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SUEVEY OF CUERENT BUSINESS

6

August 1967

NATIONAL INCOME AND PRODUCT TABLES
1965

II

1966

1966

1967

1966

II

III | IV

1965

1966

II

1967
III

IV

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Billions of 1958 dollars

Billions of current dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
683 9

Durable goodsNondurable goods
Services

_ _

Gross private domestic investment
Fixed investment.. . _

Residential structures.
Nonfarm
Farm

. _

766.3

775.1

616.7

652.6

645.4

649.3

654.8

661.1

660.7

664.7

473 8

480 2

489.7

398 4

418.0

416.2

415.2

420.4

420.4

424.2

430.6

70 3
207 5
188 1

71 6
203 2
183 5

68 2
207 1
186 3

70 9
209.5
189 8

70 6
210.3
192 9

69 4
214.2
196 6

72 5
217.2
200 0

66 4
178.9
153 2

71.3
187.7
159 1

73.0
185.8
157 3

69.3
187.7
158 2

71.9
188.8
159 8

71.1
188.4
160 9

69.7
191.8
162 6

72.9
193.6
164 1

118 0

115 2

118 5

116 4

122 2

110 4

105.1

98 0

105.6

104.0

106.5

103.6

108.4

96.9

91.3

94 5

93.1

93 0

91.2

90 2

90.9

104 6

105 3

104 5

104 9

103 7

103 3

104 6

89 1

93 0

71 1
25.1
46 0

80 2
27.9
52.3

78 3
28.3
50 0

78 7
27.5
51 2

81 2
28.2
53.1

82 8
27.7
55.1

81 9
27.7
54.2

81 5
26.3
55.2

66 0
21.9
44.1

72 8
23.6
49.2

71 8
24.2
47.5

71 7
23.4
48.3

73 6
23.7
49.9

74 2
23.0
51.2

73 0
22.9
50.1

72 6
21.7
51.0

24 4
23 g
5

27 0
26 5
5

25 8
25 3
'5

23.7
23 2
5

20 9
20 4
5

21 4
20 9
6

23.1
29 5
6

23 2
22 7
5

20.2
19 7
5

22.8
22 3
5

21.4
21 0
5

19.4
19 0
.5

17.0
16 5
.5

17.3
16 8
.5

18.3
17 8
.5

13 4
13 7
3

99
9 6
3

14 0
14 4
— 3

11 4
12 0
— 5

18 5
19 0
_ 5

71
7 3
_ 2

5
6
— i

88
79
9

12 6
12 9
— 3

9 5
9.2
2

13 4
13.7
_ 3

10 6
11.1
— 5

17 2
17.7
— 5

6 7
6.8
_ 2

.4
.5

6 9

__-

-

__ _ _ _

___ _

State and local

_. ___

_ _

51

61

5 4

4 6

4 3

53

5.3

6 0

4 4

5.4

4.8

4.1

3.2

4.1

4.1

39 1
32.2

43 0
37 9

42 0
36.0

42 5
37 1

43 7
39.0

44 0
39.7

45 3
39 9

45 1
39 8

37 5
31.5

40 8
36,4

40.3
34.9

40.4
35.6

41.4
37.3

41.2
38.0

42.4
38.3

42.3
38.2

136 4

_._.

Government purchases of goods and services. ..
Federal
National defense
Other

762.1

470 1

9 4
8 4
10

_

_ _

Net exports of goods and services. .
.

748.8

461 6

27 0
26 4
5

. __

Change in business inventories
Nonfarm
Farm
.

736 7

458 2

98 0

Nonresidential. _
Structures
Producers' durable equipment

Exports
Imports

725 9

465 9

66 0
191 2
175 9

_ _ _

743 3

433 1

107 4

Gross national product..

