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SURVEY OF CURRENT BUSINESS

March 1966

NATIONAL INCOME AND PRODUCT TABLES
Table 1.—National Income by Type of Income

Table 3.—Relation of Gross National Product, National Income,
and Personal Income
(Billions of dollars)

(Billions of dollars)
1964

1965
1964

1963

1964

1965

IV

I

II

III

IV

1964

1963

1965

Seasonally adjusted at
annual rates
National income

481.1 514.4 554.7 526.3 540.6 549.5 557.9 570.8
341.0 365.3 391.9 375.4 382.4 387.9 393.7 403.6

Wages and salaries

311.2 333. 5 357.4 342.6 348.9 353.6 359.0 368.1

251. 6 269.2 288.5 276.5 282.0 285.9 290.0 296.1
10.8 11.7 12.4 11.9 11.8 11.8 12.3 13.7
48.8 52.6 56.5 54.3 55.0 55.9 56.7 58.3

Supplements to wages and salaries.
Employer contributions for
social insurance

Proprietors' income

31.8

34.5

32.7

33. 5

34.3

34.7

35.5

15.0

15.4

16.3

15.7

16.0

16.2

16.3

16.6

16.5

18.2

17.1

17.5

18.1

18.4

18.9

12.1
2.7

_

29.8

14.8

Other labor income
Employer contributions to
private pension and welfare funds. ._
Other

13.5
2.9

50.8

51.1

51.8

54.5

51.9

54.6

55.4

I

IV

II

IV

III

Seasonally adjusted at
annual rates

Compensation of employees
Private
Military
Government civilian

1965

56.2

Business and professional
Income of unincorporated enterprises
Inventory valuation adjustment .

37.8

39.1

40.3

37.8

39.1

40.7

.0

.0

—.4

Farm

13.0

12.0

14.3

12.2

12.0

14.5

15.0

15.5

Rental income of persons

17.6

18.2

18.6

18.5

18.5

18.6

18.6

18.7

Corporate profits and inventory valuation adjustment
..
,_ -

58.1

64.5 173.1

64.9

71.7

72.0

64.8

74.7

65.9

73.1

73.9

74.6

77.0

26. 0
32.6
15.8
16.8

27.6
37.2
17.2
19.9

30.1
44.5
18.9
25.6

28.1
37.8
17.7
20.0

29.5
43.6
18.0
25. 7

29.8
44.1
18.6
25.5

30.1
44.5
19.2
25.3

-1.6 -1.0 -1.4 -1.8 -1.2

Less: Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy.
_._

52.8

Less: Corporate profits and inventory
valuation adjustment..
Contributions for social insurance
-- -•Wage accruals less disbursements

58.7

56.9

57.7

58.3

54.6 58.0 62.0 59.3 61.5 61.4
2.4
2.2
2.3
2.3
2.3
2.3
— . 7 -.5 1-.2 -2,2 -3.1 -1.4

Plus: Subsidies less current surplus of
government enterprises
Equals: National income

55.7

59.1

59.8

536.5 573.0 617.5 584.3 599.9 610.5 622.4 637.4

1.2

1.2

1.5

1.4

62.0 62.9
2.3
2.3
1.4 12.4
1.2

1.3

1.1

481.1 514.4 554.7 526.3 540.6 549.5 557.9 570.8

58.1

64.5 i 73. 1 64.9

71.7

72.0

73.5 i 75. 2

26.8

27.8

29.5

28.9

29.2

29.6

30.2

.0

.0

.0

.0

28.4

.0

.0

33.0

34.2

36. 8

34.4

36.0

35.1

38.9

37.3

17.5
15.8
2.2

19.1
17.2
2.3

20.
18.
2.

19.5
17.7
2.4

19.9
18.0
2.3

20.4
18.6
2.3

20.8
19.2
2.3

21.1
19.9
2.3

-1.8

15.2

Equals: Net national product _

31.1
45.9
19.9
26.0

13.6

_ 589.2 628.7 676.3 641.1 657.6 668.8 681.5 697.2

73.5 175.2

58.6

Gross national product-- -

Less: Capital consumption allowances-

Profits before tax
Profits tax liability
Profits after tax
__
Dividends
Undistributed profits.
Inventory valuation adjustment. .
Net interest

-.

39.6

16.5

15.7

39.9

16.

40.1

40.4

16.4

40.7

Plus: Government transf er payments
to persons
Interest paid by government
(net) and by consumers
Dividends
Business transfer payments
Equals: Personal income

16.7

464.

