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SURVEY OF CURRENT BUSINESS
CHART 4

May 1965

in permits of about one-fourth or more
occurred in New York (where a change
in building codes was also a major
factor), Los Angeles, Dallas, Houston,
Cleveland, Denver, and Atlanta. In
smaller metropolitan areas and in nonmetropolitan areas, permits issued for
apartment buildings increased substantially on a net basis over the same
period.
Since last December, permits for new
apartment units have shown a substantial increase. For the first quarter
as a whole, they were up more than
10 percent from the fourth quarter
seasonally adjusted rate and differed
little from the average for the full year
1964.

Starts of single family homes declined in 1964,
reflecting cutbacks by merchant builders
Home sales were maintained

Single-family housing

1963

1964

1963

1964

1963

1964

Starts of new private one-family
dwellings (excluding farm homes) have
kept within a relatively narrow range
of about 950,000 to 1 million units for
the past 5 years. Last year, starts of
this kind were at the low end of the
range, down about 45,000 units from
the 1963 total after 2 years of increase.
(Continued on page 12}

Data: Census
65-5-4

U.S. Department of Commerce, Office of Business Economics

NATIONAL INCOME AND PRODUCT TABLES
Table 1.—Gross National Product in Current and Constant Dollars (1-3, 1-5)
1964
1962

1963

1964

I

II

1965
III

IV

I

1964
1962

1963

1964

Seasonally adjusted at annual rates

I

II

1965
III

IV

I

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1954 dollars

Gross national product

556.2

583.9

622.6

608.8

618.6

628.4

634.6

648.8

476.4

492.6

516. 0

508.0

513.5

519.6

522.7

532.2

Personal consumption expenditures

356.8

375.0

399.3

390.0

396.1

404.6

406.5

418.1

318.5

330.6

347.5

340.9

345.0

351.8

352.4

360.6

48.4
162.0
146.4

52.1
167. 5
155.3

57.0
177.3
165.1

55.9
172.9
161.1

57.0
175.3
163.8

58.7
179.5
166.4

56.3
181.3
169.0

62.0
184.3
171.7

45.7
148.3
124.5

49.3
151.6
129.7

54.2
158. 8
134.6

53.1
155.2
132.6

54.0
157.4
133. 7

55.6
160.9
135.3

53.9
161.9
136.6

58.9
163.9
137.9

Durable goods
Nondurable goods
Services

__

Gross private domestic investment

79.1

82.0

87.7

85.9

87.2

87.3

90.4

94.7

65.9

67.7

71.0

70.1

70.8

70.4

72.7

76.1

44.2

46.6

48.9

49.2

48.9

48.9

48.7

49.9

36.7

37.9

38.9

39.6

39.2

38.6

38.2

39.1

23.6
20.6

25.2
21.3

26.0
22.9

26.9
22.3

26.2
22.7

25.7
23.1

25.1
23.6

26.2
23.7

20.1
16.5

21.2
16.7

21.3
17.6

22.3
17.3

21.6
17.5

20.9
17.7

20.3
17.9

21.1
17.9

Producers' durable equipment

29.0

31.0

35.1

34.2

34.6

35.6

36.0

37.9

24.0

25.6

28.8

28.1

28.3

29.2

29.5

31.0

Change in business inventories

5.9

4.4

3.7

2.5

3.7

2.8

5.7

6.8

5.2

4.1

3.3

2.4

3.3

2.5

5.0

6.0

5.3
.6

3.9
.5

3.6
.1

2.2
.3

3.4
.3

2.7
.1

6.1
-•4

7.0
-.2

4.8
.4

3.6
.5

3.2
.1

2.1
.3

3.0
.3

2.4
.1

5.4
-.4

6.2
-.2

New construction
Residential nonfarm
Other —

__
__ _ .

Nonfarm
Farm ..
Net exports of goods and services

4.0

Federal
National defense
Other.
Less: Government sales _ _

______

State and local
Addendum:
Implicit price deflator for seasonally adjusted
GNP, 1954=100
_




