Survey of Current Business December 1961 - FRASERSURVEY OF CURRENT BUSINESS December 1961 witnessed...

DECEMBER 1961

survey of

CURRENTBUSINESS

U.S. DEPARTMENT OF COMMERCE

OFFICE OF BUSINESS ECONOMICS

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

SURVEY OF CURRENT BUSINESS

DECEMBER 1961 VOL. 41, NO. 12

ContentsBUSINESS REVIEW PAGE

Summary « • . . • . . . . « . . . . . . . . . . . . . . . . . < , . . . . . . . . . . . . . < . . 1

Trend of Investment • * 2

EXPANSION IN PLANT AND EQUIPMENT—To continue into 1962....... 3

MANUFACTURERS EXPECT HIGHER SALES AND INVENTORIES—in

early 1962 7

ADVANCE IN HOUSING CONSTRUCTION............................... 9

PATTERN OF RETIREMENT AND OTHER TRANSFER INCOME FLOW.. II

CORPORATE PROFITS AND NATIONAL INCOME 13

SPECIAL ARTICLE

Recent Developments in International Trade and Invest-ments

Third Quarter Balance of International Payments. . . . . . . . . . . . . . . . . . . . . . 15

Rise in Merchandise Imports » * . . * , « 15

Exports Remain H i g h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Private Capital M o v e m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Other Long-Term I n v e s t m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

REVISED STATISTICAL SERIES

Inventories of Retail Stores 24

MONTHLY BUSINESS STATISTICS

General... S1-S24

Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . S24-S40

Suhjeet Index Inside Back Cover

U.S. Department of Commerce

Luther H. HodgesSecretary

Office of Business Economics

M. Joseph Meehandirector

Louis J. ParadisoManaging Director

Murray F. FossEditor

K. Celeste Stok

Statistics Edito

Billy Jo Dawkins

Graphics

STAFF CONTRIBUTORSTO THIS ISSUE

Business Review and Features:Genevieve B. Wimsatt

Marie P. HertzbergLeonard G. Campbell

L. Jav AtkinsonFrank L. LewisJaequelin Bauman

Article:Walther LedererSamuel PizerJohn B. Boddie, Jr.Max Lechter

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Make checks payable to the Superintendeof Documents and send to U.S. GoveriimePrinting Office, Washington 25, B.C., orany U.S. Department of Commerce FieOffice.

U.S. DEPARTMENT OF COMMERCE FIELD OFFICES

Albuquerque, N. Mex., U.S. Courthouse.OHapel 7-0311.

Atlanta 3, Ga., Home Savings Bldg., 75 Forsythe St.,NW JAckson 2-4121.

Boston 10, Mass., Room 230, 80 Federal St. CApitol3-2312.

Buffalo 3, N.Y., 504 Federal Bldg., 117 Ellicott St.TL 3-4216.

Charleston 4, S.C., Area 2, Sergeant Jasper Bldg., WestEnd Broad St. 722-6551.

Cheyenne, Wyo., 207 Majestic Bldg., 16th St. andCapitol Ave. 634-2731.

Chicago 6, III., Room 1302, 226 W. Jackson Blvd.ANdover 3-3600.

Cincinnati 2, Ohio, 809 Fifth Third Bank Bldg., 36 E.Fourth St. DUnbar 1-2200.

Cleveland 1, Ohio, Federal Reserve Bank Bldg., E. 6thSt. and Superior Ave. CHerry 1-7900.

Dallas 1, Tex., Room 3-104 Merchandise Mart. River-side 8-5611.

Denver 2, Colo., 142 New Custom House, KEystone4-4151.

Detroit 26, Mich., 438 Federal Bldg. WOodward 3-9330.Greensboro, N.C., 407 U.S. Post Office Bldg.

BRoadway 3-8234,.Honolulu 13, Hawaii, 202 International Savings Bldg.

Phone 58831Houston 2, Tex., 610 Scanlan Bldg., 405 Main Street.

CApitol 2-7201.Jacksonville 1, Fla., 425 Federal Bldg. ELgin 4-7111.Kansas City 6, Mo., Room 2011, 911 Walnut St. BAlti-

more 1-7000.Los Angeles 15, Calif., Room 450, 1031 S. Broadway.

Richmond 9-4711.Memphis 3, Tenn., 212 Falls Bldg. JAckson 6-3426.Miami 32, Fla., 14 NE. First Avenue. FRanklin 7-25S1.Minneapolis 1, Minn., Room 304, New Federal Bldg.

339-0112

New Orleans 12, La., 333 St. Charles Ave. 529-2411.New York 1. N.Y., Empire State Bldg. LOngacre 3-3377.Philadelphia 7, Pa., Jefferson Bldg., 1015 Chestnut St.

W Alnut 3-2400.Phoenix 25, Ariz., 230 N. First Ave. Phone 261-3285.Pittsburgh 22, Pa., 355 Fifth Ave. GRant 1-0800.Portland 4, Oreg., 217 Old U.S. Courthouse Bldg.

CApital 6-3361.Reno, Nev., 1479 Wells Ave. Phone 2-7133.Richmond 19, Va., Parcel Post Bldg. Milton 4-9471.St. Louis 3, Mo., 2511 Federal Bldg. MAin 1-8100.Salt Lake City 1, Utah, 222 SW. Temple St. DAviS

8-2911.San Francisco 11, Calif., Room 419 Customhouse.

YUkon 6-3111.Savannah, Ga., 235 U.S. Courthouse and P.O. Bldg.

A Dams 2-4755.Seattle 4, Wash., 809 Federal Office Bldg., 909 First Ave.

AlUtual 2-3300.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

By Office of Business Economies

uauon

J\_ MARKED rise in consumer pur-chasing featured the expansion inbusiness activity and total output latein 1961. The fourth quarter advancein GNP is comparable in magnitude tothe gains made last spring and increasesare now more widespread. The rise inoutput in the current quarter reflectsmainly higher final purchases ratherthan the effects of changing inventorypolicy, which were prominent in theinitial upsurge.

Activity in November and earlyDecember resulted in increased employ-ment and income, and for the first timein the current recovery there was anoteworthy reduction in the rate ofunemployment.

Retail buying spurts

The most buoyant area of demandat the present time is consumer buyingat retail, which, only a short time ago,was exhibiting a sluggish tendencyrelative to increases in personal income.On a seasonally adjusted basis retailstore sales in November were 3 percentabove those in October. Like theprevious month, the latest gain reflecteda substantial increase in automobilepurchases, though virtually all lines oftrade shared in the November rise.Nondurable goods were up 2 percentfrom October and durables other thanautomobiles were also higher.

With data for 2 months of the quarteralready available, and preliminary indi-cations of good holiday buying, it isclear that retail sales in the final quarterof the year will represent not merely asizable increase over the third but arecord volume. Seasonally adjustedfourth quarter sales already averagealmost $19 billion per month as against$18.1 billion in the third quarter and$18.3 billion in the fourth quarter of

TOTAL RETAIL SALES

1960. The more pronounced gains overthe July-September period are in dur-able goods, with a 10 percent advance;nondurables are up by almost 2 percentover the average for the summer months.

Consumer purchases of automobileshave been vigorous ever since the new1962 models became generally availablelate in September. Sales in the firstfull month of the current model year—October—were better than any previousmonth of 1961 and November sales

RETAIL TRADE Picks Up With IncomeAcceleration

Billion $

20

19

18

17

16

5

4

3

2

1947180

160

140

120

100

Consumers React Favorably to NewAUTOMOBILES This Fall

AUTOMOTIVE GROUP SALES

Preholiday Buying in DEPARTMENTSTORES Reflects Freer Spending

-49=100

DEPARTMENT STORE SALES

I I I I I I I I I I 11 I M I I I I I 1 I I I I I I I I 11 I 11 I I t I I

1959 1960 1961 1962Monthly, Seasonally Adjusted

Data: Census, FRB, & OBE

U.S. Department of Commerce, Office of Business Economics 61-12-1

were even higher. Last month dealerssold 585,000 ears, for the best Novem-ber on record.

This improved demand, combinedwith relatively low inventories indealers7 hands, and a strike-free monthfor the first time since August, liftedpassenger car assemblies in Novemberto approximately 650,000 units, thehighest monthly total since the firstquarter of 1960. Though in excess ofsales, the difference is less than iscustomary at this time of the year;thus on a seasonally adjusted basisthere has been little advance in dealers'stocks since the beginning of the fourthquarter. End-of-November inventories,were more than }{ million below theyear-ago total. In view of the strongsales pace it now appears that the ex-pected fourth quarter buildup in dealers'automobile stocks will be delayed untilthe early part of next year, a factorwhich is favorable for near-term pro-duction prospects.

Installment credit advance

The most recent data on consumerinstallment credit are also indicative ofthe freer purchasing of durables byconsumers and their willingness to gointo debt on this account. Consumerinstallment credit at the end of Octoberrose by almost $200 million over themonth, after seasonal adjustment, thelargest advance of the year. ThroughSeptember there had been no evidencein 1961 of a rise in credit outstanding,as consumers placed somewhat greateremphasis on debt repayment than onnew debt acquisitions. The improve-ment in durable goods sales in thesecond quarter had brought about aleveling out in installment credit fol-lowing the rather sharp drop in thefirst quarter; but the summer months

1Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CURRENT BUSINESS December 1961

witnessed a slightly downward move-ment as consumers slowed their pur-chases of durables.

Table 1.—Changes in Consumer InstallmentCredit Outstanding, Seasonally Adjusted,Monthly Average l

[Millions of dollars]

I9601st quarter..2d quarter.,.3d quarter...4th quarter.^

1st quarter. _2d quarter...3d quarter. ..October

Total

409429179126

-88-4

-41184

Auto-mobilepaper

1831873832

-129-78

-10869

Othercon-

sumergoodspaper

981041034

77

-122

Repairand

mod-erniza-

tionloans

233320-1

-1055

-12

Per-sonalloans

10510511161

446263

105

1 Seasonally adjusted changes in outstanding credit de-rived by subtracting credit repaid from credit extended.

Source: Board of Governors of the Federal Reserve System.

Prominent in the October credit de-velopments was the reversal in thedownward trend of automobile paper,which rose by $70 million, after showingreductions for 10 consecutive months.(See table 1.) With the sharp increasein automobile buying, an accelerationof the credit increase may be expected.

There was also a noticeable rise inother consumer goods paper, and anincrease in personal loans, which hadbeen moving generally upward sincethe early part of the year.

Purchasing power rising

Personal income advanced sharplyagain in November to a seasonally ad-justed annual rate of $429 billion, $4billion more than October. Since theFebruary trough the rise has been morethan $25 billion.

The gains for the month were con-centrated in manufacturing payrolls,notably transportation equipment andin government, the latter reflectingprimarily higher Federal military, andState and local payrolls. On balancethere was little change in private pay-rolls other than manufacturing. Farmincome was up over the month andthere were small rises in dividends andnonfarm proprietors' income.

The $2.4 billion increase in labor in-come from October to November re-flected gains in nonfarm employment,

hours and rates of pay. The advancein manufacturing employment was thebest since June and centered in durablegoods, mainly because of rising auto-mobile production schedules. An im-portant factor in the rise in manufac-turing payrolls was the increase inweekly hours—from 40.2 to 40.6, sea-sonally adjusted. While there was asharp gain in hours in the transpor-tation equipment industry smaller ad-vances were prevalent among a majorityof manufacturing groups. The Novem-ber improvement brought manufactur-ing hours of work to the highest pointsince mid-1959.

Though manufacturing employmentis now showing its first gain over year-ago levels, it is not yet back to thepeak reached in the spring of 1960.Durable goods employment is still some4 percent below, with decreases mostpronounced in primary metals, trans-portation equipment and machinery.

Unemployment situation improves

After remaining in the neighborhoodof almost 7 percent since last December,the seasonally adjusted unemploymentrate showed a distinct improvement inNovember, falling to approximately 6percent. A lag of unemploymentbehind recoveries in activity has oc-curred in each of the previous postwarupturns. This year, there has been asomewhat longer lapse of time betweenthe cyclical low point in activity andthe initial marked decline in the un-employment rate. The longest previ-ous interval was the 6 months followingthe upturn in 1958.

Trend of Investment

Total gross private domestic invest-ment has shown a sharp recovery, afterfalling from an annual rate of $80billion in the first quarter of 1960 to$60 billion in the first quarter of 1961.The earlier high was marked by theheavy rebuilding of inventories thatfollowed the end of the 1959 steel strike.

The aggregate is now back to a ratein excess of $75 billion, with the inven-tory turnaround a major factor in theincrease. Up to this point in thecurrent expansion, fixed investment,which includes plant and equipment

expenditures and residential construe"tion, has recorded a moderate improve-ment, from a seasonally adjusted annualrate of $64 billion to more than $70billion in the closing months of the year.Residential construction has been inthe forefront of this advance. Itreached a low in the opening quarter of1961, but by the fourth quarter wasrunning at a seasonally adjusted annualrate that was $4 billion or 20 percenthigher. The smaller share of thisyear's rise accounted for by business

INVESTMENT OUTLAYS Are Recovering FromEarly 1961 Low

Billion -$

100

80

60

40

GROSS PRIVATEDOMESTIC INVESTMENT

I . , I ,

PLANT OUTLAYS Turn Around in Second HalfIncrease Scheduled for Early 1962

60

40

20

TOTAL PLANT AND EQUIPMENTEXPENDITURES

O Anticipatedi I t l i 1 l l I

HOMEBUILDING Has Been Moving Up SinceEarly This Year

40

20

NONFARM RESIDENTIALCONSTRUCTION

I I

INVENTORY Accumulation Extends IntoFourth Quarter

20

-20

CHANGE IN MANUFACTURING AND TRADEINVENTORIES

Book Value, end of Quarter

l i i 1 l I i I I

1959 1960 1961* 1962Quarterly, Seasonally Adjusted at Annual Rates

Data: SEC, Census, & QBE

*Fourth Quarter, Preliminary Estimate



December 1961 SURVEY OF CURRENT BUSINESS

plant and equipment expenditures re-flects the upturn in such outlays aroundmidyear and the small advances sincethen.

Fixed investment low relative to GNP

Fixed investment in 1961 appearsrelatively lower than in any otherpostwar year, averaging less than 13percent of GNP on a current dollarbasis. In the years 1958-60, this ratioranged from 13 to 14 percent, as againstan average of more than 14 percent forthe earlier postwar years, when profitswere relatively higher and demand andother influences generally more favor-able.

Most of the diminishing relativeimportance is attributable to plant andequipment investment, where excesscapacity has been comparatively com-mon since the 1958 downturn and hasconsequently dampened the two re-coveries in investment since then.Housing is now relatively more impor-tant than it was in the early postwarperiod but it is currently well belowits relative importance in 1955 and1959, which were both years of highresidential construction activity.

Near term prospects

Very near term prospects for in-vestment are favorable in view of theimprovement in profits, general mone-tary ease, and rising incomes anddemand. It is of interest, however,that during postwar expansions of totaloutput, periods of increasing real in-vestment, including inventories, havebeen comparatively brief. Since 1949the range has been from four to sixquarters, or considerably less than thelength of expansion periods.

The reasons for this lack of sustainedadvance in investment during the re-covery and expansion are related inpart to the character of inventoryinvestment, which may swing from onedirection to another rather quickly,and to the competing demands forfunds that develop during the expan-sion. Thus increases in inventory in-vestment tend to be largest—asidefrom strike periods—around the bottomturning points in total business activity,when inventory liquidation is slowing

down or giving way to inventoryincrease. While inventories continueto rise, such investment tends toincrease less rapidly and then becomesnegative as inventories are reduced.

Plant and equipment expenditureshave usually lagged the upturn inactivity, while housing has shown amore autonomous character in postwar

cycles, particularly since it has re-ceived special treatment by the Gov-ernment. However, housing has showna sensitivity to the tightening of moneythat has developed in the middle ofpast expansions, as rising demandsfor new plant and equipment and in-ventories have put pressure on thesupply of funds.

Expansion in Plant and Equipment To Continue Into 1962

BUSINESS has programed increasingexpenditures for new plant and equip-ment in the current quarter and in theopening 3 months of 1962, after seasonaladjustment. Plans reported by busi-nessmen in the latest quarterly survey,conducted jointly by the Departmentof Commerce and the Securities andExchange Commission, anticipate cap-ital outlays at an annual rate of almost$36 billion after seasonal adjustmentduring the final 3 months of 1961, a3% percent rise from the actual rate of$34.7 billion in the third quarter. Thefirst quarter 1962 projection is at aseasonally adjusted annual rate of$36% billion, back to the spring 1960cyclical high, and 6 percent aboveestimated outlays for 1961 as a whole.

Prompt turnaround

The survey data place the cyclicallow in business fixed investment at arate of $33K billion in the secondquarter of 1961; the low occurred justone quarter after the trough in grossnational product. As can be seen inthe chart, this represents an unusuallyfast response of capital outlays to anupturn in business activity. The in-vestment low in nondurable goodsmanufacturing coincided with the 1961GNP trough, while investment by themore volatile industries—durable goodsmanufacturing and the railroads—showed typically longer-than-averagelags.

The expected relative increase overthe first four quarters following the1961 GNP trough exceeds that in the1949-50 and 1958-59 recoveries, a

result attributable primarily to themore prompt turnaround. However,in the 1954-55 period the plant andequipment expansion was relativelylarger four quarters after the GNPtrough was reached than is indicatedin this cycle.

The realization of first quarter 1962expectations would mean a 8 percentincrease from the first quarter of 1961,the GNP trough. This is a largerrelative increase than occurred in thefirst four quarters of recovery in 1949-50 and 1958-59, mainly because of themore prompt turnaround in investment,though it is relatively less than in1954-55.

PLANT AND EQUIPMENT EXPENDITURES:CYCLICAL COMPARISONS

• Upturn Has Been More Prompt in theCurrent Cycle

• Programed Investment Back to 1960 High

Index*

120

100

80

OAnticipated

I I I J I J_

- 4 - 3 - 2 - 1 0 1 2 3 4

Quarters from GNP Trough

*For each cycle investment in quarter of GNP troughequals 700.

Data: SEC & QBE

U.S. Department of Commerce, Office of Business Economics 61-12-5Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CURRENT BUSINESS December 1961

The rise now underway followed amild downturn from a peak which hadfailed to reach the previous (1957) high.Outlays in the 1959-60 expansion hadrepresented a declining percentage ofgross national product. Expendituresfor new plant and equipment since 1958

Table 2.—Changes in Capital Outlays inRecent Contraction and First 9 Months ofRecovery 1

All business

Manufacturing

Mining __

Railroads . _ _.. _

Transportation, other thanrailroad

Public utilities

Commercial and other

Percentage change inplant and equipmentexpenditures

1960 secondquarter to1961 second

quarter

-8

-8

-6

-37

-17

-4

-5

1961 secondquarter to1962 firstquarter 2

9

8

1

3

0

I

17

1. In the 1960-61 cycle, the high occurred in the secondquarter of 1960, seasonally adjusted, and the low in the secondquarter of 1961.

2. Anticipated.Source: U.S. Department of Commerce, Office of Business

Economics and Securities and Exchange Commission.

have been substantially lower thanwould have been the case had historicalrelationships with gross national prod-uct, or with profits and cash flow—i.e.,retained earnings plus depreciation—continued to prevail. Thus, there hasbeen a noteworthy shift.

Key factors retarding investment inrecent years have been the relativelylow utilization of capacity, which hadbeen greatly enlarged during the 1955-57 investment boom and built up moreslowly since 1957, and reduced profitmargins. Rising activity this year hasgenerally resulted in a more intensiveuse of existing capacity, although pro-ductive facilities in most areas are stillmore than adequate to meet currentdemands. On the other hand, theuptrend in corporate profits, sales andnew orders, as well as rising costs, areprime considerations in businessmen'sappraisal of near-term plant and equip-ment programs. Furthermore, therestill exists substantial needs for modern-ization to take advantage of continuedtechnological progress.

Anticipations for 1961 little changed

Programs outlined in the latestquarterly survey indicate virtually nochange in businessmen's aggregate in-vestment expectations from earlier 1961surveys. As compared with resultsreported 3 months ago, actual expendi-tures in the third quarter and expectedoutlays in the final 3 months of 1961are about unchanged in aggregate.Manufacturing companies have slightlylowered, and nonmanufacturing firmsraised, their scheduled capital outlays.

The full year 1961 total—with onlythe final 3 months based on anticipatedfigures—is $34% billion or 3 percentbelow 1960, the same as projected bybusiness last March, though the com-ponent parts differ. Declines, bothfrom last year and from the 1957 high,centered in durable goods manufactur-ing and railroads. These reductionshave occurred as durable goods pro-duction has accounted for a decliningproportion of final output, and as therailroads have experienced further dif-ficulties in improving their profits posi-tion. In nondurable goods manufac-turing, and in communications, tradeand service 1961 capital outlays willprobably top the 1960 totals by smallmargins.

Manufacturing investment

Spending b}7 manufacturers in thefirst quarter of 1962 is placed at theannual rate of $14% billion, seasonallyadjusted. Realization of these pro-grams would represent a 6 percent in-crease over this year's average and 8percent over the second quarter low.Outlays would be just under the 1960cyclical high—a result attributable tothe lower rate of investment by thedurable goods group as nondurablegoods companies' expenditures arescheduled well above 1960 rates. Theuptrend in manufacturing is broadlybased, but a few key durable goodsindustries have as yet shown only littleresponse to the business recovery.

Capital spending by heavy goodsproducers declined through the thirdquarter of this year, thus reaching acyclical low later than for most otherindustry groups. Unfilled order-deliveryratios, which are historically low in

many of these industries, point to theabsence of strong pressures for addi-tional capacity from this source. Exist-ing capacity, however, includes largeamounts of older, high-cost equipmentin terms of current production. Theneed to improve market position as wellas the recent upturn in output and neworders has resulted in the programingof higher outlays for plant and equip-ment in the final quarter of this yearand in the opening months of 1962.The seasonally adjusted annual rateprojected for the first quarter of 1962is up one-tenth from this year's low.

Plant and equipment spending byindividual durable goods industries inrecent years are shown in the chart.All of the component industries showactual investment in the 1960-61 periodand projected outlays in early 1962below 1957 rates with the exception ofelectrical machinery. During the sameperiod sales of durable goods manu-facturers expanded substantially, andthe difference in trends largely reflectsthe bunching of capital goods buyingin the 1955-57 period.

One of the sharpest percentageadvances projected for the current

PLANT AND EQUIPMENT EXPENDITURESIN EARLY 1962

Scheduled 6 Percent Higher Than 1961 Rate

Billion Dollars, SeasonallyAdjusted, at Annual Rates

0 10 20 30 40 50

TOTAL

Manufacturing

Commercial &Miscellaneous

PublicUtilities

NonraiiTransportation

Railroads

1962 '1st Qfr.

196?

6% Increase

10% Increase

- 2% Decrease

-2% Decrease

4% Increase

6% /ncre-ose

Data: SEC & QBE

U.S. Department of Commerce, Office of Business Economics 61-T2-6Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


recovery is in primary metals (seechart). This industry had shown arelatively weak rebound during the1959-60 expansion, but currently itis concentrating on expanding invest-ment designed to increase efficiency,and on the development of new productsto improve its competitive positionwith other suppliers of basic materials.Still, planned capital expenditures forthe opening quarter of 1962 will bebelow the corresponding period of 1961.

The programed pickup by nonelec-trical machinery manufacturers is alsosubstantial. Expenditures by thiscapital-goods supplying industry areexpected to approach $!}£ billion at aseasonally adjusted annual rate in thefirst quarter of 1962, exceeding the 1960high quarter. In contrast, actual andplanned expenditures for fixed assets byelectrical machinery producers haveheld relatively steady since the firstquarter of 1961—at a rate just underthe all-time high in 1960.

Motor vehicle producers expect capi-tal outlays in this quarter and in early1962 to be up moderately from thethird quarter, after seasonal allowances.Projected annual rates, however, willbe well under those of 1960 and lessthan one-half the record 1956 total.Among durable goods industries pri-marily supplying the construction in-dustry—lumber, fabricated metal prod-ucts, and stone, clay and glass—thelow in investment occurred early in1961 and capital expenditures show asteady recovery.

Investment by nondurable goodsproducers is expected to reach $7.8billion, at a seasonally adjusted annualrate, early next year. This is within5 percent of the 1957 high and upalmost one-tenth from the first quarterlow in 1961.

Higher capital outlays for the fourthand first quarters over those of the thirdquarter of 1961 were reported by allmajor industries within the nondurablegoods group, with the exception of thepetroleum and rubber industries whereexpenditures are held close to thirdquarter rates. Rubber manufacturers'project outlays at about record rates.Investment by petroleum producerscurrently is about one-fifth under thatin 1956-57 when great efforts to enlarge

petroleum output were stimulated bythe Suez crisis.

Although current capacity is inexcess for some types of chemicals,the industry as a whole appears to beresuming the uptrend in investmentwhich began in early 1959 and wasinterrupted by a drop only in the firstquarter of this year. At an annualrate of nearly $1% billion, programsin the first quarter of 1962 would behigher than in any period, except thethird and fourth quarters of 1957.Producers of paper products anticipatea substantial rise from the third quarter1961 low to the first quarter of 1962.

The increase will not, however, bringseasonally adjusted investment backto the 1960 high quarter.

Textile manufacturers have enlargedcapital budgets, with plans for newfacilities in excess of $}£ billion in theopening quarter of next year—aboutthe same rate as at the height of the1960 expansion. Capital outlays bythis industry had not exceeded the$% billion rate between 1951 and 1960.Moderate increases planned by thefood-beverage group will raise spendingto a rate of about $1 billion. Invest-ment in excess of $1 billion was recordedby the industry only in the early post-

PLANT AND EQUIPMENT EXPENDITURES—Most Major IndustriesShow Recovery but Planned Increases Are as Yet Moderate

Biliion $

4PRIMARY METALS

MOTOR VEHICLES

MACHINERY (Exc. Electrical)

[Mi

Biliion $

PETROLEUM

I11

xx/— --0-0

-

-

1 1 , , , 1 , , , 1 , , ,

CHEMICALS

-

I1

^— v^— o-o •

-

I I , , , ] . , , ! . , .

PAPER

- M

ill 1 , , , 1 , , , 1 , , ,

4

3

2

}

0

3

2

}

0

2

1

0

2

1

0

ELECTRICAL

1957 1960

Year

MACHINERY

0— o

, 1 , , i 1 , , ,1961 1962

FOOD& BEVERAGES

1957 1960Year

Quarterly, Seasonally Adjusted, at Annual Rates

1961

©Anticipated

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

1962

Data: SEC & OBE

61-12-7Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 SURVEY OF CURRENT BUSINESS December 1961

war period when the developments infrozen foods required additional fa-cilities.

Record in nonmanufacturingexpected

Current plans by firms engaged innonmanufacturing activities call for in-vestment at a record seasonally ad-justed annual rate of $22 billion in thefirst quarter of 1962. Sectors whichhave been strongest in the businessinvestment picture in recent yearscontinue to pace the field and to beprimarily responsible for the expectedhigh expenditures, i.e., communicationsand commercial firms.

While not bulking large in the total,outlays by the railroads have been inthe limelight because of their financialplight and of the importance of therails to the economy. Investment bythe railroads has been in a decliningtrend through 1961. Total outlays forthe year 1961 will be somewhat higherthan previously estimated, and pro-grams for the first quarter of 1962

indicate a stepped-up rate from 1961.Even so, the expected rate as 1962starts will be less than half that of 1957.

In transportation other than rails,trucking firms have also revised up-wards estimates of total outlays for1961 and budgeted a rise in capitalspending for the first quarter of nextyear. Airlines, on the other hand, willnot equal earlier 1961 anticipations,and a rather sharp drop in investmentis expected in the first quarter, to a rateabout two-thirds the record in late1959 when payments for the acquisitionof jet planes were at their peak. Jetcarrying capacity for most of the majorairlines now appears ample in theshort-run with the consequent lesseningof pressures for additional planes.

Utility programs lower

Utility companies expect to reduceoutlays in the first quarter of 1962 fromthe seasonally adjusted rates in the lasttwo quarters of this year. For thegroup as a whole, plant and equipmentexpenditures during the final 3 monthsof this year will be up 6 percent from

the first quarter low; spending in theopening quarter of next year wouldstill be 3 percent over the low. Totalpurchases for the year 1961, at $5.6billion, are little changed from 1960,and about one-tenth under last March'sprojection for this year.

The first quarter 1962 dip—as wellas most of the year's setback in pro-grams—centered in gas utility com-panies. Here there have been sub-stantial postponements in plans asprospective marketing areas are beingrestudied. Electric power companies'outlays for new facilities have shownminor fluctuations during the quartersof 1961. First quarter schedules arejust above those rates for the closingquarter of this year, after seasonalallowances, but are not quite equal tothe 1960 high.

Peak commercial outlays

Investment by commercial firms andcommunication companies is expectedto be $13 billion, on a seasonally ad-justed annual basis, in the first quarterof 1962. This volume—if achieved—

Table 3.—Expenditures on New Plant and Equipment by U.S. Business J, 1959-62[Billions of dollars]

Manufacturing industries

Durable goods industriesPrimary iron and steelPrimary nonferrous inetaL _ _ ._ _ . _ _ _ __ _Electrical machinery and equipment _ _ _Machinery, except electricalMotor vehicles and parts _ . _ __ . . ._ _. . __ _Transportation equipment, excluding motor yehiÎ '-sStone, clay, find glassOther durable goods 3 ._ __ _ _ . . - - . .

Food a n d beverage _ _ _ - _ - _ _ _ _ _Textile - - -PaperChemicalPetroleum and coalRubberOther nondurable goods *

Mining

Railroad

Transportation, other than rail

Public utilities

Communication _ __

Commercial and other 5

Total ._ _ - - _ - _ -

Annual

1959

12.07

5.771.04.31.52.91.04.39. 53

1.44

6 °9.S3.41. 03

1 232 49

.19

.51

.99

92

2.02

5.67

2.67

8 21

32.51

1960

14. 48

7.18l .GO.31.68

1.10.89.42. 62

7 30po

. 53

. 75.1.602. 64.23. 64

.99

1. 03

1.94

5.68

3.13

8.44

35.68

1961 2

13.72

6.271.15.26.70

1.0974

!39. 50

1.44

7 45. 97. 51. 68

1.622.79.22. 67

.99

.67

1. 84

5.56

t 11.71

34. 50

Unadjusted

1961

Jan.-Mar.

3.00

1.41.28.07. 15

\\\.09. 11.30

1 59.23

. 16

.33

. 56

.05

. 14

. 21

.17

.41

1.09

! •"[ 1.94

7.57

Apr.-June

3. 46

1.5828

.07

. 17

.28

.20

. 10

. 12

. 36

1.88

. 12

.174?

'.70.05.17

.26

.18

.48

1.39

.81

2.04

8.61

July-Sept.

3. 3 1

1.50.26. 06. 17

.' 19

.0912

. 36

1.84. 24. 12. 16.40. 70.06.16

.25

.16

.47

1.50

.78

2.16

8,65

Oct.-Dec.2

1.79

.'0621

'.31.20.11.14.42

2.13

'. To. 18.46.84.06.20

.27

.16

. 49

1.59

1 3.24

9.67

1962

Jan.-Mar.2

3.17

1.45.26.05. 14

27! i f i.09. 12.35

1.7294

1. 05.20

.22

.17

.40

1.10

3.04

8.11

Seasonally adjusted at annual

1961

Jan.- | Apr.-Mar. { June

13.75

6.501.35.30.70

1.1,5.70.40

7.25.95.50.75

£E

.95

.70

1.75

5.35

11.30

33.85

13. 50

6 201 05

2570

1 108040

7. 30.90.45.70

1 . 652. 75

1.00

.70

1.80

5.50

11.05

33. 50

July-Sept.

13.65

6.101.10

^ 7 01.05.70.35

1.00.50.65

1 . 652.85

1.00

.65

1.90

5.65

11.85

34,70

Oct.-Dec.2

14. 00

6.351.10.25.70

1.10

.40

7.6.51.00. 55.65

1. 652. 85

rates

1962

Jan.-Mar.2

14. 55

6. 701.30

'. 701. 20

. 75

. 40

7.851 . 00. W. 70

1.702. HO

1.00

.60

1.90

5.70

12.65

35.90

1.00

.70

1.80

5.50

12. M

36.50

1. Data exclude expenditures of agricultural business and outlays charged to current ac-count.

2. Estimates for the year 1961 are based on actual capital expenditures for the first threequarters and anticipated capital expenditures for the final quarter of the year. These datawere reported by business in late October and November 1961. The anticipated data havebeen adjusted when necessary for systematic tendencies.

3. Includes fabricated metal, lumber, furniture, instrument, ordnance, and miscellaneousIndustries.

4. Includes apparel, tobacco, leather, and printing and publishing.5. Includes trade, service, finance, and construction. The anticipated expenditures and

the seasonally adjusted data also include communications.

Note: Details may not add to totals due to rounding. Data for earlier years were publishedin the June 1956, March 1958, and March 1960 Survey of Current Business.

Sources: U.S. Department of Commerce, Office of Business Economics, and Securitiesand Exchange Commission.



would be 10 percent higher than theenlarged investment of 1961 and willexceed the previous peak.

Trade firms are primarily responsiblefor the growing investment of the group.Persistant growth of suburban shoppingareas combined with downtown reno-vation plans have resulted in makingthis area currently one of the mostdynamic sources of demand for capital

goods. Expenditure estimates for 1961have been pushed steadily upward dur-ing the year. First quarter 1962 plansmark a substantial further advance.

Investment by communications com-panies continue as a major investmentinfluence, posting another record highin 1961. Expenditures tended upwardthroughout 1961 and are expected torise in the opening months of next year.

Manufacturers Expect Higher Sales and Inventories in Early 1962

LANUFACTUEEES have experi-enced substantial advances in salesfrom last winter's lows and now lookforward to further gains in the near-term, according to the latest quarterlysurvey of manufacturers' anticipationsconducted in November. Further in-ventory accumulation is also expected,although the moderateness of the pro-jected rise points to a continuation ofthe rather conservative inventory in-vestment policy that has been so evidentin recent years. The survey finds thatmanufacturers viewed their inventorycondition at the start of the currentquarter as considerably more favorablethan in earlier periods of 1961.

Sales in early 1962 are expected tobe about 4 percent higher than theactual value of shipments during thethird quarter of this year on a season-ally adjusted basis. The anticipatedinventory expansion during the 6months period from September 30,1961, to March 31, 1962, would approx-imate 3 percent, or SI.8 billion, season-ally adjusted. Manufacturers7 stockswere virtually unchanged in the secondquarter of 1961 and rose $1 billion inthe third quarter.

Projections for the fourth quarter ofthis year arc fairly well in line withavailable data on sales and inventorychanges for October and early indica-tions for November. Manufacturers intheir first quarter projections look for-ward to a somewhat larger inventoryaccumulation, and a smaller gain insales, than anticipated in the final 3months of this year.

Record sales ahead

If factory shipments advance inaccordance with producers expecta-tions, the fourth and first quartertotals would represent successive newhighs. Expected shipments in the firstquarter 1962 total $97.3 billion, season-ally adjusted, 4 percent higher than

the cyclical peak reached in the firstquarter of 1960. Practically all of theadvance would represent larger volumeas there has been little change in overallfactory prices over the period.

The recovery in manufacturers' ship-ments since the cyclical low early thisyear has been faster in the volatiledurable goods industries than in non-durables, as is typical in early stagesof recoveries. Anticipations from thepresent survey indicate that this differ-ential rate of advance will continueinto early 1962.

Paced by transportation equipment,steel and fabricated metals producers,total heavy goods deliveries are ex-pected to move up 3 percent from thethird to the fourth quarter, and thenincrease another 2 percent in the open-ing 3 months of 1962; sales had risen3 percent in the third quarter of this3êar. Deliveries at the expected vol-ume in the first quarter would be more

MANUFACTURERS EXPECT HIGHER SALES AND INVENTORIESInventories Have Risen Less Than Sales

Realization of Anticipations Would Further Reduce Stock-Sales Ratios

Billic40

30

20

10

Rati

2.5

2.0

1.5

3n $ (ratio scale) Billion $

DURABLE GOODS PRODUCERS

Inventories

Sales

1, ,.! I ' I „ 1 ! 1 I 1 L I. 1 .1 L . 1 ! 1 1 1 1 1

0

NONDURABLE GOODS PRODUCERS

Inventories

X

S0/05

-

i ! 1 .. 8 i ! 1 ! > I 1 1 •• ! 1 ( ! i I 1 1 L

40

30

20

10

Ratio

Inventory — Sales Ratio

. , . 1 , , , 1 , , , 1 , , , 1 . , , 1 , , .

1957 1958 1959 1960 1961 1962

_

Inventory — Sa/es Ratio

/

, . , 1 , , . I , , . 1 , , , ! , , , 1 , , ,1957 1958 1959 1960 1961 1962

2.5

2.0

1.5

Quarterly , Seasonally Adjusted0 AnticipatedNOTE: Inventories are book values ; sales, Monthly average for quarter

U. S. Department of Commerce, Office of Business Economics 61-12-8


SURVEY OF CURRENT BUSINESS Dei-ember 1901

than one-sixth higher than the cyclicallow a year earlier—a somewhat smallerincrease than occurred in the previouspostwar recovery periods.

Soft-goods shipments are expectedto expand about 1 percent, seasonallyadjusted, in each of the current andnext quarters, according to the surveyresults; this compares with an almost2 percent rise in the third quarter ofthis year. Larger-than-average salesincreases from third quarter rates areprojected by chemicals, oil, rubber andpaper companies. As in the case ofdurables, the expected advances wouldraise first quarter deliveries well overprevious highs. The rate of recoveryfor sales of these industries has beenji l i t t le slower than in 1958-59 butfaster than in 1954-55.

Accumulation larger in durables

Two-thirds of the anticipated inven-tory increases in the fourth and firstquarters are accounted for by durablegoods manufacturing companies. Forthis group, inventory book values areexpected to rise $600 million during the

current quarter, after allowance for sea-sonal influences. This rate of accumu-lation would be somewhat smaller thanthe actual increment in the third quar-ter. The expected rise of an additional$600 million in the first quarter wouldbring the erid-of-March book value forthe heavy goods group to $32}£ billion,back to the previous high in June 1960.

Expected additions to inventories bysoft-goods manufacturing companies inthe fourth quarter would be $300 mil-lion—a larger rise than occurred duringthe third quarter. Book values of theseproducers is anticipated to increase a n -other $}s billion in the first 3 months of1962. These additions would continuethe long uptrend which began in late1958. During the 1960-61 downturnthere was no net liquidation of stocksby the soft goods group but book val-ues held on a plateau, from mid-1960through early 1961.

The slightly larger advances expectedin sales than inventories impty somefalling off in inventory-sales ratios dur-ing the last quarter of this year andthe first quarter of next. By early1962 stocks-sales ratios will be about

Table 4.—Manufacturers'* Inventories andSalesj Actual and Anticipated

[Billions of dollars]

CHANGES IN MANUFACTURERS' SALES AND INVENTORIESActual Compared With Businessmen's Anticipations

Surveys Thus Far Have Fairly Well Predicted Short-Term Movements

Billion $

1

0

-1

2

1

n

-1

pr

- ':[} î Anticipated•**.X

m

_

- p7

F$$

11 If

H TTT TV

1959

INVENTORIES

F~S 1 Actual

M nil S

"'"SALES

_

I Wn.„ ~ ill H^ 1 1 "

i n n i i s r i n i n T s z : !I960 1961 1962

Unadjusted1901— I

IIIII.. -IV i

1902— I *

Seasonally ad-justed

IQÎ — iIIHIIV *

1902—1 i

Inventories, endof quarter

_^

'°

53 853. 053. S55.3

50. 8

5° 353. 454.455. 3

50. 3

1

£

30 S30. 530. 031.5

32 8

30 330. 231. 131.7

32. 3

%£

£ "

Sales, tota forquarter

'jr.

£ 5

23 0 1 86 4 39 723.1 93.2 4 4 . 923. 123.9

24 0

93 o23.223. 323. 0

92.0 | 43.090. 0

90. 1

S7 2

40.7

40. 7

40 991.8 43.494. 090. 0

24. 0 97. 3

44.840. 3

47. 2

•'t '£•

o £X

40 048. 349.049. 8

49. 5

47 148. 449. 149.7

50. I

1. Anticipations reported by manufacturers in Octo 1 >er andearly November. Inventories have been corrected for syste-matic tendencies in anticipatory data. Anticipated inven-tories as reported before adjustment for either seasonal varia-tions or for systematic tendencies at the end of December are.(in billions of dollars): total $53.8, durables $30.0, nondur-ables $23.2. The comparable anticipations for March 31,1902are $54.1, $31.0, and $23.1, respectively.

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

1.7, according to the surve\T, or a littleunder the rate which has existed sincemid-1961. It would be well under the1.8 in the first quarter of 1961 at thecyclical low of activity. For the dur-able goods industries the anticipationdata imply a decline in the ratio to2.0—well below the 2.2 figure obtaineda year earlier. (See chart.) Soft goodsproducers have held inventories closerto sales and have shown less fluctua-tion in stock-sales ratios than was thecase in durables. The expected ratio

Table 5.—Manufacturers' Evaluation of theCondition of Their Inventories as of:1

[Percent distribution]

Total manufacturingHigh\bout rightLow

Durable goodsHigh.About rightL o w . . .

Nondurable goodsHighAbout rightLow -

:osJc3

*5

10031672

1003960

1

10090

3

June

30

1003563?

1004957

1

100?6713

1960

ro

o*GO

10099701

10036631

100?078

CO

1

1009x711

1003967

1

100??77

1

CO

;-'

<5

10099

1

100?475

1

1001980

1

1961T

une

30

100ISSI

1100

19SO

1

10016X99

&

"p.a*

GO

1001?869

10013S5?

10010873

Quarterly, Seasonally Adjusted

NOTE: Inventories are book values; Sales, Monthly average for Quarter.U. S. Department of Commerce, Office of Business Economics

1 Condition of actual inventories relative to sales and un-filled orders position as viewed by reporting companies.Percent distribution of inventory book values according tocompany's classification of overall inventory condition.

Source: U.S. Department of Commerce, Office of BusinessEconomics.Digitized for FRASER

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

Dec-ember 1061 SURVEY OF CURRENT BUSINESS 9

in the first quarter of next year fornondurables would be a little underthe 1.5 figure for the opening 3 monthsof this year.

Inventory position favorable

As a regular part of the survey manu-facturers were asked to indicate whetherthey considered their inventory positionas of September as "high", "aboutright", or "low" in light of their recenttrends in sales and unfilled orders.Producers holding 86 percent of totalfactory inventories felt that stocks wereabout in line. Companies accountingfor 12 percent of total stocks felt thatinventories were "high" and 2 percentof stocks were considered to be "low".These results represent a substantialdrop in the proportion of "high"inventories from the previous survey,when about 18 percent of total stockson June 30, 1961, were so classified.(See table 5.)

The proportion of stocks considered"high" declined about equally amongthe durable and nondurable goodscompanies. In both areas the "high77

proportion was substantially smaller

than in any other period during the 4years over which this survey has beenmade. Both groups also reported anincrease in the proportion of stockswhich were considered "low" relative torecent sales and orders positions.

In evaluating the projections in thisreport, it should be noted that thesesurveys have thus far fairly well pre-dicted the direction and size of salesand inventory movements after allow-ance for systematic tendencies in theanticipatory figures. (See chart.)They are still exploratory in nature,however, and there are special factorsaffecting sales and inventory fluctu-ations not completely subject to man-agements7 control. Appraisal of in-ventory movements in the next fewquarters may be affected not only bythe requirements of expanding outputbut also by such temporary factors asthe uncertainties arising from thecoming wage negotiations in steel.The survey does not cover a large partof inventories—those in the hands ofnonmanufacturing firms which makeup 45 percent of the total. In thissegment, as well, there are specialfactors such as the relatively low stocksof new cars in retail dealers' hands.

Advance in Housing Construction

J[ HE year 1961 has been one of risingactivity in housing. On the basis of10 months7 data, private nonfarm startsare 1.3 million on an annual basis,somewhat above the 1960 total withthe monthly pattern tracing a reversemove from that recorded in the earlieryear. Last winter, starts reached alow point of around 1 million at aseasonally adjusted annual rate, andsince then they have moved irregularlyhigher, to a 1.4 million anmal rate inOctober.

The current upturn in housing re-sembles the earlier turns in its broadsetting, but the recent rise has featureda greater proportion of conventionally-financed housing and more multiple

619486°—61 2

units. The recent pattern of housinghas differed from that in the earlierpostwar years when backlog demandswere insistent. So far, the rise hasbeen somewhat less vigorous, reflectingthe more adequate housing supplyafter the extension of the postwar highrate of home construction for 15 years.An important difference from 1958 inthe cyclical component of housing de-mand is that the most recent businessrecession came more quickly after ashorter and incomplete business re-covery in 1959-60. As a consequence,it did not follow a protracted period oflow housing starts as was the case in1958.

Furthermore, the housing legislation

of 1961 was somewhat later (June 30)relative to the recession than in 1958(April 1), and did not contain the largesum of special assistance FNMA "par"funds wiiich brought a rush of applica-tions for commitments in 1958.

The further rise in the proportion ofconventionally-financed housing standsout in 1961 developments. This trendhad been noticeable in the 1958 upturn.FHA-VA application or appraisal re-quests for new housing had shown largerises in the 1949 and 1954 upturns anda substantial expansion in 1958. Inthe recent period, such applicationswere rather stable on a seasonallyadjusted basis in the latter half of1960 and the first half of this yearbefore showing an upturn in the thirdquarter—though this has been con-siderably less than in earlier recoveries.Starts under these programs remainedbelow the relatively low rates of a yearearlier until October, averaging onlyabout one-fourth of total starts.

Conventional starts have been gen-erally above a year ago since the firstquarter, and, in recent months, havebeen about as high as in the correspond-ing months of the boom year 1959.

More apartment building

Another distinguishing feature of thisyear is the advance in apartmentbuilding. Earlier in the postwar periodapartments had played a relativelyminor role in residential construction.They had experienced a minor boomleta decade ago when unusually liberalfinancing under FHA's Section 608 wasespecially attractive. After the lapseof this section, apartment constructiondeclined to low rates for a number ofyears. The recent expansion has beenin two phases. Apartment house con-struction reached a high in early 1959,before declining for about a year.Then, moving against the generaldecline in single residence building in1960, apartment starts moved generallyupward and have shown a more markedexpansion this year to a new high.

Developers are taking advantage ofthe accelerated amortization provisionsof the 1954 Federal Revenue Act, some-times making use of syndicates forequity financing. Apartment buying isbeginning to receive some attentionDigitized for FRASER


10

from real estate investment trustsorganized under the new real estatetrust law of 1960.

Apartment construction is, of course,primarily an urban activity, but morespecifically it is quite concentrated ina few of the big metropolitan areas.Six large metropolitan areas accountfor half of the total multi-family startsas compared with only about one-fifth of1-family starts. Nevertheless, the cur-rent rise is a rather broad one, withthe expansion outside the six largemetropolitan areas keeping pace withthe big-city gain.

A related development that is a sig-nificant influence affecting economicactivity as well as the urban landscapeis the new boom in hotel and motelconstruction. The "non-housekeeping"group has shown a further advance thisyear following the rising trend that, inthe last 5 years, has brought a doublingin the rate of such spending.

Single-family housing starts haverisen during the course of this year.As shown in the accompanying chartthey dropped very sharply late in 1960and remained Jow at the beginning ofthis year. The forward move in thespring and early summer was morethan seasonal, and the gains have beenheld. In recent months, such activity


has been about even with a year ago,but the total for the first 9 months isa little below the similar period of 1960.Thus, those supplying industries whichare principally related to 1-family hous-ing—e.g. lumber producers—have expe-rienced a market for 1961 as a wholewhich is not much different in the aggre-gate from the rather disappointing 1960season.

Just as the year 1961 has been ratherunusual in terms of the character andthe trend of residential starts andactivity, so the financing has not fol-lowed the general pattern of otherrecover}' years. It was similar, how-ever, in that the flow of savings intolending institutions was high and therelatively low credit requirements ofbusiness (and consumers) left a goodsupply of funds available for residentialfinancing.

Maximum interest rates for FHAloans were reduced in two steps from5?4 to 5M during the first half of theyear. This was a period of easing inthe money market, and there was ageneral reduction in the effective yieldson FHA mortgages. An increase oc-curred in existing house financing withFHA-guarantee, but FHA-VA newhome loans closed declined to anunusually low rate in the first half ofthe .year, falling even below earlier

HOUSING CONTRIBUTES TO RECENT ECONOMIC ADVANCE

Thousand Units

2,000

1,500

1,000

500

PRIVATE NONFARMHOUSING STARTS

New Series ,

Ten - Month Average(At annual rate)

O October

I I i I I I I i

1946 48 50 52 54 56 58 60 62

Annual

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

1959 1960 1961 1962


Data: Census

61-12-3

December 1961

periods of tight money. Some smallrise occurred in the autumn, but anyconsiderable rise must await a morepronounced upturn in FHA-VA starts.Among institutional lenders, FHA-VAnet acquisition of loans was limited

Table 6.—Private Nonfarm Housing

[Thousands, unadjusted at annual rate]

1959IIIIIIIV

1960IIIIIIIV

1961IIIIII

Conven-tionalstarts

9101,2501,170

890

7701,090

970760

7201, 100

FHA-VA

Starts Applica-tions

370540490360

280400380290

2503,50350

690920620460

480520460400

470SCO530

Loansclosed

390400390380

330300340320

270250280

Sources: Bureau of the Census, Federal Housing Admin-istration, and Veterans Administration.

chiefly to mutual savings banks, andto a lesser extent to savings and loanassociations. Life insurance companiesand commercial banks, which hadacquired considerable quantities of suchloans in other recovery years, havemade only limited net acquisitions in1961.

In the conventional loan market,commercial banks have had some netacquisition of home mortgages since thefirst quarter of the year and life in-surance companies have increased mort-gage lending during the year. Butthe largest increase in mortgage lendinghas been by the savings and loanassociations. With a large flow ofsavings, they have stepped up lendingaided by borrowing from the FederalHome Loan Banks. Their commit-ments for loans have reached highrates in recent months. Despite somelag in single-family starts as comparedwith a year earlier, savings and loanfinancing of new construction, whichis limited largely to houses, has showna significant increase this year.

The average interest rate of savingand loan mortgages showed a gradualdecrease during the first several monthsof the year with rates on new homesdeclining from a little above 6 percentDigitized for FRASER


Dec-ember 1961 SURVEY OF CUEKENT BUSINESS 11

to a little below in most areas ofthe country. In recent months someincreases in rates have been common.The average amount of mortgages in-creased appreciably in the first ninemonths of 1961. The rise this yearhas occurred at a time when the aver-age permit value for all new homes hasshown little change, and the averagemortgage value for new units guaran-teed or insured by FHA-VA has de-clined a bit.

At the end of July, the Federal HomeLoan Bank Board made a considerableliberalization in maximum saving andloan mortgages for houses costing over$20,000, and a larger proportion oflending may be made in the mortgagesrequiring lower downpayments. Anyconsiderable movement by the savingsand loan associations toward the maxi-mum loans permitted under the newregulations would reduce the demandfor junior mortgage financing. How-ever, the distribution of loans actuallymade by the saving associations upto the time of the recent liberalizationshows that most associations weremaking few loans in the most liberal

RESIDENTIAL ACTIVITY

One-Family Housing Starts Predominatebut Multi-Family Now at a High Rate

Thousand Units

140

120

TOO

80

60

40

20

ONE - FAMILY UNITS

1959 ;

1960 1959

I I I l i t

categories permitted under prior Regu-lations.

As construction has tended upwardduring the year, mortgage lending hasincreased in volume. An easy moneymarket has continued and the inflowof funds into savings institutions re-mains at a high rate, only moderatelybelow the unusually large inflow in thefirst half. With only a limited increasein business demands for credit, thefunds available for housing financing

have remained in good supply at onlyslightly advancing interest rates inrecent months. The supply of creditappears adequate to finance furthereconomic expansion; and the businesscredit requirements implied in thepresent projected capital programs donot appear to impinge upon residentialcredit sources. Moreover, the risingmulti-family sector is traditionally lesssensitive than 1-family housing tochanges in interest rates.

Pattern of Retirement and Other Transfer Income Flow

J F M A M J J A S O N OData: Census


ITH the economic recovery wellunderway, and the advance to yearendboth sharp and substantial, it is anappropriate time to review the role ofthe transfer payments portion of thepersonal income flow in the most recentbusiness cycle. Transfer payments rep-resent individuals' money receipts forwhich no current services are rendered;benefits paid under major governmentsocial insurance programs bulk largein these payments. The highlights arepresented in the accompanying chartwhich reveals that such income is nowapproaching an annual rate of $35billion, or 8 percent of all personalincome.

About one-fourth of the rise in trans-fer incomes from the third quarter oflast 3êar to the same period this yearreflects increased payments to the un-employed, but a larger part is due tothe continued long-run growth in re-tirement programs. The Unemploy-ment Compensation Program operatesas a countercyclical measure, while thegrowth of the latter operates as astabilizing influence on buying powerduring recessions. The chart illustratesthe large postwar increase in theseretirement programs, as well as thefluctuations in the flow of unemploy-ment benefits. In most recent months,retirement income has continued toadvance, offsetting since this spring thedecline in unemployment benefits whichhas accompanied the business recovery.

Within the past year, as reviewed inearlier issues of the SUJRVEY, theFederal Government took special actionto bolster the flow of income, not onlythrough stepped-up unemployment ben-efits but through an acceleration ofNational Service Life Insurance divi-dend payments by $150 million inMarch, and a special payment of $219million in July.

Cyclica I fluctua tions

During the contraction phase of eachof the postwar cyclical movements inbusiness, personal income from currentproduction has declined, but transferincome has risen sharply and has con-tinued up during the early stages ofrecovery. About the time that incomefrom current production has reattainedits prerecession highs, the advance hasbeen temporarily arrested but only forone or two quarters.

Though a definite pattern of transfermovements is apparent in the postwaryears, the relative offsets to the declinesin "earned" income from current pro-duction have not been uniform, asindicated in table 7. The cyclical peaksand troughs used in table 7 are thosemarked out by income earned fromcurrent production. Quarterly dataare used in order to eliminate some ofthe irregularities in the monthly figures.These as well as monthly figures indi-cate generally that transfers have offsetDigitized for FRASER


12

an increasing proportion of the declinein income from production.

Transfers in the 1960-61 contractionoffset about two-thirds of the $3-billionfall in "earned" income from the thirdquarter of 1960 to the first quarter of1961 (seasonally adjusted annual rate).The proportion offset would be aboutfive-sixths if the special NSLI dividendwere included. As a result of the step-up in transfers, total personal incomecontinued to advance into the fourthquarter of 1960 after which it was offonly slightly in the first quarter of1961. As the chart indicates, the cycli-cal decline was comparatively mild andshort-lived.

In the 1953-54 and 1957-58 cyclicaldownturns, earned income was reducedfrom peak to trough by $4 and $5 bil-lion, respectively, at seasonally adjustedannual rates, with transfer income off-setting about 50 percent of the decline.In the 1953-54 downturn, moreover,total personal income bottomed out onequarterly period earlier than the netmeasure as the result of rising transfers.

The 1948-49 downturn in income wasthe sharpest of the postwar declines.From the fourth quarter of 1948 to thethird quarter of 1949, personal incomefrom current production fell by $9 bil-lion, on an annual basis, while totalpersonal income fell roughly $7 billion;thus the increase in transfers offsetsomewhat more than one-fifth of thefall in incomes from current production.

Recession effect of unemploymentbenefits

Among transfer payments unemploy-ment benefits, consisting of separateState programs administered within abroad framework of Federal regulations,and the Federal railroad unemploymentinsurance program, stand out as a prin-cipal stabilizing device. In the 1948-^9contraction, unemployment insurancebenefits increased about $1 billion atannual rates, offsetting 13 percent ofthe drop in earned income. In the1953-54 and 1957-58 contractions thesebenefits rose by roughly $1% billion andin 1960-61 by about $1 billion, off-setting in each case about one-third ofthe much smaller reductions in income(see table 7).

Amendments to the various State


programs have been important factorsin the improved performance of unem-ployment compensation programs incontractions. Effective in 1956, theFederal unemployment tax law was ex-tended to include firms employing fouror more workers in at least 20 weeks of

PERSONAL INCOME

December 1901

the year; previously, the program hudbeen restricted to firms employing eightor more persons. Individual Stateshave also made improvements on theirown, increasing maximum allowablebenefits and their duration. It shouldbe noted that the two Federal tempo-

Transfer Income Approaching $35 Billion Annual Rate—Eight Percentof Personal Income

Rise in Transfer Portion in Past Year Reflects—Continued Substantial Growth in Retirement Programs and Paymentsof Unemployment Benefits

BiHion

30

20

10

OTHER

VETERANS BENEFITS

CIVILIAN RETIREMENTBENEFITS

UNEMPLOYMENT BENEFITSI

1947 49 51 53 55 57 59Quarterly, Seasonally Adjusted, at Annual Rates

61

Billion $

Transfer Income Has Cushioned Declines in "Earned" Income Due to Production Cuts

CHANGES FROM PEAK TO TROUGH IN TOTAL INCOME FROM PRODUCTION

-104th Qtr. 1948 -3d Qtr. 1949

Qtr. 1960 -Qtr. 1961

CHANGES FROM TROUGH TO REATTAINMENT OF PREVIOUS PEAK

10

3d Qtr. 1949 -

2d Qtr. 1950

Seasonally Adjusted, at Annual Rates

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


1 tec/ember 1961 SURVEY OF CURRENT BUSINESS 13

niry unemployment benefit programsIn 1958 and 1961 had their impact afterthe trough in "currently earned" incomewas reached.

Large expansion in OASI

The chart also makes clear thedominance of the many programs notspecifically related to cyclical changesin business. Growth here has beenparticularly significant under the vari-ous government civilian retirementprograms mentioned earlier, consistingof Federal, State and local governmentretirement and pension benefits, rail-road workers retirement disbursementsand payments under the Federal oldage insurance system.

In 1961, civilian benefits amountingto $16 billion were paid out, as com-pared with the $1 billion of 1947; thisrise has centered largely in paymentsunder the OASI program, with benefitsin 1961 of $13 billion. The large ex-pansion reflects not only normal growth,

Table 7.—Changes in Personal Income andTransfer Portion in Recessions and EarlyRecovery

[Billions of dollars, seasonally adjusted at annual rates]

A. FROM PEAK TO TROUGH IN PERSONALINCOME FROM PRODUCTION

Decline in personal income ex-cluding transfers

Increase in total transfers

Unemployment benefitsCivilian retirement benefitsVeterans' benefitsPublic assistance and other

Decline in total personal income.

4Q1948-3Q

1949

—9 2

2.0

1 2.1. 1.6

-7.2

3Q1953-

2Q1954

— 4 2

2.0

1 4.500

2 2

3Q1957-

1Q1958

— 5 2

2.6

1 6.53

.3

—2.6

3Q1960-

1Q1961

3 1

2.6

1 1.62

.8

—.5

B. FROM TROUGH TO REATTAINMENT OF PEAKIN PERSONAL INCOME FROM PRODUCTION

Increase in personal income ex-cluding transfers

Increase in total transfers

Unemployment benefitsCivilian retirement benefitsVeterans' benefitsPublic assistance and other

Increase in total personal in-come . _ _ . _ _ _

3Q1949-2Q

1950

11.9

2.4

— 32

.42.1

14.3

2Q1954-

4Q1954

5 6

1.0

1. 7.3

— . 1

6.6

1Q1958-3Q

1958

8 8

2.7

1 7.9

— . 1.2

11.5

1Q1961-2Q

1961

7 7

.9

Q

.81

—.6

8.6

as the program moves toward maturity,but also the effects of legislative amend-ments providing increased benefits,extended coverage, and liberalized re-tirement requirements.

In 1961, total veterans7 benefitsamounted to about $4.5 billion. Whilethis was about $2 billion lower than thepeak year of 1947, there has beensome increase in recent years. As aconsequence of veterans' unemploy-ment programs in recessions, and thelong-run growth in veterans' retirementand pension benefits, total veterans'payments have shown some firming inbusiness contractions.

Role in business expansions

The underlying secular growth inpayments under the various noncyclicalprograms has been the major expan-sionary factor behind transfers in theearly recovery phase of cycles. Inaddition, unemployment benefits havenot fallen as soon as income has recov-ered because of the lag in unemploy-ment rates behind turning points inpersonal income. In the past tworecoveries, unemployment benefits haveincreased substantially for one or twoquarters beyond the low quarters in

(Continued on p. 23)

Corporate Profits and National Income

NOTE: Detail may not add due to rounding.

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

1 HIRD-QUARTER corporate earn-ings reached a seasonally adjustedannual rate of $47 billion, an increaseof $1% billion from the second-quarterrate of $45% billion. This gain, whichfollowed a sharp rise of $5% billionfrom the first quarter cyclical low,reflects a corresponding slowdown in theadvance of total GNP. A substantialincrease in production and a continuingrise in profits are expected in the finalmonths of the year.

Profits, including inventory valua-tion gains and losses due to pricechanges in addition to earnings fromcurrent production, rose from $45.2billion in the second quarter to $47.2billion in the third. The somewhatlarger increase in this measure of profitsreflected a shift from inventory valua-tion losses to gains.

With taxes taking about half oftotal corporate income, profits aftertaxes increased $1 billion to $23.8billion in the third quarter.

Dividend payments which have heldsteady over the cycle have shown onlva slight rise so far this year, leaving thebulk of the increase in the after-taxtotal as undistributed profits. Thelatter advanced to $9% billion in thethird quarter, a rise of about $1 billionover the second quarter and of about$3% billion over the first.

By the third quarter, total corporateearnings had virtually regained thecyclical peak of the first quarter of1960, but the recovery was unevenindustrially. Third quarter earningsfor most major industrial groups ex-ceeded those of last year. Profits indurable goods manufactures and trans-portation, which had sustained thelargest losses in the subsequent down-turn, were exceptions. Though scoringthe sharpest rises since this year's firstquarter low, they were still aboutone-seventh below earnings in early1960. In manufacturing, the lag cen-tered in the primary metals, machiner}7,and automobile industries; in trans-portation, it reflected mainly the un-favorable experience of the railroads.

With third quarter profits data nowavailable, national income is estimatedat an annual rate of $434 billion. Thistotal is $8 billion above the secondquarter of the year—the previous high.In addition to the rise noted in corpo-rate earnings, compensation of employ-ees expanded $6 billion, at an annualrate, as employment, hourly earnings,and the workweek all increased. Pro-prietors' income and net interest roseslightly, while rental income was un-changed.


