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SURVEY OF CURRENT BUSINESS

6
last September, continuing a rise that
has been in progress since early 1963.
Much of the advance has been attributable to higher prices for the nonferrous metals group, which rose almost
10 percent over the year, after an
increase of almost the same size the
year before. Strong worldwide demand, and supply shortages which
resulted from strikes, have contributed
to rising domestic prices. As a group,
iron and steel prices have been relatively stable; a decline in scrap prices
has about offset selective increases on
steel mill products. Prices of metal
containers increased after the labor
settlement in the industry last spring.
Rising demand for machinery and
equipment has been accompanied by
further price increases for most kinds
of machinery. Price increases since last
September for nonelectrical machinery—agricultural, construction, rnetalworking, and general purpose—have
ranged from about 1.5 percent to 4 percent. The price index of machinery
and motive products, however, has
advanced less than 1 percent over this
period because prices of electrical

machinery and motor vehicles have
been stable.
The largest price rise over the year
has been in hides, skins, and leather.
Most of the advance in quotations for
hides and skins has taken place since
March and has been associated with
the decline in cattle slaughter and the
sizable reduction in hog supplies at
wholesale markets. In two product
areas, household .durables and building
materials, wholesale prices have declined over the past year. Prices of
major household appliances have been
falling for a number of years as a result
of intense competition among producers.
Price cuts on building materials (which
are scattered throughout the various
commodity groups), such as millwork,
gypsum wallboard, building paper, and
floor tile, appear to be related to the
flattening out in residential construction activity.
Farm and food prices
The rise in industrial commodity
prices has been overshadowed by the
unusually sharp increases that have
occurred in wholesale prices of farm

November 1965

products and processed foods since
early 1965. For both groups of commodities, however, changes since midyear have been small. Leading the
advance among farm products has been
the increase in the livestock and poultry
index, which rose nearly one-fifth from
March to August but has eased somewhat since; as compared with a year
ago, the index has risen about 13 percent. Hog prices have been especially
strong because of restricted supplies;
at the end of October, prices at Chicago
wholesale markets were up 50 percent
from a year earlier.
Wholesale prices of processed foods,
which have been rising since last fall,
showed a sizable increase in late spring.
A broad range of items has advanced—
meats, sugar, animal and vegetable
oils, and bakery products. A significant exception to the rising trend has
been canned and frozen fruits and
vegetables. The large 1964 pack, which
will supply the market until the 1965
crop is processed, caused prices to drop
last summer; throughout 1965, prices
have remained below year-earlier levels.
(Continued on page 24)

NATIONAL INCOME AND PRODUCT TABLES
Table 1.—Gross National Product in Current and Constant Dollars
1964
1962

