National income by type of income, 1946-75

[Billions of dollars; quarterly data at seasonally adjusted annual rate]

Year orquarter

1946194719481949

1950 ..1951195219531954.

19551956195719581959

I9601961196219631964

196519661967 ....19681969

1970 . .19711972 . . .19731974

1975 P

1973: 1I II l lIV....

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

1975: 1II....III....IV v

Na-tional

in-come1

178.3194.6219.0212.7

236.2272.3285.8299.7299.1

328.0346.9362.3364.0397.1

412.0424.2457.4482.8519.2

566.0622.2655.8714.4767.9

798.4858.1951.9

1, 067. 31, 141. 1

1, 209. 5

1,031.21, 052. 91,078.11, 106. 8

1, 122. 31,129.61, 151. 31,161.3

1,155.21,180.81, 232. 5

Compensation ofemployees

Total

118.1129.2141.4141.3

154.8181.0195.7209.6208.4

224.9243.5256.5258.2279.6

294.9303.6325.1342.9368.0

396.5439.3471.9519.8571.4

609.2650.3715.1797.7873.0

921.4

769.7787.8805.4828.0

843.9863.9886.3898.1

897.1905.4928.2954.9

Wagesandsala-ries

112.0123.1135.5134.7

147.0171.3185.3198.5196.8

211.7228.3239.3240.5258.9

271.9279.5298.0313.4336.1

362.0398.4427.5469.5514.6

546.5580.0633.8700.9763.1

801.6

676.5692.5707.6727.1

738.7755.6774.3783.6

781.0787.6807.3830.5

Sup-ple-

mentsto

wagesandsala-ries2

6.06.15.96.6

7.89.7

10.411.011.6

13.215.217.217.720.6

23.024.127.129.531.8

34.540.944.450.356.8

62.770.381.496.8

110.0

119.8

93.295.397.8

101.0

105.2108.3112.0114.4

116.1117.8120.9124.4

Proprietors' income with inventory valuation and capitalconsumption adjustments

Total

36.635.840.736.1

38.442.842.941.340.8

42.543.645.047.447.2

47.048.349.650.352.2

56.760.361.063.466.2

65.167.776.191.785.1

83.3

85.990.195.096.0

93.081.882.183.6

79.678.688.087.0

Farm

Total

14.915.217.512.7

13.515.814.912.912.3

11.311.211.013.110.7

11.411.811.911.610.3

12.613.612.112.013.9

13.914.318.032.425.6

24.6

26.531.235.236.8

33.722.321.924.6

21.020.129.328.2

In-come3

15.115.618.113.4

14.116.615.713.712.9

11.911.811.813.911.6

12.312.712.812.511.2

13.514.613.213.315.4

15.316.020.035.129.3

28.9

28.733.738.039.9

37.125.925.728.6

25.124.333.632.6

Capi-tal

con-sump-

tionad-

just-ment

-0.2-.4-.6-.7

-.7-.8-.8-.7-.6

-.6-.6-.8-.8-.9

-.9-.9

-1.0-.9

-1.0

-.9-1.0-1.2-1.3-1.4

-1.4-1.7-2.0-2.6-3.7

-4.3

-2.2-2.4-2.7-3.1

-3.4-3.6-3.8-4.0

-4.1-4.2-4.3-4.4

Nonfarm

Total

21.620.623.223.5

24.927.028.028.428.5

31.232.433.934.336.6

35.636.437.738.742.0

44.146.748.951.452.3

51.253.458.159.359.5

58.7

59.458.959.359.3

59.359.560.259.0

58.658.558.758.8

In-come4

23.321.823.122.2

25.126.426.927.627.6

30.531.833.133.235.3

34.235.336.437.240.2

42.745.347.550.451.3

50.752.856.458.962.0

60.0

58.658.959.058.9

60.360.964.562.5

59.159.160.461.3

Inven-tory

valua-tionad-

just-ment

-1.7-1.5-.4

.5

-1.1-.3

.2-.2-.0

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

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

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

-.5-.4

^LS-4.1

-1.3

-1.8-2.3-1.5-1.7

-2.9-3.3-5.8-4.6

-1.3-.9

-1.5-1.7

Capi-tal

con-sump-

tionad-

just-ment

0.0

'.B

.9

.9

.9

.91.0

1.01.11.21.11.3

1.31.21.41.61.8

1.61.61.71.51.4

1.01.12.52.31.6

.0

2.62.22.32.1

1.91.81.51.1

.8

.3

-'.8


184


TABLE B-12 —National income by type of income, 1946—75—Continued


Year orquarter

1946194719481949

19501951195219531954

19551956195719581959

1960 .. .1961196219631964

196519661967 ....19681969

19701971197219731974

1975 P

1973:1-..-II...III...IV...

1974:1....II...I I I . .IV...

1975: ! _ _ _ _II...I I I . .IV P .

Rental income of per-sons with capital

consumptionadjustment

Total

5.55.35.76.1

7.17.78.8

10.011.0

11.311.612.212.913.2

13.814.315.015.716.1

17.118.219.418.618.1

18.620.121.521.321.0

21.1

21.821.221.321.1

21.121.020.920.9

20.820.520.922.0

Rentalincome

ofpersons

7.37.78.58.9

10.011.012.213.414.4

14.815.215.916.717.3

17.818.319.019.620.1

21.022.123.423.824.8

25.827.729.431.132.9

35.0

30.330.531.532.1

32.632.733.033.2

33.934.635.1

-36.3

Capitalcon-

sump-tion

adjust-ment

-1.8-2.5-2.8-2.8

-2.9-3.3-3.4-3.4-3.3

-3.5-3.6-3.6-3.8-4.0

-4.1-4.0-4.0-3.9-4.0

-3.9-3.9-4.0-5.2-6.7

-7.1-7.6-7.9-9.8

-11.9

-13.9

-8.5-9.3

-10.2-11.0

-11.5-11.8-12.0-12.3

-13.1-14.1-14.2-14.3

Corporate profits with inventory valuation and capital consumptionadjustments

Total

16.622.229.126.9

33.738.135.435.534.6

44.642.942.137.548.2

46.646.954.959.667.0

77.182.579.385.881.4

67.977.292.1

100.291.3

102.1

101.999.698.9

100.4

99.694.389.282.0

78.996.6

113.1

Profits with inventory valuation adjustment and withoutcapital consumption adjustment

Total

19.325.633.030.8

37.642.739.839.537.8

46.745.945.440.851.2

48.948.753.757.664.2

73.378.675.682.177.9

66.476.989.698.693.6

108.3

99.497.497.999.6

100.396.092.086.1

83.4101.6119.6

Profits before tax

Total

24.631.535.228.9

42.643.938.940.538.1

48.448.646.941.151.6

48.548.653.657.764.7

75.280.777.385.683.4

71.582.096.2

117.0132.1

119.8

115.2117.9115.8119.1

128.3129.6146.7123.9

97.1108.2129.5

Taxl iabi l i ty

9.111.312.410.2

17.922.619.420.317.6

22.022.021.419.023.6

22.722.824.026.228.0

30.933.732.539.439.7

34.537.741.548.252.6

47.0

47.848.847.848.6

49.452.659.349.2

37.541.650.7

Profits after tax

Total

15.520.222.718.7

24.721.319.520.220.5

26.426.625.522.128.0

25.825.829.631.536.7

44.347.144.946.243.8

37.044.354.668.879.5

72.8

67.569.168.070.5

78.977.187.474.7

59.666.678.8

Divi-dends

5.66.37.07.2

8.88.58.58.89.1

10.311.111.511.312.2

12.913.314.415.517.3

19.119.420.121.922.6

22.923.024.627.831.1

32.8

26.427.228.129.5

30.030.931.731.7

32.132.633.533.1

Undis-tributedprofits

9.913.915.711.5

15.912.811.011.511.4

16.115.514.010.815.8

13.012.515.216.019.4

25.227.624.724.221.2

14.121.330.040.948.4

40.0

41.041.939.941.0

48.946.255.743.0

27.534.045.3

Inven-tory

valua-tion

adjust-ment

-5.3-5.9-2.2

1.9

-5.0-1.2

1.0-1.0-.3

-1.7-2.7-1.5-.3-.5

.3

.1

.1-.2-.5

-1.9-2.1-1.7-3.4-5.5

-5.1-5.0-6.6

-18.4-38.5

-11.5

-15.8-20.6-17.9-19.5

-28.0-33.7-54.7-37.7

-13.7-6.6-9.9

-15.8

Capitalcon-

sump-tion

adjust-ment

-2.7-3.4-3.9-3.8

-4.0-4.6-4.5-4.1-3.2

-2.1-3.0-3.3-3.4-2.9

-2.3-1.8

1.22.12.8

3.83.93.73.73.5

1.5.3

2.51.6

-2.3

-6.2

2.52.21.0.7

-.7-1.7-2.7-4.2

-4.5-5.0-6.5-8.6

Netinter-est

1.62.12.12.2

2.32.73.03.44.3

4.85.26.58.08.8

9.811.212.814.315.9

18.521.924.326.830.8

37.542.847.056.370.7

81.6

51.954.357.661.3

64.868.772.776.7

78.779.782.285.7

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

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

3 With inventory valuation adjustment and without capital consumption adjustment.4 Without inventory valuation and capital consumption adjustments.


185


TABLE B—13.—Relation of national income and personal income, 1946—75


Year orquarter

1946194719481949 . .

1950195119521953 . ..1954

19551956195719581959

19601961 . .196219631964

19651966196719681969

1970.. ..19711972 ...19731974

1975*

1973: 1...II...III..IV..

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

1975: 1...II...III..IV P.

Nationalincome

178.3194.6219.0212.7

236.2272.3285.8299.7299.1

328.0346.9362.3364.0397.1

412.0424.2457.4482.8519.2

566.0622.2655.8714.4767.9

798.4858.1951.9

1, 067. 31, 141. 1

1,209.5

1,031.21,052.91, 078. 11,106.8

1,122.31,129.61,151.31,161.3

1, 155. 21, 180. 81, 232. 5

Corpo-rate

profitswith

inven-

valuationand

capitalcon-

sumptionadjust-ments

16.622.229.126.9

33.738.135.435.534.6

44.642.942.137.548.2

46.646.954.959.667.0

77.182.579.385.881.4

67.977.292.1

100.291.3

102.1

101.999.698.9

100.4

99.694.389.282.0

78.996.6

113.1

Le

Netinterest

1.62.12.12.2

2.32.73.03.44.3

4.85.26.58.08.8

9.811.212.814.315.9

18.521.924.326.830.8

37.542.847.056.370.7

81.6

51.954.357.661.3

64.868.772.776.7

78.779.782.285.7

5s:

Contri-butions

forsocialinsur-ance

6.15.85.45.9

7.18.59.09.1

10.1

11.512.914.915.218.0

21.121.924.327.328.7

30.038.843.448.154.9

58.764.873.691.5

102.9

108.3

88.890.592.494.2

100.2101.9104.4105.0

106.0106.6108.9111.7

Wageaccruals

lessdis-

burse-ments

-0.0.0.0

-.0

.0

.1-.0-.1

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.6

.0-.1-.5

.0

.0-.3

.0

.0

.0-.6

-1.5.0

.0

.0

.0

.0

Govern-ment

transferpay-

mentsto

persons

10.811.210.611.7

14.411.612.112.915.1

16.217.320.124.325.2

27.030.831.633.434.8

37.641.649.556.562.7

75.989.999.4

113.5134.5

168.7

110.0111.9114.5117.5

123.5130.7138.4145.5

157.7169.4172.4175.2

PI i

Personalinterestincome

6.47.37.78.2

8.99.6

10.311.412.7

13.815.317.418.820.9

23.324.627.130.233.3

37.241.845.049.655.9

64.369.374.688.4

106.5

120.7

81.785.990.795.4

99.0104.0109.1114.0

116.0117.6121.2127.8

s:

Divi-dends

5.66.37.07.2

8.88.58.58.89.1

10.311.111.511.312.2

12.913.314.415.517.3

19.119.420.121.922.6

22.923.024.627.831.1

32.8

26.427.228.129.5

30.030.931.731.7

32.132.633.533.1

Businesstransfer

pay-ments

0.5.6.7.8

.8

.91.01.21.1

.2

.4

.5

.6

.8

2.02.02.12.42.7

2.83.03.13.43.8

4.04.24.75.25.8

6.3

5.05.15.25.4

5.65.85.96.0

6.26.36.46.5

Equals:

Personalincome

177.3189.8208.5205.6

226.1253.7270.4286.1288.2

308.8330.9349.3359.3382.1

399.7415.0440.7463.1495.7

537.0584.9626.6685.2745.8

801.3859.1942.5

1, 054. 31,154.7

1,246.0

,011.6,039.0,067.8,098.8

,115.9,136.6,171.6,194.8

1,203.61,223.81,261.71,294.8


186


TABLE B—14.—Disposition of personal income, 1946—75

[Billions of dollars; quarterly data at seasonally adjusted annual rates, except as noted]

Year orquarter

1946194719481949

19501951 . .195219531954 .

19551956195719581959

19601961 .196219631964 .

1965 ._1966196719681969

19701971197219731974.

1975 r

1973: 1II...III...IV...

1974: L...II...III...IV...

1975: L...II.. .III...IV*._

Per-sonal

income

177.3189.8208.5205.6

226.1253.7270.4286.1288.2

308.8330.9349.3359.3382.1

399.7415.0440.7463.1495.7

537.0584.9626.6685.2745.8

801.3859.1942.5

1, 054. 31,154.7

1,246.0

,011.6, 039. 0, 067. 8, 098. 8

,115.9,136.6,171.6, 194. 8

, 203. 6, 223. 8, 261. 7,294.8

Less:Per-sonaltaxand

nontaxpay-

ments

18.721.421.018.5

20.628.934.035.532.5

35.439.742.442.146.0

50.452.156.860.358.6

64.974.582.197.1

115.4

115.3116.3141.2151.2171.2

169.2

145.0147.3153.7158.9

162.1168.4175.3178.9

179.6142.1174.6180.4

Equals:Dispos-

ableper-sonal

income

158.6168.4187.4187.1

205.5224.8236.4250.7255.7

273.4291.3306.9317.1336.1

349.4362.9383.9402.8437.0

472.2510.4544.5588.1630.4

685.9742.8801.3903.1983.6

1,076.8

866.6891.7914.1939.9

953.8968.2996.3

1,015.9

1, 024. 01,081.71,087.11,114.4

Less: Personal outlays

Total

145.2163.5176.9180.4

194.7210.0220.4233.7240.1

258.5271.6286.4295.4317.3

332.3342.7363.5384.0410.9

441.9477.4503.7550.1595.3

635.4685.5751.9830.4909.5

987.2

806.1821.8840.3853.4

872.6901.4931.7932.4

950.4974.2

1,001.31,023.1

Per-sonalcon-

sump-tion

expend-itures

143.8161.7174.7178.1

192.0207.1217.1229.7235.8

253.7266.0280.4289.5310.8

324.9335.0355.2374.6400.4

430.2464.8490.4535.9579.7

618.8668.2733.0808.5885. 9.

963.2

785.7800.5818.4829.5

849.5877.8907.7908.4

926.4950.3977.4998.7

Interestpaid by

con-sumers

tobusi-ness

0.71.01.41.7

2.32.52.93.63.8

4.45.15.55.66.1

7.07.37.88.89.9

11.112.012.513.314.7

15.516.217.920.622.6

23.1

19.520.321.021.7

22.122.522.923.0

23.022. 823.023.5

Per-sonal

transferpay-

mentsto for-eigners(net)

0.7.7.7.5

.4

.4

.4

.5

.5

.4

.5

.5

.4

.4

.4

.4

.5

.6

.6

.7

.6

.9

.8

.9

1.11.11.01.21.0

1.0

.9

.9

.92.2

1.11.11.01.0

1.01.1.9

1.0

Equals:Per-

sonalsaving

13.44.9

10.66.7

10.814.816.017.015.6

14.919.720.621.718.8

17.120.220.418.826.1

30.333.040.938.135.1

50.657.349.472.774.0

89.6

60.470.073.886.5

81.266.864.683.6

73.6107.585.991.3

Percent of disposablepersonal income

Personaloutlays

Total

91.597.194.396.4

94.793.493.293.293.9

94.693.293.393.294.4

95.194.494.795.394.0

93.693.592.593.594.4

92.692.393.892.092.5

91.7

93.092.291.990.8

91.593.193.591.8

92.890.192.191.8

Con-sump-

tionexpend-

itures

90.696.193.295.2

93.492.191.891.692.2

92.891.391.491.392.5

93.092.392.593.091.6

91.191.190.091.192.0

90.290.091.589.590.1

89.5

90.789.889.588.3

89.190.791.189.4

90.587.989.989.6

Per-sonal

saving

8.52.95.73.6

5.36.66.86.86.1

5.46.86.76.85.6

4.95.65.34.76.0

6.46.57.56.55.6

7.47.76.28.07.5

8.3

7.07.88.19.2

8.56.96.58.2

7.29.97.98.2


187


TABLE B-15.—Sources of personal income, 1946-75


Year or quarter

1946 ... ....194719481949

19501951195219531954

1955 ---1956195719581959

1960 . ....1961196219631964 .

19651966 . ...196719681969

197019711972 . ....1973 ...1974

1975 P

1973: 1I II I IIV

1974: 1.I II I IIV

1975: 1I II I IIV P

Per-sonal

income

177.3189.8208.5205.6

226.1253.7270.4286.1288.2

308.8330.9349.3359.3382.1

399.7415.0440.7463.1495.7

537.0584.9626.6685.2745.8

801.3859.1942.5

1, 054. 31,154.7

1,246.0

1,011.61,039.01, 067. 81, 098. 8

1,115.91,136.61,171.61,194.8

1,203.61,223.81,261.71,294.8

Wage and salary disbursements1

Total

112.0123.1135. 5134.8

147.0171.3185.4198.6196.8

211.7228.3239.3240.5258.9

271.9279.5298.0313.4336.1

362.0398.4427.5469.5514.6

546.5579.4633.8701.0763.6

801.6

676.5692.8707.6727.1

738.7756.2775.9783.6

781.0787.6807.3830.5

Commodity-producingindustries

Total

46.054.260.957.7

64.676.181.989.485.5

92.9100.4104.099.8

109.3

112.9113.4121.5126.6135.1

145.7160.7168.0183.0199.1

202.5207.8226.7253.4273.7

273.5

243.8250.0256.0263.9

265.8271.9279.2277.7

267.9267.2275.3283.7

Manu-factur-

ing

36.542.547.144.6

50.359.364.171.267.5

73.879.482.478.686.8

89.789.896.7

100.6107.1

115.5128.0134.1145.8157.5

158.2160.3175.4196.2211.2

211.1

189.1193.9197.7204.0

204.7209.6215.7214.9

205.5205.9212.9220.3

Distrib-utive

indus-tries

31.035.237.537.7

39.844.346.949.750.1

53.457.760.560.864.8

68.269.372.876.381.4

87.294.4

100.9109.9120.7

130.1139.3151.9168.1184.3

195.1

161.9166.2169.8174.7

177.6182.7187.0189.9

190.3191.8196.6201.8

Serviceindus-tries

14.316.118.018.6

20.021.723.325.026.3

28.831.533.835.838.8

41.744.447.550.654.7

59.265.072.280.289.9

97.9106.8117.9130.8145.0

158.6

125.9129.4132.4135.4

139.7142.9147.4150.1

153.5156.0160.0164.8

Govern-mentand

govern-ment

enter-prises

20.717.519.020.8

22.629.233.334.434.9

36.638.841.044.146.0

49.252.456.360.064.9

69.978.386.496.4

104.9

116.0125.6137.3148.6160.6

174.4

144.8147.1149.4153.1

155.6158.6162.3165.9

169.3172.6175.4180.2

Otherlabor

in-come'

2.02.42.72.9

3.74.65.25.96.1

7.08.09.09.4

10.6

11.211.813.014.015.7

17.819.921.725.128.2

32.036.242.047.554.5

61.3

45.646.748.149.8

51.453.455.557.6

59.060.362.063.8

Proprietors' in-come with inven-

tory valuation andcapital consump-tion adjustments

Farm

14.915.217.512.7

13.515.814.912.912.3

11.311.211.013.110.7

11.411.811.911.610.3

12.613.612.112.013.9

13.914.318.032.425.6

24.6

26.531.235.236.8

33.722.321.924.6

21.020.129.328.2

Non-farm

21.620.623.223.5

24.927.028.028.428.5

31.232.433.934.336.6

35.636.437.738.742.0

44.146.748.951.452.3

51.253.458.159.359.5

58.7

59.458.959.759.3

59.359.560.259.0

58.658.558.758.8


188


TABLE B—15.—Sources of personal income, 1946—75—Continued


Year orquarter

1946....1947....1948....1949....

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

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

I960....1961....1962... .1963. —1964,...

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

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

1975'...

1973:III....III....IV....

1974:1IL.TIIII....IV....

1975:1I IIII....IV P..

Rentalincomeof per-

sonswith

capitalcon-

sump-tion ad-

just-ment

5.55.35.76.1

7.17.78.8

10.011.0

11.311.612.212.913.2

13.814.315.015.716.1

17.118.219.418.618.1

18.620.121.521.321.0

21.1

21.821.221.321.1

21.121.020.920.9

20.820.520.922.0

Divi-dends

5.66.37.07.2

8.88.58.58.89.1

10.311.111.511.312.2

12.913.314.415.517.3

19.119.420.121.922.6

22.923.024.627.831.1

32.8

26.427.228.129.5

30.030.931.731.7

32.132.633.533.1

Personalinterestincome

6.47.37.78.2

8.99.6

10.311.412.7

13.815.317.418.820.9

23.324.627.130.233.3

37.241.845.049.655.9

64.369.374.688.4

106.5

120.7

81.785.990.795.4

99.0104.0109.1114.0

116.0117.6121.2127.8

Transfer payments

Total

11.311.711.312.5

15.212.613.114.116.2

17.518.721.625.927.0

28.932.833.835.837.4

40.444.752.659.966.5

79.994.1

104.1118.6140.4

175.0

114.9117.0119.7122.9

129.1136.4144.3151.6

163.9175.7178.8181.7

Old age,survivors,disability,and healthinsurancebenefits

0.4.5.6.7

1.01.92.23.03.6

4.95.77.38.5

10.2

11.112.614.315.216.0

18.119.825.530.232.9

38.544,549.660.470.1

81.4

58.159.861.162.4

63.769.172.775.0

76.677.785.086.3

Govern-ment

unem-ploy-

ment in-surancebenefits

1.1.8.9

1.9

1.5.9

1.11.02.2

1.51.51.94.12.8

3.04.33.13.02.7

2.31.92.22.12.2

4.05.85.64.36.6

17.5

4.34.24.24.5

5.46.36.58.2

15.118.618.717.6

Vet-eransbene-fits

7.07.05.95.3

7.74.64.34.14.2

4.44.44.54.74.6

4.65.04.74.84.7

4.94.95.65.96.7

7.78.89.7

10.411.7

14.3

10.310.310.410.7

10.810.811.913.4

14.613.813.914.8

Govern-mentem-

ployeeretire-ment

benefits

0.7.7.7.9

1.01.11.21.41.5

1.71.92.22.52.8

3.13.43.74.24.7

5.26.16.97.78.6

10.111.713.515.618.5

21.8

14 615.016.116.8

17.517.818.919.6

20.721.222.123.2

Aid tofamilieswith de-pendentchildren(AFDC)

2.1.3.4.5

.6

.6

.5

.5

.6

.6

.6

.7

.8

.9

1.01.11.31.41.5

1.71.92.32.83.5

4.86.26.97.27.9

9.1

7 i7.17.27.3

7.57.68.08.4

8.78.99.29.5

Other

2.12.52.93.3

3.53.63.84.14.1

4.34.54.95.35.8

6.26.46.77.37.8

8.310.210.211.112.5

14.917.218.920.825.5

30.9

20 520! 620.721.3

24.124.826.127.0

28.135.429.830.2

Less:Personalcontri-butions

forsocialinsur-ance

2.02.12.22.2

2.93.43.84.04.6

5.25.86.76.97.9

9.39.7

10.311.812.6

13.317.820.622.826.3

28.030.834.242.247.4

49.8

41.241.942.743.1

46.447.148.048.2

48.849.150.051.2

Non-farmper-

sonalin-

come2

159.6171 5187.7189.9

209 3234.4252 0269.9272.7

294 3316.4335.0342.6367.7

384.4399.0424.5447.0480.7

519.5566.1609.1667.5725.8

780.7838.0917.3

1,013.51,119.1

1,210.2

977.0999.6

1,024.21,053.0

1,072.61, 104. 51,139.81, 159. 7

1,171.71,192.81,221.41,255.1

* The total of wage and salary disbursements and other labor income differs from compensation of employees in TableB-12 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disburse-ments.

2 Nonfarm income is personal income exclusive of net income of unincorporated farm enterprises, farm wages, agri-cultural net interest, and net dividends paid by farm corporations.


189

597-578 O - 76 - 13Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE B-16.—Personal consumption expenditures, 1946-75


Yearor

quarter

1946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

1975 J»

1973- 1I I111IV

1974- 1I II I IIV

1975- 1I II I IIV p....

Pers

onal

con

sum

ptio

nex

pend

itur

es

43.861.77417

178.1

192.0207 1217 1229.7235.8

253.7266.0280.4289.5310.8

324.9335.0355.2374.6400.4

430.2464.8490.4535.9579.7

618.8668.2733.0808.5885.9

963.2

785.7800.5818.4829.5

849.5877.8907.7908.4

926.4950.3977.4998.7

Durable goods *

I

15.820.422.925.0

30.829.829.132.531.8

38.637.939.336.842.4

43.141.646.751.456.3

62.867.769.680.085.5

84.997.1

111.2122.9121.9

127.7

124.8124.4123.7118.9

118.4123.1128.9117.3

118.9123.8131.8136.1

1CL-a5

11J

4.16.68.0

10.6

13.712.211.313.913.0

17.815.817.214.818.9

19.717.821.524.426.0

29.830.129.735.837.7

34.943.850.654.448.0

49.0

58.256.454.448.4

46.148.753.543.6

44.646.152.153.2

•aJ8|

ii2? £

If-o>u_

8.410.611.511.3

13.714.014.014.614.6

16.217.116.916.617.8

17.717.918.920.322.8

24.727.729.532.635.0

36.739.444.850.754.7

57.5

49.350.451.251.9

53.455.055.954.3

54.157.058.360.6

Nondurable goods *

1

82.790.996.694.9

98.2108.8113.9116.5118.0

122.9128.9135.2139.8146.4

151.1155.3161.6167.1176.9

188.6204.7212.6230.4247.0

264.7277.7299.3334.4375.7

410.0

321.4328.0339.6348.5

359.8371.9383.9387.1

394.1404.8416.4424.8

•a

£

47.452.354.252.5

53.960.463.464.465.4

67.269.973.676.479.1

81.183.285.587.892.7

98.9106.6109.6118.3126.1

136.3140.6150.4168.0189.4

209.4

161.2164.3171.4175.2

181.3185.4193.2197.4

202.8206.6211.4216.9

1•a500clc"oO

18.218.820.119.3

19.621.221.922.122.1

23.124.124.324.726.1

26.727.428.729.531.9

33.536.638.241.845.1

46.650.555.161.465.2

69.9

60.160.961.962.8

64.365.366.564.8

66.769.071.372.6

'o•acTO£

1<3

3.44.04.85.3

5.56.16.87.47.8

8.69.4

10.210.611.3

12.012.012.612.913.5

14.716.017.018.420.4

22.023.424.928.336.4

40.1

26.727.428.530.6

31.737.138.238.8

38.139.641.241.6

•ac

'o

12.53.03.43.1

3.43.53.43.43.5

3.83.94.14.24.0

3.83.73.74.04.1

4.44.74.85.05.2

5.45.56.37.79.5

10.1

7.07.57.98.4

8.99.39.99.8

9.410.111.110.0

Services *

I45.350.455.358.2

63.068.574.080.686.1

92.199.2

105.9112.8121.9

130.7138.1147.0156.1167.1

178.7192.4208.1225.6247.2

269.1293.4322.4351.3388.3

425.5

339.5348.2355.2362.2

371.2382.8394.9404.0

413.4421.6429.2437.7

DOC

301C

14.216.017.919.6

21.724.327.029.832.2

34.336.739.342.045.0

48.151.254.758.061.4

65.569.574.179.986.8

94.0102.7112.3123.1136.0

148.8

118.9121.9124.7126.8

131.4134.2137.4140.7

143.9147.0150.2154.0

Householdoperation 1

16.87.58.18.5

9.510.411.112.012.6

14.015.216.217.318.5

20.121.022.223.424.8

26.328.030.632.735.5

38.341.645.950.356.4

63.5

48.249.851.451.9

52.755.657.959.2

60.663.164.765.5

S•ac

&'o

iUJ

2.12.32.62.9

3.33.74.14.55.0

5.56.16.57.17.6

8.38.89.49.9

10.4

10.911.512.213.114.2

15.517.018.920.624.0

29.0

19.720.321.321.0

21.523.425.026.2

27.328.929.830.1

co

1c

H

5.05.35.85.9

6.26.77.17.87.9

8.28.69.09.3

10.1

10.711.211.712.212.8

13.715.016.217.418.9

21.123.826.027.830.9

34.0

27.227.628.028.5

29.730.431.432.1

33.033.534.235.1

* Total includes items not shown separately.2 Includes imputed rental value of owner-occupied dwellings.


190


TABLE B-17.—Total and per capita disposable personal income and personal consumption expendi-tures in current and 1972 dollars, 1946-75

Year or quarter

1946194719481949

19501951195219531954

19551956195719581959 .

19601961196219631964

19651966196719681969

19701971197219731974

1975 p

1973' 1I IM lIV

1974: 1I II l lIV

1975: 1I II I II V *

Disposable personal income

Total (billionsof dollars)

Currentdollars

158.6168.4187.4187.1

205.5224.8236.4250.7255.7

273.4291.3306.9317.1336.1

349.4362.9383.9402.8437.0

472.2510.4544.5588.1630.4

685.9742.8801.3903.1983.6

1,076.8

866.6891.7914.1939.9

953.8968.2996.3

1,015.9

1,024.01,081.71, 087. 11,114.4

1972dollars

332.4318.8335.5336.1

361.9371.6382.1397.5402.1

425.9444.9453.9459.0477.4

487.3500.6521.6539.2577.3

612.4643.6669.8695.2712.3

741.6769.0801.3856.0843.5

857.0

844.6853.5860.7864.2

853.3841.8842.0837.6

831.6869.8858.2868.4

Per capita(dollars)

Currentdollars

1,1221,1681,2781,254

1,3551,4571,5061,5711,574

1,6541,7311,7921,8211,898

1,9341,9762,0582,1282,278

2,4302,5972,7402,9303,111

3,3483,5883,8374,2924,642

5,040

4,1294,2424,3404,453

4,5134,5744,6974,779

4,8085,0705,0835,199

1972dollars

2,3512,2122,2882,253

2,3862,4082,4342,4912,476

2,5772,6452,6502,6362,696

2,6972,7252,7962,8493,009

3,1523,2743,3713,4643,515

3,6193,7143,8374,0683,981

4,012

4,0254,0604,0864,095

4,0373,9763,9693,940

3,9054,0774,0124,052


Total (billionsof dollars)

Currentdollars

143.8161.7174.7178.1

192.0207.1217.1229.7235.8

253.7266.0280.4289.5310.8

324.9335.0355.2374.6400.4

430.2464.8490.4535.9579.7

618.8668.2733.0808.5885.9

963.2

785.7800.5818.4829.5

849.5877.8907.7908.4

926.4950.3977.4998.7

1972dollars

301.4306.2312.8320.0

338.1342.3350.9364.2370.9

395.1406.3414.7419.0441.5

453.0462.2482.9501.4528.7

558.1586.1603.2633.4655.4

668.9691.9733.0766.3759.8

766.6

765.8766.2770.5762.8

760.0763.2767.2748.9

752.3764.1771.6778.2

Per capita(dollars)

Currentdollars

,017,122,192,194

,266,342,383,439,452

,535,581,637,662,755

,798,824,904,979

2,087

2,2142,3652,4682,6702,860

3,0203,2273,5103,8434,181

4,509

3,7443,8083,8853,931

4,0194,1474,2794,273

4,3504,4544,5694,659

1972dollars

2,1312,1242,1332,145

2,2292,2192,2362,2832,284

2,3912,4152,4212,4062,493

2,5072,5162,5892,6492,755

2,8722,9823,0353,1563,234

3,2653,3423,5103,6423,586

3,588

3,6493,6453,6583,614

3,5963,6053,6173,523

3,5333,5813,6073,631

Popu-lation(thou-sands)1

141,389144, 126146, 631149, 188

151,684154,287156, 954159, 565162,391

165,275168,221171, 274174, 141177,073

180, 671183, 691186, 538189,242191, 889

194,303196, 560198, 712200, 706202, 677

204, 878207, 053208, 846210, 410211, 894

213, 631

209, 857210, 220210, 636211,040

211,362211,699212, 123212, 585

212,962213, 362213, 897214,339

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

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

191


TABLE B-18.—Gross saving and investment, 1946-75


Year orquarter

1946194719481949

1950 . .195119521953 .1954

1955195619571958.1959

1960... .1961196219631964

19651966196719681969

19701971.197219731974. .

1975 P. _.

1973: 1I IIII....IV....

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

1975: 1II....III....IV P

Gross saving

Total

34 641.249.034 8

49.755.549.348.149.4

65.673.672.660.475.8

78.975.883.689.6

100.1

115.4122.9120.3130.8147.5

143.4155.4177.5219.8210.1

200.9

204.0214.5222.8237.9

224.3209.1199.9207.1

180.3185.9211.9

Gross private saving

Total

29 226.840.638.2

41.649.453.155.056.5

62.468.471.773.077.3

75.880.087.488.9

102.4

114.9124.2134.6136.3136.8

151.9173.0180.4213.8215.7

264.4

199.0208.7215.1232.4

228.3208.8198.8226.7

228.3279.3269.5

Per-sonal

saving

13 44.9

10.66 7

10.814.816.017.015.6

14.919.720.621.718.8

17.120.220.418.826.1

30.333.040.938.135.1

50.657.349.472.774.0

89.6

60.470.073.886.5

81.266.864.683.6

73.6107.585.991.3

Grossbusi-ness

saving1

15 821.830.031.4

30.834.637.138.041.0

47.548.751.151.358.5

58.759.867.070.176.2

84.691.293.798.2

101.7

101.4115.7131.0141.1141.6

174.8

138.6138.7141.3145.9

147.1142.0134.2143.1

154.7171.8183.6

Government surplus ordeficit (— ), nationalincome and product

accounts

Total

5 414.48.4

-3 4

8.06.1

-3.8-6.9-7.1

3.15.2.9

-12.6-1.6

3.1-4.3-3.8

-2'. 3

.5-1.3

-14.2-5.510.7

-9.4-18.3-3.5

6.0-3.6

-63.5

5.05.87.75.5

4.0.3

1.0-19.6

-48.0-93.4-57.6

Fed-eral

3 513.48.3

-2 6

9.26.5

-3.7-7.1-6.0

4.46.12.3

-10.3-1.1

3.0-3.9-4.2

.3-3.3

.5-1.8

-13.2-5.8

8.5

-12.1-22.0-17.3-6.9

-11.7

-73.4

-10.9-7.4-4.8-4.6

-5.3-7.9-8.0

-25.5

-53.7-102.2-70.5

Stateandlocal

1 91.0.1

-.7

-1.2-.4-.0

.1-1.1

-1.3-.9

-1.4-2.4-.4

.1-.4

.5

.51.0

-.0.5

-1.1.3

2.1

2.83.7

13.712.98.1

10.0

15.913.212.410.1

9.48.29.15.9

5.78.8

12.9

Capitalgrants

receivedby theUnitedStates(net) 2

0.9

'.1.0

<-2.0

.0

.0

.0

.0

.0

-8.0.0.0.0

.0

.0

.0.0

Gross investment

Total

35.342.947.835.9

51.759.551.951.452.4

68.072.872.862.075.5

78.277.387.693.4

102.3

116.3126.1122.1130.2144.2

141.4156.8179.2220.2209.5

196.3

207.2213.7223.8236.1

218.1207.5202.2210.0

177.1177.0208.7222.3

Grossprivatedomes-tic in-vest-ment

30.734.045.935.3

53.859.252.153.352.7

68.471.069.261.977.6

76.474.385.290.296.6

112.0124.5120.8131.5146.2

140.8160.0188.3220.5212.2

183.3

211.7217.1221.2231.9

218.4212.7207.6210.3

168.7161.4194.9208.3

Netforeigninvest-ment 3

4.69.02.0.6

-2.1.3

-^l'.92

-.31.83.6

-2'.0

1.73.02.43.25.7

4.31.61.2

-1.4-2.0

.5-3.2-9.0-.3

-2.8

13.0

-4.5-3.4

2.64.2

-.3-5.2-5.3-.2

8.415.613.714.1

Statis-ticaldis-

crep-ancy

0.71.8

-1.21.0

2.04.02.73.33.0

2.5-.8

l'.7-.2

-.71.64.03.72.2

.93.21.7

-.6-3.3

-2.11.31.7.4

-.6

-4.6

3.2-.91.0

-1.8

-6.2-1.6

2.42.9

-3.2-8.9-3.2

1 Undistributed corporate profits with inventory valuation and capital consumption adjustments, corporate and non-corporate capital consumption allowances with capital consumption adjustment, and private wage accruals less disburse-ments.

2 Allocations of special drawing rights (SDR).s Net exports of goods and services less net transfers to foreigners and interest paid to foreigners.4 In February 1974, the U.S. Government granted to India $2,015 million (quarterly rate) in rupees under provisions

of the Agricultural Trade Development and Adjustment Act. This transaction is being treated as capital grants paid toforeigners, and is included in the first quarter of 1974 as —$8.0 (annual rate) in capital grants received by the UnitedStates.


192


TABLE B-19.—Saving by individuals, 1946-75 *


Year orquarter

194619471948 . ..1949

19501951195219531954

195519561957 ....19581959

19601961 . ..196219631964

19651966196719681969

19701971197219731974

1974: I....II...III...IV.. .

1975: 1....II...III...

Total

25.720.823.318.9

26.930.327.230.428.2

34.136.034.133.034.7

32.331.737.139.149.5

55.465.165.068.360.6

76.287.497.9

120.2115.8

116.0117.2107.2123.7

110.4166.1121.1

Increase in financial assets

Total 2

18.913.29.0

10.0

13.818.822.722.522.7

28.430.028.631.636.5

31.635.139.145.155.5

58.262.669.073.362.1

80.699.7

124.4138.2129.9

122.4143.0117.2137.1

135.7196.3146.7

Cur-rencyandde-

mandde-

posits

5.6

-2*. 9-2.0

2.64.61.61.02.2

1.21.8

l.'s.8

1.92.51.73.04.7

7.83.9

11.312.5L6

11.311.112.113.14.6

10.39.6

-3.62.0

-13.842.22.7

Sav-ingsac-

counts

6.33.42.32.7

2.54.97.88.39.3

8.89.6

12.114.111.3

11.416.525.724.627.4

28.020.534.830.36.0

44.470.375.467.759.6

76.263.427.571.3

107.196.573.7

Securities

Gov-ern-mentsecu-rities'

-1.41.61.31.8

-.1

~L92.3.8

6.03.92.2

-2.49.0

3.5

-!s4.45.7

4.311.3

"is22.5

-10.4-14.5

1.624.724.5

18.924.949.25.1

-10.;23!i

Corpo-rateandfor-eign

bonds

-0.9-.8-.1-.4

-.8.0.0

-.1

1.0.9

1.11.3.3

.6

.1-.1

.0

.1

1.02.04.64.76.6

10.79.35.21.1

-1.7

1.2-4.0

-10.16.3

12.83.27.3

Corpo-rate

equi-ties <

1.11.11.0.8

.71.61.6.9.7

1.11.91.51.5.6

-.4.4

-2.1-2.9-.2

-2.2-.9

-4.3-6.5-3.8

-1.7-5.3-5.4-8.2-1.0

-3.0-4.1

.32.6

-2.0.6

1.9

Insur-anceandpen-sionre-

serves(8)

5.35.45.35.6

6.96.37.88.07.9

8.59.59.5

10.411.9

11.612.212.714.115.6

17.019.419.620.121.3

24.327.730.331.638.9

27.846.838.143.1

36.355.237.5

Net investment in

Non-farm

homes

4.26.9

10.59.0

13.713.512.813.513.7

17.716.413.812.716.5

14.512.012.812.612.5

12.011.59.2

12.813.3

10.617.624.327.221.9

22.419.922.722.7

18.817.120.4

Con-sumer

du-rables

5.87.57.17.0

10.25.53.66.44.9

9.95.94.9.6

5.5

5.12.96.78.9

11.2

14.815.212.416.716.2

10.616.524.427.110.7

11.612.717.11.6

5.57.3

13.6

Non-cor-po-ratebusi-ness

assets

3.33.27.42.5

6.44.62.51.62.7

3.51.92.33.33.2

2.23.25.66.96.2

9.07.28.27.99.0

6.611.010.615.411.6

14.914.910.16.7

-4.0-.7

.7

Less: Increase innet debt

Mort-gagedebton

non-farm

homes

3.84.35.04.1

7.47.16.47.78.6

12.211.28.88.8

12.6

10.810.912.714.816.0

15.212.710.414.616.1

12.524.238.444.232.6

34.237.828.230.0

32.537.333.3

Con-sumercredit

2.73.22.82.9

4.11.24.83.91.1

6.43.52.6.2

6.4

4.61.85.87.98.5

9.66.44.5

10.010.4

6.011.219.222.99.6

8.217.215.8

-3.6

-3.32.1

11.8

Otherdebt*

0.02.52.92.6

5.63.83 02.16.0

6.83.44.26.28.0

5.78.78.5

11.811.4

13.712.418.917.713.5

13.721.928.220.516.3

12.918.315.918.0

16.314.515.0

i Saving by households, personal trust funds, nonprofit institutions, farms, and other noncorporate business.* Includes commercial paper and miscellaneous financial assets, not shown separately.3 Consists of U.S. savings bonds, other U.S. Treasury securities, U.S. Government agency securities and sponsored

agency securities, and State and local obligations.4 Includes investment company shares.* Private life insurance reserves, private insured and noninsured pension reserves, and government insurance and

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

Source: Board of Governors of the Federal Reserve System.

193


TABLE B-20.—Number and money income (in 1974 dollars} of families and unrelated individualsby race of head, 1947-74

Year

FAMILIES19471948-..1949

1950...1951195219531954 .1955..19561957 _ .19581959

1960196119621963196419651966196719681969

1970197119721973 .. ....1974

UNRELATEDI N D I V I D U A L S194719481949

195019511952195319541955 . .1956195719581959

196019611962196319641965 . ...196619671968 .1969

19701971197219731974

Total

Totalnum-ber

(mil-lions)

37.238.639.3

39.940.640.841.242.042.943.543.744.245.1

45.546.447.147.548.048.549.250.150.851.6

52.253.354.455.155.7

8.28.49.0

9.49.19.79.59.79.99.8

10.410.910.9

i l l . lU1.2i l l .O111.2112.1112.2112.5U3.2113.9U4.6

U5.516.316.818.318.9

Medianincome

$6, 6916,5306,428

6,8007,0417,2277,8217,6468,1378,b738,7018,6769,165

9,3589,4549,709

10, 06410, 44410, 87411, 44511,71712, 23612, 689

12, 53112, 52313, 10313, 37312, 836

2,1642,0412,172

2,1402,2682,6182,5732,2422,4262,5872,6172,5352,635

2,8642,8912,8582,9003 1533,3653,4803,5143,9493,943

3,9844,0384,1504,5874,439

Percent withincomes

Be-low

$5,000

33.834.535.7

32.830.529.026.828.525.623.423.423.622.3

21.821.820.519.618.917.715.715.113.613.2

13.613.713.112.613.1

Be-low

$3,000

60.962.559.6

58.957.254.854.458.757.155.154.354.954.4

51.651.652.251.748.746.445.345.041.441.0

40.739.837.734.134.9

Be-low

pov-ertylevel

18.5

18.118.117.215.915.013.911.811.410.09.7

10.110.09.38.89.2

Be-low

pov-ertylevel

46.1

45.245.945.444.242.739.838.338.134.034.0

32.931.629.025.625.5

White

Totalnum-ber

(mil-lions)

34.135.3

38.239.039.539.740.240.9

41.141.942.442.743.143.544.144.845.446.0

46.547.648.548.949.5

7.27.3

8.38.58.58.99.29.3

9.69.69.59.7

10.410.510.711.312.012.5

13.414.214.515.816.3

Medianincome

$6,9706,7806,685

7,0577,3267,6448,1107,9598,4959,0769,0559,0399,547

9,7169,859

10, 16810, 54710, 90311,33411, 89012, 16212, 66813, 175

13, 00012,99513,61413,97713, 356

2,2862,1572,345

2,2832,3872,8212,7162,4142,5792,6562,7992,7152,815

3,0963,1083,0583,0403,3203,5093,6593,6484,1844,140

4,1694,2194,3344,7384,636

Percent withincomes

Be-low

$5,000

30.531.232.6

29.827.225.424.025.722.820.420.520.619.4

19.119.017.716.916.515.413.513.211.911.5

11.811.811.110.711.1

Be-low

$3, 000

58.760.957.4

57.255.852.252.856.755.054.352.553.152.4

49.549.249.849.947.245.043.543.639.839.4

39.037.936.132.532.8

Be-low

pov-ertylevel

15.2

14.914.813.912.812.211.19.39.08.07.7

8.07.97.16.67.0

Be-low

pov-ertylevel

.

"44." l"

43.043.242.742.040.738.136.136.532.232.1

30.829.627.123.723.2

Negro and other races

Totalnum-ber

(mil-lions)

3.13.3

3.83.94.04.04.04.2

4.34.54.64.84.84.85.05.05.15.2

5.45.75.96.16.3

1.01.0

1.41.41.31.51.61.6

1.51.61.51.51.61.71.61.81.82.0

1.92.12.32.52.6

Medianincome

$3, 5633,6223,414

3,8283,8584,3444,547,433,685,775,841,630,931

5, 3795,2605,4255,5806,1026,2427,1287,5247,9248,328

8,2758,1758,3768,4298,265

1,6471,6161,695

1,6731,7641,9522,1361,6021,7221,9721,7791,8411,818

1,7781,9032,0422,0862,2752,5592,3012,6962,8342,919

2,8492,8313,2193,5413,149

Percent withincomes

Be-low

$5,000

68.568.470.6

65.264.159.755.255.753.152.551.553.250.8

46.647.945.944.840.138.634.332.629.728.0

28.529.129.228.429.5

Be-low

$3,000

75.774.472.0

69.965.570.062.169.169.660.665.366.166.7

64.565.566.763.158.155.257.454.052.151.2

52.052.847.644.448.0

Be-low

pov-ertylevel

50.4

49.049.048.043.740.039.733.932.128.226.9

28.127.427.726.226.0

Be-low

pov-ertylevel

57.4

59.362.762.158.355.050.753.148.245.745.5

46.744.940.937.840.0

i Revised using population controls based on the 1970 Census. Such controls not available by race.Note.—The poverty level is based on the poverty index adopted by a Federal interagency committee in 1969. That

index reflects different consumption requirements for families based on size and composition, sex and age of family head,and farm-nonfarm residence. The poverty threshold is updated every year to reflect changes in the consumer price index.For further details, see Current Population Reports, Series P-60, No. 99, Bureau of the Census.

Source: Department of Commerce, Bureau of the Census.

194


POPULATION, EMPLOYMENT, WAGES, ANDPRODUCTIVITY

TABLE B-21.—Population by age groups, 1929-75

[Thousands of persons]

Julyl

1929

1933

1939

19401941194219431944

19451946194719481949

1950195119521953 . .1954

19551956195719581959

19601961196219631964

19651966196719681969

1970197119721973.. _1974

1975

Total

121, 767

125, 579

130, 880

132, 122133, 402134, 860136, 739138, 397

139, 928141, 389144, 126146, 631149, 188

152, 271154, 878157, 553160, 184163, 026

165, 931168, 903171, 984174, 882177, 830

180, 671183, 691186, 538189, 242191, 889

194, 303196, 560198, 712200,706202, 677

204, 878207, 053208, 846210, 410211,894

213, 631

Under 5

11,734

10,612

10, 418

10, 57910, 85011,30112, 01612, 524

12, 97913, 24414, 40614, 91915, 607

16, 41017, 33317, 31217, 63818, 057

18, 56619, 00319, 49419, 88720, 175

20, 34120, 52220, 46920, 34220, 165

19, 82419, 20818,56317,91317, 376

17, 14817, 17716,98116,69416, 292

15,896

5-15

26, 800

26, 897

25, 179

24, 81124, 51624, 23124, 09323, 949

23, 90724, 10324, 46825, 20925, 852

26, 72127, 27928, 89430, 22731, 480

32, 68233, 99435, 27236, 44537, 368

38, 49439, 76541, 20541, 62642, 297

42, 93843, 70244, 24444,62244, 840

44, 77444, 44043,94943,22742, 537

41,977

16-19

9,127

9,302

9,822

9,8959,8409,7309,6079,561

9,3619,1199,0978,9528,788

8,5428,4468,4148,4608,637

8,7448,9169,1959,54310, 215

10,68311,02511, 18012, 00712, 736

13, 51614, 31114, 20014,45214, 800

15, 27415,63515,94716,31016, 590

16,803

Age (years)

20-24

10, 694

11,152

11, 519

11,69011, 80711,95512, 06412, 062

12, 03612, 00411,81411,79411,700

11,68011, 55211, 35011, 06210, 832

10,71410, 61610, 60310, 75610,969

11,13411, 48311,95912,71413, 269

13, 74614,05015, 24815,78616, 480

17, 18418,08918, 03318, 34518, 740

19,242

25-44

35, 862

37, 319

39, 354

39, 86840, 38340, 86141, 42042, 016

42, 52143, 02743, 65744, 28844, 916

45, 67246, 10346, 49546, 78647, 001

47, 194* 47, 379

47, 44047, 33747, 192

47, 14047, 08447,01346, 99446, 958

46, 91247, 00147, 19447,72148, 064

48, 43648,81150, 25651,41252, 594

53,760

45-64

21, 076

22, 933

25, 823

26, 24926, 71827, 19627, 67128, 138

28, 63029, 06429, 49829, 93130, 405

30, 84931, 36231, 88432, 39432, 942

33, 50634, 05734, 59135, 10935, 663

36, 20336, 72237,25537, 78238, 338

38, 91639, 53440, 19340,84641, 437

41,97442,41342, 78843,07743, 317

43, 551

65 andover

6,474

7,363

8,764

9,0319,2889,5849,86710, 147

10, 49410, 82811, 18511, 53811,921

12, 39712, 80313, 20313, 61714, 076

14,52514, 93815, 38815, 80616, 248

16,67517, 08917, 45717, 77818, 127

18, 45118,75519,07119,36519, 680

20,08720,48820,89321, 34621,824

22,400

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


195


TABLE B-22.—Noninstitutional population and the labor force, 1929-75

[Monthly data seasonally adjusted, except as noted]

Year or month

1929

1933

1939 . . .

19401941194219431944

194519461947

194719481949 . .

1950195119521953 2

1954

1955195619571958 . .1959

I9603

19611962 2

19631964 . . .