14 SUEVEY OF CUEKENT BUSINESS December 1961

Table 8.—National Income by Type of Income (1-8, 1-9)


National income

Compension of employees

Wages and salaries -PrivateMilitaryGovernment civilian

Supplements to wages and salaries _ _ _ .Employer contributions for social

insurance. __ _ __ _Other labor income

Employer contributions to privatepension and welfare funds

Other

Proprietors' income

Business and professionalIncome of unincorporated enterprises..Inventory valuation adjustment

Farm

Rental income of persons

Corporate profits and inventory valuationadjustment __

Profits before tax _Profits tax liabilityProfits after tax

Dividends, . . .Undistributed profits _

Inventory valuation adjustment

Net interest

1958

367.4

257.1

239.8196.6

9.833 5

17.3

8.09.4

7.32.1

46.1

32.532.6— . 113.5

12.2

37.2

37.418.618.812.46.4

-.3

14.8

1959

399.6

278.4

258.5213.2

9.935.4

20.0

9.710.3

8.02.3

46.3

35.035.2

j11.3

11.9

46.4

46.823.123.713.410.3

e

16.6

1960

417.1

293.7

271.3223.0

9.938.5

22.4

11.510.9

8.52.4

48.2

36.236 3— 112.0

11.7

45.1

45.022.322.714. 18.6

.0

18.4

1960

III IV

1961

I II III

Seasonally adjusted atannual rates

419.0

296.0

273.2224.2

9.939. 1

22.7

11.810.9

48.7

36.3

12.4

11.7

44.1

43.221.421.714.17.6

.9

18.6

416.5

294.0

271.3221.6

10.039.7

22.7

11.511.2

49.0

36.3

12.7

11.7

42.9

42.621.121.414.37.2

.3

18.9

412.2

292.6

270. 1219.7

10. 140.3

22.5

11.710.8

48.9

36.0

12.9

11.5

40.0

39.619.620.014.25.8

.4

19.2

426.0

300.2

277.3226.0

10. 141.2

22.9

12.010.8

49.2

36.3

12.9

11.5

45.5

45.222.4

14! 28.6

.3

19.6

434.3

306.2

282.7230.7

10.241.9

23.4

12.211.2

49.4

36.6

12.8

11.5

47.0

47.223.323.814.39.5

2

20.2

Table 10.—National Income by Corporate and Noncorporate Formof Organization (1-14)


Table 9.—National Income by Industry Division (1-11)


All industries, totalAgriculture, forestry, and fisheries

ManufacturingDurable-goods industriesNondurable-goods industries

Wholesale and retail trade

Finance, insurance, and real estate

Transportation

Communications and public utilities. -

Services

Government and government enter-prises

Other

1958

367.418.3

103.860.843.0

61.1

37.6

16.4

14.2

41.9

46.6

27.4

1959

399.616.3

119.671.548.0

66.4

40.1

17.6

15.3

45.9

49.0

29.3

1960

417.117.2

121.572.549.0

68.8

42.3

17.8

16.6

50.0

52.5

30.3

1960

III IV

1961

I II III


419.017.5

120.871.449.3

69.2

42.5

17.7

16.8

50.5

53.3

30.8

416.517.8

117.569.248.3

68.5

42.8

17.3

17.0

51.0

54.0

30.4

412.217.9

113.165.447.7

68.2

42.9

16.9

17.0

51.3

54.8

30.0

426. 018.0

120.770.849.9

70.8

43.3

17.1

17.3

52.0

55.8

31.0

434.318.2

123.673.150.5

72.0

43.6

17.6

17.5

53.5

56.7

31.7

National income

Income originating in corporate busi-ness _ _ _ _ _ ___ _ _ _

Compensation of employeesWages and salariesSupplements to wages and

salaries

Corporate profits and inventoryvaluation adjustment l

Profits b^f )r3 tax 'Profits tax liabilityProfits aft^r tax 1

Inventory valuation adjust-ment _ _ - _ _ -

Net interest - _ _

Income originating outside corporatebusiness. _ _ _ _ _ _ _ . ...

1958

367.4

195.8

159.5147.4

12.1

35.435.618.617.0

-.3

1.0

171.6

1959

399.6

219.8

174.2160.2

14.0

44.645.023.121.9

-.5

1.0

179.8

1960

417.1

226.5

182.4166.9

15.5

43.243.222.320.8

.0

.8

190.6

1960

III IV

1961

I II III


419.0

226.5

183.3167.6

15.7

42.441.421.420.0

.9

.8

192.6

416.5

222.5

180.8165.2

15.6

40.940.521.119.4

.3

.8

194.0

412.2

217.5

178. 9163. 6

15.3

37.837.419.617.8

.4

.8

194. 6

428.0

228.5

184.2168. 6

15.6

43.543.222.420.8

.3

.9

197.6

434,3

233.5

187.6171. a16.0

45.045. 123.321.8

-.2

,9

200.9

1 Excludes corporate profits originating in ths rest of tha world S3ct:>r.

Table 11.—Sources and Uses of Gross Saving (V-2)


Gross private saving

Personal savingUndistributed corporate profitsCorporate inventory valuation

adjustmentCapital consumption allowanceExcess of wage accruals over dis-

bursements

Government surplus on income andproduct transactions

FederalState and local

Gross investment

Gross private domestic invest-ment. _ _ _ _

Net foreign investment

Statistical discrepancy

1958

6X5

24.76.4

—.338.6

.0

—11.4

—9.4—2.1

56.6

56.6—.1

—1.5

1959

74.0

23.410.3

—.540.8

.0

—2.2

—1.8—.4

70.1

72.4—2.3

—1.7

1960

74.6

22.98.6

.043.1

.0

1.9

3.3—1.4

73.9

72.41.5

—2.6

1960

III IV

1961

I II III

Seasonally adjusted at annualrates

76.4

24.67.6

.943.2

.0

—.5

1.4—1.9

71.9

70.51.4

—4.0

73.9

22.77.2

.343.7

.0

—1.9

.4—2.3

69.1

65.63.6

—2.9

74.0

23.75.8

.444.2

.0

—7.9

5 5—2 4

63.5

59.83.7

—2.6

79.7

25.88.6

.345.0

.0

—6.6

—4.3—2 3

71.3

68.82.4

—1.8

81.6

26.89.5

—.245.5

.0

— 6.@

3 1—2.9

74.1

73.2.9

—1.5

Table 12.—Corporate Profits (Before Tax) and Inventory ValuationAdjustment, by Broad Industry Groups (VI-10)


All industries total

Manufacturing

Durable-goods industriesNondurable-goods industries

Transportation, communications, andpublic utilities. . .

All other industries

1958

37.2

18.3

9.09.3

5.6

13.3

1959

46.4

24.8

13.211.6

6.4

15.2

1960

45.1

23.3

12.011.3

6.8

15.0

1960

III IV -1961

II III

Seasonally adjusted at annualrates

44.1

22.6

11.411.3

6.6

14.9

42.9

21.6

10.710.9

6.8

14.6

40.0

18.8

8.510.4

6.5

14.6

45.5

22.3

11.211.2

7.1

16.1

47.0

23.6

12.111. C

7.3

16.1


BY WALTHER LEDERER, SAMUEL PIZER, JOHN B. BODDIE, AND MAX LECHTER

Recent Developments in International Trade and InvestmentsThird Quarter Balance of International Payments

FAR in 1961 the balance on ourforeign transactions has been betterthan in 1960, but the substantial im-provement during the early part of theyear has not been held, as businessactivity at home recovered, and therate of economic expansion in some ofthe major countries abroad sloweddown.

After adjustment for seasonal factorsand certain special transactions, the ad-verse balance in our international inter-change during the third quarter wasclose to $800 million, or $3.1 billion atan annual rate.

During the second quarter that bal-ance—adjusted for seasonal variations,but omitting receipts from extraordinarydebt repayments—was adverse by $1.9billion at an annual rate, and in thefirst quarter by $1.4 billion.

For the first three quarters, the for-eign transactions of the United Statesincluding the receipts from the extraor-dinary debt repayments of $650 mil-lion, resulted in a payments balanceof $1.5 billion at an annual rate. Thiscompares with the larger amounts of$3.5 to $4 billion per year in the periodfrom 1958 to 1960.

The balance in our internationaltransactions as defined here shows thechanges in the international liquidityposition of the United States and ismeasured by changes in holdings ofgold and convertible currencies by ourmonetary authorities and the changesin outstanding liquid liabilities.

Before adjustments, the net declinein liquidity during the third quarterwas about $910 million composed of areduction in our combined stock of goldand convertible currencies by close to$270 million, and the rise in liquidliabilities by close to $640 million.

The acceleration in the "deficit" onour foreign transactions appears to havebeen due to several major factors, asindicated in the following tabulation.

The major items having an adverseeffect in the third quarter on the balancewere the substantial rise in merchandiseimports; the sharp reduction in theinflow of foreign capital (other thanliquid funds); and some decline, scat-tered over various items, in the balanceon services transactions. To a major

Major Recent Changes in the Balance ofInternational Payments

[Billion dollars at annual rates]

Selected items affecting thebalance of payments:

Merchandise imports

Foreign investments in theUnited States

Balance on services, exclud-ing military expendituresand sales

Merchandise exports, ex-cluding those financed byGovernment grants andcapital outflows

Balance on unrecordedtransactions

Balance on all items excludingspecial transactions

19

Secondquarter

13.6

1 l

2 4

17.2

—1.6

—1.9

61

Thirdquarter

15.4

0

1 8

17.3

.5

—3.1

Changesresultingin an im-

prove-ment (-+-)or deteri-oration(-)in

the bal-ance

—1.8

i i

. 1

2.1

—1.2

extent the change in the balance onthese transactions was offset by theshift in the balance on unrecordedtransactions. The rise in merchandiseexports was due largely to highershipments financed under the variousforeign aid programs. Other exportsrose only moderately and their changethus did not provide a major offset tothe adverse effects resulting fromchanges in other items.

To some extent the recent develop-ments in the balance of payments con-form to the pattern one might expectfrom the rise in domestic businessactivity and the slowdown in the rateof economic expansion in some of the

major industrial countries abroad. Toa certain extent, however, changeswhich normally could be expected as aresult of cyclical forces were modifiedby other factors, accelerating the dete-rioration in our liquidity position.These other factors, however, appear toreflect changes in temporary ratherthan in structural conditions.

Rise in Merchandise Imports

Merchandise imports rose from anannual rate of $13.6 billion in the sec-ond quarter to $15.4 billion in the third.An attempt has been made—as shownin the chart on page 17—to determinewhat part of that change can be attrib-uted to the increase in domestic busi-ness activity during that period. Thefirst panel in that chart shows the rela-tionship between GNP and imports byquarters over the period from 1950 tothe third quarter of 1961. Percentage-wise, imports rose somewhat slowerthan GNP. Several factors may beresponsible for this. In particular, im-ports of the large foodstuff and bever-age component contributed to theslower pace of total imports since theyrise more in line with the increase inpopulation rather than the increase inincomes.

As the scatter of the individual quar-terly relationships from the regressionline in the first panel indicates, changesin GNP do not explain all of the changesin imports. An examination of the dif-ferences of the actual quarterly importswith those calculated from the regres-sion equation indicated a distinctcyclical pattern.

Various business indicators with astrong cyclical tendency were comparedwith the pattern of the residuals, andchanges in non-farm inventories ap-peared to have the closest similarity.The relationship is shown in the secondpanel. This indicates that everything

15Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


else being equal, imports will changesubstantially in periods of significantshifts in inventory investment.

A comparison of seasonally adjustedimports with the values calculated onthe basis of a multiple correlation withGNP and nonfarm inventory move-ments is shown in the third panel andthe differences between the two linesin the fourth.

For the period as a whole the cal-culated values seem to follow relativelyclosely the actual import movements,but actual imports fell somewhat shortof the calculated amount in the fourthquarter of 1960 and the first quarter ofthis year. In the second quarter thatshort-fall widened considerably as GNPand inventories rose, but a correspond-ing rise in imports did not materialize.However, imports rose sharply in thethird quarter recovering to the positionindicated by the calculated relationship.Thus, the third quarter rise repre-sented to a large extent a lagged reac-

tion to the advance in domestic businessactivity.

A large part of the import rise in thethird quarter occurred in July. DuringAugust and September imports wereapproximately at a $15 billion rate.The sharp rise in July and the subse-quent leveling out at a lower rate mayhave been due to some extent to theshipping strike at the end of Junewhich could have retarded the arrivaland unloading of ships. The largeshift in the "errors and omissions"from missing net debits of about $400million (quarterly amount) in thesecond quarter to missing net creditsof $125 million in the third quarter,may reflect the shift in imports to theextent that payments for third quarterimports were actually made during thesecond quarter.

To a certain extent, the change inthe deviation of actual from calculatedimports from the second to the thirdquarter appears to have been due to

Table 1.—Analysis of U.S. Balance of Payments, Seasonally Adjusted 1

(Millions of dollars)

U.S. payments, recorded .Imports:

Merchandise _ _ _Military expendituresOther services. _ _

Remittances and pensionsGovernment grants and capital outflows

Transactions involving no immediate dollarout floiv from the United States 2 . _ _

Dollar payments to foreign countries andinternational institutions

U.S. private capitalDirect investments _Long-term portfolioShort-term

U.S. receipts, recordedExports:

MerchandiseFinanced by Government grants and capital.

Services and military salesRepayments on U.S. Government loansForeign capital other than liquid funds

Excess of recorded receipts or payments ( — )On goods, services, remittances, and pensions.On Government grants and capitalOn private U.S. and foreign capital (other

than liquid funds) _ _ _ . _Unrecorded transactions _ __ _

Total net receipts (+) or payments (— ) (bal-anced by changes in holdings of gold andconvertible currencies by U.S. monetaryauthorities and changes in liquid liabilities).

Major special transactions

Total, excluding special transactions . _ _

Calendar year

1959

29, 743

15, 2943,1095,134

7913,040

na

na2,3751,372

92677

25, 472

16, 282na

7,4271, 054

709

-4,271-619

-1,986

-1,666528

-3, 743

335

-4, 078

1960

31,412

14, 7223,0485,557

8483,381

2,155

1,2263, 8561,694

8501,312

28, 131

19, 4091,8207,891

631200

-3,2813, 125

-2,750

-3,656-648

-3,929

-524

-3,405

January —September

1960

23, 198

11. 2892,3214,213

6182,368

1,506

8622,3891,010

606773

21, 024

14, 414L2575, 833

486291

-2, 1741,806

-1,882

-2,098-321

-2,495

3 -80

-2,415

1961

23, 131

10, 6462, 2454,178

6422,836

1,946

8902,5841,243

438903

22,483

14, 7621,6376,2071,042

472

-6483,258

-1,794

-2,112-309

-957

650

— 1, 607

1960

I

7,567

3,785767

1,373198750

496

254694344194156

6,914

4, 650420

1, 915168181

-653442

-582

-51333

—620

-620

II

7,690

3, 830756

1, 438213843

482

86161026026783

7,069

4, 837402

1,99114893

-621591

-695

-517-142

-763

3-80

-683

III

7,941

3, 674798

1,402207775

528

2471, 085

406145534

7,041

4,927435

1,92717017

-900773

-605

— 1, 068—212

-1,112

-1,112

IV

8,214

3, 433111

1,344230

1,013

649

3641, 467

684244539

7,107

4, 995563

2,058145

—91

-1,1071,319—868

-1,558-327

-1,434

3 4-444

-990

1961

I

7,768

3,394759

1,366210

1,000

687

3131,039

500—20

559

7,447

5,054580

2,062132199

-3211,387-868

-840-25

—346

—346

II

7,330

3,400761

1,361221822

639

283765330320115

7,987

4,763452

2,119830275

6571, 139

8

-490-409

248

5 6 724

-476

III

8, 033

3,852725

1, 451211

1,014

720

294780413138229

7, 049

4,945605

2,02680

—2

-984732

-934

-782125

-859

6-75

-784

1. Excludes goods and services transferred under militarygrants, and the subscription to the International MonetaryFund of $1,375 million in 1959.

2. Includes only direct financing provided by the Govern-ment for the exports of goods and services from the UnitedStates and for meeting other foreign obligations in the UnitedStates.

3. Capital subscriptions to international and regionaltinancial institutions.

4. Exceptionally large private direct investments involvingcash payments abroad.

5. Receipts from foreign governments through extraordi-nary debt repayments ($649 million).

6. Shift in debt service payments by foreign governmentsfrom third to second quarter.

na Not available.

changes in imports of foodstuffs which,in general, are less affected by cyclicaldevelopments than other imports. Inparticular, imports of sugar were lowduring the second quarter, but theyrecovered to the customary level inthe third. Coffee imports may havelagged somewhat in the third quarter.Altogether foodstuffs imports increasedin the third quarter at an annual rateof about $200 million, most of whichmay be attributed to shifts in thequarterly distribution rather than toan advance on cyclical grounds or tomore enduring factors.

Rise in industrial materials andmanufactures

Most of the recent import rise was inindustrial materials and in finishedmanufactures. The chart on page 18shows the relationship between importsof industrial materials (after adjustmentfor seasonal factors and price changes)and manufacturing output since 1957.

It can readily be seen that from 1957to 1959 imports rose faster than U.S.industrial output, and that the declineduring 1960 was more than in domesticproduction. To a certain extent thesechanges in the relationship were due tochanges in steel imports which weregreatly affected by the steel strikeduring the second half of 1959, butimports of other materials showedsimilar changes.

The relatively low volume of importsof industrial materials during the earlystages of the current cyclical upswingresulted in reductions in inventories ofthese materials. The acceleration inimports during the third quarter reflectssome replenishment of stocks. Thiswas especially the case in variousnonferrous metals. The initial rise indomestic requirements for importedmaterials was thus absorbed to a certainextent by inventor}7 reductions, andthe third quarter rise in imports reflectsin part the need to replenish stocks.

An additional factor contributing tothe acceleration of the rise in importsof industrial materials which competewith domestic production is the slacken-ing in the demand by other industrial-ized countries where production is nowexpanding at reduced rates, and inven-Digitized for FRASER


December 1961

lories are not being increased or areeven being reduced. The decline in for-eign demand has had a depressing effecton prices of some of these materialson international markets in recentmonths. This applies particularly tolead, zinc, copper, aluminum, copra,and rubber.

For many of these commodities for-eign demand is generally larger thanU.S. demand. Unless domestic pro-ducers are able to expand their outputof these products even with prices de-clining, the increase in domestic de-mand will tend to be met from foreignrather than from domestic sources.The rise in the imports of steel millproducts perhaps may only to a lesserextent be attributed to declining pricesabroad, but rather to an expansion inavailable capacity relative to demand.Prices for certain steel products chargedby some of the European producershave been lower than those chargedby domestic industry for some time.The total of steel imports is still con-siderably under the record during andafter the 1959 steel strike, but duringthe third quarter they were at a sub-stantially higher rate than prior to 1959.

The tendency for imports to risetoward the amount indicated by thepast relationships to domestic businessactivity applied also to finished manu-factures. But an important specialelement contributing to that rise wereimports of commercial airplanes. Cargoplanes were imported from Canada, andjet passenger planes from France. Theincrease over the second quarter wasabout $40 million. About $150 millionhad been ordered and the remainderwill be delivered during the final quar-ter of this year and the early part ofnext year. Imports of passenger carswhich had been smaller than sales forsome time rose again after adjustmentfor seasonal variations. Imports ofother consumer and capital goods alsoexpanded from the second quarter,which seems to have been the lowestpoint in the recent import cycle forthese goods. Machinery imports nearlyregained the previous peak at the endof 1959.

Another development affecting im-ports appears to be the cyclical devel-

619486°—61 3


IMPORTS REFLECT MOVEMENT OF U. S. GNPBut Also of Inventory Changes, With Special Factors Dominating at Times

200 300 400 500

17

600

20

16

12

IMPORTS RELATED TO GNP

Regression

\

200 300 400Gross National Product - Billion $

500 600

DEVIATIONS From Above Line Related to Changes in INVENTORIES

-20 -15 -10 -5 0 5 10Change in Nonfarm Business Inventories - Billion $ (GNP basis)

U.S. IMPORTS-Calculated vs. Actual

15 20

16

12

Actual

U* I, 1 I I I I

Deviations of Actual From Calculated Imports As a Percent of Calculated

"20 I i i I I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i i i I i t

1950 1952 1954 1956 1958 1960 1962

Data: Quarterly - Billions of Dollars, Seasonally Adjusted, At Annual Rates

* Calculated from the regression using quarterly data 7950-1960 Data: Census & OBE

U. S. Department of Commerce, Office of Business Economics 61-12-11


18

opments abroad. A slackening off inbusiness activity in countries compet-ing with us for goods we actually orpotentially import, tends to increasesuch imports. Such an effect can beobserved in recent months in industrialmaterials and perhaps also in somecategories of finished goods. The charton page 17 shows that a period of acontinuous short-fall of imports relativeto calculated values occurred from thelast quarter of 1954 to the last quarterof 1955. That was also a period inwhich business activity in the otherindustrialized countries increased some-

MANUFACTURING OUTPUT AND IMPORTSOF INDUSTRIAL MATERIALSRecent Rise in Imports Reflects Increasein Domestic Production as inPrevious Recoveries

Billion 1953"$1957 = 100 (Ratio Scale) Annual Rates

120

110

100

90

80

Manufacturing Output(left scale)

Volume of IndustrialMaterials Imports

(right scale)

I J_ I J_ I1957 58 59 60 61 62

Quarterly, Seasonally Adjusted,

Basic Data: FRB & Census


what faster than the longer run trend,and productive capacity started tobecome a limiting factor in meeting therising demand. During 1956 and thefirst half of 1957 when imports wereabout equal to the calculated values,production in other industrial countriesadvanced approximately in line withthe longer run trend.

From the middle of 1957 to the endof 1959 imports were higher than thecalculated amounts. The latter partof that period reflected, of course, the


large steel imports. It was also aperiod, however, when producers ofmanufacturers in the other industri-alized countries as well as producers ofraw materials were in a relatively betterposition to compete in our domesticmarkets. The strong business expan-sion abroad since the latter part of 1959reduced competitive pressure by foreignproducers, but with the recent slow-down in the rate of foreign businessexpansion this pressure can be expectedto strengthen again.

Exports Remain High

Nonmilitary merchandise exports re-covered during the third quarter abouttwo-thirds of the decline from the firstto the second quarter. These exportshave not changed materially since themiddle of 1960 but a slight downwardmovement appears to have developedsince the top in the first quarter of thisyear, particularly in the case of exportsnot financed by Government grants orcapital outflows.

Exports financed by Governmentgrants or capital transactions increasedby about $150 million from the secondto the third quarter and thus accountedfor about three-fourths of the total risein exports in the third quarter.

Another factor contributing to therise in the third quarter exports—whichmay partly overlap with the rise inGovernment financed shipments—wasthe rise in cotton shipments after Au-gust when a higher export subsidy tocompensate for higher support pricespaid for the new crop came into effect.Shipments during May, June, and Julyhad been postponed in anticipation ofthat change. This change in policyresulted in an estimated shift in ship-ments of about $60 to $70 million fromthe second to the third quarter. Withthat adjustment exports during thethird quarter were about equal to thosein the second quarter.

The chart on page 19 records the ex-ports by major categories, includingshipments directly financed by theGovernment.

Shipments of capital equipment con-tinued to expand, but Governmentfinanced shipments of capital equipmentwere probably an important factor con-

December 1961

tributing to the third quarter rise.Sales of finished consumer goods werehigher than a year earlier.

Exports of industrial materials in-cluding cotton have leveled out sincethe third quarter of last year. Exportsof foodstuffs, excluding Governmentfinanced shipments which account forabout 30 percent of the total, wereslightly higher than a year earlier.

The continuation of the uptrend inshipments of machinery at a compara-tively high and still rising rate, whileexports of industrial materials havealready leveled off represents a cyclicalpattern which could also be observedin 1957 when the peak in exports ofindustrial materials was reached abouttwo quarters earlier than the peak inexports of machinery.

Country pattern of distribution

To a large extent the commoditypattern of the export trade depends onits geographic distribution. Exportsto the industrialized countries consistto a large extent of industrial materials,while those to the less developed coun-tries consist mostly of finished goods.The slowdown in business activity inEurope is to a large extent in the basicmaterials industries, and thus affectedour exports of industrial materials. Insome of the European countries neworders for investment goods have alsodeclined, but the backlog is still largeenough to permit production to con-tinue on a rising trend. Any furtherdecline in the demand for capital equip-ment in the major European countrieswill have repercussions on U.S. exports.The prospective widening of the com-mon market, and the continued needfor labor saving equipment may be ex-pected, however, to keep the Europeandemand for capital goods high.

Exports to Canada and LatinAmerica have remained stable, althoughstill relatively low.

Exports to Japan, which consistlargely of industrial materials, con-tinued to expand and thus offset inpart the declining demand in Europe.Because of Japanese balance of pay-ments difficulties, however, the rise insales to Japan cannot be expected tocontinue.


1061 SURVEY OF CUERENT BUSINESS 19

The overall export movement issubject to a variety of influences at thepresent time some of which haveopposite effects. In general, changesin the growth rate of the other indus-trialized countries have been the mostimportant factor influencing our exportsin recent years. Some slowdown inEurope is developing now and can alsobe expected for Japan. Business inCanada is strengthening, however, andthat should have a favorable influenceon our sales there. At the same time,upward valuations of the currencies ofGermany and the Netherlands wouldtend to reduce the competitive positionof these countries.

By the same token, the downwardadjustment of the Canadian dollarwould tend to offset the effects to beexpected from the rise in businessactivity in that country. This varietyof developments abroad would suggestthat for the near future at least foreigninfluences on our exports are not likelyto create major changes in the currentrate of those exports which do notdepend on government financing. Inaddition to these foreign influences,exports are also affected by domesticdevelopments, including the expansionin domestic business, the modernizationof domestic industry, changes in costsand prices, the development of new andbetter products, and the various meas-ures taken by the Government andindustry to expand foreign sales. Itis still too early to judge the effectsof these developments, but they shouldhelp to have a positive influence on thelonger run trend and perhaps reducethe extent to which exports are subjectto changes in business activity incompeting countries.

Private Capital Movements

The outflows of private capital fromthe United States was about $340million less in the third quarter thanin the preceding quarter, but this wasa seasonal change. Direct investmentsturned up moderately, after seasonaladjustments, indicating that an annualrate of $1.6 billion, as suggested by thefigures for the first half of the year,was being maintained. Other outflowsof long-term capital were considerably

reduced as new issues in this marketfell off, as did longer term bank loans.

Outflows of short-term funds were$165 million less than in the secondquarter; although a decline is ordinarilyexpected on the basis of the seasonalpattern, much of the third-quarterreduction resulted from a leveling-off ofclaims on Japan, which had risen

MAJOR CATEGORIES OF MERCHANDISETRADE

Third Quarter 1961 Export Surplus Declines—As Recovery in Exports of FINISHEDMANUFACTURES Fails To Match Import RiseDue to Large Arrivals of Aircraft

Billion $

10MANUFACTURES: CAPITAL EQUIPMENTAND CONSUMER GOODS (nonfood)

Exports

0 I I I I I I I I l i i i l n i l i i

While Export Surplus on INDUSTRIALMATERIALS Continues Narrow

10INDUSTRIAL SUPPLIES AND MATERIALS

Exports

4 I I I 1 I I I I J M l l M l l .

And Government-Financed Shipments KeepFOODSTUFFS Trade at Near-Balance

FOODSTUFFS

k Exports

1954 56 58 60 60 61 62

Annual Quarterly*

* Seasonally Adjusted, at Annual Rates

Basic Data: Census


steadily since 1959 and accounted formuch of the total recorded outflow inthe past 2 years.

Direct investments—two-fifths toEurope

In the first 9 months of this year,outflows of direct investment capitalwere over $200 million above thecorresponding period of 1960, an in-crease of about 20 percent. The largestyear-to-year rise has been in theMiddle East, where oil production rosesubstantially.

Latin American countries are alsoreceiving more capital this year, pri-marily because of outflows to miningcompanies in contrast to sizable flowsback to the United States in 1960.However, based on the very partialdata now available, it appears thatmanufacturing investments may belower in some Latin American countries.

Direct investments in Canada werecut back in the third quarter by anunusally large inflow of capital from aCanadian subsidiary to its U.S. parentcompany; other flows are running atabout the same rate as in the pastseveral years.

European countries continue to re-ceive a large share of the total outflow,about 40 percent for the first three quar-ters of the year. In the third quarter themovement both to the United Kingdomand to continental Europe increased;for the first nine months new invest-ments in the United Kingdom were lessand in the Continent substantiallyhigher than in 1960. Switzerland at-tracted more capital, largely by petro-leum companies, to finance their Euro-pean operations.

In general, the somewhat higherdirect investment flow so far this year,as compared with 1960, is in line withearlier projections of foreign plant andequipment expenditures, published inthe September Survey of Current Busi-ness, but there are some interestingvariations. For the Common Marketcountries, the capital outflow is up byabout 20 percent, while projectedcapital expenditures were up by 35percent, probably indicating increasedreliance on internal financing and localcapital facilities. In the United King-


20 SUKVEY OF CURRENT BUSINESS


December l<*;i

Table 2.—United States Balance

Line

1

2

.3

4

•5€

789

101112

1314

1516

171819

2021

2223

'24

25

26

272829

30

3132333435

363738394011

42

4344

4546

-47

€8

19

I

II

III

Type of transaction

Exports of goods and services

Goods and services transferred undermilitary grants, net

Goods and services excluding transfersunder military grants

Merchandise, adjusted, excludingmilitary

TransportationTravelMiscellaneous services:

PrivateGovernment, excluding military

Military transactionsIncome on investments:

Direct investmentsOther private..Government

Imports of goods and servicesMerchandise, adjusted, excluding mili-

taryTransportation-Travel -

Miscellaneous services:PrivateGovernment, excluding military

Military expenditures.Income on investments:

PrivateGovernment

Balance on goods and servicesExcluding transfers under military

grantsUnilateral transfers net, [to foreign

cou n tries ( — ) ]Excluding military transfers. _ ._

Private remittancesGovernment:

Military grants of goods and servicesOther grantsPensions and other transfers

U.S. capital, net [increase in U.S. as-sets( )]

Private, netDirect investments netNew issues of foreign securitiesRedemptionsTransactions in outstanding foreign

securitiesOther long-term, netShort-term, net -

Government net __ _ .Long-term capitalRepaymentsForeign currency holdings and short-

term claims net [increase ( — )]

Foreign capital net [increase in U.S. lia-bilities (+)].

Direct investments in the United States-Other long-term investments in the

United States (mainly in U.S.private securities).

Foreign commercial creditsIncrease in U.S. liquid liabilities (for

details see table 3).

Gold and convertible currencies pur-chases (— ) and sales (+) by monetaryauthorities.

Reduction in gold and convertible cur-rency holdings (line 47) and increasein U.S. liquid liabilities (line 46).

Errors and omissions and transfers offunds between foreign areas [receiptsby foreign areas (— )], net.

Memorandum items:Increase in reported total foreign gold

reserves and liquid claims on theUnited States.2

Through estimated net receipts from, orpayments (— ) to the United States.3Through other transactions *

All areas

1960

I

6,796

443

6,353

4,607429192

3363658

51711860

5,769

3,830432278

14964

767

148101

1,027

584

— 1, 022—579

—142

—443—381—56

—875—651—303— 295

22

12

—90—224—238

155

—141

771

11176

—6590

50

640

49

813

631

182

II

7,584

622

6,962

4,994470249

33936

122

56513057

6,074

3,857540470

15068

756

14786

1,510

888

—1,253—631

—164

—622—418

—49

— 1, 110—724—331— Ill

26

—67

—164—386—353

117

—150

887

29121

—57794

94

888

—128

1,098

878

220

III

6,941

282

6,659

4,676475311

3494370

52012887

6,057

3,550544668

168109798

14377

884

602

—900—618

—154

—411—53

—1,075—924—327— 66

21

JQ

25—448—151—234

178

—95

571

23(x)

—6554

637

1,191

—117

1,316

1,186

130

1961

I

7,210

312

6,898

5,009413197

3543870

61314262

5,322

3,407428275

15286

759

14669

1,888

1,576

—1,012—700

—155

—312—490

— 55

—1,400—980—464

— 8822

— 79

—448—420—420

100

—100

187

2698

—12

346

334

<

468

329

139

IP

7,593

572

7,021

4,912455245

36839

150

60116091

5,610

3,458503454

15275

761

14562

1,983

1,411

—1,281—709

—162

—572—488

—59

513—926—380—220

23

—43—31

—275413

—308825

—104

536

33158

84261

—330

—69

—395

191

—78

269

ID>

na

na

6,743

4,670453295

35840

120

58715862

6,170

3,685524712

162149725

14568

na

573

na—678

155

na—467

—56

1 019—588—350—80

16

—57

—109—431—503

81

c

635

11

—11637

269

906

220

1,132

899

233

Western Europe

1960

II

2,657

323

2,334

1,67720931

1561389

1053024

2,234

1,081277218

10019

397

9448

423

100

—482—159

- 74

—323—65—20

—267—268—110

— 33

—2442

—1761

—3832

590

9100

—56537

48

585

—312

995

273

722

III

2,412

141

2,271

1,66020435

1601348

832741

2,169

913284280

10318

434

9443

243

102

—300—159

74

—141—62

23

—338—391—200

fir^

-20—108

53—71

101

23

176

161

—16175

577

752

—358

988

394

594

1961

IP

2,648

274

2,374

1,65620335

16714

100

1153648

2,040

935268197

10018

392

9733

608

334

—435—161

—274— G2

25

403—234—136—31

1

—22—26—20

637—63

709

c

315

22119

61113

—362

-249

—529

76

—778

854

III'

na

na

2,193

1,52619537

1651480

1243616

2,178

994275287

10120

368

9538

na

15

na—164

na—65

25

167—115—211

2

1980

—52—62

15

1,130

f

—161,144

370

1,514

—1, 184

2,014

330

1,684

Eastern Europe

1960

II

50

50

462

(x)

2(x)

(x)

25

2113

(x)(x)

25

25

—7— 7

$

—1(x)

—272

3—1

—29— 2

1

—28

11

(x)11

11

—2

11

c

^

III

Gl

61

502

(x)

2(x)

7

25

21(x)

3

1(x)

36

36

_7

— 1— 1

—22—3

—1—2

—19— 1

6

—24

—10

(x)—10

—10

3

—10

—7

—3

1961

IP

53

53

432

(x)

2(x)

6

24

22(x)

(x)1

(x)

29

29

—1—1

12— 7

—1

—6—5

(x)6

—11

3

3

3

—13

3

—10

13

Hip

22

22

181

(x)

2(x)

1

25

21(x)

3

1(x)

0

0

—8

—6

— 1— 1

64

42

(x)

1

—2

—2

—2

7

2

5

—7

Canada

1960

II

1,390

1,390

1,04830

126

341

10

8952

993

7443175

81

89

378

397

397

—12—12

. . ,4

--8

—219—221—116

15

9—47

2

2

136

191

4112

112

—302

71

—190

261

III

1,239

1,239

87031

161

3557

7852

1,126

73532

215

111

96

29

113

113

—11—11

4

—179—182—102

7

— 125

—1113

3

111

4—12

1118

118

—34

103

84

19

1961

IP

1,345

10

1,335

97030

130

41(x)

13

9160

990

7382983

101

90

32

355

345

—16—6

i

—10

c

—305—307—73

—11015

—223

—1202

2

238

83

1226

226

—272

248

—46

294

III"

na

na

1,277

90031

150

40(x)

18-

7860

1,215

82732

230

101

76

327

na

62

na—11

—3

na

—8

—119—119—25— 50

8

—26—6

—20

—31

8—16

2—25

—25

99

—4

74

—78

Latin Americanrepublics

1960

II

1,364

23

1,341

9267373

6269

1522218

1,205

97640

111

371515

74

159

136

—69—46

17

—2307

—130—12—30

3

1—117

131—118—147

54

—25

37

4

—437

1

38

2

—111

40

—151

III

1,311

15

1,296

8587881

67

3

1602220

1,110

86440

113

491616

84

201

186

—57—42

—14

—15—25

g

146—130—28— 30

10

—3—36—43—16—49

40

—7

j

— 12

6—8

36

28

—33

—64

—5

—59

1961

IP

1,255

19

1,236

8086765

6875

1732617

1,024

80540

103

361715

71

231

212

—79—60

—17

—19—40—3

358

—117

1

1—9132

—43—76

50

—124

313

4—144

—6

—150

13

—160

—137

—23

III

na

na

1,291

8777477

66

1392818

1,010

76339

119

471716

81

na

281

na—86

—14

na—69—3

404—183—17

2

4—38

—134—221—177

29

-73

173

n10

2163

8

171

28

160

199

—39

» Revised. * Preliminary. na Not available. nss Not shown separately. x Less than $500,000.* Transactions with shipping companies operating under the flags of the Bahamas, Honduras, Liberia, and Panama are included under "unallocated."2 Changes in reported total gold reserves of foreign central banks and governments (including international organizations but excluding the countries of the Soviet bloc), net of converti-

Me currencies held by U.S. monetary authorities, plus foreign liquid claims on the United States.


De<vmber 196.1.

of Payments by Area



21

All other countries l

1960

II

2,054

276

1,778

1,29711419

681614

2191615

1,459

1, 0256663

525

255

911

595319

-666-390

-63

-276-308-19

-438j

-196-82-28

-14-71

-242-166

30

-106

49

li.

35

35

70

425

t

49b

—486

III

1,849

126

1,723

1,23812034

691812

1961719

1,445

1, 0126957

528

252

1210

404278

-496-370

-57

— 126-294-19

-350

-17634

-35

-184-174-113

29

-90

125

11*

19

133

298

85

431

—346

1961

IP

2,205

269

1,936

1,43511415

731815

2212520

1,385

9496170

628

255

9

820551

-714-445

-65

-269-355-25

-566

-394-54-72

1c

1-261-172-169

60

-63

61

(x)19

1824

29

53

370

—21

423

—444

Hip

na

na

1,890

1,34911531

681915

2422427

1,527

1,0736873

429

263

10

na363

na-370

-58

na-293-19

-366

-203-112-30

-41

17-39

-163-264

33

68

—218

—22^

34

in/

557

—181

367

—548

International institutions andunallocated

1960

II

69

69

42

17

(x)

(x)10

158

10125

8

(x)15

-89

-17-17

-17

-29

213

4-37

(x)

(x)

64

62

10

72

61

123

123

III

69

69

40

16

(x)

310

182

119

45

(x)13

-113-113

-29-29

-29

-40

-42-31

-12

2

(x)

170

(x)16o

(

170

214

172

42

1961

IP

87

87

39

17

17

113

147

9105

109

(x)14

-60-60

-30-30

-30

8(x)

1(

—6

—6

43

39

48

36

45

75

—30

in>

70

70

37

17

2

410

215

7110

812

15

-145-145

-39-39

-39

31

2815

11

j

3

—417

—419

—143

—562

713

—855

144

—999

Sterling area

Total

1960

II

nss

nss

1,361

9259319

11275

1711514

1,119

66111781

7811

114

498

nss242

nss-103

-32

nss-66

-392

-241-92— 17

14

-151-151-81

19

—89

369

2/

1C

35o

13

368

JOl

400

239

16

III

nss

nss

1,327

9349829

11389

117127

1,051

58011988

8011

116

498

nss276

nss-110

-30

nss—76

-326

-195-57— 12

-16

-107-131—r

10

—70

172

—10

—10184

200

384

—212

309

172

137

1961

IP

nss

nss

1,143

7288520

11886

1461616

1,045

59411784

8011

114

387

nss98

nss-120

-34

nss-81

-231

-130-93—26

-8

-101-78

13

—36

12

1824

— &

—224

—258

465

—297

207

—504

III*

nss

nss

1,187

7498435

11686

1611513

1,114

653115100

7811

110

3710

nss73

nss-117

-30

nss-82

-230

-171-174

1C

1-30

c

52-59

-13013

58

1,016

—6

1,018

55

1,073

—797

833

276

557

United Kingdom and other Europe

1960

II

nss

nss

602

366579

8132

64128

628

28310244

762

67

477

nss-26

nss-20

-17

nss

«-3

-165

-170-63

18

19-144

5— 1

7

-1

378

816

—20374

374

-167

449

207

242

III

nss

nss

591

3915611

8234

359

(x)

580

21810253

781

74

47

nss11

nss-19

-16

nss(x)

-194

-196-81

-18

-9|

(x)"1

197

1—10

21(

200

410

—195

360

215

145

1961

IP

nss

nss

503

2575712

8434

69107

531

20910339

761

61

366

nss-28

nss-21

-18

nss

-25

-30-5(

275

(x)

—19

1816

—225

—282

318

—282

36

—318

III*

nss

nss

521

2875515

8533

6310

(x)

572

24010154

761

56

359

nss-51

nss-18

-15

nss(x)

-51

-57-91

— i

376

(x)

950

957

55

1,012

—885

757

127

630

Other countries

1960

II

nss

nss

759

5593610

3143

10736

491

3781537

29

47

21

nss268

nss-83

-15

nss-66

— 2

-227

-71-29-17

— 4

-14

-156-80

12

-88

(x)8

—19

13

—6

38

—49

32

—81

III

nss

nss

736

5434218

3155

8237

471

3621735

21042

21

nss265

nss-91

-14

nss-76-1

-132

124

-12

-11-133-70

10Ijr

—25

—26

—26

—17

—51

—43

1961

IP

nss

nss

640

471288

3452

7769

514

3851445

41053

21

nss126

nss-99

-16

nss-81

-206

-100-37-26

-&-106-78

(

-37

31

(x)

23

24

147

—15

171

— 186

III"

nss

nss

666

4622920

3153

985

13

542

4131446

21054

nss124

nss-99

-15

nss82-2

-179

-114-83— 15

1-27

-515

-65-129

13

51

66

5

61

61

88

76

149

— 73

Line

1

2

3

456

7&9

101112

13

141516

17lg19

2021

2223

2425

28

2T2829

mai32333435

3637383940

41

42

4344.

45'46

4?

48

49

I

nin

3 For "All areas" equals balance (with reverse sign) of line 23 (less net sales of gold by domestic sources to (+) or purchases from (—) the monetary gold stock of the United States),plus lines 25, 30, 43, 44, 45, and 49. Domestic sales to (+) or purchases from (—) the monetary gold stock were in millions of dollars: 1960 I, -9; II, -10; III, -5; 19611, -5; II, -9; IIIW—7. For individual areas, line 49 is not included.

* Line I minus line II for all areas represents gold obtained by foreign central banks and governments outside the United States.



dom the capital outflow has been re-duced although the projections alsoindicated a strong upward trend incapital outlays. It is possible, of course,that unsettled conditions in Europethis year, and some slowdown in gen-eral economic expansion there, mayhave caused some delay in investmentprojects.

Some weakening in capital move-ments to Canada was indicated by ex-pectations for plant and equipmentexpenditures, but in Latin America thecapital flow figures suggest there mayhave been some cutbacks from earlierplans.

The current rate of outflow for directinvestment abroad is a significant fac-tor in the overall balance of payments,and it may be worthwhile to examinethe evolution of this item over therecent past. From 1950 through 1955the annual amount stayed close to theaverage of $0.7 billion. Beginning in1956 the magnitude of the total out-flow and the year-to-year fluctuationsrose sharply. From 1956 through 1960the average reached $1.7 billion peryear, with a peak of $2.5 billion in 1957when a combination of circumstancesraised the flow to all industries, espe-cially petroleum, and a low point of$1.2 billion in the following year.

Capital flows for investments in thepetroleum industry reached a high in

1956-57 and have since remained wellabove previous levels. Substantiallyhigher investments have also been madein manufacturing operations. In bothcases a major share of the increase incapital went to Europe, bringing a sig-nificant shift in the direction of capitalflows toward that area.

For the petroleum industry a higherproportion of investment outlays in re-cent years has been in the refining,petrochemical and distribution phasesof the industry, although the develop-ment of a new producing area in NorthAfrica has also become important.Europe is the main focus of these oper-ations, and since it is the principal mar-keting area, also absorbs large amountsof working capital as receivables andinventories increase.

Growth of investments in Europe

The capital outflow for manufac-turing has risen from an annual averageof $140 million in the 1950-55 period tonearly $450 million in 1956-60, andfor Europe the increase has been froman average of less than $20 million toover $200 million. The European por-tion has been augmented by severallarge cash purchases to enlarge existinginterests, mainly in the United King-dom. Aside from these transactions,the most consistent rise has been in theflow to the Continental countries.

Table 3.—-Changes in Gold and Convertible Currency Holdings by U.S. Monetary Authori-ties and in Liquid Liabilities

Changes in gold and convertible currency holdings by U.S. mone-tary authorities and in liquid liabilities *

Cold and convertible currencies [purchases (— ), sales (-K]Liquid liabilities, total (increase -j-) -

By foreign holders:International Organizations

Intornationai Monetary FundOther

Foreign central hanks and governments, tot a' _ _ - ~As reported by U.S. banksOther . - -

Vorei°'ii commercial banksOther foreigners and undetermined _. . .

By types of liabilities:Deposits in U S banksU.S. Government obligations:

Rills and certificatesBonds and notes -- - -Other -- ... --

Bankers acceptances, commercial paper, etcLiabilities payable in foreipn currencies _ - _ _ .Other liabilities

Calendaryear 1900

3, 923

1,7022 227

1.021741280

1 , 240I , 170

105-139

1,241

6041261803536

Quarters not seasonally adjusted

1960

I

640

50590

1921108242

-14618S457

-101

-163

9124182443

II

888

94

G281

-19547591

-4413253

970

-10156

-40-132

14

III

1, 191

637554

16510263

441494-53

5-57

454

387- 185

4-111

34—29

IV

1,210

92128!)

602448154210231

-21-489-34

-20

30913134

-165PJfj

19fil.

I

334

346—12

86256132

-1850

-15-115

101

-155206

16-177

_2— 1

II | III

—69

—330261

39n28

-324

-51414132

536

-293-94

2383466

906

269637

-419-483

64895893

2145

16

521

-56202

-4665

-49

'.. Corresponds to line 48 in Balance of Payments table p. 20 and to third line from bottom of analysis table p. 16 exceptfor seasonal adjustment.

Both the petroleum and manufac-turing industries, which account for alarge part of the capital outflow fromthe United States, have indicated thatthey intend to continue to expand theirproduction facilities abroad at the cur-rent rate at least through 1962, withEurope the most attractive area. Thusthere is little reason to expect the rateor pattern of foreign investments tochange markedly in the short run,although changes in international cap-ital markets may induce further shiftsin their financing and consequently inthe movement of funds from the UnitedStates.

Other Long-Term Investments

Sales of new foreign bonds in the U.S.market were less than $100 million inthe third quarter, continuing the rela-tively low volume characteristics sinceearly in 1960. Large Canadian publicofferings have been discouraged as amatter of policy in that country, andthe International Bank is lookingmainly to other countries for financingin view of the deficit in the U.S. balanceof payments. For 1961 as a whole salesof new issues are likely to be less than$500 million.

These capital outflows have declinedconsiderably since 1958, when a peakof nearly $1 billion was readied asborrowing costs through long-term bondissues here were sharply reduced. Al-though interest rates arc now tendingto rise in the United States, borrowingcosts here are still considerably lessthan in most financial centers abroad,and the U.S. market can more easilyabsorb borrowings of substantial size.This accounts for the continuation ofissues sold here by a number of foreigncountries, notably Japan, and for thesale here in the second quarter of largeissues to finance the Canadian naturalgas industry. A return to substantiallyhigher purchases of new issues doesnot seem likely in present circum-stances, but a further reduction prob-ably will not occur unless borrowingcosts here rise considerably.

American purchases of foreign cor-porate stocks turned downward some-what in the third quarter from theunusually high second quarter amounts.Digitized for FRASER


December 1961 SURVEY OF CURRENT BUSINESS 23

The immediate reason for the reduc-tion in capital flow was a general weak-ness in foreign securities markets,related both to the Berlin crises andsome levering off of industrial activity.This was in contrast to increasedactivity and rising markets here.

U.S. MERCHANDISE TRADE BY AREA

Overall Trade Surplus Declines During 1961

Export Balance Remains Strong With Japan—Shows Improvement With Latin America—Reduced in Other Major Areas

Billion $

JAPAN

I I I I I I I I I I I I I I t I I I I I I I I I I I I I I t I I I I I I > I I I I ! I

-LATIN AMERICA

WESTERN EUROPE

CANADA

ALL OTHER

1954 56 58 60 62 64


Basic Data: Census


The current rate of investment inthese foreign equity securities is about$200-$250 million per year. A postwarhigh of about $300 million occurred in1958, spurred mainly by the beginningof sharp rises in stock prices in theNetherlands and other European mar-kets. Outflows were somewhat reducedin 1959, and then dropped to less than$100 million in 1960 when some of theprior investments in British and Cana-dian equity securities were liquidated.

So far in 1961, most of the gain over1960 has been related to resumed pur-chases of British and Canadian issues,together with larger flows to France,Germany, Switzerland, and Australia.The flow to the Netherlands remainssubstantial, although not as large as inthe past few years.

Movements of short-term funds

Outflows of private short-term capi-tal dropped in the third quarter toabout $100 million, the $165 milliondrop from the second quarter being lessthan seasonal, however.

Recorded outflows subsided from anannual rate of over $2 billion in the lasthalf of 1960 and the first quarter of1961, to a seasonally adjusted annualrate of about $700 million in the secondand third quarters of 1961. The lesseroutflow in the third quarter reflectsmainly the decline in flows to Canadaresulting, in part, from a seasonal de-cline in interest rate differentials, fromthe liquidation of some short-termassets outstanding in Europe, and alsofrom the cessation of short-term financ-ing provided to Japan by U.S. banks.Partly offsetting these movements wasa renewed outflow to Latin America, incontrast to a sizable inflow in the secondquarter when bank financing to Vene-zuela was reduced, in part by paymentsreflected in the direct investmentaccounts.

Decline in foreign investments inU.S.

Foreign purchases of U.S. corporatestocks which had provided a measureof strength to the balance of paj^mentsthrough the first half of the year de-clined abruptly in the third quarter.The net change from the second quar-ter to the third at an annual rate wasover $500 million.

For the past several years foreignpurchases of U.S. corporate stocks havetended to move in accordance withchanges in security prices here, risingstrongly from early 1959 through theend of that year, and turning upwardagain late in 1960 as stock prices begana steep climb. In the third quarter,however, foreign transactions in U.S.stocks did not conform to these pastrelationships. Although various cir-cumstances may have been responsiblefor this deviation, a renewal of inflowsof considerable size seems quite likely.

Another negative factor in the thirdquarter balance of payments was asmall liquidation of commercial creditsextended from abroad, compared withsizable inflows in the first half of theyear. For this item, the net changefrom the second to third quarters, at anannual rate, was nearly $400 million.

Financing of this kind has been vola-tile in the past, and an evaluation ofthese flows is especially difficult. Mostof the quarter-to-quarter change was inEurope; the second quarter inflow in-cluded some borrowing from Switzer-land, where interest rates are relativelylow. In the third quarter such capitalmovements were very small, but theinformation is not yet complete.

The rise in domestic business activityand a slackening rate of expansion inother industrialized countries should beexpected to stimulate the movement offoreign capital to the United States andreduce the outflow of U.S. capital, sothat the improvement in the capitalbalance should, at least in part, offsetthe deterioration in the balance ongoods and services.

Pattern of Retirement(Continued from p. 13)

"earned" income. In each case thisresulted largely from federally sponsoredprograms (TUC and TEC), which pro-vided emergency extension of benefitsfor those unemployed persons exhaust-ing their normal benefit rights underthe regular unemployment programs.

In the second quarter of 1958, theinitial period following the 1957-58trough in earned income, unemploy-ment rates rose sharply so that pay-ments under the regular unemployment


24 SURVEY OF CUREENT BUSINESS December 1961

insurance programs also rose substan-tially. In the next quarter these bene-fits fell off, but benefits paid under thetemporary supplemental TUG, at anannual rate in excess of $1 billion afterseasonal adjustment, caused the totalto rise again.

In the most recent recession theFederal Government again adopted atemporary measure (TEC) for emer-

gency extension of benefits. Paymentsunder this program of about $1 billion,at an annual rate, in the second quarterof 1961, accounted for the entire ad-vance in total unemployment benefitsafter the cyclical bottom.

While unemployment insurance bene-fits and civilian retirement receiptshave complemented each other duringcontractions and in the early stages of

recovery, they have moved in oppositedirections in the later stages of ex-pansion. Unemployment benefits inthe past have fallen off very sharplyafter one or two quarters of recovery,but the continued advance in the othermajor series has kept the total of suchincome from falling for more than oneor two quarters.

REVISED ESTIMATES OF RETAIL INVENTORIESThe series on the book values of inventories

held by retail stores has been revised back to1946, to incorporate adjustments to the year-end estimates presented in the 1952-60 Re-tail Trade Annual Reports of the Bureau ofthe Census, to the latest (1957) StandardIndustrial Classifications of the Bureau of theBudget, and to include Alaska and Hawaii.The new series are directly comparable tothe published estimates of sales of retailstores. There has also been a revision in theseasonal factors for each line of trade.

While the amount of inventory revisiondiffered in the various years, most of the

divergence of movement affects the periodsince 1958. In October 1961 the total up-ward revision in inventories amounted to$1}̂ billion, or 6 percent. Most of the ad-justment is in the estimates of stocks held byapparel stores, and by the "all other" non-durable goods group where the figures basedon the sample of reporting units are subjectto particularly large sampling variability.

The yearend inventory estimates are basedon sample surveys conducted by the Bureauof the Census. The sample of establishmentsconsists of about 36,000 firms operatingabout 125,000 retail stores. A more complete

description of the sample design appears inthe 1960 Retail Trade Annual Report of theBureau of the Census. The monthly esti-mates are based on reports of a subs ample ofthese firms and the Federal Reserve Boardmonthly data on department stores' stocks.

The following table presents revised esti-mates for the December 1957-December 1960period, and figures for 1961 appear on pageS-ll of this issue. Pages S-4 and S-5 carryrevised stock-sales ratios and the new data onmanufacturing and trade inventories, whichare affected by the new estimates of retailstocks. Back data are available upon request.

Inventories of Retail Stores, by Kind of Business—Revised Series


End of period

1957:Dec

1958:JanFebMarAprMayJune _ _

JulyAugSeptOctNovDec.— _

1959:JanFeb ._Mar .AprMayJune -_

JulyAugSeptOctNov _ _Dec _

1%0:JanFebMarAprMayJune

JulyAugSeptOctNovDec

Allretailstores

Durable goods stores

TotalAuto-

motivegroup

Furni-ture and

appliancegroup

Lumber,building,hardware

group

Nondurable goods stores

Total Apparelgroup

Foodgroup

Generalmer-

chandisegroup

UNADJUSTED FOR SEASONAL VARIATION

23.40

23.2623.8924. 5724.5524.2623.74

23.4523.4923.7224.2324.8423.21

23.4824.1924.9325.5925.3725.15

25. 2025.2925.1626.0626. 2324.41

24.6825.7427.0627.0227.0926.65

26.4726.4126.5827.4928.0825.98

10.86

10.9511.1211.3411.2111.0910.74

10.4910.199.879.84

10.2610.21

10.5010.8211.2311.6011. 6511.60

11.6711.2610.6311.1211.0010.74

11.2511.8612.3312.4112.5012.35

12.1811.7111.3011.8312.1111.72

4.37

4.514.644.684.524.374.10

3.913.553.153.073.423.87

4.174.374.594.834.904.84

4.934.443.744.093.843.99

4.545.045.335.365.445.32

5.204.664.214.634.794.88

1.86

1.831.821.881.881.911.87

1.831.861.921.971.991.83

1.831.851.891.901.911.90

1.881.911.962.012.051.91

1.881.921.962.001.991.98

1.982.002.022.052.081.90

2.28

2.302.362.462.462.472.44

2.422.402.402.372.362.31

2.312.352.442.482.492.46

2.452.422.402.392.372.36

2.392.462.512.522.542.50

2.442.412.412.402.382.35

12.54

12.3212.7713.2313. 3413.1713.00

12.9613.3013.8514.4014.5713.00

12.9713.3713.7113.9913.7113. 55

13.5214.0314.5214.9315.2213.68

13.4213.8814.7314.6114.5914.29

14.2914.7015.2815.6515.9714.26

2.80

2.682 862^982.972.882.75

2.752.923.173.253.222.78

2.782.953.063.143.012.97

2.943.273.423.443.483.02

2.893.103.383.233.233.08

3.093.343.593.643.683.16

2.85

2.802.862.922.932.912.94

2 902. 882.893.013.042.94

2. 882.892.912.952.952.94

2.952.912.953.033.072.97

2.942.983.093.103.113.08

3.063.033.053.143.193.14

3.44

3.423.603.773.823.743.64

3.643.754.024.324.403.49

3.523.683.904.003.893.81

3.854.054.314.524.683.81

3.753.974.264.254.214.13

4.174.344.574.764.913.89

Allretailstores

Durable goods stores

TotalAuto-motivegroup

Furni-ture and

appliancegroup

Lumber,building,hardware

group

Nondurable goods stores

Total Apparelgroup

Foodgroup

Generalmer-

chandisegroup

ADJUSTED FOR SEASONAL VARIATION

24.57

24.2024.1024.0623.8623.8023.81

23.7423.6623.8023. 7823. 9724.29

24.4024.4424.4124.8824.8925.16

25.4125.4725.3225.7625. 4125.54

25.6526.0126.4226.2626.5626.62

26.6926.5826.8227.2327.3627.18

11.41

11.1110.9610.8810.6410.5810.50

10.3810.3110.3810.2810.4410. 71

10.6510.6810. 7811.0211.1111.27

11.4811.4211.2711.7111.2611.27

11.4111.6911.8211.7911.9011.97

11.9811.8612.0412.4712.5212.33

4.64

4.414.334.254.073.973.88

3.753.663.683.663.854.14

4.074.074.154.364.434.54

4.704.614.424.854.364.32

4.444.704.824.804.904.96

4.954.835.025.435.485.27

1.92

1.901.871.871.861.881.88

1.871.881.901.901.891.88

1.901.901.901.891.901.91

1.921.931.931.941.951.96

1.951.961.971.981.992.00

2.012.011.991.981.971.95

2.40

2.382.382.392.372.382.38

2.392.412.432.412.412.41

2.382.372.382.402.402.40

2.432.432.422.432.432.45

2.462.472.462.442.442.45

2.422.422.432.442.442.44

13.16

13.0913.1413.1813.2213.2313.32

13.3613.3513.4213.5013.5313.58

13.7413.7613. 6313.8613.7813.88

13.9314.0614.0514.0514.1514.27

14.2414.3214.6114.4814.6614.65

14.7214.7214.7814.7614.8514.85

3.03

2.962.972.942.932.932.91

2.942.882.922.942.952.97

3.063.053.003.103.073.14

3.133.213.163.133.183.22

3.173.213.313.223.293.26

3.293.283.323.323.373.36

2.85

2.862.892.922.932.902.93

2.922.932.922.942.932.95

2.942.932.902.932.932.94

2.972.962.972.972.982.98

3.013.033.073.073.083.08

3.073.083.083.093.113.14

3.84

3.803.813.783.773.762.78

3.783.763.803.843.843.86

3.903.903.903.963.943.96

3.994.054.074.064.104.18

4.164.204.254.224.274.30

4.334.324.314.294.304.26

Source: U.S. Department of Commerce—Office of Business Economics and Bureau of the Census.


BUSINESS STATISTICSJ. HE STATISTICS here update series published in the 1961 edition of BUSINESS STATISTICS, biennial Statistical Supplement to the SURVEY

OF CURRENT BUSINESS. That volume (price $2.00) contains data by months, or quarters, for the years 1957 through 1960 (1951-60, for majorquarterly series) and averages of monthly or quarterly data for all years back to 1939; it also provides a description of each series and referencesto sources of earlier figures. Series added or significantly revised after the 1961 BUSINESS STATISTICS went to press are indicated by an asterisk(*) and a dagger (f), respectively; certain revisions for 1960 issued too late for inclusion in the aforementioned volume appear in the monthlySURVEY beginning with the July 1961 issue. Except as otherwise stated, the terms "unadjusted" and "adjusted" refer to adjustment for seasonalvariation.

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

Unless otherwise stated, statistics through 1960and descriptive notes are shown in the 1961edition of BUSINESS STATISTICS

1958 | 1959 1960

Annual total

1958

IV

1959

I II III | IV

1960

I II III IV

1961

I II III IV

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series

NATIONAL INCOME AND PRODUCT

National income, total _ . bil. $

Compensation of employees, total do

Wages and salaries, total _. _ doPrivate doM ilitary doGovernment civilian __ do

Supplements to wages and salaries do

Proprietors' income, totaled _ _ doBusiness and professionalcf - - doFarm do

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

ment, total hi! $

Corporate profits before tax, total _ doCorporate profits tax liability doCorporate profits after tax _ _ _ do

Inventory valuation adjustment do

Net interest do

Gross national product, total - __ _ do

Personal consumption expenditures, total do

Durable goods, total 0 doAutomobiles and parts doFurniture and household equipment _.do

Nondurable goods, total© __ _ d o _ _Clothing and shoes doFood and alcoholic beverages.. _ _. do __Gasoline and oil. . _ _ do

Services, total©— _ doHousehold operation doHousing _ _ _ _ _ _ _ _ _ _ _ _ _ d oTransportation __ __ do

Gross private domestic in vestment, total do

New construction doProducers' durable equipment . doChange in business inventories do-_ _

Net exports of goods and services doExports doImports do

Government purchases of goods and services, totalbil. $..

Federal (less Government sales) __. doNational defense 9 _ _ do

State and local do ..

