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SUEVEY OF CUEKENT BUSINESS

July 1966

Increases were widespread among the
major industries. As compared with
April and May, the chief difference was
in private nonmanufacturing employment, which rose considerably in June
after decreasing in April and May. As
the table below indicates, the shift was
especially pronounced in contract construction where strikes earlier in the
spring held down employment.
Manufacturing employment, paced
by substantial gains in the machinery
industries and primary metals, increased by more than 100,000 in June.
There were modest cutbacks in lumber,
transportation equipment, food, and
leather; most other manufacturing industries showed small rises.
Average weekly hours of work in
manufacturing declined for the second
straight month, after seasonal adjustment. The June figure, 41.2, was 0.4
hours below the recent peak in February
and the same as the average for the
full year 1965.
The seasonally adjusted unemploym ent rate remained unchanged from
May to June at 4.0 percent. Although
the number of employed persons increased substantially, the labor force
rose somewhat more and the number of
persons out of work edged up to 3.1
million. This was slightly higher than
Table 1.—Seasonally Adjusted Changes in
Nonfarm Establishment Employment
[In thousands]
19 36
Dec.
Sept.- 1965Dec. Mar.
1966 Mar.- Mar.- Apr.- May1965
June Apr. May June

Total

466

17

125

324

209
919

243
791

198
268

65
—48

•59
66

74
250

331

351

267

80

79

108

588

440

-1 -128

-13

142

13

2

1,128 1 034

Government
Private.-.
Manufacturing___
Nonmanufacturing- __
Mining
Construction __
Transportation &
public
Utilities...
Trade
Finance
Service.

200

12
181
21
161

-2

-41

33

6

76 —130

—92

—95

57

5
—11
1
10

11
12
4
22

5
44
10
20

28
193
18
123

21
45
15
52

Source: U.S. Department of Labor, Bureau of Labor
Statistics.




I CHART 3

Dealers' Sales of New Domestically
Produced Cars
Showed some recovery in June after
decreases in April and May
Million Units

10

than last year; this will hold assemblies
of passenger cars in July to about
460,000 units, which will virtually complete the 1966 model year runs. According to present schedules, the 1967
models are not expected to be produced
in any sizable volume until late August.
Industrial prices higher

Strike Period
5 f 1 1 1 il,t 1 1 1 1 1 1 1 \ \ i.l Hi 1 1 1 1 H 1 1 l;n 1 1 1 1 1 n i, 11 HIM
1963

1964

1965

1966

Monthly, Seasonally Adjusted, at Annual Rates
U.S. Department of Commerce, Office of Business Economics

66-7-3

the level that prevailed in the first 5
months of 1966.
Some recovery in auto sales

Sales of new domestically produced
passenger cars, which fell sharply in
both April and May, recovered significantly in June. The seasonally adjusted annual rate increased to 8.3
million units from 7.4 million in May
arid 8 million in April. For the quarter
as a whole, dealers' sales of new cars
were some 13 percent below the high
first quarter rate.
The auto industry is approaching the
end of the 1966 model year with the
number of unsold new cars at a record
level. Inventories at the end of June
totaled 1.5 million units, seasonally
adjusted, and were equivalent to a
stock-sales ratio of 2.2; in June 1965,
inventories totaled 1.2 million units and
the stock-sales ratio was 1.6.
Output of passenger cars in June was
maintained at about the reduced volume of May, some 7 percent below the
January-April average, after seasonal
adjustment. Factory shutdowns and
vacations will start 2 to 3 weeks earlier

Prices in wholesale markets rose very
slightly in June, continuing the pattern
evident since March. As in other
recent months, an increase in industrial
prices was largely offset by a reduction
in prices of farm products and processed
foods combined.
Wholesale industrial prices in June
rose 0.2 percent—somewhat more on a
seasonally adjusted basis—for the sixth
straight month of increase. Most of
the major commodity groups showed
rises last month, after seasonal allowance; however, lumber declined, and
textiles, nonmetallic mineral products,
and furniture and household durables
were unchanged.
Although demand and output rose
less rapidly this spring than early in
the year, there have so far been no
indications of a slowdown in the overall
rise in industrial prices. From March
to June, wholesale industrial prices
increased as much as from December
to March; this was the result of shifts
that were largely offsetting, as may be
seen in the table below.
Table 2.—Seasonally Adjusted Changes in
Wholesale Industrial Prices
[Percent change]
Dec.
1965Mar.
1966

All industrial commodities

Mar.June
1966

0.9

1.0

.4
4.1
-.1
—.2
.9

.1
30
1.8
.3
1.5

Lumber and wood products
Pulp paper, and allied products
Metals and metal products
Machinery and motive products. _.

25
.8
1.3
.9

17
1.4
.6
.9

Furniture and other household durables.
Nonmetallic mineral products
Tobacco products and bottled beverages.
Miscellaneous products
_ __

.1
.4
1.6
1. 2

.6
4
.4
4.6

Textile products and apparel.
'. _.
Hides skins leather
Fuels and power ._
_Chemicals and allied products
Rubber and rubber products.. -•.

Source: Basic data, Bureau of Labor Statistics; seasonal
adjustments, U.S. Department of Commerce, Office of Busi
ness Economics.

SURVEY OF CUEEENT BUSINESS

July 1966

NATIONAL INCOME AND PRODUCT TABLES
1965
1963

1964

1965

I

II

1965

1966

III

IV

UP

I

1963

1964

1965

I

Seasonally adjusted at annual rates

II

1966

III

rv

I

II"

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1958 dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
590.5 631 7

