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SURVEY OF CURRENT BUSINESS

16

January 1968

NATIONAL INCOME AND PRODUCT TABLES
1966
1966

1967*

III

1966

1967
IV

II

Ill

IV

1966

1967 ^

III

1967
II

IV

III

IV P

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)
Gross national product

_

743 3

785.1

748 8

762 1

766.3

775.1 791 2

807.6

652.6

669.2

654.8

661.1

660.7

664.7

672.0

679.4

Persona! consumption expenditures

465 9

491 6

470 1

473 g

480 2

489.7

495 3

501 4

418 0

429 9

420 4

420.4

424.2

430.6

431.5

433.2

Durable goods.. _ _ _ _ _ _ _
Nondurable goods
Services _ _ _ _ _

70.3
207.5
188 1

72.1
217. 5
202 1

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

73.7
220.2
207 5

71.3
187.7
159.1

72.1
192.8
164. 9

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

73.0
193.2
167.1

118 0

112.1 116.4

122 2

110.4

105.1

112 2

120.7

105.6

96.9

103.6

108. 4

96.9

91.3

96.4

102.9

104 6

107 0

104 9

103 7

103 3

104 6

108 4

111 7

93 0

92 1

93.0

91.2

90.2

90.9

92.9

94.5

Nonresidential
Structures _
Producers' durable equipment-

80 2
27 9
52 3

82 5
26 8
55 7

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

83 8
26 5
57.3

72 8
23 6
49.2

73 0
21 8
51.2

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

73.2
21.2
51.9

Residential structures
Nonfarm
Farm

24 4
23 8
5

24 5
23 9
6

23 7
23 2
5

20 9
20 4
5

21 4
20 9
6

23 1
22 5
6

25 6
25 0
g

27 9
27.4
6

20 2
19.7
5

19 2
18.7
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

21.3
20.9
.4

13 4
13 7
— 3

51
4 7
4

11 4
12 0
— 5

18 5
19 0
— 5

7.1
73
— 2

5
6
_ i

38
34
4

9.0
75
15

12.6
12 9
— 3

4.7
4 3
4

10.6
11 1
—.5

17.2
17.7
—.5

6.7
6.8
-.2

.4
.5
—.1

3.5
3.2
.4

8.4
6.9
1.5

Gross private domestic investment
Fixed investment

_

Change in business inventories. _ _ _ _
Nonfarm
Farm.. _

5I

Exports
Imports

50

4 6

4.3

5 3

5.3

54

4.0

4.4

3.8

4.1

3.2

4.1

4.1

4.2

2.9

43 0
37 9

Net exports of goods and services

45 4
40 4

43 7
39 0

44 0
39 7

45 3
39 9

45 1
39 8

45 6
40 2

45.6
41 6

40.8
36 4

42.5
38 7

41.4
37 3

41.2
38.0

42.4
38.3

42.3
38.2

42.8
38.6

42. 7
39.9

154 3

176 3

157 7

161 7

170 4

175.0

178 2

181.5

124 5

138 6

126.6

129.1

135. 5

138.7

139.9

140.4

Federal
National defense
Other..

