Appendix C
STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION
243
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONTENTS
NATIONAL INCOME OR EXPENDITURE: Page
G-l. Gross national product or expenditure, 1929-74 , 249G-2. Gross national product or expenditure in 1958 dollars, 1929-74 250G-3. Implicit price deflators for gross national product, 1929-74 252G-4. Implicit price deflators and alternative price measures of gross
national product and gross private product, 1939-74 254C-5. Gross national product by industry in 1958 dollars, 1947-73 255C-6. Gross national product by major type of product, 1929-74 256C-7. Gross national product by major type of product in 1958 dollars,
1929-74 257C-8. Gross national product: Receipts and expenditures by major economic
groups, 1929-74 258C-9. Gross national product by sector, 1929-74 260C-10. Gross national product by sector in 1958 dollars, 1929-74 261C-l l . Gross product originating in nonfinancial corporations and dollar
costs per unit of output, 1948-74 262C-12. Personal consumption expenditures, 1929-74 263G-l 3. Gross private domestic investment, 1929-74 264C-14. Relation of gross national product and national income, 1929-74 265C-15. National income by type of income, 1929-74 266C-16. Relation of national income and personal income, 1929-74 267G-l 7. Disposition of personal income, 1929-74 268G—18. Total and per capita disposable personal income and personal con-
sumption expenditures in current and 1958 dollars, 1929-74 269C-19. Sources of personal income, 1929-74 270C-20. Sources and uses of gross saving, 1929-74 272C-21. Saving by individuals, 1946-74 273G-22. Number and money income (in 1973 dollars) of families and unrelated
individuals, by race of head, 1947-73 274
POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:
C-23. Population by age groups, 1929-74 275C-24. Noninstitutional population and the labor force, 1929-74 276C-25. Civilian employment and unemployment by sex and age, 1947-74. . 278C-26. Selected unemployment rates, 1948-74 279C-27. Unemployment by duration, 1947-74 ' 280C-28. Unemployment insurance programs, selected data, 1946-74 281C-29. Wage and salary workers in nonagricultural establishments, 1929-74. 282C-30. Average weekly hours and hourly earnings in selected private non-
agricultural industries, 1947-74 284C—31. Average weekly earnings in selected private nonagricultural indus-
tries, 1947-74 285C-32. Output per man-hour and related data, private economy, 1947-74. . 286C-33. Changes in output per man-hour and related data, private economy,
1948-74 287
245
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITY: P a g e
C—34. Industrial production indexes, major industry divisions, 1929—74.. . . 288C—35. Industrial production indexes, market groupings, 1947—74 289C—36. Industrial production indexes, selected manufactures, 1947—74 290C-37. Capacity utilization rate in manufacturing and major materials
industries, 1948-74 291C-38. New construction activity, 1929-74 292C-39. New housing starts and applications for financing, 1929-74 294C-40. Business expenditures for new plant and equipment, 1947-75 296C-41. Sales and inventories in manufacturing and trade, 1947-74 297C-42. Manufacturers' shipments and inventories, 1947-74 298C-43. Manufacturers' new and unfilled orders, 1947-74 299
PRICES:C-44. Consumer price indexes by expenditure classes, 1929-74 300C—45. Consumer price indexes by commodity and service groups, 1939—74. 301C—46. Consumer price indexes, selected commodities and services, 1939—74. 302C—47. Consumer price indexes, seasonally adjusted, 1971-74 303C—48. Percent changes in consumer price indexes, major groups, 1948-74.. 304C—49. Wholesale price indexes by major commodity groups, 1929—74 305C-50. Wholesale price indexes by stage of processing, 1947-74 307C—51. Percent changes in wholesale price indexes, major groups, 1948—74.. 309
MONEY STOCK, CREDIT, AND FINANCE:C-52. Money stock measures, 1947-74 310C—53. Commercial bank loans and investments, 1930—74 311C—54. Total funds raised in credit markets by nonfinancial sectors, 1966—74. 312C-55. Private liquid asset holdings, nonfinancial investors, 1959—74 314C—56. Federal Reserve Bank credit and member bank reserves, 1929—74. . 315C-57. Aggregate reserves and member bank deposits, 1959—74 316C-58. Bond yields and interest rates, 1929-74 317C—59. Short-and intermediate-term consumer credit outstanding, 1929—74. 319C-60. Instalment credit extended and repaid, 1946-74 320C-61. Mortgage debt outstanding by type of property and of financing,
1939-74 321C-62. Mortgage debt outstanding by lender, 1939-74 322C-63. Net public and private debt, 1929-73 323
GOVERNMENT FINANCE:C-64. Federal budget receipts and outlays, fiscal years 1929-76 324C-65. Federal budget receipts, outlays, and debt, fiscal years 1965-76.. 325C-66. Relation of the Federal budget to the Federal sector of the national
income and product accounts, fiscal years 1973-76 327C-67. Receipts and expenditures of the government sector of the national
income and product accounts, 1929-74 328C-68. Receipts and expenditures of the Federal Government sector of the
national income and product accounts, 1949-76 329C—69. Receipts and expenditures of the State and local government sector of
the national income and product accounts, 1946-74 330C—70. State and local government revenues and expenditures, selected fiscal
years, 1927-73 331C-71. Public debt securities by kind of obligation, 1946-74 332C-72. Estimated ownership of public debt securities, 1946-74 333C—73. Average length and maturity distribution of marketable interest-
bearing public debt, 1946-74 334
246
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITS AND FINANCE: Page
C-74. Profits before and after taxes, all private corporations, 1929-74 335C-75. Sales, profits, and stockholders' equity, all manufacturing corpora-
tions, 1947-74 336C-76. Relation of profits after taxes to stockholders' equity and to sales, all
manufacturing corporations, 1947-74 337C-77. Relation of profits after taxes to stockholders' equity and to sales, all
manufacturing corporations, by industry group, 1973-74 338C-78. Sources and uses of funds, nonfarm nonfinancial corporate business,
1946-74 339C-79. Current assets and liabilities of U.S. corporations, 1939-74 340C-80. State and municipal and corporate securities offered, 1934—74 341C-81. Common stock prices, earnings, and yields, and stock market credit,
1949-74 342C-82. Business formation and business failures, 1929-74 343
AGRICULTURE:
C-83. Income of farm people and farmers, 1929-74 344C-84. Farm production indexes, 1929-74 345C-85. Farm population, employment, and productivity, 1929-74. 346C-86. Indexes of prices received and prices paid by farmers, and parity ratio,
1929-74 347C-87. Selected measures of farm resources and inputs, 1929-74 348C-88. Comparative balance sheet of the farming sector, 1929-75 349
INTERNATIONAL STATISTICS:
C-89. U.S. balance of payments, 1946-74 350C—90. U.S. merchandise exports and imports by commodity groups,
1958-74 352C-91. U.S. merchandise exports and imports by area, 1968-74 353C-92. U.S. overseas loans and grants, by type and area, fiscal years,
1962-74 354C-93. International reserves, 1949, 1953, and 1969-74 355C-94. U.S. reserve assets, 1946-74 356C—95. International investment position of the United States at year-end,
1960 and 1969-73 357C-96. Price changes in international trade, 1966-74 358C-97. Consumer price indexes in the United States and other major indus-
trial countries, 1955-74 359
General Notes
Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.See Economic Report 1972 for data for intervening years not shown here.
Symbols used:» Preliminary._ _ Not available (also, not applicable).
247
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOME OR EXPENDITURE
TABLE C-l.—Gross national product or expenditure, 1929-74
Year or quarterTotalgross
nationalproduct
Per-sonalcon-
sump-tion
expend-itures 1
Grossprivate
do-mesticinvest-ment*
Netexportsof goods
andserv-ices 3
Government purchases of goods and services <
Total
Federal
Total Nationaldefense 5 Other
Stateandlocal
Percentchangefrom
precedingperiod,
total grossnationalproduct6
Billions of dollars
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961.1962.1963.1964.1965.1966.1967.1968.1969.
1970...1971...1972...1973...1974 p..
1972: l___.II...III..IV...
1973: I....II...III-IV...
1974: I....II —III..IV*.
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
977.1054.9158.0294.9396.7
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
617.6667.1729.0805.2877.0
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54.159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
136.3153.7179.3209.4208.9
1.1
.4
1.1
1.71.3.0
-2 .0-1 .8- . 67.5
11.56.46.1
1.83.72.2.4
1.82.04.05.72.2.1
4.05.65.15.98.56.95.35.22.51.9
3.6- . 2
-6 .03.92.0
8.5
8.0
13.3
14.024.859.688.696.582.327.025.131.637.8
37.959.174.781.674.874.278.686.194.297.0
99.6107.6117.1122.5128.7137.0156.8180.1199.6210.0
219.5234.2255.7276.4308.8
1.3
2.0
5.1
6.016.951.981.189.074.217.212.516.520.1
18.437.751.857.047.444.145.649.553.653.7
53.557.463.464.265.266.977.890.798.898.8
96.297.6
104.9106.6116.4
1..
2.
1.2
2.213.849.479.787.473.514.79.1
10.713.3
14.133.645.948.741.238.640.344.245.946.0
44.947.851.650.850.050.160.772.478.378.4
74.671.274.874.478.6
J
)
3.9
3.83.12.51.41.6.7
2.53.55.86.8
4.34.15.98.46.25.55.35.37.77.6
8.69.6
11.813.515.216.817.118.420.520.4
21.626.530.132.237.9
,115.0, 143.0., 169. 3, 204.7
, 248.9, 277.9,308.9,344.0
,358.8,383.8, 416.3
1,428.0
7.2
6.0
8.2
8.07.97.77.47.58.19.8
12.615.017.7
19.521.522.924.627.430.133.036.640.643.3
46.150.253.758.263.570.179.089.4
100.8111.2
123.3136.6150.8169.8192.4
Seasonally adjusted annual rates
701.5720.6736.8757.2
781.7799.0816.3823.9
840.6869.1901.3896.8
169.4175.5182.1190.2
199.0205.1209.0224.5
210.5211.8205.8207.6
-7 .1-6 .9-4 .8-5 .3
- . 8.5
6.79.3
11.3-1 .5-3 .1
1.2
251.1253.8255.1262.6
269.0273.3276.9286.4
296.3304.4312.3322.4
105.6105.9102.7105.2
106.4106.2105.3108.4
111.5114.3117.2122.8
75.975.972.674.7
75.074.073.375.3
75.876.678.483.5
29.730.030.130.5
31.432.232.033.1
35.737.738.839.3
145.5147.9152.4157.4
162.6167.1171.6177.9
184.8190.1195.1199.6
-4 .2
6.9
10.224.926.821.39.7.9
-1 .610.911.3
11.015.35.25.5
i\5.35.21.48.2
4.13.27.75.47.18.39.55.98.97.6
5.08.09.8
11.87.9
12.210.59.5
12.7
15.59.6
10.111.2
4.57.69.73.3
i See Table C-l2 for detailed components.3 See Table C-13 for detailed components.3 See Table C-8 for exports and imports separately.* Net of Government sales.s This category corresponds closely to the national defense classification in the "Budget of the United States Government
for the Fiscal Year ending June 30,1976."• Changes are based on unrounded data and therefore may differ slightly from those obtained from published data,
shown here.
Source: Department of Commerce, Bureau of Economic Analysis.
249
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-2.—Gross national product or expenditure in 1958 dollars, 1929-74
Year orquarter
Totalgross
na-tionalprod-uct
Personal consumptionexpenditures
TotalDura-
blegoods
Non-dura-
blegoods
Serv-ices
Gross private domestic investment
Total
Fixed investment
Total
Nonresidential
Total Struc-tures
Pro-ducers'durableequip-ment
Resi-dentialstruc-tures
Changein busi-
nessinven-tories
1929-
1 9 3 3 -
1939-
1940-1941..1942..1943-1944..1945 -1946-1947-1948-1949-
1950..1951-1952-1953-1954..1955-1956-1957-1958..1959..
1960..1961..1962..1963..1964-1965..1966..1967..1968..1969..
1970.1971197219731974 v
1972:1II —III. . .IV . . .
1973:1IIIIII V . . .
1 9 7 4 : 1 . . . .II —I I I . . .IV p . .
Billions of 1958 dollars
203.6
141.5
209.4
227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1
355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6
722.5746.3792.5839.2821.1
139.6
112.8
148.2
155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5
230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3
316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1
477.5496.4527.3552.1539.9
16.3
8.3
14.5
16.719.111.710.29.4
10.620.524.726.328.4
34.731.530.835.335.443.241.041.537.943.7
44.943.949.253.759.066.671.772.981.385.6
83.892.5
104.9113.6103.4
69.3
58.6
81.2
84.689.991.393.797.3
104.7110.8108.3108.7110.5
114.0116.5120.8124.4125.5131.7136.2138.7140.2146.8
149.6153.0158.2162.2170.3178.6187.0190.2197.1201.3
206.5211.3220.2228.6223.8
54.0
46.0
52.5
54.456.358.561.864.767.772.173.475.877.6
81.884.887.891.194.899.3
104.1108.0112.0116.8
121.6125.6131.1137.4144.4152.5159.4167.0174.4182.2
187.2192.6202.2209.9212.8
40.4
5.3
24.7
33.041.621.412.714.019.652.351.560.448.0
69.370.060.561.259.475.474.368.860.973.6
72.469.079.482.587.899.2
109.3101.2105.2110.5
103.4111.1125.0138.1126.3
36.9
9.7
23.5
28.132.017.312.915.922.642.351.755.951.9
61.059.057.260.261.469.069.567.662.468.8
68.967.073.476.781.990.195.495.598.8
103.8
99.5105.8118.0127.3118.1
26.5
7.6
15.3
18.922.212.510.013.419.830.236.238.034.5
37.539.638.340.739.643.947.347.441.644.1
47.145.549.751.957.866.374.173.275.680.1
77.276.783.794.494.1
13.9
3.3
5.9
6.88.14.62.93.85.7
12.511.612.311.9
12.714.113.714.915.216.218.518.216.616.2
17.417.417.917.919.122.324.022.623.424.3
23.723.223.825.426.2
12.6
4.3
9.4
12.114.27.97.29.6
14.117.724.625.722.6
24.825.524.625.824.527.728.829.125.027.9
29.628.131.734.038.744.050.150.652.255.8
53.553.559.869.067.8
10.4
2.1
8.2
9.29.84.92.92.52.8
12.115.417.917.4
23.519.518.919.621.725.122.220.220.824.7
21.921.623.824.824.223.821.320.423.223.7
22.229.134.332.924.0
Seasonally adjusted annual rates
770.9786.6798.1814.2
832.8837.4840.8845.7
830.5827.1823.1803.7
512.8523.2531.2542.2
552.9553.7555.4546.3
539.7542.7547.2530.1
99.8103.0106.8110.1
117.2115.7114.3107.2
105.2106.8107.893.7
214.4219.8221.3225.4
228.7228.3230.0227.4
223.9223.6225.8221.7
198.6200.4203.0206.6
207.1209.7211.2211.7
210.6212.2213.7214.7
119.4123.2126.6130.9
134.4136.3135.8145.8
133.3130.3122.7118.9
115.2116.6118.1122.0
127.1128.4127.7125.8
122.7122.2117.7109.7
81.382.483.887.2
92.294.395.196.0
96.396.594.189.3
23.924.023.523.9
24.725.125.626.0
26.726.625.426.2
57.458.460.363.3
67.469.269.570.0
69.769.968.763.1
33.834.234.334.8
35.034.132.629.8
26.425.723.620.4
3.5
- 4 . 3
1.2
4.99.64.0
- . 2-1 .9-2 .910.0- . 24.6
-3 .9
8.310.93.3
.9- 2 . 0
6.44.81.2
-1 .54.8
3.52.06.05.85.89.0
13.97.76.46.7
3.95.37.0
10.88.2
4.26.68.58.8
7.37.88.0
20.0
10.68.25.09.1
See footnotes at end of table.
250
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-2.—Gross national product or
Year or quarter
1929
1933
1939
1940L94119421943194419451946L94719481949
19501951L952L9531954L9551956195719581959
1960196119621963196419651966196719681969
19701971197219731974 v
1972: JIIIIIIV
1973: 1II . .IlliV
1974: 1IIIllIV* .
Net exports of goods andservices
Netexports Exports Imports
expenditure in 1958 dollars, 1929-74—Continued
Government purchases ofgoods and services i
Total FederalStateandlocal
Adden-dum:Grossprivateproduct
Billions of 1958 dollars
1.5
.0
1.3
2.1.4
- 2 . 1- 5 . 9- 5 . 8- 3 . 8
8.412.36.16.4
2.75.33.01.13.03.25.06.22.2.3
4,35.14.55.68.36.24.23.61.0.2
2.3- 5
- 3 04.69.0
- 4 . 9- 3 6- 1 . 4- 1 . 9
1 43.55.87.9
11.58.27 38.9
11.8
7.1
10.0
11.011.27.86.87.6
10.219.622 618.118.1
16.319.318.217.818.820.924.226.223.123.8
27.328.030.032.136.537.440.242.145.748.4
52.252 255.766.671.6
54 353 356.259.0
64 865.966.968.9
73.373.470 968.9
10.3
7.1
8.7
8.910.89.9
12.613 413.911.210 312.011.7
13.614.115.216.715.817.719.119.920.923.5
23.022.925.526.628.231.236.138.544.748.3
50.052 658.762.062.6
59.256 957.660.9
63 462.461.161.0
61.865.163.660.0
22.0
23.3
35.2
36.456.3
117 1164.4181 7156.448.439 946.353.3
52.875.492.199.888.985.285.389.394.294.7
94.9100.5107.5109.6111.2114.7126.5140.2147.7145.9
139.3139 3143.1144.4145.9
3.5
6.0
12.5
15.036.298 9
147.8165 4139 730.119 123 727.6
25 347.463.870.056.850 749.751.753 652.5
51 454.660.059.558.157.965.474.778.173.5
64.360 961 057.356.3
18.5
17.3
22.7
21.420.118 316.616 316 718.420 822 725.7
27 527.928.429 732.134 435.637.640 6M.I
43.545.947.550.153.256.861.165.569.672.4
75.078 482 187.089.5
Seasonally adjusted annual rate:
143 8143 8141 8143.0
144 1143.9143.7145.7
146.0145.8145 9145.8
62 962 559.559.2
58 957.756.256.4
56.356.356.556.3
80.981 382.483.8
85 286.287.589.3
89.789.589.489.5
190.9
127.5
188.7
205.6236.6257 3272.8286 9282 5275.1281 4295 0294.1
324 2344 6353.2371 1366.2397 2404 8410.5405 2433 4
444 0452.3482.9503.2532.0567.0603.5617.5647.0664.9
661.7685 6731 7776.9757.0
>
710.2726 2737.5753.0
771 2775.3778.4782.8
767.0763.2758.8738.9
Percent change frompreceding period3
Totalgross
nationalproduct
- 1 . 9
8.5
8.516.112 913.27 2
-1 .7-12.0
_ 94.4.2
9.67.93.04.5
- 1 . 47.61.81.5
- 1 . 16.4
2.51.96.64.05.46.36.52.64.72.7
- . 43.36.25.9
-2 .2
6.48.46.08.3
9.52.21.62.3
-7 .0-1 .6-1 .9-9 .1
Grossprivateproduct
-2 .7
9 4
9.015.08 86.15 2
- 1 . 5- 2 . 6
2 34.8
- . 3
10.26.32.55.0
- 1 . 38.51.91.4
- 1 . 37.0
2.41.96.74.25.76.66.42.34.82.8
- . 53.66.76.2
-2 .6
7.09.36.48.7
10.02.11.62.3
-7 .8-2 .0- 2 . 3
-10.1
» Net of Government sales.s Changes are based on unrounded data and therefore may differ slightly from those obtained from published data,
shown here.
Source: Department of Commerce, Bureau of Economic Analysis.
251
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-3.—Implicit price deflators for gross national product, 1929-74
[Index numbers, 1958=100]
Year or quarter
Totalgross
nationalprod-uct i
Persona consumptionexpenditures
TotalDur-able
goods
Non-durablegoods
Serv-ices
Gross private domestic investment *
Fixed investment
Total
Nonresidential
Total Struc-tures
Pro-ducers'durableequip-ment
Resi-dentialstruc-tures
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962.1963..1964..1965..1966.1967..1968.1969.
1970...1971...1972...1973...1974 *_
1972:1...IL.III.IV..
1973:1—II..III.IV..
1974:1.....II...III...IV*..
50.64
39.29
43.23
43.8747.2253.0356.8358.1659.6666.7074.6479.5779.12
80.1685.6487.4588.3389.6390.8693.9997.49
100.00101.66
103.29104.62105.78107.17108.85110.86113.94117.59122.30128.20
135.24141.35146.12154.31170.11
55.3
40.6
45.1
45.548.754.859.963.265.470.577.982.381.7
82.988.690.591.792.592.894.897.7
100.0101.3
102.9103.9104.9106.1107.4108.8111.5114.4118.4123.5
129.3134.4138.2145.9162.4
56.4
41.9
46.0
46.550.459.364.271.575.976.882.786.386.8
87.894.295.494.392.991.994.998.4
100.0101.4
100.9100.6100.8100.4100.499.698.7
100.3103.4106.1
108.9112.3112.9114.7123.6
54.5
38.0
43.2
43.847.755.662.566.268.774.383.688.585.6
86.093.394.393.994.293.694.997.7
100.099.9
101.2101.9102.8104.0104.9106.9110.7113.0117.1122.2
127.8131.8136.1147.9169.9
56.1
43.6
47.7
47.949.852.755.357.558.762.767.972.174.3
76.380.083.687.790.092.094.697.3
100.0103.0
105.8107.6109.0110.9113.1115.1118.3122.2126.9133.2
140.2147.9153.8160.5173.4
39.4
30.6
37.7
39.042.046.549.351.151.558.566.773.974.7
77.583.185.386.686.889.094.098.5
100.0102.6
103.4103.9104.9106.0107.6109.3111.8115.9120.4126.4
132.5139.3144.8152.4165.6
39.9
31.6
38.7
40.042.747.849.951.051.056.364.570.772.8
74.480.482.684.084.886.792.497.9
100.0102.2
102.9103.4104.1104.5105.7107.5110.2113.8117.5123.0
130.2136.3139.6144.9159.0
35.7
27.9
33.1
33.936.441.346.848.649.254.464.471.571.2
72.979.383.284.986.088.193.498.6
100.0102.7
104.0105.6107.1108.9111.1114.7118.9124.0129.8141.0
152.6163.5172.6185.4199.1
44.6
34.5
42.2
43.446.351.551.151.951.757.564.670.373.6
75.280.982.283.584.085.991.897.5
100.0102.0
102.2102.1102.3102.3103.0103.9106.0109.3112.0115.2
120.3124.5126.5130.0143.5
Seasonally adjusted
144.62145.31146.50147.96
149.95152.61155.67158.93
163.61167.31172.07177.68
136.8137.7138.7139.7
141.4144.3147.0150.8
155.8160.2164.7169.2
112.4112.8113.4112.9
113.0114.2115.9116.0
117.8121.3126.3129.7
134.5135.3136.5137.9
141.4145.7149.5154.8
162.7168.0172.3176.6
151.6153.2154.4155.9
157.4159.4161.0164.1
167.3171.4176.1178.7
142.8143.8145.6146.9
148.7151.4154.3155.4
157.8162.3167.5176.0
138.5139.3140.2140.5
141.7143.9146.1147.9
150.7154.9160.4170.9
170.1171.3172.8176.2
180.4184.1187.1189.7
192.2196.2200.6207.5
125.4126.1127.5127.0
127.5129.2131.1132.3
134.8139.2145.5155.8
38.1
27.1
35.7
36.940.343.347.051.654.959.771.780.878.5
82.588.690.891.990.492.997.499.8
100.0103.1
104.5105.0106.7108.9112.3114.2117.4123.1129.7137.7
140.2147.4157.4174.0191.5
153.2154.6158.9162.8
167.1172.1178.1179.7
183.8190.0195.9198.3
See footnotes at end of table.
252
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-3.—Implicit price deflators for gross national product, 1929-74—Continued
[Index numbers, 1958=1001
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949 . .
1950195119521953195419551956195719581959
1960196119621963196419651966 . . .196719681969
19701971197219731974 v
1972: 1IIIII . . .IV
1973- 1IIIIIIV
1974- 1IIIIIIV p
Exports and imports ofgoods and services*
Exports
59.5
33.7
44.1
48.653.061.565.269.971.375.487.392.787.0
84.997.098.895.294.394.997.5
101.3100.098.8
99.9101.9100.8100.6101.5104.7107.7109.7110.9114.6
120.5125.5130.0150.6194.7
Imports
57.3
28.8
38.6
40.843.048.351.253.256.464.979.486.482.2
88.7107.2103.699.1
100.8100.6102.5104.0100.099.3
101.0100.198.599.5
101.5103.4105.6106.5107.7111.1
118.6124.7133.7155 6219.5
Government purchases of goodsand services
Total
38.6
34.5
37.9
38.544.050.953.953.152.655.862.968.171.0
71.878.581.081.884.187.192.196.4
100.0102.4
105.0107.1109.0111.8115.7119.4124.0128.5135.1144.0
157.6168.1178.6191.5211.7
Federal
36.0
33.1
40.8
40.246.652.554.953.853.157.365.669.873.0
72.979.481.281.483.586.991.795.8
100.0102.2
104.2105.2105.6108.0112.2115.5118.8121.5126.5134.5
149.5160.3171.9185 9206.6
State andlocal
39.1
35.0
36.3
37.339.242.344.646.148.653.260.466.468.9
70.876.980.682.885.387.592.797.3
100.0102.6
105.9109.4113.2116.3119.5123.5129.4136.4144.8153.6
164.6174.2183.7195 1214.9
Gross national productby sector
Private2
Total
51.73
39.92
43.93
44.6948.6655.5160.8562.0262.5968 2576.2781.4080.60
81.4187.3588.9989.6590.7791.5794.5397.92
100.00101.41
102. 76103.73104. 73105.80107.05108.83111.56114.79118.90124.30
130.32135.70139 61147 56163.27
Nonfarm
51.2
42.1
44.9
45 448.854.859 560.860.965 873.578.579.2
80.085.387.489.090.591.794.898.3
100.0101.8
103.2104.2105.1106.3107.7109.2111.6115.3119.3124.6
130.8136.4139 8145 4162.1
Generalgovern-ment
34.1
33.5
36.8
36 034.737.339 743.348.355 458.560.864.7
67.170 574.476.679 584.088.793 3
100.0104.2
108.6113.6116.6121.5128 4133.5140 3147.7159 1171.0
188.9205 1224 6238 5250.9
Seasonally adjusted
127.2129 1130.4133.0
137.1144.8155.0164.8
179.0188.7202.5209.6
128.6133 0135.5137.6
141.2152.2158 7170.9
194.0214.9230.8238.8
174.6176 5179.9183.6
186.7189.9192.6196.5
202.9208.8214.1221.0
168.0169 4172.7177.7
180.5184.0187 3192.1
198 0203.0207.4218.1
179.8181 9185.0187.8
190.9193.9196.0199.3
206.0212.4218.3222.9
138. 31138 92139.95141.16
143.22145.90148 96152.10
156.77160.51165. 35170.72
138.8139 3139.9140.9
142.2144.2146 1149.2
154.3159.8164.8169.6
218.4222 1226.1231.8
234.3236.3239 3244.0
246.2248.5251.5257.1
1 Separate deflators are not available for total gross private domestic investment, change in business inventories, andnet exports of goods and services,
s Gross national product less compensation of general government employees. See also Tables C-9 and C-10.
Source: Department of Commerce, Bureau of Economic Analysis.
253563-280 O - 75 - 17Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-4.—Implicit price deflators and alternative price measures of gross national product andgross private product, 1939—74
Year orquarter
1939
19401941194219431944 .
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974*
1972:1IIIllIV
1973:1IIIIIIV
1974:1IIIIIIV*
Gross national product pricemeasures, 1958=100
Total
Implicitprice
deflator
43.23
43.8747.2253.0356.8358.16
59.6666.7074.6479.5779.12
80.1685 6487.4588.3389.63
90.8693.9997 49
100 00101.66
103 29104.62105 78107 17108. 85
110.86113.94117.59122.30128. 20
135. 24141.35146.12154.31170.11
Priceindex.1967
weights
110.75114.06117.58122. 51128.61
135.60142.18148.03157. 36174.12
Private
Implicitprice
deflator
43.93
44.6948.6655.5160.8562.02
62.5968.2576.2781.4080.60
81.4187.3588.9989.6590.77
91.5794.5397 92
100.00101.41
102. 76103. 73104 73105 80107.05
108. 83111.56114.79118.90124.30
130.32135.70139.61147. 56163.27
Priceindex,1967
weights
108.65111.62114.78119.10124.67
130.67136.34140. 77149. 63166.68
Percent change from preceding periodl
Total
Implicitprice
deflator
- 1 . 5
1.57.7
12.37.22.3
2.611.811.9
* 6.6- . 6
1.36.82.11.01.5
1.43.43.72.51.7
1.6
l ! l1.31.6
1.82.83.24.04.8
5.54.53.45.6
10.2
Priceindex,1967
weights
3.03.14.25.0
5.44.94.16.3
10.6
Chainprice
index
3.14.24.9
5.34.83.96.0
10.0
Private
Implicitprice
deflator
- 1 . 6
1.78.9
14.19.61.9
.99.0
11.86.7
- 1 . 0
1.07.31.9
71.2
.93 23.62.11.4
1.3.9
1.01.01.2
1.72.52.93.64.5
4.84.12.95.7
10.6
Priceindex,1967
weights
2.72.83.84.7
4.84.33.36.3
11.4
Chainpriceindex
2.93.84.6
4.74.33.25.9
10.6
Seasonally adjusted annual rates
144.62145.31146. 50147.96
149.95152.61155.67158.93
163.61167.31172.07177.68
146.05147.12148.57150.33
152.87155.65158.68162.23
167.17171.64176.63181.66
138.31138.92139.95141.16
143.22145.90148.96152.10
156.77160.51165.35170.72
139.17140.02141.26142.59
145.14148.00151.02154.36
159.54164.22169.40174.25
5.51.93.34.1
5.57.38.38.6
12.39.4
11.913.7
5.63.04.04.8
6.97.58.09.3
12.711.112.711.9
5.42.94.04.3
6.47.18.18.5
11.69.8
12.711.3
4.41.83.03.5
6.07.78.78.7
12.99.9
12.613.7
3.72.53.63.8
7.48.18.49.1
14.112.313.812.0
3.82.33.63.5
6.77.58.48.6
12.610.613.811.5
1 Changes are based on unrounded data and therefore may differ slightly from those obtained from published indexes,shown here.
Source: Department of Commerce, Bureau of Economic Analysis.
254Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-5.—Gross national product by industry in 1958 dollars, 1947-73
[Billions of 1953 dollars]
Year
19471948 .1949
1950195119521953 .1954
1955 .19561957..19581959
19601961.1962.. .19631964
19651966.196719681969
197019711972...1973 .
1
Totalgross
na-tional
product
309.9323.7324.1
355.3383.4395.1412.8407.0
438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1
617.8658.1675.2706.6725.6
722.5746.3792.5839.2
Agri-culturefores-
try,andfish-eries
17.920.019.4
20.419.520.221.221.6
22.122.021.522.022.3
23.123.423.324.023.6
25.023.725.224.825.4
26.227.727.428.9
Con-tractcon-
struc-tion
12.914.114.7
16.218.218.318.919.3
20.821.821.120.722.0
21.721.421.721.923.3
23.524.723.123.824.1
23.624.025.725.7
Manufacturing
Total
91.896.390.9
105.5116.2118.7128.6119.5
133.6134.1134.6123.7138.9
140.9140.4154.6162.4173.7
190.5205.7205.4219.2228.6
217.5223.1245.4272.4
Du-rablegoodsindus-tries
52.355.050.5
60.869.071.579.171.2
80.779.479.669.679.9
81.079.790.095.6
102.4
114.8125.1123.9131.8136.9
125.1127.1141.6159.7
Non-durable
goodsindus-tries
39.441.340.4
44.747.247.349.548.3
52.954.654.954.059.0
59.960.764.766.871.3
75.780.781.487.491.7
92.496.0
103.8112.7
Trans-porta-tion,com-muni-cation,
andutili-ties
29.630.428.7
30.834.334.635.736.4
38.640.541.340.643.3
44.946.048.951.954.7
59.264.066.570.975.4
77.480.185.390.1
Whole-saleand
retailtrade
52.754.255.2
60.461.462.964.965.5
71.673.875.175.180.8
82.383.588.992.898.9
104.8111.6113.9120.8124.2
126.5131.2141.2146.1
Finance,insur-ance,andreal
estate
35.636.537.8
41.042.944.746.849.8
52.754.857.059.261.4
64.167.171.274.478.3
83.186.891.695.295.5
96.4101.0105.21C8.3
Serv-ices
30.631.932.1
33.134.034.535.335.4
38.240.241.842.945.1
46.748.350.852.254.7
57.760.663.465.867.7
69.269.873.277.5
Gov-ern-mentand
govern-mententer-prises
32.433.234.7
35.943.947.247.146.1
46.046.246.947.347.9
49.250.652.653.956.1
58.061.865.568.670.3
70.070.370.872.7
Allotheri
6.77.1
10.6
12.113.014.014.313.5
14.412.713.116.014.1
14.716.317.917.417.8
15.819.420.617.614.3
15.819.218.117.5
i Mining, rest of the world, and residual (the difference between gross national product measured as sum of final prod-ucts and gross national product measured as sum of gross product by industries).
Source: Department of Commerce, Bureau of Economic Analysis.
255
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O6.—Gross national product by major type of product, 1929-74
[Billions of dollars]
Year orquarter
Totalgrossna-
tionalprod-
uct
Finalsales
Goods output
Total
Total Finalsales Is
55
Durable goods
Total Finalsales l l
Nondurable goods
Total Finalsales II
<u m
Serv-ices
Structures
Grossautoprod-
uct
1929..
1933..
1939.
1940.1941..1942.1943.1944.1945.1946.1947.1948.1949.
1950.1951.1952.1953.1954.1955.1956.1957.1958.1959.
1960.1961.1962.1963.1964.1965.1966.1967.1968.1969.
1970.1971.1972.1973.1974i
1 9 7 2 : L .I I -I I I .I V .
1 9 7 3 : I . .I I . .I I I .I V .
1 9 7 4 : I . . .
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.560.3590.5632.4684.9749.9793.9864.2930.3
977.11,054. ,1,158.01,1,294.'"1, 396.7
L91,
101.4
57.2
90.1
97.5120.1156.2192.2211.1213.0202.1231.8252.9259.6
278.0318.1342.4364.1366.4392.0414.5439.8448.8478.9
500.2518.1554.3584.662fi.6675.3735.1785.7857.1922.5
972.6., 048.6, 149.5,279.61,383.3
1.7
-1.6
.4
2.24.51.8-.6-1.0-1.06.4-.54.7
-3.1
6.810.33.1.4
-1.56.04.71.3
-1.54.8
3.62.06.05.95.89.614.88.27.17.8
4.56.38.515.413.4
56.1
27.0
49.0
56.072.593.6120.4132.3128.9124.9139.7154.2147.5
162.4189.7195.6204.1197.1216.4225.4234.6230.8249.1
259.6262.3284.5298.6319.4347.2383.3398.9429.5457.5
471.2497.9543.8622.7670.4
54.3
28.6
48.6
53.868.091.9
121.0133.3129.9118.5140.1149.4150.5
155.6179.4192.5203.7198.6210.4220.7233.3232.3244.4
256.0260.2278.5292.7313.6337.6368.5390.7422.4449.7
466.7491.6535.2607.3657.1
1.7
-1.6
.4
2.24.51.8
- . 6-1 .0-1 .0
6.4- . 54.7
-3 .1
6.810.33.1.4
-1 .56.04.71.3
-1 .54.8
3.62.06.05.95.89.6
14.88.27.17.8
4.56.38.5
15.413.4
17.5
4.9
12.7
16.626.835.554.257.948.936.946.048.747.8
60.473.774.679.472.185.790.394.483.695.6
99.596.5
109.0116.1127.0139.6156.7161.1174.5187.3
183.7194.2221.4250.3256.4
16.1
5.4
12.4
15.423.834.554.258.550.231.644.348.049.9
56.366.873.578.574.682.787.593.186.493.2
97.496.6
106.2113.3122.8133.0146.2156.5169.6182.3
182.5191.8214.3240.9249.9
1.4
.3
1.23.01.0.0
- . 6-1.3
5.31.7.7
-2.1
4.16.91.1.9
-2.53.02.81.3
-2.82.3
2.1- . 12.82.84.26.7
10.54.74.95.0
1.22.47.19.46.5
38.5
22.1
36.3
39.345.658.166.274.480.088.093.7
105.599.7
102.0116.0121.0124.8125.0130.7135.1140.2147.2153.6
160.1165.8175.5182.5192.4207.6226.6237.7255.0270.2
287.5303.7322.4372.4414.0
38.2
23.2
36.2
38.444.257.466.874.879.786.995.9
101.5100.6
99.3112.6119.1125.2124.1127.7133.2140.2145.9151.1
158.6163.7172.2179.4190.7204.7222.3234.2252.9267.4
284.1299.8321.0366.5407.1
0.3
-1 .1
.1
1.01.4
-'.%- . 3
.21.1
-2.24.0
-1.0
2.73.42.0
- . 51.02.91.9.0
1.32.4
1.52.13.23.11.63.04.33.52.12.8
3.34.01.46.06.9
35.6
25.7
34.0
35.440.350.362.571.876.568.070.275.780.8
87.0101.2110.118.8123.5132.6142.3154.2163.4176.2
187.3199.5213.3226.2244.2262.9289.1316.5346.6377.9
410.3446.0488.1534.4589.1
11.4
2.9
811.814.08.76.16.5
15.621.427.728.3
35.437.539.141.744.249.051.552.353.158.3
56.858.362.665.768.874.877.578.688.194.9
95.6111.0126.1137.8137.1
Seasonally adjusted annual rates
1,115.01,143.01,169.31,204.7
1,248.91,277.91, 308.91,344.0
1, 358.81,383.81, 416. 31,428.0
1,110.01,135.11,159.11,193.7
1,238.91, 267.21, 297.01,315.1
1,341.91, 370.31, 407.61,413.5
5.08.0
10.211.0
10.010.711.828.9
16.913.58.7
14.4
519.2537.4551.2567.2
595.8611.6629.9653.6
651.9664.9681.7683.2
514.3529.4541.0556.2
585.8600.9618.0624.7
635.0651.3673.0668.8
5.08.0
10.211.0
10.010.711.828.9
16.913.58.7
14.4
207.3216.4225.1236.8
244.0248.9252.8255.4
251.0246.6265.5262.5
204.6210.6218.3223.6
237.8241.2243.9240.6
242.3248.5259.8249.3
2.75.86.8
13.2
6.17.79.0
14.8
8.7-1 .8
5.713.2
311.9321.0326.1330.4
351.8362.7377.1398.2
401.0418.2416.2420.7
309.7318.9322.7332.6
347.9359.7374.2384.1
392.8402.9413.2419.5
2.22.23.4
-2 .2
3.93.02.9
14.1
8.215.43.01.2
472.1481.5492.4506.5
516.0528.3540.2553.2
569.7579.2597.8609.8
123.6124.1125.6130.9
137.1138.0138.8137.2
137.1139.7136.7135.0
7.28.8
11.9
15.413.512.016.314.621.216.919.514.519.1
21.417.922.525.125.831.830.028.936.336.6
30.740.843.949.940.8
40.342.146.546.6
51.550.850.347.0
33.538.648.342.9
Source: Department of Commerce, Bureau of Economic Analysis.
256
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-7.—Gross national product by major type of product in 1958 dollars, 1929-74
[Billions of 1958 dollars]
Year orquarter
1929.
19 33
19 39
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
19701971197219731974 v
1972:1....II...III...IV...
1973: L...II...III...IV...
1974:1...II...III..IV p.
Totalgrossna-
tionalprod-uct
203.6
141.5
209.4
227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1
355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6
722.5746.3792.5839.2821.1
Finalsales
In-ven-tory
change
200.1
145.9
208.2
222.3254.1293.8337.3363.2358.2302.6310.1319.1328.1
347.0372.5391.8411.8409.0431.6441.2451.2448.8471.1
484.2495.2523.8545.2575.2608.8644.2667.5700.2718.9
718.5741.0785.4828.4812.9
3.5
- 4 . 3
1.2
4.99.64.0
- . 2- 1 . 9- 2 . 910.0
24! 6
- 3 . 98.3
10.93.3.9
- 2 . 06.44.81.2
- 1 . 54.8
3.52.06.05.85.89.0
13.97.76.46.7
3.95.37.0
10.88.2
Goods output
Total
Total
103.9
68.8
110.7
124.0143.4158.1187.4204.8198.0172.1172.2178.4174.2
192.6208.4214.0225.4215.1236.1239.0239.8230.8247.7
256.0257.3277.3289.7308.6330.7356.8363.1379.7390.0
385.4396.3425.5459.1443.0
Finalsales
100.4
73.2
109.5
119.0133.8154.1187.6206.7201.0162.1172.4173.8178.1
184.3197.5210.7224.5217.1229.7234.2238.5232.3242.9
252.6255.3271.3283.9302.8321.7342.9355.4373.3383.3
381.4391.0418.5448.3434.8
I I
3.5
- 4 . 3
1.2
4.99.64.0
- . 2- 1 . 9-2.910.0- . 24.6
- 3 . 9
8.310.93.3.9
- 2 . 06.44.81.2
- 1 . 54.8
3.52.06.05.85.89.0
13.97.76.46.7
3.95.37.0
10.88.2
Durable goods
Total
33.6
11.7
27.6
35.650.057.285.695.984.354.760.161.358.0
73.484.184.691.081.996.596.596.283.694.0
97.894.9
107.0114.2124.6136.5151.8152.2160.7167.5
159.0163.6185.8206.0195.6
Finalsales
30.9
13.4
27.0
32.843.554.485.297.487.446.158.660.061.0
68.376.183.289.984.893.093.595.086.491.6
95.994.9
104.1111.4120.4130.1141.9148.0156.2163.2
158.0161.7180.1198.5191.4
I I
2.7
- 1 . 7
.6
2.76.62.9.4
-1.5-3.18.61.51.2
-3.0
5.28.01.51.2
-3.03.43.01.2
-2.82.4
2.0.0
2.82.84.16.59.84.34.44.3
.91.95.77.54.2
Nondurable goods
Total
70.4
57.1
83.0
88.493.4
100.9101.7108.8113.7117.4112.2117.1116.2
119.1124.3129.4134.4133.2139.7142.5143.6147.2153.7
158.2162.3170.3175.6184.1194.2205.1210.9219.0222.5
226.4232.7239.7253.1247.4
Finalsales
69.5
59.8
82.5
86.290.399.7
102.4109.3113.6116.0113.8113.8117.1
116.0121.4127.6134.6132.3136.7140.7143.6145.9151.2
156.7160.3167.2172.5182.3191.6201.0207.4217.0220.1
223.4229.3238.4249.9243.3
I I
0.8
-2 .7
.6
2.23.11.2
- . 6- . 4
.21.4
-1.73.3
- . 9
3.12.91.8
- . 2.9
3.01.8.0
1.32.5
1.52.03.13.11.72.64.13.52.02.5
3.03.41.33.34.0
Serv-ices
69.3
63.0
76.9
80.089.8
107.7131.8144.0144.3113.3106.5109.3112.4
117.5130.5136.3140.3141.8147.5153.0160.1163.4171.2
176.6184.0193.7200.9210.8221.9236.3249.1259.7268.2
273.3279.7291.4304.5310.5
Struc-tures
30.3
9.8
21.8
23.230.531.917.912.412.927.231.236.137.5
45.244.444.747.050.254.354.052.653.157.0
55.055.858.860.461.665.265.063 067.267.3
63.870.375.675.567.6
Grossautoprod-uct
Seasonally adjusted annual rates
770.9786.6798.1814.2
832.8837.4840.8845.7
830.5827.1823.1803.7
766.7780.0789.7805.3
825.5829.6832.7825.7
819.9818.9818.1794.6
4.26.68.58.8
7.37.88.0
20.0
10.68.25.09.1
409.2422.1430.2440.4
455.1457.6458.8465.1
449.1448.9446.0427.8
405.0415.5421.8431.6
447.8449.8450.8445.1
438.5440.8441.0418.7
4.26.68.58.8
7.37.88.0
20.0
10.68.25.09.1
174.5182.1188.2198.6
204.6206.7206.3206.3
200.2195.4200.2186.7
172.3177.2182.8188.1
199.5200.5199.0194.9
194.3196.6196.6178.2
2.24.85.4
10.5
5.16.27.2
11.5
5.8- 1 . 2
3.68.5
234.7240.1242.1241.9
250.4250.8252.6258.7
248.9253.6245.8241.1
232.7238.3239.0243.5
248.3249.3251.7250.2
244.2244.2244.4240.5
2.01.83.1
- 1 . 6
2.21.6.8
8.5
4.79.41.4.6
286.2289.0292.8297.5
299.9303.5306.9307.8
310.7308.3310.7312.2
75.575.575.176.3
77.876.375.172.8
70.769.866.463.7
10.311.414.8
19.115.913.518.717.124.618.620.214.518.5
21.017.522.024.725.531.830.629.035.435.0
28.536.239.144.233.6
36.137.540.941.8
46.345.243.641.6
29.232.638.933.8
Source: Department of Commerce, Bureau of Economic Analysis.
257
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O8.—Gross national product: Receipts and expenditures by major economic groups, 1929-74
[Billions of dollars]
Year orquarter
Persons
Disposable personalincome
Total i
Less:Inter-
estpaidand
trans-fer
pay-mentsto for-eigners
Equals:Total
exclud-ing in-terestand
trans-fers
Per-sonalcon-
sump-tionex-
pendi-tures
Per-sonalsaving
ordis-
saving
Government
Net receipts
Taxandnon-taxre-
ceiptsor ac-cruals
Less:Trans-fers,inter-est,andsub-
sidies3
Equals:Netre-
ceipts
Expenditures
Totalex-
pendi-tures
Less:Trans-fers,inter-est,andsub-
sidies2
Equals:Pur-
chasesof
goodsand
serv-ices
Sur-plusor
deficit(-),na-
tionalin-
comeand
prod-uct ac-counts
1929 . . . .
1933 . . . .
1939 . . . .
1940. . . .1941 . . . .1942. . . .1943 . . . .1944. . . .1945. . . .1946. . . .1947. . . .1948. . . .1949
195019511952195319541955 . . . .1956—.195719581959
I 9 6 0 . . . .1961196219631964. . . .1965 . . . .1966—.196719681969
1970197119721973 . . . .1974 v
1972:1II111IV . . .
1973:1IL—III...IV...
1 9 7 4 : 1 . . . .1 1 . . .I I I . . .IV P . .
83.3
45.5
70.3
75.792.7
116.9133.5146.3150.2160.0169.8189.1188.6
206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3
350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4
691.7746.4802.5903.7979.7
774.7790.0807.2838.1
869.5892.1913.9939.4
950.6966.5993.1
1,008.7
1.9
.7
.9
1.01.1.8.8.8
1.01.41.82.22.4
2.93.13.54.34.65.15.96.46.57.1
7.88.18.69.7
10.712.013.013.915.116.7
17.918.820.924.126.0
81.4
44.9
69.4
74.791.6
116.1132..7145.5149.3158.6168.0186.9186.2
204.1223.5234.8248.3252.9270.2287.2302.2312.3330.3
342.3356.3376.6394.9427.4461.3498.9532.4575.9617.7
673.8727.6781.6879.6953.7
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
617.6667.1729.0805.2877.0
4.2
- . 9
2.6
3.811.027.633.437.329.615.27.3
13.49.4
13.117.318.118.316.415.820.620.722.319.1
17.021.221.619.926.228.432.540.439.838.2
56.260.552.674.476.7
11.3
9.3
15.4
17.725.032.649.251.253.250.956.858.956.0
68.784.889.894.389.7
100.4109.0115.6114.7128.9
139.8144.6157.0168.8174.1189.1213.3228.9263.5296.7
302.5321.6367.0411.5455.0
1.8
2.7
4.2
4.44.04.44.76.5
10.418.517.318.821.3
22.919.919.019.521.923.425.528.733.034.0
36.541.342.844.446.749.955.562.870.777.9
93.2105.9116.5131.6152.0
9.5
6.7
11.2
13.321.028.244.444.742.832.439.540.134.7
45.864.970.874.867.876.983.586.881.695.0
103.3103.3114.2124.3127.3139.2157.9166.2192.7218.8
209.4215.7250.5279.9303.1
10.3
10.7
17.6
18.428.864.093.3
103.092.745.542.450.359.1
60.879.093.7
101.296.797.6
104.1114.9127.2131.0
136.1149.0159.9166.9175.4186.9212.3242.9270.3287.9
312.7340.2372.1408.0460.9
1.8
2.7
4.2
4.44.04.44.76.5
10.418.517.318.821.3
22.919.919.019.521.923.425.528.733.034.0
36.541.342.844.446.749.955.562.870.777.9
93.2105.9116.5131.6152.0
8.5
8.0
13.3
14.024.859.688.696.582.327.025.131.637.8
37.959.174.781.674.874.278.686.194.297.0
99.6107.6117.1122.5128.7137.0156.8180.1199.6210.0
219.5234.2255.7276.4308.8
Seasonally adjusted annual rates
19.920.521.222.0
22.523.524.326.2
25.625.826.226.4
754.8769.5786.0816.1
847.0868.6889.6913.2
925.0940.7966.9982.3
701.5720.6736.8757.2
781.7799.0816.3823.9
840.6869.1901.3896.8
53.349.049.358.9
65.369.673.289.3
84.471.565.585.4
355.3362.4369.8380.5
398.1406.9416.5424.6
435.9450.7470.3
112.5113.8115.3124.4
127.2130.7133.0135.9
139.3147.4157.8163.9
242.8248.7254.5256.2
271.0276.2283.6288.7
296.5303.3312.4
363.5367.6370.4387.0
396.1403.9409.8422.3
435.5451.7470.0486.2
112.5113.8115.3124.4
127.2130.7133.0135.9
139.3147.4157.8163.9
251.1253.8255.1262.6
269.0273.3276.9286.4
296.3304.4312.3322.4
1.0
-1 .4
- 2 . 2
-31.4-44.1-51.8-39.5
5.414.48.5
-3 .2
7.95.8
- 3 . 8- 6 . 9- 7 . 0
2.74.9
- 1 2 ! 5- 2 . 1
3.7- 4 . 3- 2 . 9
1.8-1 .4
2.21.1
-13.9- 6 . 8
8.8
-10.1-18.5- 5 . 1
3.5- 5 . 9
- 8 . 2- 5 . 2- . 6
- 6 . 5
2.13.06.72.3
.4-1 .0
.2
See footnotes at end of table.
258
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-8.—Gross national product: Receipts and expenditures by major economic groups,1929-74—Continued
[Billions of dollars]
Yearor
quarter
1929
1933
1939
1940194119421943.194419451946.194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
19701971197219731974 P
1972: L -I L .III.IV..
1973: I...
IllIV
1974: I.IIIIIIV p_...
Business
Grossre-
tainedearn-ings3
Grosspri-vate
lomes-tic
invest-ment*
11.2
3.2
8.4
10.511.414.516.317.115.114.520.228.029.7
29.433.135.136.139.246.347.349.849.456.8
56.858.766.368.876.284.791.393.095.497.0
97.0110.2125.9136.5136.5
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54.159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
136.3153.7179.3209.4208.9
Excessof in-vest-ment(
Nettrans-fers tofor-
igners>y per-sonsand
Govern-ment
- 5 . 1
l.P
- . 9
- 2 . 7- 6 . 5
4.610.610.04.6
-16.1-13.8-18.0-6 .0
-24.7-26.2-16.8-16.5-12.5-21.1-22.8-18.1-11.5-18.5
-18.0-13.0-16.8-18.4-17.8-23.4-30.1-23.5-30.6-42.0
-39 .3-43.5-53 .5-72 .9-72 .4
International
0.4
.2
.2
.2
.2
.2
.2
.3
.82.92.64.55.6
4.03.52.52.52.32.52.42.32.42.4
2.42.62.72.82.82.82.83.02.92.9
3.23.63.83.93.6
Net exports of goodsand services
Ex-ports
7.0
2.4
4.4
5.45.94.84.45.37.2
14.719.716.815.8
13.818.718.016.917.819.823.626.523.123.5
27.228.630.332.337.139.243.446.250.655.5
62.965.472.4
100.4139.4
Less:Im-
ports
5.9
2.0
3.4
3.64.64.86.57.17.37.28.2
10.39.6
12.015.115.816.615.917.819.620.820.923.3
23.223.025.126.428.632.338.141.048.153.6
59.365.678.496.4
137.5
Equals:Netex-
ports
1.1
.4
1.1
1.71.3.0
- 2 . 0- 1 . 8- . 67.5
11.56.46.1
1.83.72.2.4
1.82.04.05.72.2.1
4.05.65.15.98.56.95.35.22.51.9
3.6- . 2
-6 .03.92.0
Excessof
trans-fersor
of netex-
ports( ) 5
- 0 . 8
- . 2
- . 9
- 1 . 5- 1 . 1
.22.22.11.4
- 4 . 6-8 .9-1 .9- . 5
2.2- . 2
.32.1.5.5
- 1 . 5-3 .4
.22.3
-1 .7-3 .0- 2 . 5- 3 . 1-5 .7- 4 . 1-2 .4- 2 . 2
.41.0
41 89.8
- . 11.6
Totalincomeor re-ceipts
102.4
55.0
89.2
98.7124.1159.0193.6207.6208.0208.4230.4259.5256.2
283.3325.1343.3361.6362.1395.9420.4441.1445.8484.5
504.8520.8559.8590.8633.7688.0750.9794.6866.9936.3
983.51,057.21,161.81,299.91, 396.7
Statis-ticaldis-
crep-ancy
0.7
.6
1.3
1.0.4
- 1 . 1- 2 . 0
2.53.9.1.9
-2 .0.3
1.53.32.23.02.72.1
-1 .1.0
1.6- . 8
-1 .0- . 8
.5- . 3
- 1 . 3-3 .1-1 .0
-j-1.1-5 .1
- 6 . 4- 2 . 3- 3 . 8- 5 . 0
.0
Seasonally adjusted annual rates
119.3125.6126.4132.2
133.7135.3137.1140.0
139.7135.7130.6
169.4175.5182.1190.2
199.0205.1209.0224.5
210.5211.8205.8207.6
-50.1-49.9-55.7-58.0
-65.3-69.8-71.9-84.5
-70.8-76.1-75.2
4.03.83.83.6
3.04.23.64.7
3.73.73.33.6
69.168.873.378.5
88.895.4
103.7113.6
131.2138.5143.6144.3
76.175.778.183.8
89.594.996.9
104.3
119.9140.0146.7143.2
-7 .1-6 .9- 4 . 8- 5 . 3
- . 8.5
6.79.3
11.3-1 .5-3 .1
1.2
11.010.78.68.9
3.83.7
-3 .1-4 .7
- 7 . 75.26.52.4
1,120.91,147.61,170.81, 208.0
1,254.71,284.41,313.81,346.6
1, 365.11, 383. 51,413.3
-5 .9-4 .5-1 .5-3 .3
-5 .9-6 .5-4 .9-2 .6
- 6 . 3.3
3.0
Grossna-
tionalprod-uct
or ex-pendi-ture
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
977.11,054.91,158.01,294.91,396.7
1,115.01,143.01,169.31,204.7
1,248.91,277.91, 308.91,344.0
1,358.81,383.81,416.31,428.0
1 Personal income less personal tax and nontax payments (fines, penalties, etc.).2 Government transfer payments to persons, foreign net transfers by Government, net interest paid by government,
subsidies less current surplus of government enterprises, and disbursements less wage accruals.3 Capital consumption allowances, corporate inventory valuation adjustment, undistributed corporate profits, and
private wage accruals less disbursements.* Private business investment, purchases of capital goods by private nonprofit institutions, and residential housing.
See Table C-13.s Net foreign investment less capital grants received by the United States, with sign changed.
Source: Department of Commerce, Bureau of Economic Analysis.
259
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-9.—Gross national product by sector, 1929-74
[Billions of dollars]
Year or quarter
1929
1933
1939
1940194119421943 . .194419451946._194719481949
19501951 .19521953_19541955.1956.19571958 .1959
1960 . . .196119621963. .196419651966196719681969
1970 .19711 9 7 2 . . .19731974*
1972: 1III I I . .IV_
1973: 1III I I . . .IV
1974: 1 .IIIIIIV p
Totalgross
nationalproduct
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
977.11,054.91,158.01,294.91, 396.7
1,115.01,143.01,169.31,204.7
1, 248.91,277.91,308.91,344.0
1,358.81, 383.81,416.31,428.0
Gross domestic product
Total
102.3
55.3
90.2
99.3124.2157.5191.2209.7211.6207.9230.5256.6255.5
283.6327.1344.2363.3363.2396.2417.2438.9445.3481.5
501.4517.2557.1587.1628.5680.7745.8789.4859.5926.0
972.51,048.91,151.51, 286.51,385.6
1,109.21,137.11,162.41,197.4
1, 240. 51, 269.91,300.61,335.2
1,344.01, 374.11, 405.21,419.2
Total
95.1
48.9
80.3
89.1112.2139.5162.4173.8172.3182.7208.6233.5230.1
256.3292.8305.8323.6322.7352.9370.8389.3391.7425.0
440.7452.3487.4513.0548.2594.4648.9681.6739.0794.1
827.0890.5977.9
1,096.81,177.9
940.5965.9987.4
1,017.7
1,056.71,082.41,109.21,138.8
1,143.11,168.81,195.71, 203.8
Business
Nonfarm1
85.4
44.3
74.0
82.6103.3126.5147.2158.5156.4163.9188.5210.2211.4
236.3269.9283.7303.3303.1334.1352.2370.9370.9405.3
420.2431.4466.2491.5527.6570.8624.0657.0713.9766.2
797.9859.6942.6
1,040.31,124.1
Farm
9.7
4.6
6.3
6.58.9
13.015.315.315.918.820.223.318.8
20.022.922.220.319.618.818.618.420.819.6
20.520.921.221.520.623.724.924.625.227.9
29.030.935.356.553.8
House-holdsand
insti-tutions
2.9
1.7
2.3
2.42.52.93.23.74.14.55.15.65.9
6.46.97.27.88.19.19.8
10.511.412.2
13.214.015.016.017.318.520.222.825.528.1
30.833.737.241.347.0
General
Total
4.3
4.7
7.6
7.89.4
15.125.632.235.220.816.717.419.4
20.927.431.231.932.534.236.639.142.144.3
47.550.954.758.163.067.876.685.194.9
103.8
114.7124.6136.4148.5160.8
Seasonally adjusted annual rates
907.2931.6952.9978.9
1,008.81,029.01,049.01,074.5
1,082.61,117.81,144.41,151.7
33.334.434.638.8
47.953.460.264.4
60.551.151.352.1
36.037.037.838.0
39.540.742.043.0
44.646.548.048.9
132.6134.2137.1141.7
144.3146.8149.4153.4
156.3158.8161.6166.5
government2
Fed-eral
0.9
1.2
3.4
3.55.0
10.620.927.329.814.69.48.9
10.0
10 816.318.918.617.818.419.019 620.621.0
21.922.924.325.327.128.432.635.939.542.2
45.247.350.752.855.7
50.449.950.252.5
52.552.152.454.3
54.855.055.357.9
Stateandlocal
3.5
3.5
4.2
4.34 44 54 74.95 46.27 38 59 4
10 111.112 213.314 715 817.619 521.523.3
25.628.030.432.935.939.344.049.255.461.6
69.677.485.795.7
105.1
82.284.387.089.2
91.894.797.199.1
101.5103.9106.3108.6
Restof theworld
0.8
.3
.3
.4
.4
.4
.4
.4
.4
.6
.81.01.0
1.21.31.31.31.61.82.12.22.02.2
2.42.93.33.44.04.24.14.54.74.3
4.66.06.58.4
11.1
5.85.96.97.4
8.48.08.38.9
14.79.7
11.18.8
Adden-dum:Gross
privateproduct3
98.8
50.9
82.9
91.9115.1142.8166.0177.9176.8187.7214.6240.1237.0
263.9301.0314.3332.7332.4363.8382.6402.0405.2439.4
456.3469.2505.7532.4569.4617.1673.3708.8769.3826.5
862.4930.3
1,021.61,146.51,235.9
982.31,008.91, 032.11, 063.0
1,104.61,131.11,159.51,190.7
1, 202. 51, 225.01, 254.71,261.5
1 Includes compensation of employees in government enterprises.* Compensation of general government employees.* Gross national product less compensation of general government employees.