Gross private domestic investment

660 8

672 9

721 2

732 0

551 0

580 0

614 4

600.3 607.8 618.2

631.2

431 5

418 9

426 8

686 5
435 o

704 4

401 4

445 2

455 0

458 9

353 3 373 8

396 2

387 1 392 2

398 9

406.5 412.8

53.9
168.6
152 4

Durable goods
Nondurable goods
Services

681 2

375 0

Gross National Product
Personal consumption expenditures

59 4 66 1
178.9 190.6
163 1 174 8

65 1
184.5
169 3

64.4
189.4
173 0

66 7
191. 4
176 9

68 0
197 0
180 2

70 3
201.9
183 4

66 8
204.7
187 4

53 7
162 2
137 4

59 1 66.4
170.5 178.2
144 2 151 6

64.8 64.2
174.2 177.6
148 1 150 4

67.2 69.2
178.5 182.5
153.1 154. 8

72.2
184.1
156.5

103.8

103.7

106.7

111.9

114.5

118.4

82.5

87.1

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

93.0

106.6

97.9

102.2

644.2

103.5

91.9
68.4
23.2
45.2
23.5
23.0
.5
10.2
8.9
1.3

95.0
70.8
24.3
46.4
24.3
23.8
.5
8.5
8.0
.4

81 9
57 4
18.9
38 5
24 6
24.0
.5
46
5.2
—.6

89.0
64.9
21.7
43.2
24.1
23.6
.5
88
8.0
.9

86.6
62.3
20.7
41.5
24,4
23.8
,.5
9.3
9,3
»0

88.0
63.4
21.7
41 7
24.5
24.0
.5
73
6.5
.8

5.3
42.3
37.0

5.6
32.1
26.6

8.5
36.4
28.0

6.3
37.3
31.0

5.7
33,, 4
27., 7

7.1
38.7
31.6

6.4
38.4
31.9

6.0
38. 7
32.8

5.9
40.1
34.2

141.2
69.8
52.5
17.3
71.4

145.0 149.4
71.9 74.6
54.6 57.0
17.4 17.6
73.1 74.8

109.6
59.5

111.3
57.8

114.1
57.8

111.5
56. 2

113.2
57.3

115.0
58.3

116.6
59.3

118.3
60.4

50.1

53.4

56.3

55.3

55.9

56.7

57.3

57.9

111.6

112.6

631.2

640.5

609.7 621.0
8.5 10.2

632.0
8.5

97 5
69.7
24.9
44 8
27 8
27.2
.6
91
81
.9

94 4
66 7
23.6
43 1
27 7
27 2
.6
95
94
.0

96 0
67 9
24.6
43 3
28 1
27.5
.6
76
67
.9

98 0 101 5 105 6 106 4
70 2 73 9 77.0 78.3
24 4 26.8 28.5 28.0
45 8 47 1 48 5 50 3
27 8 27 6 28 6 28 1
27 3 27.0 28.0 27.6
.5
.5
.5
.5
8 9 12 0
8 7 10 4
72
8.5 11.8
9.0
.2
1.4
.5
1.5

5.9
32.3
26.4

8.5
37.0
28.5

7.0
39.0
32.0

6.4
35.1
28.7

8.2
40.5
32.3

7.1
40.1
33.0

6.1
40.3
34.2

Government purchases of goods and services
Federal
National defense
Other
State and local

122.5
64.2
50 8
13.5
58.2

128.9
65.2
50 0
15.2
63.7

136.2 131.6
66.8 64.4
50 1 48.2
16.7 16.2
69.4 67.3

134.3 137.7
65.6 67.5
49 1 50 7
16.5 16.8
68.7 70.2

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

107.2

108.9

110.9

110.7

111.0

95.3

95.9

76 7
51 9
17.9
34 0
24 8
24 2
.5
58
5.1
.8

88 3
60.7
21.0
39 7
27 6
27 0
.6
47
53
—.6

110.1

97.8

89.4
65.5
21.3
44.2
23.9
23.4
.5
8.5
7.1
1.4

81 3
54.3
19.5
34 8
27 0
26.4
.6
59
51
.8

Net exports of goods and services
Exports
Imports

86.5

640.5

6.0
41.7
35.6

113.6

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross National Product

„

Final sales
Change in business inventories
Goods output

590.5

298 6

Final sales
Ohange in bnsvrifisR invp.'ntoTie.s

631.7

584 6 627 0
59
47
318 2

292 7 313 6
59
47

681.2

660.8

686.5 704.4 721.2

358 8

366 0

357.0
89

135.2
128 8
6.4

147.6
141 8
5.8

344 7

333 8

116.1
113 3
2.8

125 5 138 5 135 1
122 2 132 2 127 7
63
74
33

Nondurable goods
Final sales
Change in business inventories

182 5
179 4
3.1

192 7 206 3
191 3 203 5
1.4
2.7

338 8

198 7 203 6
196 6 202 4
21
1.2
254 3 259 8

226 2

244 5

262 0

Structures

65 7

68.9

74 5

72 7

74.3

Addendum : Gross auto product

25 1

25 8

31 4

32 6

30.8

347 5

141 0
134 3
67

142.6
137 9
4.7

732.0

712 3 720 0
8 9 12.0

335 7 324 3 331.2 338.8 348 4
76
91
95
8 7 10 4

Durable goods
Final sales
Change in business inventories

Services

672.9

672 1 651 4 665 3 677 8 694 0
76
91
95
8 7 10 4

206 5 216 2 218 4
204 4 210 5 215 2
5.7
3.1
2.1

580.0

614.4

600.3 607.8

545 2 575 4
46
58

605 6
8.8

591 0
9.3

551.0

600 5
7.3

618.2

644.2

289 7 307 2 328 5 319. 7 322 5 330.9 341.0 344.7
283.9 302.6 319.7 310.3 315.2 322.4 330.7 336.2
8.5
12 0
9.3
8.5 10.2
46
58
88
73
114.2 123 1 135 5 131.8 131. 7 138.3 140.3 145.4
111 4 119 9 129 4 124 6 125 5 131 8 135.7 139.9
5.5
4.7
6.5
6.1
7.2
2.8
3.2
6.2
175 6 184 1 193 0 187 8 190 8 192 6 200 6 199.4
172 5 182 7 190 3 185 7 189 6 190 6 195.1 196.3
3.0
5.6
2.1
2.0
1.4
2.7
1.1
3.1

265 1 268 8

275 5

200 9

211 2

73 9

76.9

79.8

60 4

61.7

31 6

30 5

31.5

24 7

25 4

227.7

221 1 216 6

220 3

223 3

224.0

64.8

64.0

65.0

64.0

66.2

68.0

31 4

32 2

30 6

31.9

30.7

32.2

607.8

618.2

631.2

640.5

579.4

588.0

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross National Product
Private

_

._

Business
Nonfarm
Farm
Households and institutions
Rest of the world
General government

590.5 631.7

681.2

660.8

672.9

686.5 704.4

721.2

532.4

568.7

613. 4 595.2

606.4

618.2

633.8

648.4

513 0
491.5
21 5
16.0
34

547 4
527 0
20 4
17 3
40

590 8 573 0
567. 1 551.6
23 8 21 4
18.3 17.5
47
43

583 6
559.4
24 2
18.0
48

595 3 611 2 624.9
570.6 586.6 599.3
24 7 24 7 25 7
18.7 19.1 19.1
44
41
34

58.1

63.0

67.8

65.6

66.6

68.3

70.6

72.8

732. 0

551.0

580.0

614.4

503.2

530.8

563.5 550. 2

600. 3

486.6 513.3 545 4 532 '2
463.8 491. 2 521. 7 509.4
22 8 22 0 23 8 22 8
13.2 13.6 14.0
13.4
34
39
41
46
47.8

49.2

50.9

50.1

557.3 567.2

538 9 548 9 561 6 569.4
515.1 524 6 537.5 546.4
23 8 24 3 24 1 23.0
13 7 14 2 14.5 14.3
33
43
46
40

50.5

p Preliminary.
NOTE.—The numbers in parentheses in the titles of tables 1-14 on pages 4-6 are the numbers of the national income and product tables on pages 11-39.




51.1

51.8

52.5

644.2

1965
1963

1964

1965

I

II

1966

III

IV

I

1965

1966

UP

1963

1964

1965

I

II

III

Seasonally adjusted at annual rates
[Billions of dollars]

IV

I

HP

Seasonally adjusted at annual rates

Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)

[Billions of dollars]

Table 6.—National'Income by Type of Income (1.10)
National income

481.9 517.3 559.0 543.3 552.2 562.7 577 8 595 7

Compensation of employees

341.0 365.7 392.9 381.7 387.8 395.6 406.5 419.6

Wages and salaries

Supplements to wages and
salaries
Employer contributions for
social insurance

26.9

28.0

29.2

28.8

29.0

29.2

29.8

36.5

37.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

33.0

34.2

37.1

36.0

35.2

39.4

37.9

40.0

40.1

17.6
16. 5

19.1
17.3

20.6
19.2

20.0
18.1

20.5
18.8

20.9
19.5

21.0
20.2

21.9
20.9

22.5
21.1

2.3

2.5

2.6

2.6

2.5

2.5

2.6

2.6

2.6

465.5 496.0 535.1 518.0 527.6 541.9 552.8 564.6

573.3

Proprietors' income .

