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SURVEY OF CURRENT BUSINESS

12

March 1973

NATIONAL INCOME AND PRODUCT TABLES
1972

1971
1971

1972

III

IV

i

ii

1972

1971

in

rv

1971

1972

III

Seasonally adjusted at annual rates

IV

I

II

III

IV

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)
1,050.4 1,151.8 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 1,194.9

Gross national product

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

789.5

742.5

754.5

766.5

783.9

796.1

721.0

670.7

680.5

696.1

713.4

728.6

745.7

495.4

524.6

497.4

503.2

511.0

520.9

528.7

116.1
299.5
305.4

106.1
278.5
286.1

106.1
283.4
290.9

111.0
288.3
296.7

113.9
297.2
302.4

118.6
302.0
308.0

120.8
310.4
314.5

92.1
211.1
192.2

102.8
220.5
201.3

94.2
210.5
192.8

95.4
212.8
195.0

214.7
197.7

100.7
220 1
200.0

104.5
221.9
202.3

152.0
148.3
105.8
38.4
67.4

180.4
174.5

158.8
157.2

168.1
167.7
116.1
41.3
74.8

177.0
172.0

183.2

108.6
105.9

124.0
119.4

107.3
106.6

119.2
42.0
77.2

120.7
41.8
79.0

193.4
183.1
126.1
43.7
82.3

76.8
22.8
54.0

84.4
22.9
61.4

76.4
22.5
53.9

112.0
111.3
79.2
22.2
57.0

116.6
116.3
82.2
23.0
59.2

122.0

175.2

120.6
42.2
78.3

152.2
150.9
106.3
38.7
67.6

83.6
23.0
60.6

125.5
119.3
84.2
22.6
61.6

42.6
42.0

Durable goods
Nondurable goods.
Services

741.7

664.9
103.5
278.1
283.3

Personal consumption expenditures-

54.0
53.2
.7

44.5
43.9
.7

47.3
46.7
.6

51.6
51.0

52.8
52.1

54.4
53.7

57.0
56.1
.9

29.1
28.7
.4

35.0
34.5
.5

30.1
29.7
.5

32.1
31.7
.4

34.2
33.8
.4

34.4
34.0
.4

35.1
34.6
.5

3.6
2.4
1.2

5.9
5.6
.3

1.3
-.2
1.6

1.7

2.6
1.6
1.1

4.6
4.3
.3

.7
-.6
1.3

.7
-.1

-.1
.3

3.9
3.4
.5

6.2
6.2
.1

.7

-4.2

-3.3

109.8
38.8
71.0

5.0
4.3
.7

8.0
7.9
.1

10.3
10.1
.2

118.0

Federal
National defense.
Other
State and local.

.4

-2.1

-4.6

-5.2

-3.4

-3.5

.1

-1.9

.1

-1.8

-2.8

-.7

68.5
68.2

63.0
65.1

70.7
75.3

70.0
75.2

74.4
77.8

79.6
83.1

52.6
52.5

56.8
58.7

54.4
54.3

49.9
51.7

55.5
58.9

54.2
67.0

57.2
57.9

232.8

233.6

240.9

249.4

254.1

255.6

259.3

137.6

142.8

137.6

141.1

142.2

143.9

142.6

105.8
75.9
29.9

97.9
70.1
27.8

100.7
71.9
28.7

105.7
76.7
28.9

108.1
78.6
29.6

105.4
75.1
30.2

104.0
73.2

60.8

61.6

61.0

62.3

62.8

63.7

60.8

135.0

Exports
Imports
Government purchases of goods and services

73.7
77.9
254.6

97.8
71.4
26.3

Net exports of goods and services.

148.8

135.7

140.2

143.7

146.0

150.2

155.2

76.8

81.3

76.7

78.8

79.4

80.3

81.8

66.1
65.4

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

1,050.4 1,151.8 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 1,194.9

741.7

789.5

742.5

754.5

766.5

783.9

796.1

Final sales
Change in business inventories.
Goods output..

