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SURVEY OF CUEBENT BUSINESS

December 1966

NATIONAL INCOME AND PRODUCT TABLES
1965
1963

1964

1965

II

III

1965

1966
IV

I

II

III

1963

1964

1965

II

Seasonally adjusted at annual rates

III

1966
IV

I

II

III

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1958 dollars

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

590.5

631.7

681.2

672.9

686.5

704.4

721.2

732 3

744.6

551.0

580.0

614.4

607.8

618.2

631.2

640.5

643. 5

649.3

Personal consumption expenditures

375.0

401.4

431.5

426.8

435 0

445.2

455.6

460 1 469.9

353.3

373.8

396.2

392.2

398.9

406.5

412.8

412 2

418.3

53.9
168. 6
152.4

59.4 66.1 64.4
178.9 190.6 189.4
163.1 174.8 173.0

66.7
191.4
176.9

68. 0
197.0
180.2

70.3 67 1 70.2
201.9 205.6 208.1
183.4 187.4 191.5

53.7
162.2
137.4

59.1 66.4
170.5 178.2
144.2 151.6

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

71.6
187. 1
159.6

106.7

111.9

114.5

118.5

115.0

82.5

86.5

97.8

95.3

97.9

102.2

103.5

106.3

102.5

Durable goods _ Nondurable goods
Services
__

__
_ _

_ __

_

• _.

87.1

93.0

106.6

103.7

81.3
54.3
19.5
34.8
27.0
26.4
.6
5.9
5.1
g

88.3
60.7
21.0
39.7
27.6
27.0
.6
4.7
5.3
— 6

97.5
69.7
24.9
44.8
27.8
27.2
.6
9.1
8.1
9

96.0
67.9
24.6
43.3
28.1
27.5
.6
7.6
6.7
g

98.0 101.5 105. 6
70.2 73.9 77.0
24.4 26.8 28.5
45.8 47.1 48.5
27.8 27.6 28.6
27.3 27.0 28.0
.5
.5
.5
8.9
8.7 10.4
8.5
7.2
9.0
5
14
15

106.2
78 2
27.9
50.3
28.0
27 4
.6
12.3
12 1
2

105. 1
80.3
27.7
52.6
24.8
24.3
.6
9.9
10.4
— 5

76.7
51.9
17.9
34.0
24.8
24.2
.5
5.8
5.1
g

81.9
57.4
18.9
38.5
24.6
24.0
.5
4.6
5.2
— 6

89.0
64.9
21.7
43.2
24.1
23.6
.5
8.8
8.0
.9

88.0
63.4
21.7
41.7
24.5
24.0
.5
7.3
6.5
.8

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
?A3
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

5.9
32. 3
26.4

8.5
37.0
28.5

7.0
39.0
32.0

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

5.6
32.1
26.6

8.5
36.4
28.0

6.3
37.3
31.0

7.1
38.7
31.6

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

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

122.5
64.2
50 8
13.5
58.2

128.9
65.2
50 0
15 2
63.7

136.2
66.8
50 1
16 7
69.4

134.3
65.6
49 1
16 5
68.7

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

155.5
78.3
61 3
17.0
77.2

109.6
59.5

111.3
57.8

114.1
57.8

113.2
57.3

115.0
58.3

116.6
59.3

118.3
60.4

120.4
61.9

124.3
64. 9

50.1

53.4

56.3

55.9

56.7

57.3

57.9

58.5

59.4

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

107.2

108.9

110.9

110.7

111.0

111.6

112.6

113 8

114.7

Gross private domestic investment
Fixed investment
Nonresidential
Structures __
Producers' durable equipment
Residential structures
Nonfarm
Farm.
C hange in business inventories
Nonfarm
Farm