Source: Department of Commerce, Bureau of Economic Analysis.
260
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-10.—Gross national product by sector in 1958 dollars, 1929-74
[Billions of 1958 dollars]
Year orquarter
Totalgross
nationalproduct
Gross domestic product
Total
Business
Total Non-farm i Farm
House-holdsand
insti-tutions
General government 2
Total Fed-eral
Stateandlocal
Restof theworld
Adden-dum:Gross
privateprod-uct^
1929
1933
1939
194019411942194319441945.1946194719481949
1950.1951195219531954195519561957.19581959
19601961196219631964196519661967..19681969
19701971197219731974*
1972: I
IV . .
1973: I . . . . .II —III...IV ..
1974: IIL . . .III. . .IV p . .
203.6
141.5
209.4
227.2263.7297.8337.1361.3355.2312.6309.9323.7324.1
355.3383.4395.1412.8407.0438.0446.1452.5447.3475.9
487.7497.2529.8551.0581.1617.8658.1675.2706.6725.6
722.5746.3792.5839.2821.1
202.2
140.3
208.4
226.3262.8296.9336.3360.4354.5311.7308.9322.5322.9
354.0382.2393.9411.5405.5436.2444.1450.4445.3473.7
485.4494.2526.4547.6577.2613.7654.1670.8702.2721.6
718.5741.5787.7833.9817.1
182.1
120.6
180.7
197.1228.1248.7264.9278.9274.6267.0272.8286.0284.7
314.2334.5343.2360.7355.4385.4392.2397.5391.7419.4
429.5436.9466.7486.6514.4548.9584.9597.8626.5644.6
641.1663.7709.4753.1734.1
165.1
103.0
162.5
179.6209.3228.0245.3259.5256.5248.6255.8267.0266.2
294.9316.2324.2340.7335.0364.4371.4377.2370.9398.3
407.6414.8444.6463.8492.1525.2562.5573.9603.1620.5
616.4637.4683.4725.8706.6
17.0
17.5
18.2
17.518.820.619.619.418.118.517.019.018.4
19.418.419.020.020.420.920.820.320.821.1
21.922.222.122.822.323.722.423.923.424.1
24.826.326.027.427.5
7.4
5.7
7.1
7.67.57.87.27.17.17.17.57.98.2
8.78.88.89.19.2
10.110.610.911.411.7
12.212.412.913.213.714.014.615.416.016.3
16.617.017.618.518.9
12.7
14.0
20.6
21.627.240.564.374.472.837.528.628.730.1
31.138.841.841.740.940.741.341.942.142.5
43.744.846.947.849.150.854.657.359.760.7
60.760.860.762.364.1
2.6
3.3
8.5
9.314.828.452.562.660.924.914.914.315.0
15.522.925.424.623.022.221.721.520.620.2
20.420.621.821.621.621.823.925.726.326.0
24.523.021.821.321.1
10.1
10.7
12.2
12.312.412.111.811.711.912.613.714.415.1
15.615.916.417.117.818.619.620.521.522.3
23.324.225.126.227.429.030.731.933.434.7
36.237.838.941.043.1
Seasonally adjusted annual rates
1.4
1.2
.9
1.0.9.8.8.9.8.9
1.11.21.2
1.31.21.21.31.61.82.02.12.02.2
2.32.93.43.43.94.13.94.34.54.0
4.04.94.75.24.0
770.9786.6798.1814.2
832.8837.4840.8845.7
830.5827.1823.1803.7
766.5782.3793.2809.0
827.0832.4835.7840.7
823.5824.1819.8800.9
688.3704.3714.8730.3
747.3751.8754.4759.2
740.9741.4736.6717.3
661.8677.8690.2704.0
719.2724.3728.6731.0
713.9712.7708.0691.6
26.526.524.626.3
28.127.525.828.2
27.028.728.625.7
17.417.617.717.5
18.118.518.818.7
19.118.818.918.9
60.760.460.661.1
61.662.162.462.9
63.563.964.264.8
22.121.721.721.7
21.521.321.121.1
21.121.121.021.0
38.638.739.039.4
40.140.841.341.7
42.342.843.243.7
4.54.45.05.2
5.85.05.15.0
7.03.03.32.8
190.9
127.5
188.7
205.6236.6257.3272.8286.9282.5275.1281.4295.0294.1
324.2344.6353.2371.1366.2397.2404.8410.5405.2433.4
444.0452.3482.9503.2532.0567.0603.5617.5647.0664.9
661.7685.6731.7776.9757.0
710.2726.2737.5753.0
771.2775.3778.4782.8
767.0763.2758.8738.9
1 Includes compensation of employees in government enterprises.2 Compensation of general government employees.3 Gross national product less compensation of general government employees.Source: Department of Commerce, Bureau of Economic Analysis.
261Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-l 1.—Gross product originating in nonfinancial corporations and dollar costs per unit ofoutput, 1948-74
Year or quarter
19481949
19501951195219531954
195519561957.19581959
19601961196219631964
196519661967---19681969
19701971_.1972 .19731974*
1972: 1 . . .II .IIIIV
1973: 1II . .IllIV . .
1974: 1I I . . .Ill
Gross productoriginating innonfinancial
corporations (bil-lions of dollars)
Currentdollars
137.0133.3
151.7174.3182.0194.7191.6
216.3231.2241.9236.0263.7
273.1278.4302.8320.0346.0
377.6413.0430.8469 9504.3
519.1555.1614.3684.3731.8
1958dollars
172.9165.6
186.4203.5207.1219.8213.4
237.2244.0247.2236.0260.8
267.1270.6292.9308.0329.7
357.8385.0390.2415.0433.9
427.7441.5479.0516.4504.2
Seasonallyadjusted
annual rates
591.4607.4618.6639.7
663.5678.6690.0704.9
709.3727.9743.5
463.6475.0482.0495.3
510.1516.1518.7520.6
509.7507.9505.2
Current dollar costs per unit of 1958 dollar gross product (dollars)
Totalcostsi
0.793.805
.814
.857
.879
.886
.898
.912
.948
.9791.0001.011
1.0221.0291.034.039
L. 050
1.0551.0731.1041.132L. 162
1.2581.282L. 325L.451
Capitalcon-
sump-tion
allow-ances
0.040.047
.046
.049
.054
.059
.069
.072
.076
.082
.091
.088
.091
.095
.100
.100
.100
.099
.100
.107
.109
.115
.126
.132
.133
.132
.145
Indirectbusi-ness
taxes 2
0.070.076
.075
.075
.081
.083
.081
.081
.085
.090
.097
.094
.099
.103
.101
.102
.103
.100
.096
.100
.105
.109
.119
.126
.123
.123
.133
Com-pensa-tion of
em-ployees
0.507.514
.507
.541
.570
.584
.591
.582
.619
.642
.659
.654
.670
.670
.665
.664
.664
.660
.678
.707
.727
.764
.812
.830
.845
.879
.978
Netinterest
0.005.006
.005
.005
.006
.006
.007
.007
.007
.009
.011
.010
.011
.013
.014
.015
.015
.017
.019
.023
.025
.029
.038
.038
.037
.040
.045
Corporate profits and inven-tory valuation adjustment
Total
0.171.162
.180
.186
.168
.154
.149
.170
.160
.155
.142
.164
.151
.149
.154
.158
.168
.179
.180
.167
.166
.145
.119
.132
.145
.151
.150
Profitstax
liability
0.069.057
.090
.103
.086
.084
.074
.084
.081
.076
.069
.080
.073
.073
.071
.074
.074
.077
.078
.073
.082
.078
.064
.067
.070
.079
.091
Profitsaftertaxes
plus in-ventory
valuationadjust-ment
0.103.104
.090
.083
.082
.070
.075
.086
.079
.078
.073
.084
.078
.076
.082
.084
.094
.102
.102
.094
.084
.067
.055
.065
.075
.073
.059
Seasonally adjusted
1.2761.2791.2841.292
1.3011.3151.3301.354
1.3911.4331.472
0.132.134.133.132
.130
.131
.132
.134
.139
.142
.146
0.124.123.123.122
.122
.122
.124
.124
.128
.131
.136
0.843.843.846.848
.858
.870
.884
.905
.937
.964
.993
0.037.037.037.037
.038
.039
.040
.041
.043
.045
.046
0.140.142.144.152
.153
.152
.151
.150
.145
.152
.151
0.067068
.070
.074
.079
.081
.078
.077
.083
.090
.104
0.074074
.075
.078
.074
.071
.072
.073
.062
.061
.047
1 This is equal to the deflator for gross product of nonfinancial corporations, with the decimal point shifted two places tothe left.
3 Also includes business transfer payments less subsidies.
Source: Department of Commerce, Bureau of Economic Analysis.
262
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-12.—Personal consumption expenditures, 1929-74
[Billions of dollars]
Yearor
quarter
2
iili
Q.co x
• S CD
Durable goods
Is
Nondurable goods Services
1929 . . .
1933 . . .
1939 . . .
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960. .1961..1962..1963..1964..1965..1966..1967..1968..1969..
1970...1971...1972...1973...1974 P..
1972:I —
IV..
1973:
\~\~.~.I I I .IV..
1974:I —II..III.IV v
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
617.6667.1729.0805.2877.0
9.2
3.5
6.7
7.89.66.96.66.78.0
15.820.422.724.6
30.529.629.333.232.839.638.940.837.944.3
45.344.249.553.959.266.370.873.184.090.8
91.3103.9118.4130.3127.8
3.2
1.1
2.2
2.73.4.7.8.8
1.04.06.27.59.9
13.111.611.114.213.618.416.418.315.419.5
20.118.422.024.325.830.330.330.537.540.2
37.346.653.157.549.6
4.8
1.9
3.5
3.94.94.73.93.84.68.6
10.911.911.6
14.114.414.314.915.016.617.517.317.118.9
18.919.320.522.225.026.929.931.434.337.1
39.642.348.755.058.9
1.2
.5
1.0
1.11.41.61.92.22.53.23.33.43.2
3.33.63.94.14.24.65.05.25.45.9
6.36.56.97.58.59.1
10.511.212.313.5
14.415.016.617.819.2
37.7
22.3
35.1
37.042.950.858.664.371.982.490.596.294.5
98.1108.8114.0116.8118.3123.3129.3135.6140.2146.6
151.3155.9162.6168.6178.7191.1206.9215.0230.8245.9
263.8278.4299.7338.0380.2
19.5
11.5
19.1
20.223.428.433.236.740.647.452.354.252.5
53.960.463.464.465.467.269.973.676.478.6
80.582.985.788.292.998.8
105.8108.5115.3120.6
130.0135.9143.7165.1187.8
9.4
4.6
7.1
7.48.8
11.013.414.416.518.218.820.119.3
19.621.221.922.122.123.124.124.324.726.4
27.327.929.630.633.535.940.342.346.350.2
52.857.363.070.274.1
1.8
1.5
2.2
2.32.62.11.31.61.83.03.64.45.0
5.46.16.87.78.29.09.8
10.611.011.6
12.312.412.913.514.015.316.617.619.020.9
22.223.525.028.335.9
7.0
4.6
6.7
7.18.09.3
10.611.713.013.815.717.517.7
19.221.121.722.722.624.025.427.128.230.1
31.232.734.436.338.241.144.446.650.254.2
58.761.867.974.482.3
30.3
20.1
25.0
26.028.130.834.237.239.845.349.854.757.6
62.467.973.479.985.491.498.5
105.0112.0120.3
128.7135.1143.0152.4163.3175.5188.6204.0221.3242.7
262.6284.8310.9336.9369.1
11.5
7.9
9.1
9.410.211.011.512.012.513.915.717.519.3
21.323.926.529.331.733.736.038.541.143.7
46.348.752.055.459.363.567.571.877.384.1
90.999.1
107.9116.4126.4
4.0
2.8
3.8
4.04.34.85.25.96.46.87.58.18.5
9.510.411.112.012.614.015.216.217.318.5
20.020.822.023.124.325.627.129.131.233.8
36.439.443.347.352.9
2.6
1.5
2.0
2.12.42.73.43.74.05.05.35.85.9
6.26.77.17.87.98.28.69.09.3
10.1
10.810.611.011.411.612.613.614.515.516.6
18.320.421.823.426.1
Seasonally adjusted annual rates
701.5'20.6'36.8'57.2
781.7799.0816.3823.9
840.6869.1901.3896.8
12.2
7.9
10.1
10.411.212.314.015.616.819.721.423.323.9
25.426.928.730.833.235.538.641.344.348.0
51.654.958.062.568.173.880.488.597.3
108.2
117.0125.9137.9149.9163.6
112.1116.2121.2124.3
132.4132.1132.4124.3
123.9129.5136.1121.5
49.4515556
60595951.
534
4232
48.050.656.43.
27
47.247.949.350.7
54.354.955.555.4
57.559.560.458.4
15.616.816.717.2
17.718.017.617.7
18.319.419.419.5
288.4297.4302.0310.9
323.3332.7343.8352.1
364.4375.8389.0391.5
139.3142.4144.7148.5
155.9160.9169.1174.5
180.1183.5191.3196.6
60.062.563.766.0
69.170.170.670.9
72.874.475.773.5
24.624.525.125.8
26.828.028.729.8
31.536.837.937.5
64.668.168.570.7
71.573.675.477.0
80.081.184.284.0
301.0307.0313.6322.0
325.9334.2340.1347.4
352.4363.8376.2383.8
105.1106.9108.9110.7
113.1115.6117.0119.7
122.2124.9127.7130.9
41.242.643.945.5
45.646.648.348.7
49.251.754.656.2
21.521.621.922.3
22.823.123.624.1
25.025.626.527.5
133.1135.9138.8143.6
144.5148.8151.2155.0
156.0161.6167.5169.3
1 Includes consumer purchases of mobile homes.* Includes imputed rental value of owner-occupied dwellings.Source: Department of Commerce, Bureau of Economic Analysis.
263
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-13.—Gross private domestic investment, 1929-74
[Billions of dollars]
Year orquarter
1929
1933....
1939...
1940 .1941...19421943...19441945 .19461947.1948...1949
1950 .1951....19521953...19541955...19561957.19581959
19601961..196219631964. .19651966196719681969 . . .
19701971197219731974 v_
1972: 1IIIIIIV
1973:1IIIllIV
1974: 1IIIllIV»____
Totalgross
privatedomestici nvest-ment
16.2
1.4
9.3
13.117.99.85.77.1
10.630.634.046.035.7
54.159.351.952.651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
136.3153.7179.3209.4208.9
169.4175.5182.1190.2
199.0205.1209.0224.5
210.5211.8205.8207.6
Fixed investment
Total
14.5
3.0
8.9
11.013.48.16.48.1
11.624.234.441.338.8
47.349.048.852.153.361.465.366.562.470.5
71.369.777.081.388.298.5
106.6108.4118.9131.1
131.7147.4170.8194.0195.6
164.5167.6171.9179.2
189.0194.4197.1195.5
193.6198.3197.1193.2
Nonresidential
Total
10.6
2.4
5.9
7.59.56.05.06.8
10.117.023.426.925.1
27.931.831.634.233.638.143.746.441.645.1
48.447.051.754.361.171.381.683.388.898.5
100.6104.6116.8136.8149.6
112.7114.7117.5122.5
130.5135.6139.0141.9
145.2149.4150.9152.7
Structures
Total
5.0
.9
2.0
2.32.91.91.31.82.86.87.58.88.5
9.211.211.412.713.114.317.218.016.616.7
18.118.419.219.521.225.528.528.030.334.2
36.137.941.147.052.2
Non-farm
4.8
.9
1.9
2.22.81.81.21.72.76.16.78.07.7
8.510.410.511.912.313.616.517.215.815.9
17.417.718.518.820.524.927.827.329.633.5
35.337.140.445.750.3
Producers'durable
equipment
Total
5.6
1.5
4.0
5.36.64.13.75.07.3
10.215.918.116.6
18.720.720.221.520.623.826.528.425.028.4
30.328.632.534.839.945.853.155.358.564.3
64.466.675.789.897.4
Non-farm
4.9
1.3
3.4
4.65.63.53.24.26.39.2
14.015.513.7
15.717.717.618.618.021.224.225.922.025.4
27.725.829.531.236.341.648.450.053.659.2
58.961.169.481.486.8
Seasonally adjusted annua
40.741.040.642.2
44.646.247.949.3
51.352.251.054.3
39.940.339.941.3
43.644.946.447.8
49.550.449.252.3
72.073.776.880.3
85.989.491.192.6
93.997.299.998.4
66.568.070.172.9
78.581.182.683.5
84.686.989.286.3
Residential structures
Total
4.0
.6
2.9
3.43.92.11.41.31.57.2
11.114.413.7
19.417.217.218.019.723.321.620.220.825.5
22.822.625.327.027.127.225.025.130.132.6
31.242.854.057.246.0
rates
51.852.954.556.7
58.558.758.153.6
48.448.846.240.5
Non-farm
3.8
.5
2.8
3.23.71.91.21.11.46.7
10.413.612.8
18.616.416.417.219.022.720.919.520.124.8
22.222.024.826.426.626.724.524.529.532.0
30.742.353.456.745.2
51.252.353.956.2
58.058.457.653.0
47.848.045.439.8
Farm
0.2
.0
.1
.2
.2
.2
.1
.1
.9
.8
.8
.8
.8
.8
.6
.7
.6
.6
.6
.6
.6
.6
.5
.5
.6
.6
.5
.6
.6
.7
0.6
.6
.5
.5
.4
.5
.6
.7
.8
.8
Change inbusiness
inventories
Total
1.7
- 1 . 6
.4
2.24.51.8
- . 6- 1 . 0- 1 . 0
6.4- . 54.7
- 3 . 1
6.810.33.1.4
- 1 . 56.04.71.3
- 1 . 54.8
3.62.06.05.95.89.6
14.88.27.17.8
4.56.38.5
15.413.4
5.08.0
10.211.0
10.010.711.828.9
16.913.58.7
14.4
Non-farm
1.8
- 1 . 4
.3
1.94.0.7
- . 6g
—.66.41.33.0
- 2 . 2
6.09.1
1.1
5.55 1
- 2 . 34.8
3.31.75 35 16.48 6
15.07.56.97.7
4.34.97.8
11.411.0
4.17.09.6
10.4
6.57.77.4
24.0
13.110.46.6
13.8
Source: Department of Commerce, Bureau of Economic Analysis.
264
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—14.-—Relation of gross national product and national income, 1929—74
[Billions of dollars]
Year or quarter
1929
1933
1939
194019411942194319441945194619471948 . . . .1949
1950195119521953 . . .195419551956195719581959
1960196119621963196419651966. .196719681969
19701971197219731974 v ._.
1972: 1IIIIIIV
1973: 1IIIII . . . .IV
1974: 1IIIIIIV P
Grossnationalproduct
103.1
55.6
90.5
99.7124.5157.9191.6210.1211.9208.5231.3257.6256.5
284.8328.4345.5364.6364.8398.0419.2441.1447.3483.7
503.7520.1560.3590.5632.4684.9749.9793.9864.2930.3
977.11,054.91,158.01,294.91,396.7
1,115.01,143.01,169. 31,204.7
1,248.91,277.91, 308.91,344.0
1,358.81, 383.81,416.31, 428.0
Less:Capital
con-sump-tion
allow-ances
7.9
7.0
7.3
7.58.29.8
10.311.011.39.9
12.214.516.6
18.321.223.225.728.231.534.137.138.941.4
43.445.250.052.656.159.863.968.974.581.6
87.393.7
102.9110.8119.5
98.9103.7103.3105.8
107.4110.5111.5113.9
115.8118.6120.7123.0
Equals:Net
nationalproduct
95.2
48.6
83.2
92.2116.3148.1181.3199.1200.7198.6219.1243.1239.9
266.4307.2322.3338.9336.6366.5385.2404.0408.4442.3
460.3474.9510.4537.9576.3625.1685.9725.0789.7848.7
889.8961.2
1,055.11,184.11,277. 2
Plus:Subsidies
lesscurrentsurplus
of govern-ment
enter-prises
- 0 . 1
.0
.5
.4
.1
.2
.2
.7
.8
.9- . 2- . 1
.2
.2- . 1- . 4- . 2- . 1
.8
.9
.9
.1
.21.41.4.8
1.31.32.31.4
1.0
1.71.12.3.6
- 2 . 9
Less:
Indirectbusinesstax andnontaxliability
7.0
7.1
9.4
10.011.311.812.714.115.517.118.420.121.3
23.325.227.629.629.432.134.937.338.541.5
45.247.751.554.758.462.565.770.478.685.9
93.5102.7110.0119.2126.9
Seasonally adjusted annual
1,016.11,039.31,066.01,098.9
1,141.51,167.41,197.41,230.1
1,243.01,265.21,295.61, 305.0
1.52.12.52.9
1.5.7.3
- . 1
- 2 . 7- 3 . 7- 2 . 4- 2 . 7
106.7109.0111.1113.4
116.5118.6120.4121.3
122.6125.9129.5129.8
Businesstransfer
payments
0.6
.7
.5
.4
.5
.5
.5
.5
.5
.6
.7
.8
.8
.91 01.21.11.21.41.51.61.7
1.92.02.12.32.52.73.03.13.43.8
4.04.34.64.95.2
rates
4.54.54.64.6
4.74.84.95.0
5.15.25.35.3
Statisticaldiscrep-
ancy
0.7
.6
1.3
1.0.4
- 1 . 1- 2 . 0
2.53.9.1.9
- 2 . 0.3
1.53.32.23.02.72.1
- 1 . 1.0
1.6- . 8
- 1 . 0- . 8
.5- . 3
- 1 . 3- 3 . 1- 1 . 0- . 7
- 2 . 7- 6 . 1
- 6 . 4- 2 . 3- 3 . 8- 5 . 0
.0
- 5 . 9- 4 . 5- 1 . 5- 3 . 3
- 5 . 9- 6 . 5- 4 . 9- 2 . 6
- 6 . 3
3.*0
Equals:Nationalincome
86.8
40.3
72.6
81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5
241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0
414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0
800.5857.7946.5
1,065.61,142.2
912.3932.5954.3987.0
1,027.61,051.21,077.31,106.3
1,118.81,130.21,155.5
Source: Department of Commerce, Bureau of Economic Analysis.
265
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE CM 5.—National income by type of income, 1929-74
[Billions of dollars]
Year orquarter
1929
1933. . .
1939
19401941194219431944194519461947.. . .19481949
1950195119521953195419551956 . .195719581959
I96019611962196319641965196619671968.1969
19701971197219731974 v
1972' 1IIIIIIV..
1973: I . .
III.IV.
1974- 1IIIII.IV p
Totalna-
tionalin-
come1
86.8
40.3
72.6
81.1104.2137.1170.3182.6181.5181.9199.0224.2217.5
241.1278.0291.4304.7303.1331.0350.8366.1367.8400.0
414.5427.3457.7481.9518.1564.3620.6653.6711.1766.0
800.5857.7946.5
1,065.61,142.2
Compensation ofemployees
Total
51.1
29.5
48.1
52.164.885.3
109.5121.2123.1117.9128.9141.1141.0
154.6180.7195.3209.1208.0224.5243.1256.0257.8279.1
294.2302.6323.6341.0365.7393.8435.5467.2514.6566.0
603.9643.1707.1786.0855.7
Wagesandsala-ries
50.4
29.0
45.9
49.862.182.1
105.8116.7117.5112.0123.0135.4134.5
146.8171.1185.1198.3196.5211.3227.8238.7239.9258.2
270.8278.1296.1311.1333.7358.9394.5423.1464.9509.7
542.0573.6626.8691.6750.6
Sup-ple-
mentsto
wagesandsala-ries2
0.7
.5
2.2
2.32.73.23.84.55.65.95.95.86.5
7.89.6
10.210.911.513.215.217.317.920.9
23.424.627.529.932.035.041.044.249.756.3
61.969.580.394.4
105.0
Business and pro-fessional income
Total
9.0
3.3
7.4
8.611.114.017.018.219.221.620.322.722.6
24.026.127.127.527.630.331.332.833.235.1
34.235.637.137.940.242.445.247.349.550.5
50.052.054.957.661.2
In-come
ofunin-corpo-ratedenter-prises
8.8
3.9
7.6
8.611.714.417.118.319.323.321.823.122.2
25.126.526.927.627.630.531.833.133.235.3
34.335.637.137.940.342.845.647.650.351.2
50.752.756.059.864.7
Inven-toryvalu-ation
adjust-ment
0.1
- . 5
- . 2
.0- . 6- . 4- . 2- . 1- . 1
- 1 . 7- 1 . 5- . 4
.5
- 1 . 1
-' .2
- . 2- . 5
- . 1- . 1
.0
.0
.0
.0
- . 4- . 3- . 7- . 8
- . 7
- 2 . 3- 3 . 5
In-come
offarmpro-prie-tors'
6.2
2.6
4.4
4.56.49.8
11.711.612.214.915.217.512.7
13.515.815.013.012.411.411.411.313.411.4
12.012.813.013.112.114.816.114.814.716.7
16.917.221.038.531.8
Rentalin-
comeof
per-sons
5.4
2.0
2.7
2.93.54.55.15.45.66.67.18.08.4
9.410.311.512.713.613.914.314.815.415.6
15.816.016.717.118.019.020.021.121.222.6
23.925.225.926.126.5
Corporate profitsand inventory
valuationadjustment
Total
10.5
- 1 . 2
6.3
9.815.220.324.423.819.219.325.633.030.8
37.742.739.939.638.046.946.145.641.151.7
49.950.355.758.966.376.182.478.784.379.8
69.278.792.2
105.1105.4
Corpo-rate
profitsbeforetaxes«
10.0
1.0
7.0
10.017.721.525.124.119.724.631.535.228.9
42.643.938.940.638.348.648.847.241.452.1
49.750.355.459.466.877.884.279.887.684.9
74.083.699.2
122.7141.0
Inven-toryvalu-ation
adjust-ment
0.5
-2 .1
—.7
- . 2- 2 . 5- 1 . 2—.8
- 5 . 3- 5 . 9- 2 . 2
1.9
—5.0- 1 . 2
1.0- 1 . 0- . 3
-1 .7-2 .7- 1 . 5- . 3- . 5
.2- . 1
.3- . 5
-1 .7- 1 . 8- 1 . 1- 3 . 3-5 .1
-4 .8-4 .9- 7 . 0
-17.6-35.5
Netinter-
est
4.7
4.1
3.5
3.33.23.12.72.32.21.51.91.81.9
2.02.32.62.83.64.14.65.66.87.1
8.410.011.613.815.818.221.424.426.930.5
36.541.645.652.361.6
Seasonally adjusted annual rates
912 3932.5954 3987.0
1,027.61,051.21,077.31,106.3
1 118 81,130.21,155.1
683 8699.0712 6732.9
759.1776.7793.3814.8
828 8848.3868.2877.3
606 6619.7631 2649.6
667.6683.6698.2717.0
727.6744.6761.5768.8
77.179.381.483.4
91.593.195.197.7
101.2103.7106.7108.5
53.754.355.556.1
57.057.157.758.4
59.360.762.362.5
19.220.320.324.0
32.135.641.544.9
39.129.129.829.1
25.524.426.826.7
26.325.726.226.4
26.426.326.626.8
86.589.592.999.8
103.9105.0105.2106.4
107.7105.6105.8
92.396.0
100.2108.2
120.4124.9122.7122.7
135.4139.0157.0
-5 .8—6.5—7.3- 8 . 4
-16.5-20.0-17.5-16.3
-27.7-33.4-51.2-29.8
43.644.946.247.5
49.251.153.255.5
57.560.162.865.9
1 National income is the total net income earned in production. It differs from gross national product mainly in that itexcludes depreciation charges and other allowances for business and institutional consumption of durable capital goods,and indirect business taxes. See Table C-14.
3 Employer contributions for social insurance and to private pension, health, and welfare funds; compensation forinjuries; directors' fees; pay of the military reserve; and a few other minor items.
» Includes change in inventories.* See Table C-74 for corporate tax liability and profits after taxes.
Source: Department of Commerce, Bureau of Economic Analysis.
266
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—16.—Relation of national income and personal income, 1929—74
[Billions of dollars]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950 . . .195119521953195419551956195719581959
1960196119621963196419651966196719681969
19701971197219731974*
1972: 1IIIll -IV
1973: 1IIIIIIV
1974: 1IIML. .IVP
Nationalincome
86.8
40.3
72.6
81.1104.2137.1170.3182.6181 5181.9199.0224 2217.5
241.1278.0291.4304 7303.1331.0350.8366.1367.8400.0
414 5427.3457.7481.9518.1564.3620.6653.6711.1766.0
800.5857.7946.5
1,065.61,142. 2
912.3932.5954.3987.0
,027.6,051.2,077.3, 106.3
,118.8, 130.2, 155.5
Less:
Corpo-rate
profitsand in-ventory
valuationadjust-ment
10.5
- 1 . 2
6.3
9.815.220.324.423.819.219.325.633.030.8
37.742.739.939.638.046.946.145.641.151.7
49.950.355.758.966.376.182.478.784.379.8
69.278.792.2
105.1105.4
86.589.592.999.8
103.9105.0105.2106.4
107.7105.6105.8
Contri-butions
forsocialinsur-ance
0.2
.3
2.1
2.32.83.54.55.26.16.05.75.25.7
6.98.28.78 89.8
11.112.614.514.817.6
20 721.424.026.927.929.638.042.447.154.2
57.763.873.091.2
101.5
Wageaccruals
lessdis-
burse-ments
0.0
.0
.0
.0
.0
.0
.2- . 2
o.0.0
o.0
.0
.1
.0
.0
.0
.0
.0
.0
.0
o.0.0.0.0.0.0.0.0.0
.0
.6
.0- . 1- . 5
Gov-ernmenttransfer
paymentsto per-
sons
0.9
1.5
2.5
2.72.62.62.53.15.6
10.811.110.511.6
14.311.512.012.814.916.117.119.924.124.9
26.630.431.233.034.237.241.148.756.161.9
75.189.098.6
113.0134.6
Plus
Interestpaidby
govern-ment(net)
and bycon-
sumers
2.5
1.6
1.9
2.12.22.22.63.34.25.25.56.16.5
7.27.68.19.09.5
10.111.212.012.113.6
15.115.016.117.619.120.522.223.626.128.7
31.031.233.038.342.3
Seasonally adjusted annual rates
71.272.373.874.9
88.790 292.193.9
99.1100 8103.0103.2
- 1 . 4- . 4- . 22.1
.0_ 3
.0
.0
.0- 6
- 1 . 5.0
94.595.596.9
107.6
109.3111 3114.1117.1
123.1130 6138.7145.8
31.832.733.234.4
35.937.739.3'40.4
40.841.942.743.6
Divi-dends
5.8
2.0
3.8
4.04.44.34 44.64 65.66.37 07.2
8.88.68.68.99.3
10.511.311.711.612.6
13 413.815.216 517.819.820.821.423.624.3
24.725.027.329.632.7
26.427.127.828.2
28.729 129.830.7
31.632 533.233.3
Busi-ness
transferpay-
ments
0.6
.7
.5
4.5
*5.5
5.6
.8
8.9
1.01 21.11.21 41 51.61.7
1 92 02.12 32.52.73.03.13.43.8
4.04.34.64.95.2
4.54.54.64.6
4.74 84.95.0
5.15 25.35.3
Equals:
Personalincome
85.9
47.0
72.8
78.396.0
122.9151.3165.3171 1178.7191.3210 2207.2
227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5
401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9
808.3864.0944.9
1,055.01,150.4
913.3930.9950.3985.0
1,013.61,039.21,068.01,099.3
1,112.51,134.61,168.21,186.4
Source: Department of Commerce, Bureau of Economic Analysis.
267
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-17.—Disposition of personal income, 1929-74
Year orquarter
Per-sonal
income
Less:Per-sonaltaxand
nontaxpay-
ments
Equals:Dispos-
ableper-sonal
income
Less: Personal outlays
Total
Per-sonalcon-
sump-tion
expend-itures
Interestpaid by
con-sumers
Per-sonal
transferpay-
mentsto for-eigners
Equals:Per-
sonalsaving
Percent of disposablepersonal income
Personaloutlays
Total
Con-sump-tion
expend-itures
Per-sonalsaving
Billions of dollars Percent
1929.
1933.
1939.
1940.1941.1942.1943.1944.1945.1946.1947.1948.1949.
1950.1951.1952.1953.195419551956195719581959
I960196119621963196419651966196719681969
19701971197219731974
1972:1. . . .I I . . .ML.IV . .
1 9 7 3 : I . . . .I I . . .
IV."
1974:1IIlll__IV* .
85.9
47.0
72.8
78.396.0
122.9151.3165.3171.1178.7191.3210.2207.2
227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5
401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9
808.3864.0944.9
1,055.01,150.4
2.6
1.5
2.4
2.63.36.0
17.818.920.918.721.421.118.6
20.729.034.135.632.735.539.842.642.346.2
50.952.457.460.959.465.775.483.097.9
116.5
116.6117.6142.4151.3170.7
83.3
45.5
70.3
75.792.7
116.9133.5146.3150.2160.0169.8189.1188.6
206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3
350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4
691.7746.4802.5903.7979.7
79.1
46.5
67.7
71.881.789.3
100.1109.1120.7144.8162.5175.8179.2
193.9209.3220.2234.3241.0259.5272.6287.8296.6318.3
333.0343.3363.7384.7411.9444.8479.3506.0551.2596.2
635.5685.9749.9829.4903.0
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
617.6667.1729.0805.2877.0
1.5
.5
.7
.8
.9
.7
.5
.5
.5
.81.11.51.9
2.42.73.03.84.04.75.45.85.96.5
7.37.68.19.1
10.111.312.413.214.315.8
16.817.719.822.925.0
0.3
.2
.2
.2
.2
.1
.2
.4
.5
.7
.7
.7
.5
.5
.4
.4
.5
.5
.5
.6
.6
.6
.6
.5
.5
.5
.6
.6
.7
.6
.7
.8
.9
1.01.11.11.31.0
4.2
- . 9
2.6
3.811.027.633.437.329.615.27.3
13.49.4
13.117.318.118.316.415.820.620.722.319.1
17.021.221.619.926.228.432.540.439.838.2
56.260.552.674.476.7
95.0
102.0
96.3
94.988.276.475.074.580.390.595.792.995.0
93.792.492.492.893.694.393.093.393.094.4
95.194.294.495.194.094.093.692.693.394.0
91.991.993.491.892.2
92.7
100.6
95.0
93.686.975.774.474.079.789.694.691.893.8
92.391.090.991.191.992.491.091.291.092.3
92.992.092.292.791.691.591.190.190.791.3
89.389.490.889.189.5
5.0
-2.0
3.7
5.111.823.625.025.519.79.54.37.15.0
6.37.67.67.26.45.77.06.77.05.6
4.95.85.64.96.06.06.47.46.76.0
8.18.16.68.27.8
Seasonally adjusted annual rates Seasonally adjusted
913.3930.9950.3985.0
1,013.61,039.21,068.01,099.3
1,112.51,134.61,168.21,186.4
138.6140.9143.1147.0
144.1147.2154.2159.9
161.9168.2175.1177.8
77'4.7790.0807.2838.1
869.5892.1913.9939.4
950.6966.5993.1
1, 008.7
721.4741.1757.9779.2
804.2822.5840.7850.1
866.2894.9927.6923.3
701.5720.6736.8757.2
781.7799.0816.3823.9
840.6869.1901.3896.8
18.919.520.120.9
21.622.523.424.0
24.424.825.325.5
1.01.01.11.1
.91.0.9
2.2
1.21.0.9.9
53.349.049.358.9
65.369.673.289.3
84.471.565.585.4
93.193.893.993.0
92.592.292.090.5
91.192.693.491.5
90.691.291.390.3
89.989.689.387.7
88.489.990.888.9
6.96.26.17.0
7.57.88.09.5
8.97.46.68.5
Source: Department of Commerce, Bureau of Economic Analysis.
268
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-18.—Total and per capita disposable personal income and personal consumptionexpenditures in current and 1958 dollars, 1929-74
Year or quarter
Disposable personal income
Total (billionsof dollars)
Currentdollars
1958dollars
Per capita(dollars)
Currentdollars
1958dollars
Personal consumption expenditures
Total (billionsof dollars)
Currentdollars
1958dollars
Per capita(dollars)
Currentdollars
1958dollars
Popu-lation(thou-sands)̂
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962.1963.1964.1965.1966.1967.1968.1969.
1970...1971...1972...1973...1974 p..
83.3
45.5
70.3
75.792.7
116.9133.5146.3150.2160.0169.8189.1188.6
206.9226.6238.3252.6257.4275.3293.2308.5318.8337.3
350.0364.4385.3404.6438.1473.2511.9546.3591.0634.4
691.7746.4802.5903.7979.7
150.6
112.2
155.9
166.3190.3213.4222.8231.6229.7227.0218.0229.8230.8
249.6255.7263.3275.4278.3296.7309.3315.8318.8333.0
340.2350.7367.3381.3407.9435.0458.9477.5499.0513.6
534.8555.4580.5619.6603.2
683
362
537
573695867976
1,0571,0741,1321,1781,2901,264
1,3641,4691,5181,5831,5851,6661,7431,8011,8311,905
1,9371,9842,0652,1382,2832,4362,6042,7492,9453,130
3,3763,6053,8434,2954,623
1,236
893
1,190
1,2591,427,582,629,673,642,606,513,567,547
,646,657,678,726,714,795,839,844,831,881
,883,909
1,9692,0152,1262,2392,3352,4032,4862,534
2,6102,6832,7792,9452,846
77.2
45.8
66.8
70.880.688.599.3
108.3119.7143.4160.7173.6176.8
191.0206.3216.7230.0236.5254.4266.7281.4290.1311.2
325.2335.2355.1375.0401.2432.8466.3492.1536.2579.5
617.6667.1729.0805.2877.0
139.6
112.8
148.2
155.7165.4161.4165.8171.4183.0203.5206.3210.8216.5
230.5232.8239.4250.8255.7274.2281.4288.2290.1307.3
316.1322.5338.4353.3373.7397.7418.1430.1452.7469.1
477.5496.4527.3552.1539.9
Seasonally adjusted annual rates
1 9 7 2 : l . _I I .IIII V .
1 9 7 3 : I . .I I .IIIIV
1974: I.11.IIIIV
634
364
510
536604656726782855
1,014M15,184,185
,259,337,381,441,456,539,585,643,666,758
,800,825
1,9031,9812,0912,2282,3722,4762,6712,859
3,0153,2223,4913,8274,139
1,145
897
1,131
1,1781,2401,1971,2131,2381,3081,4391,4311,4381,451
1,5201,5091,5251,5721,5751,6591,6731,6831,6661,735
1,7491,7561,8141,8671,9482,0472,1272,1642,2562,315
2,3312,3982,5252,6242,548
774.7790.0807.2838.1
869.5892.1913.9939.4
950.6966.5993.1
1,008.7
566.2573.6581.9600.1
615.1618.2621.8622.9
610.3603.5602.9596.2
3,7203,7873,8614,000
4,1434,2444,3394,452
4,4974,5654,6814,744
2,7192,7492,7842,864
2,9312,9412,9522,952
2,8872,8502,8422,804
701.5720.6736.8757.2
781.7799.0816.3823.9
840.6869.1901.3896.8
512.8523.2531.2542.2
552.9553.7555.4546.3
539.7542.7547.2530.1
3,3683,4543,5243,614
3,7253,8013,8763,904
3,9774,1054,2494,218
2,4622,5082,5412,588
2,6352,6342,6372,589
2,5532,5632,5792,493
121,875
125,690
131,028
132,122133,402134,860136,739138,397139,928141,389144,126146,631149,188
151,684154,287156,954159,565162,391165,275168, 221171,274174,141177,073
180,671183,691186,538189,242191,889194,303196,560198,712200,706202,677
204,875207,045208,842210, 396211,909
208, 259208,634209,054209, 505
209,852210,205210,610211,030
211,381211,721212,139212,600
1 Population of the United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annualdata are for July 1; quarterly data are for middle of period, interpolated from monthly data.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
269
563-280 O - 75 - 18Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-19.—Sources of personal incomet 1929-74
[Billions of dollars]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
19701971197219731974P
1972: 1IIIII... : . . .IV _
1973: 1II ._IllIV
1974- 1||IIIIV* . .
Totalper-sonal
income
85.9
47.0
72.8
78.396.0
122.9151.3165.3171.1178.7191.3210.2207.2
227.6255.6272.5288.2290.1310.9333.0351.1361.2383.5
401.0416.8442.6465.5497.5538.9587.2629.3688.9750.9
808.3864.0944.9
1,055.01,150.4
Wage and salary disbursements*
Total
50.4
29.0
45.9
49.862.182.1
105.6116.9117.5112.0123.0135.3134.6
146.7171.0185.1198.3196.5211.3227.8238.7239.9258.2
270.8278.1296.1311.1333.7358.9394.5423.1464.9509.7
542.0573.0626.8691.7751.1
Commodity-producingindustries
Total
21.5
9.8
17.4
19.727.539.148.950.345.846.054.361.057.7
64.676.181.889.485.492.8
100.2103.899.7
109.1
112.5112.8120.8125.7134.1144.5159.3166.5181.5197.5
200.9206.2225.4251.9270.9
Manu-factur-
ing
16.1
7.8
13.6
15.621.730.940.942.938.236.542.547.244.7
50.359.464.271.267.673.979.582.578.786.9
89.789.896.7
100.6107.2115.6128.1134.2145.9157.6
158.3160.5175.8196.6211.3
Distrib-utive
indus-tries
15.6
8.8
13.3
14.216.318.020.122.724.831.035.237.637.7
39.944.346.949.850.253.457.760.560.864.8
68.169.172.576.081.286.993.8
100.3109.2120.0
129.3138.3151.0165.1178.9
Serviceindus-tries
8.4
5.2
7.1
7.58.19.09.9
10.912.014.416.117.918.6
19.921.723.325.126.428.931.633.935.938.7
41.544.046.849.954.158.363.770.578.588.1
96.6104.6115.3128.2142.6
Gov-ern-ment
4.9
5.1
8.2
8.410.216.026.633.034.920.717.418.920.6
22.428.933.134.134.636.238.340.443.545.6
48.752.256.059.564.369.377.785.895.7
104.1
115.1123.9135.0146.6158.8
Otherlabor
in-come i
0.6
.4
.6
.7
.79
1.11.51.81.92.32.73.0
3.84.85.36.06.37.38.49.59.9
11.3
12.012.713.914.916.618.720.722.325.428.4
32.236.441.746.051.4
Proprincc
Busi-nessand
profes-sional
9.0
3.3
7 4
8 611.114 017.018.219.221.620 322.722.6
24.026.127.127.527.630.331 332.833.235.1
34.235.637.137.940.242.445.247.349.550.5
50.052.054.957.661.2
etors'>me
Farm*
6.2
2.6
4 4
4.56.49 8
11.711.612 214.915 217.512.7
13.515.815.013.012.411.411 411.313 411.4
12.012.813.013.112.114.816.114.814.716.7
16.917.221.038.531.8
Seasonally adjusted annual rates
913.3930.9950.3985.0
1,013.61,039. 21,068.01,099. 3
1,112.51.134.61,168. 21,186.4
608.1620.1631.4647.5
667.6683.8698.2717.0
727.6745.2763.0768.8
217.8223.0226.6234.3
241.8248.5254.6262.6
264.0270.0276.0273.4
168.9173.8176.8183.6
188.9194.4198.3204.6
204.8210.1215.8214.3
147.0149.5151.9155.5
159.7163.8166.5170.4
172.9177.4181.6183.8
111.2114.3117.0119.0
123.5126.6129.7132.8
136.9140.9144.9147.5
132.1133.3135.9138.8
142.6145.0147.4151.3
153.8156.9160.5164.0
39.641.242.643.7
44.645.446.347.6
48.950.552.354.0
53.754.355.556.1
57.057.157.758.4
59.360.762.362.5
19.220.320.324.0
32.135.641.544.9
39.129.129.829.1
See footnotes at end of table.
270
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-19.—Sources of personal income, 1929-74—Continued
[Billions of dollars]
Year orquarter
Rentalincomeof per-sons
5.4
2.0
2.7
2.93.54.55.15.45.66.67.18.08.4
9.410.311.512.713.613.914.314.815.415.6
15.816.016.717.118.019.020.021.121.222.6
23.925.225.926.126.5
Divi-dends
5.8
2.0
3.8
4.04.44.34.44.64.65.66.37.07.2
8.88.68.68.99.3
10.511.311.711.612.6
13.413.815.216.517.819.820.821.423.624.3
24.725.027.329.632.7
P 1interestincome
7.2
5.7
5.5
5.45.55.35.35.66.36.87.57.98.5
9.29.9
10.611.813.114.215.717.618.920.7
23.425.027.731.434.938.743.648.052.959.3
67.572.878.690.6
103.8
Transfer payments
Total
1.5
2.1
3.0
3.13.13.13.03.66.2
11.311.711.212.4
15.112.513.014.016.017.318.521.425.726.6
28.532.433.335.336.739.944.151.859.665.8
79.193.3
103.2117.8139.8
Old age,survivors,disability,and healthinsurancebenefits
0.0
.0
.1
.1
.2
.2
.3
.4
.5
.6
.7
1.01.92.23.03.64.95.77.38.5
10.2
11.112.614.315.216.018.120.825.730.333.0
38.544.549.660.469.8
Stateunem-ploy-
ment in-surancebenefits
0.4
.5
.3
.3
.1
.1
.41.1.8.8
1.7
1.4.8
1.01.02.01.41.41.83.92.5
2.84.02.92.82.62.21.82.12.12.1
3.95.75.54.27.1
Vet-erans
benefits
0.6
.5
.5
.5
.5
.5
.5
.92.86.76.75.85.1
4.93.93.93.73.94.34.34.44.64.6
4.64.84.85.05.35.65.76.67.38.3
9.711.212.713.916.1
Other
0.9
1.6
2.0
2.02.22.22.22.42.73.13.74.14.9
7.95.96.06.36.56.87.27.98.79.4
10.010.911.212.212.914.015.717.520.022.4
27.131.935.439.346.8
Less:Personalcontri-butions
for socialinsur-ance
0.1
.2
.6
.7
.81.21.82.22.32.02.12.22.2
2.93.43.84.04.65.25.86.76.97.9
9.39.6
10.311.812.513.417.720.522.826.3
28.030.734.542.847.9
Non-agricul-
turalpersonalincome 3
1929
1933
1939
1940.194119421943194419451946194719481949
1950195119521953195419551956..195719581959
19601961196219631964196519661967\9681969
19701971197219731974 v
1972:1III I I . . .I V . . . .
1973:1I I . . -IIIIV
1974:1
III. .IV P . .
Seasonally adjusted annual rates
25.524.426.826.7
26.325.726.226.4
26.426.326.626.8
26.427.127.828.2
28.729.129.830.7
31.632.533.233.3
75.477.579.581.9
85.188.892.595.9
98.2102.0105.5109.5
99.0100.1101.4112.2
114.1116.1119.0122.1
128.2135.8144.0151.1
46.547.248.056.6
58.459.961.062.3
63.668.772.574.3
5.96.35.34.6
4.24.14.24.4
5.46.37.39.4
12.012.212.614.1
13.413.514.214.5
15.015.216.617.5
34.734.435.537.0
38.138.739.640.9
44.145.747.749.9
33.634.134.935.2
41.842.543.343.8
46.847.648.548.6
77.6
43.2
66.9
72.387.8
111.0137.3151.2156.4161.0173.0189.4191.3
210.9236.4254.1271.9274.7296.4318.5336.6344.3368.5
385.2400.0425.5448.1480.9519.5566.3609.4668.8728.3
784.8840.0916.5
1,008.01,108.9
886.8903.3922.6953.4
973.3995.3
1.018.01, 045.3
1,064.01,096.01,128.61.147.1
i The total of wage and salary disbursements and other labor income differs from compensation of employees in TableC-15 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disburse-ments.
1 Includes change in inventories.* Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises, farm wages,
agricultural net interest, and net dividends paid by agricultural corporations.
Source: Department of Commerce, Bureau of Economic Analysis.
271Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-20.—Sources and uses of gross saving, 1929-74
[Billions of dollars)
Year orquarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963..196419651966196719681969. . . .
19701971197219731974 v
1972:1II
IV.T."
1973:1IIIII. . . .IV . . . .
1974:1IIIII. . . .IV p . . .
Gross private saving and government surplus or deficit,national income and product accounts
Total
16.3
.9
8.8
13.618.610.75.52.55.2
35.142.049.935.9
50.456.149.547 548.564.872.771.259.273.8
77.575.585.090.5
101.0115.3124.9119.5128.3144.0
143.1152.2173.3214.4207.3
Private saving
Total
15.3
2.3
11.0
14.322.442.049.754.344.729.727.541.439.0
42.550 353.354 455.662.167.870 571.775.9
73.979.887.988.7
102.4113.1123.8133.4135.2135.2
153.2170.7178.5210.9213.2
Per-sonalsaving
4.2
- . 9
2.6
3.811.027.633.437.329.615.27.3
13.49.4
13.117.318.118.316.415.820.620.722.319.1
17.021.221.619.926.228.432.540.439.838.2
56.260.552.674.476.7
Grossbusi-ness
saving
11.2
3.2
8.4
10.511.414.516.317.115.114.520.228.029.7
29.433.135.136 139.246.347.349.849.456.8
56.858.766.368.876.284.791.393.095.497.0
97.0110.2125.9136.5136.5
Government surplusor deficit ( - )
Total
1.0
- 1 4
- 2 . 2
- . 7- 3 . 8
-31.4-44.1-51.8-39 5
5.414.48.5
- 3 . 2
7.95 8
- 3 . 8—6 9- 7 . 0
2 74.9
-12 5- 2 . 1
3.7- 4 . 3- 2 9
1.8- 1 . 4
2.21.1
-13.9- 6 . 8
8.8
-10.1-18.5—5 1
3.5- 5 . 9
Fed-eral
1.2
- 1 . 3
- 2 . 2
- 1 . 3- 5 . 1
-33.1-46.6-54.5-42.1
3.513.48.4
- 2 . 4
9.16.2
- 3 . 8- 7 0- 5 . 9
4.05.72 1
-10.2- 1 . 2
3.5- 3 . 8- 3 . 8
.7- 3 . 0
1.2
-12.4- 6 . 5
8.1
-11.9-21.9-17.5- 5 . 6-7 .6
Stateandlocal
- 0 . 2
—.1
.61.31.82.52.72.61.91.0
-'.7
- 1 . 2- . 4
- 1 . 1- 1 . 3- . 9
- 1 4- 2 . 3- . 8
.2- . 5
.91.21.71.01.3
- 1 . 6—.3
1.83.4
12 39.21.7
Capitalgrants
receivedby theUnitedStates *
IIIIIIII
------
0.0
.9
.7
.7
.0«-2.0
Gross investment
Total
17.0
1.6
10.2
14.619.09.63.55.09.1
35.242.947.936.2
51.859.551.650 551.366.971.671.260.773.0
76.574.785.590.399.7
112.2123.9118.8125.6137.9
137.6150.6170.2209.4205.3
Grossprivatedomes-tic in-vest-ment
16.2
1.4
9.3
13.117.99.85.77.1
10 630.634.046.035.7
54.159 351.952 651.767.470.067.960.975.3
74.871.783.087.194.0
108.1121.4116.6126.0139.0
136.3153.7179 3209.4208.9
Netforeigninvest-ment*
0.8
.2
.9
1.51.1
- . 2- 2 . 2- 2 . 1—1 4
4.68.91.9
- 2 . 2
- 2 1
1.53 4
—.2- 2 . 3
1.73.02.53.15.74.12.42.2
—.4- 1 . 0
1.3-3 .1—9.1
.1- 3 . 6
Statis-ticaldis-
crep-ancy
0.7
.6
1.3
1.0
- i l l- 2 . 0
2.53 9
.3
1.53 32.23 02.72 1
- l . l
o1 6- . 8
- 1 . 0- . 8
- 3- 1 . 3- 3 . 1—1.0
g j
- 6 . 4- 2 . 3—3 8- 5 . 0
.0
Seasonally adjusted annual rates
164.4169.4175.0184.6
201.1207.9217.0231.7
224.5206.3196.4
172.6174.6175.6191.1
199.0204.9210.3229.4
224.1207.3196.2
53.349.049.358.9
65.369.673.289.3
84.471.565.585.4
119.3125.6126.3132.2
133.7135.3137.1140.1
139.7135.8130.7
- 8 . 2- 5 . 2- . 6
- 6 . 5
2.13.06.72.3
.4- 1 . 0
.2
-14.9-19.6- 9 . 8
-25.6
-11.2- 7 . 4-1 .7- 2 . 3
- 2 . 8- 3 . 0- 1 . 9
6.714.49.2
19.1
13.210.48.44.6
3.22.02.1
0.7
'.7.7
.0
.0
.0
.0
8-8.1.0.0.0
159.1165.6174.2182.0
195.2201.4212.1229.1
210.1206.6199.3205.2
169.4175.5182.1190.2
199.0205.1209.0224.5
210.5211.8205.8207.6
-10.3-10.0- 7 . 9- 8 . 2
- 3 . 8-3 .7
3.14.7
- . 4- 5 . 2- 6 . 5- 2 . 4
- 5 . 9- 4 . 5- 1 . 5- 3 . 3
- 5 . 9- 6 . 5- 4 . 9- 2 . 6
- 6 . 3.3
1 Allocations of special drawing rights (SDR).' Net exports of goods and services less net transfers to foreigners.* Surplus of $32 million.< Deficit of $41 million.6 In February 1974, the U.S. Government granted to India $2,015 million (quarterly rate) in rupees under provisions
of the Agricultural Trade Development and Adjustment Act. Tentatively, this transaction is being treated as capital grantspaid to foreigners, and is included in the first quarter of 1974 as -$8.1 (annual rate) in capital grants received by theUnited States.
Source: Department of Commerce, Bureau of Economic Analysis.
272
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-21.—Saving by individuals, 1946-74 l
[Billions of dollars]
Year orquarter
1946. . . .1947. . . .19481949
19501951 . . . .1952. . . .1953. . . .1954.. . .
1955. . .1956. . . .1957.. . .1958. . . .1959. . . .
1960.1961 . . . .1962. . . .1963. . . .1964.
19651966196719681969
1970197119721973
1 9 7 3 : 1 - . . .II.__III —I V . . .
1974:1IIlll
Total
Total»
25.720.823.318.9
26.930.327.230.428.2
34.136.034.133.034.7
32.331.737.139.149.5
55.465.165.068.360.6
76.287.497.9
120.2
Increase in financial assets
18.913.29.0
10.0
13.818.822.722.522.7
28.430.028.631.636.5
31.635.139.145.155.5
58.262.669.073.362.1
80.699.7
124.4138.2
Cur-rencyandde-
mandde-
posits
5.6
-2*. 9- 2 . 0
2.64.61.61.02.2
1.21.8
3.8
1.92.51.73.04.7
7.83.9
11.312.51.6
11.311.112.113.1
Sav-ingsac-
counts
6.33.42.32.7
2.54.97.88.39.3
8.89.6
12.114.111.3
11.416.525.724.627.4
28.020.534.830.36.0
44.470.375.467.7
Securities
Gov-ern-mentsecu-rities*
-1 .41.61.31.8
- . 1- . 41.92.3
6.03.92.2
-2 .49.0
3.5.7
- . 84.45.7
4.311.3
4! 822.5
-10.4-14.5
1.624.7
Corpo-rateandfor-eign
bonds
-0.9
- . 1- . 4
.0
.0- . 1- . 3
1.0.9
1.11.3
.6
.1- . 1
.0
.1
1.02.04.64.76.6
10.79.35.21.1
Corpo-rate
equi-ties*
1.11.11.0
.71.61.6.9
1.11.91.51.5.6
- . 4.4
- 2 . 1-2 .9- . 2
-2 .2- . 9
- 4 . 3- 6 . 5-3 .8
-1 .7- 5 . 3-5 .4-8 .2
Insur-anceandpen-sionre-
serves
5.35.45.35.6
6.96.37.88.07.9
8.59.59.5
10.411.9
11.612.212.714.115.6
17.019.419.620.121.3
24.327.730.331.6
Net investment in
Non-farm
homes
4.26.9
10.59.0
13.713.512.813.513.7
17.716.413.812.716.5
14.512.012.812.612.5
12.011.59.2
12.813.3
10.617.624.327.2
Con-sumer
du-rables
5.87.57.7.0
10.25.53.66.44.9
9.95.94.9.6
5.5
5.12.96.78.9
11.2
14.815.212.416.716.2
10.616.524.427.1
Non-cor-po-ratebusi-ness
assets
3.33.27.42.5
6.44.62.51.62.7
3.51.92.33.33.2
2.23.25.66.96.2
9.07.28.27.99.0
6.611.010.615.4
Less:Increase indebt
Mort-gagedebton
non-farm
homes
Con-sumercredit
3.84.35.04.1
7.47.16.47.78.6
12.211.28.88.8
12.6
10.810.912.714.816.0
15.212.710.414.616.1
12.524.238.444.2
2.73.22.82.9
4.11.24.83.91.1
6.43.52.6.2
6.4
4.61.85.87.98.5
9.66.44.5
10.010.4
6.011.219.222.9
Otherdebt«
Seasonally adjusted annual rates
106.8131.9116.7125.4
123.3131.3120.5
124.3148.1141.4138.8
137.1147.5127.8
10.610.35.4
26.0
4.1.9
-4 .6
83.874.250.861.9
74.473.922.9
15.730.736.016.4
20.020.049.3
-0 .5.0
-1 .46.1
3.4.3
4.9
- 9 . 3-3 .1
-20'. 0
-2 .7- 4 . 1
3.2
31.932.332.829.8
27.346.634.3
27.027.427.726.6
22.419.922.5
32.128.627.520.0
19.625.031.7
15.214.315.416.6
9.512.210.6
41.447.247.840.4
35.239.931.7
25.624.622.319.2
8.217.215.8
0.02.52.92.6
5.63.83.02.16.0
6.83.44.26.28.0
5.78.78.5
11.811.4
13.712.418.917.713.5
13.721.928.220.5
24.914.625.317.1
22.016.024.5
1 Savi ug by households, personal trust funds, nonprofit institutions, farms, and other noncorporate business.* Includes commercial paper and miscellaneous financial assets, not shown separately.> Consists of U.S. savings bonds, other U.S. Treasury securities, U.S. Government agency securities and sponsored
agency securities, and State and local obligations.* Includes investment company shares.* Private life insurance reserves, private insured and noninsured pension reserves, and government insurance and
pension reserves.* Security credit, policy loans, noncorporate business mortgage debt, and other debt.
Source: Board of Governors of the Federal Reserve System.
273
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-22.—Number and money income (in 1973 dollars) of families and unrelated individualsby race of head, 1947-73
Year
Total
Totalnum-ber
(mil-lions)
Medianincome
With i ncomesunder $3,000
Num-ber
(mil-lions)
Per-cent
White
Totalnum-ber
(mil-lions)
Medianincome
With incomesunder $3,000
Num-ber
(mil-lions)
Per-cent
Negro and other races
Totalnum-ber
(mil-lions)
Medianincome
With incomesunder $3,000
Num-ber
(mil-lions)
Per-cent
FAMILIES^
194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973
UNRELATEDINDIVIDUALS 3
194719481949
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961-1962..1963..1964..1965..1966..1967..1968..1969..
1970..1971..1972..1973..