495.

530.

507.

516.

524.7 536.0 546.0

i See footnote table 1.

17.1

1
Fourth quarter corporate profits share and national income total are based on preliminary
data and are subject to revision in next month's SUEVEY.

Table 2.—Government Receipts and Expenditures
(Billions of dollars)
1964
1963

1964

1965

rv

I

II

III

rv

1963

1964

1965

Federal Government receipts
114.3 114.5 1124.1 116.8 123.7 124.4 122.7 1125.3
Personal tax and nontax receipts. . 51.5 48.6 53.9 49.8 53.5 54.8 53.2 54.0
Corporate profits tax accruals. _ _ _ . 24.5 26.0 128.3 26.5 27.7 28.0 28.3 129.2
Indirect business tax and nontax
accruals
15.3 16.1 16.7 16.4 17.7 16.7 16.1 16.3
Contributions for social insurance. 23.0 23.7 25.2 24.2 24.7 24.9 25.2 25.8
Federal Government expenditures -__-_ 114.0 118.3 123.3 117.9 120.1 120.6 125.6 127.0
Purchases of goods and services.... 64.4 65.3 66.6 64.3 64.9 65.7 66.5 69.2
._

29.2
27.0
2.2

29.9
27.8
2.2

32.1
29.9
2.2

29.8
27.7
2.1

31.2
29.2
2.0

30.6
28.2
2.4

34.1
32.0
2.1

9.5
1.5

10.6
1.6

11.5
11.8

10.9
1.6

11.2
1.8

Indirect business tax and nontax
accruals
Contributions for social insurance.

39.2
3.8

41.9
4.1

45.3
4.3

42.9
4.2

43.8
4.2

44.7
4.3

45.9
4.4

46.6
4.4

10.8

10.8

11.0

11.7

12.0

72.6

68.6

70.8

72.1

73.2

74.1

63.1
6.5

68.2
6.9

64.3
6.6

66.4
6.8

67.8
6.9

68.9
6.9

69.8
7.0

.8

.8

.8

.7

.7

.7

.6

3.1

3.3

3.1

3.2

3.2

3.3

3.3

1.4 11.7

1.9

1.1

1.1

2.2 12.6

12.0

7.8

8.4

8.8

8.4

8.6

8.7

8.8

8.9




11.6 11.7
1.8 il.9

Personal tax and nontax receiptsCorporate profits tax accruals

67.2

11.7

See footnote table 1.

75.4 176.7

11.4
1.8

58.3
6.0

Net interest paid

1

73.2

62.2

11.0

-3.8

71.8

Purchases of goods and services....
Transfer payments to persons

10.8

Surplus or deficit (-), national
income and product accounts

70.5

11.4

10.8

4.7

4.6

4.5

i ^7 -1.1

3.6

3.8 -2.9 1-1.8

4.5

68.6 174.3

10.4

11.4

4.5

63.1

9.1

10 4

4.3

State and local government receipts

State and local government expenditures -_ ..
..

9.1

3.6

IV

32.5
30.3
2.1

Grants-in-aid to State and local
governments
._
Subsidies less current surplus of
government enterprises

III

II

I

IV

Seasonally adjusted at
annual rates

Seasonally adjusted at
annual rates

Transfer payments...
To persons .
To foreigners (net)

1965

1964

1965

4.4

Federal grants-in-aid

Net interest paid
Less: Current surplus of government enterprises

2.8

Surplus or deficit (— ), national income and product accounts

.9

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'vplume (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

1962
IV

Annual total

1963
I

|

II

1964
III

IV

I

II

1965

| III

IV

I

II

1

III

IV

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
Gross national product, total

_

bil. $_

589.2

628. 7

676 3

572 0

577.0

583 1

593.1

603.6

614.0

624.2

634.8

641.1

681 5

697.2

424. 5

432.5

441.0

63.5
29 3
25 4

65.4
30 3
26 0

66.4
30.1
27.3

182 8
34 3
94 8
14 2

187 9
35 0
97 3
14 7

190 5
35.2
99 3
14 8

195.0
35.9
102 2
'15 0

167 1
24 8
61.4
11 9

169 5
24 9
62 7
11 9

173 1
25 5
64.0
12 1

176 7
26 3
65.3
12 3

179 6
26 6
66.7
12 5

657 6

do

373.8

398.9

428.7

363.0

368.0

371.1

376.6

379.5

389.1

396.0

404.6

405.9

416.9

Durable goods, total 9-—
do
Automobiles and parts
do
Furniture and household equipment. _ _ do

