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SURVEY OF CUREENT BUSINESS

8

February 1967

NATIONAL INCOME AND PRODUCT TABLES
1965
1964

1965

1966

IV

III

I

II

1966

1965

1966
III

IV

1964

1965

1966

III

IV

I

II

III

IV

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Billions of 1958 dollars

Billions of current dollars

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

Gross national product.

631 7

681 2

739 6

686 5

704 4

721 2

732 3

745 3

759 3

580 0

614 4

647 8

618.2

631.2

640.5

643 5

649 9

657.2

Personal consumption expenditures

401.4

431.5

464 9

435 0

445 2

455 6

460 1

469 9

474 1

373.8

396.2

415.5

398.9

406.5

412.8

412.2

418.3

418.5

59.4
178 9
163 1

66.1
190 6
174 8

69 3
206 2
189 4

66 7
191 4
176 9

68 0
197 0
180 2

70 3
201 9
183 4

67 1
205 6
187 4

70 2
208 1
191 5

69 6
209 2
195 3

59.1
170 5
144 2

66.4
178 2
151.6

70.7
186 0
158 7

67.2
178.5
153.1

69.2
182.5
154.8

72.2
184.1
156.5

68.5
185 8
157 9

71 6
187 1
159 6

70.6
187.1
160.8

93 0

106 6

117 0

106 7

111 9

114 5

118 5

115 0

120 0

86.5

97.8

104 7

97.9

102.2

103.5

106 3

102 5

106.4

0 101 5
73 9
2
4
26 8
8
47 1
8
27 6
3
27 0
5
5
87
10 4
72
90
15
14

105 6
77 0
28 5
48.5
28 6
28 0
5
89
85
5

106
78
27
50
28
27

105
80
27
52
24
24

1
3
7
6
8
3
g
9 9
10 4
5

103 5
81 6
27 3
54 4
21 9
21 3
6
16 4
17 6
—1 2

81.9
57 4
18.9
38.5
24.6
24.0
5
4.6
52
—.6

89.0
64 9
21.7
43.2
24.1
23.6
.5
8.8
80
.9

93.6
72 1
23 4
48.7
21 5
21.0
5
11 1
11 4
— 3

89.4
65.5
21.3
44.2
23.9
23.4
.5
8.5
7.1
1.4

91.9
68.4
23.2
45.2
23.5
23.0
.5
10.2
8.9
1.3

95.0
70.8
24.3
46.4
24.3
23.8
.5
8.5
8.0
.4

94.7
71 3
23 6
47.7
23.4
22.9
5
11.6
11 4
2

93 5
73 0
23 2
49.8
20 5
20.0
5
9. 1
9 6
— 5

91.2
73.3
22.7
50.7
17.9
17.4
.5
15.2
16.4
--1.2

Durable goods
Nondurable goods. ..
Services
Gross private domestic investment
Fixed investment
Nonresi dential . _
Structures
Producers' durable equipment. _ _
Residential structures
Nonfarm
Farm
Change in business inventories
Nonfarm _
Farm

88.3
60 7
21.0
39.7
27 6
27.0
6
4.7
53
—.6

97.5 105 1
79 3
69 7
24 9
27 8
44.8
51 4
27 8
25 8
27.2
25 3
6
g
9.1
11 9
8 1 12 2
9
_ 3

98
70
24
45
27
27

8.5
37.0
28 5

7.0
39.0
32 0

4 8
42 7
37 9

7.1
40 1
33 0

6.1
40 3
34 2

6.0
41 7
35 6

4.7
41 9
37 3

4 2
43 4
39 2

4 1
43 6
39 5

8.5
36.4
28 0

6.3
37.3
31 0

4.7
41 1
36 4

6.4
38.4
31.9

6.0
38.7
32.8

5.9
40.1
34.2

4.6
40.3
35 8

4.2
41.8
37 6

4.1
42.0
37.9

Government purchases of goods and services
Federal _
National defense
Other
State and local

128.9
65.2
50.0
15.2
63.7

136.2
66.8
50.1
16 7
69.4

153 0
76 9
60 0
16 9
76 2

137.7
67 5
50.7
16 8
70 2

141.2
69 8
52.5
17 3
71 4

145.0
71 9
54.6
17 4
73 1

149.0
74 0
57 1
16 9
75 0

156 2
79 0
62 0
17 0
77 2

161.1
81 7
65 5
16 2
79 4

111.3
57.8

114.1
57.8

123.2
64 0

115.0
58.3

116.6
59.3

118.3
60.4

120.4
61.9

124.9
65.5

128.3
67.6

53.4

56.3

59 1

56.7

57.3

57.9

58.5

59.4

60.7

Addendum: Implicit price deflator for seasonally
adjusted GNP, 1958=100

108.9

110.9

114 2

111.0

111.6

112.6

113 8

114 7

115.5

Net exports of goods and services ...
Exports.
__ . _
Imports

2
2
9
3
0
4
6
12 3
12 1
2

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

631 7

Gross national product
Final sales
Change in business inventories .

