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SURVEY OF CURRENT BUSINESS

June 1967

NATIONAL INCOME AND PRODUCT TABLES
1965
1964

1966

1965

1967

1966
I

IV

III

II

1965

I

IV

1964

1965

1966

1966
I

IV

Seasonally adjusted at annual rates

II

1967
III

IV

I

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)

_ _

631.7

_

Dura ole goods
Nondurable goods
Services

681.2

739.6

704.4

721.2

732.3

745.3

759.3

763.7

580.0

614.4

647.8

631.2

640.5

643.5

649.9

657.2

656.7

401.4

431.5

464.9

445.2

455.6

460.1

469.9

474.1

479.9

373.8

396.2

415.5

406.5

412.8

412.2

418.3

418.5

422.0

59.4
178.9
163.1

Gross national product-

Personal consumption expenditures. _

66. 1
190.6
174.8

69.3
206.2
189.4

68.0
197.0
180.2

70.3
201.9
183.4

67.1
205.6
187.4

70 2
208. 1
191.5

69.6
209.2
195.3

68.4
212.5
199.1

59.1
170.5
144.2

66.4
178.2
151.6

70.7
186. 0
158.7

69.2
182.5
154.8

72.2
184.1
156.5

68.5
185.8
157.9

71 6
187. 1
159.6

70.6
187.1
160.8

69.6
190.1
162.3

104.7

102.2

117.0

111.9

114.5

118.5

115.0

120.0

109.3

86.5

97.8

103.5

106.3

102.5

106.4

95.7

88.3
60.7
21.0
39.7
27.6
27.0
.6
4.7
5.3
-.6

97.5
69.7
24.9
44.8
27.8
27.2
.6
9.1
8.1
.9

105.1
79.3
27.8
51.4
25.8
25.3
.6
11.9
12.2
—.3

101.5
73.9
26.8
47.1
27.6
27.0
.5
10.4
9.0
1.4

105.6
77.0
28.5
48.5
28.6
28.0
.5
8.9
8.5
.5

106.2
78.2
27.9
50.3
28.0
27.4
.6
12.3
12.1
2

105. 1
80.3
27 7
52.6
24.8
24.3
6
9.9
10.4
— 5

103.5
81.6
27.3
54.4
21.9
21.3
.6
16.4
17.6
-1.2

103.7
81.6
28.7
52.9
22.1
21.5
.6
5.6
6.0
— .4

81.9
57.4
18.9
38.5
24.6
24.0
.5
4.6
5.2
-.6

89.0
64.9
21.7
43.2
24.1
23.6
.5
8.8
8.0
.9

93.6
72.1
23.4
48.7
21.5
21.0
.5
11.1
11.4
-.3

91.9
68.4
23.2
45.2
23.5
23.0
.5
10.2
8.9
1.3

95.0
70.8
24.3
46.4
24.3
23.8
.5
8.5
8.0
.4

94.7
71.3
23.6
47.7
23.4
22.9
.5
11.6
11.4
2

93.5
73.0
23.2
49.8
20.5
20.0
.5
9.1
9.6
—.5

91.2
73.3
22.7
50.7
17.9
17.4
.5
15.2
16.4
-1.2

90.5
72.6
23.7
48.9
17.9
17.4
.5
5.2
5.6
-.4

8.5
37.0
28.5

7.0
39.0
32.0

4.8
42.7
37.9

6.1
40.3
34.2

6.0
41.7
35.6

4.7
41.9
37.3

4.2
43 4
39.2

4.1
43.6
39.5

5.4
45.6
40.2

8.5
36.4
28.0

6.3
37.3
31.0

4.7
41.1
36.4

6.0
38.7
32.8

5.9
40.1
34.2

4.6
40.3
35.8

4.2
41.8
37.6

4.1
42.0
37.9

5.3
43.9
38.6

Government purchases of goods and services
Federal
National defense
Other
State and local

