ERP1974 Appendixes 3

Appendix C

STATISTICAL TABLES RELATING TO INCOME,

EMPLOYMENT, AND PRODUCTION

243

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


CONTENTS

NATIONAL INCOME OR EXPENDITURE: Page

G-l. Gross national product or expenditure, 1929-73 249C-2. Gross national product or expenditure in 1958 dollars, 1929-73 •. 250G-3. Implicit price deflators for gross national product, 1929-73 252C-4. Implicit price deflators and alternative price measures of gross

national product and gross private product, 1939-73 254C-5. Gross national product by industry in 1958 dollars, 1947-72 255C-6. Gross national product by major type of product, 1929-73 256G—7. Gross national product by major type of product in 1958 dollars,

1929-73 257C—8. Gross national product: Receipts and expenditures by major economic

groups, 1929-73 258C-9. Gross national product by sector, 1929-73 260C-10. Gross national product by sector in 1958 dollars, 1929-73 261G—11. Gross product originating in nonfinancial corporations and dollar

costs per unit of output, 1948-73 262C-12. Personal consumption expenditures, 1929-73 263C-13. Gross private domestic investment, 1929-73 264C-14. Relation of gross national product and national income, 1929-73 265C-15. National income by type of income, 1929-73 266C—16. Relation of national income and personal income, 1929-73 267C-17. Disposition of personal income, 1929-73 268C-18. Total and per capita disposable personal income and personal con-

sumption expenditures in current and 1958 dollars, 1929-73 269C-19. Sources of personal income, 1929-73 270C-20. Sources and uses of gross saving, 1929-73 272C-21. Saving by individuals, 1946-73 273C-22. Number and money income (in 1972 dollars) of families and unrelated

individuals, by race of head, 1947-72 274

POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:

C-23. Population by age groups, 1929-73 275C-24. Noninstitutional population and the labor force, 1929-73 276C-25. Civilian employment and unemployment by sex and age, 1947-73. . 278C-26. Selected unemployment rates, 1948-73 279C-27. Unemployment by duration, 1947-73 280C-28. Unemployment insurance programs, selected data, 1946-73 281C-29. Wage and salary workers in nonagricultural establishments, 1929-73. 282C—30. Average weekly hours and hourly earnings in selected private non-

agricultural industries, 1947-73 284C-31. Average weekly earnings in selected private nonagricultural indus-

tries, 1947-73 285C-32. Output per man-hour and related data, private economy, 1947-73. . 286C-33. Changes in output per man-hour and related data, private economy,

1948-73 287

245


PRODUCTION AND BUSINESS ACTIVITY: P a g €

C-34. Industrial production indexes, major industry divisions, 1929-73.. . . 288C-35. Industrial production indexes, market groupings, 1947-73 289C—36. Industrial production indexes, selected manufactures, 1947—73 290C-37. Capacity utilization rate in manufacturing and major materials

industries, 1948-73 291C-38. New construction activity, 1929-73 292C-39. New housing starts and applications for financing, 1929-73 294C-40. Business expenditures for new plant and equipment, 1947—74 296C—41. Sales and inventories in manufacturing and trade, 1947—73 297C-42. Manufacturers' shipments and inventories, 1947-73 298C-43. Manufacturers' new and unfilled orders, 1947-73 299

PRICES:C-44. Consumer price indexes by expenditure classes, 1929-73 300C—45. Consumer price indexes by commodity and service groups, 1939—73. 301C—46. Consumer price indexes, selected commodities and services, 1939—73. 302O-47. Consumer price indexes, seasonally adjusted, 1970-73 303C-48. Percent changes in consumer price indexes, major groups, 1948-73.. 304C-49. Wholesale price indexes by major commodity groups, 1929-73 305C-50. Wholesale price indexes by stage of processing, 1947-73 307C-51. Percent changes in wholesale price indexes, major groups, 1948-73.. 309

MONEY STOCK, CREDIT, AND FINANCE:C-52. Money stock measures, 1947-73 310C-53. Commercial bank loans and investments, 1930-73 311C-54. Total funds raised in credit markets by nonfinancial sectors, 1965-73. 312C-55. Private liquid asset holdings, nonfinancial investors, 1965-73 314C-56. Federal Reserve Bank credit and member bank reserves, 1929-73. . 315C-57. Aggregate reserves and member bank deposits, 1959-73 316C-58. Bond yields and interest rates, 1929-73 317C-59. Short-and intermediate-term consumer credit outstanding, 1929-73. 319C-60. Instalment credit extended and repaid, 1946-73 320C—61. Mortgage debt outstanding by type of property and of financing,

1939-73 321C-62. Mortgage debt outstanding by lender, 1939-73 322C-63. Net public and private debt, 1929-72 323

GOVERNMENT FINANCE:C-64. Federal budget receipts and outlays, fiscal years 1929-75 324C-65. Federal budget receipts, outlays, financing, and debt, fiscal years

1964-75 . 325C-66. Relation of the Federal budget to the Federal sector of the national

income and product accounts, fiscal years 1972—75 327C-67. Receipts and expenditures of the government sector of the national

income and product accounts, 1929-73 328C—68. Receipts and expenditures of the Federal Government sector of the

national income and product accounts, 1949-75 329C-69. Receipts and expenditures of the State and local government sector of

the national income and product accounts, 1946-73 330C—70. State and local government revenues and expenditures, selected fiscal

years, 1927-72 331C-71. Public debt securities by kind of obligation, 1946-73 332C-72. Estimated ownership of public debt securities, 1946-73 333C-73. Average length and maturity distribution of marketable interest-

bearing public debt, 1946-73 334

246


CORPORATE PROFITS AND FINANCE: Page

C-74. Profits before and after taxes, all private corporations, 1929-73 335C—75. Sales, profits, and stockholders' equity, all manufacturing corpora-

tions, 1947-73 336C-76. Relation of profits after taxes to stockholders' equity and to sales, all

manufacturing corporations, by industry group, 1950-73 337C—77. Sources and uses of funds, nonfarm nonfinancial corporate business,

1946-73 339C-78. Current assets and liabilities of U.S. corporations, 1939-73 340C-79. State and municipal and corporate securities offered, 1934-73 341C-80. Common stock prices, earnings, and yields, and stock market credit,

1949-73 342C-81. Business formation and business failures, 1929-73 343

AGRICULTURE:

C-82. Income of farm people and farmers, 1929-73 344C-83. Farm production indexes, 1929-73 345C-84. Farm population, employment, and productivity, 1929-73 346C-85. Indexes of prices received and prices paid by farmers, and parity ratio,

1929-73 347C-86. Selected measures of farm resources and inputs, 1929-73 348C-87. Comparative balance sheet of the farming sector, 1929-74 349

INTERNATIONAL STATISTICS:

C-88. U.S. balance of payments, 1946-73 350C-89. U.S. merchandise exports and imports by commodity groups,

1958-73 352C-90. U.S. merchandise exports and imports by area, 1967-73 353C—91. U.S. overseas loans and grants, by type and area, fiscal years,

1962-73 354C-92. International reserves, 1949, 1953, and 1968-73 355C-93. U.S. reserve assets, 1946-73 356C-94. International investment position of the United States at year-end,

1960 and 1968-72 357C-95. Price changes in international trade, 1965-73 358C—96. Consumer price indexes in the United States and other major indus-

trial countries, 1955-73 359

General Notes

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

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

247



NATIONAL INCOME OR EXPENDITURE

TABLE C-l.—Gross national product or expenditure, 1929-73

Year or quarter

1929

1933

1939

19401941194219431944..19451946194719481949

1950195119521953195419551956195719581959

19601961 .19621963196419651966196719681969

1970197119721973 v

1971: 1 .IIII I . . . .IV

1972: 1IIIIIIV

1973: 1IIIII.IV v

Totalgross

nationalproduct

Per-

con-sump-

expend-itures »

Grossprivate

do-mesticinvest-ment^

Netexportsof goods

andserv-ices 3

Government purchases of goods and services *

Total

Federal

Total Nationaldefense 5 Other

Stateandlocal

Billions of dollars

103.1

55.6

90.5

99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5

284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7

503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3

977.11,055.51,155.21,288. 2

77 2

45.8

66.8

70.880.688.599.3

108.3119.7143.4160.7173.6176.8

191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2

325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5

617.6667.2726.5805.0

16.2

1.4

9.3

13.117.99.85.77.1

10.630.634.046.035.7

54.159.351.952.651.767.470.067.960.975.3

74.871.783.087.194.0

108.1121.4116.6126.0139.0

136.3153.2178.3201.5

1.1

.4

1.1

1.71.3.0

- 2 . 0- 1 . 8- . 67.5

11.56.46.1

1.83.72.2.4

1.82.04.05.72.2.1

4.05.65.15.98.56.95.35.22.51.9

3.6.8

- 4 . 64.6

8.5

8.0

13.3

14.024.859.688.696.582.327.025.131.637.8

37.959.174.781.674.874.278.686.194.297.0

99.6107.6117.1122.5128.7137.0156.8180.1199.6210.0

219.5234.3255.0277.2

1.3

2.0

5.1

6.016.951.981.189.074.217.212.516.520.1

18.437.751.857.047.444.145.649.553.653.7

53.557.463.464.265.266.977.890.798.898.8

96.298.1

104.4106.9

1.

2.

1.2

2.213.849.479.787.473.514.79.1

10.713.3

14.133.645.948.741.238.640.344.245.946.0

44.947.851.650.850.050.160.772.478.378.4

74.671.674.474.2

3

D

3.9

3.83.12.51.41.6.7

2.53.55.86.8

4.34.15.98.46.25.55.35.37.77.6

8.69.6

11.813.515.216.817.118.420.520.4

21.626.530.132.7

7.2

6.0

8.2

8.07.97.77.47.58.19.8

12.615.017.7

19.521.522.924.627.430.133.036.640.643.3

46.150.253.758.263.570.179.089.4

100.8111.2

123.3136.2150.5170.3

Percentchangefrom

precedingperiod,

total grossnationalproduct6

- 4 . 2

6.9

10.224.926.821.39.7.9

-1 .610.911.3- . 4

11.015.35.25.5.1

9.15.35.21.48.2

4.13.27.75.47.18.39.55.98.97.6

5.08.09.4

11.5

Seasonally adjusted annual rates

1,027.21,046.91,063.51,084.2

1,112.51,142.41,166.51,199.2

1,242.51,272.01,304.51,334.0

650.0662.2673.0683.4

700.2719.2734.1752.6

779.4795.6816.0829.0

145.5152.7153.8160.8

167.5174.7181.5189.4

194.5198.2202.0211.2

3.8.5

1.1- 2 . 2

- 5 . 5- 5 . 7—3.8- 3 . 5

.02.87.68.0

227.9231.5235.5242.2

250.3254.2254.7260.7

268.6275.3279.0285.8

96.196.798.2

101.2

106.0106.7102.3102.7

105.5107.3106.8107.8

72.371.370.372.4

76.576.671.972.4

74.374.274.274.0

23.925.427.928.8

29.530.130.430.3

31.233.132.733.8

131.8134.8137.3141.0

144.3147.5152.4158.0

168.0168.0172.2178.0

15.07.96.58.0

10.911.28.7

11.7

15.29.9

10.69.4

1 See Table C-12 for detailed components.2 See Table C-13 for detailed components.3 See Table C-8 for exports and imports separately.< Net of Government sales.s This category corresponds closely to the national defense classification in the "Budget of the United States Government

for the Fiscal Year ending June 30,1975."6 Changes are based on unrounded data and therefore may differ slightly from those obtained from published data.

Source: Department of Commerce, Bureau of Economic Analysis.

249


TABLE C-2.—Gross national product or expenditure in 1958 dollars, 1929-73

Year orquarter

Totalgross

na-tionalprod-uct

Personal consumptionexpenditures

TotalDura-

blegoods

Non-dura-

blegoods

Serv-ices

Gross private domestic investment

Total

Fixed investment

Total

Nonresidential

Total Struc-tures

Pro-ducers'durableequip-ment

Resi-dentialstruc-tures

Changein busi-

nessinven-tories

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973

1971:1IL...III—.I V . . . .

1972:1

I V . . . .

1973:1III I I . . . .IV p . . .

Billions of 1958 dollars

203.6

141.5

209.4

227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1

355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9

487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6

722.5745.4790.7837.3

139.6

112.8

148.2

155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5

230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3

316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1

477.5496.3526.8554.7

16.3

8.3

14.5

16.719.111.710.29.4

10.620.524.726.328.4

34.731.530.835.335.443.241.041.537.943.7

44.943.949.253.759.066.671.772.981.385.6

83.892.2

104.0114.6

69.3

58.6

81.2

84.689.991.393.797.3

104.7110.8108.3108.7110.5

114.0116.5120.8124.4125.5131.7136.2138.7140.2146.8

149.6153.0158.2162.2170.3178.6187.0190.2197.1201.3

206.5211.6220.9229.2

54.0

46.0

52.5

54.456.358.561.864.767.772.173.475.877.6

81.884.887.891.194.899.3

104.1108.0112.0116.8

121.6125.6131.1137.4144.4152.5159.4167.0174.4182.2

187.2192.4201.8210.9

40.4

5.3

24.7

33.041.621.412.714.019.652.351.560.448.0

69.370.060.561.259.475.474.368.860.973.6

72.469.079.482.587.899.2

109.3101.2105.2110.5

103.4110.3122.9131.7

36.9

9.7

23.5

28.132.017.312.915.922.642.351.755.951.9

61.059.057.260.261.469.069.567.662.468.8

68.967.073.476.781.990.195.493.598.8

103.8

99.5105.0118.3126.6

26.5

7.6

15.3

18.922.212.510.013.419.830.236.238.034.5

37.539.638.340.739.643.947.347.441.644.1

47.145.549.751.957.866.374.173.275.680.1

77.276.183.792.5

13.9

3.3

5.9

6.88.14.62.93.85.7

12.511.612.311.9

12.714.113.714.915.216.218.518.216.616.2

17.417.417.917.919.122.324.022.623.424.3

23.722.523.024.8

12.6

4.3

9.4

12.114.27.97.29.6

14.117.724.625.722.6

24.825.524.625.824.527.728.829.125.027.9

29.628.131.734.038.744.050.150.652.255.8

53.553.660.867.7

10.4

2.1

8.2

9.29.84.92.92.52.8

12.115.417.917.4

23.519.518.919.621.725.122.220.220.824.7

21.921.623.824.824.223.821.320.423.223.7

22.229.034.634.0


735.1740.4746.9759.0

768.0785.6796.7812.3

829.3834.3841.3844.1

489.5493.6498.0504.1

512.5523.4531.0540.5

552.7553.3558.1554.5

89.390.293.695.8

99.2101.9105.8109.2

117.0116.2115.4109.7

210.2211.8211.5213.0

215.0220.7222.2225.8

228.8228.0230.2229.6

189.9191.7192.9195.3

198.2200.8202.9205.4

207.0209.1212.5215.2

106.6110.3109.5114.8

116.5121.0124.8129.1

130.2130.2130.8135.7

100.7103.8105.5110.1

115.4116.7118.2122.8

126.9126.9127.7124.7

74.875.575.678.4

81.582.583.487.5

91.291.593.294.1

22.922.622.422.1

23.023.022.723.1

23.824.425.226.0

51.952.953.256.3

58.459.560.764.3

67.467.268.068.2

25.928.329.931.7

34.034.234.735.3

35.635.334.530.6

3.5

-4 .3

1.2

4.99.64.0

- . 2-1 .9-2 .910.0- . 24.6

-3.9

8.310.93.3.9

-2 .06.44.81.2

-1 .54.8

3.52.06.05.85.89.0

13.97.76.46.7

3.95.34.65.2

5.86.54.04.7

1.14.36.66.3

3.33.43.0

10.9

See footnotes at end of table.

250


TABLE C-2.—Gross national product or expenditure in 1958 dollars, 1929-73—Continue

Year or quarter

1929

1933

1939

19401941194219431944194519461947 . . .19481949

1950195119521953195419551956195719581959.

196019611962196319641965.1966196719681969

1970197119721973*

1971: 1IIIIIIV

1972: 1IIIllIV

1973: 1IIIllIV*

Net exports of goods andservices

Netexports Exports Imports

Government purchases ofgoods and services i

Total FederalStateandlocal

Adden-dum:Gross

privateproduct

Billions of 1958 dollars

1.5

.0

1.3

2 1.4

- 2 . 1- 5 . 9- 5 . 8- 3 . 8

8.412 36.16.4

2 75.33 01.13.03 25 06.22.2.3

4.35 14 55.68.36.24.23 61.0.2

2.3.4

- 2 . 06.0

11.8

7.1

10.0

11 011.27.86.87.6

10.219.622.618.118.1

16.319.318 217.818.820 924.226.223.123.8

27.328 030.032.136.537.440.242 145.748.4

52.252.756.467.3

10.3

7.1

8.7

8 910 89.9

12.613.413.911.210 312.011.7

13.614.115 216.715.817 719 119.920.923.5

23.022 925.526.628.231.236.138 544.748.3

50.052.458.461.3

22.0

23.3

35.2

36 456 3

117.1164.4181.7156.448.439 946.353.3

52.875.492 199.888.985 285.389.394.294.7

94.9100 5107.5109.6111.2114.7126.5140.2147.7145.9

139.3138.4143.0144.8

3.5

6.0

12.5

15 036.298.9

147.8165.4139.730.119 123.727.6

25.347.463 870.056.850 749 751.753.652.5

51.454 660.059.558.157.965.474.778.173.5

64.360.960.857.3

18.5

17.3

22.7

21 420.118.316.616.316.718.420 822.725.7

27.527.928 429 732.134 435.637.640.642.2

43.545 947.550.153.256 861.165 569.672.4

75 077.582.287.5

190.9

127.5

188.7

205 6236.6257.3272.8286.9282.5275.1281 4295.0294.1

324.2344.6353 2371.1366.2397 2404 8410.5405.2433.4

444.0452 3482 9503.2532.0567 0603.5617 5647.0664.9

661 7684.7729.5774.8

Percent change frompreceding periodJ

Totalgross

nationalproduct

- 1 . 9

8.5

8.516.112.913.27.2

- 1 . 7- 1 2 . 0

- . 94.4

.2

9.67.93.04.5

- 1 . 47.61.81.5

- 1 . 16.4

2.51.96.64.05.46.36.52.64.72.7

—.43.26.15.9

Grossprivateproduct

- 2 . 7

9.4

9.015.08.86.15.2

- 1 . 5- 2 . 6

2.34.8

- . 3

10.26.32.55.0

- 1 . 38.51.91.4

- 1 . 37.0

2.41.96.74.25.76.66.42.34.82.8

- . 53.56.56.2


2.4

- 1 . 6

- 3 7- 2 . 8- . 9- . 8

2.05.67.49.2

52.853.454.949.7

55.454.156.659.6

65.366.667.469.8

50.453.754.151.3

59.156.857.560.3

63.361.160.060.6

136.7136.7138 6141.6

142 7144.0141 8143.5

144.4145.2145.0144.8

60.159.961 162.5

63 062.958 858.6

58.258.257.255.6

76.676.877.579.1

79 781.183 085.0

86.287.087.889.2

674.6679.9686.1698.2

707.3725.0735.3750.3

767.1772.0778.8781.2

9.12.93.66.6

4 99.55.88.1

8.72.43.41.3

9.93.23.77.2

5.410.45.88.4

9.32.53.61.3

1 Net of Government sales.2 Changes are based on unrounded data and therefore may differ slightly from those obtained from published data.Source: Department of Commerce, Bureau of Economic Analysis.

251


TABLE C-3.—Implicit price deflators for gross national product, 1929-73

[Index numbers, 1958=100]

Year or quarter

1929

1933

1939

1940194119421943194419451946194719481949

19501951195219531954 . . .195519561957 . .19581959

I960196119621963196419651966196719681969

1970197119721973*

1971: 1IIIII.IV

1972: 1IIIllIV..

1973: 1II.. .IllIV*

Totalgross

nationalprod-uct^

50.64

39.29

43.23

43.8747.2253.0356.8358.1659.6666.7074.6479.5779.12

80.1685.6487.4588.3389.6390.8693.9997.49

100.00101.66

103.29104.62105.78107.17108.85110.86113.94117.59122.30128.20

135.24141.60146.10153.86

Personal consumDtion

Total

55.3

40.6

45.1

45.548.754.859.963.265.470.577.982.381.7

82.988.690.591.792.592.894.897.7

100.0101.3

102.9103.9104.9106.1107.4108.8111.5114.4118.4123.5

129.3134.4137.9145.1

expenditures

Dur-able

goods

56.4

41.9

46.0

46.550.459.364.271.575.976.882.786.386.8

87.894.295.494.392.991.994.998.4

100.0101.4

100.9100.6100.8100.4100.499.698.7

100.3103.4106.1

108.9112.3112.8114.5

Non-durablegoods

54.5

38.0

43.2

43.847.755.662.566.268.774.383.688.585.6

86.093.394.393.994.293.694.997.7

100.099.9

101.2101.9102.8104.0104.9106.9110.7113.0117.1122.2

127.8131.7135.7146.8

Serv-ices

56.1

43.6

47.7

47.949.852.755.357.558.762.767.972.174.3

76.380.083.687.790.092.094.697.3

100.0103.0

105.8107.6109.0110.9113.1115.1118.3122.2126.9133.2

140.2148.0153.2160.0

Gross private domestic investment i

Fixed investment

Total

39.4

30.6

37.7

39.042.046.549.351.151.558.566.773.974.7

77.583.185.386.686.889.094.098.5

100.0102.6

103.4103.9104.9106.0107.6109.3111.8115.9120.4126.4

132.5140.1145.7153.3

Nonresidential

Total

39.9

31.6

38.7

40.042.747.849.951.051.056.364.570.772.8

74.480.482.684.084.886.792.497.9

100.0102.2

102.9103.4104.1104.5105.7107.5110.2113.8117.5123.0

130.2137.3141.3147.0

Struc-tures

35.7

27.9

33.1

33.936.441.346.848.649.254.464.471.571.2

72.979.383.284.986.088.193.498.6

100.0102.7

104.0105.6107.1108.9111.1114.7118.9124.0129.8141.0

152.6168.4181.7194.4

Pro-ducers'durableequip-ment

44.6

34.5

42.2

43.446.351.551.151.951.757.564.670.373.6

75.280.982.283.584.085.991.897.5

100.0102.0

102.2102.1102.3102.3103.0103.9106.0109.3112.0115.2

120.3124.2126.0129.6

Resi-dentialstruc-tures

38.1

27.1

35.7

36.940.343.347.051.654.959.771.780.878.5

82.588.690.891.990.492.997.499.8

100.0103.1

104.5105.0106.7108.9112.3114.2117.4123.1129.7137.7

140.2147.5156.3170.5

Seasonally adjusted

139.73141.40142.39142.85

144.85145.42146.42147.63

149.81152.46155.06158.04

132.8134.2135.2135.6

136.6137.4138.2139.2

141.0143.8146.2149.5

112.3113.0112.6111.4

112.3112.9113.5112.5

113.0114.3115.1115.6

130.1131.3132.3133.1

134.3135.0136.0137.6

140.8144.8148.4152.9

145.4147.3149.2150.1

151.3152.5153.5155.3

157.0159.0160.7163.2

137.5139.7141.7141.3

143.6145.0146.3147.6

149.7152.7154.4156.6

135.6137.1138.5137.8

140.0141.1141.8142.1

143.5146.5148.1149.9

161.4166.5171.4174.4

178.2180.4182.2186.0

190.7193.9195.9196.8

124.1124.6124.7123.4

125.0125.9126.8126.3

126.8129.3130.3132.0

142.9146.7149.6149.9

152.4154.4157.0161.2

165.6168.6171.6177.1


252


TABLE C-3.—Implicit price deflators for gross national product, 1929-73—Continued

[Index numbers, 1958=100]

Year or quarter

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953. . .1954195519561 9 5 7 _•_19581959

196019611962 .1963.196419651966.. . , . . .196719681969 -

1970197119721973 P

1971: 1IIIIIIV _.

1972: 1IIIIIIV

1973: 1IIIIIIV p_

Exports and Imports ofgoods and services!

Exports

59.5

33.7

44.1

48.653.061.565.269.971.375.487.392.787.0

84.997.098.895.294.394.997.5

101.3100.098.8

99.9101.9100.8100.6101.5104.7107.7109.7110.9114.6

120.5125.7130.2150.5

Imports

57.3

28.8

38.6

40.843.048.351.253.256.464.979.486.482.2

88.7107.2103.699.1

100.8100.6102.5104.0100.099.3

101.0100.198.599.5

101.5103.4105.6106.5107.7111.1

118.6125.0133.6157.8

Government purchases of goodsand services

Total

38.6

34.5

37.9

38.544.050.953.953.152.655.862.968.171.0

71.878.581.081.884.187.192.196.4

100.0102.4

105.0107.1109.0111.8115.7119.4124.0128.5135.1144.0

157.6169.2178.3191.4

Federal

36.0

33.1

40.8

40.246.652.554.953.853.157.365.669.873.0

72.979.481.281.483.586.991.795.8

100.0102.2

104.2105.2105.6108.0112.2115.5118.8121.5126.5134.5

149.5160.9171.7186.5

State andlocal

39.1

35.0

36.3

37.339.242.344.646.148.653.260.466.468.9

70.876.980.682.885.387.592.797.3

100.0102.6

105.9109.4113.2116.3119.5123.5129.4136.4144.8153.6

164.6175.8183.2194.5

Gross national productby sector

Private2

Total

51.73

39.92

43.93

44.6948.6655.5160.8562.0262.5968.2576.2781.4080.60

81.4187.3588.9989.6590.7791.5794.5397.92

100.00101.41

102. 76103.73104. 73105.80107.05108.83111.56114.79118.90124.30

130.32135.88139. 78147.23

Nonfarm

51.2

42.1

44.9

45 448.854.859.560.860.965.873.578.679.1

80.085.387.489.090.591.794.898.3

100.0101.8

103.2104.2105.1106.3107.7109.2111.6115.3119.3124.6

130.9136.6139.8145.4

Generalgovern-ment

34.1

33.5

36 8

36 034.737.339 743.348.355.458 560.864.7

67.170.574.476.679.584.088.793.3

100.0104.2

108.6113.6116.6121.5128.4133.5140.3147.6159.1171.0

188.9206.2221.5236.1

Seasonally adjusted

124.8125.6125.9126.6

127.0129.2130.7133.7

137.4145.9155.0162.6

123.2124.1125.8127.1

128.3133.0135.2137.8

141.8154.5161.7174.1

166.7169.4169.9171.0

175.4176.6179.6181.6

186.0189.6192.5197.4

160.0161.5160.7161.9

168.2169.8173.9175.5

181.2184.4186.8194.1

172.1175.5177.2178.2

181.0181.9183.7185.9

189.2193.1196.1199.5

134.15135. 73136.66136.93

138.59139.12140.07141.27

143. 25145.88148.47151.24

135.0136.5137.5137.5

139.0139.3140.0140.9

142.4144.5146.1148.6

201.9205.2207.1210.7

217.9220.8222.6224.6

230.8233.9237.1242.6

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

2 Gross national product less compensation of general government employees. See also Tables C-9 and C-10.


253

527-867 O - 74 - 17


TABLE C—4.—Implicit price deflators and alternative price measures of gross national product andgross private product, 1939-73

Year orquarter

1939 .

19401941194219431944

1945 .1946 . . .194719481949

19501951195219531954

19551956195719581959

1960196119619631964

19651966196719681969

1970197119721973*

1971:1IIIIIIV

1972:1IIIllIV

1973:1IIIllIV*_.___

Gross national product pricemeasures, 1958=100

Total

Implicitprice

deflator

43.23

43.8747.2253.0356.8358.16

59.6666.7074.6479.5779.12

80.1685.6487.4588.3389.63

90.8693.9997.49

100. 00101.66

103. 29104.62105. 78107 17108. 85

110.86113.94117.59122. 30128. 20

135. 24141.60146.10153. 86

Priceindex,1967

weights

110.75114.06117.58122. 51128.61

135.60142.55148.02157. 07

Private

Implicitprice

deflator

43.93

44.6948.6655.5160.8562.02

62.5968.2576.2781.4080.60

81.4187.3588.9989.6590.77

91.5794.5397.92

100. 00101.41

102. 76103.73104. 73105.80107 05

108. 83111.56114.79118.90124. 30

130.32135.88139.78147.23

Priceindex,1967

weights

108.65111.62114.78119.10124.67

130. 67136. 64141. 05149.50

Percent change from preceding periodl

Total

Implicitprice

deflator

- 1 . 5

1.57.7

12.37.22.3

2.611.811.96.6

- . 6

1.36.82.11.01.5

1.43.43.72.51.7

1.61.31.11.31.6

1.82.83.24.04.8

5.54.73.25.3

Priceindex,1967

weights

3.03.14.25.0

5.45.13.86.1

Chainpriceindex

3.14.24.9

5.35.13.65.8

Private

Implicitprice

deflator

- 1 . 6

1 78.9

14.19.61.9

.99.0

11 86.7

- 1 . 0

1.07.31.9.7

1.2

.93.23.62.11.4

1.3.9

1.01.01.2

1.72.52.93.64.5

4.84.32.95.3

Priceindex,1967

weights

2.72.83.84.7

4.84.63.26.0

Chainpriceindex

2.93.84.6

4.74.53.15.6


139.73141.40142.39142.85

144.85145.42146.42147.63

149.81152.46155.06158.04

140.36142.17143.48144.31

146.30147.33148.48149.95

152.79155. 59158.37161.48

134.15135.73136.66136.93

138.59139.12140.07141.27

143.25145.88148.47151.24

134.65136.34137. 58138.11

139.49140.35141.44142.87

145.32148.11150.87153.66

5.54.92.81.3

5.71.62.83.3

6.17.37.07.9

6.95.33.72.3

5.62.83.24.0

7.87.67.38.0

6.85.23.61.9

5.22.63.23.9

7.17.07.07.7

4.34.82.8.8

4.91.62.73.5

5.77.67.37.7

5.45.13.71.5

4.12.53.14.1

7.07.97.67.6

5.45.03.61.3

4.02.23.23.9

6.57.27.17.4

1 Changes are based on unrounded data and therefore may differ slightly from those obtained from published indexes.


254


TABLE C-5.—Gross national product by industry in 1958 dollars, 1947-72

[Billions of 1958 dollars]

Year

194719481949

195019511952...19531954..

19551956...195719581959...

19601961. .196219631964 .

19651966—196719681969

19701971. .1972._

Totalgross

na-tional

product

309.9323.7324.1

355.3383.4395.1412.8407.0

438.0446.1452.5447.3475.9

487.7497.2529.8551.0581.1

617.8658.1675.2706.6725.6

722.5745.4790.7

Agri-culture,fores-try,andfish-eries

17.920.019.4

20.419.520.221.221.6

22.122.021.522.022.3

23.123.423.324.023.6

25.023.725.224.825.4

26.227.426.0

Con-tractcon-

struc-tion

12.914.114.7

16.218.218.318.919.3

20.821.821.120.722.0

21.721.421.721.923.3

23.524.723.123.824.1

23.624.124.7

Manufacturing

Total

91.896.390.9

105.5116.2118.7128.6119.5

133.6134.1134.6123.7138.9

140.9140.4154.6162.4173.7

190.5205.7205.4219.2228.6

217.5223.7243.7

Du-rablegoodsindus-tries

52.355.050.5

60.869.071.579.171.2

80.779.479.669.679.9

81.079.790.095.6

102.4

114.8125.1123.9131.8136.9

125.1127.7140.3

Non-durablegoodsindus-tries

39.441.340.4

44.747.247.349.548.3

52.954.654.954.059.0

59.960.764.766.871.3

75.780.781.487.491.7

92.496.0

103.4

Trans-porta-tion,com-muni-cation,

andutili-ties

29.630.428.7

30.834.334.635.736.4

38.640.541.340.643.3

44.946.048.951.954.7

59.264.066.570.975.4

77.481.086.4

Whole-saleand

retailtrade

52.754.255.2

60.461.462.964.965.5

71.673.875.175.180.8

82.383.588.992.898.9

104.8111.6113.9120.8124.2

126.5131.5139.9

Finance,insur-ance,andreal

estate

35.636.537.8

41.042.944.746.849.8

52.754.857.059.261.4

64.167.171.274.478.3

83.186.891.695.295.5

96.499.9

105.1

Serv-ices

30.631.932.1

33.134.034.535 335.4

38.240.241.842.945.1

46.748.350.852.254.7

57.760.663.465.867.7

69.269.672.5

Gov-ern-mentand

govern-mententer-prises

32.433.234.7

35.943.947.247.146.1

46.046.246.947.347.9

49.250.652.653.956.1

58.061.865.568.670.3

70.070.071.7

Allotheri

6.77.1

10.6

12.113.014.014 313.5

14.412.713.116.014.1

14.716.317.917.417.8

15.819.420.617.614.3

15.818.320.5

i Mining, rest of the world, and residual (the difference between gross national product measured as sum of final prod-ucts and gross national product measured as sum of gross product by industries).


255


TABLE C-6.—Gross national product by major type of product, 1929-73

[Billions of dollars]

Year orquarter

1929

1933 . . . .

1939

194019411942194319441945 . . . .1946194719481949

195019511952 . . . .1953195419551956195719581959

1960 . . . .196119621963.196419651966196719681969

1970197119721973 v

1971:1IIIII __IV...

1972:1IIIIIIV...

1973:1 . . . .I I . . .

IV p.".

Totalgrossna-

tionalprod-

uct

103 1

55.6

90.5

99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5

284.8328.4345.5364.6364 8398.0419.2441 1447.3483 7

503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3

977.11,055.51,155.21, 288. 2

Finalsales

101.4

57.2

90.1

97.5120.1156.2192.2211.1213.0202.1231.8252.9259.6

278.0318.1342.4364.1366.4392.0414.5439 8448.8478 9

500.2518 1554.3

. 584.6626.6675.3735.1785.7857.1922.5

972.61,049.41,149.11, 280.8

Inve

ntor

ych

ange

1.7

- 1 . 6

.4

2.24.51.8

- . 6- 1 . 0- 1 . 0

fi 4

1 7- 3 . 1

6.810.33,1.4

- 1 56.04.71 3

- 1 . 54 8

3 6? 0fi 05.95.89.6

14.88.27.17.8

4 56.16.07.4

Goods output

Total

Total

56.1

27.0

49.0

56.072.593.6

120.4132.3128.9124.9139.7154.2147.5

162.4189.7195.6204.1197.1216.4225.4234.6230.8249.1

259.6262.3284.5298.6319.4347.2383.3398.9429.5457.5

471.2497.1541.4614.3

Finalsales

54.3

?8.fi

48.6

53.868.091.9

121.0133.31?9.9118.5140.1149.4150.5

155.6179.4192.5203.7198.6

"210.4220.7233.3232.3244.4

256.0260.2278.5292.7313.6337.6368.5390.7422.4449.7

466.7491.1535.4606.8

l a11

1.7

- 1 . 6

.4

2.24.51.8

- . 6- 1 . 0- 1 . 0

fi 4

4! 7- 3 . 1

6.810.33.1.4

- 1 56.04.71 3

- 1 . 54 8

3.6? nfi 05.95.89.6

14.88.27.17.8

4 56.16.07.4

Durable goods

Total

17.5

4,9

12.7

16.626.835.554.257.948 936.946.048.747.8

60.473.774.679.472.185.790.394.483.695.6

99.596.5

109.0116.1127.0139.6156.7161.1174.5187.3

183.7193.1219.1249.2

Finalsales

16.1

5.4

12.4

15.423.834.554.258.550.?31.644.348.049.9

56.366.873.578.574.682.787.593.186.493.2

97.496.6

106.2113.3122.8133.0146.2156.5169.6182.3

182.5191.1214.1242.1

l lOi CO

J-g

1.4

- . 5

.3

1.23.01.0.0

- . 6- 1 . 3

5 31.7.7

- 2 . 1

4.16.91.1.9

- ? 53.02.81 3

- 2 . 8? 3

? 1- 1? 82.84.26.7

10.54.74.95.0

1 ?2.04.97.0

Nondurable goods

Total

38.5

36.3

39.345.658.166.274.480.088.093.7

105.599.7

102.0116.0121.0124.8125.0130.7135.1140.2147.2153.6

160.1165.8175.5182.5192.4207.6226.6237.7255.0270.2

287.5304.0322.3365.1

Finalsales

38.2

23.2

36.2

38.444.257.466.874.879.786.995.9

101.5100.6

99.3112.6119.1125.2124.1127.7133.2140.2145.9151.1

158.6163.7172.2179.4190.7204.7222.3234.2252.9267.4

284.1299.9321.2364.7

Ifc u

n 3

-1 .1

.1

101.4.7

- . 6- . 3

1 1-2 .2

4.0-1 .0

2.73.4? 0

- . 51 02.91.9.0

1.32.4

1 52.13 ?3.11.63.04.33.52.12.8

3 34.11.1.4

Serv-ices

35.6

25.7

34.0

35.440.350.362.571.876.568 070.275.780.8

87.0101.2110.8118.8123 5132.6142.3154 2163.4176.2

187.3199 5213.3226.2244.2262.9289.1316.5346.6377.9

410.3447.4487.3534.3

Struc-tures

11.4

2.9

7.5

8.311.814.08.76.16.5

15.621.427.728.3

35.437.539.141.744.249.051.552 353.158.3

56.858.362.665.768.874.877.578.688.194.9

95.6110.9126.5139.6

Grossautoprod-uct

7.28.8

11.9

15.413.512.016.314.621.216.919 514.519.1

21.417.922.525.125.831.830.028.936.336.6

30.740.943.649.5


1,027.21,046.91,063.51,084.2

1,112.51,142.41,166.51,199.2

1,242.51,272.01,304.51,334.0

1,020.21,039.21,059.21,078.9

1,110.81,136.91,157.81,191.0

1,237.81,267.51,299.81,318.1

7.07.64.35.3

1 75.58.78.2

4.64.54.7

15.9

489.1493.6499.5506.4

516.9536.4548.6563.6

589.6604.2622.3641.0

482.1485.9495.2501.1

515.2531.0539.9555.4

585.0599.6617.6625.1

7.07.64.35.3

1 75.58.78.2

4.64.54.7

15.9

191.4192.3193.5195.3

205.9214.6222.6233.2

242.5249.7254.3250.2

187.4188.1192.8196.2

205.5211.4216.8222.8

238.1242.4246.2241.8

4.14.2.7

- . 9

,43.25.8

10.4

4.47.38.08.4

297.7301.2306.0311.0

311.0321.9326.0330.3

347.2354.5368.0393.8

294.7297.8302.4304.9

309.7319.6323.1332.5

346.9357.3371.4383.4

2.93.43.76.2

1 32.32.9

-2 .2

.3-2 .8-3 .4

7.5

433.9444.0450.8460.9

471.8481.5491.8503.9

514.8527.7540.8554.1

104.1109.3113:2117.0

123.8124.4126.2131.7

138.1140.1141.4133.9

42.540.042.239.0

40.142.146.545.6

51.551.249.645.7


256


TABLE C-7.—Gross national product by major type of product in 1958 dollars, 1929-73


Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973*-

1971: I....II..III..IV...

1972: I...II..III..IV..

1973: I...II..III.IV*.

Totalgrossna-

tionalprod-uct

203.6

141.5

209.4

227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1

355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9

487.7497.?529.8551. (581.1617.8658.1675.?706.6725.6

722.745.4790.837.3

Finalsales

In-ven-tory

change

200.1

145.9

208.2

222.3254.1293.8337.3363.2358.2302.6310.1319.1328.1

347.0372.5391.8411.8409.0431.6441.2451.448.471.

484.495.523.545.575.608.644.667.700.718.9

718.5740.786.832.

3.5

-4.3

1.2

4.99.64.0-.2-1.9-2.910.0- . 24.6

-3.9

8.310.93.3.9

-2.06.44.81

-1.54.8

3.52.06.05.85.89.013.9

6] 46.7

3.95.34.65.2

Goods output

Total

Total

103.9

68.8

110.7

124.0143.4158.1187.4204.8198.0172.1172.2178.4174.2

192.6208.4214.0225.4215.1236.1239.0239.8230.8247.7

256.0257.3277.3289.7308.6330.7356.8363.1379.7390.0

385.4396.1423.9455.9

Finalsales

100.4

73.2

109.5

119.0133.8154.1187.6206.7201.0162.1172.4173.8178.1

184.3197.5210.7224.5217.1229.7234.2238.5232.3242.9

252.6255.3271.3283.9302.8321.7342.9355.4373.3383.3

381.4390.8419.3450.7

c3<»a> to

|"g

3.5

- 4 . 3

1.2

4.99.64.0

- . 2- 1 . 9- 2 . 910.0—. 24.6

- 3 . 9

8.310.93.3.9

- 2 . 06.44.81.2

- 1 . 54.8

3.52.06.05.85.89.0

13.97.76.46.7

3.95.34.65.2

Durable goods

Total

33.6

11.7

27.6

35.650.057.285.695.984.354.760.161.358.0

73.484.184.691.081.996.596.596.283.694.0

97.894.9

107.0114.2124.6136.5151.8152.2160.7167.5

159.0163.0184.1205.6

Finalsales

30.9

13.4

27.0

32.843.554.485.297.487.446.158.660.061.0

68.376.183.289.984.893.093.595.086.491.6

95.994.9

104.1111.4120.4130.1141.9148.0156.2163.2

158.0161.3180.2200.5

Isss1"

2.7

- 1 . 7

.6

2.76.62.9.4

- 1 . 5- 3 . 1

8.61.51.2

- 3 . 0

5.28.01.51.2

- 3 . 03.43.01.2

- 2 . 82.4

2.0.0

2.82.84.16.59.84.34.44.3

cL73.95.1

Nondurable go

Total

70.4

57.1

83.0

88.493.4

100.9101.7108.8113.7117.4112.2117.1116.2

119.1124.3129.4134.4133.2139.7142.5143.6147.2153.7

158.2162.3170.3175.6184.1194.2205.1210.9219.0222.5

226.4233.1239.8250.3

Finalsales

69.5

59.8

82.5

86.290.399.7

102.4109.3113.6116. C113.8113.8117.1

116.0121.4127.6134.6132.3136.7140.7143.6145.9151.2

156.7160.3167.2172.5182.3191.6201.0207.4217.0220.1

223.4229.5239.1250.2

0.8

- 2 . 7

.6

2.23.11.2

- . 6- . 4

.21.4

-1.73.3

- . 9

3.12.91.8

"~!93.01.8.0

1.32.5

1.52.03.13.11.72.64.13.52.02.5

3.03.6

.7

.1

Serv-ices

Struc-tures

69.3

63.0

76.9

80.089.8

107.7131.8144.0144.3113.3106.5109.3112.4

117.5130.5136.3140.3141.8147.5153.0160.1163.4171.2

176.6184.0193.7200.9210.8221.9236.3249.259..268.2

273.3280.1292.6305.9

30.3

21.8

23.230.531.917.912.412.927.231.236.137.5

45.244.444.747.050.254.354.052.653.157.0

55.055.858.860.461.665.265.063.067.267.3

63.869.174.275.5

Grossautoprod-

uct


735.1740.4746.9759.0

768.0785.6796.7812.3

829.3834.3841.3844.1

729.3733.8742.9754.3

766.9781.3790.0806.0

826.0831.0838.3833.2

5.86.54.04.7

1.14.36.66.3

3.33.43.0

10.9

391.4392.4397.1403.4

407.3421.5428.4438.4

452.1453.9456.8460.7

385.5385.9393.1398.6

406.2417.2421.7432.1

448.7450.5453.7449.8

5.86.54.04.7

1.14.36.66.3

3.33.43.0

10.9

161.2161.3163.2166.2

173.5180.4186.2196.3

203.4207.1208.1203.7

158.0157.8162.4166.9

173.2177.7181.8188.0

200.3201.8202.4197.6

3.33.5

.8- . 7

.32.74.48.2

3.25.45.76.1

230.1231.1234.0237.2

233.8241.1242.2242.1

248.7246.7248.7257.0

227.6228.1230.7231.7

233.0239.5240.0244.1

248.5248.7251.3252.2

2.63.03.25.5

.81.62.2

- 1 . 9

.2- 2 . 0- 2 . 6

4.8

276.6279.4280.2284.3

286.8290.3294.5298.8

300.6304.1308.6310.4

67.268.569.671.3

73.973.873.875.1

76.776.376.073.0

10.311.414.8

19.115.913.518.717.124.618.620.214.518.5

21.017.522.024.725.531.830.629.035.435.0

28.536.439.044.0

37.234.837.735.9

36.137.741.041.4

46.445.543.640.6


257


TABLE C-8.—Gross national product: Receipts and expenditures by major economic groupSy 1929-73


Ye3qua

1929

1933

1939

19401941194?1943194419451946194719481949

19501951195?1953195419551956H5719581959

19601961196?1963196419651966196719681969

19701971197?1973

1971

1972-

1973

r orrter

p

1II. „III . . .IV.._

1

III" II V . . .

lf"_~I I I . . .IV P..

Persons

Disposable personalincome

Total i

83.3

45.5

70.3

75.792.7

116.9133.5146.3150.2160.0169.8189.1188.6

206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3

350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4

691.7746.0797.0882.6

727.4744.0752.0760.4

772.8785.4800.9828.7

851.5869.7891.1918.0

Less:1nter-

estpaidand

trans-fer

pay-mentsto for-eigners

1.

11

1,11

2.

2.

9

7

9

01888048

4

93.13445566,7

7889

101?131315.

53619451

816770091

16.7

17.918?023.

18.18.18.19.

19.20.21.21.

22.23.24.25.

777

3382

8307

1116

Equals:Total

exclud-ing in-terest

andtrans-fers

81.4

44.9

69.4

74.791.6

116.1132.7145.5149.3158.6168.0186.9186.2

204.1223.5234.8248.3252.9270.2287.2302.2312.3330.3

342.3356.3376.6394.9427.4461.3498.9532.4575.9617.7

673.8727. 3776.2858.8

709.1725.7733.3741.2

753.1765.1779.9807.0

829.4846.6867.0892.4

Per-sonalcon-

sump-tionex-

pendi-tures

77.2

45.8

66.

70808899

108119143160173176.

191.?06?16230?36254?66?81290311

3?53^535537540143?46649?536579.

6176677?6805.

8

8653374768

037054741?

??10?831?5

6?50

650.0662.2673.0683.4

700.2719.2734.1752.6

779.4795.6816.0829.0

Per-sonalsaving

ordis-

saving

4.2

- . 9

2.6

3.811.027.633.437.329.615.27.3

13.49.4

13.117.318.118.316.415.820.620.722.319.1

17.021.221.619.926.228.432.540.439.838.2

56.260.249.753.8

Government

Net receipts

Taxandnon-taxre-

ceiptsor ac-cruals

11.3

9.3

15.4

17.725.032.649.251.253.250.956.858.956.0

68.784.889.894.389.7

100.4109.0115.6114.7128.9

139.8144.6157.0168.8174.1189.1213.3228.9263.5296.7

302.5322.0368.2419.0

Less:Trans-fers,inter-est,andsub-

sidies2

1.8

2.7

4.2

4.44.04.44.76.5

10.418.517.318.821.3

22.919.919.019.521.923.425.528.733.034.0

36.541.342.844.446.749.955.562.870.777.9

93.2105.9115.9130.2

Equals:Netre-

ceipts

9.5

6.7

11.2

13.321.028.244.444.742.832.439.540.134.7

45.864.970.874.867.876.983.586.881.695.0

103.3103.3114.2124.3127.3139.2157.9166.2192.7218.8

209.4216.2252.2288.8


59.263.560.257.8

52.945.945.854.4

50.051.051.163.3

312.5319.0324.4332.2

356.8363.4370.6381.9

402.7414.7425.0

100.5107.3107.2108.5

111 9113.0113.9125.0

125.2127.8131.7136.1

212.0211.8217.1223.7

244.9250.4256.7256.9

277. 5286.9293.3

Expendtiures

Totalex-

pendi-tures

10.3

10.7

17.

18?86493

10392.4542.

6

48030754

50.359.

60.7993

101.96.

1

80727

97.6104114.127.131

136.149159.166175.186.

242270.

1920

109949393

287.9

312.7340370470.

?94

328.4338.8342.8350.7

362.2367.2368.5385.7

393.8403.2410.7421.9

Less:Trans-

fers,inter-est,andsub-

sidies2

1.8

2.7

4.2

4.44.04.44.76.5

10.418.517.318.821.3

22.919.919.019.521.923.425.528.733.034.0

36.541.342.844.446.749.955.562.870.777.9

93.2105.9115.9130.2

100.5107.3107.2108.5

111.9113.0113.9125.0

125.2127.8131.7136.1

Equals:Pur-

chasesof

goodsand

serv-ices

8.5

8.0

13.3

14.024.859.688.696.582.327.025.131.637.8

37.959.174.781.674.874.278.686.194.297.0

99.6107.6117.1122.5128.7137.0156.8180.1199.6210.0

219.5234.3255.0277.2

227.9231.5235.5242.2

250.3254.2254.7260.7

268.6275.3279.0285.8

Sur-plusor

deficit

na-'tional

in-comeand

prod-uct ac-counts

1.0

- 1 . 4

- 2 . 2

- . 7- 3 . 8

- 3 1 . 4- 4 4 . 1- 5 1 . 8- 3 9 . 5

5.414.48.5

- 3 . 2

7.95.8

- 3 . 8- 6 . 9-7 .0

2.74.9

.7- 1 2 . 5- 2 . 1

3.7- 4 . 3- 2 . 9

1.8-1 .4

2.21.1

-13.9- 6 . 8

8.8

-10.1-18.1- 2 . 811.6

-15.9-19.7-18.4-18.6

-5 .4-3 .9

2.0- 3 . 8

8.911.614.3


258


T A B L E C—8.—Gross national product: Receipts and expenditures by major economic groups.

1929-73—Continued[Billions of dollars]

Yearor

quarter

J T O S S

re-tainedearn-ings3

Business

Grosspri-vateomes-

ticinvest-ment*

Excessof in-vest-ment()

International

Nettrans-ers tofor-

ignersjy per-sonsand

loversment

Net exports of goodsand services

Ex-ports

Less:Im-

ports

Equals:Netex-

ports

Excessof

trans-fersor

of netex-

ports(>'

Totalincomeor re-ceipts

Statis-ticaldis-

crep-ancy

Grossna-

tionalprod-

uctor ex-pendi-

ture

1929. . . .

1933. . . .

1939. . . .

1940. . . .1941 . . . .1942 . . . .1943 . . . .1944. . . .1945 . . . .1946. . . .1947. . . .1948. . . .1949. . . .

1950. . . .1951 . . . .1952. . . .1953. . . .1954. . . .1955.. . .1956.. . .1957.. . .1958... .1959... .

I960. . . .1961.. . .1962....1963. . .1964.. .1965.. .1966.. .1967.. .1968.. .1969.. .

1970. . .1971. . .1972. . .1973 P .

1971: I.

III.IV.

1972: L.

1973: I..II.

11.2

3.2

8.4

10.511.414.516.317.115.114.520.228.029.7

29.433.135.136.139.246.347.349.849.456.8

56.858.766.368.876.284.791.393.095.497.0

97.0111.8124.4134.7

16.2

1.4

9.3

13.117.99.85.77.1

10.630.634.046.035.7

54.159.351.952.651.767.470.067.960.975.3

74.871.783.087.194.0

108.1121.4116.6126.0139.0

136.3153.2178.3201.5

-5 .1

1.8

- . 9

-2 .7-6 .5

4.610.610.04.6

-16.1-13.8-18.0- 6 . 0

-24.7-26.2-16.8-16.5-12.5-21.1-22.8-18.1-11.5-18.5

-18.0-13.0-16.8-18.4-17.8-23.4-30.1-23.5-30.6-42.0

-39.3-41.4-53.9-66.8

0.4

.2

.2

.2

.2

.2

!3.8

2.92.64.55.6

4.03.52.52.52.32.52.42.32.42.4

2.42.62.72.82.82.82.83.02.92.9

3.23.63.73.6

7.0

2.4

4.4

5.45.94.84.45.37.2

14.719.716.815.8

13.818.718.016.917.819.823.626.523.123.5

27.228.630.332.337.139.243.446.250.655.5

62.966.373.5

101.3

5.9

2.0

3.4

3.64.64.86.57.17.97.28.2

10.39.6

12.015.115.816.615.917.819.620.820.923.3

23.223.025.126.428.632.338.141.048.153.6

59.365.578.196.7

1.1

.4

1.1

1.71.3.0

- 2 . 0- 1 . 8- . 67.5

11.56.46.1

1.83.72.2.4

1.82.04.05.72.2.1

4.05.65.15.98.56.95.35.22.51.9

3.6.8

-4.64.6

-0.8

- . 2

-1.5-1.1

2. 22.11.4

-4.6-8.9-1.9- . 5

2.2- . 2

.32.1

- L 5-3 .4

.22.3

-1 .7- 3 . 0- 2 . 5-3 .1-5 .7-4 .1- 2 . 4- 2 . 2

.41.0

- . 42.88.4

-1 .0

102.4

55.0

89.2

98.7124.1159.0193.6207.6208.0208.4230.4259.5256.2

283.3325.1343.3361.6362.1395.9420.4441.1445.8484.5

504.8520.8559.8590.8633.7688.0750.9794.6866.9936.3

983.51, 058.81,156.61,285.9

0.7

1.3

1.0.4

-1.1-2.02.53.9.1.9

-2.0

1.53.32.23.02.72.1

-1.1.0

1.6

-1 .0- . 8

-3 .1-1 .0

-7.7-6 .1

- 6 . 4- 3 . 4- 1 . 5

2.3


IIIIIIV

IV v

105.1109.9112.5119.5

117.4124.1124.5131.6

131.5132.0136.9

145.5152.7153.8160.8

167.5174.7181.5189.4

194.5198.2202.0211.2

- 4 0 . 3- 4 2 . 8- 4 1 . 3- 4 1 . 3

- 5 0 . 1- 5 0 . 5- 5 7 . 0- 5 7 . 8

- 6 3 . 0- 6 6 . 2- 6 5 . 1

3.23.43.83.9

3.93.83.83.5

3.03.33.54.4

65.967.169.163.0

70.369.974.079.7

89.797.2

104.5113.5

62.166.668.065.2

75.875.677.783.2

89.794.497.0

105.6

3.8.5

1.1- 2 . 2

- 5 . 5- 5 . 7- 3 . 8- 3 . 5

.02.87.68.0

- 0 . 62.92.76.1

9.49.47.67.0

3.0.5

- 4 . 0- 3 . 5

1,1,1,1,

1,1,1,1,

1,1,1,

029.5ObO.7066.9088.3

119.2143.4164.9199.1

241.4268.9300.8

- 2 . 3- 3 . 8- 3 . 3- 4 . 0

- 6 . 7- 1 . 0

1.6.2

1.13.23.7

103.1

55.6

90.5

99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5

284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7

503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3

977.11,055.51,155.21,288.2

1,027.21, 046.91,063. 51,084.2

1,112.51,142.41,166.51,199.2

1, 242.51,272.01, 304. 51,334.0

1 Personal income less personal tax and nontax payments (fines, penalties, etc.).2 Government transfer payments to persons, foreign net transfers by Government, net interest paid by government,

subsidies less current surplus of government enterprises, and disbursements less wage accruals.3 Capital consumption allowances, corporate inventory valuation adjustment, undistributed corporate profits, and

private wage accruals less disbursements.4 Private business investment, purchases of capital goods by private nonprofit institutions, and residential housing.

See Table C-13.s Net foreign investment less capital grants received by the United States, with sign changed.


259


TABLE C-9.—Gross national pro 3uct by sector, 1929-73


Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

1950..195119521953.. .1954195519561957.19581959

1960 . . .196119621963.1964 . . .196519661967. .19681969

197019711972__1973 *

1971: 1IIIllIV

1972: 1IIIllIV

1973: 1IIIll

Totalgross

nationalproduct

103.1

55.6

90.5

99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5

284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7

503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3

977.11, 055. 51,155.21,288.2

Gross private product1

Total

98.8

50.9

82.9

91.9115.1142.8166.0177.9176.8187.7214.6240.1237.0

263.9301.0314.3332.7332.4363.8382.6402.0405.2439.4

456.3469.2505.7532.4569.4617.1673.3708.8769.3826.5

862.4930.3

1,019.71,140.7

Business

Total

95.1

48.9

80.3

89.1112.2139.5162.4173.8172.3182.7208.6233.5230.1

256.3292.8305.8323.6322.7352.9370.8389.3391.7425.0

440.7452.3487.4513.0548.2594.4648.9681.6739.0794.1

827.0889.9975.4

1,090.3

Nonfarm *

85.4

44.3

74.0

82.6103.3126.5147.2158.5156.4163.9188.5210.2211.4

236.3269.9283.7303.3303.1334.1352.2370.9370.9405.3

420.2431.4466.2491.5527.6570.8624.0657.0713.9766.2

797.9859.4941.0

1,042.7

Farm

9.7

4.6

6.3

6.58.9

13.015.315.315.918.820.223.318.8

20.022.922.220.319.618.818.618.420.819.6

20.520.921.221.520.623.724.924.625.227.9

29.030.434.447.6

House-holdsand

institutions

2.9

1.7

2.3

2.42.52.93 23.74.14.55.15.65.9

6.46.97.27.88.19.19.8

10.511.412.2

13.214.015.016.017.318.520.222.825.528.1

30.833.536.841.1

Rest ofthe world

0.8

3

.3

4.4.44

.4

.468

1.01.0

1.21.31.31.31.61.82.12.22.02.2

2.42.93.33.44.04.24.14.54.74.3

4.67.07.59.3

Grossgovern-ment

product»

4.3

4 7

7.6

7 89.4

15.125 632.235.220 816 717.419.4

20.927.431.231.932.534.236.639.142.144.3

47.550.954.758.163.067.876.685.194.9

103.8

114.7125.1135.4147.5


1,027.21, 046.91,063.51, 084.2

1,112.51,142.41,166.51,199.2

1,242. 51,272.01, 304.51,334.0

904.9922.8937.6956.0

980.31,008.61,030.01,060.0

1,098.91,126.21,156.31,181.5

866.4882.3897.5913.3

937.8965.2984.9

1,013.6

1,050.51,076.81,105.21,128.8

836.5852.0867.5881.7

904.8931.3951.0976.9

1,008.91,033.51, 056.21,072.2

29.930.230.031.6

33.033.933.936.7

41.643.349.056.6

32.633.133.834.5

35.536.637.537.8

39.340.541.843.0

5.97.46.38.2

7.06.87.68.7

9.18.99.39.7

122.3124.1125.9128.2

132.2133.8136.5139.2

143.5145.8148.2152.5

* Gross national product less compensation of general government employees.2 Includes compensation of employees in government enterprises.3 Compensation of general government employees.


