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SURVEY OF CUREENT BUSINESS

June 1965

Europe rose more than 30 percent, as
compared with a 25-percent increase in
travel from Latin America and the
Caribbean region. Visitors from Europe tend to spend relatively little because a large proportion of them are
guests of their U.S. friends and relatives.
Oversea visitors pass 1-million mark
The number of travelers from Europe
and the Mediterranean area rose by
A 30-percent increase brought the
130,000 to 527,000. About 70 percent
number of oversea visitors to about
of them were on pleasure trips, the same
1,100,000 last year. They spent $400
proportion as in earlier years. Average
million or 20 percent more than in the
outlays for all classes of visitors from
year before. The rise in the number of
Europe were higher than in 1963, but
visitors was largest in those groups that
the relative increase in average expendcharacteristically have relatively low itures did not match the increase in the
per capita expenditures. For example, number of visitors.
pleasure travel increased about 32 perTotal travel spending by Europeans
cent, while business travel—more likely here amounted to about $160 million, a
to involve higher per capita spending— considerable rise over 1963 expenditures
increased 24 percent. Travel from of $115 million. British visitors achere, about 8 percent more than the year
before. As in 1963, travel beyond the
U.S. border area made up 28 percent of
total travel receipts from Mexico, or
about $70 million.

29
counted for $55 million last year, onethird of the area total.
Residents of South America, Central
America, and the West Indies spent
about $157 million for travel in the
United States, only moderately more
than in 1963, although the number of
arrivals here reached about 415,000, or
25 percent more than a year ago.
Except for a minor rise among travelers
in transit, the entire increase occurred
among pleasure travelers. Over 50,000
travelers were from the Dominican
Republic; their visits are often restricted to neighboring Puerto Rico and
their expenditures are relatively small.
Approximately 160,000 visitors came
from other oversea areas and spent just
over $80 million. Those from Japan
spent about $25 million here last year
compared to $20 million in 1963.

Table 2.—National Income by Industry Division (1-11)

National Income and Corporate Profits

[Billions of dollars]
1964

Table 1.—National Income by Type of Income (1-8, 1-9)
1962

[Billions of dollars]

1963

1964

I

II

1965

III

IV

I

Seasonally adjusted at annual rates
1964

1965

All industries, total

1962 1963 1964

I

II

III

IV

I

Seasonally adjusted at
annual rates
National income
Compensation of employees
Wages and salaries
Private
Military
Government civilian

455.6 478.5 510.1 498.4 507.1 514.5 520.6

534.5

323.1 340.3 361.7 352.5 358.6 364.8 370.6 378.3
297.1 312.1 331.6 323.2 328.7 334.4 339.9
241.6 252.9 267.4 260.8 265.3 269.4 274.0
10.8 10.9 11.8 11.7 11.7 11.8 11.9
44.7
483 52.4 50.7 51.7 53.2 54.0

Supplements to wages and salaries ._ 25.9

347.2
280.5
11.9
54.9

28.2

30.1

29.4

29.9

30.4

15.1

16.0

15.7

15.9

16.2

16.2

14.0

14.2

14.5

14.7

Manufacturing
Durable goods industries
Nondurable goods industries .
Wholesale and retail trade
Finance, insurance, and real
estate
Transportation
Communications and public
utilities
Services
Government and government
enterprises
Other

455.6

478.5

498.4

520.6

535.5

18.9 18.9 18.6 18.5 18.6 18.6 18.7
130.8 137.4 147.3 144.2 147.4 148.5 149.0
78.5 82.9 89.0 87.0 88.8 90.0 90.2
52.3 54.4 58.3 57.1 58.6 58.5 58.9
73.8 77.4 82.1 80.2 81.5 82.8 83.8

158.0
97.3
60.6
86.2

52.2
20.8

53.0
20.8

510.1

46.3
18.8

48.7
19.5

51.2
20,3

507.1

50.3
19.7

514.5

51.3
20.6

50.8
20.1

18.0

18.6

19.3

20.5

19.8

20.1

20.9

21.2

21.0

55.6

59.5

64.1

62.2

63.7

64.5

65.8

66.8

60.3
32.4

64.5
33.4

70.0
36.2

68.0
35.6

69.1
35.8

70.8
36.4

71.9
37.1

72.8
37.9

16.4

Other labor income
12.3 13.1 14.1 13.7
Employer contributions to private pension and welfare funds. 9.7 10.4
Other.
2.6
2.7

Employer contributions for social
insurance

Proprietors' income. __ .
Business and professional

13.6

30.7

31.1

Agriculture, forestry, and
fisheries

Table 3.—Corporate Gross Product
[Billions of dollars]

49.8

50.6

52.0

51.2

51.7

52.1

52.8

52.7

36.6

37.6

39.3

38.6

39.1

39.6

39.9

40.4

1962

Income of unincorporated enterprises
_
36.6 37.6 39.3
Inventory valuation adjustment. __ 0
0
0
Farm
Rental income of persons
Coprorate profits and inventory valuation adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest




1965

1964
1963

1964

I

II

III

IV

I

Seasonally adjusted at annual rates

13.2

13.0

12.7

12.6

12.6

12.6

12.9

12.2

.12.2

12.3

12.4

12.4

12.4

12.4

12.5

12.5

48.4

50.8

57.4

56.4

57.9

58.1

57.0

62.9

48.2
23.2
25.0
16.5
8.5

51.3
24.6
26.7
18.0
8.7

57.6
25.8
31.8
19.8
11.9

56.6
25.4
31.2
19.4
11.8

57.9
26.0
31.9
19.8
12.1

58.0
26.0
32.0
20.0
12.0

57.7
25.9
31.9
20.2
11.7

64.3
27.7
36.6
20.5
16.1

.3

-.4

-.2

-.2

-.1

.1

-.7

-1.4

.22.1

24.4

26.8

25.9

26.5

27.1

27.6

28.2

Corporate gross product *
Indirect taxes
Capital consumption allowances _ .
..
Income originating in corporate business *
Compensation of employees
Net interest
Profits before tax, including inventory valuation
adjustment 1

364.4

309.0

323.9

345.5

337.4

343.7

348.6

352.3

32.9

34.6

36.7

35.8

36.5

37.1

37.4

38.2

30.5

31.8

33.7

33.0

33.4

33.8

34.4

34.8

245.7

257.5

275.2

268.6

273.8

277.7

280.5

291.4

198.9
.9

208.5
.7

220.0
.8

214.7
.7

218.3
.8

221.8
.8

225.3
.8

230.8
.8

45.9

48.3

54.3

53.1

54.8

55.1

54.4

59.8

1. Excludes profits originating in the rest of the world.

SURVEY OF CURRENT BUSINESS

30

June 1965

Table 4.—National Income by Corporate and Noncorporate Form
Organizati
of Organization (1-14)

Table 7.—Relation of Gross National Product, National Income,
and Personal Income (1-17, 1-18)

[Billions of dollars]

[Billions of dollars]

1964
1962

1963

1964

I

1965
IV

III

1 II

1964

I

1962

1963

1964

I

455.6

Income originating in corporate
business *

478.5

510.1

498.4

507.1

514.5

520.6

534.5

245.7

257.5

275.2

268.6

273.8

277.7

280.5

291.4

208.5
189.2

220.0
199.6

214.7
194.7

19.3

20.4

20.0

45.9
45.6
23.2
22.4

48.3
48.8
24.6
24.2

54.3
54.6
25.8
28.7

.3

-.4

.9

.7

Compensation of employees- 198.9
180.9
Wages and salaries
Supplements to wages and
18.0
salaries
Corporate profits and inventory valuation adjustment *•
_
Profits before tax 1
__
Profits tax liability
Profits after tax 1
Inventory valuation adjustment
Net interest.
Income originating outside corporate business

210.0

221.0

218.3 221.8
198.0 ~201. 1

225.3
204.5

230.8
209.7

20.3

20.7

20.8

21.1

53.1
53.3
25.4
27.9

54.8
54.8
26.0
28.8

55.1
55.0
26.0
29.0

54.4
55.1
25.9
29.2

59.8
61.2
27.7
33.6

-.2

-.2

-.1

.1

-.7

.8

.7

•8

.8

.8

235.0

233.3

229.8

236.8

240.0

-1.4
.8

243.1

Table 5.—Sources and Uses of Gross Saving (V-2)
[Billions of dollars]

I

1964

II

IV

I

556.2 583.9 622.6 608.8 618.6 628.4 634.6

648.8

allow-

48.7

50.8

53.4

52.5

53.1

54.4

54.9

507.5 533.1 569.1 556.3 565.5 574.8 580.2

593.9

Less: Indirect business tax and nontax liability
52.8 55.9 59.4 57.9 59.0 60.1 60.7
Business transfer payments
2.4
2.4
2.5
2.5
2.5
2.5
2.5
Statistical discrepancy _ __ _ -1.8 -2.7 -2.0 -1.6 -2.4 -1.4 -2.6

61.7
2.5
-4.2

Equals : Net national product

Plus: Subsidies less current surplus
of government enterprises

1.6

1.0

.9

1.0

53.7

.7

.9

Less: Corporate profits and inventory valuation adj ustment
Contributions for social insurance
Excess of wage accruals over
d isbursements..