128.9
65.2
50.0
15.2
63.7

136.2
66.8
50.1
16.7
69.4

153.0
76.9
60 0
16.9
76.2

141.2
69.8
52 5
17.3
71.4

145.0
71.9
54.6
17.4
73.1

149.0
74.0
57 1
16.9
75.0

156
79
62
17
77

2
0
0
0
2

161.1
81.7
65.5
16.2
79.4

169.1
87.0
69 7
17.2
82.1

111.3
57.8

114.1
57.8

123.2
64.0

116.6
59.3

118.3
60.4

120.4
61.9

124.9
65.5

128.3
67.6

133.6
71.6

53.4

56.3

59.1

57.3

57.9

58.5

59.4

60.7

62.0

Addendum: Implicit price deflator for seasonally
adjusted GNP, 1958 = 100

108.9

110.9

114.2

111.6

112.6

113.8

114.7

115.5

116.3

93.0

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Nonfarm .
_ _ _ _ _ _ _ _
Farm
Change in business inventories _
Nonfarm
_ _ _
_ _ _ _ _ _ _ _ _ _ _
Farm
Net exports of goods and services
Exports
Imports

_ _ __ . _

106.6

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

631.7

681.2

739.6

704.4

721.2

732.3

745 3

759.3

763.7

580.0

614.4

647.8

631.2

640.5

643.5

649.9

657. 2

656.7

627 0
4.7

Gross national product
Final sales
Change in business inventories

672. 1
9.1

727.7
11.9

694.0
10.4

712 3
89

720 0
12 3

735 4
99

742.9
16.4

758.1
5.6

575.4
4.6

605 6
8.8

636.7
11.1

621.0
10.2

632.0
8.5

631.9
11.6

640 8
9. 1

642.0
15.2

651.5
5.2

318.2

344.7

377.2

358.8

366.0

371.6

379 6

390.7

385.1

307.2

328.5

351.5

341.0

344.7

346.7

352.8

360.9

355.2

Final sales
Change in business inventories

313 6
4 7

335 7
9. 1

365.3
11.9

348 4
10 4

357 0
89

359 3
12 3

369 7
9 9

374.2
16.4

379.5
5.6

302 6
4 6

319 7 340.4
11.1
88

330 7
10 2

336 2
8.5

335.1
11.6

343 7
9 1

345.7
15.2

350.0
5.2

Durable goods
Final sales
Change in business inventories

125 5
122.2
3.3

138 5
132 2
6.3

154 9
145.9
9.0

142 6
137 9
4.7

147 6
141 8
5.8

149 6
140 6
9.0

158 1
148 7
9 5

163 6
151.7
11.9

153 4
151.4
1.9

123 1
119 9
3.2

135 5
129 4
6.1

150 8
142.4
8.4

140 3
135 7
4.7

145 4
139.9
5.5

146 0
137.6
8.4

153 7
145 1
8.7

157.4
146.5
10.9

147.5
145.8
1.7

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

_- 192.7
191 3
1.4

206.3
203 5
2.7

222.4
219 5
2.9

216.2
210 5
5.7

218.4
215 2
3.1

222.0
218 7
3.3

221 4
221 0
5

227.1
222 5
4.6

231.7
228 1
3.7

184.1
182 7
1.4

193.0
190 3
2.7

200.8
198 0
2.7

200.6
195 1
5.6

199.4
196 3
3.0

200.8
197 6
3.2

199.0
198 6
.4

203.5
199.2
4.3

207.7
204.2
3.6

244.5

262.0

285.9

268 8

275 5

282 1

289 9

296.2

304.2

211 2

221 1

232.4

224.0

227.7

230.9

234 4

236.6

240.5

68.9

74.5

76.6

76.9

79.8

78 6

75 §

72.5

74.5

61.7

64.8

64.1

66.2

68.0

66.0

62.8

59.8

61.0

25.8

31.4

29.4

30.5

31.5

28.6

27 9

29.4

24.9

25.4

31.4

29.9

30.7

32.2

29.1

28.5

29.7

25.5

Goods output

Services. _ _
Structures

_ _ _ _ _

______

Addendum: Gross auto product

__

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




631 7

681 2

739.6

704 4

721 2

732 3

568 7

613 4

663 4

633 8

648 4

657 6

547
527
20
17
4

590
567
23
18
4

8
