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SUEVEY OF CUEKENT BUSINESS July 1966 Increases were widespread among the major industries. As compared with April and May, the chief difference was in private nonmanufacturing employment, which rose considerably in June after decreasing in April and May. As the table below indicates, the shift was especially pronounced in contract construction where strikes earlier in the spring held down employment. Manufacturing employment, paced by substantial gains in the machinery industries and primary metals, increased by more than 100,000 in June. There were modest cutbacks in lumber, transportation equipment, food, and leather; most other manufacturing industries showed small rises. Average weekly hours of work in manufacturing declined for the second straight month, after seasonal adjustment. The June figure, 41.2, was 0.4 hours below the recent peak in February and the same as the average for the full year 1965. The seasonally adjusted unemploym ent rate remained unchanged from May to June at 4.0 percent. Although the number of employed persons increased substantially, the labor force rose somewhat more and the number of persons out of work edged up to 3.1 million. This was slightly higher than Table 1.—Seasonally Adjusted Changes in Nonfarm Establishment Employment [In thousands] 19 36 Dec. Sept.- 1965Dec. Mar. 1966 Mar.- Mar.- Apr.- May1965 June Apr. May June Total 466 17 125 324 209 919 243 791 198 268 65 —48 •59 66 74 250 331 351 267 80 79 108 588 440 -1 -128 -13 142 13 2 1,128 1 034 Government Private.-. Manufacturing___ Nonmanufacturing- __ Mining Construction __ Transportation & public Utilities... Trade Finance Service. 200 12 181 21 161 -2 -41 33 6 76 —130 —92 —95 57 5 —11 1 10 11 12 4 22 5 44 10 20 28 193 18 123 21 45 15 52 Source: U.S. Department of Labor, Bureau of Labor Statistics. I CHART 3 Dealers' Sales of New Domestically Produced Cars Showed some recovery in June after decreases in April and May Million Units 10 than last year; this will hold assemblies of passenger cars in July to about 460,000 units, which will virtually complete the 1966 model year runs. According to present schedules, the 1967 models are not expected to be produced in any sizable volume until late August. Industrial prices higher Strike Period 5 f 1 1 1 il,t 1 1 1 1 1 1 1 \ \ i.l Hi 1 1 1 1 H 1 1 l;n 1 1 1 1 1 n i, 11 HIM 1963 1964 1965 1966 Monthly, Seasonally Adjusted, at Annual Rates U.S. Department of Commerce, Office of Business Economics 66-7-3 the level that prevailed in the first 5 months of 1966. Some recovery in auto sales Sales of new domestically produced passenger cars, which fell sharply in both April and May, recovered significantly in June. The seasonally adjusted annual rate increased to 8.3 million units from 7.4 million in May arid 8 million in April. For the quarter as a whole, dealers' sales of new cars were some 13 percent below the high first quarter rate. The auto industry is approaching the end of the 1966 model year with the number of unsold new cars at a record level. Inventories at the end of June totaled 1.5 million units, seasonally adjusted, and were equivalent to a stock-sales ratio of 2.2; in June 1965, inventories totaled 1.2 million units and the stock-sales ratio was 1.6. Output of passenger cars in June was maintained at about the reduced volume of May, some 7 percent below the January-April average, after seasonal adjustment. Factory shutdowns and vacations will start 2 to 3 weeks earlier Prices in wholesale markets rose very slightly in June, continuing the pattern evident since March. As in other recent months, an increase in industrial prices was largely offset by a reduction in prices of farm products and processed foods combined. Wholesale industrial prices in June rose 0.2 percent—somewhat more on a seasonally adjusted basis—for the sixth straight month of increase. Most of the major commodity groups showed rises last month, after seasonal allowance; however, lumber declined, and textiles, nonmetallic mineral products, and furniture and household durables were unchanged. Although demand and output rose less rapidly this spring than early in the year, there have so far been no indications of a slowdown in the overall rise in industrial prices. From March to June, wholesale industrial prices increased as much as from December to March; this was the result of shifts that were largely offsetting, as may be seen in the table below. Table 2.—Seasonally Adjusted Changes in Wholesale Industrial Prices [Percent change] Dec. 1965Mar. 1966 All industrial commodities Mar.June 1966 0.9 1.0 .4 4.1 -.1 —.2 .9 .1 30 1.8 .3 1.5 Lumber and wood products Pulp paper, and allied products Metals and metal products Machinery and motive products. _. 