1.0

.6

455.6 478.5 510.1 498.4 507.1 514.5 520.6

Equals: National income

534.5

48.4

50.8

57.4

56.4

57.9

58.1

57.0

62.9

23.9

26.9

28.7

28.0

28.4

29.0

29.3

29.6

0

0

0

0

0

.1

-.1

0

32.3

34.3

35.7

35.9

35.5

35.5

35.9

37.1

8.0
16.5
2.4

8.6
18.0
2.4

9.2
19.8
2.5

9.1
19.4
2.5

9.3
19.8
2.5

9.2
20.0
2.5

9.3
20.2
2.5

9.4
20.5
2.5

442.4 464.1 491.4 480.9 487.9 494.5 502.2

Equals : Personal income

511.6

1965

1964
1963

Gross national product
Less: Capital consumption
ances

Plus: Government transfer payments
to persons
Net interest paid by government
_ __
_ _
Dividends
Business transfer payments

1. Excludes profits originating in the rest of the world.

1962

III

Seasonally adjusted
at annual rates

Seasonally adjusted at annual
rates
National income

II

1965

III

IV

I

Seasonally adjusted at annual rates

85.3

Gross private saving
Personal saving
Undistributed corporate
profits
Corporate inventory valuation adjustment _ _ _ __
Capital consumption allowances
Excess of wage accruals over
disbursements
Government surplus on income
and product transactions
Federal
State a n d local

___

Gross investment
Gross private domestic investment
__
Net foreign investment
Statistical discrepancy

86.7

97.6

93.7

99.2

96.9

100.8

99.8

Table 8.—Government Receipts and Expenditures (III-3, III-4)

27.8

27.5

32.5

29.5

34.0

31.0

35.5

30.2

[Billions of dollars]

8.5

8.7

11.9

11.8

12.1

12.0

11.7

16.1

.3

-.4

-.2

-.2

-.1

.1

-.7

48.7

50.8

53.4

52.5

53.1

53.7

54.4

54.9

0

0

0

0

0

.1

-.1

0

-1.9

.9

-2.7

0

-5.5

-3.0

-2.3

2.4

-4.1
2.1

-1.5
2.4

-5.1
2.5

-2.4
2.4

-7.8
2.3

-5.2
2.3

-5.0
2.6

0
2.3

81.5

84.8

92.9

92.1

91.3

92.5

95.9

97.9

79.1
2.4

82.0
2.8

87.7
5.3

85.9
6.2

87.2
4.1

87.3
5.2

90.4
5.5

94.7
3.2

-1.8

-2.7

-2.0

-1.6

-2.4

-1.4

-2.6

1964

-1.4

-4.2

1962

1964
1963

1964

I

II

1965

III

IV

I

Seasonally adjusted at annual
rates
All industries, total. _
Manufacturing
D urable goods industries
Nondurable goods industries
Transportation, communications, and
public utilities
All other industries




I

II

III

IV

I

Federal Government receipts
106.4 113.6 114.1 114.8 112.3 114.0 115.2
Personal tax and nontax receipts.. 49.1 51.9 49.0 51.2 47.3 48.2 49.3
Corporate profits tax accruals. _ _ _ _ _ 21.8 23.0 24.4 23.9 24.4 24.4 24.3
Indirect business tax and nontax
accruals
15.1 15.6 16.4 15.9 16.4 16.6 16.6
Contributions for social insurance . 20.5 23.0 24.4 23.9 24.2 24.7 25.0

120.3
52.0
26.0

Federal Government expenditures
110.4 115,2 119.2 117.2 120.2 119.2 120.1
Purchases of goods and services.... 62.9 64.7 65.5 64.3 67.1 65.5 65.3

120.3
65.1

17.1
25.2

29.9
28.3
1.6

31.0
29.3
1.8

31.1
29.5
1.5

30.7
29.1
1.6

30.8
29.1
1.7

31.5
29.4
2.2

32.2
30.4
1.8

48.4

50.8

57.4

56.4

24.7
13.2
11.5

26.7
14.4
12.3

30.9
16.7
14.3

30.6
16.6
13.9

57.9

58.1

57.0

62.9

31.7
17.0
14.8

31.2
16.9
14.3

30.3
16.2
14.1

35.3
20.1
15.1

8.0

8.4

8.9

8.5

8.8

9.3

9.3

9.1

15.7

15.7

17.5

17.4

17.4

17.6

17.5

18.5

Grants-in-aid to State and local
governments.

8.0

9.1

10.4

9.8

10.4

10.6

10.7

10.6

Net interest paid

[Billions of dollars]

1962

1964

Seasonally adjusted
at annual rates

Transfer payments™.,.^ „ - , _ „ „ . 28.3
To persons
26.7
Foreign (net)
1.6

Table 6.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment, by Broad Industry Groups (VI-10)

1963

1965

7.1

7.7

8.4

8.3

8.4

8.4

8.4

8.5

Subsidies less current surplus of
government enterprises

4.2

3.8

3.9

3.7

3.6

3.9

4.2

3.8

Surplus or deficit (— ) on income
and product account-4.1 -1.5 -5.1 -2.4 -7.8 -5.2 -5.0
State and local government receipts- _ _ 59.5 64.4 69.8 67.8 69.2 70.6 71.5
Personal tax and nontax receipts.. 8.8
9.6 10.6 10.2 10.5 10.6 10.9
1.6
Corporate profits tax accruals
1.4
1.6
1.5
1.6
1.6
1.6
Indirect business tax and nontax
accruals
. . 37.8 40.2 43.1 42.1 42.6 43.4 44.1
4.3 4.3
4.2 4.1 4.2
Contributions for social insurance. 3.5
3.9
9.8 10.4 10.6 10.7
Federal grants-in-aid
8.0
9.1 10.4
State and local government expendi57.3 62.0 67.3 65.3 66.9 68.3 68.9
tures
Purchases of goods and services — 53.5 57.9 63.0 60.9 62.5 64.1 64.6
6.4
6.5
6.4
6.4
6.3
Transfer payments to peisons
5.6
6.0
.9
.9
.9
.9
.9
>Jp,t interest paid
.8
.8
Less: Current surplus of govern3.1
3.0
2.9
2.8
2.8
ment enterprises
2.6
3.0
Surplus or deficit (— ) on income
2.3 2.3 2.6
and product account
2.4
2.1 2.4
2.5