77 0
60 5
16.5

89 9
72 6
17.3

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

92 0
74 3
17.7

64 7

74 o

66 4

67.8

72.3

74.4

75.1

74.4

State and local

77.2

86.4

78.1

80.2

83.3

85.4

87.4

89.5

59.9

64.6

60.1

61.3

63.2

64.3

64.9

66.0

Government purchases of goods and services

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
743 3

785 1

748 8

762 1

766 3

775 1

791 2

807 6

652 6

669 2

654 8

661.1

660.7

664.7

672.0

679.4

729.9
13 4

780.0 737.4
5 1 11 4

743.6
18 5

759.2
7i

774 6
5

787.4
38

798.7
9 0

639.9
12 6

664.5
4 7

644.2
10.6

643.9
17.2

654.0
6.7

664.3
.4

668.5
3.5

671.0
8.4

379.6

396.2

381 8

391.7

388 1

392.1

398 7

406.1

353.7

361.5

354. 7

361.1

356.6

359.5

362.9

366.9

366 2
13.4

391 1
51

370 3
11 4

373 2
18 5

380 9
7i

391 6
5

394 9
38

397 1
9.0

341.0
12.6

356.7
4.7

344.1
10.6

343.9
17.2

349.9
6.7

359.1
.4

359.4
3.5

358.6
8.4

Durable goods..
Final sales
_ _
Change in business inventories

154 6
144 7
99

158 8
155 9
2 8

155 7
145 8
99

161 1
148 3
12 8

153 9
150 5
34

155 5
156 0
— 6

161 4
157 9
35

164 4
159 3
51

150.0
140.6
93

150. 5
148.0
25

150.8
141.6
9.2

154.2
142.3
11.9

146.6
143.6
3.0

148.3
148.9
-.6

153.0
149.8
3.2

154.1
149.6
4.6

Nondurable goods
Final sales
Change in business inventories _

225 0
221 5
35

237 5
235 2
2 3

226 1 230 6
224 5 224 9
15
57

234 2
230 5
37

236 6 237 3 241 8
235 5 237 0 237 8
11
3
40

203 7
200 4
33

211 0
208 8
22

203.9
202 5
1.4

206.9
201.6
5.3

210.0
206.3
3.6

211.2
210.2
1.0

209.8
209.5
.3

212.8
209.0
3.8

287 2

311 0

291 6

296 9

303 1

307 8

313 5

319 7

235 2

245 6

237.9

239.8

242.7

244.4

246.9

248.4

76 5

77 8

75 5

73 5

75 2

75 2

79 0

81 9

63.7

62.1

62.2

60.2

61.3

60.8

62.3

64.1

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

_

Final sales
Change in business inventories

Services
Structures __

„ __

_ _

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
p Preliminary.




743 3

785. 1

748 8

666 7

699 7

670 6

642 4
617 6
24 8

673 8
649 8
24 0

646 2
621 6
24 6

20 1

21 5

20 3

42
76 6

4 5
85 4

41
78 2

766 3

775.1

791 2

807.6

652.6

669.2

654.8

661.1

660.7

664.7

672.0

679.4

681 9

683 9

690 9

705 2

719 0

597 5

610 2

599 0

604.2

602.7

606.0

612. 5

619.4

656 9
633 0
23 9

658 7
635 1
23 6

665 3
641 9
23 3

679 0
654 6
24 4

692 2
667 4
24 8

578 9
556 4
22 4

590 6
566 5
24 1

580 2
558 0
22.2

585 1
562.7
22.4

583.6
559.9
23.7

586. 6
563. 0
23.6

592. 7
568.4
24.2

599.4
574.6
24.8

20 6

21 1

21 4

21 2

22 2

14.7

15.3

14.8

14.9

15.1

15.3

15.0

15.5

4 2

49

4 6

4.0

4.3

4.0

4.0

4.8

4.4

57.9

58.7

59.6

60.0

762 1

4 4
80 2

41
82 5

84 2

86 0

88 7

40
55 0

4 3
59 1

55 8

56 9

CURRENT BUSINESS STATISTICS

J.HE STATISTICS here update series published in the 1965 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $2.00) provides a description of each series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1961 through 1964 (1954-64 for major quarterly series), annually, 1939-64; for selected series,
monthly or quarterly, 1947-64 (where available). Series added or significantly revised after the 1965 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (f), respectively; certain revisions for 1964 issued too late for inclusion in the 1965 volume appear in the monthly
SURVEY beginning with the September 1965 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding
to revised annual data are available upon request.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided through
the courtesy of the compilers, and are subject to their copyrights.
1964

