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SURVEY OF CURRENT BUSINESS

May 1966

NATIONAL INCOME AND PRODUCT TABLES
Table 1.—-Gross National Product in Current and Constant Dollars
1965
1963

1964

1966
III

1965

IV

1965
1963

1964

1965

1966

II

Seasonally adjusted at annual rates

III

IV

I

Seasonally adjusted at annual rates
Billions of 1958 dollars

Billions of current dollars
589.2

Govermeil t purchases of goods and ser vices .

Federal...!'-::
National defense
Other
State and local

:_
_

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

681.5

697.2

713.9

550.0

577.6

609.6

597.7

603.5

613.0

624.4

633.6

424.5

432.5

441.0

451.8

352.4

372.1

394.2

386.1

390.5

396.9

403.3

409.9

58. 7
177.5
162.6

65.0
189.0
174.7

64.6
182.8
169.5

63.5
187.9
173.1

65.4
190.5
176.7

66.4
195.0
179.6

68.7
200.1
183.0

53.2
161.8
137.3

58.5
169.4
144.2

65.6
177.1
151.5

64.5
173.2
148.4

63.4
176.4
150.7

66.4
177.8
152.7

67.9
181.0
154.4

70.7
182.9
156.3

92.9

105.7

103.4

102.8

106.2

110.3

111.7

82.3

86.3

96.8

95.4

94.2

96.9

100.5

100.9

88.1
60.5
21.1
39.4
27.5
27.0

97.4
69.8
24.3
45.5
27.6
27.1

94.6
66.9
23.2
43.7
27.7
27.1
f<

96.4
68.4
24.5
43.9
28.0
27.5

98.6
70.9
24.2
46.7
27.7
27.1

100.2
73.0
25.4
47.6
27.2
26.7

8.2
7.9
.3

8.8
9.2
-.4

6.4
6.6

7.6
7.0
.6

10.1
8.9
1.2

76.6
51.9
18.0
33.8
24.7
24.1
.5
5.7
4.9

81.7
57.1
18.9
38.3
24.6
24.0
.5
4.6
5.1
-•5

65.0
21.2
43.8
23.9
23.3
.5
7.9
7.6
.3

62.5
20.3
42.2
24.3
23.8
.5
8.6
9.0

88.1
63.7
21.4
42.3
24.4
23.9
.5
6.2
6.4
-.2

89.7
66.0
21.0
45.0
23.7
23.2
.5
7.2

90.7
67.6

4.8
5.4
-.6

103.6
75.5
26.9
48.5
28.2
27.6
.5
8.1
7.4
.7

21.9
45.7
23.1
22.6
.5
9.8
8.6
1.2

93.1
69.3
23.0
46.3
23.8
23.3
.5
7.7
7.0
. .7

5.9
32.4
26.4

Net exports of goods and services..
Exports
____.
Imports

668.8

416.9

81.2
54.3
19.7
34.6
26.9
26.3
.6
5.7
4.9

Fixed investment
.
Nonresidential
Structures
Producers' durable equipmentResidential structures
Nonfarm
Farm
_.
Change in business inventories
Nonfarm
Farm

657.6

428.7

86.9

Gross private domestic investment-

676.3

398.9

53.4
168.0
152.3

Durable goods _.
Nondurable goods.
Services
_.

628.7

373.8

Gross national product
Personal consumption expenditures..

8.6
37.0
28.5

7.1
39.0
31.9

6.0
34.7
28.6

8.0
40.4
32.4

7.4
40.1
32.7

6.9
40.8
33.9

6.4
41.7
35.3

5.6
32.2
26.5

8.5
36.5
27.9

6.0
37.2
31.2

5.1
32.9
27.8

6.6
38.5
31.9

6.2
38.3
32.1

6.2
39.1
32.9

5.7
40.0
34.2

122.6

64.4
50.8
13.6
58.3

128.4
65.3
49.9
15.4
63.1

134.8
66.6
49.9
16.7
68.2

131.3
64.9
48.8
16.1
66.4

133.5
65.7
49.2
16.5
67.8

135.4
66.5
49.8
16. 7
68.9

139.0
69.2
52.0
17.2
69.8

144.0
72.5
55.0
17.5
71.5

109.8
59.7

110.7
57.8

112.7
57.1

111.2
56.4

112.1
56.8

113.0

57.0

114.3
58.2

117.1
60.2

50.0

52.8

55.6

54.8

55.3

56.0

56.2

56.8

107.1

108.9

110.9

110.0

110.8

111.2

111.7

112.7

a

R

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars
1965
1963

1964

1965

I

II

1966
III

IV

1965
1963

1964

Seasonally adjusted at annual rates
Billions of current dollars

1965

1966

II

III

IV

Seasonally adjusted at annual rates
Billions of 1958 dollars

589.2

Final sales..
Inventory change...

