scb_011966

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

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Economic Expansion in 1965

i,N 1965, the American economy setrecords in production, sales, employ-ment, income, and living standards,as the expansion that started in early1961 was extended for the fifth yearin a row. Most broad measures ofeconomic activity showed impressivegains, which exceeded even the largeadvances of 1964 and surpassed by awide margin the expectations for 1965held early in the year by most business-men and economic forecasters. De-mand increased in most final marketsand was especially strong for businessfixed investment and consumption ex-penditures, notably durable goods.

Within the year, the advance in totaloutput and sales was uninterruptedbut somewhat irregular. In the earlymonths of 1965, increases were un-usually large as the economy recoveredfrom the depressing effects of the auto-mobile strikes of late 1964. Gainsmoderated in the spring months butaccelerated after midyear under theinfluence of sharply rising capital out-lays, the cut in excise taxes, the increasein Social Security payments in earlyfall, and particularly the step-up indefense expenditures that resulted fromthe increase in the fighting in Vietnam.

Prices rose somewhat more from1964 to 1965 than in the other years ofthe current expansion, but for the yearas a whole, the rise over 1964, as in-dicated by the comprehensive GNPdeflator, could still be characterized asmoderate. The most prominent priceincreases occurred in the first half ofthe year, for farm products and forfood products at both wholesale andretail levels. Wholesale industrialprices rose in each quarter of 1965

and for the first time since 1959 showeda modest but noticeable increase forthe full year; consumer prices rosesomewhat more in 1965 than the yearbefore. The cost of credit also movedup as the demand for borrowed funds

Table .1.— Key Economic Measures, 1962-65

Gross national product__bil. $_.Personal consumption expendi-

tures _ __bil. $..Gross private domestic invest-

ment bil. $..Net exports of goods and serv-

ices - bil. $_.Government purchases-_do

Gross national product in con-stant (1958) dollars bil. $_.

National income do___.Compensation of employees

bil. .$. .Corporate profits. d o —Allother __—_do—_.

Personal income___--—-—-doDisposable personal income

bil. $_.Disposable personal income in

constant (1958) dollars._bil. $_.

Retail sales.. -_ d o —Dealers' sales of new domestic

cars -—_thous_.

Expenditures for new plant andequipment.. bil. $_.

Total construction _____doPrivate nonfarm housing starts

thous. units _.

Manufacturers' sales bil. $_.Industrial production

1957-59 = 100-.Steel ingot production

mil. tons__Motor vehicles, factory sales

thous. units..

Employees in nonfarm establish-ments -_thous__

Unemployed persons __ _ _ _ _ do

Consumer prices.—1957-59 = 100..Wholesale prices. ____—— do

Loans and investments of com-mercial banks, end of period

bil. $_.Consumer installment credit

outstanding, end of periodbil. $_.

1962 1963 1964 19651

560.3

355.1

83.0

5.1117.1

530.0

457.

323.655.

78.4

442.6

385.3

367.6

235.4

6, 753

37.3

1,

399.7

118.3

98.3

8,173

55, 5154,007

105.4100.6

228.3

48.0

589.2

373.8

86.9

5.9122. 6

550.0

481.1

341.058.182.0

464.8

403.8

246.4

7,334

62.8

1,582

417.3

124.3

109.3

9,100

4,166

106. 7100.3

246.5

53.7

398.9

92.9

128.4

577.6

514.4

365.364.584.6

495.0

435.8

406.5

261.6

7,617

44.965.8

1,530

445.6

132.3

127.1

56, 602 58,156 60, 4323,876

108.1100.5

267.2

59.4

675.6

428.5

104.9

7.2135.0

609.0

554.6

391.973.1

89.6

530.7

465.3

428.1

282.7

8,763

51.868.1

1, 481

143.3

131.2

9,292 11, 064

3,456

109.8102.5

294.0

2 66.0

1 Preliminary.2 End of November.Source: Automobile Manufacturers Association, Ameri-

can Iron and Steel Institute, and U.S. Government.

advanced even more rapidly than thesubstantially increased supply of credit.

Although the Nation's capacity toproduce was considerably enlarged in1965, the rise in output was still greater,and the gap between potential and ac-tual output was lower than at any othertime in the current expansion. Despitea large increase in the labor force, em-ployment rose even more; unemploy-ment declined steadily, and by yearendwas close to the Administration's in-tprim goal of a 4-percent unemploy-ment rate. Unemployment rates werestill high for teenagers and Negroes, buttoward the end of the year, labor short-ages were not uncommon in some occu-pations and industries. Even thoughbusinessmen made record capital out-lays to expand and modernize theirplant facilities, the utilization of manu-facturing capacity increased and for thefull year was about as high as it was in1955.

Perhaps the outstanding develop-ment in 1965 was the change in theeconomic climate that emerged aroundthe end of the year. It reflected thebuoyant state of demand, the prospec-tive large increases in spending, partic-ularly for defense, and the growing pinchon resources. It was a dramatic shiftfrom the spring months, when there wasa widespread belief that the expansionmight be slowing down. As the yearcame to a close, a basic question waswhether the Nation's capacity to pro-duce could accommodate the antici-pated increase in aggregate demandwith the moderate price increases thathave thus far distinguished the 5-yearexpansion.


2 SURVEY OF CURRENT BUSINESS January 1966

Government policies

Economic activity during the yearwas influenced in many different ways—apart from the rise in defense programslate in the year—by Governmentpolicies adopted both during and before1965. The 1964 reduction in personaland corporate income taxes continuedto stimulate personal consumption ex-penditures and business spending onnew plant and equipment, and the cutin corporate taxes at the beginning of1965 provided a further stimulus tobusiness investment. The reductionin excise taxes around midyear loweredprices on a wide variety of consumergoods and provided an additional fillipto consumer spending. Personal in-come was directly increased by the risein Social Security benefits. Some ofthe rise in employment, notably amongteenagers, was a reflection of specialGovernment programs associated withthe war on poverty. Under the wageand price guidelines, the Governmentincreased pressures against excessivewage and price increases in particularindustries. A significant part of thereduction in the balance of paymentsdeficit was a result of the Administra-tion's voluntary program aimed atlowering private capital outflows.

The Federal Reserve permitted arecord expansion in bank credit in 1965but exerted moderate pressure on bankreserves during the year. In Decem-ber, Reserve authorities raised thediscount rate by one-half of 1 percentand permitted member commercialbanks to pay up to 5% percent on timedeposits held more than 30 days.

Yearend Position and Outlook

Total production and sales showed alarge increase in the closing months ofthe year. According to preliminarydata, fourth quarter GNP was up $13billion (annual rate) over the thirdquarter. Among the major markets,the most noteworthy development wasthe large advance in government pur-chases—more than $4 billion—abouthalf of which represented increased out-lays for defense, particularly militarypay.

Personal consumption expenditurescontinued their vigorous rise with afourth quarter gain of about $7% bil-lion; the change in durable goods pur-chases, however, was very small. Thestrong expansion in business fixedinvestment continued with an increaseof almost $2 billion, but investment inresidential structures edged down forthe second successive quarter.

Activity rose rapidly throughout thefourth quarter. In December, per-sonal income increased by $4% billionover November and reached a season-ally adjusted annual rate of more than$550 billion. Payrolls rose in mostindustries as employment and rates ofpay increased; hours of work continuedunchanged at peak postwar levels.

The December rise in employment innonfarm establishments was close to400,000, after seasonal adjustment, two-thirds larger than the average monthlyincrease since December 1964. Un-employment showed another improve-ment, and the unemployment rate fellto 4.1 percent of the labor force. Theunemployment rate for married men,at 1.8 percent, was the lowest since1953.

Industrial production in Decemberincreased over a broad range of indus-

tries and on an overall basis rose almostIK percent, after seasonal adjustment.One feature of the month was the pickupin steel output after 4 straight monthsof decline. The steel industry seemsto be preparing for a resurgence of steeldemand in the near future and isapparently building up its own inven-tories. Stocks of steel held by steelconsumers have been cut sharply sinceSeptember; with consumption movinghigher, the inventory adjustment bysteel users seems to be moving rapidlytoward completion.

Holiday trade appeared to be verybuoyant, and retail sales showed agood-sized increase over November,according to advance reports.

Wholesale prices in December rose0.6 percent over November because oflarge increases in the prices of farm andfood products. Industrial prices wereunchanged over the month.

Outlook for 1966

At no other time since the start ofthe expansion did prospects for risingoutput in the year ahead appear socertain as they did at the end of 1965.With a resolution of the Vietnam con-

(Continued on page 12)

1 CHART 1

GNP Showed Large Increases in Each Quarter of 1965Billion $ Change From Previous Quarter20

GROSS NATIONAL PRODUCT

16

1961 1962 1963

Seasonally Adjusted, at Annual Rates

U.S. Department of Commerce, Office of Business Economics

1 9 6 4 1 9 6 5


National Income and Product in 1965

\ J F R O S S national product rose $47billion or 7% percent in 1965 to a totalof $675K billion. This vigorous ad-vance was one of the largest on recordand brought the Nation's economicexpansion since the last recession to 5years, the longest since the end ofWorld War II. Despite the largeincrease in demand, prices rose only1% percent, slightly more than theadvance in 1964 and other recent years.The increase in the physical volume ofproduction was 5% percent, better thanthe previous year's gain of 5 percent andconsiderably above the postwar averageannual growth rate.

Last year's advance in real outputwas exceeded in only 5 other postwaryears—1950, 1951, 1955, 1959, and1962. Except for 1951, the large gainsin output in these years reflected thesharp expansion typical of recoveriesfrom business recessions. In 1951, out-put was boosted by very heavy defenseexpenditures associated with theKorean war. In contrast, the 1965advance followed a long period ofexpansion, and production for the fullyear was little affected by expandingmilitary outlays.

Within the year, the largest increasesin GNP came in the first and fourthquarters, although advances in theother quarters were also sizable. Inthe first quarter, GNP rose by theunusually large amount of -$16% billionat a seasonally adjusted annual rate,mainly because automobile sales andproduction made a strong recoveryfrom the auto strikes in the fourthquarter of 1964. The above-averagerise in fourth quarter output stemmedfrom an acceleration in defense spend-

ing superimposed upon continuing largegains in consumer spending and busi-ness fixed investment.Private spending dominates advance

Most major GNP categories rosesubstantially in 1965. The relative risein business investment was the sharpest;the rise in consumption about equaledthe overall rate of advance in GNP,

CHART 2

Percent Changes in Gross National Product

GNP, Total

BusinessInvestment

State and LocalGov't Purchases

PersonalConsumptionExpenditures

Federal Gov't iPurchases

Investment inResidentialStructures

mmPercent

10 15

• P 19

VJ 1919

64-6563-6462-63

| 1961-62

1 I

20

—

MB

|

I1

I

"1I


and the rise in Government spendingfell somewhat below the overall advancein production (chart 2).

Last year, like 1964, was a year ofbuoyant consumer demand. Consumerexpenditures for all major categories ofgoods and services, especially autosand food, rose substantially, and thetotal increased $29K billion to a record$428% billion. The 7K-percent increaseover 1964 exceeded the relative gain indisposable personal income and thesaving rate fell.

Outlays for new capacity, replace-ment, and cost-cutting raised businessfixed investment $9% billion or 15%percent to an annual total of $69%billion. The share of real GNP devotedto such investment was 1 OK percent,the highest since 1957. Outlays forboth equipment and structures increasedsubstantially and investment rose siz-ably in each quarter.

With further declines in apartmenthouse building and little change insingle family home construction, expend-iture on residential structures, at$27% billion, was virtually unchangedfrom 1964 in current dollars and lowerin real terms. Residential investmentincreased moderately during the firsthalf of 1965 but declined during thesecond.

Nonfarm inventory investment in1965 was $7 billion, a rise of $1%billion over 1964. The peak in in-ventory accumulation was reached inthe first quarter, when special factorshelped boost accumulation to an annualrate of over $9 billion. Inventorybuying tended to slacken thereafter,ranging from $6 billion to $7 billion.

3


SURVEY OF CURRENT BUSINESS January 1966

Farm inventories showed a small in-crease in 1965 after a decline in 1964.

Imports rose more than exports in1965, and net exports, at $7% billion,were off $1% billion from the 1964 pace.Because of the dock strikes, importsand especially exports fell during thefirst quarter of 1965. Both made strongrecoveries in the spring and, afterchanging little in the summer, roseagain in the final quarter.

An increase in nondefense spendingwas responsible for last year's $l}ibillion rise in Federal Government pur-chases of goods and services, whichtotaled $66% billion. From 1964 to1965, defense purchases were un-changed, even though military spendingmoved up in the last quarter of 1965.State and local government purchases,continuing their long uptrend, rose 8percent or $5 billion to a total of $68%billion.

Spurt in profits

National income rose 7% percent to atotal of $554J4 billion last year, accord-ing to preliminary data. All majorincome categories moved up, the largestrelative gains being scored by farmincome and corporate profits.

Corporate profits increased $8% bil-lion, the sharpest calendar-year gainsince the rise in 1959. Proprietors'income increased by $3% billion; two-thirds of this reflected a gain in farmproprietors' income, attributable mainlyto the rise in farm prices. Higheremployment and average annual earn-ings helped boost employee compen-sation $26^ billion.

Increases in profits and farm pro-prietors' income were most marked inthe first half of last year. During thesecond half, employee compensationaccounted for a much larger share ofthe national income rise.

Incomev Consumption, andSaving

THE strong advance in economicactivity in 1965 was accompanied bythe largest year-to-year absolute in-crease in personal income since WorldWar II. The 1965 total of $531 billionwas $36 billion or 7# percent above

1964. The large flow of income fromproduction was boosted by the increaseof 7 percent in social security benefitsthat began in October after a lump-sumdisbursement of $885 million in Septem-ber for payments retroactive to January1965. Thus, personal transfer pay-ments, which rose $1% billion in 1964,were up $2% billion in 1965.

As a result of these special factors,quarterly movements in personal in-come were not uniform during the year.The largest quarterly rise—$11 billionat an annual rate—occurred in the thirdquarter, when the retroactive socialsecurity payments were made.

Large rise in disposable income

Because of the underwithholding ofFederal taxes on personal income in1964—the withholding rate was cut to

Consumer Income and SpendingRegistered Large Gains in 1965

! CHART 3

Billion $ (Ratio Scale)

700

600

500

400

300

Personal Income

v

Personal Consumption

Expenditures

250 ! I l I I l l I I l l I I I I I I I I I I i I

1961 62 63 64 65 66Seasonally Adjusted at Annual Rates

• The take of taxes out of personal income wassomewhat higher than in 1964

The saving rate was lowerPercent

20

15

10

Ratio of Personal Tax Paymentsto Personal Income

\

Ratio of Personal Savingto Disposable Personal Income N

/1961-65 avg

0 I I I 1 I I I 1 I I I 1 I I I I I I I 1 I I I

1961 62 63 64 65 66

U.S. Department of Commerce, Office of Business Economics 66-1

14 percent as a result of the new laweven though the 1964 rate for the lowesttax bracket was reduced to 16 percent-final net settlements early in 1965 werehigher than normal, and Federal per-sonal taxes rose sharply in the first halfof the year. A moderate reductionfollowed in the second half. For 1965as a whole, Federal personal taxestotaled $54 billion, a rise of $5 billionover 1964. These taxes took 10.2percent of personal income in 1965, aslight increase over the 9.8 percent in1964. In the immediate pre-tax-cutyears, 1961-63, the ratios were 10.7,11.0, and 1.1.1 percent respectively(chart 3).

State and local personal taxes in 1965amounted to $ 11K billion, about $1billion more than in 1964. These taxesnow take 2.2 percent of personal in-come, having shown a slightly risingtendency over the past several years;in 1961, the ratio was 1.8 percent.

Because of the large final net settle-ments on Federal taxes in the first halfof 1965, the advance in disposablepersonal income was somewhat damp-ened. However, the total for the yearwas up 6% percent over 1964 and, at$465 billion, set another record. Realper capita disposable personal income—which takes into account the growth inpopulation and the advance in con-sumer prices—was 5 percent above1964.

Consumers spend at record rate

Consumers spent freely on all typesof goods and services in 1965, as theirincomes rose and they made extensiveuse of consumer credit. Even afterallowing for the moderately higherconsumer prices, the rise in real ex-penditures was an impressive 5 percent.

Auto purchases in 1965 showed thesharpest gain among the major ex-penditure groups (chart 4). Unit salesto all categories of buyers posted a newrecord of 9.3 million cars, of whichabout 500,000 were imported and 8.8million were domestically produced.The excellent performance in 1965followed a year of strong auto sales;8.1 million cars were sold in 1964.

Although auto buying last year re-flected some makeup of sales lostbecause of the auto strikes in October


January 1966 SURVEY. OF GUEEENT BUSINESS

and November of 1964, that was not amajor factor. In both 1964 and 1965,auto purchases reflected the large ex-pansion in after-tax income. AfterMay 1965, sales were also boosted bythe reduction of the auto excise taxfrom 10 to 7 percent.

Purchases of durable goods otherthan autos and parts—i.e., furnitureand household equipment, jewelry,books, etc.—depend to a large extenton changes in income, and 1965 was noexception. Spending on these items inthe aggregate was up 6 percent over1964, as compared with a 6%-percentrise in disposable personal income.Furniture and household equipmentexpenditures rose only 5 percent, re-flecting in part the lag in residentialhousing sales. Spending for the otherdurable goods items increased 9 percentover 1964.

Nondurables reflect income rise

Throughout the postwar period, con-sumer expenditures for nondurablegoods, which include the large cate-gories of food and clothing, have movedin close relationship to disposableincome. The 6% percent increase inspending on nondurable goods in 1965was about the same as the rise indisposable personal income.

Food and clothing purchases, whichcomprise 70 percent of total spendingfor nondurable goods, rose 6){ and 5%percent respectively in 1965; expendi-tures for gasoline and oil rose 4}£percent, and outlays for all other typesof nondurables, 8% percent. Spend-ing for food and beverages increasedsteadily throughout the year; partlybecause of higher retail food prices,which advanced by more than 2 percentover 1964. In the fourth quarter oflast year, expenditures for food andbeverages topped the $100 billion annualrate for the first time, for an averageper capita outlay of about $520.

Services continue to grow

Consumers spent about $175 billionfor services in 1965, an increase of 7%percent over 1964. After allowancefor the 2%-percent rise in serviceprices in 1965, the increase over 1964came to 5% percent in real terms.

Of the major groups of services,housing expenditures showed the larg-

est current dollar advance in 1965—about 9 percent. The increase in ex-penditures for transportation services—4 percent—was much less than the risein disposable personal income; thisfact reflects the growing use of privateautomobiles at the expense of publictransportation. Total expendituresfor the other groups of services—medical care, personal business, etc.—advanced somewhat more than dispos-able income.

The ratio of expenditures for servicesto disposable personal income was 37 %percent in 1965. Throughout most ofthe postwar period, consumers havedevoted an increasing proportion oftheir income to services. By 1960, theratio had reached nearly 37 percent,

i^:^ri:^Vi^^:::'i:-c:-^7^:ic. CHART A

Personal Consumption ExpendituresAutos and parts recorded the sharpest

gain in 1965 among the major groups

0

TOTAL J i l l

1

mHousing . W&m

Other Goods | | | §& Services F 1 "

• LFood & .. H HBeverages jmm

Household § f | §Operation p p p

Clothing & Shoes I B

Furniture & t l l l l lHousehold [ f i fEquipment

Gasoline & Oil W§:

Transportation mm

Percent Change

4 8 12 16

^ ^ ^ ^ ^ 1964-65'

l l J J i p S l 1963-64

1 1962-63

• • • • • • ammsmm

pp. .fiBBBf

W B B •

Billl

F


for the first time exceeding the high of36% percent recorded in 1929. Since1962, the ratio has fluctuated within anarrow range around 37% percent,representing at least a temporary haltin the steady rise in the portion ofincome spent on services.

Personal saving rate lower

Consumers saved about $25 billion,or 5.4 percent, of their disposable per-sonal income in 1965. Over the pastdecade, personal saving as a percent ofdisposable personal income has fluc-tuated from a high of 7.0 percent in1956 to a low of 4.9 percent in 1960.From 1955 to 1964, the average annualrate was 6.0 percent (chart 3). In1964, the saving rate was at this aver-age; in 1965, the volume of saving aswell as the rate of saving was lowerthan in 1964. The saving rate is, inpart, a function of consumer purchasesof durable goods, especially autos.From 1964 to 1965, expenditures onconsumer durable goods rose from 13J£percent of disposable income to 14percent—an increase only slightly lessthan the decline in the saving rate.In the fourth quarter of 1964, the dropin auto sales due to the strikes in thatperiod was a factor in the rise in thesaving rate to 6.6 percent from the 5.7percent in the preceding quarter. Fol-lowing the sharp pickup in auto salesin the first half of 1965, the saving ratefell to about 5 percent. Auto salescontinued at high rates in the secondhalf of 1965, and saving remainedbelow 6 percent of disposable income.

Another factor that may haveaffected the saving rate in 1965 wasthe increased flow of income in theform of transfer payments, a largerproportion of which is probably spentthan is the case with most other typesof income, since most of these pay-ments go to low income groups—theunemployed and those living on socialsecurity benefits. The abnormallyhigh income tax settlements in thefirst half of 1965 may also have con-tributed to the reduction in the rate.

Business Fixed Investment

Business investment in plant andequipment rose substantially through-


out 1965 and totaled $69% billion forthe year as a whole, $9% billion or15% percent above 1964. This rise, likethe 11-percent rise from 1963 to 1964,outpaced the relative increases in con-sumption and government expendi-tures; in the earlier years of the currentexpansion, investment about kept pacewith the rise in overall activity.

Expenditures for both producers'durable equipment and nonresidentialstructures advanced relatively morefrom 1964 to 1965 than they had theprevious year. After a modest increasein 1964, investment in structures rosesubstantially in 1965 and apparentlyreflected increased emphasis on capacityexpansion as against replacement andmodernization. The acceleration oc-curred in expenditures for industrialand commercial facilities; in both 1964and 1965, public utility constructionrose moderately, and farm constructiondeclined slightly.

Rising investment during the yearreflected many influences—steadily in-creasing sales and unfilled orders, highand rising rates of capacity utilization,and a large advance in before-taxprofits. Cash flow also rose, in partbecause of a liberalization of the depre-ciation rules and the second stage of theincome tax cut.

Businessmen started the year 1965with high investment programs and, inthe first three quarters of the year,spent even more than they had antici-pated. This suggests that the stimu-lants to investment were stronger thanhad been expected earlier. In thisconnection, it may be noted that manu-facturing and trade sales each roseabout 8 percent from 1964 to 1965; inearly 1965, businessmen reported ex-pected gains of 5 to 6 percent over 1964.

The forces stimulating capital goodsdemand appeared to have lost little ornone of their strength as 1965 drew to aclose—although further increases ininterest rates may have a restraining in-fluence on some marginal investments.Investment in the fourth quarter was ata seasonally adjusted annual rate ofover $73 billion, and businessmen invirtually every major industry antici-pated further sizable advances throughat least mid-1966. An exceptionallylarge and growing volume of plant and

SURVEY OF CURRENT BUSINESS

equipment projects underway also but-tressed the near-term demand forcapital goods.

Investment by industries

Although the expansion in invest-ment in 1965 was sizable in all indus-trial sectors, the rise in manufacturingwas especially large (chart 5). Out-lays for new plant and equipment bymanufacturers were more than one-fifth higher in 1965 than in 1964, havingincreased 18 percent in the precedingyear. Investment by nonmanufactur-

CHART 5

Expenditures for New Plant and EquipmentShowed a Large Rise in 1965

Percent Change

20TOTAL BUSINESS

1961-62 62-63 63-64

Especially in manufacturing. . .

64-65

25

20

10

Durables\

Total •

I I

mmmm

itm1961-62 62-63 63-64 64-65

Where a rising proportion of firms haveindicated a need for more capacity

Percent of Mfg. Capital Assets*60

50

40

Durables

30 I ! I I ! I !

Mar. June Sept. Dec. Mar. June Sept.

1964 1965

* • ' .

Held by Manufacturers indicating need for more capacity in next 12 months.

Data: OBE& SEC

U.S. Department of Commerce, Office of Business Economics 66-1-5

January 1966

ing companies as a whole was up bymore than one-tenth in 1965, about thesame as the increase in 1964. Amongthe highlights in the nonmanuf acturingsector during 1965 were the resurgenceof capital spending by the airlines andthe continued large expansion by therailroads; these lifted expenditures fornew plant and equipment by the trans-portation group to one-fifth above the1964 total. The utilities and miningand communications firms showed in-creases of about 10 percent.

Within manufacturing, both the du-rable and the nondurable goods groupsenlarged their capital outlays more than20 percent in 1965, with every com-ponent industry contributing to theadvance. For the heavy goods in-dustries, the rise was about the same asin the previous year. Soft goods in-vestment rose somewhat more in 1965than in 1964 largely because of theaccelerated programs of textile, chem-icals, and rubber producers. Thesethree industries, and the motor vehicle,nonelectrical machinery, and nonferrousmetals industries in the durables group,all increased their outlays by 30 per-cent or more in 1965.

Despite the sizable expansion inmanufacturers' capital expenditures andcapacity in 1965, demand was such thata rising number of producers in a broadrange of industries felt that their exist-ing facilities were inadequate. At theend of September 1965, manufacturersholding about one-half of total grosscapital assets in manufacturing reportedthat they needed more plant and equip-ment facilities to meet their productionrequirements in the next 12 months—ascompared with 39 percent a year earlier.

Consistent with this evaluation ofgrowing capacity needs was an upwardtrend during the year in the aggregatevalue of new projects started. Invirtually all industries, the value of"starts" exceeded outlays each quarter;this brought about a widespread in-crease in the carryover of expendituresyet to be made on projects underway*On September 30, 1965, manufacturersreported a carryover of new investmentprojects of $16.2 billion, 37 percentabove the total in September 1964.


January 1966

Residential Construction

Residential building was the onlymajor component of private domesticinvestment that did not show a real in-crease in 1965. Investment in privatenonfarm residential structures, at $27billion in current dollars, changed littlefrom 1964; constant dollar expenditureswere 3 percent lower than in 1964.Seasonally adjusted outlays rose mod-erately in the first quarter of 1965 andslightly further in the second, but de-clined after midyear. On a constantdollar basis, fourth quarter 1965 outlayswere about 10 percent below the peakreached at the beginning of 1964.

The decrease in the real volume ofhousing expenditures reflected a 3-per-cent decline in the number of privatenonfarm housing starts, which wasoffset by a small increase in averagevalue per unit. Starts totaled 1.48million units in 1965, as compared with1.53 million the year before and 1.58million in 1963, the recent peak.Average value per unit in 1965 rose(after allowing for the rise in construc-tion costs) because the product mixincluded a greater proportion of singlefamily homes, which are more costlyper unit than apartments, and home-builders continued to upgrade to thelarger and more expensive types ofsingle family residences.

1 CHART 6

Residential Construction Activity• Current dollar expenditures in 1965 were

close to the 1964 total

* Real volume was lower

Billion $

30PRIVATE NONFARM

Current $

25

20

15 i i i I i i i I i i i I i I I I i I i I I i I I i i i I i i i

1959 60 61 62 63 64 65

Quarterly,

Seasonally Adjusted, at Annual Rates

U.S. Department of Commerce, Office of Business Economics 66-1-E

SUEVEY OF CURRENT BUSINESS

Multifamily construction declinesFrom 1960 through 1964, single

family housing starts remained withina fairly narrow range of 945,000 to995,000 units per year. During thesame period, multifamily starts morethan doubled, from a little over 250,000units to nearly 600,000 in both 1963and 1964. The great rush by buildersto capitalize on the shift toward apart-ment living led to considerable over-building and increased vacancy rates ina number of the major metropolitanareas in late 1963 and early 1964, whichmarked the peak of the apartment houseboom.

In 1965, single family starts were onlya little under the 1964 total, butapartment building, although still veryhigh by past standards, declined nearly50,000 units, or more than 7% percent.The decline in apartment house con-struction appears to have been relatedto the continued existence of highvacancy rates in those areas wheremultifamily construction had been es-pecially active after 1960.

Sharp cutback in the West

There were divergent regional trendsin the volume of housing starts lastyear. As in 1964, most of the reductionin starts occurred in the Western States.In this region, starts dropped to 280,000units, down nearly one-fourth from the1964 total and far below the 430,000units started in 1963. The severityof the cutback in the West is illustratedby the fact that units begun in 1965were nearly one-tenth under the pre-vious low of 310,000 in 1960.

In both the Northeast and NorthCentral regions, where economic activ-ity has been especially buoyant becauseof rising durable goods production,starts rose about 25,000 units, or 9percent and 7 percent respectively.The gain in the North Central regionwas the fourth successive annual riseand boosted starts more than one-thirdfrom their recent low in 1961. In theSouth, the region with the largestnumber of units begun, starts held closeto 570,000 units for the third straightyear.

mmmmm^mmmmmmmm^m CHART Z

Housing Starts Drift Down Again in 1965Millions of Units

2.0PRIVATE NONFARM

Total

1959 60 61 62 63 64 65

Data-. Census


Rise in mortgage rates at yearend

Funds for home construction andpurchase were generally ample in 1965,as they were in the previous years ofthe current expansion. After midyear,yields on FHA mortgages began to edgeup, but interest rates on conventionalmortgages continued to be stable.Following the increase in the discountrate early in December, interest rateson mortgages rose considerably and thefinancing of housing appeared lessfavorable than at any other time in thepast 5 years.

Inventory Investment

Apart from the early recovery period,the behavior of inventories during theeconomic expansion of the 1960's hasbeen quite different from that in pre-vious postwar expansions. In the pre-vious expansions, stocks tended toincrease relative to production afterthe first year or year and a half of theoverall economic advance. In con-trast, since the end of the early re-covery phase in late 1961-early 1962,the level of inventories has showncomparatively little change in relationto total output. Last year was no


8

exception even though inventory accu-mulation was somewhat higher thanin the other years of the currentexpansion. Through the end of 1965the ratio of nonfarm stocks to GNP(based on constant dollars) held fairlyclose to the 21% percent ratio that hasprevailed since the fourth quarter of1961. Moreover^ with few exceptions,stocks in individual industries have notappeared excessive in relation to sales.

Durable goods increase

Investment in nonfarm inventoriestotaled about $7 billion last year ascompared with a rate of $5K billion in1964. Manufacturing and trade firmsin durable goods accounted for mostof last year's accumulation and for allof the increase in accumulation from1964 to 1965. Inventory investmentin nondurable lines decreased from1964 to 1965.

As compared with 1964, there was amodest rise last year in accumulationby durable goods manufacturers; thisreflected primarily increased produc-tion requirements in a broad range ofmetal-fabricating industries. Accumu-lation by trade firms—notably re-tailers—in durable goods lines alsoincreased from 1964 to 1965. Muchof this advance was accounted for byautomotive dealers whose stocks at

1 CHART 8

Change in Business Inventories (GNP Basis)• Was larger in 1965 than in 1963 and 1964

• Accumulation was at a peak in first quarter

Billion $

10

1963 1964 1965

Quarterly, Seasonally Adjusted, at Annual Rates



year end appeared high in relation tosales, judged by the experience of recentyears.

Accumulation at peak in first quarter

Inventory investment (nonfarm)showed considerable variation during1965. It surged to a seasonally ad-justed annual rate of $9 billion in theopening quarter of last year, after asubstantial increase toward the end of1964, and declined to a range of $6billion to $7 billion in the remainingquarters of 1965.

Special factors were responsible forthe bulge in inventory buying early in1965; their disappearance helped tomoderate the pace of accumulation lateron. In the first and second quarters oflast year, auto dealers replenished theirinventories after the depletion causedby strikes in the final quarter of 1964.The dockworkers' strike had the effectin the first quarter of temporarily build-ing up inventories of goods that nor-mally would have been shipped out.

Steel stocks showed a considerableswing during 1965. Late in 1964, steelconsumers and warehouses began tobuild up their stocks as a hedge againstthe possibility of a strike in the steelindustry. Accumulation continuedthrough the third quarter of 1965 butgave way to liquidation in the finalquarter after agreement was reached ona new labor contract in September.

Government Expenditures andReceipts

TOTAL government purchases of goodsand services increased $6^ billion from1964 to 1965. State and local purchasesagain accounted for the bulk of therise; Federal purchases, which roseonly modestly for the full year, beganto show the impact of Vietnam in thesecond half of 1965.

Total expenditures by all levels ofgovernment, including transfer pay-ments, subsidies, and interest, as wellas purchases, rose $10K billion.

Tax receipts and social insurancecontributions moved up sharply asrising business activity lifted tax bases:Federal receipts rose $9K billion, inspite of the important tax cuts, andState and local government receipts

January 1966

(exclusive of Federal grants-in-aid) wereup $4% billion.

Shift in Federal fiscal positionThese movements in expenditures

and receipts resulted in a sharp improve-ment in the Federal fiscal position:For State and local governments, theexcess of receipts over expenditureswas unchanged from a year earlier.

Because of the marked changes inFederal tax and expenditure patternsduring the course of 1965, semiannualcomparisons are more revealing thanannual comparisons about the majorshifts in the Federal fiscal position.In the first half of 1965, Federal ex-penditures were almost $2% billionhigher (annual rate) than in the pre-ceding half-year. Federal receipts overthe same period rose nearly $8% billion.These changes gave rise to a surplus ofover $3K billion, as compared with adeficit of $2% billion in the second halfof 1964.

In the latter half of 1965, however,expenditures spurted by $6 billion(annual rate), reflecting mainly thestep-up in defense outlays and theexpanded volume of transfer paymentsunder the Social Security Amendmentsof 1965. Receipts were virtually un-changed from the first half so that on

i CHART 9

federal Government Receiptsand Expenditures

Billion $

130

120

Surplus

Deficit

* Receipts

100

90 I I I I I I I I I I I I I I I I I I ! I I I I

1961 1962 1963 1964 1965 1966

Quarterly, Seasonally Adjusted, At Annual Rate

Note: Based on national income and product accounts.



January 1966

balance a deficit of $2% billion (annualrate) was incurred.

Small rise in Federal purchases

Since 1962, changes in Federal pur-chases of goods and services have beenrelatively small. Federal fiscal policyhas been aimed at stimulating privatedemand, primarily through tax reduc-tion; on the expenditure side, newprograms have been concentrated inincreased transfer payments and grants-in-aid.

In 1965, Federal purchases reached$66% billion, an increase of nearly $1%billion over the previous year. Meas-ured on a year-to-year basis, non-defense purchases accounted for theentire increase and reflected a $1 billionrise in outlays for the space programand small increases in other nondefenseprograms.'

Renewed advance in defense outlays

Although national defense outlays,which constitute the bulk of Federalpurchases, showed no change on anannual basis from 1964 to 1965, therewas a marked shift in the pattern ofthese purchases within the period, aschart 10 illustrates.

Defense expenditures declined ap-preciably in the latter half of 1964 andremained at this lower level in theopening half of last year. . In thesecond half of 1965, defense spendingwas accelerated under the impetus ofthe increasing American commitmentin Vietnam. Outlays for payrolls, am-munition, fuel, and supplies moved uprapidly. Military strength rose nearly100,000 in the second half of the year.In addition, total military compensa-tion was increased appreciably by ageneral pay raise for military personneland by an extension of combat payeligibility.

Expenditures for major hard goodscategories—missiles, aircraft, andships—did not show similar increases,because the Vietnam conflict has beenfought mostly from stocks on hand.However, new orders for defense prod-ucts have been advancing sharply inrecent months.

Social security benefits increase

Federal transfer payments increasedover $2 billion last year as compared

SURVEY OF CUBEENT BUSINESS

with a rise of about $% billion in theprevious year. Enactment of the wide-ranging Social Security Amendments of1965 in July increased benefit paymentsfor 20 million persons by 7 percent.The higher payments were made retro-active to January, and a lump-sumdisbursement was made in September,swelling transfers and personal incomein the third quarter. By the fourthquarter, total transfers to persons wereat an annual rate of nearly $30^ billion.

Grants-in-aid to State and localgovernments advanced about $1 billionin 1965. Most of this rise was in newor expanded programs associated witheconomic opportunity and education.Highway and public assistance pro-grams, which had been major elementsin the rise of recent years, showed littlechange.

Interest payments moved up withrising Treasury bill rates and someexpansion in outstanding debt. OtherFederal expenditures—subsidies andforeign transfers—were stable.

Federal Purchases ofGoods and ServicesVietnam war reverses trend indefense purchases

I S CHART 10

Billion $60

NATIONAL DEFENSE

55

50

45

20

15

10

Nondefense Purchases(Excluding NASA).

I1961 62 6563 64

Half Years

Seasonally Adjusted, At Annual Rates


Federal receipts up $9Vk billion

Tha sharpness of the advance inFederal receipts last year reflected thepowerful revenue-generating capacityof the Federal tax structure underconditions approaching full employ-ment. Federal, re venues rose to $124billion, about $9% billion above thepreceding year. This occurred despitethe second stage of the 1964 cut incorporate income tax rates, whichbecame effective at the opening of theyear, and the cut in excise taxes in June.

Personal tax and nontax paymentsaccounted for over $5 billion of thetotal increase in revenues. Withheldtaxes advanced sharply through 1965,in line with the large gains in wagesand salaries. The second stage of thepersonal tax reduction lowered taxliabilities—from the 1964 schedule of16-77 percent to 14-70 percent—butdid not affect the statutory withholdingrate, which remained at the 1964 level.As a result, tax payments approximatedtax liabilities more closely in 1965 thanin 1964 when substantial underwith-holding was evident.

The 1964 underwithholding gave riseto unusually high net final settlements(on 1964 tax liabilities), which tempo-rarily accelerated personal tax pay-ments in the first half of 1965. Thisabnormal element tapered off in thelatter half of the year, and nonwithheldtaxes and refunds resumed a morenormal pattern. The change of pace inpersonal tax payments from the first tothe second half of the year contributedto the sharp turnabout in the overallfiscal position.

With corporate profits advancing by$8K billion, corporation income taxesrose about $2 billion last year. The taxrise did not keep pace with the advancein profits because the surtax rate oncorporate profits above $25,000 wasreduced from 50 percent to 48 percent.

Cut in excise taxes

Last year's cut in excise taxes pro-vided a good example of the ability of arapidly expanding economy to offsetrate reductions. Indirect business taxesrose more than $K billion above the1964 level, notwithstanding a cut in

796-566 G - 66 - 2



excise taxes at midyear. These taxes,which had risen about %% billion in eachof the previous 2 years, would probablyhave risen by well over $1 billion lastyear if excise taxes had not been cut.In addition to the tax cut realized lastyear, the Excise Tax Reduction Act of1965 called for reductions of $1.7billion in 1966. However, if Congressapproves the recent Administrationproposal to restore temporarily thelevies on new cars and on telephoneservice to the pre-January 1, 1966,levels, the $1.7 billion reductionoriginally indicated for 1966 will belowered about $1 billion.

The remaining major category ofFederal receipts, contributions for socialinsurance, was up %\% billion as aresult of higher earnings and employ-ment. A much larger increase—over$6 billion—is expected this year, pri-marily because of the 1965 SocialSecurity Amendments. About $5%billion of this rise will result from theincrease in the combined (employee-employer) tax rate from 7.25 to 8.4percent and from the advance from$4,800 to $6,600 in maximum earningssubject to tax. Part of the tax rise isearmarked for the new hospital in-surance program. In addition, startingJuly 1, social insurance contributionswill be enlarged by payments frompersons electing to participate in thesupplemental medical insurance planat a cost of $3 per month.

State and local outlays continue up-trend

State and local governments contin-ued to be a potent market force, gen-erating $68% billion in purchases ofgoods and services last year, almost%b% billion more than in 1964. Abouttwo-thirds of last year's advance cen-tered in employee compensation, mainlyschool payrolls. Public education em-ployment rose by about 7 percent, andaverage pay also edged upward. Com-pensation in other areas continued torise, reflecting the expanding level ofgovernment activity and higher averageearnings.

Outlays by State and local govern-ments for construction, which comprisemore than one-quarter of total pur-chases, were up $% billion, somewhat

less than increases in earlier years.The advances, though relatively small,were widely distributed among mostmajor types of construction, for exam-ple, schools, highways, and sewers.

Further rise in State and local receiptsTotal receipts of State and local

governments again exceeded expendi-tures, and amounted to more than $74billion, a rise of $5% billion over thepreceding year. The surplus on in-come and product account came to$1% billion, about the same as in 1964.The large pension trust funds of thesegovernments show substantial surpluses;if these funds were excluded from theconsolidated accounts, a deficit positionwould be indicated for all other govern-ment activities. Most State and localgovernments rely on the relativelyinflexible property tax for the majorshare of their receipts and operateunder stringent borrowing restrictions—explicit voter approval is frequentlyrequired—and they are hard pressed tomeet the demands stemming fromrapidly growing community needs.

Indirect business taxes were responsi-ble for about $3% billion of the rise inrevenues, reflecting the brisk rate ofeconomic actiyity as well as new andhigher taxes. Many states adoptednew sales taxes or raised previous rates.Increased State levies on cigarettes andgasoline were also evident. In addi-tion, a growing number of local govern-ments are collecting general sales taxes.The advance in these State and localtaxes was especially marked in thesecond half of the year and served as apartial offset to the reductions in Fed-eral taxes. Local property taxes, theprincipal revenue source of these gov-ernments, continued to push upward.

Personal taxes, which rose about$1 billion, reflected the advance in in-come and increases in tax rates onearnings in a number of states.

Gross National Product byMajor Type of Product

Last year's expansion in marketsbrought large increases in the produc-tion of all major types of products. Incurrent dollars, production of durable

goods rose 10% percent as comparedwith increases ranging from 6 to 7%percent for other types of products-nondurable goods, services, and struc-tures. The contrast was even moremarked in terms of real output: 10%percent for durables—the same as thecurrent dollar rise—as against increasesof approximately 4 percent for theothers.

The 1965 rise in durable goods pro-duction reflected large increases in

The 1965 Rise of $40 Billionin National Income ~

CHART 11

Change

50

40

30

20

10

1 Billion $ change| Percent change

20

featured another large advancein corporate profits—

and in employee compensation —

10

an unusually large increasein proprietors' income, mainly farm-

but less of a gain in other intomethan in recent years

20

1961-62 1962-63 1963-64 1964-65

* including IVA

U.S. Department of Commerce, Office of Business Economics 66-1


January 1966

demand by consumers and business,but government purchases of hardgoods were unchanged from a yearearlier. The relative stability in theprices of durable goods in the face ofheavy demand was due in part to thefact that the major share of last year'sexcise tax cut on durables was passedon in lower prices.

Increased business and governmentspending resulted in a 7K:percent risein outlays for structures last year. Interms of physical volume, the gain was4% percent. In both current and con-stant dollars, last year's rate of gainexceeded that of the previous 2 years.

The 6-percent rise in the productionof nondurable goods was the largestrelative increase since 1951. However,the 1965 rise in prices of nondurables—2 percent—was twice as high as inother recent years, mainly because of

I CHART 12

Payrolls Rise SharplyIn 1965, payrolls for production workers inmanufacturing increased 9 percent—

Percent Change

10

as the number of production workersrose almost 5 percent—

while their average weekly hours increasedby 1 percent—

and their hourly earningsrose by slightly more than 3 percent

1961-62



higher meat prices. In real terms, the4-percent increase last year was littledifferent from the previous year.

Increases in consumer expendituresfor services and in government pay-rolls were reflected in a 7-percent risein service output or 4% percent in realterms. The 1965 gain in service outputwas moderately less than in 1964.

National Income

The rise in durable goods productionplayed a key role in last year's $40billion or 7% percent increase in nationalincome. From 1964 to 1965, incomeoriginating in durable goods manu-facturing rose UK percent—and ac-counted for one-fourth of the rise intotal income. Last year's advance inincome originating in agriculture, whichwas due mainly to the spurt in farmprices, was also well above average.

The 1965 advance in production wasalso reflected in widespread increasesamong the various distributive shares.The sharpest gains were in corporateprofits and farm proprietors' income.Employee compensation rose at a some-what slower pace than the total(chart 11).

Advances in farm proprietors' in-come and corporate profits were mostmarked in the first half of the year.Beginning with the summer, the con-tribution of these income shares tothe advance in total income tapered,and gains in employee compensationaccounted for a greater share of theincrease in the second half.

Employee compensation upEmployee compensation rose $26%

billion in 1965, of which private pay-rolls accounted for $19% billion, gov-ernment payrolls $4% billion, andsupplements to wages and salaries theremainder.

About half of the increase in privatewages and salaries stemmed from thelarge increase in employment; the bal-ance reflected chiefly higher rates ofpay. Chart 12 illustrates componentsof payroll changes for production work-ers in manufacturing. For this group,higher employment accounted for morethan half the rise in payrolls, and in-creased wage rates were responsible for

11

most of the remainder. Average weeklyhours, at a postwar peak, were up onlyslightly on a relative basis.

Wages and salaries of governmentemployees rose 7% percent in 1965.The continuing rise in State and localpayrolls reflected both higher employ-ment and increased pay rates. Federalcivilian employment did not rise lastyear, but average pay was increasedlate in the year. Military payrolls—which changed little in the first half—moved up in the second half because ofa military pay raise, an extension ofcombat pay to all military personnel inVietnam, and an increase in the num-ber of men in the service. In the finalquarter, military payrolls were 15 per*cent above their level a year earlier.

Corporate profits rise sharply

Corporate profits before taxes (afteradjustment for inventory gains) ad-vanced 13% percent last year to reach

Corporate Profits, Dividends, andInternal Funds at New Peaks in 1965

Billion $

100PROFITS BEFORE TAX*

20

80

60

40

20

DIVIDENDS

INTERNAL FUNDS

Undistributed Profits .

Capital Consumption Allowances

1961 1962 1963 1964 1965

•Excluding IVA.



12 SURVEY OF CUEEENT BUSINESS January 1966

an annual total of $73 billion. In bothrelative and absolute terms, this wasthe sharpest calendar-year rise since1959. Four-fifths of last year's gainwas scored in the first quarter and washeavily influenced by the spurt in auto-mobile production. Profits continuedto rise in subsequent quarters, but therate of increase was not as great as theextraordinary first quarter rise.

Most industries shared in last year'sadvance in profits. The rise wasespecially marked in durable goods man-ufacturing, and in the transportationindustries, where increases in volumehad a considerable effect on earnings.Profits remitted from the rest of theworld also rose rapidly last year, ascompanies stepped up the repatriationof earnings from abroad to conform tothe Administration's voluntary programto improve the balance of payments.

After the initial recovery phase of theearlier postwar expansions, there wasa tendency for profit margins to fallas the expansion progressed. In con-trast, since the sharp rise in profitmargins that accompanied the earlyrecovery period of the current economicexpansion, margins either have beenstable or have risen slightly. Last year,corporate profits were 18 percent ofcorporate output, as compared with 17percent in 1964. Margins rose sharplyin the first quarter of last year andapparently changed little thereafter.

Profits after taxes rose 19% percentlast year to reach a total of about$44% billion. The sharper rise in after-tax profits than in before-tax profitsstemmed from the second phase of the1964 income tax cut. Corporate divi-dend payments did not match the risein after-tax profits: At $19 billion,dividends were only 9% percent above a

year earlier. The combination of amarked increase in after-tax profits anda more moderate one in dividends wasreflected in an unusually large gain—28 percent—in undistributed corporateprofits. This rise, together with thelong-term growth in corporate capitalconsumption allowances, helped boostinternal funds 14% percent.

Farm income higher

Last year featured a rise of aboutone-fifth in the income of farm opera-tors (chart 14). This brought totalfarm proprietors' income to over $14billion-—the highest level since 1952,when there were roughly 50 percentmore farm operators than there aretoday.

The increase in farm income re-flected principally an upsurge in pricesreceived by farmers for meat animals.These prices moved up sharply in thesecond quarter, eased moderately there-after, and then jumped sharply againin December. For the year as a whole,the rise in meat prices over 1964 was

I CHART 14

Farm Proprietors' Income in 1965 WasHigher Than in Any Year Since 1952

Billion $20

15

10

5 . • I I .1 I I I I .1 I I I I .1 I I I I J I

1947 50 55 60 65

U.S. Department of Commerce, Office of Business Economics 66-1-

almost 20 percent. The volume offarm output was up 4 percent from theprevious year, and there was little in-crease in the unit operating expenses offarms.

Economic Expansion in 1965(Continued from page 2)

flict not in sight, by far the dominantfactor, of course, was the prospectiveincrease in defense purchases. Outlaysby State and local governments couldbe expected to continue their strongupward trend.

As pressures on capacity mounted andthe need for modernization continued,business was planning to make sizableincreases in plant and equipment ex-penditures. I t was not likely thatresidential construction would showmuch change in 1966; if anything, thetightening in interest rates was likely todampen new starts by homebuilders.Business inventory demand was, asusual, an uncertain quantity. Becauseof longer delivery times and the possi-bility of shifts in price expectations,it was not clear that businessmen wouldcontinue the relatively conservativeinventory policies generally pursuedthroughout the current expansion. Amore rapid rate of increase in pro-duction abroad seemed likely, thiswould stimulate some growth in ex-ports over late 1965 levels. Consumerincome and spending could be ex-pected to show further large gainsin 1966.

In the above setting, continued in-creases in employment and decreases inunemployment could be anticipated.The main uncertainties regarding 1966concerned the adequacy of supplies andstability of costs and prices.


The Production Expansion in Perspective

OINCE reaching a low point in thefirst quarter of 1961, real GNP hasrisen almost 30 percent over the past 19quarters (chart 15). The increase ingross private domestic investment overthe same period was almost double theoverall rise, but if inventory investmentis excluded from the comparison, theincrease—in fixed investment—wasclose to 40 percent. This was stillconsiderably more than the rise in theother three major markets—persons,government, and foreign. Within fixedinvestment, expenditures on producers'durable equipment increased far morethan investment in structures.

The gain was somewhat less for per-sonal consumption expenditures thanfor GNP, with purchases of durablegoods expanding considerably morethan the other two major groups ofconsumption expenditures. Total gov-ernment purchases rose much less thanaverage; the rise in State and localpurchases was about 25 percent, doublethe Federal increase. Over this 19-quarter span, gross exports rose by morethan one-third, imports rose still more,and net exports declined slightly.

Sharp rise in durable goodsChanges in real output by type of

product are shown in table 1. Sincedurable goods markets have expandedmore rapidly than other markets ineach year of the current expansion,the rise in the production of durablegoods has outstripped by a wide marginthe rise in the production of other typesof products: nondurable goods, services,and structures. Indeed, last year dura-ble goods output accounted for thelargest share of total output for anyyear since World War II (table 2).

Apart from the shift in inventory in-vestment—from a fairly sizable liqui-dation in early 1961 to a moderatelylarge accumulation in late 1965—therise in consumer and business invest-

! CHART 15

Advances in Real GNPin the Expansion Period

Percent Change, 1Q. 1961 - 4 Q . 1965

-25 0 25 50 75

GNP TOTAL

GROSS PRIVATEDOMESTIC INVESTMENT

Producers' Durable Equipment

Nonresidential Structures

Residential Structures

PERSONAL CONSUMPTIONEXPENDITURES

Durable Goods

Services

Nondurable Goods

GOVT. PURCHASES

State and Local

Federal

NET EXPORTS OFGOODS AND SERVICES


ment markets has accounted for vir-tually all of the increase in durablegoods production since the expansionstarted. The rise in consumer pur-chases has been widespread and hasbeen particularly important in auto-mobiles, furniture, and—during the last2 years—color television. The fastestrising business purchases during thisperiod were transportation equipment,office and computing machines, produc-tion machinery, and farm equipment.

Increases in auto production haveplayed a key role in the rise of durablegoods output since early 1961. Overthis period, real auto product has grownabout 120 percent and has risen from3 to 5 percent of total output. Realauto product in 1965 rose 23% percentover 1964, a much larger rate of increasethan in 1963 and 1964 but slightlybelow the gain in 1962. Last year wasthe fifth straight year of generally risingauto production, making this the longestcontinuous increase in car output sincethe early postwar catching-up processboosted auto production for the years1946-50.

Since early 1961, government pur-chases have on balance accounted forlittle of the rise in real durable output,partly because during these yearsDefense Department programs changedin emphasis.

Industrial Effects of the Rise inInvestment

Through the use of the total require-ments table of the 1958 Input-OutputStudy, it has been possible to calculatethe contribution of the rise in fixed

13



Table 1.—Percent Increases in Real Output,by Type of Product, First Quarter 1961-Fourth Quarter 1965

Percent increaseGross national product „_ . 29

Final sales 26

Goods output 35Final sales 31

Durable goods output _ — 59Final sales... .— 46

Nondurable goods output..----- 22Final sales..— —— 22

Services.. _—— ___.' _ 24

Structures.-— - __—___—_ __: 16

Addendum: Auto product . . _-__ --- 117

Source: U.S. Department of Commerce, Office of BusinessEconomics.

investment since 1961 to the (real)output increase in each of the in-dustries in the economy. The resultsof these calculations are illustrated inchart 16.

In this chart, industries have beengrouped into three categories: (1) thosethat increased more rapidly than realGNP from 1961 to 1965; (2) those thatincreased at roughly the same rate asreal GNP; and (3) those that increasedat a slower rate than real GNP. Foreach industry, the chart shows theproportion of its output increase thatwas due to the increase in fixed invest-ment over the same period. In addi-tion, the proportions are separated intothe direct and indirect effects of theinvestment increase. Because of datalimitations, the changes in chart 16 arebased on annual figures for 1961 and1965. Over this period, real GNPincreased more than 22 percent, andfixed investment rose almost one-third,more than any other major market.

In general, the industries whose rela-tive expansion from 1961 to 1965exceeded the rise in GNP were moredependent on the increase in fixedinvestment than were the industrieswhose output increased at average orless-than-average rates. Moreover, forthe top group of industries it made nodifference whether this dependence wasdirect or indirect. For example, theinvestment expansion directly caused asharp rise in the output of equipmentproducers and indirectly brought abouta substantial increase in the output ofthose industries supplying equipmentproducers. More than one-third of theoutput increase in primary metals wasdependent on the pickup in investmentdemand, and almost all of it was in-direct. It is also apparent that thefixed investment increase ^accountedfor significant proportions of the outputrise of industries that have little closerelationship to fixed investment. Agood example is chemicals, 10 percentof whose production increase was in-directly due to the fixed investmentadvance.

Not all of the industries with above-average rates of output increase wereespecially dependent on the expansionin investment, nor did every industryespecially dependent on investmentshow a better-than-average increase inoutput. Because the explanations arefairly lengthy, no attempt is madehere to explain, on the one hand, thegreater-than-average expansion in theproduction of chemicals, trade, andtextiles and, on the other hand, theaverage rate of expansion in stone,clay, and glass.

CHART 16

Proportion of Each industry's Output IncreaseAttributable to increases in PrivateDomestic Fixed Investment, 1961-65

Table 2.—Percent Distribution of GNP by Type of Product in Current and ConstantDollars, Selected Years, 1948-65

1948—--- -_-_ _

1953

19571958—19591960_1961

1962________ ____ _ _196319641965 P .

Based on current dollars

GNP

100.0

100.0

100.0100.0100.0100.0100.0

100.0100.0100.0100.0

Durablegoods

18.9

21.8

21.418.719.819.718.6

19.519.720.120.6

Non-durablegoods

41.0

34.2

•31.832.931.831.831.9

31.330.730.229.8

Services

29.4

32.6

35.036.536.437.238.4

38.138.538.838.6

Struc-tures

10.8

11.4

11.911.912.111.311.2

11.211.110.910.9

Based on constant (1958) dollars

GNP

100.0

100.0

100.0100.0100.0100.0100.0

100.0100.0100. 0100.0

Durablegoods

18.9

22.0

21.318.719.820.019.1

20.220.721.322.3

Non-durablegoods

36.2

32.6

.31.732.932.332.532.7

32.231.731.431.0

Services

33.8

34.0

35.436.536.036.237.0

36.536.636.636.2

Struc-tures

11.2

11.4

11.611.912.011.311.2

11.110.910.610.5

Industries with above

INDUSTRY & NUMBER^

Machinery Exc. Elect. (43-52)

Instruments, Optics & Clocks(62-63)

Primary Metals (37-38)

Fabricated Metals (39-42)

Lumber & Wood Prods. (20-21)

Electrical Machinery (53-58)

Furniture & Fixtures (22-23)

Transport Equip. & Ordnance(59-61, 13)

Rubber & Misc. Plastics (32)

Trade (69)

Chemicals & Allied Prods. (27-30)

Misc. Mfg. Industries (64)

Textile Mill Prods. & Apparel(16-19)

average increases in output

Percent3 20 40

iSHBfi

imAttributable:

Indirectly

60

p Preliminary.Source: U.S. Department of Commerce, Office of Business Economics.

Industries with about average increases in output

0 20 40 60

Stone, Clay & Glass (35-36)

Business Services (73)

Transportation (65)

Communication (66-67)

Paper & Allied Prods. (24-25)

Printing & Publishing (26)

Elect., Gas & Water Services (68)

Finance & Insurance (70)

Real Estate & Rental (71)

Medical, Educational & NonprofitServices (77)

Industries with below average increases in output

0 20 40 60

Mining (5-10)

Petroleum Refining (31)

Auto Repair & Services (75)

Hotels, Personal & Repair Service(72)

Amusements (76)

Agriculture, Forestry & Fisheries(1-4)

Food & Kindred Prods. (14)

Leather & Prods. (33-34)

Tobacco Mfg. (15)

-^Input-output code number. See Sept. 1965 Survey for definitions.



January 1966 SURVEY OF CURRENT BUSINESS 15

Postwar Growth Rates

Chart 17 illustrates annual averagerates of growth in real output for thepostwar period (1948-65) and for peak-to-peak years of the successive post-war business cycles. Growth ratesare shown first for total GNP and thenfor major markets and types of prod-ucts. In all cases, the rates (com-pounded) are based on the change fromthe beginning to the ending year.

Real GNP has increased at an averageannual rate of 4% percent in the 5years since 1960, the peak of theincomplete economic recovery thatstarted in 1958. This is well in excessof the average rate of 3% percent forthe entire period from 1948 to 1965.The rate was highest (5 percent) in theyears that included the Korean warbut showed a considerable retardationfrom 1953 to 1957 and from 1957 to1960.

The fastest growing markets in the1960-65 period have been consumerdurables and private investment. Con-sumer durables increased at an averagerate of 7% percent and private invest-ment by 5% percent; for both, averagerates of increase were well above thoseof prior periods. The high rate for con-sumer durables since 1960 has reflectedin large measure the unusual growth inautomobile demand, and the increasein private investment has been dueprimarily to exceptionally large gainsin producers7 durable equipment.

The growth since 1960 in consumerspending on nondurable goods andservices combined, almost 4 percent,has been somewhat smaller than thegrowth of real GNP but larger thanthe averages of the earlier periods.Consumer purchases of nondurablegoods and of services were both up ascompared with earlier periods, butthe rise in nondurables was moremarked.

The two government sectors showdiverse patterns. Since 1960, FederalGovernment purchases have increasedat an average annual rate of 2% percent,about half the rate for total GNP,while State and local purchases haveincreased at a 5-percent rate.


• • • • • • • i CHART 17

Since 1960 the Growth Rate of Real GNP Has Exceeded the PostwarAverage and Has Been Much Higher Than in the Period 1953-60

Percent (Average Annual Rate of Change)

GROSS NATIONAL PRODUCT

1948- 48- 53- 57- 60-65 53 57 60 65

As Compared With 1953-60, Changes in Growth Rates in the Past 5 Years Have Been Pronouncedin Durable Consumption Expenditures, Gross Private Domestic Investment, and Federal Purchases —

PCE, DURABLE GOODSGROSS PRIVATEDOMESTIC INVESTMENT

24.2

1948- 48- 53- 57- 60-65 53 57 60 65

1948- 48- 53- 57- 60-65 53 57 60 65

-7.3

1948- 48- 53- 57- 60-65 53 57 60 65

and Smaller in Other Consumption Expenditures, and State and Local Government Purchases8 8

PCE, EXCLUDING DURABLES STATE & LOCAL PURCHASES6 6

1948- 48- 53- 57- 60-65 53 57 60 65

1948- 48- 53- 57- 60-65 53 57 60 65

These Market Shifts From 1953-60 to 1960-65 Have AffectedMainly the Growth Rate of Durable Goods Production

10DURABLE GOODS, TOTAL

1948- 48- 53- 57- 60-65 53 57 60 65

NONDURABLE GOODS, TOTAL

1948- 48- 53- 57- 60-65 53 57 60 65


SERVICES, TOTAL

• •1948- 48- 53-65 53 57

j••57-60

•I60-65

STRUCTURES

_•• I_•_•1948- 48-65 53

••53-57

J•57-60

••60-65

8

6

4

2

-0


The Balance of Payments

J_ HE year 1965 opened with thebalance of payments and U.S. reservesunder severe strain. Both exports andimports were low because of the strikein the shipping industry, but sinceexports were more severely affected, thetrade balance was sharply depressed.Capital outflows, which had risen sub-stantially in 1964, continued to expand,particularly through increased bankJoans and direct investments; the risemay have occurred partly in anticipa-tion of later restrictions. Gold outflowswere among the highest on record.They reflected an extraordinary demandfor gold not only from foreign officialagencies but also from foreign privatesources. This demand was stimulated

Table 1.—U.S. Balance-of-Payments Trans-actions, 1963, 1964, and January-Septem-ber 1965 at Annual Rate

(Billions of dollars)

U.S. payments (recorded), ex-cluding reserve assets:

Imports of goodsImports of servicesPrivate remittances and

Government transfersGovernment grants and net

capital flowsIncrease in U.S. private as-

sets abroad, net . _ ___

U.S. receipts (recorded), ex-cluding liquid liabilities:

Exports of goods ___Income on investmentExports of servicesIncrease in foreign assets in

the United States, net

Change in U.S. official reserveassets, net (decrease —) _

Change in liquid liabilities (in-

Foreign official agenciesOther foreign accounts _.

Errors and omissions (net pay-ments —) __

1963

16.999.45

.83

3.58

4.46

22.074.655.63

.77

- . 3 8

-1.60- . 6 2

- . 4 0

1964

18.629.84

.84

3.56

6.46

25.295.466.27

.68

- . 1 7

-1.05-1.55

-1.16

Jan.-Sept.1965

aUyadjustedannualrate)

20.8710.37

1.00

3.33

3.64

25.526.306.56

.04

1.27

+1.03-1.03

- . 4 8

by the large dollar outflow in previousperiods. The adverse balance of pay-ments of the United Kingdom and theresulting decline of confidence in sterlingduring the latter part of 1964, whichoriginated largely with nonofficial ster-ling holders, may also have contributedto the widespread rise in the demandfor gold.

These developments formed the back-ground for the actions taken by thePresident last February in which heconfirmed the intent of the Governmentto maintain the current exchange valueof the dollar, and announced a programto achieve that goal. The programconsisted mainly of an appeal to banksto restrict their lending to foreigncustomers in 1965 to an increase of 5percent over the amounts outstandingat the end of 1964, and also to non-financial corporations to improve thebalance on their foreign transactionsand to repatriate liquid funds heldabroad to the maximum extent. Italso extended the Interest EqualizationTax to loans by banks and otherfinancial organizations. The programincluded an intensification of previousefforts to reduce Government expendi-tures abroad, to increase exports, andto attract foreign travelers to theUnited States.

Certain parts of the program to im-prove the balance of payments wereimmediately effective. Bank loansstarted to decline in March, and sub-stantial amounts of short-term fundswere repatriated by nonbanking cor-porations before the end of the firstquarter. Moreover, the trade surplusimproved with the ending of the dock-workers' strike in the major ports in

mid-February and in other ports earlyin March. For the first quarter as awhole, the decline in reserve assets andthe increase in liquid liabilities to allforeigners totaled roughly $700 mil-lion—after seasonal adjustment—con-siderably less than in the last quarterof 1964 and during the first 2 months of1965. Excluding liquid liabilities toforeign private accounts, the adversebalance was slightly lower.