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

1965 | 1966

1964

I

I

IV

III

II

1967

1966

1965

IV

II

Annual total

IV

III

I

II

III | I V p i

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
683.9

743.3

645. 1

662.7

675.4

690.0

708. 4

725.9

736.7

748.8

762.1

766.3

775.1

791.2

807.6

401.2

433.1

465.9

408.9

420.2

428.1

436.4

447.8

458.2

461.6

470.1

473.8

480. 2

489.7

495.3

501.4

2

25.8
25.0

66.0
29.9
27.0

70.3
29.8
29.9

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

72.7
29.9
32.1

73.7
30.2
32.6

178.7
33.5
92.9
14.0

191.2
36.1
99.0
15.1

207.5
40.3
106.7
16.2

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

203.2
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

218.5
43.7
110.9
17.5

220.2
42.9
112.2
17.8

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

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

204.1
28.1
71.9
14.8

207.5
28 9
73.2
15.1

94.0

107.4

118.0

97.9

105. 1

105.1

108.2

112.3

115.2

118.5

116.4

122.2

110.4

105.1

112. 2

120.7

88.2
61.1
•21.2
39.9
27.1
26.6

98.0
71.1
25.1
46.0
27.0
26.4

104. 6
80.2
27.9
52.3
24.4
23.8
13.4
13.7

90.2
63.4
21.8
41.6
26.8
26.3

94.4
67.3
23.1
44.1
27.2
26.6
10.6
10.1

96.3
69.3
24.7
44.6
27.0
26.5

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

103.3
81.9
27.7
54.2
21.4
20.9

104.6
81.5
26 3
55.2
23.1
22.5

108. 4
82.8
26. 6
56.2
25.6
25.0

111.7
83.8
26.5
57.3
27.9
27.4

_ . _ _ _ _ _ _ _ _ _ b i l . $__

Personal consumption expenditures, total. __ do
Durable goods, total 9
. d o
Automobiles and parts
.
_ _ _ do___
Furniture and household equipment.
do
Nondurable goods, total 9
Clothing and shoes _ _
Food and beverages
Gasoline and oil
Services, total 9
Household operation
Housing
Transportation
_

(

632.4

do
do__ _
do
do

Gross national product, totalf

- _
- _ .

Gross private domestic investment, total
Fixed investment _
_ _
NonresidentiaL
Structures
Producers' durable equipment
Residential structures
_•__ Nonfarm __
__..
Change in business inventories
Nonfarm
_ _

do
_.___do
do
do
do_ _
do
do
do
do

EQ

5.8
6.4

9.4
8.4

7.7
8.1

8.8
7.9

98.8
71.9
25 1
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

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

7.1
7.3

.5
.6

3.8
3.4

9.0
7.5

8.5

6.9

5.1

8.5

6.1

8.2

6.1

6.1

5.4

4.6

4.3

5.3

5.3

5.4

4.0

39.1
32.2

43.0
37.9

7.4

37.1
28.6

38.3
29.8

35.1
28.9

40.7
32.6

40 3
32.9

40 5
34 4

42 0
36 0

42 5
37 1

43 7
39.0

44.0
39.7

45. 3
39.9

45.1
39.8

45.6
40.2

45.6
41.6

Govt. purchases of goods and services, total. _do
Federal
_
__
.
do.
National defense.
.
. _ .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
77.2

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
72 5

146.5
72 1
55.1
74 3

151.2
74.9
58.4
76 2

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
72.5
85.4

178.2
90.9
73.3
87.4

181.5
92.0
74.3
89.5

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

626.6
313. 6
122.8
190.7
244.2
68.8

674.5
337.2
132. 8
204.4
262.9
74.4

729.9
366 2
144. 7
221 5
287.2
76.5

637.4
317 9
123.3
194 7
250.1
69.3

652.0
325 9
129. 6
196 3
254. 6
71.6

666 5
332 8
130 0
202 9
260. 1
73 6

680 6
340 2
133 9
206 3
266 0
74 4

698 5
349 9
137 9
212 0
271 0
77 6

716 0
359 e
143 2
216 4
276 6
79 9

722 6
361 7
141 6
220 1
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
150 5
230 5
303.1
75 2

774.6
391.6
156 0
235 5
307.8
75.2

787.4
394.9
157 9
237 0
313. 5
79.0

798.7
397.1
159 3
237 8
319.7
81 9

5.8

9.4

13.4
99

7.7

10.6
8 7

70
1.8

9 4
71
2 3

99
50
4 9

99
7 4
2 5

14 0
9 7
4 3

11 4
99
15

18 5
12 8
57

71
34
37

.5

— .6

3.8

9.0

4 5

88

6 7

1.1

.3

Net exports of goods and services,
Exports
Imports

do
do
do

do
do
do
do
_ do. _
do

__

Change in business inventories _
Durable goods
Nondurable goods. _
_

do
do
_ do

4 2

1.6

2.7

3.5

3.2

2.0

35

51

4.0

GNP in constant (1958) dollars
Gross national product, totalf

bil. $__

581.1

616.7

652.6

588.5

601.5

609.7

620.7

634.4

645.4

649.3

654.8

661.1

660.7

664.7

672.0

679.4

373. 7

398.4

418.0

379.3

389.1

394.1

400 7

409 9

416 2

415 2

420 4

420 4

424 2

430.6

431.5

433. 2

59 0
170 3
144 4

66 4
178 9
153 2

71 3
187 7
159 1

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

72 7
192.8
166.0

73 0
193 2
167.1

do. .