260


TABLE C-10.—Gross national product by sector in 1958 dollars, 1929-73


Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

195019511952 . .-1953195419551956195719581959

I960196119621963196419651966196719681969

1970197119721973 *»

1971: 1IIIIIIV

1972: 1. . . .IIIIIIV

1973: 1IIIllIV*

Totalgross

nationalproduct

203.6

141.5

209.4

227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1

355.3383.4395 1412.8407.0438.0446.1452.5447.3475.9

487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6

722.5745 4790.7837.3

Gross private productl

Total

190.9

127.5

188.7

205.6236.6257.3272.8286.9282.5275.1281.4295.0294.1

324.2344,6353.2371.1366.2397.2404.8410.5405.2433.4

444.0452.3482.9503.2532.0567.0603.5617.5647.0664.9

661.7684.7729.5774.8

Total

182.1

120.6

180.7

197.1228.1248.7264.9278.9274.6267.0272.8286.0284.7

314.2334.5343.2360.7355.4385.4392.2397.5391.7419.4

429.5436.9466.7486.6514.4548.9584.9597.8626.5644.6

641.1662.2706.6750.9

Business

Nonfarm *

165.1

103.0

162.5

179.6209.3228.0245.3259.5256.5248.6255.8267.0266.2

294.9316.2324.2340.7335.0364.4371.4377.2370.9398.3

407.6414.8444.6463.8492.1525.2562.5573.9603.1620.5

616.4636.3682.0727.7

Farm

17.0

17.5

18.2

17.518.820.619.619.418.118.517.019.018.4

19.418.419.020.020.420.920.820.320.821.1

21.922.222.122.822.323.722.423.923.424.1

24.826.024.623.2

House-holdsand

institutions

7.4

5.7

7.1

7.67.57 87.27.17.17.17.57.98.2

8.78.88.89.19.2

10.110.610.911.411.7

12.212.412.913.213.714.014.615.416.016.3

16.616.817.418.3

Rest ofthe world

1.4

1.2

.9

1.0.988

.9

.8

.91.11.21.2

1.31.21.21.31.61.82.02.12.02.2

2.32.93.43.43.94.13.94.34.54.0

4.05.65.55.6

Grossgovern-

mentproduct*

12.7

14.0

20.6

21.627.240 564 374 472 837 528 628.730.1

31.138.841 841 740 940.741.341.942.142.5

43.744.846.947.849.150.854.657.659.760.7

60.760.761.162.5


735.1740 4746.9759.0

768.0785.6796.7812.3

829.3834.3841.3844.1

674.6679.9686.1698.2

707.3725.0735.3750.3

767.1772.0778.8781.2

652.9657 0664.3674.8

684.7702.6712.3726.8

742.9748.3754.7757.5

626.4631.2638.3649.1

659.2677.4688.7702.5

718.1725.9733.6733.2

26.525.925.925.7

25.625.223.624.2

24.822.421.224.3

16.816.816.816.9

17.217.417.517.4

18.018.218.518.5

4.86.05.06.5

5.45.05.56.2

6.35.55.45.3

60.660.560.860.8

60.760.661.362.0

62.262.462.562.9

* Gross national product less compensation of general government employees.2 Includes compensation of employees in government enterprises,s Compensation of general government employees.


261


TABLE C-ll.—Gross product originating in nonfinancial corporations and dollar costs per unit ofoutput, 1948-73

Year or quarter

Gross productoriginating innonfinancial

corporations (bil-lions of dollars)

Currentdollars

1958dollars

Current dollar costs per unit of 1958 dollar gross product (dollars)

Totalcostsi

Capitalcon-

sump-tion

allow-ances

Indirectbusi-ness

taxes 2

Com-pensa-tion of

em-ployees

Corporate profits and inven-tory valuation adjustment

Netinterest

TotalProfits

taxliability

Profitsaftertaxes

plus in-ventory

valuationadjust-ment

19481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

1970197119721973

1971:1. .II.III.IV.

1972:1. .II.IllIV.

1973:1. .II.Ill

137.0133.3

151.7174.3182.0194.7191.6

216.3231.2241.9236.0263.7

273.1278.4302.8320.0346.0

377.6413.0430.8469.9504.3

519.1554.1608.9680.5

172.9165.6

186.4203.5207.1219.8213.4

237.2244.0247.2236.0260.8

267.1270.6292.9308.0329.7

357.8385.0390.2415.0433.9

427.7442.7475.5512.8

0.793.805

.814

.857

.879

.886

.898

.912

.948979000011

022029034039050

055073104132162

214252281327

0.040.047

.046

.049

.054

.059

.069

.072

.076

.082

.091

.091

.095

.100

.100

.100

.099

.100

.107

.109

.115

.126

.131

.133

.133

0.070.076

.075

.075

.081

.083

.081

.081

.085

.090

.097

.094

.099

.103

.101

.102

.103

.100

.096

.100

.105

.109

.119

.125

.122

.122

0.507.514

.507

.541

.570

.584

.591

.582

.619

.642

.659

.654

.670

.670

.665

.664

.664

.660

.678

.707

.727

.764

.812

.825

.847

0.005.006

.005

.005

.006

.006

.007

.007

.007

.009

.011

.010

.011

.013

.014

.015

.015

.017

.019

.023

.025

.029

.038

.037

.037.037

0.171.162

.180

.186

.168

.154

.149

.170

.160

.155

.142.164

.151

.149

.154

.158

.168

.179

.180

.167

.166

.145

.119

.134

.142

.156

0.069.057

.090

.103

.086

.084

.074

.084

.081

.076

.069

.080

.073

.073

.071

.074

.074

.077

.078

.073

.082

.078

.064

.067

.074

.091


540.5550.6557.4568.1

587.4601.9612.9633.2

656.7672.5689.3

434.6440.0443.5452.4

462.3471.9477.8489.8

503.4509.6517.2

1.2441.2511.2571.256

1.2711.2761.2831.293

1.3051.3201.333

0.130.131.132.132

.132

.135

.132

.133

.132

.132

.133

0.124.124.125.126

.122

.122

.122

.122

.122

.122

.122

0.820.824.828.828

.842

.845

.850

.853

.862

.874

.883

0.038.037

. .037.037

.036

.036

.037

.037

.036

.037

.037

0.131.135.135.133

.139

.138

.142

.148

.152

.155

.158

0.068.070.068.062

.072

.072

.074

.077

.088

.095

.092

0.103.104

.090

.083

.082

.070

.075

.086

.079

.078

.073

.084

.078

.076

.082

.084

.094

.102

.102

.094

.084

.067

.055

.067

.068.064

0.063.065,068.071

.067

.066

.068

.071

.064

.060

.066

1 This is equal to the deflator for gross product of nonfinancial corporations, with the decimal point shifted two places tothe left.

* Also includes business transfer payments less subsidies.


262


TABLE C-12.—Personal consumption expenditures, 1929-73


Yearor

quarter

1 9 2 9 . . .

1 9 3 3 . . .

1 9 3 9 . . .

1 9 4 0 . . .1 9 4 1 . . .1 9 4 2 . . .1 9 4 3 . . .1 9 4 4 . . .1 9 4 5 . . .1 9 4 6 . . .1 9 4 7 . . .1 9 4 8 . . .1 9 4 9 . . .

1 9 5 0 . . .1 9 5 1 . . .1 9 5 2 - . .1 9 5 3 . . .1 9 5 4 . . .195519561I_1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .

1 9 6 0 . . .1 9 6 1 . . .1 9 6 2 . . .1 9 6 3 . . .1 9 6 4 . . .1 9 6 5 . . .1 9 6 6 . . .1 9 6 7 . . .1 9 6 8 . . .1 9 6 9 . . .

1970 . . . .1971 . . . .1972 . . . .1973*.. .

1971:1I I . . - .I I I . . .I V . . . .

1972:1I I . —I I I . . .IV. . . .

1973:1I L - - .I I I . . .I V P . . .

£=O

"S.E3

io3

Is

77.2

45.8

66.8

70.880.688.599.3

108.3119.7143.4160.7173.6176.8

191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2

325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5

617.6667.2726.5805.0

Durable goods

19.2

3.5

6.7

7.89.66.96.66.78.0

15.820.422.724.6

30.529.629.333.232.839.638.940.837.944.3

45.344.249.553.959.266.370.873.184.090.8

91.3103.6117.4131.1

r•acca

JIa<3.2

1.1

2.2

2.73.4.7.8.8

1.04.06.27.59.9

13.111.611.114.213.618.416.418.315.419.5

20.118.422.024.325.830.330.330.537.540.2

37.346.652.857.9

1!E °

4.8

1.9

3.5

3.94.94.73.93.84.68.6

10.911.911.6

14.114.414.314.915.016.617.517.317.118.9

18.919.320.522.225.026.929.931.434.337.1

39.642.148.154.7

O

1.2

.5

1.0

1.11.41.61.92.22.53.23.33.43.2

3.33.63.94.14.24.65.05.25.45.9

6.36.56.97.58.59.1

10.511.212.313.5

14.414.916.518.5

Nondurable goods

I37.7

22.3

35.1

37.042.950.858.664.371.982.490.596.294.5

98.1108.8114.0116.8118.3123.3129.3135.6140.2146.6

151.3155.9162.6168.6178.7191.1206.9215.0230.8245.9

263.8278.7299.9336.3

1T3

03

19.5

11.5

19.1

20.223.428.433.236.740.647.452.354.252.5

53.960.463.464.465.467.269.973.676.478.6

80.582.985.788.292.998.8

105.8108.5115.3120.6

130.0136.6145.3161.5

c

iIE15o

9.4

4.6

7.1

7.48.8

11.013.414.416.518.218.820.119.3

19.621.221.922.122.123.124.124.324.726.4

27.327.929.630.633.535.940.342.346.350.2

52.857.062.369.8

•o-oco

I1u1.8

1.5

2.2

2.32.62.11.31.61.83.03.64.45.0

5.46.16.87.78.29.09.8

10.611.011.6

12.312.412.913.514.015.316.617.619.020.9

22.223.525.529.0

17.0

4.6

6.7

7.18.09.3

10.611.713.013.815.717.517.7

19.221.121.722.722.624.025.427.128.230.1

31.232.734.436.338.241.144.446.650.254.2

58.761.566.876.0

Services

130.3

20.1

25.0

26.028.130.834.237.239.845.349.854.757.6

62.467.973.479.985.491.498.5

105.0112.0120.3

128.7135.1143.0152.4163.3175.5188.6204.0221.3242.7

262.6284.9309.2337.6

I3OX

11.5

7.9

9.1

9.410.211.011.512.012.513.915.717.519,3

21.323.926.529.331.733.736.038.541.143.7

46.348.752.055.459.363.567.571.877.384.1

90.998.5

105.5114.5

11•g</>=1oX

4.0

2.8

3.8

4.04.34.85.25.96.46.87.58.18.5

9.510.411.112.012.614 015.216.217.318.5

20.020.822.023.124.325.627.129.131.233.8

36.439.743.848.0

c

••I

cco

2.6

1.5

2.0

2.12.42.73.43.74.05.05.35.85.9

6.26.77.17.87.98.28.69.09.3

10.1

10.810.611.011.411.612.613.614.515.516.6

18.320.421.823.4

o

12.2

7.9

10.1

10.411.212.314.015.616.819.721.423.323.9

25.426.928.730.833.235.538.641.344.348.0

51.654.958.062.568.173.880.488.597.3

108.2

117.0126.3138.0151.6


650.0662.2673.0683.4

700.2719.2734.1752.6

779.4795.6816.0829.0

100.3101.9105.4106.7

111.5115.1120.2122.9

132.2132.8132.8126.8

44.745.548.347.8

49.451.255.055.7

60.559.759.252.1

41.341.641.943.6

46.647.348.650.0

53.754.455.055.8

14.414.815.215.3

15.416.616.617.3

18.018.618.618.9

273.5278.0279.8283.5

288.8297.9302.3310.7

322.2330.3341.6351.1

134.1136.2137.6138.4

141.0144.7146.5149.1

154.7158.1164.3169.0

55.757.057.458.1

59.461.762.965.1

68.369.370.371.2

22.923.123.624.5

24.725.025.826.6

27.528.829.430.2

60.761.761.262.6

63.666.667.270.0

71.774.277.580.6

276.1282.3287.8293.2

300.0306.2311.6319.0

325.0332.6341.6351.2

95.497.699.5

101.4

103.1104.7106.3107.9

110.6113.3115.8118.4

38.439.340.340.7

41.843.244.545.7

46.547.148.749.7

19.420.120.621.2

21.621.721.822.2

22.823.223.724.2

122.8125.3127.4129.9

133.5136.6138.9143.1

145.1149.0153.4158.9

1 Includes consumer purchases of mobile homes.2 Includes imputed rental value of owner-occupied dwellings.Source: Department of Commerce, Bureau of Economic Analysts.

263


TABLE C-13.—Gross private domestic investment, 1929-73


Year orquarter

1929...

1933

1939

1940...1941...19421943.1944...194519461947...19481949

19501951.1952..19531954.19551956195719581959

19601961196219631964.19651966196719681969

1970197119721973 p..

1971: 1.IIIIIIV

1972: 1.IIIllIV

1973: 1IIM L . . . .IV p . . . .

Totalgross

privatedomesticinvest-ment

16.2

1.4

9.3

13.117.99.85.77.1

10.630.634.046.035.7

54.159.351.952.651.767.470.067.960.975.3

74.871.783.087.194.0

108.1121.4116.6126.0139.0

136.3153 2178.3201.5

Fixed investment

Total

14.5

3.0

8.9

11.013.48.16.48.1

11.624.234.441.338.8

47.349.048.852.153.361.465.366.562.470.5

71.369.777.081.388.298.5

106.6108.4118.9131.1

131.7147 1172.3194.0

Nonresidential

Total

10.6

2.4

5.9

7.59.56.05.06.8

10.117.023.426.925.1

27.931.831.634.233.638.143.746.441.645.1

48.447.051.754.361.171.381.683.388.898.5

100.6104 4118.2136.0

Structures

Total

5.0

.9

2.0

2.32.91.91.31.82.86.87.58.88.5

9.211.211.412.713.114.317.218.016.616.7

18.118.419.219.521.225.528.528.030.334.2

36.137.941.748.3

Non-farm

4.8

.9

1.9

2.22.81.81.21.72.76.16.78.07.7

8.510.410.511.912.313.616.517.215.815.9

17.417.718.518.820.524.927.827.329.633.5

35.337 040.847.3

Producers'durable

equipment

Total

5.6

1.5

4.0

5.36.64.13.75.07.3

10.215.918.116.6

18 720.720.221.520.623.826.528.425.028.4

30.328.632.534.839.945.853.155.358.564.3

64.466 576.587.7

Non-farm

4.9

1.3

3.4

4.65.63.53.24.26.39.2

14.015.513.7

15.717.717.618.618.021.224.225.922.025.4

27.725.829.531.236.341.648.450.053.659.2

58.960.969.879.3

Residential structures

Total

4.0

.6

2.9

3.43.92.11.41.31.57.2

11.114.413.7

19.417.217.218.019.723.321.620.220.825.5

22.822.625.327.027.127.225.025.130.132.6

31.242.754.058.0

Non-form

3.8

.5

2.8

3.23.71.91.21.11.46.7

10.413.612.8

18.616.416.417.219.022.720.919.520.124.8

22.222.024.826.426.626.724.524.529.532.0

30.742.253.557.4

Farm

0.2

.0

.1

.2

.2

.2

.2

.1

.1

.5

.7

.9

.8

.8

.8

.8

.8

.7

.6

.7

.6

.6

.6

.6

.6

.6

.5

.5

.5

.6

.5

.6

.5

.6

.6

.6

Change inbusiness

inventories

Total

1.7

- 1 . 6

.4

2.24.51.8

- . 6- 1 . 0- 1 . 0

6.4- . 54.7

- 3 . 1

6.810.33.1.4

- 1 . 56.04.71.3

- 1 . 54.8

3.62.06.05.95.89.6

14.88.27.17.8

4.56.16.07.4

Non-farm

1 8

- 1 . 4

.3

1 94.0

7- 6- . 6- . 66 41 33 0

- 2 2

6 09 12.11 1

- 2 . 15.55 1

.8- 2 . 3

4.8

3.31.75.35.16.48.6

15.07.56.97.7

4.34 55.66.7


145.5152.7153.8160.8

167.5174.7181.5189.4

194.5198.2202.0211.2

138.5145.0149.5155.6

165.8169.2172.9181.2

189.9193.7197.3195.3

101.4103.6104.7108.0

114.0116.3118.3124.3

130.9134.1138.0141.1

37.037.638.438.5

41.041.541.343.0

45.347.249.551.1

36.236.837.637.7

40.140.640.442.1

44.446.348.550.1

64.466.066.369.5

73.174.977.081.2

85.586.988.690.0

58.660.360.764.0

67.368.969.873.4

77.878.480.080.9

37.141.544.847.5

5i. 852.854.556.9

59.059.659.254.2

36.641.044.146.9

51.252.353.956.4

58.459.158.653.6

0.5.5.7.6

.6

.6

.6

.5

.6

.5

.6

.7

7.07.64.35.3

1.75.58.78.2

4.64.54.7

15.9

5.86.32.43.5

1.44.88.47.9

4.44.43.2

14.9


264


TABLE C-14.—Relation of gross national product and national income, J929-73


Year or quarter

1929

1933

1939

194019411942194319441945 . • . . .1946194719481949

19501951195219531954 . .19551956195719581959

1960 .1961196219631964 . . . .1965196619671968 . . .1969

1970197119721973 y. .

1971: 1 . . .IIIllIV

1972: 1II .III..IV

1973: 1IIIIIIV v

Grossnationalproduct

103.1

55.6

90.5

99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5

284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7

503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3

977.11,055.51,155.21,288.2

1,027.21,046.91, 063. 51,084.2

1,112.51,142.41,166.51,199.2

1,242.51,272.01,304. 51,334.0

Less:Capital

con-sump-tion

allow-ances

7.9

7.0

7.3

7.58.29.8

10.311.011.39.9

12.214.516.6

18.321.223.225.728.231.534.137.138.941.4

43.445.250.052.656.159.863.968.974.581.6

87.393.8

102.4109.6

91.692.794.696.4

98.4103.6102.3105.1

106.9109.0110.5112.1

Equals:Net

nationalproduct

95.2

48.6

83.2

92.2116.3148.1181.3199.1200.7198.6219.1243.1239.9

266.4307.2322.3338.9336.6366.5385.2404.0408.4442.3

460.3474.9510.4537.9576.3625.1685.9725.0789.7848.7

889.8961.6

1,052.81,178.6

Plus:Subsidies

lesscurrentsurplus

of govern-ment

enter-prises

- 0 . 1

.0

.5

.4

.1

.2

.2

.7

.8

.9- . 2- . 1- . 1

2.2

- . 1- . 4— 2- . 1

.8

.9

.9

.1

.21.41.4.8

1.31.32.31.4

1.0

1.71.21.7

.7

Indirectbusinesstax andnontaxliability

7.0

7.1

9.4

10.011.311.812.714.115.517.118.420.121.3

23.325.227.629.629.432.134.937.338.541.5

45.247.751.554.758.462.565.770.478.685.9

93.5102.4109.5117.8

Seasonally adjusted annual

935.6954.1968.9987.8

1,014.21,038.81,064.21, 094.1

1,135.51,163.01,194.01,221.9

1.81.01.01.1

1.21.51.82.2

.9

.4

.6.9

99.7101.1103.2105.8

106.5108.4110.5112.8

115.6117.2118.5120.2

Less:

Businesstransfer

payments

0.6

.7

.5

.4

.5

.5

.5

.5

.5

.5

.6

.7

.8

.8

.91.01.21.11.21.41.51.61.7

1.92.02.12.32.52,73.03.13.43.8

4.04.34.64.9

rates

4.24.34.44.4

4.54.64.74.7

4.84.95.05.1

Statisticaldiscrep-

ancy

0.7

.6

1.3

1.0.4

- 1 . 1- 2 . 0

2.53.9

.1

.9—2.0

.3

1.53.32.23.02.72.1

- 1 . 1.0

1.6- . 8

- 1 . 0- . 8

.5- . 3

- 1 . 3- 3 . 1- 1 . 0

- 2 . 7- 6 . 1

- 6 . 4- 3 . 4- 1 . 5

2.'3

- 2 . 3- 3 . 8- 3 . 3- 4 . 0

- 6 . 7— 1.0

1.6.2

1.13.23.7

Equals:Nationalincome

86.8

40.3

72.6

81.1104.2137 1170.3182.6181 5181.9199.0224 2217.5

241 1278 0291.4304.7303 1331.0350.8366 1367.8400.0

414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0

800.5859.4941.8

1,054.2

835.9853.6865.6882.7

911.0928.3949.2978.6

1,015.01,038.21,067.4


265


TABLE C-15.—National income by type of income, 1929-73


Year orquarter

1929

1933

1939

194019411942194319441945.194619471948 -1949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973 v

1971:1II —III. .IV..

1972: 1...IIIII.IV..

1973: 1HIII.IV v

Totalna-

tionalin-

come l

86.8

40.3

72.6

81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5

241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0

414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0

800.5859.4941.8

1,054.2

Compensation ofemployees

Total

51.1

29.5

48.1

52.164.885.3

109.5121.2123.1117.9128.9141.1141.0

154.6180.7195.3209.1208.0224.5243.1256.0257.8279.1

294.2302.6323.6341.0365.7393.8435.5467.2514.6566.0

603.9644.1707.1785.3

Wagesandsala-ries

50.4

29.0

45.9

49.862.182.1

105.8116.7117.5112.0123.0135.4134.5

146.8171.1185.1198.3196.5211.3227.8238.7239.9258.2

270.8278.1296.1311.1333.7358.9394.5423.1464.9509.7

542.0573.8627.3691.5

Sup-ple-

mentsto

wagesandsala-ries2

0.7

.5

2.2

2.32.73.23.84.55.65.95.95.86.5

7.89.6

10.210.911.513.215.217.317.920.9

23.424.627.529.932.035.041.044.249.756.3

61.970.379.793.9

Business and pro-fessional income

Total

9.0

3.3

7.4

8.611.114.017.018.219.221.620.322.722.6

24.026.127.127.527.630.331.332.833.235.1

34.235.637.137.940.242.445.247.349.550.5

50.051.954.057.5

In-come

ofunin-

corpo-ratedenter-prises

8.8

3.9

7.6

8.611.714.417.118.319.323.321.823.122.2

25.126.526.927.627.630.531.833.133.235.3

34.335.637.137.940.342.845.647.650.351.2

50.752.655.160.0

Inven-toryvalu-ation

adjust-ment

0.1

- . 5

- . 2

.0- . 6- . 4- . 2- . 1- . 1

- 1 . 7- 1 . 5- . 4

.5

- 1 . 1- . 3

.2- . 2

.0- . 2- . 5- . 3- . 1- . 1

.0

.0

.0

.0

-A- . 4- . 3- . 7- . 8

- . 7- . 7

- 1 . 1- 2 . 5

In-come

offarmpro-prie-tors3

6.2

2.6

4.4

4.56.49.8

11.711.612.214.915.217.512.7

13.515.815.013.012.411.411.411.313.411.4

12.012.813.013.112.114.816.114.814.716.7

16.916.820.226.8

Rentalin-

comeof

per-sons

5.4

2.0

2.7

2.93.54.55.15.45.66.67.18.08.4

9.410.311.512.713.613.914.314.815.415.6

15.816.016.717.118.019.020.021.121.222.6

23.924.524.125.1

Corporate profitsand inventory

valuationadjustment

Total

10.5

- 1 . 2

6.3

9.815.220.324.423.819.219.325.633.030.8

37.742.739.939.638.046.946.145.641.151.7

49.950.355.758.966.376.182.478.784.379.8

69.280.191.1

109.2

Corpo-rate

profitsbeforetaxesi

10.0

1.0

7.0

10.017.721.525.124.119.724.631.535.228.9

42.643.938.940.638.348 648.847.241.452.1

49.750.355.459.466.877.884.279.887.684.9

74.085.198.0

126.5

Inven-toryvalu-ation

adjust-ment

0.5

- 2 . 1

- . 7

- . 2- 2 . 5- 1 . 2- . 8- . 3- . 6

- 5 . 3- 5 . 9- 2 . 2

1.9

- 5 . 0- 1 . 2

1.0- 1 . 0- . 3

- 1 7- 2 . 7- 1 . 5- . 3- . 5

.2- . 1

.3- . 5- . 5

- 1 . 7- 1 . 8- 1 . 1- 3 . 3- 5 . 1

- 4 . 8- 4 . 9- 6 . 9

-17.3

Netinter-

est

4.7

4.1

3.5

3.33.23.12.72.32.21.51.91.81.9

2.02.32.62.83.64 14.65.66.87.1

8.410.011.613.815.818.221.424.426.930.5

36.542.045.250.4


835.9853.6865.6882.7

911.0928.3949.2978.6

1,015.01,038.21,067.4

627.6638.8648.8661.2

684.3699.6713.1731.2

757.4774.9794.0815.0

559.8569.3577.6588.6

607.3620.8632.5648.7

666.7682.3699.3717.6

67.769.671.172.6

77.078.980.582.5

90.892.694.797.5

50.951.752.352.7

53.153.354.355.3

56.357.157.958.7

16.916.616.317.5

19.519.919.821.8

24.324.427.131.3

24.424.724.724.4

24.122.624.924.9

24.724.625.325.7

75.880.580.983.4

86.288.091.598.8

104.3107.9112.0

80.885.587.086.9

92.894.898.4

106.1

119.6128.9129.0

- 5 . 0- 5 . 0- 6 . 1- 3 . 6

- 6 . 6- 6 . 7- 6 . 9- 7 . 3

-15.4-21.1-17.0-15.6

40.241.442.743.5

43.944.845.746.6

47.949.451.153.0

1 National income is the total net income earned in production. It differs from gross national product mainly in that itexcludes depreciation charges and other allowances for business and institutional consumption of durable capital goods,and indirect business taxes. See Table C-14.

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

3 Includes change in inventories.* See Table C-74 for corporate tax liability and profits after taxes.


266


TABLE C—16.—Relation of national income and personal income, 1929—73


Year or quarter

1929.

1933..

1939..

1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..

1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..

I960..1961...1962...1963...1964...1965...1966...1967...1968...1969...

1970__.1971...1972__.1973*..

1971: !.

IV.

1972: 1.

III.IV..

1973: !I I . . .III..IV*..

Nationalincome

86.8

40.3

72.6

81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5

241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0

414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0

800.5859.4941.8

1, 054. 2

Less:

Corpo-rate

profitsand in-ventory

valuationadjust-ment

10.5

- 1 . 2

6.3

9.815.220.324.423.819.219.325.633.030.8

37.742.739.939.638.046.946.145.641.151.7

49.950.355.758.966.376.182.478.784.379.8

69.280.191.1

109.2

Contri-butions

forsocialinsur-ance

0.2

.3

2.1

2.32.83.54.55.26.16.05.75.25.7

6.98.28.78.89.8

11.112.614.514.817.6

20.721.424.026.927.929.638.042.447.154.2

57.764.673.792.1

Wageaccruals

lessdis-

burse-ments

0.0

.0

.0

.0

.0

.0

.2- . 2

.0

.0

.0

.0

.0

.0

.1

.0- . 1

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.6- . 5

i

Gov-ernmenttransfer

paymentsto per-

sons

0.9

1.5

2.5

2.72.62.62.53.15.6

10.811.110.511.6

14.311.512.012.814.916.117.119.924.124.9

26.630.431.233.034.237.241.148.756.161.9

75.188.998.3

112.5

Plus

Interestpaid

bygovern-ment

/n o i . \

{.net,;and bycon-

sumers

2.5

1.6

1.9

2.12.22.22.63.34.25.25.56.16.5

7.27.68.19.09.5

10.111.212.012.113.6

15.115.016.117.619.120.522.223.626.128.7

31.031.032.737.1

Divi-dends

5.8

2.0

3.8

4.04.44.34.44.64.65.66.37.07.2

8.88.68.68.99.3

10.511.311.711.612.6

13.413.815.216.517.819.820.821.423.624.3

24.725.126.027.8

Busi-ness

transferpay-

ments

0.6

.7

.5

.4

.5

.5

.5

.5

.5

.5

.6

.7

.8

.8

.91.01.21.11.21.41.51.61.7

1.92.02.12.32.52.73.03.13.43.8

4.04.34.64.9

835.9853.6865.6882.7

911.0928.3949.2978.6

1,015.01,038.21,067.4


75.880.580.983.4

86.288.091.598.8

104.3107.9112.0

63.364.165.066.0

71.772.974.575.8

89.390.993.095.0

0.0.2.6

1.5

- 1 . 4- . 4- . 2

.0

.0- . 3

.0

.0

82.690.390.692.1

94.395.396.4

107.3

108.8110.8113.7116.8

31.130.831.031.2

31.632.632.933.7

34.736.138.039.6

25.325.125.224.9

25.725.926.226.4

26.927.328.129.0

4.24.34.44.4

4.54.64.74.7

4.84.95.05.1

Equals:

Personalincome

85.9

47.0

72.8

78.396.0

122.9151.3165.3171.1178.7191.3210.2207.2

227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5

401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9

808.3863.5939.2

1,035.5

840.0859.5870.2884.4

910.8926.1943.7976.1

996.61,019.01,047.11,079.2


267


TABLE C-17.—Disposition of personal income, 1929-73

Year orquarter

Per-sonal

income

Less:Per-sonaltaxand

nontaxpay-

ments

Equals:Dispos-

ableper-sonal

income

Less: Personal outlays

Total

Per-sonalcon-

sump-tion

expend-itures

Interestpaid by

con-sumers

Per-sonal

transferpay-

mentsto for-eigners

Equals:Per-

sonalsaving

Percent of disposablepersonal income

Personaloutlays

Total

Con-sump-

tionexpend*

itures

Per-sonal

saving

Billions of dollars Percent

1929.....

1933....

1939....

1940.....1941.....1942.....1943.....1944.....1945.....1946.....1947.....1948....1949....

1950....1951....1952....1953....1954....1955....1956....1957....1958....1959....

I960....1961—.1962....1963....1964....1965....1966....1967....19681969

19701971....1972....1973 P

1971: L . . .I I . . .III —IV...

1972: I . . . .I I . .I I I . .I V . . .

1973: I . . . .I I . . .ML.IV P .

85.9

47.0

72.8

78.396.0

122.9151.3165.3171.1178.7191.3210.2207.2

227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5

401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9

808.3863.5939.2

.,035.5

2.6

1.5

2.4

2.63.36.0

17.818.920.918.721.421.118.6

20.729.034.135.632.735.539.842.642.346.2

50.952.457.460.959.465.775.483.097.9

116.5

116.6117.5142.2152.9

83.3

45.5

70.3

75.792.7

116.9133.5146.3150.2160.0169.8189.1188.6

206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3

350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4

691.7746.0797.0882.6

79.1

46.5

67.7

71.881.789.3

100.1109.1120.7144.8162.5175.8179.2

193.9209.3220.2234.3241.0259.5272.6287.8296.6318.3

333.0343.3363.7384.7411.9444.8479.3506.0551.2596.2

635.5685.8747.2828.7

77.2

45.8

66.8

70.880.688.599.3

108.3119.7143.4160.7173.6176.8

191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2

325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5

617.6667.2726.5805.0

1.5

.5

.7

.8

.9

.7

.5

.5

.5

.81.11.51.9

2.42.73.03.84.04.75.45.85.96.5

7.37.68.19.1

10.111.312.413.214.315.8

16.817.719.722.5

0.3

.2

.2

.2

.2

.1

.2

.4

.5

.7

.7

.7

.5

.5

.4

.4

.5

.5

.5

.6

.6

.6

.6

.5

.5

.5

.6

.6

.7

.6

.7

.8

.9

1.01.01.01.2

4.2

- . 9

2.6

3.811.027.633.437.329.615.27.3

13.49.4

13.117.318.118.316.415.820.620.722.319.1

17.021.221.619.926.228.432.540.439.838.2

56.260.249.753.8

95.0

102.0

96.3

94.988.276.475.074.580.390.595.792.995.0

93.792.492.492.893.694.393.093.393.094.4

95.194.294.495.194.094.093.692.693.394.0

91.991.993.893.9

92.7

100.6

95.0

93.686.975.774.474.079.789.694.691.893.8

92.391.090.991.191.992.491.091.291.092.3

92.992.092.292.791.691.591.190.190.791.3

89.389.491.291.2

5.0

- 2 . 0

3.7

5.111.823.625.025.519.79.54.37.15.0

6.37.67.67.26.45.77.06.77.05.6

4.95.85.64.96.06.06.47.46.76.0

8.18.16.26.1

Seasonally adjusted annual rates Seasonally adjusted

840.0859.5870.2884.4

910.8926.1943.7976.1

996.61,019.01, 047.11,079.2

112.6115.5118.1124.0

138.0140.7142.8147.4

145.1149.3156.0161.2

121A744.0752.0760.4

772.8785.4800.9828.7

851.5869.7891.1918.0

668.3680.6691.8702.6

720.0739.5755.1774.3

801.5818.7840.1854.6

650.0662.2673.0683.4

700.2719.2734.1752.6

779.4795.6816.0829.0

17.317.417.718.2

18.819.420.020.7

21.222.023.023.8

1.0.9

1.11.1

1.0.9

1.01.1

.91.01.11.8

59.263.560.257.8

52.945.945.854.4

50.051.051.163.3

91.991.592.092.4

93.294.294.393.4

94.194.194.393.1

89.489.089.589.9

90.691.691.790.8

91.591.591.690.3

8.18.58.07.6

6.85.85.76.6

5.95.95.76.9


268


TABLE C-18.— Total and per capita disposable personal income and personal consumptionexpenditures in current and 1958 dollars, 1929-73

Year or quarter

1929

1933

1939

19401941 .19421943194419451946194719481949

1950195119521953195419551956 . .1957 . _ . .19581959

1960 . .196119621963196419651966196719681969

19701971 . .19721973*

1971:1||IIIIV

1972-1IIIllIV

1973:1IIIllIV v

Disposable personal income

Total (billionsof dollars)

Currentdollars

83.3

45.5

70.3

75.792.7

116.9133.5146.3150.2160.0169.8189.1188.6

206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3

350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4

691.7746.0797.0882.6

1958dollars

150.6

112.2

155.9

166.3190.3213.4222.8231.6229.7227.0218.0229.8230.8

249.6255.7263.3275.4278.3296.7309.3315.8318.8333.0

340.2350.7367.3381.3407.9435.0458.9477.5499.0513.6

534.8554.9577.9608.1

Per capita(dollars)

Currentdollars

683

362

537

573695867976

1,0571,0741 1321,1781,2901,264

1 3641,4691,5181,5831,5851 6661,7431,8011,8311,905

1,9371 9842,0652,1382,2832,4362 6042,7492,9453,130

3,3763 6033,8164,195

1958dollars

1,236

893

1,190

1,2591,4271,5821,6291 6731,6421 6061,5131,5671,547

1 6461,6571,6781,7261,7141,7951,8391,8441,8311,881

1,8831 9091,9692,0152,1262,2392 3352,4032,4862,534

2,6102,6802,7672,890

Personal consumption expenditures

Total (billionsof dollars)

Currentdollars

77.2

45.8

66.8

70.880.688.599.3

108.3119.7143.4160.7173.6176.8

191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2

325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5

617.6667.2726.5805.0

1958dollars

139.6

112.8

148.2

155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5

230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3

316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1

477.5496.3526.8554.7

Per capita(dollars)

Currentdollars

634

364

510

536604656726782855

1,0141,1151,1841,185

1,2591,3371,3811,4411,4561,5391,5851,6431,6661,758

1,8001,8251,9031,9812,0912,2282,3722,4762,6712,859

3,0153,2223,4793,826

1958dollars

1,145

897

1,131

1,1781,2401 1971,2131 2381,3081 4391,4311,4381,451

1 5201,5091,5251,5721,5751,6591,6731,6831,6661,735

1,7491 7561,8141,8671,9482,0472 1272,1642,2562,315

2,3312,3972,5232,636


727.4744.0752.0760.4

772.8785.4800.9828.7

851.5869.7891.1918.0

547.8554.6556.4560.9

565.7571.6579.3595.1

603.9604.8603.5613.9

3,5263,5983,6283,658

3,7113,7653 8313,955

4,0574,1374,2314,350

2,6552 6822,6842,698

2 7162,7402 7712,841

2,8782,8772,8942,909

650.0662.2673.0683.4

700.2719.2734.1752.6

779.4795.6816.0829.0

489.5493 6498.0504.1

512.5523.4531.0540.5

552.7553.3558.1554.5

3,1513,2023,2463,288

3,3623,4473,5113,592

3,7143,7853,8743,928

2,3732 3872,4022,425

2,4612,5092 5402,580

2,6342,6322,6502,627

Popu-lation(thou-sands) i

121,875

125,690

131,028

132,122133,402134 860136,739138 397139 928141 389144 126146,631149,188

151 684154, 287156,954159,565162,391165 275168, 221171,274174,141177,073

180,671183 691186| 538189,242191,889194,303196 560198,712200, 706202,677

204,879207,045208,842210,404

206,306206,795207,313207,862

208, 259208,634209 058209,514

209,871210,221210,618211,036

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

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

269

527-867 O - 74 - 18


TABLE C-19.—Sources of personal income, 1929-73


Year or quarter

1929

1933

1939 .

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963 . . . .196419651966196719681969

1970197119721973» „ . . .

1971- 1IIIllIV

1972: 1IIIIIIV .

1973- 1IIIllIV*.._

Totalper-sonal

income

85.9

47.0

72.8

78.396.0

122.9151.3165.3171.1178.7191.3210.2207.2

227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5

401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9

808.3863.5939.2

1,035.5

Wage and salary disbursements*

Total

50.4

29.0

45.9

49.862.182.1

105.6116.9117.5112.0123.0135.3134.6

146.7171.0185.1198.3196.5211.3227.8238 7239.9258.2

270.8278.1296.1311.1333.7358.9394.5423.1464.9509.7

542.0573.3627.8691.5

Commodity-producingindustries

Total

21.5

9.8

17.4

19.727.539.148.950.345.846.054.361.057.7

64.676.181.889.485.492.8

100.2103.899.7

109.1

112.5112.8120.8125.7134.1144.5159.3166.5181.5197.5

200.9206.3226.0252.0

Manu-factur-

ing

16.1

7.8

13.6

15.621.730.940.942.938.236.542.547.244.7

50.359.464.271.267.673.979.582.578.786.9

89.789.896.7

100.6107.2115.6128.1134.2145.9157.6

158.3160.5175.9196.8

Distrib-utive

indus-tries

15.6

8.8

13.3

14.216.318.020.122.724.831.035.237.637.7

39.944.346.949.850.253.457.760.560.864.8

68.169.172.576.081.286.993.8

100.3109.2120.0

129.3138.3151.5165.1

Serviceindus-tries

8.4

5.2

7.1

7.58.19.09.9

10.912.014.416.117.918.6

19.921.723.325.126.428.931.633.935.938.7

41.544.046.849.954.158.363.770.578.588.1

96.6104.7116.1129.0

Gov-ern-ment

4.9

5.1

8.2

8.410.216.026.633.034.920.717.418.920.6

22.428.933.134.134.636.238.340.443.545.6

48.752.256.059.564.369.377.785.895.7

104.1

115.1123.9134.2145.4

Otherlabor

in-come*

0.6

.4

.6

7.7.9

1 11.51 81.92.32.73.0

3.84.85.36.06.37.38.49.59.9

11.3

12.012.713.914.916.618.720.722.325.428.4

32.236.640.744.9

Propriinco

Busi-nessand

profes-sional

9.0

3.3

7.4

8 611.114.017 018.219 221.620.322.722.6

24.026.127.127.527.630.331.332.833.235.1

34.235.637.137.940.242.445.247.349.550.5

50.051.954.057.5

etors'me

Farm1

6.2

2.6

4.4

4 56.49.8

11 711.612 214.915.217 512.7

13 515.815 013.012.411 411.411 313.411.4

12.012.813.013.112 114.816.114.814.716.7

16.916.820.226.8


840.0859.5870.2884.4

910.8926.1943.7976.1

996.61,019.01, 047.11,079.2

559.8569.1577.0587.1

608.8621.1632.7648.7

666.7682.6699.3717.6

202.5205.3207.0210.5

218.2223.7227.3234.8

241.6248.6255.3262.3

158.5159.9160.6163.1

168.9174.0177.0183.7

189.1194.8199.1204.3

134.7137.2139.2142.3

147.5150.0152.5156.0

159.5163.3167.0170.7

101.3103.6105.9108.0

111.6114.9117.9120.1

123.9126.9130.9134.2

121.4123.0125.0126.3

131.6132.6135.0137.8

141.6143.7146.1150.3

34.836.137.238.1

39.140.241.342.3

43.344.245.346.7

50.951.752.352.7

53.153.354.355.3

56.357.157.958.7

16.916.616.317.5

19.519. S19.821.8

24.324.427.131.3


270


TABLE C-19.—Sources of personal income, 1929-73—Continued


Year orquarter

1929..

1933..

1939..

1940..1941..1942..1943..1944..1945..1946..1947..1948.1949.

1950.1951..19521953.1954.1955.1956.1957.1958.1959.

1960.1961.1962.1963.1964.1965.1966.1967.1968.1969.

1 9 7 0 . . . .1 9 7 1 . . . .1972 . . . .1973 v

1971:1

IV. . . .

1972:1I I . . . .IllIV

1973: III.IIIIV P . . .

Rentalincomeof per-sons

5.4

2.0

2.7

2.93.54.55.15.45.66.67.18.08.4

9.410.311.512.713.613.914.314.815.415.6

15.816.016.717.118.019.020.021.121.222.6

23.924.524.125.1

Divi-dends

5.8

2.0

3.8

4.04.44.34.44.64.65.66.37.07.2

8.88.68.68.99.3

10.511.311.711.612.6

13.413.815.216.517.819.820.821.423.624.3

24.725.126.027.8

Personalinterestincome

7.2

5.7

5.5

5.45.55.35.35.66.36.87.57.98.5

9.29.9

10.611.813.114.215.717.618.920.7

23.425.027.731.434.938.743.648.052.959.3

67.573.078.087.5

Transfer payments

Total

1.5

2.1

3.0

3.13.13.13.03.66.2

11.311.711.212.4

15.112.513.014.016.017.318.521.425.726.6

28.532.433.335.336.739.944.151.859.665.8

79.193.2

103.0117.5

Old age,survivors,disability,and healthinsurancebenefits

0.0

.0

.1

.1

.2

.2

.3

.4

.5

.6

.7

1.01.92.23.03.64.95.77.38.5

10.2

11.112.614.315.216.018.120.825.730.333.0

38.544.549.660.9

Stateunem-ploy-

ment in-surancebenefits

0.4

.5

.3

.3

.1

.1

.41.1

1.7

1.4.8

1.01.02.01.41.41.83.92.5

2.84.02.92.82.62.21.82.12.12.1

3.95.75.54.2

Vet-erans

benefits

0.6

.5

.5

.5

.5

.5

.5

.92.86.76.75.85.1

4.93.93.93.73.94.34.34.44.64.6

4.64.84.85.05.35.65.76.67.38.3

9.711.212.713.6

Other

0.9

1.6

2.0

2.02.22.22.22.42.73.13.74.14.9

7.95.96.06.36.56.87.27.98.79.4

10.010.911.212.212.914.015.717.520.022.4

27.131.835.138.8

Less:Personalcontri-butions

for socialinsur-ance


0.1

.2

.6

.7

.81.21.82.22.32.02.12.22.2

2.93.43.84.04.65.25.86.76.97.9

9.39.6

10.311.812.513.417.720.522.826.3

28.030.934.743.1

Non-agricul-

turalpersonalincome*

24.424.724.724.4

24.122.624.924.9

24.724.625.325.7

25.325.125.224.9

25.725.926.226.4

26.927.328.129.0

71.472.273.774.7

75.577.478.680.3

82.785.689.192.6

86.794.694.996.5

98.899.9

101.1112.0

113.6115.7118.7121.9

40.346.645.145.9

46.647.348.056.4

58.360.061.863.4

5.25.75.95.9

5.86.35.34.7

4.14.14.14.4

10.811.111.411.7

12.012.112.614.1

13.313.413.813.9

30.531.332.633.1

34.434.135.236.8

37.838.239.040.2

30.330.731.131.5

33.834.335.235.7

41.942.643.644.2

77.6

43.2

66.9

72.387.8

111.0137.3151.2156.4161.0173.0189.4191.3

210.9236.4254.1271.9274.7296.4318.5336.6344.3368.5

385.2400.0425.5448.1480.9519.5566.3609.4668.8728.3

784.9839.8911.5

1,000.6

816.0836.1847.0859.8

883.9898.8916.5946.7

964.5986.7

1,011.91,039.0

1 The total of wage and salary disbursements and other labor income differs from compensation of employees in TableC-15 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disburse-ments.

3 Includes change in inventories.3 Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises, farm wages,

agricultural net interest, and net dividends paid by agricultural corporations.


271


TABLE C-20.—Sources and uses of gross saving, 1929-73


Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973* . . . .

1971: 1IIIII....IV....

1972: 1IIIII.—IV....

1973: 1IIIII....

Gross private saving and government surplus or deficit,national income and product accounts

Total

16.3

.9

8.8

13.618.610.75.52.55.2

35.142.049.935.9

50.456.149.547.548.564.872.771.259.273.8

77.575.585.090.5

101.0115.3124.9119.5128.3144.0

143.1153.8171.4200.2

Private saving

Total

15.3

2.3

11.0

14.322.442.049.754.344.729,727.541.439.0

42.550.353.354.455.662.167 870.571.775.9

73.979.887.988.7

102.4113.1123.8133.4135.2135.2

153.2171.9174.2188.6

Per-sonalsaving

4.2

- . 9

2.6

3.811.027.633.437.329.615.27.3

13.49.4

13.117.318.118.316.415.820.620.722.319.1

17.021.221.619.926.228.432.540.439.838.2

56.260.249.753.8

Grossbusi-ness

saving

11.2

3.2

8.4

10.511.414.516.317.115.114.520.228.029.7

29.433.135.136.139.246.347.349.849.456.8

56.858.766.368.876.284.791.393.095.497.0

97.0111.8124.4134.7

Government surplusor deficit ( - )

Total

1.0

- 1 . 4

- 2 . 2

- . 7- 3 . 8

-31.4- 4 M-51 .8-39 .5

5.414.48 5

- 3 . 2

7.95.8

- 3 . 8—6 9- 7 0

2.74 9

7-12.5- 2 . 1

3.7- 4 . 3- 2 9

1.8- 1 . 4

2.21.1

-13 .9- 6 . 8

8.8

— 10 1-18.1- 2 811.6

Fed-eral

1.2

- 1 . 3

- 2 . 2

- 1 . 3- 5 . 1

-33 .1-46 .6-54 .5-42 .1

3.513.48.4

- 2 . 4

9.16.2

- 3 . 8—7.0- 5 . 9

4.05 72.1

-10 .2- 1 . 2

3.5- 3 . 8- 3 . 8

.7- 3 . 0

1.2- . 2

-12.4- 6 . 5

8.1

-11 .9-22 .2-15 .9

.6

Stateandlocal

- 0 . 2

- . 1

(0.6

1.31.82.52.72.61.91.0.1

- . 7

- 1 . 2- . 4

- 1 . 1- 1 . 3_ 9

- 1 4- 2 . 3- . 8

.2- . 5

91.21.71.01.3

- 1 . 6

""'.7

1 84.0

13 111.0

Capitalgrants

receivedby theUnited

States i

mm"

------

9.77

.0

Gross investment

Total

17.0

1.6

10.2

14.619.09.63.55.09.1

35.242.947.936.2

51.859.551.650.551.366.971.671.260.773.0

76.574.785.590.399.7

112.2123.9118.8125.6137.9

137.6151.1170.6202.5

Grossprivatedomes-tic in-vest-ment

16.2

1.4

9.3

13.117.99.85.77.1

10.630.634.046.035.7

54.159.351.952.651.767.470.067.960.975.3

74.871.783.087.194.0

108.1121.4116.6126.0139.0

136.3153.2178.3201.5

Netforeigninvest-ments

0.8

.2

.9

1.51.1

-2^2- 2 . 1- 1 . 4

4.68.91.9.5

- 2 . 2

-i!i- . 51.53.4

- . 2- 2 . 3

1.73.02.53.15.74.12.42.2

-i'.o1.3

- 2 . 1- 7 . 6

1.0

Statis-ticaldis-

crep-ancy

0.7

.6

1.3

1.0.4

- 1 . 1- 2 . 0

2.53.9

.1

.9- 2 0

1.53.32.23 02.72.1

- 1 1.0

1.6- . 8

- 1 . 0- . 8

.5

- 3 . 1—1.0

- . 7- 2 . 7- 6 . 1

- 6 . 4- 3 . 4- 1 . 5

2.3


148.4153.6154.4158.7

164.8166.2172.4182.2

190.4194.5202.3

164.3173.3172.5177.3

170.2170.0170.3186.0

181.5183.0188.0

59.263.560.257.8

52.945.945.854.4

50.051.051.163.3

105.1109.9112.5119.5

117.4124.1124.5131.6

131.5132.0136.9

-15.9-19.7-18.4-18 .6

- 5 . 4- 3 . 9

2.0- 3 . 8

8.911.614.3

-17.6-23.5-23 .2-24 .5

-13 .8-19 .0- 7 . 4

-23 .4

- 5 . 0.0

4.0

1.73.74.85.9

8.415.29.5

19.6

13.911.510.4

0.7.7.7.7

.7

.7

.7

.7

.0

.0.0.0

146.8150.5151.8155.4

158.9165.9174.7183.1

191.5197.7206.0214.7

145.5152.7153.8160.8

167.5174.7181.5189.4

194.5198.2202.0211.2

1.3- 2 . 2- 2 . 0- 5 . 4

- 8 . 7- 8 . 7- 6 . 9- 6 . 3

- 3 . 0- . 54.03.5

- 2 . 3- 3 . 8- 3 . 3- 4 . 0

- 6 . 7- 1 . 0

1.6.2

1.13.23.7

1 Allocations of special drawing rights (SDR).2 Net exports of goods and services less net transfers to foreigners.3 Surplus of $32 million.« Deficit of $41 million.


272


TABLE C-21.—Saving by individuals, 1946-73l


Year orquarter Total

Total 2

Increase in financial assets

Cur-rencyandde-

mandde-

posits

Sav-ingsac-

counts

Securities

Gov-ern-mentsecu-rities 3

Corpo-rateandfor-eign

bonds

Corpo-rate

equi-ties 4

Insur-anceandpen-sionre-

serves

Net investment in

Non-farmhomes

Con-sumer

du-rables

Non-cor-po-ratebusi-ness

assets

Less: Increase indebt

Mort-gagedebton

non-farm

homes

Con-sumercredit

Otherdebt«

0.02.52.92.6

5.63.83.02.16.0

6.83.44.26.27.9

5.78.78.5

11.811.4

13.812.318.617.313.3

12.119.227.3

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

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

1955.. . .1956.. . .1957.. . .1958.. . .1 9 5 9 . . . . . . .

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

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

1970..1971..1972..

1971:1st half.2nd half.

1 9 7 2 : I . . .I I . . .I I I . .I V . .

1973: I . . .I L .I I I .

25.720.23.318.9

26.930.327.230.428.2

34.36.034.133.034.8

32.331.737.139.149.5

55.265.'64.867.460.1

76.889.899.

18.913.29.0

10.0

13.818.822.722.522.7

28.430.028.631.636.5

31.635.139.45.155.5

58.162.768.572.061.3

79.699.9

124.9

5.6.1

- 2 . 9- 2 . 0

2.64.61.61.02.2

1.21.8

- . 53.8

1.92.51.73.04.7

7.83.9

11.312.51.6

9.611.012.9

6.33.42.32.7

2.54.97.88.39.3

9.612.114.1

•11.3

11.416.525.724.627.4

28.020.534.830.36.0

44.470.575.8

- 1 . 41.61.31.8

- . 41.92.3

6.03.92.2

-2.49.0

3.5.7

- . 84.45.7

4.211.4- . 94.7

21.8

-8 .2-13.6

5.7

-0 .9- . 8- . 1- . 4

- . 8.0.0

- ' . 3

1.0.9

1.11.3.3

.6

.1- . 1

.0

.1

1.02.14.64.77.4

10.18.24.9

1.11.11.0

.71.61.6.9.7

1.11.91.51.5.6

- . 4.4

- 2 . 1- 2 . 9- . 2

- 2 . 2-1 .1-4 .5-7 .9- 4 . 3

-2 .6-5.4-5.9

5.35.45.35.6

6.96.37.88.07.9

8.59.59.5

10.411.9

11.612.212.714.115.6

17.019.419.620.120.8

24.328.328.0

4.26.9

10.59.0

13.713.512.813.513.7

17.716.413.812.716.5

14.512.012.812.612.5

12.011.59.2

12.813.3

10.617.424.1

5.87.57.7.0

10.25.53.66.44.9

9.95.94.9.6

5.5

5.12.96.78.9

11.2

14.815.212.416.716.2

10.616.023.6

3.33.27.42.5

6.44.62.51.62.7

3.51.92.33.33.2

2.23.25.66.96.2

9.07.28.27.99.0

6.611.012.1

3.84.35.04.1

7.47.16.47.78.6

12.211.28.88.8

12.6

10.10.912.714.816.0

15.212.710.414.616.1

12.524.138.4

2.73.22.82.9

4.11.24.83.91.1

6.43.52.6.2

6.4

4.61.85.87.98.5

9.66.44.5

10.010.4

6.011.219.2


92.589.1

92.698.8

104.8101.4

105.3117.193.0

97.5104.4

113.2125.8127.2133.1

118.1131.0115.8

15.66.4

19.76.9

14.610.2

9.011.214.7

80.860.7

85.071.676.170.6

87.164.543.7

-24.2-1 .6

-7 .210.6

. 119.0

4.517.931.0

8.67.7

7.21.83.96.5

.32.8

.7

-10.6- . 2

-8 .1-5 .6

1.9-11.7

-6 .9-4 .5-9 .2

28.028.5

20.432.828.830.2

30.333.728.2

14.620.2

22.623.425.225.2

27.930.330.3

15.216.9

20.222.625.825.9

32.831.127.9

10.911.2

11.810.311.614.4

16.114.114.6

18.330.0

32.736.740.843.5

38.343.039.7

8.913.6

13.318.318.926.2

25.324.121.9

18.420.0

29.228.425.427.7

26.022.334.0

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

agency securities, and State and local obligations.4 Includes investment company shares.5 Private life insurance reserves, private insured and noninsured pension reserves, and government insurance and

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

Source: Board of Governors of the Federal Reserve System.

273


TABLE C—22.—Number and money income (in 1972 dollars) of families and unrelated individualsby race of head, 1947-72

Year

FAMILIES^194719481949

195019511952195319541955 . . .1956195719581959 .

1960196119621963196419651966196719681969

197019711972

UNRELATEDINDIVIDUALS 2194719481949

1950...19511952195319541955195619571958 . . .1959

1960...196119621963...196419651966...196719681969.

197019711972..