25 .8 1.3 .9 17 1.4 .6 .9 Furniture and other household durables. Nonmetallic mineral products Tobacco products and bottled beverages. Miscellaneous products _ __ .1 .4 1.6 1. 2 .6 4 .4 4.6 Textile products and apparel. '. _. Hides skins leather Fuels and power ._ _Chemicals and allied products Rubber and rubber products.. -•. Source: Basic data, Bureau of Labor Statistics; seasonal adjustments, U.S. Department of Commerce, Office of Busi ness Economics. SURVEY OF CUEEENT BUSINESS July 1966 NATIONAL INCOME AND PRODUCT TABLES 1965 1963 1964 1965 I II 1965 1966 III IV UP I 1963 1964 1965 I Seasonally adjusted at annual rates II 1966 III rv I II" Seasonally adjusted at annual rates Billions of current dollars Billions of 1958 dollars Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2) Gross National Product Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic investment 590.5 631 7 681 2 660 8 672 9 721 2 732 0 551 0 580 0 614 4 600.3 607.8 618.2 631.2 401 4 431 5 418 9 426 8 686 5 435 o 704 4 375 0 445 2 455 0 458 9 353 3 373 8 396 2 387 1 392 2 398 9 406.5 412.8 53.9 168.6 152 4 59 4 66 1 178.9 190.6 163 1 174 8 65 1 184.5 169 3 64.4 189.4 173 0 66 7 191. 4 176 9 68 0 197 0 180 2 70 3 201.9 183 4 66 8 204.7 187 4 53 7 162 2 137 4 59 1 66.4 170.5 178.2 144 2 151 6 64.8 64.2 174.2 177.6 148 1 150 4 67.2 69.2 178.5 182.5 153.1 154. 8 72.2 184.1 156.5 103.8 103.7 106.7 111.9 114.5 118.4 82.5 87.1 Fixed investment Nonresidential Structures __ _ Producers' durable equipment Residential structures Nonfarm Farm. _ Change in business inventories Nonfarm Farm 93.0 106.6 95.3 97.9 102.2 103.5 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 81 9 57 4 18.9 38 5 24 6 24.0 .5 46 5.2 —.6 89.0 64.9 21.7 43.2 24.1 23.6 .5 88 8.0 .9 86.6 62.3 20.7 41.5 24,4 23.8 ,.5 9.3 9,3 »0 88.0 63.4 21.7 41 7 24.5 24.0 .5 73 6.5 .8 5.3 42.3 37.0 5.6 32.1 26.6 8.5 36.4 28.0 6.3 37.3 31.0 5.7 33,, 4 27., 7 7.1 38.7 31.6 6.4 38.4 31.9 6.0 38. 7 32.8 5.9 40.1 34.2 141.2 69.8 52.5 17.3 71.4 145.0 149.4 71.9 74.6 54.6 57.0 17.4 17.6 73.1 74.8 109.6 59.5 111.3 57.8 114.1 57.8 111.5 56. 2 113.2 57.3 115.0 58.3 116.6 59.3 118.3 60.4 50.1 53.4 56.3 55.3 55.9 56.7 57.3 57.9 111.6 112.6 631.2 640.5 609.7 621.0 8.5 10.2 632.0 8.5 97 5 69.7 24.9 44 8 27 8 27.2 .6 91 81 .9 94 4 66 7 23.6 43 1 27 7 27 2 .6 95 94 .0 96 0 67 9 24.6 43 3 28 1 27.5 .6 76 67 .9 98 0 101 5 105 6 106 4 70 2 73 9 77.0 78.3 24 4 26.8 28.5 28.0 45 8 47 1 48 5 50 3 27 8 27 6 28 6 28 1 27 3 27.0 28.0 27.6 .5 .5 .5 .5 8 9 12 0 8 7 10 4 72 8.5 11.8 9.0 .2 1.4 .5 1.5 5.9 32.3 26.4 8.5 37.0 28.5 7.0 39.0 32.0 6.4 35.1 28.7 8.2 40.5 32.3 7.1 40.1 33.0 6.1 40.3 34.2 Government purchases of goods and services Federal National defense Other State and local 122.5 64.2 50 8 13.5 58.2 128.9 65.2 50 0 15.2 63.7 136.2 131.6 66.8 64.4 50 1 48.2 16.7 16.2 69.4 67.3 134.3 137.7 65.6 67.5 49 1 50 7 16.5 16.8 68.7 70.2 Addendum: Implicit price deflator for seasonally adjusted GNP, 1958=100 107.2 108.9 110.9 110.7 111.0 95.9 76 7 51 9 17.9 34 0 24 8 24 2 .5 58 5.1 .8 88 3 60.7 21.0 39 7 27 6 27 0 .6 47 53 —.6 110.1 97.8 89.4 65.5 21.3 44.2 23.9 23.4 .5 8.5 7.1 1.4 81 3 54.3 19.5 34 8 27 0 26.4 .6 59 51 .8 Net exports of goods and services Exports Imports 86.5 640.5 6.0 41.7 35.6 644.2 113.6 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 590.5 298 6 Final sales Ohange in bnsvrifisR invp.'ntoTie.s 631.7 584 6 627 0 59 47 318 2 292 7 313 6 59 47 681.2 660.8 686.5 704.4 721.2 358 8 366 0 357.0 89 135.2 128 8 6.4 147.6 141 8 5.8 344 7 333 8 116.1 113 3 2.8 125 5 138 5 135 1 122 2 132 2 127 7 63 74 33 Nondurable goods Final sales Change in business inventories 182 5 179 4 3.1 192 7 206 3 191 3 203 5 1.4 2.7 338 8 198 7 203 6 196 6 202 4 21 1.2 254 3 259 8 226 2 244 5 262 0 Structures 65 7 68.9 74 5 72 7 74.3 Addendum : Gross auto product 25 1 25 8 31 4 32 6 30.8 347 5 141 0 134 3 67 142.6 137 9 4.7 732.0 712 3 720 0 8 9 12.0 335 7 324 3 331.2 338.8 348 4 76 91 95 8 7 10 4 Durable goods Final sales Change in business inventories Services 672.9 672 1 651 4 665 3 677 8 694 0 76 91 95 8 7 10 4 206 5 216 2 218 4 204 4 210 5 215 2 5.7 3.1 2.1 580.0 614.4 600.3 607.8 545 2 575 4 46 58 605 6 8.8 591 0 9.3 551.0 600 5 7.3 618.2 644.2 289 7 307 2 328 5 319. 7 322 5 330.9 341.0 344.7 283.9 302.6 319.7 310.3 315.2 322.4 330.7 336.2 8.5 12 0 9.3 8.5 10.2 46 58 88 73 114.2 123 1 135 5 131.8 131. 7 138.3 140.3 145.4 111 4 119 9 129 4 124 6 125 5 131 8 135.7 139.9 5.5 4.7 6.5 6.1 7.2 2.8 3.2 6.2 175 6 184 1 193 0 187 8 190 8 192 6 200 6 199.4 172 5 182 7 190 3 185 7 189 6 190 6 195.1 196.3 3.0 5.6 2.1 2.0 1.4 2.7 1.1 3.1 265 1 268 8 275 5 200 9 211 2 73 9 76.9 79.8 60 4 61.7 31 6 30 5 31.5 24 7 25 4 227.7 221 1 216 6 220 3 223 3 224.0 64.8 64.0 65.0 64.0 66.2 68.0 31 4 32 2 30 6 31.9 30.7 32.2 607.8 618.2 631.2 640.5 579.4 588.0 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 590.5 631.7 681.2 660.8 672.9 686.5 704.4 721.2 532.4 568.7 613. 