19651966196719681969

19701971197221973 » . .1974

1975

Nonin-stitu-tionalpopu-

lation 1

Totallaborforce

(includ-ing

ArmedForces)

ArmedForces i

Civilian labor force

Total

Employment

TotalAgri-cul-tural

Non-agri-cul-tural

Unem-ploy-ment

Thousands of persons 14 years of age and over

100,380101,520102,610103,660104,630

105,530106,520107,608

49,440

51,840

55, 600

56,18057,53060,38064,56066,040

65,30060,97061,758

260

250

370

5401,6203,9709,020

11,410

11,4403,4501,590

49, 180

51, 590

55,230

55,64055,91056,41055,54054,630

53,86057,52060, 168

47,630

38, 760

45, 750

47,52050,35053,75054,47053,960

52,82055, 25057,812

10,450

10, 090

9,610

9,5409,1009,2509,0808,950

8,5808,3208,256

37, 180

28, 670

36, 140

37,98041, 25044,50045,39045,010

44, 24046,93049,557

1,550

12, 830

9,480

8,1205,5602,6601,070

670

1,0402,2702,356


103,418104,527105,611

106,645107, 721108,823110, 601111,671

112,732113,811115,065116,363117,881

119,759121,343122,981125, 154127, 224

129,236131, 180133,319135,562137,841

140, 182142,596145,775148,263150, 827

153,449

60,94162,08062,903

63,85865,11765,73066,56066,993

68,07269,40969,72970,27570,921

72, 14273,03173, 44274,57175,830

77,17878,89380, 79382, 27284, 240

85,90386,92988,99191,04093,240

94,793

1,5911,4591,617

1,6503,1003,5923,5453,350

3,0492,8572,8002,6362,552

2,51425722,8282,7382,739

2,7233,1233,4463,5353,506

3,1882,8172,4492,3262,229

2,180

59,35060, 62161, 286

62,20862,01762, 13863,01563,643

65,02366,55266,92967,63968,369

69,62870,45970, 61471,83373,091

74,45575,77077,34778,73780,734

82, 71584,11386,54288,71491, Oil

92,613

57,03958,34457,649

58,92059,96260,25461, 18160,110

62,17163,80264,07163,03664,630

65,77865,74666,70267,76269,305

71,08872,89574,37275,92077,902

78,62779, 12081,70284,40985,936

84,783

7,8917,6297,656

7,1606,7266,5016,2616,206

6,4496,2835,9475,5865,565

5,4585,2004,9444,6874,523

4,3613,9793,8443,8173,606

3,4623,3873,4723,4523,492

3,380

49, 14850,71349,990

51,76053, 23953,75354,92253,903

55,72457,51758, 12357,45059,065

60, 31860,54661,75963, 07664,782

66,72668,91570,52772, 10374, 296

75, 16575,73278,23080,95782,443

81,403

2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,366-2,8752,9752,8172,832

4,0884,9934,8404,3045,076

7,830

Unem-ploy-mentrate

(percentof

civilianlaborforce)

Laborforce

partici-pationrate

(totallabor

force aspercentof non-institu-tionalpopu-lation)

Percent

3.2

24.9

17.2

14.69.94.71.91.2

1.93.93.9

3.93.85.9

5.33.33.02.95.5

4.44.14.36.85.5

5.56.75.55.75.2

4.53.83.83.63.5

4.95.95.64.95.6

8.5

56.056.758.862.363.1

61.957.257.4

58.959.459.6

59.960.460.460.260.0

60.461.060.660.460.2

60.260.259.759.659.6

59.760.160.660.761.1

61.361.061.061.461.8

61.8


196


TABLE B-22.—Noninstitutional population and the labor force, 1929-75—Continued

[Monthly data seasonally adjusted, except as noted]

Year or month

1974: Jan ....Feb.MarApr .. _MayJune

JulyAugSeptOctNovDec . .

1975: Jan.FebMarApr...MayJune

JulyAugSeptOctNovDec

Nonin-stitu-tionalpopu-

lation i

Totallaborforce

(includ-ing

ArmedForces)

ArmedForces 1

Civilian labor force

Total

Employment

TotalAgri-cul-tural

Non-agri-cul-tural

Unem-ploy-ment

Thousands of persons 16 years cf age and over

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

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

152, 230152, 445152, 646152, 840153,051153, 278

153, 585153, 824154, 052154,256154, 476154,700

92, 65992, 83792, 80092,71592, 98293, 206

93, 51993, 37793, 79193, 81093, 93993, 854

94, 15693, 72194, 07894, 44994, 95094, 747

95, 25095, 39795, 29895, 37795, 27395, 286

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

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

2,1932,1982,1982,1952,1812,178

2,1872,1852,1702,1642,1562,157

90, 40190, 57990, 54990, 47290,75390, 994

91,29991, 15791, 57491, 59691,72691,642

91,96391, 52391,88092, 25492, 76992, 569

93, 06393,21293, 12893,21393, 11793, 129

85, 86585, 94886, 03385, 99086, 15486, 167

86, 29286, 17086, 15586, 01285, 54985, 053

84, 66684, 16384,11084, 31384, 51984, 498

84, 96785, 28885, 15885, 15185, 17885, 394

3,7373,7353,6613,5763,5023,372

3,4253,4473,4603,4283,3853,338

3,3703,2523,2683,3013,5283,350

3,4393,4643,5123,4083,3013,236

82, 12882,21382, 37282,41482,65282, 795

82, 86782, 72382, 69582, 58482, 16481,715

81,29680,91180, 84281,01280, 99181, 148

81, 52881,82481, 64681,74381,87782, 158

,536,631,516,482,599,827

5,0074,9875,4195,5846,1776,589

7,2977,3607,7707,9418,2508,071

8,0967,9247,9708,0627,9397,735

Unem-ploy-mentrate

(percentof

civilianlaborforce)

5.05.15.05.05.15.3

5.55.55.96.D6.7 \7 . 2 J

7.98.08.58.68.98.7

8.78.58.68.618.5[8 .3 \

Laborforce

partici-pation

rate(totallabor

force aspercentof non-institu-tionalpopu-lation)

61.962.061.861.761.861.8

62.061.862.061.961.961.7

61.961.561.661.862.061.8

62.062.061.961.861.761.6

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

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

Note.—Labor force data in Tables B-22 through B-25 are based on household interviews and relate to the calendarweek including the 12th of the month. For definitions of terms, area samples used, historical comparability of the data,comparability with other series, etc., see "Employment and Earnings."

Source: Department of Labor, Bureau of Labor Statistics.

197


TABLE B-23/—Civilian employment and unemployment by sex and age, 1947-75

[Thousands of persons 16 years of age and over; monthly data seasonally adjusted]

Year ormonth

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

1950...1951...1952...19531..1954...

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

19601..1961...19621..1963...1964...

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

1970...1971...19721.19731..1974...

1975...

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

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

1975:Jan...Feb..Mar..Apr..May..June-

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

Employment

Total

57, 03958,34457, 649

58,92059,96260, 25461,18160, 110

62, 17163, 80264,07163, 03664,630

65, 77865, 74666,70267, 76269,305

71, 08872,89574,37275,92077,902

78,62779, 12081,70284,40985, 936

84, 783

85, 86585,94886, 03385,99086, 15486, 167

86, 29286, 17086, 15586, 01285, 54985, 053

84, 66684, 16384, 11084, 31384, 51984, 498

84, 96785, 28885, 15885, 15185, 17885, 394

Males

Total

40,99441,72640,926

41, 58041, 78041,68442,43141,620

42,62143,38043, 35742, 42343,466

43,90443, 65644, 17744, 65745,474

46,34046,91947,47948, 11448, 818

48, 96049, 24550,63051, 96352, 519

51,230

52, 88152, 75552, 67152, 57352, 76052, 606

52, 46452, 49252, 54252, 48152, 23751,815

51, 38751, 15150, 95251,04651, 19550,978

51, 28051, 44651, 33451, 30051, 32551, 390

16-19years

2,2182,3452,124

2,1862,1562,1062,1351,985

2,0952,1642,1172,0122,198

2,3602,3142,3622,4062,587

2,9183,2523,1863,2553,430

3,4073,4703,7504,0174,074

3,803

4,2074,1644,1544,1164,1354,075

4,0324,0214,0654,0563,9953,948

3,8493,8123,7943,7753,8593,728

3,7993,7913,8183,7873,8043,804

20yearsandover

38, 77639,38238, 803

39,39439,62639, 57840,29639,634

40, 52641,21641,23940,41141, 267

41, 54341, 34241,81542, 25142, 886

43,42243,66844, 29344, 85945, 388

45, 55345,77546.88047,94648, 445

47,427

48, 67448, 59148, 51748, 45748, 62548, 531

48, 43248, 47148, 47748, 42548, 24247, 867

47, 53847, 33947, 15847, 27147, 33647, 250

47, 48147, 65547, 51647, 51347, 52147, 586

Females

Total

16,04516,61816, 723

17, 34018, 18218, 57018,75018,490

19, 55020,42220, 71420,61321, 164

21,87422, 09022, 52523, 10523, 831

24,74825, 97626, 89327, 80729, 084

29,66729,87531.07232,44633, 417

33, 553

32, 98433, 19333, 36233, 41733, 39433, 561

33,82833, 67833, 61333, 53133, 31233, 238

33, 27933,01233, 15833, 26733, 32433, 520

33, 68733, 84233, 82433, 85133, 85334, 004

16-19years

1,6911,6831,588

1,5171,6111,6121,5841,490

1,5481,6541,6631,5701,640

1,7691,7931,8331,8491,929

2,1182,4692,4972,5252,686

2,7342,7252,9723,2193,329

3,243

3,3573,3763,3733,3433,2903,344

3,2473,3143,4083,3683,3193,246

3,2953,2203,1993,2243,2473,254

3,2343,2353,2733,2303,2343,249

20yearsandover

14, 35414, 93715, 137

15, 82416, 57016,95817, 16417, 000

18, 00218,76719,05219, 04319, 524

20, 10520, 29620, 69321,25721,903

22,63023, 51024, 39725, 28126,397

26,93327, 14928, 10029,22830, 088

30, 310

29, 62729, 81729, 98930, 07430, 10430, 217

30, 58130, 36430, 20530, 16329, 99329,992

29, 98429, 79229,95930, 04330,07730,266

30, 45330, 60730, 55130, 62130, 61930, 755

Unemployment

Total

2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,0884,9934,8404,3045,076

7,830

4,5364,6314,5164,4824,5994,827

5,0074,9875,4195,5846,1776,589

7,2977,3607,7707,9418,2508,071

8,0967,9247,9708,0627,9397,735

Males

Total

1,6921,5592,572

2,2391,2211,1851,2022,344

1,8541,7111,8413,0982,420

2,4862,9972,4232,4722,205

1,9141,5511,5081,4191,403

2,2352,7762.6352,2402,668

4,385

2,3402,4412,3442,3852,3912,522

2,5702,6552,8333,0443,2833,558

3,9014,0484,2614,4124,6374,608

4,6574,4724,6044,6454,5384,246

16-19years

270255352

318191205184310

274269299416398

425479407500487

479432448427441

599691707647749

957

677694694681710767

746705824803844852

942944952982970

1,057

1,015997912933883895

20yearsandover

1,4221,3052,219

1,9221,029980

1,0192,035

1,5801,4421,5412,6812,022

2,0602,5182,0161,9711,718

1,4351,1201,060993963

1,6362,0861,9281,5941,918

3,428

1,6631,7471,6501,7041,6811,755

1,8241,9502,0092,2412,4392,706

2,9593,1043,3093,4303,6673,551

3,6423,4753,6923,7123,6553,351

Females

Total

619717

1,065

1,049834698632

1,188

9981,0391,0181,5041,320

1,3661,7171,4881,5981,581

1,4521,3241,4681,3971,429

1,8532,2172,2052,0642,408

3,445

2,1962,1902,1722,0972,2082,305

2,4372,3322,5862,5402,8943,031

3,3963,3123,5093,5293,6133,463

3,4393,4523,3663,4173,4013,489

16-19years

144152223

195145140123191

176209197262256

286349313383386

395404391412412

506567595579660

795

631614617546632673

732593693730731733

823753809737842765

795832796802764829

20yearsandover

475564841

854689559510997

823832821

1,2421,063

1,0801,3681,1751,2161,195

1,056921

1,078985

1,016

1,3471,6501,6101,4851,748

2,649

1,5651,5761,555,551,576,632

,705,739,893,8102,1632,298

2,5732,5592,7002,7922,7712,698

2,6442,6202,5702,6152,6372,660

i See footnote 2, Table B-22.

Note.—See Note, Table B-22.


198


TABLE K-24.—Selected unemployment rates, 1948-75

(Percent»; monthly data seasonally adjusted]

Year or month

19481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974 . .1975

1974: JanFebMar

May"June

July....Aug.__ .Sept.—OctNov....Dec

1975: JanFebMarAprMayJune


Allwork-

ers

3.85.9

5.33.33.02.95.54.44.14.36.85.5

5.56.75.55.75.24.53.83.83.63.5

4.95.95.64.95.68.5

5.05.15.05.05.15.3

5.55.55.96.16.77.2

7.98.08.58.68.98.7

8.78.58.68.68.58.3

By sex and age

Bothsexes16 19years

9.213.4

12.28.28.57.6

12.611.011.111.615.914.6

14.716.814.717.216.214.812.812.812.712.2

15.216.916.214.516.019.9

14.714.814.814.115.316.3

16.915.016.917.117.718.1

19.819.420.119.720.320.7

20.520.719.419.819.019.6

Men20

yearsandover

3.25.4

4.72.52.42.54.93.83.43.66.24.7

4.75.74.64.53.93.22.52.32.22.1

3.54.44.03.23.86.7

3.33.53.33.43.33.5

3.63.94.04.44.85.4

5.96.26.66.87.27.0

7.16.87.27.27.16.6

Wom-en 20yearsandover

3.65.3

5.14.03.22.95.54.44.24.16.15.2

5.16.35.45.45.24.53.84.23.83.7

4.85.75.44.85.58.0

5.05.04.94.95.05.1

5.35.45.95.76.77.1

7.97.98.38.58.48.2

8.07.97.87.97.98.0

By color

White

3.55.6

4.93.12.82.75.03.93.63.86.14.8

4.96.04.95.04.64.13.43.43.23.1

4.55.45.04.35.07.8

.5

.5

.5

.4

.6

.8

4.95.05.45.56.16.5

7.37.37.87.98.38.0

8.17.87.88.07.87.6

Negroand

otherraces

5.98.9

9.05.35.44.59.98.78.37.9

12.610.7

10.212.410.910.89.68.17.37.46.76.4

8.29.9

10.08.99.9

13.9

9.09.29.18.79.19.2

9.99.59.8

11.011.712.5

13.013.313.814.114.214.0

13.414.314.414.313.913.8

By selected groups

Expe-riencedwageand

salarywork-

ers

4.36.8

6.03.73.33.26.24.84.44.67.25.7

5.76.85.65.55.04.33.53.63.43.3

4.85.75.34.55.38.2

4.74.94.74.84.95.1

5.2

I:?5.86.57.1

7.77.88.38.79.08.7

8.68.58.58.58.48.2

House-hold

heads

3.73.22.72.22.11.91.8

2.93.63.32.93.35.8

2.92.92.93.02.93.0

3.13.33.63.74.14.6

5.25.35.75.86.16.1

6.15.76.06.05.85.7

Mar-ried

men a

3.5

4.61.51.41.74.02.82.62.85.13.6

3.74.63.63.42.82.41.91.81.61.5

2.63.22.82.32.75.1

2.32.42.32.32.22.5

2.72.82.93.13.53.9

4.44.75.05.35.75.5

5.55.25.55.35.14.8

Full-time

work-ers*

5.4

5.02.62.5

5.23.83.74.07.2

6.7

5.54.94.23.53.43.13.1

4.55.55.14.35.18.1

4.54.54.54.54.54.7

5.05.05.45.76.36.7

7.57.68.08.38.58.4

8.58.18.48.58.37.9

Blue-collarwork-ers*

4.28.0

7.23.93.63.47.25.85.16.2

10.27.6

7.89.27.47.36.35.34.24.44.13.9

6.27.46.55.36.7

11.7

5.85.95.86.15.76.1

6.36.87.27.68.59.7

10.610.612.012.612.812.4

12.311.911.911.611.310.7

Laborforcetimelost s

5.'l5.38.16.6

6.78.06.76.45.85.04.24.24.03.9

5.36.46.05.26.19.1

5.65.55.45.55.65.6

5.86.06.56.77.37.9

8.78.79.39.49.78.9

8.98.99.19.49.38.9

_. r ... „.__,. ..-Jfied, except as noted.> Married men living with their wives. Data for 1949 and 1951-54 are for April; 1950, for March.> Data for 1949-61 are for May.«Includes craft and kindred workers, operatives, and nonfarm laborers. Data for 1948-57 are based on data for

January, April, July, and October.6 Aggregate hours lost by the unemployed and persons on part-time for economic reasons as a percent of potentially

available labor force hours.

Note.-See footnote 2 and Note, Table B-22.


199


TABLE B-25.—Unemployment by duration, 1947-75

[Monthly data seasonally adjusted *]

Year or month

194719481949

19501951195219531954

19551956195719581959 .

19601961196219631964

19651966196719681969

19701971197219731974

1975.. .

1974' JanFebMarAprMayJune

JulyAugSept" -OctNov -Dec

1975- JanFebMarApr - -MayJune

JulyAugSept . . -OctNovDec

Total un-employ-

ment

Duration of unemployment

Less than5 weeks

5-14weeks

15-26weeks

27 weeksand over


2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,0884,9934,8404,3045,076

7,830

4,5364,6314,5164,4824,5994,827

5,0074,9875,4195,5846,1776,589

7,2977,3607,7707,9418,2508,071

8,0967,9247,9708,0627,9397,735

1,2101,3001,756

1,450,177,135,142,605

,335,412,408,753,585

,719,806,663,751,697

,628,573,634,594,629

2,1372,2342,2232,1962,567

2,894

2,3772,3812,3782,3352,4482,411

2,5072,5712,6762,7582,9833,035

3,2672,8663,1652,9353,0812,733

2,8682,7582,8203,0152,6412,648

704669

1,194

1,055574516482

1,116

815805891

1,3961,114

1,1761,3761,1341,2311,117

983779893810827

1,2891,5781,4591,2961,572

2,452

1,3781,3621,3601,3961,3611,491

1,5341,4931,7121,7921,9892,197

2,5992,4842,5402,5902,5892,511

2,1412,4492,4442,4462,4692,244

234193428

425166148132495

366301321785469

503728534535491

404287271256242

427665597475563

1,290

464486497491500540

542572636668742832

9401,1071,2401,3411,4791,480

1,6001,4311,3521,2381,2861,413

164116256

3571378478

317

336232239667571

454804585553482

351239177156133

235517562337373

1,193

330331318342343355

370378378397439550

632721738937

,050,271

,354,447,582,481,718,667

Average(mean)

durationin weeks

8.610.0

12.19.78.48.0

11.8

13.011.310.513.914.4

12.815.614.714.013.3

11.810.48.88.47.9

8.711.312.010.09.7

14.1

9.69.69.59.89.59.7

9.99.89.69.99.8

10.3

10.811.711.412.813.315.3

15.115.516.215.616.917.0

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

Note.—See footnote 2 and Note, Table B-22.


200


TABLE B~26.—Unemployment insurance programs, selected data, 1946-75

Year ormonth

1946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974 p1975 p1974: Jan

Feb .Mar.._AprMay _June

July...Aug...SeptOctNovDec...

1975: JanFeb...Mar _.AprMay..June

July...Aug..Sept p.OctpN O V P .Decp.

All programs

Cov-eredem-ploy-

ment1

Insuredunem-ploy-ment

(weeklyaver-

age) 2 3

Thousands

31, 85633,87634,64633,098

34, 30836, 33437, 00638,07236, 62240, 01842, 75143,43644, 41145, 72846, 33446, 26647, 77648, 43449, 63751, 58054, 73956, 34257, 97759, 999

59, 52659, 37566,45869, 89771, 905

2,8041,7931,4462,474

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

2,0712,9941,946

7 1, 9731,7531,4501,1291,2701,1871,1772,0702,6082,1921,7932,5584,920

2,7392,8242,7512,5642,2782,1612,2902,1532,0812,2462,8253,9105,2135,7515,8865,6475,2024,892

4,9904,5904,2544,0444,1204,460

Totalbenefits

paid(mil-lions

of dol-lars) 2

2,878.51,785.51,328.72,269.8

1,467.6862.9

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

3, 022. 84, 358. 13, 145. 13, 025. 92,749.22,360.41,890.92,221.52,191.02,298.6

4, 209. 36,214.95,491.14,517.36,933.9

622.7599.3652.4639.3584.5472.4

541.6530.3463.6530.3571.0848.3

1,256.61,312.31,490.41, 539. 71,395.21,256.7

1, 406. 61,199.01,095.21,046.3

State programs

Insured un-employment

Unad-justed

Seasonally adjusted

Initial claims

" Unad-justed

Seasonally adjusted

Ex-haustions

Weekly average thousands

1,295997980

1,973

1,513969

1,044990

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

1,9082,2901,783

7 1, 8061,6051,3281,0611,2051,1111,101

1,8052,1501,8481,6322,2623,973

2,5612,6302,5022,2171,9341,8341,9891,8741,7831,9472,4993,550

4,7525,1085,0914,7754,2813,878

3,8713,4363,0772,9243,0453,409

1,9652,0452,0992,0992,0932,1032,1132,1322,2512,4782,8083,2913,6523,9554,2164,5224,6284,427

4,1283,8983,8853,7183,4293,193

189187200340236208215218304226227270369277

331350302

7298268232203226201200

296295261246363472.

446359293263237269340283274348480703795609510463401427480375340367402501

426382366294251272315272308338447552565546545525494487421443449439386375

38242037

3616181534252023503331463230262115171616

2539352937

323235383940414035343642

5058668492

104

10597847373

Insured unem-ployment as percent of covered

employment

Unad-justed

Seasonal lyacjusted

Percent

4.33.13.06.2

4.62.82.92.85.23.53.23.66.44.4

4.85.64.44.33.83.02.32.52.22.13.44.13.52.73.56.04.14.24.03.53.02.93.12.92.73.03.85.4

7.27.87.77.26.45.85.85.14.64.44.65.1

3.13.23.33.33.33.33.33.33.53.84.35.0

5.56.06.46.87.06.76.25.85.85.65.24.8

Benefits paid

Tntal(mil-

lions ofdol-

lars) ^

1,094.9775.1789.9

1,736.0

1, 373. 1840.4998.2962.2

2,026.91,350.31,380.71,733.93,512.72,279.0

2,726.73,422.72,675.42,774.72, 522. 12,166.01,771.32,092.32,031.62,127.9

3,848.54, 957. 04,471.04,007.65, 974. 9

570.8553.3593.9552.7486.4383.4459.1444.9381.0442.0485.0745.9

1,128.21,164.21, 290. 61,301.21, 145. 1

984.0

1,086.9881.3763.8734.2

Aver-age

weeklycheck(dol-lars)*

18.5017.8319.0320.48

20.7621.0922.7923.5824.9325.0427.0228.1730.5830.41

32.8733.8034.5635.2735.9237.1939.7541.2543.4346.1750.3453.2356.7659.0064.25

62.2863.3563.8563.6262.6962.5062.9364.1464.2365.2065.4967.22

67.8368.7369.0769.0869.3369.58

71.5870.9871.2272.18

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

2 Includes State, UCFE, RR, UCX, UCV (unemployment compensation for veterans, October 1952-January 1960), andSRA (Servicemen's Readjustment Act, September 1944-September 1951) programs. Also includes Federal and Stateextended benefit programs. Does not include FSB (Federal Supplemental Benefits) and SUA (Special UnemploymentAssistance) programs.' Covered workers who have completed at least 1 week of unemployment.< Annual data are net amounts and monthly data are gross amounts.5 Individuals receiving final payments in benefit year.6 For total unemployment only.7 Programs include Puerto Rican sugarcane workers for initial claims and insured unemployment beginning July 1963.8 Latest data available for all programs combined. Workers ccvered by State programs account for abcut 92 percent of

the total.

Source: Department of Labor, Employment and Training Administration.

201


TABLE B-27.—Wage and salarv workers in nonagricultural establishments, 1929-75

(All employees; thousands of persons; monthly data seasonally adjusted)

Year ormonth

1929

1933

1939

19401941.194219431944

19451946194719481949

19501951195219531954

1955195619571958 ...1959

19601961196219631964

19651966196719681969

19701971197219731974

1975 P

Totalwageand

salarywork-

ers

31, 339

23,711

30, 618

32, 37636, 55440, 12542, 45241, 883

40, 39441, 67443, 88144, 89143,778

45, 22247, 84948, 82550, 23249, 022

50,67552, 40852, 89451, 36353, 313

54, 23454,04255, 59656, 70258, 331

60, 81563, 95565, 85767, 95170,442

70,92071, 22273, 71476, 89678, 413

7,668

Manufacturing

Total

10, 702

7,397

10, 278

10, 98513, 19215,28017,60217, 328

15, 52414,70315, 54515, 58214, 441

15, 24116, 39316,63217, 54916, 314

16, 88217, 24317, 17415,94516,675

16, 79616, 32616, 85316, 99517, 274

18, 06219, 21419, 44719,78120, 167

19, 34918, 57219, 09020, 06820, 046

18,344

Dura-ble

goods

4,715

5,3636,9688,823

11,08410, 856

9,0747,7428,3858,3267,489

8,0949,0899,349

10, 1109,129

9,5419,8349,8568,8309,373

9,4599,0709,4809,6169,816

10, 40611, 28411,43911,62611,895

11, 19510, 59711,00611,83911,895

10,676

Non-dura-

blegoods

5,564

5,6226,2256,4586,5186,472

6,4506,9627,1597,2566,953

7,1477,3047,2847,4387,185

7,3407,4097,3197,1167,303

7,3367,2567,3737,3807,458

7,6567,9308,0088,1558,272

8,1547,9758,0848,2298,151

7,668

Min-ing

1,087

744

854

925957992925892

836862955994930

901929898866791

792822828751732

712672650635634

632627613606619

623609625644694

745

Con-tractcon-

struc-tion

1,497

809

1,150

1,2941,7902,1701,5671,094

1,1321,6611,9822,1692,165

2,3332,6032,6342,6232,612

2,8022,9992,9232,7782,960

2,8852,8162,9022,9633,050

3,1863,2753,2083,3063,525

3,5363,6393,8314,0153,957

3,455

Trans-porta-

tionandpub-

licutili-ties

3,916

2,672

2,936

3,0383,2743,4603,6473,829

3,9064,0614,1664,1894,001

4,0344,2264,2484,2904,084

4,1414,2444,2413,9764,011

4,0043,9033,9063,9033,951

4,0364,1514,2614,3114,435

4,5044,4574,5174,6444,696

4,499

Whole-saleand

retailtrade

6,123

4,755

6,426

6,7507,2107,1186,9827,058

7,3148,3768,9559,2729,264

9,3869,742

10,00410, 24710, 235

10, 53510, 85810, 88610, 75011,127

11,39111,33711, 56611,77812, 160

12,71613, 24513,60614, 09914, 704

15, 04015, 35215, 97516, 67417,017

16,950

Fi-nance,insur-ance,andreal

estate

1,509

1,295

1,462

1,5021,5491,5381,5021,476

1,4971,6971,7541,8291,857

1,9191,9912,0692,1462,234

2,3352,4292,4772,5192,594

2,6692,7312,8002,8772,957

3,0233,1003,2253,3813,562

3,6873,8023,9434,0914,208

4,222

Serv-ices

3,440

2,873

3,517

3,6813,9214,0844,1484,163

4,2414,7195,0505,2065,264

5,3825,5765,7305,8676,002

6,2746,5366,7496,8067,130

7,4237,6648,0288,3258,709

9,0879,551

10, 09910,62211,228

11,62111,90312, 39213, 02113,617

13,997

Government

Fed-eral

533

565

905

9961,3402.2132,9052,928

2,8082,2541,8921,8631,908

1,9282,3022,4202,3052,188

2,1872,2092,2172,1912,233

2,2702,2792,3402,3582,348

2,3782,5642,7192,7372,758

2,7312,6962,6842,6632,724

2,748

Stateandlocal

2,532

2,601

3,090

3,2063,3203,2703,1743,116

3,1373,3413,5823,7873,948

4,0984,0874,1884,3404,563

4,7275,0695,3995,6485,850

6,0836,3156,5506,8687,248

7,6968,2278,6799,1099,444

9,83010, 19210, 65611,07511,453

12,023


202


TABLE B-27.—Wage and salary workers in nonagricultural establishments, 1929-75—Continued

[All employees; thousands of persons; monthly data seasonally adjusted]

Year ormonth

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

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

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

July...Aug...Sept..Oct.__Nov...Dec...

1975: Jan...Feb...Mar...Apr...May..June..

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

Totalwageand

salarywork-

ers

75, 51675,91576, 15976, 36776, 56976, 878

76, 94077, 20777, 36677,67377, 97378,058

78,06878, 19678,23678,35178,48678,530

78,64878,73378,83078,79078,37477,723

77,31976,80476, 46876,46276,51076,343

76,67977,02377, 31077, 55577, 55877,798

Manufacturing

Total

19, 71719, 85119,92019,97520, 01020,085

20,06820, 11620, 13120,24520, 32420, 367

20,32420,22220, 18520,20920, 18920,201

20,20220,13420, 10419,97219,63819, 190

18,79818,37518,22618, 15518, 16218,100

18,08418,25418,41718,49318,47118, 551

Dura-ble

goods

11, 52211,63311,68611,73511,78811,844

11,86211,90711,92512, 00112,05812, 097

12,04711,96611,94711,99611,97512,004

12,02411,96211,94311,87011,65611,357

11,09910,81310,72810,63710,59510,527

10,46510,56310, 65010,66110,64310, 697

NnnPI On-dura-

blegoods

8,1958,2188,2348,2408,2228,241

8,2068,2098,2068,2448,2668,270

8,2778,2568,2388,2138,2148,197

8,1788,1728,1618,10279827,833

7,6997,5627,4987,5187,5677,573

7,6197,6917,7677,8327,8287,854

Min-ing

628629629630632637

644649651666665668

672674677685689692

698701708728722686

723724729732738741

743749752774767772

Pnni/on-tractcon-

struc-tion

3,8993,9403,9623,9553,9874,028

4,0594,0474,0704,04940644,080

4,0644,1164,0894,0494,0293,969

3,9133,9383,9023,8723,8263,770

3,7493,5923,4673,4413,4393,392

3,3953,4153,4323,4023,4033,389

Trans-porta-

tionandpub-

licutili-ties

4,5964,6044,6144,6274,6304,635

4,6394,6584,6704,6904,6864,682

4,7104,7214,7114,7074,7044,700

4,6954,7034,6834,6864,6834,659

4,6034,5654,5064,5084,4914,469

4,4644,4664,4674,4764,5014,481

Whnlownoie-saleandana

retailtrade

16, 38216,48616, 54116, 57316,62616,673

16,68916, 73916, 77616, 83616, 89416, 854

16,86416,87516,89816,93317,00917,038

17, 12317, 13517, 14317, 15417,05816,935

16,90316,87916,85116,84716,85716, 877

16,98417,01617,04517,04317, 02017,096

Fi-nance,insur-ance,andreal

estate

4,0184,0344,0494,0614,0724,081

4,0954,1144,1274,1364,1454,157

4,1724, 1864,1964,2024,2094,206

4,2064,2174,2244,2284,2264,229

4,2194,2104,2074,2094,2084,202

4,2034,2184,2394,2464,2484,259

Serv-ices

12, 72412, 78812, 82912, 88712,91912,985

13,02213, 10013, 16913, 20813, 28813, 310

13,31313,40013, 45313,48813,55913,608

13,65613,69613,76713, 79713,82213,833

13,85713,86513,86413,87813,88913,871

13,99014, 05014,11314, 15714, 18914, 251

Government

Fed-eral

2,6712,6612,6622,6602,6642,655

2,6262,6512,6592,6622,6712,682

2,6812,6962,6992,7052,7132,721

2,7302,7402,7462,74527422,738

2,7342,7332,7332,7312,7322,738

2,7452,7562,7652,7672,7612,758

Stateandlocal

10, 88110,92210, 95310,99911,02911,099

11,09811, 13311,11311, 18111,23611,258

11,26811,30611,32811,37311,38511,395

11,42511,46911,55311,60811,65711,683

11,73311,86111,88511,96111,99411,953

12,07112,09912,08012, 19712, 19812, 241

Note.—Data in Tables B-27 through B-29 are based on reports from employing establishments and relate to full- andpart-time wage and salary workers in nonagricultural establishments who worked during, or received pay for, any part ofthe pay period which includes the 12th of the month.

Not comparable with labor force data (Tables B-22 through B-25), which include proprietors, self-employed persons,domestic servants, and unpaid family workers; which count persons as employed when they are not at work becauseof industrial disputes, bad weather, etc.; and which are based on a sample of the working-age population, whereas theestimates in this table are based on reports from employing establishments.

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


203


TABLE B-28.—Average weekly hours and hourly earnings in selected private nonagriculturalindustries, 1947-75

[For production or nonsupervisory workers; monthly data seasonally adjusted]

Yearor

month

1947..19481949

19501951 . .195219531954

19551956195719581959

I9601961196219631964

19651966 .196719681969

19701971197219731974 .

1975 v

1974: JanFebMarApr . .MayJune

JulyAugSeptOctNov.. .Dec


JulyAugSept.....OctNovDec*

Average weekly hours

Totalprivatenonag-ricul-tural i

40.340.039.4

39.839.939.939.639.1

39.639.338.838.539.0

38.638.638.738.838.7

38.838.638.037.837.7

37.137.037.137.136.6

36.1

36.736.936.836.436.736.6

36.736.636.536.536.236.3

36.236.135.935.935.936.0

36.036.236.136.236.336.5

Manu-factur-

ing

40.440.039.1

40.540.640.740.539.6

40.740.439.839.240.3

39.739.840.440.540.7

41.241.340.640.740.6

39.839.940.640.740.0

39.4

40.540.440.439.340.340.2

40.240.139.940.039.539.4

39.238.838.939.139.039.3

39.439.739.839.839.940.3

Con-tractcon-

struc-tion

38.238.137.7

37.438.138.937.937.2

37.137.537.036.837.0

36.736.937.037.337.2

37.437.637.737.337.9

37.337.236.937.036.9

36.6

36.437.636.836.436.836.9

36.936.636.737.137.037.4

37.236.834.936.836.935.7

36.236.736.736.636.837.5

Retailtrade 2

40.340.240.4

40.440.439.839.139.2

39.038.638.138.138.2

38.037.637.437.337.0

36.635.935.334.734.2

33.833.733.733.332.7

32.4

32.933.032.933.132.932.7

32.632.632.532.432.532.5

32.432.332.532.332.532.4

32.232.332.232.332.532.4

Average gross hourly earnings,current dollars

Totalprivate

non-agri-cul-

tural i

$1. 1311.2251.275

1.3351.451.521.611.65

1.711.801.891.952.02

2.092.142.222.282.36

2.452.562.682.853.04

3.223.443.673.924.22

4.54

4.064.084.104.124.174.21

4.244.274.314.344.354.38

4.414.434.464.474.494.51

4.544.574.604.634.674.67

Manu-factur-

ing

$1. 2171.3281.378

1.4401.561.651.741.78

1.861.952.052.112.19

2.262.322.392.462.53

2.612.722.833.013.19

3.363.573.814.084.41

4.81

4.214.234.254.264.344.40

4.444.494.534.574.594.62

4.654.684.724.734.754.78

4.824.864.884.904.934.95

Con-tractcon-

struc-tion

$1. 5411.7131.792

1.8632.022.132.282.39

2.452.572.712.822.93

3.083.203.313.413.55

3.703.894.114.414.79

5.245.696.036.376.75

7.24

6.486.516.576.606.636.72

6.766.896.926.906.967.00

7.036.987.187.187.167.27

7.337.307.327.327.387.38

Retailtrade *

$0. 838.901.951

.983

.06

.09

.16

.20

.25

.30

.37

.42

.47

.52

.56

.63

.68

.75

.82

.912.012.162.30

2.442.572.702.873.09

3.33

2.982.983.013.003.083.09

3.123.143.153.183.183.20

3.233.263.273.293.313.32

3.343.373.383.413.423.41

Adjusted hourly earnings,total private nonagricultural 3

Index,1967=100

Cur-rentdol-lars

42.646.048.2

50.053.756.459.661.7

63.767.070.373.275.8

78.480.883.585.988.3

91.695.4

100.0106.3113.3

120.8129.4137.8146.6158.6

172.6

151.8152.8153.9154.7156.5158.5

159.2160.6162.0163.3164.2165.4

166.3167.8169.1169.4170.6172.2

173.1174.6175.2176.7178.0178.0

1967dol-lars *

63.763.867.5

69.369.070.974.476.6

79.482.383.484.586.8

88.490.292.293.795.1

97.098.1

100.0102.0103.2

103.9106.7110.0110.1107.4

107.1

108.4107.9107.5107.4107.6107.9

107.5107.2107.0106.8106.4106.4

106.3106.6107.2106.8107.1107.3

106.6107.4107.3107.5107.5107.0

Percentchange

frompreceding

period'

Cur-rentdol-lars

8.04.8

3.77.45.05.73.5

3.25.24.94.13.6

3.43.13.32.92.8

3.74.14.86.36.6

6.67.16.56.48.2

8.8

4.78.28.66.4

15.415.9

5.411.211.69.86.49.7

6.311.49.72.68.5

12.2

6.311.14.1

10.88.9.3

1967dol-lars

0.25.8

2.7-.42.84.93.0

3.73.71.31.32.7

1.82.02.21.61.5

2.01.11.92.01.2

.72.73.1.1

-2.5

-.3

-8.0-5.5-3.8-1.6

2.33.9

-4.8-3.0-3.0-1.3-4.8-.1

-1.54.36.1

-4.54.02.4

-7.38.9

-1.62.5

-5!4

i Also includes other private industry groups shown in Table B-27.* Includes eati ng and drinking places.* Adjusted for overtime (in manufacturing only) and for interindustry employment shifts.«Current dollar earnings index divided by the consumer price index.* Monthly data are annual rates, computed from indexes to two decimal places.

Note.—See Note, Table B-27.


204


TABLE B-29.—Average weekly earnings in selected private nonagricultural industries, 1947-75

[For production or nonsupervisory workers; monthly data seasonally adjusted]

Year or month

194719481949

195019511952 . ...19531954

19551956195719581959

I96019611962 . .1963 ......1964

19651966196719681969

19701971197219731974

1975 v

1974: Jan . .FebMarAprMay .June _ _ _ .JulyAugSeptOctNov . .Dec


JulyAugSeptOctNovDec*

Average gross weekly earnings

Total privatenonagricultural l

Currentdollars

$45.5849.0050.24

53.1357.8660.6563.7664.52

67.7270.7473.3375.0878.78

80.6782.6085.9188.4691.33

95.0698.82

101.84107.73114.61

119.46127. 28136. 16145. 43154. 45

163.89

149.00150. 55150.88149.97153.04154.09

155.61156.28157.32158. 41157.47158.99

159. 64159.92160. 11160.47161. 19162.36

163.44165.43166.06167.61169.52170.46

1967dollars >

$68. 1367.9670.36

73.6974.3776.2979.6080.15

84.4486.9086.9986.7090.24

90.9592.1994.8296.4798.31

100.59101.67101.84103.39104.38

102.72104. 93108.67109. 26104.57

101.67

106.40106.30105.46104. 15105.20104.96

105. 11104. 37103.85103.64102.07102. 26

102.02101.64101. 48101. 11101.21101. 16

100.67101.73101.65101.93102.39102.45

Manu-facturing

Contractconstruc-

tionRetailtrade »

Current dollars

$49. 1753.1253.88

58.3263.3467.1670.4770.49

75.7078.7881.5982.7188.26

89.7292.3496.5699.63

102.97

107. 53112.34114.90122.51129.51

133.73142. 44154.69166. 06176.40

189.51

170. 51170.89171.70167.42174.90176.88

178.49180.05180.75182. 80181.31182. 03

182. 28181.58183. 61184.94185.25187.85

189.91192.94194.22195.02196.71199.49

$58.8765.2767.56

69.6876.9682.8686.4188.91

90.9096.38

100. 27103.78108.41

113.04118.08122. 47127. 19132.06

138.38146.26154.95164.49181.54

195.45211.67222. 51235. 69249. 08

264.98

235.87244.78241.78240.24243.98247.97

249.44252. 17253.96255.99257.52261.80

261.52256.86250. 58264.22264. 20259. 54

265.35267.91268.64267.91271.58276.75

$33.7736.2238.42

39.7142.8243.3845.3647.04

48.7550.1852.2054.1056.15

57.7658.6660.9662.6664.75

66.6168.5770.9574.9578.66

82.4786.6190.9995.57

101. 04

107.89

98.0498.3499.0399.30

101.33101.04

101.71102.36102.38103. 03103.35104. 00

104.65105.30106.28106.27107. 58107.57

107.55108.85108.84110.14111.15110.48

Average spendable weekly earnings, totalprivate nonagricultural *

Amount

Currentdollars

$44.6448.5149.74

52.0455.7957.8760.3160.85

63.4165.8267.7169.1171.86

72.9674.4876.9978.5682.57

86.3088.6690.8695.2899.99

104.61112.41121. 09127. 41134.37

145.93

130. 16131.36131.61130.91133.28134.09

135.26135.78136. 58137.42136.70137.87

138.38138.59138.73139.00146.00146.91

147.76149. 31149.81151.02152.48153.20

1967dollars '

$66.7367.2869.66

72.1871.7172.7975.2975.59

79.0680.8680.3279.8082.31

82.2583.1384.9885.6788.88

91.3291.2190.8691.4491.07

89.9592.6796.6495.7390.97

90.53

92.9492.7591.9990.9191.6291.34

91.3790.6890.1689.9188.6188.67

88.4388.0887.9387.5891.6791.53

91.0191.8291.7091.8492.0992.08

Percent change frompreceding period 5

Currentdollars

8.72.5

4.67.23.74.2.9

4.23.82.92.14.0

1.52.13.42.05.1

4.52.72.54.94.9

4.67.57.75.25.5

8.6

«-3.411.62.3

-6.224.07.5

11.04.77.37.6

-6.110.8

«4.51.81.22.4

«7.97.7

7.213.34.1

10.112.25.8

1967dollars

0.83.5

3.6

T.53.4.4

4.62.3-.7-.63.1

-.11.12.2.8

3.7

2.7

-14.6

-.4

-1.23.04.3-.9

-5.0

-.5

« -15.0-2.4-9.4

-13.29.8

-3.6

.4-8.7-6.7-3.3

-16.0.8

• -3.2-4.6-2.0-4.7«2.9

-1.8

-6.611.2

-1.61.83.3-.1

1 Also includes other private industry groups shown in Table B-27.2 Earnings in current dollars divided by the consumer price index.* Includes eating and drinking places.4 Average gross weekly earnings less social security and income taxes for a worker with three dependents.* Monthly data are annual rates.«In annualizing the rates of change, the effect of the change in tax rates at the beginning of 1974 and 1975 and in May

1975 is taken into account separately.

Note.-See Note, Table B-27.


205

597-578 O - 76 - 14


TABLE B-30.—Producthity and related data, private economy, 1947-75

[1967=100; quarterly data seasonally adjusted]

Year or quarter

194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

1975 »

1973: 1I II I IIV

1974: 1II ...I l lIV ....

1975: 1I II I IIV P

Output *

Totalprivate

46.748.948.8

53.456.758.561.160.3

64.966.367.367.071.5

73 074.679 182.486.9

92.397.8

100.0104.5107.2

106.8110.2117.4124.3121.5

118.5

123.6123.7124.6125.0

123 3122.5121.6118.7

115.6116.5120.1121.9

Privatenon-farm

45.547.647.5

52.155.657.460.059.1

63.765.266.465.970.7

72.173.778.481.886.5

92.097.8

100.0104.7107.5

106.9110.2117.7124.7122.0

118.5

123.9124.2125.3125.3

123.9123.0122.2119.1

115.5116.7120.0121.8

Hours of allpersons2

Totalprivate

89.389.886.9

88.190.690.791.688.6

92.293.892.588.791.8

92.591.192 693.294.6

97.599.7

100.0101.7104.3

102.8102.4105.6109.3109.6

105.5

108.1109.3110.0110.5

110.4110.3110.1108.5

105.3104.6105.3106.6

Privatenon-farm

78.479.576.5

79.182.583.385.382.5

86.188.488.084.788.0

89.188.190.091.193.0

96.499.5

100.0102.0105.2

104.0103.6107.0111.1111.5

107.2

109.9111.1111.8112.4

111.9112.2112.1110.3

107.2106.3106.8108.5

Output perhour of all

persons

Totalprivate

52.354.556.2

60 662.664.566.768.0

70.470.772.875.677.9

79.081.985.588.491.9

94.698.0

100.0102.7102.8

103.9107.7111.2113.7110.8

112.3

114.4113.2113.3113.2

111.7111.0110.5109.4

109.8111.4114.0114.3

Privatenon-farm

58.159.962.0

65.867.468.970.371.6

74.073.875.577.880.3

80.983.787.189.893.0

95.498.4

100.0102.6102.2

1C2.8106.4110.0112.2109.5

110.5

112.8111.7112.0111.6

110.7109.7109.0108.0

107.7109.8112.3112.2

Compensationper hour 3

Totalprivate

35.839.039.7

42.346.449.452.654.3

55.659.263.065.868.9

71.674.377.880.785.1

88.594.7

100.0107.7115.4

123.6132.1140.0151.4165.8

180.9

147.6149.5152.1155.5

158.4163.4168.2172.1

176.6179.3182.3185.6

Privatenon-farm

38.041.442.7

45.049.051.754.656.4

58.361.865.367.770.8

73.676.179.382.186.0

89.194.6

100.0107.4114.6

122.4130.7138.8149.6163.9

178.5

145.7147.7150.4153.8

157.0161.5165.9170.2

173.9176.8180.6183.3

Uni t laborcosts

Totalprivate

68.571.570.6

69.974.276.678.879.8

79.083.786.587.088.4

90.690.791.091.392.6

93.596.6

100.0104.8112.3

119.0122.6125.9133.2149.6

161.1

129.1132.1139.2137.4

141.8147.1152.2157.3

160.9161.0159.8162.4

Privatenon-farm

65.469.168.8

68.372.775.077.778.7

78.883.786.587. C88.2

91.091.091.091.492.5

93.496.2

100.0104.7112.1

119.0122.9126.2133.4149.7

161.6

129.1132.2134.2137.8

141.9147.2152.2157.6

161.5161.0160.8163.3

Impl ic i t pricedeflator*

Totalprivate

65.269.668.9

70.075.276.177.077.9

79.181.684.385.587.1

88.589.190 591.592.5

94.497.3

100.0104.1109.2

114.3119.6123.8130.8143.4

156.7

127.2129.4131.8134.6

137.5141.0145.4150.1

153.5155.1157.8160.3

Privatenon-farm

62.666.767.3

68.573.174.476.177.3

78.981.484.385.187.0

88.489.190.491.692.7

94.397.0

100.0104.1109.1

114.4119.8123.5128.6141.6

155.6

125.9127.5129.1132.0

134.7139.6144.0148.6

152.8154.1156.4159.0

1 Output refers to gross domestic product originating in the sector in 1972 dollars.2 Hours of all persons in private industry engaged in production, including hours of proprietors and unpaid family

workers. Estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also

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


206


TABLE B-31.—Changes in productivity and related data, private economy, 1948-75

(Percent change from preceding period; quarterly data at seasonally adjusted annual rates]

Year or quarter

19481949

195019511952 . .. .19531954

19551956195719581959

19601961 . . .196219631964

19651966196719681969

19701971197219731974

1975*

1973: |III I IIV

1974:1I II l lIV

1975:1I II l lIV*.—

Output i

Totalrivate

4.7-.3

9.56.23.14.6

-1.4

7.72.11.6-.56.7

2.12.26.14.25.5

6.25.92.34.52.6

-.43.26.55.9

-2.2

-2.5

10.033.01.3

-5.6-2.5-2.9-9.1

-10.23.2

13.16.1

rivatenon-farm

4.5-.3

9.76.83.24.6

-1.6

7.92.21.9

7.3

2.02.36.44.35.8

6.36.42.24.72.7

-.53.16.85.9

-2.1

-2.9

9.1

3.7.1

-2'. 6-2.7-9.7

-11.74.4

11.76.2

Hours ofall persons 2

Totalrivate

0.5-3.2

1.52.8.1

1.1-3.3

4.01.7

-1.3-4.1

3.5

.8-1.5

1.6.7

1.5

3.12.2

l'.72.5

-1.4-.53.13.6

-3.7

5.04.52.71.7

__ F

— . I

-.9-5.6

-ii.;~2'.9

5.1

rivatenon-farm

1.3-3.7

3.44.3.9

2.4-3.3

4.42.6

- 3*. 73.9

1.3-1.1

2.11.22.1

3.63.2.5

2.03.1

-1.1

1'.33.8.3

-3.8

6.14.52.61.8

-1.6l.(

-6J

-10.9-3.4

2.16.6

utput per hourof all persons

Totalrivate

4.13.0

7.93.33.03.52.0

3.5.4

3.03.83.1

1.33.84.43.53.9

3.03.62.02.7.1

1.13.73.22.2

-2.5

1.3

4.8-4.1

.3-.4

-5.1-2.3-2.0-3.7

1.26.09.91.0

Privatenon-farm

3.13.6

6.12.42.22.11.8

3.4

"2! 33.13.2

3'. 44.13.13.6

2.63.11.72.6

.63.43.42.0

-2.4

.9

2.8-3.6

1.1-1.7

-3.1-3.6-2.4-3.8

_ <jsic9.4

Compensationper hours

Totalrivate

8.71.8

6.79.86.36.53.3

2.46.46.54.44.8

3.83.84.73.85.4

4.07.05.67.77.2

7.16.86.08.29.5

9.1

13.65.26.99.4

7.713.112.49.7

10.76.46.77.5

Privatenon-farm

8.93.1

5.58.85.55.73.2

3.55.95.73.74.6

3.93.34.23.64.8

3.66.25.77.46.7

6.86.86.27.89.5

8.9

11.45.97.39.3

8.811.811.610.7

9.16.88.76.1

Unit laborcosts

Totalprivate

4.4-1.2

-1.16.33.22.91.3

-1.06.03.4.5

1.6

2.5.1

'.31.4

1.03.33.54.87.1

6.03.12.75.8

12.3

7.7

8.49.76.69.8

13.615.814.713.9

9.4.4

-2.96.5

Privatenon-farm

5.6

-.66.33.23.61.3

6*. 23.4.6

1.3

3.2-.1

.0

.51.2

1.03.03.94.77.1

6.13.32.75.7

12.2

8.0

8.49.96.2

11.2

12.315.914.315.0

10.1-1.1

6!5

Implicit pricedeflator <

Totalprivate

6.8-.9

1.57.51.21.21.2

1.63.13.41.31.9

1.5.7

1.61.11.1

2.03.12.84.14.9

4.74.63.55.69.7

9.3

6.27.37.68.6

8.910.613.113.8

9.14.27.46.3

Privatenon-farm

6.61.0

1.76.81.72.21.6

2.13.23.51.02.2

1.6.8

1.51.31.3

1.72.83.14.14.7

4.94.73.14.2

10.1

9.9

4.25.15.19.3

8.515.213.213.4

11.93.56.26.9

1 Output refers to gross domestic product originating in the sector in 1972 dollars.2 Hours of all persons in private industry engaged in production, including hours of proprietors and unpaid family workers.

Estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also

includes an estimate of wages, salaries, and supplemental payments for the self-employed.< Current dollar gross domestic product divided by constant dollar gross domestic product.Note.—Percent changes are based on original data and therefore may differ slightly from percent changes based on

indexes in Table B-30.


207


PRODUCTION AND BUSINESS ACTIVITY

TABLE E-32.—Industrial production indexes, major industry divisions, 1929-75

[1967=100; monthly data seasonally adjusted]

Year or monthTotal

industrialproduction

Manufacturing

Total Durable NondurableMining Utilities

1929 21.6

1933 13.7

1939 21.7

1940 25.01941 31.61942 36.31943 44.01944 47.41945 40.61946.... 35.01947 39.41948 41.01949 38.8

1950 44.91951 48.71952 50.61953 54.81954..... 51.91955 58.51956 61.11957 61.91958 57.91959 64.8

1960 66.21961 66.71962 72.21963 76.51964 81.71965 89.21966 97.91967 100.01968 105.71969 110.7

1970 106.61971 106.81972. 115.21973 _ 125.61974 124.81975 *_ 113.8

1974: Jan 125.4Feb 124.6Mar 124.7Apr 124.9May , 125.7June 125.8

July 125.5Aug 125.2Sept 125.6Oct 124.8Nov 121.Dec 117.4

1975: Jan 113.Feb _ 111.2Mar 110.0Apr 109.9May 110.June 111.1

July 112.Aug 114.Sept 116.Oct 116.Nov* 117.Dec* 118.

22.8

14.0

21.5

25.432.437.847.050.942.635.339.440.938.7

45.048.650.655.151.558.260.561.256.964.1

65.465.671.475.881.289.198.3

100.0105.7110.5

105.2105.2114.0125.1124.4112.2

125.3124.5124.6124.8125.7125.6

125.2125.2125.5124.6120.9116.1

111.8109.3107.7107.9108.2109.5

110.6112.8114.7115.6116.3117.5

22.6

9.1

17.8

23.731.640.154.560.245.531.837.939.535.9

43.749.252.259.052.059.561.561.954.262.2

63.362.169.073.579.088.599.0

100.0105.5110.0

101.499.4

108.4122.0120.7105.9

121.0119.4120.4120.7122.1122.1

121.6121.6122.1121.6117.9112.2

108.2104.8103.5103.3102.5103.2

103.4105.4107.0107."108.0109.3

23.0

19.7

25.9

27.232.934.33«.738.238.139.340.942.241.5

46.247.848.750.751.056.659.560.561.067.0

68.670.775.179.284.490.097.3

100.0106.0111.1

110.6113.5122.1129.7129.7121.3

131.4131.5131.0130.4130.9130.7

130.8130.4130.5128.9125.4121.9

117.2115.6113.7114.8116.2118.6

120.8123.4125.7127.012*. 3129.5

44.4

31.5

43.4

48.251.252.854.057.956.855.863.166.358.8

65.772.171.573.471.980.284.484.577.581.1

82.783.285.689.091.193.998.4

100.0103.9107.2

109.7107.0108.8110.3109.3106.4

109.9111.7112.2111.3111.0110.2

110.2107.3109.2110.5105.0104.4

107.0108.6108.9108.5105.9106.3

106.4105.0105.3105.8105.4103.7

7.2

6.5

10.4

11.513.014.616.117.117.418.119.621.923.3

26.530.332.835.638.342.847.050.252.557.8

61.865.370.275.181.986.993.6

100.0109.4119.5

128.3133.9143.4152.6149.9154.6

144.9146.1146.5148.7149.1150.6

152.4152.7153.1151.2152.3152.6

152.1150.9154.1153.1152.3152.6

153.9156.6154.1156.6156.0157.9


208


TABLE B—33.—Industrial production indexes, market groupings, 1947—75

[1967 = 100; monthly data seasonally adjusted]

Year ormonth

194719481949 .

1950195119521953 .. .1954

19551956195719581959 ...

1960 ..1961.1962 .19631964 .

19651966 ..19671968 ..1969

1970197119721973 ..1974 .

1975 P.

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

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

1975: Jan..Feb..Mar..Apr..May..June.

July-

Sept"..

NovTDec v.

Totalindus-trialpro-duc-tion

39.441.038.8

44.948.750.654.851.9

58.561.161.957.964.8

66.266.772.276.581.7

89.297.9

100.0105.7110.7

106.6106.8115.2125.6124.8

113.8

125.4124.6124.7124.9125.7125.8

125.5125.2125.6124.8121.7117.4

113.7111.2110.1109.9110.0111.1

112.2114.2116.2116.7117.3118.5

Final products

Total

38.339.738.5

43.446.850.353.750.8

54.958.259.957.162.7

64.865.370.874.979.6

86.896.1

100.0105.8109.0

104.5104.7111.9121.3121.7

115.5

121.3120.6121.0120.7122.4122.5

122.8122.1122.6122.3120.9118.2

114.9113.4112.2112.6113.7114.5

115.7115.9116.9116.9117.6118.6

Consumer goods 1

Total

42.744.043.8

50.049.550.653.753.3

59.561.763.262.668.7

71.372.877.782.086.8

93.098.6

100.0106.6111.1

110.3115.7123.6131.7128.8

124.0

129.2128.3128.5128.5129.6130.3

130.0129.8128.8128.2126.3123.4

120.1118.9118.2119.7121.2123.3

125.5125.7126.8127.2128.3129.6

Auto-motiveprod-ucts

47.850.049.6

62.455.249.762.858.4

77.763.966.953.266.8

76.469.884.592.596.8

112.3108.8100.0117.9117.4

99.9119.5127.7136.6110.0

99.0

108.0106.6108.0113.8116.1117.3

113.5114.9111.6114.7102.187.5

80.378.286.893.697.6

103.4

106.9105.9106.7108.9109.2110.2

Homegoods

39.140.837.7

52.044.844.850.746.8

55.258.156.853.661.6

62.063.969.474.981.7

91.4100.7100.0106.9111.6

107.6112.6124.5140.1138.0

120.2

139.6137.5140.1140.6142.4142.7

141.8141.2139.0133.2129.7123.0

117.5114.0112.3115.9117.8118.8

121.0121.9125.0123.4123.9125.6

Equipment

Total

29.731.227.9

30.242.150.554.747.9

48.953.755.950.054.9

56.455.661.965.670.1

78.793.0

100.0104.7106.1

96.389.495.5

106.7111.7

103.6

109.8109.9110.1110.1112.2112.0

113.0111.4113.8114.0113.2110.7

107.8105.3103.9103.01C2.9102.2

102.2102.3102.8102.6102.7103.3

Busi-ness

38.039.534.5

37.045.251.253.246.8

50.758.761.051.557.9

59.457.762.765.874.7

84.498.8

100.0103.4107.9

101.496.8

106.1122.6129.4

116.6

126.8127.3127.6127.9130.3130.2

131.3128.8132.3132.0131.0127.1

122.3119.3117.0115.4115.0113.9

113.9114.9115.6115.5116.2117.2

Inter-mediate

prod-ucts

42.544.942.6

49.652.051.755.355.1

62.665.365.363.970.5

71.072.476.981.187.3

93.099.2

100.0105.7112.0

111.7112.5121.1131.0128.3

116.3

129.2129.1128.1129.4129.2128.9

127.8128.6127.6125.3123.0120.5

117.6115.1112.7113.4112.4112.8

114.3115.4116.6117.2118.4120.0

Materials 2

Total

39.741.437.8

45.250.050.756.352.0

61.563.163.156.865.5

66.466.472.477.082.6

91.099.8

100.0105.7112.4

107.7107.4117.4129.3127.4

110.7

129.7128.3128.9128.7129.1128.8

128.0128.5129.3128.1122.1114.8

110.5107.4105.9105.2104.91C6.0

106.8111.5115.1116.4116.7117.9

Dura-ble

goods

39.140.236.0

45.351.652.761.553.1

65.065.265.154.865.3

66.164.671.876.682.7

93.0103.0100.0105.0112.2

103.2101.7113.5130.0127.3

106.7

129.8127.3127.2127.3128.3127.6

1?5.8128.1129.2129.3123.5114.2

110.31C7.0104.7101.6100.299.8

100.3106.1108.7110.4111.0113.1

Non-dura-

blegoods

38.840.937.8

43.647.147.350.250.3

56.959.559.358.165.0

65.968.272.977.182.1

88.596.3

100.0106.9112.8

112.5114.1122.5129.2128.5

114.9

131.1131.1131.9131.9130.9131.3

131.1130.4129.3126.8122.1116.2

109.2105.7105.3107.9109.5112.3

114.0118.3123.4124.4124.5125.6

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


209


TABLE B-34.—Industrial production indexes, selected manufactures, 1947-75

11967=100; monthly data seasonally adjusted]

Year ormonth

194719481949 .

19501951195219531954

19551956195719581959

19601961196219631964

19651966 .196719681969

1970197119721973..1974..

1975 P




JulyAugSeptOctN O V PDec?

Durable manufactures

Pri-mary

metals

64.867.456.7

71.477.770.980.465.0

84.584.080.463.874.5

74.272.978.284.395.7

104.0108.8100.0103.2114.1

106.9100.9113.1127.0124.1

98.2

129.5125.0125.3124.0124.6124.7

123.2121.9123.0126.0121.0108.6

107.2102.198.195.089.991.8

92.896.597.298.0

101.0102.6

Fabri-catedmetalprod-ucts

50.251.146.1

56.560.458.966.559.9

68.369.371.163.771.5

71.669.875.978.483.3

92.6100.5100.0106.3113.6

109.4107.4114.8130.5131.4

114,7

131.4130.6131.6131.3131.9132.5

131.1131.6132.0129.6128.2124.1

118.2113.7112.9112.4110.9110.9

109.7112.7116.1115.9116.2117.4

Ma-chinery

41.7

46.752.252.045.453.9

56.257.164.867.974.3

84.198.6

100.0101.9106.8

100.396.2

107.5125.8128.1

112.9

128.6127.2128.4128.2129.7130.4

129.9130.5132.5131.1128.9124.8

119.6115.6112.2110.8109.0108.2

108.4110.0111.7112.9113.6114.8

Trans-porta-

tionequip-ment

31.033.934.0

40.745.452.866.257.6

66.364.368.954.361.5

63.759.969.375.979.6

91.3101.2100.0109.7107.6

90.492.999.0

109.196.9

88.4

95.793.995.097.8

100.699.4

98.799.9

100.4102.193.783.6

78.977.181.084.787.690.5

91.092.994.394.794.195.9

Instru-ments

24.525.222.5

26.130.035.739.239.6

44.248.550.747.755.2

57.857.359.866.471.3

82.995.3

100.0106.7116.1

110.8108.5120.2138.3143.9

133.7

143.0142.8142.8143.8146.1147.5

146.7146.7144.9142.0142.3139.5

139.1134.2130.6131.1129.7131.0

132.4132.1134.5134.7137.2137.9

Ord-nance,private

andgov-ern-ment

7.89.09.2

11.442.252.063 248.4

36.131.835.944.446.1

46.439.245.051.650.7

60.575.1

100.0113.7111.6

95.386.186.085.786.1

85.2

85.284.284.984.386.186.4

87.287.187.587.286.686.6

86.286.986.786.786.787.7

86.484.384.283.981.680.9

Lum-ber,clay,and

glass

64.7

73.875.973.371.482.2

78.579.784.388.994.0

98.7102.6100.0105.6111.1

106.3111.5120.0129.1123.6

109.4

129.7127.4128.1128.9128.0126.4

125.5123.4120.6117.8113.7111.0

109.6104.6102.6104.810 \ 9107.0

108.2110.6113.1114.31W.1114.7

Furni-tureand

miscel-laneous

53.7

65.868.767.162.168.7

69.770.676.179.584.7

93.8100.8100.0106.2111.6

108.8111.7122.7135.1136.1

121.6

133.4135.2136.8136.8138.9138.5

139.7140.1138.8136.7

J29.0128.4

120.0119.6118.7117.6119.7120.1

121.1123.1124.3124.6122.9125.2

Nondurable manufactures

Tex-tiles,

apparel,and

leather

65.7

73.475.173.471.879.6

79.280.284.386.991.9

97.8101.7100.0104.9105.9

100.2100.7108.1115.0108.9

97.8

116.2115.3112.4109.3109.8108.5

108.1107.4106.5105.1101.996.3

88.989.687.590.493.294.9

97.4100.2104.0106.0107.6109.5

Paperand

print-ing

52.2

57.861.562.261.567.0

69.271.074.378.484.5

90.598.9

100.0104.2109.1

107.8107.8116.1122.2121.0

109.6

121.7122.2122.5121.2121.3122.3

122.4121.0122.7120.8115.7112.3

108.2106.6104.2102.4103.9107.3

107.4110.8113.9114.6114.9116.3

Chem-icals,petro-leum,and

rubber

35.4

41.243.545.846.553.8

55.658.364.570.075.9

83.894.1

100.0109.6118.4

118.2124.7137.8149.3151.7

140.3

151.5151.2151.2153.5153.0153.8

153.9154.4154.7152.4146.5141.6

136.5132.4130.2131.0132.4136.2

140.1143.6146.2148.3149.7151.1

Foodsand

tobtcco

63.2

66.670.371.573.677.2

79.281.584.087.090.6

92.697.0

100.0103.6107.5

110.8113.7117.6121.9124.8

124.4

125.4126.2125.3124.3126.5125.3

124.8124.8124.3123.7123.8123.5

121.1121.3120.0122.5122.4123.5

124.8125.2126.0126.1127.5127.9


210


TABLE B-35.—Capacity utilization rate in manufacturing, 1947-75

[Percent; quarterly data seasonally adjusted]

Year orquarter

194719481949

19501951195219531954

19551956195719581959

19601961196219631964

196519661967 . ..19681969

1970...197119721973...1974

1970: 1II....III...IV....

1971: 1II....III...IV....

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

1973: 1II.-.III...IV....

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

1975: IP...II P...Illp-

FRB series l

Totalmanu-fac-

turing

92.782.7

92.095.192.895.584.1

90.088.284.575.181.4

80.177.681.483.085.5

88.991.987.987.786.5

78.375.078.683.078.9

80.879.878.374.2

75.075.674.774.6

75.677.979.481.5

82.883.383.382.6

80.580.179.475.7

68.267.069.0

Primaryproc-essing

98.183.8

97.8100.191.294.3~82.9

93.790.785.275.282.7

79.978.281.884.087.9

91.192.185.786.888.5

81.579.384.689.784.4

83.582.481.778.5

79.481.178.078.6

80.883.585.988.3

89.690.190.089.0

87.386.385.179.0

68.967.270.6

Ad-vancedproc-essing

89.882.1

88.892.593.796.184.7

88.086.984.175.080.7

80.377.381.182.584.2

87.891.889.188.185.4

76.572.775.479.476.0

79.378.476.571.9

72.772.772.972.4

72.974.975.977.8

79.179.779.779.2

76.976.876.373.9

67.966.968.2

Commerce series a

Totalmanu-fac-

turing

8686848585

8180838683

82827980

80818080

82828385

86868585

84848478

757579

Dur-ablegoods

8887838484

7878828582

79817578

78797778

80818285

86868584

83848476

747378

Non-dur-ablegoods

8586858686

8383858684

85838382

83848482

84848585

86868686

85858480

767880

Pri-mary-proc-essedgoods

8988878687

8382858985

84828282

82838081

82838588

88898989

87878679

757378

Ad-vanced-proc-essedgoods

-j

8585838484

7980828482

80817779

79808079

82818284

85858382

83838377

757679

Wharton series 3

Totalmanu-fac-

turing

95.292.481.3

89.590.688.592.382.9

90.889.886.575.982.2

80.577.781.282.885.7

90.695.892.794.595.6

87.985.389.695.891.3

90.389.688.383.3

85.285.885.085.0

86.388.790.593.0

95.096.196.495.8

92.992.892.187.5

78.377.279.6

Dur-ablegoods

94.590.275.2

85.387.786.292.979.4

89.287.884.970.178.0

76.872.978.080.183.8

90.596.892.494.195.2

85.281.786.895.390.4

88.087.686.179.0

81.982.781.281.0

82.585.687.791.3

93.995.796.095.5

91.592.091.586.6

76.474.776.3

Non-dur-ablegoods

96.195.189.1

95.194.591.891.487.9

93.292.789.084.788.4

86.284.886.086.788.7

90.994.393.195.296.3

92.190.994.296.792.9

93.792.891.790.1

90.490.891.091.2

92.293.794.995.8

96.796.697.096.3

95.294.193.288.9

81.581.385.1

1 For description of the series, see Federal Reserve Bulletin, October 1971 and November 196602 Quarterly data are for last month in quarter. Annual data are averages of the four indexes, except for 1985 (December

index) and 1966-67 (averages of June and December indexes). For descri ption of the series, see Survey of Current Business'July 1974.

3 Annual data are averages of quarterly indexes. For description of the series, see F. Gerard Adams and Robert Sum-mers, "The Wharton Index of Capacity Utilization: A Ten Year Perspective," 1973 Proceedings of the Business and Eco-nomic Statistics Section, American Statistical Association.

Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau of Economic Analysis),and Wharton School of Finance.

211


TABLE B*-36.—New construction activity, 1929-75

[Value put in place, billions of dollars; monthly data at seasonally adjusted annual rates]

Year or month

1929

1933

1939

1940. . ..19411942. ..19431944

19451946New series

1947 . ..19481949

1950 ..19511952 .19531954 .

1955 ..19561957 ..1958...1959

1960 .19611962 .19631964

19651966196719681969 -

1970 -1971197219731974

1975 «

Totalnewcon-

struc-tion

10.8

2.9

8.2

8.712.014.18.35.3

5.814.3

20.026.126.7

33.635.436.839.141.4

46.547.649.150.055.4

54.756.460.264.867.7

73.776.478.187.193.9

94.9110.0124.1136.0135.5

130.8

Private construction

Total

8.3

1.2

4.4

5.16.23.42.02.2

3.412.1

16.721.420.5

26.726.226.027.929.7

34.834.935.134.639.3

38.939.342.345.547.3

51.752.452.559.566.0

66.880.193.9

103.497.1

89.9

Residentialbuildings^

Total >

3.6

.5

2.7

3.03.51.7.9.8

1.36.2

9.913.112.4

18.115.915.816.618.2

21.920.219.019.824.3

23.023.125.227.928.0

27.925.725.630.633.2

31.943.354.357.647.0

42.9

Newhous-

ingunits

3.0

.3

2.3

2.63.01.4

!e.7

4.8

7.810.510.0

15.613.212.913.414.9

18.216.114.715.419.2

17.317.119.421.721.8

21.719.419.024.025.9

24.335.144.947.937.3

31.3

Nonresidential buildings and otherconstruction *

Total

4.7

.8

1.7

2.12.71.71.11.4

2.15.8

6.98.28.0

8.610.310.211.311.5

12.914.716.114.815.1

15.916.217.217.619.3

23.826.727.028.932.8

34.936.839.645.850.0

46.9

Com-mer-cial'

1.1

.1

.3

.3

.4

.2

.0

.1

.21.2

1.01.41.2

1.41.51.11.82.2

3.23.63.63.63.9

4.24.75.15.05.4

7.89.4

9.811.613.515.515.9

12.8

In-dus-trial

0.9

.2

.3

.4

.8

.3

'.2

.61.7

1.71.41.0

1.12.12.32.22.0

2.43.13.62.42.1

2.92.82.82.93.6

6.06.8

6.65.44.76.27.9

7.8

Other*

2.6

.5

1.2

1.31.51.2.9

1.1

1.33.0

4.25.55.9

6.16.76.87.37.2

7.38.09.08.89.0

8.98.79.29.7

10.3

15.116.6

18.619.821.524.126.2

26.3

Public construction

Total

2.5

1.6

3.8

3.65.8

10.76.33.1

2.42.2

3.34.76.3

6.99.3

10.811.211.7

11.712.714.115.516.1

15.917.117.919.420.4

22.124.025.527.628.0

28.129.930.232.538.4

40.9

Fed-eral

0.2

.5

.8

1.23.89.35.62.5

1.7.9

.81.21.5

1.63.04.24.13.4

2.82.73.03.43.7

3.63.93.94.03.9

4.04.03.53.43.3

3.34.04.44.95.4

6.0

Stateand

local*

2.3

1.1

3.1

2.42.01.3

!e

l!4

2.53.54.8

5.26.36.67.18.3

8.910.011.112.112.3

12.213.314.015.416.5

18.020.022.124.224.7

24.825.925.827.733.0

34.9


212


TABLE B-36.—New construction activity, 1929-75—Continued

[Value put in place, billions of dollars; monthly data at seasonally adjusted annual rates]

Year or month

1974: JanFebMar....Apr....May....June...

July....Aug....soecE!::::Nov....Dec....

1975: JanFebMar....Apr....May....June

July....AugSept....Oct.....Nov p...

Totalnewcon-

struc-tion

133.7137.0135.6136.8137.4137.4

138.0135.6133.3134.5131.9134.0

132.3128.9125.5121.0121.7126.9

128.8132.1137.1135.1139.2

Private construction

Total

99.499.899.198.498.198.3

98.397.194.995.693.892.5

91.289.085.784.784.385.0

88.190.692.593.396.1

Residentialbuildings i

Total*

50.649.449.248.748.648.5

48.647.745.944.242.541.1

39.638.538.037.638.540.4

43.345.446.046.547.5

Nauinewhmicnous-:__

ingunits

40.839.639.839.940.039.5

38.837.435.633.932.130.5

28.827.426.926.827.628.9

30.632.133.234.936.7

Nonresidential buildings and otherconstruction l

Total

48.850.549.949.749.649.8

49.749.449.051.451.351.5

51.650.547.747.245.744.6

44.845.246.646.848.6

Com-mer-cial »

15.716.416.016.115.816.0

15.715.615.916.415.915.8

15.615.013.012.812.111.8

12.012.612.412.512.5

In-dus-trial

7.17.97.67.37.77.8

7.57.87.58.78.99.0

8.48.77.97.58.27.7

7.77.67.97.57.6

Other <

26.026.226.426.326.125.9

26.426.025.626.326.526.6

27.626.826.826.925.425.1

25.125.026.226.828.4

Public construction

Total

34.237.136.538.439.239.1

39.738.538.438.938.241.5

41.139.839.836.337.441.9

40.641.544.641.843.1

oralerai

4.65.05.25.75.25.6

5.15.15.45.55.56.1

5.86.36.05.75.65.9

5.96.36.35.96.7

Stateand

local*

29.632.131.332.734.033.5

34.633.433.033.432.635.5

35.333.633.930.631.836.0

34.735.238.235.9

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

3 Total includes additions and alterations and nonhousekeeping units, not shown separately.* Office buildings, warehouses, stores, restaurants, garages, etc.* Religious, educational, hospital and institutional, miscellaneous nonresidential, farm (see also footnote 1), public

utilities, and all other private.8 Includes Federal grants-in-aid for State and local projects.6 Preliminary estimates by Council of Economic Advisers.

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

213


TABLE B-37.—New housing starts and applications for financing^ 1929-75

[Thousands of units]

Year or month

J929

1933

1939

19401941194219431944

New series

19451946194719481949

1950195119521953195419551956195719581959

19601961196219631964 .19651966196719681969

197019711972197319741975 P

Housing starts

Private andpublic i

Total(farmandnon-

farm)

, 5fr3. 7

, 296. 1, 365. 0,492.5,634.9,561.0, 509. 7,195.8,321.9,545.4,499.5

469.0,084.5378.5057.5352.5172.4

Non-farm

509.0

93.0

515.0

602.6706.1356 0191.0141.8

326.01, 023. 01,268.01, 362. 01,466 0

1,952.01,491.01,504.01,438.01,551.01,646.01,349.0, 224. 0, 382. 0,531.3

,274.0, 336. 8,468.7, 614. 8, 534. 0,487.5,172.8,298.8,521.4,482.3

81

Private 1

Total (farm and nonfarm)

Total

,517.0

, 252. 2,313.0, 462. 9,603.2,528.8,472.8, 164. 9,291.6,507.6,466.8

,433.6,052.2,356.6, 045. 3337.7

,161.5

Type ofstructure2

Oneunit

, 234. 0

994.7974.3991.4

,012.4970.5963.7778.6843.9899.4810.6

812.9,151.0,309.2,132.0888.1892.8

Two ormoreunits

283.0

257.4338.7471.5590.8558.3509.1386.3447.7608.2656.2

620.7901.2

, 047. 5913.3449.7268.7

Governmenthome programs

(nonfarm)

FHA3

144.7

176.6217.1160.2126.183.6

38.967.1

178.3216.4252.6

328.2186.9229.1216.5250.9268.7183.4150.1270.3307.0

225.7198.8197.3166.2154.0159.9129.1141.9147.7153.6

233.5301.2198.473.656.869.8

VA

«8.891.8

160.371.190.8

191.2148.6141.3156.5307.0392.9270.7128.3102.1109.3

74.683.377.871.059.249.436.852.556,151.2

61.094.0

104.086.172.877.0

Newprivate

housingunits

authorized<

,208.3

998.0,064.2, 186. 6, 334. 7, 285. 8,239.8971.9141.0353.4323.7

351.5924.6218.9819.5074.4926.8

Proposedhome con-struction 5

Appli-cations

forFHAcom-mit-

ments

179.8

231.2288.5238.5144.462.9

56.6121.7286.4293.2327.0

397.7192.8267.9253.7338.6306.2197.7198.8341.7369.7

242.4243.8221.1190.2182.1188.9153.0167.2168.9187.6

315.0366.8225.283.287.182.3

Re-quests

forVAap-

prais-als

164.4226.3251.4535.4620.8401.5159.4234.2234.0

142.9177.8171.2139.3113.6102.199.2

124.3131.7138.2

143.7217.9209.4116.9160.1157.7


214


TABLE B-37.—New housing starts and applications for financing, 1929-75—Continued

(Thousands of units]

Year or month

1974: JanFeb .MarAprMayJune


1975: Jan . .FebMarAprMayJune

JulyAugSeptOctNov?Dec*

Housing starts

Private andpublic i

Total(farmandnon-farm)

86.2109.6127.2160.9149.9149.5

127.2114.09S[,697.275.655.4

56.956.281.198.4

117.0110.9

120.1118.7112.8125.096.578.7

Non-farm

C

<7)(0(7

e:i

Private »

Total (farm and nonfarm)

Total

Type ofstructure3

Oneunit

Two ormoreunits

Governmenthome programs

(nonfarm)

FHA a VA

Newprivatehousingunits

author-ized <

Proposedhome con-struction *

Appli-cations

forFHAcom-mit-

ments 3

Re-quests

forVAap-

prais-als

Seasonally adjusted annual rates

1,4371,8811,5111,5801,4671,533

1,3141,1561,1571,1061,017

880

9991,000

985, 9801,1301,094

1,2351,2691,2691,4521,3541,309

8031,046

969975925

1,000

920826845792802682

739733775762887884

935987931

1,1031,028

972

634836542606542534

394329313314215198

260267210218243210

300282338349326337

394848426055

535767736969

716257626472

706978758376

626371727776

716876817478

686463738188

738282838082

,306,322,395,264,159,115

1,040928853811770837

689701677837912949

1,042995

1,0951,0791,0851,058

486572748990

1038595

13311179

72647286

14284

706771999067

125157144153159180

160185169185157132

126144128131216120

156157172188189173

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

2 Not available prior to 1959 except for nonfarm for 1929-44.3 For 1- to 4-unit structures.* Authorized by issuance of local building permit: in 14,000 permit-issuing places beginning 1972; 13,000 for 1967-71;

12,000 for 1963-66; and 10,000 prior to 1963.5 Units in mortgage applications or appraisal requests for new home construction.« Monthly estimates for September 1945-May 1950 were prepared by Housing and Home Finance Agency.7 Not available separately beginning January 1970.

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

215


TABLE B—38.-—Business expenditures for new plant and equipment, 1947—76l


Yearor quarter

194719481949 . . .

19501951195219531954

19551956195719581959

19601961196219631964

1965196619671968 .1969

1970 ..197119721973.1974 .

19753

19763

1973: 1II....I l l .IV...

1974: 1II.-..III . . .IV....

1975: 1I IIII.—

IV3...

1976: | 3 _ _ _ _113...

Total

19.3321.3018.98

20.2125.4626.4328.2027.19

29.5335.7337.9431.8933. 55

36.7535.9138.3940.7746.97

54.4263.5165.4767.7675.56

79.7181.2188.4499.74

112.40

113.49

119.68

96.1997.76

100. 90103. 74

107. 27111.40113.99116.22

114.57112.46112.16

114.80

118.16120.87

Manufacturing

Total

8.449.017.12

7.3910.7111.4511.8611.24

11.8915.4016.5112.3812.77

15.0914.3315.0616.2219. 34

23.4428.2028.5128.3731.68

31.9529.9931.3538.0146.01

48.31

50.71

35.5136.5838.8140.61

42.9645.3247.0448.08

49.0548.7847.39

48.16

49.8851.37

Dura-ble

goods

3.253.302.45

2.944.825.215.314.91

5.417.457.845.615.81

7.236.316.797.539.28

11.5014.0614.0614.1215.96

15.8014.1515.6419.2522.62

22.05

22.22

17.8818.6419.7320.48

21.4322.5023.0823.28

22.8622.5921.01

21.82

22.3423.27

Non-durablegoods

5.195.714.68

4.455.896.246.566.33

6.487.958.686.776.95

7.858.028.268.70

10.07

11.9414.1414.4514.2515.72

16.1515.8415.7218.7623.39

26.27

28.48

17.6317.9419.0820.13

21.5322.8223.9624.80

26.2026.1926.38

26.34

27.5328.10

Nonmanufacturing

Total

10.8912.2911.86

12.8214.7514.9816.3415.95

17.6420.3421.4319.5120.78

21.6621.5823.3324.5527.62

30.9835.3236.9639.4043.88

47.7651.2257.0961.7366.39

65.18

68.98

60.6861.1862.0963.12

64.3166.0866.9468.14

65.5263.6864.76

66.64

68.2869.50

Mining

0.69.93.88

.84

.11

.21

.25

.28

.31

.64

.69

.43

.36

.30

.29

.40

.27

.34

.46

.62

.651.631.86

1.892.162.422.743.18

3.82

3.67

2.592.772.822.76

2.803.073.273.56

3.763.783.82

3.93

4.00

Transportation

Rail-road

0.911.371.42

1.181.581.501.42.93

1.021.371.58.86

1.02

1.16.82

1.021.261.66

1.992.371.861.451.86

1.781.671.801.962.54

2.54

2.29

2.111.751.952.05

2.102.422.683.05

2.392.702.75

2.36

2.49

Air

0.17.10.12

.10

.14

.24

.24

.24

.26

.35

.41

.37

.78

.66

.73

.52

.401.02

1.221.742.292.562.51

3.031.882.462.412.00

1.84

1.26

2.212.722.492.20

2.132.211.841.81

2.091.602.12

1.67

1.36

Other

1.131.17.76

1.091.331.231.291.22

1.301.311.301.061.33

1.301.231.651.581.50

1.681.641.481.591.68

1.231.381.461.662.12

2.90

2.82

1.531.621.791.73

1.631.842.162.71

2.822.752.99

2.91

3.04

Publicutili-ties

1.542.543.10

3.243.563.744.343.99

4.034.525.675.525.14

5.245.004.904.985.49

6.137.438.74

10.2011.61

13.1415.3017.0018.7120.55

20.31

23.99

18.3818.0818.5819.80

20.1220.9720.1620.93

20.2819.5219.79

21.54

23.62

Com-muni-cation

1.401.741.34

1.141.371.611.781.82

2.112.823.192.792.72

3.243.393.854.064.61

5.306.026.346.838.30

10.1010.7711.8912.8513.96

13.09

34

12.3412.7013.1213.24

13.8313.9414.0114.04

13.3612.5012.95

Com-mer-cialand

other 2

5.054.424.24

5.225.675.456.026.45

7.638.327.607.488.44

8.759.139.99

10.9912.02

13.1914.4814.5915.1416.05

16.5918.0520.0721.4022.05

20.67

95

21.5321.5521.3621.35

21.6921.6322.8422.04

20.8220.8320.34

34.24

33.76

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

2 Commercial and other includes trade, service, construction, finance, and insurance.3 Estimates based on expected capital expenditures reported by business in October-December 1975. Includes adjust-

ments when necessary for systematic tendencies in expectations data.

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


216


TABLE B-39.—Sales and inventories in manufacturing and trade, 1947-75

[Amounts in millions of dollars; monthly data seasonally adjusted]

Year or month

194719481949

1950 . .1951195219531954

1955195619571958 . .1959

I9601961*.. ..19621963 . .1964 ..

19651966196719681969

19701971197219731974

1975«___

1974: JanFeb.. .MarAprMay....June

JulyAugSeptOct ...NovDec....

1975: JanFebMarApr..MayJune

JulyAugSeptOctNov P....Dec v

Total manufacturingand trade

Sales i

35,26033, 788

38, 59643, 35644, 84047,98746,443

51,69454, 06355, 87954, 23359,661

60, 74661,13365,41768,96973,687

80, 29287, 18689,70797, 138

103, 134

104,736112,315124,244143, 742163,882

167, 217

154,323156,595159,735160, 999163,048163,539

168,082171,229170, 355170,997167,918162,347

161,915163, 248159,050162, 374163,038165,504

169, 124172, 349173,441175,318174, 024

Inven-tories '

52, 50749,497

59,82270, 24272, 37776, 12273, 175

79, 51687,30489, 05286,92291,891

94, 74795,648

101,090105, 477111,480

120,943136,803145, 492155,845167,360

175, 561184,711197,692224,401271,050

266, 000

227,338230,405233, 390235,458239,431243, 850

248,628253,053258, 175263, 791267, 075271, 050

271, 148270,252268,449266,970264, 335263,749

263, 345264,662265, 087266, 867266,000

Ratio >

1.421.53

1.361.551.581.581.60

1.471.551.591.601.50

1.561.541.511.491.47

1.451.471.571.551.57

1.641.611.531.461.50

1.59

1.471.471.461.461.471.49

1.481.481.521.541.591.67

1.671.661.691.641.621.59

1.561.541.531.521.53

Manufacturing

Sales i

15, 51317,31616, 126

18,63421,71422, 52924, 84323,355

26,48027,74028, 73627, 28030, 219

30, 79630, 89633, 11335,03237,335

41,00344,86946, 44950, 28253, 555

52,85955,91762, 01771, 39881,723

82, 297

76, 50177, 31478,62779,25181, 34681, 519

83,72885,48185, 74987,40285, 67579,737

79,23479, 21477, 50980, 33379,42380,740

82,90285,25886, 28887, 70486,666

Inven-tories 2

25,89728, 54326,321

31,07839,30641, 13643, 94841,612

45,06950,64251,87150,07052, 707

53,81454,93958, 21360,04363,386

68,22177,96584, 65590,87597,074

101, 645102,445107, 719120,870150,404

146, 671

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

136,731139,727142,975145,062147, 135150,404

151, 624151, 993151, 194150, 184148,951148,059

147, 189146,583146,413146, 510146, 671

Ratio »

1.581.571.75

1.481.661.781.761.81

1.621.731.801.841.70

1.761.741.721.691.64

1.601.621.761.741.76

1.891.821.691.581.65

1.81

1.601.611.611.621.611.64

1.631.631.671.661.721.89

1.911.921.951.871.881.83

1.781.721.701.671.69

Merchant wholesalers

Sales i

6,8086,514

7,6958,5978,7829,0528,993

9,89310,51310,47510,25711,491

11,65611,98812,67413,38214,529

15,61116,98717, 10818, 36619, 756

20, 58322, 32724,86230,40037,344

36, 549

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

38,44938,82838, 74837,75137,71437, 501

36, 67537, 12035, 59035,22835,44236, 186

36,56737, 16637, 60437, 44937, 008

Inven-tories J

7,9577,706

9,2849,886

10, 21010,68610, 637

11,67813, 26012,73012,73913,879

14, 12014,48814,93616, 04817,000

18,31720,76521,88522,99724,910

27,29029,69532, 81738,30246, 564

45, 490

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

43, 17143, 70444, 50045, 64245,97646, 564

46, 19745,95145, 52745, 30344, 55844,850

44,65345, 50145,62545, 71545, 490

Ratio '

1.131.19

1.071.161.121.171.18

1.131.191.231.241.15

1.221.201.161.151.14

1.151.151.231.221.21

1.261.271.241.161.13

1.24

1.121.101.091.081.121.14

1.121.131.151.211.221.24

1.261.241.281.291.261.24

1.221.221.211.221.23

Retail trade

Sales i

10, 20011,13511,149

12,26813,04613, 52914,09114, 095

15,32115,81116, 66716,69617,951

18,29418, 24919, 63020, 55621,823

23,67725,33026, 15128,49029,824

31,29434,07137, 36541,94344, 815

48, 371

43,07943,29543,93844,40644, 78944,727

45,90546,92045, 85845, 84444, 52945, 109

46, 00646,91445, 95146,81348, 17348, 578

49, 65549, 92549, 54950, 16550, 35052,098

Inven-tories *

14, 24116,00715,470

19,46021,05021,03121, 48820, 926

22, 76923,40224,45124,11325, 305

26,81326, 22127,94129,38631,094

34,40538,07338,95241,97345,376

46,62652,57157, 15665,22974,082

73,839

65,78265,93466,46566,59767, 29267,962

68,72669,62270, 70073, 08773,96474,082

73, 32772,30871, 72871, 48370,82670, 840

71, 50372, 57873, 04974, 64273,839

Ratio >

1.261.391.41

1.381.641.521.531.51

1.431.471.441.431.40

1.451.431.381.391.40

1.391.441.461.431.46

1.471.471.461.461.54

1.50

1.531.521.511.501.501.52

1.501.481.541.591.661.64

1.591.541.561.531.471.46

1.441.451.471.491.47

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

data, ratio of inventories at end of month to sales for month.4 Manufacturing data prior to 1961 not completely comparable with later data.6 Based on seasonally adjusted data through November.

Note.—The inventory figures in this table do not agree with the estimates of change in business inventories includedin the gross national product since these figures cover only manufacturing and trade rather than all business, and showinventories in terms of current book value witnout adjustment for revaluation.

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

217


TABLE B-40.—Manufacturers9 shipments and inventories^ 1947-75

[Millions of dollars; monthly data seasonally adjusted]

Year or month

194719481949

1950.1951195219531954

195519561957. ...19581959

19601961*196219631964

196519661967 . ...19681969

19701971197219731974

1975*

1974: JanFebMarAprMay....June

JulyAug....Sept...-OctNovDec

1975: JanFeb....Mar....Apr....May_._ .June

July....Aug....

ffl::::Nov p...

Shipments l

Total

15,51317,31616, 126

18,63421,71422,52924,84323,355

26, 48027,74028,73627,28030,219

30,79630, 89633,11335,03237,335

41,00344, 86946,44950,28253, 555

52, 85955,91762,01771,39881, 723

82, 297

76, 50177, 31478,62779, 25181, 34681, 519

83,72885, 48185,74987, 40285, 67579, 737

79, 23479,21477, ?0980, 33379, 42380, 740

82,90285, 25886, 28887, 70486,666

Dura-ble

goodsindus-tries

6,6947,5797,191

8,84510,49311,31313, 34911,828

14, 07114,71515,23713,57115, 545

15,81715, 54417, 10318,24719,634

22,21624,63325, 21227,69429,459

28,22929, 94833, 44338, 72442, 635

41, 297

40, 10640, 40941,06541,43342,76743, 138

43, 83144, 54644,82845,85744,27540, 799

40, 24739,99239, 12440, 85140, 18340, 458

41, 22742, 49243,28043,90842, 503

Non-durablegoodsindus-tries

8,8199,7388,935

9,78911,22111,21611,49411,527

12, 40913,02513,49913,70814,674

14,97915,35216,01016,78617,701

18, 78820, 23621, 23622, 58824, 096

24,62925,96928, 57332, 67439, 089

41, 001

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

39, 89740, 93540, 92141,54541, 40038,938

38, 98739,22238, 38539, 48239, 24040, 282

41, 67*42, 76643,00843, 79644, 163

Inventories'

Total

25,89728, 54326,321

31,07839,30641, 13643,94841,612

45,06950,64251,87150.07052,707

53,81454,93958,21360, 04363,386

68,22177,96584, 65590, 87597, 074

101,645102, 445107,719120, 870150, 404

146, 671

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

136, 731139, 727142, 975145,062147, 135150,404

151, 624151,993151, 194150, 184148, 951148,059

147, 189146, 583146,413146, 510146, 671

Durable goods industries

Total

13,06114,66213,060

15, 53920,99123,73125,87823,710

26,40530,44731,72830,09531,839

32,36032, 50934,60535,81338,436

42,22749, 81854, 93159, 11263, 371

66,76866, 05070, 21879, 44197,967

95,953

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

89, 28691,00493, 18494,68095, 78797,967

99, 124100,08299, 87999, 80399, 37898,7%

98,18997, 19996,64096, 21595,953

Mate-rialsandsup-plies

8,9667,894

9,19410,41710,6089,847

10,585

10,28610, 24210,79811,00111,927

13,29915, 50116, 44517, 41818,668

19, 00019, 27020,01024, 42333, 393

30,980

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

29,43930, 41631, 10231, 84632, 16433, 393

34, 10334, 56134,30433, 73833, 09032,676

32, 15931, 62631, 37031,07230,980

Workin

process

10,7209,721

10,75612,3171283712,29412,952

12,78013,21114,20514,99716,253

18, 15221,97825, 01727,60529, 175

30, 39329, 14232,07436,07841, 506

41, 140

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

39, 34139, 91340,48840, 84841, 12141, 506

41, 45441,63241, 51341,93942,02241, 917

42,03141, 69241, 17741, 17541, 140

Fin-ishedgoods

6,2066,040

6,3487,5658,1257,7498,143

9,1909,0569,6029,815

10,256

10, 77612,33913, 46914,08915,528

17,37517,63818, 13418,94023, 068

23, 833

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

20, 50620,67521,59421, 98622, 50223,068

23,56723, 88924, 06224, 12624,26624, 203

23,99923, 88124,09323,96823, 833

Nondurable goods industries

Total

12, 83613,88113,261

15, 53918,31517,40518,07017,902

18,66420,19520, 14319,97520,868

21,45422, 43023,60824,23024, 950

25,99428, 14729,72431,76333,703

34,87736,39537, 50141,42952, 437

50,718

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

47, 44548, 72349, 79150, 38251,34852,437

52,50051,91151, 31550, 38149, 57349,263

49, 00049,38449, 77350, 29550, 718

Mate-rialsandsup-plies

8,3178,167

8,5568,9718,7758,6719,089

9,1139,4649,841

10,00310, 185

10,48811,22011,74612,29912,823

13, 13013,57813, 86515, 81820, 727

19, 526

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

19,11119,62320,22620, 27320, 35320,727

20, 71520,43620, 18119, 73419, 50319,232

19, 13519, 13019, 20319, 65719, 526

Workin

process

2,4722,440

2,5712,7212,8642,8002,928

2,9353,1933,3043,4103,519

3,8234,2374,4344,8495,152

5,2785,6475,9686,5978,044

7,722

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

7,5037,6817,7487,8237,9178,044

7,7507,6647,4637,4817,3237,407

7,4577,5407,6397,6357,722

Fin-ishedgoods

7,4097,415

7,6668,6228,6248,4988,857

9,3539,773

10,46310,81711,246

11,68312,69013, 54414,61515,728

16,46917, 17017,66819, 01423, 666

23, 470

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

20, 83121,41921,81722, 28623, 07823,666

24,03523, 81123, 67123, 16622,74722,624

22,40822, 71422,93123,00323,470

1 Monthly average for year and total for month.2 Book value, seasonally adjusted, end of period, except as noted.3 Data prior to 1961 not completely comparable with later data.4 Based on seasonally adjusted data through November.


218


TABLE B-41.—Manufacturers' new and unfilled orders, 1947-75

[Amounts in millions of dollars; monthly data seasonally adjusted]

Year or month

194719481949195019511952195319541955195619571958195919601961*19621963196419651966196719681969197019711972197319741975«1974: Jan

FebMarAprMayJuneJulyAugSeptOct . .NovDec .

1975: JanFebMarAprMayJuneJulyAug.. .Sept0 tN O V P

New orders l

Total

15,25617,69315,61420, 11023,90723,20423, 58622,33527,46528, 36827. 55926, 90330,67230, 11531,08633,00535, 32237,95241, 80345, 94446,76350, 24353, 64652,11855, 72662, 92273, 83683, 29780,95678,25179, 46379,97782, 26085, 49385, 52987,22690,11486, 95985,67883, 80576, 70475,06876,47874, 36378, 60078, 75380, 23783, 55085, 64985, 4b386, 42285, 943

Durable goodsindustries

Total

6,3888,1266,633

10, 16512,84112,06112, 14710,76814, 99615, 36514, 11113, 17115, 94815, 22315,69917,02518, 52120,25822,98625, 72025,52627,66629, 54927, 48629, 74534, 27441,09844, 28939,83841,62742,60342, 40444,32546, 9b947, 20147,41849, 18446, 21444,39342, 70b38,09236, 17237, 36235, 97338, 98339, 42839, 73041, 68142, 68842, 22742, 39341, 580

Capitalgoodsindus-tries,non-

defense

6,9717,6947,0557,3248,487

10, 31011,49410, 27611,00311,41511, 30011,92511, 80412,01112,80011,80511,83211,38310, 62310,45910, 0779,9709,522

10, 30910, 30210, 13810, 72810, 39210, 21410, 68910, 690

Non-dura-

blegoodsindus-tries

8,8689,5668,9819,945

11,06611, 14311, 43911,56612,46913, 00313.44813, 73314, 72414,89315,38715,98016,80117,69418,81720, 22421, 23822, 57724, 09724, 63225, 98128, 64832, 73839,00941, 11836, 62436, 86037, 57337, 93538, 53438, 32839, 80840, 93040, 74541, 28541, 10038,61238, 89639, 11638, 39039, 61739, 32540, 50741, 86942, 96143, 22644, 02944, 363

Unfilled orders »

Total

34,47330,73624,04541,45667,26675,85761,17848,26660, 00467,37553, 18348,88254,49446,13348,39547, 30750.94058,50668,14681, 02984, 99484, 14685, 26576, 27273, 92884, 948

114,694133, 832119, 108116,445118,599119,955122, 961127, 114131, 129134, 623139, 256140, 467138, 738136, 869133,832129, 671126, 939123, 798122, 066121, 396120, 901121, 548121, 945121, 113119,832119, 108

Dura-ble

goodsindus-tries

28, 57926,61919,62235,43563, 39472,68058,63745,25056,24163,88050,35245,73950,65443,40145,24144,48547,95855,62364,92077, 96481,90481, 20982,31373,28670, 79880, 914

109, 862129, 944113, 920111,384113, 584114, 927117,817122, 016126, 082129, 667134, 305135, 695134, 224132, 656129, 944125, 873123, 246120, 099118, 231117,476116,753117, 206117,408116, 356114,845113,920

Non-dura-

blegoodsindus-tries

5,8944,1174,4236,0213,8723,1772,5413,0163,7633,4952,8313,1433,8402,7323 1542,8222,9822,8833,2263,0653,0902,9372,9522,9863,1304,0344,8323,8885,1885,0615,0155,0285,1445,0985,0474,9564,9514,7724,5144,2133,8883,7983,6933,6993,8353,9204,1484,3424,5374,7574,9875,188

Unfilled orders-shipments ratio 3

Total

3.423.633.873.352.602.852.582.522.462.402.492.622.932.812.712.592.412.172.192.632.962.492.632.642.642.682.682.762.812.872.882.772.812.962.912.852.872.732.742.712.692.622.542.462.49

Dura-ble

goodsindus-tries

4.124.274.554.003.493.443.213.012.952.892.993.123.513.383.273.132.922.622.613.133.563.033.143.163.143.203.213.303.393.453.463.323.383.563.503.443.473.293.333.303.293.173.082.973.03

Non-dura-

blegoodsindus-tries

0.961.121.04.85.55.88.63.72.65.63.57.60.56.52.47.45.45.44.52.57.45.50.57.56.57.56.54.54.52.52.50.47.44.45.44.42.44.44.44.45.45.47.48.50.50

1 Monthly average for year and total for month.2 Seasonally adjusted, end of period.3 Ratio of unfilled orders at end of period to shipments for period; excludes industries with no unfilled orders. Annual

figures relate to seasonally adjusted data for December.4 Data prior to 1961 not completely comparable with later data.5 Based on seasonally adjusted data through November.


219


PRICES

TABLE B-42.—Consumer price indexes by expenditure classesy 1929-75

For urban wage earners and clerical workers

[1967 = 100]

Year or month

1929....

1933

1939

1940.. . ...194119421943 _ _ _ ,194419451946194719481949

1950 . .195119521953195419551956195719581959

19601961 .. . .196219631964 . . .19651966196719681969

197019711972 .19731974 ..1975 .