Total

Totalnum-ber

(mil-lions)

37.238.639 3

39.940.640.841.242 042.943.543.744 245.1

45 546.347.047 447.848.349.149 850.551.2

51.953.354.4

8.28.49.0

9.49.19.79.59.79.99.8

10.410.910.9

11.111.211.011.212.112.112.313.113.814.5

15.416.316.8

Medianincome

$5,6655,5275,443

5,7575,9756,1386,6306,4826,8987,3577,3657,3537,769

7,9418,0198,2478,5438,8619,2219,6679,940

10, 38110,766

10,61710,57811,116

$1,8661,7981,891

1,8771,9432,2352,1961,9152,0642,2092,2672,2072,268

2,4422,4562,4312,4612,6862,863

2,9803,3493,351

3,3833,4263,521

With incomesunder $3,000

Num-ber

(mil-lions)

7.68.18 8

8.37 77.57.38 07.26.56.66 76.4

6 56.56.15.85.45.24.74.53.93.9

4.14.13.9

Per-cent

20.420.922 5

20.818 918.317.619 116.815.015.115.214.3

14.214.113.012.211.310.79.69.17.87.7

7.97.77.2


Num-ber

(mil-lions)

3.53.73 8

4 14.03 73.84.24.03.83.94.14.0

3.93.83.53.53.63.3

3.33.03.1

3.23.23.0

Per-cent

43.244.042.5

43 343.738.240.543.440.339.037.637.937.0

35.134.331.631.329.626.9

25.521.721.7

20.719.617.9

White

Totalnum-ber

(mil-lions)

34.135.3

38 239.039.539.740 240.9

41.141.942.442.743.143.544.144.845.446.0

46.547.648.5

7.27.3

8.38.58.58.99.29.3

9.69.69.59.7

10.410.510 711.312.012.5

13.414.214.5

Medianincome

$5,9095,7455,662

5,9866,2246,4906,8776,7497,2127,6987,6697,6648,104

8,2678,3908,6318,9469,2569,612

10,04710,31810, 75011,168

10,99610,94811,549

$1,9551,8731 994

1 9592,0272 4052,3202,0522,2092,2752,3972,3402,404

2,6302,6442,6072,5922,8302,979

3,1173,5373,511

3,5373,5943,677


Num-ber

(mil-lions)

5.96.5

6.45.75.15.25.24.8

4.95.14.74.44.14.03.73.53.13.0

3.13.12.9

Per-cent

17.418.419.8

18.516.315.715.716.814.713.013.012.911.8

12.012.111.010.39.69.18.37.86.86.6

6.76.65.9


Num-ber

(mil-lions)

3.03.1

3.43.33.23.23.33.3

3.23.12.82.92.92.7

2.72.52.5

2.62.62.4

Per-cent

41.842.641.0

41.842.636.939.841.438.437.835.736.235.0

32.932.029.529.428.025.6

24.220.520.1

19.118.116.6

Negro and other races

Totalnum-ber

(mil-lions)

3.13.3

3 83.94.04.04 04.2

4 34.54.64 84.84 85 05 05.15.2

5 45 75.9

1.01.1

1.41.41.31.51.61.6

1.51.61.51.51.61.71 61.81.82.0

1.92.12.3

Medianincome

$3,0233,0722 903

3,2483 2793,6853,8683 7593,9774,0524,1063 9384,178

4 5644,4614,6084,7515,1835,3496,0086,3806,7187,062

7,0186,9367,106

$1 3971,373L 435

L 420494

1,6641,8291,3591,4621,7141,5101,5621,544

1,5091,6191,7331,7691.9292,171

2,2842,4262,480

2,4282,4022,731


Num-ber

(mil-lions)

1.51.6

1.61.51.51.51.51.6

1.41.51.41.41.21.21.11.0.9.9

1.01.01.0

Per-cent

49.649.051.5

46.245.839.037.541.738.336.436.537.937.5

33.733.431.129.325.424.8?} 620.217.917.3

18 ?18, 417.7


Num-ber

(mil-lions)

0.5.6

.8

.7

.6

.7

.8

.8

.7

.8

.7

.7

.6

.6

.6

.5

.6

.6

.6

.6

Per-cent

52.653.852 0

52 050.246 043.755.251.247.249.948.849.3

49.847.444.144.139.535.2

33.330.332.3

31.730.426.9

i The term "family" refers to a group of two or more persons related by blood, marriage, or adoption and residingtogether; all such persons are considered members of the same family.

3 The term "unrelated individuals" refers to persons 14 years old and over (other than inmates of institutions) who arenot living with any relatives.

Source: Department of Commerce, Bureau of the Census.

274


POPULATION, EMPLOYMENT, WAGES, ANDPRODUCTIVITY

TABLE C-23.—Population by age groups, 1929-73

[Thousands of persons]

July 1 Total

Age (years)

Under 5 5-15 16-19 20-24 25-44 45-64 65 andover

1929.

1933.

1939.

1940.1941.19421943.1944.

19451946.1947.1948.1949.

1950.1951.1952.1953.1954.

1955.1956.1957.1958.1959.

1960.1961.1962.1963.1964.

1965.1966196719681969

1970197119721973.

121,767

125, 579

130,880

132,122133, 402134, 860136, 739138, 397

139, 928141, 389144,126146, 631149,188

152,271154, 878157, 553160,184163, 026

165, 931168, 903171, 984174, 882177,830

180,671183,691186,538189,242191, 889

194, 303196, 560198,712200, 706202,677

204,879207, 045208, 842210,404

11,734

10,612

10, 418

10,57910,85011,30112,01612, 524

12, 97913, 24414, 40614, 91915,607

16,41017,33317,31217, 63818, 057

18, 56619, 00319,49419, 88720,175

20,33720, 50420,44820,31620,127

19,78619,17118, 52817, 88017,339

17,15617,17417, 00616,714

26,800

26,897

25,179

24, 81124, 51624, 23124,09323, 949

23,90724,10324,46825, 20925, 852

26,72127, 27928, 89430, 22731, 480

32,68233,99435, 27236, 44537, 368

38,49639,75341,18441,64042, 313

42,94443,69544,23444, 60944,804

44,77444,44143,94743, 227

9,127

9,302

9,822

9,8959,8409,7309,6079,561

9,3619,1199,0978,9528,788

8,5428,4468,4148,4608,637

8,7448,9169,1959,54310, 215

10,69411,07211,21512,00412,737

13, 50414,29414,21214,44914, 804

15,27515, 63415,94516, 308

10,694

11,152

11,519

11,69011, 80711,95512, 06412, 062

12, 03612,00411,81411,79411,700

11,68011,55211,35011,06210,832

10,71410,61610, 60310, 75610, 969

11,12411,45011,95412, 70713,256

13,75514,09015, 22715,76616,465

17,18018,08618,02118,331

35, 862

37,319

39, 354

39, 86840,38340,86141, 42042, 016

42, 52143, 02743,65744, 28844, 916

45, 67246,10346, 49546, 78647, 001

47,19447, 37947,44047, 33747,192

47,14047,08947, 00846,99646,965

46,91246,97647,18847,71448,055

48,43548,80950,25051,412

21, 076

22,933

25, 823

26, 24926,71827,19627, 67128,138

28,63029, 06429,49829,93130,405

30, 84931, 36231, 88432,39432, 942

33, 50634, 05734, 59135,10935, 663

36,20036,71437,25137, 79438,382

38,99739,61040,25840,89041,454

41,97442,41442,78943, 083

6,474

7,363

8,764

9,0319,2889,5849,867

10,147

10, 49410,82811,18511, 53811,921

12,39712,80313, 20313,61714, 076

14,52514,93815, 38815, 80616, 248

16,67917,10817,47617, 78518,108

18,40518, 72319,06619,39619,754

20,08520,48720,88321,329

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


275


TABLE C-24.—Noninstitutional population and the labor force, 1929-73

Year or month

1929 .

1933

1939

19401941194219431944

194519461947

194719481949

1950195119521953 21954

1955 . .1956195719581959

I9602 .1961 .1962 21963 . . . .1964

1965 . .19661967 . .19681969

19701971

197221973 2

Nonin-stitu-tionalpopu-lation i

Totallaborforce

(includ-ing

ArmedForces)

ArmedForcesi

Total

Civilian labor force

Employment

TotalAgri-cul-tural

Non-agri-cul-tural

Unem-ploy-ment

Thousands of persons 14 years of age and over

100,380101,520102 610103, 660104,630

105,530106 520107; 608

49,440

51, 840

55, 600

56,18057,53060,38064,56066,040

65,30060 97061,758

260

250

370

5401,6203 9709,020

11,410

11,4403 4501,590

49,180

51, 590

55, 230

55,64055,91056,41055,54054,630

53,86057,52060,168

47,630

38, 760

45, 750

47,52050,35053 75054,47053,960

52,82055 25057,812

10,450

10, 090

9,610

9,5409,1009,2509,0808,950

8,5808 3208,256

37,180

28,670

36,140

37,98041,25044 50045,39045,010

44, 24046 93049,557

1,550

12, 830

9,480

8,1205,5602 6601,070

670

1,0402 2702,356

Thousands of persons 16 years of age and over

103,418104,527105,611

106,645107 721108,823110,601111,671

112,732113 811115;065116,363117,881

119,759121,343122 981125,154127,224

129,236131,180133,319135 562137,841

140 182142,596

145, 775148,263

60,94162,08062,903

63,85865 11765,73066,56066,993

68,07269 40969,72970,27570,921

72,14273,03173,44274,57175,830

77,17878,89380,79382,27284, 240

85,90386,929

88,99191,040

1,5911,4591,617

1,6503 1003,5923,5453,350

3,0492 8572,8002,6362,552

2,5142,5722,8282,7382,739

2,7233,1233,4463 5353,506

3,1882,817

2,4492,326

59,35060, 62161, 286

62, 20862 01762,13863,01563, 643

65,02366,55266,92967,63968,369

69,62870,45970,61471,83373,091

74,45575,77077,34778,73780, 734

82,71584,113

86, 54288,714

57,03958,34457,649

58,92059 96260, 25461,18160,110

62,17163 80264;07163,03664, 630

65,77865,74666, 70267,76269,305

71,08872,89574,37275,92077,902

78,62779,120

81,70284,409

7,8917,6297,656

7,1606 7266,5016,2616,206

6,4496,2835,9475,5865,565

5,4585,2004,9444,6874,523

4,3613,9793,8443,8173,606

3,4623,387

3,4723,452

49,14850,71349,990

51,76053 23953,75354,92253,903

55,72457,51758,12357,45059,065

60,31860,54661,75963,07664, 782

66,72668,91570,52772,10374, 296

75,16575,732

78, 23080,957

2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,0884,993

4,8404,304

Unem-ploy-mentrate

(percentof

civilianlaborforce)

Laborforce

partici-pationrate

(totallabor

force aspercentof non-institu-tionalpopu-lation)

Percent

3.2

24.9

17.2

14.69.94.71.91.2

1.93.93.9

3.93.85.9

5.33.33.02.95.5

4.44.14.36.85.5

5.56.75.55.75.2

4.53.83.83.63.5

4.95.9

5.64.9

56.056.758.862.363.1

61.957.257.4

58.959.459.6

59.960.460.460.260.0

60.461.060.660.460.2

60.260.259.759.659.6

59.760.160.660.761.1

61.361.0

61.061.4


276


TABLE C-24.—Noninstitutional population and the labor force, 1929-73—Continued

Year or month

Nonin-stitu-tionalpopu-

lation i

Totallaborforce

(includ-ing

ArmedForces)

ArmedForces 1

Civilian labor force

Total

Employment

TotalAgri-cul-tural

Non-agri-cul-tural

Unem-ploy-ment

Unem-ploy-mentrate

(percentof

civilianlaborforce)

Laborforce

partici-pationrate

(totallabor

force aspercentof non-institu-tionalpopu-lation)

Seasonally adjusted

1972: Jan2.Feb..Mar..Apr..May.June.

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

1973: Jan..Feb..Mar2Apr..May.June.

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

144,697144, 895145, 077145, 227145, 427145,639

145, 854146, 069146, 289146, 498146, 709146, 923

147,129147,313147, 541147,729147, 940148,147

148, 361148, 565148,782149, 001149, 208149,436

88, 31588,17988, 66488, 56888, 74088, 854

88,99389, 33789,43289,62389, 40789, 701

89, 40490,10890.52390;62290,59791,133

91,13991,01191,66492.03892,18692,315

2,5942,5402,5042,4632,4192,393

2,3882,3962,4052,4152,4312,440

2,4042,3922,3612,3502,3342,315

2,3102,3072,2922,2892,2842,282

85, 72185,63986,16086,10586,32186, 461

86,60586, 94187, 02787, 20886,97687,261

87, 00087,71688,16288, 27288, 26388, 818

88, 82888, 70489, 37389, 74989. 90390,033

80,63780,67281,11081,15381, 40481,623

81,78182, 08382, 25682, 33882, 48682,841

82,61983, 23083, 78283, 85483, 95084, 518

84, 62184. 51385, 13385,64985,64985,669

3,3893,3873, 4453,3533,3783,351

3,4413,5933,5853,6503,4903,577

3,4893,4463,4693,3553,3203,430

3,5123,4253,3763,4553,5613,643

77, 24877, 28577,66577, 80078, 02678, 272

78,34078, 49078,67178,68878, 99679, 264

79,13079,78480,31380,49880,63081, 088

81,10981, 08881,75782,19482, 08882, 026

5,0844,9675,0504,9524,9174,838

4,8244,8584,7714,8704,4904,420

4,3814.4864,3804,4184,3134,300

4,2074.1914,2404,1004,2544,364

5.95.85.95.85.75.6

5.65.65.55.65.25.1

5.05.15.05.0

i

i.91.8

1.71.7\.l1.6\.l1.8

61.060.961.161.061.061.0

61.061.261.161.260.961.1

60.861.261.461.361.261.5

61.461.361.661.861.861.8

1 Not seasonally adjusted.2 Not strictly comparable with prior data due to the introduction of population adjustments in the period. The adjustment

beginning January 1972 added 787,000 to the noninstitutional population, 333,000 to the civilian labor force, 301,000 tocivilian employment and 32,000 to unemployment. The adjustment in March 1973 added 60,000 to the civilian labor forceand civilian employment. Unemployment rates were not significantly affected by the adjustments.

Note.—Labor force data in Tables C-24 through C-27 are based on household interviews and relate to the calendarweek including the 12th of the month. For definitions of terms, area samples used, historical comparability of the data,comparability with other series, etc., see "Employment and Earnings."

Source: Department of Labor, Bureau of Labor Statistics.

277


TABLE C-25.—Civilian employment and unemployment by sex and age, 1947-73

[Thousands of persons 16 years of age and over]

Year ormonth

1947..1948..1949..

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

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

19601.1961..1962..19631.1964..

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

1970..1971..1972119731

1972: Jani . . .Feb.. .Mar .Apr . . .May...June...

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

1973: Jan....Feb...Mari . .Apr. . .May...June..

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

17,039 40,99458,344 41,17,649 40,

58,920 4159,962 4160,254 4161,181 42i60,110 41

62,17163,802 43;64,07163,036 ,64,630 43,

Employment

Total

65,778 43,65, 746 43,66,702 44,67,762 44,69,305 45,

71,088 46,72,895 46,74,372 47,75,920 48,77,902 48,

Males

Total

,580,780,684,431,620

42,62143,38043,357"",423

,466

1,904:,656,177,657i, 474

i,3401,919,4791,114;, 818

8,627 48,960" 120 49,245

702 50,630409 51,963

16-19years

2,218 38,776 16,045* 345 39,382 16,618

16,72322,124 38,803

2,186 39,3942,156 39,6262,106 39, 5782,135 40,2961,985 39,634

20yearsandover

2,095 40,526 19,!2,164 41,2. . ,2,117 41,239 20,:2,012 40,411:

1,5501,422),714

. 20,6132,198 41,267 21,164

,874!,090!,525

. 23,1052,587 42,886 23,831

2,360 41,543 21,2,314 41,342 22,12,362 41,815 22,!2,406 42, 251 J

2,918 43,422 24,3,252 43,668 25,3,18644,: .3,255 44,859 27,3,430 45,388 29,

3,407 45,553 29,3,470 45, ,3,750 46.880 31,4,017 47,946 32,

Females

Total

17,34018,18218, 57018,75018,490

16-19years

1,6911,6831,588 15,137

1,517',611,612,584,490 17,000

,548 18,002,654 18,767,663

2,972

20yearsandover

14,35414,937

15,82416,57016,95817,164

19,052,570 19,043,640 19,524

,769 20,105,793 20,296,833 20,693,849 21,257,929 21,903

2,118 22.6302,469 23,5102,497 24,3972, 525 25,2812,686 26,397

2,734 26,9332,725 27,149

28,10T3,219 29,228

Unemployment

Total

2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,9934,8404,304

Males

Total

1,6921,5592,572

2,2391,2211,1851,2022,344

1,8541,7111,8413,0982,420

2,4862,9972,4232,4722,205

1,9141,5511,5081,4191,403

2,2352,7762,6352,240

16-19years

270255352

318191205184310

274269299416398

425479407500487

479432448427441

599691707647

20yearsandover

1,4221,3052,219

1,9221,029980

1,0192,035

1,5801,4421,5412,6812,022

2,0602,5182,0161,9711,718

1,4351,1201,060993963

1,6362,0861,9281,594

Females

Total

619717

1,065

1,049834698632

1,188

9981,0391,0181,5041,320

1,3661,7171,488,598,581

,452,324,468,397,429

1,8532,2172.2052,064

16-19years

20yearsandover

Seasonally adjusted

80,80,81,81,81,81,623

637 49, 922672 49, 935110 50,214153 50,257404 50,391

50,622

81,78182,08382,25682,33882,486 5182, 841

50,70550,86451,02251,06851,10851,340

82,83, 23083,78283,85483,95084,518

84,62184,513 5185,133 52;85,649 52,85,64985,669 52

619 51,24451, 45851, 76151,64151,59751,848

52,037,892290

:;63852,584"I, 732

625 46,297 30,715562 46,373 30,737657 46, 557 30,896685 46,572 30,896

3, 718 46,3,809 47,3, 836 47,3,866 47,3,839 47,3,866 47,

3,3,4,3,3,3,989

,987 31,076',055 31,219", 186 31,234,202 31,270,269 31,378,474 31,501

846 47,398 31,375945 47,513 31,772067 47,694 32,021986 47,655 32,213929 47,668 32, 353

47,859 32, 670

3,950 48,0873,900 47,99r ,4,152 48,138 32,8434,206 48,4324,159 48,425 .....4,173 48, 559 32,937

32,58432,621

2,9272,9082,9482,9743,0202,955

27,78827,82927,94827,92227,99328,046

2,9382,9262, 954 28;2,9973, 070 28;3,095 28,

28,13828,29328,28028,27328,308"1,406

3,053 28,3, 085 283,187 .3,177 29,3,208 29,3,332

3,103 29,3,138 29,3, 326 29,3,350 29,3,3613,341

1,322.1,687

28,834" "I, 036

,14529,338

1,481i,4831,5171,661

29, 70429, 596

5,0844,9675,0504,9524,9174,838

4,8244,8584,7714,8704,4904,420

i,381•,486, 380,418^ 313^,300

,207.191240

4; 1004,2544,364

2,8072,8382,8112,7342,6992,607

2,5bO2,6022,5642,6152,4312,325

2,2612,3342,3112,3492,3152,231

2,1642,1662,1722,1382,1932,182

747841785708700644

620736712662695686

598652632675658630

639638659649692656

2,0601,9972,0262,0261,9991,963

1,9301,8661,8521,9531,7361,639

1,6631,6821,6791,6741,6571,601

1,5251,5281,5131,4891,5011,526

2,2772,1292,2392,2182,2182,231

2,2742,2562,2072,2552,0592,095

2,1202,1522,0692,0691,9982,069

2,0432,0252,0681,9622,0612,182

144152223

195145140123191

176209197262256

286349313383386

395404391412412

506567595579

475564841

854689559510997

823832821

1,2421,063

1,0801,3681,1751,2161,195

1,056921

1,078985

1,016

1,3471,6501,6101,485

648617612607526583

598614591596566589

558652573605607557

543538586581582609

1,6291,5121,6271,6111,6921,648

1,6761,6421,6161,6591,4931,506

1,5621,5001,4961,4641,3911,512

1,5001,4871,4821,3811,4791,573

1 See footnote 2, Table C-24.

Note.—See Note, Table C-24.


278


TABLE C-26.— Selected unemployment rates, 1948-73

[Percent]

Year or month

19481949

19501951195219531954...19551956195719581959

196019611962196319641965 .1966196719681969

1970197119721973

1972: JanFeb . .MarAprMayJune

JulyAug .SeptO c t . . . . . .NovDec

1973: JanFeb.MarApr.MayJune

JulyAugSeptOct.NovDec

Allwork-

ers

3.85.9

5.33.33.02.95.54.44.14.36.85.5

5.56.75.55.75.24.53.83.83.63.5

4.95.95.64.9

B" sex and age

Bothsexes16-19years

9.213.4

12.28.28.57.6

12.611.011.111.615.914.6

14.716.814.717.216.214.812.812.812.712.2

15.216.916.214.5

Men20

yearsandover

3.25.4

4.72.52.42.54.93.83.43.66.24.7

4.75.74.64.53.93.22.52.32.22.1

3.54.44.03.2

Wom-en 20yearsandover

3.65.3

5.14.03.22.95.54.44.24.16.15.2

5.16.35.45.45.24.53.84.23.83.7

4.85.75.44.8

By color

White

3.55.6

4.93.12.82.75.03.93.63.86.14.8

4.96.04.95.04.64.13.43.43.23.1

4.55.45.04.3

Negroand

otherraces

5.98.9

9.05.35.44.59.98.78.37.9

12.610.7

10.212.410.910.89.68.17.37.46.76.4

8.29.9

10.08.9

By selected groups

Expe-riencedwageand

salarywork-

ers

4.36.8

6.03.73.33.26.24.84.44.67.25.7

5.76.85.65.55.04.33.53.63.43.3

4.85.75.34.5

House-hold

heads

3.73.22.72.22.11.91.8

2.93.63.32.9

Mar-ried

men*

3.5

4.61.51.41.74.02.82.62.85.13.6

3.74.63.63.42.82.41.91.81.61.5

2.63.22.82.3

Full-time

work-ers 2

5.4

5.02.62.5

5.23.83.74.07.2

6.7

5.54.94.23.53.43.13.1

4.55.55.14.3

Blue-collarwork-ers 3

4.28.0

7.23.93.63.47.25.85.16.2

10.27.6

7.89.27.47.36.35.34.24.44.13.9

6.27.46.55.3

Laborforcetimelost*

4.85.15.38.16.6

6.78.06.76.45.85.04.24.24.03.9

5.36.46.05.2

Seasonally adjusted

5.95.85.95.85.75.6

5.65.65.55.65.25.1

5.05.15.05.04.94.8

4.74.74.74.64.74.8

17.618.417.516.515.415.5

15.516.716.115.515.415.5

14.415.614.215.215.114.0

14.414.314.314.014.514.4

4.34.14.24.24.14.0

3.93.83.84.03.53.3

3.43.43.43.43.43.2

3.13.13.03.03.03.0

5.55.25.55.55.75.5

5.65.55.45.55.05.0

5.25.04.94.84.64.9

4.84.84.84.44.75.0

5.35.25.35.35.25.1

5.05.15.05.14.64.5

4.64.64.44.54.44.3

4.14.24.24.14.24.4

11.010.610.49.4

10.19.5

9.89.79.9

10.19.99.6

8.99.09.09.29.28.8

9.28.89.28.48.98.6

5.65.55.55.35.45.2

5.35.35.25.34.84.8

4.64.74.64.74.54.4

4.44.44.44.24.54.6

3.53.43.43.43.53.5

3.33.23.33.42.92.8

3.03.03.03.02.92.9

2.72.82.72.72.82.8

3.02.92.82.92.82.9

2.82.62.72.82.52.4

2.42.42.52.42.32.3

2.12.12.12.12.12.2

5.45.35.35.35.35.1

5.15.14.95.14.64.5

4.64.64.54.54.34.3

4.24.24.24.14.34.4

7.17.07.06.86.66.5

6.56.46.06.05.75.6

5.65.75.55.45.35.3

5.25.25.15.15.45.2

6.36.06.26.06.15.9

5.96.05.85.95.45.4

5.35.45.35.35. 25.2

5.15.15.15.15.25.4

i Married men living with their wives. Data for 1949 and 1951-54 are for April; 1950, for March,a Data for 1949-61 are for May.3 Includes craft and kindred workers, operatives, and nonfarm laborers. Data for 1948-57 are based on data for

January, April, July, and October.4 Man-hours lost by the unemployed and persons on part-time for economic reasons as a percent of potentially available

labor force man-hours.

Note.—See footnote 2 and Note, Table C-24.


279


TABLE O27.—Unemployment by duration, 1947-73

Year or month

194719481949

19501951195219531954

19551956 . . .195719581959

1960 . . . . .196119621963 . . . .1964

19651966196719681969

1970197119721973

1972: JanFebMarAprMayJune

JulyAug . . . .SeptOctNovDec

1973: JanFeb . . .MarAprMayJune

JulyAugSeptOctNovDec

Total un-employ-

ment

Duration of unemployment

Less than5 weeks

5-14weeks

Thousands of persons 16 years

2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,0884,9934,8404,304

5,0844,9675,0504,9524,9174,838

4,8244,8584,7714 8704,4904,420

4,3814,4864,3804,4184 3134,300

4,2074,1914,2404,1004,2544,364

1,2101,3001,756

1,4501,1771,1351 1421,605

1,3351,4121,4081,7531,585

1,7191,8061,6631,7511,697

1,6281,5731,6341,5941,629

2,1372,2342,2232,196

2,3622,1162,3252,1972,2032,237

2,2122,2332,3102 2852,1581,982

2,0812,2642,1682,2072 2512,244

2,2252,2062,1582,0012,2432,308

704669

1,194

1,055574516482

1,116

815805891

1,3961,114

1,1761,3761,1341,2311,117

983779893810827

1,2891,5781,4591,296

Seasonally

1,5081,4701,4251,5071,5171,458

1,4861,5061,3831,4361,3651,423

1,3691,2641,3371,4871,2871,210

1,2671,2201,3391,2831,2351,270

15-26weeks

27 weeksand over

of age and over

234193428

425166148132495

366301321785469

503728534535491

404287271256242

427665597475

adjusted i

642654605530594604

643614569581558519

510533496467470463

478446476431469409

164116256

3571378478

317

336232239667571

454804585553482

351239177156133

235517562337

592647619642584554

518535549512470458

407365373320348326

277331292325351331

Average(mean)durationin weeks

8.610.0

12.19.78.48.0

11.8

13.011.310.513.914.4

12.815.614.714.013.3

11.810.48.88.47.9

8.711.312.010.0

12.112.412.212.512.312.5

11.912.012.111.811.411.3

10.910.510.510.010.09.7

9.810.09.4

10.310.09.3

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

Note—See footnote 2 and Note, Table C-24.


280


T A B L E C—28.—Unemployment insurance programs, selected data, 1946—73

Year or month

All programs

Cov-eredem-ploy-

ment*

Insuredunem-ploy-ment

(weeklyaver-age) 23

Totalbenefits

paid(mil-lions

of dol-lars) 2 i

State programs

Insuredunem-ploy-ment3

Initialclaims

Ex-haus-tions*

Insured unem-ployment as per-cent of covered

employment

Unad-justed

Season-ally ad-justed

Benefits paid

Total(mil-

lions ofdol-

lars)*

Aver-age

weeklycheck(dol-lars)*

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

1950.1951.1952..1953..1954..1955..1956.1957.1958..1959..

1960.1961.1962.1963..1964.1965..1966.1967.1968.1969.

1970. . .1971 . . .1972 p..1973 P. .

1972: J a n " . .Feb*._Mar»»..A p r ' . .Mayp. .June p..

July * . .Aug*._Sept* .Oct *___

Dec P

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

July p..Aug p..Sept p -Oct p . . .NOVP. .Dec p . .

Thousands Weekly average, thousands Percent

31,85633,87634,64633,098

34,30836,33437,00638,07236,62240,01842,75143,43644,41145,728

46,33446, 26647,77648,43449,63751, 58054,73956,34257, 97759,999

59, 5268 59,375

2,8041,7931,4462,474

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

2,0712,9941,9461,9731,7531,4501,1291,2701,1871,177

2, 878. 51, 785. 51, 328. 72, 269.8

1, 467.6862.9

1,043. 51,050.62, 291.81,560.21, 540.61.913.04, 290.62, 854. 3

3,022. 84, 358.13.145.13, 025. 92,749. 22, 360. 41,890.92, 221. 52,191. 02, 298. 6

2,070 4,179.12,313 5,498.22,185 5,000.01,783 4,441.8

3,0973,1222,9222,4302,1051,951

2,0871,7631,5541,5121,6921,994

2,3332,2502,0751,8281,6101,523

1,6401,5721,4401,4511,6652,003

530.1548.9593.2449.0423.1383.1

375.2391.1307.8304.1325.3350.2

509.2447.0473.9393.3365.9309.4

320.9346.9273.9309.3320.9371.2

1,295997980

1,973

1,513969

1,044990

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

1,9082,2901,783

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

1,8052,1501,8481,627

2,5242,4922,2792,0051,7401,636

1,8231,5651,3881,3571,5071,801

2,1242,0611,8981,6691,4651,384

1,5051,4361,2991,2981,5011,889

189187200340

236208215218304226111270369277

331350302

7 298268232203226201200

296295261246

385293242237216250

321213190214253324

331249213216193206

275212186210265395

38242037

36161815342520235033

31463230262115171616

25383730

404040433936

353329272828

333233333128

272725242932

4.33.13.06.2

4.62.82.92.85.23.53.23.66.44.4

4.85.64.44.33.83.02.32.52.22.1

3.44.13.52.8

4.84.74.33.83.33.1

3.42.92.62.52.73.3

3.83.73.42.82.52.4

2.52.42.12.12.43.1

3.53.63.63.63.63.6

3.63.43.43.33.23.0

2.72.82.82.72.72.7

2.62.72.82.82.82.9

1,094.9775.1789.9

1.736.0

1.373.1840.4998.2962.2

2,026.91,350.31,380.71,733.93, 512.72.279.0

2,726. 73,422.72,675.42,774.72.522.12,166.01,771.32,092. 32,031. 62,127.9

3,848.54,957.04,550.04,105.0

484.7502.9541.9407.9381.2344.4

338.6349.7274.7273.7294.4320.9

471.4416.4441.0365.7339.2286.6

296.3316.3248.3280.7301.4341.6

18.5017.8319.0320.48

20.7621.0922.7923.5824.9325.0427.0228.1730.5830.41

32.8733.8034.5635.2735.9237.1939.7541.2543.4346.17

50.3454.0256.0358.50

55.5056.0457.2157.1256.4055.23

55.7555.5360.1656.9557.5958.35

58.6959.0859.0959.4158.4458.12

57.4257.4658.1358.9758.6358.71

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

2 Includes State, UCFE, RR, UCX, UCV (unemployment compensation for veterans, October 1952-January 1960), andSRA (Servicemen's Readjustment Act, September 1944-September 1951) programs. Also includes Federal and Stateextended benefit programs.

3 Covered workers who have completed at least 1 week of unemployment.4 Annual data are net amounts and monthly data are gross amounts. Monthly data exclude extended benefit pay-

ments.8 Individuals receiving final payments in benefit year. Data for New Jersey not available for April-June 1971.8 For total unemployment only. Excludes data for New Jersey for April-December 1971.7 Programs include Puerto Rican sugarcane workers for initial claims and insured unemployment beginning July 1963.8 Latest data available for all programs combined. Workers covered by State programs account for about 89 percent of

the total.

Source: Department of Labor, Manpower Administration.

281


TABLE C—29.—Wage and salary workers in nonagricultural establishments, 1929—73

'All employees; thousands of persons]

Year ormonth

1929

1933

1939

19401941194219431944

19451946 . .194719481949

19501951195219531954

1955 . . .1956195719581959

1960196119621963 .1964

19651966196719681969

1970197119721973 P .

Totalwageand

salarywork-

ers

31,339

23,711

30,618

32,37636,55440,12542,45241, 883

40,39441,67443, 88144,89143, 778

45, 22247,84948,82550, 23249,022

50,67552,40852,89451,36353,313

54,23454,04255, 59656,70258,331

60, 81563,95565, 85767,91570, 284

70, 59370,64572, 76475,570

Manufacturing

Total

10,702

7,397

10, 278

10, 98513,19215, 28017,60217,328

15, 52414,70315, 54515, 58214,441

15,24116,39316,63217,54916,314

16,88217, 24317,17415,94516,675

16,79616,32616,85316,99517,274

18,06219,21419,44719,78120,167

19,34918, 52918, 93319,821

Dura-ble

goods

4,715

5,3636,9688,823

11,08410, 856

9,0747,7428,3858,3267,489

8,0949,0899,349

10,1109,129

9,5419,8349,8568,8309,373

9,4599,0709,4809,6169,816

10,40611,28411,43911,62611,895

11,19510, 56510, 88411,634

Non-dura-

blegoods

5,564

5,6226,2256,4586,5186,472

6,4506,9627,1597,2566,953

7,1477,3047,2847,438

• 7,185

7,3407,4097,3197,1167,303

7,3367,2567,3737,3807,458

7,6567,9308,0088,1558,272

8,1547,9648,0498,187

Min-ing

1,087

744

854

925957992925892

836862955994930

901929898866791

792822828751732

712672650635634

632627613606619

623602607625

Con-tractcon-

struc-tion

1,497

809

1,150

1,2941,7902,1701,5671,094

1,1321,6611,9822,1692,165

2,3332,6032,6342,6232,612

2,8022,9992,9232,7782,960

2,8852,8162,9022,9633,050

3,1863,2753,2083,2853,435

3,3813,4113,5213,649

Trans-porta-tionand

pub-lic

utili-ties

3,916

2,672

2,936

3,0383,2743,4603,6473,829

3,9064,0614,1664,1894,001

4,0344,2264,2484,2904,084

4,1414,2444,2413,9764,011

4,0043,9033,9063,9033,951

4,0364,1514,2614,3104,429

4,4934,4424,4954,610

Whole-saleand

retailtrade

6,123

4,755

6,426

6,7507,2107,1186,9827,058

7,3148,3768,9559,2729,264

9,3869,742

10,00410,24710,235

10, 53510,85810,88610,75011,127

11,39111,33711, 56611,77812,160

12,71613, 24513,60614,08414,639

14,91415,14215,68316,294

Fi-nance,insur-ance,andreal

estate

1,509

1,295

1,462

1,5021,5491,5381,5021,476

1,4971,6971,7541,8291,857

1,9191,9912,0692,1462,234

2,3352,4292,4772,5192,594

2,6692,7312,8002,8772,957

3,0233,1003,2253,3823,564

3,6883,7963,9274,053

Serv-ices

3,440

2,873

3,517

3,6813,9214,0844,1484,163

4,2414,7195,0505,2065,264

5,3825,5765,7305,8676,002

6,2746,5366,7496,8067,130

7,4237,6648,0288,3258,709

9,0879,551

10,09910,62311,229

11,61211,86912, 30912,865

Government

Fed-eral

533

565

905

9961,3402,2132,9052,928

2,8082i 2541,8921,8631,908

1,9282,3022,4202,3052,188

2,1872,2092,2172,1912,233

2,2702,2792,3402,3582,348

2,3782,5642,7192,7372,758

2,7052,6642,6502,624

Stateandlocal

2,532

2,601

3,090

3,2063,3203,2703,1743,116

3,1373,3413,5823,7873,948

4,0984,0874,1884,3404,563

4,7275,0695,3995,6485,850

6,0836,3156,5506,8687,?48

7,6968,2278,6799,1099,444

9,83010,19110,64011,028


282


TABLE C-29.—Wage and salary workers in nonagricultural establishments, 1929-73—Continued

[All employees; thousands of persons]

Year ormonth

1971: Jan . . ,Feb.. .Mar..Apr...May..June..

July. .Aug. -Sept. .Oct. . .Nov—Dec—

1972: Jan. . .Feb.. .Mar...Apr...May..June..

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

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

July...Aug...Sept.-Oct....Nov P .Dec V.

Totalwageand

salarywork-

ers

Manufacturing

TotalDura-

blegoods

Non-dura-

blegoods

Min-ing

Con-tractcon-

struc-tion

Trans-porta-tionandpub-lic

utili-ties

Whole-saleand

retailtrade

Fi-nance,insur-ance,andreal

estate

Serv-ices

Government

Fed-eral

Stateandlocal

Seasonally adjusted

70,32970,27670,32170,45770,60170,570

70,53370,52970,89770,86171,07871,264

71, 54571,74772,03372, 22472, 53472,705

72,69473,01673,26873, 58473,83574,002

74,25274,71574,91475,10575,32175,526

75,47875,74775,96176,36376,64276,677

18,68518,61118,53118, 53018, 58118,519

18, 46818,41018,53218,48618, 52318, 499

18, 54418,62018,69418,78018,86418,931

18,89318,97519,06919,21019,31219, 402

19,46319,58619,64319, 72719,78219,856

19,80419,86119,88220,01620,08720,113

10,68110,62510,56010,56210, 59910,569

10,52910,47810,56210, 54010, 55210,537

10,57310,63010,68210, 75010,82110,857

10,86710,93311,00311,11211,19411,270

11,32611,42111,46311,53411,60211,654

11,64611,69211,70811,80211,85411,870

8,0047,9867,9717,9687,9827,950

7,9397,9327,9707,9467,9717,962

7,9717,9908,0128,0308,0438,074

8,0268,0428,0668,0988,1188,132

8,1378,1658,1808,1938,1808,202

8,1588,1698,1748,2148,2338,243

624622621624623621

601613618519523611

615612613605605601

601603606608608607

610612610608608629

631634633639643646

3,3263,3033,3493,3963,4013,400

3,4113,4053,4363,4723,5223,475

3,5193,4943,5123,5003,5323,540

3,4993,5443,5513,5613,5243,459

3,4983,5943,6043,5713,6203,654

3,6803,6763,7003,6943,7073,753

4,4684,4874,4704,4624,4654,451

4,4384,4014,4254,4064,4034,432

4,4554,4384,4824,4764,4814,486

4,4774,4874,5074,5404,5494,558

4,5744,5804,5804,5914,5934,597

4,5984,6174,6294,6714,6514,633

15,00515,02015,02915,05915,09415,092

15,13015,17515,23215,25415, 28015, 333

15, 39115, 45615,52015, 56115,62415,678

15,68515,76215, 79415,83915,91115, 946

16,01316,11416,16316,21716,25616,262

16,29416,35216, 38816,46516,52916,456

3,7413,7443,7523,7643,7803,795

3,8033,8083,8213,8353,8473,855

3,8633,8743,8853,8923,9133,927

3,9273,9403,9533,9693,9813,991

3,9954,0144,0244,0314,0444,049

4,0484,0644,0784,0884,0934,099

11,76611, 76211,79411,80811,82311,844

11,85311,85311,94211,95111, 99712,030

12, 06912,11212,15112,19412,25212,315

12, 34112, 38212,40312, 45112, 49712, 537

12,62112,68212,71612, 74612,77612, 820

12,82812,90612,99513,04413,12213,127

2,6552,6552,6552,6602,6632,652

2,6562,6682,6732,6722,6682,664

2,6692,6652,6622,6622,6652,639

2,6132,6242,6332,6392,6442,650

2,6342,6282,6312,6282,6412,613

2,5882,5992,6132,6262,6382,623

10,05910,07210,12010,15410,17110,196

10,17310,19610,21810, 26610,31510, 365

10, 42010,47610, 51410, 55410, 59810, 588

10,65810,69910, 75210,76710,80910,852

10,84410,90510,94310,98611,00111,046

11,00711,03811,04311,12011,17211,227

Note.—Data in Tables C-29 through C-31 are based on reports from employing establishments and relate to full- andpart-time wage and salary workers in nonagricultural establishments who worked during, or received pay for, any part ofthe pay period which includes the 12th of the month.

Not comparable with labor force data (Tables C-24 through C-27), which include proprietors, self-employed persons,domestic servants, and unpaid family workers, and which count persons as employed when they are not at work becauseof industrial disputes, bad weather, etc.

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


283


TABLE C-30.—Average weekly hours and hourly earnings in selected private nonagriculturalindustries, 1947-73

[For production or nonsupervisory workers]

Yearor

month

194719481949

1950195119521953 . . . .1954

195519561957 .19581959

19601961196219631964-

19651966196719681969

1970197119721973 P.


JulyAugSeptOct . . .Nov . . .Dec

1973: Jan . .FebMarAprMayJune

JulyAugSeptOctNov p . . . .Dec v

Average weekly hours

Totalprivatenonag-ricul-tural i

40.340.039.4

39.839.939.939.639.1

39.639.338.838.539.0

38.638.638.738.838.7

38.838.638.037.837.7

37.137.037.237.1

Manu-factur-

ing

40.440.039.1

40.540.640.740.539.6

40.740.439.839.240.3

39.739.840.440.540.7

41.241.340.640.740.6

39.839.940.640.7

Con-tractcon-

struc-tion

38.238.137.7

37.438.138.937.937.2

37.137.537.036.837.0

36.736.937.037.337.2

37.437.637.737.437.9

37.437.337.037.1

Retailtrade 2

40.340.240.4

40.440.439.839.139.2

39.038.638.138.138.2

38.037.637.437.337.0

36.635.935.334.734.2

33.833.733.633.2

Average gross hourly earnings,current dollars

Totalprivate

non-agri-cul-

tural 1

$1,1311.2251.275

1.3351.451.521.611.65

1.711.801.891.952.02

2.092.142.222.282.36

2.452.562.682.853.04

3.223.433.653.89

Manu-factur-

ing

$1,2171.3281.378

1.4401.561.651.741.78

1.861.952.052.112.19

2.262.322.392.462.53

2.612.722.833.013.19

3.363.563.814.06

Con-tractcon-

struc-tion

$1,5411.7131.792

1.8632.022.132.282.39

2.452.572.712.822.93

3.083.203.313.413.55

3.703.894.114.414.79

5.245.696.066.46

Retailtrade 2

$0.838.901.951

.9831.061.091.161.20

1.251.301.371.421.47

1.521.561.631.681.75

1.821.912.012.162.30

2.442.572.702.86

Adjusted hourly earnings,total private nonagricultural 3

Index,1967=100

Cur-rentdol-lars

42.646.048.2

50.053.756.459.661.7

63.767.070.373.275.8

78.480.883.585.988.6

91.995.6

100.0106.6113.6

121.2129.7137.9146.5

1967dol-lars*

63.763.867.5

69.369.070.974.476.6

79.482.383.484.586.8

88.490.292.293.795.3

97.298.4

100.0102.3103.5

104.2106.9110.1110.1

Seasonally adjusted

37.037.237.137.337.137.1

37.237.137.337.337.237.0

36.937.237.137.237.237.1

37.237.037.237.037.137.0

40.140.540.440.740.540.6

40.640.640.840.740.840.7

40.341.040.940.940.740.6

40.740.540.840.640.740.7

37.237.337.236.836.836.9

37.037.036.937.436.935.8

36.136.237.037.037.537.4

37.537.136.736.938.537.1

33.733.633.733.733.733.8

33.633.633.633.533.533.6

33.433.533.433.433.433.5

33.233.033.233.033.033.0

$3.553.563.593.623.623.63

3.653.673.693.733.733.75

3.773.783.813.843.853.87

3.913.923.963.983.994.02

$3.693.713.743.763.783.79

3.793.833.863.883.893.93

3.973.963.984.014.024.04

4.074.094.134.164.164.19

$5.915.935.966.006.016.01

6.026.076.106.156.196.29

6.376.296.316.356.346.43

6.466.506.596.596.646.68

$2.652.652.662.672.682.69

2.712.722.732.742.752.77

2.772.792.802.822.832.86

2.872.892.922.932.942.95

134.5134.8135.6136.6136.7137.2

138.0138.5139.3140.4140.7141.9

142.3142.5143.3144.4144.7146.0

146.9147.6149.0149.6150.2151.4

109.0108.8109.3109.9109.7109.9

110.1110.2110.4110.9110.8111.5

111.3110.7110.4110.5110.1110.4

110.9109.3110.0109.5109.1109.4

Percentchangefrom

precedingperiod

Cur-rentdol-lars

8 04.8

3.77.45.05.73.5

3.25.24.94.13.6

3.43.13.32 93.1

3.74.04.66.66.6

6.77.06.36.2

1967dol-lars

0 25.8

2.7- . 42.84.93.0

3.73.71.31.32.7

1.82.02.21.61.7

2.01.21.62.31.2

.72.63.0

.0

Seasonallyadjusted

annual rates'

9.43.07.48.71.34.3

7.04.37.89.32.9

10.3

3.91.47.49.23.0

10.6

8.15.6

11.95.24.7

10.1

6.1- 2 . 7

6.16.3

- 2 . 32.8

2.11.02.55.1

- . 87.6

- 2 . 1- 6 . 6- 3 . 2

1.2- 4 . 1

3.4

5.2-16 .0

7.7- 4 . 9- 4 . 9

3.1

1 Also includes other private industry groups shown in Table C-29.2 Includes eating and drinking places.3 Adjusted for overtime (in manufacturing only) and for interindustry employment shifts.< Current dollar earnings index divided by the consumer price index.1 Computed from indexes to two decimal places.Note.-See Note, Table C-29.Source: Department of Labor, Bureau of Labor Statistics.

284


TABLE C-31.—.•Average weekly earnings in selected private nonagricultural industries; 1947-73

[For production or nonsupervisory workers]

Year or month

Average gross weekly earnings

Total privatenonagriculturall

Current 1967dollars dollars 2

Manu-facturing

Contractconstruc-

tion

Retailtrade 3

Current dollars

Average spendable weekly earnings, totalprivate nonagricultural4

Amount

Currentdollars dollars2

1967

Percent change frompreceding period

Currentdollars

1967dollars

1947..1948..1949..

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

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

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

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

1970..1971..1972..1973 P.

1972:Jan.Teb_MarApr.May_June

July.Aug.SeptOct.Nov.Dec

1973:Jan.Feb.MarApr.May.June

July.Aug.SeptOct..NovDec

$45.5849.0050.24

53.1357.8660.6563.7664.52

67.7270.7473.3375.0878.78

80.6782.6085.9188.4691.33

95.0698.82101.84107.73114.61

119.46126.91135.78144.32

$68.1367.9670.36

73.6974.3776.2979.6080.15

84.4486.9086.9986.7090.24

90.9592.1994.8296.4798.31

100.59101.67101.84103.39104.38

102.72104.62108.36108.43

$49.1753.1253.88

58.3263.3467.1670.4770.49

75.7078.7881.5982.7188.26

89.7292.3496.5699.63

102.97

107.53112.34114.90122.51129.51

133.73142.04154.69165.24

$58.8765.2767.56

69.6876.9682.8686.4188.91

90.9096.38100.27103.78108.41

113.04118.08122.47127.19132.06

138.38146.26154.95164.93181.54

195.98212.24224.22239.67

$33.7736.2238.42

39.7142.8243.3845.3647.04

48.7550.1852.2054.1056.15

57.7658.6660.9662.6664.75

66.6168.5770.9574.9578.66

82.4786.6190.7294.95

$44.6448.5149.74

52.0455.7957.8760.3160.85

63.4165.8267.7169.1171.86

72.9674.4876.9978.5682.57

86.3088.6690.8695.2899.99

104.61112.12120.79126.55

$66.7367.2869.66

72.1871.7172.7975.2975.59

79.0680.8680.3279.8082.31

82.2583.1384.9885.67

91.3291.2190.8691.4491.07

89.9592.4396.4095.08

8.72.5

4.67.23.74.2.9

4.23.82.92.14.0

1.52.13.42.05.1

4.52.72.54.94.9

4.67.27.74.8

0.83.5

3.6- . 71.53.4.4

4.62.3

-.*63.1

- . 11.12.2.8

3.7

2.7- . 1- . 4

.6- . 4

- 1 . 22.84.3

- 1 . 4

Seasonally adjustedSeasonally adjusted

annual rates

$131.35132.43133.19135.03134.30134.67

135.78136.16137.64139.13138.76138.75

139.11140.62141.35142.85143.22143. 58

145.45145.04147.31147.26148.03148.74

$106.48106.84107.35108.63107.72107.88

108.35108.36109.07109.89109.28109.05

108.79109.22108.83109.30108.94108.60

109.77107.39108.72107.80107.52107.45

$147.97150.26151.10153.03153.09153.87

153.87155.50157.49157.92158.71159.95

159.99162.36162.78164.01163.61164.02

165.65165.65168. 50168.90169.31170.53

$219.85221.19221.71220.80221.17221.77

222.74224.59225.09230.01228.41225.18

229.96227.70233.47234.95237.75240.48

242.25241.15241. 85243.17255.64247.83

$89.3189.0489.6489.9890.3290.92

91.0691.3991.7391.7992.1393.07

92.5293.4793.5294.1994.5295.81

95.2895.3796.9496.6997.0297.35

$117.30118.15118.75120.20119.63119.92

120.79121.09122.26123.43123.14123.14

122. 51123.70124.26125.42125.70125.98

127.42127.11128.86128.82129.42129.96

$95.0995.3295.7196.7095.9596.07

96.3996.3696.8997.4996.9896.78

95.8196.0895.6795.9695.6195.29

96.1694.1195.1194.3094.0093.88

«4.79.16.3

15.7-5 .5

2.9

9.13.0

12.212.1

-2 .8.0

5 2.112.35.6

11.82.72.7

14.6-2 .917.8- . 45.75.1

M.82.95.0

13.1-8 .9

1.5

4.1- . 46.87.7

-6 .1-2 .4

« -4 .03.4

-5 .03.7

-4 .3-3 .9

11.5-22.8

13.5-9 .8-3 .8- 1 . 5

1 Also includes other private industry groups shown in Table C-29.» Earnings in current dollars divided by the consumer price index.3 Includes eating and drinking places.* Average gross weekly earnings less social security and income taxes for a worker with three dependents,s In annualizing the rates of change, the effect of the change in tax rates at the beginning of 1972 and 1973 is taken into

account separately.

Note.—See Note, Table C-29.


285

527-867 O - 74 - 19


TABLE C-32.—Output per man-hour and related data, private economy, 1947-73

[1967 = 100]

Year or quarter

Output^

Totalprivate

Privatenon-farm

Man-hours 3

Totalprivate

Privatenon-farm

Output perman-hour

Totalprivate

Privatenon-farm

Compensationper man-hour3

Totalprivate

Privatenon-farm

Unit laborcosts

Totalprivate

Privatenon-farm

Implicit pricedeflator*

Totalprivate

Privatenon-farm

194719481949

19501951195219531954

19551956195719581959

I9601961196219631964

19651966196719681969

1970197119721973

1971: IIIIII . . . .IV . . . .

1972: IIIIII —IV. . . .

1973: II I . . . .III-..-IV*

45.647.847.6

52.555.857.260.159.3

64.365.666.565.670.2

71.973.278.281.586.2

91.897.7

100.0104.8107.7

107.2110.9118.1125.5

44.546.546.4

51.355.056.359.158.3

63.464.765.764.869.5

71.172.577.680.985.9

91.597.9

100.0105.1108.0

107.3111.0118.7126.6

88.889.286.2

87.990.791.292.088.6

92.193.792.388.491.2

92.090.692.492.994.5

97.499.7

100.0101.8104.2

102.6102.0104.7108.1

78.079.176.0

79.082.984.185.982.6

86.188.487.984.587.6

88.687.789.890.992.9

96.399.5

100.0102.1105.1

103.8103.2106.0109.6

51.353.655.3

59.761.562.765.366.9

69.970.072.074.376.9

78.280.984.787.791.1

94.298.0

100.0102.9103.3

104.4108.7112.8116.1

57.158.861.1

65.066.366.968.970.5

73.673.274.876.779.3

80.382.786.489.192.4

95.198.4

100.0102.9102.7

103.4107.6112.1115.5

36.239.540.1

42.846.949.852.954.5

55.959.563.366.069.0

71.774.477.780.884.9

88.494.5

100.0107.6115.8

124.6133.3142.4153.5

38.341.843.0

45.349.352.054.956.6

58.662.065.568.171.0

73.976.379.382.286.1

89.294.6

100.0107.3114.8

123.2131.8140.9151.6

70.673.772.5

71.776.379.481.081.5

80.185.087.988.989.8

91.892.191.892.193.1

93.896.5

100.0104.6112.1

119.3122.6126.2132.2

67.171.070.3

69.774.377.679.780.3

79.684.787.688.789.5

92.092.391.892.393.2

93.996.2

100.0104.3111.8

119.1122.5125.7131.2

66.470.970.2

70.976.177.578.179.1

79.882.385.387.188.3

89.590.491.292.293.2

94.897.2

100.0103.6108.3

113.5118.4121.8128.3

Seasonally adjusted

109.2110.1111.1113.1

114.5117.4119.1121.5

124.2125.0126.1126.5

109.2110.2111.2113.3

114.9117.9119.9122.3

125.1126.3127.6127.5

101.6101.9101.7102.7

103.5104.4105.1105.9

106.7107.7108.6109.2

102.9103.0102.9103.8

104.6105.9106.2107.1

108.2109.5110.2110.7

107.5108.0109.3110.1

110.7112.5113.3114.8

116.4116.1116.2115.8

106.1107.0108.1109.1

109.8111.3112.9114.2

115.6115.3115.9115.1

130.1132.2134.7136.1

139.4141.4143.1145.7

149.6151.9154.6157.6

128.4130.9133.1134.6

137.8139.5141.8144.2

147.9149.8152.7155.7

121.0122.4123.3123.6

125.9125.7126.3126.9

128.5130.9133.1136.1

120.9122.3123.1123.3

125.5125.3125.6126.2

127.9129.8131.8135.2

116.9118.2119.1119.3

120.7121.2122.0123.1

124.8127.1129.3131.8

63.868.268.7

69.474.075.977.278.5

79.582.385.386.888.3

89.690.491.292.393.4

94.896.8

100.0103.5108.1

113.5118.5121.3126.2

117.1118.4119.3119.3

120.6120.8121.4122.3

123.6125.4126.8128.9

i Output refers to gross national product in 1958 dollars.> Hours of all persons in private industry engaged in production, including man-hours of proprietors and unpaid family

workers. Man-hours estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contribution for social insurance and private benefits plans. Also

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

Note.—Data relate to all persons.


286


TABLE C-33.—Changes in output per man-hour and related data, private economy, 1948-73

[Percent change from preceding period]

Year or quarterTotal

private

Output »

Privatenon-farm

Totalprivate

Man-hours2

Privatenon-farm

Output perman-hour

Totalprivate

Privatenon-farm

Compensationper man-hour3

Totalprivate

Privatenon-farm

Unit laborcosts

Totalprivate

Privatenon-farm

Implicit pricedeflator*

Totalprivate

Privatenon-farm

1948..1949..

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

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

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

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

1970...1971...1972...1973*..

1971: IIIIllIV

1 9 7 2 : IIIIl lIV

1 9 7 3 : IIII I I - - - . -

4.8- . 3

10.26.32.55.1

-1 .3

8.51.91.4

- 1 . 37.0

2.41.96.84.25.7

6.66.42.34.82.8

- . 53.56.56.2

4.4- . 1

10.67.02.55.1

-1 .5

2.01.6

-1.57.3

2.41.97.14.36.1

6.67.02.25.12.8

- . 63.47.06.6

0.4-3.4

2.03.2.5.8

-3.7

3.91.7

-1 .5-4 .2

3.3

.8-1 .5

2.0.6

1.8

3.12.4.3

1.82.3

- 1 . 5- . 62.73.2

1.3-3 .9

4.04.91.52.1

-3 .8

4.22.6

- . 6-3 .9

3.7

1.1- 1 . 0

2.51.22.3

3.63.3

2'.1.2.9

- 1 . 3- . 62.73.5

4.53.2

8.13.01.94.22.4

4.4.2

2.93.13.6

1.63.54.73.63.9

3.44.02.12.9,4

1.04.13.82.9

3.04.0

6.32.0.9

2.92.3

4.4- . 62.22.53.4

1.23.04.63.13.7

2.93.51.62.9

- . 1

.74.04.23.1

9.01.5

6.89.66.16.33.1

2.66.46.54.24.6

3.93.84.44.05.0

4.16.95.87.67.6

7.67.06.87.8

9.02.9

5.58.75.55.63.2

3.55.85.73.84.3

4.13.24.03.64.7

3.76.15.77.37.0

7.37.06.97.6

4.3-1 .6

- 1 . 26.44.12.0.6

-1 .76.23.51.11.0

2.2.3

- . 3.4

1.1

.72.83.74.67.1

6.52.82.9

44.7

5.8-1.0

6.64.52.6.9

- . 96.43.41.3.9

2.8.2

- . 5.5

1.0

2.54.04.37.2

6.62.82.64.4

6.7-1.0

1.07.31.9.7

1.2

.93.23.62.11.4

1.4.9.9

1.01.2

1.72.52.93.64.5

4.84.32.95.3


9.93.23.77.2

5.410.45.88.4

9.32.63.61.2

9.73.73.87.7

5.611.07.08.3

9.23.94.4

- . 4

1.21.1

- . 93.9

3.23.62.63.0

3.33.83.22.5

1.3.6

- . 43.6

3.05.01.33.4

4.04.82.62.1

8.62.04.73.2

2.16.53.15.2

5.8- 1 . 2

.4- 1 . 3

8.33.14.34.0

2.55.75.64.7

5.0- . 81.8

- 2 . 4

8.06.67.74.4

9.95.94.97.4

11.36.37.38.0

7.78.06.94.6

9.95.26.76.8

10.75.38.08.3

- 0 . 64.52.91.3

7.6- . 51.72.0

5.27.66.99.3

- 0 . 64.72.5.7

7.2- . 51.02.0

5.46.26.1

10.9

4.34.82.8.8

4.91.52.83.5

5.77.57.37.7

6.8

1.16.52.61.81.7

1.33.43.71.71.8

1.4.9.9

1.21.3

1.42.23.33.54.5

5.04.42.34.0

4.24.43.0

- . 1

4.41.01.92.9

4.35.94.76.9

i Output refers to gross national product in 1958 dollars.3 Hours of all persons in private industry engaged in production, including man-hours of proprietors and unpaid family

workers. Man-hours estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contribution for social insurance and private benefits plans. Also

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

Note.—Data relate to all persons.Percent changes are based on original data and therefore may differ-slightly from percent changes based on indexes

in Table C-32.


287


PRODUCTION AND BUSINESS ACTIVITY

TABLE C-34.—Industrial production indexes, major industry divisions, 1929-73

{1967=1001

Year or month

1929 .