681 2

739 6

686 5

704 4

721 2

732 3

745 3

759.3

580.0

614.4

647.8

618.2

631.2

640.5

643.5

649.9

657.2

627 0
4.7

672 1
9.1

727 7
11.9

677 8
87

694 0
10 4

712 3
89

720 0
12 3

735 4
99

742.9
16.4

575.4
4.6

605.6
8.8

636.7
11.1

609.7
8.5

621.0
10.2

632.0
8.5

631.9
11.6

640.8
9.1

642.0
15.2

318.2

344.7

377.2

347.5

358.8

366.0

371.6

379.6

390.7

307.2

328.5

351.5

330.9

341.0

344.7

346.7

352.8

360.9

313.6
4.7

335.7
9.1

365.3
11 9

338.8
87

348 4
10 4

357 0
89

359.3
12 3

369 7
99

374.2
16.4

302.6
4.6

319.7
8.8

340.4
11.1

322.4
8.5

330.7
10.2

336.2
8.5

335.1
11.6

343.7
9. 1

345.7
15.2

Durable goods
Final sales
Change in business inventories.

125 5
122.2
3.3

138 5
132 2
6.3

154 9
145 9
9.0

141 0
134 3
6.7

142 6
137 9
4.7

147 6
141 8
5.8

149 6
140 6
9.0

158 1
148 7
9.5

163 6
151.7
11.9

123 1
119.9
3.2

135 5
129.4
6.1

150.8
142.4
8.4

138 3
131.8
6.5

140.3
135.7
4.7

145.4
139.9
5.5

146 0
137.6
8.4

153 7
145. 1
8.7

157.4
146.5
10.9

Nondurable goods. . .._ .
Final sales
Change in business inventories

192 7
191 3
1.4

206 3
203 5
2.7

222.4
219 5
2.9

206 5
204 4
2.1

216 2
210 5
57

218 4 222 0
215 2 218 7
33
31

221 4
221 0
5

227.1
222.5
4.6

184.1
182.7
1.4

193.0
190 3
2.7

200.8
198.0
2.7

192.6
190.6
2.0

200.6
195.1
5.6

199.4
196.3
3.0

200.8
197.6
3.2

199.0
198.6
.4

203.5
199.2
4.3

Goods output .
Final sales _ _. ..
__ _
Change in business inventories

244 5

262 0

285 9

265 1

268 8

275 5

282 1

289 9

296.2

211 2

221.1

232.4

223.3

224.0

227.7

230.9

234.4

236.6

Structures

68 9

74 5

76 6

73 9

76 9

79 8

78 6

75 8

72.5

61.7

64.8

64.1

64.0

66.2

68.0

66.0

62.8

59.8

Addendum : Gross auto product

25 8

31 4

29 4

31 6

30 5

31 5

28 6

27 9

29.4

25.4

31.4

29.9

31.9

30.7

32.2

29.1

28.5

29.7

640.5

643.5

649.9

657.2

595.1

601.5

Services

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

Gross national product
Private.
Business
Nonfarm
Farm
Households and institutions
Rest of the world
General government...




