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AUGUST 1966 / VOLUME 46 NUMBER8SURVEY OF CURRENT BUSINESS

CONTENTS

THE BUSINESS SITUATION

Summary 1

The Price Situation in Early Summer 3

Medicare in the National Income and Product Accounts 6

National Income and Product Tables 8

ARTICLES

State Personal Income, 1948-65 11

Factors Affecting the Purchase Value of New Houses 20

CURRENT BUSINESS STATISTICS

General S1-S24

Industry S24-S40

Subject Index (Inside Back Cover)

U.S. Department of Commerce

John T\ Connor / Secretary

Office of Business EconomicsGeorge Jasssi / DirectorMorris R. Goldman Louis J. Paradiso

Associate Directors

Murray F. Foss / EditorLeo V. Barry, Jr. / Statistics Editor

Billy Jo Hurley / Graphics

STAFF CONTRIBUTORS TO THIS ISSUEBusiness Review:

David R. Hull, Jr.Francis L. HirtDonald KingIrving RottenbergCharles A. Waite

Articles:Regional Economics Division StaffL. J. AtkinsonJune S, Jenner

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The BUSINESS SITUATION^

JJ OLLOWING a strong rise in June,business activity moved higher in theopening month of the third quarter.Employment and payrolls, after sea-sonal adjustment, registered good-sizedincreases in July and would have risenmore except for the adverse effect ofstrikes. The July statistics providedfurther evidence that consumer de-mand, which had showed signs offlagging in April and May, was re-covering some of its buoyancy. Retailsales advanced again in July, after anunusually sharp rise in the previousmonth, to regain the peak reached inMarch.

A drop in automobile productiondampened the rise in industrial outputlast month, but it was significant thatretail auto sales stabilized. With autooutput lower, dealers were able tomake sizable reductions in their largestocks of 1966 models, in preparationfor the new model year. The one dis-tinctly soft spot in the economy washomebuilding, which declined for thethird straight month and which, tojudge from data on housing permits,was headed even lower.

There was not much slack in theeconomy in early summer. Industrialprices continued to rise, and the down-ward movement in farm prices in prog-ress for 4 months was sharply reversedin July. In financial markets, demandpressures were extremely strong andinterest rates rose considerably, in somecases to the highest levels in 30 or40 years.

Second quarter GNP and profits

According to revised data, GNPwas at a seasonally adjusted annualrate of $732 billion in the second

quarter, about the same as the pre-liminary figure published last month.There were small revisions in bothdirections: Consumption turned outto be moderately higher than thepreliminary estimate, but governmentpurchases and net exports were bothlower. The new figures appear onpages 8-10.

Corporate profits changed little fromthe first to the second quarter, accord-ing to preliminary estimates; the total,including the inventory valuation ad-justment, was at a seasonally adjustedannual rate of $80 billion. A declinein profits of the automobile industry was

H CHART 1

UnemploymentThe total unemployment rate has been 4 percentor less throughout 1966

Percent

18

16

14

12

10

6 *-""'

Married

I 1

TOTAL,

\%

Men '

1 1

A

/ \

i i

i

X \ •v : K

, i i i1957 59 61 63 65 1966

SeasonallyAdjusted

Data: BLSU.S. Department of Commerce, Office of Business Economics 66-8-1

offset by an increase, on balance, inother industries.

Rise in personal income

Personal income from wages andsalaries, proprietors' income, and prop-erty income showed a sizable ad-vance last month—$3 billion at anannual rate. Although transfer pay-ments also increased, these gains wereoffset in part by the rise in contributionsunder the Medicare program, so thatthe increase in total personal incomewas $2^ billion. The treatment ofMedicare adopted in the national in-come and product accounts is spelledout on pages 6-7.

Payrolls increased $2.8 billion lastmonth as a result of increases inGovernment and private nonmanufac-turing industries; there was little changein manufacturing wages and salaries.A large part of the payroll advancereflected the increase of 150,000 innonfarm establishment employment.The July gain was tempered by thestrike in the airline industry and bystrikes in contract construction. Largeemployment increases—more than80,000—were reported in the serviceindustries and in Government, espe-cially State and local.

Manufacturing employment wasabout unchanged over the month, withgains in the metals and machineryindustries offset by substantial decreasesin transportation equipment andapparel.

Seasonally adjusted average weeklyhours of work in manufacturing edgeddown again in July with cutbacks in anumber of industries. Since February,the manufacturing workweek has de-clined quite steadily, from a peak of41.6 hours to the current level of 41.2

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hours. In contrast with manufacturing,the workweek increased from June toJuly in trade, construction, and mining.

Inventory accumulation high

Nonfarm inventory accumulation(GNP basis), at a seasonally adjustedannual rate of about $12 billion in thesecond quarter, was the highest so farin the current expansion and consider-ably above the first quarter rate of$8.5 billion (chart 2). The $3% billionrise in accumulation centered in durablegoods and was importantly influencedby two factors: the increase in dealers'stocks of new cars and the increase inpurchased materials inventories (es-pecially steel) of metal-fabricatingindustries.

The rise in the accumulation of newcar stocks over the quarter accountedfor roughly $1 billion of the increase ininventory investment and was theresult of a larger second quarter de-crease in automobile sales than in out-put. Dealers' inventories declined by150,000 units during July, after seasonaladjustment. Given present produc-tion schedules for the third quarter andcurrent sales rates, inventory invest-

CHART 2

Change in Nonfarm Business Inventories(GNP Basis)

Billion $14

1962 63 65 1965 1966

Quarterly,Seasonally Adjusted

At Annual RatesU.S. Department of Commerce, Office of Business Economics 66-8-2

SURVEY OF CUREENT BUSINESS

ment in new cars should be clearly lessthan in the second quarter.

The second quarter increase in pur-chased materials inventories of metalfabricators, following a small decreasein the first, was responsible for a swingof approximately $1% billion in the rateof accumulation. It probably repre-sented an attempt by steel users toreplenish stocks—after the adjustmentthat followed last year's buildup insteel inventories—and perhaps anattempt to hedge against slow deliveriesand the possibility of price increases.

Accumulation of purchased materialsby fabricators was very heavy in thesecond quarter of 1965, around thetime of the initial strike deadline inthe steel industry labor negotiations.It declined during the rest of 1965 andturned negative in early 1966. Tojudge from the trend of orders placedwith steel mills, fabricators apparentlytried to build up their purchasedmaterials stocks early this year butcould not do so because consumptionof materials was so high.

Although the second quarter rate ofaccumulation is probably unsustain-able, total inventories do not appearhigh gaged by their past relations tototal output. In real terms, for ex-ample, the level of second quarternonfarm inventories was 21.4 percentof GNP, as compared with an averageof 21.3 percent in both 1964 and 1965.

Interest costs upDuring July, the monetary system

continued to operate under severestrain as the demand for funds main-tained its strength while the FederalReserve System continued to keepcommercial banks in tight rein. Totalloans and investments combined, sea-sonally adjusted, rose nearly $3 billionas loans increased sharply and theliquidation of holdings of U.S. Govern-ment securities persisted.

Operating with restricted reserves,member banks have become morefrequent visitors to the Reserve Banks'discount windows. In July, borrow-ings averaged $770 million, as comparedwith $670 million in June. With excessreserves kept at very low levels, netborrowed reserves, which are oftenwatched as a rough measure of mone-

August 1966

tary policy, climbed sharply to $445million during the second half of July.This indicator averaged $130 millionand $325 million for the first andsecond quarters of this year.

Interest rates and bond yields haveresponded to the credit shortage byrising to highs not seen, in manyinstances, in more than a generation.In July, a record 4.85 percent averagewas posted on newly issued 90-dayTreasury bills (chart 3). This figureexceeded the previous record of 4.57percent reached in December 1959.Rates on prime commercial paperreached their highest level since 1929,and the Federal funds rate, one of themarket's most sensitive, rose to arecord 5.87 percent in early August.In the longer term markets, the Treas-ury in late July had to offer 5% percentcertificates, the highest interest couponsince shortly after World War I; New

[!JSd^S2iS2ESI!S^£2S] CHART 3

Interest Rates And YieldsPercent

6.0

5.5

5.0

4.5

4.0

3.5

Prime CommercialPaper 4-6 Monthss

3-Month TreasuryBids (New issues)

3.0 I M ! I I I I I I I I I I I I ! I I I l i i | | I | M I | i |

6.0YIELDS

5.5

5.0

4.5

Corporate Bonds(Moody's Aaa)

4.0

v 3 - 5 Year Treasury Issues

3.5 I i i I f I i i i i i | i i i i i | i i i i i | M i 1 i I i i I i i1964 1965 1966

Data: Treas., Moody's & FRBU.S. Department of Commerce, Office of Business Economics 66-8-3

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August 1966 SUEVEY OF CURRENT BUSINESS

York City offered tax-exempt bonds ata 4.65 percent rate, the highest since1934; and finally, AT&T's new bonds

of August 3 sold at 5.63 percent interest,the most expensive issue for the com-pany since 1923.

The Price Situation in Early Summer

PRICE increases in the first half of 1966were larger and more widespread thanin any comparable time span in thecurrent economic advance. The secondquarter slowdown in the rate of expan-sion was not reflected to any significantextent in the major price indexes. Theeasing this spring in prices of farmproducts and in wholesale and retailprices of food were a reflection of im-proved supplies of livestock and meatsand not primarily the result of the moremoderate increases in aggregate de-mand. As of early summer, with notmuch slack in the economy and withactivity showing some signs of acceler-ating as compared with the spring,there appeared to be fairly strong up-ward price pressures.

The GNP deflator rose 1 percent inthe second quarter after an equallylarge rise in the first; these advanceswere about double the average quarterlyincreases in 1965. Measured from theend of 1965, the consumer price indexat midyear was up 1.7 percent, asprices of nonfood commodities andservices showed a steady rise that waspartly offset only in May and June bydeclines in food prices. On an overallbasis, wholesale prices rose 1.6 percentfrom last December to June, as indus-trial prices showed a sustained risethroughout the first half of the year,and farm and food prices, after risingsharply early in the year, fell fromMarch to June.

In July, the wholesale price indexregistered one of the largest monthlyincreases of 1966—0.5 percent season-ally adjusted. Especially large gainswere reported for agricultural commod-ities, while industrial commodities in-creased at about the same rate as inthe first half.

Supply-demand relationships

tor in this year's price advance. Pres-sures were unusually strong in late 1965and the early part of this year. Utiliza-tion of plant capacity, which was al-ready high, rose further in many indus-

Wholesale Industrial Prices- CHART 4

Industrial prices rose more rapidly in the first half of1966 than in the two previous half years

The acceleration showed up in most commoditygroups

- 2

INDUSTRIALCOMMODITIES

Hides, Skins,and Leather

MiscellaneousProducts

Lumber

Rubber

Pulp and Paper

Metals andMetal Products

Tobacco andBottled Beverages

Machinery andMotive Products

Fuels and Power

NonmetallicMinerals

Furniture

Textiles and Apparel |

Chemicals

Percent Change*

0 2 4 6

Dec. 1965 : June 1966June 1965 - Dec. 1965Dec. 1964 - June 1965

T h e p r e s s u r e of d e m a n d o n a v a i l a b l e *Basedon seasonal adjustments made by OBE

b e e n t h e p r e d o m i n a n t f a C - U.S. Department of Commerce, Office of Business EconomicsData: BLS

66-84

tries, the unemployment rate showedsteady decreases, and shortages ofskilled labor in a number of occupationsand geographical areas became evident.

With demand less buoyant in the sec-ond quarter, the relative utilization ofresources eased a bit. The more mod-erate gain in industrial production thisspring, coming at a time of heavy addi-tions to plant capacity, may have put ahalt to the upward movement in plantutilization. Moreover, the unemploy-ment rate edged up in the secondquarter. Nevertheless, demand in thesecond quarter was still strong and con-tinued to press on resources. In du-rable goods manufacturing, where de-mand pressures have been greatestbecause of the increases in militaryexpenditures and in plant and equip-ment outlays, backlogs have continuedto rise in relation to shipments. De-spite the rise in the unemployment ratethis spring, the supply of experiencedmanpower has remained virtually un-changed. The unemployment rate formarried men has continued very low—2percent or less. In May, the number ofmajor areas in the "substantial unem-ployment" category was the lowestsince 1951, according to the U.S. Em-ployment Service.

Unit labor costs

On an overall basis, businessmen haveenjoyed comparatively stable unit laborcosts in the current expansion—a de-velopment that contributed to relativeprice stability. From 1963 to 1965,employee compensation per unit of realcorporate product rose approximately1 percent. From the fourth quarter of1965 to the first quarter of 1966, therise in unit labor costs showed someacceleration, even if allowance is madefor the statutory increase in employercontributions for social insurance effec-tive January 1. Preliminary data forthe second quarter suggest that thisacceleration continued. At the presenttime, the statistics are not firm enoughto indicate whether the rise this year inunit labor costs reflects a slowdown inthe growth of output per manhour, anacceleration of the rise in employeecompensation per manhour, or a com-bination of the two.

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Wholesale Prices

Wholesale industrial prices, afterseveral years of relative stability, beganto move up in late 1964 and con-tinued to rise moderately throughout1965. The overall price rise so farthis year—about 3% percent at anannual rate—has been fairly steadybut much more pronounced than in1965, and the acceleration as comparedwith 1965 has been widespread amongthe major industrial groups (chart 4).An exception to the general trend inrecent months has been the movementof lumber prices, which have eased be-cause of the weakness in homebuilding.

Metal prices continue upward

The upward trend that began earlyin 1963 in wholesale prices of metalsand metal products accelerated in thefirst half of 1966. In June the indexof metal prices, after seasonal adjust-ment, was 2 percent higher than inDecember, a rise almost as great asthe total increase in 1965. Since thefirst quarter of 1963, metal prices haveadvanced about 9% percent. This wasthe third largest percentage gain among

CHART 5

Copper Prices• Price of primary copper has been steady since

last fall@ Price of copper scrap, after sharp rise, has eased

since late springCents Per Lb.

70

60

50

40

30

20

Scrap1,'•June

I I I I I I I 1 I I I < I I I i I 1 i i i I

1960 61 6662 63 64 65

Quarterly Average

-Scrap price represents No. 1 wire

Data: BLS & E & MJU.S. Department of Commerce, Office of Business Economics 66-8-5

SURVEY OF CURRENT BUSINESS

the 13 major industrial componentsof the BLS wholesale index and wasexceeded only by the increases forhides and leather products and lumberand wood products.

All of the eight components of themetals and metal products group con-tributed to this year's rise, but as inthe past 3 years, nonferrous metalsposted the largest increase by far. Theadvance of about 5 percent accountedfor more than two-thirds of the gain inthe total metal products price indexsince last December. For the othercomponents of the metals index, priceincreases ranged from a little underone-half percent for metal containersto 2K percent for hardware lines.

Prices of finished steel were fraction-ally higher in June than at the begin-ning of the year—a continuation of thepolicy of limited price change for selectedproducts that has been followed by thesteel industry since the first quarter of1963. At the beginning of this month,steel producers announced price in-creases of $2 to $3 a ton for sheet andstrip. This represented an advance ofabout 2 percent for these products orroughly one-half percent for all finishedsteel combined.

Copper still in short supply

Although the overall index of non-ferrous metals prices has advancedappreciably in the current expansion,most of the upward push over the pastyear has been due to higher quotationsfor fabricated products, scrap materials,and secondary metals (those made fromscrap), notably copper. Prices of pri-mary copper, aluminum, and zinc haveshown little or no increase since thespring of 1965 and primary lead priceshave declined in recent months. At-tempts by producers to raise primaryaluminum and copper prices last fallwere unsuccessful as a result of the in-tervention of the Federal Governmentunder the wage-price guideposts.

The producers' price of primarycopper has been holding steady at 36cents per pound since November 1965after advancing 3 cents per pound in1964 and 2 cents in early 1965. Thepresent price, the highest since October1956, represents an increase of 17 per-cent from the February 1964 low point

August 1966

of 31 cents per pound. Although theprice of primary copper has remainedstable, the price of copper scrap—thechief source for sscondary copper, whichconstitutes an important proportion(roughly one-fifth) of overall coppersupplies—has risen markedly, particu-larly since midsummer of 1965, as maybe seen in chart 5. This rise wasespecially sensitive to unsettled worldmarket conditions; with some restora-tion of stability in late spring, scrapprices have declined.

Strong worldwide demand, coupledwith production and shipping disrup-tions abroad, has continued to limit theincrease in copper supplies in the UnitedStates. The new domestic supply ofcopper from production and importsreached a record high in 1965 but laggedbehind domestic demand and exportsfor the third year in a row. Partlybecause of the step-up in militarydemand, there was a strong upsurge inthe use of copper in the first half of thisyear but little change in production orimports. In 1964 and early 1965, thedeficits were made up by heavy with-drawals from privately held inventories.Later in 1965 and in the first 6 monthsof 1966, sizable releases were made fromthe national stockpile—120,000 tonslast year and 300,000 in the first half ofthis year. An additional 100,000 tonshave been released in the currentquarter.

In view of the continuing shortage ofcopper, the Government has taken anumber of steps to increase the supplyavailable for civilian and defense needs.The most important of these for theimmediate term were the virtual em-bargo on exports of domestic ores andother primary unrefined copper and thesetting of quotas on certain types ofcopper-base products.

To insure an adequate supply ofcopper for defense orders, the Businessand Defense Services Administration ofthe Department of Commerce estab-lished a set-aside of domestic refinedcopper at the producers' level for thesecond quarter of 1966. The set-asidefor the third quarter has been increased,and a further rise will occur in thefourth quarter. In terms of tonnage,the third quarter set-aside of refinedcopper is equivalent to about 90 million

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con-

August 1966

pounds, or about 7% percent of uun-sumption at the January-June quar-terly average rate.

Machinery demand strong

The pressures of plant and equipmentdemands and increased defense procure-ment have boosted machinery pricesconsiderably this year. From mid-1959 through mid-1963, the index ofwholesale prices for machinery andmotive products was virtually stable:In the V/i years from mid-1963 to theend of 1965, prices rose only 2 percent;in the first half of this year, the indexwas up 1.7 percent.

As compared with the experience ofthe 19507s, however, the recent rise inmachinery prices appears modest. Forexample, during the plant and equip-ment expansion from early 1955 throughlate 1957, prices for machinery roseabout 20 percent and contributedgreatly to the sizable advance in over-all wholesale industrial prices. Thegreater capacity of the machinery in-dustries in recent years and the com-parative stability of steel prices haveundoubtedly been important factorslimiting the machinery price rise in thecurrent expansion.

The largest price increases this yearhave occurred in those types of machin-ery that are being purchased to expandand replace capacity in manufacturing,mining, and public utilities. At mid-year, prices for metalworking machin-ery, general purpose machinery, andspecial industry machinery were up 4percent, 3 percent, and 2% percentrespectively since December. Electri-cal machinery prices advanced morethan 2 percent during the first 6 monthsof 1966 after many years of stability.

Prices of agricultural machinery haverisen considerably less this year—about1 percent—and the important motorvehicle category has shown little changein 1966, continuing the pattern ofstability evident since 1960.

Wholesale food prices dip

Last year, the rise in wholesale pricesfor farm products and processed foodsgreatly outstripped the rise in industrialcommodity prices. So far in 1966, thereverse has been true. From Decemberto June, prices for farm products in-

SUEVEY OF CUREENT BUSINESS

creased 1 percent and prices for proc-essed food 0.5 percent. However, inboth cases, the entire gain occurred inJanuary and February; on an overallbasis, prices receded steadily until June.Just as the 1965 advance was duemainly to higher prices for meats andpoultry, the recent easing reflects amoderate decline in prices for theseproducts. Following a period whensupplies were very low, hog marketings,in particular, have increased in recentmonths and are expected to rise furtherlater this year.

Although livestock and meat prices

1 CHART 6

Consumer PricesThe rate of increase has slowed since Apr i l . . .

1957-59=100

120

115

TOTALN

105

Mainly because of a drop in food prices115

no

105

100

Food at Home

Service prices have been rising sharply

Services

125

120

115

110

105

100 I I 11 11 I 11 II II I I I I I II I 11 I I I I I

1963 1964 1965 1966

Seasonally AdjustedData: BLS;

Seasonal adjustments, OBEJJ.S. Department of Commerce, Office of Business Economics 66-8-6

are no longer the pressing problem thatthey were around the turn of the year,upward price pressures have emergedamong other agricultural products. Ofspecial, significance has been the furthershrinkage in inventories of grains anddairy products. The stock of wheathas been so pared down that an expan-sion in the wheat acreage allotment hasbeen proposed to insure enough suppliesto meet both our domestic needs andour export commitments. Stocks ofdairy products have been virtuallydepleted this year, and current produc-tion figures are running well underlevels a year earlier; these conditionsare an extension of the long, downtrendin output of the nation's dairy farms.

The developing imbalances betweensupply and demand have been reflectedin price movements. Among wholesalefarm prices, prices for all grains (duemainly to changes in wheat prices)edged up slightly in both the fourthquarter of 1965 and the first quarterof 1966 and then rose sharply in thesecond quarter. From September,which marked the beginning of theprice rise, to June, grain prices rosenearly 6% percent, while wholesaleprices for cereals and bakery productsadvanced about 4K percent. Furtherlarge increases occurred in July.

The rise in prices for wholesaledairy products have been even morepronounced. From 1961 to late sum-mer of 1965, there was virtually nochange in prices for these items. FromSeptember 1965 to December 1965,prices rose 1.3 percent, and sinceDecember, the wholesale price fordairy products has increased about 10percent.

Consumer PricesAs was implied in the preceding dis-

cussion, movements in prices of retailfood products have shown considerablediversity so far this year. Prices ofdairy products have increased verysharply each month, and smaller butsteady price advances have occurred forcereals and bakery products. Prices ofmeats, poultry, and fish combined, aftera 6 percent increase from December toMarch, have declined about 1% percentsince then. Small decreases in prices offruits and vegetables and other foodsalso took place after early spring.

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6 SURVEY OF CUKKENT BUSINESS August 1966

Prices of consumer commodities otherthan food have risen more this year thanthey did in all of 1965. Although con-sumer demand showed only a moderaterise in the second quarter, there was notmuch evidence of any softening ofprices. Apparel and shoe prices rosesteadily through May and failed to ad-vance only in June. Prices of house-hold durables showed some firming inMay and June; these prices had de-clined as a result of the excise tax cuts inmid-1965, and then stabilized from lastSeptember through this April. Pricesof new cars, which had decreased in thesecond half of 1965 and early this yearbecause of lower excise taxes, movedslightly higher this April as a result ofthe revocation of fthe January excise taxcut. The price rise was a little less thanthe increase in the tax; this was prob-ably attributable to the drop in autodemand this spring.

Eising prices of consumer services

have been a feature of the postwarperiod, but the increases in the pastfew months, as chart 6 indicates, havebeen noteworthy for their magnitude.Service prices rose 1.1 percent fromDecember 1964 to June 1965 and 1.5percent from June to December of1965; over the first 6 months of thisyear, they advanced 2.2 percent, mostof the rise occurring since March. Ifrents are excluded from the servicetotal, the price rise in the first halfamounted to 2.6 percent.

All components of the index contrib-uted to the rise in the services total,medical care, household services, and"other" services showing unusuallylarge advances. Medical care costsadvanced 2.9 percent over the first 6months of the year, a rate nearlytwice the average half-yearly rise of 1.5percent during the previous 3 years.Prices of household services are beingpushed upward primarily by increasingmortgage interest rates.

Medicare in the National Income and Product AccountsThe Medicare Program in Brief

THE medicare program that becameeffective on July 1 provides healthinsurance protection for about 19 mil-lion persons aged 65 and over, virtuallyall persons in this age group. Theprogram is expected to pay benefits ofabout $3 billion for the fiscal yearending June 30, 1967.

The program will reimburse insuredpersons for a portion of the costsincurred for health care. Benefits arebeing paid out under two related healthinsurance programs: (1) A hospitalinsurance plan that provides partialcoverage of the costs of hospital rindrelated care; and (2) a medical insur-ance plan that covers some of the costsof physicians' services and other med-ical and health services not included inthe hospital insurance plan. The bene-fits of the program, which are describedin the accompanying table, are expectedto cover roughly 40 percent of theaggregate annual health care costs ofpersons over 65. The insured will be

responsible for some of the costs andcertain items are excluded from cover-age; the most important exclusions aredrugs for use at home, routine physicalexaminations, eyeglasses and eye exam-inations, dental care, and private dutynurses.

Payments will either flow directly tothe individuals or be paid on theirbehalf to hospitals and doctors. BlueCross and similar organizations will actas intermediaries for the Federal Gov-ernment.

Like existing social security programs,the hospital insurance program is fi-nanced by contributions paid by em-ployers, employees, and self-employedpersons. These contributions are placedin a new trust fund (Hospital InsuranceTrust Fund) established by the Treas-ury. The taxable earnings base—theamount of annual earnings subject tothe new tax—is $6,600, the same basethat is used for financing retirementbenefits under the old age, survivors, anddisability insurance system (OASDI).Contributions began January 1, 1966,

with a rate of 0.35 percent appliedequally to employees, employers, andself-employed persons. This rate willincrease to 0.50 percent on January 1,1967, and will eventually reach 0.80percent in 1987. The cost of hospitalinsurance for persons over 65 who arenot beneficiaries under the social secu-rity or railroad retirement systems willbe paid from general funds of theTreasury.

Unlike the hospital program, themedical insurance plan is voluntary.It is being financed, starting July 1,1966, by premium payments of $3 permonth from the 17Ji million personswho chose to enroll in the program;these personal contributions for socialinsurance are matched by Federal con-tributions of equal amounts from generalfunds. The individual and Governmentpayments for the medical insuranceplan are placed in a separate trust fund(Supplementary Medical InsuranceTrust Fund). The estimated 1% mil-lion persons over 65 who have notenrolled for the medical insurance willhave opportunities to enroll in thefuture (from October 1 to December 31in odd-numbered years).

Treatment of Medicare in theNational Accounts

Medicare benefits and financing willbe treated in the national income andproduct accounts in essentially thesame manner as other social insuranceprograms such as OASDI. A numberof categories in the accounts will beaffected by the program.

The employer-employee payroll taxes,the payments by the self-employed,and the $3 monthly payments byinsured persons are being recordedin the accounts as social insurancecontributions, a category of govern-ment receipts. The payments out ofgeneral funds of the Treasury to thetrust funds established under medicareare intragovernment transactions andwill not affect government receiptsor expenditures.

The benefit payments will be recordedunder Federal expenditures as transferpayments. In the hospital insurance

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

August 1966 SURVEY OF CURRENT BUSINESS

Major Benefit Provisions of MedicareProgram

Starting July 1, 1966

Hospital insurance program

Inpatient hospital care duringeach "spell of illness"

First 60 days of care . . .Next 30 days of careOver 90 days of care. . . :

Extended care services* (post-hospital) after at least 3days of hospital care

First 20 days of extendedcare.

Next 80 days of extendedcare.

Over 100 days of extendedcare during a "spell ofillness."

Home health services100 home health visits dur-

ing 1 year after dischargefrom a hospital or ex-tended care facility.

Outpatient hospital diagnos-tic services

Diagnostic services pro-vided during a 20-dayperiod in an outpatientdepartment of onehospital.

Medical insurance program

Services of licensed physi-cians; up to 100 homehealth visits (no priorhospitalization required);and other health servicesand supplies provided dur-ing each calendar year.

Patient pays

First $40. . . .$10 per day..All costs.-.-

Nothing

$5 per day—

All costs

Nothing.

First $20plus 20percent ofbalance.

First $50plus 20percent ofbalance.

Medicare

Balance.Balance.Nothing.

All costs.

Balance.

Nothing.

Full cost.

80 percentof thebalance.

80 percentof balanceof reason-ablecharges.

*Benefits begin January 1,1967.

program, the Department of Health,Education, and Welfare provides fundsto its intermediaries, who make pay-ments on behalf of the insured to theparticipating hospitals. Once the pro-gram is fully underway, reimbursementof hospitals will be nearly concurrentwith the services provided and will berecorded as a transfer when the hospitalreceives payment.

Under the medical insurance pro-gram, the insured patient may payhis bill for services and then remit thereceipted bill to the intermediary forreimbursement. Alternatively, the doc-tor may accept assignment by thepatient of the portion of the billcovered by the program and collectthis amount directly from the inter-mediary. The transfer payment willenter the national accounts when theintermediary reimburses the insuredperson or pays the physician.

It will be seen that, when the pro-gram is operating routinely, transferpayments for hospital services willgenerally be entered in the national ac-counts very shortly after the servicesare rendered. However, there may bea lag of several weeks (or even months)between the time the physicians7 serv-ices are rendered and the time >vhen thetransfer payments for services are en-tered into the accounts. This is be-cause bills are normally rendered bydoctors on a monthly basis and becausethere will probably be further delays inthe sending of bills to the intermediary.

Among the other items in the ac-counts affected by medicare are compen-sation of employees and one of itscomponents, supplements to wages andsalaries. These supplements were in-creased beginning January 1 by theemployer contributions under the hos-pital insurance plan.

Personal income is affected in twow ays by the medicare program. First,contributions of the employee and theself-employed under the hospital insur-ance program and the voluntary pay-ments under the medical insuranceprogram are recorded as personal con-tributions for social insurance, whichare a deduction from personal income.Second, the benefit payments are re-corded as transfers to persons, as notedabove.

Gross national product will includecovered health services as personal con-sumption expenditures when furnishedby private doctors or private hospitalsand as State and local government pur-chases wxhen furnished by State or localgovernment health facilities. Pay-ments for the services provided inGovernment-operated hospitals w ill berecorded as personal nontax receipts ofState and local governments.

Transfers or purchases?

Some consideration was given totreating the payment of medicare bene-fits as Government purchases rather

than as Government transfers and per-sonal consumption expenditures. Theformer treatment would parallel thehandling of medical services furnishedin Government hospitals, e.g., VeteransAdministration hospitals.

After consultation with interestedagencies, the transfer treatment wasadopted. It was felt that since theinsured person is always responsible fora substantial portion of the costs andis free to choose and change his owndoctor and hospital, the individual,rather than the Government, is theactual purchaser of medical services. Inthis sense, the Government—throughthe transfer payment—is reimbursingthe individual for a portion of thehealth care he has purchased.

This is in contrast to cases wheremedical services are furnished withoutcharge in Government hospitals byGovernment health personnel. In suchinstances, the individual accepts theservices offered and is not responsiblefor the costs.

Magnitude of the Program

The national income and productaccounts were first affected by themedicare program in January of thisyear when contributions for the hos-pital insurance program began. In theJanuary-March quarter, personal in-come was reduced by about $1 billion(annual rate), compensation of em-ployees was increased by $1 billion, andFederal Government receipts were in-creased by $2 billion.

Although services under the programwere received by insured persons be-ginning in July, payments by fiscalagents lagged as administrative pro-cedures were being worked out. Theplan to reimburse hospitals concur-rently with the provision of serviceswas not operative in July. As a result,the $3 personal contribution beginningin July, together with the contributionto the hospital insurance fund, more thanoffset the actual payments to hospitalsand doctors during that month.

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

8 SURVEY OF CUEEENT BUSINESS

NATIONAL INCOME AND PRODUCT TABLES

August 1966

1963 1964 1965

1965

I II III IV

1966

I II

Seasonally adjusted at annual rates

Billions of current dollars

1963 1964 1965

1965

I II III IV

1966

I II

Seasonally adjusted at annual rates

Billions of 1958 dollars

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

Gross National Product.

Personal consumption expenditures _

Durable goodsNondurable goods..Services

Gross private domestic investment..

Fixed investmentNonresidential

StructuresProducers' durable equipment..

Residential structuresNonfarmFarm

Change in business inventoriesNonfarmFarm.

Net exports of goods and services.ExportsImports

Government purchases of goods and services.Federal

National defenseOther

State and local

Addendum: Implicit price deflator for seasonallydajusted GNP, 1958=100

590.5

375.0

53.9168.6152.4

87.1

81.354.319.534.827.026.4

. 65.95.1

.8

5.932.326.4

122.564.250.813.558.2

107.2

631.7

401.4

59.4178.9163.1

93.0

88.360.721.039.727.627.0

. 64.75.3

—.6

8.537.028.5

128.965.250.015.263.7

108.9

681.2

431.5

66.1190.6174.8

106.6

97.569.724.944.827.827.2

. 69.18.1

.9

7.039.032.0

136.266.850.116.769.4

110.9

660.8

418.9

65.1184.5169.3

103.8

94.466.723.643.127.727.2

. 69.59.4

.0

6.435.128.7

131.664.448.216.267.3

110.1

672.9

426.8

64.4189.4173.0

103.7

96.067.924.643.328.127.5

. 67.66.7

. 9

8.240.532.3

134.365.649.116.568.7

110.7

686.5

435.0

66.7191.4176.9

106.7

98.070.224.445.827.827.3

. 58.77.21.5

7.140.133.0

137.767.550.716.870.2

111.0

704.4

445.2

68.0197.0180.2

111.9

101.573.926.847.127.627.0

. 510.49.01.4

6.140.334.2

141.269.852.517.371.4

111.6

721.2

455.6

70.3201.9183.4

114.5

105.677.028.548.528.628.0

. 58.98.5

f>

6.041.735.6

145.071.954.617.473.1

112.6

732.3

460.1

67.1205.6187.4

118.5

106.278.227.950.328.027.4

. 612.312.1

2

4.741.937.3

149.074.057.116.975.0

113.8

551.0

353.3

53.7162.2137.4

82.5

76.751.917.934.024.824.2

. 55.85.1

. 8

5.632.126.6

109.659.5

50.1

580.0

373.8

59.1170.5144.2

86.5

81.957.418.938.524.624.0

. 54.65.2

—.6

8.536.428.0

111.357.8

53.4

614.4

396.2

66.4178.2151.6

97.8

89.064.921.743.224.123.6

. 58.88.0

.9

6.337.331.0

114.157.8

56.3

600.3

387.1

64.8174.2148.1

95.9

86.662.320.741.524.423.8

. 59.39.3

.0

5.733.427.7

111.556.2

ft>.3

607.8

392.2

64.2177.6150.4

95.3

88.063.421.741.724.524.0

. 57.36.5.8

7.138.731.6

113.257.3

55.9

618.2

398.9

67.2178.5153.1

97.9

89.465.521.344.223.923.4

.58.57.11.4

6.438.431.9

115.058.3

56.7

631.2

406.5

69.2182.5154.8

102.2

91.968.423.245.223.523.0

. 510.28.91.3

6.038.732.8

116.659.3

57.3

640.5

412.8

72.2184.1156.5

103.5

95.070.824.346.424.323.8

. 58.58.0

. 4

5.940.134.2

118.360.4

57.9

643.5

412.2

68.5185.8157.9

106.3

94.771.323.647.723.422.9

. 511.611.4

2

4.640.335.8

120.461.9

58.5

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

Gross National Product.

Final sales

Change in business inventories.

Goods output . ..

Final salesChange in business inventories.

Durable goodsFinal salesChange in business inventories

Nondurable goodsFinal salesChange in business inventories

Services

Structures

Addendum: Gross auto product...

590.5

584.65.9

298.6

292.75.9

116.1113.3

2.8

182.5179.4

3.1

226.2

65.7

25.1

631.7

627.04.7

318.2

313.64.7

125.5122.2

3.3

192.7191.3

1.4

244.5

68.9

25.8

681.2

672.19.1

344.7

335.79.1

138.5132.2

6.3

206.3203.5

2.7

262.0

74.5

31.4

660.8

651.49.5

333.8

324.39.5

135.1127.7

7.4

198.7196.6

2.1

254.3

72.7

32.6

672.9

665.37.6

338.8

331.27.6

135.2128.8

6.4

203.6202.4

1.2

259.8

74.3

30.8

686.5

677.88.7

347.5

338.88.7

141.0134.3

6.7

206.5204.4

2.1

265.1

73.9

31.6

704.4

694.010.4

358.8

348.410.4

142.6137.9

4.7

216.2210.5

5.7

268.8

76.9

30.5

721.2

712.38.9

366.0

357.08.9

147.6141.8

5.8

218.4215.2

3.1

275.5

79.8

31.5

732.3

720.012.3

371.6

359.312.3

149.6140.6

9.0

222.0218.7

3.3

282.1

78.6

28.6

551.0

545.25.8

289.7

283.95.8

114.2111.4

2.8

175.6172.5

3.1

200.9

60.4

24.7

580.0

575.44.6

307.2

302.64.6

123.1119.9

3.2

184.1182.7

1.4

211.2

61.7

25.4

614.4

605.68.8

328.5

319.78.8

135.5129.4

6.1

193.0190.3

2.7

221.1

64.8

31.4

600.3

591.09.3

319.7

310.39.3

131.8124.6

7.2

187.8185.7

2.1

216.6

64.0

32.2

607.8

600.57.3

322.5

315.27.3

131.7125.5

6.2

190.8189.6

1.1

220.3

65.0

30.6

618.2

609.78.5

330.9

322.48.5

138.3131.8

6.5

192.6190.6

2.0

223.3

64.0

31.9

631.2

621.010.2

341.0

330.710.2

140.3135.7

4.7

200.6195.1

5.6

224.0

66.2

30.7

640.5

632.08.5

344.7

336.28.5

145.4139.9

5,5

199.4196.3

3.0

227.7

68.0

32.2

643.5

631.911.6

346.7

335.111.6

146.0137.6

8.4

200.8197.6

3.2

230.9

66.0

29.1

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

Gross National Product.

Private

BusinessNonfarmFarm

Households and institutionsRest of the world

General government

590.5

532.4

513.0491.521.516.03.4

58.1

631.7

568.7

547.4527.020.417.34.0

63.0

681.2

613.4

590.8567.123.818.34.3

67.8

660.8

595.2

573.0551.621.417.54.7

65.6

672.9

606.4

583.6559.424.218.04.8

66.6

686.5

618.2

595.3570.624.718.74.1

68.3

704.4

633.8

611.2586.624.719.13.4

70.6

721.2

648.4

624.9599.325.719.14.4

72.8

732.3

657.6

634.0609.025.019.14.4

74.7

551.0

503.2

486.6463.822.813.23.4

47.8

580.0

530.8

513.3491.222.013.63.9

49.2

614.4

563.5

545.4521.723.814.04.1

50.9

600.3

550.2

532.2509.422.813.44.6

50.1

607.8

557.3

515.123.813.74.6

50.5

618.2

567.2

548.9524.624.314.24.0

51.1

631.2

579.4

561.6537.524.114.53.3

51.8

640.5

588.0

569.4546.423.014.34.3

52.5

643.5

589.9

571.4548.422.914.24.3

53.6

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

1963 1964 1965

1965

I I I III IV

1966

I II*

Seasonally adjusted at annual rates

[Billions of dollars]

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

Gross National Product

Less: Capital consumptionallowances

Equals: Net national product- _.

Less: Indirect business taxand nontax liability

Business transfer pay-ments

Statistical discrepancy

Plus: Subsidies less currentsurplus of governmententerprises

Equals: National income

Less: Corporate profits andinventory valuationadjustment

Contributions for socialinsurance

Wage accruals less dis-bursements

Plus: Government transferpayments to persons...

Interest paid by govern-ment (net) and byconsumers

DividendsBusiness transfer pay-

ments

Equals: Personal income -

590.5

52.6

537.9

54.7

2.3- . 3

. 8

481.9

58.9

26.9

. 0

33.0

17.616.5

2.3

465.5

631.7

56.0

575.7

58.5

2.5- 1 . 4

1.3

517.3

66.6

28.0

. 0

34.2

19.117.3

2.5

496.0

681.2

59.6

621.6

62.7

2.6- 1 . 6

1.0

559.0

74.2

29.2

. 0

37.1

20.6"19.2

2.6

535.1

660.8

58.2

602.7

62.0

2.6- 4 . 1

1.2

543.3

73.2

28.8

. 0

36.0

20.018.1

2.6

518.0

672.9

59.1

613.8

62.2

2.5- 2 . 1

1.0

552.2

72.7

29.0

. 0

35.2

20.518.8

2.5

527.6

686.5

60.2

626.3

62.7

2.5- . 8

. 9

562.7

74.0

29.2

. 0

39.4

20.919.5

2.5

541.9

704.4

60.8

643.6

63.6

2.6.4

. 9

577.8

76.9

29.8

. 0

37.9

21.020.2

2.6

552.8

721.2

61.6

659.7

63.0

2.6- . 8

. 8

595.7

80.0

36.5

. 0

40.0

21.920.9

2.6

564.6

732.3

62.7

669.6

64.7

2.6—1.1

604.3

80.0

37.0

.0

40.1

22.521.1

2.6

573.5

Table 5.—-Gross Corporate Product1 (1.14)

Gross corporate product..

Capital consumption allow-ances—

Indirect business taxes plustransfer payments less sub-sidies

Income originating in corporatebusiness

Compensation of employees.Wages and salariesSupplements

Net interest

Corporate profits and in-ventory valuation adjust-ment

Profits before taxProfits tax liabilityProfits after tax

DividendsUndistributed profits. __

Inventory valuation ad-justment

Gross product originatingin financial institutions..

Gross product originatingin nonfinancial corpora-tions

Capital consumption allow-ances

Indirect business taxes plustransfer payments less sub-sidies .

Income originating in non-financial corporations

Compensation of employees __Wages and salariesSupplements

Net interestCorporate profits and in-

ventory valuation adjustment

Profits before taxProfits tax liabilityProfits after tax

DividendsUndistributed profits..

Inventory valuation ad-justment—

Addenda:Cash flow, gross of dividends:

All corporations-Nonfinancial corporations

Cash flow, net of dividends:All corporationsNonfinancial corporations

335.0

31.8

32.9

270.4

216.3194.921.4

- 2 . 4

56.456.926.330.515.415.1

15.0

320.0

31.0

31.5

257.6204.4184.519.94.5

48.649.122.926.214.311.9

- . 5

62.357.1

46.842.8

360.9

33.9

34.8

292.3

231.4208.522.9

- 2 . 7

63.664.028.435.616.019.6

15.6

345.3

32.9

33.3

279.0218.7197.321.45.2

55.255.624.331.314.616.8

- . 4

69.564.3

53.549.7

391.2

36.3

37.4

317.5

249.0224.124.8

- 2 . 5

71.072.531.41.317.23.6

16.5

374.6

35.3

35.8

303.5235.5212.323.25.9

62.163.627.536.116.219.9

- 1 . 5

77.671.4

59.955.2

381.8

35.2

37.1

309.5

242.4218.324.1

- 2 . 6

69.671.030.40.16.523.

16.0

365.8

34.2

35.5

296.0229.4206.922.55.6

61.162.427.135.315.020.2

- 1 . !

75.569.5

58.954.5

385.8

36.0

37.1

312.8

246.1221.624.5

- 2 . 5

69.70.930.740.217.223.0

- 1 . 8

16.3

369.5

35.0

35.5

299.0232.8209.922.95.8

60.462.227.035.215.719.5

-1.1

76.270.1

59.054.4

393.1

36.8

37.3

319.0

250.5225.425.1

- 2 . 4

70.971.930.941.018.122.9

- 1 . 0

16.6

376.5

35.8

35.8

304.9236.9213.523.46.0

61.962.927.235.816.619.2

- 1 . 0

77.871.6

59.755.0

403.9

37.

37.9

328.8

256.8231.2

25.- 2 . 4

74.476.32.443.719.024.

- 1 . 8

17.2

386.7

36.3

36.3

314.1243.0219.024.06.3

64.966.728.538.217.520.7

-1.1

80.974.4

61.957.0

415.2

37.

37.3

340.1

265.9237.2

28.- 2 . 4

76.79.534.145.419.426.0

- 2 . 8

17.5

397.7

36.8

35.7

325.2251.6224.826.86.3

67.370.130.239.917.722.2

- 2 . 8

83.176.7

63.758.9

422.3

38.5

38.5

345.3

271.1241.829.3

- 2 . 5

76.779.634.245.419.525.8

- 2 . 9

37.5

256.6229.127.46.5

—2.9

83.9

64.3

1963 1964 1965

1965

I II III IV

1966

I II*

Seasonally adjusted at annual rates

[Billions of dollars]

Table 6.—National Income by Type of Income (1.10)

National income.

Compensation of employees

Wages and salaries

Private . . .MilitaryGovernment civilian..

Supplements to wages andsalaries

Employer contributions forsocial insurance

O ther labor incomeEmployer contributions

to private pension andwelfare funds

Other

Proprietors' income..

Business and professionalIncome of unincorporated

enterprisesInventory valuation adjust-

ment

Farm

Rental income of persons.

Corporate profits and inventoryvaluation adjustment

Profits before tax.

Profits tax liabilityProfits after tax

DividendsUndistributed profits

Inventory valuation adjust-ment

Net interest..

481.9

341.0

311.1

251.610.848.6

29.9

15.0

14.9

12.22.7

51.0

37.9

37.9

517.3

365.7

.0

13.1

17.1

58.9

59.4

26.333.116.516.6

- . 5

13.8

11.752.6

32.0

15.4

16.6

13.73.0

51.9

39.9

•0

12.0

17.7

66.6

67.0

28.438.717.321.3

- . 4

15.5

559.0

392.9

358.4

289.112.157.1

34.5

16.0

18.5

15.43.1

55.7

40.7

41.0

381.7

348.2

281.211.855.2

33.5

15.8

17.8

- . 4

15.1

18.3

74.2

75.7

31.244.519.225.3

- 1 . 5

17.8

552.2

387.8

353.7

285.811.756.3

34.1

15.9

18.2

53.3

40.5

12.9

18.1

73.2

74.5

30.743.818.125.7

- 1 . 3

16.9

562.7

395.6

360.8

291.112.057.7

34.8

16.0

18.8

55.9

40.4

15.5

18.3

72.7

74.5

30.743.818.825.0

- 1 . 8

17.5

56.7

40.7

16.0

18.4

74.0

75.0

30.944.119.524.6

- 1 . 0

18.1

577.8

406.5

370.8

298.513.059.3

35.7

16.3

19.4

57.1

41.1

16.0

18.5

76.9

78.7

32.446.320.226.1

- 1 . 8

18.7

595.7

419.6

380.0

305.913.660.4

39.6

19.6

20.0

58.4

41.4

17.0

18.7

80.0

82.7

34.148.720.927.8

- 2 . 8

19.1

Table 7.—National Income by Industry Division (1.11)

All industries, total.

Agriculture, forestry, andfisheries

Mining and conduction...Manufacturing

Nondurable goodsDurable goods

TransportationCommunicationElectric, gas, and sanitary

Wholesale and retail trade _______

Finance, insurance, and realestate

ServicesGovernment and government

enterprisesRest of the world

604.3

427.9

387.4

311.514.161.8

40.5

19.9

20.6

57.9

41.6

16.3

18.8

80.0

82.9

34.248.721.127.7

- 2 . 9

19.6

481.9

18.630.2

143.857.586.3

20.09.8

10.373.4

53.654.1

64.73.4

517.3

17.732.4

155.161.593.6

21.410.5

11.179.1

57.158.9

70.04.0

559.0

21.034.8

170.465.6

104.8

22.911.2

11.683.6

61.063.0

75.24.3

543.3

18.634.1

166.764.4

102.2

22.010.9

11.382.1

59.360.6

72.94.7

552.2

21.434.4

167.664.9

102.7

22.810.9

11.682.5

60.362.0

73.94.8

562.7

21.934.6

170.8\65.6105.2

23.111.2

11.783.9

61.564.1

75.74.1

577.8

22.135.9

176.567.5

108.9

23.711.6

11.985.9

62.965.3

78.53.4

595.7

23.237.1

184.469.8

114.7

24.111.7

11.988.0

63.766.4

80.74.4

604.3

Table 8.—Corporate Profits (Before Tax) and Inventory ValuationAdjustment by Broad Industry Groups (6.12)

•Second quarter 1966 corporate profits (and related components and totals) are preliminaryand subject to revision in next month's Survey.

1 Excludes gross product originating in the rest of the world.

All industries, total

Financial institutions

MutualStock

Nonfinancial corporations.

ManufacturingNondurable goodsDurable goods

Transportation, communica-tion, and public utilities

All other industries

58.9

7.8

1.66.2

51.2

28.813.015.8

9.512.9

66.6

8.4

1 76.7

58.2

32.414.517.9

10.415.4

74.2

8.9

1 87.1

65.3

37.815.722.1

11.116.4

73.2

8.5

64.6

37.415.521.9

10.716.5

72.7

8.7

64.0

36.715.521.2

10.916.4

74.0

8.9

65.0

37.415.521.9

11.216.4

76.9

9.5

67.5

39.616.423.2

11.516.4

80.0

9.4

70.6

41.917.224.7

11.317.4

80.0

. . . . . .

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

10 SURVEY OF CUREENT BUSINESS August 1966

1963 1964 1965

1965

I II I I I IV

1966

I II*

Seasonally adjusted at annual rates

[Billions of dollars]

Table 9.—-Personal Income and'Its Disposition (2.1)

Personal income 465.5

Wage and salary disburse-ments.

Commodity-producingindustriesManufacturing

Distributive industriesService industriesGovernment

Other labor income..

Proprietors' incomeBusiness and professional. __Farm

Rental income of persons.Dividends

Personal interest income

Transfer payments______Old-age and survivors

insurance benefitsState unemployment

insurance benefits...Venterans' benefitsOther

Less: Personal contributionsfor social insurance

Less: Personal tax and nontaxpayments ___

Equals: Disposable personalincome

Less: Personal outlays.

Personal consumptionexpenditures.-.

Interest paid by con-sumers

Personal transfer pay-ments to foreigners.._

Equals: Personal saving

Addendum: Disposable per-sonal income in constant(1958) dollars _.__

m.iL25 .7LOO. 676.049.959.5

14.9

51.037.913.1

17.116.5

31.4

15.2

2.85.0

12.2

11.8

60.9

404.6

384.7

375.0

9.1

.6

19.9

381.3

496.0

333.6

34.007.281.254.164.3

16.6

51.939.912.0

17.717.3

34.6

36.8

16.0

2.65.3

12.9

12.5

59.4

436.6

412.1

401.4

10.1

.6

24.5

406.5

535.1

358.4

144.3115.586.758.169.2

18.5

55.740.715.1

18.31.9.2.

38.4

39.7

18.1

2.25.6

13.8

13.2

66.0

469.1

443.4

431.5

11.3

.6

25.7

430.8

18.0

348.2

140.9112.684.655.767.0

17.8

53.340.512.9

18.118.1

36.9

38.6

16.7

2.45.5

14.1

13.1

64.9

453.2

430.3

418.9

10.8

.6

22.8

418.8

527.6

353.7

142.6114.086.057.268.0

18.2

55.940.415.5

18.3

18.8

38.0

37.8

16.62.25.6

13.3

13.2

66.6

461.0

438.6

426.8

11.2

.6

22.4

423.7

541.9

360.8

144.8116.287.159.269.7

18.8

56.740.716.0

18.419.5

38.9

42.0

20.4

2.25.7

13.7

13.2

65.7

476.2

447.1

435.0

11.5

.6

29.0

436.8

552.8

370.8

148.9119.289.160.572.3

19.4

57.141.116.0

18.520.2

39.7

40.5

18.6

2.05.8

14.1

13.5

66.7

486.1

457.6

445.2

11.8

.6

28.5

443.9

564.6

380.0

153.8123.090.861.374.1

20.0

58.441.417.0

18.720.9

41.0

42.6

19.5

2.05.9

15.2

16.9

69.5

495.1

468.4

455.6

12.1

26.7

448.4

573.5

387.4

157.0126.092.162.575.9

20.6

57.941.616.3

18.821.1

42.1

42.8

19.7

1.66.0

15.4

17.1

73.6

499.9

473.3

460.1

12.5

.7

26.6

447.9

Table 10.—Personal Consumption Expenditures by Major Type (2.3)

Personal consumptionexpenditures

Durable goods..

Automobiles and parts...Furniture and household

equipmentOther.

Nondurable goods

Food and beverages.Clothing and shoes..Gasoline and oil.Other

Service s.HousingHousehold operation..TransportationOther

375.0

53.9

24.3

22.27.5

168.6

88.230.613.536.3

152.4

55.423.111.462.5

401.4

59.4

25.8

25.18.5

178.9

92.833.614.138.4

163.1

59.224.311.867.8

431.5

66.1

29.8

27.19.1

190.6

98.435.915.141.1

174.8

63.225.612.873.3

418.9

65.1

30.1

26.09.0

184,5

95.434.614.440.1

169.3

61.624.712.270.8

426.8

64.4

29.2

26.29.0

189.4

97.835.615.240.9

173.0

62.725.412.772.3

435.0

66.7

30.2

27.39.2

191.4

98.736.015.341.4

176.9

63.626.013.074.2

445.2

68.0

29.9

28.8.9.3

197.0

101.637.515.742.3

180.2

64.726.313.475.8

455.6

70.3

31.4

29.69.3

201.9

103.339.415.843.3

183.4

66.026.513.577.5

460.1

67.1

28.5

29.29.3

205.6

104.839.716.145.0

187.4

67.127.113.979.4

Table 11.—Foreign Transactions in the NationalProduct Accounts (4.1)

Receipts from foreigners

Exports of goods and services.._

Payments to foreigners

Imports of goods and services.__

Transfers to foreignersPersonal _ _ _ _Government

Net foreign investment .

32.3

32.3

32.3

26.4

2.8.6

2.2

3.1

37.0

37.0

37.0

28.5

2.8.6

2.2

5.7

39.0

39.0

39.0

32.0

2.8.6

2.2

4.2

35.1

35.1

35.1

28.7

2.6.6

2.0

3.8

40.5

40.5

40.5

32.3

3.1.6

2.5

5.1

40.1

40.1

40.1

33.0

2.8.6

2.2

4.2

Income

40.3

40.3

40.3

34.2

2.56

1.9

3.5

41.7

41.7

41.7

35.6

3.4.6

2.8

2.6

and

41.9

41.9

41.9

37.3

2.9.7

2.2

1.8

1963 1964 1965

1965

I I I III IV

1966

I II

Seasonally adjusted at annual rates

[Billions of dollars]

Table 12.—Federal Government Receipts and Expenditures (3.1, 3.2)

Federal Government receipts. __

Personal tax and nontax re-ceipts -_ _ _ _. _

Corporate profits tax accrualsIndirect business tax and non-

tax accruals _ , _ -_ _Contributions for social insur-

ance

Federal Government expendi-tures

Purchases of goods and serv-ices

National defense _ _Other

Transfer paymentsTo personsTo foreigners (net)

Grants-in-aid to State andlocal governments

Net interest paid

Subsidies less current surplusof government enterprises..

Surplus or deficit (-),national income andproduct accounts

114.5

51.524.6

15.3

23.1

113.9

6 * 2

50.813.5

29.127.02.2

9.1

7 7

3.6

. 7

115.1

48.626.5

16.2

23.9

118.1

65.2

50.015.2

29.927.82.2

10.4

8 3

4.2

- 3 . 0

124.9

54.229.1

16.8

24.8

123.4

66.8

50.116 7

32.430.32.2

11.2

8 7

4.2

1.6

124.0

53.428.7

17.5

24.5

119.6

64.4

48.216.2

31.329.22.0

11.0

8.6

4.3

4.5

125.0

54.928.7

16.8

24.6

120.6

65.6

49.116.5

30.928.42.5

.11.1

8.7

4.2

4.4

123.8

53.828.9

16.3

24.7

126.3•»

67.5

50.716.8

34.832.52.2

11.1

8.8

4.1

- 2 . 5

126.9

54.730.3

16.7

25.2

127.0

69.8

52.517.3

32.830.81.9

11.6

8.8

4.1

- . 2

136.0

57.131.9

15.2

31.7

133.7

71 9

54.617.4

35.432.62.8

13.0

9.3

4.1

2.3

141.0

60.732.0

16 1

32 2

137.1

74 0

57.116 9

34.832.62 2

14 6

9 5

4.2

3.9

Table 13.—State and Local Government Receipts and Expenditures(3.3, 3.4)

State and local governmentreceipts

Personal tax and nontaxreceipts

Corporate profits tax accruals.

Indirect business tax andnontax accruals

Contributions for socialinsurance

Federal grants-in-aid .

State and local governmentexpenditures

Purchases of goods andservices

Transfer payments to persons.

Net interest paidLess: Current surplus of

government enterprisesSurplus or deficit (-), na-

tional income andproduct accounts

63.4

9.41.7

39.4

3.8

9.1

62.2

58.26.0

. 8

2.8

1.2

69.6

10.81.9

42.3

4.1

10.4

67.9

63.76.5

. 7

3.0

1.7

75.3

11.82.0

45.8

4.5

11.2

73.7

69.46.9

. 6

3.2

1.6

73.4

11.52.0

44.6

4.4

11.0

71.5

67.36.8

. 6

3.1

1.9

74.6

11.72.0

45.4

4.4

11.1

72.9

68.76.8

. 6

3.2

1.7

75.9

11.92.0

46.4

4.5

11.1

74.4

70.26.9

. 5

3.2

1.5

77.3

12.12.1

47.0

4.6

11.6

75.7

71.47.0

. 5

3.2

1.6

80.1

12.42.2

47.8

4.7

13.0

77.7

73.17.4

. 5

3.3

2.4

83.2

12.92.2

48.7

4.8

14.6

79.7

75.07.5

.5

3.3

3.5

Table 14.—Sources and Uses of Gross Saving (5.1)

Gross private saving-

Personal savingUndistributed corporate

profitsCorporate inventory valua-

tion adjustment •_Corporate capital consump-

tion allowancesNoncorporate capital con-

sumption allowancesWage accruals less disburse-

ments

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

FederalState and local..

Gross investment-Gross private domestic in-

investment .Net foreign investment

*Second quarter 1966 corporate profits (and related components and totals) are preliminaryand subject to revision in next month's Survey.

Statistical discrepancy..

88.7

19.9

16.6

- . 5

31.8

20.9

.0

1.8

.71.2

90.3

87.13.1

- . 3

101.4

24.5

21.3

- . 4

33.9

22.2

.0

- 1 . 4

- 3 . 01.7

98.7

93.05.7

- 1 . 4

109.1

25.7

25.3

- 1 . 5

36.3

23.3

.0

3.2

1.61.6

110.7

106.64.2

- 1 . 6

105.3

22.8

25.7

35.2

23.0

.0

6.4

4.51.9

107.6

103.83.8

- 4 . 1

104.8

22.4

25.0

- 1 . 8

36.0

23.2

.0

6.1

4.41.7

108.8

103.75.1

- 2 . 1

112.8

29.0

24.6

- 1 . 0

36.8

23.4

.0

- 1 . 0

- 2 . 51.5

110.9

106.74.2

- . 8

113.6

28.5

26.1

37.2

23.6

.0

1.4

- . 21.6

115.4

111.93.5

.4

11.3.2

26.7

27.8

- 2 . 8

37.7

23.8

.0

4.7

2.32.4

117.1

114. 52.6

114.0

26.6

27.7

- 2 . 9

38.5

24.2

.0

7.4

3.93.5

120.3

118.51.8

- 1 . 1

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

by REGIONAL ECONOMICS DIVISION STAFF

State Personal Income, 1948-65

_L HIS report presents estimates ofpersonal income received by residentsof each State for the years 1948-65.Tables 1 and 2 show summary figureson total and per capita personal incomefor all years. For the period 1963-65,total income in each State has beendisaggregated to show industrial sourcesand types of income in each S t a t e -see tables 4-62a. Space limitationspreclude showing this detail for earlieryears; however, copies of the detailedfigures are available in limited supplyon request.

Revised Estimates

The estimates in this report repre-sent a basic revision of the State per-sonal income series. They incorporatethe relevant changes that were intro-duced into the national income andproduct accounts in the August 1965Survey. In addition, they reflect theroutine updating of the national totalsfor 1963-65, as published in the July1966 Survey. It is emphasized that theestimates in this report supersede allpreviously published State estimates,including those in the April 1966 Survey.Although the April estimates reflectedmost of the revisions contained here,basic source data have become avail-able since then and have made furtherimprovements possible. It should benoted that the industrial classificationsystem used here is different from thatused in earlier issues of the Survey.

The nature of the revisions and anevaluation of their effect on the Statedistribution of personal income weredetailed in the April 1966 Survey.The following paragraphs summarizethat presentation.

Nature of the revisions

As a result of the comprehensive revi-sion of the national income and productaccounts that was completed in 1965 bythe Office of Business Economics, fourtypes of changes were introduced intothe State series. The first two were ad-justments—definitional and statisti-cal—to revised national totals; thethird incorporated new source materialthat affected the geographic distributionof various income components; and thefourth reflected a change in industrialclassification, which also may be con-sidered a special type of definitionalchange.

Definitional changes

On balance, definitional changes re-duced personal income by $3% billion in1964. Four changes were mainly re-sponsible.

The largest reduction—$1% billion-came from shifting earnings of certainfinancial intermediaries from the im-puted interest component of propertyincome (included in personal income) tocorporate profits (excluded from per-sonal income).

Federal payments to private non-profit organizations for research and de-velopment were formerly classified astransfer payments. With the 1965 re-visions, they are considered Federalpurchases of services. This change indefinition reduced transfer paymentsand total income by almost $V/2 billion.

The dividend component of propertyincome was reduced nearly $1 billion asthe result of the exclusion of capitalgains of investment companies and thetransfer of earnings of mutual com-panies from the personal to the cor-porate sector of the accounts.

Growth Patterns inEmployment by County

Now available are all eight vol-umes of the study which identifiesand measures components of em-ployment change for counties for1940-50 and 1950-60. See theannouncement on back cover ofthis issue.

The fourth major change in definitionwas to capitalize real estate commis-sions, which had been previously treatedas current expense. This caused anupward revision in the personal incometotal in 1964, raising proprietors' in-come by about $% billion.

Statistical changes in national totals

There was a net upward revision of$8 billion in personal income in 1964due to statistical changes. New dataon owner-occupied nonfarm dwellingsand on employer contributions to em-ployee group insurance provided thebasis for substantial upward revisionsin rental income of persons and otherlabor income. Rental income was in-creased nearly $6 billion in 1964, whileother labor income was raised about$2y2 billion. Smaller statistical changesin other components tended to beoffsetting on balance.

Changes in State distributions

The 1960 Decennial Census of Popu-lation and Housing made available newbenchmark data for wages and salariesin certain industries not covered by

11

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

12 SUEVEY OF CUEEENT BUSINESS August 1966

State unemployment insurance pro-grams. The Decennial Census alsoserved as a basis for a more compre-hensive adjustment of income to takeaccount of workers who cross Statelines in commuting from home to work.Adjustments were improved in 10States and made for the first time in23 others.

Data provided by the Internal Eev-enue Service made possible the estab-

lishment of current benchmarks fornonfarm proprietors' incomes. Thesedata cover the years 1962, 1963, and1964. Previously, the only bench-mark for this component of personalincome that was based on directmeasurement of profits of unincor-porated businesses was derived from aspecial study made by the Bureau ofOld-Age and Survivors' Insurance forthe years 1951-52.

Industrial classification changePrior to the current revision, the

industrial detail used in the State in-come series was based upon the 1942and 1945 Standard Industrial Classifi-cations (SIC). The detail shown intables 4-62a of this report reflects the1957 SIC. This change in classificationaffected the industrial distribution ofincome within each State but had noeffect on the overall income total.

Table 1.—Total Personal Income, by States and Regions, 1948-65[Millions of dollars]

State and region 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965

United States-

New England.

MaineNew Hampshire-VermontMassachusettsRhode IslandConnecticut

Mideast.

New YorkNew JerseyPennsylvaniaDelawareMaryland.

District of Columbia-

Great LakesMichigan. _.OhioIndianaIllinoisWisconsin...

Plains-

MinnesotaIowaMissouri __.North Dakota.South Dakota-NebraskaKansas—..

Southeast-

VirginiaWest Virginia. .Kentucky

North Carolina.South Carolina..Georgia.. . .FloridaAlabamaMississippiLouisianaArkansas __

Southwest.

OklahomaTexas —New Mexico .Arizona

Rocky Mountain..

Montana..Idaho.Wyoming.Colorad)lorado_.Utah

Far West.

Washington..OregonNevadaCalifornia. __.

Alaska..Hawaii..

208,878

13,796

1,084668407

7,0121,1753,450

54,342

26,0518,06314,716

5373,3311,644

47,806

12,2695,62415,5214,701

19,647

4,1064,0425,338813916

1,9092,523

31,769

3,6242,1262,7883,0373,7321,7793,1543,0432,5711,6392,6791,597

13,066

2,3909,142655879

4,650

876725429

1,810810

23,802

3,6082,278283

17,633

205,791

13,623

1,060671396

6,9711,1513,374

54,408

26,0468,13114,553

1,700

46,004

9,62711,749

14,6074,633

17,971

3,8463,3925,196674689

1,6972,477

31,246

1,9942,6593,0013,6751,7243,1503,1772,4461,4412,8571,474

13,924

2,4609,839719906

4,600

788712445

1,820835

24,015

3,6002,251286

17,878

226,214

14,911

1,087704425

7,6541,2623,779

59,210

27,8418,93416,189

6843,7721,790

50,849

10,89512,930

723

15,9485,078

20,135

4,2273,8975,672782814

1,9782,765

34,590

4,0702,1362,8813,2954,2191,8863,5743,5992,6911,6433,0211,575

14,850

2,54710,486

8111,006

5,091

962764484

1,970911

26,578

3,9952,482327

19,774

322

253,233

16,525

1,188792482

8,3441,3844,335

64,882

30,00910,15117,752

7314,3181,921

57,556

12,17614,8946,93817,7115,837

21,912

4,6604,1276,245794942

2,0673,077

4,7632,3653,3613,6454,6912,3214,1224,0483,0771,7963,3361,763

16,917

2,83711,914

9361,230

5,821

1,049850556

2,3131,053

30,332

4,4142,784378

22,756

269,767

17,451

1,291833496

8,6751,4464,710

68,428

31,39610,93418,617

7824,7211,978

61,019

13,05015,9427,32618,608

23,016

4,8234,3386,576740828

2,1873,524

42,041

5,1502,4623,5873,8104,8512,5274,4474,5543,2871,9073,6361,823

18,327

3,08712,8371,0041,399

6,168

1,075932547

2,4981,116

33,317

4,6972,966440

25,214

285,458

18,500

1,298884521

9,1791,5315,087

72,684

33,20611,75019,938

8355,0411,914

66,314

14,74117,4238,07319,8126,265

23,435

5,0794,2006,948757892

2,1253,434

43,958

5,2922,4733,7524,0805,0402,6154,5815,0503,4321,9433,8581,842

18,923

3,20113,1961,0481,478

6,238

1,096899549

2,5281,166

35,406

4,9342,990480

27,002

511896

287,613

18,731

1,314915526

9,2931,5235,160

73,590

34,27511,95719,515

8575,0691,917

65,549

14,35417,3977,65319,9336,212

24,233

5,2024,5256,974766916

2,2533,597

43,780

5,3382,3473,6924,1055,1202,4344,5365,3283,3141,8753,8811,810

19,288

3,19313,5041,0771,514

6,245

1,079902533

2,5661,165

36,197

5,0352,961519

27,682

308,265

1,449983549

9,8911,6145,552

78,206

36,45312,68820,669

9805,4671,949

70,776

15,90018, 7628,26521,1676,682

24,763

5,4834,3077,451848857

2,1913,626

47,557

5,6382,4923,8664,3745,5712,5995,0006,0703,7612,1024,1141,970

20,664

3,39014,4381,1811,655

6,775

1,178951570

2,8041,272

39,486

5,3063,198604

30,378

605972

330,481

21,367

1,5341,035598

10,4971,6746,029

83,741

38,60813,71922,2951,1245,9762,019

75,631

16,52919,9928,87523, 0247,211

26,075

5,7784,5807,844881914

2,2743,804

51,312

6,0842,7684,1074,6715,9352,6975,3506,9724,0052,1414,5472,035

22,208

3,59115,4721,2841,861

7,340

1,2411,047605

3,0661,381

42,807

5,5833,422625

33,177

1,041

348,462

22,477

1,5831,102619

11,0741,701

88,282

40,81814,55023,4141,1256,3142,061

78,619

16,87020,9599,18724,0567,547

27,859

6,1355,0778,053905

1,0682,6154,006

54,082

6,3492,9674,2914,872

2,8105,5317,7304,2612,1725,0282,091

23,752

3,74416,5381,442°,028

7,893

1,2971,104645

3,3651,482

45,498

5,9123,416673

35,497

5371,114

358,474

23,078

1,6441,137627

11,4561,7526,462

90,022

41,80814,82223,5551,1306,5742,133

78,383

16,47820,6159,15724,3787,755

29,543

380,963

5,2028,4671,0301,0942,7154,441

56,417

2,8584,4305,0266,2862,9005,7788,4574,4402,352

2,208

24,961

3,99417,1261,6192,222

8,281

1,3711,163675

3,5251,547

47,789

6,1383,577713

37,361

5281,182

1,7031,242673

12,1411,8466,800

95,290

44,39215,84524,6721,1966,9572,228

83,418

17,48222, 0119,77625,7768,373

30,235

6,7985,3198,945950980

2,7604,483

60,401

6,9942,9384,6555,3946,7313,1326,2229,3084,6932,5725,3442,418

26,345

4,13117,9951,7622,457

8,721

1,3451,230715

3,7551,676

52,148

6,5403,826772

41, 010

1,325

398,725

25,532

1,7961,305716

12,6801,8977,138

99,042

46,28116,52825,3951,2387,2892,311

86,490

18, 20322, 72910,22526,7188,615

31,871

7,2415,4759,1491,0871,2172,9904,712

62,650

7,3392,9574,7925,5217,1423,2986,4899,7464,8762,6325,3992,459

27,370

4,35018,5351,8012,684

9,166

1,3831,241749

4,0221,771

54,477

6,7063,960831

42,980

6491,478

414,411

26,579

1,8151,360732

13,2421,9667,464

102,420

47,93917,33625,6961,2697,8052,375

88,002

18,13122,97610,49627,5178,882

32,924

7,5845,7439,418964

1,2263,0484,941

65,966

7,7763,0025,1235,8797,6093,4646,75710,2535,0142,8205,5682,701

28,883

4,55119,5511,8732,908

9,666

1,3711,313774

4,2991,909

57,738

7,0794,067914

45,678

635

440,192

28,165

1,8851,449778

13,9122,1158,026

108,230

50,67618,44926,8791,3438,3492,534

92,992

19,32024,15411,14828,9929,378

35,002

7,8746,0059,8921,3711,4073,2765,177

70,551

3,0955,4276,2588,1783,7527,29311, 0605,2702,9795,8932,898

30,358

4,68820,5181,9703,182

10,424

1,5811,413792

4,5662,072

62,124

7,6354,3131,125

49, 051

6661,680

463,053

29,461

1,9321,516799

14,5472,1998,468

113,023

52,69719,40027,8471,4468,9642,669

97,626

20,78725,14411,81330,2289,654

36,374

8,3186,352

10,4021,2921,3493,3425,319

75,282

8,984

5,7336,6448,6323,9487,90511,8655,6603,2916,2843,103

31,867

4,88021,5892,0323,366

10,715

1,5881,411811

4,7502,155

66,225

7,7644,5781,26852,615

7041,776

493,408

31,269

2,0881,600850

15,3832,3449,004

120,297

55,94620,50129,7701,5429,7342,804

104,442

22,62626,73612,55632,13610,388

37,885

8,610

10,9881,2941,3143,5065,565

81,250

9,8953,4475,9687,1309,3214,2878,626

12,9206,0983,4226,7623,374

33,789

5,19622,966

2,1073,520

11,053

1,5851,464821

4,9672,216

70,722

8,0634,9041,35156,404

7891,912

532,147

33,383

2,2451,714934

16,3492,5159,626

128,400

59,35021,95031,8161,70610,6042,974

114,109

25, 03128,97213,92434,90311,279

41,609

9,4957,38111,9611,4861,5183,8365,932

88,217

10,6913,6796,4897,74910,0704,7089,47814,0416,6603,7127,3593, 581

36,321

5,60324,7612,2243,733

11,841

1,7141,660844

5,2822,341

75,386

8,6415,3501,437

59,958

8512,030

1. Total includes Alaska and Hawaii 1960-65 but not in earlier years. Source: U.S. Department of Commerce, Office of Business Economics.

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

August 1966 SURVEY OF CURRENT BUSINESS 13

Effect of revisions

As was pointed out in the AprilSurvey, the effects of the revisions weremoderate. Substantial revisions inincome level were made in only threeStates, Kansas, Delaware, and Hawaii.In Kansas and Delaware, the introduc-tion of an adjustment for persons com-muting to work was the major reasonfor the large revisions. In Hawaii, the

earlier estimates had developed a smallbut cumulatively significant downwardbias over the past decade. RelativeState trends in income from 1948 to1964 shown by the revised series werequite similar to those derived from theunrevised data.Unpublished data

Detail comparable to that publishedin tables 4-62a for the years 1963-65

is available for 1948-62 in the form ofcomputer printouts. Until this infor-mation can be made available in a publi-cation, requests for a limited numberof printouts will be met. Inquiriesshould be addressed to the RegionalEconomics Division, Office of BusinessEconomics, U.S. Department of Com-merce, 2400 M Street NW., Washington,D.C. 20235.

Table 2.—Per Capita Personal Income, by States and Regions, 1948-65[Dollars]

State and region 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965

United States..

New England-

MaineNew Hampshire-VermontMassachusetts. __Rhode IslandConnecticut

Mideast..

New YorkNew JerseyPennsylvaniaDelawareMarylandDistrict of Columbia..

Great Lakes

Michigan—OhioIndianaIllinoisWisconsin.

Plains.

MinnesotaIowaMissouri.------North Dakota.South Dakota .NebraskaKansas

Southeast.

