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SURVEY OF CURRENT BUSINESS

December 1971

NATIONAL INCOME AND PRODUCT TABLES
1970
1969

1970

II

III

1971

IV

II

1970

III

1969

III

II

1970

1971

IV

II

III

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

929 1

974 1

968 5

983.5

988 4 1,020.8 1,043.1 1 060.8 724 7

720 0

721 1

723 3

715 9

729 7

738 4

745 5

Personal consumption expenditures

579.6

615.8

613.8

620.9

624.7

644.6

660.9

672.5 469.3

475.9

477.1

477.9

474.2

484.8

492.3

496 5

89 9
247 6
242 1

88 6
264.7
262 5

90 7
262.9
260 2

90 4
265 5
265 0

84 9
270 9
268 9

97.6
272.0
276 0

100.8
279.8
280 4

104.7 84 8
282.0 202 7
285 7 181 8

81.4
207.3
187 2

83 8
206.6
186 8

82 8
207 3
187 9

76 6
209 7
187 9

86 7
209 2
188 8

89 2
213.2
190 0

92 0
213 2
191 3

Durable goods . . .
Nondurable goods..
Services

137.8

135.3

134.1

138.6

137.3

143.8

152.4

153.6 109.6

102.2

102.7

104.0

101.2

104.7

109.9

109 0

130 4

132 5

132 1

133 5

133 6

140 6

146.7

152 5 103 2

99 9

100 7

100 1

98 1

102 1

105 0

107 6

Nonresidential
Structures .
Producers' durable equipment. .

98 6
34 5
64 1

102 1
36 8
65 4

102 1
36 6
65 6

104 8
37 3
67 6

100 8
37 1
63 7

104 3
37 9
66.3

107.0
38.2
68.8

109 3
39.1
70.1

80 1
24 5
55.7

78 6
24.2
54.4

79 4
24.4
55.0

80 1
24 2
55 9

75 5
23 5
52.0

77 5
23 8
53 7

78 7
23.1
55.6

79 2
22 8
56 3

Residential structures
Nonfarm
Farm

31 8
31.2
.6

30 4
29.7
.6

29 9
29.3
.6

28 7
28.1
.6

32 8
32.2
.6

36 4
35.7
.6

39.7
39.1
.6

43.3
42.7

23 1
22.6

21 3
20.9

21 3
20.8

20 0
19.6

22 6
22.2

24 6
24.2

26.4
26.0

28 5
28.0

74
7.3
1

28
2.5
3

2.1
1.8
3

51
4.7
3

3.7
3.3
4

3.2
3.0
2

5.7
5.2
.5

1.1
.3
.8

64
6.3
.1

2.3
2.0
.3

2.0
1.7
.3

3,9
3.6
3

3.1
2.8
4

2.6
2.4
2

4.9
4.4
.5

13
.6
7

Gross private domestic investment
Fixed inv^sfm^nt

Change in business inventories.
Nonfarm
Farm

Government purchases of foods and services
Federal
National defense
Other

...

State and local

.

3.6

4.2

4.0

2.7

4.2

—.5

.5

.1

2.4

2.6

3.2

2.1

2.6

-i.o

.5

62.9
69.3

63.2
59.0

63.7
59.7

63.2
60.6

66.1
61.9

66.4
66.9

68.9
68.4

48.5
48.3

52.2
49.8

52.8
60.1

52.4
49.2

61.9
49.8

52.8
50.1

53.0
54.0

55.1
54.5

209.7

219.4

216.5

220.1

223.7

228.2

230.2

234.2 145.6

139.4

138.7

138.2

138.3

137.6

137.1

139.5

99 2
78 4
20 7

97 2
75.4
21 9

96 8
75.1
21 6

96 1
74.2
21 9

95 9
73.2
22 7

96 7
73.0
23 7

95.7
71.8
23.9

97.4
70.8
26.6

73.8

65.4

65.3

63.8

63.2

61 5

60.5

62 5

110.6

_.

Exports
Imports.

2.0
55 6
53.6

Net exports of goods and services..

122.2

119.7

124.0

127.9

131.5

134.5

136.8

71.9

74.0

73.4

74.3

75.2

76.1

76.6

77.0

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
929.1

974.1

968.5

983.5

988.4 1,020.8 1,043.1 1, 060. 8 724.7

720.0

721.1

723.3

715.9

729.7

738.4

745.

