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SURVEY OF CURRENT BUSINESS

October 1965

Table 1.—Gross National Product

Table 3.—Personal Income and its Disposition

[Billions of dollars]

[Billions of dollars]

1962

1963

1964

IV

III

1964

1965

1964
I

II

1962

ID>

1963

1964

Seasonally adjusted at annual
rates
Gross national product

560.3 589.2 628.7 634.8 641.1 656.4 665.9

Personal consumption expenditures

355.1 373.8 398.9 404.6 405.9 416.9 424.4

432. 2

49.5 53.4 58.7 60.5 57.9 63.9 63.7
162.6 168.0 177.5 179.8 180.9 183.0 187.6
143.0 152.3 162.6 164.3 167.1 170. 0 173. 1

65. 4
191. 0
175 9

Durable goods.
Nondurable goods
Services

_

Gross private domestic investment

101.8

83.0

Net exports of goods and services _

92.6

97.7 102.4 101.1

88.1
60.5
21.1
39.4
27.5
27.0
.6

88.8
61.6
21.1
40.5
27.2
26.6
.6

90.2
63.5
21.5
42.0
26.7
26.2
.6

5.7

4.8

3.8

7.5

8.7

6.7

6. 1

5.3
.7

_

92.9

81.2
54.3
19.7
34.6
26.9
26.3
.6

6.0

Change in business inventories

86,9

77.0
51.7
19.2
32.5
25.3
24.8
•6

Fixed investment
Nonresidential
Structures...
Producers' durable equipment
Residential structures __
Nonfarm
Farm

Nonfarm
Farm

676.9

4.9
.8

5.4
-.6

4.6
-.8

7,8
-.3

9.3
-.5

7.1
-.4

6. 0
.1

93.7
66.0
21.8
44.2
27.7
27.1
.6

94.4
66.4
22.7
43.7
28.0
27.5
.6

95.7
68. 1
23. 2
44. 9
27.6
27 0
.6

5.1

5.9

8.6

8.8

8.9

6.2

7.5

7.8

30.3
25.1

32.4
26.4

37.0
28.5

37.3
28.5

38.4
29.5

34.8
28.6

39.8
32.3

40. 3
32 5

Government purchases of goods and
services
117.1 122.6 128.4 128.7 128.6 130.9 132.9

135 1

Exports
Imports

Federal

63.4

64.4

65.3

64.9

64.3

64.9

65.9

67.3

. 51.6
11.8

50.8
13.6

49.9
15.4

49.5
15.4

48.8
15.5

48.9
16.0

49.4
16.5

50.8
16. 5

53.7

58.3

63.1

63.8

64.3

66.0

67.0

67 8

Addenda:
Gross national product in constant
(1958) dollars
530.0 550.0 577.6 582.6 584.7 597.5 601.4
Implicit price deflator for seasonally
adjusted GNP, 1958=100
105.7 107.1 108.9 109.0 109. 6 109.8 110.7

609. 1

National defense
Other
State and local

111. 1

III

1965
IV

I

II

III*

Seasonally adjusted at annual
rates
442.6 464.8 495.0 499.1 507.1 516.6 524.9

Personal income

296.1
Wage and salary disbursements
Commodity-producing industries.. 120.8
Manufacturing
96.7
72.5
Distributive industries
Service industries
46.8
56.0
Government--

311.2 333.5 336.7 342.7 349.8 355.0
125.7 133.9 135.2 137.4 141.4 143.3
100.6 107.2 108.4 110.0 113.6 115.0
76.0 81.1 81.9 83.2 84.9 86.4
49.9 54.1 54.6 55.9 56.6 57.6
59.6 64.3 65.0 66.2 66.8 67.7

