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SURVEY OF CURRENT BUSINESS

September 1966

volume of stock accumulation this year
would still be higher than in 1965. As
in the recent past, machinery and aircraft producers, whose order backlogs
are substantial and rising, expect the
largest increases in stocks during the
second half of 1966.
Nondurable goods producers continue to make smaller additions to in-

9
other 6-month period in the 1960's.
Most nondurable goods producers expect to add to their inventories in the
final half of this year.
Yearend inventories are expected to
reach $47.8 billion for durable goods
producers and $27.7 billion for nondurable goods producers—equivalent to
2 months and 1.3 months of projected

ventories than durable goods producers.
They anticipate a $400 million rise in
their stocks in each of the last two
quarters of this year. The expected
increase in the second half is somewhat
smaller than the additions to book
values of $1J4 billion in the first half
of 1966 and $1 billion in the second half
of 1965, but is at a higher rate than any

Table 1.—Manufacturers' Inventories and Sales: Actual and Anticipated
[Billions of dollars]

Jan.Mar.

Apr.June

1966

1965

1964

JulySept.

Oct.Dec.

Jan.Mar.

JulySept.

Apr.June

Oct.Dec.

Jan.Mar.

Apr.June

JulySept, i

Oct.Dec. i

Inventories, end of quarter
Unadjusted
All manufacturing
Durables
Nondurables _ _ _ _ _

60 7
36.4
24.3

60.7
36.8
23.9

60.7
36.9
23.8

62.6
38.0
24.6

64.1
39.3
24.8

65.0
40.3
24.7

65.9
41.1
24.8

67.6
41.8
25.8

70.0
43.6
26.5

72.4
45.4
26.9

73.9
46.8
27.1

75.1
47.2
27.9

_

60.3
36.1
24.2

60.4
36.5
23.9

61.0
37.0
24.0

62.9
38.4
24.5

63.7
39.0
24.7

64.6
40.0
24.7

66.3
41.3
25.0

68.0
42.3
25.7

69.6
43.3
26.4

71.9
45.0
26.9

74.3
47.0
27.3

75.5
47.8
27.7

___

108.0
56 3
51.7

114. 2
60.6
53.6

109.6
55.4
54.3

113.7
58.6
55.2

117.0
61. 5
55.5

123. 3
65.4
57.9

118.5
60.2
58.3

124.6
65.1
59.4

128.8
67.6
61.1

135.4
72.1
63.4

130.4
66.1
64.3

138.1
72.7
65.4

_
__ _

109.1
57.1
52.1

111.1
57.5
53.6

112.4
58.3
54.1

113. 6
58. 5
55.2

117.9
62.1
55.8

119.8
62.1
57.7

122.1
63.9
58.2

124.6
65.1
59.5

129.5
68.0
61.5

131. 7
68.5
63.2

134.4
70.2
64.2

138.1
72.6
65.5

_____

Seasonally adjusted
All manufacturing
Durables
Nondurables- _

_ _

_ _ _
_

__

_

Sales, total for quarter
Unadjusted
A l l manufacturing
Durables
Nondurables

___

_

_

Seasonally adjusted
All manufacturing
Durables
Nondurables _ _

_

_ _
_ _ _ _ _

_ __

___

1
Anticipations reported by manufacturers in August 1966. Inventories have been corrected for systematic tendencies in anticipatory data.

Sources: U.S. Department of Commerce, Anticipations, Office of Business Economics;
actuals, Bureau of the Census.

