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SURVEY OF CURRENT BUSINESS

30
Government Programs
(continued from p. 4)
and evaluation, due to the phaseout of
research and development on major
missile and aircraft programs. Lesser
reductions are scheduled for military
assistance and military construction,
and atomic energy outlays are expected
to be down slightly from the preceding
year.
Partially offsetting these declines are
estimates of larger expenditures for
operation and maintenance in the Defense Department and for military
personnel, primarily because of the
recently-approved increase in military
pay. Spending for space" research and
technology is expected to reach almost
$5 billion in fiscal 1965, up about $%
billion from fiscal 1964, but a smaller
increase than in recent years.
Nondefense purchases, although below the earlier forecast, are expected
to be well above the fiscal 1964 level.
This is due chiefly to the pay increase
for civilian employees and to higher
outlays for the public works acceleration program and construction projects
of the Corps of Engineers. The in-

crease is not as large as projected
because government agencies will absorb a greater portion of the costs of
the pay raise than assumed in the
January Budget. In addition, expenditures were lower than forecast in the
Office of Economic Opportunity (the
new agency established to administer
the war on poverty), the Department
of Commerce and the Department of
Labor.
Other expenditures rise

Although fiscal year 1965 purchases
of goods and services show almost no
change from the preceding year, other
Federal expenditures are slated to rise.
Transfer payments to individuals are
expected to rise more than $1 billion
from fiscal 1964 to fiscal 1965. The
rise, about the same as estimated in
January, is in line with the experience
of recent years and is due primarily to
increased OASI and Civil Service retirement payments and a rise in military
pensions.
Federal aid to State and local governments is up nearly $1% billion over
fiscal 1964 and is also substantially
higher than the earlier forecast. Increased outlays for public assistance

November 1964

grants, highway construction, and
grants under the newly enacted poverty
program account for the bulk of the
increase.
Net interest charges are projected
about $K billion higher than in the
past fiscal year and somewhat above
the January forecast. This is due
partly to the increase in the national
debt and partly to the higher average
interest rates that the Treasury must
pay in refunding operations.
The "subsidies less current surplus
of government enterprises" category is
slightly below fiscal 1964, but over $1
billion above the earlier estimate for
fiscal 1965. The current forecast for
agricultural price support and farm
subsidies is substantially above the
January estimate, mainly because
cotton legislation was enacted in a
form more costly than anticipated and
because the new law came too late in
the spring for many producers to participate in the cost-reducing features of
the program. In addition, expenditures in fiscal 1965 under the feed
grain program are expected to be
larger because of higher production and
lower utilization of feed grains.

NATIONAL INCOME AND PRODUCT
Table 1.—Gross National Product in Current and Constant Dollars (1-3, 1-5)
1964

1963
1961

1962

1963

III

IV

I

II

1964

1963

III

1961

1962

1963

Seasonally adjusted at annual rates

III

IV

I

II

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1954 dollars

4.6

4.0

4.4

4.2

5.8

7.7

5.7

7.0

2.5

2.2

2.2

2.0

3.5

5.4

3.4

23.0

29 2
25.2

30.7
26. 3

31.0
26.8

32.6
26.9

34.5
26.8

33.7
27.9

35.7
28.7

25.8
23.3

27.5
25.3

29.1
26.8

29.4
27.4

30.9
27.4

32.7
27.3

31.9
28.5

108.0

116.3

122.6

122.8

124.8

125.2

129.6

129.5

84.3

89.8

92.1

92.3

92.4

91.6

94.3

57.4

62.9

64.7

64.4

64.9

64.3

67.1

65.5

44.8

49.4

49.7

49.6

48.9

47.8

49.8

519.6
351.8
55.6
160.9
135.3
70.4
38.6
20.9
17.7
29 2
2.5
2.4
.1
4.5
33.8
29.2
92.8
47.8