37.238.639.3
39.940.640.841.242.042.943.543.744.245.1
45.546.447.147.548.048.549.250.150.851.6
52.253.354.455.1
8.28.49.0
9.49.19.79.59.79.99.8
10.410.910.9
2 11.12 11.22 11.02 11.22 12.12 12.22 12.52 13.22 13.92 14.6
215.516.316.818.3
$6,0325,8765,783
6,1466,3496,5237,0546,8847,3547,8257,8377,8128,261
8,4368,5238,7579,0679,4139,79210, 26910, 57111,02411,433
11,27711,24911,81312,051
$1,9531,8911,973
1,9592,0442,3592,3212,0212,1882,3372,3932,3392,402
2,5822,6052,5782,6192,8513,0313,1133,1823,5523|557
3,5883,6473,7704,134
6.97.68.3
7.87.16.96.87.56.76.06.16.26.0
5.96.05.65.34.94.84.34.23.63.6
3.83.73.53.3
18.619.621.1
19.517.617.016.517.915.713.914.014.013.2
13.013.011.911.210.29.88.78.37.07.0
7.27.06.46.0
With incomesunder $1,500
Num-ber
(mil-lions)
3.43.53.6
3.93.83.53.64.03.83.63.73.93.8
3.73.73.33.33.33.12.93.12.72.9
2.92.92.82.6
Per-cent
41.441.640.4
41.141.536.038.140.937.936.535.536.135.2
33.632.629.629.327.525.023.423.319.719.8
18.817.916.514.0
34.135.3
38.239.039.539.740.240.9
41.141.942.442.743.143.544.144.845.446.0
46.547.648.548.9
7.27.3
8.38.58.58.99.29.3
9.69.69.59.7
10.410.510.711.312.012.5
13.414.214.515.8
$6,2856,1246,026
5.46.0
15.917.018.3
3.13.3
$3,2123,2643,076
6,4056,6096,8907,3357,1877,6738,1788,1608,1468,606
8,7588,8919,1639,5029,82710,21010,67010, 96011,42511,869
11,67111,62812,27312, 595
6.05.34.74.74.74.4
4.54.64.34.03.73.73.33.22.82.7
2.82.82.62.4
17.415.014.814.715.613.612.011.911.810.8
10.911.010.29.38.78.47.47.16.15.9
6.15.95.34.9
3,4493,479
3.83.94.04.04.04.2
4.34.54.64.84.84.85.05.05.15.2
5.45.75.96.1
3,9154,1123,9964,2364,3104,3624,1744,445
4,8484,7394,8895,0335,5105,6776,3946,7777,1457,513
7,4547,3617,5347,596
With incomesunder $1,500
Num-ber
(mil-lions)
$2,0611,9622,114
2.92.9
2,0582,1532,5442,4502,1772,3262,4012,5232,4622,537
2,7912,8032,7642,7532,9943,1613,2413,3163,7423,740
3,7543,8223,9154,270
3.23.13.03.03.23.1
3.02.92.62.62.72.52.42.52.22.3
2.32.32.22.0
Per-cent
40.040.438.9
1.01.0
$1, 4841,4571,527
39.740.334.737.438.836.035.333.534.333.3
31.130.527.527.325.923.722.122.218.418.2
17.416.415.212.6
1.41.41.31.51.61.6
1.51.61.51.51.61.71.61.81.82.0
1.92.12.32.5
1,5091,6321,7711,9411,4441,5751,8571,6771,6771,658
1,6021,7191,8391,8782,0842,3392,3612,4252,5692,631
2,5752 5622,9053,191
1.41.5
.51.4.4.4.4.5
..4
..4.3
1.31.11.11.0.9.8.8
.91.01.0.9
46.646.448.9
43.843.236.435.239.336.334.334.435.335.5
31.731.029.126.923.222.619.918.016.416.0
17.016.816.215.4
With incomesunder $1,500
Num-ber
(mil-lions)
0.5.5
Per-cent
50.451.249.3
49.847.843.641.051.948.544.246.846.747.5
48.345.641.942.037.333.032.431.027.729.8
29.227.924.722.4
1 The term "family" refers to a group of two or more persons related by blood, marriage, or adoption and residingtogether; all such persons are considered members of the same family.
2 Revised using population controls based on the 1970 Census. Population controls based on the 1970 Census not availableby race.
3 The term "unrelated individuals" refers to p ersons 14 years old and over (other than inmates of institutions) who arenot living with any relatives.
Source: Department of Commerce, Bureau of the Census.
274Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
POPULATION, EMPLOYMENT, WAGES, ANDPRODUCTIVITY
TABLE O23.—Population by age groups, 1929-74
[Thousands of persons]
July 1 Total
Age (years)
Under 5 5-15 16-19 20-24 25-44 45-64 65 andover
1929.
1933.
1939.
1940.1941.1942.1943.1944.
1945.1946.1947.1948.1949.
19501951195219531954
19551956195719581959
1960.1961.1962.1963.1964.
1965.1966.1967.19681969.
19701971197219731974
121,767
125, 579
130,880
132,122133, 402134, 860136, 739138, 397
139,928141, 389144,126146,631149,188
152, 271154, 878157, 553160,184163, 026
165, 931168,903171, 984174,882177, 830
180,671183,691186, 538189, 242191,889
194, 303196,560198,712200, 706202,677
i 204, 875207, 045208, 842
i 210, 396211,909
11,734
10,612
10, 418
10, 57910,85011,30112, 01612, 524
12,97913, 24414,40614,91915, 607
16,41017, 33317,31217,63818, 057
18,56619, 00319,49419,88720,175
20, 34120, 52220,46920, 34220,165
19, 82419, 20818,56317,91317,376
17,15617,17417,00616,71416,304
26, 800
26,897
25,179
24,81124, 51624, 23124, 09323,949
23,90724,10324, 46825, 20925, 852
26,72127, 27928, 89430, 22731,480
32,68233,99435, 27236, 44537, 368
38, 49439, 76541,20541,62642, 297
42,93843, 70244, 24444,62244, 840
44, 77444, 44143, 94843,22742, 547
9,127
9,302
9,822
9,8959, 8409,7309,6079,561
9,3619,1199,0978,9528,788
8,5428,4468,4148,4608,637
8,7448,9169,1959,543
10, 215
10,68311,02511,18012, 00712,736
13, 51614,31114, 20014, 45214, 800
15, 27415,63515,94516, 30716, 588
10,694
11,152
11,519
11,69011,80711,95512, 06412, 062
12,03612,00411,81411,79411,700
11,68011,55211,35011, 06210,832
10,71410,61610,60310,75610, 969
11,13411,48311,95912,71413,269
13, 74614,05015,24815,78616, 480
17,18018, 08618,02118, 33118, 733
35,862
37, 319
39,354
39, 86840,38340,86141, 42042,016
42, 52143, 02743,65744, 28844,916
45,67246,10346,49546,78647, 001
47,19447, 37947, 44047, 33747,192
47,14047,08447,01346, 99446, 958
46, 91247, 00147,19447, 72148,064
48, 43548, 80950,25051,41252, 593
21, 076
22,933
25, 823
26, 24926,71827,19627,67128,138
28,63029, 06429,49829,93130,405
30,84931, 36231, 88432,39432,942
33,50634, 05734, 59135,10935, 663
36,20336,72237,25537, 78238, 338
38, 91639,53440,19340,84641, 437
41,97442, 41342,78943,08443, 328
6,474
7,363
8,764
9,0319,2889,5849,86710,147
10,49410,82811,18511,53811, 921
12,39712,80313, 20313,61714, 076
14,52514, 93815, 38815, 80616, 248
16,67517, 08917,45717, 77818,127
18, 45118,75519,07119, 36519,680
20,08520,48720,88321,32921,815
1 Age detail does not add to total because total was computed using revised components of change for the period.
Note.—Includes Armed Forces overseas beginning 1940. Includes Alaska and Hawaii beginning 1950.
Source: Department of Commerce, Bureau of the Census.
275
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-24.—Noninstitutional population and the labor force, 1929-74
Year or month
Nonin-stitu-tionalpopu-lation 1
Totallaborforce
(includ-ing
ArmedForces)
ArmedForces *
Civilian labor force
Total
Employment
ITotal
Agri-cul-tural
Non-agri-cul-tural
Unem-ploy-ment
Unem-ploy-mentrate
(percent?f.
civilianlaborforce)
Laborforce
partici-pationrate
(totallabor
force aspercentof non-institu-tionalpopu-lation)
Thousands of persons 14 years of age and over
1933
1939
19401941194219431944
194519461947
100,380101,520102,610103,660104,630
105,530106,520107,608
49,440
51,840
55,600
56,18057,53060,38064,56066,040
65,30060,97061,758
260
250
370
5401,6203,9709,02011,410
11,4403,4501,590
49,180
51, 590
55, 230
55,64055,91056,41055,54054,630
53,86057,52060,168
47,630
38, 760
45, 750
47,52050,35053,75054,47053,960
52,82055,25057,812
10,450
10, 090
9,610
9,5409,1009,2509,0808,950
8,5808,3208,256
37,180
28, 670
36,140
37,98041, 25044,50045,39045,010
44, 24046,93049,557
1947.1948.1949..
1950.1951.1952.1953 21954..
1955..1956.1957.1958.1959.
1960 21961..1962 21963..1964..
1965..1966.1967..1968..1969.
1970..1971..19722.1973 21974..
Thousands of persons 16 years of age and over
1,550
12,830
9,480
8,1205,5602,6601,070670
1,0402,2702,356
103,418104,527105,611
106,645107,721108,823110,601111,671
112,732113,811115,065116,363117,881
119,759121,343122,981125,154127, 224
129,236131,180133,319135,562137,841
140,182142,596145,775148,263150,827
60,94162,08062,903
63,85865,11765,73066,56066,993
68,07269,40969,72970,27570,921
72,14273,03173,44274,57175,830
77,17878,89380,79382,27284,240
85,90386,92988,99191,04093,240
1,5911,4591,617
1,6503,1003,5923,5453,350
3,0492,8572,8002,6362,552
2,5142,5722,8282,7382,739
2,7233,1233,4463,5353,506
3,1882,8172,4492,3262,229
59,35060,62161, 286
62,20862,01762,13863,01563,643
65,02366,55266,92967,63968,369
69,62870,45970,61471,83373,091
74,45575,77077,34778,73780,734
82,71584,11386,54288,71491, 011
57,03958,34457,649
58,92059,96260, 25461,18160,110
62,17163,80264,07163,03664,630
65,77865,74666,70267,76269,305
71,08872,89574,37275,92077,902
78,62779,12081, 70284,40985,936
7,8917,6297,656
7,1606,7266,5016,2616,206
6,4496,2835,9475,5865,565
5,4585,2004,9444,6874,523
4,3613,9793,8443,8173,606
3,4623,3873,4723,4523,492
49,14850,71349,990
51,76053, 23953,75354,92253,903
55,72457,51758,12357,45059,065
60,31860,54661,75963,07664,782
66,72668,91570,52772,10374,296
75,16575,73278,23080,95782,443
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,9934,8404,3045,076
Percent
3.2
24.9
17.2
14.69.94.71.91.2
1.93.93.9
3.93.85.9
5.33.33.02.95.5
4.44.14.36.85.5
5.56.75.55.75.2
4.53.83.83.63.5
4.95.95.64.95.6
56.056.758.862.363.1
61.957.257.4
58.959.459.6
59.960.460.460.260.0
60.461.060.660.460.2
60.260.259.759.659.6
59.760.160.660.761.1
61.361.061.061.461.8
See footnotes at end of table.
276Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-24.—Noninstitutional population and the labor force, 1929-74—Continued
Year or month
Nonin-stitu-tionalpopu-lation i
Totallaborforce
(includ-ing
ArmedForces)
ArmedForces»
Civilian labor force
Total
Employment
TotalAgri-cul-tural
Non-agri-cul-tural
Unem-ploy-ment
Unem-ploy-mentrate
(percentof
civilianlaborforce)
Laborforce
partici-pationrate
(totallabor
force aspercentof non-institu-tionalpopu-lation)
Seasonally adjusted
1973: Jan..Feb..MaraApr..May.June.
July.Aug.Sept.Oct__Nov..Dec.
1974: Jan..Feb.Mar.Apr.May.June.
July.Aug.Sept.Oct..Nov.Dec.
147,129147,313147, 541147, 729147, 940148,147
148, 361148, 565148, 782149, 001149,208149, 436
149,656149, 857150, 066150, 283150, 507150, 710
150,922151,135151,367151, 593151,812152,020
89,36890,09590,40490,64690,65991,106
91,21291,12391,51591, 85792,13692, 330
92, 72392,80992,63292, 56792,98293,069
93, 50393, 41993,92294, 05893, 92194, 015
2,4042,3922,3612,3502,3342,315
2,3102,3072,2922,2892,2842,282
2,2582,2582,2512,2432,2292,212
2,2202,2202,2172,2142,2132,212
86,96487, 70388,04388,29688,32588, 791
88, 90288, 81689, 22389, 56889,85290,048
90,46590, 55190, 38190, 32490, 75390,857
91, 28391,19991, 70591, 84491, 70891, 803
82,63383, 27683,68683, 87784,02184,487
84, 67984, 58284,98385, 45285, 57785, 646
85, 80085, 86185, 77985, 78786, 06286, 088
86, 40386, 27486, 40286, 30485, 68985, 202
3,4513,4133,4303,3563,3523,465
3,5353,4343,3573,4283,5713,635
3,7493,8113,6533,5153,4973,333
3,4333,4513,4893,4403,3753,339
79,18279,86380,25680, 52180,66981,022
81,14481,14881,62682, 02482, 00682,011
82, 05182,05082,12682, 27282, 56582, 755
82, 97082, 82382, 91382, 86482,31481, 863
4,3314,4274,3574,4194,3044,304
4,2234,2344,2404,1164,2754,402
4,6654,6904,6024,5374,6914,769
4,8804,9255,3035,5406,0196,601
5.05.04.95.04.94.8
4.84.84.84.64.84.9
5.25.25.15.05.25.2
5.35.45.86.06.67.2
60.761.261.361.461.361.5
61.561.361.561.661.861.8
62.061.961.761.661.861.8
62.061.862.062.061.961.8
1 Not seasonally adjusted.2 Not strictly comparable with earlier data due to population adjustments as follows: Beginning 1953, introduction of
1950 Census data added about 600,000 to population and about 350,000 to labor force, total employment, and agriculturalemployment. Beginning I960, inclusion of Alaska and Hawaii added about 500,000 to population, about 300,000 to laborforce, and about 240,000 to nonagricultural employment. Beginning 1962, introduction of 1960 Census data reduced popu-lation by about 50,000 and labor force and employment by about 200,000. Beginning 1972, introduction of 1970 Censusdata added about 800,000 to civilian noninstitutional population and about 333,000 to labor force and employment. Asubsequent adjustment based on 1970 Census in March 1973 added 60,000 to labor force and to employment. Overallcategories of the labor force other than those noted were not appreciably affected.
Note.—Labor force data in Tables C-24 through C-27 are based on household interviews and relate to the calendarweek including the 12th of the month. For definitions of terms, area samples used, historical comparability of the data,comparability with other series, etc., see "Employment and Earnings."
Source: Department of Labor, Bureau of Labor Statistics.
277
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-25.—Civilian employment and unemployment by sex and age, 1947-74
[Thousands of persons 16 years of age and over]
Year ormonth
1947 . . .1948 . . .1949 . . .
1950 . . .1 9 5 1 . . .1952 . . .19531. .1 9 5 4 . . .
1955 . . .1956 . . .1957 . . .1958 . . .1959 . . .
19601. .1 9 6 1 . . .1 9 6 2 . . .1963!._1 9 6 4 . . .
1 9 6 5 . . .1 9 6 6 . . .1967 . . .1 9 6 8 . . .1 9 6 9 . . .
1970 . . .1 9 7 1 . . .1972L.19731..1974. . .
1973:Jan . .Feb..Mar 3.Apr..May-June.
July.Aug.Sept.Oct__Nov.Dec.
1974:Jan..Feb.Mar_Apr.May.June.
July.Aug.Sept.Oct..Nov.Dec.
Employment
Total
57,03958,34457,649
58,92059,96260,25461,18160,110
62,17163,80264,07163,03664,630
65,77865,74666,70267,76269,305
71,08872,89574,37275,92077,902
78,62779,12081,70284,40985,936
Males
Total
40,99441,72640,926
41,58041, 78041,68442,43141,620
42,62143,38043,35742,42343,466
43,90443,65644,17744,65745,474
46,34046,91947,47948,11448,818
48,96049,24550,63051,96352, 519
16-19years
2,2182,3452,124
2,1862,1562,1062,1351,985
2,0952,1642,1172,0122,198
2,3602,3142,3622,4062,587
2,9183,2523,1863,2553,430
3,4073,4703,7504,0174,074
20yearsandover
38,77639,38238,803
39,39439,62639,57840,29639,634
40,52641,21641,23940,41141,267
41,54341,34241,81542,25142,886
43,42243,66844,29344,85945,388
45,55345, 77546,88047,94648,445
Total
16,04516,61816,723
17, 34018,18218, 57018,75018,490
19,55020,42220,71420,61321,164
21,87422,09022,52523,10523,831
24,74825,97626,89327,80729,084
29,66729,87531,07232,44633,417
Females
16-19years
1.6911,6831,588
1,5171,6111,6121,5841,490
,548,654
1,6631,5701,640
1,7691,7931,8331,8491,929
2,1182,4692,4972,5252,686
2,7342,7252,9723,2193,329
20yearsandover
14,35414,93715,137
15,82416,57016,95817,16417,000
18,00218,76719,05219,04319,524
20,10520,29620,69321,25721,903
22,63023,51024,39725,28126,397
26,93327,14928,10029,22830,088
Unemployment
Total
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,9934,8404,3045,076
Males
Total
1,6921,5592,572
2,2391,2211,1851,2022,344
1,8541,7111,8413,0982,420
2,4862,9972,4232,4722,205
1,9141,5511,5081,4191,403
2,2352,7762,6352,2402,668
16-19years
270255352
318191205184310
274269299416398
425479407500487
479432448427441
599691707647749
20yearsandover
1,4221,3052,219
1,9221,029
9801,0192,035
1,5801,4421,5412,6812,022
2,0602i 5182,0161,9711,718
1,4351,1201,060
993963
1,6362,0861,9281,5941,918
Total
619717
1,065
1,049834698632
1,188
9981,0391,0181,5041,320
1,3661,7171,488,598
1,581
1,4521,3241,4681,3971,429
1,8532,2172,2052,0642,408
Females
16-19years
144152223
195145140123191
176209197262256
286349313383386
395404391412412
506567595579660
20yearsandover
11
11111
1
1
1
11111
475564841
854689559510997
823832821
,242,063
,080,368,175,216,195
,056921
,078985
,016
,347,650,610,485,748
Seasonally adjusted
82,63383,27683,68683, 87784, 02184, 487
84,67984, 58284,98385,45285, 57785,646
85, 80085,86185, 77985,78786, 06286. 088
86,40386, 27486,40286, 30485,68985,202
51,18851,46451,68851, 68751,67351, 876
52,11351,96552,19752,49852,54152,663
52,84552, 73152, 50252, 43052, 74052, 492
52, 47352,52252,67152,67452,41051,953
3,8053,9354,0363,9803,9264,021
3,9963,9534,1004,1624,1524,173
4,1974,1774,1484,0894,1184,042
4,0224,0074,0884,0904,0313,992
47,38347, 52947,65247, 70747,74747,855
48,11748,01248,09748, 33648, 38948, 490
48,64848, 55448, 35448, 34148,62248,450
48, 45148, 51548, 58348, 58448, 37947,961
31,44531,81231,99832,19032,34832,611
32,56632,61732,78632,95433,03632,983
32,95533,13033,27733,35733, 32233, 596
33,93033,75233,73133,63033,27933, 249
3,0393,0773,1663,1623,2003,324
3,1353,2103,2993,3273,3463,340
3,3613,3583,3613,3243,2773,341
3,2463,3003,4413,3933 3343,257
28, 40628, 73528,83229, 02829,14829, 287
29,43129,40729, 48729,62729,69029,643
29, 59429, 77229,91630,03330, 04530,255
30,68430, 45230,29030, 23729,94529,992
4,3314,4274,3574,4194,3044,304
4,2234,2344,2404,1164,2754,402
4,6654,6904,6024,5374,6914,769
4,8804,9255,3035,5406,0196,601
2,2372,2972,2902,3352,3092,227
2,1832,1902,1632,1592,2072,237
2,3832,4582,3852,4402,4152,505
2,5282,6282,7843,0043,1913,523
589643626690659630
647654644655684657
688703691684707748
733727832807833842
1.6481,6541,6641,6451,6501,597
1,5361,536L, 5191,5041,5231,580
1,6951,7551,6941,7561,7081,757
1,7951.9011,9522,1972,3582,681
2,0942,1302,0672,0841,9952,077
2,0402,0442,0771,9572,0682,165
2,2822,2322,2172,0972,2762,264
2,3522,2972,5192,5362,8283,078
549637568605594567
545545592576593603
694631631518664637
671597680734714765
,545,493,499,479,401,510
,495,499,485,381,475,562
1,5881,6011,5861,5791,6121,627
1,6811,7001,839L,802>,114?, 313
1 See footnote 2, Table C-24.
Note.-See Note, Table C-24.
Source: Department of Labor, Bureau of Labor Statistics.
278
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-26.—Selected unemployment rates, 1948-74
[Percent]
Year or month
19481949 . .
1950195119521953195419551956195719581959
1960 .196119621963.. .19641965. .196619671968.. .1969
19701971197219731974
1973: JanFeb.MarAprMayJune
JulyAugSeptOct . .NovDec
1974:JanFebMarAprMayJune
JulyAugSeptOctNov... . . .Dec
Allwork-
ers
3.85.9
5.33.33.02.95.54.44.14.36.85.5
5.56.75.55.75.24.53.83.83.63.5
4.95.95.64.95.6
5.05.04.95.04.94.8
4.84.84.84.64.84.9
5.25.25.15.05.25.2
5.35.45.86.06.67.2
By sex and age
Bothsexes16-19years
9.213.4
12.28.28.57.6
12.611.011.111.615.914.6
14.716.814.717.216.214.812.812.812.712.2
15.216.916.214.516.0
14.215.014.315.314.914.1
14.314.314.614.114.614.5
15.414.815.013.915.715.8
16.215.317.017.017.418.2
Men20
yearsandover
3.25.4
4.72.52.42.54.93.83.43.66.24.7
4.75.74.64.53.93.22.52.32.22.1
3.54.44.03.23.8
3.43.43.43.33.33.2
3.13.13.13.03.13.2
3.43 53.43.53.43.5
3.63.83.94.34.65.3
Wom-en 20yearsandover
3.65.3
5.14.03.22.95.54.44.24.16.15.2
5.16.35.45.45.24.53.84.23.83.7
4.85.75.44.85.5
5.24.94.94.84.64.9
4.84.94.84.54.75.0
5.15 15.05.05.15.1
5.25.35.75.66.67.2
By color
White
3.55.6
4.93.12.82.75.03.93.63.86.14.8
4.96.04.95.04.64.13.43.43.23.1
4.55.45.04.35.0
Negroand
otherraces
5.98.9
9.05.35.44.59.98.78.37.9
12.610.7
10.212.410.910.89.68.17.37.46.76.4
8.29.9
10.08.99.9
By selected groups
Expe-riencedwageand
salarywork-
ers
4.36.8
6.03.73.33.26.24.84.44.67.25.7
5.76.85.65.55.04.33.53.63.43.3
4.85.75.34.54.9
Seasonally adjustec
4.54.54.44.44.44.3
4.24.24.24.14.24.4
4.74.64.64.54.74.8
4.84.95.35.55.96.4
8.89.08.99.39.18.9
9.28.99.38.48 88.4
9.29 29.28.89.39.0
9.49.49.9
10.911.612.5
4.64.74.64.74.54.4
4.44.54.44.34.54.6
4.74.94.84.94.95.0
5.15.25.55.76.26.9
House-hold
heads
3.73.22.72.22.11.91.8
2.93.63.32.93.3
2.93.03.02.92.92.9
2.82.82.72.72.82.9
2.93 03.03.03.03.1
3.03.23.43.73.94.6
Mar-ried
men*
3.5
4.61.51.41.74.02.82.62.85.13.6
3.74.63.63.42.82.41.91.81.61.5
2.63.22.82.32.7
2.42.42.42.42.32.2
2.12.12.12.12.22.2
2.32.42.32.42.22.6
2.72.72.83.03.33.8
Full-time
work-ers 2
5.4
5.02.62.5
5.23.83.74.07.2
6.7
5.54.94.23.53.43.13.1
4.55.5
4.35.1
4.54.54.44.44.34.3
4.24.24.24.14.34.4
4.64.64.64.64.64.7
4.84.85.35.86.26.8
Blue-collarwork-ers 3
4.28.0
7.23.93.63.47.25.85.16.2
10.27.6
7.89.27.47.36.35.34.24.44.13.9
6.27.46.55.36.7
5.65.55.45.35.45.3
5.35.35.25.25.55.2
5.96.06.06.35.86.2
6.26.67.07.48.39.3
Laborforcetimelost <
4.85.15 38.16.6
6.78.06.76.45.85.04.24.24.03.9
5.36.46.05.26.1
5.35.35.35.35.25.3
5.25.15.15.25.25.4
5.65.65.65.75.75.6
5.85 A6.46.67.27.9
* Married men living with their wives. Data for 1949 and 1951-54 are for April; 1950, for March.2 Data for 1949-61 are for May.3 Includes craft and kindred workers, operatives, and nonfarm laborers. Data for 1948-57 are based on data for
January, April, July, and October.* Man-hours lost by the unemployed and persons on part-time for economic reasons as a percent of potentially available
labor force man-hours.
Note.—See footnote 2 and Note, Table C-24.
Source: Department of Labor, Bureau of Labor Statistics.
279Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C--27.— Unemployment by duration, 1947-74
Year or month
194719481949
19501951 . .195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974 . . . . .
1973-JanFebMarApr . .MayJune
JulyAug - - - --SeptOctNovDec
1974: JanFebMarAprMay . . .June . . .
JulyAugSeptOctNovDec
Total un-employ-
ment
Duration of unemployment
Less than5 weeks
5-14weeks
Thousands of persons 16 years
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,9934,8404,3045,076
4,3314,4274,3574,4194,3044,304
4,2234,2344,2404,1164,2754,402
4,6654,6904,6024 5374 6914,769
4 8804,9255 3035,5406 0196,601
1,2101,3001,756
1,4501,1771,1351,1421,605
1,3351,4121,4081,7531,585
1,7191,8061,6631,7511,697
1,6281,5731,6341,5941,629
2,1372,2342,2232,1962,567
2,0372,2502,1432,2342 2182,250
2 2252,2202,1652,0692,2402,305
2,4082,4112,4342 3122,4812,378
2,4722,5062,6542,7652 9813,077
704669
1,194
1,055574516482
1,116
815805891
1,3961,114
1,1761,3761,1341,2311,117
983779893810827
1,2891,5781,4591,2961,572
Seasonally
1,3441,2541,3401,4661,3041,227
1 2731,2281,3451,2991,2391,255
1,4051,4141,3981,4441,3781,489
1,5221,4491 7011,7541 9312,062
15-26weeks
27 weeksand over
of age and over
234193428
425166148132495
366301321785469
503728534535491
404287271256242
427665597475563
adjusted i
526515494467469457
476444468435470427
454488504528527565
546560603640691782
164116256
3571378478
317
336232239667571
454804585553482
351239177156133
235517562337373
404365377335347326
278328292320343322
326324316347350369
381380386376426537
Average(mean)durationin weeks
8.610.0
12.19.78.48.0
1 11.8
13.011.310.513.914.4
12.815.614.714.013.3
11.810.48.88.47.9
8.711.312.010.09.7
11.010.510.610.010.19.7
9.79.99.5
10.110.09.3
9.59.69.59.89.69.8
10.19.99.79.89.8
10.0
i Because of independent seasonal adjustment of the various series, detail will not add to totals.
N ote.—See footnote 2 and Note, Table C-24.
Source: Department of Labor, Bureau of Labor Statistics.
280
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-28.—Unemployment insurance programs, selected data, 1946-74
Year or month
All programs
Cov-eredem-ploy-
ment i
Insuredunem-ploy-ment
(weeklyaver-age)"
Totalbenefits
paid(mil-lions
of dol-lars) a 4
State programs
Insuredunem-ploy-ment8
Initialclaims
Ex-haus-tions *
Insured unem-ployment as per-cent of covered
employment
Unad-justed
Season-ally ad-justed
Benefits paid
Total(mil-
lions ofdol-
lars)*
Aver-weeklycheck(dol-lars)*
1946194719481949
1950195119521953195419551956195719581959
I960..196119621963196419651966196719681969
1970197119721973 *1974 9
1973: Jan..Feb..Mar..Apr..May..June-July..Aug..Sept.Oct__Nov..Dec .
1974: JanFeb...Mar...Apr . . .May...June_.
July...Aug. . .Sept..Oct*-.Nov *_.Dec*..
Thousands Weekly average, thousands Percent
31,85633,87634,64633,098
34,30836,33437,00638,07236,62240,01842,75143,43644,41145,728
46,33446,26647,77648,43449,63751,58054,73956,34257,97759,999
59,52659,37566,900170,379
2,8041,7931,4462,474
1,6051,0001,0691,0672,0511,3991,3231,5713,2692,099
2,0712,9941,946
U.9731,7531,4501,1291,2701,1871,177
2,0702,3132,1851,7832,578
2,3332,2502,0751,8281,6101,523
1,6401,5721,4411,4521,6672,093
2,7402,8242,7512, 5642,2782,161
2,2902,1532,0812,2472,8263,913
2,878.51,785.51,328.72,269.8
1,467.6862.9
1,043.51,050.62,291.81, 560.21,540.61,913.04,290.62,854.3
3,022.84,358.13,145.13,025.92,749.22,360.41,890.92, 221.52,191.02,298.6
4,209.36,214.95,510.54,527.06,987.9
523.7461.3492.1404.7379.2315.6
326.9353.5281.8322.9332.5378.2
622.7599.3652.4639.3584.5472.4
541.6522.3478.1530.2561.3781.8
1,295997980
1,973
1,513969
1,044990
1,8701,2651,2151,4462,5261,684
1,9082,2901,783
71,8061,6051,3281,0611,2051,1111,101
1,8052,1501,8481,6322,269
2,1242,0621,8981,6691,4651,384
1,5051,4361,2991,2991,5031,922
2,5612,6302,5022,2171,9341,834
1,9891,8741,7831,9472,4993,552
189187200340
236208215218304226227270369277
331350302
7 298268232203226201200
296295261246361
331249213216193206
275212186210266395
446359293263237269
340283274348480703
38242037
36161815342520235033
31463230262115171616
2538352939
333233333128
272725242527
323235383940
414035364345
4.33.13.06.2
4.62.82.92.85.23.53.23.66.44.4
4.85.64.44.33.83.02.32.52.22.1
3.44.13.52.73.6
3.83.73.42.82.52.4
2.52.42.12.12.43.1
4.14.24.03.53.02.9
3.12.92.73.03.85.4
2.92.92.92.72.72.7
2.72.62.62.62.72.8
3.13.33.43.33.33.3
3.33.23.43.74.24.9
1,094.9775.1789.9
1,736.0
1,373.1840.4998.2962.2
2,026.91,350.31,380.71,733.93,512.72.279.0
2,726.73,422.72,675.42,774.72.522.12,166.01,771.32,092.32,031.62,127.9
3,848.54,957.04,471.04,007.64,521.1
466.6417.2444.8363.8339.1286.7
296.3316.3248.3280.7289.4335.8
570.8553.3593.9552.7486.4383.4
459.1444.9381.0442.0489.7675.3
18.5017.8319.0320.48
20.7621.0922.7923.5824.9325.0427.0228.1730.5830.41
32.8733.8034.5635.2735.9237.1939.7541.2543.4346.17
50.3454.0256.7659.0063.97
59.1759.5658.9559.5858.4458.12
57.4257.4658.1358.9759.6160.40
62.2863.3563.8563.6262.6962.50
62.9364.1464.2365.2065.4665.51
1 Includes persons under the State, UCFE (Federal employee, effective January 1955), and RRB (Railroad RetirementBoard) programs. Beginning October 1958, also includes the UCX program (unemployment compensation for ex-service-men).
2 Includes State, UCFE, RR, UCX, UCV (unemployment compensation for veterans, October 1952-January 1960), andSRA (Servicemen's Readjustment Act, September 1944-September 1951) programs. Also includes Federal and Stateextended benefit programs.
s Covered workers who have completed at least 1 week of unemployment.* Annual data are net amounts and monthly data are gross amounts. Monthly data exclude extended benefit pay-
ments.* Individuals receiving final payments in benefit year. Data for New Jersey not available for April-June 1971.* For total unemployment only. Excludes data for New Jersey for April-December 1971.7 Programs include Puerto Rican sugarcane workers for initial claims and insured unemployment beginning July 1963.s Latest data available for all programs combined. Workers covered by State programs account for about 89 percent of
the total.
Source: Department of Labor, Manpower Administration.
281
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-29.—Wage and salary workers in nonagricultural establishments, 1929-74
(All employees; thousands of persons]
Year ormonth
1929
1933
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959...,.
I960.....1961196219631964
19651966196719681969
1970197119721973 ___1974 v
Totalwageand
salarywork-
ers
31,339
23,711
30,618
32,37636, 55440,12542,45241,883
40,39441,67443,88144,89143,778
45,22247,84948,82550, 23249,022
50,67552,40852,89451,36353,313
54,23454,04255, 59656,70258,331
60,81563,95565,85767,95170,442
70,92071,21673,71176,83378,337
Manufacturing
Total
10.702
7,397
10, 278
10,98513,19215, 28017,60217,328
15,52414.70315, 54515, 58214,441
15,24116,39316,63217,54916,314
16,88217, 24317,17415,94516,675
16,79616,32616,85316,99517,274
18,06219, 21419,44719,78120,167
19,34918,57219,09020,05420,017
Dura-ble
goods
4,715
5,3636,9688,82311,08410,856
9,0747,7428,3858,3267,489
8,0949,0899,34910,1109,129
9,5419,8349,8568,8309,373
9,4599,0709,4809,6169,816
10,40611,28411,43911,62611,895
11,19510, 59711,00611,81411, 838
Non-dura-ble
goods
5,564
5,6226,2256,4586,5186,472
6,4506,9627,1597,2566,953
7,1477,3047,2847,4387,185
7,3407,4097,3197,1167,303
7,3367,2567,3737,3807,458
7,6567,9308,0088,1558,272
8,1547,9758,0848,2408,179
Min-ing
1,087
744
854
925957992925892
836862955994930
901929898866791
792822828751732
712672650635634
632627613606619
623603622638672
Con-tractcon-
struc-tion
1,497
809
1,150
1,2941,7902,1701,5671,094
1,1321,6611,9822,1692,165
2,3332,6032,6342,6232,612
2,8022,9992,9232,7782,960
2,8852,8162,9022,9633,050
3,1863,2753,2083,3063,525
3,5363,6393,831
Trans-porta-tionandpub-lic
utili-ties
3,916
2,672
2,936
3,0383,2743,4603,6473,829
3,9064,0614,1664,1894,001
4,0344,2264,2484,2904,084
4,1414,2444,2413,9764,011
4,0043,9033,9063,9033,951
4,0364,1514,2614,3114,435
4,5044,4574,517
4,028 | 4,6463,984 I 4,699
Whole-saleand
retailtrade
6,123
4,755
6,426
6,7507,2107,1186,9827,058
7,3148,3768,9559,2729,264
9,3869,74210,00410,24710,235
10, 53510,85810, 88610,75011,127
11,39111,33711,56611,77812,160
12,71613, 24513,60614,09914,704
15,04015,35215,97516,66517, 010
Fi-nance,insur-ance,andreal
estate
1,509
1,295
1,462
1,5021,5491,5381,5021,476
1,4971,6971,7541,8291,857
1,9191,9912,0692,1462,234
2,3352,4292,4772,5192,594
2,6692,7312,8002,8772,957
3,0233,1003,2253,3813,562
3,6873,8023,9434,0754,161
Serv-ices
3,440
2,873
3,517
3,6813,9214,0844,1484,163
4,2414,7195,0505,2065,264
5,3825,5765,7305,8676,002
6,2746,5366,7496,8067,130
7,4237,6648,0288,3258,709
9,0879,55110,09910,62211,228
11,62111,90312,39212,98613, 508
Government
Fed-eral
533
565
905
9961,3402,2132,9052,928
2,8082,2541,8921,8631,908
1,9282,3022,4202,3052,188
2,1872,2092,2172,1912,233
2,2702,2792,3402,3582,348
2,3782,5642,7192,7372,758
2,7312,6962,6842,6632,725
Stateandlocal
2,532
2,601
3,090
3,2063,3203,2703,1743,116
3,1373,3413,5823,7873,948
4,0984,0874,1884,3404,563
4,7275,0695,3995,6485,850
6,0836,3156,5506,8687,248
7,6968,2278,6799,1099,444
9,83010,19210,65611,07911,561
See footnotes at end of table.
282
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-29.—Wage and salary workers in nonagr{cultural establishments•, 1929-74—Continued
[All employees; thousands of persons]
Year ormonth
1972: Jan.__Feb.. .Mar..Apr...May..June..
July. .Aug . .Sept..Oct. . .Nov . .Dec.. .
1973: Jan. . .Feb.. .M a r . .Apr...May..June..
July. .Aug. .Sept. .Oct.. .Nov. .Dec.. .
1974: Jan. . .Feb.. .Mar..Apr...May..June..
July. .Aug . .Sept. .Oct . .Nov v.Dec *_
Totalwageand
salarywork-
ers
Manufacturing
TotalDura-
blegoods
Non-dura-
blegoods
Min-ing
Con-tractcon-
struc-tion
Trans-porta-
tionandpub-
licutili-ties
Whole-saleand
retailtrade
Fi-nance,insur-ance,andreal
estate
Serv-ices
Government
Fed-eral
Stateandlocal
Seasonally adjusted
72,35072,49072,83173,09373,38673,637
73,69774,05474,30774,64674,91675,118
75,47275,85176,11176,33976, 50876, 787
76,86777,16377,31577,64977,91577,924
77,92578,05378, 08978,22678, 35778,421
78,47978,66178,84478, 86578,40077, 726
18,64518,73318,82718,91019,00119,082
19,05919,14919,24919,39519,48719, 599
19,68319,81419,88819,95019,99420,083
20,06420,12420,15520, 25220,31420,323
20,25320,15520,11620,14720,15120,184
20,16920,11220,11219,98219,64619,141
10,65110,72110,78710,85010,92710,976
10,99611,06411,13711,25511,33011,421
11,50011,60911,66111,70811,76611,826
11,84211,89211,91411,97912,02112,036
11,96811,88311,86211,91311,90811,959
11,95911,89911,90611,84111,62611,290
7,9948,0128,0408,0608,0748,106
8,0638,0858,1128,1408,1578,178
8,1838,2058,2278,2428,2288,257
8,2228,2328,2418,2738,2938,287
8,2858,2728,2548,2348,2438,225
8,2108,2138,2068,1418,0207,851
617615617621621622
620622628629629628
631634633631629632
637640640644648652
658661662665668669
675676682692696666
3,8463,7493,7873,8063,8363,846
3,8003,8633,8763,8973,8723,785
3,9083,9313,9533,9633,9964,034
4,0634,0634,0914,0834,0994,115
4,0984,1274,1024,0874,0663,994
3,9203,9653,9393,9113,8523,802
4,4654,4554,4944,4884,5014,506
4,5064,5084,5314,5624,5834,596
4,5964,5994,6094,6284,6324,638
4,6424,6574,6674,6964,6924,688
4,7104,7174,7084,7044,7014,698
4,6934,7014,6794,6994,6934,680
15,64515, 71015, 78915,84115, 88715,970
15,98616, 06716,10216,15116, 23116, 291
16,35816, 46716, 52916, 57716,61516, 641
16, 68816, 74616, 77716, 84716, 90416,826
16,85116, 87116,91416, 94516, 99417,031
17,10717,14017,16617,16017,04216, 906
3,8773,8853,8973,9073,9253,942
3,9473,9603,9733,9894,0004,011
4,0184,0344,0454,0524,0644,068
4,0774,0924,1024,1104,1164,121
4,1324,1424,1454,1544,1614,156
4,1574,1684,1764,1854,1794,178
12,11712,16512,20912,27312,32812,403
12,44112,48712,49112, 54812,59512,650
12,72412,78812,82912,87812,88712,954
12,97813,05813,11013,16013,22113,236
13,23613,31313,33913,36713,42913,488
13, 51613, 57313,64713, 70513, 72613, 754
2,7032,6952,6882,6922,6862,670
2,6532,6692,6742,6802,6802,684
2,6732,6622,6612,6612,6622,649
2,6322,6502,6602,6652,6732,680
2,6802,6962,6992,7052,7112,715
2,7352,7402,7472,7482,7462,744
10,43510,48310, 52310,55510,60110,596
10,68510,72910, 78310, 79510,83910,874
10,88110,92210,96410,99911,02911,088
11,08611,13311,11311,19211,24811,283
11,30711,37111,40411,45211,47611,486
11,50711,58611,69611,78311,82011,855
Note.—Data in Tables C-29 through C-31 are based on reports from employing establishments and relate to full- andpart-time wage and salary workers in nonagricultural establishments who worked during, or received pay for, any part ofthe pay period which includes the 12th of the month.
Not comparable with labor force data (Tables C-24 through C-27), which include proprietors, self-employed persons,domestic servants, and unpaid family workers, and which count persons as employed when they are not at work becauseof industrial disputes, bad weather, etc.
For description and details of the various establishment data, see "Employment and Earnings."
Source: Department of Labor, Bureau of Labor Statistics.
283
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-30.—Average weekly hours and hourly earnings in selected private nonaericulturalindustries, 1947-74
(For production or nonsupervisory workers]
Yearor
month
Average weekly hours
Totalprivateno n ag-ricul-tural*
Manu-factur-
ing
Con-tractcon-
struc-tion
Retailtrade*
Average gross hourly earnings,current dollars
Totalprivate
non-agri-cul-
tural 1
Manu-factur-
ing
Con-tractcon-
struc-tion
Retailtrade 2
Adjusted hourly earnings,total private nonagricultural '
Index,1967 = 100
Cur-rentdol-lars
1967dol-lars*
Percentchangefrom
precedingperiod
Cur-rentdol-lars
1967dol-lars
1947..1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..1961..1962..1963__1964..
1965..1966..1967..1968..1969-
1970..1971..1972..1973..1974 p.
1973: Jan.. .Feb...Mar...Apr...May..June-July..Aug. .Sept..Oct...Nov..Dec...
1974: Jan___Feb...Mar..Apr...May..June
JulyAugSept___Oct .Nov p..Dec »..
40.340.039.4
39.839.939.939.639.1
39.639.338.838.539.0
38.638.638.738.838.7
38.838.638.037.837.7
37.137.037.137.136.6
40.440.039.1
40.540.640.740.539.6
40.740.439.839.240.3
39.739.840.440.540.7
41.241.340.640.740.6
39.839.940.640.740.0
38.238.137.7
37.438.138.937.937.2
37.137.537.036.837.0
36.736.937.037.337.2
37.437.637.737.337.9
37.337.236.937.036.9
40.340.240.4
40.440.439.839.139.2
39.038.638.138.138.2
38.037.637.437.337.0
36.635.935.334.734.2
33.833.733.733.332.7
$1,1311.2251.275
1.3351.451.521.611.65
1.711.801.891.952.02
2.092.142.222.282.36
2.452.562.682.853.04
3.223.443.673.924.22
$1,217.328.378
.440
.56
.651.741.78
1.861.952.052.112.19
2.262.322.392.462.53
2.612.722.833.013.19
3.363.573.814.074.40
$1. 5411.7131.792
1.8632.022.132.282.39
2.452.572.712.822.93
3.083.203.313.413.55
3.703.894.114.414.79
5.245.696.036.386.74
$0.838.901.951
.9831.06.09.16.20
.25
.30
.37
.42
.47
.52
.56
.63
.68
.75
.82
.912.012.162.30
2.442.572.702.873.09
42.646.048.2
50.053.756.459.661.7
63.767.070.373.275.8
78.480.883.585.988.3
91.695.4
100.0106.3113.3
120.8129.4137.8146.6158.3
63.763.867.5
69.369.070.974.476.6
79.482.383.484.586.8
88.490.292.293.795.1
97.098.1
100.0102.0103.2
103.9106.7110.0110.1107.2
8.04.8
3.77.45.05.73.5
3.25.24.94.13.6
3.43.13.32.92.8
3.74.14.96.36.6
6.67.16.56.48.0
0.25.8
2.7- . 42.84.93.0
3.73.71.31.32.7
1.82.02.21.61.5
2.01.11.92.01.2
.72.73.1.1
- 2 . 6
Seasonally adjustedSeasonallyadjusted
annual rates*
37.037.137.137.237.137.1
37.137.037.136.936.937.0
36.736.836.736.636.736.7
36.736.736.736.636.236.4
40.540.940.940.940.740.6
40.740.640.740.740.640.6
40.440.440.339.340.340.1
40.240.240.040.139.539.4
36.136.036.736.937.137.1
37.136.936.736.837.937.2
36.437.636.736.336.736.9
36.936.436.537.237.237.8
33.633.533.533.433.433.4
33.333.133.133.033.133.0
32.932.932.933.032.932.7
32.632.632.532.432.432.3
$3.793.803.833.863.873.90
3.933.953.984.004.034.04
4.054.084.104.114.174.21
4.234.274.324.354.364.39
$3.973.983.984.024.034.05
4.084.104.134.154.174.19
4.194.224.244.254.334.38
4.434.484.534.574.584.61
$6.346.246.276.296.306.36
6.376.406.466.456.466.48
6.486.526.576.606.626.74
6.756.896.946.906.886.96
$2.772.792.802.822.832.86
2.872.892.912.932.952.96
2.982.983.003.003.073.10
3.123.143.153.183.193.19
142.3142.7143.5144.4144.8146.0
146.8147.7148.9149.6150.3151.1
151.7152.7153.6154.3156.1158.2
158.7160.2162.1163.3164.0165.1
111.2110.8110.5110.5110.2110.4
110.8109.4109.9109.5109.2109.1
108.4107.7107.3107.2107.3107.8
107.4107.0106.8106.7106.2106.2
3.92.96.98.52.9
10.3
6.97.3
10.26.06.36.4
4.48.18.15.5
14.817.3
3.812.214.89.35.28.2
- 2 . 2- 4 . 7- 3 . 5
.4- 3 . 7
2.5
4.8-14.1
4.9- 3 . 9- 3 . 2- 1 . 0
- 8 . 0- 6 . 6- 4 . 8- 1 . 4
1.15.5
- 4 . 5- 4 . 4- 1 . 9- 1 . 2- 5 . 6
.0
1 Also includes other private industry groups shown in Table C-29.> Includes eating and drinking places.»Adjusted for overtime (in manufacturing only) and for interindustry employment shifts.« Current dollar earnings index divided by the consumer price index.' Computed from indexes to two decimal places.
Note—See Note, Table C-29.
Source: Department of Labor, Bureau of Labor Statistics.
284Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-31.—Average weekly earnings in selected private nonagricultural industries, 1947-74
[For production or nonsupervisory workers]
Year or month
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
1970197119721973 .1974 v
1973:Jan. .FebMarAprMayJune
JulyAugSeptOct _ . .NovDec . _ . .
1974:JanFebMarAprMay . .June
JulyAugS e p t . . .OctNov pDec p
Average gross weekly earnings
Total privatenonagricultural i
Currentdollars
$45.5849.0050.24
53.1357.8660.6563.7664.52
67.7270.7473.3375.0878.78
80 6782.6085.9188 4691.33
95.0698.82
101 84107.73114.61
119.46127. 28136.16145. 43154.45
1967dollars 2
$68.1367.9670.36
73.6974.3776.2979.6080.15
84.4486.9086.9986.7090.24
90 9592.1994.8296.4798.31
100.59101.67101.84103. 39104.38
102.72104. 93108.67109. 26104.57
Manu-facturing
Contiactconstruc-
tionRetailtrade»
Current dollars
$49.1753.1253.88
58.3263.3467.1670.4770.49
75.7078.7881.5982.7188.26
89.7292.3496.5699.63
102.97
107. 53112.34114.90122.51129.51
133.73142. 44154.69165. 65176.00
$58.8765.2767.56
69.6876.9682.8686.4188.91
90.9096.38
100.27103.78108.41
113 04118.08122.47127.19132.06
138.38146. 26154.95164.49181.54
195.45211.67222. 51236. 06248. 71
$33.7736 2238.42
39.7142.8243.3845.3647.04
48.7550.1852.2054.1056.15
57.7658.6660.9662 6664.75
66.6168.5770 9574.9578.66
82.4786.6190.9995.57
101.04
Average spendable weekly earnings, totalprivate nonagricultural *
Amount
Currentdollars
$44.6448.5149.74
52.0455.7957.8760.3160.85
63.4165.8267.7169.1171.86
72 9674.4876.9978 5682.57
86.3088.6690.8695.2899.99
104.61112.41121. 09127. 41134.37
1967dollars 2
$66.7367 2869.66
72.1871 7172.7975 2975.59
79.0680.8680.3279.8082.31
82 2583.1384.9885 6788.88
91.3291.2190 8691.4491.07
89.9592.6796.6495.7390.97
Seasonally adjusted
$140.23140. 98142. 09143. 59143. 58144.69
145. 80146.15147. 66147.60148. 71149. 48
148. 64150.14150. 47150. 43153. 04154. 51
155. 24156. 71158. 54159.21157.83159.80
$109. 61109.48109. 40109. 85109. 23109. 41
110.06108. 30108 97108. 05108 02107. 93
106.19105. 97105. 08104. 53105. 23105.30
105.07104.65104. 51104.06102.23102.83
$160. 79162. 78162. 78164. 42164. 02164. 43
166. 06166. 46168 09168. 91169 30170.11
169. 28170.49170.87167. 03174. 50175.64
178. 09180.10181. 20183. 26180.91181.63
$228. 87224.64230.11232.10233. 73235. 96
236. 33236.16237.08237. 36244. 83241. 06
235. 87245.15241.12239. 58242.95248. 71
249. 08250. 80253. 31256.68255.94263.09
$93.0793.4793.8094.1994.5295.52
95.5795.6696.3296.6997.6597.68
98.0498.0498.7099.00
101. 00101.37
101.71102.36102.38103.03103.36103.04
$123. 39123. 98124. 83125. 99125.98126. 84
127.69127.96129 13129. 08129 94130. 53
129. 89131. 04131.30131. 27133. 28134.41
134.98136.11137.52138.04136.98138. 50
$96.4496.2896.1196.3995.8495.91
96.3994.8295 3094.4994 3994.25
92.8092.4991.7091.2291.6491.60
91.3690.9090.6590.2288.7389.12
Percent change frompreceding period
Currentdollars
8 72.5
4.67 23.74 2.9
4 23.82 92.14.0
1 52.13.42 05.1
4.52.72 54.94.9
4.67.57.75.25.5
1967dollars
6 83 5
3.6— 71.53 4
4
4 62.3
— 7- 63.1
_ 11 12.2
83 7
2 7- . 1- 4
.6- . 4
- 1 . 23.04.3
- . 9- 5 . 0
Seasonally adjustedannual rates
5 3.55.98.5
11.7- . 18.5
8.32.6
11 5- . 58 35.6
5-5.711.22.4
- . 320.010.7
5.210.513.24.6
- 8 . 814.2
5 -2 .6- 2 . 0- 2 . 1
3.6- 6 . 6
.9
6.2-17.9
6 2- 9 . 7- 1 3- 1 . 8
- 3 . 9- 9 . 8- 6 . 1
5.7- . 5
- 3 . 1- 5 . 9- 3 . 3- 5 . 5
-18.15.4
1 Also includes other private industry groups shown in Table C-29.* Earnings in current dollars divided by the consumer price index.8 Includes eating and drinking places.* Average gross weekly earnings less social security and income taxes for a worker with three dependents.* In annualizing the rates of change, the effect of the change in tax rates at the beginning of 1973 and 1974 is taken into
account separately.Note.—See Note, Table C-29.
Source: Department of Labor, Bureau of Labor Statistics.
285563-280 O - 75 - 19
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-32.—Output per man-hour and related data', private economy, 1947—74
[1967 = 100]
Year or quarter
194719481949 . . . .
19501951195219531954
19551956195719581959
19601961196219631964
1965 .1966196719681969
19701971197219731974 v
1972: 1II . .IIIIV
1973: 1IIIIIIV
1974- 1IIIIIIV*
Output1
Totalprivate
45.647.847.6
52.555.857 260.159 3
64.365.666.565.670 2
71.973 278.281 586.2
91.897.7
100.0104 8107.7
107.2111.0118.5125.8122.6
Privatenon-farm
44.546.546.4
51.355.056.359.158.3
63.464.765.764.869.5
71.172.577.680.985.9
91.597.9
100.0105 1108.0
107.3111.1118.9126.3122.9
Man-hours3
Totalprivate
88.889.286.2
87.990.791.292.088.6
92.193.792.388.491.2
92.090.692.492 994.5
97.499.7
100.0102 0104.4
103.0102.7106.0109.6109.7
Privatenon-farm
78.079.176.0
79.082.984.185.982.6
86.188.487.984.587.6
88.687.789.890.992.9
96.399.5
100.0102 3105.3
104.2103.9107.3111.3111.4
Output perman-hour
Totalprivate
51.353.655.3
59.761.562.765.366.9
69.970.072.074.376.9
78.280.984.787.791.1
94.298.0
100.0102.8103.2
104.0108.2111.8114.8111.7
Privatenon-farm
57.158.861.1
65.066.366.968.970.5
73.673.274.876.779.3
80.382.786.489.192.4
95.198.4
100.0102.7102.5
103.0106.9110.8113.4110.3
Compensationper man-hour3
Totalprivate
36.239.540.1
42.846.949.852.954.5
55.959.563.366.069.0
71.774.477.780.884.9
88.494.5
100.0107.8115.6
124.0132.1140.2151.0164.0
Privatenon-farm
38.341.843.0
45.349.352.054.956.6
58.662.065.568.171.0
73.976.379.382.286.1
89.294.6
100.0107 5114.6
122.6130.6138.7149.0162.0
Unit laborcosts
Totalprivate
70.673.772.5
71.776.379.481.081.5
80.185.087.988.989.8
91.892.191.892.193.1
93.896.5
100.0105 0112.1
119.3122.2125.3131.5146.8
Privatenon-farm
67.171.070.3
69.774.377.679.780.3
79.684.787.688.789.5
92.092.391.892.393.2
93.996.2
100.0104.6111.8
119.0122.2125.1131.3146.9
Implicit pricedeflator*
Totalprivate
66.470 970.2
70 976.177 578.179 1
79.882.385.387.188.3
89.590.491.292.293.2
94.897.2
100.0103 6108. 3
113.5118.2121.6128.6142.2
Privatenon-farm
63 868 268.7
69 474 075 977 278.5
79.582.335.386.888 3
89.690.491.292 393.4
94.896.8
100.0103 5108.1
113 5118.4121.2126.2140.6
Seasonally adjusted
115.0117.6119.4121.9
124.9125.6126.1126.8
124.2123.6122.9119.7
115.2117.9120.1122.4
125.2126.0126.8127.1
124.7123.7123.0120.2
104.6105.6106.4107.2
108.3109.3110.2110.7
110.6109.9109.9108.5
105.8107.1107.6108.6
109.9111.0111.9112.3
111.8111.7111.8110.2
110.0111.3112.3113.7
115.3114.9114.4114.5
112.3112.4111.8110.3
108.8110.0111.6112.7
113.9113.4113.3113.2
111.5110.7110.1109.0
137.4139.2140.8143.2
147.6149.6151.6154.9
157.3162.5166.5170.0
135.9137.5139.5141.7
145.5147.6149.7153.0
156.0160.3164.2167.9
125.0125.1125.4125.9
128.0130.3132.5135.2
140.1144.5148.9154.1
124.9125.0125.0125.7
127.8130.1132.1135.2
140.0144.7149.2153.9
120.5121.0121.9123.0
124.8127.1129.8132.5
136.6139.8144.0148.7
120.4120.8121.4122.3
123.4125. C126.7129.5
133.9138.7143.0147.1
i Output refers to gross product originating in the sector in 1958 dollars.1 Hours of all persons in private industry engaged in production, including man-hours of proprietors and unpaid family
workers. Man-hours estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private benefits plans. Also
includes an estimate of wages, salaries, and supplemental payments for the self-employed.* Current dollar gross product divided by constant dollar product.
Note.—Data relate to all persons.Source: Department of Labor, Bureau of Labor Statistics.
286
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-33.—Changes in output per man-how and related data, private economy, 1948-74
[Percent change from preceding period]
Year or quarter
Output i
Totalprivate
Privatenon-farm
Totalprivate
Man-hours 2
Privatenon-farm
Output perman-hour
Totalprivate
Privatenon-farm
Compensationper man-hour*
Totalprivate
Privatenon-farm
Unit laborcosts
Totalprivate
Privatenon-farm
Implicit pricedeflator*
Totalprivate
Privatenon-farm
1948..1949..
1950..1951..1952..1953..1954..
1955..1956-1957..1958..1959..
I960..1961..1962..1963..1964..
1965..1966..1967..1968..1969..
1970..1971.1972.1973.1974i
1 9 7 2 : IIIIIIIV
1973: I.I!I I ! . . . .IV
1974: I .
4.8- . 3
10.26.32.55.1
-1 .3
8.51.91.4
- 1 . 37.0
2.41.96.84.25.7
6.66.42.34.82.8
- . 53.66.76.2
-2.6
4.4- . 1
10.67.02.55.1
- 1 . 5
2.01.6
-1 .57.3
2.41.97.14.36.1
6.67.02.25.12.8
- . 63.57.16.2
-2 .7
0.43.4
2.03.2.5.8
-3 .7
3.91.7
- 1 . 5-4 .2
3.3
-1 .52.0.6
1.8
3.12.4.3
2.02.4
- 1 . 3- . 43.23.5.1
1.3-3.9
4.04.91.52.1
-3 .8
4.22.6
- . 6-3 .9
3.7
1.1-1 .0
2.51.22.3
3.63.3
2^32.9
-1 .0- . 33.33.7.1
4.53.2
8.13.01.94.22.4
4.4.2
2.93.13.6
1.63.54.73.63.9
3.44.02.12.8.4
4.03.42.6
-2.7
3.04.0
6.32.0.9
2.92.3
4.4- . 62.22.53.4
1.23.04.63.13.7
2.93.51.62.7
- . 2
.43.83.62.4
- 2 . 8
9.01.5
6.89.66.16.33.1
2.66.46.54.24.6
3.93.84.44.05.0
4.16.95.87.87.2
7.26.56.17.78.7
9.02.9
5.58.75.55.63.2
3.55.85.73.84.3
4.13.24.03.64.7
3.76.15.77.56.7
6.96.66.27.4
4.3-1 .6
-1 .26.44.12.0.6
-1 .76.23.51.11.0
2.2.3
- . 3.4
1.1.7
2.83.75.06.8
6.42.52.64.9
11.6
5.8-1 .0
6.64.52.6.9g
6! 43.41.3.9
2.8.2
- . 5
L0
2.54.04.66.9
6.52.62.44.9
11.9
6.7-1 .0
1.07.31.9.7
1.2
.93.23.62.11.4
1.4.9.9
1.01.2
1.72.52.93.64.5
4.84.12.95.7
10.6
Seasonally adjusted annual rates
7.19.36.48.7
10.02.11.62.3
-7 .8-2 .0- 2 . 3-10.1
7.09.77.88.0
9.42.52.51.1
-7 .5-2 .9- 2 . 3-9 .0
4.54.12.83.2
4.13.93.31.7
- . 3-2 .3
.0-5 .2
4.55.01.83.9
4.94.13.01.6
-1 .8A
'A-5 .5
2.55.03.55.3
5.7-1 .7-1 .6
.5
-7 .5.3
-2 .3-5 .1
2.54.55.93.9
4.3-1 .5- . 5- . 5
-5 .9-2 .5-2 .4-3 .7
8.95.24.77.1
12.95.55.39.1
6.513.710.28.8
8.74.85.96.4
11.25.95.99.1
8.111.310.29.1
6.2.2
1.11.7
6.77.37.08.5
15.113.312.814.7
6.1.3.0
2.4
6.77.66.49.6
14.914.213.013.3
4.31.83.03.5
6.07.68.78.7
12.99.9
12.613.6
6.8
1.16.52.61.81.7
1.33.43.71.71.8
1.4.9.9
1.21.3
1.42.23.33.54.5
5.04.32.44.1
11.4
4.21.41.92.9
3.65.65.69.0
14.215.113.112.0
1 Output refers to gross product originating in the sector in 1958 dollars.2 Hours of all persons in private industry engaged in production, including man-hours of proprietors and unpaid family
workers. Man-hours estimates based primarily on establishment data.s Wages and salaries of employees plus employers' contributions for social insurance and private benefits plans. Also
includes an estimate of wages, salaries, and supplemental payments for the self-employed.* Current dollar gross product divided by constant dollar product.