l__

Net exports of goods and services
Exports.
-_
Imports.. _ _ __
•___

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

590.5

631.7

681.2

672.9

686.5

704.4

721.2

732.3

744.6

551.0

580.0

614. 4

607.8

618.2

631.2

640.5

643.5

649.3

Final sales
Change in business inventories

584.6
5.9

627.0
4.7

672.1
9.1

665.3
7.6

677.8
8.7

694.0
10.4

712.3
8.9

720.0
12.3

734.6
9.9

545.2
5.8

575.4
4.6

605.6
8.8

600.5
7.3

609.7
8.5

621.0
10.2

632.0
8.5

631.9
11.6

640. 2
9.1

298.6

318.2

344.7

338.8

347. 5

358. 8

366.0

371.6

378. 9

289.7

307.2

328. 5

322.5

330.9

341.0

344.7

346.7

352.1

Goods output . - _ _ -

292. 7
5.9

313.6
4.7

335.7
9.1

331.2
7.6

338.8
8.7

348.4
10.4

357.0
8.9

359. 3
12.3

369.0
9.9

283.9
5.8

302.6
4.6

319.7
8.8

315.2
7.3

322.4
8.5

330. 7
10.2

336. 2
8.5

335. 1
11.6

343.0
9.1

Durable goods
Final sales
Change in business inventories

116.1
113.3
2.8

125.5
122 2
3.3

138.5
132 2
6.3

135.2
128 8
6.4

141.0
134 3
6.7

142. 6
137 9
4.7

147.6
141.8
5.8

149.6
140 6
90

157.4
148.0
9.5

114.2
111.4
2.8

123.1
119 9
3.2

135.5
129 4
6.1

131.7
125.5
6.2

138.3
131.8
6.5

140.3
135. 7
4.7

145.4
139. 9
5.5

146.0
137. 6
8.4

153.1
144.4
8.7

Nondurable goods
Final sales _
Change in business inventories

182.5
179.4
3.1

192.7 206.3
191.3 203.5
14
2 7

203.6 206.5
202. 4 204.4
21
12

216.2
210.5
57

218.4
215.2
3.1

222.0
218.7
33

221.4
221.0
.5

175. 6
172.5
3.1

184.1
182.7
14

193.0
190. 3
2 7

190.8
189. 6
1.1

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

226.2

244.5

262.0

259.8

265. 1 268. 8

275.5

282 1 289.9

200.9

211.2

221. 1 220. 3

223.3

224.0

227.7

230. 9

234.4

65.7

68.9

74.5

74.3

73.9

76.9

79.8

78.6

75.8

60.4

61.7

64.8

65.0

64.0

66.2

68.0

66.0

62.8

25.1

25.8

31.4

30.8

31.6

30.5

31.5

28.6

27.9

24.7

25.4

31.4

30.6

31.9

30.7

32.2

29. 1

28.5

Final sales
_
Change in business inventories - - _ _

Services

__

_

Structures

_

Addendum: Gross auto product

__
__ _.

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




590.5

631.7

681.2

672.9

686.5

704.4

721.2

732.3

744.6

551.0

580.0

614.4

607.8

618.2

631.2

640.5

643.5

649.3

532 4

568 7

613 4

606 4

618 2

633 8

648 4

657 6

667 0

503 2

530 8

563 5

557 3

567 2

579 4

588.0

589 9

594.5

513 0
491 5
21 5
16.0
3.4

547 4
527 0
20 4
17 3
4.0

590 8 583 6
567 1 559 4
23 8 24 2
18 3 18 0
4.3
4.8

595 3 611 2 624 9 634 0
570 6 586 6 599 3 609 0
24 7 24 7 25 7 25 0
18 7 19 1 19 1 19 1
41
4.4
3.4
44

642 8
618 4
24 4
19 7
4.5

486 6 513 3
463 8 491 2
22 8 22 0
13 2 13 6
34
39

561. 6 569.4
537 5 546 4
24 1 23 0
14.5 14.3
4.3
3.3

571. 4
548 4
22.9
14. 2
4.3

575.6
553.9
21.7
14.5
4.4

58.1

63.0

52.5

53.6

54.8

67.8

66.6

68 3

70 6

72.8

74 7

77.6

47 8

49 2

545 4 538 9 548 9
521 7 515 1 524 6
23 8 23 8 24 3
14 0 13 7 14 2
41
4.6
4.0
50 9