July..AugSeptOct..NovDec


JulyAugSeptOct . .NovDec

Allitems

51.3

38.8

41.6

42.044.148.851.852.753.958.566.972.171.4

72.177.879.580.180.580.281.484.386.687.3

88.789.690.691.792.994.597.2

100.0104.2109.8

116.3121.3125.3133.1147.7161.2

139.7141.5143.1143.9145.5146.9

148.0149.9151.7153.0154.3155.4

156.1157.2157.8158.6159.3160.6

162.3162.8163.6164,6165.6166.3

Food

48.3

30.6

34.6

35.238.445.150.349.650.758.170.676.673.5

74.582.884.383.082.881.682.284.988.587.1

88.089.189.991.292.494.499.1

100.0103.6108.9

114.9118.4123.5141.4161.7175.4

153.7157.6159.1158.6159.7160.3

160.5162.8165.0166.1167.8169.7

170.9171.6171.3171.2171.8174.4

178.6178.1177.8179.0179.8180.7

Housing

Total

52.2

52.453.756.256.858.159.160.665.269.870.9

72.877.278.780.881.782.383.686.287.788.6

90.290.991.792.793.894.997.2

100.0104.2110.8

118.9124.3129.2135.0150.6166.8

142.2143.5144.9146.1147.6149.2

150.9152.9154.9156.7158.3159.9

161.3162.8163.6164.7165.3166.4

167.1167.7168.9169.8171.3172.2

Rent

76.0

54.1

56.0

56.257.258.558.558.658.859.261.165.168.0

70.473.276.280.383.284.385.987.589.190.4

91.792.994.095.095.996.998.2

100.0102, 4105.7

110.1115.2119.2124.3130.6137.3

127.7128.4128.7129.2129.6130.2

130.6131.2131.8132.5133.1133.7

134.5135.1135.5135.9136.4136.9

137.3138.0138.4139.3139.9140.6

Appareland

upkeep

48.5

36.9

42.4

42.844.852.354.658.561.567.578.283.380.1

79.086.185.384.684.584.185.887.387.588.2

89.690.490.991.992.793.796.1

100.0105.4111.5

116.1119.8122.3126.8136.2142.3

128.8130.4132.2133.6135.0135.7

135.3138.1139.9141.1142.4141.9

139.4140.2140.9141.3141.8141.4

141.1142.3143.5144.6145.5145.2

Trans-porta-tion

43.0

42.744.248.147.947.947.850.355.561.866.4

68.272.577.379.578.377.478.883.386.089.6

89.690.692.593.094.395.997.2

100.0103.2107.2

112.7118.6119.9123.8137.7150.6

128.1129.3132.0133.7136.3138.8

140.6141.3142.2142.9143.4143.5

143.2143.5144.8146.2147.4149.8

152.6153.6155.4156.1157.4157.6

Medicalcare

36.7

36.837.038.039.941.142.144.448.151.152.7

53.756.359.361.463.464.867.269.973.276.4

79.181.483.585.687.389.593.4

100.0106.1113.4

120.6128.4132.5137.7150.5168.6

142.2143.4144.8145.6147.2149.4

151.4153.7155.2156.3157.5159.0

161.0163.0164.6165.8166.8168.1

169.8170.9172.2173.5173.3174.7

Personalcare

40.3

40.241.245.249.953.455.159.066.068.568.3

68.374.775.676.376.677.981.184.186.988.7

90.190.692.293.494.595.297.1

100.0104.2109.3

113.2116.8119.8125.2137.3150.7

129.8130.8131.8133.1134.9136.5

137.8139.3141.2143.0144.2145.3

146.5147.8148.9149.5149.9150.3

151.2151.4152.1152.9153.6154.6

Readingand

recrea-tion

45.3

46.147.750.054.160.062.464.568.772.274.9

74.476.676.977.776.976.777.880.783.985.3

87.389.391.392.895.095.997.5

100.0104.7108.7

113.4119.3122.8125.9133.8144.4

128.3128.9129.5130.4132.0133.5

134.6135.2137.0137.8138.8139.8

141.0141.8142.0143.5143.8144.1

144.4144.7146.0146.6147.0147.5

Othergoodsand

services

46.9

48.349.250.753.354.756.958.863.866.868.7

69.972.876.678.579.879.881.083.384.486.1

87.888.589.190.692.094.297.2

100.0104.6109.1

116.0120.9125.5129.0137.2147.4

131.8132.3132.8133.6134.4135.8

137.7139.4140.4141.4142.7143.9

144.8145.9146.5146.8147.1147.3

147.6148.1148.0148.5148.9149.8


220


TABLE B-43.—Consumer price indexes by commodity and service groups, 1939—75


[1967 = 1001

Year ormonth

1939

1940194119421943194419451946194719481949

195019511952 . .1953195419551956195719581959

1960196119621963196419651966196719681969

197019711972197319741975

1974: JanFebMarAprMayJ u n e

J u l yAugSepOctNovDec



Allitems

41.6

42.044.148.851.852 753 958.566.972 171.4

72.177.879.580.180.580.281.484.386.687.3

88.789.690.691.792.994.597.2

100.0104.2109.8

116.3121.3125.3133.1147.7161.2

139.7141.5143.1143.9145.5146.9

148.0149.9151.7153.0154.3155.4

156.1157.2157.8158.6159.3160.6

162.3162.8163.6164.6165.6166.3

Commodities

Allcom-modi-ties

40.2

40.643.349.654.054 756 362.475.080 478.3

78.885.987.086 785.985.185 988.690.690.7

91.592.092.893.694.695.798.2

100.0103.7108.4

113.5117.4120.9129 9145.5158 4

137.0139 3141.0141.8143.4144.8

145.6147.6149.4150.7152.0153.0

153.4154.4155.0155.7156.5157.9

160.1160.4160.8161.7162.2162.7

Food

34.6

35.238.445.150.349 650.758.170.676.673.5

74.582.884.383.082.881.682.284.988.587.1

88.089.189.991.292.494.499.1

100.0103.6108.9

114.9118.4123.5141 4161.7175 4

153.7157.6159.1158.6159.7160.3

160.5162.8165.0166.1167.8169.7

170.9171.6171.3171.2171.8174.4

178.6178.1177.8179.0179.8180.7

Commodities less food

All

47.7

48.050.456.058.461.664.168.176.882.781.5

81.487.588.388.587.586.987.890.591.592.7

93.193.494.194.895.696.297.5

100.0103.7108.1

112.5116.8119.4123 5136.6149 1

127.9129 2131.1132.6134.5136.2

137.5139.3140.9142.2143.3143.9

143 9144.9146.0147.2148.1148.9

149.9150.7151.4152.2152.6152.8

Dura-ble

48.5

48.151.458.460.365 970.974.180.386.287.4

88.495.196.495.793.391.591.594.495.997.3

96.796.697.697.998.898.498.5

100.0103.1107.0

111.8116.5118.9121 9130.6145 5

123.3123 4124.3125.6127.5129.7

131.5133.2134.8136.8138.0138.8

139.3140.3142.1143.6144.8145.8

146.9147.5148. 2148.9149.2149.3

Non-dura-

ble

44.3

44.746.751.653.856.658.662.972.277.876.3

76.282.082.483.183.583.585.387.688.289.3

90.791.291.892.793.594.897.0

100.0104.1108.8

113.1117.0119.8124 8140.9151 7

131.3133 5136.1137.7139.5141.0

141.8143.7145.3146.1147.2147.7

147 2148.2148.8149.8150.5151.2

152.2153.0153.8154.6155.1155.4

Services

Allservices

43.5

43.644.245.646.447 548.249.151.154.356.9

58.761.864.567.369.570.972.775.678.580.8

83.585.286.888.590.292.295.8

100.0105.2112.5

121.6128.4133.3139 1152.1166 6

144.8145 9147.1148.0149.5150.9

152.6154.2156.0157.3158.7160.1

161 3162.6163.2164.1164.5165.7

166.6167.4169.1170.1172.0173.1

Rent

56.0

56.257.258.558.558.658.859.261.165.168.0

70.473.276.280.383.284.385.987.589.190.4

91.792.994.095.095.996.998.2

100.0102.4105.7

110.1115.2119.2124 3130.6137 3

127.7128 4128.7129.2129.6130.2

130.6131.2131.8132.5133.1133.7

134 5135.1135.5135.9136.4136.9

137.3138.0138.4139.3139.9140.6

Serv-iceslessrent

38.1

38.138.640.342.144 245.146.749.051.954.5

56.059.362.264.866.768.270 173.376.479 0

81.983.985.587.389.291.595.3

100.0105.7113.8

123.7130.8135.9141 8156.0171 9

148.0149 1150.4151.4153.1154.7

156.6158.4160.3161.9163.3164.8

166 2167.5168.3169.2169.6170.9

171.9172.7174.6175.7177.7179.0

Special indexes

Allitemslessfood

47.2

47.348.752.153.655 756.959.464.969.670.3

71.175.777.579.079.579.781.183.885.787.3

88.889.790.892.093.294.596.7

100.0104.4110.1

116.7122. 1125.8130 7143.7157.1

135.6136 9138.4139.6141.3143.0

144.4146.1147.8149.1150.4151.3

151.9153.0153.9154.9155.6156.6

157.6158.3159.5160.4161.5162.1

Allitemsless

shel-ter

39.7

39.942.447.751.352 253.659.068.573.972.6

73.179.280.881.081.080.681.784.486.987.6

88.989.990.992.193.294.697.4

100.0104.1109.0

114.4119.3122.9131.1146.1159.1

137.8139.8141.5142.3144.0145.4

146.4148.3-150.0151.2152.5153.5

154.1155.0155.6156.3157.0158.4

160.3160.8161.6162.6163.4164.1

Non-dura-

blecom-mod-ities

38.4

38.941.647.651.852.253.759.671.977.274.9

75.482.583.483.283.282.583.786.388.688.2

89.490.290.992.093.094.698.1

100.0103.9108.9

114.0117.7121.7132.8151.0163.2

142.1145.2147.2147.8149.3150.4

150.9153.0154.8155.8157.2158.3

158.7159.6159.7160.1160.8162.4

165.0165.2165.4166.4167.1167.6


221

597-578 O - 76 - 15


TABLE B-44.—Consumer price indexes > selected commodities and services, 1939-75

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

Year or month

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

196019611962196319641965196619671968'1969

197019711972197319741975

1974: JanFebMarAprMayJ u n e




Durable commodities

Total i

48.5

48.151.458.460.365.970.974.180.386.287.4

88.495.196.495.793.391.591.594.495.997.3

96.796.697.697.998.898.498.5

100.0103.1107.0

111.8116.5118.9121.9130.6145.5

123.3123.4124 3125.6127.5129.7

131.5133.2134.8136.8138.0138.8

139.3140.3142.1143.6144.8145.8

146.9147.5148.2148.9149.2149.3

Newcars

43.2

43.346.6

69.275.682.8

83.487.494.995.894.390.993.598.4

101.5105.9

104.5104.5104.1103.5103.2100.999.1

100.0102.8104.4

107.6112.0111.0111.1117.5127.6

112.9112.7112.8113.3114.6116.4

118.0118.1118.4123.7124.5124.9

123. 4124.5127.3127.5126.8127.0

126.6126.8126.5129.9131.3134.0

Usedcars

89.275.971.869.177.480.289.5

83.686.994.896.0

100.199.497.0

100.0

iSi104.3110.2110.5117.6122.6146.4

107.0103.0102.2107.0114.4122.2

127.9132.0135.9139.4141.6138.4

134.9133.5135.3138.1142.2147.5

153.2156.1156.6156.5153.7149.6

House-hold

dura-bles

56.6

55.959.866.969.576.081.886.595.6

101.799.0

100.2109.8106.9105.7102.9100.199.7

101.4102.1102.0

101.9100.7100.6100.3100.298.798.6

100.0103.3107.4

110.2112.9115.0118.8128.9140.3

121.8122.5123.7125.1126.5128.2

129.5131.5133.0134.1135.4136.0

136.8137.3138.3139.4140.0140.3

140.6141.0141.7142.3142.9143.0

Nondurable commod-ities less food

Total

44.3

44.746.751.653.856.658.662.972.277.876.3

76.282.082.483.183.583.585.387.688.289.3

90.791.291.892.793.594.897.0

100.0104.1108.8

113.1117.0119.8124.8140.9151.7

131.3133.5136.1137.7139.5141.0

141.8143.7145.3146.1147.2147.7

147.2148.2148.8149.8150.5151.2

152.2153.0153.8154.6155.1155.4

Ap-parelcom-mod-ities

43.0

43.545.853.555.959.863.069.580.485.482.0

81.188.787.786.786.385.887.388.288.289.0

90.390.891.292.092.893.696.0

100.0105.6111.9

116.5120.1122.7127.1136.1141.2

128.6130.3132.1133.6135.0135.6

135.0138.0139.8141.0142.3141.6

138.6139.2139.9140.3140.8140.3

139.8141.1142.3143.5144.4143.9

Non-dura-bleslessfoodand

apparel

46.3

46.848.451.153.254.755.858.266.272.372.4

72.977.579.081.081.882.184.187.488.389.6

90.991.392.193.193.995.597.5

100.0103.3107.0

111.2115.2118.2123.4143.8157.9

132.9135.5138.5140.1142.2144.3

145.9147.2148.6149.2150.2151.3

152.3153.6154.2155.4156.3157.7

159.5160.1160.7161.3161.5162.2

Services less rent

Total

38.1

38.138.640.342.144.245.146.749.051.954.5

56.059.362.264.866.768.270.173.376.479.0

81.983.985.587.389.291.595.3

100.0105.7113.8

123.7130.8135.9141.8156.0171.9

148.0149.1150.4151.4153.1154.7

156.6158.4160.3161.9163.3164.8

166.2167.5168.3169.2169.6170.9

171.9172.7174.6175.7177.7179.0

House-holdserv-iceslessrent

;;;;;;71.275.479.481.6

85.086.087.189.090.492.195.7

100.0105.9115.3

126.8132.6139.2146.8166.0184.7

155.8157.1158.8160.1162.1164.0

166.5169.0171.5173.8175.7177.5

179.0180.4180.8181.7182.1183.9

184.8185.6187.0188.2190.7192.0

Trans-porta-tionserv-ices

36.1

36.136.338.238.238.238 239.040.344.950.0

53.358.362.466.469.269.470.573.878.581.2

83.385.386.687.589.692.996.8

100.0104.0111.3

123.1133.0136.0136.9141.9152.7

138.8139.1139.6140.1140.5141.5

142.3142.7143.4144.0144.9146.0

146.5147.2148.3149.5149.6150.4

151.1151.9156.1157.0161.7163.2

Med-icalcareserv-ices

32 5

32.532 733.735.436.937.940.143.546.448 1

49.251.755.057.058.760.462.865.568.772.0

74.977.780.282.684.687.392.0

100.0107.3116.0

124.2133.3138.2144.3159.1179.1

149.7151.1152.7153.6155.4158.0

160.2162.8164.5165.6167.0168.5

170.7172.9174.7175.9177.0178.4

180.4181.7183.2184.6184.2185.8

Others

71.173.976.278.0

80.883.485.687.790.192.696.2

100.0105.6110.6

116.7122.5125.8131.6141.6152.1

135.9136.8137.6138.4140.2141.1

142.1143.0144.7145.5146.7147.7

148.8149.7150.1150.6151.0151.4

152.0152.4153.8154.4155.2155.7

1 Includes certain items not shown separately.2 Includes the services components of apparel, personal care, reading and recreation, and other goods and services.3 Not available.Source: Department of Labor, Bureau of Labor Statistics.

222


TABLE B-45.—Consumer price indexes, seasonally adjusted, 1972-75


11967=100, seasonally adjusted]

Year and month

1972: JanFebMar .AprMayJune

JulyAugSeptOct ..NovDec .

1973: JanFebMarApr .MayJune

Ju lyAugSeptOctNov. .. ._Dec


JulyAug.SeptOct... . ...Nov..Dec

1975: Jan.FebMarAprMayJune

July...Aug.SeptOctNovDec

Special indexes

Allitemslessfood

124.2124.4124.6125.0125.4125.6

125.9126.2126.7126.8127.1127.5

127.6128.2128.7129.2129.7130.2

130.4131.0131.7132.8133.7134.7

135.7137 2138.7139.9141.3142.9

144.4146.2147.7148.8150.1151.1

152.1153.3154.2155.2155.6156.4

157.6158.5159.3160.1161.2161.9

Allitemsless

shelter

121.3121.6121.8121.9122.3122.5

123.1123.2123.7124.2124.7124.9

125.7126.5127.7128.9129.4130.3

131.0133.5133.5134.5135.6136.8

138.2139.9141.4142.3143.7145.1

146.4148.3149.9151.2152.5153.8

154.6155.2155.4156.3156.7158.1

160.3160.8161.4162.6163.4164.4

Allitemsless

med-icalcare

123.0123.5123.6123.9124.3124.5

125.1125.3125.8126.1126.6126.9

127.6128.3129.5130.5131.3132.1

132.5135.0135.3136.3137.4138.4

140.0141.6143.1144.0145.5146.7

147.9149.7151.3152.6154.0155.3

156.3157.1157.5158.4158.9160.1

162.0162.4163.0163.9165.0165.8

Commodity groups

Allcom-mod-ities

119.2119.6119.7119.9120.2120.5

121.0121.3121.9122.2122.7123.0

123.9124.7126.1127.4128.2129.1

129.6132.7132.7133.4134.7135.8

137.6139.6140.9141.8143.3144.5

145.5147.5149.1150.5152.0153.2

154.0154.7154.8155.7156.3157.6

159.9160.2160.5161.5162.2162.9

Food

120.8122.2122.0122.3122.3122.9

123.3124.0124.6125.4126.3126.5

129.2131.0134.0136.2137.9139.8

139.9148.8148.0149.0150.9152.1

154.6157.4158.2158.3159.7160.3

159.4162.2164.8166.9168.8170.4

171.9171.4170.3170.9171.8174.4

177.4177.4177.6179.9180.9181.4

Commodities lessfood

Total

118.2118.3118.6118.6119.0119.0

119.4119.6120.3120.3120.6120.9

121.0121.4121.9122.4122.8123.3

123.5123.9124.2125.0125.9126.8

128.4129.8131.5132.9134.2135.8

137.5139.3140.8141.8142.9143. 8

144.5145.6146.4147.5147.8148.5

149.9150.7151.2151.7152.1152.6

Dur-able

117.5117.8118.1118.2118.4118.7

119.1119.5119.9119.6119.8120.2

120.1120.6121.0121.6121.8121.8

121.9122.4122.6122.7122.8123.1

123.7124.3125.2126.2127.5129.2

131.0132.8134.7136.3137.5138.7

139.7141.3143.1144.3144.8145.2

146.3147.1148.1148.3148.6149.2

Non-dur-able

118.6118.8119.0119.1119.5119.4

119.7119.9120.4120.8121.2121.5

121.4122.0122.5123.3123.8124.6

124.8125.2125.1126.6128.1129.7

132.0133.9136.2137.7139.2140.9

142.2144.1144.9145.7146.8147.4

147.9148.6148.9149.8150.2151.0

152.7153.5153.3154.1154.6155.1

Selected expenditure classes

Shel-ter

132.3132.7132.9133.4133.9134.4

135.1135.5135.4135.6135.8136.5

136.9137.5137.8138.5139.3139.7

139.8141.1142.6144.3145.2146.0

147.2148.5149.8150. 8152,0153.2

154.7156.2157.9159.5160.8162.6

164.1166.1166.9168.1168.9169.7

170.4170.7171.3172.0173.6174.5

Fuelandutili-ties

118.3118.5118.7119.0119.4120,0

120.4120.5120.9121.2121.8121.9

122.7123.5123.9124.5125.0125.9

126.1126.7127.3129.4132.4135.9

140.5142.6144.0146.3148.2149.7

151.4153.2154.6156.1157.6158.4

160.2161.2162.0163.8165.0167.2

168.5169.6171.6173.0174.9176.1

Ap-parelandup-

keep

121.3121.4121.7121.8122.0122.0

122.1122.0122.7123.2123.6124.0

124.1124.5125.2125.8126.2126.7

126.9127.8127.9128.4129.0129.5

130.1131.3132.6133.6134.5135.6

136.5139.5139.3139.8140.7140.8

140. 8141.2141.3141.3141.2141.3

142.4143.7142.9143.3143.8144.0

Trans-por-

tation

119.0118.8119.0118.7119.1119.0

119.6120.1121.7121.0121.5121.5

121.1121.7122.1122.8123.1123.7

124.1124.1124.5124.9125.9127.1

128.4130 1132.5134.0135.9137.8

139.6140.7142.8142.8143.5143.9

143.5144.4145.4146.5147.0148.8

151.5153.0156.0155.9157.6158.1

Med-icalcare

130.8131.1131.3131.6131.9132.3

132.6132.6133.0134.2134.4134.7

135.2135.4135.7136.1136.6136.9

137.2137.3138.2140.7141.2141.5

142.5143 5144.7145.6147.2149.3

151.2153.4155.0156.5157.7159.2

161.3163.2164.4165.8166.8167.9

169.6170.6172.0173.7173.5174.9


223


TABLE B-46.—Percent changes in consumer price indexes, major groups, 1948—75

[Percent change]

Year or month

19481949

19501951195219531954

1955 .. . .195619571958 .....1959

19601961 .196219631964

19651966196719681969

19701971197219731974

1975

1974: JanFebMarAprMayJune -.. .

JulyAug ._SeptOctNovDec

1975: JanFebMar ._AprMayJune


All items

Dec.to

Dec. a

2.7-1.8

5.85.9.9.6

.42.93.01.81.5

1.5.7

1.21.61.2

1.93.43.04.76.1

5.53.43.48.8

12.2

7.0

Yearto

year

7.8-1.0

1.07.92.2.8.5

-.41.53.62.7.8

1.61.01.11.21.3

1.72.92.94.25.4

5.94.33.36.2

11.0

9.1

Food

Dec.to

Dec. 2

-0.8-3.7

9.67.4

-1.1-1.3-1.6

-.93.12.82.2-.8

3.1-.91.51.91.4

3.43.91.24.37.2

2.24.34.7

20.112.2

6.5

Yearto

year

8.5-4.0

1.411.11.8

-1.5-.2

-1.4

3.34.2

-1.6

1.01.3.9

1.41.3

2.25.0.9

3.65.1

5.53.04.3

14.514.4

8.5

Commodities lessfood

Dec.to

Dec. 2

5.3-4.8

-5.74.6-.5

.2-1.4

02.52.2.8

1.5

-.3.6.7

1.2

.71.93.13.74.5

4.82.32.55.0

13.2

6.2

Yearto

year

7.7-1.5

-.17.5.9.2

-1.1

-.71.03.11.11.3

.4

.3

.7

is.6

1.42.63.74.2

4.13.82.23.4

10.6

9.2

Services l

Dec.to

Dec.

6.13.6

3.65.24.64.21.9

2.33.14.52.73.7

2.71.91.72.31.8

2.64.94.06.17.4

8.24.13.66.2

11.3

8.1

Yearto

year

6.34.8

3.25.34.44.33.3

2.02.54.03.82.9

3.32.01.92.01.9

2.23.94.45.26.9

8.15.63.84.49.3

9.5

Change from preceding month

Un-adjusted

0.91.31.1.6

1.11.0

.71.31.2.9.8.7

.5

.7

.4

.5

.4

.8

1.1.3.5.6.6.4

Seasonallyadjusted

1.11.11.0.7

1.0.9

.81.11.2.9.9.8

.6

.5

.3

.6

.4

.8

1.2.2.5.7.7.5

Un-adjusted

1.62.51.0

-.3.7.4

.11.41.4.7

1.01.1

.7

.4-.2-.1

.41.5

2.4-.3-.2

.7

.4

.5

Seasonallyadjusted

1.61.8

!l.9.4

-.61.81.61.31.1.9

.9

-!e.4.5

1.5

1.70.1

1.3.6.3

Un-adjusted

0.61.01.51.11.41.3

1.01.31.1.9.8.4

0.7.8.8.6.5

.7

.5

.5

.5

'.1

Seasonallyadjusted

.3

.1

.3

.1

.0

.2

.3

.3

.1

.7

.8

.6

.5

.8

.5

.8

.2

.5

.9

.5

.3

.3

'.3

Un-adjusted

0.7.8.8.6

1.0.9

1.11.01.2.8.9.9

.7

.8

.4

.6

.2

.7

.5

.51.0.6

1.1.6

1 Percent changes for services are based on unadjusted indexes since these prices have little seasonal movement.2 Changes from December to December are based on unadjusted indexes.

Note.—The seasonally adjusted changes for the all items index are based on seasonal adjustment factors and seasonallyadjusted indexes to two decimal places.


224


TABLE B-47.— Wholesale price indexes by major commodity groups, 1929-75

[1967=100]

Year or month

1929....

1933 .

1939

1940...19411942 .1943....19441945 „1946....194719481949....

1950 .1951....195219531954195519561957....19581959

196019611962 ..19631964 ..1965 ..1966196719681969

197019711972197319741975

1974: JanFebMar.._..._AprMayJune

July .AugSeptOctNovDec

1975: JanFeb...Mar...AprMayJune...

JulyAugSeptOctNov .Dec

All com-modities

49.1

34.0

39.8

40.545.150.953.353.654.662.376.582.878.7

81.891.188.687.487.687.890.793.394.694.8

94.994.594.894.594.796.699.8

100.0102.5106.5

110.4113.9119.1134.7160.1174.9

146.6149.5151.4152.7155.0155.7

161.7167.4167.2170.2171.9171.5

171.8171.3170.4172.1173.2173.7

175.7176.7177.7178.9178.2178.7

Farm products and processedfoods and feeds

Total

94.3101.589.6

93.9106.9102.796.095.791.290.693.798.193.5

93.793.794.793.893.297.1

103.5100.0102.4108.0

111.7113.8122.4159.1177.4184.2

177.8180.6176.2169.6167.4161.7

172.7183.4179.1185.1189.0186.5

183.8179.5174.9178.8181.2182.3

188.2189.0190.4190.5186.1186.0

Farmproducts

64.1

31.4

40.0

41.450 364.875.075.578.590.9

109.4117.5101.6

106.7124.2117.2106.2104.798.296.999.5

103.997.5

97.296.398.096.094.698.7

105.9100.0102.5109.1

111.0112.9125.0176.3187.7186.7

202.6205.6197.0186.2180.8168.6

180.8189.2182.7187.5187.8183.7

179.7174.6171.1177.7184.5186.2

193.7193.2197.1197.3191.7193.8

Proc-essedfoodsand

feeds

82.988.780.6

83.492.791.687.488.985.084.987.491.889.4

89.591.091.992.592.395.5

101.2100.0102.2107.3

112.1114.3120.8148.1170.9182.6

162.1164.7163.0159.1158.9157.4

167.6179.7176.8183.5189.7188.2

186.4182.6177.3179.4179.0179.7

184.6186.3186.1186.2182.6181.0

Industrial commodities

Total

48.6

37.8

43.3

44.047.350.751.552.353.058.070.876.975.3

78.086.184.184.885.086.990.893.393.695.3

95.394.894.894.795.296.498.5

100.0102.5106.0

110.0114.0117.9125.9153.8171.5

135.3138.2142.4146.6150.5153.6

157.8161.6162.9164.8165.8166.1

167.5168.4168.9169.7170.3170.7

171.2172.2173.1174.7175.4176.1

Textileproducts

andapparel

103.6108.198.9

102.7114.6103.4100.898.698.798.798.897.098.4

99.597.798.698.599.299.8

100.1100.0103.7106.0

107.1108.6113.6123.8139.1137.9

133.8135.2136.1137.5139.1141.7

142.1142.3142.1140.5139.8138.4

137.5136.5134.3134.4135.2135.9

136.8137.6138.4141.3143.2144.0

Hides,skins,

leather,and

relatedproducts

48.9

36.3

42.8

45.248.452.852.752.252.961.183.384.279.9

86.399.180.181.377.677.381.982.082.994.2

90.891.792.790.090.394.3

103.4100.0103.2108.9

110.3114.0131.3143.1145.1148.5

142.6143.4143.4145.4146.3146.0

146.6146.2148.1145.2144.5143.2

142.1141.7143.2147.5147.7148.7

149.3149.3151.3152.4154.4154.6

Fuelsand

relatedproducts,

andpower i

59.4

47.6

52.3

51.454.656.257.859.560.164.476.990.586.2

87.190.390.192.691.391.294.099.195.395.3

96.197.296.796.393.795.597.8

100.098.9

100.9

106.2114.2118.6134.3208.3245.1

162.5177.4189.0197.9204.3210.5

221.7226.0225.0228.5227.4229.0

232.2232.3233.0236.5238.8243.0

246.6252.4254.9256.5257.0258.0

Chemicalsand alliedproducts^

47.4

51.5

52.457.063.364.164.865.270.593.795.987.6

88.9101.796.597.798.998.599.1

101.2102.0101.6

101.8100.799.197.998.399.099.4

100.099.899.9

102.2104.2104.2110.0146. 8181.3

118.2120.2127.3132.3137.0142.8

148.4158.5161.7168.5172.9174.0

176.0178.1181.8182.4182.1181.2

181.4182.1182.2182.3182.9183.4

See next page for continuation of table and for footnotes.

225


TABLE E-47.— Wholesale price indexes by major commodity groups, 1929-75—Continued

[1967=100]

Year or month

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

19601961 . .1962196319641965 . .1966 -196719681969

19701971197219731974 _ .1975


J u l yAug . .SeptOctNovDec

1975: Jan . .FebMarAprMayJune


Industrial commodities— Continued

Rubberand

plasticproducts

59.4

40.2

61.2

57.161.571.673.672.770.570.870.572.870.5

85.9105.495.589.190.4

102.4103.8103.4103.3102.9

103.199.296.396.895.595.997.8

100.0103.4105.3

108.3109.2109.3112.4136.2150.2

117.7119.8123.8129.4133.7135.6

139.5143.4145.6147.5148.5149.4

149.6150.0149.7149.4148.9148.6

150.1150.0150.8151.5151.8151.9

Lumberand

woodproducts

25.0

19.0

24.8

27.432.735.637.740.641.247.273.484.077.7

89.397.294.494.392.697.198.593.592.498.8

95.391.091.693.595.495.9

100.2100.0113.3125.3

113.6127.0144.3177.2183.6176.9

183.7184.1191.3200.2198.0192.2

188.6183.7180.4169.4165.8165. 4

164.7169.3169.6174.9183.0181.0

179.6179.7179.9179.1178.3183.1

Pulp,paper,and

alliedproducts

72.575.772.4

74.388.085.785.585.587.893.695.496.497.3

98.195.296.395.695.496.298.8

100.0101.1104.0

108.2110.1113.4122.1151.7170.4

131.8132.9137.2144.4146.6147.5

153.3162.9164.2166.0166.9167.2

169.8169.8170.0169.7169.8169.8

170.0170.0170.3170.9171.3173.1

Metalsand

metalproducts

40.2

30 7

37.6

37.838.539.139.039.039.644.354.962.563.0

66.373.873.976.376.982.189.291.090.492.3

92.491.991.291.393.896.498.8

100.0102.6108.5

116.6119.0123.5132.8171.9185.6

145.0148.0154.7161.2168.7174.0

180.3185.6187.1186.9186.7184.6

185.5186.3186.1185.7185.1184.5

183.4184.3185.5187.2187.0187.1

Machin-ery andequip-ment

41.3

41.442.142.842.442.142.246.453.758.261.0

63.170.570.672.273.475.781.887.689.491.3

92.091.992.092.292.893.996.8

100.0103.2106.5

111.4115.5117.9121.7139.4161.4

126.0127.0129.0130.8134.1137.2

140.3144.3146.8150.0152.7154.0

156.6157.7158.8159.7160.4161.0

161.7162.2163.1164.1165.3165.8

Furni-ture andhouse-

holddurables

55.8

44.6

52.6

53.857.261.861.463.163.267.177.081.682.9

84.791.890.191.992.993.395.898.399.199.3

99.098.497.797.097.496.998.0

100.0102.8104.9

107.5109.9111.4115.2127.9139.7

119.0120.2121.3122.9124.5126.1

128.2129.8132.8135.5136.9137.7

138.8139.1138.5138.5138.6139.0

139.2139.8140.1141.1141.5142.0

Nonme-tallic

mineralproducts

51.2

47.2

49.1

49.150.252.352.453.555.759.366.371.673.5

75.480.180.183.385.187.591.394.895.897.0

97.297.697.697.197.397.598.4

100.0103.7107.7

112.9122.4126.1130.2153.2174.0

138.7142.1144.2146.7150.7152.3

156.4157.6159.8162.2163.4164.3

168.5170 3170.8173.0173.1173.3

174.7175.8176.1177.1177.7178.0

Trans-portation

equip-ment:Motor

vehiclesand

equip-ment2

41.9

34.8

39.1

40.443.247.247.247.548.356.064.170.875.7

75.379.484.083.683.886.391.295.198.1

100.3

98.898.698.697.898.398.598.6

100.0102.8104.8

108.7114.7118.0119.2129.2144.6

122.9123.1123.2123.3124.9126.1

128.5130.1130.6138.1138.9140.7

140.2141.5143.0143.0142.9143.1

143.1143.5143.9150.0150.6150.9

Miscel-laneousproducts

73.576.578.0

79.283.983.485.686.486.587.690.292.092.2

93.093.393.794.595.295.997.7

100.0102.2105.2

109.9112.8114.6119.7133.<1147.7

123.5124.6125.8128.2133.2134.3

135.2135.4136.3137.1140.7142.4

145.5146.4146.8147.3147.5147.5

147.7147.8148.2147.6148.6151.1

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


226


TABLE B-48.—Wholesale price indexes by stage of processing and by special groupings, 1947-75

[1967=1001

Year or month

194719481949

19501951195219531954

1955... .1956195719581959

19601961196219631964

19651966... .19671968...1969

19701971 .197219731974

1975

1974: JanFeb....MarAprMay....June

JulyAugSeptOctNovDec.

1975: JanFebMar .AprMayJune


Allcorn-modities

76.582.878.7

81.891.188.687.487.6

87.890.793.394.694.8

94.994.594.894.594.7

96.699.8

100.0102.5106.5

110.4113.9119.1134.7160.1

174 9

146.6149.5151.4152.755.055.7

61.767.467.270.271.971.5

71.871.370.472.173.273.7

75.776.777.778.978.278.7

Crude materialsfor further processing

Tota

101.2110.996.0

104.6120.1110.3101.9101.0

97.197.699.8

102.099.4

97.096.597.595.494.5

99.3105.7100.0101.6108.3

112.2115.0127.6174.0196.1

196 9

201.3205.6200.6192.986.578.5

94.5203.596.800.398.293.9

89.385.882.489.496.797.1

03.004.107.506.899.801.3

Foodstuffand

feed-stuffs

111.7120.8100.3

107.6124.5117.2104.9104.9

95.193.197.2

103.096.2

95.193.895.792.990.8

97.1105.9100.0101.3109.1

112.1114.2127.5180.0189.4

191.8

203.2207.2197.6182.6176.9164.6

184.9196.5187.4192.9190.9187.8

182.477.172.981.790.992.1

02.101.904.904.695.495.1

Non-food

materials

excepfuel

90.6100.791.6

104.7120.7104.6100.198.2

103.8107.6106.2102.2105.8

101.4102.5102.0100.7102.4

104.5106.7100.0102.1106.8

109.8110.5121.9161.5205.4

188.3

201.4206.8210.4214.1203.7202.3

210.0213.1208.1205.4200.7188.8

84.184.784.486.288.187.6

83.889.694.292.790.693.8

Fuel

66.678.778.3

77.979.479.982.779.0

78.884.489.290.391.9

92.892.692.193.292.8

93.596.3

100.0102.3106.4

122.3138.5148.7164.5219.4

271.5

182.4186.3190.3205.4207.4213.6

222.0228.4236.8244.3251.9263.7

266.7265.2256.6266.3276.4274.1

278.073.275.674.870.081.3

Intermediate materials, supplies, and components *

Tota

72,478.375.2

78.688.185.586.086.5

88.192.094.194.395.6

95.695.094.995.295.5

96.899.2

100.0102.3105.9

109.8114.0118.7131.6162.9

180 0

142.0144.6149.1152.8157.660.9

66.374.073.876.878.678.4

79.178.878.179.078.478.4

79.380.981.082.282.382.6

Materials and components formanufacturing

Tota

72.177.874.5

78.188.584.886.286.3

88.492.694.895.296.5

96.595.394.794.995.9

97.499.3

100.0102.2105.8

110.0113.0117.0127.7162.2

178.7

138.9141.6146.8150.9156.6160.7

166.7172.7174.1176.680.779.8

80.179.778.077.977.076.3

77.478.878.680.080.179.9

Materials

Forfood

manufactur

ing

94.096.983.3

86.796.692.993.092.2

89.389.791.393.490.0

91.194.092.096.695.2

97.6101.9100.0101.5107.0

112.9116.2119.9146.0209.2

209.4

173.5184.0186.4180.4187.0191.5

205.9221.2222.6234.5265.8257.3

245.1236.4220.0213.7200.694.1

04.010.704.100.095.389.2

Fornon-

durabmanufactur

ing

95.2100.891.9

96.5111.7100.699.898.2

98.6100.1101.4100.4102.1

102.199.999.398.499.1

100.0100.8100.0101.3102.5

104.0105.6109.4121.2155.2

174.7

132.6135.0140.8146.4150.2154.1

159.8166.0166.6169.5171.1170.7

172.272.471.972.773.573.3

74.075.275.977.478.779.5

Fordurabmanufactur

ing

54.461.463.1

66.774.174.377.679.3

83.388.591.492.094.2

94.393.092.993.094.8

96.898.6

100.0103.3109.3

115.1118.8123.8133.7171.7

188.4

144.7146.5154.0161.1169.6174.7

180.2184.9186.5185.9186.2185.5

187.186.986.987.687.787.3

87.187.688.191.491.291.4

Componen

58.363.064.2

66.675.675.777.177.5

80.988.391.892.593.6

93.192.291.591.592.3

93.897.1

100.0102.3105.6

111.1114.7117.6121.4139.9

158.3

126.1127.2129.4131.1135.2138.2

41.645.648.050.252.653.6

55.457.357.257.357.457.9

58.158.659.059.660.560.7

Mate-rialsand

com-ponentsfor con-struc-tion

66.073.173.2

77.084.383.785.185.5

88.993.594.094.096.6

95.994.694.294.595.4

96.298.8

100.0104.9110.9

112.6119.5126.2136.7161.6

176.4

145.0147.0151.1156.0160.7163.0

166.6169.3170.9169.7169.7170.1

171.9173.7173.9175.2177.0177.0

176.9177.2177.6178.4178.5179.8


227


TABLE B-48.—Wholesale price indexes by stage of processing and by special groupings, 1947-75—Continued

11967=1001

Year or month

194719481949

1950. .1951195219531954

19551956195719581959

19601961196219631964

19651966 -196719681969 .

19701971197219731974

1975 - ..

1974- JanFebMarAprMayJune

JulyAugSeptOctNov --Dec

1975- JanFebMarAprMayJune

July - -Aug _ --.SeptOctNovDec

Finished goods

Total

74.079.977.6

79.086.586.085.185.3

85.587.991.193.293.0

93.793.794.093.794.1

95.798.8

100.0102.9106.6

110.4113.5117.2127.9147.5

163.4

137.4140.1141.0142.1143.8144.0

148.1150.6151.1155.2157.7158.0

159.3159.3158.9160.0161.2162.5

164.5164.9166.2168.0168.0168.5

Consumer finished goods

Total

80.586.582.5

83.991.890.789.289.1

88.589.892.494.493.6

94.594.394.694.194.3

96.199.4

100.0102.7106.5

109.9112.7116.6129.2149.3

163.6

139.9143.2143.8144.7146.0145.4

149.9152.1153.2156.0158.6158.7

159.8159.4158.5159.7161.1162.6

165.0165.3166.7168.3168.1168.5

Foods

82.890.483.1

84.795.294.389.488.7

86.586.389.394.590.1

92.191.792.591.491.9

95.4101.6100.0103.7110.0

113.5115.2121.7146.4166.9

181.0

162.7167.0164.6163.1162.4157.0

164.6167.7168.7171.4177.4175.9

177.0175.5172.6174.9177.7180.3

184.8183.9186.5187.3185.5185.6

Othernon-dura-

blegoods

80.785.882.3

83.690.087.888.688.9

89.491.193.292.694.0

94.794.794.895.194.8

95.997.8

100.0102.2105.0

108.3111.3113.6120.5146.8

163.0

130.2134.0137.8141.2144.3147.7

150.6153.0154.2155.7156.2156.9

158.2158. 8158.9159.5160.4161.6

163.2165.1166.1167.2168.0168.9

Dura-ble

goods

74.679.781.8

82.788.288.989.690.3

91.294.397.198.499.6

99.298.898.397.898.2

97.998.5

100.0102.2104.0

107.0110.9113.2115.8126.3

138.2

119.6120.2120.9122.0123.7125.0

126.8127.3128.4133.1133.8135.3

135.9136.3136.9137.0137.0137.3

137.4137.4137.7141.1141.8142.2

Pro-ducer

fin-ishedgoods

55.469.463.4

64.971.272.473.674.5

76.782.487.589.891.5

91.791.892.292.493.3

94.496.8

100.0103.5106.9

111.9116.6119.5123.5141.0

162.5

128.3129.3130.9132.4135.9138.7

141.5145.2148.0151.9154.1155.3

157.4158.3159.7160.7161.2161.7

162.4163.0164.0166.5167.4168.0

Special groupings

Crudemate-rials 2

79.292.584.0

93.6102.993.192.488.0

96.6102.3100.996.9

102.3

98.397.295.694.397.1

100.9104.5100.0102.0110.6

118.8122.7131.1155.2219.1

225.1

188.2202.7212.2224.8216.5217.5

228.9229.5229.8229.0228.7221.2

219.4221.0218.4222.7225.8226.3

223.4225.8231.5228.6226.5231.2

Inter-me-

diatemate-rials,sup-plies,and

com-po-

nents 3

70.076.174.2

77.787.084.385.385.7

88.392.695.094.896.4

96.895.595.395.095.6

96.998.9

100.0102.6106.1

110.0114.3118.9128.1159.5

178.6

137.9140.6145.8150.8156.1159.6

164.5169.6170.6172.1173.0173.2

175.0175.9176.4177.3177.7177.8

178.3179.3179.9181.4182.0182.6

Con-sumer

fin-ishedgoods

exclud-ing

foods

79.084.082.2

83.589.588.389.189.4

90.192.394.694.795.9

96.396.296.096.095.9

96.698.1

100.0102.1104.6

107.7111.2113.5118.6138.6

153.1

125.6128.4131.0133.5136.0138.6

141.1142.7143.9146.7147.2148.3

149.4149.8150.2150.6151.1152.0

152.9154.1154.8156.8157.6158.3

Manufacturedgoods

Total

72.378.275.5

78.487.085.185.085.7

86.690.092.893.894.6

94.894.494.594.394.8

96.399.1

100.0102.6106.3

110.2113.8117.9129.2154.1

171.1

138.6140.9143.6146.0149.3151.5

156.4161.8162.4165.2166.2156.9

168.2168.0167.8168.7169.5170.1

171.4172.3173.0174.5174.4174.7

Dura-ble

59.465.467.3

69 676.376.778.479.4

82.287.590.992.294.0

94.193.693.593.594.6

95.897.9

100.0103.5107.7

112.0117.0121.1127.4148.6

165.6

133.8135.0137.9141.1145.6148.4

151.7154.8156.6158.6159.6160.3

162.0163.2163.7164.4164.9165.1

165.2165.7166.2168.2168.8169.4

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

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


228


TABLE B-49.—Wholesale price indexes for selected groupings, seasonally adjusted, 1972-75

[1967=100, seasonally adjusted]

Year andmonth






JulyAugSeptOct.—NovDec



Farm products andprocessed foods

and feeds

Total

116.9118 2117.9119.3120.4119.7

122.9123.1124.6125.4128 1133.3

136 3140.4147.2149.2155.5161.5

156.0182.9173.5169.7168.6168.8

176.6177 6173.9171.7168.2159.3

172.4180.9179.3188.3194.4187.2

182.5176.5172.7181.0182.1179.6

187.8186.4190.6193.8191.5186.7

Farmprod-ucts

117.2118 4117.7119.8121.7121.2

126.6127.7129.6129.1132 5139.3

143 3147.5158.1161.7170.2178.4

172.1211.8201.8193.6189.9189.9

200.6200 4193.5187.9180.8164.5

180.8186.8184.4193.1194.0186.1

177.9170.2168.1179.3184.5181.7

193.7190.7198.9203.2198.0196.4

Proc-essedfoodsand

feeds

116.7117.7117.9118.9119.1118.8

120.4120.2121.8122.9125.2129.7

131.7135.5140.4141.5145.9150.7

145.5164.9156.3154.5154.8155.7

161.1162.6161.5161.4160.0156.0

166.9177.9177.0185.0193.8188.2

185.3180.3175.7181.9180.3178.1

183.9184.5186.3187.7186.5181.0

Special groupings

Crudemate-rials !

125.7125 9128.5127.8129.0129.4

130.6132.7133.1135.0137 3138.0

139 2140.9141.9145.1148.6152.2

153.8156.5161.8166.4175.4181.4

188.4200 7211.6222.1215.0216.6

228.9230.2231.0231.5230. 1223.7

219.6218.8217.7220.1224.2225.4

223.4226.5232.7231.1227.9233.8

Inter-medi-ate

mate-rials,sup-plies,and

com-po-

nents a

116.8117 1117.5117.8118.0118.5

119.0119.4119.7120.3120 9121.3

121 7122.6124.8126.0127.1128.0

128.1129.0130.0131.3133.2135.9

138.7140 7145.8150.3155.0158.6

163.8169.1170.3172.4174.0174.8

176.1176.1176.4176.8176.5176.7

177.6178.8179.5181.8183.1184.3

Pro-ducer

fin-ishedgoods

118.2118.7118.9119.3119.4119.6

119.8119.9120.0119.8120.0120.2

120 4121.1121.7122.3123.1123.4

123.6123.9124.3125.2125.8126.7

128.2129 2130.9132.4135.9138.7

141.5145.1148.0152.1154.4155.3

157.2158.1159.7160.7161.2161.7

162.4162.8164.0166.7167.7168.0


Total

114.5115 1114.7114.9115.5115.9

116.8117.3117.7117.8118 7119.5

121 0122.3125.2126.4127.2128.5

128.5133.9133.2133.8134.9135.8

139.6142 5143.1144.7146.1145.3

149.6151.6153.2156.9160.2158.9

159.5158.6157.7159.7161.3162.4

164.7164.8166.7169.3169.8168.7

Foods

117.9119 9118.3118.4119.7120.2

122.3123.0123.4123.9125.6127.9

130 9133.2138.7141.0142.3144.7

144.5158.3155.6155.5155.9156.6

161.4165 7162.6163.3162.9156.7

164.3167.2168.5173.3180.5176.6

175.6174.1170.6175.1178.2179.9

184.4183.3186.3189.4188.7186.3

Othernon-dura-ble

goods

112.1112 1112.4112.7112.9113.2

113.5114.0114.5114.9115 5115.7

115 5117.4118.1118.7119.3119.7

120.1120.7121.2122.8124.9127.2

130.5134.1137.8141.1144.0147.1

150.0152.5154.2156.0156.8157.8

158.5159.0158.9159.3160.1161.0

162.5164.6166.1167.5168.7169.9

Dura-ble

goods

112,5112 7113.0113.1113.0113.3

113.5113.9114.7112.8112.8113.4

113 3113.5114.4115.2115.6115.9

116.1116.5116.9117.1117.0117.5

119.0119 7120.9121.9123.6125.0

126.8127.6129.6133.5133.9134.9

135.2135.8136.9136.9136.9137.3

137.4137.7139.0141.5141.9141.8

Manufacturedgoods

Total

115.9116 4116.5116.9117.2117.6

117.8118.4118.7119.2119 7121.3

121 8123.5125.4126.4128.0129.8

128.6133.1131.5132.4133.5135.8

139.0140.9143.3146.1148.9151.2

155.6161.3161.9165.9167.0167.7

168.7168.0167.5168.9169.0169.8

170.5171.8172.5175.2175.3175.6

Dura-ble

goods

119.4120 0120.0120.3120.6121.1

121.4121.7122.0121.9122 3122.7

122 8123.6125.1126.2127.3127.5

127.3127.9128.3129.3130.8132.4

134.2135 0137.6140.5145.2148.1

151.2154.3156.6158.9160.4161.3

162.5163.2163.4163.7164.4164.8

164.7165.2166.2168.5169.6170.4

1 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and leaf tobacco.2 Excludes intermediate materials for food manufacturing and manufactured animal feeds.


229


TABLE R-50.—Percent changes in wholesale price indexes, major groups, 1948-75

[Percent change)

Year or month

19481949.

19501951195219531954

19551956195719581959

19601961.196219631964

19651966196719681969

19701971197219731974. . ....

1975


JulyAugSept....OctNovDec


JulyAugSept....OctNovDec

Allcommodities

Dec.to

Dec.i

1.5-6.1

14.71.2

-3.45

- 6

1 64.52.0.5

q

.5-.20

.4

3 41.71 02.84 8

2 24.06 5

15.420.9

4 2

Yearto

year

8.2-5.0

3.911.4

-2.7-1 4

.2

23.32.91 4

2

.1-.4

.33

.2

2.03.3.2

2.53 9

3 73.24 6

13.118.9

9 2

Industrialcommodities

Dec.to

Dec.i

5.0-5.0

14.0.4

-1.41 4.2

4.34.21.1.9

1 2

-.6-.1-.2

.5

.6

1.42.21.92.73.9

3.63.23.6

10.725.6

6.0

Yearto

year

8.6-2.1

3.610.4

-2.38

.2

2 24.52.8.3

1 8

0-.50- l

.5

1.32.21.52.53.4

3 83.63 46.8

22.2

11 5

Farm productsand processed

foods and feeds

Dec.to

Dec.1

-6.8-8.9

17.03.5

-8.2-2 3-2.6

-6 46.04.2-.2

-4 4

3.9-.6

.6-2 1

0

9.5.2

-1 83.57 5

-1 46.0

14 426.711.0

- 3

Yearto

year

7.6-11.7

4.813.8

-3.9-6 5

q

-4 .7-.73.44.7

-4 7

.201.1

-1.0-.6

4.26.6

-3.42.45.5

3.41.97.6

30.011.5

3.8


Total

Dec.to

DecJ

1.2-5.6

10.22.7

-3.1- l-.6

-.13.13.0.2

2.1-.8

.1-.4

.2

4.01.61.?3.14.9

1.43.34.5

13.617.1

6.2

Yearto

year

7.5-4.6

1.79.4

-1.2-1 7-.1

- 71.52.92.2

— 8

1.0-.2

.3-.5

.2

1.93.4.6

2.73.7

3.22.53.5

10.815.6

9.6

Foods

Dec.to

Dec.i

-2.4-7.4

13.35.3

-5.9-2 2-1 9

-2.93.65.3.4

-3 7

5.2-1.8

.5-1.3

.4

9.11.4

-.44.88.2

-2.55.98.0

22.513.0

5.5

Yearto

year

9.2-8.1

1.912.4-.9

-5 2- 8

-2 5-.23.55.8

—4 7

2.2-.4

.9-1 2

3.86.5

-1.63.76.1

3.21.55.6

20.314.0

8 4

All except foods

Dec.to

Dec.i

4.C-4.5

8.2.9

-1.11 6

3

1 72.51.7.28

.4-.3-.1

1.1

.91.72.12.02.9

3.91.82,27.4

20.5

6.7

Yearto

year

6.3-2.1

1.67.2

-1.3.9.3

.82.42.5.1

1.3

.4-.1-.20-.1

.71.61.92.12 4

3.03.22.14.5

16.9

10.5

Change from preceding month

Unad-justed

3.42.01.3.9

1.5.5

3.93.5-.11.81.0

-.2

.2-.3-.51.0

6.3

1.2.6.6.7

-.4.3

Sea-sonally

ad-justed

2.91.41.31.41.2.0

3.93.7-.02.91 4-.9

-.2-.8-.51.5

4-.1

1.2.8.6

1.8.0

-.4

Unad-justed

2.32.13.02.92.72.1

2.72.4.8

1.2.6.2

.8

.5

.3

.54

.2

.3

.6

.5

.9

.4.4

Sea-sonally

ad-justed

2.02.02.82.62.52.2

2.92.51.01.5.8.4

.5

.4

.1

.12

.4

.4

.6

L 2.6.6

Unad-justed

5.81.6

-2.4-3.7-1.3-3.4

6.86.2

-2.33.42.1

-1.3

-1.4-2.3-2.6

2.21 3.6

3.2.4.7.1

-2.3-.1

Sea-sonally

ad-justed

4.6.6

-2.1-1.3-2.0-5.3

8.24.9-.95.03.2

-3.7

-2.5-3.3-2.2

4.86

-1.4

4.6-.72.31.71 2

-2'. 5

Unad-justed

3.22.4.4.6.9

3.11.5.7

1.81.7.1

.7-.3-.6

.89

.9

1.5.2.8

1.0

'.2

Sea-sonally

ad-justed

2.82.1.4

1.11.0

-.5

3.01.31.12.42.1-.8

.4-.6-.61.31.0.7

1.4.1

1.21.6.3

-.6

Unad-justed

4.52.6

-1.4-.9-.4

-3.3

4.81.9.6

1.63.5-.8

.6-.8

-1.71.31 61.5

2.5-.51.4.4

-1.0.1

Sea-sonally

ad-justed

3.12.7

-1.9.4

-.2-3.8

4.91.8.8

2.84.2

-2.2

-.6-.9

-2.02.61.81.0

2.5-.61.61.7

-.4-1.3

Unad-justed

2.02.22.01.91.91.9

1.81.1.8

1.9.3.7

.7

.3

.3

.3

.3

.6

.6

.8

.'5

.4

Sea-sonally

ad-justed

1.92.12.01.81.91.8

1.81.41.31.8.3.7

.6

.1

.2

.2

.3

.5

.61.01.01.2.5.3

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

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


230


MONEY STOCK, CREDIT, AND FINANCETABLE B-51.—Money stock measures, 1947-75

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

Year andmonth

1947: Dec1948: Dec1949: Dec

1950: Dec .1^51: Dec1952: Dec1953: Dec1954- Dec1955: Dec1956' Dec1957- Dec1958: Dec1959: Dec

1960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec ....1967: Dec1968: Dec1969: Dec ....