Note.—Data relate to all persons.Percent changes are based on original data and therefore may differ slightly from percent changes based on indexes
in Table C-32.
Source: Department of Labor, Bureau of Labor Statistics,
287
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITY
TABLE C-34.—Industrial production indexes, major industry divisions, 1929-74
[1967=1001
Year or month
1929
1933
1939
19401941 -19421943194419451946194719481949
195019511952 . . . .1953 .19541955 . .195619571958 . -1959
I960196119621963196419651966196719681969 -
1970 .19711972--19731974*
1973: JanFebMarAprMayJune
JulyAugSeptOctNov.Dec.
1974: JanFeb. . .Mar .AprMayJune_- . . .
JulyAugSeptOct "___'_Nov» .Dec v
Totalindustrialproduction
21.6
13.7
21.7
25.031.636.344.047.440.635.039.441.038.8
44.948.750.654.851.958.561.161.957.964.8
66.266.772.276.581.789.297.9
100.0105.7110.7
106.6106.8115.2125.6124.8
Manufacturing
Total
22.8
14.0
21.5
25.432.437.847.050.942.635.339.440.938.7
45.048.650.655.151.558.260.561.256.964.1
65.465.671.475.881.289.198.3
100.0105.7110.5
105.2105.2114.0125.1124.5
Durable
22.6
9.1
17.8
23.731.640.154.560.245.531.837 939.535.9
43.749 252.259.052.059.561.561.954.262.2
63.362.169.073.579.088.599.0
100.0105.5110.0
101.499.4
108.4122.0120.8
Nondurable
23.0
19.7
25.9
27.232.934.336.738.238.139.340 942.241.5
46.247 848.750.751.056.659.560 561.067.0
68.670 775.179.284 490.097.3
100.0106.0111.1
110.6113.5122.1129.7129.9
Mining
44.4
31.5
43.4
48.251.252.854.057.956.855.863 166! 358.8
65.772 171.573.471.980.284.484 577 581.1
82.783 285 689.091 193.998.4
100 0103.9107.2
109.7107.0108.8110.3109.1
Utilities
7.2
6.5
10.4
11.513.014.616.117.117.418.119 621.923.3
26.530 332.835.638.342.847.050 252.557.8
61.865 370.275.181 986.993.6
100 0109.4119.5
128.3133.9143.4152.6149.4
Seasonally adjusted
122.2123.4123.7124.1124.9125.6
126.7126.5126.8127.0127.5126.5
125.4124.6124.7124.9125.7125.8
125 5125.2125.6124.8121.7118.3
121.4122.7123.4123.8124.9125.6
126.5126.1126.3126.4127.4126.4
125.3124.5124.6124 8125.7125.6
125.2125.2125.5124.5121.0117.6
117.5118.7119 9120.6121.9123.0
123.8122.6123.3123.6124.3123.1
121.0119.4120.4120.7122.1122.1
121.6121.6122.1121.4117.8113.5
127.0128.4128 6128.4129.2129.3
130.6130.9130.7130.4131.3131.2
131.4131.5131.0130.4130.9130.7
130.8130.4130.5129.0125.7123.5
108.5110.2109.5109.0109.1109.5
111.0111.5111.8111.9111.3110.4
109.9111.7112.2111.3111.0110.2
110.2107.3109.2109.1104.0104.0
151.0150.5149.6148.7149.5151.6
154.8154.8155.8156.2154.6147.6
144.9146.1146.5148.7149.1150.6
152.4152.7153.1152.2151.9151.2
Source: Board of Governors of the Federal Reserve System.
288
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—35.—Industrial production indexes, market groupings, 1947—74
[1967=1001
Year ormonth
Totalindus-trialpro-duc-tion
Final products
Total
Consumer goods *
Total
Auto-motiveprod-ucts
Homegoods
Equipment
Total Busi-ness
Inter-mediate
prod-ucts
Materials'
TotalDura-
blegoods
1947..19481949
1950195119521953.1954
19551956195719581959
19601961196219631964
19651966196719681 9 6 9 . . . _ ; . .
19701971197219731974 P .
1973: Jan.. .Feb. .Mar .Ap r . .May..June.
July..Aug...Sept..Oct...NovDec...
1974: J a n . .Feb..MarAp r . .May..June-July..AugSept..Oc t . .Nov J>_Dec p_
39.441.038.8
44.948.750.654.851.9
58.561.161.957.964.8
66.266.772.276.581.7
89.297.9
100.0105.7110.7
106.6106.8115.2125.6124.8
38.339.738.5
43.446.850.353.750.8
54.958.259.957.162.7
64.865.370.874.979.6
86.896.1
100.0105.8109.0
104.5104.7111.9121.3123.1
42.744.043.8
50.049.550.653.753.3
59.561.763.262.668.7
71.372.877.782.0
93.098.6
100.0106.6111.1
110.3115.7123.6131.7121.8
47.850.049.6
62.455.249.762.858.4
77.763.966.953.266.8
76.469.884.592.596.8
112.3108.8100.0117.9117.4
99.9119.5127.7136.6110.5
39.140.837.7
52.044.844.850.746.8
55.258.156.853.661.6
62.063.969.474.981.7
91.4100.7100.0106.9111.6
107.6112.6124.5140.1138.3
29.731.227.9
30.242.150.554.747.9
48.953.755.950.054.9
56.455,661.965.670.1
78.793.0
100.0104.7106.1
96.389.495.5
106.7118.8
38.039.534.5
37.045.251.253.246.8
50.758.761.051.557.9
59.457.762.765.874.7
84.498.8
100.0103.4107.9
101.496.8
106.1122.6129.6
42.544.942.6
49.652.051.755.355.1
62.665.365.363.970.5
71.072.476.981.187.3
93.099.2
100.0105.7112.0
111.7112.5121.1131.0128.2
39.741.437.8
45.250.050.756.352.0
61.563.163.156.865.5
66.466.472.477.082.6
91.099.8
100.0105.7112.4
107.7107.4117.4129.3127.6
39.140.236.0
45.351.652.761.553.1
65.065.265.154.865.3
66.164.671.876.682.7
93.0103.0100.0105.0112.2
103.2101.7113.5130.0127.7
Seasonally adjusted
122.2123.4123.7124.1124.9125.6
126.7126.5126.8127.0127.5126.5
125.4124.6124.7124.9125.7125.8
125.5125.2125.6124.8121.7118.3
118.6119.3119.6120.0120.8121.3
122.1121.4122.4122.7123.6122.6
121.3120.6121.0120.7122.4122.5
122.8122.1122.6122.4120.9118.7
129.8130.2130.8130.9131.7131.9
132.9131.2132.3132.6133.5131.3
129.2128.3128.5128.5129.6130.3
130.0129.8128.8128.3126.4123.5
138.6141.7144.1141.7142.6142.6
141.7121.1129.8131.4133.7120.6
108.0106.6108.0113.8116.1117.3
113.5114.9111.6114.7104.091.1
134.5135.8138.3139.8140.9141.3
142.9141.1142.8140.9141.1138.7
139.6137.5140.1140.6142.4142.7
141.8141.2139.0133.2129.7125.7
102.9104.1104.1104.7105.7106.6
107.3107.6108.5108.9110.1110.1
109.8109.9110.1110.1112.2112.0
113.0111.4113.8113.9113.2112.0
116.9118.2118.6119.6121.3122.5
123.0124.6125.8126.2127.8126.9
126.8127.3127.6127.9130.3130.2
131.3128.8132.3131.9130.9128.9
128.4129.5129.4129.3130.5132.0
132.5132.1131.0130.6131.1129.1
129.2129.1128.1129.4129.2128.9
127.8128.6127.6125.3122.0120.6
124.5126.7127.0127.7128.3129.0
130.9130.9131.3131.1131.5130.6
129.7128.3128.9128.7129.1128.8
128.0128.5129.3128.0122.7117.5
124.1126.6127.6127.9128.6129.2
131.6131.8132.3132.2133.0132.7
129.8127.3127.2127.3128.3127.6
125.8128.1129.2129.4124.0117.8
1 Also includes clothing and consumer staples, not shown separately.2 Also includes industrial fuel and power, not shown separately.
Source: Board of Governors of the Federal Reserve System.
289
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O36.—Industrial production indexes, selected manufactures, 1947-74
[1967=100]
Year ormonth
Durable manufactures
Pri-mary
metals
Fabri-catedmetalprod-ucts
Ma-chinery
Trans-porta-tion
equip-ment
Instru-ments
Ord-nance,private
andgov-ern-ment
Lum-ber,clay,andglass
Furni-tureand
miscel-laneous
Tex-tiles,
apparel,and
leather
Nondurable manufactures
Paperand
print-ing
Chem-icals,petro-leum,and
rubber
Foodsand
tobacco
1947..1948..1949..
64.867.4
50.251.146.1
31.033.934.0
24.525.222.5
7.89.09.256.7
1950195119521953...1954
1955..1956..1957..1958..1959..
71.477.7
56.560.458.966.5
40.745.452.866.257.6
66.364.368.954.361.5
63.759.969.375.979.6
91.3101.2100.0109.7107.6
90.492.999.0
109.197.0
26.130.035.739.2
11.442.252.063.248.4
36.131.835.944.446.1
46.439.245.051.650.7
60.575.1
100.0113.7111.6
95.386.186.085.786.3
70.980.465.0
84.584.080.463.874.5
74.272.978.284.395.7
104.0108.8100.0103.2114.1
106.9100.9113.1127.0124.4
I960..1961..1962..1963..1964..
1965 .1966....19671968 .1969....
1970.1971.1972.19731974 v
1973: JanFeb.MarAprMayJune
JulyAugSeptOctNovDec
1974:JanFebMarAprMayJune
JulyAugSeptOctNov vDec v
59.9
68.369.371.163.771.5
71.669.875.978.483.3
92.6100.5100.0106.3113.6
109.4107.4114.8130.5131.3
41.7
46.752.252.045.453.9
56.257.164.867.974.3
84.198.6
100.0101.9106.8
100.396.2
107.5125.8129.8
39.6
44.248.550.747.755.2
57.857.359.866.471.3
82.995.3
100.0106.7116.1
110.8108.5120.2138.3144.1
64.7
73.875.973.371.482.2
78.579.784.388.994.0
98.7102.6100.0105.6111.1
106.3111.5120.0129.1123.8
53.7
65.868.767.162.168.7
69.770.676.179.584.7
93.8100.8100.0106.2111.6
108.8111.7122.7135.1135.9
65.7
73.475.173.471.879.6
79.280.284.386.991.9
97.8101.7100.0104.9105.9
100.2100.7108.1115.0108.8
52.2
57.861.562.261.567.0
69.271.074.378.484.5
90.598.9
100.0104.2109.1
107.8107.8116.1122.2121.1
35.4
41.243.545.846.553.8
55.558.364.570.075.9
83.894.1
100.0109.6118.4
118.2124.7137.8149.3151.9
Seasonally adjusted
123.1124.7123.5125.8126.1124.5
128.1125.6127.8128.7128.9130.7
129.5125.0125.3124.0124.6124.7
123.2121.9123.0124.2120.6112.3
125.7126.2128.4128.9130.3133.4
133.5133.8131.5132.4133.1130.0
131.4130.6131.6131.3131.9132.5
131.1131.6132.0129.3127.1124.3
118.4119.1121.4122.6124.7126.9
127.6128.5130.0129.3130.4130.9
128.6127.2128.4128.2129.7130.4
129.9130.5132.5130.7128.9125.8
107.6110.0110.3110.0111.0112.2
112.1105.7107.3108.8109.8103.0
95.793.995.097.8
100.699.4
98.799.9
100.4102.093.985.3
130.1131.9133.8134.7138.9140.2
140.8140.9141.5141.0142.6142.7
143.0142.8142.8143.8146.1147.5
146.7146.7144.9142.0142.7141.5
87.087.687.186.485.486.7
86.783.883.783.884.386.1
85.284.284.984.386.186.4
87.287.187.587.487.287.7
126.4127.3129.1129.9130.3129.2
129.8129.2128.8129.7129.3127.8
129.7127.4128.1128.9128.0126.4
125.5123.4120.6117.7114.9112.2
130.3132.8133.4133.1136.0135.4
135.9137.5138.2136.1136.3135.3
133.4135.2136.8136.8138.9138.5
139.7140.1138.8136.7128.3126.8
113.4114.4114.6114.0113.3115.0
114.5115.4117.5116.8116.7118.8
116.2115.3112.4109.3109.8108.5
108.1107.4106.5104.7101.699.8
120.0121.5122.4120.8121.9122.8
123.8124.5122.1121.3121.9121.2
121.7122.2122.5121.2121.3122.3
122.4121.0122.7120.6115.7114.7
145.5146.3146.3147.9150.2149.8
151.8151.015D.9151.1151.6151.6
151.5151.2151.2153.5153.0153.8
153.9154.4154.7153.0147.7142.9
63.2
66.670.371.573.677.2
79.281.584.087.090.6
92.697.0
100.0103.6107.5
110.8113.7117.6121.9124.8
119.6122.0121.5120.7121.5119.5
121.3122.0122.2121.7124.7123.0
125.4126.2125.3124.3126.5125.3
124.8124.8124.3123.6123.7123.7
Source: Board of Governors of the Federal Reserve System.
290
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—37.—Capacity utilization rate in manufacturing and major materials industries, 1948-74
Period
19481949
19501951195219531954
195519561957..19581959
1960. . .196119621963 .1964
19651966196719681969 . . . .
19701 9 7 1 . . . .197219731974 p
1969: 1IIIII. .IV
1970: L...IIIIIIV .
1971: 1 . . .IIIIIIV
1972: 1IIIIIIV.. . .
1973: 1 .I I . .IIIIV
1974: 1 vII vIII vIV p
Manufacturing
Output1 Capacity
1967 output=iOO
41.539.1
45.449.350.955.451.4
58.160.361.156.964.0
65.365.671.375.781.1
89.098.1
100.0105.6110.4
105.3105.2114.0125.1124.1
109.5110.4111.8110.1
106.8106.8105.9101.6
103.8105.6105.3106.1
108.5112.5115.5119.4
122.5124.8126.2126.7
124.8125.3125.3121.0
44.847.3
49.451.854.958.161.2
64.468.374.875.778.6
81.684.587.791.294.8
100.0106.7113.7120.5127.7
134.6140.3145.0150.7157.1
Utilization rate2
Total
92.782.7
91.995.192.895.584.1
90.088.284.575.181.4
80.177.681.483.085.5
89.091.987.987.786.5
78.375.078.683.079.0
124.9126.7128.6130.5
132,2133.8135.3136.9
138.3139.6141.0142.3
143.5144.5145.5146.6
148.0149.8151.6153.4
155.0156.4157.9159.3
87.787.186.984.3
80.879.878.374.2
75.075.674.774.6
75.677.979.481.5
82.883.383.382.6
80.580.179.475.9
Primaryprocessing
Percent
98.183.8
97.8100.191.294.382.9
93.790.785.275.282.7
79.478.281.884.088.0
91.192.185.786.888.5
81.579.384.689.784.6
Advancedprocessing
89.882.1
88.892.593.796.184.7
87.786.984.175.080.7
80.377.381.182.584.2
87.891.889.188.185.4
76.572.775.479.476.0
Seasonally adjusted
88.688.788.987.7
83.582.481.778.5
79.481.178.078.6
80.883.585.988.3
89.690.190.089.0
87.386.385.179.9
87.186.285.882.5
79.378.476.571.9
72.772.772.972.4
72.974.975.977.8
79.179.779.779.2
76.976.876.373.8
Major materials industries
Output Capacity
1967 output = 100
42.239.7
46.450.148.752.650.8
60 462.462.258.866.2
67.369.774.679.487.2
93.8100.5100.0107.1113.6
112.7115.3126.2136.3133.8
110.9112.8114.6116.1
112.7111.9113.3113.1
115.0117.3113.1115.6
120.9124.2128.1131.6
134.2136.1137.6137.2
135.6137.3136.5125.8
49.952.1
54.256.358.461.264.6
67 770.774.678.682.5
85.588.492.094.998.4
103.4109.1114.3119.9126.2
130.7135.1140.8146.5153.3
124.3125.5126.9128.1
129.0130.3131.5132.2
133.1134.4135.9137.2
138.8140.1141.4142.9
144.3145.9147.2148.7
150.4152.3154.2156.2
Utilizationrate 2
Percent
84.576.1
85.689.183.386.078.6
89 288.383.474.780.2
78.778.881 183.788.6
90.892.187.489.390.0
86.285.389.693.087.4
89.289.990.390.7
87.385.986.285.5
86.487.383.284.3
87.188.790.692.1
93.093.493.592.3
90.290.288.580.6
1 May differ slightly from data shown in Table C-34 because of rounding.2 Output as percent of capacity.
Note.—For description of series, see "Federal Reserve Bulletin," October 1971 and November 1966 issues for manu-facturing series and April 1974 issue for major materials industries series.
Source: Board of Governors of the Federal Reserve System, based on data of Federal Reserve, Department of Commerce,McGraw-Hill Information Systems Company, and various industry organizations.
291
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O-38.—New construction activity, 1929-74
[Value put in place, billions of dollars]
Year or month
1929
1933
1939
1940194119421943 . .1944
19451946
New series
19461947. . .19481949.
19501951 .1952. . .19531954. . .
19551956 .._195719581959
19601961196219631964
196519661967 .19681969 _.
1970 .1971 . .1972 „19731974 p
Totalnewcon-
struc-tion
10.8
2.9
8.2
8.712.014.18.35.3
5.812.6
14.320.026.126.7
33.635.436.839.141.4
46.547.649.150.055.4
54.756.460.264.867.7
73.776.478.187.193.9
94.9110.0124.1135.5134.4
Private construction
Total
8.3
1.2
4.4
5.16.23.42.02.2
3.410.4
12.116.721.420.5
26.726.226.027.929.7
34.834.935.134.639.3
38.939.342.345.547.3
51.752.452.559.566.0
66.880.193.9
102.996.1
Residentialbuildingsi
Total»
3.6
.5
2.7
3.03.51.7.9.8
1.34.8
6.29.9
13.112.4
18.115.915.816.618.2
21.920.219.019.824.3
23.023.125.227.928.0
27.925.725.630.633.2
31.943.354.357.646.5
Newhous-
ingunits
3.0
.3
2.3
2.63.01.4.7.6
.73.3
4.87.8
10.510.0
15.613.212.913.414.9
18.216.114.715.419.2
17.317.119.421.721.8
21.719.419.024.025.9
24.335.144.947.837.0
Nonresidential buildings and otherconstructionl
Total
4.7
.8
1.7
2.12.71.71.11.4
2.15.6
5.86.98.28.0
8.610.310.211.311.5
12.914.716.114.815.1
15.916.217.217.619.3
23.826.727.028.932.8
34.936.839.645.349.6
Com-mer-cials
1.1
.1
.3
.3
.4
.2
.0
.1
.21.2
1.204
4
1.11.82.2
3.23.63.63.63.9
4 24.75.15.05.4
7 89.4
9.811.613.515 516.0
In-dus-trial
0.9
.2
.3
.4
.8
.3
.2
.2
.61.7
1.71.71.41.0
1.12.12.32.22.0
2.43.13.62.42.1
2.92.82.82.93.6
6 06.8
6.55.44.76.27.7
Other*
2.6
.5
1.2
1.31.51.2.9
1.1
1.32.8
3.04.25.55.9
6.16.76.87.37.2
7.38.09.08.89.0
8.98.79.29.7
10.3
15.116.6
18.619.821.523.625.9
Public construction
Total
2.5
1.6
3.8
3.65.8
10.76.33.1
2.42.2
2.23.34.76.3
6.99.3
10.811.211.7
11.712.714.115.516.1
15.917.117.919.420.4
22.124.025.527.628.0
28.129.930.232.638.3
erallyowned
0.2
.5
.8
1.23.89.35.62.5
1.7.9
.9
.81.21.5
1.63.04.24.13.4
2.82.73.03.43.7
3 63.93.94.03.9
4.04 03.53 43.3
3.34.04.44.95.4
Stateand
locallyowned 5
2.3
1.1
3.1
2.42.01.3.7.6
.71.4
1.42.53.54.8
5.26.36.67.18.3
8.910.011.112.112.3
12 213.314.015.416.5
18.020.022.124.224.7
24.825.925.827 7
See footnotes at end of table.
292
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-38.—New construction activity, 1929-74—Continued
[Value put in place, billions of dollars]
Year or month
Totalnewcon-
struc-tion
Private construction
Total
Residentialbuildings i
Total »New
hous-ing
units
Nonresidential buildings and otherconstructionl
TotalCom-mer-cials
In-dus-trial
Other*
Public construction
TotalFed-
erallyowned
I
Stateand
locallyowned 5
Seasonally adjusted annual rates
1973:Jan...Feb...Mar...AprMay..June..
Ju ly . . .Aug...Sept..Oct.—Nov...Dec. .
1974:Jan...Feb...Mar . . .AprMay..June..
Juiy..Aug . . .Sept..Oct*_Nov p.Dec p..
134.5136.1136.5134.0134.5134.7
137.2137.4137.3136.4135.7133.2
132.6136.3135.1136.4138.2136.9
137.9134.5132.9133.0130.1129.1
101.7104.0103.3101.7101.9103.2
105.6105.5104.1103.3102.3100.1
97.898.898.697.497.998.4
98.096.394.694.292.190.1
59.360.860.358.457.658.2
59.159.358.056.354.552.4
49.748.948.648.248.048.3
48.948.345.943.340.938.9
48.449.249.449.049.349.7
49.749.548.246.244.242.1
39.838.939.139.339.739.5
38.937.535.533.731.729.7
42.443.243,043.344.345.0
46.446.246.147.047.747.8
48.149.950.049.349.950.1
49.048.048.750.951.251.2
14.515.014.815.015.415.6
16.015.815.415.816.115.9
15.816.716.716.316.416.4
16.015.115.716.316.015.4
5.45.45.55.55.86.0
6.56.46.86.77.17.3
6.87.97.56.97.68.0
7.27.67.78.38.78.7
22.522.822.722.823.123.4
24.024.023.824.524.624.5
25.525.425.826.125.925.7
25.925.425.426.326.527.1
32.832.133.332.432.631.5
31.631.933.233.233.433.1
34.837.536.439.040.338.5
40.038.238.338.938.039.0
4.94.95.44.75.24.9
4.84.74.84.84.94.8
4.75.15.45.75.35.8
5.14.95.45.55.46.2
27.927.227.827.727.426.6
26.827.228.428.328.528.3
30.132.431.033.235.032.7
34.933.332.933.432.6
i Beginning 1960, farm residential buildings included in residential buildings; prior to 1960, included in nonresidentialbuildings and other construction.
3 Total includes additions and alterations and nonhousekeeping units, not shown separately.3 Office buildings, warehouses, stores, restaurants, garages, etc.* Religious, educational, hospital and institutional, miscellaneous nonresidential, farm, public utilities, and all other
private.«Includes Federal grants-in-aid for State and locally owned projects.
Source: Department of Commerce, Bureau of the Census, except as noted.
293Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—39.—New housing starts and applicationsJcor financing, 1929-74
[Thousands of units]
Year or month
1929
1933
1939
1940.194119421943. .1944
New series
19451946.194719481949
195019511952195319541955195619571958..1959
1960 . . . .19611962196319641965 .1966196719681969
197019711972 . .19731974 P
Housing starts
Private andpublic i
Total(farmandnon-
farm)
1,553.7
1, 296.11,365.01,492.51,634.91,561.01,509.71,195.81,321.91,545.41,499.5
1,469.02,084. 52, 378. 52, 057. 51, 351. 0
Non-farm
509.0
93.0
515.0
602.6706.1356.0191.0141.8
326.01,023.01,268.01,362.01,466.0
1,952.01,491.01,504.01,438.01,551 01,646.01, 349. 01,224.01,382.01,531.3
1,274.01,336.81,468.71,614.81,534.01,487.51,172.81,298.81,521.41,482.3
(8)(8)(•)(8)(8)
Private»
Total (farm and nonfarm)
Total
1,517.0
1,252.21,313.01,462.91,603.21,528.81,472.81,164.91,291.61,507.61,466.8
1,433.62,052.22,356.62, 045. 31,336.3
Type ofstructure3
Oneunit
1,234.0
994.7974.3991.4
1,012.4970.5963.7778.6843.9899.4810.6
812.91,151.01,309.21,132.0
887.4
Two ormoreunits
283.0
257.4338.7471.5590.8558.3509.1386.3447.7608.2656.2
620.7901.2
1,047.5913.3448.8
Governmenthome programs
(nonfarm) 3
FHA*
144.7
176.6217.1160.2126.183.6
38.967.1
178.3216.4252.6
328.2186.9229.1216.5250.9268.7183.4150.1270.3307.0
225.7198.8197.3166.2154.0159.9129.1141.9147.7153.6
233.5301.2198.473.656.8
VA
78.891.8
160.371.190.8
191.2148.6141.3156.5307.0392.9270.7128.3102.1109.3
74.683.377,871.059.249.436.852.556.151.2
61.094.0
104.086.172.8
Newprivatehousing
unitsauthor-ized s
1,208.3
998.01,064.21,186.61,334.71,285.81,239.8
971.91,141.01,353.41,323.7
1,351.51,924.62,218.91,819.51,051.8
Proposedhome con-struction e
Appli-cations
forFHAcom-mit-
ments4
179 8
231.2288.5238 5144.462 9
56 6121.7286 4293 2327 0
397.7192.8267.9253.7338.6306.2197.7198.8341.7369.7
242.4243.8221.1190.2182.1188.9153.0167.2168.9187.6
315.0366.8225.283.287.1
Re-quests
forVAap-
prais-als
164.4226.3251.4535.4620.8401.5159.4234.2234.0
142.9177.8171.2139.3113.6102.199.2
124.3131.7138.2
143.7217.9209.4161.9160.1
See footnotes at end of table.
294
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-39.—New housing starts and applications for financing, 1929-74—Continued
[Thousands of units]
Year or month
1973: Jan..Feb..Mar..Apr..May .June.
July..Aug..Sept.Oct..Nov..Dec.
1974: Jan.. .Feb...Mar...Apr...May...June..
July...Aug...Sept..Oct...Nov " .Dec p.
Housing starts
Private andpublic i
Total(farmandnon-
farm)
147.3139.5201.1205.4234.2203.4
203.2199.9148.9149.5134.690.6
86.2109.6127.2160.9149.9149.5
127.2114.099.697.274.954.6
Non-farm
Private i
Total (farm and nonfarm)
Total
Type ofstructure2
Oneunit
Two ormoreunits
Governmenthome programs
(nonfarm)3
FHA 4 VA
Newprivatelousingunits
author-ized s
Proposedhome con-struction •
Appli-cations
forFHAcom-mit-
ments4
Re-quests
forVAap-
prais-als
Seasonally adjusted annual rates
2,4722,4232,2832,1532,3302,152
2,1522,0301,8441,6741,6751,403
1,4641,9221,4991,6301,4711,596
1,3381,1341,1501,109990
1,4181,3631,2441,2311,2431,140
1,2321,108
990957938767
7931,056
962993931
1,014
958812844777788678
1,0541,0601,040
9221,0881,013
920921854718737636
671866537634540582
380322306332202190
8911092758279
816966525737
394848416357
545861737167
9610510098
10989
889271625768
616472747975
716975797177
2,2672,2562,1211,9871,9022,070
1,8141,7771,6561,3791,3511,285
1,2821,3251,4101,2961,1201,106
1,017900823782730802
12410294719199
926994515630
466271718991
1068397
12710573
217216200168166166
136141137142134124
124163144150157185
159184167187158127
1 Units in structures built by private developers for sale upon completion to local public housing authorities under theDepartment of Housing and Urban Development "Turnkey" program are classified as private housing. Military housingstarts, including those financed with mortgages insured by FHA under Section 803 of the National Housing Act, are in-cluded in publicly owned starts but excluded from total private starts and from FHA starts.
2 Not available prior to 1959 except for nonfarm for 1929-44.s Data are not available for new homes started under the Department of Agriculture, Farmers Home Administration
program.* For 1- to 4-unit structuies.5 Authorized by issuance of local building permit: in 14,000 permit-issuing places beginning 1972; 13,000 for 1967-71;
12,000 for 1963-66; and 10,000 prior to 1963.e Units in mortgage applications or appraisal requests for new home construction.7 Monthly estimates for September 1945-May 1950 were prepared by Housing and Home Finance Agency.» Not available separately beginning January 1970.
Sources: Department of Commerce, Department of Housing and Urban Development, and Veterans Administration(except as noted).
295
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-40.—Business expenditures for new plant and equipment, 1947-75l
[Billions of dollars]
Yearor Quarter
1947 . . . .19481949
19501951195219531954
19551956195719581959 . .
19601961 . .196219631964
196519661967 .19681969
19701971197219731974 3
1975 3
1972: 1I I . . . .I I I . . .IV.. . .
1973: 1I I . . . .I I I . . .I V . . .
1974: 1I L . . .I I I . . .
!V3._
1975: | 3 _ _ _II 3 . . .
Total
19.3321.3018.98
20.2125.4626.4328.2027.19
29.5335.7337.9431.8933.55
36.7535.9138.3940.7746.97
54.4263.5165.4767.7675.56
79.7181.2188.4499.74
111.92
117.09
86.7987.1287.6791.94
96.1997.76
100.90103. 74
107.27111.40113.99
114.40
118.06119.47
Manufacturing
Total
8.449.017.12
7.3910.7111.4511.8611.24
11.8915.4016.5112.3812.77
15.0914.3315.0616.2219.34
23.4428.2028.5128.3731.68
31.9529.9931.3538.0145.80
49.92
30.0930.3730.9833.64
35.5136.5838.8140.61
42.9645.3247.04
47.33
50.6852.62
Dura-ble
goods
3.253.302.45
2.944.825.215.314.91
5.417.457.845.615.81
7.236.316.797.539.28
11.5014.0614.0614.1215.96
15.8014.1515.6419.2522.67
23.08
15.0614.7715.6716.86
17.8818.6419.7320.48
21.4322.5023.08
23.45
24.0924.50
Non-durablegoods
5.195.714.68
4.455.896.246.566.33
6.487.958.686.776.95
7.858.028.268.70
10.07
11.9414.1414.4514.2515.72
16.1515.8415.7218.7623.13
26.83
Total
10.8912.2911.86
12.8214.7514.9816.3415.95
17.6420.3421.4319.5120.78
21.6621.5823.3324.5527.62
30.9835.3236.9639.4043.88
47.7651.2257.0961.7366.12
67.17
Mining
0.69.93.88
.841.111.211.251.28
1.311.641.691.431.36
1.301.291.401.271.34
1.461.621.651.631.86
1.892.162.422.743.10
3.67
Nonmanufacturing
Transportation
Rail-road
0.911.371.42
1.181.581.501.42.93
1.021.371.58.86
1.02
1.16.82
1.021.261.66
1.992.371.861.451.86
1.781.671.801.962.48
3.17
Seasonally adjusted annual rate
15.0215.6015.3116.78
17.6317.9419.0820.13
21.5322.8223.96
23.88
26.5928.12
56.7056.7556.7058.30
60.6861.1862.0963.12
64.3166.0866.94
67.06
67.3866.85
2.422.382.402.46
2.592.772.822.76
2.803.073.27
3.24
3.34
2.101.881.501.71
2.111.751.952.05
2.102.422.68
2.79
2.68
Air
0.17.10.12
.10
.14
.24
.24
.24
.26
.35
.41
.37
.78
.66
.73
.52
.401.02
1.221.742.292.562.51
3.031.882.462.411.97
1.78
>
1.962.892.672.33
2.212.722.492.20
2.132.211.84
1.70
1.91
Other
1.131.17.76
1.091.331.231.291.22
1.301.311.301.061.33
1.301.231.651.581.50
1.681.641.481.591.68
1.231.381.461.662.03
2.34
1.481.531.411.42
1.531.621.791.73
1.631.842.16
2.38
2.42
Publicutili-ties
1.542.543.10
3.243.563.744.343.99
4.034.525.675.525.14
5.245.004.904.985.49
6.137.438.74
10.2011.61
13.1415.3017.0018.7120.60
21.46
16.9216.6017.0117.53
18.3818.0818.5819.80
20.1220.9720.16
21.11
21.68
Com-muni-cation
1.401.741.34
1.141.371.611.781.82
2.112.823.192.792.72
3.243.393.854.064.61
5.306.026.346.838.30
10.1010.7711.8912.8513.86
«.34
11.7111.5911.5612.63
12.3412.7013.1213.24
13.8313.9414.01
Com-mer-cialand
others
5.054.424.24
5.225.675.456.026.45
7.638.327.607.488.44
8.759.139.99
10.9912.02
13.1914.4814.5915.1416.05
16.5918.0520.0721.4022.08
75
20.1019.8820.1620.21
21.5321.5521.3621.35
21.6921.6322.84
35.83
35.36
1 Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofitorganizations. These figures do not agree precisely with the nonresidential fixed investment data in the gross nationalproduct estimates, mainly because those data include investment by farmers, professionals, institutions, and real estatefirms, and certain outlays charged to current account.
2 Commercial and other includes trade, service, construction, finance, and insurance.3 Estimates based on expected capital expenditures reported by business in October-December 1974. Includes adjust-
ments when necessary for systematic tendencies in expectations data.
Note.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of season-ally adjusted figures.
Source: Department of Commerce, Bureau of Economic Analysis.
296
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-41.—Sales and inventories in manufacturing and trade, 1947-74
[Amounts in millions of dollars]
Year or month
1947.1948.1949.
1950.1951.1952.1953.1954.
1955..1956..1957..1958..1959..
1960..196141962..1963..1964..
1965..1966..1967..1968..1969_.
35,26033,788
38, 59643,35644,84047, 98746,443
51,69454, 06355,87954, 23359,661
60, 74661,13365, 41768,96973,687
80,29287,18689, 70797,138
103,134
1970...1971...1972...1973...1974«..
1 9 7 3 : J a n . . .Feb. .M a r . . .A p r . . .M a y . . .June . .
Ju ly . . .A u g . . .S e p t . . .O c t . . .N o v . . .D e c . . .
1 9 7 4 : J a n . . .F e b . . .M a r . . .AprM a y . . .June . .
Ju ly . . .A u g . . .S e p t . .Oc t ._ .Nov V-Dec v_.
Total manufacturingand trade
Sales i
104,736112,315124,244143,742.64,-'
Inven-tories 2
52,50749,497
59,82270,24272,37776,12273,175
79, 51687,30489,05286,92291,891
94, 74795,648101, 090105,477111,480
120,943136, 803145, 492155, 845167,360
175, 561184,401197, 087224, 004
344 267,818
Ratio
1.421.53
1.361.551.581.581.60
1.471.551.591.601.50
1.561.541.511.491.47
1.451.471.571.551.57
1.641.611.531.451.48
Manufacturing
Sales
15,51317,31616,126
18,63421,71422, 52924, 84323,355
26,48027, 74028, 73627,28030, 219
30, 79630,89633,11335, 03237,335
41,00344,86946,44950,28253,555
52,859 10155,91762, 01771, 39882,078
tories2
25,89728,54326,321
31,07839,30641,13643,94841,612
45.06950, 64251,87150.07052, 707
53, 81454,93958, 21360, 04363,386
68,22177,96584,65590,87597,074
,645102,445107,719120,870147,135
Ratio
Merchant wholesalers
Sales
6,8086,514
7,6958,5978,7829,0528,993
9,89310,51310, 47510,25711,491
11,65611,98812,67413,38214, 529
15,61116,98717,10818,36619,756
20, 58322,32724,86230, 40037,394
Inven-tories 2
7,9577,706
9,2849,88610,21010,68610,637
11,67813, 26012, 73012,73913,879
14,12014,48814, 93616,04817,000
18,31720,76521,88522,99724,910
27,29029, 69532,81738,30245, 847
Ratio 3
1.131.19
1.071.161.121.171.18
1.131.191.231.241.15
1.221.201.161.151.14
1.151.151.231.221.21
1.261.271.241.161.12
Retail trade
Sales i
10,20011,13511,149
12, 26813, 04613, 52914,09114, 095
15,32115,81116,66716,69617,951
18, 29418,24919,63020, 55621.823
23,67725,33026,15128,49029.824
31,29434,07137, 36541,94344,872
Inven-tories 2
14, 24116,00715,470
19,46021, 05021,03121,48820,926
22f 76923,40224,45124,11325, 305
26, 81326,22127, 94129, 38631, 094
34, 40538,07338,95241,97345,376
46, 62652,26156,55164, 83274,836
Ratio 3
Seasonally adjusted
198,939""1,887
135,848138,047 200',140,074 202,524140,022 203, '141, 726 206,141, 354 208,
145.583 210,145.584 212,145, 679 214,149,789 216,152,335 219,150,711 224,
154,064
168,824 248,171,644 253,170,862 258,171,647 264,.68,751 267,
203,912- 1 , 2 2 8
\ 770
1,773!,765t, 645,,8891,867i,004
226,918156;098 230,140'"" 239 233,120
675 235,216924 239,217052 243,831
1,7751,308t, 622t, 612,818
1.461.461.451.461.461.48
1.451.461.471.451.441.49
1.471.471.461.461.471.50
1.471.481.511.541.59
67,639 108,68,496 169,166 no;:69,627 110,!703
^,187109,082"1,174
1,577, 111,625
70,639 113,025
72,257
70,376
113,910114,907116,114117,224118,435
74; 617 120,870
72,29072,14674, 58176,178
76,38976,97878,19779,05081,11781,166
84,01985,76085,9378 8 " -
122,570124,831126, 500128,438130,936133,541
136,731139,727142,975
093 145,06286', 152 147,13580,009 150,059
1.601.59.59L59L. 591.60
585961575562
60626262.6165
6363
..66.65
27, 50228,30928,92929,21029,62729, 548
30, 55930,93931,00432, 23833,18133,978
34,74335,98637,17037,34236,91337,293
38,44938,82838,74837,75138,109
33, 50333,89734,12834,47635,02935,335
35,77036,23836, 58836,80937, 50938,302
38,98639, 64040,42540,42341,20342,347
43,17143,70444, 50045,64245, 847
1.22.20.18.18.18.20
.17:. 171.18.14L 131.13
L. 10.09.08.121.14
1.121.131.151.211.20
40,70741,24241,97941,18541, 72341,167
42,76742,35542,52942,97042,97642,116
42,93243,13443,87244,28344, 89444, 593
46, 35647, 05646.17745,80344,49044,808
57,24957,90858, 22258,85959,57460,410
61,09361,62061,94362,85663,92364,832
65,36265,66966,19566,35567,07867,943
68,87369,87771,14773,90874,836
1 Monthly average for year and total for month.3 Seasonally adjusted, end of period.3 Inventory/sales ratio. For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end ct month to sales for month.* Manufacturing data prior to 1961 not completely comparable with later data. See Department of Commerce. Bureau
of the Census, "Series M 3 - 1 . 1 , " September 1968.5 Based on seasonally adjusted data through November. (See Table C-42 for manufacturing data through December.
Based on those data, manufacturing ratio for 1974 is 1.64.)
Note.—The inventory figures in this table do not agree with the estimates of change in business inventories includedin the gross national product since these figures cover only manufacturing and trade rather than all business, and showinventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
297Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-42.—Manufacturers* shipments and inventories, 1947-74
[Millions of dollars]
Year or month
Shipments *
Total
Dura-ble
goodsi nd us-tries
Non-durablegoodsindus-tries
Inventories8
Total
Durable goods industries
Total
Mate-rialsand
sup-plies
Workin
process
Fin-ishedgoods
Nondurable goods industries
Total
Mate-rialsandsup-plies
Workin
process
Fin-ishedgoods
1947-1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957.1958..1959.
1960...1961»_1962...1963...1964...
1965..1966..1967..1968.1969.
1970—1971...1972...1973...1974 P..
1973:Jan.. . .Feb. . . .Mar.. . .Apr . . . .May....June.. .
JulyA u g —SeptOct . . . .Nov... .Dec.--.
1974: Jan.. . .Feb....Mar....AprMay...June...
July.. .Aug . . .Sept...Oct....Nov p.Dec p..
15,51317,31616,126
18,63421,71422,52924,84323,355
26,48027,74028,73627,28030,219
30,79630,89633,11335,03237,335
41,00344,86946, 44950,28253, 555
52,85955,91762,01771, 39881,759
6,6947,5797,191
8,84510,49311,31313,34911,828
14,07114,71515,23713,57115,545
15,81715, 54417,10318,24719,634
22, 21624,63325,21227,69429,459
28, 22929,94833, 44338, 72442,648
8,8199,7388,935
9,78911,22111,21611,49411,527
12,40913,02513,49913,70814,674
14,97915,35216,01016,78617,701
18,78820,23621, 23622, 58824,096
25,89728,54326,321
31,07839,30641,13643,94841,612
45,06950,64251,87150,07052,707
53,81454,93958,21360,04363,386
68,22177,96584, 65590,87597, 074
24,629 101,64525,969 102,44528, 573 107,71932,674 120, 87039,111 150,059
13,06114,66213,060
15,53920,99123,73125,87823,710
26,40530,44731,72830,09531,839
32,36032,50934,60535,81338,436
42,22749, 81854,93159,11263, 371
66,76866,05070,21879, 44197,630
12,83613,88113,261
15,539
8,9667,894
9,19410,41710,6089,84710, 585
10,28610,24210,79811,00111,927
13,29915, 50116, 44517,41818,66819,00019,27020, 01024, 42332,758
10,7209,721
10,75612,31712,83712,29412,952
12,78013,21114,20514,99716,253
18,15221,97825,01727,60529,175
30, 39329,14232,0743G, 07841,731
6,2066,040
6,3487,5658,1257,7498,143
9,1909,0569,6029,81510,256
10,77612,33913, 46914, 08915,528
17, 37517,63818,13418. 94023; 141
18,31517,40518,07017,902
18,66420,19520,14319,97520,868
21,45422,43023,60824,23024,950
25,99428,14729,72431,76333,703
34,87736, 39537, 50141,42952,429
8,3178,167
8,5568,9718,7758,6719,089
9,1139,4649,841
10,00310,185
10,48811,22011,74612, 29912, 823
13,13013,57813, 86515,81820,698
2,4722,440
2,5712,7212,8642,8002,928
2,9353,1933,3043,4103,519
3,8234,2374,4344,8495,152
5,2785,6475,9686,5978,228
7,4097,415
7,6668,6228,6248,4988,857
9,3539,77310,46310,81711,246
11,68312,69013, 54414, 61515,728
16, 46917f17017,66819,01423,503
Seasonally adjusted
67,63968,49669,16669,62770,37670,639
72, 25772,29072,14674, 58176,17874,617
76, 38976,97878,19779,05081,11781,166
84,01985, 76085,93788,09386,15280, 009
37,01137, 37337,51137, 81038,37638, 280
39, 78838,90239, 24840, 87941, 05539,465
39, 99440,07340,63541,23242, 53842,785
44,12244,82545,01646,54844,75240,778
30,628 .31,123 109,31,65531,81732,00032,359
108,187109,082110,174110,577111,625113,025
32,46933, 38832,89833,70235,12335,152
36, 39536, 90537, 56237,81838, 57938,381
39,89740, 93540,92141,54541, 40039,231
113,910114,907116,114117,224118,435120, 870
122, 570124, 831126, 500128, 438130, 936133, 541
136, 731139, 727142,975145,062147,135150,059
70,59071,13671,87372,21372,86773, 801
74, 27875,21376, 24976,95177, 64579,441
80, 54181, 92583,01484,10885,71587,366
89,28691,00493,18494,68095, 78797,630
20,25220,46320,65920,88721,19821,424
21,72122,08022,62123,06423,44424,423
24, 92325, 49426, 33526, 91327, 73928,471
29,43930, 41631,10231,84632,16432,758
32,28632, 55933,00533,11433,31833,735
33,94434,46134,74235,08235, 51936, 078
36, 28536, 94237, 26437, 72138,33538,870
39, 34139, 91340, 48840, 84841,12141,731
18,05218,11418,20918,21218,35118,642
18,61318,67218, 88618,80518, 68218, 940
19, 33319,48919,41519,47419,64120,025
20, 50620, 67521,59421, 98622,50223,141
37,59737,94638,30138, 36438,75839,224
39,63239,69439, 86540,27340, 79041, 429
42,02942, 90643, 48644,33045, 22146,175
47, 44548, 72349, 79150,38251, 34852,429
13,96514.19414,26114, 38314,51014, 857
15.19515, 35815, 39515,61315, 70415,818
16, 33516,75117, 06217, 53518, 04618, 506
19,11119, 62320, 22620,27320, 35320,698
5,9605,9996,0616,1106,1516,170
6,1966,2706,3206,3476,4426,597
6,5686,7546,7326,9227,0567,307
7,5037,6817,7487,8237,9178,228
17,67217, 75317,98017,87118,09718,197
18, 24118,06618,15018,31318,64419,014
19,12619, 40119, 69219,87320,11920,362
20,83121,41921,81722, 28623,07823, 503
1 Monthly average for year and total for month.2 Book value, seasonally adjusted, end of period, except as noted.3 Data prior to 1961 not completely comparable with later data. See Department of Commerce, Bureau of the Census,
"Series M3-1.1," September 1968.
Source: Department of Commerce, Bureau of the Census.
298
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-43.—Manufacturers' new and unfilled orders, 1947-74
{Amounts in millions of dollars]
Year or month
New orders t
Total
Durable goodsindustries
Total
Capitalgoodsindus-tries,non-
defense
Non-dura-
blegoodsindus-tries
Unfilled orders 2
Total
Dura-ble
goodsindus-tries
Non-dura-
blegoodsindus-tries
Unfilled orders-shipments ratio 3
Total
Dura-ble
goodsindus-tries
Non-dura-ble
goodsindus-tries
194719481949
19501951195219531954
19551956195719581959
I9601961196219631964
19651966.196719681969
19701971197219731974
1973: Jan.Feb.Mar.Apr.May.JuneJuly.Aug.SeptOct.Nov.Dec
1974: Jan.Feb.Mar.Apr.May.June
July.Aug.SeptOct..NovDec
15,25617,69315,614
20,11023,90723,20423,58622,335
27,46528,36827, 55926, 90330,672
30,11531,08633,00535,32237,952
41, 80345, 94446,76350, 24353, 646
52,11855, 72662, 92273, 83683,330
6,3888,1266,633
10,16512,84112,06112,14710, 768
14,99615, 36514,11113,17115, 948
15, 22315,69917,02518,52120,258
22,98625, 72025, 52627, 66629, 549
27,48629, 74534, 27441,09844,291
6,9717,694
7,0557,3248,487
10,31011,465
8,8689,5668,981
9,94511,06611,14311, 43911,566
12, 46913, 00313,44813,73314, 724
14,89315,38715,98016,80117,694
18,81720, 22421, 23822, 57724,097
24, 63225, 98128, 64832, 73839, 038
34,47330,73624,045
41,45667,26675,85761,17848,266
60,00467,37553,18348,88254,494
46,13348,39547,30750.94058, 506
68,14681,02984,99484,14685,265
76,27273, 92884, 948
114,694133,796
28,57926,61919,622
35,43563, 39472,68058,63745,250
56,24163,88050,35245,73950,654
43,40145,24144,48547,95855,623
64,92077,96481,90481, 20982,313
73,28670, 79880,914109,862129,825
5,8944,1174,423
6,0213,8723,1772,5413,016
3,7633,4952,8313,1433,840
2,7323,1542,8222,9822,883
3,2263,0653,0902,9372,952
2,9863,1304,0344.8323,971
3.42
3.633.873.352.602.85
2.582.522.462.402.49
2.622.932.812.712.59
2.412.172.192.642.97
Seasonally adjusted
4.12
4.274.554.003.493.44
3.213.012.952.892.99
3.123.513.383.273.13
2.922.622.613.143.59
69,16470, 27472,18472, 59973, 60074, 291
74, 28875, 40774, 02477, 02578, 60176, 292
78,13979,12779, 54782,05985, 26485,176
87, 51790, 39387,14786,36984,28276,935
33,36639,01740, 39940,61541, 51441, 946
41, 84041, 98341,15443, 30443, 47541,027
41,51542, 26741, 97444,12446, 73046, 848
47, 70949,46346, 40245,08443,18237,946
9,5679,44910,0359,94510, 04410,564
10,57110, 28310, 38910, 92811,16010, 943
11,00311,41511,30011,92511, 80412,011
12, 80011,80511,83211,38310,62310,108
30, 79831,25731,78531, 98432,08632, 345
32, 44833, 42432, 87033,72135,12635,265
36, 62436, 86037, 57337,93538, 53438, 328
39, 80840, 93040,74541, 28541,10038,989
86, 47388, 25191, 26994, 23997,460101,120
103,145106, 268108,144110, 586113,015114,694
116,445118,599119,955122, 961127,114131,129
134,623139, 256140,467138, 738136,869133,796
82,26983, 91386, 80189, 60492, 74096, 412
98, 459101,545103, 450105, 874108, 297109,862
111,384113,584114,927117,817122,016126,082
129,667134,305135,695134,224132,656129,825
4,2044,3384,4684,6354,7204,708
4,6864,7234,6944,7124,7184,832
5,0615,0155,0285,1445,0985,047
4,9564,9514,7724,5144,2133,971
2.192.202.252.302.342.43
2.442.532.572.532.552.64
2.632.642.642.682.692.76
2.812.872.872.762.812.97
2.592.612.672.732.792.89
2.893.013.063.003.043.14
3.133.163.153.213.223.30
3.383.443.453.303.383.59
0.96
1.121.04.85.55
.63
.72
.65
.63
.57
.60
.56
.52
.47
.45
.45
.44
.52
.57
.45
0.53.54.55.57.57.57
.57
.57
.60
.56
.54
.57
.57
.56
.57
.56
.54
.54
.52
.52
.50
.47.44.45
1 Monthly average for year and total for month.3 Seasonally adjusted, end of period.3 Ratio of unfilled orders at end of period to shipments for period; excludes industries with no unfilled orders. Annual
figures relate to seasonally adjusted data for December, except as noted.* Data prior to 1961 not completely comparable with later data. Comparable data for new orders (total, durable, and
nondurable) are available for 1958, 1959, and 1960 only. See Department of Commerce, Bureau of the Census, "SeriesM 3 - 1 . 1 , " September 1968, for these data.
Source: Department of Commerce, Bureau of the Census.
299
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES
T A B L E C—44.—Consumer price indexes by expenditure classes, 1929—74
For urban wage earners and clerical workers
11967=1001
Year or month
1929
1933
1939
1940 . . .194119421943194419451946194719481949
195019511952195319541955195619571958 . . . .1959
I960196119621963196419651966196719681969
19701971 .19721973 . . .1974
1973- JanFeb... .MarAprMayJune
JulyAugSeptOctNovDec
1974: Jan.FebMarAprMayJune
JulyAug .SeptOctNovDec
Allitems
51.3
38.8
41.6
42.044.148.851.852.753.958.566.972.171.4
72.177.879.580.180.580.281.484 386.687.3
88.789.690.691.792.994.597.2
100.0104.2109.8
116.3121 3125.3133.1147.7
127 7128.6129.8130.7131.5132.4
132 7135.1135.5136 6137.6138.5
139.7141.5143.1143.9145.5146.9
148.0149.9151.7153.0154.3155.4
Food
48.3
30.6
34.6
35.238.445.150.349.650.758.170.676.673,5
74 582.884.383.082.881.682.284 988.587.1
88.089. i89.991.292.494.499.1
100.0103.6108.9
114.9118.4123.5141.4161.7
128 6131.1134 5136.5137.9139.8
140 9149.4148.3148.4150.0151.3
153.7157.6159.1158.6159.7160.3
160.5162.8165.0166.1167.8169.7
Housing
Total
52.2
52.453.756.256.858.159.160.665.269.870.9
72.877.278.780.881.782.383.686.287.788.6
90.290.991.792.793.894.997.2
100.0104.2110.8
118.9124.3129.2135.0150.6
131.5132.0132.4132.8133.3133.9
134.2135.2136.6138.1139.4140.6
142.2143.4144.9146.0147.6149.2
150.9152.8154.9156.7158.3159.9
Rent
76.0
54.1
56.0
56.257.258.558.558.658.859.261.165.168.0
70.473.276.280.383.284.385.987 589.190.4
91.792.994.095.095.996.998.2
100.0102.4105.7
110.1115.2119.2124.3130.2
121 8122.3122 8123.2123.7124.0
124 4125.0125.4125.9126.3126.9
127.3128.0128.4128.8129.3129.8
130.3130.9131.4132.2132.8133.5
Appareland
upkeep
48.5
36.9
42.4
42.844.852.354.658.561.567.578.283.380.1
79.086.185.384.684.584.185.887.387.588.2
89.690.490.991.992.793.796.1
100.0105.4111.5
116.1119.8122.3126.8136.2
123 0123.6124 8125.8126.7126.8
125.8126.5128.3129.6130.5130.5
128.8130.4132.2133.6135.0135.7
135.3138.1139.9141.1142.4141.9
Trans-porta-tion
43.0
42.744.248.147.947.947.850.355.561.866.4
68.272.577.379.578.377.478.883 386.089.6
89.690.692.593.094.395.997.2
100.0103.2107.2
112.7118.6119.9123.8137.7
121 0121.1121 5122.6123.5124 6
124 8124.5123.9125 0125.8126.7
128.1129.3132.0133.7136.3138 8
140.6141.3142.2142.9143.4143.5
Medicalcare
36.7
36.837.038.039.941.142.144.448.151.152.7
53.756.359.361.463.464.867.269 973.276.4
79.181.483.585.687.389.593.4
100.0106.1113.4
120.6128.4132.5137.7150.5
134 9135.3135.8136.2136.6137.0
137.3137.6138.3140.6140.9141.4
142.2143.4144.8145.6147.2149.4
151.4153.7155.2156.3157.5159.0
Personalcare
40.3
40.241.245.249.953.455.159.066.068.568.3
68.374.775.676.376.677.981.184 186.988.7
90.190.692.293.494.595.297.1
100.0104.2109.3
113.2116.8119.8125.2137.3
121 8122.4123 1123.8124.4124.9
125 3125.7126.3127.3128.1129.2
129.8130.8131.8133.1134.9136.5
137.8139.3141.2143.0144.2145.3
Readingand
recrea-tion
45.3
46. T47.750.054.160.062.464.568.772.274.9
74.476.676.977.776.976.777.880.783.985.3
87.389.391.392.895.095.997.5
100.0104.7108.7
113.4119.3122.8125.9133.8
124.1124.3124.5125.2125.6125.9
126.2126.1126.8127.2127.5127.6
128.3128.9129.5130.4132.0133.5
134.6135.2137.0137.8138.8139.8
Othergoodsand
services
46.9
48.349.250.753.354.756.958.863.866.868.7
69.972.876.678.579.879.881.083 384.486.1
87.888.589.190.692.094.297.2
100.0104.6109.1
116.0120.9125.5129.0137.2
126.7127.1127.6128.2128.5129.0
129.5129.4129.9130.3130.8131.3
131.8132.3132.8133.6134.4135.8
137.7139.4140.4141.4142.7143.9
Source: Department of Labor, Bureau of Labor Statistics.
300
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE O-45.—Consumer price indexes by commodity and service groups, 1939-74
For urban wage earners and clerical workers
[1967=1001
Year ormonth
1939
194019411942 .1943194419451946194719481949
19501951195219531954 . .195519561957 . .19581959
1960196119621963196419651966196719681969
19701971 . .197219731974
1973: JanFebMarAprMayJune
JulyAugSeptOctNovDec
1974: JanFebMarApr. . . . .MayJune
JulyAugSepOctNovD e c . . .
Allitems
41.6
42.044.148.851.852.753.958.566.972.171.4
72.177.879.580.180.580.281.484.386.687.3
88.789.690.691.792.994.597.2
100.0104.2109.8
116.3121.3125.3133.1147.7
127.7128.6129.8130.7131.5132.4
132.7135.1135.5136.6137.6138.5
139.7141.5143.1143.9145.5146.9
148.0149.9151.7153.0154.3155.4
Commodities
Allcom-modi-ties
40.2
40.643.349.654.054.756.362.475.080.478.3
78.885.987.086.785.985 185.988.690.690.7
91.592.092.893.694.695.798.2
100.0103.7108.4
113.5117.4120.9129.9145.5
123.4124.5126.1127.4128.3129.4
129.7132.8132.8133.5134.7135.7
137.0139.3141.0141.8143.4144.8
145.6147.6149.4150.7152.0153.0
Food
34.6
35.238.445.150.349.650.758.170.676.673.5
74.582.884.383.082.881.682.284.988.587.1
88.089.189.991.292.494.499.1
100.0103.6108.9
114.9118.4123.5141.4161.7
128.6131.1134.5136.5137.9139.8
140.9149.4148.3148.4150.0151.3
153.7157.6159.1158.6159.7160.3
160.5162.8165.0166.1167.8169.7
Commodities less food
All
47.7
48.050.456.058.461.664.168.176.882.781.5
81.487.588.388.587.586 987.890.591.592.7
93.193.494.194.895.696.297.5
100.0103.7108.1
112.5116.8119.4123.5136.6
120.5120.9121.5122.3123.0123.7
123.5123.8124.3125.4126.3127.1
127.9129.2131.1132.6134.5136.2
137.5139.3140.9142.2143.3143.9
Dura-ble
48.5
48.151.458.460.365.970.974.180.386.287.4
88.495.196.495.793.391 591.594.495 997.3
96 796.697.697 998.898.498.5
100.0103.1107.0
111.8116.5118.9121.9130.6
119.9119.9120.2121.0121.8122.3
122.4122.6122.6123.2123.3123.2
123.3123.4124.3125.6127.5129.7
131.5133.2134.8136.8138.0138.8
Non-dura-
ble
44.3
44.746.751.653.856.658.662.972.277.876.3
76.282.082.483.183.583.585.387.688.289.3
90.791.291.892.793.594.897.0
100.0104.1108.8
113.1117.0119.8124.8140.9
120.9121.6122.4123.3124.0124.7
124.4124.7125.5127.0128.5130.0
131.3133.5136.1137.7139.5141.0
141.8143.7145.3146.1147.2147.7
Services
Allervices
43.5
43.644.245.646.447.548.249.151.154.356.9
58.761.864.567.369.570 972.775.678.580.8
83.585.286.888.590.292.295.8
100.0105.2112.5
121.6128.4133.3139.1152.0
135.7136.2136.6137.1137.6138.1
138.4139.3140.6142.2143.0143.8
144.8145.8147.0147.9149.4150.9
152.5154.2155.9157.3158.6160.0
Rent
56.0
56.257.258.558.558.658.859.261.165.168.0
70.473.276.280.383.284 385.987.589.190.4
91.792.994.095.095.996.998.2
100.0102.4105.7
110.1115.2119.2124.3130.2
121.8122.3122.8123.2123.7124.0
124.4125.0125.4125.9126.3126.9
127.3128.0128.4128.8129.3129.8
130.3130.9131.4132.2132.8133.5
Serv-iceslessrent
38.1
38.138.640.342.144.245.146.749.051.954.5
56.059.362.264.866.768 270.173.376 479.0
81.983.985.587.389.291.595.3
100.0105.7113.8
123.7130.8135.9141.8156.0
138.3138.7139.2139.6140.1140.7
141.0141.9143.4145.2146.1146.9
148.0149.1150.4151.4153.1154.7
156.6158.4160.3161.9163.3164.8
Special indexes
Allitemslessfood
47.2
47.348.752.153.655.756.959.464.969.670.3
71.175.777.579.079.579.781.183.885.787.3
88.889.790.892.093.294.596.7
100.0104.4110.1
116.7122.1125.8130.7143.6
127.5127.9128.4129.1129.7130.3
130.4130.9131.8133.1134.0134.8
135.6136.8138.4139.6141.3142.9
144.4146.1147.8149.1150.4151.3
Allitemsless
shel-ter
39.7
39.942.447.751.352.253.659.068.573.972.6
73.179.280.881.081.080 681.784.486.987.6
88.989.990.992.193.294.697.4
100.0104.1109.0
114.4119.3122.9131.1146.1
125.3126.4127.8128.9129.7130.6
131.0133.5133.6134.5135.6136.5
137.8139.8141.5142.3144.0145.4
146.4148.3150.0151.2152.5153.5
Non-dura-ble
com-mod-ities
38.4
38.941.647.651.852.253.759.671.977.274.9
75.482.583.483.283.282.583.786.388.688.2
89.490.290.992.093.094.698.1
100.0103.9108.9
114.0117.7121.7132.8151.0
124.7126.2128.3129.7130.7132.0
132.4136.6136.5137.4138.9140.3
142.1145.2147.2147.8149.3150.4
150.9153.0154.8155.8157.2158.3
Source: Department of Labor, Bureau of Labor Statistics.