921.7
7 4

971.3
2 8

966.5
21

978.4
51

984.7 1, 017. 6 1, 037. 4 1, 059. 7 718.2
5.7
1.1 6.4
32
37

717.7

719.1

719.4

712.8

727.1

744.

2.0

3.9

3.1

2.6

733.5
4.9

457.3

468.3

468.6

474.9

467.7

483.2

494.6

501.3 389.9

383.0

385.4

387.2

376.7

386.6

393.3

397.

Final sales
. .
Change in business inventories

449 9

465 5

466 6

469.8
5.1

464 0

3.7

480.0
3.2

488.9
5.7

500.2 383.4
1.1 6.4

380.7
2.3

383.4
2.0

383.3
3.9

373.6
3.1

384.0
2.6

388.5
4.9

396.

2.1

Durable goods
Final sales
Change in business inventories

185 3
180.9
4 6

180 2
180.8
— 6

181 8
183.7
—2 0

189.6
184.9

191.8
188.0

194.2
191.5

197.4 165.9
198.0 162.1

156.1
156.8

163.7
160.0

3.7

144.4
147.5
—3.1

161.9
168.7

165.
165.

—.6

158.8
160.3
—1.5

163.4
161.1

4.7

169 7
173.1
—3 4

Nondurable goods
Final sales
Change in business inventories ..

272.0
269 0

288.1
284 7

286.9
282 9
4.0

285.3
284.9
.4

297.9
290 9
7.1

291.4
292.0

300.4
297.4
3.0

303.8 224.0
302.2 221.4
1.6
2.6

226.9
223.9
3.0

226.7
223.1
3.6

223.5
223.3
.2

232.3
226.1
6.2

224.7
225.3
—.6

230.0
227.4
2.6

231.
230. 1

273.4

272.3

273.9

274.5

276.1

277.6

278.1

63.6

63.4

62.2

64.7

67.0

67.4

69.

Gross national product
Final sales
Change in business inventories
Goods output.

7.4

2.9

2.8

3.4

3.8

2.7

-.5

3.8

377.4

Structures..

410.3

406.2

413.7

420.6

432.3

439.8

446.1 267.8

94.4

Services

95.5

93.7

94.9

100.1

105.2

108.6

113.4

67.0

2.3

3.2

2.3

1.

1.

.(

l.<

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

...

929.1

974.1

968.5

983.5

988.4 1,020.8 1,043.1 1, 060. 8 724.7

720.0

721.1

723.3

715.9

729.7

738.4

745.

825.3

859.8

854.8

868.3

871.6

899.5

920.1

936.4 664.0

659.4

660.4

662.8

655.4

669.0

677.5

684.

792.6
764 5
28.0

823.4
795 2
28.2

819.7
790 9
28.8

831.3
804.1
27.1

833.5
806 4
27.1

859.6
831.5
28.1

877.9
849.0
28.9

894.5 643.5
863.7 619.3
30.8 24.2

638.5
614.6
23.9

640.1
616.1
23.9

641.8
618.6
23.2

634.1
609.2
24.9

646.9
622.0
24.9

654.1
629.0
25.0

661.
634.
26.

28.5

31.7

31.0

32.1

33.0

34.2

35.0

35.9

16.5

17.0

16.8

17.0

17.1

17.6

17.7

17.

43

4.6

4.1

4.8

5.1

5.6

7.2

5.9

4.0

4.0

3.6

4.0

4.2

4.5

5.8

4.

103.8

114.4

115.2

116.8

121.3

122.9

124.5

60.7

60.6

60.7

60.5

60.5

60.8

60.9

61.

113.8

NOTE.—The national income and product account estimates do not yet reflect the provisions of the Revenue Act of 1971 that was signed into law in December.

HISTORICAL STATISTICS
National income and product data for 1929-63 are in The National Income and Product Accounts of the United States, 1929-1966,
Statistical Tables (available at $1 from Commerce Department Field Offices or the Superintendent of Documents; see addresses inside
front cover). Each July SURVEY contains preliminary data for the latest 2 years and final data for the preceding 2. The July 1971 issue has
data for 1967-70. Prior July issues have final data as follows: 1964-65, July 1968; 1965-66, July 1969; 1966-67, July 1970. QBE will provide
on request a reprint of final data for the years 1964-67.