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

Gross corporate product. __ 335.0 360.9 391.2 381. 8 385.8 393. 1 403.9 415.2
Capital consumption allowances
Indirect business taxes plus
transfer payments less subsidies
Income originating in corporate
business . _- .
Compensation of employees. .
Wages and salaries
Supplements
Net interest
Corporate profits and inventory valuation adjustment
-_
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits. __
Inventory valuation adjustment
-. -~---

33.9

36.3

35.2

36.0

36.8

37. 2

37.7

38.3

32.9

34.8

37.4

37.1

37.1

37.3

37.9

37.3

38.6

216.3 231.4 249.0 242.4 246.1 250. 5 256.8 265.9 270.8
194.9 208.5 224. 1 218.3 221.6 225.4 231.2 237.2 241. 5
21.4 22.9 24.8 24.1 24.5 25.1 25.7 28.7 29.3
-2.4 -2.7 -2.5 -2.6 -2.5 -2.4 -2.4 -2.4 -2.5

-.5

-.4 -1.5 -1.3 -1.8

Gross product originating
infinancialinstitutions. . 15.0

15.6

71.0
72.5
31.2
41.3
17.7
23.6

16.5

69.6
71.0
30.7
40.3
16.5
23.7

16.0

69.2
70.9
30.7
40.2
17.2
23.0

16.3

70.9
71.9
30.9
41.0
18.1
22.9

74.4
76.2
32.4
43.7
19.0
24.7

76.7
79.5
34.1
45.4
19.4
26.0

17.2

1

31.0

32.9

35.3

34.2

35.0

35.8

36.3

36.8

37.2

31.5

33.3

35.8

35.5

35.5

35.8

36.3

35. 7

36.9

257.6 279.0 303.5 296.0 299.0 304.9 314.1 324.7
204.4 218.7 235.5 229.4 232.8 236.9 243. 0 251. 6 256.3
184. 5 197.3 212. 3 206.9 209.9 213.5 219.0 224.8 228.9
19.9 21.4 23.2 22.5 22.9 23.4 24.0 26.8 27.4
5.2
4.5
5.9
5.8
6.0
6.3
5.8
5.6
6.5
48.6
49.1
22.9
26.2
14.3
11.9

55.2
55.6
24.3
31.3
14.6
16.8

-.5

-.4 -1.5 -1.3 -1.8 -1.0 -1.8 -2.8 -2.0

62.1
63.6
27.5
36.1
16.2
19.9

61.1
62.4
27.1
35.3
15.0
20.2

60,4
62.2
27.0
35.2
15.7
19.5

34.1 34.8

35.7

39.6

15.8

15 9

16.0

16 3

19 6

19 9

14.9

16.6

18.5

17.8

18.2

18.8

19.4

20.0

20 6

12.2
2.7

13.7
3.0

15.4
3.1

40 5

64.9
66.7
28.5
38.2
17.5
20.7

51.0

51.9

55.7

53.3

55.9

56.7

57.1

58.4

57.9

39.9

40.7

40.5

40.4

40.7

41.1

41.4

41.6

37.9

39.9

41.0

.0

.0

-.4

Farm.

13.1

12.0

15.1

12.9

15.5

16.0

16.0

17.0

16.3

Rental income of persons _

17.1

17.7

18.3

18.1

18.3

18.4

18.5

18.7

18.8

58.9

66.6

74.2

73.2

72.7

74.0

76.9

80.0

59.4

67.0

75.7

74.5

74.5

75.0

78.7

82.7

26.3 28.4
33.1 38.7
16.5 17.3
16.6 21.3

31.2
44.5
19. 2
25.3

30.7 30.7
43.8 43.8
18.1 18.8
25.7 25.0

Profits tax liability
Profits after tax
Dividends
_ __
Undistributed profits

67.3
70.1
30.2
39.9
17.7
22.2

62.3
57.1

69.5
64.3

77.6
71.4

75.5
69.5

76.2
70.1

77.8
71.6

80.9
74.4

83.1
76.7

46.8
42.8

53.5
49.7

59.9
55.2

58.9
54.5

59.0
54.4

59.7
55.0

61.9
57.0

63.7
58.9

30.9 32.4 34.1
44.1 46.3 48. 7
19. 5 20. 2 20.9
24.6 26.1 27.8

21.1

-.5

-.4 -1.5 -1.3 -1.8 -1.0 -1.8 -2.8

-2.0

13.8

Net interest

15.5

17.8

16.9

17.5

18.1

18. 7

19.1

19.6

Table 7.—National Income by Industry Division (1.11)
481.9 517.3 559.0 543.3 552.2 562.7 577.8 595.7

Agriculture, forestry, and
fisheries
Mining and contruction
Manufacturing
_
Nondurable goods
Durable goods

18.6 17.7 21.0 18.6 21.4 21.9 22. 1 23.2
30.2 32.4 34.8 34.1 34.4 34.6 35.9 37.1
143.8 155.1 170. 4 166.7 167.6 170.8 176.5 184. 4
57.5 61.5 65.6 64.4 64.9 65.6 67.5 69.8
86.3 93.6 104.8 102.2 102.7 105.2 108.9 114.7
21.4
10.5

22.9
11.2

22.0
10.9

22.8
10.9

23.1
11.2

23 7
11.6

24.1
11.7

11.1
79.1

11.6
83.6

11.3
82.1

11.6
82.5

11. 7
83.9

11.9
85.9

11.9
88.0

61.0
63.0

59.3
60.6

60.3
62.0

61.5
64.1

62.9
65.3

63.7
66.4

75.2
4.3

72.9
4.7

73.9
4.8

75.7
4.1

78.5
3.4

80.7
4.4

Finance, insurance, and real
estate
53.6 57.1
Services
_ __
54.1 58.9
Government and government
enterprises
_ _ _ _ _ 64.7 70.0
3.4
Rest of the world
4.0

Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
All industries, total

_ _ 58.9

66.6

74.2

73.2

72.7

74.0

76.9

80.0

7.8

8.4

8.9

8.5

8.7

8.9

9.5

9.4

1.6
6.2

1.7
6.7

1.8
7.1

Financial institutions
Mutual
Stock. .

__

Nonfinancial corporations

Excludes gross product originating in the rest of the world.
Preliminary.