301
563-280 O - 75 - 20Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-46.—Consumer price indexes, selected commodities and services, 1939-74
For urban wage earners and clerical workers[1967=100]
Year or month
1939
1940194119421943 .194419451946194719481949
1950195119521953195419551956 .195719581959
19601961 .19621963.19641965 . .1966 .196719681969
197019711972.. .19731974 . ,
1973: JanFebMarAprMayJune
JulyAugSeptOctNovDec
1974: JanFebMarAprMayJune
JulyAugSeptOctNovDec
Durable commodities
Total i
48.5
48.151.458.460.365.970.974.180 386 287.4
88.495.196.495.793.391.591.594.495.997.3
96.796.697.697.998.898.498.5
100.0103.1107.0
111.8116.5118.9121.9130.6
119.9119.9120.2121.0121.8122.3
122.4122.6122.6123.2123.3123.2
123.3123.4124.3125.6127.5129.7
131.5133.2134.8136.8138.0138.8
Newcars
43.2
43.346.6
69.275.682.8
83.487.494.995.894.390.993.598.4
101.5105.9
104.5104.5104.1103.5103.2100.999.1
100.0102.8104.4
107.6112.0111.0111.1117.5
111.1111.0110.8111.1111.1111.0
110.9110.6109.1111.9112.2112.0
112.9112.7112.8113.3114.6116.4
118.0118.1118.4123.7124.5124.9
Usedcars
89.275.971.869.177.480.289.5
83.686.994.896.0
100.199.497.0
100.0(s)
103.1
104.3110.2110.5117.6122.6
112.8112.4113.7117.3120.6122.3
122.7121.3120.3118.5116.1112.6
107.0103.0102.2107.0114.4122.2
127.9132.0135.9139.4141.6138.4
House-hold
dura-bles
56.6
55.959.866.969.576.081.886.595.6
101.799.0
100.2109.8106.9105.7102.9100.199.7
101.4102.1102.0
101.9100.7100.6100.3100.298.798.6
100.0103.3107.4
110.2112.9115.0118.8128.9
116.1116.3116.9117.7118.5119.2
119.4119.6120.1120.4120.8121.0
121.8122.5123.7125.1126.5128.2
129.5131.5133.0134.1135.4136.0
Nondurable commod-ities less food
Total
44.3
44.746.751.653.856.658.662.972 277 876.3
76.282.082.483.183.583 585.387.688.289.3
90.791.291.892.793.594.897.0
100.0104.1108.8
113.1117.0119.8124.8140.9
120.9121.6122.4123.3124.0124.7
124.4124.7125.5127 0128.5130.0
131.3133.5136.1137.7139.5141.0
141.8143.7145.3146.1147.2147.7
Ap-parelcom-mod-ities
43.0
43.545.853.555.959.863.069.580 485 482.0
81.188.787.786.786.385 887.388.288.289.0
90.390.891.292.092.893.696.0
100.0105.6111.9
116.5120.1122.7127.1136.1
123.1123.8125.2126.2127.2127.2
126.0126.6128.7130 0130.8130.7
128.6130.3132.1133.6135.0135.6
135.0138.0139.8141.0142.3141.6
Non-dura-bleslessfoodand
apparel
46.3
46.848.451.153.254.755.858.266 272 372 4
72.977.579 081.081.882 184.187.488.389.6
90.991.392.193.193.995.597.5
100.0103.3107.0
111.2115.2118.2123.4143 8
119.7120.4120.8121.7122.2123.3
123.5123.6123.8125 3127.3129.6
132.9135.5138.5140.1142.2144.3
145.9147.2148.6149.2150.2151.3
Services less rent
Total
38.1
38.138.640.342.144.245.146.749.051.954.5
56.059.362.264.866.768.270.173.376.479.0
81.983.985.587.389.291.595.3
100.0105.7113.8
123.7130.8135.9141.8156.0
138.3138.7139.2139.6140.1140.7
141.0141.9143.4145.2146.1146.9
143.0149.1150.4151.4153.1154.7
156.6158.4160.3161.9163.3164.8
House-holdserv-iceslessrent
71.275.479.481.6
85.086.087.189.090.492.195.7
100.0105.9115.3
126.8132.6139.2146.8166.0
142.3142.8143.2143.6144.2144.9
145.3146.8149.3151.7153.2154.3
155.8157.1158.8160.1162.1164.0
166.5169.0171.5173.8175.7177.5
Trans-porta-tionserv-ices
36.1
36.136.338.238.238.238.239.040 344.950.0
53.358.362.466.469.269.470.573.878.581.2
83.385.386.687.589.692.996.8
100.0104.0111.3
123.1133.0136.0136.9141.9
136.0136.1136.3136.5136.6137.0
137.0137.1137.2137.4137.4138.1
138.8139.1139.6140.1140.5141.5
142.3142.7143.4144.0144.9146.0
Med-icalcareserv-ices
32.5
32.532.733.735.436.937.940.143 546.448.1
49.251.755.057.058,760.462.865.568.772.0
74.977.780.282.684.687.392.0
100.0107.3116.0
124.2133.3138.2144.3159.1
141.0141.5142.2142.7143.1143.6
143.9144.3145.1147.8148.2148.7
149.7151.1152.7153.6155.4158,0
160.2162.8164.5165.6167.0168.5
Other *
71.173.976.278.0
80.883.485.687.790.192.696.2
100.0105.6110.6
116.7122.5125.8131.6141.7
128.1128.6129.2129.9130.6131.3
131.7132.1133. 3134.0134.8135.3
135.9136.8137.6138.4140.2141.1
142.1143.0144.7145.5146.7147.7
1 Includes certain items not shown separately.2 Includes the services components of apparel, personal care, reading and recreation, and other goods and services,s Not available.Source: Department of Labor, Bureau of Labor Statistics.
302
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—47.—Consumer price indexes, seasonally adjusted, 1971—74
For urban wage earners and clerical workers
[1967=100, seasonally adjusted!
Special indexes
Year and month
!
Allitemslessfood
Allitemsless
shelter
Allitemsless
med-ical
Commodity groups
Allcom-mod-ities
Food
Commodities lessfood
Total Dur-able
Non-dur-able
Selected expenditure classes
Shel-ter
Fuelandutili-ties
Ap-parelandup-
keep
Trans-por-
tation
Med-ical
1971: Jan.Feb.Mar.Apr.May.June
July.Aug.Sept.Oct..Nov.Dec.
1972: Jan..Feb.Mar.Apr.May.June.
July.Aug.Sept.Oct..Nov.Dec.
1973: Jan..Feb.Mar.Apr..May.June.
July.Aug.Sept.Oct..Nov.Dec.
1974: Jan..Feb..Mar.Apr.May.June
July.Aug.Sept.Oct..Nov.Dec
120.4120.6120.7120.9121.6122.1
122.5122.9123.2123.3123.5123.7
124.1124.4124.6124.9125.3125.6
126.0126.4126. 7126.8127.1127.3
127.6128.2128.5129.1129.6130.2
130.5131.2131.9132.8133.7134.5
135.7137.138.5139.6141.2142.8
144.5146.4147.9148.8150.1151.0
117.2117.6118.0118.5119.1119.6
119.9120.2120.2120.3120.5121.0
121.3121.7121.8121.9122.3122.5
123.0123.2123.8124.2124.7124.9
125.7126.5127.8128.8129.4130.3
130.9133.5133.6134.5135.7136.6
138.2139.9141.5142.2143.7145.1
146.3148.3150.0151.2152.7153.7
119.1119.3119.5119.8120.4121.0
121.3121.5121.7122.0122.2122.7
123.0123.6123.7123.9124.2124.5
125.0125.2125.9126.2126.6126.9
127.6128.3129.6130.5131.2132.1
132.2134.9135.4136.4137.5138.4
140.0141.6143.2143.9145.3146.7
147.6149.6151.5152.8154.2155.3
115.7115.8116.2116.6117.1117.7
117.9118.1118.1118.4118.5118.9
119.2119.8119.8119.9120.2120.5
121.0121.3122.0122.3122.7122.9
123.9124.9126.2127.4128.2129.1
129.3132.7132.7133.5134.7135.7
137.6139.7141.1141.8143.3144.5
145.2147.5149.3150.7152.0153.0
116.0116.1116.9117.7118.2118.8
119.0119.2118.9119.4120.0120.
120.122.4122.3122.2122.3122.6
123.2123.7124.6125.5126.4126.5
129.2131.4134.2136.1137.8139.5
139.9148.4148.0149.1151.2151.9
154.5157.9158.8158.1159.5160.0
159.4161.7164.7166.9169.2170.4
115.5115.5115.7115.9116.5116.7
117.1117.3117.5117.6117.6117.7
118.1118.3118.6118.6119.0119.0
119.5119.9120.4120.4120.5120.7
120.9121.4121.9122.4122.8123.3
123.6124.0124.4125.0125.9126.7
128.3129.7131.5132.7134.2135.8
137.6139.6141.0141.8142.9143.5
115.3115.5115.8115.9116.5116.9
117.1116.9116.8116.9116.9117.1
117.4117.7117.9118.1118.3118.6
119.2119.6120.2119.9119.9120.2
120.1120.5120.8121.4121.7121.7
121.9122.5122.8123.0122.9123.1
123.5124.0124.9126.0127.4129.1
131.0133.1135.1136.5137.6138.7
115.8115.7115.8116.0116.5116.8
117.1117.8118.0118.2118.1118.4
118.6118.8119.1119.1119.6119.4
119.8120.0120.4120.8121.1121.3
121.4122.0122.6123.3123.8124.6
124.9125.3125.1126.5127.9129.5
131.8133.9136.4137.7139.2140.9
142.4144.4144.9145.5146.5147.1
128.0127.4126.8126.6127.6128.6
128.8129.4129.9130.3131.0131.3
132.4132.7132.9133.2133.9134.4
135.1135.5135.6135.7135.9136.5
136.9137.5137.8138.4139.1139.7
139.8141.1142.8144.4145.2146.0
147.3148.4149.5150.5151.8153.1
154.6156.1157.9159.6160.7162.5
112.0112.8113.3113.8114.3114.8
115.7116.1116.3116.6116.5117.6
118.3118.6118.8119.1119.6120.0
120.2120.3120.9121.2121.7121.9
122.7123.6124.0124.6125.1125.9
126.0126.6127.3129.2132.2136.0
140.7142.9144.2146.3148.3149.7
151.2152.9154.6156.0157.3158.6
118.4118.8118.8119.1119.7120.0
120.3120.2120.4120.6120.7120.8
121.2121.4121.5121.8122.0122.0
122.1122.0122.9123.3123.6124.0
124.0124.3125.1125.8126.2126.7
126.9127.9128.0128.6129.1129.5
129.8131.2132.5133.6134.5135.6
136.5139.6139.6140.0140.9140.8
117.3117.9118.2118.2118.6119.0
119.0119.3119.6119.2118.7118.4
118.7118.7118.9118.7119.1119.2
119.7120.5122.0121.1121.4121.2
120.8121.5122.0122.7123.1124.0
124.3124.4124.9125.0125.8126.6
127.8129.7132.5133.8135.9138.1
140.0141.2143.3142.9143.4143.4
125.2125.9126.7127.2128.0128.5
129.2129.9130.3129.9130.0130.4
130.8131.1131.3131.4131.9132.3
132.6132.8133.0134.2134.4134.7
135.2135.4135.7135.9136.5136.9
137.2137.5138.3140.9141.2141. 7
142.5143.5144.7145.3147.1149.3
151.2153.5155.2156.6157.8159.3
Source: Department of Labor, Bureau of Labor Statistics.
303Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-48.—Percent changes in consumer price indexes, major groups, 1948-74
[Percent change]
Year or month
19481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1973: JanFeb . . .MarAprMay..June
JulyAugSeptOctNovDec
1974: Jan . .FebMarAprMayJune
JulyAugSept.. . .OctNov. .Dec
All items
Dec.to
Dec. 2
2.7- 1 . 8
5.85.9.9.6
.42.93.01.81.5
1.5.7
1.21.61.2
1.93.43.04.76.1
5.53.43.48.8
12.2
Yearto
year
7.8- 1 . 0
1.07.92.2.8.5
- . 41.53.62.7.8
1.61.01.11.21.3
1.72.92.94.25.4
5.94.33.36.2
11.0
Food
Dec.to
Dec. 2
- 0 . 8- 3 . 7
9.67.4
- 1 . 1- 1 . 3- 1 . 6
- . 93.12.82.2
- . 8
3.1- . 91.51.91.4
3.43.91.24.37.2
2.24.34.7
20.112.2
Yearto
year
8.5- 4 . 0
1.411.11.8
- 1 . 5- . 2
- 1 . 4
3.34.2
- 1 . 6
1.01.3.9
1.41.3
2.25.0.9
3.65.1
5.53.04.3
14.514.4
Commodities lessfood
Dec.to
Dec. 2
5.3- 4 . 8
- 5 . 74.6
- . 5
- 1 . 4
.02.52.2.8
1.5
- . 3.6
1.2.4
.71.93.13.74.5
4.82.32.55.0
13.2
Yearto
year
7.7- 1 . 5
- . 17.5.9.2
- 1 . 1
- . 71.03.11.11.3
.4
.3
.7
.8
.61.42.63.74.2
4.13.82.23.4
10.6
Services^
Dec.to
Dec.
6.13.6
3.65.24.64.21.9
2.33.14.52.73.7
2.71.91.72.31.8
2.64.94.06.17.4
8.24.13.66.2
11.3
Yearto
year
6.34.8
3.25.34.44.33.3
2.02.54.03.82.9
3.32.01.92.01.9
2.23.94.45.26.9
8.15.63.84.49.3
Change from preceding month
Un-adjusted
0.3.7.9.7.6
.21.8.3.8
'.7
.91.31.1,6
1.11.0
.71.31.2.9.8
Seasonallyadjusted
0.5.6.9.6.6.6
.21.9.4.8o
oco
—
1.21.1
.5
.9
.71.31.3.9.9.7
Un-adjusted
2.11.92.61.51.01.4
.86.0
- . 7.1
1.1.9
1.62.51.0
- . 3
'A
.11.41.4.7
1.01.1
Seasonallyadjusted
2.11.72.11.41.21.2
.36.1
- . 3.7
1.4.5
1.72.2.6
- . 4.9.3
- . 41.41.91.31.4.7
Un-adjusted
- 0 . 5.3.5.7.fiCD
C
MC
M«<*
.9
.7
.6
.61.01.51.11.41.3
1.01.31.1.9.8.4
Seasonallyadjusted
0.2.4.4.4.3.4
.2
.3
.3
.5
1.31.11.4.9
1.11.2
1.31.51.0.6.8.4
Un-adjusted
0.2.4.3.4.4.4
.2
1.1.6.6
.7
.7
.8
.61.01.0
1.1LI1.1.9.8.9
1 Percent changes for services are based on unadjusted indexes since these prices have little seasonal movement.2 Changes from December to December based on unadjusted indexes.Note.—The seasonally adjusted changes for the all items index are based on seasonal adjustment factors and seasonally
adjusted indexes to two decimal places.
Source: Department of Labor, Bureau of Labor Statistics.
304
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-49.—Wholesale price indexes by major commodity groups, 1929-74
[1967 = 100]
Year or month All com-modities
Farm products and processedfoods and feeds
Total Farmproducts
Proc-essedfoodsand
feeds
Industrial commodities
TotalTextile
productsand
apparel
Hides,skins,
leather,and
relatedproducts
Fuelsand
relatedproducts,
andpower *
Chemicalsand alliedproducts1
1929..
1933..
1939
1940. . . .1941. . . .1942. . . .1943. . . .1944. . . .1945.. . .1946.. . .1947.. . .1948.. . .1949.. . .
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966 _.1967..1968..1969..
1970..1971..1972..1973..1974..
1973: Jan. . .Feb...Mar . .Apr...May..June..
July..Aug. .Sept..Oct...Nov..Dec...
1974: Jan.. .Feb...Mar . .Apr...May..June..
July..Aug. .SepL.Oct...Nov..D e c .
49.1
34.0
39.8
40.5
64.1
31.4
45.150.953.353.654.6
40.0
41.450.364.
62.376.582.878.7
81.891.188.687.487.687.890.793.394.694.8
94.994.594.894.594.796.699.8
100.0102.5106.5
110.4113.9119.1134.7160.1
124.5126.9129.8130.5133.2136.0
134.3142.1139.7138.7139.2141.8
146.6149.5151.4152.7155.0155.7
161.7167.4167.2170.2171.9171.5
94.3101.589.6
93.9106.9102.796.095.791.290.693.798.193.5
93.793.794.793.893.297.1
103.5100.0102.4108.0
111.7113.8122.4159.1177.4
137.0142.4149.0147.9154.9163.6
156.9184.5173.5166.8164.4168.0
177.8180.6176.2169.6167.4161.7
172.7183.4179.1185.1189.0186.5
75.075.578.590.9
109.4117.5101.6
106.7124.2117.2106.2104.798.296.999.5
103.997.5
97.296.398.096.094.698.7
105.9100.0102.5109.1
111.0112.9125.0176.3187.7
144.2150.9160.9160.6170.4182.3
173.3213.3200.4188.4184.0187.2
202.6205.6197.0186.2180.8168.6
180.8189.2182.7187.5187.8183.7
82.988.780.6
83.492.791.687.488.985.084.987.491,889.4
89.591.091.992.592.395.5
101.2100.0102.2107.3
112.1114.3120.8148.1170.9
132.4137.0141.4139.8145.0151.8
146.5166.2156.3153.1151.9155.7
162.1164.7163.0159.1158.9157.4
167.6179.7176.8183.5189.7188.2
48.6
37.8
43.3
44.047.350.751.552.353.058.070.876.975.3
78.086.184.184.885.086.990.893.393.695.3
95.394.894.894.795.296.498.5
100.0102.5106.0
110.0114.0117.9125.9153.8
120.0121.3122.8124.2125.3126.0
126.1126.7127.4128.5130.1132.2
135.3138.2142.4146.6150.5153.6
157.8161.6162.9164.8165.8166.1
103.6108.198.9
102.7114.6103.4100.898.698.798.798.897.098.4
99.597.798.698.599.299.8
100.1100.0103.7106.0
107.1108.6113.6123.8139.1
116.6117.4119.0120.8122.3123.7
124.2125.2126.8128.5130.0131.4
133.8135.2136.1137.5139.1141.7
142.1142.3142.1140.5139.8138.4
48.9
36.3
42.8
45.248.452.852.752.252.961.183.384.279.9
86.399.180.181.372.677.381.982.082.994.2
90.891.792.790.090.394.3
103.4100.0103.2108.9
110.3114.0131.3143.1145.1
143.9144.9143.5145.0142.2140.9
141.4143.0143.8143.8143.0141.9
142.6143.4143.4145.4146.3146.0
146.6146.2148.1145.2144.5143.2
59.4
47.6
52.3
51.454.656.257.859.560.164.476.990.586.2
87.190.390.192.691.391.294.099.195.395.3
96.197.296.796.393.795.597.8
100.098.9
100.9
106.2114.2118.6134.3208.3
122.2126.0127.4129.2131.1133.4
134.7135.2137.4139.3144.1151.5
162.5177.4189.0197.9204.3210.5
221.7226.0225.0228.5227.4229.0
47.4
51.5
52.457.063.364.164.865.270.593.795.987.6
88.9101.796.597.798.998.599.1
101.2102.0101.6
101.8100.799.197.998.399.099.4
100.099.899.9
102.2104.2104.2110.0146.8
105.1105.6106.7107.7109.3110.4
110.8111.0111.5112.7113.5115.6
118.2120.2127.3132.3137.0142.8
148.4158.5161.7168.5172.9174.0
See next page for continuation of table and for footnotes.
305
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-49.— Wholesale price indexes by major commodity groups, 1929-74—Continued
11967=1001
Industrial commodities—Continued
Year or month Rubberand
plasticproducts
Lumberand
woodproducts
Pulp,paper,
andallied
products
Metalsand
metalproducts
Machin-ery andequip-ment
Furni-ture andhouse-
holddurables
Nonme-tallic
mineralproducts
Trans-portation
equip-ment:Motor
vehiclesand
equip-ment2
Miscel-laneousproducts
1929..
1933..
1939..
1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..1965..1966.1967.1968..1969..
19701971197219731974
1973: Jan. . .Feb.. .Mar. . .Apr. . .May_.June..
July. .Aug.. .
IT;.Nov. . .Dec . . .
1974: Jan. . .Feb...Mar. .Apr...May..June..
July..Aug. .Sept..Oct...Nov..Dec .
59.4
40.2
61.2
57.161.571.673.672.770.570.870.572.870.5
85.9105.495.589.190.4
102.4103.8103.4103.3102.9
103.199.296.396.895.595.997.8
100.0103.4105.3
108.3109.2109.3112.4136.2
110.0110.1110.3110.6111.5112.6
112.9113.1112.8114.0114.8116.5
117.7119.8123.8129.4133.7135.6
139.5143.4145.6147.5148.5149.4
25.0
19.0
24.8
27.432.735.637.740.641.247.273.484.077.7
89.397.294.494.392.697.198.593.592.498.8
95.391.091.693.595.495.9
100.2100.0113.3125.3
113.6127.0144.3177.2183.6
151.0161.0173.2182.0186.9183.1
177.8178.8181.9180.3184.7186.1
183.7184.1191.3200.2198.0192.2
188.6183.7180.4169.4165.8165.4
40.2
72.575.772.4
74.388.085.785.585.587.893.695.496.497.3
98.195.296.395.695.496.298.8
100.0101.1104.0
108.2110.1113.4122.1151.7
115.8116.5118.3119.8120.7122.0
122.3123.3124.4125.8127.6128.7
131.8132.9137.2144.4146.6147.5
153.3162.9164.2166.0166.9167.2
30.7
37.6
37.838.539.139.039.039.644.354.962.563.0
66.373.873.976.376.982.189.291.090.492.3
92.491.991.291.393.896.498.8
100.0102.6108.5
116.6119.0123.5132.8171.9
125.6126.9129.2130.5131.7132.5
132.8133.7134.4135.9138.5141.8
145.0148.0154.7161.2168.7174.0
180.3185.6187.1186.9186.7184.6
41.3
41.442.142.842.442.142.246.453.758.261.0
63.170.570.672.273.475.781.887.689.491.3
92.091.992.092.292.893.996.8
100.0103.2106.5
111.4115.5117.9121.7139.4
118.9119.4120.0120.8121.5121.9
122.0122.3122.6123.1123.8124.6
126.0127.0129.0130.8134.1137.2
140.3144.3146.8150.0152.7154.0
55.8
44.6
52.6
53.857.261.861.463.163.267.177.081.682.9
84.791.890.191.992.993.395.898.399.199.3
99.098.497.797.097.496.998.0
100.0102.8104.9
107.5109.9111.4115.2127.9
112.6113.1113.5114.1115.1115.2
115.2115.9116.0116.6117.2117.5
119.0120.2121.3122.9124.5126.1
128.2129.8132.8135.5136.9137.7
51.2
47.2
49.1
49.150.252.352.453.555.759.366.371.673.5
75.480.180.183.385.187.591.394.895.897.0
97.297.697.697.197.397.598.4
100.0103.7107.7
112.9122.4126.1130.2153.2
128.2128.4129.0130.0130.5131.1
130.0130.0129.9130.9131.5132.6
138.7142.1144.2146.7150.7152.3
156.4157.6159.8162.2163.4164.3
41.9
34.8
39.1
40.443.247.247.247.548.356.064.170.875.7
75.379.484.083.683.886.391.295.198.1
100.3
98.698.697.898.398.598.6
100.0102.8104.8
108.7114.7118.0119.2129.2
118.2118.2118.6119.0119.1118.9
119.0119.0118.3120.0120.1121.4
122.9123.1123.2123.3124.9126.1
128.5130.1130.6138.1138.9140.7
1 Prices for most items in this grouping are lagged and refer to 1 or 2 months earlier than the index month.2 Index for total transportation equipment is not shown but is available beginning December 1968.Source: Department of Labor, Bureau of Labor Statistics.
306
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-50.—Wholesale price indexes by stage of processing, 1947-74
(1967=100]
Year or monthAll
com-modi-ties
Crude materials
Total
101.2110.996.0
104.6120.1110.3101.9101.0
97.197.699.8
102.099.4
97.096.597.595.494.5
99.3105.7100.0101.6108.4
112.2115.0127.6174.0196.1
143.3151.3159.0158.8167.7177.5
170.9207.5197.1185.7182.7186.4
201.3205.6200.6192.9186.5178.5
194.5203.5196.8200.3198.2193.9
Food-stuffsand
feed-stuffs
111.7120.8100.3
107.6124.5117.2104.9104.9
95.193.197.2
103.096.2
95.193.895.792.990.8
97.1105.9100.0101.3109.1
112.1114.2127.5180.0189.4
146.4156.0166.2164.2173.7185.4
177.7226.2205.2189.2184.2185.3
203.2207.2197.6182.6176.6164.6
184.9196.5187.4192.9190.9187.8
Non-food
mate-rials
exceptfuel
90.6100.791.6
104.7120.7104.6100.198.2
103.8107.6106.2102.2105.8
101.4102.5102.0100.7102.4
104.5106.7100.0102.1106.8
109.8110.5121.9161.5205.2
132.1138.1141.4144.6154.2161.8
155.9172.7184.7180.8180.8190.5
201.4206.8210.4214.1203.7202.3
210.0213.1206.1205.4200.7188.8
Fuel
Intermediate materials, supplies, and components i
Total
Materials and components formanufacturing
Total
Materials
Forfood
manu-factur-
ing
Fornon-urable
manu-factur-
ing
Fordurablemanu-factur-
ing
Com-Donents
Mate-rialsand
com-ponentsfor con-struc-tion
1947..1948..1949__
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..
1965..1966..1967..1968..1969..
1970..1971..1972..1973..1974..
1973:Jan...Feb...M a r -Apr. . .May...June..
Ju ly . .Aug.. .Sept..Oct__.Nov...Dec...
1974:Jan...Feb...Mar...Apr. . .May...June..
July—Aug...Sept..Oct. . .NovDec...
76.582.878.7
81.891.188.687.487.6
87.890.793.394.694.8
94.994.594.894.594.7
96.699.8
100.0102.5106.5
110.4113.9119.1134.7160.1
124.5126.9129.8130.5133.2136.0
134.3142.1139.7138.7139.2141.8
146.6149.5151.4152.7155.0155.7
161.7167.4167.2170.2171.9171.5
66.678.778.3
77.979.479.982.779.0
78.884.489.290.391.9
92.892.692.193.292.8
93.596.3
100.0102.3106.4
122.3138.5148.7164.5219.4
155.5156.3156.9160.4161.6162.6
163.0164.4169.2169.9175.0179.5
182.4186.3190.3205.4207.4213.6
222.0228.4236.8244.3251.9263.7
72.478.375.2
78.688.185.586.086.5
88.192.094.194.395.6
95.695.094.995.295.5
96.899.2
100.0102.3105.9
109.8114.0118.7131.6162.9
123.1125.1127.4128.4131.3134.0
131.7135.8133.7134.3135.4138.5
142.0144.6149.1152.8157.6160.9
166.3174.0173.8176.8178.6178.4
72.177.874.5
78.188.584.886.286.3
88.492.694.895.296.5
96.595.394.794.995.9
97.499.3
100.0102.2105.8
110.0113.0117.0127.7162.2
119.7121.1123.5125.0126.5127.7
128.1130.6130.7131.7132.6135.4
138.9141.6146.8150.9156.6160.7
166.7172.7174.1176.6180.7179.8
94.096.983.3
86.796.692.993.092.2
89.389.791.393.490.0
91.194.092.096.695.2
97.6101.9100.0101.5107.0
112.9116.2119.9146.0209.2
126.9130.8136.0136.4138.1142.6
143.3163.5157.6158.7156.0162.6
173.5184.0186.4180.4187.0191.5
205.9221.2222.6234.5265.8257.3
95.2100.891.9
96.5111.7100.699.898.2
98.6100.1101.4100.4102.1
102.199.999.398.499.1
100.0100.8100.0101.3102.5
104.0105.6109.4121.2155.0
112.6113.6115.7117.8119.8121.7
122.5123.4124.9126.0127.0129.3
132.6135.0140.8146.4147.9154.1
159.8166.0166.6169.5171.170.7
54.461.463.1
66.774.174.377.679.3
83.388.591.492.094.2
94.393.092.993.094.8
96.898.6
100.0103.3109.3
115.1118.8123.8133.7171.7
125.9127.7130.9132.7134.0134.3
134.1134.5135.0135.9137.8141.7
144.7146.5154.0161.1169.6174.7
180.2184.9186.5185.9186.2185.5
58.363.064.2
66.675.675.777.177.5
80.988.391.892.593.6
93.192.291.591.592.3
93.897.1
100.0102.3105.6
111.1,114.7117.6121.4139.9
118.5118.8119.6120.1121.0121.3
121.6122.0122.3122.9123.8124.5
126.1127.2129.4131.1135.2138.2
141.6145.6148.0150.2152.6153.6
66.073.173.2
77.084.383.785.185.5
88.993.594.094.096.6
95.994.694.294.595.4
96.298.8
100.0104.9110.9
112.6119.5126.2136.7161.6
128.6130.9134.2136.8138.5137.9
136.7137.3138.3138.7140.7142.0
145.0147.0151.1156.0160.7163.0
166.6169.3170.9169.7169.7170.1
See next page for continuation of table and for footnotes.
307
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-50.—Wholesale price indexes by stage of processing, 1947-74—Continued
[1967=100]
Year or month
Finished goods
Total
Consumer finished goods
Total FoodsOthernon-
durablegoods
Dur-able
goods
Special groups of industrialproducts
Pro-ducer
finishedgoods
Crudemate-rials 3
Inter-mediate
materials,supplies,and com-ponents 3
Con-* sumer
finishedgoods
excludingfoods
1947..1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957...1958..1959..
I960..1961..1962..1963..1964..
1965..1966.1967.1968.1969.
1970.1971.1972.1973.1974.
1973:Jan...Feb..Mar..Apr..May..June.
July..Aug_.Sept..Oct...Nov..D e c .
1974:Jan...Feb..Mar..Apr..May...June.
July..Aug..Sept..Oct...Nov..Dec.
74.079.977.6
79.086.586.085.185.3
85.587.991.193.293.0
93.793.794.093.794.1
95.798.8100.0102.9106.6
110.4113.5117.2127.9147.5
121.0122.5124.7125.4126.2127.4
127,7131.9131.2131.2132.0133.6
137.4140.1141.0142.1143.8144.0
148.1150.6152.1155.2157.7158.0
80.586.582.5
83.991.890.789.289.1
88.589.892.494.493.6
94.594.394.694.194.3
96.199.4
100.0102.7106.5
109.9112.7116.6129.2149.3
121.2122.9125.7126.3127.1128.6
128.9134.2133.2133.0133.6135.5
139.9143.2143.8144.7146.0145.4
149.9152.1153.2156.0158.6158.7
82.890.483.1
84.795.294.389.488.7
86.586.389.394.590.1
92.191.792.591,491.9
95.4101.6100.0103.7110.0
113.5115.2121.7146.4166.9
131.8134.1140.2140.7141.9145.0
145.4158.6156.1153.6153.7155.7
162.7167.0164.6163.1162.4157.0
164.6167.7168.7171.4177.4175.9
80.785.882.3
83.690.087.888.688.9
89.491.193.292.694.0
94.794.794.895.194.8
95.997.8
100.0102.2105.0
108.3111.3113.6120.5146.8
115.4117.4118.1118.8119.5120.2
120.5120.9121.2122.6124.4126.6
130.2134.0137.8141.2144.3147.7
150.6153.0154.2155.7156.2156.9
74.679.781.8
82.788.288.989.690.3
91.294.397.198.499.6
99.298.898.397.898.2
97.998.5100.0102.2104.0
107.0110.9113.2115.8126.3
113.8114.0114.5115.3115.7115.9
116.1116.3115.8116.7117.0117.9
119.6120.2120.9122.0123.7125.0
126.8127.3128.4133.1133.8135.3
55.460.463.4
64.971.272.473.674.5
76.782.487.589.891.5
91.791.892.292.493.3
94.496.8
100.0103.5106.9
111.9J16.6119.5123.5141.0
120.6121.2121.7122.3123.1123.4
123.5123.9124.2125.1125.7126.7
128.3129.3130.9132.4135.9138.7
141.5145.2148.0151.9154.1155.3
79.292.584.0
93.6102.993.192.488.0
96.6102.3100.996.9
102.3
98.397.295.694.397.1
100.9104.5100.0102.0110.6
118.8122.7131.1155.2219.1
139.1142.3142.5146.8149.6152.8
153.5156.0161.0164.7174.2179.8
188.2202.7212.2224.8216.5217.5
228.9229.5229.8229.0228.7221.2
70.076.174.2
77.787.084.385.385.7
88.392.695.094.896.4
96.895.595.395.095.6
96.998.9
100.0102.6106.1
110.0114.3118.9128.1159.5
121.2122.6124.8126.4127.9128.6
128.5129.3130.1131.0132.4134.8
137.9140.6145.8150.8156.1159.6
164.5169.6170.6172.1173.0173.2
79.084.082.2
83.589.588.389.189.4
90.192.394.694.795.9
96.396.296.096.095.9
96.798.1
100.0102.1104.6
107.7111.2113.5118.6138.6
114.8116.0116.6117.4118.0118.4
118.7119.0119.0120.2121.4123.1
125.6128.4131.0133.5136.0138.6
141.1142.7143.9146.7147.2148.3
* Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.> Excludes crude foodstuffs and feed stuffs, plant and animal fibers, oilseeds, and leaf tobacco.1 Excludes intermediate materials for food manufacturing and manufactured animal feeds.
Note.—For a listing of the commodities included in each sector, see monthly report, "Wholesale Prices and PriceIndexes," January-February 1967.
Source: Department of Labor, Bureau of Labor Statistics.
308Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-51.—Percent changes in wholesale price indexes, major groups, 1948-74
[Percent change]
Year or month
19481949.
19501951..195219531954
1955..1956195719581959
19601961..196219631964
19651966196719681969
19701971197219731974
1973:JanFebMarAprMayJune
JulyAugSeptOctNovDec
1974:JanFebMarAprMayJune
JulyAugSeptOctNovDec
Allcommodities
Dec.to
Dec1
1.5- 6 . 1
14.71.2
- 3 . 4.5
- . 6
1.64.52.0.5
- . 3
.5- . 2
.0- . 1
.4
3.41.71.02.84.8
2.24.06.5
15.420.9
Yearto
year
8.2- 5 . 0
3.911.4
- 2 . 7- 1 . 4
.2
.23.32.91.4.2
.1
.3- . 3
.2
2.03.3.2
2.53.9
3.73.24.D
13.118.9
Industrialcommodities
Dec.to
Dec1
5.0- 5 . 0
14.0.4
- 1 . 41.4.2
4.34.21.1.9
1.2
- . 6- . 1- . 2
.5
.6
1.42.21.92.73.9
3.63.23.6
10.725.6
Yearto
year
8.6- 2 . 1
3.610.4
- 2 . 3.8.2
2.24.52.8.3
1.8
.0- . 5
.0
1.32.21.52.53.4
3.83.63.46.8
22.2
Farm productsand processed
foods and feeds
Dec.to
Dec1
- 6 . 8- 8 . 9
17.03.5
- 8 . 2- 2 . 3- 2 . 6
- 6 . 46.04.2
- . 2- 4 . 4
3.9- . 6
.6- 2 . 1
.C
9.5.2
- 1 . 83.57.5
- 1 . 46.0
14.426.711.0
Yearto
year
7.6-11.7
4.813.8
- 3 . 9- 6 . 5
- 4 . 71
3.44.7
- 4 . 7
.2
.01.1
- 1 . 0- . 6
4.26.6
- 3 . 42.45.5
3.41.97.6
30.011.5
Consumer finished goods
Total
Dec.to
Dec.1
1.11- 5 . 6
10.22.7
- 3 . 1- . 1- 6
- . 13.13.0.2
2 1- . 8
.1- . 4
.2
4.C1.61.23 14.9
1.43.34 5
13.617.1
Yearto
year
7.5-4 .6
1.79.4
-1 .2-1 .7- l
- . 71 52.92 2
- . 8
1.0
.3
\l
1.93 4.6
2 73.7
3.22.53 5
10.815.6
Foods
Dec.to
Dec1
- 2 . 4- 7 . 4
13.35.3
- 5 . 9- 2 . 2- 1 . 9
- 2 . 93.65.3.4
- 3 . 7
5.2- 1 . 8
.5- 1 . 3
.4
9.11.4
- . 44.88.2
- 2 . 55.98 0
22.513.0
Yearto
year
9.2- 8 . 1
1.912.4- . 9
- 5 . 2g
- 2 . b
3.55.8
- 4 . 7
2.2- . 4
.9- 1 . 2
.5
3.86.5
- 1 . 63.76.1
3.21.5b 6
20.314.0
All except foods
Dec.to
Dec1
4.C- 4 . 5
8 2.9
- 1 . 11.6
3
1.72.51.7.2.8
.4- . 3
.1
.1
.91.72.12 02.9
3 91.82 27.4
2G.5
Yearto
year
6.3- 2 . 1
1.67.2
- 1 . 3.9.3
.82.42.5.1
1.3
.4
- . 2.0
- . 1
.81.41.92.12.4
3.03.22.14.5
16.9
Change from preceding month
Unad-justed
1.31 92.3
52.12.1
- 1 . 35.8
- 1 . 7- . 7
41.9
3.42.01.3.9
1.5.5
3.93.5
- . 11.81.0
- . 2
Sea-sonally
ad-justed
0.91 42.2
81.92.1
- 1 46.2
- 1 . 5
1.6
2.91.51.21.11.3.5
3.73.9.1
2.51.2
Unad-justed
0.51 l1.21 l.9
- .6
.1
.5
.6
.91 21.6
2.32.13.02.92.72.1
2.72.4
.81.2.6.2
Sea-sonally
ad-justed
0.21 l1.1
91.0.7
.1
.6
.8
1 51.4
2.02.12.92.82.72.2
2.72.51.01.1.9.0
Unad-justed
3.33 94.6
14.75.6
- 4 . 117.6
- 6 . 0- 3 . 9— 1 4
2.2
5.81.6
- 2 . 4- 3 . 7- 1 . 3- 3 . 4
6.86.2
- 2 . 33.42.1
- 1 . 3
Sea-sonally
ad-justed
2.32 84.6.6
3.85.0
- 4 . 419.1
- 5 . 6- 2 . 2- 1 0
1.0
4.6.4
- 2 . 4- 2 . 4- 2 . 2- 4 . 0
6.47.6
- 1 . 95.12.5
- 2 . 5
Unad-justed
1.61 42.3
5.6
1.2
.24.1
- . 7- . 2
61.3
3.22.4
.6
.9- . 4
3.11.5
L81.7.1
Sea-sonally
ad-justed
1.11 l2.51.0
i!o
.04.4
- . 6.6
.8
2.62.1
1.0.6
2.81.7.8
2.71.8
- . 4
Unad-justed
3.71 74.5.4.9
2.2
.39.1
- 1 . 6- 1 . 6
1.3
4.52.6
- 1 . 4- . 9- . 4
- 3 . 3
4.81.9.6
1.63.5
- . 8
Sea-sonally
ad-justed
2.31 54.71.1.6
1.8
- . 910.5
- 2 . 51.0.1.9
3.02.4
- 1 . 3- . 1- . 6
- 3 . 8
3.63.2
- . 34.33.5
- 1 . 2
Unad-justed
0.21 0
.7
.5
.3
.3
!o1.01 01.4
2.02.22.01.91.91.9
1.81.1.8
1.9.3.7
Sea-sonally
ad-justed
0.21.0.6.7.4.4
.3
.4
.3
.81.21.0
2.02.12.21.91.72.1
1.81.31.21.7.4.4
1 Changes from December to December are based on unadjusted indexes.
Note.—The seasonally adjusted changes for all commodities and industrial commodities are based on seasonal adjust-ment factors and seasonally adjusted indexes to two decimal places.
Source: Department of Labor, Bureau of Labor Statistics.
309
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY STOCK, CREDIT, AND FINANCETABLE C-52.—Money stock measures, 1947-74
[Averages of daily figures; billions of dollars, seasonally adjusted]
Year andmonth
1947: Dec.1948: Dec.1949: Dec.
1950: D e c . . .1951: D e c . . .1952: D e c . . .1953: D e c . . .1954: D e c . . .1955: D e c . . .1956: D e c . . .1957: D e c . . .1958: D e c . . .1959: D e c . . .
1960: D e c . . .1961: D e c . . .1962: D e c . . .1963: D e c . . .1964: D e c . . .1965: D e c . . .1966: D e c . . .1967: D e c . . .1968: D e c . . .1969: Dec—.
1970: D e c . . .1971: D e c . . .1972: D e c . . .1973: D e c . . .1974: D e c * . .
1973: JanFeb.. .MarAprMayJune
JulyAugSeptOctNovDec
1974: JanFebMarAprMayJune
JulyAugSeptOctNovDec*
256.9257.9258.0259.4262.3265.3
266.1266.0265.7266.6269.4271.5
270.9273.1275.2276.6277.6279.7
280.2280.5280.8281.7283.3283.8
Overall measures
Mi(Currency
plusdemanddeposits)
113.1111.5111.2
116.2122.7127.4128.8132.3135.2136.9135.9141.1143.4
144.2148.7150.9156.5163.7171.3175.4186.9201.7208.7
221.4235.3255.8271.5283.8
Mj(Mi plus
timedepositsat com-mercialbanks
other thanlarge CD's)
210.9
217.1228.6242.8258.9277.1301.3317.8349.6382.3392.2
425.3473.1525.7572.2613.9
529.8532.9535.3538.8544.2549.5
551.9555.1557.2561.6567.2572.2
575.5580.8585.5589.4591.5596.7
599.4602.0603.6607.8612.6613.9
M3(Mj plusdepositsat non-
bankthrift
institu-tions)
299.4
314.4336.5362.9393.2426.3462.6485.2532.6576. ff593.5
642.8727.9823.2895.3955.0
830.5836.2840.9846.5854.4862.6
866.8870.7873.9880.0887.8895.3
900.7907.7914.9920.5923.0929.5
933.4936.6938.9944.3951.1955.0
Components and related items
Cur-rency '
26.425.825.1
25.026.127.327.727.427.828.228.328.628.9
29.029.630.632.534.336.338.340.443.446.1
49.152.656.961.667.7
57.257.557.958.658.959.3
59.559.860.260.561.061.6
62.062.763.363.964.364.6
64.865.465.866.467.367.7
Deposits at commercial banks
De-mand 2
86.785.886.0
91.296.5
100.1101.1104.9107.4108.7107.6112.6114.5
115.2119.1120.3124.1129.5134.9137.0146.5158.2162.7
172.3182.7198.9209.9216.1
199.8200.4200.1200.8203.4206.0
206.6206.2205.5206.1208.4209.9
208.9210.4211.9212.8213.2215.0
215.4215.1215.0215.3216.0216.1
Time and savings 3
Total
35.436.036.4
36.733.241.144.548.350.051.957.465.467.4
72.982.797.6
112.0126.2H6.3157.9183.1204.1194.5
229.3271.2313.8364.5420.4
318.1324.4331.7337.1341.5344.9
348.3354.3357.6359.6360.8364.5
371.0375.9378.3386.7392.5398.4
402.8405.3407.6412.3414.9420.4
LargeCD's*
2.85.79.6
12.816.215.420.523.511.0
25.433.543.963.890.3
45.249.454.457.759,660.6
62.565.366.164.763.163.8
66.468.268.073.978.581.3
83.683.884.886.285.590.3
Other
87.4
72.979.992.0
102.3113.4130.1142.5162.7180.6183.5
203.9237.7269.9300.7330.1
272.9275.0277.3279.4281.9284.2
285.8289.0291.5295.0297.7300.7
304. 6307.7310.3312.7314.0317.0
319.2321.5322.8326.1329.3330.1
Depositsat non-bankthrift
institu-tions*
88.5
97.3107.9120.1134.4149.2161.3167.4183.0194.5201.3
217.5254.9297.5323.1341.1
300.7303.3305.6307.8310.2313.1
314.9315.6316.7318.4320.6323.1
325.2326.9329.5331.1331.5332.7
334.0334.5335.3336.6338.5341.1
U.S.Govern-
mentdemanddeposits(unad-justed) s
1.01.82.8
2.42.74.93.85.03.43.43.53.94.9
4.74.95.65.15.54.63.45.05.05.6
7.36.97.46.34.6
8.19.9
10.48.38.77.1
6.54.15.36.04.36.3
8.16.66.46.07.66.1
5.44.05.43.73.34.6
1 Currency outside the Treasury, the Federal Reserve Banks, and the vaults of all commercial banks.2 Demand deposits other than those due to domestic commercial banks and the U.S. Government, less cash items in
process of collection and Federal Reserve float, plus foreign demand balances at Federal Reserve Banks.3 Time and savings deposits other than those due to domestic commercial banks and the U.S. Government. Effective
June 1966, excludes balances accumulated for payment of personal loans (about $1.1 billion).4 Negotiable time certificates of deposit issued in denominations of $100,000 or more by large weekly reporting com-
mercial banks.« Average of the beginning- and end-of-month deposits of mutual savings banks and savings capital at savings and loan
associations.6 Deposits at all commercial banks.
Source: Board of Governors of the Federal Reserve System.
310
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-53.—Commercial bank loans and investments, 1930-74[Billions of dollars1
End of yearor month i
1930:June
1933:June
1939
1940194119421943-.1944.. .19451946..19471948 . . _
19481949
1950195119521953195419551956195719581959 3
1960196119621963196419651966196719681969 *
19701971197219731974 p
1974: Jan -FebMarAprMayJune _ _ .
July pAug pSept pOct pNOVP.Dec p
Total loansand invest-
ments 2
48.9
30.4
40.7
43.950.767.485.1
105.5124.0114.0116.3114.2
Loans
Total 2
34.5
16.3
17.2
18.821.719.219.121.626.131.138.142.4
Commercialand
industrial
Investments
U.S. Govern-ment securities
5.0
7.5
16.3
17.821.841.459.877.690.674.869.262.6
Othersecurities
9.4
6.5
7.1
7.47.26.86.16.37.38.19.09.2
Loans plusloans sold to
bank affiliates 2
Seasonally adjusted
113.0118.7
124.7130.2139.1143.1153.1157.6161.6166.4181.2188.7
197.4212.8231.2250.2272.4300.1
4 316 1
352.0390 2401.7
435.5484.8556.4630.3
s 681.2
638.9647.4657.5666.9673.4
s 677. 5
686.6P92.0687.0687.1
s 688. 5681.2
41.542.0
51.156.562.866.269.180.688.191.595.6
110.5
116.7123 6137.3153.7172.9198.2
4 213 9
231.3258 2279.1
291.7« 320. 3
377.8447.3
8 494.1
452.9458.3468.2476.3481.4
s 484.5
494.3500.2498.2499.5
s 500.9494.1
39.4
42.143.947.652.158.469.578 686.295 9
105.7
110.0115.9
f 129.7155.8
s 180. 5
157.9159.5165.1169.5172.9174.6
177.9180.7180.8182.5
8 183.0180.5
62.366.4
61.160.462.262.267.660.357.256.965.157.7
59.965.364.761.560.857.153.559.460.751.5
57.960.161.952.848.8
54.556.456.457.157.256.4
55.855.352.249.749.348.8
9.210.3
12.413.414.214.716.416.816.317.920.520.5
20.823.929.235.038.744.8
M8. 761.371.371.1
85.9« 104. 4
116.7130.2
8 138. 3
131.5132.7132.9133.5134.8
8 136.6
136.5136.5136.6137.9
8 138.3138.3
283.0
29*. 7• 323.1
380.4451.6
s» 498. S
457.3463.3473.1481.7487.1
8 489.9
499.79 505.5
503.5504.7
s 505.8498. S
1 Data are for last Wednesday of month or year (except June 30 and December 31 call dates).2 Adjusted to exclude all interbank loans beginning 1948 and domestic bank loans only beginning January 1959.3 Beginning January 1959, loans and investments are reported gross, without valuation reserves deducted, rather than
net of valuation reserves, as in earlier periods.4 Effective June 1966, balances accumulated for payment of personal loans (about $1.1 billion) are excluded from loans
at all commercial banks, and certain certificates of CCC and Export-Import Bank totaling about $1 billion are included inother securities rather than in loans.
« Beginning June 1969, data include all bank-premises subsidiaries and other significant majority-owned domesticsubsidiaries; earlier data include commercial banks only.
• Beginning June 1971, Farmers Home Administration insured notes totaling about $0.7 billion are classified as othersecurities rather than as loans.
7 Beginning June 1972, commercial and industrial loans were reduced by about $0.4 billion due to loan ^classificationsatone large bank.
8 Beginning June 1974, the merger of a large mutual savings bank and a nonmember commercial bank increased totalloans and investments by $0.6 billion, loans by $0.5 billion, and other securities by $0.1 billion.
Beginning November 1974, the liquidation of one large bank reduced total loans and investments by $1.5 billion, totalloans by $1.0 billion, commercial and industrial loans by $0.6 billion, and other securities by $0.5 billion. In addition, com-mercial and industrial loans were increased by $0.1 billion due to loan ^classifications at one large bank.
9 Beginning August 1974, reflects new definition of affiliates included and different group of reporting banks. Amount oftotal loans sold was reduced by $0.1 billion.
Source: Board of Governors of the Federal Reserve System.
311Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-54.—Total funds raised in credit markets by nonfinancial sectors, 1966-74
[Billions of dollars]
Item
Total funds raised
U.S Government . . . . . .
Public debt securities _Agency issues and mortgages
All other nonfinancial sectors
Corporate equitiesDebt instruments .
Debt capital instruments .
State and local government se-curities _ .
Corporate and foreign bondsMortgages
HomeOther residentialCommercialFarm..
Other private credit
Bank loans n.e.c.Consumer creditOpen-market paperOther
By borrowing sector:
Total funds raised
Foreign . .State and local governmentsHouseholdsNonfinancial business
FarmNonfarm noncorporateCorporate
Total funds advanced to nonfinancial sectors
Financed directly or indirectly by:
Private domestic nonfinancial sectors
Deposits
Demand deposits and currency..Time and savings accounts
At commercial banks „ .At savings institutions
Credit market instruments, net~_
U.S. Government securitiesPrivate credit market instru-
ments...Corporate equitiesLess security debt.
Other sources:
Foreign funds..
At banks . . . .Direct
Change in U.S. Government cashbalance
U.S. Government loans rPrivate insurance and pension re-
servesOther
1966
67 9
3.6
2.31.3
64.3
1.063.3
38 9
5.611.022 3
11.73.15.71.8
24.4
10 76.41.06.2
64.3
1.56.3
22.733.8
3.15.4
25 3
67.9
41.3
24.4
4.120.3
13.07 3
16.9
8.4
9.2- . 9—.3
1.8
3.7—1.9
—.44.9
18.12.2
1967
82 4
13.0
8.94.1
69.4
2.467.0
45 7
7,815.922 0
11.53.64.72.3
21.3
9.54.52.15.1
69.4
4.07.9
19.338.1
3.65.0
29.6
82.4
50.5
52.1
12.839.3
22.616 7
—1.5
—1.4
5.7—4.3
1.5
4,9
2.32.7
1.24.6
18.23.0
1968
95 9
13 4
10.33.1
82 5
.082.6
50 6
9.514.027 1
15.13.46.42.2
32.0
13 110.01.67 2
82.5
2.89.8
30 039.9
2.85.6
31.5
95.9
61.4
48.3
14.533.9
21.012 9
13.0
8.1
12.3—6.5
.8
5.1
2.62.5
—1.14.9
18.86.9
1969
91 8
—3 6
—1.32 4
95 5
3.991 6
50 6
9.913.027 7
15.74.75.31 9
41 0
15 310.43.3
12 0
95.5
3.710.731 749.4
3.27.4
38 9
91.8
47.7
5 4
7.7- 2 . 3
- 1 0 . 38 0
42.3
17.0
27.5—3.8—1.6
10.6
9.31.3
.42.9
19.710.6
1970
98 2
12 8
12.9— 1
85 4
5.879 7
57 6
11.220.625 7
12.85.85.31.8
22 1
6 46.03.85 9
85.4
2.711.323 448 0
3.25.3
39 5
98.2
63.3
66 6
10.556.1
39.216 9
—3.4
—9.0
6.5- 1 . 7—.9
2.4
—8.510.9
2.82.8
21.85.1
1971
147 4
25 5
26.0_ 5
121 9
11.5110 4
84 2
17.619.746 9
26.18.8
10.02.0
26.3
9 311.2—.9
6.6
121.9
4.617.839 859 6
4.18.7
46.8
147.4
83.1
93.7
12.781.0
40.640 4
—10.6
—14.0
10.7- 5 . 3
2.1
23.9
- 3 . 227.2
3.23.2
24.89.1
1972
169 4
17 3
13.93 4
152 1
10.5141 6
94 9
14.413.267 3
39.610.314.82.6
46 7
21 819.2
—1.67 3
152.1
4.314.263 170.5
4.910.455.3
169.4
105.8
101.9
16.785.2
39.345 9
3.8
1.6
12.1—5.4
4.5
15.8
5.210.6
- . 32.6
27.118.4
1973
187 4
9 7
7.72 0
177 7
7.2170 4
97 1
13.710.273 2
43.38.4
17.04 4
73 4
38 622.9
1.810 0
177.7
7.512.372.885.1
8.69.3
67.2
187.4
124.3
88.8
12.676.3
48.128.2
35.5
18. S
20.5—8.2—4.4
10.1
6.E3.e
- l . i3.C
29.522.;
See footnotes at end of table.
312
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-54.—Total funds raised in credit markets by nonfinancial sectors, 7966-74—Continued[Billions of dollars]
Item
1974 unadjustedquarterly flows
III
1974 seasonallyadjusted annual rates
III
Total funds raised.._
U.S. Government
Public debt securities...
Agency issues and mortgages
All other nonfinancial sectors
Corporate equities
Debt instruments
Debt capital instruments
State and local government securitiesCorporate and foreign bonds..Mortgages.
HomeOther residentialCommercialF a r m . . .
Other private creditBank loans n.e.cConsumer creditOpen-market paperOther
By borrowing sector:
Total funds raised
ForeignState and local governmentsHouseholdsNonfinancial business
FarmNonfarm noncorporateCorporate
Total funds advanced to nonfinancial sectors
Financed directly or indirectly by:
Private domestic nonfinancial sectors
Deposits
Demand deposits and currency.Time and savings accounts..
At commercial banks
At savings institutions
Credit market instruments, net.
U.S. Government securitiesPrivate credit market instruments...Corporate equitiesLess security debt
Other sources:
Foreign funds
At banksDirect
Change in U.S. Government cash balance.U.S. Government loansPrivate insurance and pension reserves..Other
35.0
3.4
3.0.4
31.6
1.630.0
20.2
4.04.3
11.9
6.61.42.91.0
9.8
6.1-2 .9
3.63.0
31.6
3.4* 3.7
6.018.5
1.7- . 417.2
35.0
22.9
11.4
-12.924.3
13.910.4
11.6
5.25.7.9.2
2.7
2.3.4
-1 .6.4
6.64.0
52.0
- 6 . 2
- 6 . 4.2
58.2
1.157.1
29.3
4.95.9
18.5
11.02.43.71.4
27.7
16.25.93.62.1
58.2
6.54.4
15.831.6
3.13.1
25.4
52.0
33.0
30.7
8.222.5
18.14.4
2.3
- 1 . 04.7
- 1 . 2.2
6.7
2.73.9
.4
.59.02.5
48.5
4.5
4.9- . 4
44.0
1.442.6
23.9
3.25.5
15.2
9.42.32.41.1
18.7
5.74.55.92.7
44.0
3.03.0
13.924.1
1.82.2
20.2
48.5
26.7
3.1
- 5 . 78.8
8.4.4
23.6
11.410.4
5.6
3.22.4
- . 61.18.86.9
177.3
8.7
7.01.7
168.7
6.3162.4
92.7
15.819.657.3
33.07.1
13.43.8
69.7
41.78.2
11.48.4
168.7
14.114.551.488.7
6.34.4
78.0
177.3
132.8
89.7
7.182.6
45.137.6
43.1
19.027.8
-2 .7.9
12.4
11.11.4
.22.2
25.64.0
206.5
2.1
1.3.8
204.5
4.5200.0
110.8
19.720.970.2
41.78.7
15.14.8
89.1
47.117.218.06.8
204.5
25.117.453.6
108.3
8.510.289.7
206.5
124.7
105.9
9.396.5
81.015.5
18.8
5.318.6
-4 .11.0
28.8
9.519.3
-3 .81.7
36.918.3
199.1
15.1
16.6-1 .5
184.0
5.4178.6
87.7
12.321.853.5
31.19.28.84.4
90.8
35.215.822.517.3
184.0
13.311.557.6
101.5
8.78.3
84.6
199.1
127.7
38.7
2.436.3
28.77.6
89.0
37.444.03.2
- 4 . 5
15.9
14.21.7
1.64.3
35.014.5
Source: Board of Governors of the Federal Reserve System.