By major type of product:*Final sales, total do

Goods output, total doDurable goods output doNondurable goods output _. do

Services _ _ _ ___ ... doConstruction _ _ do

Inventory change, total, doDurable goods output „ _ _ _ doNondurable goods output do

367.4

257.1

239.8196 6

9 833.5

17.3

46.132.513.512.2

37 2

37.418.618.8— .3

14 8

444. 5

293. 2

37 313.917.4

141. 6

76.610.5

114.316.937.79.2

56.6

35.523.1

-2.0

1.222.721 5

93.552.644.840.8

446.5231.483.3

148 1164.250 9

-2.0-2.8

.9

399.6

278.4

258. 5213 2

9 935.4

20.0

46.335.011.311.9

46.4

46.823. 123.7— .5

16 6

482.8

314. 0

43 518.118.9

147.327 478.011.0

123.218.139.910.0

72.4

40.225.96.3

-.723 123 8

97.153.546 243.6

476.5244 091.3

152 8176. 256 3

6.33.62.6

417.1

293.7

271.3223. 0

9 938.5

22.4

48.236.212. 011.7

45.1

45.022.322.7

. 0

18 4

504. 4

328.9

44. 318.618.8

152.428 180.111.6

132. 219 642.210.5

72.4

40.727.54.2

3.026 723 6

100.152.945 547 2

500.2254 394.3

160 0189.356 6

4.22 51.8

381.7

263.7

245.8201 5

9 934.4

17.8

46.533.512.912.1

43.8

44.722.322.4— . 9

15 6

460. 6

299. 8

39 51 5. 617.8

143.226 276.910.6

117. 117.238. 59.4

63.6

36.923.43.3

.422.722 3

96.754.345 542.3

457.3234 384.0

150 2169 653 5

3.31 41.9

390.7

270.6

251.4206.7

9 934.8

19.2

46.634.112.512.0

45.3

46.122.823.4-.9

16.2

472.2

305. 8

41.617.218.0

144.926 577.410.7

119.417.539.39.5

70.4

39.024.37.1

-.622.122 7

96.753. 245 943.5

465.2238 388.1

150 2170 756 2

7.15 41.7

405.2

280.0

260.1215.0

9 935.3

19.9

46.735.211.511.9

50.2

51.525.426.1

-1.3

16 4

488. 5

313. 6

44 519.018.9

147.327 878.110.9

121.917.839.89.8

79.1

41.226.311.7

-1.722.324 0

97.553.946 543.6

476.8244 692.4

152 2174 258 1

11.78 82.9

399.4

280.5

260.3214.8

9 935.7

20.2

45.935.310.611.8

44.4

44.822.122.7— .4

16.7

482.3

316.5

44.418.419.2

147. 727 677.811.1

124.418.240.110.2

68.2

41.026.6

.7

-.524.024 5

98.154.146 344.0

481.6247 193.6

153 5177 656 9

.7—2 0

2.7

402.8

282.4

261.9216 0

9 836.1

20.5

46.135.310.811.7

45.5

44.922.122.7

.7

17 0

488. 3

320.0

43 717.619.3

149.327 878.711.1

127.018 940.510.2

71.8

39.626.65.6

.024 124 0

96.552 945 943.6

482.7246 190.9

155 1182 254 4

5 62 43.2

413.5

290.2

268.3221.4

9 837.1

21.9

46.335.810.511.7

47.4

48.123.924. 2

7

17 8

501.5

323.8

44.718.819.1

150. 528 178.911.4

128.619.241.110.4

78.9

40.927.110.9

1.825 623 9

96.951.845 545 0

490.5250 993.1

157 8183 855 8

10.99 41.5

419.2

294.6

272.4224. 6

9 838.0

22.2

48.636. 412.311.7

45.9

46.323.023.3-.4

18 3

506. 4

329.9

45 319.319.0

153.328 380.611.6

131.219 541.910.5

74.6

40.728 65.4

2.326 724 4

99.652 945 546 8

501.0256 996.3

160 6187 756 4

5 43 91.5

419.0

296.0

273.2224.2

9.939.1

22.7

48.736.312.411.7

44.1

43.221.421.7

.9

18 6

505. 1

329.7

43 417.818.7

152.728 379.911.6

133.619 742.710. 5

70.5

40.427 72.4

3.026 823 8

101.954 045 448 0

502 7254 894.2

160 6191 256 7

2 44

2.0

416.5

294. 0

271.3221.6

10.039.7

22.7

49.036.312.711.7

42.9

42.621.121.4

.3

18 9

504. 5

332. 3

43 818 618.3

153.127 780.811.8

135. 420 043 110.5

65.6

40.726 7

-1.9

5.127 622 4

101.653 045 748 6

506 4254 693.4

161 3194 657 °

—1 9—3 8

2.0

412.2

292.6

270.1219.710.140.3

22.5

48.936.012.911.5

40.0

39.619.620.0

.4

19 2

500.8

330. 7

39 414 817.8

153.727 981. 111.7

137.520 643 610. 5

59.8

39.624 2

—4.0

5.327 622 3

105. 054 747 250 3

504 8249 7

87.4162 3197 957 2

—4 0— 5 8

1.8

426.0

300. 2

277.3226.0

10 141.2

22.9

49.236.312.911.5

45.5

45.222.422.8

.3

19 6

516.1

336. 1

42 016 718.3

154.127 G81.411 7

139 920 944 210 7

68.8

41.324 72 8

3.926 422 5

107.356 048 850 6

513 2254 391.2

163 0201 157 9

2 89

3.' 2

434. 3

306.2

282.7230 7

10 241.9

23.4

c 49.436. 612 811.5

47 o

47.223 323.8

2

20 *}

525 8

341 0

42 316 418.8

156 228 681 911 8

142 421 244 810 9

73 2

42.726 04 5

2 627 024 3

109.067 449 051 6

521 3256 992.6

164 3205 159 2

4 53 5l!i

_ _ _ _ _ _

r Revised. tf Includes inventory valuation adjustment. c Corrected.©Includes data not shown separately. 9 Government sales are not deducted.*For quarterly data back to 1947, see p. 34 of the July 1961 SURVEY.

019486°—61

S-lDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S-2 SURVEY OF CURRENT BUSINESS December 1961


1958 1959 1860

Annual total

1958

IV

1959

I II III IV

1960

I II III IV

1961

I II III IV

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued

NATIONAL INCOME AND PRODUCT— Con.

Quarterly Data Seasonally Adjusted at Annual RatesGNP in constant (1954) dollars

Gross national product, total bil $

Personal consumption expenditures total do

Durable goods doNondurable goods _ . . . doServices do

Gross private domestic investment, total do

New construction doProducers' durable equipment do_Change in business inventories do

Net exports of goods and services do

Government purchases of goods and services, totalbil $

Federal do, _State and local do

DISPOSITION OF PERSONAL INCOMEQuarterly Data Seasonally Adjusted at Annual RatesPersonal income total bil $Less' Personal tax and nontax payments doEquals* Disposable personal income do

Personal savin f § doNEW PLANT AND EQUIPMENT

EXPENDITURESUnadjusted quarterly totals or averages:

All industries bil. $

Manufacturing doDurable good^ industries doNondurable rood** industries do

Mining doRailroads -- - do __Transportation other than rail doPublic utilities .. _ do __Commercial and other do

Seas. adj. qtrly. totals at annual rates:

Manufacturing doDurable goods industries do

IVIining doRailroads doTransportation other than rail doPublic utilities doOonunercial and other ilo

BUSINESS POPULATIONFirms in operation, end of quarter (seasonally ad-

justed) thous

U.S. BALANCE OF INTERNATIONALPAYMENTS

Annual Data Are Quarterly AveragesExports of goods and services, total mil $

Military transfers under grants not doMerchandise, adjusted, excluding military trans-

actions'! mil $Income on investments abroad doOther services and military transactions do

Aterchandise idjustedô71 doIncome on foreign investments in U.8 doMilitary expenditures doOther services*^ do

Private doGovernment _. do

U.S. long- and short-term capital (net), total. -doPrivate - do

Direct investments doGovernment do

Gold sales [purchases ( — )1 doErrors and omissions -do

401.3

273.2

35. 5133. 3104.4

49.0

31.119.4-1.5

2

79.344.534.8

360.342.3

317.9

24.7

7.63

2.861.371.49

.24

.19

.381.522.45

2 4, 533

6,401

570

4, 066731

1,035

5 263

3, 238169853

1,004

+1 138

—1 155-135

—1,020

-954-711-274-243

+307+569+95

428.4

289.3

41.0138.8109. 5

61.1

34.321.35.5

-2.1

80.143.936.2

3*3. 346. 0

337.3

23.4

8.14

3.021.441.57

.25

.23

.511.422.72

2 4, 583

6, 421

494

4, 071761

1,096

5 884

3, 824208777

1,076

+537

—1 100144

—956

-682-594-343

—88

4-930+183+132

440.8

298.3

41.8141.8114.7

60.6

33.922.74.0

1.7

80.242.338.0

402. 250.4

351.8

22.9

8.92

3.621.801.82

. 25

.26

.481.422.89

2 4, 660

7, 266

441

4, 852801

1,172

5 839

3, 680232762

1,157

+1 434

—1 064-158—905

-1,241-964-424

+607+426-162

413. 6

278. 7

37.5135. 2106.1

54.7

32.J19.53.1

— 1.1

81.245.435.8

368 243.1

325.0

25.2

8.01

2.931.381.56

. 25

.16

.411.722.54

°9. 97

10.584. 86

97.58

1 . 626. 269.96

4,595

6, 666

524

4,196913

1,033

5 446

3, 522188829907

+1 2?0

-1 157j r;-)

—1,005

-893-726-372-167

+ 554+347

— 71

422. 1

283.8

39.2136.8107.7

59.9

33.720.16.2

-2.2

80.744.236.5

374.744.9

329.8

23.9

6.91

2.461.141.31

.21

.16

.411.202, 47

30. 62

11.205.265 94

.95

.631.715.80

10. 33

4,615

5,970

507

3,807633

1,023

5,401

3, 594180780847

+569

— 1,128-135

-494-412-287-82

+858+95

+100

434. 4

289.7

41.7139.3108.8

66.9

35.221.610.1

-3.2

81.044.636.4

384 646.1

338.4

24.8

8.32

3.021.451.57

.2426

.531.472.79

32. 51

11.805.746 06

.941.002. 085. 82

10. 87

4,635

6,453

605

4, 074668

1,106

5 964

3,879193789

1,103

+489

— 1 186-140

— 1. 046

-1,032-738-442-294

+1,042+397+290

426.6

290.8

41.6139.2110.0

57.3

34.721.7

.8

—1.9

80.544.036.5

385 146.4

338.7

22.3

8.32

3.021.441.58

.26

.28

.541.482.74

33.35

12.255.836 42

1.011.282.175. 58

11.06

4,655

6,352

402

4, 058716

1,176

6, 228

3, 847207786

1,388

+124

—949-144

-607-387-224-220

+1,273+167

8

430.7

292.8

41.4140.0111.4

60.4

33.421.95.0

-.9

78.442.735.8

388.946. 6

342.3

22.3

8.99

3.571.741.83

.27

.22

.551.512.87

33. 58

12.876.166.71

1.04.85

2.155.48

11.19

4,670

6,908

460

4,3431,0261,079

5, 944

3, 974250754966

+964

— 1,135-156

-595-838-419+?43

+548+72

+146

441.0

295.4

42.1140.9112.4

66.6

34. 322.49.9

.6

78.441.736.7

395. 549.9

345.7

21.8

7.89

3. 091.551.54

.22

.471.182.69

35.15

14.107.156.95

1.001.002. 005 75

11.35

4,690

6,796

443

4,607695

1,051

5, 769

3,830249767923

4-1,027

-1,022-142

-875-651-303— 224

+771+50+49

443.4

299.5

42.5142.9114.2

62.3

33.923.44.9

1.0

80.642.737.8

403 I50.5

352.7

22.8

9.28

3.761.881.88

.27

.29

. 551.422.99

36.30

14.707.407.30

1.051.102.155.70

11.60

4,710

7,584

622

4,994752

1,216

6,074

3, 857233756

1 , 228

+1,510

-1,253-164

-1,110-724-331-386

+887+94

-128

440.2

298.6

40.8142.0115. 8

58.6

33.622.72.3

1.6

81.342.938.4

405 150.8

354. 4

24.6

8.98

3.621.801.81

.25

.24

.471.502.90

35.90

14.657.357.30

1.001.001.905.60

11.75

4, 725

6,941

282

4,676735

1,248

6,057

3,550220798

1,489

+884

-900-154

-1,075-924-327-151

+571+637-117

438.4

299.6

41.6141.3116.6

54.9

33.922.1

—1.1

3.5

80.341.638.7

405 450.5

354.9

22.7

9.53

4.011.952.06

.24

.25

.461.582.99

35.50

14.406.857.55

.901.001.805.70

11.65

4,730

7,744

418

5,1321,0231,171

5,427

3,485927727988

+2,317

-1,079-173

-1,905-1,557

-733-348

+198+921-452

433 2

297.0

37.6141.6117 8

49.6

32 919.9

—3 2

3 3

83.343.140.2

404 750.3

354.3

23.7

7.57

3.001.411.59

.21

.17

.411.092.69

33.85

13.756.507 25

.95

.701.755.35

11.30

4,740

7,210

312

5,009817

1,072

5,322

3,407215759941

+1,888

-1,012-155

-1,400-980-464-420

+ 187+346

-9

445.5

301.6

39.8142.6119 2

57 3

34 120.32 9

1 9

84.744.740.0

413 251 4

361.8

25.8

8.61

3.461.581.88

.26

.18

.481.392.85

33.50

13.506.207.30

1.00.70

1.805.50

11.05

4,755

7,593

572

>• 4, 912r852

r 1, 257r 5, 610

' 3, 458r207'761

• 1, 184

+1, 983

-1,281r -162

"• -513' -926r -380r+413

r+536-330

r -395

451 8

305 0

39 9144 5120 6

60 4

35 121 43 9

6

85 745 040 8

420 352 5

r367 7

26 8

'8.65

'3.34r 1. 50r 1.84

r .25'.16r .47

r 1. 50<- 2. 94

r 34. 70

r 13.65r6. 10r 7 55

' 1.00r . 65

r 1.90r 5 65

r 11.85

4,770

4. 670807

1, 266

6, 170

3. 685

7^51,547

-155

-1.0.1Q-5SS—350-431

+635+269+220

i 9.67

3.921.792.13

.27

.16

. 491.593.24

1 35. 90

14.006.357 65

1.00.60

1.905.70

12.65

f Revised.1 Estimates for Oct.-Dec. 1961 based on anticipated capital expenditures of business;

estimates for Jan-Mar. 1962 based on anticipated capital expenditures of business, anticipatedexpenditures for the year 1961, and comparative data for 1959-60 appear on p. 6 of this issueof the SURVEY.

2 Unadjusted, Data represent firms in operation as of Jan. 1; estimate for Jan. 1, 1961

(based on incomplete data) is 4,717,000.§Personal saving is excess of disposable income over personal consumption expenditures

shown as a component of gross national product on p. S-l.Âdjusted for balance-of-payments purposes, mainly for valuation, coverage, and timing,cf Excludes military expenditures.


"December 1961 SURVEY OF CURRENT BUSINESS S-3


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961

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

GENERAL BUSINESS INDICATORS—Monthly Series

PERSONAL INCOME, BY SOURCE

Seasonally adjusted, at annual rates:Total personal income _ _ _ __ ._ __bi l . $__

Wage and salary disbursements, total do

Commodity-producing industries, total.doManufacturing only do

Distributive industries do

Service industries doGovernment do -

Other labor income do_-Proprietors' income:

Business and professional do_Farrn do

Rental income of persons doDividends _. ---do . -Personal interest income doTransfer payments - do _Less personal contributions for social insurance

bil. $_.

Total nonagricultural income do

FARM INCOME AND MARKETINGS

Cash receipts from farming, including Governmentpayments, total mil. $__

Farm marketings and CCC loans, total doCrops doLivestock and products, total 9 - -- do

Dairy products doMeat animals - _ doPoultry and ec'gs do

Indexes of cash receipts from marketings and CCCloans, unadjusted:

All commodities 1947-49= 100Crops doLivestock and products do

Indexes of volume of farm marketings, unadjusted:All commodities 1947-49=100

Crops -_ doLivestock and products do

INDUSTRIAL PRODUCTION*

Federal Reserve Index of Quantity Output

Unadjusted, total index (incl. utilities). .1957= 100—By industry:

Manufacturing, total _ _ _ _ do _Durable manufactures doNondurable manufactures do

Mining _ _ _ _ _ _ do__ .Utilities do

By market grouping:Final products total do

Consumer goods clo_Automotive and home goods. _ _ d oApparel and staples do

Equipment, including defense do

Materials doDurable goods materials doNondurable materials _ do

Sea* adj total index (incl utilities) . _ . do_By industry:

Manufacturing total do

Durable manufactures 9 doPrimary metals do

Iron and steel doFabricated metal products do

Structural metal parts do. ..

Machinery _ doNonelectrical machinery doElectrical machinery do

Transportation equipment doMotor vehicles and parts __ __ doAircraft and other equipment do

Instruments and related products doClay, glass and stone products doLumber and products doFurniture and fixtures doMiscellaneous manufactures do

Nondurable manufactures doTextile mill products doApparel products doLeather and products doPaper and Droducts.. _ do

i 383. 3

258.5

107.284.768.2

37.745.310.3

35.011.3

11.913.423.627.2

7.9

368.1

2,844

2,7881,2141,573

384913249

114113115

129124133

105

10510211095

115

107110110110100

104100107

105

105

1029086

104101

10399

108

9810094

112110113115109

110113120106111

1 402. 2

271.3

110.487.471.8

40.748.410.9

36.212.0

11.714.126.229.1

9.3

386.2

2,892

2,8341,2561,578

395882274

116117116

133130134

108

10810411397

123

111114116114103

106102110

108

108

1049088

106104

106102112

10211589

119110107120113

113109124100112

406.4

272.9

109.586.372.4

41.449.611. 1

36.412 5

11 714.426 630.2

Q 1y. o

389.8

4,336

4,0362,1811,855

3931,100

339

166203136

191236156

109

11010311998

114120123120102

10599

112

106

106

1017873

105104

102100105

10211589

119109100117113

113104122101112

406.0

271.5

108.385.472.0

41.549.711.2

36.412 8

11.714.426 730.7

9.3

389.1

3,847

3,7672,0731,694

379964338

155193124

176222142

106

10610011497

110114117114100

10295

110

105

104

987468

101101

10298

107

9710390

11910795

117110

11210212399

110

404.0

269.6

106.284.071.8

41.749 811.3

36.012 8

11 614.126 731.0

9.2

387.2

3,268

3,2211,6241,597

403854316

132151117

146168130

101

10196

10697

106108108108101

9890

106

103

102

966964

10198

10196

108

939789

11610396

114107

11198

11996

109

403.6

269.6

106.283.871.8

41.650.011.0

36.012.8

11.614.226 831.1

9.6

386.8

3,123

3,0771,4481,629

499938247

126135120

144163131

102

10195

10997

106109101112101

9890

108

102

101

9571669797

10196

109

898988

116101100111107

11198

11397

111

403.1

269.5

105.683.571.8

41.750. 410.7

35.812 9

11 514.226 831.1

9.4

386.2

2,272

2, 250788

1, 462377819238

9274

107

10281

118

103

10296

11197

108111104114101

9990

109

102

101

9473699694

10196

108

888688

11310099

111108

11110211696

113

2 405. 5407.3

271.1

106.584. 171.8

42.150.710.6

36.013.0

11.414.226 8

2 33. 7

9.62 390. 4

2,278

2,259607

1,652424924279

9357

121

10357

137

104

10397

11296

107111104113101

10191

111

103

102

9574699694

10195

108

888689

113103100112107

11210412096

113

409.8

274.6

109.186. 172.3

42.351.010.7

36.112.9

11.514.226.832.5

9.6

392.9

2,171

2,137618

1,519417823249

8858

111

9753

130

107

10710011597

110113112114102

10496

112

106

105

9982799996

10398

109

949988

113105106115110

114106120100117

413.2

277. 2

110.587.672.9

42.551.310.8

36.312.9

11.514.227.033.0

9.7

396.4

2,478

2,236615

1,621448897256

9257

119

10652

147

108

10810311597

110114113114102

107101113

108

108

1039086

105102

10499

112

9910890

116107107117114

116110120100117

417.3

280.7

112.788.973.5

42.951.611.0

36.413 0

11 514.327 133.0

9.8

400.2

2,568

2,447915

1,532427832246

10085

112

12090

142

111

11110611898

113118119117103

109105114

110

111

1059289

107106

107101116

10111388

119112111121117

117112123104118

*418-6421.2

282.3

113.289 374.0

43.351 811. 1

36 612 9

11 514 327 2

235 2

9.82 404 0

2 785

2 7141 2891 425

411748243

111120105

131134129

106

10510011295

109112104115102

10399

108

112

112

1079591

108107

110103120

10211491

119114111121117

119114127101117

419.4

282.8

112.989.074.2

43.652.111.2

36.612 8

11 514 327 432 5

9.8

402 4

3 081

3 0501 4191 631

396935268

125132120

141139143

111

11110212399

113119

97126102

110103

-117

113

113

1089892

111110

109102118

10311690

122114109123116

120116130103123

421.1

284.0

112.988 874.7

44 052 411.2

36 812 7

11 514 427 532 7

9.8

404 1

3 426

3 3201 6691 651

389953273

136156121

151159146

113

113106

r!21r99

116121114

r!23105

110104117

'111

111

'1059993

105105

108102

"•116

959593

121112

'107'1 23'117

119117125100

'122

r425. 2r286 4

••114.1'89 9r74 8

'44 4r53 111 4

37 013 5

11 514 527 7

r33 1

10.0

'407 2

4 771

4 2902 409l' 881

3Q91 164

995

1762'>5138

IQg*M31 65

116

'116'110125101

'119126126126

'106

113108119

113

113

'10796'91

'109'107

'109'102'118

'102111'94

'121111103

'128119

120118130

121

429 0

288 *

115.591 *>74 6

44 754 911 5

37 214 2

11 514 797 933 3

10.1

410 3

"«,

"115

"116pil l"12?"99

"118"1 23"130"121"108

p]]9

"108pJ18

t>l 14

"114

"109"97"92

pill"106

"110"103pl2()

?! 08"120"96

"122p]12

pl27"119

"121

' Revised. " Preliminary.1 The total and components are annual totals.2 Italicized totals for March and July exclude stepped-up rate of, and special Govern-

ment life insurance dividend payments to veterans, respectively; total disbursements of$150 million (March) and $218 million (July) multiplied by 12 (to put on annual rate basis)

amounted to $1.8 billion (March) and $2.6 billion (July). Figures for transfer paymentsand total nonagricultural income reflecting similar exclusion are as follows: March—$31.0billion and $388.6 billion; July—$32.5 billion and $401.4 billion.

9 Includes data not shown separately. t Datafor 1960 have been revised to incorporatemore recent information; revisions prior to Aug. 1960 will be shown later.


S-4 SUKVEY OF CURRENT BUSINESS December 1JK51

(Unless otherwise stated, statistics through 1960and descriptive notes are shown in the 1961edition of BUSINESS STATISTICS

1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


GENERAL BUSINESS INDICATORS—Continued

INDUSTRIAL PRODUCTION^— ContinuedFt&ral Reserve Index of Quantity Output— Con.

Seasonally adjusted indexes— ContinuedBy industry— Continued

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

Newspapers do._Chemicals and products do

Industrial chemicals do..Petroleum products do

Rubber and plastics products doFoods and beverages do__

Food manufactures doBeverages - . -do _

Tobacco products do

Mining _ _ d oCoal . . . _doCrude oil and natural gas do

Crude oil . . . doMetal mining. ._ .do _Stone and earth minerals do

Utilities . doElectric do._Gas - - - do

Sy market grouping:Final products, total do .__

Consumer sroods doAutomotive and home goods do.

Automotive products do\utos doAuto parts and allied products, do -

Homo Broods 9 'ôAppliances TV and radios doFurniture and rugs ... .. - do_

Apparel and staples do.Apparel, incl. knit goods and shoes.doConsumer staples do

Processed foods do

Beverages and tobacco doDrugs, soap, and toiletries do.Newspapers, maga/ines, books, do .Consumer fuel nnd lighting do

Equipment, including defense 9 - doBusiness eouipment - do .

Industrial equipment - doCommercial equipment . d o ..Freight and passenger equipment .-doFarm equipment - do

Materials do...Durable poods materials 9 do

Consumer durable doEquipment _ _ doConstruction do

Nondurable materials 9 doBusiness supplies do

Containers doGeneral business supplies _ _ _. do

Business fuel and power doMineral fuels _ _ . __ doNonresidential utilities do

BUSINESS SALES AND INVENTORIES §

iMJfe and trade sales (seas adj ), total bU $

Manufacturing, total _.do __Durable goods industries doNondurable goods industries do

Wholesale trade total doDurable goods establishments _ doNondurable goods establishments.. ._ _ do __

He tail trade total doDurable goods stores - doNondurable goods stores. do

Mlg. and trade inventories, book value, end of yearor month (seas, adj.), total t __bil . $__

Manufacturing total doDurable goods industries doNondurable goods industries do

Wholesale trade, total ..do _Curable goods establishments doNondurable goods establishments- do

Betail trade, total f --doDurable goods stores doNondurable goods stores do

105104114118105

114lOfi106lOfi112

9582999877

108

115115114

107110110

10396

113

115114119

110116108106

108111106113

10010097

10498

115

104100101103107

107108109107

10096

113

leo.o29.714.515.2

12.34.67.7

18.06.0

12.0

'90.6

52.430.122.3

12.66 66. 1

'25.5r 11 3' 14.3

111107

127108

114109109108114

9783989897

112

123123123

111114116

117117117

115112118

114117113109

110118113119

10310510211810192

106102109101107

110110109111

10397

121

161.0

30.414.715.7

12.34.47.9

18.35.9

12.4

'94.1

53.730.922.9

13.26 86.4

'27.2' 12 3' 14.9

113108121124109

110111111110115

9781999988

116

124125120

110114115

120123116

110103115

114114114110

112122115120

10310599

12110386

10397

10398

105

109110107111

10397

121

60.3

29.614.115.5

12.24.37.9

18.56.1

12.5

'94.8

54.431.423.0

13.26 96.3

'27.2r 12 5'14.8

114108120126108

109109109109117

9877

10110195

113

123124118

109113111

113109118

110104111

113114113109

111118116119

1021031001199988

101049498

102

109110106112

10398

120

59.9

29.313.815.4

12.24.28.0

18.45.9

12.5

'94.6

54.031.122.9

13.36.96.4

'27.4r 12 5'14.8

112106120125106

105110110112115

98819998

107109

123124120

108112108

10697

119

110106113

113111113109

113118116119

10110298

1179999

9991919599

108110109110

10297

120

59.4

29.113.615.5

12.34.38.0

17.95.5

12.4

'94.1

53.730.922.9

13.26 86.4

'27.2r 12 3'14.9

111104119125106

103110110111113

98789998

109111

125125123

107110102

9478

118

108106109

113108114110

112118117123

10010198

US9598

9890889598

107108108109

10196

119

58.7

28.713.215.5

12.24.38.0

17.85.4

12.4

'93.6

53.730.822.9

13.16 76.4

'26.8* 11 9'14.9

110102118124106

102110110108116

96779898

106106

125125124

107110101

9073

115

109109109

113110114110

111117115125

10010198

11891

103

9889839597

108108110108

10196

120

59.3

29.013.315.7

12.44.28.2

17.85.3

12.4

'93.4

53.630.722.9

13.26.76.5

'26.6T 11 7' 14.9

110104120127106

96111111109116

9668

100101106107

125125125

107111100

8871

115

110108110

114114114111

111116114121

9910096

11793

104

9990859599

109108112107

10296

122

60.2

29.613.715.9

12.54.28.3

18.15.5

12.6

'92.7

53.330.323.0

13.36.76.6

'26.1' 11 4' 14.7

110105123130108

110111111111122

9777

10110192

110

127127128

109114109

10392

120

114111116

115116115111

114119114

'123

10010297

11894

107

103969398

104

111111114110

10498

123

60.1

30.114.116.0

12.14.18.1

17.95.4

12.5

'93.0

53.430.223.2

13.46.86.7

'26.2' 11 2'14.9

111105127135111

114112113107116

9781

10010086

114

130131129

111115113

108101118

117116117

116115117113

110123116125

10210399

12095

104

10610110799

107

112110110110

10598

127

61.6

30.814.616.2

12.84.38.5

18.05.5

12.4

'93.1

53.430.223.2

13.56.76.8

'26.2' 11 3'14.9

113106129138111

121113113112116

9877

10110189

116

132132130

113118118

113109120

122123122

118118118114

113124117125

10210499

12395

106

109104109101110

114113115112

10698

129

61.9

30.914 716.2

12 84 48.4

18 25.6

12.6

' 93. 1

53 430 223.2

13.56 76 8

'26.2' 11 4'14.9

114107132141116

123114114117110

9877

10110190

118

132132

114120120

115110125

124127119

119122119114

115126119127

104105101125

9698

110104109104111

115114116114

10698

129

61.7

31.214.816.4

12.54.38.2

18.05.5

12.5

'93.5

53 530.423.2

13.66 86 8

'26.3' 11 5'14.9

114107132

r 142115

123114

r 114115119

9981

10210390

114

135135

115120118

117110126

120116122

120124119114

116126117129

1051061021279878

111106115105112

117116121113

108100131

'62.4

'31.415.116.4

12 84.48.4

18.25.5

12.7

'93.6

54 030.823.2

13.66 86 8

'26.0r H 0

'15.0

114107

'131143

'110

120114

'114114117

'9782

'99'99••94113

'136136

113'116

110

9682

118

121119126

'US'118'118

114

115124119127

106107101128105'97

10910499

'102'110

' 115'113

118'111

'107'97132

62.0

'31.415.0

' 16.4

12 4'4 3' 8. 118 15 6

'12.5

'94.3

54 431 123.3

' 13.56 86 7

'26.3r H 3

'15.1

'114107132

113

115116

9984

10110195

115

'137

'115119116

'110102123

121119124

'120121

' 120115

127119

r \ 08T 108

10212810788

111'105

105107108

116113116112

10899

63 0

31.815 316.4

12 64 38.3

18 6S 9

12.7

'94.7

54 831 323 4

13 56 86 7

'26.4' 11 3'15.1

P115

v ir?

plOO*>85

*102plOl

»137

pl!7»121P123

*122pl!7

r 121

T- ]90

* 109r- 1 1 0

r 111* 106

f 117

*108*>99

* Revised. * Preliminary.* Total and components are based on unadjusted data,t See corresponding note on p. S-3.f Includes data not shown separately.

t. o • Jit. a • it. < • it. y • it. a • it. v • it. r> ' J.O. V ' J.U. i J.U. i ..

§ The term'' business" here includes only manufacturing and trade. Business inventories! shown on p. S-l cover data for all types oi producers, both farm and nonfarm. Unadjustedita for manufacturing are shown on p. S-5; those for retail and wholesale trade on pp. S-ll

as shown on p. S-l cover data for all types oi producers, both farmdata for manufacturing are shown on p. S-5; those for retail and 1

and S-12.t Revised series. See note marked "t" on p. S-ll.


December 1!)61 SUEVEY OF CUEEENT BUSINESS S-5


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. N0¥.


BUSINESS SALES AND INVENTORIES— Con.

Inventory-sales ratios: *Manufacturing and trade, totalj ratio

Manufacturing, total do _Durable goods industries _ . do__

Purchased materials doGoods in process do _Finished goods do

Nondurable goods industries doPurchased materials doGoods in process doFinished goods do

Wholesale trade, total - . _ _ _ _ d oDurable goods establishments doNondurable goods establishments do

Retail trade total! doDurable TOods stores doNondurable goods stores do

MANUFACTURERS' SALES, INVENTORIES,AND ORDERS

Sales value (unadjusted) total bil $

Durable goods industries, total 9 ... __do- _Primary metal do

Iron and steel doFabricated metal do

Machinery doElectrical _ do _ ._Nonelectrical _ do

Industrial do

Transportation equipment doMotor vehicles and parts do

Lumber and furniture doStone clay and glass do

Nondurable goods industries total 9 do

Food and beverage doTobacco doTextUe doPaper doChemical doPetroleum and coal doRubber do

Sales, value (seas, adj.), total do

Durable goods industries, total 9 doPrimary metal do


Machinery doElectrical doNonelectrical do

Industrial do


Lumber and furniture doStone clay and glass do

Nondurable goods industries, total 9 do

Food and beverage doTobacco doTextile doPaper doChemical doPetroleum and coal doRubber do

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

Durable goods industries, total 9 doPrimary metal _ _. do

Iron and steel _ _ _ doFabricated metal do

Machinery doElectrical doNonelectrical do

Industrial do

Transportation equipment _ doMotor vehicles and parts do_ .

Lumber and furniture doStone, clay, and glass ._ . do. __

By stages of fabrication:Purchased materials. _ _ _ . do _Goods in process doFinished goods do

29.74

14. 512.211.391.68

4.511.842.671.01

3 291.99.96.73

15 23

4.56.41

1 231.012 143.09

.51

2 52. 88

30.264.312.582.96

9.883.696.202 39

7.383.201.861.34

8.5112. 149.62

30.41

14.682 151.341.67

4.721.952.771.16

3 452.16.86.73

15 73

4.70.40

1 211. 062 313. 18.51

2 53. 90

30.814.692.812.98

10.273 946.332 48

6.973.141.831.43

8.2012 0510.56

r 1.57

1.842.23.59.87.78

1.48.57.20.71

1.091.62.80

r 1 47r 2.05r 1 18

31.06

14.711 911 141.68

4.762.102.661.16

3 542.33.86.78

16 35

4.97.40

1 981. 102 363 16.53

29.60

14. 081 791.061 53

4.591 932. 661.13

3 632.42

78.70

15.52

4.7039

1 151.042 263.23.49

54.34

31.404.712.843.12

10.333 986.362 52

7.283.301 921.39

8.4812.4310.49

r 1.58

1.852.25.58.88.79

1.48.57.20.71

1.081 61.80

' 1 49r 2. 12r 1 19

29.65

14.141 801 041.54

4.581.952.641.18

3 622.27.7970

15 52

4.70.43

1 911.059 173 17

.46

29. 25

13.811. 791.041 57

4.6!1 872 741. 16

3 301.99

79.70

15.44

4.6642

1 131.052 223.19.50

54.22

31.184.682.823.04

10.333 966.362 50

7.203.211.901.39

8.3612 3310.49

r 1.59

1.842 27.59.88.79

1.47.56.20.71

1.071.61.80

r 1 52' 2.25' 1 20

28.79

13.741 72.99

1.46

4.742.022 721.18

3 502. 12.7260

15 05

4.60.40

1 09.98

2 073. 44.45

29. 14

13. 621.751.001. 58

4. 581 892. 691. 12

3. 151.87.80.70

15.51

4.7439

1 141.062.263.22

.47

53.90

30.814.692.812.98

10.273 946.332 48

6.973.141.831.43

8.2012 0510. 56

r 1.60

1.872.34.61.92.81

1.48.56.20.72

1.081.57.81

r 1 51T 2.23T 1 20

27.69

12.591 811.071.39

4.351.792.561.08

2 871.71.68.58

15.10

4.52.38

1 041.042 233.33

.45

28.67

13.171.761.031.55

4.65] 902.741.18

2.771.53. 74.69

15.50

4.73.41

1 081.062.263.23

.45

54.07

30.884.612.752.97

10.263.916.362 46

7.063.151.861.45

8.0112. 1810. 69

r 1 58

1.852.30.60.90.79

1.46.55.19.71

1.061.61.78

r 1 49r 2. 18r 1 20

27.42

12. 581 71.99

1.36

4.481.832.651.10

2 821.63.67.58

14. 85

4. 51.36

1 081.022 123.07

.42

29.03

13. 321.811.061. 56

4.651 932.721.14

2.831.59

73.70

15.71

4.87.41

1 101.082 303. 18

.46

54.08

30.914.572.713.00

10.323 946.382 46

6.983.071.851.48

7.9312 1510.83

r 1.54

1.802.21.58.87.78

1.45.55.19.71

1.061.59.79

r 1 44r 2.05' 1 17

31.28

14.58] 961.151.60

5. 102.023.071.26

3.291.85.79.75

16. 70

4.94.42

1.221. 172 513.27

.50

29. 55

13. 691.791.051. 60

4.711 94

1.15

3.021.64

77.73

15.86

4.80. 42

1 161. 102 383.08.49

53.81

30.774.522.683.02

10.373 986.392 47

6.832.961.841.47

7.8112 0910.86

r 1 55

1.772.13.55.8474

1.45.56.20.70

1.111.66.83

r 1 47r 2.08'1 20

29.38

13.961 941. 151.55

4.781.872.911.20

3 191.91.77.69

15.42

4.51.37

1 121. 122 443.10.48

30.12

14. 141.951.171.62

4.852 022.831.21

3. 151.84

80.69

15.98

4.80.40

1 201. 142 403.25.48

53.73

30.634.482.663.02

10.384 016.362 46

6.702.871.841.48

7.6712 0810.88

' 1.51

1.732.07.53.82.72

1.43.55.20.68

1.051.55.80

' 1.46''2.04' 1.20

31.52

15.182.231.361.73

4.971.933.041.28

3.492.14.86.79

16. 34

4.93.45

1. 181.202.643.24.52

30.78

14.582.131.321.69

4.821.952.861.23

3.292.01

.84

.72

16.20

4.80.43

1 221.162.473.31.50

53.77

30.654.452.653.07

10.454.086.362 47

6.652.851.821.48

7.6612.0510.94

r 1.50

1.732.06.52.82.72

1.43.55.20.67

1.061.54.81

' 1 44'2. 04r 1.18

32.28

15.772.271.401.83

5.172.053.131.37

3.612.22.90.84

16.51

4.88.45

1.311.222. 603. 24.54

30.90

14.692.071.261.72

4.831.952.881.27

3.412.14.84.74

16.21

4.70.41

1.271.182.513.22.50

53.59

30.494.442.663.10

10.374.066.312 44

6.572.801.821.45

7.6512.0010.85

r 1.52

1.722.05.52.82.72

1.42.55.20.67

1.091.60.82

r 1.46'2.08'1.19

28.51

13.171 861.151.64

4.331.692.641.14

2.851.69.78.74

15.34

4.65.43

1.061.072.283.15

.46

31. 16

14.792.201.361.70

4.881.952.931.29

3.322.09.87.76

16.36

4.78.43

1 241.172.503.29.47

53.23

30. 254. 522.733.07

10.203.996.212 42

6.462.701.821.45

7.7811.8910.58

r 1 50

1.722.05.51.8271

1 42' .55

20.67

1.061 57.80

T 1 43' 2.01r 1 18

r 32. 04

14.702 201.392.02

4.932.032.901.30

2 501.26.98.91

' 17 34r 4. 89

.461 351.272 653.33

.52r 31. 41

15.052 99

1.391.74

4.992 022.971.31

3 362.06

87.79

* 16. 35r 4. 69

431 231. 182 573.22.52

53.62

30.594.552.763.05

10.133.986. 152 41

6.873.081.831.43

7.8912.2610.44

' 1 52

1.732.08.53.8372

1.42.55.20.67

1.09r 1 60

.83r 1.45r 2.00r 1.20

r 32. 06

r 15. 12r2 18'1. 35'1.88

'5.072.11

' 2. 96'1.32r 3 07'1.72'.89' . 83

' 16 95

' 4. 98.42

1 331.222 67

'3. 13' . 50

'31.41

14. 98'2 21'1.36' 1 70r 4 98

2 00'2 98'1.33

'3 34'2 OC' 82' 79

' 16. 43

'4 82' 421 27

'] 18'2 53'3.21' 52

53.76

' 30. 65'4.62

2.823.03

' 10. 08'3 96

6.12'2 42

6.92' 3. 16

1.841.43

'8.01' 12 38' 10. 26

1 50

1.722.04

52.8270

1 42.5420

.68

1.071 61.80

1 421.911 19

33.48

' 16. 082 251.381.91

5.292.253.041.43

3 582.29.89.89

17 41

5.14.43

1 351.282 733. IS

31.78

15. 342 If.1.311 74

5 112 053 061.42

3 572 28

8281

16 44

4 8243

1 221 202 613.22

52

54.21

30.804.752 £22.97

10.133 S76. 162 43

7.003.231.821.41

8.0612.4510.29

i 15. 8

i 15. S

...

' Revised. 1 Advance estimate. 2 Total and components are end-of-year data.*Stock-sales ratios are based on the seasonally adjusted sales and inventories scries

presented on this page and on pp. S-4, S-6, and S-ll. The ratios are derived by dividingend-of-inonth inventory book values by total sales during the month. Data back to 1955

for the manufacturing and wholesale trade segments appear on p. 20 of the June 1961 SURVEY.,tRovised series. See corresponding note on p. S-ll.

9 Includes data not shown separately.


SUEVEY OF CURRENT BUSINESS December 1001


1959 1960

End ofyear

1960

Oct. Nov. Dec.

1961



MANUFACTURERS' SALES, INVENTORIES,AND ORDERS— Continued

Inventories, end of year or month— ContinuedBook value (unadjusted) — Continued

Nondurable goods industries total 9 bil. $

Food and beverage doTobacco do __Textile do .Paper doChemical doPetroleum and coal doRubber do _

By stages of fabrication:Purchased materials doGoods in process -doFinished goods do

Book value (seasonally adjusted), total do

Durable goods industries, total 9 - _ d o _ _ _ .Primary metal do _

Iron and steel __doFabricated metal do

Machinery _ _ __ doElectrical -doNonelectrical do

Industrial do


Lumber and furniture doStone, clav, and glass _ _ __do

By stages of fabrication:

Goods in process do _Finished coods - do

Nondurable goods industries, total 9 _ _ d o _ _ _

Food and beverage -doTobacco doTextile doPaper doChemical do _Petroleum and coal doRubber -do

By stages of fabrication:Purchased materials do _Goods in process doFinished goods do -

New orders net (unadjusted), total _ do__

Durable goods industries, total 9 -- doPrimary metal do

Iron and steel do__ _Fabricated metal do

Machinery doFlectrical doNonelectrical do

Industrial __ do _Transportation equipment do

Nondurable goods industries total doIndustries with unfilled orders© doIndustries without unfilled orders! do_

Durable sroods industries total 9 do


Machinerv do __Electrical doNor electrical do

Industrial doTransportation equipment do

Nondurable goods industries total doIndustries with unfilled orders© doIndustries without unfilled orders^ do

Unfilled orders, end of year or month (unadjusted),total bil $

Durable goods industries total 9 doPrimary metal _ _ do

Fabricated metal do

M achinery doElectrical do _Nonelectrical do

Industrial doTransportation equipment do

Nondurable goods industries, total © dor Revised. J Total and components are mon9 Includes data not shown separately.©Includes textiles, leather, paper, and print

orders for other nondurable goods industries are ze

22.61

5.012.042.511.514.083.361.16

9.292.96

10.36

52.43

30.084.122.393.05

9.923.736.182.41

7.183.041.871.36

8 3012.089.71

22.34

4.791.982.531.514.033.321.14

8.953.03

10.361 30. 13

14.852 42L571.70

4.661.892.771.073.23

15.283.43

11.85

51.49

48.136.765 243.33

17.799.987.803.40

15.73

3.36

thly ave

ng andro.

23.09

5.182.082.631.634.193.321.14

8.993.00

11.10

53.74

30.864.502.623.12

10.404.026.382.51

6.853.011.841.44

8.0512.0610.76

22.88

4.982.032.671.634.133.311.12

8.753.08

11.051 29. 90

14.241.871.091.62

4.701.972.721.163.38

15.663.38

12. 28

45.37

42.853.412 282.73

17.4810.217.283.38

14.93

2.52

rages.

publish]

22.94

5.242.022.531.614.093.421.13

8.823.06

11.06

54.38

31.434.572.683.18

10.444.016.432.52

7.103.131.961.46

8.2612.2510.92

22.95

5.012.032.641.654.183.281.16

8.853.10

11.00

30.04

13. 801.74.99

1.62

4.451.872.581. 133.31

16.243.52

12. 72

29.21

13.741.64.97

1.48

4.401.862.551.103.69

15.473.31

12.16

46.44

43.773.502.322.94

17.9410.407.533.50

14.93

2.662 Advar

ng indu

23.04

5.262.002.581.624.143.411.13

8.853.07

11.12

54.01

31.074.522.633.10

10. 353.986.382.48

7.023.031.931.43

8.0512.1210.90

22.93

4.962.022.661. 654.183.301.14

8.783.14

11.01

29.02

13.591.771.021.46

4.271.752.521.153.52

15.423.35

12.08

29.02

13.601.751.031.56

4.591.822.771.233.06

15.423.32

12.10

45.80

43.233.472.302.86

17.6210.207.423.47

14.83

2.57

ice estim

s tries; u]

23.09

5.182.082.631.634.193.321.14

8.993.00

11.10

53.74

30.864.502.623.12

10.404.026.382.51

6.853.011.841.44

8.0512.0610.76

22.88

4.982.032.671.634.133.311.12

8.753.08

11.05

28.33

13.331.65.97

1.33

4.592.022.581.093.58

15.003.14

11.87

28.70

13.221.771.061.46

4.671.932.741.132.83

15. 483.31

12.17

45.37

42.853.412.282.73

17.4810.217.283.38

14.93

2.52

ate.

afilled

23.19

5.132.142.711.634.233.241.16

8.993.07

11.13

53.67

30.764.492.633.02

10.323.986.342.48

6.923.031.851.44

8.0312.0710.65

22.91

5.002.012.701.624.173.291.13

8.743.07

11.10

27.58

12. 351.851.181.38

4.251.672.571. 062.63

15.243.25

11.98

28.50

12.881.811.141.52

4.541.832.711.102.66

15.623.36

12.27

45.27

42.603.452.382.73

17.3810.097.293.36

14.70

2.67

1rubbe

23.16

5.022.102.771.664.283.241.17

8.913.08

11.17

53.60

30.654.512.663.02

10.283.966.312.47

6.862.931.851.43

8.0112.0510.59

22.95

5.011.982.731.634.193.321.13

8.683.04

11.23

27.68

12.761.851.101.38

4.461.792.671.122.82

14.913.19

11.72

29.11

13.361.751.031.49

4.591.882.711.143.07

15. 763.30

12.46

45.52

42.793.592.502.75

17.3610.047.313.38

14.70

2.73

For thesr) sales a

23.05

4.942.052.811.664.273.261.16

8.933.09

11.02

53.31

30.304.472.662.95

10.253.966.292.45

6.692.851.841.41

7.9111.9010.49

23.01

5.061.982.761.624.193.371.12

8.783.05

11.18

31.35

14.512.121.271.62

5.161.993.171.322.97

16.843.73

13.11

29.85

13.821.881.101.62

4.761.882. 881.233.02

16.033.54

12.48

45.59

42.723.752.622.78

17.4210.017.413.44

14.39

2.87

3 industre consic

23.10

4.922.012.841.684.273.291.15

8.903.14

11.06

53.38

30.154.512.732.92

10.213.946.272.44

6.602.831.831.42

7.8111.8710.47

23.22

5.141.982.761.644.263.371.13

8.883.12

11.22

29.62

14.082.061.241.53

4.731.902.831.163.19

15. 543.43

12.11

30.44

14.382.191.331.58

4.741.992.751.203.28

16.063.49

12.57

45.83

42.843.872.712.76

17.3710.047.333.40

14.38

2.99

•ies (foo(ered equ

23.12

4.831.942.861.694.203.351.14

8.863.25

11.00

53.37

30. 154.512.742.93

10.203.966.252.43

6.632.881.801.42

7.7811.9110.47

23.22

5.071.972.761.664.243.371.14

8.973.20

11.05

31.50

14.982.301.411.76

4.841.922.931.243.24

16.523.65

12.86

31.09

14.802.191.321.74

4.781.972.811.223.36

16.293.55

12.73

45.80

42.643.952.762.79

17.2410.027.223.36

14.13

3.17

I, beveral to nev

23.10

4.841.882.821.684.203.361.12

8.793.30

11.01

53.36

30. 204.602.842.92

10.143.926.222.40

6.642.911.801.43

7.6012.0310.57

23.16

5.051.962.751.674.243.371.13

8.973.25

10.94

32.42

15.922.201.351.89

5.272.083.191.413.52

16.503.66

12.84

31.10

14.922.201.351.82

4.771.783.001.323.34

16.193.55

12.63

45.95

42.793.882.722.85

17.3410.067.283.40

14.04

3.16

ages, tobv orders.

22.97

4.901.802.791.664.193.411.10

8.723.33

10.92

53.55

30.374.662.892.95

10.173.956.222.41

6.642.881.801.45

7.7012. 0710.60

23.18

5.091.962.751.664.253.381.13

8.963.31

10.91

29.39

14.051.971.201.72

4.571.812.761.163.21

15.343.19

12.15

31.33

15.032.331.471.75

4.891.912.991.263.45

16.303.53

12.77

46.82

43.663.992.772.93

17.5810.187.413.42

14.40

3.16

acco, ap

23.03

5.121.872.711.664.163.431.09

8.643.30

11.08

54.03

30.804.632.853.02

10.193.986.202.40

6.953.141.811.48

7.7412.3110.75

23.23

5.122.002.741.684.243.381.13

8.943.31

10.97

' 32. 45

15.142.351.481.99

4.942.002.941.312.85

'17.313.78

* 13. 53

' 32. 13

15.652.411.521.82

5.072.102.961.313.61

r 16. 483.69

' 12. 79

47.24

44.104.142.872.90

17.5910.157.443.43

14.75

3.13

parel, p

' 23. 11

5.23'1.99

2.651.644.10

'3.491.10

'8.69'3.28

'11.14

' 54. 44

'31.104.672.853.12

r 10. 23'3.99

6.24'2.43

6.97'3.19

1.851.49

'7.96' 12. 40' 10. 74

' 23. 34

5.15'2.05

2.741.704.20

'3.421.12

'8.97' 3. 29

'11.07

' 32. 23

' 15. 31'2.13'1.29' 1.92

'5.42'2.36'3.06' 1.33'2.97

' 16.92'3.74

' 13.19

' 32. 26

' 15.76'2.31' 1.46' 1.78

'5.42' 2. 31' 3. 12' 1.33'3.49

' 16. 50'3.69

' 12. 81

r 47. 40

' 44. 30'4.09'2.81'2.95

' 17. 95' 10. 40

7.543.44

' 14. 65

3.11

etroleum

23.41

5. 352.072.671.654.163.501.11

8.893.27

11.25

54.77

31.344.742.863.13

10.344. 066.282.45

7.003.191.861.49

8.0412.5410.76

23.42

5.112.062.801.704.203.401.14

8.953. 34

11.14

33.50

' 16. 102.221.361.87

5.419 92

3.191.463.58

17.403.87

13.53

32.66

'16.122.301.451.74

5.462.203.261.453.72

16.543.69

12.86

47.42

' 44. 324.052.792.91

18.0710.387.693.48

14. 65

3.10

, chemic

215.8

2 16.2

244.3

als, and


December 11)01 SURVEY OF CURRENT BUSINESS &-7


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961



BUSINESS INCORPORATIONS^

New incorporations (50 States) :|Unadjusted number. _Seasonally adjusted* do

INDUSTRIAL AND COMMERCIALFAILURESc?

^Failures total number

Commercial service doConstruction doManufacturing and mining doRetail trade doWholesale trade do

Liabilities (current) total thous. $

Commercial service doConstruction _ _ doManufacturing and mining doRetail trade doWholesale trade do

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

16, 089

1,171

105172205573116

57, 734

4 51510,15717,31118, 9036 848

i 51.8

15, 226

1,287

114217218615123

78, 219

8,28116, 78124, 13620, 0918 930

i 57. 0

13,78314, 982

1,344

132231229613139

81,508

16, 64417,87716, 10420, 8949 989

63.3

12, 43514,131

1,311

111228231617124

84, 463

7 30916, 68328 88722, 4939 091

62.0

14, 59414, 308

1,353

110245231637130

78, 971

3 57928, 10418 87820, 1998 211

63.4

16, 35014, 469

1,404

121219228685151

81, 520

4 12811,23126 11128 68811 362

61.1

13, 28113, 980

1 449

116262229693149

88 083

6,94114, 94323 16030, 64612 393

64.2

16, 78314 722

1 610

135266271786152

126 6?2

13 34420 28326 57951 18515 231

62 9

14,81514 245

1 441

131245238704123

86 114

7 09313 12723 21532 56210 117

60 8

16,37114, 883

1 545

123255269731167

80 471

6 79819 16218 94424 77610 791

64 3

16, 41815, 489

1 403

123222218696144

83 828

8 76212, 50026 5QO27 1928 784

60 7

14, 48315, 742

1 275

111196223633112

69 168

3 94613 78614 88127 3C49 251

62 5

15, 07915, 873

1 604

129262260789164

102 693

6 35827, 71626 17529 38413 060

74.4

13,61616, 405

1,285

139183182614167

116, 664

10, 95010, 04866, 73717, 92711 002

67. 5

15, 52416, 692

1,446

118221217731159

70, 257

3, 48514, 58317, 93021, 52412, 735

69.5

COMMODITY PRICES

PRICES RECEIVED AND PAID BY FARMERS

Prices received, all farm products 1910-14= 100. _

Crops doCommercial vegetables doCotton _ doFeed grains and hay doFood grains do

Fruit doOil-bearing crops _ doPotatoes (in cl. dry edible beans) _ __ - doTobacco.. _ _ do

Livestock and products. _ doDairy products doMeat animals doPoultry and eggs doWool do

Prices paid:All commodities and services do

Family living items _ _ _ d o _Production items _ _ do

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

Parity ratio § do

CONSUMER PRICES

(U.S. Department of Labor Indexes}

All items 1947-49 = 100.-Special group indexes:

All items less food __ doAll items less shelter do

All commodities doNondurables _ _ _ _ _ d oDurables do

Services _ __do_

Apparel _ _ doFood 9 do

Dairy products. .. „_ doFruits and vegetables _ doMeats, poultry, and fish do

Housinaf9 doGas and electricity doHousefurnishings _ _ d oRent .. do

Medical care _ _ d oPersonal care doReading and recreation do

Transportation doPrivate _ _ d oPublic do

Other goods and services _. __do

240

221235267156202

212219168506

256257313143231

275288266

297

81

124.6

127.9122 2

116 6118.1113 0145.8

107.9118 3114.3125.1110 7

129.2119 9103.9139 7

150 8131.2118.6

146 3135. 2192 7129.7

238

221227254151203

236214204500

253259296160237

275290265

299

80

126. 5

130.0124 0

117 5119.6111.6150.0

109.41J9 7116.8128.3109 3

131.5124 8104. 2141 8

156 2133.3121.5

146 2134.5199 3132.2

241

222212267147200

273209165513

257277286176222

273290262

296

81

127.3

130.7.124 8

118 9

120.7110 9151.2

111.0120 9118.4124. 8110 0

132 2125 7104.0142 5

157 3134.0121.9

146 1134 1201 2132.7

241

219219254136204

262213181517

260282288182219

274291262

297

81

127.4

130 8125 0

118 3120 9110 7151.3

110 7121 1118.9126 2109 9

132 1125 7104 0142 7

157 9133 9122.5

146 5134 4202 9132.7

242

217220243141204

248217181517

263278298178226

275291265

298

81

127.5

130.8125 0

118 4121 0110 8151.4

110 6121 4119 3126 3110 5

132 3125 6103 9142 8

158 0133 7122.3

146 5134 5202 9132^7

241

218212233146207

254231178508

261271304165221

276291267

301

80

127.4

130 6124 8

118 0120 7110 2151.7

109 4121 3119 1126 1111 6

132 3125 9103 6142 9

158 5133 7122 2

146 2134 0205 5132.6

244

221210227150209

260250172517

263263309169224

277291267

302

81

127. 5

130 8125 0

118 1120 8110 3151 9

109 6121 4119 0127 2111 8

132 4125 9103 7143 1

159 4133 8122 7

146 2133 9205 7132.6

243

224217240150208

260264161516

259256309160226

277290268

302

80

127. 5

130 9125 0

118 0120 7109 9152 2

109 8121 2118 5127 8111 4

132 5125 9103 9143 1

159 6133 6123 4

145 7133 4205 7132. 6

239

2?6228249145202

250286178516

251247305145231

277290267

302

79

127.5

130 8125 0

117 9120 4110 7152 3

109 5121 2117 9131 4110 5

132 3125 8103 8143 3

i 59 9133 8124 1

145 8133 4206 5132.6

236

230233250151203

261285176517

241241292139239

277291266

302

78

127 A

131 0124 9

117 7120 2110 8152 5

109 6120 7117 5132 2108 7

139 2126 2103 5143 4

160 4133 8123 9

146 6134 2206 5133.1

234

231253261152200

260261177516

236240986131238

275290265

300

78

127.6

131 2125 2

118 0120 4111 2152 7

109 6120 9117 3135 4107 4

132 4126 3103 9143 5

160 9133 9123 5

147 7135 3207 3133. 1

237

232261265156201

241261189516

24124828813^232

275290264

300

79

128. 1

131 4125 7

118 7191 1

111 5152 8

109 9122 0118 0138 2107 8

132 4125 6103 6143 6

161 2134 3124 1

148 3135 9208 5133. 6

241

229214276154209

244259162523

251257309142231

276290265

301

80

128. 0

131 6125 6

118 4120 8111 9153 0

109 9121 2118 5132 4108 4

132 3195 6103 2143 6

161 4134 2124 4

149 3136 8209 1133.6

242

229198277156214

257242148542

252206303138230

276291266

301

80

128. 3

132 0125 g

118 7121 0111 9153 2

111 1121 1119 0126 5109 4

132 g125 7103 8143 9

161 7134 3125 0

149 4136 9OAQ A

133.8

240

226195286154217

228242134537

252274297141228

276291265

301

80

2 128. 4

132 3126 0

118 8120 9112 7153 4

111 4120 9119 012° 9109 7

132 7125 7103 6144 1

162 3134 0125 4

i ^n '%137 9OAQ A

133.8

238

223213280149218

209248134530

250275291140228

276291265

301

79

' Revised. 1 Based on unadjusted data. 2 index based on 1935-39=100 is 214.7.cfData are from Dun & Bradstreet, Inc. ^Figures in 1961 BUSINESS STATISTICS

volume, also the 1959 average shown here, cover 49 States (Alaska not included); see July1961 SURVEY for unadjusted data back to January 1960 for 50 States.

*New series. Data for Jan.-Dec. 1959 (49 States) and beginning Jan. 1960 (50 States)appear in the Oct. 1961 SURVEY.

§ Ratio of prices received to prices paid (including interest, taxes, and wage rates),9 Includes data not shown separately.