50.5

51.1

51.8

CURRENT BUSINESS STATISTICS

J.HE 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

1963

III

Annual total

1964
IV

I

II

j

1966

1965

III

IV

I

II

III

IV

I

II

III

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
bil. $._

Gross national product, totalf
Personal consumption expenditures, total

590.5

631.7

681.2

594.7

605.8

616.8

627,7

637.9

644.2

660.8

672.9

686.5

704.4

721.2

732.3

744.6

do

375.0

401.4

431.5

378.3

381. 5

391.1

398.0

407.5

408.8

418.9

426.8

435.0

445.2

455.6

460.1

469. 9

24.3
22.2

53.9

59.4
25.8
25.1

66.1
29.8
27.1

54.5
24.4
22.5

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

67.1
28.5
29.2

70.2
30.1
30.7

168.6
30 6
88.2
13.5

178.9
33 6
92 8
14 1

190.6
35 9
98 4
15. 1

169.9
31 4
88 3
13.5

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

152.4
23 1
55.4
11.4

163. 1
24 3
59 2
11.8

174.8
25 6
63.2
12.8

153.9
23 5
55 8
11.5

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

87.1

93. 0

106. 6

88.0

92.9

90.2

91.8

92.5

97.4

103.8

103.7

106.7

111.9

114.5

118.5

115. 0

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
72

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
80.3
27.7
52. 6
24.8
24.3
9.9
10.4

Durable goods, total 9
_
do
Automobiles and parts
do
Furniture and household equipment.- __do_ _
Nondurable goods, total 9
Clothing and shoes
Food and beverages
Gasoline and oil _
_
Services, total 9 —
Household operation
Housing
_ _
Transportation _ _

do
do
do
do

_ _

_

_
_ _

-- __do_ _
do
do
.. .do

Gross private domestic investment, total_____do
Fixed investment
___ _ do
Nonresidential
_ _ _ do
Structures
do
Producers' durable equipment _ _
do_ __
Kesidential structures
_
do
Nonfarm _ _
_ _ _ _ _
do
Change in business inventories—
__
do
Nonfarm
do