535.9
360.9
145.7
117.2
87.5
58.8
69.0

Other labor income

13.9

17.1

17.3

17.5

17.7

Proprietors' income
Business and professional
Farm

50.1 50.8 51.1 51.4 51.8
37.1 37.8 39.1 39.4 39.6
13.0 13.0 12.0 12.0 12.2

51.9
39.9
12.0

54.6
40.1
14.5

54.6
40.4
14.2

Rental income of persons
Dividends

16.7
15.2

17.6
15.8

18.2
17.2

18.5
17.8

18.6
18.2

18.6
18.6

Personal Interest Income

27.7

31.1 34.3

34.8

35.3

36.0

36.7

37.5

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

33.3 35.2

36.6

36.4

36.7

38.4

37.5

41.2

14.3

15.2

16.0

16.1

16.3

16.6

16.6

20.4

2.9
4.8
11.2

2.8
5.0
12.1

2.6
5.3
12.7

2.5
5.3
12.5

2.4
5.3
12.7

2.4
5.5
13.9

2.2
5.6
13.1

2.2
5.6
13.1

10.3

11.8

12.4

12.5

12.7

13.1

13.1

13.4

57.4

60.9

59.2

58.8

60.7

64.8

Less: Personal contributions
social insurance

for

Less: Personal tax and nontax payments _

14.8

16.5

16.7

18.3
17.4

18.5
17.7

66.0

64.6

Equals: Disposable personal income. _ 385.3 403.8 435.8 440.3 446. 4 451.9 458.9

471.3

363.7 383.4 409.5 415.3 416.9 428.1 436.0
Less: Personal outlays. __
.Personal consumption expenditures
-. 355. 1 373.8 398.9 404.6 405.9 416.9 424.4
Interest paid by consumers ... 8.1 9.0 10.0 10.2 10.4 10.6 11.0
Personal transfer payments
.6
.6
.6
.5
.6
.5
.6
to foreigners

444. 1

432.2
11.3
.6

Table 2.—Relation of Gross National Product, National Income, and
Personal Income

27.2

Addendum: Disposable personal in367.6 380.6 406.5 410.7 414.5 418.4 422.2
come in constant (1958) dollars

p Preliminary.

23.0

432.4

21.6

Equals: Personal saving

20.4

26.3

25.0

29.5

23.8

Preliminary.

[Billions of dollars]
Table 4.—Personal Consumption Expenditures by Major Type

1964
1962

1963

1964

III

1965

IV

I

II

[Billions of dollars]
Hip

1964

Seasonally adjusted at annual
nual
rates
Gross national product

_

560.3 589.2 628.7 634.8 641.1 656.4 665.9

Less: Capital consumption allowances- 50.0
Equals: Net national product.
Less: Indirect business tax and nontax
liability
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
Equals : National income
Less: Corporate profits and inventory
valuation adjustment .
Contributions for social insurance
Wage accruals less disbursements .

52.8

Preliminary.




1963

1964

58.3

617. 8
617.8

IV

I

II

III*

Seasonally adjusted at annual
rates

676.9

510.4 536.5 573.0 578.6 584.3 598.6 607.6

III

KQ 1
59.1

51.5 54.6
2.1 2.2
.5 -.7
1.4

.7

56.1

56.9

57.7

58.0 58.8 59.3 60.7 61.0
2.3 2.3 2.4 2.3 2.3
-.5 -.7 -2.2 -4.2 -4.6
1.2

1.3

1.5

1.5

1.5

457.7 481.1 514.4 519.5 526.3 541.4 550.3

61.4
61. 4
2.3
n.a.

1.4
n.a.

Personal consumption expenditures- 355.1 373.8 398.9 404.6 405.9 416.9 424.4

432.2

Other-..
Nondurable goods .
Food and beverages

53.4
24.3

58.7
25.8

60.5
27.1

57.9
24.8

63.9
29.7

63.7
28.9

65.4
29.9

20.5

21.9

24.7

25.0

24,8

25.3

25.6

26.3

6.9

7.3

8.2

8.4

8.3

8.8

9.1

9.2

162.6 168.0 177.5 179.8 180.9 183.0 187.6
85.7 88.2 92.3 93.3 94.1 94.9 97.2

Furniture and household equipment._

191.0
99.0

36.0

Clothing and shoes

29.6

30.5

33.3

33.8

34.0

34.3

35.0

Gasoline and oil

12.9

13.5

14.0

14.0

14.2

14.2

14.7

14.8

34.4

35.8

37.8

38.7

38.6

39.7

40.7

41.2

143.0 152.3 162.6 164.3 167.1 170.0 173.1
52.0 55.5 59.5 60.1 61.4 62.7 64.0

175.9
65.3

58.1 64.5

65.5

64.9

71.7

72.0

24.0

26.8

27.8

28.0

28.4

29.1

29.4

29.9
29. 9

.0

.0

.0

.1

-.1

.0

.0

.0
.0

Other..