S-8 SUKVEY OF CURRENT BUSINESS December 1061

Unless otherwise stated, statistics through 1960and descriptive notes are shown in the 1S61edition of BUSINESS STATISTICS

1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


COMMODITY PRICES—Continued

WHOLESALE PRICES d^

(U.S. Department of Labor Indexes)

All commodities 1 947-49 = 100

By stage of processing:Crude materials for further processing doIntermediate materials, supplies, etc doFinished goods©-- -- - -- do_ _

By durability of product:Nondurable goods doDurable goods _ do

Farm products 9 _ _ _ _ doFruits and vegetables, fresh and dried... do __Grains doLivestock and live poultry do _

Foods, processed 9 doCereal and bakery products __ doDairy products and ice cream do. _Fruits and vegetables, canned, frozen doMeats, poultry, and fish _ do

Commodities other than farm products and foods1947-49=100--

Chemicals and allied products 9 doChemicals, industrial doDrugs and Pharmaceuticals doFats and oils, inedible doFertilizer materials _ _ doPrepared paint do

Fuel and related prod., and power? doCoal doElectric power Jan 1958=100Gas fuels doPetroleum products, refined 1 947-49=1 00 _ _

Furniture, other household durables 9 - - _doAppliances, household doFurniture, household doRadio receivers and ohonographs doTelevision receivers do

Hides, skins, and leather products 9 doFootwear., .. < oHides and skins . _ _ _. doLeather do

Lumber and wood products doLumber __ do

Machinery and motive prod. 9 doAgricultural nmcbinerv and equip . do. _Construction machinerv and enuin doElectrical machinery and equip " doMotor vehicles do

' Metals and metal products 9 doHeating equipment _ doIron and steel doN on ferrous metals . do

Nonmetallic mineral products 9 d o _ - _Clay products, structural doConcrete products. . doGypsum products do

Pulp, paper, and allied products doPaper do

Rubber and products doTires and tubes do

Textile products and apparel 9 doApparel doCotton products . doMaumade fiber textile products __ do ___Silk products doWool products do

Tobacco prod, and bottled beverages 9 _ _ _ d oBeverages, alcoholic doCigarettes do

Miscellaneous _ __ doToys, sporting goods do

PURCHASING POWER OF THE DOLLAR

As measured by —Wholesale prices 1947-49=100.-Consumer prices _ _ _ ___ __ _ do

119.5

96.7127.0120.6

105.0145.9

89.1102.777.385.1

107.0119.3114.3109.098.2

128.2

109. §123.893.256.7

106.9128.3

112.7122.6100. 8110 9

2 114.2

123.4104. 7124.189.069.8

114.3129. 590.7

111.8

125.8127.1

153. 0143. 4171.9154. 4142 8

153. 6121.7172.013(5. 1

137.7160. 2129. 7133.1

132.2143. 4

144. 5143.4

95.0100.091.781.1

113.5101 6

131.4121.3134 8

94.5117.5

83.780.3

119.6

94.5127.0121.5

105.3145.7

88.8106.775.782.6

107.7121.8118.5107.096.7

128.3

110.2124.293.649.0

109.6128. 5

113.8121.8101.9116 6115.4

123.1101. 9125. 186. 669.0

110.3133. 068. 1

101.5

121.3121.4

153. 414(i. 1175.6154. 2140 8

153.8119.4170. 0139.0

138.0161.8131.1133.2

133. 2145.4

144.7138.4

96.1100 994.279.1

122 9102 1

131.8120 8134 8

92 1118.3

83. 679. 1

119.6

93.3126.6122.4

105.8144.9

89.5109.273.580.7

109.0123.1121.3108.897.8

128.0

110.1123.693.147.8

111.2128.4

116.2122.5102. 1120.9119.5

122.7100. 9125. 684.268.9

108. 5132. 564.198.1

117.7116.3

152.9140. 7176. 7152. 6140 3

152.8119. 3108.9137.1

138. 1162.2131.0133.2

133.4145.7

144.7141.3

95.8101 192.878.5

128.5101 1

132.0121 1134 8

90 3118.6

83.678 6

119.6

93.0126.5122.7

105.8145.0

89.9107.570.381.8

109.1123.1121.7109.496.6

127.9

110.1123.592.848.9

111.9128.4

116.1123.0102.4120 2119.1

122.6100.6125.784.268.9

108. 5132.565. 897 1

116 9115.1

153.0148.2177. 3152,4140 5

152.3118.4168. 5135. 5

137.9162.3131.0133 2

133.1145.7

143.6141 3

95.4101 091.778.2

125 9101 3

132.0121 1134 8

90 6118.6

83.678 5

119.5

93.3126.4122.2

105.6145.0

88.799.572.782.8

109.2123.5122.0110.197.3

127.9

110.2123.692.848.5

111.9130.3

116.2123.1102.3120. 0119.3

122.6100. 4125. 785.369.3

108. 8132. 564. 909. 4

116.5115.0

153.1148. 0177.0152. 4140. 7

152.2116.8168. 6133.9

137.9162.3131.0133.2

132.3145.7

141.2137.1

95.2101.091.277.8

125.7100 8

132.1121 2134 8

92 4118. 6

83.778 4

119.9

94.7126.7122.4

106.1145.1

89.7103.775.284.7

109.9123.5121.3111.898.3

128.1

109.7123.092.750.2

112.4131.7

i 117.2123.4102 3121 1121.1

122.3100. 2126. 184.769 3

108.3132. 761.797 8

115 7114 5

153.5148. 4177. 6153. 7140 8

152.2114.9169. 4132. 1

s 138. 5162. 1131.1134 6

132.2145 7

139.7137 2

94.8100 590 877 3

130 9100 1

132. 1121 2134 8

95 6118.4

83.478 5

120.0

95.1126.7122.6

106.3145.0

90.099.876.085.3

110.5123.6119.8112.099.5

128.1

110.0123.292.754.7

112.4132.4

117.7123. 4102.2J22 3121.9

122.2100. 2126.284.768.7

108. 0132.7

(}(). 597.3

114.7113. 5

153. 4148, 5178.2153. 6140 4

152. 3114.8169. 7132.2

138. 4162.1131.2134.6

132.2145.7

139.6137 1

94.7100 590 277.2

129 399 9

132.1121 3134 8

95 2118.3

83.378 4

119.9

95.2126.9122.2

106.2145.1

89.9105.976.483.1

109.6123.6120.7111.596.1

128.2

110.1123.292.657.7

112.3132.4

117.5122.8102 4121 8121.5

122.2100. 0126. 284. 769.1

109. 5132. 708. 8

100 2

115 4114.4

153. 4148. 5178. 2153.5140 9

152.4114 5170.4132.3

138.6162.1131.1134 6

131.5145 7

139.9137 1

94.4100 490 276.3

129 599 5

132.1121 3134 8

96 8118.9

83.478 4

119.4

94.6126.9121.3

105.3145.3

88.5100.273.882.0

108.7123.6119.9111.194.3

128.0

110.2123.292.662.1

112.3132.4

115.2119.6102.5118 3117.9

122.5100. 0126.384.569.1

109.9132. 708. 0

102 2

118 0116.5

153. 1148. 6178.6151.9140 3

152. 7115 2170. 8132.4

138.6162.1131 3134 6

131.0145 4

140.1138 4

94.1100 489 975 8

129 5100 1

132.0121 1134 8

97 7119.0

83.878 4

118.7

93.2126.3120.7

104.3145.3

86.8101.474.878.2

107.5123.6119.5109.091.8

127.6

109.9122.892.461.4

112.3132.4

113.6117.4102.4118 7115.0

122.499.9

126.484.467.8

110.7132. 871.0

104 1

117 6117.0

153.1148. 6178. 5151. 7140 3

153. 0115 4170. 2134.4

138.5161. 5131 3134 6

126.1145 4

140.2138 4

94.0100 389 975 4

131 5100 9

132.1121 2134 8

99 5118.9

84.278 5

118.2

91.6125.8120.6

103.5145.4

85.1103.374.275.4

106.7123.7119.7108.789.9

127.4

109.3122.292.454.1

112.3132.4

114.3117.7102.3115 4117.0

122. 499.8

126.484.368.3

110.1132.868. 1

102 6

117 8117.0

153. 2148.8178. 2151.7140 4

153.1115. 4170.3135. 2

138.3161 . 6131 3134 6

126.5145 9

139. 6138 5

93.7100 489 575 1

130 8101 0

132.1121 2134 8

95 9118.9

84.678 4

118.6

92.7125.6121.2

104 2145 3

87 1104.377 875.5

107 5123 9120.4

' 109. 292.5

127.4

108 9121 192 552 2

111 7132 4

114.6118 7102 5115 6117.4

122.399.8

126. 483 568 8

111.1132 976 2

102 6

117 2116 8

153.0148. 8178 3151.8140 5

153. 2115 5170.1135.8

138.4161. 6131 3134 6

126.4145 9

139.0138 3

93.9100 489.775.1

131.2101 2

132.6121 1134 8

95 6119.0

84.378 1

118.9

94.8125.5121.4

104.6145.2

88.697.378.180.3

108 1123.9121.0107.494.8

127.4

108 4120 891 351 1

110 0132 4

114.4119 2102 4116 6116.8

122.199.8

126.482 068 1

113.1133 5§9 9

106 3

115 9115 8

152. 7148 9178 5150 5140 5

153. 6115 6170. 5136 2

138 5161.7131 3137 3

126. 3145 9

139.4138 3

94.2100 690 475 1

136 2101 7

132.8121 1m o

95 6119.7

84.178 1

118.8

93.8125.7121.3

104.5345. 2

87.294.978.077.6

108.1124.3121.9107.394.3

127.5

108.1120.690.748.7

110.2132.4

113.7120.1102. 4116 9115.1

122.299.8

126. 781.268 1

113. 5133. 982 5

107 6

115 7115 3

152.7148 7178 5150 4140 3

153. 7115 2170.8136 3

138.5161.9131 4137 3

129.5145 3

139.6138 3

94.4100 791 075 1

136 2102 1

133.4121 2134 8

95 6119.6

84.277 9

118.7

-93.7125.4121.3

104.4145.0

87.1'94.5

77.976.9

108.3125.1123.6

r 108. 0'93. 7

127.3

108.0120.390.847.0

111.9132 2

113.0120.8102 5119 4113.3

122. 299. 9

r 127. 081 2

r gy Q

r 114. 1r 134 7

82 2109 3

114 7r H4 5

152. 814C| 0178 5

r 151 1T 140 n

r 153. 2

114 8r 170. 5

134 9

138 9r 162. 1

131 5137 3

130.4145 4

139.4138 3

94.7100 891 675 1

133 3r IQl Q

133.4121 1134 8

r 93 4119.9

84.24 77 9

118.8

93.3125. 8121.4

104.7144.9

87.595.479.376.9

107.9125.2123.8108.192.7

127.5

107.9120.391.046.0

112.3132.2

114.0121.2102.6119.4115.0

122.399. 8

127.381. 367.6

1 13. 7134, 8

79, 6108 6

114 7114.3

152. 9149. 4178.6151. 1139 9

152. 5114.3169. 2134.0

138.6162.0131.2137 3

129.9145.4

138.4137 0

94.8100 891 875.5

132 9101 6

133.5121 4134 8

97 5119.9

4 84. 2

r Revised. 1 Formerly titled fuel, power, and lighting materials. 2 Petroleum andproducts index, published through Dec. 1960, has been discontinued. 3 Formerly titlednonmetallic minerals, structural. 4 indexes based on 1935-39=100 are as follows: Measuredby—wholesale prices, 44.1 (Nov.); consumer prices, 46.6 (Oct.). tfFor actual wholesale

prices of individual commodities, see respective commodities. ^Revised beginning Jan.1961 to incorporate new weighting structure based on net selling value of commodities in1958; comparability with earlier data is unaffected. O Goods to users, including raw foodsand fuels. 9 Includes data not shown separately.


December 1961 SURVEY OF CURRENT BUSINESS S-9


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


CONSTRUCTION AND REAL ESTATE

CONSTRUCTION PUT IN PLACE

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

Private total 9 do

Residential (nonfarm) 9 doNew housing units __ _ _ __ doAdditions and alterations do

Nonresidential buildings, except farm andpublic utilities, total 9 _. ..mil. $ .

Industrial _ doCommercial 9 - - - - -do

Stores, restaurants, and garages* doFarm construction _ _ _ _ _ doPublic utilities do

Public total do

Nonresidential buildings doMilitary facilities _ doHighways doOther types do

New construction (seasonally adjusted at annualrates) total mil $

Private total 9 do

Residential (nonfarm) doNonresidential buildings, except farm and

public utilities total 9 mil $Industrial doCommercial 9 do

Stores restaurants and garages* doFarm construction doPublic utilities do

Public total 9 do

Nonresidential buildings doMilitary facilities doHighways do

CONSTRUCTION CONTRACTS

Construction contracts in 48 Stntes (F. W. DodgeCorp.):

Valuation total mil $Public ownership _ _ _ . _ _ doPrivate ownership doBy type of building:

Nonresidential - . _ _ _ _ d oResidential doPublic works doUtilities do

Engineering construction:Contract awards (ENR) § do

Highway concrete pavement contract a wards :c?Total thous sq vds

Airports doRoads doStreets and alleys do

HOUSING STARTS

New housing units started:Unadjusted:

Total, incl. farm (public and private) _ _ _ t h o u s _ _One-family structures do

Privately owned _ _ _ _ _ _ do

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

Privately owned- _ _ _ _ _ _ _ _ _ d o

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

CONSTRUCTION COST INDEXES

Department of Commerce composite1947-49=100-.

American Appraisal Co., The:Average, 30 cities _1913=100__

Atlanta doNew York __ _ doSan Francisco doSt. Louis _ _ _ _ _ do

Associated General Contractors (building only)1913=100-

4,713

3, 362

2,0801, 603

413

738176328165109417

1,351

376124489362

3,022922

2, 100

9491,429

484161

1, 702

7, 828

4,1412,931

129. 5104.2126.4

127.689.7

124.6

141

704771764656684

517

4,630

3 300

1,8791,368

433

847238348172107444

1,329

399116455359

3 0261,0491 978

1,0201,259

579169

1,888

9,315621

5,6533 041

108.084.1

104.3

106.274.0

102.5

144

722793783677700

533

5,016

3,463

1,8971,443

372

929255386194111499

1,553

448148558399

55, 552

39 200

21 834

10 4183 0104 2622,0741,2885 361

16,352

4, 9951,4905 427

3 3191,1252 194

1,1651,390

647117

1,796

8, 541635

4, 4613 445

113.286.7

110.4

110.178.0

107.3

1 2731,237

144

728803795681706

538

4,771

3,395

1,8401,392

361

946261402201103479

1,376

408156450362

56, 079

39 624

22 016

10 5623 0?54 3782 1231,2985 452

16 455

5, 0551, 6785 243

2 8861,0711 815

9161, 253

566152

1, 775

11,208207

7,0453 957

94.570.492.8

93.566.191.8

1 2201,206

144

730806795690710

538

4,482

3,170

1,6981,267

340

92526438718687

437

1,312

391122470329

56, 650

39 639

21 916

10 7513 0254 5192 2261,2425 458

17 Oil

5, 0721,5315 953

2 7181,2181 500

994878735110

1, 875

12, 101361

9, 0129 707

70.948.064.2

70.449.863.7

996987

143

731806796691710

538

3,887

2,793

1,4491,051

307

88626536216177

358

1,094

38988

291326

56, 018

38 575

20 649

11 1933 0534 8482 3951, 1265 308

17 443

5, 0941, 2846 470

2 485838

1 647

813974400298

1, 061

8 632959

5,8911 782

72.551 869.8

71.051.168.3

1 1271,098

143

732806808691710

539

3,684

2,645

1,322939292

85825935215781

363

1,039

356109267307

55, 717

37, 962

20, 016

11,1002,9924 8212 3561,1575 384

17 755

5, 1571, 9425 934

2 235732

1 504

8048703(M307

1,380

7 349224

5.1251 999

81.056 575.8

77.755.772.5

1 1691,115

144

733806808695710

536

3,979

2,842

1,4831, 056

337

831246345160100406

1 137

403119271344

55, 794

38 511

20 508

10 9602 9574 7432 3381,3345 398

17 283

5, 2211 7645 662

3 1601,0902 075

1,0271 371

695142

1,912

7 762980

5 0831 699

109.780 1

104.6

107.379.1

102.2

1 2961 262

144

733807808696713

538

4,372

3,110

1, 7351,173

469

809234337150116428

1,262

433118338373

55 504

38 986

21 042

10 8032 9214 6362 1921, 5085 323

16 518

5, 2221 6515 060

3 298l', 1702 i9g

1 0501 454

63915^

1,817

10 5?2202

7 2323 088

115.385 4

111 0

113.079.7

108 7

1 1661 143

145

735808808696713

538

4,853

3,442

1,9731,256

619

842226363170136467

1,411

440127435409

55 518

39 232

21 257

10 6282 8494 5152,0951,6865 383

16 286

5, 1861 5074 983

3 5011. 1272 374

1,1051 553

6232J9

1, 789

10 482110

5 9944 378

130.797 9

126.6

128.389.5

124.2

1 2911 268

145

737808808696721

542

5.301

3,690

2,1381,407

632

900219401205156473

1,611

468136574433

57, 206

40, 328

22, 271

10 5842, 7504 5102,1411, 8395,382

16, 878

5, 2291, 3825 527

3 6021, 2352 367

1,2211 558

632191

2, 392

11,216582

6, 1194 514

138.3100 6132.4

135.392.5

129 5

1 3811 351

145

740809810704721

547

5,274

3,734

2,1251,524

501

932216419220164491

1,540

45098

562430

57 039

41 176

23 118

10 6082 6724 5782 2551, 7595 457

15 863

4, 9631 1405 128

3 529ll 2059 9,33

1 1541 50?

710163

1,883

9 041938

4 3283 774

128. 597 6

125 2

126. 087.2

122 7

1 3431 318

146

742809820706722

547

5,402

3,723

2,1091,578

428

937213416215160497

1,679

462113651453

57, 983

41, 281

23, 306

10, 6292. 5884, 6462, 3471, 6545,470

16, 702

5, 0441, 1535, 702

3, 5431, 15S2, 384

1,0*71,589

687179

2.220

11, 7658()9

7, 0583 906

130. 1r 96.1127. 0

r 127. 3' 87. 5124.2

1 3261,301

145

746809820706722

547

' 5, 473

' 3, 740

' 2 122'1,602

'417

949218421220

'147r 503

' 1,733

'463' 138

685r447

'58,910r 41, 709

'23,782

10,7112, 6104.7182,398

r 1,590r 5, 422

'17,201

' 5, 091r 1,404

5, 960

3. 004954

2 050

9871, 3S1

534103

1, 057

6, 929304

3, 2033 423

' 128. 292 1

^ 122. 4

r 126. 591.3

'120 7

' 1 383' 1 365

145

747809821708722

547

' 5, 325r 3, 699

' 2, 093'1,613

'376

954221425224

'129504

'1,626

'456'80

'651'439

r 58, 879

'41,759r 23, 991

10, 6562, 6084, 6812, 388

'1,494' 5, 409

r 17, 120

' 5, 072'-812

r 6, 340

3, 2911,021•) 070

1 , 0051.498

631150

1,869

8, 671174

5.4183 ()80

' 128. 5T 123.8

' 126. 085. 2

' 121 3

r \ 432' 1 402

145

748819821715722

547

5,062

3,637

2,0781,614

362

948221424228121472

1,425

41196

511407

59, 473

42, 350

24, 713

10, 5402, 5544, 6082, 4131,5165, 377

17,123

5, 0851,0225, 990

2, 071

105. 4

102.5

103.8

100.9

1 3501 328

145

747815819712731

547

' Revised.9 Includes data not shown separately.*See Bureau of Census reports for monthly data prior to Aug. 1960.

§ Data for Dec. 1960 and Mar., June, Aug., and Nov. 1961 are for 5 weeks; other months,4 weeks.

d" Data for Nov. 1960 and Jan., May, Aug., and Oct. 1961 are for 5 weeks; other months4 weeks.


S-10 SURVEY OF CURRENT BUSINESS December


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


CONSTRUCTION AND REAL ESTATE—Continued

CONSTRUCTION COST INDEXES— Con.

E. H. Boeckh and Associates: 1Average, 20 cities:

Apartments, hotels, office buildings:Brick and concrete-__U.S. avg. 1926-29=1CO__Brick and steel doBrick and wood do

Commercial and factory buildings:Brick and concrete doBrick and steel doBrick and wood doFrame doSteel do

Residences:Brick doFrame -- do

Engineering News- Record:©Building 1947-49=100 .Construction _ _ _ _ _ _ _ _ _ _ _do__ _

Bu. of Public Roads — - highway construction^Composite stand mile (avg forqtr) 1957-59=100

CONSTRUCTION MATERIALS

Output index:Composite unadjusted 9 J 1947-49=100

Seasonally adjusted 9 t --- do

Iron and ^teel products unadjusted! doLumber and wood products unadjusted doPortland cement, unadjusted _ _ . do

REAL ESTATE

Home mortgages insured or guaranteed by-Fed. ITous. Adm.: Face amount mil. $._Vet. Adm.: Face amount do

Federal Home Loan Banks, outstanding advancesto member institutions mil $

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

By purpose of loan:Home construction doHomo purchase do411 other purposes do

New n on farm mortgages recorded ($20,000 and

Nonfiirm foreclosures number

Fire losses mil $

306.2296.4293.2

318 1315.8293 1289.8300.4

293 9284.0

162.5176.5

1 r 96. 4

136.2

121 4140.1169.0

505. 78232. 23

2 2, 134

1,263

433551278

2 6863.673

87.26

313.6302.3297.8

326.2321.2298 5294.4302.6

299 2288.4

165. 7182.2

1 ' 94. 1

131.3

1^8 6132. 6159.0

383. 38165.42

21,981

1,192

390511291

2, 4454, 279

92.32

315.0302.5297.2

328.1321.0298 5293.5300.8

298.9287.5

165. 9183.2

131.6116.4

126 0ol29.9^188.1

433. 65162.08

1,735

1,250

394545311

2, 5254,512

92.73

315.0302.4297.0

328 1320.8298 4293.3300.4

298 7287.3

166.1183.3

116.9122.4

111 6117.6158.0

403. 68150. 40

1,741

1,140

332508300

?, 3784,740

84.34

315.1302.4296.8

328 2320.8298 2293.0300.3

298 5287.1

166.5184.2

'95 0

102.8120.5

95 3104.9122.7

390. 26141.87

1,981

1,150

367460323

2, 3384,973

101.90

315.6302, 5296.4

329 0320.8298 2292. 2300.1

298 2286.5

166.5184.2

104.6111.7

100 7112.5100.2

410. 35131.65

1,571

969

285400285

2, 0755, 523

117.25

315.7302.5296.4

329 1320.9298 2292.3300.1

298 2286.5

166.5184.1

100.0113.4

94 7109.990.0

340. 97107. 75

1,496

1,001

288395318

1,9975, 096

116.61

315.9302.7296.4

329.1320.8298 1292.0300.1

298 2286.4

167.1184.9r94. 4

125.3130.1

120 9128.5130.7

347. 56124.84

1,477

1,356

407515414

2.4446,272

109. 22

316.2302. 9296.6

329.5321.2298 1292.4300.4

298 4286.7

168.3187.0

131.2129.2

132.5132.6158.3

317.68108. 65

1,576

1,309

417504388

2, 3585, 942

95.49

320. 1305.0298.7

334 6324.0300 8294.5300.5

300 9288.4

168.6187.7

147.2137.4

149.1147.9186.1

348. 99123. 39

1,624

1,511

460603447

2,7006,090

93.10

321.6306.4299.7

335 9325.2301 9295.3301.5

301 9289.3

169.1188.4

r QQ 2

150.2140.5

158.8141.3189.0

385. 86137. 27

1,869

1,721

532712477

2,8566, 576

103.35

322.4308 0300.3

336 8325 9302 4296 0302.0

302 5289 9

168 8188.5

r 130. 3r 134. 9r 132 2r 121.9

194.5

386. 21144.39

1,871

1,482

422659401

2,6535, 946

93.11

322.8308.2300.3

337.0326. 1302 5295. 9302.2

302. 6289.9

169.0188.5

153. 0138.6

156.2151 9199.0

463. 35181 . 66

2,001

1,763

499785480

3,0046,348

91.63

323. 3308 7300.7

337 6326. 6302 8296.3302.5

303 0290.2

168 7188.6

r95 1

141.1134.9

144 8137.8188.3

422. 39167. 99

2,124

r 1. 594r436••694r463

2,7776,214

76.98

323. 4308 6300.0

337 9326. 5302 5295.1302. 3

302 3289 3

168.8188.8

432. 48200. 91

1,623

465693464

86.93

323.3308 5299.9

337 8326.5302 4295. 1302.2

302 2289.2

168.7188.7

483.73

DOMESTIC TRADE

ADVERTISINGPrinters' Ink advertising index, seas, adj.:

Combined index 1947-49=100Business papers doMagazines do

Newspapers doOutdoor - - - do _Rad'O (network) doTelevision (network) 1950-52—100

Television advertising:Network:

Gross time costs total mil $Automotive incl accessories doDrills and toiletries doFoods soft drinks confectionery do

Soaps cleansers etc doSmokins materials doAll other _ __ _ do _ _

Spot (national and regional) :Gros^ time costs total do

Automotive incl accessories doDru°"s and toiletries doFoods soft drinks confectionery do

Soaps cleansers etc doSmoking materials doAll other do

Magazine advertising:Cost total do

Apparel and accessories __ doAutomotive incl accessories doBuilding materials __do_ __Drugs and toiletries doFoods soft drinks, confectionery do

Beer, wine, liquors do. _Household equip supplies furnishings doIndustrial materials doSoaps, cleansers, etc.- __doSmoking materials doAll other do.

225232173

20615224

452

52 33.9

14.810 5

5.66 3

11.3

65.34.06 72.86 28.7

4.25 64.2.9

2.319.7

235246188

21016023

462

56 94.6

16 310 8

5 86 4

13.01 154 2

1 5 61 28 71 49 8

i 18 9!8 9

1 42 4

71.14.77 83.06 79.8

4.25 64.6.8

2 221.7

246247208

20317021

507

63 47.2

17 411 9

6 26 1

14.5

98 16.8

14 73.48 8

13.1

5.38 36 4.9

2 328.1

234244175

20216622

513

64 05.5

16 612 3

6.16 2

17.4

82 45.29 71.97 4

10.4

5.87 34.9.8

2 526.5

235235181

20914718

500

60 74.7

18.012 2

5.47 0

13.4

163 15 1

32 556 6

16 18.5

44 3

64.73. 65.3.8

6 49.4

7.54 43.5.4

2.620.8

230227194

20614918

449

61.84.9

18.413.4

6.56.8

11.8

48.91.56.81.63.98.0

2.72.01.9.4

1.718.4

225225186

19014024

473

57.13.7

16.612.9

6.76.0

11.1

64.53.17.52.15.5

11.4

3.33 12.8.8

2.522.4

232221187

21213523

487

63.63.9

18.214.4

7.86.6

12.7

151 34.0

31 156.6

16 87.5

35 3

77.05.68.22.87 2

11.6

4.34 73 6.8

2.725.7

225234177

19612523

479

59.83.3

15.513.6

7.76.5

13.3

83.56.58.64.36.7

11.8

4.46 74.4.9

2.226.8

232241182

20012625

499

61.73.8

16.613.3

7.27.0

13.7

78.75.87.63.67.2

10.8

4.56 74.7.7

2.225.0

236242171

21514925

522

59.93.6

18.412.0

7.16.6

12.1

160.64.6

28.254.1

21.68.3

43.8

66.52.95.83.37. 1

10.0

4.14 04.2

2.721.6

236258173

18515029

520

58. 13.3

19.311.4

6.68.19.5

47.6.7

3.51.85.98.4

3.22 43.3.4

2.215.8

237236176

20415726

538

58.42.7

19.111.9

7.77.79.2

47.44.82.71.84.67.4

2.52.32.7.5

2.216.0

245251192

21615222

518

80.08.67.13.67.79.0

3.86.24.8.6

2.625.8

89.86.0

11 02.98 7

13.0

5.18 05 21.12.3

28.5r Revised. l Quarterlv average based on quarterlv data. 2 End of year.« Revisions for Aug. and Sept. 1960, respectively, 145.1 and 136.1.& Revision for Sept. 1960, 186.5.^Copyrighted data; see last paragraph of headnote, p. S-l.OData reported at the beginning of each month are shown

f Revised to reflect current specifications and base period; data prior to 4th qtr. 1960 areavailable upon request.

kvn here for the previous month.

uiciuio ujjun it;<{ii«.j;5t.9 Includes data for items not shown separately.^Revisions for 1955-Sept. 1960 are available upon request.Digitized for FRASER


December 1961 SURVEY OF CURRENT BUSINESS S-ll


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


DOMESTIC TRADE—Continued

ADVERTISING— Continued

Newspaper advertising linage (52 cities) :Total mil lines

Classified _ doDisplay, total _ ._ do

Automotive do

General .__ _ _ _ _ doRetail _ do

RETAIL TRADE

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

Durable goods stores 9 doAutomotive group do

Motor veh., other automotive dealers do _Tire, battery, accessory dealers __do ._

Furniture and appliance group do _Furniture, homefurnishings stores doHousehold appliance, TV, radio _ _ _ _ d o _ _

Lumber, building, hardware group doLumber, bldg. materials dealers^ do .Hardware stores do

Nondurable goods stores 9 _ _ _ do _Apparel group do

Men's and boys' wear stores _ do _Women's apparel, accessory stores. do__Family and other apparel stores doShoe stores do

Drug and proprietary stores _ _ doEating and drinking places _ _ _ _ do__Food group _ _ _ _ do

Grocery stores doGasoline service stations _ _ _ do

General merchandise group 9 doDepartment stores doMail order houses (dept. store mdse.)-doVariety stores __ ._ do _

Liquor stores- _ _ _ _ _ _ _ _ do

Estimated sales (seas adj ) total do

Durable goods stores 9 doAutomotive group do

Motor veh., other automotive dealers doTire, battery, accessory dealers. do

Furniture and appliance group doFurniture, homefurnishings stores doHousehold appliance. TV, radio - -do _

Lumber, building, hardware group _ doLumber, bldg. materials dealers cf - doHardware stores - _ _ _ _ do

Nondurable goods stores 9 _ doApparel group do

M en's and boys' wear stores doWomen's apparel, accessorv stores^ .doFamily and other apparel stores doShoe stores do

Drug and proprietary stores doEating and drinking places. _ _ doFood group _ do

Grocer v stores doGasoline service stations _ do

General merchandise group 9 -- do _Department stores doMail order houses (dept. store mdse ) doVariety stores do

Liquor stores do

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

Durable goods stores 9 . __ .doAutomotive group doFurniture and appliance group. doLumber, building, hardware group. ..do

Nondurable goods stores 9 doApparel group doFood group doGeneral merchandise group do ._.

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

Automotive group.- _ _ _ d oFurniture and appliance group doLumber, building, hardware groups-do

Nondurable goods stores 9 doApparel erroup doFood group _ _ doGeneral merchandise group do

238 860.6

178.112.9

30.3130 4

17, 951

5, 9723, 2873, 074

213

920582338988759229

11,9791,105

211440259194

5961,3004,3073,8371, 399

1, 9491,134

142321395

' 24. 41' 10. 74

3.991.912.36

' 13. 683.022.973.81

r 25. 54'11.27'4.32••1.96'2.45

'14.27r 3.22'2.98'4.18

240 761.3

179.513.8

28.8132 4

18, 294

5,8943,2923,082

211

883564319943718224

12, 4001,142

218444276204

6281,3414, 4864 0281, 466

2,0011 162

155325407

r 25. 98' 11. 72

4.881.902.35

r 14 263.163.143.89

' 27. 18' 12. 33

r 5.27* 1.95'2.44

' 14. 85' 3 36'3.14'4.26

265 863.4

202.417.0

36 3144 2

18, 648

6,0133, 2323,027

205

919600319

1,036812224

12, 6351, 183

219467295202

6271,3794,5164 0601,505

2,0931 241

165318404

18 543

6,0763 4053 203

202

895580315936719217

12, 4671, 124

213450266195

6371,3444 5074 0481,481

2,0331,201

160317397

' 27. 49' 11.83

4.632.052.40

r 15 653.643.144.76

' 27. 23' 12. 47' 5.43'1.98'2.44

' 14. 76r 3 32' 3 09'4.29

256 655.6

201.013.1

34 1149 4

18, 385

5.8143 1742,976

198

927606321932723209

12, 5711,190

229464314183

6081, 3054,4333 9701,455

2,2371 316

222327421

18 398

5,9173 3483, 150

198

841541300916713203

12 4811 130

211444283192

6381,3464 5944 1271,464

1,9801, 131

166330418

' 28. 08••12.11

4.792.082.38

r 15 973.683.194.91

' 27. 36' 12. 52

r 5 48'1.97'2.44

' 14. 85r 3 37' 3 11'4.30

238 748.3

190.58.5

24 8152 5

22, 153

6, 0912,9982,731

267

1,123696427892601291

16, 0621, 979

440749528262

8181, 3525,0874 5791, 511

3,fi042 104

258674637

17 887

5,4882 9702,757

213

840541299895674221

12, 3991 100

210425278187

6331, 3584 5024 0621,502

1,9911,173

157311391

' 25. 98'11.72

4.881.902.35

' 14 263.163. 143.89

' 27. 18' 12. 33

r 5 27' 1. 95'2.44

' 14. 85r 3 35' 3 14'4.26

195 753 6

142.111.06. 7

19 0105 4

15, 803

4, 6342, 6762, 526

150

723445278659493166

11, 169886187347202150

6061,2294, 2873 8601 381

1, 456829120222359

17 773

5, 3592 8482 651

197

844528316913689224

12 4141 144

224442281197

6151,3404 5634 1151, 465

l , 9 f O1 112

If; 23°c)422

r 25. 84' 11.78

5.011.842.37

r 14 063.103 053.83

'26 83' 11.93' 4 90'1.91'2.44

' 14. 90' 3 41r 3 12

' 4^23

188 650 0

138. 59.84. 1

22 8101 9

15, 071

4,4792 5872 438

149

682431251632475157

10 592775146315179135

5881 1354 1733 7471 282

1, 417796117239341

17 795

5,3482 8902 687

203

812509303900682218

12 447I 130'211441277201

6291 3394 5904 1221 473

1 9981 159' 149331405

r ?6. 30* 11 86

5.031.852.41

r 14 443.223 124 02

' 26 57'11.68

r 4 eg'1.89'2.42

' 14. 89r 3 33r 3 1(5

' 4^24

236 257 8

178.312.84. 7

29 0131 9

17, 934

5, 4673, 1903,007

183

776488288820625195

12, 4671 191

200457302232

6271,2824 7024 233l'429

1,9211 105

163312374

18 127

5, 5473 0442 838

206

833515318944720224

12 5801 161

224437294206

6341 3PO4 6034 1281 491

2 0391 172

168334407

' 26. 67r 11.81

4.831.902.46

' 14 863.343 194.25

'26 07'11.35

r 4 37'1.90'2.40

' 14. 72r 3 26' 3 18' 4.' 23

241 860 4

181.513.15. 1

31 0132 2

17, 398

5, 4143 0882,890

198

768493275878666212

11, 9841 019

181401238199

6071,3134 4864 0361 439

1,8031 052

134286375

17 860

5,4092 9192 714

205

872547325900687213

12 4511 076

205409265197

6281 3804 5484 0851 474

2 0271 192

1613224°0

'26.87' 11.81

4.781.902.48

' 15 063.383 194 33

'26 18'11.25r 4 28'1.89'2.41

' 14. 93' 3 36r 3 16

'4! 31

249 362 2

187.115.84. 6

32 3134 4

18 532

6,0063 4133 192

221

844553291990755235

12, 5261 105

205434260206

6291 3864 5744 1141 523

1, 9661 143

156312383

17 995

5, 5493 1052 900

205

839537302877673204

12 4461 103

216415280192

6301 3474 6244 if;41 480

1 9741 132

157335400

' 26. 70' 11 86

4.871.922.46

' 14 843.303 194 24

r 26 23'11.31

r 4 38' 1.91'2.37

' 14. 92' 3 36r 3 17' 4.' 30

236 561.3

175.313.85.0

30 4126 0

18 907

6,2143 4543,207

247

895563332

1 039799240

12, 6931 109

242405256206

6241 4324 7714 2951 568

1,9931 180

142315393

18 199

5, 5863 0^82 854

214

857547310899687212

12 6131 136

229435275197

6421 3704 6224 1571 500

2 0671 205

IfiO339416

' 26. 23' 11 73

4.781.892.43

r 14 503.153 194 08

r 26 22'11.37

r 4 44'1.90'2.38

' 14. 85r 3 33

' 3 18'4.24

207 760.6

147.110.85. 5

21.0109 7

17, 922

5, 6403, 0332, 796

237

845534311

1,008783225

12, 282953190358224181

6291,4904 6824 2101 604

1,7721 018

120300404

18 0°6

5,5052 9342 717

217

883568315926704222

12 5211 118

218434266200

6491 3354 6104 1431 485

2 0691 237

155324393

' 26. 09' 11 63

4.711.872.42

' 14 463.123 184 10

r 26 34' 11. 46

r 4 49'1.90'2.40

' 14. 88r 3 39

r 3 20'4.' 26

224.461.3

163. 110.83. 8

21.8126 7

18,325

5,7122,9852,745

240

914583331

1,057838219

12, 6131 039

182399260198

6301 5074 6444 1721 616

2,0321 177

163330398

18 181

5,4722 9352 721

214

883557326914703211

12 7091 177

2304532892Q5

6441 3454 6S44 2141 5">3

2 0821 2^8

163351409

' 25. 70' 10 74

3.861.892.34

' 14 963.383 224 30

' 25 98' 11.01

r 4 15

' 1.' 90'2.35

' 14. 97r 3 31

r 3 27

' 4.' 28

231.859.1

172.713.74. 2

26.9127 9

18,158

' 5, 386'2 7bl' 2, 510

'221

'879' 553

326'985' 775'210

'12 772' 1 153

201'438'285r 229

' 699' 1 440' 4 816r 4 357' 1 519

' 2, 070'1 295

150331

r 403

'18 141

' 5, 620' 3 119r 2 893

' 226

r g76r 556

320' 875' 670' 905

'12 5°1r 1 106

r 918' 430' 265' 193

r 641r \ 377' 4 602'4 1 53' 1? 511

2 0751 295

157331' 386

' 26. 26r 10 72

3.811.912.31

' 15 543. 593 284 58

r 26 34' 11.26' 4 38'1.89'2.34

' 15. 09' 3 33r 3 31' 4.' 32

260.963.2

197.813.95. 2

34.1144 6

'18,797

' 6, 083' 3 332

3,106226

'919594325

1 034828206

'12 714r 1 206

231466303206

6311 4174 5164 0681 547

2, 1621 984

339

396r!8 629

' 5, 9003 3013 079

229

884565319993795198

r\^> 7921 191' 23845728691 A

6411 3774 6394 181l' 518

2 0981 216

165349

27.0110 973.901.962.30

16 043.703 384 82

26 4111.274 371.892.33

15. 153 393 39

4^35

1 19 4261 6 211i 3 485

i 978

i 13 215i \ 976

i 6411 3704 6024 1411 569

2,4381 462

1 1 Q 97O

i 6, 306

t -12 964

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

electrical stores.JRotail inventories have been revised beginning 1946 to incorporate (1) adjustment to

the Annual Retail Trade Reports of the Census Bureau, (2) adjustment to the latest Stand-ard Industrial Classification, (3) new seasonal factors, and (4) data for Alaska and Hawaii.Revisions for Dec. 1957-Sept. 1960 appear on p. 24 of this issue of the SURVEY; those for theearlier period are available upon request.


S-12 SURVEY OF CUKRENT BUSINESS December 1961


1959 I960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


DOMESTIC TRADE—Continued

RETAIL TRADE— Continued

Firms with 4 or more stores:Estimated sales (unadjusted), total mil. $._

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

Apparel group 9 - - do _ _Men's and boys' wear stores _ __ _ _ _doWomen's apparel, accessory stores _ doShoe stores do

Drug and proprietary stores doEating and drinking places _ doFurniture, homefurnishings stores do

General merchandise group 9 - doDept stores, excl mail order sales do _ _Variety stores do

Grocery stores doLumber yards, bldg. materials dealers a"1- doTire battery, accessory dealers do __

Estimated sales (seas adj ) total 9 do

Apparel group 9 do _ _Men's and bovs' wear stores do\Vomen's apparel accessory stores doShoe stores do

Drug and proprietary stores doEating and drinking places doFurniture homefurnishings stores do

General merchandise group 9 doDept stores excl mail order sales do

Grocery stores doLumber yards bldg materials dealerscf doTire battery accessory dealers do

Department stores:Accounts receivable, end of month:

Charge accounts 1947-49—100Installment accounts do

Ratio of collections to accounts receivable:Charge accounts _ _ percentInstallment accounts do _

Sales by type of payment:Cash' sales _ _ percent of total sales -Charge account sales doInstallment sale? do _ _

Sales, total United States:Unadjusted 1947-49=100Seasonally adjusted do _ _

Stocks, total U.S., end of month:Unadjusted doSeasonally adjusted do

WHOLESALE TRADE

Sales estimated (unadj ), total ___ _bil. $Ourublo goods establishments doNondurable goods establishments do

Inventories estimated (unadj ) total doDurable goods establishments doNondurable goods establishments do

4,456

3,889

25419

10878

1027938

1,210717248

1,6256981

170383

4715

434215

144

156

12.34.6

i 12. 66.46.2

4,724

4,223

29329

11885

1219337

1,290781251

1,7856982

177433

4615

434215

145

165

12.34.47.9

i 13.26.66.6

4,904

4,343

30931

12585

1229641

1,361842243

1,7868182

4 264

29830

12286

1249438

1,306807246

1,7907183

171422

4715

414316

153148

'187167

12.84.58.2

13.66.96.7

4,970

4,387

31234

12980

1209145

1,453877253

1,7477080

4,269

29529

12185

1259439

1,282770253

1,8227082

184431

4815

424315

171'144

192169

12.94.38.6

13.66.86.8

6,800

6,003

51158

213123

1879144

2,3211,370

5232,093

57108

4,245

27927

11379

1249137

1,295800237

1,8176781

244479

4815

444214

262r 146

150r 166

12.64.18.5

13.26.66.6

4,107

3,534

200237662

1138428

910548164

1,6954859

4 195

28930

11688

1229036

1,250745246

1,8086779

210480

4514

434017

108142

145162

11.43.87.6

13.16.66.6

4,044

3,472

186187657

1088029

897534179

1,6694762

4,262

29329

12088

1239033

1.303793248

1,8086884

173482

4514

424216

109145

153161

11.33.77.6

13.16.76.4

5,047

4,334

32829

128102

1219236

1,240747241

1,9305778

4 348

29529

11988

1249436

1,339793258

1 8356789

165449

4916

424315

132146

164161

12.84.28.5

13.46.86.6

4,763

4,065

26324

10683

1189335

1,1837322"

1,7826087

4,270

27426

11281

1259537

1,329812949

1,7956290

164441

4414

434215

134148

169162

11.74.07.7

13.36.96.5

4,988

4,263

29228

11987

1199642

1,286783245

1,7986895

4 282

29129

11486

1219540

1,299768964

1 8286184

164437

4815

434215

140144

165164

12,84.48.3

13.36.86.5

5,193

4,462

29532

11691

1229839

1,320818249

1,92174

109

4 371

29030

11784

1259538

1,344802268

1 8516394

162433

4815

434116

141149

156164

12.84. 68.2

13.36.86.5

4,805

4,133

242239873

12110037

1,171709234

1,82071

103

4 360

29729

11882

1249341

1,357831253

1, 8276295

149428

4714

434017

126151

157166

11.94. 1

13.36.86.5

5,077

4,339

27022

11179

11910137

1,344806260

1,80276

101

4,446

32332

12390

1239336

1,362810279

1, 8656293

153428

4815

434116

1 36150

105169

13.34.68.7

13.56.86,7

r 5, 282

4 509

30524

12297

12210136

1 352834256

1 9537192

4 386

28828

19082

1269836

1 350827261

1 8566196

162430

4615

424216

150150

178170

r 12. 6

4.4'8.2

13.66.86.8

5,237

4,423

31032

12585

1229841

1,421872261

1,7717496

4 441

30832

12590

1269638

1 379830276

1 8456497

170445

4816

414316

T P 154P 151

P 190v 170

13.74. 79.0

13.86.87.0

v 182P 153

EMPLOYMENT AND POPULATION

POPULATIONPopulation, U.S. (incl. Alaska and Hawaii) :§

Total, incl. armed forces overseas mi l__

EMPLOYMENTNoninstitutional population, est. number 14 years

of age and over total unadj ^ mil

Total labor force, incl. armed forces J thous__Civiliaii labor force total 1 do

Employed, total do __Agricultural employment doNonagricultural employment do

Unemployed total do _Long-term (15 weeks and over) _ do__ _

Percent of civilian labor forceNot in labor force! thous__

Givilian labor force seas adj * doEmployed total do

Agricultural employment doNonagricultural employment do

Unemployed total doPercent of civilian labor force _ _ _ _

2 177.26

123. 37

71, 94669, 39465, 5815,836

59, 745

3,8131,040

5.551, 420

2 180.67

125. 37

73, 12670, 61266, 6815,723

60, 958

3,9319565.6

52, 242

181. 52

125. 94

73, 59271, 06967,4906,247

61, 244

3,5799925.0

52, 344

70, 57566, 3625,659

60, 6974,414

6.3

181. 78

126. 22

73, 74671,21367, 1825,666

61, 516

4,0319875.7

52, 476

71, 35667, 0485,799

61,2104,389

6.2

182. 02

126. 48

73, 07970, 54966, 0094,950

61, 059

4,5401,015

6.453, 403

71,11866, 4075,824

60,4544,819

6.8

182. 26

126. 72

72, 36169, 83764,4524,634

59, 818

5,3851.339

7 754, 364

71,48166, 5835,721

60, 6674,736

6.6

182. 49

126. 92

72, 89470, 36064, 6554,708

59, 947

5,7051,624

8.154, 024

71, 94366. 7925,848

60, 8604, 891

6.8

182. 71

127. 12

73, 54071,01165, 5164,977

60, 539

5,4951,862

7.753, 574

72, 16667, 0585,774

61,2124,970

6.9

182. 95

127. 34

73, 21670, 69665, 734

5, 00060, 734

4,9622,128

7.054, 121

71,41066, 5325,263

61, 2244,889

6.8

183. 17

127. 56

74, 05971, 54666, 7785,544

61, 234

4,7681,915

6.753,499

71, 40366, 5785,196

61,4804,923

6.9

183.41

127. 77

76, 79074, 28668, 7066,671

62, 035

5,5801,575

7.550, 977

72, 40467, 2935,582

61,9114,946

6.8

183. 65

127. 99

76, 15373, 63968, 4996,453

62, 046

5,1401,634

7.051, 833

71, 63366, 7635,487

61,4324,938

6.9

183. 91

128. 18

75, 61073, 08168,5396, 325

62, 215

4,5421,440

6.252, 573

71, 78966, 9985,683

61,4174,957

6.9

184. 20

128. 37

73, 67071, 12367, 0385,666

61, 372

4,0851,257

5.754, 701

70, 98166, 3095,208

61, 1884,843

6.8

184. 48

128. 57

74, 34571,75967, 8245,964

61, 860

3,9341,240

5 554, 226

71,26066. 6905, 402

61,3084,831

6.8

184. 74

128. 76

74, 09671, 33967, 3495,199

62, 149

3,9901,137

5.654, 659

71, 48267, 2155,321

61, 8404,345

6.1r Revised. p Preliminary. 1 End of year. 2 As of July 1.9 Includes data not shown separately.e/1 Comprises lumber yards, building materials dealers, and paint, plumbing, and elec-

trical stores. § Estimate for July 1, 1959, excludes Hawaii.

Âverage for 1959 excludes Alaska and Hawaii; later data include these States.*New series. Since series are seasonally adjusted separately, components may not add

to totals. Monthly data (1948-60) appear in "Employment and'Earnings," BLS (Feb. 1961).


December 19C1 SURVEY OF CURRENT BUSINESS S-13


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


EMPLOYMENT AND POPULATION—Continued

EMPLOYMENT— Continued

Employees on payrolls (nonagricultural estab.):fTotal, unadjusted f — - - thous

Manufacturing establishments _ __do _Durable goods industries doNondurable goods industries do _ _

Mining, total 9 doMetal doCoal mining doCrude petroleum and natural gas do

Contract construction doTransportation and public utilities? do

Railroad transportation doLocal and interurban passenger transit do

Môtor freight trans and storage doAir transportation doTelephone communication doElectric 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 adjustedf 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 doMachinery. doElectrical equipment and supplies do

Transportation equipment. __ doInstruments and related products doMiscellaneous manufacturing ind do

Nondurable goods industries do..Food and kindred products doTobacco manufactures _ _..doTextile mill products doApnarel and related products doPaper and allied products do

Printing, publishing, and allied ind__doChemicals and allied products doPetroleum refining and related ind _ doRubber and misc. plastic products doLeather and leather products _ _ do _

M in in g doContract construction doTransportation and public utilities __ do ._Wholesale and retail trade doFinance, insurance, and real estate - do .__Services and miscellaneous _ doGovernment do

Production workers on mfg. payrolls, unadjusted:!Total, unadjustedf- _thous_

Seasonally adjusted doDurable goods industries, unad justed _ _ do

Seasonally adjusted doOrdnance and accessories doLumber and wood products _ doFurniture and fixtures __doStone, clay, and glass products doPrimary metal industries __do_ __

Blastfurnaces steel and rolling mills doFabricated metal products doMachinery doElectrical equipment and supplies. _.doTransportation equipment 9 do

Motor vehicles and equipment doAircraft and parts __do

Instruments and related products doMiscellaneous mfg. industries do

Nondurable goods industries, unadj doSeasonally adjusted do __

Food and kindred products doTobacco manufactures. _ doTextile mill products doApparel and related products doPaper and allied products. __do _

Printing, publishing, and allied ind.-doChemicals and allied products doPetroleum refining and related ind___do

Petroleum refining - . d oRubber and misc. plastic products. _ .doLeather and leather products do.. -

53, 380

16, 6679,3697,298

73184

197331

2,9554,010

925281

848180707612

11,1252,9418,1842,5977,1058,190

1 53, 38016, 6679, 369

173661385602

1,182

1,1211,4511,391

1,670345388

7,2981,790

95943

1,225585890810215371375731

2, 9554,010

11, 1252, 5977,1058, 190

12, 596

7,031

84594321494953415867

1,026967

1,181539463230313

5, 565

1,22284

8551,091

470576506140115289333

54, 347

16, 7629,4417,321

70993

182314

2,8824,017

887283

874191706613

11,4123,0098,4032,6847,3618,520

54, 34716, 7629,441

187637383595

1,229

1,1291,4711,446

1,617354392

7,3211,793

94915

1,228593917830212374366709

2,8824,017

11,4122,6847, 3618,520

12, 562

7,021

89570319483992471869

1,030987

1,133566392232316

5,541

1,21183

8271,094

474592511138113289323

54,882

16, 7399,2997,440

70694

175312

3,1104,015

864280

900192706612

11,5093, 0458,4642,7027,4528,649

54. 19016, 4899,208

190618376588

1,151

1,1121,4381,405

1,595348387

7,2831,803

96890

1 212592922828210364364698

2,8773,991

11,4232,7077,4158,590

12, 53012, 2786,8806,784

89571321485922418868980955

1,124569379228336

5,6505,4941,308

104813

1,094478603506137112288320

54, 595

16, 5389,2247,314

69591

171312

2,9423,992

845284

896191704611

11,6083,0448,5642,7057,4168,699

53,99516, 3519,111

192608372576

1,127

1,0921,4331,417

1,565348381

7,2401, 791

93884

1,203589925827208359361693

2,8323,976

11,3712,7197,4318,622

12, 32412, 1336,7976,680

92545314470900403850978979

1,121567384228321

5,5275, 4531,225

88804

1,090474604502135111282321

54, 706

16,2139,0367,177

68291

167310

2,6303,966

844285

874191701610

12, 1463,0579,0892,7097,3808,980

53, 70716, 1748,988

194594364564

1,107

1,0731,4141,402

1,553345378

7,1861,788

92876

1, 180584922824206356358679

2, 7573, 950

11,3342,7237,4478,643

12, 00511,9626,6136,568

92518302449880390826972952

1, 101554382224297

5,3925,3941,169

85791

1, 055466599500132110277318

52, 864

15, 9338,8677,066

66690

164306

2,4573,888

812284

849190698607

11,2332,9958,2382,7027,3138,672

53, 58116, 0218,863

195596356556

1,092

1, 0551,4011,405

1,491343373

7,1581,785

91870

1, 171584

920821205352359

6722,7733,931

11,3472,7277,4398,671

11,74011,8206,4496,447

92502294429866386804968946

1,047503380221280

5,2915,3731,121

81778

1,039463591497131109271318

52, 523

15,8388,7697,069

65686

163304

2,3423,871

811282

832191697606

11,0402,9748,0662,7067,3338,737

53, 48515, 9628,797

196591358551

1,084

1,0411,3941,411

1,455341375

7, 1651, 785

91869

1, 182583922819204350360667

2,7653,922

11,2962, 7317,4608,682

11,64211,7556,3516,377

91490294421858389784970939998457379217286

5,2915,3781 101

77778

1,071459591495129109266322

52, 785

15, 8668,7757,091

65486

158304

2,4543,872

807278

840191697606

11,1012,9648,1372,7107,3598,769

53, 56116, 0238,820

196595361557

1,085

1,0401,3881,416

1, 468340374

7,2031,794

92870

1,201585925822204351359668

2 7923,919

11,2522,7327,4638,712

11,66611,8126,3586,403

92492294431861395780968934999454380217289

5,3085,4091,104

72779

1,082461594502130108266318

53, 171

15, 9048,8367,068

65786

153306

2,6193,870

809273

837194696604

11, 1622,9558,2072,7247,4488,787

53, 66316, 1198,904

196601365561

1,101

1,0571,3951,422

1,487342377

7,2151,787

90877

1,204585924824205356363666

2,7663,901

11,3202,7327,4258,734

11,71211,9106,4266 491

91514297444873406790972931

1,006464377217293

5,2865,4191 114

68785

1,046462592509131108268311

53, 708

16, 0768,9967,080

66887

153310

2,7753,891

813270

853196694608

11,2382,9598,2792,7347,5108,816

53, 89416, 2759,058

199602366569

1,135

1,0841,3981, 439

1,537346383

7,2171,772

89884

1, 196588925828206365364670

2,7423,903

11,3552,7397,4368,774

11,87512, 0606, 5826 637

93537296458904425816971943

1,044504374219302

5,2935,4231 121

66791

1,033464590509132108274311

54, 429

16, 3209,1067,214

67888

154314

2,9713,945

826266

880197697616

11, 3542,9908, 3642,7667,5988,797

54, 18216, 3739,114

200606368573

1,151

1,0851,3961,442

1,560347386

7, 2591, 775

90887

1,210592929834206371365669

2,7953,914

11,3922,7477,4718,821

12. 09012, 1456,6786,682

93565301470926436825967950

1,050515371220310

5,4125,4631,184

67800

1,050474594507134109279322

54, 227

16, 2689,0517,217

67288

143318

3,0233,977

832258

891201702622

11,3273,0138,3142,7957,6318,534

54, 33516, 3929,138

202604370575

1,170

1,0821,4011, 442

1,559349384

7, 2541,773

88887

1 , 208593932836203372302072

2, 7763,942

11,4372,7487, 5338,835

12, 02312, 1646,6166,709

94563300471927442809957944

1,033505370218301

5,4075, 4551 226

65788

1,034467594506132106277318

54, 538

16, 5319,0837,448

67786

154315

3.0753,971

835257

891203701623

11,3423,0448,2982,8017,6068,535

54, 33316, 3819,131

202603371578

1,174

1,0941,4041,444

1,530349382

7,2501,770

90882

1,213592929835205372362

6652,7703,939

11,4102, 7577, 5468,865

12, 27412, 1566,6416,699

94568311477940447831950968961430368222317

5,6335,4571,318

89802

1, 100475594509135109284327

' 54, 978

'16,646'9,189r 7, 457

-•67688

"155••311

' 3, 021'3,971

'826'268

r907203694

'616

'11,3783, 0358,3432,7707,6128,904

'54,304'16,323'9,105

203'603'370'573

'1,179

'1,090'1,400'1,428

'1,528' 350'381

'7,218r 1,769

96880

'1,194589

'• 927r 832' 202' 372' 357' 666

' 2, 754'3,939'11,363

r 2, 756' 7, 567' 8,936

'12,407'12,104' 6, 753' 6, 673

'97'565'314

477'955

457'839'960

982'1,013

'470'379

226'326

' 5, 654' 5, 431' 1 335

' 106804

T 1 , 082'476'599' 509

133108

' 292319

55, 101

16,616'9,212' 7, 404

'667'86156

'305

'2,976'3.953

822267

912202688608

'11,467' 3, 053'8,414' 2, 757' 7, 625' 9, 040

'54,420'16,369'9,123

'208'600' 3(59'574

'1,178

'1.090'1,411'1,461

'1,499r 349r 384

' 7, 246'1,787

'91882

'1,201' 591

' 920835

r 203'370' 360

' 660' 2, 75-'-$'3,929

'11,382' 2, 703' 7, 587'8,977

'12,382'12,136' 6, 775' 6, 681

98'554

315••470' 954

451'847'957

'1,003'1,018

464385

'226'334

' 5, 607' 5, 455'1,287

'97'806

'1,085'477

'603510

'132107

'295'317

"55, 077

"16,636"9,322"7,314

"665

"2,816"3,943

"11,583* 3, 055v 8, 528v 2, 752" 7, 582P9.100

"54, 478"16,450p9,210

p 205P610P371p 575

"1,179

p 1,094"1,410p 1 , 459

p 1,573P 350p 384

" 7, 240P 1,793

p84P 884

"1,193p 590

"924"837"202" 370"303

P 003"2,710P 3, 927"11,347p 2, 700p 7, 597"9,018

"12,385"12,195p 6, 869P 0, 752

"98"550"314"467"955

"850"958

"1,013"1,114

"226"324

"5,516"5,443"1,219

"78"806

"1,081"474

"601" 509"130

"294"324

* Revised. ? Preliminary. * Total and components are based on unadjusted data.t Revised series. Beginning with the Nov. 1961 SURVEY, data for employment, hours,

earnings, and labor turnover have been adjusted to the Mar. 1959 benchmark and havebeen converted to the 1957 SIC. Effective Jan. 1959, the data include Alaska and Hawaii.

The revision affects all series; previously published estimates are not directly comparablewith the revised data. Unpublished revisions (prior to Sept. 1960) on new basis are in BLSBulletin No. 1312 ($3.00), available from Gov't. Printing Office, Wash. 25, D.C.

9 Includes data for industries not shown separately.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961



EMPLOYMENT— Continued

Miscellaneous employment data:Federal civilian employees (executive branch) :

United States thous..\Vash D C metropolitan area do

Railroad employees (class I railroads):Total do

Index, seasonally adjusted 1947-49=100--

INDEXES OF WEEKLY PAYROLLS!

Construction (construction workers) !.1957-59=100__Manufacturing; (production workers)! _ _ do_ _ _

HOURS AND EARNINGS!

Average weekly gross hours per worker on payrollsof nonagricultural 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_ .Furniture and fixtures doStone, clay, and glass products _doPrimary metal industries do

Blast furnaces stee^ and rolling mills do

Fabricated metal products _. do -Machinery doElectrical equipment and supplies do- -

Transportation equipment 9 do --JVlotor vehicles and equipment doAircraft and parts.. _ _do_ _ .

Instruments and related products doMiscellaneous mfg. industries _.do

Nondurable goods industries, unadj doSeasonally adjusted do

Average overtime doFood and kindred products doTobacco manufactures doTextile mill products doApparel and related products. ... _ doPaper and allied products do

Printing, publishing, and allied ind doChemicals and allied products do _ _Petroleum refining and related ind. __do _

Petroleum refining doRubber and misc. plastic products doLeather and leather products do

Nonmanufacturing establishments:!Mining 9 do

M'etril mining doCoalmining __ _ _ _ do _Crude petroleum and natural gas do

Contract construction __.doGeneral building contractors. doHeavv construction doSpecial trade contractors do

Transportation and public utilities:Local and suburban transportation doMotor freight transportation and storage-doTelephone communication do"Electric g?s and sanitary service6' do

Wholesale and retail trade doWholesale trade doRetai1 trade § do

Services and miscellaneous:Hotels, tourist courts, and motels ...doLaundries, cleaning and dyeing plants.do

Average weekly gross earnings per worker on pay-rolls of nonagricultural establishments:!

All manufacturing establishments! dollars..Durable goods industries do -_

Ordnance and accessories doLumber arid wood products do

Furniture and fixtures doStone, clay, and glass products doPrimary metal industries do

Fabricated metal products ._ do ._Machinery doElectrical equipment and supplies do

Transportation equipment 9 doInstruments and related products doMiscellaneous mfg. industries _ _ d o

2,192210

841263.2

106.1105.197 1

40.3

2 740.7

2.7

41.239.740.741.240 5gq 8

40.941 540.5

40.741 140.740.839.9

39.7

2 741.039 140.430. 342.8

38.541.441.240 841.337.9

40 540 335.442.6

37.035.740 836.3

43.442.239 241 039 340 638.7

40.039.0

88. 2696. 05

106. 3074.24

74.4891. 46

112. 19

96. 12102 9289.10

107. 4591. 3973.42

2,243215

805260.5

106.9106.695 2

39.7

2.440.1----

40.739.040.040.639 038 0

40.541.039.8

40.741 040.940.439.3

39.2

2 540.938 239.535.542.2

38.541.341.140 839.936.9

40.441 835. 542.0

36.735.440 735.9

43.141.539 641 039 040 538.5

39.938.8

89.7297.44

108. 6773. 71

75.2092. 97

109. 59

98.82104 5590. 74

111.5293.7374.28

2,189214

78260.1

123.3106.794 7

39.739.52.5

40.239.92.5

40.639.440.341.137.936 0

40.640.740.3

41.241 941.140.639.8

39.138.92.5

41.340. 638.835.342.3

38.641.041.340 739.935.8

40.441 034.941.8

38.236.442 837.2

42.941.840 041 238 940 638.2

39.539.3

90.1297. 69

109. 6275.65

76. 1794.94

105, 36

99.47104 1992.29

114.9595. 0075. 22

2,189215

76458.9

107.9103.990 7

39.339.3

2 239.639.7

2. 1

40.738.239.540.637 435 2

40.040.339.8

40.440 541.240.639.5

38.938.7

40.937 638.935.041.8

38.541. 140.941 039.536.4

39 740 533.542 1

35.834.638 835 2

43.141.240 441 238 840 538 1

39.138.8

89.2196. 23

110.3071.05

74. 2693.38

103. 60

97.60103 1791. 94

111 9195.0075.05

i 2, 4781 222

75958.2

92.4100.589 3

38.738.52. 1

39.139.02.0

40.137.639.739.337 235 3

39.340. 139.1

40.039 741.339.238.0

38.238.12 2

40.739 138.133 241.0

38.040. 740.840 838.835.8

39 641 434.841 4

34.233.037 233.9

43.541.039 541 239 040 438 4

39.438.1

88.6296. 19

109. 4769.94

75.4390.39

104. 90

96. 68103 4691.49

111.6092. 9072. 96

2,180215

73154.6

91.098.989 o

38.939.0

1 939.339.31.8

40.838.538.239.637.736 2

39.540.439.8

39.237 541.740.338.9

38.538.7

2. 140.437.738.034.241.4

38.041.041.341 439.237.8

40. 141 135.442.0

36.435.739 435.8

42.040.539 040 938 740 338. 1

39.238.5

89.0896.29

111.7970.84

72. 2091.08

106. 69

96. 78104 2392. 73

108 1995. 5175.08

2,186215

73055.0

85.098.085 8

39.039.3

1.939.339.61.8

40.438.438.539.437 936 5

39.440.539.7

39.437 841.640.239.2

38. 538.82.1

40.237.038.534.941.6

38.040.940.240 439.137.3

39.641 034.741.6

36.135.539 235.4

42.840.839 140 938 740 138.1

39.138.2

89.3196.29

111.5069. 89

72.7790. 62

107. 26

96. 92104 9092.50

108 7494. 8775.66

2,193216

72755.2

88.698.982 9

39.139.32.0

39.539.71.8

40.838.538.739.838.236 9

39.640.439.7

39.838 541.540.239.1

38.739.12.2

40.236. 638.835.541.8

38.241.240.6

.539. 136.9

38.940 531.541.9

35.834.838 935.3

42.640.638 840 738 640 238.0

39.238.6

89.5497. 17

112.6171.23

73. 1491.54

108. 49

97.81105 0492. 50

109. 8595. 6875.46

2,205217

72955.6

95.9100. 385 6

39.339.72.1

39.840.02.0

40.638.83S.740.138.938 1

40.140.839.8

40.239.841.140.339.0

38.739.32.2

40.038.239.035.142.2

38.141.241.241.039.735.9

39.540 932.841.8

35.834.938.335.3

4? 840.838 740 638.740 338.0

39.038.5

90.7898.31

112.0674. 88

73. 1493.03

111.25

99.45106. 4993.13

110.9595. 5175. 27

2,212216

73454.5

105.6103.088 3

39.739.82.2

40.240.22.1

40. 539.738.740.739.538 8

40.540.939.9

40.640.740.940.439.1

39.039.32.3

40.938.139.534.942.2

38.041.241.140.740.136.8

40.240 634.641.6

36.835.940.036.0

43.241.338.940 738.740.338.0

39.339.5

92.1099.70

112. 1977.42

73. 5394. 83

114. 16

100. 85106. 7593.37

112.8795.7575.07

2,248224

74755.0

117.1106.492 6

40.139.92.4

40.640.42.3

40.540.539.841.440.239 6

41.041.140.3

40.640.940.740.839.7

39.639.52.6

41.439.440.235.442.9

38.241.741.841.040.637.9

41.142 036.841.5

37.736.541.436.8

43.642.239.240 839.140.638.4

39.639.7

93.03101.09112. 1979.79

76.0297. 29

116.58

102. 09107. 6894.71

112.8797.1076.22

2,265226

75255.5

120.3105.793 0

40.040.02.5

40.340.52.3

40.239.539.841.340.339.9

40.740.939.7

40.540.540.940.539.1

39.739.52.6

41.438.239.935.942.8

38.141.542.041.440.738.3

41.641.638.042.1

37.936.541.737.0

43.041.739.641 039.440.738.8

40.839.1

93.20100. 35111.7678.21

75.6297.06

117.68

101.75107. 1693.69

113.0096.8074.29

2,271225

75555.8

125.0107.692 2

40.240.02.6

40.540.52.5

40.640.240.941.639.939 2

41.140.940.4

40.239.741.140.939.4

39.839.32.8

41.440.140.536.543.0

38.341.541.040.340.637.6

41.141.436.641.7

38.537.043.137.3

43.342.639.540 939.340.638.6

41.138.7

92. 86100. 44112.8779.19

78.1298.18

116.11

102. 34106. 7594.94

112.9697.7574.47

2, 253'220

745'56.0

' 120. 7' 108. 5'93.2

'39.8'39.6"2.8

'40.0' 30. 8'2 .7

40.9MO.l' 41. 2

41.3'40.2

40.2

'40.1'41.0' 39. 8

'37.8' 34. 1

41.441.0

'39.8

39.539.2'2.9

'41.6'41.6'40.3

34.5'43.1

'38.4'41.2

41.640.9

' 40. 8' 36. 4

'41.0'41.7' 36. 6'41.6

'37.435.9

'40.6'36.7

'42.9'42.1'40.3

41.1' 38. 8

40.5'38.0

'39.438.7

' 92. 73'100.00'114.11'81,00

' 79. 52" 97. 47

'118.19

'99 45'107.83' 93. 53

'106.2297.99

' 70. 02

2, 254221

P742P 57. 0

121.5'110.5

93.8

'40.4' 40. 2'2 .8

'40.9' 40. 6' 2 .7

'41.4' 40. 5'41.3

41.4' 40. 3

39.5

41.1'41.1'40.8

'41.341.641.5

'41.040.1

'39.7' 39. 5'2.8

'41.3' 40. 5'40 9r 35. 8' 43. 1

38.341.541.540.8

' 40. 536. 6

41.942 33R.142.5

38. ;?36.8•12. 537.2

42.942. 439 S41 138.640 637. 3

39. 938.9

' 94. 54'102.66'11.5.92'81.00

' 79. 7198. 12

'119.29

'102.75'108 50' 96. 29

r!16. S3' 97. 99' 76. 59

"737*56.7

Vliirr

P40.6MO. 6^2.8

Ml. 2P41.3p2.9

Ml. 4* 39. 0"41.3Ml. 3MO. 4

Ml. 2Ml.lMO. 9

* 43. 3

ML1MO. 2

P39.8P39.6

p 2 7Ml. 3* 38. 1Ml. 5p 35. 7p 43. 2

p 38. 4p 41. 5Ml. 9

MO. 8p37. 5

p 95. 82plOl. 65P116.33p 77. 61

p 80. 12p 97. 88"119.99

pl03. 41pl08 50P96.93

pl25. 57p 98. 64p 77, 18

' Revised. Preliminary.1 Includes Post Office employees hired for the Christmas season; there were about 293,000

such employees in the United States in Dec. 1960. 2 Based on unadjusted data.