CURRENT BUSINESS STATISTICS

X HE STATISTICS here 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 (t), 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 subject to their copyrights.
1968

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

1969

III

Annual total

1969

1968

1970

IV

i | ir

1970
III

IV

I

II

|

1971
III

IV

i | n

III

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
bil.$-_

864.2

929.1

974.1

875.2

890.2

906.4

921.8

940.2

948.0

956.0

968.5

983.5

988.4 1,020.8 1, 043. 1

1,060.8

do

536.2

579.6

615.8

544.0

552.5

564.3

575.8

584.1

594.2

604.0

613.8

620.9

624.7

644.6

660.9

672.5

Durable goods total 9
Automobiles and parts
.
Furniture and household equipment. _

do
do
do

84.0
37.5
34.3

89.9
40.4
36.3

88.6
37.1
37.4

86.3
38.9
35.1

87.0
39.0
35.0

89.5
40.1
35.6

90.6
39.9
37.0

89.4
40.4
36.2

90.3
41.0
36.2

88.6
37.8
37.3

90.7
39.1
37.6

90.4
38.8
37.0

84.9
32.7
37.6

97.6
44.1
39.5

100.8
45.7
40.4

104.7
49.2
40.6

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

do
do
do
do

230.8
46.3
115.3
19.0

247.6
50.3
122.5
21.1

264.7
52.6
131.8
22.9

233.6
47.4
116.5
19.2

236.9
47.7
117.9
19.4

241.5
48.5
120.4
20.2

246.4
50.6
121.9
20.8

249.4
51.0
122.9
21.5

253.1
51.1
124.8
21.9

259.4
51.6
128.9
22.5

262.9
52.1
131.4
22.6

265.5
52.4
132.4
22.9

270.9
54.2
134.3
23.5

272.0
54.9
135.1
23.8

279.8
57.0
138.2
24.3

282.0
57.3
139.2
25.0

221.3
31.2
77.3
15.5

242.1
33.7
84.0
16.5

262.5
36.1
91.2
17.9

224.1
31.5
77.8
15.7

228.6
32.1
79.7
15.8

233.4
32.8
81.4
16.2

238.9
33.0
83.0
16.4

245.2
34.1
84.7
16.6

250.8
35.0
86.9
16.8

256.1
35.1
88.7
17.5

260.2
35.7
90.3
17.6

265.0
36.7
91.8
18.1

268.9
36.9
94.1
18.3

275.0
37.7
96.4
18.6

280.4
38.6
98.6
18.9

285.7
39.7
100.7
19.1

Gross national product, total f
Personal consumption expenditures, total

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

._ _ _

.--

do ..
do
._ .do __
do

126.0

137.8

135.3

126.2

130.7

134.3

137.0

141.8

138.0

131.2

134.1

138.6

137.3

143.8

152.4

153.6

118.9
88.8
30.3
58.5
30.1
29.5
7.1
6.9

130.4
98.6
34.5
64.1
31.8
31.2
7.4
7.3

132.5
102.1
36.8
65.4
30.4
29.7
2.8
2.5

118.5
88.8
30.0
58.8
29.7
29.2
7.7
7.5

122.6
91.2
31.2
60.1
31.4
30.8
8.1
8.1

127.6
95.0
33.1
61.8
32.7
32.1
6.6
6.5

130.2
96.6
33.0
63.6
33.6
33.1
6.8
6.7

131.4
100.7
36.0
64.7
30.7
30.1
10.4
10.3

132.3
102.2
36.0
66.2
30.1
29.5
5.7
5.5

130.8
100.8
36.1
64.7
30.0
29.4
.4
.1

132.1
102.1
36.6
65.6
29.9
29.3
2.1
1.8

133.5
104.8
37.3
67.5
28.7
28.1
5.1
4.7

133.6
100.8
37.1
63.7
32.8
32.2
3.7
3.3

140.6
104.3
37.9
66.3
36.4
35.7
3.2
3.0

146 7
107.0
38.2
68.8
39.7
39.1
5.7
5.2

152.5
109.3
39.1
70.1
43.3
42.7
1.1
.3

2.5
50.6
48.1

2.0
55.6
53.6

3.6
62.9
59.3

3.4
53.1
49.7

1.3
50.8
49.5

1.4
48.0
46.6

1.2
56.9
55.7

2.8
58.3
55.5

2.7
59.2