Virginia . . . .West Virginia-..KentuckyTennesseeNorth Carolina-South Carolina...GeorgiaFloridaAlabamaMississippiLouisianaArkansas

Southwest..

OklahomaTexasNew Mexico..Arizona

Rocky Mountain..

Montana. .IdahoWyoming..Colorado...Utah

Far West.

Washington..OregonNevadaCalifornia

Alaska..Hawaii..

1,430

1,494

1,2351,2851,1341,5001,4931,713

1,648

1,7971,6891,4311,7211,4671,957

1,603

1,5601,5581,4511,8151,419

1,444

1,4321,5891,3891,4021,4971,5091,334

1,1301,120990944973891968

1,180866789

1,032875

1,187

1,1441,1991,0841,274

1,419

1,6161,3161,5951,4331,240

1,715

1,6001,6211,8141,752

1,384

1,452

1,1741,2591,0731,4701,4371,660

1,618

1,7491,6631,4011,8541,4562,107

1,517

1,5201,4741,3611,6851,366

1,298

1,3101,3161,3381,1291,0921,3031,287

953

1,1081,033933927940850947

1,191815691

1, 085799

1,256

1,1691,2911,1161,269

1,360

1,3851,2491,6061,4051,244

1,689

1, 5691,5731,8221,730

1,4.07

1,496

1,601

1,1851,3231,1211,6331,6061,875

1,756

1,8731,8341,5412,1311,6022,221

1,666

1, 7001,6201,5121,8251,477

1,428

1,4101,4851,4311,2631,2431,4911,443

1,022

1,2281,065981994

1,037893

1,0341,281880755

1,120825

1,297

1,1431,3491,1771,331

1,457

1,6221,2951,6691,4871,309

1,801

1,6741,6202,0191,852

2,8851,387

1,652

1,779

1,2971,4971,2751,7931,7652,138

1,912

2,0152,0281,6972,2081,7692,377

1,864

1,8741,8481,6942,0151,697

1,547

1,5481,5771,5551,3151,4381,5711,578

1,141

1,3871,1921,1431,0811,1391,0711,1671,3581,006830

1,205927

1,431

1,2841,4691,3051,567

1,659

1,7601,4431,9111,7441,492

1,985

1,8211,7892,2502,044

1,580

1,733

1,865

1,4111,5571,3231,8661,8032,263

1,985

2,0672,1331,7732,2931,8882,457

1,937

1,9621,9271,7662,0781,756

1,624

1,5921,6521,6561,2171,2721,6681,782

1,213

1,4701,2581,2281,1371,1811,1601,2411,4431,071886

1,279

1,513

1,3911,5441,3661,662

1,727

1,7861,5881,8671,8301, 541

2,103

1,9191,8752,4312,167

2,6141,747

1,804

1,921

1,4221,6161,3751,9101,8792,346

2,068

2,1392,2471,8702,3791,9642,363

2,062

2,1612,0281,9302,1861,787

1,642

1,6651,5981,7281,2431,3771,6121,722

1,267

1,4881,2821,2921,2291,2231,1991,2881,5261,124923

1,3461, 035

1,555

1,4671,5831,3861,653

1,699

1,7791,5081,8931,7671,578

2,144

2,0011,8682,4622,204

1,796

1,785

1,905

1,4171,6521,395

1,8662,294

2,054

2,1672,2311,8042,3291,8882,424

1,983

2,0311,9611,7952,1541,722

1,677

1,6711,7231,7151,2541,3981,6811, 762

1,256

1,5021,2321,2721,2221,2391,1191,2591,5201,100

9081,3461,044

1,570

1,4451,6111,4121,623

1,661

1,7291,5031,8191,7191,553

2,117

2,0011,8212,4372,172

2,8021,802

1,876

2,030

1,5511,7651,4642,0261,9612,414

2,153

2,283

1,2, 5191,9942,483

2,095

2,1832,0811,8942,2431,816

1,681

1,7291,6081,8021,3791,2931,5951,732

1,343

1,5711,3261,3291,2811,3131,1811,3751,6201,2331,0201,3961,142

1,629

1,5071,6671,5041,677

1,742

1,8521,5391,8571,8141,625

2,239

2,0381,9282,5492,313

2,2751,837

1,975

2,152

1,6351,8291,5862,1461,9932,603

2,283

2,3962,4432,0322,7552,1262,660

2,198

2,2142,1711,9912,4161,927

1,749

1,7831,6941,8841,4371,3641,6281,795

1,423

1,6351,4911,4171,3681,3771,2101,4461,7231,3041,0261,5001,194

1,713

1,5801, 7521,5931,767

1,821

1,8921,6671,9391,8871,707

2,335

2,0932,0152, 5002,419

2,045

2,241

1,6791,9271,6462,2471,9992,712

2,378

2,4932,5362,1372,6412,1982,701

2,248

2,2292,2272,0282,4881,991

1,860

1,8741,8691,9221,4791,6041,8761,883

1,467

1,6521,6101,4661,4191,3691,2361,4691,7681,3711,0401,6141,207

1,783

1,6411,8231,7021,803

1,919

1,9441,7202,0542,0221,794

2,400

2,1701,9952,5882,489

2,3251,944

2,068

2,258

1,7421,9571,6502,2872,0422,642

2,387

2,5182,5162,1302,6102,2052,818

2,203

2,1492,1481,9982,4662,018

1,970

1,9901,9212,0231,7001,6681,9632,073

1,507

1,6841,5491,4961,4481,4361,2591,5191,8271,4041,1281, 6131,279

1,836

1, 7621,8511,8271,863

2,001

2,0591,8002,1432,1151,831

2,433

2,2132,0822,6512,511

2,3571,987

2,161

2,338

1,7802,0841,7392,3732,1542,695

2,494

2,6612,6342,1962,7122,2692,928

2,322

2,2512,2762,1192,5812,152

1,990

2,0201,9492,1011,5371,4691,9762,075

1,685

1,7701,5841,5521,5321,5101,3341,609

1,4651,2031,6661,377

1,899

1,8051,9131,9171, 948

2,064

2,0101,8722,2342,1961,926

2,567

2,3182,1912,7672,651

2,5092,112

2,215

2,425

1,8442,1431,8412,4592,2112,807

2,565

2,7462,7082,2422,7572,3433,017

2,3242,3342,1882,6502,175

2,067

2,1161,9862,1151,7151,7822,1102,161

1,610

1,8411,5941,5741,5431,5611,3771,6391,9501,4881,2051,6551,372

1,922

1,8611,9251,8902,032

2,108

2,0371,8492,2632,2751,968

2,622

2,3492,2352,8562,710

2,8462,369

2,264

2,496

1,8302,2041,8772,5442,2812,892

2,612

2,7952,7652,2572,7592,4643,065

2,405

2,2992,328L2,2222,7202,221

2,119

2,1932,0822,1661,5041,7722,1142,251

1,664

1,8981,6341,6681,6201,6261,4291,6781,9701, 5081,2681,6871,487

1,978

1,9101,9841,9512,070

2,154

1,9731,9142,3042,3432,040

2,693

2,4552,2752,9292,776

2,7142,485

2,368

2,618

1,9042,3001,9802,6592,4253,040

2,728

2,901

2,3712,8822,5733,249

2,521

2,4382,4272,3592,8262,330

2,241

2,2542,1772,2692,1562,0012,2472,343

1,749

2,0171,6981,7511,6961,7261,5311,7752, 0511, 5801,3091,7481,546

2,023

1,9252,0262,0142,171

2,284

2,2722,0332,3862,4252,163

2,811

2,5932,3743,242

2,455

2,698

1,9612,3472,0132,7462,5073,118

2,806

2,9782,9652,4413,0132,6753,370

2,619

2,5872,5092,4712,9152,374

2,315

2,3722,3032,3582,0031,9082,277

2,7752,538

1,837

2,0951,7811,8371,7761,8041,5801,8792,1451,6761,4S51,8431,627

2,095

1,9922,1052,0532,220

2,324

2,2652,0482,4212,4832,215

2,910

2,6222,4723,2432,997

2,8622,647

2,579

2,843

2,1222,4282,1302,9102, 6523,234

2,948

3,1273,0692,5883,1212,8283,527

2,766

2,7722,6412,5993,0502,534

2,395

2,4402,3922,4581,9911,8772,3832,488

1,950

2,2641,8911,8871,8741,9181,6962,0042,2851,7771,4851,9361,740

2,191

2,1112,2082,0902,272

2,379

2,2552,1312,4292,5592,268

3,038

2,7142,6003,2323,133

3,0822,775

2,746

2,995

2,2772,5472,3123,0502,8233,401

3,108

3,2783,2372,7473,3923, 0013,708

2,985

3,0102,8292,8463,2802,724

2,624

2,6662,6762,6632, 2792,2132,6292,639

2,089

2,4192,0272,0452,0132,0411,8462,1592,4231.9101,6082,0671, 845

2,324

2,2892,3382,1932,370

2,536

2,4382,3952,5582,7102,355

3,174

2, 9062,7613,3113,258

3,1872,879

1. Total includes Alaska and Hawaii 1960^65 but not in earlier years. Source: U.S. Department of Commerce, Office of Business Economics.

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

[Millions of dollars]Tables 4-27.—Personal Income

Line

1

234567g9

10111213141516

1718192021222324

25262728293031

32

333435

36

37

38

Line

1

23456789

10111213141516

1718192021222324

25262728293031

32

333435

36

37

38

Item

Personal income

Wage and salary disbursementsFarmsMining _ . _

CoalminingCrude petroleum and natural gasMining and quarrying, except fuel-

Contract constructionManufacturing

Durables _ _ •Nondurables

Wholesale and retail tradeFinance, insurance, and real estate —

BankingOther finance, insurance, and real estate

Transportation, communications, and publicutilities

Railroads _ _ _ _ _Highway freight and warehousingOther transportationCommunications and public utilities

Services _ _ _ _Hotels and other lodging places __ __Personal services and private householdsBusiness, auto repair, and other repair serv-

ices _ _Amusement and recreation __Professional, social, and related services____

Government _ _Federal, civilianFederal, militaryState and localOther industries _ _ _ _ ____

Other labor income

Proprietors'income.Farm__Nonfarm

Property income _

Transfer payments

Less: Personal contributions for social insurance-

Item

Personal income

Wage and salary disbursementsFarmsMining

Coal miningCrude petroleum and natural gasM^ininc and ouarrvinc exceDt fuel

Contract construction _ -Manufacturing

DurablesNondurables .

Wholesale and retail tradeFinance, insurance, and real estate

BankingOther finance, insurance, and real estate

Transportation, communications, and publicutilities

Railroads ___ _Highway freight and warehousingOther transportationC!nTn"mnTiica.tinT1s and public utilities

ServicesHotels and other lodging placesPersonal services and private householdsBusiness, auto repair, and other repair

servicesAmusement and recreationProfessional, social, and related services

GovernmentFederal, civilianFederal, militaryState and local

Other industries

Other labor income

Proprietors' incomeFarmNonfarm

Property income

Transfer payments

Less: Personal contributions for social insur-ance

Table 4

1963

463,053

308,6382,7763,956

8391,8941,223

17,802100,60661,63438,97251,41614, 7313,744

10,987

24,5755,2075,2984,9129,158

35,1501,8226,999

6,7912,280

17,25856,99015,9558,901

32,134636

14,85«

51,01313,10337,910

65,020

35,318

11,791

—United States

1964

493,408

331,0482,6564,115

8731,9541,288

19,446107,16665,97041,19655,13215,8164,012

11,804

26,0225,3055,7045,2399,774

38,3051,9557,318

7,6082,431

18,99361, 72616,9949,666

35,066664

16,605

51, 90312,01939,884

69,599

36,763

12,510

1965

532,147

355,4292,6994,314

9152,0011,398

21,105115,509

71, 93143,57859,16616, 7774,273

12, 504

27,5455,4666,2155,536

10,32841,3572,0967,621

8,4532,622

20,56566, 24818,0409,743

38,465709

18,531

55,74515,09140,654

75,920

39,702

13,178

Table 16.—Delaware

1963

1,446

9117

( l )

C1)0 )

63409

88321114311120

5214136

2089

321

165

44144263781

2

48

1163086

323

77

28

1964

1,542

9806

(i)

0)0)

67437101336123331222

5615146

2196

322

185

48160284489

2

54

1132786

341

83

29

1965

1,706

1,08161

0)0)

81485116369134371324

6115167

23106

324

196

551683038

1002

62

1273988

376

90

30

Table 5.—New England

1963

29,461

20,1889723

(i)23

1,0437,9344,9073,0273,2271,064

266798

1,213145288204576

2,424101407

464101

1,3523,108

783474

1,85155

1,018

2,300136

2,165

4,411

2,297

753

Table

1963

8,964

6,5362715

1(0

13421

1,570948622

1,00028656

230

50411293

11318775029

146

17741

3581,9541,060

290604

9

269

74170

671

1,123

559

264

1964

31,269

21,3628725

(i)25

1,1778,2625,1033,1603,4261,133

281852

1,284142314214613

2,603105419

503109

1,4673,308

815497

1,99657

1,120

2,498180

2,318

4,699

2,384

793

1965

33,383

22,7088326

( i )26

1,2548,8545,5533,3013,6091,182

297886

1,353145340223646

2,792112430

546114

1,5893,497

834510

2,15358

1,246

2,612242

2,370

5,134

2,523

840

17.—Maryland

1964

9,734

7,1192516

1(0

15470

1,631966664

1,09631560

254

539115100120204840

32156

20143

4082,1761,175

329672

12

300

78376

708

1,220

597

286

1965

10,604

7,7622418

10)

16515

1,7361,030

7061,194

34265

278

571. 120

111121220926

34166

23247

4462,4231,325

344754

13

334

826103722

1,329

652

299

Table 6.—Maine

1963

1,932

1,27924

1

159

455124330200441430

9025197

391181127

124

642837276

1355

59

19037

153

257

195

49

1964

2,088

1,35221

1

167

483133350209471532

9324209

391261128

124

703007778

1455

66

23873

165

286

200

53

1965

2,245

1,428182

288

514141372222491534

9525228

401291228

134

71306

7676

1545

73

276108169

313

210

56

Table 18.—District ofColumbia

1963

2,669

1,824

( i )

0)

7065

956

196651253

99166

2750

3371868

427

202976766104106

16

51

132

132

435

311

85

1964

2,804

1,904

(i)

(0

74668

58204

691257

104166

2854

3591870

467

2181,009

779116115

17

55

134

134

467

330

86

1965

2,974

1,997

( i )

0)

72688

60209

731459

105156

2757

3822069

518

2341,070

827120123

18

60

137

137

517

351

88

Table 7.—NewHampshire

1963

1,516

1,03782

253

416191225148421131

575

155

321151021

146

64195614390

2

52

1182

116

223

125

39

1964

1,600

1,10482

256

439205234159461234

605

165

341241122

158

•70208634698

2

58

1252

123

227

129

42

1965

1,714

1,17552

263

475226250172471334

635

185

351311123

158

742146243

1092

64

1338

125

248

137

44

Table 19.—Great Lakes

1963

97,626

66,988301456147101208

3,38229,43321,4018,031

10,6082,659

6502,008

4,9501,2481,357

5311,8146,357

2701,160

1,173316

3,4378,7561,877

5716,307

88

3,614

9,6732,1807,493

13,082

6,729

2,461

1964

104,442

72,219264473148105220

3,79831,76023,2908,470

11,3372,839

6922,147

5,2191,2691,461

5641,9256,898

2851,225

1,295337

3,7569,4912,045

6106,836

89

4,083

9,8691,8628,007

13,989

6,880

2,599

1965

114,109

78,661243496157101238

4,32834,74825,7648,984

12,4223,017

7402,277

5.5751,3231,609

6072,0367,496

3061,303

1,430358

4,10010,2402,146

6107,483

98

4,619

10,8932,7358,158

15,289

7,370

2,723

Table 8.—Vermont

1963

799

503116

628

166113547420

713

36893

16778

15

64

4484225

581

26

1022676

108

81

20

1964

850

53296

632

172116568021

714

388

103

17848

16

65

4988234

621

29

1062978

120

84

22

1965

934

59186

638

203143608522

814

408

114

18909

16

66

5397234

701

34

1113279

132

89

23

Table 20.—Michigan

1963

20,787

14,5385783

1072

6257,1345,8481,2862,014

441127314

861144251

74393

1,31741

250

25163

7121,991

300121

1,57017

814

1,835269

1,566

2,683

1,404

488

1964

22,626

15,8825488

1079

7317,8646,5001,3642,190

476137339

911147274

78412

1,45544

271

28070

7912,094

318126

1,65018

937

2,009266

1,743

2,878

1,438

518

1965

25,031

17,7564995

986

9128,7757,3161,4592,506

520150370

994159308

83444

1,60050

297

31076

8682,285

338121

1,82720

1,080

2,025250

1,775

3,169

1,542

541

14

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

by Major Sources, 1963-65[Millions of dollars]

Table 9.—Massachusetts

1963

14,547

10,054278

8499

3,6132,0541,5581,729

554147407635

56149138292

1,35147

191

29750

7661,608

43819098032

497

1,05534

1,021

2,115

1,202

376

1964

15,383

10,56122

9

9572

3, 7252,1061,6191,817

587155432673

55161142314

1,43448

195

32052

8201,690

448201

1,04032

545

1,14541

1,104

2,278

1,246

391

1965

16,349

11,178239

9593

3,9512,2691,6821,914

616162454714

56175149334

1,55052

201

35055

8921,775

456211

1,10832

603

1,17748

1,130

2,491

1,317

417

Table 2 1 . - O h i o

1963

25,144

17,43261

125592837

8728,0175,7672,2502,665

620149471

1,284336371122455

1,56258

304

27687

8372,199

589131

1,47927

998

2,163323

1,839

3,373

1,843

665

1964

26,736

18,67651

131593438

9398,5526,1842,3682,866

663158505

1,346343395128480

1,68660

320

30890

9082,416

684142

1,59026

1,120

2,266297

1,969

3,514

1,873

712

1965

28,972

20,22146

136613243

1,0759,3236,8032,5213,079

703165538

1,421356435128502

1,82765

338

33796

9902,584

722143

1,71928

1,259

2,411403

2,008

3,833

1,993

744

Table 10.—Rhode Island

1963

2,199

1,51441

176

56732224523969165387

7251243

1515

30

229

853178497

1364

74

1572

156

316

201

63

1964

2,344

1,61841

189

59634325325274185792

7271245

1665

31

241096

34091

101148

4

82

1642

162

341

208

68

1965

2,515

1,73641

194

64938126826779195996

7291347

1785

32

2710

104365

97112156

4

92

1683

165

372

220

72

Table 22.—Indiana

1963

11,813

8,1084559241025

3953,8662,939

9261,204

29874

224

58316516941

20961127

133

8028

3431,039

22059

7608

440

1,382486896

1,374

790

281

1964

12,556

8,7583758221026

4994,1373,163

9741,287

32279

244

61216818142

22166528

141

8729

3801,131

22862

8418

495

1,274310964

1,510

816

297

1965

13,924

9,583355722

925

5594,5603,5331,0271,396

34186

256

665180200

4623971830

151

9630

4101,244

24261

9419

564

1,559577982

1,649

880

311

Table 11.—Connecticut

1963

8,468

5,80124

6

(!)6

3282,7182,103

615838335

70264308

437140

155613

20122

11428

32962010563

45212

310

67835

643

1,393

492

206

1964

9,004

6,196226

0)6

3612,8482,200

648908358

75282329

437943

16466922

129

12730

362681112

66504

13

342

72033

687

1,448

516

217

1965

9,626

6,60024

7

C1)6

3773,0622,394

66994937080

290345

448544

172712

22130

13431

39573912064

55614,

381

74644

702

1,579

550

228

Table 23.—Illinois

1963

30,228

20,59586

174645257

1,1437,6354,9902,6453,7431,064

240824

1,791519445248579

2,290118371

492112

1,1982,644

635220

1,78925

1,028

3,106755

2,351

4,316

1,967

785

1964

32,136

22,10574

179675161

1,2468,2385,4562,7823,9931,123

254869

1,901526481268626

2,457124386

537119

1,2892,868

672240

1,95726

1,156

3,060605

2,456

4,625

2,003

815

1965

34,903

23,76368

190735166

1,3618,9015,9542,9474,2911,184

269915

2,015537526296657

2,658128405

594125

1,4063,066

692248

2,12629

1,296

3,5051,0032,502

5,044

2,149

854

Table 12-Mideast

1963

113,023

77,199230380208

32141

4,07326,24514,86111,38412,6704,5121,1403,3726,474

1,0771,2011,7892,4069,807

4861,698

2,299646

4,67912,6764,2721,0457,358

130

3,774

9,612658

8,954

16,791

8,549

2,902

1964

120,297

82,22121140122035

1464,349

27, 58415,66811,91513, 4884, 7951,2093,5866,853

1,1001,2971,8922,564

10,681514

1,746

2,574683

5,16313,7234,5461,1318,046

138

4,168

9,990636

9,354

18,121

8,850

3,054

1965

128,400

87,378202413222

36154

4,54929,37616,87412,50214,3025,0381,2783,7607,169

1,1381,3981,9572,676

11,413527

1,788

2,783709

5,60614,7654,8311,1368,798

150

4,612

10,339793

9,546

19,820

9,476

3,225

Table 24.—Wisconsin

1963

9,654

6,3155216

16346

2,7811,857

924982237

61176

43084

12146

17957626

102

7427

34788313340

71011

333

1,187346841

1,335

725

242

1964

10,388

6,7994817

( i )17

3822,9691,986

9821,052

25565

190

44885

12948

18663528

107

8229

38898214341

79811

375

1,260384875

1,462

750

258

1965

11,279

7,3384618

18421

3,1882,1591,0301,150

27070

200

48091

14054

19469332

112

9230

4261,060

15237

87112

420

1,393502891

1,594

807

272

Table 13.—New York

1963

52,697

35,3048964

11152

1,83210,6225,6215,0006,3302,720

6972,0233,101

366429

1,1621,1455,078

294840

1,259426

2,2605,4101,176

2663,968

58

1,694

4,644269

4,375

8,474

3,874

1,293

1964

55,946

37,4288170

11653

1,89311,0395,8555,1846,7172,872

7382,1343,295

368460

1,2421,2255,568

312859

1,421457

2,5205,8311,223

2784,330

61

1,847

4,816255

4,561

9,168

4,044

1,358

1965

59,350

39,34875751

1757

1,85911,6336,2515,3827,0563,000

7742,2253,425

373491

1,2821,2785,914

313877

1,540467

2,7176,2451,246

2764,724

66

2,024

4,976317

4,660

10,041

4,386

1,426

Table 25.—Plains

1963

36,374

21,586302260

1083

1661,3985,8733,1562,7174,1661,059

303756

2,105676448270712

2,400112443

330103

1,4123,977

966517

2,49447

989

6,4943,2133,281

5,309

2,856

861

1964

37,885

22,944274270

1084

1761,4536,2923,4152,8774,3971,130

323806

2,185681471287746

2,589118464

360109

1,5384,3041,015

5722,717

49

1,107

6,0232,6133,410

5,775

2,952

915

1965

41,609

24,455264288

1182

1951,6006,7133,7192,9944,6921,193

342851

2,300697516308779

2,776124482

393116

1,6614,5761,066

5502,960

53

1,227

7,4313,9603,471

6,268

3,182

953

Tab le 14.—New

1963

19,400

13,787453241

28795

5, 5783,0762,5022,213

640148492

1,146

146314278408

1,58260

274

49283

6741,734

421212

1,10123

719

1,54968

1,481

2,578

1,272

506

1964

20,501

14,6274533

31

29874

5,8143,1612,6532,374

686158528

1,206

146338293429

1", 71265

284

54486

7341,860

452226

1,18223

796

1,56356

1,507

2,720

1,326

531

Jersey

1965

21,950

15,622463431

30928

6,2383,4242,8142,535

723168554

1,280

152368310450

1,82068

290

55989

8131,994

483221

1,28926

888

1,60870

1,538

2,972

1,418

558

Table 26.—Minnesota

1963

8,318

5,2565293

( l )1

91348

1,461756705

1,048272

75197

4771509083

15464331

101

9026

39585216836

64810

246

1,236556680

1,135

652

207

1964

8,610

5,5824896

(l)1

95371

1,555805750

1,112288

79209

5021559689

16368933

106

9826

42791117638

69611

274

1,079357722

1,218

677

219

1965

9,495

6,02446

106(l)

2104422

1,694901792

1,18930284

218

53416010894

17274834

112

10929

46497218436

75111

308

1,336600736

1,326

726

226

Tab le 15.—Pennsylvania

1963

27,847

18,83762

2692032046

8938,0025,1192,8832,817

771217554

1,571

424347203597

1,97082

350

31384

1,1422,458

823136

1,49922

993

2,429221

2,208

3,858

2,456

726

1964

29,770

20,16354

281215

1848

9718,5965,5763,0202,975

820229591

1, 652

440378203631

2,10584

354

34685

1,2362,686

889138

1,65822

1,116

2,580223

2,358

4,205

2,470

765

1965

31,816

21,56751

285217

1851

1,0939,2176,0463,1713,174

863244620

1,728

463406210649

2,26589

362

38292

1,3402,865

921137

1,80825

1,243

2,664264

2,400

4,585

2,580

824

Table 27.—Iowa

1963

6,352

3,38776171

(i)16

1951,083

58248164516351

112

285886417

117347

1470

4114

208585125

18442

10

158

1,530861669

932

488

142

1964

6,608

3,5986818

1(i)

16207

1,14363251068117454

120

296896918

120374

1573

4515

226627132

18477

11

176

1,454757696

1,031

503

154

1965

7,381

3,8686620

11

18227

1,23270053273518558

127

309887619

126403

1676

5115

24567813917

52312

197

1,8161,107

709

1,119

542

161

Line

1

23456789

10111213141516

17181920212223

2425262728293031

32

333435

36

37

38

Line

1

23456789

101112131415

1617181920212223

2425262728293031

32

333435

36

37

38

15

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

[Millions of dollars]Tables 28-51.—Personal Income by

Line

1

23456789

10111213141516

1718192021222324

25262728293031

32

333435

36

37

38

Line

1

23456789

10111213141516

1718192021222324

25262728293031

32

333435

36

37

38

Item

Personal income

Wage and salary disbursementsFarmsMining

Coal mining ;Crude petroleum and natural gasMining and quarrying, except fuel

Contract constructionManufacturing

Durables _ . _.Nondurables __

Wholesale and retail tradeFinance, insurance, and real estate

BankingOther finance, insurance, and real estate

Transportation communications, and publicutilities . . .

RailroadsHighway freight and warehousingOther transportationCommunications and public utilities

ServicesHotels and other lodging placesPersonal services and private householdsBusiness, auto repair, and other repair serv-

icesAmusement and recreation- _Professional, social, and related services

Government.. _Federal, civilianFederal, military-_ _ _ __State and local _ __ _ _

Other industries

O t h e r l a b o r i n c o m e __ _ _ _ _

P r o p r i e t o r s ' i n c o m e __ _ _ _FarmNonfarm

Property income

Transfer payments _ ___

Less: Personal contributions for social insurance _

Item

Personal income

Wage and salary disbursementsFarmsMining __ _ __ _ _

Coal miningCrude petroleum and natural gasMining and quarrying, except fuel--

Contract constructionManufacturing

Durables _ __ _Nondurables

Wholesale and retail tradeFinance, insurance, and real estate

Banking __ __ _Other finance, insurance, and real estate

Transportation, communications, and publicutilities _

RailroadsHighway freight and warehousingOther transportationCommunications and public utilities

ServicesHotels and other lodging places _Personal services and private householdsBusiness, auto repair, and other repair serv-

ices _ _ _ _ _ _ _ __Amusement and recreation __.Professional, social, and related services

Government ____ _ _Federal, civilianFederal, militaryState and local ___ ___

Other industries

O t h e r l a b o r i n c o m e _ _ _ _ _ _ _ _ _ _

P r o p r i e t o r s ' i n c o m e -Farm _Nonfarm

Property income _ _ _ _ _

Transfer payments _

Less: Personal contributions for social in-surance

Table 28.—Missouri

1963

10,402

6,5955137

51

31402

2,0711,155

9161,263

32682

244

67016516811822073235

141

12134

4011,034

326132575

8

316

1,375480895

1,495

871

250

1964

10,988

7,0404742

51

36428

2,2211,258

9641,336

34988

261

69415817612923179238

147

13237

4381,122

347141635

9

359

1,322400922

1,639

896

268

1965

11,961

7,5494548

51

42479

2,3641,3531,0111,423

37192

278

74016819214323884338

152

14040

4721,227

374146706

10

400

1,544604940

1,789

960

281

Table 40.—Georgia

1963

7,905

5,4335926

(00)

25258

1,57657799996026260

202

46410710497

156534

22205

8321

2031,265

386392487

29

239

989383606

869

579

204

1964

8,626

6,0105928

0)0)

27291

1,750644

1,1061,063

28965

224

500104114107175587

25218

9322

2291,413

413451549

31

277

1,002334669

952

608

224

1965

9,478

6,6015429

(|)

3481,962

7471,2161,173

31371

242546108126121190648

28230

10425

2611,499

443439617

29

318

1,085405680

1,044

666

237

Table 29.—North Dakota

1963

1,292

63724

9271

59351520

146261016

662993

25784

13

42

541924246

1042

23

378268111

185

97

29

1964

1,294

6922210281

78351322

153271116

692993

27845

14

52

592134652

1162

25

307192115

198

102

31

1965

1,486

7322411291

74401723

162291118

7028114

28915

15

62

632294858

1222

27

431316116

215

112

32

Table 41.—Florida

1963

11,865

7,19811545

540

5541,191

655536

1,46142985

344

6068685

214222

1,109118286

15469

4811,652

356423873

35

291

1,356348

1,008

2,130

1,167

277

1964

12,920

7,95912552

646

6461,297

721576

1,61246294

368

6679191

240245

1,224131300

17774

5421,837

394471972

37

331

1,422381

1,040

2,283

1,228

303

1965

14,041

8,71113757

750

7571,416

795621

1,774498103395

7159496

262262

1,334143311

20884

5881,984

431470

1,08439

373

1,410348

1,063

2,506

1,359

320

Table 30.—South Dakota

1963

1,349

6742014

0)1459722052

143281315

5310143

25854

16

64

551975931

1073

25

373250123

197

111

30

1964

1,314

6871714

46731856

147301416

5411144

26924

16

74

612105935

1163

27

304170134

211

116

31

1965

1,518

7121514

0)1445731954

154321517

5711154

28964

16

74

652216235

1253

29

457321136

228

126

32

Table 42.-Alabama

1963

5,660

3,7693644292

13180

1,16963553454714634

112

272695540

108401

12135

6510

178965434136394

10

176

712290422

627

526

150

1964

6,098

4,1243348322

14231

1,27968859259715837

121

287695942

116451

13142

7610

2081,030

454151426

10

202

719273446

668

543

158

1965

6,660

4,5152949332

14261

1,44979365664217041

129

302686741

126509

15148

11211

2241,093

470160464

11

230

760306454

732

586

164

Table 31.—Nebraska

1963

3,342

1,8484011

66

1303481382093601112982

20793381660

2081039

288

12242910292

2356

75

711382329

543

242

77

Table <•

1963

3,291

1,8776038

344

106510232278278

692248

13434261262

2121194

204

83460112111238

10

89

714436277

368

311

68

1964

3,506

1,9473610

55

1273721472253751193188

21295381663

2281041

328

137461106101254

6

84

686357329

621

250

81

1965

3,836

2,0273310

46

1353841622223961243292

22098401666

2431142

339

14847610793

2766

91

861527334

670

270

84

13.—Mississippi

1964

3,422

2,0065638

344

113565291274300

742450

14235271367

2221196

235

87486119104264

10

101

674390284

391

324

73

1965

3,712

2,2235736

324

142644348296327

792653

15036281571

2531298

455

93526128111287

10

115

671383288

429

352

78

Table 32.—Kansas

1963

5,319

3,19038792

698

2048244903345601324389

3471426628

111309

1363

4015

177689144163382

7

146

891417473

823

395

126

1964

5,565

3,39838792

689

1978945433515931414695

3591457028

116330

1466

4216

192759149187423

8

162

871379492

857

409

132

1965

5,932

3,54335782

669

21892656636063315049

101

3691447628

120353

1568

4716

206774152164457

8

176

985485500

921

444

137

Table 44.—Louisiana

1963

6,284

3,99546

295

27520

27280431449069017043

127

4396756

173142445

20139

6920

197821160152510

13

191

784256528

904

555

145

1964

6,762

4,35344

321

30020

33388036951174618446

138

4746862

191153488

22143

8120

221870169156545

13

219

786226559

987

576

158

1965

7,359

4,79542

350

32723

41594941353683020250

152

5036469

207163537

24149

9621

247952176164612

14

245

789220569

1,072

625

167

16

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

Major Sources, 1963-65—-Continued[Millions of dollars]

Table 33.—Southeast

1963

75,282

49,165692

1,001447363191

2,86613, 6535,6677,9867,9262,084502

1,582

3,940949821783

1,3885,353301

1,652

799222

2,38011,5053,4712,8175,218144

2,220

9,7643,6886,076

9,538

6,454

1,856

1964

81,250

53,639652

1,061467389205

3,22414, 9636,3268,6378,6472,265547

1,718

4,221967897856

1,5005,878336

1,739

905236

2,66212,5773,7283,0965,753151

2,534

10,0533,6686,384

10,282

6,744

2,001

1965

88,217

58,563643

1,134496418221

3,78116, 4927,1149,3789,4702,447595

1,852

4,506985989923

1,6096,400373

1,814

1,060258

2.89613,5334,0113.1436,380156

2,871

10,2793,7806,499

11,243

7,375

2,113

Table 45.—Arkansas

1963

3,103

1,7798525

x1311119475240235292672147

161533810601911159

2489035799691896

85

634338297

349

327

71

1964

3,374

1,8977226

1312122519257262317742352

174554311642071162

268

100380103722066

96

717402315

397

344

77

1965

3,581

2,0437626

1412146571284287340812556

184564812682211264

288

109392105572307

109

703383320

432

375

81

Table 34.—Virginia

1963

8,984

6,550566953

(l)

15418

1,40859081893125664191

5001469310016166433174

13723297

2,2371,05261856811

248

743129614

1,094

596

247

1964

9,895

7,222517053

C1)16458

1,546661886

1,01827870208

53415210210617573842185

15324334

2,5161,17169864811

282

866223644

1,156

634

266

1965

10,691

7,816497455118506

1,673710963

1,11230475229

56715411311218781248197

16726374

2,7081,26572571812

317

876221656

1,260

703

281

Table 46.—Southwest

1963

31,867

20,365322

1,269

1,050215

1,2953,8622,0881,7743,665944257688

1,789352356378704

2,325122570

377102

1,1554,8541,3831,2182,254

37

897

4,2621,3872,875

4,754

2,359

770

1964

33,789

21,906308

1,297

1,069225

1,4264,2202,3451,8763,9451,024278746

1,878360378397743

2,527132600

423104

1,2675,2411,4691,3042,468

41

1,001

4,2181,2632,955

5,010

2,472

819

1965

36,321

23,337307

1,328

1, 084240

1,4794,5942,6211,9734,2371,096298798

1,968363412420773

2,737149630

547110

1,3025,5481,5421,3032,703

44

1,107

4,6091,6073,003

5,422

2,704

858

Table 35.—West Virginia

1963

3,233

2,1729

27124816797728425303283591841

2318134151001741038

1899832168182352

126

25229223

380

381

79

1964

3,447

2,3158

287264168

111769462306301631944

2388338151021921139

201011134671172582

139

26329234

424

387

82

1965

3,679

2,4668

311286178

129804508296321662046

2518940151072061241

221112037173152822

152

27031239

460

417

87

Table 47.—Oklahoma

1963

4,880

2,986332722

2629

1774862822045181314289

2673557691053071370

48131647892861633407

132

667213454

730

482

117

1964

5,196

3,192262802

2709

1785443292155521414694

2803561741103321373

51141828533041863646

148

698211487

778

502

122

1965

5,603

3,392252922

2819

1835993762235911484999

2923568751153481476

50141949053201834038

163

795300495

840

542

128

Table 36.—Kentucky

1963

5,733

3,560471391081714234

1,0635944695421243689

31412157331023421486

40181847481851963677

168

921394527

682

537

135

1964

5,968

3,779431411101814227

1,1566584975841363898

32712260351093671691

44191967921832143967

188

865306559

717

559

141

1965

6,489

4,061401461131815254

1,26072753363714642104

34312467371163881794

49202098391972094347

211

972404568

782

611

148

Table 48.—Texas

1963

21,589

13,817228767

73334818

2,9211,4651,4562,568659174485

1,237242252283461

1,50973420

24065710

3,088795865

1,42722

618

2,894919

1,975

3,302

1,482

524

1964

22,966

14,901216778

74336936

3,1951,6561,5392,777716187530

1,298248267297486

1,64179443

27468111

3,315848906

1,56226

692

2,898844

2,054

3,489

1,546

560

1965

24,761

15,954208786

75036

1. 0163,4701,8461,6233,005771199572

1,368250293318507

1,80292466

31773854

3,500893903

1,70428

769

3,1571,0712,085

3,776

1,692

586

Table 37.—Ter

1963

6,644

4,37544308

(i)

22224

1,52958694372318745142

3089298348447318139

86152168502641054826

211

912286626

773

547

173

1964

7,130

4,76438328

(i)

24247

1,682654

1,02978420349154

32394104369051021146

9615232938280111546.7

243

898260638

840

570

184

inessee

1965

7,749

5,18233358

(i)

27278

1,845732

1,11385421753164

34395114389654725151

10416250

1,0233161076007

275

947298649

917

621

192

Table 49.—New Mexico

1963

2,032

1,371231162555998925834197521338

11634199542291227

(2)6

2 184445154961963

52

27298173

243

142

48

1964

2,107

1,47622116255

• 581081016634210541440

121352010572511328

(2)7

2 2044901621062223

56

22278143

253

150

51

1965

2,224

1,54322118252641131006535218571641

124342010592691429

(2)

2 2205201681082443

60

23791145

273

164

54

Table 38.TNorth

1963

8,632

5,7139813

13271

2,129622

1,50787322456168

369581443713054821198

6718244

1,17819436262110

265

1,277614663

958

630

210

1964

9,321

6,2239013

(i)

13301

2, 335695

1,64095224560185

404601604214159823213

7520268

1,27520540266711

305

1,337648689

1,024

661

229

1965

10,070

6,8448715

(i)

15363

2,597786

1,8111,05126465199

440611814515263925222

8422286

1,37722341374111

351

1,279578701

1,122

718

243

Table 50.—Arizona

1963

3,366

2,19139114

1113203363283803831032876

169422816842802553

5617129533147952905

95

429157273

479

253

81

1964

3,520

2,33844123

1122203380293874061133182

178433016893022756

59161445821541073215

105

401130271

490

273

87

1965

3,733

2,44852132

1131166425333914221203485

184443117923193058

59161556231621103525

115

421145277

533

306

90

Table 39.—Southrarnlina

1963

3,948

2,743377

7133

1,071197874346912071

141343116602601097

367

1116511602352555

131

471186285

404

297

98

1964

4,287

2,987337

7144

1,186227959374982276

1523535176529410104

408

1326921662492776

150

504195308

443

310

106

1965

4,708

3,306328

8182

1,322272

1,0514111082484

1623639186930612111

418

1347681842733116

173

517203314

486

341

116

Table 51.—RockyMountains

1963

10,715

6,88615528620101165518

1,256778478

1,23128384199

6722241397623372257120

11137396

1,75160727786811

291

1,508532976

1,502

804

276

1964

11,053

7,2311472882297169538

1,250765485

1,29730591214

7032311447824979559126

13639436

1,89764031893910

313

1,444429

1,015

1,524

828

288

1965

11,841

7,5661433082399186564

1,264765499

1,36931797221

7322361528226385265129

14642470

2,004664311

1,02912

338

1,700666

1,035

1,650

890

302

Line

1

23456•789101112131415

1617181920212223

2425262728293031

32

333435

36

37

38

Line

1

234

6789101112131415

1617181920212223

2425262728293031

32

333435

36

37

38

17

225-221 O - (

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

Tables 52-62A.—Personal Income by Major Sources, 1963-65[Millions of dollars]

ItemTable 52.—Montana

1963 1964 1965

Table 53.—Idaho

1963 1964 1965

Table 54.—Wyoming

1963 1964 1965

Table 55.—Colorado

1963 1964 1965

Table 56.—Utah

1963 1964 1965

Table 57.—Far West

1963 1964 1965

Personal income. ___ _

Wage and salary disbursementsFarms- - —.Mining

CoalminingCrude petroleum and natural gasMining and quarrying, except fuel

Contract construction ___.Manufacturing

DurablesNondurables

Wholesale and retail trade .Finance, insurance, and real estate

BankingOther finance, insurance, and real estate...

Transportation, communications, and publicutilities

RailroadsHighway freight and warehousingOther transportationCommunications and public utilities

ServicesHotels and other lodging placesPersonal services and private households...Business, auto repair, and other repair

servicesAmusement and recreationProfessional, social, and related services

Government... _Federal, civilian ___.__.Federal, military _...State and local

Other industries __.

Other labor income

Proprietors' incomeFarm.. __.Nonfarm

Property income.

Transfer payments

Less: Personal contributions for social insur-ance .

1,588

9193345

P)1232801247846165311417

109531583387915

1034924570441312

39

321186135

128

1,585

950304811136731257748171331518

1135415835

15

1035626272481422

278139139

225

134

44

1,714

1,004295011237821358649181351519

1185616837991016

1135927475471512

47

181142

244

142

47

1,411 1,464

8794220

1,660

9494022

(919541708486159301119

78301552885515

2044119052291092

37

281147134

182

114

34

(020601659075167321220823116430106516

3844420355321162

41

269118151

193

117

35

228118010180178341322

2817433116817

4044721257291263

45

367213154

211

124

36

811

501186113920544214287414

52171343919751

20

1225171

128

58

18

821

53221

52221484426791

22

10426

78

125

57

19

844

5301961239214641132979167

241493725871

23

11636

134

62

20

4,750

3,11947828403522758635423357415137114

6069441083702660

54202107942501613845

127

578114464

686

362

121

4,967

3,30440

403724359435224260816440124

2986272471174002764

222288692651874164

138

585121464

369

125

5,282

3,446429110424025259234324964616943126

3136474501244252865

65222459112701834594

148

194473

754

398

132

2,155

1,5171479111058104334249

571641

14055311243139722

22879389195241702

67

20634172

284

142

61

2,216

1,56514751185610632523392271611743

14857331246148822

23887415204261862

70

20724183

286

151

64

2,341

1,63613841076710331622393284631845

1525834124816082325995458225272052

74

22741186

307

164

68

66,225

44,3996162681

156111

3,08912, 2028,7433,4597,6822,058524

1,535

3,282534673810

1,2655,574348919

1,207743

2,3579,5122,2991,6525,561116

1,992

7,1681,2515,917

9,361

5,152

1,847

70,722

47,4676492871

167119

3,30312,6829,0253,657

2,248570

1,679

3,520551725872

1,3716,124377967

1,373803

2,60310, 2482,4131,7626,073120

2,210

7,5851,3186,267

9,899

5,528

1,968

75,386

50,568753308

1172135

3,34813,3069,4863,8208,7782,398

6051,793

3,774577778940

1,4786, 659

4061,010

1,503904

2,83611,1162,6071,8116,697

130

2,434

7,6541,2576,397

10,770

6,048

2,089

Table 58.—Washington Table 59.—Oregon Table 60.—Nevada Table 61.—California

Item1963

7,764

5,15874131111308

1,5271,06746090422457167

40394801111184812790

7624263

1,21032924763514

236

916216699

1,016

629

191

1964

8,063

5,35672121111303

1,5541,07348294423460174

41896831171225112792

8125285

1,29434426968114

256

915184731

1,069

662

194

1965 1964 1965 1963 1964 1965 1963 1964 1965

Table 62.—Hawaii

1963 1964 1965

Table 62A.—Alaska

1963 1964 1965

Personal income

Wage and salary disbursementsFarms.—Mining...

Coalmining..Crude petroleum and natural gasMining and quarrying, except fuel

Contract construction..Manufacturing

DurablesNondurables

Wholesale and retail tradeFinance, insurance, and real estate

Banking....Other finance, insurance, and real estate.. __

Transportation, communications, and publicutilities .

Railroads .Highway freight and warehousing ____Other transportationCommunications and public utilities

ServicesHotels and other lodging placesPersonal services and private households. _ _Business, auto repair, and other repair serv-

ices... _ . . .Amusement and recreation _Professional, social, and related services

GovernmentFederal, civilianFederal, military _State and local. _

Other industries-

Other labor income ._ .__

Proprietors' incomeFarm _ __Nonfarm ____ ___ _____

Property income

Transfer payments _.

Less: Personal contributions for social insur-ance

8,641

5,73461141113368

1,6521,166485

1,01024864184

445103901221305782997

11026316

1,34435226073215

284

963217746

1,167

700

207

4,578

2,956599

4,904

3,1996210

5,350

3,4895712

1,268

930820

1,351

1,008822

1,437

1,066928

52,615

35,355475226

56,404

37,903506242

59,958

40,279626255

1,776

1,27861

0)

1,912

1,39463

0)

2,030

1,47762

C1)

0)8

1988536272265651223784

756748992892055

461315556614833385

150

587115472

621

376

112

0)102099357012346141324092

7774521053142257

5114170606156364147

167

621101520

643

393

120

0)12250

1,01476225266514443101

3378582561133422461

571618565916434461

188

671141530

703

424

126

02012846261913134925

74191114303178219

72113311704835871

31

1227

114

15b

58

31

121116472720144361026

82201316343608921

941203619152361021

35

1111

110

165

65

33

1271044928211523711

872112173739510222

1011304020457361111

1152

112

179

75

36

15472

2,4549,7767,0232,7546,0821,680420

1,259

2,516346515636

1,0184,487219754

1,013592

1,9087,5661,7741,3384,455

1,575

5,544912

4,631

7,566

4,089

1,513

16477

2,67410,1467,2242,9226,5841,846459

1,388

2,710358556687

1,1104,939239

1,147644

2, 1118,1571,8611,4214,876

1,752

17184

2,62710, 5917,5303,0616,9501,968

4871,481

2,905369594745

1,1985,344

251831

1,235732

2,295

0)95

1172196

183541341

93

0)1111202199

1986214

101

0)12712622

104214721557

105

1,0334,906

8,022

4,408

1,620

2,0341,4825,393

105

1,924

5,906897

5,009

8,721

4,848

1,721

95233

1442025

22

527174208146

3

17958

120

233

89

46

105635

16225

271074

574185235154

49

17449

125

253

49

125340

1772727

311279

591199227165

3

54

17951

128

272

100

53

704

5841

12282

44301120571257

5627

21274447

102

2232212312278

18

0)

18

789

6651

12282

663312206214

5928

22274947

121

25363139140846

20

481

48

46

32

22

851

7161

12

27537142373167

10

632

1023295567

142

27379140141975

501

49

51

35

23

NOTE.—Detail will not add due to rounding.1. Less than $500,000. 2. For New Mexico, business, auto repair, and other repair, services are combined with professional, social, and related services.

18

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

August 1966 SURVEY OF CURRENT BUSINESS 19Table 63.—Broad Industrial Sources of Personal Income, by States and Regions, 1965

Table 70.—Industrial Sources of Civilian Income Received by Persons for Participation in Current Production, by States and Regions,1965 i

[Millions of dollars]

State and region

Table 63

Totalpersonalincome

Farmin-

come1

Governmentincome dis-

bursements2

Fed-eral

Stateandlocal

Privatenonfarmincome 3

Table 70

Total Farms MiningContractconstruc-

tion

Manu-fac-

turing

Whole-sale and

retailtrade

Finance,insur-ance,

and real

Transpor-tation,com-

munica-tions, and

publicutilities

Serv-ices

Gov-ern-

ment 2Other

United States..

New England...

MaineNew Hampshire-Vermont.-

Massachusetts..Rhode Island._.Connecticut

Mideast-

New York—..New JerseyPennsylvania-

Delaware.MarylandDistrict of Columbia-

Great Lakes..

Michigan.OhioIndiana. _..

IllinoisWisconsin.

Plains-

Minnesota..IowaMissouri

North Dakota.South Dakota-Nebraska __

Kansas.

Southeast.-

VirginiaWest Virginia.Kentucky

Tennessee __.North Carolina.South Carolina..

Georgia...Florida...Alabama..

Mississippi-Louisiana. __Arkansas

Southwest-

Oklahoma.Texas

New Mexico..Arizona

Rocky Mountain.

Montana..IdahoWyoming-Colorado—Utah

Far West.

Washington-Oregon _

Nevada.. _.California-

Alaska..Hawaii..

532,147

33,383

2,2451,714

16,3492, 5159,626

128,400

59,35021,95031,816

1,70610,6042,974

114,109

25,03128,97213,924

34,90311,279

41,609

9,4957,38111,961

1,4861,518

5,932

88,217

10,6913,679

7,74910,0704,708

9,47814,0416,660

3,7127,3593, 581

36,321

5,60324,761

2,2243,733

11,841

1,7141,660844

5,2822,341

75,386

8,6415,350

1,43759,958

8512,030

17,497

319

1241339

70667

976

384113310

44125

2,928

294441

1,053538

4,155

1,154639

334331550

511

4,353

26539437

655232

451475330

433258452

1,882

3201,258

111193

795

20625054

23253

1,977

273195

11

1111

59,854

3,400

333226105

1,716380640

13,507

4,8391,8873,256

1492,1611,215

9,019

1,7672,5251,110

2,710907

4,480

823689

1,321

216222481

728

13,261

2,578460932

9541,233756

1,3972,0901,089

529764479

4,991

9043,167

399521

1,690

252195117

740

8,693

1,187565

1546,787

307506

43,878

2,474

17812080

1,287185624

10,154

5,4961,4452,121

112825155

8,354

2,0401,9521,014

2,410

3,348

846577848

135139296

507

7,345

763336510

670830341

7251,176570

349788287

3,109

5381,918

270

1,154

16513994

533223

7,662

817503

1166,226

100178

410,918

27,190

1,6101,355710

13,2761,9448,295

103,763

48,63118,50526j 129

1,4017,4931,604

93,808

20,93024,05411,198

28,7308,896

29,626

7,1904,9619,153

801826

2,509

4,186

63,2587,0852,8444,610

5,7997,3523,379

6,90510,3004,671

2,4015,5492,363

3,84118,418

1,4442,636

8,202

1,0911,076579

3,7771,679

57,054

6,3644,087

1,15645,447

4431,235

419,085

25,994

1,6951,326729

12,7211,8777,646

101,015

46,00217,86525,290

1,2288,5612,069

93,405

20,70823,70511,622

28,277

32,486

7,6135,8509,325

1,1281,159

2,882

4,529

68,3808,2642,8645,022

6,2778,0403,711

7,54710,0025,329

2,8855,6512,788

27,678

4,15418,933

1,7252,866

9,264

1,3231,327642

4,0701,902

58,746

6,7054,303

1,18046,558

6441,473

17,823

325

1261340

717

393116317

45127

2,981

300449612

1,072548

4,226

6471,173650

339337560

520

4,431

27039444331666236

459486336

441263460

1,917

3251,282

113197

809

21025455

54

2,021

278199

111,533

1114

4,899

29

227

1017

460

8437

319

(3)20

560

10615465

21322

329

1162355

131613

1,271

82344166

3917

326254

41395

30

1,544

330

131145

343

562568

10292

349

1715

31286

14

26,039

1,616

1168450

765118483

5,595

2,2661,1501,375

94628

82

5,378

1,1411,336712

1,649540

2,024

512311595

9160174

281

4,612

589155338

448218

434891321

176495182

1,828

1,264

134192

707

10010660

311130

4,048

454313

1173,164

83148

127,460

9,724

566521223

4,344718

3,352

32,493

12,9686,87810,131

5291,911

76

38,193

9,65910,2374,985

9,8063,506

7,419

1,8671,3652,608

4783427

1,022

18,205

1,843881

1,3912,0372,8501,446

2,1641,5721,598

7231,058642

5,084

667

112469

1,404

15020247

657348

14,754

1,8311,142

5511,726

42142

72,944

4,271

277213112

2,221318

1,130

17,341

8,4493,0034,061

1631,424241

15,319

3,1483,7711,740

5,1851,475

6,024

1,4651,0101,765

216215536

817

11,862

1,337401845

1,1011,330531

1,4402,093828

4461,040470

5,302

7673,750

273512

1,720

230236104

802348

10,772

1,263849

1828,478

84249

21,741

1,507

626231

78298472

6,250

3,666920

1,098

4643288

3,879

913440

1,481359

1,566

385249481

4144161

205

3,161

37984194

332139

677209

106260113

1,499

2091,048

74168

442

514923

23782

343200

542,731

21

30,747

1,512

1077247

106382

7,989

3,8191,4241,925

633120

6,217

1,1041,591747

2,232543

2,615

835

7967248

417

5,027

279391

490180

603795

169559209

2,193

3311, 523

136203

816

1329374

349168

4,189

495379

953,220

72117

59,283

3,901

195183123

2,104248

1,048

15,921

8,2502,5063,274

1491,263

479

11,018

2,3552, 7481,115

3,7491,051

4,122

1,061660

1,224

128143364

542

1,113321607

921445

9211,828

687

351763330

3,945

5442,615

333453

1,286

16017083

632241

9,692

560

4637,770

70240

56,863

3,004

232172

1,573255678

13,720

5,9961,7822,746

1312,101

964

9,678

2,1732,4561,188

2,8341,027

4,048

664

171188385

613

10,467

2,005357635

922968499

1,0691,524

942

417792337

4,275

7282,615

415517

1,705

228184125

734434

9,358

1,091628

1697,470

240368

105

1242

53

248

1114944

32219

182

5018

5622

113

182924

36

14

19

203

11

1318

377416

152615

91

1562

410

32

3

10

235

3418

3180

177

Footnotes to table 63:1. Consists of net income of farm proprietors, farm wages, and farm "other" labor income,

less personal contributions under the OASI program.2. Consists of income disbursed directly to persons by the Federal and State and local

governments. Comprises wages and salaries (net of employee contributions for Social insur-ance), other labor income, interest and transfer payments.

3. Equals total personal income less farm income and government income disbursements.

NOTE.—U.S. totals include Alaska and Hawaii.

Footnotes to table 70:1. Consists of wage and salary disbursements, other labor income, and proprietors' income.2. Does not include earnings of military personnel.3. Less than $500,000.

NOTE.—U.S. totals include Alaska and Hawaii.

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

by L. JAY ATKINSON

Factors Affecting the Purchase Value of New Bouses

Section I—Introduction and Summary

HY do some families pay morethan others for their new homes? In-come is obviously an important reasonbut what other factors are also impor-tant? Are the age, occupation, andeducation of the household head—tocite a few characteristics—of any sig-nificance? If so, how are they relatedto the amount a family pays for a newhome? And how do changes over timein relative prices and credit conditionsaffect the amount paid?

This article attempts to answer theseand related questions. It is the secondpart of a study of housing undertakenfor the Interagency Economic GrowthProject. The first part1 analyzed long-range influences affecting the numberof new housing units built and providedalternative projections of the numberof new housing units for 1970.

Given the number of units that maybe demanded in the future, it becomesnecessary to determine average valueper unit if projections of aggregatevalue are required. Although projec-tions of average unit value were ob-tained by extending past trends, thistechnique did not provide much in theway of analytical content. This reportanalyzes unpublished data and yieldsa number of insights into the demandfactors that give rise to variations in thepurchase price of new houses. No pro-jections are shown.

1. "Long-Term Influences Affecting the Volume of New-Housing Units," Survey of Current Business, November 1963.

20

Cross-section data

Except in the last section, which isconcerned with a time series analysis,most of the data for the present reportare cross-sectional and are from the1960 Census of Housing. The data,which are based on a large sample ofbuyers of new homes, include an exten-sive list of characteristics pertaining tothe structure and to the household.

The article provides several cross-tabulations that show how the value ofa newly built house varies by incomeclass and by other characteristics of thehousehold. Although the sample is agood-sized one, with many cells con-taining a fairly large number of obser-vations, there are obvious limits to thenumber of cross-classifications that canbe shown and readily interpreted. Inorder to lay bare the net relationships—that is, the relationship between housevalue and each of several characteristicsof the household, with all other factorsheld constant—the individual house-hold data have been analyzed by meansof multiple regression. The regression

NOTE: The author is indebted to a numberof people for their assistance in the course ofthis study: Emanuel Melichar of the FederalReserve Board for criticism and advice;George Heller of the Bureau of the Censusfor programing the regression; William Cookand David Cogar of Computer Usage Cor-poration for programing the cross-tabulations;Professor Margaret Reid of the University ofChicago and Professor Murray Brown now ofGeorge Washington University for criticism.Lyle Ryter, now of the Bureau of LaborStatistics, assisted in the early stages of thestudy. None of these persons is responsiblefor the conclusions reached in this study.

analysis is the heart of this report.The basic regression took this generalform: The value of a newly built houseacquired by a family or individual de-pends upon the current income of thehousehold; the age, sex, race, education,occupation, and marital status'or lengthof time married of the household head;and the location of the housing unit.Some modifications of this regressionwere also explored.

A feature of this study is its treat-ment of a large number of nonincomevariables, for which data have notordinarily been available until recently.2

The use of such data in statisticalanalysis had been limited not onlybecause they were scarce but alsobecause many of the variables werenonnumerical. The development inthe last few years of new statistical tech-niques involving the use of "dummy"variables 3 and the availability of largecomputers have overcome these obstacles

In addition to the analysis of non-income influences, this article puts con-siderable emphasis on the estimationof income elasticity—the percentagechange in purchase price or value asso-

2. However, nonincome variables have been treated in ananalysis of current consumption expenditures for housing.See S. J. Maisel and L. Winnick," Family Housing Expendi-tures—Elusive Laws and Intrusive Variances," in Proceed-ings of the Conference on Consumption and Saving (Universityof Pennsylvania, 1960), Vol. 1, pp. 359-435. Maisel andWinnick found that variables other than income were oflittle importance in accounting for variation in currentconsumption expenditures for housing.

3. For a simple explanation of dummy variables, seeEmanuel Melichar, "Least Squares Analysis of EconomicSurvey Data," 1965 Proceedings of the Business and EconomicsStatistics Section, American Statistical Association. Recenteconometric textbooks also have explanations. See, forexample, J. Johnston, Econometric Methods (McGraw-Hill,1963), pp. 221-228.

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August 1966 SURVEY OF CURRENT BUSINESS 21

ciated with that in income. Tests weremade to determine if income elasticity-is constant throughout the full range ofincome.

Limitations of cross-section esti*mates

Although the analysis is based on arich body of statistical data, the cross-section study has certain limitations:

(1) It applies to a single period.The stability of the relationships showncan be tested only with observationsfor other periods.

(2) The analysis omits a number ofvariables that on a priori groundswould appear to be significant in ac-counting for variation in house value.Some of these omitted variables, suchas changes over time in prices andfinancing terms (including downpay-ments, amortization period, and interestrates), are for all practical purposesinherent limitations of a single-periodcross-sectional approach. For others,such as assets held by the householdand the prices of comparable accommo-dations afforded by used houses, thedata were not available.

(3) Although the estimated regres-sion coefficients are statistically sig-nificant at the 1 percent level, theyhave sizable errors; this reflects bothsampling variability and intercorrela-tion among the independent variables.4

(4) Certain biases are characteristicof regression computations from cross-section data, as has been widely noted.One type of bias is related to the con-cept of income that is appropriate forcalculating elasticity.5

Time series analysisThe final section of this paper uses

time series data to analyze the factorsinfluencing house value. Ideally, theresults of time series analysis couldserve as a check on the cross-sectionresults and would permit the introduc-tion of variables such as price and

4. The standard errors are shown in the Appendix, withonly an occasional reference in the text. For the interpreta-tion of errors in regressions containing dummy variables,see Melichar, op. ciL

5. Such possible biases have been discussed in numerouspublications. Many of these are cited by Margaret G.Reid in Income and Housing (University of Chicago Press,1963). This study and others suggest that estimates of in-come elasticity for housing derived from cross-section datamay be too low. See also R. F. Muth, "The Demand forNonfarm Housing," in A. C. Harberger (ed.), The Demandfor Durable Goods (University of Chicago Press, 1960).

credit terms that were necessarily ex-cluded in the cross-section approach.

In practice, the time series analysishais serious shortcomings. The variousnonincome factors (age, education, etc.)used in the cross-section analysis arenot available in usable time series.The few series that are available—onhouse value, price, income, and creditterms—are deficient in many respects.Moreover, there is a high degree ofcorrelation among the independent var-iables, so that it is difficult to isolateand appraise their separate relationshipto house value. An important char-acteristic of the available time series isthat they are highly aggregative—annual averages for the United States—in contrast to the cross-section data,which are on a household basis.

In the analysis of many other typesof problems—consumption functions,for example—estimates based on ag-gregated time series have usually beenconsiderably different from those de-rived from cross-section data, and thetwo types of estimates have seldombeen reconciled. In this study, suchdifferences are encountered, and noreconciliation has been achieved.

Principal findings

Points 1 through 5 apply to thecross-section analysis.

(1) All of the independent variablesaccounted for about half of the totalvariation in the price paid for newhomes.

(2) As was expected, income was thesingle most important variable, ac-counting for almost 50 percent of theexplained variation in house value.

(3) With all of the other explanatoryvariables held constant and with thehighest and lowest income groups ex-cluded, the cross-section estimates ofincome elasticity ranged from 0.41 to0.47. This means that a difference of10 percent in income was associatedwith a difference of around 4.1 to 4.7percent in the value of a newly pur-chased house. These net regressionresults were not much different from thesimple regression estimate of incomeelasticity when only income was re-lated to the value of a new house.

(4) The income elasticity estimatewas found to be constant over an ex-

tremely wide range of income. Otherinvestigations of income elasticity haveoften found that elasticity declined asincome increased.

(5) Several nonincome variables hadan important influence upon the varia-tion in house values in the cross-section analysis. For example, withall other factors held constant, anincrease in age, years married, oramount of education of the householdhead raises the value of new homesacquired. Again, with all other factorsheld constant, homes acquired bywhite household heads have a highervalue than those acquired by non-whites, and, homes in the North andWest have a higher value than thosein the South.

The following points are from thetime series analysis:

(6) When house value was related tofamily income in a simple relationshipbased on aggregated data, the estimateof income elasticity was around O.8..The (net) income elasticity rose toapproximately 1.0 when variables forcredit terms and prices were added tothe estimating equation.

(7) The price elasticity for newhouses was estimated to be less thanunity, with the usual inverse relation-ship between price and real value ofhouse purchased. An inverse relation-ship was also found between housevalue and a credit variable in the formof monthly mortgage payments, i.e.,the lower the monthly payments, thehigher the value of house acquired.

The remainder of this article isorganized as follows: Section II pre-sents the cross-section data and somepreliminary cross-section relationships.In the third and longest section, thedata are analyzed by means of multipleregression to show how the value ofnew houses is related to the income ofthe household and a series of nonin-come characteristics. The fourth sec-tion deals with the constancy of theestimated income elasticity throughoutthe income range and also modifiesthe cross-section estimate of incomeelasticity. The fifth and final sectionis an analysis, based on time series, ofincome elasticity and the effect ofchanges in prices and credit on housevalue.

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22 SURVEY OF CURRENT BUSINESS

Section II—The Data and Their Treatment

MOST of the basic data used in thisstudy were part of a systematic 1-in-1,000 sample of the 53 million U.S.households enumerated in the 1960Census.6 For each sample household,the Census Bureau made available onmagnetic tapes about 100 characteris-tics, of which 15 were selected as themost relevant for this analysis. Infor-mation from Census tabulations andhousing studies was utilized in selectingthe most appropriate characteristics.

Table I.—Number of Households Classifiedby Tenure Type, April 1960

[Thousands]

Total households _ _ _ _ __

Owners

Buyers, 1955-60:Houses built 1959-60Houses built 1955-58Houses built before 1955

Other owners _

Renters -

In one-to-two-family housesBuilt 1955-60 _ _ __Built before 1955.. _

In three-or-more-family structures.Built 1959-60Built 1955-58Built before 1955

Number

52,875

32,742

1,3984,6776,457

20,210

20,133

12,458883

11,575

7,675159392

7,124

Percentdistribu-

tion

100.0

61.9

2.68.9

12.2

38.1

23.61.7

21.9

14.5.3.7

13.5

Source: U.S. Department of Commerce, Office of BusinessEconomics. Universe estimates based on tabulations froml-in-1,000 sample of households, U.S. Census of Housing,1960.

For most of the characteristics excepthouse value and income (e.g., age,education, years married), the Censusdesignations are self-explanatory. Thevalue of the house is that reported tothe Census Bureau in answer to thequestion "What is the current [spring1960] market value of your house?"Although a householder's appraisal ofvalue may be rather imprecise, espe-cially for older houses, it seemedreasonable to suppose that for newlyacquired houses the respondent wouldgive the purchase price. An independ-

ent check confirmed this assumption.7

Income is measured as the totalmoney income of all members of thehousehold in the preceding year (1959)as reported to the Census Bureau.

As the first step in this study, theentire Census sample of 53,000 house-holds was classified according to "tenuretype." Tenure type designates certainfeatures of the housing unit—whetherit is owner-occupied or rented, when itwas built, and the number of units inthe structure. The various tenure-typeclassifications, which were derived fromthe 1960 Census data, are shown intable 1. The portion of the samplethat had recently bought new homesconstitutes the main set of (cross-section) data analyzed in this article.There were 1,398 observations in thisgroup, of which 1,155 had completerecords.

Cross-Tabulations

The group that bought new houses in1959 and the first quarter of 1960 isshown, blown up to universe totals, in aseries of cross-tabulations in table 2.The number of households is shown onthe left and average value per unit onthe right. The data are classified byincome (across the top) and by each ofseveral nonincome categories (in thestub). The first line in the left-handsection shows the 1,398,000 purchasersof newly built houses distributed byincome class. The corresponding linein the right-hand section shows theaverage value of house. The data areall subject to sampling error. (Seenote to table 2.) Since the informationunderlying the table formed the basisof the regression analysis, which is dis-cussed in a later section, only a fewaspects of the table are presented inthis section.

6. U.S. Department of Commerce, Bureau of the Census,If 1,000 and If 10,000: Two National Samples of the Populationof the United States, 1964.

7. This check was based on a special sample from the 1960Census—independent of the one being discussed here—thatobtained information on the purchase price of newly builthomes. The sample ("SCARF") was designed to provideinformation on the financing of newly purchased homes.

August 1966

CHART I

Percent Distribution of Buyers of NewHouses Built 1959-First Quarter 1960Compared With All Households

AGE OF MALE HEAD OF HOUSEHOLD

Percent100

80

60

65+

"55-64

45-54

35-44

EDUCATION

College.- 4 orMore Years

College: 1-3 Years

High School

8-11 Years

Under 8 Years

REGION

Buyers ofNew Houses

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

West

South

North Central

Northeast

Basic Data: Census66-8-7

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

August 1966

p ' - H ^ ^ ^ ^ C H A R T 8

Relationship Between House Value andIncome, Buyers of New Houses Built 1959First Quarter 1960

Value of House ($000)35

AGE OF MALE HEAD OF HOUSEHOLD

30

25

20

15

10

30-44-/*/-45+

P\A-Under 29

10 15

Income ($000)

I20

35

30

25

20

15

10

EDUCATION

College High School

to 12 Yrs.

I I10 15Income ($000)

I20

REGION

Northeast

35

30

25

20

15

10

5 I I I0 5 10 15

Income ($000)

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

West

North Central

South

I20

25

25

SURVEY OF CURRENT BUSINESS

Some characteristics of new housebuyers

Although this paper does not analyzethe factors that influence the decisionto buy (or not to buy) a new house,some background information on thissubject may be of interest. Chart 7illustrates the relationship between thepurchase of a new home and a few ofthe characteristics considered here. Onthe basis of data from the left-hand sideof table 2, it shows a percentage distri-bution of buyers of new houses accord-ing to each of three characteristics—age,education, and region. For compari-son, similar data are presented for allhouseholds in the United States as ofApril 1960.

Among those households that hadrecently bought new homes, the 10-year age brackets 25 to 34 and 35 to 44accounted for 70 percent of the total.Those under 25 and those 55 or olderaccounted for only a small portion ofbuyers. The age distribution of buyerswas quite different from the age distri-bution of all households. Relative toall household heads (male), buyers weremore common for each of the age groupsunder 45 and less common for each ofthe older groups.

The amount of education of thehousehold head was directly related tothe probability that he would buy anew house. Those whose educationdid not exceed 7 years were only halfas likely to be new buyers as all house-hold heads; those who graduated fromcollege were twice as likely to be newbuyers.

As of 1960, the South and the Westhad higher-than-average proportions ofnew house buyers relative to all house-holds; the North Central region was alittle below average and the Northeastconsiderably below average.

25

23

Some preliminary relationshipsChart 8 suggests some of the ways

that house valiie is related to incomeand nonincome factors. The top panelshows the relationship between housevalue and income for three broad ageclassifications. It indicates three mainpoints: There is a direct relationshipbetween value and income for each ofthe three classifications; the slopes ofthe three lines are about the same; andfor any given income, there is somedifference in the average house valuefor the different age groups.

The middle panel, in which house-holds are classified by educationalattainment of the household head,also illustrates the direct relationshipbetween house value and income. Thereis less uniformity in the slopes of thelines than there was for the age classi-fications. Finally, at any given in-come level, house value appears to varydirectly with the level of education ofthe household head.

The direct value-income relation alsoshows up when the data are classifiedby region. However, some clearcutregional differences are apparent withrespect to both the slope of the linesand their level. The slope is greatestin the South and least in the Northeast.Throughout most of the income range,house values for any given income levelare highest in the Northeast and lowestin the South.

As was indicated earlier, these re-lationships between house value andincome, with one other characteristicheld constant, have been presentedonly to give a taste of the discussionthat follows. Their interpretation isdeferred to the section dealing with thecomprehensive regression analysis, inwhich both gross and net relationshipsare considered.

Section Ill-Regression Analysis

ONLY nine of the characteristics usedfor the cross-tabulation were used forthe regression analysis. As a practicalmatter, this was the maximum that

program. 8 The principal new infor-

Basic Data: Census

8. The program was limited to 50 variables, but the word"variables" is used in a special sense here. For example,region is one of the nine characteristics selected for the re-gression analysis, but each of the four regional subclasses

A ^ . ,~*, ~ — . — — (Northeast, North Central, West, and South) is treated as aCould be handled in the regression separate dummy variable. Appendix table 1 lists all the

variables used.

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

Table 2.—New Owner-Occupied Houses Built 1959—1st Quarter 1960, by Household Income and Other Selected Characteristics—Numberof Households and Average Value of House

[Estimated number of households in thousands—(based on sample)]

Income groups

Under$4,000

$4,000- $5,000-$5,999

$6,000-$6,999

$7,000-$7,999

$8,000- $9,000-$9,999

$10,000-$11,999

$12,000-$14,999

$15,000- $20,000-$24,999

Over$25,000

Totalnumber

Averageincome

Total units owner-occupied in April1960, built 1959— 1st quarter I960...

Age and sex of household head

Male:Under 25 years25-29 years w.30-34 years ___,35-44 years45-54 years55-64 years _65 years and over

All females

Marital status of household head

Primary individualsHusband-wife married:

0-2 years _3-9 years10-19 years20 years and over

Other families

Size of household1 person _2 persons -3 persons4 persons5 persons - --.6 personsMore than 6 persons.

RegionNortheast - -North Central —SouthWest -

Size of placeRural farm __.Rural nonfarm -Inside SMSA, central cityInside SMSA, not in central ci ty——Other -

Weeks worked in 1959 by householdhead

Did not work__Under 26 weeks.. _27-47 weeks48-52 weeks

Number of earners per household

No earnerslearner2 earners —3 or more earners __

Value of house l

TotalUnder $5,000. —$5,000-$7,499$7,500-$9,999 r$10,000-$12,499_.._ —$12,500-$14,999$15,000-$17,499.$17,500-$19,999$20,000-$24,999$25,000-$34,999$35,000 and over _

RaceWhiteNonwhite. .

Education of household head

Under 8 years8-11 yearsHigh schoolCollege, 1-3 years. . .College, 4 or more years

Occupation of household head 1

Total .Professional and technicalManagers, officials, and proprietors-Clerical and kindred workersSales workersCraftsmen and foremenOperatives..Service workersFarmers and farm managers.,Farm laborers and foremenLaborers, except farm and mineOccupation not reported

250

2651

137

191232653

. 29

633144

112

53141524

1642819182336127

1074

22525

71101501414

1447

107

1139261393

127

136

10710

(*)

128

1029

1395

2223541

167

24136

159

15320201912412173172

175

41

15155

1503

1732

22

16228262112343221132

156

(*)

(*)

138(*)

1533

14822171115501781124

134

34

31

15115

(*)(*)

1313

124381986

3012421

92

(*)

(*)

(*)

(*)

(*)(*)(*)

134

(*)

(*)

238

121

(*)

119(*)

1304

124282311122714

*)*)

73

(*)

(*)

(*)

(*)

C)

(*)

(*)

(*)

(*)73

(*)

(*)(*)

40

(*)

(*)

(*)(*)

(*)

40

(*)

20

(*)

(*)

(*)

(*)

(*)

(*)

(*)(*)

(*)

(*)C)(*)(*)C)

20(*)

(*)

(*)

(*)(*)(*)

21

(*)

(*)

(*)

(*)

(*)(*)

1(*)

(*)

13(*)

(*)(*)

20

(*)

20()(*)(*)

C)

(*)21

(*)

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

1,398

832422794051709056

4,9516,4077,2979,55910,8148,5944,125

73

41

8542547032354

27331637423310756

223340526309

47447237500167

9047157

1,104

6572352585

1,15547405612223518514116211354

1,34256

156411406175250

1,18920620595932821673923

32

7,875

4,089

3,854

5,7476,7289,0019,4214,277

3,6927,6477,3518,2058,5178,6548,518

8,2388,0446,7629,324

6,5326,4328,1279,4297,113

4,0113,6915,6468,686

2,8927,6278,19511,835

8,0353,3514,1004,8215,8326,7028,0788,4439,77210, 96922,287

7,8514,705

5,4486,5168,0849,15410,392

7,8309,868

12,0977,1318,4137,4006,7334,9746,1734,8124,9487,578

pling error, see "Sample Design and Sampling Variability,'Census publication 1/1000 and 1/10,000.