49.0
8.9
.6

53.6
10.2
.9

55.2
10.3
.8

55.5
9.5
.6

55.3
10.5
.9

54.0
11.5
1.2

57.0
11.0
.9

55.2
11 2
.9

50.6

53.5

57.9

58.4

59.9

60.9

62.5

64.1

39.4

40.3

42.4

42.7

43.4

43.8

44.5

45.0

115.8

116.7

118.5

118.7

119.3

119.8

120.5

121.0

518.7

556.2

583.9

587.2

599.0

608.8

618.6

628.4

447.9

476.4

492.6

494.8

502.0

508.0

337.3

356.8

375.0

377.4

381.3

390.0

396.1

404.6

303.8

318.5

330.6

332.4

334.4

43.7
155. 4
138.3

48.4
162.0
146.4

52.1
167.5
155.3

52.2
168.6
156. 6

53.6
168.9
158.8

55.9
172. 9
161.1

57.0
175.3
163.8

58.7
179.5
166.4

41.4
143.5
118.9

45.7
148.3
124.5

49.3
151.6
129.7

49.4
152.5
130.6

50.8
152.1
131.6

340.9
53.1
155.2
132.6

68.8

79.1
44.2

82.0

82.8

87.1

85.9

87.2

87.3

57.4

65.9

67.7

70.1

70.8

46.6

47.2

48.3

49.2

48.9

48.9

34.3

36.7

37.9

68.1
38.2

71.7

41.0

39.0

39.6

39.2

21.1
19.8

23.6
20.6

25.2
21.3

25.4
21.9

26.2
22.1

26.9
22.3

26.2
22.7

25.7
23.1

18.2
16.1

20.1
16.5

21.2
16.7

21.2
17.0

21.8
17.2

22.3
17.3

21.6
17.5

Producers' durable equipment

25.9

29.0

31.0

31.4

32.4

34.2

34.6

35.6

21.4

24.0

25.6

25.9

26.8

28.1

28.3

Change in business inventories

1.9

5.9

4.4

4.2

6.4

2.5

3.7

2.8

1.7

5.2

4.1

4.0

5.9

2.4

3.3

1.5
.3

5.3
.6

3.9
.5

3.7
.5

6.0
.4

2.2
.3

3.4
.3

2.7
.1

1.5
2

4.8
.4

3.6
.5

3.4
.6

5.5
.4

2.1
.3

3.0
.3

Gross national product

-_ __

Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
New construction
Residential nonfarm
Other

Nonfarm
Farm _
Net exports of goods and services
Exports
Imports .
Government purchases of goods and services
Federal . _
National defense
Other.. .
Less: Government sales
State and local
Addendum:
Implicit price deflator for seasonally adjusted
ON P, 1954 = 100
.




_

III

513.5
345.0

54.0
157.4
133.7

SURVEY OF CURRENT BUSINESS

November 1964

Table 2.—National Income by Type of Income (1-8, 1-9)

31

Table 3.—Personal Income and Its Use (II-2)

[Billions of dollars]

[Billions of dollars]
1964

1963

1961

1962

III

1963

IV

I

1963

II

III

1961

1962

1963

III

Seasonally adjusted at annual rates
426.9 455.6 478.5 481.9 490.0 498.4

National income

Compensation of employees
302.2 323.1 340.3 342.7 347.7 352.5
Wages and salaries
278.8 297.1 312.1 314.3 318.8 323.2
227 0 241.6 252.9 255.0 257.6 260.8
Private
Military
10.2 10.8 10.9 10.7 11.7 11.7
Government civilian
41.6 44.7 48.3 48.7 49.6 50.7
Supplements to wages and salaries
23.4 25.9 28.2 28.4 28.8 29.4
Employer contributions for
social insurance
11.8 13.6 15.1 15.2 15.4 15.7
Other labor income
11.6 12.3 13.1 13.2 13.4 13.7
Employer contributions
to private pension and
9.2 9.7 10.4
welfare funds
2 4 26 27
Other

48.2

Proprietors' income

49.8

50.6

50.7

51.5

51.2
38.6

507.1

1

514.5

358.6
328.7
265.3
11.7
51.7

Personal income.