313
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-55.—Private liquid asset holdings, nonfinancial investors, 1959-74
[Averages of daily figures; billions of dollars, seasonally adjusted)
Yearand
month
1959: Dec
1960: Dec1961: Dec.1962: Dec1963: Dec1964: Dec
1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971: Dec.1972: Dec1973: Dec1974: Dec v
1973:JanFebMarAprMayJune
JulyAugSeptOct.NovDec
1974:JanFebMarAprMay-June
JulyAug . _ - . - .SeptOct . . .NovDec p
Totalliquidassets
375.4
388.1412.5444.5482.5518.4
562.9593.5643.2704.1737.1
786.. 5868.3979.8
1, 093.31,197.2
988.7997.9
1,008. 51,019.71,031.31, 042.5
1,050.81,061.11,068.81,074.61, 083.11,093.3
1,102.71,113.21,123.21,137.61,145.31,155.0
1,163.31,168.21,173.41,182.81,189.21,197.2
Currency and deposits
Total
290.6
305.7326.3352.3382.3415.1
451.5474.3520.9564.5583.0
634.4721.0815.9885.4945.6
823.2828.7833.8839.1846.6854.8
858.8862.2865.4870.9878.2885.4
890.5897.6904.6910,1912.3918.5
922.3925.0927.3933.6941.4945.6
Cur-rency i
28.9
29.029.630.632.534.3
36.338.340.443.446.1
49.152.656.961.667.7
57.257. b57.958.658.959.3
59.559.860.260.561.061.6
62.062.763.363.964.364.6
64.865.465.866.467.367.7
De-mandde-
posits 1
104.1
104.6106.3106.5109.8114.6
119.6121.7130.0140.1144.7
153.2161.7175.1181.3186.7
175.7175.9175.7176.1178.1180.2
180.5179.6178.6178.7180.5181.3
180.0181.4182.4183.0182.9184.2
184.7184.4184.2185.1186.4186.7
Time deposits
Com-mer-cial
banks»
64.7
69.977.088.898.6
108.9
125.2137.0156.3174.3177.3
199.2233.6264.7294.8322.8
267.7269.7272.1273.9276.3278.6
280.2283.3285.9289.2291.8294.8
298.6301.6304.1306.4307.6310.5
312.3314.1315.3318.6322.1322.8
Non-bankthrift
institu-tions 2
92.9
102.2113.5126.4141.5157.3
170.4177.3194.2206.7215.0
232.8273.1319.1347.6368.4
322.7325.6328.1330.6333.3336.6
338.6339.4340.7342.5344.9347.6
350.0351.9354.8356.8357.5359.1
360.5361.1362.0363.5365.6368.4
U.S. Governmentsecurities
Sav-ings
bonds 3
46.1
45.746.546.948.048.9
49.550.151.051.451.1
51.353.757.059.962.8
57.357.657.958.258.558.8
59.059.259.359.559.759.9
60.060.360.560.861.061.3
61.561.762.062.362.562.8
Short-term
market-able
secur-ities *
37.7
34.034.036.138.535.7
38.443.839.546.864.9
53.239.539.752.060.6
39.839.941.243.345.046.0
46.448.650.550.451.152.0
52.152.153.755.756.356.8
58.259.360.261.461.060.6
Nego-tiablecertifi-catesof de-posit8
2.75.39.0
11.6
15.014.519.222.59.1
23.130.339.958.080.2
40.844.649.252.454.154.8
56.959.760.358.857.258.0
60.662.562.468.372.875.1
76.776.176.477.376.080.2
Com-mer-cial
papers
1.0
2.83.13.94.77.0
8.410.712.718.828.9
24.523.927.438.047.9
27.627.026.526.627.228.2
29.731.433.235.136.938.0
39.540.841.842.643.043.3
44.746.247.548.348.247. S
1 Money stock components (see Table C-52) after deducting foreign holdings and holdings by domestic financial institu-tions. The three columns add to M? held by domestic nonfinancial sectors.
2 Deposits at nonbank thrift institutions, as published in money stock statistics, plus monthly-average deposits at creditunions.
3 Series E and H savings bonds held by individuals.* Short-term marketable U.S. Government securities excluding official, foreign, and financial institution holdings.s Certificates over $100,000 at weekly reporting banks, except foreign holdings.6 Commercial paper held outside banks and other financial institutions.Source: Board of Governors of the Federal Reserve System.
314
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-56.—Federal Reserve Bank credit and member bank reserves, 1929-74
[Averages of daily figures; millions of dollars]
Year and month
1929: Dec
1933: Dec
1939: Dec . . . .
1940: Dec1941: Dec _.1942: Dec1943- Dec1944: Dec1945' Dec1946- Dec1947: Dec1948: Dec1949: Dec
1950: Dec . . .1951: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957- Dec1958: Dec1959: Dec
1960: Dec1961- Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec1973: Dec1974: Decp
1973:Jan .FebMarAprMayJune .
JulyAugSeptOctNovDec .
1974: JanFebMarAprMayJune
JulyAugSeptOctNovDec P
Reserve Bank credit outstanding
Total
1,643
2,669
2,612
2,3052,4046,035
11,91419,61224, 74424, 74622,85823,97819,012
21,60625, 44627,29927,10726,31726, 85327,15626,18628,41229, 435
29, 06031,21733,21836,61039, 87343, 85346,86451,26856,61064,100
66, 70874, 25576,85185,64293,993
78, 05777,59479, 21980,54281,83180, 547
83,92982,44381,81083,64483,75685,642
86, 56885,49384,94386,90789,40589, 254
91, 55491, 36791,61790,97191, 30293,993
U.S.Govern-ment se-curities
446
2,432
2 510
2 1882,2195,549
11 16618, 69323 70823 76721,90523, 00218,287
20,34523,40924, 40025, 63924,91724, 60224, 76523 98226,31227, 036
27, 24829 09830 54633, 72937,12640, 88543, 76048,89152, 52957, 500
61,68869,15871,09479,70186,679
72,19472, 30774,01975, 35376,75875, 355
77,44876,65376,07378,04278, 45779,701
80, 79380,80180,68681, 56783,43482, 812
84,31384,49384, 38483, 73584,05286,679
Member bankborrowings
Total
801
95
3
354
90265334157224134118
142657
1,593441246839688710557906
87149304327243454557238765
1,086
321107
1,0491,298
704
1,1641,5931,8581,7211,7861,788
2,0512,1441,8611,4651,3991,298
1,0441,1861,3521,7142,5803,000
3,3083,3513,2851,7931,285
704
Seasonal
4131
53077
1241631471268441
18173250
102130
1491651391176731
Allother,mainlyfloat
396
142
99
114180482658654702822729842607
1,1191,3801,3061,0271,1541,4121,7031 4941,5431,493
1,7251 9702,3682,5542,5042,5142,5472,1393,3165,514
4,6994,9904,7084,6436,610
4,6993,6943,3423,4683,2873,404
4,4303 6463,8764,1373,9004,643
4,7313,5062,9053,6263,3913,442
3,9333,5233,9465,4435,9656,610
Memb
Total
2,395
2,588
11 473
14 04912 81213,15212 74914 16816 02716 51717 26119, 99016,291
17,39120 31021,18019 92019,27919,24019, 53519 42018 899
2 18,932
19, 28320 11820 04020, 74621,60922, 71923, 83025 26027, 22128, 031
29,26531,329
3 31,3533 35,0683 36,960
3 32, 95031,73431,96932,27532,33632, 029
33, 59033,78334, 02034,91334, 72535,068
36, 65535,24234,96635,92936,51936, 390
37,33837,02937,07636,79636,83736,960
sr bank reserves
Re-quired
2,347
i l , 8 2 2
6 462
7 4039 422
10, 77611 70112 88414 53615 61716 27519,19315,488
16, 36419, 48420,45719 22718, 57618,64618,88318 84318 38318,450
18, 52719 55019,46820,21021,19822, 26723,43824,91526, 76627, 774
28,99331,16431,13434,80636,621
32, 60131, 53731,68232,12632,27731,970
33,19933, 54033,77534,69034, 54334,806
36,41935,05334, 79035,77136, 32536, 259
37,16136, 85136, 88536, 70536, 57936,621
Excess
48
1766
5 011
6 6463 3902'3761 0481 2841 491
900986797803
1,027826723693703594652577516482
756568572536411452392345455257
111165
3 2193 2623 339
3 349197287149
5959
391243245223182262236189176158194131
17717819191
258339
1 Data are for licensed banks only.2 Beginning December 1959, total reserves held include vault cash allowed.3 Beginning November 1972, includes $450 million of reserve deficiencies on which Federal Reserve Banks are allowed
to waive penalties for a transition period in connection with bank adaptation to Regulation J as amended effective Novem-ber 9,1972. Beginning 1973. allowable deficiencies included are (beginning with first statement week of quarter): firstquarter, $279 million; second quarter, $172 million; third quarter, $112 million; fourth quarter, $84 million. Beginning1974 allowable deficiencies included are: first quarter, $67 million and second quarter, $58 million. Transition periodended after second quarter 1974.
Source: Board of Governors of the Federal Reserve System.
315Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-57.—Aggregate reserves and member bank deposits, 1959-74
[Averages of daily figures; i billions of dollars, seasonally adjusted]
Year andmonth
1959: Dec
1960: Dec1961: Dec_1962: Dec1963: Dec1964: Dec
1965: Dec___1966: Dec._1967: Dec1968: Dec1969: Dec
1970: Dec.1971: Dec1972: Dec1973: Dec1974: Deep
1973- JanFeb . .MarAprMayJune
JulyAug..SeptOctNovDec
1974: JanFebMarAprMayJune
July. . . .AugSeptOctNovDec p
Member bank reserves
Total
18.57
18.8819.7119.6420.2621.17
22.2423.3424.8127.2828.01
29.2031.3331.4635.1636.92
32.1731.6731.9432.2732.4332.46
33.5733.9234.1934.9334.8735.16
35.8235.1234.9835.8836.52
Nonbor-rowed
17.63
18.8119.5719.3819.9320.91
21.8022.8124.5826.5426.90
28.8731.2030.4133.8736.19
31.0130.0830.1230.5630.5930.61
31.6231.7632.3433.4533.4833.87
34.7733.9233.6634.1533.93
36. 74 33. 73
37.4037.2737.2836.8636.8736.92
34.1033.9334.0035.0435.6236.19
Required
18.07
18.1419.1219.0719.7720.77
21.8223.0024.4426.8627.73
28.9531.1531.1734.8636.66
31.9231.4631.7332.0532.2832.22
33.2933.7533.9734.7034.6334.86
35.6634.9334.8435.7036.3436.54
37.2437.0837.0936.7336.6736.66
2
Avail-able 3
16.62
17.0117.7117.5818.2419.09
20.2021.4022.4924.8525.39
27.1329.0329.0932.9734.63
29.4529.4329.6329.8930.0930.51
31.2731.9932.3732.8332.7832.97
32.8232.9033.1333.6634. 2634.71
34.9635.2735.3034.8934.8734.63
Deposits subject to reserverequirements *
Total
158.2
162.5175.5189.0203.2218.7
238.5246.7275.5299.6287.7
321.3360.3402.0442.2485.9
404.7409.4416.3421.0425.1428.9
431.1436.7438.6439.7440.4442.2
446.8447.5450.4461.2467.0472.9
475.7478.5480.6480.5483.6485.9
Timeand
savings
54.3
58.867.779.992.1
103.7
120.5128.6148.8164.3150.5
178.9210.7242.0280.0323.3
244.5249.7255.9260.6263.9266.2
268.8274.2277.0277.9277.8280.0
284.1287.4288.6296.6302.3307.0
310.7312.4314.4317.2318.4323.3
Demand
Private
99.0
99.1102.9103.3105.9109.1
112.8113.9121.2130.3131.9
136.0143.8154.5158.2160.8
154.2154.0153.3153.4154.8156.3
156.9156.8156.2156.5157.5158.2
157.5157.9158.7160.0159.1160.6
160.7159.9159.9159.5160.6160.8
U.S.Govern-
ment
4.8
4.64.95.75.25.9
5.14.35.55.05 3
6.45.85.63.91.8
6.05.77.16.96.46.4
5.45.75.45.25.13.9
5.12.23.24.65.65.3
4.26.26.33.74.61.8
Totalmember
bankdeposits
plusnon-
deposititems «
158.2
162.5175.5189.0203.4220.1
240 0250.9279.9306.6307 0
333.4365.2406.4448.7494.3
409 2413.9421.1426.1430.3433.9
437.0443.5445.3446.2446.8448.7
453.3454.4457.9469.2475.8481.2
484.9487.5489.1488.3491.2494.3
1 Except as noted in footnote 5.2 Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the
effect of changes in Regulations D and M.3 Reserves available tc support private nonbank deposits are defined as (1) required reserves for (a) private demand
deposits, (b) total time and savings deposits, and (c) nondeposit sources subject to reserve requirements and (2) excessreserves. This series excludes required reserves for net interbank and U.S. Government demand deposits.
4 Deposits subject to reserve requirements include total time and sayings deposits and net demand deposits as definedby Regulation D. Private demand deposits include all demand deposits except those due to the U.S. Government, lesscash items in process of collection and demand balances due from domestic commercial banks.
5 Total member bank deposits subject to reserve requirements, plus Eurodollar borrowings, bank-related commercialpaper (data relate to Wednesday figures), and certain other nondeposit items. This series for deposits is referred to as"the adjusted bank credit proxy."
Source: Board of Governors of the Federal Reserve System.
316
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-58.—Bond yields and interest rates, 1929-74
[Percent per annum]
Year or month
1929
1933
1939
19401941..194219431944
19451946194719481949
195019511952 .1953.1954
19551956195719581959
I9601961196219631964
196519661967.19681969 . .
1970 .1971197219731974
U.S. Government securities
3-monthTreas-
urybills i
0.515
.023
.014
.103
.326
.373
.375
.375
.375
.5941.0401.102
1.2181.5521.7661.931.953
1.7532.6583.2671.8393.405
2.9282.3782.7783.1573.549
3.9544.8814.3215.3396.677
6.4584.3484.0717.0417.886
3-5year
issues 2
2.66
.59
.50
.731.461.341.33
1.181.161.321.621.43
1.501.932.132.561.82
2.503.123.622.904.33
3.993.603.573.724.06
4.225.165.075.596.85
7.375 775.856.927.81
Taxablebonds 3
2.462.472.48
2.372.192.252.442.31
2.322.572.882.942.55
2.843.083.473.434.07
4.013.903.954.004.15
4.214.664.855.256.10
6.595.745.636.306.99
Corporatebonds
(Moody's)
Aaa
4.73
4.49
3.01
2.842.772.832.732.72
2.622.532.612.822.66
2.622.862.%3.202.90
3.063.363.893.794.38
4.414.354.334.264.40
4.495.135.516.187.03
8.047.397.217.448.57
Baa
5.90
7.76
4.96
4.754.334.283.913.61
3.293.053.243.473.42
3.243 413.523.743.51
3.533.884.714 735.05
5.195.085.024.864.83
4 875.676.236.947.81
9.118.568.168.249.50
High-grademunic-
ipalbonds
(Stand-ard &
Poor's)
4.27
4.71
2.76
2.502.102.362.061 86
1.671.642.012.402.21
1.982.002.192.722.37
2.532.933.603.563.95
3.733.463.183.233.22
3.273.823.984.515.81
6.515.705.275.186.09
Averagerate onshort-termbankloans
to busi-ness -
selectedcities
2.1
2.12.02.22.62.4
2.22.12.12.52.68
2.693.113.493.693.61
3.704.204.624.34
«5.00
5.164.975.005.014.99
5.066.00
8 6.006.688.21
8.488 6.32
5.828.30
11.28
Primecom-mer-cial
paper,
months
5.85
1.73
.59
.56
.53
.66
.69
.73
.75
.811.031.441.49
1.452.162.332.521.58
2.183.313.812.463.97
3.852.973.263.553.97
4.385.555.105.907.83
7.725.114.698.159.87
Fed-eral
ReserveBankdis-
countrate*
5.16
2 56
1.00
1.001.00
71.0071.00M.00
M.0071 00
1.001.341.50
1.591.751.751.991.60
1.892.773.122.153.36
3.533.Q03.003.233.55
4.044.504.195.175.87
5.954.884.506.447.83
Federalfundsrates
1.782.733.111.573.30
3.221.%2.683.183.50
4.075.114.225.668.21
7.174.674.448.74
10.51
FHAnew
homemort-gage
yields«
4.34
4.174 214.294.614.62
4.644.795.425 495.71
6.185.805.615.475.45
5.466.296.557.138.19
9.057.787.538.089.47
See next page for continuation of table and for footnotes.
317
563-280 O - 75 - 21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-58.—Bond yields and interest rates, 1929-74— Continued
[Percent per annum]
Year or month
1972' JanFebMarADTM a / ; : : : :June
JulyAugSeptOctNovDec
1973* JanFeb . . .MarAprMayJune
JulyAugSeptOctNovDec
1974- JanFebMarAprMayJune
JulyAugSeptOctNovDec
U.S. Government securities
3-monthTreas-
urybills i
3 4033.1803.7233 7233.6483.874
4.0594.0144 6514.7194.7745.061
5 3075.5586.0546.2896.3487.188
8.0158.6728 4787.1557.8667.364
7 7557.0607 9868.2298.4308.145
7.7528.7448.3637 2447.5857.179
3-5year
issues 2
5.335.515.746.015.695.77
5.865.926.166.116.036.07
6.296.616.856.746.786.76
7.497.757.166.816.966.80
6.946.777.337.998.248.14
8.398.648.387.987.657.22
Taxablebonds 3
5.625.675.665.745.645.59
5.575.545.705.695.505.63
5.946.146.206.116.226.32
6.536.816.426.266.316.35
6.566.546.817.047.077.03
7.187.337.307.226.936.78
Corporatebonds
(Moody's)
Aaa
7.197.277.247.307.307.23
7.217.197.227.217.127.08
7.157.227.297.267.297.37
7.457.687.637.607.677.68
7.837.858.018.258.378.47
8.729.009.249.278.908.89
Baa
8.238.238.248.248.238.20
8.238.198.098.067.997.93
7.907.978.038.098.068.13
8.248.538.638.418.428.48
8.588.598.658.889.109.34
9.559.77
10.1210.4110.5010.55
High-grademunic-
ipalbonds
(Stand-ard &Poor's)
5.255.335.305.455.265.37
5.395.295.365.205.035.03
5.055.125.305.165.125.15
5.395.475.115.055.175.12
5.205.195.365.675.%6.08
6.546.586.656.466.476.93
Averagerate onshort-termbankloans
to busi-ness-
selectedcities
5.52
5.59
5.84
6.33
6.52
7.35
9.24
10.08
9.91
11.15
12.40
11.64
Primecom-mer-cial
paper,
months
4.083.934.174.584.514.64
4.854.825.145.305.255.45
5.786.226.857.147.277.99
9.1810.2110.238.928.949.08
8.667.838.429.79
10.6210.%
11.7211.6511.239.368.818.98
Fed-era!
ReserveBankdis-
countrate4
4.504.504.504.504.504.50
4.504.504.504.504.504.50
4 775.055.505.505.906.33
6.987.297.507.507.507.50
7.507.507.507.608.008.00
8.008.008.008.008.007.81
Federalfundsrates
3 503.293.834 174.274.46
4.554.804.875.045.065.33
5 946.587.097.127.848.49
10.4010.5010.7810.0110.039.95
9.658.979.35
10.5111.3111.93
12.9212.0111.3410.069.458.53
FHAnew
homemort-gage
yields«
7 597.497.467 457.507.53
7.547.547 557.567.577.57
7 567.557.567.637.737.79
7.898.19
9.188.978.86
8.78
8.548.669.179.46
9.469.85
10.3010.3810.13
1 Rate on new issues within period. First issued in December 1929.2 Selected note and bond issues.3 First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as
follows: April 1953 to date, 10 years; April 1952-March 1953,12 years; October 1941-March 1952,15 years.* Average effective rate for the period.6 Based on seven-day averages for weeks ending Wednesday. Beginning with statement week ending July 25, 1973,
weekly averages are based on the daily average of the range of rates on a given day weighted by the volume of trans-actions at these rates. For earlier statement weeks, the averages were based on the daily effective rate—the rate consid-ered most representative of the day's transactions, usually the one at which most transactions occurred.
« Data for first of the month, based on the maximum permissible interest rate (9 percent beginning November 25, 1974).Through July 1961, computed on 25-year mortgages paid in 12 years and thereafter, 30-year mortgages paid in 15 years.
7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured byGovernment securities maturing in 1 year or jess.
s Series revised. Not strictly comparable with earlier data.
Mote.—Yields and rates computed for New York City except for short-term bank loans.
Sources: Department of Housing and Urban Development, Department of the Treasury, Board of Governors of theFederal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation.
318
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—59.—Short- and intermediate-term consumer credit outstanding, 1929—74
[Millions of dollars]
End of year ormonth Total
1929..
1933..
1939..
1940..1941..1942..1943,.1944..1945..1946..1947..1948..1949..
1950..1951.,1952.1953..1954.1955.1956.1957.1958.1959.
I960..1961.1962.1963.1964.1965.1966.1967.1968.1969.
1970...1971...1972..1973..1974 4.
1973: Jan.. .Feb. .Mar . .Apr . .May..June.
July..Aug. .Sept..Oct...Nov..D e c .
1974: Jan . . .Feb...Mar . .Apr . .May..June..
July _AugSeptOctNovDec*
7,116
3,885
7,222
8,3389,1725,9834,9015,1115,6658,38411, 59814, 44717,364
21,47122,71227, 52031,39332,46438, 83042,33444,97145,12951, 544
56,14157,98263, 82171,73980,26889,88396,239100, 783110,770121,146
127,163138,394157, 564180,486190,400
157,227157, 582159, 320161,491164,277167, 083
169,148171,978173, 035174,840176,969180,486
178,686177, 522177,572179, 495181,680183,425
184,805187,369187,906188,023188,084190,400
Instalment credit
Total
3,524
1,723
4, 503
5,5146,0853,1662,1362,1762,4624,1726,6958,996
11, 590
14,70315, 29419,40323,00523, 56828, 90631, 72033, 86833,64239, 247
42,96843,89148, 72055,48662,69270,89376, 24579,42887, 74597,105
102,064111,295127, 332147, 437156,200
127, 368127,959129,375131,022133, 531136, 018
138,212140, 810142,093143,610145,400147,437
146, 575145,927145,768147,047148, 852150,615
152,142154,472155,139155,328155,166156,200
Auto-mobilepaper
1,384
493
1,497
2,0712,458
742355397455981
1,9243,0184,555
6,0745,9727,7339,8359,809
13,46014,42015, 34014,15216,420
17,65817,1?5198 38122, 25424,93428,43730,01029,79632,94835, 527
35,18438,66444.12951.13051,800
44,35344,81745,61046, 47847, 51848,54949,35250,23250,55751,09251,37151,130
50,61750, 38650,31050,60651,07651,641
52,08252,77252,84852,73652,32551,800
Other Icon-
sumergoodspaper
1,544
799
1,620
1,8271,9291,195
819791816
1,2902,1432,9013,706
4,7994,8806,1746,7796,7517,6418,6068,8449,028
10,631
11, 54511, 86212,62714,17716,33318,48320,73222,38924,62628,313
31,46534,35340,08047, 53051,900
39,95239,79539,95140,44141,09641,853
42,57543, 50544,01944,63245,59247, 530
47, 30346,78146,53647,01747, 58848,099
48,59249,32249,66449,98650,40151,900
Homeimprove-
mentloans i
27
15
298
371376255130119182405718853
1,0161,0851,3851,6101,6161,6931,9052,1012,3462,809
3,1483f 2213,2983,4373,5773,7363,8414,0084,2394,613
5,0705,4136,2017,3528,200
6,1936,2396,3286,4086,5416,688
6,8457,0097,1207,2357,3217,352
7,3037,3437,4307,5737,7867,930
8,0688,2148,2528,2878,2608,200
Per-sonalloans
569
416
1,088
1,2451,322974832869
1,0091,4961,9102,2242.431
2,8143,3574,1114,7815,3926,1126,7897,5828f1169,386
10,61711,67313,41415,61817,84820,23721,66223, 23525,93228,652
30,34532,86536,92241,42544,300
36,87037,10837,48637,69538, 37638,928
39,44040,06440,39740,65141,11641,425
41,35241,41741,49241, 85142,40242,945
43,40044,16444,37544,31944,18044,300
Noninstalment credit
Total
3,592
2,162
2,719
2,8243,0872,8172,7652,9353,2034,2124,9035,4515,774
6,7687,4188,1178,3888,8969,92410,61411,10311,48712,297
13,17314,09115,10116,25317,57618,99019,99421,35523, 02524, 041
25,09927,09930,23233,04934,200
29,85929,62329,94530t 46930,74631,065
30,93631,16830,94231,23031,56933,049
32,11131, 59531,80432,44832,82832,810
32,66332,89732,76732,69532,91834,200
Chargeac-
counts
1,996
1,286
1,414
1,4711,645lt4441,4401,5171,6122,0762,3812,7222,854
3,3673,7004,1304,2744,4854,7954,9955,1465. 0605,104
5,3295,3245,6845,9036,1956,4306,6867r0707,1937,373
7,9688,3509,0029.82910; 400
8,3577,6467,7028,0368,3198,555
8,4798,6058,3358,5908,7859,829
8,8758,0187,9398,4348,9479,106
9,1409,2659,1539,1839,31810,400
Other 2
1,596
876
1,305
1,3531,4421,3731,3251,4181,5912,1362,5222,7292,920
3,4013,7183,9874,1144,4115,1295,6195,9576,4277,193
7,8448,7679,41710,35011,38112, 56013,30814,28515,83216,668
17,13118, 74921, 23023,22023,800
21, 50221,97722,24322,43322, 42722,510
22,45722,56322,60722,64022,78423,220
23,23623, 57723,86524,01423,88123,704
23,52323,63223,61423, 51223,60023,800
Adden-dum:Policy
loans bylife in-surance
com-panies 3
2,378
3,769
3,248
3,0912,9192,6832,3732,1341,9621,8941,9372,0572,240
2,4132,5902,7132,9143,1273,2903,5193,8694,1884,618
5,2315,7336,2346,6557,1407,6789,117
10,05911,30613,825
16,06417,06518, 00320,199
18,08018,16318, 28418,42518,55613,713
18,89519,25219,59719,87020, 03920,199
20,24220,38220,53820,83021,06721, 321
21, 58121,88822,20222,50322, 710
1 Holdings of financial institutions only; holdings of retail outlets are included in other consumer goods paper.2 Single-payment loans and service credit3 Data are annual statement asset values. These loans are not included in consumer credit series.4 Preliminary; by Council of Economic Advisers.Sources: Board of Governors of the Federal Reserve System and Institute of Life Insurance (except as noted).
319
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-60.—Instalment credit extended and repaid, 1946-74
[Millions of dollars]
Year or month
Total
Ex-pended
Re-paid
Automobilepaper
Ex-tended
Re-paid
Other consumergoods paper
Ex-tended
Re-paid
Home improve-ment loans
Ex-tended
Re-paid
Personalloans
Ex-tended
Re-paid
1946..1947..1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..
1965..1966..1967..1968..1969.
1970..1971-1972..1973..1974 i.
1973: Jan . .Feb..Mar..Apr..May..June.
July..Aug..Sept.Oct..Nov..D e c .
1974: Jan_.Feb..Mar_.Apr..May.June.
July.Aug..Sept.Oct..Nov.Dec*
8,49512,71315, 58518,108
21, 55813, 57629, 51431, 55831,051
38,97239, 86642,01940,11048, 048
49, 79349,04856,19163, 59170,670
78,66182, 83287,17199,984109,146
112,158124,281142. 951165,083165,850
6,78510,19013, 28415, 514
18,44522,98525, 40527,95630,488
33,63437,05639, 87040, 33942,603
46,07348,12451, 36056,82563,470
70,46377,48083,98891,66799,786
107,199115,050126,914144,978157,075
1,9693,6925,2176,967
8,5308,95611,76412,98111,807
16,73415,51516, 46514, 22617,779
17,65716, 02919,69422,12624,046
27,20827,19226,32031,08332, 553
29,79434, 87340,19446,45342,625
1,4432,7494,1235,430
7,0119,05810,00310, 87911,833
13,08214, 55515,54515,41515, 579
16,41916,55217,44719, 25421, 369
23,70625,61926,53427,93129,974
30,13731, 39334, 72939,45241,950
3,0774,4985,3835,865
7,1507,4859,1869,2279,117
10,64211,72111,81011,73813,981
14, 52514,55115,70117, 92020, 821
22,85726,32929, 50433,50738,332
43, 87347,82155, 59966,85970, 525
2,6033,6454,6255,060
6,0577,4047,8928,6229,145
9,75210, 75811,57411,55712, 402
13,61314, 23514,93516, 36918,666
20,70724,08027,84731,27034,645
40,72144,93349,87259,40966,150
423704714734
835841
1,2171,3441,261
1,3931,5821,6741,8712,222
2,2152,0922,0842,1862,225
2,2702,2232,3692,5342,831
2,9633,2444,0064,7284,650
200391579689
717772917
1,1191,255
1,3161,3701,4771,6261,765
1,8762,0152,0102,0462,086
2,1122,1182,2022,3032,457
2,5062,9013,2183,5773,8C0
3,0263,8194,2714,542
5,0436,2947,3478,0068,866
10, 20311,05112,06912,27514, 070
15, 39616,37718,71021, 35923, 578
26.32627,08828,97832,86035,430
35, 52838,34343,15247,04348,050
Seasonally adjusted
13,30413,43413, 85213,46513, 93213,646
14, 54214,29413,69114,14914,27512,677
13,71413, 54113, 82314,17914,66914, 387
14, 63514,39414,08913,62612,60912,700
11,35511,43711,80812, 06111,94112, 034
12, 54412,39912, 33212,44912,54912,267
12,79712,87013,20613,02613,40713,301
13,31012,88213,41213,22413,00913,000
4,0063,9724,0013,8223,9893,762
3,9303,9683,9393,9123,8193,315
3,4923,3893,4843,5453,7693,731
3,8123,8873,8353,3693,0623,100
3,0973,1453,2253,2183,2613,253
3,3343,2933,4063,4273,4713,338
3,4333,3943,5443,4983,6013,577
3,5633,4433,6043,4703,4233,400
5,2825,2455,3495,5635,5045,505
5,9435,9615, 5375,9115,9785,254
5,6625,6475,9336,0346,1566,043
6,1645,9935,9355,9485,7C05,700
4,6494,6274,7554,9634,9174,955
5,1415,1685,0725,1495,1545,001
5,1935,3405,5965,4835,6075,615
5,6105,4445,7005,4995,5615,600
329364406365374400
433408410415402429
373409424447468425
416388302348321300
267275286294290300
308298322308301332
356323308312315335
320309279321325300
3,6873,8534,0963,7154,0653,979
4,2363,9573,8053,9114,0763,679
4,1874,0963,9824,1534,2764,188
4,2434,1264,0173,9613,5263,600
2,5393,4053,9574,335
4,6605,7516,5937,3368,255
9,48410,37311,27611,74112, 857
14,16515,31916,96919,15621,349
23,93825,66327,40530,16332,710
33,83535, 82339,09542,54045,175
3,3423,3903,5423,5863,4733,526
3,7613,6403,5323,5653,6233,596
3,8153,8133,7583,7333,8843,774
3,8173,6863,8293,9343,7003,700
* Preliminary; December by Council of Economic Advisers.Source: Board of Governors of the Federal Reserve System (except as noted).
320
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-61.—Mortgage debt outstanding by type of property and of financing, 1939—74
[Billions of dollars]
End of yearor quarter
1939
19401941...194219431944
19451946194719481949
19501951195219531954.
1955195619571958.1959
19601961.196219631964..
19651966196719681969
1970.1971197219731974 »
1972: 1IfIIIIV
1973: 1IIML. . .IV
1974:1II . _ . .IllIV P. .
Allprop-erties
35.5
36.537.636.735.334.7
35.541.848.956.262.7
72.882.391.4
101.3113.7
129.9144.5156.5171.8190.8
206.8226.3248.6274.3300.1
325.8347.4370.2397.5425.3
451.7499.8564.8635.0686.9
511.6528.9546.9564.8
579,3600.0619.8635.0
645.9663.4677.2686.9
Farmprop-erties
6.6
6.56.46.05.44.9
4.84.95.15.35.6
6.16.77.27.78.2
9.09.8
10.411.112.1
12.813.915.216.818.9
21.223.325.527.529.5
31.232.935.439.344.2
33.534.435.035,4
36.437.738.639.3
40.241.642.944.2
Nonfarm properties
Total
28.9
30.031.230.829.929.7
30.836.943.950.957.1
66.775.684.293.6
105.4
120.9134.6146.1160.7178.7
194.0212.4233.4257.4281.2
304.6324.1344.8370.0395.9
420.5466.9529.4595.6642.8
478.1494.5511.9529.4
542.9562.3581.2595.6
605.7621.8634.4642.8
1- to 4-familyhouses
16.3
17.418.418.217.817.9
18.623.028.233.337.6
45.251.758.566.175.7
88.299.0
107.6117.7130.9
141.3153.1166.5182.2197.6
212.9223.6236.1251.2266.8
280.2307.2345.4386.2414.8
313.8324.2335.2345.4
353.8366.0378.2386.2
391.7402.0410.1414.8
Multi-familyprop-erties
5.6
5.75.95.85.85.6
5.76.16.67.58.6
10.111.512.312.913.5
14.314.915.316.818.7
20.323.025.829.033.6
37.240.343.947.352.2
58.067.476.585.492.2
69.171.673.876.5
78.481.183.585.4
86.788.490.492.2
Com-mer-cial
prop-erties i
7.0
6.97.06.76.36.2
6.47.79.1
10.210.8
11.512.513.414.516.3
18.320.723.226.129.2
32.436.441.146.250.0
54.560.164.871.476.9
82.392.3
107.5124.0135.8
95.298.8
102.9107.5
110.7115.2119.5124.0
127.2131.4133.8135.8
Nonfarm properties by type of mortgage
Government underwritten
Total
1.8
2.33.03.74.14.2
4.36.39,8
13.618.1
22.126.629.332.136.2
42.947.851.655.159.3
62.365.669.473.477.2
81.284.188.293.4
100.2
109.2120.7131.1135.0
123.7126.6129.0131.1
132.5133.6133.8135.0
136.6137.7
1- to 4
Total
1.8
2.33.03.74.14.2
4.36.19.3
12.515.0
18.922.925.428.132.1
38.943.947.250.153.8
56.459.162.265.969.2
73.176.179.984.490.2
97.3105.2113.0116.2
107.5109.6111.5113.0
113.7114.7115.1116.2
117.7118.4
-family houses
FHAin-
sured
1.8
2.33.03.74.14.2
4.13.73.85.36.9
8.69.7
10.812.012.8
14.315.516.519.723.8
26.729.532.335.038.3
42.044.847.450.654.5
59.965.768.266.2
66.867.668.468.2
67.967.566.966.2
66.065.5
VAguar-
anteed
0.22.45.57.28.1
10.313.214.616.119.3
24.628.430.730.430.0
29.729.629.930.930.9
31.131.332.533.835.7
37.339.544.750.0
40.742.043.144.7
45.847.248.250.0
51.752.9
Conventional2
Total
27.1
27.728.227.125.825.5
26.530.634.137.339.0
44.649.054.961.569.2
78.086.894.6
105.5119.4
131.7146.8164.1184.0204.0
223.4240.0256.6276.6295.7
311.3346.2398.3460.6
354.4367.9382.9398.3
410.4428.7447.4460.6
469.0484.1
1- to 4-familyhouses
14.5
15.115.414.513.713.7
14.316.918.920.822.6
26.328.833.138.043.6
49.355.160.467.677.0
84.893.9
104.3116.3128.3
139.8147.6156.1166.8176.6
182.9202.0232.4270.0
206.3214.5223.7232.4
240.0251.4263.1270.0
274.0283.6
1 Includes negligible amount of farm loans held by savings and loan associations.> Derived figures.
Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied by variousGovernment and private organizations.
321
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-62.—Mortgage debt outstanding by lender, 1939-74
[Billions of dollars]
End of yearor quarter
1939
194019411942 . . . .19431944
19451946 . .194719481949
19501951195219531954
195519561957 . .19581959
I9601961 . . . . . . .196219631964
19651966196719681969
19701971197219731974 »
1972: 1IIIIIIV
1973: 1IIIllIV
1974: 1IIIIIIV*
Total
35.5
36.537.636 735.334.7
35.541.848.956.262.7
72.882.391.4
101.3113.7
129.9144.5156.5171.8190.8
206.8226.3248.6274.3300.1
325.8347.4370.2397.5425.3
451.7499.8564.8635.0686.9
511.6528.9546.9564.8
579.3600.0619.8635.0
645.9663.4677.2686.9
Private financial institutions
Total
18.6
19.520.720.720.220.2
21.026.031.837.842.9
51.759.5
f<\85.7
99.3111.2119.7131.5145.5
157.6172.6192.5217.1241.0
264.6280.8298.8319.9339.1
355.9394.2450.0505.4541.4
404.0418.7434.3450.0
462.6480.1494.9505.4
513.7527.4536.2541.4
Savingsandloan
associa-tions
3.8
4.14.64 64.64.8
5.47.18.9
10.311.6
13.715.618.422.026.1
31.435.740.045.653.1
60.168.878.890.9
101.3
110.3114.4121.8130 8140.2
150.3174.3206.2231.7249.4
180.0188.8197.7206.2
212.9222.3228.9231.7
236.1243.4247.6249.4
Mutualsavingsbanks
4 8
4.9\ 81 61 41.3
U1.4i q5.86.7
8.39.9
11.412.915.0
17 519.721.223 325.0
26.929.132.336.240.6
44.647 350.553 556.1
57.962.067.673 275.0
63 064.465 967.6
68.970.672.073.2
74.074.374 875.0
Com*mercialbanksi
4.3
4.64.94 74.54.4
4.87.29.4
10.911.6
13.714.715.916.818.6
21.022.723.325.528.1
28.830.434.539.444.0
49.754 459.065 770.7
73.382.599.3
119.1130.7
85 690.195.099.3
103.5109.1114.8119.1
121.7126.5129.3130.7
Lifeinsurance
com-panies
5.7
6.06.46.76*76.7
6.67.28.7
10.812.9
16.119.321.323.326.0
29.433.035.237.139.2
41.844.246.950.555.2
60.064.667.570.072.0
74.475.576.981.486.3
75 475.475.676.9
77.278.079.281.4
82.083.284.586.3
Other lenders
Federaland
relatedagencies3
5.0
4.94.74 33 63.0
2.42.01.81.92.4
2.73 44.04 44.6
5 26.07.57.8
10.0
11.211.812.211.211.4
12.415.818.421.726.8
33.039 445.855.772.3
41 242.744 345.8
47.349.053.055.7
58.462.567.772.3
Indi-viduals
andothers
11.9
12.012.211 711.511.5
12.113.815.316.517.4
18.419.420.521.823.4
25.427.329.332.535.4
38.041.944.045.947.7
48.750.953.055.859.4
62.866.269.073.973.2
66.467.568.369.0
69.571.071.973.9
73.773.573.373.2
1 Includes loans held by nondeposit trust companies, but not by bank trust departments.> Includes former Federal National Mortgage Association and new Government National Mortgage Association, as well as
Federal Housing Administration, Veterans Administration, Public Housing Administration, Farmers Home Administration,and in earlier years Reconstruction Finance Corporation, Homeowners Loan Corporation, and Federal Farm Mortgag eCorporation. Also includes U.S.-sponsored agencies such as new FNMA, Federal Land Banks, GNMA (Pools), and FederalHome Loan Mortgage Corporation. Other U.S. agencies (amounts small or current separate data not readily available)included with "individuals and others."
Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organiza-tions.
322
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-63.—Net public and private debt, 1929-73 *
[Billions of dollars]
End of year
1929
1933. . . .
1939._. .
1940194119421943. . . .1944
19451946. . . .194719481949
19501951195219531954
19551956. . .195719581959 ._
1960 . .1961196219631964
19651966 .196719681969
1970.197119721973
Total
191.9
168.5
183.3
189.8211.4258.6313.2370.6
405.9396.6415.7431.3445.8
486.2519.2550.2581.6605.9
665.8698.4728.3769.6833.0
874.2930.3996.0
1,070.91,151.6
1,243.61,338.71,438.71,582.51,736.0
1,868.92,045.82,270.22, 525.8
Public
Fed-eralGov-ern-
ment 2
16.5
24.3
42.6
44.856.3
101.7154.4211.9
252.5229.5221.7215.3217.6
217.4216.9221.5226.8229.1
229.6224.3223.0231.0241.4
239.8246.7253.6257.5264.0
266.4271.8286.5291.9289.3
301.1325.9341.2349.1
Fed-eral
finan-cial
agen-cies'
0.7.6.7
.71.31.31.41.3
2.92.42.42.53.7
3.54.05.37.27.5
8.911.29.0
21.430.6
38.839.941.459.8
Stateandlocalgov-ern-
ments
13.6
16.3
16.4
16.416.115.414.513.9
13.413.715.017.019.1
21.724.227.030.735.5
41.144.548.653.759.6
64.970.577.083.990.4
98.3104.8113.4123.9133.3
145.0162.4175.0184.5
Private
Total
161.8
127.9
124.3
128.6139.0141.5144.3144.8
140.0153.4178.3198.4208.4
246.4276.8300.4322.7340.0
392.2427.2454.3482.4528.3
566.1609.1660.1722.3789.7
870.0950.8
1,029.91,145.41,282.9
1,384.01,517.61,712.71,932.4
Cor-porate
88.9
76.9
73.5
75.683.491.695.594.1
85.393.5
108.9117.8118.0
142.1162.5171.0179.5182.8
212.1231.7246.7259.5283.3
302.8324.3348.2376.4409.6
454.3506.6553.7631.5734.2
797.7869.3978.3
1,111.1
Individual and noncorporate
Total
72.9
51.0
50.8
53.055.649.948.850.7
54.759.969.480.690.4
104.3114.3129.4143.2157.2
180.1195.5207.6222.9245.0
263.3284.8311.9345.8380.1
415.7444.2476.2513.9548.7
586.3648.3734.4821.3
Farm*
12.2
9.1
8.8
9.19.39.08.27.7
7.37.68.6
10.812.0
12.313.715.216.817.5
18.719.420.223.223.8
25.127.530.233.236.0
39.342.448.351.855.5
58.763.267.877. 3
Nonfarm
Total
60.7
41.9
42.0
43.946.340.940.542.9
47.452.360.769.778.4
92.0100.6114.2126.4139.7
161.4176.1187.4199.7221.2
238.2257.3281.7312.6344.1
376.4401.8427.9462.1493.2
527.6585.1666.6744.0
Mort-gage
31.2
26.3
25.0
26.127.126.826.126.0
27.031.837.242.447.1
54.861.768.976.786.4
98.7109.4118.1128.1141.0
151.3164.5180.3198.6218.9
236.8251.6266.9284.9303.9
332,1373.4426.0480.1
Com-mer-cialand
finan-cial8
22.4
11.7
9.8
9.510.08.19.5
11.8
14.712.111.912.913.9
15.816.217.818.420.8
24.024.424.326.528.7
30.834.837.642.345.0
49.753.960.266.468.1
68.373.482.983.4
Con-sumer
7.1
3.9
7.2
8.39.26.04.95.1
5.78.4
11.614.417.4
21.522.727.531.432.5
38.842.345.045.151.5
56.158.063.871.780.3
89.996.2
100.8110.8121.1
127.2138.4157.6180.5
i Net public and private debt is a comprehensive aggregate of the indebtedness of borrowers after eliminating certaintypes of duplicating governmental and corporate debt.
3 Net Federal Government and agency debt is the outstanding debt held by the public, as defined in the "Budget of theUnited States Government, for the Fiscal Year ending June 30,1976."
3 This comprises the debt of federally sponsored agencies, in which there is no longer any Federal proprietary interest.The obligations of the Federal Land Banks are included beginning with 1947, the debt of the Federal Home Loan Banksis included beginning with 1951, and the debts of the Federal National Mortgage Association, Federal Intermediate CreditBanks, and Banks for Cooperatives are included beginning with 1968.
* Farm mortgages and farm production loans. Farmers'financial and consumer debt is included in the nonfarm categories.« Financial debt is debt owed to banks for purchasing or carrying securities, customers'debt to brokers, and debt owed
to life insurance companies by policyholders.
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, Department of Agri-culture, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Federal Land Banks, Depart-ment of Housing and Urban Development, and Federal National Mortgage Association.
323
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENT FINANCETABLE C-64.—Federal budget receipts and outlays, fiscal years 1929-76
[Millions of dollars]
Fiscal year
1929...
1933...
1939...
1940. .1941 . .1942. .1943 . .1944. .
1945 . .1946 . .1947 . .1948 . .1949 . .
1950 . .1 9 5 1 . .1952 . .1953 . .1954...
1955...1956-.1957...1958...1959...
1960...1961...1962...1963..1964..
1965..1966..1967..1968..1969..
1970..1971..1972..1973..1974..
19751.19761.
Receipts
3,862
1,997
4,979
6,3618,62114,35023,64944,276
45,21639,32738,39441,77439,437
39,48551,64666,20469,57469,719
65,46974,54779,99079,63679,249
92,49294,38999,676106,560112,662
116,833130,856149,552153,671187,784
193,743188,392208,649232,225264,932
278,750297, 520
Outlays
3,127
4,598
8,841
9,45613,63435,11478, 53391,280
92,69055,18334, 53229,77338,834
42,59745, 54667,72176,10770,890
68,50970,46076,74182,57592,104
92,22397,795106,813111,311118,584
118,430134,652158,254178,833184,548
196,588211,425231,876246, 526268,392
313,446349, 372
Surplus ordeficit ( - )
734
- 2 , 6 0 2
- 3 , 8 6 2
- 3 , 0 9 5- 5 , 0 1 3
- 2 0 , 7 6 4- 5 4 , 8 8 4- 4 7 , 0 0 4
-47 ,474-15 ,856
3,86212,001
603
- 3 , 1 1 26,100
- 1 , 5 1 7- 6 , 5 3 3- 1 , 1 7 0
- 3 , 0 4 14,0873,249
- 2 , 9 3 9- 1 2 , 8 5 5
269- 3 , 4 0 6- 7 , 1 3 7- 4 , 7 5 1- 5 , 9 2 2
- 1 , 5 9 6- 3 , 7 9 6- 8 , 7 0 2
-25 ,1613,236
- 2 , 8 4 5-23 ,033-23 ,227- 1 4 , 301- 3 , 4 6 0
-34 ,696- 5 1 , 852
i Estimate.Note.—Data for 1929-39 are according to the administrative budget and those for 1940-76 according to the unified budget.Certain tnterfund transactions are excluded from receipts and outlays beginning 1932. For years prior to 1932 the amounts
of such transactions are not significant.Refunds of receipts are excluded from receipts and outlays.Sources: Department of the Treasury and Office of Management and Budget.
324
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-65.—Federal budget receipts, outlays, and debt, fiscal years 1965-76
[Millions of dollars; fiscal years]
DescriptionActual
1965 1966 1967 1968 1969 1970
BUDGET RECEIPTS AND OUTLAYS:
Total receipts
Federal fundsTrust funds _Interfund transactions.
Total outlays.
Federal fundsTrust funds.Interfund transactions.
Total surplus or deficit ( - ) _
Federal funds..Trust funds. . .
OUTSTANDING DEBT, END OF YEAR:
Gross Federal debt _
Held by Government agencies..Held by the public
Federal Reserve System.Others
116,833
90,94329,230
-3,339
118,430
94,80726,962
-3,339
- 1 , 596
-3,8642,268
323,154
61, 540261,614
39,100222,514
130,856
101,42732,997
-3,568
134,652
106,51231,708
- 3 , 568
-3,796
-5,0851,289
329,474
64,784264,690
42,169222, 521
149, 552
111,83542,935-5, 218
158,254
126,77936,693-5,218
-8,702
-14,9446,242
341,348
73,819267, 529
46,719220,810
153,671
114,72644,716-5,771
178,833
143,10541, 499-5,771
-25,161
-28, 3793,217
369,769
79,140290,629
52, 230238,399
187, 784
143,32152,009-7, 547
184, 548
148,81143, 284-7,547
3,236
-5, 4908,725
367,144
87,661279,483
54, 095225, 388
193,743
143,15859,362-8,778
196,588
156,30149,065-8,778
-2,845
-13,14310, 297
382,603
97,723284,880
57,714227,166
BUDGET RECEIPTS.
Individual income taxes.Corporation income taxesSocial insurance taxes and contributions...Excise taxesEstate and gift taxesCustoms duties _Miscellaneous receipts:
Deposit of earnings by Federal Re-serve System...
Allother
BUDGET OUTLAYS..
National defense.International affairsGeneral science, space, and technologyNatural resources, environment, and energy.AgricultureCommerce and transportationCommunity and regional developmentEducation, manpower, and social services..HealthIncome securityVeterans benefits and servicesLaw enforcement and justice.._General governmentRevenue sharing and general purpose fiscal
assistanceInterestAllowancesUndistributed offsetting receipts
116,833
48,79225,46122,25814, 5702,7161,442
1,372222
118,430
48,5814,1215,8902,9683,9486,8941,2552,1041,790
25,7415,722
5291,460
22910, 359
130,856
55,44630,07325, 56713,0623,0661,767
1,713162
134,652
55,8564,5546,7903,0742,4418,9561,5404,0932,638
28,8955,921
5541,426
24211,286
149,552
61, 52633,97133,34913,7192,9781,901
1,805303
158,254
69,1014,6956,3113,3792,9829,2051,6516,0236,759
30,8216,899
6101,569
28812,533
153,671
68, 72628,66534,62214,0793,0512,038
2,091400
178,833
79,4094,6125,6103,6244,54110,6372,1897,0049,70833,6806,882650
1,684
31113,751
187,784
87,24936,67839, 91815, 2223,4912,319
2,662247
184, 548
80,2073,7845,1083,5035,7797,0652,5316,871
11,75837,2817,640
7611,649
36515,793
193,743
90,41232,82945,29815,7053,6442,430
3,266158
196, 588
79,2843,5644,6113,6115,1649,0903,4957,888
13,05143,0668,683
9521,934
45118, 312
Composition of undistributed offsetting receipts:
Employer share, employee retirement..Interest received by trust fundsRents and royalties on the Outer Conti
nental Shelf..
-3 ,162
-1,329-1,780
- 5 3
-3 ,613
-1,447-1,917
- 2 4 8
- 4 , 573
-1 ,661-2,275
- 6 3 7
- 5 , 4 6 0
-1 ,825-2,674
-961
- 5 , 545
-2,018-3,099
- 4 2 8
- 6 , 567
- 2 , 4 4 4- 3 , 936
-187
See next page for continuation of table and for footnotes.
325
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-65.—Federal budget receipts, outlays, and debt, fiscal years 1965-76—Con.
[Miiiions of dollars; fiscal years]
Description
BUDGET RECEIPTS AND OUTLAYS:Total receipts
Federal funds. . .„Trust fundsInterfund transactions
Total outlays.
Federal fundsTrust funds._Interfund transactions.
Total surplus or deficit ( - )Federal fundsTrust funds
OUTSTANDING DEBT, END OF YEAR:Gross Federal debt
Held by Government agencies.Held by the public
Federal Reserve System.Others
BUDGET RECEIPTS(Individual income taxes _; Corporation income taxes: Social insurance taxes and contributions..
Excise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts:
- Deposit of earnings by Federal ReserveSystem
Aliother _BUDGET OUTLAYS
National defense.International affairsGeneral science, space, and technologyNatural resources, environment, and energy.AgricultureCommerce and transportation _Community and regional developmentEducation, manpower, and social services..HealthIncome security _.Veterans benefits and servicesLaw enforcement and justiceGeneral government..Revenue sharing and general purpose fiscal
assistance _InterestAllowances....Undistributed offsetting receipts
Composition of undistributed offsettingreceipts:
Employer share, employee retirement-Interest received by trust fundsRents and royalties on the Outer Con-
tinental Shelf
Actual
1971
188,392133,78566,193
-11 ,586
211,425
163,65159,361
-11 ,586
- 23 ,033-29 ,866
6,832
409,467105,140304,328
65,518238,810
188,392
86,23026,78548,57816,6143,7352,591
3,533325
211,425
76,8073,0934,2944,4494,28810,3974,0109,04514, 71655, 4239,7761,2992,159
19,609
"-8,427
-2,611-4, 765
-1,051
1972
208,649
148,84672,959
-13,156
231,876
177,95967, 073
-13,156
-23, 227
-29,1145,886
437,329
113,559323, 770
71,426252,344
208,649
94,73732,16653,91415,4775,4363,287
3,252381
231,876
77,3563,7234,2995,0195,27910,6014,69911,69617, 47163,91110, 7301,6502,466
53120, 582
-8,137
-2 , 768-5, 089
-279
1973
232,225161,35792,193
-21, 325
246,526
186,40381, 447
-21,325-14,301-25,04610,746
468.426
125,381343,045
75,182267,863
232, 225
103,24636,15364,54216, 2604,9173,188
3,495426
246,526
75,0722,9564,1695,4614,8559,9385,86911,87418,83272, 95812,0132,1312,682
7,22222, 813
-12,318
-2,927-5,436
-3,956
1974
264,932
181,219104,846-21,133
268,392
198,69290,833
-21,133
-3,460
-17,47314,013
486,247
140,194346,053
80,649265,404
264,932
118,95238,62076,78016,8445,0353,334
4,845524
268.392
78,5693,5934,1546,3902,23013,1004,91011,60022,07484,43113,3862,4623,327
6,74628,072
-16 ,650
- 3 , 3 1 9- 6 , 5 8 3
- 5 , 4 7 8
Estimate
1975
278,750185,966118,681-25,897
313,446
229,005110,338-25,897
-34,696
-43,0398,343
538,541
148,988389,553
278,750
117,70038,50086,22519,9474,8003,910
5,7001,968
313,446
85,2764,8534,1839,4121,77311,7964,88714,71426,486106,70215,4663.0262; 646
7,03331,331
700-16,839
-4,070-7,769
-5,000
1976
297,520
199,278126,510-28,268
349,372
254,215123,425-28,268
-51,852
-54,9373,085
605,925
152,872453,053
297,520
106,30047,70091,55032,1454,6004,300
6,1004,825
349,372
94,0276,2944,58110,0281,81613,7235,92014,62328,050118,72415,5923,2883,180
7,24934,4198,050
-20,193
-3,888-8,305
-8,000
Sources: Department of the Treasury and Office of Management and Budget.
326
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C—66.—Relation of the Federal budget to the Federal sector of the national income andproduct accounts, fiscal years 1973-76
[Billions of dollars; fiscal years]
Receipts and expendituresActual
1973 1974
Estimate
1975 1976
RECEIPTS
Total receipts, budget..
Government contribution for employee retire-ment (grossing)
Other netting and grossingAdjustment to accrualsOther
Federal sector, national income and product accounts,receipts
EXPENDITURES
Total outlays, budget
Lending and financial transactionsGovernment contribution for employee retirement
(grossing)Other netting and grossingDefense timing adjustmentBonuses on Outer Continental Shelf land leases...Other
Federal sector, national income and product accounts,expenditures
232.2
3.81.63.3
- . 5
240.4
246.5
-1 .7
3.81.62.73.6
-1 .2
255.4
264.9
4.31.93.1
- . 6
273.6
268.4
-2 .9
4.31.9
6'.0.2
278.3
278.8
5.02.12.6
- . 8
287.6
313.4
-1 .2
5.02.1
- . 34.2.5
323.7
297.5
5.42.21.1
-1 .1
305.1
349.4
- 4 . 2
5.42.2.3
6.91.0
361.0
Note.—See Special Analysis A, "Budget of the United States Government for the Fiscal Year Ending June 30, 1976,"for description of these categories.
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Manage-ment and Budget.
327
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C-67.—Receipts and expenditures of the government sector of the national income and productaccounts, 1929-74
[Billions of dollars]
Calendar year or quarter
1929
1933. .
1939
19401941— .19421943...19441945...1946194719481949
19501951—19521953. .195419551956195719581S59
196019611962 .1963 . .196419651966 . .196719681969
1970 . . . .1971197219731974*
1972: l ._.
IllIV
1973: 1
HIIV
1974: 1IIIllIV*
Total government
Re-ceipts
11.3
9.3
15.4
17.725.032.649.251.253 250.956 858.956.0
68.784.889.894.389.7
100 4109.0115 6114.7128.9
139 8144.6157.0168.8174.1189.1213.3228 9263.5296.7
302.5321 6367.0411.5455.0
Ex-pendi-tures
10.3
10.7
17.6
18.428.864.093.3
103.092 745.542 450.359.1
60.879.093.7
101.296.797.6
104.1114 9127.2131.0
136.1149.0159.9166.9175.4186.9212.3242.9270.3287.9
312.7340.2372.1408.0460.9
Sur-plus ordeficit
nationalincome
andprod-
uct ac-counts
1.0
-1 .4
- 2 . 2
- . 7-3 .8
-31.4-44.1-51.8-39 5
5.414 48.5
- 3 . 2
7.95.8
- 3 . 8- 6 9- 7 . 0
2 74.9
7-12.5-2 .1
3 7—4 3- 2 . 9
1.8—1 4
2.21.1
—13.9- 6 . 8
8.8
-10.1-18.5-5 .1
3.5- 5 . 9
Federal Government
Re-ceipts
3.8
2.7
6.7
8.615.422.939.341.042.539.143 243.338.9
49.964.067.270.063.872.177:681 678,789.7
96 598.3
106.4114.5115.0124.7142.5151.2175.0197.3
192.0198.5227.2258.5291.1
Ex-pendi-tures
2.6
4.0
8.9
10.020.556.185.895.584.635.629.834.941.3
40.857.871.077.069.768.171.979.688.991.0
93.0102.1110.3113.9118.1123.5142.8163 6181.5189.2
203.9220.3244.7264.2298.6
Sur-plus ordeficit
nationalincome
andprod-uct ac-counts
1.2
- 1 . 3
- 2 . 2
- 1 . 3—5.1
-33.1-46.6-54.5—42 1
3.513 48.4
- 2 . 4
9.16.2
- 3 . 8-7 .0-5 .9
4.05.72.1
-10.2-1 .2
3.5—3.8- 3 . 8
.7-3 .0
1.2- . 2
-12.4-6 .5
8.1
-11.9-21.9-17.5- 5 . 6- 7 . 6
State and localgovernment
Re-ceipts
7.6
7.2
9.6
10.010.410.610.911.111 612.915 317.619.3
21.123 325.227.228.831.434.738 241.646.0
49 953.658.663.469.575.585.293.5
107.1119.7
135.0152.2177.2193.5207.7
Ex-pendi-tures
7.8
7.2
9.6
9.39.18.88.48.59.0
11.014 317.420.0
22.323.725.327.029.932.735.639 544.046.8
49.654.157.662.267.874.583.995.1
107.5119.0
133.2148.8164.9184.4206.0
Sur-plus ordeficit
nationalincome
andprod-uct ac-counts
- 0 . 2
- . 1
0)
.61.31.82.52.72.61.91 0
- . 7
- 1 . 2. 4
(2).1
-1 .1—1.3—.9
—1 4—2.3- . 8
2—.5
.91.21.71.01.3
- 1 . 6
.7
1.83.4
12.39.21.7
Seasonally adjusted annual rates
355.3362.4369 8380.5
398.1406.9416.5424.6
435.9450.7470.3
363.5367.6370.4387.0
396.1403.9409.8422.3
435.5451.7470.0486.2
—8.2- 5 . 2— 6
- 6 . 5
2.13.06.72.3
.4—1.0
220.9224.1228.4235.6
249.1255.0261.8268.3
278 1288.6302.8
235.8243.7238.2261.2
260.2262.4263.4270.6
281 0291.6304.7317.3
-14.9-19.6—9.8
-25.6
-11.2-7 .4-1 .7- 2 . 3
—2.8- 3 . 0-1 .9
166.1176.2175.8190.8
190.3192.0194.6197.3
200 6205.3210.9
159.5161.7166.5171.7
177.0181.7186.2192.7
197.4203.3208.8214.4
6.714.49.2
19.1
13.210.48.44.6
3.22.02.1
i Surplus of $32 million.'Deficit of $41 million.
Note.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State and localreceipts and expenditures. Total government receipts and expenditures have been adjusted to eliminate this duplication.
Source: Department of Commerce, Bureau of Economic Analysis.
328
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-68.—Receipts and expenditures of th& Federal Government sector of the national incomeand product accounts, 1949—76
[Billions of dollars]
Year or quarter
Fiscal year:1949.. . .1950.. . .1951. . . .1952.. . .1953. . . .1954.. . .1955.. . .1956.. . .1957.. . .1958.. . .1959. . . .I960. . . .1961. . . .1962. . . .1963. . . .1964.. . .1965.. . .1966.. . .1967.. . .1968.. . .1969.. . .1970197119721973.. . .1974197521976 2
Calendar year:194919501 9 5 1 . . . . . . .1952195319541955..1956195719581959196019611962196319641965196619671968196919701971197219731974 P
1973: III . . . .III...IV. . .
1974: I . . . .I I . . . .III . .IV p . .
Receipts
Total
40.042.060.865.169.365.867.275.880.777.985.494.895.3
104.2110.2115.5120.5132.8147.2160.6190.4195.2192.5213.2240.4273.6287.6305.1
38.949.964.067.270.063.872.177.681.678.789.796.598.3
106.4114.5115.0124.7142.5151.2175.0197.3192.0198.5227.2258.5291.1
Per-sonaltaxandnon-taxre-
ceipts
16.316.523.228.831.430.329.733.636.736.338.242.543.647.349.650.751.357.664.571.490.093.687.5
100.7106.8123.122.111.