1
8
3
3

639 5
614 7
24 8
19.5
4 4

611
586
24
19
3

624
599
25
19
4

67 8

76 2

4
0
4
3
0

63 0

2
6
7
1
4

70 6

9
3
7
1
4

72 §

634
609
25
19
4

0
0
0
1
5

74 7

745 3

759 3

763 7

580 0

667 7

679 4

681 2

530 8

643
619
24
19
4

5
1
4
7
6

655 3
631 0
24 3
20 0
41

77 6

79 9

657
633
24
20
3

0
0
0
4
9

513 3
491 2
22 0
13 6
39

82 5

49 2

614 4

647 8

631 2

640 5

643 5

649 9

657.2

656.7

563 5

593 6

579 4

588 0

589 9

595 1

601.5

599.9

545
^21
23
14
4

574
552
22
14
4

569
546
23
14
4

571
548
22
14
4

576
554
21
14
4

2
5
7
5
4

582 8
560.1
22 8
14.6
4.0

581.3
557.1
24 1
14.8
3.8

54 8

55.8

56.8

4
7
8
0
1

50 9

9
3
6
4
3

54 2

561
537
24
14
3

6
5
1
5
3

51 8

4
4
0
3
3

52 5

4
4
9
2
3

53 6

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 1964
and descriptive notes are shown in the 1965
edition of BUSINESS STATISTICS

1965

1966

1964

I

Annual total

II

1966

1965

III

IV

I

II

III

IV

I

II

1967

III

I

IV

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
631.7

681 2

739.6

616 8

627 7

637 9

644 2

660 8

672 9

686 5

704 4

721 2

732 3

745 3

759 3

763.7

401.4

431.5

464.9

391.1

398.0

407.5

408.8

418.9

426.8

435.0

445.2

455.6

460 1

469.9

474.1

479.9

59.4
25 8
25.1

66.1
29 8
27.1

69.3
30 0
30.1

57 6
25 3
24 1

59.8
26 0
25 4

61.1
27 1
25 3

58.9
24 6
25 7

65.1
30 1
26 0

64.4
29 2
26 2

66.7
30 2
27 3

68.0
29 9
28 8

70 3
31 4
29 6

67 1
28 5
29 2

70.2
30 1
30 7

69 6
29 8
30 7

68.4
27 9
31.1

do
do
__do_ __
do

Gross national product totalf

178.9
33.6
92.8
14 1

190 6
35.9
98.4
15 1

206.2
40.3
104.8
16 1

174
32
90
13

9
8
7
9

176 5
32 7
92.1
13 9

181 7
34 3
93.9
14 2

182 4
34.4
94.4
14 4

184 5
34 6
95.4
14 4

189 4
35 6
97.8
15 2

191 4
36.0
98.7
15 3

197 0
37.5
101.6
15 7

201 9
39 4
103.3
15 8

205
39
104
16

6
7
8
1

208.1
41.1
105.5
16 1

209
40
105
16

2
8
4
6

212.5
41.6
106.9
17 0

do
-do
do. __
do

163.1
24.3
59.2
11 8

174.8
25 6
63.2
12 8

189.4
27.2
67.7
14 0

158
23
57
11

7
8
7
7

161.6
24 2
58.7
11 7

164.7
24 7
59.6
11 9

167.5
24 7
60.7
12 1

169.3
24 7
61 6
12 2

173.0
25 4
62 7
12 7

176.9
26 0
63.6
13 0

180.2
26 3
64.7
13 4

183.4
26 5
66.0
13 5

187
27
67
13

4
1
1
9

191.5
27.6
68.2
14 2

195
27
69
14

3
7
5
5

199.1
27.8
70.6
14 9

bil $

Personal consumption expenditures, total ._ do _
Durable goods, total 9
__
_
Automobiles and parts
Furniture and household equipment
Nondurable goods, total 9
Clothing and shoes
Food and beverages..
Gasoline and oil

_

Services, total 9
Household operation
Housing
_
_
Transportation

_

Gross private domestic investment, total

do
do
do

do

93 0

106 6

117 0

90 2

91 8

92 5

97 4

103 8

103 7

106 7

111 9

114 5

118 5

115 0

120 0

109 3

Fixed investment
do
Nonresidential
do
Structures
_ _
- do
Producers' durable equipment
do
Residential structures
.
do
Nonfarm
_.
do. _
Change in business inventories
do
Nonfarm
__
_ _ _ _ _
. _do