1, 046. 7 1,145.9 1, 055. 6 1,076.4 1,108. 6 1,134.4 1,156.0 1,184. 6
3.6
1.3
.4
5.0
8.0
5.9
1.7
10.3

739.1
2.6

784.9
4.6

741.7
.7

753.8
.7
400.4

766.3
.3

780.0
3.9

789.8
6.2

407.0

420.7

428.7

406.8
.3

416.7
3.9

422.5
6.2

164.9
166.0
-1.1

399.7
.7
167.4
169.5
-2.1

Change in business inventoriesDurable goods
Final sales

175.0
174.8
.3

181.4
179.1
2.3

187.9
183.8
4.1

Change in business inventories-

238.1
237.5
.6

229.5
227.7
1.9

233.0
230.2
2.8

232.0
232.0
.0

239.2
237.6
1.6

240.9
238.7
2.2

Nondurable goods
.-Final
Services. sales
Change in business inventories.
Structurei

291.1

278.4

282.3

285.2

289.3

293.2

74.3

74.0

74.1

495.5

542.6

497.5

504.8

517.6

537.1

550.4

565.1

393.8

423.7

394.5

491.8
3.6

536.6
5.9

496.2
1.3

503.1
1.7

517.2
.4

532.1
5.0

542.4
8.0

554.8
10.3

391.2
2.6

419.1
4.6

393.7
.7

195.7
194.6
1.1

Final sales

222.5
217.3
5.2

196.7
197.7
-1.0

198.2
200.1
-1.9

209.2
208.8
.4

217.6
214.6
3.0

226.1
220.7
5.4

237.0
225.1
11.9

164.5
163.8
.6

185.5
181.6
4.0

299.8
297.3
2.5

320.1
319.3
.8

300.8
298.5
2.3

306.6
303.0
3.5

308.4
308.4
.0

319.6
317.5
2.1

324.3
321.7
2.6

328.1
329.7
-1.6

229.4
227.3
2.0

443.9

482.3

446.7

456.3

467.3

477.3

487.3

497.3

278.4

111.0

127.0

112.7

117.0

124.2

125.0

126.3

132.5

69.5

74.7

69.6

71.8

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

1,050.4 1,151.8 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 1,194.9

741.7

789.5

742.5

754.5

766.5

783.9

796.1

681.0

728.1

681.7

693.7

705.6

723.0

734.5

658.5
633.0
25.5

704.8
681.5
23.4

659.8
633.9
25.9

669.8
644.8
25.0

682.9
659.2
23.8

700.1
676.4
23.8

710.8
688.4
22.4

39.4

16.9

17.9

16.9

17.1

17.4

17.7

18.2

7.8

5.6

5.5

5.0

6.8

5.4

5.2

5.6

140.2

60.7

60.8

60.8

60.9

60.9

61.6

925.6 1,015.7

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

931.4

950.2

976.6 1,005.0 1,026.6 1,054.7

884.7
853.9
30.9

970.6
937.1
33.4

890.9
859.6
31.2

906.6
874.5
32.1

933.7
901.8
31.9

960.8
928.2
32.6

33.9

37.8

34.3

35.1

36.0

37.3

38.6

7.3

6.2

6.8

6.9

7.6

6.9

124.8

136.1

125.5

8.5
127.9

132.5

134.4

980.4 1,007.4
947.4
971.2
33.0
36.3

137.4

61.4

HISTORICAL STATISTICS
National income and product data for 1929-63 are in The National Income and Product Accounts of the United States, 1929-1965,

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 1972 issue has
data for 1968-71. BEA will provide on request a reprint of final data for the years 1964-67. Prior July issues have final data as follows:
1964-65, July 1968; 1965-66, July 1969; 1966-67, July 1970; 1967-68, July 1971.



CURRENT BUSINESS STATISTICS

JLHE STATISTICS here update series published in the 1971 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
That volume (available from the Superintendent of Documents for $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, 1967 through 1970 (1960-70 for major quarterly
series), annually, 1947-70; for selected series, monthly or quarterly, 1947-70 (where available). Series added or significantly revised after the 1971
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1970 issued too late for
inclusion in the 1971 volume appear in the monthly SURVEY beginning with the September 1971 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 1971 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.
OF CURRENT BUSINESS.

1970 | 1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS

1972

1969

IV

Annual total

1970

I

1971

III

II

| IV

I

II

1972

| III

IV

I

II

IV

III

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._.

976.4

1,050.4 1,151. 8

948.9

958.0

971.7

616.8

664.9

721.0

594.4

604.1

613.4

623.0

626.5

989.7

1,023.4 1,043.0 1,056.9 1,078.1 1,109.1 1,139.4 J,164.0 1,194.9
648.0

660.4

670.7

680.5

696.1

713.4

728.6

745.7

Durable goods, total9
Automobiles and parts
Furniture and household equipment

do..
do_.
do,.

