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SURVEY OF CURRENT BUSINESS

February 1971

9

NATIONAL INCOME AND PRODUCT TABLES
1969
1969

1970

III

1970

IV

I

1970

1969

II

III

IV

1969

1970

III

IV

I

II

III

IV

Seasonally adjusted at annual rates

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)
Gross national product

931.4

942.6

951.7

959.5

971.1

985.5

989.9

727.1

724.1

730.9

729.2

723.8

724.9

727.4

720.3

616.7

582.1

592.6

603.1

614.4

622.1

627.0

467.7

477.1

468.7

471.7

474.0

478.1

479.6

476.6

90.0
245.8
241.6

Durable goods
Nondurable goods.
Services

976.5

577.5

Personal consumption expenditures..

89.4
264.7
262.6

89.5
248.1
244.5

90.8
252.0
249.8

89.1
258.8
255.2

91.9
262.6
259.9

91.2
265.8
265.1

85.3
271.5
270.2

84.9
201.2
181.6

82.0
207.9
187.2

84.1
201.9
182.7

84.9
202.4
184.4

82.7
205.6
185.8

84.9
206.6
186.6

83.6
208.2
187.8
104.1

76.9
211.1
188.6

139.8

135.7

143.8

140.2

133.2

134.3

138.3

137.1

111.3

102.8

114.1

110.0

102.9

103.1

131.4

132.3

132.4

133.0

131.6

131.2

132.7

133.5

104.1

99.8

104.2

103.9

101.5

100.1

Nonresidential
Structures
Producers' durable equipment-

99.3
33.8
65.5

102.6
35.2
67.4

101.5
35.2
66.3

102.6
35.1
67.5

102.6
35.7

102.8
35.3
67.5

103.6
35.0

101.3
34.7
66.6

80.8
24.0
56.9

79.2
23.1
56.1

81.9
24.6
57.3

82.1
24.3
57.8

80.9
24.4
56.5

80.2
23.5
56.7

79.6
22.6
56.9

76.3
21.8
54.5

Residential structures.
Nonfarm
Farm

32.0
31.5
.6

29.7
29.1

31.0
30.4

30.4
29.8

29.1
28.4

28.4
27.8
.6

29.2
28.6
.6

32.2
31.6
.6

23.3
22.8
.4

20.6
20.2
.4

22.3
21.8
.4

21.8
21.4
.4

20.7
20.2
.4

20.0
19.5
.4

20.0
19.6
.4

21.9
21.5
.4

Change in business inventories.
Nonfarm.
Farm

8.5
8.0
.4

3.5
2.9

11.3
10.8
.5

7.2
6.5
.7

1.6
.9
.7

3.1
2.6
.5

5.5
5.0
.5

3.6
3.0
.6

7.2
6.8
.4

3.0
2.5
.5

9.9
9.3
.6

6.1
5.4
.8

1.3
.8
.6

2.9
2.5
.4

4.6
4.1
.4

3.1
2.6
.5

Net exports of goods and services _

1.9

3.6

2.6

2.6

3.5

4.1

4.2

2.6

.2

2.4

.8

.9

1.9

2.4

3.1

2.0

62.2
58.6

58.3
55.6

58.8
56.2

61.1
57.6

62.8
58.7

62.8
58.6

62.0
59.3

48.5
48.2

52.1
49.7

50.8
50.0

50.0
49.1

52.0
50.1

52.9
50.5

52.0
48.9

51.4
49.3

212.2

220.5

214.1

216.3

219.6

218.4

221.0

223.2

147.8

141.8

147.3

146.6

145.0

141.3

140.6

140.3

101.3
78.8
22.6
110.8

l

102.5
79.8
22.7
111.6

102.1
78.8
23.3
114.2

102.3
79.3
23.0
117.4

99.7
76.8
22.9
118.7

98.6
75.8
22.9
122.4

98.2
74.6
23.5
125.0

75.7

67.7

75.2

73.8

71.1

67.8

66.2

65.5

72.1

74.1

72.1

72.9

73.8

73.5

74.4

74.8

Gross private domestic investment.
Fixed investment

Exports..
Imports.