16.2
14.2

51.7
39.1

487.9

494.5

278.8 297.1 312.1 314.3 318.8 323.2

328.7

334.3

110.8 118.5 123.3 124.1 125.5 126.7
87.5 94.2 98.0 98.5 99.9 100.6
72.9 76.6 80.3 81.0 81.9 ,82.7
43.4 46.4 49.3 49.9 50.2 51.3
51.8 55.6 59.2 59.4 61.3 62.4

128.9
102. 4
84.1
52.4
63.4

130.8
103.8
85.7
52.9
64.9

37.6

36 6
0
13.2

0
13.0

12.9

13.2

12.6

12.6

12.6

Rental income of persons

12.2

12.2

12.3

12.4

12.4

12.4

12.4

12.4

Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability _ __ _
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment.

44.1
44.2
22.3
21. 9
15 2
6.7

48.4
48.2
23. 2
25.0
16.5
8.5
.3

50.8
51.3
24.6
26. 7
18.0
8.7
-.4

51.4 53.1
51.3 54.3
24.5 26.0
26.7 28.3
17.9 19.1
9.2
8.9
.2 -1.2

56.4
56.6
25.4
31.2
19.4
11.8

57.9
57.9
26.0
31.9
19.8
12.1
-.1

158.1
58. 0
26.0
32.0
20.0
12. 0
.I

Net interest

20.1

22.1

24.4

24.7

25.9

26.5

12.3

13.1

13.2

13.4

13.7

14.0

14.2

49.8
36.6
13.2

50.6
37.6
13.0

50.7
37.8
12.9

51.5
38.3
13.2

51.2
38.6
12.6

51.7
39.1
12.6

52.1
39.6
12.6

12.2

12.2

12.3

12.4

12.4

12.4

12.4

12.4

15.2

16.5

18.0

17.9

19.1

19.4

19.8

20.0

Rental income of persons.. _

37 6

0
12.9

11.6
48.2
35.3
12.9

Dividends

39.6

36.6

38.3

III

Other labor income

52.1

35.3

37.8

II

Proprietors' income
Business and professional
Farm

35 3

Business and professionalIncome of unincorporated
enterprises
Inventory valuation adjustment
Farm

I

417.6 442.4 464.1 466.3 474.5 480.9

Wage and salary disbursements.
Commodity-producing industries
Manufacturing only
Distributive industries
Service industries _ .
Government

30.4

15.9
14.0

IV

Seasonally adjusted at annual rates

364.8
334.4
269.4
11.8
53.2

29.9

1964

__. ._.

_

_

Personal interest income

27.5

30.0

32.9

33.4

34.2

35.0

35.7

36.3

Transfer payments
Old-age and survivors insurance benefits
State unemployment insurance benefits
Veterans' benefitsOther

33.6

34.7

36.7

36.5

37.2

38.3

38.0

38.0

12.6

14.3

15.2

15.4

15.4

15.6

16.1

16.1

4.0
4.8
12.2

2.9
4.8
12.7

2.8
5.0
13.7

2.6
5.0
13.4

3.0
5.1
13.6

2.8
5.2
14.8

2.5
5.3
14.2

2.4
5.2
14.2

9.6

10.3

11.8

11.9

12.1

12.3

Less: Personal contributions for
social insurance

12.5

12.8

27.1

Less: Personal tax and nontax pay52.9 57.9 61.6 61.9 63.3 61.4
ments
Federal
45 1 49.1 51.9 52.2 53.4 51.2
State and local .
9.6
9.7
7.8
8.8
9.9 10.2
Equals: Disposable personal income- 364.7 384.6 402.5 404.4 411.2 419.5

'57.7
'47.3
10.5
' 430. 2

58.8
48.2
10.6
435.6

1. Third-quarter national income total and the corporate profits share are based on preliminary estimates and are subject to revision in next month's SURVEY.