90.5
37.3
39.0

103.5
46.7
42.0

116.1
52.8
47.6

91.4
40.6
37.5

90.2
37.8
38.7

91.6
39.2

92.6
39.4
38.8

87.5
33.0

99.8
44.9
41.0

101.9
45.4
41.4

106.1
48.8
41.9

106.1
47.9
43.5

111.0
49.9
46.5

113.9
51.3
46.8

118.6
54.8
47.9

120.8
55.2
49.1

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

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

264.4
52.0
132.1
22.2

278.1
56.9
136.4
23.5

299.5
62.0
144.7
25.2

251.1
51.1
122.6
21.5

257.8
51.1
128.0
21.8

262.4
51.8
131.2
22.0

266.3
51.7
133.9
22.3

271.3
53.6
135.2
22.8

273.4
55.1
135.1
23.0

277.2
56.7
135.9
23.0

278.5
57.4
136.6
23.5

283.4
58.5
137.9
24.3

288.3
59.4
140.3
24.6

297.2
61.5
144.1
24.5

302.0
62.6
145.8
25.4

310.4
64.5
148.5
26.3

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

261.8
36.3
90.9
18.2

283.3
39.5
99.2
19.9

305.4
43.3
107.2
21.7

251.9
35.1
87.2
17.1

256.1
35.3
88.7
17.7

259.4
35.9
90.1
18.0

264.1
36.9
91.4
18.5

267.7
37.2
93.4
18.8

274.8
38.0
95.8
19.3

281.3
39.1
98.1
19.8

286.1
40.0
100.3
20.2

290.9
40.7
102.5
20.4

296.7
41.2
104.2
21.0

302.4
42.7
106.1
21.5

308.0
44.0
108.1
21.9

314.5
45.1
110.2
22.4

Gross private domestic investment, total
do..
Fixed investment..
do..
Nonresident ial
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
do..
Exports...
do..
Imports
do..
Govt. purchases of goods and services, total..do..
Federal
do..
National defense
do..
State and local
do..