53.4
24 3
21.9

58.7
25 8
24 7

65 0
30 0
26 0

51.1
23 0
21 0

52.2
23 6
21 4

52 6
23 9
21 4

54.1
24 6
22 1

54.9
24 9
22 7

57.4
25 5
23.9

59.1
25 7
25 1

60.5
27 1
25 0

57.9
24 8
24 8

64.6
30 3
25 5

do
- do.
do
_ _ _ do

168.0
30.5
88 2
13.5

177 5
33.3
92 3
14.0

189 0
35 1
98 4
14 7

165 3
30 2
86 7
13 4

166 6
30 3
87 5
13 3

167 4
30 2
88 1
13 4

169 2
31 1
88 5
13 5

168 9
30 6
88 7
13 7

173 7
32.3
90 6
14 0

175 7
33 2
91 3
13 9

179 8
33 8
93 3
14 0

180 9
34.0
94 1
14 2

do
_ _ _ .do
do
do

152 3
23.1
55.5
11 4

162.6
24 4
59.5
11 7

174 7
25 8
64 7
12 2

146 7
22 4
53.6
11 2

149 2
22 8
54.5
11 3

151 1
22 8
55.3
11 4

153 3
23 5
55 7
11 4

155 7
23 3
56.5
11 5

158 0
23 6
57.5
11 7

161 2
24 4
58 8
11 7

164 3
24 8
60 1
11 8

Personal consumption expenditures, total

Nondurable goods, total 9
Clothing and shoes
Food and beverages
Gasoline and oil
Services total 9
Household operation
Housing
..
Transportation

_

668 8

do

86.9

92.9

105.7

84.7

82.6

84. 8

87.9

92.4

89.7

90.9

92.6

97 7

103.4

102.8

106.2

110.3

do
do
do
do
do__
do
do
.do.

81.2
54.3
19 7
34 6
26.9
26 3
5.7
4.9

88 1
60.5
21 1
39.4
27.5
27 0
48
5.4

97 4
69.8
24 3
45 5
27.6
27 1
82
7.9

78 3
52.7
19 5
33 2
25.6
25 0
64
53

78 1
52.1
19 0
33.1
26.0
25 4
45
3.8

80 1
53.4
19 2
34 2
26.7
26 1
4 7
4 2

82 1
55.1
20 0
35 1
26.9
26 4
58
5.2

84 3
56.5
20 5
36 0
27.9
27 3
81
6.9

86 5
58. 1
20 7
37 5
28.4
27 8
33
3.6

86 8
58.9
21 1
37 9
27.9
27 3
41
51

88 8
61.6
21 1
40 5
27 2
26 6
38
4 6

90 2
63.5
21 5
42 0
26.7
26 2
75
7.8

94 6
66.9
23 2
43 7
27.7
27 1
8.8
9.2

96 4
68.4
24 5
43.9
28.0
27 5
6.4
6.6

98 6
70.9
24 2
46.7
27.7
27 1
7.6
7.0

100.2
73.0
25 4
47.6
27.2
26 7
10.1
8.9

do
do
do

59
32.4
26 4

86
37.0
28 5

71
39.0
31.9

4 9
30.5
25 5

45
30.0
25 6

62
32.4
26 2

57
32.6
26 9

73
34.4
27 1

88
36.3
27 5

77
36 0
28 2

88
37.3
28 5

89
38.4
29 5

6.0
34.7
28 6

8.0
40.4
32.4

7.4
40.1
32.7

6.9
40.8
33.9

Govt. purchases of goods and services, total.. do
Federal
_ _ _ _ ^ _ _ do
National defense
do
State a n d local
- d o