0
72.6
11.3
1.6

44.6
4.4
10.6
70.3
65.9
6.7
.9
3.2
2.3

CURRENT BUSINESS STATISTICS

JL HE STATISTICS here update series published in the 1963 edition of BUSINESS STATISTICS, biennial Statistical Supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $2.00) contains data by months, or quarters, for the years 1959 through 1962 (1951-62, for major
quarterly series) and averages of monthly or quarterly data for all years back to 1939; it also provides a description of each series and references
to sources of earlier figures. Series added or significantly revised after the 1963 BUSINESS STATISTICS went to press are indicated by an asterisk
(*) and a dagger (f), respectively; certain revisions for 1962 issued too late for inclusion in the aforementioned volume appear in the monthly
SURVEY beginning with the August 1963 issue. Also, unless otherwise noted, revised monthly data (for periods not shown herein) corresponding
to revised monthly averages are available upon request.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely,
through the courtesy of the compilers, and are subject to their copyrights.
1962

Unless otherwise stated, statistics through 1962
and descriptive notes are shown in the 1963
edition of BUSINESS STATISTICS

| 1963 j

1964

1962
I

Annual total

II

Data from private sources are provided
1964

1963

III

IV

I

II

III | IV

II

1965
III

IV

I

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
Compensation of employees, total.

bil. $.

455.6

478.5

510.1

447.2

454.3

457.8

463.2

467.9

474.6

481.9

490.0

498.4

507.1

_do_—

National income, totalf————---—

323.1

340.3

361.7

316.6

322.4

325.3

328.0

332.7

338.1

342.7

347.7

352.5

358.6

297.1

312.1
252.9
10.9
48.3
28.2
50.6
37.6
13.0
12.3

267.4
11.8
52.4
30.1
52.0
39.3
12.7
12.4

291.2
236.5
11.1
43.6
25.4
50.0
36.3
13.7
12.2

296.6
241.5
11.0
44.1
25.8
49.9
36.6
13.3
12.2

299.2
243.5
10.7
45.0
26.1
49.7
36.7
13.0
12.2

301.6
244.8
10.5
46.3
26.4
49.7
38.9
12.8
12.2

305.3
247.5
10.6
47.2
27.4
50.3
37.1
13.2
12.3

310.1
251.6
10.7
47.8
27.9
50.1
37.3
12.8
12.3

314.3
255.0
10.7
48.7
28.4
50.7
37.8
12.9
12.4

318.8
257.6
11.7
49.6
28.8
51.5
38.3
13.2
12.4

323.2
260.8
11.7
50.7
29.4
51.2
38.6
12.6
12.4

328.7
265.3
11.7
51.7
29.9
51.7
39.1
12.6
12.4

48.4

50.8

57.4

47.1

48.0

50.3

49.1

50.2

51.4

53.1

56.4

48.2
23.2
25.0
16.5
8.5

51.3
24.6
26.7
18.0
8.7
-.4

57.6
25.8
31.8
19.8
11.9
-.2

47.2
22.7
24.5
16.1
8.4
-.1

47.9
23.0
24.9
16.4
8.5
.0

48.1
23.1
25.0
16.5
8.5
.1

49.4
23.8
25.7
17.1
8.6

48.9
23.4
25.5
17.2
8.3
.2

51.1
24.5
26.6
17.7
8.9

51.3
24.5
26.7
17.9
8.9
.2

54.3
26.0
28.3
19.1
9.2
-1.2

56.6
25.4
31.2
19.4
11.8
-.2

21.8

22.3

22.9

23.5

25.9

545.5

553.4,

559.0

566.6

350.5

354.0

358.5

364.0

47.4
19.7
20.1
159.5
29.6
83.2
12.2
143.6
21.3
45.6
11.1

47.7
20.3
19.9.
161.0
29.7
84.1
12.2
145.3
21.3
46.2
11.2

48.4
20.5
20.3
162.9
30.0
85.2
12.3
147.2
21.7
46.8
11.4

50.2
21.8
20.6
164,4
30.2
85.9
12.5
149.5
22.0
47.5
11.5

Wages and salaries, totaL__.__
do__.
Private
do—
Military..—..
do....
Government civilian.
_..
do—
Supplements to wages and salaries
_do_._
Proprietors' income, totalcf.
do....
Business and professionalcf..
.
do___:
Farm
__
do—
Rental income of persons
do___.
Corporate profits and inventory valuation adjustment, total
—
...bil. $_
Corporate profits before tax, total
do...
Corporate profits tax liability.
_do___
Corporate profits after tax.
___do___
Dividends...
_........ do...
Undistributed profits
„....
do...,
Inventory valuation adjustment...
__do
Net interest,

_.

