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SURVEY of CURRENT BUSINESS November 1965

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SURVEY of CURRENT BUSINESS November 1965 NOVEMBER 1965 /VOLUME 45 NUMBER 11 SURVEY OF CURREMT BUSINESS CONTENTS U.S. Department of Commerce THE BUSINESS SITUATION John T. Connor / Secretary Summary 1 Andrew F. Brimmer / Assistant Secre- tary for Economic Affairs Inventory Developments 3 Price Changes in 1965 5 Office of Business Economics National Income and Product Tables 6 George Jaszi / Director Morris R. Goldman Louis J. Paradiso Associate Directors ARTICLES Murray F. Foss / Editor Recent Financial Developments 9 Leo V. Barry, Jr. / Statistics Editor Financing and Sales of Foreign Affiliates of U.S. Firms 14 Billy Jo Hurley / Graphics Historical National Income and Product Statistics: TO Personal Consumption Expenditures, by Type of Product 20 Business Review and Features; Leo Bernstein Lawrence Bridge Dorothea S. Jones David R. Hull, Jr. Articles: John A. Gorman Paul E. Shea CURRENT BUSINESS STATISTICS Samuel Pizer Frederick Cutler General S1-S24 Smith W. Allnutt, 3d Julius N. Freidlin Industry S24-S40 Subscription prices, including weekly statistical sup- plements, are $6 a year for domestic and $9.75 for foreign mailing. Single issue 45 cents. Subject Index (Inside Back Cover) Make checks payable to the Superintendent of Docu- ments and send to U.S. Government Printing Office Washington, D.C., 20402, or to any U.S. Department of Commerce Field Office. U.S. DEPARTMENT OF COMMERCE e, N. Mex., 87101 Cheyenne, Wyo«, 82001 B,S. Courthouse Ph. 247-0311. Detroit, Mich., 48226 Memphis, Tenn^ 38103 6022 U.S. Fed€>ral Bldg. 445 Federal Bldg. Ph. 226-6088. Portland, Oregv, 97204 Ph. 634-5920. 345 Federal Office Bidg. 217 Old U.S. Courthouse BWg. Anchorage, Alaska, 99501 Ph. $34-3214. iowssac-Sogn Bldg, 272-6331, Chicago, III., 60604 Greensboro, N.C., 27402 Ph. 226-3361. 1486 New Federal Bldg. 412 U.S. Post Office Bldg. Miami, Fla., 3313® Reno, Nev., 89502 Atlanta, Ga., 30303 Ph. 275-9111. 51 SW. First Aye, Ph. 350-5267. 300 Booth St. Ph. 784-5203. 75 Forsyth St. NW. 526-6000. Ph. 828-4400. Milwaukee, Wis., 53203 Rielimond, Va., 23240 Baltimore, Md,, 21202 Cincinnati, 0M0, 45202 Hartford, Conn., 06103 210$ Federal Bldg. Ph. 649-3611. 18 Asylum St. Ph. 244-3530, 238 W. Wisconsin Ave. BR 2-8600. 305 TJ.S. Customhouse PL 2-8460. 550 Main St. Ph. 684-2944. St. L»«is5 Mo., Minneapolis, Minn., 55401 2511 Federal BHg. MA 2-4243. Birmingham, Ala,, 35203 Cleveland, Ohio, 44101 Honolulu, Hawaii, 96813 Federal Bldg. Ph. 334-2133. 2030 Third Are, N. Ph. 325-3131. E. 6lh St. and Superior Ave. 202 International Savings Bids: Salt Lak« City, Utah, §4111 Ph. 241-7900. Ph. 588-977. Mew Orleans, La,, 70130 125 South State St. Ph. 524-5116. Boston, Mass., 02110 610 South St. Ph. 527-6546. Saw Francisco, Calif,, 94102 80 Federal St. CA 3-2312. Dallas, Tex., 75202 Houston, Tex., 77002 450 Golden Gate Ave. 515 Rusk Ave. Ph. 228-0611. New York, N.Y., 10001 Buffalo, N.Y., 14203 1114 Commerce St. RI 9-3287. Empire State Bldg, L0 3-3377. Ph. 556-5864. 117 Ellkott St. Ph. 842-3208. Denver, Colo., 80202 ' Jacksonville, Fla., 32202 Santuree, Puerto Rico, 00907 208 Laura St. Ph. 354-7111. Philadelphia, Pa., 19107 605 Coudado Ave. Ph. 723-4640. Charleston, S.C., 29403 16407 Fed. Bldg., 20th & Stout Sts. 1015 Chestnut St.-. Ph. 597-2850. 334 Meeting St. Ph. 297-3246. Savannah, Ga., Ph. 747-4171. Kansas City, Mo., 64106 Phoenix, Avtz., 85025 235 U.S. Cotirthouse and P.O. 911 Walnut St. BA 1-7000. Bldg. 232-4321. Charleston, W, Va., 25301 oines, Iowa, 50309 230 N. First Ave»- Ph. 261-3285. 1216 Paramount Bidet, Los Angeles, Calif., 90015 Seattle, Wash., 98104 500 Quarrier St. Ph. 343-6196. Ph. 284-4222. Pittsburgh, Pa,, 809 Federal Office Bldg. 1031 S, Broadway Ph. 688-2833. 1000 Liberty Ave. Ph. 644-2850. 583-561$. ERRATA An error was made in lines 3 and 4 of table 1 on pages 10 and 11, for the period 1952 through 1960. The correct figures are as follows: SEASONALLY ADJUSTED, AT ANNUAL RATES Billions of dollars Line 3: Line 4 : Line 3: Line 4: Year and Undistributed Corporate Year and Undistributed Corporate quarter profits I.V.A. quarter profits I.V.A. 1952: I 9.8 1.3 1956: III 12 . 