*The sample contained no observations in this cell.

_. For a discussion of sam-Part C of the Bureau of the

24

1. The totals do not add to 1,398, because some were not reported.Source: U.S. Department of Commerce, Office of Business Economics. Basic data are

from 1/1,000 sample of the 1960 Census of Population and Housing.

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

Table 2.—New Owner-Occupied Houses Built 1959—1st Quarter 1960, by Household Income and Other Selected Characteristics—Numberof Households and Average Value of House—Continued

[Average value of house in dollars—-(based on sample)]

Income groups

Under$4,000

$4,000-$4,999

$5,000-$5,999

$6,000- $7,000-$7,999

$8,000- $9,000- $10,000-$11,999

$12,000-$14,999

$15,000- $20,000-$24,999

Over$25,000

Averagevalue ofhouse

Total units owner-occupied in April 1960, built1959—1st quarter 1960

Age and sex of household headMale

Under 25 years25-29 years30-34 years35-44 years45-54 years55-64 years65 years and over

All females .

Marital status of household head

Primary individuals—.Husband-wife married:

0-2 years3-9 years10-19 years20 years and over._.

Other families

Size of household

1 person2 persons3 persons4 persons5 persons6 personsMore than 6 persons-

Region

NortheastNorth Central-SouthWest

Size of place

EuralfarmRural nonfarmInside SMS A, central cityInside SMSA, not in central city.Other

Weeks worked in 1959 by household head

Did not workUnder 26 weeks.27-47 weeks -.48-52 weeks .

Number of earners per household

No earners1 earner2 earners3 or more earners.

12,280

8,6308.920

12,98011,18010, 6409,440

12,630

12,570

10,540

9,52010,26012,40010,98012,810

10, 54012,13010,32011, 05012,56010, 6408,960

14, 78012, 2309,770

12,050

8,9009,960

13,22013,66010,970

12,1909,310

11,12011,020

12,95010,55010,9708,750

11,930

10, 26010,82011,43011,40012,32011,85019,800

15,670

14, 700

11,31010, 54011,54012,95013,530

14,20011, 78012, 02011,62010,9108,21015,370

13,46012,1509,77014,230

10,2009,52013,17014,29012,470

15,0008,76011,66011,1310

16,87011,87010,31011,600

15,080

12,15014,04015, 22014, 53014, 02018,13013, 700

15,270

2,500

13,12014,54014.59015,17015,040

2,50015,94014,65013, 33015,10014,33013, 400

15,29014, 55013,67015,170

11,40013, 76015, 01014, 67016,150

19,02012,87015,10014,220

20,80015,49012,51013,350

15,970

14,20014,81015, 90014,78018,43013,00014,470

20,470

24,350

12,47015,89015,68015, 07012, 700

24,35014,94014,36015, 39016,86015,49013, 700

17,64016,87012,69016,040

12,70014,15016, 76016,03015, 740

17,15016,20014,85015,510

20,60016,75014,1709,130

17,070

12,00016,56017,04017, 96015,43013,4808,700

13,600

13,670

19,75016, 00017,48016,65012, 400

13,67015,89015,41017,85016,11020,89016,880

17,34017,52014,65018,370

18,60017, 53016, 57016,63016,150

(*)18,00014,93016,830

(*)17,18015,64023,670

19,160

15,57016,17019,18019,36017, 09020,77023,970

14,800

14,800

17,11016,83020,06019,38014,800

14,80018,37016, 75018, 55019,59019,45021,440

21,29018,32017,40018,340

14,80019,49017, 51019,02017, 610

18,63014,80018,65018,520

16,75019,15018,31015,950

19,000

(*)19,20019,18019,41015, 08019,830(*)

14,550

18,050

18,90019,38019,90015,92015, 400

13,70017,26016,90020,13019,88018, 74016,200

17,11020, 57017,52018,620

(*)15,78020,25019,37017,770

40,00015,40022,46018,210

(*)19,63018,53016,010

20,900

16,70019, 91022,19021, 08018, 50020,86027,470

17,380

(*)

17,07020,07021,19020,58017,380

(*)18, 72020,49020,14024,21020,04020,530

23,08019,30020,00019,930

17,20018, 99020,89021,60017,230

18,27015,22020,830

(*)23,35019,16018,140

24,560

(*)

23,36028,98021,840(*)

(*)

(*)

23,10023, 70025.00022,980(*)

(*)24, 72021, 51026. 63027, 66022, 52016,200

28,45023, 01025,06021,650

19, 40024,45023, 58024,830

27,710

16,20025,00025,72029,32024,12025,920(*)

31,800

40,000

16, 20025,20028,78024,970

40,00028,19023,90029,00023,45035,000(*)

24,85027,47026,21028,920

29,70024,130

(*)26,20022,71022,670

26, 75031,22027,34024,200

31,300(*)(*)

40,00030,25025,13019,220

31,300

(*)(*)16,20033,13027,18032,900(*)

(*)

(*)

(*)24,35030,10032, 470(*)

(*)28,50083,10029, 74040,00028,10018, 700

32,07081,20030,63029,560

25,80084,13035,00029,94028,100

831,200

32,920

(*)(*)(*)33,08030,24040,000(*)

(*)

(*)

(*)(*)31,10033, 730(*)

(*)32,96040,00084,46029,02040,00023,900

28,10031,20083,06085,150

31,60031,20031,23033,830(*)

(*)33,01026,20028,100

(*)32,490

33,76028,70084,050

Value of house

Under $5,000..--$5,000-$7,499$7,500-$9,999$10,000-$12,499—$12,500-$14,999—$15,000-$17,499—$17,500-$19,999—$20,000-$24,999—$25,000-$34,999—$35,000 and over.

16,570

11,38014,48017,02018,57018,10016,72014, 790

14,320

12,840

13,33015,20018, 52017,36013,780

12, 51016,26015,49017, 01018,12017,82015,410

18,91017,17014,19018,300

12,23014,24017,67018,81015,840

14,53010,81014,32017,310

14,32016,97016,08018,060

Race

WhiteNonwhite.

Education of household head

Under 8 years8-11 yearsHigh schoolCollege, 1-3 yearsCollege, 4 or more years _

11,6306,530

8,410

Occupation of household head

Professional and technicalManagers, officials, and proprietors.Clerical and kindred workers...Sales workersCraftsmen and foremenOperativesService workersFarmers and farm managersFarm laborers and foremenLaborers, except farm and mineO ccupation not reported

11,16,34019,720

16,06017,84014,06012,0609,7209,21011,15011,2409,6005,76012,830

11,710

7,87011,21012,40011,78014,960

14,00011,16012,48011,26011,19010,57011,50011,07010,2009,04013,700

14,61010,940

12,78013,84015,42014,19014,690

13,38015,53014,77016,21014,60012,41017,26011,33040,000

17,450

15,55011,200

13,58014,68015,33017,11016,930

16,96017,04017,05016,98014,56012,86014,95012,70013,70014,20013,200

16,72013,670

14,46015,81016,97017,12018,740

17,84018,54016,16016,69016,31014,35019,31013,60030,000n, 45013,700

18,49019,130

17,57017,95017,18019,27020,440

19,97018,81016,94015,18018,90015,23015,22014,80030,00017,40022,400

18,50023,030

21,20017,07015,97020,89020,540

19,57019,92020,04018,83017,58014,870(*)(*)(*)26,20013,700

20,43022,160

18,02019,78021,62018,35022,150

22,16021,34019,25020,78020,25018,100C)

40,00017,250

24,280(*)

18,70021,39023,60023,85026,670

26,10024,76024,53022,40024,84022,220(*)

T19,530

27,200(*)

(*)20,46025,99029,36028,810

24,03027,830

W, 83025,270

8(*)(*)

30,48030,4(*)

25,80032,90029,40031,720SO, 120

32,850(*)

26,850H,53032,89040,00035,400

33,31016,200(*)16,20016,200(*)82,900(*)(*)(*)

16,82010,750

11,63014,45016,82018,79021,220

19,98021,10016,47017,70015,71013,39014, 55013,94019,09010,89015,290

25

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26 SUEVEY OF CUEEENT BUSINESS August 1966

mation considered for the selectionprocess came from the gross relation-ships developed from the cross-tabu-lation. Characteristics omitted in-cluded some that had seemed likely tobe significant in affecting house value—such as the number of children under 18years and the number of persons in thehousehold. The omission of the lattermay seem strange. The number ofpersons is indeed important in in-fluencing the decision to buy a newhouse 9 and is directly related to thephysical size of housing accommoda-tions. However, family size is notdirectly related to monthly housing ex-penditure 10 or to house value, especiallyafter differences in household incomeare allowed for. From table 2, it canbe shown that there is little varia-tion in the house value-income ratiobetween the two-person and the three-,four-, and five-person households; thusthe probability is rather low that house-hold size would account for much ofthe net variation in house value.

Form of relationshipIn the general form of the regression,

the value of the house (dependentvariable) is a function of income andeight other characteristics of the house-hold or the household head: region, sizeof place, size of Standard MetropolitanStatistical Area (SMSA) and locationwithin the area, age and sex, length oftime married, race, education, andfinally, occupation.

In the regression equation shown inthis section, the value of the house andincome are numerical variables. Allthe other variables are classified in non-numerical categories and are treatedin the regressions as "dummy" vari-ables, even though some, such as yearsof education, were originally reportedby the household in numerical form.

As would be expected, there was aquestion as to the appropriate form ofthe relationship between house valueand income. On the basis of paststudies, there seemed to be some pref-erence for a log form—i.e., relativedifferences in income are related torelative difference in house value.

However, four forms were calculated:log-log, linear-linear, log-linear, andlinear-log. The two mixed formsyielded no improvement in fit and arenot shown in the article. There waslittle difference between the results cal-culated by the log form and those calcu-lated by the linear form, although thelog form accounted for somewhat moreof the variation in house value (signifi-cant at the 1 percent level).

Summary results of the log equation(#3) are presented, first. Then, for thesake of simplicity, a systematic ex-planation will be made for the linearequation (#1). Because of the generalsimilarity of their results, the twoequations are compared only in Appen-dix table 2.

Summary of Results: LogEquation (#3)

Table 3 gives summary results forthe log equation (#3) and shows therelative importance of each of the ninecharacteristics in explaining the varia-tion in house value. Together, the nineindependent variables in the equationaccounted for 47 percent of the relativevariation in the value of new houseacquired. (E2=0.47.) For time seriescorrelations of highly aggregated data,an E2 with this value would be unac-ceptable, but for cross-section data in

Table 3.—Analysis of Variation in Value ofNew Houses

Log Equation (#3)

Percentof total

explained

Total

Variation explained byregression

Variation attributable to:Location

EegionSize of placeSize of SMSA

Age and sex

Marital status

Race

Education

Occupation

Income

Variation not explained byregression

Sum ofsquares

56. 480

26.683

(6.570)4.511.141

1.918

2.124

.842

.495

4.304

.966

11.382

29.797

Percentof total

100

47

(12)8

C)3

4

1

1

8

2

20

53

100

3

2

16

4

43

9. Maisel and Winnick, op. cit., pp. 379-380.10. Ibid.

*Less than }i of 1 percent.

NOTE.—Detail may not add to totals because of rounding.Source: Appendix table 1.

which the unit of observation is thehousehold, these results appear to bevery satisfactory by the usual standardof generally comparable analyses.

Income was by far the most impor-tant variable and accounted for 20percent of the total variation. Eachof the other characteristics also made asignificant contribution (at the 1 per-cent level). Large influences uponvariation in house value were exertedby two of the three location variables—region and size of SMSA—as well asby education and age and sex of thehead. Smaller but important effectswere associated with occupation, lengthof time married, and race. However,the size of the urban area in which thehome was located was not very im-portant. As a group, the nonincomevariables accounted for 27 percent ofthe total variation in the value of newhouses or over half of that explainedby the regression. On the basis ofresults obtained from similar studies,it is surprising that the nonincomevariables accounted for so much vari-ation.11

Income effectsAs has already been indicated, in-

come was the most important explan-atory variable. In the simple regres-sion between value and income, incomeaccounted for 30 percent of the vari-ation in the value of new houses. Asthe nonincome variables were intro-duced into the regression equation, theylowered the net variation explained byincome because of the correlation be-tween income and the other "independ-ent" variables. When all the variableswere included in the regression equa-tion, the contribution of income wasreduced by one-third, from 30 to20 percent. Although the correlationamong the independent variables issubstantial, as was expected, the ex-planatory influence of income still re-maining is considerable.

In the log form of the equation, theregression coefficient for income is anestimate of the income elasticity for newhouse value. In the gross or simple re-gression, the income coefficient was0.42; that is, differences of 10 percent inincome were associated with differences

11. See Maisel and Winnick, op. cit.f pp. 387-392.

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

August 1966

of 4.2 percent in house value. This re-sult is consistent with a large number ofestimates that have been made in sim-iliar analyses of cross-section data.12

As each of the other significant vari-ables was introduced into the equation,all previously calculated regression co-efficients were affected to some extent.The regression coefficient on incomedeclined (with only an insignificant ex-ception), reaching a terminal value of0.28 when all the variables had been in-cluded. A modification of the regres-sion calculation, which is discussed inSection IV, results in an increase in theestimate of the net income elasticity tothe 0.41-0.47 range mentioned in theintroduction.

The Linear MultipleRegression (#1)

The preceding discussion has shownthe relative importance of each of thenine independent variables in account-ing for the variation in the value of newhouses, and has given one estimate ofthe income elasticity coefficient. Thenext step is the consideration of theregression coefficients for the nonincomecharacteristics, using the results of thelinear equation.13 Each of the vari-ables is discussed in turn. For eachcharacteristic or variable, the coeffi-cients are shown as deviations from themean, so that for a characteristic as awhole the weighted sum of the devi-ations is zero.14 Chart 9 provides ageneral view of the results. It showsgross differences in house value (ex-pressed as deviations from the mean)for each of several nonincome variablesand then gives the corresponding netdifferences obtained from equation 1.These gross and net differences are dis-cussed in detail in the rest of thissection.

Locationo

Data from the cross-classificationssuggest that region may have an im- -2

SUBVEY OF CUKEENT BUSINESS

portant influence on the average valueof new houses. For each region, col-umn 1 of the summary table shows thegross difference from the U.S. averagehouse value. Average value is least inthe South and highest in the Northeastand West, with the North Central notfar above the U.S. average. However,these gross differences in value mayreflect not only purely regional differ-ences but also differences associatedwith regional variations in income, sizeof city, and age, race, education, andoccupation of the household head, aswell as factors not included in theregression equation. The net differ-ences among regions, with the influenceof all other characteristics included inthe regression equation held constant,are shown in column 4. Because in-come has an important influence on

12. See summary and criticism in Reid, op. cit., passim.13. In the linear equation, the independent variables ac-

count for 42 percent of the variation in the dependent vari-able. The net income elasticity in the linear equation (atthe mean value) is a little smaller than the 0.28 computedfrom the log equation.

14. This represents a transformation from the coefficientsas originally calculated and as shown in Appendix table 1.I am indebted to Emanuel Melichar of the Federal ReserveSystem for this transformation. (See Melichar, op. cit.)

27Influence of Region on Variation in Average Value of New

Houses

Region

NortheastNorth Central. __South -_West

Grossdifferencesfrom U.S.

average

Col. 1

$2,336596

-2,3841,726

Adjust-ment for

differencesattribut-able to

income l

Col. 2

-$166-77510

-664

Grossdifferencesadjusted

for differ-ences inincome

Col. 3 =Col. 1 +

Col. 2

$2,170519

-1,8741,062

Net dif-ferences

from U.S.average

Col. 4

$1,790565

-1,406486

1. Computed by multiplying the differences in incomefrom the national average times the income coefficient fromequation #1 (0.4584) of Appendix table 4. The same pro-cedure is followed in the tables for each of the other charac-teristics.

NOTE.—None of the figures presented here or in subsequenttables have been rounded. For a reference to sampling er-rors, see note to table 2. For standard errors of regressioncoefficients, see Appendix table 1.

house value and because there are majorregional differences in income, theadjustment for income is shown sep-

Difference From U.S. Average($000)

4REGION

I^IZZC^^ 9

Difference From U.S. Average

Gross and Net Difference in House Value From U.S. AverageNew Houses Built 1959-First Quarter 1960

($000)4

AGE AND SEX MARITAL STATUS

- 6 I I I INorth- North South West

east Central

RACE EDUCATION

I I I 1 - 60-2 3-9 10+ Other Families

I— Years Married-*! and PrimaryIndividuals

OCCUPATION

White Nonwhite Under8Yrs.

8-11Yrs.

HighSchool

1 to3

4 ormore

Prof.,Mgrs.,

etc.

Farmers

I College _ jr Years H

I i

Crafts, OtherCler., Reportedetc.

Note. — Net based on linear regression. Equation # 1.

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

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28 SURVEY OF CURRENT BUSINESS August 1966

arately in column 2; gross differencesadjusted for income are shown incolumn 3.

Part of the gross variation in each ofthe four regions is obviously attributa-ble to regional differences in income.The adjustment for income differenceis largest for the West, where incomesare well above the national average,and nearly as large (in the oppositedirection) for the South, where incomesare below average; for the other tworegions, the income adjustment is small.When adjustment is made for thedifferences among regions in all of theother characteristics, there remainfairly sizable net differences in housevalue that are associated with region.On a net basis, average value is alsoleast in the South and highest in theNortheast; however, the West, like theNorth Central region, is only mod-erately above the U.S. average.

There may be several reasons for thelarge net differences in house value inthe South and Northeast. In theSouth, they may reflect lower construc-tion costs for a house of specifiedcharacteristics, less elaborate heatingsystems needed because of the milderclimate, and lower land values. Theopposite conditions may give rise todeviations in the opposite direction inthe Northeast.

Two other locational factors wereconsidered in the regression equationand are mentioned very briefly here.First, classification was made accordingto "size of place7'—into rural nonfarmareas, small urban areas, and largeurban areas. The net differences inhouse value for these classificationswere rather small, although the varianceof the three as a group was statisticallysignificant (at the 1 percent level). Amore elaborate classification pertainingto Standard Metropolitan StatisticalAreas (SMSA's) was more successful.For households located outside SMSA's,net values were considerably belowaverage (—$1,443). Net differencesabove the U.S. average were largest forcentral cities in SMSA's of over 1 mil-lion population ($4,273) and well abovethe U.S. average in suburban (non-central city) locations in such SMSA's($1,488). They were only a littleabove average in SMSA's of less than

1 million, both in the central city ($171)and in the suburbs ($206).

Age and sex 15

It was apparent from the cross-tabu-lations that the value of new housespurchased by households with maleheads increased directly with age in theyounger age groups (under age 35),reached a maximum in the intermediateage groups, and declined for the oldestage groups. A similar pattern pre-vailed for income in relation to age.Therefore, the question posed waswhether there was a net associationbetween age and value of house, that is,one not attributable to differences inincome or in other nonincome variables.

The adjustment for income (column2) is fairly sizable (on a relative basis)for the first three age groups in thetable and very large for the two oldestgroups. Still, the broad pattern thatcan be seen in column 1 is evident afterthe income adjustment (column 3).When allowance is made for all of theother explanatory variables, appreciablenet differences in house value associatedwith age remain only for the two young-est groups and the oldest age group,which also includes all female householdheads. On a net basis, the gross differ-ences virtually disappear for the twointermediate age groups, 30-44 and45-64, and are considerably reducedfor the two youngest age groups. Forthe remaining group (males 65 and overand all females), house value is sub-

influence of Age and Sex on Variation in Average Value ofNew Houses

Table 4.—Estimated Percent Distributionof Number of Families, by Age Group andNet Worth, December 31, 1962

Age and sex ofhousehold head

Male under 25 years..26-29 years30-44 years45-64 years .

65 years andolder andall females. __

Grossdiffer-encesfromU.S.

average

Col. 1

-$5,194-2,094

1,3671,047

-2,053

Adjust-ment

fordiffer-encesattrib-utable

toincome

Col. 2

$1,340673

-349-995

1,729

Grossdiffer-ences

adjust-ed fordiffer-

ences inincome

Col. 3=Col. 1+Col. 2

-$3,854-1,421

1,01852

-324

Netdiffer-encesfromU.S.

average

Col. 4

-$2, 361-1,139

- 4138

3,373

Net worth

Total-

Negative

$0-$999$l,000-$4,999_—$5,000-$9,999-_.$10,000-$24,999_.

$25,000 and over.

Age group

Under 35

100

21

35-54

100

55 andover

100

2

16121527

28

NOTE.—Detail may not add to totals because of rounding.

Source: The data are based on a survey made by theBureau of the Census in the spring of 1963 for the Board ofGovernors of the Federal Reserve System. They appearin Dorothy S. Projector's "Consumer Asset Preferences,"American Economic Review May 1965, Table A. p. 237.

stantially above average on a netbasis—just the reverse of the patternevident on a gross basis.

Why, after allowance is made for in-come and other factors, do young house-hold heads buy houses that are less ex-pensive than average while the oldestheads acquire more expensive houses?If it were mainly a question of antici-pated family needs and income expecta-tions, one might have looked for justthe opposite results: relatively highhouse values for the young and rela-tively low values for the old. An in-fluence more powerful than incomeprospects and anticipated family needsappears to be at work here. Net assetholdings may explain the net resultsobservable in the table. Recent studieshave shown a strong positive correla-tion between net asset holdings and age;table 4 (from a Federal Reserve Boardstudy for 1962) illustrates this relation-ship. Thus, the effect of asset holdings,a variable that could not be directlymeasured in the present study, may beindirectly reflected in the net variationassociated with age.

Marital statusIn the consideration of marital status,

comparisons were made for couplesmarried for various lengths of time andfor the small number of other house-holds (families with only one spousepresent and primary individuals16)

15. This analysis is confined primarily to male householdheads. The small number of female heads who acquired newhouses is combined with male heads 65 years and over.

16. Primary individual households are composed of singleindividuals or two or more individuals not related by blood,adoption, or marriage. Individuals in one-person house-holds and the designated head of multiperson householdsof unrelated persons are termed "primary individuals" bythe Census Bureau.

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August 1966 SURVEY OF CURRENT BUSINESS 29Influence of Marital Status on Variation in Average Value

of New HousesInfluences of Race on Variations in Average Value of New

Houses

Marital status ofhousehold

head

Husband-wifemarried:

0-2 years

3-9 years..

10 years and over-

Other families andprimary individ-uals

Grossdiffer-encesfromU.S.

average

Col. 1

—$3 244

-1,374

1,473

-3,201

Adjust-ment

fordiffer-encesattrib-

utable toincome

Col. 2

$975

526

-595

1,733

Grossdiffer-ences

adjustedfor

differ-ences inincome

Col. 3=Col. 1+Col.2

—$2 269

—848

878

-1,468

Netdiffer-encesfromU.S.

average

Col. 4

—$983

—948

994

-3,165

that had acquired new homes. These"other households" are not discussedbecause they are a rather small groupand contain several different householdtypes.

For married couples, the gross datashow a positive association betweenyears married and purchase price.Differences in income account forroughly one-third of the differences inhouse value. When all other factorsare allowed for, a further sizable reduc-tion is made in the large negative devia-tion for the group married 2 years orless, but little change occurs for theother two groups. On a net basis,those married less than 10 years buyhouses about $1,000 below average andthose married longer kbout $1,000 aboveaverage.

It was recognized that the length oftime married would be correlated withthe age of the household head. Never-theless, a significant reduction in thevariation in house value was accountedfor by the length of time married,although the reduction was considerablysmaller than that associated with ageand sex of the head. It may well bethat the years-married variable, likethe age variable, reflects the influenceof asset holdings on the purchase priceof a house.

Race

Nonwhites acquired homes that werevalued at $5,000 less than the U.S.average. Of this difference, one-fourthwas associated with lower income, and

Race

White

Nonwhite

Gross dif-ferences

from U.S.average

Col. 1

$246

-5,824

Adjust-ment for

differ-ences

attribu-table toincome

Col. 2

$11

1,453

Gross dif-ferencesadjustedfor dif-ferences

in income

Col. 3=Col. 1+Col.2

$257

-4,371

Net dif-erences

from U.S.average

Col. 4

$75

-1,804

nearly one-half (in addition) with othernonincome factors in the equation; theremaining portion was associated withrace, as is shown below. The net dif-ference may reflect the effects of theless advantageous financing terms avail-able to Negro house buyers or the otherdifficulties Negroes face in buyinghouses in line with their incomes andassets.

Education

The education of the household headwas an important influence on value.The net variation associated witheducation accounted for one-sixth ofthe variance explained by all thevariables.

As the table shows, gross differencesin value varied directly and widelywith differences in education. Thecorresponding variation in income ac-counted for about one-fourth of thegross variation. The other nonincomevariables brought about a similar re-duction in variation for those with theleast and the most education but werenot important for those who had somehigh school or 1 to 3 years of collegeeducation.

Influence of Education on Variations in Average Value ofNew Houses

Education ofhousehold head

Under 8 years8-11 years

High school

College, 1-3 years..

College, 4 or moreyears _ _

Grossdiffer-encesfromU.S.

average

Coi. 1

-$4,944—2,124

246

2,216

4,646

Adjust-ment for

differ-ences

attrib-utable toincome

Col. 2

$1,113623

- 9 6

-586

-1,154

Grossdiffer-ences

adjustedfor differ-ences inincome

Col. 3=Col. 1+

Col. 2

-$3,831—1,501

150

1,630

3,492

Netdiffer-encesfromU.S.

average

Col. 4

-$3,092—1,503

628

1,455

2,352

The net differences in house valueassociated with education may wellreflect different income prospects. Ascompared with the less educated, house-hold heads who have graduated fromcollege are likely to acquire homes thatare more expensive in relation to theirincomes because they have better pros-pects for rising income throughout theirworking lives. Lending institutions arelikely to take account of such differentprospects.

Occupation

Two general points may be maderegarding occupation: First, this var-iable is obviously related to education;second, the classification system leavessomething to be desired. It includestwo small and poorly identified groups:Those not reporting occupation and"farmers" living in nonfarm areas.In addition, it includes a heterogeneous"other reported" group, which containslaborers, service workers, and salesmen.The findings for the three groups willnot be discussed, mainly because theyare not significant.

Influence of Occupation on Variation in Average Value ofNew Houses

Occupation ofhousehold head

Professional, man-agerial, etc_

Craftsmen, opera-tives, clerical

Farmers

Other reported

Not reported

Grossdiffer-encesfromU.S.

average

Col. 1

$3,960

-1 ,442

-2,635

-983

- 1 , 283

Adjust-ment for

differ-ences

attribut-able toincome

Col. 2

-$1,423

333

780

517

-136

Grossdiffer-ences

adjustedfor

differ-ences inincome

Col. 3=Col. 1+Col. 2

$2,537

-1,109

-1,855

-466

-1,147

Netdiffer-encesfromU.S.

average

Col. 4

$1,064

-805

4,039

-356

-808

The highest skilled group, which em-braces professionals, managers, officials,and proprietors, acquired new housesvalued at nearly $4,000 above theaverage; one-third of the gross devia-tion was associated with higher income,and one-third was attributable to othernonincome factors in the regression.The group classified as craftsmen, oper-atives, and clerical workers acquiredhouses valued below the national aver-

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30 SURVEY OF CURRENT BUSINESS August 1966

age; a little less than one-fourth of thisdeviation was attributable to below-average income. The nonincome influ-ences brought about a similar reduction,and the net deviation for this class wasstill below the average (—$800).

The prospect of rising income is prob-ably one factor that explains the above-average house value for the professionaland managerial group. Another is thatlenders may be favorably disposedtoward persons in this occupationalgroup because they experience littleunemployment.

Use of regression coefficients: anexample

The preceding discussion of net re-gression coefficients has indicated howhouse value would vary if all explana-tory variables (income, region, age andsex, education, etc.) except the oneunder consideration were held constant.This section is a digression that illus-trates an interesting use of the co-efficients.

Suppose one wished to estimatehouse value for a hypothetical house-hold with a series of specified charac-teristics. The regression coefficientscan be thought of as building blocks tobe combined in various ways to yieldan estimate of house value. Subject tocertain limitations, table 5, which isbased on data for 1959 and the firstquarter of 1960, illustrates the pro-cedure to be followed.

Table 5.—Calculated House Value for aHypothetical Household

Average, based on householdsreporting house value $17,662

Income

As deviation from mean___

Region

Location

Age and sex_._ ~

Years married,

Race -

Education _________

Occupation....

Equals: calculated total—

$7,000.__

— $1,340.

South.. .

-614

-1,406

206Suburb of smallSMSA.

25-29, male -1,139

3-9

White

High school..

Craftsman

—948

75

628

—805

13,659t

Source: Equation #1; regression coefficients taken fromAppendix table 4.

The left-hand column of table 5 givesthe general characteristics and the nextcolumn the specific values assumed for

the household. The third column givesthe regression coefficient taken from thetables just discussed (or, more con-veniently, from the summary in Ap-pendix table 4).

It should be remembered that thenet coefficients have been shown asdeviations from the mean; thus, thecalculated house value will be the netresult of additions to and subtractionsfrom the grand average house value forthe entire sample—$17,662.

In the example, it is assumed thatthe household has an income of $7,000.Since the average for all households inthe sample was $8,340, the income co-efficient (.4584) is multiplied by thedifference ($7,000—$8,340) to yield theadjustment in value (—$614) corre-sponding to the assumed income. Therest of the adjustments in the illustra-tion are taken directly from the tables.The example chosen yields a house

value of $13,659. Similar computa-tions may be made for any set ofspecified characteristics.

Such a calculation makes use of theassumption that the variables areindependent in their influence upon thedependent variable and that theireffects are additive in the mannershown.17 However, this is unlikely tobe strictly true, as was indicatedearlier. Age and number of yearsmarried are obviously related, as areother independent variables. In addi-tion, all of the coefficients are subjectto error. Because of these limitations,the results shown must be used withcaution; however, they should be of somevalue to those interested in analyzinghousing markets.

17. For a fuller explanation, see J. N. Morgan etal, Incomeand Welfare in the United States (McGraw-Hill, 1962), pp.508-511.

Section IV—Modification of Estimated Income Elasticity

THE importance of income in the pre-ceding regression analysis has alreadybeen made clear. In the four equationsthat were calculated (two of which havebeen shown), income accounted for 40to 45 percent of the explained variationin house value—more than any othersingle variable.

The next step involves a moreintensive analysis of the net regressioncoefficient on income and an analysisof the constancy of the income coeffi-cient throughout the income range. Astraight line fitted to the logs of housevalue on the logs of income, as inequation #3, assumes that the incomeelasticity is constant for all incomelevels.18 Although it could be ascer-tained in advance by simple graphicmethods that the gross value-incomerelationship was approximately loga-rithmic, no such simple expedientpermitted the establishment of the netrelationship after the influence of theother variables (age and sex, education,etc.) had been accounted for. Theusual supposition is that the elasticitywould be higher in the lower part of theincome range and would decline atupper income levels, as has been

reported for many consumption goodsin family budget studies.19

THIS section produces a modificationof the estimate of income elasticity andtests for constancy in a broad range ofincome. The test is made possible byextending the dummy variable tech-nique—previously employed only withnonincome characteristics—to the in-come variable. The modification ofthe estimated income elasticity comesabout chiefly through the omission ofthe two open-end income classes.

Initially, equations #1 and #3 wererecalculated (and designated lA and3A); for the specific income of eachhousehold, 1 of 12 dummy variablesrepresenting the 12 income classes wassubstituted. An advantage of thistechnique is that it does not require theanalyst to specify in advance the formof the relationship between house valueand income. As is indicated below,with the dummy variable technique,

18. Each of the other equations involves a specific implica-tion concerning income elasticity. E quation #1 (linear) impliesthat elasticity rises with rising income; one linear-log com-bination implies increasing elasticity as income rises andthe other implies decreasing elasticity.

19. See, for example, S. J. Prais and H. S. Houthakker,The Analysis of Family Budgets (Cambridge UniversityPress, 1955), pp. 96-98.

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August 1966

each income class has its own regressioncoefficient. Once these have been cal-culated, it can then be determinedwhether they show constant, decreas-ing, or increasing elasticity.

The results of the recalculations areshown in chart 10 and Appendix table3. The 12 points connected by theheavy black line represent calculatedhouse value based on equation 3A. Ifa least squares straight line is nowfitted through these calculated values,the slope of this line (0.31) turns outto be only a little larger than that ofthe line of net regression on incomefrom equation #3 (0.28). The pointsfor the lowest and highest incomeclasses appear out of line; the inclusionof these two extreme points reduces theslope of the line, as may be seen in thechart.

There seemed to be some merit iu es-tablishing a relationship between housevalue and income with the two extremeincome groups omitted. The lowestincome group accounted for about 15percent of the new house sample; thehighest group, about 2 percent. Theprincipal reason for excluding the$25,000-and-over income group is thatthe data do not have a solid basis,since specific income and value datawere not available for income above$25,000 and house values above $35,000.

For households with incomes under$4,000, influences other than currentincome appear to be much more im-portant in affecting the price paid fornew housing. This group is unusual inmany respects. One-fourth of thesehousehold heads did not work at allin the preceding year; it seems verylikely that most of these were retiredpersons, since one-sixth of the groupwere 65 years of age or older. Suchhouseholds draw upon accumulatedsaving from past incomes for housepurchases. About one-sixth were fe-male household heads, a much higherproportion than in the total sample;many of these were widows using theproceeds from insurance or inheritanceto purchase a house. The group wasalso probably overweighted with house-hold heads whose incomes were too lowto obtain funds through ordinary finan-

SUEVEY OF CURRENT BUSINESS

cial channels and who obtained familyloans or gifts.

In the bottom part of chart 10, aleast squares line has been fitted to theresults (logarithms) of equation 3A,excluding the two open-end classes; ityields an income elasticity of 0.41, ascompared with 0.31 based on all theincome classes. It can be seen, more-over, that the line fits the points well,so that it is fair to conclude that theincome elasticity is constant throughthe income range of $4,000 to $25,000.

Results based on equation 1A (whichis like equation #1, except for the sub-stitution of dummy variables) also tendto confirm the finding that incomeelasticity is essentially constant

31

throughout the income range of $4,000to $25,000. The slope of the line basedon equation 1A is 0.47, somewhat abovethe slope based on equation 3A.20

These adjusted estimates of incomeelasticity based on net regression areabout the same as the simple regressionestimates derived from the relationshipbetween house value and income for allincome classes. They are also within thefairly narrow range reported by other in-vestigators using cross-section data offairly recent vintage and only one or avery few independent variables.

20. The Durbin-Watson values for the two equations are2.64 for equation 3A and 1.44 for equation 1A. These arenonsignificant values at the 5 percent level, and (for a cross-section regression) they indicate no significant departurefrom linearity for the log variables fitted.

CHART 10

House Value-Income Net Regression, Buyers of New HousesBuilt 1959-First Quarter 1960

When open end Income classes are included, the slope of the net regression line is reduced

30

25

2 0

1 5

10

8

-

RegressionCalculated

1 1

Line FittedValues From

\

toEq. 3A

i i

Ratio Scale

1 1 1

Equation:Based on

Log Y=2.96+.31(Log X)Weighted Data

-

1 I I I I

5 6 8 10Income ($000)

20 30 40 50 60

When open end classes are excluded, the slope is increased

The equation shows constant elasticity throughout the income range from $4,000 to $25,000

30

25

20

-* 15

10

Regression Line Fitted to CalculatedValues From Eq. 3A Excluding Open End Classes

Equation: Log Y=2 .57+41 (Log X)Based on Weighted Data

J I 1,1 l i t6 8 10

Income ($000)20 30 40 50 60

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

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32 SURVEY OF CURRENT BUSINESS August 1966

Section V—Time Series Analysis

IF time series data on income and non-income characteristics of house buyerswere available, it would be possible,through the use of the coefficients ob-tained in the cross-section analysis, tomake estimates of house value overtime. This approach would permit oneto take account of shifts in the variouscharacteristics that were shown to beimportant in influencing the value ofnew house acquisitions. For example,there have been trends toward increasededucation and a higher degree of oc-cupational skills of employed persons.To the extent that these trends existamong new home buyers, the averageunit value of new house purchaseswould tend to rise.

In principle, such estimates wouldalso reflect the inherent deficiencies ofthe cross-section analysis. For exam-ple, they would ignore changes inaverage unit value that were due tochanges in relative prices, credit terms,or asset holdings. At any particularpoint in time, the variations observedin average unit value among householdsmay reflect the influence of the prevail-ing structure of prices, credit terms, andasset holdings, as well as other un-specified factors. Changes in suchfactors over time could give rise tochanges in average house value fromone period to another.

In practice, time series are not avail-able for the nonincome characteristicsof house buyers, so that an estimatingprocedure like the one outlined cannotbe employed. Nevertheless, a timeseries analysis was made, using aggre-gative data on prices, credit, andincome. Such an analysis does notexplicitly provide for variables that,according to the cross-section analysis,affect average unit value. However,

it may shed some light on the effect ofvariables previously ignored in thisstudy.

The available time series data haveserious shortcomings. Our main inter-est is in changes in the average U.S.value of all new nonfarm houses in realterms, but a suitable series is not avail-able even on a current dollar basis, muchless on a constant dollar basis. Theavailable price series (for deflation pur-poses) have major deficiencies. More-over, there are no credit data applicableto all purchasers of new houses in thenation as a whole.

The only consistent set of time seriesavailable for new single-family housesis the group insured by FHA, and itwas decided to use these in an attemptto explain changes over time in theaverage value of new houses. Con-sistency of data is a considerable ad-vantage in any statistical analysis; itmay yield results that are biased withrespect to the entire nation but provideanalytical insights that might otherwisebe obscured by faulty data. The fol-lowing discussion will therefore be interms of new houses insured by FHA.Afterwards, an attempt will be madeto explain the variation over time inthe construction cost of all new single-family houses in the United States,using data from a variety of sources.

FHA data

Annual data on average acquisitionprice for new single-family homes withmortgages insured by FHA under Sec-tion 203 are available from 1947 to1964.21 The data are broken down intovalue of site and value of house. To

deflate value of house excluding site, aspecial cost index, based mainly onFHA cost estimates of a standardizedhouse, was used.22 This index roseabout half as fast as the Boeckh indexover the postwar period. No priceseries was available to deflate the mar-ket value of the site. It was assumedthat the change in market value re-flected price change only. The additionof the site value for a single year (1958)to each of the annual estimates ofdeflated construction cost for the houseitself (in 1958 dollars) yields a deflatedseries on average value including site.It should be noted that this deflatedseries, following a general rise through-out the earlier postwar period, declinedslightly after 1957 and then edgedupward.

The income series used is the "effec-tive income7' of purchasers of new FHAhouses. This is estimated by FHA tobe the mortgagor's earning capacity(before deduction for Federal incometaxes) that is likely to prevail duringapproximately the first third of themortgage term. Current earnings areadjusted by FHA if they are consideredto be partly of a nonpermanent char-acter. Ordinarily, future increases thatmay be anticipated by the mortgagorare not included in the FHA estimateof effective income. The income serieswas deflated by OBE's implicit pricedeflator for personal consumption ex-penditures to obtain real income in1958 dollars.

The price index is derived by com-bining the separate indexes for houseand site. Since the values of resi-dential building lots have shown aconsiderably larger relative rise thanconstruction costs over the postwarperiod, it may be noted that theirinclusion results in a more rapid rise forthe combined cost of a house and lotin the years 1947-64 than for theconstruction cost of a house exclusiveof lot.23 The combined price index

21. Data for 1950 and 1952-64 appear in the 1964 annualreport of the Housing and Home Finance Agency, Part II ,Section 3. Data for other years appear in earlier reports.

22. The FHA indexes were available for 1947 through 1958from unpublished FHA records. For the period 1959-64,estimates were made by OBE on the basis of a variety ofsources. The most important was Samuel L. Brown'sPrice Variation in New Houses, 1959-61 (unpublished paperfor the Bureau of the Census).

23. By coincidence, the combined cost of house and lottreated this way moves rather closely with the Boeckhconstruction cost index for houses exclusive of lot.

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August 1966 SURVEY OF CUERENT BUSINESS 33

was divided by the deflator for personalconsumption expenditures to yield aseries on the relative price of newhouses of fixed specifications.

In general, it was thought thatcredit would influence house value intwo main ways: by its effect on thedownpayment and by its effect on themonthly payment on interest andprincipal. The monthly payment is acomposite that reflects the size of themortgage, the rate of interest, and thelength of the amortization period.Other things being equal, the lower thedownpayment or monthly payment, themore expensive the house the purchasermay be expected to buy. There arecomplications, however. In some cases,a given change in credit conditionsmay affect both monthly payments anddownpayment, and in opposite direc-tions. For example, a change in thedownpayment requirement will changethe size of the mortgage and thus themonthly payments. In other cases, achange in credit conditions—e.g., achange in interest rates—will affectmonthly payments but not the down-payment.

Considerable information on down-payment, length of mortgage term, andmortgage interest rates is available fromFHA. An attempt was made to intro-duce these factors explicitly as separateindependent variables; because of inter-correlations, the results were not satis-factory. In particular, the coefficientsfor the downpayment ratio and for themortgage interest rate usually had thewrong sign. Accordingly, it was de-cided to combine the separate creditelements into a composite credit factorthat would reflect changes in monthlypayments.24

24. The composite credit factor is based on an index ofmonthly payments on interest and principal. It was de-rived by multiplying an index of the amount of the mortgageby an index of cost per dollar of mortgage. Cost per dollarof mortgage was computed from the standard formula forlevel (equal) monthly payments, based on the interest rateand the length of the amortization period.

At any given time, downpayment ratios vary directly withhouse value. A shift over time toward more expensivehouses would therefore tend to raise downpayment ratiosin the absence of any change in credit conditions. In thederivation of the composite credit factor, it was necessary toexclude the influence of such shifts in order that the creditfactor might reflect only changes in credit over time.

For interest rate, mortgage yield rather than nominalinterest rate was used in all calculations.

Several ordinary least squares equa-tions were fitted to the data for theyears 1947-64, using deflated averageannual acquisition price as the de-pendent variable and real income, rela-tive price, credit terms, and a timetrend as independent variables.25 Allvariables were expressed in logs. Gen-erally speaking, the results yielded highcoefficients of determination. Resultsof the equation with income, price, andthe composite credit variable just citedare shown immediately below. Thebasic data are shown in Appendix table5.

1.63+1.15 I n c - . 7 4 P - . 3 4 CCF

(.002) (.09) (.40) (.07).

R2=.982 ;D.W. = 1.38.

where^FHA==log of deflated value ("acquisi-

tion cost") of FHA new one-family houses in 1958 dollars.

Inc.=log of deflated "effective in-come" (in 1958 dollars) of FHAhome buyers.

P=log of deflated price index fora standardized FHA house(1958=100).

CCF=log of composite credit factor.

As can be seen from the R~2, the fitwas quite good. The intercorrelationbetween the independent variables washigh, as is usually the case in such re-gressions, and the Durbin-Watson test(D.W.) indicates that serial correlationwas significant at the 5 percent level.Coefficients of the three independentvariables all have the expected signs.The coefficients for income and creditare several times their respective stand-ard errors, and the price coefficient is1.85 times its standard error. The in-come elasticity coefficient is above unity(1.15).26 This estimate based on an-nual averages of new FHA houses issubstantially higher than the cross-

section elasticity estimate based on thehousehold data in Section II.

The price-elasticity coefficient of—0.74 is about midway in the range ofestimates reported by others.27 Theprice index data for houses, however,are of such limited quality that com-parisons are not completely valid. Thestandard error for the price coefficient isrelatively larger than the errors asso-ciated with the two other coefficients,and as is illustrated below, the priceelasticity coefficient was rather un-stable. The standard error at 0.4means that a range of one standarderror about the coefficient extends from-0.34 to -1.14.

The final variable in the equation isthe composite credit factor, which re-flects the combined influence of shifts indownpayment and mortgage ratios,mortgage yield, and length of amorti-zation period on monthly payments.According to the equation, a 10 percentreduction in monthly payments as aresult of a change in credit terms isassociated with a 3.4 percent increase inthe value of house acquired.

When a time trend was added to theequation, it was not statistically signifi-cant and had little effect on the valueof the other coefficients; it is omitted inthe equation shown. Other optionswere also tried. For example, the useof the Boeckh index as a deflator forhouse value in place of the FHA seriesfor the cost of a standardized houseresulted in little change in the coeffi-cients, except that the income elasticityestimate was reduced to less than unity.The equation in logs is:

%=1.97+.9O Inc.-.73Pb k-.46 CCF_ (.002) (.12) (.30) (.10)R2=.933 D.W. = 1.42

25. This formulation ignores the effect of shifts in supply.For the implications with respect to the estimated param-eters, see Harberger, op. cit., pp. 7-8.

26. It may be noted that this coefficient is about twice ashigh as simple regression cross-section calculations withineach year from the FHA data; these calculations have notbeen presented in this report. The estimated income elastic-ity based on the time series regression of FHA house value oneffective income alone is 0.78.

27. The range of estimates of price elasticity for housing isextremely wide, varying from —0.08 by James S. Duesen-berry and Helen Kistin ("The Role of Demand in the Eco-nomic Structure," in Wassily Leontieff [ed.], Studies in theStructure of the American Economy [Oxford University Press,1953], p. 467), to more than -1.0 by Muth (op. cit., pp. 72-73),and -1.4 by Tong Hun Lee ("The Stock Demand Elas-ticities for Nonfarm Housing," Review of Economics and Sta-tistics, February 1964, pp. 82-89).

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34 SURVEY OF CUEEENT BUSINESS August 1966

The symbols are the same as above,with the subscripts bk referring to theBoeckh index. The equation contain-ing the Boeckh index did have a timetrend, which was not quite significantat the 5 percent level. The inclusion ofthe time trend in the Boeckh equationreduced the price elasticity coefficient sothat it was no longer statisticallysignificant. Finally, an equation wasalso fitted using the previous year'shouse value as an independent varia-ble.28 The results were similar tothose shown in the equation above,with an insignificant contribution of thelagged variable.Other time series regressions

Since one would like to know how thevalue of all new houses—rather thanFHA houses only—is related to income,price, and credit influences, a similarset of time series regressions wasattempted for all single-family housesin the nation. The series on housevalue was based on the regular Censusseries on the construction cost of one-family nonfarm houses. The incomeseries is the OBE personal income datadivided by number of households; thisaverage for all households is used ratherthan a series on the income of buyers ofnew houses. The deflations were car-ried out in the way described earlier.For the deflated house price series,alternatives based on FHA and Boeckhcost indexes were employed. The creditseries was the same as that used in theFHA regression.

28. The rationale for the use of a lagged variable in such ademand function may be found in Marc Nerlove, Distrib-uted Lags and Demand Analysis for Agricultural and OtherCommodities, Agricultural Handbook No. 141 (U.S. Depart-ment of Agriculture, Agricultural Marketing Service, 1958).

The results were less satisfactorythan those obtained in the FHA equa-tions. The income elasticity estimatewas about the same, i.e., around unity.The credit term variable taken fromthe FHA data had a coefficient aboutthe same size as in the FHA regression,but the standard error was muchlarger than before and not quitesignificant at the 5 percent level. Forthe price elasticity coefficient, no mean-ingful results were obtained with eitherthe FHA cost for a standardized houseor the Boeckh series. Finally, the useof lagged variables resulted in littlechange in the estimates of elasticity.

Evaluation of results

A major contribution of the timeseries analysis is the fact that creditterms appear to have significant andimportant effects on house value andthat relative prices are important insome formulations. The extent towhich the various net regression co-efficients derived from the 1960 cross-section household data were affectedby the particular pattern of prices andcredit terms prevailing at that timecannot be determined, as was alreadyindicated.

The net coefficient on income fromthe FHA time series data (after theintroduction of price and credit vari-ables) turned out to be considerablygreater than the cross-section estimatesbased on individual household data.The two sets of data are, of course, notcomparable in terms of coverage. Con-ceivably, the use of "effective income"in the FHA data rather than actualincome could account for some of the

difference in the two estimates ofincome elasticity, but a limited testsuggests otherwise. For 6 years—1958-64—both "effective" and actual incomedata were available from FHA reports.For the years 1959-63, the ratio ofactual to effective income varied byonly 1 percent; only in 1964 did actualincome increase much more sharplythan effective income.29

There may be nonincome influencesthat are not included in the time seriesregression and that partially accountfor the difference in the two estimatesof income elasticity. One such influ-ence may be education, as was sug-gested in the introduction to thissection. Differences of this kind areby no means unique to this study.More comprehensive data are clearlyneeded before a start can be madein resolving the differences between thetwo basic approaches.30

29. It is of interest to note that at a given point of time—for example, 1964—actual income exceeds effective income forFHA purchasers throughout the income range and that theratio of actual to effective income declines as one proceedsup the income scale.

30. Differences between estimates of elasticities derived fromcross-section data and those derived from time series datahave been analyzed in the considerable technical literatureon the subject. An early comparison is that of TrygveHaavelmo in "Family Expenditures and the MarginalPropensity to Consume," Econometrica, October 1947, pp.335-341. Edwin Kuh and John R. Meyer, in an evaluationof demand elasticities ("How Extraneous are ExtraneousEstimates?" Review of Economics and Statistics, November1957, pp. 380-381), observe that "the kind of behavior mea-sured from cross-section data is commonly long-run in nature,while that which one observes with annual time-series datais more often of a short-run character." Their major illus-trations are in food demand studies. Jean Crockett hasmade a number of contributions on the subject, the latestof which is "Income and Asset Effects on Consumption:Aggregate and Cross Section," Models of Income Determina-tion (National Bureau of Economic Research, 1964), pp.97-132.

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August 1966 SURVEY OF CURRENT BUSINESS 35

Appendix—Technical Note

Each characteristic in Appendixtables 1 to 3 has a line designated"omitted" variables. The use of anomitted variable is a computationalrequirement for a regression equationcontaining dummy variables.

In effect, the omitted variable hasa coefficient that has been arbitrarilyset at zero; it may be considered a

standard. For any particular charac-teristic, coefficients for the other vari-ables are shown as deviations from thevalue of the omitted variable. Avariable whose coefficient is less thantwice the standard error shown is notsignificantly different from the omittedvariable at the 5 percent level.

For the linear equation (#1) shown

in the text tables and in Appendixtable 4, a transformation was carriedout in which the coefficients are shownas deviations about the weighted meanfor each characteristic. The weightedsum of these deviations is zero. Thetransformation was carried out inorder to simplify the presentation ofthe regression results.

Appendix Table 1.—Regression Summary for Value of New HousesBuilt 1959—First Quarter 1960

Total Sum of SquaresDue to regressionDeviations from regression

R2Degrees of freedom

Variable

Constant..

Region:Northeast _North CentralSouth (omitted variable)West

Size of place:Rural nonfarm___ _ . . .Urban—Less than 500,000 _Urban—500,000 or more (omitted vari-

able)

Size of SMSA:*Outside SMS ASMSA—1 million and over

Central cityNot in central city (omitted variable)

SMSA—under 1 millionCentral cityNot in central city

Age and sex of household head:Male under 25 years

25-29 years _ _ _30-44 years (omitted variable)45-64 years

Male 65 and over and all females

Marital status of household head:Married 2 years or less

3-9 years (omitted variable)10 years or more

Other families and primary individuals. _

Race:White (omitted variable) _Nonwhite _ _

Education of household head:Under 8 years __ _8-11 yearsHigh school (omitted variable)College, 1-3 yearsCollege, 4 or more years

Occupation of household head:Professional, managerial, etc (omitted

variable) _Craftsmen, operatives, clerical

FarmersOther reportedNot reported

Total income in dollars

Equation #3 (log)

Regres-sion co-efficient

3,0780

08650719

.0561

0334.0637

— 0771

.0923

—. 0230- . 0135

-.0621—.0296

0108.1385

.0086

. 0395- . 0843

—.0693

-.1395—. 0552

.0165

.0374

- . 0396.0399

- . 0330-.0344

.2797

56.4798726.6831729.79670

.4721,116

Stand-ard

error

0.0922

0151. 0136

.0134

.0473

.0456

.0150

.0452

.0166

.0146

.0266

. 0163

.0141

.0264

.0236

.0144

.0321

.0236

.0197

.0133

.0165

.0153

.0131

.0959

.0170

.0178

.0199

Meansquare

1.89251.6127

1.0055

. 0288

.1125

1.5169

.2403

.1110

.0497

.3143

.1891

.03381.5863

.0077

.4371

.3976

.4950

2.9054.9972

.0578

. 3436

.5236

.0100

.2166

.2163

11.3819

Equation #1(linear) (inmillions)

79,33,45,

1,

Coeffici-ent

12,839

3,1961,971

1,892

1,5141,777

-2,931

2,785

-1,317-1,282

-2,357-1 ,135

1423,377

- 3 5

1,942-2,217

-1,879

- 3 , 720-2 ,131

8271,724

-1,8692,975

-1,420-1,872

. 4584

349370979

424116

Stand-ard

error

1,961

592534

527

1,8571,791

590

1,776

652572

1,043641

5591,030

926

5661,260

926

764519

648602

5203,766

667699

.0314

*SMSA—Standard Metropolitan Statistical Area.

Source: U.S. Department of Commerce, Office of Business Economics. Basic data arefrom 1/1,000 sample of the 1960 Census of Population and Housing.

Appendix Table 2.—Gross and Net Variation in Average Value ofHouses Built 1959—First Quarter 1960

[Dollars]

Characteristic

Region:NortheastNorth CentralSouth (omitted variable) _West . . -

Size of place:Rural nonfarmUrban-less than 500,000 —Urban—500,000 or more (omitted variable) _

SizeofSMSA:*Outside SMSASMSA—1 million and over

Central cityNot in central city (omitted variable) _

SMSA—under 1 millionCentral cityNot in central city

Age and sex of household head:Male under 25 years

25-29 years - _30-44 years (omitted variable) __45-64 years

Male 65 and over and all females.

Marital status of household head:Married 2 years or less

3-9 years (omitted variable) __.10 years or more

Other families and primary individuals_.

Race:White (omitted variable).Nonwhite

Education of household head:Under 8 years8-11 years.. _.High school (omitted variable) _College, 1-3 yearsCollege, 4 or more years

Occupation of household head:Professional, managerial, etc. (omitted variable).Craftsmen, operatives, clerical .FarmersOther reported •__Not reported

Net difference 1

Linearregression

(equa-tion #1)

3,1961,971

1,892

1,5141,777

-2,931

2,785

-1,317-1,282

-2.357-1,135

1423,377

-35

1,942-2,217

-1,879

- 3 , 720-2,131

8271,724

-1,8692, 975

-1,420-1,872

Log re-gression i

(equa-tion #3)

3,1102,540

1,940

1,1302,190

-2,300

3,340

-720-460

- 1 . 8

3505,300

280

1,340-2, 500

-2,030

-3,880-1,690

5501,270

-1,2601,340

-1,020-1,080

Grossdifference,averagehousevalue

4,7202,980

4,110

- 6 , 560-3,46.0

-320-3,420

-1 ,870

2,850-1,830

-6,070

-5,190-2,370

1.9704; 400

-5,400

-4,940-5,240

*S MS A—Standard Metropolitan Statistical Area.

1. The first column is taken directly from Appendix table 1. Figures in the second columnare derived from Appendix table 1; they are the linear equivalents of the relative changesfrom the log mean. The third column is based on the cross-tabulations from the 1/1,000sample of the 1960 Census of Population and Housing. (See table 2 in text.)

2. Data are not comparable.Source: U.S. Department of Commerce, Office of Business Economics. Basic data are

from 1/1,000 sample of 1960 Census of Population and Housing.

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36 SURVEY OF CURRENT BUSINESS August 1966

Appendix Table 3.—Regression Summary for Value of New HousesBuilt 1959—First Quarter 1960

Equation #3A (log)

Total sum of squaresDue to regressionDeviations from regression.

R 2 _._

Degrees of freedom

Variable

ConstantRegion:

NortheastNorth CentralSouth (omitted variable) _West

Size of place:Rural nonfarmUrban—Less than 500,000Urban—500,000 or more (omitted vari-

able)

Size of SMS A:*Outside SMSASMSA—1 million and over

Central cityNot in central city (omitted variable).

SMSA—under 1 millionCentral cityNot in central city .

Age and sex of household head:Male under 25 years

25-29 years30-44 years (omitted variable) __45-64 years

Male 65 and over and all females..

Marital status of household head:Married 2 years or less

3-9 years (omitted variable)10 years or more

Other families and primary individuals..

Race:White (omitted variable).Nonwhite

Education of household head:Under 8 years8-11 years _High school (omitted variable).College, 1-3 years.College, 4 or more years

Occupation of household head:Professional, managerial, etc. (omitted

variable)Craftsmen, operatives, clericalFarmersOther reportedNot reported

Income of household head:Under $4,000$4,000-$4,999$5,000-$5,999$6,000-$6,999 (omitted variable).$7,000-$7,999$8,000-$8,999

$10,000-$ll,999-_$12,000-$14,999_.$15,000-$19,999._$20,000-$24,999-$25,000 or more.

56.4798827.3888929.09099

.4851,106

Regres-sioncoeffi-cient

4.1246

.0837

.0676

.0519

.0348

.0697

.0994

.0127

.0084

-. 0563

..0057

.1232

.0075

.0313

. 0782

-.0762

. 1472

.0502

.0044

.0285

.0353

.0373

-.0227

. 1136

.0734

.0024

.0505

.0721

.0477

.0964

.1398

.1897

.2345

.2660

Stand-arderror

0.0509

.0150

.0136

. 0134

.0473

.0456

.0150

.0451

.0166

.0145

.0267

.0163

.0142

.0265

.0235

.0145

.0323

.0235

.0196

.0133

.0165

.0154

.0132

.0963

.0170

.0179

.0213

.0194

.0194

.0204

.0228

.0204

.0246

.0311

.0431

.0400

Meansquare

1.79681.4334

.8679

.0312

.1209

1.2482

.2807

.0340

.0195

.2579

.2277

.00941.2534

.0060

"2718

.6081

3.2726.8310

.0042

. 1994

.4146

.0087

.2724

1.8227.6901.0009

.7236

.25431.29601.87412.15611. 71512.5605

Equation #1A(linear) (inmillions)

79,84836,39643,452

.4561,106

Coeffi-cient

14,276

3,0171,907

1,647

2,4032,452

-2,509

3,476

-835-978

-1,860-895

1473,616

-109

1,500-1,866

- 1 , 6

-3,277-1,733

3921,155

-1,7821,661

-1 ,205-1,489

-2,486-2,200

-282

1,3702,3661,8493,7756,5179,628

13,49215,554

Stand-ard

error

1,967

581525

518

1,8301,764

581

1,745

640561

1,031

5471,024

907

5591,249

909

757512

638594

5093,721

656

783821751

749788880788950

1,2021,6651,547

*SMSA—Standard Metropolitan Statistical Area.Source: U.S. Department of Commerce, Office of Business Economics. Basic data are

from 1/1,000 sample of the 1960 Census of Population and Housing,

Appendix Table 4.—Influence of Selected Characteristics onVariation in Average Value of New Houses Built 1959—FirstQuarter 1960

[Values in dollars]

Characteristic

Average

Age and sex of house-hold head

Male:Under 25 years25-29 years30-44 years45-64 years65 and over, plus all

females

Marital status of house-hold head

Husband-wife married:0-2 years3-9 years10 years and over.Other families and pri-

mary individuals

RegionNortheastNorth Central..SouthWest

RaceWhiteNonwhite.

Education of householdhead

Under 8 years8-11 yearsHigh schoolCollege, 1-3 yearsCollege, 4 or more years..

Occupation of householdhead

Professional, manage-rial, etc

Craftsmen, operatives,and clerical

FarmersOther reportedNot reported

(A)

200565215

107

70351655

79

184281435255

1,10946

129

145207

52922

17431

Value of house

16,574

11,38014,48017,94117,621

14, 521

13,33015,20018,047

13,373

18,91017,17014,19018,300

16,82010, 750

11,63014,45016,82018, 79021,220

20, 534

15,13213,93915, 59115,291

-5,194-2,094

1,3671,047

-2 ,053

-3,244-1,3741,473

-3 ,201

2,336596

-2,3841,726

-5,824

-4,944-2,124

2462,2164,646

—1,442-2 ,635

-983-1 ,283

9 |

faIf*

'o

CD)

-3,854-1,4211,018

52

- 3 2 4

-2,269-848

878

-1,468

2,170519

-1,8741,062

257-4,371

-3,831- 1 , 501

1501,6303,492

2,537

-1,109-1,855

-466-1,147

-2,361-1,139

- 4138

3,373

-948994

-3,165

1,790565

-1,406486

75-1,804

-3,092- 1 , 503

6281,4552,352

1,064

-8054,039-356

Income

(F)

7,875

4,9516,407

10,046

4,104

5,7476,7289,172

4,094

8,2388,0446,7629,324

7,8514,705

5,4486,5168,0849,15410,392

10,980

7,1486,1736,7487,578

-2,924-1,468

7612,171

-3 ,771

-2,128-1,1471,297

-3 ,781

363169

-1,1131,449

- 2 4-3,170

-2,427-1,359

2091,2792,517

3,105

-727-1,702-1,127

297

1,340673

-349-995

1,729

975526

-595

1,733

-166- 7 7510

-664

111,453

1,113623

- 9 6-586

-1,154

-1 ,423

780517

-136

Gross differences are based on cross-tabulation shown in table 2; net differences are basedon linear equation #1.

NOTE.—The mean value of all new houses combined (U.S. average) used to compute grossdifferences from the U.S. average was somewhat lower than that used to compute net dif-ferences. This is traceable to the fact that of the 1,398 buyers of new houses, only 1,155 re-ported house value. In the cross-tabulation (on which the gross differences are based), all1,398 households were used to derive the U.S. average; imputations were employed for thosehouseholds not reporting house value. In the correlation, only the 1,155 observations wereused. The 243 households that did not report value of house had incomes which averagedlower than the 1,155 who did report; the inclusion of imputed values for the- former lowers theaverage house value for the U.S. Since the comparisons are in terms of deviations from meansrather than in terms of the means, it is believed that the differences between the means intro-duces relatively little distortion.

Source: U.S. Department of Commerce, Office of Business Economics. Basic data arefrom 1/1,000 sample of the 1960 Census of Population and Housing.

Appendix Table 5.—Data for First T i m e Series Equation (Page 33)

Year

194719481949195019511952_195319541955 _ , _

Inc.

5,1075,3515,2455,0825,2625,7805,7676,0546,439

P

0.9679.9672.9621.9867.9797.9702.9804.9849.9957

CCF

0. 0514.0531.0504.0484.0433.0481.0528.0517.0533

VFHA(actual)

10,60611,40611,29110,71611,91412,87611,98412,32613,377

VFHA(calculated)

10,75011,22011,20010,75011,68012,65012,13012,87013,560

Year

1956 - -195719581959I960 .1961196219631964

Inc.

6,9017,2797,2307,2247,3707,4387,3527,5327,563

P

1. 01161. 01741.00001.00991.00971.00871. 01721. 03111.0429

CCF

0. 0555.0595.0636.0665.0693.0668.0654.0640.0630

VFHA(actual)

14,30514,91714,59614,40514,40014,51814,57414,90614,913

VFHA(calculated)

14,32014,80014,55014,21014,34014,69014,51014,87014,900

NOTE: Inc. =deflated "effective income" (in 1958 dollars) of FHA home buyers.P=deflated price index for a standardized FHA house (1958=100).

_ CCF=composite credit factor.~VFHA=deflated value of FHA new one-family houses in 1958 dollars.

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

CURRENT BUSINESS STATISTICS

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

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

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

1963 | 1964 1965

Annual total

1963

II | III IV

1964

i | n III I V

1965

I II III | IV

1966

I II

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series

NATIONAL INCOME AND PRODUCTf

Gross national product, totalf . bil.!

Personal consumption expenditures, total do_.

Durable goods, total9— •-.-—. do.Automobiles and parts.. _doFurniture and household equipment do.

Nondurable goods, total 9 - doClothing and shoes do.Food and beverages do.Gasoline and oil __• ___.do_

Services, total 9 - do_.Household operation do_.Housing do_.Transportation do_.

Gross private domestic investment, total do

Fixed investment doNonresidential... __ do

Structures _doProducers' durable equipment ._.do

Residential structures doNonfarm... _ do

Change in business inventories doNonfarm do

Net exports of goods and services ____do_.Exports !___., do_.Imports _ do_.

Govt. purchases of goods and services, total..do__._Federal ___do

National defense ___doState and local do

By major type of product:!Final sales, total do_.

Goods, total . do..Durable goods _____do_.Nondurable goods do..

Services do..Structures. __ __: do_.

C hange in business inventories doDurable goods doNondurable goods... _ _._do

GNP in constant (1958) dollars

Gross national product, total t bil. $.

Personal consumption expenditures, total___.do____

Durable goods._. __doNondurable goods . .doServices do__._

Gross private domestic investment, total do..

Fixed investment... , :_ doNonresidential doResidential structures. do

Change in business inventories do

Net exports of goods and services . .do

Govt. purchases of goods and services, total .do. ._Federal _ _ doState and local _.do

590.5

375.0

53.924.322.2

168.630.688.213.5

152.423.155.411.4

87.1

81.354.319.534.827.026.45.95.1

5.932.326.4

122.564.250.858.2

584.6292. 7.113.3179.4226.265.7

5.92.83.1

551.0

353.3

53.7162.2137.4

82.5

76.751.924.85.8

5.6

109.659.550.1

631.7

401.4

59.425.825.1

178.933.692.814.1

163.124.359.211.8

93.0

88.360.721.039.727.627.04.75.3

8.537.028.5

128.965.250.063.7

627.0313.6122.2191.3244.568.9

4.73.31.4

580.0

373.8

59.1170.5144.2

86.5

81.957.424.64.6

8.5

111.357.853.4

681.2

431.5

66.129.827.1

190.635.998.415.1

174.825.663.212.8

106.6

97.569.724.944.827.827.29.18.1

7.039.032.0

136.266.850.169.4

672.1335.7132.2203.5262.074.5

9.16.32.7

614.4

396.2

66.4178.2151.6

97.8

89.064.924.18.8

6.3

114.157.856.3

584.2

372.0

53.224.121.7

168.030.388.313.3

150.822.755.011.4

85.1

80.353.519.733.826.826.24.84.3

6.232.426.2

120.963.450.557.5

579.4290.1111.8178.3223.865.5

4.83.21.6

546.0

350.9

53.0161.7136.2

75.951.124.74.8

5.7

108.759.049.7

594.7

378.3

54.524.422.5

169.931.488.313.5

153.923.555.811.5

88.0

82.055.019.435.527.126.56.05.3

5.632.526.9

122.964.251.058.7

588.8294.7114.7180.1228.165.9

6.02.33.7

554.7

356.1

54.4163.3138.4

83.1

77.252.524.75.9

5.5

110.059.650.4

605.8

381.5

55.624.923.1

169.630.788.613.7

156.323.356.811.6

92.9

84.756.819.936.828.027.48.17.0

7.134.327.1

124.364.450.359.8

597.7298.1117.3180.8232.267.4

8.13.84.4

562.1

357.7

55.3162.4140.0

87.7

79.754.325.48.1

7.1

109.558.750.9

616.8

391.1

57.625.324.1

174.932.890.713.9

158.723.857.711.7

90.2

86.658.120.337.928.527.93.53.6

9.036.427.4

126.564.950.161.6

613.3307.1119.6187.5237.368.8

3.52.31.2

569.7

365.7

57.2167.2141. 2

84.6

81.255.525.73.5

9.2

110.358.252.0

627.7

398.0

59.826.025.4

176.532.792.113.9

161.624.258.711.7

91.8

87.659.720.938.827.927.34.25.1

7.936.028.1

130.166.651.663.4

623.5311.4122.4189.0242.769.4

4.23.6.5

578.1

371.0

59.5168.4143.1

85.6

81.656.624.94.0

8.2

113.359.753.6

637.9

407.5

61.127.125.3

181.734.393.914.2

164.724.759.611.9

92.5

88.961.721.040.727.226.63.64.6

8.437.228.8

129.565.149.864.4

634.4318.8125.0193.8247.168.5

3.62.8

585.0

379.5

60.9173.3145.3

85.7

82.258.224.13.5

8.4

111.357.453.9

644.2

408.8

58.924.625.7

182.434.494.414.4

167.524.760.712.1

97.4

90.063.321.841.426.726.27.47.9

8.638.129.6

129.464.148.565.3

636.8316.9122.0195.0251.1

7.44.42.9

587.2

378.9

58.8173.1146.9

90.2

82.859.223.67.4

8.0

110.156.154.0

660.8

418.9

65.130.126.0

184.534.695.414.4

169.324.761.612.2

103.8

94.466.723.643.127.727.29.59.4

6.435.128.7

131.664.448.267.3

651.4324.3127.7196.6254.372.7

9.57.42.1

600.3

387.1

64.8174.2148.1

95.9

86.662.324.49.3

5.7

111.556.255.3

672.9

426.8

64.429.226.2

189.435.697.815.2

173.025.462.712.7

103.7

96.067.924.643.328.127.57.66.7

8.240.532.3

134.365.649.168.7

665.3331.2128.8202.4259.874.3

7.66.41.2

607.8

392.2

64.2177.6150.4

95.3

88.063.424.57.3

7.1

113.257.355.9

686.5

435.0

66.730.227.3

191.436.098.715.3

176.926.063.613.0

106.7

98.070.224.445.827.827.38.77.2

7.140.133.0

137.767.550.770.2

677.8338.8134.3204.4265.173.9

8.76.72.1

618.2

67.2178.5153.1

97.9

89.465.523.98.5

6.4

115.058.356.7

704.4

445.2

68.029.928.8

197.037.5

101.615.7

180.226.364.713.4

111.9

101.573.926.847.127.627.010.49.0

6.140.334.2

141.269.852.571.4

694.0348.4137.9210.5268.876.9

10.44.75.7

631.2

406.5

69.2182.5154.8

102,2

91.968.4.23.510.2

6.0

116.659.357.3

721.2

455.6

70.331.429.6

201.939.4

103.315.8

183.426.566.013.5

114.5

105.677.028.548.528.628.08.98.5

6.041.735.6

145.071.954.673.1

712.3357.0141.8215.2275.579.8

8.95.83.1

640.5

412.8

72.2184.1156.5

103.5

95.070.824.38.5

5.9

118.360.457,9

'732.3

' 460.1

'67.1'28.5' 29. 2

' 205. 6'39.7

' 104.8'16.1

187.4'27.1

67.113.9

• 118. 5r 106,2'78.2' 27/9

50.3'28.0'27.4'12.3'12.1

' 4 . 7'41.9'37 .3

' 149.0'74.0'57 .1'75.0

720.0359.3140.6218.7282.1

78.6

'12.39.03.3

P643.5

412.2

68.5185.8157.9

106.3

94. 771.323.411.6

4.6

120.461.958.5

'Revised. v Preliminary. f Revised series. Estimates of national income and prod-uct and personal income have been revised (see p . 11 ff. of the July 1966 issue of the SURVEY);

revisions prior to May 1965 for personal income appear on p . 18 ff. of the July 1966 issue ofthe SURVEY. 9 Includes data not shown separately.

s-1

225-221 O - 66 - 4.

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

S-2Unless otherwise stated, statistics through 1964

and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS

1963 | 1964 | 1965

Annual total

U F <UUK1

1963

III IV

1964

I II in IV

1965

I II III IV

August 1966

1966

I II i l l

GENERAL BUSINESS INDICATORS—Quarterly Series—ContinuedNATIONAL INCOME AND PRODUCT—Con.Quarterly Data Seasonally Adjusted at Annual RatesNational income, totalf _ bil. $.-

Compensation of employees, total _doWages and salaries, total.-. do

Private _ .doMilitary doGovernment civilian do

Supplements to wages and salaries doProprietors' income, total 9 - do

Business and professional 9 - doFarm do

Rental income of persons doCorporate profits and inventory valuation adjust-

ment, total _ — -bi l . $._By broad industry groups:

Financial institutions doNonfinancial corporations, total do

Manufacturing, total doNondurable goods industries doDurable goods industries.. .do

Transportation, communication, and publicutilities bil. $..

All other industries doCorporate profits before tax, total do.

Corporate profits tax liability. _. do.Corporate profits after tax __do_

Dividends.._ ____do_Undistributed profits.. do . . . .

Inventory valuation adjustment .do.Net interest _..do_

465.560.9

404.6384.719.9

39.2215.697.857.841.041.101.925.653.79

10.03

496.059.4

436.6412.124.5

44.9018.589.439.161.191.412.386.224.30

10.83

535.166.0

469.1443.425.7

51.9622.4511.4011.051.301.732.816.944.94

11.79

DISPOSITION OF PERSONAL INCOMEfQuarterly Data Seasonally Adjusted at Annual RatesPersonal income, total... _ bil. $„Less: Personal tax and nontax payments do.Equals: Disposable personal income ..._doLess: Personal outlays©. __._doEquals: Personal saving§ .do

NEW PLANT AND EQUIPMENTEXPENDITURES

Unadjusted quarterly or annual totals:All industries bil.