Repatriations of banking claims,further withdrawals by nonbankingcorporations of funds held in foreignbanks, and the speedup in strike-delayed export shipments resulted instill more improvement of the balanceduring the second quarter. However,the effects of the balance of paymentsprogram and the settlement of the ship-ping strike were partly offset by slug-gishness in business activity in some of

Table 2.—U.S. Private Assets Abroad: Sug-gested Ceilings Outlined in 1966 Balanceof Payments Program

(Billions of dollars)

Net capital outflows for direct investments and rein-vested earnings in developed countries:

1962-64 total — 7.92Direct investment outflow _ 4.89Reinvested earnings _ 3.03

1965-66 ceiling (90 percent of 1962-64 total) 7.13

Claims on foreigners reported by U.S. banks:

Amount outstanding December 31,1964___.„_.__ 9.49September 30,1965 9.48December 31,1966 ceiling -- 10.44

Foreign assets of nonbank financial institutions:*

Amount outstanding December 31,1964 — - 3.39September 30,1965 3.10December 31,1966 ceiling... 3.25

Short-term foreign assets of U.S. corporations:

Amount outstanding December 31,1964_ _ _ .45September 30,1965 .26December 31,1966 ceiling.__ .43

*Ceiling on assets over 10 years maturity applies only toassets in developed countries other than Canada and Japan.These amounted to $1.63 billion at the end of September 1965.The December 31,1966, ceiling is $1.72 billion.

16


January 1966

the major countries abroad, which hadan adverse effect on U.S. exports, andby the sharp rise in U.S. imports, whichwas related partly to protective buyingin anticipation of a strike in the steelindustry. Nevertheless, the drop in

1 CHART 18

International Transactionof the United States

U.S. PAYMENTS(Excluding reserve assets)

Billion

10 — ~ — —

Errors and Omissions

Increase in U.S.Private Assets Abroad, Net

Govt. Grants and

Net Capital Flow

Imports of Services^

-*- Imports of Goods

U.S. RECEIPTS(Excluding liquid liabilities)

40

30

20

10

„ Increase inForeign Assets in U.S., Net

-— Exports of Services

•#- Exports of Goods

CHANGE IN U.S. OFFICIALRESERVE ASSETS, NET

(Decrease—)

5

0

-5

5

0

-5

CHANGE IN U.S. LIQUIDLIABILITIES^7

(Increase-)

, Foreign Official Agencies

sOther Foreign Accounts

1963 1964 1965*

- Includes net private remittances and unilateral transfers.

^Including certain nonliquid U.S. Government obligations.

'"U.S. payments and receipts are based on Jan.-Sept. data at annual rate; otherdata are estimated annual totals.



reserve assets was reduced in the secondquarter to less than one-tenth of whatit had been in the first quarter, andliquid liabilities, mostly to foreign of-ficial organizations, declined by an evenlarger amount. However, that changeto a favorable balance, the first since1957, was not expected to continuesince it was based to some extent onrepatriations that were not likely to besustained and on a temporary upsurgein exports.

During the second half of the year,the balance turned adverse again sincerepatriations did not continue. How-ever, limitations on new bank loans, adecline in capital outflows through di-rect investments to not much morethan 50 percent of the rate in the firsthalf of the year, and a moderate rise inthe trade balance kept the deficit muchbelow the average rate for the years1958 to 1964. It was not quite $500million in the third quarter and some-what less in the fourth. The balancebased on changes in reserve assets andin liabilities to foreign official organiza-tions during the second half of 1965 wasalso adverse.

For 1965 as a whole, the adversebalance composed of declines in U.S.official reserve assets and increases inall liquid liabilities was less than half ofthe $2.8 billion deficit in 1964. Thealternative balance composed of changesin U.S. reserve assets and in liabilitiesto foreign official organizations only,which had improved substantially from1962 to 1964, probably was littlechanged in 1965.

The total 1965 improvement wasdivided in roughly equal parts betweena reduction in U.S. international pay-ments and an increase in receipts. Onthe payments side, the sharp cutbackin private capital outflows was offset tosome extent by the rise in U.S. mer-chandise imports. In the receipts ac-count, increased merchandise exportsand income on investment bolstered thetotal (chart 18).

Balance of payments developmentsin 1965 indicated that further improve-ments in the balance were still requiredand that the program to achieve themhad to continue. Accordingly, on De-cember 6, it was announced that theprogram would be extended into 1966.

17

The features of the original programwere' retained, and new ceilings for U.S.private assets abroad in 1966 were out-lined. These ceilings for the variouscategories of private capital are listedin table 2.

Economic DevelopmentsAbroad

U.S. international transactions wereaffected by economic developments inthe United States, reviewed elsewherein this issue, and by trends abroad,which are discussed briefly here.

In 1965, the rate of economic growthin most industrial areas abroad sloweddown considerably. This was re-flected in the movement of U.S. exportsand may also have contributed to thedecline in U.S. private capital outflowsduring the year (chart 19). The slowerrise in foreign demand may also havecontributed to the increase in U.S.imports by stimulating foreign business-men with idle productive capacity toexpand their sales in the United States.

In Western Europe, the rate ofeconomic growth slackened in 1965for the second consecutive year. In-dustrial production rose only about 2percent from the fourth quarter of1964 to the third quarter of last year.In France and the United Kingdom,industrial production showed little orno gain over that period. There wasa moderate advance in Germany, andin Italy there was a recovery fromreduced levels of production in 1964.Industrial production in Japan, afterexpanding vigorously for several years,remained almost stationary during1965.

The slower advance in demand inthese areas was reflected in our sales.Exports to Europe, our fastest growingmarket for the past several years, roseby only 2 to 3 percent in 1965, andshipments to Japan also expanded verylittle.

In Canada, industrial activity con-tinued to increase last year, keepingpace with the expanding U.S. economy.Canada was the most buoyant marketfor U.S. exports in 1965; shipmentsthere expanded by approximately 10percent.


18

Demand in the expanding economiesof Australia and South Africa also con-tinued to increase in 1965, and eventhough reduced foreign trade earningscaused a drop in their reserve holdings,U.S. shipments to those countries ad-vanced for the second straight year.

Modest increases in foreign exchangeearnings of the less developed countries(other than those producing oil) wereused to finance larger expendituresabroad in 1965. These were reflectedin U.S. exports to these countries, whichrose slightly in 1965.

The current outlook for 1966 is forthe Canadian economy to continue toboom and for rates of growth in someWestern European countries and inJapan to improve moderately. Foreignexchange earnings of the less developedcountries may rise through increasedsales to the industrial areas. With U.S.demand also rising rapidly and withproductive resources in the UnitedStates more fully employed, an acceler-ation in foreign business activity maynot affect U.S. exports, particularlycapital goods, as much as it did in thepast.

* • •

Special developments in the UnitedKingdom

The uncertainty of the balance ofpayments position of the United King-dom which followed the serious sterlingcrisis of November 1964 and persistedthrough the early fall of 1965 had amajor impact on U.S. internationaltransactions. The conversions in thespring and summer months of U.S. cor-porate securities held by British author-ities and the deferral for the secondstraight year of the annual payment ofprincipal and interest due the UnitedStates on the postwar loan to theUnited Kingdom affected our paymentsposition adversely. In addition, duringthe summer months, the Federal Re-serve Bank of New York extendedsubstantial assistance on a swap basis,increasing holdings of sterling in ex-change for dollars. Beginning in Sep-tember, the British position improvedconsiderably when a 10-nation standbycredit was accorded the United King-dom and confidence in the pound wasrestored. These developments resultedin large shifts of foreign-held liquid


dollar assets from foreign official toprivate accounts during the third quar-ter and back to foreign official accountsin the fourth quarter of last year.

Merchandise Trade

The merchandise export surplus nar-rowed from $6.7 billion in 1964 to about$5.0 billion in 1965. U.S. exports ofmerchandise, after a 15-percent rise in1964, rose about 4 percent in 1965.Imports, in contrast, increased about 15percent in 1965 after a 10-percent gainin the preceding year.

In addition to the slower rise inforeign demand in 1965, exports may

I CHART 19-

Industrial Production and RelatedU. $. Foreign Trade inMajor Industrial Areas

1961

160

140

120

100

= 100

UNITED STATES

U.

iiiilil

/Imports ^ y ^ i ^ ^

U.S. Industrial Production

80

160

140

120

100

80

160

140

120

100

80

160

140

120

100

80

I I I I I I I I I I I I

CANADA

Canadian Industrial Production^

s

I I I I I I I I

WESTERN EUROPE

U. S. Exports to W. Europe

i i

S. Exports toCanada

| |

7I I I I I I I I

W. European Industrial Production

I I I I I I I I I I I I I I I

JAPAN

Japanese IndustrialProduction

\

l I i I l I I I I I I64 65 66

Seasonally Adjusted

* Major U. S. strikes in shipping industry


January 1966

have been affected by reduced capitaloutflows. Some of the loss of exportscaused by the dockworkers' strike earlyin the year may have been irretrievable.Also, as demand pressed against plantand labor capacity in this country,lengthened delivery times and less ag-gressiveness by U.S. firms selling inforeign markets may have weakenedour competitive position.

U.S. exports in the first half of 1965dipped below the level in the precedinghalf year partly because of reducedagricultural shipments and partly be-cause some goods had been preshippedin late 1964 to avoid delay from thelongshoremen's strike. In the secondhalf of the year, both agricultural andnonagricultural shipments increased,and total exports rose to a new record.

For the year as a whole, agriculturalexports were about equal to those in1964. Exports of feed grains and vege-table oils continued to expand in 1965and offset declines in cotton and wheat.Wheat exports picked up after midyearwhen the U.S. price fell and Europeandemand rose. Most of the advance innonagricultural exports was in capitaland automotive equipment. Other in-creases in exports included nonferrousmetals, reflecting both volume andprice gains.

In both 1964 and 1965, the ac-celerated advances in domestic produc-tion and income resulted in substantialincreases in imports. Industrial sup-plies and materials accounted for a largepart of the gain in U.S. imports lastyear. Some of this rise was in steelproducts, for which large foreign orderswere placed as a hedge against thethreatened steel strike in the UnitedStates.

Imports of capital equipment andconsumer goods also increased con-siderably in 1965. Only imports offoodstuffs showed little change from1964. This was partly because ofreduced prices for imported foodstuffsand partly because for some foodstuffsdomestic inventories were drawn downin lieu of a larger volume of imports.

Government Transactions

U.S. military expenditures, after de-clining during 1964 and the first quarter



Employment—Prices—Finance

J_ HE strong expansion of the economyin 1965 was accompanied by an un-usually large advance in employment.Although the rise in the labor force wasabove the average of recent years, theexpansion in jobs was greater andunemployment was significantly re-duced. On an annual basis, the un-employment rate averaged 4.6 percentlast year, as compared with 5.2 percentin 1964 and 5.7 percent in 1963. Atthe start of 1965, the unemploymentrate was 5 percent, but the steadyimprovement through the year broughtthe rate by yearend close to theAdministration's interim goal of 4percent.

Toward the end of the year, thelabor market presented a mixed picture.Unemployment rates for young peoplewere still far above average; despiteimprovements, rates among Negroeswere nearly double the average; ratesfor white adults were quite low. Incertain occupations and industries inparticular geographic areas, labor short-ages were prevalent.

Labor force expands

The civilian labor force averaged75.6 million in 1965, a rise of 1.4 millionfrom 1964. The growth in the laborforce was slightly larger than the yearbefore, and considerably larger than inthe earlier years of the 1960's. Thelargest relative expansion in 1965 wasin the teenage group, which rose bymore than 500^000 for the year as awhole and by 1 million within the year.These large increases were mainly a re-flection of the bulge in the birth rate inthe very early postwar period. Thenumber of adult women in the labor

force continued to grow, with a rise of600,000, but the number of adult menrose only 200,000.

&^;^"iC::^^^^wc^T-:>?i:-:::-. CHART 20

Labor Market DevelopmentsThe 1.8 million rise in employment last yearexceeded the large increase in 1964

Million Persons

76

72

68

64

60

CIVILIAN EMPLOYMENT(Household Data)

Total

5 6 i i I i I • i I I i I I I I I I

Both the level and the rate of unemploymentwere the lowest since 1957

8UNEMPLOYED (All Civilian Workers)

o i i i i i i i i i i i i i i i

Percent

20UNEMPLOYMENT RATE

15

10

Married Meno i i i i i i i i i- i i I I i i

1950 52 54 56 58 60 62 64

Data: BLS


Total civilian employment, at 72.2million (household basis), increased 1.8million from 1964 to 1965. Adultwomen accounted for a little more than700,000 of the increase and adult menand teenagers for roughly 500,000 each.For adults of each sex, the employmentincrease exceeded the rise in the laborforce; for teenagers, the advances wereabout equal.

Increases widespread by industry

Except for employment in agricultureand mining, where longrun declineswere extended, employment in 1965showed a broad industrial advance thatwas sustained throughout the year andaccelerated in the fourth quarter. Innonagricultural establishments, the gainover 1964 was more than 2 million jobs",and in manufacturing alone, almost %million. About half of the overall risewas in private nonmanufacturing, withall major groups except mining con-tributing to the advance. In nonmanu-facturing, relative gains were large intrade and finance, where employmenthas been showing a strong secular in-crease, and in contract construction,which rose mainly because of the largeadvance in private nonresidential con-struction last year. State and local

t government employment was up 400,000,extending the strong upward trend ofthe past several years, but Federalemployment was little changed.

Last year's large increase broughtfactory employment to an all time highof 18 million, which exceeded the post-war peak of 1953 as well as the all timepeak reached during World War II.In the durable goods industries, wherethe 1965 expansion in employmentcentered, a tight labor market developed

19



toward the end of the year, withshortages appearing in several types ofskills. Employment increases in 1965were quite general throughout thedurable goods group. Transportationequipment and electrical equipmentled the advance, and machinery andfabricated metal products also madegood gains. In the nondurable goodsindustries, small employment increasesoccurred in all except the food, tobacco,and petroleum refining industries.

Rise in blue collar employment

Both white and blue collar employ-ment rose considerably last year. Forthe former, it was an extension of alongrun trend, but for the latter, it wasa development of fairly recent origin,as chart 21 shows.

The absence of long-term growth inmanufacturing employment for severalyears after 1953 was a factor in thelack of growth of blue collar employ-ment. Since the current economicexpansion started in early 1961, how-ever, such employment has been movinghigher. It is only in the last 2 years,

CHART 2]

Employment Trends, by Occupation

• Employment of blue collar workers has risento new highs in the past 2 years

• The uptrend in employment of white collarworkers has been extended

Millions34

HOUSEHOLD DATA

White CollarWorkers N

32

30

28

26

24

22 I I I I I I I I I I I I I1953 55 57 59 61 63 6 5

Data: BLS


however, when manufacturing increasedconsiderably, that blue collar employ-ment showed a sharp expansion. Moreblue collar workers were employed in1965 than at any other time in thepostwar period.

Longer hours

The expansion in labor requirementslast year was met largely by increasedemployment, but hours of work werealso lengthened, both by increasedovertime work and by the substitutionof full-time work for part-time sched-ules. In nonagricultural industries, thenumber of persons working over 40hours per week increased by nearlyIK million from 1964 to 1965; a similarincrease occurred in those workingfrom 35 to 40 hours. A decline of over1 million took place in those workingless than 35 hours.

The average workweek for productionworkers in manufacturing exceeded 41hours in 1965 for the first time (annualbasis) since World War II. The risefor the full year was 0.4 hours. In-creases in hours worked per week weregeneral by industry and were largerthan average in durable goods, whereovertime work was especially heavy.

General reduction in unemployment

Fewer persons were out of work in1965 than in any other year since 1957.The average number of unemployedwas 3.4 million, a reduction of 400,000from 1964 and a substantial improve-ment from the second quarter of 1961,when unemployment, at 5 million, wasat its recent peak.

The reduction in both the level andrate of unemployment in 1965 wasquite general, except for teenagers, andduring the year extended throughoutthe various categories of occupation,sex, color, marital status, and length oftime unemployed (table 1). Adultmale unemployment, which droppedjust below 4 percent in 1964, declinedto 3.2 percent in 1965; for adult females,the rate declined from 5.2 percent to4.5 percent. For the most experiencedgroup in the labor market, married men,the unemployment rate in Decemberwas 1.8 percent, the lowest since 1953.

The level of teenage unemploymentwas unchanged, and the rate, though

a little lower than 1964, continued highat 13.6 percent. The outstanding de-velopments in the teenage labor marketlast year were the unusually large risein the teenage labor force and the suc-cess young people had in finding jobs.The rise in employment reflected boththe buoyant demand for labor andspecial efforts to employ teenagers—the President's summer employmentprogram and the programs associatedwith the attack on poverty.

Table 1.—Selected Aspects of Unemploy-ment

[Percent]

Unemployment rates:Total.

Male..

14 to 19 years ofage____—_

20 and over

WhiteNonwhite..Married, with

spouseSingle

Female..14 to 19 years of

age..—20 and over _

White......Nonwhite..Married, with

spouse ...Single......

By Occupation:

White-collarworkers,- .

Professionaland technical.

Managers, offi-cials, andproprietors

Clericalworkers-—.

Sales workers __

Blue-collarworkers __

Craftsmen andforemen-——

Operatives.-—Nonfarm

laborers-..—-.

Service workers. _Private house-

hold workers.Other service

workers-——

Farmworkers.--—Farmers and

farm man-agers...__

Farm laborersand foremen. _

Percent distributionof unemployed byduration of unem-ployment:

Less than 5 weeks.5-14.15-26————27 weeks and over.

1956 1959 1960 1961 1962 1963 1964 1965

9. 6 13. 8 14. 0 15. 4 13.3 15. 5 14. 5 13.1

2.37.7 11.6 11.7 13.

4.3

9.9 12.3 12.9 14.8 13. 2 15.7 15.0 14.3

3.65.3

1-7

1.0

5.1

4.6

4.

4.8

1.9

.4

3.7

11. 5 10.7 12.9

3.6

5.9

5.1

3.7

5.9

9. 5 11.9 11.1

8.2 12.4 12.5 14.5 12.4

7.2

6.3

6.5

7.0

5.9

7.4

3.0

.4

5.7

10.7 12.3 12.8 15.18.2 15.0 11.5 16.7 14.6 13.3 12.4

11.0 10.6

3.611.2 12.4 11.5 10.1

6.2

11.3 10.8

52.6 43.5 45. 7 39.5 43.8 44.3 46.1 49.729. 2 29.9 28.6 28.3 29. 5 28.8 28.5

13.312.812.6 11.7

3.4

6.5

7.2

4.87.4

12.1

6.0

5.2

6.2

3.0

5.5

2.8

6.2

1.7

6.3

4.26.5

10.6

5.8

4.9

6.1

3.1

4.64.0

3.2

3.6

2.4

5.5

4.-5

5.09.3

4.58.2

2.3

1.5

1.1

3.23.3

5.3

3.65.5

8.4

5.2

4.2

5.5

2.6

4.8

10.2

Source: U.S. Department of Labor, Bureau of LaborStatistics.


January 1966

Price Developments

In 1965, prices continued the mod-erate uptrend that has been evident inrecent years, although increases weresomewhat larger than in any other yearof the business expansion. The larg-est rises occurred in the second quarterand in the closing months. The springincrease was primarily in farm productsat all market levels; the advance late inthe year was somewhat more general.

The most important price develop-ments in 1965 were the large increase infarm prices and the modest advance inwholesale industrial prices after severalyears of little change. The table be-

SURVEY OF CUEEENT BUSINESS

low shows annual percentage changesfor major price measures:

CHART 22

Wholesale Price IndexPercent change from previous year

8TOTAL

11.-4

1955 56 57 58 59 60 61 62 63 64 65

Farm Products

nu

n

-4

Processed Foods

11

Commodities Other

n

1—RN HRI am

than Farm Products & Foods

. n „ .• •„ ,

p

i n

1955 56 57 58 59 60 61 62 63 64 65


Consumer price index

Wholesale price index

Industrial commodi-ties

Prices received by farm-ers

1961-62

1.2

.3

0

1.7

1962-63

1.2

- . 3

- . 1

- . 8

1963-64

1.3

.2

.5

- 2 . 5

1964-65

1.6

2.0

1.3

5.1

Data: BLS66-1-22

Wholesale industrial prices riseLast year, wholesale prices of com-

modities other than farm products andprocessed foods, which had remainedvirtually unchanged from mid-1959 tolate 196^, moved moderately but dis-tinctly higher. On an overall basis,prices rose each quarter, and for theentire year, they averaged 1.3 percentabove the 1964 level.

Several factors contributed to theincrease in industrial prices in 1965.With capacity utilization in manufac-turing for the year as a whole higherthat at any other time during thecurrent expansion and close to the veryhigh rates of 1955, rising demand wasreflected in price boosts in a number ofindustries. Higher unit costs alsocontributed to price increases. Insome industries, shortages of qualifiedworkers, chiefly late in the year, wereresponsible for rising unit labor costs ;in others, the utilization of marginalplant facilities pushed up productioncosts. In the closing months of theyear, the escalating military conflict inVietnam may have given rise tospeculative price increases.

Federal Government policies had adirect influence on prices last year.After the announcements of price in-creases for copper and aluminum in thefall, the Government intervened active-ly under the wage-price guideposts tobring about revocation of the increases.The existence of the guideposts un-doubtedly served as a deterrent toother price advances. In addition,most of last year's cuts in excise taxeswere passed on in the form of lowerprices, particularly for motor vehiclesand several consumer appliances.

Among the 13 major commoditygroups of the BLS index, metals, fuels,hides, and miscellaneous products regis-tered price increases for the full yearthat exceeded the average rise; 8 other

Wholesale Pr ices-Industrial Commodity Groups

21

i CHART 23

1957-59 = 100

1.04

100

ities Other "Commodities Other ThanFarm Products &

I! I I I I I I I II

1963

I I I I I I I I I I I

1964

I I I I I I I I I I I

1965

These groups showed above average

increases from 1964 to 1965. . .

116

112

108

104

100

96

92 I I I I I I I I I II I I I Ml I I I

These showed small rises...

108

104

100

96

Machineryar]d Motive Products

\

9 2 I I I I I I I I I I I

Pulp & Paper'

— " \Chemicals

I I I I I I I I I I I I I I I I I I I I I I

and these little change112

108

104

100

96

92

88 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I

1963 1964 1965

Seasonally AdjustedData: BLS, with seasonal

adjustment by OBE




categories were up less than 1 percent,and 1—furniture and appliances—de-clined (chart 23). On a weightedbasis, about two-fifths of the 1.3percent rise in industrial commodityprices was due to higher prices formetals and metal products, and of thisincrease, 70 percent was attributableto nonferrous metals. Fuel and ma-chinery prices each accounted for aboutone-sixth of the overall industrial priceincrease.

The price increase in hides, skins, andleather—which was the largest amongthe major commodity groups—$vas as-sociated with a restriction of supplies,arising from the reduction in cattle andhog slaughter, and with a substantialincrease in demand, especially from shoemanufacturers. Fuel prices reboundedfrom the low level reached late in thesummer of 1964, when inventories werevery heavy. As excess stocks of refinedpetroleum products were worked off, thegasoline price wars came to an end.

Prices of metals and metal productscontinued to rise last year, extendingthe uptrend that began early in 1963.Much of 1965 advance was attributableto higher prices for nonferrous metals,as strong worldwide demand and strikesin major producing countries squeezeddomestic supplies. Iron and steelprices as a group were relatively stable;scrap prices fell sharply and prices forsteel mill products showed small selec-tive increases. The upswing in busi-ness capital outlays continued to push

up prices for most types of nonelectri-cal machinery. However, because ofstability in motor vehicle and electricalmachinery prices, the overall index ofmachinery and equipment prices roseonly moderately.

Price increases more frequentOne aspect of the rise in wholesale

industrial prices over the past yearhas been the greater frequency ofprice increases and the lesser frequencyof price decreases as compared withother years of the current expansion.This is brought out in table 2.

The data in table 2 are based on1,418 industrial commodities in theBLS Wholesale Price Index for whichcontinuous series exist back to October1961. For each of four timespans,frequency distributions of percentchanges are presented by size and direc-tion of change for all items and fordurables and nondurables separately.Over 80 percent of all industrial itemsare included. Preliminary October1965 figures were the most recentdetailed data available when thetabulation was made.

Approximately half of the com-modities registered some price increasefrom October 1964 to October 1965,and the proportion was the highestfor any of the timespans shown.Increases of 2 percent or less did notchange much in relative importanceover the entire 4-year period; advancesof more than 2 percent—especially

Table 2.—Frequency Distributions of Changes in Wholesale Industrial Prices

Percent change

10.01 and over.-_-_5.01 to 10.00——-4.01 to 5.00 -3.01 to 4.00_._2.01 to 3.00..._1.01 to 2.00-. -0.01 to 1.00.._—--

0-0.01 to -1.00_____-1.01 to -2 .00 . . . - .-2.01 to -3.00.____-3.01 to -4.00-4.01 to -5.00-5.01 to -10.00____—10.01 and over.__

Total

IncreasesNo change ._.Decreases _-_

Total

Total (1418 commodities)

Oct.1961-Oct.1962

2.84.01.93.55.18.79.7

36.15.64.23.32.01.95.65.6

100.0

35.736.128.2

100.0

Oct.1962-Oct.1963

3.06.14.75.24.57.88.5

36.24.63.92.72.22.04.73.8

100.0

39.836. 224.0

100.0

Oct.1963-Oct.1964

6.86.13.34.06.68.7

10.032.95.43.91. 82.71.53.62.5

100.0

45.632.921.5

100.0

Oct.1964-Oct.1965

6.39.43.26.47.69.48.0

29.85.33.22.31.81.63.12.5

100.0

50.329.819.9

100.0

Durable (829 commodities)

Oct.1961-Oct.1962

3.04.32.24.56.39.9

10.330.56.35.43.02.21.85.54.8

100.0

40. 430.529.1

100.0

Oct.1962-Oct.1963

2.85.75.86.85.7

11.110.930.84.54.02.32.12.74.11.1

100.0

48.630.820.6

100.0

Oct.1963-Oct.1964

7.06.54.15.28.99.9

12.225.76.54.31.62.11.32.81.9

100.0

53.825.720.5

100.0

Oct.1964-Oct.1965

5.29.73.37.78.1

11.89.7

22.35.54.03.12.21.92.53.0

100.0

55.422.322.3

100.0

Nondurable (589 commodities)

Oct.1961-Oct.1962

2.43. 6-1.52.23.47.19.0

44.04.82.53.71.72.05.66.6

100.0

29.044.027.0

100.0

Oct.1962-Oct.1963

3.26.83.13.12.93.25.1

44.04.83.93.22.41.25.67.6

100.0.

27.344.028.7

100.0

Oct.1963-Oct.1964

6.55.42.22.43.47.17.0

43.13.93.42.23.21.74.83.4

100.0

34. 043.122.9

100.0

Oct.1964-Oct.1965

7.89.03.14.67.06.15.6

40.44.92.21. 01.41.23.91.9

100.0

43.140.416.5

100.0

NOTE.—Detail may not add to total due to rounding.

Source: Basic data, BLS. Calculations by OBE.

those in excess of 5 percent—becamemore numerous.

About 30 percent of the commoditiesshowed no change, and 20 percentshowed declines from October 1964to October 1965. The proportion ofdecreases of 2 percent or less wasroughly the same throughout the4-year period; the proportion ofdecreases above 2 percent, particularlythose greater than 5 percent, declinedsteadily.

Farm and food prices advance

From 1962 to 1964, a downwarddrift in prices of farm products (fos-tered by a favorable supply situation),relative stability in wholesale foodprices, and only modest increases inretail food prices, made an importantcontribution to overall price stability.Last year saw a marked change attrib-utable chiefly to sharply higher pricesfor livestock and meat. On an overallbasis, prices at all levels of productionand distribution rose rapidly duringthe first half of 1965. In general,prices changed relatively little duringthe summer and fall months.

Wholesale market prices for farmproducts rose nearly 8 percent, sea-sonally adjusted, from December 1964to June 1965. From June to Novem-ber, there was little further net change,but in December, farm prices were againmoving higher. As chart 22 shows, the4%-percent rise in wholesale prices forfarm products from 1964 to 1965 wasthe largest annual increase since 1958.Prices for fruits, vegetables, and grainsmoved lower last year under the in-fluence of record crop production, butprices of livestock were one-sixth abovethe 1964 average. In early December,prices of hogs in Chicago were at a17-year high, nearly double the marketprice a year earlier.

In the first half of 1965, the rise inprocessed food prices at wholesale mar-kets did not match the increase for farmproducts. Unlike farm product prices,however, wholesale food prices contin-ued to move up during the last half of1965 as processors adjusted to higherraw material costs. For the full year,

. the advance from 1964 in wholesalefood prices—more than 4 percent—nearly equaled that of farm products.


January 1960

Prices paid by consumers for food, atboth grocery stores and restaurants,reflected the rise in wholesale prices.From January to July, food-at-homeprices in the consumer price index rose4 percent, seasonally adjusted, chieflyas a result of a 10-percent increase inthe meat, poultry, and fish index.With meat prices stabilizing after mid-summer, the index leveled out andtoward the end of the year declinedslightly. For the year as a whole, foodprices were about 2){ percent above the1964 level, as compared with increasesranging from 1 to 1% percent in thepreceding 4 years.

i CHART 24

Consumer Price Index Advanced to aNew Peak During 1965Rise exceeded increases in other recent years

1960 61 62 63 64 65

Food prices rose sharply in first half of 1965

Nonfood commodity prices showed asmall advance

SURVEY OF CUEEENT BUSINESS

Nonfood consumer prices mixed

Consumer prices for commoditiesother than food rose only two-thirds of1 percent from 1964 to 1965, thesmallest increase since 1961. The mid-year reduction in Federal excise taxeson automobiles, appliances, and otherconsumer items and price reductionsfor durable goods not associated withthe tax cut offset increases in appareland fuel.

In automobile markets, prices werelower despite record sales. Last year's2^-percent reduction in new car prices,the fourth successive annual decline,brought prices of new automobilesnearly 5 percent below the 1959 peak.Seasonally adjusted data show a definitetwo-stage reduction within the year.Prices fell about 2% percent after thetax cut and somewhat less in the fourthquarter. Used car prices (not directlyinfluenced by the tax reduction), whichrose one-fifth from 1960 to 1964,declined rather steadily throughout 1965.Although average prices for the yearwere down less than 1 percent from1964, yearend quotations were about 4percent under the figures a year earlier.Prices for household durable goods fellfor the seventh straight year; of the 1 %-percent decline from 1964, about one-half was attributable to the tax cut.

The long upward trend in serviceprices continued last year, with theaverage advance, 2% percent, slightlyabove the annual increases from 1961to 1964. Gains were fairly general and,as in recent years, were smaller forrent than for most other services.

124

120

116

112

'Rise in service prices continued

Services Less Rent

i960 61


Financial Developments

Last year's expansion in economicactivity was accompanied by a markedincrease in the pace of credit demands.Most of the increase came from corpora-tions, but consumers and State and localgovernments also stepped up theirborrowing; the Federal Governmentmade only minor net demands on moneyand capital markets. The supply offunds available to meet the rising needfor credit accommodation showed in-creasing signs of stringency in thesecond half of the year, and interestrates moved moderately higher. Until

23

very late in the year, continued pressureby the Administration had been animportant influence in keeping bankrates on short-term business loansrelatively stable. In December, afterthe Federal Reserve raised the discountrate, the rise in interest rates of mosttypes accelerated.

Monetary policy less easy

Last year, the Federal Reserve sub-jected bank reserve positions to pressuresomewhat greater than in 1954. Dur-ing each month of 1965, borrowedreserves were substantially higher thana year earlier; total bank reserves in-creased $0.8 billion, not fast enoughto support the rise in total bank credit.These higher reserves were providedby increased bank currency holdingsand by a record volume of FederalReserve purchases of U.S. Governmentsecurities, which were $4 billion lastyear as compared with $3% billionin 1964.

Credit expansion by commercialbanks in 1965 reached a record of $26billion, as compared with $18 billionand $21 billion in 1963 and 1964respectively. Business loans rose mark-edly above the 1964 pace, $11 billionas compared with $6 billion. The in-crease was particularly sharp in thefirst quarter, when inventory accumu-lation was very large and just before thevoluntary guidelines on foreign lendingwere adopted. The rate of increase inbusiness loans slackened in the secondhalf to $4K billion at an annual rate.Banks also increased their lending toconsumers and their purchases of Stateand local government securities, butreal estate lending was little changed.

With reserve positions somewhattighter and loan demands heavy, bankholdings of U.S. Government securitiesdeclined very sharply in 1965; theydropped $4 billion as compared withless than $1 billion in 1964. The declinebottomed out at the end of the thirdquarter, and holdings of Governmentsrose slightly in the last quarter. Theseincreases in bank assets were matchedon the liability side by a $23 % billionincrease in deposits. Demand de-posits were up $5 billion as comparedwith a gain of $4^ billion in 1964.



Time deposits rose more sharply, $20 Kbillion as against $15 billion in 1964,and Government deposits declined.Since reserve requirements are lowerfor time deposits than for demanddeposits, this sharp rise contributed toan expansion in bank credit.

Corporate investment higherA sharp rise in the investment and

working capital requirements of non-financial corporations outstripped asubstantial increase in their internalfunds last year. Consequently, cor-porations stepped up their externalfinancing and reduced their holdings ofliquid assets.

Fixed investment expenditures bynonfinancial corporations in 1965 weremore than $9 billion above the 1964total. Corporate inventories rose $6billion in 1965 as compared with an

Interest RatesLong-term rates moved up, mainly in the latter part of 196$

Percent

6

Corporate Baa Bonds

increase of $4^ billion in 1964. Thepeak in accumulation was reached inthe first quarter, after which inventoryinvestment tapered off.

Direct investment abroad by cor-porations in the first three quarters of1965 was $3K billion as compared with$2% billion in all of 1964. The greatestpart of the increase occurred in thefirst half of 1965; the reduction inthese outlays as the year progressedreflected the efforts of firms to cooperatein the program to improve the balanceof payments.

Before-tax profits of nonfinancialcorporations rose 15% percent above1964 to $62 billion; the reduction inFederal taxes contributed to a relativelygreater increase in after-tax profits.Since dividend payments did not keeppace with the increase in earnings,undistributed profits rose $4% billion

CHART 25

State and Locaf Baa Bonds'

3 I i I I I I I I 11 I I I I I I I f I I I 1 I I 1 I I f I I I I ! 11 I I i i I I 11 I I I f i 11 | I | I 1 | I | ( I 1 | I I I M | I | I | I I | t ! t I I I Ii I I I I I ! I I I 11 I I

and short-term rates rose, particularly in December

2 I I If I I I I 11 I t I I I I I I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I I I1959 60 61 62


U. S. Treasury Bills

(New Issues)

1111111111 11111 if I 111! I 11111 I i II11 1111111111

63 64 65 66

Data: Treas., Moody's & FRB

66-1-25

or 28 percent over the previous year.Net cash flow—the sum of undistributedprofits and capital consumption allow-ances—increased $6% billion in 1965 ascompared with a $5 billion advance in1964.

With internal funds rising less thaninvestment and working capital needs,new bank loans increased $6 billionfrom 1964 to 1965. Bond issues roseto $6% billion as compared with $4billion in 1964. Retirements of stockissues about equaled new flotations, incontrast to a net issue of $1% billionin 1964.

In 1965, liquid assets declined atabout the same rate as in 1964. Withinthis total, U.S. Government securities,demand deposits, and currency de-creased, and time deposits rose.

Consumer debts and assets upMortgage financing by consumers in

1965 was little different from 1964 be-cause of the comparative stability insingle-family home construction. How-ever, the sharp rise in purchases ofconsumer durable goods was accom-panied by a large increase in the useof credit. Consumer installment creditoutstanding increased $7% billion in1965, after an accretion of $5K billionin 1964. Automobile paper accountedfor almost half of the 1965 advance.

In the fourth quarter of 1965, theratio of installment debt to disposablepersonal income stood at 13.7 percent,as compared with 12.9 percent a yearearlier. Nevertheless, the most recentratio did not appear high when gaugedby postwar trends. The ratio has risenthroughout the postwar period, ashouseholds and individuals have madeincreased use of credit to finance theirpurchases and as average loan matu-rities have lengthened.

Consumers' investment preferencesin 1965 featured increased emphasis onbank time deposits and less on savingsand loan shares. Consumers steppedup their investment in mutual funds,about in line with the increase in totalstock market purchases, but decreasedtheir holdings of other types of stocks.

Government borrowing downThe improvement in the fiscal posi-

tion of the Federal Government in 1965was reflected in a reduction in Govern-ment borrowing. Last year, net bor-rowing by the Federal Government


January 1966 SURVEY OF CURRENT BUSINESS 25

totaled a little over $1 billion, in con-trast to $6 billion a year earlier.Within 1965, however, movements inFederal borrowing did not match thewide swings in the Federal fiscal posi-tion. During the first half, when theGovernment ran a substantial surplus,its cash balances were built up. Thesewere permitted to run down in thesecond half as Federal expendituresexceeded receipts.

State and local governments increasedtheir borrowing moderately, from $10%billion in 1964 to $11 billion in 1965.

Interest rates riseOver most of the expansion that

started in early 1961, short-term inter-est rates moved irregularly higher whilelong-term rates were roughly stable.Monetary policy encouraged a rise inshort-term rates in order to dampen theoutflow of capital abroad but wasoriented toward stable long-term ratesin order to facilitate domestic economicexpansion. The fact that corporateinternal funds rose more rapidly thaninvestment requirements was also im-portant in fostering stability in long-term borrowing costs.

In 1965, the monetary authoritiesshifted somewhat from a policy of ease,and the rise in corporate investmentrequirements started to outstrip theincrease in internal funds. Interestrates began to edge up, mainly in thelatter part of the year. On December6, the Federal Reserve raised the dis-count rate from 4 to 4% percent andincreased the maximum rate on timedeposits having a maturity of 30 daysor more to 5% percent.

Short-term rates and long-term yieldsmoved sharply upward throughoutDecember. For the month as a whole,prime commercial paper moved 48basis points above the December 1964rate of 4.17 percent. Over the sameperiod, new 3-month Treasury issuesrose from 3.86 percent to 4.37 percent,and yields on long-term Governmentbonds rose from 4.14 percent to 4 .43percent.

Production Expansion(Continued from page Id)

Comparison with 1953-60When growth rates from 1960 to

1965 are compared with those for the

two periods from 1953 to 1960, it isclear that differences are most pro-nounced for consumer durables, pro-ducers' durable equipment, and FederalGovernment expenditures. The ratefor consumer expenditures other thandurables was moderately higher, butthe rate for State and local governmentpurchases was somewhat lower.

These shifts in markets underlie thechanges in output by type of product.Durable goods output, with a growthrate of 6% percent since 1960, hasincreased far more rapidly than it didfrom 1953 to 1957 or from 1957 to 1960.As compared with the 1953-60 period,average growth rates since 1960 haveaccelerated for each of the other threetypes of products, but not as much asin the case of durable output. Thedifferences over the two periods areleast for service output and greatest forstructures.

Balance of Payments(Continued from page 18)

of 1965, began to rise because of in-creased expenditures in Southeast Asia.Increased military sales offset much ofthe rise in expenditures.

U.S. Government grants and capitaloutflow, net of repayments, remainedclose to the $3.6 billion level of thepreceding 2 years. The small advancein outflow in 1965 was offset by in-creased repayments, which included alarge advance repayment by France inthe third quarter.

Private Capital Outflows

The substantial decline in U.S.private capital outflow in 1965 wasprimarily responsible for the improvedbalance-of-payments position of theUnited States. Through September,the outflow was reduced to $3.6 billionat an annual rate, well below the 1963and 1964 levels of $4.5 and $6.5 billionrespectively.

Principally through large net liqui-dations in the second quarter, bankloans shifted from an increase of $2.5billion in 1964 to a decrease of over$0.1 billion (after seasonal adjustment)in the 9-month period through Septem-ber 1965. Bank credits abroad re-mained well within the guideline of a

$0.5 billion increase suggested for thefull year 1965.

Nearly $0.5 billion in funds investedabroad by nonbank corporations wererepatriated in the first 9 months of 1965.This contrasts with the extraordinaryoutflow of over $0.9 billion in all of1964 and represents a $1.4 billion im-provement over the period. The liqui-dation occurred largely in the first twoquarters of the year.

U.S. direct investments abroad wereexceptionally high in the first half ofthe year before investment plans couldbe changed in response to the Presi-dent's program. Although direct in-vestments declined sharply in the thirdquarter, the 1965 total will probablybe substantially higher than the 1964level of $2.4 billion.

Through September 1965, purchasesof new issues of foreign securitiesamounted to $0.9 billion, seasonallyadjusted, as compared with $1.1 bil-lion for all of 1964. The 1965 pur-chases included a $160 milllion issue bythe International Bank, the proceedsfrom which were placed in long-termtime deposits so that they did not im-mediately affect liquid liabilities. Mostof the other new issues were Canadian.Since the introduction of the InterestEqualization Tax in July 1963, therehave been few issues sold here by coun-tries subject to the tax, but in the firstthree quarters of 1965, the amount in-volved rose to more than $100 million.

Other Major Transactions

U.S. receipts from income on invest-ment continued the strong upwardtrend of recent years. The increase inincome on investment in 1965 may havereflected, in addition to the expandedlevel of direct investment abroad, thereduction in the U.S. corporate incometax rate, changes in the German taxsystem, and, early in the year, someconcern about the balance of paymentssituation of the United Kingdom.

A major change in foreign long-terminvestment in the United States re-sulted from large net sales by foreignersof U.S. corporate securities in thesecond and third quarters, reflectingin part conversions by the BritishGovernment. Total net sales amountedto nearly $0.5 billion in 1965, as com-pared with $0.1 billion in 1964 and withnet purchases of $0.3 billion in 1963.


NATIONAL INCOME AND PRODUCT TABLESTable 1.—Gross National Product in Current and Constant Dollars

1962 1963 1964 1965 v

1964

IV

1965

II III IV v

Seasonally adjusted at annual rates

Billions of current dollars

1962 1963 1964 1965 P

1964

IV

1965

II III TV*


Billions of 1958 dollars

Gross national product.. __.

Personal consumption expenditures. _ _ _ _ _ _,

Durable goods.______Nondurable goods—

Services

Gross private domestic investment ___.

Fixed investmentNonresidentiaL _ ___ .

Structures.Producers' durable equipment __.

Residential structures—___-_____—______Nonfarm ......Farm. _,

Change in business inventoriesNonfarm __.Farm____ __.

Net exports of goods and services _;Exports... __.Imports—-.

Government purchases of goods and services _.Federal ___.

National defenseOther ___________________

State and local

Addendum: Implicit price deflator for seasonallyadjusted GNP, 1958=100_____.________

p Preliminary.

560.3

355.1

49.5162.6143.0

83.0

77.051.719.232.525.324.8

.66.05.3

. 7

5.130.325.1

117.163.451.611.853.7

105.7

589.2

373.8

53.4168.0152.3

86.9

81.254.319.734.626.926.3

.65.74.9

.8

5.932.426.4

122.664.450.813.658.3

107.1

628.7

398.9

58.7177.5162.6

92.9

88.160.521.139.427,527.0

.64.85.4

- . 6

8.637.028.5

128.465.349.915.463.1

108.9

675.6

428.5

64.8189.0174.7

104.9

97.569.824.345.527.627.1

. 67.47.1

. 3

7.239.232.0

135.066.749.916.868.2

110.9

641.1

405.9

57.9180.9167.1

97.7

90.263.521.542.026.726.2

.67.57.8

- . 3

8.938.429.5

128.664.348.815.564.3

109.6

657.6

416.9

64.6182.8169.5

103.4

94.666.923.243.727.727.1

. 68.89.2

- . 4

6.034.728.6

131.364.948.816.166.4

110.0

668.8

424.5

63.5187.9173.1

102.8

96.468.424.543.928.027.5

.66.46.6

- . 2

8.040.432.4

133.565.749.216.567.8

110.8

681.5

432.5

65.4190. 5176.7

106.2

98.670.924.246.727.727.1

. 67.67.0

.6

7.440.132.7

135.466.549.816.768.9

111.2

694.6

440.1

65.7194.8179.6

107.5

100.573.225.447.827.226.7

.57.05.81.2

7.441.434.1

139.669.752.017.7

111.7

530.0

49.2158.4131.1

79.4

73.449.717.931.723.823.2

.66.05.2.7

4.530.025.5

107.560.0

47.5

550.0

352.4

53.2161.8137.3

82.3

76.651.918.033.824.724.1

.55.74.9

5.632.226.5

109.859.7

50.0

577.6

372.1

58.5169.4144.2

86.3

81.757.118.938.324.624.0

.54.65.1

—.5

8.536.527.9

110.757.8

52.8

609.0

394.1

65.4177.0151.6

96.1

88.965.021.243.823.923.3

.57.26.9.3

6.037.331.3

112.857.2

55.6

584.7

376.8

57.9171.8147.1

90.2

83.159.619.040.623.623.0

.57.17.3

37.329.0

109.456.1

53.3

597.7

386.1

64.5173.2148.4

95.4

62.520.342.224.323.8

.58.69.0

- . 4

5.132.927.8

111.256.4

54.8

603.5

390.5

63.4176.4150.7

94.2

88.163.721.442.324.423.9

.56.26.4

- . 2

6.638.531.9

112.156.8

55.3

613.0

396.9

66.4177.8152.7

96.9

89.766.021.045.023.723.2

.57.26.6

6.238.332.1

113.057.0

56.0

621.7

402.8

67.4180.8154.7

97.8

91.067.922.045.923.122.6

.56.85.61.2

6.139.533.4

114.958.fi

56.3

Table 2.—National Income by Type of Income

[Billions of dollars]

National income _ .

Compensation of employees..

Wages and salaries _.Private _ _ _ _.Military—__________Government civilian..

457.7 481.1

323.6 341.0 365.3 391

296.1311.2 333.5 357.'. 4 342.6240.1 251. 6 269.2 288. 5 276.5

Supplements to wages and salaries—Employer contributions for social

insurance_________ __Other labor income___ ___.

Employer contributions to privatepension and welfare funds _______

Other—.— ___.

Proprietors' income-

Business and professional—_________Income of unincorporated enterprises-Inventory valuation adjustment-

Farm—.

Rental income of persons ____.

Corporate profits and inventory valuationadjustment.... ______ __.

Profits before tax._________Profits tax liabilityProfits after tax__

Dividends— _.Undistributed profits-

Inventory valuation adjustment-

Net interest._—__—_.

1962

10.845.2

27.5

13.713.9

11.42.5

50.1

37.137.1

13.0

55.

55.424.231.215.216.0

11.6

1963

514.4 554.6 526.3

.9 375.4

10.848.829.8

15.014.8

12.12.7

50.8

37.837.8

13.0

17.6

58.1

58.626.032.615.816.8

13.6

1964 1965*

11.752.6

31.8

15.416.5

13.52.9

51.1

39.139.1

12.0

18.2

64.5

64.827.637.17.219.9

15.2

12.456.5

34.5

16.318.2

54.5

40.340.6

14.3

18.6

73.1

74.630.144.518.925.6

16.5

1964

IV

1965

II III IV

Seasonally adjusted atannual rates

11.954.3

32.7

15.717.1

51.8

39.6

12.2

18.5

64.9

65.928.137.817.

20.0

- 1 . 0

15.7

540.6 549.5

382.4 387.9

348.9 353.6282. 0 285.911.855.0

33.5

16.017.

51.9

39.9

12.0

18. i

71.'

73.129.543.618.025.7

- 1 .

16.1

11.855.9

34.3

16.218.1

54.6

40.1

14.

18.6

72.0

73.929.844.118.625.5

- 1 . 8

16.4

557.9

393.7 403.6

359. 0 368.1290. 0 296.112.3

56". 7

34.7

16.318.4

55.4

40.4

15.0

18.6

73.5

74.630.144.519.225.3

- 1 . 2

16.

13.758.335.5

16.618.9

56.2

40.7

15.5

18.7

Preliminary.

26

Table 3.—Personal Income and Its Disposition[Billions of dollars]

Personal incdme.. 442.6 464.8 495. 0 530. 7 507.1

Wage and salary disbursements.—-Commodity-producing industries

Manufacturing ___Distributive industries .Service industriesGovernment..— _______

296.1 311. 2 333. 5 357. 4 342.7 348.143.9

Other labor income..

Proprietors* incomeBusiness and professional..Farm...

Rental income of persons-Dividends

Personal interest income.

Transfer paymentsOld-age and survivors insurance

benefitsState unemployment insurance

benefits-Veterans' benefitsOther_____ ......

Less: Personal contributions for socialinsurance.... ____-.____ _._

Less: Personal tax and nontax payments. _Equals: Disposable personal income

n.a. Less: Personal outlays-

n.a. Personal consumption expend.-n.a. tures ____' .n.a. Interest paid by consumers19.9 Personal transfer payments ton.a. foreigners—--—- ,

- 1 . 6 Equals: Personal saving.. _ _

17.1 Addendum: Disposable personal incomein constant (1958) dollars.— ______

1962

72.546.856.0

13.9

50.137.113.0

16.715.2

27.7

33.3

14.3

2.94.8

11.2

10.3

363.7

8.1

1963

120.8 125.7 133.996.7 100.6 107.2

81.154.164.3

16.5

51.139.112.0

18.217.2

34.3

36.6

16. 0

2.65.3

12.7

76.049.959.6

14.8

50.837.813.0

17.615.8

31.1

35.2

15.2

2.85.0

12.1

11.8

57.4385.3 403.8 435

355.1373.8 398.99.0

.6

20.4

1964 1965*

12.4

383.4 409.5 440.2

10.0

26.321.6

367.6 380.6 406.5 428.1

86.558.1

18.2

54.540. 314.3

18.618.9

37.1

39.2

18.0

2.25.6

13.4

13.:

(.9 353.137.4 140.8 142.3 144.4 148. 0110. 0 113. 0 114. 2 116. 0 118.9

VI

11.1

25.1

1964

IV

1965

II III IV


516. 2 524.7

83.255.966.2

17.1

51.839.612,2

18.517.7

35.3

36.

16.3

2.45.312.7

12.7

10.4

.6

29.5

65.4.8 465.3 446.4 451.4 458.5 471

84.756.5

17.5

51.939.912.0

18.518.0

36.0

38.4

16.6

2.45.5

13.9

12.9

64.8

10.6

23.3

414.5 417.9

536.0 546.0

6 359.0 368.1

57.567.7

18.1

54.640.114.5

18.618.6

36.7

37.5

16.6

2.25.6

13.1

13.0

66.2

416.9 428.1 436.1 444.4 452.3

428. 5 405.9 416.9 424. 5 432. 5 440.111.0

.6

22.4

421.'

87.058.569.0

18.4

55. 440.415.0

18.619.2

37.5

41.2

20.4

2.25.6

13.1

13.3

64.8

11.3

.6

26.8

88.259.972.0

18.9

56.240.715.5

18.719.9

38.2

39.7

18.6

2.05.7

13.4

13.6

65.7480.3

11.6

28.0

432.3 439.4


Table 4.—Relation of Gross National Product, National Income,and Personal Income


Table 7.—National Income by Industry Division


G r o s s n a t i o n a l p r o d u c t _________

Less: Capital consumption allowances. __

Equals: Net national product

Less: Indirect business tax and nontaxliability ____,.__-____-__.

Business transfer payments _.Statistical discrepancy. ____ ___.

Plus: Subsidies less current surplus ofgovernment enterprises .

Equals: National income.

Less: Corporate profits and inventoryvaluation adjustment___-__-____.

Contributions for social insurance__Wage accruals less disbursements. _

Plus: Government transfer payments topersons... __„_

Interest paid by government (net)and by consumers

Dividends __Business transfer payments— _.

Equals: Personal income..

1962

560.3 589.2 628.7 675.6 641.1 657.6 668.8 681.5 694.6

50.0

510.4 536.5 573.0 616.8 584.3 599.9 610.5 622.4 634.7

51.52.1.5

55.724.0

.0

31.2

16.115.22.1

1963

52.8

54.62.2

- . 7

1.4

457.7 481.1

58.126.8

.0

33.0

17.515.82.2

1964

55.7

58.02.3

- . 5

1.2

64.527.8

.0

34. 2

19.117.22.3

442.6 464.8 495.0 530.7 507.1

1965*

58.7

62.02.3

•1.2

73.129.5

.0

36.8

20.618.92.3

1964 1965

IV I II III IV


56.9

59.32.4

- 2 . 2

1.5

61.52.3

- 3 . 1

1.4

64.928.4- . 1

34.4

19.517.72.4

57.7

514.4 554.6 526.3 540.6 549.5 557.9

71.728.9

.0

36.0

19.918.02.3

58.3

61.42.3

- 1 . 4

1.3

72.029.2

.0

35.1

20.418.62.3

59.1

62.02.31.4

1.2

73.529.6

.0

38.9

20.819.22.3

516.2 524.7 536.0 546.0

62.92.3

1.1

30.2.0

37.3

21.119.92.3

1962

457.7

18.528.5

137. 055.681.419.1

9.770.3

50.750.7

60.73.3

1963

481.1

18*630.1

143.857.786.119.99.8

10.273.3

53.254.1

64.83.3

1964

AH industries, total_______

Agriculture, forestry, andfisheries-- _

Mining and construction _______Manufacturing. _

Nondurable goods--.—-Durable goods_.__ ______

Transportation-_ __________Communication-Electric, gas, and sanitary

servicesWholesale and retail tradeFinance, insurance, and real

estate ____________________Services.-.____Government and government

enterprises .Best of the world

p Preliminary.

Table 8.—-Personal Consumption Expenditures by Major Type


514.4

17.632.4

154.761.992.821.010.6

10.878.1

57.058.0

70.04.1

1965

554.6

19.934.6

169.666.2

103.422.611.3

11.683.2

61.8

74.94.6

1964

IV

1965

II III IV

Seasonally adjusted at annualrates

526.3

17.733.5

158.163.394.821.410.8

11.179.5

58.859.5

71.93.9

540.6

17.434.0

166.765. 5

101.221.811.0

11.281.8

59. 260.1

72.74,6

549.5

20.234.2

167.465.6

101.822.511.0

11.682.6

60.361.1

73.74.8

557.9

20.634.7

170.266.2

104.022.911.4

11.683.6

60.862.4

75.04.5

n.a.n.a.n.a.n.a.n.a.n.a.n.a.

n.a.n.a.

n.a.n.a.

n.a.n.a.

p Preliminary.

Table 5-.—Foreign Transactions in the National Income andProduct Accounts


Receipts from foreigners. ___ _ _

Exports of goods and services.__

Payments to foreigners.__

Imports of goods and services. __

Transfers to foreigners... _.__

Government

Net foreign investment

1962

30.3

30.3

30.3

25.1

2.7. 5

2.2

2.5

1963

32.4

32.4

32.4

26.4

2.8.6

2.2

3.2

1964

37.0

37.0

37.0

28.5

2.7.6

2.2

5.8

1965 v

39.2

39.2

39.2

32.0

2.8.6

2.2

4.4

1964

IV

1965

ii in iv


Personal consumption ex-penditures.

Durable goods______ _.

38.4

38.4

38.4

29.5

2.7

2.1

6.2

34.7

34.7

34.7

28.6

2.6a

2.0

3.4

40.4

40.4

40.4

32.4

3.1a

2.4

5.0

40.1

40.1

40.1

32.7

2.8

2.1

4.7

41.4

41.4

41.4

34.1

2.8.6

2.14.6

Automobiles and parts. TFurniture and household

equipment ___.Other ________________

Nondurable goods.Food and beverages_Clothing and shoes...Gasoline and oil_____.Other.. _______

Services _.: .Housing-.Household operation..Transportation _.Other. _

1962

355.1

49.5

22.0

20.56.9

162.685.729.612. 934.4

143.052.022.011.058.0

1963

373.8

53.4

24.3

21.97.3

168.088.230.513.535.8

152.355.523.111.462.3

1964

398.9

58.7

25.8

24.78.2

177.592.333.314.037.8

162.659.524.411.767.0

1965

428.5

64.8

29.9

25.99.0

189.098.235.114.741.0

174.764.725.812.272.0

1964

IV

1965

II III


405.9

57.9

24.8

24.88.3

180.994.134.014.238.6

167.161.424.811.969.1

416.9

64.6

30.3

25.58.8

182.894.834.314.239.5

169.562.724.911.970.0

424.5

63.5

29.3

25.48.9

187.997.335.014.740.8

173.164.025.512.171.4

432.5

65.4

30.3

26.09.1

190.599.335.214.841. 2

176.765.326.312. 372.7

440.1

65.7

29.6

26.99.2

194.8101.436.014. 942.5

179.666.726.612.573.8

Preliminary. p Preliminary.

Table 6.—Gross National Product by Major Type of Product in Current and Constant Dollars

1962 1963 1964 1965 p

1964

IV

1965

II III


Billions of current dollars

1962 1963 1964 1965 p

1964

IV

1965

II III IV


BiUions of 1958 dollars

Gross national product

Final sales. __________

Inventory change

Goods output

Final sales. ____Inventory change

Durable goods outputFinal sales ________Inventory change. ___.

Nondurable goods output.Final sales..Inventory change

Services __.Structures •_.Addendum: Auto product

p Preliminary.

560.3

554.36.0.

284.5

278.56.0

109.0106.2

2.8

175.5172.2

3.2

213.362.622.5

589.2

583.55.7

296.8

291.15.7

115.9113.1

2.8

181. 0178.1

2.9

226.965.525.0

628.7

623.94.8

316.1

311.34.8

126.1122.8

3.3

190.0188.4

1.5

244.068.625.9

675.6

668.17.4

340.8

333.37.4

139.3133.4

5.9

201.5200.0

1-5

261.173.731.4

641.1

633.67.5

323.3

315.87.5

128.8124.3

4.4

194.6191.5

3.1

249.768.123.4

657.6

648.88.8

331.6

322.88.8

137.2130.1

7.1

194.4192.8

1.6

253.872.133.0

668.8

662.46.4

335.5

329.16.4

136.6130.3

6.2

198.9198.7

.2

259.074.231.5

681.5

673.97.6

344.6

337.17.6

141.9135.4

6.5

202.7201.7

1.0

263.073.931.2

694.6

687.57.0

351.4

344.47.0

141.5137.7

210.0206.7

3.2

74.530.0

530.0

524.06.0

277.5

271.56.0

107.0104.1

2.8

170.5167.4

3.1

193.758.822.0

550.0

544.45.7

288.3

282.65.7

114.0111.2

2.8

174.3171.4

2.9

201.560.224.7

577.6

573.04.6

304.6

300.04.6

123.1120.0

3.1

181.5180.0

1.5

211.561.425.5

609.0

601.87.2

324.6

317.47.2

135.9130.2

5.7

188.7187.2

1.5

220.364.031.5

584.7

577.77.1

310.2

303.17.1

125.5121. 2

4.3

184.7181.9

2.8

214.360.323.2

597.7

589.28.6

317.9

309.38.6

133.7126.7

7.0

184.3182. 7

1,6

216.463.532.7

603.5

597.36.2

319.1

313.06.2

132.5126.5

6.0

186.6186.5

.2

219.564.931.2

613.0

605.87.2

327.9

320.77.2

138.8132.6

6.2

189.1188.1

1.0

221.363.731.4

621.7

614.96.8

333.6

326.86.8

138.7135.1

194.9191.7

3.2

224.164.030.8

27


28 SURVEY OF CUREENT BUSINESS January 1966

Table 9.— Government Receipts and Expenditures[Billions of dollars]

Federal Government receipts.Personal tax and nontax receipts

Corporate profits tax accruals •_.Indirect business tax and nontax ac-

* cruals_ _ _.Contributions for social insurance—

Federal Government expenditures..Purchases of goods and services _.

Transfer payments ____.To persons ___•To foreigners (net)

Grants-in-aid to State and local gov-ernments _•

Net interest paid-- . . .

Subsidies less current surplus of gov-ernment enterprises— __.

Surplus or deficit (—) on income andproduct account.-_ _

State and local government receipts

Personal tax and nontax receipts. .Corporate profits tax accruals _.Indirect business tax and nontax ac-

c rua l s—- _-_Contributions for social insurance.Federal grants-in-aid...

State and local government expenditures.

Purchases of goods and services.Transfer payments to personsNet interest paid..Less: Current surplus of govern-

ment enterprises __•

Surplus or deficit (—) on income andproduct account.- — _.

1962

106.4 114.3 114.5 124.153.928.3

48.622.7

14.620.5

63.4

27.725.52.

8.0

7.2

4.0

- 3 . 8

58.6

8.71.4

3.58.0

57.6

53.75.7.8

2.6

.9

1963

51.524.5

15.323.0

64.4

29.227.02.2

9.1

7.8

3.6

.3

63.1

9.51.5

39.23.89.1

62.2

58.36.0.8

2.8

.9

1964 1965*

48.626.0

16.123.7

65.3

29.927.82.

10.4

8.4

4.3

- 3 . 8

68.6

10.61.6

41.94.1

10.4

67.2

63.16.5•8

3.1

1.4

16.825.2

66.7

32.129.92.2

11.4

8.8

4.5

.6

74.2

11.51.8

45.24.3

11.4

72.6

68.26.9. 7

3)3

1.7

1964 1965

IV I I I I I I IV


116.849.826.5

16.424.2

117.964.3

29.827.72.1

10.8

8.4

4.7

- 1 . 1

70.5

10.91.6

42.94.2

10.8

68.6

64.36.6

- .8

3.1

1.9

123.753.527.7

17.724.7

120.164.9

31.229.22.0

10.8

8.6

4.6

3.6

71.8

11.21.8

43.84.2

10.8

70.8

66.46.8.7

3.2

.1.1

124.454.828.0

16.724.9

120.665.7

30.628.22.4

11.0

8.7

4.5

3.8

73.2

11.41.8

44.74.3

11.0

72.1

67.86.9.7

3.2

1.1

122.753.228.3

16.125.2

125.666.5

34.132.02.1

11.7

8.8

4.5

- 2 . 9

75.4

11.61.8

45.94.4

11.7

73.2

68.96.9.7

3.3

2.2

54.0

16.525.8

127.669.7

32.530.32.1

12.0

8.9

4.4

11.7

46.44.4

12.0

74.2

7.0

3.3

Preliminary.

T a b l e 10.—Sources a n d Uses of Gross Saving


Gross private saving

Personal saving .Undistributed corporate profitsCorporate inventory valuation adjust-

ment__—__Corporate capital consumption allow-

ances.— __„___.Noncorporate capital consumption al-

lowances.Wage accruals less disbursements

Government surplus on income andproduct account.-__-_

Federal.. _ _.State and local..—_ _ __„_.

Gross investment... ____—___.

Gross private domestic investmentNet foreign investment- —

Statistical discrepancy- _________

1962

87.9

21.616.0

30.1

19.9.0

-2.9

-3.8.9

85.5

83.02.5

.5

89.5 101.7 107.9 105.3 105.3

20.416.8

- . 4

32.0

20.8.0

1.2

90.0

86.93.2

- . 7

1964 1965*

26 319.9

34,0

21.7.0

- 2 . 4

1.4

5.8

25.125.6

- 1 . 5

36.1

22.7.0

1.7

98.7 109.3

92.9 104.94.4

- . 8

1964 1965

IV I I I I I I IV


29.520.0

- 1 . 0

34.8

22.1

- 1 . 11.9

6.2

- 2 . 2

23.3

25.7

-1 .4

35.422.3

• 0

4.7

3.61.1

3.4

- 3 . 1

104.4 110.0

22.425.5

- 1 . 8

35.8

22.5.0

4.9

1.1

103.9 106.8 107.8 110.9 112.1

97. 7 103. 4 102. 8 106. 2 017. 54.65.0

- 1 . 4

26.825.3

- 1 . 2

36.3

22.8.0

—.7

- 2 . 92.2

4.7

1.4

28.0

- 1 . 6

36.8

23.1.0

Preliminary.

