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SURVEY OF CUREENT BUSINESS

November 1967

NATIONAL INCOME AND PRODUCT TABLES
1965

1966

II

III

1966

1967

1966
I IV

II

III

1965

1966

III

II

1967

IV

II

III

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Billions of 1958 dollars

Billions of current dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
683 9

743 3

736 7

748 8

762 1

766 3

775.1

791 2

616 7

652 6

649 3

654.8

661.1

660.7

664.7

672.0

433 1

465 9

461 6

470 1

473 8

480 2

489.7

495.3

398.4

418.0

415.2

420.4

420.4

424.2

430.6

431.5

66 0
191.2
175 9

70 3
207.5
188 1

68 2
207.1
186 3

70 9
209.5
189 8

70 6
210.3
192 9

69 4
214.2
196 6

72 5
217.2
200 0

72 7
218.5
204 1

66 4
178.9
153 2

71 3
187.7
159 1

69 3
187.7
158 2

71 9
188.8
159.8

71 1
188.4
160.9

69 7
191.8
162.6

72.9
193.6
164.1

72.7
192.8
166.0

107 4

118 0

118 5

116 4

122 2

110 4

105.1

112 2

98.0

105.6

106.5

103.6

108.4

96.9

91.3

96.4

98 0

104 6

104 5

104 9

103 7

103 3

104 6

108 4

89 1

93 0

93.1

93.0

91.2

90.2

90.9

92.9

Nonresidential
_. _
Structures
Producers' durable equipment..

71 1
25 1
46 0

80 2
27 9
52 3

78 7
27 5
51 2

81 2
28 2
53 1

82 8
27 7
55 1

81 9
27 7
54 2

81 5
26 3
55 2

82 8
26 6
56 2

66 0
21 9
44 1

72 8
23 6
49 2

71 7
23.4
48.3

73.6
23.7
49.9

74.2
23.0
51.2

73.0
22.9
50.1

72.6
21.7
51.0

73.2
21.5
51.7

Residential structures
Nonfarm
Farm

27 0
26 4
5

24 4
23 8
5

25 8
25 3
5

23 7
23 2
5

20 9
20 4
5

21 4
20 9
6

23 1
22 5
g

25 6
25 0
Q

23 2
22.7
5

20 2
19 7
5

21.4
21.0
5

19.4
19.0
.5

17.0
16.5
.5

17.3
16.8
.5

18.3
17.8
.5

19.7
19.2
.4

Change in business inventories
Nonfarm
Farm
_

9 4
8 4
10

13 4
13 7
'3

14 0
14 4
— 3

11 4
12 0
— 5

18 5
19 0
— 5

71
73
— 2

5
6
— i

38
34
4

88
79
9

12 6
12 9
— 3

13.4
13 7
—.3

10.6
11.1
—.5

17.2
17.7
—.5

6.7
6.8
-.2

.4
.5
-.1

3.5
3.2
.4

Net exports of goods and services

6 9

51

54

4 6

4 3

53

5.3

54

6.0

4.4

4.8

4.1

3.2

4.1

4.1

4.2

42.8
38.6

Gross national product

.

Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment

_ _

Exports
Imports

39 1
32 2

._

State and local

43 7
39 0

44 0
39 7

45 3
39 9

45 1
39 8

45 6
40 2

37 5
31 5

40 8
36 4

40 4
35 6

41 4
37.3

41.2
38.0

42 4
38.3

154 3

151 2

157 7

161 7

170 4

175.0

178 2

114.3

124.5

122.7

126.6

129.1

135.5

138.7

139.9

77 0
60 5
16 5

74 9
58 4
16 6

79 5
63 0
16 6

81 5
65 6
15 9

87 1
70 2
16 8

89 5
72 5
17 0

90 9
73 3
17 6

57 8

64.7

63.4

66.4

67.8

72.3

74.4

75.1

69 6

Federal
National defense
Other
.

42 5
37 1

66 8
50 1
16 7

Government purchases of goods and services

43 0
37 9

136 4

__

42.3
38.2

77 2

76 2

78 1

80 2

83 3

85 4

87.4

56.4

59.9

59.4

60.1

61.3

63.2

64.3

64.9

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

683 9

743.3

736 7

748 8

762 1

766 3

775.1

791.2

616.7

652.6

649.3

654. 8

661.1

660.7 •664.7

672.