Less: Personal consumption expenditures
337.3 356.8 375.0 377.4 381.3 390.0
Equals: Personal saving
27.3 27.8 27.5 27.0 29.9 29.5

396.1
'34.0

404.6
31.0

Addendum : Disposable personal income in constant (1954) dollars
328.2 343.4 354.9 356.3 360.7 366.7

' 374. 7 378.8

25.4

r

Revised

Table 4.—Gross National Product by Major Type of Product in Current and Constant Dollars (1-6, 1-7)
1963
1961

1962

1963

III

1964
IV

I

II

III

1961

1962

1963

II

III

_ .

556.2

583.9

587.2

599.0

608. 8

618.6

628.4

447.9

476.4

492.6

494.8

502.0

508.0

513.5

519.6

516. 8
1.9

550.3
5.9

579.5
4.4

583.0
4.2

592. 6
6.4

606. 4
2. 5

614.9
3.7

625. 7
2.8

446.2
1.7

471.2
5.2

488.5
4.1

490.9
4.0

496.1
5.9

505.6
2.4

510.2
3.3

517.0
2.5

259.8
257. 9
1.9

_„ .

Durable goods output
Final sales
Inventory change.. . _ _ _ _ _ _

Services

I

518.7

Goods output
Final sales
Inventory change

Nondurable goods output
Final sales
Inventory change.. _

IV

Billions of 1954 dollars

Billions of current dollars

Final sales ._
Inventory change

III

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Gross national product

1964

1963

279.5
273.6
5.9

290.2
285.8
4.4

289.8
285. 7
4.2

296.7
290.3
6.4

300. 7
298. 2
2.5

308.0
304.3
3.7

313. 3
310.5
2.8

233. 6
232.0
1.7

250.3
245.1
5.2

258.1
254.0
4.1

257. 8
253.8
4.0

263.2
257.3
5.9

266.2
263.8
2.4

271.8
268. 5
3.3

276.3
273.7
2.5

94.4
94.5
-.1

105. 3
102.3
3.0

110.4
108.2
2.2

108.1
106.6
1.5

113.4
110.4
3.0

114. 9
114.3
.7

121.4
119.0
2.5

122.0
120. 7
1.3

82.1
82.1
-.1

91.7
89.2
2.6

96.3
94.4
1.9

94.3
93.0
1.2

99.0
96.4
2.6

100.4
99.8
.6

105.4
103.3
2. 1

106.0
104.9
1.1

165.4
163. 4
2.0

174. 2
171.3
2.9

179. 8
177.6
2 2

181.8
179.1
2. 7

183.3
179.9
3.4

185. 7
183. 9
1.8

186.6
185.4
1.2

191.3
189.8
1.5

151.6
149.8
1.7

158.6
155. 9
2.6

161.8
159.6
2.3

163.6
160.8
2.7

164.2
160.9
3.3

165.8
164.0
1.8

166. 4
165.2
1.2

170. 3
168.8
1.5
188.9

200.8

214.7

228.4

231.2

234.5

239.6

241.7

246.0

165.4

174.8

181.4

183.5

184.2

186.8

186.7

Construction

58.1

62.0

65.2

66.2

67.8

68.6

68.9

69.2

48.9

51.3

53.0

53.5

54.6

55.0

55.0

54.4

Addendum: Auto product..

17.7

21.9

24.4

24.3 * 25.6

25.8

26.4

26.8

14.8

18.3

20.4

20.4

21.6

21.7

22.0

22.1




Current

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
quarterlv 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.
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.
1961 | 1962

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

1963

1961

III

Annual total

Data from private sources are provided

1962

! IV

I

1964

1963

II

III

II

I

IV

| III

in

i ! ii

IV

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
!