631 7

681 2

739.6

686 5

704 4

721 2

732 3

745 3

759.3

580.0

614.4

647.8

618.2

631.2

568 7

613 4

663 4

618 2

633 8

648 4

657 6

667 7

679.4

530.8

563.5

593.6

567.2

579.4

588.0

589.9

547 4
527 0
20 4
17.3
40

590 8
567 1
23 8
18.3
43

639 5
614 7
24 8
19.5
44

595 3
570 6
24 7
18.7
41

611 2
586 6
24 7
19.1
34

624 9
599 3
25 7
19.1
44

634 0
609 0
25 0
19.1
4 5

643 5
619 1
24 4
19.7
4 6

655.3
631.0
24 3
20.0
4.1

513 3
491.2
22 0
13.6
39

545 4
521. 7
23 8
14.0
4.1

574.9
552.3
22 6
14.4
4.3

548.9
524.6
24 3
14.2
4.0

561.6
537.5
24.1
14.5
3.3

569.4
546.4
23.0
14.3
4.3

571.4
548.4
22.9
14.2
4.3

576.2
554.5
21 7
14.5
4.4

582.8
560.1
22.8
14.6
4.0

63.0

67.8

76.2

68.3

70.6

72.8

74.7

77.6

79.9

49.2

50.9

54.2

51.1

51.8

52.5

53.6

54.8

55.8

CURRENT BUSINESS STATISTICS

JLHE STATISTICS here update series published in the 1965 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $2.00) provides a description of each series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1961 through 1964 (1954-64 for major quarterly series), annually, 1939-64; for selected series,
monthly or quarterly, 1947-64 (where available). Series added or significantly revised after the 1965 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (f), respectively; certain revisions for 1964 issued too late for inclusion in the 1965 volume appear in the monthly
SURVEY beginning with the September 1965 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding
to revised annual data are available upon request.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided through
the courtesy of the compilers, and are subject to their copyrights.
1963

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

1964

1965

1964

1963
I

IV

Annual total

19661

1965
III

II

|

I

IV

II

III

IV

I

IV

III

II

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
Gross national product, totalf-<