1963

1964

III

IV

I

II

III

1962

1963

1964

IV

I

II

III

Billions of 1958 dollars

Billions of current dollars
__ _

HI

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Gross national pro duct

1965

1964

1965

560.3

589.2

628.7

634.8

641.1

656.4

665.9

677.5

530.0

550.0

577.6

582.6

584.7

597.5

601.4

609.7

355.1

373.8

398.9

404.6

405.9

416.9

424.4

432.2

338.6

352.4

372.1

377.3

376.8

385. 9

390.2

396.7

49.5
162.6
143.0

53.4
168.0
152. 3

58.7
177.5
162. 6

60.5
179.8
164.3

57.9
180.9
167.1

63.9
183.0
170.0

63.7
187.6
173.1

65.0
191.1
176.1

49.2
158.4
131.1

53.2
161.8
137.3

58.5
169.4
144.2

60.2
171.6
145.5

57.9
171.8
147. 1

63.7
173. 4
148. 8

63.5
176.2
150.5

66.0
178.4
152.3

83.0

86.9

92.9

92.6

97.7

102. 4

101.1

102.0

79.4

82.3

86.3

86.0

90.2

94.7

93.0

92.9

77.0
51. 7
19.2
32.5
25. 3
24.8
.6
6.0
5.3
.7

81.2
54.3
19.7
34.6
26.9
26.3
.6
5.7
4.9
.8

88.1
60.5
21.1
39.4
27.5
27.0
.6
4.8
5.4
— .6

88.8
61.6
21.1
40.5
27.2
26.6
.6
3.8
4.6
-.8

90.2
63.5
21.5
42.0
26. 7
26.2
.6
7.5
7.8
-.3

93.7
66.0
21.8
44.2
27.7
27.1
.6
8.7
9.3
-.5

94.4
66.4
22.7
43.7
28.0
27.5
.6
6.7
7.1
-.4

95.9
68.3
23.2
45.1
27.6
27.1
.6
6.1
6.0
.1

73.4
49.7
17.9
31.7
23.8
23.2
.6
6.0
5.2
.7

76.6
51.9
18.0
33.8
24.7
24.1
.5
6.7
4.9
.8

81.7
57.1
18.9
38.3
24. 6
24.0
,5
4.6
5.1
-.5

82.2
58.1
18.8
39. 3
24.1
23.6
.5
3.8
4.4
-.7

83.1
59.6
19.0
40.6
23.6
23.0
.5
7.1
7.3
-.3

86.2
61.9
19.2
42.7
24.3
23.8
.5
8.6
9.1
-.5

86.5
62.0
20.0
42.0
24. 5
24.0
.5
6. 5
6.9
-.4

87.0
63.4
20.0
43.4
23.6
23.1
.5
5.8
5.7
.1

5.1
30.3
25.1

5.9
32.4
26.4

8.6
37.0
28.5

8.8
37.3
28.5

8.9
38.4
29.5

6.2
34.8
28.6

7.5
39.8
32.3

8.1
40.0
31.8

4.5
30.0
25.5

5.6
32.2
26.5

8.5
36.5
27.9

8.7
36.8
28.1

8.3
37.3
29.0

6.0
33.8
27.8

6.7
38.7
32.0

7.3
38.8
31.5

Government purchases of goods and services
Federal
National defenseOther
__
State and local

117.1
63.4
51.6
11.8
53.7

122.6
64.4
50.8
13.6
58.3

128.4
65.3
49.9
15.4
63.1

128.7
64.9
49.5
15.4
63.8

128.6
64.3
48.8
15.5
64.3

130.9
64.9
48.9
16.0
66.0

132.9
65.9
49.4
16.5
67.0

135.2
67.1
50.8
16.3
68.1

107.5
60.0

109.8
59.7

110.7
57.8

110.5
57.1

109.4
56.1

110.9
56.4

111.5
56.8

112.9
57.6

47.5

50.0

52.8

53.4

53.3

54.5

54.7

55.3

Addendum : Implicit price deflator for seasonally
adjusted GNP, 1958=100
_._

105.7

107.1

108.9

109.0

109.6

109.8

110.7

111.1

Personal consumption expenditures —
Durable goods _
Nondurable goods _ _ _ _ _
Services. _
Gross private domestic investment. .
Fixed investment
NonresidentiaL.
Structures
Producers' durable equipment
Residential structures
Nonfarm_ _
Farm __
Change in business inventories
Nonfarm. _
Farm
Net exports of goods and services
Exports
Imports




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

| 1963 | 1964

1962
III

Annual total

Data from private sources are provided

1963

| IV

I

II

1964

III

IV

I

|

1965

II | III |

IV

I

| II | III

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

Personal consumption expenditures, total. _do —

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

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 _ _ _
_
_ _ _ _ d o
Producers' durable equipment. _ _ _ _ d o _
Residential structures
do
Nonfarm _
_ _ _ _
do _
Change in business inventories
do
Nonfarm
_
_
do-Net exports of goods and services
.do
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 product: f
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

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
25.8
24.7
177.5
33 3
92.3
14.0
162 6
24.4
59.5
11 7
92.9
88.1
60.5
21.1
39.4
27.5
27.0
4.8
5.4
8.6
37.0
28.5
128.4
65.3
49 9
63.1

50 1
22.3
20.7
163.2
29 7
86 2
12.9
144 0
22 2
52 6
11 0
84.3
79.2
53 1
19.7
33.5
26 0
25.4
5.2
4 3
5.4
30 6
25 2
117.4
63.3
51 3
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
25 6
25.0
6.4
5.3
4.9
30 5
25 5
119.3
64 4
50 9
55 0

52.2
23.6
21.4
166. 6
30 3
87.5
13.3
149 2
22 8
54.5
11 3
82.6
78.1
52.1
19.0
33.1
26 0
25.4
4.5
38
4.5
30 0
25 6
121.9
65 4
51 5
56 5

52 6
23 9
21.4
167.4
30 2
88 1
13.4
151 1
22 8
55 3
11 4
84.8
80.1
53 4
19 2
34.2
26 7
26 1
4.7
4 2
6.2
32 4
26 2
120.9
63 6
50 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
52
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
69
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. 9
O
36
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
51
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
46
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
97.7
90.2
63 5
21.5
42.0
26 7
26 2
7.5
78
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
93
6.2
34 8
28 6
130.9
64 9
48 9
66 0