Manufacturing. __doDurable goods industries doNondurable goods industries_..__ do

Mining __do.Railroad do.___Transportation, other than rail doPublic utilities _ __.____do___.Communication _ _ doCommercial and other do

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

Manufacturing. doDurable goods industries doNondurable goods industries. .do... .

Mining do.__.Railroad. do....Transportation, other than rail doPublic utilities do___.Communication _ ._ doCommercial and other___ do

U.S. BALANCE OF INTERNATIONALPAYMENTS^1

Quarterly Data Are Seasonally Adjusted(Credits + ; debits - )

Exports of goods and services (excl. transfers undermilitary grants) mil. $_„ 32,339 36,958

Merchandise, adjusted, excl. military do____ 22,071 25,297 26,276Military sales . _do____ 657 747 844Income on U.S. investments abroad do_ - 4,654 5,392 5,901Other services _ do 4,957 5,522 5,972

Imports of goods and services. _ do -26,442 -28,468 -32,036Merchandise, adjusted, excl. military do_.__ -16,992 -18,621 -21,488Military expenditures . do__._ -2,936 -2,834 -2,881Income on foreign investments in the U.S._do -1,271 -1,404 -1,646Other services... do___. -5,243 -5,609 -6,021

Unilateral transfers, net (excl. military grants);transfers to foreigners ( - ) ___________mil. $_. -2,784 -2,765 -2,794

Transactions in U.S. private assets, net; increase(-)_ mil. $.. -4,456 -6,523

Transactions in U.S. Govt. assets, excl. officialreserve assets; increase (-) mil. $__ -1,664 -1,674 -1,575

Transactions in U.S. official reserve assets, net;increase (-) mil. $__ 378 171 1,222

Transactions in foreign assets in the U.S., net (U.S.liabilities); increase (+) mil. $ _ 2,981 3,312 309

Liquid assets . do____ 2,292 2,627 133Other assets do 689 685 176

Unrecorded transactions do -352 -1,011 -429Balance on liquidity basis—increase in U.S. official

reserve assets and decrease in liquid liabilities toall foreigners; decrease ( - ) mil. $__ -2,670 -2,798 -1,355

Balance on official reserve transactions basis—in-crease in U.S. official reserve assets and decrease inliquid and certain nonliquid liabilities to foreignofficial agencies; decrease ( - ) mil. $. ~% 044 - l , 546 -1,302••Revised. p Preliminary.1 Estimates for Apr.-June 1966 based on anticipated capital expenditures of business.2 Estimates for July-Sept. 1966 based on anticipated capital expenditures of business.

Anticipated expenditures for the year 1966 are as follows (in bil. $): All industries, 60.78; manu-facturing, total, 27.02: durable goods industries, 13.78; nondurable goods industries, 13.24;mining, 1.42; railroad, 2.05; transportation, 3.49; public utilities, 7.99; commercial and other(incl. communication), 18.80. 3 Includes communication.

481.9341.0311.1251.610.848.629.951.037.913.117.1

58.9

7.851.228.813.015.8

9.512.959.426.333.116.516.6- . 513.8

517.3365.7333.6269.311.752.632.051.939.912.017.7

66.6

8.458.232.414.517.9

10.415.467.028.438.717.321.3- . 415.5

559. 0392.9358.4289.112.157.134.555.740.715.118.3

74.2

65.337.815.722.1

11.116.475.731.244.519.225.3

-1.517.8

485.7343.1313.0253.410.748.930.151.138.113.017.1

60.3

7.752.629.913.316.6

9.812.860.126.633.516.616.9

. 214.2

467.860.9

406.9388.118.8

10.143.951.961.99.27.29.45

1.60.93

2.64

40.0015.958.008.001.051.201.855.903.85

10.20

8,1355,633

1031,1481,251

-6,728-4,344

-719-322

-1,343

-727

-670

- 9 4

227

109- 2 7136

-252

-200

0

493.9349.2318.5257.111.649.830.851.438.512.917.2

61.4

7.953.530.213.416.8

9.813.562.727.834.916.818.1

- 1 . 314.7

475.861.7

414.1391.622.5

11.094.562.312.25

.28

.33

.541.611.062.72

41.2016.458.308.151.051.352.105.804.05

10.45

8,5645,949

1451,1831,287

-6,784-4,372

-719-352

-1,341

-702

-1,106

-486

- 5

358143215161

-138

- 9 2

504.0355.3324.4261.811.651.031.051.339.112.217.4

65.3

8.057.332.114.118.1

10.115.065.827.938.017.120.9- . 514.7

484.060.7

423.4401.422.0

9.403.791.931.87.26.32.51

1.18.97

2.37

42.5517.408.858.551.151.402.305.954.05

10.25

9,1126,156

1981,4021,356

-6,850-4,389

-740-339

-1,382

-683

-1,360

-291

- 5 1

419299120

-296

-248

-144

513.7362.2330.6267.111.651.931.752.239.912.217.6

66.5

8.558.132.414.617.7

10.215.566.828.338.517.321.3- . 315.1

492.056.9

435.1408.526.6

11.114.532.302.23.29.36.63

1.581.102.61

43.5017.809.008.801.151.252.256.304.30

10.45

9,0016,092

1861,3691,354

- 7 , 032-4,579

-725-344

-1,384

-717

-1,385

-350

303

33224983

-152

-552

-326

522.9369.8337.4272.311.753.432.451.940.311.717.8

67.8

8.459.333.014.618.4

10.615.767.828.739.117.421.7

. 015.7

500.359.1

441.2418.422.8

11.544.672.372.30

.30

.37

.591.711. 062.84

45.6518.859.609.201.201.502.406.304.40

11.00

9,3086,389

1621,3681,389

-7,196-4,752

-686349

-1,409

-694

-1,589

-415

70

719547172

-203

-617

-231

528.5375.3342.2275.911.954.333.152.240.311.917.9

58.132.214.717.5

10.515.567.728.639.017.721.4- . 916.3

507.560.9

446.6420.0

12.845.592.832.76.33.35.64

1.761.173.01

47.7520.1510.1510.001.301.552.606.354.40

11. 40

9,5376,660

2011,2531,423

-7,390- 4 , 9 0 1

- 6 8 3- 3 7 2

- 1 , 4 3 4

- 6 7 1

- 2 , 1 8 9

- 6 1 8

- 1 5 1

1,8421,532

310- 3 6 0

- 1 / 3 8 1

- 8 4 5

543.3381.7348.2281.211.855.233.553.340.512.918.1

73.2

8.564.637.415.521.9

10.716.574.530.743.818.125.7

- 1 . 316.9

518.064.9

453.2430.322.8

10. 794.542.252.28.29.39.58

1.321.082.59

49.0020.7510.4010.401.251.752.556.804.55

11.30

8,7765,625

2001,5611,390

-7,164-4,656-664-373

-1,471

-662

-1,605

-367

842

180-145

3250

-697

-618

552.2387.8353.7285.811.756.334.155.940.415.518. 3

72. 7

8.764.036. 715.521.2

10.916.474.530.743.818.825.0

- 1 . 817.5

527.666.6

461.0438.622.4

12.815.472.762. 70.33.44.77

1.711.242.85

50.3521.5510.8010.701.301.552.706.854.80

11. 60

10,1366,798

2291,6161,493

-8,087-5,481

-701-404

-1,501

-768

-346

-425-294-131-109

226

562.7395.6360.8291.112.057.734.856.740.716.018.4

74.0

8.965.037.415.521.9

11.216.475.030.944.119.524.6

- 1 . 018.1

541.965.7

476.2447.129.0

13.415.732.912.82.32.44.721.881.223.10

52.7523.0011.7511.251.251.703.006.755.0511.95

10, 016

1991,4701,521

- 8 , 2 4 5- 5 , 5 9 5

- 7 4 5- 4 1 1

- 1 , 4 9 4

- 7 1 9

- 8 2 7

- 2 6 8

41

242493

- 2 5 1- 2 4 0

- 5 3 4

577.8406.5370.8298.513.059.335.757.141.116.018.5

76.9

9.567.539.616.423.2

11.516.4

78.732.446.320.226.1-1.818.7

552.866.7486.1457. 628.5

14.956.723.483.24.35.46.732.041.413.25

55.3524.1512.4511.701.351.953.007.305.3012.25

10,0657,027216

1,2541,568

-8,540-5,756-771-458

-1,555

-645

-912

-471

271

31279233-80

-350

-1,158

595.7419.6380.0305.913.660.439.658.441.417.018.7

80.0

9.470.641.917.224.7

11.317.482.734.148.720.927.8-2.819.1

564.669.5

495.1468.426.7

12.775.612.872.74.33.40.75

1.601.262.83

58.0025.6013.1512.451.401.753.308.255.35

12.35

P10,416p 7,121

*>194P 1,532p 1, 569

p-8,908p-6,003

p-837P - 4 3 5

P - 1 , 6 3 3

p-S5S

p—

p-336

P424

P - 2 2 8

p-563

P604.3'427.9'387.4'311.5

14.161.840.557.941.616.318.8

P80.0

P82.9P34.2P48.721.1

P27. 7'—2.9

19.6

'573.573.6

'499.9'473.3'26.6

i 15.176.743.443.30.36.51.97

1.97

3 4.62

i 59.6026.6013.5513.051.401.853.407.80

3 18.50

P - 6 , 2 6 4

p-163

fSee corresponding note on p. S-l.9 Includes inventory valuation adjustment.©Personal outlays comprise personal consumption expenditures, interest paid by con-

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

Dec. issues of the SURVEY.

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

August 1966 SURVEY OF CURRENT BUSINESS S-3

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

1964 1965 v

Annual

1965

June July

GENERAL BUSINESS

Aug. Sept. Oct. Nov. Dec.

1966

Jan. Feb.

INDICATORS—Monthly Series

Mar. Apr. May- June July p

PERSONAL INCOME, BY SOURCEf

Seasonally adjusted, at annual rates: tTotal personal income bil. $.

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

Manufacturing __do__Distributive industries.- do_—

Service industries... do_.Government do_.

Other labor income do_.Proprietors' income:

Business and professional _do_.Farm —do_.

Rental income of persons . . . .do. _ _.Dividends doPersonal interest income . . doTransfer payments . . . .doLess personal contributions for social insurance

bil. $..

Total nonagricultural income do___.

FARM INCOME AND MARKETINGS*

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

Farm marketings and CCC loans, total_...doCrops ____doLivestock and products, total 9 do. _ _.

Dairy products doMeat animals. _do___.Poultry and eggs do___.

Indexes of cash receipts from marketings and CCCloans, unadjusted\%

All commodities 1957-59=100..Crops doLivestock and products.. _ do. _ _.

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

Crops . . . do.. . .Livestock and products do

INDUSTRIAL PRODUCTION

Federal Reserve Index of Quantity Output

Unadj., total index (incl. utilities).-.1957-59By industry grou;

=100-

do..Durable manufactures. __._ doNondurable manufactures- do

Mining doUtilities d o —

By market groupings:Final products, total ___. do_.

Consumer goods _____do_.Automotive and home goods. do_.Apparel and staples . . . . .do. .

Equipment, including defense.. do_

Materials do..Durable goods materials do..Nondurable materials.. do..

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

Manufacturing, total . . . .do. .

Durable manufactures 9 __ __do_.Primary metals — do..

Iron and steel.—- do_.Nonferrous metals and products do..

Fabricated metal products. do..Structural metal p a r t s — do..

Machinery _do_.Nonelectrical machinery .do..Electrical machinery .___ do..

Transportation equipment9.-- -do..Motor vehicles and parts do..Aircraft and other equipment do_.

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

Nondurable manufactures do_Textile mill products _doApparel products—.. _do__._Leather and products— doPaper and products. . _.do.

496.0

333.6134.0107.281.2

54.164.316.6

39.912.0

17.717.334.636.8

12. 5

479.7

39,115

36, 94617,13619,8105,02211,1263,333

115124107

118118118

132.3

133.1133.5132.6111.3151.3

131.8131.7142.8128.1132.0

132.8131.2134.3

132.3

133.1

133.5129.1126.5138.3132.7130.3

141.4142.1140.6130.7150.1112.4

136.4126.0112.6143.4133.4

132.6122.9134.1102.6133.4

535.1

358.4144.3115.586.7

58.169.218.5

40.715.1

18.319.238.439.7

13.2

515.6

41,639

39,18717,33421,8535,07012,9433, 527

122126118

119120118

143.3

144.9148.4140.7114.4161.0

142.4140. 2159. 9134.0146.9

144.1144.2144.0

143.3

144.9

148.4137.5133.6152.1147.8145.4

160.4160.3160.6149.2175.2125.3

151.4133.5117.4li 4* , 0

1-.0.7134.8145.0107.8142.3

532.2

356.1143.8114.986.3

57.768.318.4

40.416.9

18.319.338.437.5

13.2

510.8

2,918

2,8921,0981,794427

1,061279

10896116

10591116

145.2

147.2151.7141.5115.9

143.2141.6165.8133.9146.8

147.0149.5144.5

142.7

144.1

148.1143.0143.3146.1146.4144.3

159.0159.4158.4149.5178.0123.3

149.8131.6112.8156.8143.6

139.0132.2145.4105.1139.4

535.4

358.3144.0115.686.8

58.668.818.6

40.716.3

18.419.338.738.4

13.2

514.6

3,040

2,9341,2011,733409

1,017291

109105113

109107110

139.3

140.3144.9134.6112.3

138.3135.2147.0131.4144.9

140.3142.9137.5

144.2

145.7

150.0148.7152.1138.4148.0145.5

160.6161.7159.2149.8177.4124.1

152.1132.6115.4155.8143.5

140.4133.8143.8107.7142.1

537.8

360.6145.0116.387.1

59.169.518.8

40.615.9

18.419.538.938.3

13.2

517.6

3,840

3,2001,2921,908401

1,174318

119113124

116111120

143.2

143.9143.3144.7118.2

141.1138.9129.6141.8145.9

145.1144.5145.7

144.5

146.0

150.5146.5143.3149.0147.5145.0

161.4162.4160.1151.5177.5127.3

152.6133.5117.2156.3146.6

140.4134.8141.9107.0141.1

1541.8552.5

363.5145.2116.587.6

70.919.0

40.715.9

18.519.839.2

J49.2

13.2

1 532.3

4,504

3,8861,8971,989401

1,241332

145165129

140161125

145.9

147.5148.3146.5114.2

145.7143.8148.4142.3149.7

146.2146.6145.8

143.5

145.2

148.2131.2125.0152.3147.0144.7

162.3162.4162.1149.4175.2125.6

155.7133.8116.2156.8147.1

141.3135.7143.8108.2143.9

547.2

366.9146.9117.988.4

60.071.619.2

40.815.8

18.520.039.4

13.3

526.9

5,343

5,0032,9242,079

4201,296

255135

184254131

149.9

152.3154.6149.4118.4

151.4150.1174.9142.2154.2

148.6147.6149.7

145.1

146.7

150.3123.7115.8155.0150.9148.2

166. 0165.8166.2155.0177.1134.4

158.0134.4118.3159.7150.4

142.1137.7145.7109.3143. 6

553.2

371.4149.2119.689.2

60.672.419.4

41.116.0

18.620.239.740.3

13.5

532.6

4,578

4, 4942,4282,066414

1,293346

167212134

167219128

148.1

150. 5154.5145.5117.2

148.7145. 2173.4136.2156.1

147.6145.4149.9

146.4

143. 2

151.3119.4110.5158.8153. 6152.6

167. 5166. 9168.4157.3178.0138.0

159.0135.5119.1162.6153.0

144.2139. 4147. 2110.1147.4

558.2

374.1150.7120.389.7

60.972.919.6

41.316.2

18.620.540.041.4

13.6

537. 2

3,836

3,7821, 7752,007443

1,203338

141155130

134157118

146.6

148.3155.4139.3117.4

146. 4140.0168.7130.9160.3

146.8145.9147.7

148.7

150.6

155.0126.5118.2162.1156.3154. 0

170.7169.2172. 8160.7179.2143.4

162.2137.6125.4164.3155.5

145.1140.3148.5113.9147.7

560. 2

376.8152.1121.890.1

61.173.619.8

41.316.8

18.620.840.542.3

16.8

P 3, 695

3,6291,6981,931

4281,172

295

p 135148125

152110

148.3

149.9156.3141.9115.6

148.5142.2167.4134.1162.1

148.1147.4148.7

150.2

152.4

157.6130.8122.9159.1157.0154.2

174.3171.9177.6163.1176.7150.1

166.0139.4125.6165.4151.2

146.0140.1146.9111.7148.4

564.7

380.1153.9123.390.9

61.274.120.0

41.317.0

18.721.041.042.6

16.9

543.0

"3,010

2,843959

1,884408

1,150

p 10684122

104

152.0

154.1160.2146.5116.9

151.6145.6170.7137.6164.6

152.4151.7153.1

151.9

154.1

159.7133.6128.7164.0160.7158.9

176.7174.4179.8163.2175.5151.6

169.4141.4126.5166.8155.3

147.0140.7148.3110.1148.5

569.0

382.9155.4124.091.4

61.774.520.2

41.517.3

18.720.941.442.9

16.9

547.0

P 3,143

2,969810

2,159463

1,329331

P 11071140

P 9461119

154.6

157.1163.9148.5118.7

153.2146.4172.5138.1167.8

155.7155.8155.6

153.4

155.6

161.7141.4136.1168.4161.4158.9

176.0174.0178.8165.8178.1154.3

171.9143.0129.3

156.8

147.9140.7147.3111.4150.2

570. 5

384.7156.0125.291.5

62.075.220.4

41.516.7

18.721.041.842.6

17.0

549.1

P 2, 883

2,764765

1,999460

1,189308

67130

"8748

115

'154.6

• 157.8• 164.9148.9115.6

' 152.3' 145.0'172.8136.2167.9

156.7' 158. 5'154.9

' 153.8

'156.5

'162.8'142.3137.0

' 166.9' 161.4159.1

178.4174.5183.6166.0176.8156.4

174.6'142.0130.7169.6156.4

' 148.5'141.7' 149.7' 114. 7

150.2

573.0

387.0156.8125.991.9

62.575.920.6

41.616.3

18.821.242.142.5

17.1

551.9

P2, 800

2,760747

2,013486

1,186299

"10365

131

>.9O50

119

' 156.1

159.0'166.2149.9

' 121.9

' 152.9144.8

' 169.5136.9170.3

• 159.0160.5

' 157. 5

• 155.2

• 157. 5• 164.2• 146.8' 141.1• 166.4• 163.0• 158. 4

180.7'177.8' 184. 5• 165.9• 170. 5161.9

• 176.4• 140. 5• 122.7• 172. 0157.9

' 149.1• 142.1148.0112.0

' 153.1

' 577.2

'390.5' 158.1'127.0' 92.8

'63.076.620.7

41.715.9

18.8'21.1'42.3'43.2

17.2

' 556.5

"3,1201,1291,991

4691,177

315

P11698

129

"10789

115

' 159.3

•162.1' 169.0' 153.5•122.8

'157.3'149.4'172.3

174.3

161.0162.6159.3

• 156.2

158.5

165.2146.2

• 141.6165.9

• 162.4• 158.8

•182.8180.0186.5167.0169.3164.7

176.5141.6122.5

• 172.6159.3

150.2143.7

153. 6

579.7

393.3158.2127.1

63.878.020.9

41.815.6

18.921.142.643.5

17.9

559.4

151.9

153.4159.3146.0118.8

150.4139.8142

173.3

153.2154

152

157.5

159.8

166.5152146164158

185183188165160169

176141

172157

151.4

'Revised. " Preliminary.1 Italicized total excludes and other footnoted figures include retroactive lump-sum pay-

ment of social security benefits; disbursements of $885 million put on annual rate basisamounted to $10.6 billion. t See corresponding note on p. S-l. % Revised series. Dollar

figures and indexes of cash receipts and volume of marketings revised beginning 1963; dataprior to May 1965 appear in the Dept. of Agriculture publication, Farm Income Situation,July 1966. 9 Includes data for items not shown separately.

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

S-4 SURVEY OF CURRENT BUSINESS August 1966

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

1964 1965 *

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July*

GENERAL BUSINESS INDICATORS—Continued

INDUSTRIAL PRODUCTION—Continued

Federal Reserve Index of Quantity Output— Con.

Seasonally adjusted indexes—ContinuedBy industry groupings—Continued

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

Newspapers do._.Chemicals and products do.__

Industrial chemicals d o . . .Petroleum products ___do___

Rubber and plastics products do__.Foods and beverages _ d o . . .

Food manufactures _.do_-_Beverages do___

Tobacco products _do.-_

Mining. do..Coal do_.Crude oil and natural gas . . . do_.

Crude oil do..Metal mining do_.Stone and earth minerals do.

Utilities.__ - . . d o .Electric do.Gas . . . do.

By market groupings:Final products, total do

Consumer goods .do___-Automotive and home goods -do

Automotive products doAutos . . . . . doAuto parts and allied products.. .do

Home goods 9 - doAppliances, TV, and radios doFurniture and rugs do

Apparel and staples doApparel, incl. knit goods and shoes._doConsumer staples do

Processed foods . . .do

Beverages and tobacco do.Drugs, soap, and toiletries do.Newspapers, magazines, books do.Consumer fuel and lighting do..

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

Industrial equipment do..Commercial equipment .do..Freight and passenger equipment--do..Farm equipment do..

Materials do..Durable goods materials 9 do_.

Consumer durable do_.Equipment. do_.Construction do_.

Nondurable materials 9 do..Business supplies do..

Containers do_.General business supplies do..

Business fuel and power 9 do._.Mineral fuels . . - d o . . .Nonresidential utilities. _ do. _ _

BUSINESS SALES AND INVENTORIES §

Mfg. and trade sales (seas, adj.), totalft -mil. $.

Manufacturing,total do.Durable goods industries.. do.Nondurable goods industries.. .- . do

Retail trade, to ta l f - . do.Durable goods stores doNondurable goods stores . do.

Merchant wholesalers, totalt do..Durable goods establishments... do..Nondurable goods establishments do..

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

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

Retail trade, totalf do.Durable goods stores do.Nondurable goods stores do

Merchant wholesalers, totalj do..Durable goods establishments do..Nondurable goods establishments. -do..

123.3117.0159.6178.4121.0

156.3120.8120.1124.4120.8

111.3107.1110.4109.9117.4118.7

151.3153.9143.4

131.8131.7142.8

145.1150.6138.0141.1137.1142.4

128.1124.2129.3119.9

123.2146.9123.7142. 3

132.0139.1137.0145.3141.0133.1

132.8131.2145.8134.4124.5

134.3127.4127.9127.1

122.6112.2149.6

1445,552230, 775214, 777

261,63084,173

177,457

62,94438, 41224, 532

31,13013,13617,994

130.3124.2173.3196.1123.4

172.2123.3122.4128.4120.5

114.4111.8112.3111.8122.6126.5

161.0165.5147.0

142.4140.2159.9

167.1182. 6146.8154.7152.4154.2

134.0134.3133.9122.2

125.7157.0127.1149.8

146.9156.6153.1164.4162.4148.1

144.1144.2166.8151.9133. 8

144.0136.5136.6136.5

127.6115.2159.2

1483,343252,242231,101

1283,95093,718

190,232

68,01542,32425,69133,95714,78219,175

130.0124.7169.9192.9121.8

169.1122.3121.2128.5121.8

115.3117.1112.5112.2123.7125.8

161.9167.1145.6

140.7138.7158. 2

168.1187.1143.0151.3148.8153.5

132.8133.2132.7120.7

126.2152.9125.6150.6

144.9154.6151.9164.1157.8143.7

144.5146.1169.9150.0131.3

143.4134.8132.0136.2

129.9116.9162.4

39,94320,65219,291

23,3227,66515, 657

64, 62539,95124, 67433,01414,54618,468

131.3126.2172.8194.9124.5

170.2123.1122.6125.9119.9

116.0117.1113.0112.1126.4127.3

161. 2165. 8146.8

141.7139.3158.1

167.8184.6145.8151.2146.5154.0

133.7132.2134.1122.4

123.9157.0128.0151.2

147.0156.4155.1165.2155.0145.3

146.4148.4171.8153.3132.7

145.0137.6136.1138.3

128.9117.0158.8

41,45221,82019, 632

23,6687,82715,841

65,39440,60024, 794

33, 08814, 59218,496

133.0129.7174.2195.7125.8

168.1122.4121.9125.0120.7

117.0115.2114.2113.4130.2129.1

161.6166.2147.2

142.3139.5158.1

184.3150.7149.8145.2152.3

133.6131.9134.1121.6

123.6160.1128.0150.6

148.4157.8153.8165. 2163.6157.1

146.1147.3167.9154.7134.6

144.8135.1132.1136.6

129.2117.2160.1

40,51821,19119,327

23,5857,75515,830

65,78840,81424,974

33,36014,81918,541

129.3120.1176.6199.9125.1

171.2123.2121.8131.0120.6

112.6106.7110.6108.5122.4127.4

165.3170.9147.7

143.3140.7158.5

166.5178.1151.2153.0149.1152.0

135.0134.0135.3121.6

127.5161.3126.1154.2

149.0159.0155.3166.4164.2155.4

143.7142.8165.4154.2134.5

144.5135.9134.4136.7

126.3112.1161.5

40,17320,92419,249

23,7537,76815,985

66,26741,30024,96733,04514,62118,424

131.1125.1177.1200.9124.0

175.5123.6122.1131.8114.5

115.8116.8114.0114.0116.5125. 5

165.8171.3148.5

145.7141.7161.7

168.6181.1152.0156.9154.0154.9

135.4135.1135.4122.2

126.0159.2126.3156.0

154.3164.3159.4169. 7178.7155.7

144.3142.2167.0158.4135.3

146.4136.8136.6136.9

129.7117.9160.9

40, 54821,14619,402

24,1947,865

16,329

66,64241, 52325,119

33,29614, 78218, 514

133.2127.2178.5202.9126.1

181.6125.0123.5133.0118.9

116.0115.7113.8114.5114.2133.2

165.3170.5148.9

147.4142.8163.0

182. 5150.8159.0155.2157.4

136.4136.5136.4123.1

128.2161.2127.6155.2

157.3167.2162.0172.7180.4165.8

145.6143.0168.2160.0137.2

148.1140.3144.9138.0

129.9117.8161.7

41,40321,60619,797

24, 6478,09216,555

67,19241,86925,32333,53314,77418,759

134.2129.5180.6206.3127.8

181.3125.3123.6134.3117.1

117.9118.5114.5116.0120.6138.2

165.7170.9149.3

148.8144.1166.7

169.4182.4152.4164.8161.3161.0

137. 0138. 5136.5123.1

128.5162.7129.6153.9

158.8168.9162.4174.5188.0163.9

148.7146.7168.3163.2138.8

150.7143.4146.9141.7

131.7119.5163.8

42,62222,31620,306

24,8168,252

16,564

68, 01542,32425,691

33,95714,78219,175

135.7130.2181.9206.3130.5

184.6126.0124.6133.2119.6

117.2114.4113.4114.1133.4135.5

164.9169.7

149.5144.1166.9

168.5180.3153.1165.7165.0163.3

136.8136.4136.9123.7

128.6164.0132.0151.9

161.3170.5162.6177.5194.9161.2

150.4150.1170.0165.8142.9

150.6143.4142.3144.0

130.6117.4164.9

84, 669

42,66522, 30720, 358

25, 0238,324

16, 699

16,9817, 5639,418

120,938

68, 59442, 58926, 005

34,11314, 94919,164

18, 23110, 5717,660

138.2130.4184.3209.4125.5

183.3127.0125.5135.1126.7

117.7111.2115.0115.1130.8135.6

174.7

151.4145.5166.8

167.6177.8154.3166. 2162.7164.0

138.7138.0138.9124.6

132.3166.0134.0155.8

164.1173.2166.1178.6198.9158.0

152.0152.0173.6170.0143.6

152.0144.5144.6144.4

131.7118.0166.9

84, 744

42, 70222, 433

25, 2638,39916,864

16,7797,5389,241

122,047

69,04042,88426,15634,42715,11319, 314

18, 58010,8097,771

139.0130.7186.2212.2125.6

185.7127.7125.7138.3126.8

120.2117.7116.7117.0134.5137.1

168.8174.2

152.4146.0167.6

171.6183.8155.5164.1155.7165.5

139.3138.9139.4125.2

134.4165.9136.5154.6

166.2175.4167.4184.2198.9163.0

154.3155.6169.1171.9146.3

153.1146.0145.9146.1

134.0120.5168.7

86, 991

44,12123,23820,883

25, 5368,649

16,887

17,3347,8879,447

123,085

43,27326, 375

34, 55615, 20119,355

18,88110,9957,886

138.4127.7

• 188.1• 214. 9• 127.7

• 188. 2127.5126.0135.6115.8

115.885.3

117.2117.2

' 140. 0130.9

' 168. 6173.6

152.8• 146. 2• 168. 4

168.8' 180. 6153.3

• 168. 2167.5166.3

139.1• 140. 3138.7125.1

128.9167.3135. 7,

• 154.1

166.9175.9167.3186.4201.3157.6

154.6156.9169.0173.6144.9

' 152.3146.0

r 143. 9' 147.1

' 130. 9115.1

r 170. 3

85, 455

43,54022,70820,832

24,9497,939

17,010

16,9667,7189,248

124,091

70,34643,77926,56734,73715,33619,40119.00811,2097,800

142.1133.8190. 5216.6127. 4

186.7• 126. 2124. 4135.9117.9

121.4116.9119. 3121.3

• 140. 7127.5

• 170. 0175.3

153. 4145.8166.1

161.1167. 5152. 7169. 5166. 2169.1

139. 3138. 6139. 5123.9

129.8171.6137. 6156.0

169.9178. 4

r 168. 5r 190. 1

204. 9166.1

156. 6156.6

r 164. 4r 177. 1r 141. 0

' 156. 6r 148. 7r 147. 3r 149.4

r 136. 7r 123. 9

170.5

•85, 425

•44,071•22,915'21,156

•24,475r7,50616,969

•16,879r 7, 601r 9,279

125,518

•71,103•44,275•26,828

35,26615,81319, 453

19,14911,239r 7, 910

144.1135.4193.0

125.8

126.4125.5

122.6120. 7119. 7121.9139.0133.3

171. 0

154.7146.4165. 6

' 161. 0• 167.8152.1168.8165.5170.1

140.4125.2

174.6139.0

• 172. 5181.2173.0191. 0205.4

• 157. 9• 157. 9165.2179.1141.5

' 158.0150.5144.0153.7

r 138. 2' 125.3

86,820

44,00022,83921,161

25,3598,000

17, 359

17, 4617,6349,827

126,657

71,99445,01926,97535, 59515, 92719, 66819, 06811, 2327,836

»• Revised. J» Preliminary. i Based on unadjusted data.9 Includes data for items not shown separately.§The term "business" here includes only manufacturing and trade; business inventories

as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unad-justed data for manufacturing are shown on p . S-5; those for retail trade on p . S-ll.

fSee corresponding note on p. S-ll.JRevised series. The panel of reporters in the Census Bureau wholesale sample has been

updated to reflect information from the 1963 Census of Wholesale Trade; comparable dataprior to Jan. 1966 are not presently available. c Corrected.

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

August 1966

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

1964

JSUJK

1965

Annual

OF (JUKI 1 BUI as1965

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

S-51966

Jan. Feb. Mar. Apr. May June July

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

Manufacturing and trade, totalt X - - .ratio..

Manufacturing, total do_.Durable goods industries .___do_.

Materials and supplies_._ do_.Work in process do.Finished goods . do.

Nondurable goods industries.. do..Materials and supplies . . . do..Work in process . do..Finished goods do_.

Retail trade, totalf .... do..Durable goods stores.. .do..Nondurable goods stores .do..

Merchant wholesalers, total* doDurable goods establishments doNondurable goods establishments do

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS

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

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

Durable goods industries, total9 _.__do..Stone, clay, and glass products do..Primary metals do..

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

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

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

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

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

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

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

Machinery, except electrical do.Electrical machinery. ____do_.Transportation equipment.... . . . . do_.

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

Nondurable goods industries, total 9 do.Food and kindred products.-.-_- do.Tobacco products do.Textile mill products . do.Paper and allied products do.Chemicals and allied products . . .do.Petroleum and coal products doRubber and plastics products... do

By market category:Home goods and apparel doConsumer staples -_do._._Equipment and defense prod., excl. auto.doAutomotive equipment... doConstruction materials and supplies do.-. .Other materials and supplies do_

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

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

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

Book value (seasonally adjusted), total doBy industry group:

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

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

Machinery, except electrical _..do._._ 7,558 8,508 7,878Electrical machinery do 5,388 6,093 5,726Transportation equipment do 7,908 8,930 8,267

Motor vehicles and parts do 3,013 3,318 3,290Instruments and related products, .do 1,619 1,788 1,687

'Revised. i Advance estimate. 2 Based on data not seasonally adjusted.tSee corresponding note on p. S-ll. * Corrected.

1.641.91.57.79.54

1.35.53.19.62

1.401.861.18

9,001

445,552

230,77511,52538,83221,23623,549

30,20759,62838,4507,523

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

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

217,9022 25,9532 42,331

62,64238, 00124,641

62,944

38,4121,5876,1113,7074,251

1.611.91.59.80.52

1.29.50.19

1.381.841.16

9,941

483,343

252,24211, 75341,91022,91624,292

36,490

68,03945,4128,347

231,10180,678

4,86419,31819,38536,03019,17811,653

44,9092101,3052 60,3002 50,403

37, 543

219, 283227,9652 47,115

67,62041,83125,789

68,015

42,3241,6266,3493,678,4,856

1.621.93.61.80.53

1.28.50.19

1.421.901.18

831

41,914

22,2801,0953,6391,9542,147

3,2992,8446,1064,144732

19,6346,825

4391,6791,6533,1891,6471,028

20,652962

1,8201,974

3,0092,7015,6683,814

19,2916,671411

1,6001,5753,0571,637958

3,7058,3744,9424,2323,062

15,628

1,5532,298

64,97940,32124,658

64,625

39,9511,6236,0743,5974, 565

1.581.86.58.78.50

1.26.49.18

1.401.861.17

747

37,844

19,5641,0223,2731,8471,905

2,8572,5395,0693,366

650

18,2806,545

4151,3681, 5032,8231,624

41,452

21,820969

3,7822,1702,036

3,1192,8945,8704,004

728

19, 6326,777400

1,6031,6563,0631,648

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

1,6442,3244,070

65,08840,41024,678

65,394

40,6001,6006,1633,6314,611

7,9885,8108,6533,5271,683

1.621.93.60.82.51

1.29.50.19.60

1.411.911.17

805

39,443

19,8131,0463,5902,0762,089

2,8142,7464,3552,570675

19,6306,780407

1,6861,6582,9441,637948

40,518

21,191926

3,7082,1051,968

2,9902,8005,8033,932703

19,3276,843387

1,6191,6162,9571,615

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

1,5642,3413,878

65,48140,70424,777

65,788

40,8141,6186,1423,5764,685

8,1425,8738,6003,3701,696

1.651.97.61.83.53

1.30.51.19

1.391.881.15

870

41,198

20,7781,0463,2661,6752,122

3,0633,0025,0353,071742

20,4207,215425

1,7251,7063,1331,628

40,173

20,924953

3,2371,6521,995

3,0812,7965,8633,905

19,2496,821

4151,5811,6312,9421,614951

3,7158,5495,1254,3233,080

15,381

1,5672,422

41, 09624,773

66, 267

41,3001,6146,224

4,766

5,9078,7073,4301,711

1.641.96.61.83.53

1.29.50.20.59

1.381.881.13

856

42,185

21,7481,0503,2151,5952,088

3,0483,0636,0574,178

728

20,4377,154

4051,7511,7183,0701,6501,032

40,548

21,146947

3,2041,6081,963

3,1272,9065,9734,037707

19,4026,845405

1,6091,6562,9821,639958

3,7358,6155,1724,4523,06615,508

1,6182,4024,035

66,21841,21225,006

66,642

41,5231,6406,2753,6694,772

8,3645,9478,7063,4121,714

1.621.94.60.82.52

1.28.50.19.59

1.361.831.13

884

41,642

21, 738993

3,2661,6122,101

2,9703,0876,2234,326729

19, 9047,018

4101,7211,6752,9581,613985

41,403

21,6061,0133,3351,6812,139

3,1502,9625,9073,981

710

19, 7977,001

3941,6731,6913,0671, 6191,012

3,8618,8125,1754,4183,25215,885

1,6742,3854,087

66,77741, 40725, 370

67,192

41, 8691, 6346,2613,6584,816

8,4535,9938, 8603,3661,730

1.601.90.58.81.51

1.27.49.19.58

1.371.791.16

1,006

40,766

21,659934

3,1881,5462,014

3,1243,1176,3424,180

773

19,1076,832

4001,5801,6492,7971,625995

42,622

22,3161,1403,4701,7302,166

3,2423,0736,0753,993

713

20,3067,131410

1,7031,7623,1331,5941,064

4,0678,9555,3854,4483,40916,358

1,7702,5304,188

67,62041,83125,789

68,015

42,3241,6266,3493,6784,856

8,5086,0938,9303,3181,788

1.43

1.611.91.58.82.51

1.28.49.19.59

1.361.801.15

1.071.40.81

855

39,982

20,751856

3,3791,7131,908

2,9522,8545,9814,034678

19,2316,861387

1,4951,6322,9981,622

42,665

22,3071,0923,4991,7412,130

3,2573,1455,9623,824

764

20,3587,157427

1,6591,7173,1431,6051,055

4,0058,9795,4844,2983,42716,472

1,6982,6044,272

68,65142,46326,188

68,594

42, 5891,6386,4383,7604,828

8,5216,1778,9843,2631,806

1.44

1.621.91.58.82.51

1.29.50.19.60

1.361.801.15

1.111.43

.84

43,570

22,878885

3,7731,9192,110

3,3123,1936,4854,270742

20,6927,234

4101,6721,7433,1451,6681,061

42,702

22,4331,0423,6431,8432,202

3,1793,1206,0493,955

740

20,2697,114433

1,6241,7103,1271,6381,051

3,9568,9615,3144,4103,361

16,700

1,7112,5774,192

69,44143,07026,371

69,040

42,8841,643

3,7864,829

8,5756,2109,0473,2761,822

1.41

1.581.86.56.81.49

1.26.49.19.59

1.351.761.15

1.091.39

45,218

23,996976

3,9552,0762,203

3,5263,3326,6554,431

21, 2227,259430

1,7541,8103,4041,5971,113

44,121

23,2381,0783,7261,9302,288

3,2853,2666,2434,096803

20,8837,257450

1,7291,7633,3261,6401,081

4,1409,1405,5294,5733,48817, 251

1,8172,6374,376

70,04943,59426,455

43,2731,6526,5533,8134,779

8,6106,3349,1863, 2261,851

"1.45

« 1. 62' 1.93

.58

.84

.51

1.28.49.19.59

1.391.931.14

1.121.45'.84

c 934

44,918

1,4,0742,1782,187

3,5063,2186,4964,280794

21,0497,177398

1,6851,7703,4981,7221,124

43,540

22,708995

3,8032,0062,148

3,2263,2845,9393,844800

20,8327,255411

1,6701,7403,2601,7561,079

4,0809,0925,4534,2753,34017,300

1,7852,6384,301

70, 75544,21926, 536

70,346

43,7791,6626,5943,8174,754

8,658

9,4813,2741,883

0 1.47

° 1.610 1.93

.58

.84

.51

1.27.49.19.59

o l . 4 4' 2 . 1 1.* 1.15

«• 1. 48' . 8 5

44,287

23,574' 1, 020'3 ,996

2,108r 2,206

' 3,440'3 ,181' 6,415' 4,118

'790

•20,713' 7,245

427' 1,662' 1, 784r 3,365' 1, 685' 1,094

•44,071

•22,915'932

' 3,7982,012

'2 ,129

'3 ,254' 3,313' 6,176

'801

'21,156'7 ,340

416r 1,723'1 ,790'3 ,214' 1, 734' 1, 082

' 4,204' 9,193'5 ,626' 4,327r 3,20317,518

'1 ,754' 2,832'4 ,353

71,66844, 91026, 758

'71,103

44,275'1 ,688r6,700'3 ,887' 4,758

'8 ,756r 6,552

9,483'3 ,314'1 ,932

1.46

1.641.97.59.86.52

1.27.50.19.59

1.401.981.13

1.091.47.80

46,128

24,5951,1014,0652,1002,326

3,6203,3926,5774,280

21,5337,520464

1,7761,9183,3941,7401,127

44,000

22,839967

2,0082,138

3,3003,2276,0833,911811

21,1617,341434

1,6921,8283,2531,7261, 051

4,1509,2015,5434,3803,25117,475

1,74126984,355

72,42645,45926,967

71,994

45,0191, 7086,7753,9204,795

6,6909,6133,2231,980

9 Includes data for items not shown separately.JSee corresponding note on p. ST4.

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

S-6

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

SU.

1964 | 1965

Annual

KVJtt __ OJb' CUJtMEN T JBlJS1JN ESS

1965

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

August 1966

1966

Jan. Feb. Mar. Apr. May June July

GENERAL BUSINESS INDICATORS—ContinuedMANUFACTURERS' SALES, INVENTORIES,

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

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

Durable goods industries—ContinuedBy stage of fabrication:

Materials and supplies 9 mil. $__Primary metals doMachinery (elec. and nonelec.)---doTransportation equipment do

Work in process 9 do____Primary metals doMachinery (elec. and nonelec.)—doTransportation equipment do_

Finished goods9—- doPrimary metals _doMachinery (elec. and nonelec.)-—doTransportation equipment do

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

By stage of fabrication:Materials and supplies._._ doWork in process _ doFinished goods——___ _do

By market category:Home goods and apparel do..__Consumer staples doEquip, and defense prod., excl. auto doAutomotive equipment ____doConstruction materials and supplies——do____Other materials and supplies. __do

Supplementary market categories:Consumer durables _doDefense products _ __doMachinery and equipment ____do

New orders, net (not seas, adj.), total .doDurable goods industries, total doNondurable goods industries, total do

New orders, net (seas, adj.), total.._._ __doBy industry group:

Durable goods industries, total 9 __do____Primary metals _ do

Blast furnaces, steel mills __doFabricated metal products.___ ..doMachinery, except electrical doElectrical machinery doTransportation equipment.___ .do

Aircraft and parts do____

Nondurable goods industries, total_____._doIndustries with unfilled orders© ___doIndustries without unfilled ordersf—_._do

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

Supplementary market categories:Consumer durables..__ _ doDefense products _ _ __doMachinery and equipment ..do

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

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

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

By industry group:Durable goods industries, total9 _. __do

Primary metals doBlast furnaces, steel mills ____do

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

Aircraft and parts. do

Nondur. goods indust.with unfilled orders©.do

By market category:Home goods, apparel, consumer staples.. _ doEquip, and defense prod., incl. auto... __-_do.-__Construction materials and supplies.. doOther materials and supplies _do__.

Supplementary market categories:Consumer durables _ doDefense products _______ _do_ _Machinery and equipment __.do

••Revised. i Advance estimate. 2 Data for total and components (incl. marketcategories) are based on new orders not seasonally adjusted.

9 Includes data for items not shown separately. © Includes textile mill products,leather and products, paper and allied products, and printing and publishing industries; un-

11,6882,2483,2632,216

15,9332, 0245,7634,695

10,7911,8393,920

997

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

9,6193,522

11,391

6,4999,660

13,2413,6835,629

24,2?2

3,0565,6259,431

452,368237,631214,737

2 452,368

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

214,73757,318

157,419

41,74094,38857,76543,64336,325

178,507

17,92027,12644,471

55,96253,0422,920

57,044

53,9586,5594,3114,8118,3028,103

21,09015,526

3,086

1,97529,2235,490

20,356

1,42020, 05813,367

12,9432,3883,8162,278

18,1092,1306,6995,465

11,2721,8314,0861,187

25,6916,0342,3713,1301,9654,3351,7561,279

9,9643,862

11,865

7,0219,844

14,8354,0326,054

26,229

3,2876,388

10,701

492,272260,732231,540

2492,272

260,73241,01721,37824,91438,43435,29272,97322,044

231,54063,458

168,082

45,057101,31565,08151,05338,058

191,708

19,44932,53449,679

64,89661,5433,353

66,068

62,5345,6462,7305,467

10,3049,830

25,99319,781

3,534

2,12434,7326,041

23,171

1,60124,58716,000

12,5372,3053,5402,372

16,5331,9856,1224,820

10,8811,7843,9421,075

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

9,6083,611

11,455

6,6509,721

13,6353,9835,862

24,774

3,2415,8149,863

42,35722,65119,706

40,689

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

19,3795,298

14,081

3,7518,3895,5094,1943,132

15, 714

1,5862,5794,091

60,30957,0643, 245

60,588

57,4546, 6374,1445,0938,9638,773

23,06917,074

3,134

1,92231,6075,733

21,326

1,41221, 74314,422

12,6642,3103,6092,420

17,0532,0516,2425,155

10,8831,8023,9471,078

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

9,5373,591

11,666

6,6859,737

13,8584,2155,821

25,078

3,2495,968

10,006

38,71320,40418,309

41,846

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

19,6515,444

14,207

3,7258,5835,4664,5243,155

16,393

1,5602,6184,348

61,17857,9043,274

60,981

57,8306,3483,8255,1158,9848,978

23, 56317, 252

3,151

1,86132,0975,720

21,303

1,32822,03614,700

12,6722,3163,7022,232

17,2832,0586,3515,284

10,8591,7683,9621,084

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

9,6453,662

11,667

6,8159,675

14,0464,0685,852

25,332

3,2506,030

10,216

39,96420,34819,616

40,926

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

19,4175,347

14,070

3,7848,5585,5434,2943,040

15, 707

1,6402,8084,159

61,69758,4383,259

61,391

58,1485, 7603,1855,1209,3139,178

23,90117,732

3,243

1,95332,5875,701

21,150

1,40622,50314,982

12,8122,3023,7472,317

17,3802,0666,4155,277

11,1081,8564,0431,113

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

9,7663,702

11,499

6,8639,566

14,2864,1245,908

25,520

3,2216,044

10,432

42,25921,81820,441

41,483

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

19,3205,267

14,053

3,7808,5505,7564,5043,118

15, 775

1,6103,4504,153

62, 75859,4793,279

62,699

59,3855,4312,8095,1379,5479,376

24,89118,631

3,314

2,01733,4015,739

21,542

1,44923.53215,152

12,8862,3023,8082,348

17,5022,1146,4915,228

11,1351,8594,0121,130

25,1195,8612,3283,1191,9194,2851,7181,273

9,7693,825

11,525

6,8669,630

14,3764,1025,983

25,685

3,2336,091

10,492

43.10422.64820.456

41,843

22,4253,1481,4512,0503,3492,9836,9202,466

19,4185,307

14,111

3,7788,6045.6894,5163,129

16,127

1,6753,2764,249

63,67660,3793,297

63,993

60,6645,3752,6535,2249,7699,453

25,83819,569

3,329

2,04633,9835,803

22,161

1,50424,40715,369

12,9142,3363,8252,300

17,7632,0976,5775,408

11,1921,8284,0441,152

25,3235,9932,2683,0851,9344,3501,7371,306

9,8273,823

11,673

6,8909,708

14,6504,0926, 011

25, 841

3,2546,270

10, 591

42,09422,10919,985

42,234

22,3893,3921,6352,2133,3963,2015,9721,608

19,8455,454

14,391

3,8688,8065.4854,4133,296

16, 366

1,6952,5674,325

64,12960, 7523,377

64,821

61,4455, 4322,6065, 298

10, 0149,692

25, 90319,683

3,376

2,04834,2845,845

22,644

1,52624, 58715,606

12,9432,3883,8162,278

18,1092,1306,6995,465

11,2721,8314,0861,187

25,6916,0342,3713,1301,9654,3351,7561,279

9,9643,862

11,865

7,0219,844

14,8354,0326,054

26,229

3,2876,388

10,701

41,53122,44819,083

43,868

23,4033,6841,8542,3353,5323,2116,1651,724

20,4655,717

14,748

4,1458,9555,8344,4483,604

16,882

1,8442,5284,583

64,89661,5433,353

66,068

62,5345,6462,7305,467

10,3049,830

25,99319,781

3,534

2,12434,732

6,04123,171

1,60124,58716,000

12,9512,4233,8622,250

18,2852,1796,7445,537

11,3531,8364,0921,197

26,0056,2432,3343,1191,9704,4091,7871,296

10,0283,876

12,101

7,16710,03914,9663,9926,017

26,413

3,3846,519

10,735

42,37923,05219,327

43,986

23,5783,6031,7762,1773,4273,4626,5262,268

20,4085,580

14,828

4,1198,9816,1124,2983,452

17,024

1,8103,4024,450

67,29363,8443,449

67,388

63,8035,7502,7655,513

10,47510,14726,55720,397

3,585

2,24135,3606,063

23,724

1,71225,38316,181

13,0042,4283,9012,261

18,4682,224fi,7775,589

11,4121,8344,1071,197

26,1566,2302,3383,1691,9814,4601,8161,293

10,0723,877

12,207

7,24710,03615,0544,0036,071

26,629

3,4236,581

10,815

45,43424,57820,856

44,129

23,7413,9942,1412,2473,3173,3326,5742,092

20,3885,604

14,784

3,9378,9605,8334,3323,399

17,668

1,6763,0354,584

69,15665,5433,613

68,814

65,1106,1023,0635,558

10,61310,35827,08220,846

3,704

2,21935,8036,099

24,693

1,67725,84116,575

12,9882,4453,9632,188

18,8072,2556,8435,802

11,4781,8534,1381,196

26,3756,3572,3943,1741,9854,4601,8091,295

10,1533,893

12,329

7,32910,25115,2663,9416,072

26,789

3,4756,824

10,848

47,39826,09921,299

45,833

24,8884,0572,1042,4113,5293,4896,8732,395

20,9455,745

15,200

4,1739,1416,0364,5383,600

18,345

1,8193,3754,587

71,33767,6463,691

70,527

66,7626,4343,2385,681

10,85710, 58127,71221,566

3,765

2,25436,2756,211

25,787

1,68026, 57816,785

13,1462,4904,0192,195

19,1412,2446,9046,078

11,4921,8604,1431,208

26,5676,4802,3953,1731,9974,5041,8021,299

10,3093,913

12,345

7,40310,38015, 5573,9926,090

26,924

3,5087,079

10,939

46, 40125,23821,163

45,064

24,1973,9052,0372,2063,5383,6126, 5612,099

20,8675,650

15,217

4,0519,0926,2954,3433,426

17,857

1,7843,2994,788

72,82269,0183,804

72,049

68,2506,5363,2695,740

11,16910,90928,33322,006

3,799

2,22537,1866,298

26,340

1,67827, 23917, 273

'13,298'2,489' 4, 120' 2,226

••19,302'2,337'6,977' 6,003

'11,6751,874

r 4, 211' 1,254

'26,8286,5152,394

' 3,1562,028

'4,632' 1,795'1,309

'10,439'3,991

'12,398

' 7,521'10,466'15,655' 4,028

6,124'27,309

' 3,627'7,099'11,063

'44,748'23,969'20,779

'45,321

'24,276'4,305

2,3312,237

' 3,553'3,466' 6,488' 1,942

'21,045' 5,692

'15,353

'4,227' 9,197' 5,937' 4,516' 3,227

'18,217

'1,812'2,907' 4,845

'73,279'69,410'3,869

'73,297

'69,609' 7,042

3,588' 5,847

'11,468'11,061'28,646'22,110

' 3,688

'2,250'37,687'6,320'27,040

'1,736'27,316'17,762

13,5412,4964,2582,212

19,6932,3937,1026,139

11,7851,8864,2791,262

26,9756,5082,3733,2682,0804,6501,7801,317

10,5434,051

12,381

7,59210,47616,0083,9436,212

27,763

3,7227,294

11,318

47,32225,82021,502

45,482

24,2934,1112,1762,1503,5283,4216,7592,422

21,1895,814

15,375

4,2339,2076,2734,4323,202

18,135

1,8233,5054,656

74,47470,6363,838

74,780

71,0637,3153,7575,859

11,69611,25529,32222,802

3,717

2,33938,4696,272

27,700

1,81728,12318,063

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

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

August 1966 SURVEY OF CURRENT BUSINESS S-7

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May- June July

GENERAL BUSINESS INDICATORS—ContinuedBUSINESS INCORPORATIONSd1

New incorporations (50 States and Dist. Col.):Unadjusted number__Seasonally adjusted _ do

INDUSTRIAL AND COMMERCIALFAILURES d1

Failures, total . . n u m b e r -

Commercial service _ ._ do___.Construction _. doManufacturing and mining do_Retail trade doWholesale trade do__._

Liabilities (current), total __thous. $__

Commercial service. doConstruction doManufacturing and mining d o . . . .Retail trade doWholesale trade do____

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

197,724

13,501

1,2262,3882,2546,2411,392

1,329,223

182,527262,392361,864281,948240,492

i 53. 2

203,897

13,514

1,2992,5132,0976,2501,355

1,321,666

248,523290,980350,324287,478144,361

153.3

17,63516,671

1,094

90205172510117

144,607

54,20735,60122,43522,35310, 011

50.1

16,794

1,074

82205157514116

121,485

4,89153,37231,14521,35210,725

52.8

16,11416,957

1,131

114208176533100

135,039

47,12724,08030,09719,70414, 031

56.9

15,96217,138

1,100

124205172479120

104,976

23,03919,00724,88027,46310,587

59.7

15,88916,744

1,047

11021214549090

82,066

10,38119,13917,86227,876

51.5

15,13017,418

1,033

10320115547797

71,722

7,63514,42022,53920,6066,522

51.4

18,18516, 999

1,090

119210156492113

97,575

7,89522,74124,97228,79313,174

54.2

19,73117,677

1,084

101203160515105

103,175

8,02113,87723,02942,21616,032

50.7

16,58517,868

946

103167139430107

95,536

8,59524,30618,16335,1659,307

44.1

20,15617,305

1,226

130209171601115

103,471

11,005

29,92829,74916,159

50.2

17,29917,022

1,106

121206154509116

110,141

20,76135,02422,01122,4449,901

47.4

17,03616,603

997

108210121459

96,376

26,40023,83220,16417,054

17,50016,641

1,077

10021215751197

123,575

27,12320,736

32,52814,858

45.8 49.4

COMMODITY PRICESPRICES RECEIVED AND PAID BY

FARMERS

Prices received, all farm products}: 1910-14=100..Crops 9 - do____

Commercial vegetables doCotton . . . doFeed grains andhay doFood grains ___doFruit doTobacco do

Livestock and products 9 --- — __do_.Dairy products _ do_.Meat animals do..Poultry and eggs _do_.

Prices paid:All commodities and services do

Family living items doProduction items __ do

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

Parity ratio § do

CONSUMER PRICES

(U.S. Department of Labor Indexes)

Unadjusted indexes:All items ..1957-59=100.

Special group indexes:All items less shelter __._ do___All items less food do___Commodities do..

Nondurables do..Durables 9—— do_.

New cars do..Used cars do..

Commodities less food_. do__Services do__

Services less rent do . .Food 9—_ . do__

Meats, poultry, andfish__ do__Dairy products do__Fruits and vegetables do__

Housing do__Shelter 9 . _ do

Rent do_.Homeownership. _ __._ do__

Fuel and utilities 9 — do . .Fuel oil and cqal__.___ do__Gas and electricity -_.-____ do__

Household furnishings and operation.do__Apparel and upkeep do__Transportation. __ . . . do

Private _. _ doPublic do

Health and recreation 9 do_.Medical care. _____ do..Personal care _ __do_!Reading and recreation . . . . . d o . .

Seasonally adjusted indexes:*Food.. ..do-Apparel and upkeep _do~Transportation __. do .

237239247262166190307490

236256270142

282300270

31376

108.1

108.0108.9105.2106.0103.0101.2121.6104.4115.2117.0

106.498.6104.7115.3107.2108.7107.8109.1107.3103.5107.9102.8

105.7109.3107.9119. 0113.6119.4109.2114.1

248232261245173164236513261261319145

306276

32177

109.9

109.6110.4106.4107.9102.699.0120.8105.1117.8120.0108.8105.1105.0115.2108.5110. 6108.9111.4

107.2105.6107.8103.1

106.8111.1109.7121.4

115.6122.3109.9115.2

254

241282254180157228499

265240342139

290307278

323

79

110.1

110.0110.3

106.9108.6102.697.4122.7

105.1117.6119.7

110.1106.4104.0125.9

108.2110.3108.8111.0

106.9103.4107.8103.1

106.9111.2109.7121.3

115.7122.2111.0115.7

252

232249253177160197501

269249343142

290307278

78

110.2

110.1110.2

106.9108. 7102.397.2123.0104.7117.8120.0110.9109.2104.3124.3108.3110.6108.9111.2

106.6103. 2106.9102.9

106.1111. 5110.0121.4115.3122.7108.7114.6

249223233244171162230517

272258341147

289305277

321

78

110.0

109.8110.2106.6108.5101.897.1120.3104.7117.9120.0110.1109.8105.0114.6108.2110.7109.0111.4

105.3103.5107.7102.9

106.4111.0109.5121.5

115.6122.8109.0114.3

249223237249171160248528

271270333150

288305277

321

78

110.2

110.0110.6106.6108.6101.796.5118.9104.9118.5120.7109.7109.8105.3108.5

108. 6110.8109.1111.6107.4104.3107.9103.1

107. 2111.0109.5121.6

115.8122.8109.2114.8

249221252248161164234528

273277332151

288305276

32277

110.4

110.2110.9106.9108. 7102.197.7119.4105.3118.7121.0

109.7108.9105.5108.5109. 0111.2109.2112.1107.7106.9107.9103.3107.8111.2109.7121.6116.2123.0109.2115.2

249219259245156167211550

275282332155

289307276

32277

110.6

110.4111.2

107.1108.9102.498.7

118.7105.611.9.0121.3109.7108.5105.8109.9109. 2111.5109.3112.5107.9107.2108.0103.3108.1111.5110.1121.6116.4123.4109.6115.4

259

224259236166170231549

290281357164

291309278

324

80

111.0

110.8111. 3

107.4109.4102.498.7

118.2105.7119.3121.6110.6110.1106.1111. 0109.4111. 8109.5112.9108.1108.6108.0103.6108.1111. 6110.1122.0116.6123.7110.0115.4

110.8107.6111.3

262226287225171171225540

293277369160

293309281

327

2 111. 0

110.8111.1107.4109.6101.997.4114.8

105.3119.5121.8

111.4112.9106.6111.3109.2112.0109.7113.1106.4108.9107.9103.6107.3111.2109.6122.0116.9124.2110.4115.7

111.6107.8110.8

270232312224174173232545

303277384170

295312282

32982

111.6

111.4111.3108.0110.6101.897.2114.0105.4119.7122.0

113.1115. 7107.0116.5109.4112.1109.8113.3106.5109.0108.2103.8107.6111.1109.6122.0117.1124.5110.8115.9

113.1108.0111.4

269231291236170171234545

303277380174

297314284

33181

112.0

111.9111.6108.4111.1102.097.1

115.4105.6120.1122.5113.9116.9108.1117.4109.6112.3109.9113.5106.6108.9108.2104.0108.2111.4109.9122.1117.6125.3111.0116.6

114.2108.5111.8

265236313240172168243547

291272365161

296314283

333

112.5

112.4112.2

108.8111.4102.397.4

117.4106.0121.1123.6114.0115.6108.9119.8110.3113.0110.1114.3108.3108.5108.3104.4108. 7112.0110. 5122.1118.1125.8111.6116.8

114.3108.8112.3

263239290240175174262546284266361150

296315283

79

112.6

112.4112.5108.8111.3102.597.0

117. 5106.3121.5124.1113.5113.9109.3119.2110.7113.5110.2

108.2108.0108.2104.6109.3112.0110. 5122.1118.4126.3112.0116.8

114.0109.4112.0

264

241281246175189269546

267359147

296314

33379

112.9

112.6112.8109.0111.5102.696.8

118.2106.4122. 0124.8113.9114.2109.6121.7111.1114.1110.2115.8108.0107.0108.1104.8109 4112.2110.7122,8118.7127. 0112.2117.0

114.0109.5112.3

267

245304252182204224546

285285351153

297315285

334

80

••Revised. i Based on unadjusted data. "Corrected.2 Beginning with indexes for Jan. 1966, data for six additional areas (Cincinnati, Houston,

Kansas City, Milwaukee, Minneapolis-St. Paul, and San Diego) have been incorporatedinto the national CPI. These areas were "linked" into the CPI as of Dec. 1965 and werefirst used in calculating the Dec. 1965-Jan. 1966 price change.

cf Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).

{Revisions for Jan. 1963-Mar. 1965 are available upon request.§ Ratio of prices received to prices paid (parity index). 9Includes data for items not

shown separately. * New series. Beginning with indexes for Jan. 1966, seasonally adjustedindexes for selected groups and subgroups of the CPI were published by the Dept. of Labor.Additional information and a description of the BLS Seasonal Factor Method are availablefrom the Bureau of Labor Statistics, U.S. Dept. of Labor, Washington, D.C. 20210.

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

S-8

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

1964

sun1965

Annual

Ob' (JUKI ; BUSINK

1965

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

August 1966

1966

Jan. Feb. Mar. Apr. May June July

COMMODITY PRICES—Continued

WHOLESALE PRICES &

(U.S. Department of Labor Indexes)

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

F d f f d

2 C o m o t e s 195759109 Foodstuffs do.13 Raw industrials do.

All commodities do.

By stage of processing:Crude materials for further processing do.

d i t t i l li t dCrude ateals fo furthe pces sng doIntermediate materials, supplies, etc do.Finished goods© do_.

By durability of product:Durable goods_. _do.Nondurable goods ____do_.Total manufactures _. _._do_.

Durable manufactures __.__do_.Nondurable manufactures do_.

Farm products and processed foods. ..do.

Farm products 9 do_.Fruits and vegetables, fresh and dried-do.Grains do_.Livestock and live poultry do.

Foods, processed 9 do.Cereal and bakery products... __do_Dairy products and ice cream do_.Fruits and vegetables, canned, frozen..do.Meats, poultry, and fish _do_

Commod. other than farm prod, and foods._do

Chemicals and allied products 9 do..Chemicals, industrial do_.Drugs and Pharmaceuticals do_.Fats and oils, inedible do_.Fertilizer materials do_.Prepared paint do_.

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

Furniture, other household durables 9 do. . .Appliances, household do___Furniture, household do.__Radio receivers and phonographs do___Television receivers do.. .

Hides, skins, and leather products 9 do.Footwear do.Hides and skins. do.Leather __do_

Lumber and wood products do.Lumber do.

Machinery and motive prod. 9 - do_.Agricultural machinery and equip do..Construction machinery and equip do_.Electrical machinery and equip do..Motor vehicles do..

Metals and metal products 9 do..Heating equipment do..Iron and steel do.Nonferrous metals do.

Nonmetallic mineral products 9 do..Clay products, structural do..Concrete products do..Gypsum products do..

Pulp, paper, and allied products do..

Rubber and products do.Tires and tubes. do.

Textile products and apparel 9 do..Apparel . do_.Cotton products do_.Manmade fiber textile products do..Silk products do..Wool products do_.

Tobacco prod, and bottled beverages 9 . . .do. .Beverages, alcoholic do. _Cigarettes do__

Miscellaneous do__Toys, sporting goods do__

PURCHASING POWER OF THE DOLLAR

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

188.81104.6

100.5

94.1100.9101.8

102.499.1

101.1102.599.7

98.0

94.3103.294.184.7

101.0107.8107.8104.890.8

101.2

96.794.295.096.8

100.1104.7

97.196.9

101.1121.392.7

98.591.3

105.381.590.9

104.6108.587.5

102.9100.6100.7

102.9112.9112.496.8

100.5

102.892.0

100.5105.9

101.5104.2100.9108.299.0

103.692.589.0

101.2102.899.695.8

117.3103.0

107.4100.7105.6109.2101.0

$0,995.925

1104.7191.9

1114.6

102.5

98.9102.2103.6

103.7101.5102.8103.7101.9

102.1

98.4101.889.698.9

105.1109.0108.5102.1101.0

102.5

97.495.094.4

112.7103.5105.4

96.5100.8124.195.9

98.089.2

106.280.288.5

109.2110.7111.2108.1101.1101.9

103.7115.1115.396.8

100.7

105.791.7

101.4115.2

101.7105.1101.5104.099.9

104.192.990.0

101.8103.7100.295.0

134.3104.3

107.7100.8105.8111.0102.7

$0,976.910

104.290.1

115.3

102.8

100.6102.2103.9

103.7102.0103.0103.7102.3

103.5

100.3109.089.6

104.6

106.1108.5107.1101.5105.5

102.5

97.494.893.9

114.0104.3105.7

98.794.7

100.8122.796.0

98.089.4

105.981.1

107.7109.8103.1107.6100.3101.1

103.8114.7115.296.9

100.7

105.992.0

101.3116.2

102.0104.9101.6107.5100.0104.193.190.2

101.9103.6100.295.9

132.2104o0

107.6100.7105.6111.0102.5

$0,973.908

103.389.0

114.6

102.9

100.5102.3104.0

103.7102.2103.1103.7102.5

103.7

100.0103.988.4

105.0

106.6109.3107.8101.8106.3

102.5

97.495.094.0

110.3103.3105.7

98.795.2

100.7122.596.0

97.889.2

105.979.687.8

108.8110.0117.4105.9100.5101.2

103.7114.9115.397.0

100.7

105.891.7

101.5115.5

• 101. 7' 104. 9

101.7105.799.9

104.193.090.2

101.9103.8100.395.7

127.6104.4

107.6100.7105.6112.6102.9

$0,972.907

104.791.2

115.2

102.9

100.8102.4103.8

103.9102.0103.2103.9102.4

103.3

99.185.588.3

106.4

106.7108.8108.5100.4106.3

102.7

97.195.093.9

104.4102.1105.7

99.095.8

100.8123.996.4

97.788.6

106.179.088.0

112.2110.2133.4112.5101.8102.5

103.8114.8115.696.7

100.7

106.291.9

101.4116.5

101.6105.3101.5100.699.9

104.193.291.1

101.9104.1100.494.7

132.8105.0

107.6100.7105.6111.5102.7

$0,972.909

105.493.2

114.8

103.0

100.0102.5104.1

103.9102.2103.2103.9102.5

103.5

99.596.189.3

102.6

106.7109.1109.1101.8105.3

102.7

97.295.093.9

108.4102.5105.7

99.296.6

100.8125.396.4

97.788.6

106.279.088.0

111.3110.3124.9110.9102.0103.1

103.8115.0115.696.6

100.5

106.291.9

101.2117.0

101.6105.4101.699.9

100.0104.193.391.1

102.1104.2100.694.2

134.9105.2

107.7100.9105.6111.5103.2

$0,971.907

105.693.4115.0

103.1

100.1102.6104.3

104.0102.4103.4104.0102.7

103.6

99.495.688.6

103.2

106.9109.4109.4104.7104.9

102.8

97.695.494.1

110.1103.4105.9

99.497.3

100.8125.896.6

97.888.6

106.479.287.9

113.3113.6125.6111.9101.6103.0

103.9114.9115.896.6

100.5

106.391.9

101.2117.4

101.6105.4101.699.1

100.5104.593.491.1

102.0104.3100.893.3

140.3105.4

107.7100.9105.6111.2103.1

$0.970.906

106.193.9

115.5

103.5

100.8103.0104.7

104.2102.9103.7104.2103.2

104.3

100.394.287.4

104.0

107.6110.6110.4105.4105.5

103.2

97.595.594.7

106.7103.8105.9

100.397.5

100.8126.898.1

98.088.6

106.679.287.9

113.6113.7126.5113.3101.6103.0

104.1116.8116.496.5

100.5

106.791.6

101.3118.7

101.6105.4101.898.6

100.8104.893.591.1

101.9104.2101.092.5

142.2105.4

107.7100.9105.6113.2103.0

$0.966.904

108.997.9117.1

104.1

103.2103.0105.3

104.2103.9104.1104.2103.8

106.5

103.092.290.1

109.0

109.4111.2111.3105.1110.5

103.2

97.695.594.6

110.1103.8105.9

100.697.6

100.7128.698.4

98.288.8

106.779.287.9

114.6113.8132.3114.2101.9103.4

104.2117.0116.596.6

100.5

106.691.6

101.7117.2

101.6105.6101.897.4

100.9104.993.591.1

102.0104.3101.291.9

143.6105.4

107.9101.3105.6112.5103.1

$0.961.901

112.0J.00.7120.5

104.6

105.2103.4105.6

104.6104.5104.4104.5104.3

107.7

104.597.592.4

112.6

110.3111.8110.9104.7112.7

103.5

97.695.194.4

113.1103.8105.9

100.598.1

100.4128.298.3

98.389.0

107.078.4

'87.4

116.0114.4140.0116.6102.8104.3

104.4117.3116.997.0

100.5

107.091.5

102.0118.3

102.0105. 6102. 0101.4101.2105.293.791.1

101.9104.6101.091.3

147.6105.9

108.1101.1105.6114.3103.2

$0.956.901

113.8101.9122.9

105.4

107.5103.8106.3

104.9105.5104.9104.8104.8

109.8

107.498.092.9

116.7

111.8112.1113.0105.2114.9

103.8

97.695.294.5

110.0104.7105.9

100.398.2

100.4128.997.8

98.489.0

107.278.5

'87.3

117.8114.9152.8118.0103.7105.6

104.7117.8117.597.8

100.4

107.591.7

102.2119.5

102.1105.8102.1101.4101.3105.494.191.1

102.0104.7101.591.0

155.3105.8

108.0101.0105.6116.0103.3

$0,949

113.6100.7123.5

105.4

106.9103.9106.4

105.3105.3105.0105.1104.7

109.4

106.8'101.7

90.8114.2

111.5112.2115.0104.8113.3

104.0

97.695.294.4

106.4104.7105.9

99.997.5100.4128.297.2

98.489.1107.278.4

118.7115.3147.8123.3105.6107.4

105.0118.0117.998.2

100.3

108.091.8

102.3120.8

102.1105.9102.2101.4101.8105.494.391.1

102.1104.7101.890.8

151.4106.0

109.2101.0109.5113.1103.3

$0,949

112.5100.8121.5

105.5

106.3104.3106.3

105.7105.1105.1105.6104.6

108.7

106.4111.091.2

112.4

110.6112.6114.8104.8110.9

104.3

97.695.694.1

104.0105.5106.2

100.094.9

100.3129.297.7

89.3108.378.4

120.8118.4148.8122.4108.4110.9

105.2118.1118.598.4

100.2

108.292.1

102.0122.1

102.3106.0102.7101.4102.3106.095.494.4

102.2104.7102.390.5

151.6106.3

109.4101.0110.0113.0103.7

$0.948

110.7100.4118.3

105.6

105.7104.8106.2

106.1105.0105.5106.1104.8

107.9

104.5103.393.6

110.4

110.5113.0114.9105.4110.9

104.7

97.796.094.1

102.5106.6106.2

100.496.9

10Q.2128.398.4

89.4108.978.386.8

122.9119.3163.0125.1109.6113.1

105.8118.2118.998.7

100.9

108.492.1

101.8122.5

102.4106.3102.7102.2102.7107.195.494.4

102.2104.9102.689.9

140.9106.4

109.4101.0110.0115.1103.7

$0.947

111.4102.0118.4

105.7

' 105.6104.9106. 4

106.2105.2105.6106.1105.1

107.7

r 104. 299.794.9

108.5

' 110. 6' 114.0

117.0' 104.9

109.9

104.9

'97.695.8

'94.3' 101.6

104.8106.8

101.5' 97.2100.2

' 128. 5100.2

89.4108.9'78.4

123.1• 119.3161.0

• 126. 6• 107. 7•111.8

105.9' 118. 4118.9'98.8100.7

108.792.5

102.0123.2

' 102. 5106.5

' 103. 0' 102. 7

103.0108.095.494.4

102.2104.8102.8'90.0143.8106.5

109.8101.0110.0

' 115. 7103.7

$0.946

113.1105.3118.8

106.4

107.6105.4106.9

106.2106.3106. 0106.1105.8

109.8

107.6107.0103.1107.1

111.7115.3120.3104.6110.0

105.1

97.895.994.3

106.6104.2106.8

101.497. 4

100.2128.5

99.189.4

109.078.4

122.8119.4156.4126.0106.7110.4

106.0118.4118.998.9

100.7

108.792.9

102.2122.9

102.7106.5103.0102.7103.2108.295.193.9

102. 4105.0103.090.1

152.1106.7

110.0101.0110. 0120.5104.5

$0. 940

' Revised. v Preliminary i Annual averages computed by OBE.cf For actual wholesale prices of individual commodities, see respective commodities.

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

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

August 1966 OF CURRENT BUSINESS

CONSTRUCTION AND REAL ESTATE

S-9

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

CONSTRUCTION PUT IN PLACE f

New construction (unadjusted), total mil. $__

Private, total 9 __doResidential (nonfarm) do

New housing units.. doNonresidential buildings, except farm and pub-

lic utilities, total 9 .- mil. $_.Industrial do_._.Commercial do

Farm construction doPublic utilities do... .

Public, total 9 - do.

Buildings (excluding military) do..Residential.. _. _. do_.

Military facilities. do..Highways and streets do..