643.9
17.2

654.0
6.7

664.3
.4

668.
3.

674 5
9.4

__ .

729.9
13.4

722 6
14.0

737 4
11.4

743 6
18.5

759 2
7.1

774 6
.5

787.4
3.8

607.8
8.8

639.9
12.6

635.9
13.4

644.2
10.6

346 6

379 6

375 7

381 8

391 7

388 1

392.1

398 7

330.0

353.7

351.0

354.7

361.1

356.6

359.5

362.

Final sales
Change in business inventories

337 2
9 4

366 2
13.4

361 7
14 0

370 3
11 4

373 2
18 5

380 9
7.1

391 6
.5

394 9
3.8

321.2
8.8

341.0
12.6

337.6
13.4

344.1
10.6

343.9
17.2

349.9
6.7

359.1
.4

359.
3.

Durable goods
Final sales
Change in business inventories.

139 5
132 8
6 7

154 6
144 7
9.9

151 4
141 6
97

155 7
145 8
99

161 1
148 3
12 8

153 9
150 5
3.4

155 5
156 0
—.6

161 4
157 9
3.5

136.3
129 8
6.5

150.0
140 6
9.3

147.3
138 0
9.3

150.8
141.6
9.2

154.2
142.3
11.9

146.6
143.6
3.0

148.3
148.9
-.6

153.
149.
3.

Nondurable goods
Final sales
_ ___
Change in business inventories

207 1
204 4
27

225 0
221 5
35

224 4
220 1
43

226 1 230 6
224 5 224 9
15
57

234 2
230 5
37

236 6
235.5
1l

237 3
237.0
3

193 7
191.4
2.3

203 7
200.4
3.3

203.7
199.7
4.1

203.9
202.5
1.4

206.9
201.6
5.3

210.0
206.3
3.6

211.2
210.2
1.0

209.
209.

262 9

287 2

283 5

291 6

303 1

307 8

313 5

222.3

235 2

233.5

237.9

239.8

242.7

244.4

246.

77 4

75 5

63.7

64.7

62.2

60.2

61.3

60.8

62.

654.8

661.1

660.7

664.7

672.0

604.2

602.7

606.0

612.5

586.6
563.0
23.6

593.3
569.1
24.2
15.0

Services
Structures

74 4

76 5

296 9
73 5

75 2

75.2

79 0

64.4

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

683 9

Private
Business
Nonfarm
Farm
Households and institutions
Kest of the world
General government




616 1

_ _

743 3
666 7

736 7
661 5

748 8
670 6

762 1
681 9

766 3
683 9

775.1

690.9

791 2
705 2

616 7
565 8

652.6
597 5

649.3
594 8

599.0

593 4
569 8
23 6

642 4
617 6
24 8

637 6
612 8
24 8

646 2
621 6
24 6

656 9
633 0
23 9

658 7
635 1
23 6

665 3
641 9
23 3

679 6
655 3
24 4

547.8
524 2
23 6

578.9
556 4
22.4

576.3
554 4
22.0

580.2
558.0
22.2

585.1
562.7
22.4

583.6
559.9
23.7

18 5

20 1

19 7

20 3

20 6

21 1

21 4

21 2

14 0

14.7

14.4

14.8

14.9

15.1

15.3

4.2

42

42

41

4 4

41

4.2

4.3

4.1

4.0

4.1

4.0

4.3

4.0

4.0

4.1

58.7

59.6

67 8

76 6

75 1

78 2

80 2

82 5

84.2

86 0

50 8

55.0

54.4

55.8

56.9

57.9

CURRENT BUSINESS

STATISTICS

JLHE 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.
1964
Unless otherwise stated, statistics through 19f,l
and descriptive notes are shown in the 1%5
edition of BUSINESS STATISTICS