2 -1.2 II 8.0 1.2 IV 13.3 -3.0 III 8.1 .7 1957: I 13.5 -284 IV 9.8 .8 II 12.3 -1.5 1953: I 11.1 -.4 III 11.7 -1.3 II 10.4 -1.6 IV 9.6 -.9. III 10.0 -2.0 1958: I 5.9 -.2 IV 5.5 (*) II 6.4 .3 1954: I 7.5 (*) III 8.8 — 2 II 8.7 (*) IV 12.2 -.9 III 9.4 -.7 1959: I 12.9 -e8 IV 10,6 -.5 II 1.5.0 -1.3 1955: I 13.6 -1.1 III 11.6 -.5 II 13.6 — 9 IV 10.7 .7 III 13.8 -2.2 1960: I 12.5 -.6 IV 14.6 -2.8 II 11,3 -.2 1956: I 13.4 -2.9 III 8.7 1,2 II 13.8 -3.6 IV 7.7 .5 the BUSINESS SITUATION J. HE business expansion continued among manufacturing, nonmanufactur- manufacturing industries, employment through October and appeared to be ing, and government. It was due in and weekly hours of work both rose, as robust as ever. Total wages and part to a seasonally adjusted employ- with increased overtime hours of some salaries showed the largest monthly ment rise of about 225,000 (accord- importance. Almost half of the large advance of the year as employment, ing to preliminary figures) in non- advance in government payrolls re- hours of work, and rates of pay in- agricultural establishments—the largest flected a pay raise for Federal civilian creased. The strong demand for labor gain since early summer. In most workers; the rest, increases associated brought about another decline in un- with the war in Vietnam and rising employment. Despite the large cut- State and local employment. back in steel output, industrial produc- CHART 1 October marked the first month of tion increased following a dip in Sep- the regular 7-percent (average) increase Construction Expenditures tember. Retail sales rose to a new peak. in Social Security benefits. This rise, Rising outlays by business for new Billion $ which permanently affects the level of plant and equipment, increasing gov- 70 income, added $1.1 billion to the ernment purchases of goods and services October income flow. and the recent increases in Social Security payments are providing the Industrial production higher main stimulus to the advance this fall. Industrial production rose about one- So far at least, their effects on income, half of 1 percent last month as in- production, and sales outweigh the 60 creases in most durable goods indus- dampening influences of the adjustment tries offset a sharp decrease in steel. in steel by a good margin. Steel output fell about 10 percent after seasonal adjustment for the third 55 Payrolls up sharply straight month of decline. The cut- back from the July peak has now Reflecting gains in a broad range of amounted to 25 percent, slightly more industries, payrolls rose $3 billion at 50 than the overall reduction that occurred an annual rate from September to 30 in the 1963 steel inventory adjustment. October. Business and property in- Private Residential Weekly figures for late October and the come also advanced—by about $1 first 2 weeks in November suggest that billion—but transfer payments, which the rate of decline has diminished. jumped $10.6 billion (annual rate) in With consumption strong and steel September because of the lump-sum production falling, manufacturing con- retroactive payment of the Social sumers are now liquidating the large Security increase, fell back by $9.5 inventories of steel they accumulated billion. As a result, total personal over the year. At the end of September, income declined $5.7 billion; however, these stocks totaled 17.0 million tons, 15 if the lump-sum payment is excluded some 7K million more than the carryover from the September total, the October of a year earlier. The reduction in Sep- change was an increase of approximately tember, the first in 16 months, was 10 I I I I I I I I I I I I I I I I I I I $5 billion. 1961 1962 1963 1964 1965 only 200,000 tons, but it is quite likely The increase in total wages and Quarterly, Seasonally Adjusted, at Annual Rates that a much larger reduction took place Data: Census salaries was divided about equally U.S. Department of Commerce, Office of Business Economics 65-11-1 in October. SURVEY OF CURRENT BUSINESS November 1965 Output in the automobile industry of auto dealers were apparently some- are up by a similar amount. In real increased each week in October and by what lower than they were the month terms, private residential and total the end of the month was close to peak before. Some caution may be in order public building activity are both some- rates of last spring. For the month as regarding the automobilec figures be- what lower than in 1964. In contrast, a whole, the change from September cause seasonal adjustments are espe- private nonresidential construction is was about in line with the seasonal cially hard to make in the first month higher, reflecting the strong rise in movement. of a new model year. business investment programs, partic- ularly for capacity expansion. On a Rise in retail sales Construction activity constant dollar basis, industrial build- With consumer incomes rising Construction is one important part ing and shopping center construction strongly, retail sales have been very of aggregate demand that has not con- this year are up about 20 percent over buoyant.
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