View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

SURVEY OF CURRENT BUSINESS

6
large advance in corporate profits and
both private and government wage and
salary payments increased substantially. The continued rise in business
activity resulted in some gain in nonfarm proprietors' income, but farm
proprietors' income did not quite match
the 1962 total.
On an industry basis, the recent national income gains were centered in the

cyclically volatile commodity producing
and handling sectors. Income and output also continued to increase during
1963 in the trend-dominated servicetype industries.
Personal income, at $463 billion in
1963, was up $21 billion or nearly 5
percent from 1962. Income after taxes
increased by $18 billion to total $403
billion for the year.

J ; U i U ; i r v 11)04
The Current Expansion Has Been
Stronger Than the Two Previous
Postwar Upturns Whether Measured From;
Percent Increase
in Real GNP

25
PREVIOUS PEAK

TROUGH

20

n
10

Market Pattern of 1968 Advance
WITH incomes higher and consume s
making' increased use of credit, personal
consumption expenditures rose to $373
billion, a gain of $17% billion or about
5 percent.
Consumer durables up

The increase of nearly $2 billion in
consumer spending on new autos was
the major factor in the $3% billion or
G^-percent rise of personal consumption
expenditures for durable goods. Following a sharp advance early in the
fourth quarter of 1962, when the new
1963 models were introduced, car sales
continued high throughout 1963. A
small dip occurred late in the third

quarter when dealer inventories became
low and unbalanced, but, with the introduction of the 1964 models, sales
jumped back in the closing quarter to
reach their best pace of the year.
Home appliance and furniture demand also increased in 1963, aided in
part by the high rate of home building
activity during the last 2 years. Advancing strongly in the latter half of
1963, purchases of these items at $21
billion, was $1 billion, or 5/2 percent over
1962. Sales of other durables continued their slow uptrend of recent years,
advancing by about 4% percent to a total
of $8 billion.

Table 1.—Key Income and Prod net Data, 1961-63
[Billions of dollars]
Seasonally adjusted at annual rates
1961

19(>2

1%3

1962

IV
Gross national product

1963

I

11

III

IV

518. 2

_

_ _
.

Gross private domestic investment
Residential construction
Business fixed investment
Change in business inventories

585.0

5fi5. 2

571.8

579.6

588.7

600. 0

355. 4
48.2
161.4
145. 7

373.2
51.5
167. 2
154. 5

362. 9
50. 5
163. 6
148.9

367. 4
50. 6
165. 3
151.4

370.4
51.0
165.9
153. 5

374. 9
50.8
168. 6
155. 5

380.0
53. 5
108. 8
157. 6

69.0
21.0
46.0
1.9

.

554. 9

336,8
43.6
155. 1
138.0

_ _ _ _

Personal consumption expenditures
Durable goods
Nondurable goods
Services
_

78.8
23.2
500, 0
5. 5

82.3
25.0
52. 5
4. 7

78. 8
23.7
51. 1
4.0

77.8
22.7
50. 0
5. 1

80.7
24.8
51.7
4.3

83.7
25. 9
53. 6
4.2

87. 0
26.7
55.0
5.3

4.4

3.8

4.4

3.3

3.6

4.8

4.3

5.0

__

107.9
57.4
50.6

117.0
62.4
54.6

125. 1
66.4
58.8

120. 2
63.6
56.6

123. 0
65. 5
57.5

123.8
66. 5
57.3

125. 7
66. 4
59.4

128. 0
67.0
61.0

Gross national product in constant (1963) dollars

531.2

563. 6

585. 0

571.4

575.7

580.8

587.5

595.7

National income _ _ _ _ _ _

126. 1

453. 7

478.4

462. 2

466. 7

474.6

482.0

N.A.

302.1
43.8
80.2

322.9
47.0
83.8

340.4
51.3
86.7

327. 7
49.3
85.2

332.0
48.8
85. 9

338.7
50. 1
85.8

342.8
52.2
87.0

347. 9
N.A.
88.0

473.0

Xo.t exports of goods and services
Government purchases
Federal
State and local

.