81.3
54.3
19 5
34.8
27.0
26.4
5.9
51

88.3
60.7
21 o
39. 7
27 6
27 0
4.7
53

97. 5
69.7
24 9
44.8
27 8
27.2
9.1
81

82.0
55. 0
19 4
35. 5
27 1
26 5
6.0
53

84.7
56.8
19 9
36.8
28 0
27 4
8.1
70

86.6
58.1
20 3
37.9
28 5
27.9
3.5
36

87.6
59.7
20 9
38.8
27.9
27.3
4.2
51

88.9
61.7
21 0
40.7
27 2
26 6
3.6
46

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

do
do
do

5.9
32 3
26 4

8.5
37 0
28 5

7.0
39 0
32 0

5.6
32 5
26 9

7.1
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

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

122.9
64.2
51 0
58 7

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

155.5
78.3
61.3
77.2

By major type of product:!
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

588 8
294.7
114 7
180.1
228 1
65.9

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

734.6
369.0
148.0
221.0
289.9
75.8

5.9
28
31

4.7
«} o
14

9.1
6 3
27

6.0
23
37

8.1
38
4 4

3.5
23
12

4.2
36
5

3.6
28
3

7.4
4.4
29

9.5
7 4
21

7.6
6.4
12

8.7
6 7
21

10.4
4.7
57

8.9
5,8
3.1

12.3
9.0
3.3

9.9
9.5
.5

551.0

580. 0

614.4

554.7

562.1

569.7

578.1

585.0

587.2

600.3

607.8

618.2

631.2

640.5

643.5

649.3

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

_

_

do
__do _
do
_ _ do
do
_ . _do _

_ _

Change in business inventories __
Durable goods
_ _
Nondurable goods

do
do
do

GNP in constant (1958) dollars
Gross national product, total t

____bil. $._

353.3

373.8

396.2

356.1

357.7

365. 7

371.0

379.5

378.9

387.1

392.2

398.9

406. 5

412.8

412.2

418.3

do
do
do

53 7
162.2
137.4

59 1
170.5
144.2

66 4
178.2
151.6

54 4
163.3
138.4

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

71.6
187.1
159.6

Personal consumption expenditures, total. __ .do
Durable goods
Nondurable goods
Services

_..__

..__ _

do

82.5

86.5

97.8

83.1

87. 7

84.6

85.6

85.7

90.2

95.9

95.3

97.9

102.2

103.5

106.3

102.5

Fixed investment
Nonresidential
Residential structures
Change in business inventories

do
do
do
do

76 7
51 9
24.8
5.8

81 9
57 4
24 6
4.6

89 0
64 9
24.1
8.8

77.2
52 5
24.7
5.9

79 7
54.3
25.4
8.1

81 2
55 5
25.7
3.5

81 6
56 6
24.9
4.0

82 2
58 2
24.1
3.5

82 8
59 2
23.6
7.4

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

Net exports of goods and services

do

5.6

8.5

6.3

5.5

7.1

9.2

8.2

8.4

8.0

5.7

7.1

6.4

6.0

5.9

Gross private domestic investment, total

Govt. purchases of goods and services, total, .do
114.1 110.0
109.5
109.6
111.3
Federal
_ _ _ _ _
do
59 6
59.5
58.7
57 8
57.8
State and local.
do
50.4
50.1
53.4
56.3
50.9
••Revised.
t> Preliminary.
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);




115.0
110.3
113.2
113.3
111.3
110.1
111.5
57.3
56.1
56 2
58.3
58 2
59 7
57 4
56.7
53.9
54.0
55.3
55.9
52.0
53.6
revisions prior to May 1965 for personal income appear on
the SURVEY.
9 Includes data not shown separately.