Table 11.—Corporate Profits (Before Tax) and Inventory ValuationAdjustment, by Broad Industry Groups


All industries, total. _

Financial institutionsMutual _Stock

Nonfinancial corporationsManufacturing

Nondurable goo dsDurable goods

Transportation, communi-cation, and public utili-ties _ _

All other industries

1962

55.7

8.12.06.1

47.626.612.514.1

8.512. 4

1963

58.1

7.51.65.9

50.628.713.215.4

9.212.7

1964

64.5

8.01.76.3

56,532.114.917.2

10.014.3

1965 P

73.1

8.9

64.137.316.720.7

10.815.9

1964

IV

1965

I II III IV

Seasonally adjusted at annual* rates

64.9

8.5

56.432.315.317.1

10.114.0

71.7

8.3

63.437.316.620.8

10.515.5

72.0

8.9

63.236.716.620.1

10.516.0

73.5

9.2

64.337.316.620.7

11.016.0

n.a.

n.a.

n.a.n.a.n.a.n.a.

n.an.a

p Preliminary.

Table 12.—Corporate Gross Product 1


Corporate gross product

Capital consumption allowances _.Indirect business taxes plus transfer pay-

ments less subsidies- •__Income originating in corporate business.

Compensation of employees __.Wages and salaries ____Supplements.

Net interest. _ ___.Corporate profits and inventory valua-

tion adjustmentProfits before tax_____ .

Profits tax liability. _..Profits aftertax _ _.

Dividends ___.Undistributed profits _.____.

Inventory valuation adjustment

. Gross product originating in finan-cial institutions---—- -

Gross product originating in non-financial corporations-

Capital consumption allowances:Indirect business taxes plus transfer pay-

ments less subsidiesIncome originating in nonfinancial

corporations.---Compensation of employees

Wages and salaries—— - - - - - —Supplements -__-.

Net interest .- .-Corporate profits and inventory val-

uation adjustment __Profits before tax

Profits tax l iabi l i ty . - .Profits after tax -___

DividendsUndistributed profits

Inventory valuation adjustment— _-.

Addenda:Cash flow, gross of dividends:

All corporations.—.Nonfinancial corporations

Cash flow, net of dividends:All corporations ;_Nonfinancial corporations ______

1962

317.4 334.2 358.6 388.0 367.0 380.4 384

30.1

37.0256.4 269.4 289.8 314.8 296. 6 307.9 311. 5 316.631.0 35.6

596.6205.9 216.3 231.2 248.4 237.7186.1 194.9 208. 5 223.619.8

- 2 . 6

53.152.824.28.14.014.7

.3

14.6

29.3

29.7

45.044.20.923.912.811.1

. 3

58.53.2

44.840.4

32.0

32.8

21.4- 2 . 5

55.656.026.030.014.815.2

14.3

302.8 319.8 343.3 371,

31.

31.4

243.8 257.3194.7176.18.54.1

19.94.8

48.148.522.625.913.812.2— .4

62.057.1

47.243.3

1964 1965*

34.0

34.8

22.7- 2 . 8

61.461.727.634.116.018.1

15.3

33.1

33.3

204.4 218. 4 234.7184. 5 197. 3

21.15.0

53.453.23.630.014.15.3

68.0

52.148.5

36.1

37.1

24.8- 3 . 1

71.030.140.917.523.4

- 1 . 5

16.5

35.2

35.

276.8 300.7

60.562.026.335.716.019.7

- 1 . 5

76.970.8

54.8

1964

rv

1965

I II III IV


34.8

242.8 246.3 249.7 255.0214.2 218.8 221. 6 224.7 229.423.5

- 3 . 0

61.962.928.134.816.518.3

- 1 . 0

283.1

211. 6 202. 6 207.23.15.5

21.85.3

53.554.423.930.615.215.4

- 1 . 0

69.664.5

53.149.3

35.4r

37.0

24.0- 3 . 0

68.169.629.540. 016.523.5

-1 .4

15.9

34.6

35.4

'.022.35.

59.861.26.035.215.120.1

- 1 . 4

75.569.8

59.054.6

35.8

0 389.9

36.3

24.7- 3 . 1

68.270.129.840.317.123.2

- 1 . 8

15.9

351.0 364.5 367.5 373.1

33.9

34.0

16.5

34.9

35.2

294.5 297.4 302.3 n.a.224. 4 229.4 232.6 236.0 240.9

209. 7 212.7 217.122.9 23.2 23.85.4 5.5 5. 7

59.461.26.135.115.619.5

- 1 . 8

76.070.0

59.054.4

25.0- 3 . 1

70.071.230.141.117.823.2

- 1 . 2

16.8

35.4

35.4

60.862.026.335.16.419.3

- 1 .

77.371.1

59.554.7

37.6n.a.

25.6- 3 . 2

n.a.n.a.n.a.n.a.n.a.n.a.- 1 . 6

n.a.

n.a.

35.9

36.0

n.a.n.a.n.a.n.a.n.a.n.a.

- 1 . 6

n.a.n.a.

n.a.n.a.

i Excludes gross product originating in the rest of the world. » Preliminary.

U. S. GOVERNMENT PRINTING OFFICE : 1966 O - 796-566


CURRENT BUSINESS STATISTICS

JLHE STATISTICS here update series published in the 1965 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEYOF CUKRENT BUSINESS. That volume (price $2.00) provides a description of each series, references to sources of earlier figures, and historical dataas follows: For all series, monthly or quarterly, 1961 through 1964 (1954-64 for major quarterly series), annually, 1939-64; for selected series,monthly or quarterly, 1947-64 (where available). Series added or significantly revised after the 1965 BUSINESS STATISTICS went to press are indicatedby an asterisk (*) and a dagger (f), respectively; certain revisions for 1964 issued too late for inclusion in the 1965 volume appear in the monthlySURVEY beginning with the September 1965 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein correspondingto revised annual data are available upon request.

Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided throughthe courtesy of the compilers, and are subject to their copyrights.

Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS

1962 1963 1964

Annual total

1962

IV

1963

I II III IV

1964

I II III IV

1965

I II III IV* *

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series

NATIONAL INCOME AND PRODUCT

Gross national product, total. bil. $__

Personal consumption expenditures, total do____

Durable goods, total9 doAutomobiles and parts do____Furniture and household equipment do

Nondurable goods, total 9 doClothing and shoes doFood and beverages doGasoline and oil do

Services, total 9 do_.Household operation do_.Housing do_!Transportation ____ _do_.

Gross private domestic investment, total do

Fixed investment ...doNonresidential do___.

Structures do____Producers' durable equipment. do

Residential structures doNonfarm do____

Change in business inventories doNonfarm___ _.__do

Net exports of goods and services __do_Exports.- do_.Imports do.

Govt. purchases of goods and services, total..doFederal _.._ do

National defense _.__doState and local •_ do.

By major type of product:Final sales, total do

Goods, total doDurable goods doNondurable goods do____

Services doStructures do____

Inventory change, total do_.Durable goods do..Nondurable goods _do_.

GNP in constant (1958) dollars

Gross national product, total bil. $_

Personal consumption expenditures, total_.__do___

Durable goods. do..Nondurable goods do..Services _do_.

Gross private domestic investment, total.....do

Fixed investment.; do_.Nonresidential do..Residential structures do..

Change in business inventories do..

Net exports of goods and services do_.

Govt. purchases of goods and services, total. _doFederal do_State and local do_

560.3

355.1

49.522.020.5

162. 629.685.712.9

143. 022.052.011.0

83.0

77.051.719.232 525.324.86.05.3

5.130.325.1

117.163.451.653.7

554.3278.5106.2172.2213.362.6

6.02.83.2

530. 0

338.6

49.2158.4131.1

79.4

73.449.723.86.0

4.5

107.560.047.5

589.2

373.8

53.424.321.9

168. 030.588.213.5

152.323.155.511.4

86.9

81.254.319.734.626.926.35.74.9

5.932.426.4

122.664.450.858.3

583.5291.1113.1178.1226.965.5

5.72.82.9

550.0

352.4

53.2161.8137. 3

82.3

76.651.924.75.7

5.6

109.859.750.0

628.7

398.9

58.725.824.7

177. 533.392.314.0

162.624.459.511.7

92.9

88.160.521.139.427.527.04.85.4

37.028.5

128.465.349.963.1

623.9311.3122.8188.4244.0

4.83.31.5

577.6

372.1

58.5169.4144.2

86.3

81.757.124.64.6

8.5

110.757.852.8

572.0

363.0

51.123.021.0

165.330.286.713.4

146.722.453.611.2

84.7

78.352.719.533.225.625.06.45.3

4.930.525.5

119.364.450.955.0

565.6283.8108.1175.6218.563.4

6.41.74.7

538.5

344.8

50.8160.2133.8

80.7

74.550.723.86.2

4.4

108.560.648.0

577.0

368.0

52.223.621.4

166.630.387.513.3

149.222.854.511.3

82.6

78.152.119.033.126.025.44.5

4.530.025.6

121.965.451.556.5

572.5287.2109.8177.4222.163.2

4.52.02.5

541.2

348.3

52.0161.0135.3

78.7

74.250.024.24.4

4.0

110.361.349.1

583.1

371.1

52.623.921.4

167.430.288.113.4

151.122.855.311.4

84.8

80.153. 419.234.226.726.1

4.74.2

6.232.426.2

120.963.650.557.4

578.4289.2112.0177.2225.164.1

4.73.41.4

544.9

350.0

52.3161.2136.5

80.5

75.851.224.64.6

5.8

108.759.249.5

593.1

376.6

54.124.622.1

169.231.188.513.5

153.323.555.711.4

87.9

82.155.120.035.126.926.45.85.2

5.732.626.9

123.064.251.058.8

587.3292.9114.3178.6228.266.2

5.82.33.5

553.7

355.1

54.1163.0138.0

83.0

77.252.624.65.8

5.5

110.059.750.3

603.6

379.5

54.924.922.7

168.930.688.713.7

155.723.356.511.5

92.4

84.356.520.536.027.927.38.1

7.334.427.1

124.364.450.359.9

595. 5295.3116.2179.1232.168.0

8.13.84.3

560.0

356.4

54.7162.1139. 6

86.9

79.053.725.37.9

7.1

109.658.750.8

614.0

389.1

57.425.523.9

173.732.390.614.0

158.023.657.511.7

89.7

86.558.120.737.528.427.83.33.6

36.327.5

126.365.049.861.3

610.7304.9120.1184.9237.368.5

3.32.21.1

567.1

364.5

57.0166.4141.1

80.755.125.73.0

9.0

109.958.251.7

624.2

396. 0

59.125.725.1

175.733.291.313.9

161.224.458.811.7

90.9

58.921.137.927.927.34.15.1

7.736.028.2

129.767.051.762.7

620.1308.3121.6186.8242.869.0

4.13.5

575.9

58.7167.8143.3

85.2

80.755.725.04.5

8.1

112.859.952.9

634.8

404.6

60.527.125.0

179.833.893.314.0

164.324.860.111.8

92.6

61.621.140.527.226.63.84.6

37.328.5

128.764.949.563.8

631.0316.0125.4190.6246.4

2.71.1

582.6

377.3

60.2171.6145.5

86.0

82.258.124.13.8

8.7

110.557.153.4

641.1

405.9

57.924.824.8

180.934.094.114.2

167.124.861.411.9

97.7

90.263.521.542.026.726.27.57.8

8.938.429.5

128.664.348.864.3

633.6315.8124. 3191.5249.768.1

7.54.43.1

584.7

376.8

57.9171.8147.1

90.2

83.159.623.67.1

8.3

109.456.153.3

' 657.6

416.9

'64.6'30.3' 25. 5

' 182.834.3

'94.814.2

' 169. 524.962.7

'11.9

.1103.4.

'94.6'66.9'23.2'43.7

27.727.1' 8 . 8'9 .2

'6 .0'34.7

28.6

131.364.9

'48.8'66.4

' 648. 8' 322. 8' 130.1r 192. 8r 253.8' 7 2 . 1

7.11.6

• 597. 7

• 386.1

'64.5• 173. 2• 148. 4'95.4

'62.524.38.6

' 5.1

'111. 256.4

'54.8

1 668.8

424.5

'63.5'29.3'25.4

187.935.0

'97.314.7

173.1'25.5

64.012.1

1.102.8

' 96. 4'68.4'24.5'43.9

28.027.5'6 .4

' 8 . 0' 40.4'32.4

133. 5'65.7'49.2'67.8

• 662.41 329.1• 130.3• 198. 7" 259. 0' 7 4 . 2

' 6 . 46.2' . 2

' 603. 5

' 390. 5

' 6 3 . 4p 176. 4• 150.7

' 9 4 . 2

' 8 8 . 1' 6 3 . 7' 24.4

' 6 . 2

' 6 . 6

r 112.156.8

'55.3

681. 5

432. 5

' 65. 4'30.3'26.0

190. 5'35.2

99.314.8

• 176.7'26.3

65.3'12.3

'70.9'24.2'46.7'27.7

27.1' 7 . 6' 7 .0

'7 .4'40.1'32.7

• 135. 4'66.5'49.8'68.9

• 673.9337.1135.4

• 201.7' 263.0'73.9

' 7 .6' 6 . 5' 1 .0

r 613. 0

' 396.9

'66.4' 177. 8' 152. 7

'96.9

'89.7'66.0'23.7

'7 .2

' 6 . 2

' 113. 0'57.0'56.0

440.1

65.729.626.9

194.836.0

101.414.9

179.626.666.712.5

107.5

100.573.225 A47.827.226.77.05.8

7.441.434.1

139.669.752.0

687.5344.4137.7206.7268.674.5

7.03.83.2

621. 7

402.8

67.4180.8154.7

97.84

91.067.923.1

6.1

114.958.656.3

' Revised. » Preliminary. i Preliminary annual totals for 1965 for components shownin this column appear on pp. 26-28 of this issue of the SURVEY.

9 Includes data not shown separately.

s-l796-566 O - 66 - 3


S-2* SURVEY OF CURRENT BUSINESS January 1966


1962 1963 1964

Annual total

1963

II III IV

1964

II I I I I V

1965

i n IV *

GENERAL BUSINESS INDICATORS—Quarterly Series—ContinuedNATIONAL INCOME AND PRODUCT—Con.Quarterly Data Seasonally Adjusted at Annual Mates]National income, total bil. $_.

Compensation of employees, total doWages and salaries, total do

Private doMilitary. doGovernment civilian do

Supplements to wages and salaries do____Proprietors' income, total 9 do____

Business and professional 9 doFarm do

Rental income of persons i doCorporate profits and inventory valuation adjust-

ment, total bil. $__By broad industry groups:

Financial institutions doNonfinancial corporations, total do

Manufacturing, total doNondurable goods industries doDurable goods industries do

Transportation, communication, and publicutilities.., bif $__

All other industries doCorporate profits before tax, total do.

Corporate profits tax liability do.Corporate profits after tax do.

Dividends do_Undistributed profits .do

Inventory valuation adjustment doNet interest doDISPOSITION OF PERSONAL INCOME

Quarterly Data Seasonally Adjusted at Annual RatesPersonal income, total bil. $__Less: Personal tax and nontax payments doEquals: Disposable personal income __-do_Less: Personal outlays© do.Equals: Personal saving§ do.

NEW PLANT AND EQUIPMENTEXPENDITURES

Unadjusted quarterly or annual totals:All industries bil.

Manufacturing doDurable goods industries doNondurable goods industries do

Mining do.Railroad do.Transportation, other than rail do.Public utilities .do.Communication do.Commercial and other do.

Seas. adj. qtrly. totals at annual rates:All industries do

Manufacturing do. . .Durable goods industries do___Nondurable goods industries do

Mining do___Railroad do. . .Transportation, other than rail do. . .Public utilities do. . .Communication do.. .Commercial and other do

U.S. BALANCE OF INTERNATIONALPAYMENTScr1

Quarterly Data Are Seasonally AdjustedU.S. payments, recorded mil. $_

Imports:Merchandise d o . . .Military expenditures do_ _ _Other services do

Remittances and pensions do.__Govt. grants and capital outflows f doIncrease in U.S. private assets, net do___

Direct investments doLong-term portfolio doS h or t-term - do

Increase in U.S. official reserve assets, net__doU.S. receipts, recorded do.

Exports:Merchandise and military sales do.Income on investments do.Other services do.

Increase in foreign assets in U.S , — d o .Liquid assets: Foreign official agenciesf._do.

Other foreign accounts do.Other liquid assets do.

Unrecorded transactions (net) doIncrease in U.S. official reserve assets and decrease

in liquid liabilities to all foreigners mil. $_Increase in U.S. official reserve assets and decrease

in liquid and certain nonliquid liabilities tforeign official agencies mil. $

457.7

323.6

296.1240.110.845.227.550.137.113.016.7

55.7

8.147.626.612.514.1

8.512.455.424.231.215.216.0

.311.6

442.657.4

385.3363.7

21.6

37.3114.687.037.651.08.85

2.075.483.639.52

481.1.341.0311.2251.6

10.848.829.850.837.813.017.6

58.1

7.550.628.713.215.4

9.212.758.626.032.615.816.8- . 413.6

464.860.9

403.8383.420.4

39.22

15.697.857.841.041.101.925.653.79

10.03

34, 932

16,9922,9296,515

8373,581

4,4561,9761"~~

785-378

35, 333

22,7284,6544, 97

1,59c61 r

762

-40 :

- 2 , 67i

-1 ,97 '

514.4365.3333.5>69.211.752.631.851.139.112.018.2

64.5

8.056.532.114.917.2

10.014.364.827.637.217.219.9- . 315.2

495.059.2

435.8409.526.3

44.9018.589.439.161.191.412.386.224.30

10.83

39,150

18, 6192,8247,014

8393,5636,4622,3761, 97-2,11-171

40, 31:

26, 05i5,45'5,5113,2941,0531,554

68"-1,16:

- 2 , 79£

-1.22

470.4

333.6

304.5246.310.547.729.050.737.513.217.1

56.3

7.648.626.812.614.2

8.912.956.124.931.215.615.6

.212.7

456.160.4

395.7377.1

18.5

8.253.271.621.65.24.21.39

1.04.85

2.26

36.9514.857.357.501.05.90

1.705.203.559.65

476.7

338.0

308.4249.410.648.429.650.537.612.917.4

57.6

7.550.128.713.415.4

9.112.258.526.032.615.716.8- . 913.2

460.160.6

399.4380.5

18.9

9.743.921.961.95

.541.40.95

2.41

38.0515.307.657.1.001.002.055.453.659.65

484.6343.0312.9253.2

10.749.130.150.937.913.017.7

59.1

7.551.629.513.416.1

9.512.658.926.132.815.817.0

.213.9

467.161.0

406.1386.3

19.8

10.143.951.961.99.27.29.45

1.60.93

2.64

40.00

15.958.008.001.051.201.855.903.85

10.20

492.6349.5318.8257.4

11.649.930.751.038.013.018.0

59.6

7.452.229.713.516.1

9.413.160.827.033.816.117.7

- 1 . 214.5

475.661.6

414.0389.524.4

11.094.562.312.25.28.33.54

1.611.062.72

41.2016.458.308.11.051.352.105.804.05

10.45

501. 6355.1324.2261.611.651.030.8

50.438.511.917.9

63.6

7.556.231.914.417.5

9.914.5

64.027.336.716.720.0-.4

330.4266.911.651.931.5

51.039.012.018.1

64.5

7.856.732.115.017.1

10.114.5

64.527.537.017.119.9.0

14.5

483.060.4

422.6399.3

23.3

9.403.791.931.87

.26

.32

.511.18

.972.37

42.5517.408.858.551.11.402.305.954.05

10.25

9,218

4,410732

1,736209753

1,32746427'58S

5:

9,506

6,3431,39C1, 34;

42S18'

7:164

-28$

- 2 5 '

510.5

361.9

15.0

490.656.9

433.6406.3

27.3

11.11

4.532.302.23.29.36.63

1.581.102.61

43.50

17.809.008.801.151.252.256.304.30

10.4,

9,195

4,599720

1,742203

1,34454C256548

- 3 0 3

9,34'

6,25S1,39E1,335

3564£

23:7

-582

- 3 5 :

519.5

369. 0

336.8271.7

11.753.332.2

51.439.412.018.3

65.5

8.457.032.515.017.5

10.214.465.327.837.517.420.1

2

15.4

499.158.8

440.3415. 325.0

11.544.672.372.30.30.37.59

1.711.062.84

45.6518.859.609.201.201.502.406.304.40

11.00

9,737

4,709691

1,736207895

1,56955147C406

-7C10, 02S

6, 55C1,3921,393

692-116

63<

-29 :

-59;

526.3375.4342.6276.5

11.954.332.751.839.612.218.5

8.556.432.315.317.1

10.114.065.928.137.817.720.0

- 1 . 015.7

507.160.7

446.4416.9

29.5

12.84

5.592. 832.76.33.35.64

1.761.173.01

47.75

20.1510.1510.00

1.301.552.606.354.40

11.40

11, 000

4,901681

1,80022C

.1,025

2,22282183356S15:

11, 43C

6,89c1,2741, 43-'1,82;

93-61:

-43 i

— 1 , 36i

- 7 8 3

540.6

382.4

1.9282.0

11.855.0

' 3 3 . 5

51.939.912.018.5

71.7

8.363.437.316.620.8

10.515.573.1

'29.5'43.6'18.0'25.7- 1 . 4

16.1

516.264.8

451.4428.1'23 .3

10.794.542.252.28.29.39.58

1.321.082.59

49.0020.7510.4010.401.251.752.556.804.55

11.30

4,663662

1,83222-'797

1, 5411,159

679-297-842

5,7611,54^l,35f

21;-20C

6'341

- 7 0 S

- 6 4 !

549.5387.9353.6285.9

11.855.934.354.640.114.518.6

72.0

63.236.716.620.1

10.516.0

•73.9'29.8'44.1'18.6'25.5- 1 . 816.4

524.7'66.2458:5436.1'22 .4

12.815.472.762.70.33.44.77

1.711.242.85

50.3521.5510.8010.701.301.552.706.854.80

11.60

5, 469702

1,926290959367891

-10C-424- 6 8

9,722

6,97'1,64<1,46^-371-27:

- 3 '-61- 7 7

205

557.93.7

359.0290.0

12.356.734.755.440.4

'15 .018.6

73.5

9.264.337.316.620.7

11.016.074.6

'30.1'44.5'19.2'25.3- 1 . 216.7

536.0'64.8471.2444.4'26.8

3.415.2.2.

l".1.3.

52.

23.11.11.1.1.

739182324472882210

75

007525.25,70

3.006.511

.75

.05

.95

9,932

5,521735

1,920235739822515356

-4S-41

10,216

7,0161,52"i,48;

19i-30C

74;- 2 5 ,- 2 8 '

260

403.6

368.1296.1

13.758.335.5

56.240.7

«15.518.7

•19.9

546.0* 65.7480.3452.3

« 28.0

14.82

6.783.413.37

.35

.40

.761.94

~34.~59

54.85

24.3512.2012.15

1.401.703.10

317. 30

12.48

5.402.702.70

.32

.40

.891.47

56.70

24.7012.4012.251.351.803.907.65

317.3

r Revised. p Preliminary. « See note 1 on p. S-l.1 Estimates for Oct.-Dec. 1965 based on anticipated capital expenditures of business.2 Estimates for Jan . -Mar . 1966 based on anticipated capital expenditures of business.

Anticipated expenditures for the year 1965 are as follows (in bil. $): All industries, 51.83; manu-facturing, total, 22.51; durable goods industries, 11.34; nondurable goods industries, 11.18;mining, 1.30; railroad, 1.68; transportation, 2.83; public utilities, 6.84; commercial and other

( incl . communication), 16.66. 3 Includes communication.

9 Includes inventory valuation adjustment.©Personal outlays comprise personal consumption expenditures, interest paid by con-

sumers, and personal transfer payments to foreigners.§Personal saving is excess of disposable income over personal outlays.cfMore complete details are given in the quarterly reviews in the Mar., June, Sept., and

Dec. issues of the SURVEY. f Less payment on U.S. Govt. loans.t Includes certain nonmarketable, medium-term, nonconvertible Govt. securities.


January 1966 SURVEY OF CURRENT BUSINESS S-3


1963 1964

Annual

1964

Nov. Dec.

1965

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

GENERAL BUSINESS INDICATORS—Monthly Series

PERSONAL INCOME, BY SOURCESeasonally adjusted, at annual rates:

Total personal income _bil. $_

Wage and salary disbursements, total doCommodity-producing industries, total do

Manufacturing _do___Distributive industries ~ _ do_ _ _

Service industries.. do___Government " _~___do

Other labor income do __Proprietors' income:

Business and professional do__Farm ao~~~

Rental income of persons _ d oDividends _____ _~do ~_Personal interest income_. doTransfer payments _do____Less personal contributions for social insurance

bil. $..

Total nonagricultural income do___.

FARM INCOME AND MARKETINGS

Cash receipts from farming, including Governmentpayments (48 States), total mil.$_.

Farm marketings and CCC loans, total do___.Crops doLivestock and products, total 9 do___

Dairy products do___.Meat animals doPoultry and eggs _ __ do _

Indexes of cash receipts from marketings and CCCloans, unadjusted:

All commodities _ _ _1957-59=100_Crops do._,.Livestock and products do

Indexes of volume of farm marketings, unadjusted:All commodities 1957-59=100-.

Crops do_._.Livestock and products do

INDUSTRIAL PRODUCTION

Federal Reserve Index of Quantity Output

Unadj., total index (incl. utilities).___ 1957-59=100.By industry groupings:

Manufacturing, total do_Durable manufactures do.__Nondurable manufactures do___

Mining do___Utilities do

By market groupings:Final products, total do_

Consumer goods! do_Automotive and home goods do_Apparel and staples do_

Equipment, including defense do_.

Materials do_Durable goods materials do_Nondurable materials do_

Seas. adj., total index (incl. utilities) do_.By industry groupings:

Manufacturing, total do_.

Durable manufactures 9 _• do_.Primary metals do_.

Iron and steel do_Nonferrous metals and products do_

Fabricated metal products do_Structural metal parts do_

Machinery do_.Nonelectrical machinery do_.Electrical machinery do_.

Transportation equipment 9 do_.Motor vehicles and parts do_.Aircraft and other equipment do_.

Instruments and related products do_.Clay, glass, and stone products do_.Lumber and products do_.Furniture and fixtures do_.Miscellaneous manufactures do,.

Nondurable manufactures do.Textile mill products do.Apparel products do.Leather and products _do.Paper and products do

464.8

311.2125.7100.676.0

49.959.614.8

37.813.0

17.615.831.135.2

11.8

447.4

37, 25317, 32719, 9264,84711,4413,312

116126108

116119114

124.3

124.9124. 5125.3107.9140.0

124.9125.2134.4122. 3124.2

123.7121.2126.3

124.9

124.5113.3109.6126.7123.4120.2

129.2126.9132.3127.0146.1109. 5

130.2117.5108.9133.1125.0

125.3116.9125.699.8

125.1

495.0

333.5133.9107.281.1

54.164.316.5

39.112.0

18.217.234.336.6

12.4

478.7

39,068

36,89917,13519, 7645,00811, 0903,335

114124107

118119117

132.3

133.1133.5132.6111.3151.3

131.8131.7142.8128.1132.0

132.8131.2134.3

132.3

133.1

133.5129.1126. 5138.3132.7130.3

141.4142.1140.6130.7150.1112.4

136.4126.0112.6143.4133.4

132.6122.9134.1102.6133.4

506.6

342.6137.4110.183.3

55.866.117.1

39.612.2

18.517.735.236.5

12.7

490.4

4,168

4,0632,3151,748407

1,025305

151202113

157199126

136.2

137.7139.0136.0113.4

135.5135.4153.1129.8135.7

136.8135.8137.9

135.4

136.4

137.0136.1135.2140.6136.9135.8

147.7148.1147.2129.2143.9114.5

140.2127.7109.2149.3137.4

135.6128.7139.1105.4133.8

512.0

346.2139.8111.9

56.266.417.1

12.4

18.518.135.537.0

12.8

495.3

3,529

3,4791,8591,620428888282

129162105

135161116

135.5

136.4140.7131.1112.1

135.1133.3156.7125.8139.1

135.9135.2136.6

138.1

139.4

140.9138.6136.4150.9139.7137.2

150.1150.7149.2140.3167.4115.0

142.0130.2105.5151.5139.1

137.6130.3140.6105.6140.2

BIS.0515.4

346.5139.8112.2

'56.366.6

'17.4

39.812.4

18.5'17.9

35.7140.1

'12.9

•i 498. 7

3,284

3,1981,5781,620430905251

119138105

124140113

136.7

137.7140.7133.8110.8

136.7136.0156.8129.4138.3

136.7135.7137.8

138.6

140.2

142. 0139.6137.1148.0140.6137.0

150.7151.3150.0141.4169.1115.5

142.7132.4111.9150.6139.6

137.9131.7142.2108.7139.1

• 515.2

140.8113.0'84.7

'56.666.8

'17.5

12.0

18.5'18.0

36.0

37.4

'12.9

499.0

2,429

2,292822

1,470

227

857295

8463

101

139.1

140.5143.5136.8111.1

138.3137.7161.5130.1139.8

139.8138.7140.9

139.2

140.8

142.7136.9137.0149.0145.0140.9

152.5152.7152.3139.7167.7114.1

145.3131.8115.6154.3140.8

138.4132.0143.7106.6137.5

1 517.8

• 351.1141.9113. 9'85.5

' 56. 767.0

'17.6

40.111.7

18.5'18.036.2

37.6

'13.0

502.2

2,702

2,452743

1,709443971260

9165111

118

141.7

143.5147.1139.0111.1

140.9140.5167.8131.8141.6

142.5142.9142.0

140.7

142.3

144.8140.4139.5151.0145.2144.1

153.9153.8154.1144.4176.4115.3

146.9129.2120.5154.3142.4

139.1131.5144.0106.1139.0

1 5 2 0 . 5

3 5 1 . 5141.4113. 6

r 85.6

57.267.4

'18.0

40.012.9

18.6'18.236.5

37.8

'12.9

503.2

2, 549

2,466804

1,662438916267

9270108

48114

141.6

143.4147.5138.2113.0

138.5136.9162.6128.7142.0

144.3144.4144.3

140.9

142.4

145.5141.4141.2153.6147.4144.3

155.4155.2155.8144.6173.2118.6

145.5129.9114.2155.6143.2

138.5132.2144.3105.0140.0

• 5 2 5 . 0

• 353.9• 142.3• 114.1'86.2

'57.667.7

'18.1

40.114.7

18.6'18.536.737.4

'13.0

• 5 0 5 . 8

2,574

2,546823

1,723454972261

9572112

8751

114

142.6

144.6149.0139.0114.4

139.8137.8163.6129.6144.2

145.0146.9143.1

141.6

143.1

146.4140.2139.7153.4146.0142.7

156.9157.0156.8147.3175.5121.7

147.0130.3117.1156.5143.6

138.8131.6145.3110.9140.9

528. 5

355.4143.1114.8'86.5

'57.868.0

'18.2

40.115.9

18.6'19.1

37.037.2

'13.1

508.2

2,922

2,8961,1061,790438

1,050278

10896116

10591115

145.2

147.2151.7141.5115.9

143.2141.6165.8133.9146.8

147.0149.5144.5

142.7

144.1

148.1143.0143.3146.1146.4144.3

159.0159.4158.4149.5178. 0123.3

149.8131.6112.8156.8143.6

139.0132.2145.4105.1139.4

530.4

357.4144.0

• 115. 6' 8 6 . 8

' 5 8 . 268.3

'18.3

40.3' 15.2

18.6'19.0

37.2

37.6

'13.2

510.8

3,152

3,0461,2971,749413

1,029291

113113114

114117111

139.3

140.3144.9134.6112.3

138.3135.2147.0131.4144.9

140.3142.9137.5

144.2

145.7

150.0148.7152.1138.4148.0145.5

160. 6161.7159.2149.8177.4124.1

152.1132.6115.4155.8143.5

140.4133.8143.8107.7142.1

• 532.1

• 358.8• 144. 6• 116.1'87.0

'58.568.7

'18.4

40.4'14.9

18.6'19.237.537.7

'13.3

• 512.9

3,864

3,2241,3361,888

4051,146

318

120116123

118116119

143.2

143.9143.3144.7118.2

141.1138.9129.6141.8145.9

145.1144.5145.7

144.5

146.0

150.5146.5143.3149.0147.5145.0

161.4162.4160.1151.5177.5127.3

152.6133.5117.2156.3146.6

140.4134.8141.9107.0141.1

' 545.4

' 360.8' 144. 7'116.4'87.2

'58.8'70.1'18.4

40.5'14.9

18.6' 19. 537.7

2 48.4

13.4

r2 526.2

4,521

3,9031,8832,020397

1,275332

145164131

140160126

145.9

147.5• 148.3146.5• 114.2

145.7• 143.8148.4• 142.3• 149. 7

• 146.2

• 146.6

• 145.8

• 143. 5

' 145.2148.2'131.2125.0

r 152.3147.0144.7

162.3162.4162.1149.4

'175.2125.6

155.7133.8116.2156.8147.1

141.3135.7

r 143. 8108.2143.9

• 541.3

• 364. 7146.1• 117. 5'87.8

'59.671.3

'18.6

40.6'15.3

18.7'19.737.9

'39.3

13.5

521. 7

5,263

4,9232,7702,153

4221,359358

183241140

181242135

149.9

152.2154.5149.3118. 5

151.4150.1174.8142.2• 154.1

' 148.6• 147. 5• 149.7

• 144.8

• 146.3

149.7• 123.3'115.9• 152.4• 149.5' 148.2

' 165.6165.7

' 1 6 5 . 5153.6

' 177.1131.8

' 158. 0' 134.4'118.3'159.7' 150. 4

'142.0' 136. 9

145. 7109.3

' 142.2

r 546.1

• 368.3• 148.1• 119.1'88.2

'60.072.0

'18.9

40.7'15.5

18.7'19.938.2

'39.6

13.6

• 526.3

4,370

4,2872,2082,079410

1,309

160192135

160200129

148.3

150.6154.6145. 5117.6

148.6145. 6173.6

155.2

• 147.9146.1149.8

• 146.3

' 147.9

'151.3121.1

'113.0157.8154.2

' 153.0

' 167.3' 166.8' 168. 0'156.0' 177.6' 135.8

' 159.2135.4118.2

' 162.7r 153.3

<• 143.6138.8

144.7

550.5

371.2149.7120.188.5

60.372.619.0

40.815.7

18.720.238.540.2

13.7

530.4

146.1

147.6154. 5138.8Ii7.2

145.9139.8167

158.9

146.6146148

148.3

150.1

154.7128119

157155

170169170159178140

161145

165155

144.4

' Revised. v Preliminary. i Italicized total excludes stepped-up rate of NSLI dividendpayments to veterans; total disbursements of $200 million put on annual rate basis amountedto $2.4 billion. Figures for transfer payments and total nonagricultural income reflectingsimilar exclusions are as follows (bil. $): 37.7 and 496.3.

2 Italicized total excludes and other footnoted figures include retroactive lump-sum pay-ment of social security benefits; disbursements of $885 million put on annual rate basisamounted to $10.6 billion.

9 Includes data for items not shown separately.


S-4 SURVEY OF CURRENT BUSINESS January 1966


1963 1964

Annual

1964

Nov. Dec.

1965

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

GENERAL BUSINESS INDICATORS—ContinuedINDUSTRIAL PRODUCTION-Contimied

Federal Reserve Index of Quantity Output—Con.

Seasonally adjusted indexes—ContinuedB y industry groupings—Continued

Nondurable manufactures—ContinuedPrinting and publishing 1957-59=100_

Newspapers doChemicals and products do___

Industrial chemicals ,_ _ do_ _ _Petroleum products do___

Rubber and plastics products do___Foods and beverages do___

Food manufactures do___Beverages do___

Tobacco products do___

Mining doCoal do_._.Crude oil and natural gas ___do

Crude oil doMetal mining doStone and earth minerals . do

Uti l i t ies . __ . d o . . . .Electric doGas_ do

By market groupings:Final products, t o t a l . . do

Consumer goods doAutomotive and home goods do

Automotive p r o d u c t s . . doAutos doAuto parts and allied products.. __ do

Home goods 9 doAppliances, T V , and radios doFurni ture and rugs __do___.

Apparel and staples doApparel, incl. knit goods and shoes. _do_-_.Consumer staples do

Processed foods ___do

Beverages and tobacco doDrugs, soap, and toiletries ____doNewspapers, magazines, books___doConsumer fuel and lighting do___.

Equipment , including defense 9 do_ _ _.Business equipment do

Industr ial equipment doCommercial equipment doFreight and passenger equipment _ _ do_ _ _.Farm equipment do

Materials . do___Durable goods materials 9 ___do___

Consumer durable do__.Equipment do___Construction do___

Nondurable materials 9 • doBusiness supplies do___

Containers do_._General business supplies do

Business fuel and power 9 doMineral fuels do_._

Nonresidential utilities ._ do_ _ _

BUSINESS SALES AND INVENTORIES §

Mfg. and trade sales (seas, adj.), total mil. $_

Manufacturing, total do_ _ _Durable goods industries __do___Nondurable goods industries __do.__

Retail trade, total do___Durable goods stores doNondurable goods stores do

Merchant wholesalers, total. doDurable goods establishments doNondurable goods establishments do_

Mfg. and trade inventories, book value, end of yearor month (seas, adj.), total mil. $__

Manufacturing, total doDurable goods industries doNondurable goods industries do

Retail t rade, total___ do____Durable goods stores doNondurable goods stores do

Merchant wholesalers, total doDurable goods establishments do_—_Nondurable goods establishments do

116.4108.0148. 6162.7117.1

140.0116.9116.8117.8115.2

107.9102.5107. 9108.1112.3112.1

140.0142.6131.9

124.9125.2134.4

141.2149.5130.2129.6125.1131.3

122.3117.6123.7116.6

116.9140.1117.8133.5

124.2128.3123.0142.4132.2121.6

123.7121.2137.2125.4116.3

126.3120.3120.2120.4

117.2109.3138.7

816, 028

417, 291216, 847200,444

246,43580,098

166,337

152,30262, 92489,377

105,127

60,14736,02824,11929,38312, 50916, 87415, 5978,4477,150

123.3117.0159.6178.4121.0

156.3120.8120.1124.4120.8

111.3107.1110.4109.9117.4118.7

151.3153.9143.4

131.8131.7142.8

145.1150.6138.0141.1137.1142.4

128.1124.2129.3119.9

123.2146.9123.7142.3

132.0139.1137.0145.3141.0133.1

132.8131. 2145.8134.4124.5

134.3127.4127.9127.1

122.6112.2149.6

871, 765

445,552230, 775214, 777

261, 63085,116176, 514

164, 58368,98495, 601

110, 535

62,94438,41224, 532

31,13013,28217,848

16,4619, 0777,384

124.2117.0163.2182.9121.7

163.7123. 5122.6128.5121.0

112.8109.6110.4110.2126.6123.9

155.4157.4149.0

135.2134.5145.7

143.0145.1140.2147.7145.6148.3

131.0128.0131.8122.0

126.0149.7122.8147.0

136.7146.1144.5151.0149.1135.1

135.9134.9147.4139.2126.8

137.0129.0132.3127.3

124.0113.0151.2

73,371

37, 51419,29118,223

21, 6616,695

14, 966

14,1965,9778,219

109,320

62,37738,04024,337

30, 55912,87417, 68516,3849,0027,381

126.2122.6166.4187.9120.9

165.7123.8122.9128.6125.4

112.5110.1110.4110.9121.8123.4

157.1159.4149.6

138.1138.0156.9

166.2183.0144.0150.5149.4149.7

132.0129.4132.7122.5

127.5151.8124.3146.9

138.4148.5145.9152.4155.2142.1

138.0136.8156.1141.5127.5

139.2132.7135.3131.4

125.1113.3154.6

76,277

39,31820, 55918, 759

22, 7817,64515,136

14,1785,9828,197

110,535

62,94438,41224, 532

31,13013, 28217, 84816, 4619,0777,384

126.8121.4166.7186.0119.0

164.7124.3123.0131.4122.2

111.8107.7109.8109.8126.7120.8

154.9158.5143.6

138.4138.4157.4

165.7182.8143.1151.7147.2150.6

132.4131.6132.6122.3

128.3154.2125.8143.9

138.2147.7144.8152.5154.0142.5

138.8138,0159.6142.6128. 3

139. 5133. 2136.3131.6

124.1112.1153.8

75,913

20,41518,470

22, 9007,85515, 045

14,1286,0698,060

111,465

63, 21338,49524, 71831,47813,63517,84316, 7749,2757,499

127.7120.9167.8188.2121.5

171.1123.4122.6127.4123.5

111.8103.2110.6108.6123.4122.9

156.1159.6145.4

138.5138.0157.3

163.8178.9143.9152.7148.7152.6

131.9131.8131.9121.3

126.1152.8125.3145.4

139.4149.2147.1156.2150. 7141.3

139.7139.0164.9143.8130.8

140.5135. 6138.0134.4

123.9111.1155. 6

75,956

38, 69320,37418,319

23,3177,96615,351

13, 9466,0987,848

111,884

63,38238,69224,690

31,63513,79917, 836

16, 8679,3237,544

128. 5121.0169.5190.8122.2

172.6123.4122.4128.6127.2

112.5103.1111.4110.5124. 6124.1

158.5162.4146.0

140.1140.0161.9

173.1194.2145.2154.0150.8152.7

133.0132.5133.2122.1

128.1154.2128.6146.5

140.4150.1148.3159.1148.2140.4

141.7142.6166.3146.9133.5

140.6134.2129.7136.5

125.7112.3158.5

77, 815

40, 28521, 28419,001

22,8057,66915,136

14,7256,2408,485

113,032

38,97224, 736

32, 26014,22018, 040

17, 0649,4287,635

128.3120.7169.2191.6121.5

167.7122. 5122.6121.8120.9

113.0107.9112.0111.4125.8118. 2

159.9164.0147.2

139.4138.5158.2

166.9183.5145.1152.1149.0152.0

132.3131.8132. 4122.1

121.5152.6126.9148.8

141.2150. 9148.4161.3150.8138.3

142.6142.9163. 4147.5130.5

142.4135.1137.3134.0

127.2114.3159.6

77, 529

40,04420,91519,129

22,8657,55015,315

14, 6206,2138,407

113,761

39,23324, 76632, 54614,44018,10617,2169,4547,763

129.3121.5169.3191.7122. 9

168.2121.9120.6129.0116.5

114.0113.0111. 9111.3121.6123.9

160.4164.3147.8

140.2138.6158.5

168.1184.9146. 0151.8147.6154.4

132.2132.5132.2121.1

124.8151.9126.6148.2

143.7153.5150.6162. 3157.1141.7

142.6143.4162.3148.7131.4

141.8134.1132. 0135.2

127.9115.1160.1

77,884

39,81420, 51319,301

23,3527,70315, 649

14, 7186,3528,366

114,542

64,26939, 47524,794

32, 82314, 70718,116

17, 4509,5897,861

130.0124.7169.9192.9121.8

169.1122.3121.2128.5121.8

115. 3117.1112.5112.2123. 7125. 8

162.5167.1147.9

140.7138.7158.2

168.1187.1143.0151.3148.8153.5

132.8133.2132.7120.7

126.2152.9125.6150. 6

144.9154.6151.9164.1157.8143.7

144.5146.1169.9150.0131. 3

143.4134.8132.0136.2

129.9116.9162.4

78,010

39,94320, 65219, 291

23,3317,76015, 571

14, 7366,2438,493

115,049

64, 62539, 95124, 67433, 01414, 69218,322

17,4109,5927,819

131.3126.2172.8194.9124.5

170.2123.1122.6125.9119.9

116.0117.1113.0112.1126.4127.3

161.6165.8

141.7139.3158.1

167.8184.6145.8151.2146.5154.0

133.7132.2134.1122.4

123.9157.0128.0151.2

147.0156.4155.1165.2155.0145.3

146.4148.4171.8153.3132.7

145.0137. 6136.1138.3

128.9117.0158.8

80,023

41,45221.82019, 632

23,7437,92215.821

14,8286,3698,458

116, 012

65,39440, 60024,794

33,08814, 74418,34417, 5309,7797,751

133.0129.7174.2195.7125.8

168.1122.4121.9125.0120.7

117.0115.2114.2113.4130.2129.1

161.9166.2

142.3139.5158.1

169.8184 3150.7149.8145.2152.3

133.6131.9134.1121.6

123.6160.1128.0150.6

148.4157.8153.8165.2163.6157.1

146.1147.3167. 9154.7134.6

144.8135.1132.1136.6

129.2117. 2160.1

78,891

40, 51821,19119,327

23, 5447,83715,707

14, 8296,4158,414

116,683

65,78840,81424,974

33,36014, 96518,39517, 5359,8207,715

129.3120.1176.6199.9125.1

171.2123.2121.8131.0120.6

112.6106.7110.6108.5122.4127.4

165.3170.9

143.3140.7158. 5

166.5178.1151.2153.0149.1152.0

135.0134.0135.3121.6

• 127. 5161.3126.1154.2

149. 0159.0155.3166.4164.2155.4

• 143.7• 142.8165.4154.2134.5

• 144. 5135.9134.4136.7

• 126.3• 112.1' 161. 5

78,883

40,17320,92419,249

23, 7747,78915,985

14,9366,4058, 531

116,967

66,26741,30024,967

33, 04514,76118,28417,6559,9117,743

131.1125.1177.1200.9124.6

175.5123.6122.1131.8114.5

115.9116.8114.2114.0116. 5125. 5

165.7171.3

' 145.3* 141.3

161.1

'168.4181.1

' 151.7' 156. 0r 151.7' 154.9

135.4135.1135.4

*• 122.2

126.0' 159.2' 126.3

156.0

' 153.9163.8159.4

' 169.7' 178.7

153.4

' 144.3r142.1

167.0r 158.4' 135.3

' 147.2' 136.8

136.6'•136.9

>129.8r 118. 0

160.9

79,502

•40,548•21,14619,402

123,959i 7,83816,121

•14,995r 6,424' 8, 571

117,653

•66,642•41,523•25,119•33,29614,927

17,715r 9,948r 7, 767

133.1127.2178.5

125.0

125.0123.6

116.5115.7113.8114.5120.6133.4

166.5

147.3143. 0163.3

169.2182.5151.6159.2153.8159.3

136.5123.0

161.5127.5

' 156.5166.7162.1173.0178.1

145.8143.8168.9160.3137.0

147.9139.5141.4138.6

129.7• 117.8

80,963

41,44721,61019,837

124,013i 7,927

116,086

15,5036,6488,855

118,296

67,07941,80725,27233,53314,92918, 60417,6849,9847,701

134

117.9119114115

167.0

148.1143.9165

169182

137

157.3167

148.6147

150

130119

r Revised.separately.

v Preliminary. i Advance estimate. 9 Includes data for items not shown§ The term "business" here includes only manufacturing and trade. Business

inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm.Unadjusted data for manufacturing are shown in p . S-5; those for retail t rade on p . b - n .




1963 1964

Annual

1964

Nov. Dec.

1965

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

GENERAL BUSINESS INDICATORS—ContinuedBUSINESS SALES AND INVENTORIES—Con.Inventory-sales ratios:

Manufacturing and trade, total— ratio..

Manufacturing, total. .doDurable goods industries do

Materials and supplies— doWork in process _ _do____Finished goods.___ __________do___.

Nondurable goods industries doMaterials and supplies doWork in process doFinished goods do

Retail trade, total doDurable goods stores do___.Nondurable goods stores do

Merchant wholesalers, total doDurable goods establishments doNondurable goods establishments do

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS

Manufacturers' export sales:Durable goods industries (unadj.), total—.mil. $..

Shipments (not seas, adj.), total do___.

Durable goods industries, total 9 . do_.Stone, clay, and glass products __do_.Primary metals do_.

Blast furnaces, steel mills do..Fabricated metal products do_.

Machinery, except electrical do_Electrical machinery do_.Transportation equipment do..

Motor vehicles and parts do_.Instruments and related products do _.

Nondurable goods industries, total 9 do.Food and kindred products do.Tobacco products. do_.Textile mill products do.Paper and allied products.. do.Chemicals and allied products do.Petroleum and coal products do.Rubber and plastics products __do_

Shipments (seas, adj.), total . do.By industry group:

Durable goods industries, total 9 do.Stone, clay, and glass products do.Primary metals do.

Blast furnaces, steel mills do.Fabricated metal products __do_

Machinery, except electrical do.Electrical machinery do_Transportation equipment do..

Motor vehicles and parts do_.Instruments and related products do.

Nondurable goods industries, total 9 do_Food and kindred products do.Tobacco products.. . . . . do .Textile mill products do_.Paper and allied products do.Chemieals and allied products do_.Petroleum and coal products .do.Rubber and plastics products do..

By market category:Home goods and apparel do..Consumer staples do_.Equipment and defense prod., excl. auto.do..Automotive equipment do..Construction materials and supplies __do_.Other materials and supplies do..

Supplementary market categories:Consumer durables do..Defense products do..Machinery and equipment do..

Inventories, end of year or month:Book value (unadjusted), total do..

Durable goods industries, total do..Nondurable goods industries, total __do_

Book value (seasonally adjusted), total do_.By industry group:

Durable goods industries, total 9 do..Stone, clay, and glass products do..Primary metals do_.

Blast furnaces, steel mills do..Fabricated metal products do..

Machinery, except electrical doElectrical machinery doTransportation equipment._ do.

Motor vehicles and parts doInstruments and related products__do

r Revised. i Advance estimate.

1.50

1.691.94.59.80.55

1.41.59.20.63

1.391.791,20

1.181.58.90

417,291

216,84711,36935,32519,03322, 527

30,20028,77758,18037,8436,997

200,44469,9874,59616, 53716,26330,81117,4149,261

2 39, 7592 87, 0962 50,907" 42,847

33, 5492163,133

216, 5662 25,1572 38, 584

59,73835, 56524,173

60,147

36, 0281,5445,9183,5333,999

6,9105,0557,3312,6101,468

1.48

1.641.91.57.79.54

1.35.53.19.62

1.401.861.18

1.171.51.92

9,001

445,552

230,77511, 525

21, 23623, 549

30, 20759,62838,4507,523

214, 77775,8834,69317,80817,11633, 57818,18710,212

2 41, 7502 94,3972 55,1852 43,3442 35,8782174,998

217,9022 25,9532 42,331

62,64238, 00124, 641

62,944

38,4121,5876,1113,7074,251

7,5585,3887,9083,0131,619

1.49

1.661.97.60.82.56

1.34.53.19.61

1.411.921.18

1.151.51.90

782

37,700

19,363964

3,3541,8531,904

2,7262, 6105,0063, 266654

18,3376,433407

1,5961,4702,7611,547852

37,514

19,291984

3,4341,9331,937

2,8782,5084,7472,975

18,2236,414390

1,5501,4842,8581,552875

3,5217,9724,6573,3873,01714, 960

1,4972,1293,630

62, 05837,64724,411

62,377

38,0401,5936,1533,7764,149

7,5145,3077,8103,0591,584

1.45

1.601.87.57.77.'52

•1.31.51.19.61

1. 371.741.18

1.161.52.90

37,631

19,969837

3,3471,8541,931

2,6355,6463,744

17, 6626,346419

1,4941,4332,6061,560862

39,318

20,5591,0223,6562,0742,077

2,9772,5975,3413,502641

18, 759

4291,6141,5322,9171,525922

3,7138,2984,791

3,15415,426

1, 6212,1853,732

62,64238,00124,641

62,944

38,4121,5876,1113,7074,251

7,5585,3887,9083,0131,619

1.47

1.631.89.57.77.52

1.34.52.19

1.371.741.19

1.191.53.93

615

18, 924806

3,3451,9451,757

2,6952,4075,3003,654589

17,4606,184369

1,4441,4412,7231,542871

20,4151,0303,4551,9761,959

2,9692,6575,3613,550661

18,4706,446407

1,6061,5162,8541,519931

3,6538,0774,8463,9733,18315,153

1,5742,1973,755

63,29938,40324,896

63, 213

38,4951,5956,1613,7444,306

7, 5765,4037,8492,9771, 622

1.47

1.641.90.58.79.53

1.35.52.19.63

1.361.731.16

1.211.53.96

733

39,380

20,685860

3,5822,0601,947

3,0212,6765,755

650

18,6956,378399

1,6011,5592,9191,545940

38, 693

20,3741,0133,4561,9792,033

2,8982,6165,444

647

18,3196,267422

1,5601,5302,9021,519

3,6127,9254,8064,0303,11715,203

1,5672,2223,709

63,76138, 87524,886

63,382

1,5956,1533,7174,325

7,6385,4737,8693,0161,635

1.45

1.581.83.57.75.51

1.30.50.19.61

1.411.851.19

1.161.51.90

941

41,231

21,928924

3,8592,2452,012

3,2072,7486,1764,223704

19,3036,578394

1,6361,6403,0731,530

40, 285

21, 2841,0193,6292,0862,087

2,9962,6905,8593,974

19,0016,566413

1,6181,5983,0061, 571954

3,7308,2134,9454,3923,18315,822

1,6252,2813,872

64,06539, 26524,800

63,708

38,9721,5936,0713,6184,420

7,6685,5747,9453,0521,646

1.47

1.601.88.59.77.51

1.29.50.18

1.421.911.18

1.181.52.92

853

41,282

21,968967

4, 0742,4382,085

3,2282,718

3,970

19,3146, 594427

1,5741,6173,2211,5531,007

40,044

20,915935

3,7962,2452,048

2,9842,7575,4083,620701

19,1296,667440

1,5641,5913,0091,583967

3,681

4,9074,0203,06315,978

1,5942,2593,871

64,36639, 63324, 733

39,2331,6065,9003,4274,517

7,7265,6288,0953,1501,653

1.47

1.611.92.61.79.52

1.28.50.18.60

1.411.911.16

1.191.51.94

800

40,074

21,1571,0103, 6131,9232,025

3,1642,6465,7553,898679

18,9176,575374

1,5531,5663,1801,584

39,814

20,513923

3,4351,8351,955

2,9932,7485,5193,680

19,3016,661364

1,6101,5723,0301,631

3,7698,2804,9484,0883,00115, 728

1,5672,2813,849

64,76940,03324,736

64,269

39,4751,6205,9963,5314,544

7,7635,6628,1043,2491,676

1.47

1.621.93.61.80.53

1.28.50.19.59

1.421.891.18

1.181.54.92

831

41,914

22,2801,0953,6391,9542,147

3,2992,8446,1064,144732

19,6346,825439

1,6791,6533,1891,6471,028

20, 652962

3,3891,8201,974

3,0092, 701

3,814691

19, 2916,671411

1,6001,5753,0571,637958

3,7058,3744,9424,2323,06215, 628

1,5532, 2983,838

64,97940,32124, 658

64, 625

39,9511,6236,0743,5974,565

7,8785,7268,2673,2901,687

1.45

1.581.86.58.78.50

1.26.49.18.59

1.391.861.16

1.181.54.92

747

37,844

19,5641,0223,2731,8471,905

2,8572,5395,0693,366

650

18,2806,545

4151,3681,5032,8231,624

41,452

21,820969

3,7822,1702,036

3,1192,8945,8704,004

728

19, 6326,777400

1,6031, 6563,0631,648980

3,7888,5825,0934,4083,16916,412

1, 6442,3244,070

40,41024,678

65,394

40,6001,6006,1633,6314,611

7,9885,8108,6533,5271,683

1.48

1.621.93.60.82.51

1.29.50.19.60

1.421.911.17

1.181.53.92

805

39,443

19,8131,0463,5902,0762,089

2,8142,7464,3552,570675

19,6306,780407

1,6861,6582,9441,637948

40, 518

21,191926

3,7082,1051,968

2, 9902,8005,8033,932703

19,3276,843387

1,6191,6162,9571,615

3,7008,5545,0014,3473,05815,858

1,5642,3413,878

65, 48140, 70424,777

65,788

40,8141,6186,1423,5764,685

8,1425,8738,6003,3701,696

1.48

1.651.97.61.83.53

1.30.51.19.60

1.391.901.14

1.181.55.91

870

41,198

20,7781,0463,2661,6752,122

3,0633,0025,0353,071742

20,4207,215425

1,7251,7063,1331,628

40,173

20,924953

3,2371,6521,995

3,0812,7965,8633,905694

19,2496,821415

1,5811,6312,9421,614951

3,7158,5495,1254,3233,08015, 381

1,5672,422

41, 09624,773

66,267

41,3001,6146, 2243, 6334, 766

5,9078,7073,4301,711

1.48

'1.641.96.61.83.53

•1.29'.50.20

1.391.901.14

1.181.55.91

42,185

21,748' 1,050'3,215' 1,595' 2,088

'3,048'3,063' 6,057' 4,178'728

20,437' 7,154'405

' 1, 7511,718

' 3,070' 1,650'1,032

40,548

•21,146'947

' 3,204'1,608' 1,963

'3,127'2,906'5,973'4,037'707

'19,402' 6,845

'405'1,6091,656

' 2,982' 1,639'958

3,7358,6155,1724,4523,066

|'15, 508

• 1, 618• 2,402• 4,035

'66,218'41,212'25,006

66,642

'41,523• 1,640' 6,275' 3,669p 4, 772

'8,364' 5,947'8,706' 3,412r1, 714

1.46

1.621.93.60.82.52

1.27.49.19

1.401.881.16

1.141.50.•87

41,684

21,740998

3,2551,6102,104

2,9603,0956,2384,327

727

19,9447,055415

1,6911,6772,9631,640

41,447

21,6101,0183,3241,6792,143

3,1402,9685,9243,982

708

19,8377,038398

1,6451,6943,0711,6461,008

3,8548,8555,1594,4263,253

15,900

1,6752,3984,079

66, 66241,34825,314

67,079

41,8071,6386,2743,6624,813

8,4545,9908,7753,3351,729

121.200

i 3.200

i 6.100

121,900

i 3.500

15.900

2 Based on data not seasonally adjusted. 9 Includes data for items not shown separately.


S-6 SURVEY OF CUEEENT BUSINESS January 1966


1963 1964

Annual

1964

Nov. Dec.

1965

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

GENERAL BUSINESS INDICATORS—ContinuedMANUFACTURERS' SALES, INVENTORIES,

AND ORDERS—ContinuedInventories, end of year or month—Continued

Book value (seasonally adjusted)—ContinuedBy industry group—Continued

Durable goods industries—ContinuedBy stage of fabrication:

Materials and supplies 9 mil. $_.Primary metals. _•_ doMachinery (elec. and nonelec.)___doTransportation equipment do

Work in process 9 doPrimary metals doMachinery (elec. and nonelec.)__.doTransportation equipment do

Finished goods 9 doPrimary metals ___do___.Machinery (elec. and nonelec.)___doTransportation equipment do

Nondurable goods industries, total9--doFood and kindred products __doTobacco products doTextile mill products doPaper and allied products doChemicals and allied products doPetroleum and coal products doRubber and plastics products do

By stage of fabrication:Materials and supplies doWork in process doFinished goods do

By market category:Home goods and apparel do__Consumer staples do__Equip, and defense prod., excl. auto do__Automotive equipment do__Construction materials and supplies do__Other materials and supplies do__

Supplementary market categories:Consumer durables do__Defense products do__Machinery and equipment do__

New orders, net (not seas, adj.), total do__Durable goods industries, total do__Nondurable goods industries, total _do__

New orders, net (seas, adj.), total 1 doBy industry group:

Durable goods industries, total 9 doPrimary metals__ do

Blast furnaces, steel mills doFabricated metal products doMachinery, except electrical doElectrical machinery doTransportation equipment do

Aircraft and parts do

Nondurable goods industries, total __doIndustries with unfilled orders© doIndustries without unfilled orders! do

By market category:Home goods and apparel doConsumer staples doEquip, and defense prod., excl. auto doAutomotive equipment doConstruction materials and supplies doOther materials and supplies do

Supplementary market categories:Consumer durables doDefense products _doMachinery and equipment do

Unfilled orders, end of year or month (unadjusted),total mil. $_.

Durable goods industries, total doNondur. goods indus. with unfilled orders©-do

Unfilled orders, end of year or month (seasonallyadjusted), total mil. $_.

By industry group:Durable goods industries, total 9 do

Primary metals doBlast furnaces, steel mills do

Fabricated metal products doMachinery, except electrical doElectrical machinery doTransportation equipment do

Aircraft and parts do

Nondur. goods indust.with unfilled orders©.do

By market category:Home goods, apparel, consumer staples. __ doEquip, and defense prod., incl. auto. doConstruction materials and supplies doOther materials and supplies do

Supplementary market categories:Consumer durables do.