56.6

3.5
61.5
58.0

4.2
63.2
59.0

4.0
63.7
59.7

2.7
63.2
60.5

4.2
66.1
61.9

-.5
66.4
66.9

.5
68.9
68.4

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

199.6
98.8
78.3
100.8

209.7
99.2
78.4
110.6

219.4
97.2
75.4
122.2

201.6
99.8
79.1
101.8

205.7
100.6
79.4
105.1

206.5
99.2
78.3
107.3

207.8
97.7
77.5
110.1

211.5
100.3
79.4
111.2

213.0
99.5
78.4
113.5

217.3
100.2
78.9
117.1

216.5
96.8
75.1
119.7

220.1
96.1
74.2
124.0

223.7
95.9
73.2
127.9

228.2
96.7
73.0
131.5

230.2
95.7
71.8
134. 5

234.2
97.4
70.8
136.8

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

857.1
422.4
169.6
252.9
346.6
88.1

921.7
449.9
180.9
269.0
377.4
94.4

971.3
465.5
180.8
284.7
410.3
95.5

867.5
428.9
172.4
256.5
351.4
87.2

882.1
433.1
174.0
259.1
357.6
91.4

899.8
441.3
179.1
262.2
364.0
94.5

915.0
447.7
179.6
268.0
371.9
95.3

929.8
452.3
181.3
271.0
383.0
94.5

942.3
458.3
183.4
274.9
390.6
93.4

955.6
461.5
181.5
279.9
400.8
93.4

966.5
466.6
183.7
282.9
406.2
93.7

978.4
469,8
184.9
284.9
413.7
94.9

984.7 1,017.6 1, 037. 4
488.9
480.0
464.0
191.5
188.0
173.1
297.4
292.0
290.9
432.3 439.8
420.6
108.6
105.2
100.1

1,059.7
500.2
198.0
302.2
446.1
113.4

7.1
4.9
2.1

7.4
4.5
2.9

2.8
-.6
3.4

7.7
4.5
3.1

8.1
6.0
2.1

6.6
3.8
2.8

6.8
4.7
2.1

10.4
6.5
4.0

5.7
3.0
2.8

.4
-1.8
2.2

2.1
-2.0 1
4.0

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

_
_ .

.

Change in business inventories
Durable goods
Nondurable goods.

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

5.1
4.7
.4

3.7
-3.4
7.1

3.2
3.8
-.6

5.7
2.7
3.0

1.1
-.5
1.6

GNP in constant (1958) dollars
Gross national product, total f
Personal consumption expenditures, total
Durable goods
Nondurable goods _
Services

bil $

706.6

724.7

720.0

712.3

716.5

721.4

724.2

727.8

725 2

719.8

721.1

723.3

715.9

729.7

738.4

745.5

do

452.7

469.3

475.9

457.7

460.2

465.7

469.0

469.9

472.6

474.4

477.1

477.9

474.2

484.8

492.3

496.5

do
do
do

81.3
197.1
174.4

84.8
202.7
181.8

81.4
207.3
187.2

83.4
198.6
175.8

83.3
199.4
177.5

85.2
201.6
178.9

85.6
202.8
180.6

84.0
203.0
182.9

84 4
203.4
184.8

82.3
205.7
186.4

83.8
206.5
186.8

82.8
207.3
187.9

76.6
209.7
187.9

86.7
209.2
188.8

89.2
213.2
190.0

92.0
213.2
191.3

do

105.2

109.6

102.2

104.9

107.7

108.4

109.4

112.4

108.2

101.0

102.7

104.0

101.2

104.7

109.9

109.0

Fixed investment
Nonresidential
_.
Residential structures
Change in business inventories

do
do
do _
do

98.8
75.6
23.2
6.4

103 2
80. 1
23.1
6.4

99 9
78.6
21.3
2.3

97 9
75.3
22.6
7.0

100.3
76.6
23.7
7.4

102.8
78.6
24.1
5.7

103 5
79.1
24.4
5.8

103 2
81.1
22.1
9.2

103 3
81 7
21.6
4.9

100 7
79 3
21.4
.3

100 7
79.4
21.3
2.0

100 1
80.1
20.0
3.9

98 1
75 5
22.6
3.1

102.1
77.5
24.6
2.6

105. 0
78.7
26.4
4.9

107.6
79.2
28.5
1.3

Net exports of goods and services

do .