bil. $_

Personal consumption expenditures, total

do

590.5
375.0

631.7
401.4

681.2
431.5

605.8

381.5

616.8
391.1

627.7
398.0

637.9
407.5

644.2
408.8

660.8

418.9

672.9
426.8

686.5
435.0

704.4

721.2

732.3

745.3 ' 759. 3

445.2

455.6

460.1

469.9

67.1
28.5
29.2

70.2
30.1
30.7

' 474. 1
' 69. 6
r
29.8
'30.7

53 9
24.3
22.2

59 4
25.8
25.1

66 1
29.8
27.1

55 6
24.9
23.1

57.6
25.3
24.1

59.8
26.0
25.4

61.1
27.1
25.3

58.9
24.6
25.7

65.1
30.1
26.0

64.4
29.2
26.2

66.7
30.2
27.3

68.0
29.9
28.8

70.3
31.4
29.6

- - do
do
do
do

168.6
30 6
88.2
13 5

178.9
33 6
92.8
14 1

190.6
35 9
98.4
15 1

169.6
30 7
88.6
13 7

174.9
32.8
90.7
13.9

176.5
32.7
92.1
13.9

181.7
34.3
93.9
14.2

182.4
34.4
94.4
14.4

184.5
34.6
95.4
14.4

189.4
35.6
97.8
15.2

191.4
36.0
98.7
15.3

197.0
37.5
101.6
15.7

201.9
39.4
103.3
15.8

205.6
39.7
104.8
16.1

208.1
41.1
105.5
16.1

r

- do
do
do
do

152.4
23 1
55.4
11 4

163.1
24 3
59 2
11 8

174.8
25 6
63.2
12 8

156.3
23 3
56 8
11 6

158. 7
23.8
57.7
11.7

161.6
24.2
58.7
11 7

164.7
24.7
59.6
11.9

167.5
24.7
60.7
12.1

169.3
24.7
61.6
12.2

173.0
25.4
62.7
12.7

176.9
26.0
63.6
13.0

180.2
26.3
64.7
13.4

183.4
26.5
66.0
13.5

187.4
27.1
67.1
13.9

191.5
27.6
68.2
14.2

' 195. 3
'27.7
69. 5
14.5

87.1

93.0

106.6

92.9

90.2

91.8

92.5

97.4

103.8

103.7

106.7

111.9

114.5

118.5

115.0

'120.0

81 3
54 3
19.5
34.8
27.0
26.4
59
5.1

88 3
60 7
21.0
39.7
27 6
27.0
4 7
5.3

97 5
69 7
24.9
44.8
27 8
27.2
91
8.1

84 7
56 8
19 9
36.8
28 0
27.4
81
70

86 6
58.1
20.3
37.9
28.5
27.9
3.5
3.6

87 6
59 7
20.9
38.8
27.9
27.3
4.2
5.1

88.9
61.7
21.0
40.7
27.2
26.6
3.6
4.6

90 0
63.3
21.8
41.4
26.7
26.2
7.4
7.9

94.4
66.7
23.6
43.1
27.7
27.2
9.5
9.4

96.0
67.9
24.6
43.3
28.1
27.5
7.6
6.7

98.0
70.2
24.4
45.8
27.8
27.3
8.7
7.2

101.5
73.9
26.8
47.1
27.6
27.0
10.4
9.0

105.6
77.0
28.5
48.5
28.6
28.0
8.9
8.5

106.2
78.2
27.9
50.3
28.0
27.4
12.3
12.1

105.1 ' 103. 5
80.3 '81.6
27.7 '27.3
52.6 '54.4
21.9
24.8
24.3
21.3
9.9 '16.4
10.4 ' 17. 6

do
do
do

5.9
32 3
26 4

85
37 0
28 5

7.0
39 0
32 0

71
34 3
27 1

9.0
36 4
27.4

7.9
36 0
28. 1

8.4
37 2
28.8

8.6
38 1
29.6

6.4
35.1
28.7

8.2
40.5
32.3

7.1
40.1
33.0

6.1
40.3
34.2

6.0
41.7
35.6

4.7
41.9
37.3

4.2
43.4
39.2

'4.1
'43.6
'39.5

Govt. purchases of goods and services, total.. do
Federal
do
National defense
_
._ _
do
State and local
do

122.5
64 2
50 8
58 2

128.9
65 2
50 0
63 7

136.2
66 8
50 1
69 4

124.3
64 4
50 3
59 8

126.5
64 9
50.1
61 6

130.1
66 6
51 6
63 4

129.5
65 1
49.8
64 4

129.4
64 1
48.5
65 3

131.6
64.4
48.2
67.3

134.3
65 6
49.1
68 7

137.7
67.5
50.7
70.2

141.2
69.8
52.5
71.4

145.0
71.9
54.6
73.1

149.0
74.0
57.1
75.0

156.2
79.0
62.0
77.2

' 161. 1
'81.7
65.5
79.4

By major type of product:f
Final sales, total
Goods, total
Durable goods
Nondurable goods... _
Services
.
Structures

584 6
292 7
113 3
179 4
226 2
65.7

627 0
313 6
122 2
191 3
244 5
68 9

672 1
335 7
132 2
203 5
262 0
74.5

597 7
298 1
117 3
180 8
232 2
67 4

613 3
307.1
119 6
187.5
237 3
68.8

623 5
311. 4
122 4
189.0
242 7
69.4

634 4
318. 8
125 0
193.8
247.1
68.5

636 8
316.9
122 0
195.0
251 1
68.8

651.4
324.3
127.7
196.6
254.3
72.7

665.3
331.2
128 8
202.4
259.8
74.3

677.8
338.8
134.3
204.4
265.1
73.9

694.0
348.4
137.9
210.5
268.8
76.9

712.3
357.0
141.8
215.2
275.5
79.8

720.0
359.3
140.6
218.7
282.1
78.6

735.4
369.7
148.7
221.0
289.9
75.8

' 742. 9
' 374. 2
'151.7
' 222. 5
' 296. 2
'72.5

5.9
2.8
31

4.7
33
14

9.1
6.3
2 7

8.1
38
4 4

3.5
2.3
12

4.2
3.6
5

3.6
2.8
.8

7.4
4.4
29

9.5
7.4
2. 1

7.6
6.4
1.2

8.7
6.7
2.1

10.4
4.7
5.7

8.9
5.8
3.1

12.3
9.0
3.3

9.9
9.5
.5

551.0

580.0

614.4

562.1

569.7

578.1

585.0

587.2

600.3

607.8

618.2

631.2

640.5

643.5

649.9

412.8

412.2

418.3

418. 5

71.6
187.1
159.6

' 70. 0
' 187. 1
' 160. 8

Durable goods, total 9
Automobiles and parts
Furniture and household equipment
Nondurable goods, total 9
Clothing and shoes
Food and beverages
Gasoline and oil

_

Services, total 9
Household operation
Plousing.
_ __
Transportation

do
do
do _

._

Gross private domestic investment, total

do _

Fixed investment
do
Nonresident ial _
_ _
do
Structures
_ . _ .do
Producers' durable equipment
do. ._
Residential structures
___
do
Nonfarm
__. _ ... .do. _
Change in business inventories. _
do
Nonfarm
do
Net exports of goods and services ..
Exports
Imports _ _ . .