137.1

152.0

180.4

137.9

132.9

137.7

139.9

137.8

143.9

153.0

152.2

158.8

168.1

177.0

183.2

193.4

132.2
100.9
36.0
31.2
30.7
4.9
4.8

148.3
105.8
38.4
67.4
42.6
42.0
3.6
2.4

174.5
120.6
42.2
78.3
54.0
53.2
5.9
5.6

132.3
101.4
35.8
65.7
30.5
5.5
5.4

131.4
100.2
35.5
64.8
31.2
30.6
1.5
1.4

131.4
101.7
36.1
65.6
29.7
29.4
6.3
6.2

133.7
103.4
36.2
67.2
30.3

139.0
101.9
37.6
64.3
37.0
36.6

157.2
109.8
38.8
71.0
47.3
46.7
1.7

3.9

146.4
105.0
38.3
66.7
41.4
40.9
6.6
5.1

150.9
106.3
38.7
67.6
44.5

6.1

132.1
98.5
36.3
62.1
33.6
33.0
5.7
5.6

167.7
116.1
41.3
74.8
51.6
51.0
.4
.1

172.0
119.2.
42.0
77.2
52.8
52.1
5.0
4.3

175.2
120.7
41.8
79.0
54.4
53.7
8.0
7.9

183.1
126.1
43.7
82.3
57.0
56.1
10.3
10.1

3.6
62.9
59.3

.7
66.1
65.4

-4.2
73.7
77.9

2.7
59.2
56.5

3.6
61.5
57.9

3.9
63.0
59.2

4.0
63.7
59.8

2.8
63.2
60.4

4.5
66.3
61.8

.1
66.7
66.6

.4
68.5
68.2

-2.1
63.0
65.1

-4.6
70.7
75.3

—5.2
70.0
75.2

-3.4
74.4
77.8

-3.5
79.6
83.1

219.0
96.5
75.1
122.5

232.8
97.8
71.4
135.0

254.6
105.8
75.9
148.8

214.0
99.4
78.9
114.6

217.3
99.7
78.9
117.6

216.7
96.2
74.7
120.5

219.5
95.2
73.8
124.3

222.6
95.0
72.9
127.6

227.0
96.2
72.5
130.8

229.5
96.3
71.2
133.3

233.6
97.9
70.1
135.7

240.9
100.7
71.9
140.2

249.4
105.7
76.7
143.7

254.1
108.1
78.6
146.0

255.6
105.4
75.1
150.2

259.3
104.0
73.2
155.2

1,046.7 1,145.9
491.8
536.6
194.6
217.3
297.3
319.3
443.9
482.3
111.0
127.0

943.4
458.0
184.7
273.3
391.9
93.4

956.4
462.3
184.4
277.8
400.6
93.5

965.5
467.3
185.2
282.1
405.1
93.1

980.2
472.7
187.4
285.2
412.2
95.3

984.1
465.6
174.8
290.7
418.7
99.8

5.5
3.7
1.9

1.5
1.0
.5

6.3
1.6
4.7

6.2
6.0
.2

5.7
-.9
6.6

720.4

723.2

726.8

-

-

Services, total?
Household operation
Housing
Transportation

By major type of product:!

64.9

Final sales, total
Goods, total
Durable goods
Nondurable goods.
Services
Structures

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

971.5
467.0
183.0
284.0
409.2
95.4

Change in business inventories
Durable goods
Nondurable goods

do_
do..
do..

4.9
1.9
3.0

3.6
1.1
2.5

5.9
5.2

30.9

29.9
6.2

4.9

43.9

1.3
-.2

1,018.5 1,036.4 1,055.6 1,076.4 1,108.6 1,134.4 1,156.0 1,184. 6
554.8
532.1
496.2
503.1 517.2
542.4
482.2
485.8
225.1
214.6
197.7
200.1
208.8
220.7
189.6
191.0
329.7
317.5
298.5
303.0
308.4
321.7
292,6
294.8
497.3
477.3
446.7
456.3
467.3
487.3
431.3
441.1
132.5
125.0
112.7
117.0
124.2
126.3
105.0
109.5
5.0
3.0
2.1

8.0
5.4
2.6

10.3
11.9
-1.6

766.5

783.9

796.1

811.6

503.2

511.0

520.9

528.7

537.8

95.4
212.8
195.0

98.6
214.7
197.7

100.7
220.1
200.0

104.5
221.9
202.3

107.4
225.4
205.0

112.0

116.6

122.0

125.5

132.0

119.3
84.2
35.1
6.2

124.0
87.6
36.4
8.0

4.9
3.7
1.2

6.6
3.6
3.1

1.3
-1.0
2.3

1.7
-1.9
3.5

.4
.4
.0

718.0

731.9

737.9

742.5

754.5

488.2

493.0

497.4
94.2
210.5
192.8
107.3

GNP in constant (1958) dollarsf

Gross national product, totalf
bil. $..
Personal consumption expenditures, total do.
Durable goods
__do_.
Nondurable goods
do..
g
d
Services
do.

722.1

741.7

789.5

725.1

477.0

495.4

524.6

472.2

474.1

476.9

480.2

476.5

83.1
207.0
186.8

92.1
211.1
192.2

102.8
220.5
201.3

85.4
201.5
185.2

204.4
185.9

84.7
206.0
186.2

84.9
207.7
187.6

78.9
209.9
187.8

210.0
189.3

90.0
211.2
191.8

do
do..
do..
_do_.
do..

104.0

108.6

124.0

107.4

102.0

105.6

106.2

102.2

105.0

110.0

99.9
77.6
22.3
4.1

105.9
76.8
29.1
2.6

119.4
84.4
35.0
4.6

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

2.2

.1

-1.9

Gross private domestic investment, total
Fixed investment
_
Nonresidential
Residential structures
Change in business inventories

102.8
80.9
21.9
4.6

101.0
78.8
22.2

100.0
78.9
21.1
5.6

101.3
79.3
22.0
4.9

97.4
73.6
23.9
4.8

101.2
75.3
25.9
3.8

1.9

2.0

2.9

1.9

2.7

139.0
137.6
144.6
142.8
142.4
64.7
60.8
61.6
71.5
69.0
74.3
76.8
81.3
73.1
73.5
r
Revised.
* Preliminary.
>
t Revised series. Estimates of national income and product and personal income have been revised back to 1969 (see p. 16 ff. of July 1972 SURVEY);
revisions prior to May 1971 for personal income appear on pp. 25-26 of the July 1972

138.6
64.8
73.8

137.5
62.9
74.6

137.3
62.1
75.1

136.1
60.2
75.9

104.7
76.4
28.3
5.3
-.7

135.7
59.7
76.0

106.6
76.4
30.1
.7

111.3
79.2
32.1
.7

116.3
82.2
34.2
.3

118.0
83.6
34.4
3.9

.1

-1.8

-3.3

—2.8

137.6
61.0
76.7

141.1
62.3
78.8

142.2
62.8
79.4

143.9
63.7
80.3

,

142.6
60.8
81.8

9 Includes data not shown separately.

SURVEY.