4 595.2 606.4 618.2 633.8 648.4 513 0 491.5 21 5 16.0 34 547 4 527 0 20 4 17 3 40 590 8 573 0 567. 1 551.6 23 8 21 4 18.3 17.5 47 43 583 6 559.4 24 2 18.0 48 595 3 611 2 624.9 570.6 586.6 599.3 24 7 24 7 25 7 18.7 19.1 19.1 44 41 34 58.1 63.0 67.8 65.6 66.6 68.3 70.6 72.8 732. 0 551.0 580.0 614.4 503.2 530.8 563.5 550. 2 600. 3 486.6 513.3 545 4 532 '2 463.8 491. 2 521. 7 509.4 22 8 22 0 23 8 22 8 13.2 13.6 14.0 13.4 34 39 41 46 47.8 49.2 50.9 50.1 557.3 567.2 538 9 548 9 561 6 569.4 515.1 524 6 537.5 546.4 23 8 24 3 24 1 23.0 13 7 14 2 14.5 14.3 33 43 46 40 50.5 p Preliminary. NOTE.—The numbers in parentheses in the titles of tables 1-14 on pages 4-6 are the numbers of the national income and product tables on pages 11-39. 51.1 51.8 52.5 644.2 1965 1963 1964 1965 I II 1966 III IV I 1965 1966 UP 1963 1964 1965 I II III Seasonally adjusted at annual rates [Billions of dollars] IV I HP Seasonally adjusted at annual rates Table 4.—Relation of Gross National Product, National Income, and Personal Income (1.9) [Billions of dollars] Table 6.—National'Income by Type of Income (1.10) National income 481.9 517.3 559.0 543.3 552.2 562.7 577 8 595 7 Compensation of employees 341.0 365.7 392.9 381.7 387.8 395.6 406.5 419.6 Wages and salaries Private Military Government civilian Supplements to wages and salaries Employer contributions for social insurance 26.9 28.0 29.2 28.8 29.0 29.2 29.8 36.5 37.0 .0 .0 .0 .0 .0 .0 .0 .0 .0 33.0 34.2 37.1 36.0 35.2 39.4 37.9 40.0 40.1 17.6 16. 5 19.1 17.3 20.6 19.2 20.0 18.1 20.5 18.8 20.9 19.5 21.0 20.2 21.9 20.9 22.5 21.1 2.3 2.5 2.6 2.6 2.5 2.5 2.6 2.6 2.6 465.5 496.0 535.1 518.0 527.6 541.9 552.8 564.6 573.3 insurance Wage accruals less disbursements Proprietors' income . Plus: Government transfer payments to persons Interest paid by government (net) and by consumers Dividends Business transfer payments _•_ __ Equals: Personal income Table 5.—Gross Corporate Product 1 (1.14) Gross corporate product. __ 335.0 360.9 391.2 381. 8 385.8 393. 1 403.9 415.2 Capital consumption allowances Indirect business taxes plus transfer payments less subsidies Income originating in corporate business . _- . Compensation of employees. . Wages and salaries Supplements Net interest Corporate profits and inventory valuation adjustment -_ Profits before tax Profits tax liability Profits after tax Dividends Undistributed profits. __ Inventory valuation adjustment -. -~--- 33.9 36.3 35.2 36.0 36.8 37. 2 37.7 38.3 32.9 34.8 37.4 37.1 37.1 37.3 37.9 37.3 38.6 216.3 231.4 249.0 242.4 246.1 250. 5 256.8 265.9 270.8 194.9 208.5 224. 1 218.3 221.6 225.4 231.2 237.2 241. 5 21.4 22.9 24.8 24.1 24.5 25.1 25.7 28.7 29.3 -2.4 -2.7 -2.5 -2.6 -2.5 -2.4 -2.4 -2.4 -2.5 56.4 56.9 26.3 30.5 15.4 15.1 63.6 64.0 28.4 35.6 16.0 19.6 -.5 -.4 -1.5 -1.3 -1.8 15.6 71.0 72.5 31.2 41.3 17.7 23.6 16.5 69.6 71.0 30.7 40.3 16.5 23.7 16.0 69.2 70.9 30.7 40.2 17.2 23.0 16.3 70.9 71.9 30.9 41.0 18.1 22.9 74.4 76.2 32.4 43.7 19.0 24.7 76.7 79.5 34.1 45.4 19.4 26.0 -1.0 -1.8 -2.8 -2.0 16.6 17.2 1 31.0 32.9 35.3 34.2 35.0 35.8 36.3 36.8 37.2 31.5 33.3 35.8 35.5 35.5 35.8 36.3 35. 7 36.9 257.6 279.0 303.5 296.0 299.0 304.9 314.1 324.7 204.4 218.7 235.5 229.4 232.8 236.9 243. 0 251. 6 256.3 184. 5 197.3 212. 3 206.9 209.9 213.5 219.0 224.8 228.9 19.9 21.4 23.2 22.5 22.9 23.4 24.0 26.8 27.4 5.2 4.5 5.9 5.8 6.0 6.3 5.8 5.6 6.5 48.6 49.1 22.9 26.2 14.3 11.9 55.2 55.6 24.3 31.3 14.6 16.8 -.5 -.4 -1.5 -1.3 -1.8 -1.0 -1.8 -2.8 -2.0 62.1 63.6 27.5 36.1 16.2 19.9 61.1 62.4 27.1 35.3 15.0 20.2 60,4 62.2 27.0 35.2 15.7 19.5 64.9 66.7 28.5 38.2 17.5 20.7 67.3 70.1 30.2 39.9 17.7 22.2 62.3 57.1 69.5 64.3 77.6 71.4 75.5 69.5 76.2 70.1 77.8 71.6 80.9 74.4 83.1 76.7 46.8 42.8 53.5 49.7 59.9 55.2 58.9 54.5 59.0 54.4 59.7 55.0 61.9 57.0 63.7 58.9 32.0 34.5 33.5 34.1 34.8 35.7 39.6 15.0 15.4 16.0 15.8 15 9 16.0 16 3 19 6 19 9 14.9 16.6 18.5 17.8 18.2 18.8 19.4 20.0 20 6 12.2 2.7 13.7 3.0 15.4 3.1 40 5 51.0 51.9 55.7 53.3 55.9 56.7 57.1 58.4 57.9 39.9 40.7 40.5 40.4 40.7 41.1 41.4 41.6 37.9 39.9 41.0 .0 .0 -.4 Farm. 13.1 12.0 15.1 12.9 15.5 16.0 16.0 17.0 16.3 Rental income of persons _ 17.1 17.7 18.3 18.1 18.3 18.4 18.5 18.7 18.8 Corporate profits and inventory valuation adjustment 58.9 66.6 74.2 73.2 72.7 74.0 76.9 80.0 59.4 67.0 75.7 74.5 74.5 75.0 78.7 82.7 26.3 28.4 33.1 38.7 16.5 17.3 16.6 21.3 31.2 44.5 19. 2 25.3 30.7 30.7 43.8 43.8 18.1 18.8 25.7 25.0 Profits tax liability Profits after tax Dividends _ __ Undistributed profits Net interest 30.9 32.4 34.1 44.1 46.3 48. 7 19. 5 20. 2 20.9 24.6 26.1 27.8 21.1 -.5 -.4 -1.5 -1.3 -1.8 -1.0 -1.8 -2.8 -2.0 13.8 15.5 17.8 16.9 17.5 18.1 18. 7 19.1 19.6 Table 7.—National Income by Industry Division (1.11) All industries, total 481.9 517.3 559.0 543.3 552.2 562.7 577.8 595.7 Agriculture, forestry, and fisheries Mining and contruction Manufacturing _ Nondurable goods Durable goods 18.6 17.7 21.0 18.6 21.4 21.9 22. 