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

Private, total 9 do..

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

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

Farm construction doPublic utilities do. . . .

Public, total 9 — do..

Buildings (excluding military) do..Residential do..

Military facilities . do_.Highways and streets do..

CONSTRUCTION CONTRACTS

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

Valuation, total .mil. $_.

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

Public ownership mil. $_.Private ownership do____By type of building:

Nonresidential doResidential do

Non-building construction doNew construction:

Advance planning (ENR) § doConcrete pavement awards:

Total thous. sq. yds..Airports do. : . .Roads doStreets and alleys doMiscellaneous do

HOUSING STARTS AND PERMITS

New housing units started:Unadjusted:

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

Privately owned.. do

Total nonfarm (private and public) do_.In metropolitan areas do..

Privately owned __: do_.

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

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

Seasonally adjusted at annual rates:Total thous.-

One-family structures do

CONSTRUCTION COST INDEXES

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

Average, 30 cities . 1913=100-Atlanta doNew York do____San Francisco doSt. Louis do

Associated General Contractors (building only)1957-59=100-

66,221

45,91426,50720, 612

12,9983,5725,4061,2214,850

20,307

7,052474968

7,144

2 47,299

3 137

2 15,3712 31,928

2 15,4952 20,5612 11,244

44,405

123,7685,352

89,87225,5782,967

1,590.7973.0

1,557. 4

1,563.71,117.71,530.4

1,286720

112

802878

792785

119

71,903

49,99926,68920,765

16,5215,0866,7041,1955,178

21,904

7,684464883

7,539

49,831

144

16,33033,501

17,47021,46110,900

45,625

125, 5804,41086,77929,0165,376

1,542.7963.5

1,505.0

1,520.41,067. 51,482.7

1,241710

116

824904925814

123

6,768

4,6472,6301,935

1,423440560102456

2,121

7084083778

71,756

50,317

27,224

16,3005,4266,1991,1965,187

21,439

7,315451834

7,523

4,625

139

1,5533,072

1,5512,080993

4,174

34,4551,60122,4218,9911,443

162.399.9155.5

159.7114.3152.8

1,5661,539

1,245

116

820901917804

123

6,768

4,5872,5912,019

1,397422548109454

2,181

70,358

49,122

26,983

15,4064,9075,8821,1885,185

21,236

7,382471980

7,499

4,795

149

1,7503,045

1,6911,9521,151

3,215

143.994.1141.3

141.695.1139.0

1,4731,447

1,234710

116

825907917804

124

6,806

4,6232,5272,009

1,488438615112465

2,183

7034586851

70,863

49,222

26,621

15,9494,9736,2391,1865,142

21,641

7,609472910

7,494

4,265

139

1,3132,952

1,5071,971788

3,714

138.088.5134.7

136. 294.8132.8

1,4271,409

1,228709

116

827908917

124

6,789

4,6072,4501,955

1,549478646107465

2,182

7224891825

72,830

50,167

26,413

16,9845,3216,9771,1865,208

8,187505

1,0257,689

4,153

147

1,3322,821

1,4641,756934

3,915

33,048857

20,6929,5491,950

125.980.0124.3

124.387.8122.7

1,4531,436

1,180678

117

829908

834809

124

6,754

4,6062,3701,897

1,605478678104487

2,148

7285082799

72,687

50,084

26,343

16,9235,0687,0561,1855,196

22,603

8,311522832

7,734

4,356

147

1,2943,061

1,5821,897877

3,895

135.787.2133.6

133.094.8130.9

1,4111,380

1,244727

117

834909940834805

124

4,5302,2831,836

1,605500

500

68746

74,039

51,209

26,243

17,8395,2917,7061,1835,429

22,830

8,382525967

7,398

3,745

141

1,1632,582

1,3281,696721

4,618

118.371.4116.1

117.178.8114.9

1,5471,531

1,280731

117

909940834815

124

6,010

4,3812,1381,723

1,63557564095466

1,629

6374263

76,046

53,445

26,684

19, 5516,2508,0171,1825,412

22,601

8,196522760

7,559

3,698

153

1,3042,395

1,4331,446

819

5,707

29,1471,32920,8315,6391,347

103.259.9102.3

101.675.9100.8

1,7691,735

1,292724

118

837909941837817

124

5,065

3,6511,8431,483

1,30244251092367

1,414

54362

76,055

53,285

27,460

18,8125,9877,8461,1855,220

22, 770

8,404524733

7,507

3,374

149

1,1252,249

1,1771,290906

3,384

87.348.284.6

61.583.7

1,6111,585

1,255711

118

840913945839821

124

4,650

3,3891,6271,315

1,26645345191354

1,261

5563752277

77,017

54,290

27,463

19,3886,6297,2941,1905,512

22, 727

8,357529823

7,457

3,270

144

1,0662,204

1,2591,299712

3,942

81.046.878.2

79.555.476.7

1,3741,349

1,197652

118

843916946840822

124

5,418

3,8611,8731,443

1,45251153092

395

1,557

618

436

78,140

55,066

27,279

20, 4957,0737,6721,1945,409

23,074

5301, 0097,409

4,737

158

1,4633,274

1,7262,0041,007

4,608

25,684513

21,2983,161711

130.980.9126.3

128.791.4124.1

1,5691,538

1,268743

118

845917949841830

124

6,066

4,3082,1911,620

1,54656555091431

1,758

6784166538

76,844

54,347

27,437

19,5727,1757,0971,1975,458

22,497

8,149535887

7,360

5,098

161

1,5743,524

1,8832,0811,134

3,686

149.2' 95.4147.1

146.9• 106.8144.8

1,5021,481

1,185660

119

854926954852

125

6,372

4,4542,3641,731

1,49352952096458

1,918

71543

0)628

74,087

51,790

26,992

17,7646,5115,9321,2015,301

22, 297

8,1945350)7,309

5,132

156

1,9023,230

1,8261,9701,335

3,578

137.1'86 .8133.2

133.8'89 .8129.9

1,2951,264

596

119

858927954852853

126

4,7172,5561,870

0)C1)0)102478

2,219

79648

0)751

73,697

51,210

26,402

0)0)&

5,421

22,487

8,223

(00)7,259

4,854

147

1,9372,916

1,8851,8281,140

4,902

130.986.4

127.7

• 128.686.0

125.3

1,2881,264

941574

120

927954852853

127

2,362

877950

887863

128

r Revised. 1 Not yet available; estimate included in total. 2 Annual total includesrevisions not distributed to months. 3 Computed from cumulative valuation total,

f Revised series. Monthly data for 1962-64 appear on p. 40 of the May 1966 SURVEY.

9 Includes data not shown separately.§Data for June, Sept., and Dec. 1965 and Mar. and June 1966 are for 5 weeks; other

months, 4 weeks.

225-221 O - 66 - 5

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

S-10 SURVEY OF CURRENT BUSINESS August 1966

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

CONSTRUCTION AND REAL ESTATE—Continued

CONSTRUCTION COST INDEXES—Con.

E. H. Boeckh and Associates: JAverage, 20 cities:

All types combined 1957-59=100_.Apartments, hotels, office buildings do__._Commercial and factory buildings . .doResidences do

Engineering News-Record:Building d o . —Construction __. .do

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

CONSTRUCTION MATERIALS

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

Seasonally adjusted.. - do.

Iron and steel products, unadjusted- doLumber and wood products, unadj _.doPortland cement, unadjusted do

REAL ESTATE

Mortgage applications for new home construction:Applications for FHA commitments

thous. uni ts . _Seasonally adjusted annual ratest do.

Requestsfor VA appraisals __do.___Seasonally adjusted annual rates* _do_

Home mortgages insured or guaranteed b y -Fed. Hous. Adm.: Face amount mil. $~Vet. Adm.: Face amount! do

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

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

By purpose of loan:Home construction do_Home purchase ___do_All other purposes _._ do.

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

Nonfarm foreclosures number. _

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

113.4114.6113.4111.6

116.1123.2

102.0

152.6

154.2151.9183.2

182.1

113.6

6,573.222,852.21

5,325

24,505

6,51510,3977,593

36,921108,620

1,367.13

117.2118.5117.2115.2

118.9127.8

105.7

157.1

161.1157.5186.2

188.9

102.1

7,464.592,652.23

5,997

23,847

5,92210, 6977,228

116,664

1,455.63

117.2118.4117.3115.0

118.8127.6

106.9

171.2160.3

170.0161.9233.2

15.71549.7100

610.77217.36

5,586

2,399

614

10,248

119.54

118.0119.2118.1116.0

119.1128.6

159.5165.6

163.6149.1236.2

15.11658.695

646. 67217. 21

5,793

2,186

5201,063603

9,753

130.52

118.2119.4118.3116.1

119.5129.5

176.7160.8

187.5167.5246.7

17.31868.995

757.29244.70

5,770

2,187

5111,099577

9,521

111. 78

118.4119.7118. 5116.4

120.1129.8

106.7

171.0164.1

161.6173.8224.5

16.61898.497

755.77254.42

5,802

2,079

4901,015574

9,806

115.44

118.8120.0118.8117.0

120.4129.8

165.9146.8

159.8166.3235.8

15.11927.294

714.36245.00

5,826

1,961

487910564

9,577

108.72

118.9120.1118.9117.0

120.2129. 7

150.0157.2

143.6159. 5188.1

14.52226.8100

706.02242.64

5,724

1,825

431834560

9,642

112.28

119.5120.7119.5117.6

120.4130.0

106.6

144.9168.8

148.0156.6150.2

13.32196.7105

698.25227.87

5,997

491865640

10,421

124.04

119.7121.1119.8117.1

120.5130.0

134.8144.4

136.4148.0103.6

13.62145.9

727.41236.31

1, 549

322640587

9,375

120.40

119.5120.6119.5117.6

121.7131.2

136.8155.3

144. 2151.4101.6

13.81795.472

511. 89189. 76

5,739

1,554

307645602

9,211

131.10

119.8120.8119.8118.0

122.0131.4

109.0

170.5177.2

178.4172.2

17.71609.192

607.09163.04

5,687

454814730

10,179

133.36

120.3121.4120.3118.7

123.1132.4

189.0167.8184.7

16.016810.1111

515.71131.82

6,516

430798660

123. 59

121.2122.3121.1119. 4

123.7133.4

12.81339.4

497.79166. 66

6,704

'390'773-•533

117.47

121.9123.1121.9120.1

124.5135.4

113.7

13.01278.7

557.09205.32

6,783

1,619

338819462

123.99

i 124.6i'136.1

10.6124

504.84

DOMESTIC TRADE

ADVERTISING

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

Business papers— _______ d o . . .Magazines_,__ __.do___Newspapers __do___Outdoor do___Radio (network).. . . do___Television (network) _. do___

Television advertising:Network (major national networks):

Net time costs, total mil. $.Automotive, incl. accessories._•_ __do___Drugs and toiletries. do___Foods, soft drinks, confectionery do___Soaps, cleansers, etc. do___Smoking materials._._____ do___All other _. _do___

Spot (natl. and regional, cooperating stations):Gross time costs, t o t a l . - . . _____mil. $_

Automotive, incl. accessories do_ _ _Drugs and toiletries do._.Foods, soft drinks, confectionery do___Soaps, cleansers, etc _.— do__-Smoking materials. . .- . ___do___All other do__.

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

Cost, total _ . . . mil. $~Apparel and accessories.-- doAutomotive, incl. accessories __doBuilding materials. _. __doDrugs and toiletries.__.__. doFoods, soft drinks, confectionery do

Beer, wine, l i quo r s . . . . . d o . . .Household equip., supplies, furnishings. _ do_ _ _Industrial materials do__.Soaps, cleansers, etc do___Smoking materials _ ___ do._.All other do___

12511213610389103157

1,145.996.5

360.6209.5103.2146.8229.2

1,016.038.5

192.9352.798.550.2

283.2

996.861.8

110.727.1

108.9134.8

58.371.748.416.038.3

320.9

13612214710992108175

1,260.399.1

409.2234.8112.0145.4259.8

1,075.538.9

207.4377.7100.448.7

302.4

1,076.964.8

111.730.4

115.9133.9

69.371.550.521.741.6365.6

13511414511099112178

279.217.388.756.627.931.057.7

273.69.548.197.725.913.479.1

86.62.49.03.19.812.7

6.06.14.21.44.327.5

13512215110877101173

68.7.95.92.48.39.4

4.63.83.91.73.324.3

1411291601089189178

65.36.64.41.78.08.5

3.23.43.11.63.521.3

13812614511378118183

269.216.391.052.026.829.353.8

248.310.151.182.726.410.567.5

90.010.13.63.010.19.3

5.26.05.0.1.63.432.7

13812614711297126174

120.58.016.93.212.013.1

7.38.56.52.23.938.8

143131151112108110187

117.85.915.22.212.314.3

9.29.15.71.73.738.6

142121159111109102182

401.544.4

123.967.328.646.790.6

303.910.656.4

107.125.811.592.5

91.53.97.21.2

11.911.1

11.35.43.9.9

3.431.3

14413115611596125184

64.61.78.81.66.67.7

2.43.02.91.12.226.7

14012415311884130175

83.14.011.22.39.110.7

3.83.63.31.52.631.0

14412415811888134184

354.524.0

116.372.230.341.170.6

290.212.957.0

107.826.312.773.6

101.96.8

11.53.4

10.812.2

5.27.64.01.42.5

36.4

112.49.2

12.54.7

11.110.9

6.08.94.21.73.0

40.2

110.46.7

11.83.9

12.010.6

7.010.04.81.63.5

38.5

309.021.391.662.131.532.570.0

93.02.59.23.4

12.710.8

6.37.54.6.9

3.431.9

r Revised. * Index as of Aug. 1, 1966: Building, 125.0; construction, 136.5.1 Copyrighted data; see last paragraph of headnote, p . S-l.9 Includes data for items not shown separately.

t Revised seasonally adjusted data for 1958-64 will be shown later.§ Data include guaranteed direct loans sold.

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

August 1966 SUEVEY OF CURRENT BUSINESS S-ll

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

DOMESTIC TRADE—Continued

ADVERTISING—Continued

Newspaper advertising linage (52 cities):Total ___ _mil. lines-

Classified --____do___Display, total.—_. ___do___

Automotive >_ _doFinancial -.__do__.General _— do__.Retail. —do___

RETAIL TRADE

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

Durable goods stores 9 do_.Automotive group. _ _._do_.

Passenger car, other auto, dealers_.__do_.Tire, battery, accessory dealers _do_.

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

Lumber, building, hardware group _do_.Lumber, bldg. materials dealersd" do..Hardware stores do_.

Nondurable goods stores 9 do.Apparel group _____ .____ _do_

Men's and boys' wear stores do.Women's apparel, accessory stores __ .doFamily and other apparel stores doShoe stores do.

Drug and proprietary stores doEating and drinking places do_Food group __ do.

Grocery stores._ _____ do_Gasoline service stations_ .._ do

General merchandise group 9—- do.Department stores doMail orderhouses (dept. storemdse.) _doVariety stores do_

Liquor stores _ do_

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

Durable goods stores 9 do_.Automotive group do_.

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

Furniture and appliance group 9 do..Furniture, homefurnishings stores____do_.Household appliance, TV, radio do_.

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

Nondurable goods stores 9 doApparel group.__ _do____

Men's and boys' wear stores doWomen's apparel, accessory stores. _.doFamily and other apparel stores doShoe stores do

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

Grocery stores . . .do. .Gasoline service stations do..

General merchandise group 9 do_.Department stores do_.Mail order houses (dept. store mdse.) _do_.Variety stores ..._ do_.

Liquor stores _ do_.

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

Durable goods stores 9 - doAutomotive group. do__..Furniture and appliance group doLumber, building, hardware group _ _ do

Nondurable goods stores 9 -doApparel group doFood group doGeneral merchandise group do

Department stores do

Book value (seas, adj.), total f - do____Durable goods stores 9 - do

Automotive group doFurniture and appliance group doLumber, building, hardware group.._do

2,973.5787.1

2,186.3159.760.9

292. 51,673. 2

261,630

84,17348,73045,7992,931

13,0908,0794,199

11,3408,6902,650

177,45715,2823,1215,9443,6262,591

8,61319,577

57,27220,269

32,35020,8092,4024,9486,011

30,18112,8545,5782,2272,461

17,3273,4323,8225,3813,174

31,13013,1365,6452,2722,550

3,164.6865.6

2,298.9170.463.4288.5

1,776.7

283,950

93,71856,26653,2173,049

13,7378,5384,223

12,1159,3022,813

190,23215, 7523,2586,2433,6802,571

9,33521,42366,92061,06821,765

35,84023,4212,5815,3206,305

32,90314,4337,1892,3122,427

18,4703,6774,0745,8313,466

33,95714,7827,3292,3592,512

266.075.7190.317.35.4

24.9.142.7

23,825

8,3625,0944,812282

1,106708

1,143900243

15,4631,208268456275209

7461,8655,4774,9861,895

2,7461,806

184409497

23,322

7,6654,6064,359

247

1,099699334

1,011783228

15,6571,278

262501303212

7601,7695,5345,0531,824

2,8941,885

211442525

33, 08715,0027,3082,3832,590

18,0853,6313,8035,8253,378

33,01414,5466,9002,3932,525

238.774.1164.613.45.718.2127.3

24,129

8,0664,8214,540281

1,129724335

1,160916244

16,0631,145236440278191

2,0156,0435,5191,963

2,6631,731

172412542

23,668

7,8274,7434,491

252

1,118722334

1,016782234

15,8411,315

268510326211

7751,8125,5715,0761,831

2,9611,936

219443527

32,93514,9187,3002,3382,547

18,0173,6383,7625,8553,400

33,08814,5926,9792,3572,525

261.479.1

182.313.33.9

18.1147.1

22,989

7,4484,2433,984

259

1,139724347

1,119889230

15,5411,173

226443309195

7571,9845,4534,9561,926

2,8651,863

212426497

23,585

7,7554,6604,402

258

1,127706353

1,002768234

15,8301,306

271500327208

7791,8075, 5685,0781,820

2,9881,961

211448513

32,74314,3176,6152,3962,520

18,4263,9303,7356,0253,517

33,36014,8197,2132,4012,507

271.972.9

198.913.24.6

27.4153.8

22,732

7,0823,7843,540

244

1,201712

1,102865237

15,6501,324

250496348230

7591,8565,4985,0171,820

2,9621,942

223422505

23,753

7,7684,6584,398

260

1,184716389

1,002765237

15,9851,343

278508344213

7941,8145,5865,0971,827

3,0431,982

223452530

32, 52713,6235,9452,4262,529

18,9044,1413,720

33,04514,6217,0362,3932,534

296.378.4

217.918.85.4

30.6163.2

25,067

8,4134,9944,719

275

1,272790394

1,132885247

16,6541,360

280553310217

7981,8785,9625,4481,884

3,1222,035

225448533

24.194

7,8654,6144,345

269

1,221749

1,021775246

16,3291,321

276535290220

8161,8255,7885,2711,843

3,0551,978

220459531

33,70814,0166,3442,4192,526

19,6924,2133,8926,7494,023

33,29614, 7827,2502,335% 562

292.471.8220.714.65.228.7172.2

25,158

8,3904,9544,689265

1,318819397

846252

16,7681,455299602341213

7861,7475,5775,0721,849

3,6002,344

328484561

24,647

8,0924,7764,509

267

1,218756366

1,074819255

16.5551,384

280566311227

8181,8105,7575,235J,860

3,1992,087235469543

34,77114,5336,7722,5022,525

20,2384,2663,9826,9204,175

33,53314,7747,3042,3832,563

285.462.0223.49.65.422.9185.6

30,601

8,9764,8354,516319

1,619941546

1,084729355

21,6252,418554992566306

1,0891,8816,5595,9771,889

5,6443,745

358888826

24,816

8,2524,9534,714

239

1,207735378

1,070825245

16,5641,340

297214

8281,8755,9565,4321,838

3,0692,019209433533

32,90314,4337,1892,3122,427

18,4703,6774,0745,8313,466

33,95714,7827,3292,3592,512

240.073.7166.312.87.818.8126.8

22, 054

6,9854,3004,089211

1,058645342

817619198

15, 0691,152249466244

7781,7085,6005,1271,815

2,3751,564166313496

25,023

8,3244,8844,610274

1,208759378

1,149896253

16, 6991.417289570318240

8061,8795,7835,2781,907

3,2302,119243451560

33,10314,9237,5412,3122,462

18,1803,5443,9595,9333,442

34,11314,9497,3152,3982,541

231.069.5161.513.14.722.1121.7

21,260

4,4,166200

1,015614335

774594180

14,2621,009200428213168

7521,6185,3484,8741,667

2,2851,474166335470

25,263

8,3994,9954,718277

1,220730405

1,114862252

16,8641,450289594327240

1,9155,8795,3591,907

3,2252,127223457561

34,14815,4807,9512,3072,504

18,6683,7533,9456,0713,546

34,42715,1137,3612,3832,558

282.379.4

202.916.25.9

26.0154.8

24, 712

8,6065,4305,169261

1,150714

762218

16,1061,277225544275233

1,8095,8085,2971,827

2,8871,892218393496

25,536

8,6495,1214,822299

1,249765405

1,150895255

16,8871,377277569299232

8161,9355,9175,3911,907

3,2252,119220459559

35, 28515, 9168,1232,3722,587

19,3693,9394,0336,4323,787

34,55615,2017,3652,3892,532

282.481.6200.816.06.6

27.2151.0

25, 477

8,3725,1384,848290

1,097699336

794244

17,1051, 456268604305279

8241,9016,0755,5591,898

3,0802,007198460541

24,949

7,9394,5804,302278

1,202741379

1,034797237

17,0101,389279579308223

8431,9245,9815,4671,927

3,1942, 099224453564

35,69916,1188,2182,4802,602

19,5813,9514,0796, 5433,887

34,73715,3367,4842,4582,532

308.987.0221.818.75.531.5166.2

•24,763

' 4,787' 4,499

1,129'714'348

' 1,083'824'259

'16,694r 1,341'262'563'285'231

'819'1,9655,747

'5,240'1,947

'3,034'2,003

202'429'530

•24,475

'7,506'4,288' 4,017'271

1,183'734'372

'990'752'238

1,406'283'578'313'232

'831• 1,910•5,931• 5,4311,920

3,213• 2,113

216'467'560

35,97716,6028,5522,5352,634

19,3753,9104,0566,4453,837

35,26615,8137,7682,5302,558

289.180.9208.318.46.727.8155.4

25,907

' 8,713' 5,1894,865324

'1,227766391

1,163903260

17,194'1,385

303542299241

'829' 2,055' 6,001' 5,473' 2,003

'3,206' 2,136

192455538

'25,359

•8,0004,7314,443

1,206747396

1,010772238

17,3591,472299594332247

1,9525,9975,4811,928

3,3532,209219488566

16,6298,5582,5362,609

19,2543,8124,1046,3913,792

35,59515,9277,9022,5472,542

i 25, 527

i 8,29414,867

11,233

17,23311,169

1816i 2,20316,364i 5,83412,081

12,95011,952

1 25, 507

18,215

17,292

' Revised. i Advance estimate. tRevised series. Data reflect use of new sample(effective with data for Oct. 1965) based on definitions and classifications according to the1963 Census of Business. See p. 20 fl\ of the Feb. 1966 SURVEY for data back to 1959 for mfg,and trade inventories, total and retail inventories. See p. 18 ff. of the April SURVEY forinventory-sales ratios, mfg, and trade sales, total, and retail sales back to 1959 (revised ac-

counts receivable data prior to Oct. 1965 are not presently available). Complete details ap-pear in the Monthly Retail Trade Report, Jan. 1966 and subsequent issues, available from theBureau of the Census, Wash., D.C., 20233. 9 Includes data not shown separately. (^Com-prises lumber yards, building materials dealers, and paint, plumbing, and electrical stores.

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

S-12 SURVEY OF CUEEENT BUSINESS August 1966

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

1964 | 1965

Annual

1965

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

1966

Jan. Feb. Mar, Apr. May- June July

DOMESTIC TRADE—ContinuedRETAIL TRADE—Continued

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

Book value (seas, adj.)—ContinuedNondurable goods stores 9 mil. $_

Apparel group do___Food group . do___General merchandise group do__ _

Department stores do___

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

Firms with 11 or more stores:fEstimated sales (unadj.), to tal9t do.

Apparel group 9 do___Men's and boys' wear stores. __ ___do___Women's apparel, accessory stores do___Shoe stores _do___

Drug and proprietary stores do___Eating and drinking places do___Furniture and appliance group do.._

General merchandise group 9 -do_ _ _Dept. stores, excl. mail order sales do___Variety stores do___

Grocery stores... -__ do___Lumber yards, bldg. materials dealerscf—do___Tire, battery, accessory dealers do___

Estimated sales (seas, adj.), to ta l9 t— do.__

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

Drug and proprietary stores ___do_Eating and drinking places do..Furniture and appliance group . do..

General merchandise group 9 --—- do..Dept. stores, excl. mail order sales do..Variety stores . do..

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

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

Durable goods stores do__.Nondurable goods stores. do . . .

Charge accounts ___; do__.Installment accounts do . . .

Total (seasonally adjusted)! do..Durable goods stores .-___. do..Nondurable goods stores do..

Charge accounts do..Installment accounts do..

Department stores:Ratio of collections to accounts receivable:

Charge accounts ,— percent.Installment accounts do

Sales by type of payment:Cash sales.. ..percent of total sales.Charge account sales. do__.Installment sales do . . .

17,9943,6133,8575,8093,410

4,287531

1,6221,1552,0291,6771,126

23,64515,8073,77026,198

1,242

19,1753,8714, 1116,2893,718

73,454

4,445557

1,6561,1682,3001,8911,193

26,11217,5934,09627,725

1,312

18,1937,12011,073

9,924

17,0346,91610,1187,8339,201

18,4683,8103,7926,0353,541

5,898

3514512897183167103

2,0321,378315

2,221

123

6,037

4513397188159

2,1121,413337

2,302

108

18,4963,8423,8046,0553,575

314381208218917097

1,9821,334315

2,497

121

6,091

36846

13795

193158

2,1721,458338

2,301

109

18,5413,8993,8156,0483,553

33736

12589

183172

2,1351,431328

2,142

114

6,162

3714713397194160

2,2161,506342

2,303

114

18,4243,9033,7356,0043,503

6,092

37641139106187168102

2,1881,480326

2,249

108

6,248

3754713997198163

2,2501,515348

2,323

116

18,5143,8483,8126,0403,542

6,432

3905214596197169109

2,2601,522347

2,451

121

6,209

3824914699204164

2,2031,469353

2,339

120

16, 7806,9269,8547,9078,873

16,8246.72210,1027,8258,999

18,7593,8673,8966,0923,608

6,591

4125315398196155110

2,6151,743386

2,241

108

6,373

38346139104203160

2,3421,577371

2,325

107

17,1666,94310, 2238,0409,126

17,1806,891

7,9659,215

19,1753,8714,1116,2893,718

9,275

67994263154318167135

4,0702,751701

2,831

134

6,445

37445143100206168

2,2171,516342

2,499

94

18,1937,12011,073

9,924

17,0346,91610,1187,8339,201

19,1643,8444,0276,5013,803

5,494

288401028118516386

1,7071,162244

2,311

93

6,475

39249146106199180

2,3301,564362

2,378

123

17,4866,83810,6487,7869,700

17,2077,03910,1687,8429,365

19,3143,9173,9816,4433,805

5,256

31997317915586

1,6361,087262

2,216

84

40747156104205179

2,3921,625366

2,422

120

16,9126,58310,3297,4719,441

17,4197,02010,3997,8819,538

19,3553,9044,0126,4793,802

6,214

36137135104199187105

2,0951,416316

2,416

116

6,610

38643144106208193

2,3631,587371

2,421

136

16,8656,57810,2877,5339,332

17,4186,95410,4647,8959,523

19,4013,9154,0196, 5233,875

6,661

4204515812520718396

2,2361,511368

2,631

124

6,574

45150100213184

2,2951,553359

2,506

120

17,0656,60610,4597,7789,287

17,3066,83510,4717,8129,494

19,4533,9664,0406,508

6,291

37342145102206187100

2,2201,516341

2,336

124

6,536

43146102215181

2,3361,576370

2,449

117

17,5206,89410,6268,1139,407

17,4816,94110, 5407,9549,527

19,6684,0004,0916,6253,975

6,600

48144107217197107

2,3531,621363

2,441

137

40248149108224187

2,4221,644385

2,491

121

17,7277,05810,6698,3009,427

17,6776,89810,7798,2169,461

EMPLOYMENT AND POPULATIONPOPULATION

Population, U.S. (incl. Alaska and Hawaii):Total, incl. armed forces overseas. mil

EMPLOYMENTNoninstitutional population, est. number 14 years

of age and over, total, unadj. mil__

Total labor force, incl. armed forces _thous__Civilian labor force, total do

Employed, total doAgricultural employment doNonagricultural employment do

Unemployed (all civilian workers) doLong-term (15 weeks and over) _ do

Percent of civilian labor force—Not in labor force.-- thous__

Civilian labor force, seasonally adj© doEmployed, total .__ do

Agricultural employment doNonagricultural employment do

Unemployed (all civilian workers) _doLong-term (15 weeks and over) do

Rates: fAll civilian workers

Men, 20 years of age and over _Women, 20 years of age and overBoth sexes, 14-19 years of age

1192.12

134.14

76,97174,23370,3574,761

65,596

3,8769735.2

57,172

5.23.95.2

14.7

1194. 57

136. 24

78,35775,63572,1794,585

67,594

3,4567554.6

57,884

4.63.24.5

13.6

194. 37

136.16

80,68378,00373,7165,622

68,094

4,2877625.5

55,477

75,65272,0854,651

67,4343,567

779

4.73.24.8

14.0

194. 57

136. 25

81,15078,45774,8545,626

69,228

3,6025874.6

55,102

76,05472,6184,639

67,9793,436

685

4.53.24.4

13.4

194.79

136. 47

80,16377,47074,2125,136

69,077

3,2586124.2

56,310

75,77272,3874,572

67,8153,385

717

4.53.14.4

12.9

195. 01

136. 67

78,04475,32172,4464,778

67,668

2,8756093.8

58,626

75,61172,2974,418

67,8793,314

728

4.43.04.2

13.2

195. 24

136.86

78,71375,95373,1964,954

68,242

2,7575883.6

58,149

75,84672,5614,551

68,0103,285

697

4.32.94.2

13.2

195.45

137.04

78,59875,80372,8374,128

68,709

2,9665313.9

58,445

76, 11172,9144,273

68,6413,197

644

4.22.84.3

12.3

195.64

137.23

78,47775,63672,7493,645

69,103

2,8886003.8

58,749

76,56773,4414,486

68,9553,126

660

4.12.64.0

12.9

195.83

137.39

77,40974,51971,2293,577

67,652

3,2906784.4

59,985

76, 75473,7154,429

69, 2863,039

661

4.02.63.8

12.0

196. 00

137.56

77,63274,70871,5513,612

67,939

3,1586854.2

59,930

76,35573,5214,442

69, 0792,834

579

3.72.63.6

10.9

196.16

137.74

78,03475,06072,0233,780

68,244

3,0377494.0

59,707

76, 34173,4354,363

69,0722,906

588

3.82.63.6

11.7

196.34

137. 91

78,91475,90673,1054,204

68, 900

2,8027793.7

58,994

76, 66673,7994, 482

69,317 •2,867

603

3.72.43.6

12.0

196.50

138.10

79,75176,70673,7644,292

69,472

2,9426023.8

58,349

76, 26873,2314,076

69,1553,037

536

4.02.44.0

13.4

196.67

138.28

82,70079,60175,7315,187

70,543

3,8704664.9

55,575

77,08673,9974,238

69, 7593,089

476

4. 02.63.9

12.3

196.84

138.44

82,77179,63676,4115,010

71,402

3,2253734.0

55, 673

77,09874,0724,144

69,9283,026

435

3.92.63.7

12.2

r Revised. i As of July 1. tSee corresponding note on p. S-ll.9 Includes data not shown separately.cf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical

stores.

© Effective with the Feb. 1966 SURVEY, data reflect revised seasonal factors; comparabledata for earlier periods appear in the Feb. 1966 BLS report, Employment and Earnings andMonthly Report on the Labor Force, GPO, Wash., D.C. 20402.

1 Unemployed in each group as percent of that group.

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

August 1966

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

1964

SUJ

1965

Annual

KVJW]t OF (JUJb T BlJSliNJ

1965

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

S-131966

Jan. Feb. Mar. Apr. May June July p

EMPLOYMENT AND POPULATION—Continued

EMPLOYMENT—Continued

Employees on payrolls (nonagricultural estab.):fTotal, unadjusted! ...thous.

Manufacturing establishments_. _ _ _do_ _ _ _Durable goods industries doNondurable goods indus t r ies . . do

Mining,total9 - do___.Metal mining doCoalmining doCrude petroleum and natural gas do . . . .

Contract construction . doTransportation and public utilities 9 do

Railroad transportation doLocal and interurban passenger transit._do

Motor freight trans, and storage doAir transportation do'telephone communication. _ dojSlectric, gas, and sanitary services.____do

Wholesale and retail trade__ doWholesale trade -_... doRetail trade do

Finance, insurance, and real estate doServices and miscellaneous doGovernment . . . .__• do.

Total, seasonally adjusted! _. . . doManufacturing establishments... do.

Durable goods industries do.Ordnance and accessories doLumber and wood products doFurniture and fixtures doStone, clay, and glass products doPrimary metal industries __do

Fabricated metal products. ___do_.Machinery do..Electrical equipment and supplies, _.do..

Transportation equipment do.Instruments and related products do.Miscellaneous manufacturing ind do.

Nondurable goods industries do_...Food and kindred products doTobacco manufactures doTextile mill products doApparel and related products . . .do.Paper and allied products _do.Printing, publishing, and allied ind..doChemicals and allied products do. . . .Petroleum refining and related ind.-.doRubber and misc. plastics products. _ doLeather and leather products do.

Mining do.C ontract construction do.Transportation and public utilities do.Wholesale and retail trade do.Finance, insurance, and real estate ..doServices and miscellaneous do.Government do.

Production workers on mfg. payrolls, unadjusted:!Total, unadjusted! thous__

Seasonally adjusted do.Durable goods industries, unadjusted--do

Seasonally adjusted doOrdnance and accessories ..doLumber and wood products __doFurniture and fixtures doStone, clay, and glass products do.. .Primary metal industries do___

Blast furnaces, steel and rolling mills. do___Fabricated metal products do___Machinery do.. .Electrical equipment and supplies, __do___Transportation equipment 9 do.. _

Motor vehicles and equipment do.. .Aircraft and parts do.. .

Instruments and related products do...Miscellaneous mfg. industries do...

Nondurable goods industries, unadj do.. .Seasonally adjusted do. _ _

Food and kindred products do. _ _Tobacco manufactures doTextile mill products. _do_..Apparel and related products.... do.. .Paper and allied products _do___.Printing, publishing, and allied ind..do___Chemicals and allied products do.. .Petroleum refining and related ind—do.._

Petroleum refining do...Rubber and misc. plastics products..do.__Leather and leather products. _ do.. .

58,156

17,2599,8137,446

63379148

3,0563,947756267

920213706614

12,1323,1738,9592,9648,5699,595

58,15617,2599,813247602406612

1,231

1,1871,6061,548

1,605

7,4461,746

89891

1,302625950877183434

3,0563,94712,1322,9648,5699,595

12,769

7,209

106530337492

1,002459912

1,118

l | 120581338234319

5,560

1,15477798

1,15848960152911490335306

60,444

17,98410,3797,604

62883142282

3,2114,031737267

965231737620

12,5883,2639,3253,0448,90710,051

60,44417,98410,379

236606429621

1,292

1,2601,7141,672

1,740385424

7,6041,737

84920

1,351638977902178464354

6283,2114,03112,5883,0448,90710,051

13,376

7,6

102532356499

1,055481976

1,1991,1461,241667353246340

5,684

1,14672821

1,20349762054211086361311

60,848

.8,027

.0,4377,590

64084142

3,4124,070747263

978229740627

12,5963,2699,3273,0629,00810,033

60,29017,94310,345

234601428612

1,306

1,2591,7071,665

1,735383415

7,5981,728

86916

1,367634975900177463352

6263,1954,03412,5803,0418,85710,014

13,41213,3407,7507,662

99553355507

1,085506984

1,2061,1361,244678341245336

5,6625,6781,124

63826

1,20849961654411287358310

60,694

18,01610,4167,600

64184139290

3,4764,083749248

233755

12,5833,3019,2823,0989,0819,716

60,50118,03210,424

236602430618

1,317

1,2691,7281,677

1,740389418

7,6081,733

87921

1,343641

981908179464351

6333,1544,03112,6193,0498,92910,054

13,36113,4057,7017,721100553353512

1,080506974

1,2041,1321,218660350247329

5,6605,6844,175

63816

1,1654996185481148354308

60,960

18,21110,4107,801

64085140288

3,5754,098750252

234756

12,5743,3129,2623,1029,062

60,62118,07210,476

239603427618

1,318

1,2631,7281,683

1,781388428

7,5961,723

80921

1,345637

981911179466353

6273,1894,04912,6003,0538,94610,085

13,54013,4407,6837,769102558360516

1,076504979

1,1961,1481,144568356250355

5,8575,6711,256

78830

1,22450362255111487363318

61,515

18,42810,6087,820

62784136281

3,4954,112741270

1,001236744630

12,6393,3079,3323,0739,03910,102

60,75618,09810,494

242601430622

1,308

1,2691,7361,697

1,771390428

7,6041,717

79924

1,356640

910179465354

6173,1864,06712,6413,0618,96710,119

13,77313,4577,8877,781106550364519

1,069484999

1,2121,1801,270682364254365

5,8865,6761,266

86832

1,229506

62654'11386369312

61,786

18,41210,6237,789

62983143278

3,4654,104738271

1,005238742622

12,7363,3219,4153,0669,07310,301

61,00118,16310,523

243605432624

1,284

1,2741,7451,722

1,767392435

7,6401,733

81928

1,362643984909177469354

6223,2024,07112,6843,0699,01910,171

13,75413,5077,9007,798108543366511

1,032451

1,0041,2121,2031,291697369254376

5,8545,7091,232

86835

1,22950563054311185372311

62,029

18,44310,6867,757

63184145279

3,3754,091730270

1,001240744618

12,9603,3269,6343,0629,05410,413

61,47218,32110,615

244613435627

1,269

1,2941,7681,741

1,790394440

7,7061,761

81

646

990914178477357

6273,2674,07912,7543,0749,08110,269

13,77013,6477,9497,878110540367508

1,017435

1,0171,2261,2211,314706381256373

5,8215,7691,194

7f838

1,22850763454310985378316

62,660

18,41510,7187,697

62884144281

3,2034,087733273

993243745621

13,6383,34510,2933,0649,04610,579

61,88418,42910,707

243623442636

1,274

1,3001,7711,769

1,805398446

7,7221,745

84937

1,377650992918178483358

6303,3864,07912,8223,0829,12810,328

13,72413,7317,9687,955108533368500

1,026437

1,0161,2421,2411,324706391258352

5,7565,7761,136

76834

1,22050963554310885380316

61,041

18,27410,6977,577

61783143277

2,9744,025718273

954242745619

12,7163,3039,4133,0498,95910,427

62,14818,52210, 805

250633447644

1,283

1,3141,7831,794

1,822405430

7,7171,743

83939

1,355654

922177485361

6323,3834,09012,9093,0809,14210,390

13,57113,8017,9298,027114522366489

1,035442

1,0121,2501,2451,318688400260318

5,6425,7741,088

70828

1,17950463054410784378314

61, 212

18,45710,8127,645

61384143275

2,8514,034710272

962246748618

12,6173,2999,3183,0549,03010,556

62,50118,69110,919

255630448640

1,288

1,3271,7981,826

1,860410437

7,7721,749

82943

1,383658

1,004927176487

6313,3744,10412,9423,0829,20510,472

13,72713,9378,0248,122118522367488

1,049449

1,0181,2661, 2611,340696408263330

5,7035,8151,074

67834

1,236504

6355491078437'320

61,826

18,58810,9107,678

61584142275

3,0154,054711272

970248753619

12,7003,3059,3953,0759,11210,667

62,91818,78010,996

257636451643

1,294

1,3341,8001,843

1,884414440

7,7841,748

84946

1,384659

1,003931175491

3,4624,10713,0153,1009,25110,571

13,82814,0038,0988,177120527371496

1,060460

1,0231,2771,2651,355699417266338

5,7305,8261,075

64840

1,24450763855610784380318

62,500

18,70911,0277,682

585

105274

3,1914,075714268

975252759621

12,8833,314

9,24210,726

62,93518,86011,056

261628451640

1,303

1,3351,8091,880

1,890416443

7,8041,738

84947

1,392659

1,013931176496368

5913,3704,11213,0043,1019,26110,636

13,91714,0548,1918,214122534371510

1,077472

1,0331,2851,2901,357695425266346

5,7265,8401,075

62844

1,22351164256410984383314

63,023

18,83911,1187,721

'62585

' 141274

'3,310'4,113

718267

991255763622

r12,923'3,324'9,5993,1039,34810,762

63,05018,93011,103

266618457634

'1,309

1,3301,826

'1,895

rl, 901422

'445

' 7,827r 1,728

'84950

"• 1,410661

' 1,014937178

'498'367'623

'3,274' 4,12513,021' 3,1069,28310,688

14,02014,095' 8,260' 8,240

126'543'373515

1,082477

' 1,037'1,295'1,300'1,367

700430270353

' 5,760' 5,855' 1,081

60848

'1,238512

'643566

'110'84386316

64,078

19,17111,2957,876

' 64087143281

3,5504,175730255

1,026260780637

13,102' 3,391' 9,711' 3,144' 9,471'10,825

63,49619,08311,200'270'617'458'633

'1,334

'1,340' 1,8451,927

'1,904' 426'446

7,8831,731

85'9531,425

' 1,022' 953'178'504' 364'626

'3,324'4,13813,086' 3,122' 9,31310,804

14,29514,220r8,406' 8,315

128'566'380'524

' 1,104491

'1 ,055'1,311'1,334'1,367

696'432'276'362

' 5,889'5 ,905'1,133

61'859

'1,256'526

651'575

11486

'392'321

63,830

19,06611,2007,866

642

3,6454,149

13,0733,4239,6503,1789,55410,523

63,64619,08811,212

273619458638

1,352

1,3531,8691,942

1,837428443

7,8761,734

84955

1,400671

1,028955179509361634

3,3084,09613,1113,1289,39410,887

14,14714,2028,28G8,314132567377528

1,106

1,1,1,1,

044316333264

442274347

5,8615,8881,180

60845

1,211523

65157111486389316

' Revised, p Prel iminary.!Beginning in the Jan . 1966 issue of the SURVEY, data for employment, hours, earnings, and

labor turnover reflect adjustment to Mar . 1964 benchmarks and the introduction of the 1963amendments to the 1957 SIC system; they are not strictly comparable with previously pub-

lished figures. Comparable earlier data appear in BLS Bulletin 1312-3, Employment andEarnings Statistics for the United States, 1909-65 (Dec. 1965), $4.25, G P O , Washington,D . C . 20402.

9 Includes data for industries not shown separately.

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

S-14 SURVEY OF CURRENT BUSINESS August 1966

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. M a y June July p

EMPLOYMENT AND POPULATION—Continued

EMPLOYMENT—Continued

Miscellaneous employment data:Federal civilian employees (executive branch):

United States . thous__Wash., D.C., metropolitan area __do

Railroad employees (class I railroads) :©Total do

Index, seasonally adjusted 1957-59=100--

INDEXES OF WEEKLY PAYROLLS!

Construction (construction workers) f_ 1957-59= 100_-Manufacturing (production workers)! __do___.Mining (production workers) f . . . do

HOURS AND EARNINGS!

Average weekly gross hours per production workeron payrolls of nonagric. estab., unadjusted:!

All manufacturing estab., unadj.!- hours..Seasonally adjusted do

Average overtime doDurable goods industries ______do

Seasonally adjusted: doAverage overtime do

Ordnance and accessories —doLumber and wood products _ _ do*. _ - _Furni ture and fixtures doStone, clay, and glass products _.___doPr imary meta l industries do

Blast furnaces, steel and rolling mills__do

Fabricated meta l products do___-Machinery __do____Electrical equipment and supplies_. do

Transportat ion equipment 9 - - - do_.Motor vehicles and equipment ___do_.Aircraft and par ts __do_

Ins t ruments and related products do_.Miscellaneous mfg. industries do_

Nondurable goods industries, unadj__---_doSeasonally adjusted do

Average overtime doFood and kindred products doTobacco manufactures doTextile mill products do___.Apparel and related products _._doPaper and allied products _____doPrinting, publishing, and allied ind____do___.Chemicals and allied products __• .doPetroleum refining and related ind—-__do___.

Petroleum refining doRubber and misc. plastics products doLeather and leather products ___do—

Nonmanufacturing establishments:!Mining 9 do

Metal mining doCoal mining___ doCrude petroleum and natural gas do

Contract construction do___General building contractors doHeavy construction doSpecial trade contractors do

Transportation and public utilities:Local and suburban transportation. doMotor freight transportation and storage. do_ _.Telephone communication.._... do.__Electric, gas, and sanitary services d o . . .

Wholesale and retail t rade . . . . do___Wholesale trade__ _ _• doRetail trade __• __..do___

Services and miscellaneous:Hotels, tourist courts, and motels doLaundries, cleaning and dyeing plants. _ _ do. _ _

Average weekly gross earnings per productionworker on payrolls of nonagric. estab.:!

All manufacturing establishments f dollars-Durable goods industries do

Ordnance and accessories _ _ doLumber and wood products . . . . doFurniture and fixtures . . . . . doStone, clay, and glass products_____ doPrimary metal industries doFabricated metal products do . . .Machinery.... do . . .E lectrical equipment and supplies _____ do.._Transportation equipment-. — do. _.Instruments and related products. do___Miscellaneous mfg. industries __._do___

2,317244

68375.8

132.5124.293.0

40.7

3.141.4

3.3

40.540.441.241.741.841.1

41.742.440.5

42.143.041.440.839.6

39.7

2.941.038.841.035.942.8

38.541.641.941.441.337.9

41.941.4

« 39.042.5

37.235.840.836.6

42.041.940.241.237.940.737.0

38.438.7

102. 97112.19122. 3185.24

84.46105. 50130. 00

111. 34121. 69101. 66

130. 09103. 6382.37

2,347251

65273.4

145.3135.996.5

41.2

3.642.0

3.9

41.940.841.541.942.141.0

42.143.141.0

42.944.242.041.439.9

40.1

3.141.137.941.736.443.1

38.641.942.241.842.038.2

42.341.6

» 39.942.3

37.436.140.8

42.142.540.441.437.740.836.6

37.938.8

107. 53117.18130. 7388.54

87.98109. 78133. 88

116. 20127.15105. 78

137. 71108. 0584.99

2,342255

66373.1

156.8136.799.1

41.341.03.6

42.241.84.0

41.840.741.442.342.641.8

42.443.441.1

43.144.542.041.639.7

40.239.93.1

41.237.841.936.643.3

38.542.042.441.642.138.4

42.641.741.041.9

38.036.341.737.4

42.642.939.941.137.940.936.9

37.739.2

107. 79117. 74129. 5888.73

86.94110. 40135. 89

117.02128. 03106. 04

137. 49108. 9984.96

2,375258

66773.7

162.0135.1

41.041.03.4

41.641.73.7

42.240.841.042.342.442.0

41.742.840.3

42.142.941.941.239.3

40.240.03.1

41.937.641.336.543.1

38.441.642.841.841.738.6

42.441.9

42.5

38.636.942.837.8

42.442.940.641.338.441.037.5

38.939.0

107. 01116. 06131. 6688.94

86.51110. 83135. 68

114. 68125.83103.97

133. 46.07.5383.71

2,376256

66674.2

170.2136.1100.5

41.141.03.5

41.741.73.8

41.941.442.042.541.841.0

42.042.540.7

41.441.641.741.440.0

40.340.03.2

41.537.941.936.943.3

38.741.742.741.742.138.4

43.241.640.842.9

38.937.143.438.0

42.743.240.441.238.341.037.4

38.938.6

106.45115.51131.1591.08

89.04111. 78132. 51

115. 08124. 95104. 60

130. 82108. 0584.80

2,341251

65674.3

160.7140.397.2

41.040.9

3.841.741.6

4.0

41.941.041.742.341.739.9

41.942.840.8

41.842.341.541.640.0

40.240.13.5

41.439.441.636.243.3

38.842.243.542.842.037.8

42.441.939.142.2

37.135.640.336.5

42.343.241.341.737.540.836.5

37.738.6

107. 83117.18131.1590.61

89.24112.10133. 44

116. 48127.12106. 08

135. 01108. 5885.20

2,352251

65274.6

165.3141.499.4

41.341.2

3.942.142.0

4.2

42.441.442.242.340.938.2

42.443.341.2

43.444.742.341.940.4

40.240.13.4

41.439.242.136.343.7

38.641.842.541.942.337.8

42.841.541.442.0

38.336.642.737.5

42.543.140.941.737.440.936.2

37.938.8

108. 62118. 72133. 5691.49

90.73112. 94130. 06

118.30129.47107.12

141.48109.7886.46

2,371253

64475.1

151.2142.497.4

41.441.4

3.942.242.2

4.3

42.440.842.042.340.737.8

42.443.441.5

43.945.443.142.040.4

40.340.33.4

41.337.942.336.443.5

38.542.042.342.042.438.2

41.841.237.442.4

36.435.139.635.9

42.142.442.041.837.140.835.9

37.438.2

109. 71119.43133. 5689.76

90.30112.94129.83

118.72130. 20108.32

144.87110.8886.46

2, 512i 254

64575.5

146.5143. 899.4

41.741.44.0

42.642.24.4

42.941.242.642.241.438.5

42.644.242.0

44.145.343.742.040.5

40.440.23.4

41.439.042.336.243.8

39.142.141.741.742.839.2

42.841.841.242.9

37.136.438.937. 0

42.242.740.541.537.741.236.7

37.438.5

110. 92120. 98136. 8589.40

92. 02112. 25132. 48

119. 71133. 48110. 04

145. 53111.3087.48

2,375251

P 6 3 370.3

132.5140.896.9

41.241.53.7

42.142.4

4.1

42.740.941.041.641.940.1

42.043.741.3

43.343.744.042.039.6

39.840.23.1

40.738.141.835.742.8

38.141.741.841.842.138.8

42.242.140.742.7

36.535.639.336.2

41.741.639.941.637.140.835.9

37.438.1

110. 00119.99135. 3688.75

88.15110.66135.34

118. 02132. 41108.21

142. 46111. 7287.12

2,400252

v 631v 70.7

126.4143.295.9

41.341.6

3.842.142.4

4.2

42.240.441.241.442.040.3

42.244.041.4

42.943.243.642.240.2

40.240.63.3

40. 839.642.336.643.1

38.541.941.741.642.039.2

42.141.740.742.3

36.335.538.136.3

41.842.340.641.637.040.735.8

37. 238.1

110. 27120. 41132. 9388.48

88.58110. 54136.08

119.00133.76108.47

141.14112.2588.44

2,429255

p 631

139.0144.797.1

41.441.5

3.842.242.34.2

41.840.641.542.042.140.6

42.244.141.3

42.742.943.442.240.4

40.240.43.3

40.538.242.336.943.3

38.842.0•41. 941.942.038.5

42.641.641.143,0

37.736.840.937.2

42.042.040.341.036.940.735.7

37. 438.1

110. 95120. 69131.6788.51

89.64112. 56137. 25

119.85134. 51107. 79

140.06112. 67

2,462256

P71.8

146.2146.1' 8 6 . 9

41.241.5

3.942.242.4

4.3

42.141.140.942.142.341.2

42.143.841.1

43.043.742.941.839.7

39.940.43.3

40.438.141.436.143.2

38.542.442.642.641.837.8

41.442.532.842.8

36.935.840.136.4

42.241.740.141.136.940.635.7

37.438.0

111. 24121. 54132. 6292.06

88.75114. 09138. 74

119. 99134. 03108.09

141. 47112. 0287.74

2,482258

P 6 3 9

153. 6148.3101.8

41.541.44.0

42.342.24.3

' 42.341.7

'41.442.342.4

Ml . 2

42.644.141.3

'42.442.0

-•43.6'42 .2' 40 .1

' 40. 2' 40. 2

3.440.938.342.236.543.6

38.842.2

'42.7'42.7

42.1

42.9'42.2Ml . 5'42.6

37.135.7

'39 .536.9

'43 .142.040.341.2

'36.840.7

'35.6

37.338.4

112. 05121. 82133.6794.24

' 90. 67115. 06139. 07

121. 84135.83108. 62

139.07113.52' 88. 62

2,560274

P 6 5 1p 72.1

171.8151.9105. 8

'41.6'41 .3

4.042.341 94.3

'42.2' 41. 3' 41.8'42.5'42.5

41.5

'42.644.041.3

'42.542.243.5

'42.1'40 .1

'40.5'40 .2

3.5'41.3'38.7'42.5' 36. 7'43.7

' 38.9'42 .3'42.7'42.1'41.9

39.1

' 43. 542.641.842.8

'38 .336.742.537.5

42.543.140.641.237. 340.836.2

37.238.6

112.74122.25133.35' 94.16' 91. 54115.60139. 83

121.41135. 52109.03

140.25113.67' 88. 22

181. 1148.8105.7

41.241.23.7

41.841.93.9

41.841.041. 242.142.0

41.943.440.9

41.9

43.341.639.3

40.340.13.4

41.538.441.936.343.6

38.742.242.742.141.638.9

43.4

39.0

37.941.0

111.24120. 38131. 6793.48

90.23114. 09137. 76

119. 42133. 24107. 98

138. 27111. 9086.46

'Revised. * Preliminary. a Average for 11 months.1 Includes Post Office employees hired for the Christmas season; there were about 140,000

such employees in the United States in Dec. 1965.' © Effective Jan. 1965, data reflect change in definition of class I railroads (to $5 million or

more annual railway operating revenues). The index (back to 1963) has been adjusted forcomparability, whereas the number of employees has not.

! See corresponding note, bottom p. S-13. 9 Includes data for industries not shownseparately.

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

August 1966 SURVEY OF CURRENT BUSINESS S-15

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

1964 | 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May- June July v

EMPLOYMENT AND POPULATION—Continued

HOURS AND EARNINGS—ContinuedAverage weekly gross earnings per production

worker on payrolls of nonagric. estab.t—Con.All manufacturing establishmentsf— Continued

Nondurable goods industries .__.dollars..Food and kindred products . ___do..__.Tobacco manufactures doTextile mill products. •_ doApparel and related products doPaper and allied products.. do.__.Printing, publishing, and allied ind.___doChemicals and allied products doPetroleum refining and related ind doRubber and misc. plastics products do___Leather and leather products do

Nonmanufacturing establishments:fMining 9 - _• do

Metal mining doCoalmining do___.Crude petroleum and natural gas do

Contract construction do.__.General building contractors .doHeavy construction doSpecial trade contractors do.__.

Transportation and public utilities:Local and suburban transportation .doMotor freighttransportationandstorage.doTelephone communication _ do_ _Electric, gas, and sanitary services. do___-

Wholesale and retail trade •____ do___.Wholesale trade •___ doRetail trade do____

Finance, insurance, and real estate:Banking . doInsurance carriers do

Services and miscellaneous:Hotels, tourist courts, and motels._.___doLaundries, cleaning and dyeing plants, .do

Average hourly gross earnings per productionworker on payrolls of nonagric. estab.rf

All manufacturing establishmentst dollars. _Excluding overtimed1 do

Durable goods industries .doExcluding overtimed* do

Ordnance and accessories doLumber and wood products _doFurniture and fixtures doStone, clay, and glass products _doPrimary metal industries do

Blast furnaces, steel and rolling mills, .doFabricated metal products doMachinery doElectrical equipment and supplies do____Transportation equipment 9.__, do

Motor vehicles and equipment doAircraft and parts. . . do__-_

Instruments and related products doMiscellaneous mfg. industries do

Nondurable goods industries _do__ _Excluding overtimed1---- do

Food and kindred products _______.do____Tobacco manufactures _do____Textile mill products doApparel and related products __doPaper and allied products doPrinting, publishing, and allied ind_.__doChemicals and allied products _do____Petroleum refining and related ind do

Petroleum refining... ___ _____doRubber and misc. plastics products doLeather and leather products do

Nonmanufacturing establishments:!Mining 9 do

Metal mining-_•_ _ doCoal mining doCrude petroleum and natural gas do

Contract construction doGeneral building contractors doHeavy construction doSpecial trade contractors. do

Transportation and public utilities:Local and suburban transportation doMotor freighttransportationandstorage.doTelephone communication.. doElectric, gas, and sanitary services.____do____

Wholesale and retail trade doWholesale trade doRetail trade ... _do

Services and miscellaneous:Hotels, tourist courts, and motels.. ..__doLaundries, cleaning anddyemgplants___do--_-

90.9197.1776.0573.3964.26

109.57114. 35116.48133.66104.9068.98

117.74122.54126. 82113.05132.06122. 79131. 78138. 35

104.16124.02105. 32125. 2574.28102. 5664.75

76.6792.01

49.5455.73

2.532.442.712.603.022.112.052.533.113.41

2.672.872.513.093.213.022.542.08

2.292.212.371.961.791.792.562.972.803.193.372.541.82

2.812.96* 3. 262.663.553.433.233.78

2. 482.962.623.04

1.962.521.75

1.291.44

94.6499. 8779. 5977.9866.61114. 22118.12121.09138.42109. 6271.82

123. 52127. 71137.38115. 90

138. 01128.16137. 50144. 65

107. 78130.48109. 08131. 24

76.53106. 4966. 61

79. 2495.12

51.1758.98

2.612.502.792.673.122.172.122.623.183.462.762.952.583.213.343.142.612.13

2.362.272.432.101.871.832.653.062.893.283.472.611.88

2.923.07* 3. 452.743.693. 553.373.92

2.563.072.703.17

2.032.611.82

1.351.52

94.47100. 5383.1677.5266.61

114.31117.43120.96137.38109. 4672.19

123. 97126. 77142. 27113.97

139.08127. 78140. 53145. 86

109.06131. 27107.33129. 47

76.56105.9367.16

78.4494.74

50.9059. 58

2.612.502.792.67

3.102.182.102.613.193.46

2.762.952.583.193.323.122.622.14

2.352.262.442.201.851.822.64

3.052.883.243.452.601.88

2.913.043.472.723.663.523.373.90

2.563.062.693.15

2.022.591.82

1.351.52

94.87100.98

82.7277.6466.43

114. 65117.12120. 22139.10109.2571.80

122.96128.21134.46116. 03

140. 50129.15143.38147.04

108.97131. 27108.40130. 51

77.95106.60

68. 25

79. 2495.74

52.1359.28

2.612.502.792.67

3.122.182.112.623.203.47

2.752.942.583.173.293.112.612.13

2.362.272.412.201.881.822.66

3.052.893.253.452.621.86

2.903.06

2.733.643.503.353.89

2.573.062.673.16

2.032.601.82

•1.341.52

95.1199.1978.0779.1967.53

115.18118.81121. 35138. 35109.8872.19

126.14127. 71141.98117.12

143.15131.33148.43148. 96

110.17132.62108. 27130. 60

77.75106.6068.07

79.2495.86

51.7458.67

2.592.492.772.65

3.132.202.122.633.173.43

2.742.942.573.163.283.132.612.12

2.362.262.392.061.891.832.66

3.072.913.243.432.611.88

2.923.073.482.733.683.543.423.92

2.583.072.683.17

2.032.601.82

1.331. 52

95.68100.1978.4178.6267.33

116.48120.28123.65142.68110.4671. 82

124.66131.57135. 29116.47

138.75128. 52138. 63145. 27

109. 56133.92112.75133.86

77.25106.9067.53

79.1895.86

51.6559.06

2.632.512.812.68

3.132.212.142.653. 203.49

2.782.972.603.233.363.152.612.13

2.382.282 42L991.891.862 69

3.102 933.'283.482.631.90

2.943.143.462.763.743.613.443.98

2.593.102.733.21

2.062.621.85

1.371.53

95.68100.1977.6279.9967.52

117.12119.66122. 06141.10112.1071.82

126.26130.31143. 24115.92144. 01132.49149.45150. 00

110. 08133.18111.66134.6977.42

107.5767.33

80.3595.86

52.3060.14

2.632.522.822.683.152.212.152.673.183.47

2.792.992.603.263.393.182.622.14

2.382.282.421.981.901.862.68

3.102.923.323.522.651.90

2.953.143.462.763.763.623.504.00

2.593.092.733.23

2.072.631.86

96.32100.7780.3580.7967.70

116. 58118.97123. 06142.97111. 9472.58

123.73128.96129. 78117.87136.14126. 71135.83142.52

109.04131.44115. 50135.43

76.80108.1267.13

80.3596.49

51.9958.83

2.652.532.832.69

3.152.202.152.673.193.47

2.803.002.613.303.443.212.642.14

2.392.292.442.121.911.862.683.092.933.383.592.641.90

2.963.133.472.783.743.613.433.97

2.593.102. 753.24

2.072.651.87

96.96101. 8483.0780.7967.33

117. 82121. 60123. 35140. 53113. 4274. 87

127.12131. 67142. 96119. 69

139. 50132.13131.87148. 00

108. 88132. 37112. 59134. 05

77. 29109. 5967.90

80.3596.87

52.3659.68

2.662.542.842.70

3.192.172.162.663.203.50

2.813.022.623.303.433.232.652.16

2.402.302.462.131.911.862.69

3.112.933.373.572.651.91

2.973.153.472.793.763.633.394.00

2.583.102.783.23

2.052.661.85

1.401.55

95.52100.9482. 3079.8466.05

115.13117. 73122.18140. 87111.1474.11

126.18132.19142. 04121.27

137. 97129. 23132. 44145. 89

108. 00128.54110.12135. 20

77.54108. 9467.49

82.2897.73

51.9959.44

2. 672.552. 852. 72

3.172.172.152.663.233.53

2.813.032.623.293.403. 252.662.20

2.402.312.482.161.911.852.69

3.092. 933.373. 552.641.91

2. 993.143.492. 843.783.633.374.03

2. 593.092.763.25

2.092.671.88

1.391.56

96.48101. 5988.3181.2268.81

115.94119.74123.19140.95110.8875.26

126.30130.94142.45120.13

138.30129.93130.68146. 65

109.10132.40112.87135. 62

77.70109.0867.30

81.4798.74

52.0859.06

2.672.562.862.72

3.152.192.152.673.243.54

2.823.042.623.293.393.262.662.20

2.402.312.492.231.921.882.69

3.112.943.383.562.641.92

3.003.143. 502.843.813.663.434.04

2.613.132.783.26

2.102.681.88

1.401.55

96.88101.2584.8081.2269.37

116.91121. 06122.64141.62110. 4673.92

127.37129. 79143.44121.69

142. 88134.32138.65149. 92

109. 62131.88111.63133.2577.49109.4867.47

81.8498.47

51.9959. 82

2.682.562.862.72

3.152.182.162.683.263. 56

2.843.052.613.283.373.262.672.20

2.412.312.502.221.921.882.703.122.923.383.572.631.92

2.993.123.492.833.793.653.394.03

2.613.142.773.252.102.691.89

96.96102.2186.8779.9067.15

117.50120.51124. 66145.69110.3572.95

121.72133.88111.52122.41

140.22131.74137.54147.42

111.41131.36111. 08134.40

78.23110. 4367.47

82.2198.10

52.3660. 04

2.702.582.882.74

3.152.242.172.713.283.59

2. 853.062.633 293.' 413.252.682.21

2.432.332.532.281.931.862:72

3.132.943.423.622.641.93

2.943.153.402.863.803.683.434.05

2.643.152.773.27

2.122. 72

' 97.69103.4887.3281.45

119. 03122. 22124.49

'145.18111.5774.88

'130.85'132. 51'152.31'121.84

141. 72'132. 09'136. 67150. 55

'113.35132. 72111. 63135.14

'78.38111.11' 67.64

82.217 98.21

52.97' 61. 44

2.702.582.882.74

3.162.262.192.723.283.59

2.863.082.633.283.37

' 3. 292.692.21

2.432.332.532.281.931.872.73

3.152.95

'3.40' 3. 61

2.651.94

'3.053.14

'3.67'2.86

3.82'3.70

3.464.08

2.633.162.772.773.28

2.132.73

'1.90

.42

. 60

'98.82'104. 49' 89. 01' 84.15' 68. 63

•119. 74122.15126. 48

'145. 61111.45' 75. 46

'132.68134.62152. 99121.98

146.31135.06150. 03152. 63

111. 78136.20112. 87134. 31

' 79.45110.98'69.14

81.7797.94

52.8262.15

' 2.712.58

'2.892.74

'3.162.282.192.723.293.60

'2 .853.08

'2.64'3.30

3.40'3 .31

2.70'2.20

2.442.34

'2 .53'2.30'1.98

1.872.743.14

'2.993.413.632.66

'1.93

' 3. 053.163.662.853.823.683. 534.07

2. 633.162.783.26

2.132.721.91

1.1

98.74105. 00

88. 3282.5467.52

120. 77121. 52126. 60145. 61111. 0775.08

132. 80

149.76

80. 73111. 9370.48

2.702.592.882.75

3.152.282.192.71

2.853.072.643.30

3.302.692. 20

2.452.352. 532.301.971.862.773.143.003.413.632.671.93

3. 06

3.84

2.132.731.91

r Revised. p Preliminary. <* Average for 11 months,t See corresponding note, bottom p. S-13.

.37 1.38 1.39 1.40 1.39 1.40 1.39 1.40 1.42 1.42

.53 1.55 1.54 1.55 1.56 1.55 1.57 1.58 '1.60 1.61 _.

cfDerived by assuming that overtime hours are paid at the rate of time and one-half.9 Includes data for industries not shown separately.

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

S-16 SURVEY OF CURRENT BUSINESS August 1966

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

EMPLOYMENT AND POPULATION—Continued

HOURS AND EARNINGS—Continued

Miscellaneous wages:Construction wages, 20 cities (ENR): §

Common labor ____ $ per hr__Skilled labor. do

Farm, without board or rm., 1st of mo doRailroad wages (average, class I) do___.

LABOR CONDITIONSHelp-wanted advertising, seas. adj___ 1957-59=100-.Labor turnover in manufacturing estab.: f

Accession rate, totaL.mo. rate per 100 employees..Seasonally adjusted do

New hires doSeparation rajte, total do

Seasonally adjusted doQuit doLayoff do

Seasonally adjusted. doIndustrial disputes (strikes and lockouts):

Beginning in period:Work stoppages . number..Workers involved __thous_.

In effect during month:Work stoppages number..Workers involved. __^_thous_.

Man-days idle during period doEMPLOYMENT SERVICE AND UNEMPLOY-

MENT INSURANCENonfarm placements ___thous_.Unemployment insurance programs:

Insured unemployment, all programs© do___.State programs:

Initial claims doInsured unemployment, weekly avg do

Percent of covered employment:^UnadjustedSeasonally adjusted

Beneficiaries, weekly average thous_.Benefits paid mil. $_.

Federal employees, insured unemployment,weekly average—. thous..

Veterans' program (UCX):Initial claims doInsured unemployment, weekly avg_..doBeneficiaries, weekly average doBenefits paid mil. $_.

Railroad program:Applications.. thous__Insured unemployment, weekly avg.. .doBenefits paid mil. $_.

3.2424.733

1.082.850

123

4.0

2.63.9

1.51.7

3,6551,640

22,900

6,281

1,725

13,9381,605

3.8

1,3732,522

30

3355148

90.2

15538

78.4

3.4154.951

1.143. 002

155

4.3

3.14.01.91.4

1,550

23,300

6,473

1,419

12,0471,328

3.0

1,1312,166

25

2663634

67.5

13830

60.5

3.4144.969

2.994

146

5.64.54.33.64.01.71.11.4

425

677354

2,590

610

1,131

8701,059

2.43.0941

156.3

20

223030

5.2

1921

3.4534.9921.17

3.000

145

4.54.13.24.34.01.81.81.6

416156

702334

3,670

554

1,210

1,0781,139

2.63.0932

149.5

22

263327

4.5

3024

3.5

3.4825.002

2.994

152

5.44.23.95.14.72.61.61.7

109

685229

2,230

1,178

9761.120

2.53.1901

148.0

21

253331

5.2

1022

3.4865.029

3.009

160

5.54.54.05.74.43.51.31.3

345155

631250

2,110

644

1,030

760981

2.22.9834

138.6

19

192827

4.6

1124

3.7

3.4865.0561.09

3.014

168

4.54.53.54.44.12.21.41.3

321101

570209

1,770

611

791933

2.02.7745

117.8

20

162423

3.7

722

3.6

5.041

~3.~017~

3.95.02.93.93.91.71.51.3

140

505192

531

1,104

1,0041,042

2.32.7794

132.2

21

182521

3.7

253.8

3.4955.055

2.995

186

3.14.92.24.04.11.41.81.3

15824

37176

907

462

1,2851,308

3.02.7990

172.1

23

202924

4.3

1428

4.6

3.4965.0641.24

184

4.64.93.24.04.01.91.31.1

205101

335127

1,000

452

1,736

1,3991,644

3.72.7

1,330212.7

29

203230

4.8

1131

5.1

3.5205.087

191

4.24.83.13.64.31.81.01.1

240107

380142865

460

1,678

9851,590

3.62.6

1,413217.2

29

183130

4.6

428

4.1

3.5205.097

201

4.95.23.74.14.62.31.01.1

310

450236

1,350

547

1,381

7691,301

2.92.3

1,272225. 5

26

172726

4.6

526

5.2

3. 5335.1081.28

4.64.83.64.34.72.51.01.2

350228500379

2,450

533

1,112

6931,044

2.32.1931

155.5

21

132221

3.6

3.6

3.5675.141

185

'5.1'5.04.0

'4.3'4.7'2.5'.9

'1.1

480208

640294

2,870

568

916

665862

1.92.1806

126.1

18

121818

2.9

4218

3.8

3.6445.213

'184

P 6 . 5P 5 . 2P 5 . 4P 4 . 1P 4 . 5P 2 . 4

P . 9

150

660243

1,950

622

841

690793

1.82.1702

114.4

18

141716

2.9

14

••3.6785.2381.26

P186

FINANCE

BANKING

Open market paper outstanding, end of period:Bankers' acceptances .mil. $_.Commercial and finance co. paper, total do

Placed through dealers doPlaced directly (finance paper) do

Agricultural loans and discounts outstanding ofagencies supervised by the Farm Credit Adm.:

Total, end of period mil. $_.Farm mortgage loans:

Federal land banks doLoans to cooperatives doOther loans and discounts do

Bank debits to demand deposit accounts, exceptinterbank and U.S. Government accounts,annual rates, seasonally adjusted:

Total (225 SMSA's)© bil. $_.New York SMSA do

Total 224 SMSA's (except N.Y.) do6 other leadings MS A'si do__.218 other SMSA's do___.

Federal Reserve banks, condition, end of period:Assets, total9 mil. $_.

Reserve bank credit outstanding, total 9 __doDiscounts and advances doU.S. Government securities do... .

Gold certificate reserves do

Liabilities, total? ___do___.

Deposits, total doMember-bank reserve balances do

Federal Reserve notes in circulation._____do

Ratio of gold certificate reserves to FR noteliabilities percent..

r Revised. p Preliminary.§ Wages as of Aug. 1, 1966: Common labor, $3,693; skilled labor, $5,273.t See corresponding note, bottom of p. S-13.© Excludes persons under extended duration provisions.d" Insured unemployment as % of average covered employment in a 12-month period.

3,3858,3612,2236,138

7,104

3,718958

2,428

4,621. 41,925. 32, 696.11, 030. 81, 665. 3

62,868

39, 930186

37, 04415, 075

62, 868

19, 45618, 08635,343

42.7

3,3929,0171,9037,114

8,080

4,2811,0552, 745

5,135.92,138. 52,997. 41,140.91,856. 5

65,371

43,340137

40, 76813,436

65,371

19. 62018,44737,950

35.4

3,3559,3701,9657,405

7,873

4,058931

2,884

5,327.82,308.43,019.41,146.81,872.6

62, 632

41,159657

39,10013, 670

62, 632

19,27818, 22935, 444

38.6

3,33710, 4392,0468,393

7,988

4,097935

2,956

5,302.62,281.63,021.01,149.51,871.5

61, 914

41,166536

39, 20713, 591

61, 914

19,30418, 00835, 796

38.0

3,29910,3582,1178,241

8,040

4,135944

2,962

5,146.82,128.03,018.81,141.01,877.8

61,429

40,619237

39, 04913, 596

61, 429

18, 64517,19136, 021

37.7

3,3149,6922,1947,498

8,013

4,171940

2,902

5,126.92,104.33,022.61,142.91,879.7

63, 384

41, 704174

39, 77413,587

63,384

19, 59118,14936,319

37.4

3,31010, 5542,2508,304

8,007

4,2041,0092,794

5,129.92,061.03,068.91,165.41,903. 5

63, 504

41, 905510

39,65713, 582

63, 504

19, 61218, 20436, 628

37.1

3,24510,4062,2058,201

8,022

4,2451,0822,696

5,408.32,229.43,178.91,215.01,963.9

64,050

42,789365

40, 57513,512

64,050

19,16318,05037,408

36.1

3,3929,0171,9037,114

8,080

4,2811,0552,745

5, 523.12,273.53, 249.61,234. 52,015.1

65,371

43,340137

40, 76813, 436

65,371

19,62018,44737,950

35.4

3,3329,9101,8348,076

8,206

4,3281,1132,766

5,509.62,311.53,198.11,218.41,979. 7

64,246

43,085239

40, 56513,436

64, 246

20, 09818,75137,337

36.0

3,31310,6561,8288,828

8,367

4,3851,1452,837

5,605. 62,341.73,263.91,251.22,012.7

63, 794

42,717315

40,18913,432

63, 794

19, 20518,01437,322

36.0

3,38811, 0142, 0668,948

8,570

4,4771,1372,956

5,811. 72,414.63,397.11,336.62,060. 5

64,124

42, 840327

40, 73413, 204

64,124

19, 23318, 00037,432

35.3

3,46411,5602,2539,307

8,788

4,5531,1483,087

5, 934.12, 544. 03,390.11,304. 22,085. 9

65,452

43, 285452

40, 71313,190

65, 452

19, 84118,73637, 536

35.1

3,41811, 3722,1139,259

8>946

4,6471,1063,193

5, 797. 52, 449. 43, 348.11,311.32,036. 8

64, 797

43,940441

41,48013,092

64, 797

19, 67318,11937,880

34.6

3,42010, 7092,0908,619

9,145

4,7251,1053,315

5,868. 82,491. 73,377.11,314.72, 062. 4

66, 520

44, 656'292

42,16912,993

66, 520

20, 08318, 56738,258

34.0

67, 574

45, 816877

42,38012, 890

67, 574

21,35419,15538. 583

33.4

O, Total SMSA's include some cities and counties not designated as SMSA's.f includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los

Angeles-Long Beach.9 Includes data not shown separately.