1.0

.1

2.4

1.6

-.3

-.5

-.3

.6

.6

1.7

2.6

3.2

Gross private domestic investment, total

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

147.7
145.6
139.4
149.0
148.0
65.4
78.4
78.1
78.1
73.8
69.6
70.9
71.9
74.0
69.7
T
Revised.
* Preliminary.
t Revised series. Estimates of national income and product
and personal income have been revised back to 1967 (see p. 13 fl. of the July 1971 SURVEY) ;


http://fraser.stlouisfed.org/
451-624 O - 72 - S-l
Federal Reserve Bank of St. Louis

146.1
138.2
147.8
142.6
138.7
144.8
143.8
76.3
69.4
73.9
73.2
65.3
71.6
63.8
71.4
72.1
73.2
73.4
71.6
72.2
74.3
revisions prior to May 1970 for personal income appear on p.
9 Includes data not shown separately.

2.1

138.3
63.2
75.2
22 ff. of

2.6

-1.0

.5

139.5
137.1
137.6
60.5
62.5
61.5
77.0
76.6
76.1
the July 1971 SURVEY.

s-i

SURVEY OF CURRENT BUSINESS

S-2
1968

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

1969

1970

Annual total

1969

I

II

December 1971
1970

III

IV

I

II

III

i

IV

i

1971
'