34.2

34.1

34.4

36.0

35.1

38.9

Services .
Housing

19.1
17.2
2.3

19.4
17.4
2.3

19.5
17.7
2.4

19.9
17.8
2.3

20.4
18.2
2.3

20. 8
20.8
18.6
2. 3
2.3

442.6 464.8 495.0 499.1 507.1 516.6 524.9

535.9

n.a.

49.5
22.0

Durable goods
Automobiles and parts

55.7

Plus: Government transfer payments
to persons
31.2 33.0
Interest paid by government
(net) and by consumers _ - 16.1 17.5
Dividends
15.2 15.8
Business transfer payments
2.1 2.2
Equals: Personal income

55.7

1962

1965

_

Household operation

_ _ _ 22.0

23.1

24.4

24.8

24.8

24.9

25.3

25.8
12.2
72.6

Transportation

11.0

11.4

11.7

11.8

11.9

12.0

12.1

Other

58.0

62.3

67.0

67.6

69.1

70.4

71.6

Preliminary.

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

1962 J 1963 | 1964

1962

III

Annual total

Data from private sources are provided

1963

IV

I

1964

II | III

IV

I

II

1965

| III

IV

I

II

| lllp

Seasonally adjusted quarterly totals at annual rates ,

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
560.3

589.2

628.7

564.4

572. 0

577.0

583.1

593. 1

603.6

614.0

624.2

634.8

641.1

656.4

665.9

676.9

355.1

373. 8

398.9

357.2

363.0

368.0

371.1

376.6

379.5

389.1

396.0

404.6

405.9

416. 9

424.4

432.2

49.5
22.0
20.5
162.6
29.6
85.7
12.9
143.0
22.0
52.0
11.0
83.0
77.0
51.7
19.2
32.5
25.3
24.8
6.0
5.3
5.1
30.3
25.1
117.1
63.4
51.6
53.7

53.4
24.3
21.9
168.0
30.5
88.2
13.5
152.3
23.1
55.5
11.4
86.9
81.2
54.3
19.7
34.6
26.9
26.3
5.7
4.9
5.9
32.4
26.4
122.6
64.4
50.8
58.3

58.7
50.1
25.8
22.3
24.7
20. 7
177.5
163.2
33.3
29.7
92.3
86.2
14.0
12.9
162.6
144.0
24.4 ' 22.2
59.5
52.6
11.7
11.0
92.9
84.3
88.1
79.2
60.5
53.1
21.1
19.7
39.4
33.5
27.5
26.0
27.0
25.4
4.8
5.2
5.4
4.3
8.6
5.4
37.0
3d 6
28.5
25. 2
128.4
117.4
65.3
63.3
49.9
51.3
63.1
54.1

51.1
23.0
21.0
165.3
30.2
86.7
13.4
146.7
22.4
53.6
11.2
84.7
78.3
52.7
19.5
33.2
25.6
25.0
6.4
5.3
4.9
30.5
25.5
119.3
64.4
50.9
55,0

52.2
52.6
23.6
23.9
21.4
21.4
167. 4
166.6
30.3
30.2
87.5
88.1
13.3
13. 4
149. 2
151. 1
22.8
22.8
54.5
55.3
11.3 , 11.4
82.6
84.8
78.1
80.1
52.1
53.4
19.0
19.2
33.1
34.2
26.0
26.7
25.4
26.1
4.5
4.7
4.2
3.8
4.5
6.2
30.0
32.4
25.6
26.2
121. 9
120.9
65.4
63.6
51.5
50.5
56.5
57.4

54.1
24.6
22.1
169.2
31.1
88.5
13.5
153. 3
23.5
55.7
11.4
87.9
82.1
55.1
20.0
35.1
26.9
26.4
5.8
5.2
5.7
32.6
26.9
123.0
64.2
51.0
58.8

54.9
24.9
22.7
168.9
30.6
88.7
13.7
155.7
23.3
56.5
11.5
92.4
84.3
56.5
20.5
36.0
27.9
27.3
8.1
6.9
7.3
34.4
27.1
124.3
64.4
50.3
59.9

57.4
25.5
23.9
173. 7
32.3
90.6
14. 0
158.0
23.6
57.5
11.7
89.7
86.5
,58.1
20.7
37.5
28.4
27.8
3.3
3.6
8.8
36.3
27.5
126.3
65.0
49.8
61.3

59.1
25.7
25.1
175.7
33.2
91.3
13.9
161.2
24.4
58.8
11.7
90,9
86.8
58.9
21.1
37.9
27.9
27.3
4.1
5.1
7.7
36.0
28.2
129.7
67.0
51.7
62.7

