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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) Gross national product Final sales Change in business inventories . 631 7 681 2 739 6 686 5 704 4 721 2 732 3 745 3 759.3 580.0 614.4 647.8 618.2 631.2 640.5 643.5 649.9 657.2 627 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 'r 69. 6 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 commuilication. 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.
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