1972

ii j in

IV

I

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

711.1

763.7

795.9

745.9

758.9

771.7

778.2

785.8

793.4

802.2

802.1

828.3

844.5 ••854 1

514.6

565.5

601.9

545.9

559.1

573.6

583.6

593.2

598.5

606.5

609.3

627.9

639.5

647.7

464.9
369.2
17.9
77.8
49.7
64.2
49.5
14.7
21.2

509.6
405.5
19.0
85.1
56.0
67.0
50.3
16.8
22.6

541.4
426.6
19.4
95.5
60.5
66.9
51.0
15.8
23.3

491.8
391.8
18.1
81.9
54.1
66.7
50.2
16.5
22.0

503.7
402.0
18.4
83.4
55.3
67.1
50.5
16.6
22.6

516.9
410.4
20.0
86.5
56.7
67.1
50.5
16.6
22.7

525.8
417.7
19.6
88.5
57.8
67.2
49.8
17.4
22.9

534.7
422.5
20.2
92.1
58.5
68.0
50.2
17.8
23.0

538.5
424.4
19.5
94.5
60.0
67.6
51.0
16.6
23.2

545.2
429.4
19.2
96.6
61.3
66.0
51.4
14.5
23.4

547.2
429.9
18.6
98.6
62.1
65.9
51.5
14.4
23.7

562.3
441.2
19.2
101.8
65.7
66.0
51.2
14.8
23.8

572.4
449.8
18.6
104.0
67.1
66.7
51.5
15.2
24.2

579.0
454.0
18 0
106.9
68.7
68 8
51.8
17.0
24 5

84.3

78.6

70.8

82.7

80.7

78.0

73.3

69.8

71.5

73.0

69.0

75.5

78 3

••76 7

11.3
73.0
41.7
19.3
22.4

12.1
66.5
36.0
17.5
18.4

12.8
58.1
29.5
16.6
13.0

12.0
70.7
39.3
18.2
21.1

12.3
68.4
36.9
18.0
18.9

12.2
65.8
34.8
17.0
17.8

12.0
61.3
33.0
16.9
16.1

11.3
58.5
31.1
16.7
14.3

12.1
59.4
31.5
16.5
14.9

13.5
59.5
30.6
16.8
13.8

14.0
54.9
25.0
16.2
8.8

14.1
61.4
32.4
16.4
16.0

13.6
64 7
33.3
17.3
16 1

14.2
'62 5
31.9
17.6
14 3

10.6
20.7

10.0
20.6

8.0
20.5

10.6
20.8

10.4
21.0

9.8
21.2

9.1
19.2

8.2
19.2

7.8
20.1

7.9
20.9

8.1
21.9

7 3
21.6

77
23.6

78
22 7

87.6
39.9
47.8
23.6
24.2
-3.3
26.9

84.2
39.7
44.5
24.4
20.0
-5.5
29.9

75.4
34.1
41.2
25.0
16.2
-4.5
33.0

88.7
41.8
46.9
24.0
22.9
-6.0
28.6

86.9
41.0
45.9
24.2
21.6
-6.3
29.4

81.2
38.2
43.0
24.7
18.3
-3.2
30.2

80.0
37.7
42.3
24.9
17.4
-6.7
31.1

75.6
34.1
41.5
25.0
16.6
-5.8
31.8

75.8
34.5
41.3
24.9
16.4
-4.2
32.6

78.5
35.6
42.9
25.2
17.7
-5.5
33.4

71.6
32.3
39.2
25.0
14.3
-2.6
34.2

79.1
36.2
42.9
25.6
17.3
—3 5
35 0

83.3
37.4
46.0
25.4
20.5
-5.1
35.8

••83.1
37 9
••45 2
25 7
T
19 6
64
36 4

688.9
97.9
591.0
551.2
39.8

750.3
116.2
634.2
596.3
37.9

803.6
115.9
687.8
633.7
54.1

726.8
113.6
613.2
580.4
32.8

743.1
117.2
625.9
592.4
33.4

759.3
116.1
643.2
600.9
42.3

772.2
117.8
654.5
611.4
43.1

784.3
116.7
667.6
621.5
46.2

803.8
118.0
685.7
631.5
54.2

809.8
113.5
696.2
638.9
57.4

816.7
115.2
701.5
643.0
58.5

834 3
112.7
721 6
663 2
58 4

854.8
114.0
740.8
679.9
60.9

866 1
116.9
749 2
691 5
57 7

67.76
28.37
14.12
14.25

75.56
31.68
15.96
15.72

79.71
31.95
15.80
16.15

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

21.66
8.66
4.26
4.40

17 68
6 69
3 11
3 58

20 60 r 20 14 ri 23 04 i
7 55 r 7 31 ' 8 66
r
3.52 T 3 40 ' 4 26
4.03
3 91 ' 4 40

39.40
1.63
1.45
2.56
1.59
10.20
7.66
2.54
6.83
15.14

43.88
1.86
1.86
2.51
1.68
11.61
8.94
2.67
8.30
16.05

47.76
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59

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
.47
.49
.53
.40
3.03
2.23
.80
2.11
4.07

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

10.32
.45
.42
.73
.28
2.54
2.15
.39
2.14
3.76

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

12.27
.46
.46
.74
.30
3.58
2.79
.78
2.56
4.16

12.99
.50
.43
.76
.33
3.74
3.12
.63
2.81
4.42

10 99
.49
34
34
.28
3 11
2 70
.41
2 50
3 94

13 06 ' 12 83 ' 14 38 12 61
r
.54
50
' 56
55
r
.47
' 45
50
42
r
.60
54
39
57
.36
33
' 37 ' 36
3.83 '4.07 '4.19
3 48
3 20 ••3 35 ' 3 54 3 05
r
.63
.71
' .65
43
2.81
2 62
4.44 r 4 42 ' 2 8.28 2 7 24

do
do
do
do

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
16.40
16.05

80.22
32.43
16.32
16.11

81.88
32.15
15.74
16.40

78.63
30.98
14.92
16.05

79.32
30 46
14.21
16.25

81.61 'SO 75 rl 84 02 1 87 14
30. 12 ' 29 19 '31 12
31 26
14.03 ' 13 76 ' 15 11 15 94
16.06 r 15. 43 ' 16.01
15.31