87.8

98.0

105.6

90.8

95.9

95.9

98 3

101 6

104 0

106 5

103 6

108.4

96 9

91.3

96.4

102.9

do
do
do
do

81.9
57 8
24 2
58

89 1
66 0
23 2
88

93
72
20
12

83
59
23
7

86
62
23
9

87
64
23
8

89
66
23
8

92
69
22
9

94
71
22
9

5
8
8
5

93 1
71 7
21 4
13 4

93
73
19
10

91
74
17
17

90
73
17
6

2
0
3
7

90.9
72.6
18.3

92.9
73.2
19.7

94.5
73 2
21.3

do

8.3

6.0

Personal consumption expenditures, total. __ .do. _
Durable goods
Nondurable goods. _
Services
Gross private domestic investment, total
Fixed investment
NonresidentiaL __
Residential structures _ _
Change in business inventories.— _ _ _
Net exports of goods and services

do
do
_ _ do

0
8
2
6

2
7
5
6

6
9
7
3

9
5
4
0

6
7
0
7

4
7
6
2

0
6
4
6

2
2
0
2

.4

3.5

8.4

5.2

6.8

6.4

5.6

5.4

4.8

4.1

3.2

4.1

4.1

4.2

.2.9

111.2
114.3
110. 5
124.5
111.3
57 g
58 1
64 7
56 7
56 3
53.2
56.4
59.9
53.8
55. 0
r
Revised.
? Preliminary.
* Preliminary annual totals for 1967 for components shown
in this column appear on pp. 16-19 of this issue of the SURVEY.
f Revised series. Estimates
of national income and product and. personal income have been revised (see p. 13 ff. of the July
1967 SURVEY for data beginning 1964; for data prior to 1963, see p. 11 fl. of the July 1966 SURVEY) ;

112.9
57 1
55. 8

115.3
58 5
5fi.7

117.4
59 3
5«!o

119. 9
61 2

122.7
63 4

126.6
66 4

129.1
67 8

135.5
72 3

138.7
74.4

139.9
75.1

140.4
74.4

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




4.4

7.9

64.9
66.0
64.3
58.7
59.4
fiO.l
61.3
63.2
revisions prior to May 1966 for personal income appear on p. 21 of the July 1967 SURVEY and
those for periods prior to 1963 on p. 18 ff. of the July 1966 SURVEY . 9 Includes data not shown
separately.