1970: Dec1971: Dec . -1972: Dec1973: Dec1974: Dec1975: Dec *>....

1974: JanFebMarApr _MayJune

JulyAugSeptOctNovDec_ .

1975: Jan.FebMarAprMayJune

JulyAugSeptOctNovDec?

Overall measures

Mi(Currency

plusdemanddeposits)

113.1111.5111.2

116.2122.7127.4128.8132 3135.2136 9135 9141. 1143.4

144.2148.7150.9156.5163.7171.3175.4186.9201.7208.7

221.4235.3255.8271.5284.4296.4

270.9273.1275.2276.6277.6280.0

280.4280.5280.7281.6283.6284.4

281.6282.4285. 0285.8288.5293.0

293.5294.2294.7294.1297.1296.4

M2(Mi plus

timedepositsat com-mercialbanks

other thanlarge CD's)

210.9

217.1228.6242.9258.9277.1301.3317.8349.6382.3392.2

425.3473.0525.7572.2613.5667.5

575. 5580.8585.5589.4591.6597.1

599.6601.9603.4607.6611.6613.5

614.8619.1625.1628.9635.9646.1

650.5653.7656.3658.6665.7667.5

M3(M 2 plusdepositsat non-

bankthrif t

institu-tions)

303.8

319.3342.1369.2400.3434.4471.2495.1543.7589.0607.2

657.0746.2844.9919.6981.7

1,093.9

925. 1932.4939.8945.7948.6955.8

959. 6962.6965. 0970.7976.9981.7

986.3994.4

,005.9,015.7, 028. 3, 045. 3

,055.9, 064. 2,071.1, 077. 7, 088. 8,093.9

Components and related items

Cur-rency i

26.425.825.1

25.026.127.327.727.427.828.228 328.628.9

29.029.630.632.534.336.338.340.443.446.1

49.152.656.961.667.973.8

62.062.763.363.964.364.6

64.865.565.966.567.467.9

68.268.769.469.570.271.1

71.471.972.072.573.473.8

Deposits at commercial banks

De-mand 2

86.785.886.0

91.296.5

100.1101.1104.9107.4108.7107 6112.6114.5

115.2119.1120.3124.1129.5134.9137.0146.5158.2162.7

172.3182.7198.9209.9216.5222.6

208.9210.4211.9212.8213.3215.4

215.6215.0214.8215.2216.2216.5

213.4213.7215.6216.3218.3221.9

222.1222.3222.7221.5223.7222.6

Time and savings 3

Total

35.436.036.4

36.738.241. 144.548.350.051.957 465.467.4

72.982.797.6

112.0126.2146.3157.9183.1204.1194.5

229.3271.2313.8364.5419.3454.5

371.0375.9378.3386.7392.5398.4

402,8405.2407.5412.1413.5419.3

426.0428.8429.9431.5432.9437.1

439.1437.4440.7445.8450.0454.5

LargeCD's*

2.85.79.6

12.816.215.420.523.511.0

25.433.543.963.890.383.3

66.468.268.073.978.581.3

83.683.884.886.285.590.3

92.792.189.888.485.584.1

82.178.079.181.381.483.3

Other

67.4

72.979.992.0

102.3113.4130.1142.5162.7180.6183.5

203.9237.7269.9300.7329.1371.2

304.6307.7310.3312.7314.0317.1

319.2321. 5322.7325.9328.0329.1

333.2336.7340.1343.1347.4353.1

357.0359.4361.7364.6368.6371.2

Depositsat non-

bankthr i f t

institu-tions 5

92.9

102.3113.4126.4141.4157.3169.8177.3194.2206.7215.0

231.7273.1319.1347.4368.2426.4

349.6351. 5354.4356.3357.0358.7

360.0360.7361.7363.2365.3368.2

371. 5375.3380.8386.8392.4399.2

405.4410.5414.8419.0423.1426.4

U.S.Govern-

mentdemanddeposits(unad-justed) «

1.01.82.8

2.42.74.93.85.03.43.43.53.94.9

4,74.95.65.15.54.63.45.05.05.6

7.36.97.46.34.94.1

8.16.66.46.07.66.1

5.44.05.53.73.44.9

4.03.33.84.04.14.1

3.32.63.83.33.54.1

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

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

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

mercial banks.5 Average of the beginning- and end-of-month deposits of mutual savings banks, savings capital at savings and loan

associations, and credit union shares.6 Deposits at all commercial banks.


231


TABLE B-52.—Commercial bank loans and investments, 1930-75[Billions of dollars]

End of yearor month 1

1930: June1933: June1939

194019411942194319441945... .194619471948 .

19481949

19501951...195219531954 .195519561957195819593

I960..19611962 .1963196419651966196719681969 *

19701971 .1972197319741975 P

1975: JanFebMarApr.MayJune

July pA u g p _ _ _SeptpOct*N O V PDec p

Total loansand invest-

ments 2

48.930.440.7

43.950.767.485.1

105.5124.0114.0116.3114.2

Loans

Total a

34.516.317.2

18.821.719.219.121.626.131.138.142.4

Commercialand

industrial

Investments

U.S. Govern-ment securities

5.07.5

16.3

17.821.841.459.877.690.674.869.262.6

Othersecurities

9.46.57.1

7.47.26.86.16.37.38.19.09.2

Loans plusloans sold to

bank affiliates 2

Seasonally adjusted

113.0118.7

124.7130.2139.1143.1153.1157.6161.6166.4181.2188.7

197.4212.8231.2250.2272.4300.1

4 316. 1352.0390.2401.7

435.5484.8556.4630.3

s 687. 1717.2

690.0692.6697.0699.1702.0705.0

706.4710.4711.6715.0721.3717.2

41.542.0

51.156.562.866.269.180.688.191.595.6

110.5

116.7123.6137.3153.7172.9198.2

4213.9231.3258.2279.1

291.7• 320. 3

377.8447.3

8 498. 2494.7

501.3498.9498.3495.0492.8489.9

489.6490.7490.4494. 1498.0494.7

39.4

42.143.947.652.158.469.578.686.295.9

105.7

110.0115.9

T129.7155.8

s 182. 6177.7

184.1182.5180.9180.5179.1176.3

177.6177.5176.4177.9178.9177.7

62.366.4

61.160.462.262.267.660.357.256.965.157.7

59.965.364.761.560.857.153.559.460.751.5

57.960.161.952.848.877.9

48.753.258.564.068.272.4

73.475.677.175.176.377.9

9.210.3

12.413.414.214.716.416.816.317.920.520.5

20.823.929.235.038.744.8

M8.761.371.371.1

85.9• 104. 4

116.7130.2

s 140. 1144.6

140.0140.5140.2140.1141.0142.7

143.4144.1144.1145.8147.0144.6

283.0

294.7• 323. 1

380.4451.6

8«>503.0499.1

505.9503.4503.0499.6497.5494.6

494.1495.2494.9498.8502.7499.1

1 Data are for last Wednesday of month or year (except June 30 and December 31 call dates).1 Adjusted to exclude all interbank loans beginning 1948 and domestic bank loans only beginning January 1959.1 Beginning January 1959, loans and investments are reported gross, without valuation reserves deducted, rather than

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

at all commercial banks, and certain certificates of CCC and Export-Import Bank totaling about $1 billion are included inother securities rather than in loans.' Beginning June 1969, data include all bank-premises subsidiaries and other significant majority-owned domestic

subsidiaries; earlier data include commercial banks only.8 Beginning June 1971, Farmers Home Administration insured notes totaling about $0.7 billion are classified as other

securities rather than as loans.7 Beginning June 1972, commercial and industrial loans were reduced by about $0.4 billion due to loan reclassifications

at one large bank.8 Beginning June 1974, the merger of a large mutual savings bank and a nonmember commercial bank increased total

loans and investments by $0.6 billion, loans by $0.5 billion, and other securities by $0.1 billion.Beginning November 1974, the liquidation of one large bank reduced total loans and investments by $1.5 billion, total

loans by $1.0 billion, commercial and industrial loans by $0.6 billion, and other securities by $0.5 billion. In addition, com-mercial and industrial loans were increased by $0.1 billion due to loan reclassifications at one large bank.

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


232


TABLE B-53.—Total funds raised in credit markets by nonfinancial sectors, 1967-75

[Billions of dollars]

Item

Total funds raised

U S Government

Public debt securitiesAgency issues and mortgages

Foreign

Corporate equitiesDebt instruments

Private domestic nonfinancial sectors

Corporate equities . .Debt instruments _ _ .

Debt capital instruments

State and local government obli-gations ._- -.-

Corporate bondsMortgages

HomeMulti-family residentialCommercial _.Farm

Other debt instruments

Consumer creditBank loans n.e.c. _Open-market paperOther

By borrowing sector' Total

State and local governmentsHouseholdsNonfinancial business

FarmNonfarm noncorporateCorporate

Total funds advanced to nonfinancial sectors.

Financed directly or indirectly by:


Deposits .

Demand deposits and currency..Time and savings accounts

At commercial banksAt savings institutions

Credit market instruments, net

U.S. Government securitiesPrivate credit market instru-

mentsCorporate equities..Less security debt

Other sources:

Foreign fundsAt banksDirect

Change in U.S. Government cashbalance .

U.S. Government loans _ .Private insurance and pension re-

serves...Other.

1967

82.4

13 0

8 94.1

4 0

14.0

65.4

2.463.0

44.5

7.814 722.011 53.64.72 3

18.5

4.59.81 72.6

65 4

7.919 338 13.65 0

29.6

82.4

50.5

52.1

12.839.322 616 7

-1.5

-1 4

5 7-4.3

1.5

4.92 32.7

1.24.6

18.23.0

1968

95 9

13 4

10 33.1

2.8

22.7

79.7

-.279.9

49.5

9.512 927.115 13.46.42 2

30.4

10.013.61 85.0

79 7

9.830 039 92 85 6

31.5

95 9

61.4

48.3

14.533 921 012 9

13.0

8 1

12 3-6.5

8

5.12 62.5

-1.14.9

18.86.9

1969

91 8

-3 6

-1 3-2.4

3 7

53.2

91.8

3.488.4

49.6

9.912 027.715 74.75.31 9

38 8

10 415.53 09.9

91 8

10.731 749 4

3 27 4

38 9

91 8

47.7

5 4

7.7-2 3

— 10 38 0

42.3

17 0

27 5-3.8-1 6

10.69 31.3

.42.9

19.710.6

1970

98 2

12 8

12 9j

2 7

12 7

82 7

5 777 0

56 7

11.219 825.712 85.85.31 8

20 3

6 06.73 04 6

82 7

11 323 448 03 25 3

39 5

98 2

63.3

66 6

10.556 139 216 9

-3.4

—9 0

6 5-1.7_ 9

2.4-8 510 9

2.82.8

21.85.1

1971

147 4

25 5

26 0_ 5

4 6

o4 6

117 3

11 4105.8

83 2

17 618 846.926 18.8

10 02 0

22 6

11 27.8

-1 24 8

117 3

17.839 859 64 18 7

46 8

147 4

83.1

93 7

12.781 040 640 4

-10.6

— 14 0

10 7-5.3

2 1

23.9-3 227.2

3.23.2

24.89.1

1972

169 4

17 3

13 93 4

4 3

— 44 7

147 8

10 9136 9

93 8

14 412 267 339 610.314 82 6

43 0

19 218.9_ 55 5

147 8

14.263 170 5

4 910 455.3

169 4

105.8

101.9

16.785.239 345 9

3.8

1.6

12.1-5.4

4.5

15.85.2

10.6

-.32.6

27.118.4

1973

187 4

9 7

7 72 0

7 5

_ 27 7

170 1

7 4162 7

96 1

13 79 2

73.243 38.4

17.04 4

66.6

22 935.8— 48.3

170 1

12.372 885 18.69 3

67.2

187.4

124.3

88.8

12.676.348 128 2

35.5

18 8

20.5-8.2-4.4

10.16.53.6

-1.73.0

29.522.1

1974

180 1

12 0

12 0o

15 4

_ 315 7

152 7

4 1148 6

92 9

17 419 755 931 77.8

11.54 9

55 6

9 627.36 6

12 1

152 7

16.644 092 17.87.2

77.1

180.1

111.3

78.8

6.871.950,221 8

32.6

18.1

13.7-1.0-1.8

25.713.612.1

-4.67.4

36.14.2


233


TABLE B-53.—Total funds raised in credit markets by nonfinancial sectors, 1967—75—Continued[Billions of dollars]

Item

Total funds raised .

U S. Government

Public debt securitiesAgency issues and mortgages

Foreign - .. .- -

Corporate equities .Debt instruments

Private domestic nonfinancial sectors .

Corporate equitiesDebt instruments ..

Debt capital instruments ... . .

State and local government obligationsCorporate bondsMortgages

Home _ ....Multi-familyCommercialFarm .

Other debt instruments

Consumer creditBank loans nee.Open-market paper _ _Other

By borrowing sector* Total

State and local governmentsHouseholdsNonfinancial business

Farm . -Nonfarm noncorporate _ _Corporate

Total funds advanced to nonfinancial sectors

Financed directly or indirectly by:


Deposits ...

Demand deposits and currencyTime and savings accounts

At commercial banksAt savings institutions

Credit market instruments, net

U S Government securitiesPrivate credit market instrumentsCorporate equitiesLess security debt

Other sources:

Foreign fundsAt banksDirect

Change in U.S. Government cash balanceU.S. Government loansPrivate insurance and pension reserves i_Other

1975 unadjustedquarterly flows

1

32.6

19.2

19.7-.5

1.8

.11.8

11.5

1.99.5

21.6

3.69.48.55.81.1.4

1.2

-12.1

-5.9-9.4

1.71.6

11.5

3.33.34.91.8

-1.34.4

32.6

14.6

9.7

-16.826.58.9

17.6

4.9

-4.07.91.1.0

2.5-3.3

5.8

-.14.58.92.1

II

50.1

16.6

16.7-.1

3.0

.03.0

30.5

3.227.3

27.7

5.08.3

14.510.51.11.51.3

-.5

1.8-.6

-2.6.9

30.5

4.213.313.02.2.5

10.3

50.1

40.2

39.4

17.721.63.2

18.4

.8

-.22.6.0

1.7

.9

~L4

1.31.19.9

-3.3

III

52.6

23.7

23.8.0

3.3

.03.3

25.5

2.023.5

24.4

3.85.3

15.311.11.51.61.0

-.9

4.0-5.4

.2

.3

25.5

3.412.210.01.61.86.6

52.6

25.5

10.5

-5.916.45.2

11.2

15.0

11.52.8

-.2

2.51.41.1

1.73.49.99.5

1975 seasonallyadjusted annual rates

1

167.4

72.4

74.4-2.0

7.7

.27.4

87.4

7.779.6

98.7

14.040.144.530.55.93.44.6

-19.1

-3.3-21.7

3.52.4

87.4

12.640.534.26.6

27*. 2

167.4

103.8

83.4

-6.489.823.566.3

20.4

-15.237.8

-2.1.1

10.6-11.4

22.0

7.118.835.0

-8.0

II

203.3

95.8

96.2-.4

11.4

11." 3

96.0

12.983.1

104.4

20.130.553.839.53.66.14.6

-21.3

2.1-18.9-6.3

2.0

96.0

17.044.834.25.2-.229.3

203.3

157.0

144.0

49.694.422.771.7

13.0

9.19.9.6

6.7

3.7-3.3

7.0

-1.74.3

40.4-.6

III

211.2

91.1

91.2-.1

14.5

.014.4

105.6

8.197.5

88.8

14.521.253.237.46.15.64.0

8.7

11.8-10.8

s'.o105.6

12.749.343.67.95.8

29.8

211.2

117.0

66.2

-1.067.115.751.5

50.8

35.312.61.9

-1.0

5.47.0

-1.6

12.913.539.223.2


234


TABLE B-54.—Private liquid asset holdings, nonfnancial investors, 1959-75

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

Yearand

month

1959: Dec

1960: Dec1961 : Dec1962: Dec1963: Dec1964: Dec

1965: Dec1966: Dec.1967: Dec1968: Dec1969: Dec

1970: Dec1971: Dec1972: Dec1973: Dec1974' Dec1975- Dec »

1974: JanFeb.MarAprMayJune


1975- JanFebMarApr .MayJune

JulyAugSeptOctNovDec v

Totalliquidassets

375.4

388. 1412.5444.5482.5518.4

562.9593.5643.2704.1737.1

786.7868.7980.2

1,093.51,184.71,293.6

,102.3,112.7,121.4,134.4, 142. 5,152.7

, 159. 4, 163. 6, 167. 5, 175. 3,179.9,184.7

,191.8,199.4,208.0,217.3, 226. 6,243.6

,253.7,257.6,265.2,273.2,285.0,293.6

Currency and deposits

Total

290.6

305.7326.3352.3382.3415.1

451.5474.3520.9564.5583.0

634.4721.1816.0885.3941.2

1,053.1

890.4897.7904.5909.9912.0918.5

921.7924.4926.4931.7938.6941.2

944.8952.8963.9973.3985.4

1,002.5

,013.2,021.6, 028. 5,035.5,047.2,053.1

Cur-rency *

28.9

29.029.630.632.534.3

36.338.340.443.446.1

49.152.656.961.667.973.7

62.062.763.363.964.364.6

64.865.565.966.567.467.9

68.268.769.469.570.271.1

71.471.972.072.573.473.7

De-mandde-

posits *

104.1

104.6106.3106.5109.8114.6

119.6121.7130.0140.1144.7

153.2161.7175.2181.5183.1190.1

180.2181.7182.5183.1182.9184.5

184.6184.0183.5183.7184.6183.1

rso.o180.6182.2183.1184.6188.0

188.3188.7189.0188.2190.7190.1

Time deposits

Com-mer-cial

banks1

64.7

69.977.088.898.6

108.9

125.2137.0156.3174.3177.3

199.2233.6264.7294.8321.9363.3

298.5301.7304.2306.6307.8310.8

312.4314.3315.4318.5320.6321.9

325.1328.3331.4334.0338.2344.3

348.3350.8352.9356.2360.4363.3

Non-bankthrift

institu-tions 2

92.9

102.2113.5126.4141.5157.3

170.4177.3194.2206.7215.0

232.9273.2319.1347.4368.3426.0

349.7351.6354.5356.3357.0358.6

359.9360.6361.7363.1366.0368.3

371.5375.3380.9386.8392.4399.1

405.2410.2414.6418.7422.8426.0

U.S. Governmentsecurities

Sav-ings

bonds 3

46.1

45.746.546.948.048.9

49.550.151.051.451.1

51.353.757.059.962.866.9

60.060.360.560.861.061.2

61.561.762.062.362.662.8

63.263.563.864.164.464.7

65.165.565.866.266.666.9

Short-term

market-ablesecu-rities*

37.7

34.034.036.138.535.7

38.443.839.546.864.9

53.239.639.852.160.161.7

52.152.954.455.656.657.1

58.359.259.760.960.860.1

61.060.259.459.759.560.6

61.761.161.561.161.161.7

Nego-tiablecertifi-catesof de-posit*

2.75.39.0

11.6

15.014.519.222.59.1

23.130.339.958.179.972.8

60.862.462.368.172.475.1

76.475.876.277.276.079.9

82.582.380.078.875.774.0

72.068.469.471.070.972.8

Open-marketpaper •

1.0

2.83.13.94.77.0

8.410.712.718.828.9

24.724.027.638.340.639.0

39.039.439.740.140.440.8

41.542.643.343.241.840.6

40.340.641.141.441.741.8

41.741.040.039.539.139.0

i Money stock components (see Table B-51) after deducting foreign litions. The three columns add to M2 held by domestic nonfmancial sectors

i holdings and holdings by domestic financial institu-:ors.

2 As published in money stock statistics.3 Series E and H savings bonds held by individuals.* Short-term marketable U.S. Government securities excluding official, foreign, and financial institution holdings,s Certificates over $100,000 at weekly reporting banks, except foreign holdings.«Open-market paper held outside banks and other financial institutions.


235


TABLE B-55.—Federal Reserve Bank credit and member bank reserves, 1929-75

[Averages of daily figures; millions of dollars]

Year and month

1929: Dec1933- Dec1939: Dec . .1940: Dec1941: Dec1942: Dec1943- Dec1944: Dec1945- Dec1946: Dec1947: Dec . ...1948- Dec1949: Dec1950: Dec1951- Dec1952: Dec1953: Dec1954: Dec1955: Dec1956- Dec1957: Dec1958: Dec1959- Dec1960: Dec1961: Dec1962- Dec1963: Dec1964: Dec1965: Dec1966: Dec1967- Dec1968: Dec ....1969- Dec1970- Dec1971: Dec .1972: Dec1973: Dec1974: Dec1975: Deep1974: Jan

FebMar _AprMayJuneJulyAug _ ...SeptOctNovDec

1975- JanFebMarAprMayJuneJuly..Aug _SeptOctNovDec?

Reserve Bank credit outstanding

Total

1,6432,6692,6122,3052,4046,035

11,91419,61224, 74424, 74622, 85823, 97819,01221,60625,44627, 29927, 10726,31726, 85327, 15626, 18628,41229, 43529, 06031,21733, 21536,61039, 87343, 85346, 86451,26856,61064, 10066, 70874, 25576, 85185,64293, 96799, 63086, 56885, 49384, 94386, 90789, 40589, 25491,55491, 36791,61790, 97191, 30293,96793, 00291, 16890, 81993, 21497, 84595, 11994, 14492, 39595, 27796, 93197, 81799,630

U.S.Govern-ment se-curities

4462,4322,5102,1882,2195,549

11,16618,69323, 70823, 76721,90523, 00218, 28720, 34523, 40924, 40025, 63924, 91724, 60224, 76523, 98226,31227, 03627, 24829, 09830, 54633, 72937, 12640, 88543, 76048,89152, 52957, 50061,68869, 15871,09479,70186, 67992, 10880, 79380, 80180, 68681, 56783, 43482, 81284, 31384, 49384, 38483, 73584, 05286,67986,03984, 74484, 84787, 08091,91888, 91288, 16686, 82989, 19190, 47690, 93492,108

Member bankborrowings

Total

80195

3354

90265334157224134118142657

1,59344124683968871055790687

149304327243454557238765

1,086321107

1,0491,298

703129

1,0441,1861,3521,7142,5803,0003,3083,3513,2871,7931,285

70339014710611060

27126121139619161

129

Seasonal

41321418173250

10213014916513911767321310

779

11173861652814

Allother,mainly

float

39614299

114180482658654702822729842607

1,1191,3801,3061,0271,1541,4121,7031,4941,5431,4931,7251,9702,3682,5542,5042,5142,5472,1393,3165,5144,6994,9904,7084,6436,5857,3934,7313,5062,9053,6263,3913,4423,9333,5233,9465,4435,9656,5856,5736,2775,8666,0245,8675,936b,7175,3555,6906,2646,8227,393

Member bank reserves

Total

2,3952,588

11,47314, 04912,81213, 15212, 74914, 16816, 02716,51717,26119, 99016, 29117,39120, 31021, 18019,92019,27919, 24019, 53519,42018, 899

2 18, 93219, 28320,11820, 04020, 74621, 60922, 71923, 83025, 26027, 22128, 03129, 26531,329

331,353335,0683 36, 941434,968

36, 65535, 24234, 96635, 92936, 51936, 39037, 33837,02937, 07636, 79636, 8i736, 94137, 49235, 56534, 77935, 13434, 49234, 97634, 65534, 48234, 64634, 56734, 571

* 34, 968

Re-quired

2,347U.822

6,4627,4039,422

10,77611,70112, 88414,53615,61716, 27519, 19315,48816, 36419, 48420, 45719,22718, 57618,64618, 88318,84318, 38318,45018, 52719, 55019, 46820,21021,19822, 26723, 43824,91526, 76627, 77428, 99331,16431,13434,80636, 60234, 72836, 41935, 05334, 79035,77136, 32536, 25937, 16136, 85136, 88536, 70536, 57936,60237, 55635, 33334, 51335, 01434, 49334, 42834, 68734, 26534, 44734,41134, 28134, 728

Excess

481766

5,0116,6463,3902,3761,0481,2841,491

900986797803027826723693703594652577516482756568572536411452392345455257272165

321932623339<240

23618917615819413117717819191

258339

-64232266120

548-32217199156290

4240

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

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

4 Includes $1 million of reserve deficiencies on which penalties were waived in accordance with Regulation D changeeffective November 19,1975.


236


TABLE B-56.—Aggregate reserves and member bank deposits, 1959-75

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

Year andmonth

1959: Dec

1960: Dec1961: Dec1962: Dec1963: Dec1964: Dec

1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec ... .

1970: Dec .1971: Dec1972: Dec1973: Dec1974: Dec

1975: Dec *

1974: JanFebMarAprMayJune..


1975: JanFebMarAprMay .June

JulyAug . .SeotOctNov .Dec v .

Member bank reserves 2

Total

18.58

18.9019.7319.6620.2921.20

22.2623.3524.7827.1527.99

29.2031.3231.4635.1736.91

35.04

35.8235.1234.9835.8836.5036.74

37.4037.2737.2636.8536.8836.91

36.9135.4634.8535.0834.6334.87

34.9934.5734.6834.5934.6135.04

Nonbor-rowed

17.64

18.8219.5919.4019.9620.93

21.8122.8124.5626.4026.87

28.8731.2030.4133.8736.18

34.90

34.7733.9233.6634.1533.9133.73

34.1033.9333.9835.0435.6236.18

36.5135.3234.7434.9734.5634.65

34.6934.3634.2834.4034.5534.90

Required

18.08

18.1519.1419.0919.8020.79

21.8323.0124.4126.7227.70

28.9631.1431.1734.8636.65

34.75

35.6634.9334.8435.7036.3436.54

37.2437.0837.0836.7336.6736.65

36.7635.2734.6534.9334.4734.67

34.8034.3734.4934.3934.3234.75

Avail-able 3

16.62

17.0117.7117.5818.2419.09

20.2021.4022.4924.8625.39

27.1429.0429.0932.9434.64

32.69

32.8332.9033.1333.6634.2434.71

34.9635.2735.2834.8834.8734.64

34.4133.6133.0333.1132.8033.00

32.9432.7732.7932.6832.5132.69

Deposits subject to reserverequirements *

Total

158.2

162.5175.5189.0203.2218.7

238.5246.7275.5299.6287.7

321.3360.3402.0442.2485.9

506.7

446.8447.5450.4461.2467.1472.9

475.7478.5480.6480.5483.6485.9

488.2489.2491.6493.5493.7500.5

498.5496.0498.8500.0505.1506.7

Timeand

savings

54.3

58.867.779.992.1

103.7

120.5128.6148.8164.3150.5

178.9210.7242.0280.0323.4

339.0

284.1287.4288.6296.6302.3307.0

310.7312.4314.4317.2318.4323.4

328.5328.9329.2329.7329.0330.8

330.8327.9330.1333.5335.7333.0

Demand

Private

99.0

99.1102.9103.3105.9109.1

112. 8113.9121.2130.3131.9

136.0143.8154.5158.2160.7

164.6

157.5157.9158.7160.0159.1160.6

160.7159.9159.9159.5160.6160.7

159.0159.7161.7161.7162.6165.9

165.2165.3165.6163.7165.9164.6

U.S.Govern-

ment

4.8

4.64.95.75.25.9

5.14.35.55.05.3

6.45.85.63.91.9

3.1

5.12.23.24.65.65.3

4.26.26.33.74.61.9

.7

.6

.72.12.13.8

2.52.93.12.93.63.1

Totalmember

bankdeposits

plusnon-

deposititems «

158.2

162.5175.5189.0203.4220.1

240.0250.9279.9306.6307.0

333.4365.2406.4448.7494.3

515.1

453.3454.4457.9469.2475.8481.2

484.9487.5489.2488.3491.2494.3

495.8495.7498.1500.2501.2507.5

505.3503.0505.8507.9513.3515.1

1 Except as noted in footnote 5.* Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the

effect of changes in Regulations D and M.3 Reserves available to support private nonbank deposits are defined as (1) required reserves for (a) private demand

deposits, (b) total time and savings deposits, and (c) nondeposit sources subject to reserve requirements and (2) excessreserves. This series excludes required reserves for net interbank and U.S. Government demand deposits.

« Deposits subject to reserve requirements include total time and sayings deposits and net demand deposits as definedby Regulation D. Private demand deposits include all demand deposits except those due to the U.S. Government, lesscash items in process of collection and demand balances due from domestic commercial banks.

B Total member bank deposits subject to reserve requirements, plus Eurodollar borrowings, loans sold to bank-relatedinstitutions (data relate to Wednesday figures), and certain other nondeposit items. This series for deposits is referred toas "the adjusted bank credit proxy."


237

597-578 O - 76 - 16


TABLE B-57.—Bond yields and interest rates, 1929-75

[Percent per annum]

Year or month

1929

1933

1939

194019411942 .19431944

19451946194719481949

19501951195219531954

19551956 .195719581959

19601961 .1962...19631964

19651966...19671968...1969 .

1970.1971197219731974

1975

U.S. Government securities

3-monthTreas-

urybills i

0.515

.023

.014

.103

.326

.373

.375

.375

.375

.5941.0401.102

1.2181.5521.7661.931.953

1.7532.6583.2671.8393.405

2.9282.3782.7783.1573.549

3.9544.8814.3215.3396.677

6.4584.3484.0717.0417.886

5.838

3-5year

issues2

2.66

.59

.50

.73

.46

.34

.33

.18

.16

.32

.62

.43

1.501.932.132.561.82

2.503.123.622.904.33

3.993.603.573.724.06

4.225.165.075.596.85

7.375.775.856.927.81

7.55

Taxablebonds s

2.462.472.48

2.372.192.252.442.31

2.322.572.682.942.55

2.843.083.473.434.07

4.013.903.954.004.15

4.214.664.855.256.10

6.595.745.636.306.99

6.98

Corporatebonds

(Moody's)

Aaa

4.73

4.49

3.01

2.842.772.832.732.72

2.622.532.612.822.66

2.622.862.%3.202.90

3.063.363.893.794.38

4.414.354.334.264.40

4.495.135.516.187.03

8.047.397.217.448.57

8.83

Baa

5.90

7.76

4.96

4.754.334.283.913.61

3.293.053.243.473.42

3.243.413.523.743.51

3.533.884.714.735.05

5.195.085.024.864.83

4.875.676.236.947.81

9.118.568.168.249.50

10.39

High-grade

munic-ipal

bonds(Stand-ard &Poor's)

4.27

4.71

2.76

2.502.102.362.061.86

1.671.642.012.402.21

1.982.002.192.722.37

2.532.933.603.563.95

3.733.463.183.233.22

3.273.823.984.515.81

6.515.705.275.186.09

6.89

Averagerate onshort-termbankloans

to busi-ness-

selectedcities

2.1

2.12.02.22.62.4

2.22.12.12.52.68

2.693.113.493.693.61

3.704.204.624.34

85.00

5.164.975.005.014.99

5.066.00

86.006.688.21

8.4886.32

5.828.30

11.28

8.65

Primecom-mer-cial

paper,

months

5.85

1.73

.59

.56

.53

.66

.69

.73

.75

.811.031.441.49

1.452.162.332.521.58

2.183.313.812.463.97

3.852.973.263.553.97

4.385.555.105.907.83

7.725.114.698.159.87

6.33

Dis-countrate,

FederalReserve

Bankof NewYork*

5.16

2.56

1.00

1.001.00

71.00M.OOM.OO

7 1.0071.00

1.001.341.50

1.591.751.751.991.60

1.892.773.122.153.36

3.533.003.003.233.55

4.044.504.195.175.87

5.954.884.506.447.83

6.25

Federalfundsrates

1.782.733.111.573.30

3.221.962.683.183.50

4.075.114.225.668.21

7.174.674.448.74

10.51

5.82

FHAnew

homemort-gage

yields «

4.34

4.174.214.294.614.62

4.644.795.425.495.71

6.185.805.615.475.45

5.466.296.557.138.19

9.057.787.538.089.47

9.22


238


TABLE B-57.—Bond yields and interest rates, 1929-75— Continued

[Percent per annum]

Year or month

1973: JanFebMarApr . .MayJune

JulyAug. .SeptOctNov.. .Dec

1974: JanFebMar .Apr.MayJune. .


1975: JanFeb..MarApr _MayJune


U.S. Government securities

3-monthTreas-

urybills i

5.3075.5586.0546.2896.3487.188

8.0158.6728.4787.1557.8667.364

7.7557.0607.9868.2298.4308.145

7.7528.7448.3637.2447.5857.179

6.4935.5835.5445.6945.3155.193

6.1646.4636.3836.0815.4685.504

3-5year

issues 2

6.296.616.856.746.786.76

7.497.757.166.816.966.80

6.946.777.337.998.248.14

8.398.648.387.987.657.22

7.296.857.007.767.497.26

7.728.128.227.807.517.50

Taxablebonds 3

5.946.146.206.116.226.32

6.536.816.426.266.316.35

6.566.546.817.047.077.03

7.187.337.307.226.936.78

6.686.616.737.036.996.86

6.897.067.297.297.217.17

Corporatebonds

(Moody's)

Aaa

7.157.227.297.267.297.37

7.457.687.637.607.677.68

7.837.858.018.258.378.47

8.729.009.249.278.908.89

8.838.628.678.958.908.77

8.848.958.958.868.788.79

Baa

7.907.978.038.098.068.13

8.248.538.638.418.428.48

8.588.598.658.889.109.34

9.559.77

10.1210. 4110.5010.55

10.6210.4310.2910.3410.4610.40

10.3310.3510.3810.3710.3310.35

High-grade

munic-ipal

bonds(Stand-

ard &Poor's)

5.055.125.305.165.125.15

5.395.475.115.055.175.12

5.205.195.365.675.966.08

6.546.586.656.466.476.93

6.666.306.616.836.816.76

6.947.027.237.227.217.06

Averagerate onshort-termbankloans

to busi-ness-

selectedcities

6.52

7.35

9.24

10.08

9.91

11.15

12.40

11.64

9.94

"Tie"

8.22

8.29

Primecom-mer-cial

pa^r,

months

5.786.226.857.147.277.99

9.1810.2110.238.928.949.08

8.667.838.429.79

10.6210.96

11.7211.6511.239.368.818.98

7.306.336.066.155.825.79

6.446.706.866.485.915.97

Dis-countrate,

FederalReserve

Bankof NewYork*

4^-55 -5«

6 ^K

9*3*lYr-lY*7^-7^7^-7^7H-7K

8 -88 -8

8 -88 -88 -88 -88 -88 -7fc

i&a6^-6M6K-6M6^-66 -6

6 -66 -66 -66 -66 -66 -6

Federalfundsrate*

5.946.587.097.127.848.49

10.4010.5010.7810.0110.039.95

9.658.979.35

10.5111.3111.93

12.9212.0111.3410.069.458.53

7.136.245.545.495.225.55

6.106.146.245.825.225.20

FHAnew

homemort-gage

yields •

7.567.557.567.637.737.79

7.898.19

9.188.978.86

8.78

8.548.669.179.46

9.469.85

10.3010.3810.13

9.518.998.848.69

9.16

9.069.139.329.749.539.41

i Rate on new issues within period. First issued in December 1929.* Selected note and bond issues.» First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as

follows: April 1953 to date, 10 years; April 1952-March 1953,12 years; November 1941-March 1952,15 years.* Average effective rate for the year; opening and closing rate for the month.s Based on seven-day averages of daily effective rates for weeks ending Wednesday. Since July 19,1975, the daily effective

rate is an average of the rates on a given day weighted by the volume of transactions at these rates. Prior to that date,the daily effective rate was the rate considered most representative of the day's transactions, usually the one at whichmost transactions occurred.

e Data for first of the month, based on the maximum permissible interest rate (9 percent beginning September 2,1975)Through July 1961, computed on 25-year mortgages paid in 12 years and thereafter, 30-year mortgages paid in 15 years.

7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured byGovernment securities maturing in 1 year or {ess.

« Series revised. Not strictly comparable with earlier data.

Sources: Department of Housing and Urban Development, Department of the Treasury, Board of Governors of theFederal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation.

239


TABLE B-58.—Short- and intermediate-term consumer credit outstanding, 1929-75(Millions of dollars]

End of year ormonth

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953 .195419551956 . . .195719581959

1960196119621963196419651966196719681969

197019711972197319741975*

1974: Jan ..FebMar .AprMay ..June

JulyAugSept .OctNovDec


JulyAugSeptOctNovDec*

Total

7,116

3,885

7,222

8,3389,1725,9834,9015,1115,6658,384

11, 59814, 44717,364

21,47122,71227, 52031, 39332,46438, 83042, 33444,97145, 12951, 544

56, 14157,98263, 82171, 73980, 26889, 88396,239

100, 783110,770121, 146

127,163139, 107157,939180, 803191,457197, 110

179, 404179, 244179,335181, 146183,291184,999

186, 359189,047189,808189,929189,849191,457

188,683187, 561186, 396186, 415186, 830187, 471

188, 282189, 837191, 059191,901192, 995197,110

Instalment credit

Total

3,524

1,723

4,503

5,5146,0853,1662,1362,1762,4624,1726,6958,996

11,590

14,70315, 29419,40323,00523,56828,90631,72033, 86833,64239, 247

42,96843, 89148, 72055, 48662,69270,89376, 24579,42887, 74597, 105

102,064111,662127,448148,273158, 101162, 010

147, 309147,091146,902148,261150, 227152, 096

153,658156, 123156,925157,077156,982158, 101

155,790154,639153,305153, 131153, 411154, 283

155, 419156, 765157,720158, 391159, 200162, 010

Auto-mobilepaper

1,384

493

1,497

2,0712,458

742355397455981

1,9243,0184,555

6,0745,9727,7339,8359,809

13,46014, 42015, 34014, 15216,420

17,65817, 13519, 38122, 25424,93428,43730,01029,79632, 94835, 527

35, 18438, 80244,29351, 27452,20953,730

50,79650, 62250,61850,96251, 47752,098

52, 56753,25653, 33453,23852,84452,209

51, 44051, 37350,95450, 84950, 97851,453

52,08852, 54552,85253,28653,47953, 730

Othercon-

sumergoodspaper

1,544

799

1,620

1,8271,9291,195

819791816

1,2902,1432,9013,706

4,7994,8806,1746,7796,7517,6418,6068,8449,028

10,631

11, 54511, 86212,62714, 17716,33318,48320, 73222,38924,62628, 313

31,46534,60839, 76647,32552,04552, 705

46, 93846, 76746,39646, 87247, 52648,054

48,48949,28649,69849,90950, 32852,045

51,07350, 16649, 32649, 22749, 22449, 212

49, 18849, 61049,85649,98250, 42652, 705

Homem p rove-

men tloans1

27

15

298

371376255130119182405718853898

1,016,085,385,610,616,693

1,9052,1012,3462,809

3,1483,2213,2983,4373,5773,7363,8414,0084,2394,613

5,0705,4086,2587,4538,3988,340

7,40774527,5437,6927,9128,063

8,2208,3848,4408,4928,4818,398

8,2818,1968,1538,1088,1368,202

8,2728,3298,3728,3748,3618,340

Per-sonalloans

569

416

1,088

1,2451,322

974832869

1,0091,4961,9102,2242,431

2,8143,3574,1114,7815,3926,1126,7897,5828,1169,386

10,61711,67313,41415,61817, 84820, 23721,66223, 23525,93228, 652

30,34532, 84337, 13142, 22045, 45047, 235

42, 16742,25142, 34542, 73443,31243, 881

44, 38245, 19745,45445, 43845, 32945, 450

44, 99544, 90344, 87344, 94845, 07245, 416

45,87146,28046,64146,75046,93547, 235

Noninstalment credit

Total

3,592

2,162

2,719

2,8243,0872,8172,7652,9353,2034,2124,9035,4515,774

6,7687,4188,1178,3888,8969,924

10,61411,10311,48712, 297

13, 17314,09115, 10116, 25317, 57618,99019,99421,35523, 02524, 041

25, 09927, 44530, 49132, 53033,35635, 100

32,09532, 15332, 43332,88533,06432,903

32,70132,92432,88332,85232,86733, 356

32,89332,92233, 09133, 28433, 41933, 188

32,86333,07233, 33933, 51033,79435, 100

Chargeac-

counts

1,996

1,286

1,414

1,4711,6451,4441,4401,5171,6122,0762,3812,7222, 854

3,3673,7004,1304,2744,4854,7954,9955,1465,0605,104

5,3295,3245,6845,9036,1956,4306,6867,0707,1937,373

7,9688,3508,8819,1989,506

10, 375

8,7578,4918,5018,8139,1329,164

9,1549,2709,2559,3379,2669,506

9,0808,7898,7979,0049,3599,199

9,1349,1439,3009,4799.571

10, 375

Other a

1,596

876

1,305

1,3531,4421,3731,3251,4181,5912,1362,5222,7292,920

3,4013,7183,9874,1144,4115,1295,6195,9576,4277,193

7,8448,7679,417

10, 35011,38112,56013, 30814, 28515,83216, 668

17, 13119, 09521,61023, 33223, 85024, 725

23,33823, 66223,93224,07223,93223,739

23, 54723,65423,62823,51523,60123,850

23, 81324, 13324, 29424,28024,06023,989

23,72923,92924,03924,03124, 22324, 725

Adden-dum:

Policyloans bylife in-surance

com-panies'

2,379

3,769

3,248

3,0912,9192,6832,3732 1341,9621,8941,9372,0572,240

2,4132,5902,7132,9143,1273,2903,5193,8694,1884,618

5,2315,7336,2346,6557,1407,6789,117

10, 05911,30613, 825

16,06417, 06518, 00320, 19922,862

20,35320,48320,64320,81921,05621,305

21, 56321, 86722, 17522,47322,67622,862

23,05823,22423,39123,45923, 57023,675

23,79423, 91924,04824, 171

i Holdings of financial institutions only; holdings of retail outlets are included in other consumer goods paper.3 Single-payment loans and service credit.3 Data are annual statement asset values. These loans are not included in consumer credit series.* Preliminary; by Council of Economic Advisers.Sources: Board of Governors of the Federal Reserve System and Institute of Life Insurance (except as noted).

240


TABLE B-59.—Instalment credit extended and repaid, 1946-75

[Millions of dollars; monthly data seasonally adjusted]

Year or month

1946 .194719481949

19501951195219531954

19551956 ... .195719581959

I96019611962 .19631964

19651966196719681969

19701971197219731974

19751




JulyAugSentOctNovDec*

Total

Ex-tended

8,49512,71315, 58518, 108

21, 55823, 57629, 51431, 55831,051

38, 97239, 86642, 01940, 11048,048

49,79349, 04856, 19163, 59170,670

78,66182, 83287, 17199,984

109, 146

112,158124, 686142, 865164, 526166, 176

166,570

13, 72013,88613,70614, 02714,46514, 314

14, 44814, 40013, 98513, 51212, 53613, 057

12, 84813, 24312, 73413, 16812, 99313, 618

14, 32214, 42614, 55514, 83214,87715,200

Re-paid

6,78510, 19013, 28415, 514

18,44522,98525,40527,95630, 488

33,63437, 05639, 87040, 33942,603

46,07348, 12451, 36056, 82563, 470

70,46377,48083,98891,66799, 786

107, 199115,087127, 073143, 703156, 341

162,662

12, 74812, 73013, 05912, 90713, 22413, 079

13, 16412, 91613, 16913, 17512, 90913,438

13, 27513, 11713, 21713, 40913, 35913, 413

13, 43513, 79013, 79414, 00214,07414, 300

Automobilepaper

Ex-tended

1,9693,6925,2176,967

8,5308,956

11,76412,98111, 807

16, 73415, 51516, 46514, 22617, 779

17,65716,02919,69422, 12624,046

27, 20827, 19226, 32031,08332, 553

29,79435,03640, 44746, 48643, 431

46, 550

3,5053,5023,5903,6113,7983,794

3,8133,9083,8643,4243,1573,319

3,3343,8813,4883,4763,5543,753

,124,031,235,189,218

4,300

Re-paid

1,4432,7494,1235,430

7,0119,058

10, 00310, 87911,833

13, 08214, 55515, 54515,41515, 579

16, 41916, 55217, 44719, 25421, 369

23,70625,61926, 53427,93129,974

30, 13731, 41834,95539, 50642,496

45,029

3,4703,3953,5433,5203,6353,572

3,6003,4813,6533,5033,4743,684

3,6043,6233,8123,7463,7183,751

3,7403,8193,8493,7993,8143,875

Other consumergoods paper

Ex-tended

3,0774,4985,3835,865

7,1507,4859,1869,2279,117

10,64211,72111, 81011,73813,981

14, 52514, 55115, 70117, 92020, 821

22,85726, 32929, 50433,50738,332

43, 87348, 13754, 84565, 12868,497

68, 120

5, 6005,8665,5845,7065,8365,794

5,8105,7865,6505,5775,3615,810

5,3495,2215,3035,4345,3965,519

5,6745,9285,7236,0206,1776,300

Re-paid

2,6033,6454,6255,060

6,0577,4047,8928,6229,145

9,75210, 75811,57411, 55712, 402

13,61314, 23514, 93516, 36918,666

20,70724, 08027,84731,27034,645

40,72144, 99449,68757, 56963, 775

67, 460

5,0435,1755,3585,2415,3075,319

5,3235,2945,3515,2875,3235,817

5,3925,3755,5375,4715,5445,532

5,6195,6395,7205,7715,9986,025

Home improve-ment loans

Ex-tended

423704714734

835841

1,2171,3441,261

1,3931,5821,6741,8712,222

2,2152,0922,0842,1862,225

2,2702,2232,3692,5342,831

2,9633,2394,0944,8284,854

4,350

375418429450471433

437412327382357340

288305343321343378

395363388393409400

Re-paid

200391579689

717772917

,119,255

,316,370,477

1,6261,765

1,8762,0152,0102,0462,086

2,1122,1182,2022,3032,457

2,5062,9003,2423,6323,908

4,408

356327311318321333

323317289327334357

346360365377364368

357367369398371375

Personalloans

Ex-tended

3,0263,8194,2714,542

5,0436,2947,3478,0068,866

10, 20311,05112,06912, 27514, 070

15, 39616, 37718, 71021, 35923, 578

26,32627,08828,97832,86035,430

35, 52838, 27443, 47948,08449,394

47,550

4,2404,1004,1034,2604,3604,293

4,3884,2944,1444,1293,6613,588

3,8773,8363,6003,9373,7003,968

4,1294,1044,2094,2304,0734,200

Re-paid

2,5393,4053,9574,335

4,6605,7516,5937,3368,255

9,48410, 37311, 27611,74112, 857

14, 16515, 31916, 96919, 15621, 349

23,93825,66327, 40530, 16332,710

33,83535, 77539, 18942,9%46, 162

45, 765

3,8793,8333,8473,8283,9613,855

3,9183,8243,8764,0583,7783,580

3,9333,7593,5033,8153,7333,762

3,7193,9653,8564,0323,8904,025

i Preliminary; December by Council of Economic Advisers.

Source: Board of Governors of the Federal Reserve System (except as noted).

241


TABLE B-60.—Mortgage debt outstanding by type of property and of financing, 1939-75


End of yearor quarter

1939

19401941194219431944

19451946194719481949

1950195119521953.1954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

1975 P

1973:1.I IIII....IV

1974: 1I IIII....IV....

1975:1I IIII....IV v.. .

Allprop-erties

35.5

36.537.636.735.334.7

35.541.848.956.262.7

72.882.391.4

101.3113.7

129.9144.5156.5171.8190.8

206.8226.3248.6274.3300.1

325.8347.4370.2397.5425.3

451.7499.8564.8635.0688.5

738.4

579.3600.0619.8635.0

646.1664.3678.6688.5

695.0708.9724.4738.4

Farmprop-erties

6.6

6.56.46.05.44.9

4.84.95.15.35.6

6.16.77.27.78.2

9.09.8

10.411.112.1

12.813.915.216.818.9

21.223.325.527.529.5

31.232.935.439.344.3

49.0

36.437.738.639.3

40.241.843.244.3

45.546.948.049.0

Nonfarm properties

Total

28.9

30.031.230.829.929.7

30.836.943.950.957.1

66.775.684.293.6

105.4

120.9134.6146.1160.7178.7

194.0212.4233.4257.4281.2

304.6324.1344.8370.0395.9

420.5466.9529.4595.6644.2

689.4

542.9562.3581.2595.6

605.9622.5635.4644.2

649.5662.0676.4689.4

1- to 4-familyhouses

16.3

17.418.418.217.817.9

18.623.028.233.337.6

45.251.758.566.175.7

88.299.0

107.6117.7130.9

141.3153.1166.5182.2197.6

212.9223.6236.1251.2266.5

280.3307.2345.3384.6411.6

440.2

353.5365.5377.0384.6

390.0400.0407.5411.6

414.8424.3435.0440.2

Multi-familyprop-erties

5.6

5.75.95.85.85.6

5.76.16.67.58.6

10.111.512.312.913.5

14.314.915.316.818.7

20.323.025.829.033.6

37.240.343.947.352.3

58.067.376.785.491.7

96.3

78.481.083.685.4

86.788.389.991.7

92.092.393.496.3

Com-mer-cial

prop-erties i

7.0

6.97.06.76.36.2

6.47.79.1

10.210.8

11.512.513.414.516.3

18.320.723.226.129.2

32.436.441.146.250.0

54.560.164.871.477.1

82.392.3

107.3125.6141.0

152. 9

111.0115.8120.6125.6

129.2134.2138.0141.0

142.7145.4148.0152.9

Nonfarm properties by type of mortgage

Government underwritten

Total

1.8

2.33.03.74.14.2

4.36.39.8

13.618.1

22.126.629.332.136.2

42.947.851.655.159.3

62.365.669.473.477.2

81.284.188.293.4

100.2

109.2120.7131.1135.0140.3

149.6

132.5133.6133.8135.0

136.7137.8138.6140.3

142.0142.9145.0149.6

1- to 4-family houses

Total

1.8

2.33.03.74.14.2

4.36.19.3

12.515.0

18.922.925.428.132.1

38.943.947.250.153.8

56.459.162.265.969.2

73.176.179.984.490.2

97.3105.2113.0116.2121.3

128.9

113.7114.7115.1116.2

117.7118.4119.7121.3

123.3123.7125.8128.9

FHAin-

sured

1.8

2.33.03.74.14.2

4.13.73.85.36.9

8.69.7

10.812.012.8

14.315.516.519.723.8

26.729.532.335.038.3

42.044.847.450.654.5

59.965.768.266.265.1

67.0

67.967.566.966.2

66.065.565.165.1

65.565.765.967.0

VAguar-

anteed

0.22.45.57.28.1

10.313.214.616.119.3

24.628.430.730.430.0

29.729.629.930.930.9

31.131.332.533.835.7

37.339.544.750.056.2

61.9

45.847.248.250.0

51.752.954.556.2

57.758.059.961.9

Conventional 2

Total

27.1

27.728.227.125.825.5

26.530.634.137.339.0

44.649.054.961.569.2

78.086.894.6

105.5119.4

131.7146.8164.1184.0204.0

223.4240,0256.6276.6295.7

311.3346.2398.3460.6504.0

539.8

410.4428.7447.4460.6

469.0484.7496.9504.0

507.4519.1531.4539.8

1- to 4-familyhouses

14.5

15.115.414.513.713,7

14.316.918.920.822.6

26.328.833.138.043.6

49.355.160.467.677.0

84.893.9

104.3116.3128.3

139.8147.6156.1166.8176.3

183.0202.0232.3268.4290.3

311.3

239.8250.8261.9268.4

272.3281.6287.8290.3

291.5300.6309.2311.3

i Includes negligible amount of farm loans held by savings and loan associations.> Derived figures.

Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied by variousGovernment and private organizations.

242


TABLE B-61.—Mortgage debt outstanding by lender, 1939-75



1939

1940 . .1941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

I9601961196219631964

19651966196719681969

19701971197219731974

1975*

1973: 1I II l lIV „

1974: 1I IIII.. .IV

1975: 1...I Ii l lI V * _ _

Total

35.5

36.537.636.735.334.7

35.541.848.956.262.7

72.882.391.4

101.3113.7

129.9144.5156.5171.8190.8

206.8226.3248.6274.3300.1

325.8347.4370.2397.5425.3

451.7499.8564.8635.0688.6

738.4

579.3600.0619.8635.0

646.1664.3678.6688.6

695.0708.9724.4738.4

Private financial institutions

Total

18.6

19.520.720.720.220.2

21.026.031.837.842.9

51.759.566.975.185.7

99.3111.2119.7131.5145.5

157.6172.6192.5217.1241.0

264.6280.8298.8319.9339.1

355.9394.2450.0505.4542.6

579.4

462.6480.1494.9505.4

514.1528.2537.4542.6

546.7558.2569.5579.4

Savingsandloan

associa-tions

3.8

4.14.64.64.64.8

5.47.18.9

10.311.6

13.715.618.422.026.1

31.435.740.045.653.1

60.168.878.890.9

101.3

110.3114.4121.8130.8140.2

150.3174.3206.2231.7249.3

278.2

212.9222.3228.9231.7

236.1243.4247.6249.3

252.4261.3270.6278.2

Mutualsavingsbanks

4.8

.9

.8

.6

'.3

.2

.4

.95.86.7

8.39.9

11.412.915.0

17.519.721.223.325.0

26.929.132.336.240.6

44.647.350.553.556.1

57.962.067.673.274.9

77.0

68.970.672.073.2

73.974.274.874.9

75.275.876.477.0

Com-mercialbanks i

4.3

4.64.94.74.54.4

4.87.29.4

10.911.6

13.714.715.916.818.6

21.022.723.325.528.1

28.830.434.539.444.0

49.754.459.065.770.7

73.382.599.3

119.1132.1

135.1

103.5109.1114.8119.1

121.9127.3130.6132.1

131.9133.0134.0135.1

Lifeinsurance

com-panies

5.7

6.06.46.76.76.7

6.67.28.7

10.812.9

16.119.321.323.326.0

29.433.035.237.139.2

41.844.246.950.555.2

60.064.667.570.072.0

74.475.576.981.486.2

89.1

77.278.079.281.4

82.283.284.486.2

87.288.088.589.1

Other lenders

Federaland

relatedagencies2

5.0

4.94.74.33.63.0

2.42.01.81.92.4

2.73.44.04.44.6

5.26.07.57.8

10.0

11.211.812.211.211.4

12.415.818.421.726.8

33.039.445.855.772.3

88.1

47.349.053.055.7

58.362.667.872.3

75.879.784.088.1

Indi-viduals

andothers

11.9

12.012.211.711.511.5

12.113.815.316.517.4

18.419.420.521.823.4

25.427.329.332.535.4

38.041.944.045.947.7

48.750.953.055.859.4

62.866.269.073.973.7

70.9

69.571.071.973.9

73.773.573.373.7

72.571.170.870.9

1 Includes loans held by nondeposit trust companies, but not by bank trust departments.1 Includes former Federal National Mortgage Association and new Government National Mortgage Association, as well as

Federal Housing Administration, Veterans Administration, Public Housing Admini stration, Farmers Home Administration,and in earlier years Reconstruction Finance Corporation, Homeowners Loan C orporation, and Federal Farm MortgageCorporation. Also includes GNMA Pools and U.S.-sponsored agencies such as new FNMA, Federal Land Banks, and FederalHome Loan Mortgage Corporation. Other U.S. agencies (amounts small or current separate data not readily available)included with "individuals and others."

Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organiza-ions

243


TABLE B-62.—Net public and private debt, 1929-74 1


End of year

1929

1933

1939

19401941194219431944

194519461947 ..19481949. _ .

1950...19511952 .19531954

195519561957 .1958...1959

19601961 .196219631964

19651966196719681969.. ._ „.