628.7

676.3

657.6

668.8

681.5

697.2

713.9

550.0

577.6

609.6

597.7

603.5

613.0

624.4

633.6

583.5
5.7

Gross national product-

623.9
4.8
316.1

668.1
8.2

648.8
8.8

662.4
6.4

673.9
7.6

687.1
10.1

705.8
8.1

544.4
5.7

573.0
4.6

601.7
7.9

589. 2
8.6

597.3
6.2

605.8
7.2

614.6
9.8

625.9

341.6

331.6

335.5

344.6

354.7

362.6

288.3

304.6

325.5

317.9

319.1

327.9

337.0

311.3
4.8
126.1
122.8
3.3

333.4
8.2
139.5
133.5
6.1

322.8
8.8

329.1
6.4

344. 6
10.1

354.6
8.1

282.6
5.7

300.0
4.6

317.6
7.9

309.3
8.6

313.0
6.2

320.7
7.2

327.2
9.8

137.2
130.1
-7.1

136.6
130.3
6.2

337.1
7.6
141.9
135.4
6.5

142.5
138.0
4.4

147. 5
142. 5
5.0

114.0
111.2
2.8

123.1
120.0
3.1

136.2
130.3
5.8

133.7
126.7
7.0

132. 5
126.5
6.0

138.8
132.6
6.2

139.7
135.5
4.2

190.0
188.4
1.5

202.0
199.9
2.1

194.4
192.8
1.6

198.9
198.7
.2

202.7
201.7
1.0

212.2
206. 5
5.7

215.1
212.0

174.3
171.4
2.9

181. 5
180.0
1.5

189.3
187.2
2.1

184.3
182.7
1.6

186.6
186. 5
.2

189.1
188.1
1.0

197.4
191.8
5.6

244.0

261.0

253.8

259.0

263.0

268.0

201.5

211.5

220.2

216.4

219.5

221.3

223.5

296.8

Goods output

291.1
5.7

Final sales
Inventory change
Durable goods output
Final sales
Inventory change
Nondurable goods output __
Final sales
Inventory change
Services
Structures
Addendum: Auto gross product

115. 9
113.1
2.8
181.0
178.1
2.9

226.9
65.5

68.6

73.7

72.1

74.2

73.9

74.5

25.9

31.5

33.0

31.5

31.2

30.4

3.1
273.8
77.4

60.2

61.4

64.0

63.5

64.9

63.7

63.9

24.7

25.5

31.5

32.7

31.2

31.4

30.7

334.0
7.7

144.6
139.9
4.7
197.1
194.1
3.0
226.2
65.7
32.2

31.4

25.0

7.7
341.7

Tablet5.—Gross National Product by Sector in Current and Constant Dollars
1965
1963

1964

1965

I

II

1965

1966
III

IV

I

1963

1964

1965

General government

I

589.2

_

628.7

676.3

657.6

668.8

681.5

697.2

713.9

550.0

577.6

609.6

597.7

603.5

613.0

624.4

633.6

531.0

565.8

609.1

592.4

602.6

614.1

627.0

641.5

502.2

528.5

559.0

547.9

553.3

562.3

572.8

581.3

511.7
490.1
21.6
16 0

544. 5
524.1
20.4
17.3
4.1

586. 7
563.8
22.9
17.8
4.6

570. 7
550.3
20.4
17 1
4.6

580.3
557. 2
23.1
17.5
4.8

591.6
568.0
23.6
18.0
4.5

604.1
579.7
24.4
18.6
4.3

618.1
593.7
24.4
18.9
4.5

485.7
462.8
22.9
13 2
3.3

510.9
488.6
22.3
13 6
4.0

540.7
517.4
23.3
13 8
4.5

530.0
508.0
22.0
13.4
4.5

535.0
511.8
23.2
13.6
4.7

544.0
520.4
23.6
13.9
4.4

554.2
529.9
24.3
14.4
4.2

562.4
540.4
22.0
14.4

62.9

67.2

65.2

66.2

67.4

70.2

72.4

47.8

49.1

50.6

49.8

50.2

50.7

51.6

52.3

3.3
58.2

1. GNP originating in government enterprises (e.g., the Tennessee Valley Authority) is included in the nonfarm business sector.