! See corresponding note, bottom p. S-13.9 Includes data for industries not shown separately.§ Except eating and drinking places.Digitized for FRASER



Unless otherwise stated, statistics through I960and descriptive notes are shown in the 1961edition of BUSINESS STATISTICS

1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


EMPLOYMENT AND POPULATION— ContinuedHOURS AND EARNINGS— Continued

Average weekly gross earnings per worker on pay-rolls of nonagricultural estab.f — Continued

All manufacturing estab.!— ContinuedNondurable goods industries dollars--

Food and kindred products do_ __Tobacco manufactures doTextile mill products _ _ _ do.__Apparel and related products _ do

Paper and allied products _ ._ _ _ __doPrinting, publishing, and allied ind doChemicals and allied products doPetroleum refining and related ind doRubber and misc. plastic products doLeather and leather products do

Nonmanufacturing establishments :fMining 9 do

Metal mining _ _ _ _ _ _ d oCoal mining doCrude petroleum and natural gas do

Contract construction _ _ _ _ _ d oGeneral building contractors doHeavy construction doSpecial trade contractors do

Transportation and public utilities:Local and suburban transportation doMotor freight transportation and storage-doTelephone communication doElectric, gas, and sanitary services do _ _ _

Wholesale and retail trade doWholesale trade doRetail trade§ do

Finance, insurance, and real estate:Bankin°" doInsurance carriers. _ do

Services and miscellaneous:Hotels, tourist courts, and motels _ doLaundries, cleaning and dyeing plants, .do

Average hourly gross earnings per worker on pay-rolls of nonagricultural establishments:!

All manufacturing establishments! dollars--Excl tiding overtimed71 do

Durable goods industries doExcluding overtimed1 do _

Ordnance and accessories _ doLumber and wood products doFurniture and fixtures - _ doStone, clav, and glass products doPrimary metal industries do

Blast furnaces, steel and rolling mills .do

Fabricated metal products doMachinery _ doElectrical equipment and supplies doTransportation equipment 9 - - - do

Motor vehicles and equipment doAircraft and parts _ do_ _

Instruments and related products doMiscellaneous mfg. industries. do

Nondurable goods industries doExcluding overtimed1 -- do

Food and kindred products doTobacco manufactures _ doTextile mill products _ _ doApparel and related products _ doPaper and allied products do

Printing, publishing, and allied ind doChemicals and allied products do_ _Petroleum refining and related ind do

Petroleum refining doRubber and misc. plastic products do_ __Leather and leather products clo

Nonmanufacturing establishments:!M ining 9 do

Metal mining doCoal mining . ._ _ doCrude petroleum and natural gas do

Contract construction _ _ _ __ __ doGeneral building contractors doHeavy construction do _Special trade contractors do...

Transportation and public utilities:Local and suburban transportation doMotor freight transportation and storage. doTelephone communication _ doElectric, gas and sanitary services . _.do

W holesale and retail trade doWholesale trade doRetail trade§ d o _ _ _

Services and miscellaneous:Hotels, tourist courts, and motels __ do. _Laundries, cleaning and dyeing plants. _ d o . _ _

'Revised. *> Preliminary.!See corresponding note, bottom p. S-13.SEvoont cnt inp- nml f l r ink inp- nlnnos

78.6182.8264.1263.0256.63

93.3099.7299.36

117. 4294.1660.26

103. 68102. 77109. 03103. 52

108. 41100. 32108. 94113. 62

91.57102. 1285. 46

103. 73

69.1788.9160.76

65.1085.29

42 4046.80

2.192.122.362 28

2.581,871.832 222 773.10

2.352.482.202.642.712.622.241.84

1.981.912.021.641.561.562.18

2.592.40^ 852 992.281.59

o 562.553. 082 432.932 812.673.13

2.112.422 182.53

1.762.191.57

1.061.20

80.3686.3064.9463.6056. 45

95.37102. 80103. 25118. 7892.9760.52

105. 44111.19110. 76103.32

112. 67103. 72114.77118. 11

94.82104. 1789.50

108. 65

70.9891.1362. 37

67.1587.41

43.8948.11

2.262.202.432 36

2.071.891.882.292.813.08

2.442.552.282.742.812.702.321.89

2.051.992.111.701.611.592.26

2.672.502.893.022.331.64

2.612. 663.122 463.072.932 823.29

2.202.512.262.65

1.822. 251.62

1.101.24

80. 5586.7364.1562.4757.19

96.44103. 83103. 73118. 5393.7759. 07

105. 44110. 70108. 54103. 66

119. 18108.11124. 12123. 88

94.81106. 1792.00

111.24

71.1991.3562.65

67.8987.99

45.4349.13

2.272.202. 432.36

2.701.921.892.312.783.02

2.452.562.292.792.872.732.341.89

2.062.002.101.581.611.622.28

2.692.532. 873.002.351.65

2.612.703.112 483.122.972.903.33

2.212.542.302.70

1.832.251.64

1.151.25

80.5286.7164. 3062. 6356.35

95.72103. 57103. 98119.0292.4360. 06

102. 82108. 95103. 18103. 99

110. 98102. 76110. 19117.22

96.11103. 8292.92

111.24

71.0091. 1362.48

67.5387. 85

44.5748.50

2.272.212.432.37

2.711.861.882.302.773.01

2.442.562.312.772.832.742.341.90

2.072.012.121.711.611.612.29

2.692.532.913.032.341.65

2. 592.693.082.473.102.972.843.33

2.232.522.302.70

1.832.251.64

1.141.25

79.8487.1068.0361. 3452.79

94.30103. 36103. 38118. 7391.9658.35

103. 75112. 19107. 53103. 09

108. 0799.33

107. 51114. 58

98.31103. 7391. 64

112. 06

70.2091. 3061.82

67. 5288.07

45.3147. 63

2.292.232.462.40

2.731.861.902.302.823.09

2 462.582.342.792.832.772.371.92

2.092.032.141.741.611.592.30

2.722.542.913.032.371.63

2.622.713.092.493.163.012.893.38

2.262.532.322 72

1.802.261.61

1.151.25

80.4787. 6765.2261. 1855. 06

95.22102. 98104. 14123. 9092.5162.75

106. 27110.97110.09106. 68

115. 39107.46113.87121. 00

95.34102. 0690.48

110. 84

71. 6091. 8863.25

68.4588.90

45.0848.13

2.292.242.452.39

2.741.841.892.302.833.11

2.452.582.332.762.802.752.371.93

2.092.042.171.731.611.612.30

2.712.543.003.132.361.66

2.652.703.112.543.173.012.893.38

2.272.522.322.71

1.852.281.66

1.151.25

9Irc?D

80.4787.2365. 1261.9956.19

95. 68103. 36103. 89121.0091.4961. 55

104. 15110. 29107.22104. 42

114.08106. 50112.11119. 65

97. 16103. 6390.71

110. 84

71.6091.4362.87

69. 0188.74

44.9747. 75

2.292.232.452.39

2.761.821.892.302.833.11

2.462.592.332.762.792.762.361.93

2.092.032.171.761.611.612.30

2.722.543.013.132.341.65

2.632.693.092.513.163.002.863.38

2.272.542.322.71

1.852.281.65

1.151.25

icludes derived b

80.8887.2365. 5162. 8657.51

96.14103. 90104. 24121.8091.8961.62

101. 14109. 3596.71

104. 75

112.41103. 70110.48118. 61

97.13103. 5390. 02

110. 30

71.4191. 6662.70

69.0188.80

45. 0848.25

2.292.242.462.40

2.761.851.892.302.843. 12

2.472.602. 332.762.802.762.381.93

2.092.042.171.791. 621. 622.30

2.722.533.003.142.351.67

2.602.703.072.503.142.982.843.36

2.282.552.322.71

1.852.281.65

1.151.25

ata for iiv assum

81. 2787.2071.0563.1856.51

97.90104. 01104. 24124. 4293.6959.95

103. 49111.25101.35105. 75

112. 77105. 40109. 92118. 96

97. 16104. 4590.17

110. 43

71.9892. 6963.46

68.8289.08

44. 8548.51

2.312. ?52.472.41

2.761.931.892.322.863.15

2.482.612.342.762.822.752.371.93

2.102.052.181.861.621.612.32

2.732.533.023.162.361.67

2.622.723.092.533.153.022.873.37

2.272.562.332.72

1.862.301.67

1.151 1.26

tdustriesng that c

82.2989. 5770.8763. 9955.84

97.90104. 12105. 06123. 3095.0461.46

104. 92109. 62106. 91104. 00

116.29108. 781 16. 40121.32

98.06106. 5591.03

110.70

72. 3792.6963.84

68.6389.50

45. 2050.17

2.322.252.482.42

L 951.902.332.893.17

2.492.612.342.782.852.742.371.92

2.112.052.191.861.621.602.32

2.742. 553.003.152.371.67

2.612.703.092.503.163.032.913.37

2.272.582.342.72

1.872.301.68

1.151.27

not sho\)vertime

83. 5690.2574.0765.1256. 64

100. 39104. 67108. 00126. 2497.0363.29

108. 09114.24115.18103. 75

119. 13110.23121. 72124. 02

99.41109. 3092.12

110. 98

73.5194.1964.90

68.8289.57

44.7550.42

2.322.252.492.42

2.771.971.912.352,903.19

2 492.622.352.782.852.742.381.92

2.112.042.181.881.621.602.34

2.742.593.023.182.391.67

2.632.723.132.503.163.022.943.37

2.282.592.352.72

1.882.321.69

1.131.27

vrn separ?hours ar

84.1690.2571.0564.6458.16

100. 58104. 39107. 90126. 4298.9063.58

110.24114.40119. 32106. 93

119.76110.23122.60125. 06

98.47108. 4293.46

112.34

74.0794.4265.57

69. 5690.05

44.8849. 66

2.332.262.492.42

2.781.981.902.352.923.21

2. 502.622.362.792.852.762.391.90

2.122.052.181.861.621.622.35

2.742. 603.013.172. 431.66

2. 652 753.142.543.163.022. 943.38

2.292.602.362.74

1.882.321.69

1.101.27

tely.? paid at

83. 5888.6068.1766.0259.86

101.05105. 33107. 49122. 5997.8562.79

108. 09113.02113. 83104. 67

122. 05111.74127. 15126.45

99.16111.1993.62

112.07

73.8893.7965.23

69.1990.34

45. 2148.76

2.31

2! 482.41

2.781.971.912. 362.913.19

2.492.612.352.812.872.782.391.89

2.102.032.141.701.631.642.35

2.752.592.993.152.411.67

2.632 733.112.513.173.022.953.39

2 292. 612.372.74

1.882.311.69

1.101.26

the rate

' 83. 74' 89. 44' 67. 39' 66. 09

56.93

'102.15r!06. 37'•107. 53126. 88' 98. 74'61.83

109 06'114.68'114. 19'106.08

'120. 43'109. 85'121.80'126. 25

' 98. 67'111.14' 97. 53114.26

' 73. 72'94. 77' 64. 60

' 60. 37r 90. 26

" 45. 3149.15

2.332.25

' 2. 502. 41

' 2. 792. 021.93

r 2. 36

'2.943 21

' 2. 482.632. 352.812.842. 802. 391.91

' 2. 122. 05

'2.15'1.62

1.641.6.52.37

2.772.61

' 3. 053.212. 421.70

2. 660 753.122. 553.223.063. 003.44

2.302.642. 422.78

1.90r 2. 34

1.70

'1.151.27

of time i

' 84. 56' 89. 62r 68. 85' 67. 08r 59. 79

102.15'105. 71'108. 32'•125. 33'97.61r 62. 59

111.87118. 86118.11107.95

1 22. 94112.98127. 08127. 60

98. 24111.0995 99

114.67

73. 3494. 6064. 64

70. 1290. 69

47. 0849. 79

' 2. 342. 262. 512.43

r 2.80T 2. 00

1.932. 37

r 2. 963 26

' 2. 502.642.362.832.882 89

2.39'1.91

' 2. 132. 06

'2.17' 1 . 70'1.61r1.67

2 37r 2. 76'2.61r 3. ()'2

3. 172.41

'1.71

2.672 813.102.543.213.072.993. 43

2.292.622. 412.79

1.909 gy

L71

1.18! 1 28

ind one-1

p 85. 1 7p 90. 45p 70. 49p 68. 48p 59. 26

»102. 82pl06. 37plOS. 32P126.96P9Q.14p 64.50

p 2.36p 2. 28p 2. 54P 2. 45

P 2. 81p 1.99p 1.94p 2.37P 2.97

p 2. 51p 2.64p 2. 37p 2.90

p 2.40p 1.92

p 2.14P 2.07p 2.19P 1.85P J . 65p 1.66P 2. 38

P 2.77p 2. 61p 3.03

p 2.43

"",""

=

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

S-16 SUEVEY OF CTJKRENT BUSINESS December 1061


1959 1 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961



HOURS AND EARNINGS— Continued

Miscellaneous wage data:Construction wages (ENR):

Common labor $ per hr__Skilled labor doEquipment operators _ do

Farm wages, without board or room, 1st ofmo $ per hr

Railroad wages (average class I) doRoad-building wages, common labor (qtrly.)

$ per hrLABOR CONDITIONS

Labor turnover in manufacturing estab.:fAccession rate total mo rate per 100 employees

New hires doSeparation rate, total do

Quit do

Industrial disputes (strikes and lockouts) :Beginning in month:

Work stoppages numberWorkers involved . _. thous__

In effect during month:Work stoppages numberWorkers involved thousMan-days idle during month do

EMPLOYMENT SERVICE AND UNEMPLOY-MENT INSURANCE

Nonfarm placements thousUnemployment insurance programs:

Insured unemployment, all programs doState programs:

Initial claims doInsured unemployment, weekly avg___do

Percent of covered employment:ÛnadjustedSeasonally adjusted

Beneficiaries weekly average thousBenefits paid mil. $

Federal employees, insured unemploymentthous. _

Veterans' program (UCX):Initial claims doInsured unemployment, weekly avg_._doBeneficiaries weekly average doBenefits paid - mil. $ _

Railroad program:Applications thousInsured unemployment, weekly avg-.-doBenefits paid mil. $

2.5663.8613.489

1 952.550

*2 09

4.22.64. 11 52 0

309157

6,000

508

1,856

1,2181, 682

4.4

1,475185.4

32

275350

6.6

2°77

18.7

2.6994.0313.651

i 972.616

*2 09

3.82.24.31 32 4

278110

1,600

485

2,067

1,4341,906

4.8

1, 640227. 2

33

295452

7.0

3172

13.1

2.7394.0903.718

.902.650

2 21

3.52.14.71.32.8

258106

432146

1,500

517

1,839

1.3931,678

4.25.7

1,395189.9

30

295045

5.9

2082

15.2

2.7454.0953.727

2.646

2.91.54.5.9

3 1

19253

36885

732

430

2,225

1,7442,039

5.16.3

1,603231.1

33

335952

7.0

2395

10. 0

2.7474.0993.728

2.655

2.31.04.8.7

3.6

11028

25053

458

378

2,847

2,1752,639

6.66.4

2,069300. 2

35

367164

8.6

21103

18.8

2.7654.1183.736

1.082.656

2 03

3.71.54.7.9

3.2

17080

300100700

365

3, 515

2,3813,266

8.16.1

2,722397.6

40

398681

11.0

38123

2.7654.1193.747

2.703

3.21.43.9.8

2.6

210120

330150940

342

3,638

1,9193,394

8.46.3

2,984399.3

41

339189

11.0

13113

19.7

2.7654.1203.747

2.641

4.01.63.9.9

2.3

22055

35075

610

417

3,403

1,7093,168

7.86.3

2,899461.5

40

359180

11.6

10106

22.3

2.7754.1333.760

1.042.687

1.96

4.01.83.41.01.9

32094

460126

1,180

4402 3, 006

1,4682,779

6.85.9

2,664362.5

36

298395

12.0

6107

16.3

2.8154.1633.791

2.652

4.22.13.51.11.8

430120

620165

1,530

5202 2, 532

1,3682,328

5.75.6

2,138320.1

33

267171

10.2

6100

20.5

2.8364.1973.822

2.666

5.02.93.61.21.7

330140

570211

1,760

5512 2, 165

1,2291,991

4.95.3

1,880264.4

31

266166

9.0

983

17.6

2.8514.2153.845

1.042.684

2.17

4.42.54.11 22 3

33095

560183

1,690

5012 2, 133

1,5011,958

4.85.3

1 , 665224.0

32

296056

7.3

10083

12.7

2.8604.2233.862

2.654

5.33.14.11 71 7

32595

550160

1,320

6032 1, 905

1,2481,744

4.35.2

1, 589237.2

31

305857

8.2

26r 74

16.2

2.8624.2373.875

2.602

P4. 6P 2 . 9P4 .8P2 1v 1 9

310334

530390

3,150

6072 1,715

1,0811,558

3.85.1

1,374185,0

28

255253

6.9

19

13.6

2.8714. 2453.884

.93

300223

510277

2,380

5962 1, 651

1,2191,502

3.75.1

1,283180.9

28

244746

6.3

74

2.8774.2533.906

2 1,816

1,662

4. 15.1

29

47

77

FINANCE

BANKING

Open market paper outstanding, end of mo.:

Co miner cial and finance co paper totalj doI5 laced through dealers t doPlaced directly (finance paper) do

Agricultural loans and discounts outstanding ofagencies supervised by the Farm Credit Adin. :

Total _ -- --mil. $ _Farm mortgage loans:

Federal land banks. __doLoans to cooperatives doOther loans and discounts do

Bank debits:Unadjusted:

Total (344 centers) - - - bil. $New York City do6 other leading centers^ do

Seasonally adjusted:*New York City do6 other leading centers? do337 other centers do

Federal Reserve banks, condition, end of mo.:Assets total 9 - - mil $

Reserve bank credit outstanding, total 9 -doDiscounts and advances doU.S. Government securities do

Gold certificate reserves do

Liabilities total 9 do

Deposits, total 9 - --- --doMember-bank reserve balances do

Federal Reserve notes in circulation do

Ratio of gold certificate reserves to deposit andFR note liabilities combined percent- _

3 1 1513 3 168

3 6773 2, 491

3 4, 449

3 2, 3603 622

3 1 467

223. 2685.3045 44

3 54, 028

3 28, 7713 458

326,6483 19, 1643 54, 028

3 19, 716318,174328,262

339.9

3 2 0273 4 4183 1,3583 3, 060

3 4, 7953 2, 564

3 6493 1 582

236. 5691.9048 13

3 52, 984

329,359333

327,3843 17, 4793 52, 984

3 18, 3363 17, 081328,450

337.4

1 7535 1841,4933,691

4,837

2,538638

1 660

233. 1389.9047 57

91.8748.0895 42

52, 183

28, 729193

27, 40218, 107

52, 183

19, 12017, 95627, 680

38.7

1 8685,2221 , 5053,717

4,787

2,548652

1,587

235. 1091.0247 58

98.7949.0298.31

51, 962

28, 731101

27, 48817, 610

51, 962

17, 92416, 77028, 066

38.3

2 0274,4181, 3583,060

4,795

2,564649

1,582

256. 90101. 5552.31

88.3847.8794.69

52, 984

29, 35933

27, 38417, 479

52, 984

18, 33617, 08128, 450

37.4

2, 0295,0101, 4653,545

4, 851

2,581675

1,595

257. 71104. 4752.38

97.5251.0597.50

50, 235

27, 56060

26, 57017, 140

50, 235

17, 26816, 06627, 700

38.1

2,0494,9681,4793,489

4,936

2,605683

1,648

222. 7289.8344.86

98.2750.2097.72

50,438

27, 86653

26, 66717, 075

50, 438

17, 35516, 27727, 548

38.0

2,2314,9921, 5253,467

5,023

2,640665

1,718

265. 44110.4653.35

101. 4549.4898.45

50, 188

28,060115

26, 68817, 099

50, 188

17, 54616, 15827, 520

37.9

2,2545,0011,5323,469

5,110

2,669650

1,790

240. 97101.1548.53

103. 4551.2897.33

50, 549

27, 95067

26, 77217, 089

50, 549

17, 56216, 41927, 415

38.0

2,2034,8481,4783,370

5,174

2,701613

1,859

268. 80111.4653.78

113. 3453.18

102. 85

49, 811

27, 806111

26, 88717, 095

49, 811

16, 96616, 10727, 564

38.4

2,2714,8511,4603,391

5,242

2,728595

1,920

271. 83113. 2354.28

103. 8352.29

101. 55

50,678

28, 49636

27, 25317, 256

50, 678

17, 69416, 71627, 778

37.9

2,3014, 9041,5343,370

5,310

2,746617

1,947

247. 67100. 5949.08

104. 5450.74

100. 72

50, 782

28, 62859

27, 42217, 223

50, 782

17, 80016, 85627, 906

37.7

2, 4004, 8621,6173,245

5,347

2,767646

1,935

'255.54100.8651.44

109.0552.15

r 102. 38

51, 059

28, 83547

27, 69717, 187

51, 059

17, 72416, 62028, 034

37.6

2.4224,7891, 7303, 059

5,352

2,784645

1,922

'246. 58100. 2948.99

109. 7851.33

100. 21

51, 696

29, 21328

27, 79917, 099

51, 696

18,03817, 10528, 100

37.1

2 4915, 0351,8183,217

5, 313

2,800679

1,834

275. 12113. 7354.68

113. 52"53. 98

"103. 97

52,087

'29,54859

28, 26817, 028

52, 087

18, 19416,88828, 229

36. 7

52,933

30,65fl39

29,21046, 710

52, 933

18, 13617, 20028.. 814

35.6r Revised. » Preliminary. 1 Quarterly average.2 Excludes persons under Temporary Extended Compensation program and under

extended duration provisions (thous.): 1961—Apr., 580 and 40, respectively; May, 747; 11;June, 703; 9; [July, 542; 3; Aug., 450; 2; Sept., 403; 3; Oct., 365; 2; Nov., 355; 1. 3 End ofyear.

fSee corresponding note, bottom p. S-13.

cf Insured unemployment as % of average covered employment in a 12-month periodending 6 to 8 months prior to month of reference.

tRevisions for Aug. 1959-July 1960 are available upon request.Încludes Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.*New series. For data prior to Aug. 1960, see Federal Reserve Bulletins.9 Includes data not shown separately.


IK* 1901 SURVEY OF CURRENT BUSINESS S-17


1959 1960

End of year

1960

Oct. Nov. Dec.

1961

Jan. Feb. Mar. Apr. May June July Atig. Sept. Oct. N'ov.

FINANCE-Continued

BANKING— Continued

All member banks of Federal Reserve System,averages of daily figures:

Excess reserves mil. $Borrowings from Federal Reserve banks doFree reserves do

Weekly reporting member banks of Federal ReserveSystem, condition, Wed. nearest end of yearor month :f

Deposits:Demand adjusted cT mil $

Demand total 9 doIndividuals, partnerships, and corp doStates and political subdivisions doU S Government doDomestic commercial banks do

Time, total 9 _ _ _ _ _ _ _ _ d oIndividuals, partnerships, and corp.:

Savings _ doOther time do

Loans (adjusted), totalcf doCommercial and industrial doFor purchasing or carrying securities doTo nonbank financial institutions doReal estate loans _ _ _ _ _ _ _ d oOther loans do

Investments total doU.S. Government obligations, total do_ __

Notes and bonds doOther securities _ _ _ _ do_

Money and interest rates :§Bank rates 011 business loans:

In 19 cities percentNew York City do7 other northern and eastern cities do11 southern and western cities do

Discount rate, end of year or month (N.Y.F.R.Bank) _ .percent

Federal intermediate credit bank loans doFederal land bank loans _ _ _ __do_ _

Open market rates, New York City:Bankers' acceptances (prime 90 days) doCommercial paper (prime, 4-6 months) doFinance Co. paper placed directly, 3-6 months

percent-Stock Exchange call loans, going rate do

Yield on U.S. Government securities (taxable):3-month bills (rate on new issue) percent—3-5 vcar issues do

Savings deposits, balance to credit of depositors:New York State savings banks, end of year

or month mil $U.S. postal savings ^ _ _ _do

CONSUMER CREDIT(Short- and Intermediate- term)

Total outstanding, end of year or month mil $

Installment credit, total do

Automobile paper doOther consumer sroods paper doRepair and modernization loans doPersonal loans do

By type of holder:Financial institutions, total do

Commercial banks doSales finance companies doCredit unions doConsumer finance companies doOther . do

Retail outlets, totaL . _ _ _ do _„Department stores doFurniture stores doAutomobile dealers doOther do

Non installment credit, total do __

Single-payment loans total doCommercial banks doOther financial institutions do

Charge accounts, total doDepartment stores doOther retail outlets doCredit cards do

Service credit _do _ _ _

14821906

i —424

92 330

4,8663,163

32, 507

68, 87430, 6653,932

12, 975

37 81727, 85624 4949,961

3 5 003 4 833 5 023 5 23

4.004 4. 644 5. 50

4 3 '•'4 3. < » 7

4 3. >24 4. v-j

4 3. 405* 4 33

20, 651918

52, 119

39, .852

16, 54910 4762,784

10, 043

34,17615 22710 1453, 2803 7741,750

5,6762,2921,225

4811 678

12, 267

4 1443,582

562

5,104958

3, 753393

3.019

i 769187

i 682

93 215

4,7473,979

35, 386

71, 00932, 156

3,945

12, 824

40 75430, 54724 94410, 207

3 5 203 4 973 5 153 5 45

3 00<5.054 6 00

> 3 514 3 854 3. 544 4. 99

4 2. 9284 3 99

21, 400770

56, 049

43 281

17,86611 2153,008

11,192

37, 50216 39811 1343,9064 2121,852

5, 7792,4011 189

5131 676

12, 768

4 3113,737

574

5, 187941

3,801445

3.270

638149489

90 573

4,9984,445

34, 710

69, 64031, 8613,571

12, 840

39 50429, 68724 1509 817

3 004.436 00

3 003 30

3.114.50

2.4263 61

21,051788

54, 344

42, 591

1 7, 99210 6253,013

10, 961

37, 33016 40811 1473,8334 0971,845

5,2612,1031 130

5181 510

11, 753

4 2723 692

580

4,370661

3,266443

3.111

756142614

90, 121

4,9143,537

34, 702

69, 27831, 9723,150

12, 844

39 39029, 69024 8269 700

3 004.346.00

3 003 28

2.914.50

2.3843 68

21,135779

54, 626

42, 703

17,96710 7153, 020

11,001

37, 36816 40211 1413,8704 1071,848

5,3352, 1551 140

5171 523

11,923

4 3013,711

590

4,463709

3,326428

3.159

76987

682

93, 215

4,7473,979

35, 386

71, 00932, 1563,945

12, 824

40, 75430, 54724 94410, 207

4 994 774 975 33

3.004.216.00

2 923 23

2.974.50

2.2723.51

21, 400770

56, 049

43, 281

17, 86611,2153, 008

11, 192

37, 50216, 39811 1343,9064,2121,852

5,7792,4011 189

5131 676

12, 768

4 3113 737

574

5,187941

3,801445

3.270

74549

696

89 690

5,1383, 105

36, 610

69, 62631, 2943,568

12, 787

41, 36131, 08624 99410, 275

3 004.055.76

2 862 98

2.784.50

2.3023 53

21, 438760

55, 021

42, 782

17,61111 050

2, 96711,154

38, 18617 26111 0303,8604 1791, 856

4,5961,3421 151

5041 599

12, 239

4 3143 740

574

4, 599805

3 346448

3.326

654137517

89, 860

5,0653,838

36, 928

69, 78731, 5313,519

12, 766

41, 18730, 63525 86310, 552

3 004.045.75

2 783 03

2.654.50

2.4083 54

21 500749

54, 102

42, 264

1 7, 38310 793

2, 93511,153

37, 79017 00110 9143 8634 1511,861

4,4741,3481 121

4971 508

11,838

4 3813' 789

592

4,037669

2 926442

3.420

54670

476

86, 044

4,8362,865

37, 498

69, 63832, 2033, 104

12, 727

40, 37729, 51925 57810 858

4 974 754 965 29

3.003.995.74

2 943 03

2.764.50

2.4203 43

21, 720739

53, 906

42, 058

1 7, 26510 679

2, 92211,192

37, 54216 86010 7873, 8974 1311,867

4,5161,4421 092

4911 491

11,848

4 4173 793

624

4 004637

2 926441

3.427

61856

562

62, 550

88, 22963. 869

5,5722, 854

11,090

38, 538

27, 9025,699

70, 15331,9053,8834, 960

12, 77019, 456

41, 45330, 59025, 45210, 863

3.003.995.60

2 842.91

2. 584.50

2.3273.39

21,610720

53, 972

41, 988

17,20010, 5852,922

11,281

37, 43416, 77610 7333,9374 1331,855

4, 5541,5271,077

4881,462

11, 984

4 4023,842

560

4,096631

3 035430

3.486

54996

453

62, 120

88, 05664, 168

5,4902,982

10 805

39, 191

28, 2025,939

69, 91331, 4603,8735,057

12,85519, 527

42, 23431, 39725, 64410, 837

3.004.005.60

2 682.76

2.504.50

2.2883 28

21, 652711

54, 390

42, 127

17,24210, 6022,943

11, 340

37, 4621 6, 77610 6963,9914,1331,866

4,6651,6341,071

4881,472

12, 263

4 5243,904

620

4 274634

3 210430

3.465

61263

549

62, 156

88, 25563, 7504,9323,834

10, 925

39, 712

28, 6276,102

70, 17131, 7693,8885,025

12, 89619, 389

42, 93531, 97625, 66710, 959

4 974 754 955 31

3.004.005.60

2 752 91

2.664.50

2.3593 70

21,845700

54, 786

42, 441

17,35810, 666

2, 95811, 459

37, 66316,80410 768

4,0744, 1511,866

4,7781,7321,076

4901 480

12, 345

4 5473 970

577

4 349624

3 286439

3.449

58151

530

62, 381

89, 42764, 0445,1074,086

11, 201

40, 304

28, 8626,389

70, 07231, 4994,1005, 066

12, 95619, 606

44, 85133, 79026, 37811, 061

3.003.995 60

2 752 72

2.504.50

2.2683 69

21,832691

54,687

42, 457

17, 35810, 6362, 964

11, 499

37, 63816, 75710 7504,1104 1651,856

4,8191,7941,067

4901,468

12, 230

4 5233 982

541

4,272574

3 240458

3.435

60467

537

61,855

86, 37962, 9354,8473,568

10, 586

40, 660

29, 0306,415

69, 55131, 4763,6155,044

13, 05519, 408

44, 75033, 46426,31111,286

3.003.975.60

2 812.92

2.644.50

2.4023.80

21,857681

54 889

42 636

17 35010 689

2, 99511, 609

37 73016 75510 7304' 1714 1931,881

4,9061,8801 076

4881 462

12, 253

4 5563 958

598

4 288589

3 211488

3.409

59037

553

62, 166

90, 35464, 480

4, 6935, 533

11,022

41,007

29, 2446, 512

' 70, 9892-31,794

4, 066' 5, 487

r 13, 136* 19, 669

46, 11434,41426, 14911, 700

4 994.755 055. 26

3.003.985.60

2 843 05

2.684. 50

2.3043 77

22, 048673

54, 869

42, 554

17, 17910, 7063, 008

11,661

37, 56216, 60410, 6904, 1944, 1811,893

4,9921, 9741,084

4821,452

12,315

4,6143,986

628

4,303623

3,195485

3. 398

r50665

'441

63, 423

92, 65866, 407

5,0274,071

12, 008

41,209

29, 6216, 406

71,84332, 085

4, 5355, 358

13, 24519, 622

45, 62434, 08726, 83311,537

3.003. 985. 60

2, 753.00

2.794.50

' 2. 3503.64

21, 982666

55, 051

42, 714

17, 18610, 8053, 008

11,715

37, 57716, 57210, 6714,2284, 2161, 890

5, 1372, 0921,090

4821,473

12, 337

4 5663, 982

584

4, 395656

3 259480

3. 376

6011054%

63,906

91,21666, 1834,8943,414

11,820

41,188

29, 7716,181

71, 67832, 1314, 0045, 375

13, 34719, 684

45, 64933, 93226, 88811,717

3.00

22,066658

r Revised. » Preliminary. 1 Average for Dec. 2 Effective Sept. 1961, data forseveral categories have been revised to reflect reclassification of loans; this change reducedcommercial and industrial loans in Sept. by a net of $146 mil. 3 Quarterly average.

4 Monthly average. f Revised to reflect new coverage and revised classification ofdeposits (for details, see the June and July 1961 issues of Federal Reserve Bulletin}.

d"For demand deposits, the term "adjusted" denotes demand deposits other than do-

mestic commercial interbank and U.S. Government, less cash items in process of collection;for loans, 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. §For bond yields, see p. S-20.IData are as of end of consecutive 4-week periods ending in month indicated, except

June figure which is as of June 30 (end of fiscal year).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S-18 SURVEY OF CURRENT BUSINESS December IJtfil

. .


1959 1960

Monthly

1960

Oct. Nov. Dec.

1961

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

FINANCE—Continued

CONSUMER CREDIT— Continued

Installment credit extended and repaid:Unadjusted:

Extended total mil $Automobile paper do _Other consumer goods paper doAll other do

Repaid, total _ do __Automobile paper doOther consumer goods paper doAll other do

Adjusted:Extended, total do

Automobile paper doOther consumer goods paper doAll other do

Repaid total doAutomobile paper doOther consumer goods paiMT doAll other do

FEDERAL GOVERNMENT FINANCE

Net cash transactions with the publicrcf*Receipts from mil $Payment? to doExcess of receipts, or payments ( • — ) . _ doSeasonally adjusted quarterly totals:

Receipts doPayments doExcess of receipts or payments (~) do

Bud cot receipts and expenditures:Receipts total do

Receipts, net^__ _ _ doCustoms doIndividual income taxes doCVrpoi ation income taxes doEmployment taxes doOth'T internal revenue and receipt1^ do

Exiioiulit'ircs, total1! doIntnv t on public debt do.__\VtoninV services and benefits do-V' . i jo r national security do\I1 other expenditures do

Public d« 'bt and eruaranteed obligations:dro^s debt (direct), end of mo., total hil. $._

iiên L"t bearing, total dopublic issues do

l T » * l d bv U S Oovt investpient 'iC'H^ doSpecial issues do

Xoninterest bearine _ _ _ _ _ _ d oGuaranteed obligations not owned by U.S. Treas-

uarv, end of month _ bii $_"T.S. savings bonds:

A m o u n t outs tanding end of month do

Redemptions do

LIFE INSURANCE

Inst i tu te of Life Insurance:Assets, total, all U.S. life insurance companies

bil $Bonds (book value), domestic and foreign,

total. _ _ _ _ _ _ _ b i l $U S Government doState, county, municipal (U.S.)- do_ _Public utility (U S ) doRailroad (U S ) doIndustrial and miscellaneous (U S ) do

Stocks (book value), domestic and foreign, totalbil $

Preferred ( U S ) c oCommon ( U S ) ( o

IMoi'tâce loans total do\onfarm do

TXC ;l os1 ate doPolicy loans and nreuiium notes dor-'Fh doOt l > o i assets < o

Life insurance Agency Management Association:Insurance written (new paid-for insurance) :

Value, estimated total in 1. $_.Group and wholesale doIndustrial doOrdinary do

Institute of Life Insurance:Payments to policyholders and beneficiaries in

' U.S., total mi l .$__Death benefits doMatured endowments doDisability payments doAnnuity payments doSurrender values doPolicy dividends do __

4,0871,4951, 1531,4393,6171,3081 0261,284

7 2967,963-667

7 4706. 062

89•} 56Q] f',87

7771 3*8

6 048699424

3. 8581 712

290. 801 287. 701 244. 20i K\ ]()14:10!

1 3. 09

1. 13

i 48. 653673

i 1 13 65

i 56. 69! 6 87i 3. 20

i 15 731 3. 74

1 23. 98

! 4 56i 1 GO1 2. 90

1 39 '?(1 36. 37

1 3 651 4. 621 1.311 3 63

| 5, 9251.092

5794 262

627. 6259. 1

9.9

54 7124 5126. 8

4 1951, 4871 1851,523

3,9091,3771 1941,409

8 1917,891

299

8 3336, 626

91

3 8381 8911,0081 506

6. 464773429

3, 8081 510

1 290. 22286. 82242. 47i 10 64' 44! 35

:i 3. 40

M6

; 47. 5336

. 56

1 119 58

1 58. 561 6 431 3. 59

1 15 951 3. 64

1 25. 45

1 4 98j 1 791 3 12

1 41 771 38. 79

1 3 76i 5. 231 J .331 3 94

6, 2011,279

5734 349

676. 5278. 8

56 110. 360 2

136 1135.0

4,0121,4071,2071,3983,9381,4361 1251,377

4 JOS1,4601. 1651,4833,9941,4171 J471,430

3,6517, 879

-4,228

3 6412, 823

921 296

481389

1 3836, 829

748422

3, 7281 934

290. 49287.37243. 10

10 6744. 283. 12

.16

47. 60.35.41

118 54

58. 406 523. 58

15 883.75

25. 00

3. 941 872.02

41 3138. 363 835.181.274.61

6, 2301,289

5874 354

626.1258.4

52 810 358 8

132 9112.9

4,0671, 3641,2171,486

3,9551,3891,1271,439

4,1341,4821,1591, 4933,9461,3971,1191,430

8,4038,674-271

7,9006, 300

914 648

4551, 2951,411

6, 773734436

3, 8841, 727

290. 41287. 14242. 58

10 7544. 563.28

.15

47. 63.33.40

119 07

58 626. 553.60

15 923. 75

25. 11

3 981 882. 05

41.5238. 553 855. 221.234 64

6.8291,711

5504 568

660. 7283. 157.510. 159 3

135 0! 115.7

4,6411, 2481,6541, 7394,0631,3491, 1541,560

4,0071,3251,2001, 4823,9311,3561J561,419

8,5867,984

603

24, 80024 200

600

8 7517, 643

802 9743 331

5961 7706,847

76543«

4,2171 638

290. 22286. 82242. 47

10 6144! 353. 40

.10

47. 53

.58

119 7°

58. 686 443. 62

15 943. 73

25.22

4 051 902. 10

41 8038.803 805. 271.334 78

7, 2551,870

4804 905

853. 7295. 7

58 411 556 1

147 2284.8

3 4731, 1301 0121,3313,9721,3851 1771,410

3,8691,2391, 1851,4453,9721, 3871,1541,431

5,5867,275

-1,689

5 5374, 846

823 198

534348

1 3756,470

4443, 6931 612

290. 04286. 65242. 83

10 6643. 823.38

.16

47.554656

I0*) 47

59. 096 543. 67

15 973.71

25.42

4 101 912. 13

42 0139. 023 815. 301.284 88

5, ] 871, 157

5013 529

711.2304.2

62 911.981 2

138 5112.5

3 2411,051

8881,3023,7591,2791 1451,335

3,8031,1901, 1311,4824,0111,3631,1911,457

8,9167,8671,049

9 1536, 537

705 567

4441,8141 2586, 236

719431

3, 7781,344

290. 54287. 19243. 46

10 6843^733.35

.20

47. 6242

.45

1°0 95

59. 246 543.70

15 983.71

25. 48

4 151 942. 16

42 1439. 15

3 825.341.274.98

5, 458944544

3 970

683. 2•?92 2

56. 510.2

61 9139 8122. 6

3 9951,3301,1251,540

4,2011,4481 2391,514

4,0021,2881,2121,502

3,9541,3531,1631,438

10, 2568,2601,996

22 50024 900

—2, 300

11 8788,524

88

3 1715 7991 3481 472

7,012726480

4,2791 5'>8

287. 47284, 06240. 06

10 7944.003.41

.21

47. 6743

.49

121 47

59. 366 543. 74

15 963.72

25. 56

4 241 942 23

4'> 3539. 35

3 825.411.225 07

9, 0123. 656

6344 722

796.7325. 2

64. 111. 5

65 6165 6164. 7

3, 7651,2471,0531,465

3, 8351,3121, 1471,376

3, 8831, 2431, 1451,495

4,0221, 3881, 1861.448

6, 2958, 292

-1,997 |

i

7 3595, 125

73

4 319493736

1 738

6, 450

4433, 7541. 532

287. 99284. 03241.62

10 8643. 013. 36

.22

47. 6835

.43

121 92

59. 546. 493.77

15 983.71

25. 67

4. 251 962.23

42 5539. 52

3 835.461.235 06

! 6, 2971.250

5924 455

681.7272. 6

56 410.8

61 0154 0126.9

4,2801,4611.2191,600

4J411,4191,2021,520

4,0011,3151J581,5283,9741,3651, 1481 . 461

9,7319, 462

269

9 7676,467

85

5 699411

2 0201 551

7, 1 69717441

4, 1 441 874

290. 15286. 84242. 34

10 9344. 503.30

.23

47.713744

122 46

59. 74

3.7715 993. 70

25. 76

4 3-12 022. 25

42 7239. 673 845. 511.305 02

6, 5951. 154

677i 4 764

741.6316.860. 611. 162 9

161 4128. 8

4,4021,5251,2141, 6634,0881,4091,1501,529

4,1161, 3471,1901,5794.0161,3861,1371,493

12, 3679, 4462,921

24, 90026 600

— 1, 700

» 12, 642*> 10, 749

^84p 4 3^7p 5 246»1 173P ] 752P 7, 948

p 763P 446

p 4, 568^ 2 411

288. 97285. 67240. 63

10 9645. 043.30

47. 7537

.46

I'?2 86

59. 866 40'-' 78

16 033.69

25. 97

4 342 042 24

42 9039 833 865. 551.275 07

6. 2551. 141

6284 486

739. 2307. 5

59 211.763 8

149 7147.3

3.9761,3831,0951,4983,9601,3831,1251,452

3,9611,3011,1721,4884.0351,4031,1591,473

3 7937,902

-4,. 109

3 7792,982

911 480' 5^0306

1 3826, 322

765422

3 4531 742

292. 40289. 00244.80

10 9344. 20

3.41

.24

47.8134

.42

123. 38

60. 226. 443.79

16 053. 68

26 19

4 382 052. 26

43 0539. 963 875. 541.305 02

6, 1251,312

5894 224

653. 6261. 9

52. 99.9

65 7144.5118.7

4,3191,4121,2161, 6914,1401,4201, 1701.550

4,0811, 2971,1661,6184,0551,3841, 1521,519

9, 35710, 552-1, 195

8 7136, 367

984 814

389

1 8211 5977, 631

730471

4,0462 434

293. 71290. 66245. 09

10 8145. 573.06

. _,5

47.87.39.44

123 90

60. 446 443. 82

16 123.68

26. 30

4 422 062 28

43 2240 103 905.581 295 06

6, 3471,405

5854 357

728. 5313.7

56 411 463 1

1£1 5132. 4

3,8601.1781,2091,4733,9421,3491, 1851,408

4,0101,2391,1981,5734, 0851, 3741, 2301,481

r 10, 236'8,2661,970

25, 20026 100

—900

10 2858, 945

904 6793 251

8841 3806,771

72741<S

3, 8521, 777

293. 75290. 77245. 77

10 8145.012. 98

47. 8934

124 41

60. 596.393.85

16 143. 67

26. 45

4.472 072. 33

43 3840.253 925.621.305 14

5, 8661, 158

5784 130

673.4287.2

52 810.459 9

132 0131. 1

4.3291.4731,2911,5654, 1691, 4661,1921,511

4, 3361,4881,2211,6274,1521.4191,1991,534

3,8729,385

-5, 512

3. 81 13. 141

1051 614

408241

1. 4437. 796

713

* 4 . 0 < o]j 2 ;"S9

295. 66292.71248. 82

43. 892.95

.30

47.95.37.41

123 < -

6 4')3. K

16. 153 h7

26. 67

4 5211 OS2. 3s

13. 581M 44

3.95 fir,i .»35 I1-

6, 8481. 543

6144 691

723. 1286. 7

I 62. 311.6

65 7151 7145- I

297. 01293. 60249. 39

! 44. 22; 3. 41

i .31

48. 03.36

• .38

!

j

!

T Revised. p Preliminary. ! End of year.*New series (compiled by U.S. Treasury Dept. a

c? Other than borrowing,nd Bu. of the Budget).

for net receipts and total expenditures reflect exclusion of certain intcrfimd trans-


December 10(51 SURVEY OF CURRENT BUSINESS S-19

Unless otherwise stated, statistics through I960and descriptive notes are shown in the 1961edition of BUSINESS STATISTICS

1959 j 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


FINANCE—Continued

LIFE INSURANCE— Continued

Life Insurance Association of America:Premium income (39 cos ) qtrly total mil $

Accident and. health doAnnuities doGroup doIndustrial doOrdinary do

MONETARY STATISTICS

Gold and silver:Gold:

Monetary stock, U.S. (end of year or month)mil. $_.

Net release from earmark § do_Exports thous. $Imports do

Production reported monthly total Q doAfrica doCanada doUnited States do

Silver:Exports. doImports doPrice at New York doi. per fine ozProduction:

Canada thous. fine oz'Mexico doUnited States do

Money supply (end of yr., mo., or last Wed.): _Currency in circulation bil $Deposits and currency, total _ _ do

Foreign banks deposits, net doU S. Government balances-. do

Deposits (adj.) and currency, total 1[ - do, __Demand deposits, adjusted*! doTime deposits, adjusted^ doCurrency outside banks do

Turnover of demand deposits except interbank andU.S. Govt., annual rates, seas, adjusted:

New York City ratio of debits to deposits .6 other centers cf do337 other reporting centers do

PROFITS AND DIVIDENDS (QTRLY.)

Mani 'Lietnrine corps. (Fed. Trade and SEC):Net profit after taxes all industries mil. $

Food and kindred products doTextile mill products doLumber and wood products (except furniture)

mil. $Parx r and allied products doCliemii ' j i ls and allied products doI Vtroh um refining doStone, clov, and glass products doT'r imarv nonferrous met;)] dorrimarv iron and steel doFabricated metal products (except ordnance,

ma chiner v, and transport cQuip ) mil $A l t K h i n o r v (except electrical) doEloc machinery, ecruip , and supplies doTransportation equipment (except motor

vehicles, etc.) mil. $Motor vehicles and paits . ._" _ _ . do .All other manufacturing industries do

Dividends r>nid (cash), all industries doElectric utilities, profits after taxes (Federal Re-

serve) mil $Transportation and communications (see pp. S-23

and S-24).

SECURITIES ISSUED

Securities and Exchange Commission:Estimated gross proceeds, total ..mil. $

By typo of security:Bon ds and notes, total _ - - - - - _ -do

Corporate doCommon stock doPreferred stock. ._ . , _do. ..

By type of issuer:Corporate , total© _ . .. do _ ..

M an u f act urin g d oExtractive (mining). __ ... _ . ...do. ..Public utility doRailroad _„ - . . do,. -Communication doFinancial and real estate. - do_ ...

Noncorporate, total© - ... do. -U.S. Government doState and municipal do

! 2, 812i 4941 318i 319' 219

1 1,462

219,456-110

16125, 365

88, 60063, 90013, 1004,800

8285,229.912

2, 6603, 6731,930

2 32 62 256. 0

23 .22 6 . 2

2 246. 62 115.42 101.8229 .4

56.43'? 524.5

i 4, 085i 313i 104

1 67i 155i 535i 656* 1711 1351 260

i 137i 308!301

i 71'418i 455

1 1,977

i 414

2,590

2, 376599169

44

81217313

2711460

154

1,7771,027

640

i 2, 9161 5571 274i 343i 201

i 1, 541

2 17, 767-165

13727, 919

391,6003 66, 600

13, 4004,000

2,1494,786

.914

2,8133,7103,345232 9

2 263. 223 .22 7. 1

2 252 92 115.12 108. 5

2 29 4

60. 034 825.7

1 3 8001 306

1 82

1 261 1471 5035 7191 1431 1231 236

1 1011 2461 256

1 56! 4191 435

1 2, 070

1 449

2. 295

2.12267313934

84617920

2381887

210

1,449659602

18, 402-397

270125, 558

92, 60067, 50014, 1004,400

1,7543,999

.914

2,8783, 5002,918

32. 1257.5

3.17.1

247.2112.2106.728.3

6Q.O34 925.5

1,814

1 . 66477810545

928196

9215

8256150

886345343

17, 910-512

17219, 556

392,0003 67, 50013, 7004,300

3,0933,039

.914

3, 0863, 5213, 405

32 6257. 0

3.16.5

247.3111.9106. 728.«7

63.535 826.2

1,986

1,85287511816

1,009283

14320

327

245

976326496

3.252613329348287

1, 675

17,767-145

1233,397

90, 70066, 40013, 8003,900

3,6674,638.914

3,4834,1174,111

32.9263.2

3.27.1

252.9115.1108.529.4

57.834 325.1

3,513309

70

214144183211795

150

55185239

35416426

2 302

452

1, 947

1,8167648645

895218

2218311

101249

1,052348490

17, 441-322

22, 4632,779

3 90, 90067, 90013, 2003,200

4, 6734, 105.914

2,5154, 2803,325

31 8259.2

3.14.5

251. 6114.7109.028.0

63.036 525.7

1, 774

1. 6454729930

601173

1514028

149

1,173455706

17, 3733

49, 1382,209

388.400366,70012, 6002,900

3,1883, 658.914

2,5243, 4603, 190

31 8259.5

3.16.9

249. 5110.6110.728.2

63. 735 825.7

5, 455

5, 28852913037

69510628

1631741

298

4, 7604, 069

660

2,942570271351169

1.580

17, 388161

140, 2843,091

3 70, 10013, 7003,700

4,6704,502.914

2,8763,5903, 285

31 9258.9

3.35.3

250. 2110.3111.928.0

67.135 426. 1

2. 90020230

— 4121421783

44104103

47191206

61254269

2, 008

523

2,161

2, 007542125

29

606286

1785239097

1.465434756

17,39092

89, 6731,704

13, 1003,200

4, 5034.580

.914

2,4243, 2503.974

31 8260.6

3.23.2

254. 2113.6112.727.9

68.036 925.6

3. 393

2, 2231,0011, 111

60

2, 231602

10278

10I 045

191

1,161348710

17, 403152

133, 0751,659

13,4003,300

1,8413, 363

.914

2,4734,0203,580

32 2261.7

1.15.9

254. 7110.6115.728.4

74.638 026.9

4, 432

4,1121.021

22892

1.34248134

4611498

118

3, 0912, 244

625

2, 934595247349160

1,585

17, 550254

98, 1181,857

12, 8003,800

7493,648

.914

2,9023, 5403,834

32.4265. 6

1.27.4

256. 9r 110.5' 117. 1

29.4

70.637 726.6

3, 96534060

43151566712165137

138309234

79429376

2 005

447

3, 494

3 2101 495

24440

1,77958511

40813

270243

1 715369

1,035

17, 527-3193

2,399

12, 6003,800

2,8323,552.914

2,3903. IfiO2,840

32 5267.2

1.36.7

259.1113.0117.728.4

70.636 726 2

. _ _ _

T 1,901r 1,642

'817r 239

r 20

' 1,075f 452

r33T 276

r 9' 16

T 218

' 896342463

17, 451-23

42,1189,246

12, 5003,800

9923,585.914

2, 223

2,891

32 6266. 4

1.36.5

258. 5111.5118.628. 5

73.438 126. 7

r 2, 064r 1,887

r 637r 131

r 45

'813f 288

r 15f 290

r 16' 13

r 133r I 250

392603

2,884600230339160

1,555

17, 3764

63, 0654,949

12, 1004,500

3,3972, 625

.914

2, 346

3,737

32 7271.0

1.48.9

260 8112.8119.528 5

74 237 326 3

3 837377

84

481^7

~2r

1831 06208

1 44'";68234

206o!7

2 010

447

1,913

1, 695460201

17

678268

15113

0

110

1 235338699

' 17, 300-43

70, 0514 009

2,5113 316.914

3, 523

32 8r 272. 5

1.3r O . 8

r 264. 4115.7120. 1

7»>. 1p ;jS 2v 26. 9

4 350

4 042794999

9

1,101331

11994

495

315

3 2482, 564

643

16,975

.923

273.01.26.6

265. 1116.2119. 929 1

r Revised. ? Preliminary. J Quarterly average. 2 End of year,s Excludes Republic of the Congo.§Or increase in earmarked gold (—).9 Includes data for the following countries not shown separately: Mexico; Brazil; Co-

lombia; Nicaragua; Australia; and India.

•fThe term "adjusted" denotes exclusion of interbank and U.S. Government deposits;for demand deposits, also exclusion of cash items reported as in process of collection.

cf Includes Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.©Includes data not shown separately.


S-20 SURVEY OF CURRENT BUSINESS 1901


1959 | I960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


FINANCE—Continued

SECURITIES ISSUED— Continued

Securities and Exchange Commission — ContinuedNew corporate security issues:

Estimated net proceeds, total mil $Proposed uses of proceeds:

New money total doPlant and equipment do\Vorking capital do

Retirement of securities _ doOther purposes do

State and municipal issues (Bond Buyer) :Long-term _ _ _ _ doShort-term do

SECURITY MARKETS

Brokers' Balances (N.Y.S.E. Members CarryingMargin Accounts)

Cash on hand and in banks mil $Customers' debit balances (net) _ doCustomers' free credit balances (net) doMonev borrowed ._ _ _ _ . do_

BondsPrices:

Average price of all listed bonds (N.Y.S.E.),total§ dollars--

Domestic doForeign _ do

Standard & Poor's Corporation:Industrial, utilitv, and railroad (A1+ issues):

Composite (21 bonds) cT_~dol. per $100 bond..Domestic municipal (15 bonds) _. do

U.S. Treasury bonds, taxable f 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 stoppedsales, face value, total § mil $

Domestic doForeign do

Value, issues listed on N.Y.S.E., end of month:Market value, total, all issues§ _ _ bil. $_

Domestic . doForeign do

Face value, total, all issues § doDomestic doForeign do

Yields:Domestic corporate (Moody's) percent..

By ratings:Aaa doAa _ doA doBaa __ do

By groups:

Public utility _ doRailroad do

Domestic municipal:Bond Buyer (20 bonds) doStandard & 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

Railroad _ _ _ doTrade - _ _ _ _ d o ._Miscellaneous do

Dividend rates and prices, common stocks(Mccdy's) :

Dividends per share, annual rate (200 stocks)dollars..

Industrial (125 stocks) doPublic utility (24 stocks) - doRailroad (25 stocks) doBank (15 stocks) ._ . do_Insurance (10 stocks) - _ _ d o ...

Price per share, end of mo. (200 stocks) 9 _ doIndustrial (125 stocks) doPublic utility (24 stocks) do _Railroad (25 stocks) _ - do. _.

' Revised. 1 End of year. 2 Annual total.§Data include bonds of the International Bank fo

shown separately; these bonds are included in conbonds.

794

715507208

1168

640348

i 3, 4301 996

i 2, 583

89.3689. 4583.27

95.0100.785.49

157. 66151.34

155. 34148. 59

132. 14126. 42

5.72

105. 67103. 00

1.57

118.28115. 16

1.92

4.65

4.384.514.675.05

4 534.704.73

3.583.954.07

213,012

2 1, 8982 6, 882

2 495

2 1, 0962 1, 500

2 3872 5502 204

5.415.812.613.423.824.29

163. 47186. 2666.3574.11

r Reeonsiputing

827

730472258

2375

602334

13901 1,' 135i 2, 275

91.4291.5681.81

94.6103.986.22

133. 92134. 52

131.65132. 28

112.20105. 88

6.33

108. 48105. 67

1.61

118.69115.44

1.97

4.73

4.414.564.775.19

4.594.694.92

3.513.734.01

2 13, 5752 2, 0482 7, 047

2 549

2 1, 1812 1, 588

2 3702 5812 212

5.596.032.683.533.974.75

155. 46173. 1869. 8262. 46

tractionthe aver

910

830627204

2060

343254

3773,2431,0632,300

92.8292.9981.48

96.0105.887.50

117. 72118. 67

115.82116. 62

99.3492.896.46

109. 86107. 00

1.61

118. 36115.07

1.98

4.63

4.304.444.675.11

4.504.564.84

3.423.593.91

921.5

175.6330.1

10.9

202.3113.120.057.811.7

5.586.042.693.473.964.85

149. 30164. 9170.2757.68

and Devage price

988

80546633932

152

496499

3803,2401, 0622,268

91.7091.8780.64

95.5107.787. 23

115.57122.20

113.60120.18

109. 30101.28

8.02

106. 29103. 47

1.60

115.91112.63

1.98

4.64

4.314.474. 695.08

4. 514.564.85

3.433.463.93

387.6

104.5136.0

2.9

2.1109.6

1.423.08.1

5.576.002.713.464.005.01

154. 57169. 9272.2460.39

elopmen3 of all 1

879

749496253

27103

490279

3903,3171, 1352,275

93.2193.3882.12

95.1107.987.84

142. 97152. 46

140. 64150.05

130.18122. 92

7.25

108. 26105. 42

1.60

116. 15112. 89

1.95

4.66

4.354.504.715.10

4.554. 584.87

3.383. 453.88

2, 456. 3

345.91, 476. 4

171.8

93.1186.679.763.339.5

5.646.012.743.444.095.08

161. 55175. 22

7fi. 8261. 28

t notisted

590

552359192

1028

706334

4133,3301, 2692,038

92. 9693.1082. 61

95.6108.187.70

151.32159. 28

148. 72156. 49

144.70138. 05

6.64

107. 98105. 13

1.60

116.16112. 92

1.94

4.65

4.324.484.695.10

4. 524.574.86

3.383.443.89

1, 003. 2

255. 2298.7

11.2

209.0114.634.668.111.8

5.646.012.743.414.205.08

171.83186. 0080. 4766. 00

tfaffect

11-O9

682

612304308

1456

660496

4533, 4261,3921,999

92. 5092. 6084.00

96.3109. 788.74

181.22171.06

174. 49167. 23

137. 64132.41

5.23

107. 59104. 72

1.62

116.31113.09

1.93

4.59

4.274.404.635.07

4.464. 514.82

3.333.333.81

468.1

161.2135. 8

2.9

1.7111.9

4.142.87.7

5.656.012.753.414.205.19

175.72190. 5682. 6668.37

Number:he contirices areFor boric[ncludes

679

48428919511877

756397

4273,6561,5071,997

93. 7193.8583.39

97.0108. 989.07

247. 68222. 73

237. 56217. 27

178.01170. 78

7.22

109. 94107.07

1.61

117.31114.09

1.93

4.54

4.224.334.575.02

4.404.434.78

3.513.383.78

1 ., 957. 2

162. 71, 262. 8

106.4

94.3188.356.853.632.3

5.656.012.773.354.205.19

179. 36193.5185.2069.24

of bondsnuity ofderived

Is due ordata not

2,203

2, 0551,780

2758563

710201

4333, 9861,5082, 351

93.8493.9883.38

96.3108. 088.80

184. 05163. 40

176. 00159. 35

138.04132. 00

6.04

110.32107. 47

1.60

117.57114.35

1.92

4.56

4.254.374.595.01

4. 454.464.75

3.483.443.80

914.1

179. 3312.4

11.7

208.7119.320.452.89.5

5.666.022.793.354.205.19

179. 65193.4285. 5467.00

represenseries,from avecallableshown s

1,314

1,090834256

55169

625382

4534, 1001, 4532,587

93.7293 8783.26

96.0109. 089.74

172.93167. 31

167. 66163. 10

140. 82134. 51

6.31

110.43107. 60

1.57

117.82114. 63

1.89

4.58

4.274.414.635.01

4.484.494.77

3.483.383.73

367.9

84.1133.7

4.3

2.1112.8

.922.37.7

5.666.032.793.354.205.19

183. 20197. 5688.5768.45

t numbe

rage yielin 10 yeaeparateb

1,744

1,127759368426191

1,035279

4224,076

'1,2802,815

92.7392.8782. 65

95.0106.887. 83

151. 26143.98

148. 00140. 97

118.28112.74

5.54

109. 30106. 50

1.56

117.87114.68

1.89

4.63

4.334.454.695.03

4.544.524.83

3.543.533.88

1, 986. 3

157. 71, 280. 9

109.0

95. 8190.263.459.030.3

5.666.012.803.354.205.19

179. 24193. 9085.8766.10

- current

ds on bars or mo?•

'1,049

'846'560'286'22

'182

463297

4434,0411,2072,798

92.7792.9282.27

94.5106.787.57

144. 16146. 55

141.64143. 95

131.56125. 80

5.76

109. 63106. 84

1.55

118. 17114. 98

1.88

4.70

4.414.534.755.09

4.594.604.89

3.493.533.90

935.7

188.0313.8

9.8

225.1118.416.955.28.5

5.676.022.813.354.205.19

185. 95200. 6488.0665.90

y used; t

=ds of an*e.