1965

1964

i 1966
III

A mual total

in

i i ii

1967

1966

1965
IV

IV

I

III

II

| IV

I

II

III

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT!
bil $

63'? 4

683.9

743.3

638. 9

645.1

662.7

675.4

690. 0

708.4

725.9

736.7

748.8

762.1

766.3

775.1

r 791. 2

Personal consumption expenditures, total

do

401.2

433. 1

465. 9

406. 6

408.9

420. 2

428. 1

436.4

447.8

458. 2

461.6

470.1

473.8

480. 2

489.7

r 495. 3

Durable goods total 9
Automobiles and parts
Furniture and household equipment

do
do
do

59 2
°5 8
25.0

66.0
29.9
27.0

70.3
29.8
29.9

60.7
26. 9
25.1

58.7
24. 6
25.6

65. 2
30.4
25.8

64.2
29. 2
26.1

66. 1
29. 8
27.3

68.6
30.3
28.9

71.6
31.4
29.4

68.2
28. 5
29.1

70.9
29.8
30.6

70.6
29.6
30. 6

69.4
27.3
31.4

72.5
29.7
31.9

' 29". 9
r 32. 1

do
do
do
do

178.7
33. 5
92.9
14.0

191. 2
36.1
99.0
15.1

207. 5
40.3
106. 7
16.2

181.3
34.2
94. 0
14. 1

182. 9
34.5
95. 1
14.3

184.6
34.6
95.6
14.3

189.8
35.6
98.3
15.1

192. 4
36. 2
99. 4
15.3

198.0
37. 8
102. 5
15.7

39 5
105! 2
15.8

207.1
39.8
107. 0
16. 2

209. 5
41.0
107. 3
16.3

210.3
40.8
107. 2
16.6

214. 2
41. 5
109. 3
17.1

217. 2
43.2
110. 1
17.5

r 110.9
' 17. 5

do
do_
..do ..
do

163. 3
24.3
59.3
11.6

175. 9
25. 7
63.6
12.6

188.1
27.0
67. 1
13.6

164. 6
24.5
59.8
11.7

167.3
24.5
60. 8
11.8

170. 4
24.7
61.9
12.0

174. 2
25. 5
63.2
12. 5

177.8
26. 1
64.2
12.8

181.2
26. 5
65. 3
13 1

183.5
26.1
66. 2
13.2

186. 3
26. 9
66. 5
13.5

189.8
27.4
67.4
13.7

192.9
27.7
68.5
14.0

196. 6
27.8
69.6
14.4

200. 0
28.1
70.6
14.6

Gross private domestic investment, total

do

94.0

107.4

118.0

94.2

97.9

105. 1

105. 1

108. 2

112. 3

115. 2

118. 5

116.4

122. 2

110.4

105. 1

r 112.2

Fixed investment
. .. ._
Nonresidential
Structures
Producers' durable equipment
Ke^idential structures
_
Ncnfann
Change in business inventories
Nonfarm
_

. .do___
do
do
do
do.
do
do
do

88.2
61.1
21 °
39.9
27.1
26.6
5.8
6.4

98.0
71. 1
25. 1
46. 0
27.0
26.4
9.4
8.4

104. 6
80.2
27.9
52.3
24.4
23, 8
13.4
13.7

89.4
62.4

94.4
67.3
23 1
44.1

8. 1

105. 3
78.3
28 3
50.0
27.0
26. 5
9.9
9.6

104. 5
78.7
27. 5
51.2
25.8
25.3
14.0
14.4

104. 9
81.2
28. 2
53.1
23.7
23. 2
11.4
12.0

103.7
82.8
27.7
55. 1
20.9
20.4
18.5
19.0

54.' 2
21.4
20.9
7.1
7. 3

104.6
81.5
26.3
55.2
23.1
22. 5
.5
.6

f 108.4

46.8
26. 9
26. 4
9.4
7.9

102. 4
75. 7
27. 3
48.3
26. 8
26. 2
9.9
8.7

103. 3
81.9

26. 6
10. 6
10.1

96.3
69.3
24 7
44. 6
27. 0
26. 5
8.8
7.9

98. 8
71.9

41.0
27. 0
26,5
4.8
5.6

90.2
63.4
21 8
41. 6
26. 8
26. 3

do
do
do.