10,8792,2593,0091,95614,8571,9015, 2494,46710, 2921,7583,707

24,1196,0282,3142,8861,8003,8181,7361,157

9,7693,47910,871

6,3899,52512,3633,2455,29023,335

2,9555,5838,539

420,429219,598200,831

2 420,429

219, 59835, 51319,11022,62730,88628,92259, 63816, 782

200,83152, 932147,899

40, 06887, 08952, 41342,93233, 640164, 287

16,84925,87339, 914

49,14946,1932,956

49, 796

46, 6763,9302,1204,0627,0277,11419, 36814,446

3,120

1,98726,1974,98616, 626

1,40718,72411,186

11, 6882,2483,2632,21615,9332,0245,7634,69510, 7911,8393,920997

24,5326,0302,3592,8371,8854,0031,7451,176

9,6193,522

11,391

6,4999,66013,2413,6835,62924,232

3,0565,6259,431

452,368237, 631214, 737

2 452,368

237, 63141,30823,30324,22234, 92931, 21261,17417, 514

214, 73757,318157,419

41,74094,38857, 76543,64336,325178, 507

17,92027,12644,471

55,96253, 0422,920

57, 044

53,9586,5594,3114,8118,3028,10321,09015, 526

3,086

1,97529, 2235,49020,356

1,42020, 05813,367

11, 5002,1823,2382,20815,7992,0885,7174,62310, 7411,8833,866979

24,3376,0312,3032,7901,8694,0001,7521,191

9,6373,49711, 203

6,4059,59012,9783,7205,53324,151

5,4559,321

37, 67119, 27718,394

37, 720

19,4543,6632,0722,0112,9712,7634,283961

18, 2664,96013,306

3,4897,9724,5863,2893,04315,341

1,4981,7883,882

55,60552, 6522,953

56,363

53,4066,3704,1254,7628,1948,14220,86715,363

2,957

1,95428, 9715,433

20, 005

1,40120, 05813,175

11,6882,2483,2632,21615, 9332,0245,7634,69510, 7911,8393,920997

24, 5326,0302,3592,8371,8854,0031,7451,176

9,6193,52211,391

6,4999,66013, 2413,6835,62924,232

3,0565,6259,431

37,98620,35717,629

39, 590

20, 7203,8212,2432,0893,0982,6375,1721,227

18,8705,19013,680

3,7508,3034,7383,9843,098

15, 717

1,6641,8733,917

55,96253, 0422,920

57, 044

53, 9586,5594,3114,8118,3028,10321,09015, 526

1,97529, 2235,49020,356

1,42020, 05813,367

Defense products doMachinery and equipment do' Revised. i Advance estimate. 2 Data for total and components (incl. market

categories) are based on new orders not seasonally adjusted.9 Includes data for items not shown separately. © Includes textile mill products,

leather and products, paper and allied products, and printing and publishing industries; un-

11,8022,2973,3062,18115, 9341,9995,7924,67310, 7591,8653,881995

24,7186,1942,3222,8291,8694,0471,7941,191

9,5853,53211, 601

6,5349,77613, 2253,6545,64324,381

3,0725,6059,445

37,78520,32017,465

39,704

21, 2713,7392,2322,0683,0922,8915,5461,465

18,4335,01813,415

3,6078,0934,9394,1163,23815, 711

1,5802,3723,958

57,36354,4392,924

57, 317

54, 2806,6564,3874,8518,4138,24721, 05115,394

3,037

1,96229,2105,55820,587

1,42719, 96413, 534

11,8762,2953,3562,21016, 0082,0055,8354,66110, 8081,8533,920

24,6906,1972,3122,8111,8694,0551,8121,183

9,5413,53111,618

6,5349,75613,2833,7015,66124,447

3,0815,6079,543

40,64121,87818, 763

21,1303,8022,2912,1103,0502,5975,6901,703

18,3395,05413,285

3,5697,9274,9814,0833,15515, 754

1,5292,4383,799

58,62955, 6362,993

58,160

55, 0927,0734,7594,9108,4678,26921,36315, 738

3,068

1,90429,4945,59621,166

1,37420,26013, 572

12,0682,2923,3992,23416,0411,9675,8664,69610,8631,8123,9771,015

24,7366,1962,3282,8201,8554,0721,8001,213

9,5573,53311,646

6,5939,82713,3383,7515,73424,465

3,134

9,560

41,82022, 50719,313

40, 712

21, 7143,5932,0182,0653,1002,7116,3011,757

18,9985,20313,795

3,7278,2074,9744,5303,14516,129

1,6012,4634,024

59,21756,2153,002

58, 595

55, 5317,0584,7204,8978,5638,302

21, 77616, 098

3,064

1,89829, 5495,591

21, 557

1,35420, 50213, 771

12,4062,3323,4562,28016,1141,8835,9364,78210, 7131,6853,9621,033

24, 7666,1822,3072,8281,8654,1061,7921,222

9,6603,53311, 573

6,6509,80913,4903,8545,81624,380

3,1645,7889,617

41,84222,43519,407

41,120

22,0433,4561,8762,0983,1072,9296,4532,248

19,0775,13013,947

3,6728,3726,1214,1333,15015,672

1,6293,2364,078

59,77956, 6843,095

59,463

56, 374

4,3514,9118,6888,44822,66416,849

3,089

1,90130,6945,628

21, 240

1,37121,36113, 981

12, 5122,3173,5022,36216,1621,9575,9664,68610,8011,7223,9571,056

24,7946,1002,3282,8261,8854,1741,7751,221

9,6753,55811, 561

6,6949,77013,4193,9415,83524, 610

3,2105,7409,651

40,16221,16618,996

40,181

20,9923,2861,6322, 0273,1082,8015,8781,552

19,1895,15714, 032

8,2775,3234,2083,10515, 579

1,5742,4604,069

59,86956, 6943,175

59,897

56,8756,5694,1485,0518,7828,55522, 95116,861

3,022

1,90831,1545,72121,114

1,39921,45714,166

12, 5372,3053,5402,37216,5331,9856,1224,82010,8811,7843,9421,075

24,6746,0402,3172,8791,8824,1331,7651,234

9,6083,61111,455

6,6509,72113, 6353,9835,86224, 774

3,2415,814

42,35722,65119, 706

40,689

21,3103,4541,8162,0423,1892,8745,8701,684

19,3795,29814, 081

3,751

5,5094,1943,13215, 714

1,5862,5794,091

60,30957,0643,245

60, 588

57, 4546,6374,1445,0938,9638,77323,06917, 074

3,134

1,92231,6075,73321,326

1,41221, 74314,422

12,6642,3103,6092,420

17, 0532,0516, 2425,15510,8831,8023,9471,078

24, 7946,0732,2812,9521,9004,2031,7461,244

9,5373,59111, 666

6,6859,73713,8584,2155,821

25, 078

3,2495,96810,006

38, 71320,40418,309

41, 846

22,1953,4931,8512,0583,1403,0996,3631,646

19,6515,44414,207

3,725

5,4664,5243,15516,393

1,5602,6184,348

61,17857, 9043,274

60,981

57,8306,3483,8255,115

8,97823, 56317, 252

3,151

1, 86132, 0975,72021,303

1,32822, 03614, 700

12, 6722,3163,7022,23217,2832,0586,3515,28410,8591, 7683,9621,084

24,9746,0002,2863,0031,9164,2401,7271,258

9,6453,66211,667

6,8159,67514, 0464,0685,85225,332

3,2506,03010,216

39,96420,34819, 616

40,926

21, 5093,1191,4651,9743,3183,0006,1411,956

19, 4175, 34714, 070

3,7848,5585,5434,2943,04015, 707

1,6402,8084,159

61,69758, 4383,259

61,391

58,1485,7603,1855,1209,3139,17823,90117, 732

3,243

1,95332,5875,70121,150

1,40622,50314, 982

12,8122,3023,7472,317

17,3802,0666,4155,27711,1081,8564,0431,113

24,9675,8812,2863, 0381,9224,2581,6961,262

9,7663,70211, 499

6,8639,56614,2864,1245,908

25, 520

3,2216,04410,432

42, 25921,81820,441

41,483

22,1632,9081,2762,0133,3152,9956,8532,462

19,3205,26714, 053

3, 7808,5505,7564,5043,11815, 775

1,6103,4504,153

62, 75859, 4793, 279

62,699

59, 3855,4312,8095,1379,5479,37624,89118,631

3,314

2,01733,4015,739

21, 542

1,449=23. 53215,152

12,886' 2,302'3,808' 2, 34817,502' 2,114'6,491' 5,22811,135'1,859' 4, 012' 1,130

25,119' 5,861'2,328' 3,119' 1,919'4,285'1,718' 1,273

'9,769'3,82511,525

' 6,866' 9,63014,376' 4,102

25,685

' 3, 233' 6,09110,492

43.10422.64820.456

'41,843

22,4253,1481,451' 2,050'3,349' 2,983' 6,920'2,466

19,418'5,30714,111

r3,778'8,604' 5.689' 4,516' 3,12916,127

' 1,675'3,276'4,249

63,67660,379'3,297

'63,993

60,664'5,375' 2,653'5,224' 9,769'9,45325,83819,569

' 3,329

' 2,04633,983'5,80322,161

' 1,504•24,40715,369

12,8802,3433,8262,27317,7302,1016,5705,36711,1971,8304,0481,135

25,2725,9502,2583,1011,9324,3451,7271,313

9,7993,83411,639

9,65714,6114,0626,019

25,842

3,2556,247

10,569

42,12522,12320,002

42,266

22,406

1,2,2183,3703,1836,0161,637

19,8605.395

14,465

3,8658,8515,4874,4253,302

16,336

1,7032,5944,298

64,11860,7643,354

64,810

61,4585,4362,6125,2999,9989,66825,93019,703

3,352

2,05434,3085,85122,597

1,53424,60315,586

121.500

122.500i 3.600

15.900

161.100

162.100i 5.600

125.900

filled orders for other nondurable goods industries are zero. 1 For these industries (food andkindred products, tobacco products, apparel and related products, petroleum and coal proa-ucts, chemicals and allied products, and rubber and plastics products) sales are consideredequal to new orders. c Corrected.


January 1966 SURVEY OF CUERENT BUSINESS S-7


1963 1964

Annual

1964

Nov. Dec.

1965

Jan. Feb. I Mar. | Apr. | May June July Aug. I Sept Oct. I Nov. Dec.

GENERAL BUSINESS INDICATORS—ContinuedBUSINESS INCORPORATIONS d*

New incorporations (50 States and Djst. Col.):Unadjusted ____number_Seasonally adjusted do___

INDUSTRIAL AND COMMERCIALFAILURES <?

Failures, total numbe:

Commercial service do.__Construction doManufacturing and mining do___Retail trade do___Wholesale trade do___

Liabilities (current), total thous. $__

Commercial service doConstruction _doManufacturing and mining___ doRetail trade doWholesale trade .. do

Failure annual rate (seasonally adjusted)No. per 10,,000 concerns.

186,404

14,374

1,3732,4012,4096,6811,510

1,352,593

89,104231,354557,699299,365175, 071

156.3

197,724

13,501

1,2262,3882,2546,2411,392

1,329,223

182, 527262,392361, 864281, 948240,492

1 53. 2

14,09817,103

967

100180175412100

119,324

4,87022,95359,17420, 62911, 698

50.3

17, 45917,154

968

8917516544297

98, 282

9,17125,83527, 23328,0238,020

48.2

18,18017,275

1,137

105206187525114

89,272

4,90524,38126,18919,74414, 053

52.8

15,96717,367

1,114

103199185525102

111, 985

9,11119,88143,26928, 66311, 061

51.7

19, 78917,112

1,332

124230218621139

146, 579

24,48721, 07547,86829,91323, 236

54.8

17, 71216,504

1,179

228183535134

83, 247

6,03919,55426, 09020, 06711,497

50.8

16, 54016, 043

1,183

126204191549113

133,113

48,80617, 72932,97820, 94412,656

54.1

17,63516, 671

1,094

90205172510117

144,607

54, 20735, 60122,43522,35310, 011

50.1

16,79416,369

1,074

82205157514116

121,485

4,89153,37231,14521,35210, 725

52.8

16,11416,957

1,131

114208176533100

135, 039

47,12724, 08030,09719,70414, 031

56.9

15,96217,138

1,100

124205172479120

104,976

23,03919,00724,88027,46310, 587

59.7

15,88916,744

1,047

11021214549090

82, 066

10,38119,13917,86227,8766,808

51.5

15,13017,480

1,033

10320115547797

71,722

7,63514,42022, 53920,6066,522

51.4

COMMODITY PRICESPRICES RECEIVED AND PAID BY

FARMERS

Prices received, all farm products 1910-14=100__

Crops do_.Commercial vegetables do_.Cotton do..Feed grains and hay do_.Food grains do_.

Fruit do_.Oil-bearing crops.._ do_.Potatoes (inch dry edible beans) do_.Tobacco do_.

Livestock and products do_.Dairy products do_.Meat animals do_.Poultry and eggs do_.Wool do_.

Prices paid:All commodities and services do

Family living items doProduction items do

All commodities and services, interest, taxes, andwage rates (parity index) 1910-14=100-.

Parity ratio § do

CONSUMER PRICES

(U.S. Department of Labor Indexes)

All items 1957-59=100_Special group indexes:

All items less shelter do___All items less food do_._.Commodities do_

Nondurables do_.Durables 9 do_.

New cars do..Used cars ; do_.

Commodities less food do_.Services do..

Services less rent do_.

Food 9 - do_.Meats, poultry, and fish do_.Dairy products do_.Fruits and vegetables do..

Housing do..Shelter 9 do_.

Rent do_.Homeownership do_.

Fuel and utilities 9 do_.Fuel oil and coal do_.Gas and electricity do_.

Household furnishings and operation do_.

1 and upkeep doTransportation do

Private doPublic do

Health and recreation 9 doMedical care doPersonal care doReading and recreation do

r Revised. i Based on unadjusted data.& Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).

242

239233271164224

292258156494

245253290146269

283298273

312

78

106.7

106.7107.4

104.1104.9102.1101.5116.6

103.5113.0114.5

105.1100.2103.8111.0

106. 0106.9106.8107.0

107.0104.0107.9102.4

104.8107.8106.4116.9

111.4117. 0107.9111.5

236

238246262166190

298256227490

235256270142291

282300270

313

76

108.1

108.0108.9

105.2106.0103.0101.2121.6

104.4115.2117.0

106.498.6

104.7115,3

107.2108.7107.8109.1

107.3103.5107.9102.8

105.7109.3107.9119.0

113.6119.4109.2114.1

234

234281254161168

280263229496

235275258143277

282301269

313

75

108.7

108.5109.5

105.6106.4103.5102.5122.9

104.8116.0117.9

106.899.5105.3113.0

107.7109.3108.3109.8

107.5103.7108.1102.9

106.4110.0108.6119.5

114.2120.2109.7114.9

234

234241247171168

268273282495

234271261139266

301'269

313

75

108.8

108.6

105.7106.5103.4101.6123.7

104.9116.2118.2

106.999.0105.6114.5

107.8109.5108.4110.0

107.9105.8108.3102. 9

106.6110.5109.0120.3

114.3120.3110.0114.9

236

234234233174168

272275322488

237267272136270

285303272

317

74

108.9

108.6109. 8

105.6106.3103.6101.5123.7

104.9116.6118.6

106.699.2105.6112.4

108.1109.9108.4110.6

107.9106.5108.0102.8

105.6111.1109.7120.6

114.5120.6110.0115.0

238

234237233176167

257281331497

240262280137

286304273

318

75

108.9

108.6109.8

105.5106.3103.3101.0121.7

104.7116.9118.9

106.699.5105.2113.3

108.2110. 2108.5110. 9

107.4106.7107.8102.8

105.8110.6109.1121.2

114.7121.0110.1115.2

239

237261242177166

244282336497

241256283139268

286303273

318

75

109. 0

108.7109.9

105.6106.4103.2100.8121.7

104.8117.0119.1

106.999.6105.0115.3

108.2110.1108.7110.8

107.4106.5107.7103.1

106.0110.6109.0121.3

114.9121. 4110.4115.4

243

243287249180164

241281371499

244248292144265

287303276

320

76

109.3

109.1110.1

105. 9107.0103.0100.7120.6

105.0117.3119.3

107.399.8104.5117.6

108.2110.1108.8110.8

107.2105.4107.7103.1

106.3111.0109.5121.3

115.4121.6110.7115.9

251

325251182162

249272391499

254242320136

290308278

323

78

109.6

109.4110.3

106.2107.5102.9100.2121.1

105.2117.5119.5

107.9100.3104.2121.4

108.2110.2108.8110.8

107.1104.6107.7103.1

106.8111.4110.0121.3

115.6121.8111.0115.9

256

243299255180158

245274368

266239345138267

290307278

323

79

110.1

110.0110.3

106.9108.6102.697.4122.7

105.1117. 6119.7

110.1106.4104.0125.9

108. 2110.3108.8111.0

106. 9103.4107.8103.1

106.9111.2109.7121.3

115.7122.2111.0115.7

253

236254253177160

219269

247344142268

290307278

323

78

110.2

110.1110.2

106.9108.7102.397.2

123.. 0

104.7117.8120.0

110.9109.2104.3124.3

108.3110.6108.9111.2

106.6103.2106.9102.9

106.1111.5110.0121.4

115.3122.7108.7114.6

250

224235244171162

242258231508

272256344146

289305277

321

78

110.0

109.8110.2

106.6108.5101.897.1

120.3

104.7117.9120.0

110.1109.8105.0114.6

108.2110.7109.0111.4

105.3103.5107.7102.9

106.4111.0109.5121.5

115.6122.8109.0114.3

250

224231249171160

245179531

271267334150

305277

321

78

110.2

110.0110.6

106.6108.6101.796.5

118.9

104.9118.5120.7

109.7109.8105.3108.5

108.6110.8109.1111.6

107.4104.3107.9103.1

107.2111.0109. 5121.6

115.8122.8109.2114.8

248

220236248161164

241244181527

273277332150

305276

322

77

110.4

110. 2110.9

106. 9108.7102.197.7

119.4

105.3118.7121.0

109.7108.9105.5108. 5

109.0111.2109.2112.1

107.7106.9107.9103.3

107.8111.2109.7121.6

116.2123.0109.2115.2

248

218258245156167

215246182526

274279332154267

307276

322

77

110.6

110.4111.2

107.1108.9102.498.7

118.7

105.6119.0121.3

109.7108.5105.8109.9

109.2111.5109.3112.5

107.9107.2108.0103.3

108.1111.5110.1121.6

116.4123.4109.6115.4

259

223259236166170

228255188550

289280356164265

291309278

324

80

§ Ratio of prices received to prices paid (parity index).9 Includes data for items not shown separately.




1963 1964

Annual

1964

Nov. Dec.

1965


COMMODITY PRICES—Continued

WHOLESALE PRICEScf

(U.S. Department of Labor Indexes)

Spot market prices, basic commodities:22 Commodities 1957-59=100

9 Foodstuffs do___13 Raw industrials ___do__.

AU commodities _ _do___

By stage of processing:Crude materials for further processing doIntermediate materials, supplies, etc do___Finished goods© do___

By durability of product:Durable goods do___Nondurable goods___ _____do__Total manufactures. do___

Durable manufactures do___Nondurable manufactures do

Farm products and processed foods ._do _ _ _

Farm products 9 — do___Fruits and vegetables, fresh and dried-do___Grains do___Livestock and live poultry do___

Foods, processed? ____do___Cereal and bakery products doDairy products and ice cream do___Fruits and vegetables, canned, frozen __do___Meats, poultry, and fish do

Commod. other than farm prod, and foods._do___

Chemicals and allied products 9 _do___Chemicals, industrial doDrugs and Pharmaceuticals do___Fats and oils, inedible __do___Fertilizer materials. doPrepared paint do___

Fuels and related prod., and power 9 do___Coal do___Electric power Jan. 1958=100-Gas fuels do___Petroleum products, refined 1957-59=100_

Furniture, other household durables 9 do___Appliances, household do___Furniture, household do___Radio receivers and phonographs do___Television receivers do___

Hides, skins, and leather products 9 _do___Footwear do___Hides and skins do___Leather ___do___

Lumber and wood products—. do___Lumber 2 do

Machinery and motive prod. 9 do___Agricultural machinery and equip do___Construction machinery and equip do___Electrical machinery and equip doMotor vehicles— do

Metals and metal products 9— doHeating equipment doIron and steel_____ ______doNonferrous metals do

Nonmetallic mineral products 9 doClay products, structural _do___

. Concrete products doGypsum products.—. _do

Pulp, paper, and allied products do___Paper do

Rubber and products do___Tires and tubes do___

Textile products and apparel 9 do___Apparel— do___Cotton products do___Manmade fiber textile products. doSilk products do___Wool products do___

Tobacco prod, and bottled beverages 9 _._do___Beverages, alcoholic do___Cigarettes __do___

Miscellaneous do___Toys, sporting goods do___

PURCHASING POWER OF THE DOLLAR

As measured b y -Wholesale prices 1957-59=$1.00.Consumer prices do

J93.9!92.0*95.2

100.3

95.0100.5101.4

101.099.6

100. 6101.399.8

98.7

95.796.1

101.988.8

101.1107.3107.5103.993.3

100.7

96.394.895.180.399.9

103.8

99.896.9

102.0122.897.2

98.191.8

104.682.892.3

104.2108.384.0

101.998.698.9

102.2111.1109.697.4

100.0

100.192.999.199.1

101.3103.6101.7105.499.2

102.493.890.1

100.5101.9100.393.9

139.9100.9

106.1101.0104.1110.4101. 0

$0.997.937

*97.7X88.8

1104.6

100. 5

94.1100.9101.8

102.499.1

101.1102.599.7

98.0

94.3103.294.184.7

101.0107.8

• 107. 8104.890.8

101.2

96.794.295.096.8

100.1104. 7

97.196.9

101.1121.392.7

98.591.3

105.381.590.9

104.6108.587.5

102.9100.6100.7

102.9112.9112.496.8

100.5

102.892.0

100.5105.9

101.5104.2100.9108.299.0

103.692.589.0

101.2102.8

99.695.8

117.3103.0

107.4100.7105.6109.2101.0

$0. 995.925

102.789.2

113.2

100.7

94.0101.1102.1

102.999.1

101.4102.999.8

97.8

94.0108.088.083.6

100.9108.3109.5102.389.8

101.6

97.194.194.7

112.6100.7104.9

97.698.0

101.4123.193.3

98.590.7

105.681.391.1

105.5109.090.7

103.999.6

. 99.2

103.2113.8113.496.5

100.7

104.391.9

100.9112.0

101.8104.7101.1108.698.9

104.092.288.0

101.4103.299.196.5

117.8103.3

107.5100.5105.6108.5101. 2

$0.993.920

103.291.1

112.5

100.7

94.0101.4101.9

103.099.0

101.5102.9100.0

97.2

92.798.990.183.1

100.8108.2108.9101.988.8

101.8

97.294.294.7

116.8100.7104.8

98.198.2

101.3124.094.0

98.490.6

105.781.390.0

105.4109.090.2

103.999.499.1

103.1114.2113.796.3

100.8

104.792.2

101.1113.0

101.6104.8101.1106.698.9

103.792.288.8

101.5103.199.496.8

117.4102.8

107.5100.5105.6110.7101.3

$0.993.919

102.391.5

110.6

•101.0

94.2101.6102.3

103.199.5

101.8103.2100.5

98.1

93.098.590.485.5

102. 2108.2108.3101.991.9

101.9

97.394.694.4

113.4102.3104.8

98.598.3

101.1121.495.2

98.390.2

106.181.189.7

104.9109.186.5

104.2100.8100.8

103.3114.3113.896.7

100.8

104.591.3

101.4111.5

101.7104.8101.3106.699.0

103. 792.388.8

101.5103.199.596.9

121.6103.4

107.5100.5105.6110.0102.1

$0.990.918

102.491.5

110.7

101.2

95.5101.6102.3

103.299.6

101.8103.3100.3

98.7

94.5102.590.588.4

102.1107.9107.8100.3

92.1

101.9

97.594.794.6

118.3103.8105.2

97.998.3

100.8124.193.9

98.290.0

106.081.188.9

105.1109.190.2

103.2100.8101.4

103.5114.4114.396.8

100.9

104.691.4

101.2111.8

101.8104.8101.2107.799.0

103.892.288.5

101.5103.199.696.3

135.5103.3

107.6100.9105.6109.6102.2

$0.988.918

103.089.8

113.2

101.3

95.8101.6102.4

103.399.8

101.8103.3100.4

99.0

95.4107.890.689.8

101.8108.1107.5100.792.4

102.0

97.594.594.6

118.7104.3104.4

97.997.3

100.8124.194.0

98.390.0

106.081.188.9

105.7109.192.1

105.7100.7101.3

103.5114.6114.596.8

100.8

104.891.6

101.3112.3

101.9104.9101.2108.499.5

103.892.288.5

101.5103.199.696.4

131.4103.1

107.5100.6105.6109.5102.2

$0.987.917

105.390.6

116.7

101. 7

96.9101.8102.8

103.4100.4102.1103.4100.7

100.2

97.6117.791.291.4

102.3108.3107.5100.993.6

102.1

97.694.894.8

121.2104.3104.4

97.694.6

100.8122.594.1

98.089.4

106.081.188.9

106.3109.796.3

103.6100.5101.0

103.7114.6115.097.0

100.8

105.291.9

101.4113. 4

101.9104.9101.3108.199.8

103.992.388.5

101.5103.199.796.1

134.5103.1

107.8100.7106. 5110. 3102.4

$0.983.915

105.290.3

116.9

102.1

98.3101. 9103.2

103.6100.8102. 4103.6101.1

101.1

98.4118.591.096.2

103.3108.3106.8100.497.7

102.3

97.694.895.0

116. 7104. 3105.7

98.494.6

100.8122.295.4

98.089.2

106.081.188.9

107.4109.7105.9104.2100.4.101.0

103.7114.7115.197.1

100.8

105. 791.6

101. 5115.2

101.9104.9101.3108.1100.0104.092.989.7

101.6103.299.996.0

135.1103.8

108.1100.8107.3108.9102.5

$0.979.912

104.290.1

115.3

102. 8

100.6102.2103. 9

103. 7102.0103.0103.7102.3

103.5

100.3109.089.6

104.6

106.1108.5107.1101.5105.5

102.5

97.494.893.9

114.0104.3105.7

98.794.7

100.8122.796.0

98.089.4

105.981.188.9

107.7109.8103.1107.6100.3101.1

103.8114.7115. 297.1

100.7

105.992.0

101.3116. 2

102.0104.9101.6107.5100.0104.193.190.2

101.9103.6100.295.9

132.2104.0

107.6100.7105.6111.0102.5

$0,973.908

103.389.0

114.6

102.9

100. 5102.3104.0

103.7102.2103.1103.7102.5

103.7

100.0103.988.4

105.0

106.6109.3107.8101.8106.3

102.5

97.495.094.0

110.3103.3105.7

98.795.2

100.7122.596.0

97.889.2

105.979.687.8

108.8110.0117.4105.9100.5101* 2

103.7114.9115.3-97.0100.7

105.891.7

101.5115.5

101.9105.3101.7105.799.9

104.193.090.2

101.9103.8100.395.7

127.6104.4

107.6100.7105.6112. 6102.9

$0. 972.907

104.791.2

115.2

102.9

100.8102.4103.8

103.9102.0103.2103.9102.4

103.3

99.185.588.3

106.4

106.7108.8108.5100.4106.3

102.7

97.195.093.9

104.4102.1105.7

99.095.8

100.8123.996.4

97.788.6

106.179.088.0

112. 2110.2133.4112.5101.8102.5

103.8114.8115. 696.7

100.7

106. 291.9

101.4116.5

101. 6105.3101.5100.699.9

104.193.291.1

101.9103.9100.494.7

132.8105.0

107.6100.7105.6111.5102.7

$0.972.909

105.493.2

114.8

103.0

100.0102.5104.1

103.9102.2103.2103.9102.5

103.5

99.596.189.3

102.6

106.7109.1109.1101.8105.3

102.7

97.295.093.9

108.4102.5105.7

99.296.6

100.8125.396.4

97.788.6

106.279.088.0

111. 3110.3124.9110.9102.0103.1

103.8115.0115.696.6

100.5

106.291.9

101.2117.0

101.6105.4101.699.9

100.0104.193.391.1

102.1104.2100.694.2

134. 9105.2

107.7100.9105.6111.5103. 0

$0.971.907

105.693.4

115.0

103.1

100.1102.6104.3

104.0102.4103.4104.0102.7

103.6

99.495.688.6

103.2

106.9109. 4109.4104.7104.9

102.8

97.695.494.1

110.1103.4105.9

99.497.3

100.8125.896.6

97.888.6

106.479.287.9

113.3113.6125.6111.9101.6103.0

103.9114.9115.896.6

100.5

106.391.9

101.2117.4

101.6105.4101.699.1

100.5104.593.491.1

102.0104.3100.893.3

140.3105.4

107.7100.9105.6111.2

' 103.1

$0.970.906

106.193.9

115.5

103.5

'100.8' 103.0104.7

104.2102.9103. 7

'104.2'103.2

104.3

100.3'94.287.4

104.0

'107.6'110.6110.4

'105.4'105.5

'103.2

97.595.594.7

106.7103.8105.9

100.3'97.5100.8

'126.898.1

98.088.6

'106.679.287.9

113.6'113.7126.5113.3101.6

'103.0

104.1116.8116.4'96.5100.5

'106.791.6

101.3'118.7

'101.6105.4101.898.6

'100.8104.893.591.1

'101.9104.2101.0'92.5142.2105.4

107.7100.9105.6

'113.2'103.0

$0.966.904

108.997.9

117.1

104.1

103.1103.0105.3

104.2103.9104.1104.2103.8

106. 5

103.092.490.1

109.0

109.4111.2111.3105.2110.4

103.2

97.695.594,6

110.1103.8105.9

100.697.6

100.7128.698.4

98.188.8

106.679.287.9

114.3113.8132.3114.2101.9103.3

104.1117.0116.596.5100. 5

106.691.7

101.7117.2

101.6105.5101.897.7

100.9104.993.591.1

102.0104.4101.291.9

143.6105.4

107.9101.3105.6112.5103.1

$0.961

'Revised. 1 Annual averages computed by OB E.cf For actual wholesale prices of individual commodities, see respective commodities.

0 Goods to users, including raw foods and fuels. 9 Includes data not shown separately




1963 1964

Annual

1964

Nov. Dec.

1965


CONSTRUCTION AND REAL ESTATE

CONSTRUCTION PUT IN PLACE

New construction (unadjusted), total mil. $._

Private, total 9 — - doResidential (nonfarm) do

New housing units __doNonresidential buildings, except farm and pub-

lic utilities, total 9 mil. $__Industrial _. doCommercial do

Stores, restaurants, and garages do.I _ _Farm construction doPublic utilities do

Public, total do.__.Nonresidential buildings doMilitary facilities .. doHighways doOther types do___.

New construction (seasonally adjusted at annualrates), total mil. $_.

Private, total 9 do_.

Residential (nonfarm) doNonresidential buildings, except farm and pub-

lic utilities, total 9 mil. $_.Industrial doCommercial do

Stores, restaurants, and garages doFarm construction doPublic utilities do

Public, total 9 _do_

N onresidential buildings doMilitary facilities do.Highways do..

CONSTRUCTION CONTRACTS

Construction contracts in 48 States (F. W. DodgeCo.):A

Valuation, total mil. $_.

Index (mo. data seas, adj.) 1957-59=100..

Public ownership mil.?Private ownership do..By type of building:

Nonresidential _do_Residential- d o . . .

Non-building construction do.New construction:

Advance planning (ENR) § do___Concrete pavement awards:

Total thous. sq. yds .Airports do___Roads '_ doStreets and alleys do___Miscellaneous do___

HOUSING STARTS AND PERMITS

New housing units started:Unadjusted:

Total, incl. farm (private and public) thous. .One-family structures do.

Privately owned do.

Total nonfarm (private and public) doIn metropolitan areas do.

Privately owned do.

Seasonally adjusted at annual rates:Total, including farm (private only) do.Total nonfarm (private only) do.

New private housing units authorized by bldg. per-mits (12,000 permit-issuing places):

Seasonally adjusted at annual rates:Total thous. .

One-family structures do.

CONSTRUCTION COST INDEXES

Dept. of Commerce composite .1957-59=100-.American Appraisal Co., The:

Average, 30 cities 1913=100.-Atlanta do.New York , do.San Francisco do_St. Louis do.

A.ssociated General Contractors (building only)1957-59=100..

62,755

43,85925,84320, 064

11,8632,9625, 2002,2681,2474,596

18,8965,5401,227

5*181

45, 5462132

14,65330,893

14,37720, 50210,667

33,236

120, 6415,782

76,93437,926

1,640.91, 021. 71,609. 2

1,613. 41,149. 01, 581.7

1,335750

109

780857858761760

114

65,817

45,89126, 50720, 612

12,9753,3035,6562,4341,2214,850

19,9266,163968

7,1825,613

47, 299

2 137

15,37131,928

15,49520,56111,244

44,405

123, 7685,352

3 89, 8723 25, 5783 2,967

1, 590. 8973.0

1, 557.4

1, 563.91,118.31, 530.4

720

112

802878

792785

119

5, 754

4,0002,2291,788

1,178307522244101466-

1,75449594714451

65,153

45,368

25,638

13,1903,5215,7092,6001,2125,012

19,785

6,2121.0337,087

3,757

143

1,1742,583

1,2631,4821,012

2,900

114.669.5112.0

112.577.7109.9

1,5051,480

1,256741

113

811892890803796

120

5,377

3,7672,0761,670

1,12232048321197447

1,61049363640414

66,178

45,684

25,953

13, 0343,6105,6412,5491,2095,165

20,494

6,440756

7,583

154

1,2302,368

1,2981,306

994

3,915

31,14822,2366,9931,039

98.358.896.7

96.470.494.8

1,6101,575

1,195720

113

812892890803797

120

4,682

3,3161,7881, 433

1,07032743917994

338

1,36647057

439400

66,055

26,676

13, 2903,7925,6622,5461,2054,824

19,722

6,319785

7,010

3,127

137

1,1042,023

1,1551,273700

2,614

85.651.881.5

84.258.880.1

1,4421,417

1,280734

113

814892917804804

121

4,236

3,0701,5801,273

1,04832742518192324

1,16645049290377

66,881

46, 846

26,713

13,4663,8715,7012,6601,2145, 075

20,035

6,476776

7,151

3,223

140

1,1122,110

1,0601,299

863

4,013

87.951.585.4

87.163.484.7

1,4821,468

1,224713

114

815901917804804

121

4,748

3,3781,8271, 398

1,05032143620094379

1,37049063398419

67,598

47,171

26,602

13, 7613,9345,9032,8551,2125,207

20,427

6,300912

7,541

4,209

141

1,3482,861

1,3791,877953

3,476

28,931623

22,8354,837635

124.976.7120.7

123.090.7118.8

1,4891,465

711

114

815901917804804

121

5,132

3,7132,1341,559

1, 04731643620192

409

1,419516

449

67, 590

47, 544

26,675

14,0473,9976,0893,0221,2095,181

20, 046

6,173888

7,396

4,770

152

1,5393,231

1,5462,1391,086

3,322

154.9100.2152.2

152.8102.5150.1

1,5521,532

1,187677

114

815901917804803

121

5,609

4,0452,3711,728

1,10831548123395435

1,56453877472477

67, 572

47, 982

27,070

14,2404,0126,2543,1271,2015,034

19, 590

6,321887

6,862

145

1,5173,348

I 7752,0741,015

2,962

162.1102.3157.5

159.8110.4155.2

1,5161,501

1,240722

114

818901917804810

122

6,364

4,4332,6301,935

1,209320555286102456

1,93158483737527

68,950

48, 616

27, 224

14, 5994,0406,5743,2901,1965,187

20,334

6,244833

7,546

4,625

139

1,5533,072

1,5512,080993

4,174

34, 4551,60122,4218,9911,443

162.399.9155.5

159.6114.3152.8

1,254703

116

820901917804

123

6,331

4,4842,5912, 019

1,294330611318109454

1,84755978709501

68, 599

26,983

14,8874,073

1,1885,185

19,996

7,156

4,795

149

1,7503,045

1,6911,9521,151

3,215

143.994.1141.3

141.695.1139.0

1,4731,447

1,243704

116

825907917804809

124

6,409

4,4662,5272,009

1,331342624315112465

1,94359986717541

67,953

48,194

26, 621

14,9214,0966,8153,2321,1865,142

19,759

6,642910

6,529

4,265

1,3132,952

1,5071,971788

3,714

138.0' 88. 5134.6

136.2'94.8132.8

1,4271,409

1,217692

117

827908917804809

124

6,484

4,3942,4501,955

1,336350617301107465

2,09061891840541

69,311

48, 068

26,413

14,8854,1146,7543,1011,1865,208

21,243

6,8281,0257,636

4,153

147

1,3322,821

1,4641,756934

3,915

33,048857

20,6929,5491,950

125.9'80.0124.3

124.3'87.8122.7

1,4531,436

1,180677

116

829

809

124

•6,316

• 4,3202,3701,897

1,319352600283104

'487

1,996'620

82766528

67,616

47,844

26,343

14,6834,0996,5292,8971,185

' 5,196

19,772

' 6,819832

4,356

147

1,2943,061

1,5821,897877

3,895

• 135. 7'87.1• 133.6

' 133. 0'95.2' 130.9

1,411• 1,380

1,259741

117

834909940

124

• 6,135

•4,242•2,278• 1,831

1,331'354' 611'293

99491

1,893'5570)771483

69,349

48,045

26,195

14,847' 4,050' 6,675' 3,1181,183

'5,305

'21,304

• 6,9920)7,609

3,745

141

1,1632,582

1,3281,696721

4,618

" 117.672.6

• 115.4

' 116.377.6

' 114.1

1,537• 1, 521

• 1,282'736

117

909940834815

124

5,645

3,9962,1011,686

1,31235659928695447

1,649530

0)0)(0

69,330

48,394

26,239

15,2643,9987,0293,4631,1825,177

20,936

6,8770)0)

5,707

101.9

101.0

100.3

1,7461,712

1,319745

117

837909941837817

124

' Revised. l Not yet available; estimate included in total. 2 Computed from cumu-lative valuation total. 3 Prior to 1964, "miscellaneous" yardage was included with data forroads and streets. * Effective Jan. 1964, based on 1964 definition of standard metropolitanstatistical areas; not strictly comparable with earlier data.

9 Includes data not shown separately.A Annual totals include revisions not distributed to months.§ Data for Dec. 1964 and Apr., June, Sept., and Dec. 1965 are for 5 weeks; other months,

4 weeks.

796-566 O - 66 - 4




1963 1964

Annual

1964

Nov. Dec.

1965


CONSTRUCTION AND REAL ESTATE—Continued

CONSTRUCTION COST INDEXES—Con.

E. H. Boeckh and Associates, Inc.: fAverage, 20 cities:

All types combined 1957-59=100. _Apartments, hotels, office buildings doCommercial and factory buildings do__._Residences J___ do__

Engineering News-Record:Building doConstruction Ido__I'I

Bu. of Public Roads—Highway construction:Composite (avg. for year or qtr.)_.. 1957-59=100__

CONSTRUCTION MATERIALS

Output index:Composite, unadjusted 9 1947-49=100.-

Seasonally adjusted 9 do

Iron and steel products, unadjusted __doLumber and wood products, unadj doPortland cement, unadjusted _do

REAL ESTATE

Mortgage applications for new home construction:Applications for FHA commitments

thous. units. _Seasonally adjusted annual rates do

Requests for VA appraisals doSeasonally adjusted annual rates do_

Home mortgages insured or guaranteed b y -Fed. Hous. Adm.: Face amount mil. $__Vet. Adm.: Face amount§ do

Federal Home Loan Banks, outstanding advancesto member institutions, end of period mil. $_.

New mortgage loans of all savings and loan associa-tions, estimated total mil. $_.

By purpose of loan:Home construction ; doHome purchase do"I.All other purposes do

New nonfarm mortgages recorded ($20,000 andunder), estimated total mil. $_.

Nonfarm foreclosures number-.

Fire losses (on bldgs., contents, etc.) mil. $„.

110.2111.3110.2108.5

112.7118.6

101.0

142.9

140.7141. 2175. 7

190.2

139.3

5, 569.103, 045.12

4,784

24,735

7,0399,9207,776

36,92598,195

1,405. 56

113.4114.6113.4111.6

116.1123.2

102.0

152. 6

154.2151.4183.2

182.1

113.6

6, 573. 222,852. 21

5,325

24,505

6,51510,3977,593

36,921108, 620

1,367.13

114.6115.8114.6112.7

117.0124.8

141.4147.9

143.7141.3186.0

11.61947.3118

556. 64258.30

4,784

1,791

462770559

2,8478,654

104. 21

114.7115.9114.6112.7

117.0124.8

103.!

130.9152. 2

135.9132.5155. 3

11.71937.1118

562. 63241.82

5,325

522784663

2,9368,987

124. 59

114.9116.1114.8113.0

116.9124.7

127.0135.4

136.7131.7104.9

11.8202

113

542. 46225.40

4,944

1,527

370638519

2,4228,858

136.18

115.4116.7115.3113.4

117.9126.0

131.9148.9

136.2138.493.4

15.12038.7124

443. 58199. 82

4,851

1,541

379638524

2,3969,113

113.11

115.5116.9115.4113.6

118.0126.0

103.2

164.4170.0

177.4171.0134.8

19.218410.5110

532. 44216.46

4,747

2,056

544824

138. 63

115.6117.0115.5113.7

117.8126.0

162.7160.0

183.4159.1179.4

18.71909.595

541.38178.87

5,219

2,068

558850

10, 259

128. 48

116.1117.5116.1114.1

117.8126.0

159.6148.9

165.9155.5207.3

16.618310.4109

515. 58182. 49

5,227

2, 022

526861

9,578

116.92

117.2118.4117.3115.0

118. 8127.6

106.9

171.2160.3

170.0161.9233.2

15.71559.7

610. 77217.36

5,586

2,399

614

10,248

119. 54

118.0119.2118.1116.0

119.1128.6

158.6164.1

163.6149.1236.2

15.11688.692

646. 67217. 21

5,793

2,186

5201,063603

9,753

130.52

118.2119.4118.3116.1

119.5129.5

175.8159.3

187.5167.5246. 7

17.31848.9

757.29244.70

5,770

2,187

5111,099577

9,521

111. 78

118.4119.7118.5116.4

120.1129.8

106.7

170.1162.6

161.6173.8224.5

16.61878.4

755. 77254.42

5,802

2,079

4901,015574

9,806

115. 44

118.8120.0118.8117.0

120.4129.8

159.9166.3

15.11927.297

714.36245.00

' 1,961

'487'910'564

108. 72

118.9120.1118.9117.0

120.2129.7

14.52296.8105

706. 02242.64

5,724

112.28

120.4130.0

13.32296.7117

698.25

5,997

124.04

ADVERTISING

Printers' Ink advertising index, seas, adj.:Combined index 1957-59=100

Business papers do _Magazines __ _ __NewspapersOutdoorRadio (network)Television (network)

__do ____.do..__

do-do.___

Ar\

Television advertising:Network (major national networks):

Net time costs, total mil. $..

Drugs and toiletries ...Foods, soft drinks, confectionerySoaps, cleansers, etc._Smoking materials __All other

__do______do__-__do_____-do____

AnSpot (natl. and regional, cooperating stations):

Gross time costs, total mil. $Automotive, incl. accessories do _.Drugs and toiletries ___Foods, soft drinks, confectionerySoaps, cleansers etc

.__do____

.__do.-_An

Smoking materials.-.. doAllother _ do

Magazine advertising (general and natl. farm maga-zines) :

Cost, total mil. $__Apparel and accessories-_ _ __ _ _ <ioAutomotive, incl. accessoriesBuilding materials.Drugs and toiletries _ _Foods, soft drinks, confectionery

Beer, wine, liquorsHousehold equip., supplies, furnishingIndustrial materialsSoaps, cleansers, etcSmoking materialsAllother .

___do . . .dododo ___

dos._do

dododo

___do.,__

1181111279588

102145

1, 058. 0Q f | f>

348.3189.797.9

130.4201 2

871.132.6

171.7291.491 738.8

244.9

931.657.3

101.826.596.4

124.3

56 466.345.111.935.9

309.6

12511213610389

103157

1,145.996 5

360.6209. 5103.2146.8229 2

1, 016. 038.5

192.9352.798 550.2

283.2

996.861.8

110.727.1

108.9134.8

58.371.748.416.0OQ O

320.9

DOMESTIC

12711913610196

104161

103.86.3

11.21.9

11.813.6

7.68.24.72.33.6

32. 7

129115141104104112163

353.633 7

109.259.127.744.979 0

272.88.3

49.892.823 613 784.5

80.23.96.11.0

10.411.1

9.75.33.2

. 93.6

25.0

1271201401085890

153

58.81.96.51.46.38.7

1.93.22.61.2

- 2.722.5

,TRADE

12611414210310192

149

77.23.59.11.88.5

11.5

3.73.02.81.93.1

28.3

13012114410690

101155

310.621 1

105.758.228.838.458 4

249.68.8

51.990.222 313.263.2

94.16.6

10.93.09.6

12.3

4.96.03.32.03.4

32.1

12511413910082

110154

103.48.6

11.93.79.7

11.3

6.17.74.62.83.4

33.5

130126144100108112155

103.76.6

11.03.79.4

11.6

5.99.24.92.73.6

35.2

13011414410699

105161

280.517 588.356.927.930.759 3

273.69.5

48.197.725.913.479.1

86.62.49.03.19.8

12.7

6.06.14.21.44.3

27.5

1301221501047795

157

68.7.9

5.92.48.39.4

4.63.83.91.73.3

24.3

136129

1049184

161

65.36.64.41.78.08.5

3.23.43.11.63.5.

21.3

133126

10978

111166

269.516 391.065. 726.829.340.4

248.310.151.182.726.410.567.5

90.010.13.63.0

10.19.3

5.26.05.01.63.4

32.7

120.58.0

16.93.2

12.013.1

7.38.56.52.23.9

38.8

117.85.9

15.22.2

12.314.3

9.29.15.71.73.7

38.6

91.53.97.21.2

11.911.1

11.35.44.5

.93.4

30.7

'Revised. i Index as of Jan. 1,1966: Building, 120.5; construction, 130.0.1 Copyrighted data; see last paragraph of headnote, p. S-l.

9 Includes data for items not shown separately.§ Data include guaranteed direct loans sold.


January 1966 SURVEY OF CURRENT BUSINESS S-ll


1963 1964

Annual

1964

Nov. Dec.

1965


DOMESTIC TRADE—Continued

ADVERTISING—Continued

Newspaper advertising linage (52 cities):Total mil. lines.

Classified do___Display, total do___

Automotive do___Financial doGeneral do _Retail do___

RETAIL TRADE

All retail stores:Estimated sales (unadj.), total mil. $_

Durable goods stores 9 do_.Automotive group do.

Passenger car, other auto, dealers do_.Tire, battery, accessory dealers do_

Furniture and appliance group do_.Furniture, homefurnishings stores do_.Household appliance, TV, radio do_.

Lumber, building, hardware group do_.Lumber, bldg. materials dealerscf do_.Hardware stores do.

Nondurable goods stores 9 - - do___Apparel group do__.

Men's and boys' wear stores do___Women's apparel, accessory stores do__.Family and other apparel stores do___Shoe stores do___

Drug and proprietary stores do_.Eating and drinking places do_.Food group do_.

Grocery stores do_.Gasoline service stations do_.

General merchandise group 9 doDepartment stores doMail order houses (dept. store mdse.) _doVariety stores do.

Liquor stores do.

Estimated sales (seas, adj.), total do_.

Durable goods stores 9 do_.Automotive group do_.

Passenger car, other auto, dealers do_.Tire, battery, accessory dealers do..

Furniture and appliance group do_.Furniture, homefurnishings stores do_.Household appliance, TV, radio do_.

Lumber, building, hardware group do_.Lumber, bldg. materials dealerscf_ - _do_.Hardware stores do_.

Nondurable goods stores 9 do_.Apparel group do_.

Men's and boys' wear stores do_.Women's apparel, accessory stores do..Family and other apparel stores do_.Shoe stores do_.

Drug and proprietary stores do.Eating and drinking places do_.Food group do_.

Grocery stores do_.Gasoline service stations do_.

General merchandise group 9 do_.Department stores do.Mail order houses (dept. store mdse.) _do_Variety stores do_.

Liquor stores do.

Estimated inventories, end of year or month:Book value (unadjusted), total mil. $__

Durable goods stores 9 doAutomotive group doFurniture and appliance group. do__~~Lumber, building, hardware group. _do

Nondurable goods stores 9 do. _Apparel group doFood group doGeneral merchandise group do

Department stores do

Book value (seas, adj.), total doDurable goods stores 9 do

Automotive group doFurniture and appliance group do____Lumber, building, hardware group...do

2,856.5749.7

2,106.7150.658.8

285.81,611.6

246,435

80,09845,95943,1972,762

11,6127,4654.147

11,5668,9192,647

166,33714,4602,7865,5933,5942,487

8,17518.07159.14353,55119,365

28,66016.6832.1244,6255,659

28, 50012, 2555,3531,9752,316

16, 2453,3803,5544,7672,512

29,38312, 5095,4352,0132,402

2,973.5787.1

2,186.3159.760.9292.5

1,673. 2

261,630

85.11648.49145,6062.885

13.0938.4624.631

11.6448.8612,783

176,51415.5673,0286.1153.7912,633

8,58519.40162.19156.27320.295

31,72118.6312.3405.1695.959

30,18112,9965,5172, 1112,514

17,1853,4883,7625,2622,829

31,13013,2825,5842,1542,605

276.463.7212.813.14.730.1164.8

21.720

6.8133.7133.471242

1.169752417

995743252

14.9071.355273539333210

1.5685.0174.5461,712

3,0211.761262473518

21.661

6.6953.6853.428257

1.098701397

721261

14.9661.310261517303229

7241.6095.2584,7741.738

2.7381.580191466509

31,86012,8165,0702,2382,531

19,0444,0403,8166,3383,466

30,55912,8745,4342,1312,570

262.354.8207.59.35.022.2171.1

27.719

8.2014.3704,057313

1.488

992643349

19.5182.324523924571

9661,6585,7625,2081,790

5.0482.977341901770

22.781

7.6454,5884,344244

1.113702411

1.004742262

15.1361,300257518299226

7311.6535.4094.9131,755

2,7621,600196442508

30,18112,9965,5172,1112,514

17,1853,4883,7625,262

31,13013,2825,5842,1542,605

223.865.2158.610.67.319.3121.4

20,581

6.6654,2194,032187

953631322

743553190

13,9161,100231439247183

7161.5595.2424,7861.679

2,0941,254135311455

22.900

7,8554,7094.470239

1,103748355

1,050805245

15,0451,327258531315223

7341.7045,1924,7141,749

2,8321,715193439499

30,48613,5425,9932,1102,553

16,9443,3713,7165,2182,743

31, 47813,6355,8182,1892,637

214.562.5152.012.04.319.8116.0

19,608

6,6644,2474,069178

903598305

697528169

12,944917181378206152

1.4534,8544,4051,561

1,9981,159147333433

23,317

7,9664,8554,608247

1,081715366

991756235

15,3511,335265531320219

7451,7205,3384,8411,798

2,8481,712196456515

31, 29814,0376,3722,1512,577

17,2613,5173,7145,4162,849

31,63513,7995,9052,2222,632

256.371.3185.014.35.424.8140.4

21,915

7,7094,9584,744214

1,000665335

829636193

14,2061,072193448241190

7311,5955,1584,6841,698

2,3911,418192371448

22,805

7,6694,5924,352240

1,094720374

970746224

15,1361,261253513285210

7481,6995,3014,8091,774

2,8011,666208454504

32,91314,8276,9042,2242,684

18,0863,8313,7595,7493,050

32,26014,2206,2652,2402,626

271.872.7199.116.65.725.4151.4

23,525

8,0615,0364,780256

1,000671329

999759240

15,4641,411257555323276

7361,6995,3814,8861,769

2,7791,649194456482

22,865

7,5504,4554,204251

1,086706

738230

15,3151,253254499295205

7601,7415,4004,9101,798

2,7811,676197432512

33,38415,1257,0732,2902,667

18,2593,8403,8015,798

32, 54614,4406,4422,2702,592

286.079.9206.016.95.028.5155.6

23,820

8,2254,9844,711273

1,045700345

1,118854264

15,5951,281248511296

7491,8185,4414,9261,847

2,7441,646189442506

23,352

7,7034,5384,279259

1,085720365

1,030791239

15,6491,326263519320224

7491,7675,4054,9041,818

2,9131,753210472525

33,27715, 2407,2582,2642,667

18, 0373,7693,7435,7243,047

32,82314, 7076,7392,2592,589

266.075.7190.317.35.424.9142.7

23,825

8,4515,0714,793278

1,110746

1,175920255

15,3741,229260468289212

7441,8525,4224,9021,899

2,6821,618179427493

23,331

7,7604,5844,341243

1,107742365

1,042808234

15,5711,305254517318216

7581,7495,4894,9781,829

2,7951,666205462521

33, 08715,1387,2282,2592,646

17,9493,6903,7435,7093, 011

33, 01414, 6926,8252,2682,579

238.774.1

164.613.45.7

18.2127.3

24,129

8,1544,8004.523277

1,136765371

937256

15,9751,166229452291194

7642,0015,9835,4271,967

2,6081,551168431538

23,743

7,9224,7204,474246

1,135765370

1,049804245

15,8211,347260527347213

7761,8145,5465,0151,835

2.9121,757216467522

32,93515, 0557,2212,2162,602

17,8803,6973,7035,7373,030

33, 08814,7446,9032,2342,579

261.479.1182.313.33.918.1147.1

22,989

7,5394.2253,970255

1,143760

1,151909242

15.4501,197219456324198

7551,9695.4024.8741,930

2,7931,669207445493

23,544

7,8374,6394,387252

1,132742390

1,025778247

15,7071,336267511350208

7791.7755,5174,9961,826

2,8891,740207468509

32, 74314,4566,5432,2712,574

18, 2873,9943,6765,9003,135

33,36014,9657,1352,2762,561

271.972.9198.913.24.627.4153.8

22,741

7.1313.7293.490239

1.158732426

1,129879250

15,6101.327238502353234

1.8615.5014.9831,823

2,8691.741218442501

23.774

7.7894.5944.341253

1.136714422

1.024771253

15.9851.347266511353217

8071.8055.6265,1001.834

2.9461.768220476530

32. 52713. 7685,8802.3002.583

18,7594.2083.6616.1753.291

33.04514,7616.9592,2682,588

296.378.4

217.918.85.4

30.6163.2

i 24.892

18.414i 4.814

i 1.239

16,478i 1.395

18111,9585.8675.3521.865

3.0261.833

23.959

7.8384.457

1.167

16,121i 1.354

18281.8975.670

i 1.825

i 2.967

33,70814,1856,2752,2932,580

19,5234,2823,831

' 6,591' 3, 586

33,29614,9277,1712,2132,617

292.471.8

220.714.65.2

28.7172.2

24,512

i 8.223i 4,737

i 1,290

16,2891 1.455

1783i 1,78615,402i 4,924i 1.813

i 3,455i 2,106

24,013

i 7.927i 4.572

1.191

16,086i 1.377

1818i 1.855i 5.590

i 1.826

i 3.055

34.77114.719

2,3722,579

20,0524,3353,9196,7483,721

33,53314,9297,2252,2592,618

i 30.173

18.911i 4.638

11.584

i 21.262i 2.491

1.1001.8506.4085.8641.846

5.4463.351

i 24.303

i 8.112

16.191

" Revised. i Advance estimate. 9 Includes data not shown separately. cf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical stores.




1963 1964

Annual

1964

Nov. Dec.

1965


DOMESTIC TRADE—ContinuedRETAIL TRADE—Continued

All retail stores—ContinuedEstimated inventories, end of yr. or mo.—Con.

Book value (seas, adj.)—ContinuedNondurable goods stores? mil $_.

Apparel group. doFood group. . . . ____doGeneral merchandise group __ do

Department stores do

Firms with 4 or more stores:Estimated sales (unadjusted), total. __do_.

Firms with 11 or more stores:Estimated sales (unadj.), total 9 do_.

Apparel group 9- . - - _do__Men's and boys' wear stores do__Women's apparel, accessory stores do__Shoe stores __do__

Drug and proprietary stores do__Eating and drinking places do__Furniture, homefurnishings stores do__

General merchandise group 9 do_.Dept. stores, excl. mail order sales _do_.Variety stores , do_.

Grocery stores do_.Lumber yards, bldg. materials dealerscf _.do_.Tire, battery, accessory dealers._. do..

Estimated sales (seas, adj.), total9 do_.

Apparel group 9 do..Men's and boys' wear stores do.."Women's apparel, accessory stores do_.Shoe stores do_.

Drug and proprietary stores _do_Eating and drinking places do_.Furniture, homefurnishings stores do_.

General.merchandise group9. do..Dept. stores, excl. mail order sales do.Variety stores do.

Grocery stores do.Lumber yards, bldg. materials dealerscf ~do.Tire, battery, accessory dealers ....._do_

All retail stores, accounts receivable, end of yr. or mo.Total (unadjusted) mil. $_.

Durable goods stores . . .doNondurable goods stores do

Charge accounts .doInstallment accounts do

Total (seasonally adjusted) __do__.Durable goods stores do__.Nondurable goods stores do.. .

Charge accounts do...Installment accounts.. _do__.

Department stores:Ratio of collections to accounts receivable:

Charge accounts ._ percent.Installment accounts do...

Sales by type of payment:Cash sales percent of total sales.Charge account sales do...Installment sales ;___. do__.

16,8743,5393,5685,1862,730

69, 752

58,280

3,796355

1,6071,0541,7281,253500

19, 01811,8173,54223,692

7601,098

15, 5996,6268,9737,8267, 773

14,5776,4568,1217,3747,203

17,8483, 6723,7965, 684

75, 610

63,191

4,145387

1,7571,1421,8961,446552

21,37513, 3613,92824,903

7861,196

16,9296,88510,0448,0258,904

15, 7986,6969,1027,5558,243

17, 6853,6663,7275,5972,998

6,566

5,451

367371619115512054

2,0041,247350

1,98168102

5,382

3493214910016012247

1,8301,147344

2,11066106

15,8136,6469,1677,6118,202

15, 7316,5289,2037,462

17,8483,6723,7965,6843, 039

9,280

7,734

6266727214725212356

3,3582,089675

2,33256142

5,440

3533214810016312245

1,8191,145330

2,17466103

16,9296,885

10,0448,0258,904

15, 7986,6969,1027,5558,243

17, 8433,6563,7885,7183,034

5,735

4,699

281067414911536

1, 375887229

2,1254880

5,367

355331519415912449

1,8971,223336

2,04570105

16,4016,6279,7747,703

16, 0386,8239,2157,7768,262

17,8363,6673,7485,7373,057

5,391

22522936514511137

1,286793246

1,9524674

5,439

347341459216312746

1,8701,180344

2,13365106

15,8486,4749,3747,4668,382

16,3816,9079,4747,8748,507

18, 0403,8013,7405,7943,062

4,972

290251248116212646

1,580994280

2,08156

5,397

301438916912846

1,8671,164343

2,11765102

15,7476,4309,3177,4358,312

16, 2496,7849,4657,7948,455

18,1063,8103,7495, 7843,079

6,794

5,594

4063616212416713244

1,8681,175345

2,22267108

5,470

346361449317713446

1,8421,163325

2,16466107

16,0486,5209,5287,7238,325

16, 2726,7349,5387,7828,490

18,1163,8233,7245,7823,072

5,507

349341479716914048

1,8631,184336

2,16384115

5,619

352351469617413747

1,9681,238359

2,17678109

16, 5096,7329,7777,9968,513

16,4696,7459,7247,8508,619

18, 3223,8723,7325,9063,156

6,614

5,446

338331389617114450

1,8331,165328

2, 11190118

5,563

351331459617513851

1,8831,171351

2,19077103

16, 7087,0289,6808,0118,697

16, 6816,9189,7637,9688,713

18,3443,9043,7445,9203,186

5,641

304281308117714747

1,7901,128328

2,37490117

5,654

3583415094183137

1,9801,251351

2,18077104

16, 6607,0909,5707,8628,798

16, 7656,9059,8607,872

18,3953,9623,7555,9183,167

6,637

5,450

328261388817114849

1,9301,210342

2,03692110

5,694

362341489718113948

1,9901,263357

2,19478111

16, 5216,9959,5267,7168,805

16,5906,7689,8227,6938,897

18.2843.9663,6765.8793.122

6.837

5,631

3663015210517514550

1,9751, 251340

2,13887104

5,782

361559718514251

2,0201,265363

2,22075111

16,7437.0509.6937.8288,915

16.8816,85410,0277.8789.003

18.3693.9113.752r5,911'3,157

18.6043.9303.8355.9553.216

EMPLOYMENT AND POPULATIONPOPULATION

Population, U.S. (incl. Alaska and Hawaii):Total, incl. armed forces overseas _______mil__

EMPLOYMENTNoninstitutional population, est. number 14 years

of age and over, total, unadj. _ mil

Total labor force, incl. armed forces thous..Civilian labor force, total. _ do

Employed, total doAgricultural employment doNonagricultur al employment do

Unemployed (all civilian workers) doLong-term (15 weeks and over) _do_

Percent of civilian labor forceNot in labor force. thous._

Civilian labor force, seasonally adj doEmployed, total . . . do

Agricultural employment doNonagricultural employment . . . _ .do

Unemployed (all civilian workers) __ __do_ _Long-term (15 weeks and over) do

Rates: tAll civilian workers.

Men, 20 years of age and over.Women, 20 years of age and overBoth sexes, 14-19 years of age

1189. 42

132.12

75, 71272,97568,8094,946

63,863

4,1661,088

5.756,412

1 192.12

134.14

76,97174 23370,3574,761

65, 596

3,8769735.2

57,172

193. 08

134. 95

76,89774 16670, 7934,545

66, 248

3,3737594.5

58, 055

74,40970,755

4, 67166, 0843,654

932

4.93.55.0

14.3

193. 29

135.14

76,56773,84170,3753,785

66, 590

3,4668024.7

58,568

74, 70671,004

4,54166,4633,702

889

5.03.54.7

15.7

193. 50

135. 30

75,69972,99268,9963,739

65, 257

3,9968455.5

59, 603

74, 91471,2844,513

66, 7713,630

823

4.83.54.5

15.2

193. 68

135. 47

76,41873, 71469,4963,803

65, 694

4,2181,050

5.759, 051

75, 05171,3044,595

66, 7093,747

905

5.03.65.1

14.4

193. 85

135. 65

76, 61273,90970,1693,989

66,180

3,7401,019

5.159, 039

74, 94471,4404,550

66, 8903,504

800

4.73.34.6

13.9

194. 03

135. 81

77, 30774, 62171, 0704,473

66,597

3,5521,050

4.858, 504

75,37771,7174,843

66,8743,660

809

4.93.44.6

15.2

194. 20

135. 98

78,42575, 74172,4075,128

67, 278

3,3358044.4

57, 556

75, 44371,9374,958

66,9793,506

696

4.63.34.3

14.5

194. 39

136.16

80, 68378,00373,7165,622

68, 094

4,2877625.5

55,477

75, 67672,1184,659

67,4593,558

806

4.73.24.8

14.1

194. 58

136. 25

81,15078, 45774,8545,626

69,228

3,6025874.6

55,102

76,18172,7664,674

68, 0923,415

659

4.53.14.3

13.2

194.80

136. 47

80,16377,47074, 2125,136

69, 077

3,2586124.2

56, 310

75,77272,3974,576

67,8213,375

705

4.53.24.5

12.4

195. 02

136. 67

78,04475,32172,4464,778

67,668

2,8756093.8

58, 626

75,48372,1824,405

67,7773,301

736

4.43.14.2

13.0

195. 24

136. 86

78, 71375,95373,1964,954

68,242

2,7575883.6

58,149

75,77872,4864,551

67,9353,292

703

4.32.94.2

13.1

195. 44

137.04

78, 59875,80372,8374,128

68, 709

2,9665313.9

58,445

76, 05272,8394,244

68, 5953,213

652

4.22.84.3

12.5

195. 63

137.23

78,47775,63672, 7493,645

69,103

2,8886003.8

58.749

76, 53473, 412

4,41768, 9953,122

665

4 .12.63. 9

13.1

'Revised. 1 As of July 1. 9Includes data not shown separately.d> Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical

stores.

1 Unemployed in each group as percent of that group.




1963 1964

Annual

1964

Nov. Dec.

1965

Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.p

EMPLOYMENT AND POPULATION—Continued

EMPLOYMENT—Continued

Employees on payrolls (nonagricultural estab.) :fTotal, unadjusted! ._thous__

Manufacturing establishments doDurable goods industries doNondurable goods industries _do.

Mining, total9 -__.doMetal mining doCoalmining doCrude petroleum and natural gas do

Contract construction _ do.Transportation and public utilities 9 do

Railroad transportation doLocal and interurban passenger transit__do

Motor freight trans, and storage... do____Air transportation doTelephone communication doElectric, gas, and sanitary services.____ do

Wholesale and retail trade doWholesale trade ; do.Retail trade do

Finance, insurance, and real estate. do____Services and miscellaneous doGovernment do_

Total, seasonally adjustedf _doManufacturing establishments do

Durable goods industries doOrdnance and accessories doLumber and wood products _do____Furniture and fixtures doStone, clay, and glass products doPrimary metal industries do

Fabricated metal products doMachinery doElectrical equipment and supplies. __do

Transportation equipment. doInstruments and related products doMiscellaneous manufacturing ind do

Nondurable goods industries doFood and kindred products _doTobacco manufactures doTextile mill products doApparel and related products doPaper and allied products ___do____

Printing, publishing, and allied ind._doChemicals and allied products doPetroleum refining and related ind___doRubber and misc. plastic products. __ doLeather and leather products do

Mining do____Contract construction do__Transportation and public utilities doWholesale and retail trade doFinance, insurance, and real estate doServices and miscellaneous doGovernment. ____ do

Production workers on mfg. payrolls, unadjusted:!Total, unadjusted t thous.