7.0

7.7

5.7

7.0

7.7

5.0

2.2

2.2

4.6

5.4

3.4

4.5

5.2

2.7

30.7
26.3

35. 2
28.2

34.5
26.8

33.7
27.9

35.7
28.7

37.1
29.4

33.7
28.7

27.5
25.3

29.1
26.8

33.4
28.7

32.7
27.3

31.9
28.5

33.8
29.2

35.1
29.9

31.9
29.2

116.3

122.6

128.6

125.2

•129.6

129.5

130.0

131.0

89.8

92.1

92.8

91.6

94.3

92.8

92.4

92.8

62.9

Government purchases of goods and services

4.4

29.2
25.2

Exports..
Imports

64.7

65.5

64.3

67.1

65.5

65.3

65.1

49.4

49.7

48.2

47.8

49.8

47.8

47.3

47.1

53.6
10.2
.9

55.2
10.3
.8

55.4
11.2
1.1

54.0
11.5
1.2

57.0
11.0
.9

55.2
11.2
.9

55.3
11.3
1.2

54.4
11.9
1.2

53.5

57.9

63.0

60.9

62,5

64.1

64.6

65.9

40.3

42.4

44.6

43.8

44.5

45.0

45.1

45.8

116.7

118.5

120.7

119.8

120.5

121.0

121.4

121.9

CURRENT BUSINESS STATISTICS

A 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.
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.
1962 | 1963 j 1964

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

1962
I

Annual total

j

II

Data from private sources are provided

1963
III

I

IV

II

1964
III | IV

I

II

1965
IV

III

I

Seasonally adjusted quarterly totals at annual rates

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

455.6

478.5

510.1

447.2

454.3

457.8

463.2

467. 9

474. 6

481.9

490.0

498.4

do _

323.1

340. 3

361.7

316.6

322. 4

325. 3

328. 0

332.7

338.1

342.7

347. 7

352 5

Wages and salaries, total__
________._do
Private
........do
Military
_________--.-_do___.
Government civilian
do
Supplements to wages and salaries
_do____
Proprietors' income, totaled
do
Business and professionalcT
do.
Farm
• _ - • do
Rental income of persons
do
Corporate profits and inventory valuation adjustment total
bil. $

297.1
241.6
10.8
44.7
25.9
49. 8
36.6
13.2
12. .2

312.1
252.9
10.9
48.3
28.2
50. 6
37.6
13.0
12.3

331.6
267.4
11.8
52.4
30.1
52.0
39.3
12.7
12.4

291.2
236.5
11.1
43.6
25.4
50. 0
36. 3
13.7
12.2

296. 6
241.5
11.0
44. 1
25.8
49. 9
36.6
13.3
12.2

299.2
243.5
10.7
45.0
26. 1
49. 7
36.7
13.0
12.2

301.6
244. 8
10.5
46.3
26.4
49.7
36.9
12.8
12.2

305.3
247.5
10.6
47 2
27.4
50 3
37.1
13.2
12 3

310.1
251.6
10.7
47 8
27.9
50. 1
37.3
12.8
12 3

314.3
255.0
10.7
48 7
28.4
50 7
37.8
12.9
12 4

48.4

50.8

57.4

47.1

48.0

48.3

50.3

49 1

50 2

51 4

Corporate profits before tax, total
do
Corporate profits tax liability
_do ._.
Corporate profits after tax___. _ _ _ _ _ ;
do
Dividends
do
Undistributed profits __
_ __
do
Inventory valuation adjustment
__do___-