1 23.2 30.2 32.4 34.8 34.1 34.4 34.6 35.9 37.1 143.8 155.1 170. 4 166.7 167.6 170.8 176.5 184. 4 57.5 61.5 65.6 64.4 64.9 65.6 67.5 69.8 86.3 93.6 104.8 102.2 102.7 105.2 108.9 114.7 21.4 10.5 22.9 11.2 22.0 10.9 22.8 10.9 23.1 11.2 23 7 11.6 24.1 11.7 11.1 79.1 11.6 83.6 11.3 82.1 11.6 82.5 11. 7 83.9 11.9 85.9 11.9 88.0 61.0 63.0 59.3 60.6 60.3 62.0 61.5 64.1 62.9 65.3 63.7 66.4 75.2 4.3 72.9 4.7 73.9 4.8 75.7 4.1 78.5 3.4 80.7 4.4 Finance, insurance, and real estate 53.6 57.1 Services _ __ 54.1 58.9 Government and government enterprises _ _ _ _ _ 64.7 70.0 3.4 Rest of the world 4.0 Table 8.—Corporate Profits (Before Tax) and Inventory Valuation Adjustment by Broad Industry Groups (6.12) All industries, total _ _ 58.9 66.6 74.2 73.2 72.7 74.0 76.9 80.0 7.8 8.4 8.9 8.5 8.7 8.9 9.5 9.4 1.6 6.2 1.7 6.7 1.8 7.1 Financial institutions Mutual Stock. . __ Nonfinancial corporations Excludes gross product originating in the rest of the world. Preliminary. 61.9 62.9 27.2 35.8 16.6 19.2 29.9 Transportation 20.0 O omm un ication 9.8 Electric, gas, and sanitary services 10.3 Wholesale and retail trade. _ _ _ _ _ 73.4 18. 0 Gross product originating in nonfinancial corpora320.0 345.3 374.6 365.8 369.5 376.5 386.7 397.2 tions Capital consumption allowances Indirect business taxes plus transfer payments less subsidies Income originating in nonfinancial onrporations Compensation of employees . _ Wages and salaries Supplements Net interest Corporate profits and inventory valuation adjustment Profits before tax . _. Profits tax liability . . _ Profits after tax Dividends Undistributed profits. __ Inventory valuation adjustment 311 3 14 1 61.8 37.9 Inventory valuation adjustment 270.4 292.3 317.5 309.5 312.8 319.0 328.8 340.1 387 2 251.6 269.3 289.1 281.2 285 8 291.1 298 5 305 9 10.8 11.7 12.1 11.8 11.7 12.0 13.0 13.6 48.6 52.6 57.1 55.2 56.3 57.7 59.3 60.4 Business and professional Income of unincorporated enterprises __ __ _ _ _ Inventory valuation adjustment Profits before tax . _ 31.8 Gross product originating infinancialinstitutions. . 15.0 Addenda: Cash flow, gross of dividends: All corporations. Nonfinancial corporations Cash flow, net of dividends: All corporations Nonfinancial corporations Other labor income Employer contributions to private pension and welfare funds Other 427.7 311.1 333. 6 358. 4 348.2 353.7 360.8 370.8 380.0 Manufacturing Nondurable goods Durable goods Transportation, communication, and public utilities All other industries 51.2 58.2 65.3 64.6 64.0 65.0 67.5 70.6 28.8 13.0 15 8 32.4 14.5 17 9 37.8 15.7 22 1 37.4 15.5 21 9 36.7 15.5 21 2 37.4 15.5 21.9 39.6 16.4 23.2 41.9 17.2 24.7 9.5 12.9 10.4 15.4 11.1 16.4 10.7 16.5 10.9 16.4 11.2 16.4 11.5 16.4 11.3 17.4 1. Gross National Product and National Income Table 1.1.— Gross National Product 1962 1963 1964 1962 1965 I II III IV Millions of dollars IV I II III IV 627.7 637.9 644.2 660.8 672.9 686.5 704.4 357.2 363.0 368.2 372.0 378.3 381.5 391.1 398.0 407.5 408.8 418.9 426.8 435.0 445.2 50.1 51.1 163. 2 165.3 144. 0 146.7 52.4 167. 1 148.7 53.2 168.0 150.8 54.5 169.9 153.9 55.6 169.6 156.3 57.6 174.9 158.7 61.1 181.7 164.7 58.9 182. 4 167.5 65.1 64.4 184.5 189. 4 169. 3 173.0 66.7 191.4 176.9 68.0 197.0 180.2 348.3 351.7 49,540 53,928 59,353 66,057 162, 557 168,632 178,877 190,596 142,960 152,422 163,126 174,812 48.5 160.2 139.6 48.5 161.6 141. 6 Residential structures Nonfarm _. Farm III 616.8 564.4 Nonresidential Structures Producers' durable equipment II 605.8 557.2 Fixed investment I IV 594.7 547.8 Gross private domestic investment -- .. III 584.2 560,325 590,503 631,712 681,207 Durable goods Nondurable goods Services II Billions of dollars, seasonally adjusted at annual rates Personal consumption expenditures 355,057 374,982 401,356 431,465 Gross national product I 1965 1964 1963 572.0 577.4 59.8 176.5 161.6 83,018 87,140 92,959 106,559 80.6 82.8 84.3 84.7 82.7 85.1 88.0 92.9 90.2 91.8 92.5 97.4 103.8 103.7 106.7 111.9 77, 014 81,274 88,293 97, 478 73.9 76.7 79.2 78.3 78.1 80.3 82.0 84.7 86.6 87.6 88.9 90.0 94.4 96.0 98.0 101.5 51, 667 19,207 54,284 19,469 60,714 21,011 69,679 24,864 49.5 18.5 51.3 19.2 53.1 19.7 52.7 19.5 52.0 18.8 53.5 19.7 55.0 ,19. 4 56.8 19.9 58.1 20.3 59.7 20.9 61.7 21.0 63.3 21.8 66.7 23.6 67.9 24.6 70.2 24.4 73.9 26.8 32,460 34,815 39,703 44,815 31.0 32.1 33.5 33.2 33.2 33.8 35.5 36.8 37.9 38.8 40.7 41.4 43.1 43.3 45.8 47.1 25,347 _. 24,753 594 26,990 26,411 579 27,579 27, 017 562 27,799 27,249 550 24.4 23.8 .6 25.4 24.8 .6 26.0 25.4 .6 25.6 25.0 .6 26.1 25.5 .6 26.8 26.2 .6 27.1 26.5 .6 28.0 27.4 .6 28.5 27.9 .6 27.9 27.3 .6 27.2 26.6 .6 26.7 26.2 .6 27.7 27.2 .6 28.1 27.5 .6 27.8 27.3 .5 27.6 27.0 .5 6,004 5,290 714 5,866 5,081 785 4,666 5,260 -594 9,081 8,146 935 6.7 6.3 .4 6.1 5.6 .5 5.2 4.3 .8 6.4 6.3 1.1 4.7 4.0 .7 4.8 4.3 .6 6.0 5.3 .7 8.1 7.0 1.2 3.5 3.6 .0 4.2 5.1 -.9 3.6 4.6 -1.0 7.4 7.9 —. 