55.5
53.6

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

99.7
76.6
23.1
120.9

101.3
98.1

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.

931.4
922.9
8.5

976.5
973.1
3.5

942.6
931.2
11.3

951.7
944.5
7.2

959.5
957.9
1.6

971.1
968.1
3.1

985.5
980.0
5.5

989.9
986.3
3.6

727.1
719.9
7.2

724.1
721.1
3.0

730.9
720.9
9.9

729.2
723.0
6.1

723.8
722.4
1.3

724.9
721.9
2.9

727.4
722.8
4.6

720.3
717.1
3.1

Goods output
Final sales..
_.
Change in business inventories..

460.0
451.6
8.5

474.4
470.9
3.5

466.2
454.9
11.3

468.9
461.7
7.2

467.1
465.5
1.6

474.9
471.8
3.1

479.8
474.2
5.5

475.6
472.0
3.6

392.2
385.0
7.2

388.7
385.7
3.0

395.7
385.8
9.9

393.5
387.4
6.1

387.3
386.0
1.3

391.1
388.2
2.9

392.1
387.5
4.6

384.5
381.3
3.1

Durable goods
Final sales
Change in business inventories.

190.2
183.9
6.4

185.1
185.3
-.2

192.7
184.8
7.9

192.7
187.4
5.3

185.3
185.5
-.3

186.6
188.5
-1.9

193.5
188.3
5.2

175.1
178.8
-3.7

170.1
164.7
5.3

160.3
160.5
-.2

171.6
164.9
6.7

170.3
165.9
4.4

162.3
162.6
-.3

162.9
164.4
-1.5

167.1
162.7
4.3

148.9
152.1
-3.2

Nondurable
Final sales
Change in business inventories-

269.8
267.7
2.1

289.2
285.6
3.6

273.5
270.1
3.5

276.2
274.3
1.9

281.8
280.0
1.9

288.3
283.3
5.0

286.3
286.0
.3

300.5
293.3
7.2

222.1
220.3
1.8

228.5
225.3
3.2

224.1
220.9
3.2

223.3
221.5
1.8

225.1
223.4
1.6

228.3
223.8
4.5

225.0
224.7
.2

235.6
229.2
6.4

377.6
93.8

409.6
92.6

383.0
93.3

390.3
92.5

400.1
92.3

405.8
90.4

413.2
92.6

419.4
94.9

268.2
66.6

273.9
61.4

269.8
65.4

271.3
64.4

273.1
63.4

272.8
60.9

274.8
60.5

275.0
60.8

Services....
Structures..

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national productPrivate
Business
Nonfarm.
Farm
Households and institutions..
Rest of the world
General government..




931 4

976 5

942.6

951 .7

959 5

971 1

985 5

989 9

727.1

724.1

730.9

729 2

723.8

724.9

727.4

720.3

827 8

863 2

836.6

844 .0

848 5

858 4

871 7

874.3

666.4

663.4

669.8

668 1

663.1

664.2

666.8

659.4

795.4
767.9
27.5

828.4
800.3
28.1

804.2
776.6
27.6

810.8
783.0
27.8

814.3
785.5
28.8

824.5
796.0
28.5

836.5
808.5
28.0

838. 4
811. 2
27. 2

646.0
622.5
23.6

642.6
619.4
23.2

649.7
626.2
23.5

647.6
624.7
22.8

642.1
619.5
22.6

644.0
621.0
23.0

645.9
622.9
22.9

28. 1
43

30.3
4.5

28.3
4.1

29.0
4.2

29.6
4.5

30.0
3.9

30.5
4.7

31 1
4 8

16.4
4.0

16.6
4.2

16.3
3.8

16. 6
4. 0

16.7
4.3

16.5
3.6

16.5
4.4

638.4
614.3
24.1
16.5
4.5

103 6

113 3

106.0

107 .7

111 0

112 8

113 9

115 5

60.7

60.7

61.0

61 1

60.7

60.7

60.6

60.8

HISTORICAL STATISTICS
National income and product statistics for earlier periods are available as follows:
Data for 1966-69, July 1970 SURVEY OF CURRENT BUSINESS; 1964-65, July 1968 SURVEY;

1929-63, The National Income and Product Accounts of the United States (available from
U.S. Department of Commerce Field Offices or from the Superintendent of Documents,
U.S. Government Printing Office, Washington, D.C. 20402, price $1.00 per copy).