Table 2.—Manufacturers' Evaluation of the Condition of Their Inventories 1
[Percent distribution!
Total
High

Nondurables

Durables

About right

About right

High

Low

High

Low

About right

Low

18
14
10
10

81
85
88
88

1
1
2
2

20
15
11
10

79
84
87
88

1
1
2
2

16
13
9
9

83
85
88
89

1
2
3
2

14
14
15
14

84
84
83
84

2
2
2
2

19
17
18
17

80
82
81
82

1
1
1
1

8
9
11
11

89
89
86
86

3
2
3
3

15
15
17
13

82
83
81
85

3
2
2
2

17
18
19
14

81
80
80
84

2
2
1
2

12
10
14
10

85
88
83
87

3
2
3
3

March 31, 1964
June 30, 1964
September 30, 1964
December 31, 1964

16
13
14
13

82
84
82
84

2
3
4
3

17
16
15
15

81
81
81
82

2
3
4
3

14
9
11
9

84
88
84
87

2
3
5
4

March 31, 1965
June 30, 1965
September 30, 1965
December 31, 1965

16
16
16
15

81
80
81
82

3
4
3
3

20
20
22
19

77
77
76
78

3
3
2
3

9
10
g
8

87
85
88
88

4
5
4
4

15
18

81
78

4
4

18
21

79
75

3
4

10
13

85
83

5
4

March 31, 1961
June 30, 1961
September 30, 1961. _
December 31, 1961
March 31, 1962
June 30, 1962
September 30, 1962. _
December 31, 1962

___

March 31, 1963
June 30, 1963
September 30, 1963
December 31, 1963

March 31, 1966
June 30, 1966______

_

_ _ _ _

__

__
.

1. Condition of actual inventories relative to sales and unfilled orders position as viewed
by reporting companies. Percent distribution of inventory book values according to company's classification of inventory condition.
228-744 O - 66 - 2




Source: U.S. Department of Commerce, Office of Business Economics,

CURRENT BUSINESS STATISTICS

JL HE STATISTICS here update series published in the 1965 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF 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

1964 | 1965
II

Annual total

1964

1963

III

IV

I

II

1965
III

| IV

I

II

1966

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 9 _ _
Automobiles and parts
Furniture and household equipment

do
do
do

Nondurable goods, total 9
Clothing and shoes
Food and beverages
Gasoline and oil

do
do
do.
do_ __

Services total 9
Household operation
Housing
Transportation

-

-

_

do__
_ _ do
- -- do
do

590.5

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

732.3

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

460.1

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

67.1
28.5
29.2

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

205.6
39.7
104.8
16.1

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
27.1
67.1
13.9

106.7

87.1

93.0

106.6

85.1

88.0

92.9

90.2

91.8

92.5

97.4

103.8

103.7

111.9

114.5

118.5

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

106.2
78.2
27.9
50.3
28.0
27.4
12.3
12.1

5.9
32.3
26 4

8.5
37.0
28.5

7.0
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

4.7
41.9
37.3

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

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
73.1

149.0
74.0
57.1
75.0

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

do
do do_ _
do
_ _ do
do

584 6
292 7
113 3
179.4
226 2
65 7

627 0
313 6
122.2
191.3
244.5
68 9

672 1
335 7
132 2
203.5
262 0
74 5

579 4
290.1
111.8
178.3
223.8
65 5

588 8
294 7
114 7
180.1
228 1
65 9

597 7
298 1
117 3
180.8
232 2
67 4

613 3
307 1
119 6
187.5
237 3
68 8

623 5
311 4
122 4
189.0
242 7
69 4

634 4
318 8
125 0
193.8
247 1
68 5

636 8
316 9
122 0
195.0
251 1
68 8

651 4
324 3
127 7
196.6
254 3
72 7

665 3
331 2
128 8
202.4
259.8
74 3

677 8
338 8
134 3
204.4
265.1
73 9

694.0
348.4
137.9
210.5
268.8
76 9

712.3
357.0
141.8
215.2
275.5
79.8

720.0
359.3
140.6
218.7
282.1
78.6

do
do. _
do

5.9
28
3.1

4.7
3.3
1.4

9.1
6 3
2.7

4.8
3.2
1.6

6.0
2.3
3.7

8.1
38
4.4

3.5
23
1.2

4.2
36
.5

3.6
28
,8

7.4
4.4
2.9

9.5
7.4
2.1

7.6
6.4
1.2

8.7
6.7
2.1

10.4
4.7
5.7

8.9
5.8
3.1

12.3
9.0
3.3

Gross private domestic investment, total

do

Fixed investment
do_
Nonresidential
- _ __ _ __ do
Structures
do
Producers' durable equipment
do
Residential structures
do
Nonfarm
do _
Change in business inventories
do
Nonfarm
do
Net exports of goods and services
Exports
Imports
-