63 7 r 65 0
28 9 '29.8
25.6 '26.1
187.6 ' 191. 1
35 0 '35 7
97 2 '99 3
14.7
14.8
173 1 r 176 1
25 3 '25 9
64.0
65.3
12 1
12 2
101.1 ' 102. 0
94.4 '95.9
66.4 '68. 3
23.2
22.7
43.7 '45. 1
28. 0
27.6
27.5 '27. 1
6.7
6.1
6.0
7.1
7.5
'8.1
39 8 '40 0
32.3 r31.8
132.9 '135.2
65.9 '67.1
49 4
50 8
67.0 ' 68. 1

554.3
278 5
106.2
172 2
213 3
62 6
6.0
28
3.2

583 5
291 1
113.1
178 1
226 9
65 5
5.7
28
2.9

623 9
311 3
122 8
188 4
244 0
68 6
4.8
33
1.5

559 2
281 1
107 9
173 2
214 6
63 6
5.2
29
2.3

565 6
283 8
108 1
175 6
218 5
63 4
6.4
17
4.7

572 5
287 2
109 8
177 4
222 1
63 2
4.5
2 0
2.5

578 4
289 2
112 0
177 2
225 1
64 1
4.7
34
1.4

587 3
2C2 9
114 3
178 6
228 2
66 2
5.8
23
3.5

595 5
295 3
116 2
179 1
232 1
68 0
8.1
38
4.3

610 7
304 9
120 1
184 9
237 3
68 5
3.3
22
1.1

620 1
308 3
121 6
186 8
242 8
69 0
4.1
35
.6

631 0
316 0
125 4
190 6
246 4
68 6
3.8
27
1.1

633 6
315 8
124 3
191 5
249 7
68 1
7.5
44
3.1

647 6
323 8
130 9
192 9
254 2
69 6
8.7
71
1.6

659 2
330 5
132 3
198 2
257 8
70 9
6.7
62
.5

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 ' 609. 7

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

396.7

do
do
_ do

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

66.0
178.4
152.3

Gross private domestic Investment, total... do
Fixed in vestment _ _
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 . 86.3
76 6
81 7
51 9
57 1
24.7
24.6
57
46
5.6
8.5

80.6
75 3
51 1
24.2
53
4.9

80.7
74 5
50 7
23.8
6 2
4.4

78.7
74 2
50 0
24.2
44
4.0

80.5
75 8
51 2
24.6
4 6
5.8

83.0
77 2
52 6
24.6
58
5.5

86.9
79 0
53 7
25.3
79

83.8
80 7
55 1
25.7
30
9.0

85.2
80 7
55 7
25.0
45
8.1

86.0
82 2
58 1
24.1
38
8.7

90.2
83 1
59 6
23.6
71
8.3

94.7
86 2
61 9
24.3
86
6.0

93.0
86.5
62 0
24.5
6.5
6.7

92.9
87.0
63 4
23.6
5.8
7.3

Gross national product, totalf

',

foil.

oo o

656. 4

665. 9 ' 677. 5
432.2

671 3
338 2
136 0
202 3
262 0
71 1
6.1
59
.2

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

foil.

$

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

„

_

Govt. purchases of goods and services, total-do
107.5
109.8
110.7
107.8
108. 5
Federal
do
60 0
59 7
57 8
60 2
60 6
State and local
_._
_
do
47.5
50.0
52.8
47.6
48.0
' Revised. *> Preliminary. fRevised series. Estimates of national income and product
and personal income have been revised back to 1929 (descriptive material and earlier data
appear on p. 6 ff. and p. 24 ff., respectively, of the Aug. 1965 SURVEY); revisions prior to June

7.1

110.3
108.7
109.9
112.8
110.0
109.6
59 2
61 3
59 7
59 9
58 7
58 2
49! 1
49.5
50.3
50.8
51.7
52.9
1964 for personal income appear on pp. 54-56 of the
shown separately.

112.9
111.5
110.9
110.5
109.4
57.6
56.8
56 4
57 1
56 1
54.7
55.3
54.5
53.3
53.4
Aug. 1965 SURVEY. ©Includes data not

s-1
791-025 O - 65 - 3




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 | 1963 | 1964

1962

Annual total

IV

November 1965

I

II

1965

1964

1963
III

IV

I

II

III

IV

I

II

III

IV

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

do

Wages and salaries, total
Private
Military
Government civilian
SirpplGments to wages and salaries
Proprietors' income total 9
Business and professional 9
Farm
Rental income of persons
Corporate profits and inventory valuation
ment total