CURRENT BUSINESS STATISTICS

J L H E STATISTICS herfe update series published in the 1969 edition of BUSINESS STATISTICS biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $3.00) provides a description of each series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1965 through 1968 (1958-68 for major quarterly series), annually, 1939-68; for selected series,
monthly or quarterly, 1947-68 (where available). Series added or significantly revised after the 1969 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (f), respectively; certain revisions for 1968 issued too late for inclusion in the 1969 volume appear in the monthly
SURVEY beginning with the September 1969 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding
to revised annual data are available upon request.
The sources of the data are given in the 1969 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90.
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 subje-ct to their copyrights.
1968

1967
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of B U S I N E S S STATISTICS

1969

1967
IV

Annual total

1968

II

I

19701

1969

III

IV

i

| n

III

IV

I

II

IV

III

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
Gross national product, total f
Personal consumption expenditures, total

-bil. $.
do___

793.9
492.1

865.0
535.8

931.4
577.5

815.9
502.5

834.9
519.7

858.1
529.1

875.8
543.8

891.4
550.8

907.6

923.7

942.6

951.7

959.5

971.1

985.5

561.8

573.3

582.1

592.6

603.1

614.4

622.1

'85.3
'33.2
'38.2

r

627.

0

do
do
do

73.1
30.5
31.4

84.0
37.2
34.6

90.0
40.3
36.7

75.3
31.1
32.5

79.9
34.9
33.7

82.6
36.0
34.1

86.7
39.1
35.4

86.9
38.8
35.2

89.1
39.8
35.8

90.6
40.0
37.2

89.5
40.2
36.7

90.8
41.1
36.9

89.1
37.7
38.3

91.9
39.4
38.9

91.2
39.2
38.1

-do
do
do
do

215.0
42.3
108.5
17.6

230.2
46.1
115.1
19.0

245.8
49.9
121.7
21.1

217.1
42.5
109.5
18.1

225.6
44.8
112.7
18.8

227.6
45.2
114.7
18.6

232.6
47.1
116.1
19.2

234.8
47.2
117.0
19.3

239.2
47.9
119.1
20.3

244.0
50.0
120.8
20.8

248. 1
50.7
122.4
21.5

252.0
50.9
124.6
21.7

258.8
51.3
128.8
22.4

262. 6
51.8
131.2
22.7

265.8
52.3
132.3
23.0

• 271. 5
'53.8
' 134.1
'23.5

do
do
do
do

204.0
29.1
71.8
14.5

221.6
31.2
77.4
15.6

241.6
33.9
84.0
16.7

210.1
30.1
73.7
14.6

214.2
30.4
75.2
15.2

218.9
30.8
76.6
15.3

224.5
31.5
77.9
15.6

229.0
32.1
79.8
16.1

233.5
32.7
81.4
16.2

238.7
33.3
83.0
16.5

244.5
34.5
84.7
16.8

249.8
34.8
87.0
17.1

255.2
35.2
89.0
17.7

259.9
35.9
90.8
17.9

265.1
36.9
92.6
18.2

• 270. 2
'37.3
' 95.1

do

116.6

126.5

139.8

123.0

119.8

127.3

126.5

132.6

136.0

139.3

143.8

140.2

133.2

134.3

138.3

do
—do
do
do
do
do
do
do

108.4
83.3
28.0
55.3
25.1
24.5
8.2
7.5

118.9
88.7
29.6
59.1
30.3