IV

Billions of 1958 dollars

Billions of current dollars

Business 1
Nonfarm * _ _ _ _
_
Farm
Households and institutions
Rest of the world _
_
_ _
_

1966
III

II

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Gross national productPrivate^
_ .__

I

4.5

CURRENT BUSINESS STATISTICS

JLHE STATISTICS here update
OF CURRENT BUSINESS. That volume

series published in the 1965 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
(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.
1964

1963

Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS

1965

I

Annual total

1964

1963

II

III

IV

i

| n

1966

1965

III

IV

I

II

III

IV

I

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

577.0

583.1

593.1

603.6

614.0

624.2

634.8

641.1

657.6

668.8

681.5

697.2

'713.9

Personal consumption expenditures, totals

do___

373.8

398.9

428.7

368.0

371.1

376.6

379.5

389.1

396.0

404.6

405.9

416.9

424.5

432.5

441.0

' 451. 8

Durable goods, total 9
Automobiles and parts
Furniture and household equipment
Nondurable goods, total 9
Clothing and shoes.—
Food and beverages
Gasoline and oil.
-

do___
_do___
do___
do__.
do___
_do___
do___

53.4
24.3
21.9

58.7
25.8
24.7

65.0
30.0
26.0

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

63.5
29.3
25.4

65.4
30.3
26.0

66.4
30.1
27.3

'68.7
'31.3
28.0

168.0
30.5
88.2
13.5

177.5
33.3
92.3
14.0

189.0
35.1
98.4
14.7

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

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

' 200.1
'37.7
' 103. 8
'15.5

___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

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

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

'183.0
'27.0
68.0
12.7

110.3 ' 111. 7

Services, total 9 ——Household operation._ _•
Housing
Transportation

_

Gross private domestic investment, total

do...

86.9

92.9

105.7

82.6

84.8

87.9

92.4

89.7

90.9

92.6

97.7

103.4

102.8

106.2

Fixed in vestment.
_
Nonresidential
Structures
Producers' durable equipment
Residential structures
_
Nonfarm
Change in business inventories...
Nonfarm

_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
4.8
5.4

97.4
69.8
24.3
45.5
27.6
27.1
8.2
7.9

78.1
52.1
19.0
33.1
26.0
25.4
4.5
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
5.8
5.2

84.3
56.5
20.5
36.0
27.9
27.3
8.1
6.9

86.5
58.1
20.7
37.5
28.4
27.8
3.3
3.6

86.8
58.9
21.1
37.9
27.9
27.3
4.1
5.1

88.8
61.6
.21.1
40.5
27.2
26.6
3.8
4.6

90.2
63.5
21.5
42.0
26.7
26.2
7.5
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

' 103.6
'75.5
'26.9
' 48. 5
r28.2
>27.6
'8.1
'7.4

Net exports of goods and services..
Exports
—
Imports

do_._
...do...
do___

5.9
32.4
26.4

8.6
37.0
28.5

7.1
39.0
31.9

4.5
30.0
25.6

6.2
32.4
26.2

5.7
32.6
26.9

7.3
34.4
27.1

8.8
36.3
27.5

7.7
36.0
28.2

8.8
37.3
28.5

8.9
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

'6.4
'41.7
'35.3

Govt. purchases of goods and services, total..do.__
Federal
.
do
National defense
do...
State and local..
.
do_._

122.6
64.4
50.8
58.3

128.4
65.3
49.9
63.1

134.8
66.6
49.9
68.2

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

r 144.0
72.5
55.0
' 71. 5

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

__do___
__do___
__do__.
do...
do___
do___

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

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

705.8
354.6
142.5
212.0
273.8
77.4

do._ _
___do.__
do___

5.7
2.8
2.9

4.8
3.3
1.5

8.2
6.1
2.1

4.5
2.0
2.5

4.7
3.4
1.4

5.8
2.3
3.5

8.1
3.8
4.3

3.3
2.2
1.1

4.1
3.5
.6

3.8
2.7
1.1

7.5
4.4
3.1

8.8
7.1
1.6

6.4
6.2
.2

7.6
6.5
1.0

10.1
4.4
5.7

8.1
5.0
3.1

_

Inventory change, total.
Durable goods.
Nondurable goods
_
GNP in constant (1958) dollars

bil. $.