5 9.5 9.4 -.0 7.6 6.7 .9 8.7 7.2 1.5 10.4 9.0 1.4 Change in business inventories Nonfarm Farm _ 5,130 5,897 8,490 6,957 4.6 5.7 5.3 4.9 4.6 6.2 5.6 7.1 9.0 7.9 8.4 8.6 6.4 8.2 7.1 6.1 30,278 25,148 32,339 26,442 36,958 28,468 38,993 32,036 29.2 24.6 30.9 25.2 30.6 25.3 30.4 25.6 30.1 25.5 32.4 26.2 32.5 26.9 34.3 27.1 36.4 27.4 36.0 28.1 37.2 28.8 38.1 29.6 35.1 28.7 40.5 32.3 40.1 33.0 40.3 34.2 Government purchases of goods and services 117, 120 122,484 128,907 136,226 Net exports of goods and servicesExports Imports _ _ _ 114.4 117.0 117.4 119.3 121.9 120.9 122.9 124.3 126.5 131.6 134.3 137.7 141.2 Federal _ 63,389 National defense. _ __ _ _- 51,582 Other 11,807 64,244 50, 760 13, 484 65,182 49,985 15, 197 66,827 50, 143 16,684 61.9 51.1 10.8 64.0 53.0 10.9 63.3 51.3 12.0 64.4 50.9 13.5 65.0 51.2 13.8 63.4 50.5 12.9 64.2 51.0 13.2 64.4 50.3 14.1 64.9 50.1 14.8 66.6 51.6 15.1 65.1 49.8 15.3 64.1 48.5 15.6 64.4 48.2 16.2 65.6 49.1 16.5 67.5 50.7 16.8 69.8 52.5 17.3 State and local. 58,240 63,725 69,399 52.5 53.1 54.1 55.0 56.9 57.5 58.7 59.8 61.6 63.4 64.4 65.3 67.3 68.7 70. 2 71.4 53,731 130.1 129.5 129.4 Table 1.2.—Gross National Product in Constant Dollars [Billions of 1958 dollars] 1962 1962 1963 1964 1965 I II III IV I II 19 55 1964 1963 III IV IV I II III rv 578.1 585.0 587.2 600.3 607.8 618.2 631.2 371.0 378.9 387.1 392.2 398.9 406.5 II I III Se asonally adjustf >dat annual rat es Gross National Product. ._ . 529.8 Personal consumption expenditures 338.4 Durable goods Nondurable goods Services . 49 2 158.2 131 1 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 servicesExports.Imports Government purchases of goods and services. __ Federal State and local _ 551.0 580.0 614.4 519.5 527.7 533.4 353.3 373.8 396 2 333 3 335.7 340 1 344 6 53 7 162 2 137 4 59 1 170 5 144 2 66 4 178 2 151 6 48 1 156 4 128 8 538.3 48 1 49 7 50 8 157 6 158 7 160 0 130 1 131 8 133 8 541.2 546.0 348.5 350 9 52 2 53 0 161 3 161 7 135 0 136 2 554.7 562.1 569.7 356 1 357.7 54 4 163 3 138 4 55 3 162 4 140 0 365 7 57 2 167 2 141 2 379.5 59 5 60 9 58 8 64 8 64.2 168 4 173 3 173 1 174 2 177 6 143 1 145 3 146 9 148 1 150 4 67.2 69.2 178 5 182 5 153 1 154 8 102.2 79.4 82.5 86.5 97 8 77 2 79.0 80 6 80 7 78 7 80 6 84 6 85 6 85.7 90.2 95.9 95.3 97.9 76 7 81 9 89 0 70 7 73 1 75 3 74 5 74 1 75 9 83 1 77 2 87 7 73.4 79 7 81 2 81 6 82.2 82.8 86 6 88.0 89.4 91.9 49.7 17 9 51 9 17 9 57 4 18 9 64 9 21 7 47 6 17 3 49 3 18 0 51 1 18 3 50 7 18 1 49 8 17 3 51 1 18 1 52 5 17 8 54 3 18 3 55 5 18 7 56 6 18 9 58 2 18 7 59 2 19 2 20 7 63.4 21 7 65.5 21 3 68.4 23 2 31 7 34 0 38 5 43 2 30 3 31 3 32 8 32 6 32 5 33 1 34 7 41 5 23.8 23 2 6 24.8 24.2 5 24.6 24 0 5 24.1 23 6 5 23.1 22 5 23.8 23 3 g 24.2 23 7 6 23.8 23 3 24.3 23 7 5 24.7 24 2 5 24.7 24 2 5 6.0 52 7 58 51 g 46 52 — 6 88 80 9 65 60 4 59 53 5 53 44 9 62 51 11 46 39 7 48 42 5 59 53 6 Q Q 36 7 37 7 39 5 40 0 41.7 44.2 45 2 25.4 24 9 5 25.7 25 2 5 24.9 24 4 5 24.1 23.5 5 23.6 23.1 5 24.4 23 8 5 24.5 24.0 5 23.9 23.4 5 23.5 23.0 5 81 69 12 35 35 40 49 — 9 3.5 45 —1 0 7.4 79 — 5 9.3 93 7.3 65 .8 8.5 71 1.4 10.2 89 1.3 35 9 o o 4 5 56 85 63 35 52 49 4 4 39 57 55 71 92 82 84 80 5.7 7.1 6.4 6.0 30.0 25 5 32.1 26 6 36.4 28 0 37 3 31 0 28 5 25 0 30 7 25 5 30 5 25 6 30 3 25 9 29 8 25 9 32 2 26 5 32 5 26 9 34 1 27 0 36 1 26 9 35 7 27 5 36.7 28 3 37.1 29 0 33.4 27 7 38. 7 31.6 38.4 31.9 38.7 32 8 107.5 109.6 111.3 114. 1 105.5 107.8 107.8 108 5 110.2 108 7 110 0 109.5 110.3 113.2 115.0 116.6 60.0 47.5 59.5 50.1 57 8 53.4 58 6 46 9 60 7 47.1 60 8 49.4 59 0 49 7 59 6 50 4 58 7 50.9 58 2 52 0 58.3 56.7 59.3 57.3 57 8 56.3 60 2 47.6 60 6 48.0 113.3 111.3 110.1 111.5 59 7 53.6 57 4 53.9 56.1 54.0 56.2 55.3 57.3 55.9 11 CURRENT BUSINESS STATISTICS JL'HE STATISTICS here update series published in the 1965 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY OP 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. 1963 Unless otherwise stated, statistics through 1964 and descriptive notes are shown in the 1965 edition of BUSINESS STATISTICS 1963 1965 1 1964 II Annual total III | 1964 IV I II 1966 1965 III IV I II III IV I | II* 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____ Durable goods total? _ Autom obiles 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 do do — do - - - - --do do do _ - -- -do _ - - - - ;_- do -do _ _do___^ do ••590.5 r 631. 7 ' 681. 2 ' 584. 2 ' 594. 7 ' 605. 8 ' 616. 8 ' 627. 7 ' 637. 9 ' 644. 2 '•660.8 ' 672. 9 '686.5 ' 704. 4 ' 721. 2 732.0 375.0 401.4 431. 5 372.0 378.3 381. 5 391. 1 398.0 407. 5 408.8 418. 9 426.8 435.0 445.2 455.6 458.9 53.9 24.3 22.2 59.4 25.8 25.1 66.1 29.8 27.1 53.2 24.1 21.7 54.5 24. 4 22. 5 55.6 24.9 23.1 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 66.8 28.3 29.3 168.6 30.6 88.2 13.5 178.9 33.6 92.8 14.1 190. 