_ _ _

Change in business inventories
Durable goods
Nondurable goods
.

do
do
do
_ _
do
do
..
do. _
_

do
do
do

r

209. 2
40.8
105. 4
'16.6
r

'16.4
11.9
'4.6

GNP in constant (1958) dollars
Gross national product, totalf
Personal consumption expenditures, total
Durable goods
Nondurable goods
Services

_

Gross private domestic investment, total
Fixed in vestment __
_
Nonresidential
Residential structures
Change in business inventories..Net exports of goods and services

bil. $..
do. .

353.3

373 8

396.2

357.7

365.7

379.5

378.9

387.1

392.2

398.9

406.5

do
do
do

53 7
162 2
137 4

59 1
170 5
144 2

66 4
178 2
151 6

55 3
162 4
140 0

57 2
167 2
141 2

59 5
168 4
143 1

60 9
173 3
145.3

58 8
173 1
146.9

64 8
174.2
148.1

64 2
177.6
150.4

67 2
178.5
153.1

69.2
182.5
154.8

72.2
184.1
156.5

68.5
185.8
157.9

do

82.5

86.5

97.8

87.7

84.6

85.6

85.7

90.2

95.9

95.3

97.9

102.2

103.5

106.3

102.5

' 106.4

'91.2
'73.3
17.9
' 1 5. 2

do
do
do
do

76 7
51 9
24 8
58

do

5.6

Govt. purchases of goods and services, total, .do
Federal
....
do
State and local
do_

9
4
6
6

89 0
64 9
24 1
88

8.5

6.3

81
57
24
4

7
3
4
1

81 2
55.5
25 7
35

7.1

9.2

79
54
25
8

109.6
114.1
110.3
111.3
109.5
58 2
59 5
57 8
57 8
58 7
50.1
53.4
56.3
50.9
52.0
r
Revised.
* Preliminary.
1 Annual totals for 1966 appear on p. 8 ft', of this issue
of the SURVEY.
f Revised series. Estimates of national income and product and personal
income have been revised (see p. 11 ff. of the July 1966 issue of the SURVEY); revisions prior


http://fraser.stlouisfed.org/
243-429 0 - 6 7 - 2
Federal Reserve Bank of St. Louis

371.0

' 657. 2

81
56
24
4

6
6
9
0

8.2

82
58
24
3

2
2
1
5

8.4

8
2
6
4

86.6
62.3
24 4
9.3

88.0
63.4
24 5
7.3

89.4
65.5
23 9
8.5

91.9
68.4
23.5
10.2

95.0
70.8
24.3
8.5

94.7
71.3
23.4
11.6

93.5
73.0
20.5
9.1

8.0

5.7

7.1

6.4

6.0

5.9

4.6

4.2

82
59
23
7

124.9
120.4
118.3
115.0
116.6
113.2
111.5
113.3
111.3
110.1
65.5
61.9
60.4
58.3
59.3
56 2
57 3
57 4
59 7
56 1
59.4
58.5
57.9
57.3
55.3
56.7
53.6
53.9
54.0
55.9
to May 1965 for personal income appear on p. 18 IT. of the July 1966 issue
SURVEY.
9 Includes data not shown separately.

s-l

r

\. 1

' 128. 3
' f>7. fi
' GO. 7

of the

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS

1963

1964

Annual total

I

II

1966"