60.5
27.1
25.0
179.8
33.8
93.3
14.0
164.3
24.8
60.1
11.8
92.6
88.8
61.6
21.1
40.5
27.2
26.6
3.8
4.6
8.8
37.3
28.5
128.7
64.9
49.5
63.8

57.9
24.8
24.8
180.9
34.0
94.1
14.2
167.1
24.8
61.4
11.9
97.^
90.2
63.5
21.5
42.0
26.7
26.2
7.5
7.8
8.9
38.4
29.5
128.6
64.3
48.8
64.3

63.9
29.7
25.3
183.0
34.3
94.9
14.2
170. 0
24.9
62.7
12.0
102.4
93.7
66.0
21.8
44.2
; 27.7
27.1
8.7
9.3
6.2
34.8
28.6
130.9
64.9
48.9
66.0

554.3
278.5
106.2
172.2
213.3
62.6
6.0
2.8
3.2

583.5
291.1
113.1
178.1
226.9
65.5
5.7
2.8
2.9

623.9
311.3
122.8
188.4
244.0
68.6
4.8
3.3
1.5

565.6
283.8
108.1
175.6
218. 5
63.4
6.4
1.7
4.7

572. 5
287.2
109.8
177.4
222.1
63.2
4.5
2.0
2.5

587.3
292.9
114.3
178.6
228.2
66.2
5.8
2.3
3.5

595.5
295.3
116.2
179.1
232. 1
68. 0
8.1
3.8
4.3

610.7
304.9
120.1
184.9
237.3
68.5
3.3
2.2
1.1

620.1
308.3
121.6
186.8
242.8
69.0
4.1
3.5
.6

631. 0
316.0
125.4
190.6
246.4
68.6
3.8
2.7
1.1

633.6
315.8
124.3
191.5
249.7
68.1
7.5
4.4
3.1

647.6
323. 8
130.9
192.9
254.2
69.6
8.7
7.1
1.6

530.0

550.0

577.6

533.6

538.5

541.2

544.9

553. 7

560. 0

567.1

575.9

582.6

584.7

597. 5

601.4

338.6

352.4

372.1

340.3

344.8

348.3

350.0

355.1

356.4

364. 5

369.8

377.3

376.8

385. 9

390.2

49.2
158.4
131.1

53.2
161.8
137.3

58.5
169.4
144.2

49.7
158.9
131.8

50.8
160.2
133.8

52.0
161.0
135.3

52.3
161.2
136.5

54.1
163.0
138.0

54. 7
162. 1
139.6

57.0
166.4
141.1

58.7
167.8
143.3

60.2
171'. 6
145.5

57.9
171.8
147.1

63.7
173.4
148.8

63.5
176.2
150.5

Gross private domestic Investment, total.~-.do
Fixed investment
do
Nonresidential. _ _ _
do
Residential structures.. _
do
Change in business inventories
do
Net exports of goods and services.. ..._.__. .do