29.7
7.6
7.5

131.4
99.3
33.8
65.5
32.0
31.5
8.5
8.0

113.0
84.1
28.0
56.2
28.8
28.3
10.0
8.5

117.2
88.3
29.8
58.5
28.8
28.3
2.6
2.5

117.0
86.4
28.9
57.5
30.6
30.1
10.4
10.3

118.3
88.3
29.4
59.0
29.9
29.4
8.2
8.1

123.3
91.6
30.3
61.3
31.7
31.1
9.3
9.3

128.7
95.7
32.6
63.1
33.0
32.4
7.4
7.3

131.4
97.5
32.3
65.2
33.9
33.3
7.9
7.6

132.4
101.5
35.2
66.3
31.0
30.4
11.3
10.8

133.0
102.6
35.1
67.5
30.4
29.8
7.2
6.5

131.6
102.6
35.7
66.9
29.1
28.4
1.6
.9

131.2
102.8
35.3
67.5
28.4
27.8
3.1
2.6

132.7
103.6
35.0
68.6
29.2
28.6
5.5
5.0

do
do
do

5.2
46.2
41.0

2.5
50.6
48.1

1.9
55.5
53.6

4.0
46.8
42.8

1.8
47.7
45.9

3.4
50.7
47.3

3.4
53.2
49.8

1.4
50.9
49.5

1.3
47.8
46.5

1.3
57.2
55.9

2.6
58.3
55.6

2.6
58.8
56.2

3.5
61.1
57.6

4.1
62.8
58.7

4.2
62.8
58.6

' 133. 5
• 101. 3
'34.7
'66.6
' 32.2
'31.6
' 3. 6
'3.0
'2.6
'62.0
' 59.3

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

180.1
90.7
72.4
89.4

200.2
99.5
78.0
100.7

212.2
101.3
78.8
110.8

186.5
93.6
74.7
92.9

193.6
96.4
76.3
97.2

198.3
98.9
77.8
99.4

202.1
100.7
78.6
101.4

206.7
101.9
79.2
104.7

208.5
100.9
78.6
107.5

209.9
99.8
77.9
110.1

214.1
102.5
79.8
111.6

216.3
102.1
78.8
114.2

219.6
102.3
79.3
117.4

218.4
99.7
76.8
118.7

221.0
98.6
75.8
122.4

223. 2
'98.2
74.6
• 125. 0

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

785.7
390.7
156.5
234.2
316.5
78.6

857.4
422.9
170.4
252.5
347.1
87.4

922.9
451.6
183.9
267. 7
377.6
93.8

805.9
395.0
158.5
236.5
328.4
82.5

832.3
411.6
165.2
246.4
334.7
86.0

847.8
417.8
168.0
249.8
343.1
86.8

867.6
429.0
173.1
255. 9
352.2
86.3

882.1
433.3
175.3
258.0
358.4
90.5

900.2
440.9
180.5
260.4
364.8
94.5

915.9
448.8
182.7
266.1
372.3
94.8

931.2
454.9
184.8
270.1
383.0
93.3

944.5
461.7
187.4
274.3
390.3
92.5

957.9
465.5
185.5
280.0
400.1
92.3

968.1
471.8
188.5
283.3
405.8
90.4

980.0
474.2
188.3
286.0
413.2
92.6

'
'
'
'
'

8.2
4.7
3.5

7.6
5.7
2.0

8.5
6.4
2.1

10.0
6.1
3.9

2.6
2.5
.1

10.4
7.1
3.2

8.2
5.8
2.4

9.3
7.2
2.1

7.4
5.6
1.8

7.9
6.7
1.2

11.3
7.9
3.5

7.2
5.3
1.9

1.6
-.3
1.9

3.1
-1.9
5.0

5.5
5.2
.3

'3.6
' -3.7
' 7.2

Durable goods, total?
Automobiles and parts
Furniture and household equipment
Nondurable goods, total?
Clothing and shoes
Food and beverages
Gasoline and oil
Services, total 9
Household operation
Housing
Transportation
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

Change in business inventories
Durable goods
Nondurable goods

do
do
do
-do
do
do
do.
do..
do..

18.5
• 137.1

986. 3
472. 0
178. 8
293.3
419. 4
' 94. 9

G N P in constant (1958) dollars

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

bil. $.

675.2

707.2

727.1

683.6

693.5

705.4

712.6

717.5

722.1

726.1

730.9

729.2

723.8

724.9

727.4

' 720. 3

do...