122.6
64.4
50 8
58 3

128.4
65 3
49 9
63 1

134.8
66.6
49 9
68.2

119.3
64.4
50 9
55 0

121.9
65.4
51 5
56 5

120.9
63.6
50 5
57 4

123.0
64.2
51 0
58 8

124.3
64 4
50 3
59 9

126.3
65 0
49 8
61 3

129.7
67 0
51 7
62 7

128.7
64 9
49 5
63 8

128.6
64.3
48 8
64 3

131.3
64.9
48 8
66.4

133.5
65.7
49 2
67.8

135.4
66.5
49 8
68.9

139.0
69.2
52 0
69.8

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

583.5
291.1
113 1
178.1
226.9
65.5

623 9
311.3
122 8
188.4
244 0
68.6

668.1
333.4
133.5
199.9
261.0
73.7

565 6
283.8
108 1
175.6
218.5
63.4

572.5
287.2
109 8
177.4
222.1
63.2

578 4
289 2
112 0
177.2
225 1
64.1

587 3
292 9
114 3
178.6
228 2
66.2

595 5
295 3
116 2
179. 1
232 1
68.0

610 7
304 9
120 1
184.9
237 3
68.5

620 1
308 3
121 6
186 8
242 8
69.0

631 0
316 0
125 4
190.6
246 4
68.6

633 6
315 8
124 3
191.5
249.7
68.1

648.8
322.8
130.1
192.8
253.8
72.1

662.4
329.1
130.3
198.7
259.0
74.2

673.9
337.1
135.4
201. 7
263.0
73. 9

687.1
344.6
138.0
206.5
268. 0
74.5

5.7
2.8
29

4.8
33
15

8.2
6.1
2.1

6.4
1. 7
4.7

4.5
2.0
2.5

4.7
3.4
14

5.8
2.3
35

8.1
3.8
4 3

3.3
2 2
1i

4.1
3.5
6

3.8
2.7
1i

7.5
4.4
31

8.8
7.1
1.6

6.4
6.2
.2

7.6
6.5
1.0

10.1
4.4
5.7

Gross private domestic investment, total
Fixed investment
NonresidentiaL
Structures
Producers' durable equipment
Residential structures. _ _ _ _
Nonfarm
Change in business inventories
Nonfarm
. _ _ _ .__ - _
Net exports of goods and services
Exports
_ _
Imports

Inventory change, total
Durable goods
_
Nondurable goods

__

do
do
do
do
do
do.

do
_ _ _ d o
do

_ _ _

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

550.0

577.6

609.6

538.5

541.2

544.9

553.7

560 0

567 1

575.9

582.6

584.7

597.7

603.5

613.0

624.4

do

352.4

372.1

394.2

344.8

348. 3

350.0

355.1

356.4

364.5

369.8

377.3

376.8

386.1

390.5

396.9

403.3

do
. d o
do

53.2
161.8
137.3

58 5
169 4
144.2

65.6
177.1
151.5

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

64.5
173. 2
148.4

63.4
176.4
150.7

66.4
177. 8
152.7

67.9
181.0
154.4

_

_ . bil. $

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

_

Gross private domestic investment, total.
Fixed investment
Nonresidential
_
Residential structures...
Change in business inventories

do

do
do
....do.
do. _

82.3

86.3

96.8

80.7

78.7

80.5

83.0

86.9

83.8

85.2

86.0

90.2

95.4

94.2

96.9

100.5

76 6
51.9
24.7
5.7

81 7
57. 1
24.6
4.6

88.8
65.0
23.9
7.9

74.5
50.7
23.8
6.2

74.2
50.0
24.2
4.4

75.8
51.2
24.6
4.6

77 2
52.6
24.6
5.8

79.0
53.7
25.3
7.9

80.7
55. 1
25.7
3.0

80 7
55.7
25.0
4.5

82 2
58. 1
24.1
3.8

83.1
59.6
23.6
7.1

86.8
62.5
24.3
8.6

88.1
63.7
24.4
6.2

89.7
66.0
23.7
7.2

90.7
67.6
23.1
9.8

5.5

7.1

9.0

8.1

8.7

8.3

5.1

6.6

6.2

6.2

110.0
109.6
112. 8
109.9
59 7
58 7
59 9
58 2
50.3
51.7
50.8
52.9
9 includes data not shown separately.

110.5
57 1
53.4

109.4
56. 1

111. 2
56.4
54.8

112.1
56.8
55.3

113.0
57.0
56.0

114.3
58.2
56.2

..do

5.6

8.5

6.0

4.4

4.0

5.8

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

109.8
59 7
50.0

110.7
57 8
52.8

112.7
57 1
55.6

108.5
60 6
48.0

110.3
61 3
49.1

108. 7
59 2
49.5

Net exports of goods and services . . _ _
.

r

Revised,

» Preliminary.