197019711972-.. .19731974_

Total

191 9

168 5

183.3

189.8211.4258.6313.2370.6

405.9396.6415.7431.3445.8

486.2519.2550.2581.6605.9

665.8698.4728.3769.6833.0

874.2930.3996.0

1,070.91,151.6

1,243.61,338.61, 438. 11,581.31, 736. 0

1, 868. 52, 045. 42, 283. 12, 546. 22, 777. 3

Public

Fed-eralGov-ern-

m e n t 2

16.5

24.3

42.6

44.856.3

101.7154.4211.9

252.5229.5221.7215.3217.6

217.4216.9221.5226.8229.1

229.6224.3223.0231.0241.4

239.8246.7253.6257.5264.0

266.4271.8286.4291.9289.3

301.1325.9341.2349.1360.8

Fed-eral

finan-cial

agen-cies 3

~~~6.y.6.7

.71.31.31.41.3

2.92.42.42.53.7

3.54.05.37.27.5

8.911.29.0

21.530.6

38.839.941.459.876.4

Stateandlocalgov-ern-

ments

13.6

16.3

16.4

16.416.115.414.513.9

13.413.715.017.019.1

21.724.227.030.735.5

41.144.548.653.759.6

64.970.577.083.990.4

98.3104.7112.8122.7133.3

144.8162.8176.9189.5205.6

Private

Total

161.8

127.9

124.3

128.6139.0141.5144.3144.8

140.0153.4178.3198.4208.4

246.4276.8300.4322.7340.0

392.2427.2454.3482.4528.3

566.1609.1660.1722.3789.7

870.0950.8

1, 030. 01,145.31,282.8

1, 383. 81,516.81, 723. 61, 947. 82, 134. 4

Cor-porate

88.9

76.9

73.5

75.683.491.695.594.1

85.393.5

108.9117.8118.0

142.1162.5171.0179.5182.8

212.1231.7246.7259.5283.3

302.8324.3348.2376.4409.6

454.3506.6553.6631.5734.2

797.6869.2989.4

1,125.91,254.2

Individual and noncorporate

Total

72.9

51.0

50.8

53.055.649.948.850.7

54.759.969.480.690.4

104.3114.3129.4143.2157.2

180.1195.5207.6222.9245.0

263.3284.8311.9345.8380.1

415.7444.2476.3513.8548.6

586.2647.6734.3821.9880.1

Farm*

12.2

9.1

8.8

9.19.39.08.27.7

7.37.68.6

10.812.0

12.313.715.216.817.5

18.719.420.223.223.8

25.127.530.233.236.0

39.342.448.351.855.5

58.763.267.877.087.2

Nonfarm

Total

60.7

41.9

42.0

43.946.340.940.542.9

47.452.360.769.778.4

92.0100.6114.2126.4139.7

161.4176.1187.4199.7221.2

238.2257.3281.7312.6344.1

376.4401.8428.0462.0493.1

527.5584.4666.5744.9792.9

Mort-gage

31.2

26.3

25.0

26.127.126.826.126.0

27.031.837.242.447.1

54.861.768.976.786.4

98.7109.4118.1128.1141.0

151.3164.5180.3198.6218.9

236.8251.6266.9284.9303.9

332.1372.8425.9480.8520.2

Com-mer-cialand

finan-cial '

22.4

11.7

9.8

9.510.08.19.5

11.8

14.712.111.912.913.9

15.816.217.818.420.8

24.024.424.326.528.7

30.834.837.642.345.0

49.753.960.366.368.1

68.273.382.983.682.6

Con-sumer

7.1

3.9

7.2

8.39.26.04.95.1

5.78.4

11.614.417.4

21.522.727.531.432.5

38.842.345.045.151.5

56.158.063.871.780.3

89.996.2

100.8110.8121.1

127.2138.4157.6180.5190.1

i Net public and private debt is a comprehensive aggregate of the indebtedness of borrowers after eliminating certaintypes of duplicating government and corporate debt.

3 Net Federal Government and agency debt is the outstanding debt held by the public, as defined in "The Budget of theUnited States Government, Fiscal Year 1977."

3 This comprises the debt of federally sponsored agencies, in which there is no longer any Federal proprietary interest.The obligations of the Federal Land Banks are included beginning with 1947, the debt of the Federal Home Loan Banksis included beginning with 1951, and the debts of the Federal National Mortgage Association, Federal Intermediate CreditBanks, and Banks for Cooperatives are included beginning with 1968.

< Farm mortgages and farm production loans. Farmers' financial and consumer debt is included in the nonfarm categories.* Financial debt is debt owed to banks for purchasing or carrying securities, customers'debt to brokers, and debt owed

to life insurance companies by policyhoiders.

Source: Department of Commerce (Bureau of Economic Analysis), based on data from various Federal agencies andother sources.

244


GOVERNMENT FINANCETABLE B-63.—Federal budget receipts and outlays, f seal years 1929-77

[Millions of dollars]

Fiscal year

1929 . . .

1933

1939

19401941 . -_194219431944 - _ . . . - .

19451946 ... . .194719481949 -

1950 . - ..19511952 . -._ .19531954

19551956195719581959

I960 - .. ..1961196219631964

1965 „196619671968 . .1969

19701971197219731974

19751976 i._ -_Transition quarter *19771 _ _

Receipts

3,862

1,997

4,979

6 3618,62114, 35023 64944, 276

45 21639, 32738 39441, 77439, 437

39 48551 64666 20469 57469*719

65 46974 54779, 99079 63679, 249

92, 49294 38999, 676106 560112,662

116,833130, 856149 552153,671187, 784

193,743188, 392208, 649232, 225264, 932

280, 997297, 53481,894351,262

Outlays

3,127

4,598

8,841

9,45613, 63435,11478, 53391,280

92, 69055, 18334, 53229, 77338, 834

42, 59745, 54667,72176, 10770, 890

68, 50970, 46076, 74182, 57592, 104

92, 22397, 795106,813111,311118,584

118,430.134,652158, 254178,833184, 548

196, 588211,425231,876246, 526268, 392

324,601373, 53597,971394, 237

Surplus ordeficit (-)

734

-2, 602

-3 862

-3 095-5,013-20, 764-54 884-47, 004

-47,474-15,856

3 86212,001

603

-3,1126,100

-1,517-6 533-1 170

-3 0414,0873,249

-2,939-12,855

269-3 406-7,137-4 751-5,922

-1,596-3,796-8 702-25,161

3,236

-2,845-23,033-23,227-14,301-3, 460

-43,604-76,001-16,077-42,975

1 Estimate.

Note.—Under provisions of the Congressional Budget Act of 1974, the fiscal year for the Federal Government will shiftbeginning with fiscal year 1977. Through 1976, the fiscal year runs from July 1 through June 30; starting in October 1976(fiscal year 1977), the fiscal year will run from October 1 through September 30. The 3-month period from July 1, 1976through September 30, 1976 will be a separate fiscal period known as the transition quarter.

Data for 1929-39 are according to the administrative budget and those beginning 1940 according to the unified budget.Certain interfund transactions are excluded from receipts and outlays beginning 1932. For years prior to 1932 the amounts

of such transactions are not significant.Refunds of receipts are excluded from receipts and outlays.

Sources: Department of the Treasury and Office of Management and Budget.

245


TABLE B-64.—Federal budget receipts, outlays, and debt, fiscal years 1967-77

[Millions of dollars; fiscal years]

BUDGET RECEIPTS AND OUTLAYS:

Total receipts

Federal fundsTrust funds. _Interfund transactions

Total outlays

Federal fundsTrust fundsInterfund transactions

Total surplus or deficit (—)

Federal fundsTrust funds

OUTSTANDING DEBT, END OF YEAR:

Gross Federal debt.

Held by Government agenciesHeld by the public

Federal Reserve SystemOthers

BUDGET RECEIPTS

Individual income taxesCorporation income taxesSocial insurance taxes and contributions...Excise taxesEstate and gift taxes.Customs dutiesMiscellaneous receipts:

Deposit of earnings by Federal Re-serve System

Another

BUDGET OUTLAYS . . -

National defenseInternational affairsGeneral science, space, and technologyNatural resources, environment, and energy.Agriculture . .Commerce and transportationCommunity and regional developmentEducation, training, employment, and

social services - _ .HealthIncome security - .-Veterans benefits and servicesLaw enforcement and justiceGeneral governmentRevenue sharing and general purpose fiscal

assistance -.InterestAllowances.. _ _ .Undistributed offsetting receipts

Composition of undistributed offsetting re-ceipts:

Employer share, employee retirement..Interest received by trust fundsRents and royalties on the Outer Conti-

nental Shelf

1967

149, 552

111 83542, 935-5, 218

158, 254

126, 77936, 693

—5, 218

-8, 702

-14,9446,242

341, 348

73, 819267, 529

46, 719220, 810

149, 552

61, 52633, 97133, 34913,7192,9781,901

1,805303

158 254

69, 1014 6956,2313,6972,9829 2051,412

6,0236 759

30 8216 899

6101 569

28812 533

-4, 573

-1,661-2, 275

-637

1968

153, 671

114 72644 716

-5,771

178, 833

143 10541 *, 499

-5 771

-25, 161

-28, 3793 217

369, 769

79 140290 629

52 230238 399

153 671

68 72628 66534] 62214 0793 0512 038

2 091400

178 833

79 4094*6125,5224,0104 541

10* 6371 891

7 0049 708

33* 6806 882'650

1 684

31113 751

—5 460

-1, 825-2 674

-961

Act

1969

187,784

143 32152, 009-7, 547

184, 548

148, 81143, 284-7, 547

3,236

-5, 4908,725

367, 144

87, 661279 483

54 095225 388

187 784

87 24936 67839, 91815 2223 4912 319

2 662247

184 548

80 2073? 7845', 0163,9015 7797 0652 224

6 87111 75837 2817 640

7611 649

36515 793

—5 545

-2,018-3 099

-428

jal

1970

193,743

143, 15859, 362

-8,778

196, 588

156, 30149,065

-8 778

-2, 845

-13,14310, 297

382,603

97, 723284 880

57 714227 166

193 743

90 41232 82945, 29815 7053 6442*430

3 266158

196 588

79 2843 5644*5084,0435 1649*0903* 166

7 88813 05143 066

8* 677*952

1 940

45118 312

6 567

-2, 444-3 936

—187

1971

188,392

133 78566, 193

-11,586

211,425

163 65159 361

-11 586

—23,033

—29 86b6 832

409 467

105 140304 328

65 518238* 810

188 392

86 23026* 78548] 57816 6143 7352*591

3 533325

Oil AJf.

76 8073 nqo

4,1804,9414 288

10* 3963*632

9 045Id 71fi

55 423Q 77fi1 ?QQ2 159

48819 609

8 427

-2,611—4 765

1 051

1972

208, 649

148, 84672, 959

-13, 156

231, 876

177, 95967, 073

-13 156

-23, 227

-29, 1145 886

437, 329

i!3 559323 770

71 426252 344

208 649

94 73732 16653| 91415 4775 4363 287

3 252*381

231 876

77 3563* 7234,1745,5215 279

10*6014*325

11 69417*47163 911in 73fii fisn2 466

53120 582

8 137

-2, 768—5 089

279


246


TABLE B-64.—Federal budget receipts, outlays, and debt, fiscal years 1967-77—Con.

[Millions of dollars; fiscal years)

BUDGET RECEIPTS AND OUTLAYS:

Total receipts...

Federal funds .Trustfunds.Interfund transactions

Total outlays. _

Federal fundsTrust fundsInterfund transactions..

Total surplus or deficit (— )

Federal fundsTrust funds

OUTSTANDING DEBT, END OF YEAR:

Gross Federal debt ...

Held by Government agenciesHeld by the public

Federal Reserve System _ _ . .Others

BUDGET RECEIPTS

Individual income taxesCorporation income taxes. .Social insurance taxes and contributions..Excise taxesEstate and gift taxes .Customs dutiesMiscellaneous receipts:

Deposit of earnings by Federal ReserveSystem

All other

BUDGET OUTLAYS .

National defense .. -International affairsGeneral science, space, and technologyNatural resources, environment, and energy.AgricultureCommerce and transportation _ .Community and regional developmentEducation, training, employment, and

social services .Health.. ._Income securityVeterans benefits and servicesLaw enforcement and justiceGeneral government. _ _ . . ... ...Revenue sharing and general purpose fiscal

assistanceInterest . .AllowancesUndistributed offsetting receipts

Composition of undistributed offsettingreceipts:

Employer share, employee retirement--Interest received by trust fundsRents and royalties on the Outer Con-

tinental Shelf

1973

232, 225

161,35792, 193

-21,325

246, 526

186, 40381, 447

-21,325

-14,301

-25, 04610,746

468, 426

125, 381343, 045

75, 182267, 863

232, 225

103, 24636, 15364, 54216, 2604,9173,188

3,495426

246, 526

75, 0722,9564,0305,9474,8559,9305,529

11,87418, 83272, 95812,0132,1312,682

7,22222, 813

-12,318

-2, 927-5, 436

-3, 956

Actual

1974

264, 932

181,219104, 846

-21,133

268, 392

198, 69290,833

-21,133

-3,460

-17,47314,013

486, 247

140, 194346, 053

80, 649265, 404

264, 932

118,95238, 62076, 78016,8445,0353,334

4,845524

268, 392

78, 5693,5933,9776,5712,230

13, 0964,911

11,59822, 07484,43113,3862,4623,327

6,74628,072

-16,651

-3,319-6, 583

-6, 748

1975

280 997

187 505118, 590

-25 098

324, 601

238, 527111 171

-25 098

-43 604

-51 0237 419

544, 131

147, 225396, 906

84, 993311 913

280, 997

122, 38640, 62186, 44116, 5514,6113,676

5,777934

324, 601

86, 5854,3583,9899,5371,660

16,0104,431

15, 24827, 647

108, 60516, 5972,9423,089

7,00530,974

-14,075

-3,980-7, 667

-2, 428

1976

297, 534

198, 373134, 754

-35 593

373, 535

276, 923132, 205

-35, 593

-76, 001

-78, 5502,549

633,931

149, 525484, 406

297, 534

130, 82240, 05692, 57116, 9015,1003,800

5,5502,734

373, 535

92, 7595,6654,311

11,7962,875

17,8015,802

18, 90032, 137

128, 50919, 0353,4023,547

7,16934, 835

200-15,208

-4, 193-8,015

-3, GOO

Estimate

Transitionquarter

81 894

54 75833, 783

—6 647

97,971

69, 76434 855-6, 647

-16,077

-15 006-1,072

652, 799

148, 393504, 406

81, 894

40, 0038,416

25, 1744,3711,4001,000

1,350180

97,971

25, 0281,3341,1573,289

7424,8191,529

4,4038,291

32, 7424,362

914961

2,0469,769

175-3, 589

-979-2,110

-500

1977

351, 262

230 755157, 684

—37 177

394, 237

286, 243145 171

-37, 177

-42 975

—55 48812,513

719,511

161, 265558, 246

351,262

153, 64149, 461

113,05217, 8065,8004,300

6,2001,002

394, 237

101, 1296,8244,507

13, 7721,729

16, 4985,532

16,61534, 393

137,11517, 1963,4263,433

7,35141, 297

2,260-18,840

-4, 468-8, 373

-6, 000

Note.—Under provisions of the Congressional Budget Act of 1974, the fiscal year for the Federal Government will shiftbeginning with fiscal year 1977. Through 1976, the fiscal year runs from July 1 through June 30; starting in October 1976(fiscal year 1977), the fiscal year will run from October 1 through September 30. The 3-month period from July 1,1976through September 30,1976 will be a separate fiscal period known as the transition quarter.

Sources: Department of the Treasury and Office of Management and Budget.

247


TABLE B-65.—Relation of the Federal budget to the Federal sector of the national income andproduct accounts, fiscal years, 1975-77

[Billions of dollars; fiscal years]

Receipts and expenditures

RECEIPTS

Total budget receipts

Government contribution for employee retirement (grossing)Other netting and grossingAdjustment to accrualsOther

Federal sector, national income and product accounts, receipts

EXPENDITURES

Total budget outlays.

Lending and financial transactionsGovernment contribution for employee retirement (grossing)Other netting and grossing... __Defense timing adjustmentBonuses on Outer Continental Shelf land leases..Other

Federal sector, national income and product accounts, expenditures

1975actual

281.0

5.12.4

-6.4

281.5

324.6

-4.85.12.4-.62.0-.1

328.7

1976

297.5

5 62.43.0

-1.1

307.4

373.5

-5.45.62.4.5

2.6-.5

378.7

Estimate

Transitionquarter

81.9

1 5.6

2 7-.2

86.5

98.0

-1 21.5.6

-1.5.3

-.5

97.2

1977

351 3

6 12.75 5

—.9

364 7

394 2

-3 26 12.7

_ 55.4-.2

404.5

Note.—See Note, Table B-64.See Special Analysis A, "Special Analyses, Budget of the United States Government, Fiscal Year 1977" for description

of these categories.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Manage-ment and Budget.

248


TABLE B-66.—Receipts and expenditures of the government sector of the national income and productaccounts, 1946-75


Calendar year or quarter

1946194719481949

19501951195219531954

19551956195719581959

1960196119621963 .1964

19651966196719681969

1970197119721973 .1974

1975»

1973: 1I II I IIV

1974: 1! ! _ _ . .I l l

IV . .

1975: 1...II ..I I I .IV*

Total government

Re-ceipts

51.056.958.955.9

69.085.290.194.689.9

101.1109.7116.2115.0129.4

139.5144.8156.7168.5174.0

188.3212.3228.2263.4296.3

302.6322.2367.4411.1453.9

461.7

399.5406.5414.9423.6

434.9449.5468.7462.6

454.7425.5474.2

Ex-pendi-tures

45.642.550.559.3

61.079.293.9

101.697.0

98.0104.5115.3127.6131.0

136.4149.1160.5167.8176.3

187.8213.6242.4268.9285.6

311.9340.5370.9405.1457.5

525.1

394.5400.6407.2418.1

431.0449.2467.7482.2

502.8518.9531.8547.0

Sur-plus ordeficit<-),

nationalincome

andprod-

uct ac-counts

5.414.48.4

-3.4

8.06.1

-3.8-6.9-7.1

3.15.2.9

-12.6-1.6

3.1-4.3-3.8

.7-2.3

.5-1.3

-14.2-5.510.7

-9.4-18.3-3.5

6.0-3.6

-63.5

5.05.87.75.5

4.0.3

1.0-19.6

-48.0-93.4-57.6

Federal Government

Re-ceipts

39.143.243.238.7

50.064.367.370.063.7

72.678.081.978.789.8

96.198.1

106.2114.4114.9

124.3141.8150.5174.7197.0

192.1198.6227.5257.9288.4

283.5

250.8254.8259. 8266.2

275.7285.6299.2293.1

283.6250.1293.3

Ex-pendi-tures

35.629.834.941.3

40.857.871.177.169.8

68.171.979.688.991.0

93.1101.9110.4114.2118.2

123.8143.6163.7180.6188.4

204.2220.6244.7264.8300.1

356.9

261.7262.1264.5270.8

281.1293.5307.2318.6

337.4352.3363.8374.2

Sur-plus ordeficit(-),

nationalincome

andprod-

uct ac-counts

3.513.48.3

-2.6

9.26.5

-3.7-7.1-6.0

4.46.12.3

-10.3-1.1

3.0-3,9-4.2

.3-3.3

.5-1.8

-13.2-5.8

8.5

-12.1-22.0-17.3-6.9

-11.7

-73.4

-10.9-7.4-4.8-4.6

-5.3-7.9-8.0

-25.5

-53.7-102.2-70.5

State and localgovernment

Re-ceipts

13.015.417.719.5

21.323.425.427.429.0

31.735.038.542.046.4

49.954.058.563.269.5

75.184.893.6

107.2119.7

134.9152.6177.4193.8209.4

232.4

190.3192.1195.2197.6

201.9207. 3213.5214.9

221.2228.2237.7

Ex-pendi-tures

11.114.417.620.2

22.523.925.527.330.2

32.935.939.844.346.9

49.854.458.062.868.5

75.184.394.7

106.9117.6

132.2148.9163.7180.9201.3

222.4

174.4178.9182.8187.5

192.6199.1204.5209.0

215.5219.4224.8229.9

Sur-plus ordeficit(-),

nationalincome

andprod-

uct ac-counts

1.91.0.1

-1.2-.4-.0

.1-1.1

-1.3-.9

-1.4-2.4-.4

.1-.4

.5

.51.0

-.0.5

-1.1.3

2.1

2.83.7

13.712.98.1

10.0

15.913.212.410.1

9.48.29.15.9

5.78.8

12.9

Note.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State and localreceipts and expenditures. Total government receipts and expenditures have been adjusted to eliminate this duplication.


249


TABLE B-67.—Receipts and expenditures of the Federal Government sector of the national incomeand product accounts, 1949-77


Y e a r o r q u a r t e

Fiscal year:1951195219531954.195519561957195819591960196119621963196419651966196719681969.19701971197219731974.19751976219772

Calendar year:19491950 ..195119521953 ...1954195519561957195819591960196119621963196419651966196719681969197019711972197319741975p..._

1974: 1IL.I I IIV

1975: 1I II l lI V *

Receipts

Total

61.165.269.465.867.476.381.078.185.494.895.0

104.0110.0115.6120.0132.7146.0160.0190.1194.9192.5213.5240.0271.6281.5307.4364.7

38.750.064.367.370.063.772.678.081.978.789.896.198.1

106.2114.4114.9124.3141.8150.5174.7197.0192.1198.6227.5257.9288.4283.5

275.7285.6299.2293.1

283.6250.1293.3

Per-sonaltaxandnon-taxre-

ceipts

23.228.831.430.329.733.636.736.338.242.543.647.349.650.751.457.564.471.490.093.687.5

100.3107.3122.9126.4136.4160.4

16.118.126.131.032.229.031.435.237.436.839.943.644.748.651.548.653.961.767.579.694.892.289.9

108.2114.7131.4125.6

124.2129.5134.6137.4

137.699.3

130.5135.2

Cor-po-rate

profitstaxac-

cruals

21.719.419.717.318.921.520.817.921.422.320.022.723.325.727.130.830.333.237.033.032.034.240.543.640.647.558.2

9.617.221.718.619.516.921.120.920.418.022.521.421.522.524.626.128.931.430.036.336.230.833.536.642.545.940.2

43.145.851.842.9

32.135.543.4

Indi-rect

busi-nesstaxandnon-taxac-cru-als

9.59.7

10.710.410.010.811.711.612.013.213.314.215.015.616.915.515.817.118.619.220.019.920.721.422.424.024.3

8.08.99.4

10.310.99.7

10.711.211.811.512.513.413.614.615.316.216.515.616.318.019.019.320.420.021.221.724.2

21.321.722.121.7

22.323.525.525.4

Con-tribu-tionsfor

socialinsur-ance

6.77.37.67.88.7

10.311.712.313.916.718.119.922.123.624.528.935.538.444.549.252.959.171.583.792.099.5

121.8

5.05.97.17.47.48.29.4

10.612.312.414.917.618.320.523.124.025.033.136.740.847.049.754.962.879.489.493.5

87.288.690.891.1

91.791.993.996.4

Expenditures

Total i

44.766.075.974.367.270.076.082.891.291.398.1

106.2111.7117.2118.5132.7154.9172.2184.7195.6212.7232.9256.1278.7328.7378.7404.5

41.340.857.871.177.169.868.171.979.688.991.093.1

101.9110.4114.2118.2123.8143.6163.7180.6188.4204.2220.6244.7264.8300.1356.9

281.1293.5307.2318.6

337.4352.3363.8374.2

Pur-chases

ofgoodsand

serv-ices

25.747.256.453.944.345.548.151.154.852.955.861.063.765.964.672.486.095.098.097.094.8

100.9101.5104.5117.6130.0139.4

20.418.738.352.457.547.944.545.950.053.953.953.757.463.764.665.267.378.890.998.097.595.696.2

102.1102.0111.7123.1

106.1108.9113.6118.2

119.4119.2124.2129.8

Transferpayments

Toper-sons

8.18.59.2

10.512.112.814.417.819.920.623.625.126.527.428.431.837.242.748.755.067.776.187.1

101.7131.7155.1164.4

8.710.88.58.89.4

11.512.413.415.719.620.121.625.025.627.027.930.333.540.146.050.661.372.780.593.2

114.5146.1

104.2111.0118.0124.8

136.2147.3149.5151.5

Tofor-

eign-ers

3.12.62.11.72.11.81.91.71.81.82.12.12.12.22.22.32.22.12.22.02.32.82.73.03.13.63.8

5.13.63.12.12.01.82.01.91.81.81.81.92.12.22.22.22.22.32.22.12.12.22.62.72.63.23.0

2.83.93.23.0

3.03.23.03.1

Grants-in-aid

to Stateandlocal

govern-ments

2.42.52.82.93.03.23.74.76.26.96.97.68.39.8

10.912.714.817.819.222.626.832.640.441.648.357.859.3

2.22.32.52.62.82.93.13.34.25.66.86.57.28.09.1

10.411.114.415.918.620.324.429.037.540.643.954.2

42.743.444.045.4

50.152.856.857.1

Netin-

ter-est

paid

4.44.54.54.64.64.85.35.45.66.86.46.47.17.78.28.79.6

10.512.113.614.214.115.919.822.026.032.0

4.34.44.44.54.64.64.65.15.55.26.26.86.26.87.38.08.49.29.8

11.412.914.314.014.618.221.023.5

19.920.821.422.0

22.422.623.425.7

Subsi-dieslesscur-rentsur-plus

ofgov-ern-mententer-prises

1.0.8.9.8

1.21.72.62.42.52.43.34.14.04.14.34.85.24.14.65.46.86.49.17.95.76.25.6

.61.0.9.8.7

1.01.52.42.42.82.12.64.04.23.94.54.65.54.74.55.26.36.27.88.25.26.8

5.35.05.55.1

6.37.16.97.0

Sur-plusor

defi-cit

(-),na-

tion-al in-comeand

prod-uctac-

counts

16.4-.8

-6.5-8.5

.26.35.0

-4.7-5.8

3.4-3.1-2.2-1.7-1.5

1.4.0

-8.9-12.2

5.4-.6

-20.2-19.5-16.1-7.1

-47.2-71.3-39.8

-2.69.26.5

-3.7-7.1-6.0

4.46.12.3

-10.3-1.1

3.0-3.9-4.2

.3-3.3

.5-1.8

-13.2-5.8

8.5-12.1-22.0-17.3-6.9

-11.7-73.4

-5.3-7.9-8.0

-25.5

-53.7-102.2-70.5

1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars at seasonallyadjusted annual rates) .0, —.6, —1.5, and .0 in the 4 quarters of 1974. and .0 in each of the 4 quarters of 1975.

2 Estimates.Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.

250


TABLE B-68.—Receipts and expenditures of the State and local government sector of the nationalincome and product accounts, 1946—75


Calendaryear orquarter

1946194719481949

1950 .-19511952 - -19531954

19551956195719581959

19601961196219631964

19651966196719681969

197019711972 -19731974

1975 P

1973- |||I I IIV -

1974: 1I II I I .IV.

1975: L.I II I II V p _ _ _ .

Receipts

Total

13.015.417.719.5

21.323.425.427.429.0

31.735.038.542.046.4

49.954.058.563.269.5

75.184.893.6

107.2119.7

134.9152.6177.4193.8209.4

232.4

190.3192.1195.2197.6

201.9207.3213.5214.9

221.2228.2237.7

Per-onaltaxandontaxceipts

1.51.72.12.4

2.52.83.03.23.5

3.94.55.05.46.1

6.77.48.28.8

10.0

10.912.814.617.420.6

23.126.433.036.539.8

43 5

34.735.737.238.3

37.938.940.741.5

42.042.944.145.2

Cor-orate

)rofitstax

ccruals

0.5.6

!e.8.9.8.8.8

1.01.01.01.01.2

1.21.31.51.71.8

2.02.22.53.13.4

3.74.25.05.76.7

6.8

5.75.85.65.7

6.36.77.66.3

5.56.17.3

directbusi-nesstaxandontax

ccruals

9.310.712.213.3

14.615.917.418.819.9

21.623.825.727.229.3

32.034.437.039.442.6

46.149.754.060.867.4

74.783.191.099.0

105.6

113.0

96.898.3

100.1100.8

102.1104.9107.6107.8

109.3111.8114.5116.4

tontri-utionsfor

socialnsur-ance

0.6.7.8.9

1.11.41.61.72.0

2.12.32.62.83.1

3.43.73.94.24.7

5.05.76.77.27.9

9.09.9

10.812.113.5

14.8

11.511.912.312.6

12.913.313.714.0

14.314.715.015.3

Fed-eralrants-n-aid

1.11.72.02.2

2.32.52.62.82.9

3.13.34.25.66.8

6.57.28.09.1

10.4

11.114.415.918.620.3

24.429.037.540.643.9

54.2

41.640.440.140.2

42.743.444.045.4

50.152.856.857.1

Expenditures

Total i

11.114.417.620.2

22.523.925.527.330.2

32.935.939.844.346.9

49.854.458.062.868.5

75.184.394.7

106.9117.6

132.2148.9163.7180.9201.3

222.4

174.4178.9182.8187.5

192.6199.1204.5209.0

215.5219.4224.8229.9

Pur-chases

ofgoodsandserv-ices

9.912.815.318.0

19.821.823.225.027.8

30.633.537.141.143.7

46.550.854.359.064.6

71.179.889.3

100.7110.4

123.2137.5151.0168.0189.4

207.8

161.6165.8170.0174.5

181.4187.6192.3196.3

201.9205.5209.9214.1

Trans-fer

pay-ments

toper-sons

1.72.33.03.0

3.63.13.33.53.6

3.83.94.34.85.1

5.45.86.06.46.9

7.38.19.4

10.612.1

14.617.218.920.320.0

22.5

19.820.120.420.9

19.319.720.420.7

21.522.122.923.7

Netnterest

paid

0.2.1.1.1

.1

.0

.0

.0

.1

.1

.1

.1

.1

.1

.1

.1

.1

.1-.1

-.3-.7-.9

-1.2-1.6

-2.0-1.8-2.1-2.9-3.6

-3.0

-2.6-2.5-3.0-3.4

-3.7-3.7-3.6-3.3

-3.2-3.2-2.9-2.8

Sub-sidiesless

currenturplus

of gov-ern-

mententer-prises

-0.7-.8-.8-.9

g-i.'o-1.1-1.2-1.3

-1.5-1.6-1.7-1.7-2.0

-2.2-2.3-2.5-2.8-2.8

-3.0-3.0-3.1-3.2-3.3

-3.6-3.8-4.2-4.5-4.5

-4.9

-4.5-4.5-4.6-4.4

-4.3-4.5-4.6-4.7

-4.7-4.9-5.0-5.1

Surplusor

deficit

nationalncomeand

prod-uct ac-counts

1.91.0.1

-.7

-1.2-.4-.0

-I'.l

-1.3-.9

-1.4-2.4-.4

.1-.4

J-.0

-ill2'.1

2.83.7

13.712.98.1

10.0

15.913.212.410.1

9.48.29.15.9

5.78.8

12.9

1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars, at seasonallyadjusted annual rates) .0, —.1, .0, and .0 in the 4 quarters of 1973 and .0 in each of the quarters of 1974 and 1975.


251


TABLE B-69.—State and local government revenues and expenditures, selected fiscal years, 1927-74


Fiscal year *

1927

193219341936 . ...1938

19401942194419461948

1950195219531954

19551956195719581959

1960196119621963 .

1962-63 61963-64 61964-65 6

1965-6661966-67*1967-6861968-6961969-706

1970-7161971-7251972-73 61973-745

General revenues by source 2

Total

7,271

7,2677,6788,3959,228

9,60910,41810,90812,35617,250

20,91125, 18127, 30729,012

31,07334,66738, 16441,21945,306

50,50554,03758,25262,890

62,26968,44374,000

83,03691, 197

101,264114,550130,756

144,927166,352190, 214207, 730

Prop-erty

taxes

4,730

4,4874,0764,0934,440

4,4304,5374,6044,9866,126

7,3498,6529,3759,967

10, 73511,74912,86414,04714,983

16, 40518,00219,05420,089

19,83321,24122, 583

24,67026,04727, 74730, 67334,054

37, 85242,13345,28347, 754

Salesand

grossre-

ceiptstaxes

470

7521,0081,4841,794

1,9822,3512,2892,9864,442

5,1546,3576,9277,276

7,6438,6919,4679,829

10,437

11,84912,46313, 49414,456

14,44615,76217,118

19,08520,53022,91126, 51930, 322

33,23337, 48842,04746, 098

Indi-vidualncometaxes

70

7480

153218

224276342422543

788998

1,0651,127

1,2371,5381,7541,7591,994

2,4632,6133,0373,269

3,2673,7914,090

4,7605,8267,3088,908

10,812

11,90015,23717,99419, 491

Corpo-ration

netincometaxes

92

7949

113165

156272451447592

593846817778

744890984

1,0181,001

1,1801,2661,3081,505

1,5051,6951,929

2,0382,2272,5183,1803,738

3,4244,4165,4256,015

Reve-nue

from:ederal

Govern-ment

116

2321,016

948800

945858954855

1,861

2,4862,5662,8702,966

3,1313,3353,8434,8656,377

6,9747,1317,8718,722

8,66310,00211,029

13, 21415,37017, 18119, 15321, 857

26, 14631,25339, 25641, 831

Allotherreve-nues3

1,793

1,6431,4491,6041,811

1,8722,1232,2692,6613,685

4,5415,7636,2526,897

7,5848,4659,2509,699

10, 516

11,63412,56313, 48914,850

14, 55615,95117,250

19, 26921,19723, 59826,11829,971

32,37435,82640,21046, 541

General expenditures by function *

Total

7,210

7,7657, 1817,6448,757

9,2299,1908,863

11,02817,684

22, 78726,09827,91030,701

33,72436,71140, 37544,85148,887

51,87656,20160, 20664, 816

63, 97769,30274, 546

82, 84393,350

102,411116,728131,332

150, 674166,873181, 227198, 959

Edu-cation

2,235

2,3111,8312,1772,491

2,6382,5862,7933,3565,379

7,1778,3189,390

10, 557

11,90713, 22014, 13415,91917, 283

18,71920, 57422, 21623,776

23, 72926,28628, 563

33, 28737,91941, 15847, 23852,718

59, 41364,88669, 71475, 833

High-ways

1,809

1,7411,5091,4251,650

1,5731,4901,2001,6723,036

3,8034,6504,9875,527

6,4526,9537,8168,5679,592

9,4289,844

10,35711,136

11,15011,66412,221

12, 77013,93214,48115,41716,427

18, 09519,01018,61519,946

Publicwel-fare

151

444889827

1,069

1,1561,2251,1331,4092,099

2,9402,7882,9143,060

3,1683,1393,4853,8184,136

4,4044,7205,0845,481

5,4205,7666,315

6,7578,2189,857

12,11014,679

18,22621,07023, 58225, 085

Allother <

3,015

3,2692,95232153,547

3,8623,8893,7374,5917,170

8,86710,34210,61911,557

12, 19713, 39914,94016,54717, 876

19, 32521, 06322, 54924, 423

23,67825,58627,447

30,02933, 28136,91541,96347, 508

54, 94061,90769, 31678,096

i Fiscal years not the same for all governments. See footnote 5.3 Excludes revenues or expenditures of publicly owned utilities and liquor stores, and of insurance-trust activities.

Intergovernmental receipts and payments between State and local governments are also excluded.s Includes licenses and other taxes and charges and miscellaneous revenues.* Includes expenditures for health, hospitals, police, local fire protection, natural resources, sanitation, housing and

urban renewal, local parks and recreation, general control, financial administration, interest on general debt, and un-allocable expenditures.

6 Data for fiscal year ending in the 12-month period through June 30. Data for 1963 and earlier years include local govern-ment amounts grouped in terms of fiscal years ended during the particular calendar year.

Note.—Data are not available for intervening years.See Table B-62 for net debt of State and local governments.


252


TABLE B-70.—Public debt securities by kind of obligation, 1946-75


End of year ormonth

1946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

197019711972197319741975



1975: JanFebMarApr.MayJune

JulyAugSeptOct. .NovDec .

Totalpublicdebt

securi-ties

259.1256.9252.8257.1

256.7259.4267.4275.2278.7280.8276.6274.9282.9290.8

290.2296.2303.5309.3317.9320.9329.3344.7358.0368.2

389.2424.1449.3469.9

M92.7576.6

468.2470.7474.5471.9474.7475.1

2475.3481.8481. 5480.2485.4492.7

494.1499.7509.7516.7528.2533.2

538.2547.7553.6562.0566.8576.6

Interest- bearing public debt

Marketable public issuesby maturity class

Within1 year

54.849.644.649.4

49.447.157.773.962.861.768.675.372.679.9

75.385.987.389.488.593.4

105.2104.4108.6118.1

123.4119.1130.4141.6148.1199.7

141.6141.4145.5140.9142.9139.9

142.2142.9143.4144.4143.4148.1

149.4154.8158.1161.0164.2163.9

168.8179.8180.2186.0192.8199.7

I t o l Oyears

61.756.155.151.8

50.556.762.250.464.768.658.956.971.083.7

89.584.795.694.2

100.495.687.597.0

103.493.3

104.9123.0117.7106.8113.2138.7

106.8106.0106.0107.5104.1104.2

104.2108.4108.4108.4112.6113.2

115.2112.6119.6122.6127.7128.7

132.0127.3134.9141.1138.2138.7

10yearsandover

60.160,057.753.9

52.538.828.730.330.232.932.932.032.024.6

24.225.420.124.023.625.625.425.124.824.4

19.419.921.421.821.624.8

21.722.222.122.022.622.5

22.420.820.820.821.521.6

21.522.422.323.523.022.9

22.823.923.823.824.824.8

Nonmarketable publicissues

U.S.sav-ings

bondsand

notes

49.852.155.156.7

58.057.657.957.757.757.956.352.551.248.2

47.247.547.548.849.750.350.851.752.352.2

52.554.958.160.863.867.9

61.061.361.661.962.162.4

62.762.863.063.363.663.8

64.264.564.865.265.565.9

66.366.666.967.267.667.9

For-eignand

inter-na-

tional

0.5.7

1.31.82.41.53.24.44.7

6.517.421.326.922.821.6

26.226.326.126.626.925.9

24.423.223.223.123.122.8

23.023.324.023.623.523.2

22.221.621.521.221.321.6

Other

6.77.46.39.3

10.120.919.619.317.712.711.910.49.27.8

6.35.34.63.83.52.92.72.62.62.5

2.42.42.42.83.03.6

2.82.82.92.92.92.9

3.03.03.03.03.03.0

3.03.03.03.03.13.2

3.33.43.43.53.53.6

Govern-ment

accountseries^

24.629.031.733.9

33.735.939.141.242.643.945.645.844.843.5

44.343.543.443.746.146.352.057.259.171.0

78.185.795.9

107.1119.1119.4

106.2108.6108.5108.4111.3115.4

115.5119.6118.3116.2116.9119.1

116.9118.1116.8116.8120.1124.2

121.7124.1121.9118.2117.5119.4

Maturedpublicdebtanddebtbear-ing nointer-est

1.52.72.22.1

2.42.32.12.33.03.02.42.02.13.1

3.43.54.34.14.44.4

li2.92.0

1.91.82.02.1

21.11.0

1.92.11.91.81.91.8

21.01.11.41.11.21.1

1.01.01.11.01.11.1

1.01.01.0.9

1.01.0

1 Prior to July 1974, this series was shown as "Special issues."2 Beginning July 1974, excludes the non-interest-bearing notes issued to International Monetary Fund, to conform with

Budget presentation.

Source: Department of the Treasury.

253

597-578 O - 76 - 17


TABLE B-71.—Estimated ownership of public debt securities, 1946-75[Par values;^ billions of dollars]

End of year ormonth

1946194719481949195019511952195319541955 . . .1956195719581959I9601961196219631964196519661967 .1968196919701971197219731974 . .1975

1974: JanFebMarAprMayJune _ _.JulvAUKSeptOctNovDec

1975- JanFebMarAprMayJuneJuly . .AugSeptOctNovDec

Total public debt securities

Total

259.1256.9252.8257.1256.7259.4267.4275.2278.7280.8276.6274.9282.9290.8290.2296.2303.5309.3317.9320.9329.3344.7358.0368.2389.2424.1449.3469.9

M92.7576.6

468.2470.7474.5471.9474.7475.1

7475.3481.8481.5480.2485.4492.7494.1499.7509.7516.7528.2533.2538.2547.7553.6562.0566.8576.6

Heldby

Govern-ment

accounts

27.430.833.735.936.039.342.945.446.749.051.252.852.151.452.852.553.255.358.459.765.873.176.689.097.1

106.0116.9129.6141.2139.3

128.7131.3131.2131.1133.9138.2137.5141.6140.6138.4139.0141.2139.0139.8138.5138.0140.9145.3142.5144.8142.3138.8137 7139.3

Held byFederalReserveBanks

23.322.623.318.920.823.824.725.924.924.824.924.226.326.627.428.930.833.637.040.844.349.152.957.262.170.269.978.580.587.9

78.278.279.580.081.480.578.181.181.079.481.080.581.381.181.487.885.684.781.982.587.087.285.187.9

Held by private investors

Total

208.3203.6195.8202.4199.9196.3199.8203.8207.1207.0200.5197.9204.5212.7210.0214.8219.5220.5222.5220.5219.2222.4228.5222.0229.9247.9262.5261.7

7271.0349.4

261.2261.1263.8260.7259.4256.4

7 259. 7259.0260.1262.5265.3271.0273.8278.9289.8290.9301.7303.2313.8320.4324.4336.0344.0349.4

Com-mercialbanks 2

74.568.762.466.861.861.563.463.769.162.059.559.567.560.362.167.267.164.263.960.757.463.866.056.862.765.367.760.355.685.8

60.259.059.556.854.453.253.553.152.052.753.755.654.656.561.864.167.769.271.475.478.480.582.685.8

Mutualsavingsbanks

and in-surance

com-panies

36.735.932.731.529.626.225.525.124.123.121.220.119.819.418.117.617.617.016.815.814.513.212.210.710.510.110.09.38.7

13.4

9.18.88.98.68.68.58.38.38.38.48.58.78.99.09.5

10.010.510.611.011.311.612.113.213.4

Othercorpo-

rations 3

15.314.114.816.819.720.719.921.519.123.218.717.718.121.418.718.518.618.718.215.814.912.214.210.47.3

11.49.8

10.911.020.3

10.710.911.710.511.210.811.311.010.511.211.011.011.311.412.012.513.713.216.216.015.017.520.020.3

Statend localgovern-ments *

6.37.37.98.18.89.6

11.112.714.415.416.316.616.518.018.719.020.121.121.122.924.324.124.927.227.825.428.929.229.234.2

29.930.730.630.129.228.328.829.229.328.828.729.230.030.529.729.829.829.631.331.232.233.833.934.2

Indi-viduals 6

64.165.765.566.366.364.665.264.863.565.065.964.963.769.466.165.865.968.069.571.974.273.575.180.881.273.273.977.384.891.0

77.477.978.479.280.080.781.682.683.383.884.384.885.385.385.786.186.687.187.688.789.490.090.691.0

Miscel-aneousinves-tors 6

11.411.912.512.913.613.714.716.116.918.318.919.118.924.326.526.930.231.633.033.433.935.736.136.140.462.572.374.8

781.6104.7

73.973.974.775.675.975.0

776.174.976.677.779.181.683.886.291.188.593.493.496.297.897.8

102.1103.7104.7

1 U.S. savings bonds, series A-F and J, and U.S. savings notes are included at current redemption value.2 Includes commercial banks, trust companies, and stock savings banks in the United States and Territories and island

possessions; figures exclude securities held in trust departments. Since the estimates in this table are on the basis of parvalues and include holdings of banks in United States Territories and possessions, they do not agree with the estimatesin Table B-52, which are based on book values and relate only to banks within the United States.

3 Exclusive of banks and insurance companies.< Includes trust, sinking, and investment funds of State and local governments and their agencies, and of Territories

and possessions.8 Includes partnerships and personal trust accounts.• Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers,

certain government deposit account and government-sponsored agencies, and investments of foreign balances and inter-national accounts in this country Beginning December 1946, the international accounts include investments by the Inter-national Bank for Reconstruction and Development, International Monetary Fund, International Development Association,Inter-American Development, Bank, and various United Nations' funds, in special non-interest-bearing notes and bondsissued by the U.S. Government. See also footnote 7. .

7 Beginning July 1974, excludes non-interest-bearing notes issued to International Monetary Fund, to conform withBudget presentation.


254


TABLE B-72.—Average length and maturity distribution of marketable interest-bearingpublic debt, 1946-75

End of year or month

Fiscal year:1946194719481949

19501951 - . .195219531954

19551956195719581959

19601961196219631964 . .

19651966196719681969

19701971 w19721973 . . .1974

1975

1974' JanFeb .MarAprMay .-June . ....

July ^AugSeptOctNov . . ,.Dec

1975- JanFeb .MarAprMayJune

July. .AugSeptOctNovDec. ..

Amountout-

standing

Maturity class

Within1 year

Ito5years

5 to 10years

10 to 20years

20 yearsand over

Millions of dollars

189,606168,702160, 346155, 147

155, 310137,917140,407147,335150,354

155, 206154,953155,705166,675178,027

183, 845187, 148196,072203, 508206, 489

208, 695209, 127210,672226, 592226, 107

232, 599245,473257,202262,971266, 575

315,606

270, 131269,650273, 596270,452269, 550266, 575

268,782272,111272,608273, 529277,538282,891

286, 133289,827299,989307,202314, 886315,606

323,701331,080338,946350,906355,879363,191

61,97451, 21148,74248, 130

42,33843,90846,36765, 27062, 734

49,70358, 71471,95267,78272,958

70,46781, 12088, 44285, 29481,424

87,63789, 13689,648

106,407103,910

105, 530112,772121, 944122, 803139,942

163,947

141, 590141,444145,453140,905142,864139,942

142, 245142,900143, 400144,373143,381148, 122

149, 422154, 820158, 084161,039164, 216163,947

168,821179,849180,219186,029192,833199,730

24,76321, 85121,63032,562

51,29246, 52647, 81436, 16129, 866

39, 10734, 40140,66942, 55758, 304

72, 84458, 40057, 04158,02665,453

56, 19860,93371,42464, 47062, 770

89,61589,07489, 00488, 22377, 199

101,918

81,71679,04579,04580, 57077,16577, 199

77, 20079,36679,36179,36984,73085,273

87, 30185, 14390, 32493, 38798, 302

101,918

105, 216101,891109,486115,693111,759112,233

41, 80735,56232, 26416, 746

7,7928,707

13,93315,65127, 515

34, 25328,90812,32821,47617,052

20,24626, 43526,04937, 38534,929

39, 16933, 59624, 37830,75434,837

15, 88224, 50326,85231,11126,957

26, 831

25,13226,96826,96526,96126,96026,957

26, 95328,99729, 04429,02727,91627, 899

27, 89427,49629,25629,25529, 40226, 831

26,82625,44525,43925,43326,44026,437

17,46118, 59716, 22922, 821

28,03529,97925,70028,66228, 634

28,61328, 57826, 40727,65221,625

12,63010, 2339,3198,3608,355

8,4498,4398,4258,4078,374

10, 5248,4559,343

14,47717,403

14, 508

15,59616, 12916,09216, 03617,45817, 403

17, 34614,95214, 92414, 89414,86514,832

14,79415,50615,47616,68714,54814, 508

14,46514,42914, 36814, 33614,30214,263

43, 59941, 48141,48134, 888

25, 8538,7976,5941,5921,606

3,5304,3514,3497,2088,088

7,65810,96015, 22114, 44416,328

17,24117, 02316,79716, 55316, 217

11,04810, 67010,0596,3575,074

8,402

6,0986,0636,0405,9815,1035,074

5,0395,8975,8795,8666,6456,765

6,7226,8636,8496,8348,4188,402

8,3739,4669,4349,414

10,54510,529

Average length

Years

9998

86555

55454

4445

54444

33

33

3

3322

3

2

32

2

23

2

3

2

222

Months

15

9

27846

10493

46

11

0

411

20

63

0

0

00

111100

1100

110

11

110

111000

110

1110109

Note.—All issues classified to final maturity except partially tax-exempt bonds, which were classified to earliest calldate (the last of these bonds were called on August 14,1962 for redemption on December 15,1962).


255


CORPORATE PROFITS AND FINANCE

TABLE B—73.—Corporate profits with inventory valuation adjustment and without capital consump-tion adjustment, by industry, 1946-75


Year orquarter

19461947...19481949...

1950. .1951...19521953. .1954...

1955. .1956...1957.1958...1959

19601961..1962... .19631964

196519661967.19681969

19701971197219731974

1975 P

1973: L —II...111...IV...

1974:1....11...III...IV...

1975:1....II...III...

Corporate profits with inventory valuaticn adjustment and without capital consumption adjustment

Total

19.325.633.030.8

37.642.739.839.537.8

46.745.945.440.851.2

48.948.753.757.664.2

73.378.675.682.177.9

66.476.989.698.693.6

108.3

99.497.497.999.6

100.396.092.086.1

83.4101.6119.6

Domestic industries

Total

18.924.932.229.9

36.741.538.738.436.4

45.144.143.539.149.4

47.046.351.154.961.0

70.175.972.678.974.2

62.672.484.791.782.5

102.4

92.990.891.492.0

85.987.282.075.1

77.695.7

113.4

Financial

Total

2.11.72.63.1

3.13.64.04.54.6

4.85.05.25.76.8

7.27.07.36.86.9

7.58.59.0

10.411.3

12.614.115.417.417.3

16.2

16.817.517.417.9

17.217.118.316.5

18.315.514.9

FederalReservebanks

0.1.1.2

.2

!4.4.3

.3

.5

.6

.6

.7

1.0.8.9

1.01.1

1.41.72.02.53.1

3.63.33.44.55.7

5.7

3.94.34.85.1

5.35.66.06.0

5.75.75.4

Other

2.01.62.32.9

3.03.33.74.14.3

4.54.54.65.16.0

6.26.36.45.85.8

6.26.87.07.98.2

9.010.812.112.911.5

10.5

12.913.212.612.8

11.911.412.310.5

12.59.99.4

Nonfinancial

Total

16.823.229.626.8

33.537.934.733.931.8

40.339.138.333.542.6

39.839.343.848.154.1

62.567.463.668.562.9

50.158.269.374.365.3

86.2°

76.173.274.074.1

68.770.263.758.6

59.380.298.6

Manu-factur-

ing i

9.013.617.616.2

20.924.621.722.019.9

26.024.724.019.426.2

23.923.026.028.731.9

38.341.637.941.236.8

27.132.440.643.837.4

46.6

45.644.842.642.4

40.939.837.031.9

30.043.554.6

Whole-saleand

retailtrade

3.84.65.54.5

5.05.04.83.83.8

5.04.54.44.65.9

4.94.95.75.97.4

7.98.08.9

10.110.1

9.411.713.314.413.4

14.113.214.815.6

14.615.511.711.9

16 321.025.1

Trans-porta-tion,com-

munica-tion,and

serv-ices 2

1.82.23.03.0

4.04.64.95.04.7

5.65.95.85.97.0

7.47.88.49.39.9

11.011.810.710.710.2

8.28.39.08.57.0

9.28.18.68.2

6.27.37.76.7

5.17.9

11.3

Other

2.12.93.63.1

3.63.73.33.13.4

3.64.14.03.63.5

3.53.63.84.24.9

5.36.06.16.55.8

5.35.86.47.67.5

7.27.28.07.9

7.07.57.48.1

7.97.87.6

Restof theworld

0.4.7

.'s1.01.21.11.11.4

1.61.81.91.71.8

1.92.32.62.63.1

3.32.83.03.23.7

3.84.64.86.8

11.0

5.9

6.56.66.57.7

14.48.8

10.011.0

5.85.86.2


256


TABLE B-73.—Corporate profits with inventory valuation adjustment and without capital consump-tion adjustment^ by industry, 1946-75—Continued


Year orquarter

1946 ...194719481949 ...

1950 . .195119521953 ....1954

195519561957 ....19581959

19601961 ....19621963 . .1964

196519661967 ...19681969

19701971197219731974

1975 v.

1973: 1II....III...IV....

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

1975: 1II....III...

Corporate profits before deduction of capital consumption allowances, with inventory valuation adjustment

Total

24.031.440.038.7

46.553.051.352.752.8

64.164.966.362.974.8

74.175.384.290.098.7

110.8119.3119.7130.2130.9

123.0137.8157.4172.0173.3

196.1

170.5170.3171.4175.9

177.2174.4172.7169.1

168.0188.2208.6

Domestic industries

Total

23.630.739.237.9

45.551.850.251.651.4

62.663.164.461.273.0

72.272.981.587.495.6

107.5116.5116.7127.0127.2

119.2133.3152.6165.2162.3

190.2

163.9163.7164.9168.2

162.8165.6162.7158.1

162.2182.3202.4

Financial

Total

2.21.82.73.3

3.33.84.24.84.9

5.25.45.76.17.3

7.87.78.07.67.9

8.59.6

10.211.813.0

14.516.318.020.620.8

20.0

19.720.720.721.3

20.620.521.820.2

22.019.318.7

FederalReservebanks

0.1.1.2.2

.2

.3

.4

.4

.3

.3

.5

.6

.6

.7

1.0.8.9

1.01.2

1.41.72.02.53.1

3.63.43.44.55.7

5.7

3.94.34.85.1

5.35.76.06.0

5.85.75.5

Other

2.11.72.53.0

3.13.53.94.44.6

4.84.95.05.56.5

6.86.97.16.66.7

7.27.98.29.39.9

11.013.014.716.115.0

14.4

15.916.415.916.2

15.314.915.814.1

16.213.613.3

Nonfinancial

Total

21.428.936.534.6

42.248.046.046.846.5

57.457.758.755.065.7

64.465.373.679.887.7

99.0106.9106.5115.1114.2

104.7116.9134.6144.6141.5

170.2

144.2143.0144.2147.0

142.1145.1140.9138.0

140.3163.0183.7

Manu-factur-

ing^

11.216.320.819.8

24.929.126.928.327.1

34.333.633.929.837.1

35.535.240.243.948.0

55.960.558.763.961.5

53.159.869.974.269.7

81.4

75.475.072.674.0

72.371.769.865.2

63.877.989.9

Whole-saleand

retailtrade

4.25.26.25.4

6.06.26.15.15.2

6.76.36.56.68.0

7.37.48.48.7

10.4

11.111.512.714.314.9

14.717.520.221.721.2

21.220.422.123.0

22.123.119.520.0

24.629.533.9

Trans-porta-tion,com-

munica-tion,and

serv-ices2

3.03.64.74.8

6.17.17.68.18.2

9.810.310.510.912.5

13.314.015.416.817.9

19.621.321.021.922.4

21.423.226.328.329.4

28.027.728.728.9

27.429.330.430.5

29.432.836.8

Other

2.93.84.84.6

5.25.65.45.35.9

6.67.47.87.68.0

8.48.89.6

10.411.4

12.313.614.115.015.4

15.516.418.320.421.2

19.620.020.921.1

20.221.021.122.3

22.522.823.1

Restof theworld

0.4

'.S.8

1.01.21.11.11.4

1.61.81.91.71.8

1.92.32.62.63.1

3.32.83.03.23.7

3.84.64.86.8

11.0

5.9

6.56.66.57.7

14.48.8

10.011.0

5.85.86.2

1 See Table B-74 for industry detail.2 Services consists of electric, gas, and sanitary services.


257


TABLE B—74.—Corporate profits with inventory valuation adjustment and without capital con-sumption adjustment, manufacturing industries, 1946-75


Year orquarter

1946194719481949

195019511952...19531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971 _ _ _ • _ .197219731974

1975 p

1973: 1...IL.I I I . .IV._

1974: 1...I IIII. .IV..

1975: 1...I I . .III . .

Corporate profits with inventory valuation adjustment and without capital consumption adjustment

Totalmanu-factur-

ing

9.013 617.616.2

20.924.621.722.019.9

26.024.724.019.426.2

23.923.026.028.731.9

38.341.637.941.236.8

27.132.440.643.837.4

46 6

45.644.842.642.4

40.939.837.031.9

30.043.554.6

Nondurable goods

Total

6.67.8

10.08.1

8.911.49.9

10.19.4

11.811.910.710.012.7

11.911.711.912.814.4

15.818.017.318.817.7

16.817.318.119.925.6

27.9

19.120.118.821.4

24.528.227.222.6

21.127.530.1

Foodand

kindredprod-ucts

1.91.6

1.61.41.71.81.6

2.21.81.82.12.6

2.12.32.32.72.8

2.63.33.13.22.9

3.53.32.82.23.3

1.51.91.44.0

3.55.42.41.7

5.97.16.9

Chem-icalsand

alliedprod-ucts

1.71.8

2.32.82.32.22.2

3.02.82.82.53.4

3.13.13.23.63.9

4.54.84.25.04.6

3.94.25.05.55.3

5.75.75.45.3

5.85.55.04.8

4.45.97.5

Petro-leumandcoal

prod-ucts

2.81.9

2.32.72.32.82.7

3.03.32.62.12.5

2.52.22.12.12.4

2.83.23.83.63.3

3.63.63.55.18.9

4.75.35.35.3

7.18.9

12.17.7

5.27.06.0

Other

3.72.8

2.74.43.63.32.9

3.64.13.63.34.2

4.24.04.34.55.3

5.86.76.27.06.9

5.86.26.87.08.2

7.27.26.76.9

8.08.37.88.5

5.67.59.8

Durable goods

Total

2.45.87.58.1

12.013.211.711.910.5

14.312.813.39.3

13.5

12.011.314.115.917.5

22.623.520.622.419.2

10.315.122.524.011.8

18.6

26.524.723.820.9

16.511.69.79.2

8.916.024.5

Primarymetalindus-tries

1.61.5

2.33.11.92.51.7

2.93.03.01.92.3

2.11.51.61.92.4

3.13.62.72.01.4

.9

.51.62.03.5

1.91.82.2.

2.3.4.4.3

3.91.71.4

Fabri-catedmetal

products

0.8.7

1.11.31.0.9.9

1.01.01.1.9

1.0

.91.01.11.21.4

1.92.32.32.21.9

1.21.32.12.4.9

2.22.42.52.4

1.51.1

2L3

1.52.73.4

Machin-ery,

exceptelectri-

cal

1.21.3

1.6, 2.3

2.31.91.7

1.72.12.01.42.1

1.81.82.32.43.1

3.84.44.04.13.6

2.72.73.94.51.8

4.74.34.64.3

3.92.2.2

1.1

3.44.75.8

Electri-cal

equip-mentand

supplies

0.7.8

1.21.31.51.41.2

1.11.21.51.31.7

1.31.31.51.51.6

2.63.02.92.82.2

1.11.83.02.7.9

3.12.72.72.4

2.01.1.1'.3

1.22.22.5

Motorvehicles

andequip-ment

1.42.1

3.12.42.42.62.1

4.12.22.6.9

2.9

3.02.54.04.94.7

6.15.13.95.54.8

1.44.95.95.81.0

7.77.15.23.3

.5

.22.6.6

-2.21.14.9

Other

1.91.7

2.62.82.72.72.9

3.53.23.12.93.4

2.93.13.63.94.3

5.05.24.85 85.2

3.03.86.06.63.7

6.86.46.86.4

6.44.02.71.6

1.03.66.5


258


TABLE B-74.—Corporate profits with inventory valuation adjustment and without capital con-sumption adjustment, manufacturing industries, 1946-75—Continued


Year orquarter

194619471948 ...1949

19501951195219531954

1955195619571958 ...1959

19601961196219631964 ...

19651966196719681969

1970197119721973 .1974

1975 »..,_

1973: 1...II..III .IV..

1974: I...II..ll l_IV..

1975: !„.IL.III.

Corporate profits before deduction of capital consumption allowances, with inventory valuation adjustment

Totalmanu-factur-

ing

11.216.320.819.8

24.929.126.928.327.1

34.333.633.929.837.1

35.535.240.243.948.0

55.960.558.763.961.5

53.159.869.974.269.7

81.4

75.475.072.674.0

72.371.769.865.2

63.877.989.9

Nondurable goods

Total

7.99.3

11.810.1

11.113.912.713.213.1

16.016.515.715.418.4

17.818.019.120.522.6

24.427.227.129.329.2

29.030.432.234.741.6

45.3

33.534.933.436.9

39.943.743.239.7

38.144.547.6

Foodand

kindredprod-ucts

2.22.0

2.12.02.32.32.3

2.92.52.63.03.6

3.23.43.64.04.2

4.04.94.74.94.8

5.65.55.14.65.6

3.94.33.76.6

5.97.84.84.1

8.39.49.3

Chem-icalsand

alliedprod-ucts

2.62.1

2.73.22.82.83.0

3.93.83.83.64.6

4.44.54.85.35.7

6.56.86.37.37.1

6.67.18.28.88.9

9.58.98.48.4

9.19.08.78.6

8.29.8

11.4

Petro-leumandcoal

prod-ucts

3.42.6

3.13.63.23.94.1

4.64.94.44.04.5

4.54.34.44.75.1

5.86.37.27.37.1

7.67.98.09.8

14.2

8.510.210.210.4

12.313.917.213.6

11.112.811.9

Other

4.23.4

3.35.14.44.13.8

4.65.24.94.75.7

5.85.76.26.57.5

8.19.28.99.9

10.2

9.29.9

10.811.412.9

11.511.611.011.5

12.713.012.513.4

10.512.515.0

Durable goods

Total

3.36.99.09.7

13.715.314.215.014.1

18.317.218.214.418.7

17.717.221.123.325.5

31.433.331.634.632.3

24.129.437.639.628.1

36.2

42.040.139.237.1

32.427.926.625.5

25.733.342.3

Primarymetalindus-tries

1.91.9

2.83.62.63.52.9

4.24.34.53.23.6

3.42.93.33.74.3

5.15.75.04.54.0

3.53.14.14.55.9

4.44.34.64.7

4.65.56.86.7

6.44.23.9

Fabri-catedmetal

products

1.0.9

.3

.5

.2

.2

.3

.4

.5

.3

.5

.4

.5

.8

.82.0

2.73.03.23.23.0

2.32.43.23.62.2

3.53.63.73.7

2.72.41.12.6

2.94.14.8

Machin-ery

exceptelectri-

cal

1.51.6

1.92.62.72.32.2

2.32.82.72.22.9

2.72.83.43.54.3

5.25.85.76.05.7

5.25.46.87.35.0

7.67.17.47.3

6.95.23.54.3

6.78.29.3

Electri-cal

equip-ment andsupplies

6.8.9

.4

.5

.7

.6

.5

1.51.62.01.82.2

1.81.92.12.32.3

3.44.04.04.13.7

2.93.85.15.13.5

5.45.15.14.8

4.53.72.82.9

3.95.05.4

Motorvehicles

andequip-ment

1.62.3

3.32.72.73.02.5

4.62.93.31.63.7

4.03.55.26.36.3

8.07.56.48.17.5

3.87.38.48.43.5

10.39.57.66.0

3.12.95.22.9

.23.77.7

Other

2.22.2

3.03.33.33.43.7

4.44.24.34.34.8

4.44.65.35.86.2

7.27.47.48.78.5

6.57.59.9

10.68.0

10.810.410.810.5

10.68.27.26.1

5.68.2

11.3


259


TABLE B-75.—Sales, profits, and stockholders' equity, all manufacturing corporations, 1947-75


Year orquarter

19471948 .1949.

19501951195219531954

19551956195719581959

19601961 . .1962.19631964

196519661967.19681969

1970 .1971 .19721973

1973: IV

New series: 3

1974. ,

1973: IV

1974- |I II I IIV

1975- |ilI l l

All manufacturingcorporations

Sales(net)

150.7165.6154.9

181.9245.0250.2265.9248.5

278.4307.3320.0305.3338.0

345.7356.4389.9412.7443.1

492.2554.2575.4631.9694.6

708.8751.4849.5

1,017.2

275.1

1, 060. 6

236.6

242.0269.4272.1277.0

247.7266.0272.0

Profits

Beforeincometaxes i

16.618.414.4

23.227.422.924.420.9

28.629.828.222.729.7

27.527.531.934.939.6

46.551.847.855.458.1

48.153.263.281.4

21.4

92.1

20.6

21.225.925.020.1

15.420.221.8

Afterincometaxes

10.111.59.0

12.911.910.711.311.2

15.116.215.412.716.3

15.215.317.719.523.2

27.530.929.032.133.2

28.631.336.548.1

13.0

58.7

13.2

13.516.315.513.4

9.312.513.2

Stock-holders'equity 2

65.172.277.6

83.398.3

103.7108.2113.1

120.1131.6141.1147.4157.1

165.4172.6181.4189.7199.8

211.7230.3247.6265.9289.9

306.8320.9343.4374.1

386.4

395.0

368.0

379.0389-. 9402.7408.4

411.0420.5427.8


Sales(net)

66.675.370.3

86.8116.8122.0137.9122.8

142.1159.5166.0148.6169.4

173.9175.2195.5209.0226.3

257.0291.7300.6335.5366.5

363.1382.5435.8527.3

140.1

529.0

122.7

120.3136.8134.8137.1

121 2132.4130.9

Profits

Beforeincometaxes i

7.68.97.5

12.915.412.914.011.4

16.516.515.811.415.8

14.013.616.718.521.2

26.229.225.730.631.5

23.026.533.643.6

10.8

41.1

10.1

9.512.610.58.6

6.99.39.0

Afterincometaxes

4.55.44.5

6.76.15.55.85.6

8.18.37.95.88.1

7.06.98.69.5

11.6

14.516.414.616.516.9

12.914.518.424.8

6.3

24.7

6.2

5.77.66.25.2

4.15.75.5


31.134.137.0

39.947.249.852.454.9

58.865.270.572.877.9

82.384.989.193.398.5

105.4115.2125.0135.6147.6

155.1160.6171.4188.7

194.7

196.0

185.8

189.4194.1199.9200.8

201.9207.6210.0

Nondurable goodsindustries

Sales(net)

84.190.484.6

95.1128.1128.0128.0125.7

136.3147.8154.1156.7168.5

171.8181.2194.4203.6216.8

235.2262.4274.8296.4328.1

345.7368.9413.7489.9

135.0

531.6

113.9

121.7132.6137.3140.0

126.5133.7141.1

Profits

Beforeincometaxes i

9.09.57.0

10.312.110.010.49.6

12.113.212.411.313.9

13.513.915.116.418.3

20.322.622.024.826.6

25.226.729.637.8

10.6

51.0

10.5

11.713.314.511.5

8.510.912.7

Afterincometaxes

5.66.24.6

6.15.75.25.55.6

7.07.87.56.98.3

8.28.59.2

10.011.6

13.014.614.415.516.4

15.716.718.023.3

6.7

34.1

7.0

7.88.79.48.2

5.26.87.7


34.038.140.6

43.551.153.955.758.2

61.366.470.674.679.2

83.187.792.396.3

101.3

106.3115.1122.6130.3142.3

151.7160.3172.0185.4

191.7

199.0

182.1

189.6195.8202.8207.6

209.1213.0217.8

1 In the old series, "income taxes" refers to Federal income taxes only, as State and local income taxes had alreadybeen deducted. In the new series, no income taxes have been deducted.

gfour end-of-quarter % ,.ing Corporations, First Quarter 1974," Federal Trade Commission.

Note.—Data are not necessarily comparable from one period to another due to changes in accounting procedures,industry classifications, sampling procedures, etc. For explanatory notes concerning compilation of the series, see "Quar-terly Financial Report for Manufacturing Corporations," Federal Trade Commission.

2 Annual data are average equity for the year (using four end-of-quarter figures),3 See "Quarterly Financial Report for Manufacturing " " - • - •

Source: Federal Trade Commission.

260


TABLE B-76.—Relation of profits after taxes to stockholders* equity and to sales, all manufac-turing corporations, 1947-75

Year or quarter

194719481949

19501951195219531954

19551956195719581959

I96019611962 . .19631964

1965 . .1966196719681969

1970197119721973 . . . .

1973: IV

New series: a

1974

1973- IV

1974: 1I II l lIV

1975' 1I II l l

Ratio of profits afterincome taxes (annual rate)

to stockholders' equity— percent »

Allmanufacturingcorporations

15.616.011.6

15.412.110.310.59.9

12.612.310.98.6

10.4

9.28.99.8

10.311.6

13.013.411.712.111.5

9.39.7

10.612.8

13.4

14.9

14.3

14.316.715.413.2

9.011.912.4

Durablegoods

industries

14.415.712.1

16.913.011.111.110.3

13.812.811.38.0

10.4

8.5-8.19.6

10.111.7

13.814.211.712.211.4

8.39.0

10.813.1

12.9

12.6

13.3

12.115.612.310.4

8.010.910.5

Nondurablegoods

industries

16.616.211.2

14.111.29.79.99.6

11.411.810.69.2

10.4

9.89.69.9

10.411.5

12.212.711.811.911.5

10.310.310.512.6

14.0

17.1

15.3

16.417.818.515.8

10.012.814.2

Profits after income taxesper dollar of sales— cents

Allmanufacturingcorporations

6.77.05.8

7.14.84.34.34.5

5.45.34.84.24.8

4.44.34.54.75.2

5.65.65.05.14.8

4.04.14.34.7

4.7

5.5

5.6

5.66.05.74.8

3.74.74.9

Durablegoods

industries

6.77.16.4

7.75.34.54.24.6

5.75.24.83.94.8

4.03.94.44.55.1

5.75.64.84.94.6

3.53.84.24.7

4.5

4.7

5.0

4.85.54.63.8

3.34.34.2

Nondurablegoods

industries

6.76.85.4

6.54.54.14.34.4

5.15.34.94.44.9

4.84.74.74.95.4

5.55.65.35.25.0

4.54.54.44.8

5.0

6.4

6.1

6.46.66.85.9

4.15.15.5

1 Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equityat end of quarter only.

2 see "Quarterly Financial Report for Manufacturing Corporations, First Quarter 1974," Federal Trade Commission.

Note.—Based on data in millions of dollars.See also Note, Table B-75.


261


TABLE B-77.—Relation of profits after taxes to stockholders' equity and to sales', all manufactur-ing corporations^ by industry group, 1974-75

Industry

All manufacturing corporations


Stone, clay, and glass productsPrimary metal industries

Iron and steelNonferrous metals . .

Fabricated metal productsMachinery, except electrical.. . .Electrical and electronic equipment.Transportation equipment

Motor vehicles and equipment-Aircraft, guided missiles, and

parts

Instruments and related products..Other durable manufacturing prod-

ucts

Nondurable goods industries

Food and kindred products. .Tobacco manufacturesTextile mill productsPaper and allied productsPrinting and publishingChemicals and allied products

Industrial chemicals and syn-thetics

Drugs

Petroleum and coal productsRubber and miscellaneous plastics

productsOther nondurable manufacturing

products

Ratio of profits after incometaxes (annual rate) to stock-

holders' equity— percent1

1974

III

15.4

12.3

15.119.2

21.216.3

17.612.39.94.7

2.8

9.4

15.4

11.3

18.5

15.415.96.6

19.913.019.0

19.619.0

23.3

14.3

14.2

IV

13.2

10.4

6.413.4

16.78.6

13.312.28.28.0

8.1

8.2

16.4

3.6

15.8

14.715.53.3

15.013.514.8

12.615.9

20.5

11.6

9.9

1975

1

9.0

8.0

-.411.9

14.67.8

10.712.67.91.2

-1.4

9.6

13.0

2.5

10.0

10.714.1

-2.710.89.0

14.2

10.918.6

10.2

3.6

4.1

II

11.9

10.9

8.48.4

10.05.9

14.414.29.29.6

8.2

11.9

11.9

10.0

12.8

15.015.91.7

12.313.216.2

13.318.6

11.8

7.9

11.5

III

12.4

10.5

14.76.3

8.33.3

14.713.18.37.3

5.5

11.6

14.9

11.0

14.2

17.218.48.1

12.613.515.6

13.718.4

13.3

9.4

15.6

Profits after income taxes perdollar of sales— cents

1974

III

5.7

4.6

5.87.6

7.67.6

5.05.63.41.7

1.1

2.8

8.6

3.3

6.8

3.29.02.17.64.78.4

8.812.2

13.9

4.8

2.9

IV

4.8

3.8

2.75.5

6.24.2

3.85.32.72.6

2.8

2.2

9.1

1.1

5.9

3.07.81.16.14.67.0

6.310.3

12.0

4.1

2.1

1975

i3.7

3.3

-.25.7

6.14.7

3.45.92.9.4

-.6

2.6

7.9

.9

4.1

2.48.4

-1.25.03.47.1

5.712.6

6.3

1.5

1.0

II

4.7

4.3

3.64.3

4.63.7

4.56.43.33.1

2.9

3.1

6.8

3.3

5.1

3.39.5.6

5.64.78.1

7.012.8

7.3

3.0

2.5

III

4.9

4.2

6.13.3

4.02.1

4.76.22.92.5

2.1

3.2

8.4

3.5

5.5

3.711.12.65.54.97.4

6.912.4

7.9

3.5

3.3

1 Ratios based on equity at end of quarter.


262


TABLE B-78.—Sources and uses of funds, nonfarm nonfnancial corporate business, 1946-75


Period

1946194719481949

1950195119521953195419551956195719581959

19601961196219631964 . .19651966196719681969

19701971 .197219731974

1974: 1I IIll .IV

1975: 1I II l l

Sources

Total

18.327.028.219.6

41.135.529.127.228.852.544.342.241.255.1

47.454.559.265.072.491.397.394.0

113.6118.1

103.7120.4148.0176.2183.3

Internal1

7.812.618.719.1

17.919.921.221.123.329.228.930.629.535.0

34.435.641.843.950.556.661.261.561.760.7

59.468.078.784.681.5

External

Total

10.514.49.6.6

23.215.67.96.15.5

23.315.411.611.720.1

12.919.017.421.121.934.836.132.551.957.4

44.252.569.391.6

101.8

Credit market funds

Total

6.88.66.33.2

7.210.09.25.66.3

10.312.912.010.612.6

11.912.312.512.114.520.425.329.631.538.9

39.546.855.367.277.1

Long-term 2

3.45.56.45.1

3.85.97.85.96.66.57.5

10.310.58.1

7.510.89.58.28.89.2

15.721.618.420.0

30.741.839.334.536.3

Short-term 3

3.33.1

-^l!8

3.44.11.4-.3-.33.85.41.7.0

4.6

4.51.52.93.95.6

11.29.68.0

13.218.9

8.85.0

16.032.740.8

Other

3.75.83.3

-2.7

15.95.6

-1.3.5

-.813.02.5-.41.27.5

1.06.74.99.07.4

14.410.93.0

20.418.5

4.85.7

14.024.524.7

Uses

Total

16.525.525.218.7

40.437.228.926.826.447.839.738.737.850.8

41.449.554.759.365.082.589.188.2

104.0112.1

97.0110.3133.3162.4169.7

Pur-chase

ofphysi-

calassets *

17.917.220.215.2

24.029.824.324.521.531.335.734.527.036.7

38.736.343.645.251.662.376.571.475.083.7

84.087.2

102.5121.5125.9

In-crease

infinan-cial

assets

-1.48.45.03.5

16.47.44.62.34.9

16.54.04.2

10.814.2

2.713.211.114.213.420.212.616.829.028.4

12.923.130.840.943.8

Discrep-ancy

(sourcesless

uses)

1.81.43.0.9

.7-1.7

!42.54.64.63.53.44.3

6.05.04.55.67.48.98.25.89.66.0

6.710.214.813.813.6

Seasonally adjusted annual rates

196.3210.3176.4150.1

90.1129.8150.3

85.380.575.384.8

90.198.2

109.7

111.0129.8101.165.3

.031.640.6

75.491.672.868.7

27.229.329.8

37.543.125.239.3

52.052.939.6

38.048.747.429.4

-24.9-23.7-9.7

35.638.228.3

-3.4

-27.12.4

10.7

189.7195.1160.2133.5

76.1114.5133.7

124.3127.8122.4129.2

95.177.8

102.5

65.467.337.84.3

-19.036.731.2

6.715.316.216.6

14.015.316.5

i Undistributed profits (after inventory valuation adjustment) and capital consumption allowances.> Stocks, bonds, and mortgages.* Bank loans, commercial paper, finance company loans, bankers' acceptances, and Government loans.* Plant and equipment, residential structures, and inventory investment.


263


TABLE B-79.— Current assets and liabilities of U.S. corporations, 1939-75[Bill ions of dollars]


1939

1940194119421943194419451946194719481949

195019511952195319541955 . . .195619571958 . .1959

19601961

196119621963196419651966196719681969

19701971197219731974

1974: 1I II I IIV

1975: 1I II I I . -

Current assets

Total

Cashon

handand

inbanks1'

U.S.Gov-ern-ment

securi-ties 2

Re-ceiv-ablesfromU.S.Gov-ern-

ment 3

Notesandac-

countsreceiv-

able

In-ven-tories

Othercur-rentas-

sets <

Current liabilities

Total

Ad-vances

andpre-pay-

ments,U.S.Gov-ern-

ment 3

Notesandac-

countsPay-able

Fed-eralin-

cometax

l i ab i l i -ties

Othercur-rentlia-bili-ties

Network-ing

capi-tal

All corporations s

54.5

60.372.983.693.897.297.4

108.1123.6133.0133.1

161.5179.1186.2190.6194.6224.0237.9244.7255.3277.3

289.0306.8

10.8

13.113.917.621.621.621.722.825.025.326.5

28.130.030.831.133.434.634.834.937.436.3

37.241.1

2.2

2.04.0

10.116.420.921.115.314.114.816.8

19.720.719.921.519.223.519.118.618.822.8

20.120.0

0.1.6

4.05.04.72.7.7

384243

1.12.72.82.62.42.32.62.82.82.9

3.13.4

22.1

23.927.423.321.921.823.230.0

.3

.4

.0

55.758.864.665.971.286.695.199.4

106.9117.7

126.1135.8

18.0

19.825.627.327.626.826.337.644.648.945.3

55.164.965.867.265.372.880.482.281.988.4

91.895.2

1.4

1.51.41.31.31.42.41.71.61.61.4

1.72.12.42.43.14.25.96.77.59.1

10.611.4

30.0

32.840.747.351.651.745.851.961.564.460.7

79.892.696.198.999.7

121.0130.5133.1136.6153.1

160.4171.2

0.6.8

2.02.2L8.9.1

373937

.41.32.32.22.42.32.42.31.71.7

1.81.8

21.9

22.625.624.024.125.024.831.5

.6

.3

.5

47.953.657.057.359.373.881.584.388.799.3

105.0112.8

1.2

2.57.1

12.616.615.510.48.5

10.711.59.3

16.721.318.118.715.519.317.615.412.915.0

13.514.1

6.9

7.17.28.78.79.49.7

11.813.213.514.0

14.916.518.720.722.525.729.031.133.337.0

40.142.5