88 3
60 7
21.0
39.7
27 6
27.0
4 7

105 1
79 3
27 8
51.4
25 8
25 3
11 9
12 2

86 6
58 1
20 3
37.9
28 5
27 9
35
36

87 6
59 7
20 9
38.8
27 9
27 3
4 2
51

88 9
61 7
21 0
40.7
27 2
26 6
36
4 6

90 0
63 3
21 8
41.4
26 7
26.2
7 4
7 9

94 4
66 7
23 6
43.1
27 7
27 2
9 5
9 4

96 0
67 9
24 6
43.3
28 1
27 5
76
6 7

98 0
70 2
24 4
45.8
27 8
27 3
87
7 2

101 5
73 9
26 8
47.1
27 6
27.0
10 4
9 0

105 6
77 0
28 5
48.5
28 6
28 0
89
8 5

106 2
78 2
27 9
50.3
28 0
27 4
12 3
12 1

105 1
80.3
27.7
52.6
24.8
24.3

5.3

97 5
69 7
24.9
44.8
27 8
27.2
9 1
81

103 5
81 6
27 3
54.4
21 9
21 3
16 4
17 6

103 7
81 6
28.7
52.9
22.1
21.5
5 6

Net exports of goods and services .
do
Exports _ _ _
- _ _ _ _ _do_ _
Imports
do

85
37.0
28 5

7 0
39 0
32 0

4 g
42 7
37 9

9 0
36 4
27 4

7 9
36 0
28 1

8 4
37 2
28 8

86
38 1
29 6

6 4
35 1
28 7

82
40 5
32 3

7 1
40 1
33 o

6 1
40 3
34 2

6 0
41 7
35 6

4 7
41 9
37 3

4.2
43.4
39.2

4 1
43 6
39 5

45.6
40.2

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

128.9
65 2
50 0
63 7

136.2
66 8
50 1
69 4

153.0
76 9
60 0
76 2

126.5
64 9
50 1
61 6

130.1
66 6
51 6
63 4

129.5
65 1
49 8
64 4

129.4
64 1
48 5
65 3

131.6
64 4
48 2
67 3

134.3
65 6
49 1
68 7

137.7
67 5
50 7
70 2

141.2
69 8
52 5
71 4

145.0
71 9
54 6
73 1

149.0
74 0
57 1
75 0

156.2
79.0
62 0
77.2

161.1
81 7
65 5
79 4

169.1
87.0
69 7
82.1

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

do
do
do
do
do
do

627 0
313 6
122 2
191 3
244 5
68 9

672
335
132
203
262
74

727
365
145
219
285
76

7
3
9
5
9
6

613 3
307 1
119 6
187 5
237 3
68 8

623
311
122
189
242
69

5
4
4
0
7
4

634 4
318 8
125 0
193 8
247 1
68 5

636
316
122
195
251
68

651
324
127
196
254
72

4
3
7
6
3
7

665 3
331 2
128 8
202 4
259 8
74 3

677 8
338 8
134 3
204 4
265 1
73 9

694
348
137
210
268
76

0
4
9
5
8
9

712 3
357 0
141 8
215 2
275 5
79 8

720
359
140
218
282
78

735
369
148
221
289
75

742
374
151
222
296
72

9
2
7
5
2
5

758 1
379 5
151.4
228 1
304.2
74 5

do
do
do

4.7
33
1 4

9.1
6 3
2 7

11.9
9 0
2 9

3.5
2 3
12

4.2
36

3.6
2 8

7.4
4 4
29

9.5
7 4
2 1

7.6
6 4

8.7
6 7
21

10.4
4 7
5 7

8.9
58
31

5

16.4
11 9
4 6

3.7

_
___

_

Change in business inventories
Durable goods
Nondurable goods
___ _ _

1
7
2
5
0
5

5

g

8
9
0
0
1
8

12

0
3
6
7
1
6

12.3
9 0
33

9.9

10.4

4
7
7
0
9
8

9.9
9 5

6.0
5.4

5.6
19

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

bil. $_.