Gross national product, total
Personal consumption expenditures, total
Durable goods.
Nondurable goods

;___

Services
Gross private domestic investment, total

550.0

577.6

609.6

541.2

544.9

553.7

560.0

567.1

575.9

582.6

584.7

597.7

603.5

613.0

624.4

•633.6

do___

352.4

372.1

394.2

348.3

350.0

355.1

356.4

364.5

369.8

377.3

376.8

386.1

390.5

396.9

403.3

409.9

do___
do___

53.2
161.8
137.3

58.5
169.4
144.2

65.6
177.1
151.5

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

70.7
182.9
156.3

82.3

86.3

96.8

78.7

80.5

83.0

86.9

. 83.8

85.2

86.0

90.2

95.4

94.2

96.9

100.5

100.9

76.6
51.9
24.7
5.7

81.7
57.1
24.6
4.6

88.8
65.0
23.9
7.9

74.2
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

93.1
69.3
23.8
7.7

do___
do___

Fixed investment
_
do___
Nonresidential
do
Residential structures
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___
' Revised.
* Preliminary.

5.6

8.5

6.0

4.0

5.8

5.5

7.1

9.0

8.1

8.7

8.3

5.1

6.6

6.2

6.2

5.7

109.8
59.7
50.0

110.7
57.8
52.8

112.7
57.1
55.6

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

111.2
56.4
54.8

112.1
56.8
55.3

113.0
57.0
56.0

114.3
58.2
56.2

117.1
60.2
56.8

9 Includes data not shown separately.

&-1

214-820 O - fifi - «,




SUltVJttl

S-2
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in t h e 1965
edition of B U S I N E S S S T A T I S T I C S

1964

1963

| 1965

Annual total

May 1966

UUKl
1964

1963
II

in

IV

I

II

1965

in

IV

I

1966

II

III

IV

570.8 * 587.9
403.6
416.2
368.1 377.0
296.1 303.1
13.7
14.4
58.3
59.5
39.2
35.5
56.2
56.9
40.7
41.0
15.9
15.5
18.7
18.8

I

II

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT—Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income total
- bil. $
Compensation of employees, total—_.
do
Wages and salaries total
do
Private
. . .
do
Military
. .-_.———-do
Government civilian
do
Supplements to wages and salaries..
do
Proprietors' income, total 9
do _
Business and professional 9
do