_
_

__

Compensation of employees
Corporate profits
•Ul other

417.4

442.1

463.0

449.9

453.9

459.9

465. 2

Disposable personal income

364.4

384, 4

402.6

391.4

394.5

400.0

404.4

411.3

Disposable income in constant (1963) dollars

372.6

389.5

402.6

394.6

396.1

400.4

403. 6

409.3

Personal income

._

_

-

i The figures for 1963 and its fourth quarter are based on incomplete data.
be published in the February SURVEY.




Final figures in the usual amount of detail will

1948-1953- 1957-1960- '
52
57
60* 63
Peak to the 11th
Quarter of Expansion

1949- 1954- 1958- 196152
57
60*
63
Trough to the 11th
Quarter of Expansion

* Through the cyclical peak, 9 qtrs. foil owing the' trough.
U.S. Department of Commerce, Office of Business Economics

64-1-8

Nondurable* and services also higher

Nondurable goods expenditures—although fluctuating somewhat erratically
during the year—gained nearly $6 billion to total $167 billion in 1963. Food
buying moved up by about 3 percent;
about half of this increase was due to
higher prices. There were sizable gains
for gasoline and oil and for most other
nondurables. Apparel purchases, on
the other hand, were only slightly
higher.
Consumer expenditures for services,
continued to increase, about in line
with the long-term growth. At Slo4 l 2
billion, consumer services were up by
nearly $9 billion. As in other recent
years, these purchases moved up fairly
smoothly and the 1963 gains were widespread among the major types of
services.
Residential construction up sharply

Residential building moved steadilyupward during 1963 to total $25 billion
for the year. This was a gain of $2
billion, or 8 percent.
A total of more than 1 3 2 million new
private nonfarm units were started in
1963, nearly 125,000 or 8 percent above
1962. As in the preceding 2 years,
multifamily units have accounted for
all of the gain in housing starts. Last
year roughly half a million multifamily
dwelling units were started, more than

BUSINESS STATISTICS
JL HE STATISTICS here update series published in the 1963 edition of BUSINESS STATISTICS, biennial Statistical Supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $2.00) contains data by months, or quarters, for the years 1959 through 1962 (1951-62, for major
quarterly series) and averages of monthly or quarterly data for all years back to 1939; it also provides a description of each series and references
to sources of earlier figures. Series added or significantly revised after the 1963 BUSINESS STATISTICS went to press are indicated by an asterisk
(*) and a dagger (f), respectively; certain revisions for 1962 issued too late for inclusion in the aforementioned volume appear in the monthly
SURVEY beginning with the August 1963 issue. Also, unless otherwise noted, revised monthly data (for periods not shown herein) corresponding
to revised monthly averages are available upon request. Except as otherwise stated, the terms "unadjusted" and "adjusted" refer to adjustment
for seasonal variation.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely,
through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated, statistics through 1962
and descriptive notes are shown in the 1963
edition of BUSINESS STATISTICS