Personal consumption expenditures, total
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

580.0

614.4

647.8

569.7

578.1

585.0

587.2

600.3

607.8

618.2

631.2

640.5

643.5

649.9

657.2

656.7

do

373.8

396.2

415.5

365.7

371.0

379.5

378.9

387. 1

392.2

398.9

406.5

412.8

412.2

418.3

418.5

422.0

do
do
do

59 1
170 5
144 2

66 4
178 2
151 6

70 7
186 0
158 7

57 2
167 2
141 2

59 5
168 4
143 1

60 9
173 3
145 3

58 8
173 1
146 9

64 8
174 2
148 1

64 2
177 6
150 4

67 2
178 5
153 1

69 2
182 5
154 8

72 2
184 1
156 5

68 5
185 8
157 9

71 6
187.1
159.6

70 6
187.1
160.8

69.6
190.1
162.3

do

86.5

97.8

104.7

84.6

85.6

85.7

90.2

95.9

95.3

97.9

102.2

103.5

106.3

102.5

106.4

95.7

81 9
57 4
24.6
4.6

89 0
64 9
24.1
8.8

93 6
72 1
21.5
11.1

81 2
55 5
25.7
3.5

81 6
56 6
24.9
4.0

82 2
58 2
24! 1
3.5

82 8
59 2
23.6
7.4

86 6
62 3
24.4
9.3

88 0
63 4
24.5
7.3

89 4
65 5
23.9
8.5

91 9
68 4
23.5
10.2

95 0
70 8
24.3
8.5

94 7
71 3
23.4
11.6

93 5
73.0
20.5
9.1

91 2
73.3
17.9
15.2

90.5
72.6
17.9
5.2

8.5

6.3

4.7

9.2

8.2

8.4

8.0

5.7

7.1

6.4

6.0

5.9

4.6

4.2

4.1

5.3

120.4
61 9
58.' 5

124. 9
65 5
59.4

128.3
67 6
60.7

133.6
71.6
62.0

do
do
do___
do
do

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

111.3
57 g
53.4

114.1
57 8
5fi. 3

123.2
64 0
59! 1

110.3
58 2
52^0

113.3
59 7
53.' 6

••Revised.
* Preliminary.
f Revised series. Estimates of national income and
product and personal income have been revised (see p. 11 ff. of the July 1966 issue of the




111.3
57 4

sa! 9

110.1
56 1
54.' 0

111.5
56 2
55. 3

113.2
57 3
55! 9

115.0
58 3
56'. 7

116.6
59 3
57. 3

118.3
60 4
57.' 9

SURVEY); revisions prior to May 1965 for personal income appear on p. 18 f!. of the July 1966
issue of the 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