481.1
341.0
311.2
251.6
10.8
48.8
29.8
50.8
37.8
13.0
17.6

514.4
365.3
333.5
269.2
11.7
52.6
31.8
51.1
39.1
12.0
18.2

554.7
391.9
357.4
288.5
12.4
56.5
34.5
54.5
40.3
14.3
18.6

476.7
338.0
308.4
249.4
10.6
48.4
29.6
50.5
37.6
12.9
17.4

484.6
343.0
312.9
253.2
10.7
49.1
30.1
50.9
37.9
13.0
17.7

Rental income of Dersons
do
Corporate profits and inventory valuation adjust59.1
ment total
bil. $._
64.5
57.6
73.1
58.1
By broad industry groups:
Financial institutions
do _
8 0
7.5
89
75
75
Nonfinancial corporations, total _ _ _ do
51.6
56.5
64.2
50 6
50 1
29.5
Manufacturing, total
do
32.1
28.7
28.7
37.5
13.4
Nondurable goods industries
do
13.4
13.2
14.9
16.8
Durable goods industries
. do
15.4
15.4
17.2
16.1
20.7
Transportation, communication, and public
9.5
9.2
10.0
9.1
utilities
bil. $
10.8
All other industries
do
12 6
14 3
12 2
12 7
15 9
Corporate profits before tax, total
do
64.8
58.5
58.9
58.6
74.7
27.6
26.0
26.1
C orporate profits tax liability. . „do
26.0
30.1
37.2
32.6
32.8
Corporate profits after tax
do
32.6
44.5
17.2
15.7
15.8
Dividends
- - do_ __
15 8
18 9
16.8
17.0
19.9
Undistributed profits
...
do.
25.6
16.8
.2
-.9
-.4
-.3
Inventory valuation adjustment
do
-1.6
13.2
15.2
13.9
13.6
16.5
Net interest
do_.._
DISPOSITION OF PERSONAL INCOME
Quarterly Data Seasonally Adjusted at Annual Rates
467.1
495.0
530.7
460.1
464.8
Personal income, total
bil. $
60.6
61.0
59.2
65.4
60.9
Less: Personal tax and nontax payments
do _
406.1
435.8
399.4
465.3
403.8
Equals: Disposable personal income.. . . . do
409.5
380.5
386.3
383.4
440.5
Less* Personal outlays©
do
26.3
18.9
19.8
20.4
24.9
Equals* Personal saving§
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
10.14
9.74
39.22
44.90
51.96
All industries
.
- .
.
bil. $.
3.92
3.95
18.58
15.69
22.45
Manufacturing
do
9.43
1.96
1.96
7.85
11.40
Durable goods industries. _
do
9.16
1.95
1.99
7.84
11.05
Nondurable goods industries
do
.26
.27
1.04
1.19
Mining
do
1.30
.29
1.41
.28
1.10
1.73
Railroad
do
.45
.54
Transportation, other than rail
do
1.92
2.38
2.81
6.22
1.40
1.60
5.65
6.94
Public utilities
__
do
.93
.95
3.79
4.30
4.94
Communication
do
10.83
2.41
2.64
10.03
Commercial and other . . .
_
do
11.79
Seas. adj. qtrly. totals at annual rates:
40.00
38.05
All industries
;_
do. __
15.95
15.30
Manufacturing
do
7.65
8.00
Durable goods industries
do
7.65
8.00
Nondurable goods industries .
do
1.00
1.05
Mining
do
1.00
1.20
Railroad
do
2.05
1.85
Transportation, other than rail . . .
do
5.45
5.90
Public utilities
do
3.65
3.85
Communication
do
9.65
10.20
Commercial and other
do
U.S. BALANCE OF INTERNATIONAL
PAYMENTScf
Quarterly Data Are Seasonally Adjusted
38,652
34,932 39,150
UImports:
S. payments recorded
mil $
Merchandise
do
16 992 18 619 21,492
Military expenditures
do
2,838
2 929 2 824
Other services
do
7,650
7,014
6 515
'837
978
Remittances and pensions
do
839
3,563
3,390
Govt grants and capital outflows K
do
3,581
Increase in U S private assets net
do
6 462
3 526
4 456
Direct investments
do
1 976 2 376
3 266
Long-term portfolio
do
988
1 695 1,975
Short-term
do
2,111
785
-728
Increase in U.S. official reserve assets, net do ___
-378
- 1 7 1 -1,222
U.S. receipts, recorded
do
35,333 40,311 39,311
Exports:
Merchandise and military sales
do.
27,100
22,728 26,050
Income on investments.. _ .
do
4,654
6,054
5,457
Other services
do
4 971
5 906
5 510
Increase in foreign assets in U.S.
do
251
2 980 3 294
Liquid assets: Foreign official agencies*. _do —
1,599
-50
1,073
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 , 6 7 0 - 2 , 7 9 8 -1,301
Increase in U.S. official reserve assets and decrease
in liquid and certain nonliquid liabilities to
foreign official agencies
mil $
- 1 , 9 7 7 -1,342 -1,299
r
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.
Anticipated expenditures for the year 1966 are as follows (in bil. $): All industries, 60.23; manufacturing, total, 26.75; durable goods industries, 13.50; nondurable goods industries, 13.25;
mining, 1.51; railroad, 1.83; transportation, 3.15; public utilities, 8.04; commercial and other
(incl. communication), 18.95.
3 includes communication