61.9
62.9
27.2
35.8
16.6
19.2

33.5

16.0

Transportation
20.0
O omm un ication
9.8
Electric, gas, and sanitary
services
10.3
Wholesale and retail trade. _ _ _ _ _ 73.4

18. 0

Gross product originating
in nonfinancial corpora320.0 345.3 374.6 365.8 369.5 376.5 386.7 397.2
tions
Capital consumption allowances
Indirect business taxes plus
transfer payments less subsidies
Income originating in nonfinancial onrporations
Compensation of employees . _
Wages and salaries
Supplements
Net interest
Corporate profits and inventory valuation adjustment
Profits before tax . _.
Profits tax liability . . _
Profits after tax
Dividends
Undistributed profits. __
Inventory valuation adjustment

34.5

15.4

All industries, total

-1.0 -1.8 -2.8 -2.0
16.6

32.0

15.0

37.9

Inventory valuation adjustment

270.4 292.3 317.5 309.5 312.8 319.0 328.8 340.1

63.6
64.0
28.4
35.6
16.0
19.6

29.9

Business and professional
Income of unincorporated
enterprises __ __ _ _ _
Inventory valuation adjustment

Profits before tax . _

31.8

56.4
56.9
26.3
30.5
15.4
15.1

311 3
14 1
61.8

Corporate profits and inventory
valuation adjustment

Table 5.—Gross Corporate Product 1 (1.14)

Addenda:
Cash flow, gross of dividends:
All corporations.
Nonfinancial corporations
Cash flow, net of dividends:
All corporations
Nonfinancial corporations

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

387 2

251.6 269.3 289.1 281.2 285 8 291.1 298 5 305 9
10.8 11.7 12.1 11.8 11.7 12.0 13.0 13.6
48.6 52.6 57.1 55.2 56.3 57.7 59.3 60.4

Private
Military
Government civilian

insurance
Wage accruals less disbursements

427.7

311.1 333. 6 358. 4 348.2 353.7 360.8 370.8 380.0

Manufacturing
Nondurable goods
Durable goods
Transportation, communication, and public utilities
All other industries

51.2

58.2

65.3

64.6

64.0

65.0

67.5

70.6

28.8
13.0
15 8

32.4
14.5
17 9

37.8
15.7
22 1

37.4
15.5
21 9

36.7
15.5
21 2

37.4
15.5
21.9

39.6
16.4
23.2

41.9
17.2
24.7

9.5
12.9

10.4
15.4

11.1
16.4

10.7
16.5

10.9
16.4

11.2
16.4

11.5
16.4

11.3
17.4

1. Gross National Product and National Income
Table 1.1.— Gross National Product
1962

1963

1964

1962

1965
I

II

III

IV

Millions of dollars

II

III

IV

I

II

III

IV

605.8

616.8

627.7

637.9

644.2

660.8

672.9

686.5

704.4

357.2 363.0

368.2 372.0

378.3

381.5

391.1 398.0

407.5

408.8

418.9

426.8

435.0

445.2

50.1 51.1
163. 2 165.3
144. 0 146.7

52.4
167. 1
148.7

53.2
168.0
150.8

54.5
169.9
153.9

55.6
169.6
156.3

57.6
174.9
158.7

61.1
181.7
164.7

58.9
182. 4
167.5

65.1 64.4
184.5 189. 4
169. 3 173.0

66.7
191.4
176.9

68.0
197.0
180.2

557.2

564.4

348.3

351.7

49,540 53,928 59,353 66,057
162, 557 168,632 178,877 190,596
142,960 152,422 163,126 174,812

48.5
160.2
139.6

48.5
161.6
141. 6

572.0

577.4

59.8
176.5
161.6

83,018

92,959 106,559

80.6

82.8

84.3

84.7

82.7

85.1

88.0

92.9

90.2

91.8

92.5

97.4

103.8

103.7

106.7

111.9

81,274

88,293

97, 478

73.9

76.7

79.2

78.3

78.1

80.3

82.0

84.7

86.6

87.6

88.9

90.0

94.4

96.0

98.0

101.5

51, 667
19,207

Nonresidential
Structures
Producers' durable
equipment

87,140

77, 014

Fixed investment

Residential structures
Nonfarm _.
Farm

I

IV

594.7

547.8

Gross private domestic investment
-- ..

III

584.2

560,325 590,503 631,712 681,207

Durable goods
Nondurable goods
Services

II

Billions of dollars, seasonally adjusted at annual rates

Personal consumption expenditures
355,057 374,982 401,356 431,465

Gross national product

I

1965

1964

1963

54,284
19,469

60,714
21,011

69,679
24,864

49.5
18.5

51.3
19.2

53.1
19.7

52.7
19.5

52.0
18.8

53.5
19.7

55.0
,19. 4

56.8
19.9

58.1
20.3

59.7
20.9

61.7
21.0

63.3
21.8

66.7
23.6

67.9
24.6

70.2
24.4

73.9
26.8

32,460

34,815

39,703

44,815

31.0

32.1

33.5

33.2

33.2

33.8

35.5

36.8

37.9

38.8

40.7

41.4

43.1

43.3

45.8

47.1

25,347
_. 24,753
594

26,990
26,411
579

27,579
27, 017
562

27,799
27,249
550

24.4
23.8
.6

25.4
24.8
.6

26.0
25.4
.6

25.6
25.0
.6

26.1
25.5
.6

26.8
26.2
.6

27.1
26.5
.6

28.0
27.4
.6

28.5
27.9
.6

27.9
27.3
.6

27.2
26.6
.6

26.7
26.2
.6

27.7
27.2
.6

28.1
27.5
.6

27.8
27.3
.5

27.6
27.0
.5

6,004
5,290
714

5,866
5,081
785

4,666
5,260
-594

9,081
8,146
935

6.7
6.3
.4

6.1
5.6
.5

5.2
4.3
.8

6.4
6.3
1.1

4.7
4.0
.7

4.8
4.3
.6

6.0
5.3
.7

8.1
7.0
1.2

3.5
3.6
.0

4.2
5.1
-.9

3.6
4.6
-1.0

7.4
7.9
—. 5

9.5
9.4
-.0

7.6
6.7
.9

8.7
7.2
1.5

10.4
9.0
1.4

Change in business inventories
Nonfarm
Farm _

5,130

5,897

8,490

6,957

4.6

5.7

5.3

4.9

4.6

6.2

5.6

7.1

9.0

7.9

8.4

8.6

6.4

8.2

7.1

6.1

30,278
25,148

32,339
26,442

36,958
28,468

38,993
32,036

29.2
24.6

30.9
25.2

30.6
25.3

30.4
25.6

30.1
25.5

32.4
26.2

32.5
26.9

34.3
27.1

36.4
27.4

36.0
28.1

37.2
28.8

38.1
29.6

35.1
28.7

40.5
32.3

40.1
33.0

40.3
34.2

Government purchases of goods
and services
117, 120 122,484 128,907 136,226

Net exports of goods and servicesExports
Imports

_

_ _

114.4

117.0

117.4

119.3

121.9

120.9

122.9

124.3

126.5

131.6

134.3

137.7

141.2

Federal
_ 63,389
National defense. _ __ _ _- 51,582
Other
11,807

64,244
50, 760
13, 484

65,182
49,985
15, 197

66,827
50, 143
16,684

61.9
51.1
10.8

64.0
53.0
10.9

63.3
51.3
12.0

64.4
50.9
13.5

65.0
51.2
13.8

63.4
50.5
12.9

64.2
51.0
13.2

64.4
50.3
14.1

64.9
50.1
14.8

66.6
51.6
15.1

65.1
49.8
15.3

64.1
48.5
15.6

64.4
48.2
16.2

65.6
49.1
16.5

67.5
50.7
16.8

69.8
52.5
17.3

State and local.