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

August 1966 SURVEY OF CURRENT BUSINESS S-17

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

1964 | 1965

End of year

1965

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

1966

Jan. Feb. Mar. Apr. May June July

FINANCE—ContinuedBANKING- Continued

All member banks of Federal Reserve System,averages of daily figures:

Reserves held, total mil. $..Required doExcess do

Borrowings from Federal Reserve banks.__do_._.Free reserves do

Weekly reporting member banks of Fed. Res. Sys-tem, condition, Wed. nearest end of yr. or mo.:

Deposits:Demand, adjustedcf mil. $..Demand, total 9 do.__.

Individuals, partnerships, and corp do , . . .State and local Governments...- __doU.S. Government . .doDomestic commercial banks do_ _ _.

Time, total 9 - . . - d o _ .Individuals, partnerships, and corp.:

Savings do_.Other time^ do_.

Loans (adjusted), totaled doCommercial and industrial doFor purchasing or carrying securities doTo nonbank financial institutions doReal estate loans doOther loans do

Investments, total doU.S. Government securities, total do

Notes and bonds doOther securities.. do

Commercial bank credit (last Wed. of mo., exceptfor June 30 and Dec. 31 call dates), seas. adj.:t

Total loans and investments© __bil. $..Loans© do___.U.S. Government securities doOther securities. do_._.

Money and interest rates: §Bank rates on short-term business loans:

In 19 cities . percentNew York City do____7 other northern and eastern cities do11 southern and western cities do.

Dlscount rate (N.Y.F.R. Bank), end of year ormonth percent..

Federal intermediate credit bank loans doFederal land bank loans doHome mortgage rates (conventional 1st mort-

New home purchase (U.S. avg.) percent..Existing home purchase (U.S. avg.) do

Open market rates, New York City:Bankers' acceptances (prime, 90 days) do_._.Commercial paper (prime, 4-6 months)__doFinance Co. paper placed directly, 3-6 mo.doStock Exchange call loans, going rate doYield on U.S. Government securities (taxable):

3-month bills (rate on new issue) percent __3-5 year issues __do

Savings deposits, balance to credit of depositors:N.Y. State savings banks, end of period mil. $__U.S. postal savings J do

CONSUMER CREDIT*(Short- and Intermediate-term)

Total outstanding, end of year or month mil. $..Installment credit, total . . .do

Automobile paper. . . . do_.Other consumer goods paper __do_.Repair and modernization loans do..Personal loans do.By type of holder:

Financial institutions, total do..Commercial banks do_.Sales finance companies do..Credit unions _____do_.Consumer finance companies do..Other . do..

Retail outlets, total do..Department stores do..Furniture stores do..Automobile dealers do_.Other do..

Noninstallment credit, total do..Single-payment loans, total . . ._„__ do..

Commercial banks do..Other financial institutions_.__ do_.

1 21, 6091 21,198

U l l1243U68

68, 045

102,57473,6545,2394,563

12,539

40, 69816,407

102, 22742,1196,6779,03220,00829,156

48,78327,67921, 97921,104

' 273. 9' 172. 1'63 .0'38 .3

2 4.992 4.752 5.022 5.30

4.002 4.702 5.45

2 5.782 5.93

3 3. 773 3.973 3.8384.50

3 3. 549M.06

.28, 260390

78, 442

60,548

25,19515, 5933,532

16, 228

53,14125,09414,7626,4585,0781,749

7,4073,9221,152370

1, 963

17,894

6,9545,9501,004

1 22, 719122,267

145214541 - 2

69, 723

103,50775,2695,3553,866

12,429

78,260

45,36221,258

117,16550,6296,42010,91922,54032,068

48,29924,25219,50224,047

' 301. 8' 197. 4'59.5'44.9

2 5.062 4.832 5.092 5.34

4.502 4.942 5.43

2 5.762 5.89

M.223 4.383 4.273 4.69

3 3. 9543 4.22

30,312309

87,884

68,565

28,84317, 6933,675

18, 354

60, 27329,17316,1387,5125,6061,844

8,2924,4881, 235447

2,122

19,319

7,6826,5871,095

21, 70921,363

346528

-182

63,809

103, 55369,6515,4108,66412,404

73,817

43,12820,130

110,92546,8477,4189,83021,14929,326

47, 51524,25420,61923,261

• 281. 7181. 4'58.242.1

4.994.745.015.31

4.004.995.43

5.765.86

4.254.384.254.75

3.8104.09

29, 272342

81, 717

63,850

27, 28015, 6483,57617,346

56, 72627, 21415,3727,0325, 2871,821

7,1243,7851,084417

1,838

17,867

7,5466,4771,069

21,86321,513

350524

-174

64,171

94, 57268,0964,9005,02210,86174, 764

43,43320, 542

108,54846,2825,7129,48421,36730,224

47,24423,66720,67723, 577

283.2182.9'57.942.4

4.004.985.43

5.775.86

4.224.384.254.75

3.8314.10

29,380338

82, 539

64.704

27, 77915,8183,604

17, 503

57, 53727.70515, 5657,1245,3341,809

7,1673,8111,090425

1,841

17,835

7,5396,4761,063

21, 61721,187

430564

-134

63,505

96,10168,1895,1053,91412, 566

75,896

43,82720,990

111,07146,9876,224

10, 28921, 73930,113

47,08622,99220,32224,094

286.1• 185. 2'57.7'43.1

4.004.985.43

5.765.86

4.144.384.254.75

3.8364.19

29, 498332

83,319

65, 508

28,11115,9963,64817, 753

58, 29628,10715,7217,2355,3871,846

7,2123,8471,103431

1,831

17,811

7,5756,4971,078

21, 74021,356

384528

-144

64,133

97,04868, 2804,9405,59112,075

76,276

44,31921,003

111, 75548,1175,45310,15422,01230, 553

47,02322,83020,20224,193

286.2186.256.5

'43.4

5.004.765.035.31

4.005.025.43

5.755.89

4.254.384.254.75

3.9124.24

29,785327

83, 801

65,979

28,17516, 2293,66417,911

58, 70328,34315, 8027,3105, 4101, 838

7,2763,9101,117433

1,816

17, 822

7,6006,5201,080

21, 95821, 614

344490

-146

65,012

100,02871,3485,5722,442

13, 692

77,170

44,80521,342

112, 72748,7785,587

10,05822,23130, 585

47, 76923,99119, 94823, 778

289. 9• 188. 6'57.443.9

4.005.015.43

5.755.87

4.254.384.324.75

4.0324.33

29,845321

84,465

66,511

28, 39316,4923,67617,950

59,10528, 61815,8767,3635,4221,826

7,4063,9791,138438

1,851

17,954

7,6246,5461,078

21,95821, 589

369452- 8 3

», 175

101,20472,1275,4293,78912,977

77,662

45,09421, 511

114, 74149,1676,48210,31922,42531,245

47,79024,11919, 55023,671

291.5• 189. 8'57.544.2

4.005.025.43

5.805.91

4.254.384.384.75

4.0824.46

30,001317

85, 291

67,168

28,61216,7973,68918,070

59, 56728,85515,9637,4365,4651,848

7,6014,1011,167443

1,890

18,123

7,6486, 5551,093

22, 71922,267

452454- 2

69, 723

103. 50775,2695,3553,86612,429

78,260

45,36221,258

117,16550,6296,42010,91922, 54032,068

48,29924,25219, 50224,047

294.4• 192. 0'57.744.8

5.275.085.325.46

4.50'5.045.43

5.785.91

4.554.654.604.97

4.3624.77

30,312314

87,884

68, 565

28,84317,6933,675

18, 354

60, 27329,17316,1387,5125,6061,844

8,2924,4881,235447

2,122

19, 319

7,6826,5871,095

22, 75022,392

358402-44

68,220

99,64772,4155,5323,15311,982

78,868

45,01522,259

116,02550,4626,42910,34922,63831,444

47,55723,94218,95723,615

297.4194. 5'58.044.9

4.50'5.225.43

5.815.97

4.754.824.825.07

4.5964.89

30,442303

87,027

68,314

28,78917, 5663,63418, 325

60, 20229, 20116,1067,4475,5981,850

8,1124,4191,208448

2,037

18, 713

7,6666,5741,092

22, 23321,862

371478

-107

65,231

99,18271,3715,5313,14712, 619

79, 600

45, 06422,961

116,93951,3156,24910,41922, 73031,124

46,22022,41818,29623,802

297.5' 196. 2'55.9' 45.4

4.505.355.43

5.855.97

4.864.884.885.25

4.6705.02

30, 574299

86, 565

68,279

28,89417, 3863,60318,396

60,33129, 31216, 0727,4735,6211,853

7,948

451

18,286

7,7316,6301,101

22,16021,855

305551

-246

66,292

97,16270,3135,6513,22311, 512

81, 001

45, 11124,160

118, 41052,6406,03510,61822,86732,019

45, 25221,47417, 94523, 778

300.3• 198. 6'56.0'45.7

5.555.415.585.70

4.50'5.405.48

5.906.01

4.965.215.025.41

4.6264.94

30, 797292

87, 059

68,827

29, 24817,4503,59718, 532

60,86329, 68416,1067,5935,6301,850

7,964

459

18, 232

7,7956,6761,119

22, 52822,170

358

67,921

101,08273, 3035,4693,98311,807

81,813

43,37726.040

119,49452,4956,66610,78923.04131,757

46,37121,84918, 06424, 522

• 302. 7200.7'55.846.2

4.50'5.535.49

5.996.09

5.005.385.255.50

4.6114.86

30,496277

88,184

69,543

29, 59717,5973,60218,747

61, 53930,12716,1917,7115,6701,840

8,004

466

18,641

7,8366,7171,119

22,48722,117

370722

-352

65, 631

102,61871,7726,0304,700

12, 727

43,09327,133

121, 72553,8396,78410,92423, 26032, 786

45, 36820, 70417, 46924,664

304.3• 202. 0'55.047.2

4.50' 5. 655.52

6.026.16

5.185.395.385.50

4.6424.94

30, 581230

89, 092

7.0,209

29, 90817, 7323,64218,927

62,17830, 50716, 2637,8395,6951,874

8,031

472

18, 883

7,9256,7841,141

•22,53422,212'322674

'-352

65,159

102,31870, 2595,6517,47111,936

82,868

43,10427, 515

124, 56655, 7926,768

11, 63523,51632,674

45,11420,27617, 58224,838

' 305. 4' 203. 7' 54 .5'47 .1

5.825.655.866.00

4.505.685.60

6.076.18

5.395.515.395.52

4.5395.01

30, 716192

90, 070

71,194

30,40217,9593, 67719,156

63,09731,01316, 4548,0095,7421,879

8,097

18, 876

7,9016,7671,134

23, 08722,679

408766

-358

308.2205.954.148.2

4.50

5.585.635.516.00

4.8555. 22

182

' Revised.1 Average for Dec. 2 Average for year. 3 Daily average. 4 Effective June 9, about

$1.1 bil. of balances accumulated for payment of personal loans were deducted as a result of achange in Federal Reserve regulations.

c^For demand deposits, the term "adjusted" denotes demand deposits other than domesticcommercial interbank and U.S. Government, less cash items in process of collection; forloans, exclusive of loans to domestic commercial banks and after deduction of valuationreserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).

9 Includes data not shown separately.©Adjusted to exclude interbank loans.§For bond yields, see p. S-20.^Monthly data are as of the following dates: 1965—June 30; July 16; Aug. 13; Sept. 10;

Oct. 8; Nov. 5; Dec. 3; 1966—Jan. 28; Feb. 25; Mar. 25; Apr. 22; May 20; June 30; July 15.X Revised monthly data for commercial bank credit prior to June 1965 and for consumer

credit prior to Mar. 1965 appear in the July and May 1966 Fed. Reserve Bulletins.

2 2 5 - 2 2 1 O - 6 6 - 6

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

S-18 SURVEY CUKKENT BUSINESS August 1966

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

FINANCE—Continued

CONSUMER CREDIT§—Continued

Total outstanding, end of year or month—Con.Noninstallment credit—Continued

Charge accounts, total _ mil. iDepartment stores ___do_.Other retail outlets._.._. do_.Credit cards.. do..

Service credit -do..Installment credit extended and repaid:

Unadjusted:Extended, to ta l . . . . _._.do_.

Automobile paper ._. _do_.Other consumer goods paper _ .do..Allother _________•_ . .do..

Repaid, total . . .do . .Automobile paper do_.Other consumer goods paper _.do_.Allother ___ . do..

Seasonally adjusted:Extended, total ____ do.

Automobile paper. _________ _do_.Other consumer goods paper do..All other • do..

Repaid, total do..Automobile paper....___--- do..Other consumer goods paper do.All other . . . . do.

FEDERAL GOVERNMENT FINANCENet cash transactions with the public: cf

Receipts from... mil. $_Payments to . . . _ do___Excess of receipts, or payments (—) do___Seasonally.adjusted, quarterly totals: t

Receipts from . _______.do___Payments to__ do___Excess of receipts, or payments (—) do___

Receipts and expenditures (national income andproduct accounts basis), qtrly. totals, seas,adj. at annual rates: *

Receipts bil. $_Expenditures ___do__-Surplus, or deficit (—)__• - do___

Budget receipts and expenditures:Receipts, total. -mil. $_

Receipts, nett -- do. . .Customs do___Individual income taxes doCorporation income taxes do___.Employment taxes. - do___.Other internal revenue and receipts do___.

Expenditures, totalf _________ do_.Interest on public debt.. do..Veterans' benefits and services do..National defense. do..All other expenditures do..

Public debt and guaranteed obligations:Gross debt (direct), end of yr. or mo., total-bil. $.

Interest bearing, total ___. do___Public issues do

Held by U.S. Govt. investment accts.doSpecial issues __do___

Noninterest bearing and matured. do_Guaranteed obligations not owned by U.S. Treas-

ury, end of year or month— bil. $_.U.S. savings bonds:

Amount outstanding, end of yr. or mo___do___Sales, series E and H __do._.Redemptions _-do___

LIFE INSURANCE

Institute of Life Insurance:Assets, total, all U.S. life insurance companies +

bil. $ -Bonds (book value), total do.Stocks (book value), total__ do.Mortgage loans, total . . . do

Nonfarm do.Real estate do_.Policy loans and premium notes.___--___do_.Cash -__.__do_Other assets do_

Payments to policyholders and beneficiaries inU.S., total mil. $_.

Death benefits .doMatured endowments .doDisability payments do._.Annuity payments do_.Surrender values do..Policy dividends do..

i 6,3001909

i 4, 7561635

i 4,640

67, 50524, 43519,47323, 59761,12121, 67617, 73721, 708

115,031120,340-5,308

115.1118.1- 3 . 0

117, 222

1,35252,33425, 04717,10621,38296, 94511, 0395,48452,26129,067

317. 94313. 55267. 48i 14. 36i 46. 0814.39

i 49. 894.615.25

149. 47i 67.96

7. 94i 55.151 50. 85

!4 . 53i 7.1411.4915.26

10, 757. 84, 533. 5

898. 7160. 696.1. 0

1, 833. 72, 370.3

i 6,7461968

i 5,0551723

i 4,891

75, 50827,91421,45426,140

67,49524, 26719, 35523,873

123,376127,,,920—4;, 544

124.9123. 4

1.6

124,35496,679

1,64656,10227,03517, 26822,303

101,37811,6155,151

52, 77332, 582

i 320. 90i 316. 52i 270. 26115.51i 46. 2614.39

1.46

i 50.464.495.44

11,416.64,831. 4

931.1163. 0

1, 038. 91,932. 32, 519.

5,528627

4,218683

4,793

2,6461,8042,389

5,7962,0821,6142,100

6,1962,2851,7192,1925,6012,0071,5902,004

15,33411, 5713, 763

32,64632,395

251

125.0120.64.4

15, 52513, 404

1455,3246,5971,4062,0539,070989476

4,9492,700

317. 27313.11264. 4614.5948.65

4.16

.59

50.15.36.46

153. 5069.166.7457.3852.814.617.411.236.97

950. 2399.380.914.8

89.0162.9203.3

5,534591

4,217726

4,762

6,5372,5241, 7772,2365, 6822,0251,6072,050

6,3832,3551,8182,2105,6592,0071,6082,044

4,9819,696

-4, 714

5,0703,807

1371,661

727629

1,9157,2401,000210

3,8482,261

316. 58312. 20264. 4114.3947.79

4.38

.47

50.23.39.46

154. 4269.636.7557.6653.04

4.647.461.287.00

911.6

71.112.3

84.6157.1198. 5

5,498595

4,149754

4,738

6,4932,4011,7892,3035,6882,0681,6112,009

6,3852,3721,8162,1975,7292,0681,6621,999

11, 59512, 299

-705

10, 5867,350

1455,540

4822,5011,918

4834,3723,261

318. 24313. 90264.1214.9249.784.34

.50

50.26.37.46

155.1969.826.80

58.0253.364.657.511.317. 09

935.5400.467.912.585.5

158.8210.4

5,496647

4,078771

4,726

6,085

1,8492,1485,6162,0241,6171,975

6,4342,3851,8592,1905,7482,0561,6382,054

12, 59911, 0901,509

30,646

5,645682

4,221742

4,685

6, 2472, 3181,8992,030

5, 7142,0991, 6361,979

6,4252,3381,9072,1805,8052,0801,6702,055

4,28310, 518-6,234

32,104-1,458

123.8126.3-2.5

12, 64010,999

1595,4224,2361,1201,703

9,452966474

4,5313,482

316. 75312. 36264. 2915.4048. 074.39

.52

50.28.34.45

156.0469.846.9658.4153.72

4.7.551.277.34

954.2

74.614.386.7

164.5215. 3

2,4102,0042,1945. 9552,1931,7002,062

6,5302,4801,8732,1775, 8312,1481,6832,000

10,72812,312- 1 , 584

4,3273,295

153

1,508625461

1,5808,750962486

4,4772,878

318. 90314. 56267. 6015.1846.964.34

.49

50.36.37.41

156.8970.107.07

54.104.7.591.257.38

918.9

75.813.083.5148.5209.3

5,740725

4,291724

4,735

10,2208,106

1645,934507

1, 5082,1079,105963526

4,5183,320

321. 71317.36270. 3015.6547.054.36

.46

50.42.34.40

157.6470.227.1359.2854.52

4.707.621.367.33

879.4381.974.612.785.3148.3176.6

6,746968

5,055723

4,891

7,5192,3282,6572,5346,1202,0971,7602,263

2,4431,8622,1845,8552,1071,7202,028

10,83811,121-283

30, 68533,098-2,413

126.9127. 0

10,8079,553

1403,7054,315803

1,844

9,4261,005207

5,0913,155

320.90316.52270.2615. 5146.26

4.39

.46

50.46.33.42

158.7069.977.2460.0255.20

4.7.671.487.63

1, 246. 3480.174.815.985.0174. 8415.7

6,107855

4,509743

4,940

5,5862,0011,6841,901

5,8372,0551,8111,971

6,5442,3401,9832,2215,9472,1151,7782,054

7, 09111,233-4,142

7,1376,453136

4,140682423

1,7568,8091,035530

4,6052,712

322.00317.60273.2415. 5344.36

4.40

.42

50.44.47.65

159. 6370.507.2960.5255.68

4.697.721.307.60

964.3411.885.114.4

104.5162.1186.4

5,505

7465, 050

5, 5172,0841,5271, 9065,5521,9791, 7071,866

6, 4922,3401, 9572,1955,9542,1351,781

12,40011,2641,136

12,4328,335

1296,986573

3,1171,6278,156976513

4,4832,200

323.31318. 92273.1415.8245.784.39

.43

50.45.35.46

160. 2370.667.2960.8855. 99

4.707.771.307.63

909.8403.577.912.290.0157.0169.2

7555,044

6, 8652,6761,8902,299

6,3172, 3221, 8262,169

6,6732,4791,9592,2356,0242,2161,7082,100

13,80412, 0861,718

33,68436,908-3,224

136.0133.72.3

15, 70111, 297

1684,3767,2442,0401,87310,1931,035525

5,6003, 038

321. 00316. 58270. 6215.6445.96

4.42

.46

50.49.46.54

160.8070.987.2761.2956.32

4.727.851.027.67

1,139.5503.094.816.6

100.3196.5228,3

5,670

7655,135

6,6582,4861,8742,298

5,9422,1371,7272,078

6,5052,3021,9582,2455,9742,1451,7292,100

11,85311,325

528

13, 0729,929

1517,3412,4401,3201,8218,3621,013289

4,9952,078

319. 58315. 22270. 3015.4744.924.36

.47

50.52.43.51

161. 4871.157.2861.7156.65

4.737.96.90

7.74

984.2418.182.313.690.9

178.6200.7

5,860

""788"5,C

6,6942, 5261,8982,270

6,0282,2151,7632,050

6,4722,2981,9332,241

5,9792,1591,784

13,91612,8211,095

13, 7468,452

1587,389751

3,6151,8339,0551,025485

4,8952,650

322. 36317. 93269.1215.5848.804.43

.47

50.58.41.47

162. 04r 71.18r 7.3162.1056.984.748.051. 017.65

978. 7425.180.914.092.5178.2188.0

5,908

8245,067

7,2362,7462, 0132,4776,2512,2521,7832,213

6,6752,4191,9442,312

6,1262,2111,7672,148

20,29411, 8278,466

39, 56735,7583,809

141.0137.1

3.9

'20,712'17, 054

*172P 7 , 2 5 2P 8 , 2 5 2P 2,719'P 2 , 3 1 7

P 9 , 3 7 8l 0 8 S

3*>6,249p.l, 726

319. 91315. 43264. 31

15.5051.124.48

50.63.40.49

T Revised. » Preliminary.1 End of year; assets of life insurance companies are annual statement values.§ See note "J" on p. S-17. cf Other than borrowing. % Revisions prior to 1965 for cash

transactions with the public (seas, adj.) and for Jan. 1964-May 1965 for assets of all life insur-ance cos. will be shown later.

*New series; latest revised data for earlier periods appear in the Aug. 1965 and July 1966issues of the SURVEY. \Data for net receipts and total expenditures reflect exclusion ofcertain interfund transactions.

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

August 1966 SURVEY OF CURRENT BUSINESS S-19

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

FINANCE—Continued

LIFE INSURANCE—Continued

Life Insurance Agency Management Association:Insurance written (new paid-for insurance) :J

Value, estimated total mil $Ordinary doGroup and mass-marketed ordinary doIndustrial.--- - _ do. _

Premiums collected: %Total life insurance premiums. do_ _

Ordinary doGroup and wholesale _ _ doIndustrial _ __ do__

MONETARY STATISTICS

Gold and silver:Gold:

Monetary stock, U.S. (end of period)___mil. $__Net release from earmark§ _ _doExports thous. $._Imports do

Production world total mil $South Africa. doCanada doUnited States do

Silver:ExDorts - thons $Imports doPrice at New York _ dol. per fine ozProduction:

Canada _'_-- thous. fine oz__Mexico doUnited States .. do

Currency in circulation (end of period) bil. $.-

Money supply and related data (avg. of daily fig.):%Unadjusted for seas, variation:

Total money supply bil $Currency outside banks doDemand deposits do .

Time deposits adjusted^ __doU.S. Government demand deposits do

Adjusted for seas, variation:Total money supply do

Currency outside banks doDemand deposits do

Time deposits adjustedf do

Turnover of demand deposits except interbank andU.S. Govt., annual rates, seas, adjusted:

Total (225 SMSA's) 9 -.ratio of debits to deposits. _New York SMSA _ . __do ___

Total 224 SMSA's (except N.Y.). do____6 other leading SMSA'stf1 do218 other SMSA's . _ do -

PROFITS AND DIVIDENDS (QTRLY.)

Manufacturing corps. (Fed. Trade and SEC):Npt Tvrofit after taxes all indnstrips mil 1?

Food and kindrert nrodnets doTextile mill products doLumber and wood products (except furniture)

mil $

Chemicals and allied products._ _ _ do. _Petroleum refining do

PrimEirv nonferrous metal doPritnarv iron and stppl doFabricated metal products (except ordnance,

machinery, and transport, equip.) ___mil. $..

Elec. machinery, equip., and supplies doTransportation equipment (except motor

vehicles etc } mil $TVTotor vehicles and pnnirvmpnt do

Electric utilities, profits after taxes (Federal Re-serve") mil $

Transportation and communications (see pp. S-23and S-24).

SECURITIES ISSUED

Securities and Exchange Commission:Estimated ffross nrooeeds total tnil $

By type of security:Bonds and notes, total ._ do

Corporate doCommon stock doPreferred stock . do

105,00873,13024,5667,312

14,38510, 7682,2251,391

15,388256

422,74440,888

U,395.01, 019. 8

133.451.4

144,12166,3111.293

29, 93341,71645, 872

39.6

156.333.5

122.8119.4

5.8

44.789.532.941.429.2

23 2111,692

507

314754

2,8574,094

681758

1 225

8422 0011,512

5462 8082,617

10 810

9 375

37,122

34, 03010,8652,679

412

1142,12482,479

1 52,3497,296

15,03211 2502,4191,364

13,733-198

1,285,097101,669

'1,069.4125.6

54 06164 7691.293

31,91640, 33344,423

42.1

162.635.2

127.4137.6

6.4

48.499.635.444.931.4

27 5211,896

694

3385 753

3,1884,442

761970

1 401

1,1512 4991,926

7213 496

»3, 285

11 979

2 568

40,108

37,83613,7201,547

725

r 9,6287,1761,824

628

1,22393019598

13,93499

126, 4071,562

90.110.7

2 1013,7631.293

2,8842,9033,418

39.7

159.634.9

124.6136.6

9.3

161.835.0

126.8135.9

50.9107.036.345.532.2

7 215454166

93188853

1,088220270411

325689455

1871 057

759

2 942

597

4,297

3,9881,729

154155

8,7856,6091,586

590

1,254954194105

13,857-157

159,9472,153

90.810.0

8483,9171.293

2,5493,8383,159

39.9

160.935.4

125. 6138.3

9.1

162.535.2

127.3137.6

49.3104.935.144.431.1

2,936

2,8141,322

7844

8,9666,8111,554

601

1,222915204103

13,85743

108,02817,794

91.010.5

4 1995,7161.293

2,5073,6473,231

40.2

160.535.5

125.0140.2

7.4

162.735.4

127.3140.1

48.499.435.544.931.7

2,354

2,2628377815

9,9796,8592,542

578

1,191898193100

13,858142

126,3241,539

89.710.2

1,5346,104.1.293

3,0433, 5662,957

40.4

163.235.6

127.5141.4

5.6

164.335.6

128.7141.6

47.295.435.344.131.4

6,590522176

105184789

1,079253214312

304652471

184469876

2 623

626

3,029

2,8611,370

7692

137,7037,085

129,997621

1,264962196106

13, 85718

101,2751,888

90.410.5

4 0464 7221.293

3,0203,6773,871

40.8

165.836.0

129.8143.5

5.0

165.635.9

129.7143.6

47A96.335.143.831.4

2,661

2,537861116

8

10,2967,2862,374

636

1,248934211104

13,80581

101,33556,027

91.610.4

5,07210,8091.293

2,801

4,104

41.8

167.436.5

130.9144.4

4.0

165.736.1

129.6145.5

50.5104.737.047.632.1

6,340

6,0831,142

16592

12,1807,6014,055

524

1,5321 026

278228

13,733- 7 2

67,84210,102

89.310.2

3 9087 6881.293

2,8673 6,825

3,625

42.1

172.037.0

135.0145.3

4.5

167.436.3

131.2147.0

50.6102,237.547.733.3

7,484511201

84219815

1,214206251290

278658594

203985976

3 756

632

2,948

2,7891,487

7286

8,1206,1511,420

549

1,251953188110

13,732- 3 7

10,8773,037

91.29.8

4 6166,4751.293

2,2733,5803,496

41.1

173.036.5

136.5147.4

3.7

168.436.7

131.8148.0

50.7104.537.047.332.7

3,021

2,8341,152

68119

8,4946,5641,392

538

1,21691420696

13,730- 3 1

02,159

87.89.6

8,8756,5461.293

2,4244,0273,026

41.3

167.836.3

131.5148.7

5.1

168.036.8

131. 2148.8

50.9105.637.047.632.5

3,008

2,8781,143

5575

11,3527,9802,750

622

1,3641,046

22098

13, 63420

67, 77510, 766

90.510.1

7 9296,4521.293

2,9603,7364,149

41.5

167.836.5

131.3150.2

4.6

169.236.9

132.3149.6

52.3107.138.349.133.5

7,229469162

68213847

1,207115294324

313680546

186973833

3,040

758

4,250

3,8332,065

39621

10,1737,3082,291

574

1,251947203101

13,632- 5 7133

2,463

90.810.1

•7 3587,2771.293

2,583

3,555

41.5

171.636.8

134.8152.2

3.0

171.137.1

134.0151.6

52.8112.037.747.833.3

3,667

3,4581,383

18128

9,9387,4311,878

629

1,310990217103

13, 53226

91.9

1.293

3,793

42.1

166.937.0

129.9153.9

7.2

169.537.3

132.2152.9

52.4109.337.849.832.8

3,111

3,0439585612

9,9457,4681,908

569

1,29698921395

13, 43320

89.3

1.293

5,611

42.6

168.837.3

131.5*'154.1

6.2

171.137.3

133.8* 153. 3

53.7109.139.051.133.7

13,332

1.293

167.937.8

130.2155.7

8.0

169.637.6

132.0154.9

r Revised. i Includes $27.8 bil. coverage on U.S. Armed Forces. 2 Estimated; excludesU.S.S.R., other Eastern European countries. China Mainland, and North Korea. 3 Datafor Nov.-Dec. 4 Beginning June 1966, data exclude balances accumulated for paymentof personal loans (amounting to $1,140 million for week ending June 15). 5 Beginning withApril 1966 SUEVEY, data reflect reclassification of companies between paper and allied productsindustries and instruments, etc. (included in all other).

IRevisions for 1964-Apr. 1965 for insurance written and for Jan.-Aug. 1964 for premiums

collected will be shown later: those for money supply and related data for 1959-64 appaar onp. 44 of the June 1966 SURVEY. § Or increase in earmarked gold (-) .

1fTime deposits at all commercial banks other than those due to domestic commercialbanks and the U.S. Govt.

9 Total SMSA's include some cities and counties not designated as SMSA's.©"Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los

Angeles-Long Beach.

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

S-20 SURVEY OF CURRENT BUSINESS August 1966

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

FINANCE—Continued

SECURITIES ISSUED—Continued

Securities and Exchange Commission—ContinuedEstimated gross proceeds—Continued

By type of issuer:Corporate, total 9 mil. $_.

Manufacturing doExtractive (mining). do.._.Public utility do___.Railroad doCommunication doFinancial and real estate do

Noncorporate, total 9 -doU.S. Government.. _ doState and municipal d o —

New corporate security issues:Estimated net proceeds, total do

Proposed uses of proceeds:New money, total do

Plant and equipment doWorking capital do

Retirement of securities doOther purposes do

State and municipal issues (Bond Buyer):Long-term do_._.Short-term do

SECURITY MARKETS

Brokers' Balances(N.Y.S.E. Members Carrying Margin Accounts)

Cash on hand and in banks mil. $_.Customers' debit balances (net) __doCustomers' free credit balances (net) doMoney borrowed do

BondsPrices:

Standard & Poor's Corporation:Industrial, util i ty, and railroad (AAA issues):

Composited*. . ———dol. per $100 bond-.Domestic municipal (15 bonds) do

U.S. Treasury bonds, taxablef .—doSales:

Total, excl. U.S. Government bonds (SEC):All registered exchanges:

Market value mil. $_.Face value do

New York Stock Exchange:Market value doFace value. .- do

New York Stock Exchange, exclusive of somestopped sales, face value, total. mil. $_.

Yields:Domestic corporate (Moody's) percent-

By rating:Aaa_ doAa - . . .doA do___Baa _.-do

By group:Industrials. doPublic utilities do___Railroads ____do___

Domestic municipal:Bond Buyer (20 bonds) do___Standard & Poor's Corp. (15 bonds)— do_ _ _

U.S. Treasury bonds, taxable© do___

Stocks

Cash dividend payments publicly reported:Total dividend payments. _ _ _ _ —mil. $_.

Finance :_ doManufacturing doMining doPublic utilities:

Communications doElectric and gas__ do

Railroads do___.Trade doMiscellaneous do

Dividend rates and prices, common stocks(Moody's):

Dividends per share, annual rate, compositedollars __

Industrials do.Public utilities . . .do .Railroads do.N.Y. banks do.Fire insurance companies do

Price per share, end of mo., composite __do_.Industrials do_.Public utilities ___• do_Railroads do_.

13,9573,046

4212,760

3332,1893,856

23,16510, 65610, 544

13, 792

11, 2337,0034,230

7541,805

10,5445,423

1488i 5,101i 1,169i 4,132

95.1111.5

84.46

2,882. 482, 640. 74

2,782. 802, 542. 26

2, 524. 50

4.57

4.404.494.574.83

4.524.534.67

3.203.22

4.15

17,682

2,8059,298

601

1,5732,035

422680268

7.057.703.433.814.576.00

235. 08258. 55108. 7694.01

15,9925,417

3422,936

284947

4,276

24,1169,348

11,148

15.801

13,0637,7125,352

9961,741

11,0846,537

15341 5,5431 1.6661 3, 706

93.9110.6

83.76

3,794.223,288. 68

3,643.113.150.16

2,975. 21

4.64

4.494.574.634.87

4.614.604.72

3.283.27

4.21

19,488

3,15410,317

637

1,6782,174446768314

7.658.483.864.094.906,33

250. 31284. 32117.0895.06

2,038484

14195

1699

1,045

2,260362

1,000

2,018

1,665651

1,01472

281

1,000

5155,1391,2974,436

93.9110.8

84.57

303. 79

278.99

287. 04262. 56

271. 92

4.60

4.464.524.584.85

4.594.564.66

3.303.26

4.14

2,864

2511,951121

115242717439

7.558.383.834.044.926.31

238. 93269.18114. 2286.23

1,44345443

22827154206

1,492388

1,055

1,427

1,168735433137122

991380

4914,8871,2333,676

110.8

84.51

265. 58248.19

253. 01235. 86

191. 64

4.64

4.484.564.624.88

4.624.584.71

3.253.26

4.15

1,279

27140019

312152218123

7.578.413.844.044.926.31

242.16273. 38114. 7690.93

36419

3051329

134

1,424371718

919

760572188

718557

4914,9081,1923,771

93.5111.0

84.00

294. 76256. 23

282. 80245.19

244.98

4.65

4.494.594.654.88

4.634.604.73

3.293.25

4.19

1151891

21509

2912

7.598.423.884.074.926.31

246. 50279. 07115. 4694.36

43525

36526202343

1,490342984

1,523

1,249797452130143

984543

5395,0161,369

92.8109.3

83.27

398. 73332. 00

389.95323. 26

307.79

4.69

4.524.634.694.91

4.654.644.77

3.413.36

4.25

2,735

1,763122

114245707640

7.638.473.904.084.926.31

254. 52290. 30116.9595.11

287281692096284

1,675

973

8344803554990

867397

5255,0961,4753,552

92.7108.4

82.97

424. 51345. 52

414.32336.49

290.84

4.72

4.564,664.714.93

4.674.674.81

3.403.42

4.27

27743121

316153258426

7.788.673.964.164.926.31

260. 91301. 00118. 38

1,398424212421147544

4,9423,4631,018

1,377

1,18358459852143

1,018665

5505,2321,4793,661

92.3

107.7

82.22

373.10296.25

361. 09285. 05

272.00

4.75

4.604.694.754.95

4.714.714.83

3.503.47

4.34

537

1411994

21467

2612

8.129.033.994.284.936.57

255.62296. 07115.84102.30

1,64649264

3071460

437

1,302331768

1,632

1,279699580136217

768332

5345,5431,6663,706

91.1106.3

81. 21

490.17368. 03

469.00350.45

302.78

4.84

4.684.804.855.02

4.794.824.91

3.543.56

4.43

3,881

5722,504187

1182521138154

8.159.064.024.344.946.59

258.09299.67114.86103.46

3702139946142153

1,682475

1,176

1,325

1,21495925522

1,176355

5815,5761,7303,669

90.5106.9

81.15

359. 80287.99

348.47278.54

252.64

4.89

4.744.834.915.06

4.844.854.97

3.543.52

4.43

1,561

42846023

3431561910725

8.189.104.034.354.946.59

257. 90300.28111.34109.88

1,2735413424942163116

1,735345845

1,259

1,06881725122169

845382

5755,7771,7653,586

105. 2

79.32

383. 38296.12

371. 60285.18

250. 95

4.94

4.784.904.965.12

4.914.905.02

3.833.63

4.61

3261934

315994814

8.229.164.034.354.946.59

252.36293. 20106.81110. 59

2,4821,001

2834440304296

1,768457848

2,452

2,0391,4825577

407

848

6455,6711,8223,603

87.9103.9

78.92

485.14373.14

466.96358.35

331.66

5.10

4.925.055.125.32

5.065.085.18

3.593.72

4.63

2,870

2931,880124

121258747347

8.239.174.084.354.946.65

244. 95286.15105. 41102. 01

1,592673143683577173

2,075426

1,181

1,570

1,4211,07734416133

1,1811,061

6045,8621,7443,858

87.6105.9

79.75

423.27334.44

402.67318. 91

253. 71

5.16

4.965.105.185.41

5.095.215.19

3.623.59

4.55

1,385

280438

21

349160

278426

8.239.184.084.354.946.65

246. 67288.13106. 33102. 66

1,026413

38259

4741

111

2,085412896

1,015

2581364

r877865

6255,7971,8393,741

87.6104. 5

79.56

394. 28344. 51

333. 50

285.53

5.18

4.985.105.175.48

5.125.235.20

3.783.68

4.57

526

111197

3

160

8.249.184.094.354.946.65

236. 01274.18102. 4593.56

1,118'"384

5925,7951,6613,809

' 87. 0103.2

78.93

312.44258.46

301.98248. 57

208.88

5.28

5.075.165.295.58

5.255.325.26

3.833.77

4.63

3,043

2612,064

127

124261

808244

8.269.184.104.395.146.65

230.25267.2299.9592.58

r Revised. 1 End of year. 9 Includes data not shown separately,cf Number of bonds represented fluctuates; the change in the number does not affect the

continuity of the series.

1 Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.0 For bonds due or callable in 10 years or more.

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

August 1966 SUEVEY OF CURRENT BUSINESS S-21

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

FINANCE—Continued

SECURITY MARKETS—Continued

Stocks—Continued

Dividend yields and earnings, common stocks(Moody's):

Yields, composite __ .percent. _Industrials doPublic utilities . do.—Railroads do_._.N.Y. banks do__-Fire insurance companies do

Earnings per share (indust., qtrly. at ann. rate;pub. util. and RR., for 12 mo. ending each qtr.):

Industrials dollars..Public utilities . . . do. . . .Railroads do

Dividend yields, preferred stocks, 14 high-grade(Standard & Poor's Corp.) ____percent-

Prices:Dow-Jones averages (65 stocks)

Industrial (30 stocks)Public utility (15 stocks)Railroad (20 stocks)

Standard & Poor's Corporation:c"Industrial, public utility, and railroad:

Combined index (500 stocks) 1941-43=10. -

Industrial, total (425 stocks) 9 doCapital goods (122 stocks) . doConsumers' goods (188 stocks)___._do._._

Public utility (50 stocks) doRailroad (25 stocks) do. . . .

Banks:New York City (10 stocks) do__-Outside New York City (16 stocks) ____do._-_

Fire and casualty insurance (22 stocks)___do_._.

Sales (Securities and Exchange Commission):Total on all registered exchanges:

Market value mil. $..Shares sold millions..

On New York Stock Exchange:Market value __mil. $__Shares sold (cleared or settled) millions. _

Exclusive of odd-lot and stopped stock sales(N.Y.S.E.; sales effected) millions..

Shares listed, N.Y. Stock Exch., end of period:Market value, all listed shares bil. $-_Number of shares listed millions. _

3.002.983.154.052.972.50

14.395.416.97

4.32

294.23834. 05.146.02204.36

81.37

86.1976.3473.8469.9145.46

39.6477.5467.20

72,1472,045

60,4241,482

1,237

474.329,229

3. 062.983.304.303.332.74

16.505.928.16

4.33

318.50910.88157. 88216.41

88.17

93.4885.2681.9476.0846.78

38.9271.3564.17

89, 2252,587

73,2001,809

1,556

537.4810,058

3.163.113.354.693.512.84

17.215.686.91

4.38

302.72878.06154.93195. 79

85.04

90.1981.6280.0474.1942.52

37.1768.4762. 54

6,911187

5,819136

128

478.839,785

3.133.083.354.443.382.86

4.38

303. 66873. 43155.71199. 51

84.91

89.9280.5478.8074. 6343.31

38.1870.2260.95

5,656154

4,783116

85

487.859,829

3.083.023.364.313.252.90

4.34

312.37887.70155. 44214.21

86.49

91.6883.2580.2374.7146.13

38.9670.9860.75

5,952163

4,937120

109

500.629,863

3.002.923.334.293.172.94

14.605.827.22

4.32

321.61922.18157. 51218.86

89.38

94.9386.9182.3476.1046.96

40.4372.7460.79

7,993222

6 662165

155

517.679,931

2.982.883.354.173.432.96

4.38

330. 89944.77157.19231. 09

91.39

97.2090.2883.9076.6948.46

39. 6871.6858.58

9,664279

7,857199

164

532.839,984

3.183.053.444.183.512.94

4.41

335.45953.31157.11238.11

92.15

98.0291.6283.7576.7250.23

37.1969.2659.56

8,603262

6,879163

147

530.7710,013

3.163.023.504.193.512.63

18.265.928.16

4.47

337.09955.19152. 00245.33

91. 73

97.6691.4283.3175.3951.03

37.7170.2766.13

11, 683345

9,200231

191

537.4810, 058

3.173.033.623.963.552.70

4.51

346.95985.93151.26255. 52

93.32

99.5693.3584.2874. 5053.68

37.2470.9367. 86

11,022304

8,651206

183

542. 751.0,136

3.263.123.773.933.782.79

4.63

347. 42977.15145.87264. 99

92.69

99.1193.6983.4871. 8754.78

36.1070.5166.98

11,169302

8,789198

166

535.3810,180

3.363.203.874.263.812.95

17.106.038.56

4.83

331.16926.43141.49252.80

88.88

95.0490.2878.9669.2151.52

34.1165.1963.28

12,978337

10, 359224

192

523.9310,245

3.343.193.844.244.032.82

4.78

337. 27943.70140.26260.64

91. 60

98.1793.5479.2870.0652.33

33.6764.1765. 27

12,909357

9,893221

186

536.3610, 276

3.493.353.994.653.952.97

4.83

314.62890. 70137.32233.07

86.78

92.8588. 7875.1268.4947.00

32.3261.2263.33

12,268302

9,800209

171

507.7710,507

3.593.444.104.744.183.05

18.106.09

4.93

311.51888.73134.07229.24

86.06

92.1487.3473.7567.5146.35

32.3961.3261.64

9,673228

7,772162

141

502.4110, 612

3.643.504.084.954.302.98

5.00

308.07875.87133. 72227.18

85.84

91.9586.3873.8767.3045.50

32.5062.3862.63

120

497.1110,733

FOREIGN TRADE OF THE UNITED STATES

FOREIGN TRADE

Value

Exports (mdse.), incl. reexports, totalO mil. $_.Excl. Dept. of Defense shipments __do

Seasonally adjusted rio

By geographic regions: AAfricaAsiaAustralia and OceaniaEuropeNorthern North AmericaSouthern North AmericaSouth America

By leading countries:Africa:

United Arab Republic (Egypt)Republic of South Africa

Asia; Australia and Oceania:Australia, including New GuineaIndiaPakistanMalaysia

Indonesia

dodododo

dododo

dodo

"dododo

AnPhilippines . doJapan rin

Europe:FranceEast GermanyWest Germany

ItalyUnion of Soviet Socialist Republics..United Kingdom....

dododo

do

26,488.825,670.6

1,222. 55,233. 7

750.18,326.7

4 746.72,044. 82,129. 7

268. 2396.1

639.6955.0375.777.0

68.1361.5

1,912. 6

805.920.2

1,315.2

833.4144. 6

1,471.4

27,346.226,567.1

1,224.15,495.8

850.78,851.6

5,587.12,094.62,141.7

157. 6437. 8

700.7928. 0335.989.5

41.5336.3

2,057.5

901.812.6

1,501. 8

864.444.4

1,564.8

2,335.62,218.9

2,230.2

120.2459.070.2

r 675. 5r 531 1r 179.1

168.9

11 742.0

58.292.228 9

7.6

3.327.7

152.3

71.5. 8

r 113. 2

63.63.1

118.7

2,244.82,172.1

2,255.5

82.1485.069.4

732.9

451.1171.0164.7

10.429.5

58.697.326.98.1

4.328.4

195.4

69.2. 1

121.2

67.52.0

128.5

2,188.32,123. 5

2,332.9

111.9422.1104.9670.4

440.1170. 9172.2

23.641.9

78.175.231.3

7.5

2.124.7

156.7

72.7. 6

120.1

60.73.1

117.5

2,163.02,140.2

2,324.1

129.2401.178.9

666.7

458.5172.8191.9

17.850.0

60.972.914.0

7.1

4.334.5

145.6

61.8. 5

114.1

59.51.5

126.3

2,444. 02,419. 5

2,341.6

105.6458.867.1

806.0

532.5188.6210.6

11.935.7

52.373.322.97.4

2.732.0

169.9

78.91.2

147.0

86.53.1

143.9

2,505. 42,440. 4

2,408. 2

84.5480.366.3

857.6

528.3193.0197.4

6.427.7

56.353.325.58.1

2.725.4

196.6

86.1.9

159.7

81.73.1

155.6

2,606. 52, 550. 5

2,355. 8

91.0525.960.2

880.4

524.8190.4227.8

6.121.2

50.163.042.38.0

3.826.1

202.6

88.03.4

129.6

85.14.3

164.1

12,132.512,132.5

2,248. 6

85.9400.656.9

765.2

434.1170.3178.1

5.830.6

46.362.317.33.0

2.324.1

157.9

83.33.7

131.5

71.82.6

140. 0

2,297. 52,210. 3

2,334. 8

86.2447.260.2

790.3

457.4161.3177.2

12.023.2

49.988.415.83.7

2.923.9

174.6

84.01.6

121.2

67.94.2

138.1

2,817.92,747.0

2, 594. 4

132.0533.670.2

993.5

567.1212.0217.8

22.841.4

58.8116.913.24.1

2.527.5

194.3

98.71.4

166.1

88.52.9

175.6

2,600.52,464.7

2,331. 2

114.4495.660.0

820.4

564.6176.7196.0

18.633.3

51.097.911.7

4.1

3.129.6

196.0

82.64.2

143.9

81.34.8

140.9

2,616.92, 505.9

2,364.4

114.7442.061. 5

828.1

623.5186.2213.4

22.630.8

47.663.016.8

3.7

2.426.6

174.2

83.23.4

131.0

75.46.2

138.6

2, 569. 92,468. 2

2,485.8

116.7497.764.7

773.2

606.7187.4193.9

24.331.3

54.071.517.43.9

3.029.3

189.2

79.5.6

127.9

74.25.2

118. 0r Revised. * Preliminary. i See note 2 for p. S-22.d"Number of stocks represents number currently used; the change in number does not

affect continuity of the series.9 Includes data not shown separately.O Beginning Jan. 1965, data reflect adoption of revised export schedule; in some instances,

because of regrouping of commodities and release of some "special category" item;restricted list, data for commodities and countries are not comparable with those

items from thefor earlier

periods.A Excludes "special category" shipments.

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

S-22 SURVEY OF CURRENT BUSINESS August 1966

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

1964 1 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

FOREIGN TRADE OF THE UNITED STATES—ContinuedFOREIGN TRADE—Continued

Value—ContinuedExports (mdse.), incl. reexports—Continuec

By leading countries—ContinuedNorth and South America:

Canada

Latin American Republics, total 9 --

Argentina _ _ _ _BrazilChile

ColombiaCubaM^exicoVenezuela

Exports of U.S. merchandise, total O tExcl military grant-aidt -

By economic classes:Crude materials _ _ _ __Crude foodstuffsManufactured foodstuffs and beveragesSemimanufactures cfFinished manufactures cf

Excl militarv srant-aidBy principal commodities:

Agricultural products, total 9

Animal and vegetable oils and fatsCotton, unmanufacturedFruits, vegetables, and preparations-Grains and preparationsMeat and meat preparationsTobacco and manufactures A

Nonagricultural products, total 9 -

Automobiles, parts, and accessoriesChemicals and related products!Coal and related fuelsIron and steel prod. (excl. adv. mfs.)

Machinery, total § 9 ---

AgriculturalTractors parts, and accessoriesElectricalM etal working §Other industrial

Petroleum and productsTextiles and manufactures

General imports total tSeasonally adjusted^

By geographic regions:AfricaAsiaAustralia and OceaniaEurope

Northern North AmericaSouthern North AmericaSouth America

By leading countries:Africa:

United Arab Republic (Egypt)Republic of South Africa

Asia; Australia and Oceania:Australia, including New GuineaIndiaPakistanMalaysiaIndonesiaPhilippinesJapan

Europe:FranceEast GermanyWest GermanyItaly _

I

•mil. $

do

_ do- _dodo

dodododo

" d o

_ do___dododododo

do

dodododododo

do

dodododo .._

_ do. _

dododododo

dodo

dodo

dodododo

dododo

dodo

dododododododo

dodododn

Union of Soviet Socialist Republics-___doUnited Kingdom rin

North and South America:Canada

Latin American Republics, total 9 __

Argentina __Brazil _Chile

ColombiaCubaMexicoVenezuela . .

do

dododo

dododo

4,774.5

3,737.9

261.6387.8180.9

246.2( i )

1, 092.4606.3

26,136. 425,318. 2

2,897. 52,540. 21 687 44 067 2

14,893. 814,076.1

6,347.5

429 4690.2434.7

2 579 8181.3544.5

19,788.9

1 720 82 326. 2

504 7895.7

6, 344.8

229.0547 3

1 540 2520.6

2 991 7

471.4804 9

18, 684.0

916.53 619 5

439.75,307.3

4 241 61,639.32 508.5

16.2249. 5

281 1304.540.0

161 1169 7387 2

1,768. 0

495 06.7

1 171.1526 220.2

1,143.2

4 238 5

3,523. 7

111.3534.7218 2

280 4( l )

643.1956.4

5,586.7

3,750.6

266.0328.6235.3

196.4( i )

1,105. 2623.7

27,003.326,224. 5

6,228. 6

20,774.7

21,366.4

875.14 528 4

453.56,293.0

4 837.11,741.12,626.2

16.1225.1

314 1348.044.8

211 9165.3369 1

2,414.1

615.36.5

1 341 6619.742.6

1,405.3

4,831.9

3, 676. 6

122.1511.9209 4

276 7

637.91,020. 6

r 531.1

307.6

19.420.215.8

13.80

95.255.8

2,307.42,190. 7

530.9

1,776.5

1,907. 01,829.5

82.0410 930.8

537.6

441 7158.3

'244 0

1.018.8

20 133.14.1

17 315.727 1

220.0

63.5.3

117 654.82.6

112.7

441. 5

' 343.1

11.1r37.8

22.3

25.20

61. 9101.9

451.1

297.6

22.018.818.0

12.80

92.552.2

2, 212.12,139. 4

548.0

, 664.1

1,632. 91,663.1

50.9345.641.7

505.7

400.5114.5173.2

2.68.2

25.923.74.0

16 710.225 6

194.5

55.1.2

110.649.13.3

118.4

399.4

238.6

8.927.89.9

18.80

39.371.1

440.1

304.1

25.924.717.4

13.40

88.952.8

2,161.02,096.2

459.3

1,701.7

1,716.01, 763. 6

68.4394.736.7

486.8

408.3123.1198.9

.615.3

25.128. 04.2

13.610.835.3

231.0

53.3.3

91.256.12.4

112.1

407.6

270.4

10.436.111.9

22.80

41.877.5

458.5

327.3

18.432.031.1

15.50)93.149.9

2,133. 22,110. 4

484.6

1,648.6

1,797.61,806. 8

89.1423.447.4

489.9

414.7118.2214.1

.527.6

35.131.83.6

24.514.733.5

224.1

41.71.4

110.453.11.9

111.8

413.5

276.2

11.854.318.9

24.1( i )

39.268.9

532.5

354.5

25.539.921.3

17.20

98.058.3

2,411.92,387. 4

587.0

1,824.9

1,997.12,005.9

'87.9411.055.5

621.1

416.4136.4268.4

.616.3

43.027.03.3

18.616.231.2

227.8

54.7.3

135.758.58.2

148.2

416.0

348.5

11.365.624.9

31.40

47.384.5

528.3

344.8

22.735.923.2

18.30

99.254.0

2,472. 22,407.2

652.2

1,820.0

1,966. 71,903.3

81.1412.435.2

592.3

448.9151.9243.2

.526.3

23.227.32.6

18.513.828.5

231.3

54.3.4

133.158.83.5

137.1

448.6

342.4

10.462.923.1

27.00

63.770.3

524.8

375.8

22.852.126.3

23.90

99.056.9

2,576. 02,520.0

647.5

1,928.5

2,159.92,034.6

90.0446.637.7

661.5

470.1178.0274.7

1.225.6

28.733.8

5.326.915.739.9

221.9

61.51.2

131.967.95.7

165.3

469.7

380. 5

10.863. 011.5

31.60

65.5110.1

434.1

310.4

16.839.520.8

18.00)93.545.0

2,105.32,105.3

505.7

1,599.6

1,828. 71,935.5

70.9373 837.8

556.5

403.1161.3225.2

2.816.5

26.228.9

6.38 3

12.529 2

200.8

47.6.5

130.149.31.9

124.5

402.5

323.8

11.348.519.4

22 60

62.984.6

457.4

303.4

16.731.522.3

21.90)86.944.6

2, 264. 02,176.8

518.6

1,745.4

1,822. 51,992. 9

72.2375.643.3

534.1

417.0153.9225.4

1.014.1

31.625.45.5

18.712.632.5

190.0

50.4.4

119.751.64.8

106.0

416.9

328.7

9.348.117.2

27.80

65.281.7

567.0

379.6

18.753.620.7

25.2C1)

108.651.7

2, 778. 42, 707. 5

624.8

2,153.6

2, 245. 72, 072. 7

119.0438.041.7

689.8

520.7182.8252.7

1.931.3

24.326.06.5

10.416.340.6

250.1

63.8.8

156. 858. 53.4

151.7

519.9

369.1

12.942.922.2

20.90

73.1111.6

564.5

331.0

15.046.019.4

23.30

88.249.6

2, 557.92, 422.1

552.3

2,005.6

2,071. 22,138. 2

88.5434.648.6

637.7

472. 8170.0218.8

3.617.4

27.329.05.7

17.118.834.6

245. 4

53.3.5

131.856.13.7

138.0

472.8

326. 3

14.444.916.2

20.70

70.182.2

623.5

357.3

18.151.223.3

28.00

98.249.8

2,568.12,457.1

549.6

2,018.5

2,092. 52,070.2

102.5416. 241.4

644.4

511.4156.1219.6

.837.2

27.027.65.9

15.416.021.8

234.8

61.3.8

141.758.44.5

149.7

510.8

318. 3

13.743.118.0

26.80

64.869.0

606. 7

338.8

16.034.223.3

24.70

96.852.1

2,531.22,429.5

551.1

1,980.1

2,193. 52,114.9

75.7449.869.0

656.8

554.6155.5230.7

2.021.9

50.226.95.1

13.018.235.2

245.9

58.5.6

151.364.94.5

144.1

554.3

326.1

14.548.117.9

20.10

58.784.6

r Revised. p Preliminary. i Less than $50,000. 2 Military grant-aid shipments forDec. 1965 (ordinarily included with Jan. 1966 data) are included in Feb. 1966 data; subsequentmonths will include these shipments on a 2-months delayed basis. JRevisions for Jan.-Nov. 1964 will be shown later. 9 Includes data not shown separately. OSee similar

note on p. S-21. c^Data for semimanufactures reported as "special category" are includedwith finished manufactures. AManufactures of tobacco are included in the nonagriculturalproducts total. §Excludes some "special category" exports.

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

August 1966 SURVEY OF CURRENT BUSINESS S-23

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

FOREIGN TRADE OF THE UNITED STATES—Continued

FOREIGN TRADE—Continued

Value—Continued

Imports for consumption, total mil. $_By economic classes:

Crude materials do . . .Crude foodstuffs.. do . . .Manufactured foodstuffs and beverages. _ do.__Semimanufactures . do__.Finished manufactures ___do___

By principal commodities:Agricultural products, total? do__.

Cocoa (cacao) beans, incl. shells do__.Coffee do . . .Rubber, crude (incl. latex and guayule) . do . . .Sugar (cane or beet) ___do___Wool and mohair, unmanufactured.. . .do.. .

Nonagricultural products, total 9 do. _.

Furs and manufactures .doIron and steel prod. (excl. adv. mfs.)...doNonferrous ores, metals, etc.:

Bauxite, crude doAluminum semimfs (incl. calcined bauxite)

mil. $_.Copper, crude and semimfs doTin, including ore .do

Paper base stocks . doNewsprint _.. doPetroleum and products do

Indexes

Exports (U.S. mdse., excl. military grant-aid):Quantity ____1957-59=100.Value do__.Unit value do

Imports for consumption: c?Quantity doValue ____do___Unit value . do._.

Shipping Weight and Value

Water borne trade:Exports (incl. reexports) :§

Shipping weight thous. sh. tons.Value mil. $_.

General imports:Shipping weight thous. sh. tons_Value mil. $_

Airborne trade:Exports (incl. reexports):

Shipping weight.. thous. sh. tons.Value mil. $_

General imports:Shipping weight thous. sh, tons.Value mil. $_

18,600.3

3,444.12, 034. 01,812. 03, 988.37,321. 5

4,104. 4

130.91, 200. 3

200.6458.4205.3

14,495. 9

116.6819.9

125.8

199.0340.2111.7

405.5752.5

1,872. 4

143146102

135133

171,05517,004

233,80813,437

163.31,844.6

64.3956.1

21,281.8

4, 092. 2

120.51,060.2

182. 3444.7235.1

17,189.6

128.8

143.0

270.5302.2168.6

451.7789.6

2. 063.3

144152106

i 153i 152199

171,81016,927

255,45414,935

228.72, 289. 4

96.11, 315. 9

1,878. 0

345.2

13.289.716.942.518.6

1, 532. 8

10.9

32.626.612.7

39.872.4

192.2

143152106

16516399

15, 7531,412

25,5521,368

17.7182.5

9.2103.9

1,635.4

262.3

8.659.412.822.316.9

1,373.1

7.6

13.7

25.123.010.5

34.964.4

147.4

141149106

140139

16,3401,448

20,5321,124

17.5180.3

7.5104.9

1,727.1

319.0

11.377.811.242.719.1

1,408.1

7.1

354.1

14.583.615.3

1, 440. 9

6.5

13.7

24.427.99.2

37.465.1

159.4

137146106

14814699

15, 6751,342

22, 0781,225

18.2189.6

6.895.1

1,795.0

11.1

20.325.416.5

36.470.5

164.0

139147105

154153

14,9971,346

21,2221,295

17.9173.1

8.194.0

2, 003.9 1,952.9

411.2

8.9128.717.450.817.9

1,592.7

6.5

11.4

23.935.413.1

36.367.6

172.0

158166105

171170100

17,2791,563

22,3041,412

19.2202.0

8.3144.8

2,129.8

399.0

7.6125.917.241.018.4

1, 553.9

4.9

12.7

22.624.318.1

41.267.2

150.1

159167105

168168100

16, 3041,527

20,3811,352

22.6234.4

8.7123.9

428.6

7.4113.517.251.717.5

1,701.2

20.2

12.4

29.126.834.2

37.778.5

200.2

167175105

184184100

14, 7331,618

24, 2221,474

21.2231.9

11.7154.7

1,800. 8 1,806. 2

353.3

13.493.09.4

16.723.7

1,447. 5

14.7

371.6

18.0102.518.328.821.1

1,434.6

15.7

12.4

15.516.014.6

31.568.799.6

12, 4231,340

19, 0101,264

18.9221.1

8.2112.0

9.3

27.018.16.3

33.563.6

178.2

13,4801,396

17, 5721,212

20.0220.5

7.3118.2

2,231. 7 2,003.7

431.2

15.4118.215.236.327.9

1,800. 5

20.3

390.4

10.197.118.737.829.2

1,613. 3

11.7

13.6

32.525.77.4

42.175.6

215.4

P177P188

P 1 9 2

15, 4611,740

21, 9821,479

22.9226.4

9.4150.8

358.3

12.691.216.430.118.5

1,707. 4

12.7

11.4

29.723.716.8

35.071.0

157.6

24.5222.4

8.9137.1

2,065.7

13.5

30.029.018.0

39.178.4

154.3

21.1240.2

9.0129.2

2,175. e

387.2

6.280.217.247.221.4

1,788.4

13.1

10.4

30.926.89.9

40.081.0

182.8

TRANSPORTATION AND COMMUNICATION

TRANSPORTATIONAir Carriers

Scheduled domestic trunk carriers:Financial operations (qtrly. total):

Operating revenues, total 9 _- mil. $. .Transport, total 9 . . .do

Passenger,. doProperty doU.S. mail (excl. subsidy) . do____

Operating expenses (incl. depreciation) . . .doNet income (after taxes) do____

Operating results:Miles flown (revenue) mil-Express and freight ton-miles flown do_._Mail ton-miles flown do . . .Passengers originated (revenue)... do__.Passenger-miles flown (revenue) biL

Express Operations (qtrly.)Transportation revenues mil. $__Express privilege payments do

Local Transit Lines

Fares, average cash rate ___cents__Passengers carried (revenue) ._._ mil__Operating revenues (qtrly. total) mil. $__Motor Carriers (Intercity)Carriers of property, class I (qtrly. total):

Number of reporting carriers 21,018 1,119Operating revenues, total . . . . .mil. $._ 6,176 __ ____ 1,776Expenses, total do__._ 5,890 1,663Freigh t carried (revenue) mil. tons. _ 366 . . . 108r Revised. p Preliminary. ! See note "cf" for this page. * Number of carriers filing

complete reports for 1964. 3 As compiled by Air Transport Assn. of America.4 Reflects New York City 13-day transit strike.9 Includes data not shown separately.

2,8312,8052, 527

18765

2,531136

822.1726.9184.761.941.9

412.4118.2

21.26,8541,408

3,3063,2782,933

21874

2,886223

940.9921.6219. 671.449.2

431.4119.3

22.16,787

p 1,427

8328267445318

70865

78.374.516.96.34.5

103.728.2

22.0563

82.173. 016.56.34.6

22.2523

83.677.617.26.84.9

22.2519

8858787885517

73979

79.786.717.76.14.2

106.731.1

22.2559

83.095.019.46.34.2

22.2589

78.885.219.95.93.8

22.3574

8548467476122

76249

84.592.929.46.34.5

119.132.5

22.3601

84.975.919.86.34.4

22.34 477

78.079.420.25.84.0

22.3528

8768687755821

78845

87.996.324.26.94.7

103.925.6

22.3607

87.194.123.87.45.1

22.3579

22.3590

22.3566

cf Beginning Jan. 1965, indexes are based on general imports, instead of imports for con-sumption as formerly.

§Excludes "special category" shipments and all commodities exported under foreign-aidprograms as Department of Defense controlled cargo. c Corrected.

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

S-24Unless otherwise stated, statistics through 1964

and descriptive notes are shown in the 1965edition of BUSINESS STATISTICS

1964

SUKVEY1965

Annual

OF 1DUKEENT BUSINESS1965

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

August 1966

1966

Jan. Feb. Mar. Apr. May June July

TRANSPORTATION AND COMMUNICATION—Continued

TRANSPORTATION-ContinuedMotor Carriers (Intercity)—Continued

Freight carried, volume indexes, class I and II(ATA):

Common and contract carriers of property(qtrly.) average same period. 1957-59=100_.

Common carriers of general freight, seas, adj.*1957-59=100-

Carriers of passengers, class I (qtrly.) :§Number of reporting carriersOperating revenues, total mil. $_.Expenses, total do___.Passengers carried (revenue)--. mil_.

Class I RailroadsFreight carloadings (AAR):

Total cars. !_ thous _.Coal --_ doCoke __doForest products doGrain and grain products _-do

Livestock.— __-__ ____do_.Ore _ ._do.Merchandise, l.c.l _ _____.do.Miscellaneous ._do.

Freight carloadings, seas. adj. indexes (Fed. R.):Total—. - — - .1957-59=100.

Coai do.__Coke . . do___Forest products d o . . .Grain and grain products __do___Livestock do___Ore do_._Merchandise, l.c.l d o . . .Miscellaneous _. d o . . .

Financial operations (qtrly.):Operatins: revenues, total 9 - ---mil. $_

Freight _.__do___Passenger do___

Operating expenses do__ _Tax accruals and rents do.__Net railway operating income.- do___Net income (after taxes)___ _ do___

Operating results:Ton-miles of freight (net), revenue and nonrev-

enue (qtrly.) __bil_Revenue ton-miles* do___

Revenue per ton-mile (qtrly. avg.) cents.Passengers (revenue) carried 1 mile (qtrly.) __mil_

Waterway TrafficClearances, vessels in foreign trade:

Total U.S. ports ._ mil. net tons.Foreign vessels..— _do.__United States vessels... . . . d o . . .

Panama Canal:Total -_-__._. thous. lg. tons.

In United States vessels _ _.do___Travel

Hotels:Average sale per occupied room dollars.Rooms occupied % of total.Restaurant sales index. ..same mo. 1951=100.

Foreign travel:U.S. citizens: Arrivals thous.

Departures do . . .Aliens: Arrivals . do.__

Departures do . . .Passports issued and renewed... ___do__.

National parks, visits d o . . .Pullman Co. (qtrly.):

Passenger-miles " (revenue) .—_ .mil.Passenger revenues.. . _ mil. $.

COMMUNICATION (QTRLY.)Telephone carriers:

Operating revenues?---—- .mil. $.Station revenues _ _ ___do__.Tolls, message. . „ -do. . .

Operating expenses (before taxes). _„_do___Net operating income do.. .Phones in service, end of period mil.

Telegraph carriers:Domestic (wire-telegraph):

Operating revenues.. mil. $.Operating expenses, incl. depreciation do...Net operating revenues.. _do._.

International:©*Operating revenues _.____ do...Operating expenses, incl. depreciation do...Net operating revenues - do__.

137.6

131.9

1158656.5570.9506.9

29,0275,530

4231,9602,625

1532,005

9695

113100

96499727

9,7788,384

5767,6801,285

813

670.3659.31.282

18,248

202.2166.935.3

74,21010,750

9.5361

111

2,9132,8411,8901,6531,133

33,976

2,21837.76

10,9385,9223,8276,4961,92477.4

299.4264.221.1

107.43 83.0»17.6

150.9

144.3

v 604.6P511.4P212.9

29.5545,679

4402,0032.657

1251,962

46516.222

9797

100103

97409520

100

10,2088,836

5537,8491,396

963816

709.3697.71.26617,389

r 208.7' 174.7'34.0

78.927

9.7162112

3,3513,3412,0931,8191,330

36,509

2,01434.55

11,7506,2724,1887,0762,09181.5

305.6267.4

112.287.021.0

151.4

143.8

147150.8127.253.3

2 2,8902 4952 422 185

262 2852 46

21, 561

949810995

9531872097

2,5822,240139

1,963361258213

180.2178.21.2584,333

18.615.72.9

6,467835

10.0363115

308398182165175

5,074

4738.05

1,5471,0281,75151979.2

77.367.65.6

28.822.15.3

141.5

r 2,198

'149'217

'5'229'34

1,164

9598122103

8233902099

19.016.32.8

6,855496

9.1057112

350433226182131

8,578

141.6

2,38147935161221

722234

1,221

941011179910134861896

18.615.62.9

628

65106

504365230213105

8,346

148.8

143.1

147188.1142.659.4

2,29244831158200

1119233

1,220

949595102102358117

2,5752,215156

1,965360250205

178.7175. 61.2615,151

18.415.43.0

6,035716

10.1566116

34826525118480

3,631

5569.38

2,9641,5731,0641,765

80.4

77.368.65.3

27.021.25.0

144.3

3,1082 6102 362 2002 284

2 262 2282 41

2 1,6

939782102

9941831795

19.516.03.5

7,065767

10.4470112

25822418918859

2,534

151.7

2,34747229160238

1612931

1,273

10080106

107501131799

18.815.73.1

7,090973

10.41

22619515413459

1,219

148.9

153.8

147147.2127.853.2

2,18946529156211

107329

1,217

102

1121144511718105

2,316132

2,022355292276

185.2181.91.2734,084

16.814.12.7

6,442

9.0849115

20022115515259817

4588.04

3,0561,6201,1081,87353081.5

77.365.79.0

29.222.46.0

154.5

2,10343432147234

76527

1,158

9492103

1153411216102

4 52.9

7,123780

9.6460106

23123215811984741

154.6

2.09641334

150225

6726

1,174

979294

191

11036

10314

101

4 53.0

6,340762

62118

227248131111104762

154.7

157.1

2 2,7902 5422 44

2 1982 273

282 103233

21,591

1009994

105

10933

10914

103

2,5182,207

1221,954

351213

2 4 7 0 . 4

7,193

9.4165

123

280262163133176

1,075

4748.15

3,1041,6371,1241,849

55682.7

76.i.9

5.3

•28.921.76.2

154.7

2,22932935

161209

715526

1,307

9775

101107

10832

14914

101

4 55.8

6,849821

10.2666

117

301330192153187

1,766

155.0

2,43446436

163206

722624

100105108107

11132

10513

101

4 60.1

6,847798

9.7367

127

2002,630

159.8

2 2, 9662 528

2 422 2012 283

272 299

2 3021, 575

'95'98106103

10231911397

2 4 73 .2

7,065925

10.4365

122

2105,492

2,17536033

150236

522623

1,143

9498

118103

8931891396

4 53.7

1498,730

r Revised. v Preliminary. 1 Number of carriers filing complete reports for 1964.2 Data cover 5 weeks; other periods, 4 weeks. 3 Revised total; quarterly revisions are

not available. 4 Preliminary estimate by Association of American Railroads.*New series. The monthly motor carrier index (ATA) is based on a sample of carriers

that represents approximately one-third of the class I and II common carriers of generalfreight; monthly data back to 1955 are shown on p. 40 of the July 1966 SURVEY. Railroadrevenue ton-miles are compiled by Interstate Commerce Commission.

§Effective 1st qtr. 1965, carriers reporting both intercity and local and suburban schedulesare classified as intercity if intercity revenues equal or exceed 50 percent of revenues fromboth operations.

9 Includes data not shown separately.cf Radio-telegraph and cable carriers. Comparability of data between periods showahas

been affected by organizational changes: certain operations reported prior to 1965, and othersreported through mid-1965, are no longer covered.

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

August 1966 SURVEY OF CURRENT BUSINESS S-25

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic chemicals, production:Acetylene - mil. cu. ft_.Ammonia, synthetic anhydrous (commercial)

thous. sh. tons_.Carbon dioxide, liquid, gas, and solid _do___.Chlorine, gas (100% Cl2) do___.Hydrochloric acid (100% HC1) do___.Nitric acid (100% HNO3)_ .. .— do-....Oxygen (high purity) mil. cu. ft_.Phosphoric acid (100% P2Os) thous. sh. tons...Sodium carbonate (soda ash), synthetic (58%

Na2O) -thous. sh. tons..Sodium bichromate and chromate__.. __doSodium hydroxide (100% NaOH) do.__.Sodium silicate (soluble silicate glass), anhydrous

thous. sh. tons_.Sodium sulfates (anhydrous, refined; Glauber's

salt; crude saltcake) . . . thous. sh. tons_.Sulfuricacid (100% H3SO4) do.__.

Organic chemicals, production:cfAcetic anhydride mil. Ib.Acetylsalicylic acid (aspirin) do___Creosote oil mil. gal.