s-1

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

| 1966

Annual total

1965
I

II

January 1968
1966

IV

III

I

II

1967
I

IV

III

1968

II

III

IV p

I

483.2
435.6
345.8
« 17.3
«72.5
«47.6
«59.3
« 44. 1
015.2
020.4

GENERAL BUSINESS INDICATOR S— Quarterly Series— Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
616.7 544.9 555.3
518, 1 562. 4
National income totalf
bil $
435. 7 381.5 388. 6
365. 7 393.9
Compensation of employees, total
do
394.6 347.7 354. 2
333.7 359. 1
Wages and salaries, total
_ do
269.4 289.8
316. 7 280.8 286.2
Private
do
12.1
14.7
11.8
11.7
Military .
do
11.7
57.1
63.2
55.1
52.6
56.3
Government civilian _ _ _
do
41.1
33.8
34.5
32.0
34.9
Supplements to wages and salaries ._ _ do
55.0
56.7
59.3
56.7
52.3
Proprietors' income, total 9 - -- - do
41.4
41.9
43.2
40.2
41.7
Business and professional 9
do
12.1
14.8
16.1
13.6
15.0
Farm
do
19.0
18.6
18.0
19. 4
18.9
Rental income of persons
do
Corporate profits and inventory valuation adjust74.9
82.2
72.6
73.4
66.3
ment, total
bil $
By broad industry groups:
8.4
8.4
7.9
9.3
8.2
Financial institutions
do
66.5
58.4
72.9
64.4
65.0
Nonfinancial corporations total
do
37.5
38.7
43.1
Manufacturing total
do
32.7
37.7
18.7
15.9
14.9
16.5
16.0
Nondurable goods industries
do
24. 4
22.2
21. 6
21.6
Durable goods industries
do
17.8
Transportation, communication, and public
10.1
11.9
utilities
bil $
11.2
10.6
10.9
15.5
18.0
16.6
16.3
16,5
All other industries
do
76.6
74.0
66. 8
83.8
75.6
Corporate profits before tax total
do
34. 5
31.4
28.3
30.3
30. 9
Corporate profits tax liability
do
38.4
49.3
45.2
43.7
Corporate profits after tax
do
44.6
21.5
17.8
19.8
18.7
Dividends.
_
do
19, 4
20.6
25.4
25.0
Undistributed profits
do
27.8
25.2
-.5 -1.7
-1.6
Inventory valuation adjustment
___do___.
-1.4
-2.1
20. 2
15.8
17.9
17.1
Net interest - _ _ . .
do
17. 6
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
497.5 537.8
584.0 520.3 530.1
Personal income, total
bil $
59. 4
Less: Personal tax and nontax payments
_do
65.6
75.2
64.3
66.1
Equals: Disposable personal income
do
438.1 472.2
508.8 456.0 464.0
411.9 445.0
479.0 431.6 439.9
Less: Personal outlays©
do
Equals: Personal saving§.
do
26.2
27.2
29.8
24.5
24.0
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
__„ _ _
_
bil. $
44.90 51.96
60.63 10. 79 12.81
Manufacturing,
do
18.58 22.45
4.54
26. 99
5.47
9.43 11.40
Durable goods industries. _•__•_
,___do
13. 99
2.25
2.76
9.16 11.05
Nondurable goods industries.
___.do
13.00
2.28
2.70
Mining.. _
_
do
1. 19
1.47
.29
1.30
.33
1.41
Railroad....
_________
__ ... do
1.9S
.39
.44
1.73
Transportation, other than rail
do.
3.44
2.38
.58
2.81
.77
Public utilities..
_.
do
6.22
8.41
1.32
6.94
1.71
Communication
do
.4.30
4.94
1.24
1.08
5.62
10.83 11.79
Commercial and other
. do
12. 74
2.59
2.85
Seas. adj. qtrly. totals at annual rates:
All industries
do
49.00 50. 35
Manufacturing
_ _
do
20. 75 21. 55
Durable goods industries
do
10.40 10.80
Nondurable goods industries
do
10.40 10.70
Mining
_____
do
1.25
1.30
Railroad
do
1.75
1.55
Transportation, other than rail
do
2.55
2.70
Public utilities...-_ _ do
6.85
6.80
Communication
do
4.55
4.80
Commercial and other
do
11.30 11.60
U.S. BALANCE OP INTERNATIONAL
PAYMENTScf
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil $
37, 099 39,147 43,039 8,768 10, 180
Merchandise adjusted excl military
do
25, 297 26,244 29, 168
5,628 6,880
Military sales
do
747
847
192
844
210
Income on U S investments abroad
do
1,562
5, 389 5,888
6, 245 1, 499
i Other services
do
5,666 6,171
6,779 1,431 1,546
Imports of goods and services
do
-28, 637 -32, 203 -37,937 -7,232 -8, 139
Merchandise, adjusted, excl. military
__do -18,621 -21, 472 oc c-in -4, 669 -5, 475
Military expenditures
do
-2, 861 -2,921 -3, 694
-671
-711
Income on foreign investments in the U.S__do
-424
-1,455 -1, 729 -2,074
-401
Other services
do
-5,700 -6,081 -6, 659 -1, 491 -1,529
Unilateral transfers," net (excl. military grants);
transfers to foreigners (— )
mil $
-2,782 -2, 824 -2,925 -664
-775Transactions in U.S. private assets, net; increase
(— )
niil $
-6,542 -3,743 -4,213 -1,657
-389
Transactions in U.S. Govt. assets, excl. official
reserve assets; increase (— )
mil $ -1,674 -1, 575 -1,531 -396
-490
Transactions in U.S. official reserve assets, net;
increase (— )
mil $
842
171 1,222
568
68
Transactions in foreign assets in the U.S., xiet (U.S.
liabilities) ; increase (+)
mil $
3,314
-342
286
3,301
391
Liquid assets
do
-24
789
-267
2,629
113
Other assets
do
2,512
-75
685
310
278
Unrecorded transactions
do
-302
53 -113
-949
-415
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
-818
199
Balance on official reserve transactions basis—increase in U.S. official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
official agencies; decrease (-)
mil. $_ -1,548 -1, 304 1
239
225 -834
r
Revised.
v Preliminary.
c Corrected.
« See note 1 on p. S-1.
1
Estimates for Oct.-Dec. 1967 based on anticipate d capital expendil ures of btisiness.
2
Estimates for Jan.-Mar. 1968 based on antici pated cap>ital exp enditures of bushless.
Anticipated expenditures for the year 1967 are as foil ows (in bil .$):Alli tidustries, 61.48; m anufacturing, total, 26.84; durable goods industries, 13.78; nondiarable g oods indiistries, 13.07;
mining, 1.43; railroad, 1.55; transportation, 3.88; pu blic utilit les, 9.59; commerc al and o ther
(incl. communication), 18.20.
3 Includes commuilication.