58,240

63,725

69,399

52.5

53.1

54.1

55.0

56.9

57.5

58.7

59.8

61.6

63.4

64.4

65.3

67.3

68.7

70. 2

71.4

53,731

130.1 129.5

129.4

Table 1.2.—Gross National Product in Constant Dollars
[Billions of 1958 dollars]

1962

1962

1963

1964

1965

I

II

III

IV

I

II

19 55

1964

1963
III

IV

IV

I

II

III

rv

578.1 585.0

587.2

600.3

607.8

618.2

631.2

371.0

378.9

387.1 392.2 398.9

406.5

II

I

III

Se asonally adjustf >dat annual rat es
Gross National Product. ._ . 529.8
Personal consumption
expenditures

338.4

Durable goods
Nondurable goods
Services .

49 2
158.2
131 1

Gross private domestic
investment. .

Net exports of goods and
servicesExports.Imports
Government purchases of
goods and services. __
Federal
State and local




614.4

519.5

527.7

533.4

353.3

373.8

396 2

333 3

335.7

340 1 344 6

53 7
162 2
137 4

59 1
170 5
144 2

66 4
178 2
151 6

48 1
156 4
128 8

538.3

48 1 49 7 50 8
157 6 158 7 160 0
130 1 131 8 133 8

541.2 546.0
348.5

350 9

52 2 53 0
161 3 161 7
135 0 136 2

554.7

562.1 569.7

356 1 357.7
54 4
163 3
138 4

55 3
162 4
140 0

365 7
57 2
167 2
141 2

379.5

59 5 60 9 58 8 64 8 64.2
168 4 173 3 173 1 174 2 177 6
143 1 145 3 146 9 148 1 150 4

67.2 69.2
178 5 182 5
153 1 154 8
102.2

79.4

86.5

97 8

77 2

79.0

80 6

80 7

78 7

80 6

84 6

85 6

85.7

90.2

95.9

95.3

97.9

89 0

70 7

73 1

75 3

74 5

74 1

75 9

83 1
77 2

87 7

81 9

79 7

81 2

81 6

82.2

82.8

86 6

88.0

89.4

91.9

51 9
17 9

57 4
18 9

64 9
21 7

47 6
17 3

49 3
18 0

51 1
18 3

50 7
18 1

49 8
17 3

51 1
18 1

52 5
17 8

54 3
18 3

55 5
18 7

56 6
18 9

58 2
18 7

59 2
19 2

20 7

63.4
21 7

65.5
21 3

68.4
23 2

31 7

_

82.5
76 7

49.7
17 9

Nonresidential- _ _
Structures
Producers' durable
equipment

Change in business
inventories
Nonfarm
Farm...

580.0

73.4

Fixed investment

Residential structures
Nonfarm
Farm

551.0

34 0

38 5

43 2

30 3

31 3

32 8

32 6

32 5

33 1

34 7

41 5

23.8
23 2
6

24.8
24.2
5

24.6
24 0
5

24.1
23 6
5

23.1
22 5

23.8
23 3
g

24.2
23 7
6

23.8
23 3

24.3
23 7
5

24.7
24 2
5

24.7
24 2
5

6.0
52
7

58
51
g

46
52
— 6

88
80
9

65
60
4

59
53
5

53
44
9

62
51
11

46
39
7

48
42
5

59
53
6

Q

Q

36 7

37 7

39 5

40 0

41.7

44.2

45 2

25.4
24 9
5

25.7
25 2
5

24.9
24 4
5

24.1
23.5
5

23.6
23.1
5

24.4
23 8
5

24.5
24.0
5

23.9
23.4
5

23.5
23.0
5

81
69
12

35
35

40
49
— 9

3.5
45
—1 0

7.4
79
— 5

9.3
93

7.3
65
.8

8.5
71
1.4

10.2
89
1.3

35 9

o

o

4 5

56

85

63

35

52

49

4 4

39

57

55

71

92

82

84

80

5.7

7.1

6.4

6.0

30.0
25 5

32.1
26 6

36.4
28 0

37 3
31 0

28 5
25 0

30 7
25 5

30 5
25 6

30 3
25 9

29 8
25 9

32 2
26 5

32 5
26 9

34 1
27 0

36 1
26 9

35 7
27 5

36.7
28 3

37.1
29 0

33.4
27 7

38. 7
31.6

38.4
31.9

38.7
32 8

107.5

109.6

111.3

114. 1 105.5

107.8

107.8 108 5

110.2

108 7

110 0

109.5

110.3

113.2 115.0

116.6

60.0
47.5

59.5
50.1

57 8
53.4

58 6
46 9

60 7
47.1

60 8
49.4

59 0
49 7

59 6
50 4

58 7
50.9

58 2
52 0

58.3
56.7

59.3
57.3

57 8
56.3

60 2
47.6

60 6
48.0

113.3 111.3 110.1 111.5
59 7
53.6

57 4
53.9

56.1
54.0

56.2
55.3

57.3
55.9

11

CURRENT BUSINESS STATISTICS

JL'HE STATISTICS here update series published in the 1965 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OP CURRENT BUSINESS. That volume (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

1963

1965

1 1964

II

Annual total

III |

1964

IV

I

II

1966

1965

III

IV

I

II

III

IV

I

| II*

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
Gross national product, totalf

- . ., _

bil. $

Personal consumption expenditures, total.. __do____
Durable goods total?
_
Autom obiles and parts
_____
Furniture and household equipment
Nondurable goods, total 9
Clothing and shoes
Food and beverages
Gasoline and oil
Services total 9
Household operation
Housing
Transportation

do
do —
do

- - - - --do
do
do _
- -- -do _
- - - - ;_-

do
-do _
_do___^
do

••590.5

r

631. 7 ' 681. 2 ' 584. 2 ' 594. 7 ' 605. 8 ' 616. 8 ' 627. 7 ' 637. 9 ' 644. 2 '•660.8 ' 672. 9 '686.5 ' 704. 4 ' 721. 2

732.0

375.0

401.4

431. 5

372.0

378.3

381. 5

391. 1

398.0

407. 5

408.8

418. 9

426.8

435.0

445.2

455.6

458.9

53.9

24.3
22.2

59.4
25.8
25.1

66.1
29.8
27.1

53.2
24.1
21.7

54.5
24. 4
22. 5

55.6
24.9
23.1

57.6
25.3
24.1

59.8
26.0
25.4

61.1
27.1
25.3

58.9
24.6
25.7

65.1
30.1
26.0

64.4
29.2
26.2

66.7
30.2
27.3

68.0
29.9
28.8

70.3
31.4
29.6

66.8
28.3
29.3

168.6
30.6
88.2
13.5

178.9
33.6
92.8
14.1

190. 6
35.9
98. 4
15.1

168.0
30.3
88.3
13.3

169.9
31.4
88.3
13.5

169. 6
30.7
88.6
13.7

174.9
32.8
90.7
13.9

176. 5
32.7
92.1
13.9

181.7
34.3
93.9
14.2

182. 4
34.4
94. 4
14.4

184.5
34.6
95.4
14.4

189.4
35.6
97.8
15.2

191.4
36.0
98.7
15.3

197. 0
37 5
101.6
15.7

201.9
39 4
103.3
15.8

204.7
39.6
104.4
16.0

152. 4
23.1
55.4
11.4

163.1
24. 3
59.2
11.8

174. 8
25.6
63.2
12.8

150.8
22.7
55.0
11.4

153.9
23.5
55.8
11.5

156.3
23.3
56.8
11.6

158.7
23.8
57.7
11.7

161.6
24. 2
58.7
11.7

164.7
24.7
59.6
11.9

167. 5
24. 7
60.7
12.1

169.3
24.7
61.6
12.2

173.0
25.4
62.7
12.7

176.9
26.0
63.6
13.0

180.2
26.3
64.7
13.4

183.4
26.5
66.0
13.5

187. 4
27.4
67.1
13.9
?118.4

Gross private domestic investment, total

do....