323. 6
296.1
240.1
10.8
45.2
27.5
50. 1
37.1
13.0
16.7

481.1
341.0

514.4

365.3

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

328.8
300.6
243.5
10.3
46.8
28.2
49.8
37.3
12.6
17.2

470.4
333.6

476.7
338.0

484.6
343.0

492.6
349.5

501. 6
355.1

510.5
361.9

519.5

526.3

541.4

550.3 P558.4

369.0

375.4

383.1

388.7

395.2

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

72.0

»73.3

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

63.6

64.5

65.5

64.9

71.7

65.9
28.1
37.8
17.7
20.0
-1.0

73.1
29.1
44.0
17.8
26.2
-1.4

58.1

64.5

57.4

56.3

57.6

59.1

59.6

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

do

-

55.7

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

14.68
7. OB
7.65

15.69
7: 85
7.84

18.58'
9.43
9.16

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

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
.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

4.30

34.58

37.95

36.95

41.20

42.55

43.50

45.65

47.75

49.00

50.35

14. 85
7.35
7.50

38.05
15.30
7.65
7.65

40.00

15.00
7.30
7.70

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

22.00
10.90
11. 05

23.00
11.60
11.40

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

1.25
1.75
2.55
6. 80
4.55
11. 30

1.30
1.55
2.70
6.85
4.80
11.60

1.30
1.55
2.90
6.55

1.35
1.65
3.00
6.65

8,610

8,803

9,595

8,619

9,263

9,380

9,691

9,997

10, 950

9,882

9,758

7

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

DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
bil $
Less: Personal tax and nontax payments
do
Eou*"ils" Disposable personal Income
do
Less* Personal outlays©
do
Equals' Personal saving §
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All Industries
_bll. $..
Manufacturing
Durable goods Industries
Nondurable goods industries
Mining
Railroads
Transportation, other than rail
Public utilities
,
Communications
Commercial and other

.

_

do
do
do
do
do
do
do
do
_ _do

Seas, adj. qtrly. totals at annual rates:

Nondurable goods industries

do

. Railroads
Transportation other than rail
Public utilities

do
do
do

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

465.6

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
Net Interest

_do
do
do
do
do
do
do
do
do
adjustbil $

457.7

36,280

40, 018

73.7 P74.4
29.4
^29.6
44.4
P44.8
18.2 P18.6
26.1 »26.2
-1.7 ' -1.1

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

Remittances and pensions
Oovt. grants and capital outflows

do
do

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

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

32, 579

34,011

38,381

8,371

7,764

8,563

8,677

9,007

9,411

9,261

9,695

10,014

9,191

20, 604
9,674

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

-1,006 -2,269
-1,197
-401

-1,637
-1,161

-239
-472

-1,039 -1,032
-160
-76

58
-268

-256
103

31
-288

-430
-152

-302
-291

-936
-430

-691
-10

s 16.90 s 17. 25

10, 173

do
do

151.15 252.95

264
882
-115
-503

..do

3

288
1,128

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

1 13.02 2 14. 30

415
-166

-

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

Total, net receipts or payments (— )
do..., -2, 203 -2,670 -2,798 -711 -1,199 -1,108 —210
-153
-257
-582
249
-593 -1,366
-701
Net receipts or payments (-), incl. transactions in
nonmarketable, medium-term convertible Govt.
securities
_
_
mil $
-1,967 -2,423
-849
-955
-35
-128
-257
-460
249
-390 -1,316
-650
r
Revised.
» Preliminary.
tSee corresponding no te on p. 3-1 (revi sions for citrs. pric r to 4th qtr. 1962 appear on p. 24 ft\
1
Estimates for July-Sept. 1965 based on anticipated capital expendi tures of Imsiness.
of the August 1965 SUR\ EY).
9 Includ es invent ory valu ation adj ustment.
2
Estimates for Oct.-Dec. 1965 based on anticipated cap ital exp(
jnditures of bus: ness.
®Pe rsonal 01itlays coinprise pe rsonal co nsumpti onexpen ditures, iinterest pilid by consumers,
Anticipated expenditures for the year 1965 are as follows (i a bil. $) All ind ustries, <50.92;
and p(srsonal t ransfer p ayments to forei; piers,
manufacturing, total, 21.88; durable goods industries, 10.96 nondur able goo ds Indus tries,
§Per sonal sa\ring is ex cess of di sposable income o ver perse nal outlatys.
10.92; mining, 1.31; railroads, 1.62; transportation, 2.79; publi? utilities , 6.69; commercia and
d"M ore com plete de tails are given in the qu£irterly r<wiews iii the M ar., June, Sept.,
other (incl. communications) , 16.63. 3 Includes communies toons.
and Dec. issues3 of the S URVEY.
JRe^rised dat a for 196()-61 appe ar on p. 10 of the June 1964 SURVE ST.




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