Annual total

1964

1966
III

June
1966

1965
IV

I

II

III

IV

I

II

1967
III

IV

I

II

III

GENERAL BUSINESS INDICATORS— Quarterly Series— Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
604.1
626.7
613.8
630.8
577.8
562.7
595.7
610.1
528.5
543.3 552.2
559.0
522.9
517.3
National income totalf
bil $
427.9 438.3 447.5
456.1
387.8 395.6 406.5 419.6
433.3 369.8 375.3
Compensation of employees, total
do
381.7
365.7 392.9
387.4 396.7
405.0
411.8
392.3 337.4
353.7 360.8 370.8 380.0
342.2
348.2
Wages and salaries, total
do
333.6 358.4
311.5
318.0
328.4
323.9
298.5 305.9
285.8 291.1
281.2
314.8
Private
do
269.3 289.1
272.3 275.9
14.1
15.0
16.3
15.8
12.0
13.0
13.6
11.7
14.6
11.9
11.8
Military
do
11.7
12.1
11.7
61.8
63.7
65.2
67.1
60.4
59.3
57.7
55.2
56. 3
Government civilian
do
62.8
53.4
54.3
52.6
57.1
40.5
41.5
42.5
44.3
34.1
35.7
39.6
34.8
33.5
Supplements to wages and salaries
do
34.5
41.0
32.4
33.1
32.0
57.9
57.3
57.0
57.5
58.4
55.9
57.1
56.7
57.8
52.2
53.3
Proprietors' income, total 9
do
51.9
55.7
51.9
41.6
41.9
42.2
42.3
41.1
41.4
40.4
40.7
40.5
Business and professional 9
do
40.3
39.9
41.8
40.7
40.3
16.3
15.4
15.2
14.8
16.0
17.0
15.5
16.0
12.9
11.9
Farm
do
12 0
16.0
15.1
11.7
18.8
18.9
19.1
19.3
18.3
18.4
18.5
18.7
17.9
18.1
Rental income of persons
do
18.3
18.9
17.7
17.8
Corporate profits and inventory valuation adjust79.9
79.1
81.7 '76.7
80.0
76.9
72.7
74.0
73.2
74.2
66.8
80.2
67.8
ment, total
bil. $
66.6
By broad industry groups:
10.1
9.8
10.5
9.4
9.5
10.6
8.7
8.9
8.4
8.5
8.9
8.4
8.6
Financial institutions
do
10.0
70.0
69.0
71.2 '66.1
67.5
64.0
70.6
65.0
64.6
58.2
65.3
58.1
Nonfinancial corporations, total
_do
70.2
59.3
39.5
40.6
42.0
37.4
41.9
38.0
39.6
36.7
37.4
32.2
32.4
37.8
Manufacturing, total
_do
33.0
41.0
17.0
17.2
17.6
16.4
17.2
16.9
15.5
15.5
15.5
14.7
15.7
14.5
14.6
Nondurable goods industries
do
17.3
22.5
24.4
23.4
23.2
21.1
21.2
21.9
24.7
21.9
18.4
17.5
17.9
22.1
Durable goods industries
do
23.8
Transportation, communication, and public
12.2
12.1
11.5
12.0
11.6
10.9
11.2
11.3
10.7
10.4
10.5
11.1
utilities
bil $
11.9
10.6
17.2
16.4
17.4
17.0
16.4
17.4
16.5
16.4
16.5
16.4
15.5
15.4
15.7
All other industries
do
17.2
81.9
82.8
81.8 '77.4
74.5
78.7
82.7
75.0
74.5
67.8
67.7
67.0
75.7
Corporate profits before tax total
do
82.3
33.7
32.4
34.1
33.7 '31.8
34.1
30.7
30.9
31.2
30.7
28.4
28.7
28.6
33.9
Corporate profits tax liability
do
48.2
48.7
46.3
48.1 '45.6
44.1
48.7
43.8
43.8
39.1
39.0
44.5
38.7
Corporate profits after tax
_
do
48.4
21.1
19.5
20 2
20.9
20.7
21.5
18.8
21.1
18.1
17.4
19.2
17.7
17.3
20.9
Dividends
do
27.1
27.4 '24.0
27.8
24.6
26.1
27.6
25.0
25.7
21.4
21.3
25.3
21.7
Undistributed profits
do
27.4
Q
-2.8
-1.8
-2.8
-2.9
-.8
-1.8
-1.0
.0
-1.3
.0
-.4
-1.5
Inventory valuation adjustment
do
-2.1
20.2
19.1
18.7
19.6
17.5
21.0
21.6
18.1
16.9
16^3
17.8
15.7
15.5
20.0
Net interest
do
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
585.2
552.8
564.6
573.5
598.3 609.7
527.6
541.9
518.0
500.3 507.5
496.0
535.1
580.4
Personal income total
bil $
77.4
66.7
69.5
73.6
79.8
81.1
66.6
65.7
64.9
60.9
59.4
59.1
66.0
Less* Personal tax and nontax payments
do
75.1
495.1
499.9 507.8
518.4
528.5
486.1
453.2 461.0 476.2
446.6
469.1
436.6
Equals: Disposable personal income