87.1

93.0

106. 6

85.1

88.0

92.9

90.2

91.8

92. 5

97.4

103.8

103. 7

106.7

111.9

114.5

Fixed investment
Nonresident ial
Structures
_ _ _
Producers' durable equipment
Residential structures
Nonfarm
Change in business inventories. _ _
Nonfarm
. _ __

do
-do __
do.
do
do
-do _
do
do

81.3
54.3
19.5
34.8
27.0
26.4
5.9
5.1

88.3
60.7
21.0
39.7
27.6
27.0
4.7
5.3

97.5
69.7
24.9
44.8
27.8
27.2
9.1
8.1

80.3
53.5
19.7
33.8
26. 8
26.2
4.8
4.3

82.0
55.0
19.4
35.5
27.1
26.5
6.0
5.3

84.7
56.8
19.9
36.8
28.0
27.4
8.1
7.0

86.6
58.1
20.3
37.9
28.5
27.9
3.5
3.6

87.6
59.7
20.9
38.8
27.9
27.3
4.2
5.1

88. 9
61.7
21.0
40. 7
27.2
26.6
3.6
4.6

90.0
63.3
21.8
41.4
26.7
26.2
7.4
7.9

94.4
66.7
23.6
43.1
27.7
27.2
9.5
9.4

96.0
67.9
24.6
43.3
28.1
27.5
7.6
6.7

98.0
70.2
24. 4
45.8
27 8
27.3
8.7
7.2

101.5
73.9
26.8
'47.1
27 6
27.0
10.4
9.0

105.6
77. 0
28.5
48.5
28.6
28.0
8.9
8.5

106.4
78.3
28.0
50.3
28.1
27.6
12.0
11.8

Net exports of goods and services .
Exports
- - Imports
_ _
.

do_ _
do
do____

5.9
32.3
26.4

8.5
37.0
28.5

70
39.0
32.0

6.2
32.4
26.2

5.6
32.5
26. 9

7.1
34.3
27.1

9.0
36.4
27.4

7.9
36.0
28.1

8.4
37.2
28.8

8.6
38. 1
29.6

6.4
35. 1
28.7

8.2
40.5
32.3

7.1
40.1
33.0

6.1
40.3
34.2

6.0
41. 7
35.6

5.3
42.3
37.0

122. 5
64.2
50.8
58.2

128.9
65.2
50.0
63.7

136.2
66.8
50.1
69.4

120.9
63.4
50. 5
57.5

122.9
64.2
51.0
58.7

124.3
64.4
50.3
59.8

126.5
64.9
50.1
61.6

130.1
66.6
51.6
63.4

129.5
65.1
49.8
64. 4

129. 4
64.1
48.5
65.3

131.6
64.4
48.2
67.3

134.3
65.6
49.1
68.7

137.7
67.5
50.7
70.2

141. 2
69.8
52.5
71.4

145.0
71.9
54.6
73il

149.4
74.6
57 t O
74.8

623. 5 ' 634. 4 ' 636. 8 ' 651. 4 ' 665. 3 '677.8 ' 694. 0 '712.3
324.3 331 2 338 8 348 4
311. 4
316.9
357. 0
318. 8
122. 4
127.7
125 0
122. 0
128 8
134 3
137 9
141.8
215 2
202 4
210 5
193 8
195 0
196 6
204 4
189 0
242.7 247 1 251. 1 254 3 259 8 265 1 268 8
275.5
69.4
72.7
68.5
76.9
79.8
68.8
74.3
73.9

720.0

Govt. purchases of goods and services, total.. do
Federal
-_
do
National defense
- _ do _
State and local _ _..._ _ _
do;
By major type of produetrf
Final sales, total
Goods, total __ _ _
_ __
Durable goods
Nondurable goods
Services
Structures _
_

do
__do
do
do
do _
do

Change in business inventories..^
Durable goods
Nondurable goods „_ __

do
do do

'584.6 ' 627. 0
292.7 313.6
122.2
113.3
179 4
191 3
226.2 244.5
65.7
68.9
'6.9
2.8
3.1

'4.7
3.3
1.4

r

672. 1 '579.4
335.7 290.1
132.2
111.8
203. 5
178. 3
262. 0
223.8
65.5
74.5
••9.1
6.3
2.7

'4.8
3.2
1.6

r

588. 8 ' 597. 7 ' 613. 3
294.7 298. 1 307.1
114.7
117.3
119.6
180. 1 180 8
187 5
228.1 232. 2
237.3
67.4
65. 9
68.8

••6.0
2.3
3.7

.' 8. 1
3.8
4.4

3.5
2.3
1.2

r

'4.2
36
.5

••3.6
28
.8

'7.4
44
2.9

'9.5
74
2.1

'7.6
6 4
1.2

'8.7
67
2.1

1K.

'10.4
4.7
5.7

'8.9
5.8
3.1

12.0

GNP in constant (1958) dollars
bil. $._ ' 551. 0 ' 580. 0 ' 614. 4 ' 546. 0 ' 554. 7 ' 562. 1 ' 569. 7 ' 578. 1 ' 585. 0 ' 587. 2 .'600:3 '607.8 ' 618. 2 '631.2 ' 640. 5 644.2

Gross national product, totalf
Personal consumption expenditures, total
Durable goods
Nondurable goods
Services

. _

_

Gross private domestic in vestment, total
Fixed investment
Nonresidential
Residential structures
_
Change in business inventories
Net exports of goods and services

_ _

do

353.3

373.8

396. 2

350. 9

356.1

357.7

365.7

371. 0

379. 5

378.9

387.1

392.2

398.9

406.5

412. 8

do
_ do_
do

53.7
162.2
137.4

69.1
170.5
144.2

66.4
178.2
151.6

53.0
161.7
136.2

54.4
163.3
138.4

55.3
162.4
140.0

57.2
167.2
141 2

59.5
168.4
143 1

60.9
173.3
145 3

58.8
173. 1
146 9

64.8
174.2
148 1

64.2
177.6
150 4

67.2
178.5
153 1

69.2
182.5
154.8

72.2
184.1
156.5

do

82.5

86.5

97.8

80.6

83.1

87.7

84.6

85.6

85.7

90.2

95. 9

95.3

97.9

102. 2

103.5

do
do
.do
do

76.7
51.9
24.8
5.8

81.9
57.4
24.6
4.6

89.0
64. 9
24.1
8.8

75.9
51.1
24.7
4.8

77.2
52.5
24.7
5.9

79.7
54.3
25.4
8.1

81 2
55.5
25.7
35

81 6
56.6
24.9
40

82 2
58.2
24.1
35

82 8
59.2
23.6
7 4

86 6
62.3
24.4
93

88.0
63.4
24.5
73

89 4
65.5
23. 9
85

91.9
68.4
23.5
10 2

95.0
70.8
24.3
85

do

5.6

8.5

6.3

5.7

5.5

7.1

9.2

8.2

8.4

8.0

5.7

7. 1

6. 4

6.0

5.9

114. 1 108.7
Govt. purchases of goods and services, total do
111.3
109.6
110. 0
Federal .
_
do
59.0
59.6
59.5
57.8
57.8
State and local
___do____
50.4
50.1
56.3
49.7
63. 4
'Revised.
* Preliminary.
f Revised series. Estimates of national income and product and personal income have been revised (see p. 11 fi. of this issue of the SURVEY) ; revisions