1960 | 1961 | 1962

1960
III

Annual total

Data from private sources are provided

1961
IV

I

II

1962
III

| IV

j

II

1963
III

IV

II

I

IIIi

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
bil $

414 5

426 1

453 7

415 4

412 8

411 1

423 2

499 o

441 0

444 7

452 4

455 5

462 2

466 7

474 6

482 0

do

293.6

302.1

322. 9

295.8

293.9

294.0

300 1

304 4

309 9

316 0

322 5

325 3

327 7

332 0

338 7

342.8

271.3
9.9
38.5
22.3
46.2
34.2
12 0
12 1

278.8
227 0
10 2
41.6
23.3
48.1
35. 3
12.8
12 1

297. 1
241 6
10.8
44. 7
25.7
49.8
36. 5
13.3
12 0

273.3
224 2
9 9
39.1
22.5
46 1
33.8
12 2
12 1

271.3
221 6
10.0
39.7
22.5
46 6
33.8
12 7
12 1

271. 2
220 8
10 0
40.4
22.8
47 0
34. 2
1? 8
12 1

276. 9
225 8
10 0
41 2
23.1
47 6
35.0
12 6
1° 1

281.0
29S 8
10 0
42 2
23.4
48 3
35.7
12 6
12 1

286. 1
239 5
10 8
^2 8
23.8
49 5
36. 3
13 2
I9 0

290.7
236 1
11 1
43 6
25.2
49 5
36.0
13 5
12 0

296. 8
241 7
11 0
44 1
25.7
49 6
36.5
13 1
1° 0

299.4
243 7
10 7
45 0
25.9
49 8
36.6
13 2
I9 0

301. 5
944 7
10 5
46 3
26.2
50 3
36.9
13 4
12 0

304.5
246 7
10 7
47 1
27.5
50 7
37.2
13 5
12 0

310.8
25° 2
10 8
47 8
27.9
50 0
37.4
12 6
12 0

314. 6
255 I
10 8
48.7
28.2
50 5
37.8
12 7
12 I

44 5

43 8

47.0

43 2

41 5

38 8

43 6

44 0

48 6

46 1

46 5

46 1

49 3

48 8

50 1

52 2

44 3
22.3
92. 0
14.5
7.5
.2

43 8
22,0
21 8
15. 3
6.5
.0

46 8
22.2
24.6
16.6
8.1
.2

42 1
21. 2
20 9
14.6
6 4
1.2

41 1
20.6
20 4
14 8
5 0
5

38 5
19.4
19 2
15.0
4 2
.3

43 4
21.8
21 6
15 1
6 5
.2

44 3
22.3
22 0
15 2
6 8
o

48 9
24.6
24 3
15 8
8 5
— 3

45 9
21.7
24 9
16 2
8 0
1

46 7
22.1
94 6
16 4
8 °
_ 2

46 2
21.9
24 3
16 5
7 8
— i

48 4
22.9
95 5
17 1
8 4
g

48 3
22.9
25 4
17 1
8 3

52 2
24.7
27 5
17 6
98

4

51 0
24.2
26 8
17 6
9 2
— 9

-do

18.0

20.0

22.0

18.2

18.8

19.1

19.8

20.3

21.0

21.2

21.7

22.3

23.0

23.3

23.7

24.3

do

502.6

518.2

554. 9

503. 5

502. 1

500. 4

512. 5

521.9

537. 8

544.5

552. 4

556. 8

565. 2

571. 8

579.6

588.7

Personal consumption expenditures, total. _do

328. 2

336. 8

355. 4

328.7

330. 3

330.7

334. 9

337.9

343.8

348.8

352.9

356.7

362.9

367.4

370. 4

374. 9

44 9
18.8
19.1
151. 8
98 1
79.5
11 7
131. 5
19 5
41.9
10 7

43 6
17 1
19.2
1 55. 1
28 6
81. 1
11 9
138. 0
20 4
44 1
10 7

48 2
20.4
20.2
161.4
29 8
84.2
19 3
145. 7
91 5
46.6
11 3

44 6
18.3
19.1
152. 0
28 3
79.4
11 8
132. 2
19 6
4? 1
10 7

43 9
17 9
18.8
152 3
27 7
79 9
11 9
134.2
19 9
42 8
10 8

41 2

43 9
17 0
19.6
155 3
2S 6
81 2
11 9
138. 8
90 6
44 4
10 7

46 4
18 9
20.0
156 9
29 3
81 6
11 9
140. 5

47 3
19 7
20.0
158 9
29 7
82 7

20.6
163 6
29 9
85 2
1° 6
148. 9
91 8
47 6
11 6

151. 4
92 2
48 2
11 8

51 0
22 3
20.7
165 9
29 7
86 3
13 0
153.5
29 4
48 8
12 1

50 8
21 5
21.3
168 (6
30 )
87 2

45 0
10 8

47 7
19 8
20.3
1H2 5