6 35.9 98. 4 15.1 168.0 30.3 88.3 13.3 169.9 31.4 88.3 13.5 169. 6 30.7 88.6 13.7 174.9 32.8 90.7 13.9 176. 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 15.8 204.7 39.6 104.4 16.0 152. 4 23.1 55.4 11.4 163.1 24. 3 59.2 11.8 174. 8 25.6 63.2 12.8 150.8 22.7 55.0 11.4 153.9 23.5 55.8 11.5 156.3 23.3 56.8 11.6 158.7 23.8 57.7 11.7 161.6 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. 4 27.4 67.1 13.9 ?118.4 Gross private domestic investment, total do.... 87.1 93.0 106. 6 85.1 88.0 92.9 90.2 91.8 92. 5 97.4 103.8 103. 7 106.7 111.9 114.5 Fixed investment Nonresident ial Structures _ _ _ Producers' durable equipment Residential structures Nonfarm Change in business inventories. _ _ Nonfarm . _ __ do -do __ do. do do -do _ do do 81.3 54.3 19.5 34.8 27.0 26.4 5.9 5.1 88.3 60.7 21.0 39.7 27.6 27.0 4.7 5.3 97.5 69.7 24.9 44.8 27.8 27.2 9.1 8.1 80.3 53.5 19.7 33.8 26. 8 26.2 4.8 4.3 82.0 55.0 19.4 35.5 27.1 26.5 6.0 5.3 84.7 56.8 19.9 36.8 28.0 27.4 8.1 7.0 86.6 58.1 20.3 37.9 28.5 27.9 3.5 3.6 87.6 59.7 20.9 38.8 27.9 27.3 4.2 5.1 88. 9 61.7 21.0 40. 7 27.2 26.6 3.6 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 7.6 6.7 98.0 70.2 24. 4 45.8 27 8 27.3 8.7 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 8.9 8.5 106.4 78.3 28.0 50.3 28.1 27.6 12.0 11.8 Net exports of goods and services . Exports - - Imports _ _ . do_ _ do do____ 5.9 32.3 26.4 8.5 37.0 28.5 70 39.0 32.0 6.2 32.4 26.2 5.6 32.5 26. 9 7.1 34.3 27.1 9.0 36.4 27.4 7.9 36.0 28.1 8.4 37.2 28.8 8.6 38. 1 29.6 6.4 35. 1 28.7 8.2 40.5 32.3 7.1 40.1 33.0 6.1 40.3 34.2 6.0 41. 7 35.6 5.3 42.3 37.0 122. 5 64.2 50.8 58.2 128.9 65.2 50.0 63.7 136.2 66.8 50.1 69.4 120.9 63.4 50. 5 57.5 122.9 64.2 51.0 58.7 124.3 64.4 50.3 59.8 126.5 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 73il 149.4 74.6 57 t O 74.8 623. 5 ' 634. 4 ' 636. 8 ' 651. 4 ' 665. 3 '677.8 ' 694. 0 '712.3 324.3 331 2 338 8 348 4 311. 4 316.9 357. 0 318. 8 122. 4 127.7 125 0 122. 0 128 8 134 3 137 9 141.8 215 2 202 4 210 5 193 8 195 0 196 6 204 4 189 0 242.7 247 1 251. 1 254 3 259 8 265 1 268 8 275.5 69.4 72.7 68.5 76.9 79.8 68.8 74.3 73.9 720.0 Govt. purchases of goods and services, total.. do Federal -_ do National defense - _ do _ State and local _ _..._ _ _ do; By major type of produetrf Final sales, total Goods, total __ _ _ _ __ Durable goods Nondurable goods Services Structures _ _ do __do do do do _ do Change in business inventories..^ Durable goods Nondurable goods „_ __ do do do '584.6 ' 627. 0 292.7 313.6 122.2 113.3 179 4 191 3 226.2 244.5 65.7 68.9 '6.9 2.8 3.1 '4.7 3.3 1.4 r 672. 1 '579.4 335.7 290.1 132.2 111.8 203. 5 178. 3 262. 0 223.8 65.5 74.5 ••9.1 6.3 2.7 '4.8 3.2 1.6 r 588. 8 ' 597. 7 ' 613. 3 294.7 298. 1 307.1 114.7 117.3 119.6 180. 1 180 8 187 5 228.1 232. 2 237.3 67.4 65. 9 68.8 ••6.0 2.3 3.7 .' 8. 1 3.8 4.4 3.5 2.3 1.2 r '4.2 36 .5 ••3.6 28 .8 '7.4 44 2.9 '9.5 74 2.1 '7.6 6 4 1.2 '8.7 67 2.1 1K. '10.4 4.7 5.7 '8.9 5.8 3.1 12.0 GNP in constant (1958) dollars bil. $._ ' 551. 0 ' 580. 0 ' 614. 4 ' 546. 0 ' 554. 7 ' 562. 1 ' 569. 7 ' 578. 1 ' 585. 0 ' 587. 2 .'600:3 '607.8 ' 618. 2 '631.2 ' 640. 5 644.2 Gross national product, totalf Personal consumption expenditures, total Durable goods Nondurable goods Services . _ _ Gross private domestic in vestment, total Fixed investment Nonresidential Residential structures _ Change in business inventories Net exports of goods and services _ _ do 353.3 373.8 396. 2 350. 9 356.1 357.7 365.7 371. 0 379. 5 378.9 387.1 392.2 398.9 406.5 412. 8 do _ do_ do 53.7 162.2 137.4 69.1 170.5 144.2 66.4 178.2 151.6 53.0 161.7 136.2 54.4 163.3 138.4 55.3 162.4 140.0 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 do 82.5 86.5 97.8 80.6 83.1 87.7 84.6 85.6 85.7 90.2 95. 9 95.3 97.9 102. 2 103.5 do do .do do 76.7 51.9 24.8 5.8 81.9 57.4 24.6 4.6 89.0 64. 9 24.1 8.8 75.9 51.1 24.7 4.8 77.2 52.5 24.7 5.9 79.7 54.3 25.4 8.1 81 2 55.5 25.7 35 81 6 56.6 24.9 40 82 2 58.2 24.1 35 82 8 59.2 23.6 7 4 86 6 62.3 24.4 93 88.0 63.4 24.5 73 89 4 65.5 23. 9 85 91.9 68.4 23.5 10 2 95.0 70.8 24.3 85 do 5.6 8.5 6.3 5.7 5.5 7.1 9.2 8.2 8.4 8.0 5.7 7. 1 6. 4 6.0 5.9 114. 1 108.7 Govt. purchases of goods and services, total do 111.3 109.6 110. 0 Federal . _ do 59.0 59.6 59.5 57.8 57.8 State and local ___do____ 50.4 50.1 56.3 49.7 63. 4 'Revised. * Preliminary. f Revised series. Estimates of national income and product and personal income have been revised (see p. 11 fi. of this issue of the SURVEY) ; revisions 118.3 109.5 110.3 113. 3 111 5 113 2 115. 