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

653.4
472.6
426.2
339.4
16.3
70.6
46.4
58.8
43.8
15.0
20.2

74.9

78.7

81.1

81.3

81.9

84.6

78.1

78.3

79. 2

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

9.6
69.6
38.2
17.7
20.5

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
-,8
21.6

11.9
18.0
78.9
32.5
46.5
23.1
23.4

12.1
19.3
80.0
32.9
47.1
23.4
23.6
-.8
22.7

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
79.1
540.0
504.0
38.0

631,0 o642.1
82.8 <»84.6
548.2 « 557. 5
509.6 « 515. 9
38.5 «41.6

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

15.40 1 16. 87 214.32
6.48
7.46
6.07
3.33
3.17
3.90
3.15
3.55
2.90
.37
.37
.40
.35
.34
.37
.98
1.10
1.08
2.22
2.66
2.63
1.46
3.09
M.95 M.22

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

60.90 162.05 265.05
26.15 26.55 27.75
13.50 13.75 14.60
13.15
12.65 12.80
1.60
1.45
1.50
1.50
1.40
1.45
4.75
4.10
4.45
11.15
9.80
9.60
6.05
11.95 s 18. 50 3 is. as

10,080 10, 119 10, 511 10, 618 10,913 10, 997 11, 361
7,676
6, 811 6,925 7,203
7,181 7,382 7,402
339
210
212
209
222
230
206
1, 578
1,474
1,353
1,469
1,535 1,587 1,654
1,630
1,565 1,629
1,680
1,738 1,731 1,768
-8, 233 -8, 599 -8,997 -9, 265 -9, 762 -9, 913 -10,00
-5, 556 -5,772 -6, 025 -6,225 -6, 580 -6,680 -6, 662
-969 -1,045
-754
-861
-953
-785
-911
-557
-563
-475
-435
-469
-565
-471
-1,488 -1, 573 -1, 636 -1, 658 -1, 664 -1, 701 -1,740

22] 1

«22.4
0-1.8

-23.3

11, 362 p 11,479
7,717 P 7, 644
P205
336
1,547 p 1, 834
1,762 p 1, 796
-10, 038 p-10,11
-6, 558 p-6, 55
-1,070 p-1,07
-547 p-583
-1,863 p-1,90

-852

p-864

-725

-660

-851

-733

-709

-632

-728

-885

-812

-981

-1, 135

-932

-1,165

-957

-244

-445

-365

-500

-328

-338

-737

-556

p-473

41

271

424

68

82

-6

1,027

-419

p-375

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

325
-498
823
-287

2,193 p 1, 884
966 P 1, Oil
P873
1,227
pl54
-553

-457

-259

-651

-122

-419

-529

-547

-165

-1,13 p-1,69

p-636

p470
-18 "1,81 -828
-443
-916
861
-175
207
tSe e corresponding note on p. S-l.
91ncludes i nventory valuaticm adjust ment.
ei}ersonal outlays cjomprise personal consum ption expenditur es, inter 3St paid by COB
sume rs, and personal t ransfer payments to foreig]aers.
lays.
§P ersonal sa ving is e xcess of ctisposabl<3 income over per sonal oui tfar.,Jun e, Sept., and Dec
cPBklore com plete det iils are gi ven in th e quarter ly review s in the !
issue 5 of the SiLJRVEY; q uarterly revisions back to 1960 are c n p. 22 fi of these pt. 1967 SURVEY

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