*i

S-l

142.7
59.0
83.6

OF CURRENT

S-2
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS

1971

1970

1970

1972
II

Annual total

March 1973
1971

IV

III

I

II

1972
III

I

IV

II

1973
III

IV

I

II

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT—Con.
Quarterly Data Seasonally Adjusted at Annual

Rates

798.6
National income, totalf
bil. $~
603.8
Compensation of employees, totalf
do_.
541.9
Wages and salaries, total
do
426.8
Private
do
19.6
Military
do_...
95.5
Government civilian
do
61.9
Supplements to wages and salaries
do
66.8
Proprietors' income, total 9
do
49.9
Business and professional 9
do
16.9
Farm
do
23.3
Rental income of persons
do
Corporate profits and inventory valuation adjustment, total
bil. $_.
By broad industry groups:
14.5
Financial institutions
do
Nonfinancial corporations, total
do
55.4
Manufacturing, total
do
27.7
Nondurable goods industries
do
16.7
Durable goods industries
do
11.0
Transportation, communication, and public
utilities
-bil. $..
7.6
All other industries
do
20.1
Corporate profits before tax, total
do_
74.3
Corporate profits tax liability
do
34.1
Corporate profits after tax
do_
40.2
Dividends
do.
24.8
Undistributed profits,
do_
15.4
Inventory valuation adjustment
do
-4.4
Net interest
do_
34.8
DISPOSITION OF PERSONAL INCOME f
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
bil. $_
806.3
116.7
Less: Personal tax and nontax payments
do___
689.5
Equals: Disposable personal income
do
634.7
Less: Personal outlays©
do___
54.9
Equals: Personal saving§
do___
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil. $.
79.71
Manufacturing
do...
31.95
Durable goods industries 1
do...
15.80
Nondurable goods industries J
do. _.
16.15