79.4
73.4
49.7
23.8
6.0
4.5

82.3
76.6
51.9
24.7
5.7
5.6

86.3
81.7
57.1
24.6
4.6
8.5

80.6
75.3
51.1
24.2
5.3
4.9

80.7
74.5
50.7
23.8
6.2
4.4

78.7
74.2
50.0
24.2
4.4
4.0

80.5
75.8
51.2
24.6
4.6
5.8

83.0
77.2
52.6
24.6
5.8
5.5

86.9
79.0
53.7
25.3
7.9
7.1

83.8
80.7
55.1
25.7
3.0
9.0

85.2
80.7
55.7
25.0
4.5
8.1

86.0
82.2
58.1
24.1
3.8
8.7

90.2
83.1
59.6
23.6
7.1
8.3

94.7
86.2
61.9
24.3
8.6
6.0

93.0
86.5
62.0
24.5
6.5
6.7

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

107.5
60.0
47.5

109.8
59.7
50.0

110.7
57.8
52.8

107.8
60.2
47. 6

108.5
60.6
48.0

110.3
61.3
49.1

108. 7
59. 2
49.5

110.0
59.7
50.3

109.6
58.7
50.8

109.9
58.2
51.7

112.8
59.9
52.9

110.5
57.1
53.4

109.4
56.1
53.3

110.9
56.4
54.5

111.5
56.8
54.7

Gross national product, totalf

bil. $

Personal consumption expenditures, total,.. do... _
Durable goods total ©
do
Automobiles and parts
-- do.
Furniture and household equipment.- -do
Nondurable goods, total ©._
do
Clothing and shoes
_
do
Food and beverages
do
Gasoline and oil _- __:
do
Services, total ©
do
Household operation
_
do
Housing
____
do_
Transportation
do
Gross private domestic investment, total. _ .do
Fixed investment.. _ _ _
_
__ ___do_ _
Nonresidential
do
Structures.
. _
_
do
Producers' durable e quipment
_. do
Residential structures
do
Nonfarm _ _ _ _
_ _
do
Change in business inventories— _._.... .do
Nonfarm
_
do
Net exports of goods and services
do. _
x
Exports
do
Imports
-.
_
do
Govt. purchases of goods and services, totaL.do
Federal..
_ _
_
do
National defense
do
State and local .
. . . . __ do. _
. .
By major type of productif
Final sales, total
__
_
do
Goods, total
__ __
_
do.
Durable goods
_ _ . . __ do. .
.
Nondurable goods
do
Services
..
.
_.
do
Structures _ _ _ _ _
_
do
Inventory change, total _,
- .
do
Durable goods.
„_ do
Nondurable goods
__ __'
do

559.2
281.1
107.9
173.2
214. 6
63.6
5.2
2.9
2.3

578.4
289.2
112.0
177. 2
225. 1
64.1
4.7
3.4
1.4

65.4
63.7
28.9
29.9
26.3
25.6
191.0
187.6
36.0
35.0
99.0
97.2
14.8
14.7
175.9
173.1
25.3
25.8
64.0
65.3
12.2
12.1
101. 1
101,8
94.4
9'5. 7
66.4
68.1
22.7
23.2
43.7
44. 9
28.0
27.6
27.5
27.0
6.7
6.1
7.1
6.0
7.5 . 7.8
39.8
40.3
32.3
32.5
132.9
135.1
65.9
67.3
49.4
50.8
67.0
67.8

659.2
330.5
132.3
198.2
257. 8
70.9
6.7
6.2
.5

GNP in constant (1958) dollars
Gross national product, totalf— — — . .
.

-bil. $..

Personal consumption expenditures, totaL.do
Durable goods... .„—.....
Nondurable goods
Services..

do
do.
do

r
Revised. *> Preliminary. fRevised series. Esti mates of national income and pro duct
and personal income have been revised back to 192£) (descrii)tive ma fcerial an earlier data
3
appear on p. 6 fF. and p. 24flf., respectively, of the Aug. 1965 SiJRVEY); ]revisions prior to Tune

788-423 O - 65 - 3




1964 fc r person al incom 3 appear on pp. 5'1-56 of th e Aug. 1965 SUR-V EY.
shown separateiiy.

609.1

©I Licludes clata not

S-1

SURVEY OF CURRENT BUSINESS

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

1962

1964

1963

Annual total

1962
IV

October 1965

1963
I

II

1964
III

IV

I

II

1965
III

IV

I

II

ID>

IV

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income total f
bil $

457. 7

481.1

514.4

465.6

470.4

476.7

484.6

492.6

501.6

510.5

519.5

526.3

541.4

550.3

323. 6

341.0

365.3

328.8

333.6

338.0

343.0

349.5

355.1

361.9

369.0

375.4

383.1

388.7

395.2

296. 1
Wages and salaries, total
do
240. 1
Private
_do __
10.8
Military
do
45.2
Government civilian ... __
_ do
27.5
Supplements to wages and salaries _
do
50.1
Proprietors' income, total 9
do
37.1
Business and professional 9
__do
Farm
_ _ _ _ _ _ _ _
_
do
13.0
16.7
Rental income of persons
do
Corporate profits and inventory valuation adjustment, total
bil. $__ 55.7