16.18.26.31.032.229.031.435.237.436.839.943.644.748.651.548.653.861.767.579.794.892.289.9
108.2114.1131.2
Cor-po-rate
profitstaxac-
cruals
11.011.921.519.319.717.318.721.120.617.821.522.320.322.923.525.727.731.031.233.737.433.332.334.141.245.641.039.9
17.021.518.519.517.020.620.620.218.022.521.721.822.724.626.429.332.130.736.736.631.033.436.643.749.1
Indi-rect
busi-nesstaxandnon-taxac-cru-als
8.08.29.59.7
10.710.410.010.811.711.611.913.213.314.215.015.616.915.715.817.118.619.220.120.020.721.633.154.7
8.08.99.4
10.310.99.7
10.711.211.811.512.513.513.614.615.316.116.515.716.318.019.019.320.420.021.222.0
Con-tribu-tionsfor
socialinsur-ance
4.85.56.67.37.57.88.7
10.211.712.213.816.718.119.922.123.524.628.535.738.344.449.152.658.571.783.391.499.4
4.95.97.17.47.48.19.3
10.612.212.414.817.718.220.523.123.825.133.036.740.746.949.554.662.579.588.7
Expenditures
Total i
39.642.444.666.075.874.267.369.876.083.190.991.398.0
106.4111.4116.9118.5131.9154.5172.5185.7195.9212.4232.9255.4278.3323.7361.0
41.340.857.871.077.069.768.171.979.688.991.093.0
102.1110.3113.9118.1123.5142.8163.6181.5189.2203.9220.3244.7264.2298.6
Pur-chases
ofgoodsand
serv-ices
19.319.025.146.656.153.243.945.247.750.754.752.755.560.963.465.764.471.785.394.999.498.095.8
103.2105.3110.3121.1136.1
20.118.437.751.857.047.444.145.649.553.653.753.557.463.464.265.266.977.890.798.898.896.297.6
104.9106.6116.4
Transferpayments
Toper-
8.111.38.18.59.3
10.512.112.814.417.819.820.623.625.126.427.328.331.837.242.748.554.867.475.786.7
101.3128.2143.0
8.710.88.58.89.5
11.512.413.415.719.520.121.524.925.527.027.830.333.440.046.150.361.072.380.192.9
114.4
Tofor-
eign-ers
(net)
5.04.33.12.62.11.72.11.81.91.71.81.82.12.12.12.22.22.32.22.12.22.02.32.82.72.93.54.0
5.13.63.12.12.01.82.01.91.81.81.81.92.12.22.22.22.22.32.22.12.12.22.62.72.62.6
Grants-in-aid
to Stateandlocal
govern-ments
2.12.42.42.52.82.93.03.23.74.76.26.86.97.68.49.8
10.912.714.817.819.222.626.832.640.241.547.050.8
2.22.32.52.62.82.93.13.34.25.66.86.57.28.09.1
10.411.114.415.818.720.324.429.037.440.543.7
Netin-ter-est
4.34.44.64.84.85.04.95.15.55.75.97.06.86.87.58.18.59.09.9
10.912.314.014.313.414.517.419.823.0
4.44.54.74.74.95.04.95.35.75.66.47.16.67.27.78.38.79.5
10.211.713.114.613.613.516.318.8
Subsi-dieslesscur-rentsur-plusof
gov-ern-mententer-prises
0.81.01.31.1.9
1.01.31.72.82.52.42.33.23.83.63.84.14.55.14.14.14.75.75.36.74.73.74.1
.81.21.31.0.8
1.11.52.42.62.72.12.53.84.03.64.24.35.44.64.14.65.55.26.65.32.1
Sur-plusor
defi-cit
< - ) ,na-
tion-al in-comeand
prod-uctac-
counts
0.4- . 516.2
-1 .0-6 .5-8 .5- . 16.04.7
-5 .1-5 .5
3.5-2 .7-2 .1-1 .2-1 .4
2.0.9
-7 .3-11.9
4.7
-19! 8-19.7-15.0-4 .7
-36.1-55.9
-2 .49.16.2
- 3 . 8-7 .0-5 .9
4.05.72.1
-10.2-1 .2
3.5-3 .8-3 .8
.7-3 .0
1.2- . 2
-12.4-6 .5
8.1-11.9-21.9-17.5- 5 . 6-7 .6
Seasonally adjusted annual rates
249.1255.0261.8268.3278.1288.6302.8
107.9110.3116.7121.6124.1129.4134.8136 6
42.844.743.843.545.949.255.4
20.921.421.021.321.521.922.522.2
77.478.680.281.886.788.190.090.0
260.2262.4263.4270.6281.0291.6304.7317.3
106.4106.2105.3108.4111.5114.3117.2122.8
89.991.593.996.3
104.0110.8118.4124.4
2.13.32.72.52.52.72.42.7
41.240.139.841.042.943.243.445.5
14.815.916.817.617.918.719.119.7
6.15.45.04.82.21.32.72.3
-11.2-7 .4-1.7-2 .3-2 .8-3 .0-1 .9
1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars at seasonallyadjusted annual rates) .1, — . 1 , .0, and .0 in the 4 quarters of 1973 and .0, —.6, —1.5, and .0 in the 4 quarters of 1974.
2 Estimates.Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.
329563-280 O - 75 - 22Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C-69.—Receipts and expenditures of the State and local government sector of the nationalincome and product accounts, 1946—74
[Billions of dollars]
Calendaryear orquarter
1946194719481949 . . . . . .
19501951195219531954
19551956195719581959 - .
1960 . .1961196219631964
196519661967 - - -19681969
19701971197219731974 v
1972- 1IIIIIIV
1973: 1 .IIIIIIV
1974: 11 1 . . . . . .IIIIVP
Receipts
Total
12.915.317.619.3
21.123 325.227.228.8
31.434.738.241 646.0
49.953.658 663.469.5
75.585 293.5
107.1119.7
135.0152.2177.2193 5207.7
Per-sonaltaxand
nontaxeceipts
1.51.82.12.4
2.62 93.13.43.7
4.14.75.25.66.3
7.37.78.79.4
10.8
11.813.715.518.321.7
24.427.734.237.239.5
Cor-porateprofitstax
ccruals
0.5.6
.6
.8
.9
.8
.8
.8
1.01.01.01 01.2
1.31.41.41.71.9
2.12.22.43.23.4
3.84.15.06.16.7
ndirectbusi-nesstaxand
nontaxccruals
9.310.612.113.3
14.515.817.318.719.7
21.423.625.527.028.9
31.734.136.939.442.3
45.949.954.160.667.0
74.182.290.098.0
104.9
Contri-butions
forsocialinsur-ance
0.5.6
.8
1.01.21.31.51.7
1.82.02.32.52.7
3.03.23.53.84.1
4.55.05.76.47.3
8.39.2
10.611.712.8
Fed-eral
grants-n-aid
1.11.72.02.2
2.32.52.62.82.9
3.13.34.25.66.8
6.57.28.09.1
10.4
11.114.415.818.720.3
24.429.037.440.543.7
Expenditures
Total *
11.014.317.420.0
22.323.725.327.029.9
32.735.639.544.046.8
49.654.157.662.267.8
74.583.995.1
107.5119.0
133.2148.8164.9184.4206.0
Pur-chases
ofgoodsandserv-ices
9.812.615.017.7
19.521.522.924.627.4
30.133.036.640.643.3
46.150.253.758.263.5
70.179.089.4
100.8111.2
123.3136.6150.8169.8192.4
Trans-fer
pay-ments
toper-sons
1.72.32.92.9
3.53.03.23.33.4
3.73.84.24.64.8
5.15.55.76.06.5
6.97.78.7
10.011.6
14.116.718.620.120.2
Netnterestpaid
0.3.3.3.3
.3
.3
.3
.3
.4
.5
.5
.5
.6
.7
.8
.8
.8
.5
.3
.2
.0- . 2
- . 4- . 2- . 3- . 8
- 1 . 6
Sub-sidiesless
currentsurplusof gov-
ern-mententer-prises
- 0 . 7— 8— 8- . 9
- . 91 i
—1 1- 1 . 2—1 4
- 1 . 6—1 7- 1 8—1 8—2 0
—2 2- 2 . 3—2 6- 2 8- 2 . 9
- 3 . 0—3 1- 3 2- 3 . 4- 3 . 5
- 3 . 8- 4 . 1- 4 . 4- 4 . 7- 5 . 0
Surplusor
deficit(->,
nationalncomeand
prod-uct ac-counts
1.91 0
1- . 7
- 1 . 24
.11 i
- 1 . 3_ 9
—1 42 3
— 8
2- . 5
§1 21 7
1 01 3
- 1 6- 3
.7
1.83.4
12.39 21.7
Seasonally adjusted annual rates
166.1176.2175.8190.8
190.3192.0194.6197.3
200.6205.3210.9
32.733.934.635.5
36.236.937.438.2
37.838.840.341.1
4.64.85.05.4
6.06.26.16.0
6.36.77.3
87.089.291.093.0
95.697.299.4
100.0
101.2104.0107.0107.6
10.110.410.711.0
11.311.611.912.1
12.412.713.013.3
31.737.834.445.8
41.240.139.841.0
42.943.243.445.5
159.5161.7166.5171.7
177.0181.7186.2192.7
197.4203.3208.8214.4
145.5147.9152.4157.4
162.6167.1171.6177.9
184.8190.1195.1199.6
17 918.418.919.2
19.519.920.320.8
19.119.820.421.4
- 0 . 2- . 3- . 3- . 3
- . 5- . 7- . 9
- 1 . 2
- 1 . 5- 1 . 6- 1 . 6- 1 . 5
- 4 . 2- 4 . 3- 4 . 4- 4 . 5
- 4 . 6- 4 . 7- 4 . 8- 4 . 9
- 4 . 9- 5 . 0- 5 . 0- 5 . 0
6.714.49.2
19.1
13.210.48.44.6
3.22.02.1
1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars, at seasonallyadjusted annual rates) - . 6 , - . 1 , .0, and .0 in the 4 quartets of 1972; .0, - . 1 , .0, and .0 in the 4 quarters of 1973;and .0 in each of the 4 quarters of 1974.
2 Deficit of $41 million.Source: Department of Commerce, Bureau of Economic Analysis.
330
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C-70.—State and local government revenues and expenditures, selected fiscal years, 1927—73
[Millions of dollars]
Fiscal year 1
1927
193219341936—1938
1940. . . .1942194419461948
1950 .1952..19531954
19551956195719581959 .
19601961. . .19621963
1962-63 51963-64 5 .1964-65 5
1965-66 5 . . .1966-67 51967-68 51968-69 51969-70 5
1970-7151971-72 51972-73 5
Total
7,271
7,2677,6788,3959,228
9,60910,41810,90812,35617,250
20,91125,18127,30729,012
31,07334,66738,16441,21945,306
50,50554,03758,25262,890
62,26968,44374,000
83,03691,197
101,264114,550130,756
144,927166,352190,177
General revenues by source
Prop-erty
taxes
4,730
4,4874,0764,0934,440
4,4304,5374,6044,9866,126
7,3498,6529,3759,967
10,73511,74912,86414,04714,983
16,40518,00219,05420,089
19,83321,24122,583
24,67026,04727,74730,67334,054
37,85242,1345,28
Salesand
grossre-
ceiptstaxes
470
7521,0081,4841,794
1,9822,3512,2892,9864,442
5,1546,3576,9277,276
7,6438,6919,4679,829
10,437
11,84912,46313,49414,456
14,44615,76217,118
19,08520, 53022,91126,51930,322
33,23337,48842,047
Indi-vidualncometaxes
70
7480
153218
224276342422543
788998
1,0651,127
1,2371,5381,7541,7591,994
2,4632,6133,0373,269
3,2673,7914,090
4,7605,8267,3088,908
10,812
11,90015,23717,994
Corpo-ration
netincometaxes
92
7949
113165
156111451447592
593846817778
744890984
1 0181,001
1 1801,2661,3081,505
1,5051,6951,929
2,0382,2272,5183,1803,738
3,4244,4165,425
2
Reve-nue
from:ederal
Govern-ment
116
2321,016
948800
945858954855
1,861
2,4862,5662,8702,966
3,1313,3353,8434 8656,377
6 9747,1317,8718,722
8,66310,00211,029
13,21415,37017,18119,15321,857
26,14631,25339, 256
Allotherreve-nues3
1,
1,1.1,1(
1,?,?,?3,
4,»>,6 ,6 ,
7 ,
793
643449604811
87?\n?69661685
541763252897
5848 4659,9
10
1112
n14
14
250699516
634563489850
55615,95117,250
19,26921,19723,59826,11829,971
32,37435,82540,172
General expenditures by function *
Total
7, ?m
7,7657,7,R,
9,9,8,
11.17,
22,?fi.2730
3336
181644757
??9190863f)?8684
787098910701
7?4711
40,37544 85148,887
51 87656,20160,20664
636974
8293
102116131
150166181
816
977302546
843350411728332
674,873086
Edu-cation
?,
?1,?,2,
?^
311831177491
2,6382,5862,7933,5,
7,8,
356379
177318
9,39010, 557
11,90713, ??014,13415,91917,
18
283
71Q20,57422,21623
23
776
7?926,28628,563
33,28737,91941,15847,23852,718
59,41364,88669,573
High-ways
1,
11,1,1,
1,1,1,3,
3,4,
809
7415094?5650
573490?0067?036
803650
4,9875,527
6,4526,78,9,
99
1011
11
953816567592
4?8844357136
15011,66412,221
12,77013,93214,48115,41716,427
18,09519,01018,615
Publicwel-fare
151
444889827
1,069
1,1561,2251,1331,4092,099
2,9402,7882,9143,060
3,1683,1393,4853,8184,136
4,4044,7205,0845,481
5,4205,7666,315
6,7578,2189,857
12,11014,679
18,22621,07023, 582
Allother <
3,
3,?,33,
3,3347,
8,101011
1?
n141617
192122
01S
?6995??15547
86?889737591170
86734?619557
197399940547876
3?5063549
24,423
23,6782527
3033364147
546169
586447
0?9281915963508
940907316
1 Fiscal years not the same for all governments. See footnote 5.3 Excludes revenues or expenditures of publicly owned utilities and liquor stores, and of insurance-trust activities.
Intergovernmental receipts and payments between State and local governments are also excluded.3 Includes licenses and other taxes and charges and miscellaneous revenues.* Includes expenditures for health, hospitals, police, local fire protection, natural resources, sanitation, housing and
urban renewal, local parks and recreation, general control, financial administration, interest on general debt, and un-allocable expenditures.
5 Data for fiscal year ending in the 12-month period through June 30. Data for 1963 and earlier years include local govern-ment amounts grouped in terms of fiscal years ended during the particular calendar year.
Note.—Data are not available for intervening years.See Table C-63 for net debt of State and local governments.
Source: Department of Commerce, Bureau of the Census.
331
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-71.—Public debt securities by kind of obligation, 1946-74
[Billions of dollars]
End of year ormonth
1946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
19701971197219731974
1973:Jan _FebMarAprMayJune
JulyAugSept . .Oct_NovDec
1974: JanFebMar . . .AprMay _ .June
JulyAugSeptOct .-NovDec
Totalpublicdebt
securi-ties
259 1256.9252.8257.1
256 7259 4267.4275 2278.7280 8276.6274.9282 9290 8
290 2296.2303.5309 3317.9320 9329.3344.7358 0368.2
389 2424.1449.3469.9
2 492.7
450.1454.8458.6457.1457.3458.1
459.0461.8461.4462.5464.0469.9
468.2470.7474.5471.9474.7475.1
2 475.3481.8481.5480.2485.4492.7
Interest-bearing public debt
Marketable public issuesby maturity class
Within1 year
54.849.644.649.4
49 447.157.773 962.861 768.675.372 679.9
75.385.987.389.488.593.4
105.2104.4108 6118.1
123.4119.1130.4141.6148.1
131.5130.2130.2128.4125.7122.8
122.6129.1129.1130.9139.4141.6
141.6141.4145.5140.9142.9139.9
142.2142.9143.4144.4143.4148.1
1 to 10years
61.756.155.151.8
50.556.762.250 464.768 658.956.971 083 7
89 584.795.694 2
100.495 687.597.0
103 493.3
104 9123.0117.7106.8113.2
117.7117.8117.8117.7117.8119.3
119.3111.7111.7111.6109.0106.8
106.8106.0106.0107.5104.1104.2
104.2108.4108.4108.4112.6113.2
10yearsandover
60 160.057.753.9
52.538.828.730 330.232 932.932.032 024.6
24.225.420.124 023.625 625 425.124 824.4
19 419.921.421.821.6
22.021.921.821.722.420.8
20.821.621.621.521.821.8
21.722.222.122.022.622.5
22.420.820.820.821.521.6
Nonmarketable publicissues
U.S.sav-ings
bondsand
notes
49.852.155.156.7
58.057.657.957.757.757.956.352.551.248.2
47.247.547.548.849.750 350.851.752.352.2
52.554.958.160.863.8
58.458.759.059.359.759.9
60.260.360.360.560.860.8
61.061.361.661.962.162.4
62.762.863.063.363.663.8
For-eignand
inter-na-
tional
0.5.7
1.31.82.41.53.24.44.7
6.517.421.326.922.8
21.226.129.129.229.029.2
28.828.628.928.426.726.9
26.226.326.126.626.925.9
24.423.223.223.123.122.8
Other
6.77.46.39.3
10.120.919.619 317.712 711.910.49 27.8
6 35.34.63.83.52 92.72.62 62.5
2.42.42.42.83.0
2.52.52.52.52.52.5
2.52.52.52.62.82.8
2.82.82.92.92.92.9
3.03.03.03.03.03.0
Govern-ment
accountseries*
24.629.031.733.9
33.735.939.141.242.643.945.645.844.843.5
44.343.543.443.746.146.352.057.259.171.0
78.185.795.9
107.1119.1
95.095.896.496.498.3
101.7
103.0106.1105.4105.1101.6107.1
106.2108.6108.5108.4111.3115.4
115.5119.6118.3116.2116.9119.1
Maturedpublicdebtanddebtbear-ing nointer-
est
1 52.72.22.1
2.42.32.12.33.03.02.42.02.13.1
3.43.54.34.14.44.44.33.52.92.0
1.91.82.02.1
2 1.1
1.91.91.81.81.91.8
1.81.92.01.92.02.1
1.92.11.91.81.91.8
21.01.11.41.11.21.1
1 Prior to July 1974, this series was shown as "Speciaj issues."2 Beginning July 1974, excludes the non-interest-bearing notes issued to International Monetary Fund to conform with
Budget presentation.Source: Department of the Treasury.
332
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-72.—Estimated ownership of public debt securities, 1946-74
[Par values,i billions of dollars]
End of year ormonth
1946194719481949
1950195119521953195419551956195719581959
196019611962196319641965196619671968 . . .1969
19701971197219731974
1973: Jan _FebMarAprMayJune
JulyAug _SeDtOctNovDec
1974: JanFebMarAprMayJune
July . -AugSeptOctNov .Dec
Total public debt securities2
Total
259.1256 9252.8257.1
256.7259 4267.4275.2278.7280.8276.6274.9282.9290.8
290.2296.2303.5309.3317.9320.9329.3344.7358.0368.2
389.2424.1449.3469.9
8 492.7
450.1454.8458.6457 1457.3458.1
459.0461.8461.4462.5464.0469.9468.2470.7474.5471.9474.7475.1
s 475.3481.8481.5480.2485.4492.7
Held
n ^Govern-
mentaccounts
27.430.833.735.936.039.342.945.446.749.051.252.852.151.452.852.553.255.358.459.765.873.176.689.097.1
106.0116.9129.6141.2116.2117.1117.9117.9120.1123.4125.0128.7127.8127.4127.1129.6128.7131.3131.2131.1133.9138.2137.5141.6140.6138.4139.0141.2
Held byFederalReserveBanks
23.322 623 318.920.823 824 725.924 924 824.924 226 326.627.428 930.833 637.040.844 349.152.957.262.170.269.978.580.572.072.674.375 574.175.077.176.176 278.577.278.578.278.279.580.081.480.578.181.181.079.481.080.5
Held by private investors
Total
208.3203 6195 8202.4199.9196 3199 8203.8207 1207 0200.5197 9204.5212.7210.0214.8219.5220 5222.5220.5219 2222.4228.5222.0229.9247.9262.5261.7
8 271.0261.8265.1266.4263 7263.1259.7256.9257.1257.4256.5259.8261.7261.2261.1263.8260.7259.4256.4
s 259.7259.0260.1262.5265.3271.0
Com-mercialbanks a
74.568 762 466.861.861 563 463.769 162 059.559 567 560.362.167.267.164 263 960.757 463 866.056.862.765.367.760.355.566.462.862.060.558.958.856.555.155.456.358.560.360.259.059.556.854.453.253.953.052.953.554.555.5
Mutualsavingsbanks
and in-surance
com-panies
36 735 932 731.529.626 225 525.124 123 121.220 119 819.418.117 617.617 016 815.814 513 212.210.710 510.110 09.38.4
10.09.99.99.79.69.69.59.29.29.29.19.39.18.88.98.68.68.58.38.38.38.48.48.4
Othercorpo-
rations4
15.314 114.816.819.720 719.921.519 123.218.717.718.121.418.718.518.618.718.215.814.912.214.210.47.3
11.49.8
10.911.510.310.911.210.010.89.8
10.311.59.2
10.211.110.910.710.911.710.511.210.811.311.010.511.211.011.5
Stateand localgovern-ments «
6.37 37.98.18.89 6
11.112.714 415.416.316 616.518.018.719.020.121 121.122.924 324.124.927.227.825.428.929.229.530.029.429.429.228.628.828.427.729.028.528.929.229.930.730.630.129.228.328.829.229.328.828.729.5
Indi-viduals B
64.165.765.566.366.364.665.264.863.565.065.964.963.769.466.165.865.968.069.571.974.273.575.180.881.273.273.977.384.674.975.075.375.475.775.976.777.077.277.077.277.377.477.978.479.280.080.781.682.683.383.884.384.6
Miscel-laneousinves-tors i
11.411.912.512.913.613.714.716.116.918.318.919.118.924.326.526.930.231.633.033.433.935.736.136.140.462.572.374.8
881.570.177.178.678.979.576.875.576.577.475.475.174.873.973. S74.775.675.975.0
8 75.775.075.776. i78.481.5
1 U.S. savings bonds, series A-F and J, and U.S. savjngs notes are included at current redemption value.2 Not all of total shown is subject to statutory debt limitation.3 Includes commercial banks, trust companies, and stock savings banks in the United States and Territories and island
possessions; figures exclude securities held in trust departments. Since the estimates in this table are on the basis of parvalues and include holdings of banks in United States Territories and possessions, they do not agree with the estimatesin Table C-53, which are based on book values and relate only to banks within the United States.
* Exclusive of banks and insurance companies.* Includes trust, sinking, and investment funds of State and local governments and their agencies, and of Territories
and possessions.s Includes partnerships and personal trust accounts.7 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers,
Federal oriented agencies not included in Government accounts, and investments of foreign balances and internationalaccounts in this country. Beginning with December 1946, the international accounts include investments by the InternationalBank for Reconstruction and Development, the International Monetary Fund, the International Development Association,the Inter-American Development Bank, and various United Nations' funds, in special non-interest-bearing notes andbonds issued by the U.S. Government. See also footnote 8.
8 Beginning July 1974, excludes non-interest-bearing notes issued to International Monetary Fund to conform withBudget presentation.
Source: Department of the Treasury.
333Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-73.—Average length and maturity distribution of marketable interest-bearingpublic debt, 1946-74
End of year or month
Fiscal year:1946194719481949.—
1950..1951..1952..1953..1954..
1955..1956-1957..1958-1959..
I960-1961..1962-1963-1964..
1965..1966-1967-1968-1969-
1970-1971-1972..1973..1974.
1973:Jan...Feb..Mar-Ap r -May-
^June.
July—Aug-Sept.Oct..Nov..Dec.
1974: Jan—Feb.-Mar..A p r -May..June..
July..Aug..Sept..Oct...Nov..Dec.
Amountout-
standing
Maturity class
Within1 year
I to5years
5 to 10years
10 to 20years
20 years
Millions of dollars
189,606 I168,702160,346155.147
155,310137,917140,407147,335150,354
155, 206154,953155,705166,675178,027
183, 845187.148196,072203,508206,489
208,695209,127210,672226, 592226,107
232,599245,473257, 202262,971266,575
271,121269,881269,775267,847265,919262,971
262,708262,405262,356264,047270,234270,224
270,131269,650273,596270,452269,550266, 575
268,782272,111272,608273, 529277,538282,891
61,97451,21148,74248,130
42,33843,90846,36765, 27062,734
49, 70358,71471,95267, 78272,958
70,46781,12088,44285, 29481,424
87,63789,13689,648106, 407103,910
105,530112,772121,944122, 803139,942
131,454130,205130,187128,359125,697122,803
122,602129,072129,114130,940139,433141,571
141,590141,444145,453140, 905142,864139,942
142,245142,900143,400144,373143,381148,122
24,76321, 85121,63032, 562
51, 29246,52647,81436,16129, 866
39,10734,40140,66942, 55758,304
72,84458,40057, 04158,02665,453
56,19860,93371,42464,47062,770
89,61589,07489,00488, 22377,199
88, 57295,42295,42595,39288,22288,223
88,22380,59480,57680,53583,81781,715
81,71679,04579,04580,57077,16577,199
77,20079,36679,36179,36984,73085,273
41,80735, 56232,26416,746
7,7928,70713,93315,65127,515
34, 25328,90812,32821,47617,052
20,24626,43526,04937,38534,929
39,16933, 59624, 37830,75434,837
15, 88224, 50326,85231,11126,957
29,14222,35722,35622,35629,62031,111
31,10831,10631,10331,10225,13625,134
25,13226,96826,96526,96126,96026,957
26,95328,99729,04429,02727,91627,899
17,46118, 59716, 22922,821
28,03529,97925,70028,66228,634
28,61328, 57826,40727,65221,625
12,63010, 2339,3198,3608,355
8,4498,4398,4258,4078,374
10, 5248,4559,34314,47717,403
15,27116,11416,05816,02215,99614,477
14,45715,34515,31715,26915,67915,659
15, 59616,12916,09216,03617,45817,403
17,34614,95214,92414,89414,86514,832
43, 59941,48141,48134,888
25, 8538,7976,5941,5921,606
3,5304,3514,3497,2088,088
7,65810,96015,22114,44416,328
17,24117,02316,79716, 55316, 217
11,04810,67010,0596,3575,074
6,6825,7835,7485,7186,3856,357
6,3186,2886,2456,2016,1696,145
6,0986,0636,0405,9815,1035,074
5,0395,8975,8795,8666,6456,765
Average length
Years Months
1529
2
846
104937
46
1110
411
720
86
20
110032
232110
00
1111
00
1100
110
11
Mote.—All issues classified to final maturity except partially tax-exempt bonds, which were classified to earliest calldate (the last of these bonds were called on August 14,1962 for redemption on December 15,1962).
Source: Department of the Treasury.
334
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITS AND FINANCE
TABLE G-74.—Profits before and after taxes, all private corporations, 1929-74
[Billions of dollars]
Year orquarter
Corporate profits (before taxes) andinventory valuation adjustment
Allin-
dus-tries
Manufacturing
Total
Dur-
in-d us-tries
Non-dur-able
goodsin-
dus-tries
Trans-porta-tion,com-muni-cation,
andpublicutilities
Allother
in-dus-tries
Cor-po-rateprof-
itsbe-fore
taxes
Cor-po-ratetaxlia-bil-ity i
Corporate profitsafter taxes
Total Divi-dends
Un-dis-trib-utedprof-its
Corpo-rate
capitalcon-
sump-tion
allow-ances 2
Profitsplus
capitalcon-
sump-tion
allow-ances3
1929.
1933.
1939
1940.1941.1942.1943.1944.1945.1946.1947.1948.1949.
1950.1951.195219531954.19551956.1957.19581959
1960196119621963196419651966196719681969
19701971197219731974
10.5
-1 .2
6.3
9.815.220.324.423.819.219.325.633.030.8
37.742.739.939.638.046.946.145.641.151.7
49.950.355.758.966.376.182.478.784.379.8
69.278.792.2
105.1105.4
1972:1.IIIIIIV
1973: I
IV
1974: IIIIII—_IV p . .
86.589.592.999.8
103.9105.0105.2106.4
107.7105.6105.8
5.2
- . 4
3.3
5.59.5
11.813.813.29.79.0
13.617.616.2
20.924.621.622.019.926.024.724.019.326.3
24.423.326.628.832.739.342.638.741.736.6
27.832.340.847.646.8
2.6
- . 4
1.7
3.16.47.28.17.44.52.45.87.58.1
12.013.211.711.910.514.312.813.39.3
13.6
12.011.414.115.817.822.824.020.722.418.8
10.514.521.826.116.0
2.6
.0
1.7
2.43.14.65.75.95.26.67.8
10.08.1
8.911.49.9
10.19.4
11.811.910.710.012.7
12.411.912.513.014.916.618.618.019.317.7
17.317.819.021.530.8
1.8
.0
1.0
1.32.03.44.43.92.71.82.23.03.0
4.04.64.95.04.75.65.95.85.97.0
7.57.98.59.5
10.111.111.910.810.610.1
7.88.39.29.28.7
3.4
2.0
3.03.75.16.26.76.78.59.9
12.511.6
12.713.513.312.613.415.215.615.815.918.4
17.919.120.520.623.525.627.929.132.033.1
33.738.142.248.349.9
10.0
1.0
7.0
10.017.721.525.124.119.724.631.535.228.9
42.641938.940.638.348.648.847.241.452.1
49.750.355.459.466.877.884.279.887.684.9
74.083.699.2
122.7141.0
1.4
.5
1.4
2.87.6
11.414.112.910.79.1
11.312.510.4
17.822.319.420.317.721.621.721.219.023.7
23.023.124.226.328.331.334.333.239.940.1
34.837.541.549.855.8
8.6
.4
5.6
7.210.110.111.111.29.0
15.520.222.718.5
24.921.619.620.420.627.027.226.022.328.5
26.727.231.233.138.446.549.946.647.844.8
39.346.157.772.985.2
5.8
2.0
3.8
4.04.44.34.44.64.65.66.37.07.2
8.68.68.99.3
10.511.311.711.612.6
13.413.815.216.517.819.820.821.423.624.3
24.725.027.329.632.7
2.8
-1 .6
1.8
3.25.75.96.66.54.49.9
13.915.611.3
16.013.011.011.511.316.515.914.210.815.9
13.213.516.016.620.626.729.125.324.220.5
14.621.130.343.352.5
Seasonally adjusted annual rates
37.739.640.845.1
48.648.447.146.4
46.246.848.6
19.321.521.425.1
27.626.925.724.3
19.317.115.3
18.418.119.420.0
20.921.521.422.1
26.929.733.3
8.58.99.5
9.48.89.59.2
7.18.08.6
40.341.042.644.8
45.947.848.650.8
54.550.848.7
92.396.0
100.2108.2
120.4124.9122.7122.7
135.4139.0157.0
38.940.341,845.2
48.950.949.949.5
52.255.962.7
53.455.758.463.1
71.574.072.973.2
83.283.194.3
26.427.127.828.2
28.729.129.830.7
31.632.533.233.3
27.128.630.634.9
42.844.943.142.5
51.650.561.1
4.2
3.8
3.7
3.84.25.05.46.16.44.75.87.07.9
8.810.311.513.215.017.418.920.822.023.5
24.926.230.131.833.936.439.543.046.851.9
56.060.466.371.276.7
63.966.466.768.2
69.270.871.673.1
74.175.777.679.4
i Federal and State corporate income and excess profits taxes.> includes depreciation and accidental damages.3 Corporate profits after taxes plus corporate capital consumption allowances.Source: Department of Commerce, Bureau of Economic Analysis.
335
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E C-75.—Sales, profits, and stockholders* equity, all manufacturing corporations, 1947—74
[Billions of dollars]
Year orquarter
194719481949
19501951..195219531954.
1955..195619571958..1959
19601961196219631964.
1965..1966196719681969
1970197119721973
1972:1.. . .IIIIIIV
1973:1IIIllIV
New series: 2
1973:IV
1974:1.IIIll
Sales(net)
150.7165.6154.9
181.9245.0250.2265.9248.5
278.4307.3320.0305.3338.0
345.7356.4389.9412.7443.1
492.2554.2575.4631.9694.6
708.8751.4849.5
1,017.2
197.2213.2210.6228.6
232.5256.3253.2275.1
236.5
242.2269.6271.9
All manufacturingcorporations
Profits
BeforeFederalincometaxes
16.618.414.4
23.227.422.924.420.9
28.629.828.222.729.7
27.527.531.934.939.6
46.551.847.855.458.1
48.153.263.281.4
13.916.715.117.5
18.322.219.521.4
20.6
21.125.825.0
AfterFederalincometaxes
10.111.59.0
12.911.910.711.311.2
15.116.215.412.716.3
15.215.317.719.523.2
27.530.929.032.133.2
28.631.336.548.1
7.99.68.8
10.1
10.513.011.613.0
13.1
13.516.315.5
Stock-holders'equity1
65.172.277.6
83.398.3
103.7108.2113.1
120.1131.6141.1147.4157.1
165 4172.6181.4189.7199.8
211.7230.3247.6265.9289.9
306.8320.9343.4374.1
332.6340.4347.4353.1
361.1370.8378.3386.4
367.5
378.7389.6401.8
Durable goods industries
Sales(net)
66.675.370.3
86.8116.8122.0137.9122.8
142.1159.5166.0148.6169.4
173.9175.2195.5209.0226.3
257.0291.7300.6335.5366.5
363.1382.5435.8527.3
100.0111.5106.2118.1
121.2136.5129.5140.1
122.7
120.6137.1134.7
Profits
BeforeFederalincometaxes
7.68.97.5
12.915.412.914.011.4
16.516.515.811.415.8
14.013.616.718.521.2
26.229.225.730.631.5
23.026.533.643.6
7.39.67.59.2
10.312.79.9
10.8
10.1
9.412.510.5
AfterFederalincometaxes
4.55.44.5
6.76.15.55.85.6
8.18.37.95.88.1
7.06.98.69.5
11.6
14.516.414.616.516.9
12.914.518.424.8
3.95.34.25.1
5.77.15.76.3
6.2
5.77.56.2
Stock-holders'equity1
31.134.137.0
39.947.249.852.454.9
58.865.270.572.877.9
82.384.989.193.398.5
105.4115.2125.0135.6147.6
155.1160.6171.4188.7
165.5170.3173.6176.3
181.9187.1191.3194.7
185.8
190.6195.3201.0
Nondurable goodsindustries
Sales(net)
84.190.484.6
95.1128.1128.0128.0125.7
136.3147.8154.1156.7168.5
171.8181.2194.4203.6216.8
235.2262.4274.8296.4328.1
345.7368.9413.7489.9
97.2101.7104.4110.4
111.3119.9123.7135.0
113.9
121.6132.5137.2
Profits
BeforeFederalincometaxes
9.09.57.0
10.312.110.010.49.6
12.113.212.411.313.9
13.513.915.116.418.3
20.322.622.024.826.6
25.226.729.637.8
6.67.27.68.3
8.09.59.7
10.6
10.5
11.713.414.5
AfterFederalincometaxes
5.66.24.6
6.15.75.25.55.6
7.07.87.56.98.3
8.28.59.2
10.011.6
13.014.614.415.516.4
15.716.718.023.3
4.14.34.65.0
4.85.85.96.7
7.0
7.88.89.3
Stock-holders'equity *
34.038.140.6
43.551.153.955.758.2
61.366.470.674.679.2
83.187.792.396.3
101.3
106.3115.1122.6130.3142.3
151.7160.3172.0185.4
167.1170.1173.9176.8
179.2183.7186.9191.7
181.7
188.0194.2200.8
1 Annual data are average equity for the year (using four end-of-quarter figures).2 See "Quarterly Financial Report for Manufacturing Corporations, First Quarter 1974," Federal Trade Commission.Note.—Data are not necessarily comparable from one period to another due to changes in accounting procedures,
industry classifications, sampling procedures, etc. For explanatory notes concerning compilation of the series, see "Quar-terly Financial Report for Manufacturing Corporations," Federal Trade Commission.
Source: Federal Trade Commission.
336
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-76.—Relation of profits after taxes to stockholders' equity and to sales, all manufac-turing corporations, 1947-74
Year or quarter
194719481949
19501951195219531954
195519561957 . _ .19581959
19601961196219631964
19651966196719681969
197019711972 . . . _1973
1972: 1 .IIIIIIV
1973- 1IIIIIIV
New series: 2
1973: IV
1974: IIIIII.
Ratio of profits after Federalincome taxes (annual rate)
to stockholders' equity—percent1
Allmanufacturingcorporations
15.616.011.6
15.412.110.310.59.9
12.612.310.98.6
10.4
9.28.99.8
10.311.6
13.013.411.712.111.5
9.39.7
10.612.8
9.511.310.111.5
11.614.012.313.4
14.3
14.316.715.5
Durablegoods
industries
14.415.712.1
16.913 011.111.110.3
13.812.811.38.0
10.4
8.58.19.6
10.111.7
13.814.211.712.211.4
8 39.0
10.813.1
9.312.49.7
11.6
12.515.311.812.9
13.3
12.015.412.4
Nondurablegoods
industries
16.616.211.2
14.111 29.79.99.6
11.411.810.69.2
10.4
9.89.69.9
10.411.5
12.212.711.811.911.5
10.310.310.512.6
9.810.210.511.4
10.812.712.714.0
15.3
16.518.018.6
Profits after Federal income taxesper dollar of sales—cents
Allmanufacturingcorporations
6.77.05.8
7.14 84.34.34.5
5.45.34.84.24.8
4.44 34.54.75.2
5.65.65.05.14.8
4.04.14.34.7
4.04.54.24.4
4.55.14.64.7
5.6
5.66.05.7
Durablegoods
industries
6.77.16.4
7.75 34.54.24.6
5.75.24.83.94.8
4.03.94.44.55.1
5.75.64.84.94.6
3.53.84.24.7
3.94.74.04.3
4.75.24.44.5
5.0
4.85.54.6
Nondurablegoods
industries
6.76.85.4
6.54 54.14.34.4
5.15.34.94.44.9
4.84.74.74.95.4
5.55.65.35.25.0
4.54.54.44.8
4.24.34.44.6
4.34.94.85.0
6.1
6.46.66.8
1 Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equityat end of quarter only.
2 See "Quarterly Financial Report for Manufacturing Corporations, First Quarter 1974," Federal Trade Commission.
Note.—Based on data in millions of dollars.For explanatory notes concerning compilation of the series, see "Quarterly Financial Report for Manufacturing
Corporations," Federal Trade Commission. See also Note, Table C-75.
Source: Federal Trade Commission.
337
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-77.—Relation of profits after taxes to stockholders* equity and to sales, all manufactur-ing corporations, by industry group, 1973-74
Industry
Ratio of profits after Federalincome taxes (annualrate) to stockholders'
equity—percent1
1973IV
1974
III
Profits after Federal in-come taxes per dollar
of sales—cents
1973IV
1974
III
All manufacturing corporations.
Durable goods industries..
Stone, clay, and glass products.Primary metal industries
Iron and steelNonferrous metals..
Fabricated metal products __Machinery, except electricalElectrical and electronic equipment..Transportation equipment
Motor vehicles and equipmentAircraft, guided missiles, and parts..
Instruments and related productsOther durable manufacturing products..
Nondurable goods industries
Food and kindred productsTobacco manufacturesTextile mill productsPaper and allied productsPrinting and publishingChemicals and allied products..
Industrial chemicals and synthetics..Drugs
Petroleum and coal productsRubber and miscellaneous plastics products..Other nondurable manufacturing products
14.3
13.3
11.512.7
11.115.3
14.413.914.610.9
12.09.6
16.514.6
15.3
15.017.08.1
13.015.015.5
13.718.7
17.014.613.4
14.3
12.0
6.013.7
11.317.3
14.213.412.08.0
7.211.3
16.614.4
16.5
12.513.810.115.811.618.1
16.620.1
20.514.011.1
16.7
15.4
14.819.5
18.520.9
20.115.312.511.2
10.112.6
16.517.3
18.0
13.617.212.020.514.821.3
21.320.0
20.017.611.5
15.5
12.4
15.019.0
20.816.3
18.512.110.74.7
2.59.8
15.211.1
18.6
15.515.97.2
20.113.018.9
19.419.0
23.214.414.2
5.6
5.0
5.05.6
4.77.0
4.26.75.13.7
4.32.8
9.44.1
6.1
3.08.92.55.65.37.9
7.312.6
13.85.02.6
5.6
4.8
2.85.9
4.77.6
4.26.34.33.0
3.03.4
10.24.5
6.4
2.58.73.16.64.18.7
8.312.9
13.45.02.4
6.0
5.5
6.07.4
6.78.5
5.46.64.23.7
3.83.4
9.34.8
6.6
2.710.83.57.95.39.6
9.713.3
11.75.62.4
5.7
4.6
5.97.6
7.57.6
5.15.63.81.7
1.02.9
8.53.3
6.8
3.09.02.37.84.78.3
8.612.2
13.74.62.9
1 Ratios based on equity at end of quarter.
Note.—Industry data are not available prior to 1973 IV on a basis comparable with figures shown here. Beginning 1973IV, there are fewer industry categories because of the recent merger movement and other forms of corporate diversifica-tion. See "Quarterly Financial Report for Manufacturing Corporations, First Quarter 1974," Federal Trade Commission.
Source: Federal Trade Commission.
338
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E G—78.—Sources and uses of funds, nonfarm nonfinancial corporate business, 1946-74
[Billions of dollars]
Period
1946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973
1973: 1IIIllIV
1974: 1!lIII
Sources
Total
18.327.028.219.6
41.135.529.127.228.852.544.342.241.255.1
47.454.559.265.072.491.397.394.0
113.6118.1
103.7120.4148.0176.2
Internal1
7.812.618.719.1
17.919.921.221.123.329.228.930.629.535.0
34.435.641.843.950.556.661.261.561.760.7
59.468 078.784.6
Total
10.514.49.6.6
23.215.67.96.15.5
23.315.411.611.720.1
12.919.017.421.121.934.836.132.551.957.4
44.252 569.391.6
IIxternal
Credit market funds
Total
6.88.66.33.2
7.210.09.25.66.3
10.312.912.010.612.6
11.912.312.512.114.520.425.329.631.538.9
39.546 855 367.2
Long-terms
3.45.56.45.1
3.85.97.85.96.66.57.5
10.310.58.1
7.510.89.58.28.89.2
15.721.618.420.0
30.741 839.334.5
Short-term3
3.33.1
- . 1- 1 . 8
3.44.11.4
- . 3- . 33.8
. 5.41.7.0
4.6
4.51.52.93.95.6
11.29.68.0
13.218.9
8.85 0
16.032.7
Other
3.75.83.3
- 2 . 7
15.95.6
- 1 . 3.5
- . 813.02.5
- . 41.27.5
1.06.74.99.07.4
14.410.93.0
20.418.5
4.85.7
14.024.5
Uses
Total
16.525.525.218.7
40.437.228.926.826.447.839.738.737.850.8
41.449.554.759.365.082.589.188.2
104.0112.1
97.0110.3133.3162.4
Pur-chase
ofphysi-
calassets4
17.917.220.215.2
24.029.824.324.521.531.335.734.527.036.7
38.736.343.645.251.662.376.571.475.083.7
84.087.2
102.5121.5
In-crease
infinan-cial
assets
- 1 . 48.45.03.5
16.47.44.62.34.9
16.54.04.2
10.814.2
2.713.211.114.213.420.212.616.829.028.4
12.923.130.840.9
Discrep-ancy
(sourcesless
uses)
1.81.43.0.9
.7-1 .7
.2
.42.54.64.63.53.44.3
6.05.04.55.67.48.98.25.89.66.0
6.710.214.813.8
Seasonally adjusted annual rates
175.6182.3173 4173.6
200.1206.7204.4
83 783.684 886.3
83.878.572.8
91 998.788 687.3
116.3128 2131.6
73 970.766 157.9
78.089.784.6
31.338.935.332.5
36.741.335.3
42 531.730 725.5
41.448 349.2
18 028.122 429.3
38.338 547.1
159.8167.9158.1163.7
187.1192.4189.7
112.7117.7120 4135.2
128.8131 4123.4
47.150.237 728.5
58.361 066.3
15.714.315.310.0
13.114.314.7
* Undistributed profits (after inventory valuation adjustment) and capital consumption allowances.2 Stocks, bonds, and mortgages.3 Bank loans, commercial paper, finance company loans, bankers' acceptances, and Government loans.« Plant and equipment, residential structures, and inventory investment.
Source: Board of Governors of the Federal Reserve System.
339
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-79.—Current assets and liabilities of U.S. corporations, 1939-74[Billions of dollars]
End of yearor quarter
Current assets
Total
Cashon
handandin
banks*
U.S.Gov-ern-ment
securi-ties 2
Re-ceiv-ablesfromU.S.Gov-ern-
ment3
Notesandac-
countsreceiv-able
In-ven-tories
Othercur-rentas-
sets *
Current liabilities
Total
Ad-vances
andpre-pay-
ments,U.S.Gov-ern-
ment3
Notesandac-
countspay-able
Fed-eralin-
cometax
liabili-ties
Othercur-rentlia-bili-ties
Network-ing
capi-tal
All corporations »
1939
1940..194119421943194419451946194719481949
19501951.19521 9 5 3 . . . .195419551956195719581959
19601961
196119621963196419651966..196719681969
1970197119721973 . . . .
1973:1II . .IllIV
1974:1IIIII
54.5
60.372.983.693.897.297.4
108.1123.6133.0133.1
161.5179.1186.2190.6194.6224.0237.9244.7255.3277.3
289.0306.8
10.8
13.113.917.621.621.621.722.825.025.326.5
28.130.030.831.133.434.634.834.937.436.3
37.241.1
2.2
2.04.0
10.116.420.921.115.314.114.816.8
19.720.719.921.519.223.519.118.618.822.8
20.120.0
0.1.6
4.05.04.72.7.7
38.342.443.0
23.927.423.321.921.823.230.0
1.12.72.82.62.42.32.62.82.82.9
3.13.4
55.758.864.665.971.286.695.199.4
106.9117.7
126.1135.8
18.0
19.825.627.327.626.826.337.644.648.945.3
55.164.965.867.265.372.880.482.281.988.4
91.895.2
1.4
1.51.41.31.31.42.41.71.61.61.4
1.72.12.42.43.14.25.96.77.59.1
10.611.4
30.0
32.840.747.351.651.745.851.961.564.460.7
79.892.696.198.999.7
121.0130.5133.1136.6153.1
160.4171.2
0.6.8
2.02.21.8.9.1
37.639.337.5
22.625.624.024.125.024.831.5
.41.32.32.22.42.32.42.31.71.7
1.81.8
47.953.657.057.359.373.881.584.388.799.3
105.0112.8
1.2
2.57.1
12.616.615.510.48.5
10.711.59.3
16.721.318.118.715.519.317.615.412.915.0
13.514.1
6.9
7.17.28.78.79.49.7
11.813.213.514.0
14.916.518.720.722.525.729.031.133.337.0
40.142.5
Nonfinancial corporations«
254.7269.7288.2305.6336.0364.0386.2426.5473.6
492.3518.8563.1631.4
579.2596.8613.6631.4
653.9673.3696.0
24.5
27.532.336.342.145.651.656.262.168.672.4
81.686.590.191.894.9
103.0107.4111.6118.7124.2
128.6135.6
34.837.139.840.542.841.945.548.247.9
50.255.760.565.2
61.262.362.265.2
62.862.263.9
16.516.816.715.814.413.010.311.510.6
7.710.79.9
10.7
10.89.69.5
10.7
11.710.410.7
3.43.73.63.43.94.55.15.14.8
4.23.53.43.5
3.22.93.03.5
3.23.43.5
94.599.5
106.9116.5130.2142.1150.2168.8192.2
201.9208.8230.5255.8
235.7245.6254.2255.8
265.6278.7284.1
95.0100.5106.8113.1126.6142.8153.1166.0186.4
193.3200.3215.1247.0
222.8230.3238.2247.0
258.9269.7282.7
10.512.114.416.318.119.722.026.931.6
35.039.743.649.3
45.546.046.649.3
51.648.851.1
123.7132.4145.5156.6178.8199.4211.3244.1287.9
304.9313.9338.8386.1
347.4359.1371.7386.1
400.7415.8432.4
1.82.02.52.73.14.45.86.47.3
6.64.94.04.3
4.14.54.44.3
4.54.75.1
82.686.794.5
102.2118.4133.1141.3162.4191.9
204.7207.3221.6251.9
222.8232.5240.8251.9
256.7268.3276.6
13.314.315.716.218.317.413.214.312.6
10.012.214.116.6
15.713.915.316.6
18.717.420.5
26.029.432.835.539.044.551.061.076.0
83.689.599.1
113.3
104.7108.1111.2113.3
120.7125.3130.2
131.0137.3142.7149.0157.2164.6174.9182.4185.7
187.4204.8224.3245.3
231.8237.7241.9245.3
253.2257.4263.6
i Includes time certificates of deposit.3 Includes Federal agency issues.3 Receivables from and payables to the U.S. Government do not include amounts offset against each other on corpora-
tions'books or amounts arising from subcontracting which are not directly due from or to the U.S. Government. Whereverpossible, adjustments have been made to include U.S. Government advances offset against inventories on corporations'books.
41 ncludes marketable investments (other than Government securities and time certificates of deposit) as well as sundrycurrent assets.
s Excludes banks, savings and loan associations, and insurance companies.° Excludes banks, sayings and loan associations, insurance companies, investment companies, finance companies
(personal and commercial), real estate companies, and security and commodity brokers, dealers, and exchanges.Note.—Year-end data through 1970 are based on "Statistics of Income" (Department of the Treasury), covering virtually
all corporations in the United States. "Statistics of Income" data may not be strictly comparable from year to year becauseof changes in the tax laws, basis for filing returns, and processing of data for compilation purposes. All other figures shownare estimates based on data compiled from many different sources, including data on corporations registered with theSecurities and Exchange Commission.
Source: Securities and Exchange Commission.
340
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-80.—State and municipal and corporate securities offered, 1934-74
[Millions of dollars]
Year or quarter
State andmunicipalsecurities
offeredfor cash
(principalamounts)
Corporate securities offered for cash
Totalcorpo-
rateoffer-ings
Type of corporate security
Com-monstock
Pre-ferredstock
Bondsand
notes
Industry of corporate issuer
Manu-fac-
turing^
Elec-tric,
water >
Trans-porta-tion »
Com-munica-
tionOther
1934
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974 »._
1973: I.ILIIIIV
1974: I.II.IIIIV
939
1,128
1,238956524435661
7951,1572,3242,6902,907
3,5323,1894,4015,5586,969
5,9775,4466,9587,4497,681
7,2308,3608,55810,10710,544
11,14811,08914,28816,37411,460
17,76224,37022,94422,95322,726
5,6295,5895,0966,639
6,3496,4414,0635,873
397
2,164
2,6772,6671,0621,1703,202
6,0116,9006,5777,0786,052
6,3617,7419,5348,8989,516
10,24010,93912,88411,5589,748
10,15413,16510,70512,21113,957
15,99218,07424,79821,96626,744
38,94343,44639,88832,12837,611
7,9688,1336,2319,796
9,2469,1997,45311,713
19
87
1081103456163
397891779614736
8111,2121,3691,3261,213
2,1852,3012,5161,3342,027
1,6643,2941,3141,0112,679
1,5471,9391,9593,9467,714
7,2389,561
10,7237,7414,082
2,7331,8191,2961,893
9591,002835
1,286
98
183167112124369
7581,127762492425
631838564489816
635636411571531
409450422343412
725574885637682
1,3933,6823,3403,3752,235
1,141597447
1,190
818534459424
371
1,980
2,3862,390917990
2,669
4,8554,8825,0365,9734,890
4,9205,6917,6017,0837,488
7,4208,0029,9579,6537,190
8,0819,4208,96910,85610,865
13,72015,56121,95417,38318,348
30,31230,20325,82521,01231,294
4,0945,7174,4886,713
7,4697,6636,159
10,003
67
604
992848539510
1,061
2,0263,7012,7422,2261,414
1,2003,1224,0392,2542,268
2,9943,6474,2343,5152,073
2,1524,0773,2493,5143,046
5,4177,070
11,0586,9796,356
10,51311,6246,4824,83710, 316
1,3661,1151,490
1,9262,5341,8653,991
133
1,271
1,2031,357472477
1,422
2,3192,1583,2572,1872,320
2,6492,4552,6753,0293,713
2,4642,5293,9383,8043,258
2,8513,0322,8252,6772,760
2,9363,6654,9355,2816,736
11,01611,74611,31410,27012,785
2,4282,9042,0412,897
3,5693,1902,3493,677
176
186
32436648161609
1,454711286755800
813494992595778
893724824824967
718694567957982
1,0131,9722,0671,8752,146
2,2181,314937
1,1271,032
185234340368
17170147644
902571
399612760882720
1,1321,4191,4621,424717
1,0501,8341,3031,1052,189
9472,0031,9791,7662,188
5,1385,8154,8354,9053,915
1,212962869
1,862
8741,313999729
103
15996421109
211329293
1,008946
1,3001,0581,0682,1382,037
2,7572,6192,4261,9912,733
3,3833,5272,7613,9574,980
5,6803,3644,7596,0649,319
10,05812,94716,32010,9899,563
3,2772,6671,8663,179
2,7062,0922,0932,672
* Prior to 1948, also includes extractive, radio broadcasting, airline companies, commercial, and miscellaneous companyissues.
* Prior to 1948, also includes telephone, street railway, and bus company issues.3 Prior to 1948, includes railroad issues only.Note.—Covers substantially all new issues of State, municipal, and corporate securities offered for cash sale in the United
States in amounts over $100,000 and with terms to maturity of more than 1 year; excludes notes issued exclusively tocommercial banks, intercorporate transactions, investment company issues, and issues to be sold over an extended period,such as employee-purchase plans.
Sources: Securities and Exchange Commission, "The Commercial and Financial Chronicle," and "The Bond Buyer."
341
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-81.—Common stock prices, earnings,
Year or month
1949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
19701971197219731974
1973: JanFeb.MarAprMayJune
JulyAug .SeptOctNovDec
1974: JanFeb .MarAprMayJune .
JulyAug .SeptOctNovDec
Standard
and yields, and stock market credit, 1949-74
& Poor's common stock data
Price indexes i
Total(500
stocks)
Indus-trials(425
stocks)
Publicutilities
(55stocks)
Rail-roads(20
stocks)
1941-43=10
15.23
18 4022 3424.5024 7329.6940.4946 6244.3846.2457 38
55 8566 2762 3869 8781 3788 1785 2691 9398 7097 84
83 2298.29
109 20107.4382.85
118.42114 16112.42110.27107 22104.75
105.83103.80105 61109.84102 0394.78
96 1193.4597.4492 4689.6789.79
82.8276.0368 1269 4471.7467.07
15.00
18 3322 6824.7824 8430.2542 4049 8047 6349.3661 45
59 4369 9965 5473 3986 1993 4891 0899.18
107 49107 13
91 29108.35121 79120.4492.91
132.55127 87126.05123.56119 95117.20
118.65116 75118 52123.42114 64106.16
107 18104.13108.98103 66101.17101.62
93.5485.5176 5477 5780.1774.80
17.87
19 9620 5922.8624 0327.5731.3732 2532 1937.2244 15
46 8660 2059 1664 9969 9176 0868 2168 1066 4262 64
54 4859.3356 9053.4738.91
60.0157 5255.9455.3455 4354.37
53.3150 1452 3153.2248 3045.73
48 6048.1347.9044 0339 3537.46
35.3734.0030 9333 8034.4532.85
12.83
15 5319 9122.4922 60'23.9632.9433 6528.1127.0535.09
30 3132 8330.5637 5845 4646 7846 3446.7248 8445 95
32 1341.9444.1138.0137.53
42.8740 6139.2938.8836 1434.35
35.2233 7635 4938.2439 7441.48
44 3741.8542.8040 2637.0437.31
35 6335.0631 5533 7035.9534.81
Divi-dendyield(per-
cent) 2
6.59
6 576 135.805 804.954 084 094 353.973 23
3 472 983.373 173 013 003 403.203 073 24
3 833.142.843.064.47
2.692.802.832.903.013.06
3.043.163 133.053.363.70
3 643.813.653.864.004.02
4.424.905 455 385.135.43
Price/earn-ings
ratios
6.49
7 158.57
10.579 77
11.7512.5913 2512.7316.3317.32
16 9821 6817.3918 2018.8117 9215 1517.4817 6616.48
15 6918.5018.2014.22
16.40
14.42
14 10
11 95
11.16
9.71
6.86
Margin credit at brokers and banks(end of period) *
Regulated«
Total Brokers Banks
Unreg-ulated;
non-mar-gin
stockcredit
atbanks •
Millions of dollars
6,5359,0456,382
8,8408,6408,3478,1657,6507,369
7,2997,0816,9547,0936,7746,382
6,3436,4626,5276,5676,3816,297
5,9485,6255,097
5,7008,1805,251
7,9757,7737,4687,2936,7846,416
6,2436,0565,9495,9125,6715,251
5,3235,4235,5195,5585,3615,260
4,9254,6724,1734,0804,103
835865
1 131
865867879872866953
1,0561,0251 0051,1811,1031,131
1,0201,0391,0081,0091,0201,037
1,023953924
1,866
1,9321,9511,8621,9521,9921,973
1,9571,9521,9091,8781,9171,866
1,8451,8431,8691,8681,8582,072
2,0912,1192,060
> Monthly data are averages of daily figures and annual data are averages of monthly figures,a Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes-
day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.* Ratio of price index for last day of quarter to quarterly earnings (seasonally adjusted annual rate). Annual ratios are
averages of quarterly data.* Margin credit includes all credit extended to purchase or carry stocks or related equity instruments and secured at
least in part by stock. Credit extended by brokers is end-of-month data for member firms of the New York Stock Ex-change. June data for banks are universe totals; all other data fcr banks represent estimates for all commercial banks,which accounted for 60 percent of security credit outstanding at banks on June 30,1971.
* In addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan valuesfor convertible bonds and stock acquired through exercise of subscription rights.
* Nonmargin stocks are those not listed on a national securities exchange and not included in the Board of Governorsof the Federal Reserve System's list of over-the-counter margin stocks. At banks, loans to purchase or carry nonmarginstocks are unregulated; at brokers, such stocks have no loan value.
Sources: Board of Governors of the Federal Reserve System, New York Stock Exchange, and Standard & Poor's Cor-poration.
342
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-82.—Business formation and
Year or month
1929193331939 3
194019411942 . . .1943194419451946194719481949195019511952195319541955 .195619571958195919601961—1962196319641965....19661967196819691970...1971197219731974
1973:JanFebMarAprMayJuneJulyAugSeptOctNovDec
1974:JanFeb. .MarAprMayJune . . . .JulyAugSept..OctNovDec...