1933

1939

1940—1941194219431944 .1945—1946194719481949

1950195119521953195419551956195719581959 -

I96019611962196319641965 -1966196719681969

1970197119721973*


JulyAugSeptOct .NovDec

1973- JanFebMar . .Apr . . .MayJune

JulyAugSeDtOctNov vDec v

Totalindustrialproduction

21.6

13.7

21.7

25.031.636.344.047.440.635.039.441.038.8

44.948.750.654.851.958.561.161.957.964.8

66.266.772.276.581.789.297.9

100.0105.7110.7

106.6106.8115.2125.6

Manufacturing

Total

22.8

14.0

21.5

25.432.437.847.050.942.635.339.440.938.7

45.048.650.655.151.558.260.561.256.964.1

65.465.671.475.881.289.198.3

100.0105.7110.5

105.2105.2114.0125.2

Durable

22.6

9.1

17.8

23.731.640.154.560.245.531.837.939.535.9

43.749.252.259.052.059.561.561.954.262.2

63.362.169.073.579.088.599.0

100.0105.5110.0

101.499.4

108.4122.1

Nondurable

23.0

19.7

25.9

27.232.934.336.738.238.139.340.942.241.5

46.247.848.750.751.056.659.560.561.067.0

68.670.775.179.284.490.097.3

100.0106.0111.1

110.6113.5122.1129.7

Mining

44.4

31.5

43.4

48.251.252.854.057.956.855.863.166.358.8

65.772.171.573.471.980.284.484.577.581.1

82.783.285.689.091.193.998.4

100.0103.9107.2

109.7107.0108.8110.0

Utilities

7.2

6.5

10.4

11.513.014.616.117.117.418.119.621.923.3

26.530.332.835.638.342.847.050.252.557.8

61.865.370.275 181.986.993 6

100.0109.4119.5

128.3133.9143.4152.2

Seasonally adjusted

108.7UO.O111.6113.2113.8114.4

115.1116.3117.6119 2120.2121.1

122.2123 4123 7124 1124.9125.6

126.7126.5126.8127.0127.3126.6

107.1108.5110.0111.8112.6113.1

114.3115.4117.0118 5119.5120.4

121.4122 7123 4123 8124.9125.6

126.5126.1126.3126.3126.9127.1

100.4102.1103.4105.7106.5107.5

108.8109.7111.6113 8115.3116.3

117.5118 7119 9120 6121.9123.0

123.8122.6123.3123.6124.1124.0

116.8117.8119.5120.7121.3121.4

122.5123.6124.8125.2125.6126.2

127.0128 4128.6128.4129.2129.3

130.6130.9130.7130.3131.2131.4

107.3107.2108.4109.4108.0108.6

108.6108.8110.8110.2109.7108.2

108.5110.2109.5109.0109.1109.5

111.0111.5111.8111.3110.4108.9

137.4139.7140.0141.2142.0141.5

143.3144.9146.4147.1148.2148.5

151.0150.5149.6148.7149. 5151.6

154.8154.8155.8156.2153.5144.5


288


T A B L E C—35.—Industrial production indexes, market groupings, 1947—73

[1967=1001

Year ormonth

Totalindus-trialpro-duc-tion

Final products

Total

Consumer goods i

Total

Auto-motiveprod-ucts

Homegoods

Equipment

Total Busi-ness

Inter-mediate

prod-ucts

Materials 2

TotalDura-

blegoods

Non-dura-

blegoods

194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

1970197119721973

1972: Jan.. .Feb. .Mar. .Apr . .May..June.

July..Aug. .Sept.Oct..Nov..D e c .

1973: Jan..Feb. .Mar.Apr.May.JuneJuly.Aug..Sept..Oct...NOVP.Dec v.

39.441.038.8

44.948.750.654.851.9

58.561.161.957.964.8

66.266.772.276.581.7

89.297.9

100.0105.7110.7

106.6106.8115.2125.6

38.339.738.5

43.446.850.353.750.8

54.958.259.957.162.7

64.865.370.874.979.6

86.896.1

100.0105.8109.0

104.5104.7111.9121.2

42.744.043.8

50.049.550.653.753.3

59.561.763.262.668.7

71.372.877.782.086.8

93.098.6

100.0106.6111.1

110.3115.7123.6131.7

47.850.049.6

62.455.249.762.858.4

77.763.966.953.266.8

76.469.884.592.596.8

112.3108.8100.0117.9117.4

99.9119.5127.7136.8

39.140.837.7

52.044.844.850.746.8

55.258.156.853.661.6

62.063.969.474.981.7

91.4100.7100.0106.9111.6

107.6112.6124.5140.4

29.731.227.9

30.242.150.554.747.9

48.953.755.950.054.9

56.455.661.965.670.1

78.793.0

100.0104.7106.1

96.389.495.5

106.7

38.039.534.5

37.045.251.253.246.8

50.758.761.051.557.9

59.457.762.765.874.7

84.498.8

100.0103.4107.9

101.496.8

106.1122.6

42.544.942.6

49.652.051.755.355.1

62.665.365.363.970.5

71.072.476.981.187.3

93.099.2

100.0105.7112.0

111.7112.5121.1131.1

39.741.437.8

45.250.050.756.352.0

61.563.163.156.865.5

66.466.472.477.082.6

91.099.8

100.0105.7112.4

107.7107.4117.4129.3

39.140.236.0

45.351.652.761.553.1

65.065.265.154.865.3

66.164.671.876.682.7

93.0103.0100.0105.0112.2

103.2101.7113.5130.1

Seasonally adjusted

108.7110.0111.6113.2113.8114.4

115.1116.3117.6119.2120.2121.1

122.2123.4123.7124.1124.9125.6

126.7126.5126.8127.0127.3126.6

106.4107.6108.5110.4110.8111.0

111.6112.6113.6115.3116.3116.8

118.6119.3119.6120.0120.8121.3

122.1121.4122.4122.8123.2122.0

118.5119.6119.9122.5122.6122.7

123.3124.3125.2127.0127.4127.7

129.8130.2130.8130.9131.7131.9

132.9131.2132.3132.8133.2130.7

116.6119.5121.3130.5125.8125.1

125.3126.0125.4132.3138.3142.9

138.6141.7144.1141.7142.6142.6

141.7121.1129.8130.9134.1122.9

118.1120.7119.1124.7124.3124.9

124.1124.3125.8127.3126.9130.5

134.5135.8138.3139.8140.9141.3

142.9141.1142.9142.3141.5141.0

89.590.992.693.594.194.7

95.396.397.798.9

100.7101.5

102.9104.1104.1104.7105.7106.6

107.3107.6108.5108.8109.3109.9

98.499.9

101.5102.8104.0104.7

105.5107.2109.6111.6113.4114.4

116.9118.2118.6119.6121.3122.5

123.0124.6125.8126.2127.1127.6

115.9117.0117.5117.9118.9119.4

119.8122.3122.8124.7127.6127.7

128.4129.5129.4129.3130.5132.0

132.5132.1131.0130.5131.2131.0

109.2110.8113.7115.1115.8117.1

117.8118.8120.9122.3122.8124.4

124.5126.7127.0127.7128.3129.0

130.9130.9131.3131.5131.3131.0

103.5105.8107.8110.2111.3112.6

113.0114.5118.1120.2121.4123.5

124.1126.6127.6127.9128.6129.2

131.6131.8132.3133.0133.4133.6

40.937.8

43.647.147.350.250.3

56.959.559.358.165.0

65.968.272.977.182.1

88.596.3

100.0106.9112.8

112.5114.1122.5129.1

116.0117.0121.2121.3121.6122.8

124.0124.7124.6125.3124.6126.4

126.3127.7127.1128.5128.9129.4

130.4130.6130. 3129.9129.5129.7

i Also includes apparel and consumer staples, not shown separately.> Also includes industrial fuel and power, not shown separately.


289


T A B L E C—36.—Industrial production indexes, selected manufactures, 1947—73

[1967=100]

Year ormonth

19471948 . .1949

19501951195219531954

195519561957 . . .19581959

19601961196219631964

19651966196719681969

1970197119721973 P.

1972: Jan. . .FebMarAprMayJune

JulyAugs o e

c f ! : : : : :Nov.Dec


JulyAugSeptOctNov p . . . .Dec*

Durable manufactures

Pri-mary

metals

64.867.456.7

71.477.770.980.465.0

84.584.080.463.874.5

74.272.978.284.395.7

104.0108.8100.0103.2114.1

106.9100.9113.1127.0

102.4102.6104 9108.3110.1111.3

115.1114.3119.7122.1122.9125.4

123.1124 7123.5125.8126.1124.5

128.1125.6127.8130.8130.0130.4

Fabri-catedmetalprod-ucts

50.251.146.1

56.560.458.966.559.9

68.369.371.163.771.5

71.669.875.978.483.3

92.6100.5100.0106.3113.6

109.4107.4114.8130.8

106.0108.6110.2111.5112.9114.5

114.3116.6118.0120.4122.2122.3

125.7126 2128.4128.9130.3133.4

133.5133.8131.5132.6132.9134.1

Ma-chinery

41.7

46.752.252.045.453.9

56.257.164.867.974.3

84.198.6

100.0101.9106.8

100.396.2

107.5125.9

98.599.5

100.8103.3104.9106.6

108.4109.7111.8114.0115.7116.8

118.4119.1121.4122.6124.7126.9

127.6128.5130.0128.5130.5131.0

Trans-porta-tion

equip-ment

31.033.934.0

40.745.452.866.257.6

66.364.368.954.361.5

63.759.969.375.979.6

91.3101.2100.0109.7107.6

90.492.999.0

109.2

92.094.796.1

100.098.397.4

97.798.199.5

102.7105.0106.6

107.6110.0110.3110.0111.0112.2

112.1105.7107.3108.9108.3103.3

1 nstru-ments

24.525.222.5

26.130.035.739.239.6

44.248.550.747.755.2

57.857.359.866.471.3

82.995.3

100.0106.7116.1

110.8108.5120.2138.3

111.3114.5114.5116.7118.2120.7

121.7122.7124.3125.0125.1126.6

130.1131.9133.8134.7138.9140.2

140.8140.9141.5141.0141.8143.5

Ord-nance,private

andgov-ern-ment

7.89.09.2

11.442.252.063.248.4

36.131.835.944.446.1

46.439.245.051.650.7

60.575.1

100.0113.7111.6

95.386.186.085.3

Lum-ber,clay,andglass

64.7

73.875.973.371.482.2

78.579.784.388.994.0

98.7102.6100.0105.6111.1

106.3111.5120.0129.4

Furni-tureand

miscel-laneous

53.7

65.868.767.162.168.7

69.770.676.179.584.7

93.8100.8100.0106.2111.6

108.8111.7122.7135.3

Seasonally adjusted

83.283.786.486.486.487.7

86.686.584.885.287.387.8

87.087.687.186.485.486.7

86.783.883.783.982.383.3

115.5118.0117.2117.4117.9118.5

120.0121.0121.9124.9124.5123.7

126.4127.3129.1129.9130.3129.2

129.8129.2128.8129.7130.7132.5

115.0117.3118.3119.7121.1122.1

123.7126.2126.6126.9126.6127.7

130.3132.8133.4133.1136.0135.4

135.9137.5138.2136.1135.4137.3

Nondurable manufactures

Tex-tiles,

apparel,and

leather

65.7

73.475.173.471.879.6

79.280.284.386.991.9

97.8101.7100.0104.9105.9

100.2100.7108.1114.7

102.0101.1104 2107.0106.8107.5

109.0109.7111.2112.1113.0113.2

113.4114.4114.6114.0113.3115.0

114.5115.4117.5116.2116.2116.0

Paperand

print-ing

52.2

57.861.562.261.567.0

69.271.074.378.484.5

90.598.9

100.0104.2109.1

107.8107.8116.1122.3

111.3112.6115 0112.7114.0114.6

117.0117.6117.7119.9120.0120.3

120.0121.5122.4120.8121.9122.8

123.8124.5122.1121.3121.7122.6

Chem-icals,petro-leum,and

rubber

35.4

41 243 545.846.553.8

55 658.364.570.075 9

83.894.1

100.0109.6118.4

118.2124.7137.8149.3

129.8132.6133 6136.4137.3136.9

138.5140.0142.2141.6142.0143.8

145.5146.3146.3147.9150.2149.8

151.8151.0150.9151.1151.0151.6

Foodsand

tobacco

63.2

66.670.371.573.677.2

79.281.584.087.090.6

92.697.0

100.0103.6107.5

110.8113.7117. 6122.0

115.7115.9116 3117.7117.6117.9

117.0118.3118.6118.5119.0118.5

119.6122.0121.5120.7121.5119.5

121.3122.0122.2121.9124.8124.4


290


TABLE C-37.—Capacity utilization rate in manufacturing and major materials industries, 1948-73

Period

19481949

19501951 -VlTT195219531954

19551956195719581959 . . . .

I9601961196219631964

1965196619671968 - . .1969

19701971 . . . .1972 .1973*

1968: 1IIIIIIV

1969: 1 . . .IIIIIIV

1970: 1II . . . .IllIV

1971: 1IIIIIIV

1972: 1IIIllIV

1973: 1 *II v\\\vIV*

Output Capacity

1967 output= 100

41.539.1

45.449.350.955.451.4

58.160.361.156.964.0

65.365.671.375.781.1

89.098.1

100.0105.6110.4

105.3105.2114.0125.1

44.847.3

49.451.854.958.161.2

64.468.374.875.778.6

81.684.587.791.294.8

100.0106.7113.7120.5127.7

134.6140.3145.0150.7

Manufacturing

Utilization rate3

Total Primaryprocessing

Advancedprocessing

Majormaterials

industries,utilization

rate'

Percent

92.782.7

91.995.192.895.584.1

90.088.284.575.181.4

80.177.681.483.085.5

89.091.987.987.786.5

78.375.078.683.0

98.183.8

97.8100.191.294.382.9

93.790.785.275.282.7

79.478.281.884.088.0

91.192.185.786.888.5

81.579.384.689.8

89.882.1

88.892.593.796.184.7

87.786.984.175.080.7

80.377.381.182.584.2

87.891.889.188.185.4

76.572.775.479.4

87.977.0

88.591.482.387.378.4

89.890.684.576.081.5

79.479.882.085.089.3

90.791.286.889.590.7

86.685.890.294.9

Seasonally adjusted

103.5105.3106.3107.3

109.5110.4111.8110.1

106.8106.8105.9101.6

103.8105.6105.3106.1

108.5112.5115.5119.4

122.5124.8126.2126.7

117.9119.6121.3123.0

124.9126.7128.6130.5

132.2133.8135.3136.9

138.3139.6141.0142.3

143.5144.5145.5146.6

148.0149.8151.6153.3

87.988.187.687.2

87.787.186.984.3

80.879.878.374.2

75.075.674.774.6

75.677.979.481.5

82.883 383.382.6

86.187.686.687.0

88.688.788.987.7

83.582.481.778.5

79.481.178.078.6

80.883.585.988.3

89.690.190.189.4

88.888.388.287.3

87.186.285.882.5

79.378.476.571.9

72.772.772.972.4

72.974.975.977.8

79.179.779.779.0

90.690.688.488.6

89.890.391.191.6

88.286.086.585.7

87.087.683.784.7

87.789.991.092.4

93.894.596.095.1

1 May differ slightly from data shown in Table C-34 because of rounding.2 Output as percent of capacity.Note.—For description of series, see "Federal Reserve Bulletin," October 1971 and November 1966 issues for manu-

facturing series and August 1973 issue for major materials industries seriesSource: Board of Governors of the Federal Reserve System, based on data of Federal Reserve, Department of Commerce,

McGraw-Hill Information Systems Company, and various industry organizations.

291


TABLE CV38.—New construction activity, 1929-73

[Value put in place, billions of dollars]

Year or month

1929

1933

1939

1940.1941. . . .194219431944

1945 .1946..

New series19461947..1948...1949

1950._1951. . .1952..1953..1954

19551956 .195719581959 _.

196019611962 . . . .19631964 . . .

19651966196719681969

19701971 _19721973 6

Totalnewcon-

struc-tion

10.8

2.9

8.2

8.712.014.18.35.3

5.812.6

14.320.026.126.7

33.635.436.839.141.4

46.547.649.150.255.3

54.656.360.064.667.4

73.476 077.586.693.4

94.2109.2]??.*135.1

Private construction

Total

8.3

1.2

4.4

5.16.23.42.02.2

3.410.4

12.116.721.420.5

26.726.226.027.929.7

34.834.935.134.739.2

38.839.142.145.247.0

51.452 052.059.065.4

66.179.49? fi

102.8

Residentialbuildings1

Total a

3.6

.5

2.7

3.03.51.7.9.8

1.34.8

6.29.9

13.112.4

18.115.915.816.618.2

21.920.219.019.824.3

23.023.125.227.928.0

27.925.725.630.633.2

31.943.354.257.9

Newhous-

ingunits

3.0

.3

2.3

2.63.01.4.7.6

.73.3

4.87.8

10.510.0

15.613.212.913.414.9

18.216.114.715.419.2

17.317.119.421.721.8

21.719.419.024.025.9

24.335.14^.747.8

Nonresidential buildings and otherconstruction'

Total

4.7

.8

1.7

2.12.71.71.11.4

2.15.6

5.86.98.28.0

8.610.310.211.311.5

12.914.716.114.915.0

15.816.016.917.319.0

23.426.326.428.532.2

34.236.13?. 544.9

Com-mer-c ia l

1.1

.1

.3

.3

.4

.2

.0

.1

.21.2

1.21.01.41.2

1.41.51.11.82.2

3.23.63.63.63.9

4.24.75.15.05.4

7.89.4

9.811.613.515.5

In-dus-trial

0.9

2

.3

.4

.8

.32

.2

.61.7

1.71.71.41.0

1.12.12.32.22.0

2.43.13.62.42.1

2.92.82.82.93.6

6.06.8

6.55.44.76.0

Other*

2.6

.5

1.2

1.31.51.2.9

1.1

1.32.8

3.04.25.55.9

6.16.76.87.37.2

7.38.09.08.98.9

8.88.69.09.4

10.1

14.716.0

17.919.121.323.4

Public construction

Total

2.5

1 6

3.8

3.65.8

10.76 33.1

2.42.2

2.23.34.76.3

6.99.3

10.811.211.7

11.712.714.115.516.1

15.917.117.919.420.4

22.124.025.527.628.0

28.129.930.232.2

Fed-erallyowned

0.2

5

.8

1.23.89.35 62.5

1.7.9

.9

.81.21.5

1.63.04.24.13.4

2.82.73.03.43.7

3.63.93.94.03.9

4.04.03.53.43.3

3.34.04.44.9

Stateand

locallyowned «

2.3

1 i

3.1

2 42 01 3

76

.71.4

1.42.53.54.8

5.26.36.67.18.3

8.910.011.112.112.3

12.213.314.015.416.5

18.020.022.124.224.7

24.825.925.827.4


292


TABLE C—38.—New construction activity, 1929—73—Continued

[Value put in place, billions of dollars]

Year or month

1972: JanF e b . . . .M a r . . . .A p r . . . .May . . . .J u n e . . .

JulyAugSept. . . .Oct . . . . .NovDec

1973: JanFebMar. . . .Apr . . . .May...J u n e . . .

July...Aug...Sept...Oct*>_._Nov »

Totalnewcon-

struc-tion

Private construction

Total

Residentialbuildings i

Total 2Newhous-

ingunits

Nonresidential buildings and other

Total

construction i

Com-mer-cials

In-dus-trial

Other *

Public construction

TotalFed-

erallyowned

Stateand

locallyowned 5


119.9121.5123.0120.8122.5121.6

121.6123.0125.1128.5126.8131.6

135.7136.4137.5133.8134.1133.8

136.9136.9136.9134.9134.0

88.691.192.691.792.792.6

92.493.994.596.297.598.5

102.0104.1103.8101.2101.8102.8

105.4105.8103.7102.7101.8

49.852.053.352.952.753.3

53.854.555.556.457.257.5

59.461.560.758.057.558.2

59.459.859.056.354.6

40.642.844.043.643.443.8

44.144.745.946.947.848.0

48.149.449.648.949.249.5

49.549.348.246.044.0

38.839.139.438.940.039.3

38.739.439.039.840.340.9

42.742.643.143.244.344.6

45.946.044.746.447.2

13.213.213.213.414.113.3

13.213.413.413.713.613.9

15.014.915.115.516.115.7

16.115.815.115.615.6

4.94.74.84.64.74.8

4.64.74.54.34.64.8

5.35.25.55.35.35.9

6.36.76.36.66.8

20.721.221.420.921.221.1

20.821.321.021.822.122.3

22.422.622.522.422.923.0

23.523.523.324.324.8

31.330.430.429.029.829.0

29.229.230.632.329.333.1

33.732.333.632.632.331.0

31.531.133.232.232.3

4.44.44.64.24.54.8

4.44.14.34.44.44.4

5.14.95.54.55.34.8

4.94.64.64.84.8

26.926.025.724.925.224.3

24.825.126.427.924.928.7

28.627.428.128.027.026.1

26.626.528.627.4

1 Beginning I960, farm residential buildings included in residential buildings; prior to I960, included in nonresidentialbuildings and other construction.

2 Total includes additions and alterations and nonhousekeeping units, not shown separately.3 Office buildings, warehouses, stores, restaurants, garages, etc.* Religious, educational, hospital and institutional, miscellaneous nonresidential, farm, public utilities, and all other

private.s Includes Federal grants-in-aid for State and locally owned projects.* Preliminary estimates by Council of Economic Advisers.

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

293


TABLE C—39.—New housing starts and applications for financing, 1929-73

[Thousands of units]

Year or month

1929

1933

1939 . .

19401941194219431944 - .

New series

19451946194719481949

1950195119521953195419551956195719581959

I96019611962196319641965196619671968 .1969

1970197119721973 p

Housing starts

Private andpublic^

Total(farmandnon-

farm)

1, 553.7

1,296.11,365.01,492.51,634.91,561.01,509.71,195. 81,321.91,545.41,499.5

1,469.02,084. 52, 378.52,053.8

Non-farm

509.0

93.0

515.0

602.6706.1356.0191.0141.8

326.01,023.01,268.01,362.01,466.0

1,952.01,491.01, 504. 01,438.01,551.01,646.01,349. 01,224.01, 382.01,531.3

1, 274.01,336.81, 468. 71,614.81, 534.01,487.51,172.81,298.81,521.41,482.3

(8)(8)(8)(«)

Private i

Total (farm and nonfarm)

Total

1,517.6

1, 252.21,313.01,462.91,603.2 «1,528.81,472.81,164. 91,291.61,507.61,466.8

1,433.62,052.22, 356.62,041.6

Type ofstructure2

Onefamily

1,234.0

994.7974.3991.4

1,012.4970.5963.7778.6843.9899.4810.6

812.91,151.01,309.21,131.4

Two ormore

families

283.0

257.4338.7471.5590.8558.3509.1386.3447.7608.2656.2

620.7901.2

1,047.5910.2

Governmenthome programs

(nonfarm)3

FHA*

144.7

176.6217.1160.2126.183.6

38.967.1

178.3216.4252 6

328.2186.9229.1216.5250.9268.7183.4150.1270.3307.0

225.7198.8197.3166.2154.0159.9129.1141.9147.7153.6

233.5301.2198.473.6

VA

7 8.891 8

160.371.190 8

191.2148.6141.3156.5307.0392.9270.7128.3102.1109.3

74.683 377.871.059.249.436.852.556.151.2

61.094.0

104.086.1

Newprivatehousing

unitsauthor-ized«

1,208.3

998.01,064.21,186.61,334.71,285.81,239.8

971.91,141.01,353.41,323.7

1,351.51,924.62,218.91,771.3

Proposedhome con-struction 6

Appli-cations

forFHAcom-mit-

ments4

179 8

231.2288 5238 5144 462 9

56 6121 7286 4293 2327 0

397 7192.8267 9253.7338.6306 2197 7198.8341.7369.7

242.4243 8221.1190 2182.1188 9153.0167 2168.9187.6

315.0366.8225.283.2

Re-quests

forVAap-

prais-als

164.4226 3251.4535.4620.8401.5159.4234.2234.0

142.9177 8171.2139 3113.6102.199.2

124.3131.7138.2

143.7217.9209.4161.8


294


TABLE C-39.—New housing starts and applications for financing, 1929-73—Continued

[Thousands of units]

Year or month

Housing starts

Private andpublic i

Total(farmandnon-

farm)

Non-farm

Private 1

Total (farm and nonfarm)

Total

Type ofstructure *

Onefamily

Two ormore

families

Governmenthome programs

(nonfarm)3

FHA* VA

Newprivatehousing

unitsauthor-ized s

Proposedhome con-struction 8

Appli-cations

forFHAcom-mit-

ments*

Re-quests

forVAap-

prais-als


1972: Jan . .Feb..Mar..Apr..May..June.

July..Aug—Sept.Oct. .Nov..Dec..

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

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

150.9153.6205.8213.2227.9226.2

207.5231.0204.4218.2187.1152.7

147.3139.5201.1205.4234.2203.4

203.2199.9148.9149.5132.988.6

2,4392,5402,3132,2042,3182,315

2,2442,4242,4262,4462 3952,369

2,4972,4562,2602,1232,4132,128

2,1912,0941,8041,6461,6961,355

1,3951,2811,3101,2151,3081,283

1,3191,3731,3821,3151,324,207

1,4501,3721,2451,202[,2711,124

1,2471,125

982956936762

1,0441,2601,003

9891,0111,032

9251,0511,0451,1311,0711,162

1,0471,0841,015

9211,1421,004

944969822690760593

350285260221197182

176179175149125106

8711192748180

806968525737

11511812310410099

107103106989286

9610510110011188

879171625664

2,2652,1682,1532,1462,0452,201

2,1962,2812,3662,3182,2262,399

2,2332,2092,1291,9391,8382,030

1,7801,7501,5961,3161,3141,231

325323264111111111

224207166147162131

124100936889

103

937094505730

232226209243198219

200202192189207194

222217201169161166

135143133141136119

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

2 Not available prior to 1959 except for nonfarm for 1929-44.3 Data are not available for new homes started under the Department of Agriculture, Farmers Home Administration

program.4 Units are for 1- to 4-family housing.« Authorized by issuance of local building permit: in 14,000 permit-issuing places beginning 1972; 13,000 for 1967-71;

12,000 for 1963-66; and 10,000 prior to 1963.e Units in mortgage applications or appraisal requests for new home construction.7 Monthly estimates for September 1945-May 1950 were prepared by Housing and8 Not available separately beginning January 1970.

Home Finance Agency.

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

295


TABLE C-40.—Business expenditures for new plant and equipment, 1947-74 l


Yearor quarter

194719481949

1950 .195119521953 .1954

19551956195719581959

196019611962 _ .1963...1964

19651966....196719681969

1970.1971197219733.. . . .

19743

1971: 1IIIII—.IV___.

1972: 1IIIII —I V —

1973: 1IIIII —

IV3...

1974: |3____113...

Total

19.3321.3018.98

20.2125.4626.4328.2027.19

29.5335.7337.9431.8933.55

36.7535.9138.3940.7746.97

54.4263.5165.4767.7675.56

79.7181.2188.44

100. 08

112.11

79.3281.6180.7583.18

86.7987.1287.6791.94

96.1997.76

100.90

104.94

108.16111.92

Manufacturing

Total

8.449.017.12

7.3910.7111.4511.8611.24

11.8915.4016.5112.3812.77

15.0914.3315.0616.2219.34

23.4428.2028.5128.3731.68

31.9529.9931.3538.00

44.40

30.4630.1229.1930.35

30.0930.3730.9833.64

35.5136.5838.81

40.54

42.9245.12

Dura-ble

goods

3.253.302.45

2.944.825.215.314.91

5.417.457.845.615.81

7.236.316.797.539.28

11.5014.0614.0614.1215.96

15.8014.1515.6419.39

22.61

14.2114.0613.7614.61

15.0614.7715.6716.86

17.8818.6419.73

20.94

22.2122.69

Non-durablegoods

5.195.714.68

4.455.896.246.566.33

6.487.958.686.776.95

7.858.028.268.70

10.07

11.9414.1414.4514.2515.72

16.1515.8415.7218.61

21.79

Nonmanufacturing

Total

10.8912.2911.86

12.8214.7514.9816.3415.95

17.6420.3421.4319.5120.78

21.6621.5823.3324.5527.62

30.9835.3236.9639.4043.88

47.7651.2257.0962.07

67.71

Mining

0.69.93.88

.841.111.211.251.28

1.311.641.691.431.36

1.301.291.401.271.34

1.461.621.651.631.86

1.892.162.422.76

3.14

Transportation

Rail-road

0.911.371.42

1.181.581.501.42.93

1.021.371.58.86

1.02

1.16.82

1.021.261.66

1.992.371.861.451.86

1.781.671.801.94

2.27


16.2516.0615.4315.74

15.0215.6015.3116.78

17.6317.9419.08

19.60

20.7122.43

48.8651.5051.5652.82

56.7056.7556.7058.30

60.6861.1862.09

64.40

65.2466.80

2.042.082.232.30

2.422.382.402.46

2.592.772.82

2.85

2.90

1.461.881.721.64

2.101.881.501.71

2.111.751.95

1.98

2.43

Air

0.17.10.12

.10

.14

.24

.24

.24

.26

.35

.41

.37

.78

.66

.73

.52

.401.02

1.221.742.292.562.51

3.031.882.462.41

2.16

1.292.281.682.26

1.962.892.672.33

2.212.722.49

2.22

2.16

Other

1.131.17.76

1.091.331.231.291.22

1.301.311.301.061.33

1.301.231.651.581.50

1.681.641.481.591.68

1.231.381.461.60

1.62

1.331.401.481.33

1.481.531.411.42

1.531.621.79

1.53

1.74

Publicutili-ties

1.542.543.10

3.243.563.744.343.99

4.034.525.675.525.14

5.245.004.904.985.49

6.137.438.74

10.2011.61

13.1415.3017.0019.09

22.16

14.6414.9115.8715.74

16.9216.6017.0117.53

18.3818.0818.58

21.20

21.57

Com-muni-cation

1.401.741.34

1.141.371 611.781.82

2.112.823.192.792.72

3.243.393.854.064.61

5.306.026.346.838.30

10.1010.7711.8913.03*- -

36

10.7011.2110.7310.44

11.7111.5911.5612.63

12.3412.7013.12

.

34

34

Com-mer-cialand

other 2

5 054.424.24

5.225 675 456.026.45

7 638.327.607.488.44

8.759.139.99

10.9912.02

13.1914.4814.5915.1416.05

16.5918.0520.0721.24

36

17.3917.7217.8519.10

20.1019.8820.1620.21

21.5321.5521.36

63

43

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

2 Commercial and other includes trade, service, construction, finance, and insurance.3 Estimates based on expected capital expenditures reported by business in October-December 1973. Includes ad-

justments when necessary for systematic tendencies in expectations data.

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


296


TABLE C-41.—Sales and inventories in manufacturing and trade, 1947-73

[Amounts in millions of dollars]

Year or month

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

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

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

1960...1961*.1962...1963...1964...

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

1970...1971...1972...1973 K.

1 9 7 2 : J a n . . .F e b . . .M a r . . .A p r . . .M a y . . .June . .

Ju ly . . .A u g . . .S e p t . . .O c t . . .N o v . . .D e c . . .

1 9 7 3 : J a n . . .F e b . . . .M a r . . . .A p r . . . .M a y . . .June . . .

Ju ly . . . .AugS e p t . . .O c t . . . .Nov *>_.Dec p..

Total manufacturingand trade

Sales

35,26033,788

38,59643,35644, 84047,98746,443

51,69454,06355,87954, 23359, 661

60, 74661,13365,41768,96973,685

80, 276 12087,178 136

97,100103,104

Inven-tories 2

52, 50749,497

59,82270,24272, 37776,12273,175

79, 51687,30489, 05286,92291,891

94, 74795,648101,090105, 477111,457

,900,729

145,164155, 376166,813

174,875104,708112,267 183i 622124,680 194,"-144,094 215,

194,151"1,646

Ratio 3

1.421.53

1.361.551.581.581.60

1.471.551.591.601.50

1.561.541.511.491.47

1.451.471.571.551.56

1.631.601.511.42

Manufacturing

Sales i

15,51317,31616,126

18,63421,71422, 52924, 84323,355

26,48027,74028, 73627,28030,219

30, 79630,89633,11335, 03237,335

41,00344, 86946, 44950, 28253, 555

Inven-tories 2

25,89728,54326,321

31,07839, 30641,13643,94841,612

45, 06950,64251,87150,07052, 707

53,81454,93958, 21360, 04363,386

68, 22177,96584, 65590,87597, 074

52,860 10155,91762, 466 107;72,032 118,435

,645102, 445' " 7 1 9

Ratio s

1.581.571.75

1.481.661.781.761.81

1.621.731.1.841.70

1.761.741.721.691.64

1.601.621.761.741.76

1.891.821.671.56

Merchant wholesalers

Sales i

6,!6,514

7,6958,5978,7829,0528,993

9,89310,51310,47510,25711,491

11,65611,98812,67413,38214, 527

15, 59516,97917, 09918, 32919, 726

20,55422,28024, 85030, 083

Inven-tories 2

7,9577,706

9,2849,88610,21010,68610,637

11,67813, 26012,73012, 73913,879

14,12014,48814,93616,04816, 977

18, 27420,69121, 55722, 52824, 363

26, 60428,91631, 73236, 283

Ratio s

1.131.19

1.071.161.121.171.18

1.131.191.231.241.15

1.221.201.161.151.13

1.141.141.211.201.19

1.231.231.211.13

Retail trade

Sales i

10,20011,13511,149

12,26813, 04613, 52914,09114, 095

15,32115,81116, 66716,69617, 951

18, 29418, 24919,63020, 55621,823

23,67725,33026,15128, 49029, 824

31, 29434, 07137, 36541,979

Inven-tories 2

14,24116,00715,470

19,46021,05021,03121,48820,926

22,76923,40224,45124,11325,305

26,81326, 22127,94129,38631,094

34,40538,07338,95241,97345, 376

46, 62652, 26154,70060,928

Ratio 3

Seasonally adjusted

118,299

120,239121,352

184,068117,998 184,571

184, 856185, 655

122,673 186,816122,347 187,194

[22,783.26,792.27,656.30,336 191131,918.33, 483 194;

187, 681189, 093190,486191, 583192,921"1,151

1.561.561.541.531.521.53

1.531.491.491.471.461.45

.36,863 196, 29538,910 198,172.41,010 199,52541,274 200, 78742,682 202, 89642,311 205,252

46, 458 206,81346,068:208,66846,2411210,35450,2571212,41752,957 215,645

59, 062

59,905

102,56159,120 102,906

103,04360,886 103,26761,272 103,68561,295 104,260

61, 047 104, 68563,686 105,82264,503:106,16865,451 106,61766,993 106,97467,104 107, 719

1.43 68,401 108,1871.43i 69,245 109,0821.411 69,719 110,1741.42, 70,468 110,5771.42 71,284 111,6251.44 71,616,113,025

1.411.431.441.441.41

73, 248!113, 91073, 0211114,90773, O6O|116,11475,269 117,22477,019 118,435

1.741.741.72.70

24, 35123, 53323,88424,170

.69 24,260

.70 24,230

24, 39425,13725, 40725,77926, 21226,962

27,755.58 28,423.58 29,312.57, 29,621.57 29,675.58 29,528

1.5611.571.591.56,1.54

T

30,44330,69230,64631,91832, 903

29, 04929,18129,17429, 57429, 72929, 641

30, 05630,16430, 65731, 03231, 28931,732

32, 58233, 05133,245!33,574!33,98534,148

34, 65334,98435, 26635,37936,283

1.191.241.22

34, 88635, 34536,450

1.22! 36,2961.23; 37,1411.22 36,822

1.23 37,3421.20 37,9691.21 37,7461.20 39,1061.19 38,7131.18 39,417

52, 45852, 48452, 63952, 81453, 40253, 293

52,94053,10753, 66153,93454, 65854, 700

1.17 40,707 55,5261.16 41,242i 55,0391.13 41,979: 56,1061.13 41,185! 56,6361.15! 41,723 57,2851.16 41,167 58,079

1.141.141.151.111.10

42, 76742, 35542, 53543,07043, 03542,453

58,25058,79758,97459,81460,928

1.261.391.41

1.381.641.521.531.51

1.431.471.441.431.40

1.451.431.381.391.40

1.391.441.461.431.46

1.471.471.421.37

1.501.481.441.461.441.45

1.421.401.421.381.411.39

1.361.361.341.381.371.41

1.361.391.391.391.42

1 Monthly average for year and total for month.2 Seasonally adjusted, end of period.3 Inventory /sales ratio. For annual periods, ratio of weighted average inventories to average monthly sales; for monthly

data, ratio of inventories at end of month to sales for month.< Manufacturing data prior to 1961 not completely comparable with later data. See Department of Commerce, Bureau

of the Census, "Series M 3 - 1 . 1 , " September 1968.* Based on seasonally adjusted data through November.

Note.—The inventory figures in this table do not agree with the estimates of change in business inventories includedin the gross national product since these figures cover only manufacturing and trade rather than all business, and showinventories in terms of current book value without adjustment for revaluation.

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

297


TABLE O42.—Manufacturers' shipments and inventories, 1947-73

[Millions of dollars]

Year or month

19471948...1949

19501951 .1952 . .1953. . .1954

1955.1956.. .195719581959...

1960.. .1961'196219631964

196519661967. .19681969

1970197119721973 *

1972: JanFebMarAprM a y . . . .June

JulyAugS e p t . . . .OctNovDec

1973:JanFebMarAprMayJune

JulyAugSeptOctNov p . -Dec p

Shipments i

Total

15,51317,31616,126

18,63421,71422,52924,84323,355

26,48027,74028,73627,28030,219

30,79630,89633,11335,03237,335

41,00344,86946,44950,28253, 555

52,86055,91762,46672,032

Dura-ble

goodsindus-tries

6,6947,5797,191

8,84510,49311,31313,34911,828

14,07114,71515,23713,57115,545

15,81715,54417,10318,24719,634

22,21624,63325,21227,69429,459

28,23129,94833, 89239, 563

Non-durablegoodsindus-tries

8,8199,7388,935

9,78911,22111,21611,49411,527

12,40913,02513,49913,70814,674

14,97915,35216,01016,78617,701

18,78820, 23621,23622, 58824,096

24,62925,96928, 57332,469

Inventories2

Total

25,89728,54326,321

31,07839,30641,13643,94841,612

45,06950,64251,87150,07052,707

53,81454,93958,21360,04363,386

68,22177,96584,65590, 87597, 074

101,645102,445107,719118,435

Durable goods industries

Total

13,06114,66213,060

15,53920,99123,73125,87823,710

26,40530,44731,72830,09531,839

32,36032, 50934,60535,81338,436

42,22749, 81854,93159,11263,371

66,76866,05070,21877,645

Mate-rialsandsup-plies

8,9667,894

9,19410,41710,6089,847

10,585

10,28610,24210,79811,00111,927

13,29915, 50116, 44517,41818,668

19,00019, 27020, 01023,444

Workin

process

10,7209,721

10,75612,31712,83712,29412,952

12,78013,21114,20514,99716,253

18,15221,97825, 01727,60529,175

30,39329,14232,07435, 519

Fin-ishedgoods

6,2066,040

6,3487,5658,1257,7498,143

9,1909,0569,6029,815

10,256

10,77612,33913,46914, 08915, 528

17, 37517,63818,13418,682

Nondurable goods industries

Total

12,83613,88113,261

15,53918,31517,40518,07017,902

18,66420,19520,14319,97520,868

21,45422,43023,60824,23024,950

25,99428,14729,72431,76333,703

34, 87736, 39537, 50140,790

Mate-rialsandsup-plies

8,3178,167

8,5568,9718,7758,6719,089

9,1139,4649,841

10,00310,185

10,48811,22011,74612, 29912, 823

13,13013,57813, 86515,868

Workin

process

2,4722,440

2,5712,7212,8642,8002,928

2,9353,1933,3043,4103,519

3,8234,2374,4344,8495,152

5,2785,6475,9686,416

Fin-ishedgoods

7,4097,415

7,6668,6228,6248,4988,857

9,3539,773

10,46310,81711,246

11,68312,69013, 54414,61515, 728

16, 46917,17017,66818, 506

Seasonally adjusted

59,06259,12059,90560,88661,27261, 295

61,04763,68664, 50365,45166,99367,104

68,40169, 24569,71970,46871, 28471,616

73,24873, 02173,06075,26977, 019

31,55631,75832,18833,00333,24132,919

32, 80334,68735, 24936,30236,87036,614

37,77338,12238,06438,65139, 28439,257

40,77939,63340,16241, 56741, 89640,646

27, 50627, 36227,71727,88328,03128, 376

28,24428,99929, 25429,14930,12330,490

30,62831,12331,65531,81732,00032,359

32,46933, 38832,89833,70235,123

102, 561102,906103,043103,267103,685104,260

104,685105, 822106,168106,617106,974107,719

108,187109,082110,174110, 577111,625113,025

113,910114,907116,114117, 224118,435

66,28366, 53466, 56966,72567,16167, 502

67,73468, 56868,87569,30869,61370, 218

70, 59071,13671,87372,21372,86773,801

74,27875,21376,24976, 95177,645

19,18119,17819,08319,03919,11018,900

19,31719, 59619,55819,79019,90220, 010

20,25220,46320,65920,88721,19821, 424

21,72122,08022,62123,06423,444

29, 32029,49229, 59529,72630,01430,380

30,32330,56330,93231,41231,63932,074

32,28632,55933,00533,11433, 31833,735

33,94434,46134,74235, 08235, 519

17,78217, 86417,89117,96018,03718, 222

18,09418,40918, 38518,10618,07218,134

18, 05218,11418,20918,21218, 35118,642

18,61318,67218,88618,80518, 682

36,27836,37236, 47436, 54236, 52436,758

36,95137, 25437,29337,30937,36137, 501

37,59737,94638, 30138,36438, 75839,224

39,63239,69439, 86540,27340,790

13, 56413,67313, 52713, 59913, 58913,708

13,70613,77613, 82713,78013, 80813, 865

13,96514, 25114, 40614,53114,66015,010

15,35015, 51415, 55415, 77215, 868

5,6755,6835,7995,7535,6905,722

5,7515,8135,8715,9285,9275,968

5,9606,0066,0486,0936,1346,151

6,1776,2506,2986,3236,416

17,03917,01617,14817,19017,24517, 328

17,49417,66517,59517,60117,62617,668

17,67217,68917,84717,74017,96418,063

18,10517,93018,01318,17818, 506

i Monthly average for year and total for month.> Book value, seasonally adjusted, end of period, except as noted.3 Data prior to 1961 not completely comparable with later data. See Department of Commerce, Bureau of the Census,

"Series M3-1.1," September 1968.« Based on seasonally adjusted data through November.


298


TABLE C-43.—Manvjacturers* new and unfilled orders, 1947-73

[Amounts in millions of dollars]

Year or month

New ordersl

Total

Durable goodsindustries

Total

Capitalgoodsindus-tries,non-

defense

Non-dura-ble

goodsindus-tries

Unfilled orders 2

Total

Dura-ble

goodsindus-tries

Non-dura-

blegoodsindus-tries

Unfilled orders-shipments ratio 3

Total

Dura-ble

goodsindus-tries

Non-dura-ble

goodsindus-tries

1947..1948..1949..

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

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

I960..1961«1962..1963..1964..

1965.1966..1967..1968..1969.

1970..1971..1972.1973»

1972: Jan... .Feb. . .Mar. . .A p r . . .May.. .June..

Ju ly . . .A u g . . .Sept...Oct. . . .Nov. . .Dec. . .

1973: J a n . . .Feb.. .Mar...

May"."June..

July...Aug. . .Sept..Oct....NOVJ>_.Dec »..

15,25617,69315,614

20,11023,90723,20423,58622,335

27,46528,36827, 55926,90330,672

30,11531,08633,00535,32237,952

41, 80345,94446,76350,24353,646

52,06355,73263,51474,605

6,3888,1266,633

10,16512,84112,06112,14710, 768

14,99615,36514, 11113,17115, 948

15, 22315,69917,02518,52120,258

22,98625,72025,52627,66629, 549

27,43129,75134,86742,073

6,9717,694

7,0217,3398,98311,016

8,8689,5668,981

9,94511,06611,14311, 43911,566

12, 46913,00313,44813, 73314,724

14,89315,38715,98016,80117,694

18,81720, 22421,23822, 57724,097

24,63225,98128,64832, 531

34,47330,73624,045

41,45667,26675,85761,17848,266

60,00467,37553,18348,88254,494

46,13348,39547,30750,94058,506

68,14681,02984,99484,17785,286

75,58573,28286,020114,324

28,57926,61919,622

35,43563,39472,68058,63745,250

56,24163,88050,35245,73950,654

43,40145,24144,48547,95855,623

64,92077,96481,90481, 24082,334

72, 59970,15281,986

109,606

5,8944,1174,423

6,0213,8723,1772,5413,016

3,7633,4952,8313,1433,840

2,7323,1542,8222,9822,883

3,2263,0653,0902,9372,952

2,9863,1304,0344,718

3.42

3.633,873.352.602.85

2.582.522.462.402.49

2.622.932.812.712.59

2.392.152.182.53

Seasonally adjusted

59,73959,54460,26061,74762,05163,817

61,48664,80966,62066,35567, 72668,908

70,01671,02272,80673,32574,53575,361

75,14576,11375,12977,75879, 441

32,15632, 03932,45333,80333,99235,396

33,20735,77237, 29237,12737,46238, 325

39,21839,76541,02141,34142, 44943,016

42,69742, 68942, 25944,03744,31541,655

7,8958,1528,3048,7008,9328,981

8,9548,8999,7279,6259,6999,991

10,27710,10510,57210,61910,91911,415

11,40411, 03211, 26711, 59511,97012,176

27, 58327, 50527,80727,94428,05928,421

28,27929,03729,32829,22830,26430, 583

30,79831,25731,78531,98432,08632,345

73,95974,38374,73875, 59976, 37878,900

79,33980,46282, 57983,48384, 21686,020

87,63589,41292,49995, 35498, 602102,355

32,448 104,24633,424 107,34432,870 j 109, 41033,721 jlll,89735,126 114,324

70, 75271,03371, 29872,09872, 84975,326

75,73076,81578,85879,68380, 27581,986

83,43185,07488,03190,71993,88297,647

99, 560102,621104, 716107,185109,606110,619

3,2073,3503,4403,5013,5293,574

3,6093,6473,7213,8003,9414,034

4,2044,3384,4684,6354,7204,708

4,6864,7234,6944,7124,718

2.132.142.122.102.112.18

2.172.142.182.152.132.18

2.172.182.252.282.322.41

2.412.512.572.522.53

4.12

4.274.554.003.493.44

3.213.012.952.892.99

3.123.513.383.273.13

2.902.592.593.00

2.572.582.552.522.522.62

2.612.562.602.552.532.59

2.572.582.662.702.752.85

2.842.983.022.973.00

0.96

1.121.04.85.55

.63

.72

.65

.63

.57

.60

.56

.52

.47

.45

.45

.44

.52

.54

0.45.46.47.48.48.48

.48

.48

.49

.50

.51

.52

.53

.54

.55

.57

.57

.57

.57

.57

.60

.56

.54

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

figures relate to seasonally adjusted data for December, except as noted.* Data prior to 1961 not completely comparable with later data. Comparable data for new orders (total, durable, and

nondurable) are available for 1958,1959, and 1960 only. See Department of Commerce, Bureau of the Census, "SeriesM3-1.1," September 1968, for these data.

« Based on seasonally adjusted data through November.


299


PRICES

TABLE C-44.—Consumer price indexes by expenditure classes, 1929-73

For urban wage earners and clerical workers

[1967 = 100]

Year or month

1929

1933-.

1939

19401941194219431944..19451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973

1972: J a n . . .FebMar..AprMayJune-

JulyAugSept. .Oct .Nov.Dec

1973: Jan.Feb. . .MarAprMayJune

July. . .AugSeptOctNovDec.

Allitems

51.3

38.8

41.6

42.044 148 851.852.753 958 566.972.171.4

72.177.879.580.180.580.281.484.386 687.3

88.789.690.691 792 994.597.2

100 0104 2109.8

116.3121 3125.3.133.1

123.2123 8124.0124.3124.7125.0

125.5125.7126.2126.6126.9127.3

127.7128.6129 8130.7131.5132.4

132.7135.1135.5136.6137.6138.5

Food

48.3

30.6

34.6

35.238.445.150.349.650 758.170.676.673.5

74.582.884.383.082.881.682.284.988.587.1

88.089. i89.991 292.494.499.1

100.0103.6108.9

114.9118.4123.5141.4

120.3122.2122.4122.4122 3123.0

124.2124.6124.8124.9125.4126.0

128.6131.1134 5136.5137.9139.8

140.9149.4148.3148.4150.0151.3

Housing

Total

52.2

52.453 756 256.858.159 160 665.269.870.9

72.877.278.780 881.782.383.686.287 788.6

90 290.991.792 793 894.997.2

100 0104 2110.8

118.9124 3129.2135.0

127.3127 6127.9128.2128 5129.0

129 5129.9130.2130.4130 8131.2

131.5132.0132 4132 8133.3133.9

134.2135.2136 6138 1139.4140.5

Rent

76.0

54.1

56.0

56.257 258 558.558.658 859 261.165.168.0

70.473.276.280 383.284.385.987.589 190.4

91 792 994.095 095 996 998.2

100 0102.4105.7

110.1115 2119.2124.2

117.5117.8118.0118.4118.6119.0

119.2119.6119.9120.3120.5121.0

121.8122.3122 8123.2123.7124.0

124.4125.0125 4125 9126.3126.9

Appareland

upkeep

48.5

36.9

42.4

42.844 852.354.658.561 567.578.283.380.1

79.086.185.384 684.584.185.887.387 588.2

89 690.490.991 992 793.796.1

100 0105.4111.5

116.1119 8122.3126.8

120.2120 7121.3121.8122 5122.1

121 1120 8123.1124.3125 0125.0

123.0123.6124 8125 8126.7126.8

125.8126.5128.3129.6130.5130.5

Trans-porta-tion

43.0

42.744 248 147.947.947 850 355.561.866.4

68 272.577.379 578.377.478.883.386 089.6

89 690.692.593 094 395.997.2

100 0103 2107.2

112.7118 6119.9123.8

118.9118.3118.4118.6119.5119.8

120.2120.5121.0121.2121.4121.3

121.0121.1121 5122 6123.5124.6

124.8124.5123.9125.0125.8126.7

Medicalcare

36.7

36.837 038.039.941.142 144 448.151.152.7

53.756.359.361 463.464.867.269.973 276.4

79 181.483.585 687.389.593.4

100.0106.1113.4

120.6128.4132.5137.7

130.5131.0131.4131.7132.0132.4

132.7132.9133.1133.9134.1134.4

134.9135.3135 8136.2136.6137.0

137.3137.6138.3140.6140.9141.4

Personalcare

40.3

40.241 245 249.953.455 159 066.068.568.3

68.374.775.676.376.677.981.184.186 988.7

90.190.692.293 494.595.297.1

100.0104.2109.3

113.2116.8119.8125.2

118.1118.4118.7119.1119.7120.0

120.0120.2120.5120.8121.0121.5

121.8122.4123.1123.8124.4124.9

125.3125.7126.3127.3128.1129.2

Readingand

recrea-tion

45.3

46.147 750 054.160.062 464.568.772.274.9

74.476.676.977.776.976.777.880.783.985.3

87.389.391.392.895.095.997.5

100.0104.7108.7

113.4119.3122.8125.9

121.4121.5121.7122.3122.5122.9

123.0123.0123.7124.0124.1124.0

124.1124.3124.5125.2125.6125.9

126.2126.1126.8127.2127.5127.6

Othergoodsand

services

46.9

48.349 250 753.354.756 958 863.866.868.7

69 972.876.678 579.879.881.083.384 486.1

87 888 589.190 692 094.297.2

100.0104.6109.1

116.0120.9125.5129.0

123.5124.3124.6125.1125.4125.6

125.8126.0126.2126.4126.4126.5

126.7127.1127.6128.2128.5129.0

129.5129.4129.9130.3130.8131.3


300


TABLE O45.—Consumer price indexes by commodity and service groups, 1939-73


[1967=100)

Year ormonth

Allitems

Commodities

Allcom-modi-ties

Food

Commodities less food

All Dura-ble

Non-dura-

ble

Services

All RentServ-iceslessrent

Special indexes

Allitemslessfood

Allitemsless

shel-ter

Non-dura-

blecom-mod-ities

1939 _.