1965

1964

1965

February 1967

IV

III

II

I

Ill

I

IV

II

1967

IV

III

I

GENERAL BUSINESS INDICATORS— Quarterly Series— Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
481.9
517.3
559.0
504.0
513.7
National income, totalf
bil $
Compensation of employees, total
do
341.0
365.7
392.9
355.3 362.2
Wages and salaries, total
_ do
358.4
324.4
330.6
333.6
311.1
Private _
_ _
do
269.3 289.1
261.8
267.1
251.6
Military
do
12.1
11.7
10.8
11.6
11.6
Government civilian
do
51.9
52.6
51.0
48.6
57.1
Supplements to wages and salaries
do
32.0
31.0
31.7
29.9
34.5
Proprietors' income, total 9 do
52.2
51.9
51.3
51.0
55.7
Business and professional 9
do
39.9
39.9
39.1
37.9
40.7
Farm
do
12.2
12.0
12.2
15.1
13.1
Rental income of persons
do
17.4
17.7
18.3
17.6
17.1
Corporate profits and inventory valuation adjustment, total
_ _
_
bil. $
74.2
66.5
58.9
66.6
65.3
33 y broad industry groups:
Financial institutions
do
8.4
8.9
8.5
7.8
8.0
Nonfinancial corporations total
do
58.2
51.2
65.3
57.3
58.1
Manufacturing, total
do
32.4
32.4
37.8
32.1
28.8
Nondurable goods industries
do
14.1
14.5
14.6
13.0
15.7
Durable goods industries
do
17.9
22.1
17.7
15.8
18.1
Transportation, communication, and public
utilitiesbil $
10.4
10.2
11.1
10.1
9.5
All other industries
do
16.4
15.4
15.5
12 9
15.0
Corporate profits before tax, total
do
66.8
59.4
67.0
75.7
65.8
Corporate profits tax liability
do
31.2
28.3
28.4
27.9
26.3
Corporate profits after tax
do
38.5
44.5
38.7
38.0
33.1
Dividends
do
19.2
17.3
17.3
17.1
16.5
Undistributed profits
do
21.3
21.3
25.3
20.9
16.6
Inventory valuation adjustment _
do
-.3
-.4
-1.5
-.5
-.5
Net interest
do
15.1
17.8
13.8
15.5
14.7
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
bil $
535.1
496.0
484.0 492.0
465.5
Less: Personal tax and nontax payments
do
56.9
59.4
66.0
60.9
60.7
Equals: Disposable personal income
do
435.1
469.1
423.4
436.6
404.6
Less: Personal outlays© .
do
408.5
443.4
401.4
412.1
384.7
Equals: Personal saving§
do
26.6
22.0
24.5
25.7
19.9
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil $
11.11
9.40
44.90
39.22
51.96
Manufacturing
do
4.53
3.79
15. 69
18.58
22.45
2.30
1.93
Durable goods industries
do
9.43
7.85
11.40
2 23
Nondurable goods industries.. . . _ do
1.87
9.16
7.84
11. 05
Mining
_
do
.29
.26
1.19
1.04
1.30
.36
Railroad
_ ._
do
.32
1.41
1.10
1.73
.63
Transportation, other than rail
do
.51
1.92
2.38
2 81
Public utilities.. _
do
1.58
6.22
1.18
5.65
6.94
Communication
do
1.10
.97
4.30
3.79
4.94
Commercial and other
do
2.61
2.37
10.83
10.03
11.79
Seas. adj. qtrly. totals at annual rates:
All industries
do
43.50
42.55
Manufacturing
do
17.80
17.40
9.00
Durable goods industries .do
8.85
8.80
8.55
Nondurable goods industries
do _
Mining
do
1.15
1.15
1.25
Railroad
_ do
1.40
2.25
Transportation, other than rail
do
2.30
6.30
Public utilities
do
5.95
4.30
Communication
do
4.05
10.45
Commercial and other.. _ . . _
do
10.25
U.S. BALANCE OF INTERNATIONAL
PAYMENTS^
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
9,001
9,112
militarv grants)
mil $
32, 339
36, 958 38, 993
6,092
6,156
Merchandise, adjusted, excl. military
do
22, 071
25, 297 26, 276
186
Military sales
do
198
747
657
844
1,369
1,402
5,392
Income on U.S. investments abroad .
do
4,654
5,901
1,354
1,356
Other services...
do
4,957
5,522
5,972
Imports of goods and services
do
-26,442 -28,468 -32, 036 -6,850 -7, 032
Merchandise adjusted excl military
do
-16,992 -18,621 -21,488 -4, 389 -4, 579
-725
-740
Military expenditures
do
-2,936 -2,834 -2,881
-344
-339
Income on foreign investments in the U.S__do
-1,271 -1,404 -1,646
Other services
do
-5, 243 -5,609 -6,021 -1,382 -1,384
Unilateral transfers, net (excl. military grants);
-717
-683
transfers to foreigners ( )
mil ^
-2,784 -2,765 -2,794
Transactions in U.S. private assets, net; increase
(— )
mil $
-4,456 -6,523 -3, 690 -1,360 -1,385
Transactions in U.S. Govt. assets, excl. official
-350
-291
-1,664 -1,674 -1,575
Transactions in U.S. official reserve assets, net;
303
-51
171
1,222
378
increase ( )
mil $
Transactions in foreign assets in the U.S., net (U.S.
332
419
3,312
309
2,981
liabilities); increase (+)
mil. $
249
299
2,627
115
2,292
Liquid assets
_ _ _ _ _
„
do 83
120
685
194
689
Other assets
do_ _.
-152
-296
-429
-352 -1,011
Unrecorded transactions
do
Balance on liquidity basis— increase in U.S. official
reserve assets and decrease in liquid liabilities to
-552
-248
-2,670 -2,798 -1,337
Balance on official reserve transactions basis— increase in U.S. official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
-326
-144
-2, 044 -1,546 -1,305
official agencies; decrease (— ) _
mil. $
' Revised.
*> Preliminary.
« See note 1 on p. S-l.
1
Estimates for Oct.-Dec. 1966 based on anticipate d capital expenditiires of bu siness.
2
Estimates for Jan.-Mar. 1967 based on antici pated car)ital expe nditures of busiiless,
Anticipated expenditures for the year 1966 are as foliows (in bil $): All in dustries, 60.56; m anufacturing, total, 27.01; durable goods industries, 14L04; nond urable go ods indu stries, 12.97;
mining, 1.47; railroad, 1.94; transportation, 3.48; pu blic utilit ies, 8.31; commerc al and o ther
( incl. communication) , 1 8-36.
3 includes commui
lication.