°9 9
85 0
1° 3
146.6
21 5
46 9
11 4

50 6

142.6
21 3
45' 6
11 1

47 5
20 1
19.8
160 6
99 5
83 9
12 2
144.8
21 5
46 3
11 3

50 5

18.3
153 9
28 2
80 6
11 9
135. 6
20 0
43 3
10 7

43 1
16 7
19.1
154 5
28 2
81 0
11 7
137.3
20 4
43 8
10 6

do

71.8

69.0

78.8

70.9

65.3

59.6

66.6

72.0

77.6

77.3

79.6

78.9

78.8

77.8

80.7

83.7

do...
do
do
do
do

40.7
21. 1
27.6
35
3 2

41.6
21 0
25.5
19
15

44.4
23 2
28.8
5 5
4 9

40 5
21 0
27. 7
2 7
2 3

40 7
20 5
26.8
2 3
—2 7

39 3
19 0
24.6
—4 3
—4 6

41 0
20 1
24.5
I i
g

42 6
21 9
25.8
3 5
3 2

43 2
22 8
27.1
7 2
6 9

41 7

27.4
81
7 6

44 5
23 3
28^7
6 5
5 8

46 0
24 2
29.3
3 6
2 8

45 0
23 7
29.9
4 0
3 2

43 7
29 7
29.0
5 1
4 3

45 8
24 8
30.7
4 0
36

47 9
25 9
31.6

do
do
do

3.0
26 3
23 3

4.4
27 5
23 1

3.8
28 9
25 1

3.3
26 7
23 4

4.9
27 0
22 1

5.4
27 5
22 1

4.3
26 5
22 2

4.1
97 8
23 7

4.0
°8 3
24 2

3.3
27 9
9
46

4.4
29 5
25 0

4.1
29 4
25 3

3.3
28 8
25 5

3.6
28 6
94 9

4.8

4.3
0-1 i

25 9

97 1

99.6
53 1
45.7
46.5

107.9
57 4
49 0
50.6

117. 0
62 4
53.3
54.6

100. 5
53 5
45 9
47.0

101. 6
53 7
45 9
48.0

104.7
55 4
47 5
49 3

106.8
57 1
49 0
49 7

107.9
57 1
48 6
50 8

112.3
59 8
50 9
52 5

115. 1
61 8
52 5
53 3

115.5
61 9
59 9
53 6

117.0
go 4
53 5
54 6

120.2
63 6
54 3
56 6

123.0
65 5
56 4
57 5

123.8
66 *5
56 7
57 3

125.7

499.1
253. 7
94.2
159. 5
188.8
56.7

516 3
257. 3
93.8
163.5
200 4
58.6

549 3
272.8
101.5
171.3
214 5
62. 1

500 7
254.1
93.8
160. 3
189 9
56 8

504 4
254.3
93.2
161.1
192 8
57 3

504 7
252. 8
90.6
162.2
195 3
56 7

511 4
254.6
92.1
162. 5
199 1
57 7

518 3
257. 6
94.3
163.3
201 5
59 2

530 5
264.0
98.2
165.8
205 7
60 9

536 3
268.1
99.9
168.2
209 0
59 2

546 0
270.7
99.9
170.8
213 5
61 8

553 1
274.8
102.6
172.1
215 2
63 1

561 2
277.4
103.5
174.0
220 2
63 6

566 6
281.7
106.3
175.3
222 5
62 5

575 4
285.6
109. 6
176.0

Inventory change, total
do
3.5
2.7
5.5
-2.3
-4.3
7.2
1.1
1.9
3.5
3.6
8.1
6.5
2.3
Durable goods
do
—.4
2 9
1 4
—6 6
—2 7
2 0
4 7
—1 5
31
2 5
4 8
Nondurable goods
do
1.1
2.2
2.6
.4
2.3
1.3
2.5
2.6
3.3
1.5
3.4
1.2
r
Revised.
cf Includes inventory valuation adjustment.
0 Includes data not shown separately.
9 Government sales are not deducted.
1
Preliminary data for 4th qtr. 1963 for selected items appear on p. 6 of this issue of the SURVEY.

4.0
13
2.6

5.1
j1
4.0

National income total
Compensation of employees, total.. _

Wages and salaries, total
do__. .
Private
do
Military
_
do
Government civilian _
do
Supplements to wages and salaries
do
Proprietors' income, total cf
_do
Business and professional^"
do
Farm
_
do
Rental incoino of persons
do
Corporate profits and inventory valuation adjustment total
bil $
Corporate profits before tax total
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net Interest

do
do
do
do
<?o
do ...