!

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By Ma or type of product T
Final sales, total
_.._..._
Goods, total
Durable goods
Nondurable goods
_
Services
.
__„
Construction
Inventory change, total
Durable goods
._
Nondurable goods..

.

4QO 0

498 4

507 1

r ",1 \ r

304 7

310 ,

31' 0 '

32° 4

325 d

32 "

332. 7 i 338. 1

342 "

347 7

352 5

358 6

304 H

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301 0
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12 12 2

305
247
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17
27
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37
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L

314 3

31S 8

323 2

32 S 7
20 3
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data not shown separately.

S-l

3-2

SURVFY ^F v T E U F X T ^LSJYCSS

Unless otherwise stated, statistics through 1962
^nd descriptive notes are shown In the 1963
edition of BUSINESS STATISTICS
1

196!

1962

*963

A 9fl

96?
|

Annual total

November 1964

IV

963
j

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IV

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1964
i

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IV

GENERAL BUSINESS INDICATORS— Quarterly Series— Continued
NATIONAL INCOME AND PRODUCT—Con.
Quarterly Data Seasonally Adjusted at Annual Rates
GNP In constant (1954) dollars
tlross national product, totalt
._..bil. $._
Personal consumption expenditures, total ~ _ d o _ _ _ .
Durable goods
Nondurable good's
Services ,_
.

.

do
do_
do

Gross private domestic investment, total __do
New construction
Producers' durable equipment
Change in business inventories

__

do
do
do

|

1
|

i

i

i

\
j

i
I

i

447.9

476.4

492.6

462.5

469.1

475.1

478, 3

483.0

485.4

487.9

494.8

502,0

508.0

513. 5

303.8

318.5

330,6

310. 0 j

314.2

316.6 I

319.8

323. 6

327.0

328.6

332.4

334.4

340.9

345.0

351.8 |

41.4
143.5
118.9

45.7
148.3
124.5

49.3
151.6
129.7

43.7
145.6 j
120.8

44.8
146.6
122.7

44.9
147.8
123.8

45.6
149. 1 i
125.0

47.6 j
149. 5
126. 5

48.5
150. 7
127,8

48.6
151. 1
128. 9

49.4
152. 5
130.6

50.8
152,1
131.6

53.1
155.2
132.6

54.0
157.4
133.7

55. fi
160.9 j
135 3

57.4

65.9

67.7

62.7

64.8

65.8

66.3

66.5

64.7

66.2

68.1

71.7

70.1

70.8

70.4

34.3
21.4
1.7

36.7
24.0
5.2

37.9
25.6
4.1

35.2
22.7
4.8

35.5
23.2
6.1

36.6
23.8
5.4

37.5 j
24.4
4.4

37. 0
24.7
4.9

36.8 !
24.6
3.4

37.5 1
25.4
3.3

38.2
25.9
4.0

39.0
26.8
5.9

39.6
28.1
2.4

39.2
28.3
3.3

38. 6
29. 2
2 5

i

i

'519.6

do

2.5

2.2

2.2

2.1

1.3

2.8

2.8

2. 1

1.3

2.1

2.0

3.5

5.4

3.4

4.5

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

84.3
44.8
39.4

89.8
49.4
40.3

92.1
49.7
42.4

87.7
47.0
40.7

88.8
48.4
40.4

89.9
50.2
39.8

89.4
49.2 !
40.2 |

90.7
49.9
40.9

92.4
50.7
41.8

91.0
49.4
41.7

92.3
49,6
42.7

92.4
48.9
43.4

91.6
47.8
43.8

94.3
49.8
44.5

92.8
47.8
45.0

DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
bil $
Less: Personal tax and nontax payments
do
Equals* Disposable personal Income
do