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973



1973: JanFebM a r . . . . .AprMayJune


41.6

42.044.148.851.852.753.958.566.972.171.4

72.177.879.580.180.580.281.484.386.687.3

88.789.690.691.792.994.597.2

100.0104.2109.8

116.3121.3125.3133.1

123.2123.8124.0124.3124.7125.0

125.5125.7126.2126.6126.9127.3

127.7128.6129.8130.7131.5132.4

132.7135.1135.5136.6137.6138.5

40.2

40.643.349.654.054.756.362.475.080.478.3

78.885.987.086.785.985.185.988.690.690.7

91.592.092.893.694.695.798.2

100.0103.7108.4

113.5117.4120.9129.9

118.7119.4119.7119.9120.3120.7

121.2121.4122.0122.3122.7122.9

123.4124.5126.1127.4128.3129.4

129.7132.8132.8133.5134.7135.7

34.6

35.238.445.150.349.650.758.170.676.673.5

74.582.884.383.082.881.682.284.988.587.1

88.089.189.991.292.494.499.1

100.0103.6108.9

114.9118.4123.5141.4

120.3122.2122.4122.4122.3123.0

124.2124.6124.8124.9125.4126.0

128.6131.1134.5136.5137.9139.8

140.9149.4148.3148.4150.0151.3

47.7

48.050.456.058.461.664.168.176.882.781.5

81.487.588.388.587.586.987.890.591.592.7

93.193.494.194.895.696.297.5

100.0103.7108.1

112.5116.8119.4123.5

117.7117.8118.2118.5119.2119.4

119.4119.5120.3120.8121.0121.1

120.5120.9121.5122.3123.0123.7

123.5123.8124.3125.4126.3127.1

48.5

48.151.458.460.365.970.974.180.386.287.4

88.495.196.495.793.391.591.594.495.997.3

96.796.697.697.998.898.498.5

100.0103.1107.0

111.8116.5118.9121.9

117.3117.1117.3117.7118.4119.2

119.6119.7119.8120.1120.3120.3

119.9119.9120.2121.0121.8122.3

122.4122.6122.6123.2123.3123.2

44.3

44.746.751.653.856.658.662.972.277.876.3

76.282.082.483.183.583.585.387.688.289.3

90.791.291.892.793.594.8.97.0

100.0104.1108.8

113.1117.0119.8124.8

118.1118.4118.9119.1119.7119.5

119.3119.4120.8121.3121.7121.7

120.9121.6122.4123.3124.0124.7

124.4124.7125.5127.0128.5130.0

43.5

43.644.245.646.447.548.249.151.154.356.9

58.761.864.567.369.570.972.775.678.580.8

83.585.286.888.590.292.295.8

100.0105.2112.5

121.6128.4133.3139.1

131.5131.8132.1132.4132.7133.1

133.5133.8134.1134.6134.9135.4

135.7136.2136.6137.1137.6138.1

138.4139.3140.6142.2143.0143.8

56.0

56.257.258.558.558.658.859.261.165.168.0

70.473.276.280.383.284.385.987.589.190.4

91.792.994.095.095.996.998.2

100.0102.4105.7

110.1115.2119.2124.2

117.5117.8118.0118.4118.6119.0

119.2119.6119.9120.3120.5121.0

121.8122.3122.8123.2123.7124.0

124.4125.0125.4125.9126.3126.9

38.1

38.138.640.342.144.245.146.749.051.954.5

56.059.362.264.866.768.270.173.376.479.0

81.983.985.587.389.291.595.3

100.0105.7113.8

123.7130.8135.9141.8

134.1134.4134.6135.0135.3135.7

136.1136.4136.7137.2137.6138.0

138.3138.7139.2139.6140.1140.7

141.0141.9143.4145.2146.1146.9

47.2

47.348.752.153.655.756.959.464.969.670.3

71.175.777.579.079.579.781.183.885.787.3

89.790.892.093.294.596.7

100.0104.4110.1

116.7122.1125.8130.7

124.0124.2124.5124.9125.4125.7

125.9126.1126.7127.1127.4127.6

127.5127.9128.4129.1129.7130.3

130.4130.9131.8133.1134.0134.7

39.7

39.942.447.751.352.253.659.068.573.972.6

73.179.280.881.081.080.681.784.486.987.6

89.990.992.193.294.697.4

100.0104.1109.0

114.4119.3122.9131.1

120.9121.5121.8122.0122.4122.7

123.1123.2123.8124.2124.6124.8

125.3126.4127.8128.9129.7130.6

131.0133.5133.6134.5135.6136.5

38.4

38.941.647.651.852.253.759.671.977.274.9

75.482.583.483.283.2$2.583.786.388.688.2

89.490.290.992.093.094.698.1

100.0103.9108.9

114.0117.7121.7132.8

119.2120.3120.6120.7121.0121.2

121.7122.0122.8123.1123.5123.8

124.7126.2128.3129.7130.7132.0

132.4136.6136.5137.4138.9140.3


301527-867 O - 74 - 20


T A B L E C—46.—Consumer price indexes, selected commodities and services, 1939—73

For urban wage earners and clerical workers[1967=1001

Year or month

1939

194019411942 .1943194419451946 . . . .194719481949

195019511952195319541955195619571958 . .1959

1960196119621963196419651966196719681969

1970197119721973

1972: JanFebMar

MayJune

JulyAugSeptOct.NovDec


JulyAugSeptOctNov. .Dec

Durable commodities

Total i

48.5

48.151.458.460.365.970.974.180.386.287.4

88.495.196.495.793.391.591.594.495.997.3

96.796.697.697.998.898.498.5

100.0103.1107.0

111.8116.5118.9121.9

117.3117.1117.3117.7118.4119.2

119.6119.7119.8120.1120.3120.3

119.9119.9120.2121.0121.8122.3

122.4122.6122.6123.2123.3123.2

Newcars

43.2

43.346.6

69.275.682.8

83.487.494.995.894.390.993.598.4

101.5105.9

104.5104.5104.1103.5103.2100.999.1

100.0102.8104.4

107.6112.0111.0111.1

112.2111.9111.7111.7111.4111.3

111.0110.6109.6110.1110.2110.6

111.1111.0110.8111.1111.1111.0

110.9110.6109.1111.9112.2112.0

Usedcars

89.275.971.869.177.480.289.5

83.686.994.896.0

100.199.497.0

100.0(3)

103.1

104.3110.2110.5117.6

105.3103.0103.9106.4110.0112.0

112.7112.4113.6115.2116.0115.0

112.8112.4113.7117.3120.6122.3

122.7121.3120.3118.5116.1112.6

House-holddura-bles

56.6

55.959.866.969.576.081.886.595.6

101.799.0

100.2109.8106.9105.7102.9100.199.7

101.4102.1102.0

101.9100.7100.6100.3100.298.798.6

100.0103.3107.4

110.2112.9115.0118.8

113.7113.6114.1114.4114.8115.1

115.3115.4115.6115.8116.0116.2

116.1116.3116.9117.7118.5119.2

119.4119.6120.1120.4120.8121.0

Nondurable commod-ities less food

Total

44.3

44.746.751.653.856.658.662.972 277.876.3

76.282.082.483.183.583 585.387.688.289.3

90.791.291.892.793.594.897.0

100.0104.1108.8

113.1117.0119.8124.8

118.1118.4118.9119.1119.7119.5

119.3119.4120.8121.3121.7121.7

120.9121.6122.4123.3124.0124.7

124.4124.7125.5127.0128.5130.0

Ap-parelcom-mod-ities

43.0

43.545.853.555.959.863.069.580 485.482.0

81.188.787.786.786.385 887 388.288.289.0

90.390.891.292 092.893.696.0

100.0105 6111.9

116 5120.1122.7127.1

120.3120 9121.6122.1122.9122.4

121.3120.9123.5124.9125.6125.5

123.1123.8125.2126.2127.2127.2

126.0126.6128.7130.0130.8130.7

Non-dura-bleslessfoodand

apparel

46.3

46.848.451.153 254.755.858.266 272.372 4

72.977.579 081 081.882 184 187 488 389.6

90 991.392.193 193.995.597.5

100.0103 3107.0

111 2115.2118.2123.4

116.8117 0117.3117.4117.9117.9

118.2118.6119.3119.3119.4119.5

119.7120.4120.8121.7122.2123.3

123.5123.6123.8125.3127.3129.6

Services less rent

Total

38.1

38.138.640.342.144.245.146.749.051.954.5

56.059.362.264.866.768.270.173.376.479.0

81.983.985.587.389.291.595.3

100.0105.7113.8

123.7130.8135.9141.8

134.1134.4134.6135.0135.3135.7

136.1136.4136.7137.2137.6138.0

138.3138.7139.2139.6140.1140.7

141.0141.9143.4145.2146.1146.9

House-holdserv-iceslessrent

71.275.479.481.6

85.086.087.189.090.492.195.7

100.0105.9115.3

126.8132.6139.2146.8

136.9137.3137.6138.0138.4138.8

139.5140.0140.3140.7141.3141.9

142.3142.8143.2143.6144.2144.9

145.3146.8149.3151.7153.2154.2

Trans-porta-tionserv-ices

36.1

36.136.338.238 238.238.239.040 344.950 0

53.358.362.466.469.269.470.573.878.581.2

83.385.386.687.589.692.996.8

100.0104 0111.3

123.1133.0136.0136.9

135.6135.6135.4135.6135.8136.0

136.3136.3136.3136.2136.3136.4

136.0136.1136.3136.5136.6137.0

137.0137.1137.2137.4137.4138.1

Med-icalcareserv-ices

32.5

32.532.733.735.436.937.940.143 546.448.1

49.251.755.057.058.760 462.865.568.772.0

74.977.780.282.684.687.392.0

100.0107.3116.0

124.2133.3138.2144.3

135.8136.4136.9137.3137.6138.0

138.4138.6138.9139.9140.1140.5

141.0141.5142.2142.7143.1143.6

143.9144.3145.1147.8148.2148.7

Other*

71.173.976.278.0

80.883.485.687.790.192.696.2

100.0105.6110.6

116.7122.5125.8131.6

124.3124.5124.7125.1125.3125.6

125.8125.9126.7127.0127.4127.7

128.1128.6129.2129.9130.6131.3

131.7132.1133.3134.0134.8135.3

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

302


T A B L E C—47.—Consumer price indexes, seasonally adjusted, 1970—73


11967=100, seasonally adjusted]

Year and month

1970: Jan...Feb...Mar..Apr...May..June..

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

1971: Jan...Feb...Mar-Apr...May..June..

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




JulyAugSept . . . -OctNovDec

Special indexes

Allitemslessfood

Allitemsless

shelter

113.4114.1114.7115.4116.0116.5

117.0117.3118.0118.7119.4120.1

120.4120.6120.7120.9121.6122.2

122.4122.8123.1123.3123.5123.8

124.1124.4124.6124.9125.4125.6

125.9126.2126.7126.8127.1127.5

127.6128.2128.5129.1129.7130.2

130.4131.0131.8132.8133.7134.6

112.2112.6112.8113.5113.9114.2

114.6114.9115.4116.0116.4116.8

117.2117.6118.0118.5119.1119.6

119.8120.2120.2120.3120.5120.9

121.1121.6121.8121.9122.3122.5

122.9123.2123.8124.2124.7124.8

125.6126.5127.8128.8129.6130.3

130.133.5133.6134.5135.7136.5

Allitemsless

med-ical

113.2113.8114.4115.0115.6115.9

116.3116.7117.2117.9118.3118.8

119.0119.2119.5119.8120.4121.0

121.3121.6121.7122.0122.2122.6

123.0123.5123.7123.9124.3124.5

125.0125.3125.9126.2126.6126.8

127.6128.3129.6130.5131.3132.

132.4135.0135.4136.4137.5138.3

Commodity groups

Allcom-mod-ities

111.4111.9112.1112.6113.1113.3

113.6113.7114.2114.7115.1115.6

115.7115.7116.2116.6117.2117.7

117.9118.1118.1118.3118.5118.9

119.1119.6119.8119.9120.3120.5

121.0121.3122.0122.3122.7122.8

123.8124.7126.2127.4128.3129.1

129.4132.7132.8133.5134.7135.6

Food

113.6114.3114.3114.6115.0114.9

115.0115.1115.6115.8115.7115.6

115.7116.1117.1117.7118.2118.8

119.0119.3119.0119.3119.8120.5

120.5122.4122.4122.3122.3122.5

123.3123.9124.8125.5126.4126.3

128.9131.4134.5136.4137.9139.2

139.9148.5148.3149.1151.2151.6

Commodities lessfood

Total

110.3110.6110.8111.5111.9112.4

112.6112.9113.4114.0114.6115.3

115.5115.5115.7115.9116.5116.9

117.1117.5117.4117.5117.6117.7

118.1118.2118.6118.6119.1119.2

119.5119.9120.3120.3120.5120.7

120.9121.3121.9122.4122.9123.5

123.6124.2124.3124.9125.8126.

Dur-able

109.1109.3109.8110.3111.0111.6

111.8112.2113.0113.7114.2115.1

115.2115.3115.7115.9116.5116.9

117.1116.9116.9116.9116.9117.1

117.3117.6117.9118.1118.3118.7

119.2119.7120.3119.9119.9120.1

119.9120.4120.8121.4121.7121.8

122.0122.6123.1123.0122.9123.0

Non-dur-able

111.0111.5111.7112.4112.7112.9

113.3113.5113.9114.4114.8115.4

115.6115.7115.9116.1116.6116.9

117.1117.7118.0118.1118.1118.3

118; 5118.8119.1119.2119.6119.5

119.8119.9120.4120.7121.1121.2

121.3122.0122.6123.4123.9124.7

124.9125.2125.1126.4127.9129.5

Selected expenditure classes

Shel-ter

118.4119.6121.2122.0122.8123.6

124.0124.8125.8126.4127.0127.8

128.0127.6126.7126.6127.5128.4

128.8129.4129.9130.5131.2131.5

132.4132.9132.8133.1133.8134.2

135.0135.4135.6135.9136.1136.7

137.0137.7137.7138.1139.0139.5

139.7141.0142.8144.6145.5146.3

Fuelandutili-ties

105.0105.2105.8106.4106.7106.8

107.6108.1108.7109.6110.6111.2

112.0112.9113.5113.8114.3114.8

115.6116.1116.3116.6116.3117.5

118.3118.8118.9119.2119.7120.0

120.1120.3120.9121.2121.6121.9

122.7123.9124.2124.7125.3125.9

125.8126.6127.3129.2132.0135.8

Ap-parelandup-

keep

Trans-por-

tation

114.2114.6114.8115.1115.4115.9

116.1116.6117.0117.3117.8118.3

118.4118.7118.8119.2119.8120.0

120.1120.2120.4120.6120.7120.8

121.0121.3121.5121.9122.0122.0

122.0122.1122.9123.3123.6124.0

123.9124.2125.1125.9126.2126.7

126.7127.9128.0128.6129.1129.5

109.5110.0110.0111.3111.9112.4

113.2112.8113.7115.0115.9116.9

117.1117.7118.2118.3118.6119.1

119.2119.3119.4118.9118.6118.4

118; 5118.5118.9118.8119.3119.3

120.0120.5122.0120.8121.3121.2

120.6121.3122.0122.8123.3124.1

124.6124.5124.9124.6125.126.6

Med-icalcare

116.5117.2118.1118.9119.5120.4

121.2121.9122.5123.0123.8124.6

125.2125.9126.7127.2127.8128.5

129.0129.7130.1129.9130.1130.5

130.8131.1131.3131.4131.7132.3

132.4132.6132.8134.2134.5134.8

135.2135.4135.7135.9136.3136.9

137.0137.3138.0140.9141.3141.8


303


TABLE C—48.—Percent changes in consumer price indexes, major groups, 1948—73

[Percent change from preceding period i]

Year or month

19481949

19501951 . . .195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971 . _ . .19721973

1971: JulyAugSeptOctNovDec

1972: JanFebMarAprMay ,June

JulyAug . . . .SeptOctNovDec . . . .

1973: JanFebMarApr . . .MayJune


All items

Un-adjusted

2.7- 1 . 8

5.85.9.9.6

- . 5

.42.93.01.81.5

1.5.7

1.21.61.2

1.93 43.04.76.1

5.53.43.48.8

. 2

. 2

. 1

.2

.2

.4

.1

.5

.2

. 2

. 3

. 2

. 4

.2

.4

.3

.2

.3

.3

.7

.9

.7

.6

.21.8.3.8.7.7

Seasonallyadjusted

0.2.4. l.2.2.3

.2

.5

.1

. 2

. 3

.1

. 4

.3

.4

.3

.3

.2

.5

.7

.9

.6

.6

.6

.21.9.3.8.8.5

Food

Un-adjusted

- 0 . 8- 3 . 7

9.67.4

- 1 . 1- 1 . 3- 1 . 6

- . 93.12.82.2

- . 8

3.1- . 91.51.91 4

3.43 91.24.37.2

2.24.34 7

20.1

.5

.2- . 8- . 2

11.1

.01.6.2. 0

—.1.6

1.0

.2

.1

.4

.5

2.11.92.6L

OO

1.4

.86.0

.11.1.9

Seasonallyadjusted

0.2. 3

- . 3.3.4.6

.01.6.0

- . 1. 0. 2

.7

.5

.7

.6

.7- . 1

2.11.92.41.41.1.9

.56.1

- . 1.5

1.4.3

Commodities less food

Un-adjusted

2 2.8

1.5

_ 36

.71.2

4

.71 93 13.74.5

4.82.32 55.0

- . 1.1. 3.5.1.0

- . 3.1.3. 3.6.2

.0

.1

.7

.4

.2

.1

- . 5.3.5.7.6.6

- . 2.2.4.9.7.6

Seasonallyadjusted

0.2. 3

- . 1.1.1.1

.3

.1

.3

. 0

.4

.1

.3

.3

.3

.0

.2

.2

.2

.3

.5

.4

.4

.5

.1

.5

.1

.5.7.7

Services2

Un-adjusted

4.52 73 7

2.71 91 72.31.8

2 64.94.06 17 4

8 24 13 66.2

. 5

. 4

. 4

33

.6

.2

.2

. 2

. 2

. 3

. 3

.2

.2

.4

.2

.4

.2

.4

.3

.4

.4

.4

.2

.7

.91.1.6.6

1 Annual changes are from December to December.8 Percent changes for services are based on unadjusted indexes since these prices have little seasonal movement.Note.—The seasonally adjusted changes for the all items index are based on seasonal adjustment factors and seasonally

adjusted indexes carried to two decimal places.

Source: Department of Labor, Bureau of Labor Statistics

304


TABLE C~49.—Wholesale price indexes by major commodity groups, 1929-73

[1967=100]

Year or month

1929

1933

1939

1940194119421943194419451946194719481949

1950....19511952195319541955195619571958.. . . _.1959

I960...196119621963196419651966 .196719681969

1970197119721973

1972: JanFebMarApr .MayJune

July...AugSeptOctNovDec


JulyAug __ . . .Sept...OctNov . .Dec

All com-modities

49 1

34 0

39 8

40 545 150 953.353.654 662.376.582.878.7

81.891 188.687.487.687.890.793.394.694 8

94.994.594.894.594.796.699.8

100.0102.5106.5

110.4113.9119.1135.5

116.3117.3117.4117.5118.2118.8

119.7119.9120.2120.0120.7122.9

124.5126.9129.7130.7133.5136.7

134.9142.7140.2139.5141.8145.3

Farm products and processedfoods and feeds

Total

94.3101.589.6

93.9106 9102.796.095.791.290.693.798.193.5

93.793.794.793.893.297.1

103.5100.0102.4108.0

111.7113.8122.4159.1

117.4119.6119.1118.3120.0121.3

124.0123.8124.5123.3125.3132.6

137.0142.4149.0147.9154.9163.6

156.9184.5173.5166.8164.4168.0

Farmproducts

64 1

31.4

40.0

41 450 364.875.075 578.590.9

109.4117.5101.6

106.7124.2117.2106.2104.798.296.999.5

103.997.5

97.296.398.096.094.698.7

105.9100.0102.5109.1

111.0112.9125.0176.3

117.8120.7119.7119.1122.2124.0

128.0128.2128.6125.5128.8137.5

144.2150.9160.9160.6170.4182.3

173.3213.3200.4188.4184.0187.2

Proc-essedfoodsand

feeds

82.988.780.6

83.492.791.687.488.985.084.987.491.889.4

89.591.091.992.592.395.5

101.2100.0102.2107.3

112.1114.3120.8148.1

117.2118.8118.6117.7118.6119.6

121.5121.0121.8121.8123.1129.4

132.4137.0141.4139.8145.0151.8

146.5166.2156.3153.1151.9155.7

Industrial commodities

Total

48 6

37.8

43.3

44.047.350.751.552.353.058.070.876.975.3

78.086.184.184.885.086.990.893.393.695.3

95.394.894.894.795.296.498.5

100.0102.5106.0

110.0114.0117.9127.0

115.9116.5116.8117.3117.6117.9

118.1118.5118.7118.8119.1119.4

120.0121.3122.7124.4125.8126.9

126.9127.4128.1129.6133.5137.1

Textileproducts

andapparel

103.6108.198.9

102.7114.6103.4100.898.698.798.798.897.098.4

99.597.798.698.599.299.8

100.1100.0103.7106.0

107.1108.6113.6123.8

111.3112.0112.1112.6113.3113.6

114.0114.1114.3114.8115.1115.6

116.6117.4119.0120.8122.3123.7

124.2125.2126.8128.5130.0131.4

Hides,skins,

leather,and

relatedproducts

48 9

36.3

42.8

45.248.452.852.752.252 961.183.384.279.9

86.399.180.181.377.677.381.982.082.994.2

90.891.792.790.090.394.3

103.4100.0103.2108.9

110.3114.0131.3143.1

117.8119.1123.0127.2129.5130.9

131.6134.6135.7139.8144.0142.2

143.9144.9143.5145.0142.2140.9

141.4143.0143.8143.8143.0141.9

Fuelsand

relatedproducts,

andpower

59 4

47.6

52.3

51.454.656 257.859.560 164.476.990.586.2

87.190.390.192.691.391.294.099.195.395.3

96.197.296.796.393.795.597.8

100.098.9

100.9

106.2114.2118.6145.5

116.0116.1116.5116.9117.5118.2

118.6119.7120.3120.6121.3121.9

122.2126.0126.7131.8135.5142.8

142.8142.9144.8150.5179.2201.3

Chemicalsand alliedproducts

47.4

51.5

52.457.063.364.164.865.270.593.795.987.6

88.9101.796.597.798.998.599.1

101.2102.0101.6

101.8100.799.197.998.399.099.4

100.099.899.9

102.2104.2104.2110.0

103.4103.5103.4104.1104.4104.3

104.2104.4104.4104.4104.7104.8

105.1105.6106.7107.7109.3110.4

110.8111.0111.5112.7113.5115.6

See next page for continuation of table and for footnotes.

305


TABLE O49.—Wholesale price indexes by major commodity groups, 1929-73—Continued

[1967=100]

Year or month

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953 . . . . -195419551956195719581959

1960196119621963196419651966196719681969

1970 -197119721973

1972" JanFeb . .MarAprMayJune

July . . . .AugSeptOctNovDec

1973: JanFeb .MarAprMayJune .


Industrial commodities—Continued

Rubberand

plasticproducts

59 4

40.2

61.2

57.161.571.673.672.770.570.870.572.870.5

85.9105.495.589.190.4

102 4103.8103.4103.3102.9

103.199.296 396.895.595.997 8

100 0103.4105. 3

108.3109 2109 3112.4

109 5109.2108.9108.7108 8108.9

109.2109.5109 5109.5109.8109.8

110.0110.1110.3110 6111.5112.6

112.9113.1112.8114.0114.8116.5

Lumberand

woodproducts

25 0

19.0

24.8

27.432.735.637.740.641.247.273.484.077.7

89.397.294.494.392.697 198.593.592.498.8

95.391.091.693.595.495 9

100.2100.0113.3125.3

113.6127.0144.3177.2

134.9137.7139.5141.1142.7144.2

146.1148.1148.5149.2149.4149.8

151.0161.0173.2182.0186.9183.1

177.8178.8181.9180.3184.7186.1

Pulp,paper,and

alliedproducts

72.575.772.4

74.388.085.785.585.587 893.695.496.497.3

98.195.296 395.695.496 298 8

100.0101.1104 0

108.2110 1113 4122.1

110 8111.6112 3112.8113 2113.5

113.7114.1114.3114.7115.0115.1

115.8116.5118.3119.8120.7122.0

122.3123.3124.4125.8127.6128.7

Metalsand

metalproducts

40 2

30.7

37.6

37.838.539.139.039.039.644.354.962.563.0

66.373.873.976.376.982.189.291.090.492.3

92.491.991 291.393.896.498.8

100.0102.6108.5

116.6119.0123.5132.8

121.4122.6123.4123.5123.6123.6

123.5123.7124.0124.1124.1124.4

125.6126.9129.2130.5131.7132.5

132.8133.7134.4135.9138.5141.8

Machin-ery andequip-ment

41.3

41.442.142.842.442.142.246.453.758.261.0

63.170.570.672.273.475.781.887.689.491.3

92.091.992.092.292.893 996.8

100.0103.2106.5

111.4115.5117.9121.7

116.5117.1117.3117.6117.9118.1

118.3118.3118.3118.4118.5118.6

118.9119.4120.0120.8121.5121.9

122.0122.3122.6123.1123.8124.6

Furni-ture andhouse-

holddurables

55 8

44.6

52.6

53.857.261.861 463 163.267.177.081.682.9

84.791.890.191.992.993 395.898.399.199.3

99.098.497 797.097.496.998.0

100.0102.8104.9

107.5109.9111.4115.2

110.2110.8110.9111.0111.1111.2

111.4111.7112.0112.0112.3112.4

112.6113.1113.5114.1115.1115.2

115.2115.9116.0116.6117.2117.5

N on me-tallic

mineralproducts

51 2

47 2

49.1

49 150.252.352 453.555.759.366 371.673.5

75.480.180 183.385.187 591.394.895.897.0

97.297.697 697.197.397.598.4

100.0103.7107.7

112.9122.4126.1130.2

124.3124.6124.8125.6125.9125.8

126.2126.7126.9127.3127.3127.4

128.2128.4129.0130.0130.5131.1

130.0130.0129.9130.9131.5132.6

Trans-portation

equip-ment:Motor

vehiclesand

equip-ment!

41 9

34 8

39.1

40 443 247.247 247 548 356.064 170.875.7

75.379.484 083.683.886 391 295.198.1

100.3

98 898.698 697.898.398 598.6

100.0102.8104.8

108.7114.7118.0119.2

117.9118.0118.0118.1118.1118.5

118.4118.5118.5116.9117.0118.4

118.2118.2118.6119.0119.1118.9

119.0119.0118.3120.0120.1121.4

Miscel-laneousproducts

73.576.578.0

79.283.983.485.686.486.587.690.292.092.2

93.093.393.794.595.295.997.7

100.0102.2105.2

109.9112.8114.6119.7

113.7114.0114.2114.1114.1114.2

114.9115.1115.2115.0115.0115.1

115.8117.1117.9118.6119.5120.2

120.9121. C121.1121.0121.3121.6

i Index for total transportation equipment is not shown but is available beginning December 1968.

Source: Department of Labor. Bureau of Labor Statistics.

306


TABLE C-50.—Wholesale price indexes by stage of processing, 1947-73

[1967=100]

Year or month

194719481949

19501951195219531954

19551956195719581959..

19601961196219631964

19651966196719681969

1970197119721973

1972: Jan...Feb.-Mar..Apr...May..June..

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

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

Ju ly . .Aug...Sept._Oct . . .Nov...Dec...

Allcom-modi-ties

76.582.878.7

81.891.188.687.487.6

87.890.793.394.694.8

94.994.594.894.594.7

96.699.8

100.0102.5106.5

110.4113.9119.1135.5

116.3117.3117.4117.5118.2118.8

119.7119.9120.2120.0120.7122.9

124.5126.9129.7130.7133.5136.7

134.9142.7140.2139.5141.8145.3

Crude materials

Total

101.2110.996.0

104.6120.1110.3101.9101.0

97.197.699.8

102.099.4

97.096.597.595.494.5

99.3105.7100.0101.6108.4

112.2115.0127.6174.0

120.2123.1123.1123.0125.5127.2

130.1130.3130.3129.2130.4138.3

143.3151.3159.0158.8167.7177.5

170.9207.5197.1185.7182.7186.4

Food-stuffsand

feed-stuffs

111.7120.8100.3

107.6124.5117.2104.9104.9

95.193.197.2

103.096.2

95.193.895.792.990.8

97.1105.9100.0101.3109.3

112.1114.2127.5179.6

119.3122.9122.0121.0124.0126.7

131.2130.7131.4129.6129.9140.7

146.4156.0166.2164.2173.7185.4

177.7226.2205.2189.2184.2185.3

Non-foodmate-rials

exceptfuel

90.6100.791.6

104.7120.7104.6100.198.2

103.8107.6106.2102.2105.8

101.4102.5102.0100.7102.4

104.5106.7100.0102.1106.9

109.8110.5121.9161.5

115.4117.3119.5121.3123.2122.7

122.6124.2122.2122.3124.7127.2

132.1138.1141.4144.6154.2161.8

155.9172.7184.7180.8180.8190.5

Fuel

66.678.778.3

77.979.479.982.779.0

78.884.489.290.391.9

92.892.692.193.292.8

93.596.3

100.0102.3106.6

122.3138.5148.7164.5

145.4145.6146.2146.9147.3147.2

147.5148.5149.1149.9154.4156.3

155.5156.3156.9160.4161.6162.6

163.0164.4169.2169.9175.0179.5

Intermediate materials, supplies, and components »

Total

72.478.375.2

78.688.185.586.086.5

88.192.094.194.395.6

95.695.094.995.295.5

96.899.2

100.0102.3105.9

109.8114.0118.7131.9

115.9116.7117.2117.7118.2118.5

118.8119.2119.7119.9120.6122.3

123.1125.1127.4128.5131.5134.3

131.9136.1133.9134.6136.4139.6

Materials and components formanufacturing

Total

72.177.874.5

78.188.584.886.286.3

88.492.694.895.296.5

96.595.394.794.995.9

97.499.3

100.0102.2105.7

110.0113.0117.0127.8

114.9115.7115.9116.4116.9117.1

117.3117.5117.7118.0118.2118.8

119.7121.1123.5125.1126.6127.8

128.1130.6130.8131.7132.8135.7

Materials

Forfood

manu-factur-

ing

94.096.983.3

86.796.692.993.092.2

89.389.791.393.490.0

91.194.092.096.695.2

97.6101.9100.0101.5107.1

112.9116.2119.9146.0

117.9119.4118.6117.8118.5119.2

120.1119.8120.3121.2120.9125.1

126.9130.8136.0136.4138.1142.6

143.3163.5157.6158.7156.0162.6

Fornon-

durablemanu-factur-

ing

95.2100.891.9

96.5111.8100.699.898.2

98.6100.1101.4100.4102.1

102.199.999.398.499.1

100.0100.8100.0101.3102.4

104.0105.6109.4121.5

107.0107.4107.5108.7109.3109.6

109.7110.0110.2110.7111.3111.8

112.6113.8115.7117.9120.0121.9

122.7123.6125.1126.3127.6130.2

Fordurablemanu-factur-

ing

54.461.463.1

66.774.174.377.679.3

83.388.591.492.094.2

94.393.092.993.094.8

96.898.6

100.0103.3109.1

115.1118.8123.8133.7

121.5122.7123.3123.7123.9123.8

123.8124.3124.6124.6124.6124.7

125.9127.7130.9132.7134.0134.3

134.1134.5135.0135.9137.8141.7

Com-ponents

58.363.064.2

66.675.675.777.177.5

80.988.391.892.593.6

93.192.291.591.592.3

93.897.1

100.0102.3105.6

111.1114.7117.6121.4

116.0116.5116.6117.0117.6118.0

118.1118.2118.1118.1118.2118.2

118.5118.8119.6120.1121.0121.3

121.6122.0122.3122.9123.8124.5

Mate-rialsand

com-ponentsfor con-struc-tion

66.073.173.2

77.084.383.785.185.5

88.993.594.094.096.6

95.994.694.294.595.4

96.298.8

100.0104.9110.7

112.6119.5126.2136.7

123.1124.2124.9125.5125.9126.3

126.7127.2127.4127.7127.8127.9

128.6130.9134.2136.8138.5137.9

136.7137.3138.3138.7140.7142.0


307


TABLE C~50.—Wholesale price indexes by stage of processing, 1947-73—Continued

[1967=100]

Year or month

Finished goods

Total

Consumer finished goods

Total Foods

Othernon-

durablegoods

Dur-able

goods

Special groups of industrialproducts

Pro-ducer

finishedgoods

Crudemate-rials 2

Inter-mediate

materials,supplies,and com-ponents 3

Con-sumerfinishedgoods

excludingfoods

1947..1948..1949..

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

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

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

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

1970..1971..1972..1973_

1972:Jan..Feb_.Mar_.Apr . .May..June_

July..Aug. .Sept..Oct...Nov..D e c .

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

July..Aug. .Sept..Oct...Nov .D e c .

74.079.977.6

79.086.586.085.185.3

85.587.991.193.293.0

93.793.794.093.794.1

95.798.8

100.0102.9106.6

110.4113.5117.2129.5

115.5116.3116.1115.8116.4116.9

117.8117.9118.2117.6118.3119.5

121.0122.5124.6125.6126.8128.7

128.8132.9132.2132.8136.8140.7

80.586.582.5

83.991.890.789.289.1

88.589.892.494.493.6

94.594.394.694.194.3

96.199.4

100.0102.7106.6

109.9112.7116.6131.2

114.7115.6115.2114.8115.5116.1

117.3117.4117.7117.1117.9119.3

121.2122.9125.5126.6127.9130.2

130.4135.4134.5135.0139.9144.7

82.890.483.1

84.795.294.389.488.7

86.586.389.394.590.1

92.191.792.591.491.9

95.4101.6100.0103.7110.0

113.4115.2121.7146.4

118.7120.6119.4118.0119.5120.7

123.3123.1123.6122.3124.1127.1

131.8134.1140.2140.7141.9145.0

145.4158.6156.1153.6153.7155.7

80.785.882.3

83.690.087.888.688.9

89.491.193.292.694.0

94.794.794.895.194.8

95.997.8

100.0102.2105.0

108.2111.3113.6125.9

112.0112.1112.4112.7113.1113.5

113.8114.2114.5114.7115.0115.2

115.4117.4117.8119.8121.6124.7

124.5124.5124.8128.2140.9151.1

74.679.781.8

82.788.288.989.690.3

91.294.397.198.499.6

99.298.898.397.898.2

97.998.5

100.0102.2104.0

107.1110.9113.2115.8

112.9113.2113.1113.2113.1113.2

113.5113.6113.7112.7112.8113.7

113.8114.0114.5115.3115.7115.9

116.1116.3115.8116.7117.0117.9

55.460.463.4

64.971.272.473.674.5

76.782.487.589.891.5

91.791.892.292.493.3

94.496.8

100.0103.5106.9

111.9116.6119.5123.5

118.4118.8119.0119.3119.4119.6

119.7119.8119.9119.7119.9120.3

120.6121.2121.7122.3123.1123.4

123.5123.9124.2125.1125.7126.7

79.292.584.0

93.6102.993.192.488.0

96.6102.3100.996.9

102.3

98.397.295.694.397.1

100.9104.5100.0102.0110.6

118.8122.7131.1155.2

125.6127.0129.1129.3129.9129.8

130.2132.3132.6133.8136.3136.8

139.1142.3142.5146.8149.6152.8

153.5156.0161.0164.7174.2179.8

70.076.174.2

77.787.084.385.385.7

88.392.695.094.896.4

96.895.595.395.095.6

96.998.9

100.0102.6106.1

110.0114.3118.9128.4

116.4117.2117.6118.2118.6119.0

119.2119.5119.8120.1120.3120.5

121.2122.6124.8126.6128.0128.9

128.7129.5130.3131.2133.5135.9

79.084.082.2

83.589.588.389.189.4

90.192.394.694.795.9

96.396.296.096.095.9

96.698.1

100.0102.1104.6

107.7111.2113.5121.9

112.3112.5112.7112.9113.1113.4

113.7114.0114.2113.9114.1114.6

114.8116.0116.5118.0119.3121.3

121.2121.3121.3123.7131.6138.2

1 Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.2 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and leaf tobacco.3 Excludes intermediate materials for food manufacturing and manufactured animal feeds.

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


308


TABLE C-51.—Percent changes in wholesale price indexes, major groups, 1948-73

[Percent change from preceding period l\

Yearor

month

19481949

1950.,1951195219531954

1955195619571958 . . . .1959

I9601961196219631964

1965196619671968 . .1969

1970 .197119721973

1971: JulyAugSeptOct...NovDec

1972: JanFebMarAprMay. . . .June

July . . . .AugSept . . . .OctNov . .Dec


July.. . . .AugS e p t . . . .OctNovDec

Allcommodities

Unad-usted

1.5- 6 . 1

14.71.2

- 3 . 45

- 6

1.64.52.0

- . 3

.5- . 2

.0- . 1

.4

3.41.71.02.84 8

2.24 06.5

18.2

.3

.3- . 3- . 1

.1

.8

.89

.1

.1

.6

.8

.2

.3- . 2

.61.8

1.31.92.2.8

2.12.4

- 1 . 35.8

- 1 . 8- . 51.62.5

Sea-sonally

ad-justed

0.2

_". 2.1.1.6

.45

.2

.3

'.4

.7

.6

.5

o.71.5

.91.62.31 02.02.3

- 1 . 46.2

- 1 . 5- . 31.82.2

Industrialcommodities

Unad-justed

5.0- 5 . 0

14.0,4

- 1 . 41 4,2

4.34 21.1.9

1 2

- . 6- . 1- . 2

.5

.6

1.42.21 92.73 9

3.63 23.6

14.8

.5

.5- . 1

.0- . 1

.3

.55

.3

.4.3

.3

.2

.3

.21

.3

.3

.51.11.21 41.1.9

.0

.4

.51.23.02.7

Sea-sonally

ad-justed

0.6

"o_ l

.1

.3

.34

.34.3

.4

.2

.3

.31

.4

.2

.31.01.21 31.21.0

.1

.4

.71.13.22.6

Farm productsand processed

foods and feeds

Unad-j usted

- 6 . 8- 8 . 9

17.03.5

-8.2- 2 3- 2 6

- 6 . 46.04.2

- . 2- 4 4

3.9- . 6

6- 2 . 1

.0

9.5.2

- 1 83.57 5

- 1 46.0

14.426.7

- . 3- . 3

- 1 4.0.5

2.0

1.31 9

- . 4- . 71.41.1

2.2- . 2

.6- 1 0

1.65.8

3.33.94.6

- 74.75.6

- 4 . 117.6

- 6 . 0- 3 . 9- 1 . 4

2.2

Sea-sonally

ad-justed

- 1 . 01.2

_ 98

.31.5

.59

.01

.8

.5

1.71.31.4

- 31.65.0

2.63.05.0

14.15.0

- 4 . 619.3

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

1.4

Consumer finished goods

Total

Unad-justed

1.2- 5 . 6

10.22.7

- 3 . 1- . 1- . 6

- . 13.13.0.2

- . 7

2.1- . 8

.1- . 4

.2

4.01.61.23.14 9

1.43.34.5

21.3

- . 1.3

- . 5.2.2

1.0

.4

.8- . 3- . 3

.6

.5

1.0.1.3

- . 5.7

1.2

1.61.42.1.9

1.01.8

.23.8

- . 7.4

3.63.4

Sea-sonally

ad-justed

- 0 . 51.0

- . 6.7.1.6

.2

.7- . 3

.1

.3

.3

.6

.7

.3

.0

.8

1.41.22.21.4.7

1.6

- . 24.5

- . 6.9

3.53.0

Foods

Unad-justed

- 2 . 4- 7 . 4

13.35.3

- 5 . 9- 2 . 2- 1 . 9

- 2 . 93.65.3.4

- 3 . 7

5.2- 1 . 8

- 1 . 3.4

9.11.4

- . 44.88.2

- 2 . 55 98.0

22.5

- . 7.4

- 1 . 0.1.6

1.7

.81.6

- 1 . 0- 1 . 2

1.31.0

2.2- . 2

.4- 1 . 1

1.52.4

3.71.74.5.4.9

2.2

.39.1

- 1 . 6- 1 . 6

.11.3

Sea-sonally

ad-justed

- 1 . 72.1

- 1 . 31.9

- . 1.9

.31.6

- 1 . 0- . 2

.7

.5

1.11.4.3

.81.6

3.11.84.51.4

L7

- . 810.8

- 1 . 7

- ! 6.5

All exceptfoods

Unad-justed

4.0- 4 . 5

8.2.9

- 1 . 11.6.3

1.72.51.7.2.8

.4- . 3- . 1

.1

.1

.91.72.12.02.9

3.91.82.2

20.6

.4

.1

.3

.0

.4

.2

.2

.2

.2

.2

.3

.3

.3

.2- . 3

.2

.4

.21.0

.41.31.11.7

- . 1.1.0

2.06.45.0

Sea-sonally

ad-justed

0.4

- ' . 1.0.1.4

.1

.'3

.3\l

.2

.4

.4- . 4

.3

.3

.11.1.5

1.41.11.6

- . 2

.*21.86.54.9

i Annual changes are from December to December.Note.—The seasonally adjusted changes for all commodities and industrial commodities are based on seasonal adjust-

ment factors and seasonally adjusted indexes carried to two decimal places.


309


MONEY STOCK, CREDIT, AND FINANCETABLE C-52.—Money stock measures, 1947-73

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

Year andmonth

1947: Dec1948: Dec1949: Dec

1950: Dec19*51: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957- Dec1958: Dec1959: Dec

1960: Dec . .1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec . . .1967: Dec . . . .1968: Dec1969: Dec

1970: Dec1971: Dec1972: Dec1973: D e c * . —

1972:Jan ._ .FebMarAprMayJune

JulyAugSeptOct - .NovDec


JulyAugSeptOctNovDec P

Overall measures

Mi(Currency

plusdemanddeposits)

113.1111 5111.2

116.2122.7127.4128.8132.3135.2136.9135.9141. 1143.4

144.2148.7150.9156.5163 7171.3175.4186.9201.5208.6

221 2235.2255.7270.4

235.5238 2240 5242.0242 8244.2

246.6247.9249.5251.3252 6255.7

256.7257.9258.1259.4262.4265.5

266.4266.2265.4266.5268.8270.4

M3(M lPlus

timedepositsat com-mercialbanks

other thanarge CD's)

210.9

217.1228.6242.8258.9277.1301.4317.8349.7382.4392.1

425 2473.0525.5570.7

477.3482 9487 6490.6494 1498.4

503.7507.8511.9516.6520 1525.5

529.6532.3534.6538.3543.6549.4

552.0554.9556.6561.6566.7570.7

M3(Ms plusdepositsat non-bankthrift

institu-tions)

299.4

314.4336.5362.9393.2426.3462.7485.2532.8577.1593.8

641 2726.9822.4893.2

735.2745.0753.5760.0766.5774.1

783.3791.1798.8807.2813.9822.4

830.4836.7841.7847.7855.0863.5

867.9870.9873.2879.8886.9893.2

Components and related items

Cur-rency 1

26.425.825.1

25.026.127.327.727.427.828.228.328 628.9

29.029.630.632.534.336.338.340.443.446.1

49 152.656.961.6

52.953.253 653.854.154.3

54.654.955.355.856.356.9

57.157.558.058.658.959.4

59.559.860.260.460.961.6

Deposits at commercial

De-mand2

86.785.886.0

91 296 5

100.1101.1104.9107.4108.7107.6112.6114.5

115.2119.1120.3124.1129.5134.9137.0146.5158.1162.5

172 2182.6198.7208.8

182.6184.9186.9188.2188.7189.8

192.0193.0194.2195.6196.3198.7

199.6200.4200.1200.8203.4206.2

207.0206.4205.2206.1207.9208.8

banks

Time and savings 3

Total

35.436.036.4

36.738.241.144.548.350.051.957.465.467.4

72.982.797.6

112.0126.2146.3157.9183.1204.2194.4

229.2270.9313.3363.1

275.2278.7280.7283.6287.9291.7

295.0298.6302.1305.5309.4313.3

317.6323.5331.1337.3342.6345.8

349.4355.0357.9358.9359.9363.1

LargeCD's<

2.85.79.6

12.816.215.420.423.310.9

25.333.043.462.8

33.433.933.735.136.537.4

37.938.739.840.241.943.4

44.749.154.658.461.362.0

63.966.366.763.862.062.8

Other

67.4

72.979.992.0

102.3113.4130.2142.4162.7180.9183.5

203 9237.9269.9300.3

241.8244.7247.1248.5251.3254.3

257.1259.9262.4265.3267.5269.9

272.8274.4276.6278.9281.3283.8

285.6288.7291.2295.1297.8300.3

Depositsat non-bankthrift

institu-tions fi

88.5

97.3107.9120.1134.4149.2161.3167.4183.1194.7201.7

216 1253.9296.9322.6

257.9262.1265.9269.4272.4275.7

279.6283.2286.9290.6293.8296.9

300.8304.4307.0309.4311.4314.2

315.9315.9316.6318.3320.2322.6

U.S.Govern-

mentdemanddeposits(unad-justed^

1 01.82.8

2.42 74 93 85.03,43.43.53 94.9

4 74.95.65.15.54.63.45.05.05.6

7 36.97.46.3

7.47.47.97.7

10.56.9

7.35.36.06.76.37.4

8.19.9

10.48.38.77.1

6.54.15.36.04.36.3

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

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

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

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

associations.6 Deposits at all commercial banks.


310


TABLE C-53.—Commercial bank loans and investments, 1930-73

[Billions of dollars!

End of yearor month 1

1930:June

1933:June

1939

19401941..1942194319441945194619471948

19481949

1950....195119521953195419551956...19571958...19593

19601961196219631964...196519661967196819695

19701971..19721973 v


July vAug*Sept*Oct"Nov*Dec*

Total loansand invest-

ments 2

48.9

30.4

40.7

43.950.767.485.1

105.5124.0114.0116.3114. 7

Loans

Total 2

34.5

16.3

17.2

18.821.719.219.121.626.131.138.142.4

Commercialand

industrial

Investments

U.S. Govern-ment securities

5.0

7.5

16.3

17.821.841.459.877.690.674.869.262.6

Othersecurities

9.4

6.5

7.1

7.47.26.86.16.37.38.19.09.2

Loans plusloans sold to

bank affiliates 2

Seasonally adjusted

113.0118.7

124.7130.2139.1143.1153.1157.6161.6166.4181.2188.7

197.4212.8231.2250.2272.4300.1

«316.1352.0390.2401.7

435.5484.8556.4625.4

564.7575.4583.6589.6597.7602.0

608.2616.0618.2621.7624.6625.4

41.542.0

51.156.562.866.269.180.688.191.595.6

110.5

116.7123.6137.3153.7172.9198.2

* 213.9231.3258.2279.1

291.7«320. 3

377.8444.5

385.8397.2405.8411.1417.4420.3

427.3435.3438.1440.0443.6444.5

39.4

42.143.947.652.158.469.578.686.295.9

105.7

110.0115.9

7 129.7156.3

133.3138.1141.8143.9146.8148.2

151.4153.6154.0154.0155.5156.3

62.366.4

61.160.462.262.267.660.357.256.965.157.7

59.965.364.761.560.857.153.559.460.751.5

57.960.161.953.2

61.860.660.461.061.061.6

59.657.756.354.954.553.2

9.210.3

12.413.414.214.716.416.816.317.920.520.5

20.823.929.235.038.744.8

M8.761.371.371.1

85.9fl 104.4

116.7127.7

117.1117.6117.4117.5119.3120.1

121.3123.0123.8126.8126.5127.7

283.0

294.7• 323.1

380.4448.8

388.4400.3409.0414.7421.1423.8

431.3440.0442.7444.6447.9448.8

1 Data are for last Wednesday of month (except June 30 and December 31 call dates).2 Adjusted to exclude all interbank loans beginning 1948 and domestic bank loans only beginning January 1959.3 Beginning January 1959, loans and investments are reported gross, without valuation reserves deducted, rather than

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

at all commercial banks, and certain certificates of CCC and Export-Import Bank totaling about $1 billion are included inother securities rather than in loans.

* Beginning June 1969, data include all bank-premises subsidiaries and other significant majority-owned domesticsubsidiaries; earlier data include commercial banks only.

« Beginning June 1971, Farmers Home Administration insured notes totaling about $0.7 billion are classified as othersecurities rather than as loans.

7 Beginning June 1972, commercial and industrial loans were reduced by about $0.4 billion due to loan ^classificationsat one large bank.


311


TABLE C-54.—Total funds raised in credit markets by nonfinancial sectors, 1965-73


Item 1965 1966 1967 1968 1969 1970 1971

Total funds raised

U.S. Government.

Public debt securities..Budget agency issues.

All other nonfinancial sectors.

Corporate equities.Debt instruments..

Debt capital instruments..

State and local government se-curities

Corporate and foreign bondsMo rtgages

HomeOther residential..CommercialFarm

Other private credit.

Bank loans n.e.cConsumer creditOpen-market paper.Other

By borrowing sector:

Total funds raised.

ForeignState and local governments...HouseholdsNonfinancial business

Farm . . . . .Nonfarm noncorporate.Corporate..

Total funds advanced to nonfinancial sectors

Financed directly or indirectly by:

Private domestic nonfinancial sectors

Deposits.

Demand deposits and currency...Time and savings accounts

At commercial banks...At savings institutions.

Credit market instruments, net—

U.S. Government securitiesPrivate credit market instruments.Corporate equities..Less secu rity debt

Other sources :

Foreign funds.

At banks..Direct

Change in U.S. Government cashbalacne

U.S. Government loansPrivate insurance and pension reserves.Other

69.9

1.8

1.3.5

68.1

.267.9

38.8

7.35.9

25.6

15.43.64.42.2

29.0

14.19.6

- . 35.6

68.1

2.57.7

28.429.5

3.35.7

20.4

69.9

46.3

40.5

7.832.7

19.613.2

5.8

2.95.0

- 2 . 2- . 1

.5

.8- . 3

-1 .02.8

15.65.8

67.7

3.6

2.31.3

64.1

.863.3

38.9

5.611.022.3

11.73.15.71.8

24.4

10.76.41.06.2

64.1

1.36.3

22.633.9

3.15.4

25.4

67.7

41.2

24.4

4.120.3

13.07.3

16.8

8.29.3

-1 .1- . 3

1.8

3.7-1 .9

- . 44.9

18.12.2

82.2

13.0

8.94.1

69.2

2.267.0

45.7

7.815.922.0

11.53.64.72.3

21.3

9.54.52.15.1

69.2

4.07.9

19.038.2

3.65.0

29.6

82.2

50.3

52.1

12.839.3

22.616.7

-1 .7

-1 .45.6

-4 .51.5

4.9

2.32.7

1.24.6

18.23.0

94.6

13.4

10.33.1

81.2

- 1 . 482.6

50.6

9.514.027.1

15.13.46.42.2

32.0

13.110.01.67.2

81.2

3.19.8

29.638.7

2.85.6

30.3

94.6

60.0

48.3

14.533.9

21.012.9

11.7

8.012.4

-7 .9

5.1

2.62.5

-1 .14.9

18.86.9

91.4

-3 .6

- 1 . 3-2 .4

95.0

3.491.6

50.6

9.913.027.7

15.74.75.31.9

41.0

15.310.43.3

12.0

95.0

3.310.732.248.8

3.27.4

38.3

91.4

47.8

5.4

7.7- 2 . 3

-10.38.0

42.4

16.828.2

-4 .3-1 .6

10.6

9.31.3

.42.9

19.210.4

97.5

12.8

12.9- . 1

84.7

4.979.8

57.7

11.320.625.7

12.85.85.31.8

22.1

6.46.03.85.9

84.7

3.011.422.947.3

3.25.3

38.8

97.5

62.6

66.6

10.556.1

39.216.9

- 4 . 1

- 8 . 35.9

- 2 . 6- . 9

2.4

-8 .510.9

2.82.8

21.85.1

146.7

25.5

26.0- . 5

121.2

11.7109.5

83.2

16.619.746.8

26.08.8

10.02.0

26.3

9.311.2- . 96.6

121.2

5.717.038.360.2

4.18.7

47.4

146.7

82.5

94.2

13.081.2

40.640.6

-11.7

-13.08.8

- 5 . 42.1

23.9

- 3 . 227.2

3.23.2

25.48.4

See footnote at end of table.

312


TABLE G-54.—Total funds raised in credit markets by nonfinancial sectors, 1965-73—Continued[Billions of dollars]

Item

Total funds raised

U.S. Government-

Public debt securities.Budget agency issues.

All other nonfinancial sectors.

Corporate equities.Debt instruments..

Debt capital instruments.

State and local government securities..Corporate and foreign bondsMortgages

HomeOther residential.CommercialFarm

Other private credit-

Bank loans n.e.cConsumer creditOpen-market paper..Other

By borrowing sector:

Total funds raised.

ForeignState and local governments.HouseholdsNonfinancial business

FarmNonfarm noncorporate..Corporate

Total funds advanced to nonfinancial sectors..

Financed directly or indirectly by:

Private domestic nonfinancial sectors..

Deposits

Demand deposits and currency.Time and savings accounts

At commercial banks..At savings institutions.

Credit market instruments, net..

U.S. Government securitiesPrivate credit market instruments.Corporate equitiesLess security debt

Other sources:

Foreign funds.

At banks..Direct

Change in U.S. Government cash balance.U.S. Government loans.Private insurance and pension reserves...Other

1973 unadjustedquarterly flows

46.5

8.8

8.2.6

37.7

2.235.5

18.4

1.51.7

15.1

8.22.83.11.0

17.0

13.91.8

-1 .73.1

37.7

3.31.6

11.221.6

2.02.7

16.9

46.5

20.3

17.9

-12.730.6

18.712.0

2.4

2.8- . 8

3

9.7

.29.5

2.3.5

7.36.5

47.1

-5 .9

-5 .9.0

53.1

2.250.9

27.4

2.83.6

21.0

11.64.14.01.3

23.5

13.17.8.5

2.1

53.1

1.82.8

21.327.2

2.83.7

20.6

47.1

35.6

29.7

10.119.6

11.08.6

5.9

2.23.8

- 1 . 2-1 .1

.2

2.1-1 .9

- . 4- . 27.14.8

37.4

- . 4

-1 .1.7

37.8

.737.1

23.8

1.02.0

20.8

11.63.44.81.0

13.2

5.86.0.8.7

37.8

- . 7.9

18.219.4

1.63.6

14.2

37.4

22.1

11.0

-4 .115.1

14.01.1

11.1

8.83.8

- 2 . 4

1.6

1.0.6

-5 .11.16.9

10.9

1973 seasonallyadjusted annual rates

221.7

32.6

30.12.6

189.1

8.9180.1

81.7

5.18.3

68.3

37.912.613.84.0

98.4

74.425.3

-10.89.6

189.1

14.35.4

71.398.0

7.013.877.2

221.7

111.4

120.0

- . 8120.7

76.344.4

- 8 . 5

- . 7-4 .1-6 .8-3 .0

38.6

1.936.7

16.41.9

28.824.5

180.2

1.5

1.4.1

178.7

8.7170.0

102.8

9.711.781.4

44.915.616.44.6

67.2

33.524.14.05.6

178.7

7.39.5

72.589.5

7.713.068.8

180.2

134.9

98.1

20.777.4

46.131.3

36.8

23.313.5

-4 .5-4 .5

.6

8.1-7 .5

-9 .3-1 .029.125.8

156.4

-9 .6

-12.42.9

166.0

2.9163.1

93.0

5.18.5

79.4

42.514.118.93.9

70.1

37.021.93.1

166.0

-2 .14.9

77.385.8

7.614.164.1

156.4

117.0

69.9

8.161.9

54.07.8

47.0

32.520.4

-9 .2-3.3

-1 .8

4.6-6 .4

-21.34.2

27.430.8


313


TABLE C—55.—Private liquid asset holdings, nonfinancial investors, 1965—73

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

Yearand

month

1965: Dec.1966: Dec.1967: Dec.1968: Dec.1969: Dec.1970: Dec.1971: Dec.1972: Dec.1973: Dec p.

1971: Jan..Feb..Mar..Apr_.May-June.

July.Aug_.Sept.Oct..Nov.-Dec.

1972:Jan...Feb..Mar..Apr_.May..June.

July..Aug..Sept.Oct._Nov..Dec.

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

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

Totalliquidassets

561.0590.6640.4699.8730.3780.8863.9975.1

,080.9

789.0798.7807.1814.0821.6828.8

835.7840.4845.4852.4857.6863.9

872.6881.6892.3901.3909.2917.4

926.6935.2944.4954.0964.4975.1

983.2992.6

1,004.11,014.21, 026.41,037.2

1,045.21,053.11,058.51,064.31,071.21,080.9

Currency and deposits

Total

451.0473.7520.3564.2582.1630.7718.6814.7887.5

638.3649.4659.6668.2677.2684.4

690.4695.0699.7706.4712.2718.6

727.4737.2746.2752.6758.8766.1

774.9782.9790.8799.6806.5814.7

822.9829.2834.7841.0848.4857.3

Cur-rency ]

36.338.340.443.446.149.152.656.961.6

49.449.850.050.550.851.0

51.551.651.952.252.352.6

52.953.2b3.653.854.154.3

54.654.955.355.856.356.9

57.157.558.058.658.959.4

861.6864.2866.5873.3880.3887.5

59.559.860.260.460.961.6

De-mand

de-posits *

119.1121.1129.4139.4143.4151.5160.6174.7184.3

151.3153.1154.4155.4157.9159.7

160.5160.4160.3160.8160.3160.6

160.8163.0165.2166.3166.2166.9

168.4169.6170.7171.9172.5174.7

175.1175.7175.5176.5178.9181.4

182.0181.2179.8180.9183.0184.3

Time deposits

Com-mer-cial

banks1

125.2136.9156.3174.5177.2198.7233.4265.0294.6

202.7207.5212.4215.4217.9220.0

221.4222.9224.3227.1230.2233.4

237.4240.2242.4243.8246.5249.4

252.2255.0257.4260.4262.7265.0

268.0269.4271.6273.7276.0278.7

280.4283.5286.0289.7292.1294.6

Non-bankthrift

institu-tions 2

170.4177.3194.2206.9215.4231.4272.0318.1347.0

234.9239.0242.8246.9250.6253.7

257.1260.1263.1266.3269.3272.0

276.3280.9285.0288.7291.9295.5

299.6303.5307.5311.5315.0318.1

322.7326.6329.5332.3334.6337.8

339.7339.7340.5342.3344.3347.0

U.S. Governmentsecurities

Sav-ings

bonds 3

49.550.151.051.451.151.353.757.060.9

51.551.651.852.052.252.4

52.652.953.153.353.553.7

54.054.254.554.855.055.3

55.655.956.156.456.757.0

57.357.657.958.258.558.8

59.059.359.460.060.860.9

Short-term

market-able

secur-ities«

38.743.639.646.964.953.340.742.852.4

52.650.548.047.046.246.2

46.445.744.343.041.840.7

39.738.239.440.140.039.6

39.339.139.540.242.042.8

41.541.142.542.644.445.2

45.847.449.050.050.952.4

Nego-tiablecertifi-catesof de-posit*

14.914.519.122.49.0

23.029.739.357.2

24.325.526.526.126.426.9

27.427.227.828.728.729.7

30.130.630.532.033.434.3

34.835.636.636.838.239.3

40.244.349.653.356.056.4

58.460.861.058.056.357.2

Com-mer-cial

paper'

6.88.8

10.414.923.322.421.221.222.8

22.321.721.320.619.618.8

18.819.520.421.021.421.2

21.421.421.621.922.022.1

22.021.721.421.021.121.2

21.320.519.519.119.119.6

20.421.522.623.023.022.8

1 Money stock components (see Table C-52) after deducting foreign holdings and holdings by domestic financial institu-tions. The three columns add to M2 held by domestic nonfinancial sectors.

2 Deposits at nonbank thrift institutions, as published in money stock statistics, plus monthly-average deposits at creditunions.

3 Series E and H savings bonds held by individuals.* Short-term marketable U.S. Government securities excluding official, foreign, and financial institution holdings.5 Certificates over $100,000 at weekly reporting banks, except foreign holdings.6 Commercial paper held outside banks and other financial institutions.