430.1

452.3

467.7

434.3

445.0

448.4

457.7

458.1

463.3

467.1

468.7

471.7

474.0

478.1

479.6

' 476. 6

do
do
do

72.9
190.2
167.0

81.4
196.5
174.4

84.9
201.2
181.6

74.0
190.3
169.9

78.1
195.5
171.3

80.2
194.9
173.2

83.9
197.9
175.9

83.2
197.6
177.4

84.9
199.7
178.7

85.7
200.9
180.5

84.1
201.9
182.7

84.9
202.4
184.4

82.7
205.6
185.8

84.9
206.6
186.6

83.6
208.2
187.8

r

'76.9
211.1
' 188. 6

do

101.2

105.7

111.3

105.1

101.3

107.1

105.1

109.5

109.7

111.5

114.1

110.0

102.9

103.1

104.1

' 101.3

Fixed investment
Nonresidential
Residential structures
Change in business inventories

do
..do
do
do

93.5
73.2
20.4
7.7

98.8
75.5
23.3
6.9

104.1
80.8
23.3
7.2

95.9
72.9
23.0
9.2

98.9
76.1
22.9
2.4

97.6
73.8
23.8
9.5

97.7
74.9
22.8
7.4

101.0
77.1
23.9
8.5

103.6
79.3
24.3
6.1

104.8
80.2
24.7
6.6

101. 2
81.9
22.3
9.9

103.9
82.1
21.8
6.1

101.5
80.9
20.7
1.3

100.1
80.2
20.0
2.9

99.6
79.6
20.0
4.6

'98.1
'76.3
'21.9
'3.1

Net exports of goods and services

do

3.6

.9

.2

2.1

.8

1.5

1.5

-.2

-.4

-.3

.8

.9

1.9

2.4

Gross private domestic investment, total

142.2
146.4
140.2
148.3
147.8
Govt. purchases of goods and services, total, .do
75.7
75.5
77.5
74.7
78.7
Federal
do
72.1
66.7
68.9
65.5
69.6
State and local
do
' Revised.
v Preliminary.
* Annual totals for 1970 for national income and product
and disposition of personal income appear on pp. 9 ff. of this issue of the SURVEY.
f Revised
series. Estimates of national income and product and personal income have been revised back

 - SI
414-432 O - 71


3.1

140.6
66.2
74.4

'2.0

145.0
147.3
146.6
141.3
148.3
150.0
147.9
149.5
148.5
75.2
71.1
79.4
75.8
73.8
67.8
79.1
78.9
78.0
72.1
69.4
70.6
72.1
72.9
73.8
73.5
69.4
71.5
to 1967 (see p. 17 ft. of the July 1970 SURVEY); revisions prior to May 1969 for personal income
appear on p. 26 ft. of the July'1970 SURVEY.
9 Includes data not shown separately.

s-1

• 140. 3
'65.5
'74.8

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS

1967

1968

Annual total

1969

1968

| 1969
I

III

II

February

IV

I

II

!

1970 3

III

IV

I

II

1971
I

IV

III

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT—Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf
bil. $ -

735.2

749.3

764.0

779.5

785.2

791.5

797.4

806.6

520. 9

532.5

544.9

557.5

572.2

582.1

592.2

596.4

603.8

606. 7

447.9
458. 9
356.0
364.7
17.3
17.6
74. ~ ! 76.6
47.4
48.7
62. 9
63.8
48.5
49.2
14.4
14.6
21.3
21.3

471.0
373.4
18.6
79.0
49. 9
64.4
49. 2
15.3
21.3

481.4
382.5
18.2
80.7
51.1
65.2
49.4
15.8
21.3

491.6
391. 5
18.1
81.9
53.3
66.0
49.9
16.2
21.6

502.9
401.2
18.4
83.4
54.6
66.7
50.5
16.2
22.0

516.4
409.9
19.9
86.6
55.8
67.5
50.9
16.6
22.1

525.3
417.2
19.6
88.5
56.8
67.2
50.6
16.6
22.3

537.4
534.4
424.0
422.6
19.5
«20.1
°91. 7 ! 93.9
59.0
57.9
67.8
67.6
51.2
50.6
16.5
17.0
22.6
22.5

543.4
428.9
19.1
95.4
60.4
67.8
51.7
16.1
22.7

545. 2
429. 1
18.6
97.5
61.4
67.4
52.0
15.3
23.0

653.6

712. 7

769. 5

687.2

706.1

Compensation of employees, total

do_.