4.6

4.2

120.4
61.9
58.5

124.3
64.9
59.4

118.3
116.6
60.4
59.3
57.9
57.3
p, 18 ff. of the July 1966 issue of

s-i

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

1964

1965
I

II

December 1966
1965

IV

III

I

II

1966
Ill

IV

II

I

1967
III

IV

I

GENERAL BUSINESS INDICATORS— Quarterly Series— Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
517.3
481.9
559.0 504.0 513.7
National income, total t
bil. $
Compensation of employees, total..
do
341. 0
365.7 392.9 355.3 362.2
Wages and salaries, total
do
311. 1 333. 6 358.4 324.4 330.6
Private
do
269.3 289.1 261.8
267.1
251.6
Military
do
11.7
11.6
10.8
12.1
11.6
Government civilian
do
52.6
51.9
48.6
51.0
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
51.0
51.3
55.7
Business and professional 9
- — — -_do
39.9
37.9
39. 9
39.1
40.7
Farm
do
12.0
12.2
12.2
13.1
15.1
Rental income of persons do
17.4
17.7
17.1
18.3
17.6
Corporate profits and inventory valuation adjustment total
bil. $
58.9
66.6
74.2
65.3
66.5
By broad industry groups:
Financial institutions
do
8.4
7.8
8.9
8.0
8.5
Nonfinancial corporations, total _ _ _.do __
58.2
51.2
57.3
58.1
65.3
Manufacturing, total
do .„
32.4
32.4
28.8
32.1
37.8
Nondurable goods industries
do
14.5
14.1
14.6
13. 0
15.7
Durable goods industries
do
17.9
15. 8
22.1
18.1
17.7
Transportation, communication, and public
utilities
bil. $
10.4
10.2
9.5
11.1
10.1
All other industries
do
15.4
12.9
16.4
15.5
15.0
Corporate profits before tax, total
do
59.4
67.0
65.8
66.8
75.7
Corporate profits tax liability
do
28.4
31.2
27.9
28.3
26. 3
Corporate profits after tax
do
38.7
38.5
33.1
44.5
38.0
Dividends
do
17.3
19.2
17.3
16.5
17.1
Undistributed profits
do
21.3
20.9
21.3
16.6
25.3
4 -1.5
Inventory valuation adjustment
do
-.5
-.3
-.5
Net interest
do
15! 5
15.1
13.8
17.8
14.7
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
bil. $
465.5
496. 0 535.1 484.0 492.0
Less* Personal tax and nontax payments
do
56.9
59.4
60.9
60.7
66.0
Equals* Disposable personal income
do
404.6
436. 6 469.1 423.4 435.1
Less: Personal outlays©
do
412.1 443.4 401.4 408.5
384.7
Equals: Personal saving§
do
26.6
24.5
22.0
19.9
25.7
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil $
44.90 51.96
9.40 11.11
39.22
Manufacturing
.
__do __ 15.69
4.53
18.58 22, 45
3.79
Durable goods industries. _ _
do
2.30
9.43
1.93
7.85
11.40
Nondurable goods industries _ _ _ _ _
do
2.23
9.16 11.05
1.87
7.84
Mining
do
.29
1.19
.26
1.04
1.30
Railroad
_ ___
_ _ _
do
.36
1.41
.32
1.10
1.73
Transportation, other than rail.
-do
.63
1.92
.51
2.38
2.81
Public utilities
__ .__
._ ____do _
6.22
1.58
5.65
1.18
6.94
Communication
do
1.10
.97
3.79
4.30
4.94
Commercial and other
do
2.61
2.37
10. 03
10. 83 11. 79
Seas. adj. qtrly. totals at annual rates:
All industries
_
do _
42.55 43.50
Manufacturing
do
17.40 17.80
Durable goods industries.—do
9.00
8.85
Nondurable goods industries
do. __
8.55
8.80
Mining
do
1.15
1.15
Railroad
_ _
do _
1.25
1.40
Transportation, other than rail. _
do___
2.25
2.30
Public utilities—
do.__
6.30
5.95
Communication_ do
4.30
4.05
Commercial and other___
do___
10.25 10.45
U.S. BALANCE OP INTERNATIONAL
PAYMENTSd"
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
militarv grants)
mil $
32,339 36,958 38,993 9,112 9, 001
Merchandise adjusted excl military
do
22, 071 25,297 26,276 6,156 6,092
Military sales
do
186
198
657
747
844
Income on U S investments abroad
do
1,369
5,392 5,901 1,402
4,654
1,354
Other services
do
4,957
5, 522 5,972 1,356
Imports of goods and services
do
-26,442 -28,468 -32,036 -6,850 -7, 032
Merchandise adjusted excl militarv
do
-16,992 -18,621 -21,488 -4,389 -4,579
Military expenditures
do
-725
-2,936 -2,834 -2,881 -740
-344
Income on foreign investments in the U.S__do___ -1,271 -1,404 -1,646 -339
Other services
do
-5,243 -5,609 -6,021 -1,382 -1,384
Unilateral transfers, net (excl. military grants);
-717
transfers to foreigners (— )
mil $
-683
-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
reserve assets* increase ( )
mil $
-1,664 -1,674 -1, 575 —291 -350
Transactions in U.S. official reserve assets, net;
—51
303
171 1,222
increase (— )
mil $
378
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
2,292
133
Liquid assets
do___
83
120
685
176
685
Other assets
...
do___
-152
-296
-352 -1, Oil
-429
Unrecorded transactions
___do.__
Balance on liquidity basis—increase in U.S. officia
reserve assets and decrease in liquid liabilities to
-552
all foreigners* decrease ( )
mil $ -2,670 -2, 798 -1, 337 -248
Balance on official reserve transactions basis—in
crease in U.S. official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
-144
2 04^ -1,546 -1,30
-32
official agencies; decrease (— )
mil. $
r
Revised.
* Preliminary.
1
Estimates for Oct.-Dec. 1966 based on anticipateid capital expenditiires of biisiness.
2
Estimates for Jan.-Mar. 1967 based on antici pated cajDital expe nditures of busi ness.
Anticipated expenditures for the year 1966 are as folk (in bil $): Alliridustries 60.56; m anu>ws
factoring, total, 27.01; durable goods industries, 1 1.04; noneLurable g<)ods indijstries, 12.97;
mining, 1.47; railroad, 1.94; transportation, 3.48; pu blic utilit ies, 8.31; commerc ial and c>ther
(incl. communication), 18.36. 3 Includes commui nication.