_

do____
do
do

-

_

_ _

C hange in business inventories
Durable goods
_
Nondurable goods
GNP in constant (1958) dollars

bil. $-_

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

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

643.5

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

412.2

53.7
162 2
137 4

59.1
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

68.5
185.8
157.9

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

106.3

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
3.5

81 6
56 6
24.9
4.0

82 2
58 2
24 1
3.5

82 8
59 2
23 6
7.4

86 6
62 3
24.4
9.3

88 0
63 4
24.5
7.3

89 4
65.5
23.9
8.5

91.9
68.4
23.5
10.2

95.0
70.8
24.3
8.5

94.7
71.3
23.4
11.6

5.6

8.5

6.3

5.7

5.5

7.1

9 2

82

84

80

5.7

71

6.4

6.0

5.9

4.6

__ _ _ do. _
do
do

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

do

Govt. purchases of goods and services, total. _do
114.1
109.6
108.7
110.0
111.3
Federal
do
59.5
59.0
57 8
59 6
57.8
State and local
.._
do
50.1
53.4
56.3
49.7
50.4
r
Revised.
* Preliminary.
f Revised series. Estimates of national income and product and personal income have been revised (see p. 11 ff. of the July 1966 issue of the SURVEY);

109.5
110.3
110.1
111.5
113.2
113.3
111.3
58 7
58 2
59 7
56 2
57 3
57 4
56 1
50.9
52.0
53. fi
53. 9
54.0
55. 3
55. 9
revisions prior to May 1965 for personal income appear on
the SURVEY.
9 Includes data not shown separately.

120.4
118.3
115. 0
116.6
61.9
60.4
59.3
58 3
58.5
56.7
57.3
57.9
p. 18 fl. of the July 1966 issue of