467. 2 i

514.1

564. 2

495.3

507. 6

Wages and salaries, total
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' income, total 9
Business and professional 9
Farm
Rental income of persons

do
do
do
do
do
do
do
do
do

423.1
337.3
16.2
69.5
44.2
62.1
47.3
14.8
21.1

464.8

Corporate profits and inventory valuation adjustment, total
bil. $_.
By broad industry groups:
Financial institutions
do
Nonfinancial corporations, total
do
Manufacturing, total
do
Nondurable goods industries
do
Durable goods industries
do___.
Transportation, communication, and public
utilities
bil. $_.
All other industries
do
Corporate profits before tax, total
do_.
Corporate profits tax liability
do..
Corporate profits after tax
do_.
Dividends
do_.
Undistributed profits,
do..
Inventory valuation adjustment
do_.
Net interest
do..
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
bil
Less: Personal tax and nontax payments
do.
Equals: Disposable personal income
do_.
Less: Personal outlays©
do..
Equals: Personal saving§
do..
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals :J
All industries
bil. J
Manufacturing
do.
Durable goods industries 1
do.
Nondurable goods industries 5
do.
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
Seas. adj. qtrly. totals at annual ratesrt
All industries
_
Manufacturing
Durable goods industries 1
Nondurable goods industries |