314


TABLE C-56.—Federal Reserve Bank credit and member bank reserves, 1929-73

[Averages of daily figures; millions of dollars]

Year and month

*929: Dec

1933- Dec . -

1939- Dec

1940: Dec1941: Dec1942: Dec . . .1943: Dec . - .1944: Dec1945- Dec . . .1946: Dec1947: Dec1948: Dec1949: Dec

1950: Dec1951: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957: Dec1958: Dec1959: Dec

1960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec

1970: Dec1971: Dec1972: Dec1973: Dec*

1972:Jan . .FebMarAprMayJune



JulyAugSeptOctNovDec p

Reserve Bank credit outstanding

Total

1,643

2,669

2,612

2,3052,4046,035

11,91419,61224, 74424, 74622, 85823,97819,012

21,60625,44627,29927,10726,31726, 85327,15626,18628,41229, 435

29, 06031,21733, 21836,61039, 87343,85346,86451,26856,61064,100

66,70874, 25576,85185,554

75,41573, 99473,18175,17175, 70576,108

77,03576,67675, 45177,33175,95976,851

78, 06377,60079, 21980, 54281,88980, 546

83, 88082,44581, 80983,64383, 75585,554

U.S.Govern-ment se-curities

446

2 432

2,510

2,1882,2195 549

11,16618, 69323 70823, 76721,90523, 00218, 287

20, 34523,40924, 40025, 63924,91724, 60224, 76523, 98226,31227, 036

27, 24829, 09830, 54633, 72937,12640, 88543, 76048, 89152, 52957, 500

61,68869,15871,09479,701

70, 68769, 96669, 27370, 93971, 42871, 632

72, 08971,85870, 25271 35971,11271,094

72 19472, 30774 01975,35376,75875, 355

77,44876,65376,07378 04278,45779,701

Member bankborrowings

Total

801

95

3

354

90265334157224134118

142657

1,593441246839688710557906

87149304327243454557238765

1,086

321107

1,0491,298

203399

10911994

202438514574606

1,049

1,1651,5931,8581,7211,7861,789

2,0512,1431,8611 4671 3991,298

Seasonal

41

53077

1241631471268441

Allother,mainly

float

396

142

99

114180482658654702822729842607

1,1191,3801,3061,0271,1541,4121,7031,4941,5431,493

1,7251,9702,3682,5542,5042,5142,5472,1393,3165,514

4,6994,9904,7084,555

4,7083,9953,8094,1234,1584,382

4,7444,3804,6855 3984,2414,708

4 7043,7003 3423 4683,3453,402

4,3813,6493,8754 1343 8994,555

Member bank reserves

Total

2,395

2 588

11,473

14, 04912,81213,15212, 74914,16816 02716,51717,26119,99016,291

17,39120,31021,18019,92019, 27919,24019, 53519,42018,899

2 18,932

19,28320,11820, 04020, 74621,60922, 71923, 83025, 26027, 22128, 031

29, 26531,329

3 31,3533 34,984

32, 86531,92231,92132, 56532,81232, 539

33, 02133,14833, 00333 803

3 31,77431,353

3 32,96231,74231 97332,27732, 39332, 028

33,54233, 78534,01934,91234, 72734,984

Re-quired

2,347

U 822

6,462

7,4039,422

10 77611,70112, 88414 53615,61716,27519,19315,488

16,36419, 48420, 45719,22718, 57618,64618,88318, 84318, 38318, 450

18, 52719, 55019,46820,21021,19822, 26723, 43824,91526, 76627, 774

28,99331,16431,13434,791

32,69231,79831,68832, 42932, 70832, 335

32, 87432,89332,84133 55631,46031,134

32,62031, 53731,67832,12532, 27531,969

33,19933,53933,78234,71234, 52334,791

Excess

48

I 766

5,011

6 6463,3902 3761 0481 2841 491'900986797803

1 027826723693703594652577516482

756568572536411452392345455257

272165

3 2193 193

173124233136104204

147255162247

3 314219

3 34220529515211859

343246237200204193

1 Data are for licensed banks only.2 Beginning December 1959, total reserves held include vault cash allowed.3 Beginning November 1972, includes $450 million of reserve deficiencies on which Federal Reserve Banks are allowed

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


315


TABLE C-57.—Aggregate reserves and member bank deposits, 1959-73

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

Year andmonth

1959: Dec

1960: Dec1961: Dec .1962: Dec1963: Dec1964: Dec

1965: Dec1966: Dec1967: Dec .1968: Dec1969: Dec

1970: Dec1971: Dec1972: Dec1973: D e c

1972: JanFeb .MarAprMayJune


1973: JanFeb . . .MarAprMayJune

JulyAugSeptOctNovDec*5

Member bank reserves

Total

18.57

18.8819.7119.6420.2621.18

22.2423.3424.8127.2828.01

29.1931.3031.4135.11

31.7631.6831.9832.5732.8232.99

33.1733.3933.3533.8131.9231.41

32.2031.6331.9132.3032.4432.46

33.5833.9134.1734.9434.8635.11

N on bor-rowed

17.63

18.8119.5719.3819.9320.91

21.8022 8124.5826.5426.90

28.8631.1730.3633.81

31.7431.6431.8832.4532.7132.88

32.9333.0032.8133.2531.3230.36

31.0430.0430.0830.5930.6030.61

31.6231.7432.3233.4733.4633.81

Required

18.07

18 1419.1219.0719.7720.77

21.8223.0024.4426.8627.73

28.9531.1231.1334.80

31.5531.5231.7932.4232.6832.78

32.9733.2033.1433.5931.5731.13

31.9431.4331.7032.0832.2932.22

33.2933.7333.9534.7234.6234.80

2

Avail-able 3

16.62

17 0117.7117.5818.2619.08

20.2121.4022.5024.8625.40

27.1028.9629.0532.91

29.1829.3629.6629.8329.9430.17

30.3830.6530.9631.0629.6229.05

29.4429.3729.6229.8730.1130.55

31.3632.0432.3932.8432.7132.91

Deposits subject to reserverequirements *

Total

158.2

162 5175.5189.0203.2218.7

238.5246.7275.5299.6287.7

321.3360.3402.0442.2

363.5365.7370.2374.5378.9380.9

384.4387.3390.4394.1398.4402.0

404.7409.0416.3421.4425.1428.9

431.1436.7438.6439.7440.4442.2

Timeand

savings

54.3

58 867.779.992.1

103.8

120.6128 6148.8164.4150.4

178.8210.4241.4279.0

213.6216.2217.3219.4222.8225.6

228.0230.4233.1235.6238.7241.4

244.0248.9255.4260.9265.1267.3

270.1275.0277.5277.3277.1279.0

Demand

Private

99.0

99 1102.9103.3105.9109.1

112.8113 9121.2130.3131.9

136.1143.8154.5158.3

143.5145.2147.2147.6148.4149.3

150.9151.8152.4152.8152.9154.5

154.0154.0153.3153.4154.8156.3

157.1157.0156.2156.4157.5158.3

U.S.Govern-

ment

4.8

4.54.95.75.25.9

5.14.25.54.95.3

6.56.16.14.9

6.44.25.77.57.86.0

5.55.04.95.86.86.1

6.76.17.67.15.25.3

3.94.85.06.05.84.9

Totalmember

bankdeposits

plusnon-

deposititems 8

158.2

162 5175.5189.0203.4220.1

240.0250 9279.9306.6307.7

332.9364.3406 4449.6

367 5369.3373.9378.1382.7384 7

388.3391.4394.5398.4402.7406.4

409.7413.5421.2426.6430.5434.5

437.6443.8445.9446.5447.5449.6

1 Except as noted in footnote 5.2 Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the

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

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

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

s Total member bank deposits subject to reserve requirements, plus Eurodollar borrowings, bank-related commercialpaper (data relate to Wednesday figures), and certain other nondeposit items. This series for deposits is referred to as"the adjusted bank credit proxy."


316


TABLE C-58.—Bond yields and interest rates, 1929-73

(Percent per annum]

Year or month

1929 . . .

1933 .

1939

19401941 .194219431944

1945 . .194619471948 .1949

1950 . . . .1951195219531954

19551956195719581959

19601961 .196219631964

1965196619671968 . .1969

19701971 .1972...1973 . .

U.S. Government securities

3-monthTreas-

urybills i

0.515

.023

.014

.103

.326

.373

.375

.375

.375

.5941.0401.102

1.2181.5521.7661.931.953

1.7532.6583.2671 8393.405

2 9282.3782.7783.1573.549

3.9544.8814.3215.3396.677

6 4584.3484.0717.041

9-12monthissues2

0.75.79

.81

.82

.881.141.14

1.261.731.812.07.92

1.892.833.532.094.11

3.552.913.023.283.76

4.095.174.845.627.06

6 904.754.867.30

3-5year

issues 3

2.66

.59

.50

.731.461.341.33

1.181.161.321.621.43

1.501.932.132.561.82

2.503.123.622.904.33

3.993.603.573.724.06

4.225.165.075.596.85

7 375.775.856.92

Taxablebonds*

2.462.472.48

2.372.192.252.442.31

2.322.572.682.942.55

2.843.083.473.434.07

4.013.903.954.004.15

4.214.664.855.256.10

6 595.745.636.30

Corporatebonds

(Moody's)

Aaa

4.73

4.49

3.01

2.842.772.832.73? 1?

2.62? 532.612.82? 6fi

2.62? 862.963.202.90

3.063.363.893.794.38

4.414.354.334.264.40

4.495 n5.516.187.03

8 047.397.217.44

Baa

5.90

7.76

4.96

4.754.334.283.913.61

3.293.053.243.473.42

3.243.413.523.743.51

3.533 884.714 735.05

5.195.085.024.864.83

4.875.676 236.947.81

9 118.568.168.24

High-grademunic-

ipalbonds

(Stand-ard &Poor's)

4.27

4.71

2.76

2.502.102.362.061.86

1.671.642.012.402.21

1.982.002.192.722.37

2.532.933.603.563.95

3.733.463.183.233.22

3.273.823.984.515.81

6 515.705.275.18

Averagerate onshort-termbankloans

to busi-ness-

selectedcities

2.1

2.12.02.22.62.4

2.22.12.12.5

2.68

2.693.113.493.693.61

3.704.204.624.34

7 5.00

5.164.975.005.014.99

5.066.00

7 6.006.688.21

8 487 6.325.828.30

Primecom-mer-cial

'?.%•months

5.85

1.73

.59

.56

.53

.66

.69

.73

.75

.811.031.441.49

1.452.162.332.521.58

2.183.313.812 463.97

3.852.973.263.553.97

4.385.555.105.907.83

7.725.114.698.15

Fed-eral

ReserveBankdis-

countrate

5.16

2.56

1.00

1.001.00

6 1.00fi 1.00« 1.00

«1.006 1.00

1.001.341.50

1.591.751.751.991.60

1.892.773.122.153.36

3.533.003.003.233.55

4.044.504.195.175.87

5.954.884.506.44

FHAnew

homemort-gage

yields5

4.34

4.174.214.294.614.62

4.644.795.425.495.71

6.185.805.615.475.45

5.466.296.557.138.19

9.057.787.538.08


317527-867 O - 74 - 21


TABLE G-58.—Bond yields and interest rates, 1929-73—Continued

(Percent per annuml

Year or month



1S72: Jan .FebMarAprMayJune

JulvAugSeptOctNovDec



U.S. Government securities

3-monthTreas-

urybills i

4.4943.7733.3233.7804.1394.699

5.4055.0784.6684.4894.1914.023

3.4033.1803.7233.7233.6483.874

4.0594.0144.6514.7194.7745.061

5.3075.5586.0546.2896.3487.188

8.0158.6728 4787.1557.8667.364

9-12monthissues2

4.293.803.664.214.935.57

5.895.675.314.744.504.38

3.994.074.544.844.584.87

4.894.915.495.415.225.46

5.786.076.816.796.837.27

8.378.828.447.427.667.38

3-5year

issues 3

5.725.314.745.426.026.36

6.776.395.965.685.505.42

5.335.515.746.015.695.77

5.865.926.166.116.036.07

6.296.616.856.746.786.76

7.497.757.166.816.966.80

Taxablebonds4

5.915.845.715.755.965.94

5.915.785.565.465.445.62

5.625.675.665.745.645.59

5.575.545.705.695.505.63

5.946.146.206.116.226.32

6.536.816.426.266.316.35

Corporatebonds

(Moody's)

Aaa

7.367.087.217.257.537.64

7.647.597.447.397.267.25

7.197.277.247.307.307.23

7.217.197.227.217.127.08

7.157.227.297.267.297.37

7.457.687.637.607.677.68

Baa

8.748.398.468.458.628.75

8.768.768.598.488.388.38

8.238.238.248.248.238.20

8.238.198.098.067.997.93

7.907.978.038.098.068.13

8.248.538.638.418.428.48

High-grade

munic-ipal

bonds(Stand-ard &

Poor's)

5.705.555.445.656.146.22

6.315.955.525.245.305.36

5.255.335.305.455.265.37

5.395.295.365.205.035.03

5.055.125.305.165.125.15

5.395.475.115.055.175.12

Averagerate onshort-termbankloans

to busi-ness-

selectedcities

7 6.59

6.01

6.51

6.18

5.52

5.59

5.84

6.33

6.52

7.35

9.24

10.08

Primecom-mer-cial

paper,

months

5.114.474.194.575 105.45

5.755.735.755.544.924.74

4.083.934.174.584.514.64

4.854.825.145.305.255.45

5.786.226.857.147.277.99

9.1810.2110.238.928.949.08

Fed-eral

ReserveBankdis-

countrate

5.234.914 754.754 754 75

4 885.005.005 004.904.63

4.504.504.504.504.504.50

4 504.504.504.504.504.50

4.775.055.505.505.906.33

6.987.297.507.507.507.50

FHAnew

homemort-gage

yields s

8.40

7 327 377 75

7 897.977.927 847.757.62

7.597.497 467.457.507 53

7 547.547.557 567.577.57

7.567.557.567.637.737.79

7.898.19

9.188.978.86

1 Rate on new issues within period. First issued in December 1929.3 Certificates of indebtedness and selected note and bond issues.3 Selected note and bond issues.* First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as fol-

lows: April 1953 to date, 10 years; April 1952-March 1953,12 years; October 1941-March 1952,15 years.* Data for first of the month, based on the maximum permissible interest rate ( 8 H percent beginning August 25,1973).

Through July 1961, computed on 25-year mortgages paid in 12 years and thereafter, 30-year mortgages paid in 15 years.6 From October 30, 1942, to April 24,1946, a preferential rate of 0.50 percent was in effect for advances secured by

Government securities maturing in 1 year or less.7 Series revised. Not strictly comparable with earlier data.

NOte.—Yields and rates computed for New York City except for short-term bank loans.

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

318


TABLE C-59.—Short- and intermediate-term consumer credit outstanding, 1929-73


End of year ormonth

1929.

1933

1939.

194019411942.194319441945.19461947.1948.1949.

19501951.195219531954.195519561957.19581959.

19601961.1962.19631964.196519661967.19681969.

19701971.1972.1973*

1972:

197 V

Jan . . .FebMarAprMayJune

July. . . .AugSept. . .Oct.NovDec

JanFebMarAprMay .June

JulyAugSeptOct .Nov .Dec4

Total

7,116

3,885

7,222

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

11, 59814,44717, 364

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

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

100,783110,770121,146

127,163138,394157, 564180, 800

137,426136,941137,879139,410141,450143,812

145,214147, 631148,976150, 576152, 968157, 564

157, 227157, 582159, 320161,491164, 277167, 083

169,148171,978173, 035174,840176,969180,800

Total

3,

1,

4,

\6

?'?2,4,6,8

11,

14,15,19,?\23,?8,31,33,33,

524

7?3

503

51408516613fi17646217?695996590

70S294403DOS568

7?n868fi4?

39,247

42,96843, 89148, 72055,6?70,76,7987,

48669?893?454?8745

97,105

102, 064111,295127, 332148,100

110,110111112114116

757510?574391833fi5

117,702119,911121,193122, 505124127

1?7127129131133

325332

3fi89593750??531

136,018

138r 21214014?143145148

810093610400100

Instalment credit

Auto-mobilepaper

1,384

493

1,497

2,0712,458

742355397455981

1,9243,0184,555

6,0745,9727,7339,8359,809

13,46014, 42015, 34014,15216,420

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

35,18438,66444,12951, 400

38,45038,51638,85339, 34840, 06341,019

41,60342, 32342, 64443,16243, 67444,129

44, 35344,81745,61046, 47847, 51848, 549

49,35250,23250,55751,09251,37151,400

Othercon-

sumergoodspaper

1,544

799

1,620

1,8271,9291,195

819791816

1,2902,1432,9013,706

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

10,631

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

31,46534,35340,08047, 750

34, 04633, 57933, 69533, 98134, 43935, 041

35, 47036,18836, 74537,21638, 06440, 080

39, 95239,79539,95140, 44141, 09641, 853

42,57543, 50544, 01944, 63245,59247, 750

Homeimprove-

mentloans*

27

15

298

371376255130119182405718853898

1,0161,0851,3851,6101,6161,6931,9052,1012,3462,809

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

5,0705,4136,2017 350

5,3995,4035,4375,5045,6045,717

5,7975,9506,0496,1246,1746,201

6,1936,2396,3286,4086,5416,688

6,8457,0097 1207,2357,3217,350

Per-sonalloans

569

416

1,088

1,2451,322

974832869

1,0091,4961,9102,2242,431

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

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

30, 34532, 86536,92241,600

32, 86233,01233, 27233, 60634, 07734, 588

34, 83235, 45035, 75536, 00336, 41336, 922

36, 87037,10837, 48637, 69538,37638,928

39,44040, 06440,39740,65141,11641,600

roninstalmentcredi

Total

3,

?,

?

?,32,?,2,

592

lfi?

719

8?40878177fiS935

3,2034,2124,55,

fi,7,8,

9034f>1774

7fiR418117

8,3888,9,

in,ii,11,12,

14,1516,17,

8969?4614103487297

173091101?S357fi

18,99019,994?1?3,24,

?527303?

2626?62627

3550?5041

099099232700

6694316??971?fi7

27, 447

27?727?82830

29

5127?n783071643232

8S929, 62329,94530.4693031

30313n313132

74fi065

93616894?230569700

Chargeac-

counts

1,996

1,286

1,414

1 4711,6451,4441 440i; 5171,6122,0762,3812,7222,854

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

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

7,9688,3509,0029,600

7,6306,9876,9637,1797,4647,610

7,6447,7177,6937,7808,0109,002

8,3577,6467,7028,0368,3198,555

8,4798,6058,3358,5908,7859,600

Other 2

1,

1

1,1,1,1,1,

?\2,?2,

33,3,4,4,5,\5,fi,7,

7,

596

876

305

3S344?3733?1)4185911365227?9920

4017189871144111?96199574?7193

8448,7679,417

10111?131415

3sn381•ifif)308?8583?

16,668

17,1311821?3

191919191919

749230inn

039444659792803837

19,86820, 00320, 09020, 29120, 63321, 230

21r 5022122????22

??????22??23

9772434334?7

,510

457563607

,640784

,100

Adden-dum:Policy

loans bylife in-surance

com-panies s

2,379

3 769

3,248

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

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

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

10,05911,30613,825

16,06417,06518, 003

17,13017,18617,26717,35217,43417,522

17,60117,69117, 77117,85517,92718, 003

18, 08018,16618, 28818, 42018, 53318, 673

18, 84119,18119,51119,76819, 926

1 Holdings of financial institutions only; holdings of retail outlets are included in other consumer goods paper.2 Single-payment loans and service credit.3 Data are annual statement asset values. These loans are not included in consumer credit series.* Preliminary; by Council of Economic Advisers.

Sources: Board of Governors of the Federal Reserve System and Institute of Life Insurance (except as noted).

319


TABLE C-60.—Instalment credit extended and repaid, 1946-73


Year or month

1946194719481949 .

19501951195219531954 .

19551956195719581959

19601961196219631964

19651966196719681969

197019711972..19731

Total

Ex-tended

8,49512,71315,58518,108

21, 55823, 57629, 51431, 55831,051

38,97239, 86642,01940,11048, 048

49,79349 04856,19163, 59170,670

78 66182,83287,17199,984

109,146

112,158124,2811*2,951165,800

Re-paid

6,78510,19013, 28415, 514

18, 44522,98525,40527,95630, 488

33,63437, 05639, 87040,33942,603

46,07348,12451,36056,82563,470

70,46377,48083,98891,66799,786

107,199115, 050126,914145,000

Automobilepaper

Ex-tended

1,9693,6925,2176,967

8,5308,956

11,76412,98111,807

16,73415,51516, 46514,22617, 779

17,65716 02919,69422,12624,046

27, 20827,19226,32031, 08332, 553

29,79434,87340,19446,800

Re-paid

1,4432,7494,1235,430

7,0119,058

10,00310, 87911,833

13,08214, 55515, 54515,41515, 579

16,41916, 55217,44719,25421,369

23,70625,61926,53427,93129,974

30,13731, 39334,72939,500

Other consumergoods paper

Ex-tended

3,0774,4985,3835,865

7,1507,4859,1869,2279,117

10,64211,72111,81011,73813,981

14, 52514,55115,70117,92020,821

22,85726,32929,50433,50738,332

43, 87347,82155, 59967,100

Re-paid

2,6033,6454,6255,060

6,0577,4047,8928,6229,145

9,75210 75811,57411,55712, 402

13,61314, 23514,93516,36918,666

20,70724,08027,84731,27034,645

40,72144,93349,87259,400

Home improve-ment loans

Ex-tended

423704714734

835841

1,2171,3441,261

1,3931,5821,6741,8712,222

2,2152,0922,0842,1862,225

2,2702,2232,3692,5342,831

2,9633,2444,0064,700

Re-paid

200391579689

717772917

1,1191,255

1,3161 3701,4771,6261,765

1,8762,0152,0102,0462,086

2,1122,1182,2022,3032,457

2,5062,9013,2183,600

Personalloans

Ex-tended

3,0263,8194 2714,542

5 0436,2947 3478,0068,866

10, 20311 05112 06912, 27514,070

15,39616 37718,71021, 35923, 578

26.32627,08828,97832,86035,430

35, 52838,34343,15247,200

Re-paid

2,5393,4053 9574,335

4 6605,7516 5937,3368,255

9,48410 37311 27611,74112, 857

14,16515 31916 96919,15621,349

23 93825,66327,40530,16332,710

33,83535,82339,09542,500

Seasonally adjusted

1972: Jan..Feb..Mar..Apr..May.June.

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

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

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

11,11610,95211,74111,37411,68712,057

11,68712,48411,95312,40412,84612,627

13,30413,43413, 85213, 46513,93213, 646

14, 54214, 29413,69114,14914,27513,600

10,01510, 06910,42710,38410,35510,671

10,59310,84110,66710,90811,12810,964

11,35511,43711,80812,06111,94112, 034

12, 54412,39912, 33212,44912,54912,400

3,0893,1003,1763,1623,2743,412

3,2983,4913,3683,5043,6203,763

4,0063,9724,0013,8223,9893,762

3,9303,9683,9393,9123,8193,600

2,7952,7762,8312,8672,8192,922

2,9172,8962,8733,0413,0232,977

3,0973,1453,2253,2183,2613,253

3,3343,2933,4063,4273,4713,450

4,2584,0524,4534,3704,3934,577

4,6844,9904,7724,9715,1184,876

5,2825,2455,3495,5635,5045,505

5,9435,9615,5375,9115,9785,700

3,9053,8783,9443,9863,9814,164

4,2494,3954,3034,3544,4444,341

4,6494,6274,7554,9634,9174,955

5,1415,1685,0725,1495,1545,050

309296323331334351

328371340335327351

329364406365374400

433408410415402450

256253262268287283

279270263263271263

267275286294290300

308298322308301300

3,4603,5043,7893,5113,6863,717

3,3773,6323,4733,5943,7813,637

3,6873,8534,0963,7154,0653,979

4,2363,9573,8053,9114,0763,850

3,0593,1623,3903,2633,2683,302

3,1483,2803,2283,2503,3903,383

3,3423,3903,5423,5863,4733,526

3,7613,6403,5323,5653,6233,600

1 Preliminary; December by Council of Economic Advisers.

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

320


TABLE C-61.—Mortgage debt outstanding by type of property and of financing, 1939-73


End of yearor quarter

1939

194019411942 .19431944

1945194619471948 .1949

195019511952 .19531954

19551956 .195719581959

1960. .1961196219631964

196519661967. . .19681969

197019711972 *1973 *

1971:1 . .III I I . . . .IV

1 9 7 2 : 1 P . . . .II * > - . .III * . . .I V P _ _ ,

1 9 7 3 : !*__-_II *.__I l l pI V * . -

Allprop-erties

35.5

36.537.636.735.334.7

35.541.848.956.262.7

72.882.391.4

101.3113.7

129.9144.5156.5171.8190.8

206.8226.3248.6274.3300.1

325.8347.4370.2397.5425.3

451.7499.9565.4633.7

459.0471.1485.6499.9

511.7529.1547.3565.4

580.1600.4619.9633.7

Farmprop-erties

6.6

6.56.46.05.44.9

4.84.95.15.35.6

6.16.77.27.78.2

9.09.8

10.411.112.1

12.813.915.216.818.9

21.223.325.527.529.5

31.232.935.439.4

31.831.932.432.9

33.534.435.035.4

36.537.738.739.4

Nonfarm properties

Total

28.9

30.031.230.829.929.7

30.836.943.950.957.1

66.775.684.293.6

105.4

120.9134.6146.1160.7178.7

194.0212.4233.4257.4281.2

304.6324.1344.8370.0395.9

420.5467.0530.0594.3

427.2439.3453.2467.0

478.2494.8512.3530.0

543.6562.7581.2594.3

1- to 4-familyhouses

16.3

17.418.418.217.817.9

18.623.028.233.337.6

45.251.758.566.175.7

88.299.0

107.6117.7130.9

141.3153.1166.5182.2197.6

212.9223.6236.1251.2266.8

280.2307.8346.1383.8

283.6290.9299.7307.8

314.1324.6335.8346.1

353.9365.7376.6383.8

Multi-familyprop-erties

5.6

5.75.95.85.85.6

5.76.16.67.58.6

10.111.512.312.913.5

14.314.915.316.818.7

20.323.025.829.033.6

37.240.343.947.352.2

58.066.876.486.9

59.762.164.366.8

68.871.373.576.4

79.082.285.086.9

Com-mer-cial

prop-erties i

7.0

6.97.06.76.36.2

6.47.79.1

10.210.8

11.512.513.414.516.3

18.320.723.226.129.2

32.436.441.146.250.0

54.560.164.871.476.9

82.392.4

107.5123.6

83.986.389.292.4

95.398.9

103.0107.5

110.7114.8119.5123.6

Nonfarm properties by type of mortgage

Government underwritten

Total

1.8

2.33.03.74.14.2

4.36.39.8

13.618.1

22.126.629.332.136.2

42.947.851.655.159.3

62.365.669.473.477.2

81.284.188.293.4

100.2

109.2120.7131.1

111.0114.4117.5120.7

123.7126.6129.0131.1

132.5133.6

1- to 4-family houses

Total

1.8

2.33.03.74.14.2

4.36.19.3

12.515.0

18.922.925.428.132.1

38.943.947.250.153.8

56.459.162.265.969.2

73.176.179.984.490.2

97.2105.2113.0

98.2100.4102.9105.2

107.5109.6111.5113.0

113.7114.7

FHAin-

sured

1.8

2.33.03.74.14.2

4.13.73.85.36.9

8.69.7

10.812.012.8

14.315.516.519.723.8

26.729.532.335.038.3

42.044.847.450.654.5

59.965.768.2

61.062.864.465.7

66.867.668.468.2

67.967.5

VAguar-

anteed

0.22.45.57.28.1

10.313.214.616.119.3

24.628.430.730.430.0

29.729.629.930.930.9

31.131.332.533.835.7

37.339.544.7

37.337.638.539.5

40.742.043.144.7

45.847.2

Conventional *

Total

27.1

27.728.227.125.825.5

26.530.634.137.339.0

44.649.054.961.569.2

78.086.894.6

105.5119.4

131.7146.8164.1184.0204.0

223.4240.0256.6276.6295.7

311.3346.3398.8

316.2324.9335.7346.3

354.5368.2383.3398.8

410.9429.1

1- to 4-familyhouses

14.5

15.115.414.513.713.7

14.316.918.920.822.6

26.328.833.138.043.6

49.355.160.467.677.0

84.893.9

104.3116.3128.3

139.8147.6156.1166.8176.6

182.9202.6233 1

185.3190.5196.8202.6

206.6215.0224.3233.1

240.2251.0

1 Includes negligible amount of farm loans held by savings and loan associations.3 Derived figures.

Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied by variousGovernment and private organizations.

321


TABLE C-62.—Mortgage debt outstanding by lender, 1939-73



1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959 .

19601961196219631964

19651966196719681969

197019711972*1973 »

1971: 1IIIIIIV

1972: 1 vII vIll vIV v

1973:1 P.II pIII pIV*>_

Total

35.5

36.537.636.735.334.7

35.541.848.956.262.7

72.882.391.4

101.3113.7

129.9144.5156.5171.8190.8

206.8226.3248.6274.3300.1

325.8347.4370.2397.5425.3

451.7499.9565.4633.7

459.0471.1485.6499.9

511.7529.1547.3565.4

580.1600.4619.9633.7

Selected financial institutions

Total

18.6

19.520.720.720.220.2

21.026.031.837.842.9

51.759.566 975 185.7

99 3111.2119.7131 5145.5

157.6172 6192.5217.1241.0

264.6280.8298 8319 9339.1

355 9394.4450.6504.5

361.8372 0383.5394.4

404.2418.9434.6450.6

463.3480.5494.9504.5

Savingsandloan

associa-tions

3.8

4.14.64 64.64.8

5.47.18 9

10.311.6

13.715.618 422 026.1

31 435.740.045 653.1

60.168 878.890.9

101.3

110.3114.4121 8130 8140.2

150 3174.4206.4232.6

154.2161 2168.2174.4

180 1188.9197.9206.4

213.3222.8229.4232.6

Mutualsavingsbanks

4.8

4.94.84 64.44.3

4.24.44 95.86.7

8.39.9

11 412 915.0

17 519.721.223 325.0

26.929 132.336.240.6

44.647.350 553.556.1

57 962.067.673.2

58.759 660.662.0

63 064.465.967.6

68.970.672.073.2

Com-mercialbanks i

4.3

4.64.94 74.54.4

4.87.29 4

10.911.6

13.714.715 916 818.6

21 022.723.325 528.1

28.830 434.539.444.0

49.754.459 065 770.7

73 382.599.3

118.1

74.476 679.982.5

85 690.195.099.3

103.5109.1114.4118.1

Lifeinsurance

com-panies

5.7

6.06.46 76.76.7

6.67.28 7

10.812.9

16.119.321 323 326.0

29 433.035.237 139.2

41.844 246.950.555.2

60.064.667 570.072.0

74.475.577.380.6

74.574 574.875.5

75 475.575.877.3

77.677.979.080.6

Other lenders

U.S.agencies2

5.0

4.94.74.33.63.0

2.42.01 81.92.4

2.73.44 04 44.6

5 26.07.57 8

10.0

11.211.812.211.211.4

12.415.818.421.726.8

33.039.445.855.3

33.635.237.439.4

41.242.744.345.8

47.349.053.055.3

Indi-viduals

andothers

11.9

12.012.211 711.511.5

12.113.815 316.517.4

18.419.420 521.823.4

25.427.329.332.535.4

38.041.944.045.947.7

48.750.953.055.859.4

62.866.269.073.9

63.563.964.666.2

66.467.568.369.0

69.571.071.973.9

1 Includes loans held by nondeposit trust companies, but not by bank trust departments.2 Includes former Federal National Mortgage Association and new Government National Mortgage Association, as well as

Federal Housing Administration, Veterans Administration, Public Housing Administration, Farmers Home Administration,and in earlier years Reconstruction Finance Corporation, Homeowners Loan Corporation, and Federal Farm MortgageCorporation. Also includes U.S.-sponsored agencies such as new FNMA, Federal Land Banks, GNMA (Pools), and FederalHome Loan Mortgage Corporation. Other U.S. agencies (amounts small or current separate data not readily available)included with "individuals and others."

Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organiza-tions.

322


TABLE C-63.—Net public and private debt, 1929-72 *


End of year

1929

1933

1939

194019411942_19431944

194519461947.19481949 -

19501951 __195219531954

195519561 9 5 7 . _ .19581959

19601961 _cvtoa19631964 -

1965 . .1966196719681969

197019711972

1,1,

1,1111

122

Total

191.9

168.5

183.3

189.8211.4258.6313.2370 6

405.9396 6415.7431.3445.8

486.2519.2550.2581.6605.9

665.8698.4728.3769.6833.0

874.2930.3996.0070.9151.6

243.6338.7438.7582.5735.0

854.1018.3227.3

Fed-eralGov-ern-

ment2

16. 5

24.3

42.6

44.856.

101.154.211.

252.229.221.

74q

5

7215.3

?17

m'226229.

224.

231241

? q246.?53257.

6

49581

630n48765

264.0

266.4271.8286.5291.9289.3

301.1325.9341.2

Public

Fed-eral

finan-cial

agen-cies 3

0.7.6.7

.71.31.31.41.3

2.92.42.42.53.7

3.54.05.37.27.5

8.911.29.0

21.430.6

38.839.842.6

Stateandlocalgov-ern-

ments

13.6

16.3

16.4

16.416.115.414.513.9

13.413.715.017.019.1

21.724.227.030.735.5

41.144.548.653.759.6

64.970.577.083.990.4

98.3104.8113.4123.9132.6

144.8163.0176.5

111

111

Total

161.8

127.9

124.3

128.6139.0141.5144.3144.8

140.0153.4178.3198.4208.4

246.4276.8300.4322.7340.0

392.2427.2454.3482.4528.3

566.1609.1660.1722.3789.7

870.0950.8

, 029.9, 145.4,282.6

, 369. 4,489.6,667.0

Cor-porate

88.9

76.9

73.5

75.683.491.695.594.1

85.393.5

108.9117.8118.0

142.1162.5171.0179.5182.8

212.1231.7246.7259.5283.3

302.8324.3348.2376.4409.6

454.3506.6553.7631.5734.2

793.5858.6952.3

Total

72.9

51.0

50.8

53.055.649.948.850.7

54.759.969.480.690.4

104.3114.3129.4143.2157.2

180.1195.5207.6222.9245.0

263.3284.8311.9345.8380.1

415.7444.2476.2513.9548.4

575.9631.0714.7

Private

Individual and noncorporate

Farrr

1?

9.

8.

qq9.87.

778.

in1?

12.

l *

?

1

8

1

0

7

36680

13.715.216. 817.5

18.719.420.2?3?3

2730

36

3942485155

586367

8

15

0

34385

728

Total

60.7

41.9

42.0

43.946.340.940.542.9

47.452.360.769.778.4

92.0100.6114.2126.4139.7

161.4176.1187.4199.7221.2

238.2257.3281.7312.6344.1

376.4401.8427.9462.1492.9

517.2567.8646.9

Nonfarm

Mort-gage

31.2

26.3

25.0

26.127.126.826.126.0

27.031.837.242.447.1

54.861.768.976.786.4

98.7109.4118.1128.1141.0

151.3164.5180.3198 6218.9

236.8251.6266.9284.9303.9

320.9352.6397.8

Com-mer-cialand

finan-cial*

22. 4

11.7

9.8

9.5in8.9

11.

14.

nl

8

712 1111?

n16.171820.

24.

qqq

8

848

n24.424.3?6?8

34.V4?45.

49.53.60.66.67.

69.76.91.

57

886

0

79249

195

Con-sumer

7.1

3.9

7.2

8 39.26.04.95.1

5.78 4

11.614.417.4

21.522.727.531.432.5

38.842.345.045.151.5

56.158.063.871.780.3

89.996.2

100.8110.8121.1

127.2138.4157.6

1 Net public and private debt is a comprehensive aggregate of the indebtedness of borrowers after eliminating certaintypes of duplicating governmental and corporate debt.

2 Net Federal Government and agency debt is the outstanding debt held by the public, as defined in the "Budget of theUnited States Government, for the Fiscal Year ending June 30,1975."

3 This comprises the debt of federally sponsored agencies, in which there is no longer any Federal proprietary interest.The obligations of the Federal Land Banks are included beginning with 1947, the debt of the Federal Home Loan Banksis included beginning with 1951, and the debts of the Federal National Mortgage Association, Federal Intermediate CreditBanks, and Banks for Cooperatives are included beginning with 1968.

* Farm mortgages and farm production loans. Farmers' financial and consumer debt is included in the nonfarm categories,s Financial debt is debt owed to banks for purchasing or carrying securities, customers' debt to brokers, and debt owed

to life insurance companies by policyholders.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, Department of Agri-culture, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Federal Land Banks, andFederal National Mortgage Association.

323


GOVERNMENT FINANCETABLE C-64.—Federal budget receipts and outlays, fiscal years 1929-75


1929

1933

1939

1940 .194119421943 .. ..1944

1945 ..194619471948 .. .1949

195019511952 - ,19531954

1955... ..19561957 .19581959

19601961196219631964

196519661967—19681969

19701971 .197219731974 I

1975 I

Fiscal year Receipts

3,862

1,997

4,979

6,8799,20215,10425,09747,818

50,16243 53743,53145,35741 576

40,94053 39068,01171,49569,719

65,46974 54779,99079,63679,249

92,49294,38999,676106,560112,662

116,833130,856149,552153,671187,784

193,743188,392208,649232, 225270, 000

295,000

Outlays

3,127

4,598

8,841

9,58913,98034,50078,90993,956

95,18461,73836,93136,49340,570

43,14745,79767,96276,76970,890

68,50970,46076,74182, 57592,104

92,22397,795106,813111,311118,584

118,430134,652158,254178,833184,548

196,588211,425231,876246, 526274,660

304,445

Surplus ordeficit (-)

734

-2,602

-3,862

-2,710-4,778-19,396-53,812-46,138

-45,022-18,201

6,6008,8641,006

-2,2077,593

49-5,274-1,170

-3,0414,0873,249

-2,939-12,855

269-3,406-7,137-4,751-5,922

-1,596-3,796-8,702-25,161

3,236

-2,845-23,033-23,227-14,301-4,660

-9,445

i Estimate.Note.—Data for 1929-39 are according to the administrative budget, those for 1940-53 according to the consolidated

cash statement, and those for 1954-75 according to the unified budget.Certain interfund transactions are excluded from receipts and outlays beginning 1932. For years prior to 1932 the amounts

of such transactions are not significant.Refunds of receipts are excluded from receipts and outlays.Sources: Department of the Treasury and Office of Management and Budget.

324


TABLE C-65.—Federal budget receipts, outlays, financing, and debt, fiscal years 1964—75

{Millions of dollars; fiscal years]

Description

Actual

1964 1965 1966 1967 1968 1969

BUDGET RECEIPTS AND OUTLAYS:

Total receipts

Federal fundsTrust fundsInterfund transactions.

Total outlays

Federal fundsTrust fundsInterfund transactions.

Total surplus or deficit ( - ) _

Federal funds..Trust funds...

BUDGET FINANCING:

Total means of financing.

Net borrowing from the public orrepayment of borrowing ( - )

Other means of financing

OUTSTANDING DEBT, END OF YEAR:

Gross Federal debt

Held by Government agencies..Held by the public

Federal Reserve System.Others

112,662

87,20528,518

- 3 , 0 6 1

118,584

95,76125,884

- 3 , 0 6 1

- 5 , 9 2 2

-8,5562,634

5,922

3,0922,830

316,763

59,210257,553

34,794222, 759

116,833

90,94329,230

- 3 , 3 3 9

118,430

94,80726,962

- 3 , 3 3 9

- 1 , 596

- 3 , 8 6 42,268

1,596

4,061- 2 , 4 6 5

323,154

61, 540261,614

39,100222, 514

130,856

101,42732,997

- 3 , 5 6 8

134,652

106, 51231,708

- 3 , 568

- 3 , 7 9 6

- 5 , 0 8 51,289

3,796

3,076720

329,474

64,784264,690

42,169222,521

149,552

111,83542,935

- 5 , 218

158, 254

126,77936,693

- 5 , 2 1 8

-8,702

-14 ,9446,242

8,702

2,8385,863

341,348

73, 819267,529

46,719220,810

153,671

114,72644,716

- 5 , 7 7 1

178, 833

143,10541, 499

- 5 , 7 7 1

-25 ,161

-28 ,3793,217

25,161

23,1002,061

369,769

79,140290,629

52, 230238, 399

187, 784

143,32152,009

- 7 , 547

184, 548

148,81143, 284

- 7 , 547

3,236

- 5 , 4 9 08,725

1-3,236

- 1 , 0 4 4- 2 , 1 9 2

367,144

87,661279, 483

54, 095225, 388

BUDGET RECEIPTS.

Individual income taxesCorporation income taxesSocial insurance taxes and contributions...Excise taxesEstate and gift taxes..Customs dutiesMiscellaneous receipts:

Deposit of earnings by Federal Re-serve System

Allother

BUDGET OUTLAYS.

National defenseInternational affairs and financeSpace research and technologyAgriculture and rural developmentNatural resources and environmentCommerce and transportationCommunity development and housingEducation and manpowerHealthIncome securityVeterans benefits and services..InterestGeneral governmentGeneral revenue sharing....AllowancesUndistributed intragovernmental transac-

tions:Employer share, employee retirement-Interest received by trust funds

112,662

48,69723,49322,01213,7312,3941,252

947138

118, 584

53, 5914,1174,1705,1841,9666,531- 1 8 51,7621,71325,1415,6819,8101,979

116,833

48,79225,46122, 25814, 5702,7161,442

1,372111

118,430

49, 5784,3405,0914,8052,0567,440288

2,2901,700

25,7115,72210,3582,160

130,856

55,44630,07325, 56713, 0623,0661,767

1,713162

134,652

56,7854,4905,9333,6762,0367,3022,6444,2652,50528,9325,92111,2852,240

149,552

61, 52633,97133,34913,7192,9781,901

1,805303

158,254

70,0814,5475,4234,3731,8787,6472,6165,8806,66131,1686,89912, 5882,429

153,671

68, 72628,66534, 62214,0793,0512,038

2,091400

178, 833

80,5174,6194,7215,9401,7228,1264,0766,7439,60334,1396,88213,7462,500

-1,256-1,621

-1,329-1,780

-1,447-1,917

-1,661-2, 275

-1,825-2,674

187,784

87, 24936,67839,91815, 2223,4912,319

2,662247

184, 548

81, 2323,7854,2476,2182,1697,9421,9616,52911,60437,7487,64015,7912,800

-2,018-3, 099


325


TABLE C-65.—Federal budget receipts, outlays, financing, and debt, fiscal years 1964—75—Con.

[Millions of dollars; fiscal years]

DescriptionActual

1970 1971 1972 1973

Estimate

1974 1975

BUDGET RECEIPTS AND OUTLAYS:Total receipts.

Federal fundsTrust fundsInterfund transactions

Total outlays.

Federal fundsTrust funds .Interfund transactions.

Total surplus or deficit (—). .

Federal funds.._Trust funds

BUDGET FINANCING:

Total means of financing...Net borrowing from the public or re-

payment of borrowing (—)Other means of financing

OUTSTANDING DEBT, END OF YEAR:

Gross Federal debtHeld by Government agencies.Held by the public

Federal Reserve System.Others

193,743

143,15859,362

- 8 , 7 7 8

196,588

156,30149,065

- 8 , 7 7 8

-2,845-13 ,143

10,297

12,845

3,814- 9 6 9

382,603

97,723284,88057,714

227,166

188,392

133,78566,193

-11 ,586

211,425

163,65159,361

-11 ,586

-23,033

- 2 9 , 8666,832

23,033

19,4483,585

409,457

105,140304,328

65,518238,810

208,649

148,84672,959

-13 ,156

231,876

177,95967,073

-13 ,156

-23 , 227-29 ,114

5,886

23, 227

19,4423,785

437,329

113,559323, 770

71,426252,344

232,225161,35792,193

-21 ,325

246,526

186,40681, 447

-21 ,325-14 ,301

-25 ,04610,746

14,301

19,275- 4 , 9 7 4

468,426125,381343, 045

75,182267,863

270,000185,581105,548

-21 ,129

274,660

203, 71592,075

-21 ,129- 4 , 6 6 0

-18 ,13314,473

4,660

3,5001,160

486,350139,806346,545

295,000

202, 757115,818

-23 ,575

304,445

220,636107,385

-23 ,575

- 9 , 4 4 5

-17 ,8788,433

9,445

12,500- 3 , 055

507,973

148,929359, 045

BUDGET RECEIPTS.Individual income taxesCorporation income taxesSocial insurance taxes and contributions..Excise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts:

Deposit of earnings by Federal ReserveSystem.

AllotherBUDGET OUTLAYS.

National defenseInternational affairs and financeSpace research and technologyAgriculture and rural developmentNatural resources and environmentCommerce and transportationCommunity development and housingEducation and manpowerHealthIncome securityVeterans benefits and servicesInterestGeneral governmentGeneral revenue sharingAllowancesUndistributed intragovernmental trans-

actions:Employer share, employee retirement.Interest received by trust funds

193,74390,41232,82945,29815,7053,6442,430

3,266158

196,588

80, 2953,5703,7496,2012,5689,4552,9657,28912,89843, 7348,67718,3123,255

188,392

86, 23026,78548,57816,6143,7352,591

3,533325

211,42577,661

3,0953,3815,0962,716

11,4283,3578,226

14,45256,1289,776

19, 6093,875

208,649

94,73732,16653,91415,4775,4363,287

3,252381

231,87678,3363,7263,4227,0633,761

11,2844,2829,752

17,09964,90910,73120,5824,787

232,225103, 24636,15364,54216, 2604,9173,188

3,495426

246,52676,0212,9573,3116,191

58913,0704,132

10,18518,41773, 07312,01322,8135,4806,636

- 2 , 4 4 4- 3 , 9 3 6

- 2 , 6 1 1- 4 , 765

- 2 , 7 6 8- 5 , 0 8 9

-2 ,927-5 ,436

270,000118,00043,00077,90717,1445,4003,500

4,400649

274,66080,573

3,8863,1774,039

60913,5215,450

10,81923, 26884,99513, 28527, 7546,8006,147

300

-3,543-6,420

295,000

129, 00048, 00085,60317, 4446,0003,800

4,700453

304, 44587,729

4,1033,2722,7293,128

13,4005,667

11,53726, 282

100,07113,61229,1226,7746,1741,561

-3 ,577- 7 , 1 4 0

i Excludes changes due to reclassification and to conversion of mixed-ownership enterprises to private ownership. (Seefootnotes to Table 9, "Budget of the United States Government for the Fiscal Year Ending June 30, 1971," and footnotesto Table 10, "Budget of the United States Government for the Fiscal Year Ending June 30,1972.")

Sources: Department of the Treasury and Office of Management and Budget.

326


T A B L E C-66.—Relation of the Federal budget to the Federal sector of the national income andproduct accounts, fiscal years 1972—75

[Billions of dollars; fiscal years]

Receipts and expenditures

RECEIPTS

Total receipts, budget

Government contribution for employee retire-ment (grossing)

Other netting and grossingAdjustment to accrualsOther .

Federal sector, national income and product accounts,receipts

EXPENDITURES

Total outlays, budget

Lending and financial transactionsGovernment contribution for employee retirement

(grossing)Other netting and grossingDefense timing adjustmentOther

Federal sector, national income and product accounts,expenditures

Actual

1972

208.6

3.31.6.5

- . 4

213.7

231.9

- 2 . 4

3.31.6

- . 3- 1 . 0

233.2

1973

232.2

3.71.76.1

- . 4

243.3

246.5

- 1 . 6

3.71.72.32.5

255.1

Estimate

1974

270.0

4.41.55.4

- . 8

280.5

274.7

- 2 . 4

4.41.5

- . 47.4

285.2

1975

295.0

4.51.64.3

- . 6

304.8

304.4

- 2 . 0

4.51.6

- . 25.1

313.4

Note.—See Special Analysis A, "Budget of the United States Government for the Fiscal Year Ending June 30, 1975,"for description of these categories.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Manage-ment and Budget.

327


T A B L E C-67.—Receipts and expenditures of the government sector of the national income and productaccounts, 1929-73


Calendar year or quarter

1929.

1933

1939. . .

1940. . .L9411942 . .19431944 ..1945194619471948 .1949

1950. . . . .19511952. . .19531954. . .19551956 ..19571958 .1959

196019611962196319641965 .196619671968. . .1969

1970197119721973*

1971: 1IIIII . .IV

1972: 1.IIIIIIV

1973: 1

III

Total government

Re-ceipts

11.3

9.3

15.4

17.725.032.649 251.253.250.956.858.956.0

68.784 889.894 389.7

100 4109.0115 6114.7128.9

139 8144.6157.0168.8174.1189.1213.3228 9263.5296.7

302.5322.0368.2419.0

Ex-pendi-tures

10.3

10.7

17.6

18 428.864 093 3

103 092.745 542.450 359.1

60.879 093.7

101 296.797 6

104.1114 9127 2131.0

136 1149 0159.9166.9175 4186.9212 3242 9270.3287.9

312.7340.2370.9407.4

Sur-plus ordeficit

nationalincome

andprod-

uct ac-counts

1.0

-1 .4

-2 .2

_ 7-3 .8

-31 4-44 1-51 8-39.5

5 414.48 5

-3 .2

7.95 8

-3 .8- 6 9-7 .0

2 74.9

7-12 5-2.1

3 7- 4 3-2 .9

1.8- 1 4

2.21.1

-13 9-6 .8

8.8

-10.1-18.1- 2 . 811.6

Federal Government

Re-ceipts

3.8

2.7

6.7

8.615.422 939 341.042.539 143.243 338.9

49.964 067.270 063.872 177.681 678.789.7

96 598 3

106.4114.5115 0124.7142.5151 2175.0197.3

192.0198.9228.7265.4

Ex-pendi-tures

2.6

4.0

8.9

10.020.556.185 895.584.635 629.834 941.3

40.857.871.077.069.768.171.979 688.991.0

93 0102.1110.3113.9118 1123.5142.8163 6181.5189.2

203.9221.0244.6264.7

Sur-plus ordeficit

nationalincome

andprod-uct ac-counts

1.2

-1 .3

-2 .2

- 1 3

- 3 3 1-46 6-54 5-42.1

3 513.48 4

-2 .4

9.16 2

-3 .8- 7 0-5 .9

4 05.72 1

-10.2-1 .2

3 5-3 .8-3 .8

.7-3 .0

1.2- . 2

-12.4-6 .5

8.1

-11.9-22.2-15.9

.6

State and localgovernment

Re-ceipts

7.6

7.2

9.6

10 010.410 610 911 111.612 915.317 619.3

21.123 325.227 228.831 434.738 241.646.0

49 953 658.663.469 575.585.293 5

107.1119.7

135.0152.3177.2194.8

Ex-pendi-tures

7.8

7.2

9.6

9 39.18 88 48 59.0

11 014.317 420.0

22.323 725.327 029.932 735.639 544.046.8

49 654.157.662.267 874.583.995 1

107.5119.0

133.2148.3164.0183.8

Sur-plus ordeficit

nationalincome

andprod-

uct ac-counts

-0 .2

- . 1

0)

.61.31.82.52.72.61.91.0.1

- . 7

- 1 . 2

(2).1

-1 .1-1 .3- . 9

- 1 4- 2 . 3- . 8

.2- . 5

.9

1.01.3

- 1.6- . 3

.7

1.84.0

13.111.0


312.5319.0324.4332.2

356.8363.4370.6381.9

402.7414.7425.0

328 4338 8342.8350.7

362.2367 2368 5385.7

393.8403.2410.7421.9

-15 9-19.7-18.4-18.6

-5 .4- 3 9

2.0-3 .8

8.911.614.3

194 8197.7199.4203.5

222.9225.4229.6236.9

253.6262.4269 5

212 4221.2222.6228.0

236.6244 4237.0260.3

258.6262.4265.6272.4

-17.6-23.5-23.2-24.5

-13.8-19.0-7 .4

-23.4

- 5 . 0.0

4.0

145 1150 6154.3159.3

166.2175 9175.3191.2

190.2192.8196.0

143.4146.9149.5153.4

157.8160.8165.9171.6

176.4181.2185.7191.9

1.73.74.85.9

8.415.29.5

19.6

13.911.510.4

i Surplus of $32 million.3 Deficit of $41 million.Note.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State and local

receipts and expenditures. Total government receipts and expenditures have been adjusted to eliminate this duplication.Source: Department of Commerce, Bureau of Economic Analysis.

328


TABLE C-68.—Receipts and expenditures of the Federal Government sector of the national incomeand product accounts, 1949-75


Year or quarter

Fiscal year:19491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971..19721973 v1974 21975 2

Calendar year:1949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973 v

1972: I

1973:

IIIIIIVIIIIll

Receipts

Total

40.042.060.865.169.365.867.275.880.777.985.494.895.3

104.2110.2115.5120.5132.8147.2160.6190.4195.2192.6213.7243.3280.5304.8

38.949.964.067.270.063.872.177.681.678.789.796.598.3

106.4114.5115.0124.7142.5151.2175.0197.3192.0198.9228.7265.4

Per-sonaltavtaxandnon-tax

ceipts

16.316.523.228.831.430.329.733.636.736.338.242.543.647.349.650.751.357.664.571.490.093.687.4

100.1107.2123.7135.3

16.118.126.131.032.229.031.435.237.436.839.943.644.748.651.548.653.861.767.579.794.892.289.9

107.9114.5

Cor-po-rate

profitstaxac-

cruals

11.011.921.519.319.717.318.721.120.617.821.522.320.322.923.525.727.731.031.233.737.433.332.234.743.850.350.2

9.817.021.518.519.517.020.620.620.218.022.521.721.822.724.626.429.332.130.736.736.631.033.337.849.8

Indi-

busi-nesstaxandnon-taxac-cru-als

8.08.29.59.7

10.710.410.010.811.711.611.913.213.314.215.015.616.915.715.817.118.619.220.119.920.923.327.5

8.08.99.4

10.310.99.7

10.711.211.811.512.513.513.614.615.316.116.515.716.318.019.019.320.419.921.0

Con-tribu-tionsfor

socialinsur-ance

4.85.56.67.37.57.88.7

10.211.712.213.816.718.119.922.123.524.628.535.738.344.449.152.959.071.483.291.8

4.95.97.17.47.48.19.3

10.612.212.414.817.718.220.523.123.825.133.036.740.746.949.555.263.080.1

Expenditures

Total i

39.642.444.666.075.874.267.369.876.083.190.991.398.0

106.4111.4116.9118.5131.9154.5172.5185.7195.9212.6233.2255.1285.2313.4

41.340.857.871.077.069.768.171.979.688.991.093.0

102.1110.3113.9118.1123.5142.8163.6181.5189.2203.9221.0244.6264.7

Pur-chases

ofgoodsandserv-ices

19.319.025.146.656.153.243.945.247.750.754.752.755.560.963.465.764.471.785.394.999.498.095.9

103.2104.5111.5121.6

20.118.437.751.857.047.444.145.649.553.653.753.557.463.464.265.266.977.890.798.898.896.298.1

104.4106.9

Transferpayments

Toper-sons

8.111.38.18.59.3

10.512.112.814.417.819.820.623.625.126.427.328.331.837.242.748.554.867.475.886.8

102.5120.7

8.710.88.58.89.5

11.512.413.415.719.520.121.524.925.527.027.830.333.440.046.150.361.072.380.193.1

Tofor-eign-

ers(net)

5.04.33.12.62.11.72.11.81.91.71.81.82.12.12.12.22.22.32.22.12.22.02.32.82.64.72.8

5.13.63.12.12.01.82.01.91.81.81.81.92.12.22.22.22.22.32.22.12.12.22.62.72.4

Grants-in-aid

to Stateandlocal

govern-ments

2.12.42.42.52.82.93.03.23.74.76.26.86.97.68.49.8

10.912.714.817.819.222.626.832.940.444.146.6

2.22.32.52.62.82.93.13.34.25.66.86.57.28.09.1

10.411.114.415.818.720.324.429.137.741.2

Notwetin-ter-est

paid

4.34.44.64.84.85.04.95.15.55.75.97.06.86.87.58.18.59.09.9

10.912.314.014.313.414.418.219.6

4.44.54.74.74.95.04.95.3f> 75.66.47.16.67.27.78.38.79.5

10.211.713.114.613.613.515.9

Subsi-dieslesscur-rentsur-plusof

gov-ern-mententer-prises

0.81.01.31.1.9

1.01.31.72.82.52.42.33.23.83.63.84.14.55.14.14.14.75.85.26.44.22.1

.81.21.31.0.8

1.11.52.42.62.72.12.53.84.03.64.24.35.44.64.14.65.55.36.15.4

Sur-plusor

defi-cit- > ,na-

tion-al in-comeand

prod-uctac-

counts

0.4

-i!o-6 .5-8 .5- . 16.04.7

-5 .1-5 .5

3.5-2.7-2 .1-1 .2-1 .4

2.0.9

-7 .3-11.9

4.7- . 7

-19.9-19.5-11.8-4 .7-8 .6

-2 .49.16.2

-3.8-7.0- 5 . 9

4.05.72.1

-10.2- 1 . 2

3.5- 3 . 8- 3 . 8

.7- 3 . 0

1.2- . 2

-12.4-6 .5

8.1-11.9-22.2-15.9

.6


222.9225.4229.6236.9253.6262.4269.5

105.6106.6108.1111.3108.5111.4116.9121.1

36.036.738.040.746.650.851.0

19.719.719.920.320.721.220.8

-21.5

61.562.463.664.677.879.180.882.6

236.6244.4237.0260.3258.6262.4265.6272.4

106.0106.7102.3102.7105.5107.3106.8107.8

76.877.378.088.589.791.594.296.9

2.92.82.82.52.12.32.52.6

32.238.034.446.141.140.540.542.5

13.113.613.413.714.715.616.216.9

5.55.96.26.75.55.15.35.7

-13.8-19.0-7 .4

-23.4- 5 . 0

. 04.0

1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars at seasonallyadjusted annual rates) .0, - . 1 , .0, and .0 in the 4 quarters of 1972 and .0, - . 1 , .0, and .0 in the 4 quarters of 1973,respectively. 2 Estimates.

Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.

329

5 2 7 - 8 6 7 O - 7 4 - 2 2


T A B L E C-69.—Receipts and expenditures of the State and local government sector of the nationalincome and product accounts, 1946-73


Calendaryear orquarter

Receipts

Total

Per-sonaltaxand

nontaxeceipts

Cor-porateprofits

taxiccruals

ndirectbusi-nesstaxand

nontaxaccruals

Contri-butions

forsocialinsur-ance

Fed-eral

grants-n-aid

Expenditures

Total »

Pur-chases

ofgoodsandserv-ices

Trans-fer

pay-ments

toper-sons

Netinterest

paid

Sub-sidiesless

currentsurplusof gov-

ern-ment

enter-prises

Surplusor

deficit<-),

nationalincome

andprod-uct ac-counts

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

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

1955.1956.1957.1958.1959.

1960.1961.1962.1963.1964.

1965.1966.1967.1968.1969-

1970—1971...1972...1973 p..