..—

do..

241.6
10.8
44.7
25.9
49.8
36.6
13.2
12.2

22.1

24.4

26.8

556.2

583.9

622.6

Personal consumption expenditures, total..do....

356.8

375.0

Durable goods, total©
...do..
Automobiles and parts
_do__
Furniture and household equipment—do__
Nondurable goods, total ©._.__
.-...-do..
Clothing and shoes.—.
__do__
Food and alcoholic beverages....—... .do,,.
Gasoline and oil
_
„'
_._do._
Services, total $
_
_..doHousehold operation. ___._..._
do..
Housing
do..
Transportation...
do..

48.4
20.6
20.2
162. 0
29.9
84.6
12.3
146.4
21.6
46.5
11.3

52.1
22.7
21.4
167. 5
30.7
87.1
12.8
155.3
22.7
48.9
11.7

57.0
24.2
24.0
177.3
33.4
91.7
13.5
165.1
24.4
51.5
12.2

Gross national product, totalf—

—

Gross private domestic investment, total

-do.

334.4
269.4
11.8
53.2

520.6

••534.5

370.6

514.5

378.3

339.9
274.0
11.9
54.0

347.2
280.5
11.9
54.9
31.1
52.7
40.4
12.2
12.5

30.4

30.7

52.1
39.6
12.6
12.4

52.8
39.9
12.9
12.5

58.1
57.9
26.0
31.9
19.8
12.1
—.1

57.0

' 62.9

58.0
26.0
32.0
20.0
12.0
.1

57.7
25.9
31.9
20.2
11.7
—.7

'64.3
'•27.7
'36.6
20.5
'16.1
-1.4

26.5

27.1

27.6

28.2

618.6

628.4

634,6

648.8

390.0

396.1

404.6

406.5.

418.1

23.2
22.3
168.9
30:9
87.8
13.0
158.8
23.0
49.8
11.8

55.9
24.3
23.1
172.9
32.1
89.7
13.3
161.1
23.5
50. 5
12.0

57.0
24.1
24.2
175.3
33.2
90.6
13.5
163.8
24.0
51.1
12.2

58.7
25.6
24.2
179.5
33.8
92.8
I 13.. 5
166.4
24.8
51.8
12.2

56.3
22.8
24.5
181.3
34.3
93.6
13.7
169.0
25.1
52.4
12.3

62.0
28.5
24.3
184.3
34.9
94.8
13.9
171.7
25.5
53.1
12.5

87.1

85.9

87.2

87.3

90.4

94.7

49.9
26.2
37.9
6.8
7.0

24.0

24.7

25.4

577.4

587.2

599.0

369.2

372.0

377.4

381.3

51.1
22.4
20.8
166.0
30.4
86.4
12.7
152.1
22.4
48.0
11.6

51.5
22.6
21.0
166.6
30.1
86.9
12.8
153.9
22.4
48.6
11..7

52.2
22.6
21.6
168. 6
31.3
87.3
12.9
156.6
22.9
49.2
11.7

80.2

82.8

do__._

79.1

82.0

87.7

77.4

78.9

80.2

79.9

New construction.....
_
.do.
Residential nonfarm...
_do
Producers' durable equipment-.———..do..-.
Change in business inventories..
do._._
Nonfarm—
_»_-__.do-

44.2
23.6
29.0
5.9
5.3

46.6
25.2
31.0
4.4
3.9

48.9
26.0
35.1
3.7
3.6

42.5
22.5
28.1
6.9
6.4

44.1
23.5
28.8
6.1
5.5

45.5
24.4
29.6
5.1
4.4

44.9
24.0
29.7
5.4
4.8

44.7
24.3
29.6
3.6
3.0

45.9
25.1
30.7
3.6
3.2

47.2
25.4
31.4
4.2
3.7

48.3
26.2
32.4
6.4
6.0

49.2
26.9
34.2
2.5
2.2

48.9
26.2
34.6

3.7
3.4

48.9
25.7
35.6
2.8
2.7

48.7
25.1
36.0
5.7
6.1

Net exports of goods and services
._ do
Exports
_
__.„„____
dol" "
Imports..
—.>_.___
do.