do
do
do
do
do
do....
do
do
do
do

509.0
369.1 I 404. 9
17. 9 | 19.0
77.8 ! 85.1
49.3
55.1
64.1
66.8
49.1
50.5
15.0
16.4
21.3
22.0

78.7 i

85.4

85.8

81.3

86.0

87.4

87.1

87.1

87.4

86.8

82.0

76.7

77.5

78.4

10.0
68.7
38.7
18.0
20.7

11.0
74.4
42.4
19.1
23.3

12.0
73.8
41.8
19.3
22.4

10.6
70.6
40. 1
18.6
21.5

10.8
11.5
75. 2 s 75.9
42.8 I 42.9
18.9
19.4
23.9
23.6

11.2
75.9
43.7
19.2
24.4

11.5
75.5
43.4
19.4
24.0

11.9
75.4
42.9
19.9
23. 0

12 2
716
41.8
19.1
22.7

12.2
69.8
39.1
19.0
20.0

12.0
64.7
35.2
18.3
16.9

12.3
65.2
35.5
18.2
17.2

12.9
65.5
34.7
18.3
16.3

10.8
19.1

11.0
21.0

10.7
21. 4

11.0
21.3

11.2
21.8

10.7
21.5

11.0
21.2

10.8
21.8

10,6
22.2

10.3
20.4

9.1
20.4

8.6
21.1

9.1
21.7

79.8
33.2
46.6
21.4
25.3
-1.1
24.4

88.7
40.6
48.2
23.3
24.9
-3.3
27.8

91.2
42.7
48.5
24.7
23.9
-5.4
30.7

11.1
19.5
86.7
39.8
46.9
22.3
24.7
-5.4
26.4

88.6
40.4
48.3
23.1
25.2
-2.6
27.3

88.4
40.4
48.0
23.8
24.2
-.9
28.2

91.3
41.7
49.6
24. 1
25.5
-4.2
29.1

93.0
43.5
49.5
24.1
25.5
-5.9
29.7

93.4
43.8
49.7
24.4
25.2
-6.0
30.4

42.1
47.9
25.0
22 9
-3^2
31.0

88.5
41.4
47.1
25.2
21.9
-6.5
31.7

82.6
38.0
44.6
25.2
19.4
-5.8
32.4

82.0
38.1
43.9
25.1
18.8
-4.5
33.1

84.4
38.9
45.4
25.4
20.0
-5.9
33.8

-3.0
34.5

629.3
83.0
546.3
506.0
40.4

688.7
97.5
591.2
550.8
40.4

748.9
117.3
631.6
593. 9
37.6

664.0
89. 1
574.9
534.1
40.8

680.9
92.6
58S.4
543.8
44.6

697.6
102.1
595. 6
559.1
36.5

712. 5
106.5
606.0
566.4
39. 6

725.8
113.8
612. 0
577.7
34.3

741.1
118.1
623. 0
589.7
33.3

758.1
117.5
640.6
598.7
42.0

770. 5
119.9
650.6
609. 6
41.1

782.3
117.0
665.3
620.5
44.8

801.3
117.7
632.1
51.5

807.2
114.2
693.0
640.2
52.7

813.3
116.1
697. 2
645. 5
r
51.8

65.47
28.51
14.06
14.45

67.76
28.37
14.12
14.25

75.56
31.68
15.96
15.72

15.10
6.15
3.06
3.09

16. 85
6.99
3.36 I
3.63 i

16. 79
7.13
3.54
3.59

19.03
8.10
4.16
3.94

16.04
6.58
3.36
3.22

18.81
7.82
3.98
3.84

19.25
8.16
4.03
4.12

21.46
9.12
4.59
4.53

17.47
7.14
3.59
3.56

20.33
8.15
4.08
4.07

20.26
7.99
3.87
4.12

i 22. 52
8.98
4.37
4.61

36.96
1.65
1.86
2.29
1.48
8.74
6.75
2.00
6.34
14.59

39.40
1.63
1.45
2.56
1.59
10.20
7.66
2.54
6.83
15.14

43.88

9.86
.43
.37
.58
.42
2.62
1.94
.68
1.62
3.81

9.66
.39
.31
.64
.41
2.61
1.87
1.61
3.69

10.93
.40
.38
.66
.47
2.90
2.16
.74
2.00
4.13

9.45
.42
.38
.68
.38
2.36
1.88
.48
1.81
3.41

10.99
.48
.44
.66
.46
2.99
2.22
.77
2.00
3.97

11.10

10.32

12.18
.47
.47
.80
.31
3.28
2.59
.69
2.59
4.26

12.27

13.54

.46
.46
.74
.30

.4"
.4*
.67
.34

3.03
2.23
.80
2.11
4.07

12.34
.49
.55
.64
.44
3.23
2.61
.62
2.39
4.60

3.58
2.79
.78
2.56
4.16

3.93
3.32
2 7.64

66. 29
67. 77
27.84
28.86
13.51 I 14.47
14. 33
14. 40

69.05
28.70
14.39
14.31

72.52
29.99
15.47
14.52

73.94
31.16
15.98
15.18

77. 84
33.05
16.53
16.52

77.84
32.39
15.88
16.50

78.22
32.44

80.22
32.43
16.32
16. 11

81.88
32.15
15.74
16.40

i 81. 72
32.13
15.30
16.

44.80

47.79
1.84
1.88
2.88
1.12
12.72
10.15
2.57
10.38
16.98

49.73
1.86
1.96
3.24
1.22
13.84
11.34
2.50
10.62
17.00

49.60

1.86
1.86
2.51
1.68
11. 61
8.94
2.67
8.30
16.05

j
j
'
!

8.95 |
.42
.39
.68
.30
2.07
1.69
.38
1.59
3.50

.47
.49
.53
.40

.45
.42
.73
.28

2.54
2.15
.39
2.14
3.76

do.
do.
do.
do.

68.09
28.02
14.11
13.91

do.
do.
do.
do.
do.
do.
do .
do.
do..
do.