DDT mil. lb.Ethyl acetate (85%) do..Formaldehyde (37% HCHO) do_.Glycerin, refined, all grades:

Production do__.Stocks, end of period do___

Methanol, synthetic and natural.— mil. gal.Phthalic anhydride mil. lb-

ALCOHOL

Ethyl alcohol and spirits:Production mil. tax gal__Stocks, end of period doUse for denaturation doTaxable withdrawals do

Denatured alcohol:Production mil. wine gal__Consumption (withdrawals) doStocks, end of period do

FERTILIZERS

Exports, total9 thous. sh. tons__Nitrogenous materials doPhosphate materials doPotash materials __do

Imports, total semimanufactures 9 doAmmonium nitrate doAmmonium sulfate doPotassium chloride ____doSodium nitrate do

Potash deliveries (K2O) doSuperphosphate and other phosphatic fertilizers

(100%P2O5):Production ____thous. sh. tons__Stocks, end of period do

MISCELLANEOUS PRODUCTS

Explosives (industrial), shipments, quarterly:Black blasting powder ....mil. lb__High explosives do

Paints, varnish, and lacquer, factory shipments:Total shipments.- mil. $__

Trade products, doIndustrial finishes do

Sulfur, native (Frasch) and recovered:Production thous. lg. tons__Stocks (producers'), end of period do

PLASTICS AND RESIN MATERIALS

Production:Cellulose plastic materials mil. lb__Thermosetting resins:

Alkyd resins doCoumarone-indene and petroleum polymer

resins mil. lb...Polyester resins doPhenolic and other tar acid resins doUrea and melamine resins do

Thermoplastic resins:Styrene-type plastic materials (polystyrene)

mil. lb-_Vinyl resins (resin content basis) doPolyethylene do

15,964

7,634.31,119.65,945.21,264.24,732.5153,3873,283.0

4,947.9137.9

16,389.0

564.6

1,315.622,923.5

11,399.21 28.2

1113.3

1 123.7U17.7

12,839.9

320.127.6

1397.71 555.5

684.5192.9551.068.0

296.8296.7

3.4

9,578799

7,1451,026

2,799200176

1,195363

1,465431

1, 281. 6

2,002. 21,173. 4

828.8

6,2504,227

161.3

593.6

1 354.31 316.61 832.51 570.3

11,728.9i 2,066.8

2,613.4

16,548

8,607.41.173.86.438.91,310.04,860.0182,4043,845.1

4.931.0138.2

6,723.5

589.8

1.392.424,822.0

1,533.929.0

2108.4

144.6107.3

3,085.5

353.224.7

433.3579.1

710.1200.5586.269.0

315.9315.2

5.4

» 10.81031.1963 8,10431,053

177181

1,780

3,342

3,831469

.81/459.4

2,169. 31,246.7922.6

7,3043,425

169.6

585.6

324.9388.0919.9595.8

2,002. 52,282.03,047.4

1,401

707.9111.7524.5106.2291.415,057350.9

398.511.6549.7

45.7

105.32,011.0

134.01.99.3

13.48.7

263.0

31.625.537.346.3

55.5190.950.56.1

27.127.95.1

7882877

12

116

305

.2387.1

216.9129.687.3

6114,002

15.8

54.5

25.435.572.948.2

168.9181.4256.4

1,385

114.2540.0105.8350.2

15,064306.9

411.89.5

572.0

45.4

108.12,001. 6

128.42.3

10.7

13.28.7

253.2

25.728.637.349.1

56.9191.151.04.9

27.427.05.6

1,005126703116

199

275450

200.6124.376.3

6273,881

11.8

47.7

28.732.166.940.0

150.4169.9254.3

1,358

707.4112.6535.2102.9386.715,571

409.210.6558.4

50.3

122.02,120. 9

128.02.39.0

13.58.7

252.3

30.328.236.048.1

54.9196.345.45.3

24.324.75.2

1,03997803101

19

19122

357

304459

195.7122.073.7

3,825

12.6

51.6

26.632.176.146.3

168.2185.9262.3

1,139

701. 4104.2517. 2108.9400.7

14,426313.7

398.512.0

530.1

50.8

123.12,088.8

156.52.68.7

11.313.2

274.1

27.929.834.147.7

196.946.16.1

24.825.24.7

157624120

1414

17917

234

302411

.2396.3

188. 0112.675.4

5313,670

15.6

51.8

27.431.684.355.8

179.2197.5264.7

1,399

737.697.5

559.6116.8448.6

15,409343.6

414.611.8

55.2

125.92,175.8

134.43.07.9

10.9252.8

33.732.635.147.5

74.0197.846.96.7

25.324.65.5

1,119151805129

147

2278

307

338425

178.199.778.4

6453,710

21.4

49.1

28.330.386.160.0

171.7206.6278.8

1,380

762.187.9542.0113.4441.014,753333.5

422.711.7

563.0

52.3

121.32,060.8

128.82.68.1

10.09.9

263.4

30.528.436.147.1

62.7200.345.87.5

26.327.24.4

94413567497

211013650

208

334463

167.990.577.4

6213,611

14.0

43.6

26.534.382.958.4

172.0203.2267.6

1,523

816.688.5583.2120.6465.715,543343.3

431.312.2

604.1

49.6

120.32,211.7

139.82.67.9

13.97.8

290.5

28.324.742.153.1

62.3200.547.65.2

25.625.55.4

895106666

151018347

250

348

.2396.8

146.873.473.4

3,425

13.5

45.0

27.136.784.862.2

180.7218.7282.2

1, 411

846.684.4561.5119.5471.016,603361.1

411.612.4

584.5

38.7

128.12,168. 0

123.12.77.5

13.46.4

278.4

30.339.455.0

54.8208.450.64.9

27.229.23.4

7472558

1818118

335

349505

164.685.379.3

6703,346

13.1

47.7

25.035.780.652.6

179.0215.7279.9

1,278

832.987.0517.1110.1437.416,065352. 7

386.411.4532.3

44.7

111.62,091.5

130.62.77.6

12.38.0

269.9

28.628.636.049.0

49.5211.946.45.1

24.924.34.0

1,152173852

111913917

238

363548

165.284.680.6

6113,281

14.5

48.8

25.736.380.152.7

177.4214.7260.1

1,533

920.2100.5593.5121.4450.518,303394.7

439.112.6628.1

65.4

129.42,297.2

135.23.110.5

12.08.3

309.7

29.830.039.657.3

54.6211.552.06.5

28.028.13.8

1,15027274747

152629044

495

422413

.2371.4

' 207.3• 116.0'91.3

6733,213

17.0

59.0

28.040.587.856.3

191.5221.6291.1

' 1,370

' 851.9101.1

' 573.3123.3

' 431.317,636405.0

' 423.012.6

' 605. 2

'54.7

119.2'2,420.7

129.02.89.0

14.211.9

290.1

30.116.639.154.9

53.1208.545.76.1

24.624.63.7

1,00210378674

2020284

'400'293

208.7120.987.8

6643,128

15.9

55.9

29.238.5

'84.3'53.0

• 197.6221.4274.6

1,394

937.4110.2586.1134.0428.818,621406.6

452.711.9

623,4

39.2

124.02,311.4

122.32.99.7

14.010.5296.1

'29.9'20.836.757.1

52.9206.846.97.1

25.325.93 7

1,17419285473

151017543

402

220.6130. 590.1

7083,021

15.6

55.2

31.738.878.553.9

208.6225.1295.0

137.92.99.0

11.49.1

315.4

32.420.133.255.7

1,086128736115

528

.1471.7

' Revised. 1 Revised annual total; revisions are not distributed to the monthly data.2 Beginning Jan. 1965, data exclude creosote in coal-tar solutions (formerly included); these

averaged 930,000gallons per month in 1964. 3 s e e n o t e " O " for p . S-21

cf Data are reported on the basis of 100 percent content of the specified material unlessotherwise indicated. 9 Includes data not shown separately.

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

S-26

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

SU.J

1964 1 1965

Annual

tlVE5t OF CURRENT BlJS1JNJW8S

1965

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

August 1966

1966

Jan. Feb. Mar. Apr. M a y June July

ELECTRIC POWER AND GAS

ELECTRIC POWER

Production (utility and industrial), total Jmil. kw.-hr__

Electric utilities, total _._doBy fuels ----- - . -doBy waterpower...._______ . ___do

Privately and municipally owned util doOther producers (publicly owned) do_._.

Industrial establishments, total do..._By fuels - doBy waterpower do

Sales to ultimate customers, total (EEI) doCommercial and industrial:

Small light and power§__ doLarge light and powerf do.

Railways and railroads ___--_do_.Residential or domestic. ____ do_Street and highway lighting. doOther public authorities doInterdepartmental do.

Revenue from sales to ultimate customers (EdisonElectric Institute)-. . mil. $_.

GAS

Manufactured and mixed gas:Customers, end of period, total 9 thous__

Residential do.Industrial and commercial do____

Sales to consumers, total9 mil. therms.-Residential do.Industrial and commercial do.

Revenue from sales to consumers, total 9-mil. $__Residential ._ do.Industrial and commercial .__do

Natural gas:Customers, end of period, total 9 thous._

Residential . do.Industrial and commercial do.

Sales to consumers, total 9 mil. therms.Residential do__.Industrial and commercial do__.

Revenue from sales to consumers, total 9 —mil. $._Residential doIndustrial and commercial .do

1,083,741

983,990806,917177,073

806,446177, 544

99, 75196, 5233,228

890,356

183,539409,356

4,721262, 0108,290

20, 6511,789

14,408.5

74552

1,541976552

165.2117.346.9

36, 29833,3502,908

114,34037, 69971, 293

6, 960. 23, 772. 32,998.1

,156,929

,054,790861,342193,448

855,632199,158

102,13998,9883,151

953,441

202,128433,342

4,653

8,78321,6751,859

15,158.8

65542

1,370818544

129.786.742.4

37,13034,1012,987

117,90038, 76475,434

7,231. 73,911.63,195.9

96,142

87, 76172,02315, 738

71,91615,845

8,3818,126255

78,238

17,57136, 641

35721,046

6311,822170

1,243. 2

70366042

300171126

29.119.19.7

36,30833,3962,872

27,8058,52918,181

1,676. 5884.9753.6

101, 631

93,10277,17815,924

76,06217, 040

8,298232

80, 576

18, 74535,851

35723, 023

6441,775181

1, 287. 0

103,858

95, 24079, 57115,670

77,92517,316

8,6178,407211

83,922

19,53637, 269

35324,100

6751,797192

1,325. 8

97,081

88,87773,87515, 002

69,01119, 866

8,2048,001203

83, 712

19,02137,183

35324,474

7221,791167

1,332.2

64941

16867100

16.59.07.4

36,29033,414

21,8203,35117,216

1,126.9448.8640.1

95,722

86,98571,67515,310

70,99815,987

8,7378,497240

17,77036,824

36722,759

7731,825169

1,284.0

95,299

86, 72371,26015,463

70,60616,117

8,5768,323252

78,551

16, 60336,707

38122,075

8161,811158

1,242.2

102,182

93,48076,96316,517

75,69917,781

8,7028,438263

81,969

16, 69937,043

40824,866

8631,971120

1,288. 4

65542

349213132

32.722.110.4

37,13034,1012,987

29,4769,30718,815

1,803.8957.8797.8

05,254

96,46879,89616,571

77,84418,624

8,7868,520266

84, 755

17, 00536, 836

40127, 589

8661,923135

1, 326.4

94,962

86,86571, 57715,288

70,17216,692

8,0977,835262

84,418

16,98836,183

40627,976

7971,944125

1,324.6

01, 899

93,05774,89018,167

75,35417, 703

8,8418,527315

84,035

17,03437,711

41026,024

7761,928151

1,304.7

65543

532346186

48.033.514.5

37,28234,2153,077

41,25318,27222,981

2,748.81,675.41,073.4

96,667

88,07971, 75916,321

71,69416, 385

8,5878,269318

82,324

17,16437,800

38224,001

7272,111138

1,282.8

00,559

91,63073,19318,436

73,85717,772

8,9298,610320

82,001

17, 48238, 726

36222,433

6892,144166

1, 27803

FOOD AND KINDRED PRODUCTS; TOBACCO

ALCOHOLIC BEVERAGESBeer: !

Production _-._ mil. bbl__Taxable withdrawals . . . doStocks, end of period ___do

Distilled spirits (total):Production mil. tax gal__Consumption, apparent, for beverage purposes

mil. wine gal._Taxable withdrawals mil. tax gal—Stocks, end of period. _doImports—. mil. proof gal__

Whisky:Production mil. tax gal._Taxable withdrawals doStocks, end of period doImports mil. proof gal_.

Rectified spirits and wines, production, totalmil. proof gal. _

Whisky _ _do____Wines and distilling materials:

Effervescent wines:Production..: mil. wine gal__Taxable withdrawals doStocks, end of period doImports- -_ do

Still wines:Production doTaxable withdrawals doStocks, end of period doImports do

105. 9098.649.99

162. 94

275. 86133.17862. 4250.60

112. 8789. 44

832.1840. 81

92.2465.60

5.825.352.661.19

193. 28164. 72231.2414.54

108. 21100. 4110.30

185. 06

• 293. 49138. 52872. 9058.04

126.8890.06

835. 8551.10

94.00

7.296.253.101.45

232. 26167. 25262. 2814.91

468. 58

11.2110.2112. 50

14.01

24.0711.95

870. 654.58

6.94841.10

3.93

8.105.46

.66

.513.62.10

2.5313.59

157. 011.27

3.42

10.429.85

12.38

8.32

22.189.85

866. 203.41

3.765.65

836. 603.00

6.314.38

.32

.313.60.07

1.489.91

146.16

9.669.61

11.68

13.04

21.7610.65

865. 424.33

9.366.62

836. 203.82

7.545.09

.52

.413.66

3.9213.57

137.141.01

Distilling materials produced at wineries.-.do 369.35 468.58 3.42 3.42 17.60r Revised.JMonthly revisions for 1964 appear on p. 43 of the June 1966 SURVEY; production data for

all periods shown here include Alaska and Hawaii.

8.4911.58

15.84

24.0211.84

865. 735.26

10.917.94

836. 224.68

8.265.78

.52

.583. 54.09

49. 8015.33

171. 611.19

7.817.50

11.28

19.11

26.6216.26

865. 316.31

11.8511.12

833. 245.64

10.968.11

.59

.733.31.20

112. 9015.85

266. 871.37

7.717.60

10.83

20.02

30.8615.05

865.827.31

13.1610.47

832.116.53

10.847.82

.77

.913.14

.21

35.7216.25

279.141.82

8.138.03

10.30

19.65

36.1510.06

872. 906.73

12.926.58

835. 855.95

6.974.50

3.10.22

9.5015.05

262.282.01

29.91

7.766.69

10.88

17.32

19.159.40

877.943.34

13.286.20

840.162.94

6.403.93

.76

.403.40.11

7.3712.00

254. 72

1. Si-

l l . 33

7.396.66

11.07

17.02

20.5910.58

881.603.83

12.497.50

842. 553.31

6.984.83

.79

.353.78.11

2.5812.42

239. 59.95

4.50

10.318.73

11.83

19. 82

25.7512.07

886. 205.14

15.067.87

846.874.49

8.505.81

4.14.12

2.5917.62

225. 261.38

2.82

9.828.54

12.34

17.63

23. 5411.93

888.944.52

13.187.41

850. 074.00

8.105.36

.65

.10

2.2612.89

213.691.16

4.46

10.149.06

12.62

17.59

24.8113.40

889.414.66

12.718.15

851. 454.07

9. 496.38

.66

.504.34.13

3.0312.66

202.101.48

2.31

4.99

1.3

128.60 200.11 66.74

§Data are not wholly comparable on a year to year basis because of changes from oneclassification to another.

9 Includes data not shown separately.

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

August 1966 SURVEY OF CURRENT BUSINESS S-27

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

1964 1965

Annual

1965

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

DAIRY PRODUCTS

Butter, creamery:Production (factory)Stocks cold storage, end of periodPrice, wholesale, 92-score (N.Y.).

Cheese:Production (factory), total

American, whole milk

Stocks, cold storage, end of period .American, whole milk

Imports

FOOD AND KINDRED PRODUCTS;

mil. lbdo

_$perlb__

mil. lbdo

____do____dodo

Price, wholesale, American, single daisies (Chi-cago) $ T>er lb

Condensed and evaporated milk:Production, case goods:

Condensed (sweetened)Evaporated (unsweetened)

mil. lbc\n

Stocks, manufacturers', case goods, end of period:Condensed (sweetened) mil. lbEvaporated (unsweetened)

Exports:Condensed (sweetened)Evaporated (unsweetened)

Price, manufacturers' average selling:Evaporated (unsweetened)

Fluid milk:Production on farmsUtilization in mfd dairy products

do

dodo

$ per case..

mil.lbdo

Price, wholesale, U.S. average $ per 100 lb__Dry milk:

Production:Dry whole milk _ __ _ mil. lbNonfat dry milk (human food)

Stocks, manufacturers', end of period:Dry whole milkNonfat dry milk (human food)

Exports:Dry whole milkNonfat dry milk (human food)

do

. do_ .do

dodo

Price, manufacturers' average selling, nonfat drymilk (human food)__ $ per lb . .

GRAIN AND GRAIN PRODUCTS

Exports (barley, corn, oats rye, wheat) _. .mil. bu__

Barley:Production (crop estimate) ^n

Stocks (domestic) end of periodOn farmsOff farms

Exports including malt§Prices, wholesale (Minneapolis):

No. 2, maltingNo. 3, straight

dodododo

_ $ per budo

Corn:Production (crop estimate, grain onlyL.mil. bu__Grindings, wet process. _ _ _ do

Stocks (domestic), end of period, totalOn farmsOff farms

Exports, including meal and flourPrices, wholesale:

No. 3, yellow (Chicago)Weighted avg., 5 markets, all grades

Oats:Production (crop estimate)Stocks (domestic), end of period, total

On farmsOff farms

Exports, including oatmeal

mil. bu_.dododo

$ per budo_ _

mil bu_____do____

dodo

rlnPrice, wholesale, No. 2, white (Chicago)

$ per bu__

Rice:Production fcroD pstiTna-tp^ TTP "hacrc oCalifornia mills:

Receipts, domestic, roughShipments from mills, milled riceStocks, rough and cleaned (cleaned

of period

.. .mil . lb__do

basis), endmil. lh

Southern States mills (Ark., La., Tenn.-> Tex.):Receipts, rough, from producers mil. lb__Shipments from mills milled rice doStocks, domestic, rough and cleaned (cleaned

basis), end of period Tnil lhExports... doPrice, wholesale, Nato, No. 2 (N.O.)____$ per lb__

Rye:Production (CTOD estimate) ™ii ^ "Stocks (domestic1) end of DeriodPrice, wholesale, No. 2 (Minneapolis)_.$ per bu_.

1,441.566.5.599

1,726.51,157.4

326.0283.6

78.0

.434

94.61,888.1

6.9185.3

62.837.3

5.99

127,00062,883

4.16

87.62,176.8

7.0108.8

12.3838. 6

.146

1,385.8

2 402.9309.9190 1119.974.4

1.211.13

2 3, 584193.6

3,9562,8181,137481.6

1.231.23

2 88071062288

4.6

.70

2 73 1

1, 5231,025

185

5, 5753 665

1, 6702,933.086

2 33 321 31. 28

1,322.852.1.610

1,743.21,155.3

308.6271.079.3

.450

97.01.690.5

5.9134.8

i 65.3124.7

6.09

125.06160,577

4.24

84.81,999.0

5.058.2

120.0i 438.8

.147

U,385.6

2 411.9311.5195.2116.3i 65.9

1.331.27

2 4,171204.9

4.0993,142

9561598.9

1.281.25

2 959783680103

i 24.3

.74

2 76 9

1.4911,033

207

5,7114,020

1,641i 3.411

.083

2 33 328 81.15

' 133.5207.9.599

' 184.1' 131. 6

378.7333.2

6.3

.439

5.4180.8

7.9199.0

3.52.0

6.07

11,7426,3543.87

7.7224.9

7.8154.2

1.244.4

.145

127.3

4101.84 40. 74 61.1

9.3

1.391.27

17.1

1,9341,283

65057.5

1.341. 28

4 2834 220

4 63

. 7

.74

8245

98

665 422

374247

.084

412 91.11

' 104.0219.5.602

161.3113.0

402.0354.7

4.2

.439

9.1159.2

9.1224.9

4.42.7

6.07

10,8565,5544.03

5.6169.8

7.6136.4

1.153. 0

.146

127.5

5.2

1.341.23

16.8

51.6

1.331.26

2.3

.72

7976

70

238220

334322

.084

1.10

'84 .0192.5.620

142.596.7

415.0364. 3

4.2

.441

8.5152.7

8.5235.6

6.92.4

6.08

10,0464,8004.20

4.7131.2

6.8109.8

3.163.3

.147

120.3

5.0

1. 281.26

18.5

48.8

1.281.21

2.9

.72

6528

87

907244

70997

.082

1.13

'73.3161.1.627

127.982.1

386.6340.6

5.3

.449

5.6136.0

7.3228.2

2.62.3

6.11

9,4044,0554.43

5.4100.6

6.074.0

1.169.2

.148

124.3

400.7257.2143.5

6.8

1.271.25

17.3

41,1704 6044 56643.3

1.281. 23

944806139

4.3

.71

5946

72

1,547385

1,356151

.082

36.01.15

TOBACCO—Continued

' 77 .8124.8.636

126.877.3

351.9310.5

6.4

. 457

7.5123. 0

7.5200.6

5.52.5

6.13

9,4463,8664.56

6.2102.0

4.965.4

1.864.6

.148

134.8

8.5

1.311.28

17.9

52.9

1.191.19

5.6

.70

17337

122

1,403442

1,859245

.080

1.17

'77 .883.0.641

119.470.0

335.3297.2

9.3

.470

9.0110.1

7.5166.4

3.01.8

6.11

9,1063,722

4.64

7.3105.2

4.359.2

1.821.5

.149

144.2

8 3

1.381.36

17.4

73.6

1.141.14

6.9

.72

11277

180

482408

1,787440

.082

1.13

'90.852.1.646

130.076.1

308.6271.0

11.4

.490

10.5119.5

5.9134.8

10.02.7

6.12

9,5564,070

4.62

7.6130.7

5.058.2

1.214.0

.150

131.7

311.5195.2116.3

5.1

1.341.33

15.8

4,0993,142

95666.7

1.211.19

783680103

1.1

.77

13385

207

337400

1,641292

.082

28.81.18

'92.233.7.601

' 132.4' 81.0

301.1262.911.4

.492

9.5117.0

5.2103.2

8.72.1

6.14

9,8654,3624.54

8.4129. 8

5.059.6

1.216.9

.151

112. 0

4.2

1.371.35

16.0

48.9

1. 291. 27

. 3

.78

121137

158

332360

1,527335

.082

1.25

'92.226.6.627

' 127.6'78.3

277.6238.3

7.2

.501

9.2119.4

5.461.9

2.02.2

6.33

9,2544,2154.55

7.3124.0

6.253.8

1.76.4

.152

127.9

6.3

1.401.38

15.2

51. 5

1.291.24

.6

.78

8049

162

195316

1,350207

.082

1.22

'101.525.5.643

' 158.7'100.2

270.7230.4

11.1

.524

9.2148.9

6.640.2

9.73.1

6.46

10,6455,0354.54

6.8144.8

5.947.5

2.016.2

.156

161.3

' 199.4105.4' 94.0

4.5

1.361.35

18.0

'2,9002,160'74165.7

1.251.22

46187

.8

.77

126105

143

133291

1,170233

.083

' 24.81.16

'106.234.3.632

' 165.6' 113.0

296.9252.9

7.8

.507

9.3166.0

5.873.6

4.73.4

6.55

10,8745,2894.45

8.2170.5

6.778.1

1.028.8

.169

160.6

7.9

1.321.29

17.0

64.6

1.281.24

3.4

.75

9559

146

108253

1,002205

.083

1.17

' 116. 453.2.641

' 184.2' 130. 5

324.0276.4

5.9

.500

11.2195.0

8.5128.3

9.14.4

6.63

11,7075,8604.34

7.5193.0

9.2110.0

2.29.5

.172

139.7

7.3

1.331.30

16.8

53.4

1.281.26

5.2

.74

7697

80

72288

763295

. 083

1.14

114.8'84.7' . 666

194. 5138.3

' 363. 7' 315.1

10.3

.517

11.0195.4

8.4205.8

8.62.5

6.64

11,3976,152'4.36

8.9192.5

8.7139.3

.58.3

.174

143.4

4108. 04 49.24 58.8

8.0

1.301.27

18.2

1,8141,347

46855.3

•1.321.25

4 3234 248

4 75

3.9

.78

11761

111

25365

442219

p . 083

418. 51.19

91.5

386.7334.5

10,506

4.66

3381.2

1.391.27

s 4,22116.9

1. 391.33

3 897

.77

3 81.1

3 26.0

1.22

'Revised. v Preliminary. 1 See note " O " for p. S-21. 2 Crop estimate for theyear. 3 August 1 estimate of 1966 crop. 4 Old crop dnly; new crop not reported untilbeginning of new crop year (July for barley, oats, rye, and wheat; Oct. for corn).

5 Beginning June 1965, data include shipments to Gov't. agencies.§ Excludes pearl barley.9 Bags of 100 lb.

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

S-28

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

1964 1965

Annual

VEX OF (JUKIi E J N l 1 BUt1LJNE

1965

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

August 196t

1966

Jan. Feb. Mar. Apr. May June July

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued

GRAIN AND GRAIN PRODUCTS—Con.

Wheat:Production (crop estimate), total . . . .mi l . bu._

Spring wheat __doWinter wheat ___: do

Distribution do

Stocks (domestic), end of period, total doOn farms doOff farms do

Exports, total, including flour.. doWheat only do

Prices, wholesale:No. 1, dark northern spring (Minneapolis)

$ per bu_.No. 2, hd. and dk. hd. winter (Kans. City).doWeighted avg., 6 markets, all grades do

Wheat flour:Production:

Flour thous. sacks (100 lb.)._Operations, percent of capacityOffal __thous. sh. tons__

Grindings of wheat thous. bu_.Stocks held by mills, end of period

thous. sacks (100 lb.)__Exports..- _doPrices, wholesale:

Spring, standard patent (Minneapolis)$ per 100 lb_.

Winter, hard, 95% patent (Kans. City). .do

LIVESTOCK

Cattle and calves:Slaughter (federally inspected) :

Calves thous. animals..Cattle do

Receipts at 26 public markets __doShipments, feeder, to 8 corn-belt States doPrices, wholesale:

Beef steers (Chicago) $ per 1001b-_Steers, stocker and feeder (Kansas City)__doCalves, vealers (Natl. Stockyards, Ill.)__do

Hogs:Slaughter (federally inspected)__-thous. animals__Receipts at 26 public markets doPrices:

Wholesale, average, all grades (Chicago)$ per 100 l b -

Hog- corn price ratio (bu. of corn equal in valueto 100 lb. live hog)

Sheep and lambs:Slaughter (federally inspected)., thous. animals.-Receipts at 26 public markets doShipments, feeder, to 8 corn-belt States doPrices, wholesale:

Lambs, average (Chicago) $ per 1001b..

MEATS AND LARD

Total meats:Production (carcass weight, leaf lard in), inspected

slaughter __mil. lb._Stocks (excluding lard), cold storage, end of

period mil. lb_.Exports (meat and meat preparations) doImports (meat and meat preparations) do

Beef and veal:Production, inspected slaughter doStocks, cold storage, end of period doExports doImports __doPrice, wholesale, beef, fresh, steer carcasses, choice

(600-700 lbs.) (New York) $perlb._Lamb and mutton:

Production, inspected slaughter mil. lb_.Stocks, cold storage, end of period do.

Pork (including lard), production, inspectedslaughter mil. lb.

Pork (excluding lard):Production, inspected slaughter.. doStocks, cold storage, end of period- doExports doImports— doPrices, wholesale:

Hams, smoked, composite $ per lbFresh loins, 8-12 lb. average (New York). do __

Lard:Production, inspected slaughter. mil. lb .Stocks, dry and cold storage, end of period..do.._Exports do__.Price, wholesale, refined (Chicago) $ per lb.

11,2911266

i 1,0251,458

1,449390

1,060

819.5746.2

2.061.861.92

265, 62193.5

4,941602, 209

5,06831, 475

5.6525.390

4,82025,13314, 7797,096

22.8619.7926.21

71, 66719,114

14.89

13.2

12,9474,4362,547

21.93

29, 676

702665

15, 65332857

841

62413

13,399

10,445284133210

.458

.443

2,153127682

.136

i 1,3271303

i 1,0241,438

1,339408931

< 694.2* 646.5

1.831.581.70

254, 58490.9

4,693575,874

4,3144 20,464

5.7845.464

5,07626,61413,9947,230

25.8122.5027.17

63, 70815,386

20.98

18.1

11, 7103,4502,157

24.29

28.336

484<535

1,012

15,995269

718

.433

57612

11, 766

9,3301524 53262

.542

.532

1,77262

4 251.153

328

38183 1333 685

59.756.1

1.811.461.61

23,50097.1433

53,168

4,8461,554

5.7405.360

3782,2191,152

328

27.4423.8827.50

4,7171,260

22.26

18.1

966294136

26.00

2,268

1,330182

254

.462

4510

894

2244

22

.531

.587

1449814

.144

68.264.9

1.861.501.64

80.9346

42,328

1,403

6.0135.653

3872,2381,045

26.7123.2225.50

4,4301,090

23.09

18.9

976278113

24.75

2,194

4423793

1,3231772

.446

824

656176321

.563

.571

1228229

.161

63.658.3

1.791.591.70

22,16991.6

50, 275

2,277

5.9385.610

4282,3371,254533

27.0122.9723.50

4,7501,166

23.88

20.2

973334191

23.75

2,283

39945

1,370186287

.450

4610

867

135421

.572

.564

1226913

.151

436

1,708563

1,146

69.464.2

1.841.611.76

23,307101.8431

52,838

4,1362,250

5.8755.577

4782,4061,304906

26.9322.9225.00

5,4751,228

22.49

18.7

1,106382342

23.00

2,459

40048102

1,413201371

.450

5310

993

795126423

.542

.557

1446219

.163

67.260.6

1.841.631.72

23,399102.1428

52, 816

5.9755.600

4922,3901,4121,261

26.5822.8825.00

5,4211,231

23.19

21.6

1,032384392

23.50

2,462

41156104

1,410211472

1,002

802128623

.575

.576

1465916

.165

55.251.0

1.881.651.76

21,29693.0388

48,105

1,775

5.9885.617

4702,3341,4971,403

26.3323.0227,00

5,5031,357

24.07

23.7

943359187

23.75

2,465

4535593

244665

.435

4712

1,035

817141621

.622

.585

1586610

.158

1,339408931

58.854.3

1.871.641.75

21, 54385.5392

48,642

4,3141,924

5.9635.617

4332,3141,128710

26.4124.1229.50

5,0101,263

26.85

24.8

910271161

25.88

48450

1,397269361

.441

4612

943

751152430

.702

.616

1396221

.156

58.556.3

1.861.661.75

20,16987.7368

45, 735

955

5.9885.617

3822,3041,110484

26.6524.6432.00

4,7191,161

27.26

23.9

907254107

27.88

2,348

4874292

1,413262558

.449

4710

711158226

.675

.643

12970

69.567.9

1.891.651.77

19, 62189.6357

44,294

711

5.9885.567

3762,037943

27. 5526.3837.50

4,6501,091

27.15

23.7

78520680

28.25

2,143

50935101

1,244256264

.453

4111

858

701186427

.657

114

15.171

'421

'919257

'662

90.487.7

1.871.641.74

23,01390.7416

51,811

4,0861,155

5.9135.540

4592,232

5l,110513

28.9627.6236.00

5,8065 1,316

24.00

21.4

1, 0335 314120

26.75

2,500

5284394

1,367236

50

1,078

878217431

.625

.568

1447718

.160

83.677.7

1.841.651.72

'37446,585

2,532

• 5. 925• 5. 567

3702,103932466

27.7326.7435.00

5,3031,291

21.72

19.1

972279172

25. 75

2,349

58532

107

1,291225

65

.460

804272

329

.537

.533

149945

.150

72.867.0

1.871.741.78

20, 62889.0373

46,382

2,492

' 6. 0505.800

3182,249

961448

26.5426.3133. 50

4,9131,245

22.25

• 18. .7

970315168

27.12

2,363

57231

1,359213

253

.442

4920

954

761268

522

.552

.562

14110415

.144

383

3 5363 1313 405

76.171.4

22,32792.3

40350,232

4,2282,071

6.450P6.202

3252,3971,148

373

25.3324.9232.10

4,6721,192

22.88

19.3

1,040335109

24.25

2,432

' 51838

143

1,466'219

3103

.424

51' 2 2

914

727'214

626

p . 562.604

13610315

p . 140

2 1,2402 257

r Revised. » Preliminary.1 Crop estimate for the year. 2 August 1 estimate of the 1966 crop.

3 Old crop only; new grain not reported until beginning of new crop year (July for wheat).4 See note " O " for p. S-21. 5 Beginning March 1966, data are for receipts at 28 markets.

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

August 1966

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

su±cv1964 | 1965

Annual

El ( UJNT BUS JJN.BJB

1965

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

S-291966

Jan. Feb. Mar . Apr. May June July

FOOD AND KINDRED PRODUCTS;

POULTRY AND EGGS

Slaughter (commercial production) mil. lb..Stocks, cold storage (frozen), end of period, total

mil. lb_.Turkeys .. _ _ _ do

Price, in Georgia producing area, live broilers$perlb_.

Eggs:Production on farms mil. cases OStocks, cold storage, end of period:

Shell _ - -thous. easesO _Frozen. . _ . mil. lb _

Price, wholesale, extras, large (delivered; Chicago)$perdoz._

MISCELLANEOUS FOOD PRODUCTS

Cocoa (cacao) beans:Imports (incl shells) thous. lg. tonsPrice, wholesale, Accra (New York) $ per lb._

Coffee (green):Inventories (roasters', importers', dealers'), end

of period .-- thous. bagscf .Roastings (green weight) do

Imports, total - - -- doFrom Brazil do

Price, wholesale, Santos, No. 4 (New York)$perlb._

Confectionery, manufacturers' sales mil. $..

Fish:Stocks, cold storage, end of period mil. lb__

Cuban stocks, raw, end of periodthous. Spanish tons..

United States:Deliveries and supply (raw basis) :§

Production and receipts:Production _thous. sh. tons.Entries from off-shore, total 9 do _ -

Hawaii and Puerto Rico do

Deliveries, total 9 ._ doFor domestic consumption do

Stocks, raw and ref., end of period . . do

Exports, raw and refined sh. tons..

Raw sugar, total 9 thous. sh. tons.From the Philippines do

Refined sugar, total do _

Prices (New York):Raw, wholesale ...- $ per lb__

Retail (incl. N.E. New Jersey)..$ per 5 lb._Wholesale (excl. excise tax) __$ per lb._

Tea, imports ...thous. lb_.

Baking or frying fats (incl. shortening):Production mil. lb._Stocks (producers' and warehouse), end of period

mil.lb..Salad or cooking oils:

Production _ . . __doStocks (producers' and warehouse), end of period

mil. lb-_Margarine:

Production _ . _ . . . doStocks (producers' and warehouse), end of period

mil. lb..Price, wholesale (colored; mfr. to wholesaler or

large retailer; delivered) $ per lb. _

FATS, OILS, AND RELATED PRODUCTS

Animal and fish fats:ATallow, edible:

Production (quantitiesrendered) mil. lb__Consumption in end products doStocks (factory and warehouse), end of period

mil. lb__Tallow and grease (except wool), inedible:

Production (quantities rendered) __ do_ ._Consumption in end products do _ .Stocks (factory and warehouse), end of period

mil. lb__Fish and marine mammal oils:

Production doConsumption in end products doStocks (factory and warehouse), end of period

mil. lb__

7,546

357207

.137

178.9

6258

.331

268.4.234

4,47022,374

22,8237,212

.4791,395

215

198

4,4085,5051,903

9,7069,6712,700

4,222

3,5061,171

84

. 069

.657

.100

133,592

2,664.1

121.1

2,846.1

118.8

1,857.4

48.0

.241

553.2464.0

41.7

4,565. 72,301.4

366.4

180.280.9

139.9

7,998

315200

.145

179.4

8551

.328

354.4.172

3,14321,680

21,2905,742

.451' 1,432

230

973

4,1525,7961,966

10,15110,0202,648

i 2,359

3,7831,055

82

.068

.595

.095

130,358

2,792. 5

116.6

2,773.1

85.9

1,904.4

41.6

.261

530.1434.5

31.1

4,302.52,158. 0

418. 5

190.279.8

185.3

645

15970

.153

15.0

52584

.294

37.7.134

2,6125,330

1,831457

.46095

166

3,198

83253239

883876

2,170

71

368724

.068

.595

. 095

11,028

219.9

122.9

270.6

149.0

145.1

47.0

.263

39.634.8

29.8

352. 2181.6

353.5

40.16.8

148.1

683

17788

.151

15.0

52198

.298

26.0.118

1,206278

.45576

192

'2,700

65401198

957950

1,928

290

188696

.067

.592

.095

6,372

204.2

106.4

229.4

125.7

142.9

48.5

.263

40.630.4

27.6

325.1149.5

354.5

40.66.4

166.1

773

239147

.149

14. 6

423100

.341

36.2.161

1,556411

.455106

210

2,823

98317191

1,006996

1,658

166

362156

2

.068

.591

.095

9,173

240.2

103.2

226.4

85.5

148.6

44.5

.261

43.139.7

23.9

343.9195.0

320.4

37.77.6

204.4

847

343244

.137

14.1

32195

.384

48.5.171

2,6675,112

1,812551

.445163

228

2,133

120355141

1,0231,0071,291

121

41213710

.068

.594

.095

14,543

274.6

97.6

218.4

65.9

164.9

41.9

.261

45.547.5

21.5

368.7187.7

351.3

17.87.1

192.1

TOBACCO—Continued

877

470363

.134

14.6

23481

. 391

32.4.171

2,666802

.438156

231

1,598

612316114

826815

1,552

106

444717

.069

.596• .096

9,123

281.6

105.7

213.5

62.2

161.6

47.2

.261

45.145.3

22.6

355.8184.5

368.3

9.16.8

177.5

819

391280

.141

14.4

12664

.410

27.2.184

2,549736

.438146

232

1,098

96115085

786777

2,166

137

350852

.068

.604

.096

13,724

270.4

113.1

231.3

80.3

168.7

45.3

.261

48.936.5

26.0

364. 7190.1

391. 5

8.27.5

201.4

695

315200

.140

15.0

8551

.411

25.2.213

3,1435,837

2,254846

.440130

230

973

9328339

874862

2,648

321

430108

8

.067

.606.096

12,504

255.4

116.6

257.7

85.9

175.4

41.6

.261

44.629.6

31.1

376.4179.2

418.5

3.C7.3

185.3

589

284181

.155

15.0

7638

.375

41.9.239

1,829488

.440120

210

1,000

4811,831

132

682673

2,738

76

159o 3 8

.068

.605

.096

10,447

266.2

114.2

254.5

98.9

185.5

44.0

.261

47.735.4

36.8

366.7196.7

435.2

.55.4

168.1

522

249156

.155

13.7

2028

.412

57.7.221

2,013545

.425127

175

1,570

221294196

783777

2,600

62

260106

1

.069

.611

.098

9,352

266.3

118.8

238.1

87.9

172.7

48.4

.261

47.644.7

36.6

346.1190.5

446.5

.37.0

158.8

554

201122

.165

15.6

2824

.423

46.6.233

'3,189'5,571

2,382529

.420130

162

2,480

194331203

831817

2,519

1,765

313149

4

.068

.615

.098

14,677

265. 2

118.4

271.8

79.0

188.5

58.5

.261

45.436.5

40.8

370.6208. 2

410.2

.57.0

137.4

605

16992

.150

15.4

4233

.385

29.2.259

1,965597

.423rill

162

2,990

134231235

750739

2,514

155

303117

.069

.616

.095

13,778

242.6

132.0

233.9

96.2

163.6

56.0

.261

40.034.6

41.0

338.5188.3

414.0

5.46.6

135.5

617

15169

.160

15.8

7642

.319

33.5.244

1,818570

.413101

164

2,675

89258260

837825

'2,300

123

253462

.069

.617.095

11,948

262.1

123.1

' 253.0

104.8

' 164.3

'56.4

.261

49.342.9

'49.6

'366. 0'208.2

'357.4

18.9'7.3

138.6

733

'160r 70

.155

14.8r 107

r 55

14.0.248

3 4835 144

1,680560

.410

'178

2,300

407198

P 2 012

75

344101

4

.069

.617p .095

10,649

272.8

139.1

270.5

99.1

160.3

57.5

p . 261

45.243.6

52.4

378.2225 A

353.9

34.37.5

137.2

204103

.155

8863

.274

.408

208

1,642

.070

' Revised. v Preliminary. » See note " O " for p. S-21. 2 Less than 500 short tons.O Cases of 30 dozen. d* Bags of 132.276 lb.

§ Monthly data reflect cumulative revisions for prior periods. 9 Includes data notshown separately; see also note " § " . A For data on lard, see p. S-28.

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

S-30 SUEVEY OF CUEEENT BUSINESS August 1966

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued

FATS, OILS, AND RELATEDPRODUCTS-Continued

Vegetable oils and related products:Coconut oil:

Production:Crude mil. lb_.Refined do

Consumption in end products doStocks, crude and refined (factory and ware-

house), end of period mil. lb_.Impqrts do

Corn oil:Production:

Crude doRefined -_— do

Consumption in end products. doStocks, crude and refined (factory and ware-

house), end of period mil. lb_.

Cottonseed cake and meal:Production thous. sh. tons. .Stocks (at oil mills), end of period do

Cottonseed oil:Production:

Crude mil. lb_.Refined. do

Consumption in end products doStocks, crude and refined (factory and ware-

house), end of period__ mil. lb._Exports (crude and refined) doPrice, wholesale (drums; N.Y.) __$ per lb__

Linseed oil:Production, crude (raw) mil. lb__Consumption in end products doStocks, crude and refined (factory and ware-

house), end of period mil. lb._Price, wholesale (Minneapolis) _._$ per lb_.

Soybean cake and meal:Production thous. sh. tons..Stocks (at oil mills), end of period do

Soybean oil:Production:

Crude _ mil. lb__Refined _.__.do

Consumption in end products _doStocks, crude and refined (factory and ware-

house), end of period mil. lb__Exports (crude and refined) ___doPrice, wholesale (refined; N.Y.) $ per lb__

TOBACCOLeaf:

Production (crop estimate) mil. lb._Stocks. dealers' and manufacturers' end of periodt

mil. lb_.Exports, incl. scrap and stems___ thous. Re-imports, incl. scrap and s tems. . . do

Manufactured:Production (smoking, chewing, snuff) _doConsumption (withdrawals):

Cigarettes (small):Tax-exempt millions. _Taxable. . . , . . do

Cigars (large), taxable do____Manufactured tobacco, taxable._-___thous. lb__

Exports, cigarettes millions_.

327.6506.0765. 4

154.0397.1

413.9393.1412. 2

40.1

2, 705. 7126.8

1,932.81, 600. 01,410. 0

506.3603.5.141

443.6377.2

185.5.134

10, 635. 2102.6

4,943.84, 591. 84,423. 6

544.21,273.2

.123

2 2,228

5,664514, 514179, 651

180,082

42,643497,446

8,106175, 80825,144

365.4488.1723.5

154.4383.6

446.1412.8421.5

26.1

2, 755. 580.9

1,974. 21,668. 81, 471. 7

300.1501.3i .149

410.1239.4

213.5.134

11,179.174.6

5,235. 54, 547.34,423.3

374.81,026. 7

.134

21,855

5,582468,075243,347

166,617

45,046511,463

7,577160,62423,052

23.542.163.2

156.022.7

38.231.834.1

39.6

126.1207.6

93.098.9

121. 5

492.550.3.138

31.323.4

198.2.137

856.2205.3

406.0390.9397.5

522.178.2.121

5,23136,11616,687

15,141

3,84647,063

65914, 9062,109

24.925.644.5

137.80

36.431.135.8

39.3

168.5

72.692.1105. 8

420.641.5.137

15.721.5

184.6.134

846.4163.7

403.2340.2362.6

499.061.0.121

36,13714, 210

12,112

3,67239,727

60712, 6361,831

30.641.463.2

123.57.1

38.837.935.3

38.5

71.9110.8

50.080.3113.0

292.554.6.135

37.221.0

180.7.133

856.5133.9

408.2375.8373.8

423.099.3.132

32, 55416,181

15,032

4,90746,647

69714,5531,984

19.735.659.6

114.924.8

40.734.836.6

35.4

191.077.7

132.795.3133.4

236.230.6.135

48.720.4

184.7.128

697.274.2

329.5357.6385.3

297.489.9.138

5,32350, 42515,382

14,847

4,02144,084

65814, 0241,948

28.742.360.8

106.834.4

40.139.038.5

32.0

297.991.0

212.1149.0145.9

243.618.1

45.918.8

188.2.128

999.797.2

474.8353.2366.2

373.028.5.132

44, 05113,061

14,956

3,74741,771

67014,5051,920

38.239.957.1

127.018.7

36.537.337.6

28.6

338.496.1

236.5176.5130.1

281.137.9.155

33.517.1

.128

1,125.6104.3

510.1423.2399.9

401.136.6.137

71,27314,937

13, 666

3,69443,446

69612, 6511,701

36.838.560.3

154.411.1

36.035.3

26.1

332.880.9

230.9193.5130.0

300.148.8.153

40.916.3

213.5.127

1,135.274.6

519.8445.2429.1

374.8168.7.132

5,58262,28811,527

11,799

4,05337,720

4459,9582,290

27.647.865.6

131.7109.5

35.430.330.0

30.3

334.4

232.6181. 4131.0

335.649.8.164

37.517.3

216.9.128

1,163.8105.0

533. 2468.6453. 5

414.844.6.142

31.97015,245

4,08839,348

571

1, 515

21.243.759.1

146.343.7

34.331.232.2

29.6

305.4115.0

214. 7166.4125.4

366. 330.0.168

38.116.8

225.6.128

1,042.7113. 7

478.4416.5415.8

444.242.1.144

29,52514,495

3,52442,985

525

2,019

24.752.570.7

176.587.2

40.534.731.7

34.8

287.6156.7

202.4204.2132.0

396.037.7.171

43.121.3

225.9.128

1,142.8121.6

526.3476.4466. 5

485.945.6.136

5,48239, 28513,523

4, 57747, 053

630

2,190

()46.061.5

155.110.4

38.028.825.4

40.2

197.4189.6

139.2147.6112.1

408.910.8.178

36.420.0

237.7. 128

1,010.1115.4

476.6418.0409. 5

521.933.2.139

23,19116, 413

4,04039, 582

571

2,414

32.4'52.1"70.2

143.831.3

"37.132.7

"30.3

'52.5

• 157.3212. 5

r 113.4130.8104.7

' 391. 911.8

-".185

"40.9'22.0

• 260.1.128

'1,157.1152. 5

• 537.8450.9' 431.9

'582.347.2.138

23,13413,838

3,95445,221

1,926

36.351.374.6

150.750.3

40.033.929.6

60.4

110.2169. 0

81. .6106.3108.9

343. 717.0

p. 192

45.222.5

241.1p. 128

1,040.1152.1

480.8430. 2452.3

589.364.6

p. 132

5,10428,35015,107

1,663

LEATHER AND PRODUCTS

HIDES AND SKINSExports:

Value, total 9- - - thous. $ „Calf and kip skins thous. skins_.Cattle hides thous. hides__

Imports:Value, total 9 thous. $__

Sheep and lamb skins _thous. pieces._Goat and kid skins __ do

Prices, wholesale (f.o.b. shipping point):Calfskins, packer, heavy, 9^/15 lb $ per lb_.Hides, steer, heavy, native, over 53 lb do

Production:LEATHER

Calf and whole kip_ thous. skins._Cattle hide and side kip thous. hides and kips__Goat and kid thous. skins-_Sheep and lamb do

Exports:Glove and garment leather thous. sq. ft._Upper and lining leather do

Prices, wholesale:Sole, bends, light, f.o.b. tannery $ per lb__Upper, chrome calf, B and C grades, f.o.b. tan-

nery $ per sq. ft_.

92, 6932,391

11, 504

81, 87930, 45512, 882

.414

.106

6,53522, 83412,87431, 548

46, 49642, 582

.662

1.200

106,2532,45813,311

80,26331,85014,411

.541

.143

6,26323,43614, 55730, 316

[4 69,953

.725

1.244

10, 023218

1,219

6,2981,8251,430

.525

.134

5741,9871,3172,647

5,207

.710

1.248

9,720186

1,147

7,6643,763820

.525

.156

3971,5691,0711,922

4,836

.710

1.238

8,131190

5,5451,9991,282

.550

.194

4961,982973

2,763

5,627

.790

1.238

7,737190841

6,7722,6071,225

.550

.174

4641,9581,0662,600

5,420

.765

1.230

10, 513161

1,339

6,0832,271966

.575

.166

2,0381,2962,511

7,169

.735

1.247

9,655253

1,036

4,9681,382

.575

.159

5422,0711,4342,756

7, 023

.750

1.253

12,703311

1,277

5,7511,7321,391

.625

.164

5282,0651,523

6,818

.750

1.271

15,623330

1,320

11,0525,5481,142

.775

.174

11, 797183927

9,5004,541

856

.675

.184

3302,0441,2572,625

5,741

.900

1. 333

14,386157

1,278

8,7243,741

.675

.209

3752, 0261,2732,720

5,875

s' .865

1.348

16, 512199

1,351

8,6023, 526

765

p . 650p . 209

5,659

p. 845

p 1.353

' Revised. v Preliminary,individual firms.

1 Average for 11 months.2 Crop estimate for the year.

d Data withheld to avoid disclosure of operations of

3 Aug. 1 estimate of 1966 crop.

4 Effective Jan. 1965. data are for all leather, except sole and rough; see note " O " for p. S-21 •5 Beginning May 1966, not strictly comparable with earlier data because of change

of reporters.{Revisions for 2d qtr. 1963-4th qtr. 1964 (mil. lb.): 4,692; 4,791; 5,287; 5,355; 4,961; 5,069; 5,664.9 Includes data for items not shown separately.

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

August 1966 SURVEY OF CURRENT BUSINESS S-31

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

LEATHER AND PRODUCTS—Continued

LEATHER MANUFACTURES

Shoes and slippers: JProduction, total. thous. pairs.

Shoes, sandals, and play shoes, except athleticthous. pairs.

Slippers doAthlet ic . . _____<_ do__.Other footwear .do

Exports do

Prices, wholesale, f.o.b. factory:Men's and boys' oxfords, dress, elk or side

upper, Goodyear welt 1957-59=100—Women's oxfords, elk side upper, Goodyear

welt 1957-59=100-Women's pumps, low-medium quality.__do

612, 789

516,12479, 2677,116

10, 282

1,912

105.9

106.5111.0

630,012

535,31185,9386,7122,351

i 2,533

111.0

107.3113.0

51,145

43, 0847, 241587233

115

109.6

106.5111.2

46, 268

39, 7825,974353159

191

109.6

106.5112. 8

57,105

48,1848,185549187

231

110.1

106.5112.4

53,859

44,3588,714571216

237

110.1

106.5112.4

51, 760

41, 7959,224503238

285

116.5

109.7117.3

50, 270

40,9698,566544191

255

116.5

109.7116.6

52,673

45,4406, 554506173

221

116.5

109.7117.0

52,514

46,2545,494558208

186

116.5

109.7118.3

•53, 015

45,943' 6,318

r589'165

167

116.5

109.7119.3

61,281

52,1058,359605212

274

116.5

109.7119.3

260

119.2

111. 4121. 2

283

122.3

111. 4121.3

272

122.3

111. 4121. 2

LUMBER AND PRODUCTS

LUMBER—ALL TYPES

National Forest Products Association:^Production, total..._•___ mil. bd. ft_.

Hardwoods __ _doSoftwoods do

Shipments, total do_.Hardwoods ...do..Softwoods ..do..

Stocks (gross), mill, end of period, total._—do_.Hardwoods do_.Softwoods do_.

Exports, total sawmill products _do_.Imports, total sawmill products do_.

SOFTWOODDouglas fir:

Orders, new mil. bd. ft..Orders, unfilled, end of period do

Production _ do_.Shipments do..Stocks (gross), mill, end of period. do_.

Exports, total sawmill products. doSawed timber do.Boards, planks, scantlings, etc do

Prices, wholesale:Dimension, construction, dried, 2" x 4", R. L.

SperMbd. ft..Flooring, C and better, F. G., 1" x 4", R. L.

$perMbd. ft_.Southern pine:

Orders, new mil. bd. ft..Orders, unfilled, end of period do.__.

Production... doShipments _doStocks (gross), mill and concentration yards, end

of period mil. bd. ft_.Exports, total sawmill products M bd. ft..

Sawed timber do___.Boards, planks, scantlings, etc... . . . do

Prices, wholesale, (indexes):Boards, No. 2 and better, 1" x 6", R. L.

1957-59=100..Flooring, B and better, F. G., 1" x 4", S. L.

1957-59=100..Western pine:

Orders, new mil. bd. ft..Orders, unfilled, end of period do

Production doShipments doStocks (gross), mill, end of period. doPrice, wholesale, Ponderosa, boards, No. 3, 1" x

12", R. L. (6' and over) $ per M bd. ft_.

HARDWOOD FLOORING

Maple, beech, and birch:Orders, new.____ ... 1 mil. bd. ft_.Orders, unfilled, end of period do_._.Production . . .do. . . .Shipments —do..Stocks (gross), mill, end of period do___.

Oak:Orders, new doOrders, unfilled, end of period do_...Production doShipments doStocks (gross), mill, end of period do

35,4085,89129,517

35,5876,290

29, 297

6,4341,5364,898

9575,240

8,916607

8,9678,8451,075

136233

81.14

153.07

6,346281

6,3466,321

1,362102, 68411,709

36,1586,129

30,029

36, 6806,465

30,215

5, 7281,1514,577

19625,163

620

9,2569,2771,079

1445

1334

82.16

156. 85

6,864366

6,5046,779

1,0871100,581

3, 111539

2,572

3,229539

2,690

5,8641,2244,640

70532

814624

804872

1,104

287

21

80.01

157.10

579374

540585

1,2339,126

2,969518

2,451

3,193515

2,678

5,6451,2264,419

500

838673

712788

1,021

381523

80.84

157.10

605387

562592

1,2038,136

3,262552

2,710

3,316548

2,768

5,5661,2294,337

85513

773654

788792

83.34

155. 79

615

543614

1,1328,762

3,349507

2,842

5372, 671

5,6981,1964,502

77449

719550

832823

1,007

34925

83.46

155. 79

591373

582

1,1086,212

3,128539

2,589

3,163568

2,595

5,6761,1614,515

87429

739518

772771

1,043

401229

82.27

155.79

572367

548578

1,078

2, 970539

2,431

2,888550

2, 338

5,7331,1474,586

67412

752523

777747

1,073

82.14

156.43

534349

541552

1,0679,466

2,927504

2,423

2,912496

2,416

5,7281,1514, 577

131444

848620

758752

1,079

876

80

82.25

156.44

542366

545525

1,0877,451

2,691476

2,215

2,860507

2,353

5,6181,1204,498

70345

723738

732840

1,063

311021

83.56

157.63

564418

504512

1,07910,106

2,909553

2,356

3,040675

2,365

6,5261,0614,465

77415

728

751701

1,113

271115

83.69

158.64

508420

507506

1,0807,885

3,410652

2,758

3, 472685

2,787

5,4921,0614,431

74514

1,038923

843843

1,113

329

23

88.16

161.61

761503

625678

1,02711,244

3,211660

2,551

3, 462689

2,773

5,3231,0554,268

99462

817906

782835

1, 084

461135

' 92.64

166.84

578469

568612

6,927

3,242625

2,617

3,395684

2,711

5,1501,0004,150

98518

606652

794860

1,027

491237

93.04

166.84

533415

578587

97410,078

3,265664

2,601

3,159670

2,489

5,2631,0144,249

550

614

750726

1,056

29

P89.77

P167. 45

585400

622600

9968,991

90,975

92.7

95.3

10, 565463

10,57910,4491,809

65. 49

31.910.128.531.24.0

819. 635.6842.2824.254.5

94.3

97.1

11,057535

10,87510,9511, 732

67.42

31.211.129.030.23.1

818.464.3778.7783.335. 4

92.5

96.3

947532

9211,641

68.28

3.111.82.93.24.4

69.556 265! 170.046.7

1,064590

9171,0051,553

66.65

3.411.92.43.03.8

73.262.263.567.242.9

95.0

97.3

1,025526

1,0681,0551,566

66.34

1.911.42.22.93.1

83.370.068.972.537.7

96.0

98.2

935507

1,124954

1,736

67.53

2.611.42.62.73.0

71.670.270.771.437.0

943491

9591,746

67.07

2.611.12.32.53.1

64.069.264.666.434.9

98.0

99.1

774456

839809

1,776

65.55

2.911.82.02.12.8

62.069.863.961.435.8

98.7

100.1

995535

872916

1, 732

63.91

2.011.12.62.43.1

64.264.365.965.035.4

100.8

940627

708769

1, 671

63.45

3.012.02.32.23.1

78.080.561.461.735.0

101.2

102. 5

875596

815907

1, 579

65.83

2.613.12.11.73.4

60.785.357.056.034.4

102.2

102.7

1,096730

982962

1,599

68.19

3.214.12.32.43.5

77.291.665.566.131.7

' 106. 0

107.9

973682910

1,0211,488

71. 46

3.915.81.92.33.0

59.089.360.663.530.5

107. 5

107.9

820535

960968

1,480

82.40

2.316.02.0.2.42.8

51.078.762.160.730.7

107.3

107.4

867506

942896

1,526

p 79. 03

2.816.42.22.42.5

50.262.066.065.929.0

r Revised. p Preliminary.1 See note " O " for p . S-21

t Revisions for Jan.-Oct. 1964 are shown in Bu. of the Census report M31A(64)-13.d1 Formerly National Lumber Manufacturers Association.

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

S-32 SURVEY OF CURRENT BUSINESS August 1966

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. M a y June July

METALS AND MANUFACTURES

IRON AND STEELExports:

Steel mill products thous. sh. tons__Scrap - doPig iron do

Imports:Steel mill products doScrap doPig iron do

Iron and Steel Scrap

Scrap for consumption, total thous. sh. tons_-Home scrap produced ;__ doPurchased scrap received (net) do

Consumption, total doStocks, consumers', end of period doPrices, steel scrap, No. 1 heavy melting:

Composite (5 markets). $ perlg. ton__Pittsburgh districts... do____

Ore

Iron ore (operations in all U.S. districts):Mine production.. -thous. lg. tons._Shipments from mines doImports do

U.S. and foreign ores and ore agglomerates:Receipts at iron and steel plants doConsumption at iron and steel plants doExports doStocks, total, end of period do

At mines doAt furnace yards doAt U.S. docks do

Manganese (inn. content), general imports do

Pig Iron and Iron ProductsPig iron:

Production (excluding production of ferroalloys)thous. sh. tons__

Consumption -.doStocks (consumers' and suppliers'), end of period

thous. sh. tons__Prices:

Composite $ per lg. ton__Basic (furnace) doFoundry, No. 2, Northern do

Castings, gray iron:Orders, unfilled, for sale, end of period

thous. sh. tons__Shipments, total do

For sale doCastings, malleable iron:

Orders, unfilled, for sale, end of periodthous. sh.tons__

Shipments, total doFor sale do

Steel, Crude, Semifinished, and Finished

Steel ingots and steel for castings:Production thous. sh. tons__

Index . . . daily average 1957-59=100_ -Steel castings:

Orders, unfilled, for sale, end of periodthous. sh. tons__

Shipments, total do_For sale, total do_

Steel forgings (for sale):Orders, unfilled, end of period __doShipments, total do_

Closed die (drop, upset, press) do_

Steel products, net shipments:Total (all grades) do_

Semifinished products- __• do_Structural shapes (heavy), steel piling....dO—__Plates. - do-Rails and accessories do.

Bars and tool steel, total doBars: Hot rolled (incl. light shapes) do

Reinforcing _do.Cold finished do

Pipe and tubing doWire and wire products doTin mill products doSheets and strip (incl. electrical), total do

Sheets: Hot rolled do-__Cold rolled do___

Steel mill products, inventories, end of period:Consumers' (manufacturers only)__mil. sh. tons_

Receipts during period do_ _ _Consumption during period - do___

Service centers (warehouses) do___Producing mills:

In process (ingots, semifinished, etc.) do_-_Finished (sheets, plates, bars, pipe, etc.)-do-_-

Steel (carbon), finished, composite price1_.$ per lb_.

' Revised. v Preliminary. * See note " O " for p. S-21. 2 Less than 500 tons.3 Revised total; monthly revisions are not available.IBeginning Jan. 1964, the composite reflects substantial changes in products and weights

used and is not comparable with earlier periods. The new composite price is based on AISI

3,4357,881176

.,440299751

84, 09352,26231,83184,6267,413

32.7734.70

84, 8363 85,18442,417

118,325122,1976,96371,67710, 75257,1843,741

1,032

85,601

2,461

62.7563.0063.50

85514,3168,129

1221,001589

127, 076130.5

3371,8351,471

r 1,759r 1, 350

84,9454,2296,0858,4911,395

13,1998,4013,2291,4678,1373,1056,083

34,2229,94815, 699

11.262. 460.54.1

9.18.7

i 2,496i 6,170

10,383235916

90, 53455, 21435,32090,3607,638

33.3635.00

87,42085,80145,105

121,964125,14317,08568, 78112,29053,9972,494

1,272

88,17388,945

2,329

62.7563.0063.50

15,7139,173

1741,136648

3131, 462135.3

1,9621,569

' 2,045' 1,592

92,6664,5286,7989,7641,523

14,4889,3443,1501,8778.6893,4846,65936,73310,63016,571

12.968.767.04.5

8.57.9

.0837

177472

1

1,1922880

8,0834,8633,2208,0217,066

33.8835.00

10,10211,3335,106

15,25611, 083

95055,90015,39238,9141,594

109

7,8497,864

2,508

62.7563.0063.50

9171,454

14410560

11, 593145.2

357178143

510172134

7,887394577808132

1,282814305152734298419

3, 244942

1,485

15.86.25.94.2

8.27.3

.0837

1887111

1,0941767

7,5694,7282,8407,5827,051

33.8435. 00

10, 50812,4814,505

15,92911,1331,037

58, 93113,42043,7101,801

74

7,7807,836

2,505

62.7563.0063.50

9251,282771

1658144

11, 551140.0

134105

544152114

379590833101

1,211767298138744268521

3,052893

1,409

16.35.55.04.4

8.47.5

.0837

1955612

1,06122

7,6084,7312,8777,5157,184

32.7335.00

10,85111, 6995,128

15,36710,8971,033

62, 67512,57248,1811,922

115

7,6617,762

2,416

62.7563.0063.50

8921,302815

1718150

11,324137.3

152120

568154114

8,634403606856101

1,328836315167.877323733

3,4061,0091,538

17.26.05.14.6

8.27.0

.0837

2045502

15114

7,0344,4342,6007,0097,213

30.6731.00

10,28210,3663,894

13, 2249,764544

66,35712,48651,6412, 230

105

6,6906,794

2,446

62.7563.0063.50

8811,322777

1769054

9,949124.6

393171138

172134

33351682796

1,083644291139588248275

2,733797

1,178

17.05.25.44.6

8.27.3

254334

1

89218101

6,9574,1992,7586,7417,432

29.3032.00

9,9554,093

12,9298,976778

69,46611,42455,5942,448

125

6,3106,378

2,460

62.7563.0063.50

8761,273732

1729554

9,296112.7

404160128

573178139

6,237265523833

1,036626264137566228360

2,327662985

15.64.25.64.6

8.37.4

.0837

2185091

6,5663,8352,732

7, 502

29.5831.50

4,5436,2944,131

10,0508,213331

70,71810,73257,4302,556

5,8805,930

2,450

62.7563.0063.50

8421,178

1749352

8,822110.5

428157128

580187145

6,200323512777111

972592237132534226631

2,116600

14.34.45.74.5

8.37.3

2744176

'67224106

7,1094,1532,9567,0017,638

31.2533.00

4,1642,6433,123

5,2668,699437

68,78112, 29053,9972,494

154

6,3276,502

2,329

62.7563.0063.50

8821,255

174101

9,627116.7

175145

589190148

6,061313529698143

964587233134592240302

2,280656997

12.94.45.84.5

8.57.9

.0839

'174347

1

66821

32.3633.50

4,7121,8821,898

3,0699,595

27565,17015,12047, 5622,488

117

6,910

62.7563.0063.50

9161,227

1769856

10,577128.2

443175145

6,602335536675146

1,013649207147604256382

2,655751

1,243

12.04.95.84.9

9.17.8

158419

5381562

32.8936.00

4,4971,7511,489

3,2329,499396

61,46617, 86641,2952,305

92

6,834

62.7563.0063.50

9771,229671

1749755

10, 249137. 5

452168137

6,734301490684140

1,041681208143712239390

2,737790

1,263

11.34.95.64.7

9.58.1

1593422

7769132

33.3236.50

5,0382, 0572,219

3,97611,127

40856,88120,84734,1441,890

76

7,937

62.7563.0063.50

9751,469825

18711267

12,083146.5

525209173

8,282349609838165

1,284818281173887318527

3,305948

1,513

10.95.96.34.7

9.28.3

.0839

1434401

'715146

' 30. 0233.50

6,9583,432

8,84110,897

59354, 61320, 78132,0881,744

7,853

62.7563.0063.50

1,0041,378'801

'194'97'57

11, 569144.9

'582'184'152

8,174324600819155

1,279797297175874327535

3,260919

1,494

10.85.96.04.7

9.08.2

1264292

91917

137

28.7132.75

9,99211,6553,502

15, 42111,6581,04856,67319,11835,8521,703

109

8,241

62.7563.0063. 50

9421,389792

18797

12,191147.8

628192160

8,221334596822152

1,321830301179886344559

3,207894

1,455

'10.9'5 .9'5 .8

5.0

' 9 . 0' 8 . 1

.0843

142607

1,01419

104

28.4130.50

5,154

15,37010,941

40,2781,791

132

7,837

62.7563.00

P63.50

' 11, 403142.8

8,033318582815158

1,324820313180900334582

3,021842

1,307

P 5 . 8P 5 . 0

.0842

net shipments of carbon steel and is the average price of all finished carbon steel products(except rails and wire products) weighted by tonnage. Prices used are base prices at Pitts-burgh; the average includes an additional 25% for "extra" charges but does not include freight.

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

August 1966 SURVEY OF CURRENT BUSINESS S-33

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

1964 2965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

METALS AND MANUFACTURES—Continued

IRON AND STEEL—Continued

Steel, Manufactured Products

Fabricated structural steel:Orders new (net) thous sh tonsShipments. _ _ _ _ . _ _ __ do _Backlog, end of period do

Barrels and drums, steel, heavy types (for sale) :Orders, unfilled, end of period _ thous_Shipments _ ___ __ _ _ do

Cans (tinplate), shipments (metal consumed),total for sale and own use - thous. sh. tons

NONFERROUS METALS AND PRODUCTS

Aluminum:Production, primary (dom. and foreign ores)

thous. sh. tons_.Recovery from scrap (aluminum content) doImports (general):

Metal and alloys, crude - d oPlates, sheets, etc ____ __ _ _ _ d o _

Exports, metal and alloys, crude do-___

Stocks, primary (at reduction plants), end ofperiod thous. sh. tons__

Price, primary ingot, 99.5% min $ per l b~

Aluminum shipments:Ingot and mill products (net) mil. lb

Mill products, total _ _ . doPlate and sheet (excl. foil) do _

Castings do

Copper:Production:

Mine, recoverable copper thous. sh. tons__Refinery, primary - _ _ - d o

From domestic ores _ _ .do __From foreign ores do

Secondary, recovered as refined _ doImports (general) :

Refined, unrefined, scrap (copper eont.)__do_Refined _ _ _ _ do

Exports:Refined and scrap do

Refined _ _ _ __ doConsumption, refined (by mills, etc.) _do _

Stocks, refined, end of period- doFabricators' do

Price, bars, electrolytic (N.Y.) $ per lb__

Copper-base mill and foundry products, shipments

Copper mill (brass mill) products mil. lb__Copper wire mill products (copper cont.) __doBrass and bronze foundry products do

Lead: A

Mine recoverable lead thous. sh tonsRecovered from scrap (lead cont.) — do

Imports (general), ore (lead cont.), metal—do ._Consumption total do

Stocks, end of period:Producers', ore, base bullion, and in process

(lead content), ABMS thous. sh. tons__Refiners' (primary), refined and antimonial

(lead content) thous sh tonsConsumers'cf doScrap (lead-base, purchased), all smelters

thous. sh. tons_-Price, common grade (N.Y.) $ perlb__

Tin:Imports (for consumption) :

Ore (tin content) lg tonsBars, pigs, etc do

Recovery from scrap, total (tin cont.) doAs metal do

Consumption pig total doPrimary do

Exports, incl. reexports (metal) doStocks, pig (industrial), end of period § doPrice, pig, Straits (N.Y.), prompt $ perlb-_

Zinc: AMine production, recoverable zinc

thous sh tonsImports (general):

Ores (zinc content) __ _ _ _ do___Metal (slab, blocks) __. __ __ __ _ do _ .

Consumption (recoverable zinc content):Ores doScrap, all types do ___

4,5004,2412,712

1,15424,312

4,737

2, 552. 7657.0

392.449.7

208.6

96.9. 2372

7 063. 54,834.92, 273.9

21 253.7

1, 246.81,656.41,259.9

396.5332.4

584.8137.7

430.6316. 2

1,859. 2

149. 6110.0.3196

2,7871,9921,063

286 0541.6

334.21,202.1

98.4

38.1113.4

71.5.1360

(3)31,58423, 5083 334

82,89058, 586

4 4, 04124,3431. 5772

574 9

357.1118.3

* 105. 9* 222. 5

4,8684,3213 151

1,22624,1324 4,928

2,754.5726 0

527.365.4

1203.6

64.8.2451

8, 025.55,688.22, 618.61,409.0

'1,351. 71,711.81,335. 7

376.1429.4

523.8137.4

i 422.1i 325. 0

2, 042. 6

161.3112.9.3502

2,9742,1771,075

'•301.1554.0

344.41,241. 5

106.8

25.9103.2

48.1.1600

4,32640, 81423, 5803 155

84,01158,550

13,06427, 6561. 7817

r 611 2

429.4153.0

113 6219.2

458363

3,245

1,2512,171

421

227.666 0

65.65.6

16.7

79.4.2450

709.6511.1238.6121.7

r 116. 6147.8110.237.535.3

58.412.9

29.318.9

187.8

118.779.2

.3560

799544274

r 23.848.1

25.8' 104. 4

90.2

29.3110.8

62.5.1600

3223,0732,210

3107,6105,420

17323,1831. 8894

r51 7

32.33.7

8.919.1

337329

3,268

1,2642,001

458

235.157.0

51.45.1

19.0

83.0.2450

596.3431.4193.496.6

' 105.6143.8116.127.734.4

29.99.0

30.723.0

124.5

162.3118.5. 3560

r 22. 740.5

37.1r90.8

93.9

31.0118.5

63.1.1600

402,6481,790

2306,7555,005

14223, 5871. 8412

r48 2

38.921.1

8.818.6

341413

3,176

1,3002,126

538

234.962.0

45.66.8

15.7

81.1.2450

650.1457. 6200.5103.1

r 109.2139.4113.026.433.4

36.79.5

33.326.0

178.0

148.1111.2.3560

r25.642.4

32.3r 101.4

99.8

26.3106.2

59.4.1600

2192,0611,815

2557,0755,135

22622,9851. 8696

r 50.8

36.110.7

8.618.5

438383

3 179

1,3232,045

497

218.756 0

39.64.9

17.6

71.0.2450

643.7463.5200.7117.2

107.9133.1101.132.036.6

39.011.4

29.022.0

183.2

132.893.3

.3560

716524249

r25.948.0

24.2' 107. 2

105.3

24.395.5

53.8.1600

374,0151,885

2655,9903,995

36424,350.1. 9190

51 5

36.22.7

8.618.4

327411

3,177

1,2731,975

406

237.262.0

42.86.9

13.2

76.8.2450

635. 2462.3191.4117.5

r 114.6143.5107.436.140.9

55.418.3

32.226.3

178.2

130.890.6

.3568

r26.048.4

37.7r 113. 2

104.7

25.092.2

52.2.1600

7922,5521,990

2506,2053,960

14925,3151. 8532

'51.7

34.820.7

10.418.6

415365

3,199

1,2981,920

393

236.562 0

41.67.0

14.5

75.0.2457

664,9466. 5195.8124.2

' 110.1137.6106.631.036.7

63.816.4

32.525.5

165.8

128.684.9

.3641

'25.845.8

25.1r 110. 5

101.6

25.798.9

51.1.1600

194,3481,955

2706,2804,185

13126,3851.7676

r51.6

42.214.0

10.419.1

325413

3 151

1,2261,994

333

245.062.0

55.39.4

18.1

64.8. 2450

683.9500. 2224.7125.4

r 107. 8144.0114.329.840.7

36.311.8

30.522.1

176.7

161.3112.9.3586

753596277

'29.246.3

34.3r 103.4

106.8

25.9103.2

48.1.1600

6697,7351,990

3456,1703,930

14827, 6561.7423

r50.1

42.117.8

10.319.2

423339

3 222

1,930

333

247.359 0

25.27.3

19.0

78.3. 2450

638.6489.6219.0

2137.2

118.2127.799.827.937 8

35.011.6

25 720.4

189. 6

5178.3114 5.3613

24.946.8

30.3103.3

107.2

26.2101.3

49.0.1600

2803,4992,050

3006,4954,435

30327,1801.7875

48.6

35. 022.0

10.418.9

456345

3,273

2,017

340

223.558.0

51.98.3

12.8

71.8.2450

715.4512.1236.5

r 140. 4

107.1127.2101. 725.629.6

41.19.8

27.418.4

197.4

204.8132.8.3604

23.644.7

30.099.3

109.1

25.899.3

52.3. 1600

3174,0701,995

2706,4704,555

11627,2451. 7810

48.7

32.918.9

9.618.6

538440

3 347

r 2,455

427

249.072 0

57.712.117.4

64.8.2450

802.8592.5267.8

r 149 5

123.7148.6120.428.242.3

45.213.1

45 738.0

219.5

205.7132 5.3612

862625280

29.650.8

39.9112.5

114.6

23.2105.9

47.1.1600

02,0012,335

3007,7755,480

29027,1301.7398

53.8

39.521.6

10.419.0

504407

3,382

2,592r 420

r 240.770 0

54.59.9

10.7

60.3.2450

r 734. 2r 556.6' 253. 7

135. 6

120.7137.9111.826.143.5

43.010.0

35.330.9

p 202. 7

v 183.8p 124.3

. 3615

••26.243.6

27.5104.6

113.1

21.298.8

48.1.1600

294,3632,058

2057,2455,170

78226, 3151.7424

'49.9

35.314.0

10.518.7

474386

3,609

444

252.3

52.510.713.0

67.7.2450

749.7576.1269.0132.5

r 126. 6144.8117.127.747.4

50.113.0

31.527.5

p 188.3

p 181.8p 124.5

.3603

26.646.6

25.3111. 6

111.1

23.999.0

46.3.1514

1,2244,016

7,5005,205

40824,3851. 6928

51.2

32.826.3

9.718.9

366422

3,365

245.0

51.712.715.7

63.1.2450

122.7152.9118.234.743.7

33.07.3

23 721.2

p 21L 0

p 207.0p 149 9

.3593

42.4

.1500

1002,542

145

1.6077

43.128.3

.2450

.3602

.1500

1. 5987

r Revised. v Preliminary. i See note " Q " for p. S-21. 2 Monthly data (1962-64),revised to 1962 canvass of nonferrous producers, are available; 1965 estimates reflect the revisedbenchmark. Beginning 1966, estimates are derived from a new sample and are not com-parable with earlier data; revised Dec. 1965, based on new sample, 137.5 mil. lb. 3 Datafor Sept. 1963-Apr. 1964 are in terms of gross weight. 4 Revised total; monthly revisionsare not available. 5 Beginning Jan. 1966, total includes copper (totaling 10,900 tons end of

Jan. 1966) held by nonconsumers, etc., not previously covered.cf Consumers' and secondary smelters' stocks of lead in refinery shapes and in copper-base

scrap. § Stocks reflect surplus tin made available to industry by GSA. A BeginningAug. 1964, data reflect sales to the industry of metal released from the Government stockpile,not previously covered.