CO

0

OO. O

s-1

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

1965

Annual total

1963

II

III

March 1966

1964

IV

I

II

1965

III

IV

I

1966

II

III

IV

11.8
55.9
34.3
54.6
40.1
14.5
18.6

557 9
393.7
359.0
290.0
12.3
56 7
. 34.7
55.4
40.4
15.0
- 18.6

P 570 8
P 403. 6
P 368. 1
p 296. 1
p 13 7
P 58 3
p 35.5
P 56 2
P 40.7
P 15. 5
P 18 7
p 75 2

I

II

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
476. 7
481.1 514.4 p 554. 7
484.6
National income, total
bil. $__
391.9
338.0 343.0
341.0 365.3
Compensation of employees, total
do
357.4
308.4 312.9
311.2 333.5
Wages and salaries, total
do____
288.5 249.4
253.2
251.6 269.2
Private.
do
12.4
11.7
10.6
10.7
10.8
Military
-do
56.5
52.6
48.4
49.1
48.8
Government civilian
-_
-_ _ do _
34.5
31.8
29.6
29.8
30.1
Supplements to wages and salaries
do
54.5
51.1
50.5
50.9
50.8
Proprietors' income, total 9
do_
39.1
40.3
37.6
37.9
37.8
Business and professional 9
do
14.3
12.0
12.9
13.0
13.0
Farm
do
18.6
18.2
17.4
17.6
17.7
Rental income of persons
_
do
Corporate profits and inventory valuation adjust64.5
P73.1
57.6
59.1
58.1
ment' total
- bil. $
By broad industry groups:
p8.9
8.0
7.5
7.5
7.5
Financial institutions
do
P64.2
56.5
51.6
50.6
50.1
Nonfinancial corporations, total
do
32.1
P 37. 4
28.7
29.5
28.7
Manufacturing, total
do
P16.7
14.9
13.4
13.4
13.2
Nondurable goods industries
do
P20.7
17.2
15.4
15.4
16.1
Durable goods industries
do
Transportation, communication, and public
plO.8
10.0
9.5
9.2
9.1
utilities
_ bil. $
P16.0
14.3
12.2
12.6
12.7
All other industries
- do
P74.7
64.8
58.6
58.5
58.9
Corporate profits before tax, total
_ do
27.6
P30.1
26.0
26.0
26.1
Corporate profits tax liability
do
P44.5
37.2
32.6
32.8
32.6
Corporate profits after tax
__do
17.2
P18.9
15.7
15.8
15.8
Dividends
do
19.9
P25.6
16.8
17.0
16.8
Undistributed profits
- - do
-.3 p-1.6
.2
-.4
-.9
Inventory valuation adjustment
do
P16.5
15.2
13.2
13.9
13.6
Net interest
__do_ __
DISPOSITION OF PERSONAL INCOME
Quarterly Data Seasonally Adjusted at Annual Rates
530.7
495.0
467.1
464.8
460.1
Personal income, total
_ bil. $
65.4
59 2
60.9
60.6
61.0
Less' Personal tax and nontax payments
do
465.3 399.4
406.1
403.8 435.8
Equals' Disposable personal income
do
440.5
409.5
386.3
383.4
380. 5
Less: Personal outlays©
do
26.3
24.9
20.4
19.8
18.9
Equals: Personal saving§.
_
_ _ do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
44.90 r 51. 96
10.14
39.22
9.74
All industries
bil. $
18.58
' 22. 45
3.92
3.95
15.69
Manufacturing
do
9.43
r 11. 40
1.96
7.85
1.96
Durable goods industries
do
9.16
1.99
7.84
' 11. 05 1.95
Nondurable goods industries
do__
1.19
1.30
.27
1.04
.26
Mining
do__
1.41
'1.73
.29
1.10
.28
Railroad
d
o
.45
1.92
2.38
.54
'2.81
Transportation, other than rail
_ _ do
6.22
5.65
1.40
1.60
'6.94
Public utilities
_ _ _ do.
4.30
.93
4.94
.95
3.79
Communication
do
10.83
2.64
2.41
10.03
'11.79
Commercial and other
do
¥
Seas. adj. qtrly. totals at annual rates:
38.05 40.00
All industries
do
15.95
15. 30
Manufacturing
do
8.00
7.65
Durable goods industries
•__'
_ do
7.65
8.00
Nondurable goods industries
do
1.05
Mining
_
do
1.00
1.20
1.00
Railroad
do
1.85
2.05
Transportation, other than rail
do
5.90
5.45
Public utilities— —
_ - _ ._ do
3.85
3 65
Communication
do
10.20
9.65
Commercial and other
do
U.S. BALANCE OF INTERNATIONAL
PAYMENTScf
Quarterly Data Are Seasonally Adjusted
38, 652
34 932 39, 150
U.S. payments, recorded
mil $
Imports:
Merchandise
do
16,992 18, 619
21, 492
2,838
Military expenditures
..
do
2,929 2,824
7,014
7,650
Other services
do
6 515
839
978
Remittances and pensions
do
837
3,563
Govt. grants and capital outflows f
do
3,390
3 581
Increase in U.S. private assets, net
do
6,462
4,456
3, 526
Direct investments
do
2, 376
3,266
1,976
Long-term portfolio
do
1 975
1 695
988
Short-term.-,
do
2,111
785
—728
Increase in U.S. official reserve assets, net do
-171
—378
—1, 222
U.S . receipts, recorded
do
35, 333 40, 311
39, 311
Exports:
Merchandise and military sales
do
22, 728 26, 050
27 100
Income on investments
_
do
4,654
5,457
6,054
Other services
do
4 971
5 510
5 906
Increase in foreign assets in U.S.
do
3,294
2 980
251
Liquid assets: Foreign official agenciest do
1,599 ' 1, 073
-50
Other foreign accounts
do
1 554
619
129
Other liquid assets
do
762
172
' 667
Unrecorded transactions (net)
. do
—401 -1, 161
—659
Increase in U.S. official reserve assets and decrease
in liquid liabilities to all foreigners
mil. $_.. -2,670 -2, 798 -1,301
Increase in U.S. official reserve assets and decrease
in liquid and certain nonliquid liabilities to
foreign official agencies
_ mil. $
-1,977 '•-1.221 -1. 164
'Revised.
p Preliminary.
1
Estimates for Jan.-Mar. 1966 based on anticipated capital expenditures of business.
2
Estimates for Apr-June. 1966 based on anticipated capital expenditures of business.