Seasonally adjusted do

Durable goods industries, unadjusted--doSeasonally adjusted do

Ordnance and accessories do___~Lumber and wood products doFurniture and fixtures doStone, clay, and glass products doPrimary metal industries do_

B last furnaces, steel and rolling mills, doFabricated metal products doMachinery doElectrical equipment and supplies_ _ doTransportation equipment 9 do

Motor vehicles and equipment do____Aircraft and p a r t s . . . . do

Instruments and related products doMiscellaneous mfg. industries do____

Nondurable goods industries, unadj do___Seasonally adjusted do____

Food and kindred products doTobacco manufactures do____Textile mill products _do~~~_Apparel and related products do_Paper and allied products do

Printing, publishing, and allied ind doChemicals and allied products doPetroleum refining and related ind___do.___

Petroleum refining doRubber and misc. plastic products. __do__Leather and leather products do

r Revised.

56,602

16,9959,6167,380

63580

149

2,9633,903

772

904202686610

11,7783,1048,6752,8778,2269,225

56,60216,9959,616

266593390601

1,172

1,1501, 5291,554

1,610365387

7,3801,752

89885

1,283618

931865189418349

6352,9633,903

11, 7782,8778,2269,225

12, 555

7,027

115527324484947425882

1,0591,0341,112

574351232310

5, 527

1,16777

7931,138

486

59052512095

323

58,156

17,2599,8137,446

79148

3,0563,947

756267

920213706614

12,1323,1738,9592,9648,5699,595

58,15617,2599,813247602406612

1,231

1,1871,6061,548

1,605

7,4461,746

89891

1,302625

950877183434348

6333,0563,94712,1322,964

9,595

12, 769

7,209

106530337492

1,002459912

1,1181,0381,120581338234319

5,560

1,15477798

1,158489

60152911490

335306

59,405

17, 58910, 0277,562

64082148

3,2273,984745270

951219714611

12,4483,2209,2282,9828,6489,887

58,87917,4779,966234600414613

1,275

1,2051,6401,575

1,630372408

7,5111,755

92899

1,321630

957883181441352

6363,1243,97212, 2502,9948,6749,752

13, 07812,960

7,4127,349102530348498

1,029476937

1,1261,0841,175627335238345

5,6665, 6111,183

87808

1,187495

61052711086

347311

59,896

17, 54710, 0507,497

63382149287

3,0074,002746272

949220715611

13,0843,2409,8442,9818,62710,015

59,16317, 56510,044

231604417617

1,278

1,2181,6571,586

1,652373411

7,5211,756

89901

1,324629

961886180443352

6353,1793,99412,3032,9998,7059,783

13,03513, 045

7,4357,427101518347485

1,036480944

1,1551,0901,198648337238322

5,6005,6181,142

82803

1,174492

61452910886345311

58,234

17,3969,9967,400

61982147282

2,8003,863728273

912220715610

12,1903,1909,0002,9738,5579,836

59,29517,63810, 098

231600420621

1,282

1,2301,6631, 596

1,670374411

7,5401,753

88905

1,334631

963887179447353

6343,1853,92612,3743,0038,7329,803

12, 89013,116

7,3797,476100496344471

1,039481939

1,1601,0861,204654336237303

5,5115,6401,093

75798

1,166486

60652910785345307

58,341

17,47310, 0487, 425

61682146280

2,7133,917727271

913221717

12,1123,182

2,9868,6049,920

59, 58117, 70310,150

230603423619

1,283

1,2431,6691,609

1,681376414

7,5531,749

87909

1,334632

967890179453353

6343,2113,98512, 4233,0138,7719,841

12,95613,158

7,4237,515

99501346471

1,049487946

1,1681,0901,202656330238312

5,5335,6431,069

71804

1,193486

60953210786350311

58,784

17, 57810,1147,464

61582143279

2,8203,965729271

926222722610

12,1673,1898,9782,9998,6629,978

59,81417, 76210,194

230614425623

1,284

1,2221,6781,624

1,700378416

7,5681,746

86912

1,340632

892179457355

6323,2384,01712,4603,0238,794

13,04913, 220

7,4817,557

98511350480

1,057490927

1,1851,0981, 216664335239319

5,5685,6631,070

66811

1,207487

61354010886353312

59,471

17, 65910, 2187,441

62383144280

2,9783,977735270

930224728613

12,4183,1999,2193, 0128,79610, 008

59,84617,80310,241

229607428619

1,285

1, 2471,6831,635

1,712379417

7,5621, 729

86915

1,344

971893

. 178460353

6293,1454,01312,4943,0248,8149,924

13,10813, 238

7,5707,588

97518352492

1,065497958

1,1901,1061,227

240326

5,5385,6501,062

64816

1,182490

61454510986354302

60,000

17, 74510,2797,466

62983142282

3,2234,008737270

227731614

12,4373,2139,2243,0298,90510, 024

60, 03217,83510,266

231603428613

1,285

1,2511,6921,647

1,722378416

7,5691,734

86914

1,346633

971894176460355

6273,1884,02012, 5323,0328,8439,955

13,18013, 2527,6217,599

98531350497

1,066

1,1921,1141,240672342238329

5,5595,6531,080

63817

1,184490

61354410985355305

60,848

18, 02710,4377,590

64084142

3,4124,070747

978229740627

12,5963,2699,3273,0629,00810,033

60,29017,94310,345

234601428612

1,306

1,2591,7071,665

1,735383415

7,5981,728

86916

1,367634

975900177463352

6263,1954,03412, 5803,0418,85710, 014

13,41213,340

7,7507,662

99553355507

1,085506984

1,2061,1361,244678341245336

5,6625,6781,124

63826

1,208499

61654411287358310

18,01610,4167,600

64184139290

3,4764,083749248

233755634

12, 5833,3019,2823,0989,0819,716

60, 50118, 03210,424

236602430618

1,317

1,2691,7281,677

1,740389418

7,6081,733

87921

1,343641

981908179464351

6333,1544,03112, 6193,0498,92910, 054

13,36113,405

7,7017, 721100553353512

1,080506974

1,2041,1321,218660350247

5,6605,6841,175

63816

1,165499

61854811487354

60,960

18,21110,4107,801

64085140

3, 5754,098750252

985234756639

12,5743,3129,2623,1029,0629,698

60,62118,07210,476

239603427618

1,318

1,2631,7281,683

1,781388428

7,5961,723

80921

1,345637

981911179466353

6273,1894,04912,6003,0538,94610,085

13, 54013,440

7,6837,769102558360516

1,076504979

1,1961,1481,144568356250355

5,8575,6711,256

78830

1,224503

62255111487363318

61,515

18,42810,6087,820

62784136281

3,4954,112741270

1,001236744630

12,6393,3079,3323,0739,03910,102

60,75618,09810,494

242601430622

1,308

1,2691,7361,697

1,771390428

7,6041,717

79924

1,356640

910179465354

6173,1864,06712,6413,0618,96710,119

13,77313,457

7,8877,781106550364519

1,069484999

1,2121,1801,270682364254365

5,8865,6761,266

86832

1,229506

626547113

312

61,786

18,41210,6237,789

83143278

3,4654,104738271

1,005238742622

12,7363,3219,4153,0669,07310,301

61,00118,16310,523

243605432624

1,284

1,2741,7451,722

1,767392

7,6401,733

81928

1,362643

984909177469354

6223,2024,07112,6843,0699,01910,171

13,75413,507

7,9007,798108543366511

1,032451

1,0041,2121,2031,291697369254376

5,8545,7091,232

86835

1,229505

63054311185372311

61,984

18,44410,6917,753

63184145280

3,3794,093731270

1,002241744617

12,9493,3279,6223,0619,03310,394

61,43018,32310,621

245612436628

1,274

1,2961,7691,740

1,786394441

7,7021,760

81932

1,367647

990915177477356

6273,2714,08112,7443,0739,06010,251

13,76813,642

7,9507,877110539367509

1,021438

1,0181,2271,2191,308706376257374

5,8185,7651,192

75837

1,228507

63354311085378315

62,563

18,41310,7097,704

631

3,2004,086

13,6223,34410,2783,0589,01310,540

61,79718,42810,699

245619443634

1,280

1,3031,7721,756

1,804395448

7,7291,752

82935

1,372649

993924179485358

6333,3834,07812,8073,0769,09510,297

13,72313,732

7,9577,946110530369498

1,031

1,0181,2411,2291,321

256355

5,7665,7861,144

74832

1,216508

63654910885381317

'Preliminary.t As shown in this issue of the SURVEY, data for employment, hours, earnings, and labor

turnover reflect.adjustment to Mar. 1964 benchmarks and the introduction of the 1963 amend-ments to the 1957 SIC system; they are not strictly comparable with previously published

figures. Comparable earlier data will appear in the forthcoming BLS Bulletin 1312-3, Em-ployment and Earnings Statistics for the United States, 1909-65, $4.25, GPO, Washington,D.C. 20402.

9 Includes data for industries not shown separately.




1963 1964

Annual

1964

Nov. Dec.

1965

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


EMPLOYMENT—Continued

Miscellaneous employment data:Federal civilian employees (executive branch) :

United States thous__Wash., D.C., metropolitan area do

Railroad employees (class I railroads):©Total do

Index, seasonally adjusted 1957-59=100..

INDEXES OF WEEKLY PAYROLLS!

Construction (construction workers) f_ 1957-59=100- _Manufacturing (production workers) f , doMining (production workers) f do

HOURS AND EARNINGS!

Average weekly gross hours per production workeron payrolls of nonagric. estab., unadjusted:!

All manufacturing estab., unadj. t hours. _Seasonally adjusted _do

Average overtime doDurable goods industries do

Seasonally ad jus ted . . . . doAverage overtime do

Ordnance and accessories doLumber and wood products doFurniture and fixtures doStone, clay, and glass products doPrimary metal industries do

Blast furnaces, steel and rolling mills._ do

Fabricated metal products _do_Machinery do_Electrical equipment and supplies do

Transportation equipment 9 doMotor vehicles and equipment doAircraft and parts do

Instruments and related products _do_Miscellaneous mfg. industries do_

Nondurable goods industries, unadj doSeasonally adjusted do

Average overtime doFood and kindred products doTobacco manufactures doTextile mill products doApparel and related products doPaper and allied products doPrinting, publishing, and allied ind____doChemicals and allied products do.Petroleum refining and related ind do.

Petroleum refining do.Rubber and misc. plastic products _do_Leather and leather products __do_

Nonmanufacturing establishments: tMining 9 do

Metal mining doCoalmining doCrude petroleum and natural gas do

Contract construction doGeneral building contractors doHeavy construction _doSpecial trade contractors do

Transportation and public utilities:Local and suburban transportation d o . . .Motorfreighttransportationandstorage.doTelephone communication doElectric, gas, and sanitary services do

Wholesale and retail trade§ _ doWholesale trade doRetail trade§ do

Services and miscellaneous:Hotels, tourist courts, and motels. _____ doLaundries, cleaning and dyeing plantsd1- do

Average weekly gross earnings per productionworker on payrolls of nonagric. estab.:f

All manufacturing establishmentst dollars..Durable goods industries do

Ordnance and accessories doLumber and wood products doFurniture and fixtures doStone, clay, and glass products do___.Primary metal industries doFabricated metal products ._do_.Machinery do_.Electrical equipment and supplies do_.Transportation equipment do._.Instruments and related products do___Miscellaneous mfg. industries do_ _ _

2,328239

71477.4

123.8117.990.7

40.5

2.8

~2.T

41.140.140.941.441.040.0

41.441.840.3

42.142.841.540.839.6

39.6

2.741.038.740.636.142.738.341.541.741.440.837.5

41.641.2

"38.842.337.336.041.336.5

42.141.640.041.238.640.637.8

39.039.0

99.63108. 09120. 4281.8081.80

102. 26124. 64108. 05116. 2099.14

126. 72101. 5980.39

2,317244

75.8

132.5124.293.0

40.7

3.141.4

3.3

40.540.441.241.741.841.1

41.742.440.5

42.143.041.440.839.6

39.7

2.941.038.841.035.942.838.541.641.941.441.337.9

41.941.4

* 39.042.537.235.840.836.6

42.041.940.241.237.940.737.0

38.438.7

102. 97112.19122. 3185.2484.46

105. 50130. 00111. 34121. 69101. 66130. 09103. 6382.37

2,322245

67177.0

140.8128.997.1

40.940.93.3

41.741.73.5

40.740.141.941.941.841.1

42.042.641.0

42.443.141.841.340.0

39.939.93.0

41.338.341.936.342.4

38.441.641.741.541.337.6

42.341.240.242.536.935.640.436.4

41.941.741.341.237.540.836.4

37.638.6

104.30113.42124. 9585.0186.73

107. 26130.83112. 98123.11103.32132. 71106.1483.20

2,4521247

77.0

131.5131.595.1

41.541.23.6

42.442.04.0

41.240.242.541.642.441.5

42.543.341.5

44.146.342.041.540.2

40.340.13.1

41.540.642.136.243.2

39.041.841.741.642.139.0

42.042.140.642.336.935.838.936.9

41.642.640.441.438.141.137.2

37.938.9

107. 07117. 02127. 3184.4288.83

106. 50133.14115. 60126. 44105.83140. 68107.4984.82

2,293245

64471.3

118.8128.792.8

40.941.23.3

41.842.1

41.340.140.941.042.341.7

41.742.940.8

43.245.141.841.039.5

39.740.12.8

40.937.541.435.942.7

38.241.541.341.341.938.3

41.741.439.642.636.335.539.236.0

41.341.639.941.537.540.636.5

37.838.5

105. 52115. 37127. 6283.4184.66

104. 55133. 25113.42125. 27104. 04137. 38106.1984.53

2,289245

64271.7

114.0129.691.3

40.941.23.3

41.842.13.7

41.139.741.441.142.341.3

41.943.140.9

42.844.441.541.139.7

39.840.22.9

40.437.241.736.642.738.441.640.840.741.938.5

41.241.239.541.735.734.837.035.8

41.441.740.141.337.540.536.5

38.038.3

105. 93115. 79127. 0084.1686.53

105. 22133. 67114. 39125.85104.30136.10106.8684.56

2,295246

64472.4

121.3131.791.7

41.241.33.5

42.142.23.8

41.440.541.341.242.541.6

42.343.441.1

43.345.141.841.2

40.040.23.0

40.537.241.837.042.938.741.841.541.142.038.2

41.741.339.342.236.735.839.236.4

41.442.139.841.137.540.736.5

38.038.5

106. 71117. 04128.3485.8686.32

105. 88134. 73115. 48127.16105. 22138.13107.12

2,306246

73.0

128.0130.993.5

40.741.03.1

41.741.93.5

41.040.740.741.344.145.7

41.442.440.2

42.343.641.140.339.2

39.439.92.7

40.335.641.035.642.2

38.342.442.442.540.837.0

41.741.539.142.036.735.639.636.3

41.641.639.841.437.640.636.7

37.839.4

105.82115. 93126. 2886.6985.06

106.97141.12113. 02123.38102. 91134. 09104.3883.10

2,308246

72.7

148.2133.897.5

41.241.13.5

42.142.03.9

41.641.440.942.442.341.3

42.343.341.0

43.244.641.941.539.7

40.040.03.1

41.037.241.636.443.0

38.542.242.441.941.738.0

42.642.040.042.6

38.436.842.037.8

42.642.240.141.537.640.936.5

37.739.6

107. 53117.46128. 9689.4285.89

110. 66134. 09116. 75127. 74105.37137.81107. 9084.56

2,342255

66373.1

156.8136.799.1

41.341.03.6

42.241.84.0

41.840.741.442.342.641.8

42.443.441.1

43.144.542.041.639.7

40.239.93.1

41.237.841.936.643.338.542.042.441.642.138.4

42.641.741.041.938.036.341.737.4

42.642.939.941.137.940.936.9

37.739.2

107. 79117. 74129. 5888.7386.94

110. 40135.89117. 02128. 03106.04137. 49108. 9984.96

2,375258

66773.7

162.0135.1

41.041.03.4

41.641.73.7

42.240.841.042.342.442.0

41.742.840.3

42.142.941.941.239.3

40.240.03.1

41.937.641.336.543.138.441.642.841.841.738.6

42.441.9

36.942.837.8

42.442.940.641.338.441.037.5

38.939.0

107. 01116. 06131. 6688.9486.51

110. 83135. 68114. 68125.83103.97133. 46107. 5383.71

2,376256

74.2

170.2136.1100.5

41.141.03.5

41.741.7

41.941.442.042.541.841.0

42.042.540.7

41.441.641.741.440.0

40.340.03.2

41.537.941.936.943.3

38.741.742.741.742.138.4

43.241.640.842.938.937.143.438.0

42.743.240.441.238.341.037.4

38.938.6

106.45115. 51131.1591.0889.04

111. 78132. 51115. 08124. 95104.60130.82108. 0584.80

2,341251

P 6 5 6P 7 4 . 2

160.7140.397.2

41.040.93.8

41.741.64.0

41.941.041.742.341.739.9

41.942.840.8

41.842.341.541.640.0

40.240.13.5

41.439.441.636.243.338.842.243.542.842.037.8

42.441.939.142.237.135.640.336.5

42.343.241.341.737.540.836.5

37.738.6

107. 83117.18131.1590.6189.24

112.10133.44116.48127.12106. 08135. 01108. 5885.20

2,352251

P 6 5 2*>74.5

165.3141.499.4

41.341.23.9

42.142.04.2

42.441.442.242.340.938.2

42.443.341.2

43.444.742.341.940.4

40.240.13.4

41.439.242.136.343.738.641.842.541.942.337.8

42.841.541.442.038.336.642.737.5

42.543.140.941.737.440.936.2

37.938.8

108.62118.72133.5691.4990.73

112.94130. 06118.30129.47107.12141.48109.7886.46

151.0142.397.6

41.441.43.9

42.242.24.3

42.440.942.042.240.737.8

42.543.441.5

43.845.442.842.040.4

40.340.33.4

41.337.942.436.443.538.642.042.442.142.438.3

41.941.437.442.536.335.039.5

' 35.9

42.942:442.041.637.140.836.0

37.238.2

109.71119.43133.5689.5790.30

112.67129.83119. 00130.20108.32144.10110. 8886.05

143.8

41.741.44.0

42.642.24.4

43.241.242.442.4.41.2

42.744.141.9

44.2

43.642.240.5

40.540.33.3

41.438.642.636.443.939.142.142.041.942.839.2

110.92120.98137. 8189.4091.58

113.21131.84119.99133.18109.78146.30111.8387.48

r Revised. *> Preliminary. <* Average for 11 months.1 Includes Post Office employees hired for the Christmas season; there were about 138,000

such employees in the United States in Dec. 1964.0Effective Jan. 1965, data reflect change in definition of class I railroads (to $5 million or

more annual railway operating revenues). The index (back to 1963) has been adjusted forcomparability, whereas the number of employees has not.

fSee corresponding note, bottom p. S-13. 9 Includes data for industries not shownseparately. §Prior to Jan. 1964, data exclude eating and drinking places; 1964 annual aver-ages and monthly data comparable with 1963 and earlier periods for total and retail tradeare available.

cf Beginning Jan. 1964, data relate to nonsupervisory workers and are not comparable withdata for production-worker levels for earlier periods.




1963 1964

Annual

1964

Nov. Dec.

1965

Jan. Feb. Mar. Apr. May- June July Aug. Sept. Oct. Nov. D e c *


HOURS AND EARNINGS—ContinuedAverage weekly gross earnings per production

worker on payrolls of nonagric. estab.f—Con.All manufacturing establishments|— Continued

Nondurable goods industries dollars..Food and kindred products doTobacco manufactures do____Textile mill products do""."Apparel and related products doPaper and allied products doPrinting, publishing, and allied ind doChemicals and allied products doPetroleum refining and related ind doRubber and misc. plastic products doLeather and leather products do

Nonmanufacturing establishments: tMining? _.do

Metal mining doCoalmining doCrude petroleum and natural gas do

Contract construction doGeneral building contractors do..."Heavy construction doSpecial trade contractors do

Transportation and public utilities:Local and suburban transportation doMotorfreighttransportationandstorage.doTelephone communication doElectric, gas, and sanitary services do

Wholesale and retail trade§ doWholesale trade _ __ do __Retail trade§ do

Finance, insurance, and real estate:Banking doInsurance carriers© do

Services and miscellaneous:Hotels, tourist courts, and motels doLaundries, cleaning and dyeing plants A _ do

Average hourly gross earnings per productionworker on payrolls of nonagric. estab.rf

All manufacturing establishments! dollars__Excluding overtimed* do

Durable goods industries do~___Excluding overtimed" do

Ordnance and accessories doLumber and wood products. doFurniture and fixtures doStone, clay, and glass products doPrimary metal industries do

Blast furnaces, steel and rolling mills, .doFabricated metal products doMachinery doElectrical equipment and supplies. ____doTransportation equipment 9 do

Motor vehicles and equipment doAircraft and parts do

Instruments and related products doMiscellaneous mfg. industries do

Nondurable goods industries doExcluding overtimed1 do

Food and kindred products doTobacco manufactures doTextile mill products do ___Apparel and related products doPaper and allied products do__...Printing, publishing, and allied ind do___.Chemicals and allied products doPetroleum refining and related ind do___

Petroleum refining doRubber and misc. plastic products doLeather and leather products do

Nonmanufacturing establishments:!Mining 9 do

Metal mining. doCoal mining. doCrude petroleum and natural gas do

Contract construction doGeneral building contractors doHeavy construction doSpecial trade contractors do

Transportation and public utilities:Local and suburban transportation doMotor freighttransportationandstorage.doTelephone communication doElectric, gas, and sanitary services do___

Wholesale and retail trade § doWholesale trade doRetail trade§ do

Services and miscellaneous:Hotels, tourist courts, and motels do___Laundries, cleaning and dyeing plants A_do___

r Revised. p Preliminary. « Average for 11 months. fSee corresponding note,bottom p. S-13. 9 Includes data for industries not shown separately. § Prior to Jan. 1964,data exclude eating and drinking places; 1964 annual averages and monthly data comparablewith 1963 and earlier periods for total and retail trade are available.

87.9194.3073.9269.4362.45

105.90110.69112. 88131.77100. 7866.00

114.40118. 66119.89112. 52127.19117.36128.44133. 23

101. 88117.31102.40121. 5477.5999.4768.04

74.9796.21

47.5851.87

2.462.372.632.542.932.042.002.473.043.362.612.782.463.013.102.952.492.032.222.152.301.911.711.732.482.892.723.163.322.471.76

2.752.88

° 3. 122.663.413.263.113.65

2.422.822.562.952.012.451.80

1.221.33

90.9197.1776.0573.3964.26

109. 57114.35116. 48133.66104.9068.98

117.74122. 54126.82113.05132.06122. 79131.78138. 35

104.16124.02105. 32125. 2574.28

102. 5664.75

76.6792.01

49.5455.73

2.532.442.712.603.022.112.052.533.113.412.672.872.513.093.213.022.542.082.292.212.371.961.791.792.562.972.803.193.372.541.82

2.812.96

«3.262.663.553.433.233.78

2.482.962.623.041.962.521.75

1.291.44

92.1798.2973.9276.6865.70

109.82114. 82118.14134.69105. 7369.56

120.98124. 01134.67115.18131. 73123.53129. 68138.68

105. 59124. 27109.86128.1374.25

104.4564. 79

77.5893.74

50.0156.74

2.552.452.722.613.072.122.072.563.133.422.692.892.523.133.243.062.572.082.312.232.381.931.831.812.592.992.843.233.412.561.85

2.863.013.352.713.573.473.213.81

2.522.982.663.111.982.561.78

1.331.47

93.5099.6082.0177.0465.16

112. 32117.39119.13135.11-109.04

72.15

120.12126. 72135.20113. 36133.95124.94127. 20142. 07

104.42128. 65108.68129.1774.68

104.8165.84

77.5893.62

51.1757.57

2.582.472.762.643.092.102.092.563.143.432.722.922.553.193.323.082.592.112.322.242.402.021.831.802.603.012.853.243.412 59L 8 5

2.863.013.332.683.633.493.273.85

2.513.022.693.121.962.551.77

1.351.48

92.5098.9876.5075.7664.98

111.45114.60118. 28133.81108. 5271.24

120.51123.79135.83115.45131.41123.19126. 22138.96

104.49124.38106. 53129.4875.00

103.9465.34

78.5493.87

50.2756.60

2.582.482.762.653.092.082.072.553.153.442.722.922.553.183.313.072.592.142.332.252.422.041.831.812.613.002.853.243.402.591.86

2.892.993.432.713.623.473.223.86

2.532.992.673.122.002.561.79

1.331.47

92.7398.1777.3876.7366.61111. 45115. 97118. 56131.78108. 5271.61

119.07123.60135.88113.01

131.38122.84123.21139. 26

104.33126. 77107. 07130.10

75.00104.4965.34

79.0894.37

50.5456.30

2.592.482.772.65

3.092.122.092.563.163.44

2.732.922.553.183.303.092.602.13

2.332.252.432.081.841.822.613.022.853.233.392.591.86

2.893.003.442.713.683.533.333.

2.523.042.673.15

2.002.581.79

93.2098.4279.2476.9167.34

111. 97117.26118. 71134.05108.3671.43

120.10123. 90134.41114. 36133.96126. 02127.01141. 23

104.74128.41106. 27128. 64

75.38105.0165.34

78.7093.74

50.5456.98

2.592.492.782.663.102.122.092.573.173.452.732.932.563.193.333.102.602.13

2.332.252.432.131.841.822.613.032.843.233.412.581.87

2.883.003.422.713.653.523.243.

2.533.052.673.13

2.012.581.79

92.2098.7477.9675.0363.72

109.72115. 67120.84139.07104.45

1.56

120. 51125.33134.11114.66

132.49124. 24126. 72139. 76

106. 50126.46106. 66130.0075.58105.1566.06

79.2494.49

49.9059.10

2.602.502.782.673.082.132.092.593.203.48

2.732.912.563.173.313.092.592.12

2.342.262.452.191.831.792.603.022.853.283.462.561.88

2.893.023.432.733.613.493.203.85

2.563.042.683.14

2.012.591.

94.00100.4581.1076.5465.52

112. 66117.04120.69137.80107. 5971.44

123.97127.68138.40117.15140.16129. 54139. 86147.04

109.06129. 55107. 87131.14

76.33106. 7566. 43

78.8694.86

51.6560.19

2.612.502.792.663.102.162.102.613.173.43

2-. 762.952.573.193.323.122.602.13

2.352.262.452.181.841.802.62

3.042.863.253.432.581.88

2.913.043.462.753.653.523.333.89

2.563.072.693.16

2.032.611.82

1.371.52

94.47100. 5383.1677.5266.61114. 31117.43120.96137.38109.4672.19

123.97126. 77142. 27113.97

139.08127.78140. 53145.86

109.06131. 27107.33129.4776.56105.9367.16

78.4494.74

50.9059.58

2.612.502.792.673.102.182.102.613.193.462.762.952.583.193.323.122.622.14

2.352.262.442.201.851.822.643.052.883.243.452.601.88

2.913.043.472.723.663.523.373.90

2.563.062.693.152.022.591.82

1.351.52

94.87100.9882.7277.6466.43

114.65117.12120.22139.10109. 2571.80

122.96128. 21134.46116.03140.50129.15143. 38147.04

108.97131. 27108.40130.5177.95106. 6068.25

79.2495.74

52.1359.28

2.612.502.792.673.122.182.112.623.203.47

2.752.942.583.173.293.112.612.13

2.362.272.412.201.881.822.663.052.893.253.452.621.86

2.903.06

2.733.643.503.353.89

2.573.062.673.162.032.601.82

1.341.52

95.1199.1978.0779.1967.53

115.18118.81121.35138. 35109.8872.19

126.14127. 71141.98117.12143.15131.33148.43148.96

110.17132.62108.27130.6077.75106. 6068.07

79.2495.86

51.7458.67

2.592.492.772.653.132.202.122.633.173.43

2.742.942.573.163.283.132.612.12

2.362.262.392.061.891.832.663.072.913.243.432.611.88

2.923.073.482.733.683.543.423.92

2.583.072.683.17

2.032.601.82

1.331.52

95.68100.1978.4178.6267.33116.48120.28123.65142.68110. 4671. 82

124.66131.57135.29116.47138. 75128. 52138.63145.27

109. 56133.92112.75133.86

77.25106.9067.53

79.18

51.6559.06

2.632.512.812.683.132.212.142.653.203.492.782.972.603.233.363.152.612.13

2.382.282.421.991.891.862.693.102.933.283.482.631.90

2.943.143.462.763.743.613.443.98

2.593.102.733.212.062.621.85

1.371.53

95.68100.1977.6279.9967.52

117.12119.66122. 06141.10112.1071.82

126.26130.31143. 24115.92144. 01132.49149.45150.00

110.08133.18111. 66134.6977.42107.5767.33

80.3595.86

52.3060.14

2.632.522.822.683.152.212.152.673.183.47

2.792.992.603.263.393.182.622.14

2.382.282.421.981.901.862.68

3.102.923.323.522.651.90

2.953.143.462.763.763.623.504.00

2.593.092.733.232.072.631.86

1.381.55

96.32100. 7780.3580.5667.70

116. 58119.27123. 06142. 89111. 9472.77

123.61130. 00129. 78118.15135.40126.35135. 09142.16

111.54131.44115.92134.37

76.80107.7166.96

80.3596.12

51.7158.83

2.652.532.832.693.152.192.152.673.193.47

2.803.002.613.293.443.202.642.13

2.392.292.442.121.901.862.683.092.933.373.582.641.90

2.953.143.472.783.733.613.423.96

2.603.102.763.232.072.641.86

1.391.54

97.20101.4382.9981.3767.70

117.65121.99122.93141.54113.8574.87

2.662.542.842.703.192.172.162.673.20

2.813.022.623.31

3.212.652.162.402.302.452.151.911.862.683.122.923.373.572.661.91

1.33 1.33 1.321 . 4 7 1 . 4 8 1 . 5 0 x . u& x . o£ x . <-»ii x . u s J - . U U •"-• w ^ . ^ -

eEffective Jan. 1964, data exclude earnings of nonoffice salesmen and are not comparablewith earlier figures. , .

d^Derived by assuming that overtime hours are paid at the rate of time and one-half.AEffective Jan. 1964, data relate to nonsupervisory workers and are not comparable witn

data for production-worker levels for earlier periods.




1963 1964

Annual

1964

Nov. Dec.

1965

Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.


HOURS AND EARNINGS—Continued

Miscellaneous wages:Construction wages, 20 cities ( E N R ) : §

Common labor $ per hr_.Skilled labor . . do___.

Farm, without board or rm., 1st of mo doRailroad wages (average, class I)______ do

LABOR CONDITIONS

Help-wanted advertising, seas, adj—_ 1957-59=100__Labor turnover in manufacturing estab.: t

Accession rate, total—mo. rate per 100 employees__Seasonally adjusted do____

New hires _.— doSeparation rate, total . . __do

Seasonally adjusted doQuit doLayoff do

Seasonally adjusted doIndustrial disputes (strikes and lockouts) :

Beginning in period:Work stoppages number . .Workers involved.. thous_.

In effect during month:Work stoppages number . .Workers involved thous_.

Man-days idle during period do

EMPLOYMENT SERVICE AND UNEMPLOY-MENT INSURANCE

Nonfarm placements ____thous_.Unemployment insurance programs:

Insured unemployment, all programs©- doState programs:

Initial claims doInsured unemployment, weekly avg___do

Percent of covered employment :<?UnadjustedSeasonally adjusted

Beneficiaries, weekly average thous_.Benefits paid mil. $_.

Federal employees, insured unemployment,weekly average thous_.

Veterans'program (UCX):Initial claims do___.Insured unemployment, weekly avg doBeneficiaries, weekly average doBenefits paid. mil. $_.

Railroad program:Applications thous_.Insured unemployment, weekly avg__.doBenefits paid mil. $_.

3.0824. 526

1.052.823

109

3.9

2.43.9

1.41.8

3,362941

16,100

6,581

1,939

15,4201,806

4.3

1,541

2, 775

31

3425552

91.816147

99.4

3.2424.7331.08

2.850

123

4.0

~2.~6~

1.51.7

3,6551,640

22,900

6,281

1,725

13,9381,605

3.8

1,373

2,522

30

3355148

90.215538

78.4

3.3054.815

2.856

134

3.24.12.23.63.61.21.71.5

238141

469274

1,730

508

1,397

1,1851,293

3.03.4969

147.0

27

274034

5.4

1137

5.6

3.3074.823

2.901

137

2.54.01.63.73.81.02.11.6

14642

346149

1,060

433

1,792

1,6181,675

3.93.6

1,283211.4

30

324841

6.9

1240

7.3

3.3074.8291.19

2.995

137

3.84.02.43.73.71.31.61.4

260107

390188

1,790

418

2,132

1,4531,996

4.63.4

1,667252.1

34

305552

8.0

1647

. 7.8

3.3394.851

3.035

145

3.54.02.43.13.71.31.21.4

20053

340153

1,450

421

2,065

1,1001,932

4.53.3

1,689245.7

34

255352

7.6

457.4

3.3394.852

2.970

148

4.04.32.83.43.81.51.21.4

350191

500234

1,760

491

1,837

1,0091,718

4.03.2

1,631273.4

31

264948

8.0

398.0

3.3424.8561.18

143

3.83.92. 63.74.01.71.31.5

340128

500175

1,630

555

1, 570

9561,470

3.43.2

1,373224.9

27

214141

6.8

533

6.2

3.3554.886

3.014

145

4.14.13.03.63.91.71.11.4

420111

580174

1, 770

573

1,259

7631,179

2.73.0

1,060165.7

22

173334

5.3

526

4.3

3.4144.969

2.994

146

5.64.54.33.64.01.71.11.4

450262

670332

2,520

610

1,131

8701,059

2.43.0941

156. 3

20

223030

5.2

1921

3.8

3.4534.9921.17

3.000

145

4.54.13.24.34.01.81.81.6

380

620303

1,630

554

1,210

1,0781,132

2.63.0932

149.5

22

263327

4.5

3024

3.5

3.4825.002

2.994

152

5.44.23.95.14.72.61.61.7

38092

2222,290

603

1,178

9761,102

2.53.1901

148.0

21

253331

5.2

1022

3.4865.029

160

5.54.54.05.74.43.51.31.3

280131

515224

1,950

644

1,030

760959

2.22.9834

138.6

19

192827

4.6

1124

3.7

3.4865.0561.09

168

' 4 . 5' 4 . 5' 3 . 5••4.4M.I'2.2' 1.4'1 .3

32096

560200

1,840

611

791916

2.02.7745

117.8

20

1624

'233.7

722

3.6

3.4865.041

r181

*>3.9P 5 . 0P 2 . 9*>3.8*>3.8*1.7P 1 . 4

• J » 1 . 2

270130

510185

1,390

531

1,104

1,0041,033

2.32.7794

132.2

21

182521

3.7

25

3.4955.055«1.24

FINANCE

BANKING

Open market paper outstanding, end of period:Bankers' acceptances _mil. $_.Commercial and finance co. paper, total.—do

Placed through dealers____ doPlaced directly (finance paper) __do

Agricultural loans and discounts outstanding ofagencies supervised by the Farm Credit Adm.:

Total, end of period mil. $_.Farm mortgage loans:

Federal land banks doLoans to cooperatives doOther loans and discounts do

Bank debits to demand deposit accounts, exceptinterbank and U.S. Government accounts,annual rates, seasonally adjusted:

Total (225 SMSA's)O_. bil. $_.New York SMSA _ do_

Total 224 SMSA's (except N.Y.). do_ _6 other leading SMSA's 1 do_ _218 other SMSA's do___.

Federal Reserve banks, condition, end of period:Assets, to ta l9—- mil. $

Reserve bank credit outstanding, total 9 __do_.Discounts and advances _do_.U.S. Government securities do_.

Gold certificate reserves do_.

Liabilities, total 9 do_

Deposits, total do_.Member-bank reserve balances ___do_.

Federal Reserve notes in circulation do..

Ratio of gold certificate reserves to FR noteliabilities. percent..

2,8906,7471,9284,819

6,403

3,310840

2,253

58, 028

36,41863

33, 59315, 237

58, 028

18, 39117, 04932,877

46.3

3,3858,3612,2236,138

7,104

3,718958

2,428

4,621. 41,925. 32, 696.11, 030. 81,665. 3

62,867

39, 930186

37,04415, 075

62, 867

19,45618, 08635,343

42.7

3,2179,1462,4386, 708

7,057

9752,402

4,648. 01,917. 72, 730.31, 023. 71,706. 6

61, 561

39,302210

36, 77415, 091

61, 561

19, 52318, 08434,640

43.6

3,3858,3612,2236,138

7,104

3,718958

2,428

4, 816. 52, 013. 02, 803. 51, 065. 41,738.1

62,867

39,930186

37, 04415, 075

62,867

19,45618, 08635,343

42.7

3,2768,9282,1436,785

7,223

3,7651,0202,438

4,870. 92, 067. 62, 803. 31, 065. 51, 737. 8

60, 729

38,737304

36, 74114, 906

60, 729

19, 09117,80134, 646

43.0

3,2329,0332,2396,794

7,356

3,8181,0372, 501

4,842. 51,997. 42,845.11, 077. 21, 767. 9

39,422300

36, 90714, 661

60, 769

19, 25517,90334, 562

42.4

3,3259,0772,0707,007

7,472

3,8891,0072,576

4,995. 62, 071. 82,923. 81,115. 41,808. 4

60, 573

38,972124

37, 59114, 293

60, 573

18, 50217, 27734, 629

41.3

3,3849,5332,0477,486

7,607

3,950978

2,679

5,113. 32,151. 32,962. 01,131. 71,830. 3

61, 688

40, 071568

37, 75414,144

61,688

19, 55718, 25934, 662

40.8

3,4679,9341,9767,958

7,729

4,011940

2, 778

4,825. 61, 954.12,871. 51, 082. 71,788. 8

61,475

41,169545

14, 023

61, 475

19, 62518, 00634, 974

40.1

3,3559,3701, 9657,405

7,873

4,058931

2,884

5, 327. 82,308. 43, 019. 41,146. 81,872.6

62,632

41,159657

39,10013,670

19, 27818,22935,444

38.6

3,33710,4392,046

7,988

4,097935

2,956

5, 302. 62, 281. 63, 021. 01,149. 51,871. 5

61, 914

41,166536

39, 20713, 591

61,914

19,30418, 00835, 796

38.0

3,29910, 3582,1178,241

8,040

4,135944

2,962

5,146. 82,128. 03, 018.81,141. 01,877. 8

61,429

40,619237

39,04913, 596

61,429

18, 64517,19136, 021

37.7

3,3149,6922,1947,498

8,013

4,171940

2,902

5,126. 92,104. 33, 022. 61,142. 91,879. 7

63,384

41, 704174

39, 77413,587

19, 59118,14936,319

37.4

3,31010, 5542,2508,304

8, 007

4,2041,0092,794

5,129. 92, 061. 03, 068. 91,165. 41,903. 5

63,504

41, 905510

39,65713, 582

63, 504

19, 61218, 20436, 628

37.1

3,24510,4062,2058,201

8,022

4,2451,0822,696

5.408.32.229.43,178.91,215. 01,963.9

64,050

42,789365

40,57513,512

64,050

19,16318,05037,408

36.1

8,080

4,2811,0552,745

5, 523.12.273.53.249.61,234.52,015.1

65,371

43,340137

40,76813,436

65,371

19, 62018,44737,950

35.4

r Revised. 3 Preliminar ' A s of Jan. 1, 1966.§ Wages as of Jan. 1,1966: Common labor, $3,496; skilled labor, $5,064.t See corresponding note, bottom of p. S-13.© Excludes persons under extended duration provisions.d> Insured unemployment as % of average covered employment in a 12-month period.

O Total SMSA's include some cities and counties not designated as SMSA's.f Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los

Angeles-Long Beach.9 Includes data not shown separately.




1963 1964

End of year

1964

Nov. Dec.

1965


FINANCE—Continued

BANKING-ContinuedAll member banks of Federal Reserve System,

averages of daily figures:Reserves held, total mil. $__

Required doExcess do

Borrowings from Federal Reserve banks___doFree reserves do

Weekly reporting member banks of Fed. Res. Sys-tem, condition, Wed. nearest end of yr. or mo.:

Deposits:Demand, adjustedcf mil. $__Demand, total? do

Individuals, partnerships, and corp doState and local Governments doU.S. Government doDomestic commercial banks do

Time, total 9 - doIndividuals, partnerships, and corp.:

Savings doOther~time do

Loans (adjusted), totalcf do> Commercial and industrial.. do____

For purchasing or carrying securities doTo nonbank financial institutions doReal estate loans. do___.Other loans do

Investments, total doU.S. Government securities, total do

Notes and bonds doOther securities do

Commercial bank credit (last Wed. of mo., exceptfor June 30 and Dec. 31 call dates), seas, adjusted

Total loans and investments© bil. $..LoansO do___.U.S. Government securities doOther securities do__i.

Money and interest rates: §Bank rates on short-term business loans:

In 19 cities percent..New York City do7 other northern and eastern cities do11 southern and western cities ...do

Discount rate (N.Y.F.R. Bank), end of year ormonth . percent-

Federal intermediate credit bank loans doFederal land bank loans doHome mortgage rates (conventional 1st mort-

New home purchase (U.S. avg.) percent.Existing home purchase (U.S. avg.) do...

Open market rates, New York City:Bankers' acceptances (prime, 90 days) do__.Commercial paper (prime, 4-6 months)__do__.Finance Co. paper placed directly,3-6 mo.do__.Stock Exchange call loans, going ra te . . __do__.Yield on U.S. Government securities (taxable):

3-month bills (rate on new issue) percent.3-5 year issues do__.

Savings deposits, balance to credit of depositors:N.Y. State savings banks, end of period.__.mil. $.U.S. postal savings f do...

CONSUMER CREDIT(Short- and Intermediate-term)

Total outstanding, end of year or month mil. $.Installment credit, total do...

Automobile paper do__.Other consumer goods paper _do__.Repair and modernization loans do__.Personal loans do._.By type of holder:

Financial institutions, total _do_.Commercial banks. do_.Sales finance companies do_.Credit unions do_Consumer finance companies do_Other __do_.

Retail outlets, total. do..Department stores do..Furniture stores do_.Automobile dealers, doOther do..

Noninstallment credit, total do.Single-payment loans, total , . . .do.

Commercial banks _______do_Other financial institutions do

20,74620, 210

1536*3271209

67, 844

104,33574, 5135,3384,556

13,320

59, 227

38,08313,310

92,90138,7936,6218,59517, 88023,809

48,40429, 01823,12719,386

246.5149.462.135.0

2 5.012 4.792 5.012 5. 30

3.502 4.262 5.49

2 5.842 5.98

3 3. 553 3.403 4.50

3 3.1573 3.72

25, 693452

69, 89053, 74522,19913,7663,38914,391

46,99221, 61013, 5235,6224, 5901,6476,7533,4271,086328

1,912

16,145

5,9595,047

912

21, 60921,198

14111243

68, 045

102,57473, 654

5, 2394,563

12, 539

66,881

40, 69816, 407

102,22742,1196,6779,032

20, 00829,156

48,78327, 67921, 97921,104

267.2167.161.438.7

2 4.992 4.752 5.022 5.30

4.002 4.702 5.45

2 5.782 5.93

3 3.773 3.973 3.833 4.50

3 3. 5493 4. 06

28, 260

76,810

59,397

24, 52115,3033,502

16, 071

51,99023,94314, 7626,4585,0781,749

7,4073,9221,152

3701, 963

17,413

6,4735,4691,004

21,15920,763

396430-34

64, 607

97, 70769,5155,333.4,36412, 54865, 670

40,31216, 23798,99240,9995,8658,43119,90928,355

48,00527,25622,10320, 749

265.5165.461.638.5

4.004.765.45

5.755.94

3.794.023.894.50

3.6244.04

27,893393

74,37158, 08524, 36714,4313,51615, 771

51,34123, 68014, 6226,3784,9191,742

6,7443,5411,088367

1,748

16, 2866,4125,3771,035

21, 60921,198

411243168

68, 04502, 57473, 6545,2394,56312,539

66,881

16,407.02, 22742,1196,6779,03220, 00829,156

48, 78327, 67921,97921,104

267.2167.161.438.7

5.004.775.035.31

4.004.745.45

5.765.92

4.004.17

4.50

3.8564.07

28,260390

76,81059,39724,52115,3033,50216,071

51,99023,94314, 7626,4585,0781,7497,4073,9221,152370

1,963

17,413

6,4735,4691,004

21, 61921, 217

402299103

64,992

96,05968, 5155,3963, 643

11,948

69, 234

41,33417,961

.01,06042, 239

8,33120, 074

"i, 517

1,14526, 51621, 50621, 629

269.6170.259.939.5

4.004.785.45

5.795.95

4.004.254.054.50

3.8284.06

28,482380

76,145

59,342

24,57415, 2043,473

16,091

52,15924,09114, 7976,4295,0781,764

7,1833,7911,128373

1,891

16, 803

6,4125,4091,003

21,22720, 790

43740532

63, 507

96, 23868,1275,4234,03612,327

70,341

41, 74418,359

.02,30143, 3436,1518,40420,18828,860

47,93125, 96321,35421, 968

272.1171.960.240.0

4.004.845.43

5.795.93

4.104.274.124.50

3.9294.08

28, 618371

75, 74159,36324,74314,9843,44616,190

52,35224, 24614,7826,4655,1011,758

7,0113,7131,101377

1,820

16, 3786,4425,4361,006

21,24820,908

340416-76

63,377

1,17867,6425,5705, 988

12, 662

71,140

42,32318,456.04,81744, 6206,4498,89720,32628,906

47,15024,96521,15922,185

275.5175.859.640.1

4.974.745.00

21,50521,146

359471

-112

64, 744

96,13368, 5725, 2705,26610,96572, 081

42,14919, 051105, 22944, 5976,5738,70320, 55529,97547,44024,51220,84322,928

277.3177.159.141.1

5.27

4.004.825.43

5.725.91

4.154.384.254.50

3.9424.12

28, 955363

76, 08559, 78825, 06314, 9443,44016,341

52, 83724, 53714, 8316,5695,1321,7686,9513,6731,085384

1,809

16, 297

6, 5185,4951,023

4.004.885.43

5.745.89

4.194.384.254.55

3.9324.12

28,V883356

77, 48360,80325, 61515, 0563,43916, 693

53,82825,11714, 9916,7395,2021,779

6,9753,7011,077395

1,802

16, 6806,6065,5721,034

21,47621,149

327505

-178

62, 611

97,84567, 5255,5456,38412,046

72,996

42, 53819, 679L07,45445,2706,8039,28920,84830,47546, 70724, 02620,82322, 681

279.4179.558.641.3

4.004.935.43

5.775.88

4.254.384.254.75

3.8954.11

28,995350

78, 68761, 73926,10915, 2293,48416, 917

54, 69425, 60215,1586,8715, 2431,820

7,0453,7451,076405

1,819

16, 948

5,6281,058

21, 70921, 366

343528

-185

63,810.03, 55169, 6525,4108,66412, 401

73,818

43.12920.13010,92546,8477,4189,83021,15129,324

47, 51424,25420, 61923, 260

282.8183.057.742.1

4.994.745.015.31

4.004.995.43

5.765.86

4.254.384.254.75

3.8104.09

29, 272342

79,88762, 79026, 68515, 4223,52417,159

55, 66626,15415,3727, 0325,2871,8217,1243,7851,084417

1,838

17, 0976,7765,7071,069

21, 86521, 516

349524

-175

64,179

94,57968,1024,9005,02210,862

74, 760

43,42920, 542,08, 55146,2825,7129,48421,36830,22647, 24423, 66720, 67723, 577

281.5182.756.442.4

4.004.985.43

5.775.86

4.224.384.254.75

3.8314.10

29,380338

63, 60927,17115, 5733,55317,312

56,44226, 61015, 5657,1245,3341,8097,1673,8111,090425

1,841

17, 0776,7815,7181,063

21, 62021,192

428564

-136

63, 50596,10168,1895,1053,91412, 566

75,896

43, 82720,99011,07146,9876,224

10, 28921, 73930,113

47, 08622,99220,32224,094

286.1185.857.043.3

4.004.985.43

5.765.86

4.144.384.254.75

3.8364.19

29,498332

81,454

64, 39327,49315, 7383,59717,565

57,18126, 99215, 7217,2355,3871,8467,2123,8471,103431

1,831

17,061

6,8255,7471,078

21,72921,356

373528

-155

64,133

97, 04868, 2804,9405,59112,075

76, 276

44,31921, 00311, 75548,1175,45310,15422, 01230,553

47, 02322,83020, 20224,193

286.2186.256.543.5

5.004.765.5.31

4.005.025.43

5.755.89

4.254.384.254.75

3.9124.24

29,785327

81,92464,84627, 55515,9543,613

17, 724

57, 57027, 21015, 8027,3105,4101,8387,2763,9101,117433

1,816

17, 0786,8565,7761,080

21,95921,618

341490

- 1 4 9

•65, 014

LOO, 02871,348

5,5722,442

13,692

77,170

44,80521,342

112,72948,778

5,58710,05822, 23130,587

47,76923,99119,94823,778

288.9188.0

57.043.9

'21,958'21,588

••370452

- 8 2

66,175

.01,20472,127

5,4293,789

12,977

77,662

45,09421,511

114,74149,167

6,48210,31922,42531, 245

47,79024,11919,55023,671

291.5189.857.644.1

4.005.015.43

5.755.87

4.254.384.324.75

4. 0324.33

29,845321

82,569

65,368

27,76616,2143,625

17,763

57,96227,47515,8767,3635,4221,826

7,4063,9791,138

4381,851

17,201

6,8715,7931,078

4.005.025.43

5.805.91

4.254.384.384.75

4.0824.46

30,001317

83,39066,01227,97616,5153,63817,883

58,41127,69915,9637,4365,4651,8487,6014,1011,167443

1,890

17,378

6,9035,8101,093

22, 71522, 272

443454-11

103,47275,2345,3553,86612,429

78,260

45,36221,258117,16550, 5646,42010,92922,57032,093

48, 29924,25219,50224,047

294.0191.857.644.6

5.275.085.325.46

4.505.025.43

5.785.91

4.554.654.604.97

4.3624.77

314

r Revised.1 Average for Dec. 2 Average for year. 3 Daily average.d"For demand deposits, the term "adjusted" denotes demand deposits other than domestic

commercial interbank and U.S. Government, less cash items in process of collection; forloans, exclusive of loans to domestic commercial banks and after deduction of valuationreserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).

9 Includes data not shown separately.©Adjusted to exclude interbank loans.§For bond yields, see p. S-20.\Monthly data are as of the following dates: 1964—Nov. 6; Dec. 4; 1965—Jan. 29; Feb. 26;

Mar. 26; Apr. 23; May 21; June 30; July 16; Aug. 13; Sept. 10; Oct. 8; Nov. 5; Dec. 3.

6 - 5 6 6 O - 6 6 - 5


SURVEY CUBRENT BUSINESS January 1966


1963 1964

Annual

1964

Nov. Dec.

1965


FINANCE—Continued

CONSUMER CREDIT—Continued

Total outstanding, end of year or month—Con.Noninstallment credit—Continued

Charge accounts, total ..mil. $_Department stores do___Other retail outlets do. . .Credit cards do___

Service credit do. . .Installment credit extended and repaid:

Unadjusted:Extended, total do.

Automobile paper ___do_.Other consumer goods paper _____do_.All other do_.

Repaid, total do_.Automobile paper do_.Other consumer goods paper do_.All other do_.

Seasonally adjusted:Extended, total do..

Automobile paper do_.Other consumer goods paper do_.All other do_.

Repaid, total do_.Automobile paper do.Other consumer goods paper do.All other do_.

FEDERAL GOVERNMENT FINANCE

Net cash transactions with the public: cfReceipts from mil. $_Payments to do___Excess of receipts, or payments (—) do. . .Seasonally adjusted, quarterly totals:

Receipts from___ do_.Payments to _._do_.Excess of receipts, or payments (—) do_.

Budget receipts and expenditures:Receipts, total do..

Receipts, net! do_.Customs do_.Individual income taxes do_.Corporation income taxes do_.Employment taxes do_.Other internal revenue and receipts do_.

Expenditures, totalf do_.Interest on public debt _do_.Veterans' benefits and services do_.National defense do_.All other expenditures _.do_.

Public debt and guaranteed obligations:Gross debt (direct), end of yr. or mo., total-bil. $_

Interest bearing, total. doPublic issues.-- do. . .

Held by U.S. Govt. investment accts.doSpecial issues do

Noninterest bearing and matured doGuaranteed obligations not owned by U.S. Treas-

ury, end of year or month bil. $..U.S. savings bonds:

Amount outstanding, end of yr. or mo__.doSales, series E and H .doRedemptions do

LIFE INSURANCE

Institute of Life Insurance:Assets, total, all U.S. life insurance companies

bil. $__Bonds (book value), domestic and foreign,

total bil. $.U.S. Government— do...State, county, municipal (U.S.) do__.Public utility (U.S.) __do___Railroad (U.S.) do._.Industrial and miscellaneous (U.S.) do^_.

Stocks (book value), domestic and foreign, totalbil. $__

Preferred (U.S.) do.Common (U.S.) do.

Mortgage loans, total do.Nonfarm do.

Real estate doPolicy loans and premium notes doCash doOther assets do

Payments to policyholders and beneficiaries inU.S., total mil. $..

Death benefits doMatured endowments.. doDisability payments doAnnuity payments .doSurrender values doPolicy dividends ...do

1 5,871!895

i 4,4561520

1 4,315

60,82222, 01317, 00721,80255,11119,35415, 84619,911

112, 577117,151- 4 , 574

114, 27887, 5161,263

54, 29622, 76816,15119,80094,18810,2235,267

52,96626, 265

i 309. 35i 305. 21i 261. 56

1 14.14i 43. 66M.13

i.74

1 49. 034.765.02

141.12

i 66. 0815.8113.85

i 16. 4413.35

i 31. 21

i 7.1412.31!4. 72

i 50. 54i 46. 7514.3216.6611.47M.92

10, 028. 24, 208. 6

809.0154.5901.7

1, 789. 32,165.1

i 6, 3001909

i 4, 7561635

i 4,640

66, 07023, 56519,16223,34360, 41821, 24317, 62521, 550

115, 031120,339-5,307

117,22288,6961,352

52,33425,04717,10621,38296, 94511,0395,484

52,26129,067

i 317. 94i 313. 55i 267. 48i 14. 36i 46. 0814.39

i 49. 894.615.25

149. 47

i 67.96i 5. 5913.77

116. 3213.31

1 33.14

17.9412.5115.30

1 55.15150.8514.5317.1411.4915.26

10,757. 84,533. 5

898.7160.6961.0

1,833. 72,370.3

5,394703

4,065626

4,480

5,3231,7271,6721,9245,0641,7831,4631,818

5,4561,8581,6311,9675,1551,8181,5091,828

9,7169,398

318

6,300909

4,756635

4,640

6,7671,9922,4042,3715,4551,8381,5322,085

5,8162,0431,7192,0545,2561,8641,5051,887

10,25610,882-626

28, 70829,822

-1,114

8,9727,037

1245,068

4491,4911,8407,051

917366

3,9971,780

318.49314. 02267. 3614.3346. 664.46

.83

49.81.35.36

148. 75

68.175.703.84

16.333.38

32.77

6.312.563.64

54.4050.154.517.091.396.87

803.8342.6

75.212.677.1

136.0160.3

10, 0258,856

1253,3983,953

7791,7698,770

955495

4,4732,866

317. 94313. 55267. 4814.3646.084.39

.81

.37

.43

149. 32

67.975.513.81

16.293.36

32.93

6.392.573.71

55.1850. 884.527.131.44

1,179. 3432.879.217.681.5

173.0395.2

5,724793

4,280651

4,667

5, 0231,8361,4401,7475,0781,7831,5391,756

2,1201,7292,034

5,2131,8301,5261,857

6,377' 9, 098-2,721

6,3295,642

76

607399

1,5607,676966450

3,9872,349

317. 98313. 68269. 4414.6844.244.31

49.94.43.53

150. 39

68.545.723.8216.273.3533.26

6.462.583.7755.6351.31

4.537.161.326.75

918.5389.286.713.5101.9163.1164.1

5,154660

3,857637

4,782

5,0071,9151,3381,754

4,9861,7461,5581,682

6,0222,2281,7602,034

5,3811,8971,6321,852

11,2279,6061,621

11, 3297,518

1066,174473

2,8101,765

7,146933478

3,8351, 940

319. 88315. 54269. 9814.6745.574.34

50.01.39.45

151. 03

68.735.763.8016.263.3433.42

6.522.603.8255.9451.594.547.201.256.84

842.3363.775.612.784.2143.4162.7

4,977601

3,743633

4,802

6,1732,3821,6192,1725,7482,0621,6592,027

6,0302,2291,6982,1035,3931,9241,5671,902

13,0659,5663,499

29,88330, 086-203

14, 51711,188

1554,1356,7591,4592,0098,139961459

4,4972,224

317. 70313. 33267. 6714.8545.664.36

.72

50.06.41.49

151.66

68.745.563.7916.253.3433.57

6.612.613.8956.3451.92

4.577.261.246.91

1, 059. 2468.391.915.788.5183.6211.2

5,210626

3,942642

4,864

6,4802,4961,6142,3705,4651,9441,5022,019

6,1892,2721,6452,2725,4451,9361,4872,022

10, 49210, 476

16

11,4238,549

1396,9431,1871,3111,843

8,268948452

4,3512,526

316. 56312. 21267. 8114.6344.404.35

50.08.39.49

152. 27

68.855.523.7716.253.3333.69

6.622.633.8856.6952.21

4.577.311.207.02

922.0398.682.012.983.5162.1182.9

5,453647

4,142664

4,809

6,1892,3841,6822,123

5,2531,8901,5091,854

6,1052,2151,7282,1625,4351,9401,5641,931

11,85710, 5671,290

11, 5827,268

1286,067

5202,8612,0078,116

955450

4,3172,486

319. 22314.17266. 3314.7047.835.05

.61

50.11.36.43

152,92

69.125.493.75

16.213.32

34.03

6.672.643.93

57.0052. 484.587.361.197.00

878.5374.3

75.212.781.2

165.2169.9

5,528627

4,218683

4,793

6,7802,6081,8042,3685,7292,0321,6112,086

6,1392,2501,7172,1725,5371,9601,5871,990

15,33411, 571' 3, 763

32, 73732,255

5,534591

4,217726

4,762

6,4292,4651, 7552,2095, 6101,9791,6042,027

6,2782,3011,7922,1855,6121,9721,6122,028

4,9819,696

- 4 , 714

482

15, 52513,404

145

'5,324' 6, 597'1,406r 2,053

r 9, 070'989476

r 4,949r 2, 700

317. 27313.11264. 4614. 5948.654.16

.59

50.15.36.46

153. 50

69.165.273.7216.173.3234.32

6.742.693.9457.3852.81

4.617.411.236.97

950. 2399.380.914.8

89.0162.9203.3

5,0703,807

137

1,661727629

1,9157,2401,000210

3,8482,261

316. 58312. 20264. 4114.3947.794.38

.47

50.23.39.46

154. 42

69.635.313.65

16.183.31

34. 77

6.752.683.96

57.6653.044.647.461.287.00

911.6388.0

71.112.384.6

157.1198. 5

5,498595

4,149754

4,738

6,3942,3431,7692,282

5,6102,0211,6041,985

2,3131,7942,1815,6792,0301,6581,991

11, 59512, 299

-705

5,496647

4,078771

4,726

5,9922,0391,8282,1255,5391,9771,6121,950

6,3312,324, 1,8342,173

5,6481,9961, 6292,023

12, 59911,0901,509

30, 45432,278-1,824

10, 5867,350

145

5,540482

2,5011,9188,990966483

4,3723,261

318. 24313. 90264.1214.9249.784.34

.50

50. 26.37.46

155.19

69. 825.323.6116.173.3034.98

6.802.684.0058.0253.364.657.511.317.09

935.5400.467.912.5

85.5158. 8210.4

5,645682

4,221742

4,685

6,1442,2631,8742, 0075,6222,0521,6141,956

6,3062,2661,8832,1575,7172,0281,6482,041

4,28310, 518-6,234

12,64010,999

1595,4224,2361,1201,7039,452

966474

4, 5313,482

316. 75312. 36264. 29

15. 4048.074.39

.52

50.28.34.45

156.04

69. 845.263.58

16.143.29

35.07

6.962.734.11

58.4153.72

4.7.551.277.34

954.2398.8

74.614.386.7

164.5215. 3

5,740725

4,291724

4,735

6,5012,3521,9792,1705,8572,1421,6782,037

6,4052,4081,8522,1455,7482,1121,6661,970

10.72812.312

- 1 , 584

4,3273,295

1531,508

625461

1,5808,750

962486

'4,477* 2,878

318.90314. 56267. 6015.1846.964.34

.49

50.36.37.41

156.89

70.105.163.54

16.103.28

35.48

7.072.754.21

58.8254.104.687.591.257.

918.9388.875.813.083.5

148.5209.3

10,2208.106

1645,934

5071,5082.1079,105

963526

4,5283,310

321. 71317.36270.30

15.6547.054.36

.46

50. 42.34.40

157.64

70.225.113.52

16.083.28

35.70

7.132.784.24

59.2854.52

4.707.621.367.33

879.4381.974.612.785.3

148.3176.6

320.90

316. 52270.26

46.264.39

.46

50.46.33.42

''Revised. * Preliminary.1 End of year; assets of life insurance companies are annual statement values.cf Other than borrowing.

\ Data for net receipts and total expenditures reflect exclusion of certain interfund transac-tions.




1963 1964

Annual

1964

Nov. Dec.

1965


FINANCE—Continued

LIFE INSURANCE—Continued

Life Insurance Agency Management Association:Insurance written (new paid-for insurance):

Value, estimated total mil. $.Ordinary __doGroup and wholesale _doIndustrial.. __do_

Premiums collected: JTotal life insurance premiums do

Ordinary doGroup and wholesale do.___Industrial..-- do____

MONETARY STATISTICS

Gold and silver:Gold:

Monetary stock, U.S. (end of period)_..mil. $__Net release from earmark§ doExports thous. $__Imports.. ___do

Production, world total mil. $_.South Africa doCanada doUnited States __do

Silver:Exports thous. $._Imports doPrice at New York dol. per fine oz__Production:

Canada i thous. fine oz._Mexico doUnited States do

89,56263,51618,8927,154

13,60610,1692,0301,408

15, 513-254

203,78444,414

21,350.0960.1139.051.4

Currency in circulation (end of period) bil. $_.

Money supply and related data (avg. of daily fig.) :tUnadjusted for seas, variation:

Total money supply bil. $__Currency outside banks do____Demand deposits do

Time deposits adjusted!- doU.S. Government demand deposits do

Adjusted for seas, variation:Totalmoney supply do

Currency outside banks doDemand deposits do____

Time deposits adjusted!-- do

Turnover of demand deposits except interbank andU.S. Govt., annual rates, seas, adjusted:

Total (225 SMSA's) 9 - .ratio of debits to deposits..New York SMSA do___.

Total 224 SMSA's (except N.Y.) do___.6 other leading SMSA'stf1 . do_._.218 other SMSA's. do.-_.

PROFITS AND DIVIDENDS (QTRLY.)

Manufacturing corps. (Fed. Trade and SEC):Net profit after taxes, all industries mil. $..

Food and kindred products doTextile mill products doLumber and wood products (except furniture)

mil. $_.Paper and allied products _do___.Chemicals and allied products doPetroleum refining doStone, clay, and glass products __doPrimary nonferrous metal do_._.Primary iron and steel doFabricated metal products (except ordnance,

machinery, and transport, equip.) mil. $..Machinery (except electrical) doElec. machinery, equip., and supplies doTransportation equipment (except motor

vehicles, etc.) mil. $-.Motor vehicles and equipment do_ _..All other manufacturing industries do

Dividends paid (cash), all industries doElectric utilities, profits after taxes (Federal Re-

serve) mil. $..Transportation and communications (see pp. S-23

andS-24).