48.2
23.2
25.0
16.5
8. 5

51. 3
24.6
26.7
18.0

8.7
-.4

47.2
22.7
24.5
16.1

47.9
23.0
24.9
16.4

48. 1
23.1
25.0
16 5

49.4
23.8
25.7
17.1

.3

57 6
25 8
31.8
19 8
11.9
2

8.5
.0

8.5
.1

8.6
.9

48 9
23 4
25.5
17 2
83

.2

51 1
24 5
26.6
17 7
89
--.9

51 3
24 5
26.7
17 9
89

22.1

24 4

26 8

21 3

21 8

22 3

22 9

23 5

24 0

556.2

583.9

622.6

545.5

553. 4

559.0

566.6

571.8

577.4

356.8

375.0

399.3

350.5

354.0

358.5

364. 0

369. 2

48 4
20.6
20.2
162. 0
29 9
84.6
12 3
146 4
21 6
46 5
11.3

52 1
22.7
21.4
167.5
30 7
87 1
12 8
155 3
22 7
48 9
11 7

57 0
24.2
24.0
177.3
33 4
91 7
13 5
165 1
24 4
51 5
12 2

47 4
19.7
20.1
159. 5
29 6
83 2
12 2
143 6
21 3
45 6
11 1

47 7
20.3
19.9
161.0
29 7
84* 1
12 2
145 3
21 3
46 2
11 2

48 4
20.5
20.3
162.9
30 0
85 2
12 3
147 2
21 7
46 8
11 4

50 2
21.8
20.6
164.4
30 2
85 9
12 5
149 5
22 0
47 5
11 5

51 1
22.4
20.8
166.0
30 4
86 4
12 7
1*52 1
22 4
48 0
11 6

79.1

82 0

87 7

77 4

78 9

80 2

79 9

44 2
23 6
29.0
5.9
53

46 6
25 2
31.0
4.4
39

48 9
26 0
35. 1
3.7
36

42 5
22 5
28.1
6.9
6 4

44 1
23 5
28.8
6.1
55

*45 5
24 4
29.6
5.1
4 4

AA Q
O^ Q

94 °.

25 1

29.7
5.4
48

29.6
3.6
30

30.7
3.6
32

4.0
29 2
25 2

4.4
30 7
26 3

7.0
35 2
28 2

3.4
28 0
24 6

4.3
29 6
25 3

4.4
29 7
25 3

Govt. purchases of goods and services, total, do. . .
.
Federal (less Government sales)__.______"do"_"
National defense 9 _ _ _ _ _ _ _ _
do
State and local........
_ _.
do

116.3
62.9
53 6
53 5

122.6
64.7
55 2
57 9

128. 6
65.5
5*i 4
63 0

114.3
61.4
59 5
52 8

116.1
63.6
55 3
52 5

115. 9
62.4
53 0
53 5

118. 7
63.8
53 5

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

do____
do
do____
_ _ _ _ _ _ _ _ . _ _ _ _ _ d o . .'
do
__ _
(jo-

550.3
273 6
102.3
171.3
214 7
62 0

579.5
285 8
108.2
177.6
228 4
65 2

618.9
305 6
118. 0
187. 6
244 3
69 0

554. 0

in ventory change, total
Durable goods...
Nondurable goods

_ _ _ _ _ _ do
..___..
"do """
— _ _ . - _ _ _ _ _ _ do

National income, totalf
Compensation of employees, total

Qross national products totalf..-— --

__._do____

Personal consumption expenditures, total __do
Durable goods, total©
do
Automobiles and parts — _ _ _ _ _ _ _ _ _
do____
Furniture and household equipment-.-do....
Nondurable goods, total © _ _ _ _ _ _
__do___.
Clo thing 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. _ _do
New construction. _ _ _
do
Residential nonfarm. _ _ •. _
do
Producers' durable equipment-.
___.do____
Change in business inventories...—
_do____
Nonfarm__
,
_ _ _ • do
Net exports of goods and services_____
Exports...—
..
.
Imports..
;

__do____
do
do

„

8.4
-.1

538.7
OCO

Q

100.2
168.7
9i n o
59 8




514.5

520.6

p 534. 3

358 6

364 8

370.6

378 3

323.2
260. 8
11.7
50 7
29.4
512
38 6
12. 6
12 4

328.7
265.3
11.7
51 7
29.9
51 7
39 1
12 6
12 4

334.4
269.4
11.8
53 2
30.4
52 1
39 6
12 6
12 4

339.9
274.0
11.9
54 0
30.7
52 8
39.9
12. 9
12.5

347.2
280.5
11.9
54 9
31.1
52 7
40 4
12. 2
12 5

53 1

56 4

57 9

58 1

57 0

»62 6

.2

54 3
26 0
28 3
1° 1
9 2
—1 2

56 6
25 4
31 2
19 4
11 8
— 2

57
26
31
19
12
—

58 0
26 0
32 0
20 0
12 0
'1

57 7
25 9
31.9
20 2
11 7

p64 0
*>27 5
*>36 5
20 5
p 15 9
r
— 1. 4

24 7

25 4

25 9

26 5

27 i

27 6

28 2

587. 2'