do
505.3 441.2
468.4
488.0
494.1
473.3 483.3
443.4
418.4
420.0 430.3 438.6 447.1 457.6
412.1
478.3
Less' Personal outlays©
do
26.7
24.5
30.4
34.4
22.4
28.5
26.6
29.0
22.8
22.8
26.6
24.5
25.7
Equals' Personal savings
do
27.0
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
12.77
14.95
15.29
15.57
17.00 ' 13. 59 i 15. 62 2 15. 85
13.41
10.79
12.81
12.84
11.54
44.90
51.96
All industries
.
bil. $
60.63
6.72
5.61
7.02
6.84
7.75 '6.10 '6.89
5.47
5.73
6.78
4.54
5.59
4.67
18.58
22.45
Manufacturing
do
26.99
2.87
3.54
3.48
4.07 '3.08 '3.58
3.61
2.76
2.91
3.51
2.25
2.83
9.43
2.37
11.40
Durable goods industries
do
13.99
2.74
3.24
3.30
3.42
2.82
3.68 '3.02 '3.31
2.70
3.27
2.28
2.76
2.30
. 9.16
11.05
Nondurable goods industries. _ _ .
do _
13.00
.33
.35
.38
.41
.32
.37
'.32
.33
.40
.29
.33
'.38
1.19
.30
1.30
Mining
do
1.47
.40
.46
.55
.48
.38
.44
.44
.55
'.41
.39
'.40
1.41
.37
.35
1.73
Railroad
_
do
1.9S
.75
.73
.82
.86
.72
1.01
.77
1.00
'.70 '1.09
.58
.64
.59
2.38
2.81
Transportation, other than rail
. do _
3.44
1.60
2.04
2.36
2.36
1.88
2.49
1.84
1.71
2.09
1.32
1.76
6.22
'2.35
1.71
6.94
Public utilities
do
8.41
1.26
1.58
1.24
1.22
1.41
1.36
1.42
1.35
1.08
1.17
4.30
1.06
4.94
Communication
do
5.62
2.83
3.52 '2.87 '3 4. 51 34.54
3.25
3.33
2.85
3.10
3.06
2.59
10.83
2.84
3.01
11.79
12.74
Commercial and other
.do
Seas. adj. qtrly. totals at annual rates:
62.80 '61.65 '161.55 2 62. 80
55.35 58.00
50.35 52.75
61.25
60.10
49.00
45.65 47.75
All industries
do
25.60
27.75 ' 27. 85 ' 27. 30 28.35
24.15
21.55 23.00
27.55
26.80
20.75
20.15
18.85
Manufacturing
do
13.15
14.50 ' 14. 20 ' 14. 20
12.45
10.80
11.75
14.35
14.60
13.85
10.40
10.15
9.60
Durable goods industries
do
12.45
13.25 ' 13. 70 ' 13. 10
11.70
13.20
10.70
11.25
13.70
12.95
10.40
10.00
9.20
Nondurable goods industries
do
1.45 ' 1.40 '1.50
1.40
1.35
1.25
1.45
1.65
1.30
1.25
1.55
1.30
1.20
Mining
__
do
1.75
2.35 '1.80 '1.50
1.95
1.55
1.85
1.50
1.70
1.75
2.00
1.55
1.50
Railroad
do
3.30
3.50 '3.05 '3.80
3.00
3.40
4.20
2.70
3.00
3.50
2.55
2.60
2.40
Transportation other than rail
do
8.25
8.50 '9.20 '9.25
7.30
6.85
6.75
8.55
9.20
8.30
6.80
6.35
6.30
Public utilities ...
do
5.95
5.35
5.30
4.80
5.05
5.60
4.55
5.50
5.75
4.40
4.40
Communication
do
12.35
13.30 ' 12. 55 '318.15 3 17. 95
12.25
11.95
11.60
12.85
11.30
12.45
11.40
11.00
Commercial and other
do
U.S. BALANCE OF 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 '9,371 ' 9, 565 ' 8, 768 '10,180 '10,080 '10,119 '10,511 '10,618 '10,913 '10,997 "11,317
25, 297 '26,314 ' 29, 168 ' 6, 370 ' 6, 587 ' 5, 628 -6,880 '6,811 ' 6, 925 ' 7, 203 ' 7, 181 ' 7, 382 ' 7, 402 ^7,690
Merchandise, adjusted, excl. military
do
'212
-210
'209
'192
'206
' 222
'230
P338
'200
' 189 '298
'847
844
Military sales
do
'847
1,353
1,469 ' 1, 535 ' 1, 587 ' 1, 654 Pl, 582
' 5, 389 ' 5, 888 ' 6, 245 ' 1,387 '1,322 '1,499 ' 1, 562 1,474
Income on U S. investments abroad
do
1,630 ' 1,680 ' 1,738 '1,731 p 1,707
1,629
1,565
' 5 666 ' 6, 171 ' 6, 779 '1,425 '1,458 ' 1,431 ' 1,546
Other services
do
Imports of goods and services
_
do
r-28, 637 '-32,203 '-37, 936 '-7,208 '-7, 440 '-7, 232 '-8, 139 -8, 233 -8, 599 -8, 977 '-9,265 '-9, 762 '-9,913 p-9, 981