1971: I

12.915.317.619.3

21.123.325.227.228.8

31.434.738.241.646.0

49.953.658.663.469.5

75.585.293.5107.1119.7

135.0152.3177.2194.8

1.51.82.12.4

2.62.93.13.43.7

4.14.75.25.66.3

7.37.78.79.4

10.8

11.813.715.518.321.7

24.427.734.338.4

0.5.6.7.6

.9

1.01.01.01.01.2

1.31.41.41.71.9

2.12.22.43.23.4

3.84.14.96.4

9.310.612.113.3

14.515.817.318.719.7

21.423.625.527.028.9

31.734.136.939.442.3

45.949.954.160.667.0

74.182.089.696.8

0.5.6.7

1.01.21.31.51.7

1.82.02.32.52.7

3.03.23.53.84.1

4.55.05.76.47.3

8.39.4

10.712.0

1.11.72.02.2

2.32.52.62.82.9

3.13.34.25.66.8

6.57.28.09.1

10.4

11.114.415.818.720.3

24.429.137.741.2

11.014.317.420.0

22.323.725.327.029.9

32.735.639.544.046.8

49.654.157.662.267.8

74.583.995.1

107.5119.0

133.2148.3164.0183.8

9.812.615.017.7

19.521.522.924.627.4

30.133.036.640.643.3

46.150.253.758.263.5

70.179.089.4

100.8111.2

123.3136.2150.5170.3

1.72.32.92.9

3.53.03.23.33.4

3.73.84.24.64.8

5.15.55.76.06.5

6.97.78.7

10.011.6

14.116.618.219.5

0.3.3.3.3

.3

.3

.3

.3

.4

.5

.5

.5

.6

.7

.7

.8

.8

. 8

.5

.3

.2

.0- . 2

- . 4- . 2- . 4

- 1 . 3

- 0 . 7

- . 9

- . 9

- L I- 1 . 2- 1 . 4

- 1 . 6- 1 . 7- 1 . 8- 1 . 8- 2 . 0

-2.2-2.3-2.6-2.8-2.9

-3 .0-3 .1-3 .2-3 .4-3 .5

-3 .8-4 .1-4 .4-4 .7


IIIl lIV

1 9 7 2 : II I . . . .HI —IV

1973: L . . .II . . .IllIV

145.1150.6154.3159.3

166.2175.9175.3191.2

190.2192.8196.0

26.027.128.029.5

32.434.134.636.1

36.637.939.140.1

3.94.14.34.2

4.64.74.95.2

6.16.66.6

78.980.983.285.1

86.888.790.692.5

94.996.097.798.6

8.99.29.59.8

10.210.510.911.3

11.611.812.112.5

27.429.329.330.7

32.238.034.446.1

41.140.540.542.5

143.4146.9149.5153.4

157.8160.8165.9171.6

176.4181.2185.7191.9

131.8134.8137.3141.0

144.3147.5152.4158.0

163.0168.0172.2178.0

15.916.416.817.2

17.518.018.518.8

19.119.419.519.9

- 0 . 3- . 2- . 2- . 2

- . 3- . 4- . 5- . 6

-1 .2-1 .6-1 .3-1 .1

-4 .0-4 .1-4 .1-4 .2

- 4 . 3-4 .4-4 .5-4 .6

-4 .6-4 .7-4.7-4 .8

1.91.0.1

- . 7

- 1 . 2- . 4

-1 .1

- 1 . 3- . 9

-1 .4-2 .3- . 8

.2- . 5

.91.21.7

1.01.3

-1 .6- . 3

.7

1.84.0

13.111.0

1.73.74.85.9

8.415.29.5

19.6

13.911.510.4

1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars, at seasonallyadjusted annual rates) .0, .0, .3, and .4 in the 4 quarters of 1971; - . 6 , - . 1 , .0, and .0 in the 4 quarters of 1972; and .0,— . 1 , .0, and .0 in the 4 quarters of 1973. respectively.

2 Deficit of $41 million.


330


TABLE C-10.—State and local government revenues and expenditures, selected fiscal years, 1927-72


Fiscal year 1

General revenues by source*

TotalProp-erty

taxes

Salesand

grossre-

ceiptstaxes

Indi-vidualincometaxes

Corpo-ration

netincometaxes

Reve-nue

fromFederalGovern-

ment

Allotherreve-nues3

General expenditures by function*

Total Edu-cation

High-ways

Publicwel-fare

Allother *

1927..

1932..1934..1936..1938..

1940..1942..1944..1946..1948..

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

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

I960..1961..1962.1963.

1962-63«.1963-64 81964-65«.

1965-66«.. .1966-67«1967-68*.. .1968-69«.. .1969-70*. . .

1970-71'1971-72 5

7,271

7,2677,6788,3959,228

9,60910,41810,90812,35617,250

20,91125,18127,30729,012

31,07334,66738,16441,21945,306

50,50554,03^58,25262,890

62,26968, 44374,000

83,03691,197

101,264114,550130,756

144,927166,352

4,730

4,4874,0764,0934,440

4,4304,5374,6044,9866,126

7,3498,6529,3759,967

10,73511,74912,86414, 04714,983

16,40518,00219,05420,089

19,83321,24122,583

24,67026,04727, 74;30,67334,054

37,85242,133

470

7521,0081,4841,794

1,9822,3512,2892,9864,442

5,1546,3576,9277,276

7,6438,6919,4679,82910,437

11,84912,46313,49414,456

14, 44615,76217,118

19,08520,53022,91126,51930,32r

33,23337,488

70

7480153218

224276342422543

788998

1,0651,127

1,2371,5381,7541,7591,994

2,4632,6133,0373,269

3,2673,7914,090

4,7605,8267,3088,908

10,81'

11,90015,237

92

7949113165

156272451447592

593846817778

744890984

1,0181,001

1,1801,2661,3081,505

1,5051,6951,929

2,0382,2272,5183,1803,738

3,4244,416

116

2321,016948

945858954855

1,861

2,4862,5662,8702,966

3,1313,3353,8434,8656,377

6,9747,1317,8718,722

8,66310,00211,029

13,21415,37017,18119,15321,857

26,14631,253

1,793

1,6431,4491,6041,811

1,8722,1232,2692,6613,685

4,5415,7636,2526,897

7,5848,4659,2509,699

10,516

11,63412,56313,48914,850

14, 55615,95117, 250

7,210

7,7657,1817,6448,757

9,2299,1908,86311,02817,684

22,78726, 09827,91030, 701

33,72436,71140,37544, 85148,887

51,87656,20160,20664, 816

63,97769,30274,546

82,84393,350

598 102,411116,728131,332

19,26921,19723,59826,11829,971

32,374 150,67435,825 166,873

2,235

2,3111,8312,1772,491

2,6382,5862,7933,3565,379

7,1778,3189,39010, 557

11,90713,22014,13415,91917,283

18,71920,57422,21623,776

23,72926, 28628, 563

33,28737, 91941,15847,23852,718

59,41364,886

1,809

1,7411,5091,4251,650

1,5731,4901,2001,6723,036

3,8034,6504,9875,527

6,4526,9537,8168,5679,592

9,4289,844

10,35711,136

11,15011,66412,221

12,77013,93214,48115,41716,427

18,09519,010

151

444889827

1,069

1,1561,2251,1331,4092,099

2,9402,7882,9143,060

3,1683,1393,4853,8184,136

4,4044,7205,0845,481

5,4205,7666,315

6,7578,2189,857

12,11014,679

18,22621,070

3,015

3,2692,9523,2153,547

3,8623,8893,7374,5917,170

8,86710,34210,61911,557

12,19713,39914,94016, 54717, 876

19, 32521,06322,54924, 423

23,67825, 58627,447

30,02933,28136,91541,96347, 507

54,94061,907

i Fiscal years not the same for all governments. See footnote 5.3 Excludes revenues or expenditures of publicly owned utilities and liquor stores, and of insurance-trust activities.

Intergovernmental receipts and payments between State and local governments are also excluded.3 Includes licenses and other taxes and charges and miscellaneous revenues.* Includes expenditures for health, hospitals, police, local fire protection, natural resources, sanitation, housing and

urban renewal, local parks and recreation, general control, financial administration, interest on general debt, and un-allocable expenditures.

« Data for fiscal year ending in the 12-month period through June 30. Data for 1963 and earlier years include local govern-ment amounts grouped in terms of fiscal years ended during the particular calendar year.

Note.—Data are not available for intervening years.See Table C-63 for net debt of State and local governments.


331


TABLE C-71.—Public debt securities by kind of obligation, 1946-73


End of year ormonth

1946194719481949

1950195119521953 . . .1954 . . . .195519561957 . .19581959

1960196119621963196419651966 -.--196719681969

1970197119721973

1972: JanFeb..MarAprMay .June


1973:JanFebMarApr. . . .May... . .June _ . . .

JulyAugSeptOct . .NovDec

Totalpublicdebt

securi-ties

259.1256.9252.8257.1

256.7259.4267.4275.2278.7280.8276.6274.9282.9290.8

290.2296.2303.5309.3317.9320.9329.3344.7358.0368.2

389.2424.1449.3469.9

422.9424.0427.3425.3427.9427.3

432.4435.4433.9439.9444.2449.3

450.1454.8458.6457.1457.3458.1

459.0461.8461.4462.5464.0469.9

Interest-bearing public debt

Marketable public issuesby maturity class

Within1 year

54.849.644.649.4

49.447 157.773.962.861.768.675.372.679.9

75.385.987.389.488 593.4

105.2104.4108 6118.1

123 4119.1130.4141.6

119.2122.1126.3122.3126.6121.9

122.5121.6121 3122.4128.6130.4

131.5130.2130.2128.4125.7122.8

122.6129.1129.1130.9139.4141.6

1 to 10years

61.756.155.151.8

50.556.762.250.464.768.658.956.971.083.7

89.584.795.694.2

100.495.687.597.0

103.493.3

104.9123.0117.7106.8

123.0119.4119.5121.2115.9115.9

115.9114.9114.9116.9115.6117.7

117.7117.8117.8117.7117.8119.3

119.3111.7111.7111.6109.0106.8

10yearsandover

60.160.057.753.9

52.538.828.730.330.232.932.932.032.024.6

24.225.420.124.023 625.625.425.124.824.4

19.419.921.421.8

19.819.719.619.519.419.4

19.321.621.621.521.421.4

22.021.921.821.722.420.8

20.821.621.621.521.821.8

Nonmarketable publicissues

U.S.sav-ings

bondsand

notes

49.852.155.156.7

58.057.657.957.757.757.956.352.551.248.2

47.247.547.548.849 750 350.851.752 352.2

52.554.958.160.8

55.155.355.655.956.256.5

56.757.057.257.557.858.1

58.458.759.059.359.759.9

60.260.360.360.560.860.8

For-eignand

inter-na-

tional

0.5

1.31.82.41.53.24.44.7

6.517.421.326.9

17.617.517.219.118.919.7

22.722.422.521.821.721.3

21.226.129.129.229.029.2

28.828.628.928.426.726.9

Other

6 77 46 39.3

10.120 919 619 317.712.711 910.49.27.8

6.35 34.63.83 52 92.72.62 62.5

2.42.42 42.8

2.42.42.42.42.42.4

2.42.42.42.42.42.4

2.52.52.52.52.52.5

2.52.52.52.62.82.8

Specialissues

24 629 031.733.9

33.735 939 141 242.643.945 645.844.843.5

44.343 543.443.746 146.352.057.259.171.0

78.185.795.9

107.1

84.285.684.983.186.689.6

91.093.692.395.594.995.9

95.095.896.496.498.3

101.7

103.0106.1105.4105.1101.6107.1

Maturedpublicdebtanddebtbear-ing nointer-

est

1 52 72 22.1

2 42 32 12 33 03.02 42 02.13.1

3.43 54.34.14 44.44.33.52.92.0

1.91.82.02.1

1.81.91.81.81.81.9

1.81.91.81.81.82.C

1.91.91.81.81.91.J

1.8l.S2.C1.92.C2.1

Source: Department of the Treasury.

332


TABLE C-72.—Estimated ownership of public debt securities, 1946-73

[Par values,i billions of dollars]

End of year ormonth

19461947 .19481949

19501951 .195219531954195519561957.. . .19581959

I960.. . .196119621963196419651966196719681969

1970197119721973



1973: JanFebMar . .AprMayJune

JulyAug _ .SeptOctNovDec . . .

Total public debt securities 2

Total

259.1256.9252.8257.1

256 7259 4267.4275.2278 7280.8276.6274.9282.9290.8

290.2296.2303.5309 3317 9320.9329.3344 7358 0368.2

389.2424.1449 3469.9

422 9424.0427 3425 3427.9427 3

432 4435 4433 9439 9444 2449 3

450.1454 8458.6457 1457.3458.1

459.0461.8461 4462.5464 0469.9

Held

Govern-ment

accounts

27.430.833.735.9

36.039.342.945.446.749.051.252.852.151.4

52.852.553.255.358.459.765.873.176.689.0

97.1106.0116.9129.6

104.4106.2105.5105.5109.1111.5

112.8115.4113.5116.7116.1116.9116.2117.1117.9117.9120.1123.4

125.0128.7127.8127.4127.1129.6

Held byFederalReserveBanks

23 322 623.318.9

20 823 824.725.924 924.824 924.226.326.6

27.428.930.833 637 040.844.349 152 957.2

62.170.269.978.5

69.667.769 970 371.671 4

70 870 769.770 169 569.9

72.072.674.375 574.175.0

77.176.176 278.577.278.5

Held by private investors

Total

208 3203 6195.8202.4

199 9196 3199.8203.8207 1207.0200.5197.9204.5212.7

210.0214.8219.5220 5222 5220 5219.2222 4228 5222.0

229.9247.9262.5261.7

248 9250.2251 9249.5247.2244 4

248 8249.3250.7253.1253 6262.5261.8265.1266.4263 7263.1259.7

256.9257.1257.4256.5259.7261.7

Com-mercialbanks 3

74 568 762.466.8

61 861 563.463.769 162.059 559.567.560.3

62.167.267.164 263 960 757.463 866.056.8

62.765.367 760.2

63.162.463 662.261.360 9

60 560.361.161.664.267 766.462.862.060.558.958.8

56.555.155.456.358.560.2

Mutualsavingsbanks

and in-surance

com-panies

36 735.932.731.5

29 626 225.525.124 123.121.220.119.819.4

18.117.417.416 816.515.614.112.711.610.1

9.89.38.77.6

9.29.29.29.19.18.98.88.68.98.68.88.68.78.48.48.28.18.1

8.07.87.77.67.57.6

Othercorpo-

rations4

15 314 114.816.8

19 720 719.921.519 123.218.717.718.121.4

18.718.518.618.718.215.814.912.214.210.4

7.311.49.8

11.4

10.811.110.69.5

10.39.39.48.07.89.1

10.69.8

10.310.911.210.010.89.8

10.311.59.2

10.211.111.4

Stateand localgovern-ments *

6 37 37.98.1

8 89 6

11.112.714 415.416.316.616.518.0

18.719.020.121.121.222.924.324.124.927.2

27.825.428.929.3

26.026.726.226.126.026.926.927.027.628.528.628.930.029.529.429.228.628.828.427.729.028.528.929.3

Indi-viduals 6

64 165 765.566.3

66 364.665.264.863 565.065.964.963.769.4

66.165.966.068.269.872.174.674.075.881.4

81.974.074.777.3

73.673.674.774.674.474.074.374.274.074.174.574.774.975.075.375.475.775.976.777.077.277.077.277.3

Miscel-laneousinves-tors 7

11 411.912.512.9

13.613.714.716.116.918.318.919.118.924.3

26.526.930.231.633.033.433.935.736.136.140.462.572.876.066.267.267.567.966.164.568.971.271.471.372. C72.871.578.580.180.481. C78.477.078.078. S76.976.676.0

1 U.S. savings bonds, series A-F and J, and U.S. savings notes are included at current redemption value.2 Not all of total shown is subject to statutory debt limitation.3 Includes commercial banks, trust companies, and stock savings banks in the United States and Territories and island

possessions; figures exclude securities held in trust departments. Since the estimates in this table are on the basis of parvalues and include holdings of banks in United States Territories and possessions, they do not agree with the estimatesin Table C-53, which are based on book values and relate only to banks within the United States.

4 Exclusive of banks and insurance companies.6 Includes trust, sinking, and investment funds of State and local governments and their agencies, and of Territories

and possessions.6 Includes partnerships and personal trust accounts.7 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers,

Federal oriented agencies not included in Government accounts, and investments of foreign balances and internationalaccounts in this country. Beginning with December 1946, the international accounts include investments by the I nternationa IBank for Reconstruction and Development, the International Monetary Fund, the International Development Association,the Inter-American Development Bank, and various United Nations' funds, in special non-interest-bearing notes andbonds issued by the U.S. Government.


333


TABLE C-73.—Average length and maturity distribution of marketable interest-bearingpublic debt, 1946-73

End of year or month

Fiscal year:194619471948 .1949

19501951195219531954

19551956195719581959

I9601961196219631964

19651966196719681969

1970197119721973

1972- JanFebMarAprMayJune

JulyAugSeptOct - .NovDec

1973:Jan . .FebMar . .AprMayJune


Amountout-

standing Within1 year

Maturity class

I to5years

5 to 10years

»

10 to 20years

20 yearsand over

Millions of dollars

189,606168, 702160, 346155,147

155,310137,917140, 407147,335150,354

155, 206154,953155, 705166,675178, 027

183, 845187,148196,072203,508206,489

208,695209,127210,672226, 592226,107

232, 599245, 473257, 202262,971

261,918261,215265,380262,989261,924257, 202

257,717258,095257, 720260,863265,621269, 509

271,121269,881269,775267, 847265,919262,971

262,708262,405262,356264, 047270,234270,224

61,97451,21148, 74248,130

42,33843,90846,36765, 27062, 734

49, 70358,71471,95267, 78272,958

70,46781,12088, 44285, 29481,424

87,63789,13689,648

106,407103,910

105, 530112,772121,944122,803

119,152122, 067126,315122,263126,617121,944

122, 528121, 589121,260122, 442128, 569130, 422

131,454130, 205130,187128, 359125,697122, 803

122,602129,072129,114130,940139,433141,571

24, 76321, 85121,63032, 562

51, 29246, 52647, 81436,16129, 866

39,10734, 40140,66942, 55758, 304

72, 84458,40057,04158,02665,453

56,19860, 93371,42464, 47062, 770

89,61589, 07489,00488, 223

93,64693,08993,10694, 84989,00589,004

89,00485, 73085, 73087,76286, 46488, 564

88, 57295,42295,42595, 39288, 22288,223

88,22380,59480,57680, 53583, 81781,715

41, 80735, 56232, 26416, 746

7,7928,707

13,93315,65127, 515

34, 25328,90812, 32821, 47617, 052

20, 24626, 43526,04937, 38534,929

39,16933, 59624, 37830, 75434, 837

15, 88224, 50326, 85231,111

29,31826,34726, 34926,34826,85326,852

26,85229,14929,14829,14729,14629,143

29,14222, 35722,35622,35629,62031,111

31,10831,10631,10331,10225,13625,134

17,46118, 59716, 22922, 821

28,03529,97925, 70028,66228,634

28,61328, 57826,40727,65221,625

12,63010, 2339,3198,3608,355

8,4498,4398,4258,4078,374

10, 5248,4559,343

14, 477

9,4849,4599,4199,3929,3639,343

9,31815,41915,39415, 36315, 33015, 301

15,27116,11416, 05816,02215,99614,477

14,45715, 34515,31715, 26915,67915,659

43, 59941,48141,48134, 888

25, 8538,7976,5941,5921,606

3,5304,3514,3497,2088,088

7,65810,96015,22114, 44416,328

17, 24117, 02316,79716, 55316, 217

11,04810,67010, 0596,357

10,31710, 25310,19110,13710,08610, 059

10,0156,2086,1886,1516,1126,079

6,6825,7835,7485,7186,3856,357

6,3186,2886,2456,2016,1696,145

Average length

Years

9998

g6555

55454

44455

54444

3333

333333

333333

333333

333333

Months

1529

27846

104937

46

111

o4

11720

86

2

443333

244321

110032

232110

Mote.—All issues classified to final maturity except partially tax-exempt bonds, which were classified to earliest calldate (the last of these bonds were called on August 14,1962 for redemption on December 15,1962).


334


CORPORATE PROFITS AND FINANCE

TABLE C-74—Profits before and after taxes, all private corporations, 1929-73


Yq

1929

1933

1939

19401941194?1943194419451946194719481949

1951195?195319541955195619S719581959

I960196119621963196419651966196719681969

1970197119721973

1971:

1972'

1973

ear oruarter

V

1IIIII

IV

IIIIllIV

IIIIII

Corporate profits (before taxes) andinventory valuation adjustment

Allin-

dus-tries

10.

- 1 .

6.

9.15.702423.19.19

3330

374?39.

5

2

3

823482

608

77q

39.638464645

51.

4950555866768?788479

6q80qi

109.

7580.80.83.

86.

nqi617

q

7q

14738

112

8594

88.091.598.8

104.3107.112

90

rManufacturing

Total

5.

3.

5.9.

111313.9.q

131716

?n?4

22iq?6?4?4iq26.

?4?3?6?83?394?384136

?73?4051

31

2

4

3

558827066

q660q070

3

4

687

677fi

8517

832.731.833.6

37.338.739.944.7

49.75251

49

Dur-able

goodsin-

dus-tries

2.

1.

3.6.787.4.

578

1?13111110141?13q

13.

1?11141517

?4?0

18

1014?026

14141315

18

6

4

7

14

1454851

0

795383

6

041888n748

7

9

?

987

720.219.522.3

26.92826

56

Non-dur-able

goodsin-

dus-tries

2.

1.

2.3.45.5.5.67

108

8119

109

1111101012.

1?111?13141618.

6

0

7

4167926801

9491489707

4q50q66

18.01917

17.

37

317.8?024

17171817

18182022

22

08

6809

6544

823.925.3

Trans-porta-tion,com-muni-cation,

andpublic

utilities

1.8

.0

1.0

1.32.03.44.43.92.71.82.23.03.0

4.04.64.95.04.75.65.95.85.97.0

7.57.98.59.5

10.111.111.910.810.610.1

7.88.69.39.3

Allother

in-dus-tries

3.4

- . 8

2.0

3.03.75.16.6.6.89

12.

77595

11.6

1?13131?,1315151515.

75364

68q

18.4

17.919?0

?3?5

29.

i565691

32.033. 1

33.7394148

172

Cor-po-rateprof-itsbe-fore

taxes

10.0

1.0

7.0

10.017.721.525.124.119.724.631.535.228.9

42.643.938.940.638.348.648.847.241.452.1

49.750.355.459.466.877.884.279.887.684.9

74.085.198.0

126.5

Seasonally adjustec

8.29.19.17.9

8.58.99.89.9

9.28.5

10.3

35 838.640.041.9

40.440.441.744.2

45.44749

08

80.885.587.086.9

92.894.898.4

106.1

119.6128.9129.0

Cor-po-ratetaxlia-bil-ity i

1.4

.5

1.4

2.87.6

11.414.112.910.79.1

11.312.510.4

17.822.319.420.317.721.621.721.219.023.7

23.023.124.226.328.331.334.333.239.940.1

34.837.442.756.2

Corporate profitsafter taxes

Total

8.

5.

7.10.1011.11.9.

15?022.

6

4

6

2111205

718.5

?4

19

?0?7?7

22.

966460

03

28.5

26.7?73133384649464744

39475570

j><p1459688

3642

\ annual rates

37.038.438.036.4

40.641.442.945.9

52.757.457.6

43.8474950

5?535560

66

106

463

971.671.5

Divi-dends

5.

2.

3.

4.4.44.4.4.5677

88.

8

0

8

043466630

86

8.68.9

101111.1112.

131315161719?0

?3?4

24.

9353766

48

5888463

725.1?627

?5252524

?5252626

26

08

3129

7924

927.328.129.0

Un-dis-trib-utedprof-its

2.

1.

3.5.566.4.9

13.1511

161311.11.111615.14.1015.

13.131616.?0

29.

24.?0

14

?942.

8

6

8

2796549963

0005359

89

2506671325

6534

18.522.023.725.7

26.527.529.433.9

40.04443

24

Corpo-rate

capitalcon-

sump-tion

allow-ances2

4.2

3.8

3.7

3.84.25.05.46.16.44.75.87.07.9

8.810.311.513.215.017.418.920.822.023.5

24.926.230.131.833.936.439.543.046.851.9

56.060.465.971.0

58.859.861.062.1

63.466.266.068.0

69.370.571.772.7

Profitsplus

capitalcon-

sump-tion

allow-ances3

12.

4.

9.

11.14.15.16.17.15.20.26.29.26.

33.31.31.33.35.44.46.46.44.52.

51.53.61.64.72.82.89.89.94.96.

95.

8

2

3

04

424

075

780554

830

6538395668

108.0121.141.

102.

33

6106.9109.9112.6

115.6119121128

136142143

563

202

1 Federal and State corporate income and excess profits taxes.2 Includes depreciation and accidental damages.3 Corporate profits after taxes plus corporate capital consumption allowances.Source: Department of Commerce, Bureau of Economic Analysis.

335


TABLE C-75.—Sales, profits, and stockholders* equity, all manufacturing corporations, 1947—73


Year orquarter

194719481949. . .

19501951.195219531954

195519561957.19581959

I960..1961196219631964

19651966196719681969.

197019711972

1971:1IIIIIIV

1972:1IIIllIV

1973:1 . . .IIIII

1

Sales(net)

150.7165.6154.9

181.9245.0250.2265.9248.5

278.4307.3320.0305.3338.0

345.7356.4389.9412.7443.1

492.2554.2575.4631.9694.6

708.8751.4849.5

177.5191.4185.6196.9

197.2213.2210.6228.6

232.5256.3254.0

\ll manufacturingcorporations *

Profits

BeforeFederalincometaxes

16.618.414.4

23.227.422.924.420.9

28.629.828.222.729.7

27.527.531.934.939.6

46.551.847.855.458.1

48.153.263.2

12.114.512.813.7

13.916.715.117.5

18.322.219.6

AfterFederalincometaxes

10.111.59.0

12.911.910.711.311.2

15.116.215.412.716.3

15.215.317.719.523.2

27.530.929.032.133.2

28.631.336.5

7.08.57.58.2

7.99.68.8

10.1

10.513.011.6

Stock-holders'equity2

65.172.277.6

83.398.3

103.7108.2113.1

120.1131.6141.1147.4157.1

165.4172.6181.4189.7199.8

211.7230.3247.6265.9289.9

306.8320.9343.4

314.0319.0323.2327.3

332.6340.4347.4353.1

361.1370.8378.9


Sales(net)

66.675.370.3

86.8116.81?? 0137.9122.8

142.1159.5166.0148 6169.4

173 9175 ?195.5209.0226.3

?57 0291.7300 6335.5366.5

363.1382.5435.8

90 799 892.699.4

100.0111.5106.2118.1

] ? ] . ?136.5130.3

Profits


7.68.97.5

12.915.412.914.011.4

16.516.515.811.415.8

14.013.616.718.521.2

26.229.225.730.631.5

23.026.533.6

6.07.85.86.9

7.39.67.59.2

10.312.79.9


4.55.44.5

6.76.15.55.85.6

8.18.37.95.88.1

7.06.98.69.5

11.6

14.516.414.616.516.9

12.914.518.4

3.24.33.23.8

3.95.34.25.1

5.77.15.7

Stock-holders'equity 2

31.134.137.0

39.947.249.852.454.9

58.865.270.572.877.9

82.384.989.193.398.5

105.4115.2125.0135.6147.6

155.1160.6171.4

158.0160.3161.2162.8

165.5170.3173.6176.3

181.9187.1191.9

Nondurable goodsindustries^

Sales(net)

84.190.484.6

95.1128.1128.0128.0125.7

136.3147.8154.1156.7168.5

171.8181.2194.4203.6216.8

235.2262.4274.8296.4328.1

345.7368.9413.7

86.991.693.197.4

97.2101.7104.4110.4

111.3119.9123.7

Profits


9.09.57.0

10 312.110.010 49 6

12 113.212.411.313.9

13.513.915.116.418.3

20.322.622.024.826.6

25.226.729.6

6.16.87.06.8

6.67.27.68.3

8.09.59.7


5.66.24.6

6 15.75.25 55 6

7 07 87.56.98.3

8.28.59 2

10.011.6

13.014.614.415.516.4

15.716.718.0

3.84.24.34.4

4.14.34.65.0

4.85.85.9

Stock-holders'equity 2

34.038.140.6

43 551.153.955 758.2

61.366.470.674.679.2

83.187.792.396.3

101.3

106.3115.1122.6130.3142.3

151.7160.3172.0

156.0158.7162.0164.6

167.1170.1173.9176.8

179.2183.7186.9

1 Includes newspapers beginning 1969.2 Annual data are average equity for the year (using four end-of-quarter figures).

Note.—For explanatory notes concerning compilation of the series, see "Quarterly Financial Report for ManufacturingCorporations," Federal Trade Commission.

Data are not necessarily comparable from one period to another due to changes in accounting procedures, industryclassifications, sampling procedures, etc. Specific information about the effects of the more significant changes and re-visions is contained in the following issues of the "Quarterly Financial Report": third quarter 1953, third quarter 1956,first quarter 1959, and first quarter 1965.

Source: Federal Trade Commission.

336


TABLE C-76.—Relation of profits after taxes to stockholders* equity and to sales, all manufac-turing corporations, by industry group, 1950-73

Year orquarter

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

197019711972

1972: I

IV. . . .

1973: II I . . . .I I I . . .

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

197019711972

1972: I . . .I I . .III .IV..

1973: I

Allman-ufac-tur-ing

cor-pora-tions 1


Totaldur-able 2

Mo-tor

vehi-clesand

equip-ment

Air-craftandparts

Elec-tricalma-

chin-ery,

equip-ment,andsup-plies

Ma-chin-ery(ex-ceptelec-trical)

Fab-ri-

catedmetalprod-ucts

Pri-maryironandsteelin-

dus-tries

Pri-marynon-fer-rousmetal

in-dus-tries

Stone,clay,and

glassprod-ucts

Furni-tureandfix-

tures

Lum-berand

woodprod-ucts(ex-cept

furni-ture)

In-stru-mentsandre-

latedprod-ucts

Mis-cella-neousman-ufac-tur-ing(in-

clud-ingord-

nance)

Ratio of profits after Federal income taxes (annual rate) to stockholders' equity—percent3

15.412.110.310.59.9

12.612.310.98.6

10.49.28.99.8

10.311.613.013.411.712.111.59.39.7

10.69.5

11.310.111.511.614.012.3

16.13.11.11.

9011

10.313.12.11.

883

8.010.48.58.9.10.11.13.14.11.12.11.8.9.109.12911121511

1617827243083476539

25.14.13.13.14.21.13.14.8.14.13.11.16.16.16.19.15.11.15.12.

33991712255437959716

6.113.14161951721216

174156148

17.713.28.17.9.38

12.711.12.15.14.12.14.10.6.5.7.7.9.7.

3224926889273

7.49.8129.28

20.914.013.713.112.412.311.412.510.212.59.58.910.010.111.213.514.812.812.211.19.19.510.88.511.110.213.511.613.312.7

14.13.11.9.8.10.12.10.6.9.7.7.

103863679758

9.19.612.514.115.12.

09

12.312.9.8.

287

10.69.311.11.

70

10.21214

47

12.9

16.013.410.19.87.610.010.79.37.38.05.65.97.98.310.113.214.712.711.711.38.58.310.99.212.111.710.211.915.413.7

14.312.38.510.78.113.512.711.47.28.07.26.15.47.08.89.810.27.77.67.64.34.56.04.07.54.97.67.810.49.3

15.113.811.611.110.415.516.49.36.07.97.17.17.57.69.811.914.810.910.812.210.65.15.95.77.54.95.68.411.59.1

17.714.211.711.812.515.614.912.410.212.79.98.98.98.79.610.39.98.29.29.26.99.210.15.012.713.49.36.213.514.2

15.11.

23

8.68.26.09.11.

26

8.56.38.96.4.7.8.10.13.14.12.12.12.7.

59931421269

9.513.10.

41

14.613.14.14.14.12.

77247

17.511.98.57.16.311.18.74.75.79.43.64.15.68.29.910.110.08.614.613.05.611.416.312.519.219.214.121.030.422.3

16.713.211.611.412.312.512.412.010.613.111.610.612.012.114.417.520.918.016.615.614.313.614.913.514.915.815.214.116.617.6

Profits after Federal income taxes per dollar of sales—cents

7.14.84.34.34.55.45.34.84.24.84.44.34.54.75.25.65.65.05.14.84.04.14.34.04.54.24.44.55.14.6

7.75.34.54.24.65.75.24.83.94.84.03.94.44.55.15.75.64.84.94.63.53.84.23.94.74.04.34.75.24.4

8.34.74.73.95.16.95.25.44.06.35.95.56.96.97.07.26.24.95.74.72.64.64.85.45.92.25.36.16.12.4

2.92.41.61.41.82.42.32.63.33.02.73.23.02.01.82.52.32.92.42.22.93.22.9

7.25.04.54.14.54.43.84.23.84.4

3.53.53.73.84.24.84.84.44.33.9

3.33.53.93.24.03.84.54.14.34.3

7.35.54.84.24.45.15.44.83.74.8

3.94.14.54.75.86.26.45.75.55.44.64.24.94.55.25.14.65.55.95.4

6.85.04.03.63.13.84.03.63.13.22.42.53.13.23.74.54.94.54.13.83.02.93.53.13.83.83.13.74.34.0

7.95.84.75.35.37.26.76.65.45.4

5.14.63.94.85.65.75.84.84.64.42.52.63.12.33.72.53.73.54.44.0

10.27.86.76.36.68.39.36.64.75.85.45.35.55.36.57.38.26.86.26.66.23.33.73.74.53.23.34.55.44.7

10.17.16.66.57.48.68.27.56.87.9

6.65.85.65.35.65.95.64.85.24.73.64.54.72.75.85.94.13.15.65.8

5.13.42.72.62.12.93.42.62.02.72.11.62.32.42.93.73.93.53.43.52.53.03.73.13.93.84.04.13.83.6

9.45.54.13.53.45.43.92.32.84.2

1.71.92.53.33.94.03.83.45.34.82.54.45.04.45.85.74.36.37.86.3

8.66.14.84.65.56.05.85.75.46.55.95.45.96.07.28.69.58.58.17.87.37.28.27.88.18.58.27.98.79.2

12.39.77.08.27.58.5

11.67.78.29.39.29.99.48.89.5

10.715.413.112.411.6

10.09.0

10.87.6

10.99.8

14.66.9

12.112.5

5.63.72.72.92.83.13.62.53.03.5

3.53.63.43.33.63.84.94.24.03.83.43.23.32.53.33.13.92.13.53.5


337


TABLE C-76.—Relation of profits after taxes to stockholders' equity and to sales, all manufac-turing corporations, by industry group, 1950-73—Continued

Year orquarter

1950195119521953195419551956 __1957..195819591960196119621963196419651966196719681969197019711972 . . .1972:1

III I I . . . .IV.....

1973: 1IIIII

1950 .1951195219531954 _19551956 . . .19571958195919601961196219631964196519661967196819691970197119721972:1

I I . . . .III . . - .IV. . . .

1973:1IL—III . . .

Nondurable goods industries

Totalnon-dur-

able '2

Foodandkin-dredprod-ucts

To-baccoman-ufac-tures

Tex-tilemill

prod-ucts

Ap-pareland

relatedprod-ucts

Paperand

alliedprod-ucts

Print-ingandpub-lish-ing i

Chem-icalsand

alliedprod-ucts

Petro-leumrefin-ing

Rub-berandmis-cella-neousplasticprod-ucts

Ratio of profits after Federal income taxes (annual rate) to stockholders' equity—percent

14.111.29.79.99.6

11.411.810.69.2

10.49.89.69.9

10.411.512.212.711.811.911.510.310.310.59.8

10.210.511.410.812.712.7

12.38.17.68.18.18.99.38.78.79.38.78.98.89.0

10.010.711.210.810.810.910.811.011.110.011.611.211.410.812.313.3

11.59.58.49.4

10.211.411.712.513.513.413.413.613.113.413.413.514.114.414.414.515.715.815.415.115.915.315.413.615.415.6

12.78.24.24.61.85.75.84.23.57.55.85.06.26.18.5

10.910.17.68.87.95.16.77.56.47.37.39.08.4

11.18.6

10.12.94.45.14.56.18.16.34.98.67.77.29.37.7

11.712.713.312.013.011.99.3

11.212.-010.99.3

12.415.18.0

14.66.3

16.213.910.510.19.9

11.511.68.98.19.58.57.98.18.19.39.4

10.69.19.7

10.17.04.89.06.5

10.58.6

10.510.814.613.1

11.510.39.19.49.2

10.213.011.79.0

11.410.68.5

10.39.2

12.614.215.613.012.512.611.210.712.17.6

12.612.615.310.412.213.7

17.812.210.910.711.614.714.213.311.413.712.211.812.412.914.415.215.113.113.312.811.411.812.912.712.912.912.814.415.514.8

15.213 313.412.713 413.912.510.09.8

10.110.310.111.311.411.812.412.512.311.711.010.38.78.87.48.79.89.2

10.712.3

16.914.811 111.310.613 212.211.19.1

11.09.19.39.69.2

10.611.712.210.312.310.37.19.6

10.810.212.110.010.910.014.19.6

Leatherand

leatherprod-ucts

3

10.92.15.86.05.98.57.27.05.78.56.34.46.96.9

10.511.612.911.913.09.39.48.29.1

10.26.3

10.69.29.17.4

10.6

Profits after Federal income taxes per dollar of sales—cents

6.54 54.14.34.45.15.34.94.44.94.84.74.74.95.45.55.65.35.25.04.54.54.44.24.34.44.64.34.94.8

3.42 01.92.02.12.32.42.22.22.42.32.32.32.42.72.72.72.62.62.62.52.62.52.42.72.52.52.42.62.7

4.93 83.23.74.24 85.05.25.45.45.55.75.75.95.95.95.95.95.55.25.86.16.05.96.26.05.85.66.06.0

5.83 41.92.21.02 62.61.91.63.02.52.12.42.33.13.83.62.93.12.91.92.42.62.32.52.62.82.83.42.8

2.8.6

1.01.21.11.31.61.31.01.51.41.31.61.42.12.32.42.32.42.31.92.42.42.32.02.32.7

1.62.81.2

8.86.65.75.45.66.16.15.04.75.25.04.74.64.55.14.95.44.74.74.83.42.34.03.04.63.84.64.75.95.6

4.53.73.33.43.43.64.23.73.14.03.62.83.43.24.34.85.14.44.14.74.24.14.73.04.84.95.74.14.55.2

10.36.56.16.16.88.38.07.67.07.97.57.37.47.57.97.97.86.96.86.55.96.16.46.46.36.56.36.97.06.9

11.110.110.410.611.111.610.69.59.59.9

10.39.7

10.810.911.111.211.010.710.19.38.36.76.85.86.87.26.77.58.0

5.84.53.63.84.04.44.44.23.54.03.63.83.73.64.14.34.43.94.53.82.73.64.04.04.33.73.93.64.63.2

3.7.6

1.81.81.92.52.12.01.72.21.61.11.81.82.62.83.03.03.32.62.52.22.42.81.72.82.22.42.02.8

i Includes newspapers beginning 1969.* Includes certain industries not shown separately.3 Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equity

at end of quarter only.Note.—For explanatory notes concerning compilation of the series, see "Quarterly Financial Report for Manufacturing

Corporations," Federal Trade Commission. See also Note, Table C-75.Source: Federal Trade Commission.

338


TABLE C-77.—Sources and uses of funds, nonfarm nonfinancial corporate business, 1946-73


Period

1946194719481949

19501951 .1952195319541955195619571958 _ .1959

1960 _ .1961196219631964 . .1965196619671968 . . . . .1969

1970 . .19711972

1971: 1st half...2d half

1972: 1IIIII . . .IV

1973: 1IIIII*

Total

18.327.028.219.6

41.135.529.127.228.852.544.342.241.255.1

47.454.559.265.072.491.497.494.1

112.4115.5

100.7122.7146.3

InternaM

7.812.618.719.1

17.919.921.221.123.329.228.930.629.535.0

34.435.641.843.950.556.661.261.561.760.7

59.469.977.5

Total

10.514.49.6.6

23.215.67.96.15.5

23.315.411.611.720.1

12.919.017.421.121.934.836.232.650.754.8

41.352.868.9

Sources

Externa

Credit market funds

Total

6.88.66.33.2

7.210.09.25.66.3

10.312.912.010.612.6

11.912.312.512.114.520.425.429.630.338.3

38.847.454.6

Long-term 2

3.45.56.45.1

3.85.97.85.96.66.57.5

10.310.58.1

7.510.89.58.28.89.2

15.621.317.019.5

29.842.038.2

Short-term 3

3.33.1

- . 1- 1 . 8

3.44.11.4

- . 3- . 33.85.41.7.0

4.5

4.51.52.93.95.6

11.39.88.3

13.318.8

9.05.4

16.4

Other

3.75.83.3

- 2 . 7

15.95.6

- 1 . 3.5

- . 813.02.5

- . 41.27.5

1.06.74.99.07.4

14.410.93.0

20.416.5

2.55.5

14.2

Total

16.525.525.218.7

40.437.228.926.826.447.839.738.737.850.8

41.449.554.759.365.082.589.188.2

104.0112.1

95.0109.7131.4

Uses

Pur-chase

ofphysi-

calassets4

17.917.220.215.2

24.029.824.324.521.531.335.734.527.036.7

38.736.343.645.251.662.376.571.475.083.7

84.086.7

100.7

In-crease

infinan-cial

assets

- 1 . 48.45.03.5

16.47.44.62.34.9

16.54.04.2

10.814.2

2.713.211.114.213.420.212.616.829.028.4

11.023.030.7

Discrep-ancy

(sourcesless

uses)

1 81.43.0.9

.7- 1 . 7

.2

.42.54.64 63.53.44.3

6.05.04.55.67.48.98.35.98.43.4

5.713.015.0


118.1127.2

129.7135.2144.3176.2

173.7183.9191.6

67.372.4

73.176.277.682.9

81.480.385.9

50.854.8

56.659.066.793.3

92.3103.6105.7

45.149.7

42.852.552.869.9

77.268.864.1

42.041.9

33.940.739.438.8

32.439.332.7

3.07.8

8.911.813.431.1

44.729.331.4

5.85.2

13.86.4

13.923.4

15.034.941.6

106.2113.3

127.3120.7131.8146.0

163.9167.7183.3

86.587.0

93.998.0

103.3107.4

107.4109.8117.7

19.726.3

33.422.728.538.6

56.557.965.6

12.013.9

2.314.612.530.2

9.716.28.2

1 Undistributed profits (after inventory valuation adjustment) and capital consumption allowances.2 Stocks, bonds, and mortgages.3 Bank loans, commercial paper, finance company loans, bankers' acceptances, and Government loans.4 Plant and equipment, residential structures, and inventory investment.


339


TABLE C-78.— Current assets and liabilities of U.S. corporations, 1939—73[Billions of dollars]


Current assets

Total

Cashon

handandin

banks1

U.S.Gov-ern-ment

securi-ties 2

Re-ceiv-ablesfromU.S.Gov-ern-

ment3

Notesandac-

countsreceiv-able

In-ven-tories

Othercur-rentas-

sets*

Current liabilities

Total

Ad-vances

andpre-pay-

ments,U.S.Gov-ern-

ment3

Notesandac-

countspay-able

Fed-eralin-

cometax

liabili-ties

Othercur-rentlia-bili-ties

Network-ing

capi-tal

All corporations»

1939.

1940..1941.1942.1943.1944.1945.1946.1947.1948.1949.

1950.1951.1952.1953.1954.1955.1956.1957.1958.1959.

1960.1961.

54.5

60.372.983.693.897.297.4

108.1123.6133.0133.1

161.579.1

186.2190.6194.6224.0237.9244.7255.3277.3

289.0306.8

10.8

13.113.917.621.621.621.722.825.025.326.5

28.130.030.831.133.434.634.834.937.436.3

37.241.1

2.

2.4

10162021

?

001491

15.31414

18

16.8

192019211923191818

77g525168

22.8

20.120 0

0.1.6

4.05.04.72.7

38.342.443.0

23.927.423.321.921.823.230.0

1.12.72.82.62.42.32.62.82.82.9

3.13.4

55.758.864.665.971.2£6.695.199.4

106.9117.7

126.1135.8

18.0

19.825.627.327.626.826.337.644.648.945.3

55.164.965.867.265.372.880.482.281.988.4

91.895.2

1.4

1.51.41.31.31.42.41.71.61.61.4

1.72.12.42.43.14.25.96.77.59.1

10.611.4

30.0

32.840.747.351.651.745.851.961.564.460.7

79.892.696.198.999.7

121.0130.5133.1136.6153.1

160.4171.2

0.6.8

2.02.21.8.9.1

37.639.337.5

21.9

22.625.624.024.125.024.831.5

.41.32.32.22.42.32.42.31.71.7

1.81.8

47.953.657.057.359.373.881.584.388.799.3

105.0112.8

1.

2.7.

12.16.15.10.8.

10.11.9.

2

5

66545753

16.721. 318.11815.1917.151215

13

7536490

514.1

6.9

7.17.28.78.79.49.7

11.813.213.514.0

14.916.518.720.722.525.729.031.133.337.0

40.142.5

Nonfinancial corporations«

1961..1962..1963..1964.1965..1966..1967.1968.1969.

1970.1971.1972.

1972: I . . . .I I . . .IllIV

1973: I

Ill

254.7269.7288.2305.6336.0364.0386.2426.5473.5

490.5516.6561.2

526.1534.3545.3561.2

577.0594.7611.6

24.5

27.532.336.342.145.651.656.262.168.672.4

81.686.590.191.894.9

103.0107.4111.6118.7124.2

128.6135.6

34.837.139.840.542.841.945.548.247.9

49.755.360.3

55.355.757.360.3

61.062.262.1

16.516.816.715.814.413.010.311.510.6

7.610.49.7

9.98.77.69.7

10.49.49.2

3.43.73.63.43.94.55.15.14.8

4.23.53.4

3.42.82.93.4

3.22.93.1

94.599.5

106.9116.5130.2142.1150.2168.8192.2

200.6207.5228.9

211.4216.3222.5228.9

234.0243.7252.2

95.0100.5106.8113.1126.6142.8153.1166.0186.4

196.02C3.1218.2

207.2210.7215.2218.2

225.9233.5241.5

10.512.114.416.318.119.722.026.931.6

32.436.840.7

38.940.139.840.7

42.543.043.5

123.7132.4145.5156.6178.8199.4211.3244.1287.8

302.6311.9336.8

316.4319.1326.2336.8

345.7356.9369.7

1.82.02.52.73.14.45.86.47.3

6.64.94.0

4.94.94.74.0

4.14.54.4

82.686.794.5

102.2118.4133.1141.3162.4191.9

200.5202.8216.9

202.5204.0207.6216.9

218.1227.6235.6

13.314.315.716.218.317.413.214.312.6

11.814.516.7

15.713.415.016.7

18.616.518.2

26.029.432.835.539.044.551.061.076.0

83.789.799.2

93.396.898.999.2

104.9108.3111.5

131.0137.3142.7H9.0157.2164.6174.9182.4185.7

187.9204.7224.4

209.7215.2219.1224.4

231.3237.8241.9

1 Includes time certificates of deposit.2 Includes Federal agency issues.3 Receivables from and payables to the U.S. Government do not include amounts offset against each other on corpora-

tions' booksor amounts arising from subcontracting which are not directly due from or to the U.S. Government. Whereverpossible, adjustments have been made to include U.S. Government advances offset against inventories on corporations'hnnbeIOKS.

* Includes marketable investments (other than Government securities and time certificates of deposit) as well as sundrycurrent assets.

5 Excludes banks, savings and loan associations, and insurance companies.6 Excludes banks, sayings and loan associations, insurance companies, investment companies, finance companies

(personal and commercial), real estate companies, and security and commodity brokers, dealers, and exchanges.Note.—Year-end data through 1969 are based on "Statistics of Income" (Treasury Department), covering virtually

U I \s WVlllUUlv«f h/U *J\*U Ufl VICI LCI WVMIUIIVU

Securities and Exchange Commission.Source: Securities and Exchange Commission.

340


TABLE C-79.—State and municipal and corporate securities offered, 1934-73


Year or quarter

1934

1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

1970197119721973 v

1972: L_.I I . _III..IV..

1 9 7 3 : I . . .I I . . .I I I . .IV P.

State andmunicipalsecurities

offeredfor cash

(principalamounts)

939

1,128

1,238956524435661

7951,1572,3242,6902,907

3,5323,1894,4015,5586,969

5,9775,4466,9587,4497,681

7,2308,3608,55810,10710, 544

11,14811,08914,28816,37411,460

17, 76224,37022,94422,760

5,8656,1095,3835,587

5,6385,6045,0966,422

Corporate securities offered for cash

Totalcorpo-

rateoffer-ings

397

2,164

2,6772,6671,0621,1703,202

6,0116,9006,5777,0786,052

6,3617,7419,5348,8989,516

10,24010,93912,88411,5589,748

10,15413,16510, 70512,21113,957

15,99218, 07424,79821,96626, 744

38,50644,90740,83533,110

9,81311,1589,24010,624

8,2228,5986,3669,924

Type of corporate security

Com-monstock

19

87

1081103456163

397891779614736

8111,2121,3691,3261,213

2,1852,3012,5161,3342,027

1,6643,2941,3141,0112,679

1,5471,9391,9593,9467,714

6,9489,3159,6937,905

2,0652,7982,4182,412

2,7291,7991,2962,081

Pre-ferredstock

98

183167112124369

7581,127762492425

631838564489816

635636411571531

409450422343412

725574885637682

1,3833,6773,3723,390

8031,002

720847

1,142603440

1,205

Bondsand

notes

371

1,980

2,3862,390917990

2,669

4,8554,8825,0365,9734,890

1,

23221,

992848539510061

026701742226414

4,9205,6917,6017,0837,488

7,4208,0029,9579,6537,190

8,0819,4208,96910,85610, 865

13,72015,56121,95417,38318,348

30,17631,91527,77121,816

6,9457,3596,1037,364

4,3506,1974,6316,638

Industry of corporate issuer

Manu-fac-

turing^

67

604

1,2003,1224,0392,2542,268

2,9943,6474,2343,5152,073

2,1524,0773,2493,5143,046

5,4177,070

11,0586,9796,356

10,60911,6826,6224,845

1,4662,0881,6271,441

8791,4111,1561,399

Elec-tric,

water2

133

1,271

1,2031,357

472477

1,422

2,3192,1583,2572,1872,320

2,6492,4552,6753,0293,713

2,4642,5293,9383,8043,258

2,8513,0322,8252,6772,760

2,9363,6654,9355,2816,736

11,00711,77811,31810,246

2,2523,4792,6442,943

2,4272,8862,0182,915

Trans-porta-tions

176

186

32436648161609

1,454711286755800

813494992595778

2,2072,4422,0271,711

634529386478

329519478385

Com-munica-

tion

902571

399612760882720

893724824824967

718694567957982

1,0131,9722,0671,8752,146

1,1321,4191,4621,424717

1,0501,8341,3031,1052,189

9472,0031,9791,7662,188

5,1465,8194,8254,898

1,5061,369868

1,082

1,215964871

1,848

Other

103

15996421109

211329293

1,008946

1,3001,0581,0682,1382,037

2,7572,6192,4261,9912,733

3,3833,5272,7613,9574,980

5,6803,3644,7596,0649,319

9,53713,19016,04511,411

3,9553,6933,7164,681

3,3732,8211,8413,376

1 Prior to 1948, also includes extractive, radio broadcasting, airline companies, com mercial, and miscellaneous companyissues.

2 Prior to 1948, also includes telephone, street railway, and bus company issues.3 Prior to 1948, includes railroad issues only.

Note.—Covers substantially all new issues of State, municipal, and corporate securities offered for cash sale in the UnitedStates in amounts over $100,000 and with terms to maturity of more than 1 year; excludes notes issued exclusively tocorr rr.ercial banks, intercorporate transactions, investment company issues, and issues to be sold over an extended period,such as employee-purchase plans.

Sources: Securities and Exchange Commission, "The Commercial and Financial Chronicle," and "The Bond Buyer."

341


TABLE C-80.—Common stock prices\ earnings, and yields, and stock market credit, 1949-73

Year or month

1949..

1950..1951..1952.1953..1954..1955..1956.1957..1958..1959..

I960..1961..1962.1963.19641965.1966.1967.1968.1969..

1970.1971.1972.1973-.

1972:

1973:

Jan....Feb...Mar...Apr . . .May...June..

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

Jan...Feb...Mar..Apr. . .May..June..

July..Aug_.Sept..Oct...Nov..Dec...

Standard & Poor's common stock data Margin credit at brokers and banks

Price indexes l

Total(500

stocks)

Indus-trials(425

stocks)

Publicutilities

(55stocks)

Rail-roads(20

stocks)

1941-43=10

15.23

18.4022.3424.5024.7329.6940.4946.6244.3846.2457.38

55.8566.2762.3869.8781.3788.1785.2691.9398.7097.84

83.2298.29

109. 20107.43

103.30105. 24107.69108.81107.65108.01

107.21111.01109.39109.56115.05117. 50

118.42114.16112. 42110.27107.22104. 75

105. 83103.80105.61109. 84102.0394.78

15. 00

18.3322.24.24.

687884

30.2542.49.47.49.61.

59.69.65.73.86.93.91.99.

107.

4080633645

439954391948081849

107.13

91108121

293579

120.44

114116119

128673

121.34120.16120.84

119.98124122122128131

132127126123119117

3533392908

558705569520

118.65116.75118.52123.42114 64106.16

17.

19.

87

9620.5922.24.27.31.32.32.

860357372519

37.2244.

46.60.59.64.69

15

8620169991

76.0868.68.66.62

21104264

54.4859.3356.9053

605757555453

535455566161

605755

47

194173709473

476636661673

015294

55.3455.4354.37

535052534845

3114312230

.74

12.83

15.5319.9122.4922.6023.9632.9433.6528.1127.0535.09

30.3132.8330.5637.5845.4646.7846.3446.7248.8445.95

32.1341.9444.1138.05

45.1645.6646.4847.3845.0643.66

42.0043.2842.3741.2042.4144.62

42.8740.6139.2938.8836.1434.35

35.2233.7635.4938.2439.7441.48

Divi-dendyield(per-cent) 2

6.59

6.576.135.805.804.954.084.094.353.973.23

3.472.983.373.173.013.003.403.203.073.24

3.833.142.843.06

2.962.922.862.832.882.87

2.902.802.832.822.732.70

2.692.802.832.903.013.06

3.043.163.133.053.363.70

Price/earn-ings

ratio 3

6.49

7.158.57

10.579.77

11.7512.5913.2512.7316.3317.32

16.9821.6817.3918.2018.8117.9215.1517.4817.6616.48

15.6918.5018.20

18.45

17.95

18.00

18.39

16.40

14.42

14.17

Regulated5

Total Brokers Banks

Unreg-ulated;

non-mar-gin

stockcredit

atbanks e

Otherse-

curitycredit

atbanks?

Millions of dollars

6,8507,4277,8478,2508,4728,747

8,9249,0929,0919,0249,0689,045

8,8408,6408,3478,1657,6507,369

7,2997,0816,9547,093

5,9896,4776,8967,2837,4787,792

7,9458,0608,0838,0818,1668,180

7,9757,7737,4687,2936,7846,416

6,2436,0565,9495,9125,671

861950951967994955

9791,0321,008943902865

865867879872866953

1,0561,0251,0051,181

1,1821,1701,1581,1501,1411,644

1,7721,8001,8711,8751,8711,896

1,9321,9511,8621,9521,9921,973

1,9571,9521,9091,878

1,3131,3271,2941,2781,2961,274

1,2851,2981,2551,3511,3961,528

1,4841,5081,5861,4921,513

1 Monthly data are averages of daily figures and annual data are averages of monthly figures.2 Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes-

day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.3 Ratio of price index for last day of quarter to earnings for 12 months ending with that quarter. Annual ratios are

averages of quarterly data.4 Margin credit includes all credit extended to purchase or carry stocks or related equity instruments and secured at

least in part by stock. Credit extended by brokers is end-of-month data for member firms of the New York Stock Ex-change. June data for banks are universe totals; all other data for banks represent estimates for all commercial banks,which accounted for 60 percent of security credit outstanding at banks on June 30,1971.

51 n addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan valuesfor convertible bonds and stock acquired through exercise of subscription rights.

8 Nonmargin stocks are those not listed on a national securities exchange and not included in the Board of Governorsof the Federal Reserve System's list of over-the-counter margin stocks. At banks, loans to purchase or carry nonmarginstocks are unregulated; at brokers, such stocks have no loan value.

7 Includes loans to purchase or carry margin stock if these are unsecured or secured entirely by unrestricted collateral.

Sources: Board of Governors of the Federal Reserve System, New York Stock Exchange, and Standard & Poor's Cor-poration.