8.5
37.1
28.6

6.9
39.1
32. 2

5.1
43.0
37.9

8.7
37.5
28. 8

8.5
38.3
29.8

6.1
35. 1
28.9

8.2
40. 7
32. 6

7.4
40.3
32.9

6.1
40.5
34.4

6.. 1
42.0
36.0

5.4
42.5
37.1

4.6
43.7
39.0

4.3
44. 0
39.7

5.3
45.3
39. 9

5.3
45. 1
39. 8

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

128. 7
65,2
50.0
63 5

136. 4
66. 8
50.1
69 6

154. 3
77.0
60. 5

129. 4
65.2
49. 8
64

129. 8
64. 5
48. 9
65 3

131. 3
64. 3
48. 4
66 9

133.9
65. 4
49. 2
68 6

138. 1
67. 6
50. 3
70 4

142. 3
69.8
52,4

146. 5
72. 1

151.2
74.9
58.4

157. 7
79.5
63. 0
78.1

161. 7
81.5
65. 6
80.2

170.4
87. 1
70. 2
83. 3

175.0
89.5

By major type of product :f
Final sales, total
Goods, tot al
Durable goods
Nondurab'e good^
Services ,
Structures

074 X
626 6
313. 6
337. 2
122 8 ' Oal 4
132.8
190 7
262. 9
244. 2
68.8
74.4

634.
3is
124
193.
2 46.
69.

637. 4
317. 9
1 23. 3
lOi. 7
21't. 1
69. 3

652. 0
32x9
12'). ti

332! 8
UO 0

680. t>
340. 2
1 3.i. 9

254! t\
71. 6

26a i

73. 6

266 0
74.4

60H. 5
3 i9. 9
137.0
212 0
271.0
77.6

716.0
359. 6
143.2
216.4
276. 6
79.9

722. 6
361. 7
141,6
220. i
283. 5
77.4

737. 4
370. 3
145, 8
224. 5
291.6
75.5

743. 6
373. 2
148. 3
224. 9
296. 9
73.5

759. 2
380. 9
1 50. 5
230. 5
303. 1
75. 2

774. 6
391.6
1 56. 0
235. 5
307. 8
75. 2

r 7H7. 4
394. 9
157.9
237. 0
313.5
79. 0

7. 7
4.5
3.2

10.6
8.7
2.0

8.8
7.0
1.8

9.4
7. 1
2. 3

9.9
5.0
4.9

9.9
7.4

14.0
9.7
4.3

11.4
9.9
1.5

18. 5
12.8

7. 1
3.4
3.7

.5
-.6
1.1

••3.S
3. 5
.3

Gross national product total t

Nondurable goods, total 9
Clothing and shoes
Food and beverages
Gasoline and oil
Services total 9
Household operation
I lousing
_
Transportation

__
-

_
._ _ .

Xet exports of goods and services
FA ports
Imports

„-

_

. .

do
do
do_
do
do
do

. _

_

-

.