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

S-34 SURVEY OF CURRENT BUSINESS August 1966

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

METALS AND MANUFACTURES—Continued

NONFERROUS METALS AND PROD.—Con.

Zinc—ContinuedSlab zinc:A

Production (primary smelter), from domesticand foreign ores __. thous. sh. tons. .

Secondary (redistilled) production doConsumption, fabricators' doExports doStocks, end of period:

Producers', at smelter (AZI)d* doConsumers' do

Price, prime Western (East St. Louis). $ per lb__

HEATING EQUIPMENT, EXC. ELECTRIC

Radiators and con vectors, shipments:Cast-iron mil. sq. ft. radiation..Nonferrous do

Oil burners:Shipments thous..Stocks, end of period _do

Ranges, gas, domestic cooking (inch free-standing,set-in, high-oven ranges, and built-in ovenbroilers) thous.-

Top burner sections (4-burner equiv) ship____do

Stoves, domestic heating, shipments, total.._doGas . do

Warm-air furnaces (forced-air and gravity air-flow),shipments, total thous.-

Gas doWater heaters, gas, shipments _ _ do

MACHINERY AND APPARATUS

Fans, blowers, and unit heaters, qtrly.:Fans and blowers, new orders mil. $__Unit-heater group, new orders do

Foundry equipment (new), new orders, netmo. avg. shipments 1957-59=100. _

Furnaces (industrial) and ovens, etc., new orders(domestic), net .mil. $__

Electric processing doFuel-fired (exc. for hot rolling steel) do

Material handling equipment (industrial):O rders (new), in dex, seas. adj © 1957-59

Industrial trucks (electric), shipments:Hand (motorized) number_Rider-type do

Industrial trucks and tractors (internal combustionengines), shipments ____number__

Machine tools:Metal cutting tools:

Orders, new (net), total mil.Domestic do

Shipments, total doDomestic ___do

Estimated backlog, end of period months _ _

Metal forming tools :Orders, new (net), total mil.

Domestic doShipments, total do

Domestic _.___.L._doEstimated backlog, end of period months __

Other machinery and equip., qtrly. shipments:Construction machinery (selected types), total 9

mil. $__Tractors, tracklaying, total - . - doTractors, wheel (con. off-highway) _ _ doTractor shovel loaders (integral units only),

wheel and tracklaying types mil. $_.Tractors, wheel (excl. garden and contractors'

off-highway types) mil. $_.Farm machines and equipment (selected types),

excl. tractors mil. $_

=100 -

ELECTRICAL EQUIPMENTBatteries (auto, replacement), shipments*-.thous.-Household electrical appliances:

Ranges (incl. built-ins), sales, total. doRefrigerators and home freezers, output

1957-59=100--Vacuuin cleaners, sales billed thous-Washers, sales (dom. and export). __.do___.Driers (gas and electric), sales (domestic and

export) -_ thous_-

Radio sets, production § doTelevision sets (incl. combination), prod.§_-_do-__Electron tubes and semiconductors (excl. receiving,

power, and spec, purpose tubes), sales mil. $_Motors and generators:

New orders, index, qtrly --1947-49=100.New orders (gross) :

Polyphase induction motors, 1-200 hp mil. $_D.C. motors and generators, 1-200 hp do___

i 954.1171.6

1,207.326.5

31.2107.5.1357

10.5113.2

568.042.6

2,170. 6342.6

1,810.81,227. 2

1,426. 01,162.12,680.1

182.374.9

218.6

114. 913.757.5

152.0

6,8917,129

36,171

976. 50

791. 80636. 75

6.3

388. 70353.30228. 20200.85

10.9

11,523. 7i 392. 6

128.7

i 352. 91 679. 2

954.0

30, 627

1,965. 0

140.84, 506. 74,189. 6

11,826.4

19,1769,570

653.0

178

183. 236.3

1,005. 273.1

11,354.15.9

30.1145. 4.1450

9.2115.3

585.535.7

2, 244. 5304.8

1,647. 21,107. 9

1,389.41,127.52,616.4

208.666.9

322. 5

152. 821.675.2

186.3

8,2029,994

41, 746

, 176. 00, 054.40958.60830. 55

7.6

319.30297. 75287. 85259. 80

9.9

1, 739.8439.7151.3

408.2

828.1

1,057.0

30, 528

2, 065. 0

147. 85,106. 94,347.1

12,098.4

24,11811,028

757.0

215

210.144.6

82.66.5

115.5

23.3102.3.1450

.78.4

46.347.9

199.231.4

110.377.5

107.388.7

205.0

19.0

274. 6

9.71.45.1

191.2

765848

3,625

93.6587.1083.7571.15

6.5

40.8539.7026.0023.55

9.4

521.7120.5

51.9

114.9

209.5

295.5

2,015

176.3

159.8367.9388.7

109.0

3 2,1713 946

63.3

228

19.43.8

85.15.496.9.5

26.9110.6.1450

11.4

43.444.6

153.919.7

158.8106.4

116.696.0214.0

280.6

18.31.06.7

171.4

742842

3,497

95.6084.7569.4560.70

26.7026.0520.2017.759.4

2,145

148.5

125.1329.2356.1

127.7

1,757596

52.3

16.24.4

84.96.4

113.9.4

29.2128.2.1450

1.011.6

58.841.2

191.527.1

186.5120.3

140.4112.2206.2

387.0

10.51.06.0

192.6

558695

3,378

106.8095. 4057.5550.107.3

24.5522.9520.3518.859.7

2,531

163.4

87.6376.6

213.3

1,764819

63.4

15.53.6

84.05.3

117. 0.2

27.3129.3.1450

1.013.1

64.836.1

226.631.7

227.6141.8

174.4136.1226.4

53.516.0

316.9

12.62.07.2

183.0

745899

3,729

99.8587.0080.8070.90

7.6

25.6024.0021.2018.95

9.8

407.798.439.9

91.3

161.5

244.4

3,512

186.0

145.3497.7430.6

274.2

3 2, 2143 1, 230

72.4

212

19.23.2

87.56.0

117.8.2

30.3130.8.1450

12.4

68.435.9

212.726.1

259.0185.5

132.5234.2

295.0

11.41.36.8

211.0

8101,015

3,910

99.2593.0091.0575.60

7.6

35.2033.4524.3021.90

10.3

3,686

174.0

160.1534.4397.2

279.1

2,312I,1""

70.0

15.94.2

84. 26.0

116.5

27.2124.5. 1450

11.0

53.732.8

190.022.1

144.1105.6

118.695.3

208.2

339.5

13.82.07.7

205. 6

837983

4,144

110.50100.2577.9567.25

7.7

27.1525.0522.9519.55

10.4

3,387

184.1

147.5543.5370.4

234.3

2,0741,044

68.9

18.13.1

89.15.2

113.2.8

30.1145.4.1450

.79.0

40.235.7

196.523.9

82.957.3

111.291.8

246.7

55.217.6

371.8

14.22.67.9

231.8

8831,228

4,052

128.50116.50109.1098.15

7.6

27.6023.9530.3027.55

393.5105.7

27.6

106.

236.9

225.4

3,085

198.3

159.7431.4357.1

238.8

3 2,4173 1,208

73.8

217

18.74.7

89.96.0

112.5(*)

32.2158.1.1450

8.7

45.135.4

162.518.2

61.144.6

89.572.6

225.3

267.2

16.31.6

10.7

209.7

722965

3,531

126. 50115. 5079.3070.20

8.2

29.7526.1023.3522.25

10.0

2 37.0

2 77.3

2,654

176.8

170.3434.5317.4

186. 7

1,874915

71.3

58.2'4.1

79.95.7

116.1.1

29.7156.0.1450

.77.1

42.136.7

180.719.6

82.647.8

86.371.3207.4

198.2

13.71.86.1

210.1

749776

3,619

135. 45121.1083.0073.558.7

30.5029.4028.7026.15

10.2

2 38.6

2 83.8

2,918

182.8

176.2517.0364.7

193.2

1,862924

68.9

5 10.1'.5.1

85.46.2

127.0.1

28.8166.7.1450

7.7

46.642.3

227.223.6

88.551.9

88.373.8

236.6

274.0

16.11.7

204.3

9201,087

4,159

155.85137.45105.0594.259.1

31.2528.6530.4528.7510.0

:6.7

2 107.9

2,042

177. 4

151.6549.6397. 7

180. 2

3 2,26031,239

81.1

248

*11.2'5.6

87.05.7

119.1.1

33.2159.7.1450

8.1

•39.938.7

187.523.3

'85.3'56.0

'73.0'61.4218.6

244.6

25.63.516.4

189.9

907932

134.50118.4086.0078.359.5

22.8021.8026.7025.30

9.6

2 46.1

2 94.6

1,772

197. 3

192.429.0351.6128. 0

1,824907

74.i

5 9.1'5.1

88.86.0

123.5«)

154.9.1450

41.953.5

177.422.1

110.880.6

81.368.2194.1

227.6

11.72.05.4

190.0

8571,028

4,015

127.65119.55' 90.20' 79.25'9.7

31.15• 27. 551 27.40• 25.85'9.5

2 87.1

1, 972

165.8

176.2397.6349.6

108.6

1,801874

74.3

5 9.8•'3.8

42.1

. 1450

340.6

15.22.28.3

139.05126.65113.35103. 20

9.9

38.4531.9030.1529.10

2,106

159. 3

181.0402.8413.9

144.8

3 2,0923 1,125

77.8

5 10.13.9

48.9

.1450

1,215586

'Revised. 1 Revised total; monthly revisions are not available. 2 For month shown.3 Data cover 5 weeks; other months, 4 weeks. 4 Less than 50 tons. 5 Excludes or-

ders for motors 1-20 hp.; domestic sales of this class Jan.-June 1966 (mil. doU: 9.8; 11.0;11.2 (rev.); 11.2 (rev.); 11.5: 11.3.

ASee similar note, p. S-33.cf Producers' stocks elsewhere, end of June 1966,10,000 tons. © Revised back to 1963 to in-

corporate new seasonal factors. 9 Includes data not shown.t Data reflect adjustment to the 1963 Census of Manufactures; revisions back to 1963 are

available.§ Radio production comprises table, portable battery, auto and clock models; television

sets cover monochrome and color units.

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

August 1966 SUKVEY OF CURKENT BUSINESS S-35

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

1964 | 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

PETROLEUM, COAL, AND PRODUCTS

COALAnthracite:

Production thous. sh. tons—Exports doPrice, wholesale, chestnut, f.o.b. car at mine

$ per sh. ton__Bituminous:

Production thous. sh. tons..

Industrial consumption and retail deliveries,total 9 thous. sh. tons..

Electric power utilities..- doMfg. and mining industries, total _______ _do____

Coke plants (oven and beehive) do

Retail deliveries to other consumers. _do

Stocks, industrial and retail dealers', end of period,total 9 thous. sh. tons__

Electric power utilities __doMfg. and mining industries, total __do

Oven-coke plants do

Retail dealers do

Exports ___do

Prices, wholesale:Screenings, indust. use, f.o.b. mine

$persh. ton_.Domestic, large sizes, f.o.b. mine do

COKEProduction:

Beehive thous. sh. tons. .Oven (byproduct) doPetroleum coke§ do

Stocks, end of period:Oven-coke plants, total do

At furnace plants doAt merchant plants do.___

Petroleum coke _doExports _ do

PETROLEUM AND PRODUCTS

Crude petroleum:Oil wells completed number__Price at wells (Okla.-Kansas) $ per bbl__Runs to stillsj mil. bbl__Refinery operating ratio % of capacity. _

All oils, supply, demand, and stocks: JNew supply, total mil. bbl._

Production:Crude petroleum doNatural-gas liquids, benzol, etc do

Imports:Crude petroleum do..__Refined products __do

Change in stocks, all oils (decrease,—) do

Demand, total do..__Exports:

Crude petroleum. doRefined products do

Domestic demand, total 9— doGasoline _doKerosene ...do

Distillate fuel oil do..Residual fuel oil _do_.Jet fuel __ do_.

Lubricants do_.Asphalt do_.Liquefied gases do_.

Stocks, end of period, total. do_.Crude petroleum do_.Natural-gas liquids do_.Refined products _do_.

Refined petroleum products: JGasoline (incl. aviation):

Production do_Exports. do_.Stocks, end of period __do_

Prices (excl. aviation):Wholesale, ref. (Okla., group 3) $ per gal__Retail (regular grade, excl. taxes), 55 cities

(1st of following mo.) $ per gal__

17,1841, 575

13.895

486,998

431,116223,032187, 75888, 757

19, 615

75,34252, 66122,30510,081

376

47,969

4.7986.895

1,23660,90816,865

1,9711, 708

2621,359

524

20,6202.92

3, 223.387

4,036.1

2,786.8422.5

438. 6388.1

3.7

4,032. 4

1.472.5

3,958. 51,685.5

178.4

750.4554.6118. 6

45.8120.2247.9

839.2230.135. 7

573.5

1, 687. 48.0

199. 5

.102

.200

15,4441851

12.979

510,000

458,969242,729196,53494,620

19,048

77,39353,43723,60310,506

353

i 50,181

4.7946.926

1,54264,92417,208

2,6992,445

2541,4781834

18,7612.92

3,300.887

4,190. 8

2,848.5441.6

452.0448.7- 2 . 9

4,193.7

1.166.8

4,125.921,720. 2

2 97.6

776.0586. 4

2 220. 6

47.0127.6260.8

836.3220.335.9

580.2

1,704.42 4.9

2 183.1

.113

.208

1,62693

12. 005

43,068

35, 58419,29215, 7628,119

442

71,41849,85721,3119,970

250

5,069

4.7996.595

1645,5661,407

1,118982136

1,548

1,5832.92273.1

87

340.9

232.435.2

33.313.3

327.5

.16.2

321.2155. 24.5

41.838.618.2

4.315.717.1

840.1253.638.7547.8

141. 6.7

192.6

.113

.213

1, 256

82

12. 495

34,042

36,13520,01815,4818,161

564

66,14947,48218,4077,744

260

4,231

4.7996.645

1495,5981,475

1,1771,017160

1,51163

1,5212.92288.7

345.5

237.636.6

40.730.613.2

332.3

.45.7

326.2156.74.9

44.337.818.6

4.117.217.1

853.2242.143.6567. 6

148.5.3

185.1

.113

.209

1,292

88

12. 495

46,228

37, 54521,05115,5628,120

840

49, 24419,7688,484

4. 7866.833

1545,5491,489

1,2711,085181

1,460

1,7842.92286.1

347.4

240.236.5

40.829.910.9

336.5

05.7

330.8154.45.9

47.936.820.0

4.017.817.9

864.1236.446.7581.0

150. 4.4

181.8

.113

.211

1,364129

12.495

43,344

36,19819,93614,9107,504

1,266

70,41850,41119,7158,253

292

5,160

4,7907.017

855,2081,443

1,4841,278206

1,41873

1,8442.92

270.2

329.1

222.535.0

43.228.4• 4.3

324.8

05.2

319.6142.56.0

49.837.519.6

4.015.519.0

231.146.9590.4

140.5.3

180.3

.113

.210

1,269108

12.985

46,596

38,13620,06616, 2377,457

1,748

73,00052, 01720, 6919,107

292

5,560

4.7957.144

725,1581,358

1, 9181,690227

1,41465

1,3752.92281.7

87

357.4

244.137.9

39.136.212.1

345.3

.25.1

340.0147.07.7

56.945.818.2

3.814.721.9

880.5231.845.9602.8

142.4.3

176.6

.113

.209

1,25569

12.985

46,356

39,13220,55216,4237,074

2,078

75,22653,12521,7369,743

365

4,627

4.7947.203

644,9291,412

2,3412,103239

1,41177

1,6062.92276.0

345.0

239.638.0

32.035.4-7.6

352.6

.15.5

347.0140.19.4

71.746.818.6

3.89.424.0

873.0226.742.5603.7

142.5.4

179. 2

.113

.213

1,28666

12.985

46,585

42,85122,64617, 5567,397

2,625

77,39353,43723,60310,506

353

3,542

4.7947.228

755,1021,553

2,445254

1,47878

1,6852.92

287.2

253.639.2

27.949.0

-36.6

406.2

(3)

5.3400.9149.012.7

92.965.919.4

3.75.4

33.1

836.3220.335.9

580.2

151.4.1

183.1

.113

.210

89556

13. 580

42,090

45,15724,06317,9047,538

3,189

71,88949,77921,83310,137

277

2,854

4.7947.247

945,1841,558

2,7892,548242

1, 55064

1,0502.92290.6

90

378.3

250.538.9

42.046.9

-16.6

394.9

.15.1

389.7132.614.1

96.165.918.6

4.13.734.8

819.8221A28.9569.5

152.5.2

203.5

.113

.213

84

13. 580

40, 200

40,56421,26316,3547,200

2,947

69,05547,19721,6309,870

228

3,166

4.8047.247

944,8951,352

2,6962,504192

1, 54667

1,3942.92

261.390

346.8

231.736.0

34.744.5

-23.1

370.0

05.6

364.4126.012.1

88.464.717.6

3.63.530.5

796.6225.424.7546.4

133.8.2

212.2

.113

.210

1,08249

13. 580

48,200

41,02121,63117,5218,171

1,865

73,52648,97324,36211,318

191

3,512

.4.7987.005

1085,5981,478

2,6272,442

1851,584

1,5172.92

285.3

389.5

258.139.5

38.853.19.4

380.1

.16.2

373.8145.4

8.7

76.565.919.9

4.66.1

27.2

806. 0236.326.4

543.4

146.3.2

214.2

.105

.211

1,28950

12,005

30,260

38,04720,32416,567

r 7,827

1,102

68,11546,91920,9938,640

203

3,937

4.8146.632

1085,4011,381

2,3452,172

1731,570

118

1,2742.92

271.787

362.1

249.238.8

36.537.6

' 11. 0

351.1

.35.8

344.9147.3

6.1

63.349.121.5

4.48.1

24.0

817. 0249.330.6

537.1

140.12

207.9

.113

.212

1,23262

12. 005

45,930

37,35719,97216, 5988,210

706

48,60520,9268,493

238

4,238

• 4.986• 6.614

'1131 5,6401,448

• 2,1662,009>1571,563

146

1,3802.92

290.190

373.7

259.839.4

37.337.230.2

343.6

()5.5

338.1153.7

5.953.243.226.3

4.412.122.9

847.2255. 636.4

555.2

147.7.1

203.6

.113

.218

1,196101

P12. 005

46,130

5,038

v 4.986P6.642

1225,460

2,0801,939

141

109

P 2 . 9 2

.118

.218

876

34,170

r Revised. * Preliminary. * See note " O " for p. S-21.2 Beginning Jan. 1965, gasoline excludes special naphthas; aviation gasoline represents

finished grades only (alkylate excluded); commercial jet fuel (formerly included with kerosene)is included with jet fuel.

3 Less than 50,000 bbls.9 Includes data not shown separately.§ Includes nonmarketable catalyst coke.t Revisions for Jan.-Oct. 1964 will be shown later.

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

S-36 SURVEY OF CURRENT BUSINESS August 1966

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

PETROLEUM, COAL, AND PRODUCTS—Continued

PETROLEUM AND PRODUCTS—Continued

Refined petroleum products$— ContinuedAviation gasoline:

Production - mil. bbl__Exports doStocks, end of period _do

Kerosene:Production doStocks, end of period doPrice, wholesale, bulk lots (N.Y. Harbor)

$ per gal. .Distillate fuel oil:

Production mil. bbl__Imports . doExports .__ doStocks, end of period doPrice, wholesale (N.Y. Harbor, No. 2 fuel)

$ per gaL .Residual fuel oil:

Production mil. bbl__Imports doExports doStocks, end of period— doPrice, wholesale (Okla., No. 6). $ per bbl__

Jet fuel (military grade only):Production ___mil. bbl__Stocks, end of period _do

Lubricants:Production doExports doStocks, end of period ___doPrice, wholesale, bright stock (midcontinent,

f.o.b., Tulsa)—_ _ $ per gal__Asphalt:

Production mil. bbl—Stocks, end of period do

Liquefied petroleum gases:Production— -doTransfer from gasoline plants ___doStocks (at plants, terminals, underground, and

at refineries), end of period - mil. bbL_

Asphalt and tar products, shipments:Asphalt roofing, total thous. squares-.

Roll roofing and cap sheet— doShingles, all types do

Asphalt siding.. doInsulated siding doSaturated felts thous. sh. tons..

127.85.49.1

169.536.2

.096

742.411.85.4

155.8

.086

266. 8295.818.940.41.50

108.09.9

63.718.214.1

.270

114.914.2

59.2189.6

31.8

71,07526,21844,857

720680995

U8.614.218.3

194.5124.1

765.413.03.7

155.4

.090

268.6344.6

14.956.21.83

1 191. 2118.7

62.916.713.3

.270

123.616.2

56.1200.2

32.0

72, 69628, 58444,112

645603973

4.0.7

8.2

7.023.4

.095

58.7.5.2

116.6

.087

20.923.6

1.045.21.75

15.720.5

5.11.3

12.9

.270

12.120.7

4.812.8

35.3

7,2152,5914,625

5070

4.2.38.2

6.725.3

.095

65.5.9.3

138.5

.087

21.622.11.3

50.21.80

16.821.0

5.41.4

12.8

.270

14.418.5

4.912.3

40.1

7,6342,8564,778

526695

4.1.38.5

6.626.0

.095

66.41.6.3

158.4

.087

21.120.41.3

53.81.85

16.019.8

5.4.9

13.3

.270

14.616.2

4.813.1

43.5

8,5463,3225,224

7065109

4.1.38.7

6.9

62.81.1.5

172.0

.090

19.520.01.0

55.11.90

16.017.9

5.11.4

13.0

.270

13.514.8

4.314.6

43.8

7,7663,1304,636

72

.28.4

8.127.3

.100

65.71.3.1

182.0

.092

22.427.51.1

58.41.95

16.518.2

5.11.612.8

.270

12.613.2

4.317.5

42.8

7,2792,9874,292

756382

3.9.48.0

8.326.3

.100

66.11.1.3

177.3

.092

22.826.11.0

59.71.95

16.218.6

5.11.212.9

.270

9.813.9

4.219.6

39.4

5,5992,2943,305

624573

3.9.18.3

10.424.1

.103

70.11.1.3

155.4

.095

24.638.51.0

56.21.95

16.618.7

5.51.413.3

.270

7.316.2

5.122.9

32.0

4,5801,9822,598

4731

3.7.18.5

10.320.2

.103

70.11.1.4

130.0

.095

26.337.81.1

53.61.90

16.818.9

5.61.1

13.8

.270

6.619.5

5.424.0

24.3

4,9872,0562,932

4421

3.3.19.1

17.9

.103

62.8.61.0

104.0

.095

22.237.31.1

47.61.80

15.719.2

5.11.2

14.1

.270

6.022.4

4.921.1

20.1

3,6011,4902,111

301756

3.3.29.2

9.518.7

.103

64.7.8.3

92.8

.095

23.842.81.9

46.81.60

17.920.1

5.41.313.6

.270

8.024.5

5.317.9

21.1

4,7241,9962,728

353668

3.0.29.0

7.019.6

.102

60.41.4.3

91.0

.092

20.528.6

.846.21.55

17.618.7

5.31.4

13.1

.270

10.326.8

4.914.9

25.4

'5,448' 2, 028<• 3,431

3.3.18.1

7.421.3

.102

63.81.2.3

102.5

.092

20.526.71.1

49.51.55

18.519.6

5.61.213.1

.270

11.426.5

5.313.8

32.1

6,1002,263

P. 102

p. 092

v 1.55

p. 270

8,1593,0615, 098

496299

PULP, PAPER, AND PAPER PRODUCTS

PULP WOOD AND WASTE PAPER

Pulp wood:Receipts thous. cords (128 cu. ft.)_Consumption doStocks, end of period ___do___

Waste paper:Consumption thous. sh. tons_Stocks, end of period do___

WOODPULPProduction:

Total, all grades thous. sh. tons.Dissolving and special alpha.. do___Sulfate do___Sulfite do-_.

Groundwood do_.Defibrated or exploded do_.Soda, semichem., screenings, etc do_

Stocks, end of period:Total, all mills do_

Pulp mills do_Paper and board mills do_.Nonpaper mills __do_

Exports, all grades, total do_Dissolving and special alpha do_All other do_

Imports, all grades, total do.Dissolving and special alpha do_All other do_

PAPER AND PAPER PRODUCTS

Paper and board:Production (Bu. of the Census):

All grades, total, unadjusted.--thous. sh. tons__Paper do_Paperboard do_Wet-machine board do.Construction paper and board do.

49,87249, 7114,843

9,493596

32,4291,457

20, 0062,685

3,5961,6213,063

78122846292

1,602581

1,021

2,922272

2,650

41, 74818,180

«19, 623148

3,797

50,45250,7405,770

9,914573

33,2961,486

20,5142,789

3,9201,4733,113

73025339582

21,4022 535897

3,127280

2,847

43,74719,02020, 760

135

3,9353,9894,613

854518

2,646110

1,605242

324125239

74828438184

1074364

26263

3,5751,5321,688

13341

4,2344,1104,856

720555

2,680113

1,657218

319125247

76328140082

1195267

24523222

3,4191,4881,599

8324

4,3794,3514,985

532

2,917134

1,822

337122263

76630238381

1094267

26523242

3,7461,6081,788

11340

4,2704,0855,268

840520

2,700120

1,678220

305121256

74329037578

11041

25325228

1,5441,730

11342

4,6114,6645,328

899511

2,949130

1,817258

334126284

75031136970

1234974

26123237

3,9111,6771,858

11365

4,2284,3835,317

842512

2,894119

1,811232

119275

739300

73

10133

30624282

3,7511,6271,789

11324

4,4414,0725,770

804573

2, 626124

1,606217

320113247

73025339582

1295673

27023247

3,6241,5731,754

12286

4,2474,5745,412

848486

2,918141

1,808230

337121281

26535975

1285871

24222220

3,8471,7001,845

11291

4,1924,2935,320

464

2,750124

1,715213

315118265

25235179

1265670

24923226

3,6511,5871,759

11295

4,8434,6515,428

920466

3,052140

1, 908242

342131289

24235582

1255670

30327276

4,0451,7561,935

12341

4,5124,6425,260

'871'486

2,964132

1, 854

331133275

243361'79

15346

108

25420

234

' 3,938' 1,697' 1,879

12349

4,5694,7945,001

903485

3,102134

1,945256

133297

70025036882

1404793

28724

263

4,0451,7201,969

12345

1325478

30028

272

••Revised. p Preliminary. 1 See note 2 for p. S-35. 2 See note " O " for p. S-21. {Revisions for Jan.-Oct. 1964 will be shown later. «Corrected.

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

August 1966 SUEVEY OF CUREENT BUSINESS S-37

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

PULP, PAPER, AND PAPER PRODUCTS—Continued

PAPER AND PAPER PRODUCTS—Con.

Paper and board— ContinuedNew orders (American Paper and Pulp Assoc.):

All grades, paper and board thous. sh. tons.Whplesale price indexes:

Printing paper 1957-59=100.Book paper, A grade-.•— do.. .Paperboard - doBuilding paper and board do

Selected types of paper (APPA) :Fine paper:

Orders, new _thous. sh. tons..Orders, unfilled, end of period do

Production do_Shipments do.

Printing paper:Orders, new do..Orders, unfilled, end of period do..

Production . do_.Shipments do..

Coarse paper:Orders, new do_.Orders, unfilled, end of period do_.

Production doShipments do

Newsprint:Canadat

Production _do___Shipments from mills doStocks at mills, end of period _do

United States:Production ...doShipments from mills doStocks at mills, end of period do

Consumption by publishersc? doStocks at and in transit to publishers, end of

period - thous. sh. tons..

Imports___ doPrice, rolls, contract, f.o.b. mill, freight allowed

or delivered $ per sh. ton..

Paperboard (National Paperboard Assoc.):Orders, new (weekly avg.) thous. sh. tons..Orders, unfilled, end of period doProduction, total (weekly avg.) do

Percent of activity (based on 6.5-day week)Paper products:

Shipping containers, corrugated and solid fiber,shipments! mil. sq. ft. surf. area..

Folding paper boxes, shipments, index of physicalvolume 1947-49=100..

41,646

101.4109.496.594.2

2,234

2,2442,237

5,800437

5,6235,623

4,392190

4,3524,331

7,3017,310

178

2,2612, 273

22

6,031

585

5,954

134. 23

563384

137, 261

125.7

44,296

101.4110. 696.493.0

' 2,429'150

2,410' 2,413

' 6,195510

5,9935, 993

4,590210

4, 5914,564

7,7207,747

150

2,1802,183

19

6,387

573

6,323

132. 40

i 4171796

41090

148,312

128.2

3,631

101.4110.796.392.7

209145

200206

519522

503503

367232

359361

634'702'201

16917119

527

560

581

132. 40

412760405

12, 403

133. 7

3,632

101.4110. 796.393.5

'194'157

186'191

530558

471471

357226

357358

651642209

16816720

477

619

518

132. 40

38481835978

11,747

120.8

3,747

101.4110.796.393.3

'197'153

204'202

510518

493493

392235

390382

663646225

196189

27

517

634

525

132. 40

41281841690

12, 523

131.1

3,664

101.4110. 796.493.4

'192'149

197

517543

507507

357219

371374

637637225

16016720

509

574

132. 40

41384841590

13,167

137. 2

3,934

101.4110.796.593.8

'206'151

211'202

550554

534534

396227

395391

686694217

18217823

591

580

539

132. 40

44484444194

13,633

137.5

3,708

101.4111.596.593.3

'214

206'214

476500

503503

379199

392393

717193

19319224

570

538

132.40

43784744394

13,375

128. 4

3,556

101.4111.596.592.7

'201'150

208'209

502510

505505

379210

376379

691150

18118619

576

573

627

132.40

386793414

12,812

136.2

3,970

101.4112.796.792.7

'213'146

217'214

553522

527526

394211

390

675610215

19719125

526

586

551

132. 40

43885542193

12,044

122.9

• 3,692

101.4113.596.792.7

'207'154

'205'200

'529'552

'502'502

381226

376376

654617253

18518427

619

509

132. 40

45390244695

11,848

115.9

• 4 , 2 2 8

101.4113.597.092.7

'242167

'225230

'616'614

'556'556

'447'250

'429'420

738688302

20321020

624

132.40

47194445095

14,043

140.2

' 3, 995

101.4113.597.192.6

234173

'229'229

564611

542542

'427'262

' 404'409

702732272

19219120

576

641

570

134.40

45397345094

13,068

129.5

p4,103

101. 4114.697.292.6

P 1 8 7

*>231

*>394

735777230

205207

17

628

607

134. 40

4691,025

46697

13,477

133.5

101.9114.697.292.6

687241

20520418

573

677

632

P138. 42

45299945794

12,403

p 143.2

391

41084

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption thous. lg. tons..Stocks, end of period . do.___Imports, incl. latex and guayule doPrice, wholesale, smoked sheets (N.Y.)_.$ per lb_.

Synthetic rubber:Production thous. lg. tons..Consumption doStocks, end of period doExports do

Reclaimed rubber:Production doConsumption doStocks, end of period do

TIRES AND TUBES

Pneumatic casings:Production thous..

Shipments, total do.Original equipment do..Replacement equipment do.Export do-.

Stocks, end of period ___do_.Exports (Bu. of Census) do_.

Inner tubes:Production do_.Shipments .do..Stocks, end of period do..Exports (Bu. of Census) do..

481. 5086.85

441.19.252

1, 764. 941,451. 51

297.13321. 26

276. 26263.1930.08

158,113

150,48848,045

100,3692,075

37, 5531, 589

42,43741,89011,454

514.71100.01445.32

.257

1,813.991,540.87

311.952 281.78

280.29269.54

30.16

167,854

169,06058,280

107,9052,875

37,0592 2,381

41,34241,93611,839

21,189

42.1695.6842.22

.268

144.86126.30315.37

23.87

23.1222.7829.60

13,460

15, 6055,336

10, 033236

37, 207199

3,2903,438

11, 26682

36.5597.0430.66_. 258

141.35108.25325.2624.32

21.0820.0329.96

12,174

14, 2274,2229,689316

35,036250

3,2073,29711,196

128

40.5796.2028.42.248

148.59119.51323.5624.87

22.6020.8030.88

12,822

12,1452,2159,682248

36, 095173

3,2513, 52111,015

77

43.9896.9639.90.243

137.70131.44311.0821.70

22.3822.2030.39

13,921

14,8634,17810,441

244

35,110191

3,4553,41311,145

123

46.1496.4441.91.241

156.52140.48304.8125.17

23.4324.0329.06

15,331

16,0735,55710, 206

310

34,442259

3,513

11, 045174

45.4198.3643.91.241

157.87133.44302.9923.79

22.8321.4528.84

14,194

13,7095,5118,017181

35,083183

3,2433,05811,336

44.26100.0144.57.243

166.12135.82311.9523.32

24.6622.7530.16

14,839

13, 0625,3867,472205

37,059156

3,4833,02111.839

108

46.9498.7028.31.245

168.88137.78320.4623.31

23.3223.0628.93

15, 308

13,9124,9878,729195

140

3,5074,35111,216

71

44.3493.7344.94.258

153. 07131.54317. 0129.91

22.8421.8828.72

14, 605

12,2224,8447,181196

40,833180

3,5583, 74211,179

64

50.9090.5640.27.258

169.52150.23309. 7730.00

27.1924.5630.07

16, 275

15, 8555,527

10, 079249

41,441211

4,48010,630

87

45.9390.3444.33.244

165.58=141.02316.0226.11

' 23.2022.06' 29.99

15,317

16,2245,25310,734

237

40,775175

3,5913,72410,699

125

46.3891.7238.45.241

165. 55137. 64321.7624.07

24.0221.6630.87

14,885

14, 6904,9039,587200

41,214220

3,5333,33611,039

126

47.1291.0742.40

161. 59140. 56324.0824.59

24.5522.3731.96

14,473

16, 2204,900

11,161159

39,601147

3,6693,770

11,107

.234

' Revised. v Preliminary. 1 Beginning Jan. 1965, monthly data are 4-week averagesfor period ending Saturday nearest the end of the month. Annual data for new orders are52-week averages: those for unfilled orders aie as of Dec. 31. 2 See note " O " for p. S-21.

cf As reported by publishers accounting for about 75 percent of total newsprint consumption.t Revisions for Jan. 1964-Feb. 1965 will be shown later. .« Corrected.

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

S-38 SURVEY OF CURRENT BUSINESS August 1966

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. M a y June July

STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENT

Shipments, finished cement thous. bbl_.

CLAY CONSTRUCTION PRODUCTS

Shipments:Brick, unglazed (common and face)

mil. standard brick..Structural tile, except facing thous. sh. tons..Sewer pipe and fittings, vitrified doFacing tile (hollow), glazed and unglazed

mil. brick equivalent._Floor and wall tile and accessories, glazed and un-

glazed mil. sq. ft__Price index, brick (common), f.o.b. plant or

N.Y. dock . . __1957-59=100__

GLASS AND GLASS PRODUCTS

Flat glass, mfrs.' shipments thous. $_.

Sheet (window) glass, shipments.._ doPlate and other flat glass, shipments ___do

Glass containers:Production __ thous. gross. _

Shipments, domestic, total doGeneral-use food:

Narrow-neck food _doWide-mouth food (incl. packers' tumblers,

jelly glasses, and fruit jars) thous. gross._

Beverage . . .doBeer bottles... doLiquor and wine do

Medicinal and toilet doChemical, household and industrial doDairy products do

Stocks, end of period do

GYPSUM AND PRODUCTS (QTRLY)

Crude gypsum, total:Imports. thous. sh. tons..Production __._ do

Calcined, production, total doGypsum products sold or used, total:

Uncalcined uses __. doIndustrial uses doBuilding uses:

Plasters:Base-coat doAllother (incl. Keene's cement) do

Lath mil. sq. ft_.Wallboard do_.__All other. _ do

366,304

7,743.8311.4

1,837. 2

353.4

286.0

107.1

324,955

144,753180, 202

189,414

184,773

20,829

50,721

17,66433,25216,756

36,7647,3661,421

25,375

6,24610,684

9,440

4,562292

972993

1,4957,542253

1373,563

313.31, 732. 2

326.9

282.7

108.4

354,308

140,559213,749

201,327

195,380

21,548

53, 582

20,28336,13517,273

38,3816,9131,265

26,802

5,91110,035

9,320

4,580319

976

271

39,192

787.826.5185.4

29.7

26.4

107.8

86,153

32,64353, 510

18,600

17,948

1,664

4,636

2,4653,9151,352

3,27555289

26,112

1,6302,502

2,365

1,33487

237264

3782,148

79

39,439

761.326.2171.0

31.1

24.0

107.8

18,460

16,894

2,080

4,431

2,0893,8521,155

2,69250986

26,812

41,242

768. 228.9175.5

30.6

24.8

108.8

19,333

18,361

2,830

4,976

1,7643,3571,382

3,371564117

27,314

37,531

743.727.5166.3

30.3

24.7

109.2

51,021

16,733

17,393

2,886

4,929

1,3712,8381,488

3,193560128

26,401

1,7342,708

2,510

1,28377

210

3712,133

74

39,418

749.529.2155.6

28.5

23.4

109.2

18,227

16,638

1,932

5,030

1,3792,3321,759

3,548552106

27,537

31,446

714.026.1138.8

28.3

22.1

109.4

16, 206

15, 870

1,489

4,707

1,4272,5301,723

3,367514113

27, 518

25,117

645.623.7118.8

28.1

21.6

109.8

96,489

39,76956,720

15,219

15,715

1,403

4,193

2,1312,6941,447

3,200520127

26,802

1,4752,568

2,313

1,12279

173235

3112,073

67

17,327

464.320.494.5

23.1

22.5

109.9

16, 745

14, 715

1,431

4,369

1,1462,4141,248

3,50151294

28,466

16, 982

421.016.782.9

21.8

21.5

110.4

16,352

14,298

1,537

3,964

1,4132,2161,366

3,24746095

30,370

28,779

747.723.4151.3

26.3

25.9

110.7

88,249

34,00654,243

18,658

17, 785

2,035

4,356

2,0343,3021,571

3,86453192

30,801

1,0332,245

2,074

78681

168202

2641,623

54

30,883

• 745.6'22.7146.4

••28.3

'24.6

' 110.9

17,567

16, 578

1,717

3,851

2,2663,3041,469

3,366502103

31,977

35,330

757.121.2148.5

26.2

24.2

111. 1

18,370

17,460

' 1, 713

' 4, 142

'2,561' 3,549'1,539

3,359'516

81

32,814

41, 724

111.8

19,160

19,427

1,720

4,569

3,3254,2461, 538

3,42751092

31,892

TEXTILE PRODUCTS

WOVEN FABRICS

Woven fabrics (gray goods), weaving mills fCloth woven, total 9 mil. linear yd__

Cotton __ . . . . do____Manmade fiber __ _do

Stocks, total, end of period 9 c? do_.Cotton •__ do.Manmade fiber do_.

Orders, unfilled, total, end of period 9 1T_ __doCotton... __doManmade fiber _do

COTTON

Cotton (exclusive of linters):Production:

GinningsA . thous. running bales..Crop estimate, equivalent 500-lb. bales

thous. bales__Consumption... _______.__doStocks in the United States, total, end of period

thous. bales. _Domestic cotton, total do

On farms and in t ransi t . . . . doPublic storage and compresses doConsuming establishments..... _ _ _do

Foreign cotton, total do

12,6729,1363,289

1,068661386

3,7572,5001,161

.15,149

15,1828,940

21,92921,8171, 65518,7061,456112

13,0379,2623,517

1,139676442

4,1403,023

14,916

14,9569,296

23, 75723, 6522.505

19, 6191,528105

21, 2582 8932 337

621394

4,4093,1211,168

2 897

15,15615,082

42713,0561,599

74

823581223

1, 027615390

4,2413,0251,110

10

H0,820

14,29014, 223

23012, 5211,472

67

1,036730285

U,094636

M37

4,2163,0191,088

922

733

28,40128,30614, 62012, 5121,174

95

21, 2582 8832 351

1,108649440

4,1452,9491,092

• 3,654

27,36627, 26512,15714.0371,071

101

1,034733282

1,100655427

4,1393,0201,018

' 8,916

742

26,30126,2027,54417,4571,201

1,027729282

1,097654423

4,1803,0461,016

11, 709

751

25,05624,9564,91518,6321,409100

21,1712 8272 321

1,139676442

4,1403,023999

'312,696

2 831

23,75723,6522,50519,6191,528105

1,013712280

1,107653430

4, 2463,1141,008

'414,474

753

22,61722,5161,13019,7411,645101

1,020705293

1,080639422

4,5893,3871,078

753

21, 69221, 596

69819,1881,710

1, 2652 8642 373

1,068627

'416

4,6493,439• 1,085

14,916

2 947

20,41320,323

13118,3811,811

90

1,008700285

1,053614414

4,6623,4731,080

758

19,54219,460

35417,3601,746

82

1,019701294

1,044607415

4, 5613,3511,099

18,62918, 553

37716, 5241,652

76

2 953

17,46717,396

14715,7611,488

71

10

610,820

' Revised. * Beginning Jan. 1965, excludes finished cement used in the manufacture of pre-pared masonry cement (2,734 thous. bbls. in 1964); annual totals include revisions not distrib-uted to the months.2 Data cover 5 weeks; other months, 4 weeks. 3 Ginnings to Dec. 13. 4 Ginningsto Jan. 15. 6 See note "dV' 6 Aug. 1 estimate of 1966 crop.

tBeginning 1964, data are not strictly comparable with figures for earlier periods because ofrevised fabric classifications and the inclusion of manmade fiber drapery fabrics.

9 Includes data not shown separately.

cf Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,toweling, and blanketing, and billed and held stocks of denims. Effective Aug. 1965, stockscover additional manmade fiber fabrics not previously included.

ifUnfilled orders cover wool apparel (including polyester-wool) finished fabrics; productionand stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting,toweling, and blanketing.

ATotal ginnings to end of month indicated, except as noted.

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

August 1966 CUKKENT BUSINESS S-39

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

1964 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

TEXTILE PRODUCTS—Continued

COTTON—Continued

Cotton (exclusive of linters)—ContinuedExports -___ thous. bales.Imports _ do.-..Prices (farm), American upland.___cents per lb_.Prices, middling 1", avg. 15 markets ____do

Cotton linters:Consumption thousProduction doStocks, end of period _.do.

COTTON MANUFACTURESSpindle activity (cotton system spindles):

Active spindles, last working day, total mil..Consuming 100 percent cotton do___.

Spindle hours operated, all fibers, total- bil__Average per working day ___-do.-_-

Consuming 100 percent cotton __ do____Cotton yarn, natural stock, on cones or tubes:

Prices, f.o.b. mill:20/2, carded, weaving§ $perlb._36/2, combed, knitting§ .do

Cotton cloth:Cotton broadwoven goods over 12" in width:

Production (qtrly.) mil. lin. yd--Orders, unfilled, end of period, as compared with

avg. weekly production____No. weeks' prod..Inventories, end of period, as compared with

avg. weekly production.-No. weeks' prod--Ratio of stocks to unfilled orders (at cotton

mills) end of period, seasonally adjustedMill margins. _ cents perlb..Prices, wholesale:

Denim, mill finished..-. cents per yd..Print cloth, 39 inch, 68 x 72 doSheeting, class B, 40-inch, 48 x 44-48._ .do

MANMADE FIBERS AND MANUFACTURESFiber production, qtrly. total mil. lb_.

Filament yarn (rayon and acetate) do_._.Staple, incl. tow (rayon) do... .Noncellulosic, except textile glass:

Yarn and monofilaments* do_._.Staple, incl. tow* do

Textile glass fiber. do... .Exports:

Yarns and monofilaments thous. lb_.Staple, tow, and tops do

Imports:Yarns and monofilaments do....Staple, tow, and tops__ _-._ do

Stocks, producers', end of period:Filament yarn (rayon and acetate) .mil. lb_.Staple, incl. tow (rayon) doNoncellulosic fiber, except textile glass:

Yarn and monofilaments* doStaple, incl. tow* .__ . . . . . .do

Textile glass fiber .doPrices, manmade fibers, f.o.b. producing plant:

Staple: Rayon (viscose), 1.5 denier .1$ per lb..Polyester, 1.5 denier* do

Yarn: Rayon (viscose), 150 denier doManmade fiber and silk broadwoven fabrics:

Production (qtrly.), total 9 mil. lin. yd--Filament yarn (100%) fabrics?-— do. . . .

Chiefly rayon and/or acetate fabrics. __.doChiefly nylon fabrics do

Spun yarn (100%) fabrics (except blanketing) 9mil. lin. yd__

Rayon and/or acetate fabrics and blendsdo.___

Polyester blends with cotton... doCombinations of filament and spun yarn fabrics

mil. lin. yd__Exports, piece goods thous. sq. yd..

WOOLWool consumption, mill (clean basis): .

Apparel class mil. lb_.Carpet class . do. . . .

Wool imports,dean yield* ______doDuty-free (carpet class)*.... d o . . .

Wool prices, raw, clean basis, Boston:Good French combing and staple:

Graded territory, fine... /-•—_$ per lb._Graded fleece, % blood.. i do

Australian, 64s, 70s, good topmaking do.

WOOL MANUFACTURESKnitting yarn, worsted, 2/20s-50s/56s, American

system, wholesale price 1957-59=100._Woolen and worsted woven goods, exc. felts:

Production (qtrly.) mil. lin. yd..Suiting, price (wholesale), flannel, men's and

boys', f.o.b. mill __ 1957-59=100.

5,241118

•i 29.6130.7

1,3961,572

709

18.715.3

124. 6.471

103. 6

.630

.892

18.2

5.2

.303 29.49

<16.517.4

3,018.0777.5594.3

847.6559.1239.5

116,47356,411

9,202133,695

32.651.3

76.957.536.8

.28

.98

.78

3, 545. 41, 583.1852.2283.1

1,260.4

665.6456.8

472.4185, 263

233.9122.7212.3113.9

1.3971.2861.389

107.9

255.2

95.9

3,79599

«28.0«29.6

1,4061,635

735

18.914.7

128.0.493

102.9

.629

.891

9,238

20.3

4.5

.2337.51

34.918.617.5

3,532. 2825.0648.0

997.7779.2282.3

6 99,923» 50, 763

130,108

55.8

109.396.732.2

.28

.85

3,926. 21, 640. 6

855.8

1, 534. 6

643.3713. 5

519.4« 167,083

274.7112.3271.6108.9

1.2491.1921.156

107.8

267.3

100.2

3982

30.130.9

2 13371715

18.715.0

2 12.3.4922 9.8

.627

.885

2,374

19.5

4.1

.20

37.49

34.918.817.5

880.5207.9164.2

246.8191.969.7

10,0714,976

1,5649,505

34.560.6

57.033.7

.84

.78

981.1416.7219.677.2

374.4

162.0171.9

131.313,494

2 27.32 10.823.010.5

1.1951.1551.075

106.7

73.4

101.7

330.030.7

53671

18.815.08.3.4176.7

.632

24.2

5.1

.21

37.97

34.918.817.5

8,0812,840

1,0239,689

40.1

.28

.84

11,148

19.56.522.511.7

1.2181.1721.100

107.1

101.7

11753

28.930.0

10644605

18.915.110.1.5068.1

.632

18.8

4.0

.21

3 38.31

34.918.817.5

8,189

1,11413,412

46.373.0

.28

.84

11,910

23.28.725.511.1

1.2651.2201. 225

109.0

101.7

2263

29.529.7

2 138123572

19.015.0

2 12.3.4932 9.8

.637

.900

2,189

18.6

4.1

.21

38.57

34.918.817.5

905.0210.5162.0

251.7209.771.1

8,2824,034

1,31312,670

52.971.1

109.173.837.0

.28

.84

398.4209.174.0

379.1

152.4179.7

127.313,869

2 27.12 10.925.910.3

1.2751.2531.225

109.0

66.8

102.4

3046

29.429.7

119188641

19.015.010.3.5178.2

.637

. 903

18.7

4.0

.22

38.62

34.918.817.5

7,5163,058

1,19812,507

55.368.5

.28

.84

.80

14,839

22.69.423.812.0

1.2751. 2551. 225

109.0

102.4

3701

29.029.6

110200680

19.115.010.4.5228.3

.642

.910

19.0

4.1

.23

38.58

34.918.817.5

8,8213,404

1,61012,537

55.660.3

.84

14,953

21.19.3

21.16.8

1.2791.2351.225

109.0

102.4

44715

27.929.5

2 131190735

18.914.7

2 11.8.4702 9.3

.642

.916

2,310

20.3

4.5

.23

38.77

34.918.817.5

910.7203.3156.4

260.5214.476.1

4,856

1,98913,859

55.8

109.3.7

32.2

.28

.84

.80

1,011.5408.3205. 576.0

419.6

154.5210.7

123.815, 798

2 25.62 10.121.17.4

1.2801.2351.225

108.4

61.2

102.4

27816

26.629.5

118193

••776

18.914.710.4.5228.2

.647

.926

19.9

4.1

38.78

34.918.817.5

7,7374,173

1,42118,130

61.658.7

.28

.84

.80

12,912

23.49.028.19.1

1.2801.2351.225

109.6

102.4

2546

26.629.5

116179811

18.814.610. 5.5258.2

.652

.934

21.7

4.0

38.77

34.918.817.6

9,1144,204

81010,700

61.156.7

33, 711

23.39.1

24.07.0

1.2911.2291.225

109.6

102. 7

236

27.929.5

2 143168

19.214.7

2 13.0.518

2 10.0

.652

21.8

3.7

38.58

34.918.818.0

938.2201.7167.0

271.4220.277.9

10,0296,181

1,09416, 247

60.153.9

112.9

24.5

.28

.84

.80

16,413

2 29.32 11.333.010.8

1.3251.2251.235

110.2

102.7

1776

28.529.5

123113848

19.214.710.5.5258.0

.657'.939

22.6

3.8

38.71

35.618.818.0

5 65.4•»55.6

8, 5094,902

1,13221,488

58.853.5

.28

.84

14,600

23.48.526.99.5

1.3501.2251.275

110.2

102.7

2141

28.529.6

120'87'804

19.314.710.7.5368.2

.667

.946

22.6

3.8

38.72

36.218.818.0

s 68.05 59.4

9,2095,506

1,75213,654

'57.6'53.5

• 28.84.80

13,958

23.08.523.18.3

1.3751.2251. 275

109.1

102.7

1764

29.129.6

2 13859711

19.314.8

2 12. 9.5152 9.9

p. 667p. 956

21.7

3.8

38.72

P36.2P18.8P18.0

»66.0«58.0

8,2625,104

1,79513,825

55.354.9

p. 28p. 84

14, 222

25.711.4

1.3751.1831.275

109.7

102.7

29.!29.1

!8.75

1.3951.1751.275

r Revised. p Preliminary. 1 Season average. 2 F o r 5 weeks, other months, 4 weeks,s Margins reflect equalization payments to domestic users (Aug. 1964-July 1965, 6.5 cents;

m beginning Aug. 1965, 5.75 cents per pound). « For 11 months; price not available for Sept.1964. 5 For month shown. 6 See "O»" P- S-21. « Season average to Apr. 1,1966.

§ Data beginning Aug. 1965 for knitting yarn and May 1966 for weaving yarn are not strictlycomparable with earlier prices.

9 Includes data not shown separately.*New series. Sources: Polyester staple price, U.S. Dept. Labor; wool imports, U.S. Dept.

Agriculture from Bureau of the Census records (such imports exclude animal hairs). Dataare available as follows: Price, back to 1955; noncellulosic yarn and staple—production to1951; stocks, to 1953; wool imports to 1948.

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

S-40 SURVEY CURRENT BUSINESS August 1966

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

1964 | 1965

Annual

1965

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

1966

Jan. Feb. Mar. Apr. May June July

TEXTILE PRODUCTS—Continued

APPAREL

Hosiery, shipments thous. doz. pairs.Men's apparel, cuttings:t

Tailored garments:Suits- thous. units.Overcoats and topcoats do._.

Coats (separate), dress and sport do__.Trousers (separate), dress and sport do__.

Shirts (woven fabrics), dress and sportthous. doz.

Work clothing:Dungarees and waistband overalls __do__.Shirts -do__.

Women's, misses', juniors' outerwear, cuttings:!Coats thous. unitsDresses do._Suits do__.

Blouses, waists, and shirts ___ thous. dozSkirts.— — do__

189,534

20,3433,956

10,830128,378

26,946

4.8613,749

23,708271,21412.235

18,4937,919

194.753

22,4194,436

12,492139,009

30,321

4,8673,949

' 25,620274, 541

11,736

16,8699,906

17, 289

1,995485

1,09912,465

2,499

436331

2,35424,311

903

1,445933

16,120

1,181321

66110,214

1,894

356261

2,30119,086

988

1,2841,001

17,105

1,858447

1,06211,937

2,439

.410355

2,43721,932

904

1,291915

17,620

1,897417

1,01512, 476

2,542

465322

2,35020,660

975

1,305866

18,764

2.059449

1.10112.309

2.641

485361

2,79421, 5911,035

1,489905

16,620

2,021359

1,13810,983

2,735

409334

2,63720,140

1,003

1,323655

15,445

1,731358

1,15710,461

2,519

394339

1,78819,032

953

1,197561

15,015

1,766274

1,16111,295

2,331

435341

'2,041' 19,810

'885

'1,300'773

16,033

1,787245

1,12311,116

2,406

436351

2,24323,3231,001

1,365805

18,299

' 2,123301

' 1, 29013, 569

' 2,749

485406

16,003

1,848351

1,21412,763

2,446

471

15,491

1,811350

1,14812,847

2, 369

452350

18, 230

TRANSPORTATION EQUIPMENT

AEROSPACE VEHICLES

Orders, new (net), qtrly. total mil. $.U.S. Government do

Prime contract doSales (net), receipts or billings, qtrly. total---do—

U.S. Government do

Backlog of orders, end of period 9 doU.S. Government do

Aircraft (complete) and parts d o —Engines (aircraft) and parts doMissiles, space vehicle systems, engines, propul-

sion units, and parts mil. $-.Other related operations (conversions, modifica-

tions), products, services mil. $_.

Aircraft (civilian): Shipments© doAirframe weight© thous. lb_.Exports mil. $_.

MOTOR VEHICLES

s, total thous__Domestic do

Passenger cars, total - doDomestic do

Trucks and buses, total __ doDomestic do

Exports:Passenger cars (new), assembled do___Passenger cars (used) doTrucks and buses (new), assembled do__.Trucks and buses (used) doTruck and bus bodies for assembly*... .do

Imports:Passenger cars (new), complete units do___Passenger cars (used)—.. do__.Trueks and buses, complete units. __do___

Shipments, truck trailers:Complete trailers and chassis number-

Vans doTrailer bodies, chassis, sold separately do.__

Registrations:©New passenger cars thous.

Foreigncars do___New commercial cars (trucks) do. __

RAILROAD EQUIPMENT

Freight cars (ARCI):Shipments number-

Equipment manufacturers, total doRailroad shops, domestic ..__do__-

New orders doEquipment manufacturers, total do_._Railroad shops, domestic.- do__.

Unfilled orders, end of period—_. do_Equipment manufacturers, total do.Railroad shops, domestic do.

Passenger cars: Shipments do.__Unfilled orders, end of per_.-do__.

Freight cars (revenue), class 1 railroads (AAR):§Number owned, end of period thous.

Held for repairs, % of total ownedCapacity (carrying), aggregate, end of period*

mil. tons.Average per car tons_

17, 97013,51616,28216, 68612,815

15,21811, 6586,2761, 527

4, 558

1,418

1,066.122,905287.2

9.292.38,931.57,751.87, 554.11,540.51.377.4

166.3110.40146. 835.925.70

515. 7010.896.01

86,93851,8367,794

8,065.2484.1

1,361.8

69,07445,36023, 714

71,07244,62726, 445

32,94918,97213,977

254191

1,4955.9

87.0058.18

22,18314,57120,10117,01612,535

20,38513, 696

2,503

5, 480

1,856

1, 592. 032, 200473.0

11.057.410.716. 69.305.69,100. 71.751. 81,615.9

3105. 03i 10. 423 59. 6715.77i 7.29

559. 438.007.60

103, 75665,90914, 653

9.313.9569.4

1,528.9

77,88053,37624.504

88,21865,54722, 671

45.26632.87312,393

20114

* 1, 4815.3

4 88. 204 59.58

5,106

4,4,2063,081

16,76211,8247,0561,771

4,725

1,568

119.12,47223.2

, 058.6,034.3894.0880.9164.5153.4

5.66.95

4.59.54.48

51.19.13

9,1345,5441,156

841.549.3

135.2

6,8134,6592,154

8,5557,971

584

36, 74423,98212, 762

2262

1,4925.7

87.9258.93

130.82,56224.1

880.1863.8754.0745.6126.1118.2

1.024.58.54.72

46.06.14.26

8,1745.2611,593

833.652.0

136.4

5,7843,7392,045

6,3305,586

744

37, 29325, 83211,461

1052

1,4915.8

88 0559.05

145.22,86661.1

444.7433.9333.0330.4111.7103.5

1.28.875.1057.54

18.94.21.13

8,7525,6271,146

766.754.3

129.7

5,0343,5831,451

8,8006,1872,613

40,83228,20912, 623

13

1,4895.8

88.0959.16

6,0913,8615,5724,1333,017

18,72012,6698,5061,948

4,867

1,681

148.42,68257.9

592.0567. 4452.9438.5139.0129.0

6.87.85

4.75.46.45

45.84.80.46

8,6495,5331,849

589.551.7

122.6

6,3454,4291,916

7,8216,4411,380

42,37330,29112,082

30

1,4885.8

88.2059.27

111.22,50817.7

, 010. 2967.9855.6825.4154.6142.5

13.16.835.58.5041

55. 681.30.57

8,7605,7162,402

745.852.1133.1

7,1124,8832,229

6,4295,691738

41, 73531,14010, 595

010

1,4875.7

88.3259.38

163.63,19547.1

1,058.11,015. 6

908.5878.7149.6136.9

15.68.95

4.28.48

59.281.042.20

8,3635,6842,469

793.947.3122.5

4,5982,385

7,6615,6062,055

42, 73632,47110, 265

37

5.6

6,2924,4525, 5994,6273,426

20, 38513, 6968,8852,503

5,480

1,856

160.63,18649.5

, 043.0, 006. 7883.8861.3159.2145.4

15.451.077.95.45.96

54.901.39.95

9,0626,0602,021

908.757.1

147.7

8,8946,5122,382

9,9975,8384,159

45,26632,87312,393

714

41, 4815.3

88. 48 4 88. 2059. 45 4 59. 58

172.73,59631.7

950.1921.1798.0780.4152.1140.7

10.811.216.12.63.75

64.631.012.66

8, 5035,6741,488

37.0109.2

7,7255,2972,428

8,3845,8302,554

46,00433,64412,360

014

1,4795.3

88.30

169.13,40047.0

917. 6889.9766.3748.8151.3141.1

9.951.176.65

57.14.46

2.13

8,4895,5931,621

721.648.8

129.0

6,2624,5501,712

12,56611,0641,502

51, 76039,87811, 882

020

1,4805.4

88.5059. 78

186.8' 3,79768.8

1,089.81,061. 5919.8902.0170.1159. 5

13.291.387.11.651.44

77.26.582.68

11,5467,5722,263

878.859.7

143.4

8,0546,0092,045

'11,244' 9, 2292,015

54,72142,90511,8l6

020

5.0

198.34,26561.8

963.2935.5811.0793.9152.3141.6

10.371.076.08

.65

.87

49.41.47

1.47

10,9687,018'975

822.655.6

148.6

7,2625,6891,573

12,2207,9574,263

59,65245, 21914, 433

020

41, 4844.9

88. 70 4 89. 0059.90 4 59.97

224.84,79341.3

921.1787.8771.2161.0149.9

9.921.216.36

.56

.95

74.06.57

2.22

10,1706,6851,895

777.250.6

144.0

7,5005,4732, 027

' 9, 520' 8,818

'702

61, 59648, 47813,118

070

5.0

89.3060.08

52.2

2 999.3

2 821. 5

"2~l77.~8~

7.491.127.27

.701.07

80.77.38

4.06

752.552.6

137.4

7,5085,3072,201

5,2081,130

60, 37848, 34112, 037

070

1,4874.9

89. 5760.23

2 596. 4

2 461.6

' Revised. * See note " O " for p. S-21. 2 Preliminary estimate of production.3 Beginning Jan. 1965, data exclude exports of incomplete (unassembled) vehicles.4 See note "§ . "t Monthly revisions for 1963-64 are available upon request.9 Total includes backlog for nonrelated products and services and basic research.©Data include military-type planes shipped to foreign governments.

*New series. Monthly data prior to 1965 are available upon request.©Courtesy of R. L. Polk & Co.; republication prohibited.§ Excludes railroad-owned private refrigerator cars and private line cars. Effective Apr.

1966, data include cars owned by three class I I roads (over 2,600 cars end of Apr. 1966). Also,change in definition of class I railroads, as stated in 1965 BUSINESS STATISTICS note, is reflectedin figures beginning Dec. 1965, instead of Jan. 1965.

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TO CURRENT BUSINESS STATISTICS, Pages SI-S40

SECTIONS

General:Business indicators 1-7Commodity prices 7,8Construction and real estate 9,10Domestic trade 10-12

Employment and population 12-16Finance 16-21Foreign trade of the United States.. 21-23Transportation and communications 23,24

Industry:Chemicals and allied products 25Electric power and gas 26Food and kindred products; tobacco 26-30Leather and products 30, 31

Lumber and products 31Metals and manufactures 32-34Petroleum, coal, and products 35,36Pulp, paper, and paper products 36f 37

Rubber and rubber products 37Stone, clay, and glass products. . . .; 38Textile products 38-40Transportation equipment 40

INDIVIDUAL SERIESAdvertising 10,11,16Aerospace vehicles 40Agricultural loans 16Air carrier operations 23Aircraft and parts 3, 6,13-15,40Alcohol, denatured and ethyl 25Alcoholic beverages 8,10,26Aluminum. , 23,33Apparel 1,3,4, 7,8,10-15, 40Asphalt and tar products 35,36Automobiles, etc 1,3-8,10,11,13-15,19,22,40

Balance of international payments 2Banking 16,17Barley 27Barrels and drums , 33Battery shipments 34Beef and veal 28Beverages 4,8,10, 26Blast furnaces, steel works etc 5,6,13-15Bonds, outstanding, issued, prices, sales, yields 18-20Brass and bronze 33Brick 38Broker's balances 20Building and construction materials 8,10, 31,36,38Building costs 9,10Building permits 9Business incorporations (new), failures 7Business sales and inventories 4,5Butter 27

Cans (tinplate) 33Carloadings 24Cattle and calves 28Cement and concrete products .' 8-10,38Cereal and bakery products 8Chain-store sales, firms with 4 or more and 11 or

more stores 12Cheese 27Chemicals 4-6,8,13-15,19,22, 25Cigarettes and cigars 8, 30Civilian employees, Federal 14Clay products . 8,38Coal 4,8,13-15,22,24,35Cocoa 23,29Coffee 23,29Coke 24, 35Communications 2,13-15,20,24Confectionery, sales 29Construction:

Contracts 9Costs 9*10Employment hours, earnings, wages 13-16Fixed investment, structures 1Highways and roads 9,10Housing starts 9New construction put in place 9

Consumer credit. 17,18Consumer expenditures 1Consumer goods output, index 3,4Consumer price index 7Copper 23, 33Corn 27Cost of living (see Consumer price index) 7Cotton, raw and manufactures 7,8,22,38,39Cottonseed cake and meal and oil 30Credit, short- and intermediate-term 17,18Crops 3, 7,27, 28,30,38Crude oil and natural gas 4,13-15,35Currency in circulation 19

Dairy products. 3,7,27Debits, bank 16Debt, U.S. Government 18Department stores 11,12,17Deposits, bank 16,17,19Disputes, industrial 16Distilled spirits 26Dividend payments, rates, and yields. . . . . . . 2,3,18-21Drug stores, sales 11,12

Earnings, weekly and hourly 14-16Eating and drinking places 11,12Eggs and poultry 3,7,29Electric power 4,8,26Electrical machinery and equipment 3,

5,6,8,13-15* 19,22,34Employment estimates 12-14Employment Service activities 16Expenditures, U.S. Government 18Explosives. 25Exports (see also individual commodities).... 1,2,21-23Express operations 23

Failures, industrial and commercial 7Fans and blowers 34Farm income, marketings, and prices... 2,3,7Farm wages 16Fats and oils 8,22,29,30Federal Government finance 18Federal Reserve banks, condition of 16Federal Reserve member banks 17Fertilizers 8,25Fire losses. 10Fish oils and fish 29Flooring, hardwood 31Flour, wheat 28Food products 1,4-8,10,11,13-15,19,22, 23,27-30Foreclosures, real estate 10Foreign trade (see also individual commod.) 21-23Foundry equipment 34Freight carloadings 24Freight cars (equipment) 4,40Fruits and vegetables 7,8,22Fuel oil 35,36Fuels 4,8,35, 36Furnaces 34>Furniture 3,4,8,11-15,17Furs 23

Gas, output, prices, sales, revenues 4,8,26Gasoline 1, 35,36Glass and products 38Glycerin 25Gold 19Grains and products 7,8,22,24,27,28Grocery stores 11,12Gross national product 1Gross private domestic investment 1Gypsum and products 8,38

Hardware stores 11Heating equipment 8,34Hides and skins 8,30Highways and roads 9,10Hogs 28Home Loan banks, outstanding advances 10Home mortgages 10Hosiery 40Hotels 14,15,24Hours of work per week 14Housefurnishings 1,4, 7,8,10-12Household appliances and radios 4 ,8 ,11 , 34Housing starts and permits 9

Imports (see also individual commodities) 1,22,23Income, personal 2, 3Income and employment tax receipts 18Industrial production indexes:

By industry. 3,4By market grouping 3, 4

Installment credit 12,17,18Installment sales, department stores 12Instruments and related products 3, 5,13-15Insurance, life 18,19Interest and money rates 17Inventories, manufacturers' and trade 4-6,11,12Inventory-sales ratios 5Iron and steel 3, 5,6,8,10,13-15,19,22, 23,32,33

Labor advertising index, disputes, turnover 16Labor force 12Lamb and mutton 28Lard 28Lead 33Leather and products 3,8,13-15, 30,31Life insurance 18,19Linseed oil 30Livestock 3, 7,8,24,28Loans, real estate, agricultural, bank, brokers'

(see also Consumer credit) 10,16,17,20Lubricants 35,36Lumber and products 3,8,10-15,19,31

Machine toools 34Machinery 3, 5,6,8,13-15,19,22,34Mail order houses, sales 11Manmade fibers and manufactures 8, 39Manufacturers' sales (or shipments), inventories,

orders 4-6Manufacturing employment, production workers,

payrolls, hours, earnings. 13-15Manufacturing production indexes 3,4Margarine 29Meat animals and meats 3, 7,8,22,28Medical and personal care 7Metals 3-6,8,13-15,19,22,23, 32-34Milk 27Mining and minerals 2-4,8,13-15,19,20Monetary statistics 19Money supply 19Mortgage applications, loans, rates 10,16,17Motor carriers 23,24Motor vehicles 1,3-8,10,11,13-15,19,22,40Motors and generators 34

National defense expenditures 1,18National income and product 1,2National parks, visits. 24Newsprint , 23,37New York Stock Exchange, selected data 20,21Nonferrous metals 3,8,19,23,33,34Noninstallment credit 17,18

Oats 27Oil burners ". 34Oils and fats , 8,22,29,30Orders, new and unfilled, manufactures' 6Ordnance 13-15

Paint and paint materials. 8,25Panama Canal traffic 24Paper and products and pulp 3,

5,6,8,13-15,19,23,36,37Parity ratio 7Passports issued, 24Payrolls, indexes. 14Personal consumption expenditures 1Personal income 2,3Personal outlays 2Petroleum and products 4-6,

8,11,13-15,19,22,23,35,36Pig iron 32Plant and equipment expenditures 2,20Plastics and resin materials 25Population 12Pork 28Postal savings 17Poultry and eggs 3, 7,29Prices (see also individual commodities) 7,8Printing and publishing 4,13-15Profits, corporate. 2,19Public utilities 2-4,7-9,13-15,18-21Pullman Company , 24Pulp and pulpwood 36Purchasing power of the dollar 8

Radiators and convectorsRadio and television 4,8,10,Railroads 2,13,14,16,18,20,21,Railways (local) and bus lines 13Rayon and acetateReal estate 10,Receipts, U.S. Government.RecreationRefrigerators and home freezersRent (housing)Retail trade 4,5,7,11-15,RiceRoofing and siding, asphaltRubber and products (incl. plastics)

8,13-15,

Saving, personalSavings depositsSecurities issuedSecurity marketsServices , 1,7,Sheep and lambsShoes and other footwear 8,11,SilverSoybean cake and meal and oilSpindle activity, cottonSteel ingots and steel manufacturesSteel scrapStock prices, earnings, sales, etcStone, clay, glass products 3-5,8,13-15,Stoves and rangesSugarSulfur.Sulfuric acidSuperphosphate

3411,3424,40-15,23

3917,18

187

347

17,182736

4-6,23,37

217

19,2020,2113-15

2812,31

193039

32,3332

20,2119,38

3423,29

252525

Tea imports 29Telephone, telegraph, cable, and radiotelegraph

carriers 13-15,24Television and radio 4,8,10,11,34Textiles and products 3, 5,6,8,13-15,19,22,38-40Tin 23,33Tires and inner tubes 8,11,12, 37Tobacco and manufactures 4-8,10,13-15,22,30Tractors 22,34Trade (retail and whoelsale) 4, 5,11,12Transit lines, local 23Transportation 1,2,7,13-15,23, 24Transportation equipment 3-6,13-15,19, 40Travel 23,24Truck trailers 40Trucks (industrial and other) 34, 40

Unemployment and insurance 12,16U.S. Government bonds 16-18, 20U.S. Government finance 18Utilities 2-4,9,13-15,18-21,26

Vacuum cleaners 34Variety stores 11,12Vegetable oils 30Vegetables and fruits 7,8,22Vessels cleared in foreign trade , . . . . 24Veterans' benefits 16,18

Wages and salaries 2,3,14-16Washers and driers 34Water heaters 34Waterway traffic 24Wheat and wheat flour 28Wholesale price indexes 8Wholesale trade. 4, 5, 7,13-15Wood pulp 36Wool and wool manufactures 7,8,23,39

Zinc 33,34

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