40.07
38.45
1.80
1.66
1.68
1.49
2.88
1.98
1.49
1.43
10.08 j 10.24
7.76
7.64
2.32
2.60
6. 83
6. 42
15. 37 15.17

38.91
1.57
1.29
2.69
1.65
9.82
7.50
2.32
6.67
15. 22

40.35
1.52
1.34
2.87
1.75
10. 63
7.74
2.89
7.34
14.91

42.53
1.83
1.68
2.89
1.87
11. 52
8.62
2.90
7.74
15.00

42.78
1.88
1.76
2.22
1.66
11.68
8.71
2.97
7.92
15.67

45.46

45.78

1.89
2.06
2.23
1.65
11.48
8.98
2.50
8.71
16.78

1.85
1.94
2.80
1.63
11.80
9.36
2.44
8.76
16.67

1.92
1.74
2.94
1.37
12.14
9.77
2.37
9.14
16.52

11,932 i 12,685
7,946
8,386
302
344
1,765
1,990
1, 919
1,965

13,295
8,878
393
2,000
2,024

12,714
8,378
357
1,935
2,044

11,948
7,472
391
2,089
1, 996

14,291 14 565
9, 585 9 581
313
458
2,150
2 286
2 240
2,243

14,712
9,835
352
2,314
2,211

-40.991 -48,127 -53,566 -11,477 -11,832
Imports of goods and services...
do
-26,821 -32,964 -35,835 -7,820 -8,132
Merchandise, adjusted, excl. military
do.
-4,378 -4,535 -4,850 -1,103 !-1,112
Military expenditures
. . . do.
-677 ! - 7 3 2
Income on foreign investments in the U.S~~do"~~ -2,362 - 2 , 932 -4,463
- 8 , 418
Other services
do.— -7,430 -7,696 -8,418 -1,877 -1,856
Unilateral transfers, net (excl. military grants);
-675
transfers to foreigners (-)
mil. $..I -2,970 -2,829 -2,835
-629
r
Revised.
v Preliminary,
i Estimates (corrected for systematic biases) for Oct.—
Dec. 1970 and Jan.—Mar. 1971 based on expected capital expenditures of business. Expected
2
expenditures for the year 1970 appear on p. 15 of the Dec. 1970 SURVEY.
Includes communication.
3 s e e n o te l on p. S-l.
tSee corresponding note on p, S-l.
9Includes
inventory valuation adjustment.
tRevised series; explanation of revisions and annual
and quarterly data back to 1947 appear on pp. 25 ff. of the Jan. 1970 SURVEY; see also pp. 19
ff. of the Feb. 1970 SURVEY.
©Personal outlays comprise personal consumption expendi-

-12,444
- 8 . 569
-1,147
-761
-1,967

-12. 374
- 8 , 443
-1,173
-762
-1,996

-11,618
- 7 , 576
-1,198
-905
-1,939

- 1 3 , 9 7 8 - 1 3 , 909
- 9 . 6 0 6 — 9 263
- 1 , 1 8 7 - 1 220
- 1 , 0 7 1 -1,240
- 2 , 1 1 4 -2,186

-14,061
-9,390
-1,245
I-1,247
-2,179

Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other

U.S. BALANCE OF INTERNATIONAL
PAYMENTScr1
Quarterly Data Are Seasonally Adjusted
(Credits +; debits - )
Exports of goods and services (excl. transfers under
military grants)
_ mil. $
Merchandise, adjusted, excl. military
do . . .
Transfers under military sales contracts
do.
Income on U.S. investments abroad
do
Other services
_do




16.40
16.05

25.1

1.81
1.76
2.72
1.27
14.36
11. 91
2.45
2 27. 68

I

46,204
30,681
1,239
6,872
7,412

50, 626
33, 588
1,396
7,690
7,952

55,516
36, 473
1,514
8,839
8,690

I

15,342 15,914 P15,924
10,228 10, 703 '10,675
432
p 341
258
2,302 p 2, 407
2,499
2,475 p 2, 498
2, 357
-14,510
-9,726
-1,178
-1,348
-2,261

-14,810
'-9,880
-1,255
-1,325
-2,354

10,43:

p-14,903
'-9,960
P-1,214

p-1,292
p-2,439

- 7 2 1 p-752
-812
-612
-739
-690
-721
- 7 5 7 -768
tures, interest paid by consumers, and personal transfer payments to foreigners,
§ Personal
saving is excess of disposable income over personal outlays.
HData for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
cfMore complete details are given in
the quarterly reviews in the Mar., June, Sept., and Dec. issues of the SURVEY.
"Includes the retroactive pay increase for Federal personnel.

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