118.3
109.5
110.3
113. 3
111 5
113 2
115. 0
116.6
110 1
111.3
60.4
59.3
58.7
58.2
59.7
57.4
56.1
56.2
57.3
58.3
50.9
52.0
53.6
53.9
54.0
55.3
55.9
56.7
57.3
57.9
prior to May 1965 for personal income appear on p. 18 ff. of this issue of the SURVEY.
eludes data not shown separately.

s-1

9 In-

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

Annual total

1965

1963
III

July 1966

1964
IV

I

1965

III

II

IV

I

II

1966
III

IV

II*

I

Ill

GENERAL BUSINESS IN DiCATORS— Quarterly Series— Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
517.3
559. 0 485.7 493.9
481.9
National income, total t --bil. $. _
C ompensation of employees, total. _ _
do. _ _ _ 341.0
365.7 392. 9 343.1 349.2
358.4 313.0 318.5
Wages and salaries, total—
do.___
333. 6
311. 1
251.6
269. 3 289.1 253.4
Private.
~
— __
do
257.1
12.1
Military
do
10.8
11.7
11.6
10.7
Government civilian
_
do____
48.6
52.6
57.1
49.8
48.9
Supplements to wages and salaries
do
34.5
29.9
32.0
30.8
30.1
51.4
Proprietors' income, total 9
—do
51.0
51.9
55.7
51.1
39.9
37.9
40.7
38.5
Business and professional 9 - —
do
38.1
Farm
_-do
12.0
15.1
12.9
13.1
13.0
18.3
Rental income of persons
_
..do
17.2
17.1
17. 7
17.1
Corporate profits and inventory valuation adjust74.2
61.4
58.9
ment, total
bil. $__
66.6
60.3
By broad industry groups:
Financial institutions.
do
8.4
8.9
7.8
7.9
7.7
Nonfinancial corporations, total
do
51.2
65.3
58.2
53.5
52.6
Manufacturing, total..... __
do
37.8
30.2
28.8
32. 4
29.9
Nondurable goods industries. _ _ ^ _ _ _ d o _ _ _ _
15.7
13.4
13.0
14.5
13.3
Durable goods industries. ___
...do
22.1
15.8
17.9
16.8
16.6
Transportation, communication, and public
utilities—bil. $._
10.4
11.1
9.5
9.8
9.8
16.4
All other industries
-.do
12.9
15,4
13.5
12.8
Corporate profits before tax, total
__do__._
59.4
75.7
67.0
62.7
60.1
31.2
Corporate profits tax liability
do
28.4
26.3
27.8
26.6
Corporate profits after tax
_._. .do
44.5
34.9
33.1
38.7
33.5
Dividends
-do
19.2
16.5
16.8
17.3
16.6
Undistributed profits „
—
_ _ do. _ _ _
25.3
16.6
21.3
16.9
18.1
Inventory valuation adjustment.. do.
-1.5
-.4
-.5
.2
-1.3
N e t interest
- _ _ _ _ _ _
do
17.8
15.5
13. 8
14.2
14.7
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total.
bil. $__ ' 465. 5 ' 496. 0 535.1 467.8 475.8
Less: Personal tax and nontax payments
do
66.0
59.4
60.9
61. 7
60.9
Equals: Disposable personal income _ _ _ _ _
do__...
436.6 469.1 406.9 414.1
404.6
Less* Personal outlays©
_ _ _ _ do
443.4 388.1 391. 6
412.1
384.7
Equals: Personal saving!
_.
do
25.7
22.5
19.9
24.5
18.8
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil. $_
39.22
44.90 51.96
10.14
11.09
Manufacturing __ _ _ _
do
4.56
15.69
22.45
18. 58
3.95
Durable goods industries.
do
9.43
2.31
7.85
11.40
1.96
Nondurable goods industries. . _ _ I _ _ _ _ _ . d o
9.16
2.25
7.84
11. 05
1.99
Mining
_
_ „ _ _ _ _ do
1.04
1.19
1.30
.28
.27
Railroad
_. __
do
.33
1.10
1.41
1.73
.29
Transportation, other than rail. .__._. _._do
1. 92
.54
2.81
2.38
.45
Public utilities
do
5.65
6.22
1.61
6.94
1.60
Communication.
_ _ _ _ _ do _
3.79
4.30
1.06
4.94
.93
Commercial and other
do
2.72
10.03
10.83 11.79
2.64
Seas. adj. qtrly. totals at annual rates:
All industries
_
do
41.20
40.00
Manufacturing.
_
do___
16.45
15.95
Durable goods industries
____ ^
do___
8.30
8.00
Nondurable goods industries.
do___
8.15
8.00
Mining
_
do...
1.05
1.05
Railroad..
_
do...
1.35
1.20
Transportation, other than rail __
do...
2.10
1.85
Public utilities
_.
do___
5.80
5.90
Communication ....
do
4.05
3.85
Commercial and other
_
do...
10.45
10.20
U.S. BALANCE OP INTERNATIONAL
PAYMENTSc*
Quarterly Data Are Seasonally Adjusted
(Credits -f; debits -)
Exports of goods and services (excl. transfers under
militarv grants)
mil. $
32,339
36,958 38,993 8,135 8,564
Merchandise, adjusted, excl. military
___do.._
22,071 25, 297 26,276
5,633 5,949
Military sales
do
145
657
747
844
103
Income on U.S. investments abroad
do __
1, 183
5,392 5,901 1,148
4,654
Other services
do
1,287
5,522 5,972
4,957
1,251
Imports of goods and services
do
—26 442 -28,468 -32, 036 -6,728 -6,784
Merchandise, adjusted, excl. military
do. _ _ -16,992 -18,62 -21,488 -4,344 -4,372
Military expenditures
do
-719
-2,936 -2,834 -2,881 -719
Income on foreign investments in the U.S do
-352
-32
—1 271 —1 404 -1,646
Other services
...
do .__ -5,243 -5,60 -6,02 -1,34
-1,34
Unilateral transfers, net (excl. military grants)
transfers to foreigners (— )
mil. $
-70
-727
-2,784 -2,76 -2,794
Transactions in U.S. private assets, net; increase
(— )
mil $
-3,69
-67 -1,10
-4,456 -6,52
Transactions in U.S. Govt. assets, excl. official
-48
-94
reserve assets; increase (— )
mil. $
-1,57
-1, 664 -1,67
Transactions in U.S. official reserve assets, net
increase (—)
mil $
1,22
227
17
37
Transactions in foreign assets in the U.S., net (U.S
358
liabilities); increase (+)
mil. $
30
10
2,98
3,31
_2
14
Liquid assets _ _ _
do
2,627
13
2,29
21
Other assets,
do
17
136
68
68
16
Unrecorded transactions
do
-25
-35
-429
-1,01
Balance on liquidity basis—increase in U.S. officia
reserve assets and decrease in liquid liabilities t
-13
-1,35
all foreigners; decrease ( — )
mil $
-20
-2,67
-2,79
Balance on official reserve transactions basis— in
crease in U.S. official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
-9
official agencies" decrease ( — )
mil $
-1,30
-2, 04
rl,54
r
Revised.
* Preliminary.
* Estimates for Apr -June 1966 based on anticipa ted capit al expend itures of business
2 Estimates for July-Sept. 1966 based on antic pated ca pital expejiditures of busiaess.
Anticipated expenditures for the year 1966 are as foilows (in bi .$):Alliiidustries 60.78; m anufacturing, total, 27.02; durable goods industries, 13.78; noneiurable gc>ods indiretries, 3.24;
1
mining, 1.42; railroad, 2.05; transportation, 3.49; pu blic utilit ies, 7.99; commerc lal and (>ther
(incl. communication), 18.80.
a includes commuili cation.