-18,621 '-21,472 '-25, 510 '-4, 730 '-4, 907 '-4, 669 '-5, 475 -5, 556 -5, 772 -6, 025 '-6, 225 '-6, 580 '-6, 680 p-6, 689
Merchandise, adjusted, excl. military
do
-861 ' -911 ' -953 ' -969 p-1,041
-754
-785
Military expenditures. . ._ _
do
'-2,861 '-2, 921 '-3, 694 -694 '-691 r -671 '-711
-475 ' -471 ' -565 ' -563 p-531
-469
-435
Income on foreign investments in the U.S-.do
' — 1,455 '-1,729 '-2, 074 '-362 ' -380 ' -401 r -424
'-1,462 '-1,491 '-1,529 -1,488 -1,573 -1, 636 '-1,658 '-1,664 '-1,701 p-1,72
Other services
_ _
do
'-5,700 '-6, 081 '-6,659 '-1, 422
Unilateral transfers, net (excl. military grants);
-694 ' -680 ' -664 ' -775 ' -725 '-660 ' -851 '-733 ' -709 ' -632 p-722
transfers to foreigners (— )
mil. $.. '-2, 782 '-2, 824 '-2,925
Transactions in U.S. private assets, net; increase
(— )
mil $ '-6,542 '-3, 743 '-4,132 '-1,624 ' 2 104 ' 1,657 ' -389 ' -885 ' -812 ' -981 '-1, 135 ' -932 '-1,084 p-1,006
Transactions in U.S. Govt. assets, excl. official
reserve assets; increase ( — )
mil $ -1,674 -1,575 '-1,531 ' -405 ' -579 ' -396 ' -490 ' -244 ' -445 ' -365 ' -500 ' -328 ' -338 p-741
Transactions in U.S. official reserve assets, net;
-6 pl,027
. 424
82
41
68
271
68
842
-151
increase (— )
mil $
70
171
1,222
568
Transactions in foreign assets in the U.S., net (U.S.
'1,205
^312
'492 ' 1,145
'459
'211
'236
'286 ' -342
'664 ' 1,724
liabilities)' increase (-f-)
mil $
'3,314
'391 '3,301
'425 p-483
54
'83
'416 ' -12 '227
Liquid assets
.
do
'448 ' 1,485 ' -24 ' -267
'113
'789
' 2, 629
P795
'780
'376
'265 ' 1,091
'248
'310 ' -75 ' -205
Other assets
do
'239
685
'278 ' 2, 512 '216
'277 ' -229 p-206
' 53 ' -113 ' -245 ' -110 ' -233 ' -198
Unrecorded transactions
__
do
' -949 ' -415 ' -383 ' -174 ' -335
Balance on liquidity basis— increase in U.S. official
reserve assets and decrease in liquid liabilities to
'199 ' -457 ' -259 ' -651 ' -122 ' -165 ' -419 p-544
all foreigners' decrease ( — )
mil $ '-2, 800 ' 1 335'-1,357 ' -518 '-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
'207 ' -910 ' -443 ' -175 ' ' -861 ' -18 p-1,822
'239
official agencies; decrease (-)
mil. $. '-1,548 '-1,304
' 225 ' -239 ' -618 ' -834
tSe e corresp onding n ote on p. S-1.
* Revised.
» Preliminary.
1
nventory valuatic n adjust ment.
9Iiicludes i
F.stimates for Apr.-June 1967 based on anticipate capital expendit ures of bu si ness,
d
2
Estimates for July-Sept. 1967 based on anticij3ated cap ital expe nditures of busii icss.
0P ersonal <outlays c om prise personal consum ption ex penditur es, inter 3St paid by consume rs, and personal t ransfer p ayments to foreig tiers,
Anticipated expenditures for the year 1967 are as foil >ws (in bil .$):Alli ndustries, 62.40;rmmu§Pe rsonal sa ving is e xcess of d isposabh i income over per sonal out lays,
facturing, total, 27.91; durable goods industries, 14 50; nondiirable goods indiistries, 1 3.42;
cfft lore com plete det ails are i iven in ;he quar ;erly rev ews in t he Mar. June, S ept., and
mining, 1.56; railroad, 1.53; transportation, 3.82; pu blic utilit es, 9.12; commerci al and o ther
Dec. ssues of 1the SURV EY; quar terly rev isions ba ck to 196C are on p . 2 2 f f o f t his issue
(incl. communication), 18.46.
s includes commuilication.




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