4.0
29.2
25.2

4.4
30.7
26.3

7.0
35.2
28.2

3.4
28.0
24.6

4.3
29.6
25.3

4.4
29.7
25.3

29.4
25.5

3.4
28.8
25.4

4.3
30.5
26.3

4.2
31.0
26.8

5.8
32.6
26.9

7.7
34.5
26.8

5.7
33.7
27.9

7.0
35.7
28.7

7.7
37.1
29.4

5.0
33.7
28.7

Govt. purchases of goods and services, total do
Federal (less Government sales).
....""doIII"
National defense 9
_
do.
State and local
„.
Illdol

116.3
62.9
53.6
53.5

122.6
64.7
55.2
57.9

128.6
65.5
55.4
63.0

114.3
61.4
52.5
52.8

116.1
63.6
55.3
52.5

115.9
62.4
53.0
53.5

118.7
63,8
53.5
54.8

121.4
65.1
54.8
56.3

120.9
64.3
55.2
56.7

122.8
64.4
55.5
58.4

124.8
64.9
55.3
59.9

125.2
64.3
54.0

129.6
67.1
57.0
62.5

129.5
65.5
55.2
64.1

130.0
65.3
55.3
64.6

131.0
65.1
54.4
65.9

By major type of product: f
Final sales, total.
.
do
Goods, total
„____
.._ ""do"
Durable goods..
do"
Nondurable goods
,.___
do
Services
„.
„ do
Construction.
„
„ <j0~

550.3
273.6
102.3
171.3
214.7
62.0

579.5
285.8
108.2
177.6
228.4
65.2

689
1.

538.7
268.9
100.2
168.7
210.0
59.8

547.3
273.5
103.5
170.0
212.2
61.6

554.0
273.9
101. 4
172.6
216.8
63.2

561.2
278.2
104.1
174.1
220.0
63.0

568.2
280.9
105.0
175.8
224.7
62.7

573.7
286.5
111.0
175.5
223.5
63.7

583.0
285.7
106.6
179.1
231.2
66.2

592.6
290.3
110.4
179.9
234.5
67.8

606.4
298.2
114.3
183.9
239.6

614.9
304.3
119.0
185.4
241.7
68.9

625.7
310.5
120.7
189.8
246,0
69.2

628.8
309.6
117.9
191.7
250.3
69.0

641.9
316.9
122.8
194.0
254.7
70.3

Inventory change, total....
do....
5.9
4.4
3.7
6.9
6.1
Durable goods
_
Ido
3.0
2.2
2.0
3.9
3.1
Nondurable goods
IIdo~.II
2.9
2.2
1.7
2.9
3.0
'Revised * Preliminary. fRevised series. Estimates of national income and product
and personal income have been revised back to 1961 (see p. 8 ff. of the July 1964 SURVEY):
revisions prior to May 1963 for personal income appear on p. 15 of the July 1964 SURVEY.

5.1
3.1
2.0

5.4
1.8
3.6

2.8
1.3
1.5

5.7
3.7
2.1

6.8
5.9

773-981 O-65-3




305.6
1.18.0
187.6

244:3
69.0

6.4
2.5
3.0
.7
3.4
1.8
concludes inventory valuation adjustment. ©Includes
9 Government sales are not deducted.
3.6
1.5
2.0

3.6
2.7

4.2
1.5
2.7

3.. 7
2.5
1.2

data not shown separately.

s-1

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated, statistics through 1962
and descriptive notes are shown in the 1963
edition of BUSINESS STATISTICS

1962

1963 | 1964

1962
III

Annual total

June 1965
1964

1963
IV

I

II

III

IV

I

II

1965
III

IV

I

II

III

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
GNP in constant (1954) dollars
Gross national product totalf
bil $
Personal consumption expenditures, total.. do....
Durable goods
Nondurable goods
Services

do
do
do

476.4

492. 6

516. 0

478.3

483.0

485.4

487.9

494.8

502. 0

508.0

513.5

519. 6

522.7

532.2

318.5

330.6

347. 5

319.8

323.6

327. 0

328.6

332.4

334.4

340.9

345.0

351.8

352.4

360. 6

45.7
148. 3
124.5

49.3
151.6
129. 7

54.2
158.8
134.6

45.6
149.1
125.0

47.6
149.5
126.5

48.5
150. 7
127.8

48.6
151. 1
128.9

49. 4
152.5
130. 6

50.8
152.1
131.6

53.1
155.2
132. 6

54.0
157.4
133.7

55.6
160.9
135.3

53.9
161.9
136.6

58.9
163.9
137. 9

65.9

New construction
Producers' durable equipment
Change in business Inventories

do
do
do

Net exports of goods and services

67.7

71.0

66.3

66.5

64.7

66.2

68.1

71. 7

70. 1

70.8

70.4

72.7

76.1

36.7
24.0
5.2

Gross private domestic Investment, total — do....