522.9
369.8
337.4
272.3
11.7
53.4
32.4
51.9
40.3
11.7
17.8

528.5
375.3
342.2
275.9
11.9
54.3
33.1
52.2
40.3
11.9
17.9

543.3
381.7
348.2
281.2
11.8
55.2
33.5
53.3
40.5
12.9
18.1

552.2
387.8
353.7
285.8
11.7
56.3
34.1
55.9
40.4
15.5
18.3

562.7
395.6
360.8
291.1
12.0
57.7
34.8
56.7
40.7
16.0
18.4

577. 8
406.5
370.8
298.5
13.0
59.3
35.7
57.1
41.1
16.0
18.5

595.7
419.6
380.0
305.9
13.6
60.4
39.6
58.4
41.4
17.0
18.7

604.1
427.9
387.4
311.5
14.1
61.8
40.5
57.9
41.6
16. 3
18.8

613.8
438.3
396.7
318.0
15.0
63.7
41.5
57.3
41.9
15.4
18.9

67.8

66.8

73.2

72.7

74.0

76.9

80.0

79.9

79.1

8.4
59.3
33.0
14.6
18.4

8.6
58.1
32.2
14.7
17.5

8.5
64.6
37.4
15.5
21.9

8.7
64.0
36.7
15.5
21 2

8.9
65.0
37.4
15.5
21.9

9.5
67.5
39.6
16.4
23.2

9.4
70.6
41.9
17.2
24.7

9.8
70.0
40.6
17.2
23.4

10.1
69.0
39.5
17.0
22.5

10.6
15.7
67.8
28.7
39.1
17.4
21.7
.0
15.7

10.5
15.5
67.7
28.6
39.0
17.7
21.4
-.9
16.3

10.7
16.5
74.5
30,7
43.8
18.1
25.7
-1.3
16.9

10.9
16.4
74.5
30.7
43.8
18.8
25.0
-1.8
17.5

11.2
16.4
75.0
30.9
44.1
19.5
24.6
-1.0
18.1

11.5
16.4
78.7
32.4
46.3
20.2
26.1
-1.8
18.7

11.3
17.4
82.7
34.1
48.7
20.9
27.8
-2.8
19.1

12.0
17.4
82.8
34.1
48.7
21.1
27.6
-2.9
19.6

12.2
17.2
81.9
33.7
48.2
21.1
27.1
-2.8
20.2

500.3
59.1
441.2
418.4
22.8

507.5
60.9
446.6
420.0
26.6

518.0
64.9
453.2
430.3
22.8

527.6
66.6
461.0
438.6
22.4

541.9
65.7
476.2
447.1
29.0

552.8
66.7
486.1
457.6
28.5

564.6
69.5
495.1
468.4
26.7

573.5
73.6
499.9
473. 3
26.6

585.2
77.4
507.8
483.3
24.5

' 598. 3
'79.8
'518.4
' 488. 0
'30.4

11.54
4.67
2.37
2.30
.30
.37
.59
1.71
1.06
2.84

12.84
5.59
2.83
2.76
.33
.35
.64
1.76
1.17
3.01

10.79
4.54
2.25
2.28
.29
.39
.58
1.32
1.08
2.59

12.81
5.47
2.76
2.70
.33
.44
.77
1.71
1.24
2.85

13.41
5.73
2.91
2.82
.32
.44
.72
1.88
1.22
3.10

14.95
6.72
3.48
3.24
.35
.46
.73
2.04
1.41
3.25

12.77
5.61
2.87
2.74
.33
.40
.75
1.60
1.26
2.83

15.29
6.78
3.51
3.27
.40
.55
1.00
2.09
1.42
3.06

15.57
6.84
3.54
3.30
.37
.48
.82
2.36
1.36
3.33

1 16. 93 2 14. 01
6.10
7.78
3.21
4.12
2.89
3.66
.35
.38
.46
.51
.82
.91
1.85
2.26

45.65
18.85
9.60
9.20
1.20
1.50
2.40
6.30
4.40
11.00

47.75
20.15
10.15
10.00
1.30
1.55
2.60
6.35
4.40
11.40

49.00
20.75
10.40