0 116.6 110 1 111.3 60.4 59.3 58.7 58.2 59.7 57.4 56.1 56.2 57.3 58.3 50.9 52.0 53.6 53.9 54.0 55.3 55.9 56.7 57.3 57.9 prior to May 1965 for personal income appear on p. 18 ff. of this issue of the SURVEY. eludes data not shown separately. s-1 9 In- SURVEY OF CURRENT BUSINESS S-2 Unless otherwise stated, statistics through 1964 and descriptive notes are shown in the 1965 edition of BUSINESS STATISTICS 1963 1964 Annual total 1965 1963 III July 1966 1964 IV I 1965 III II IV I II 1966 III IV II* I Ill GENERAL BUSINESS IN DiCATORS— Quarterly Series— Continued NATIONAL INCOME AND PRODUCT— Con. Quarterly Data Seasonally Adjusted at Annual Rates 517.3 559. 0 485.7 493.9 481.9 National income, total t --bil. $. _ C ompensation of employees, total. _ _ do. _ _ _ 341.0 365.7 392. 9 343.1 349.2 358.4 313.0 318.5 Wages and salaries, total— do.___ 333. 6 311. 1 251.6 269. 3 289.1 253.4 Private. ~ — __ do 257.1 12.1 Military do 10.8 11.7 11.6 10.7 Government civilian _ do____ 48.6 52.6 57.1 49.8 48.9 Supplements to wages and salaries do 34.5 29.9 32.0 30.8 30.1 51.4 Proprietors' income, total 9 —do 51.0 51.9 55.7 51.1 39.9 37.9 40.7 38.5 Business and professional 9 - — do 38.1 Farm _-do 12.0 15.1 12.9 13.1 13.0 18.3 Rental income of persons _ ..do 17.2 17.1 17. 7 17.1 Corporate profits and inventory valuation adjust74.2 61.4 58.9 ment, total bil. $__ 66.6 60.3 By broad industry groups: Financial institutions. do 8.4 8.9 7.8 7.9 7.7 Nonfinancial corporations, total do 51.2 65.3 58.2 53.5 52.6 Manufacturing, total..... __ do 37.8 30.2 28.8 32. 4 29.9 Nondurable goods industries. _ _ ^ _ _ _ d o _ _ _ _ 15.7 13.4 13.0 14.5 13.3 Durable goods industries. ___ ...do 22.1 15.8 17.9 16.8 16.6 Transportation, communication, and public utilities—bil. $._ 10.4 11.1 9.5 9.8 9.8 16.4 All other industries -.do 12.9 15,4 13.5 12.8 Corporate profits before tax, total __do__._ 59.4 75.7 67.0 62.7 60.1 31.2 Corporate profits tax liability do 28.4 26.3 27.8 26.6 Corporate profits after tax _._. .do 44.5 34.9 33.1 38.7 33.5 Dividends -do 19.2 16.5 16.8 17.3 16.6 Undistributed profits „ — _ _ do. _ _ _ 25.3 16.6 21.3 16.9 18.1 Inventory valuation adjustment.. do. -1.5 -.4 -.5 .2 -1.3 N e t interest - _ _ _ _ _ _ do 17.8 15.5 13. 8 14.2 14.7 DISPOSITION OF PERSONAL INCOMEf Quarterly Data Seasonally Adjusted at Annual Rates Personal income, total. bil. $__ ' 465. 5 ' 496. 0 535.1 467.8 475.8 Less: Personal tax and nontax payments do 66.0 59.4 60.9 61. 7 60.9 Equals: Disposable personal income _ _ _ _ _ do__... 436.6 469.1 406.9 414.1 404.6 Less* Personal outlays© _ _ _ _ do 443.4 412.1 384.7 388.1 391. 6 Equals: Personal saving! _. do 25.7 22.5 19.9 24.5 18.8 NEW PLANT AND EQUIPMENT EXPENDITURES Unadjusted quarterly or annual totals: All industries bil. $_ 39.22 44.90 51.96 10.14 11.09 Manufacturing __ _ _ _ do 4.56 15.69 22.45 18. 58 3.95 Durable goods industries. do 9.43 2.31 7.85 11.40 1.96 Nondurable goods industries. . _ _ I _ _ _ _ _ . d o 9.16 2.25 7.84 11. 05 1.99 Mining _ _ „ _ _ _ _ do 1.04 1.19 1.30 .28 .27 Railroad _. __ do .33 1.10 1.41 1.73 .29 Transportation, other than rail. .__._. _._do 1. 92 .54 2.81 2.38 .45 Public utilities do 5.65 6.22 1.61 6.94 1.60 Communication. _ _ _ _ _ do _ 3.79 4.30 1.06 4.94 .93 Commercial and other do 2.72 10.03 10.83 11.79 2.64 Seas. adj. qtrly. totals at annual rates: All industries _ do 41.20 40.00 Manufacturing. _ do___ 16.45 15.95 Durable goods industries ____ ^ do___ 8.30 8.00 Nondurable goods industries. do___ 8.15 8.00 Mining _ do... 1.05 1.05 Railroad.. _ do... 1.35 1.20 Transportation, other than rail __ do... 2.10 1.85 Public utilities _. do___ 5.80 5.90 Communication .... do 4.05 3.85 Commercial and other _ do... 10.45 10.20 U.S. BALANCE OP INTERNATIONAL PAYMENTSc* Quarterly Data Are Seasonally Adjusted (Credits -f; debits -) Exports of goods and services (excl. transfers under militarv grants) mil. $ 32,339 36,958 38,993 8,135 8,564 Merchandise, adjusted, excl. military ___do.._ 22,071 25, 297 26,276 5,633 5,949 Military sales do 145 657 747 844 103 Income on U.S. investments abroad do __ 1, 183 5,392 5,901 1,148 4,654 Other services do 1,287 5,522 5,972 4,957 1,251 Imports of goods and services do —26 442 -28,468 -32, 036 -6,728 -6,784 Merchandise, adjusted, excl. military do. _ _ -16,992 -18,62 -21,488 -4,344 -4,372 Military expenditures do -719 -2,936 -2,834 -2,881 -719 Income on foreign investments in the U.S do -352 -32 —1 271 —1 404 -1,646 Other services ... do .__ -5,243 -5,60 -6,02 -1,34 -1,34 Unilateral transfers, net (excl. military grants) transfers to foreigners (— ) mil. $ -70 -727 -2,784 -2,76 -2,794 Transactions in U.S. private assets, net; increase (— ) mil $ -3,69 -67 -1,10 -4,456 -6,52 Transactions in U.S. Govt. assets, excl. official -48 -94 reserve assets; increase (— ) mil. $ -1,57 -1, 664 -1,67 Transactions in U.S. official reserve assets, net increase (—) mil $ 1,22 227 17 37 Transactions in foreign assets in the U.S., net (U.S 358 liabilities); increase (+) mil. $ 30 10 2,98 3,31 _2 14 Liquid assets _ _ _ do 2,627 13 2,29 21 Other assets, do 17 136 68 68 16 Unrecorded transactions do -25 -35 -429 -1,01 Balance on liquidity basis—increase in U.S. officia reserve assets and decrease in liquid liabilities t -13 -1,35 all foreigners; decrease ( — ) mil $ -20 -2,67 -2,79 Balance on official reserve transactions basis— in crease in U.S. official reserve assets and decrease in liquid and certain nonliquid liabilities to foreign -9 official agencies" decrease ( — ) mil $ -1,30 -2, 04 rl,54 r Revised. * Preliminary. * Estimates for Apr -June 1966 based on anticipa ted capit al expend itures of business 2 Estimates for July-Sept. 1966 based on antic pated ca pital expejiditures of busiaess. Anticipated expenditures for the year 1966 are as foilows (in bi .