37.9
25.6
4.1

38.9
28.8
3.3

37.5
24.4
4.4

37.0
24.7
4.9

36.8
24.6
3.4

37.5
25.4
3.3

38.2
25.9
4.0

39.0
26.8
5.9

39.6
28.1
2.4

39.2
28.3
3.3

38.6
29. 2
2.5

38.2
29.5
5.0

39.1
31.0
6.0

do

2.2

2.2

4.6

2.8

2.1

1.3

2.1

2.0

3. 5

5.4

3.4

4. 5

5.2

2.7

Govt purchases of goods and services total do
Federal
do
State and local
do

89.8
49.4
40.3

92.1
49.7
42.4

92.8
48.2
44.6

89.4
49.2
40.2

90.7
49.9
40.9

92.4
50.7
41.8

91.0
49.4
41.7

92.3
49.6
42.7

92.4
48.9
43.4

91.6
47.8
43.8

94.3
49.8
44.5

92.8
47.8
45.0

92. 4
47.3
45.1

92.8
47.1
45. 8

DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
bil $
Less* Personal tax and nontax payments
do
Equals* Disposable personal income
do

442.4
57.9
384.6

464.1
61.6
402.5

491. 4
59.5
431.8

444.5
58.5
386.0

449.7
59.3
390.4

455.2
60.1
395.1

460.2
61.1
399.1

466.3
61.9
404. 4

474. 5
63.3
411.2

480.9
61.4
419. 5

487.9
57. 7
430.2

494. 5
58. 8
435. 6

502.2
60.2
442.1

511, 6
63.3
448.3

27.8

27.5

32. 5

27.5

26.4

25.9

27.1

27.0

29.9

29. 5

34.0

31.0

35.5

30.2

'10.79

Personal saving §
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
.
__bil. $

37.31

39.22

44.90

9.62

10.18

8.25

9.74

10. 14

11.09

9.40

11.11

11.54

12. 84

do
do
do

14.68
7.03
7.65

15. 69
7.85
7.84

18. 58
9.43
9.16

3.72
1.79
1.93

4.13
2.03
2.10

3.27
1.62
1.65

3.92
1.96
1.95

3.95
1.96
1.99

4.56
2.31
2.25

3.79
1.93
1.87

4.53
2.30
2.23

4.67
2.37
2.30

5.59
2.83
2.76

' 4. 54
'2. 25
' 2. 28

. . do
.
do
do
do
do
do

1.08
.85
2.07
5.48
3.63
9.52

1.04
1.10
1.92.
5.65
3.79
10.03

1.19
1.41
2.38
6.22
4.30
10. 83

.28
.24
.50
1.54
.87
2.48

.27
.20
.50
1.52
.95
2.60

.24
.21
.39
1.04
.85
2.26

.26
.28
.54
1.40
.95
2.41

.27
.29
.45
1.60
.93
2.64

.28
. 33
.54
1. 61
1.06
2. 72

.26
.32
.51
1.18
.97
2.37

.29
.36
.63
1.58
1.10
2.61

.30
.37
.59
1.71
1. 06
2.84

.33
.35
.64
1.76
1. 17
3.01

'.29
.34
'.39
'.41
'.58
.78
' 1. 32 '1.66
1.08
' 2. 59 '3 4. 04

34.19

38.35

37. 95

36.95

38. 05

40.00

41.20

42. 55

43.50

45.65

47.75 ' 49. 00 'i 49. 60

250.80

15.05
7.25
7.80

15.00
7. 30
7.70

14.85
7.35
7.50

15.30
7.65
7.65

15.95
8.00
8.00

16. 45
8.30
8.15

17. 40
8.85
8.55

17. 80
9.00
8.80

18.85
9.60
9.20

20.15
10.15
10. 00

'20.75
'10.40
10.40

1.10
1.00
2.00
5.75
3.60
9.85

1.00
.80
1.90
5.45
3.60
10.20

1.05
.90
1.70
5.20
3.55
9.65

1.00
1.00
2. 05
5.45
3.65
9.65

1.05
1.20
1.85
5.90
3.85
10.20

1.05
1.35
2.10
5.80
4.05
10.45

1.15
1.40
2.30
5.95
4.05
10. 25

1.15
1.25
2.25
6.30
4.30
10.45

1.20
1.50
2.40
6.30
4.40
11,00

1.30
1.55
2.60
6.35
4.40
11.40

1.30
'1.25
1. 45
1.75
2.75
'2.55
'6.60
'6.80
4. 55
' 11. 30 '3 16. 20

4,800

4,815

4,825

4,835

4,850

4,860

4,875

4,895

4,910

4,930

' 8, 803 ' 9, 595 ' 8, 619 '9,263

'9,380

'9,691 '9,997 '10,950

9,730

' 4, 343 '4,372
'715
' 721
'1,653 ' 1, 692

'4,410
'732
' 1, 736

' 4, 599 ' 4, 709
'720
'691
' 1, 742 '1,736

4,901
'681
'1,800

4,663
664
1,824

'201
' 1, 019

'208
'1,134

'209
'966

'203
'1,083

'207
'1,085

'220
'1,126

221
959

'682
'266
'319
'97

'1,142
'618
'228
•'296

'1,327
'464
'274
'589

' 1, 344
'540
'256
'548

' 1, 569 ' 2, 222
'821
'551
'833
'612
'568
'406

1,399
1,003
684
-288

'32,579 '34,011 '38,381 ' 8, 436 '8,371 ' 7, 764 ' 8, 563 '8,677

'9,007

r 9, 411

'9,261 ' 9, 695 ' 10, 014

9, 156

' 6, 690
' 2, 917

5,589
3,111

101
'306

173
283

IT
' 31 ' -430 '-302 '-936
'58 ' -256
'-239 '-1,039 '-1,032
Excess of recorded receipts or payments (~-)___do
'-1,006 '-2,269 '-1,637
'103 ' -288 '-152 ' -291 '-430
Unrecorded transactions (net)
_
do__~ '-1,197 '-401 '-1,161 ' -426 ' -472 ' -160 ' -76 '-268