417.6
52.9
364.7

442.4
57.9
384.6

464.1
61.6
402.5

428.6
54.4
374. 2

434.7
56.1
378.5

441.0
57.6
383.4

444.5
58.5
386.0

449.7
59.3
390.4

455.2
60.1
395.1

460. 2
61.1
399.1

466.3
61.9
404.4

474.5
63.3
411.2

480.9
61.4
419.5

27.3

27.8

27.5

29.1

28.0

29.4

27.5

26.4

25.9

27.1

27.0

29.9

Net exports of Broods and services

Personal saving §
_ _ .do .
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
_ _
bil. $
Manufacturing
Durable goods Industries
Nondurable goods industries
Mining
Railroads
Transportation, other than rail
Public utilities
..
Communications
Commercial and other

r

494. 5

487. 9
* 57. 7
430. 2

r

43'5! 6

29.5

r

34.0

'31.0

34.37

37.31

39.22

9.54

8.02

9.50

9.62

10.18

8.25

9.74

10.14

11.09

9.40

11.11

U1.28

212.43

do
do
do

13.68
6.27
7.40

14.68
7.03
7.65

15.69
7.85
7.84

3.88
1.79
2.09

3.14
1.44
1.69

3.69
1.77
1.92

3.72
1.79
1.93

4.13
2.03
2.10

3.27
1.62
1.65

3.92
1.96
1.95

3.95
1.96
1.99

4.56
2.31
2.25

3.79
1.93
1.87

4.53
2.30
2.23

4.64
2.31
2.33

5.30
2.66
2.64

do
. .do
do
.
do
do
do

.98
.67
1.85
5.52
3 22
8.46

1.08
.85
2.07
5.48
3.63
9.52

1.04
1.10
1.92
5.65
3.79
10.03

.26
.16
. 50
1.54
.88
2.32

.26
.16
.47
1.06
.88
2.06

.27
.26
.60
1.37
.93
2.37

.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
.33
.54
1.61
1.06
2.72

.26
.32
.51
1.18
.97
2.37

.29
.36
.63
1.58
1.10
2.61

.29
.34
.56
1.63

.28
.44
,61
1.69

33.81

34.11

.

Seas. adj. qtrly. totals at annual rates:
All industries

do

35.40

35.70

36.95

38.35

37.95

36.95

38.05

40.00

41.20

42.55

43.50

144.55

2 46. 15

Manufacturing
Durable goodsindustries
Nondurable goods industries

do
do
do

14.00
6.40
7.60

14.20
6.55
7.60

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. 45
8.30
8.15

17.40
8.85
8.55

17.80
9.00
8.80

18. 70
9.35
9.35

19. 05
9.50
9.55

1.00
. 60
1.95
5.55
3.35
9.00

1.15
.70
2.05
5.15
3.70
8.75

1.05
.95
2.25
5.40
3.65
9.25

1.10
1.00
2.00
5.75
3.60
9.85

1.00
.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

1.05
1.20
1.85
5.90
3.85
10.20

1.05
1.35
2.10
5.80
4.05
10.45

1.15
1.40
2.30
5.95
4.05
10.25

1.15
1.25
2.25
6.30
4.30
10.45

1.15
1.40
2.25
6.00

1.10
1.90
2.45
6.00

315.10

3 15. 60

4,910

Mining
do
Railroads
do
Transportation other than rail
do
Public utilities'
do
Communications
do
Commercial and other
do
BUSINESS POPULATION
Firms In operation, end of quarter (seasonally adjusted)
thous

« 4, 713

<4,755 < 4, 797

4,770

4,780

4,790

4,800

4,815

4,825

4, 835

4,850

4,860

4,875

4,895

U.S. BALANCE OF INTERNATIONAL
P A Y M ENTScf J
Quarterly Data are Seasonally Adjusted
U S payments recorded
mil $