s-i
228-744 O - 66 - 4




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

Annualtotal

1965

1963
IV

September 1966

1964
I

II

1965
IV

III

I

II

1966
I

IV

III

II

III

IV

GENERAL BUSINESS INDICATORS— Quarterly Series— Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
481.9
517.3
504.0
559.0 493.9
National income total f
foil
$
Compensation of employees, total _
do
341.0
365.7 392.9
349.2 355.3
311.1
358.4 318.5 324.4
Wages and salaries, total
do
333. 6
Private
- do
251.6
269.3 289.1 257.1 261.8
10.8
Military
do
11.7
12.1
11.6
11.6
Government civilian
_do__ _
48.6
51.0
52.6
49.8
57.1
Supplements to wages and salaries
do
29.9
32.0
31.0
34.5
30.8
51.4
Proprietors' income, total 9
do
51.0
51.9
51.3
55.7
37.9
39.9
Business and professional 9
do
39.1
38.5
40.7
Farm
- do
12.2
12.0
13.1
15.1
12.9
Rental income of persons
_ _do
17.4
17.7
17.2
18.3
17.1
Corporate profits and inventory valuation adjust58.9
74.2
61.4
ment total
foil.
$
66.6
65.3
By broad industry groups:
8.4
Financial institutions
do
7.8
8.0
8.9
7.9
Nonfinancial corporations, total
do
51.2
58.2
53.5
57.3
65.3
Manufacturing, total
do
32.4
32.1
30.2
28.8
37.8
14.1
Nondurable goods industries
do
13.4
13.0
14.5
15.7
Durable goods industries _ _ _
__do
17.9
15.8
22.1
18.1
16.8
Transportation, communication, and public
10.4
10.1
utilities
foil.
$
9.5
11.1
9.8
15,4
All other industries
do
12.9
16.4
15.0
13.5
59.4
65.8
Corporate profits before tax, total
do
67.0
75.7
62.7
31.2
Corporate profits tax liability
do
28.4
27.9
26.3
27.8
Corporate profits after tax
do
34.9
44.5
38.0
33.1
38.7
19.2
16.8
Dividends
- do_ _
17.1
16.5
17.3
20.9
21.3
18.1
Undistributed profits
do
25.3
16.6
Inventory valuation adjustment
do
-.4
-.5
-1.5
-1.3
131 8
15.5
17.8
14.7
14.7
Net interest
do
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
496.0 535.1 475.8 484.0
Personal income total
foil
$
465.5
59.4
Less' Personal tax and nontax payments
do
60.9
66.0
61.7
60.7
436.6 469.1 414.1 423.4
Equals' Disposable personal income
do
404.6
401.4
443.4
391.6
Less* Personal outlays©
do
412.1
384.7
22.0
22.5
Equals' Personal saving§
do
24.5
25.7
19.9
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
9.40
11.09
39.22
44.90 51. 96
All industries
foil.
$
3.79
4.56
Manufacturing
_ _ _
do
15.69
18.58
22.45
1.93
2.31
9.43
7.85
11.40
Durable goods industries _
do
2.25
1.87
Nondurable goods industries
do
9.16
7.84
11.05
.28
.26
Mining
do
1.04
1.19
1.30
.33
.32
1.41
1.10
Railroad
do
1.73
.54
.51
1.92
Transportation, other than rail- _
do
2.38
2.81
6.22
1.61
1.18
5.65
Public utilities
do_ _
6.94
1.06
.97
Communication
do
3.79
4.30
4.94
2.72
2.37
10.03
10.83
Commercial and other
do
11.79
Seas. adj. qtrly. totals at annual rates:
41.20
42.55
All industries
_ do
16.45
17.40
Manufacturing _
_ _
do
8.30
8.85
Durable goods industries
do __
8.15
8.55
Nondurable goods industries
do
1.05
1.15
Mining
_ _
_
do
1.35
1.40
Railroad
do
2.10
2.30
Transportation, other than rail
do
5.80
5.95
Public utilities
do
4.05
4.05
Communication
_
do
10.25
10.45
Commercial and other
_do_
U.S. BALANCE OP INTERNATIONAL
PAYMENTSc?
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
9,112
32, 339
36,958 38, 993 8,564
military grants)
mil $
6,156
5,949
22, 071
Merchandise, adjusted, excl military
do
25, 297 26,276
198
145
844
657
747
Military sales
do
5,392 5,901 1,183 1,402
4,654
Income on U S investments abroad
do
1,356
1,287
5,522
5,972
4,957
Other services
do
-26,442 -28,468 -32, 036 -6, 784 -6, 850
Imports of goods and services
do
Merchandise, adjusted, excl. military d o _ _ _ -16,992 -18,621 -21, 488 -4, 372 -4,389
-740
-719
-2, 936 -2,834 -2,881
Military expenditures
do
-352
-339
Income on foreign investments in the U.S__do___ -1, 271 -1,404 -1,646
-5,243 -5, 609 -6,021 -1,341 -1,382
Other services
do
Unilateral transfers, net (excl. military grants);
-702
-683
-2,784 -2, 765 -2, 794
transfers to foreigners ( — )
mil $
Transactions in U.S. private assets, net; increase
-4,456 -6, 523 -3, 690 -1, 106 -1,360
(— )
mil $
Transactions in U.S. Govt. assets, excl. official
-291
-486
-1,664 -1,674 -1,575
reserve assets' increase ( — )
mil $
Transactions in U.S. official reserve assets, net;
-51
378
171 1,222
increase ( — )
mil $
Transactions in foreign assets in the U.S., net (U.S.
419
358
309
2,981
3,312
liabilities) * increase (+)
mil $
143
299
133
2,292
2,627
Liquid assets
do
215
120
176
689
685
Other assets
do
-296
161
-429
-352 -1,011
Unrecorded transactions. _ . _ _ _ _ _ _ do_
Balance on liquidity basis—increase in U.S. official
reserve assets and decrease in liquid liabilities to
-248
-138
-2,670 -2, 798 '-1,33
all foreigners' decrease ( )
mil $
Balance on official reserve transactions basis—increase in U.S. official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
-144
-92
nffinial aowinioc' rJoproaoo f \
mil
<fc
-2 044 -1.546 r-1.30
r
Revised.
p Preliminary.
1 Estimates for July-Sept. 1966 based on anticipated capital expenditures of business.
2
Estimates for Oct.-Dec. 1966 based on anticipated capital expenditures of business.
Anticipated expenditures for the year 1966 are as follows (in foil. $): All industries, 60.86; manufacturing, total, 27.08; durable goods industries, 13.96; nondurable goods industries, 13.11;
mining, 1.46; railroad, 1.96; transportation, 3.62; public utilities, 8.16; commercial and other
3
(incl. communication), 18.60.
Includes communication.