311.2
251.6
10.8
48.8
29.8
50.8
37.8
13.0
17.6

333.5
269. 2
11.7
52.6
31.8
51.1
39.1
12.0
18.2

300.6
243.5
10.3
46.8
28.2
49.8
37.3
12.6
17.2

304.5
246. 3
10.5
47.7
29.0
50.7
37.5
13.2
17.1

308,4
249.4
10.6
48.4
29.6
50.5
37.6
12.9
17.4

312.9
253.2
10.7
49.1
30.1
50.9
37.9
13.0
17.7

318.8
257.4
11.6
49.9
30.7
51.0
38.0
13.0
18.0

324.2
261.6
11.6
51.0
30.8
50. 4
38.5
11.9
17.9

330.4
266. 9
11.6
51.9
31.5
51.0
39.0
12.0
18.1

336.8
271.7
11.7
53.3
32.2
51.4
39.4
12.0
18.3

342.6
276.5
11.9
54.3
32.7
51.8
39.6
12.2
18.5

349.8
282.9
11.8
55.0
33.4
51.9
39.9
12.0
18.5

355.0
287.3
11.8
55.9
33.8
54.6
40.1
14.5
18.6

360.9
291.9
12.3
56.7
34.2
54.6
40.4
14.2
18.6

Compensation of employees, total

do

Net interest

64.5

57.4

56.3

57.6

59.1

59.6

63.6

64.5

65.5

64.9

71.7

72.0

55. 4
24.2
31.2
15.2
16.0
.3

58.6
26.0
32.6
15.8
16.8
-.4

64.8
27.6
37.2
17.2
19.9
-.3

56.5
24.7
31.8
15.6
16.3
.9

56.1
24.9
31.2
15.6
15.6
.2

58.5
26.0
32.6
15.7
16.8
-.9

58.9
26.1
32.8
15.8
17.0
.2

60.8
27.0
33.8
16.1
17.7
-1.2

64.0
27.3
36,7
16.7
20.0
-.4

64.5
27.5
37.0
17.1
19..9
.0

65.3
27.8
37.5
17.4
20.1
.2

65.9
28.1
37.8
17.7
20.0
-1.0

73.1
29.1
44.0
17.8
26.2
-1.4

73.7
29.4
44.4
18.2
26.1
-1.7

-1.2

11.6

13.6

15.2

12.4

12.7

13.2

13.9

14.5

14.5

15.0

15. 4

15.7

16.1

16.4

16.7

442.6
57.4
385.3
363.7
21.6

464.8
60.9
403.8
383.4
20.4

495.0
59.2
435.8
409.5
26.3

450.3
59.5
390.8
371.9
18.9

456.1
60.4
395.7
377.1
18.5

460.1
60.6
399.4
380.5
18.9

467.1
61.0
406.1
386.3
19.8

475.6
61.6
414.0
389.5
24.4

483.0
60.4
422.6
399.3
23.3

490.6
56.9
433.6
406.3
27.3

499.1
58.8
440.3
415.3
25.0

507.1
60.7
446.4
416.9
29.5

516.6
64.8
451.9
428.1
23.8

524.9
66.0
458.9
436.0
23.0

535.9
64.6
471.3
444.1
27.2

37.31

39.22

44.90

10.18

8.25

9.74

10.14

11.09

9.40

11.11

11.54

12.84

10.79

12.81

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

4.54
2.25
2.28

5.47
2.76
2.70

5.48
2.71
2.77

6.40
3.24
3.17

.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

.29
.39
.58
1.32
1.08
2.59

.33
.44
.77
1.71
1.24
2.85

.33
.40
.70
1.82

.35
.39
.73

1.84

34.30

34.58

37.95

36.95

38.05

40.00

41.20

42. 55

43.50

45.65

47.75

49.00

50.35

do

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. 75
10.40
10.40

21.55
10.80
10.70

do
do
do
do
do
do

-

58.1

do
do
_do
do
do
do
do

Corporate profits before tax, total
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits..
Inventory valuation adjustment _

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
2.16
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

1.25
1.75
2.55
6.80
4.55
11.30

1.30
1.55
2.70
6.85
4.80
11.60

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
Less: Personal outlays©—.
_
do
Equals: Personal saving §
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
_ bil $
do
do
do

14.68
7.03
7.65

15.69
7.85
7.84

18.58
9.43
9.16

Mining
Railroads
Transportation, other than rail
Public utilities
,

do
do
do
do

Commercial and other

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

Manufacturing
Durable goods Industries
Nondurable goods industries

_

Seas. adj. qtrly. totals at annual rates:
All industries
Durable goods Industries
Mining
Railroads
Transportation, other than rail
Public utilities
Communications
__
Commercial and other

do

U.S. BALANCE OF INTERNATIONAL
PAYMENTSd**
Quarterly Data are Seasonally Adjusted
U.S. payments, recorded
.mil. $._ 33, 585
Imports :
Merchandise
Military expenditures
Other services—