Change in business inventories
Durable goods
._
N endurable goods .
._

do
... do._.
do

7Xi Q

366. 2
114 7
''87, 2
76. 5

5.8
4.2
1.6

9.4
6.7
2.7

13.4
9.9
3.5

91 4

4.8
4.2
.6

74! 3

85^4

r 218. 5

43.7

r 204. 1

28. 1
71.9
14.8

r82.8

' 26. 6
>• 56. 2
r 25. 6
r 25. ()
r 3. 8
r 3. 4

'5.4
r 45. 6

40. 2
r 178.2
r 90. 9

' 73. 3
r 87. 4

GNP in constant (1958) dollars
652.6

585. 8

588. 5

601.5

609. 7

620. 7

634.4

645.4

649.3

654.8

661. 1

660. 7

664.7

r 672. 0

398.4

418.0

378.6

379. 3

389. 1

394. 1

400. 7

409.9

416. 2

415. 2

420. 4

420.4

424. 2

430. 6

431,5

59.0
170.3
144. 4

66.4
178.9
153. 2

71.3
187. 7
159. 1

60.4
172.8
145.3

58.7
173. 5
147. 1

65. 0
174.7
149.4

64. 1
178.0
152. 0

66. 8
179.3
154.6

69. 5
183.6
156.8

73.0
185.8
157.3

69. 3
187.7
158. 2

71. 9
188.8
159. 8

71.1
188. 4
160. 9

69. 7
191.8
162.6

72.9
193. 6
164. 1

192.8
100.0

do

Durable goods
Nondurable goods
Services
Gross private domestic imestmi-nt, total

\ c t e \ p o r t s o f g o o d s md services

616. 7

373.7

87.8

98.0

105. 6

87.6

90.8

95. 9

95. 9

98 3

101.6

104.0

106. 5

103.6

108. 4

96. 9

91. 3

96. 4

do
do
do
do

81.9
57 8
24 2
5. 8

89.1
fifi 0
23 2 '
8. 8

93. 0

82 8
r
)S. 9
23 9
4 8

83 2

86 6
62 9

^9 6

>'l 5
7 6

9.3

S7
f.4
>3
8

92. 4
69. 7
~> > t]
9 2

94.5
71.8
22 8
9.5

93.1
71. 7
21. 4
13.4

93. 0
73.6
19.4
10.6

91. 2
74. 2
17.0
17 2

90. 2
73. 0
17.3
6. 7

90. 9
72. 6
18.3
4

92. 9
73. 2
19.7
3. r>

4 1

4 1

4 2

1 V) 0
i' 1

(M 2

MS 7
71 4
* ' }

... bil. $

Personal consumption expenditures, total

Fixed investment
Nonresidential..
... . _
K c s i d e i i t n l s t r u e t u r t s__
Change m business imentones

581. 1

do
do
do
do

Gross national product, totalf

.
___

do

Go\ t purchases of goods ( md si r\ ices, t o t a l do
Foderil
_.
.
"do """
^ t a t e ami lor \\ . _ __
do

8. 3

111.2
58 1
53 2

60
114 3
57 8
56 4 •

20 ~>
12. 6
44
i:4 5
hi. 7
59 9




23 0

8.4

7.9

5. 2

6 8

0 4

5.6

5.4

4.8

4.1

3 2

I

no '

111 3
56. 3
5" 0

11J 9

IB 3
58 5

117.4
59 3
58 < )

119.9
61 2
58 7

122 7
63 4

126 f)
66 4
(0 1

129 t
t>7 8
hi '5

p'101

o M ,* 1

for p< i
separ,

It ""'

11!

53 8
"3 5
HrM n od
r Pnlmiinarx
tKeuHvl ^nes 1fstimatf ' of i, itiMiJ i ICOHH
IK!
p > o d m t M M ! p n ^ o u a l i i u o i m h i \ ( b u n n \ i s t d (see P 13 IT ( f t h t I . l U J « ) r > ' ,
foi
data beginning 1964, for data prior to 19b3, see p 11 f ! of the July I960 S i R V L 1 ); rru'i
r

9
r
>
4
0

"n 1

5") *>

. I S O ' ,)l

L

O i l p- IS

>p< M 01
1! of th e Juh 11

p

21 < f

\

i

h i <)

f
' \ '\ n i ' i i
1 it i no i f \ n

S-l

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated, statistics through 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS

1964

1965

Annual total

1966

1964
IV

November 1967
1966

1965
I

III

II

IV

I

II

1967
IV

III

I

II

III

IV

GENERAL BUSINESS INDICATORS— Quarterly Series— Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
544.9
562.4
530.4
616.7
518.1
National income totalt
bil $
Compensation of employees total
do
365.7
393.9
435.7
375.8 381.5
347.7
359.1
342.7
Wages and salaries, total
do
333.7
394.6
Private
.
do
269.4
316.7
276.5
280.8
289.8
12.1
11.8
Military
do
14.7
11.9
11.7
57.1
63.2
55.1
Government civilian
do
54.3
52.6
32.0
41.1
33.8
Supplements to wages and salaries _ do
34.9
33.1
56.7
55.0
Proprietors' income, total 9
. _
do
52.3
59.3
53.3
41.4
Business and professional 9
do
40.2
41.9
43.2
40.6
Farm
_ _ -_
_
do
12.1
13.6
14.8
12.6
16.1
19.0
Rental income of persons
_ _ _
do
18.0
19.4
18.4
18.6
Corporate profits and inventory valuation adjust66.4
82.2
72.6
ment, total _ _
bil $
66.3
74.9
By broad industry groups:
8.2
8.4
8.0
Financial institutions
do
7.9
9.3
58.4
66.5
58.5
64.4
Nonfinancial corporations total
do
72.9
Manufacturing, total
do
32.7
38.7
32.4
37.5
43.1
18.7
15.9
Nondurable goods industries
do
14.9
16.5
15.3
22.2
24.4
17.2
21.6
Durable goods industries
do
17.8
Transportation, communication, and public
10.1
11.2
utilities
bil $
11.9
10.6
10.3
All other industries
do
15.5
16.6
18.0
15.7
16.3
74.0
Corporate profits before tax, total
do
66.8
76.6
67.4
83.8
Corporate profits tax liability
do
31.4
30.3
28.3
34.5
28.6
Corporate profits after tax
do
38.4
43.7
45.2
49.3
38.8
Dividends do
18.7
17.8
19.8
21.5
18.3
25.4
25.0
Undistributed profits
do
20.6
27.8
20.5
Inventory valuation adjustment
do
-.5
-1.4
-1.7
-1.0
-1.6
Net interest .
do
15.8
17.9
20.2
17.1
16.6
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total...
bil $
497.5
584.0
537.8
510.5
520.3
Less: Personal tax and nontax payments.
do
59.4
75.2
65.6
64.3
60.9
Equals: Disposable personal income
do
438.1
472.2
508.8 449.6 456.0
Less: Personal outlays© ..
do
411.9
445.0
479.0
420.1
431.6
Equals' Personal saving§
do
26.2
27.2
24.5
29.8
29.5
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil $
44.90
10.79
51.96
12.84
60.63
Manufacturing _ _
do
18.58
4.54
22.45
5.59
26.99
Durable goods industries
do
9.43
2.83
2.25
11.40
13.99
Nondurable goods industries
do_
9.16
2.76
2.28
11. 05
13.00
Mining
do
1.19
.33
.29
1.47
1.30
Railroad.
do
1.41
1.9S
.35
.39
1.73
Transportation, other than rail
do
2.38
3.44
2 81
.64
.58
Public utilities
_
do
6.22
8.41
1.32
1.76
6.94
Communication
do
4.30
5.62
1.17
4.94
1.08
Commercial and other
do
10.83
12.74
2.59
3.01
11.79
Seas. adj. qtrly. totals at annual rates:
All industries
do
47.75 49.00
Manufacturing
do
20.75
20.15
Durable goods industries
do
10.15
10.40
Nondurable goods industries
do
10.00
10.40
Mining
.
do
1.30
1.25
Railroad
do
1.55
1.75
Transportation, other than rail
do
2.55
2.60
Public utilities
do
6.35
6.80
Communication
do
4.40
4.55
Commercial and other
do
11.40
11.30
U.S. BALANCE OF INTERNATIONAL
PAYMENTS^
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil $
37, 099 39, 147
9,565 8,768
43, 039
Merchandise, adjusted, excl military
do
25, 297 26,244 29, 168
6,587
5,628
Military sales
do
747
210
844
198
847
Income on U.S. investments abroad
do
1,322
5,389
1,499
5,888
6,245
Other services
do
1,431
5,666
1,458
6,171
6,779
Imports of goods and services
do
-28, 637 -32, 203 -37, 937 -7,440 -7, 232
Merchandise, adjusted excl military
do
-18, 621 21 472 -25, 510 -4,907 -4, 669
Military expenditures
do
-671
-691
-2, 861 -2, 921 -3, 694
Income on foreign investments in the U.S._do
-401
-1,455 -1, 729
-2, 074
-380
Other services
do
-1, 462 -1,491
-5,700 -6, 081 -6,659
Unilateral transfers, net texcl. military grants);
transfers to foreigners ( — )
mil $
-664
-680
-2, 782 -2, 824 -2,925
Transactions in U.S. private assets, net; increase
(— )
mil $
-6,542 -3, 743 -4,213 -2, 104 -1, 657
Transactions in U.S. Govt. assets, excl. official
reserve assets' increase ( )
mil $
-396
-1,674 -1,575 -1,531
-579
Transactions in U.S. official reserve assets, net;
increase (-)
mil. $__
842
-151
171
1, 222
568
Transactions in foreign assets in the U.S., net (U.S.
286
1,724
liabilities); increase (+)-- ._
mil. $
3,314
3,301
391
Liquid assets
do
-24
1,485
789
2,629
113
Other assets
do
310
2,512
239
685
278
53
Unrecorded transactions.. _ __
do
-302
-335
-415
-949
Balance on liquidity basis—increase in U.S. official
reserve assets and decrease in liquid liabilities to
all foreigners; decrease (-)
mil. $... -2,800 -1, 335 -1,357 -1,334
-818
Balance on official reserve transactions basis— increase in U.S. official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
-834
official agencies; decrease (-)
mil. $_ _ -1,548 -1,304
-618
225
r
Revised.
* Preliminary.
1
si ness,
Estimates for July-Sept. 1967 based on anticipate capital expendit ures of bu
>d
2
Estimates for Oct.-Dec. 1967 based on anticij)ated capital expe nditures of busin ess.
Anticipated expenditures for the year 1967 are as folk>ws (in bil .$):Alliiidustries, 62.03; meinufacturing, total, 27.31; durable goods industries, 14 10; nondiirable g<30ds indu stries, K .21;
mining, 1.48; railroad, 1.57; transportation, 3.92; pulblic utiliti es, 9.41; commerci al and o ther
(Incl. communication), 18.34.
» Includes commuE ication.