-

Gross national product, total

Durable sroods, total 0
do
Automobiles and parts _ _ _
-do
Furniture and household equipment-.-do
Nondurable goods, total 0
do
Clothing and shoes
do
Food and alcoholic beverages
do_
Gasoline and oil
do
Services, total ©
do
Household operation
do
Housing
do
Transportation
do
Gross private domestic investment, total
New construction
Residential nonfarm
Producers' durable equipment
Change in business inventories
Nonfarm
Net exports of goods and services
Exports
Imports

Govt. purchases of goods and services, totaL.do
Federal (less Government sales)
do
National defense 9
do
State and local. _
do. .
By major type of product:
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
Construction

_




_

do
do
do
do
do
do

222 9

•>Q g

19 1

91 2

90 O

9° 0

20.9
165 9
3
30
85 8
I O C

Or» 7

99fi f^

o

•iq t

155. 5
99 8

49 r>
12 9

3

Kft

7

7

"Q /I

KOA R

288.2
110.0
178. 3

63 3

f\R 7

4.3
30
1.3

4.2

s-1

2.4

SURVEY OF CURRENT BUSINESS

S-2
1960

Unless otherwise stated, statistics through 1962
and descriptive notes are shown in the 1963
edition of BUSINESS STATISTICS

! 1961

1962

Annual total

1961
I

1962
IV

III

II

•January

I

II

1963
III

IV

I

1964

II

III

IV

I

* W. 92

-• § ftf

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT- Con.
Quarterly Data Seasonally Adjusted at Annual Rates
GNP in constant (1954) dollars
Gross national product total
fail.
$

439. 9

Durable goods
Nondurable goods
Services

-

-

474.8

434. 0

443.4

450. 4

463. 1

467.8

474.0

475. 6

481.4

485. 3

489.4

495.1

303. 6

317.fi

298. 5

302. 2

304. 5

309. 2

313.0

315. 9

318.6

322.9

325. 5

327.0

330.1

42.2
141.4
114.5

do__
do
do

447.7

29S. 1

Personal consumption expenditures, total _do _ _

41.5
143. 3
118. 9

45.6
147.8
124.3

39.3
141.9
117.3

40.9
142.9
118.4

41.6
143. 5
119.4

44.1
144.7
120.4

44.7
146.0
122. 3

44.7
147.4
123.8

45.0
148.8
124.8

47.8
148. 9
126. 2

48.1
150.1
127.3

48.0
150.5
128.5

48.0
152.6
129.6

60. 2

57. 5

65. 2

49.7

55. 6

59.9

64.7

04.4

66.0

64.8

65.2

64.6

66.4

68.6 i

34.4
22.7

36.7
23.8

3.1

34.7
21.0
1.7

33.1
20. 2
-3.6

34.2
20.2
1.2

35. 5
21.3
3.1

36. 0
22. 4
6.3

34.7
22. 7
7.0

36.8
23.6
5.7

37.8
24.2
2.9

36.9
24.8
3.4

35.7
24.0
4.9

37.3
25.3
3.8

38.6
26.1
4.0

1.7

2.3

1.8

3.6

1.9

1.9

1.7

.9

2.6

2.3

1.4

1.8

2.8

2.3

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

79.9
42.3
37.6

84.3
44.8
39. 5

90.2
49.0
41.2

82.3
43.1
39.1

83.7
44.0
39.1

84.2
44.6
39. 5

87.4
47.0
40.4

89.4
48.7
40. 7

89.5
48.8
40.7

89.9
48.8
41.1

91.9
49.6
42.3

93.4
50.6
42.9

93.2
51.0
42.1

94.1
50.7
43. 4

DISPOSITION OF PERSONAL INCOME
Quarterly Data Seasonally Adjusted at AnnualPat.es
personal income total
bll. $
Less: Personal tar and nontax payments
do
Fouil^* Disposable personal Income
do