492.6
349.5
318.8
257.4
11.6
49.9
30.7
51.0
38.0
13.0
18.0

501.6
355.1
324.2
261.6
11 6
51.0
30.8
50.4
38.5
11.9
17.9

510.5
361.9
330.4
266.9
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

526.3
375.4
342.6
276.5
11.9
54.3
32.7
51.8
39.6
12.2
18.5

540.6
382.4
348.9
282.0
11.8
55.0
33.5
51.9
39.9
12.0
18.5

549.5
387.9
353.6
285.9
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

59.6

63.6

64.5

65.5

64.9

71.7

72.0

73.5

75.2

74
52.2
29.7
13.5
16.1

75
56.2
31.9
14.4
17.5

7.8
56.7
32.1
15.0
17.1

8.4
57. 0
32.5
15.0
17.5

8.5
56.4
32.3
15.3
17.1

8.3

63.4
37.3
16.6
20.8

8.9
63.2
36.7
16.6
20.1

9.2
64.3
37.3
16.6
20.7

9.3
65.9
38.8
17.4
21.3

9.4
13 1
60.8
27.0
33.8
16.1
17.7
-1.2
14.5

9.9
14.5
64.0
27.3
36.7
16.7
20.0
-.4
14.5

10.1
14.5
64.5
27.5
37.0
17.1
19.9
.0
15.0

10.2
14.4
65.3
27.8
37.5
17.4
20.1
.2
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
30.1
44.5
19.2
25.3
-1.2
16.7

10.9
16.2
77.0
31.1
45.9
19.9
26.0
-1.8
17.1

I 48 A
20.6
*27.8
-2.8
17.6

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

516.2
64.8
451.4
428.1
23.3

524.7
66.2
458.5
436.1
22.4

536.0
64.8
471.2
444.4
26.8

546.0
65.7
480.3
453.2
27.1

' 557.1
'68.3
488.7
r 464.4
'24.4

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

12.84
5.59
2.83
2.76

10.79
4. 54
2.25
2.28

12.81
5.47
2.76
2.70

13.41
5.73
2.91
2.82

14.95
6.72
3.48
3.24

.28
.33
.54

.26
.32
.51

.29
.36
.63

.30
.37
.59

.33
.35
.64

.29
.39
.58

.33
.44

1.61
1.06
2.72

1.18

1.71
1.06
2.84

1.76
1.17
3.01

215.01
6.56
3.29
3.27
.40
.51
.90
2.00

2.37

1.58
1.10
2.61

U2.64
5.52
2.78
2.73
.34
.37
.76
1.47
3 4.19

3 4.64

41.20
16.45
8.30
8.15
1.05
1.35
2.10
5.80
4.05
10.45

42.55
17.40
8.85
8.55
1.15
1.40
2.30
5.95
4.05
10.25

43.50
17.80
9.00
8.80
1.15
1.25
2.25
6.30
4.30
10.45

45.65
18.85
9. 60
9.20
1.20
1.50
2.40
6.30
4.40
11.00

9,218

9,195
4, 599

.97

4,410
732

720

.32
.44
.72

.35
.46
.73

1.32
1.08
2.59

.77
1.71
1. 24
2.85

1.88
1.22
3.10

2.04
1.41
3.25

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

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

55.35
24.15
12.45
11.70
1.35
1.95
3.00
7.30
5.30
12.25

9,737

11, 000

8,851

9,604

9,951

10,246

4,709

4,901

4,663

5,480

5,594

*78.3

5 755

691

681

1,736

1,742

1,736

1,800

209

203

207

753
1,327

220

662

702

720

1,830

1,924

1,905

224

292

229

775
1,539
1,159

959
315

725
819

891

701
111
41

890
1,344

895
1,569

1,025
2,222

464
274
589

540
256
548

551
612
406

821
833
568

51
9,506

-303
9,347

-70
10, 028

151
11,430

6,343
1,396
1,345

6,258
1,395
1,338

6,550
1,392
1,393

6,899
1,274
1,434
1,823
904
613
306
—430

5,801
1,555
1 355

693

422

356

237
71
114
—288

48
231
77
—152

-116
639
170
-291

-257

-582

-593 -1,366

318.05 318.65

931
853

515
357
-53

157.20 258.90
25.15
25.80
12.80
12.90
12.35
12.90
1.45
1.55
1.65
1.80
3.30
3.20
7.65
7.95

679

-299
—842
8,861

-159
-417
-68
9,685

754

1 991
233

-41
10,267

-271
10,498

7,028
1,505
1,505

7,242
1 346
1 579

229

-255
71
334
—10

7,029
1,648
1,467
—459
-300
—26
-133
—81

-263
739
-247
-316

331

768
655
218
—252

-658

258

-517

-384 p - 5 8 2

150

28
-152
-374
-844
247
244 -1,226 p -262
-564
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.
f Less payment on U.S. Govt. loans.
X Includes certain nonmarketable, medium-term, nonconvertible Govt. securities.

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