555.3
388.6
354.2
286.2
11.7
56.3
34.5
56.7
41.7
15.0
18.9

566.5
397.2
362.0
292.1
12.1
57.8
35.2
57.2
42.0
15.2
19.1

582.8
408.4
372.4
300.0
13.1
59.4
36.0
57.8
42.5
15.3
19.2

600.3
420.8
381.3
306.9
13.6
60.7
39.5
60.0
42.8
17.1
19.2

610.4
430.7
390.2
313.8
14.2
62.2
40.5
59.3
43.3
16.0
19.3

622.1
441.2
399.6
320.1
15.1
64.3
41.6
59.2
43.3
15.9
19.4

634.1
450. 2
407.4
326.1
15.8
65.6
42.7
58.6
43.4
15.1
19.6

636.4
459.1
414.7
331.4
16.1
67.3
44.4
57.8
43.2
14.6
19.8

641.6
463.4
418.3
333.2
16.2
68.9
45.2
57.8
43.4
14.3
20.0

p 653. 6
' 472. 6
' 426. 2
' 339. 4
16.3
70.6
'46.4
58.8
43.8
15.0
20.2

73.4

74.9

78.7

81.1

81.3

81.9

84.6

78.1

78.3

P79.3

8.4
65.0
37.7
16.0
21.6

8.4
66.5
38.6
16.5
22.1

8.6
70.0
41.0
17.4
23.7

8.9
72.2
42.7
18.3
24.3

9.0
72.2
42.5
18.5
24.0

9.5
72.4
42.7
18.8
23.9

9.6
75.0
44.4
19.2
25.3

9.6
68.5
39.6
18.4
21.1

9.5
68.8
38.9
17.8
21.1

P9.8
P69.5

10.9
16.5
75.6
30.9
44.6
19.4
25.2
-2.1
17.6

11.2
16.7
75.8
31.1
44.8
20.2
24.6
-.9
18.2

12.0
17.0
80.8
33.1
47.7
20.9
26.8
-2.2
18.8

11.7
17.8
83.7
34.5
49.2
21.4
27.8
2.6
19.3

12.0
17.8
83.6
34.5
49.2
21.6
27.6
-2.3
19.8

11.8
17.9
84.0
34.6
49.4
21.6
27.8
-2.2
20.4

12.0
18.6
83.9
34.6
49.3
21.2
28.2
.7
21.1

11.7
17.3
79.0
32.5
46.5
22.2
24.2

11.9
18.0
78.9
32.5
46.5
23.1
23.4
-.7
22.1

530.1
66.1
464.0
439.9
24.0

544.6
65.2
479.4
448.5
30.9

556.1
66.7
489.4
460.1
29.3

567.8
70.4
497.5
470.9
26.6

577.3
74.1
503.3
474.6
28.7

589.3
76.9
512.4
483.2
29.2

601.6
79.6
522.0
487.4
34.6

612. 9 ,
80.2
532.7
493.9
38.8

619.1 ' 631. 0
79.1
82.8
540.0 r 548. 2
504.0 '509.6
36.0 '38.5

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
5.61
2.87
2.74
.33
.40
.75
1.60
1.26
2.83