342


TABLE C-81.—Business formation and business failures, 1929-73

Year or month

1929 . . . . .1933 31939 3

1940194119421943 . .1944194519461947 .19481949195019511952195319541955195619571958... .1959196019611962 .1963...1964...19651966196719681969 . .1970 . .197119721973

1972:JanFebMarAprMayJuneJulyAugSeptOctNovDec

1973:JanFebMarAprMayJuneJulyAugSept.Oct . . .NovDec

Indexof net

businessformation

(1967 = 100)

112.687.893.193.398.294.491.399.195.290.489.596.802.488.390.793.397.298.698.2

100.0109.8116.2108.0111.0117.9

4118.4

Newbusiness

rations(num-

132,916112,89796, 34685,64093,09283,77892 946

102 706117 411139,915141,163137,112150,781193,067182 713181 535182, 057186,404197, 724203,897200,010206,569233,635274,267264,209287, 577316,601

4 306,404

Business failuresl

nessfailure

103.9100.369.663.054.444.616.46.54.25.2

14.320.434.434.330.728.733.242.041.648.051.755.951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.4

Seasonally adjusted

114.7114.6116.9118.0118.5117.7118.0117.5118.7120.4120.2120.1119.1119.8121.9119.6119.0118.2118.1117.7115.6

P 1 1 5 . 8P117.8

24, 87125,05526, 86226, 68126,24326,30326,81526,42026, 79827,41726, 38727,61427,17328,64029,91428,69328, 42227, 85927, 83227,69626,277

P 2 6 , 2 1 5v27,683

35.740.841.236.538.234.238.540.539.138 838.537.434.936.035.935.236.338.235.739.138.637.034.735.7

Number of failures

Total

22,90919,85914,76813,61911,8489,4053,2211 222

8091,1293,4745,2509,2469,1628,0587 6118 862

11 08610,96912,68613, 73914,96414,05315 44517 07515 78214,37413,50113,51413,06112 3649 6369,154

10,74810,3269,5669,345

750880986808856730740824730755799708772753874796838840714837717772739693

Liability sizeclass

Under$100,000

22,16518,88014, 54113,40011,6859,2823,1551 176

7591,0033,1034,8538,7088,7467,6267 0818 075

10,22610,11311,61512, 54713,49912,70713 65015 00613,77212,19211,34611,34010,83310 1447,8297,1928,0197,6117,0406,627

553647672592670528538578551593574544534557647598559608520580502519513490

$100,000andover

744979227219163123664650

126371397538416432530787860856

1,0711,1921,4651,3461 7952 0692 0102,1822,1552,1742,2282 2201 8071,9622,7292,7152,5262,718

197233314216186202202246179162225164238196111198279232194257215253226203

Amount of currentliabilities (millions

of dollars)

Total

483.3457.5182.5166.7136.1100.845.331.730.267.3

204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.6

1, 090.11,213.61,352.61,329.21,321.71,385.71 265.2

941.01,142.11,887.81,916.92,000.22,298.6

101.6191.3220.7148.5190.1127.9204.6253.6113.5153 0208.6

86.8205.8137.2252.3119.3167.9180.2206.2190.1189.5185.7218.7245.6

Liability sizeclass

Under$100,000

261.5215.5132.9119.9100.780.330.214.511.415.763.793.9

161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6

20.123.024.428.523.318.119.221 019.621 421.019.119.119.323.120.719.020.419.620.418.518.719,617.2

$100,000andover

221.8242.049.746.835.420.515.117.118.851.6

140.9140.7146.797.1

128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.1

1,031.61,015.61,000.01,064.1

967.3699.9910.8

1,618.41,645.61,741.52,063.0

81.5168.3196.3120.0166.8109.8185.4232.693.9

131.6187.667.7

186.7117.9229.298.7

149.0159.8186.6169.8171.0167.0199.1228.4

1 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.

2 Failure rate per 10,000 listed enterprises.3 Series revised; not strictly comparable with earlier data.* Preliminary; based on seasonally adjusted data through November.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Brad street, Inc.

343


AGRICULTURE

TABLE C-82.—Income of farm people and farmers, 1929-73

Year orquarter

1929

1933

1939

194019411942194319441945 . . .1946194719481949

195019511952195319541955 . . .1956195719581959

1960196119621963196419651966196719681969

1970197119721973P

1971: 1II .IllIV

1972: 1IIIIIIV .

1973: 1II .IllIVP

Personal incomereceived by totalfarm population

Fromall

sources

Fromfarm

sources^

Fromnon-farm

sources 2

Income received from farming

Realized gross

Total 3

Cashreceipts

frommarket-

ings

Produc-tion ex-penses

Net to farmoperators

Exclud-ing netinven-

torychange

Includ-ing netinven-tory

change«

Billions of dollars

7.4

7.610.114.116.516.617.220.021.123.819.5

20.422.722.119.818.417.617.817.719.518.1

18.719.720.420.620.623.624.924.025.127.6

28.329.234.041.3

4.8

4.86.8

10.112.112.212.815.515.818.013.3

14.116.215.413.412.511.411.211.012.811.0

11.512.212.312.111.313.514.413.113.214.9

15.115.218.123.8

2.6

2.83.33.94.44.44.44.65.35.86.2

6.36.56.76.45.96.26.66.66.77.0

7.27.58.28.59.3

10.010.510.911.912.7

13.214.015.917.5

13.9

7.1

10.6

11.113.918.823.424.425.829.534.134.731.6

32.337.136.835.033.633.134.334.037.937.5

38.139.841.342.342.644.949.749.050.955.6

57.859.768.990.5

11.3

5.3

7.9

8.411.115.619.620.521.724.829.630.227.8

28.532.932.531.029.829.530.429.733.533.5

34.235.136.437.437.239.343.3M.I44.148.1

50.552.860.783.4

7.7

4.4

6.3

6.97.8

10.011.612.313.114.517.018.818.0

19.422.322.621.321.621.922.423.325.226.1

26.427.128.629.729.530.933.434.836.238.8

41.044.549.264.4

6.3

2.7

4.3

4.26.18.8

11.812.112.815.017.115.913.6

12.914.814.113.712.011.211.910.712.711.4

11.712.612.612.613. 114.016.314.214.716.8

16.815.219.726.1

6.2

2.6

4.4

4.56.59.9

11.711.712.315.115.417.712.8

13.716.015.113.112.511.511.411.313.511.5

12.113.013.213.212.315.016.314.914.816.9

16.916.920.326.9

Net income perfarm, including

net inventorychange

Currentdollars

1967dollars«

Dollars

945

379

685

7061,0311,5881,9271,9502,0632,5432 6153 0442 233

2,4212 9462 8962 6262 6062,4632,5352 5903 1892,795

3 0483 3953 5793,6973,5484,4654 9904,7074,8285,620

5,7255,8177,0899,469

1,969

1 115

1,851

1,8582,5783 4523 7063 6113,6194,0373 5343 9032 977

3,1863 5493 4483 1263 1022,9322,9822 9433 5833,140

3 3873,7723,9334,0183,8154,7005,0924,7074,6425,156

5,0224,8885,7176,862


58.959.759.161.365.868.168 772.879.882.591.4

108.3

51 852.852.254.457.859.860 564.672 475.584.5

101.2

43 144.444.745.947.048.849 451.555 858.065.977.9

15 815.314.415.418.819.319 321.324 024.525.530.4

17 016.716.417.619.620.019 921.924 424.727.231.4

5 8405,7405,6406,0506,8306,9706 9307,6308,6208,7209,610

11,090

4,9904,8604,7005,0405,6005,6205,5406,0606,5806,4106,8607,650

1 Net income to farm operators including net inventory change, less net income of nonresident operators, plus wages andsalaries and other labor income of farm resident workers, less contributions of farm resident operators and workers tosocial insurance.

2 Consists of income received by farm residents from nonfarm sources, such as wages and salaries from nonfarm em-ployment, nonfarm business and professional income, rents from nonfarm real estate, dividends, interest, royalties,unemployment compensation, and social security payments.

3 Cash receipts from marketings, Government payments, and nonmoney income furnished by farms (excluding netinventory change).

* Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.* Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base.

Source: Department of Agriculture.

344


TABLE C-83.—Farm production indexes, 1929-73

[1967=100]

Year

1929...

1933...

1939...

1940...1941...1942...1943 ..1944...

1945 ..1946...1947...1948...1949...

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

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

1960...1961...1962 ..1963...1964...

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

1970...1971 ..1972...1973P

Farmout-put i

53

50

58

6062696870

6971697574

7375787979

8282808688

9090919b94

9796100102103

102110112116

Crops

Total 2

62

56

64

6668767175

7376738379

7677818179

8282808989

9291929593

9895100103104

100112113119

Feedgrains

50

45

52

5370666063

6166507364

6560646266

6969758285

8879808776

89891009599

90117114117

Hayandforage

69

60

65

7574817978

8176737372

7780788080

8581888884

8989929293

9796100100100

99105104109

Foodgrains

50

35

47

5259625366

6871838069

6463817466

6265619072

8678737684

878710010597

91106101111

Vege-tables

65

65

72

7475808682

8493828784

8580818483

8691889089

9196949490

9697100103103

10199100101

Fruitsandnuts

67

68

85

8388877587

7994908287

8789868788

8892849193

8791928990

959710093113

107115104127

Cot-ton

200

175

160

170145173155166

122117160202217

135205205222188

199180148154196

192193200207206

202129100148135

137142182173

To-bacco

77

70

97

7464717199

100117107100100

103118114105114

111110848891

99104117119113

94951008791

97868990

Oilcrops

8

6

17

2022333529

3130323936

4138373741

4654536558

6171727575

9096100112115

117121129156

Livestock and products

Total 3

54

57

59

6064717773

7371706872

7578787982

8484838588

8791929597

9597100100101

105107108107

Meatani-mals

52

58

59

6063738173

7068676669

7479797881

8683808288

8589909598

9296100102102

108110111111

Dairyprod-ucts

76

80

83

8589929193

9594939093

9392929798

99101102101100

101104105104105

1041011009999

10010110299

Poul-tryandeggs

32

32

35

3639455251

5450494854

5659596163

6268697376

7581818387

909610098101

106106109106

1 Farm output measures the annual volume of farm production available for eventual human use through sales fromfarms or consumption in farm households. Total excludes production of seeds and of feed for horses and mules. TheDepartment of Agriculture also estimates net farm output, which excludes all quantities used for feed.

2 Includes production of seeds and of fe"ecf for horses and mules and certain items not shown separately.3 Includes certain items not shown separately.


345

527-867 O - 74 - 23


T A B L E

Year

1929

1933

1939

19401941194219431944

19451946194719481949

1950 . , .1951195219531954

1955 . .1956195719581959

19601961196219631964

19651966196719681969

1970197119721973 p

C-84.—Farm population, employment,

Farm population(April l ) i

ber(thou-sands)

30, 580

32,393

30, 840

30, 54730,11828,91426,18624, 815

24, 42025, 40325, 82924, 38324,194

23, 04821, 89021,74819, 87419,019

19, 07818,71217,65617,12816,592

15, 63514,80314 31313, 36712,954

12 36311,59510, 87510,45410, 307

9,7129,4259,6109,500

As per-cent of

totalpopu-

lation 2

25.1

25.8

23.5

23.122.621.419.217.9

17.518.017.916.616.2

15.214.213.912.511.7

11.511.110.39.89.4

8.78.17.77.16.8

6.45.95.55.25.1

4.74.64.64.5

Farm employment(thousands) 3

Total

12, 763

12,739

11,338

10, 97910,66910, 50410, 44610,219

10, 00010, 29510,38210, 3639,964

9,9269,5469,1498,8648,651

8,3817,8527,6007,5037,342

7,0576,9196,7006,5186,110

5,6105,2144,9034,7494,596

4,5234,4364,3734,395

Familyworkers

9,360

9,874

8,611

8,3008,0177,9498,0107,988

7,8818,1068,1158,0267,712

7,5977,3107,0056,7756,570

6,3455,9005,6605,5215,390

5,1725,0294,8734,7384,506

4,1283,8543,6503,5363,420

3,3483,2753,2273,232

Hiredworkers

3,403

2,865

2,727

2,6792,6522,5552,4362,231

2,1192,1892,2672,3372,252

2,3292,2362,1442,0892,081

2,0361,9521,9401,9821,952

1,8851,8901,8271,7801,604

1,4821,3601,2531,2131,176

1,1751,1611,1461,163

and productivity, 1929-73

Farm output

Par

unit oftotalinput

54

54

60

6264696869

7072707673

7373767778

8182838990

9394959897

10097

100101101

101108110112

Per man-hour

Total Crops

Index, 1967 =

17

16

20

2122242425

2729293233

3536394143

4750535962

6770738083

9194

100106112

113125131129

17

17

21

2224262627

2931313536

3938424345

4852566566

7173778285

9295

100106112

110122126127

Live-stockand

products

100

26

25

27

2728303231

3132333436

3739404143

4648515559

6267717783

8793

100105112

119130138127

Cropproduc-

tionper

acre <

57

50

61

6264706468

6870677570

6969737371

7477778686

8892959795

10099

100104107

102111115114

1 Farm population as defined by Department of Agriculture and Department of Commerce, i.e., civilian populationliving on farms, regardless of occupation.

2 Total population of United States as of July 1 including Armed Forces overseas.3 Includes persons doing farmwork on all farms. These data, published by the Department of Agriculture, Statistical

Reporting Service, differ from those on agricultural employment by the Department of Labor (see Table C-24) because ofdifferences in the method of approach, in concepts of employment, and in time of month for which the data are collected.See monthly report on "Farm Labor."

< Computed from variable weights for individual crops produced each year.

Sources: Department of Agriculture and Department of Commerce (Bureau of the Census\

346


TABLE C-85.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-73

[Index, 1967=100, except as noted]

Year or month

1929

1933.

1939

194019411942194319441945194619471948 . .1949

1950195119521953195419551956 .195719581959

1960196119621963196419651966196719681969

1970197119721973

1972: Jan 15Feb 15Mar 15Apr 15..May 15June 15...

July 15Aug 15Sept 15"Oct 15Nov 15 .Dec 15

1973:Jan 15Feb 15Mar 15 ....Apr 15May 15June 15

July 15Aug 15Sept 15Oct 15 . . .Nov 15Dec 15

Prices received by farmers

All farmproducts

58

28

37

3949637678819310911398

102119113100979191929895

949496969398105100103108

110112126172

120122120119123125

127128128129130137

144149159157163172

172207191184181184

Crops

65

31

42

445570858792104122127111

103117118106107102104999998

9910010310610610310510010197

100107115164

111110108112114116

115117117117120127

131133140143154170

164195183182181193

Livestockand

products

57

25

39

3950627171768710411498

10112111097908482889993

919192898594105100104117

118116134178

127131129126130132

136135138139138145

153161174168169173

179217198187182178

Prices paid by farmers

All items,interest,taxes, andwage rates

47

32

36

36394450535661707673

75828481818181848687

88889091929498100104109

114120127145

123124124125125126

127127128129130131

134136138140143146

146151150150151153

Familylivingitems

48

34

37

38404652545763747875

76838484848485888989

90909192939598100104109

114119124138

121123123123124124

125125126125127127

129131132134136138

138141142142146146

Produc-tionitems

51

34

42

43455257606167788783

86959589898787909293

92to

co4*

CO

95949699100102106

110115122CD

«

118119119120121

122122124125126129

132134138139143149

148157154153153156

Parity ratio l

Actual

92

64

77

8193105113108109113115110100

10110710092898483828581

80798078767780747374

72697488

737472717374

757575757578

808286838587

8810295918989

Adjusted 2

66

85

8898109to

o

111115116111100

10210810193898584858882

82838381808286797980

77747992

787977767879

808080808083

838589878991

9210799959393

1 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wages rates on1910-14=100 base.

2 The adjusted parity ratio reflects Government payments made directly to farmers.


347


TABLE C-86.—Selected measures of farm resources and inputs, 1929-73

Year

1929...:

1933

1939

1940. .194119421943.. .1944

1945. .1946194719481949

19501951195219531954

19551956195719581959

1960196119621963 . .1964

19651966196719681969

19701971 . . . . .19721973 v

Cropshar-

vested(mil-lionsof

acres) i

365

340

331

341344348357362

354352355356360

345344349348346

340324324324324

324302295298298

298294306300290

293305294322

Man-hoursof

farmwork(bil-lions)

23.2

22.6

20.7

20.520.020.620.320.2

18.818.117.216.816.2

15.115.214.514.013.3

12.812.011.110.510.3

9.89.49.08.78.2

7.87.47.37.06.7

6.56.46.26.5

Index numbers of inputs (1967 = 100)

Total

99

93

96

9797100101102

99989899101

100103103102101

101100979798

9696969797

9798100101102

101102102104

Farmlabor

302

294

270

269265271267265

249239226220212

199200191184176

170160149143139

134129123120115

1091011009694

89888589

Farmreal

estate

104

98

103

105103101100100

100104105105106

107108106107107

107104104102102

101100100100101

1011001009999

989710197

Me-chani-cal

powerandma-

chinery

40

33

41

4345515456

5756626976

8086909192

9394929394

9290929192

9599100102102

101103102105

Ferti-lizerand

limingma-

terials

11

6

12

1415171923

2324282931

3236394243

4544464854

5458627076

8090100107110

113121120124

Feed,seed,andlive-stockpur-

chases2

31

28

41

4346495353

5554565763

6468707072

7376758184

8487898991

9297100101104

109109110109

Taxesand

interest

69

71

67

6868697274

7576767477

7777798080

828?818286

8789909294

9598100103105

106104108109

Miscel-laneous

53

52

50

5152495254

5354545962

6367676564

6870697479

8084899499

10198100108110

107109117115

1 Acreage harvested (excluding duplication) plus acreages in fruits, tree nuts, and farm gardens.2 Nonfarm portion of feed, seed, and livestock purchases.


348


TABLE G-87.—Comparative balance sheet of the farming sector, 1929-74


Beginning ofyear

1929

1933

1939....

1940.1941...194219431944..

1945.1946.194719481949...

1950.195119521953.1954

1955.1956 .1957-19581959. .

19601961 . . .1962_19631964

19651966196719681969

19701971197219731974 v

Assets

Total

52.955.062.973.784.6

94.2103.5116.4127.9134.9

132.5151.5167.0164.3161.2

165.1169.6177.9185.8202.1

203.5204.2212.8221.4229.2

237.2253.7266.6279.9294.0

305.1316.2341.4384.5454.6

Realestate

48.0

30.8

34.1

33.634.437.541.648.2

53.961.068.573.776.6

75.386.695.196.595.0

98.2102.9110.4115.9124.4

130.2131.8138.0143.8152.1

160.9172.2181.7191.9200.8

206.1214.1230.5258.7310.4

Live-stock *

6.6

3.0

5.1

5.15.37.19.69.7

9.09.7

11.913.314.4

12.917.119.514.811.7

11.210.611.013.917.7

15.215.516.417.315.8

14.417.518.918.720.1

23.323.627.234.2

Other physical assets

Ma-chin-eryand

motorvehi-cles

3.2

2.5

3.2

3.13.34.04.95.4

6.55.45.37.4

10.1

12.214.116.717.418.4

18.619.320.220.221.8

22.722.222.523.423.9

24.725.827.229.530.9

31.933.936.039.0

Crops 2

2.73.03.85.16.1

6.76.37.19.08.6

7.67.98.89.09.2

9.68.48.37.69.3

7.78.08.89.39.8

9.29.7

10.09.6

10.6

10.910.711.814.1

House-hold

equip-mentand

furnish-ings

4.24.24 95.05.3

5.66.17.78.59.1

8.69.7

10 39.99.9

10.010.510.09.99.8

9.68.99.19 08.8

8.68.68.49.09.6

10 110.311.011.9

115.6

Financial assets

De-positsandcur-rency

3.23.54 25.46.6

7.99.4

10.29 99.6

9.19.19.49.49.4

9.49.59.49.5

10.0

9.28.78.89.29.2

9.610.010.310.911.5

11.912.413.114.1

U.S.savingsbonds

0.2.4.5

1.12.2

3.44.24.24.44.6

4.74.74.74.64.7

115.15.15.2

4.74.64.44.44.2

4.24.03.93.83.7

3.73.63.73.9

Invest-mentin co-opera-tives

0.8.9.9n

L.I

?L.4

7q

2.12.32.52.72.9

3.13.23.53.73.9

4.24.54.85.05.4

5.65 96.26.56.8

7.27.68.18.6

28:6

Claims

Total

52.955.062 973.784.6

94.2103.5116.4127.9134.9

132.5151.5167.0164.3161.2

165.1169.6177.9185 8202.1

203.5204.2212.8221 4229.2

237.2253 7266.6279.9294.0

305.1316.2341.4384.5454.6

Realestatedebt

9.8

8.5

6.8

6.66.56 46.05.4

4.94.84.95 15.3

5.66.16 77.27.7

8.29.09.8

10 411.1

12 112.813.915 216.8

18.921 223.325.527.1

28.429.531 334.538.0

Otherdebt

3.43.94 14.03.5

3.43.23.64.26.1

6.87.08.08.99.2

9.49.89.5

10 012.5

12.713.414.816.518.1

18.720 422.424.927.5

29 731.635 639.141.9

Pro-prie-tors'equi-ties

42.944.652 463 775.7

85.995.5

107.9118 6123.5

120.1138.4152 3148.2144.3

147.5150.8158.6165 4178.5

178.7178.0184.1189 7194.3

199.6212.1220.9229.5239.4

247.0255.1274.5310.9374.7

1 Beginning with 1961, horses and mules are excluded.2 Includes all crops held on farms and crops held off farms by farmers as security for Commodity Credit Corporation

loans. The latter on January 1,1974 totaled approximately $0.3 billion.


349


INTERNATIONAL STATISTICSTABLE C-88.— U.S. balance of payments, 1946-73


Year orquarter

1946194719481949

1950195119521953.1954

195519561957 „.19581959

19601961196219631964

19651966196719681969

197019711972197313

1971:1I I . . . .111...IV — _

1972:1I I . . . .IllIV

1973:1I I . . . .III*..IV

Merchandise 12

Ex-ports

11,76416,09713, 26512,213

10, 20314, 24313, 44912,41212,929

14, 42417, 55619, 56216,41416, 458

19,65020,10820,78122,27225,501

26,46129,31030,66633,62636,400

41,96442,76848,76967,001

Imports

-5 ,067- 5 , 9 7 3- 7 , 557- 6 , 874

- 9 , 081-11,176-10,838-10,975-10,353

-11,527-12 , 803-13,291-12,952-15,310

-14,758-14,537-16,260-17,048-18,700

-21,510-25,493-26,866-32,991-35,807

-39,788-45,466-55,681-67 , 655

Netbal-ance

Directexpend-

itures

6,69710,1245,7085,339

1,1223,0672,6111,4372,576

2,8974,7536,2713,4621,148

4,8925,5714,5215,2246,801

4,9513,8173,800635593

2,176-2,698-6,912-653

Military transactions

- 4 9 3- 4 5 5- 7 9 9- 6 2 1

- 5 7 6- 1 , 2 7 0- 2 , 054- 2 , 6 1 5- 2 , 6 4 2

- 2 , 9 0 1- 2 , 949- 3 , 2 1 6- 3 , 4 3 5- 3 , 1 0 7

- 3 , 0 8 7- 2 , 9 9 8- 3 , 1 0 5- 2 , 9 6 1- 2 , 8 8 0

- 2 , 9 5 2- 3 , 7 6 4- 4 , 3 7 8- 4 , 5 3 5- 4 , 8 5 6

- 4 , 8 5 2- 4 , 8 2 9

Sales

192182

200161375300302

335402656657747

Netbal-

- 4 9 3- 4 5 5- 7 9 9- 6 2 1

- 5 7 6-1,270-2,054-2,423-2,460

-2, 701-2,788-2, 841-3,135-2, 805

Net invest-ment income

Pri-vates

750997

1,1771,200

1,3821,5691,5351,5661,899

2,1172,4542,5842,4162,658

-2,753 2,825-2,596 3,451-2,448; 3,920-2,304 4,056-2,133 4,872

830 -2,122829 -2,935

1,240-3,1381,392-3,1431,512

1,478-r,^t 1,9124,724 1,1664,617[ 1,776

- 3 , 3 4 4

5,2745,3315,8486,1575,820

-3,374 6,374-2,918 8,929-3,558 9,751-2, 841111,927

U.S.Gov-ern-

ment

Nettraveland

trans-porta-

tion ex-pendi-tures

6508573

78151140166213

18040

416868

1610313297

3

20444063

155

- 1 1 5- 9 5 7

-1,889-2,9521

733946374230

- 1 2 0298

83- 2 3 8- 2 6 9

- 2 9 7- 3 6 1- 1 8 9- 6 3 3- 8 2 1

- 9 6 4- 9 7 8

-1,155-1,312-1,149

-1,284-1,332-1,751-1,548-1,782

-2,013-2,288-2,853-2, 449

Otherserv-ices,net

114- 4 5- 2 7

- 3

62

4124

0

- 4 347727862

7830

116179142

301285335302449

581739851932

Bal-ance

ongoodsand

serv-ices 1 *

7,80711,6176,5186,218

1,8923,8172,356532

1,959

2,1534,1455,9012,356310

4,0935,5825,0865,9408,537

7,1415,2105,1322,4651,891

3,630

Remit-tances,

pen-sions,and

otheruni-

lateraltrans-fers 1

807-4,610

-2,922-2,625-4, 525-5,638

-4,017-3,515-2,531-2, 481-2,280

-2,498-2, 423-2, 345-2, 361-2, 448

-2,292-2,513-2,631-2,742-2,754

-2,835-2,890-3,081-2,909-2,941

Bal-anceon

cur-rent ac-

count

3,2143,5983,744

3', 963 - 3 , 619

4,8858,9921,993

580

-2,125302

- 1 7 5-1,949

- 3 2 1

- 3 4 51,7223,556

- 5-2,138

1,8013,0692,4563,1995,783

4,3062,3202,051- 4 4 3

-1,050

416-2,790-8,353

344

Seasonally adjusted

10,87210,79111, 5229,583

11,65511,53912,36213, 213

15,32016, 77818,15320,048

-10,743-11,708-11,907-11,108

-13,475-13,313-13,935-14,958

-16,280-17,022-17,43918,748

129-917-385

-1,525

-1,820-1,774-1,573-1,745

-960-244714

1,300

-1,175-1,214-1,204-1,237

-1, 222-1,242-1,108-1,151

-1,168-1,185-1,110

498507489419

328288262287

343455534

-677-707-715-818

-894-954-846-864

-825-730-576

1,9422,3582,0512,577

2,2902,2522,4472,763

2,9542,8883,103

- 1 1 3- 1 7 8- 3 0 6- 3 6 0

- 3 9 9- 4 6 1-497- 5 3 1

- 6 4 5- 7 7 7- 7 9 2

- 5 1 3- 5 9 9- 5 5 0- 6 2 6

- 7 5 5- 6 9 1- 6 7 9- 7 3 0

- 6 0 8- 7 0 3- 5 2 6

186174185192

204202209237

234240225

954131280

- 5 6 0

- 1 , 3 7 4- 1 , 4 2 6

- 9 3 9- 8 7 0

150674

2,148

- 8 0 3- 8 5 9- 9 5 8- 9 7 8

- 9 6 9- 9 3 8- 9 5 4- 8 8 1

- 7 4 2-1,041

- 9 3 1

151- 7 2 8- 6 7 8

-1,538

-2,343-2,364-1,893-1,751

- 5 9 2- 3 6 71,217


350


TABLE G-88.— U.S. balance of payments, 1946-73—Continued


Year orquarter

1946.1947..19481949

19501951195219531954

19551956195719581959

I 9 6 0 . . . .1 9 6 1 . . . .1 9 6 2 . . . .1 9 6 3 . . . .1 9 6 4 . . . .

1 9 6 5 . . . .1 9 6 6 . . . .1 9 6 7 . . . .1 9 6 8 . . . .1 9 6 9 . . . .

1 9 7 0 . . . .1 9 7 1 . . . .1972 . . .197313...

1971: L .II.III.IV.

1972: l._II.IllIV.

1973:1. .II. .Ill»IVP.

Long-termcapitalflows,

net

U.S.Gov-ern-

ment «

- 8 8 9- 9 0 1- 8 9 2

- 1 , 1 5 0- 1 , 348

- 1 , 532- 1 , 4 6 9- 2 , 4 2 3- 2 , 1 5 8- 1 , 9 2 6

- 2 , 0 1 8- 2 , 359- 1 , 339

- 8 3 2

Pri-vate e

- 2 , 1 0 0- 2 , 1 8 2- 2 , 6 0 6- 3 , 3 7 6- 4 , 5 1 1

- 4 , 577- 2 , 5 7 5- 2 , 9 3 2

1,191- 7 0

- 1 , 4 2 9- 4 , 4 0 !

- 1 5 21,803

Bal-ance

on cur-rent

accountand

long-term

capital

- 1 , 1 8 8- 1 5

- 1 , 0 4 2-1 ,328

- 7 6

-1 ,804- 1 , 7 2 4- 3 , 304- 1 , 4 1 1- 3 , 0 4 6

- 3 , 0 3 1- 9 , 550-9 ,843

1,315

Non-liquidshort-term

privatecapitalflows,net e

- 2 5 3- 2 3 6- 1 3 1

158

75- 2 2 7- 4 1183

- 5 5 6

- 3 2 8- 4 7 9- 1 7 4- 1 4 5

- 8 9

10-1,40510-1,200

io-657io-968

-1 ,643

-154-104- 5 2 2

231-640

- 4 8 2- 2 , 347-1 ,637-3 ,989

Alto-ca-

tionsof

spe-cial

draw-ing

rights

867717710

Errorsand

omis-sions,

net

155861

1,115717

- 1 2 435449722060

371390

1,012361260

-1 ,084- 1 , 037-1 ,166

-418-978

-520- 3 2 2-857-431

- 2 , 395

- 1 , 205-10 ,784

-3 ,112- 6 , 428

Netliquid-

itybal-ance

io-3,677io-2F252io-2,864io-2,713

-2 ,696

-2 ,478-2 ,151- 4 , 6 8 3-1 ,611- 6 , 081

-3 ,851-21 ,965-13,882- 9 , 1 0 3

Liq-uidpri-vate

capitalflows,net«

10 27310 90410 21410 7791,162

1,1882,3701,2653,2528,820

- 5 , 9 8 8- 7 , 7 8 8

3,542- 1 , 6 3 9

Officialreservetrans-actions

bal-ance

- 3 , 4 0 3- 1 , 348- 2 , 6 5 0- 1 , 9 3 4- 1 , 5 3 4

- 1 , 290219

- 3 , 4 1 81,6412,739

- 9 , 839-29,753

10,340-10,741

Changesin lia-bilities

toforeignofficialagen-cies,net?

1,258742

1,1171,5571,363

67- 7 8 73,366- 7 6 1

- 1 , 552

7,36227, 40510, 30810, 443

ChangesnU.S.

officialreserveassets,

nets

- 6 2 3- 3 , 3 1 5- 1 , 7 3 6

- 2 6 6

1,758- 3 3

- 4 1 51,256

480

182- 8 6 9

- 1 , 1 6 52,2921,035

2,145606

1,533377171

1,222568

52- 8 8 0

-1 ,187

2,4772,348

32299

Seasonally adjusted

- 6 4 2- 5 7 5- 5 9 8- 5 4 4

- 2 8 9- 9 5

- 3 6 6- 5 8 6

- 3 3 675

- 3 6 3

- 8 9 5- 1 , 6 9 1- 2 , 0 1 8

201

- 1 , 1 4 3604

- 3 9 3781

- 1 6- 3 1 71,685

- 1 , 386- 2 , 9 9 4- 3 , 294- 1 , 8 8 1

- 3 , 775- 1 , 8 5 5- 2 , 6 5 2- 1 , 556

- 9 4 4- 6 0 92,539

-517-492- 8 2 2-516

-535310

-430-982

-1 ,822-1 ,404

234

180179179179

178178177177

-949- 2 , 391-5 ,511- 1 , 933

944-940

-1 ,626-1 ,490

- 3 , 891425

-1 ,355

-2 ,672-5 ,698-9 ,448-4 ,151

-3 ,188- 2 , 307- 4 , 531-3 ,851

-6 ,657- 1 , 588

1,418

- 2 , 9 5 8-647

- 2 , 434- 1 , 7 4 9

- 2 8 81,456

72,367

- 3 , 8 4 21,923

690

- 5 , 6 3 0- 6 , 345

- 1 1 , 882- 5 , 9 0 0

- 3 , 4 7 6- 8 5 1

- 4 , 524- 1 , 4 8 4

-10 ,499335

2,108

4,9485,686

10,6886,087

3,0471,0824,5791,595

10, 279- 3 5 2

- 2 , 095

682659

1,194-187

429- 2 3 1

- 5 5- 1 1 1

22017

- 1 3

U.S.officialreserveassets,

net(end ofperiod)

20,70624,02125,75826,024

24,26524, 29924,71423,45822,978

22,79723,66624,83222, 54021, 504

19, 35918,75317,22016,84316,672

15,45014,88214, 83015,710

1116,964

14, 4871212,167

13,1511414,378

Unad-justed

14, 34213,50412,131

1212,167

12,2701*13,339

13, 21713,151

12,93112,91412,927

H14.378

1 Excludes military grants.2 Adjusted from Census data for differences in timing and coverage.3 Includes fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States.• Equal to net exports of goods and services in the national income and product accounts when converted to an annual

rates basis.« Excludes liabilities to foreign official reserve agencies.« Private foreigners exclude the International Monetary Fund (IMF), but include other international and regional orga-

nizations.7 Includes liablities to foreign official agencies reported by U.S. Government and U.S. banks and U.S. liabilities to the

IMF arising from reversible gold sales to, and gold deposits with, the United States.« Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position

in the IMF.• Not available separately.10 Coverage of liquid banking claims for 1960-63 and of nonliquid nonbanking claims for 1960-62 is limited to foreign

currency deposits only; other liquid items are not available separately and are included with nonliquid claims.11 Includes gain of $67 million resulting from revaluation of the German mark in October 1969.u Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as of

December 31,1971.» First 3 quarters on a seasonally adjusted annual rates basis (except reserve assets are for end of December).i< Includes increase of $1,436 million resulting from change in par value of the U.S. dollar on October 18,1973.is Includes increase of $1,016 million resulting from change in par value of the U.S. dollar on May 8,1972.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.

351


TABLE C-89.— U.S. merchandise exports and imports by commodity groups, 1958-73


Year or quarter

19581959

19601961196219631964

19651966196719681969 .

1970197119721973

1971: 1IIIIIIV

1972: 1IIIIIIV

1973: 111IIIIV

Merchandise exports i

Total, includ-ing reexports *

Sea-sonally

ad-justed

11,23910,96611,6759,726

11,76711,67312,44713,347

15,40716,86618, 33520,178

Unad-justed

16,37516,426

19,65920, 22620,98622,46725,832

26,74229, 49031, 03034,06337,332

42,65943,54949,21970,798

11,11611,40610,92410,103

11,89012,04011,57413,714

15, 52017,44017, 07220,766

Domestic exports

Total 2 3

16,21116,243

19,45919,98220,71722,18225,479

26,39929,05430,64633,62636,788

42,02542,91148,41969,707

10,96211,22210,7779,950

11,72411,82611,37613,493

15, 28617,13616, 80820,477

Food,bever-ages,

and to-bacco

2,6882,852

3,1673,4663,7434,1884,637

4,5195,1864,7104,5924,446

5,0585,0766,569

12,939

1,2951, 2191,3361,225

1,4161,4321,6252,095

2,3842,7703,5574,228

Crudemate-rialsand

fuels*

3,0522,996

3,9423,8643,3563,7754,337

4,2734,4044,7264,8655,006

6,6926,4417,091

10,738

1,6891,6741,5691,509

1,7041,6881,5362,163

2,5712,7442,2223,201

Man-ufac-tured

goods*

11, 54711,179

12,58312, 78413,66814, 29716,529

17, 43319, 21820,84423,81826,785

29,34330,44333, 75944,703

7,7388,0467,6497,010

8,3408,4308,0148,975

10,06511,25010,71612,671

Merchandise imports

General imports«

Total 3

Sea-sonally

ad-justed

10,79911,74711,95811,030

13,42413,37013,90314, 888

16,25816,84817,35818,623

Unad-justed

13, 39215,690

15,07314,76116,46417,20718,749

21,42725,61826,88933,22636,043

39,95245, 56355, 58369,121

10,51812,00311,77811,264

13,30213,74313, 53215,006

15,96517,28316,93618,938

Food,bever-ages,

and to-bacco

3,5503,580

3,3923,4553,6743,8634,022

4,0134,5904,7015,3655,308

6,2306,4047,3799,199

1,4921,7061,8951,311

1,8101,7691,8071,993

2,0842,3172,1882,610

Crudemate-rialsand

fuels*

4,1644,615

4,4184,3344,6914,7555,029

5,4405,7185,3676,0316,391

6,5427,2688,838

13, 343

1,6261,8361,9281,879

2,1302,1052,1952,408

2,7773,0633,3174,186

Man-ufac-tured

goods5

5,3117,117

6,8636,5377,6498,0709,106

11,24414,44615, 75620,62423,011

25,90630,41437,76744,788

7,0518,0847,5897,690

8,9859,4789,135

10,169

10,66211,46910,97711,682

Grossmer-chan-disetradebal-

ance,sea-

sonallyad-

justed 7

2,983736

4,5865,4654,5225,2607,083

5,3153,8724,141

8371,289

2,708-2 ,014

6,3641,677

440-782- 2 8 3

-1 ,304

-1,657-1,697-1,456- 1 , 540

-85118

9771,555

1 Beginning 1960, data have been adjusted for comparability with the revised commodity classifications effective in 1965.2 Totals exclude Department of Defense shipments of grant-aid military supplies and equipment under the Military

Assistance Program.3 Total includes commodities and transactions not classified according to kind.* Includes fats and oils.'includes machinery, transportation equipment, chemicals, metals, and other manufactures. Export data for these items

include military grant-aid shipments.• Total arrivals of imported goods other than intransit shipments.7 Exports, excluding military grant-aid, less general imports; quarterly data seasonally adjusted.Note.—Data are as reported by the Bureau of the Census adjusted to include silver ore and bullion reported separately

prior to 1969. Export statistics cover all merchandise shipped from the U.S. customs area, except supplies for U.S. ArmedForces. Export values are f.a.s. port of export and include shipments under Agency for International Development andFood for Peace programs as well as other private relief shipments. Import values are defined generally as the marketvalue in the foreign country, excluding the U.S. import duty and transportation costs such as ocean freight and marineinsurance.

Source: Department of Commerce, International Economic Policy and Research.

352


TABLE C-90.— U.S. merchandise exports and imports by area, 1967-73

IMillions of dollars]

Area 1967 1968 1969 1970 1971 1972 1973

Exports (including reexports and special category

shipments): T o t a l . . .

Developed countries..Developing countries..

Canada *Other Western Hemisphere..Western Europe2

Eastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries i

General imports: Total .

Developed countries..Developing countries..

CanadaOther Western Hemisphere.Western Europe 2

Eastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries *

31,622

21,4679,960

7,1724,71810,187

1957,1501,0181,182

34,636

23,60010,821

8,0725,33911,132

2157,5821,0261,269

38,006

26,47911,277

9,1375,57612,392

2498,261998

1,392

43,224

30,87712,993

9,0796,53214,463

35410,0281,1891,579

44,130

30,33513,410

10,3656,48414,178

3849,8551,1681,694

26,889

18,9937,709

7,1404,6628,052177

5,3495839206

33,226

24,1308,886

9,0055,14310,139

1986,911697

1,12211

36,043

26, 4609,373

10,3845,16310,138

1958,275828

1,04612

39,952

29,25910,442

11,0925,83611,169

2269,621871

1,11324

45, 563

33, 74411,549

12,6916,03812,658

22311,779

8951,236

41

49,778

34, 31914, 576

12,4157,27515,361

81911,2971,0341,576

55, 583

40, 82214,356

14,9277,00315,423

32115,1171,1451,595

51

71,314

47,17720,973

15, 0739,93121, 3611,79718,4261,7442,3071677

3 69,121

48,09419,461

17,4439,338

19,162519

17,7751,5542,3503 981

1 Beginning January 1973, transshipments of certain grains and oilseeds through Canada are shown as exports to un-identified countries.

2 Includes Finland, Yugoslavia, Greece, and Turkey.3 Beginning November 1973, crude petroleum imports are not available by country of origin, but are included in the

total and in unidentified countries.* Consists of certain low-valued shipments not identified by country.

Note.—Developed countries include Canada, Western Europe, Japan, Australia, New Zealand, and the Republic ofSouth Africa. Developing countries include rest of the world except Communist areas in Eastern Europe and Asia andunidentified countries.

Source: Department of Commerce, International Economic Policy and Research.

353


TABLE C-91.—U.S. overseas loans and grants, by type and area, fiscal years, 1962-73[Millions of dollars]

Type of program and fiscal period

TOTAL ECONOMIC LOANS AND GRANTS (OBLI-GATIONS AND LOAN AUTHORIZATIONS)*

1962-72 average . .Loans. ._ .-Grants

1973Loans. -_ .Grants

OFFICIAL DEVELOPMENT ASSISTANCE TO LESSDEVELOPED COUNTRIES2

Obligations and loan authorizations:1962-72 average1973

Loan repayments and interest receipts:1962-72 average1973

Agency for International DevelopmentObligations and loan authorizations:

1962-72 average1973 .

Loan repayments and interest receipts:1962—72 average1973

Food for PeaceObligations:

1962-72 average1973

Loan repayments and interest receipts:1962-72 average _..1973

Contributions and subscriptions to internationalfinancial institutions3

Obligations:1962-72 average1973 . , .

Other official development assistance, includingPeace Corps•

Obligations:1962-72 average1973

Other economic loans and grants to less developedcountries


Loan repayments and interest receipts1962-72 average1973 _ . -

ECONOMIC LOANS AND GRANTS TO DEVELOPEDCOUNTRIES


Total

4,9272 6822,245

7,4244,7042,720

3,9834,105

4321,034

2,2072,001

244490

1,2831,116

161529

286801

207187

5901,780

466650

3551,539

NearEastand

SouthAsia

1,360996364

992543449

1,239754

234468

626387

134272

602362

95187

115

121238

91171

Latinm erica

1,117710407

1,388775613

891881

69102

497314

3675

13889

1627

179432

7745

226508

278284

EastAsiaand

ietnam

1,133413719

1,8391,253

586

9231,253

49290

580696

3353

314549

14235

308

90471

3172

119115

Africa

390184206

546414132

347255

2960

196163

2136

12969

724

2223

43290

1740

Europe

360330

30

1,6081,595

13

5518

46109

317

1752

520

2956

107269

4780

1981,321

Otherand

inter-egional

56850

518

1,052124928

528944

56

305423

22

4847

107369

68105

34

02

38103

1 Some data are preliminary.2 Official development assistance is defined as concessional aid for development purposes. Countries have been

classified "less developed" on the basis of the standard list of less developed countries used by the DevelopmentAssistance Committee of the Organization for Economic Cooperation and Development. On this basis, "less developed"countries include all countries receiving U.S. loans or grants except the following which are considered "developed":Japan, Australia, New Zealand, Republic of South Africa, Canada, and all of Europe except Malta, Spain, and Yugoslavia.

3 Includes paid-in capital subscriptions and contributions to the Inter-American Development Bank, the InternationalBank for Reconstruction and Development, the International Development Association, and the Asian Development Bank.

< Data for certain programs from Department of Commerce, Bureau of Economic Analysis.

Source: Agency for International Development (except as noted).

354


TABLE C-92.—International reserves, 1949, 1953, and 1968-73

[Millions of dollars; end of period]

Area and country 1949 1953 1968 1969 1970 1971 1972

1973

No-vember

All countries

Developed areas

United States

United Kingdom

Other Western Europe.._AustriaBelgiumFrance.GermanyItalyNetherlandsScandinavian countries (Den-

mark, Finland, Norway, andSweden)

SpainSwitzerland..Other

Canada

Japan

Australia, New Zealand, and SouthAfrica

Less developed areas l

Latin AmericaMiddle East . . . .Other AsiaOther Africa 2

46,116

37, 353

26, 024

1,751

6,58392978580196723386

537122

1,692

1,277

1,197

226

1,572

8,763

2,4171,5343,642639

51, 826

41,478

23,458

2,670

10, 597277

1,144829

1,773848

1,230

1,026150

1,7681,552

1,909

892

1,952

10, 347

2,8691,2563,7421,787

77,425

63, 246

15,710

2,422

36,1741,5042,1874,2019,9485,3412,463

2,3201,1494,2932,768

3,046

2,906

2,989

14,180

3,9153,3204,2852,495

78, 255

62, 636

16,964

2,527

33,6101,5302,3883,8337,1295,0452,529

2,2141,2814,4253,236

3,106

3,654

2,772

15,620

4,4703,0354,8703,095

92,600

74,311

14,487

2,827

44,6461,7512,8474,96013,6105,3523,234

2,5381,8175,1323,405

4,679

4,840

2,831

18, 285

5,6403,1205,2254,175

130,560

107, 210

13,190

6,582

62, 0362,3433,4738,25318,6576,7873,796

3,7013,2686,9664,792

5,701

15, 360

4,342

23,350

6,5855,2405,8905,500

158,700

126, 592

13,150

5,647

75, 3722,7193,87010,01523,7856,0794,785

4,5135,0147,4887,104

6,050

18, 365

8,009

32,110

10, 5507,6257,8105,985

180,835

140,110

14,373

6,646

91,6932,8784,9778,550

34,1326,0846,208

5,8086,6957,2209,141

5,736

13,196

8,466

40,725

14,22010,06010,1106,185

1 Includes areas in addition to those listed.2 All Africa except South Africa.

Note.—International reserves is comprised of monetary authorities' holdings of gold, Special Drawing Rights andReserve Positions in the International Monetary Fund, and convertible foreign exchange. Beginning December 1971gold is valued at 38 U.S. dollars per ounce and foreign exchange balances are expressed in dollars at the cross rates re-flecting parities and central rates agreed on December 17, 1971 and subsequently. Data cover all countries exceptU.S.S.R., other Eastern European countries, Mainland China, and Cuba (after 1960).

Beginning 1959, when most of the major currencies of the world became convertible, data exclude known holdings ofinconvertible currencies, balances under payments agreements, and the bilateral claims arising from liquidation of theEuropean Payments Union.

Source: International Monetary Fund, "International Financial Statistics."

355


TABLE C-93.— U.S. reserve assets, 1946-73

[Millions of dollars)

End of year ormonth

1946 . .194719481949..

195019511952. .19531954.19551956195719581959

196019611962 . . .1963196419651966196719681969

1970197119721973

1972: JanFebMarApr •MayJune

JulyAugSeptOctNov.. .Dec .

1973: JanFebMarAprMayJune. . .


Total reserveassets

20,70624, 02125,75826, 024

24, 26524, 29924,71423, 45822,97822,79723,66624, 83222, 54021, 504

19, 35918, 75317, 22016, 84316 67215, 45014, 88214, 83015,710

7 16,964

14, 487812,167913,151

io 14, 378

12,87912, 33012, 27012,285

913, 34513, 339

13, 09013,12413,21713,31313,30713,151

13 05412,92612,93112,90412 91612,914

12,91812,92312,927

io 14, 36714, 37314, 378

Gold stock i

Total 2

20,70622, 86824, 39924, 563

22, 82022, 87323, 25222, 09121, 79321.75322, 05822, 85720, 58219, 507

17, 80416 94716 05715, 59615 471

e 13 80613, 23512 06510 89211, 859

11,07210, 206

910 487io i l ,652

10, 2069,6629 6629,662

910, 49010,490

10,49010, 48810 48710, 48710,48710,487

10 48710,48710,48710,48710 48710,487

10,48710,48710,487

io 11,65211,65211,652

Treasury

20, 52922, 75424, 24424, 427

22, 70622,69523,18722,03021,71321, 69021,94922, 78120, 53419, 456

17,76716 88915 97815, 51315 388

6 13 73313,15911 98210 36710, 367

10, 73210,132

9 10,410ioi l ,567

10,1329,5889 5889,588

9 10, 41010, 410

10,41010,41010,41010,41010,41010,410

10,41010,41010,41010,41010,41010, 410

10,41010,41010,410

io 11,56711,56711,567

Specialdrawingrights s

8511,100

9 1 95810 2,166

1,8101,8101 8101,803

91, 9581,958

1,9581,9581 9581,9581,9581,958

1 9581,9581,9581,9491,9491,949

1,9491,9491,949

io 2,1662,1662,166

Convertibleforeign

currencies «

11699

212432781

1,3212 3453,528

7 2,781

6298 276

2418

276276212429469457

203234323414403241

140888

168

888888

Reserveposition in

InternationalMonetary Fund«

1,1531,3591,461

1,4451,4261 4621,3671,1851,0441,6081,9751,9581,997

1,5551 6901 0641,035

769«863

326420

1,2902,324

1,935585

9 46510 552

587582586391

9 428434

439444449454459465

469473478460464470474479483

10 541547552

1 Includes gold sold to the United States by the International Monetary Fund (IMF) with the right of repurchase andgold deposited by the IMF to mitigate the impact on the U.S. gold stock of purchases by foreign countries for gold sub-scriptions on increased IMF quotas.

2 Includes gold in Exchange Stabilization Fund.3 Includes initial allocation on January 1, 1970 of $867 million, second allocation on January 1, 1971 of $717 million,

and third allocation on January 1, 1972 of $710 million of special drawing rights (SDR) in the Special Drawing Accountin the IMF, plus or minus transactions in SDR.

* Includes holdings of Treasury and Federal Reserve System.* The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund auto-

matically if needed. Under appropriate conditions the United States could purchase additional amounts equal to theUnited States quota.

8 Reserve position includes, and gold stock excludes, $259 million gold subscription to the Fund in June 1965 for a U.S.quota increase which became effective on February 23,1966. In figures published by the Fund from June 1965 throughJanuary 1966, this gold subscription was included in the U.S. gold stock and excluded from the reserve position.

i Includes gain of $67 million resulting from revaluation of German mark in October 1969, of which $13 million representsgain on mark holdings at time of revaluation.

8 Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as ofDecember 31,1971.

9 Includes $1,016 million increase in total reserve assets resulting from the change in par value of the U.S. dollar onMay 8,1972, consisting of $828 million total gold stock, $822 million Treasury gold stock, $155 million SDR, and $33 millionreserve position in the IMF.

10 Includes $1,436 million increase in total reserve assets resulting from the change in par value of the dollar on Octo-ber 18, 1973, consisting of $1,165 million total gold stock, $1,157 million Treasury gold stock, $217 million SDR, and $54million reserve position in IMF.

Note.—Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included inthe gold stock of the United States.

Sources: Department of the Treasury and Board of Governors of the Federal Reserve System.

356


TABLE G-94.—International investment position of the United States at year-end, 1960 and1968-72


Type of investment 1960 19681 19691 1970 1971 19722

Net international investment position of theUnited States s_.

U.S. assets abroad_

Nonliquid assets

U.S. Government.

Long-term creditsForeign currencies and other

short-term assets

Private long-term.

Direct investments abroad_Foreign securitiesOther claims*

Private short-term nonliquid claims 4__

Liquid assets.

Private claims *. .U.S. monetary reserve assets.

Gold.SDR _Convertible currenciesGold tranche position in IMF

44.7

85.6

66.2

16.9

14.0

2.9

44.5

31.99.63.1

54.8

19.4

17.8

U.S. liabilities to foreigners.

Nonliquid liabilities to other than foreignofficial agencies

U.S. Government..Private long-term.

Direct investments in the UnitedStates

U.S. securitiesOther liabilities <___

Private short-term nonliquid 7_

Liquid liabilities to private foreigners andliquid, other readily marketable, andnonliquid liabilities to foreign officialagencies

To private foreigners _To foreign official agencies.

LiquidOther readily marketable.Nonliquid, reported by

Government

1.6

40.9

19.8

.818.4

6.910.01.6

.6

21.0

9.111.9

11.9

U.S.

65.6

146.9

128.6

28.5

25.9

2.6

89.7

65.018.26.5

10.4

18.3

2.615.7

10.9

3.51.3

81.3

42.7

2.238.0

10.823.83.4

2.5

38.6

20.118.5

13.52.3

2.6

67.3

158.3

138.6

30.7

28.2

2.5

96.5

71.018.76.8

11.4

19.6

2.717.0

11.9

2.82.3

90.9

45.0

2.439.6

11.822.94.8

3.0

45.9

28.917.0

13.01.5

2.5

69.1

166.8

149.9

32.1

29.6

2.4

105.0

78.219.67.2

12.8

16.9

2.414.5

11.1.9.6

1.9

97.7

50.7

2.044.8

13.325.65.9

3.9

47.0

22.624.4

20.6.7

3.1

57.6

180.7

164.6

34.1

31.7

2.4

115.9

86.221.7

8.0

14.6

16.14.0

12.210.21.1.3.6

123.1

55.3

1.649.8

13.730.16.1

3.9

67.8

16.651.2

47.6.1

3.5

50.6

199.3

180.9

36.1

34.2

2.0

128.4

94.024.99.4

16.4

18.4

5.26 13.2

6 10.56 2.0

.26 . 5

148.7

65.7

1.859.8

14.438.66.9

4.1

82.9

21.461.5

57.3.5

3.7

1 Data do not reflect revisions made in balance-of-payments statistics in June 1973.2 Preliminary.3 Includes U.S. gold stock.* Reported by U.S. banks and nonbanking concerns.& Liquid claims are not available separately and are included with nonliquid claims.6 Total reserve assets include an increase of $1,016 million resulting from a change in the par value of the U.S. dollar

on May 8,1972, consisting of $828 million total gold stock, $155 million SDR, and $33 million gold tranche position in IMF.7 Reported by U.S. nonbanking concerns.

Source: Department of Commerce, Bureau of Economic Analysis,

357


TABLE C-95.—Price changes in international trade, 1965-73

[1963=1001

Area or commodity class 1965 1966 1967 1968 1969 1970 1971 1972

1973

Thirdquarter

Developed areas

Total:

ExportsTerms of trade

United States:

Exports

Terms of trade».

Developing areas

Total:Exports.Terms of trade i .

Latin America:

ExportsTerms of trade

Southern and Eastern Asia:

ExportsTerms of trade i

Primary commodities: Total

Foodstuffs

Coffee, tea, and cocoa..Cereals

Other agriculturalcommodities*..

Fats, oils, and oilseeds.Textile fibers

WoolRubber

MineralsMetal ores.

Manufactured goods: Totals

Nonferrous base metals«...

103

103

11199

103

114928697

104114

103

135

Unit value indexes by area

103100

104101

10299

106103

10199

105100

107101

104101

108103

101100

105101

no102

103100

105100

9999

104101

111103

103101

10699

97100

108101

115103

106101

109100

102102

114102

121101

109100

115101

106104

119101

12599

116102

122101

108104

130102

12995

121100

129102

111100

World export price indexes

104

105

112103

104

111929091

104105

106

156

101

104

118105

96

102887775

103109

107

142

100

100

no100

96

99887474

102108

107

150

104

104

11998

101

101857398

104114

no168

108

111

13696

101

118836378

111122

117

180

115

117

119100

105

118855764

127126

124

154

130

132

132111

120

116109

65

141134

135

154

164102

15494

2 1342 101

2 1382 105

2 1332 109

192

203

187219

193

234181189

M21

171170

158

226

i Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.s Data are for second quarter 1973.3 Excludes Japan.* Includes nonfood fish and forest products.8 Data are for first 3 quarters of 1973.6 Data for manufactured goods are unit value indexes.Note.—Data exclude trade of Communist areas in Eastern Europe (except Yugoslavia) and Asia.

Sources: United Nations and Department of Commerce (International Economic Policy and Research and Bureau ofResources and Trade Assistance).

358


TABLE C-96.—Consumer price indexes in the United States and other major industrial countries.1955-73

11970=100]

Period

19551956195719581959

1960 . -1961196219631964

19651966.19671968 . -1969

1970197119721973 l

1971* 1IIIIIIV

1972: 1IIIII . . . .IV

1973:1IIIllIV 2

UnitedStates

69.070.072.574.575.1

76.377.077.978.879.9

81.383.686.089.694.4

100.0104.3107.7114.4

102.8103.9104.9105.5

106.4107.2108.2109.1

110.7113.1115.6118.3

Canada

69.970.973.275.075.9

76.777.178.079.480.8

82.885.988.992.696.8

100.0102.9107.8115.1

100 9102.3103.8104.5

105.7106.7108.8109.9

111.9114.5117.7119.0

Japan

52.652.854.454.254.7

56.759.763.869.271.9

76.780.683.888.392.9

100.0106.1110.9122.1

103.9105.7106.7108.1

108.4110.6111.5113.0

116.1122.2125.8129.1

France

50.451.453.261.265.0

67.369.572.976.479.0

81.083.285.489.395.0

100.0105.5111.7118.9

103.0104.6106.0107.5

108.9110.4112.5114.9

115.9118.2121.1123.4

Germany

70.171.973.375.075.7

76.778.580.983.385.2

88.191.292.593.996.4

100.0105.2111.2118.5

103.3104.8105.7106.9

109.0110.2111.8113.8

116.3118.7119.6120.7

Italy

62.264.365.267.066 7

68.269 772.978.383.0

86.788.891.692.895.2

100.0104.8110.8121.6

103.1104.2105.2106.7

108.0109.5111.4114.4

117.5121.6124.4126.1

Nether-lands

57.858 962.763.864 3

66.467 068.370.974.8

78.783.386 089.195.8

100.0107.6116.0124 9

104 4107.1108.3110.4

112.7115.5116.3119.3

121.3124.9125.9128.5

UnitedKingdom

59.061.964.266.266 5

67.269 572.573.976.3

80.083.185 289.294.0

100.0109.4117 2126.8

105.5109.3110.8112.2

113.9116.1118.0120.8

122.9126.9128.8132.2

1 For United States, 12-month average; for Netherlands January-November average; and for all other countries,January-October average.

2 October-December average for United States; October-November average for Netherlands; and October data for allother countries.

Sources: Department of Labor and Organization for Economic Cooperation and Development.

359U.S. GOVERNMENT PRINTING OFFICE : 1974—O-527-867


Documents

ERP1974 Appendixes 3