31, 791

33, 486

35, 990

8,616

8,447

8,151

8,312

8,576

8,724

9,713

8,482

9,071

9,219

9,742

Imports :
Merchandise
Military expenditures
Other services

do
do
do

14, 497
2,954
5,401

16, 134
3,044
5,843

16, 996
2,897
6,442

3,881
714
1,389

3,948
758
1,412

4,058
749
1,462

4,088
745
1,465

4,040
792
1,504

4,037
747
1,543

4,212
731
1,588

4,368
711
1,654

4,379
708
1,657

4,366
717
1,662

4,576
731
1,702

Remittances and pensions
Govt. grants and capital outflows

do
do

705
4,054

738
4,293

826
4,522

174
1,206

187
1,074

189
1,065

177
1,066

185
1,088

209
1,060

209
1,336

206
1,009

202
1,117

197
923

208
1,130

do
do
___do
do

4,180
1,599
1,025
1,556

3,434
1 654
1,227
553

4,307
1,888
1,685
734

1,252
377
445
430

1,068
260
390
418

628
446
303
-121

771
417
208
146

967
531
326
110

1,128
618
546

1,637
477
598
562

534
235
303
-4

1,008
558
238
212

1,354
517
227
610

1,395
513
261
621

do

30, 419

32, 394

33, 685

7,717

7,706

7,925

8,408

8, 355

7,780

8,429

8,596

8,880

9,326

9,040

do
do

19,913
8,525

20, 576
9,508

21,989
10,031

5,121
2,187

5,032
2,198

5, 237
2,397

5,288
2,339

5,019
2, 574

4,990
2,545

5,472
2,505

5,610
2,427

5,917
2,554

6,112
2,885

6,042
2, 756

1,274
707

1,280
1,030

969
696

196
213

150
326

237
54

606
175

287
475

166
79

190
262

424
135

189
220

216
113

188
54

741
7

-226
-214

96
-430

221
-460

-944
-118

-1,284
-11

114
-267

-191
57

107
-192

-702
-31

-440

-334

-681

1 062 -1,295

-153

-134

-85

-733

U.S. private capital (net)
Direct investments
Long-term portfolio
Short-term

„

U S receipts recorded
Exports:
Merchandise
Services and military sales

Repayments on U.S. Govt. loans
_ _ _ _ _ do
Foreign capital other than liquid funds (net). do
Excess of recorded receipts or payments ( — )
Unrecorded transactions (net)

do
do

-1,372 -1,092 -2,305
-339
-998 -1,111

-899
-332

Total, net receipts or payments (— )
do
-2,370 -2,203 -2, 644 — 1 231 -748
Net receipts or payments (— ), incl. transactions in
nonmarke table, medium-term convertible Govt.
securities
_
mil $
-1,942
r
Revised.
» Preliminary.
1
Estimates for July-Sept. 1964 based on anticipated capital expenditures of business.
2
Estimates for Oct.-Dec. 1964 based on anticipated capital expenditures of business.
Anticipated expenditures for the year 1964 are as follows (in bil. $): All industries, 44.21;
manufacturing, total, 18.27; durable goods industries, 9.19; nondurable goods industries,
9.08; mining, 1.12; railroads, 1.46; transportation, 2.31; public utilities, 6.07; commercial and
3
other (incl. communications), 14.98.
Includes communications.




v 4, 740

i

p 6, 390
i
I
|

p-565

-85 i -611 p — 362
22
—712 -1.143
-109
< Unadjusted. Data represent firms in operation as of Jan. 1; estimate for Jar . 1, 1963
•r,
Q 1 (
is based on incomplete data. tSee corresponding note on p. S-l (revisions for earlier qtrs. of
1901 appear on p. 8 IT. of the July 1964 SURVEY). "
§Personal saving is excess of disposable income over personal consumption expenditures
shown as a component of gross national product on p. S-l.
cf More complete details are given in the quarterly reviews in the Mar., June, Sept.
and Dec. issues of the SURVET.
tRevisions for 1960-2d qtr. 1961 apoear on p. 10 of the June 1964 SURVEY.

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