U.S. receipts, recorded
Exports:
Merchandise
Services and military sales

40, 018

8,610

8,803

9,595

8,619

9,263

9,380

9,691

9,997

10, 950

9,882

_

2

52. 95

23.00
22.00
11.60
10.90
11.05 , 11.40
1.35
1.65
3.00
6.65

1.30
1.55
2.90
6.55
3 16.90

3

17. 25

9,758

do
do
do

16, 173
3,078
5,878

16, 992
2,929
6,515

18,619
2,824
7,014

4,053
801
1,528

4,058
755
1,576

4,219
738
1,594

4,343
721
1,653

4,372
715
1,692

4,410
732
1,736

4,599
720
1,742

4,709
691
1,736

4,901
681
1,800

4,663
662
1,827

5,469
693
1,916

do
do

.

Remittances and pensions
Govt. grants and capital outflows
U.S. private capital (net)
Direct investments
Long-term portfolio
Short-term
...

36,280

1 13.02 2 14. 30

738
4,293

837
4,551

839
4,260

192
1,079

216
1,104

212
1,294

201
1,019

208
1,134

209
966

203
1,083

207
1,085

220
1,126

224
973

288
1,128

do
do
do
do

3,425
1,654
1,227
544

4,456
1,976
1,695
785

6,462
2,376
1,975
2,111

957
514
314
129

1,094
626
562
-94

1,538
466
586
486

682
266
319
97

1,142
618
228
296

1,327
464
274
589

1,344
540
256
548

1,569
551
612
406

2,222
821
833
568

1,533
1,159
688
-314

264
882
-115
-503

do

32, 579

34, Oil

38,381

8,371

7,764

8,563

8,677

9,007

9, 411

9,261

9,695

10, 014

9,191

10, 173

do
do

20,604
9, (574

22, 069
10, 284

25,288
11, 729

5,037
2,581

4,993
2,510

5,494
2,615

5,622
2,516

5,960
2,643

6,149
2,935

6,067
2,924

6,382
2,953

6,690
2,917

5,586
3,084

6, 762
3,322

1, 280
1,021

970
688

697
667

287
466

183
78

194
260

404
135

189
215

213
114

193
77

190
170

101
306

174
347

190
-101

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

Excess of recorded receipts or payments (-)
do.... -1,006 -2,269 -1,637 -239 -1,039 -1,032
58
-256
31
-430
-302
-936
-691
415
Unrecorded transactions (net)
..do
-268
103
-76
-288
-152
-1,197
-401 -1,161 -472
-160
-291
-166
-430
-10
Total, net receipts or payments (— )
do
-210
-153
-257
-582
-2, 203 -2,670 -2,798
-711 -1,199 -1,108
-593 -1,366
249
-701
Net receipts or payments (— ), incl. transactions in"
nonmarketable, medium-term convertible Govt.
securities
mil $
-35
-128
-257
-460
-1,967 -2,423
-849
-955
249
-390 -1,316
-650
T
Revised.
f Preliminary.
tSee correspo tiding note on p. £5-1 (revis ions for c trs. prio r to 4th (itr. 1962 a ppear on p. 24 ff,
1
Estimates for July-Sept. 1965 based on anticipated capitalexpendit ures of b usiness.
of the 1August 11)65 SURV EY).
9 Include>s invent Dry valuaition adjiistment.
2
Estimates for Oct.-Dec. 1965 based on anticipated capi tal expe nditures of busi ness.
©Pe rsonal ou tlays conaprise pe rsonal co:asumpticmexpenciitures,iiiterest pa id by consumers,
Anticipated expenditures for the year 1965 are as follows (iii bil. $):All ind astries, 50.92;
and pe rsonal tr ansfer p ayments to foreig ners.
manufacturing, total, 21.88; durable goods industries, 10 96- nondunible goocIs indus iries,
§Per sonal saving is ex(>ess of dis posable i ncome o yer perso nal outlays.
10 92- mining, 1.31; railroads, 1.62; transportation, 2.79; public
utilities 6.69; coinmercial and
cfM ore com]olete de tails are given in the qua rterly re views iri the Mar., June, Sept.,
other (mcl. communications), 16.63.
3 includes communica tions.
and D ec. issues of the S URVEY.
JReirtsed dat a for 196()-61 appe ar on p. 10 of the June 196 4 SURVE1ST.




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