3 Includes communication.

Estimated.

492.6
349.5

501.6
355.1

510.5
361.9

318.8

324.2

330.4
266.9

257.4

526. 3

540.6

549.5

375.4
342.6
276.5

382. 4

387. 9

348.9
282.0

11.9
54.3
32.7
51.8
39.6
12.2
18.5

11.8
55.0
33.5
51.9
39.9
12.0
18.5

353.6
285.9

11.6
51.9
31.5
51.0
39.0
12.0
18.1

519.5
369. 0
336. 8
271.7
11.7
53.3
32.2
51.4
39.4
12.0
18.3

63.6

64.5

65.5

64.9

71.7

72.0

73.5

7.5

7.8

8.4

8.5

8.3

8.9

9.2
64.3
37.3
16.6
20.7

11.6
49.9
30.7
51.0
38.0
13.0
18.0

261.6
11.6
51.0
30.8
50.4
38.5
11.9
17.9

59.6

7.4

56.2
31.9
14.4
17.5

56.7
32.1
15.0
17.1

57.0
32.5
15.0
17.5

56.4
32.3
15.3
17.1

63.4
37.3
16.6
20.8

63.2
36.7
16.6
20.1

9.9
14.5
64.0
27.3
36.7
16.7
20.0

10.1
14.5
64.5
27.5
37.0
17.1
19.9

10.2
14.4
65.3
27.8
37.5
17.4
20.1

.0

.2

14.5

15.0

15.4

10.1
14.0
65.9
28.1
37.8
17.7
20.0
-1.0
15.7

10.5
15.5
73.1
29.5
43.6
18.0
25.7
-1.4
16.1

10.5
16.0
73.9
29.8
44.1
18.6
25.5
-1.8
16.4

11.0
16.0
74.6 p77. 0
30.1 P31. 1
44.5 P45.9
19.2
pl9. 9
25.3
P26. 0
-1.2 P -1.8
16.7 Pl7. 1