Indexof net
businessformation
(1967-100)
112.687.893.193.398.294.491.399.195.290.489.596.892.488.390.793.397.298.698.2
100.0109.8116.2108.0111.0117.9117.9
^113.4
Newbusiness
rations(num-
kor\
132.916112,89796,34685,64093,09283,77892,946
102,706117,411139,915141,163137,112150 781193,067182,713181,535182,057186,404197, 724203,897200,010206,569233,635274,267264,209287,577316,601329,358
4294,279
business failures, 1929-74
Business failures 1
nessfailure
103.9100.369.663.054.444.616.46.54.25.2
14.320.434.434.330.728.733.242.041.648.051.755.951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.438.4
Seasonally adjusted
119.1119.9120.8119.3118.8118.5118.2117.2115.6116.2117.6113.8113.0113.1114.0116.1116.7115.8118.8114.8110.5106.9107.4
27, 79628,75228,96428, 52228, 28627,99927,47726,68926, 24026, 80926,71824, 62726,20927,14226,57829,40628,01225, 87728,03626,13926,14325,30325,434
34.936.035.935.236.338.235.739.138.637.034.735.735.537.540.834.139.737.037.733.445.247.036.337.0
Number of failures
Total
22,90919,85914,76813,61911,8489 4053,2211,222
8091 1293 4745,2509,2469,1628,0587 6118,862
11 08610 96912,68613, 73914 96414,05315 44517 07515, 78214 37413 50113 51413,06112 3649 6369 154
10 74810 3269 5669 3459,915
772753874796838840714837717772739693795797971802925789782709839993785728
Liability sizeclass
Under$100,000
22,16518,88014,54113,40011,6859 2823,1551,176
7591 0033 1034,8538,7088,7467,6267,0818,075
10 22610 11311,61512,54713 49912,70713 65015,00613,77212 19211,34611,34010,83310 1447,8297,1928,0197 6117 0406,6276,733
534557647598559608520580502519513490505559686606619521522474559634544503
$100,000andover
744979227219163123664650
126371397538416432530787860 "856
1,0711,1921 4651,3461 7952,0692,0102 1822,1552,1742,2282 2201,8071,9622,7292 7152,5262,7183,182
238196in198279232194257215253226203290238285196306268260235280359241225
Amount of currentliabilities (millions
of dollars)
Total
483.3457.5182.5166.7136.1100.845.331.730.267.3
204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.6
1, 090.11,213.61,352.61,329.21,321.71,385.71,265.2
941.01,142.11,887.81,916.92,000.22,298.63,053.1
205.8137.2252.3119.3167.9180.2206.2190.1189.5185.7218.7245.6337.3213.1204.6209.8375.7215.5153.4232.7217.0306.8344.7242.6
Liability sizeclass
Under$100,000
261.5215.5132.9119.9100.780.330.214.511.415.763.793.9
161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6256.9
19.119.323.120.719.020.419.620.418.518.719,617.219.322.225.522.123.619.819.818.122.523.921.818.3
$100,000andover
221.8242.049.746.835.420.515.117.118.851.6
140.9140.7146.797.1
128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.1
1,031.61,015.61,000.01,064.1
967.3699.9910.8
1,618.41,645.61,741.52,063.02,796.3
186.7117.9229.298.7
149.0159.8186.6169. £171.0167.0199.1228.4317.9191.0179.1187.7352.1195.7133.6214.6194.5282.9322.9224.3
1 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.
3 Failure rate per 10,000 listed enterprises.3 Series revised; not strictly comparable with earlier data.« Preliminary; based on seasonally adjusted data through November.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet, Inc.
343
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AGRICULTURE
TABLE G-83.—Income of farm people and farmers, 1929-74
Year orquarter
1929
1933
1939
1940194119421943194419451946194719481949
195019511952195319541955195619571958_.1959
196019611962196319641965 .19661967_ .19681969 . . - .
19701971 . . . _19721973 . . . .1974 P
1972: 1IIIIIIV
1973: 1IIIIIIV
1974: 1IIIIIIV v
Personal incomereceived by totalfarm population
Fromall
sources
Fromfarm
sources1
Fromnon-farm
sources 2
Income received from farming
Realized gross
Total 3
Cashreceipts
frommarket-
ings
Produc-tion ex-penses
Net to farmoperators
Exclud-ing netinven-tory
change
Includ-ing netinven-tory
change *
Billions of dollars
7.4
7.610.114.116.516.617.220.021.123.819.5
20.322.722.019.718.317.417.617.519.217.4
18.219.019.819.819.722.623.722.623.926.6
27.128.233.750.446.7
4.8
4.86.8
10.112.112.212.815.515.818.013.3
14.116.115.313.312.411.211.110.812.510.4
11.111.411.411.110.112.112.711.011.312.9
12.913.216.531.325.8
2.6
2.83.33.94.44.44.44.65.35.86.2
6.36.56.76.45.96.26.66.66.77.1
7.17.68.48.89.7
10.511.011.612.713.7
14.215.017.219.020.9
13.9
7.1
10.6
11.113.918.823.424.425.829.534.134.731.6
32.337.136.835.133.733.334.434.238.137.9
38.540.241.742.743.145.550.649.951.756.3
58.660.669.997.0
102.0
11.3
5.3
7.9
8.411.115.619.620.521.724.829.630.227.8
28.532.932.531.029.829.530.429.733.533.6
34.235.236.537.537.339.443.442.844.248.2
50.552.961.088.695.0
7.7
4.4
6.3
6.97.8
10.011.612.313.114.517.018.818.0
19.522.322.821.521.822.222.723.725.827.2
27.428.630.231.531.733.536.438.339.542.2
44.647.652.464.774.8
6.3
2.7
4.3
4.26.18.8
11.812.112.815.017.115.913.6
12.814.814.013.611.911.111.710.512.310.7
11.111.611.511.211.412.014.111.612.214.2
14.013.017.532.227.2
6.2
2.6
4.4
4.56.59.9
11.711.712.315.115.417.712.8
13.615.915.013.012.411.311.311.113.210.7
11.512.012.111.910.613.014.112.312.314.3
14.014.418.436.229.6
Net income perfarm, includingnet inventory
change
Currentdollars
1967dollars 5
Dollars
945
379
685
7061,0311,5881,9271,9502,0632,5432,6153,0442,233
2,4172,9362,8782,6042,5792,4292,4932,5363,1112,606
2,8963,1273,2773,3183,0643,8834,3163,8774,0184,753
4,7524,9576,410
12,74410,460
1,969
1,115
1,851
1,8582,5783,4523,7063,6113,6194,0373,5343,9032,977
3,1803,5373,4263,1003,0702,8922,9332,8823,4962,928
3,2183,4743,6013,6073,2954,0874,4043,8773,8634,361
4,1684,1665,1699,2356,500
Seasonally adjusted annual rates
66.068.969.575.4
86.293.2
101.8106.7
105.098.4
102.1102.5
57.460.060.266.4
77.584.893.698.5
98.091.394.596.2
50.552.152.554.6
60.162.967.069.0
72.174.576.576.1
15.516.817.020.8
26.130.334.837.7
32.923.925.626.4
16.617.717.821.5
29.633.339.342.7
36.926.927.626.9
5,7806,1706,2007,490
10,41011,71013,82015,010
13,0409,5009,7509,500
4,7404,9804,9605,940
7,9508,6109,870
10, 350
8,5805,9705,9505,590
1 Net income to farm operators including net inventory change, less net income of nonresident operators, plus wages andsalaries and other labor income of farm resident workers, less contributions of farm resident operators and workers tosocial insurance.
2 Consists of income received by farm residents from nonfarm sources, such as wages and salaries from nonfarm em-ployment, nonfarm business and professional income, rents from nonfarm real estate, dividends, interest, royalties,unemployment compensation, and social security payments.
3 Cash receipts from marketings, Government payments, and nonmoney and other farm income furnished by farms(excluding net inventory change).
4 Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.5 Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base.
Source: Department of Agriculture.
344Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-84.—Farm production indexes, 1929-74
[1967=100]
Year
1929....
1933....
1939....
1940.._1941...1942...1943...1944...
1945...1946 ...1947__.1948.__1949...
1950...1951...1952...1953...1954...
1955...1956...1957...1958...1959...
1960...1961...1962...1963...1964...
1965...1966...1967...1968...1969...
1970...1971...1972...1973...1974 P..
Farmout-put!
53
51
58
6063706971
7072697674
7476798080
8383818789
9192929695
9895100102102
101111110112109
Crops 2
Total 3
62
56
64
6768767275
7377738479
7778828180
8382818989
9392929693
9995100103104
101112113119110
Feedgrains
48
44
51
5256645861
5964497163
6359626164
6867738083
8677788574
87891009599
8911611211592
Hayandfor-age
69
61
66
7675828079
8277747373
7881798181
8682898985
9090939494
989610099101
100106105110104
Foodgrains
52
35
48
5259625466
6972848169
6564827566
6365629173
8679747785
888810010598
91107102112120
Vege-tables
73
65
72
7475798682
8493818683
8580808482
8591889089
9096949490
9697100104101
101100101103110
Fruitsandnuts
70
72
91
8893928092
84100958792
9394919393
9397899699
9397979595
1009810098116
109116104124122
Cot-ton
204
178
162
173148176157168
124119163205220
137208208208226
188202183150157
170195204211232
205130100148137
139145187174157
To-bacco
77
70
97
7464727199
101118107101100
103119114105114
112111858891
99105118119113
94961008791
97868889100
Oilcrops
10
9
25
2729404136
3534394745
4647464749
5360586964
6877788181
9597100114116
117121131155129
Livestock and products 2
Total 3
54
57
59
6164717774
7371706872
7578798082
8485838589
8891929598
9597100100101
105108108105109
Meatani-mals
52
58
59
6063728173
7068676669
7479797881
8683808288
8589909598
9296100101102
108112110109117
Dairyprod-ucts
76
80
82
8589929193
9594939093
9392929798
99101101101100
101104105104105
1041011009998
1001011029898
Poul-tryandeggs
32
32
35
3639455252
5450504954
5759606164
6369707476
7682828487
909610098100
106107109106106
1 Farm output measures the annual volume of net farm production available for eventual human use through sales fromfarms or consumption in farm households.
2 Gross production.3 Includes certain items not shown separately.
Source: Department of Agriculture.
345
563-280 O - 75 - 23Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-85.—Farm population, employment, and productivity, 1929-74
Year
Farm population(April l ) i
Num-ber
(thou-sands)
As per-cent of
totalpopu-
lation »
Farm employment(thousands) 3
Total Familyworkers
Hiredworkers
Farm output
Perunit oftotalinput
Per man-hour
Total CropsLive-stockand
products
Cropproduc-
tionper
acre*
1929.
1933.
1939.
1940.1941..1942.1943..1944.
1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960..1961..1962..1963..1964..
1965..1966..1967..1968..1969..
1970...1971...1972...1973...1974 P..
Index, 1967=100
30,580
32,393
30,840
30, 54730,11828,91426,18624, 815
24,42025,40325, 82924,38324,194
23,04821, 89021, 74819, 87419, 019
19, 07818, 71217,65617,12816,592
15, 63514,80314,31313,36712,954
12,36311, 59510, 87510,45410, 307
9,7129,4259,6109,4729,264
25.1
25.8
23.5
23.122.621.419.217.9
17.518.017.916.616.2
15.214.213.912.511.7
11.511.110.39.89.4
8.78.17.77.16.8
6.45.95.55.25.1
.7
12,763
12,739
11,338
10,97910,66910,50410,44610, 219
10, 00010, 29510,38210,3639,964
9,9269,5469,1498,8648,651
8,3817,8527,6007,5037,342
7,0576,9196,7006,5186,110
5,6105,2144,9034,7494,596
4,5234,4364,3734,3374,?94
9,360
9,874
8,611
8,3008,0177,9498,0107,988
7,8818,1068,1158,0267,712
7,5977,3107,0056,7756,570
6,3455,9005,6605,5215,390
5,1725,0294,8734,7384,506
4,1283,8543,6503,5353,419
3,3483,2753,2283,1693,116
3,403
2,865
2,727
2,6792,6522,5552,4362,231
2,1192,1892,2672,3372,252
2,3292,2362,1442,0892,081
2,036,952,940,982,952
,885,890,827,780,604
,482,360,253,213,176
,175,161,146,168,178
54
55
61
6264706869
7073707673
7373767778
8082828989
9394959998
10297100101101
100108107106103
17
16
20
2122242425
2729293233
3435384042
4548515760
6568727781
9193100106109
111123126129125
17
17
21
2224262627
2931313536
3736404143
4650546263
6870747981
9395100105106
106115119126116
26
25
27
2728303231
3132333436
3739404143
4648505458
6266717782
8693100105112
121130138144140
56
50
60
6263706468
6771677570
6970737271
7476778685
8992959795
10097
100105106
104112115115104
i Farm population as defined by Department of Agriculture and Department of Commerce, i.e., civilian populationliving on farms, regardless of occupation.
' Total population of United States as of July 1 including Armed Forces overseas.3 Includes persons doing farmwork on all farms."~. These data, published by the Department of Agriculture, Statistical
Reporting Service, differ from those on agricultural employment by the Department of Labor (see Table C-24) because ofdifferences in the method of approach, in concepts of employment, and in time of month for which the data are collected.See monthly report on "Farm Labor."
* Computed from variable weights for individual crops produced each year.
Sources: Department of Agriculture and Department of Commerce (Bureau of the Census).
346
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-86.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-74
[Index, 1967 = 100, except as noted]
Year or month
1929
1933
1939
1940 . .194119421943. .19441945194619471948..1949
195019511952.. .19531954195519561957 . .19581959.
1960196119621963 .1964196519661967. .19681969
19701971.19721973.1974
1973:Jan 15Febl5. . ...Mar 15Apr 15.May 15June 15
July 15Augl5Sept 15Oct 15Novl5Dec 15
1974: Jan 15Feb 15Mar 15Apr 15May 15June 15
July 15Aug 15Sept 15Oct 15Nov 15Dec 15
Prices received by farmers
All farmproducts
58
28
37
3949637678819310911398
102119113100979191929895
949496969398105100103108
110112126172183
145149159158163172
173208191184181185
198202194183175165
175181178185182177
Crops
65
31
42
445570858792104122127111
103117118106107102104999998
9910010310610610310510010197
100107115164212
131131138143154170
162196182180181195
208220216205201199
204214211228224211
Livestockand
products
57
25
39
3950627171768710411498
10112111097908482889993
919192898594105100104117
118116134179163
155162174169170174
181218198188183179
193190179169158142
155160154155153153
Prices paid by farmers
All items,interest,taxes, andwage rates
47
32
36
36394450535661707673
75828481818181848687
88889091929498100104109
114120127145168
134136138141143146
146151150151152154
157159161164165166
168173175176178179
Familylivingitems
48
34
37
38404652545763747875
76838484848485888989
90909192939598100104109
114119124138161
129131133134136138
138141142143146147
149153155157159160
161164166167171173
Produc-tionitems
51
34
42
43455257606167788783
86959589898787909293
92939495949699100102106
110115122146172
132134138139143149
148157154153153156
161161162167166168
170178182183183184
Parity ratio *
Actual
92
64
77
8193105113108109113115110100
10110710092898483828581
80798078767780747374
7269748881
808285838587
8810295918990
949490837974
777875787673
Adjusted 2
66
85
8898109116110111115116111100
10210810193898584858882
82838381808286797980
7774799181
838488868890
9110597949292
949490837974
787875787673
1 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wages rates on1910-14=100 base.
2 The adjusted parity ratio reflects Government payments made directly to farmers.
Source: Department of Agriculture.
347
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE
Year
1929
1933 . . .
1939
19401941194219431944 - . .
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
1965 .1966196719681969
19701971197219731974 v
C-87.—Selected measures of farm resources and inputs.
Cropshar-
vested(mil-lionsof
acres) i
365
340
331
341344348 '357362
354352355356360
345344349348346
340324324324324
324302295298298
298294306300290
293305296322326
Man-hoursof
farmwork(bil-lions)
23.2
22.6
20.7
20.520.020.620.320.2
18.818.117.216.816.2
15.115.214.514.013.3
12.812.011.110.510.3
9.89.49.08.78.2
7.46.96.86.56.4
6.26.15.95.95.9
1929-74
Index numbers of inputs (1967=100)
Total
100
94
96
9798101102103
1009999100102
101104105104103
1031019898100
9897979797
9698100101101
101102102106105
Farmlabor
324
316
290
288284291287285
267256242236228
214214205197189
182172160153149
143137131127120
1081021009794
9290878787
Farmreal
estate
102
96
101
102101999797
97101102102103
104104103103104
10310110199100
9999999999
99991009998
9897959797
Me-chani-cal
powerandma-
chinery
38
32
39
4144515457
5857637179
8389949595
9697969797
9593949293
9499100102101
101103101111109
Agri-culturalchemi-cals 2
10
6
12
1314151720
2021242628
3033363738
4041414450
5054596672
7786100106no110120125131135
Feed,seed,andlive-stockpur-
chases 3
31
28
41"
4346495353
5554565763
6468707072
7376758184
8487898991
9297100101104
109109110109108
Taxesand
interest
69
71
67
6868697274
7576767477
7777798080
8282818286
8789909294
9598100103105
106104107105104
Miscel-laneous
92
88
83
8484828488
8587889398
93100999996
10096100105109
109108110110112
109104100106105
107105113120120
1 Acreage harvested (excludini2 Fertilizer, lime, and pesticides.3 Nonfarm portion of feed, seed, and livestock purchases.Source: Department of Agriculture.
in fruits, tree nuts, and farm gardens.
348
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-88.—Comparative balance sheet of the farming sector, 1929-75
[Billions of dollars]
Beginning ofyear
1929
1933
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
I96019611962 . .19631964
1965 . . . .1966 . .196719681969
19701971197219731974
1975 v
Assets
Total
52.955.062.973.784.6
94.2103.5116.4127.9134.9
132.5151.5167.0164.3161.2
165.1169.6177.9185.8202.1
203.5204 2212.8221.4229.3
237.3253.8266.8280.3295.2
306.0317.5343.1386.8478.8
530.9
Realestate
48.0
30.8
34.1
33.634.437.541.648.2
53.961.068.573.776.6
75.386.695.196 595.0
98.2102.9110.4115 9124.4
130.2131 8138.0143.8152.1
160.9172.2181.7191.9201.4
206.9214.9231.5260.6325.3
374.1
Live-stock^
6.6
3.0
5.1
5.15.37.19.69.7
9.09.7
11.913.314.4
12.917.119.514.811.7
11.210.611.013.917.7
15.215.516.417.315.8
14.417.518.918.820.2
23.423.827.334.145.8
Other physical assets
Ma-chin-eryand
motorvehi-cles
3.2
2.5
3.2
3.13.34.04.95.4
6.55.45.37.4
10.1
12.214.116.717.418.4
18.619.320.220.221.8
22.722.222.523.423.9
24.825.927.429.831.3
32.334.436.639.143.6
Crops 2
2.73.03.85.16.1
6.76.37.19.08.6
7.67.98.89.09.2
9.68.48.37.69.3
7.78.08.89.39.8
9.29.7
10.09.6
10.6
10.910.711.814.522.1
House-hold
equip-mentand
furnish-ings
4.24.24.95.05.3
5.66.17.78.59.1
8.69.7
10.39.99.9
10.010.510.09.99.8
9.68.99.19.08.9
8.68.68.49.09.6
9.710.111.011.913.6
126.8
Financial assets
De-positsandcur-rency
3.23.54.25.46.6
7.99.4
10.29.99.6
9.19.19.49.49.4
9.49.59.49.5
10.0
9.28.78.89.29.2
9.610.010.310.911.5
11.912.413.214.014.9
U.S.savingsbonds
0.2.4.5
1.12.2
3.44.24.24.44.6
4.74.74.74.64.7
5.05.25.15.15.2
4.74.64.44.44.2
4.24.03.93.83.8
3.73.63.74.04.0
Invest-mentin co-opera-tives
0.8.9.9
1.01.1
1.21.41.51.71.9
2.12.32.52.72.9
3.13.23.53.73.9
4.24.54.85.05.4
5.65.96.26.56.8
7.27.68.08.69.5
30.0
Claims
Total
52.955.062.973.784.6
94.2103.5116.4127.9134.9
132.5151.5167.0164.3161.2
165.1169.6177.9185.8202.1
203.5204.2212.8221.4229.3
237.3253.8266.8280.3295.2
306.0317.5343.1386.8478.8
530.9
Realestatedebt
9.8
8.5
6.8
6.66 56.46 05.4
4 94.84.95.15.3
5.66.16.77.27.7
8.29.09.8
10.411.1
12.112.813.915.216.8
18.921.223.325.527.4
29.230.332.235.841.3
47.4
Otherdebt
3.43.94.14 03.5
3.43.23.64.26.1
6.87.08.08.99.2
9.49.89.5
10.012.5
12.713.414.816.518.1
18.620.422.424.927.6
29.731.635.639.142.8
47.5
Pro-prie-tors'equi-ties
42.944 652.463 775.7
85 995.5
107.9118 6123.5
120.1138 4152.3148 2144.3
147.5150.8158.6165.4178.5
178.7178.0184.1189.7194.4
199.8212.2221.1229.9240.2
247.1255.6275.3311.9394.7
436.0
1 Beginning with 1961, horses and mules are excluded.2 Includes all crops held on farms and crops held off farms by farmers as security for Commodity Credit Corporation
loans. The latter on January 1,1975 totaled approximately $0.3 billion.
Note.—Beginning 1969, data include Alaska and Hawaii.
Source: Department of Agriculture.
349
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSTABLE C-89.—U.S. balance of payments, 1946-74
[Millions of dollars]
Yearor
quar-ter
1946 . . .1947 . . .1948 . . .1949 . . .
1950 . . .1 9 5 1 . . .1952 . . .1 9 5 3 . . .1954 . . .
1955 . . .1956 . . .1957 . . .1958 . . .1959 . . .
1960 . . .1961 . . .1962 . . .1963 . . .1964 . . .
1965 . . .1966 . . .1967. . .1968 . . .1969 . . .
1970 . . .1 9 7 1 . . .1972 . . .1 9 7 3 . . .197412. .
1972:1IIIIL'IIV. . -
1973:
IL.II111...IV . . .
1974:1
nV.'.Il i b . .IV*..
Merchandise
Ex-ports
11,76416,09713, 26512,213
10, 20314, 24313,44912,41212, 929
14,42417, 55619, 56216,41416,458
19,65020,10820,78122,27225, 501
26,46129, 31030,66633,62636, 414
41,94742, 75448, 76870,27794,696
Imports
- 5 , 0 6 7- 5 , 9 7 3- 7 , 557- 6 , 874
- 9 , 0 8 1-11 ,176-10 ,838-10 ,975-10 ,353
-11,527-12 ,803-13,291-12 ,952-15 ,310
-14 ,758-14,537-16 ,260-17 ,048-18 ,700
-21 ,510- 2 5 , 493-26 ,866-32 ,991- 3 5 , 807
- 3 9 , 788- 4 5 , 476- 5 5 , 754-69 ,806
-100,379
13
Netbal-ance
6,69710,1245,7085,339
1,1223,0672,6111,4372,576
2,8974,7536,2713,4621,148
4,8925,5714,5215,2246,801
4,9513,8173,800
635607
2,159- 2 , 722- 6 , 986
471- 5 , 6 8 3
Military transactions
Directexpend-
itures
- 4 9 3- 4 5 5- 7 9 9- 6 2 1
- 5 7 6- 1 , 2 7 0- 2 , 0 5 4- 2 , 6 1 5- 2 , 6 4 2
- 2 , 9 0 1- 2 , 9 4 9- 3 , 216- 3 , 4 3 5- 3 , 1 0 7
- 3 , 087- 2 , 998- 3 , 1 0 5- 2 , 9 6 1- 2 , 8 8 0
- 2 , 9 5 2- 3 , 764- 4 , 378- 4 , 535-4 ,856
- 4 , 8 5 5-4,819- 4 , 759- 4 , 6 2 0- 4 , 9 8 9
Sales
(10)(10)(10)(10)
(10)
(10)
192182
200161375300302
335402656657747
830829
1,1501,3921,512
1,4781,9121,1542,3542,839
Netbal-ance
- 4 9 3- 4 5 5- 7 9 9- 6 2 1
- 5 7 6- 1 , 2 7 0- 2 , 0 5 4- 2 , 4 2 3- 2 , 460
- 2 , 701- 2 , 788- 2 , 841- 3 , 1 3 5- 2 , 8 0 5
- 2 , 7 5 3- 2 , 596- 2 , 448- 2 , 304- 2 , 1 3 3
- 2 , 1 2 2- 2 , 935- 3 , 228- 3 , 1 4 3- 3 , 344
- 3 , 377- 2 , 9 0 8- 3 , 6 0 4-2 ,266- 2 , 1 5 0
Net invest-ment income
Pri-vates
554807975989
1,1461,3171,2671,2831,594
1,7752,0542,1742,0082,147
2,2702,8323,1773,2273,926
4,1433,7284,0874,2073,655
3,8955,9766,4138,298
12,649
U.S.Gov-ern-ment
6508573
78151140166213
180404
16868
17105134989
26554163
156
- 1 1 1- 9 5 5
- 1 , 8 8 7- 3 , 008- 3 , 1 3 3
Nettraveland
trans-porta-tion ex-pendi-tures
733946374230
- 1 2 029883
- 2 3 8- 2 6 9
- 2 9 7- 3 6 1- 1 8 9- 6 3 3- 8 2 1
- 9 6 4- 9 7 8
—
-
_
——
1,1551,3121,149
1,2841,3321,7511,548
- 1 , 7 6 3
- 2 , 0 2 3-2,341- 3 , 055- 2 , 7 1 0- 2 , 3 5 5
Otherserv-ices,net 3
310145175208
242254309307305
299447482486573
632649860
1,0071,088
1,4261, 5361,7101,7662,034
2,3882,7813,1103,5403,837
Bal-anceon
goodsand
serv-ices 14
7,80711,6176,5186,218
1,8923,8172,356
5321,959
2,1534,1455,9012,356
310
4,0945,5845,0885,9418,542
7,1404,8684,6571,9801,344
2,932- 1 7 0
- 6 , 0 1 04,3273,165
Remit-tances,
pen-sions,and
otheruni-
lateraltrans-fers i
- 2 , 9 2 2- 2 , 6 2 5- 4 , 5 2 5- 5 , 6 3 8
- 4 , 017- 3 , 515- 2 , 531- 2 , 4 8 1- 2 , 2 8 0
- 2 , 4 9 8- 2 , 4 2 3- 2 , 3 4 5- 2 , 3 6 1- 2 , 4 4 8
- 2 , 3 0 0- 2 , 514- 2 , 6 2 8- 2 , 742- 2 , 7 5 4
- 2 , 8 5 3- 2 , 9 2 5- 3 , 1 1 3- 2 , 9 4 3- 2 , 9 7 8
- 3 , 2 5 6- 3 , 6 4 7- 3 , 797- 3 , 8 7 6
13-8,136
Bal-anceon
cur-rent ac-count
4,8858,9921,993
580
- 2 , 1 2 5302
- 1 7 5- 1 , 9 4 9
- 3 2 1
- 3 4 51,7223,556
- 5- 2 , 1 3 8
1,7943,0702,4603,1995,788
4,2871,9431,544- 9 6 2
- 1 , 6 3 3
- 3 2 4- 3 , 8 1 7- 9 , 8 0 7
45013-4,971
Seasonally adjusted
11,65511,53412, 35713,222
15,23016,67918,15220, 216
22, 29924, 08924,63426,109
-13 ,482-13 ,329-13 ,953-14 ,990
-16 ,184-17 ,042-17 ,574-19 ,006
- 2 2 , 373- 2 5 , 720-27,191-27 ,631
-1 ,827- 1 , 7 9 5-1 ,596- 1 , 7 6 8
- 9 5 4- 3 6 3
5781,210
-74- 1 , 6 3 1- 2 , 557- 5 , 7 6 3
- 1 , 2 2 2- 1 , 2 4 2- 1 , 1 0 9
14-1,185
- 1 , 1 7 5.14-1,209
- 1 , 067- 1 , 1 6 9
-1 ,166- 1 , 3 1 9-1 ,257
326281252295
342446520
1,046
673655801
- 8 9 6- 9 6 1-857
" - 8 9 0
- 8 3 3H-763
- 5 4 7- 1 2 3
- 4 9 3- 6 6 4-456
1,4261,4661,7021,819
2,0811,9682,0522,197
3,8432,6353,009
- 4 0 6- 4 4 8- 4 9 0- 5 4 3
- 6 3 4- 7 6 0- 7 9 5- 8 1 9
- 7 6 7- 7 8 9- 7 9 4
- 8 0 7- 7 3 7- 7 4 1- 7 7 0
- 6 8 6- 7 8 1- 6 1 3- 6 3 0
- 5 3 3- 7 3 0- 5 0 3
747753788822
841815984901
921995962
- 1 , 7 6 3- 1 , 7 2 2- 1 , 1 9 4- 1 , 3 3 0
- 1 8 5116
1,6592,736
2,897- 1 8 4- 3 3 9
- 9 9 0- 9 5 4- 9 5 8- 8 9 6
- 7 6 1- 1 , 0 5 6
- 8 9 7- 1 , 1 6 4
13-2,951- 1 , 9 0 2- 1 , 2 4 9
- 2 , 753- 2 , 6 7 6- 2 , 1 5 2- 2 , 2 2 6
- 9 4 6- 9 4 0
7621, 572
13-54- 2 , 086- 1 , 5 8 8
i Excludes military grants.3 Adjusted from Census data for differences in timing and coverage.3 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are
excluded from net investment income and included in other services, net.4 In concept, equal to net exports of goods and services in the national income and product accounts, although the two
series may differ because of revisions, special handling of certain items, etc.& Excludes liabilities to foreign official reserve agencies.6 Private foreigners exclude the International Monetary Fund (IMF), but include other international and regional
organizations.i Includes liabilities to foreign official agencies reported by U.S. Government and U.S. banks and U.S. liabilities to the
IMF arising from reversible gold sales to, and gold deposits with, the United States.s Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position
in the IMF. Minus sign indicates increase.
(Footnotes continued on following page.)
350
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-89.—U.S. balance of payments, 1946-74—Continued
[Millions of dollars]
Year orquarter
1946...194719481949
1950 .1951. . . .195219531954
1955.. . .195619571958... .1959
I 9 6 0 . . . .1 9 6 1 . . . .1962.. . . .1963 . . .1964 . . . .
19651966. . .19671968.1969 . . . .
1970 . . . .19711972 . . . .19731974 12..
1972:1III I I . . . .I V . . . .
1973:1I L - .I I I . . . .IV . . . .
1974:1II . . .IllpIVJ>
Long-termcapitalflows,
net
U.S.Gov-ern-
ments
-884-886-882
-1 ,151-1 ,353
-1 ,539-1 ,479- 2 , 336-2 ,164-1 ,933
- 2 , 0 2 5-2 ,362-1 ,330-1 ,5393 2, 571
Pri-vates
-2 ,100-2 ,182-2 ,606- 3 , 376-4 ,511
- 4 , 577-2 ,575-2 ,932
1,191- 7 0
-1 ,429- 4 , 381
- 9 862
-3 ,287
Bal-ance
on cur-rent
accountand
long-term
capital
-1 ,1912
-1 ,028-1 ,328
- 7 5
-1 ,829-2 ,110- 3 , 7 2 3-1 ,935-3 ,637
-3 ,778-10, 559-11,235-1 ,026-5 ,687
Non-liquidshort-term
privatecapitalflows,net«
- 2 5 3- 2 3 6- 1 3 1
158
75- 2 2 7- 4 1183
- 5 5 6
- 3 2 8-479- 1 7 4- 1 4 5- 8 9
n-1 ,405n-1 ,200ii - 6 5 7ii - 9 6 8-1 ,643
-154-104-522
231- 6 4 0
-482- 2 , 347-1 ,541-4 ,276
-14,751
Allo-ca-
tionsof
spe-cial
draw-ing
rights(SDR)
867111710
Errorsand
omis-sions,
net
155861
1,115717
-12435449722060
371390
1,012361260
-1 ,081-1 ,053-1 ,179
- 4 1 8- 9 7 8
-49464
-43994
-1 ,805
- 4 5 8- 9 , 776-1 ,790- 2 , 3 0 3
4,783
Netliquid-
itybal-ance
**
" - 3 , 6 7 7" - 2 , 2 5 2n-2 ,864n-2 ,713
-2,696
-2 ,478-2,151- 4 , 683-1,611- 6 , 081
-3,851- 2 1 , 965-13,856-7 ,606
-15,655
Liq-uidpri-vate
capitalflows,net*
H273H904ii 214ii 7791,162
1,1882,3701,2653,2528,820
- 5 , 988- 7 , 788
3,5022,302
10, 573
Officialreservetrans-actions
bal-ance
• *
- 3 , 4 0 3-1 ,348-2 ,650-1 ,934- 1 , 534
-1 ,290219
-3 ,4181,6412,739
- 9 , 839- 2 9 , 753-10,354-5 ,304-5 ,082
Changesin lia-bilities
toforeignofficialagen-cies,net 7
1,258742
1,1171,5571,363
67-7873,366- 7 6 1
-1 ,552
7,36227,40510, 3225,0957,176
Changesin U.S.officialreserveassets,
net 8
- 6 2 3-3 ,315-1 ,736
-266
1,758- 3 3
-4151,256
480
182-869
-1 ,1652,2921,035
2,145606
1,533377171
1,22256852
-880-1 ,187
2,4772,348
32209
- 2 , 095
Seasonally adjusted
-309-105-370-544
-37194
-398-862
31, 34C58(
i
-836398
-386726
309-3241,527
-1 ,451
506-973
-1,998
- 3 , 898- 2 , 383- 2 , 908- 2 , 044
-1,008-1,170
1,891-741
1,79*-2,47$- 3 , 581
-423301
-42C-99S
-1,663-1,457
97-1,253
-3,966—5,42S-1,66*
178178177177
816-442
-1 ,294-870
-3 ,943850
-3361,125
1,1181,686
783
- 3 , 327- 2 , 346-4,445-3,736
-6,614-1,777
1,652-869
-1,053-6,222-4,466
1801,474-2772,125
- 3 , 5812,063
2903,530
2,0951,6974,138
-3 ,147-872
-4 ,722-1 ,611
-10,195286
1,9422,661
1,042-4 ,525
- 3 2 8
2,7181,1034,7771,722
9,975-303
-1 ,929-2 ,646
-8324,8831,331
429- 2 3 1
- 5 5-111
22017
- 1 3- 1 5
-210- 3 5 8
-1.C03
U.S.officialreserveassets,
net(end ofperiod)9
20,70624,02125,75826,024
24,26524, 29924,71423,45822,978
22,79723,66624,83222, 54021, 504
19, 35918,75317, 22016, 84316,672
15, 45014, 88214,83015,71016, 964
14,48712,16713,15114,37815,883
Unad-justed
12,27013, 33913, 21713,151
12,93112,91412,92714, 378
14, 58814,94615,89315, 883
9 Includes increases as follows: for 1969, $67 million resulting from revaluation of the German mark in October 1969;for 1971, $28 million in dollar value of foreign currencies revalued to reflect market exchange rates as of December 31,1971; for second quarter and year 1972, $1,016 million resulting from change in par value of the dollar on May 8, 1972;and for fourth quarter and year 1973, $1,436 million resulting from change in par value of the dollar on October 18,1973.
Beginning July 1974, valuation of SDR and reserve position in the IMF based on a weighted average of exchange ratesfor the currencies of 16 member countries. On a pre-July 1974 basis, reserve assets for September 30, 1974 are $15,949million and for December 31,1974, $15,812 million.
i° Not available separately.n Coverage of liquid banking claims for 1960-63 and of nonliquid nonbanking claims for 1960-62 is limited to foreign
currency deposits only; other liquid items are not available separately and are included with nonliquid claims.12 First 3 quarters on a seasonally adjusted annual rates basis (except reserve assets are for end of December).13 Includes extraordinary U.S. Government transactions with India.14 Includes return import into the United States, at a depreciated value of $21 million in 1972 IV, and $22 million in 1973 I I ,
of aircraft originally reported in 1970 III sales as a long-term lease to Australia.**These balances have been used to measure exchange market pressures on the dollar. Under current floating exchange
rate conditions, these pressures are inadequately reflected in the balances.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
351Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-90.— U.S. merchandise exports and imports by commodity groups, 1958-74
[Millions of dollars]
Year or quarter
19581959
1960 . . .1961196219631964
19651966196719681969
197019711972._19731974.
1972:1IIIIIIV
1973:1II. .IllIV
1974:IIIIIIIV
Merchandise exportsl
Total, includ-ing reexports 2
Sea-sonally
ad-justed
11,76711,67312,44213,333
15,33716,78318,32720,413
22, 35824,21224, 95826,455
Unad-justed
16,37516,426
19,65920, 22620,98622,46725,832
26,74229,49031,03034,06337,332
42,65943,54949,19970,82397, 907
11,89012,04011,57013,700
15, 52317,44817, 08120,771
22, 61525,12823,19226, 972
Domestic exports
Totaj 2 a
16,21116,243
19,45919,98220,71722,1822i5,479
26,39929,05430,64633,62636,788
42,02542,91148,39969,73096, 544
11,72411,82611,37113,479
15, 28817,14516, 81720, 481
22, 32924, 76122, 85826, 597
Food,bever-ages,
and to-bacco
2,6882,852
3,1673,4663,7434,1884,637
4,5195,1864,7104,5924,446
5,0585,0766,569
12,93815, 231
1,4161,4321,6252,095
2,3822,7733,5584,225
3,8613,6513,3734,345
Crudemate-rialsand
fuels*
3,0522,996
3,9423,8643,3563,7754,337
4,2734,4044,7264,8655,006
6,6926,4417,091
10,73515, 800
1,7041,6881,5362,163
2,5722,7452,2163,202
3,6954,2143,5334,359
Man-ufac-tured
goods6
11,54711,179
12,58312,78413,66814,29716,529
17,43319,21820,84423,81826,785
29,34430,44333,74044,73163, 526
8,3408,4308,0098,960
10, 06811, 25610, 73012,677
14, 33416,39815, 44317, 352
Merchandise imports
General imports s
Total s
Sea-sonally
ad-justed
13,42413,37013,90314, 888
16,14016, 83917,48318, 972
21,71325,16127, 06027,145
Unad-justed
13, 39215,690
15,07314,76116,46417,20718,749
21,42725,61826,88933,22636,043
39,95145, 56355, 58369.476
100, 972
13,30213,74313,53215,006
15,96917,30116,98319,223
21,17325, 82726, 61427, 358
Food,bever-ages,
and to-bacco
3,5503,580
3,3923,4553,6743,8634,022
4,0134,5904,7015,3655,308
6,2306,4047,3799,235
10, 701
1,8101,7691,8071,993
2,0842,3182,1902,644
2,7262,7722,5422,661
Crudemate-rialsand
fuels *
4,1644,615
4,4184,3344,6914,7555,029
5,4405,7185,3676,0316,391
6,5427,2688,838
13, 44631, 809
2,1302,1052,1952,408
2,7803,0763,3404,251
6,0828,3748,7608,592
Man-ufac-tured
goods6
5,3117,117
6,8636,5377,6498,0709,106
11,24414,44615, 75620,62423,011
25,90730,41437,76745, 00156, 210
8,9859,4789,135
10,169
10,66311,47210,99811, 868
11,89414,14614, 72915, 441
Grossmer-chan-disetradebal-
ance,sea-
sonallyad-
justed i
2,983736
4,5865,4654,5225,2607,083
5,3153,8724,141
8371,289
2,708-2 ,014- 6 , 384
1,348- 3 , 065
-1,657-1,697-1 ,462-1 ,555
-804- 5 6844
1,441
645-949
-2 ,102-690
1 Beginning 1960, data have been adjusted for comparability with the revised commodity classifications effective in 1965.2 Totals exclude Department of Defense shipments of grant-aid military supplies and equipment under the Military
Assistance Program.3 Total includes commodities and transactions not classified according to kind.* Includes fats and oils.5 Includes machinery, transportation equipment, chemicals, metals, and other manufactures. Export data for these items
include military grant-aid shipments.« Total arrivals of imported goods other than intransit shipments.7 Exports, excluding military grant-aid, less general imports; quarterly data seasonally adjusted.
Note.—Data are as reported by the Bureau of the Census adjusted to include silver ore and bullion reported separatelyprior to 1969. Export statistics cover all merchandise shipped from the U.S. customs area, except supplies for U.S. ArmedForces. Export values are f.a.s. port of export and include shipments under Agency for International Development andFood for Peace programs as well as other private relief shipments. Import values are defined generally as the marketvalue in the foreign country, excluding the U.S. import duty and transportation costs such as ocean freight and marineinsurance.
Source: Department of Commerce (Bureau of the Census and International Economic Policy and Research).
352Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-91.—U.S. merchandise exports and imports by area, 1968-74
[Millions of dollars]
Area 1968 1969 1970 1971 1972 1973 1974
Exports (including reexports and special categoryshipments): Total
Developed countries..Developing countries..
Canada^Other Western Hemisphere-Western Europe 2
Eastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries i
34,636
23,60010,821
8,0725,339
11,132215
7,5821,0261,269
38,006
26,47911,277
9,1375,576
12,392249
8,261998
1,392
43,224
30,87712,993
9,0796,532
14,463354
10,0281,1891,579
44,130
30,33513,410
10,3656,484
14,178384
9,8551,1681,694
49,758
34,31914,556
12,4157,275
15,361819
11,2781,0341,576
General imports: Total_
Developed countries..Developing countries..
CanadaOther Western Hemisphere-Western Europe 2
Eastern EuropeAsiaAustralia and OceaniaAfricaUnidentified countries*
33,226
24,130
9,0055,143
10,139198
6,911697
1,12211
36,043
26,4609,373
10,3845,163
10,138195
8,275828
1,04612
39,952
29,25910,442
11,0925,836
11,169226
9,621871
1,11324
45,563
33,74411,549
12,6916,038
12,658223
11,779895
1,23641
55,583
40,82214,356
14,9277,003
15,423321
15,1171,1451,595
51
71,339
47,20920,963
15,1049,929
21,3591,801
18,4191,7442,306
677
69,476
48,53020,313
17,7159,607
19,286526
18,1571,5622,583
40
98,506
63,01832,698
19,93215,81228,638
1,43225, 7842,6973,659
552
100, 972
60,47939,471
22,28218,42023, 745
89127, 500
1,5036 6 i ?
w , . I oilseeds through Canada are shown as exports to un-identified countries.
2 Includes Finland, Yugoslavia, Greece, and Turkey.3 Consists of certain low-valued shipments not identified by country.Note.—Developed countries include Canada, Western Europe, Japan, Australia, New Zealand, and the Republic of
South Africa. Developing countries include rest of the world except Communist areas in Eastern Europe and Asia andunidentified countries.
Source: Department of Commerce (Bureau of the Census and International Economic Policy and Research).
353
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-92.—U.S. overseas loans and grants, by type and area, fiscal years, 1962-74[Millions of dollars]
Type of program and fiscal period Yotal
NearEastand
SouthAsia
LatinAmerica
EastAsiaand
VietnamAfrica Europe
Otherand
inter-regional
TOTAL ECONOMIC LOANS AND GRANTS (OBLI-GATIONS AND LOAN AUTHORIZATIONS)*
1962-73 averageLoansGrants
1974 — .LoansGrants ...
OFFICIAL DEVELOPMENT ASSISTANCE TO LESSDEVELOPED COUNTRIES a
Obligations and loan authorizations:1962-73 average1974
Loan repayments and interest receipts:1962-73 average.1974
Agency for International DevelopmentObligations and loan authorizations:
1962-73 average1974..
Loan repayments and interest receipts:1962-73 average1974 .
Food for PeaceObligations:
1962-73 average1974.
Loan repayments and interest receipts:1962-73 average...1974
Contributions and subscriptions to internationalfinancial institutions3
Obligations:1962-73 average1974
5,3013,0162,286
7,7755,0622 713
1,357986371
919649270
1,136715421
1,410986424
1,191483708
1,8871,335
552
403203200
577344233
546517
29
1,5371,524
13
668111556
1,445224
1,221
Other official development assistance, includingPeace Corps*
Obligations:1962-73 average1974
3,9943,787
4821,242
2,1901,786
264642
1,269973
192600
327800
208228
1,199465
253678
606219
146458
582240
103220
887600
72115
482232
13451
198275
9511,188
69300
590673
333491
32260
340299
194133
124141
30
48
5661,223
315516
4850
129525
75131
OTHER ECONOMIC LOANS AND GRANTS TO LESSDEVELOPED COUNTRIES
Obligations:1962-73 average...1974
Loan repayments and interest receipts1962-73 average.1974
7212,561
480950
158454
98275
249810
278324
122583
34166
63278
126436
50109
ECONOMIC LOANS AND GRANTS TO DEVELOPEDCOUNTRIES
Obligations:1962-73 average..1974. . . .
5861,427
119116
3681,089 222
1 Some data are preliminary.2 Official development assistance is defined as concessional aid for development purposes. Countries have been
classified "less developed" on the basis of the standard list of less developed countries used by the DevelopmentAssistance Committee of the Organization for Economic Cooperation and Development. On this basis, "less developed"countries include all countries receiving U.S. loans or grants except the following which are considered "developed":Japan, Australia, New Zealand, Republic of South Africa, Canada, and all of Europe except Malta, Spain, and Yugoslavia.
3 Includes paid-in capital subscriptions and contributions to the Inter-American Development Bank, the InternationalBank for Reconstruction and Development, the International Development Association, and the Asian Development Bank.
4 Data for certain programs from Department of Commerce, Bureau of Economic Analysis.Source: Agency for International Development (except as noted).
354
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-93.—International reserves, 1949, 1953, and 1969-74
[Millions of U.S. dollars; end of period]
1974
Area and country 1949
46,037
37,274
26,024
1,751
6,502
13978580196723386
537122
1,6921,275
1,197
226
1,572
8,763
2,8001,5343,642639
1953
51,840
41,478
23,458
2,670
10,597
2771,144829
1,773848
1,230
1,026150
1,7681,552
1,909
892
1,952
10,362
3,4161,2563,7421,787
1969
78,126
62,636
16, 964
2,527
33,613
1,5302,3883,8337,1295,0452,529
2,2141,2814,4253,239
3,106
3,654
2,772
15,490
4,4703,0354,7423,094
1970
92,604
74, 318
14,487
2,827
44,654
1,7512,8474,96013,6105,3523,241
2,5381,8175,1323,406
4,679
4,840
2,831
18,285
5,6413,2465,0924,182
1971
130,581
107,197
13,190
6,582
62,023
2,3433,4738,25318,6576,7873,796
3,7013,2686,9664,779
5,701
15, 360
4,342
23,384
6,5845,2495,9205,497
1972
158,714
126, 596
13,150
5,647
75,375
2,7193,87010,01523,7856,0794,785
4,5135,0147,4887,107
6,050
18,365
8,009
32,119
10,5497,6257,8295,981
1973
183,848
139,151
14,378
6,476
92,601
2,8735,1008, 529
33,1476,4346,547
6,0716,7728,0789,050
5,768
12,246
7,682
44,697
16,31011, 54710,1326,558
Novem-ber
All countries._
Developed areas
United States
United Kingdom . . .
Other Western Europe . . .
AustriaBelgium __.FranceGermanyItalyNetherlandsScandinavian countries (Den-
mark, Finland, Norway,and Sweden)
SpainSwitzerlandOther
Canada
Japan
Australia, New Zealand, and SouthAfrica
Less developed areas»
Latin AmericaMiddle EastOther AsiaOther Africa 2
216,118
140,682
15, 845
7,917
91, 347
3,1255,4128,99032,8666,4247,150
5,2956,2777,5638,245
5,797
13, 738
6,038
75,436
18,85130,13213,02513, 278
1 Includes areas in addition to those listed.2 All Africa except South Africa.
Note.—International reserves is comprised of monetary authorities' holdings of gold, special drawing rights (SDR),reserve positions in the International Monetary Fund, and foreign exchange. Conversions from national currencies to U.S.dollars from December 1971 through January 1973 are calculated at the cross rates reflecting the parities and centralrates agreed in December 1971. From February 1973 through June 1974, the intention is to reflect the cross rates of paritiesor central rates for countries having effective parities or central rates and market rates for others. Beginning July 1974,foreign exchange is valued at end-of-month market rates or in the absence of market rate quotations at prevailing officialrates. Gold is valued throughout at SDR 35 per ounce, equivalent to US$38 per ounce from December 1971 through January1973, to US$42.22 per ounce from February 1973 through June 1974, but to the respective US$/SDR transactions value asmeasured by the "basket" valuation of the SDR beginning July 1974. Data exclude U.S.S.R., other Eastern Europeancountries, Mainland China, and Cuba (after 1960).
Source: International Monetary Fund, "International Financial Statistics."
355
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-94.— US. reserve assets, 1946-74
[Millions ot dollars]
End of year ormonth
19461947...19481949...
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
19701971197219731974
1974: JanFeb . . . .MarAprMay . .June
July . . .AugSeptOctNovDec
Total reserveassets
20,70624,02125,75826,024
24, 26524, 29924,71423, 45822,97822,79723,66624, 83222, 54021, 504
19, 35918,75317, 22016, 84316, 67215, 45014, 88214, 83015,710
7 16,964
14, 487«12,1679 13,151
io 14,378"15,883
14 56514,64314,58814 64214,87014,946
ii 14,912ii 15,460ii 15,893ii 15,890ii 15 840ii 15,'883
Gold stock i
Total 2
20,70622, 86824 39924, 563
22, 82022, 87323, 25222,09121 79321. 75322, 05822, 85720, 58219 507
17 80416 94716 05715 59615 471
0 13 80613 23512, 06510 89211,859
11,07210, 206
»10,487ioil,652
11,652
11 65211,65211,65211 65211,65211,652
11,65211,65211,65211,65211 652H',652
Treasury
20, 52922,75424, 24424, 427
22, 70622,69523,18722,03021,71321,69021,94922,78120, 53419 456
17,76716 88915,97815 51315, 388
9 13 73313,15911,98210 36710,367
10, 73210,132
910,41010 11,567
11,567
11,56711,56711,56711,56711,56711,567
11,56711,56711,56711,56711 56711,567
Specialdrawingrights
(SDR) a
8511,100
9 1,95810 2,166H2,374
2,1662,1662,1662 1572,1632,195
ii 2, 227ii 2,200ii 2, 282ii 2, 306ii 2 329ii 2', 374
Convertibleforeign
currencies *
11699
212432781
1 3212,3453 528
? 2, 781
629•276
24185
5968
99
6694
1222424619343
Reserveposition in
InternationalMonetary Fund5
1 1531 3591,461
1 4451 4261 4621 3671 1851 0441 6081 9751 9581 997
1 5551 69010641 035'769o 863
326420
1 2902,324
1,935585
• 46510 552
"1 ,852
688757761824989
1,005
ii 1,021n 1,384ii 1,713ii 1,739» 1 816ii 1,852
1 Includes gold sold to the United States by the International Monetary Fund (IMF) with the right of repurchase andgold deposited by the IMF to mitigate the impact on the U.S. gold stock of purchases by foreign countries for gold sub-scriptions on increased IMF quotas.
2 Includes gold in Exchange Stabilization Fund.3 Includes initial allocation on January 1, 1970 of $867 million, second allocation on January 1, 1971 of $717 million,
and third allocation on January 1, 1972 of $710 million of special drawing rights (SDR) in the Special Drawing Accountin the IMF, plus or minus transactions in SDR.
«Includes holdings of Treasury and Federal Reserve System.8 The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund auto-
matically if needed. Under appropriate conditions the United States could purchase additional amounts equal to theUnited States quota.
8 Reserve position includes, and gold stock excludes, $259 million gold subscription to the Fund in June 1965 for a U.S.quota increase which became effective on February 23,1966. In figures published by the Fund from June 1965 throughJanuary 1966, this gold subscription was included in the U.S. gold stock and excluded from the reserve position.
7 Includes gain of $67 million resulting from revaluation of German mark in October 1969, of which $13 million representsgain on mark holdings at time of revaluation.
8 Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as ofDecember 31,1971.
9 Includes $1,016 million increase in total reserve assets resulting from the change in par value of the U.S. dollar onMay 8,1972. consisting of $828 million total gold stock, $822 million Treasury gold stock, $155 million SDR, and $33 millionreserve position in the IMF.
10 Includes $1,436 million increase in total reserve assets resulting from the change in par value of the dollar on Octo-ber 18, 1973, consisting of $1,165 million total gold stock, $1,157 million Treasury gold stock, $217 million SDR, and $54million reserve position in IMF.
n Beginning July 1974, the IMF adopted a technique for valuing the SDR based on a weighted average of exchangerates for the currencies of 16 member countries. SDR holdings and reserve position in the IMF are also valued on thisbasis beginning July 1974. At valuation used prior to July 1974 (SDR 1=$1.20635), end of month values are (in millions):
July..Aug..Sept..Oct...Nov..D e c .
Totalreserve
assets$14,921
15,52315,94915,91915,82815,812
SDR
$2,2332,2402,3182,3262,3262,338
Reservepositionin IMF$1,024
1,4071,7331,7481,8071,817
Note.—Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included inthe gold stock of the United States.
Sources: Department of the Treasury and Board of Governors of the Federal Reserve System.
356Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-95.—International investment position of the United States at year-end, 1960 and1969-73
[Billions of dollars]
Type of investment 1960 19691 1970 l 1971 1972 19732
Net international investment position of theUnited States s
U.S. assets abroad
Nonliquid assets
U.S. Government.
Long-term credits .Foreign currencies and other
short-term assets
Private long-term.
Direct investments abroad _Foreign securitiesOther claims *
Private short-term nonliquid cla ims 4 .
Liquid assets
Private claims i
U.S. monetary reserve assets.
GoldSpecial drawing rights (SDR)Convertible currenciesGold tranche position in IMF
U.S. liabilities to foreigners.
Nonliquid liabilities to other than foreignofficial agencies
U.S. Government..Private long-term.
Direct investments in the UnitedStates
U.S. securitiesOther liabilities *
Private short-term nonliqiid 7_
Liquid liabilities to private foreigners andliquid, other readily marketable, andnonliquid liabilities to foreign officialagencies
To private foreignersTo foreign official agencies.
LiquidOther readily marketableNonliquid, reported by U.S.
Government
44.7
85.6
66.2
16.9
14.0
2.9
44.5
31.99.63.1
M.8
19.4
19.4
17.8
1.6
40.9
19.8
.818.4
6.910.01.6
.6
21.0
9.111.9
11.9
67.3
158.3
138.6
30.7
28.2
2.5
96.5
71.018.76.8
11.4
19.6
2.717.0
11.9
2.82.3
90.9
45.0
2.439.6
11.822.94.8
3.0
45.9
28.917.0
13.01.5
2.5
69.1
166.8
149.9
32.1
29.6
2.4
105.0
78.219.67.2
12.8
16.9
2.414.5
11.1.9.6
1.9
97.7
50.7
2.044.8
13.325.65.9
3.9
47.0
22.624.4
20.6.7
3.1
57.7
180.8
164.7
34.2
31.8
2.4
115.9
86.221.78.0
14.6
16.1
4.012.2
10.21.1.3.6
123.1
55.3
1.549.8
13.730.16.1
3.9
67.8
16.651.2
47.6.1
3.5
51.2
200.6
181.8
36.1
34.1
2.0
129.0
94.324.9
9.7
16.7
18.85.6
6 13.2
6 10.562.0
.26.5
149.4
66.5
1.860.2
14.338.87.1
4.5
82.9
21.461.6
57.3.5
3.7
63.0
226.1
204.2
38.8
36.2
2.6
143.5
107.325.211.0
21.9
22.0
7.68 14.4
611.76 2 . 2
163.1
70.5
2.962.2
17.736.87.7
5.4
92.6
25.866.8
61.91.7
3.2
1 Data dp not reflect revisions made in balance-of-payments statistics in June 1974.2 Preliminary.3 Includes U.S. gold stock.< Reported by U.S. banks and nonbanking concerns.5 Liquid claims are not available separately and are included with nonliquid claims.6 Reserve assets include increases from changes in the par value of the dollar, as officially implemented; on May 8 ,1972 ,
the increase totaled $1,016 million, consisting of $828 million gold stock, $155 million SDR. and $33 million gold trancheposition in IMF; and on October 18, 1973, the increase was $1,436 million, consisting of $1,165 million gold stock, $217million SDR, and $54 million gold tranche position in IMF.
7 Reported by U.S. nonbanking concerns.
Source: Department of Commerce, Bureau of Economic Analysis.
357
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-96.—Price changes in international trade, 1966-74
[1963=100]
Area or commodity class
Developed areas
Total:
ExportsTerms of trade *
United States:
ExportsTerms of trade l
Developing areas
Total:
Exports.Terms of trade i
Latin America:
Exports ._Terms of trade *
Southern and Eastern Asia:
ExportsTerms of trade *
Primary commodities: Total
Foodstuffs
Coffee, tea, and cocoa..Cereals . . . .
Other agriculturalcommodities 3
Fats, oils, and oilseeds.Textile fibers
WoolRubber
Minerals .Metal ores
Manufactured goods: Total * —
Nonferrous base metals«.. .
1966 1967 1968 1969 1970 1971 1972 1973
1974
Thirdquarter
Unit value indexes by area
105100
107101
104101
108103
101100
105101
110102
103100
105100
9999
104101
111103
103101
10699
97100
108101
115103
106101
109100
102102
114102
121101
109100
115101
106104
119101
12599
116102
122101
108104
130102
12995
121100
129102
in100
156101
15094
146104
143100
135102
v 201
19778
3 2242 124
21752 98
2 1652 92
World export price indexes
104
105
112103
104
111929091
104105
106
156
101
104
108105
96
102887775
103109
107
142
100
101
110100
96
99887474
102108
107
150
103
104
11998
101
101857398
104114
110
175
108
111
13696
101
118836378
111122
117
180
115
117
119100
105
118855764
127126
124
154
130
132
132111
120
1161098865
141134
134
154
188
191
174203
184
197186183129
181161
156
222
293
236
200249
228
P 3 3 2181130
U62
480204
189
257
1 Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.2 Data are for second quarter 1974.3 Includes forest products.* Data are an average for first 3 quarters of 1974.» Data for manufactured goods are unit value indexes.
Note.—Data exclude trade of Communist areas in Eastern Europe (except Yugoslavia) and Asia.
Sources: United Nations and Department of Commerce (International Economic Policy and Research and Bureau ofResources and Trade Assistance).
358Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-97.—Consumer price indexes in the United States and other major industrial countries.1955-74
[1970=100]
Period
19551956195719581959
1960 . . .1961196219631964
19651966196719681969
197019711972197319741
1972:1IIIII ._IV . . . .
1973:1. . .IIIIIIV . . . .
1974:1. . .IIIIIIV 3
UnitedStates
69.070.072.574.575.1
76.377.077.978.879.9
81.383.686.089.694.4
100.0104.3107.7114.4127.0
106.4107.2108.2109.1
110.7113.1115.6118.3
121.6125.0128.9132.6
Canada
69.970.973.275.075.9
76.777.178.079.480.8
82.885.988.992.696.8
100.0102 9107 8116.0127.9
105.7106.7108.8109.9
111.9114.5117.7119.8
122.7126.8130.6133.5
Japan
52.652.854.454.254.7
56.759.763.869.271.9
76.780.683.888.392.9
100.0106.3111.5124.5152.4
108.8111.2112.3113.9
116.9122.7126.5131.9
144.1150.5156.1162.3
France
50.451.453.261.265.0
67.369.572.976.479.0
81.083.285.489.395.0
100.0105.5111.7119.9135.5
108.9110.4112.5114.9
115.9118.2121.1124.4
129.0134.3138.7142.5
Germany
70.171.973.375.075.7
76.778.580.983.385.2
88.191.292.593.996.4
100.0105.3111.1118.8126.8
109.0110.2111.6113.4
116.0118.2119.3121.7
124.6126.6127.8129.3
Italy
62.264.365 267.066.7
68.269.772.978.383.0
86.7OO O
91.692.895.2
100.0105.0110.9122.414G.0
108.2109.6111.5114.5
117.5121.3123.6127.2
133.6140.9
2 148.3
Nether-lands
57.858 962 763.864.3
66.467.068 370.974.8
78.783 386.089 195.8
100.0107.5115.9125.2136.6
112.7115.4116.3119.2
121.3124.9125.9128.8
131.9135.9138.3142.5
UnitedKingdom
59.061 964 266.266.5
67.269.572 573.976.3
80.083.185.289 294.0
100.0109.5117.0126.7145.9
113.9115.9117.8120.7
122.2125.2127.7131.8
137.2145.3149.4154.9
1 For United States, 12-month average; for all other countries, January-November average, except Italy, January-August average.
2 July-August average.s October-December average for United States; October-November average for all other countries.Sources: Department of Labor and Organization for Economic Cooperation and Development.
359
U. S. GOVERNMENT PRINTING OFFICE : 1975 O - 563-280Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Top Related