599. 0

608.8

618.6

628. 4

634. 6

'648.8

372.0

377.4

381.3

390.0

396.1

404. 6

406.5

* 418.1

51 5
22.6
21.0
166.6
30 1
86 9
12 8
153 9
22 4
48 6
11 7

52 2
22.6
21.6
168. 6
31 3
87 3
12 9
156 6
22 9
49 2
11 7

53 6
23.2
22.3
168.9
30 9
87 8

55 9
24.3
23.1
172. 9
32 1
89 7

158 8
23 0
49 8
11 8

161 1
2^ 5
50 5
12 0

57 0
24.1
24. 2
175.3
33 2
90 6
13 5
163 8
24 0
51 1
12 2

58 7
25. 6
24.2
179.5
33 8
92 8
13 5
166 4
24 8
51 8
12 2

56 3 r Q2 0
22.8
'28.5
24.5 r 24. 3
181.3 '184.3
34 3 r 34 9
r 94 g
93 6
r
13 7
13 9
169 0 r 171 7
r 25 5
25 1
52 4
53 1
12 3
12 5

77 9

80 2

82 8

87 1

85 9

87 2

87 3

AA 7

AK Q

47 9

oc 7

35. 6
2. 8
2 7

25 4

nc n

9fi Q

48 Q
9fi 9

31.4
4.2
37

32.4
6.4
6 0

34. 2
2.5
2 2

34.6
3. 7
34

4.2

5.8

7. 7

qq

5.7
7

qe 7

9ft Q

9fi 8

97 Q

98 7

121. 4
65. 1
K
4 8

120. 9
64.3
55 2

122.8
64.4
55 5

124.8
64.9

125. 2
64.3

129.6
67.1

129. 5
65.5

CO A

cc o
KQ Q

98 8
9C A

KA Q

10 q

9fi B

3. 4

K

f)K

iq A

9
0
9
8
1
1

on K
9fi 3

3.9

9Q 4

318.8
257. 6
11.7
49 6
28.8
51 5
38. 3
13.2
12 4

CO O

4.3

Kf> 7

M A
fin o

7.0

K7 A

KK

9

on K

ft4. 1

—.7

94 7

90 4

r

48 7
25' 1
36.0
5.7
61

- An n
r 9fi 9

7.7
37 1
29 4

37.9
••6.8
r7 0

'5.0
r 98 7

130.0
65.3
55 3
64 6

* 131. 0
'65.1
r
54 4
r fi^ Q

970 c

561. 2

Q

978 9

568. 2

573.7

583.0

592. 6

606. 4

614. 9

625.7

628.8

970

641.9

103. 5
170.0

101. 4
172. 6

104.1
174.1

105. 0
175. 8

111.0
175. 5

106. 6
179.1

110.4
179. 9

114.3
183.9

119.0
185.4

120. 7
189. 8

117. 9
191.7

122.8
194.0

fi9 7

£»o 7

RQ n

7O 9.

3.6

3. 6

4.2
1 C

6.4

2. 5

3.7

2.8

5.7

6.8

547. 3

91 9 9

61 6

5.9
4.4
6.9
6.1
3.7
2 Q
30
2 2
39
31
2.' 9
2.2
1.7
2! 9
3.0
r Revised * Preliminary. fRevised series. Estimates of national income and product
and personal income have been revised back to 1961 (see p. 8 ft of the July 1964 SURVEY):
revisions prior to May 1963 for personal income appear on p. 15 of the July 1964 SURVEY

770-264 O - 65 - 3

507.1

91 fi 8
cq 9

A
mn
cq

5.1
31

5.4

qno a

OCA q

1 c
q 7
1 R
9 7
5
2.Q
3.6
2. 1
2.0
.9
2.7
3.4
1.5
.9
1.2
I.S
cflncludes inventory valuation adjustment. ©Includes data not shown separately.
9 Government sales are not deducted.
Q