475.6

483.0

490. 6
56.9
433. 6

440.3

507.1
60.7

389.5

416. 9
29.5

516.2
64.8
451.4
428.1
23.3

524.7

422.6
399.3

436.1
22.4

536.0
64.8
471.2
444.4
26.8

, 12.84
5.59
2. 83
2.76

10.79
4.54
2.25
2.28

12.81
5.47
2.76
2.70

52.2
29.7
13.5
16.1

9.4
13.1
60.8
27.0
33.8
16.1
17.7
-1.2
14.5

61.6
414.0

-.4

60.4

499.1
58.8

24.4

23.3

27.3

415.3
25.0

11.09
4.56
2.31
2.25

9.40
3.79
1.93
1.87

11.11
4.53
2.30
2.23

11.54
4.67
2.37
2.30

406.3

.30
.37
.59

446.4

.29
.39
.58

66.2

458.5

.28
.33
.54

.26
.32
.51

.29
.36
.63

1.61
1.06
2.72

1.18
2.37

1.58
1.10
2.61

1.71
1.06
2.84

1.76
1.17
3.01

1.32
1.08
2.59

1.71
1.24
2.85

41.20
16.45
8.30
8.15
1.05
1.35
2.10
5.80
4.05
10.45

42.55

43.50

45.65

47.75

17.80
9.00
8.80
1.15
1.25
2.25
6.30
4.30
10.45

18.85
9.60
9.20
1.20
1.50
2.40
6.30
4.40
11.00

20. 15
10.15
10.00
1.30
1.55
2.60
6.35
4.40
11.40

49.00
20.75

50.35

17.40
8.85
8.55
1.15
1.40
2.30
5.95
4.05
10.25

.97

.33
.35
.64

9,218

9,195

9,737

11, 000

4,410

4,599
720

4,709
691

4,901

732

1,736

1,742

1,736

681

1,800

209
753

203
890

207
895

1,327

1,344

1,569

2,222
821
833
568
151

220

1, 025

464
274
589
51
9,506

-303

551
••612
406
-70

9,347

10, 028

11, 430

6,343

6,258

6,550

6,899

1,396
1 345

1, 395
1 338

422

'237

71

540
256
548

356
48
231
77

1,392
1,393

693

-116

639
170

1,274
1,434
1,823
'904

613
306
—430
r

'114
-288

-152

-291

-257

-582

-593 -1, 366

10.40
10.40
1.25
1.75
2.55
6.80
4.55
11.30

.33
.44
.77

21.55
10.80
10. 70
1.30
1.55
2.70
6.85
4.80
11.60

546.0
65.7
480.3
453.2
27.1

13.41 '14.95 '112.64 2 15. 01
5.73 '6.72 '5.52
6.56
2.91 '3.48 '2.78
3.29
2.82
'3.24 '2.73
3.27
.32
'.34
.35
.40
.44
'.46
'.37
.51
.72
'.73
'.76
.90
'2.04
1.88
1.47
2.00
1.41
1.22
3.10 '3.25 ' 3 4. 19 34.64

52.75 ' 55. 35 '157.20 2 58. 90
23.00 '24.15 ' 25. 15 25.80
11.75 ' 12. 45 ' 12. 80 12.90
11.25 ' 11. 70 ' 12. 35 12.90
1.25 '1.35 ' 1. 45
1.55
1.70 '1.95 '1.65
1.80
3.00 '3.00 '3.30
3.20
6.75 '7.30
7.95
7.65
5.30
5.05
11.95 ' 12. 25 '318.05 318.65

'8,851 ' 9, 604 ' 9, 951
4,663 ' 5, 480 ' 5, 594
662
702
'720
'1,830 '1,924 ' 1, 905
224
'292
'229
'775
959
'725
' 1, 539
'315
'819
1,159
891
515
679 ' —159
'357
'-299 r _417
' —53
-842
—68 ' —41
'8,861 '9,685 '10,267

10, 246

5,755
•754
1,991
233
931
853
701
111
41
-271
10, 498

' 5, 801 ' 7, 029 '7,028
7,242
' 1, 555 ' 1, 648 ' 1, 505
1,346
' 1, 355 '1 467 ' 1 505 1,579
'150 r —459
331
'229

'334 ' -133 ' -247
' —10 ' —81 ' —316

'71

' -300 ' -263
' —26
'739

768
—655
218
—252

'-658

'258 '-517

-384

r -255

46 > -782 ' -587
-136 '- 49
'222 -1.033
'234
9 Includes inventory valuation adjustment.
©Personal outlays comprise personal consumption expenditures, interest paid by consumers, and personal transfer payments to foreigners.
§Personal saving is excess of disposable income over personal outlays.
cf More complete details are given in the quarterly reviews in the Mar., June, Sept., and
Dec. issues of the SURVEY.
t Less payment on U.S. Govt. loans.
t Includes certain nonmarketable, medium-term, nonconvertible Govt. securities.

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