do
do
do
do
do
do
do
do
do

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

44.80
1.89
2.06
2.23
1.65
11.48
8.98
2.50
8.71
16.78

45.46
1.85
1.94
2.80
1.63
11.80
9.36
2.44
8.76
16.67

45.78
1.92
1.74
2.94
1.37
12.14
9.77
2.37
9.14
16.52

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

47.66
1.94
1.56
3.08
1.22
13.68
11.20
2.48
10.20
15.97

48.86
2.04
1 46
1.29
1 33
14.64
12 16
2.48
10 70
17.39

51.50
2.08
1.88
2.28
1.40
14.91
12.61
2.30
11.21
17.72

11, 995
7,510

14, 222
9,490

14, 574
9,602

14,811
9,888

15, 374
10 241

15,806
10, 582

15,930
10,696

15, 795
10, 461

do
..do
do
do. .
do
do
do
__do_ __
do
do

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. $
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 rates:?
All industries
Manufacturing
Durable goods industries 1
Nondurable goods industries 5
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication

do
.do
do
_ do
do
do
do
_ do
do
do

U.S. BALANCE OF INTERNATIONAL
PAYMENTSc"
Quarterly Data Are Seasonally Adjusted
(Credits -f; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil $
Merchandise adjusted excl military
do
Transfers under U.S. military agency sales contracts
mil $
Receipts of income on U.S. investments
abroad
mil $
Other services
do

50 623
33 588

55,600
36, 490

62,903
41,980

1 395

1,515

1,480

9 233
6 407

10, 539
7,056

11,409
8,034

407

329

442

336

274

447

327

433

2,471
1,607

2,585
1,818

2,716
1,814

2,767
1,820

2,925
1,934

2,791
1,986

2,855
2,052

2,839
2,062

'51.56

' 52 90
'2.23
' 2 18
' 1 72 ' 1 64
' 1.68 '2.20
' 1.48 ' 1 30
' 15. 87 ' 15 37
' 13 56 ' 12 78
'2.30
' 2.58
10.73
' 17.85 '2 30. 20 2

19
6
3
3

48
88
50
38

55.88
2.09
2 12
2.18
1 60
16.32
13 71
2.61
31. 57

16,547 ' 16, 636 v 17,054
11, 030 ' 10, 720 pll,481
••545

P466

2,897 r 3, 241
2,113 '2,130

p 2, 898

507

^2,209

—48 134 -53 589 -59,311 -11, 657 -13, 926 -13, 866 -14, 142 14, 493 -14, 761 -14, 935 -15, 125 -15,377 '-16,610 -17,060
—32 964 -35 830 -39,870 -7,589 -9,566 -9,278 —9, 397 -9,728 -9,831 -9, 992 -10, 319 -10,761 '— 11,760 -12,018
—4 535 -4,856 -4,851 -1,198 -1,187 -1,221 —1,251 -1,182 -1,255 -1,211 -1,203 -1,174 ••-1,214 -1,181

Imports of goods and services
do
Merchandise adjusted excl military
do
Direct defense expenditures
do
Payments of income on foreign investments in the
-929 -1,078 -1,242 — 1, 315 -1,348 -1,322 — 1,284 — 1,213 - 1, 114 '- 1, 072 - 1, 228
U.S
mil $
—3 013 —4 564 -5, 167
-7,621 -8,339 -9,425 -1,941 -2,095 -2,125 —2, 179 -2,235 -2,353 -2,448 -2,390 -2, 328 '- 2, 564 -2,633
Other services
do
SURVEY.
®Personal outlays comprise personal consumption expenditures, interest
Preliminary.
i Estimates (corrected for systematic biases) for Oct.Revised.
paid by consumers, and personal transfer payments to foreigners.
§Personal saving is
Dec. 1971 and Jan.-Mar. 1972 based on expected capital expenditures of business. Expected ex2
excess of disposable income over personal outlays.
penditures for the year 1971 appear on p. 18 of the Dec. 1971 SURVEY.
Includes comHData for individual durable and nondurable goods industries components appear in the
munication.
fSee corresponding note on p. S-l.
9 Includes inventory valuation adMar., June, Sept., and Dec. issues of the SURVEY.
d"Revised; more complete details,
justment.
t Re vised series; explanation of revisions and annual and quarterly data back
as well as revised quarterly data back to 1966, appear on p. 24 ff. of the June 1971 SURVEY.
to 1947 appear on pp. 25 ff. of the Jan. 1970 SURVEY; see also pp. 19 fl. of the Feb. 1970




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