'793

'662'434'228'31

'100

603665

4364,0211,2082,734

92.4792.6182.58

93.9106.586.27

176.24162. 53

172.12158. 75

133.11127.84

5.27

108. 46105. 67

1.55

117.29114.10

1.88

4.73

4.454.574.805.11

4.614.674.92

3.543.554.00

372.9

85.3133.5

2.9

1.8114.8

4.123. 07.5

5.686.022.833.374.205.19

189. 30204. 0092.7369.15

he chang

assumed

658

6124022101136

699351

'4204,0371,2272,730

92.9793.1282.57

93.9106. 686.09

137. 47133. 89

134. 97131. 33

111.74106. 51

5.24

108. 00105. 20

1.55

116. 16112. 98

1.88

4.74

4.454.594.815.12

4.614.674.94

3.493.544.02

2, 008. 8

189.31,277.0

107.7

96.9191.257.959.829.0

5.686.022.833.374.215.19

187. 49201.5594.5068.78

e in the

3 percen

1,075

928612316

42105

'643'244

4294,0721,2142,710

93.1993.3283. 31

94. 6107. 786. 61

153. 52151. 77

150. 43148. 44

125. 57120. 08

4.88

109. 03106. 22

1.56

117.00113.82

1.88

4.73

4.424.564.795.13

4. fiO4.664.92

3.363.463.98

987.4

182.4350.0

16.9

235.4118.419.156.88.4

5.696.042.843.384.215.19

193. 10207. 2399.7771.01

number

t 20-yeai

753365

4.70

4.394.544.755.11

4.584.634.89

3.48

401.4

114.1135.0

3.5

2.4114.6

1.522.87.5

5.886.332.853.364.255.19

200. 36213. 75103. 9170.01

does not

bond.




1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


FINANCE—Continued

SECURITY MARKETS— Continued

Stocks— Continued

Dividend yields and earnings, common stocks(Moody's):

Yield (200 stocks) _ _ percent--Industrial (125 stocks) doPublic utility (24 stocks) ___ _ do_ _Railroad (25 stocks) doBank (15 stocks) doInsurance (10 stocks) do

Earnings per share (at annual rate), qtrly.:Industrial (125 stocks) dollarsPublic utility (24 stocks) doRailroad (25 stocks) 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 (2C stocks) _ _ _

Standard & Poor's Corporation :cfIndustrial, public utility, and railroad:

Combined index (500 stocks) 1941-43=10

Industrial, total (425 stocks) 9 do __Capital goods (127 stocks) doConsumers' goods (193 stocks) do

Public utility (50 stocks) doRailroad (25 stocks) do

Banks:New York Citv (11 stocks) doOutside New York City (16 stocks) do

Fire insurance (15 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 millions

Exclusive of odd lot and stopped sales(N Y Times) millions

Shares listed, N.Y. Stock Exchange, end of mo.:Market value, all listed shares bil $Number of shares listed millions--

3.313.123.944 633.712.70

19 8523.8216.01

4.69

212. 78632.1289.71

161.14

57.38

61.4563.9347.3544.1535.09

26.2852. 5133.17

4,322134

3, 62387

68

295. 405,421

3.603.483.845.653.912.92

1 9 6224.1214.80

4.75

204. 57618. 0491.39

138. 93

55.85

59.4359.7447.2146.8630.31

26.2353.0933.43

3,768116

3,16380

64

291.496,231

3.743 663 836.024.023 07

4.75

194. 49582. 4592.86

125. 80

53.73

56.9055.2545.6847.3427.77

25.4352. 3233.01

3,192101

2, 70070

54

281.536, 388

3.603.533.755.733.932.97

4.78

199. 54601.1494.14

128. 62

55.47

58.8957.4246.9647.8328.93

25.5853. 9133.75

3, 295105

2, 78572

62

292. 996,398

3.493 433.575 613.922.76

9 704 126.36

4.84

202. 81609. 5497.74

128. 29

56.80

60.2259.1147.9849.7829.03

26.6055. 3737.02

4,139136

3,48795

77

300. 976, 458

3.283.233.405.173.782.51

4.73

212. 98632. 20102. 79139. 44

59.72

63.2061.4648.9652.7331.43

27.7857.1238. 97

4,946163

4,176115

89

326. 006, 478

3.223 153.334.993.512.50

4.68

219. 89650.01107. 70143.12

62.17

65. 7163.7150.8555.6432.17

29.6059.4842.34

5, 275160

4,407112

93

337. 496, 501

3.153.113.254.843.512.50

8 004.170.22

4.66

225. 64670. 56110.00145. 47

64.12

67.8365.7753.2757.0632.93

30.5563.9442.95

7,281242

5, 930153

118

347. 586, 529

3.153.113.265.003.542.51

4.67

228. 42684. 90112.02142. 53

65. 83

69.6466.1254.3359. 0932.35

30.8564.9242.64

6, 533229

5, 2C5132

102

350. 476, 571

3.093.053.154.893.332.49

4.63

231.08693. 03112. 84144. 98

66.50

70.3467.4155.2959. 5933.08

31.3067.1442.97

6,305224

4,971124

97

358. 866, 663

3.163.103.265.073.272.48

9 804 212.83

4.66

229. 53691.44112.61141.35

65.62

69.4867.4955.6158.4332.41

32 9168. 3843.98

5,174154

4,293100

73

348. 866, 727

3.053.003.195.083.192.35

4.69

228. 96690.66114.15137. 82

65.44

69.1566. 2456. 2159.4231.74

33.5569.9844.81

3,668108

3, 05171

61

360. 386, 701

3.002.953 054.873.032.19

4.69

237. 89718. 64119.32141.65

67.79

71.6969.1858. 7361.1932.76

35. 6474.4747.19

5, 101149

4,338104

82

368. 656, 847

3.032.992.994.903.062.22

8 704 274.82

4.69

237. 88711.02121.20143. 23

67.26

70 8969.7859 8262. 1933 02

36 0977.2747. 16

4,215123

3 54382

64

361 146,871

2.952 912.854 762.782 10

4 62

241 67703. 01127 69149. 67

68 00

71 4269 3261 2664 1534 53

36 7379 2649.40

4, 624136

3 89890

73

371 996, 974

2.932.962.744.802.831.98

248. 56724. 74133. 74149. 06

88

FOREIGN TRADE OF THE UNITED STATES

FOREIGN TRADE

Indexes

Exports of U.S. merchandise:Quantity 1936-38 = 100. _Value - _ doUnit value_ do_ __

Imports for consumption:Quantity _ _ do_ __Value -- - doUnit value _ - _ do

Agricultural products, quantity:Exports, U.S. merchandise, total:©

Unadjusted 1952 54-100..Seasonally adjusted. do _

Cotton fiber (incl. linters), seas, adj do_.Imports for consumption, total:©

Unadjusted doSeasonally adjusted do

Supplementary imports, seas, adj doComplementary imports, seas. adj. do

Shipping Weight

Water-borne trade:Exports, incl. reexports§ thous. Ig. tons _General imports _ ^ , do

Value

Exports (mdse.), incl. reexports, total^ mil. $ _Excl. MSP (military) shipments do

Seasonally adjusted* do

By geographic regions: AAfrica doAsia _ _ _ doAustralia and Oceania .-doEurope _ do

Northern North America ___ doSouthern North America __doSouth America... ._ _do ..

274596217

224609272

154

99

110

110110

'8,146r 14, 859

1, 468. 51, 366. 2

57.2228.826.9

382.6

310.7148.2165.4

317694219

216595276

194

202

103

106102

' 9, 408r 14, 8 10

1, 708. 31, 629. 2

63 4301.639.5

540 5

308 3138. 2174.0

323709220

205564276

199181152

9611091

124

10, 21814, 132

1,743.91, 690. 01 706 6

67 3284 749.4

572 2

310 7138 8200.1

333731220

209573274

238200222

97112120108

9,28113, 866

1, 796. 71, 723. 61 676 6

65 0321.650.8

612 0

313 3128 0170.9

331729220

206561272

247199219

9990

11280

8,68013, 700

1, 796. 61, 743. 31 621 4

68 4382 138.1

611 1

269 8133 5180.9

301664220

198542274

210196231

101899288

7,32113 634

1, 646. 71, 538. 81 649 2

59 2334 838.3

518 6

263 2110 0162.6

306681223

185505274

206198203

96909785

7,75512 833

1, 671. 51, 606. 11 763 5

62 1333 639.4

534 0

280 5114 9178.2

350781223

222602271

225208226

120105111101

8,64013 514

1,934.21, 889. 11 687 1

80 1388 838.0

622 7

315 5130 3212.8

308692225

187510273

185191181

98857790

8,56711,597

1, 705. 51, 647. 01 655 2

63 8358 028.7

529 6

302 7126 4170.4

313708

'226

214580271

184188127

10310991

125

f 10, 419r!4 300

1, 743. 81,671.31 554 5

65 6366 830.0

519 1

319 7114 5174.2

305688226

214580271

15517782

11211595

132

10, 55414 110

1,698.91,643.81 591 2

54 1336 626.3

530 9

330 1114 1173.3

296663224

223605271

157204

'231

108121113127

1,637.01, 558. 41 707 2

76 3349 332.3

439 2

269 5118 7203.0

'302r 677

224

224610272

179221391

113123127121

rl,669 8T\ 598 3r\ Q7o 5

65 2r 300 6

38.7r 517 7

r 302 4r 122 0

' 176. 6

295662225

211573272

rl,631 3r\ 556 8r\ gOg Q

r 63 1r 293 9

32 5r 490 4

r 299 5193 7184.5

1 889 61 816 61 819 5

' Revised. » Preliminary. 1 Quarterly average at annual rate.2 For 12 months ending Dec.cTNumber of stocks represents number currently used; the change in number does not

affect continuity of the series. 9 Includes data not shown separately.©Minor revisions for Jan.-Aug. 1960 will be shown later.

§Excludes "special category" shipments and all commodities exported under foreign-aidprograms as Department of Defense controlled cargo.

^[Data include shipments (military and economic aid) under the Mutual Security Program.AExcludes "special category" shipments.*New series. Data prior to Aug. 1960 may be obtained from Bu. of Census reports.




1959 | 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


FOREIGN TRADE OF THE UNITED STATE S—Con tinned

FOREIGN TRADE— ContinuedValue — Continued

Exports (mdse.), incl. reexports — ContinuedBy leading countries:

Africa:United Arab Republic (Egvpt Reg ) mil $Union of South Africa do

Asia and Oceania:Australia including New Guinea doColony of Singapore doIndia doPakistan doJapan doRepublic of Indonesia doRepublic of the Philippines do

Europe:France doEast Germany doWest Germany doItaly - doUnion of Soviet Socialist Republics. _do ._United Kingdom do _ _

North and south America:Canada do

Latin American Republics, total 9 - - do _ _Argentina doBrazil do _Chile . . _ _ _ d oColombia doCuba _- - do _-Mexico doVenezuela do

Exports of U S merchandise, total f doBy economic classes:

Crude materials doCrude foodstuffs doManufactured foodstuffs and beverages doSemimanufacturescf _ _ do _ _Finished manufactures cf do

By principal commodities:Agricultural products, total 9 do.. -

Cotton unmanufactured doFruits, vegetables, and preparations doGrains and preparations - do__ _Packinghouse products doTobacco and manufactures A do. _

Nonagricultural products total 9 doAutomobiles, parts, and accessories doChemicals and related products! - -- do --Coal and related fuels doIron and steel products do

Machinery, total §9 do _ _Agricultural.. _ _ doTractors, parts and accessories doElectrical __ _ _ _ _ doMetalworking§ . doOther industrial do

Petroleum and products doTextiles and manufactures do

General imports, total doSeasonally adjusted* do

By geographic regions:Africa doAsia _ - -_ _ _ - _ - do_ _Australia and Oceania do - -Europe doNorthern North America _ _ _-doSouthern North America doSouth America do

By leading countries:Africa:

United Arab Republic (Egypt Reg.) doUnion of South Africa do

Asia and Oceania:Australia, including New Guinea doColony of Singapore do_ _-India doPakistan do -Japan doRepublic of Indonesia doRepublic of the Philippines do

Europe:France do _ _East Germanv doWest Germany doItaly doUnion of Soviet Socialist Republics doUnited Kingdom _.do_ _

8 818.4

22 22 5

28 08.7

80 45.5

22.9

28.31

62.334.0

.673.7

310 6

292.919.334.411.417.136.561.761.6

.,453.2

159.4120.789.8

205.5877.8

329.637 732.1

118.323.536.7

1,123.6104.8124.532.346.7

323.912.029.682.226.0

158.340.052.9

1,267.3

49.1216.928.1

384.0253.7132.8202.8

1.49.8

16.42.4

17.33.0

85 715.926 0

38.53

76.732 3

2 494.8

12.523.1

32.33.4

53.314.0

110.76.9

24.6

48.0.3

88.953.53.2

117.2

308.2

287.929.135.516.220.518.567 245.8

1,691.6

215.5136.693.0

293.5952.9

402.082.332.4

137.525.139.7

1,289.6107.7140.030.173.2

357.812.132.383.230.7

178.139.957.8

1,221.2

44.6226.7

22.2355.6242.0127.1203.0

2.69.0

11.91.6

19.03.0

95.718.025.5

33.0.3

74.732 81.9

82.7

15.822.2

38.43.5

60.68.3

99.65.6

24.3

44.3.2

87.552.04.3

145.9

310.7

312.937.733.921.020.817.165.562.6

1,729.4

239.3143.8102.3285.2958.9

431.959 439.4

143.328.974.8

1,297.5108.5144.836.173.7

367.79.4

32.285.729.5

185.739.961.6

1,157.21,196.2

36.5210.616.6

340.4240.993.2

219.0

.78.2

8.61.1

17.61.9

95.315.719.9

28.6.2

75.135 91.8

72.8

21.617.5

41.44.0

54.118.0

115.99.5

25.2

46.0.1

93.852.34.4

127.9

313.2

272.530.137.318.019.23.9

68.140.9

1, 782. 8

283.2146.999.9

286.0966.9

495. 898.427.3

154.425.672.3

1,287.0119.4132.929.471.9

377.08.8

28.494.637.3

183.437.557.4

1,160.81,128.0

36.1209.610.9

338.2249.1106.4210.5

.56.6

5.5.9

17.72.7

91.515.020.3

31.1.2

69.534 0

.677.7

16.320.7

32.93.7

67.717.7

156.06.8

31.4

43.20)92.066.4

4.0132.3

269.8

289.032.143.816.721.2

5.275.837.9

1,777.7

287.0144.1106.2292.7947.6

504.2134 731.3

156 327.343.1

1,273.5105.7140.1

23.462.1

382.18.9

30.682.646.5

184.837.858.2

1,157.11,099.7

42.8209.517.7

343.4223.2122.9197.5

1.48.0

11.71.7

17.53.2

83.322.120.0

27.1.3

78.832.72.8

68.6

11.218.7

30.13. 6

52.013.5

135.616.724.8

49.0.2

83.070.73.9

97.4

263.2

248.428.641.218.116 32.9

58.835.9

1,618.7

236.3132.689.0

258.2902.6

423.2130 426.1

138.224.024.8

1,195.593.3

121.319.553.4

349.510.628.982.334.5

166.434.956.3

1,123.61,119.1

46.4196.818.8

315.3208.4113.3224.6

.78.6

11.11.2

19.94.3

84.412.420.9

24.2.3

69.229 11.0

60.6

12.022.0

29.93.3

40.210.1

137.813.824.7

49.9.3

90.570.72.6

92.1

280.5

271.131.039.420.918.83.8

62.641.3

1, 659. 0

218.8156.788.3

273.7921.6

426.3112 1

24.7161.2

24.425.7

1,232.797.6

145.119 660.3

374.613.932.780.635.2

184.532.155.4

1,045.91,121.6

43.5167.813.6

299.3197.8124.8199.1

.79.5

9.5.8

17.63.5

61.711.522.6

26.7.3

66.024 91.0

63.5

16.128.5

29.64.0

48.621.5

164.012.227.8

61.00

102.081.64.6

115.2

315. 5

314.229.657.320.720.72.6

69.557.0

1,903.7

224.8177.2105.6299.9

1,096.3

469.5113 631.8

187.626.731.2

1,434.2115.2158.420.166.1

447.217.135.2

105.642.1

210.040.166.6

1,230.51,127.1

52.6215.8

28.2343.7249.2139.5201.6

1.88.7

14.2.9

22.34.7

82.514.131.1

32.2.2

75.628.41.5

75.2

12.020.1

21.44 0

42.917.7

148 212.224.7

52.61

84.867.56.8

79.3

302 7

268.934 834.318.021.32.0

68.334.2

1,687.5

187.4153.988.5

266.2991.4

394.179 826.7

156.623.926.7

1,293.4105.9141.0

24 560.9

412.816.335.395.840.9

193.339.057.9

1,041.91,129.1

53.5181.8

29.4287.3212.3104.2173.4

.810.1

14.5.8

17.12.8

76.613.224.0

26.5. 1

63.825 9

2.956.6

13.819.9

23.14 0

38.718.7

160.010.231.2

45.3(i)89.672.62.8

74.8

319 6

265.740 637.117.423 4

.963 227.8

1, 725. 4

186.5163.898.4

287.5989.3

395.253 034.2

165.527.726.7

1,330.299.9

151.633 281.9

393.515.633.488.039.8

185.138.953.9

1,194.51,117.4

49.7207.524.6

338.4263.7128.5182.1

2.28.7

11.51.0

21.82.7

80.911.530 2

35.8.1

69.628 62.8

72.3

8.513.9

19.53 8

36.812.3

154 66.7

34.0

46.8(i)86. 366.19.8

73.8

330 1

261.331 141.914.620.5

.562 937.7

1,677.9

166.3144.5

94. 7290.4982.0

348.236 737.2

130.831.030.0

1,329.691.4

139.633 788.5

391.114.329.795.138.4

185.538.053.2

1,220.21,180.9

62.3202.827.7

334.9273.0127.6192.0

11.710.2

15.11.6

19.72.9

81.212.526.5

38.2.3

69.829 53.1

72.0

13.421.9

24.43.6

55.611.1

144.58.6

29.1

35.0.1

72.353.46.4

70.1

269.5

298.235.550.122.223.2

.664.941.2

1, 617. 3

166.2139. 691.1

279.6940.9

350.445 433.2

135.133.731.4

1, 266. 992.7

149.727.273.6

390.410.627.386.440.8

189.236.449.3

1, 267. 81,371.4

71.6231.435.0

357.0271.9119.3181.8

13.412.2

17.3.8

23.02.6

92.614.533.2

42.6.3

73.631.51.5

86.6

11.717.4

32.84.3

29.2'11.2139.410.123.6

43.1.2

'88.5••63.1

3.8'85.0

'302 4

274.432 737.517.016.3

.168.646.8

r 1,650.4

r226 3r 135. 1

r 90 8r 266. 7r931 5

r 391. 489 430.9

' 133. 825.635.6

r 1,259.0'81.2

' 142. 2T 38 4'69.2

' 374. 5

'9.027.0

r 94.4MO. 6

' 178. 4Ml. 9

53.81, 233. 51, 242. 8

47.5242. 633.4

334.4288.898.4

188.5

.98.8

21.92.6

18.02.5

107.314.431.0

40.8.3

65.236.81.3

73.5

'8. 415.9

27.43 8

24.613.4

132 7'12.2'23.7

44.7(i)

'82.2r 55.9

.2' 109. 1

r299 5

' 283. 235 636 518.721 0(i)67 4

'44. 7' 1,614.6

'202 4' 145. 9

T 79 4r 250. 2r 936. 7

' 371. 244 831.6

r 139. 324.776.1

T 1,243.4'85.8139. 3'37 2

67.3

' 378. 67.8

28.8'89.9'38.1

' 186. 0'34.1

53.91,176.31, 249. 0

37.3220.829.2

327. 1270.891.7

199.3

.410.0

16.41.7

17.83.3

94.314.028.2

35.52

67.929.43.3

70.7

1, 866. 6

249 3189.4119.6272. 7

1 035 6

501.443 049.5

181.330.082.3

1 365 3105 4148. 136 9

71.3

422.18.8

32 9104. 439.5

207. 537 359.9

1.340.01,318 9

'Revised. 1 Less than $50,000.9 Includes data not shown separately.ISee similar note on p. S-21.cfData for semimanufactures reported as "special category, type 1" are included with

finished manufactures.

AManufactures of tobacco are included in the nonagricultural products total.§Excludes "special category, type 1" exports. *New series. Data prior to August

1960 may be obtained from Bureau of Census reports.


December lOfil SUEVEY OF CURRENT BUSINESS S—23


1959 1960

Monthlyaverage

I960

Oct. Nov. Dec.

1961


FOREIGN TRADE OF THE UNITED STATES—Continued

FOREIGN TRADE— Continued

Value — Continued

General imports, by loading countries— ContinuedNorth and South America:

Canada . _. mil. $__

Latin American Republics, total 9 do

Argentina doBrazil do _.Chile doColombia doCuba - -doMêxico doVenezuela _ do __

Imports for consumption, total , __doBy economic classes:

Crude materials - -doCrude foodstuffs doManufactured foodstuffs and beverages. .doSemimanufactures doFinished manufactures _ do

By principal commodities:Agricultural products total 9 do

Cocoa (cacao) beans, incl. shells _ __doCoffee doRubber, crude, including guayule doSugar _ -_ do __Wool and mohair, unmanufactured do

Nonagri cultural products, total 9 do

Furs and manufactures _ doIron and steel products doNonferrous ores, metals, and mfs. , total 9

mil. $._Copper, incl. ore and manufactures, _ d o _ _ _Tin including ore do

Paper base stocks doNewsprint -- - --doPetroleum and products do

253.5

300.1

10.552.416.8

28.339.636.374.2

1, 249. 5

258.1152.0133.3275.5430.7

341.6

13.791.431.941.318.7

907.9

9.052.1

93 224.810.028.855.5

128. 0

241.8

294.1

8.247.516.125.029.836.979.0

1, 221. 0

251.1143.5130.5257.7438.2

318.7

11.983.726.842.316.4

902.3

9.144.2

95.733.59.8

28.057.4

128.6

240.7

278.5

6.948.919.836.27.6

27.876.7

1, 156. 9

229.9146.1122.4233.3425.2

286.3

8.493.819.624.813.9

870.6

5.231.9

90.023.49.6

29.159.8

119.0

248.9

276.8

5.745.09. 1

35.36.2

31.381.9

1, 175. 9

219.2141.0139.4245.6430.7

292.3

8.983.020.439.712.1

883.7

6.230.8

87.529.16.7

31.265.2

135.7

223.2

277.0

7. 142.69.5

24.72.9

39. 183.9

1,151.0

231.8149.2115.5242.6411.8

295.4

12.282.724.128.711.9

855.6

17.228.6

86.933.29.4

23.159.3

141.6

208.3

295.5

9 238.221.232.43.6

40.791.8

1,111.7

235. 2153.9105.8234.9382.0

297.6

18.486.619.923.716.7

814.1

12.923.3

75.926.86 4

25.053.8

152.0

197.8

282.3

7.342.115.020.12.7

49.590.4

1, 036. 6

210.3139.7110.5228.1347.9

276.3

16.876.615.337.814.4

760.3

11.624.1

70.823.97. 1

27.448.1

137.5

249.2

295.1

8 447.811 925.83.0

53 479.0

1, 235. 3

237.4168 1142.9265 0421.9

345.4

16.397 315.852.619.0

889.9

9.032.3

89.524.85 7

27.262.0

147.5

212.3

244.1

7 843.515 617 51.1

42 766.5

1, 045. 7

202.5141 8109.6225 1366.6

285 3

19.675 813.225.717.9

760.4

6.832.6

67.310.57 1

22.253.2

128.1

263.5

264.1

10 642 013 622 42. 1

52 273.5

1, 188. 5

229.9139 4125.0267 4426 8

294 5

16.374 315.538.715.9

894 0

7 237.3

94.134.87 1

28 064.9

128 0

272.7

274.5

10 140.617 829 24.3

56 070.1

1, 189. 0

238.5150 3136.3253 5410 3

314 9

17.991 618.237.116.1

874 1

6 739.9

78.018.77 9

30 259.2

122 4

271.6

250.7

8 938 518 621 43 4

44 464 0

1, 240. 9

254 2133 1141.8257 1454 7

314 9

20 872 718.649.719.1

926 0

5 841.5

89 217.113 225 356 0

138 0

288.4

243.2

8 753 211 920 02.3

37 369.6

1, 250. 1

259.4138 0147.4251 7453 6

333 4

13 777 718.545.915.1

916 7

4 443 9

86.220.611 030 758 7

124 0

270. 6

251.5

8 957 28 1

22 04 0

32 471 4

1 175 6

242 7130 5135.2252 4414 9

297 1

7 379 116.035 315.4

878 5

5 240 4

91 020.013 728 155 5

132 0

1, 335. 2

271.0146 9153.7284 3479 4

325 6

4 578 822.840.619.2

1 009 6

4 446.0

113.228.013 931 058.4

130 2

TRANSPORTATION AND COMMUNICATIONS

TRANSPORTATION

Airlines

Scheduled domestic trunk carriers:Financial operations (qtrly. totals):

Operating revenues total 9 mil $Transport, total 9 __ do

Passenger doProperty - _ _ d o _ . -U S mail do

Operating expenses (incl depreciation) doNet income (after taxes) do

Operating results:Miles flown (revenue) thous _Express and freight ton-miles flown _ do _Mail ton-miles flown doPassengers originated (revenue) __doPassenger-miles flown (revenue) mil--

Express OperationsTransportation revenues __ _ thous. $_Express privilege payments do

Local Transit LinesFares, average cash ratet cents__Passengers carried (revenue) mil-Operating revenues mil. $

Class I Motor Carriers (Intercity)Carriers of property (qtrly. totals):

Number of reporting carriers . _.Operating revenues, total. _ _ mil. $__Expenses, total __ _ _ __ do_ _Freight carried (revenue) mil. tons

Carriers of passengers (qtrly. totals):Number of reporting carriers __ __Operating revenues, total __ mil $Expenses, total __ _ _ __do ___Passengers carried (revenue) mil-_

Class I Railroads

Freight carloadings (AAR):c?Total cars thous

Coal doCoke - - doForest products do___Grain and grain products __ do

1 456. 1i 452. 61 411.8127.3i 10.6

* 429 8i 14.5

62, 88328, 2799,8333,7852,356

32, 34412, 143

18.1638

114.7

292311,160.8U,110.1

i 68.7

2 139i 110. 5

i 95.6i 58.3

2,58545234

171227

1 493. 5i 489. 11 443. 4

130.01 11.7

1 484 61 1. 1

60, 41931,71811,0663,8552,450

30, 70510, 429

18.9627

117.3

292311,188.411,158 5

i 69.0

2 139i 115 11 100. 6i 56.6

2,53744334

162232

59, 75735, 99411, 2573, 9652,487

31, 30010 621

19.1637

122 2

2 55843725

154268

55, 19932, 69111 0433,5182,129

30, 96110 552

19.2628

121 0

2 20338823

135255

491 6486. 1436 131.613.4

485 3d 1.5

56,97135, 73616 4793,5042,284

35, 45812, 111

19.2652

125 5

9231, 207. 81, 197. 9

69.0

139111 3101.355.7

2,40147726

152232

56, 33530, 45911 1523,4492,348

27 8226 983

19.4611

116 8

1 92238221

129211

43, 33127, 00210 3892,8291,818

27, 1816 783

19.4582

110 4

1 95537621

134222

460 7455 6413 028.712 0

479 0d 16 9

57, 10636, 09413 2393,7792,398

32 79011 955

19.4659

123 5

9881,112.11,097 0

64.5

14097 895 851.3

2 50740528

175261

56, 63632, 32211 6313,8712, 459

28 0338 171

19.5603

114 5

2 10636523

146196

58 Oil36 60612 0003' 8392 380

30 89110 474

19.5644

121 3

2 24238826

148202

534 1527. 3479 931.812 3

511 24 4

60, 31338, 11611 7814,2812 826

31 02211 576

19.5599

113 6

9811,223.21 158 3

71. 7

140118 9103 855 4

2 86047034

183293

61, 74433 66210 6293,9372,678

26 103r 8 719

19.6531

106 3

2 17432925

140256

62, 75039 77512 1044 2282,807

32 1029 797

19.6567

112 6

2 36742128

159234

31 4669 974

19.7584

108 8

2 95153738

190245

19.7633

2 58045531

157244

2 31043431

146213

r Revised. d Deficit. i Quarterly average.2 Number of carriers filing complete reports for year 1960.9 Includes data not shown separately.

JRevised effective Jan. 1960 to reflect fares charged in U.S. cities with a 1960 populationof 25,000 or more; revisions for 1960 are shown in the Nov. 1961 SURVEY.

cf Data for Dec. 1960 and Mar., Jane, and Sept. 1961 cover 5 weeks; other months, 4 weeks.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S-24 SURVEY OF CURRENT BUSINESS December


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


TRANSPORTATION AND COMMUNICATIONS—Continued

TRANSPORTATION— Continued

Class I Railroads— Continued

Freight carloadings (AAR)— Continued cfLivestock _ _ _ _ _ -thous .Ore _ do _ _Merchandise, l.c.l __doMiscellaneous do

Freight carloadings, seas. adj. indexes (Fed. R.):fTotal 1957-59=100

Coal ___ ___ _doCoke doForest products doGrain and grain products doLivestock __doOre doMerchandise, l.c.l doMiscellaneous do

Financial operations:Operating revenues, total 9 __mi l . $._

Freight doPassenger do _ _

Operating expenses doTax accruals and rents doNet railway operating income doNet income (after taxes) § _ d o _ _ _

Operating results:Freight carried 1 mile (qtrly ) bil ton-milesRevenue per ton-mile (qtrly. avg.) cents__Passengers carried 1 mile, revenue (qtrly.) ..mil--

Waterway Traffic

Clearances, vessels in foreign trade:Total U.S. ports thous. net tons

Foreign vessels doUnited States vessels do__.

P an am a Canal:Total thous. Ig tons

In United States vessels ._ _do_

TravelHotels:

Average sale per occupied room dollarsRoom? occupied % of totalRestaurant sales index same mo 1951 — 100

Foreign travel:U.S. citizens: Arrivals thous__

Departures doAliens • Arrivals do

Departures doPassports issued and renewed do

National parks, visits doPullman Co.:

Passenger-miles (revenue) milPassenger revenues thous. $ _ _

COMMUNICATIONS

Telephone carriers:Operating revenues 9 mil $

Station revenues doTolls, message _ do _

Operating expenses (before taxes) _ doNet operating income doPhones in service, end of year or mo._ _ mil__

Telegraph, cable, and radiotelegraph carriers:Wire-telegraph :

Operating revenues _ thous. $_Operating expenses, incl. depreciation doNet operating revenues do

Ocean-cable:Operating revenues doOperating expenses, incl. depreciation doNet operating revenues do

Radiotelegraph:Operating revenues doOperating expenses, incl. depreciation doNet operating revenues do

25139176

1, 361

' J 98'92'92' 104

'99'95'99'88

'100

818.8692 754.3

642.1114.462,348.2

2 148. 12 1. 44525,513

12,95910, 7402,219

4,5871,061

8.9266

115

155152937961

1 ,864

2894,624

649. 3367.2221.0393.6108.062.0

21, 73718,7342,091

3,0502,356

395

3,9733,021

824

22184151

1,309

'195'90'91'99

'101'83

'114'75'96

792.9668.853.4

630.4113. 748.737.1

2 147. 02 1. 40225,315

13,89311,2862,607

5, 2061,080

9.1565

115

1691671088971

3 2 217

2804,488

696.5392.6236.5418.3116.665.0

21, 86419, 4951,300

3,0142,470

225

4,2243,322

750

41184142

1,306

'92'86'69'97

'114'84'84'71'92

' 816. 1' 695. 7

46.5624.8121.269.854.8

14,87611,8543, 022

5, 0651, 024

10.0472

114

1631361259840

1,778

2423,853

711.0402.3239.8424.3122.564.6

22, 42419, 9571,610

2,9192, 480

141

4,2453,318

802

2690

1291,156

'89'81r 77'91

'110'77'73'70'90

756.5638.046.5

603.4106.147.033.9

13, 57310, 7882,785

5,161997

9.6263

107

1321071028037

886

2143,507

707.2402.4235.4424.4120.564.7

21, 73519, 7941,120

2,9202,426

190

4, 1453,313

744

2059

1381,296

'87'82'60'87'98'76'75'66'89

731.5588.160.7

613.683.634.352.7

141.01.3924,917

13,17710, 6122, 565

5, 046970

8.7250

110

120126949735

508

3075,060

723.0405.7247.5446.6118.165.0

22, 93920, 6401,621

3,1052,282

478

4,6553, 530

864

1544

1091,011

'87'82'60'89

'103'72'71'64'88

699.2584.552.8

596. 4106. 9d4.1

* 7.9

13, 06610, 8002,265

5,072875

8.9163

111

133126936756

516

3165,259

71 8. 1407.1240.9428.7120.665.1

21,71320, 206

216

3,0112,479

220

4,2753,395

737

1148

1181,025

'88'83'58'91

'111'68'83'65'88

668.3559.649.5

573. 799.4

* 4-8d!9.5

12,0069, 8142,192

4, 868621

9.0864

113

120129

6164

569

2974,981

701.1403.3227.0417.4117.865.3

20, 72718, 866

590

2, 7662,308

158

4,0513,264

651

1872

1581,390

'88'74'60'93

'104'74'92'66'90

761.3642.650.1

611.2118.032.114.4

132.01.3864,743

13, 50210,9262,576

5,675937

8.7064

118

16015710385

103729

2764,611

735.8408.5256.8448. 9119.465.5

23, 38320, 484

1,548

3,1552,524

270

4,6133,513

947

1765

1191,176

'90'85'65'97

'102'80'54'63'92

714.9604.446.1

584.1108.122.6

4.4

12, 94510, 3222,623

5,287805

9.5765

114

15417010183

1021,115

2343,882

720.1408.9239.6426.2125.365.7

21, 33919, 391

682

2,8792,504

77

4,4393,345

942

17136117

1,208

'92'89'79'96

'108'74'64'63'93

778.5664.647.7

617.3120.540.825.5

14, 62011,9272,692

5, 953837

8.8265

121

15016310794

1171,760

2073,405

744.1413.7256.1447.6125.466.0

22, 97620, 5221,139

3,0772,538

194

4,5003,436

898

14244140

1,483

'92'87'83'94

'111'62'78'62'92

796.4670.658.1

613.6123.459.443.6

144 11 . 3814,929

14,21511, 9392,276

5, 757788

9.4564

115

187258110111105

4,020

2514,111

742.4414.3254. 6440.0127.066.1

23, 16320, 1211,785

3,1642,427

436

4, 5283,459

912

11213106

1,095

'91'87'90'96'97'69'84'60'93

754.2629.358.7

606.6111.935. 620.4

5,626691

8.5854

105

23126312411376

6,674

2433,957

730.2409.3245 6430.2133.066.3

20, 64519, 876

*597

2,8772,423

102

4.2433^478

608

14223114

1,174

'92'89'93'98

'104'71'87'60'92

825.4695.958.9

625. 6125. 274.659.7

5, 663907

9.6061

109

299

138

696,438

2554, 155

753.8414.2264.3447.6128.066.5

23,01320, 627

1,241

3,0352, 465

247

4,6523,543

959

28263141

1,509

'90'89'93'97'96'68'90'58'91

774.7658.347.9

600.5113.460.8

36202111

1,344

'94'90'88'99

'104'74'92'56'96

843.3721.047.4

89.7

24144103

1,214

959286

100

9772

1185796

\5,021

851

9.4765

111

522,818

229

3,642

741.9416.3250.4441.9124.866.8

22, 28819, 9821,291

2,9142,521

58

4,4123,496

744

5, 283795

10.047 1

111

401.8':6

38

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic chemicals, production:Acetylenet mil. cu.ftAmmonia, synthetic anhydrous (commercial)

thous. sh. tons_Carbon dioxide, liquid, gas, and solid $ doChlorine, gas _ _ do

Hydrochloric acid (100% HC1) ._ doNitric acid (100% HNOs) doOxygen (high purity) t mil cu ftPhosphoric acid (100% P2O5) thous. sh. tons__

1,009

376.674 2

°362 3

79.7256 23 747156.8

1,012

°401 578 4

°386 4

°80 8276 34 832

0 175. 8

976

386 777 3

395 2

83 3289 54 702181.9

965

408.766 6

382 4

79 0300 24 618174.8

999

427.563 1

369 1

71 1300 64 538170.2

989

411.862 8

368 8

72 3285 84 794192.6

848

400.657 0

333 4

67 1272 54 643179.9

980

463.369 2

373 8

74 9295 45 337205.6

902

460.267 5

384.7

76 7277 05 167200.7

984

477.583 1

399.6

77.6274 75 918209.2

896

442.595 5

375.1

73 2254 65 988181.8

790

411.596.7

381.6

73.1255 25,798160.2

938

417.2105.5394.7

83.3276 66, 102

' 175. 0

'939

' 399. 6'87.1

' 349. 8

'70.6283 96,298

' 175. 7

1,100

425.580.8

409.6

83.0297.56, 754195.2

'Revised. d Deficit. °Revisions will be shown later as follows: Jan. 1959-Aug.1960 for chlorine, sodium hydroxide, and sodium sulfates; Jan.-Aug. 1960 for other indi-cated items. l Based an unadjusted data. 2 Quarterly average.

3 Beginning Jan. 1960, data reflect revised definition of visits.cf Data for Dec. 1960 and Mar., June, and Sept. 1961 cover 5 weeks; other months, 4 weeks.tRevised effective with the Dec. 1961 SURVEY to incorporate the 1957-59 comparison

base period, as well as new weights and seasonal factors; indexes prior to Oct. 1960 are avail-able from the Board of Governors, Fed. Res., Wash. 25, D.C.

§Revision for Aug. 1960, $30,000,000.9 Includes data not shown separately.t See similar note on p. S-25.




1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


CHEMICALS AND ALLIED PRODUCTS—Continued

CHEMICALS— Continued

Inorganic chemicals, production— ContinuedSodium carbonate (soda ash), synthetic (58%

NasO). _ _ _ 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 salt cake) _ thous sh. tonsSulfuric acid (100% H2SO4)t~ do....

Organic chemicals :d"Acetic acid (synthetic and natural), production

mil. lb_.Acetic anhydride, production do _Acetylsalicylic acid (aspirin), production do

Alcohol, ethyl:Production mil. proof gal._Stocks, end of month doUsed for denaturation doWithdrawn tax-paid do

Alcohol, denatured:Production mil. wine gal--Consumption (withdrawals) doStocks, end of month _ _ do. _

Creosote oil, production _ mil gal_DDT, production mil IbEthyl acetate (85%), production do

Ethylene glycol, production doFormaldehyde (37% HCHO), production. . doGlycerin, refined, all grades:

Production _ doStocks, end of month . do. _

Methanol, production:Natural mil galSynthetic do

Phthalic anhydride, production mil. Ib

FERTILIZERS

Consumption (10 states) § thous sh tonsExports total 9 do

Nitrogenous materials doPhosphate materials doPotash materials do

Imports, total 9 doNitrogenous materials, total 9 do

Nitrate of soda doPhosphate materials doPotash materials . . . do

Potash deliveries _ doSuperphosphate and other phosphatic fertilizers

(100% P2O5) :Production thous sh tonsStocks, end of month do

MISCELLANEOUS PRODUCTS

Explosives (industrial), shipments:Black blasting powder thous IbHigh explosives do

Paints, varnish, and lacquer, factory shipments:Total shipments mil. $._

Trade products doIndustrial finishes do

Sulfur (native) :Production thous Ig tonsStocks (producers') end of month do

SYNTHETIC PLASTICS AND RESINMATERIALS

Production:Cellulose acetate and mixed ester plastics:

Sheets rods and tubes mil IbIVloldin0' and extrusion materials do

Nitrocellulose sheets rods and tubes do

Phenolic and other tar acid resins doPolystyrene doUrea and rnelamine resins do

Vinyl resins do

Rosin modifications do

Polyester resins doPolyethylene resins doMiscellaneous (incl. protective coatings) do

408.710.1

« 395.7

42.9

« 89. 71, 467. 4

56.091.41.5

~"~41.~2~

22.122.14.6

7.513.18.4

101.2145.9

22.522.7

.222.129.8

2764456

56341

47

223129381342

183

217282

19473, 892

144.084.060.0

3794,069

4.38.7.2

47.174.632.1

97.246.711.9

15.199.623.9

379.810.2

-414.3

o41.4

"89.41,490.3

63.791.32.0

154.2i 130. 3

45.215.3

24.224.34.4

7.713.78.9

108.1156.0

24.227.4

.224.733.4

278056143

43568

207105301235

181

221344

12882, 026

147.085.361.7

4123,712

4.27.6.1

49.282.129.8

100. 246.411.8

15.8111.330.4

383. 610.4

421.8

49.9

89.01,491.0

59.677.61.7

61.9129.541.77.0

22.423.93.9

7.014.56.7

111.7149.4

24.526.5

.225.229.9

38066969

467105

180780

1843

183

218372

19588, 276

138.978.260.7

3903,561

4.47.1.1

42.576.227.3

104.630.310.8

12.1112.933.0

360.08.8

409.2

43.4

91.61, 434. 7

62.981.52.0

53.1130.943.06.2

23.121.35.8

7.514.37.1

104.9135.5

22.928.1

.225.126.5

39238638

27449

1164709

24

119

235424

23880, 206

126.269.556.7

4003,553

4.17.1.1

40.074.025.9

98.026.68.7

11.2114.130.4

342.18.3

394.1

37.0

88.51,432.3

61.680.11.9

52.4134.548.34.1

25.926.55.3

7.714.25.8

108.8129.9

20.930.0

.227.428.8

345503

4237170

1266309

14

272

218434

18679, 907

109.460.948.5

4773, 669

4.86.1.1

39.371.323.8

86.725.58.6

11.0119.729.4

339.89.9

386.9

35.1

90.71,494.0

59.674.42.2

51.2137.950.74.0

27.625.37.7

6.415.26.0

119.5127.1

23.932.8

227." 826.2

349407

1929684

216119117

44

126

245443

13370,391

125.5372.83 52. 7

4003,698

3.76.7.1

40.866.524.0

87.725.39.3

9.6114. 531.6

336. 08.5

352.8

36. 3

83.31, 388. 7

54.570.61.7

44.9136.539.94.8

21.423.45.8

6.813.45.8

101.0124.8

20.233.2

.223.325.3

557496

1837983

261135599

54

177

240427

13967, 046

116.065.750.3

3573,703

3.76.3.1

40.662.722.4

81.124.68.8

12.1108.331.0

375. 510.3

399.8

41.7

95.71, 562. 8

67.989.61.6

51.7139.950.34.9

27.026.96.1

8.216.06.6

101.3145.5

23.333.7

.224.831.0

1,430439

40321

67

359194532161

282

264349

6673, 887

146.687.559.1

4543,776

4.57.6.1

46.371.827.0

93.128.58.8

14.1129.335.9

373.38.9

414.2

44.6

97.61, 540. 4

58.082.11.7

49.8141.842.54.7

22 922.86.3

6.914.211.0

95.7138.3

25.637.1

.224.734.7

2,021547

2744644

273127402247

309

246274

5877, 714

151.793.258.5

4443,780

4.27.1.1

45.179.524.8

97.530.69.0

13.6124.938.5

400.810.4

434.3

55.5

92.21, 574. 0

62.798.21.8

54.6154.441.55.3

22.321.47.2

8.515.86.8

98.4148.4

23.637.9

225^936.3

1,441527

5543922

311161831842

177

241309

8688, 356

169.8104.865.0

4733,842

4.47.5.1

49.785.928.8

104.533.69.0

15.2129.037.6

372.210.9

394.9

37.0

92.81, 446. 3

65.7100.8

2.0

46.0139. 241.85.6

22.523.16.6

8.914.79.5

97.0139.1

20.234.6

.124.633.5

919636

27536

57

17710148119

54

196383

4483, 958

179.8112.867.0

4753,830

5.07.9.1

51.186.628.7

104. 533.710.0

13.0132.838.9

366.39.1

406.5

35.5

88.81, 354. 6

68.490.91.1

44.2139.7

41.64.2

22.422.66.4

8.814.96.1

94.4125.7

18.632.5

.124.333.0

404663

1655185

1399234153

124

157426

7081, 360

155.199.555.6

4873, 969

4.06.5.1

39.882.722.9

91.931.89.3

12.0135.433.8

376.010.2

418.9

41.0

94.41,401.7

69.693.32.0

49.6142.341.55.0

22.924.25.1

10.314.74.6

99.3154.9

24.433.8

.125.533.3

255534

13447

57

1589337JO19

232

185437

29992, 792

169. 7103.666.1

4994,056

5.06.6.1

'51.988.4

'32.6

r 107. 434.510.0

r 13.6134.040.3

369.19.9

370.0

43.0

72.3, 390. 9

65.0105.0

2.0

53.4140.937.65.5

20.319.06.4

8.113.77.2

87.7155. 5

18.032.6

.122.831.6

52318

42870

203124355

33

124

'213r 424

10693, 769

154.192.162.0

4124,125

5.48.5.1

52.689.732.7

101.132.911.4

12.7121.8

7.3

408.111.6

440.3

54.6

, 546. 2

23.030.7

54834

45252

260138351554

211

234434

19894, 844

153. 190. 362.8

* Revised. « See similar note on p. S-24.1 Effective July 1960, data for production, stocks, and withdrawals of ethyl alcohol in-

clude amounts classified as "spirits"; the 1960 averages shown are based on July-Dec, data.2 Based on data for 11 States; see note " §".3 Beginning Jan. 1961, trade sales of lacquers (formerly shown with industrial finishes)

are included under trade products.I Re visions for Jan. 1959-June 1960 for carbon dioxide and Jan.-June 1960 for acetylene,

oxygen, and sulfuric acid are shown in the Oct. 1961 SURVEY.

cf Data (except for alcohol) are reported on the basis of 100% content of the specifiedmaterial unless otherwise indicated.

§States represented are: North Carolina, South Carolina, Georgia, Florida, Alabama,Tennessee, Arkansas, Louisiana, Texas, Oklahoma; also Virginia in 1959 and 1960 monthlyaverages. According to quarterly reports from Virginia, consumption in that State is asfollows (thous. sh. tons): 1961—Jan.-Mar., 258; Apr.-June, 311.

9 Includes data not shown separately.




1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1861


ELECTRIC POWER AND GAS

ELECTRIC POWER

Production (utility and industrial), totalmil. kw.-hr__

Electric utilities, total -- do - _By 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 lifht and power doLarge light and power _.do _ _ _

Railways and railroads doResidential or domestic _ _doStreet and highway lighting doOther public authorities __ __ _ _ d o _ __Interdepartmental do

Revenue from sales to ultimate customers (EdisonElectric Institute) mil. $_

GAS

Manufactured and mixed gas (quarterly) :Jd"Customers end of quarter total 9 thous

Residential doIndustrial and commercial do

Sales to consumers total 9 rnil thermsResidential doIndustrial and commercial do

Revenue from sales to consumers, total 9mil. $ .

Industrial and commercial -- do

Natural gas (quarterly) :td"Customers, end of quarter, total9 ___thous~

Residential doIndustrial and commercial do

Sales to consumers total 9 mil therms

Industrial and commercial -- do

Revenue from sales to consumers, total 9 mil. $Residential doIndustrial and commercial do

66, 27159,16747, 68511, 482

48, 23810, 929

7,1046. 823

281

52, 229

8, 89125, 732

34414,451

4891,184

54

881.1

2, 7322 549

181

585418162

77.859 917.4

29, 18426, 8462 304

21, 3797 007

13,310

1,184.9655. 1497.5

70, 03862, 73850, 61 212,126

51,26811, 470

7,3007, 004

296

56, 767

9,41028, 270

39815,760

5071,303

54

955.2

2,3742 218

155

568403162

74.457.216.9

30, 55428, 0872,431

22, 6377 558

13, 907

1,326.6734. 9553.8

69, 48562, 25251, 75910, 493

51.25710, 996

7,2336, 995

238

56, 655

9,73928, 625

38014,915

5431,378

58

961.7

68, 27161,41050, 64910, 761

50, 43110, 979

6, 8626, 599

263

55, 704

9, 22528, 036

38615,223

5821,392

50

947.0

72, 99766, 20254, 94111,261

54,16912, 033

6,7946,541

254

57, 491

9,32727, 882

46217,001

6131, 420

56

975. 0

2,1652,024

140

544386156

68.853 115.5

31, 34328, 7782,525

22, 5547 414

13, 876

1,362.4750. 3570 0

73, 54766, 55955, 80310, 756

54, 40812,152

6,9876,720

267

i 59, 436

10,13727, 387

45719, 430

6231, 325

77

1,010.9

65, 74659, 26349, 01810, 245

48, 46210,801

6,4846, 224

259

58,101

9, 94426, 856

44518, 839

5601,386

72

997.6

71, 74264, 61150, 76513, 876

52, 44412,196

7,1016,777

324

58,177

10, 27527, 709

41817, 740

5681,3452122

981.0

2,1752,029

145

945735201

114.892.321.8

31.44428, 858

2 5fO

30 34514 07614 940

2, 030. 61, 289. 4

694 7

68, 28961,28047, 44013, 840

49, 39511, 886

7,0096,682

327

57, 212

10,12927, 668

38417,013

5701,320

128

966.8

71 , 03263, 66049, 64714,013

51,71211,948

7,3717,024

347

57, 803

10, 75528, 593

37016,121

4911,326

146

968.7

72, 41065, 19151,73113,460

53, 23311, 958

7,2196,908

310

58, 903

11 40329, 332

35815, 827

4711, 372

139

989.3

2, 1351 995

139

542376162

67.551.515.7

31,27428, 7632,476

21, 9607 088

13, 788

1, 328. 7725.9566. 1

75, 22368, 20254, 70213, 500

55,01613, 186

7,0216, 765

256

59, 527

12 12228, 797

34116,313

4781,329

146

1,008.5

78, 96571,48658, 37813, 108

58, 06913,417

7,4797,224

255

62, 790

12 90930, 318

36^17, 2"2

4821, 368

152

1,050.5

74, 46667, 29755 36611,931

54, 84912, 449

7,1696 946

223

62, 953

12 89730, 100

35617 498

5531 396

153

1 060 8

74, 47166, 84855 37311,475

54, 40812, 441

7,6237 377

246

FOOD AND KINDRED PRODUCTS; TOBACCO

ALCOHOLIC BEVERAGES

Beer:Production - - mil. bbl _Taxable withdrawals doStocks end of month do

Distilled spirits (total) :Production § mil. tax galConsumption, apparent, for beverage purposes

mil. wine eal_.Taxable withdrawals§ mil. tax galStocks end of month§ doImports - - mil. proof gal-

Whisky:Production - mil. tax gal--Taxable withdrawals __ _ doStocks end of month - _ _ __ -doImports mil proof gal

Rectified spirits and wines, production, totalmil. proof gal

Whisky .. doWines and distilling materials:

Effervescent wines:Production mil. wine gal__Taxable withdrawals _ doStocks end oi month doImports -- -do

Still wines:Production - do _ _Taxable withdrawals _ _ -doStocks end of month doImports -- do

Distilling materials produced at wineries __do

7.767.30

10.29

18.79

2.83

12.116.93

774. 492.52

6.865.42

.29

.262.05.07

14.2211.94

171.55.75

28.36

7.787.32

10.37

3 13. 25

19.5639.90

3 835. 023.10

12.416.84

806. 442.75

7.055.39

.33

.282.45.08

13.8312.44

176. 15.82

27.57

6.776.57

10.02

16.35

21.4212.71

832. 664.36

11.169.98

808. 823.84

10.138.14

.24

.402.55.10

70.4713.35

226. 13.98

125. 57

6.236.419.45

16. 75

24.7211.55

835. 005.09

12.938.78

810. 544.54

8.877.10

.27

.482.31.17

12.2114.83

219 421.27

29.79

6.686.559.13

15.04

27.747.70

840. 363.75

12.615.75

815. 503.33

5.744.17

.31

.432.16.14

7.3512.99

208. 771.03

18.14

6.825.839.74

15.41

15.077.45

846. 062.19

13.105.56

821.301.90

5.063.58

.4323

2.34.06

2.7711.77

200. 88.70

3,73

6.215.57

10.00

15.08

15. 868.65

849. 982.27

12.896.50

825. 472.01

6.394.91

.36

.162.51.04

2.8211.88

188. 57.65

2.86

8.337.36

10.51

16.14

20.249.97

853. 802.91

13.076.93

829. 422.54

6.785.16

.37

.222.63.06

2. 5615.28

177.23.91

1.29

8.457.07

11.40

14.44

18.339.34

856. 232.54

11.576.38

832. 292.24

6.434.80

.35

.222.75.05

2.2011.86

164. 93.81

.50

8.968.22

11.59

15.60

19.8710.24

859. 482.91

12.356.78

835. 972.57

6.985.20

.33

.322.72.08

1.9812.47

156. 42.93

1.14

9.639.20

11.42

15.79

20.9311.31

861. 583.26

11.927.31

838. 412.90

7.775.87

.53

.282 92.07

1.9313.41

140 68.93

.91

9.558.94

11.46

9.83

17.157.96

861. 842.44

7.265.09

839. 092.15

5.464.01

.16

.162 91.05

.859.14

134 10.78

1.79

9.419.16

11.13

10.11

18.9310. 03

859. 463.01

7.396.75

837. 522 64

6.895.10

.35

.262 95

06

5 0012.93

123 45.92

14.31

7.407.62

10 47

13.12

10 52859 43

3.74

9.357.56

837 073 30

7 555.83

.2531

2 8708

50 2613 14

163 921 00

112 99

7.336.99

10 37

4.69

4 12

13

1 23

r Revised. * Preliminary.1 Effective Jan. 1961, data formerly reported separately as rural have been assigned to

other appropriate classifications; prior to 1961, such data are included in total sales only.2 Beginning Mar. 1961, data include sales not previously reported.3 See note "§".{Revised data for 1st and 2d quarters of 1960 appear on p. 23 of the Nov. 1961 SURVEY.

c?The 1959 and 1960 averages shown for gas are quarterly averages.9 Includes data not shown separately.§Eifective July 1960, data for production, withdrawals, and stocks of distilled spirits

exclude amounts classified as "spirits"; such amounts are included with ethyl alcohol (p.S-25). The averages shown are for July-Dec.


December 1961 SUEVEY OF CURRENT BUSINESS S-27

Unless otherwise stated, statistics through 1960and descriotive notes are shown in the 1961edition of BUSINESS STATISTICS

1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


FOOD AND KINDRED PRODUCTS; TOBACCO—Continued

DAIRY PRODUCTS

Butter, creamery:Production (factory) |- _ _ . __mil. IbStocks, cold storage, end of month do -Price, wholesale, 92-score (N.Y.) $ per lb__

Cheese:Production (factory), total £ mil. Ib

American, whole milk $ __ do

Stocks, cold storage, end of month, total doAmerican, whole milk do

Imports. _ _ _ _ _ -_ - doPrice, wholesale, American, single daisies (Chi-

cago) _ $ per IbCondensed and evaporated milk:

Production, case goods :tCondensed (sweetened) _ _ _. _ _ _ m i l . IbEvaporated (unsweetened) do

Stocks, manufacturers', case goods, end of mo.:Condensed (sweetened) mil IbEvaporated (unsweetened) do _ _ .

Exports:Condensed (sweetened) doEvaporated (unsweetened) do

Price, manufacturers' average selling:Evaporated (unsweetened) $ per case

Fluid milk:Production on farms __ .mil. lb._Utilisation in mfd. dairy productsd" doPrice, wholesale, U.S. average $ per 100 lb__

Dry milk:Product ion :t

Dry whole milk mil IbNonfat dry milk (human food) do

Stocks, manufacturers', end of month:Dry whole milk . __ __ do _-Nonfat dry milk (human food) do

Exports:Dry whole milk doNonfat dry milk (human food) __ _ do

Price, manufacturers' average selling, nonfat drymilk (human food) $ per Ib

GRAIN AND GRAIN PRODUCTSExports (barley corn oats rye wheat) mil bu

Barley:Production (crop estimate) _ _ _ _ do

Stocks (domestic) end of Quarter total doOn farms doOff farms _ _ _ _ _ do

Exports, including maltS do. _.Prices, wholesale (Minneapolis):

No. 2, malting --$ per bu .No. 3, straight -- - do

Corn:Production (crop estimate) mil buGrindings, wet process do

Stocks (domestic), end of quarter, totalmil bu

On farms doOff farms do

Exports, including meal and flour doPrices, wholesale:

No. 3, yellow (Chicago) $ per bu_.Weighted avg., 5 markets, all grades do

Oats:Production (crop estimate) mil bu

Stocks (domestic), end of quarter, total-, doOn farms __ doOff farms _ - - - do

Exports, including oatmeal _doPrice, wholesale, No. 3, white (Chicago)

$perbu._

Rice:Production (crop estimate) mil bags 9California mills:

Receipts, domestic, rough mil. Ib _Shipments from mills, milled rice -doStocks, rough and cleaned (cleaned basis), end

of month ~ mil IbSouthern States mills (Ark., La., Tenn., Tex.):

Receipts, rough, from producers.- - _ mil. Ib -Shipments from mills, milled rice doStocks, domestic, rough and cleaned (cleaned

basis), end of month _ _ _ _ mil IbExports doPrice, wholesale, head, clean (N.O.) $ per lb__

Rye:Production (crop estimate) mil. bu__Stocks (domestic), end of quarter, total doPrice, wholesale, No. 2 (Minneapolis) _..$ per bu._

111.286. 1.606

115 378.5

318.2280 4

5.3

.387

5. 1189.0

5. 2235. 6

3.26 9

6 20

10, 1663,8784.16

7.5143.3

6.4101.6

2 123.3

.136

67 7

1 422 13 327 83 171 43 156. 4

9.8

1.191.14

i 4 28112.8

3 2, 7813 1, 5753 1,207

18.4

1.201.14

1 1, 0663 7023 618

3 84

4.0

.71

i 53 4

9962

60

285171

877126

.088

i 22. 3319.9

1.26

114.4106.5.599

123.283.0

316.8277.3

5.3

.414

5.7181.4

5.5235.7

3.58 4

6.34

10, 2433,9684.21

8.2151.5

6.4121.5

2.316.6

.137

77 5

r 1431. 33 308 43 164. 83 143. 6

7.8

1.141.06

7-13,90812.8

3 3, 0963 1,7163 1, 381

18.5

1.141.06

r l 1,1553 6723 595

2.9

.72

i 54 6

10060

100

338231

845163

.081

' 1 33. 1321.4

1.13

93.4116.0.616

110.770.2

333.0291 7

7.1

.438

6.0160.2

5.8319.2

3.211.1

6 33

9,3653.3684.57

9.0107.9

4.9110.2

1.935.1

.138

81 3

9.3

1.151.07

13.9

16.6

1.061.01

3.8

.64

21239

'147

1,334321

1,403188

.078

I. II

93.990.6.623

105.866.3

328.8287 7

8.1

.438

5.5139.2

6.3293.4

4.78 2

6 33

8,9743,2834.65

8.5106.6

5.6101.7

1.121.1

.139

86 7

7.4

1.121.02

12.4

27.8

.96

.94

1.6

(5)

6448

141

457272

1 472214

.079

1.09

108.976.8.619

119.676.2

332.6292 0

7.4

.438

4.8139.6

6.5218.3

2.514.0

6.33

9,4953,7224.59

7.8133.9

6.9103.1

.423.0

.140

86 2

354 6202 1152.5

6.6

1.131.04

11.0

4,7003,0601,64128.6

1.02.99

85176685

1.1

.66

12399

126

271344

1 322250

.081

25.61.09

121.675.7.611

122.082.8

327.6287 0

7.3

.434

6.0141.3

5.5154. 9

3.39.4

6.32

9,8594,025

4.45

7.0149.6

7.3103.1

3.219.3

.139

76 9

6. 3

1.141 04

12.2

19.6

1.101.04

1.0

.65

13077

133

148257

1 176245

.083

1.10

117.580.3.611

114 076.7

332.4293 5

6.8

.412

5.7131 3

5 1125.5

5.23 8

6 31

9,3813,8384.31

6.6148.3

6.1109.0

1.311.6

.139

94 4

7.5

1.141.05

11.9

19.0

1.131.05

2.8

.66

9771

126

126241

1 029154

.083

1.12

132. 398.0.612

139 894.7

341.1302 3

5.6

418

6.1181 2

5 783. 1

4.64 4

6 31

10, 8434 4884.18

6 8179.5

5.8104 9

1 413.4

.143

109 2

244 7126 6118 1

5.7

1.141.06

13 4

3 6552,0761 58030.1

1.111.04

556482

74

2 3

.60

10176

119

112271

843226

.084

20.11.15

135.8121.2.612

147.9106.0

368.3324 9

6.6

.422

5.6206.7

5.5111.0

4.712 9

6 32

11, 1684 6944.01

6 4194.8

5.8127 2

.910.4

.155

89 1

8.4

1.181 10

12 0

24 7

1.081.01

7

.64

5063

87

78216

616190

.085

(5)

155.2158.7.612

175.3128.7

406.9357 0

5.2

.411

7.1266.5

4.9208. 8

2.912 0

6 29

12, 2785,4983.92

8.4230.5

6.7156.0

.221.7

.158

96 3

8.4

1.191 10

13.4

23.9

1.131.07

2 8

.68

7651

85

53204

455203

.085

1.13

153.8217.8.612

175.9132.1

452.8400.3

7.5

.408

5.8252.4

7.4319.6

3.911 8

6 29

11,9415 4443.86

7.6233.8

10.7157.2

2 832.3

.159

76 7

*151 54 64 24 87 4

4.5

1.211 12

13 8

2 8091,4391 36921 4

1.121.08

4 3244 267

4 57

1 1

.66

8869

77

46126

38565

.087

4 14.11.12

130.0249.8

.612

148 1110.0

481.9424 0

3.9

.408

5.5213 9

6 8353.5

4.48 5

6 29

11,0144 5934.03

5 8182.6

8.3176 4

1 626.9

.158

80 0

3.7

1.451 33

12.7

17.2

1.141.10

1 6

.72

11470

83

24156

25296

(5)

1.22

108.5256.5

.614

133. 797.6

511.0448 4

5.8

.410

6.0188.6

6.9367.2

3.510 5

6 29

10, 2633 9544.17

6 1142.4

6.6152 1

2 027.3

.160

r 78 4

2.2

1.431.35

14.6

r23 4

1.121.08

6

.68

12970

97

1581U2

°5857

.085

1.21

94.1238.4

.614

118 883.0

501.2442 2

6.0

.413

5.4158. 9

6.7364. 5

3.44.5

6.29

9, 6173,4424.38

5.7116.2

5.7132.5

1.328.1

.159

'81.4

424.1232.2191.9

4.2

1.471.40

13.4

* 1, 9984 569

< 1. 429r24. 5

1. 101.C6

957844113

r 4.2

.68

»"7868

80

769154

62051

.084

28.91.24

110.4r 230. 7

.613

119 079.6

' 490. 5T 432 6

6.0

.415

5.9137.5

6.8336.2

2.75. 1

6.29

9,6083, 756'4. 51

7.9134.6

5.5126.8

1.119.0

.161

99.6

3.3

1.481.42

14.1

23.8

1.091.06

1 6

.67

98P. 089

1.30

225.2.611

469. 6419 4

.414

9,211

P4.53

2 393. 4

1.461.40

2 3 62413.6

1.101.09

2 1 013

.71

2 53 6

2 27 3

1.32r Revised. v Preliminary.* Crop estimate for the year. 2 Dec. 1 estimate of the 1961 crop. 3 Quarterly average.4 Old crop only; new crop not reported until beginning of new crop year (July for barley,

oats, rye, and wheat; Oct. for corn). • No quotation.