S-l

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated, statistics through 1962
and descriptive notes are shown in the 1963
edition of BUSINESS STATISTICS

1964

1962 j 1963

Annual total

III

IV

I

II

1965

1964

1963

1962

II

May 1965

III

IV

I

II

III

I

IV

II

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 totalf
bll $

476.4

492.6

516.0

475.1

478.3

483.0

485. 4

487.9

494.8

502.0

508. &•

513. 5

519.6

522.7 '532.2

Personal consumption expenditures, total.. do

318.5

330.6

347.5

316.6

319.8

323.6

327.0

328.6

332.4

334.4

340.9

345.0

351.8

352.4

360.6

45.7
148.3
124.5

49.3
151.6
129. 7

54.2
158.8
134.6

44.9
147.8
123.8

45.6
149. 1
125.0

47.6
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

55.6
160.9
135.3

53.9
161.9
136.6

58.9
163.9
137.9

65.9

71. 7

70.1

70.8

70.4

72.7

76.1

38.6
29.2
2.5

38.2
29.5
5.0

39.1
31.0
6.0

Durable goods
Nondurable goods
Services
______

do
do
..do

•

Gross private domestic Investment total

do

New construction
do___
Producers' durable equipment _ _
do____
Change In business Inventories....
do
Net exports of goods and services...

do....

Govt. purchases of goods and services, total-do. ...
Federal
-do
State and local _
.
.
do. .
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
Personal savin** §
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All Industries
bll $

67. 7

71.0

65.8

66.3

66.5

64.7

66.2

68.1

36.7
24.0
5.2

37. 9
25.6
4.1

38.9
28.8
3.3

36.6
23.8
5.4

37.5
24.4
4.4

37.0
24.7
4.9

36.8
24.6
3.4

37.5
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

2.2

2.2

4.6

2.8

2.8

2.1

1.3

2.1

2.0

3.5

5.4

3.4

4.5

5.2

2.7

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

92.4
47.3
45.1

92.8
47.1
45.8

474.5

480.9

487.9

494.5

89.8
49.4
40.3

92; 1
49.7
42.4

92.8
48.2
44.6

89.9
50.2
39.8

442. 4
57.9

464.1
61.6

402.5

491.4
59.5
431.8

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

63.3
411.2

27.8

27.5

32. 5

29.4

27.5

26.4

25.9

27.1

27.0

384.6

502. 2
511.6
60.2
«• 63. 3
442. 1 r 448. 3

61.4
419.5

430.2

57.7

58.8
435. 6

29.9

29.5

34.0

31.0

35.5

11.09

f

'3Q.2

37.31

39. 22

44.90

9.50

9.62

10.18

8.25

9.74

10. 14

9. 40

11. 11

11.54

12.84

Manufacturing
Durable goods Industries
Nondurable goods Industries ._

...do..
do___.
__ do

14.68
7.03
7.65

15.69
7.85
7.84

18.58
9.43
9.16

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

4.67
2.37
2.30

5.59
2.83
2.76

4.61
2.30
2.31

5.44
2.70
2.73

Mining
_______
Railroads
Transportation, other than rail
Public utilities
Communications
Commercial and other
_

do
do
do
do
do
do

1.08
.85
2.07
5.48
3.63
9.52

1. 04
1. 10
1.92
5.65
3.79
10.03

1.19
1.41
2.38
6.22
4.30
10.83

.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

.30
.37
.59
1.71
1.06
2.84

.33
.35
.64
1.76
1. 17
3.01

.28
.42
.56
1.25

.34
.42
.78
1.64

3 3. 74

3 4. 13

36.95

38.35

37.95

36.95

38.05

40.00

41. 20

42.55

43. 50

45. 65

47.75

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

18.85
9.60
9.20

20.15
10. 15
10.00

20. 95
10. 60
10.40

21.30
10.60
10.70

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

1.20
1.50
2.40
6.30
4.40
11. 00

1.30
1.55
2.60
6.35
4.40
11.40

1.20
1.75
2.50
6. 40

1.30
1.45
2.75
6.45

4,790

4,800

4,815

4,825

4, 835

4,850

4,860

4,875

4,895

4, 910

4,930

Seas. adj. qtrly. totals at ann.ua! rates:

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

<4,755 < 4, 797

U.S. BALANCE OF INTERNATIONAL
PAYMENTS*?}
Quarterly Data are Seasonally Adjusted
U.S. payments, recorded.
...mil. $_. 33, 486
Imports:
Merchandise
Military expenditures
Other services

do
do
do

16, 134

3,044
5,843

35, 990

39, 781

8,151

8,312

8,576

8,724

9, 713

8,482

9,071

9, 289

9,754

10, 026

18,638
2,807
6,869

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

4,416
717
1, 672

4,605

2,897

728
1, 706

4,716
694
1, 728

148.85 249.65

316.00 316.40

10, 712

16, 996

U0.85 212.72

4,901
668
1, 763

6, 442

Remittances and pensions... —
do..—
Govt. grants and capital outflows.. . . . ...do
..

4,293

4,522

826

830
4, 277

189
1,065

177
1,066

185
1,088

209
1,060

209
1,336

206
1,009

202
1,117

197
928

206
1,103

212
1,098

215
1,148

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

do
do
do
do

3, 434
1 654
1,227
553

4,307
1,888
1,685
734

6,360
2,297
1,956
2,107

628
446
303
-121

771
417
208
146

967
531
326
110

1,128
618
546
-36

1,637
477
598
562

534
235
303
-4

1,008
558
238
212

1,359
513
236
610

1,406
568
283
555

1, 578
577
597
404

2,017
639
840
538

do

32, 394

33,685

37,913

7,925

8,408

8,355

7,780

8,429

8,596

8,880

9,308

9,124

9,614

9,867

do
.do

20, 576

21,989

25, 219
11,304

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

6,108

2,876

6,053
2,785

6,372
2,875

6, 686

2,554

694
696

237
54

606
175

287
475

166
79

190
262

424
135

189
220

••211
113

192
94

190
177

101
312

-1,092 -2,305 -1,868
-893
-1*111 -339
-2,203 -2,644 -2, 761

-226
-214

96
-430

-221
-460

-944
-118

-1,284
-11

114
-267

-191
57

rl9

-138

-630
-31

-412
-247

-845
-477

-1,062 -1,295

-153

-134

-119

-661

-659

-1,322

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 (— ).._ do
Unrecorded transactions (net)
do

738

9,508
1,280
1,030

10, 031
969
696

Total, net receipts or payments (— )
do
-440
-334
Net receipts or payments (— ), Incl. transactions in
nonmarketable, medium-term convertible Govt.
securities
mil. $_.
-1, 942 -2,386
T
Revised.
» Preliminary,
i Estimates for Jan.-Mar. 1965 based on anticipated capit il expenciitures oi business.
2 Estimates for Apr .-June 1965 based on anticir>ated ca pital exF enditure s of business,
Anticipated expenditures for the year 1965 are as 1ollows 0 n bil. $) : All ind ustries, 50.17;
manufacturing, total, 21.53; durable goods industi ies, 10.71 ; nondurable goo ds industries,
10.83; mining, 1.31; railroads, 1.62; transportation, 2. 57; publi c utilities, 6.56; C()mmerciai and
3
other (incl. communications), 16.58.
Includes cc >mmuiiications.




-681

2,768

-456 -1, 272
-712 -1,143
-539
22
-119
-109
< U rladjustec I. Data represen t firms i n operat ion as oi Jan. 1- estimat(i for Jan. 1, 1963
is bas ed on in complete data.
fSee co [respond ing note on p. S- . (revisious for qtrs. of 1961
appea r on p. 8 ff . of theJuly 1964 SURVE Y).
§Pe rsonal sa ving is excess of clisposabl e income over pe rsonal ccmsumpti on expenditures
showi i as a COEuponent of gross D ational Fwoduct on p. S-l.
cflV [ore coniplete dc>tails are given iri the qu arterly reviews in the htar., June, Sept.,
and I)ec. issue s of the iSURVEY.
tRejvised da ta for 19€ 0-61 appear on p. 10 of the June 19(54 SUEVI•Y.

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