$):Alliiidustries 60.78; m anufacturing, total, 27.02; durable goods industries, 13.78; noneiurable gc>ods indiretries, 3.24; 1 mining, 1.42; railroad, 2.05; transportation, 3.49; pu blic utilit ies, 7.99; commerc lal and (>ther (incl. communication), 18.80. a includes commuili cation. 504.0 355.3 324.4 261.8 11.6 51.0 31.0 51.3 39.1 12.2 17.4 513.7 362.2 330.6 267.1 11,6 51.9 31.7 52.2 39.9 12.2 17.6 522. 9 369.8 337.4 272.3 11.7 53.4 32.4 51.9 40.3 11.7 17.8 528.5 375. 3 342.2 275.9 11.9 54.3 33.1 52.2 40.3 11.9 17.9 543.3 381.7 348.2 281.2 11.8 55.2 33.5 53. 3 40.5 12.9 18.1 552.2 387.8 353.7 285.8 11.7 56.3 34.1 55.9 40.4 15.5 18.3 562. 7 395. 6 360. 8 291.1 12.0 57.7 34.8 56.7 40.7 16.0 18.4 577.8 406.5 370.8 298.5 13.0 59.3 35.7 57.1 41. 1 16.0 18.5 595. 7 419.6 380.0 305. 9 13.6 60.4 39.6 58,4 41.4 17.0 18.7 65.3 66.5 67.8 66.8 73.2 72.7 74.0 76.9 80.0 8.0 57.3 32.1 14.1 18.1 8.5 58.1 32.4 14.6 17.7 8.4 59.3 33.0 14.6 18.4 8.6 58.1 32.2 14. 7 17.5 8.5 64.6 37.4 15.5 21.9 8.7 64.0 36.7 15.5 21. 2 8.9 65.0 37.4 15.5 21. 9 9.5 67.5 39.6 16.4 23.2 9.4 70.6 41.9 17. 2 24.7 10.1 15.0 65.8 27.9 38.0 17.1 20.9 -.5 14.7 10.2 15.5 66.8 28.3 38.5 17.3 21.3 -.3 15.1 10.6 15.7 67.8 28.7 39.1 17.4 21.7 .0 15.7 10.5 15.5 67.7 28.6 39.0 17.7 21.4 -.9 16.3 10.7 16.5 74.5 30.7 43.8 18.1 25.7 -1.3 16.9 10.9 16.4 74.5 30.7 43. 8 18.8 25.0 -1.8 17.5 11.2 16.4 75.0 30.9 44.1 19.5 24.6 -1.0 18.1 11.5 16.4 78.7 32.4 46.3 20.2 26.1 -1.8 18.7 11.3 17.4 82. 7 34.1 48.7 20.9 27.8 -2.8 19.1 -2.0 19.6 484.0 60.7 423.4 401. 4 22.0 492.0 56.9 435.1 408.5 26.6 500.3 59.1 441. 2 418. 4 22.8 507. 5 60.9 446. 6 420. 0 26. 6 518.0 64.9 453. 2 430.3 22.8 527. 6 66.6 461. 0 438. 6 22.4 541.9 65.7 476. 2 447. 1 29.0 552.8 66.7 486.1 457.6 28.5 564.6 69. 5\ 495. 1 468.4 26.7 573.3 73.6 499.7 472.1 27.6 9.40 3.79 1.93 1.87 .26 .32 .51 1.18 .97 2.37 11. 11 4. 53 2.30 2.23 .29 .36 .63 1.58 1.10 2.61 11.54 4.67 2.37 2.30 .30 .37 .59 1.71 1. 06 2.84 12.84 5.59 2.83 2.76 .33 .35 .64 1.76 1.17 3.01 10. 79 4.54 2.25 2.28 .29 .39 .58 1.32 1.08 2.59 12. 81 5.47 2.76 2.70 .33 .44 i .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 1 15. 17 5. 61 6.74 2.87 3.44 2.74 3.30 .33 .36 .40 .51 .75 .97 1.60 1.97 1.26 2.83 34.62 42. 55 17.40 8.85 8.55 1.15 1.40 2.30 5.95 4.05 10.25 43.50 17.80 9.00 8.80 1.15 1.25 2.25 6.30 4.30 10.45 47. 75 20.15 10.15 10.00 1.30 1.55 2.60 6.35 4. 40 11.40 49,00 20.75 10.40 10. 40 1.25 1.75 2.55 6.80 4.55 11.30 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 i 59. 60 2 61. 65 25. 60 26.60 27. 55 13.15 14. 00 13.55 12.45 13.05 13.50 1.40 1.40 1.40 1.75 1.85 2.10 3.30 3.65 3.40 8.25 7.80 8.10 5.35 12.35 3 18. 50 s 18. 85 45.65 18.85 9.60 9.20 .1.20 1.50 2.40 6.30 4.40 11.00 9 112 9,001 9,308 9,537 8,776 6,092 6,389 6,660 5,625 6,156 200 162 186 201 198 1,561 1,402 1,369 1,368 1,253 1,390 1,389 1,423 1,356 1,354 -6,850 -7,03 -7, 196 -7,390 -7,164 -4,389 -4, 579 -4,752 -4,90 -4, 656 -664 -72 -686 -683 -74 -373 -344 -349 -37 -339 -1,434 -1,471 -1,38 -1,384 -1,40 -68 -1,36 -71 -1,38 -694 -1,58 21.1 15.66 6.84 3.46 3.38 .36 .54 .89 2.23 34.80 10, 13C 10,016 10, 065 v 10, 41 6,798 6,826 7,027 p7,12 i>19 229 199 216 1,254 pl,53 1,61C 1,470 1,492 1,521 1,568 * 1, 56 -8, 087 -8, 245 -8,540 p-S, 90 -5,481 -5,595 -5, 756 j>-6, 00 -701 -745 -771 p-83 -404 -458 p-43 -411 -1, 501 -1,494 -1,555 p-1,63 -67 -662 -768 -719 -645 p-85 -2,18 -1, 605 -346 -827 -91 p-88 -29 -35 -41 -61 -367 -469 -268 -47 *-33 -5 30 7 -15 84 68 4 27 *42 41 29 12 -29 33 24 8 -15 71 54 17 -20 1,84 1,53 31 -36 18 -14 32 -42 -294 -13 -10 24 49 -25 24 31 7 23 -8 *37 P! *2 *-2 -24 -55 -61 -69 22 -53 -35 p-5 -1,38 427.7 387. 2 311. 3 14.1 61.8 40.5 57.9 41.6 16.3 18.8 p—2 23 23 -1,15 -32 -61 -23 -84 -14 |S(je corresj>onding ilote on p 8-1. 91ncludes inventor y valuati on adjusl ment. ei3ersonal outlays comprise persona1 consuniption e?cpenditu res, interest paid by consumejrs, and i>ersonal 1transfer p ayments to foreig aers. §P ersonal s aving is f ,xcess of. clisposabl e income over per sonal ou ;lays. iews in t he Mar., June, Sept., and rfl VEore coniplete details are given in the quar fcerly rev Dec. issues of the SUBVEY.
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