401. 3
51. 4
349. 9

417.4
52.9
364. 4

442. 1
57.7
384. 4

406. 6
51.3
355. 3

414. 5

302! o

420. 2
53.0
367. 2

428.0
54. 9
373. 1

433. 5
50. 2
377. 3

440. 7
57. 9
382. 7

444.5
58. 1
386. 5

449. 9
58. 5
391.4

45H. 9
59. 4
394. 5

459. 9
59. 9
400.0

465. 2
60.8
404. 4

21.7

27.0

29. 1

24. 5

27.1

29. 2

29. 3

28. f,

29. 8

29.7

28. 5

27.1

29. (»

29.5

35. 68

34. 37

37. 31

7.57

8.61

8. 05

9. 54

8. 02

9.50

9.62

10.18

8. 25

9.74

10.14

do
do
do

14. 48
7.18
7. 30

13. 68
6. 27
7. 40

14. 08
7.03
7. 05

3. 00
1.41
1.59

3.46
1.58
1.88

3.34
1.50
1.84

3.88
1.79
2.09

3.14
1.44
1.09

3.69
1.77
1.92

3.72
1.79
1.93

4.13
2.03
2.10

3. 27
1.02
1.05

3.92
1.96
1.95

3.95
1.96
1.90

4.48 '•
2.23
2.25

3 .flf*I. 79
!.. W

Mining
.do
Railroads
_ _do
Transportation other than rail
do
Public utilities
do
Communications
_ do
Commercial and other
___ - - -do

.99
1. 03
1.94
5. 08
3. 13
8.44

.98
.67
1.85
5. 52
3.22
8. 46

1.08

.21
.17
.41
1.09
.75
1.94

.26
.18
.48
1.39
.81
2. 04

.25
. 16
.47
1.50
.78
2.10

.26
. 10
. 50
1.54
.88
2. 32

.26
. 10
.47
1 . 00
.88
2.00

.27
.26
.60
1.37
.93

.28
.24
.50
1.54
.87
2.48

.27
.20
.50
1.52
.95
2.60

.24
.21
.39
1.04
.85
2.26

.26
.28
.54
1.40
.95
2.41

.27
.29
.45
1.60
.93
2.64

,28
31
54
1 60

.•m
2fi'
¥'f
1 1(8

33.71

5 3. 30

33. 85

33. 50

34. 70

35. 40

35. 70

36. 95

38. 35

37.95

36. 95

38.05

40.00

13.75
6.50
7. 25

13.50
6.20
7.30

13. 65
6. 10
7.55

14.00
6. 40
7.60

14. 20
0. 55
7. 00

14.45
6.95
7. 50

15.05
7.25
7.80

15. 00
7.30
7.70

14.85
7. 35
7.50

15.30
7.65
7.65

15.95
8.00
8.00

16.25
8 05
8.20

ML 4&
8 2tt

.95

I. 00

1.00

1.15

1.05

1. 80
5. 50
3.15

1.90
5. 05
3. 20
8 60

2.25
5. 40
3. 05
9 25

LOO
. 80
1.90
5. 45
3.60
10 20

1. 05
90
1.70
5. 20
3. 55
9. 65

1.00
1 00
2.05
5.45
3.65
9.65

1.85
5.90
3.85
10.20

1.05
1. 30
2.05
5.80

1 .05
I.I A
2 20
5. 60

7 <;o

2. 05
5. 1 5
3.70
8 75

1. 10
1. 00
2.00
5. 75
3.60
9 00
.>. 85

1.05

1.75
5.35
3. 20
8 15

1.00
. 60
1 . 95
5.55
3. 35
(
> 00

Gross private domestic Investment, total__-do
New construction
_
Producers' durable equipment
Change In business inventories
Net exports of goods and services

do
do_ _do__ .
do

Personal ''avln0' §
_do___.
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
\llindtistries
bil. $_.
Alan uf acturin g
Durable goods Industries
Nondurable goods industries

4.8

.85

2. 07
5.48
3.03
9. 52

Seas. adj. qtrly. totals at annual rates:
ATanufacturing
Nondurable goods Industries

do
-do

Mining,..
Railroads

do
do

Public utilities '

do

BUSINESS POPULATION
Firms In operation, end of quarter (seasonally adjusted)
thous
U.S. BALANCE OF INTERNATIONAL
PAYMENTS*
Quarterly Data are Seasonally Adjusted
U S payments, recorded
__m1I. $.