SECURITIES ISSUED

Securities and Exchange Commission:Estimated gross proceeds, total mil. $._

By type of security:Bonds and notes, total do____

Corporate do_Common stock... do_Preferred stock.. do_

104,80472,92624,5667,312

14,38510,7682,2251,391

15,388256

422,74440,888

U,395.01,019.8133.451.4

41,76470,918

1.279

29,83939,43246,112

37.7

150. 631.5

119. 0105.5

5.9

19,4831,449

354

246634

2,4273,831

593563

1,4321,299

4442,5622,041

2,187

31, 616

30,25210, 8721,022

342

144,12166,3111.293

30,31641, 71645, 872

39.6

156.333.5

122.8119.4

5.8

23, 2111,692507

314754

2,8574,094681758

1,225

8422,0011, 512

5462,8082,617

10,810

2,385

37,122

34, 03010,8652, 679412

10,0676,3273,090

650

1,190899180111

15,38635

28,1879,704

88.011.5

23, 6286,2521.293

2,5944,017"2,844

39.2

160.634.6

126.1124.1

5.8

159.134.2

124.8125.1

45.191.333.241.029.5

4,631

4, 57967543

12,3596,8964,936

527

1,431987222222

15,388-26

28,1979,902

84.210.8

23, 6214,9561.293

2,9633,3794,522

39.6

164.035.0129.1125.25.5

159.7'34.2125.4126.6

45.590.733.441.730.0

6,299464159

218755

1,164167221355

225506456

143651749

3,405

600

3,1961,662

9449

7,7525,4771,722553

1,208920181107

15,185-173

49,2762,170

87.410.8

5,0234,7161. 293

2,5772,9813,445

38.5

164.434.4130.1128.34.2

160.034.5125.5128.8

46.394.833.842.830.0

2,333

2,2027278447

7,9865,8901,478618

1,159878180100

14,937-69

95,7662,062

85.3

'•Revised.1 Includes $28 bil. coverage on U.S. Armed Forces.2 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and

North Korea.t Revisions for premiums collected for Jan.-Aug. 1964 will be shown later; those for money

supply and related data for 1959-64 appear in the July 1965 Federal Reserve Bulletin.§ Or increase in earmarked gold (—).

8,2805,2781.293

2,2992,4324,035

38.6

159.534.2

125.3130.8

5.7

159.734.7

125.1131.0

47.196.134.644.330.5

3,997

3,84263713024

9,9297,3131,961655

994209105

14, 563-247

22,3042,128

86.810.8

4,4762,7601.293

2,3584,1804,452

38.8

159.034.3

124.6132.7

6.7

160.334.7

125.6132.1

47.996.935.444.831.2

6,232409151.

56185731

1,06183235388

244500406

147985651

2,658

712

3,003

2,8601,215

8260

9,0926,8711,595626

1,204914188102

14, 41013

58, 6371,779

8,9146,6741,549

1,218924188106

14,290124

267,9562,465

11.3

5,3024,9321.293

2,3792,9944,599

38.8

161.634.5

127.1134.0

5.6

161.134.7

126.4133.5

48.4100.035.244.531.2

3, 050

2,8871,07012735

9,4357,0031,799

1,223930195

13,93499

126,4071,562

89.210.4

9,2734,3641. 293

2,6323, 2903,527

39.2

157.634.6

123.0135.4

9.7

160.034.9125.1134.6

47.096.034.744.330.6

3,160

2,7121,32438465

8,5696,4391,535595

1,254954194105

13,857-157

159,9472,153

90.110.7

2,1013,7631.293

2,8842,9033,418

39.7

159.634.9124. 6136.69.3

161.835.0126.8135.9

50.9107.036.345.532.2

7,215454166

216853

220270411

325689455

1871,057730

2,942

597

4,297

3,9881,729154155

90.810.0

3,9171.293

2,549'3,8383,159

160.935.4125.6138.39.1

162.535.2127.3137.6

49.3104. 935.144.431.1

2,936

2,8141,322

7844

8, 7476,6051,537605

1,222915204103

13,85743

108,02817,794

142126,3241,539

91.010.5

4,1995,7161.293

2,5073,6473,231

40.2

160.535.5

125.0140.2

7.4

162.735.4

127.3140.1

48.499.435.544.931.7

2,354

2,2628377815

9,6636,6562,423584

1,191898193100

89.710.2

1,5346,1041.293

3,043

2,957

40.4

163.235.6

127.5141.4

5.6

164.335.6

128.7141.6

47.295.435.344.131.4

6,590522176

105215789

1,079253214312

304652471

185468845

2,623

626

3,029

2,8611,370

7692

137,6396,883

130,131625

1,264962196106

13, 85718

101,2751,888

9,9227,0722,209641

1,248934211104

13,80581

101,33556,027

90.410.5

4,0464,7221.293

3,871

40.8

165.836.0

129.8143. 5

5.0

165.635.9

129.7143.6

47.496.335.143.831.4

2,655

2,530877116

5,07210,8091.293

41.8

167.436.5

130.9144.4

4.0

165.736.1

129.6145.5

50.5104.737.047.632.1

6,380

6,1231,184

16592

13,733

1.293

172.037.0

135.0145.3

4.5

167.436.3

131.2147.0

50.6102.237.547.7

f Time deposits at all commercial banks other than those due to domestic commercialbanks and the U.S. Govt.

$ Total SMSA's include some cities and counties not designated as SMSA's.cfIncludes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los

Angeles-Long Beach.




1963 1964

Annual

1964

Nov. Dec.

1965

Jan. Feb. Mar.

FINANCE—Continued

Apr. May- June July Aug. Sept. Oct. Nov. Dec.

SECURITIES ISSUED—ContinuedSecurities and Exchange Commission—Continued

Estimated gross proceeds—ContinuedBy type of issuer:

Corporate, total9 mil. $.Manufacturing doExtractive (mining) doPublic utility doRailroad. doCommunication doFinancial and real estate do

Noncorporate, total 9 doU.S. Government..-- doState and municipal do

New corporate security issues:Estimated net proceeds, total. do

Proposed uses of proceeds:New money, total do

Plant and equipment doWorking capital do

Retirement of securities do_Other purposes do

State and municipal issues (Bond Buyer):Long-term doShort-term do

SECURITY MARKETS

Brokers' Balances(N.Y.S.E. Members Carrying Margin Accounts)

Cash on hand and in banks mil. $__Customers' debit balances (net) doCustomers' free credit balances (net) doMoney borrowed-. do

BondsPrices:

Standard & Poor's Corporation:Industrial, utility, and railroad (A1+ issues):

Composited"-. dol. per $100 bond..Domestic municipal (15 bonds) do

U.S. Treasury bonds, taxable^ doSales:

Total, excl. U.S. Government bonds (SEC):All registered exchanges:

Market value. mil. $..Face value do—

New York Stock Exchange:Market value ..doFace value do

New York Stock Exchange, exclusive of somestopped sales, face value, total mil. $_.

Yields:Domestic corporate (Moody's) percent.

By ratings:Aaa doAa doA do...Baa do...

By groups:Industrial do..Public utility do..Railroad do..

Domestic municipal:Bond Buyer (20 bonds) do..Standard & Poor's Corp. (15 bonds) ..do..

U.S. Treasury bonds, taxable© do

Stocks

Cash dividend payments publicly reported:Total dividend payments mil. $_

Finance do.Manufacturing. do.M ining do.Public utilities:

Communications doElectric and gas... . do.

Railroads do.Trade - do.Miscellaneous do.

Dividend rates and prices, common stocks(Moody's):

Dividends per share, annual rate, compositedollars. _

Industrials do.Public utilities do.Railroads . do.N.Y. banks do.Fire insurance companies.^ do

Price per share, end of mo., composite doIndustrials do.PubLic utilities do.Railroads do.

12,2373,543

2142,668

4311,0943,120

19,3807,213

10,107

12,081

8,9935, 4053,5881,5281,561

10,1075,481

1461i 5, 54111, 210i 4,481

111.3

86.31

1,740.461, 653. 78

, 667. 281, 586. 04

4.50

4.264.394.484.86

4.424.414.65

3.183.23

4.00

16,187. 6

2,487. 48, 510. 0

.582.1

1, 455. 81,900. 5

377.4642.2232.2

6.426.983.213.504.465.84

202.32218. 24102. 7978.49

13, 9573,046

4212,760

3332,1893,856

23,16510, 65610, 544

13, 792

11, 2337,0034, 230

7541,805

10,5445,423

1 5,10111,169i 4,132

95.1111.5

84.46

2,882.482, 640. 74

2,782. 802, 542.26

2, 524. 50

4.57

4.404.494.574.83

4.524.534.67

3.203.22

4.15

17, 681. 6

2, 804. 99, 297. 7

600. 7

1,573.32,035. 5

421.8679.9267.8

7.057.703.433.814.576.00

235. 08258. 5510S. 7694.01

72722923471521

213

3,9043,242

566

720

55324331051

116

566354

4985,1811,1314,135

95.2112.0

84.81

204. 06193. 97

189. 71180. 23

179. 45

4.58

4.434.494.574.81

4.534.534.67

3.183.18

4.12

488.5

125.8175. 83.2

2.7140.76.523.010.8

7.328.063.494.004.616.12

241. 05268. 83115. 6295.95

1,80563752

2052934619

1,534373

1,097

1,787

1,322621701145320

1, 097296

4885,1011,1694,132

95.3112.6

84.65

211. 88200. 92

203.14192. 02

193.49

4.58

4.444.504.584.81

4.544.544.68

3.123.15

4.14

3, 520. 3

93.12, 282. 9183.0

112.6236.996.871.243.8

7.378.103.684.034.686.22

242.99270. 21115. 5492.59

85841211

1202622189

1,475433811

850

7004102905495

811424

5195,0191,2073,940

95.5114.0

84.56

204. 50194.12

195. 35185.17

196. 84

4.57

4.434.484.574.80

4.534.524.66

3.043.06

4.14

1,385.2

374.8408.120.0

290,8146.119.1102.124.2

7.448.203.734.034.806.22

250.34280. 74119. 0095.52

7912127

2303945220

3,2052,129933

779

6874432443359

933533

5,0381,2543,880

95.5113.3

84.40

215. 95195. 74

203. 26185. 24

215.30

4.55

4.414.464.544.78

4.524.514.62

3.173.10

4.16

613.3

214.1175. 53.6

2.0151.49.145.512.1

7.478.243.734.034.806.22

248. 21278.19118. 8194.62

1,358555

142894730

248

1,646413

1,003

1,343

1,039667372146157

1,003518

5015,0851,2644,000

95.2112.0

84.48

321. 07295. 71

305. 46282.15

258. 65

4.56

4.424.484.544.78

4.524.514.63

3.163.18

4.15

2, 622. 9

259.61, 725. 4

117.5

111.8233.969.867.337.6

7.488.243.804.034.926.25

245. 38274. 90118. 8594.16

1,23356275

2122118

251

1,817390971

1,214

93968026061

213

9711,046

4895,0961,2074,066

95.0112.2

84.53

261.23257. 53

251. 67248.48

214. 56

4.56

4.434.484.544.80

4.544.514.64

3.153.17

4.15

1,243. 8

267.5391.218.4

292.4152.225.774.222.2

7.488.253.804.034.926.25

253. 28287.13119. 5794.11

1,77373520

27524

145373

1,387356

1,020

1,746

1,56099356655

132

1,020652

4775,1541,2084,187

94.7111.9

84.58

240. 82220.36

230.16210. 27

207. 90

4.57

4.444.494.554.81

4.554.534.64

3.203.19

4.14

487. 4

106.5179.8

3.2

2.0150.2

5.927.412.4

7.548.383.804.004.926.31

249. 78282.16118. 2190.22

2,038484

14195

1699

1,045

2,260362

1, 000

2,018

1,665651

1,01472

281

1,000489

5155,1391,2974,436

94.3110.8

84.57

303. 79278. 99

287.04262. 56

271. 92

4.60

4.464.524.584.85

4.594.564.66

3.303.26

4.14

2,863. 7

251.21, 951. 0

121.2

114.8241.970.774.338.6

7.558.383.834.044.926.31

238. 93269.18114. 2286.23

1,4434544322827154206

1,492388

1,055

1,427

1,168735433137122

'991'380

4914,8871,233

93.9110.8

84.51

265. 58248.19

253. 01235. 86

191. 64

4.64

4.484.564.624.88

4.624.584.71

3.253.26

4.15

1, 279.3

270.8399.619.4

311.9151.521.581.623.0

7.578.413.844.044.926.31

242.16273.38114. 7690.93

36419

3051329134

1,424371718

919

7605721886991

718'557

4914,9081,1923,771

93.5111.0

84.00

294. 76256. 23

282.80245.19

244.98

4.65

4.494.594.654.88

4.634.604.73

3.293.25

4.19

507.0

114.6189.5

.9

2.3150.59.128.611.5

7.598.423.884.074.926.31

246. 50279. 07115. 4694.36

43525

36526202343

1,490342

1,523

1,249797452130143

984543

5395,0161,369

92.8109.3

83. 27

398. 73332. 00

389.95323. 26

307.79

4.69

4.524.634.694.91

4.654.644.77

3.413.36

4.25

2,735.1

305.61, 762.3121.4

114.4245.270.376.0

7.638.473.904.084.926.31

254. 52290.30116. 9595.11

1,002316311632096272

1,653369867

83145537756102

867397

5255,0961,4753,552

92.7108.4

82.97

424. 51345. 52

414.32336.49

290.84

4.72

4.564.664.714.93

4.674.674.81

3.403.42

4.27

1,332.8

277.0430.920.8

315.8153.324.884.325.9

7.788.673.964.164.926.31

260.91301. 00118.38

1,441475212421112561

4,9393,4631,018

1,419

1,19356962461165

1,018'665

5505,2321,4793,661

92.3107.7

82.22

373.10296.25

361. 09285. 05

272. 00

4.75

4.604.694.754.95

4.714.714.83

3.503.47

4.34

536.6

140.7198.93.5

2.3146.06.526.312.4

8.129.033.994.284.936.57

255. 62296. 07115. 84102.30

739331

91.1106.2

81.21

302.78

4.84

4.684.804.855.02

4.794.824.91

3.543.56

4.43

3, 881.1

571.92, 504. 5

186.9

118.0252.1113.280.853.7

8.159.064.024.344.946.59

258.09299.67114.86103.46

' Revised. 1 End of year. 9 Includes data not shown separately.c? Number of bonds represented fluctuates; the change in the number does not affect the

continuity of the series.

K Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.O For bonds due or callable in 10 years or more.




1963 1964

Annual

1964

Nov. Dec.

1965


FINANCE—Continued

SECURITY MARKETS—Continued

Stocks—Continued

Dividend yields and earnings, common stocks(Moody's):

Yields, composite percent..Industrials do_._Public utilities do___.Railroads doN.Y. banks do___.Fire insurance companies do

Earnings per share (indust., qtrly. at ann. rate;pub. util. and RR., for 12 mo. ending each qtr.)

Industrials dollars..Public utilities doRailroads do

Dividend yields, preferred stocks, 14 high-grade(Standard & Poor's Corp.) percent-.

Prices:D ow-Jones averages (65 stocks)

Industrial (30 stocks)Public utility (15 stocks)Railroad (20 stocks)

Standard & Poor's Corporation:cfIndustrial, public utility, and railroad:

Combined index (500 stocks) 1941-43=10..

Industrial, total (425 stocks) 9 do.__.Capital goods (122 stocks) do....Consumers' goods (188 stocks) do_._

Public utility (50 stocks) do___.Railroad (25 stocks) do....

Banks:New York City (10 stocks) do___.Outside New York City (16 stocks) do_._.

Fire and casualty insurance (22 stocks)___do

Sales (Securities and Exchange Commission):Total on all registered exchanges:

Market value .mil. $_.Shares sold millions..

On New York Stock Exchange:Market value ; mil. $_.Shares sold (cleared or settled) millions..

Exclusive of odd-lot and stopped stock sales(N.Y.S.E.; sales effected) millions..

Shares listed, N.Y. Stock Exch., end of period:Market value, all listed shares bil. $..Number of shares listed millions..

3.173.203.124.463.152.51

12.434.996.29

4.30

253.67714.81138.36165.30

69.87

73.3963.3062.2864.9937.58

36.7574.8163.38

64,3141,838

54,8871,351

1,146

411.328,108

3.002.983.154.052.972.50

14.395.416.97

4.32

294.23834.05146. 02204.36

81.37

86.1976.3473. 8469.9145.46

39.6477.5467.20

72,1472,045

60,4241,482

1,237

474.329,229

2.953.003.024.172.932.60

4.25

311. 04880.04154.33217.16

85.44

90.3678.9779.1874.3948.01

41.6181.2066.82

5,195155

4,371108

94

472.159,136

3.033.003.194.352.992.62

15.965.416.97

4.23

304.50866. 73154.49206. 46

83.96

88.7177.2477.5874.2445.75

40.0876.0866.14

5,773170

4,872121

104

474.329,229

2.972.923.134.223.082.56

4.18

311.84

158. 09210.34

86.12

91.0480.1979.6975.8746.79

40.4075.1366.80

5,959179

4,918127

109

491. 859,292

3.012.963.144.263.252.55

4.22

313. 79894.41161.31210.01

86.75

91.6482.5280.7477.0446.76

39.4373.3068.47

6,330182

5,291131

493.489,336

3.053.003.204.283.332.59

15.905.516.79

4.26

315.14896.44161. 61212. 26

86.83

91.7583.6281. 5076.9246.98

38.9671.1368.26

217

5,979152

490. 259,481

2.952.873.184.283.242.51

4.28

317.55907. 71162. 25212.19

87.97

93.0884.8583.7877.2446.63

40.0071.8169.49

199

5,508136

119

506. 589,516

3.022.973.214.433.392.70

4.30

319.93927. 50161. 35209.18

89.28

94.6986.3585.2177.5045.53

38.9171.2367.67

6,580198

5,366133

110

503. 549,647

3.163.113.354.693.512.84

17.205.686.91

302. 72878. 06154.93195. 79

85.04

90.1981.6280.0474.1942.52

37.1768.4762.54

6,9il187

5,819136

128

478.839,785

3.133.083.354.443.382.86

4.38

303. 66873.43155.71199.51

84.91

89.9280.5478.8074.6343.31

38.1870.2260.95

5,655154

4,783116

85

487. 859,829

3.023.364.313.252.90

4.34

312.37887.70155.44214.21

86.49

91.6883.2580.2374.7146.13

70.9860.75

5,951163

4,937120

109

500. 62

3.002.923.334.293.172.94

14.605.827.11

4.32

321.61922.18157. 51218.86

94.9386.9182.3476.1046.96

40.4372.7460.79

7,993222

165

155

517. 67

2.982.883.354.173.432.96

4.38

330. 89944.77157.19231. 09

91.39

97.2090.2883.9076.6948.46

39.6871.6858.58

279

7,857199

164

532.839,984

3.183.053.444.183.512.94

4.41

335.45953.31157.11238.11

92.15

98.0291.6283.7576.7250.23

37.1969.2659. 56

8,592262

6,879163

147

530.7710,013

3.163.023.504.193.512.63

4.47

337.09955.19152. 00245.33

91.73

97.6691.4283.3175.3951.03

37.7170.2766.13

191

537.4810, 058

FOREIGN TRADE OF THE UNITED STATES

FOREIGN TRADE

Value

Exports (mdse.), incl. reexports, totalO mil. $..Excl. Dept. of Defense shipments do

Seasonally adjusted do

23,347. 222,427.3

By geographic regions: AAfrica do_.Asia do..Australia and Oceania do..Europe . do..Northern North America doSouthern North America doSouth America do

By leading countries:Africa:

United Arab Republic (Egypt). doRepublic of South Africa do

Asia; Australia and Oceania:Australia, including New Guinea doIndia doPakistan. ____._doMalaysia do

Indonesia do.Philippines do_Japan do.

Europe:France do..East Germany do..West Germany do..

Italy do__._Union of Soviet Socialist Republics do. . . .United Kingdom do

26,438.425,620. 2

109.2323.0

1, 710. 7

681.26.4

1,120. 5

1,219. 05, 225. 7

738.08,303. 4

4,746. 72,044.82,122. 7

267.9393.2

627.6954.9375.7

77.0

67.8360.3

2,267.02,182. 9

2,196.8

97.8447.467.3

719.6

390.9177.1191.1

19.330.8

58.480.738.1

6.3

7.427.1

164.0

64.6.8

140. 0

70.51.8

138.6

2, 613. 02, 560. 9

2,430.4

122.1575.564.8

825.4

432.7204.3225.2

34.737.3

55.6104.244.3

6.7

7.530.1

212.6

82.82.7

139.5

82.02.1

143.6

1,247.41,188.1

1,217.3

33.9273.724.2

352.2

296.9126.573.3

6.914.6

19.541.914.24.3

1.713.9

116.6

42.3.1

59.6

33.1.2

67.9

1,598.11, 513. 7

1,592. 7

49.1283.763.3

509.3

354.1142.4116.4

5.523.7

56.128.313.35.6

2.521.2

135.8

49.51.6

91.4

55.75.6

107.7

2,974.12,891. 7

2, 752. 7

165.5680.287.4

1, 009.3

495.9194.4216.1

26.261.5

75.3156. 231.98.7

4.536.3

244.1

109.4.8

163.4

101.02.2

157.6

2, 612.32, 529.1

2,380.3

131.1559.682.3

885.1

456.8190.1210.2

21.943.9

70.293.342.89.1

4.434.0

189.5

84.8.5

152.5

95.27.4

144.8

2,428.32,381. 4

2,277. 7

120.4466.776.7

806.3

517. 7175.6192. 3

9.046.6

65.281.041.98.1

5.432.0

152.5

87.62.1

127.7

74.88.8

132.2

2,335.82,219.1

2,184.8

120.2459.070.2

675.9

531.2179.0

11.742.0

58.292.228.97.6

3.327.7

152.3

71.5.8

113.0

63.63.1

118.7

2,244. 82,172.1

2,262. 8

82.1485.069.4

732.9

451.1171.0164.7

10.429.5

58.697.326.98.1

4.328.4

195.4

69.2.1

121.2

67.52.0

128.5

2,188.32,123.5

2,345.7

111.9422.1104.9670.4

440.1170.9172.2

23.641.9

78.175.231.3

7.5

2.124.7

156.7

72.7.6

120.1

60.73.1

117.5

2,163. 62,140.8

2, 297.7

129.2401.178.9

666.7

458.5172.8191.9

17.850.0

60.972.914.07.1

4.334.5

145.6

61.8.5

114.1

59.51.5

126.3

, 444.02,419.5

2,348. 6

105.6458.8

67.1806.0

532.5188.6210.6

11.935 7

52.373.322.97.4

2.732.0

169.9

78.91.2

147.0

86.53.1

143.9

2,505.42,440.4

2,405.9

84.5480.366.3

857.6

528.3193.0197.4

6.427.7

56.353.325.58.1

2.7.25.4

196.6

86.1.9

159.7

81.73.1

155.6

'•Revised. p Preliminary.c? Number of stocks represents number currently used; the change in number does not

affect continuity of the series.9 Includes data not shown separately.O Beginning Jan. 1965, data reflect adoption of revised export schedule; in some instances,

because of regrouping of commodities and release of some "special category" items from therestricted list, data for commodities and countries are not comparable with those for earlierperiods.

A Excludes "special category" shipments.


S-22 SURVEY OF CUERENT BUSINESS January 1966


1963 1964

Annual

1964

Nov. Dec.

1965


FOREIGN TRADE OF THE UNITED STATES—ContinuedFOREIGN TRADE—Continued

Valuer—ContinuedExports (mdse.), incl. reexports—Continued

By leading countries—ContinuedNorth and South America:

Canada mil.

Latin American Republics, total 9 — . . . d o .

Argentina... do_.Brazil _do_Chile _ do_.

Colombia do.Cuba do_.Mexico .___ do.Venezuela ___do_

Exports of U.S. merchandise, total O doExcl. military grant-aid •___• do__._

By economic classes:Crude materials . . . ^__do____Crude foodstuffs. doManufactured foodstuffs and beverages doSemimanufactures cf . _._doFinished manufactures d1 do

Excl. military grant-aid doBy principal commodities:

Agricultural products, total 9 do____

Animal and vegetable oils and fats_____do__._Cotton, unmanufactured. ___doFruits, vegetables, and preparations____doGrains and preparations. doMeat and meat preparations doTobacco and manufactures A do

23,060,

Nonagricultural products, total 9--— do

Automobiles, parts, and accessories_____doChemicals and related products§ doCoal and related fuels. „_; doIron and steel prod. (excl. adv. mis.)___do

Machinery, total§ 9 - do

22,145'. 9

2,576. 72,273.31,495.83,341. 33,372. 812,453. 2

5, 584. 4

319. 7586. 9446. 4

2,300. 8147.4522.7

17,475.7

1,505. 91,942. 5

482.7

Agricultural do_.Tractors, parts, and accessories __do.Electrical do..Metalworking§ do_.Other industrial..... __ __do_.

Petroleum and products doTextiles and manufactures do

General imports, total do_.Seasonally adjusted __do_.

By geographic regions:Africa doAsia_ _ do_.Australia and Oceania doEurope ___do_

Northern North America doSouthern North America... doSouth America do.

By leading countries:Africa:

United Arab Republic (Egypt) _ _ _ do _Republic of South Africa do

Asia; Australia and Oceania:Australia, including New Guinea do_.India ____ "doPakistan :__ do..Malaysia "doIndonesia . do.Philippines "."doJapan . . . d o .

Europe:France doEast Germany "I"I"do~West Germany _ • _" ~"_" " . . .Italy _ Jdo. . . .Union of Soviet Socialist Republics.__ do _United Kingdom do.

North and South America:Canada do..

Latin American Republics, total 9 do

Argentina do_Brazil doChile . MHIIdoI

Colombia doCuba :d 0_:Mexico do_.Venezuela.. ~_I~I__do~'

4.119.8

3.199.9

189.4382.5162.4

241.036.5

857.9509.1

0 26,086.n 25,267.

5,441.1

183.0421.9

1,360.8443.5

2, 597. 9

491.9693.7

17,137. 9

113.3356. 9

1,498.1

430.73.2

1, 003. 7492.820.3

1,079. 2

3,829.0

3,450. 6

164.9561.8188.5

248.50)

594.4935.8

4, 746. 6

3, 714. 0

261.6386.9180.5

245.80)

1,076. 4599.6

0

2,897. 52,540. 21,687.44,067. 2

14,893.814,076.1

6,347. 0

429.4690.2434.7

2, 579.8181.3544.5

19, 739. 0

1, 720.82,326.2

504.7895.7

6, 344. 8

229.0547.3

1, 540. 2520.6

2, 991. 7

471. 4804.9

18, 684. 6

916.73, 617. 5

439.75,307.0

4, 243.91, 639.32, 508. 9

16.2249.5

281.1304.539.5

159.1169.7387.2

1,768. 5

495.06.7

1,171.3526.220.2

1,140. 7

4, 240.8

3, 524. 0

111.3534.6218.3

280.4(0643.0956.4

328.8

28.137.415.4

18.60)95.849.7

, 242.4,158.3

235.7153.8334.5237. 6

, 153. 5

607.9

36.350.935.5

231.315.258.2

1, 634. 5

141.4192.636.069.5

520.1

16.541.0

137.742.4

242.1

37.268.0

1,671.71, 697. 7

84.0322.632.6

503.3

362.1123.2242.6

24.5

26.326.73.7

12.214.732.8

165.8

50.6.6

113.556.12.1

112.8

361.7

321.1

6.771.414.2

28.50)46.682.5

103.860.4

2, 577. i525.,

432.6

376.6

34.533.321.6

23.3

6 1,230.7 1,575.5 2,942.0 2,585.2 2,397.5 1,171.4 1,491.1 2,859.6 2,502.0 2,350.

327.9226.6172.1410.3

1,440. 7, 388. 6

669.2

53.597.938.1

232.619.373.4

1,908.4

174.1234.837.985.0

636.7

18.147.5

156.458.6

299.2

44.278.7

1,755.01, 642. 2

79.6329.337.6

519.4

381.5147.6259.3

.527.6

24.429.93.5

15.315.233.4

161.7

45.2.3

119.748.81.9

101.3

381.4

352.4

11.759 2

35.50)54.480.0

1, 020.3

296.9

164. 4

11.210.57.3

7.20

74.721.7

210.4

1,112.91, 206. 4

27.9217.120.8

239.0

325.7124.4156.5

1.38.0

17.015.21.06.8

10.325.8

108.3

20.5.1

46.022.14.7

57.6

325.6

222.3

6.116.69.4

8.40)43.792.7

354.1

228.2

15.013.910.2

11.80

81.034.3

325.8

1, 249. 7 2,245. 8

1,463. 61, 600. 5

66.9291.721.3

422.6

325.5146.2188.0

.322.8

16.820.12.09.5

12.221.7

154.5

41.5.5

97.337.94.1

91.7

325.2

280.4

8.424.618.4

17.3i1)52.586.0

495.9

366.7

31.226.121.5

21.10)98.069.3

696.2

2,031.3

2,040. 21,869.0

89.2432.457.7

628.4

409.9181.1240.1

5.019.5

35.646.26.2

19.316.934.3

218.4

61. 2.7

133.559.31.5

126.1

409.8

359.5

11.549.615.1

26.20)64.796.8

456.7

352.1

28.726.922.3

20.0C1)92.963.8

553.9

1,854.91,834. 7

66.2402.530.7

575.4

377.6162.1240.4

1.319.3

19.037.55.6

23.516.636.7

204.9

55.6.6

131.252.62.5

109.6

377.4

338.5

11.137.230.3

24.20

61.192.2

517.6

327.6

23.227.521.0

21.40

92.756.4

.7 2,307

.8 2190

532.9

1,864.8

1,724.11, 798.9

75.3339.938.0

542.3

398.6145.4183.0

1.417.4

24.524.33.2

16.712.229.5

177.3

54.2.6

110.349.72.2

115.5

398.3

274.3

10.336.413.8

20.70

57.266.3

531.2

307.6

19.420.215.8

13.80

95.255.8

190. 92,212.2 2,161o n o K 9 nofi2,139.5

530. 9

1, 776. 7

1,906.91,834.8

82.0410.930.8

537.6

441.7158.3245.1

1.0.18.8

20.133.14.1

17.315.727.1

220.0

63.5.3

117.654.82.6

112.7

441.5

344.2

11.138.922.3

25.20

61.9101.9

451.1

297.6

22.018.818.0

12.80

92.552.2

548.1

1, 664.1

1,632.91, 669.8

50.9345.641.7

505.7

400.5114.5173.2

2.68.2

25.923.74.0

16.710.225.6

194.5

55.1.2

110.649.13.3

118.4

399.4

238. 6

27.89.9

18.80

39.371.1

440.1

304.1

25.924.717.4

13.40

88.952.8

,-U.O, 096. 2 2, 111.

459.3

1, 701. 7

1,717.61,725. 4

68.4394.736.7

486.8

408.3123.1198.9

15.3

25.128.04.2

13.610.835.3

231.0

53.3.3

91.256.12.4

112.1

407.6

270. 4

10.436.111.9

22.80

41.877.5

458.5

327.3

18.432.031.1

15.50)93.149.9

J.9 2,411.9 2,472.2L. 1 2,387. 4 2,407. 2

484.7

1, 649. 2

1,797.51,786.8

89.1423.447.4

489.9

414.7118.2214.1

.527.6

35.131.83.6

24.514.733.5

224.1

41.71.4

110. 453.11.9

111.8

413.5

276.2

11.854.318.9

24.10)39.268.9

532.5

354.5

25.539.921.3

17.20

98.058.3

587.0

1,824.9

1,997.12,002. 0

87.9411.055.5

621.1

416.4136.4268.4

16.3

43.027.03.3

18.616.231.2

227.8

54.7.3

135.758.58.2

148.2

416.0

348.5

11.365.624.9

31.40

47.384.5

528.3

344.8

22.735.923.2

18.30

99.254.0

652.2

1,820.0

1,966. 71,903.3

81.1412.435.2

592.3

151.9243.2

26.3

23.227.32.6

18.513.828.5

231.3

54.3.4

133.158.83.5

137.1

448.6

342.4

10.462.923.1

27.00

63.770.3

'Revised v Preliminary. 1 Less than $50,000. 9Includes data not shown sep-arately. O See similar note on p. S-21. cfData for semimanufactures reported as "spe-cial category" are included with finished manufactures.

A Manufactures of tobacco are included in the nonagricultural products total,eludes some "special category" exports.

§ Ex-




1963 | 1964

Annual

1964

Nov. Dec.

1965


FOREIGN TRADE OF THE UNITED STATES—ContinuedFOREIGN TRADE—Continued

Value—Continued

Imports for consumption, total mil. $__By economic classes:

Crude materials doCrude foodstuffs _ doManufactured foodstuffs and beverages. _do____Semimanufactures doFinished manufactures do____

By principal commodities:Agricultural products, total 9 ___ do__ __

Cocoa (cacao) beans, incl. shells doCoffee ___doRubber, crude (incl. latex and guayule) -doSugar (cane or beet) do____Wool and mohair, unmanufactured do

Nonagricultural products, total 9 do

Furs and manufactures doIron and steel prod. (excl. adv. mfs.)___doNonferrous ores, metals, etc.:

Bauxite, crude doAluminum semimfs (incl. calcined bauxite)

mil. $__Copper, crude and semimfs.___ doTin, including ore do

Paper base stocks_____ _doNewsprint doPetroleum and products ___do____

Indexes

Exports (U.S. mdse., excl. military grant-aid):Quantity 1957-59=100—Value .doUnit value do

Imports for consumption:Quantity doValue doUnit value __—do

Shipping Weight and Value

Water borne trade:Exports (incl. reexports) :§

Shipping weight- thous. sh. tons__Value mil. $._

General imports:Shipping weight thous. sh. tons__Value mil. $__

Airborne trade:Exports (incl. reexports):

Shipping weight thous. sh. tons__Value mil. $_.

General imports:Shipping weight thous. sh, tons__Value mil. $

17,000. 6

3, 288. 51,725.41,997.93,608. 46,380.4

4, 019. 7

135.2956.9197.4610.7225.9

12, 981. 0

130. 8712.7

114.1

202.4259.0109.8

361.2687.8

1, 789. 2

127128101

127122

157, 00815, 086.1

212,48512,382.3

123.71,638.1

56.5816.6

18, 599. 9

3,444.12, 034. 01,812. 0

7,321. 5

4,104. 6

130.91, 200. 3

200.6458. 4205.3

14,495.3

116.6819.9

125.8

199.0340.2111.7

405.5752.5

1,872. 4

143146102

13513399

172, 21017,394.1

233, 77413,441. 9

163.31,844.6

64.3956.1

1,655.1

282.7202.6176.7337.1655.9

384.4

8.8126.917.043.415.9

1, 270. 6

4.789.0

9.6

11.426.17.6

35.668.6144.9

145150104

14414299

14,6281,491. 2

20, 4191,213. 4

13.9140.2

7.0

1, 720. 4

313.5200.1165.4357.8683.6

372.9

11.8116.818.937.922.0

1,347. 5

15.469.4

10.2

14.548.710.7

36.773.0174.3

169176104

150148

14,9621, 750. 2

19,4991,250.1

17.7187.4

8.6108.8

1,138.1

253.078.577.3

300.1492.2

175.2

3.824.97.615.115.7

962.9

12.6

269.4

10.269.111.217.313.9

1, 219. 2

13.4

12.1

6.514.24.9

29.153.1184.8

7781105

9495101

6,508601. 2

18,164651.8

14.9140.7

6.589.1

1,488.6

420.4

11.8126.518.326.531.8

1, 578. 8

14.0

8.8

16.929.2

46.853.9163.3

97104107

125125100

8,555

17, 294

19.9175.2

8.4104.9

1,999. 2

369.0

9.283.724.038.627.4

1, 451. 7

16.0

13.7

23.124.117.2

41.969.2198. 8

187199106

175174100

15, 0009636

22, 0161, 465. 8

21.5197.4

7.8102.4

1,820. 7

338.8

13.877.313.347.317.6

1,380. 8

11.2

10.8

21.323.410.9

35.862.7186.7

164174106

161158

15,0687121

21,7831,373. 9

19.0189.1

6.998. 4

1, 719.6 1,878. 0

11.6

24.422.113.0

34.464.9144.3

155164105

149147

15,598836.7 1,963.6 1,712.1 1,558.0 1,411.6 1,447.8

19,9061, 207. 2

19.1193.7

6.2100.3

345.2

13.289.716.942.518.6

1, 532. 8

8.9

10.9

32.626.612.7

72.4192. 2

142152107

164163

15, 7534116

25,5521,368.0

17.7182.5

9.2103.9

1,635. 5 1,728.8

262.3

8. 659.412.822.316.9

1,370. 6

7.6

319.0

11.377.811.242.719.1

1, 409. 8

7.1

13.7

25.123.010.5

34.964.4147.4

16,340447

•20,5321,123.7

17.5180.3

7.5104.9

13.7

24.427.99.2

37.465.1159.4

15, 6751, 342. 5

21,8221,224.8

18.2189.6

95.1

1, 749.9 2,003.9

354.1

14.583.615.348.820.1

1, 440.8

6.5

411.2

8.9128.717.450.8

17.9

1,592. 7

6.5

11.1

20.325.416.5

36.470.5164.0

17.9173.1

8.194.0

1,952.9

11.4

23.935.413.1

36.367.6172.0

19.2202.0

8.3144.8

399.0

7.6125.917.241.018.4

1, 553.9

4.9

12.7

22.624.318.1

41.267.2150.1

TRANSPORTATION AND COMMUNICATION

TRANSPORTATION

Air Carriers

Scheduled domestic trunk carriers:Financial operations (qtrly. total):

Operating revenues, total 9 mil. $__Transport, total 9 do

Passenger, doProperty— do___IU.S. mail (excl. subsidy) do____

Operating expenses (incl. depreciation)___do____Net income (after taxes) do

Operating results:Miles flown (revenue) milExpress and freight ton-miles flown do____Mail ton-miles flown. ____doPassengers originated (revenue) doPassenger-miles flown (revenue) bil__

Express Operations

Transportation revenues mil. $Express privilege payments do__I_

centsmil

Local Transit Lines

Fares, average cash ratePassengers carried ( r e v e n u e ) -Operating revenues (qtrly. total) mil. $__

Motor Carriers (Intercity)

Carriers of property, class I (qtrly. total):Number of reporting carriers.Operating revenues, total mil. $_~Expenses, total do _ .Freight carried (revenue) "_."_"_ "mil." tons"

2,4882,4682,22816160

2,35713

765.9590.3170.054.636.6

383.6113.2

20.56,9151,391

1 1, 0185,7415,498

2,8312,8052,527

18765

2,531136

822.1726.9184.761.941.9

412.4118.2

21.26,8541,408

i 1, 0186,1765,890366

67.560.814.65.03.2

21.7561

7257186405119

65438

70.970.822.35.33.7

112.531.7

21.7599371

1,0181,6461,591

73.559.415.65.43.7

21.9553

67.460.715.14.93.2

21.9524

7357286544917

67830

76.471.817.55.53.7

101.927.4

21.9606339

1,1281,6321,571

100

75.570.017.65.94.0

21.9593

78.074.816.65.83.9

21.9577

8328267445318

70865

78.374.516.96.34.5

103.728.2

22.0564

82.173.016.56.34.6

22.2520

83.677.617.26.84.9

22.2516

788

79

79.786.717.76.14.2

106.731.1

22.2559

83.095.019.46.34.2

22.2591

22.3574

Preliminary. i Number of carriers filing complete reports for 1963 andT Revised.

1964.9 Includes data not shown separately.

§Excludes "special category" shipments and all commodities exported under foreign-aidprograms as Department of Defense controlled cargo.




1963 1964

Annual

1964

Nov. Dec.

1965

Jan. Feb. Mar. Apr. May June July Aug. Sept. Get. Nov. Dec.

TRANSPORTATION AND COMMUNICATION—Continued

TRANSPORTATION—Continued

Motor Carriers (Intercity)—Continued

Freight carried, volume indexes, class I and II(ATA):

Common and contract carriers of property(qtrly.) average same period, 1957-59=100_.

Common carriers of general freight, seas, adj.*1957-59=100_.

Carriers of passengers, class I (qtrly.) :§Number of reporting carriers.Operating revenues, total mil. $_.Expenses, total doPassengers carried (revenue) mil_.

Class I RailroadsFreight carloadings (AAR):

Total cars thous _.Coal . doCoke do___.Forest products doGrain and grain products do

Livestock ____do_.Ore do_.Merchandise, l.c.l do_.Miscellaneous __do_.

Freight carloadings, seas. adj. indexes (Fed. R.):Total 1957-59=100-

Coal doCoke... do___Forest products. __do___Grain and grain products ____do___Livestock do___Ore ____do___Merchandise, l.c.l- _______do___Miscellaneous do___

Financial operations (qtrly.):Operating revenues, total? - mil. $_

Freight.Freight . do.Passenger do

Operating expenses doTax accruals and rents doNet railway operating income doNet income (after taxes) do

Operating results:Freight carried 1 mile, revenue and nonrevenue

(qtrly.) bil. ton-miles _.Revenue per ton-mile (qtrly. avg.) cents..Passengers carried 1 mile, revenue (qtrly.) mil_

Waterway TrafficClearances, vessels in foreign trade:

Total U.S. ports mil. net tons.Foreign vessels doUnited States vessels..^ do

Panama Canal:Total thous. Ig. tons.

In United States vessels do.__Travel

Hotels:Average sale per occupied room dollars..Rooms occupied % of total-Restaurant sales index.-.same mo. 1951=100-.

Foreign travel:U.S. citizens: Arrivals thous_

Departures _do___Aliens: Arrivals do

Departures doPassports issued and renewed do__.

National parks, visits doPullman Co. (qtrly.):

Passenger-miles (revenue) mil-Passenger revenues. _ mil. $_

COMMUNICATION (QTRLY.)Telephone carriers

Operating revenues 9 mil. $_Station revenues ___do.__Tolls, message do.__

Operating expenses (before taxes) ______do___Net operating income d o . . .Phones in service, end of period mil-

Telegraph carriers:Domestic (wire-telegraph):

Operating revenues mil. $_Operating expenses, incl. depreciation d o . . .Net operating revenues ____do___

International:^Operating revenues do__.Operating expenses, incl. depreciation do . . .Net operating revenues do__.

126.3

123.4

622.8541.1527.2

28,8715,533

3861,8722,804

1641,765

86815,478

958896

1025284

9,5608,155

5887,4521,302

806651

635.51.310

18,487

187.5153.434.1

65,4469,366

9.3760

109

2,6162,5881,5581,3201,056

33,351

2,51641.91

10,1475,5853,4765,948

31,77073.7

253.120.2

97.73 76.93 14.1

137.6

131.9

656. 5570.9506.9

29,027'5,530

'423'1,960'2, 625

153'2,005

'639'15,693

95113100

9,8578,455

5787,7381,301

818

670.71.282

18,248

202.2166.935.3

74,21010,750

9.5361

111

2,9132,8511,8901,6541,13333,976

2,21837.76

10,9385,9223,8276,496

31,92477.4

299.4264.221.1

107.43 83.0U7.6

138.2

2,34245538148221

1815441

1,267

97127

5413623100

16.713.83.0

6,156847

10.1157103

19116712711650

1,061

139.2

142.9

158157.9140.6128.1

2,08242736139180

109137

1,161

9990125100

974614322103

2,5262,169135

2,037303186182

172.0

4,163

16.713.92.8

6,645830

9.0848112

17318612313053

654

476

2,8351,5191,0061,71648977.4

75.464.98.2

27.321.24.1

137.7

2 2, 5712 5182 472 1782 231

2 112 812 46

2 1,460

10092109106944611323106

12.610.52.1

5,706779

9.3656102

2062071309774708

140.2

2,07441036147178

77239

1,185

96919999

874611022102

12.910.92.0

5,160652

9.5461113

1792251029695782

141.9

148.5

147118.5113.847.0

2,18540936152193

8141

1,265

9298

1019742

11021

103

2,3832,065

1261,900

320163121

165.21.2703,820

17.014.12.9

7,670822

9.1463119

243234136115151977

5289.07

2,8331,531

50578.3

73.765.53.9

27.221.34.7

143.6

2,8482 533247

2 1932 2362 102 1642 49

1,616

9999108103

973613621100

17.814.83.0

884

9.9665110

231278160134175

1, 453

142.1

2,41545635159180

20639

1,332

101104107105

9522104

18.615.43.2

6,631738

9.3665123

284296171159168

2,393

151.4

143.8

147150.8127.253.3

2,37645535151211

522537

1,257

9498109959531872097

2,5822,240139

1,963361258213

180.21.258

18.615.72.9

6,467

10.0363115

308398182165175

5,074

4738.05

2,8961,5471,0281,751

51979.2

77.367.65.6

28.822.15.3

141.5

2,7682 4272 43

2 1892 276

262 290244

1,493

9598

12210382339020

19.016.32.8

6,855496

9.1057

112

1318, 578

141.6

2,381479

35161221

722234

1,221

9410111799

101348618

18.615.62.9

6,809

65106

105

148.8

143.1

2,292448

31158200

1119233

1,220

949595

10210235811796

2,5752,215

1561,965

360250

178.7

6,035716

10.1566

116

803,631

5569.38

2,9641,5731,0641, 765

80.4

77.368.65.3

27.021.2

5.0

144.3

2 3,1082 6102 36

22002 284

2 262 228241

21,683

9782

1029941831795

7,065767

10.4470

112

2,534

151.7

2,347472

29160

1612931

1,273

10080

10610750

11317

7,090973

10.4160

109

591,219

2,189465

29156211

107329

1,217

1029883

11211445

11718

105

9.0849

115

817

' Revised. 1 Number of carriers filing complete reports for 1963 and 1964.2 Data cover 5 weeks; other periods, 4 weeks. 3 Revised total; quarterly revisions are

not available.*New series. The monthly index is based on a sample of motor carriers that represents

approximately one-third of the class I and II common carriers of general freight; monthlydata back to 1955 are available.

§Effective 1st qtr. 1965, carriers reporting both intercity and local and suburban schedulesare classified as intercity if intercity revenues equal or exceed 50 percent of revenues fromboth operations.

9 Includes data not shown separately.& Radio-telegraph and cable carriers.




1963 1964

Annual

1964

Nov. Dec.

1965


CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic chemicals, production:Acetylene mil. cu. ft_Ammonia, synthetic anhydrous (commercial)

thous. sh. tons_Carbon dioxide, liquid, gas, and solid doChlorine, gas (100% Cl2) _do___.Hydrochloric acid (100% HC1) do___.Nitric acid (100% HNO3) do___.Oxygen (high purity) __mil. cu. ft_.Phosphoric acid (100% P2O5)..--thous. sh. tons...Sodium carbonate (soda ash), synthetic (58%

Na2O) .___thous. sh. tons_.Sodium bichromate and chromate doSodium hydroxide (100% NaOH) do___.Sodium silicate (soluble silicate glass), anhydrous

thous. sh. tons_.Sodium sulfates (anhydrous, refined; Glauber's

salt; crude saltcake) thous. sh. tons..Sulfuric acid (100% H3SO4) do

Organic chemicals, production:^Acetic anhydride- mil. lb_.Acetylsalicylic acid (aspirin) doCreosote oil mil. gal_.

D D T mil. lb_Ethyl acetate (85%) doFormaldehyde (37% HCHO) ___do___Glycerin, refined, all grades:

Production do___Stocks, end of period do

Methanol, synthetic and natural mil. gal_Phthalic anhydride mil. lb_

ALCOHOL

Ethyl alcohol and spirits:Production mil. tax gal__Stocks, end of period do_Use for denaturation do_Taxable withdrawals do_

Denatured alcohol:Production mil. wine ga l -Consumption (withdrawals) doStocks, end of period do_

FERTILIZERS

Exports, total? thous. sh. tons__Nitrogenous materials doPhosphate materials doPotash materials do

Imports, total semimanufactures 9 do_.Ammonium nitrate do_.Ammonium sulfate do_Potassium chloride do_.Sodium nitrate do_

Potash deliveries (K2O) doSuperphosphate and other phosphatic fertilizers

(100%P2O5):Production thous. sh. tons__Stocks, end of period do

MISCELLANEOUS PRODUCTS

Explosives (industrial), shipments, quarterly:Black blasting powder mil. lb__High explosives do

Paints, varnish, and lacquer, factory shipments:Total shipments__„ mil. $_

Trade products. do____Industrial finishes _do_

Sulfur, native (Frasch) and recovered:Production thous. lg. tons__Stocks (producers'), end of period.. do

PLASTICS AND RESIN MATERIALS

Production:Cellulose plastic materials mil. lb__Thermosetting resins:

Alkyd resins doCoumarone-indene and petroleum polymer

resins mil. ib...Polyester resins ___doPhenolic and other tar acid resins doUrea and melamine resins do

Thermoplastic resins:Styrene-type plastic materials (polystyrene)

mil. lb__Vinyl resins (resin content basis) doPolyethylene __do

14,730

6,682. 21,082.95,464.11,079. 44, 243. 0128, 5442,904.8

4, 681.8133.9

5,814. 4

551.2

1, 232. 620,935.8

1,271.528.498.1

178.9117.5

2, 537. 2

303.222.2

352.8458.6

691. 9177. 3532.9

64.0

287.2288.3

3.3

7,512661

5,861707

2,465250235877414

2,723

3,231490

1.11,206. 7

1,889. 61,125. 0

764.6

5,8284,682

152.0

605.9

343. 7254.9740.5517.8

1,494.11,760.32, 269. 9

15,964

7, 560.01,119. 65,893. 21, 228.14, 609.1158,3873,262.8

4,950. 6135.2

6,219. 3

565.4

1,302. 222,923.5

1,394. 728.2

115.5

2123. 7104.7

2, 752. 5

320.127.6

393.3555.3

684. 5192.9551.068.0

296. 8296.6

3.4

9,578799

7,1451,026

2,799200176

1,195363

3,088

3,465431

1, 281. 6

2, 002. 21,173. 4

6,2504,403

5 161.3

s 593.6

5 354.3s 316.65 832.5« 570.3

51,728.9" 2,066.8

2,613.4

1,432

640.281.6

502.5106. 4420.1

14,131275.3

428.311.3

525.2

46.7

111.21,933. 5

118.92.2

10.6

()11.1

238.6

26.330.134,147.3

60.7188.747.16.7

25.424.7

• 4.0

74444

522122

2391616

11924

181

289407

145.880.765.1

5534,562

14.8

38« 2

27.225.168.044.2

155.1174.5216.8

1,448

699.684.8523.6108.7445.214,608272.6

394.012.2557.0

44.1

114.32,037.1

135.82.512.0

)7.5

247.3

26.227.637.849.2

59.7192.946.35.5

24.925.53.4

135721129

2371214

11230

196

294431

.3337.4

133.766.267.5

5964,403

14.2

39.0

25.325.969.045.3

158.0178.4223. 8

1,408

679.383.6529.4114.5460.115,080284.1

402.611.6568.4

42.2

115.51,957.9

114.92.4

18.2

10.73.3

234.4

31.832.636.346.9

51.5186.350.74.9

25.626.43.3

4 5354 31^ 4084 59

357

303400

141.374.766.6

6104,476

10.3

41.9

24.824.569.243.0

159.8182.2229.1

1,271

650.480.1482.198.1409.514, 263272.2

382.511.4

498.1

48.9

104.0

114.72.07.9

11.38.8

229.4

26.237.331.842.7

54.6191.743.54.9

23.422.84.0

5253943043

92412323

206

295395

155.985.970.0

5604,500

12.1

44.4

25.428.9

145.5168.8216.2

1,439

707.291.4548.0109.2439.516,321304.4

436.512.2

571.9

56.1

114.92,044. 2

126.72.510.3

11.19.1

264.3

30.732.233.350.8

64.2191.255.66.6

31.029.65.0

87444

89

143015933

333336

279.2

184.4101.882.6

6144,451

14.6

53.9

29.933.980.247.5

171.9194.4241.2

1,425

717. 694.3533. 0106. 2415.115, 603324.0

415.911.2557.8

46.8

112.42,101. 2

117.02.410.0

12.88.1

256.7

25.127.636.248.6

54.0187.052.25.6

28.028.86.0

1,077125826

172820472

459

353224

191.9110.381.6

5944,333

14.2

51.1

28.734.576.444.2

165.4190.8237.8

1,420

721.5107.7544.7107.4351.515,314338.1

406.812.4569.4

46.6

119.62,116. 3

116.52.310.4

13.710.1250.3

31.430.137.551.3

58.9190.450.85.3

27.227.55.8

83510765057

171113332

301

343220

201.8121.979.9

6254,272

14.4

50.0

26.133.771.846.9

167.8181.6256.9

1,401

707.9111.7524.5106.2291.415,057350.9

398. 511.6549.7

45.7

105.32,011. 0

134.01.99.3

13.48.7

263.0

31.625.537.346.3

55.5190.950.56.1

27.127.95.1

1,0267882877

116

305348

.2387.1

216.9129.687.3

6114,178

15.8

54.5

25.435.572.948.2

168.9181.4256.4

1,385

698.2114.2540.0105.8350.215,064306. 9

411.89.5

572.0

45.4

108.12,001. 6

128.42.3

10.7

13.28.7

253.2

25.728.637.349.1

56.9191.151.04.9

27.427.05.6

1,005126703116

16107626

199

275450

200.6124.376.8

6274,058

11.8

47.7

28.732.166.940.0

150.4169.9254.3

1,358

707.4112.6535.2102.9386. 715,571330.3

409.210.6

558.4

50.3

122.02,120. 9

128.02.39.0

13.58.7

252.3

30.328.236.048.1

54.9196.345.45.3

24.324.75.2

97803101

196

19122

357

304459

195.7122.073.7

6284,001

12.6

51.6

26.632.176.146.3

168.2185.9262.3

r 1, 139

701.4104.2517. 2108.9400. 7

14,426r 313. 7

398.512.0

r 530. 1

'50 .8

• 123.12,088.8

156.52.68.7

11.313.2

274.1

27.929.834.147.7

60.6196. 946.16.1

24.825.24.7

935157

120

1414

17917

234

'411

.2396.3

188.0112.675.4

5313,846

15.6

51.8

27.431.684.355.8

179.2197.5264.7

1,399

737.697.5

559.6116.8448.6

15,409343.6

414.611.8

580.6

55.2

125.92,175.8

134.43.07.9

9.610.9

252.8

33.732.635.147.5

74.0196. 445.77.7

25.324.65.5

1,119151805129

147

227

307

425

178.199.778.4

645

21.4

49.1

28.330.386.260.0

171.7206.6278.8

1,380

765.087.9

542.3113.4443.4

14,753333.5

421.111.7

653.1

52.3

121.32,060.8

128.82.68.1

10.09.9

263.4

30.528.435.147.1

94413567497

2110

13650

462

167.990.577.4

r Revised. 1 Beginning Jan. 1965, data exclude creosote in coal-tar solutions (formerlyincluded); these averaged 927,000 gallons per month in 1964. 2 Reported annual total.3 Not available. 4 s e e note " O " for p. S-21. 5 Reported annual total containing re-visions not distributed by months.

cfData are reported on the basis of 100 percent content of the specified material unlessotherwise indicated. 9 Includes data not shown separately.




1963 1964

Annual

1964

Nov. Dec.

1965


ELECTRIC POWER AND GAS

ELECTRIC POWER

Production (utility and industrial), totalmil. kw.-hr__

Electric utilities, total doBy fuels doBy waterpower do

Privately and municipally owned util doOther producers (publicly owned) do

Industrial establishments, total doBy fuels doBy waterpower do

Sales to utilimate customers, total (EEI) doCommercial and industrial:

Small light and power§ doLarge light and power § do

Railways and railroads doResidential or domestic. doStreet and highway lighting doOther public authorities doInterdepartmental do

Revenue from sales to ultimate customers (EdisonElectric Institute) mil. $—

GAS

Manufactured and mixed gas:Customers, end of period, total 9 thous__

Residential doIndustrial and commercial do

Sales to consumers, total? mil. therms.Residential do___Industrial and commercial do.__

Revenue from sales to consumers, total 9-.mil. $_Residential do___Industrial and commercial do__.

Natural gas:Customers, end of period, total 9 thous.

Residential do__.Industrial and commercial do__.

Sales to consumers, total 9 mil. therms.Residential do___Industrial and commercial do

Revenue from sales to consumers, total 9 -_mil. $.Residential do___Industrial and commercial do__.

1,008,081

914,119748,713165,406

745,14968, 971

93,96190,8063,155

830,811

166,516

4,667241,6927,74820,1941,595

13,697.2

1,1721,089

82

1,9791,346619

235.9177.257.5

34,99632,1502,807

105,64735,31065,116

6,482. 63, 544.92,756. 2

1,078,797

979, 749803,834175, 915

803,307176,442

99,04895,8693,179

890,356

183,539409,356

4,721262,0108,290

20,6511,789

14,408.5

79874551

1,541976552

165.2117.346.9

36, 29833,3502,908

114,34037, 69971,293

6,960. 23, 772. 32,998.1

87,976

79, 75365,60014,153

65, 53014,223

8,2248,003221

72,557

14,35834,718

42520, 413

7891,706148

1,171.3

95, 713

87,22271,04616,176

71,45515, 767

8,4918,227

264

76,100

15, 00134,802

43223,110

8211,790144

1, 221.4

79874551

3582,20135

34.324.410.6

36, 29833,3502,908

28,6089,39017,887

1,759. 5950.3761.2

96, 621

87,97970,72917,250

71,18716, 792

i 8, 6421 8,364!278

78,718

15,26534,382

44925, 812

8651,809136

1, 262.8

88,136

80,20664,44715, 759

65,04915,157

7,9307,655275

77,124

15,06033,944

44125,058

7161,771134

1, 240. 2

96, 601

87,83970,49017,350

71,18516, 655

8,7628,450312

77,852

15,17135,485

42924,096

7631,764143

1, 232. 4

78573451

553367186

51.436.514.9

36, 43833,4183,020

38,79917, 57721, 222

2,624. 51,620.11,004. 5

90,336

81,85264,99716,856

67, 03614,816

8,4848,173311

76,693

15,07035,677

39322,882

6601,771140

1, 215. 6

93,320

87,74568,13416,610

68, 95915, 786

8,5758,257319

75,598

15,51736,336

36520,808

6551,768149

1,205.1

96,142

87, 76172, 02315, 738

71,91615,845

8,3818,126

255

78,238

17, 57136,641

35721,046

6311,822170

1,243. 2

70366042

300171126

29.119.19.7

33,3962,872

27,8058,52918,181

1, 676. 5

753.6

101, 631

93,10277,17815, 924

76, 06217, 040

8, 5308,298

232

80,576

18, 74535, 851

35723, 023

6441,775181

1, 287. 0

103,858

95, 24079, 57115, 670

77,92517,316

8,6178,407

211

83,922

19, 53637, 269

35324,100

6751,797192

1,325. 8

97,081

88,87773,87515, 002

69, 01119,866

8,2048,001203

83,712

19,02137,183

35324,474

7221,791167

1,332.2

69064941

16867100

1.6.59.07.4

36,29033,4142,836

21,8203,35117,216

1,126. 9448.8640.1

95,722

71, 67515,310

70,99815,987

8,7378,497240

80,488

17,77036,824

36722,759

7731,825169

1,284.0

95,299

86,72371,26015,463

70, 60616,117

8,5768,323252

FOOD AND KINDRED PRODUCTS; TOBACCO

ALCOHOLIC BEVERAGESBeer:

Production mil. bbl__Taxable withdrawals doStocks, end of period do

Distilled spirits (total):Production mil. tax gal__Consumption, apparent, for beverage purposes

mil. wine gal__Taxable withdrawals mil. tax gal__Stocks, end of period doImports mil. proof gal__

Whisky:Production mil. tax gal__Taxable withdrawals.. doStocks, end of period doImports mil. proof gal__

Rectified spirits and wines, production, totalmil. proof gal__

Whisky do____Wines and distilling materials:

Effervescent wines:Production mil. wine gal__Taxable withdrawals do_Stocks, end of period do_Imports do_

Still wines:Production do.Taxable withdrawals do.Stocks, end of period do.Imports •_ do.

100.6393.799.67

150.06

258. 98124.18870.0045.87

104. 8684.97

842. 4040.17

63.29

4.824.232.651.02

202. 38157.32229. 0713.35

105. 9098.64

162. 94

275. 92133.17862.4250.60

112.8789.44

832.1840.81

92.2365.54

5.825.352.661.19

193.18164. 71231.23

14. 54

6.957.03

10.13

16.07

27.8413.30

859. 496.07

10.409.60

830. 055.46

9.747.24

.50

.723.00.20

13.2715.01

243. 541.86

r 35.20

8.107.71

15.53

34.2410.16

862.425.70

11.426.83

832.185.07

7.655.19

.50

.752.66.13

6.6814.66

231. 231.54

18. 26Distilling materials produced at wineries___do 472.91 368. 04r Revised. i Beginning Jan. 1965, data include Alaska and Hawaii. § Data are not

wholly comparable on year to year basis because of changes from one size classification to

7.756.54

10.73

15.03

19.219.82

864.863.12

11.366.71

834. 462.76

6.374.14

.44

.382.69.06

3.3612.35

218.15.51

3.48

7.346.32

11.30

13.96

18.989.85

866.373.31

10.666.98

835. 652.96

6.474.45

3.05.06

3.0412.68

207.19.84

9.848.58

11.93

15.93

24.0610.93

868. 445.06

12.277.36

837. 954.31

7.515.12

.77

.423. 36.13

3.0516.25

193.141.41

9.228.43

12.08

15.72

22.6410.95

870. 394.66

11.506.86

840. 224.10

7.425.06

.54

.413.47.10

3.7314.20

179. 751.35

10.059.24

12.24

14.44

22.4911.30

871. 053.96

10.056.92

840. 973.43

7.244.88

.57

.443.56.12

3.2812. 22

170. 561.27

11.2110.2112.50

14.01

24.0711.95

870. 654.58

6.94841.10

3.93

8.105.46

.513.62.10

2.5313.59

157. 011.27

10.429.85

12.38

8.32

22.189.85

866. 203.41

3.765.65

836. 603.00

6.314.38

.32

.313.60.07

1.489.91

146.16

9.669.61

11.68

13.04

21.7610.65

865.424.33

9.366.62

836.203.82

7.545.09

.52

.413.66

3.9213.57

137.141.01

5.18 4.01 2.39 3.79 3.42 3.42 17.60

another. 9 Includes data not shown separately.

9.088.49

11.58

15.84

24.0111.84

865. 735.26

10.917.94

836. 224.68

8.265.78

.52

.583.54

49.8015.33

171. 611.19

128.60

7.817.50

11.28

19.1L

26.6215.26

865. 316.31

11.8511.12

833. 245.64

10.968.11

.59

.733.31.20

112.9015.85

266.871.37

•200.11

7.717.60

10.83

7.31

6.53

.77

.913.14

.21

35.7216.25

279.141.82

80.88




1963 1964

Annual

1964

Nov. Dec.

1965


FOOD AND KINDRED PRODUCTS; TOBACCO—Continued

DAIRY PRODUCTS

Butter, creamery:Production (factory) mil. lb.Stocks, cold storage, end of period doPrice, wholesale, 92-score (N.Y.) $ per lb__

Cheese:Production (factory), total-.. mil. lb.