{Revisions for 1960 appear in the Oct. 1961 STIRVEV.c?Revisions for Jan. 1955-July I960 are available upon request.§Exeludes a small amount of pearl barley.9 Bags of 100 Ib.


S-28 SURVEY OF CURRENT BUSINESS December 19<>1


1959 | 1960

Monthlyaverage Oct.

1960

Nov. Dec. Jan. Feb. Mar. Apr. May

1961

June July Aug. Sept, Oct. Xov.


GRAIN AND GRAIN PRODUCTS— Con.

Wheat:Production (crop estimate) total mil bu

Spring wheat doWinter wheat do

Distribution (quarterly total) do

Stocks (domestic), end of quarter, total d o _ _ _ _On farms doOff farms do

Exports, total, including flour doWheat only _ _ _ d o

Prices, wholesale:No. 1, dark northern spring (Minneapolis)

$ per b u _ _No. 2, hard winter (Kansas City) doNo 2. red winter (St Louis) _ do_ _.Weighted 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 buStocks held by mills, end of quarter

thous sacks (100 Ib )Exports doPrices, wholesale:

Spring, standard patents (Minneapolis)$per!001b__

Winter, hard, 95% patents (Kans. City). .do

LIVESTOCK

Cattle and calves:Slaughter (federally inspected) :

Calves thous. animals _Cattle _ do_.

' Receipts, principal markets doShipments, feeder, to 8 corn-belt States doPrices, wholesale:

Beef steers (Chicago) $ per 100 IbSteers, stocker and feeder (Kansas City)__doCalves, vealers (Natl. Stockyards, 111.).- do. -

Hogs:Slaughter (federally inspected). ..thous. animals _Receipts, principal markets - do ._.Prices:

Wholesale, average, all grades (Chicago)$per 1001b__

Hog-corn price ratio (bu. of corn equal in valueto 100 Ib live hog)

Sheep and lambs:Slaughter (federally inspected). ..thous. animals. -Receipts, principal markets. _ . .. . - do.Shipments, feeder, to 8 corn-belt States do, .Prices, wholesale:

Lambs, average (Chicago) $ per 100 lb_.Lambs, feeder, good and choice (Omaha) .do

MEATS

Total meats:Production (carcass weight, leaf lard in) , inspected

slaughter mil IbStocks (excluding lard), cold storage, end of

month mil. IbExports (including lard) . ,_, ..doImports (excluding lard) _ _ _ _ _ do _

Beef and veal:Production, inspected slaughter doStocks, cold storage, end of month do _ -Exports doImports doPrice, wholesale, beef, fresh, steer carcasses, choice

(600-700 Ibs.) (New York) $ per lb._Lamb and mutton:

Production, inspected slaughter mil. Ib .Stocks, cold storage, end of month do

Pork (including lard) , production, inspected slaugh-ter - _ _ _ _ _ mil. Ib

Pork (excluding lard) :Production, inspected slaughter doStocks, cold storage, end of month __doExports - _ doImports . do _ _Prices, wholesale:

Hams, smoked, composite $ per lb__Fresh loins, 8-12 Ib. average (New York) .do

Lard :Production, inspected slaughter.. _ _ _ _ ..mil. Ib -Stocks, dry and cold storage, end of mo doExports _ doPrice, wholesale, refined (Chicago) $ per lb_.

1 1, 127*203*9243 270

3 1,7113 295

3 1,416

35.029.8

2.262.021.932.20

20, 88191.2392

47, 5713 4. 666

2 273

5.5345. 061

4061,4551, 860

536

27.5325. 6132.00

5. 7262,896

14.12

13.2

1,1221,082

255

20.9319.32

2,023

5318081

919.8183.2

2.352.2

.473

53.713.6

1, 049. 2

786.0268. 5

5.914.6

.478

.448

192.4119.850.3.117

1 1,357' *247U,!!!

3 2953 1 , 822

33183 1, 504

48.042.0

2.212.02

c 1.952.17

21,26292.4402

48, 5603 4, 443

2 613

5 3224.992

4381, 6161, 845

506

25. §322.9328.50

5, 5132,577

15.50

15.3

1,1701,044

291

19. 2618.26

2,066

5258763

1,005.4173.4

2.440.9

.451

55.612.2

1, 005. 3

762. 4271.1

5.814.3

.472

.471

177.3119.151.7.125

50.845.3

2.161.991.952.15

23, 496103.6

44053, 610

2,397

5.3305.090

5161,7462,6051,319

24.8321.5925.50

5,4072,451

17.04

16.9

1, 3531,507

616

16.5015.98

2,110

40210356

1,074.1182.7

2.936.3

.421

62.112.3

974.2

744.6143.9

6.413.8

.472

.525

167. 472.457.9.133

49.642.2

2.152.01(5)2.13

22, 37498.6417

50, 837

3,227

5.3035.033

5021, 6252, 086

884

26.0022. 5428.00

5,7072, 597

17.06

19.2

1,1921,005

215

16.5015.95

2,112

4107843

1, 002. 4182.2

3.124.8

.438

56.612.4

1,053.4

808.5153.6

7.213.5

.476

.505

178.883.433.0.140

276

2, 067421

1,646

49.841.0

2.142.022.072.14

21,80095.9406

49, 585

4,7093,818

5.3285.050

4511, 5761,634

541

26.6123.6130.00

5,7532,615

16.68

18.1

1,114889184

16.5015. 78

2, 100

4238951

977.2183.5

2.628 6

.459

54.112.4

1,069.2

816.2170.2

6 613.4

.526

.489

184.493.549 4.131

49.744.8

2.152.042.142.14

22, 67899.4

42251, 542

2,127

5.2805. 017

4271,6321,826

476

27.0224.2933.50

5,7442,586

16.82

17.1

1,3001,003

177

17. 2516. 59

2 154

4447559

1.035.0168.2

3.034 5

.476

65.012.3

1,053.9

804.3200.4

7.314.6

.491.490

182.8114. 340 5.135

64.457.1

2.152.052.132.12

21, 28898.4393

48, 251

3,200

5. 3155.050

3851,4351,397

311

25. 8423.7036.50

5,0782,234

17.74

17.6

1,117835128

17. 2516. 96

1,879

4707450

908.9157.0

2.831.0

.458

57.111.8

913.4

696.2235. 6

6.712.7

.487

.490

158.9112.440.0.158

366

1, 705256

1,449

70.361.3

2.152.022.112.13

22 72291.0418

51,499

4,8803,918

5.3355.033

4571,6271,629

402

25. 3224. 5032.50

6, 1102,530

17.26

16.9

1,311938119

16.5016. 65

2,211

4776971

1,042.4153.4

2 442 6

.444

66.917.6

1,101.4

840.2243.7

4 617.6

.486

.457

191.5141.233 9.158

54.048.9

2.172.00(5)2.16

18, 74486. 1346

42 492

2 219

5.4335.050

3781,5021,541

371

24 7324.3830.00

5,0482,248

16.90

17 5

1,247988157

15.2515. 75

<• 1 947

5295880

c 953. 5166.4

2 653 5

.434

63.022.0

930 0

700.7269.8

4 912 6

.459

.456

166 7153.126 1.143

59.752.7

2.221.961.782.18

20,79087 0386

47,211

3 030

5.4735.033

3811,7541,751

339

23 0923.0628.50

5,5972,569

16.19

15 7

1,3581,152

212

18.7514.04

2 245

5237963

1,120.3164.4

2 641 6

.415

65.524.3

1,059.1

793.1268. 6

3 912.2

.456

.456

193. 5149.141 0.138

2964 1,411

4 1364 1, 275

49 245.4

2.271.921.902.21

20, 38185 1380

46 276

4,2671 645

5.5705.050

3641 7851,560

274

22 3021.8126.00

5,0932,363

15.91

15 2

1,252864142

19.2514.95

2 171

4967893

1,132.9165 9

2 567 6

.400

57.426.0

981 2

729.1239.8

6 414 4

.440

.470

184 1149.631 9.121

57.450.6

2.341.981.872.11

20, 78291 0390

47, 310

2,954

5.5985. 217

3411,6281, 573r 249

22 2321.7025.50

4,3202,056

16.60

15 7

1,126860

r 192

17.7514.44

1 898

4449492

1, 032. 3168. 7

1 967 3

.391

50.624.8

814 8

612.6189.1

6 014 0

.450

.514

148 5126.949 0.125

' 52. 1'46. 1

2.302.041.972.34

23,81094.7451

54,454

'2 628

5.6255.334

4211, 8031,847

T 465

24 0122.9428.00

5, 1142 308

17.19

16 5

1,2901 052'367

17.7514.01

2 117

39265

105

1, 130 0175 5

2 483 9

.410

57 623.0

929 6

710.7107.0r 5 2

13 2

.466

.488

159 0114.122 1.125

281

2,304454

1, 850

'48.1'44.5

2.382.071.942.41

'21,11296.5

3Q8'48,118

4,7391, 536

' 5. 6605. 333

4561,7121,864'720

24 2122.61

r 28. 50

5, 2402 294

17.69

16 8

1,2861 368'630

16. 6214.66

2 Q63

3816280

1 072 1178 8

2 857 7

.410

57 721.0

933 3

713 7128.3

5 813 3

.464

.497

160 199.521 8.130

70.264.8

2.402.081.872.36

23, 06395.8431

52, 480

2 344

P 5. 666p 5,318

5111,8172,5711,300

24 4622.97

P 30. 48

6,2232 759

16.79

16 1

1,4121 585

557

16.2514.20

2 314

r 3979389

1 136 1r 182 7

2 463 2

.419

64 2'19.7

1 113 7

850 7' 136. 4

5 616 6

» 462. 506

191 790.434 4

P. 123

1 235158

1 076

2.422.12(5)2.40

25 4423.03

15.94

16 7

16. 0013.95

491

215 1

.428

19.3

194.9

.467

r Revised. P Preliminary. c Corrected.1 Crop estimate for the year. 2 Dec. 1 estimate of 1961 crop. 3 Quarterly average.

4 Old crop only; new grain not reported until beginning of new crop year (July for wheat).5 No quotation.


SUKVEY OF CURRENT BUSINESS S-29


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961



POULTRY AND EGGSPoultry:

Slaughter (commercial production) t mil. l b _ _Stocks, cold storage (frozen), end of month

doTurkeys do

Price, in Georgia producing area, live broilers$per lb__

Eggs:Production on farms mil cases O -Stocks, cold storage, end of month:

Shell thous. casesO__Frozon _ _ . mil. l b _ _

Price, wholesale, extras, large (delivered; Chicago)$ per doz_.

MISCELLANEOUS FOOD PRODUCTS

Cocoa (cacao) beans:Imports (incl. shells) thous. Ig. tons__Price, wholesale, Accra (New York) $ per lb._

Coffee (green):Inventories (roasters', importers', dealers'), end

of quarter thous. bagscf _ _Roastings (green weight) quarterly total doImports do

From Brazil _ _ _ _ doPrice, wholesale, Santos, No. 4 (New York)

$por lb_.Confectionery manufacturers' sales -- mil. $

Fish:Stocks, cold storage, end of month mil. lb__

Sugar:Cuban stocks, raw, end of month

thous. Spanish tons. _United States:

Deliveries and supply (raw basis):Production and receipts:

Production thous. sh. tons_.En tries from off-shore total 9 do

Hawaii and Puerto Rico do

Deliveries, total doFor domestic consumption _ doFor export and livestock feed do

Stocks, raw and refined, end of month_doExport^ sh. tons _Imports'

Raw sugar: total? thous. sh. tons__From Cuba doFrom Philippine Islands do _ .

Refined sugar, total do__ -From Cuba do

Prices (New York):Raw, wholesale $ per lb._Refined:

Retnill $ per Sib-Wholesale (excl. excise tax) $ per lb__

Tea, imports _ thous. lb_..

Baking or frying fats (incl. shortening):Production mil. Ib _Stocks (producers' and warehouse), end of month

mil lb__Salad or cooking oils:

Production _ _ doStocks (producers' and warehouse), end of month

mil. l b _ _Margarine:

Production _ doStocks (producers' and warehouse), end of month

mil. lb__Price, wholesale (colored; mfr. to wholesaler or

large retailer; delivered) $ per lb_ -

FATS, OILS, AND RELATED PRODUCTS

Animal and fish fats: ATallow , edible:

Production (quantities rendered) mil. lb_ _Consumption in end products _ ._ do _ _Stocks (factory and warehouse), end of month

mil. l b _ _Tallow and grease (except wool), inedible:

Production (quantities rendered) _.doConsumption in end products doStocks (factory and warehouse), end of month

mil. lb—Fish and marine mammal oils:

Production _ doConsumption in end products ._ _ _ d o _ _ .Stocks (factory and warehouse), end of month

mil.lb-T Revised. v Preliminary.

496

270123

.153

14.7

495103

.312

18.0.362

1 2, 8321 5 494

1 932880

. 37696

195

2, 506

235536161

773765

81,561

555

33823779

4131

.062

.551

.0869,140

187.7

120.3

146.3

50.2

134.3

35.2

3.250

26.823.7

26.3

265. 2147.9

315.2

15.87.7

120.1

512

249135

.162

14.2

474111

.372

20.5.286

i 3. 1 08i 5 474

1,839770

.369100

191

2, 640

256463145

778772

61, 750

401

35516088

3624

.063

.553

.0879,598

192.7

115. 2

147.4

51.4

141.3

35.4

27.724.6

25.2

252. 1151.6

319. 3

16.58.4

93.4

718

414282

.151

13.0

269114

.493

15.3.295

2,078784

.368'130

'223

2,086

651145134

704700

51,365

291

1970

42

231

.064

.571

.0908,050

205.1

117.9

138.9

42.6

150.3

32.9

.235

28.027.6

24.7

249.6161.5

339.6

22.78.3

96.0

638

353210

.149

13.1

9687

.523

15. 5.293

1,826546

. 365128

237

1,661

868112

59

685683

21,946

193

3520

46

9(2)

.065

.571

.0907,845

193.5

105.2

140.7

42.8

148.4

31.4

.235

30.728.3

24.8

257. 8151.8

330.8

9.08.5

87.1

518

301160

.148

14.0

7664

.447

21 . .5. 2.55

3, 2045 7741,828

730

.366110

230

1,335

7688241

721717

42,327

276

2760

35

6(2)

.064

. 589

.0889, 710

186. 9

120.3

156. 1

57. I

158.3

32.6

.245

27.224.7

26.4

251.8147. 0

304.8

7.88.5

84.3

477

298169

.155

14.3

8054

. 370

33.3. 228

1 . 9,51621

.368106

204

1,415

28936283

630626

42, 337

262

2180

57

70

.064

.573

.0888,993

199. 1

106. 1

172.4

73.2

175. 3

35. 3

. 247

30.026.1

24.9

261.1141.9

338.4

.59.3

84.2

OC

378

268152

.170

13.5

4949

.387

31.0. 226

1.717642

.369106

172

2,325

51173118

651646

52.209

352

3370

104

80

.063

.573

.0887,734

209.9

101. 1

159. 4

110.6

155.9

35.9

.257

34.933.8

24.2

249. 9136.6

347.1

.38.4

85.6

ases of 30

460

229126

.163

15.7

4954

.353

32.5. 205

2, 9655 9^82. 234

841

.378103

157

4, 280

48125140

765758

62.124

389

4710

164

210

.062

.574

.08810, 630

211.8

119.0

184.5

157.8

139.2

42.8

.267

35.529.5

26.3

290.5150.6

348.5

.59.4

73.3

dozen.

491

206108

.148

15.3

7867

.325

39.3.229

1,771749

.37387

150

4,215

88739308

686681

52, 012

457

2170

117

120

.062

.573

.0878,997

188.6

132.7

162.4

181. 9

128.8

34.5

.267

34.829.3

25.5

275. 4145.8

333. 7

3.39.7

71.8

cTBag

602

18894

.135

15.4

23892

.308

39.8.230

1,712519

.37588

158

4,430

55474332

969962

71,785

375

3300

141

200

.065

.573

.0879,331

205.8

139.1

183.8

190. 7

138.7

40.5

.275

41.330.6

31.2

308.8150.1

349. 8

32.810.9

92.3

3 of 132.2

632

209106

.120

14.2

365113

.326

43.2.215

3, 1455 3212,048

669

.37880

170

4,365

44296215

831822

91, 559

591

3270

120

150

.065

.574

.0887,699

185.9

128.1

170.4

153. 7

132. 9

45.4

.275

37.030.6

31.0

310.4155. 4

329.1

47.211.3

108.9

76 lb.

629

244128

.118

13.9

314113

.347

48.4.223

1,632481

.37565

189

4,490

45310209

876866

101,387

608

4300

138

190

.064

.580

.0878,830

138.0

102. 6

171.8

174.2

123. 5

36.6

.275

31. 527.2

33.5

280.5106.0

371.0

56.610.0

155.7

725

318189

.123

13.5

280108

.366

30.5.213

1,776776

.36590

199

3, 725

93318242

1,003992

111,131

592

3890

145

310

.060

.573

.0878,914

220.6

107. 3

173.3

142.7

130.5

35.6

.270

39.638.7

29.7

318.4152.2

374.6

49.18.9

' 161.4

734

416270

.110

13.0

225100

.399

16. 6.215

3.2115 1631,864

899

-.353' 138

'204

3,225

105203183

917911

6'885

1,124

3160

95

'60

.061

.561

.0868,136

203.6

111.4

161. 5

137.6

146.8

39.4

.270

34.733.5

25.2

290.3146. 5

383.1

'24.2'8.2

' 179. 7

860

' 550'382

.113

13.6

145'86

.410

10.3.226

1,934797

.340141

'207

2,725

11482

P 1,220566

3580

97

160

.062

p. 08410, 644

233. 4

112. 8

172. 3

152. 0

157. 3

40.2

v .270

36.033.3

23 9

306. 3149. 0

395.2

12.98.0

174.0

489319

.114

13.6

8270

.375

.245

.341

207

1,245

.062

J Quarterly average. 2 Less than 500 tons.3 Not entirely comparable with prices beginning Sept. 1960 which are based on a different

specification.JRevisions for Jan.-Aug. 1960, are shown in the Oct. 1961 SURVEY.

9 Includes data not shown separately. § Price for New York and Northeastern NewJersey.

AFor data on lard, see p. S-28.


^30 SURVEY OF CURRENT BUSINESS December 1061


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961



FATS, OILS, AND RELATEDPRODUCTS— Continued

Vegetable oils and related products:Vegetable oils (total crude and refined):

Exports mil. lb._Imports do

Coconut oil:Production:

Crude doRefined - do

Consumption in end products doStocks, crude and refined (factory and ware-

house) , end of month mil IbImports do

Corn oil:Production:

Crude doRefined do

Consumption in end products do _Stocks, crude and refined (factory and ware-

house), end of month mil Ib

Cottonseed cake and meal:Production thous sh tonsStocks (at oil mills), end of month do

Cottonseed oil:Production:

Crude mil IbRefined do

Consumption in end products doStocks, crude and refined (factory and warehouse) ,

end of month mil IbPrice, wholesale (drums* N Y ) $ per Ib

Linseed oil:Production, crude (raw) mil IbConsumption in end products doStocks, crude and refined (factory and warehouse) ,

end of month mil 11")Price wholesale ( Minneapolis) $ per Ib

Soybean cake and meal:<|Production thous. sh. tons..Stocks (at oil mills) end of month do

Soybean oil:Production:

Crude mil.lb..Refined do

Consumption in end products doStocks, crude and refined (factory and warehouse),

end of month mil IbPrice wholesale (refined' N Y ) $ per 'b

TOBACCOLeaf:

Production (crop estimate) mil IbStocks dealers' and manufacturers', end of quar-

ter total mil IbExports incl scrap and stems thous IbImports incl scrap and stem15 do

Manufactured:Production total doConsumption (withdrawals):

Cigarettes (small):Tax-free millionsTaf-paid do

Manufactured tobacco and snuff, tax-paid

Exports cigarettes millions

131.844.7

37 232.150.0

49.916 4

26.825.625.4

29.1

190 4120 8

140.6106 291 2

T 338 5

40. 632 0

128 6131

782. 993 8

362. 0285 2275 0

433 0

2 1 796

4 4 66938 80112 640

14 639

0 98637 807

539

14 3091,631

142.443.9

41 333 349 8

1321 913 0

27 525 726.3

35 2

207 8172 4

151 4121 4102 1

384 4151

30 630 0

110 8131

762. 6104 3

366. 0981 7276 1

467 519Q

r2 1 944

4 4 57341 26413 302

14 442

3 08339 178

543

14 1481,686

71.247.6

45 836.353.1

321.215 6

28 027 629.3

37.9

352 2167 9

257 5160 7109 0

32? 6148

45 031 7

80 6194

821. 09° 8

391.3971 8275 3

366 3133

81,10314 341

14 910

3 49139 836

577

14 5431,939

138.340.2

44.835.448.0

328.516 1

26.825.129.2

33.4

345.7199.7

249. 0176 7112 2

389 6. 156

38.625 8

92 9123

857. 9II9 5

404. 5279 5263 5

440 0144

84, 58712 340

14 649

3 20640 390

671

14 5041,989

156. 048. 1

46 230 042.6

338. 616 3

24 224 325.3

33.2

287 5197 8

205 8159 4113 7

425 8.159

26.1°5 5

90 9195

883. 7102 3

414. 29Q5 1983 6

466 4143

4 78444, 57412 597

12 380

9 99733 793

365

I9 3721,967

129.938.7

50 631.445.3

357.913 8

25 627.924.9

32.8

309.8227.2

223.8172 9119.7

433 5. 170

33.326 4

104 3126

891.6130 0

418.739t) 0310 9

517 4153

22. 42314 162

14,456

3,08338 916

475

13 9911,733

86.846.5

37 229.943.8

340.312 5

24.624.525.2

32.7

247.4239.6

179.0149 0118.6

463. 4.180

30.827.3

106. 7130

796. 5163 6

377.6298 5280 8

537.2164

24, 67415,061

13, 053

2,85437, 447

441

12 6°61,606

49.441.0

33 735.251.4

339.86 6

27. 126.526.8

36.4

224.9272.0

163. 5166 9128. 6

447.6.184

31.432.6

105. 1131

801. 7178. 4

381.1319 5296. 1

624.7173

4,67128, 74013,231

15 916

3, 649

42 354523

15 5541,921

149.136.2

29 737 954.0

316 66 7

28 126 324.8

36.5

189 3270 5

137.7138 2107 8

432 6.194

36.435 2

103.2131

758. 9216 3

302. 9291 2261 8

675 8174

25, 11014,048

14, 076

3,17337 151

482

13 6601,886

72.245.4

43 943 962.6

306.411 4

29 525.325.7

42.9

138 1245.5

100.8118 6108 6

379 1.201

41.735 3

104 3131

781.1212 5

377. 0313 3289 5

710 0169

23, 64715,484

15,707

3,45944, 353

602

15 5561,926

121.030.5

38 045.260.9

289.05 2

30.025.825.4

40.5

85.0196.9

60.480 0

102.5

313.1.184

34.838.0

94.3137

734.7195.3

352.8270 2266.5

761.9156

? 4, 27027, 28314,649

15,853

3,68544, 036

536

15 3391,862

84.456.2

45 938 750.9

295.717 4

26 924 124.7

40.5

66 6142 6

48. 155 986 5

249 8.195

33.737 5

90.6158

716.8201.6

345. 1230 3237. 8

773.2. 151

28, 08712, 452

11, 326

2,81935, 922

533

12 0471,913

99.748.8

47 047 263 2

294 315 6

30 731 531.1

35.1

68 689 4

48.947 8

105 4

182 8.191

37.935.7

87.4. 153

692. 4171.1

333.9291 9280.3

765. 6. 153

36,61515,931

16, 391

3 59S47, 166

593

15 8891,644

56.450.9

44 837 551.1

300.812 1

29 129.030.5

33.2

149 673.3

109.463 290 3

170 4' - .194

40.733.0

96.8r . 149

529. 771.9

253. 3284. 0202 5

677.2. 148

r 4, 53781, 76213.071

15. 638

3,10039, 584

549

14,9311,970

107.061 3

45 743 058 9

295 322 2

°8 226 531.5

25.3

341 296.7

256. 0161 1117.3

245 0p . 179

34. 030. 1

98.3P . 152

832. 462. 1

393. 9294. 6309.2

735. 0P . 149

90.31614,048

1,872

32,023

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^/151b $per lb__Hides, steer, heavy, native, over 53 Ib do

LEATHERProduction:

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_.q.

doUpper and lining leatherPrices, 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.,

5,234159340

7,2692, 8562,118

.658

.193

5481,9311,9002,671

1,7232,909

.855

1.342

6,367177574

5,8862,3081,605

.561

.139

5281,8311,5702,540

2,8793,449

.703

1.319

6,962248646

4,9551,6651,288

.550

.138

5891,9001,3712,502

4,2774,149

1.313

8,793183921

3, 8561,0881,278

.550.133

6171,9341,3382,843

3,8984,168

.663

1.313

7,106253

3,936980

1,126

.575.128

5931,8151,1832,367

4,4033,875

.673

1.353

7,849233740

4,4231,7751,246

.575

.118

5621,8201,3442,354

3,7384,274

.677

1.373

6,496279605

3,407804

.575

.113

5611,7891,0712,442

4,9934,351

.673

1.387

390837

7,3045,1271,338

.625

.143

5281,9761,2642,567

5,611

.683

1.400

6,456256523

5,8603,3841,171

.625

.143

4961,8701,1752,473

5,1584,292

1.417

6,350172569

5,8322,6481,341

.650

.148

5561,9561,4203,008

6,0174,258

.697

1.443

6,041179537

6,2382,7561,736

.143

5891,9741,4622,850

5,5044,336

.697

1.443

7,537193

6,6823,1821,465

.625

.159

3411,5341,0302,209

5,0404,241

.700

1.363

• 7,335169

••633

4,3961,6591,277

.650

.178

5672,0751,0483,161

5,3884,007

.735

• 6,406190

5, 5762,5451,081

.650

.178

4921,8551,1112,635

5,5994,895

.740

1.398

7,194139594

5,1391,9231,115

P . 675P . 163

6,1744,430

P . 740

P 1. 412r Revised. » Preliminary.i Average based on 9 months (Apr.-Dec.). 2 Crop estimate for the year.3 Dec. 1 estimate of 1961 crop. 4 Quarterly average.

9 Includes data for items not shown separately.1 Data formerly shown in rail. Ib.




1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


LEATHER AND PRODUCTS—Continued

LEATHER MANUFACTURES

Shoes and slippers:Production, total thous. pairs

Shoes, sandals, and play shoes, except athleticthous pairs

Slippers for house wear _ doAthletic doOther footwear do

Exports - - __ __ doPrices, wholesale, f.o.b. factory:

Men's and boys' oxfords, dress, elk or sideupper, Goodyear welt 1947-49=100

Women's oxfords, elk side upper, Goodyearwelt 1947-49=100

Women's pumps, low-medium quality do

53 114

45 3486,558

641566

242

130 8

142 4129.2

49 870

42, 5896,216

584482

199

134.7

146.7133.7

47 476

37 8128,510

601553

241

133. 5

146.7133.7

45 652

36 1948,301

588569

210

133.5

146.7133.7

43, 023

37, 9563,949

530588

134

133.5

146.7133.7

50 659

46, 8093, 115

439296

129

133.5

146.7134.8

50 305

46 2413,328

432304

191

133.5

146.7134.8

57 561

51 5974,915

573476

252

133.5

146. 7134.4

47, 021

41 2444, 795

524458

179

133.5

146 7134.4

48 670

42 2115 490

528441

135

133 5

146 7134.4

50, 088

42, 5546, 235

695604

169

133.5

146.7134.4

42, 157

36, 7784,682

302395

139

133.5

146.7134.4

57, 146

47 6128, 483

468583

202

133.5

147. 1134.4

47, 646

38, 1248, 526

444552

184

133.5

147.1134.4

51 842

41 0599, 696

502585

210

p 133. 5

v 147. 1v 135. 1

LUMBER AND MANUFACTURES

LUMBER— ALL TYPES

National Lumber Manufacturers Association:Production, total! mil. bd. f t - _

Hardwoods doSoftwoods do

Shipments, total!- ._ doHardwoods doSoftwoods do

Stocks (gross), mill, end of month, totalt-.cloHardwoods doSoftwoods _- do

Exports, total sawmill products - ..-doImports, total sawmill products _ . _ d o - . _

SOFTWOODSDouglas fir:!

Orders, new _ _mil. bd, ftOrders, unfilled, end of month. _ _ do __Production _ doShipments doStocks (gross), mill, end of month do

Exports, total sawmill products doSawed timber doBoards, planks, scantlings, etc- do

Prices, wholesale:Dimension, construction, dried, 2" x 4", R. L.

$ per M bd. ftFlooring, C and better, F. G., I" \ 4", R. L.

$ per M bd. ftSouthern Pine:

Orders, new! mil. bd. ftOrders unfilled, end of month doProduction t doShipments! doStocks (gross), mill and concentration yards, end

of month mil bd ftExports, total sawmill products M bd ft

Sawred timber doHoards, planks, scantlings, etc _ do

Prices, wholesale, (indexes):Boards, No. 2 and better, 1" x 6", R. L.

1947-49=100Flooring, B and better, F. G., 1" x 4", S. L.

1947-49 = 100—Western pine:

Orders, newt - - mil bd ftOrders, unfilled, end of month.. _doProduction! _ _ doShipments! doStocks (gross), mill, end of month! do. _Price, wholesale, Ponderosa, boards, No. 3, I" x

12" R L (6' and over) $ per M bd ft

HARDWOOD FLOORING AND PLYWOOD

Flooring:Maple, beech, and birch:

Orders, new mil bd ftOrders, unfilled, end of month doProduction doShipments _. _ _ _ doStocks (gross), mill, end of month do

Oak:Orders, new doOrders, unfilled, end of month _ doProduction doShipments doStocks (gross), mill, end of month ___ do

Plywood (except container and packaging), qtrly.total:

Shipments (market) mil sq ft , surf meas

3, 114558

2 556

3, 102555

2 547

6, 9501 9115, 039

66340

759643757750915

251411

575240573575

1,7436, 5281,2905, 238

118 1

94.7

822422827825

1,658

78 41

3 412.33 33.4

10.4

81.657.582 981 871.6

244 2

2,874513

2 361

2, 803505

2 298

7, 8801,9165, 964

72328

666533696691

1, 140

321715

81.13

U30.03

517191548518

2, 0477,7941,9625, 833

113 5

94.5

719359747725

1,957

74 86

3 211.63 03.19.7

69.038 573 270 695.6

212 6

2, 775549

2 226

2 675495

2 180

8,2152 0236, 192

69332

615426623629

1,124

291316

79.05

128.68

521167550528

2,1157,0422,3754,667

108 9

93.6

673322713699

2,116

69 65

2 510.23 03.08.2

65.932 574 370 994.6

2, 524509

2 015

2,440466

1 974

8,2992 0666,233

62312

618436598608

1,114

261914

78.37

128. 25

479162530484

2,1616, 136

9035,233

107.2

93.4

569308587584

2,119

69.56

3.010.53.12.78.6

59.629.070 065.199.2

2,229431

1 , 798

2,320424

1, 896

8,2072 0736, 134

69258

57(5412553600

1 , 066

281612

78.81

127.40

447165446444

2,1635, 8331,5214,312

107.1

93.4

630332565606

2,078

68. 75

2.910.62.82.68.8

53.526.462.454.8

106.8

192.5

2,255400

1 855

2, 262410

1, 852

8, 2012, 0636, 138

50250

501422618551

1,134

241212

77.68

127.40

481196452450

2,1654, 725

6864,039

105.7

92.7

590342512580

2,010

70.16

3.011.02.92.59.3

57.327.962 756.8

112.7

2,302421

1 881

2, 257428

1 829

8, 2462 0506, 190

53262

550445580527

1,187

218

13

76.98

126.96

440209430427

2,1685,0811,1863,895

103 9

92.5

569321580590

2,000

70 22

3 011.42 62.79.3

54.330.356 653 5

114 8

2, 688404

2 284

2. 844452

2 392

8. 0892, 0086,081

62340

876580708735

1, 159

291117

78. 23

1 25. 64

605278549596

2,1215, 242

7834, 459

105 2

92.5

865489671695

1,976

69 72

3 411.43 03.09.3

83.243.566 670 3

110.3

2, 585330

2 255

2, 760384

2 382

7, 9091,9545, 955

50335

636529601094

1, 127

218

14

81.36

126.06

550290522538

2,1055, 065

8334,232

106 6

92.4

749455

' 722784

1,914

69 89

3 812.52 82.79.3

68.547.360 768 5

100.4

2,984381

2 603

3, 030404

9 632

7, 8581 9315, 927

87438

698491757736

1, 149

241310

80.01

125 36

5912566136?5

2 0937,3421 1166,226

106 9

92.8

812388843879

1,878

73 37

3 412.83 13 29.2

62.041 273 670 0

102 3

2, 864388

2 476

2, 905407

2 498

7.8171,9125, 905

08397

728505723714

1, 158

261313

79.42

124.05

548227579577

2 0956, 5561,7004,856

106 8

92.8

775355780807

1,851

73 77

3 512.03 24.38.2

63.935 470 870 699.3

2,476381

2 095

2, 563404

2 159

7,7311, 8895, 842

61406

594499537600

1,096

209

11

79.52

124. 05

522213519

536

2 0715,070

7684,302

106.7

92.3

723372732706

1,877

72.14

3 212.02 83.07.8

59.334 358 662 195 8

3,047377

2 670

3.010423

2 587

7, 7601 8415, 925

73431

678400711711

1,090

221012

79.90

123. 01

032225000620

2,0518, 4053 5494,916

106.8

92.1

809324942857

1,962

68 81

3 111.03 73.77.8

77.336.875 374.896.4

2,829398

2 431

2,784438

2 340

7,8101 £016, 009

00372

583424038025

1,108

231211

r 78. 95

••122. 59

578221501582

2, 0303 902

9053, 057

106.9

92.3

770317858777

2, 043r 68. 88

3.210.93.42.98.0

68.137.866.768.393.4

2,842424

2 418

2,814421

2 393

7,8091 8046, 005

60398

658446638035

1,082

221111

p 76. 87

P121.71

595211585605

2,0105,500

9044,596

v 106. 9

P92.3

794330806782

2,067

P 66. 81

2.910.63.43.38.2

65.834.370 569.394.5

• Revised. v Preliminary.1 Average for 9 months (Apr.-Dec.),

{Revisions for 1959-1960 appear on p. 24 of the Nov. 1961 SUBVEY; revisions for 1948-1958for stocks, all types of lumber, and for Western pine stocks are available upon request.


-32 SURVEY OF CURRENT BUSINESS 10P.T


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


METALS AND MANUFACTURES

IRON AND STEEL

Foreign trade:Iron and steel products (excl. advanced rafs. and

ferroalloys):Exports, total? thous. sh. tons..

Steel mill products doScrap do

Imports, total 9 -- -- - .. doSteel mill products doScrap .__ . ._ do

Iron and Steel Scrap

Production and receipts, total thous. sh. tons..Home scrap produced doPurchased scrap received (net) _ do

Consumption, total doStocks consumers' end of mo do

Ore

Iron ore (operations in all U.S. districts):Mine production thous. Ig. tons__Shipments from mines loImports lo

U.S. and foreign ores and ore agglomerates:Receipts at iron and steel plants loConsumption at iron and steel plants loExports 3oStocks, total, end of mo lo

At mines loAt furnace yards loAt V S docks . do -

Manganese (mn. content), general imports. ..do

Pig Iron and Iron ManufacturesPig iron :

Production (excl. blast furnace production of fer-roalloys) thous sh tons

Consumption doStocks (consumers' and suppliers'), end of mo.

thous. sh. tons..Prices:

Composite $ per Ig tonBasic (furnace) doFoundry, No. 2, Northern.- ..do

Castings, gray iron:Orders, unfilled, for sale, end of rno.

thous. sh. tons..Shipments totaled do

For salecf doCastings, malleable iron:

Orders, unfilled, for sale, end of mo.

Shipments total doFor sale do

Steel, Crude and Semimanufactures

Steel ingots and steel for castings:Production thous. sh. tons__

Index _ .1957-59=100.Steel castings :

Orders, unfilled, for sale, end of mo.*thous. sh. tons..

Shipments total doFor sale total do

Steel forgings (for sale) :Orders unfilled end of mo doShipments total do

Drop and upset doPrices:

Composite, finished steel (carbon) $ per lb_.Steel billets, rerolling, carbon, f.o.b. mill

$ per sh. ton..Structural shapes (carbon), f.o.b. mill_-.$ per lb._Steel scrap, No. 1 heavy melting:

Cdmpasite (5 markets)§ $ per Ig. ton..Pittsburgh district do

Steel, Manufactured Products

Barrels and drums, steel, heavy types (for sale):Orders, unfilled, end of mo .thous..

Cans (tinplate), shipments (tons of metal con-sumed), total for sale and own use

thous. sh. tons..Food -do

Shipments for sale0.--. do

Steel products, net shipments:Total (all grades) -thous. sh. tons..

Semifinished products doStructural shapes (heavy), steel piling. ..doPlates _ — _ ....doRails and accessories. do

562140411

47036626

5, 5363,1152,421

5, 5059 467

4,9154,8992, 969

7, 6277, 867

24764, 77311,15447,316

6, 302

91

5, 0275,149

3,446

65. 9566.0066.50

8491,026

583

897646

7,78796.2

26811893

38611489

. 0698

95. 00.0617

39.2340.00

2,0941, 947

412245358

5,78123936948599

857248591

341280

15

5, 4753,3002, 175

5,5399,487

7. 3207,0142,883

9. 3968, 522

43670, 53411,33853, 350

5, 846

99

5, 5565, 552

3,471

65. 9566. 0066. 50

739966534

736839

8,273101.9

23111689

31710679

.0698

95. 00.0617

32. 9533.00

1,6091,755

402246

^338

5, 929235438511105

953231683

26818012

4,8962,8292, 066

4,9019, 513

6, 4237,4262,593

9,9066. 694

46686, 2418, 579

70, 8466, 816

85

4,4734,500

3,659

65. 9566.0066. 50

647905500

576435

6,86883.3

18610380

2779773

.0698

95. 00.0617

29. 5228. 50

1,3781,715

419274

'345

4,94417639740550

1,009234733

23919911

4,3702, 6451, 725

4, 4139,472

3, 9593,7832,011

5,8676,362

12685, 8498, 755

70,3516,743

89

4,1384,116

3,710

65. 9566.0066. 50

569836455

566335

6,17277.3

17410078

2659367

.0698

95.00.0617

28.3327.00

1,2951,711

319189

'271

4,51618336738858

771162571

23118917

3,9592,4081,551

4,1879,252

3,6721,1421,527

2, 6605, 895

8985, 23711,28267,116

6,839

94

3,8413,838

3,770

65. 9566.0066. 50

553749395

555732

5,84070.8

16310887

2689064

.0698

95. 00.0617

28. 6627.00

1,2341,604

346196298

4,11617932037846

770132584

17914519

4,1642, 5231,642

4.5468,876

3,3321, 1101,634

2, 6026,218

9284, 74414. 35663, 500

0, 888

81

4,0394, 125

3,685

65. 9566. 0066.50

600760406

525834

6,41677.8

1579677

2669569

. 0698

95.00.0617

i 32. 0430.00

1,4381, 639

289171237

4,63816630837864

948147777

17715214

4,1142.5051, 608

4.3978,. 591

3,2811, 1501,662

2,4486, 060

5183, 23616, 47159, 8876,878

93

3,9374,053

3,611

65. 9566. 0066.50

621702378

485130

6.23983.7

1459372

2638964

.0698

95.00.0617

33.3832.00

1,5291,634

292171239

4,25117132139558

969168780

24921120

4,9992,9142,086

4,9838,613

3, 5971, 3851,226

2,8976, 953

7781,11418, 67455, 8316,609

78

4,5144,634

3,559

65.9566.0066.50

652856497

455834

7,08685.9

14410783

2629670

.0698

95. 00.0617

36.5035.00

1,5881,937

374217312

5,04719538447883

888138683

27423522

5, 0712, 9362, 135

5, 2268,465

3, 5931, 5651,227

2,7567,113

13478, 56520, 70551, 4746, 386

36

4,6804,839

3,404

65.9566.0066. 50

645869504

485631

7,58595.0

1479471

2649670

.0698

95. 00.0617

38.9437.00

1,6231,797

371218304

5, 13317137745883

1,319159

1,118

321266

17

5,7823,3812, 401

5, 9748,293

6, 6046, 1872,041

7,1398,313

37277, 71521, 16750, 2526,296

142

5,6465,864

3,190

65. 9566.0066.50

651982572

526840

8,981108.9

15710379

26210578

. 0698

95.00.0617

36.6335.00

1, 4501, 959

416244.349

6,04821743748884

1,579146

1,388

35127718

5, 6173, 3652,252

5, 5308, 385

8, 53810, 0352,186

11,3028, 545

76378, 72319, 58953,0196,115

64

5,6875, 871

3,059

65. 9566. 0066.50

6661,027

606

526740

8,552107.1

15110984

25910880

.0698

95. 00.0617

38.4937.00

1,5531, 968

455265384

6,13422144048994

1, 156169931

35930011

4,9583,0161,943

4,8118, 528

7,87610. 7182,727

12, 6818,518

66280, 00516, 75757, 2925,956

92

5, 5975,628

3,065

65.9566.0066.50

679804474

6642

8,09298.1

1527757

2807254

.0698

95. 00.0617

37.7736.00

1,5411,759

472291408

5,12115837845163

<• 1, 056' 151

848

378307

3

5,6233,4662, 157

5,5808,569

9, 07610,9313,275

13, 4838, 7671,124

82,71814, 90862, 0085,802

63

5,7645,876

3,045

65.9566.0066.50

686932572

636541

8,661105.0

15710280

2819772

.0698

95. 00.0617

39.0536.00

1,5232,047

632M42'542

6,139204424495

64

976165769

37726936

r 5, 684-3,516r 2, 167

' 5, 584r 8, 674

8, 4829,9612, 565

12,1168, 965

69084, 40713, 44065,2115,756

68

6,0196, 105

' 2, 999

65.9566.0066.50

685947567

595335

8,915111.7

14810380

2839974

.0698

95.00.0617

40.6438.00

1,5301,835

535368447

6,05824143754462

959208713

42333532

p 6. 1 50P 3, 656p 2, 494

P 5. 845P 8. 963

3, 071

11.9999. 681

550

67, 5306,085

93

6,330p 6, 325

p 3, 035

65.95p 66. 00p 66. 50

•• 9, 173••111.2

28211084

.0698

p 95. 00p . 0617

pi39.09p 38. 00

6. 04628742656761

65. 95

* 8, 749P 109. 6

.0698

' Revised. p Preliminary. l See note marked'' §".9 Includes data not shown separately.(^Revisions for 1959 are available upon request.*New series (Bureau of the Census). Monthly data prior to Aug. 1960 are available upon

request.

§Effective Jan. 1961, the composite reflects new \\ eights; prices beginning Jan. 1961 are noicomparable with earlier prices.

©Revisions for Mar .-Sept. 1960 (thous. tons): 273; 298; 343; 361; 394; 525; 464.




1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961

Jan. Feb. Mar. Apr. May Tune July Aug. Sept. Oct. Nov.

METALS AND MANUFACTURES—Continued

IRON AND STEEL— Continued

Steel, Manufactured Products — Continued

Steel products, net shipments — ContinuedBars arid tool steel total thous sh tons

Bars* Hot rolled (incl light shapes) doReinforcing doCold finished do

Pipe and tubinp do\Vire and \\ ire products doTin mill products doSheets Mid «t i ip (incl. electrical), total. _ _ d o

Mu e r o - Hot rolled doCold rolled do

Fabricated ^trucuiral steel:Ordeis nc\\ (net) thous sh tonsShipments _ _ _ _ _ _ _ _ _ _ d oBacklog ond of \ear or mo do

NONFERROUS METALS AND PRODUCTS

Aluminum:Production, primary (dom. and foreign ores)

thous. sh. tons..Estimated recovery from scrap _doImports (general):

Metal and alloys crude doPlates, sheets, etc do

Exports metal and alloys crude doStocks, primary (at reduction plants), end of mo.

thous sh tonsPrice, primary ingot, 99.5% min $ per ib_

Aluminum shipments:

Mill products total doPlate and sheet do

Castings do

Copper:Production:

Mine, recoverable copper_ thous. sh. tons__Refinery primary do

From domestic ores doFrom foreign ores do

Secondary recovered as refined doImports (general):

Refined unrefined scrap© doRefined do

Exports:Refined, scrap, brass and bronze ingots, -do

Refined doConsumption refined (by mills etc ) doStocks refined end of mo total do

Fabricators' doPrice, bars, electrolytic (N.Y.) ._$ per lb._

Copper-base mill and foundry products, shipments(quarterly avg. or total):

Copper wire mill products© do

Lead:Production:

Mine recoverable lead thous sh tonsSecondary estimated recoverable© do

Imports (general) ore© metal doConsumption total do

Stocks, end of year or mo.:Producers', ore, base bullion, and in process©

(ABMS) thous sh tonsRefiners' (primary), refined and antirnonial

thous sh tonsConsumers 'cf doScrap (lead-base, purchased), all consumers

thous. sh. tons..Price, common grade (N.Y.) _ _ _ $ p e r l b _ _

Tin:Imports (for consumption) :

Ore© Ig tons_.Bars pigs etc do

\s metal doConsumption pig total do

Primary doExports incl reexports (metal) doStocks pig (industrial) end of mo doPrice, pig, Straits (N.Y.), prompt $ p e r l b _ _

Zinc:Mine production, recoverable zinc

thous sh tonsImports (general) :

Ores© doMetal (slab blocks) do

Consumption (recoverable zinc content) :Ores© doScr-ao. all tvDes do

885578181117693280486

2, 246654

1 063

304275

2 516

162.8i 29. 9

20 24.2

10 1

125 8.2475

413 4282 2147 465 5

68.791 566 425 219 5

47 917 8

16.613 2

124 0172 2123 0.3118

555396241

21 337 633 590 9

109 9

119 0126 5

54.4.1221

8983 6322 000

2706, 4483 819

11423 7141.0201

35 4

41 713 i

9.017.9

884576185115588248503

2,417666

1 , 206

299322

2,333

167.91 27. 3

12.73.1

23 7

185 3.2600

388 1254. 0136 462 6

90.0126. 693 433 123 0

43 611.9

51.536 1

114.6174 398.0

.3205

470380216

20 638 629 485 1

145 1

158 294 4

43.7.1195

1,1693,2911 800' 250

6, 7104,290

7122 7501.0140

36 3

38 010 1

7.416.1

80648722984

483224363

2. 039581

1, 004

246353

2, 291

167.032.0

16.13.2

10 8

248 4.2600

369 «246.' 4128 463.8

100. 4128.293 434 825 6

48 36.6

54.737 2

114.0206 499.8

.3060

18 341 022 885 8

156 0

139 5110 5

43.6.1200

1,0013,2621 815

2305, 6003,290

1922 9101.0328

28 1

30 47 9

6.019.9

73046417685

432204308

1,845500906

269325

2, 278

161.229.0

14.42.7

22.5

257. 1. 2600

369 7236.9127 863.4

98.1131.999.632 320.5

26.77.1

47.230.5

108.9219.0100.4.2960

19. 138 726 183.0

146. 9

151 9107.7

42.2.1200

5122,5231 860

2655,4753,035

2222 7901.0282

28 0

35. 511 2

5.617.8

62139214875

407182288

1. 695450866

249277

2, 333

165.528. 0

11.33.4

26.2

259. 5. 2GOO

378 5226.4121 663. 6

96.8133.3101.631 721.3

32.36.2

63.547.0

108.8228.0100. 2. 2960

458378198

20.236 326 677. 3

145. 1

158 294.4

43.7.1138

1,2263, 1081 725

2254,9152,845

7924 7981.0114

36.7

27.112 2

8 ff

17.3

66943614186

4891975/7

1, 790485872

308262

2.371

161.429. 0

10 83.3

16 6

291 4. 2600

341 6241.3131 960. 8

97.3127.489 338 124.7

61.96.0

66.149.7

100.1228 896.8

.2906

23.236 925 883.7

137.9

169 294.5

42.8.1100

8022,0581 750

2255,9653. 680

12523 9351.0038

40 3

30 06 2

8.118.5

62740214177

425190466

1, 599454743

257260

2, 357

138. 625.0

8.63.5

12.2

287.4. 2600

349 3232. 5124. 657. 1

88.3120.086.034 018.7

33.14.8

62.044.8

100.2229.794.5

. 2860

20.835 226 879.7

129.5

183 091.8

41.6.1100

1,1881,9981 750

2205,5053,570

1722 6101.0098

38.8

29.77 6

7.415.6

75847118991

544251528

1,825491847

296292

2 392

152.028.0

15.54.7

12 3

277. 9. 2600

396 6281.3151 362.5

100.4140.1107 332 721.5

28.25.1

77.460. 7

122.4213 192.9

.2860

448361195

24.638 837 583.4

125.7

187 094.8

41.0.1100

3192,2611 900

2306,4903,990

30520 6451.0340

43.2

39.416 5

5.918.5

80047023788

566266524

1,889520885

309319

2,378

144.630.0

12.43.38.0

266. 4. 2600

361 2268.6143. 260.3

90.9128.7102.326.424.2

36.64.4

51.936.4

121.2194. 6100.9.2860

21.936 535.577.6

115.0

194.7109.7

39.5.1100

1,3731,7851 815

2206,4104,080

12019 6301.0708

38.1

25.57 6

6.816.9

904572220105647301609

2,361657

1,126

392365

2,458

157.534.0

16.84.26.9

252. 9.2600

425 0295.3155.763.3

102.4137.8106.131.725.8

26.75.2

55.438.6

141.8182.398.9

. 2998

22.840.432.889.1

112.4

195.6110.6

39.6.1100

2233,0461 935

2506,8604,380

3218 6001. 1003

39.6

33.310.6

6.619.3

929576238108739299605

2, 319650

1,079

298361

2,415

159. 134.0

17.13.6

13.5

247. 5.2600

423 2304.3159.264.4

98.9138.1107.630.524.9

39.34.7

49.431.4

147.2165.698.3

.3060

562405217

22.938.123.185.7

110.6

195.1106.4

41.2.1100

3913,0201 915

2506,9704,420

3018, 0001. 1455

40.1

41.810 9

7.121.1

793480224

84615232543

1,889514861

456287

2, 517

164.728.0

15.34.1

14 4

256. 9. 2600

373 9263.2139 448.6

89.6119.388.930 418.4

50.44.7

46.829.3

'82. 6r 197. 1r 135. 3

.3060

19.434 535.571.6

119.6

193.8109.9

44.2.1100

5584,9041 670

2106,0903,920

302224751. 1625

35.1

31.87 4

5.814.7

942599231106781287605

2, 336632

1, 065

385359

2 378

107.030. 0

21.94.67.8

259. 2.2600

r 495 7r 303. 2r 159 4

65.1

83.6128.996.032 920.4

26.75.9

29.619.9

r 142. 5r 192. 7

121.6. 3060

21.938.836.9

r90.8

118.9

190.0110.2

45.3.1100

3754,0341 965

2457,2104,570

2223 0801. 1978

39.7

36.610.4

6.318.2

931595228101694278485

2, 387662

] , 089

408326

2,729

159. 632. 0

19.54.26.8

255. 4.2550

414 5286.9150.662.6

'97.8118.790.827.819.0

30.25.9

30.023.4

r 138. 5••167.3r 108. 2

.3060

525373

T 203

r20. 538.632.388.6

112.8

189.7107.7

43.3.1100

1,4463.929

6,4804, 245

1624, 8751. 2185

' 37. 5

26.714.4

7.618.4

938594228108632282430

2 423' 639

1, 145

303354

2, 566

167.3

22.84.6

11.8

255. 6.2400

104.1129.8101.927.920.7

43.612.3

32.225.9

"137.1"163. 8v 109. 5

.3060

20.4

37.1

116.4

"~Il66

3195,030

5

1. 2105

39.1

39.914.4

. 2400

.3060

"."1626"

1.2289

r Revised. p Preliminary. 1 Recoverable aluminum content. Monthly data areexpressed in metallic content (incl. alloying constituents); aluminum content is about 93%of metallic content. 2 Beginning July 1961, includes tonnage held by GSA.

©Basic metal content.(^Consumers' and secondary smelters' stocks of lead in refinery shapes and in copper-

base scrap.




1959 | 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


METALS AND MANUFACTURES—ContinuedNONFERROUS METALS AND PROD.— Con.

Zinc — ContinuedSlab zinc:

Production (primary smelter), from domesticand foreign ores thous. sh. tons__

Secondarv (redistilled) production doConsumption fabricators' doExports doStocks, end of year or mo.:

Producers' smelter (AZE) doConsumers' __do

Price, prime Western (St. Louis) $ p e r l b . _HEATING EQUIPMENT, EXC. ELECTRIC

Radiators and con vectors, cast iron:Shipments mil. sq. ft. radiation _ _Stocks, end of year or mo do

Oil burners:Shipments thous__Stocks, end of year or mo do

Stoves and ranges, domestic cooking:Shipments, total (excl. liquid-fuel types) do

Gasd" do

Stoves, domestic heating, shipments, total. . doGasf do

Warm-air furnaces (forced-air and gravity air-flow),shipments totalf thous

Gas doWater heaters, gas, shipments do .

MACHINERY AND APPARATUSFans, blowers, and unit heaters, qtrly. totals:

Fans and blowers new orders mil $Unit-heater group, new orders© do

Foundry equipment (new) , new orders, netmo. avg. shipments, 194 7-49 =100- _

Furnaces, industrial, new orders, net:Electric processing mil. $Fuel-fired (exc. for hot rolling steel) do_ _ _

Material handling equipment (industrial), neworders index 1954=100

Industrial trucks (electric), shipments:Hand (motorized) numberRider-type _ _ _ _ _ _ _ d o _ _ _

Industrial trucks and tractors (gasoline-powered),shipments . _ . . _ number. _

Machine tools:Metal cutting tools:

Orders new (net) total mil $Domestic - __ do

Shipments, total doDomestic --do

Estimated backlog _ _ _ -.-months _

Metal forming tools:Orders, new (net). mil. $._Shipments doEstimated backlog months

Other machinery and equip., qtrly. shipments:Construction machinery (selected types),

total 9 i mil. $Tractors tracklaying total doTractors, wheel (con. off-hietfiwav)_ . 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 typos),

excl tractors mil. $

ELECTRICAL EQUIPMENTBatteries (automotive replacement only), ship-

ments thou5!Household electrical appliances:

liai'oos (incl. built-ins), domestic and export

Refrici' ratois and home freezers, output195 7 = 100

Vacuum cleaners (standard type), sales lulledthous-.

Wasliers, sales billed (dom. and export)©-- do. . -

Radio s^ts production! doTelevision sets (incl. combination), prod.§ doElectron tubes and semiconductors, factory sales

mil. $..Insulating materials, sales billed, index

1947-49 = 100..Motors and generators:

NTew orders index, qtrly doNew orders (gross):

Polvphase induction motors, 1-200 hp mil. $D C motors and generators, 1-200 hp do

66.64.8

79 71.0

1 56. 2102.4.1145

2.05 2

54. 446.3

169.8166 0

187.9120 5

119 689.1

234.0

2 37 0221 3

142.6

1 54.1

131 8

462335

2,055

42.4036. 8534.4030.45

12.5010.40

4.2

2281.12 80 7223.0

2 54.8

2 130. 6

2 221.9

0 2'.)1

140 0

123.5

285. 1310.4

1 301 9529. 1

To. 6

149

- 172

14.22.5

67.05.7

73 26.3

188 067.8

.1295

1.72 8

42 845 9

151.8148 5

154.7100 9

100 878.1

208.2

2 38 52 21 4

118.8

1 32.9

122 6

461470

1,885

41.9029.3542.3032. 85

12. 5012.00

4.2

2 251. 52 67 5216.2

2 58.0

2 89. 4

2186.2

9 194

1°7 1

111.8

27(5. 1272 9

1 497 2

S2. 6

137

2 162

13.62.3

58.74 3

67 84.8

190 365. 3

. 1300

1.92 8

61645 1

174.0169 3

262. 5172 0

137 6104.2179.5

81.7

1 23.5

99 9

394506

1,569

35 6025. 5540 6527. 75

20. 0010 70

4.5

9 834

129 1

91.5

200. 1305. 8

i 727 0000. 0

So. 0

124

12.31 8

56.94.0

62 77 8

182 169.9

.1300

1.52 7

40.341.6

148.8144 5

172.5113.4

98.576.8

161.3

106.5

82.1

99 0

374463

1,655

39 7526.0536 9023.40

10.2011.65

4.4

9 034

j 1Q 4

S7. 9

2x0. 6i 27o. 3

i } -108 8429. 8

79. 1

123

10.82 2

69.43 5

69 ?14 2

190 866 1

.1248

1.02 8

29.244 2

120.4117 9

85.747 4

79 259 2

174.0

34 923 4

101.2

1 2.4

110 0

342449

1,628

47 4529.4548 6033.00

11.5512.75

4.3

175. 248 19.3

44 4

97. 3

107. 0

2 8'?9

114 4

100.0

254. 0223. o

5] o''l 7* 400. o

77. 2

130

134

11.91 9

74.03 4

63 89 2

9P6 469 4

1.1153

1.02 9

42.044 1

117.0114 8

68. 341 9

76 661 6

213.9

123.7

84.5

116 2

375343

1,318

35 7520.9536 9525. 10

20. 358 555.0

9 701

100 4

99 2

24?. o228 9

1 000 1367. 9

72.0

118

10.41.9

66.33 9

60 66 1

915 060 0

.1150

1 22 9

37.744 1

127.3194 8

70.939 3

78 863 1

199.1

81.8

91.9

114 4

386373

1,595

39 4527.6535 6024. 40

6. 9510 05

4.9

2 321

l°s 1

124.3

257. 9097 (\

I 115 0444. 4

73.4

118

12.92.5

73.64 4

64 36 4

2° 2 959 1

.1150

1.03 3

33.848.9

154.3150 8

106. 374 2

80 763.8

241.2

38 93 13 8

99.1

1.02.6

137 0

394499

1,914

54. 9040. 8042. 0528. 95

15.1512.80

5.2

220 506 71 0. l

54 9

151. 0

224. 2

1 491

1 4g o

3 1 6 2

350. 0305. 0

5 1 3S-1 15 497. 5

92. 5

142

152

13.62.0

69.23 6

69 63 5

219 056 8

.1150

.93 7

38.151 5

138. 9136 0

87.845 7

81 165.7

252 3

115.2

.7

.3

109 8

393426

1,892

41.3031.6040. 1528.30

4. 9

6.3513.55

4.4

1 334

19$ 4

123. 5

265. 0209. 7

1 124 9405. 8

78. 0

125

12.42 3

69.34 3

80 62 6

213 160 0

.1150

.94 6

38.153 7

164.2161 5

97.053 7

90 672.1

210.7

101.5

1 46.1

136.5

385372

1,952

41. 7030.8542. 8531.40

4. 8

7.9015.05

3.8

1 695

131 0

121.1

240. J247. 9

1 1 00. J470. 4

75.8

129

12.42. 1

68.04 8

80 42 6

207 859.5

.1150

1 14 3

44.155 4

170.2167 9

149.195 3

107 9

86.6173.7

r 39 5317 7

130.8

1 23.5

175 5

427376

1,844

52.1031.5046. 7530.20

4. 8

9.4017.45

3.3

284.470 924.0

04 2

132.0

222.4

2 037

145 0

132.0

242. 0304. 3

5 1 020) 3* 61 5.1

$0. 9

139

154

13.72.8

65.34.5

69 53 7

206 664.0

.1150

1.03 9

35.954 4

117.6114 4

157. 397 4

104 283.5

160.1

69.0

1 41 3

130 7

395393

1,753

46 7027.8537 2024. 95

5.0

8.9512 55

3 0

4 20 8

* 22. 4

2 Q93

104 0

113.8

213.9228. 4

1.030.4383. 4

58. 0

105

11.81 9

02.23.6

84 75.1

188 1'62.1. 1150

1.53 6

62.650 9

187.4183 6

226 8136 2

129 099 1

201.3

62.0

93.3

113 3

388385

1,667

44 8029.6534 0523.15

5.2

10.1012 95

2 8

4 21 3

4 15 5

2 088

I0"7 5

72.9

270.1332. 0

1 385 1514.7

86.0

135

11.82 2

63. 05 0

83 33.3

105 163 2

.1150

1 63 2

55 143 8

190.1185 8

240 8149 5

149 4112 1182 1

38 63 14 5

108.4

1 21 l

120 8

377349

1,735

r 55 65r 34 05r41 20' 27. 10

T 5.7

* 10. 95r 10 70

2 8

4 28 4

4 31 0

158 4

r 9 R07

I'o 3129 7

302, 240 j . 9

•i ? 048 75094.0

89. 5

13.52 4

2 7

150 1

.1150

106.9

1 41.6

125. 0

p48 50p 29. 55P46 05P 29. 10

v 5. 0

P 8. 45»10 80

*2. 7

3 1Q0

i °o s

1 1 S 0

3'27. 03'2 1.9

r i 790 4>• 0-0. S

80.0

146 4

.1150

P] 739 Qr> 588, 8

r Revised. v Preliminary. i Average based on actual market days; excludes nominalprices for other days. 2 Quarterly average. 3 See note marked "©".