4

7f>

*40.75 •2 10 7fi-

1 9ft

4, 058

4 4. 713

* 4, 755

4, 740

4. 750

4. 700

4. 770

-1. 7x0

4, 790

4, 800

4.815

4. 825

4, 835

31. 778

33, 254

7, 073

7, 535

7,917

8, 653

8, no

8,310

8. 214

8,478

8, 453

9, 713

1 4 30

3 J4 gr(

4, 850

31,174

3

a a*

8.388

Imports:
^Merchandise
Military expenditures
Other services

do
do
do

14, 723
3, 048
5 4^4

1 4, 497
2.934
5 430

10, 145
3, 028
r, 701

3, 380)
773
1 318

3,404
704
1 338

3. 820
080
1 305

3.881
717

3, 942
754
1 4 f) S

4. 030
748

4.127
732

4. 040
794

4.002
748
1 507

4, 170
725
1 540

4,404
707
1 570

072

Govt Brants and capital outflows

do

3, 405

705
4, 056

730
4,281

187
985

171
850

173
1, 029

174
1.180

191
1, 075

182
1, 078

176
1.045

187
1.083

212
1.058

209
1,342

193
977

do
do
_do
do

3, 892
1, 094

4,150
1, 598
1,011
1, 541

3,273
1, 557
1, 209
507

1,024
458
94
472

1. 002
344
219
439

844
399
234
211

1, 280
397
464
419

801
199
357
305

834
506
329
i

711
359
188
104

867
493
335
39

920
501
512
-87

1,727
488
616
623

537
276
289
-28

U 8 private capital (net)
Direct investments
Lonp-terrn portfolio
Short-term

850

1,348

do

27, 970

30, 313

32, 093

7, 428

7. 956

7,2^7

7, 082

7, 088

7.901

8.327

8,177

7. 710

8,332

8. 466

do
do

19, 459
7, 515

19, 913
8, 398

20, 479
9,311

5, 050
2, 038

4, 755
2,088

4, 987
2,120

5, 121
2,152

5, 022
2, 184

5, 262
2, 348

5, 270
2.280

4,925
2, 499

4,998
2,449

5, 481
2, 410

5. 539
2. 452

Repayments on U S Govt. loans
do
Foreign capital other than liquid funds (net) do

636
306

1,274
728

1,283
1,020

128
212

851
262

99
41

190
213

155
327

237
54

001
170

290
403

176
87

190
251

420
55

-3, 198 -1,465 -1,101
-905 -1,025
— 083

-245
-227

421
-390

-670
15

-971
-303

-558
-27

-415
-37

113
-409

-301
-492

-743
-122

-1,381
142

78
-334

-472
31
-3. 881 -2.370 -2, 186
Total, net receipts or payments (— ).
do
Net receipts or payments (— ), inch transactions in
noi marketable, medium-term convertible Govt.
securities
.. - . .. .. _ . . . - . .mil. $..••Revised.
* Preliminary.
1
Estimates for Oct.-Dec. 1963 based on anticipated capital expenditures of business.
2
Estimates for Jan.-Mar. 1964 based on anticipated capital expenditures of business.
Anticipated expenditures for the year 1963 are as follows (in bil. $): All industries, 39.05;
manufacturing, total, 15.62; durable goods industries, 7.77; nondurable goods industries,
7.85; ruining,
 1.04; railroads, 1.08; transportation, 1.91; public utilities, 5.64; commercial and
3
o t h e r (incl. communications), 13.75.
Includes communications.

— 655

-1.274

-585

-452

-356

-793

-805

-1.239

-256

-515

-1,087

TJ 8 receipts recorded
Exports:
Merchandise
Services and military sales

Excess of recorded receipts or payments (— ) __do
Unrecorded transactions (net)
do



-81

* Unadjusted. Data represent firms in operation as of Jan. 1; estimate for Jan. 1, 1963
(based on incomplete data) is 4,797,000.
§Personal saving is excess of disposable income over personal consumption expenditures
shown as a component of gross national product on p. 8-1.
JMore complete details are given in the quarterly reviews in the Mar.f June, S'epi.,
and Dec. issues of the SURVEY.

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