10.40
1.25
1.75
2.55
6.80
4.55
11.30

50.35
21.55
10.80
10.70
1.30
1.55
2.70
6.85
4.80
11.60

52.75
23.00
11.75
11.25
1.25
1.70
3.00
6.75
5.05
11.95

55.35
24.15
12.45
11.70
1.35
1.95
3.00
7.30
5.30
12.25

58.00
25.60
13.15
12.45
1.40
1.75
3.30
8.25
5.35
12.35

60.10
26.80
13.85
12.95
1.55
2.00
3.50
8.30
5.50
12.45

61.25
27.55
14.35
13.20
1.45
1.85
3.40
8.55
5.60
12.85

162.60 2 63. 45
27.85
27.80
14.70
14.65
13.15
13.15
1.50
1.45
2.00
2.15
3.65
3.70
9.30
8. 15

10, 016 10, 065
7,027
6,826
216
199
1,254
1,470
1,568
1,521
-8, 245 -8, 540
-5,595 -5,756
-771
-745
-458
-411
-1,494 -1,555

9,537
8,776 10, 136
9,308
6,798
5,625
6,660
6,389
229
201
200
162
1,616
1,561
1,253
1,368
1,493
1,423
1,390
1,389
-7,196 -7,390 -7,164 -8, 087
-4,752 -4,901 -4,656 -5,481
-701
-664
-683
-686
-404
-372
-373
-349
-1,409 -1,434 -1,471 -1,501
-694

-671

-662

-1,589 -2, 189 -1,605

10, 495
' 7, 154
198
1,530
1,596
-8,926
'-5,981
-854
-436
-1,632

-768

-719

-645

-852

-346

-827

-912

-928

-268

P447. 5
P 405. 0
P 323. 9
P15.8
P65. 2
P42. 5
P57. 5
' P 42. 3
p 15 2
P 19.1

P20. 7
' P. 0
P21.0

3 5,10

34.43

319.25 3 19. 15

10, 572 plO, 948
' 7, 098 ' 7, 427 P 7, 508
v 215
260
1, 579 p 1,598
1,622 p 1,696
-9,212 p-9, 762
'-6,216 '-6,639 P— 6,~fi5
-899 p-937
-436 p-502
-1,615 p-1,664

-741

p-694

-1,094 p-713
p-378

-415

-618

-367

-469

-471

-332

-459

70

-151

842

68

41

271

424

68

719
547
172
-203

1,842
1,532
310
-360

180
-145
325
0

-425
-294
-131
-109

242
493
-251
-240

312
61
251
-80

416
127
289
-297

1,033
73
930
-167

p
p
p
p

-617 -1,381

-697

226

-534

-332

'-541

'-131

'-201

p 82
399
136
263
118

1

p-551

'955 p-249
239
232 -1,158 '-231 '-204
-618
-845
-231
tSe e correspending n ote on p. S-l.
91 ncludes i nventorjr valuaticm adjust ment.
0F ersonal sutlays (comprise persona consum ption ex penditur es, inter est paid by consume rs, and p ersonal t ransfer p ayments to foreig tiers,
§Pe rsonal sa ving is e xcess of clisposabl 3 income over personal oul lays.
cfR lore com plete de tails are jiven in the quart erly rev ews in tlle Mar., June, Se pt., and
Dec. issues of the SUR VEY.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102