504.0
355.3
324.4
261.8
11.6
51.0
31.0
51.3
39.1
12.2
17.4

513.7
362.2
330.6
267.1
11,6
51.9
31.7
52.2
39.9
12.2
17.6

522. 9
369.8
337.4
272.3
11.7
53.4
32.4
51.9
40.3
11.7
17.8

528.5
375. 3
342.2
275.9
11.9
54.3
33.1
52.2
40.3
11.9
17.9

543.3
381.7
348.2
281.2
11.8
55.2
33.5
53. 3
40.5
12.9
18.1

552.2
387.8
353.7
285.8
11.7
56.3
34.1
55.9
40.4
15.5
18.3

562. 7
395. 6
360. 8
291.1
12.0
57.7
34.8
56.7
40.7
16.0
18.4

577.8
406.5
370.8
298.5
13.0
59.3
35.7
57.1
41. 1
16.0
18.5

595. 7
419.6
380.0
305. 9
13.6
60.4
39.6
58,4
41.4
17.0
18.7

65.3

66.5

67.8

66.8

73.2

72.7

74.0

76.9

80.0

8.0
57.3
32.1
14.1
18.1

8.5
58.1
32.4
14.6
17.7

8.4
59.3
33.0
14.6
18.4

8.6
58.1
32.2
14. 7
17.5

8.5
64.6
37.4
15.5
21.9

8.7
64.0
36.7
15.5
21. 2

8.9
65.0
37.4
15.5
21. 9

9.5
67.5
39.6
16.4
23.2

9.4
70.6
41.9
17. 2
24.7

10.1
15.0
65.8
27.9
38.0
17.1
20.9
-.5
14.7

10.2
15.5
66.8
28.3
38.5
17.3
21.3
-.3
15.1

10.6
15.7
67.8
28.7
39.1
17.4
21.7
.0
15.7

10.5
15.5
67.7
28.6
39.0
17.7
21.4
-.9
16.3

10.7
16.5
74.5
30.7
43.8
18.1
25.7
-1.3
16.9

10.9
16.4
74.5
30.7
43. 8
18.8
25.0
-1.8
17.5

11.2
16.4
75.0
30.9
44.1
19.5
24.6
-1.0
18.1

11.5
16.4
78.7
32.4
46.3
20.2
26.1
-1.8
18.7

11.3
17.4
82. 7
34.1
48.7
20.9
27.8
-2.8
19.1

-2.0
19.6

484.0
60.7
423.4
401. 4
22.0

492.0
56.9
435.1
408.5
26.6

500.3
59.1
441. 2
418. 4
22.8

507. 5
60.9
446. 6
420. 0
26. 6

518.0
64.9
453. 2
430.3
22.8

527. 6
66.6
461. 0
438. 6
22.4

541.9
65.7
476. 2
447. 1
29.0

552.8
66.7
486.1
457.6
28.5

564.6
69. 5\
495. 1
468.4
26.7

573.3
73.6
499.7
472.1
27.6

9.40
3.79
1.93
1.87
.26
.32
.51
1.18
.97
2.37

11. 11
4. 53
2.30
2.23
.29
.36
.63
1.58
1.10
2.61

11.54
4.67
2.37
2.30
.30
.37
.59
1.71
1. 06
2.84

12.84
5.59
2.83
2.76
.33
.35
.64
1.76
1.17
3.01

10. 79
4.54
2.25
2.28
.29
.39
.58
1.32
1.08
2.59

12. 81
5.47
2.76
2.70
.33
.44
i .77
1.71
1. 24
2.85

13. 41
5.73
2.91
2.82
.32
.44
.72
1.88
1.22
3.10

14.95
6.72
3.48
3.24
.35
.46
.73
2.04
1.41
3.25

12.77 1 15. 17
5. 61
6.74
2.87
3.44
2.74
3.30
.33
.36
.40
.51
.75
.97
1.60
1.97
1.26
2.83 34.62

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

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

58.00 i 59. 60 2 61. 65
25. 60
26.60 27. 55
13.15
14. 00
13.55
12.45
13.05
13.50
1.40
1.40
1.40
1.75
1.85
2.10
3.30
3.65
3.40
8.25
7.80
8.10
5.35
12.35 3 18. 50 s 18. 85

45.65
18.85
9.60
9.20
.1.20
1.50
2.40
6.30
4.40
11.00

9 112 9,001 9,308
9,537 8,776
6,092 6,389 6,660 5,625
6,156
200
162
186
201
198
1,561
1,402
1,369
1,368
1,253
1,390
1,389
1,423
1,356
1,354
-6,850 -7,03 -7, 196 -7,390 -7,164
-4,389 -4, 579 -4,752 -4,90 -4, 656
-664
-72
-686
-683
-74
-373
-344
-349
-37
-339
-1,434 -1,471
-1,38 -1,384 -1,40
-68

-1,36

-71

-1,38

21.1

15.66
6.84
3.46
3.38
.36
.54
.89
2.23

34.80

10, 13C 10,016 10, 065 v 10, 41
6,798
6,826 7,027 p7,12
i>19
229
199
216
1,254
pl,53
1,61C
1,470
1,492
1,521
1,568 * 1, 56
-8, 087 -8, 245 -8,540 p-S, 90
-5,481 -5,595 -5, 756 j>-6, 00
-701
-745
-771
p-83
-404
-458
p-43
-411
-1, 501 -1,494 -1,555 p-1,63

-67

-662

-768

-719

-645

p-85

-2,18

-694
-1,58

427.7
387. 2
311. 3
14.1
61.8
40.5
57.9
41.6
16.3
18.8

-1, 605

-346

-827

-91

p-88

-29

-35

-41

-61

-367

-469

-268

-47

*-33

-5

30

7

-15

84

68

4

27

*42

41
29
12
-29

33
24
8
-15

71
54
17
-20

1,84
1,53
31
-36

18
-14
32

-42
-294
-13
-10

24
49
-25
24

31
7
23
-8

*37
P!
*2
*-2

-24

-55

-61

-69

22

-53

-35

p-5

-1,38

p—2
23
23 -1,15
-32
-61
-23
-84
-14
|S(je corresj>onding ilote on p 8-1.
91ncludes inventor y valuati on adjusl ment.
ei3ersonal outlays comprise persona1 consuniption e?cpenditu res, interest paid by consumejrs, and i>ersonal 1transfer p ayments to foreig aers.
§P ersonal s aving is f ,xcess of. clisposabl e income over per sonal ou ;lays.
iews
rfl VEore coniplete details are given in the quar fcerly rev in t he Mar., June, Sept., and
Dec. issues of the SUBVEY.

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