4 Data are for month shown. « Data cover 5 weeks.c? Includes data for built-in gas fired oven-broiler Units; shipments of cooking tops, not

included in figures above, totaled 33,800 and 34,000 units in Aug. and Sept. 1961, respectively.tRevisions for gas heating stoves (Jan.-June 1960) and warm-air furnaces (Jan.l959-June

I960) are available upon request.©Beginning 1st qtr. 1961, data exclude new orders for gas-fired unit heaters and duct

furnaces; comparable data for 4th qtr. 1960, $15,900,000.

9 Includes data not shown separately.t Effective 1960, data are not strictly comparable with earlier data. Revisions for 1960

appear in the July 1961 SURVEY.OData exclude sales of combination washer-drier machines; such sales (inel. exports)

totaled 7,600 units in Oct. 1961.§Radio production comprises table, portable, auto, and clock models; television sets

exclude figures for color sets. Data for Dec. 1960 and Mar., June, and Sept. 1961 cover 5weeks; other months, 4 weeks.




1959 1960

Monthlyaverage

1960

Oct. Nov. Dee.

1961


PETROLEUM, COAL, AND PRODUCTS

COAL

Anthracite:Production thous sh. tonsStocks in producers' vards, end of mo doExports doPrices:

Retail, stove, composite $ per sh tonWholesale, chestnut, f.o.b. mine_ do

Bituminous:Production thous. sh. tons__Industrial consumption and retail deliveries,

total 9 thous sh tonsElectric 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 ofmonth, total 9 thous. sh. tons..

Electric power utilities doMfg and mining industries total do

Oven-coke plants do

Retail dealers do

Exports doPrices:

Retail, composite _ $ per sh tonWholesale:

Screenings, indust use f o b mine doDomestic large sizes f o b mine do

COKEProduction:

Beehive thous sh tonsOven (byproduct) doPetroleum coke§ do

Stocks, end of month: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 stills mil. bblRefinery operating ratio % of capacity

All oils, supply, demand, and stocks:New supply, total mil. bbl

Production:Crude petroleum doNatural-gas liquids, benzol, etc -. do

Imports:Crude petroleum doRefined products do

Change in stocks, all" oils (decrease,—) do

Demand, total doExports:

Crude petroleum _ _ _ _ doRefined products do

Domestic demand total 9 doGasoline doKerosene do

Distillate fuel oil rl :>Residual fuel oil d )Jet fuel . d )

Lubricants... __ _ . ._ _ , d )Asphalt _ _ _ - d )Liquefied gases d )

Stocks, end of month, total . _ _ doCrude petroleum doNatural-gas liquids doRefined products. do

Refined petroleum products:Gasoline (incl. aviation):

Production _doExports - do _..Stocks, end of month:

Finished gasoline doUnfinished gasoline d o _ _ _

Prices (excl. aviation):Wholesale, ref. (Ok'la., group 3) $ per gal._Retail (regular grade, excl. taxes), 55 cities

(1st of following mo.) $ per gal _

1,721389149

27.8914.177

34, 336

30 52113,81613, 9806 598

2 428

69, 51945 66422 73510 678

844

3 104

16 89

5 2237 733

904 566

685

3, 9652 4711,4941 120

38

r 2, 2552.97

243. 185

295.4

214 526.8

29 424 81.5

?93 9

.26 2

287 5123.8

9 2

55 047 0

8 7

3.68. 5

802. 7258. 9

26. 4518.2

124.11.4

182.012.2

.114

.212

1,568315119

27.6713. 948

34, 626

H 31 7Q9'I 14, 490ri 14, 425rl 6 751

2 534

72, 33348, 24423 21611,287

693

3 041

17 06

5.1647 690

844 6851 000

3 4, 1523 2 947

1,2051 159

29

1,8742.97

246.083

298 8

214. 628.7

31 024 5

-2.5

301 3

.35 9

295 1126. 511 0

46 78 6

3.68. 7

18 8

2-18. 028.4

513.9

129. 01.1

188. 912.7

.116

.210

1,678319154

27. 5514. 098

35, 499

'30 163r 14, 305r 12, 932r 5 579

2 609

76, 2065^,21523 00611,083

821

3 763

17 21

5 1497 709

573 8911 153

4,6033 4111, 1921 194

16

1,8752.97

245.281

297.9

215 729.7

31 521 014.8

283 1

.45 6

277 1126.210 5

45 240 88 3

3. 511 118 0

831 4233. 036. 1

562 3

126. 61.1

12.0

.125

.213

1,692327176

27.6414. 098

33, 589r30 591r 14, 695>• 12, 918r 5 048

2 729

76, 73052, 43523 98311,204

832

2 882

17 24

5 1497 869

613,4961 145

4.6813, 4691,2121 174

35

1,8352.97

236.881

300.2

214. 029.5

30 026.7

-4.7

304 8

05 2

299 7124.9

12 8

61 648 58. 5

3. 56. 8

20 8

826. 8239. 5

34. 0

123. 9. 7

175 413.3

.125

.215

1,794199110

27. 8814.098

33, 091

^34 503' 16, 758r 13, 632r 4 926

3 886

73, 24449, 93729 45111,029

666

2 399

17 27

5 1497 900

603 3821 202

4,7323 4521,280

87711

2. 4262. 97

248.983

309. 7

221 731. 5

28 727 9

-48.0

357 8

.55 3

351 9124. 918 8

95 557 18 3

3. o4 0

25 5

778 7239.828. 9

510 0

130. 8

181 213. 6

. 125

.214

1.803110134

28 3414. 420

32, 570

34 7Qo16,90313 7275 035

4 069

69,19447 15791 47710 484

560

1 867

17 30

5 1497 992

503 494l'260

4 8223 4851 338

933

1 8802.97

259 387

321 6

923 531 0

33 733 5

-25.1

346 8

15 0

341 6114. 518 1

% 458 98 0

3 63 1

759 4236. 8

24. 04' 18 7

131 71.0

197 914. 0

.125

211

1 , 7566489

98 5614. 420

28, 970

30 230U, 73019, 4034 799

3 097

66, 46345 24520 6839 789

535

1 868

17 30

5 1497 999

613 2961 121

4 7813 4011 380

93326

1 5122.97

236 886

291 4

204 328 2

28 830 1

-7.2

298 6

34 3

994 0105. 615 1

74 9r)3 17 i

2 89 3

90 6

759 2232.123. 2

4()7 0

115 8. 5

208 813.4

. 125

211

1,46898

107

28. 5614. 420

29, 950

30 47014,77313 4215 345

9 273

65,18344 62790 1589 551

398

1 959

17 30

5 1497 828

703 6541 237

4 6973 2851 4121 025

41

1 9502.97

251 081

323 6

231 630.9

33 327 Q

14.8

308 9

.35 1

303 4126. 611 7

66 450 98 8

3.54 6

17 5

767 0244.9

4(»4 5

127. 6. 5

209 514. 2

.125

201

1,19715312

28.5614. 420

29, 220

98 42313,50012,9695 495

1 9C9

65, 00745,01719 6409,332

350

2, 541

17 232 5 037

7 275

673 7971 248

4,7263 2561,4701 102

23

1,6432.97

234 678

304 7

219 830.1

27 027 924.1

280 6

.35 3

275 0119.2

9 0

53 346 18 1

3.05 6

17 5

791 1256. 131.6

503 4

118 61. 1

90S 414.2

.125

.202

1,44724795

27.4711.970

34, 250

28 44313, 57413, 5876 206

1 193

67, 89346, 93720 5029,852

454

3 392

16 86

5 0187 209

784 2491 218

4,5723 0941 4781 112

41

2,0502.97

249.080

308.7

221 629.7

33 623 916.1

292 6

.25 7

286 7137.2

9 2

44 339 G10 6

4.010 416 0

807 22(>1.435.4

510 4

127. 3

198 914.5

. 115

202

1,372178159

27.4711.970

31,510

27 96613,72213,1376 153

1,010

70, 69848, 36021,7889,931

550

3,402

16.74

5.0187 256

784,2101 236

4,3582 9281, 4301 111

27

1,7342.97

239.680

288. 0

213.128.7

27 219 09.8

278 2

.45 4

272 4138. 5

7 8

37 031 68 5

3.613 816 4

817 0261.138.2

517 8

123 21. 1

183 713.9

.125

206

1, 20217393

27.6412. 460

26, 800

28 24114, 20112,9346,277

1,007

67, 13946, 95119 5978, 496

591

2, 775

16.81

5 0187 273

724 3191 325

4, 3542 8841,4701 135

45

1, 7352.97

257. 083

307. 3

215.729.4

38 024 321.2

286 1

,24 8

281 9137 4

0 '>

y) ~>o (» 3

S 0

14 1

S32 2

41 4rô q

135 I.6

189 513.3

,125

214

1,565253142

27. 7612. 460

37,500

30, 62615, 33613, 4696,506

1,710

69, 65348, 45220, 2768, 936

625r 3, 918

16. 91

5.0167.367

854, 4641,342

4,3012,8911,4111, 112

41

1,8242.97

262. 185

302.7

220.229 6

34 018.83.3

299 3

3"> 4

2)3 (>1 10 4

10 1

40 S,3S J

q 7

3.7l f > 2is 0

Ml {)24s 1

42 -" 0 7

130 58

178 513.1

.115

.206

1, 423293151

27 8912. 950

r 35, 150r30 636

14,79713, 5626, 628

2,173

70, 69749, 37120,7109, 135

616r 3, 771

17.04

5.016r 7 470

744 5571 183

4, 1012 7721 3291 095

59

1 6762.97

239 380

292 7

209 828 0

33 121 812.0

280 7

14 1

>76 °130.1

11 }

3b 510 2

\ 3 51(> ()

s"i {>2"»1 0

44 1"S 2

123 3.9

173 311. 7

. 105

199

T 1, 636297141

28. 2413.370

"38, 565

33, 36715, 35215, 052

7, 069

2, 860

72,61250, 26821,714

9, 813

630

3.716

17.29

*5. 016*>7. 586

794, 862

4,0362,7641,272

35

2.97

-~

r . 095

201

v 1.522

?37, 305

r Revised. v Preliminary.i Revisions for Jan-Sept. 1960 (thous. sh. tons): Total, 38,170; 36,510; 39,164; 30,827; 29,667;

27,959; 26,614; 28,800; 27,461; electric power utilities, 15.867; 15,008; 16,111; 13,083; 13,119; 13,197;13,403; 14,673; 13,663; manufacturing, etc., 17,975; 17,266; 18,528; 15,743: 14,937; 13,414; 11,875;12,283; 11,593; coke plants, 8,904; 8,598; 9,103; 8,177; 7,599; 6,519; 5,717; 5,673; 5,172.

I 12 Data beginning April 1961 are not entirely comparable with those for earlier peri

March 1961 price comparable with later data, $5.059 per sh. ton.3 Revisions for Jan.-Aug. 1960 appear in the Nov. 1961 Survey.9 Includes data not shown separately.§Ineludes nonmarketable catalyst coke.




1959 1960

Monthly

1960

Oct. Nov. Dec.

1961

Jan. Feb. Mar. Apr. May June Julv Aug. Sept. Oct. Nov.

PETROLEUM, COAL, AND PRODUCTS—Continued

PETROLEUM AND PRODUCTS— Continued

Refined petroleum products— ContinuedAviation gasoline:

Production _ - - mil. hblExports doStocks, end of month _._ ... do

Kerosene:Production _ _ ._ doStocks end of month doPrice, wholesale, bulk lots (N.Y. Harbor)

$ per gaLDistillate fuel oil:

Production mil bblImports . . doExports . doStocks end of month doPrice, wholesale (N.Y. Harbor, No. 2 fuel)

3 per gal _Residual fuel oil:

Production . mil bblImports doExports doStocks, end of month ._ _ _ doPrice, wholesale (Okla., No. 6) $ per bb l__

Jet fuel:Production mil. bblStocks, end of month. .__ do. ._

Lubricants:Production _ . _ _ doExports doStocks end of month _ doPrice, 'wholesale, bright stock (midcontinent,

f.o.b., Tulsa) $per gal._Asphalt:

Production mil. bblStocks, end of month ___ . do

Liquefied petroleum gases:Production doTransfers from gasoline plants doStocks (at plants, terminals, underground, and

at refineries), end of mo mil. bbl .

Asphalt and tar products, shipments*Asphalt roofinir, total _.. thous, squares

Roll roofing and cap sheet doShingles, all types _ do

Asphalt Aiding doInsulated siding doSaturated felts thous. sh tons

10.31 0

13.4

9.226 2

.105

56 61.51.1

129 7

.100

29.018. 51.7

56. 51.65

7.77.8

4.71 28.8

.235

8.112.3

5.612.2

21.5

4,9611,7633,197

7812786

9.68

13.5

11.328 7

. 104

55 61. 1.8

197 q

. 094

27 719.51.5

43.41.69

7.46.6

4.91.39.4

.257

8.212.8

6.512.5

24.2

4,9971,8133, 184

739482

9.5.9

12.7

I9 037 0

.105

56 3.9.6

180 1

. 095

25. 816.01.3

50. 01.80

6.96.0

4.91.49.2

.260

9.78.1

6.012. 1

32.6

6, 0212,2993,722

10111787

9.06

13.6

12.436 7

.101

54 9.66

173 9

.091

27.121.91.3

49.51.80

7.36.0

5.11.49.5

.260

6.88.6

6.115.0

30.6

4, 5921,6882,903

848279

9.65

13.9

13.431 4

098

59 21. 1.6

138 5

.088

30. 922 8

1. 544.91.80

7.36.5

5.11 49.9

.260

5.210.1

6.719.0

25.5

4,3511, 6562, 695

745195

9.68

13.1

13 927 4

1 . 109

64 42 1

108 11 .099

29 927. 91 2

42 91.80

6 76.0

4 71 0

12 4

.260

5 015.2

6.919 0

20.7

2,000775

1, 224

454453

S. 6.3

13.0

12.024 5

.117

63 21 1.3

97 3

. 107

27 825.7

1 042.61. SO

6 76.4

4.71 5

12.8

.260

4 517.6

6.414 5

20.0

1,665655

1,010

354535

9.64

12.8

12.72~, 7

. 115

56 01 4.4

8» 0

.105

27 422.81 3

40.91.80

8 97.1

5.01 6

12.7

.260

5.919.2

6.911 2

24.3

3, 8341, 4462,388

657360

9.21 0

11.8

10.627 3

.110

49 99

.685 0

.100

25 022.91 3

41 81. 65

8 07.8

5. 11 4

13.4

.260

7 721.6

6.611 2

28.3

4,7091, 6673, 042

627869

10.24

12.3

9.928 4

.105

52 9

.893 6

.095

26 016 61 6

44 11.60

8 37.6

5 31 5

13 1

.260

9 421.3

7.110 2

33.4

6,5172, 1394,378

759889

9.49

11.6

9.530 3

.105

52 51 0

109 5

.095

23 312.31 l

47 41.45

7 57.9

4.61 3

12.7

.260

10 919.3

6.610. 1

36.9

7, 2662 3204,947

76108108

9.6.5

10.7

11.132 4

. 105

58 21.5.6

199 6

.095

25 816.9

850. 21.45

8 18.2

5.21.5

12.9

.260

11.817.7

6.29.9

40.7

5,8672,0693,798

7310578

10.8.6

10.8

11.333,9

.108

61 21.1.4

150 9

.098

25.212.81.4

48.81.45

8 98.5

5.11.7

12.6

.260

11.914.1

6.411.8

42.3

6,8802 4654,415

9012596

9.97

10.6

11.335 9

.108

54 61 4.3

165 4

.098

23 91 4. 8

950 31.45

8 07.9

4.51 2

12 4

.260

10 912.1

5.911 3

43.7

r 7, 0872 497

r 4, 589

95105102

v . 108

v 098

P 1.4"

p . 260

7, 3762 5644,812

107112109

PULP, PAPER, AND PAPER PRODUCTS

PULPWOOD AND WASTE PAPER

Pulp wood:Receipts thous cords (128 cu. ft )Consumption _. _ _ . do__ _Stocks end of month do

Waste paper:Consumption __ _ thous. sh. tonsStocks, end of month do._

WOOD PULPProduction:

Total all grades _ thous. sh. tonsDissolving and special alpha doSulfate __ _ _ _ . doSulfite do

Groundwood _ doDefibrated or exploded doSoda semichem screenings etc do

Stocks, end of month:Total all mills do

Pulp mills doPaper and board mills doNonpaper mills do

Exports all grades total doDissolving and special alpha doAil other _ _ do ._

Imports all grades total doDissolvinff and special alpha doAll other do

PAPER AND PAPER PRODUCTS

All paper and board mills, production:Paper and board total thous sh tons

Paper doPaperboard do"Wet-machine board doConstruction naner and board __do

3, 1723,2245 181

785510

2 03292

1,152207

269103209

89927954278

542430

20315

188

2 8381 2561,290

12280

3,4483,3745,483

753550

2,11095

1,216215

274100209

90229952974

953461

19815

184

2 8721,2841,306

14268

3,7383,5885,967

770544

2 22897

1,298227

284113208

938323546

69

903160

19814

184

»• 2 9841 3401,345

13••286

3,2493, 3585,891

719548

2, 07491

1,194230

265100193

95734254669

983364

22919

210

2 7941,2541,278

12250

3,0322, 9665,948

752561

1, 84883

1,040187

26190

187

89729453469

953461

1759

166

2 5211, 1C51,123

11222

3, 4493, 4006,471

712519

2,10899

1,218222

26896

204

88231749966

882365

18512

174

2 7931,2951,257

10230

3,4003,2226,212

677515

1,95791

1, 151200

243.75

197

88931260770

1093278

19514

181

2 6391,2191,214

10196

3, 5163,5996,169

762519

2,245107

1,311221

275104227

91432552466

1094366

20812

196

3,0041,3541,386

12253

3,1703, 5105,983

728517

2,17797

1V278225

256104218

898339497

62

1003664

16812

156

2 9401,3061,360

11264

3, 3573,6645,424

778536

2,298114

1,335221

281117230

91534950561

1074364

20918

191

3,0701, 3401,427

11291

3,4653, 5605 323

778516

2,265100

1, 326222

266119234

93235651561

933558

22411

213

3,0941,3251, 453

13303

3,2683,1995 389

684531

1,99080

1,166179

256102207

93534752662

883751

19012

178

2,6971,1661,245

8277

3,8993,6235 655

825501

2,30597

1,347217

278120245

917332509

77

1173978

22412

212

3,1771,3621,485

11319

r 3, 546f 3, 436r 5 772

790479

r 2, 15882

r 1, 288r 195

'254108230

r 878'315

50658

792653

19816

183

3 012r 1, 293

1,42911

280

3 8553, 8515 761

816498

2, 415118

1,414230

282116256

87931750655

943856

22517

207

3, 2561,4141,527

10304

r Revised. v Preliminary.1 Prices beginning Jan. 1961 not strictly comparable with earlier data. Jan. 1961 prices

comparable with Dec. I960: Kerosene, $0.115; fuel oil, $0.105.




1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


PULP, PAPER, AND PAPER PRODUCTS—Continued

PAPER AND PAPER PRODUCTS— Con.

Paper, exc. building paper, newsprint, and paper-board (American Paper and Palp Assoc.):

Orders, new 9 thous. sh. tonsOrders unfilled end of month 9 doProduction _ doShipments 9 _ _ ._do_Stocks end of month 9 do

Fine paper:Orders new doOrders, unfilled, end of month do_ _Production doShipments _ _ _ _ doStocks end of month do

Printing paper:Orders, n e w _ _ _ _ _ doOrders unfilled, end of month __ . _ doProduction doShipments - doStocks, end of month __ _ _ _ d oPrice, wholesale, book paper, "A" grade, English

finish, white, f.o.b. mill $ per 100 IbCoarse paper:

Orders, new .._ thous. sh. tons..Orders, unfilled, end of month. _ do __Production doShipments do _Stocks end of month do

Newsprint:Canada (incl. Newfoundland):

Production _ _ _ doShipments from mills doStocks at mills, end of month _ _ do

United States:Production _ doShipments from mills doStocks at mills, end of month _ do

Consumption by publishersc? doStocks at arid in transit to publishers, end of

month cf1 thous. sh. tons

Imports doPrice, rolls, contract, delivered to principal ports

$ per sh. ton.

Paperboard (National Paper-board Assoc.):Orders new thous. sh. tonsOrders, unfilled, end of month do. _Production total do

Percent of activity -Paper products:

Shipping containers, corrugated and solid fiber,shipments mil. sq. ft. surf. area--

Folding paper boxes, shipments, index of physicalvolume , 1947-49=100

929701

1,096910558

14690

147145131

389401376370250

16.28

333161333333106

533535227

16416422

444

621

438

134. 40

1,334477

1.33092

9, 166

126.9

926682

1,117922630

14479

148145156

398396389391270

16.85

324161333325123

562563209

17016934

461

634

451

134. 40

1,322427

1,32889

9, 044

124.0

966659

1,160951644

14273

144146156

4273964C8408270

16.95

333143336335126

5915S8205

18518337

517

615

475

134. 40

1,390418

1,39893

9,501

132.4

857625

1,084879661

14275

145145163

375368389389270

16.95

281134302288139

604645164

17417734

497

626

504

134. 40

1, 272409

1,31386

8,781

116.6

819586

1,012844647

13470

134135149

348333374375269

16.95

281136278278139

534558140

15916726

457

628

475

134. 40

1,182372

1,21273

8, 186

124.0

934618

1,118899644

14478

142143153

412367386381275

16. 95

320130322313143

545509176

18416743

422

633

422

134. 40

1,212380

1,20187

8, 254

112.0

903641

1,056867657

15493

142147153

397370372369277

16.95

295133300294150

512469219

16316839

392

648

415

134. 40

1,242399

1.21989

8, 082

109.4

1,016665

1,176976643

16490

160160145

442394417414280

16.95

345138336339144

572528263

18617847

469

611

493

134. 40

1,454441

1,43691

9, 667

130.8

962678

1,147935662

15798

156155154

405394382381281

16.95

341143339338148

549559252

16317634

479

594

421

134. 40

1,304421

1,31791

8, 936

117.2

955641

1,160953661

15891

159155147

396362404403283

16.95

339144340334149

592583261

18617941

486

589

512

134. 40

1,462448

1,45291

9,707

127.8

972659

1,163959682

15086

160152157

422379407403287

16.95

345153341341157

558573246

16617136

447

594

484

134. 40

1,409427

1, 42594

9,927

r 132. 6

'873r 651

1,003••839'672

145'91

'135135

' 151

370360357

'358••286

16.95

303152296

'296r 149

555553249

17116443

413

618

444

134. 40

1,237472

1 18478

8, 570

T 107 0

'970r 648

'1,166' 957'691

'156'89

' 160'155'154

'408' 352' 404' 401'286

16.95

340158

'338335153

585609225

19218649

417

671

465

134. 40

1 541521

1 50195

11,170

r 135 3

880601879873604

14974

166157164

387352386386286

16.95

344175327330154

548555217

16717640

451

664

449

134. 40

1 470571

1 42392

10,541

r ]30 2

16 95

596590224

18718344

512

623

461

p 134. 40

1 499

1 r>9998

10,619

r 135 7

1 433485

1 47995

10, 052

v 19C> 5

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption thous Ig tonsStocks end of month doImports, incl. latex and guayule . _ - _ do. __Price, wholesale, smoked sheets (N.Y.)__ $ perlb..

Synthetic rubber:Production thous. Ig. tonsConsumption doStocks, end of month doExports _ - do

Reclaimed rubber:Production _ _ _ _ do. _Consumption doStocks, end of month do

TIRES AND TUBES

Pneumatic casings:Production thous

Shipments, total _ ... . . do ...Original equipment doReplacement equipment doExport _ . .. - do.. _

Stocks, end of month _. _ _ . do__ _Exports (Bur. of Census) . ._ do

Inner tubes:Production doShipments doStocks, end of month doExports (Bur. of Census) _. do. __

46 2579 7847.80.365

114.9789.39

187. 8724.46

25.3424.2026.62

9,828

9,3732,8496,405

119

22, 21392

3, 8383, 8368,076

76

39. 9278 4834. 23

.385

119. 7089. 94

232. 0228.74

24.4023. 0432.02

9,987

9, 9763,3506, 482

143

26, 558117

3, 4153,399

10, 324107

36. 9976 1226. 91.343

110. 9989. 19

238. 5923.17

23. 5623.0833.52

9,530

10,0143, 5896,304

121

25, 49973

3,0673,000

10, 589137

35. 9271. 6130.41.311

110.4686. 58

240. 0423.38

22. 0220.8433.78

9,044

8,3033, 4254,772

105

26, 29076

2, 9212,657

10, 85971

31. 8577 2839. 08

.289

104. 6680.42

242. 7923. 50

20.0219.7632. 80

8,804

7,6503,0874,452

112

27, 54088

2,9132,817

11,034110

.

35. 1580 2433. 75. 285

105. 812 86. 20236. 25

26. 29

22.5322.0533.10

9,221

9,1302,4496,590

91

27, 68279

3,2085,0769,394

57

31.8776 4126. 77

. 294

101.24

233. 0426.38

19.7218. 5533.49

8,591

7,0042,1914, 722

92

29, 33883

3,1403,2779,246

75

34. 9172 3628.74.305

112. 5886. 01

235. 6327.98

21. 8220.5632.70

9,212

9,1662, 4486,595

123

29, 38596

3,3593, 5889,014

82

33 2169 0224.58.305

108. 4582. 81

2251.2723.50

21.3220.7431.59

8,882

10, 2322,9347,202

96

28, 03385

2,9392,9029 096

80

35 2863 4029.87.325

2112.7990. 56

248. 8722.94

23.3221.9931.66

9,604

11,1923 3777,716

99

26, 50379

3,1902,7959 487

77

35 8867 8734.84.300

107. 4992 71

243. 1720.13

25.1221 9832.60

9 919

11, 7093 1238,473

113

24 80076

2 8383,3238 948

58

30 O9

70 2?34.24.291

111.0378 36

253. 4421 92

19.1117 3033.27

8,881

9 5982 0237,490

84

24 09883

2 7333 0468 641

58

37 8066 9732 59.300

114 9497 40

239. 8427 87

22 5020 5933. 04

10 345

10 2691 9288,215

196

24 12779

3 2113 1928 700

58

36 9663 8129 26

.305

116 6093 64

240. 8722 90

20 5920 3031.83

' 9 893

9 9882 6207,239

130

24 09691

3 0812 8568 890

64

40 0169 3840 65. 295

133 79105 03242. 41

24 79

23 4429 9131. 69

11 150

11 1093? 4297,518

162

24 19585

3 5603 4359 096

.274

' Revised. * Preliminary. c Corrected. J September data exclude estimates fortissue and miscellaneous papers.

2 Data for stereo and other elastomers (except polyurethane rubbers) are includedas follows: Production, beginning May 1961; consumption, Jan. 1961; stocks, Apr. 1961.

9 Data exclude estimates for "tissue paper."cT As reported by publishers accounting for about 75 percent of total newsprint consump-

tion in 1960.


S-38 SUEVEY OF CUREENT BUSINESS December 1061


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


STONE, CLAY, AND GLASS PRODUCTS

PORTLAND CEMENT

Production, finished cement thous. bblPercent of capacity _ __

Shipments, finished cement __thous. bblStocks, end of month:

Finished do_Clinker do

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 ftPrice index, brick (common), f.o.b. plant or N.Y.

dock 1947-49=100

GLASS AND GLASS PRODUCTS

Flat glass, mfrs.' shipments (qtrly. total and qtrly.average) 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 month do

GYPSUM AND PRODUCTS

Crude gypsum, qtrly. avg. or total:Imports _ thous. sh tonsProduction do

Calcined production qtrly avg. or total do

Gypsum products sold or used, qtrly. avg. or total:Uncalcined uses thous sh tonsIndustrial uses doBuilding uses:

Plasters:Base-coat doAll other (incl Keene's cement) do

Lath mil sq ftWallboard doAll other § do

28, 21183

28, 164

31, 77220 045

604.843.4

164.4

34.4

21.0

139.0

83, 43333, 62649, 808

12, 867

12, 539

1,353

3,688

9411,0791,280

2,9171,114

166

16, 961

1,5332,725

2,317

99778

351320

586 51,519.8

65 8

26, 58875

26, 244

35, 51225, 516

«541.8° 40.7

a 154.5

33.9

19.4

141.2

70, 52426, 66243, 863

13, 358

12, 890

1,469

3,698

9581,3761,243

2,9011,095

151

20, 705

1,3262,459

2,148

91571

299299

477 61,458.6

59 4

31, 53387

33, 239

28, 84117 318

595.940.7

167.9

38.0

18 9

141.7

13,983

12, 876

1,461

3,963

570861

1,579

3,1561,139

147

20, 932

26, 46975

25, 232

30, 09516, 838

536.740.3

143.3

37.3

17.7

141.7

11,451

11,576

1,043

3,466

7241,0121,367

2,815996153

20, 686

20, 50556

15,116

35, 52520 954

342.432.5

108.1

31.9

16 6

141.7

75, 96431, 07644, 888

11,156

11,307

998

3,219

9651,2731,128

2,631915178

20, 250

1,5092,358

1,957

88771

273275

408.01,452.5

51 3

16, 74446

14, 302

37, 93925 952

341.632.0

114.6

30.8

15 2

141.4

12, 287

11,472

1,126

3,444

6091,1631,089

2,8671,026

148

20, 613

15,03845

14, 447

38 53129 763

322 827. 190.2

28.3

15 0

141.4

12 520

11 178

1 112

3,247

5961,0861,200

»• 2, 806995141

21, 830

21,85159

22, 148

38, 23732 250

483.237.4

128.0

34.8

19 1

141.4

59, 90622, 33337, 573

15,171

17, 472

2,161

4,809

1,0682,3381,422

4,0391,434

201

19,410

8502,003

1,732

74365

203299

360.01,209.8

43 4

26, 46374

24, 752

39, 99932 380

535.640.6

147.6

33.3

18 0

141.2

13, 538

10, 951

1,128

2,687

9501,5861,151

2,38597292

21, 777

31,10284

31,313

39, 78930, 999

625.340.7

165.9

39.1

20.0

141.2

14, 127

13, 547

1,186

3,423

1,3102,3091,243

2,99498597

22, 273

31, 59488

34, 030

37, 34628 960

640.438.3

178.7

39.8

21 0

141.2

60, 99626, 20434, 792

15, 243

15, 684

1,402

4,051

1,7563,1891,360

2,7611,047

118

21, 657

1,4572,499

2,178

99764

276277

438.91, 545. 9

64 2

32,51188

31, 980

37, 88926 189

606.537.2

161.2

37.4

18 1

141.4

14, 644

13,018

1,311

3,889

1 2691,9791,045

2,483928114

23, 070

33, 26289

37, 376

33 7682] 958

665.439.9

180.7

40.4

22 6

141 7

16 521

17 939

2 515

5,456

1 0482 1131,456

3,9411 220

190

21, 529

31, 47487

33, 468

31, 77418 704

r 594. 236.4

165.6

35.9

f-20 6

141.7

67 71230 63137, 081

13 815

13 636

2 341

4,154

7491,5151,257

2,564893163

21, 225

1,4222.609

2.282

1,16465

281303

466.91,689.4

63 8

32 34887

35, 681

28 45216 204

646.141.9

174.4

38.8

20 8

14 808

13 927

1 421

4,287

7761 4641, 655

3,1481 026

150

21, 871

TEXTILE PRODUCTS

APPAREL

Hosiery, shipments thous. doz pairsMen's apparel, cuttings: 1fcf

Tailored garments:Suits - - thous unitsOvercoats and topcoats do_

Coats (separate), dress and sport do.Trousers (separate), dress and sport— do

Shirts (woven fabrics), dress and sport- thous. doz.Work clothing:

Dungarees and waistband overalls do.Shirts do_ _

Women's, misses', juniors' outerwear, cuttings :d"Coats thous. units__Dresses doSuits do

Waists, blouses, and shirts thous. doz__Skirts do....

13,099

1,759503

8217,5771, 865

239329

2,06121,473

807

1,291701

12,600

1,786435

8418,2621,956

231304

1,95220,888

809

1,288712

13, 511

1,704392

8366,5961,908

208296

2, 36619,357

627

1,220776

1 3, 874

1,832264

8846,1721,892

184272

2,23519,749

647

1,183676

11,640

1 1, 7101200

18051 6, 290i 1, 970

i 1951245

1,36615,592

722

944393

12,360

1,484140

7966,2961,828

264252

1,70018,4131,290

1,239576

13,016

1,460172

7086,6161,840

264296

2,18522,1241,016

1,401681

14, 734

11,795i 225

1950i 7, 780U,970

12801350

2,13728, 9681,068

1,669889

11, 779

1,580344

9407,3121,592

264304

69626, 512

499

1,565753

12, 727

1,620504

1,0408,0961,768

308296

1,07724, 792

397

1,368760

14, 332

11,550i 545

i 96518,13511,975

12801285

1,98621, 867

843

1,388855

12, 381

936456

5446,3681,432

236236

2,08117,1881,004

1,161738

17, 331

1,788676

9648,9602,012

340324

2,83521, 7591,035

1,335854

14, 155

i 1, 5851470

1820i 7,615i 1,935

13201330

2,15517, 642

582

1,215612

16, 043

1,744360

1,0767,9362,020

320320

2,57621, 448

660

1,433773

' Revised. i Data cover a 5-week period.a Revisions for Jan.-Mar. 1960 follow (units as above): Brick, 354,3; 373.6; 393.6; structural

tile, 33.2; 32 9; 34.9; sewer pipe, 105.7; 105.8; 116.0.§Comprises sheathing, formboard, and laminated board.

or Dec. 1960 and Mar., June, and Sept. 1961 cover 5 weeks; other months,weeks.

cT Re visions for Jan. 1959-Aug. 1960 are available upon request.




1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961


TEXTILE PRODUCTS—Continued

COTTON

Cotton (exclusive of linters):Production:

Ginnings§ thous running balesCrop estimate, equivalent 500-lb. bales

thous. bales. .

Consumption^ __ .. doStocks in the United States, end of mo.,

total J _ doDomestic cotton total do

On farms and in transit doPublic storage and compresses doConsuming establishments do

Foreign cotton, total do

Exports doImports doPrices (farm), American upland cents per lb._Prices, middling 1", avg. 14 markets do

Cotton linters:Consumption^ thous balesProduction doStocks, end of mo _ do

COTTON MANUFACTURES

Spindle activity (cotton system spindles):^

Consuming 100 percent cotton do

Spindle hours operated, all fibers, total _mil_.

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 otrly avg or total mil lin ydOrders, unfilled, end of mo., as compared with

avg. weekly production No. weeks' prod_-Inventorics, end of mo., as compared with avg.

weekly production.. _No. weeks' prod_.

Exports thous. sq. yd-_Imports do

Mill marginsf. ..cents per lb_Prices, wholesale:

Denim, white back, 10 oz./sq. yd.cents per yd__

Print cloth 39 inch 68 x 72 doSheeting, class B, 40-inch, 48 x 44-48 do

MANMADE FIBERS AND MANUFACTURES

Fiber production, qtrly. avg. or total mil. lb_.qf 1 • ] f / \ ' / - --

Noncellulosic (nylon, acrylic, protein, etc.) -doTextile glass fiber (exc. blown glass wool and

pack) mil. lb_.

Exports:Yarns and monofilaments thous IbStaple tow and. tops do

Imports:Yarns and monofilaments doStaple, tow and tops do

Stocks, producers', end of mo.:Filament yarn (rayon and acetate) mil IbStaple incl tow (rayon) do

Prices, rayon (viscose; :Yarn, filament. 150 denier__ $ per lb__Staple 1 5 denier do

Manmade fiber broadwoven fabrics:Production, qtrly. avg. or totalj9 __mil. lin. yd__

Rayon and acetate (excl tire fabric) doNylon and chicflv nylon mixtures doPolyester and chiefly polyester blends*, .do

Exports, piece goods thous. sq. yd_.

SILKImports raw thous IbPrice, raw, AA, 20-22 denier $ per lb..Proauction, fabric, qtrly. avg. or total

thous. lin. yd—

' Revised. » Preliminary. 1 Total crop for yeto Jan. 15. * Data cover a 5-week period. 6 Les1961 crop. * Data are for month shown. 8 Re^3d qtr. 1960.

§Total ginnings to end of month indicated, excejIData for Dec. 1960 and Mar., June, and Sept. 1

4 weeks.

14,515

14, 558

748

15, 20015, 1283,360

10, 4981,270

72

30611

31.633.2

115124652

19, 28217, 642

10, 224473

9,356

.676

.941

2,401

14.8

3.5

39, 52020, 080

26. 98

36.516.817.2

472.4184.489 8

161.3

36.9

4,2282,816

4269,864

47.450.4

.8032

'617.7404.681 185.3

13, 834

6704.10

7,162

ar. 2 Qs than 5ision lor

3t as not961 cove

14, 265

14,272

726

'14, 447'14, 378

3,7119,1481,519

69

62811

30.131.4

'111134

'541

19, 26817, 589

10, 039464

9,190

.665

.938

' 2, 341

13.6

4.5

36, 54437, 908

29.89

38.217.417.2

' 455. 7163. 6

78 5169.3

'44.3

6, 6053,620

3795,142

63.456.1

.82

.29

' 594. 2' 358. 6

T 78 5r 106. 2

12, 871

5734.60

' 6, 791

innings t00 bales.2d qtr.

3d.r 5-week

8,420

667

'18, 924r 18, 829' 7, 860

9,9571.012

95

4391

31.530.2

'111226

'467

19, 24117, 618

9,204460

8,464

.646

.926

r 8 2 434

9.9

5.2

36, 17926, 610

28.59

38.315.816.5

8 480. 8

s 47. 3

6,9943,710

3454,171

68.355.1

.82

.28

' 8 610. 1' 8 370. 9

r «85 0' § 100. 3

14, 682

5444.86

' § 6, 352

o Dec. lie Dec

I960.

periods;

12, 576

644

17, 55717, 4684,113

12, 1121,243

89

721(5)30.130.2

93221530

19, 15117, 507

8,923446

8,178

.646

.926

r 9 2, 201

9.5

5.5

34, 50225, 896

27.99

38.315.316.6

9 446. 9

9 44. 3

6,5393, 557

2903,335

68.051.1

.82

.28

' 9 558. 6r 9 334. 3' ^76 5' 9 102. 3

13, 628

5444.75

' 9 6, 285

. 3 Gin. 1 estim9 Revisic

other me

13, 327

4 726

15. 85415, 7742,332

11,9671,475

80

9821

28.730.2

4108186591

19, 08517,471

10, 253410

49,426

.642

.924

' 2, 243

9.9

6.2

40, 81035, 294

26. 61

38.315.116.5

'418.8146.1

77 9157 9

'36.9

6,2433, 706

2364,326

65.253.9

.82

.28

' 577. 3* 338. 3'72 1

'117. 0

12, 464

4234.78

' 6, 785

ningsate of)n for

mths,

14, 052

637

14, 24514, 1721,408

11,1071,657

73

979(5)27.630.1

90198652

19, 02217, 450

8,760438

8,051

.642

.916

10.1

6.0

42, 32726, 326

26. 05

38.315.016.5

8,1783,029

2763,323

63.657.4

.82

.28

10, 907

5095.14

637

12, 76812, 7031,0739,8231,807

65

845(6)26.930.4

95153670

19, 06317, 451

8,940447

8,190

.629

.909

10.9

5.9

41, 65120, 618

25.37

38.315.016.3

5,9013,029

4443,076

59.858.4

.82

.28

11,331

3425.03

^Revisionsf Re vised

available upon9 Includes

1954-60 are avj

4795

11, 14011,083

8948,2441,945

57

8423

28.431.1

4 113138681

19, 05817, 430

11, 196448

* 10, 253

.634

.911

2,253

11.9

5.8

43, 91320, 868

24.32

38.315.016.0

'440 4148 290 0

170 2

'32 0

6,4614,036

4902,872

57.861.3

.82

.27

571.7341.665.6

117.2

13, 410

5225.12

5,781

for 1959series. £request,data n

lilable u]

647

9,9139,861

5697,2582,034

52

5843

29.431.4

104114662

19, 00817, 360

9,096455

8,330

.641

.911

11.6

5.7

38, 47316, 477

24.00

38.315.015.9

8,0463, 370

5272,277

58.461.3

.82

.27

11,334

4495.09

668

8,8778,827

4326,3542,041

50

3876

29.631.8

10484

594

19, 00017,346

9,312466

8,514

.641

.914

11.6

5.6

34, 43520, 764

23.68

38.315.015.9

6,4443,261

5041,870

59.957.0

.82

.26

11, 188

5665.20

are available upoee note in the S

ot shown separg)on request.

4824

7,8147,770

3935, 4361,941

44

2509

30.932.2

4 13350

517

18, 96617, 297

11,259450

10, 263

.641

.916

2,313

11.4

5.7

39, 97114, 338

23.51

38.315.015.9

'467 8154 692 5

' 188. 7

'32.0

4,4215,216

5192,629

60.856.3

.82

.26

578.5356.663.6

102.5

10, 046

5405.18

5,309n requesept. 1961

itely. *I

228

540

7,1637,123

4904,7491,884

40

3061

31.432.6

7739

471

18, 99217, 279

7,530376

6,798

.641

.924

15.2

7.0

26, 83716, 934

23.43

38.315.015.9

7,0594,216

5992,045

63.158.6

.82

.26

9,532

4195.21

686

690

19, 92019, 82513, 8214,2161,788

95

64592

32.633.1

10543

385

19,06517,270

9,550478

8,658

.641

.929

12.3

5.2

43, 96722, 219

23.94

38.315.316.3

5,4124,035

5552,695

59.155.3

.82

.26

10,758

7595.44

2,683

4847

18,80618,70112, 2314,8701,600

105

32224

32.833.4

M26105357

19, 10217, 344

411,579463

4 10,525

.660

.934

12.2

5.0

40, 83317, 026

24.62

38.315.3

'16.5

495.5160 7103.1189.0

42.7

6,0763, 250

7772,591

52.351.2

.82

.26

11,614

5245.38

8, 676

716

18, 00317, 8967,8658,4911, 540

106

3017

33.933.6

112222429

19,08917, 313

9, 685484

8,782

p . 665P. 940

11.5

4.8

40, 51821, 280

24.97

P38.3pl5. 3P16.8

7 57. 57 33. 6

7, 4054,552

6634,886

48.643.5

p. 82p. 26

13, 207

541P5.25

11 698

14, 304

33.133.6

24.99

t.SURVEY; data for Aug. 1957- June 1960 are

New series (Bureau of Census); data for


S--40 SURVEY OF CURBKXT BUSINESS December


1959 1960

Monthlyaverage

1960

Oct. Nov. Dec.

1961

Jan. Feb. Alar. Apr. May June July Aug. Sept. Oct. Xov.

TEXTILE PRODUCTS Continued

WOOL

Wool consumption, mill (clean basis) :ftApparel class thous IbCarpet class do

Wool imports, clean content doApparel class, clean content _ do

Wool prices, raw, clean basis, Boston:Good French combing and staple:

Graded territory, fine $ per lb__Graded fleece, % blood do

Australian, 64s, 70s, good topmaking, in bond$per lb_,

WOOL MANUFACTURES

Knitting yarn, worsted, 2/20s-50s/56s, Bradford

Woolen and worsted woven goods, exc. felts:Production, qtrly. avg. or total thous. lin. yd

Apparel fabrics, total doOther than Government orders, total do

Men's and boys' doWomen's and children's do

Prices, wholesale, suiting, f.o.b. mill:Flannel, men's and bov's 1947-49=100Gabardine, women's and children's do

21, 90114, 03425,11610, 201

1.2161.021

1.079

99 4

77, 70875, 86775, 45933 19342, 266

106. 091.5

20 35613, 55519, 5978,202

1. 1651.070

1.166

101 9r71,614r70 J89r 69, 365r28 697'40,668

107.292.3

17,62912, 22517, 6326,715

1.1251.036

1.075

98 5

"83,061'581,772"81,006"33 821"47,185

106. 392. 4

15, 87611, 73615,1826,225

1.1251.025

1.075

°7 2

'669,117'667,596r667,181'625 263'641,918

106. 392.4

'17 3981 13, 98614, 9537,606

1.1251.025

1.075

97 2

'59 049'57 523'55 969'22 227'33,742

106. 390.8

16 86512,09021, 5479,516

1.1251.025

1.075

96 0

104.090.8

17 91011,45718, 9757,305

1.125.988

1.075

104.090 8

1 22, 598i 11,95424, 43011,904

1.125.975

1.075

62, 88861 75860, 41024 58935, 821

104. 090.8

20 14410, 19822, 70612,078

1.150.992

1.100

104.090.8

22 79910, 64120, 85110, 238

1.2101 020

1.125

103.190.8

1 27 2061 12,92520, 49010, 134

1.2001.022

1.125

r78 479'77 232r76 734r30 464' 46, 270

103. 190. 8

19 1079,294

24, 64812, 223

1.2011.010

1.125

103.190 8

22 43013, 14619, 5518,357

1.2281 052

1.125

103.190 8

125 723'15,02920, 4928 962

1.2301 075

1.125

98 5

74 31172 83071,97024 42247, 548

r 104. 990 8

21 70913,87625, 0399,690

1.2081 075

1.125

97 2

104.990.8

1.2001 075

1. 125

TRANSPORTATION EQUIPMENT

AIRCRAFT

Manufacturers of complete types:Aircraft, engines, propellers, parts, etc:

Orders, new (net), qtrly. avg. or totalmil $

Sales (net), qtrlv avg or total doBacklog of orders, total, end of year or qtr.

mil. $For U S militarv customers do

Civilian aircraft :0Shipments mil $

Airframe weicht thous Ib

Exports (commercial and civilian) thous $

MOTOR VEHICLES

Factory sales, total thous_._Domestic do

Coaches, total numberDomestic do

Passenger cars, total thous_.Domestic do

Trucks total doDomestic do

Exports, total _ numberPassenger cars (new and used) doTrucks and buses do

Imports (cars trucks buses) totaled doPassenger cars (new and uscd)c? do

Production, truck trailers:Complete trailers total do

Vans doChassis van bodies, for sale separately do

Registrations-.O

Foreign cars .. .. _ doNew commercial cars do

RAILROAD EQUIPMENT

American Railway Car Institute:Freight cars:

Shipments, total _ numberE quipment manufacturers doRailroad and private-line shops, domestic

numberNew orders total do

Equipment manufacturers doRailroad and private-line shops, domestic

numberUnfilled orders, end of mo , total do

Equipment manufacturers doRailroad and private-line shops, domestic

number. _

Passenger cars (equipment manufacturers):Shipments total doUnfilled orders end of mo total do

Association of American Railroads:Freight cars (class 1) : §

Number owned end of year or mo thousHeld for repairs % of total owned

2, 5512 814

12,1205 452

75.01,928

12.391

5f>0. 7534 7

212184

465. 9456 2

94 678 3

23, 6559. 573

14 083

59 69157, 807

5, 7223 375

561

503 451.278.5

3, 2042,097

1,1074 7803,273

1 50736, 61516 342

20, 273

6140

1,6787.2

2, 8432 749

1 2. 4965 406

103.42,347

44, 758

655. 8625 7

347323

556. 2544 299 281 2

27, 65610,48317 173

41 ?7939, 271

4, 8752 916

545

548 141.678.6

4, 7763,124

1,6522 9631,872

1,09131, 97714 758

17, 219

20265

1,6629.4

81. 11,912

30, 589

703. 2671 8

447396

627. 7610 8

75 060 6

26, 64314. 18212 461

26 68824,811

3. 7712 164

4 184

547 536,774.2

4, 6573, 185

1,4725 664

906

4, 75822, 9057,616

15,289

33223

1,6668.9

88.12,028

37, 580

687. 8654 9

338307

600. 5580 787.073 9

26. 4611 5, 96510 496

21,21519, 985

3, 6562 218

4 99

543 032.567.5

3,9442,210

1,7343 7322,692

1,04022, 7818,178

14, 603

21202

1,6649.2

2,8742 841

1 2, 4965 406

82.32, 100

36, 253

613. 9587 8

251231

520. 7507 892.979 8

30, 89712( 34318 554

29 06527, 443

3, 1331 879

389

544 332. 373.2

4,2912,661

1,6302 1741,484

69021, 0706 857

14, 213

26176

1,6629.4

82.11,996

20, 195

485. 9462 8

278278

406. 6395 1

79.067 4

19, 92710,3159 612

26, 02124, 293

3, 0451,738

531

413 625.662.3

' 3, 676r 2, 422

1, 254' 1 383

••631

75218, 8945,023

13, 871

14162

1,6599.7

81.81,915

28, 282

448.2419 0

198196

363. 2351 1

84 867 7

20, 42410, 4969, 928

23, 48222, 099

3,0981,817

768

374 926. 859. 3

'2, 050'849

1.201T 1, 607' 509

1,09818, 4294,669

13, 760

31131

1,6549.9

83.41,988

32, 590

526. 1490 3

255254

425,9410 599 979 6

27,31413.46413 850

24 26823, 173

4, 1752 460

603

480 134.172.5

* 3, 896' 2, 202

1,6941,8021,795

715, 8074,284

11, 523

44112

1,6509.6

100.22,198

38, 634

547. 7520 8

425

453. 4442 793.977 6

23, 1769, 589

13 587

22, 42521, 684

- 3,8382, 102

582

496 133.274.3

2, 9331, 156

1,7772 040

824

1, 21613, 6643,902

9,762

3181

1,6469.7

114.72, 451

28,516

641. 6615 0

375372

539. 9529 4101.485 2

23, 8549, 443

14 411

26, 29725, 336

4,2102, 304

533

544 034.985.2

3,3601,588

1,772'3 698' 2, 077

1,62113,9704,344

9,626

18116

1,6429.9

97.52, 160

61, 572

681.8644 1

397380

567. 6557 1113.886 7

24, 2477, 980

16 267

23, 89223, 472

4. 6792,753

526

572 037.081.0

3,1422,085

1, 0571,2171,082

13511, 8303,341

8,489

8294

1.6389.3

67.71, 510

9, 839

498.0473 2

344321

407.3400 090 372 8

28, 6178, 295

20 322

20 98520, 313

3.7572 259

515

500 533.883.9

1,234764

4702 5892,431

15810, 7855,008

5,777

13281

1,6289.3

60 41,317

31, 528

243.5224 2

288270

172.8168 4

70 455 5

'20,900'3,577

'17 323

19 78719, 673

4, 8583 018

406

470 635.182.0

2,4281,701

727r 1 459r 1, 394

659,8314,716

5,115

21260

1,6249.5

r 61 51,354

25, 395

451.4426 6

(3)(3)

367. 4359 83 84 13 66 8

'17,416'5,910

'11 506

22 59122, 127

4, 3602 782

2-15

370 533.374.6

'2,811' 2, 125

6863, 1431,280

1, 86310, 2103,918

6,292

14246

1,6219.4

79.81,778

11,426

638. 3608 3

(3)(3)

545. 15°9 4s 93. 13 78 9

19. 6829. 200

10 482

28 85428, 344

549 632. 582. 9

1, 9081,205

7032 086

944

1, 14210, 3733 642

6,731

7239

1,6149.1

' 2 753.<

(3)

' • •2( i46. , ]

'^' 3106.!

© Data include military-type planes shipped to foreign governments.d1 Data cover complete units, chassis, and bodies.©Courtesy of R. L. Polk & Co.; republioation prohibited.§ Excludes railroad-owned private refrigerator cars and private line cars.

r Revised. *> Preliminary. ' Data cover 5 weeks. 2 Preliminary estimate of produc-tion. 3 Figures for coaches are included with trucks. 4 Excludes data for van bodies.

8 Revision for 2d qtr. 1960. 6 Revision for 3d qtr. 1960.^Datafor Dec. 1960 and Mar., June, and Sept. 1961 cover 5 weeks; other months, 4 weeks.I Revisions for 1959 are available upon request.


INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1^

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 24, 25Electric power and gas 26Food and kindred products; tobacco 26-30Leather and products 30, 31

Lumber and manufactures 31Metals and manufactures 3 2-34Petroleum, coal, and products 35, 36Pulp, paper, and paper products 36, 37

Rubber and rubber products .. 37Stone, clay, and glass products 38Textile products 38-40Transportation equipment 40

INDIVIDUAL SERIESAdvertising 10, 11Agricultural loans 16Aircraft and parts 3, 13-15,40Airline operations 23Alcohol, denatured and ethyl 25Alcoholic beverages 8, 10, 26Aluminum 33Apparel 1, 3, 4, 7, 8, 10-15, 38Asphalt and tar products 35, 36Automobiles, etc___ 1, 4-6, 8, 10, 11, 13-15, 19, 22, 40

Balance of international payments 2Banking 16, 17Barley 27Barrels and drums 32Battery shipments 34Beef and veal 28Beverages 4, 8, 10, 26Blast furnaces, steel works, etc 13-15Bonds, outstanding, issued, prices, sales,

yields 18-20Brass and bronze 33Brick. _- 38Brokers' balances . 20Building and construction materials- 8-10, 31, 36, 38Building costs 9, 10Business incorporations (new), failures 7Business population 2Business sales and inventories 4,5Butter 27

Cans (tinplate) 32Carloadings 23, 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, 24, 25Cigarettes and cigars 8, 10, 30Civilian employees, Federal 14Clay products 8,38Coal 4, 8, 13-15, 22-24, 35Cocoa 23, 29Coffee 23, 29Coke 23, 24,35Communications 13-15, 19, 20, 24Confectionery, sales 29Construction:

Contracts 9Costs 9, 10Employment, hours, earnings, wages 13-16Highways and roads 9, 10Housing starts 9New construction put in place 1, 2, 9

Consumer credit 17, 18Consumer expenditures 1, 2Consumer goods output, index 3,4Consumer price index 7Copper _ _ 23,33Corn 27Cost of living (see Consumer price index) 7Cotton, raw and manufactures 7, 8, 21, 22, 39Cottonseed cake and meal and oil 30Credit, short- and intermediate-term 17, 18Crops 3, 7, 27, 28, 30, 39Crude 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 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, 13-15, 19, 22,34Employment estimates 12-14Employment Service activities 16Expenditures, U.S. Government 18Explosives 25Exports (see also individual commodities) 1,

2,21,22Express operations 23

Failures, industrial and commercial 7Fans and blowers 34Farm income, marketings, and prices 1, 3, 7Farm wages 16Fats and oils 8,29,30Federal Government finance 18Federal Reserve banks, condition of 16Federal Reserve reporting member banks 17Fertilizers 8, 25Fire losses 10Fish oils and fish 29Flooring, hardwood 31Flour, wheat__ 28Food products___ 4-8, 10, 11, 13-15, 19, 22, 23, 27-30Foreclosures, real estate . 10Foreign trade 21-23Foundry equipment 34Freight carloadings 23, 24Freight cars (equipment) 4,40Fruits and vegetables 7, 8, 22Fuel oil _ _ 35,36Fuels 4, 85 35, 36Furnaces 34Furniture 3,4,8, 10-15, 17Furs . 23

Gas, output, prices, sales, revenues 4, 8, 26Gasoline 1,35,36Glass and products 38Glycerin 25Gold 2,19Grains and products 7, 8, 22-24, 27, 28Grocery stores 11, 12Gross national product.. 1, 2Gross private domestic investment- 1, 2Gypsum and products... 8,38

Hardware stores 11Heating equipment 8,34Hides and skins 8,30Highways and roads 9, 10Hogs 28Home Loan banks, loans outstanding 10Home mortgages 10Hosiery 38Hotels 14, 15, 24Hours of work per week 14Housefurnishings 1, 4, 7, 8, 10-12Household appliances arid radios 4, 8, 11, 34Housing starts 9

Imports (see also individual commodities)-_ 1,Income, personal .Income and employment tax receiptsIndustrial production indexes:

By industryBy market grouping

Installment creditInstallment sales, department storesInstruments and related products 3,Insulating materials .Insurance, life .Interest and money ratesInventories, manufacturers' and trade 4-6,Inventory-sales ratiosIron and steel, crude and manufactures

5,6,8, 10, 19,22, 23,

Labor disputes, turnover_Labor forceLamb and muttonLard_Lead_

21-232,318

3,43,4

17,1812

13-1534

18,1917

11, 125

3,32,33

1612282833

Leather and products- 3, 8, 13-15, 30, 31Life insurance 18, 19Linseed oil 30Livestock 3, 7,8, 24, 28Loans, real estate, agricultural, bank, brokers'

(see also Consumer credit) 10, 16, 17, 20Lubricants 35,36Lumber and products 3, 5, 6, 8, 10-15, 19, 31

Machine tools . 34Machinery 3,5,6,8, 13-15, 19,22,34Mail order houses, sales 11Manmade fibers and manufactures 8,39Manufacturers' sales, inventories, orders 4-6Manufacturing employment, production work-

ers, payrolls, hours, earnings 13-15Manufacturing production indexes 3,4Margarine 29Meats and meat packing 3, 7, 28Medical and personal care 7Metals , _ > . 4-6, 8, 13-15, 19, 23, 32-34Milk 27Mining and minerals 2-4,8, 13-15, 19, 20Monetary statistics 19Money supply- 19Mortgage loans__ 10, 16, 17Motor carriers 23Motor vehicles 1, 4-6, 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 8, 19, 23, 33, 34Noninstallment credit 17

Oats 27Oil biirners 34Oils and fats 8,29,30Orders, new and unfilled, manufacturers' 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 1, 2Personal income 2, 3Petroleum and products 4-6,

8, 11, 13-15,19,22,23,35,36Pig iron . 32Plant and equipment expenditures 2, 20Plastics and resin materials 25Plywood 31Population 12Pork . 28Postal savings 17Poultry and eggs 3, 7, 29Prices (see also individual commodities) 7, 8Printing and publishing 4, 13-15Profits, corporate 1, 19Public utilities. 2-4, 7-9, 13-15, 18-21Pullman Company 24Pulp and pulpwood 36Purchasing power of the dollar 8

Radiators and cpnvectorsRadio and television 4,8, 10,Railroads 2, 13, 14, 16, 18-21, 23,Railways (local) and bus lines 13-Rayon and acetateReal estate 10,Receipts, U.S. GovernmentRecreationRefrigerators and home freezersRent (housing)Retail trade- 4,5,7,9,11-RiceRoofing and siding, asphaltRubber and products 4-6, 8, 13-15,Rye ,

Saving, personalSavings depositsSecurities issuedServices 1, 2,Sheep and lambsShoes and other footwear 1, 8, 11,Silk, prices, imports, productionSilverSoybean cake and meal and oilSpindle activity, cottonSteel ingots and steel manufacturesSteel scrap,,Stock prices, earnings, sales, etcStocks, department stores.Stone, clay, and glass products

8, 13-15,Stoves and rangesSugarSulfurSulfuric acidSuperphosphate _ _

Tea importsTelephone, telegraph, cable, and radiotele-

graph carriers 13-15, 19,Television and radio 4, 8, 10,Textiles and products.. 3, 5, 6, 8, 13-15, 19, 22,TinTires and inner tubes 8, 11,Tobacco and manufactures 4—8, 10, 13-TractorsTrade (manufacturing, wholesale, and re-

tail) 4-6,Transit lines, localTransportation 1, 2, 7,Transportation equipment 3—6, 13—15,TravelTruck trailersTrucks (industrial, motor)

3411,3424,4015, 23

3917, 18

187

347

15, 172736

23, 3727

217

19, 2013-15

2812,318,39

193039

32,3332

20, 2112

3-6,19,38

3423,29

252525

29

20,2411,3438-4023, 3312,3715,3022,34

11, 1223

23,2419,40

2440

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 29, 30Vegetables and fruits 7, 8, 22Vessels cleared in foreign trade 24Veterans' benefits 16,18

Wages and salaries.. 1, 3, 14-16Washers 34Water heaters 34Waterway traffic 24Wheat and wheat flour 28Wholesale price indexes 8Wholesale trade 4, 5, 12Wood pulp_ 36Wool and wool manufactures 7, 8, 23, 40

Zinc. 33, 34Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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WASHINGTON 25, D.C.

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OFFICIAL, BUSINESSFirst-Class Mail

Volume 41 Survey of Current Business

1961 Indexof Special Articles and Features

Numbers 12

SPECIAL ARTICLES

No.Developments in the Consumer Market 1Analysis of National Output and Income , . 2Foreign Business and Investment 2Pattern of Production and Trade . . . . . . . . . . . . . . 2Energy Output and Use Related to the Gross

National Product 21961 Business Investment and Sales Expectations. 3State and Local Government A c t i v i t y . . . . . . . . . . 3Personal Income Flow by States in 1960 4Business Fluctuations: Influence of Personal

Credit Buying and Saving. 4Size Distribution of Personal Income, 1957-60., . 5Retail Trade and Use of S e r v i c e s . . . . . . . . . . . . . . 5Debt Rise in 1960 5The U.S. Balance of International Payments. . . . 6Growth of Foreign Travel 6

No.Recent Price Developments 1Inventory Reduction Underway 1Commodity Transportation 1Record National Income in 1960 1The Balance of International Payments in 1960.. 3Production Levels Off 4Inventory Reduction Continues. 4Residential Construction and Financing 5National Product and Income Off in First

Quarter 5Public and Institutional Construction. 6Business Population Rise Extended in 1960. . . . . . 61961 Business Investment 6Manufacturing Activity, First Half of 1961 . . . 8National Product and Income Recovers in Sec-

ond Quarter . 8Expansion in Incomes . . . . . . . . . . . . 9

Page

13 National Income and Product in 1960. .3 Consumer Incomes Up in All Regions in 1960. . .

16 United States Assets and Investments Abroad . . . .20 Manufacturers' Inventory and Sales Expectations.

New Light on Patterns of Output G r o w t h . . . . . .28 Foreign Capital Outlays and Sales of U.S. Com-11 panics16 Foreign Business Investments in the United

9 States ,Expansion of Government Programs—During

14 Fiscal Year 196211 Consumption Expenditures in Recovery Phase. - .22 Corporate Financing in 1961 and in Recent Busi-29 ness Cycles

9 Recent Developments in International Trade and16 Investments

FEATURES

Page34695453

54562

53

Capital Investment To RiseThe Balance of International Payment in the

Second QuarterIndustrial ProductionManufacturers' Inventory and Sales Expecta-

tionsAgricultural Income and Production . . . . .National Income and Profits.Rise in National Income and ProductExpansion in Plant and EquipmentManufacturers Expect Higher Sales and Inven-

toriesAdvance i n Housing Construction . . . . . . .Pattern of Retirement and Other Transfer In-

come Flow .Corporate Profits and National Income . . . .

LATEST SUPPLEMENTBusiness Statistics, 1961 Edition—Price, $2.00

Orders may be placed with the Superintendent of Documents, U.S. Government PrintingOffice, Washington 25, D.C., or the nearest U.S. Department of Commerce Field Office.

Check or money order should be sent with orders.

No.7

9

9

10

1111

11

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No.9

910

1010101112

1212

1212

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