-574
-94

Manufacturing
Durable goods Industries
Nondurable goods industries
Mining
__ _
Railroads
Transportation, other than rail
Public utilities
Communications
Commercial and other
-_

_

Seas. adj. qtrly. totals at annual rates:
Manufacturing

do

Railroads
do
Transportation, other than rail—
-do
Public utilities
do
Communications
do
Commercial and other
do
BUSINESS POPULATION
Firms in operation, end of quarter (seasonally ad-

4

4, 755 4 4, 797

U.S. BALANCE OF INTERNATIONAL
PAYiMENTScfJ
Quarterly Data are Seasonally Adjusted
'33, 585 ' 36, 280 '40,018

Imports:
Merchandise
Military expenditures

_

do__ _. ••16,173 ' 16, 992 ' 18, 619 r 4, 097 ' 4, 053 ' 4, 058 '4,219
'738
' 755
'752
'801
'•3,078 '2,929 ' 2, 824
do
' 5, 878 ' 6, 515 ' 7, 014 ' 1, 454 ' 1, 528 ' 1, 576 '1,594

Remittances and pensions
do
Govt. grants and capital outflows. _ _ ^ _ _ _ _ _ _ d o
U.S. private capital (net)
_
Direct investments __
Long-term portfolio
_____
Short-term
___
U S receipts recorded
Exports:
Merchandise
Services and military sales. „_

' 8, 443 ' 8, 610

738
4,293

'837
'839
' 4, 551 ' 4, 260

' 3, 425 ' 4, 456
do
do.— 1,654 ' 1, 976
do__ __ 1,227 '1,695
'785
'544
,do~_.

do

'6,462
' 2, 376
' 1, 975
' 2, 111

'192
'176
' 1, 073 ' 1, 079
'891
'436
'217
' 238

'957
'514
'314
'129

'216
'1,104

'212
' 1, 294

' 1, 094 ' 1, 538
'466
'626
'586
'562
' 486
'-94

'20,604 '22,069 '25,288 ' 5, 293 ' 5, 037 '4,993 ' 5, 494 ' 5, 622 ' 5, 960 ' 6, 149 '6, 067 ' 6, 382
do
__do_~_. '9,674 '10,284 ' 11, 729 ' 2, 362 ' 2, 581 ' 2, 510 ' 2, 615 ' 2, 516 '2, 643 ' 2, 935 ' 2, 924 '2,953

1,280
Repayments on U.S. Govt. loans. _ _ _ _ _ _ _ _ _ d o
Foreign capital other than liquid funds (net).do__._ '1,021

'970
'688

' 697
'667

606
175
r

287
'466

'183
'78

'194
'260

'404
'135

189
'215

'213
r 114

' 193
'77

190
'170

U2.63 2 12. 92
'5.40.
' 2. 67
2.73

5.57
2.77
2.80
.34
.39
.60
1.82

22.35
'21.25
' 10. 45 11.20
11.20
'10.85
1. 35
1.50
2. 50
6.60

316.50

-668
Total, net receipts or payments (— )
do_. __ -2,203 '-2,670 '-2,798 ' -433 ' -711 '-1,199 '-1,108 '—210 ' -153 ' -257 ' -582 ' -593 '-1,366
Net receipts or payments (— ), incl. transactions in
nonmarketable, medium-term convertible Govt.
-617
securities
mil. $ _
'-849 '-955
'-35 ' -128 ' -257 '-460 '-390 '-1,316
'-1.967 '-2.423
r
* Unadjusted. Data represent firms in operation as of Jan. 1; estimate for Jan. 1, 1963
Revised,
» Preliminary.
1
is based on incomplete data.
fSee corresponding note on p. S-l (revisions for qtrs. of 1961
Estimates for Apr.-June 1965 based on anticipated capital expenditures of business.
2
appear on p. 8 ff. of the July 1964 SURVEY).
Estimates for July-Sept. 1965 based on anticipated capital expenditures'of business.
.Personal saving is excess of disposable income over personal consumption expenditures
Anticipated expenditures for the year 1965 are as follows (in bil. $): All industries, 50.40;
shown as a component of gross national product on p. S-l.
manufacturing, total, 21.78; durable goods industries, 10.89; nondurable goods industries,
c^More complete details are given in the quarterly reviews in the Mar., June, Sept.,
10.89; mining, 1.32; railroads, 1.63; transportation, 2.64; public utilities, 6.67; commercial and
and Dec. issues of the SURVEY.
other (incl. communications), 16.36. 3 includes communications.
1 Revised data for 1960-61 appear on p. 10 of the June 1964 SURVEY.





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