American, whole milk do__

Stocks, cold storage, end of period doAmerican, whole milk do

Imports doPrice, wholesale, American, single daisies (Chi-

cago) $perlb__Condensed and evaporated milk:

Production, case goods:Condensed (sweetened) mil. lb__Evaporated (unsweetened) do

Stocks, manufacturers', case goods, end of period:Condensed (sweetened) mil. lb__Evaporated (unsweetened) do____

Exports:Condensed (sweetened) doEvaporated (unsweetened) do

Price, manufacturers' average selling:Evaporated (unsweetened) $ per case__

Fluid milk:Production on farms. ______mil. lb__Utilization in mfd. dairy products doPrice, wholesale, U.S. average $ per 1001b__

Dry milk:Production:

Dry whole milk mil. lb__Nonfat dry milk (human food) do

Stocks, manufacturers', end of period:Dry whole milk doNonfat dry milk (human food) do

Exports:Dry whole milk doNonfat dry milk (human food)... do

Price, manufacturers' average selling, nonfat drymilk (human food) $ per lb__

GRAIN AND GRAIN PRODUCTS

Exports (barley, corn, oats, rye, wheat) mil. bu__

Barley:Production (crop estimate) doStocks (domestic), end of period do

On farms doOff farms do

Exports, including malt§ doPrices, wholesale (Minneapolis) :

No. 2, malting $ per bu__No. 3, straight do

Corn:Production (crop estimate, grain only)..mil. bu.Grindings, wet process do___

Stocks (domestic), end of period, total, .mil. bu_On farms do___Off farms __do___

Exports, including meal and flour doPrices, wholesale:

No. 3, yellow (Chicago) $ per bu_Weighted avg., 5 markets, all grades do___

Oats:Production (crop estimate) mil. bu.Stocks (domestic), end of period, total do___

On farms doOff farms do___

Exports, including oatmeal do.Price, wholesale, No. 2, white (Chicago)

$ per bu__

Rice:Production (crop estimate) mil. bags 9 .California mills:

Receipts, domestic, rough mil. lb.Shipments from mills, milled rice doStocks, rough and cleaned (cleaned basis), end

of period mil. lb.Southern States mills (Ark., La., Tenn., Tex.):

Receipts, rough, from producers mil. lb__Shipments from mills, milled rice doStocks, domestic, rough and cleaned (cleaned

basis), end of period mil. lb.Exports doPrice, wholesale, Nato, No. 2 (N.O.) $ per lb__

Rye:Production (crop estimate) mil. buStocks (domestic), end of period doPrice, wholesale, No. 2 (Minneapolis)._$ per bu__

1,419.7207.0.590

1,631.81,108.4

340.7301.683.0

.426

79.01,897.3

5.8131.7

56.964.5

6.01

125,00961,158

4.11

91.02,106.1

5.381.5

29.8535.0

.144

1, 241.1

2 405.6332.8202.3130.457.4

1.191.11

2 4,092184.9

4,3843,2481,136439.4

1.241.20

2 97977368785

10.7

.73

2 70.3

1,4671,022

168

5,2553,243

1,5922,638.093

2 29.214.71.30

1,442.466.5.599

1,726.51,157.4

326.0283.678.0

.434

94.61,888.1

6.9185.3

62.837.3

5.99

126, 59862,883

4.16

87.62,176.8

7.0108.8

13.9838.6

.146

1,385.8

2 402.9310.2190.4119.974.4

1.211.13

2 3,584

3,9222,7841,138481.6

1.231.23

712624

4.6

.70

2 73.1

1,5231,025

185

5,543

1,6702,933

r 2 33. 321.21.28

95.895.3.629

122.275.7

335.2292.8

9.3

.451

6.6114.2

8.3219.5

6.81.9

6.09

9,4194,0864.53

7.4135.9

6.092.0

.766.9

.146

132.9

1.251.20

15.6

57.4

1.171.20

.5

.72

180

407

1,818154

.083

1.21

121.066.5.604

137.784.3

326.0283.6

8.6

.455

10.5127.3

6.9185.3

6.51.3

6.09

9,9914,7684.46

8.3177.2

7.0108.8

1.149.7

.146

121.5

310.2190.4119.9

4.3

1.251.19

14.7

3,9222,7841,13845.0

1.241.25

712624

.4

.77

8749

185

258329

1,670273

.083

21.21.21

132.863.1.587

132.787.1

311.8271.4

1.5

.450

9.3122.5

7.3154.5

15.112.1

10,3425,0754.37

8.5186.0

7.6117.4

18.3

.145

129.7

1.271.21

16.7

i7 .7

1.261.28

(15)

.78

12158

210

306270

1,6151193.083

1.18

126.071.0.587

128.383.7

298.8259.7

6.1

.444

4.6120.5

5.8123.8

5.91.7

6.09

9,7964,9394.29

7.5183.3

7.7127.7

1.27.6

.146

67.3

2.5

1.311.25

15.9

40.3

1.291.26

186182

161

158175

1,535143

.083

141.698.9.587

153.1100.5

292.4252.3

9.4

.444

8.0133.1

5.7

5.11.4

6.09

11,1555,7654.17

8.1203.4

6.7114.6

2.211.1

.144

142.4

205.0107.297.8*2.3

1.311.23

17.5

2,8361,897

68.1

1.311.28

47440371

.74

197114

189

101

1,225540

.083

140.2132.1.595

162.1110.8

310.9271.6

8.0

.441

10.1149.4

7.0113.6

7.01.4

6.09

11,4165,9424.02

8.5217.3

123.2

1.851.0

.145

114.8

1.331.23

16.8

42.1

1.331.31

.77

158151

150

102341

945161

.084

17.6 412.91.17 1.18 1.14 1.16 1.11

146.4165.8

179.3129.2

342.1299.3

7.0

9.4183.7

7.7165.9

6.31.7

6.07

12,3006,4353.89

7.6244.6

7.7153.3

2.730.3

.145

120.4

7.8

1.391.32

17.3

46.3

1.361.31

.5

.77

125134

91

62275

718392

.084

135.8207.9

179.8128.8

378.7333.2

6.3

.439

5.4180.8

7.9199.0

3.52.0

6.07

11,7736,3543.86

7.7224.9

7.8154.9

1.244.4

.145

127.3

4 102.0M0.84 61.1

9.31.391.27

17.1

1,9151,265

65057.5

1.341.28

4 2834 2214 63

.7

.74

6 422

374247

.084

106.6219. 5.602

161.3113.0

402.0354.7

4.2

.439

9.1159.2

9.1224.9

4.42.7

6.07

10,8885,5544.01

5.6169.8

7.6135.5

1.153.0

.146

127.5

5.2

1.341.23

16.8

51.6

1.331.26

2.3

.72

7976

70

238220

334322

.084

85.9192.5.620

142.596.7

415.0364.3

4.2

.441

8.5152.7

8.5235.6

6.92.4

6.08

10,1514,8004.18

4.7131.2

6.8111.5

3.163.3

.147

120.3

5.0

1.281.26

18.5

48.8

1.281.21

2.9

.72

65

87

907244

70997

74.6161.1.627

127.982.1

340.65.3

.449

5.6136.0

7.3228.2

2.62.3

6.11

9,4434,0554.41

5.4100.6

6.072.9

1.169.2

.148

124.3

256.0143.2

6.8

1.271.25

17.3

41,1604 5944 56643.3

1.281.23

974836138

4.3

.71

5946

72

1,547385

1,356151

.082

35.41.15

78.8124.8

126.877.3

351.9310.5

6.4

.457

7.5123.0

7.5200.6

5.52.5

6.13

9,4733,8674.55

6.2102.0

5.064.8

1.864.6

.148

134.8

8.5

1.311.28

17.9

52.9

1.191.19

5.6

.70

17337

122

1,403442

245

78.2'83.0

.641

119.470.0

335.3297.2

9.3

.470

9.0110.1

7.5166.4

3.01.8

6.11

9,1343,722'4.62

7.3105.2

4.359.3

1.821.5

.149

145.3

8.3

1.381.36

17.4

73.6

1.141.14

6.9

.72

11277

180

482408

1,787440

v. 081

50.4.646

305.3268.3

.490

9,592

4.60

3 411.!

1.341.33

3 4,17115.8

1.211.19

3 959

.77

3 76.9

'333.3

r Revised. v Preliminary. * See note " O " for p. S-21. 2 Crop estimate for theyear. 3 p e C t i estimate of the 1965 crop. 4 old crop only; new crop not reported untilbeginning of new crop year (July for barley, oats, rye, and wheat; Oct. for corn).

3 Less than 50,000 bu.§ Excludes pearl barley.9 Bags of 100 lb.

1.10 1.13 1.15 1.17 1.13 1.186 Beginning June 1965, data include shipments to Gov't. agencies.


S-28 SURVEY OF CURKENT BUSINESS January 1966


1963 1964

Annual

1964

Nov. Dec.

1965


FOOD AND KINDRED PRODUCTS;

GRAIN AND GRAIN PRODUCTS-Con.

Wheat:Production (crop estimate), total mil. bu__

Spring wheat doWinter wheat do

Distribution do

Stocks (domestic), end of period, total- _ __do_ .._On farms doOff farms do

Exports, total, including flour do__.Wheat only do

Prices, wholesale:No, 1, dark northern spring (Minneapolis)

$perbu__No. 2, hd. and dk. hd. winter (Kans. City)_do_—Weighted avg., 6 markets, all grades do

Wheat flour:Production:

Flour thous. sacks (100 lb.)Operations, percent of capacity _Offal thous. sh. tons _

Grindings of wheat thous. buStocks held by mills, end of period

thous sacks (100 lb )Exports __ __ _ __ _do _ _Prices, wholesale:

Spring, standard patent (Minneapolis)$ per 100 l b -

Winter, hard, 95% patent (Kans. City)._do

LIVESTOCK

Cattle and calves:Slaughter (federally inspected):

Calves thous. animals _Cattle _ _ __ _ _ ___do__

Receipts at 26 public markets doShipments, feeder, to 8 corn-belt States doPrices, wholesale:

Beef steers (Chicago) $ per 100 lbSteers, stocker and feeder (Kansas City)__doCalves, vealers (Natl. Stockyards, Ill.)__do

Hogs:Slaughter (federally inspected)..-thous. animals. _Receipts at 26 public markets doPrices:

Wholesale, average, all grades (Chicago)$per 1001b__

Hog- corn price ratio (bu. of corn equal in valueto 100 lb live hog)

Sheep and lambs:Slaughter (federally inspected)..-thous. animals__Receipts at 26 public markets. do _Shipments, feeder, to 8 corn-belt States doPrices, wholesale:

Lambs, average (Chicago).. $ per 100 lb._

MEATS AND LARD

Total meats:Production (carcass weight, leaf lard in), inspected

slaughter __ mil. lb _Stocks (excluding lard), cold storage, end of

period _ _ mil. lb.Exports (meat and meat preparations) doImports (meat and meat preparations) do

Beef and veal:Production, inspected slaughter. _ _ do _ _Stocks, cold storage, end of period doExports doImports _- doPrice, wholesale, beef, fresh, steer carcasses, choice

(600-700 lbs.) (New York) _ _ $perlbLamb and mutton:

Production, inspected slaughter mil. lb__Stocks, cold storage, end of period do

Pork (including lard), production, inspectedslaughter . . mil. lb

Pork (excluding lard) :Production, inspected slaughter. _doStocks, cold storage, end of period do_._Exports _ _ _ _ doImports doPrices, wholesale:

Hams, smoked, composite _ _ . $ per lbFresh loins, 8-12 lb. average (New York).._do

Lard:Production, inspected slaughter mil. lbStocks, d ry and cold storage, end of period__do__-Exports __ doPrice, wholesale, refined (Chicago) $ per lb_

11,14212341 908

1,350

1,614310

1,304

716. 6639.1

2.422.202.33

263,89592.6

4,878599, 710

4 82333,700

5.6395.365

4,53521, 66214,0726,612

23.7922.9530.00

71,57719,757

15.03

13.6

13, 9555,3342,403

18.69

27, 505

653544

1,466

13, 64928827

1,104

.417

66819

13,188

10,280277138211

.464

.443

2,117119538

.122

11,2911266

i 1 0251,458

1,450390

1,060

819.5746.2

2.061.861.92

265, 62193.5

4,941602, 209

5 06831,475

5.6525.390

4,82025,13314, 7797,096

22. 8619.7926.21

71,667r 19,138

14.92

13.2

12,9474,4582,547

21.93

29, 676

702665

1,088

15, 65332857

841

.398

62413

13,399

10, 445284133210

.458

.443

2,151127682

.136

67.461.9

1.841.681.75

22,311101.0

41650, 765

2,347

5.7735.477

4422,1111,5281,309

24.4219.1824.50

6,5461,750

14. 07

13.5

997394134

19.75

2,553

6655682

1,272304

672

.408

4913

1,233

973275

917

.475

.401

19010464

.148

362

1,450390

1,060

71.764.8

1.821.651.71

21,10486.6396

47, 910

5,0682,956

5.6235.387

4492,2541,245

527

23.7618.8025.00

6,648' 1,765

14.94

13.0

1,053336134

20.62

2,665

7026586

1,370328

1659

.400

5313

1,242

973284

721

.498

.403

19612743

.149

4 20.84 19.7

1.801.631.70

20,16692.7377

45, 750

4 467

5.6105.387

4042,1661,207

428

23.8319.8828.50

6,0471,527

15.58

13.4

1,062278122

22.25

2,518

7034 16

41

1,3413054330

.403

5412

1,123

88330843

7

.483

.460

1751514 23

- .148

24.522.6

1.801.611.69

'18,10283.3336

41,042

812

5.5855.310

3841,919

965279

23.5019.8530.50

5,3011,294

16.56

14.0

850209129

23.88

2,187

6813363

1,188268

639

.404

4311

956

751319

421

.463

.452

14913130

.148

TOBACCO—Continued

304

1 146264882

71.869.1

1.801.571.69

22, 62989.6

41951,068

4,7091,185

5.5605.303

4732,2261,113

332

23.8021.3127.50

6,5341,480

16.72

13.8

986227133

25.00

2,595

68968

108

1,366259

873

.403

5011

1,179

938335

727

.472

.454

17514318

.150

68.862.3

1.811.541.67

20,12883.3

37345,511

2,792

5.5855.280

4112,021

911354

25.0122.0429.50

5,8021,274

17. 26

13.7

989199136

23.25

2,352

6754472

1,235235

439

.418

4911

1,067

849335

528

.485

.453

15914738

.156

65.462.6

1.811.521.65

19, 65689.5

36444,331

1,195

5.5735. 260

3402,043

995367

26.4022.6827.00

4,7191,199

19.86

16.0

918229116

26. 50

2,165

6104487

1,239216

262

.446

4511

881

692292

319

.498

.512

13810720

.140

328

3 8183 1333 685

59.756.1

1.811.461.61

23, 50097.1433

53,168

4,8461,554

5.7405.360

3782,2191,152

328

27.4423.8827.50

4,7171,260

22.26

18.1

966294136

26.00

2,288

4933781

1,330182

254

.462

4510

894

698224

422

.531

.587

1449814

.144

68.264.9

1.861.501.64

18, 68980.9

34642,328

1,403

6.0135.653

3872,2381,045

338

26.7123.2225. 50

4,4301,090

23.09

18.9

976278113

24.75

2,194

4423793

1,323177

266

.446

4610

824

656176

321

.563

.571

1228229

.161

63.658.3

1.791.591.70

22,16991.6408

50, 275

2,227

5.9385.610

4282,3371,254

533

27.0122.9723.50

4,7501,166

23.88

20.2

973334191

23.75

2,283

3994598

1,370186

287

.450

4610

867

699135

421

.572

.564

1226913

.151

457

1,715569

1,146

69.464.2

1.841.611.76

23,307101.8

43152,838

4,1362,250

5.8755.577

4782,4061,304

906

26.9322.9225.00

5,4751,228

22.49

18.7

1,106382342

23.00

2, 459

40050

102

ly413202

371

.450

5310

993

795126

423

.542

.557

1446219

< .163

67.260.6

1.841.631.72

23,399102.1

42852,816

2,826

5.975' 5.600

4922,3901,4121,261

26.5822.8825.00

5, 4211,231

23.19

21.6

1,032384392

23.50

2,462

41056

104

1,410211

272

.439

5013

1,002

802127

623

' .575.576

1465916

° .165

56.251.0

1.881.651.76

21,25392.8

38748. 024

1,775

P5.987P5.622

4702,3341,4971,388

26.3323.02

P26.98

5,5031,357

24.07

23.7

943359181

23.75

2,465

'4535563

1,383'244

654

.435

47••12

1,035

818'142

621

p . 622.585

1586610

v. 158

2 1,3272 303

21,024

1.871.641.75

1,128

26.4124.12

1,263

26.85

24.8

271

25.88

488

270

.441

12

153

.616

r Revised. *> Preliminary.1 Crop estimate for the year.2 Dec. 1 estimate of 1965 crop.

«Corrected.3 Old crop only; new grain not reported until beginning of new crop year (July for wheat).4 See note " O " for p. S-21.




1963 1 1964

Annual

1964

Nov. Dec.

1965



POULTRY AND EGGSPoultry:

Slaughter (commercial production) mil. lb__Stocks, cold storage (frozen), end of period, total

mil. lb__Turkeys do____

Price, in Georgia producing area, live broilers$perlb__

Production on farms __mil. cases©—Stocks, cold storage, end of period:

Shell thous. cases©..Frozen. mil. lb__

Price, wholesale, extras, large (delivered; Chicago)$perdoz__

MISCELLANEOUS FOOD PRODUCTS

Cocoa (cacao) beans:Imports (incl. shells) thous. lg. tons__Price, wholesale, Accra (New York) $ per lb._

Coffee (green):Inventories (roasters', importers', dealers'), end

of period thous. bagscf—Roastings (green weight) do

Imports, total . . do____From Brazil... do

Price, wholesale, Santos, No. 4 (New York)$perlb__

Confectionery, manufacturers' sales mil. $__

Fish:Stocks, cold storage, end of period -—mil. lb—

Sugar:Cuban stocks, raw, end of period

thous. Spanish tons__United States:

Deliveries and supply (raw basis) :§Production and receipts:

Production thous. sh. tons_.Entries from off-shore, total 9 do

Hawaii and Puerto Rico do

Deliveries, total 9 doFor domestic consumption. __. do

Stocks, raw and ref., end of period do

Exports, raw and refined sh. tons.-Imports:

Raw sugar, total9___ thous. sh. tons—From the Philippines : ___do

Refined sugar, total do

Prices (New York):Raw, wholesale $ per lb__Refined'.

Retail (incl. N.E. New Jersey)__$ per 5 lb__Wholesale (excl. excise tax) $ per lb—

Tea, imports thous. lb—

Baking or frying fats (incl. shortening):Production mil. lb—Stocks (producers' and warehouse), end of period

mil. lb . .Salad or cooking oils:

Production doStocks (producers' and warehouse), end of period

mil. lb__Margarine:

Production doStocks (producers' and warehouse), end of period

mil. lb__Price, wholesale (colored; mfr. to wholesaler or

large retailer; delivered) : _ _$ per lb__

FATS, OILS, AND RELATED PRODUCTS

Animal and fish fats: ATallow, edible:

Production (quantities rendered) mil. lb__Consumption in end products doStocks (factory and warehouse), end of period

mil. lb._Tallow and grease (except wool), inedible:

Production (quantities rendered) doConsumption in end products doStocks (factory and warehouse), end of period

mil. lb__Fish and marine mammal oils:

Production doConsumption in end products __doStocks (factory and warehouse), end of period

mil. lb__

7,249

364217

.138

175.5

.343

*281.6.253

4,72622,815

23,8359,265

.3451,319

244

98

3,7666,4781,908

10, 0279,9892,490

4,108

4,3041,088170

.081

.688

.111

126,228

2,584.3

119.3

2,360. 3

145.1

1,793.6

36.4

.238

527.9443. 7

35.6

4,156. 52, 206. 5

377.1

185.889.2

145.2

7,546

357207

.137

179.5

.331

268.4.234

4,47022,374

22,8237,212

.4791,395

215

4,4075,6051,903

9,7059,6712,700

4,222

3,5061,171

84

.069

.657

.100

133,592

2, 664.1

121.1

2,846.1

118.8

1,857.4

48.0

.241

553.2464.0

41.7

4, 565. 72,301.4

366.4

180.280.9

139.9

725

419274

.140

14.4

10269

.329

18.6.226

2,330924

.475138

218

275

9678354

738730

2,085

148

381109

.061

.590

.089

10,242

238.5

112.2

249.9

137. 5

143.9

47.2

.250

47.434.1

29.2

375.3179.2

312.4

8.36.1

144.6

640

357207

.131

15.1

.308

24.4.240

4,4705,672

2,069728

.458124

215

1,0066064

866860

2,700

143

3479116

.065

.583

.091

13,084

197.9

121.1

234.0

118.8

166.7

48.0

.260

41.125.9

41.7

381.6198.0

366.4

5.76.0

139.9

560

340195

.135

15.4

.261

8.0.226

461156

.450117

192

410

5991,870167

753745

2,893

i 78

132465

.590

.095

4,066

193.6

121.4

212.4

162.3

163.2

50.3

.256

46.927.0

46.4

378.9184.2

436.9

.55.7

145.7

469

300167

.145

14.1

.277

22.0, 201

1,296261

.463116

167

1,245

215110107

617609

2,731

123

154353

.069

.598

.095

7,176

204.6

111.0

220.5

166.9

167.2

44.6

.259

47.334.1

45.3

354. 8170.1

439.9

.56.0

126.9

526

252135

.150

15.8

.291

25.4.168

3,0365,401

2,446525

.453123

141

2,105

215196197

797780

2,619

347

2385620

.066

.598

.093

16,192

213.0

113.6

236.6

138.5

170.5

53.1

43.336.3

41.7

380.3184.0

447.8

.56.4

118.0

541

213104

.145

15.5

25.5.164

333

.458109

137

3,275

1081,502250

775756

2,490

403

3331386

.066

.588

.093

15,994

210.8

115.8

213.7

170.0

154.3

51.5

.263

39.937.5

35.0

350.7172.5

418.9

9.96.5

116.0

563

17681

.150

16.0

32167

.273

40.2.159

1,554386

.45384

152

3,200

145245240

855846

2,420

196

37382

.068

.591

.093

10,463

224.2

122.3

242.6

156.1

142.0

51.5

.263

45.335.8

34.9

351.0179.6

371.7

22.35.7

126.4

645

15869

.155

15.1

52584

.294

37.7.134

2,6125,330

1,831457

.46094

166

3,525

83253239

883876

2,170

71

373724

.068

.595

.095

11, 028

219.9

122.9

270.6

149.0

145.1

47.0

39.634.8

29.8

352.2181.6

353.5

40.16.8

148.1

683

17586

.155

15.0

52198

26.0.118

1,206278

.45575

192

3,055

65401198

957950

1,928

290

19469

.067

.592

.095

6,372

204.2

106.4

229.4

125.7

142.9

48.5

.263

40.630.4

27.6

325.1149. 5

354.5

40.66.4

166.1

773

237145

.150

14.6

423100

.341

36.2.161

1,556411

.455104

210

2,823

98317191

1,006996

1,658

166

365156

2

.068

.591

.095

9,173

240.2

103.2

226.4

85.5

148.6

44.5

.261

43.139.7

23.9

343.9195.0

320.4

37.77.6

204.4

847

341242

.145

14.1

32195

.384

48.5.171

2, 6545,112

1,812551

.445162

228

2,133

120219141

1,0231,0071,291

121

42213710

.068

.594

.095

14,543

274.6

97.6

218.4

65.9

164.9

41.9

.261

45.547.5

21.5

368.7187.7

351.3

17.87.1

192.1

877

468361

.135

14.7

23481

32.4.171

2,666802

.438'152

231

1,598

612229114

826815

1,552

106

451717

.596'.096

9,123

281.6

105. 7

213.5

62.2

161.6

47.2

.261

45.145.3

22.6

355.8184.5

368.3

' 9 . 1' 6 . 8

• 177.5

819

390'279

.140

14.4

'126'64

.410

27.2.183

2,549736

.438144

'232

217109

v 2,133

137

302852

P. 096

13, 724

284.5

113.1

231.3

80.3

168.7

45.3

P. 261

48.946.5

26.0

364.7183.6

391.5

7.57.2

201.3

314198

.140

15.1

8151

.411

.213

.440

233

973

.067

' Revised. v Preliminary. i See note " O " for p . S-21.O Cases of 30 dozen. <? Bags of 132.276 lb.

§ Monthly data reflect cumulative revisions for prior periods. 9 Includes data notshown separately; see also note " § " .

A For data on lard, see p. S-28.


S-30 SURVEY OF CUKEENT BUSINESS January 1966


1963 | 1964

Annual

1964

Nov. Dec.

1965



FATS, OILS, AND BELATEDPRODUCTS- Continued

Vegetable oils and related products:Coconut oil:

Production:Crude mil. lb__Refined do

Consumption in end products .doStocks, crude and refined (factory and ware-

house), end of period mil. lb__Imports do

Corn oil:Production:

Crude doRefined do

Consumption in end products doStocks, crude and refined (factory and ware-

house), end of period mil. lb__

Cottonseed cake and meal:Production thous. sh. tons__Stocks (at oil mills), end of period. . do

Cottonseed oil:Production:

Crude .mil. lb__Refined do


house), end of period mil. lb__Exports (crude and refined) doPrice, wholesale (drums; N.Y.) $ per lb._

Linseed oil:Production, crude (raw) mil. lb__Consumption in end products doStocks, crude and refined (factory and ware-

house), end of period mil. lb_Price, wholesale (Minneapolis) $ per lb__

Soybean cake and meal:Production thous. sh. tons. .Stocks (at oil mills), end of period do

Soybean oil:Production:

Crude mil. lb_.Refined do


• house), end of period mil. lb_.Exports (crude and refined) doPrice, wholesale, (refined; N.Y.) _$ per lb_.

Leaf:TOBACCO

Production (crop estimate) mil. lb .Stocks. dealers' and manufacturers' end of period

mil. lb_Exports, incl. scrap and stems thous. lb_Imports, incl. scrap and stems. do

Manufactured:Production (smoking, chewing, snuff) doConsumption (withdrawals):

Cigarettes (small):Tax-exempt millions.Taxable do

Cigars (large), taxable do___Manufactured tobacco, taxable thous. lb_

Exports, cigarettes millions.

554.5726.1

199.5372.2

390.5363.3353.0

64.8

2,703.4188.0

1,917.01,577.31,217.2

694.0365.3.153

111. 8.127

10,800.8159.5

5,053.24,033.7

1,024.01,102.6

.133

2 2,344

5,251505,484167,823

167,526

41,088509,5886,565

164,51123,615

i 327.6506.0765.4

154.0397.1

413.9393.1412.2

40.1

2,705.7126.8

1,932.81, 600.01,410.0

506.3603.5.141

443.6377.2

185.5.134

10,635.2102.6

4,943.84,591.84,423.6

544.21,273.2

.123

2 2,227

5,664514,514179,651

180,055

42,643497,4468,106

175,80825,144

37.838.961.7

146.714.5

33.532.8

43.4

339.0159.9

243.3177.2129.8

534.722.1.150

35.225.8

177.5.139

, 022.2120.3

467.9392.1368.7

532.7117.8.149

56,08114,846

13,470

3,23741,548

78413,7272,042

0)38.859.4154.06.1

32.032.336.1

40.1

325.0126.8

233.7192.8136.5

506.388.7.150

34.725.8

185.5.139

, 009.4102.6

464.8370.5338.6

544.2157.6.140

5,66469,9369,001

12,849

4,55739,898

44413,3062,843

36.746.863.2

143.271.8

35.132.433.3

39.4

315.4150.6

227.3172.9121.3

518.765.4.149

34.717.9

199.3

001.9186.8

463.3377.4321.7

586.668.4.139

5,98420,802

13,583

2,08839,086

60213,098

718

32.441.762.6

148.064.3

34.231.933.5

39.3

284.0177.0

205.9162.4131.1

546.943.0.159

31.918.8

204.2.139

877.5199.0

408.5348.2319.1

606.072.7.142

7,02513,440

12,677

3,38040,210

55412,1011,329

33.946.365.0

166.242.6

34.834.4

41.7

294.5192.7

213.6192.8122.0

568.750.2.170

39.521.4

214.8.139

956.8181.7

448.2395.0359.0

613.8146.6.141

5,59643,96653,208

15,449

3,70547,385

64215,2482,333

27.540.860.3

169.747.3

36.032.230.0

41.5

222.7220.7

164.6135.5110.8

583.434.1.164

28.520.5

212.3.139

882.0194.0

415.9367.1340.8

578.491.7.145

42,51938,749

14,213

4,014

63313,7182,094

32.547.163.7

181.338.8

36.134.335.8

38.4

181.9238.5

135.0119.6106.8

560.026.9.146

22.322.3

205.0.139

944.1239.5

448.0373.5368.3

573.385.1.129

35,73715,163

13,143

3,91940,841

71413,2282,795

23.542.163.2

156.022.7

38.231.834.1

126.1207.6

98.9121.5

492.550.3.138

31.323.4

198.2.137

856.2205.3

406.0390.9397.5

522.178.2.121

5,22836,11616,687

15,140

3,84647,063

65914,9042,109

24.925.644.5

137.80

36.431.135.8

39.3

98.9168.5

72.692.1105.8

420.641.5.137

15.721.5

184.6.134

846.4163.7

403.2340.2362.6

499.061.0.121

36,13714,210

12,112

3,67239,727

60712, 6361,831

30.641.463.2

123.57.1

37.935.3

38.5

71.9110.8

50.080.3113.0

292.554.6.135

37.221.0

180.7.133

856.5133.9

408.2375.8373.8

423.099.3.132

32,55416,181

15,032

4,90746,647

69714,5531,984

19.735.659.6

114.924.8

40.734.836.6

35.4

191.077.7

132.795.3133.4

236.230.6p. 135

48.720.4

184.7.128

697.274.2

329.5357.6385.3

297.489.9

5,32050,42515,382

14,847

4,02144,084

65814,024lf"~

28.742.360.8

106.834.4

40.139.038.5

32.0

297.991.0

212.1149.0145.9

243.618.1

45.918.8

188.2.128

999.797.2

474.8353.2366.2

373.028.5

'.132

44,05113,061

14,956

3,74741,771

67014,5051,920

38.239.957.1

124.618.7

36.538.737.6

28.6

338.496.1

236.5173.1130.3

272.137.9

33.517.1

199.9p. 128

125.6104.3

510.1423.2399.9

401.136.6p. 137

71,27314,937

13, 666

43,446689

12, 6511,701

3 1,913

LEATHER AND PRODUCTS

HIDES AND SKINSExports:

Value, total 9 thous. $__Calf and kip skins thous. skins__Cattle hides thous. hides..

Imports:Value, total 9 thous. $__

Sheep.and lamb skins thous. pieces._Goat and kid skins do

Prices, wholesale (f.o.b. shipping point) :Calfskins, packer, heavy, 9J4/15 lb $ per lb__Hides, steer, heavy, native, over 53 lb__ do

Production:LEATHEfi

Calf and whole kip thous. skins.Cattle hide and side kip thous. hides and kips__Goat and kid thous. skins__Sheep and lamb do_

Exports:Glove and garment leather thous. sq. ft_.Upper and lining leather .do

Prices, wholesale:Sole, bends, light, f.o.b. tannery $ per lb__Upper, chrome calf, B and C grades, f.o.b. tan-

nery $per sq. ft_.

74,5781,8587,971

63,03526,31014,774

p. 365p. I l l

5,59621,65414,18234,374

55,68641,081

p. 678

P 1.151

2,39111,504

81,87930,45512,882

p. 414v. 106

6,53522,83412,87431,548

46,49642,582

p. 662

p 1.200

9,005204

1,101

4,3821,052570

.450

.119

6291,845942

2,630

3,0152,756

1.223

7,922228

1,021

5,6641,378925

.500

.114

6371,8951,1202,333

3,9553,496

1.223

4,531130788

2,627616377

.500

.104

1,8751,1472,261

42,849

1.237

5,150130702

6,2132,246963

.105

5651,8841,0852,450

4,486

.695

1.237

6,037253

1,214

11,6596,3221,687

.520

.105

2,0331,2352,508

7,136

1.237

10,244226

1,324

.520

.116

5062,0221,2482,505

6,577

.700

1.243

11,809210

1,496

7,3532,7991,409

.550

.139

5321,9521,1622,646

6,804

.710

1.252

10,023218

1,219

6,2981,8251,430

.525

.134

5741,9841,3172,637

5,207

.710

1.248

9,720186

1,147

7,6643,763820

.525

.156

3971,5751,0711,902

4,836

.710

1.238

8,131190

5,5451,9991,282

.550

.194

4961,979

9732,723

5,627

.790

1.238

7,737190841

6,7722, 6071,225

.550

.174

'4641,9551,0662,558

5,420

.765

1.230

10,513161

1,339

6,0832,271

966

'.575.166

4742,0371,2962,469

7,169

.735

a . 247

9,655253

1,036

4,9681,382

968

P. 575P. 159

7,023

P. 750

1.253r Revised. *» Preliminary.1 Data withheld to avoid disclosure of individual operations; annual total is for 12 months.2 Crop estimate for the year.

3 Dec. 1 estimate of the 1965 crop.4 Effective Jan. 1965, data are for all leather, except sole and rough; see note "O" for p. S-21.9 Includes data for items not shown separately.




1963 1964

Annual

1964

Nov. Dec.

1965


LEATHER AND PRODUCTS—Continued

LEATHER MANUFACTURES

Shoes and slippers :JProduction, total thous. pairs.

Shoes, sandals, and play shoes, except athleticthous. pairs.

Slippers do___Athletic doOther footwear do

Exports do

Prices, wholesale, f.o.b. factory:Men's and boys' oxfords, dress, elk or side

upper, Goodyear welt 1957-59=100-Women's oxfords, elk side upper, Goodyear

welt -1957-59=100-Women's pumps, low-medium quality--.do

604,328

509,72277, 6199,7537,234

2,037

105.1

108.5110.7

612,789

516,124r 79, 267r 7, 116

' 10,282

1,912

105.9

106.5111.0

47,184

37,993r 7, 796'492r903

133

108.0

106.5111.5

49,312

42,433' 5, 549'559

-771

145

108.0

106.5111.5

52,426

46,8004,876559191

108.0

106.5111.1

52, 779

5,585629177

190

108.0

106.5111.1

59,926

51,8177,223702184

291

108.0

106.5111.0

52,365

44,8376,699629200

247

109.6

106.5111.2

49,436

41,5577,097580202

171

109.6

106.5111.3

51,145

43,0847,241587233

115

109. 6

106.5111.2

46,268

39, 7825,974353159

191

109.6

106.5112.8

57,105

48,1848,185549187

231

110.1

106.5112.4

53,859

44,3588,714571216

237

110.1

106.5112.4

51, 760

41, 7959,224503238

285

116.5

109.71 117.3

255

116.5

109.7116.6

LUMBER AND PRODUCTS

LUMBER—ALL TYPES

National Lumber Manufacturers Association:Production, total mil. bd. ft—

Hardwoods doSoftwoods do

Shipments, total doHardwoods doSoftwoods do

Stocks (gross), mill, end of period, total doHardwoods doSoftwoods do

Exports, total sawmill products doImports, total sawmill products do

SOFTWOODDouglas fir:

Orders, new mil. bd. ft—Orders, unfilled, end of period do

Production doShipments doStocks (gross), mill, end of period do

Exports, total sawmill products doSawed timber doBoards, planks, scantlings, etc do

Prices, wholesale:Dimension, construction, dried, 2" x 4", R. L.

$per M bd. f t -Flooring, C and better, F. G., 1" x 4", R. L.

$ p e r M bd. ft_.Southern pine:

Orders, new mil. bd. ft__Orders, unfilled, end of period do

Production doShipments doStocks (gross), mill and concentration yards, end

of period. ,__mil. bd. ft—Exports, total sawmill products M bd. ft__

Sawed timber do___.Boards, planks, scantlings, etc do

Prices, wholesale, (indexes):Boards, No. 2 and better, 1" x 6", R. L.

1957-59=100-Flooring, B and better, F. G., 1" x 4", S. L. •

1957-59=100-Western pine:

Orders, new mil. bd. ft—Orders, unfilled, end of period do

Production doShipments doStocks (gross), mill, end of period doPrice, wholesale, Ponderosa, boards, No. 3, 1" x

12", R. L. (6' and over) $ per M bd. ft_.

HARDWOOD FLOORING

Maple, beech, and birch:Orders, new__ mil. bd. ft—Orders, unfilled, end of period doProduction doShipments doStocks (gross), mill, end of period do

Oak:Orders, new doOrders, unfilled, end of period doProduction -___doShipments doStocks (gross), mill, end of period do

34,5466,72527,821

34,4106,51327,897

6,5871,9714,616

8775,344

8,294535

8,2798,267950

367138228

79.91

134. 22

6,095256

6,0136,064

1,33776,9739,98166,992

92.5

95.2

10, 085347

10,0841,679

67.42

34.610.533.632.57.1

819.736.9832.1829.546.6

35,4085,89129, 517

35,5876,290

29, 297

6,4341,536

9575,240

8,916607

8,9678,8451,075

136233

81.14

153.07

6,346281

6,3466,321

1,362102, 68411,70990,975

92.7

95.3

10, 565463

10, 57910,4491,809

65.49

31.910.128.531.24.0

35.6842.2824.254.5

2,738509

2,229

2,709559

2,150

1,5904,799

76405

555

665666

79.75

490260

505495

1,2726,711532

6,179

92.7

95.3

726413

781747

1,798

62.63

2.210.42.02.44.2

57.735.364.862.050.4

2,642441

2,201

2,556489

2,067

6,4341,536

72319

607

625639

1,075

27719

155. 52

459281

528438

1,3629,4711,1878,284

92.0

95.6

848463

809798

1,809

63.15

2.110.12.32.44.0

54.835.667.058.854.5

2,488465

2,023

2,657520

2,137

6,2741,4744,800

170180

750

663716

13519125

82.60

155.52

583357

500507

1,355i 2,515

92.3

95.6

813537

646738

1,716

63.66

2.510.72.21.84.3

65.839.465.062.057.5

2,723485

2,238

2,807557

2,250

6,1801,3944,786

50378

550656

721643

1,115

26817

83.45

157. 64

475346

498486

1,3674,790

92.5

95.6

806479

766865

1,617

68.44

2.811.52.32.14.6

58.345.860.154.760.2

3,270478

2,792

3,107550

2,557

6,2251,3124,913

84520

802676

867782

1,200

331122

82.64

158.19

568341

566573

1,36012,117

92.6

95.6

960524

965916

1,666

70.55

2.812.02.52.44.6

63.247.764.363.758.5

2,981470

2,511

3,088528

2, 560

6,1061,2504,856

76394

814684

820806

1,215

321121

81.69

158.19

582381

560572

1,34810,932

92.3

96.0

889511

9011,613

70.70

2.411.82.62.45.0

71.254.664.966.256.7

2,980533

2,447

3,112557

2,555

5,9741,2244, 750

81411

782

742785

1,172

351124

81.22

158.19

618

519589

1,27812,380

92.0

96.0

906505

923912

1,624

70.33

2.411.62.52.64.8

72.261.961.762.651.8

3,111539

2,572

3,229539

2,690

5,8641,2244,640

70532

814624

804872

1,104

28721

80.01

157.10

579374

540585

1,2339,126

947532

9211,641

18.28

3.111.82.93.24.4

69.556.265.170.046.7

2,969518

2,451

3,193515

2,678

5,6451,2264,419

500

673

712788

1,021

381523

80.84

157.10

605387

562592

1,2038,136

93.4

96.8

1,064590

9171,0051,553

66.65

3.411.92.43.0

73.262.263.567.242.9

3,262552

2,710

3,316548

2,768

5,5661,2294,337

85513

773654

788792

83.34

155. 79

615

543614

1,1328,762

95.0

97.3

1,025526

1,0681,0551,566

66.34

1.911.42.22.93.1

83.370.068.972.537.7

3,349507

2,842

3,208537

2,671

1,1964,502

77449

719550

832823

1,007

34925

83.46

155.79

591373

582606

1,1086,212

96.0

98.2

935507

1,124954

1,736

67.53

2.611.42.62.73.0

71.670.270.771.437.0

3,128539

2,589

3,163568

2,595

5,6761,1614,515

87429

739518

772771

1,043

401229

* 82.27

155.79

572367

548578

1,078

96.2

98.8

943491

9591,746

' 67.07

2.611.12.32.53.1

64.069.264.666.434.9

2,970539

2,431

2,888550

2,338

5,7331,1474,586

67412

752523

777747

1,073

265

22

P81.86

"156.40

534

541552

1,0679,466

98.0

99.1

774456

839809

1,776

*>65.53

2.911.82.02.12.8

62.069.863.961.435.8

r Revised. » Preliminary.1 See note " O " for p. S-21.

% Revisions for Jan.-Oct. 1964 are shown in Bu. of Census report M31A(64)-13.




1963 1964

Annual

1964

Nov. Dec.

1965


METALS AND MANUFACTURES

IRON AND STEELExports:

Steel mill products thous. sh. tons__Scrap do-___Pig iron._-_ do

Imports:Steel mill products doScrap . doPig iron . do

Iron and Steel Scrap

Scrap for consumption, total thous. sh. tons__Home scrap produced doPurchased scrap received (net) do

Consumption, total ____doStocks, consumers', end of period doPrices, steel scrap, No. 1 heavy melting:

Composite (5 markets) $ per lg. tonPittsburgh district do_

Ore

Iron ore (operations in all U.S. districts) :Mine production thous. lg. tons—Shipments from mines do_.Imports do_.

U.S. and foreign ores and ore agglomerates:Receipts at iron and steel plants do_.Consumption at iron and steel plants do_.Exports do_.Stocks, total, end of period do_.

At mines do_.At furnace yards do_.At U.S. docks do-

Manganese (mn. content), general imports do-__

Pig Iron and Iron ProductsPig iron:

Production (excluding production of ferroalloys)thous. sh. tons . .

Consumption doStocks (consumers' and suppliers'), end of period

thous. sh. tons__Prices:

Composite $ per lg. ton_.Basic (furnace) doFoundry, No. 2, Northern do

Castings, gray iron:Orders, unfilled, for sale, end of period

thous. sh. tons-Shipments, total do___

Forsale do-__Castings, malleable iron:

Orders, unfilled, for sale, end of periodthous. sh. tons_

Shipments, total do___Forsale do___

Steel, Crude, Semifinished, and Finished

Steel ingots and steel for castings:Production- thous. sh. tons.

Index daily average 1957-59=100-Steel castings:

Orders, unfilled, for sale, end of periodthous. sh. tons_

Shipments, total do___For sale, total do__-

Steel forgings (for sale) :Orders, unfilled, end of period do___Shipments, total do___

Closed die (drop, upset, press) _do__-

Steel products, net shipments:Total (all grades) do..

Semifinished products do.Structural shapes (heavy), steel piling do_Plates do-Rails and accessories do_

Bars and tool steel, total do__Bars: Hot rolled (incl. light shapes) do__

Reinforcing do__Cold finished do__

Pipe and tubing do._Wire and wire products do__Tin mill products do__Sheets and strip (incl. electrical), total do__

Sheets: Hot rolled do__Cold rolled do.

Steel mill products, inventories, end of period:Consumers' (manufacturers only) __mil. sh. ton

Receipts during month doConsumption during month do

Service centers (warehouses) do.Producing mills:

In process (ingots, semifinished, etc.) doFinished (sheets, plates, bars, pipe, etc.) _ do

Steel (carbon), finished, composite price $ per lb__

2,2246; 364

70

5,446222659

74,08644,65529,43274, 6217, 945

26. 7827. 00

73,59974,38733,488

.01, 502:04, 0296,81677, 50311,09961, 0575,347

1,004

71,91772,689

2,806

62.8763.0063.50

71912, 7647,090

523

109, 261112.5

2621,5041,197

3421,5531,177

75, 5553,1525,3167,2341,106

11,6657,5682, 68T1,31'7,04c3,13*5,85*

31, 0428,82614,510

9.57.56.

7.7.

.070

3,4357,881

176

6,440299751

84,09352,26231,83184, 6267,413

32. 7734. 70

84,83685,18442,416

.18,325

.22,1976,96371,67710,75257,1843,741

1,032

85, 60186,382

2,461

62.7563.0063.50

85514,3168,131

1221,001589

127, 076130.5

1,8351,467

4591,742

84,9454, 2296,0858,4911,395

13,1998,40:3,22cl,46r

8,13'3,1056,083

34,2229,948

15, 69S

11.62.60.4.

9.8.

.071

49514

7343675

7,2184,5342, 6837,3727,287

36.3939.50

5,2907,6783,700

.1,4760,900648

% 4658,05162,4074,007

194

7,6747,641

2,410

62.7563.0063.50

8411,202726

1217647

11,292141.4

340154121

445144111

7,314418546762108

741265121

23-399

3,092862

1,45*

10.5.5.3.

9.8.

.071

35362410

5232349

7,5984,7672,8317,5427,413

36,9840.00

4,4592,9453,501

6,249.1,472

30970,4909,56517,1843,741

108

7,9587,955

2,461

62.7563.0063.50

8551,202682

1228349

11,612140."

33'163127

459156117

7,673401540834129

1,17C75526613"6722*41

3,28C901

1,571

11.6.5.4.

8..071

11151281(12)

3471929

7,4674,7422,7257,7567,138

.6139.00

4,5161,7822,192

3,981.1,5222 139

65,17912,31049, 6433,226

97

8,0138,012

2,461

62.7563.0063.50

9241,241

1239554

11, 830143.4

370158124

485155125

8,050385566844132

1,19984818615560127563

3,41951

1,6H

II.1

6.5..4.

8..071

162

4521632

7,2844,4632,8217,4177,002

35.7938.00

4,1691,7472,382

4,0530,446195

60,99014, 73243, 2493,009

104

7,3127,362

2,458

62.7563.0063.50

9491,201674

1309050

10,866145.8

334159125

491159126

7,839414530742135

1,15'786201160688

3,256929

1,507

12.5.5.4.

8..071

2817703

1,0251828

8,4465,1743,2728,5296,915

35.4136.75

4,7801,9662,943

4,74811,566

19656,43117,54636,4312,454

71

8,204

2,374

62.7563.0063.50

9741,425814

13610961

12,347149.7

363181145

494192151

9,590469638871163

1,46298626220397C36£81

3,828l,06C1,774

13.7.6.4.

7.8.

.071

230597

5

8,3005,0023,2988,2486,960

35.5237.50

5,4694,6223,489

7,08111,162

51652, 57718,39332,3501,834

122

7,9518,030

2,300

62.7563.0063.50

9401,404816

13910056

11, 966149.9

17313'

484173135

10,101489648881166

1,5341,041279203

1,040420

1,0263,8961,1821,74"

15.:7.4

7.:6.

.071

2006232

1,0141799

8,1114,8903,2218,0437,027

35.6638.50

9,144.0, 9134,120

14,08211,682

92953, 07916, 62434, 7501,705

97

8,1958,165

2,402

62.7563.0063.50

9601,376822

1529653

12,012145.6

355164131

512162127

7,874395569811148

1,26682728514577830631

3,286960

1,

15.16.

8.7.

.0715

177472

1

1,1922880

4,8633,2208,0217,066

33.8835.00

10,10211,3335,106

15,25611,083

95055,90915,39238, 9231,594

109

7,8497,864

2,508

62.7563.0^63.50

9171,454

144105

11, 593145.2

357178143

510172134

39457'808132

1,28281430515273298419

3,244942

1,485

15.86.25.4.2

7.3.0715

1887111

1,0941767

7,5694,7282,8407,5827,051

33.8435.00

10, 50812,4814,505

5,92911,1331,037

58, 93113,42043, 7101,801

74

7,7807,836

2,505

62.7563.0063.50

9251,282771

1658144

11, 551140.0

134105

544152114

7,699379590833101

1,21176"298138744268521

3,052893

1,409

16.35.55.4.4

8.7.

.0715

1955612

1,06122

7,6084,7312,8777,5157,184

32.7335.00

10,85111,6995,128

15,36710,8971,033

62, 67512,57248,1811,922

115

7,6617,762

2,416

62.7563.0063.50

8921,302815

1718150

11,324137.3

389152120

154114

8,634403606856101

1,328836315167877323733

3,4061,0091,538

17.26.05.14.6

8.27.

.0715

2045502

15114

30.6731.00

10,28210,3663,894

13,2249,764544

66,35712,48651,6412,230

105

62.7563.0063.50

881' 1,322

777

17690

'54

9,949124.6

171138

'172'134

33351682796

1,083644291139588248275

2,733797

1,178

17.05.25.4.6

7.30.715

2543341

89218101

29.3032.00

9,9554,093

12,9298,976778

69,46611,42455,5942,448

125

6,310

62.7563.0063.50

8791,281740

1739654

9,296112.7

404162130

573178139

6,23726552383399

1,036626264137566228360

2,327662985

'15.6' 4 .' 5 . 6

4.6

' 8 . 3' 7 . 4

.0715

218509

1

20

P29.57*>32.00

4,131

10,0508,213

331

57,4302,556

5,880

63.00P63.50

8,822110.5

6,200323512777111

972592237132534226631

2,116600880

P 4 . 4*>5.8

.0715

9,627116.7

.0715

r Revised. » Preliminary. i See note " O " for p. S-21. 2 Less than 500 tons. 3 Revised total; monthly revisions are not available.


January 1966 SURVEY OF CUEEEFT BUSINESS S-33


1963 1964

Annual

1964

Nov. Dec.

1965

Jan. Feb. Mar. Apr. May- June July A-Ug. Sept. Oct. Nov. Dec.

METALS AND MANUFACTURES—Continued

IRON AND STEEL—Continued

Steel, Manufactured Products

Fabricated structural steel:Orders, new (net). thous. sh. tons__Shipments _ doBacklog, end of period _--_do

Barrels and drums, steel, heavy types (for sale):Orders, unfilled, end of period thous__Shipments __do

Cans (tinplate), shipments (metal consumed),total for sale and own use thous. sh. tons__

NONFERROUS METALS AND PRODUCTS

Aluminum:Production, primary (dom. and foreign ores)

thous. sh. tons__Recovery from scrap (aluminum content) __ doImports (general):

Metal and alloys, crude _doPlates, sheets, etc : do

Exports, metal and alloys, crude do

Stocks, primary (at reduction plants), end ofperiod •___thous. sh. tons__

Price, primary ingot, 99.5% min ___$ per lb__

Aluminum shipments:Ingot and mill products (net) mil. lb_-

Mill products, total doPlate and sheet (excl. foil) do

Castings _.do

Copper:Production:

Mine, recoverable copper thous. sh. tons__Refinery, primary do_

From domestic ores do_From foreign ores ___do_

Secondary, recovered as refined do_Imports (general):

Refined, unrefined, scrap (copper cont.)__doRefined _do.

Exports:Refined and scrap ___do_

Refined do_Consumption, refined (by mills, etc.) do.

Stocks, refined, end of period , do_Fabricators' do_

Price, bars, electrolytic (N.Y.) $perlb_.

Copper-base mill and foundry products, shipments(quarterly total):

Copper mill (brass mill) products— mil. lb__Copper wire mill products (copper cont.)___doBrass and bronze foundry products do

Lead:Production:

Mine, recoverable lead thous. sh. tons__Recovered from scrap (lead cont.) do_

Imports (general), ore (lead cont.), metal___doConsumption, total do_.

Stocks, end of period:Producers', ore, base bullion, and in process

(lead content), ABMS__ thous. sh. tons__Refiners' (primary), refined and antimonial

(lead content) thous. sh. tons__Consumers'cf do_Scrap (lead-base, purchased), all smelters

thous. sh. tons__Price, common grade (N.Y.) $ perlb__

Tin:Imports (for consumption) :

Ore (tin content) lg. tons__Bars, pigs, etc _do

Recovery from scrap, total (tin cont.) _doAs metal do_

Consumption, pig, total do_Primary do_

Exports, incl. reexports (metal) do_Stocks, pig (industrial), end of period§ do.Price, pig, Straits (N.Y.), prompt $ per lb._

Zinc:AMine production, recoverable zinc

thous. sh. tons__Imports (general):

Ores (zinc content) do.Metal (slab, blocks) do_

Consumption (recoverable zinc content):Ores do-Scrap, all types do.

4,0344,0972,322

1,11923,063

4,621

2,312.5703.0

415.841,3

165. 3

99.1.2262

4', 257. 21,995. 21,207. 2

1,213. 21,586.41, 219. 3377.0288.4

541. 6118.4

360.5311.5

1, 754. 5

145.382.8.3060

2,4651,711957

253.4493.5

376.01,163.4

110.2

56.7119.9

r 66.3.1114

()43,15122,3323,06178,30355,209

1,62529,3641.1664

529.3

373.2144.8

4 104. 74 204.4

4,5004,2412,712

1,15424,312

4,737

2, 552. 7657.0

392.449.7

208.6

96.9.2372

7, 060. 04,831. 42, 273. 9

H,253.7

'1,246.81,656.41, 259.9

396. 5332. 4

584.8137.7

430.6316.2

1,859. 2

149.6110.0.3196

2,7871,9921,063

286.0541.6

334.21,202.1

38.1113.4

71.5.1360

()31, 58423, 5083,33482, 78058,476

'4 4,04124,3431. 5772

574.9

357.1118.3

4 105. 94 222.5

433320

2,727

1,1461,879

325

214.050.0

20.33.815.1

116.1.2410

536.8382.4171.480.0

110. 0134.8110. 724.126.6

36.311.4

40.227.0148.6

144.290.7

23.444.0

19.2102.0

90.8

38.2115.3

61.8.1500

3121,7681,875275

6,1904,245

9021, 2851.9027

:8.7

30.512.3

8.016.8

358309

2,712

1,1541,959

331

• 222. 654.0

27.83.720.3

96.5.2434

651.0422.0192.085.2

111.8156.1121.934.233.7

69.814.0

58.037.0

160.2

149. 6110.0.3370

664519267

25.141.8

26.3106. 6

39.1108.8

68.6.1566

2682,4221,980

2856,7954,680

40324,3431. 6311

'52.0

32.99.4

8.716.6

3162,740

1,2431,711

318

222.756.0

12.91.1

117.5

107. 5.2450

530.6401.5187.8

2 113. 2

115.7146.6115.031.631.4

26.26.7

121.5U5.4166.4

158.291.9

.3360

24.044.3

31.2103.0

35.6106.5

74.3.1600

4731,8452,035

2407,0904,900

125123,6551. 5726

50.5

29.112.1

8.616.9

417294

1,751

1,3031,665

368

203.256.0

33.43.9

15.6

97.7.2450

614.7414.3196.2116.7

107.1131.4107.024.331.2

45.48.2

32.726.2167.5

146.483.0.3360

23.345.9

26.598.5

34.6101.0

70.6.1600

172,2392,035240

6,9704,980

21924, 0351. 5498

49.3

30.815.1

8.616.7

413365

3,022

1,2812,267

343

230.062.0

46.25.2

27.7

81.0. 2450

778.6528.5263.5136.4

121.4150.1118.831.335.4

35.512.6

63.548.3178.5

119.974.9. 3360

706513275

26.551.5

29.8102.2

29.9103.8

66.1.1600

8704,1831,990260

7,9055,775

56725, 2501. 6498

55.2

48.37.2

10.517.6

439351

3,071

1,3722,200

472

226.662.0

41.75.013.1

75.9.2450

726.3531.1275.4122.2

116.7150.0109.540.535.5

65.710.8

43.234.7

164.9

126.679.3

.3360

26.146.2

21.799.4

93.0

27.8100.4

65.7.1600

376

2,000250

7,4855,440

61124, 2601.8067

53.5

25.918.3

10.217.6

570318

3,279

1,2802,057

372

237.063.0

51.14.6

18.3

.2450

785.1535.8270.1115.0

119. 2144.6116.628.037.9

31.19.7

43.636.5171.1

112.376.7. 3545

22.046.7

18.799.4

86.9

27.2107.1

63.4.1600

4923,2071,925240

7,0105,080

8324, 2151. 9195

49.3

32.99.4

9.718.9

458363

3,245

1,2512,171

421

227.666.0

65.65.616.7

79.4. 2450

713.9517.6248.0121.7

116.2147.8110.237.535.3

58.412.9

29.318.9187.8

118.779.2.3560

798544274

22.448.1

25.8102.6

29.3110.8

62.5.1600

3223,0732,210310

7,6105,420

17323,1831.8894

52.1

32.33.7

8.919.1

337329

3,268

1,2642,001

235.157.0

51.45.119.0

83.0.2450

599.0436.9201.496.6

105.8143.8116.127.734.4

29.99.0

30.723.0124.5

162.3118.5.3560

22.640.5

37.186.1

93.9

31.0118.5

63.1.1600

402,6481,790230

6,7555,005

14223, 5871.8412

38.921.1

18.6

341413

3,176

1,3002,126

234.962.0

45.66.8

15.7

81.1.2450

648.4456.2200.7103.1

109.3139.4113. 026.433.4

36.79.5

33.326.0

178. 0

148.1111.2.3560

25.542.4

32.3103.1

26.3106.2

59.4.1600

2192,0611,815255

7,0755,135

22622,9851. 8696

50.5

36.110.7

8.618.5

438383

3,179

1,3232,045

497

218.7

39. (4.!17. (

71.0.2450

636.9461.1201.0117.2

107.9133.1101.132.036.6

39.011.4

29.022.0

183.2

132.893.3

.3560

716524249

'25.748.0

24.2105.3

105.3

24.395.5

53.8.1600

374,0151,885

2655, 9903,995

36424,3501. 9190

36.22.78.6

18.4

327411

3,177

1,2731,975

407

237.2

42.86.9

13.2

76.8.2450

632.4461.8191.7117.5

115.1143.5107.436.140.9

55.418.3

32.226.3

*>178.2

v 130.8

25.548.4

37.7111.2

25.092.2

52.2.1600

7922,552

6,2053,915

14925,3151. 8532

51.3

34.820.7

10.418.6

415365

3,199

236.5

41.67.0

14.5

75.0.2457

109.0137.6106.631.036.7

63.816.4

32.525.5

v 128.6P 8 4 . 9.3641

24.7

25.1

.1600

194, 348

131

1.7676

49.9

42.214.0

.2450

.3586

24.1

.1600

1.7423

49.2

r Revised. p Preliminary. * See note " O " for p . S-21. 2 Monthly data (1962-64),revised to the 1962 complete canvass of nonferrous producers, will be shown later; estimatesbeginning 1965 reflect the revised benchmark. 3 Data for Sept. 1963-Apr. 1964 are in termsof gross weight. 4 Revised total;- monthly revisions are not available.

cfConsumers' and secondary smelters' stocks of lead in refinery shapes and in copper-basescrap.

IStocks reflect surplus tin made available to industry by GSA.ABeginning Aug. 1964, data reflect sales to the industry of metal released from the Govern-

ment stockpile.




1963 1964

Annual

1964

Nov. Dec.

1965


METALS AND MANUFACTURES—Continued

NONFERROUS METALS AND PROD.—Con.

Zinc—ContinuedSlab zinc:A

Production (primary smelter), from domesticand foreign ores thous. sh. tons__

Secondary (redistilled) production doConsumption, fabricators' doExports doStocks, end of period:

Producers', at smelter (AZI)cf doConsumers' do

Price, prime Western (East St. Louis) _ $ per RE-

HEATING EQUIPMENT, EXC. ELECTRICRadiators and con vectors, shipments:

Cast-iron mil. sq. ft. radiation..Nonferrous do

Oil burners:Shipments thous._Stocks, end of period do

Ranges, gas, domestic cooking (incl. free-standing,set-in, high-oven ranges, and built-in ovenbroilers) thous--

Top burner sections (4-burner equiv) ship do

Stoves, domestic heating, shipments, total.__doGas do

Warm-air furnaces (forced-air and gravity air-flow),shipments, total thous..

Gas doWater heaters, gas, shipments do____

MACHINERY AND APPARATUS

Fans, blowers, and unit heaters, qtrly.:Fans and blowers, new orders. mil. $__Unit-heater group, new orders do

Foundry equipment (new), new orders, netmo. avg. shipments 1957-59=100-.

Furnaces (industrial) and ovens, etc., new orders(domestic), net ..mil. $..

Electric processing do—Fuel-fired (exc. for hot rolling steel) _'__do

Material handling equipment (industrial):Orders (new), index, seas, adj 1957-59=100-

Industrial trucks (electric), shipments:Hand (motorized) number.-Rider-type do—

Industrial trucks and tractors (internal combustionengines), shipments number-

Machine tools:Metal cutting tools:

Orders, new (net), total mil. $-.Domestic do—

Shipments, total do—Domestic do—

Estimated backlog, end of period. _ _•_ _ .months..

Metal forming tools:Orders, new (net), total mil. $_.

Domestic do—Shipments, total do—

Domestic do___Estimated backlog, end of period months-

Other machinery and equip., qtrly. shipments:Construction machinery (selected types), total 9

mil. $_.Tractors, tracklaying, total do—_Tractors, wheel (con. off-highway) do—Tractor shovel loaders (integral units only),

wheel and tracklaying types mil. $_Tractors, wheel (excl. garden and contractors'

off-highway types) mil. $.Farm machines and equipment (selected types),

excl. tractors mil. $_ELECTRICAL EQUIPMENT

Batteries (auto, replacement), sh ipments . . . thous .Household electrical appliances:

Ranges (incl. built-ins), sales, total do___Refrigerators and home freezers, output

1957-59=100-Vacuum cleaners, sales billed thous.Washers, sales (dom. and export) doDriers (gas and electric), sales (domestic and

export) ,. thous-

Radio sets, production§ - doTelevision sets (incl. combination), prod.§- . .do .__.Electron tubes and semiconductors (excl. receiving,

power, spec, purpose tubes), sales mil. $_.Motors and generators:

New orders, index, qtrly 1947-49=100-New orders (gross):

Polyphase induction motors, 1-200 hp mil.D.C. motors and generators, 1-200 hp do___

892.6160.3

1,105.133.9

47.9'97.5.1200

U l . 9109.9

i 563. 261.0

363.9

1, 938. 71, 296. 7

1,384. 51,103. 52,403.8

164.662.7

131.9

98.513.540.8

128.7

6,5626,973

29,207

713. 90569. 95598. 50493. 20

5.6

217. 50190. 70183. 50154. 05

5.

1, 276.5i 314.4i 101. 0

i 293. 5

i 603. 6

841.1

31,840

1, 870. 0

127.84, 246. 43, 949. 2

11,595. 8

18,2817,130

609.9

151

149.230.8

954.1171.6

1,207. 326.5

31.2• 107.5.1357

10.5113.2

568.0

2,170.6342.6

1,810. 81, 227. 2

1,426. 01,162.1

1.1

182.374.9

218.6

114.913.757.5

152.0

6,8917,129

36,171

976. 50808.90791. 80636. 75

6,3

388. 70353. 30228. 20200. 85

10.9

1, 523. 7i 392. "

128.7

i 352. 9

1679.2

954.0

29, 302

1,965. 0

140.84, 506. 74,189. 6

'1,82

19,1769,570

653.0

178

183.236.3

80.05.8

100.4.1

36.498.0

.1450

9.6

50.639 5

172.523.8

132.992.5

121.997.0

190.5

201.6

8.31.14.1

163.1

585671

3,208

57.8565.6552.75

6.8

23.9520.4020.3518.1011.2

3,057

165.9

152.2409.6333.8

199.4

1,700914

57.1

15.82.

80.25.9

102.8

32.0103.0.1450

.78.8

35.442.6

172.124.9

98.670.6

106.387.9

194.2

45.018.1

358.5

13.61.45.6

169.3

724694

3,762

81.0570.7586.5070.35

6.3

38.2536.3524.2022.00

10.9

32193.423.0

72.6

142.1

190.

3,594

187.6

141.372.4316.1

193.1

3 1,963 93

58.