24.5

27.532.336.342.145.651.656.262.168.672.4

81.686.590.191.894.9

103.0107.4111.6118.7124.2

128.6135.6

Nonfinancial corporations*

254.7269.7288.2305.6336.0364.0386.2426.5473.6

492.3529.6573.5643.3712.2

666.2685.4708.6712.2

698.4703.2716.5

34.837.139.840.542.841.945.548.247.9

50.253.357.561.662.7

59.458.860.362.7

60.663.765.6

16.516.816.715.814.413.010.311.510.6

7.711.09.3

11.011.7

12.110.711.011.7

12.112.714.3

3.43.73.63.43.94.55.15.14.8

4.23.53.43.53.5

3.23.43.53.5

3.23.33.3

94.599.5

106.9116.5130.2142.1150.2168.8192.2

201.9217.6240.0266.1289.7

276.2289.8295.5289.7

281.9284.8294.7

95.0100.5106.8113.1126.6142.8153.1166.0186.4

193.3200.4215.2246.7288.0

258.4269.2282.1288.0

285.2281.4279.6

10.512.114.416.318.119.722.026.931.6

35.043.848.154.456.6

56.953.556.156.6

55.457.359.0

123.7132.4145.5156.6178.8199.4211.3244.1287.8

304.9326.0352.2401.0450.6

416.0431.5449.1450.6

438.0434.2444.7

1.82.02.52.73.14.45.86.47.3

6.64.94.04.35.2

4.54.75.15.2

5.35.86.2

82.686.794.5

102.2118.4133.1141.3162.4191.9

204.7215.6230.4261.6287.5

266.5278.5287.0287.5

271.2270.1273.4

13.314.315.716.218.317.413.214.312.6

10.013.115.118.123.2

20.619.022.723.2

21.817.719.4

26.029.432.835.539.044.551.061.076.0

83.692.4

102.6117.0134.8

124.4129.1134.3134.8

139.8140.6145.6

131.0137.3142.7149.0157.2164.6174.9182.4185.7

187.4203.6221.3242.3261.5

250.2253.9259.5261.5

260.4269.0271.8

i Includes time certificates of deposit.' Includes Federal agency issues.3 Receivables from and payables to the U.S. Government do not include amounts offset against each other on corpora-

tions'books or amounts arisingfrom subcontracting which a re not directly due from or to the U.S. Government. Whereverpossible, adjustments have been made to include U.S. Government advances offset against inventories on corporations'books.

* I ncludes marketable investments (other than Government securities and time certificates of deposit) as well as sundrycurrent assets.

* Excludes banks, savings and loan associations, and insurance companies.« Excludes banks, sayings and loan associations, insurance companies, investment companies, finance companies

(personal and commercial), real estate companies, and security and commodity brokers, dealers, and exchanges.

Note—Year-end data through 1971 are based on "Statistics of Income" (Department of the Treasury), covering virtuallyall corporations in the United States. "Statistics of Income" data may not be strictly comparable from year to year becauseof changes in the tax laws, basis for filing returns, and processing of data for compilation purposes. All other figures shownare estimates based on data compiled from many different sources, including data on corporations registered with theSecurities and Exchange Commission.

Source: Securities and Exchange Commission.

264


TABLE B-80.—State and municipal and corporate securities offered, 1934-75


Year or quarter

1934

1939

194019411942 . .19431944

19451946194719481949 . .

1950 .195119521953 .1954

195519561957 .19581959

I9601961196219631964

1965 . . _ .1966196719681969

1970... . .1971197219731974

1974: 1I II l lIV

1975: 1I II l l .

State andmunicipalsecurities

offeredfor cash

(principalamounts)

939

1,128

1,238956524435661

7951,1572,3242,6902,907

3,5323,1894,4015,5586,969

5,9775,4466,9587,4497,681

7,2308,3608,558

10, 10710, 544

11,14811,08914,28816, 37411,460

17, 76224, 37022,94122, 95322, 824

6,3506,4414,0625,971

6,5257,7978,238

Corporate securities offered for cash

Totalcorpo-

rateoffer-ings

397

2,164

2,6772,6671,0621,1703,202

6,0116,9006,5777,0786,052

6,3617,7419,5348,8989,516

10,24010, 93912,88411,5589,748

10,15413, 16510, 70512,21113, 957

14, 78217, 38524, 01421,26125,997

37, 45143,37839, 74631,72237, 768

9,2329,2117,534

11,797

15, 12315, 2959,296

Type of corporate security

Com-monstock

19

87

1081103456

163

397891779614736

8111,2121,3691,3261,213

2,1852,3012,5161,3342,027

1,6643,2941,3141,0112,679

1,4731,9011,9273,8857,640

7,0379,540

10,7197,6474,017

9581,001

8241,236

1,4472,6571,421

Pre-ferredstock

6

98

183167112124369

7581,127

762492425

631838564489816

635636411571531

409450422343412

724580881636691

1,3903,6823,3403,3412,254

818533461441

662923635

Bondsand

notes

371

1,980

2,3862,390

917990

2,669

4,8554,8825,0365,9734,890

4,9205,6917,6017,0837,488

7,4208,0029,9579,6537,190

8,0819,4208,969

10,85610,865

12, 58514, 90421, 20616, 74017, 666

29, 02330, 15625, 68720,73431, 497

7,4557,6766,248

10, 119

13, 01411,7157,240

Industry of corporate issuer

Manu-fac-

turing!

67

604

992848539510

1,061

2,0263,7012,7422,2261,414

1,2003,1224,0392,2542,268

2,9943,6474,2343,5152,073

2,1524,0773,2493,5143,046

5,4147,056

11,0696,9586,346

10, 64711,6246,4024,837

10, 411

1,9262,5411,8884,055

6,0556,5292,530

Elec-tric,gasand

water J

133

1,271

1,2031,357

472477

1,422

2,3192,1583,2572,1872,320

2,6492,4552,6753,0293,713

2,4642,5293,9383,8043,258

2,8513,0322,8252,6772,760

2,9343,6664,9355,2936,715

11,00911,74611,31410, 27012, 835

3,5693,1892,3763,702

4,7334,4053,322

Trans-porta-tion '

176

186

32436648

161609

1,454711286755800

813494992595778

893724824824967

718694567957982

7021,4941,6391,5641,779

1,2531,255

899845

1,004

15770

122656

85524288

Com-munica-

tion

902571

399612760882720

1,1321,4191,4621,424

717

1,0501,8341,3031,1052,189

9452,0031,9751,7752,172

5,2915,8154,8354,8673,928

8731,3121,007

742

1,3791,338

678

Other

21

103

15996

421

109

211329293

1,008946

1,3001,0581,0682,1382,037

2,7572,6192,4261,9912,733

3,3833,5272,7613,9574,980

4,7873,1674,3965,6718,985

9,25212,93716,29610, 9029,589

2,7082,1002,1422,640

2,8712,5002,479

i Prior to 1948, also includes extractive, radiobroadcasting, airline companies, commercial, and miscellaneous companyissues.

» Prior to 1948, also includes telephone, street railway, and bus company issues.3 Prior to 1948, includes railroad issues only.

Note.—Covers substantially all new issues of State, municipal, and corporate securities offered for cash sale in the UnitedStates in amounts over $100,000 and with terms to maturity of more than 1 year; excludes notes issued exclusively tocommercial banks, intercorporate transactions, and issues to be sold over an extended period, such as employee-purchaseplans. Closed-end investment company issues are included from 1971 forward.

Sources: Securities and Exchange Corrmission, "The Corr.rrercial and Financial Chronicle," and "The Bond Buyer."

265


TABLE B-81.—Common stock pricest earnings t and yields', and stock market credit, 1949-75

Year or month

1949 „

19501951195219531954195519561957195819

1960196119621963196419651966196719681969

197019711972197319741975

1974: JanFebMarAprMay .June

JulyAugSeptOctNovDec . -.

1975- JanFeb -MarApr _..MayJune


Standard & Poor's common stock data

Price indexes 1

Total(500

stocks)

Indus-trials(425

stocks)

Publicutilities

(55stocks)

Rail-roads(20

stocks)

1941-43=10

15.23

18.4022.3424.5024.7329.6940.4946.6244.3846.2457.38

55.8566.2762.3869.8781.3788.1785.2691.9398.7097.84

83.2298.29

109. 20107.4382.8586.16

96.1193.4597.4492.4689.6789.79

82.8276.0368.1269.4471.7467.07

72.5680.1083.7884.7290.1092.40

92.4985.7184.6788.5790.0788.70

15.00

18.3322.6824.7824.8430.2542.4049.8047.6349.3661.45

59.4369.9965.5473.3986.1993.4891.0899.18

107.49107. 13

91.29108.35121.79120. 4492.9196.56

107.18104.13108.98103.66101. 17101.62

93.5485.5176.5477.5780.1774.80

80.5089.2993.9095.27

101. 56103. 68

103.8496.2194.9699.29

100. 8699.31

17.87

19.9620.5922.8624.0327.5731.3732.2532.1937.2244.15

46.8660.2059.1664.9969.9176.0868.2168.1066.4262.64

54.4859.3356.9053.4738.9141.17

48.6048.1347.9044.0339.3537.46

35.3734.0030.9333.8034.4532.85

38.1940.3739.5538.1939.6943.67

43.6740.6140.5342.5943.7743.25

12.83

15.5319.9122.4922.6023.9632.9433.6528.1127.0535.09

30.3132.8330.5637.5845.4646.7846.3446.7248.8445.95

32.1341.9444.1138.0137.5337.48

44.3741.8542.8040.2637.0437.31

35.6335.0631.5533.7035.9534.81

37.3137.8038.3538.5538.9038.94

38.0435.1334.9336.9237.8137.07

Divi-dendyield(per-cent)3

6.59

6.576.135.805.804.954.084.094.353.973.23

3.472.983.373.173.013.003.403.203.073.24

3.833.142.843.064.474.31

3.643.813.653.864.004.02

4.424.905.455.385.135.43

5.074.614.424.344.084.02

4.024.364.394.224.074.14

Price/earn-ings

ratios

6.49

7.158.57

10.579.77

11.7512.5913.2512.7316.3317.32

16.9821.6817.3918.2018.8117.9215.1517.4817.6616.48

15.6918.5018.2014.228.94

11.24

9.84

6.97

7.71

9.90

12.08

11.04

Margin credit at brokers and banks(end of period) «

Regulated «

Total Brokers Banks

Unreg-ulated;

non-mar-gin

stockcredit

atbanks •

Millions of dollars

6,5359,0456,3824,836

6,3436,4626,5276,5676,3806,297

5,9485,6255,0974,9964,9944,836

4,9345,0995,1645,3275,666

5,7008,1805,2513,980

5,3235,4235,5195,5585,3605,260

,925,672,173,080,103,980

,086,269,320,503,847

5,140

5,4465,3655,3995,4485,519

835865

1,131856

1,020,039,008,009,020,037

1,023953924916891856

848830844824819

1,8662,064

1,8451,8431,8691,8681,8582,072

2,0912,1192,0602,0242,0532,064

,919,897,882,885,883

» Monthly data are averages of daily figures and annual data are averages of monthly figures.> Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes-

day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.a Ratio of price index for last day of quarter to quarterly earnings (seasonally adjusted annual rate). Annual ratios are

averages of quarterly data.< Margin credit includes all credit extended to purchase or carry stocks or related equity instruments and secured at

least in part by stock. Credit extended by brokers is end-of-month data for member firms of the New York Stock Ex-change. June data for banks are universe totals; all other data for banks represent estimates for all commercial banks,which accounted for 60 percent of security credit outstanding at banks on June 30,1971.

• In addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan valuesfor convertible bonds and stock acquired through exercise of subscription rights.

• Nonmargin stocks are those not listed on a national securities exchange and not included in the Board of Governorsof the Federal Reserve System's list of over-the-counter margin stocks. At banks, loans to purchase or carry nonmarginstocks are unregulated; at brokers, such stocks have no loan value.

Sources: Board of Governors of the Federal Reserve System, New York Stock Exchange, and Standard & Poor's Cor-poration.

266


TABLE B-82.—Business formation and business failures, 1929-75

Year or month

192919333193931940194119421943194419451946 . .194719481949

1950195119521953195419551956195719581959

1960 .1961...196219631964.1965. . . .196619671968.1969

1970... .19711972.1973. . .19741975

1974: JanFebMarApr.MayJune.JulyAug...SeptOctNov.Dec

1975: Jan.FebMarApr .MayJune

JulyAugSeptOctNov.

Indexof net

businessformation

(1967—100)

112.687.8

93.193.398.294.491.399.195.290.489.596.8

92.488.390.793.397.298.698.2

100.0109.8116.2108.0111.0-117.9117.9112.4

4108.3

Newbusinessincorpo-rations(num-ber)

132,916112,89796,34685,640

93, 09283,77892,946

102, 706117,411139, 915141,163137,112150,781193,067

182, 713181, 535182,057186,404197, 724203,897200, 010206,569233,635274,267264, 209287, 577316,601329,358319, 149

^299,279

Business failures *

Busi-ness

failurerate 2

103.9100 369.663.054.444.616.46.54.25.2

14.320.434.4

34.330.728.733.242.041.648.051.755.951.8

57.064.460.856.353.253.351.649.038.637.343.841.738.336.438.4

Seasonally adjusted

113.3113.0113.9115.9116.3115.7118.6114.6111.1105.2105.1106,3102.9101.7103.0103.4104.8110.7

113.7112.6113.1

"111.8"113.9

26,51127, 05626, 45829, 07127, 56225, 78527, 79026,49526, 31325, 40425, 55525, 003

24, 40624, 29824,92226, 50626, 63426,843

28,89628, 70829,36529, 51729, 184

35.537.540.834.139.737.037.733.445.247.036.337.046.844.946.349.143.436.541.941.442.244.9

Number of failures

Total

22,90919,85914,76813,61911,8489,4053,2211,222

8091,1293,4745,2509,246

9,1628,0587,6118,862

11,08610,96912,68613, 73914,96414,053

15,44517,07515,78214,37413, 50113,51413,06112,3649,6369,154

10, 74810,3269,5669,3459,915

795797971802925789782709839993785728

1,080963

1,1451,2021,045

805904891853987

Liability sizeclass

Under$100,00

22, 16518,88014,54113,40011,6859,2823,1551,176

7591,0033,1034,8538,708

8,7467,6267,0818,075

10,22610,11311,61512, 54713, 49912, 707

13,65015,00613, 77212, 19211,34611,34010,83310, 1447,8297,1928,0197,6117,0406,6276,733

505559686606619521522474559634544503677628774756728572553608559645

$100,00andover

744979227219163123664650

126371397538

416432530787860856

1,0711,1921,4651,3461,7952,0692,0102,1822,1552,1742,2282,2201,8071,9622,7292,7152,5262,7183,182

290238285196306268260235280359241225403335371446317233351283294342

Amount of currentliabilities (millions

of dollars)

Total

483.3457.5182.5166.7136.1100.845.331.730.267.3

204.6234.6308.1

248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8

938.61,090.11,213.61,352.61,329.21,321.71,385.71,265.2

941.01, 142. 11,887.81,916.92,000.22,298.63, 053. 1

337.3213.1204.6209.8375.7215.5153.4232.7217.0306.8344.7242.6

391.1384.8343.3372.1357.8175.9242.0222.4205.5

1,295.4

Liability sizeclass

Under$100,00

261.5215.5132.9119.9100.780.330.214.511.415.763.793.9

161.4

151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9

327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6256.9

19.322.225.522.123.619.819.818.122.523.921.818.325.525.030.229.929.222.521.723.122.725.4

$100,000andover

221.8242.049.746.835.420.515.117.118.851.6

140.9140.7146.797.1

128.0151.4226.6251.2243.0322.9348.2430.7413.9

611.4720.0867.1

1,031.61,015.61,000.01,064.1

967.3699.9910.8

1,618.41,645.61,741.52,063.02,796.3

317.9191.0179.1187.7352.1195.7133.6214.6194.5282.9322.9224.3

365.7359.8313.2342.2328.6153.4220.4199.3182.8

1,270.0

1 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.

* Failure rate per 10,000 listed enterprises.* Series revised; not strictly comparable with earlier data.* Preliminary; based on seasonally adjusted data through November.s Excluding W. T. Grant, current liabilities were $264.9 billion.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet, Inc.

267


AGRICULTURETABLE B-83.—Income of farm people and farmers, 1929-75

[Quarterly data at seasonally adjusted annual rates]

Year orquarter

1929193319391940194119421943194419451946194719481949

1950195119521953195419551956195719581959..

1960. .19611962 .19631964. .1965.1966..19671968.1969

1970.19711972.197319741975 v

1973: 1II . .I l lIV

1974:1I IIII .. ..IV

1975: 1I II l lIV v

Personal incomereceived by totalfarm population

Fromall

sources

Fromfarm

sources l

Fromnon-farm

sources 2

Income received from farming

Realized gross

Total 3

Cashreceipts

frommarket-

ings

Produc-tion ex-penses

Net to farmoperators

Exclud-ing netinven-

torychange

Includ-ing netinven-

torychange*

Billions of dollars

7.47.6

10.114.116.516.617.220.021.123.819.5

20.322.722.019.718.317.417.617.519.217.4

18.319.019.719.719.622.423.622.623.726.4

26.828.033.547.744.044.8

4.84.86.8

10.112.112.212.815.515.818.013.3

14.116.115.313.312.411.211.110.812.510.4

11.111.411.411.010.011.912.511.011.112.7

12.613.016.328.723.123.1

2.62.83.33.94.44.44.44.65.35.86.2

6.36.56.76.45.96.26.66.66.77.1

7.17.68.48.89.7

10.511.011.612.713.7

14.215.017.219.020.921.7

13.97.1

10.611.113.918.823.424.425.829.534.134.731.6

32.337.136.835.133.733.334.434.238.137.9

38.540.241.742.743.145.550.649.951.756.3

58.660.670.195.3

101.1

84.692.6

100.4103.6

105.897.699.2

101.9

93.799.9

102.9

11.35.37.98.4

11.115.619.620.521.724.829.630.227.8

28.532.932.531.029.829.530.429.733.533.6

34.235.236.537.537.339.443.442.844.248.2

50.552.961.286.993.5

76.184.292.095.2

98.490.191.594.1

85.591.794.7

7.74.46.36.97.8

10.011.612.313.114.517.018.818.0

19.522.322.821.521.822.222.723.725.827.2

27.428.630.331.631.833.736.638.339.742.4

44.847.852.865.873.4

60.064.169.270.0

72.673.273.874.0

74.075.477.2

6.32.74.34.26.18.8

11.812.112.815.017.115.913.6

12.814.814.013.611.911.111.710.512.310.7

11.111.611.411.111.311.814.011.612.013.9

13.812.817.329.527.7

24.628.531.233.6

33.224.425.427.9

19.724.525.7

6.22.64.44.56.59.9

11.711.712.315.115.417.712.8

13.615.915.013.012.411.311.311.113.210.7

11.512.012.011.710.512.913.912.212.114.0

13.814.218.233.126.126.0

27.031.936.037.5

34.322.822.325.0

20.727.028.727.6

Net income perfarm, including

net inventorychange

Currentdollars

1967dollars «

Dollars

945379685706

1,0311,5881,9271,9502,0632,5432,6153,0442,233

2,4172,9362,8782,6042,5792,4292,4932,5363,1112,615

2,9073,1243,2633,2883,0253,8304,2663,8673,9494,672

4,6674,8796,332

11,6399,2119,260

9,49011,22012,66013, 190

12, 1208,0607,8808,830

7,3709,620

10,2209,830

1,9691,1151,8511,8582,5783,4523,7063,6113,6194,0373,5343,9032,977

3,1803! 5373,4263,1003,0702,8922,9332,8823,4962,938

3,2303,4713,5863,5743,2534,0324,3533,8673,7974,286

4,0944,1005,1068,4345,7215,230

7,2408,2509,0409,100

7,9205,0704,8005,190

4,2405,5005,7105,430

1 Net income to farm operators including net inventory change, less net income of nonresident operators, plus wages andsalaries and other labor income of farm resident workers, less contributions of farm resident operators and workers tosocial insurance.

2 Consists of income received by farm residents from nonfarm sources, such as wages and salaries from nonfarm em-ployment, nonfarm business and professional income, rents from nonfarm real estate, dividends, interest, royalties,unemployment compensation, and social security payments.

* Cash receipts from marketings, Government payments, and nonmoney and other farm income furnished by farms(excluding net inventory change).

4 Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.6 Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base.

Source: Department of Agriculture.

268


TABLE B-84.—Farm production indexes, 1929-75

[1967=100]

Year

1929....

1933....

1939....

1940...1941...1942...1943. .-1944...

1945. ..1946...1947...1948...1949 _-

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

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

1960...1961...1962...1963...1964...

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

1970...1971 _ _ _1972.. .1973__.1974...

1975 P..

Farmout-put^

54

51

58

6063706971

7072697674

7476798080

8383818789

9192929695

9895100102102

101111110112106

114

Crops 2

Total 3

62

56

64

6768767275

7377738479

7778828180

8382818989

9392929693

9995100103104

101112113120110

122

Feedgrains

48

44

51

5256645861

5964497163

6359626164

6867738083

8677788574

87891009599

8911611211592

113

Hayandfor-age

69

61

66

7675828079

8277747373

7881798181

8682898985

9090939494

989610099101

100106105109104

108

Foodgrain

52

35

48

5259625466

6972848169

6564827566

6365629173

8679747785

888810010598

91107102113120

141

Vege-table

73

65

72

7475798682

8493818683

8580808482

8591889089

9096949490

9697100104101

101100101102110

112

Fruitsandnuts

70

72

91

8893928092

84100958792

9394919393

9397899699

9397979595

1009810098116

109116104130122

131

Cot-ton

204

178

162

173148176157168

124119163205220

137208208208226

188202183150157

170195204211232

205130100148137

139145187175157

112

To-bacco

78

70

97

7464727199

101118107101100

103119114105114

112111858891

99105118119113

94961008791

97868888100

111

Oilcrops

11

9

25

2729404136

3534394745

4647464749

5360586964

6877788181

9597100114116

117121131155129

151

Livestock and products 2

Total 3

54

57

59

6164717774

7371706872

7578798082

8485838589

8891929598

9597100100101

105108108105106

106

Meatani-mals

52

58

59

6063728173

7068676669

7479797881

8683808288

8589909598

9296100101102

108112110108110

111

Dairyprod-ucts

76

80

82

8589929193

9594939093

9392929798

99101101101100

101104105104105

1041011009998

1001011029898

98

Poul-tryandeggs

32

32

35

3639455252

5450504954

5759606164

6369707476

7682828487

909610098100

106107109106106

102

1 Farm output measures the annual volume of net farm production available for eventual human use through sales fromfarms or consumption in farm households.

2 Gross production.3 Includes certain items not shown separately.


269

597-578 O - 76 - 18


TABLE B-85.—Farm population, employment, and productivity, 19^9-75

Year

1929

1933

1939

1940 .1941194219431944

19451946194719481949

19501951 .-195219531954

1955 . ..1956 .195719581959

19601961196219631964

1965 .19661967 . .19681969

19701971197219731974

1975 p

Farm population(April l)i

Num-ber

(thou-sands)

30, 580

32, 393

30, 840

30, 54730,11828,91426, 18624,815

24, 42025, 40325, 82924, 38324, 194

23, 04821, 89021,74819, 87419,019

19,07818,71217,65617,12816, 592

15, 63514, 80314,31313, 36712,954

12,36311,59510,87510,45410, 307

9,7129,4259,6109,4729,264

8,900

As per-cent of

totalpopu-

lation 2

25.1

25.8

23.5

23.122.621.419.217.9

17.518.017.916.616.2

15.214.213.912.511.7

11.511.110.39.89.4

8.78.17.77.16.8

6.45.95.55.25.1

4.74.64.64.54.4

4.2

Farm employment(thousands) 3

Total

12, 763

12,739

11,338

10, 97910, 66910, 50410, 44610,219

10, 00010, 29510,38210, 3639,964

9,9269,5469,1498,8648,651

8,3817,8527,6007,5037,342

7,0576,9196,7006,5186,110

5,6105,2144,9034,7494,596

4,5234,4364,3734,3374,392

4,350

Familyworkers

9,360

9,874

8,611

8,3008,0177,9498,0107,988

7,8818,1068,1158,0267,712

7,5977,3107,0056,7756,570

6,3455,9005,6605,5215,390

5,1725,0294,8734,7384,506

4,1283,8543,6503,5353,419

3,3483,2753,2283,1693,076

3,033

Hiredworkers

3,403

2,865

2,727

2,6792,6522,5552,4362,231

2,1192,1892,2672,3372,252

2,3292,2362,1442,0892,081

2,0361,9521,9401,9821,952

1,8851,890,827,780,604

,482,360

1,2531,2131,176

1,1751,1611,1461,1681,316

1,317

Farm output

Peruni t oftotali n p u t

Per hour of fa rm work

Total CropsLive-stockand

products

Cropproduc-

tionper

acre <

Index, 1967 = 100

54

55

60

6264706869

7072707673

7373757778

8082828989

9394959897

10297

100101101

101110109110104

111

16

16

19

2022242424

2628283132

3435384042

4548515760

6568717781

8992

100106110

112126129133129

136

16

16

20

2123252425

2729293333

3635394042

4548536161

6669727779

9094

100106108

110120124128117

130

26

25

27

2728303131

3132333435

3739404243

4649505459

6266717783

8693

100105112

121130138144156

145

56

50

60

6263706468

6771677570

6970737271

7476778685

8992959795

10097

100105106

104112115115104

114

i Farm populat ion as defined by Department of Agricul ture and Department of Commerce, i.e., c iv i l i an popula t ionl i v i n g on farms, regardless of occupation.

2 Total population of United States as of July 1 including Armed Forces overseas.* Includes persons doing farmwork on all farms. These data, published by the Department of Agriculture, Statistical

Reporting Service, differ from those on agricultural employment by the Department of Labor (see Table B-24) because ofdifferences in the method of approach, in concepts of employment, and in time of month for which the data are collected.See monthly report on "Farm Labor."

* Computed from variable weights for individual crops produced each year.

Sources: Department of Agriculture and Department of Commerce (Bureau of the Census).

270


TABLE B-86.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-75[1967=100, except as noted!

Year or month

1929

1933

1939

194019411942194319441945194619471948 -.1949

1950 ..195119521953195419551956195719581959

196019611962 _19631964196519661967 . .19681969

197019711972197319741975

1974- Jan 15Feb 15Mar 15Apr 15May 15June 15

July 15Aug 15Sept 15Oct 15Nov 15... ..Dec 15 .

1975- Jan 15Feb 15Mar 15Apr 15May 15June 15

July 15Aug 15Sept 15Oct 15Nov 15Dec 15

Prices received by farmers

All farmproducts

58

28

37

3949637678819310911398

102119113100979191929895

949496969398105100103108

110112126172184181

198202193183174166

176185181186182178

172168165170178182

187187194193185187

Crops

65

31

42

445570858792104122127111

103117118106107102104999998

9910010310610610310510010197

100107116164214194

208220215203200202

206220219230225214

201192185188189192

199201202199188188

Livestockand

products

57

25

39

3950627171768710411498

10112111097908482889993

919192898594105100104117

118116134179164172

192190179169156142

156161155156153153

153151152157171176

180179188190184187

Prices paid by farmers

All items,interest,taxes, andwage rates

47

32

36

36394450535661707673

75828481818181848687

88889091929498100104109

114120126145169185

158161162164165166

168173175176178179

180180179182183185

186187189188188189

Familylivingitems

48

34

37

38404652545763747875

76838484848485888989

90909192939598100104109

114119124138161177

149153156157160160

161164166167171173

173175173173175176

178179180180182182

Produc-tionitems

51

34

42

43455257606167788783

86959589898787909293

92939495949699100102106

110115122146172188

161162162167166168

171179182183183184

182180179185187190

190192194192192192

Parity ratio 1

Actual

92

64

77

8193105113108109113115110100

10110710092898483828581

80798078767780747374

727074888173

939389837974

788077797674

717069697273

757476767374

Adjusted 2

66

85

8898109116110111115116111100

10210810193898584858882

81838481808286807980

777479918173

939489837975

78

8797674

717069707274

757577767374

i Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates on1910-14=100 base,

a The adjusted parity ratio reflects Government payments made directly to farmers.


271


TABLE B-87.—Selected measures of farm resources and inputs, 1929-75

Year

1929

1933 -

1939

19401941194219431944

194519461947 - - -.19481949

195019511952 - ..19531954

195519561957 . ..19581959

19601961 . - ..196219631964 .. .

19651966196719681969

197019711972 - -19731974 . .-

1975 v . _.

Cropshar-

vested(mil-lionsof

acres) l

365

340

331

341344348357362

354352355356360

345344349348346

340324324324324

324302295298298

298294306300290

293305293321331

330

Totalhoursof

farmwork(bil-lions)

23.2

22.6

20.7

20.520.020.620.320.2

18.818.117.216.816.2

15.115.214.5'14.013.3

12.812.011.110.510.3

9.89.49.08.78.2

7.36.96.76.46.2

6.05.95.75.65.5

5.6

Index numbers of inputs (1967 = 100)

Total

99

93

96

9798101102103

1019999100103

102105

' 105104103

1031019998100

9898989898

9698100101101

101101101102101

102

Farmlabor

329

320

294

292288295291289

271260246239231

217217207200192

185174162155151

145139133128122

1091031009793

9089858583

84

Farmreal

estate

102

96

101

102101999797

97101102102103

104104103103103

10310110199100

9999999999

99991009998

9897959594

95

Me-chani-cal

powerandma-

chinery

39

32

40

4244525558

5958647380

8591959797

9899989899

9895959494

9597100101101

10010099102105

105

Agri-culturalchemi-cals 2

10

6

12

1314151720

2021242628

3033363738

4041414450

5054596672

7786100106110

110120126133138

136

Feed,seed,andlive-stockpur-

chases 3

30

27

40

4145475151

5352545560

6266686770

7174737882

8286888991

9297100101103

108108108106101

102

Taxesand

interest

71

73

69

7070717476

7778787679

7980828382

8584838588

9091939496

9799100102103

10410210410298

100

Miscel-laneous

67

64

76

7777757780

7879818690

8692919088

92889296100

102102105106109

107103100106105

10810711411099

100

1 Acreage harvested (excluding duplication) plus acreages in fruits, tree nuts, and farm gardens.2 Fertilizer, lime, and pesticides.3 Nonfarm portion of feed, seed, and livestock purchases.


272


TABLE B-88.—Comparative balance sheet of the farming sector, 1929-76


Beginning ofyear

1929

1933

1939

1940....1941.1942....19431944...

1945. .1946194719481949

19501951.195219531954

195519561957 .1958_1959

1960196119621963..1964

19651966196719681969

19701971197219731974

1975

1976*

Assets

Total

52.955.062.973.784.6

94.2103.5116.4127.9134.9

132.5151.5167.0164.3161.2

165.1169.6177.9185.8202.1

204.0204.8213.3222.0229.8

238.0254.6267.5281.0295.2

306.1317.5343.1387.5475.9

520.2

94.3

Realestate

48.0

30 8

34.1

33.634.437.541.648.2

53.961.068.573.776.6

75.386.695.196.595.0

98.2102.9110.4115.9124.4

130.6132.2138.4144.352.6

161.572.882.392.5

201.4

06.915.031.560.625.3

71.4

23.3

Live-stock

6.6

3.0

5.1

5.15.37.19.69.7

9.09.7

11.913.314.4

12.917.119.514.811.7

11.210.611.013.917.7

15.315.616.417.315.9

14.517.619.018.820.2

23.523.727.334.142.4

24.6

Other physical assets

Ma-chin-eryand

motorvehi-cles

3.2

2.5

3.2

3.13.34.04.95.4

6.55.45.37.4

10.1

12.214.116.717.418.4

18.619.320.220.221.8

22.722.222.523.523.9

24.826.027.429.831.3

32.334.436.639.344.2

55.8

Crops 2

2.73.03.85.16.1

6.76.37.19.08.6

7.67.98.89.09.2

9.68.48.37.69.3

7.78.08.89.39.8

9.29.7

10.09.6

10.6

10.910.711.814.522.1

23.2

House-hold

equip-mentand

furnishings

4.24.24.95.05.3

5.66.17.78.59.1

8.69.7

10.39.99.9

10.010.510.09.99.8

9.68.99.19.08.8

8.68.58.49.19.6

9.710.111.012.413.3

15.4

139.6

Financial assets

De-positsandcur-

rency

3.23.54.25.46.6

7.99.4

10.29.99.6

9.19.19.49.49.4

9.49.59.49.5

10.0

9.28.78.89.29.2

9.610.010.310.911.5

11.912.413.214.014.9

15.0

U.S.savingsbonds

0.2.4.5

1.12.2

3.44.24.24.44.6

4.74.74.74.64.7

s5:!5.15.15.2

4.74.64.54.44.2

4.24.13.93.83.8

3.73.63.74.04.2

4.3

Invest-mentin co-opera-tives

0.8.9.9

1.01.1

1.21.41.51.71.9

2.12.32.52.72.9

3.13.23.53.73.9

4.24.54.85.05.4

5.65.96.26.56.8

7.27.68.08.69.5

10.5

31.4

Claims

Total

52.955.062.973.784.6

94.2103.5116.4127.9134.9

132.5151.5167.0164.3161.2

165.169.677.985.8

202.1

204.0204.8213.322.029.8

38.054.667.581.095.2

06.117.543.187.575.9

20.2

94.3

Realestatedebt

9.8

8.5

6.8

6.66.56.46.05.4

4.94.84.95.15.3

5.66.16.77.27.7

8.29.09.8

10.411.1

12.012.813.915.116.8

18.921.223.125.127.4

29.230.332.235.841.3

46.3

51.9

Otherdebt

3.43.94.14.03.5

3.43.23.64.26.1

6.87.08.08.99.2

9.49.89.5

10.012.5

12.813.414.716.317.6

17.919.421.022.323.0

23.824.127.029.632.8

35.5

38.7

Pro-prie-tors'equi-ties

42.944.652.463.775.7

85.995.5

107.9118.6123.5

120.1138.4152.3148.2144.3

147.5150.8158.6165.4178.5

179.2178.6184.8190.6195.4

201.2214.0223.4233.6244.8

253.1263.1283.9332.1401.8

438.4

503.7

1 Beginning with 1961, horses and mules are excluded.2 Includes all crops held on farms and crops held off farms by farmers as security for Commodity Credit Corporation

loans. The latter on January 1,1976 totaled approximately $0.1 billion.

Note.—Beginning 1960, data include Alaska and Hawaii.


273


INTERNATIONAL STATISTICSTABLE B-89.—U.S. balance of payments, 1946-75

[Millions of dollars; quarterly data seasonally adjusted, except as notedj

Yearor

quar-ter

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. _ .

1973:1II — _I I I . . .IV...

1974:1I II I I . .IV..

1975:1 .II —Il l p .

Merchandise * *

Cvtx-po s

11,76416, 09713, 26512,213

10, 20314, 24313, 44912,41212, 929

14, 42417, 55619, 56216,41416, 458

19,65020, 10820, 78122, 27225, 501

26,46129, 31030, 66633, 62636, 414

2 42,46943,31149, 38871,37998, 309

15,42316, 95818, 45120, 547

22, 46424, 21825, 03426,59

27,1825,6926,71

Imports

-5,067-5,973-7, 557-6, 874

-9, 081-11,176-10,838-10,975-10,353

-11,527-12,803-13,291-12,952-15,310

-14,758-14,537-16,260-17,048-18,700

-21,510-25, 493-26, 866-32, 991-35, 807

12 -39,866-45, 579- 55, 797-70,424

-103, 586

-16,334-17,189-17,73-19,16

-22, 58-25, 67-27, 34-27, 97

-25,35-22,31-24,69

Netbal-ance

6,69710, 1245,7085,339

1,1223,0672,6111,4372,576

2,8974,7536,2713,4621,148

4,8925,5714,5215,2246,801

4,9513,8173,800

635607

12 2, 603-2, 268-6, 409

955-5,277

-911-231

7141,383

-123-1,459-2,315-1,380

1,8303,372,02

Military transactions

Directexpend-

itures

-493-455-799-621

-576-1,270-2,054-2,615-2,642

-2,901-2,949-3,216-3,435-3, 107

-3, 087-2, 998-3, 105-2, 961-2,880

-2,952-3, 764-4, 378-4, 535-4, 856

-4, 855-4,819-4, 784-4, 658-5,103

-1,174"-1,236-1,072-1,177

-1,166-1,324-1,279-1,335

-1,303-1,209-1,113

Sales

(10)(10)(10)(10)

(10)(10)(10)

192182

200161375300302

335402656657747

830829

,152,392,528

,501,926,163

2,3422,944

347455531

1,009

663678766837

9580

1,24

Netbal-ance

-493-455-799-621

-576-1,270-2,054-2, 423-2, 460

-2,701-2, 788-2, 841-3, 135-2, 805

-2, 753-2, 596-2, 448-2, 304-2, 133

-2,122-2,935-3, 226-3, 143-3, 328

-3, 355-2, 893-3,621-2,317-2, 158

-827H -781

-541-168

-503-646-513-498

-349-405

128

Net invest-ment income

Pri-vates

554807975989

1,1461,3171,2671,2831,594

1,7752,0542,1742,0082,147

2,2702,8323,1773,2273,926

4,1433,5433,8653,9413,471

3,6315,6596,2088,188

13, 351

1,9531,9671,9642,304

4,0142,7453,1613,431

2,1652,2352,572

U.S.Gov-ern-ment

6508573

78151140166213

18040

416868

1710513498

c

26554163

156

-112-956

-1,888-3, 009-3, 229

-629-759-801-820

-769-781-807-872

-989-843-794

Nettraveland

trans-porta-

tion ex-pendi-tures

733946374230

-12029883

-238-269

-297-361-189-633-821

-964-978

-1,155-1,312-1,149

-1,284-1,332-1,751-1,548-1,763

-2,023-2,315-3,024-2, 862-2, 692

-714-779-667-702

-513-717-721-741

-572-393-480

Otherserv-ices,net 3

310145175208

242254309307305

299447482486573

612628845996

1,078

1,4261,4041,6521,6711,878

2,2202,5372,8033,2223,830

767749884823

886936960

1,049

1,0931,0431,095

Bal-anceon

goodsand

serv-ices i 4

7,80711,6176,5186,218

1,8923,8172,356

5321,959

2,1534,1455,9012,356

310

4,0735,5635,0745,9308,533

7,1404,5524,3801,6201,020

2,966-237

-5,9304,1773,825

-361166

1,5532,820

2,99278

-235989

3,1785,0154,547

Remit-tances,

pen-sions,and

otheruni-

lateraltrans-fers i

-2 922-2, 625-4, 525-5,638

-4,017-3,515-2,531-2,481-2, 280

-2 498-2, 423-2, 345-2,361-2, 448

-2, 300-2, 514-2, 628-2, 742-2, 769

-2, 841-2,917-3, 107-2,933-2,976

-3,248-3, 642-3, 779-3,841

is-7,182

-755-1,015

-900-1,173

is -2,966-1,865-1,265-1,088

-1,175-1,183-1,047

Bal-ance

oncur-

rent ac-count

4 8858| 9921,993

580

-2, 125302

-175-1,949

-321

-3451,7223,556

-5-2, 138

1,7743,0482,4463,1885,764

4,2991,6351,273

-1,313-1,956

-281-3,879-9,710

335is-3,357

-1,116-849

6531,647

is 26-1,787-1,500

-99

2,0033,8323,500

1 Excludes military grants.2 Adjusted from Census data for differences in timing and coverage.3 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are

excluded from net investment income and included in other services, net.4 In concept, equal to net exports of goods and services in the national income and product accounts, although the two

series may differ because of revisions, special handling of certain items, etc.5 Excludes liabilities to foreign official reserve agencies.8 Private foreigners exclude the International Monetary Fund (IMF), but include other international and regional

organizations.7 Includes liabilities to foreign official agencies reported by U.S. Government and U.S. banks and U.S. liabilities to the

IMF arising from reversible gold sales to, and gold deposits with, the United States.8 Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position

in the IMF. Minus sign indicates increase.

(Footnotes continued on following page.)

274


TABLE B-89.—U.S. balance of payments, 1946-7 —Continued

[Millions of dollars; quarterly data seasonally adjusted, excej.. as noted]

Year orquarter

1946194719481949 ..

1950 .1951195219531954 ..

1955 .195619571958 ..1959

19601961196219631964

19651966196719681969

1970.. „1971197219731974

1973:

I II l lIV

1974:1I IIII....IV

1975:1I IIll p..IV v .

Long-termcapitalflows,

net

U.S.Gov-ern-

ment"

-885-885-882

-1,151-1,352

-1,539-1,478-2, 337-2, 164-1,949

-2, 045-2,376-1,334-1,490is 1, 119

-33454

-442-769

"1,41148483

-860

-474-354-563

Pri-vate •

-2, 100-2, 182-2,606-3, 376-4,511

-4,577-2,778-2,909

1,190-44

-1,434-4, 3*3

-69177

-8,463

57-2901,706

-1,297

264-999

-2, 157-5, 570

-2, 199-2, 431-1,357

Bal-ance

on cur-rent

accountand

long-term

capital

-1,211-20

-1,043-1, 339

-100

-1,817-2,621-3,973-2,287-3,949

-3, 760-10,637-11,113

-977-10, 702

-1,393-1,085

1,917-419

1,701-2, 302-3, 574-6, 529

-6701,0471,580

Non-l iquidshort-term

privatecapitalflows,net«

-253-236-131

158

75-227-41183

-556

-328-479-174—145-89

"-1,405H-1,200» -65711 -968-1,643

-154-104-522

231-640

-482-2,347-1,542-4, 238

-12,936

-1, 543-1, 497

59-1, 257

-3, 908-5, 265-1,458-2,305

1,929-970

-1,335

Allo-ca-

tionsof

spe-cial

draw-ing

rights(SDR)

867717710

Errorsand

omis-sions,

net

155861

1,115717

-12435449722060

371390

1,012361260

-1,060-1,032-1, 165

-406-954

-506575

-189446

-1,492

-476-9,698-1,884-2, 436

4,698

-3,875863

-150726

1,0141,3131,1351,236

2,067843

-37

Netliquid-

baf-ance**

"-3,677n-2,252"-2,864n-2,713

-2,696

-2,478-2, 151-4,683-1,611-6,081

-3,851-21,965-13,829-7, 651

-18,940

-6,811-1,719

1,826-950

-1,193-6, 254-3, 897-7, 598

3,326920208

Liq-uidpri-vate

capitalflows,net*

H273H90411 214"7791,162

1,1882,3701,2653,2528,820

-5,988-7, 788

3,4752,343

10, 543

-3,8182,270

4923,399

1,7452,0544,0142,730

-6, 587-2, 634

4,711

Officialreservetrans-actions

bal-ance**

-3,403-1, 348-2,650-1,934-1,534

-1,290219

-3, 4181,6412,739

-9,839-29,753-10,354-5, 308-8, 397

-10,629551

2,3182,449

552-4, 200

117-4, 868

-3, 261-1 714

4,919

Changesin lia-bilities

toforeignofficialagen-cies,net?

1,258742

1,1171,5571,363

67-7873,366-761

-1, 552

7,36227,40510, 3225,0999,831

10,409-568

-2, 305-2,434

-3424,558

8864,731

3,5861,743

-4, 577

Changesin U.S.officialreserveassets,

nets

-623-3,315-1,736

-266

1,758-33

-4151,256

480

182-869

-1, 1652,2921,035

2,145606

1,533377171

1,22256852

-880-1, 187

2,477

HI209

-1,434

22017

-13-15

-210-358

-1,003137

-325-29

-34289

U.S.officialreserveassets,

net(unad-justed,end of

period)*

20,70624,02125,75826,024

24,26524, 29924,71423,45822,978

22,79723,66624,83222, 54021, 504

19,35918,75317,22016,84316,672

15,45014,88214,83015,71016, 964

14,48712, 16713, 15114, 37815, 883

12,93112,91412,92714, 378

14, 58814,94615,89315,883

16,25616, 24216,29116,226

9 Includes increases (in millions) as follows: for 1969, $67 resulting from revaluation of the German mark in October1969; for 1971, $28 in dollar value of foreign currencies revalued to reflect market exchange rates as of December 31,1971; for 1972, $1,016 resulting from change in par value of the dollar on May 8,1972; and for 1973, $1,436 resulting fromchange in par value of the dollar on October 18,1973.

Beginning July 1974, valuation of SDR and reserve position in the IMF based on a weighted average of exchange ratesfor the currencies of 16 member countries. On a pre-July 1974 basis, reserve assets for December 31, 1974 are $15,812million and for December 31,1975, $16,366 million.

10 Not available separately.n Coverage of liquid banking claims for 1960-63 and of liquid nonbanking claims for 1960-62 is limited to foreign

currency deposits only; other liquid items are not available separately and are included with nonliquid claims.12 Data beginning 1970 not strictly comparable with earlier data.i Includes extraordinary U.S. Government transactions with India." Includes return import into the United States, at a depreciated value of $22 million, of aircraft originally reported in

1970 III sales as a long-term lease to Australia.

**These balances have been used to measure exchange market pressures on the dollar. Under current floating exchangerate conditions, these pressures are inadequately reflected in the balances.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.

275


TABLE B-90.—U.S. merchandise exports and imports by commodity groups, 1958-75

[Millions of dollars; monthly data seasonally adjusted)

Year ormonth

19581959

19601961196219631964

19651966196719681969

1970 . ...1971197219731974

197419759

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

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

1975: Jan.—Feb....Mar...AprMay...June...

July...Aug...Sept...Oct...,Nov....

Merchandise exports »

Totaldo-

mesticand

foreignex-

ports 2

Domestic exports

Totals

Food,bever-ages,

and to-bacco

Crudemate-rialsand

fuels*

Man-ufac-turedgoods «

F.a.s. value •

16, 37516, 426

19, 65920, 22620, 98622, 46725, 832

26, 74229, 49031, 03034, 06337, 332

42,65943, 54949, 19970, 82397, 908

97,908106,981

7,1507,5497,6258,1087,6528,317

8,3078,3798,3998,6738,9738,862

9,4128,7898,7168,5708,1458,692

8,8858,9969,1659,2889,409

16,21116, 243

19, 45919, 98220, 71722, 18225,479

26, 39929, 05430, 64633, 62636, 788

42,02542,91148,39969, 73096, 545

96, 545

::::::

2,6882,852

3,1673,4663,7434,1884,637

4,5195,1864,7104,5924,446

5,0585,0766,569

12, 93815,233

15,23316,786

1,2991,329,308,326,199,231

,236,182,102,250,396,378

,735,526,388,368,146,177

,267,380,355,509,538

3,0522,996

3,9423,8643,3563 7754,337

4,2734,4044,7264,8655,006

6,6926,4417,091

10, 73515,802

15, 80215,403

1,0961,2691,2381,3301,3281,374

1,3811,3181,2241,2661,5601,332

1,5951,3191,3561,1841,1971,154

1,2481,3441,2041,1861,332

11,54711, 179

12, 58312, 78413, 66814, 29716, 529

17, 43319, 21820, 84423, 81826, 785

29, 34430,44333, 74044, 73163, 523

63,52370,808

4,4994,7174,7965,1384,9625,407

5,3875,6025,6595,8895,8455,812

5,7475,6585,5735,7325,4676,044

6,0975,9976,0916,3066,194

Merchandise imports

General imports »

Totals

Food,bever-ages,

and to-bacco

Crudemate-rialsand

fuels*

Man-ufac-turedgoods*

Customs value

13, 39215, 690

15,07314, 76116, 46417, 20718, 749

21, 42725, 61826, 88933, 22636, 043

39, 95145, 56355, 58369, 476

100,997

3,5503,580

3,3923,4553,6743,8634,022

4,0134,5904,7015,3655,308

6,2306,4047,3799,235

10, 701

4,1644,615

4,4184,3344,6914,7555,029

5,4405,7185,3676,0316,391

6,5427,2688,838

13,44631,842

5,3117,117

6,8636,5377,6498,0709,106

11,24414, 44615, 75620, 62423, Oil

25,90730, 41437, 76745, 00156, 202

F.a.s. value »

100,25195,410

6,4987,3187,7428,0258,2658,577

8,9229,2678,6968,7738,9739,257

9,6227,8727,3368,0137,0936,954

7,9087,9618,1898,2128,299

10, 7089,995

836896

1,055881931923

942899783716940943

796794821777728893

830786

1,003841894

32,06432,329

1,6952,0662,2042,8802,7392,839

2,9483,1032,8603,0073,0032,985

3,5892,4171,8642,9512,4411,967

2,7142,7103,1172,9122,953

55,22350,791

3,7484,0284,2224,2144,4524,679

4,8345,0924,9524,9615,0445,062

4,7934,2864,4414,0513,8283,951

4,1914,1934,0494,3324,440

Total,c.i.f.

value7

28,74535, 32038,241

42,42948,34258,86273, 573

107,996

107,996102,838

7,0197,8828,3118,6398,9219,257

9,61210, 0009,3729,4519,6569,943

10, 3658,4417,8948,8007,6317,491

8,4948,5698,8128,8408,933

Merchandise tradebalance

Ex-portslessim-

ports,cus-tomsvalue

2,983736

4,5865,4654 5225,2607,083

5,3153,8724,141

8371,289

2,708-2,014-6, 384

1,348-3, 089

-3, 08910, 771

613174

-16044

-674-318

-659-964-369-193-100-460

-247879

1,294482967

1,651

916985910

1,0001,036

Ex-portslessim-

ports,f.a.s.

-2, 34311,571

652231

-11783

-612-260

-615-888-297-100

-395

-211917

1,380557

1,0521,737

9771,035

9761,0761,110

Exportsless

imports,c.i.f.

2,283-1,257

-909

230-4,793-9,663-2,752

-10,088

-10, 0884,143

132-333-685-531

-1,269-940

-1,305-1,620

-972-779-683

-1,081

-953348822

-230514

1,200

391427353448477

1 Beginning I960, data have been adjusted for comparability with the revised commodity classifications effective in 1965.2 Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military.

Assistance Program.3 Total includes commodities and transactions not classified according to kind.< Includes fats and oils.* Includes machinery, transportation equipment, chemicals, metals, and other manufactures. Export data for these items

include military grant-aid shipments.«Total arrivals of imported goods other than intransit shipments.7 C.i.f. (cost, insurance, and freight) import value at first port of entry into United States. Data for 1967-73 are estimates.« F.a.s. (free alongside ship) value basis at U.S. port of exportation for exports and at foreign port of exportation for

imports.9 Seasonally adjusted annual rate for 11 months.Note.—Data are as reported by the Bureau of the Census adjusted to include silver ore and bullion reported separately

prior to 1969. Export statistics cover all merchandise shipped from the U.S. customs area, except supplies for U.S. ArmedForces. Exports include shipments under Agency for International Development and Food for Peace programs as well asother private relief shipments.

Source: Department of Commerce (Bureau of the Census and Bureau of International Economic Policy and Research).

276


TABLE B-91.— U.S. merchandise exports and imports by area, 1969-75


Area

Exports (domestic and foreign and special categoryshipments) -

Developed countries

Canada1 _.

Western Europe 2

JapanAustralia, New Zealand, and Republic of

South Africa

Developing countries3

Petroleum exporting countriesOther countries

Other Western Hemisphere. _Near EastEast ahd South AsiaDeveloping Africa

Socialist areas in Europe and AsiaUnidentified countries l .

General imports.

Developed countries

CanadaWestern Europe 2

JapanAustralia, New Zealand, and Republic of

South Africa .

Developing countries 3 _

Petroleum exporting countriesOther countries

Other Western Hemisphere .Near East .East and South AsiaDeveloping Africa -- -.

Socialist areas in Europe and AsiaUnidentified countries 4

1969

38,006

26, 479

9,137

12 3923,490

1,460

11,277

2,4518,826

5,5761 3443,495

819

249

36, 043

26, 460

10, 38410, 1384 888

1,050

9,373

2,3846,989

5,163383

3,039762

19812

1970

43, 224

30, 877

9,079

14, 4634,652

1,683

12,993

2,65910, 334

6,5321,4234,029

940

354

39, 952

29, 259

11, 09211, 1695,875

1,123

10, 442

2,5167,926

5,836371

3,397800

22724

1971

44, 130

30, 335

10, 365

14 1784 055

1 737

13,410

2,93210 478

6, 4851 8164 0471,009

384

45, 563

33 744

12 69112 6587 259

1,136

11, 549

3,0608,489

6,038593

3,941930

22941

1972

49, 759

34 319

12 415

15 3614*963

1 580

14, 556

3,37511 181

7,2751 9544 373

898

883

55, 583

40 822

14 92715, 4239 064

1,408

14, 356

3,72910, 627

7,003773

5,2641,253

35451

1973

71, 339

47 209

15 104

21 3598 313

2 432

20 963

4 54016 423

9,9293 0416 6001,334

2 491677

69, 476

48 530

17 71519 2869 676

1,853

20, 313

6 30910, 004

9,6071,3967 0432,180

59340

1974

98 507

63 021

19 936

28 63710 679

3 769

32 695

8 14024 555

15 8095 5579 1962 044

2 239552

100, 251

59 786

21 92923 52112 338

2,000

39, 443

20 48818, 955

18, 4034,740

10 2425,941

1 00715

1975Jan,-Nov.

98 380

59 273

19 956

27 2858* 834

3 198

35 904

11 42224* 482

15 6518* 1689*2722*709

2 745458

87, 265

50 838

19 728IB 82310* 223

2 064

35 626

19 38116* 245

14 7524 7799 2296 755

79011

1 Beginning January 1973, transshipments of certain grains and oilseeds through Canada are shown as exports to uniden-tified countries.

2 Includes Finland, Yugoslavia, Greece, and Turkey.3 Includes developing countries in Oceania.4 Consists of certain low-valued shipments not identified by country.

Note: Exports are f.a.s. (free alongside ship); 1959-73 imports are Customs values, generally the market value in theforeign country; and 1974-75 imports are transaction values f.a.s. Petroleum exporting developing countries are as follows:OPEC (Organization of Petroleum Exporting Countries)—Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya,Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela; and other petroleum exporting developing countries-Angola, Bahamas, Bahrain, Brunei, Egypt, Leeward and Windward Islands, Netherlands Antilles, Oman, Trinidad andTobago, and Tunisia.

Source: Department of Commerce (Bureau of the Census and Bureau of International Economic Policy and Research).

277


TABLE B-92.— International reserves, 1969-75

[Millions of U.S. dollars; end of period)

Area and country

All countries

Industrialized countries1

United StatesCanadaJapan

AustriaBelgiumFranceGermanyItalyNetherlandsScandinavian countries (Den-

mark, Norway, and Sweden).SwitzerlandUnited Kingdom

Other Europe

Australia, New Zealand, and SouthAfrica ..

Less developed areas

Oil exporting countries

IranNigeria.—Saudi ArabiaVenezuelaOther 2

Other Western Hemisphere

Other Middle East

Other Asia

Other Africa ^

1969

78,637

55,003

16, 9643,1063,654

1,5302,3883,8337,1295,0452,529

1,8554,4252,527

4,743

2,870

16, 021

4,291

310132607933

2,309

3,345

1,458

5,374

1,553

1970

93,210

65, 806

14,4874,6794,840

1,7512,8474,960

13, 6105,3523,241

2,0585,1322,827

5,571

2,962

18,871

5,226

208222662

1,0213,113

4,291

1,581

5,828

1,945

1971

131,503

94, 154

13, 1905,701

15, 360

2,3433,4738,253

18, 6576,8203,796

2,9866,9666,582

8,656

4,520

24, 174

8,697

621429

1,4441,5224,681

4,759

2,126

6,818

1,773

1972

159,025

105, 808

13, 1506,050

18, 365

2,7183,870

10, 01523, 7856, 0854,785

3,7557,5575,647

12, 753

8,263

32, 201

11,221

960376

2,5001,7325,653

7,887

2,834

8,203

2,056

1973

183,668

115, 505

14, 3785,768

12, 246

2,8735,1008,529

33, 1716,4366,547

5,4288,5206,476

16, 191

7,824

44, 146

14, 933

1,236583

3,8772,4126,825

11,656

4,343

10, 610

2,603

1974

220,617

119,909

16, 0585,825

13, 519

3,4305,3458,852

32, 3986,9416,957

4,6009,0116,939

15, 025

6,068

79, 615

48, 007

8,3845,626

14, 2856, 513

13, 199

11,001

4,945

12, 767

2,896

1975

Novem-ber

224, 103

120, 159

16,2525,414

12,958

4,0935,772

12,21931,3165,2417,049

5,9968, 1865,630

13, 036

5,884

85, 025

55,234

8,6345,728

8,737

8,612

5,384

13,146

2,648

1 Includes Luxembourg.2 Algeria, Bahrain, Ecuador, Gabon, Indonesia, Iraq, Kuwait, Libya, Oman, Qatar, Trinidad and Tobago, and United Arab

Emirates.

Note.—International reserves is comprised of monetary authorities' holdings of gold, special drawing rights (SDR)reserve positions in the International Monetary Fund, and foreign exchange. Conversions from national currencies to U.S.dollars from December 1971 through January 1973 are calculated at the cross rates reflecting the parities and centralrates agreed in December 1971. From February 1973 through June 1974, the intention is to reflect the cross rates of paritiesor central rates for countries having effective parities or central rates and market rates for others. Beginning July 1974,foreign exchange is valued at end-of-month market rates or in the absence of market rate quotations at prevailing officialrates. Gold is valued throughout at SDR 35 per ounce, equivalent to US$38 per ounce from December 1971 through January1973, to US$42.22 per ounce from February 1973 through June 1974, but to the respective US$/SDR transactions value asmeasured by the "basket" valuation of the SDR beginning July 1974. Data exclude U.S.S.R., other Eastern Europeancountries, Mainland China, and Cuba (after 1960).

Source: International Monetary Fund, "International Financial Statistics."

278


TABLE B-93.—U.S. reserve assets, 1946-75(Millions of dollars)

End of year ormonth

1946194719481949

1950195119521953195419551956195719581959

19601961196219631964196519661967 . . .19681969

1970 . .19711972197319741975


JulyAugSeptOct .. ..NovDec

Total reserveassets

20, 70624, 02125, 75826, 024

24, 26524, 29924, 71423, 45822,97822, 79723, 66624, 83222, 54021, 504

19, 35918, 75317, 22016,84316, 67215, 45014, 88214, 83015,710

i 16, 964

14, 487r 12, 1677 13, 1517 14, 378«15,8838 16, 226

15,94816, 13216,25616, 18316, 28016, 242

16, 08416, 11716,29116, 56816, 592

816.226

Gold stock i

Total

20,70622, 86824, 39924,563

22, 82022, 87323, 25222,09121, 79321, 75322, 05822, 85720, 58219, 507

17, 80416, 94716, 05715, 59615, 471

8 13, 80613, 23512, 06510, 89211, 859

11, 07210, 206

MO, 487Ml, 652

11,65211,599

11,63511,62111,62011,62011,62011,620

11,61811, 59911, 59911,59911,59911.599

Treasury2

20, 52922, 75424, 24424, 427

22, 70622,69523, 18722, 03021, 71321,69021, 94922,78120, 53419, 456

17, 76716, 88915,97815, 51315, 388

« 13, 73313, 15911,98210, 36710, 367

10, 73210, 132

HO, 410'11,567

11,65211,599

11,63511,62111,62011,62011,62011,620

11,61811, 59911, 59911,59911,59911.599

Specialdrawingrights

(SDR) 3

8511,100

n,9587 2, 166«2,37482,335

2,4032,4442,4232,3932,4382,418

2,3292,3212,3012,3652,336

82.335

Convertibleforeign

currencies*

11699

212432781

1,3212,3453,528

i 2, 781

6297276

2418

80

2

1924

25

228

24741342380

Reserveposition in

InternationalMonetary Fund*

1,1531,3591,461

1,4451,4261,4621,3671,1851,0441,6081,9751,9581,997

1,5551,6901,0641,035

769«863

326420

1,2902,324

1,935585

U657552

81,85282,212

1,9082,0652,1942,1682,2182,179

2,1352,1692,1442,1912,234

82.212

'Includes gold sold to the United States by the International Monetary Fund (IMF) with the right of repurchase andgold deposited by the IMF to mitigate the impact on the U.S. gold stock of purchases by foreign countries for gold sub-scriptions on increased IMF quotas.

2 Prior to December 1974, excludes gold held by the Exchange Stabilization Fund (ESF). In December 1974 the Treasuryacquired all the gold held by the ESF.

3 Includes initial allocation on January 1, 1970 of $867 million, second allocation on January 1, 1971 of $717 million,and third allocation on January 1, 1972 of $710 million of special drawing rights (SDR) in the Special Drawing Accountin the IMF, plus or minus transactions in SDR.

«Includes holdings of Treasury and Federal Reserve System.8 The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund auto-

matically if needed. Under appropriate conditions the United States could purchase additional amounts equal to theUnited States quota.

9 Reserve position includes, and gold stock excludes, $259 million gold subscription to the Fund in June 1965 for a U.S.quota increase which became effective on February 23,1966.

7 Includes increases (in millions) as follows: for 1969 $67 resulting from revaluation of German mark in October 1969 ($13in mark holdings); for 1971 $28 in dollar value of foreign currencies revalued to reflect market exchange rates as ofDecember 31,1971; for 1972 $1 016 in total assets resulting from the change in par value of the U .S. dollar on May 8,1972,($828 million total gold stock, $822 million Treasury gold stock, $155 million SDR, and $33 million reserve position); for1973 $1,436 in total assets resulting from the change in par value of the dollar on October 18,1973 ($1,165 million totalgold stock, $1,157 million Treasury gold stock, $217 million SDR, and $54 million reserve position).

8 Beginning July 1974, the IMF adopted a technique for valuing the SDR based on a weighted average of exchangerates for the currencies of 16 member countries. SDR holdings and reserve position in the IMF are also valued on thisbasis beginning July 1974. At valuation used prior to July 1974 (SDR 1=$1.20635), end of month values are (in millions):

1974: Dec..1975: Dec..

Totalreserveassets15,81216,366

SDR

2,3382,404

Reservepositionin IMF

1,8172,283

Note.—Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included inthe gold stock of the United States.

Sources: Department of the Treasury and Board of Gcvernors of the Federal Reserve System.

279


TABLE B-94.—International investment position of the United States at year-end, 1960 and1970-74


Type of investment

Net international investment position of theUnited States2

U.S. assets abroad

Nonliquid assets

U S Government

Long-term credits _ _Foreign currencies and other

short-term assets

Private long-term

Direct investments abroadForeign securitiesOther claims3

Private short-term nonliquid claims 3 _ -

Liquid assets

Private claims 3U.S. monetary reserve assets

GoldSpecial drawing rights (SDR)Convertible currenciesGold tranche position in IMF

U S liabilities to foreigners .

Nonliquid liabilities to other than foreignofficial agencies ..

U.S. GovernmentPrivate long-term

Direct investments in the UnitedStates

U.S securitiesOther liabilities 3

Private short-term nonliquid 6

Liquid liabilities to private foreigners andliquid, other readily marketable, andnonliquid liabilities to foreign officialagencies

To private foreigners. _To foreign official agencies

LiquidOther readily marketableNonliquid, reported by U.S.

Government

1960

44.7

85.6

66.2

16.9

14 0

2 9

44 5

31 99 63 1

M.8

19 4

(4)

19 4

17 8

1 6

40 9

19 8

g18 4

6 910 01 6

6

21 0

9 111.9

11 9

1970

67.8

165.4

148.6

32.1

29.7

2.4

103 6

75.521.07.2

12.8

16.9

2.414.5

11.1.9.6

1.9

97.7

50.7

2.044.8

13 325.65.9

3.9

47.0

22.624.4

20.6

3.1

1971

56.1

179.5

163.3

34.2

31.8

2.4

114.5

83 023.58.0

14.6

16.1

4.012.2

10.21.1.3.6

123.3

55.5

1.550.1

13.930.16.1

3.9

67.8

16.651.2

47.6

3.5

1972

49.7

199.5

180 6

36 1

34 1

2 0

127 8

90 527 69 7

16.7

18 9

5 75 13.2

510.562.0

.25 5

149 9

67.0

1.760.8

14 938.87.1

4.5

82.9

21.361.6

57.3.5

3.7

1973

61 9

225 3

203 2

38 8

36 2

2 6

142 6

103 727 911 1

21.8

22 1

7 75 14 4

s 11 752 2

.05 6

163 5

71 0

2 962.8

18 336.87.7

5.3

92.5

25.666.8

61.91.7

3.2

19741

77 6

264 6

234 9

38 3

36 3

2 0

160 0

118 628 812 6

36.6

29 7

13 85 15 9

11 76 2 4

o5 1 9

187 0

68 0

3 657 2

21 728.17 4

7.2

119.0

42.476.6

70.42.3

3 9

1 Preliminary.2 Includes U.S. gold stock.3 Reported by U.S. banks and nonbanking concerns.4 Liquid claims are not available separately and are included with nonliquid claims.s Reserve assets include increases from changes in the par value of the dollar, as officially implemented; on May 8,1972,

the increase totaled $1,016 million, consisting of $828 million gold stock, $155 million SDR, and $33 million gold trancheposition in IMF; and on October 18, 1973, the increase was $1,436 million, consisting of $1,165 million gold stock, $217million SDR, and $54 million gold tranche position in IMF. Beginning July 1974, the IMF values SDR on the basis of weightedaverages of exchange rates for currencies of 16 member countries.

6 Reported by U.S. nonbanking concerns.


280


TABLE B-95.—Price changes in international trade, 1967-75

[1963=100]

Area or commodity class

Developed areas

Total:

ExportsTerms of trade l

United States:

ExportsTerms of trade l

Developing areas

Total:

ExportsTerms of trade i

Latin America:

ExportsTerms of trade *

Southern and Eastern Asia:

ExportsTerms of trade i

Primary commodities: Total

Foodstuffs

Coffee, tea, and cocoa..Cereals

Other agriculturalcommodities 3

Fats, oils, and oilseeds.Textile fibers

WoolRubber

Minerals .....

Metal ores

Fuels

Manufactured goods: Total 4

Nonferrous base metals *_._

1967 1968 1969 1970 1971 1972 1973 1974

1975

Thirdquarter

Unit value indexes by area

105101

110102

103100

105100

9999

104101

111103

103101

10699

97100

108101

115103

106101

109100

102102

114102

121101

109100

115101

106104

119101

12599

116102

122101

108104

130102

12995

12899

129

113

156101

15094

167108

177

152

19789

19180

325143

279

III

21492

21484

23372132

World export price indexes

101

104

108105

96

102887775

103

109

101

107

142

100

101

110100

96

99887474

102

108

100

107

150

103

104

11998

101

101857398

104

114

100

110

175

108

111

13696

101

118836378

111

122

108

117

180

115

117

119100

105

118855764

127

126

127

124

154

130

132

132111

120

1161098865

141

134

143

134

154

188

191

174203

184

197186183129

181

161

188

156

222

295

248

202286

219

299183134139

477

216

553

186

281

297

240

229259

205

III161124118

515

239

593

2220

218

1 Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.2 Data are for second quarter 1975.3 Includes forest products.< Data for manufactured goods are unit value indexes.

Note.—Data exclude trade of socialist areas in Eastern Europe (except Yugoslavia) and Asia.

Sources: United Nations and Department of Commerce (Bureau of International Economic Policy and Research andBureau of Resources and Trade Assistance).

281


TABLE B-96.—Consumer price indexes in the United States and other major industrial countries1955-75 '

[1970=100]

Period

19551956195719581959 .. -

19601961196219631964

19651966...196719681969

19701971197219731974 ....

1975 i

1973: 1I II I IIV

1974: 1I II l lIV

1975- 1I II l lI V 2

UnitedStates

69.070.072.574.575.1

76.377.077.978.879.9

81.383.686.089.694.4

100.0104.3107.7114.4127.0

138.6

110.7113.1115.6118.3

121.6125.0128.9132.6

135.0137.1140.1142.3

Canada

69.970.973.275.075.9

76.777.178.079.480.8

82.885.988.992.696.8

100.0102.9107.8116.0128.6

142.0

111.9114.5117.7119.8

122.7126.8130.6134.2

137.1140.1144.9147.6

Japan

52.652.854.454.254.7

56.759.763.869.271.9

76.780.683.888.392.9

100.0106.3111.5124.5153.4

171.0

116.9122.7126.5131.9

144.1150.5156.1162.7

165.3171.0172.7176.9

France

50.451.453.261.265.0

67.369.572.976.479.0

81.083.285.489.395.0

100.0105.5111.7119.9136.3

151.7

115.9118.2121.1124.4

129.0134.3138.7143.1

147. 0150.6153.9156.8

Germany

70.171.973.375.075.7

76.778.580.983.385.2

88.191.292.593.996.4

100.0105.3111.1118.8127.1

134.4

116.0118.2119.3121.7

124.6126.6127.8129.5

132.0134.5135.5136.5

Italy

62.264.365.267 066.7

68.269.772.978.383.0

86.788.891.692.895.2

100.0105.0110.9122.4146.2

169.8

117.5121.3123.6127.2

133.6140.8150.4160.0

164.9169.3172.9

Nether-lands

57 858 962 763 864 3

66 467 068 370 974 8

78 783 386 089 195 8

100 0107.5115.9125 2137.2

150 2

121.3124.9125.9128.8

131 9135.9138.3142.8

145.8149.9152.9

UnitedKingdom

59 061 964 266 266 5

67 269 572 573 976 3

80 083 185 289 294 0

100 0109 5117.0126 7147.0

183 0

122.2125.2127.7131.8

137.2145.3149.4156.1

166 9182.7190.8196.1

1 For United States, 12-month average; for all other countries, January-November average, except Italy and the Nether-lands, January-September average.

2 October-December average for United States; and October-November average for all other countries.

Sources: Department of Labor and Organization for Economic Cooperation and Development.

282

U. S. GOVERNMENT PRINTING OFFICE : 1976 O - 597-578


erp1976 appendixes 2

Documents