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

604.1
427.9
387.4
311.5
14.1
61.8
40.5
57.9
41.6
16.3
18.8

66.5

67.8

66.8

73.2

72.7

74.0

76.9

80.0

'79.9

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

9.8
70.0
40.6
17.2
23.4

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

12.0
17.4
'82.8
'34. 1
48.7
21.1
'27.6
2 9
19.6

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

573.5
73.6
499.9
473.3
26.6

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
.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 ' 15. 29
5.61 '6.78
2.87 '3.51
2.74 '3.27
.33
'.40
.40
'.55
.75 ' 1.00
1.60 '2.09
1.26
1.42
2.83 '3.06

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

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
25.60
13.15
12.45
1.40
1.75
3.30
8.25
5.35
12.35

'115. 64 2 17. 16
6.84
7.84
'3. 54
4.04
'3.30
3.80
.36
.37
'.47
.54
'.90
.97
'2.22
2.25

'34. 84

35.19

' 60. 10 '161. 60 2 63. 55
28.15
' 26. 80 27.55
' 13. 85 ' 14. 35 14.40
r 12. 95 ' 13. 20 13.70
1.40
'1.55
1.45
'2.00 '1.85
2.30
'3.50 '3.70
3.95
'8.30 '8.05
8.10
5.50
' 12. 45 '319. 00 3 19. 65

9,001
9,308 9,537 8,776 10, 136 10, 016 10, 065 ' 10,456 plO, 565
7,121 p7, 111
6,826
7,027
6,092 6,389
5,625
6,798
6,660
'198
199
216
201
229
162
200
*>258
186
' 1, 541 pi, 596
1,470
1,253
1,561
1,616
1,254
1,369
1,368
1,521
1,493
1,568 ' 1, 596 pi, 600
1,423
1,390
1,354
1,389
-7, 032 -7, 196 -7, 390 -7,164 -8, 087 -8,245 -8,540 '-8,922 p-9,238
-4, 579 -4, 752 -4,901 -4,656 -5,481 -5,595 -5, 756 -6, 003 p-6,258
-745
-771 ' -854 p-913
-683
-664
-701
725
-686
-411
-372
-404
-458 '-436 p-436
-373
-344
-349
-1,384 -1,409 -1,434 -1,471 -1,501 -1,494 -1, 555 '-1,629 p-1,631

-662

-768

-719

-645

'-852

p-733

-1, 385 -1,589 -2, 189 -1,605

-346

827

912

'-908

p 1, 104

-469

-268

-717

-694

-671

-350

-415

-618

-471

'-332

p-471

303

70

-151

842

68

41

271

424

P 68

332
249
83
-152

719
547
172
-203

1,842
1,532
310
-360

180
-145
325
0

-425
-294
-131
-109

242
493
-251
-240

312
'61
'251

-552

-617 -1,381

-697

226

-534

-367

r

-332

'402
P 979
' 132
p 89
'270
p 890
' -268 p -66
' -556

p-157

'232 -1.158 ' -246 P-183
-845
-618
'239
-326
-231
fSee corresponding note on p. S-l.
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.
ci^More complete details are given in the quarterly reviews in the Mar., June, Sept., and
Dec. issues of the SURVEY.

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