191

18.14.5

79.26.0

106.9

34.493.5

.1450

8.2

44.341.8

150.720.2

87.555.6

84.269.2

210.0

380.8

13.81.35.1

139.9

564566

2,944

81.8572.9568.1058.55

6.5

20.0018.4521.2019.6010.5

2,361

151.2

135.377.9309.5

145.5

1,70274f

55.2

14.73.2

75.86.2

104.3

28.487.1

.1450

7.3

38.042.9

167.022.7

86.355.3

90.173.9

230.4

407.3

11.91.95.5

184.9

572627

3,176

91.4078.0070.3560.45

6.7

22.5020.5524.5522.80

10.2

2,215

171.9

161.5416.7333.6

152.3

1,825851

55.0

16.43.4

83.26.7

118.7• 5

22.979.7.1450

8.3

45.645.8

206.928.9

128.089.1

92.877.1227.2

46.314.4

249.0

16.04.37.5

199.4

629808

3,445

97.8086.6590.3077.75

6.6

24.9523.3027.6525.10

9.7

412.2115.1

29.

95.4

220.1

294.5

1,769

205.5

168.4495.2390.0

145.8

3 2, 3063 996

64.5

205

18.94.1

82.86.5

109.81.2

20.277.6

.1450

.78.0

39.851.6

179.525.4

94.056.2

87.372.5

215.9

374.1

9.41.74.6

177.5

540663

2,604

96.0585.7077.7568.206.6

20.1517.7521.2519.409.5

1,722

161.7

162.0397.8298.0

91.9

1,757

59.4

19.53.2

113.3.4

25.2102.4.1450

.56.4

42.148.6

170.025.6

82.357.3

97.482.3192.1

192.9

11.31.15.3

165. 8

557820

3,242

74.7567.1082.4571.756.4

24.0522.5527.9024.809.0

1,660

144.1

160.5329.315.0

83.3

1,793751

57.5

17.63.

82.66.5

115.5.3

23.3102.3.1450

.78.4

46.347.9

199.231.4

110.377.5

107.388.7

205.0

53.619.0

274.6

9.71.45.1

188.6

765848

3,625

93.6587.1083.7571.15

6.5

40.8539.7026.0023.55

9.4

520.2120.550.4

114.9

209.5

295.2

176.3

159.8367.388.7

109.0

3 2,1713 946

63.3

228

19.43.8

85.15.4

96.9.5

26.9110.6.1450

11.4

43.444.6

153.919.7

158.8106.4

116.696.0

214.0

18.31.06.7

165.6

742842

3,497

95.6084.7569.4560.70

26.7026.0520.2017.75

9.4

2,052

148.5

125.1329.2356.1

1,757596

52.3

16.24.4

84.96.4

113.9.4

29.2128. 2.1450

1.011.6

41.2

191.527.1

186.5120.3

140.4112.2206.2

387.0

10.51.06.0

193.3

558695

3,378

106. 8095.4057.5550.10

7.3

24.5522.9520.3518.859.7

2,422

163.4

87.376.398.6

213.3

1,764819

63.4

15.53.6

84.05.3

117.0.2

27.3129.3.1450

1.013.1

-36.1

226.631.7

220.1150.7

181.8139.6

16.0

316.9

12.62.07.2

175.4

745899

3, 729

99.8587.0080.8070.907.6

25.6024.0021.2018.959.8

406.298.436.0

91.3

161.5

244.4

3,360

186.0

145. 3497.7430.6

274. 2

i 2, 214s 1, 230

72.4

209

19.23.2

87.56.0

117.8.2

30.3130.5.1450

12.4

35.9

212.726.1

253.7183.2

172. 5133.0234.2

295. 0

11.41.3

8101,015

3,910

99.2593. 0091. 0575. 60••7.6

35.2033.4524.3021.90'10.3

2 39.5

3,529

174.0

160.1534. 4397.2

279.1

2,312

70.0

15.94.2

27.2

.1450

13.82.07.7

112.00101.3577.3066.607.9

26.2524.3522.5019.3510.6

147.5543.5370.4

234.3

' 2, 074' 1, 044

18.13.1

30.1

.1450

3 2, 37931, 217

r Revised. » Preliminary. l Revised total; monthly revisions are not available.2 For month shown. 3 Data cover 5 weeks; other months, 4 weeks. 4 Less than 100

ton?.ASee similar note, p. S-33.

cf Producers' stocks, elsewhere, end of Dec. 1965, 8,800 tons.9 Includes data not shown. . .§ Radio production comprises table, portable battery, auto, and clock models; beginning

Jan. 1964, data for television sets include color sets.




1963 1964

Annual

1964

Nov. Dec.

1965


PETROLEUM, COAL, AND PRODUCTS

COALAnthracite:

Production __thous. sh. tons_Exports doPrice, wholesale, chestnut, f.o.b. car at mine

$persh . ton_Bituminous:

Production thous. sh. tons_

Industrial consumption and retail deliveries,total 9 thous. sh. tons_

Electric power utilities doMfg. and mining industries, total do

Coke plants (oven and beehive) do

Retail deliveries to other consumers do

Stocks, industrial and retail dealers', end of period,total 9 - thous. sh. tons_

Electric power utilities doMfg. and mining industries, total do

Oven-coke plants do

Retail dealers do

Exports do

Prices, wholesale:Screenings, indust. use, f.o.b. mine

$ per sh. ton_Domestic, large sizes, f.o.b. mine do

COKEProduction:

Beehive thous. sh. tons_Oven (byproduct) doPetroleum coke§ do

Stocks, end of period:Oven-coke plants, total ____do

At furnace plants doAt merchant plants do

Petroleum coke . doExports do

PETROLEUM AND PRODUCTS

Crude petroleum:Oil wells completed mumber_Price at wells (Okla.-Kansas) $ per bbl_Runs to stillsj mil. bbl_Refinery operating ratio__ % of capacity-

All oils, supply, demand, and stocks: tNew supply, total mil. bbl_

Production:Crude petroleum doNatural-gas liquids, benzol, etc do

Imports:Crude petroleum doRefined products do

Change in stocks, all oils (decrease,—) do

Demand, total do_.Exports:

Crude petroleum do_.Refined products do_.

Domestic demand, total? do_.Gasoline do_.Kerosene __do_.

Distillate fuel oil do_.Residual fuel oil __do_.Jet fuel do_.

Lubricants do_.Asphalt do_.Liquefied gases do_.

Stocks, end of period, total. doCrude petroleum doNaturaLgas liquids doRefined products do

Refined petroleum products: tGasoline (incl. aviation):

Production do_.Exports do_.Stocks, end of period do_.

18,2673,353

13.361

458,928

409,225209,038175,96977,633

23,548

70,08349,31420,2708,014

499

47, 078

4.7487.014

97153,30816,138

2,8792,394

4851,297

451

20,2882.93

3,170.787

3,928. 4

2,752.7401.0

412.7362.1

1.3

3,927.1

1.774.2

3,851. 21, 632.1

172.2

747.3538.9115.2

43.6117.4236.9

835.6237.433.7

564.5

1, 625.27.0

190.9

17,1841,575

13.895

431,116223,032187,75888, 757

19, 615

75,34252,66122,30510,081

376

47,969

4.7986.895

1,23660,90816,865

1,9711,708262

1,359524

20, 6202.92

3,223.387

4,036.1

2,786.8422.5

438.6388.13.7

4, 032. 4

1.472.5

3,958. 51, 685. 5178.4

750.4554.6118.6

45.8120.2247.9

839. 2230.135.7573.5

1, 687.48.0

199.5

1,340

78

14.196

41,877

36,97318, 67816,3647,879

1,851

77,28354,78522, 087

9,873

411

3,718

4.8107.094

1425,3731,354

2,1951,890304

1,375

1,8362.92260.9

85

328.8

229.035.7

34.130.04.2

324.6

05.4

319.2129.815.1

66.145.49.7

3.68.022.2

882.5236.843.2

602.4

139.7.7

197.2

' 1,414

61

14.196

43,364

41,85921,17417,7588,167

2,906

75,34252, 66122,30510,081

376

3,791

4.8107.144

1615,5691,412

1,9711,708

2621,359

36

1,6622.92

278.3

349.3

240.937.3

31.739.5

-43.2

392.6

.16.3

386.1144.020.7

95.160.67.3

3.43.9

29.2

839.2230.135.7

573.5

145.8.9

199.5

1,262132

14.441

39,390

42,81321,47118, 5178,215

2,825

70,43549,19520,9309,517

310

1 2,218

4.7887.176

1565,6031,496

1,8551,634221

1,461

1,4552.92277.1

87

362.4

240.937.0

37.347.1

-15.2

378.7

.15.0

372.52 125.02 13.0

92.865.3

2 18.7

3.93.525.7

824.0230.231.0

562.8

2145. 62.8

2 213.9

Prices (excl. aviation):Wholesale, ref. (Okla., group 3) $ per gal__ .109 .102 .113 .113 .113Retail (regular grade, excl. taxes), 55 cities

(1st of following mo.) $pergaL_ .201 .200 .202 .202

' Revised. *> Preliminary. * See note " O " for p . S-21.2 Beginning Jan. 1965, gasoline excludes special naphthas; aviation gasoline represents

finished grades only (alkylate excluded); commercial jet fuel (formerly included with kerosene)is included with jet fuel.

1,04523

14.441

37,290

38,69719, 60816,3467,554

2,743

67,141

20, 2969,225

256

2,675

4.7897.175

1505,1281,406

1,6561,485171

1,50757

1,5542.92250.3

87

327.1

218.634.3

32.741.5

-22.1

349.2

()4.7

344.4119.612.0

86.958.014.8

3.23.524.3

801.9230.327.7544.0

130.5.3

225.0

.113

.192

1,30542

14.441

43,150

41,39421,13417,8878,445

2,370

64,92344,67020,0709,424

183

3,040

4.7856.960

1815,7321,448

1,4241,277147

1,50874

1,5222.92275.2

366.4

243.838.4

41.442.8

-11.3

377.7

()6.3

371.3140.411.0

83.959.417.2

4.34.825.2

790.6239.626.3524.8

139.7.3

224.9

.110

.212

1,17145

12.005

41,605

35,86618,32316,4798,144

1,019

65,48944, 97320,3499,576

167

4,268

4.8046.582

1495,5691,332

1,2251,095130

1,53959

1,4782.92262.3

85

353.2

236.836.7

38.141.612.2

341.0

.26.3

334.5140.96.3

61.054.917.6

3.87.718.5

802.9251.429.7521.8

133.4.4

217.4

.113

1,31373

12.005

41,390

35,41718,63216,1748,130

528

47,71320,7639,749

216

4,707

4.8066.551

1365,7811,390

1,136993143

1,564

1,3542.92272.9

85

346.8

238.336.8

39.032.923.9

323.0

05.8

317.2149.64.3

45.839.619.7

4.212.316.9

826.7255.135.0

536.7

137.9.5

205.6

.113

.208

1,62693

12.005

42,810

35,58419,29215,7618,119

442

71,41849,85721,3119,970

250

4.7996.595

1635,5661,407

1,118982136

1,548

1,5832.92273.1

87

340.9

232.435.2

39.933.313.3

327.5

.16.2

321.2155.24.5

41.838.618.2

4.315.717.1

840.1253.638.7547.8

141.6.7

192.6

.113

.213

1,256

82

12.495

33,880

36,13520,01815,4818,161

564

66,14947,48218,4077,744

4,231

4.7996.645

1515,5981,475

1,1771,017160

1,511

1,5212.92288.7

345.5

237.636.6

40.730.613.2

332.3

.45.7

326.2156.74.9

44.337.818.6

4.117.217.1

853.2242.143.6567.6

148.5.3

185.1

.113

.209

1,292

88

12.495

46,310

37,54521,05115,5628,120

840

69,30849,24419,7688,484

296

5,086

4.7866.833

1535,5471,489

1,2711,085185

1,46099

1,7842.92286.1

89

347.4

240.236.5

40.829.910.9

336.5

05.7

330.8154.45.9

47.936.820.0

4.017.817.9

864.1236.446.7581.0

150. 4.4

181.8

.113

.211

1,364129

12.495

43,370

19,93614,9107,504

1,266

70,41850,41119,7158,253

5,160

4,7907. 017

85!5,2081,443

1,4841,278

2061,418

73

1,8442.92

270.2

329.1

222.535.0

43.228.44.3

324.8

05.2

319.6142.5

6.0

49.837.519.6

4.015.519.0

868.4231.146.9

590.4

140.5.3

180.3

.113

.201

1,269108

12.985

46,820

38,16320,06616,237'7,457

' 1,748

73,00052, 01720,691' 9, 107

'292

5,560

'4.795'7.144

'725,1581,358

1, 9181,690

2271,414

65

1,3752.92

281.787

357.4

244.137.9

39.136.212.1

345.3

.25.1

340.0147.0

7.7

56.945.818.2

3.814.721.9

880.5231.845.9

602.8

140.5.3

176.6

.113

.209

1,25569

*12.985

46,150

39,17220, 55216,4637,114

2,078

75,16153,12521,6719,678

4,627

P4.795»7.194

4,952

2,3422,101

241

77

^2.92

. 113

.213

1,286

.210

» Less than 50,000 bbls.9 Includes data not shown separately.§ Includes nonmarketable catalyst coke.f Revisions for Jan.-Oct. 1964 will be shown later.




1963 1964

Annual

1964

Nov. Dec.

1965


PETROLEUM, COAL, AND PRODUCTS—Continued

PETROLEUM AND PRODUCTS—Continued

Refined petroleum products!—ContinuedAviation gasoline:

Production mil. bbl__Exports —_ _• doStocks, end of period.- do

Kerosene:Production do____Stocks, end of period doPrice, wholesale, bulk lots (N.Y. Harbor)

$pergal_.Distillate fuel oil:

Production __mil. bbl__Imports do____Exports _ doStocks, end of period doPrice, wholesale (N.Y. Harbor, No. 2 fuel)

$ per gaL-Residual fuel oil:

Production mil. bbl__Imports— doExports doStocks, end of period. doPrice, wholesale (Okla., No. 6) $ per bbl__

Jet fuel (military grade only):Production mil. bbl._Stocks, end of period do

Lubricants:Production doExports —.- doStocks, end of period ____doPrice, wholesale, bright stock (midcontinent,

f.o.b., Tulsa) $ per gal__Asphalt:

Production mil. bbl_.Stocks, end of period d o —

Liquefied petroleum gases:Production d o —Transfer from gasoline plants doStocks (at plants, terminals, underground, and

at refineries), end of period mil. bbL

Asphalt and tar products, shipments:Asphalt roofing, total thous. squares.

Roll roofing and cap sheet do___Shingles, all types do__.

Asphalt siding do___Insulated siding do___Saturated felts thous. sh. tons.

124.24.69.4

165.934.1

10.2

765.19.1

15.0156.7

.092

275.9272.815.347.51.57

99.48.5

63.118.314.3

.270

111.914.4

56.4182.0

30.3

64,48924,10940,380

797843

127.85.49.1

169.536.2

.096

742.411.85.4

155.8

.086

266.8295.818.940.41.50

108.09.9

63.718.214.1

.270

114.914.2

59.2189.6

31.8

71,07526, 21844,857

720680995

10.1.5

8.7

15.038.6

.095

58.9.62

182! 6

.08523.323.31.3

46.11.65

8.78.9

5.31.5

13.3

.270

8.211.7

4.617.3

40.6

5,3202,1163,203

704775

10.9.6

9.1

17.336.2

.099

66.81.9.4

155.8

25.130.91.5

40.41.80

8.2

5.71.6

14.1

.270

6.114.2

5.123.2

31.8

3,8151,4852,329

502762

1.818.2

124.0

.101

66.81.1.4

130.6

.091

25.338.71.5

38.31.80

U4.9117.7

4.91.3

13.9

.270

5.716.9

4.820.6

26.8

3,4041,4161,989

452564

3.8.28.5

8.720.7

.101

61.0.8.2

105.3

.091

22.434.21.735.71.80

13.718.7

4.91.114.4

.270

5.719.4

4.819.2

23.2

3,9801,5292,351

472370

4.0.38.8

8.418.1

.101

62.21.4.6

84.6

.091

24.734.71.634.41.75

16.019.2

5.51.614.0

.270

7.422.4

4.820.1

21.4

5,5042,2893,215

493891

3.8.39.0

6.918.7

.095

58.6.8.2

82.8

.087

22.034.11.434.51.75

15.820.0

5.31.913.7

.270

23.3

4.514.5

25.3

5,2161,9923,224

3747

4.3.48.5

6.621.0

.095

61.51.2.3

99.4

.087

21.324.6

.940.11.75

16.920.0

5.61.713.4

.270

12.223.5

4.913.0

31.1

6,0702,1973,874

406175

4.0.78.2

7.023.4

.095

58.7.5.2

116.6

.087

20.923.61.045.21.75

15.720.5

5.11.312.9

.270

12.120.7

4.812.8

35.3

7,2152,5914,625

5070

4.2.38.2

6.725.3

.095

65.5.9.3

138.5

.087

21.622.11.350.21.80

16.821.0

5.41.412.8

.270

14.418.5

4.912.3

40.1

7,6342,8564,778

526695

4.1.38.5

6.626.0

.095

66.41.6.3

158.4

.087

21.120.41.353.81.85

16.019.8

5.4.9

13.3

.270

14.616.2

4.813.1

43.5

8,5463,3225,224

7065109

4.1.3

8.7

6.926.9

62.81.1.5

172.0

.090

19.520.01.055.11.90

16.017.9

5.11.413.0

.270

13.514.8

4.314.6

43.8

7,7663,130

3.8.2

8.4

8.127.3

'.100

65.71.3.1

182.0'. 092

22.427.51.158.41.95

16.518.2

5.11.612.8

.270

12.613.2

4.317.5

42.8

7,2792,9874,292

756382

.100

p .092

1.95

p .270

5,5442,2723,273

614573

PULP, PAPER, AND PAPER PRODUCTS

PULP WOOD AND WASTE PAPER

Pulpwood:Receipts. thous. cords (128 cu. ft.)_Consumption do—Stocks, end of period do___

Waste paper:Consumption thous. sh. tons_Stocks, end of period do___

WOODPULPProduction:

Total, all grades thous. sh. tons-Dissolving and special alpha do___Sulfate . do___Sulfite do__.

Groundwood do_Defibrated or exploded do_.Soda, semichem., screenings, etc do_

Stocks, end of period:Total, all mills do_

Pulp mills - _do_Paper and board mills do_Nonpaper mills do_

Exports, all grades, total do..Dissolving and special alpha do_.Allother do_.

Imports, all grades, total do_.Dissolving and special alpha do.AU other do_

PAPER AND PAPER PRODUCTSPaper and board:

Production (Bu. of the Census):All grades, total, unadjusted__-thous. sh. tons.

Paper . do___Paperboard doWet-machine board do___Construction paper and board do___

46,02246, 4354,732

9,551599

29,4351,367

17,4932,692

3,4731,4023,007

71720240876

1,422524

2,775260

2,515

39,21517, 25118, 267

1413,557

49,87249, 7114,843

9,493596

32,4291,457

20, 0062,685

3,5961,621

78122846292

1,602581

1, 021

2,922272

2,650

41,74818,18019, 663

1483,797

3,8013,9774,769

787482

2,624111

1,602192

321131268

728268381

1124270

25724232

3,4281,5031,613

12300

3,8413,8294,843

737596

2,544121

1,516208

314131253

78122846292

152

25726231

3,2491,4831,518

12236

4,1804,2344,983

789507

2,781120

1,699230

335125274

74327638780

2 732 1558

21016194

3,5371,5981,660

12267

3,7893,9254,818

784498

2,585117

1,584215

305122242

74729437380

763244

24423221

3,3701,4931,603

11262

4,1584,2934,809

494

2,855144

1,754239

336121261

73627338182

17667109

30126265

3,7881,6611,780

13335

4,0384,2684,695

831522

2,764122

1,694239

323128256

72326837778

1475890

25125226

3,6821,6111,736

11323

4,1904,3654,429

515

2,900132

1,787242

342125271

73527837483

1324885

24423221

3,7201,6091,776

12324

3,9353,9894,613

854518

2,646110

1,605242

324125239

74828438184

1074364

26263

3,5751,5321,688

13341

4,2344,1104,856

720555

1131,657218

319125247

76328140082

1195267

24523222

3,4191,4881,599

8324

4,3794,3514,985

833532

2,917134

1,822238

337122263

76630238381

1094267

26523242

3,7461,6081,788

11

4,2704,0855,268

840520

2,700120

1,678220

305121256

'743290

'37578

11041

25325228

' 3,626' 1, 544' 1, 730

'11'342

4,6114,6645,328

'899511

2,949130

1,817258

334126284

746311

'36970

1234974

26023237

' 3, 911r 1, 677' 1, 858

11'365

4,2284,3835,317

834511

2,894119

1,811232

339119275

74030036773

10133

30624

282

3,7581,6371,786

10325

' Revised. p Preliminary. i See note 2 for p. S-35. 2 See note " O " for p . S-21. ^Revisions for Jan.-Oct. 1964 will be shown later.



Unless otherwise stated, statistics through 1964and descriptive notes are shown in the 1965edition of B U S I N E S S S T A T I S T I C S

1963 1964

Annual

1964

Nov. Dec.

1965


PULP, PAPER, AND PAPER PRODUCTS—Continued

PAPER AND PAPER PRODUCTS—Con.

Paper and board—ContinuedNew orders (American Paper and Pu lp Assoc.):

All grades, paper and board tlious. sh. tons__Wholesale price indexes:

Printing paper 1957-59=100..Book paper, A grade doPaperjboard doBuilding paper and board do

Selected types of paper ( A P P A ) :Fine paper:

Orders, new thous. sh. tons._Orders, unfilled, end of period do

Production doShipments do

Print ing paper:Orders, new doOrders, unfilled, end of period do

Production doShipments do

Coarse paper:Orders, new do___.Orders, unfilled, end of period do_.__

Product ion . _______doShipments do

Newsprint:Canada:

Production doShipments from mills doStocks at mills, end of period do

United States:Production . doShipments from mills doStocks at mills, end of period do___..

Consumption by publishers©* doStocks at and in transit to publishers, end of

period thous. sh. tons__

Imports doPrice, rolls, contract, f.o.b. mill , freight allowed

or delivered ____$ per sh. t o n . .

Paperboard (National Paperboard Assoc.):Orders, new (weekly avg.) thous. sh. tons__Orders, unfilled, end of period doProduction, total (weekly avg.) do

Percent of activity (based on 6.5-day week)Paper products:

Shipping containers, corrugated and solid fiber,shipments mil . sq. ft. surf. area-

Folding paper boxes, shipments, index of physicalvolume 1947-49=100-

39,413

101.4107.494.796.2

2,09590

2,1312,098

5,372380

5,2695,269

4,263156

4,2414,211

6,6306,622

186

2,2182,208

34

5,585

545

5,413

134. 40

35749435887

128, 588

126.1

41, 646

101.4109.496.594.2

2,234

2,2442,237

5,800437

5,6235,623

190

4,3524,331

7,3017,310

178

2,2612,273

22

6,031

585

5,954

134. 23

386563384

137,234

125.7

3,395

101.4109.996.493.9

191106

182186

478420

477477

364203

360359

643665196

184

27

550

574

'545

134. 40

384576391

10,899

121.3

3,273

101.4109.996.493.3

175

180

496437

472472

362190

359360

614632178

17618122

535

585

584

132.40

35856335879

11, 599

128.7

3,534

101.4109.996.493.4

177116

191175

510448

490490

393214

375

606556228

19117934

490

571

422

132. 40

13901559

390

11,039

115.5

3,421

101.4109.996.492.2

195127

187190

484465

464464

387240

370365

582500311

174180

27

461

585

429

132. 40

40859740892

10,881

114.7

3,936

101.4109.996.392.2

223128

216223

577485

522522

411233

412414

650595366

18518725

535

559

554

132. 40

425642414

12, 519

132.4

3,733

101.4110. 796.392.3

213136

203201

511488

497497

389392

622677311

18318820

544

544

500

132. 40

41769241091

12,112

125.5

3,800

101.4110.796.392.7

208135

201207

512

504504

384226

392380

648691268

19621

570

526

515

132. 40

44174242392

11,865

119.9

3,631

101.4110.796.392.7

209145

200206

519522

503503

367232

359361

634697205

17119

527

560

581

132. 40

412760405

12, 674

133.0

3,632

101.4110.796.393.5

200161

186196

530558

471471

357226

357358

651642209

16816720

477

619

518

132. 40

81835978

11, 560

119.1

' 3,747

101.4110.796.393.3

'202'157

'204'208

'510'518

'493'493

'392'235

'382

663646225

196189

27

517

634

525

132. 40

41281841690

12, 639

129.9

3, 640

101.4110. 796.493.4

'197'153

'197'198

'523'549

'513"•513

'355'218

'372

637637225

16016720

509

573

132. 40

41384841590

13, 683

135.5

101.4110.796.593.8

*>206» 153

*>204

>538>542

?225

?392

217

18217823

591

580

539

132.40

44484444194

13,111

135.8

101.4111.596.593.5

717193

19319224

589

570

132.40

84744394

13,147

' 120.5

648691150

18118619

576

573

416803437

13,107

RUBBER AND RUBBER PRODUCTS

RUBBERNatura l rubber:

Consumption thous. Ig. tons__Stocks, end of period doImpor ts , incl. latex and guayule doPrice, wholesale, smoked sheets (N.Y.)__$ per lb__

Synthetic rubber:Production thous. lg. t ons . .Consumption doStocks, end of period doExports do

Reclaimed rubber:Production doConsumption _doStocks, end of period I_I_I~do"~_

T I R E S AND T U B E S

Pneumat ic casings:Production thous__

Shipments, total doOriginal equipment _____doReplacement equipment doExport do

Stocks, end of period do__Exports (Bu. of Census) do

Inner tubes:Production doShipments do__~~Stocks, end of period .doExports (Bu. of Census) do

457. 2360.58

379. 53v. 263

1, 608.451,306. 79

283.01283. 21

281.45263. 6731.19

139,073

138,54747,13489,866

1,546

29,452982

39, 65740, 7549, 573

913

481. 5086.85

441.19?.252

1,764.941, 451. 51

297.13321. 26

276. 26263.1930. 08

158,113

150,48848, 045

100,3692,075

37, 5531,589

42,43741, 89011,471

896

39.1678.9538.83.275

150. 88116. 69286. 9629.84

21.4019.6131.32

12, 797

11,1204, 0356,870

214

36, 608167

3,0703,008

11,19875

40.7986.8544.41.255

157. 52124. 97297.1329.14

21.8122. 2330.08

13, 632

12,9625,3667,364

231

37, 553165

3,2573,029

11,47178

42.2490.1919.02.261

151. 54125.19314. 21210. 51

22.9922.6630.88

13,884

13,2374,9548,136

148

38,2642 69

3,3834,821

10,1602 39

42.1379.1227.53.261

144. 99126. 43320. 67

8.97

22.3122.5330.15

14,126

11,8644,8306,796

239

40, 532158

3,6283,533

10, 28541

48.2491.1042.54.260

155.54138. 37311. 2030.91

26.7825.5730.73

15,242

14,3275,7128,352

263

41,467322

4,0163,750

10, 731115

45.5587.3452.92.276

153. 28129.16307. 6535.08

25.4224.3529.84

14, 633

15,4085,3419,782

285

40, 601211

3,7933,410

11,225102

41.5293.8731.72.283

155. 61121. 65317. 8129.27

22.0221.5130.22

13, 228

14,6885,0499,439

200

39, 515208

3,0793,070

11,334100

42.4295. 6842.22.268

144. 72125. 94315. 3723.87

23. 0622.9629.60

13,460

15, 6055,336

10, 033236

37, 207199

3,2903,438

11, 26682

37.0097.0430.66.258

141.35107.88325. 2624.32

21.0920.2329.96

12,174

14, 2274,2229,689

316

35, 036250

3,2073,297

11,196128

40.9496.2028. 42.248

148. 59118. 06323. 5624.87

22.5920.9330.88

12,822

12,1452,2159,682

248

36, 095173

3,2513,521

11, 01577

44.40' 96. 91

39.90.243

'137.70129. 70

'311.0821.70

22.3822.3430.39

13,921

14,8634,178

10,441244

35,110191

3,4553,413

11,145123

r 46. 5196.4441.91.241

156.37'138.77304.9725.17

23.44' 24.13•29.06

15,331

16,0735, 557

10, 206310

34,442259

3,5133,589

11,045174

45.79100.6243.91.241

157. 87131.41302.4523.79

22.6921.4828.85

14,194

13,7095,5118,017

181

35,083183

3,2433,058

11, 33699

.243

r Revised. v Preliminary. 1 Beginning Jan. 1965, data are 4-week averages for periodending on the Saturday nearest the end of the month. 2 See note "O" for p. S-21.

cf As reported by publishers accounting for about 74 percent of total newsprint consump-tion in 1963 and 75 percent in 1964 and 1965. c Corrected.


SURVEY OF CUEEENT BUSINESS January 1966


1963 1964

Annual

1964

Nov. Dec.

1965


STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENT

Shipments, finished cement thous. bbl__

CLAY CONSTRUCTION PRODUCTS

Shipments:Brick, unglazed (common and face)

mil. standard brick-_Structural tile, except facing thous. sh, tons__Sewer pipe and fittings, vitrified doFacing tile thollow), glazed and unglazed

mil. brick equivalent __Floor and wall tile and accessories, glazed and un-

glazed ____mil. sq. ft__Price index, brick (common), f.o.b. plant or

N.Y. dock 1957-59=100-

GLASS AND GLASS PRODUCTS

Flat glass, mfrs.' shipments thous. $__

Sheet (window) glass, shipments doPlate and other flat glass, shipments. ______ do

Glass containers:Production thous. gross__

Shipments, domestic, total doGeneral-use food:

Narrow-neck food doWide-mouth food (incl. packers' tumblers,

jelly glasses, and fruit jars) thous. gross__

Beverage doBeer bottles doLiquor and wine do

Medicinal and toilet doChemical, household and industrial doDairy products do

Stocks, end of period do

GYPSUM AND PRODUCTS (QTRLY)

Crude gypsum, total:Imports thous. sh. tons__Production do

Calcined, production, total do____

Gypsum products sold or used, total:Uncalcined uses doIndustrial uses doBuilding uses:

Plasters:Base-coat doAllother (incl. Keene's cement) do

Lath . mil. sq. ft__Wallboard do_All other § do_

349,321

7,405.0342.8

1,771.9

378.4

267.1

106.1

317,299

141,479175,820

181,607

176,298

19,225

49,199

16,19529,43816,186

35, 6618,8721,522

25, 641

365,199

7,743.8311.4

1,837.2

353.4

286.0

107.1

325,306

144, 753180, 553

189,414

184,773

20,829

50,721

17, 66433,25216,756

36,7647,3661,421

25,375

5,49010,388

9,181

4,209279

1,036990

1,5497,109

248

6,25810, 684

9,440

4,562292

972993

1,4957,542

253

27,950

647.122.6132.9

31.9

22.1

107.2

14,812

14,122

1,356

4,024

1,1792,1371, 550

3,225536115

26,929

19,969

494.222.4111.2

28.1

21.3

107.6

84, 599

38,15646,443

13,511

14,671

1,300

4,068

1,6592,4511,363

3,192489149

25,375

1,5672,588

2,202

1,20672

204241

3271,790

58

1.17,539

463.623.393.5

20.1

20.5

107.6

15,818

14,575

1,301

4,326

9752,4221,375

3,471602103

26,515

15,939

418.821.590.1

20.2

21.4

107.7

15,663

14,265

1,323

4,132

1,0282,4171,321

3,30564099

26,794

22,535

578.423.6123.7

26.3

25.9

107.8

81,797

29,29952,498

12, 638

19,176

2,066

5,453

1,8363,6611,968

3,236835120

20, 274

1,0722,365

2,132

81576

208210

1,72951

29,987

700.027.3147.5

27.0

24.3

107.8

16, 684

12,813

1,176

2,838

1,5412,7611,082

2,77654198

24,074

34,416

758.329.6165.9

26.8

23.6

107.8

17, 672

15, 732

1,398

3,931

2,2773,3551,221

2,94752479

25,733

39,192

787.826.5185.4

29.8

26.4

107.8

83,162

32, 64350,519

18, 600

17,948

1,664

4,636

2,4653,9151,352

3,27555289

26,112

1,6302,622

2,365

1,30087

237263

3782,149

79

39,292

761.326.2171.0

31.1

24.0

107.8

18,460

16,894

2,080

4,431

2,0893,8521,155

2,69250986

26,812

41,242

768.228.9175.5

30.6

24.8

108.8

19,333

18,361

2,830

4,976

1,7643,3571,382

3,371564117

27,314

37,531

' 743.727.5166.3

30.3

24.7

109.2

89,869

38,84851,021

16,733

17,393

2,886

4,929

1,3712,8381,488

3,193560128

26,401

1,7342,838

2,505

1,25177

210266

3712,124

73

39,418

749.529.2155.6

28.5

23.4

109.2

18,227

16,638

1,932

5,030

1,3792,3321,759

3,548552106

27,537

31,446

109.4

16, 095

15,959

1,478

4,745

1,4612,5491,732

3,367514113

27, 518

TEXTILE PRODUCTS

WOVEN FABRICS

Woven fabrics (gray goods), weaving mills:fCloth woven, total 9 __ _ mil. linear yd

Cotton doManmade fiber _ _ _ __ _ d o _ _

Stocks, total, end of period 9 <f ___ _ doCotton doManmade fiber __ _ do__ _

Orders, unfilled, total, end of period 9 1f_ __doCotton.. . __ _ _ __ do __Manmade fiber do ___

COTTON

Cotton (exclusive of linters):Production:

Ginm'ngaA thons. running balesCrop estimate, equivalent 500-lb. bales

thous . bales._Consumption doStocks in the United States, total, end of period

thous. bales. _Domestic cotton, total _ _ do

On farms and in transit __ _ _ do __Public storage and compresses __ doConsuming establishments do

Foreign cotton, to ta l . _ _ do

11,6078 7412,593

1,180829327

2,8131,865

876

15,290

15,334699

20,85820,7051,887

17,3761,442

153

12, 6729 1363,289

1,068661386

3,7572,5001,161

15,148

15,180745

22,40422,2922,130

18,7061,456

112

1,000714271

1,073670384

3,6302,3571,184

12,383

723

'23,487r23,367r 4, 77917,3541,234

120

2 1,1072 7872 301

1,068661386

3,7572,5001,161

313,595

2 799

22,40422,2922,130

18, 7061,456

112

1,028740269

1,021614383

3,7482,5361,106

U4,939

729

20,97620,869

1,11418,1151,640

107

1,040745275

992597370

4,0352,8071,110

741

20,13820, 034

80817,4641,762

104

21,2862 9142 347

949567356

4,1492,9191,113

15,148

2 914

18,81318, 718

87316, 0211,824

95

1,026736269

953572356

4,2823,0671,099

735

17,34017,252

38815, 0801,784

88

1,050751276

979588367

4,4323,1531,159

742

16,38016,300

44814,0991,753

80

21,2582 8932 337

1,038621394

4,4093,121

1,168

2 897

15,24015,166

51113,0561,599

74

823581223

1,027615390

4,2413,025

1,110

180

595

14,29114,223

23012, 5211,472

67

1,036730285

1,065636408

4,2163,019

922

733

28,40128,30614, 62012, 5121,174

95

21,2582 8832 351

r 1, 077'649

409

r 4,1452,949

3,663

2 886

27,36627, 26512,15714,0371,071

101

1,033733281

1,068655395

4,1393,020i nis

8,920

742

26,30126,2027,544

17,4571,201

99

11, 718

751

25,05624,9564,915

18,6321,409

100

3 12,691

515,0592 831

r Revised. * Beginning Jan. 1965, excludes finished used in prepared masonry cement(128,000 bbls. in Dec. 1964). 2 Data cover 5 weeks; other months, 4 weeks. 3 Ginningsto Dec. 13. 4 Ginnings to Jan. 15. « Dec. 1 estimate of 1965 crop.

§ Comprises sheathing, formboard, and laminated board.f Beginning 1964, data are not strictly comparable with figures for earlier periods because of

revised fabric classifications and the inclusion of manmade fiber drapery fabrics.9 Includes data not shown separately.

cF Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,toweling, and blanketing, and billed and held stocks of denims. .

f Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; productionand stocks exclude figures for such finished fabrics. Orders also exclude bedsheetmg,toweling, and blanketing.

A Total ginnings to end of month indicated, except as noted.




1963 1964

Annual

1964

Nov. Dec.

1965


TEXTILE PRODUCTS—Continued

COTTON—Continued

Cotton (exclusive of linters)—ContinuedExports thous. bales__Imports do__—Prices (farm), American upland cents per lb__Prices, middling 1", avg. 15 markets: do

Cotton linters:Consumption thous. bales__Production *. doStocks, end of period do

COTTON MANUFACTURESSpindle activity (cotton system spindles):

Active spindles, last working day, total mil_.Consuming 100 percent cotton do

Spindle hours operated, all fibers, total __bil_.Average per working day do

Consuming 100 percent cotton doCotton yarn, natural stock, on cones or tubes:

Prices, f.o.b. mill:20/2, carded, weaving $ per lb_.36/2, combed, knitting§ do

Cotton cloth:Cotton broadwoven goods over 12" in width:

Production (qtrly.) mil. lin. yd_-Orders, unfilled, end of period, as compared with

avg. weekly production No. weeks' prqd_.Inventories, end of period, as compared with

avg. weekly production--No. weeks' prod--Ratio of stocks to unfilled orders (at cotton

mills) end of period, seasonally adjustedMill margins cents per lb_.Prices, wholesale:

Denim, mill finished cents per yd_.Print cloth, 39 inch, 68 x 72 do—.Sheeting, class B, 40-inch, 48 x 44-48 do

MANMADE FIBERS AND MANUFACTURESFiber production, qtrly. total mil. lb_.

Filament yarn (rayon and acetate) doStaple, incl. tow (rayon) do~_.Noncellulosic, except textile glass:

Yarn and monofilaments* ___doStaple, incl. tow* do

Textile glass fiber ; doExports:

Yarns and monofilaments thous. lb_.Staple, tow, and tops do

Imports:Yarns and monofilaments doStaple, tow, and tops do

Stocks, producers', end of period:Filament yarn (rayon and acetate) mil. lb_.Staple, incl. tow (rayon) doNoncellulosic fiber, except textile glass:

Yarn and monofilaments* doStaple, incl. tow* __do

Textile glass fiber do___.Prices, manmade fibers, f.o.b. producing plant:

Staple: Rayon (viscose), 1.5 denier $ per lb_.Polyester, 1.5 denier* do

Yarn: Rayon (viscose), 150 denier doManmade fiber and silk broadwoven fabrics:

Production (qtrly.), total 9 mil. lin. yd-Filament yarn (100%) fabrics 9 do

Chiefly rayon and/or acetate fabrics doChiefly nylon fabrics ___do

Spun yarn (100%) fabrics (except blanketing) 9mil. lin. yd_.

Rayon and/or acetate fabrics and blendsddo___.

Polyester blends with cotton doCombinations of filament and spun yarn fabrics

mil. lin. yd_.Exports, piece goods thous. sq. yd_.

WOOL

Wool consumption, mill (clean basis)::Apparel class mil. lb_.Carpet class do

Wool imports, clean yield* doDuty-free (carpet class)* do

Wool prices, raw, clean basis, Boston:Good French combing and staple:

Graded territory, fine___ $ per lb_Graded fleece, % blood do___

Australian, 64s, 70s, good topmaking do

WOOL MANUFACTURESKnitting yarn, worsted, 2/20s-50s/56s, American

system, wholesale price 1957-59=100__Woolen and worsted woven goods, exc. felts:

Production (qtrly.) mil. lin. yd_Suiting, price (wholesale), flannel, men's and

boys', f.o.b. mill _: 1957-59=100__

4,359132

2 32.02 33.2

1,3301,550

18.615.6

118.1.455

100.1

.644

.912

8,759

12.8

5.5

.44

25.18

38.115.917.0

2, 636. 7709.7579.1

712.8443.2191.9

98,34750, 244

8,161125, 554

47.037.9

85.850.129.7

.27io 1.14

.82

3, 060. 7

155, 662

251.3160.4277.2168.0

1.3261.1751.285

105.4

284.4

95.8

5,241118

2 29.62 30.7

1,3961,572709

18.715.3124.6.471103.6

.892

18.2

5.2

.30

* 29. 49

36.65 16.517.4

3,018.0777.5594.3

847.6559.1239.5

116,47356,411

9,202133, 695

32.651.3

76.957.536.8

.28

.988.78

3, 545. 41, 583.1852.2283.1

1, 260.4

665.6456.8

472.4185, 263

122.7212.3113.9

1.3971.2861.389

107.9

255.2

95.9

130.130.6

109209644

18.715.49.9.4958.2

.617

14.8

4.7

34.62

34.917.017.5

10, 2455,564

70610,346

32.446.5

.28

.98

.78

14, 538

'15.9'9.815.96. 2

1.3921.3251.375

108.7

96.1

747(?)29.3

3 123195709

18.715.311.1.4449.2

.617

.875

2,327

18.2

5.2

.30

35.22

34.917.517.5

819.3199.8154. 2

236.6166.262.5

13,0787,831

1,20811,140

32.651.3

76.957.536.8

.28

.98

.78

9 951. 89 426.49 234.3

73.6

»340. 8

9170.89132.3

9127. 717, 742

3 19.4'3 10.8

24.612.6

1.3371.2861.235

109.0

9 55.5

96.1

244G)27.630.6

110186762

18.715.3

.4958.1

.617

.876

15.6

4.3

.27

35.83

34.917.817.5

7 3,7867 2, 225

1,8144,948

33.949.3

.28

.94

.78

' 6, 716

19.49.314.15.2

1.3251.2161.200

108.7

96.1

1811

27.630.6

109167798

18.815.310.0.5028.2

.617

.876

17.2

4.1

.25

36. 02

35.118.017.5

5,5752,671

9755,837

32.449.0

10,821

19.58.912.82.6

1.2751.1551.125

108.3

96.8

5847

28.630.7

3 141175815

18.715.212.3.49410.1

.617

.878

2,364

18.0

4.0

.22

36.16

34.918.017.5

835.9203.3165.4

238.7163.165.4

12,1007,184

1,03216, 470

32.151.8

79.751.334.1

.84

.78

973.0417.2221.76.7

361.5

151.2

137.020,078

3 24.73 11.031.012.5

1.2151.1381.095

106.9

65.9

96.8

4074

29.530.8

112132800

18.715.1

.4978.1

.622

.878

19.1

3.9

.20

36. 49

34.918.517.5

11,0417,492

1,0878,892

32.952.4

.28

.84

.78

18, 797

22.58.730.211.0

1.1951.1301.075

105.7

96.8

2514

29.730.8

112105768

18.815.210.1.5068.2

.622

.878

19.1

3.9

.19

37.30

34.918.817.5

7,5594,686

9709,781

33.555.5

.28

.84

.78

14, 660

22.18.720.67.8

1.1951.1451.075

106.2

101.1

230.230.9

3 13371715

18.715.012.3.4929.8

.627

.885

2,368

19.5

4.1

.20

37.49

34.918.817.5

879.8207.9164.2

246.2191.869.7

10,0714,976

1,5649,505

34.5

88.757.033.7

.28

.84- .78

' 981.1416.7219.677.2

374.4

162.0171.9

r 131. 313,494

3 27.33 10.823.010.5

1.1951.1551.075

106.7

»-73..4

101.7

2663

29.930.7

671

18.815.08.3.4176.7

.632

24.2

5.1

.21

37.97

34.918.817.5

8,0812,840

1,023

40.169.6

.28

11,148

19.56.522.511.7

1.2181.1721.100

107.1

101.7

11753

28.930.0

10644605

18.915.110.1.5068.1

.632

18.8

4.0

.21

4 38.31

34.918.817.5

8,1893,336

1,11413,412

46.373.0

11, 910

23.28.725.511.1

1.2651.2201.225

109.0

101.7

329.529.7

123572

19.015.012.3.493

.637

.900

18.6

4.1

.21

38.57

34.918.817.5

902.0210.5162.0

251.1207.371.1

8,2824,034

1,31312,670

52.971.1

106.472.237.0

.28

.84

.80

960.9398.4209.373.8

378.6

152.4179.6

127.813,869

'27.110.925.910.3

1.2751.2531.225

109.0

102.4

3046

29.429.7

119••188641

19.015.010.3.5178.2

.637

.903

18.7

4.0

.22

38.62

34.918.817.5

6 65.36 50.4

7,5163,058

1,19812,507

55.368.5

.28

.84

14,839

22.69.323.812.0

1.2751.2551.225

109.0

102.4

3701

29.029.6

110200680

19.115.010.4.5228.3

v. 642p. 910

19.0

4.1

.23

38.58

j>34.9P18.8

6 67.86 51.9

8,8213,404

1,61012,537

55.560.4

v. 28p. 84

14,953

21.16.8

1.2791.2351.225

109.0

102.4

27.929.5

18.914.711.8.4709.3

18.77

1.2801.2351.225

r Revised. p Preliminary. i Less than 500 bales. 2 Season average. 3 F O r 5weeks; other months, 4 weeks. * Margins reflect equalization payments to domesticusers (Aug. 1964-July 1965, 6.5 cents; beginning Aug. 1965, 5.75 cents per pound). 5 For11 months; price not available for Sept. 1964. e For month shown. 7 See " O , " P- S-21.s Effective Jan. 1964, prices are not comparable with those for earlier periods. 9 For 14weeks. 10 Modern Textiles Magazine.

§Data beginning Aug. 1965 are not strictly comparable with earlier prices.9 Includes data not shown separately.*New series. Sources: Polyester staple price, U.S. Dept. Labor; wool imports, U.S. Dept.

Agriculture from Bureau of the Census records (such imports exclude animal hairs). Dataare available as follows: Price, back to 1955; noncellulosic yarn and staple—production, to1951; stocks, to 1953; wool imports, to 1948.




1963 1964

Annual

1964

Nov. Dec.

1965


TEXTILE PRODUCTS—Continued

APPAREL

Hosiery, shipments thous. doz. pairs.Men's apparel, cuttings:

Tailored garments:Suits thous. units.Overcoats and topcoats do_ _.

Coats (separate), dress and sport ____do__.Trousers (separate), dress and sport do__.

Shirts (woven fabrics), dress and sportthous. doz.

Work clothing:Dungarees and waistband overalls __do__.Shirts do__.

Women's, misses', juniors' outerwear, cuttings:Coats .___ thous. units.Dresses do__.Suits. do__.

Blouses, waists, and shirts thous. dozSkirts._._ _' do._.

180,080

20,5614,279

11,175116,733

25,307

4,0263,791

23,259253,02510,191

16, 6448,347

189,534

20,6013,980

10,646129,052

28,582

4,8693,885

25,601269,79710,815

16,4919,295

15, 284

1,840280

1,0879,601

2,444

343330

2,43818, 512

899

1,349613

15,671

1,711256

93010,054

2,425

326305

1,69616, 759

840

1,170525

14,170

1,841193

1,03510,354

2,499

358339

2,10420,9851,138

1,506745

15,534

1,785193

11,240

2,505

346313

2,45023,6301,362

1,495752

17,147

2,103350

1,022 1 1,09512,228

2,671

442

2,14130,228

1,279

1,670841

15,033

418

1,03412,405

2,804

399324

81327,879

678

1,505830

13,905

1,889446

1,07311,937

2,573

367

1,34025,067

518

1,359902

17,289

1,995485

1,09912,465

2,499

436331

2,35424,311

903

1,445933

16,120

1,181321

66110,214

356261

2,30119,086

1,2841,001

17,105

1,858447

1,06211,937

2,439

410355

2,43721.932

904

1,291915

17, 620

' 1,897'417

r 1, 015

12,476

2,542465322

2,35020, 660

975

1,305

18,764

2,059455

1,08612,317

2,635

483361

2,79421, 5911,035

1,489905

16,1

TRANSPORTATION EQUIPMENT

AEROSPACE VEHICLES

Orders, new (net), qtrly. total mil. $_U.S. Government do___

Prime contract do.Sales (net), receipts or billings, qtrly. total- _.do

U.S. Government do

Backlog of orders, end of period 9 doU.S. Government do

Aircraft (complete) and parts doEngines (aircraft) and parts doMissiles, space vehicle systems, engines, propul-

sion units, and parts mil. $_.Other related operations (conversions, modifica-

tions), products, services mil. $_.

Aircraft (civilian): Shipments© doAirframe weight© thous. lb_.Exports .___ mil. $_.

MOTOR VEHICLES

Factory sales, total .__ thous_.Domestic- — do

Passenger cars, total doDomestic do

Trucks and buses, total doDomestic do.__

Exports, total do.Passenger cars (new and used) do_.Trucks and buses do_.

Imports (cars, trucks, buses), totalcf ____doPassenger cars (new and used)^ . . .do

Shipments, truck trailers:Complete trailers and chassis number..

Vans doTrailer bodies and chassis (detachable), sold

separately number..Registrations:©

New passenger cars.___ thous..Foreigncars do___.

New commercial cars (trucks) do

RAILROAD EQUIPMENT

Freight cars (ARCI):Shipments number..

Equipment manufacturers, total doRailroad shops, domestic do

New orders doEquipment manufacturers, total doRailroad shops, domestic do

Unfilled orders, end of period doEquipment manufacturers, total doRailroad shops, domestic. do___

Passenger cars: Shipments doUnfilled orders, end of period

do. . .

Freight cars, class 1 (AAR): §Number owned, end of period thous.

Held for repairs, % of total owned

17,63714,08616,08516,40713,203

13,90410,9505,301

1,510

4,646

1,295685.916,083244.0

9,100.48,759.87,637.77,443. 51,462.71,316.3

275.1154.2120.9

441.6423.7

77, 58546, 620

5,340

7, 556. 7385.6

1,244.2

44,96931,29013,679

61,06643,98517,081

32,31120,16112,150

193

317

1,5156.8

17,97013, 51616, 282

12,815

15,21811, 6586,2761,527

4,558

1,418

1,066.122,905287.2

9.292.38,931. 57,751.87, 554.11,540.51.377.4

329.5176.7152.8

543.2526.8

51,836

7,794

8,065.2484.1

1,361.8

69,07445,36023,714

71,14744, 62726, 520

32,94918,97213,977

254

191

1,4955.9

83.01,85621.7

794.1747.8679.2648.4114.9100.3

25.114.610.6

50.347.6

5,9473,558

987

563.539.997.8

5,8204,2601,560

6,4432,3264,117

29,82417,18712, 637

46

238

1,4936.0

2,9713,5344,2623,247

15,21811,6586,2761,527

4, 558

1,418

109.72,26312.8

,031.4995.1884.3862.4147.0132.6

36.120.715.3

66.463.4

7,1574,510

756.839.4

113.4

6,4904,6651,825

9,7416,6473,094

32,94918,97213,977

57

191

1,4955.9

91.22,0752 30.0

936.7910. 7798.1782.8138.6127.9

2 3 6.62 3 4. 52 3 2. 1

26.123.6

7,0634,536

403

667.036.0102.7

6,1304,2721,858

9,4364,5824,854

36,46519, 50016,965

24

177

1,4956.0

99.72,07123.1

906.0873.2774.8753.1131.2120.2

11.67.93.6

46.144.0

7,4814,613

305

631.130.1

6,5944,3372,257

4,7703,3141,456

35,00618,84516,161

27

150

1,4966.0

4,6942,9604,3414,0503,011

15,86211,6076,3771,850

4,602

1,514

137.92,83457.2

, 124.6, 091.0957. 5937.9167.1153.1

24.116.28.0

58.056.9

9,5915,659

245

798.743.1126.9

6,1524,3481,804

7,8276,0251,802

36, 58020,51716,063

31

119

1,4955.8

159.63,17451.8

, 017. 7991.4861.0846.9156.7144.5

16.610.16.5

66.765.1

9,3375,753

422

895.946.9142.3

6,1664,0402,126

4,8043,1101,694

35, 22519, 58915. 636

90

1,4955.7

124.62,57434.3

986.0960.7832.7819.3153.3141.4

13.88.25.6

42.441.8

9,3905,923

642

841.449.5130.8

5,8733,9761,897

5,241

35, 20720,87514,332

64

1,4955.7

5,1063,298

4,2063,081

16,76211, 8247,0561,771

4,725

1,568

119.12,47223.0

058.6, 034.3894.1880.9164.5153.4

11.96.65.3

52.651.4

9,1345,544

1,156

841.549.3135.2

6,8134,6592,154

8,5557,971584

36, 74423,98212, 762

22

62

1,4925.7

130.82,56224.1

880.1863.8754.0745.6126.1118.2

10.34.95.3

47.546.2

8,1745,261

1,593

833. 652.0136.4

5,7843,7392,045

6,3305,586744

37, 29325, 83211,461

10

52

1,4915.8

145.22,86661.1

444.7433. 9333.0330.4111. .7103.5

8.02.25.9

20.119.2

8,7525,627

1,146

766.754.3129.7

5,0343,5831,451

8,8016,1882,613

40,83228,20912, 623

13

5.8

148.42,68257.9

598.7574.2459.7445.2139.0129.0

13.17.75.3

49.246.7

8,6495,533

1,849

589.551.7122.6

6,3454,4291,916

7,8216,4411,380

42,37330,29112,082

30

1,4885.8

111.22,50817.7

1,016.8974.3862.2831.8154.6142.5

20.314.06.3

62.457.0

18,760" 5,716

• 2,402

745.852.1133.1

7,1124,8832,229

6,4745,732742

41,73531,14010, 595

0

10

1,4875.7

47.1

1,061.51,018.9

911.9882.0149.6136.9

21.616.64.9

68.0

8,2375,525

2,057

793.947.3

122.5

4,5982,385

7,9845,9292,055

42,73632,47110,265

1,4885.6

1,024.2

i~863.T

rRevised; * Preliminary estimate of production. 2 See note " O " for p. S-21.3 Beginning Jan. 1965, data exclude exports of incomplete (unassembled) vehicles.9 Total includes backlog for nonrelated products and services and basic research.©Data include military-type planes shipped to foreign governments.

cf Data cover complete units, chassis, and bodies.©Courtesy of R. L. Polk & Co.; republication prohibited.§ Excludes railroad-owned private refrigerator cars and private line cars.


INDEX TO CUMMSNT BUSINESS STATISTICS, Pages S1-S40

SECTIONS

General:Business indicatorsCommodity pricesConstruction and real estate.Domestic trade

Employment and population. . . . . . .FinanceForeign trade of the United States..Transportation and communications

1-77,8

9,1010-12

12-1616-2121-2323,24

Industry:Chemicals and allied products.. , , 25Electric power and gas 26Food and kindred products; tobacco 26-30Leather and products 30, 31

Lumber and products 31Metals and manufactures 32-34Petroleum, coal, and products 35,36Pulp, paper, and paper products 36,37

Rubber and rubber products 37Stone, clay, and glass products. 38Textile products 38-40Transportation equipment 40

INDIVIDUAL SERIESAdvertising 10,11,16Aerospace vehicles 40Agricultural loans 16Air carrier operations 23Aircraft and parts 3, 6,13-15,40Alcohol, denatured and ethyl 25Alcoholic beverages 8,10,26Aluminum . 23,33Apparel 1,3,4,7,8,10-15,40Asphalt and tar products 35,36Automobiles, etc 1,3-8,10,11,13-15,19,22,40

Balance of international payments 2Banking 16,17Barley 27Barrels and drums 33Battery shipments 34Beef and veal 28Beverages 4,8,10,26Blast furnaces, steel works etc 5,6,13-15Bonds, outstanding, issued, prices, sales, yields 18-20Brass and bronze 33Brick 38Broker's balances 20Building and construction materials 8,10,31,36,38Building costs 9,10Building permits 9Business incorporations (new), failures 7Business sales and inventories 4,5Butter 27

Cans (tinplate) 33Carloadings 24Cattle and calves 28Cement and concrete products 8-10,38Cereal and bakery products ; 8Chain-store sales, firms with 4 or more and 11 or

more stores 12Cheese 27Chemicals 4-6,8,13-15,19,22, 25Cigarettes and cigars 8,30Civilian employees, Federal. 14Clay products 8,38Coal 4,8,13-15,22,24,35Cocoa 23,29Coffee 23,29Coke 24,35Communications 2,13-15,20,24Confectionery, sales 29Construction:

Contracts , 9Costs 9,10Employment hours, earnings, wages.., 13-16Fixed investment, structures '. . . . . 1Highways and roads, 9,10Housing starts . . . 9ISew construction put in place. 9

Consumer credit 17,18Consumer expenditures 1Consumer goods output, index 3,4Consumer price index 7Copper 23, 33Corn. 27Cost of living (see Consumer price index) 7Cotton, raw and manufactures 7,8,22,38,39Cottonseed cake and meal and oil 30Credit, short- and intermediate-term 17,18Crops 3,7,27,28,30, 38Crude oil and natural gas 4,13-15,35Currency in circulation., , 19

Dairy products 3,7,27Debits, hank 16Debt, U.S. Government. 18Department stores 11,12,17Deposits, bank 16,17,19Disputes, industrial 16Distilled spirits 26Dividend payments, rates, and yields 2,3,18-21Drug stores, sales 11,12

Earnings, weekly and hourly 14-16Eating and drinking places 11,12Eggs and poultry 3, 7,29Electric power 4,8,26Electrical machinery and equipment 3,

5,6,8,13-15,19,22,34Employment estimates 12-14Employment Service activities 16Expenditures, U.S. Government 18Explosives 25Exports (see also individual commodities).... 1,2,21-23Express operations ». . . . 23

Failures, industrial and commercial 7Fans and blowers 34Farm income, marketings, and prices 2,3,7Farm wages 16Fats and oils . 8,22,29,30Federal Government finance '. 18Federal Reserve banks, condition of 16Federal Reserve member banks., 17Fertilizers 8,25Fire losses 10Fish oils and fish 29Flooring, hardwood 31Flour, wheat. 28Food products 1,4-8,10,11,13-15,19,22,23,27-30Foreclosures, real estate 10Foreign trade (see also individual commod.) . . . . . 21—23Foundry equipment 34Freight carloadings 24Freight cars (equipment) , 4,40Fruits and vegetables 7,8,22Fuel oil 35,36Fuels 4,8,35,36Furnaces , 34Furniture. 3,4,8,11-15,17Furs 23

Gas, output, prices, sales, revenues 4,8,26Gasoline 1,35, 36Glass and products 38Glycerin 25Gold 19Grains and products 7,8,22,24,27,28Grocery stores 11,12Gross national product 1Gross private domestic investment 1Gypsum and products 8,38

Hardware stores 11Heating equipment , 8,34Hides and skins 8,30Highways and roads 9,10Hogs 28Home Loan banks, outstanding advances 10Home mortgages 10Hosiery 40Hotels 14,15,24Hours of work per week 14Housefurnishings 1,4,7,8,10-12Household appliances and radios 4,8,11,34Housing starts and permits. . 9

Imports (see also individual commodities) 1,Income, personalIncome and employment tax receiptsIndustrial production indexes:

By industry.By market grouping

Installment credit 12,Installment sales, department storesInstruments and related products 3,5,Insurance, life. .Interest and money rates.Inventories, manufacturers' and trade ; 4-6,Inventory-sales ratiosIron and steel 3,5,6,8,10,13-15,19,22^ 23,

Labor advertising index, disputes, turnover.Labor forceLamb and mutton.LardLead.

22,232,3

18

3,43,4

17,1812

13-1518,19

1711,12

532,33

1612282833

Leather and products 3,8,13-15,30,31Life insurance 18,19Linseed oil 30Livestock 3, 7,8,24,28Loans, real estate, agricultural, bank, brokers*

(see also Consumer credit) 10,16,17,20Lubricants 35,36Lumber and products 3,8,10-15,19,31

Machine toools 34Machinery 3,5,6,8,13-15,19,22,34Mail order houses, sales 11Manmade fibers and manufactures 8,39Manufacturers' sales (or shipments), inventories,

orders 4-6Manufacturing employment, production workers,

payrolls, hours, earnings 13-15Manufacturing production indexes 3,4Margarine 29Meat animals and meats 3, 7,8,22,28Medical and personal care 7Metals 3-6,8,13-15,19,22,23,32-34Milk 21Mining and minerals. 2-4,8,13-15,19,20Monetary statistics 19Money supply 19Mortgage applications, loans, rates 10,16,17Motor carriers 23,24Motor vehicles 1,3-8,10,11,13-15,19,22,40Motors and generators 34

National defense expenditures 1,18National income and product 1,2National parks, visits 24Newsprint.. .« 23,37New York Stock Exchange, selected data 20,21Nonferrous metals 3,8,19,23,33,34Noninstallment credit 17,18

Oats 27Oil burners 34Oils and fats 8,22,29,30Orders, new and unfilled, manufactures* 6Ordnance 13-15

Paint and paint materials 8,25Panama Canal traffic 24Paper and products and pulp , 3

5,6,8,13-15,19,23,36,37Parity ratio 7Passports issued 24Payrolls, indexes , 14Personal consumption expenditures 1Personal income 2, 3Personal outlays , 2Petroleum and products 4-6,

8,11,13-15,19,22,23,35,36Pig iron 32Plant and equipment expenditures 2,20Plastics and resin materials 25Population „ 12Pork '.'..'..'.'.'.'.'.'.'. 28Postal savings 17Poultry and eggs 3,7,29Prices (see also individual commodities) 7,8Printing and publishing. 4,13-15Profits, corporate 2,19Public utilities 2-4,7-9,13-15,18-21Pullman Company 24Pulp and pulpwood 36Purchasing power of the dollar 8

Radiators and convectors 34Radio and television 4,8,10,11,34Railroads 2,13,14,16,18,20,21,24,40Railways (local) and bus lines 13-15,23Rayon and acetate 39Real estate. , 10,17,18Receipts, U.S. Government 18Recreation 7Refrigerators and home freezers 34Rent (housing) 7Retail trade 4,5,7,11-15,17,18Rice 27Roofing and siding, asphalt 36Rubber and products (met plastics) 4-6,

8,13-15,23,37

Saving, personal ,Savings depositsSecurities issued.Security markets.Services 1, 7,Sheep and lambsShoes and other footwear 8,11,SilverSoybean cake and meal and oilSpindle activity, cotton, ,Steel ingots and steel manufacturesSteel scrapStock prices, earnings, sales, etcStone, clay, glass products 3-5,8,13-15,Stoves and rangesSugar.SulfurSulfuric acidSuperphosphate

217

19,2020,2113-15

2812,31

193039

32,3332

20,2119,38

3423,29

252525

29Tea imports , . . .Telephone, telegraph, cable, and radiotelegraph

carriers 13-15,24Television and radio 4,8,10,11,34Textiles and products 3, 5,6,8,13-15,19,22,38-40Tin. 23,33Tires and inner tubes 8,11,12,37Tobacco and manufactures 4-8,10,13-15,22,30Tractors 22,34Trade (retail and whoelsale). . . ; 4,5,11,12Transit lines, local 23Transportation 1,2, 7,13-15,23,24Transportation equipment 3-6,13-15,19,40Travel 23,24Truck trailers 40Trucks (industrial and other) 34,40

Unemployment and insurance 12,16U.S. Government bonds 16-18,20U.S. Government finance 18Utilities 2-4,9,13-15,18-21,26

Vacuum cleaners 34Variety stores 11,12Vegetable oils 30Vegetables and fruits 7,8,22Vessels cleared in foreign trade 24Veterans* benefits 16,18

Wages and salaries 2,3,14-16Washers and driers 34Water heaters. 34Waterway traffic ; 24Wheat and wheat flour 28Wholesale price indexes 8Wholesale trade. 4,5,7,13-15Wood pulp . 36Wool and wool manufactures 7,8,23,39

Zinc 33,34


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For most series, annual data are presented back to 1939. Quarterly statistics backto 1954 are shown for those series ordinarily published on a quarterly basis, andmonthly data back to 1961 are given for monthly series. A feature new to this volumeis an appendix providing monthly or quarterly data back to 1947 for 350 of the moreimportant economic series. Color keyed explanatory notes to the time series defineterms, give sources of data, and describe the methods of compilation used.

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scb_011966

Documents

ment bil

dollars bil

manufacturers sales

national income

wholesale prices

retail sales

doconsumer prices

half ofthe year