796.7

806.3

804.1

644.1

705.3

600.7

609.0

611.2

573.5
449.7
19.4
104.4
70.7
70.0
52.6
17.3
24.5

626.5
491.9
20.6
114.0
78.8
75.2
55.6
19.6
25.6

539.5
425.1
19.6
94.7
61.2
67.1
50.0
17.1
23.2

546.1
430.0
19.4
96.7
62.8
66.6
50.1
16.5
23.4

547.2
429.7
19.0
98.5
63.9
65.8
49.9
15.9
23.8

78.6

876.2

903.1

922.1

943.0

974.6

639.6

648.0

660.4

682.7

697.8

710.2

730.3

560.4
439.3
19.8
101.3
68.2
68.1
51.3
16.8
23.9

569.6
447.0
19.4
103.3
70.0
69.3
52.4
16.9
24.4

576.5
451.6
18.8
106.0
71.5
70.7
53.1
17.6
24.8

587.3
460.9
19.4
107.0
73.0
71.8
53.8
18.1
25.0

606.6
475.8
20.8
110.0
76.1
73.3
54.3
19.1
25.2

620.0
487.1
20.5
112.4
77.8
73.2
54.4
18.7
24.2

630.6
494.8
20.4
115.4
79.6
75.3
56.2
19.1
26.2

648.8
510.0
20.6
118.1
81.5
79.0
57.4
21.6
26.9

834.5

851.4

71.5

72.0

66.9

76.6

80.1

78.3

79.4

81.8

86.1

16.7
61.9
30.9
16.8
14.1

P17.9
P70.4
P37.9
P19.0
P19.0

14.0
57.5
29.9
17.0
13.0

15.0
57.0
28.9
17.2
11.7

16.1
50.8
22.6
16.4
6.2

16.6
59.9
30.9
16.6
14.3

16.4
63.7
31.2
16.8
14.4

17.0
61.3
30.1
16.9
13.3

16.6
62.7
31.2
16.9
14.3

16.5
65.2
35.4
17.7
17.7

17.5
68.5
37.0
17.6
19.4

8.2
22.9

P9.0

J-23.5

7.4
20.1

7.8
20.3

7.2
20.9

7.8
21.2

8.8
23.7

8.5
22.6

7.6
23.9

7.8
22.0

8.8
22.8

23.8

76.6
35.4
41.2
24.9
16.3
-4.6
35.3

69.6
32.2
37.4
24.7
12.7
-2.8
36.5

81.3
38.0
43.2
25.5
17.7
-4.7
37.3

84.5
38.6
45.8
25.4
20.4
-4.4
38.1

84.1
37.5
46.6
25.5
21.0
-5.8
39.1

83.2
35.3
48.0
25.2
22.7
g 9
39^7

88. 2
38.8
49.5
26.0
23.5
-6.5
40.1

91.6
40.1
51.5
26.2
25.3
-5.5
40.9

95.7
41.8
53.9
26.5
27.3
-6.1
41.7

' 101.9
P44.5
P57.3
26.7
P30.7
-5.9
42.5

P95.9
18.3
71.3
37.9
19.5
18.4

P19.3
P76.6

83.3
37.3
45.9
25.4
20.5
-4.7
38.5

P94.3
P41.3

-6.0
41.3

75.2
34.6
40.6
24.7
15.8
-3.7
34.2

861.4
117.0
744.4
683.4
60.9

935.9
140.8
795.1
740.2
54.8

806.1
119.0
687.2
631.2
55.9

813.4
114.3
699.1
641.1
58.0

819.8
115.8
704.0
644.8
59.2

838.0
112.3
725.7
666.4
59.3

858.1
115.2
742.9
678.8
64.1

867.9
117.5
750.4
689.4
61.0

881.5
123.0
758.5
699.2
59.3

907.0
136.5
770.5
714.9
55.7

922.1
139.5
782.6
732.5
50.1

939.9
141.1
798.8
748.0
50.8

974.6
146.4
828.2
765.5

81.21
29.99
14.15
15.84

88.44
31.35
15.64
15.72

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
7.55
3.52
4.03

20.14
7.31
3.40
3.91

22.79
8.44
4.12
4.32

19.38
6.61
3.29
3.32

22.01
7.63
3.71
3.92

21.86
7.74
3.86
3.87

'25.20
'9.38
'4.77
'4.61

51.22
2.16
1.67
1.88
1.38
15.30
12.86
2.44
10.77
18.05

57.09
2.42
1.80
2.46
1.46
17.00
14.48
2.52
11.89
20.07

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

12.27

10.99
.49
.34
.34
.28
3.11
2.70
.41
2.50
3.94

13.06

3.83
3.20
.63
2.81
4.44

12.83
.55
.42
.39
.37
4.07
3.35
.71
2.62
4.42

14.35
.59
.45
.56
.37
4.29
3.60
.69
2.84
5.26

12.77
.58
.48
.50
.32
3.63
3.19
.44
2.72
4.55

14.38
.61
.48
.73
.39
4.24
3.61
.62
2.95
4.98

14.12
.59
.38
.61
.35
4.39
3.67
.72
2.84
4.97

'15.83

3.58
2.79
.78
2.56
4.16

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

do.
do..
do.
do.

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
30.12
14.06
16.06

80.75
29.19
13.76
15.43

83.18
30.35
14.61
15.74

86.79
30.09
15.06
15.02

87.12
30.37
14.77
15.60

87.67
30.98
15.67
15.31

91. 94
33.64
16. 86
16. 78

do.
do.
do.
do.
_do.
do.
do.
do.
do.
do.

47.79

49.73
1.86
1.96
3.24
1.22
13.84
11.34
2.50
10.62
17.00

47.66

1.84
1.88
2.88
1.12
12.72
10.15
2.57
10.38
16.98

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

51.56
2.23
1.72
1.68
1.48
15.87
13.56
2.30
10.73
17.85

52.82
2.30
1.64
2.26
1.33
15.74
13.01
2.74
10.44
19.10

56.70
2.42
2.10
1.96
1.48
16.92
14.27
2.65
11.71
20.10

56.75
2.38
1.88
2.89
1.53
16.60
14.32
2.27
11.59
19.88

56.70
2.40
1.50
2.67
1.41
17.01
14.62
2.38
11.56
20.16

15,762
10,565

15,932
10,705

15,805 ' 16,434
10,462 r 10,872

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

do.
do.
do.
do.
do_
do.
do.
do.
do.
do.

Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries 1
Nondurable goods industries 1
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other__
Communication
Commercial and other

855.7 v 935.7

47.76

1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59

p 53.1
26.4
P26.7

.46
.46
.74
.30

1.94
1.56
3.08
1.22
13.68
11.20
2.48
10.20
15.97

.54
.47
.60
.36

'.63
.47
'.63
'.40

'4.74
'4.01
'.73
3.39
'5.57

121. 56 125.27
9.33
'7.90
4.69
'3.91
4.64
'3.99
13.66
'.61
'.45
.54
'.35
'3.93
'3.45
'.48

15.94
.67
.45
.74
.44
4.74
4.02
.72

2 7.77

196.74
35. 98
•17.88
18.10

100.13
37.13
18.70
18.43

63.00
• 58.30 •60.75
2.62
'2.54
'2.46
1.79
'1.71
'2.08
2.94
'2.33
'2.12
'1.42
1.70
'1.66
18.56
17.53 ' 18.36
15.95
• 14.67 ' 15.43
2.61
'2.86
'2.93
12.63
•20.21
2 35.38

U.S. BALANCE OF INTERNATIONAL
PAYMENTScT
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

62,870 ' 66,150 p 73,546
41,963 r 42, 787 p 48,840
1,478

1,922

p 1,166

441

329

510

436

16,770 ' 17,181
10,805 ' 11,527
516

474

15,767 ' 17,626 ' 17,436 • 18,471 p 20,014
' 11,659 ' 11,561 • 12,380 p 13,240
423

334

'281

'251

' 3,205 ' 3,424
' 2,389 ' 2,416
-59,307 '-65,400 P - 7 7 , 7 6 £ -14, 795 -14,943 -15,093 '-15,443 -16,612 '-17,005 '-16,344 '-18,929 '-18,836 -19,335
-39,799 '-45,453 p-55,65C -9,831 -9,968 -10,269 '-10,727 -11,69J '-11,914 '-11,117 '-13, 490 '-13,338 -13,905
-4,852 - 4 , 816 - 4 , 7 0 7 -1,259 -1,210 -1,203 -1,175 -1,214 - 1 , 1
-1,230 -1,218 -1,239 -1,101
11,426
8,004

12, 898 p 13,792
8,543 p 9,749

Imports of goods and services
do
Merchandise, adjusted, excl. military
do___
Direct defense expenditures
_.do...
Payments of income on foreign investments in the
U.S
mil. $.. -5,167 -4,903
Other services
do
-9,491 -10, 227

2,779
1,977

2,863
2,035

- 5 , 8 9 ! -1,322 -1,284
'-11,515 -2, 383 -2,481

967
3,563
Balance on goods and services, total
do
''750 v -4,21(
750
734
Merchandise, adjusted, excl. military
do
2,164 '-2,666 p-6,81
' Revised.
p Preliminary.
i Estimates (corrected for systematic biases) for Jan.Mar. and Apr.-June 1973 based on expected capital expenditures of business. Expected
expenditures for the year 1973 appear on p. 21 of the Mar. 1973 SURVEY. 2 Includes communication.
9 Includes inventory valuation adjust fSee corresponding note on p. S-l.
ment.
© Personal outlays comprise personal consumption expenditures, interest paid by


737

2,850
2,057

2,937
2,116

3,297
2,152

3,015
2,165

3,651
2,110

' 3,266
' 2,367

P299

P 3,898
p 2,577
P-20,670

p-14,923
p-1,149

-1,217 -1,139 -1,106 -1,304 -1,356 -1,387 -1,417 -1,503 P-1,585
-2,404 -2,402 -2,597 -2,589 -2,641 '-2,834 '-2,842 •-2,826 p-3,013
-864
P-656
712
' 992
' 158
' 176 ' - 5 7 7 ' - 1 , 3 0 3 ' - 1 , 4 0 0
r

145

' -890

' -387 ''-1,534 '-1,831 '-1,777

1,525

P-1,683

consumers, and personal transfer payments to foreigners.
§ Personal saving is excess of disposable income over personal outlays.
If Data for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
d*More complete details appear 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