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
4L5
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
16.5
21.9

8.7
64.0
36.7
16.5
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
19.6
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
1.9.1

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
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

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 r 15. 57
6.84
6.78
3.54
3.51
3.30
3.27
.40
•-.37
'.48
.55
'.82
1.00
2.09 ••2.36
1.36
1.42
3.06 ••3.33

55.35

58.00
25. 60
13. 15
12.45
1.40
1.75
3.30
8.25
5. 35
12. 35

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

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

10,016
6,826
199
1,470
1,521
-8,245
-5,595
-745
-411
-1,494

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

457.6

24.15
12.45
11.70
1.35
1.95
3.00
7.30
5.30
12.25

U6.93 214.01
6.10
'•7.78
3.21
'4.12
2.89
••3.66
.35
'.38
.46
r . 51
.82
•-.91
1.85
' 2. 26
3 5. 10

34.43
2 63. 45
27. 85
14.70
13.15
1.50
2.00
3.65
9.30

60.10
'61.25 162.60
26.80 27.55 r 27. 80
13.85 14. 35 ' 14. 65
12.95 13.20 r 13. 15
1.45
1.55 '1.45
1.85 '2.15
2.00
3.50 ••3.40 '3.70
8.30 ••8.55 '8.15
5.60
5.50
12. 45 r 12. 85 '319.25 ' 19. 15

10, 065 ••10,495 '10,572 plO/948
r

7,027

216
1,254
1,568

7, 171
198

r 1, 530

1, 596
-8,540 '-8, 92
-5,756 ••-6, 00
-854
-771
-436
-458
—1, 555 '-1,63

7,111 p 7,439
••260 * 215
' 1, 579 P 1,598
r 1, 622 P 1,696
••-9,21 p-9, 76
••-6,26 p-6,65
' -899 p-937
-436 p-502
'-1,61 p-1,66

-662

-768

-719

-645

-852

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

-346

-827

-912

r-928

'-1, 09

p-713

-618

-367

-469

-268

-471

-332

••-459

p-378

-151

842

68

41

180
-145
325
0

-425
-294
-iq-j

242
493
oe-i

-697

226

-694
-415
70
719
547
172
-203

-617

-671

1,842
1,532
310
-360
-1,38

-109

-240
-534

424

'-741 p-694

68

p 82

••416 ••1,033
"•127
••73
OKI
••289
••930
-80 '-297 ••-167

P 399
P 136
> 263
P 118

271
312
61

-332

••-551 ••-141

p-218

232 -1,15
239
-618
P 946
-84
-231
'-241 ••-21
tSe;e corresp>onding rrote on p S-l.
91ncludes inventor y valuati on adjust ment.
3
01 ersonal outlays comprise persona1 consuniption e?[penditui*es, inter est paid by consum<jrs, and i3ersonal transfer p ayments to foreigTiers,
§P ersonal s aving is (jxcessof lisposable income over per sonal ou tlays.
cfl VTore coniplete de tails are given in the quarterly rev iews in t he Mar., June, Sept., and
Dec. issues of the SUEVEY.

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