15.29
6.78
3.51
3.27
.40
.55
1.00
2.09
1.42
3.06

15.57
6.84
3.54
3.30
.37
.48
.82
2.36
1.36
3.33

17.00
7.75
4.07
3.68
.38
.55
.86
2.36
1.58
3.52

13.59
6.10
3.08
3.02
.32
.41
.70
1.84
1.35
2.87

15.61
6.81
3.46
3.34
.34
.41
1.12
2.46
1.49
2.99

U5. 77 2 17. 06
6.72
7.69
3.44
4.12
3.28
3.57
.39
.42
.37
.37
1.05
1.06
2.61
2.51

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

60.10
26.80
13.85
12.95
1.55
2.00
3.50
8.30
5.50
12.45

61.25
27.55
14.35
13.20
1.45
1.85
3.40
8.55
5.60
12.85

62.80
27.75
14.50
13.25
1.45
2.35
3.50
8.50
5.95
13.30

61.65
27.85
14.20
13.70
1.40
1.80
3.05
9.20
5.75
12.55

61.50
27.00
13.75
13.25
1.30
1.55
3.90
9.70
5.80
12.25

162.50 2 62. 65
27.10
27.35
13.95
14.50
13.15
12.90
1.55
1.60
1.45
1.45
4.40
4.35
9.10
9.65

10,511 10, 618
7,203
7,181
209
222
1,469
1,535
1,630
1,680
-8,997 -9, 265
6 025 -6, 225
-861
-911
-475
-471
-1, 636 -1,658

10, 913
7,382
206
1,587
1,738
-9, 762
-6, 580
-953
-565
-1, 664

10, 997
7,402
210
1,654
1,731
-9, 913
-6,680
-969
-563
-1, 701

11,383
7,691
339
1,585
1,768
-10,034
-6,692
-1,045
-557
-1,740

-709

-632

10.180 10, 080 10,119
6,811
6,925
6,880
212
192
230
1,353
1,474
1,562
1,565
1,629
1,546
-8, 139 -8, 233 -8, 599
-5, 475 -5, 556 -5, 772
-754
-785
-711
-424
-435
-469
-1, 529 -1,488 -1, 573

Q

2L 6

P80.1
P33.0
P47.2
23.4
p23. 7
--.8
'22.7

34.63

35.01

3 18. 30 3 18. 70

pll,338
p 7, 723 p 7, 670
r> 334
p 1, 550
p 1, 731
p-10,038
p-6,587 p-6,544
p-1,052
p -545
p-1,854

-728 p-787

-775

-725

-660

-851

-733

-389

-885

-812

-981

-1,135

-490

-244

-445

-365

-500

-328

-338

-741 p -534

68

41

271

424

68

82

~6

1,027 p -419

-342
-267
-75
-113

211
416
-205
-245

236
-12
248
-110

492
227
265
-233

1,145
54
1,091
-198

459
83
376
277

1,205
425
780
-148

335 p 2, 222
p931
-489
824 p 1,291
-284 p-576

-457

-259

-122

-165

-419

-538

199

£ri

-932 -1,165

-958 p-1,130

p-512

p-670

P462
-18 -1,827 p -814
-443
-175
861
-916
207
239
tSe e corresp ending n ote on p. S-l.
9Tiicludes iiiventory valuatio n adjust]nent.
ep ersonal (>utlays c om prise personal consum ption ex penditur 33, intere st paid by consume rs, and p ersonal t "ansfer p ayments to foreigrlers.
§Pe rsonal sa ving is e scess of c isposable income over pers onal out ays.
cfJV Lore com Dlete deta ils are ghren in the quarter y review 3 in the IVIar.,Jun e, Sept., a nd Dec.
issues of the SiJRVEY; q uarterly revisions back to ; 960 are o a p. 22 ff of the Se pt. 1967 £ URVEY.

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