Personal consumption expenditures -

154 3

146 5

151 2

157 7

161 7

170 4

175.0

114 3

124 5

119.9

122.7

126.6

129.1

135.5

138.7

66 8
50 1
16 7

77 0
60 5
16 5

72 1
55 1
17 1

74 9
58 4
16 6

79 5
63 0
16 6

81 5
65.6
15 9

87 1
70 2
16 8

89 5
72 5
17 0

57 8

64 7

61 2

63.4

66.4

67.8

72.3

74.4

69.6

77.2

74.3

76.2

78 1

80.2

83.3

85.4

56.4

59.9

58.7

59.4

60.1

61.3

63.2

64.3

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

616 7

652.6

645.4

649.3

654.8

661.1

660. 7

664.7

774 6
.5

607 8
8.8

639.9
12.6

636.0
9.5

635.9
13.4

644.2
10.6

643.9
17.2

654.0
6.7

664.3
.4

388 1

392.1

330 0

353.7

347.9

351.0

354.7

361.1

356.6

359.5

380 9
7.1

391 6
.5

321 2
8.8

341.0
12.6

338 5
9.5

337.6
13.4

344.1
10.6

343.9
17.2

349.9
6.7

359.1
.4

161 1
148 3
12 8

153 9
150 5
3 4

155 5
156 0
— 6

136 3
129*8
6 5

150 0
140.6
9 3

147 5
140.5
7 0

147 3
138.0
9.3

150 8
141.6
9.2

154 2
142.3
11.9

146 6
143.6
3.0

148.3
148.9
-.6

226 1
224 5
1.5

230.6
224 9
5.7

234 2
230 5
3.7

236 6 193 7
235 5 191 4
11
2.3

203.7
200 4
3.3

200.4
198 0
2.4

203.7
199.7
4.1

203.9
202.5
1.4

206.9
201.6
5.3

210.0
206.3
3.6

211.2
210. 2
1.0

283 5

291 6

296 9

303 1

307 8

222 3

235 2

229 7

233 5

237 9

239.8

242.7

244.4

77 4

75 5

73 5

75 2

75 2

64 4

63.7

67.8

64.7

62.2

60.2

61.3

60.8

_.- ._

729 9
13.4

716 0
9.9

722 6
14.0

737 4
11.4

743 6
18.5

759 2
7.1

379 6

369 5

375 7

381 8

391 7

337 2
9.4

366 2
13.4

359 6
9.9

361 7
14.0

370 3
11 4

373 2
18.5

139 5
132 8
6 7

154 6
144 7
99

150 5
143 2
7 4

151 4
141 6
9 7

155 7
145 8
99

207 1
204 4
2.7

225 0
221 5
3.5

219 0
216 4
2.5

224 4
220 1
4.3

262 9

287 2

276 6

74 4

Goods output..

683 9
674 5
9.4
346 6

Final sales
_ __
Change in business inventories

76 5

79 9

_ . _ _

Final sales
_ _ _ __
Change in business inventories

__ _

Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories

.__

_

Services
Structures. _

743 3

725 9

736 7

748 8

762 1

766 3

775.1

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
683 9

_

-

Business
Nonfarm
Farm

_.

.

Households and institutions
Rest of the world
General government




..

. ... .

743 3

725 9

736 7

748 8

762 1

766 3

775.1

616 7

652 6

645 4

649.3

654.8

661.1

660.7

664.

616 1

Gross national product
Private

666 7

653 0

661 5

670 6

681 9

683 9

690 9

565 9

597 5

592 3

594 8

599 0

604.2

602.7

606.

593 4
569 8
23.6

642 4
617 6
24.8

629 4
603 3
26 0

637 6
612 8
24 8

646 2
621 6
24 6

656 9
633 0
23 9

658 7
635 1
23 6

665 3
642 0
23 3

547 8
524*2
23 6

578 9
556 4
22.4

574 0
550 8
23.2

576 3
554.4
22.0

580 2
558.0
22.2

585.1
562.7
22.4

583.6
559.9
23.7

586.
563.
23.

18.5

20.1

19 7

19 7

20 3

20 6

21 1

21 4

14 0

14 7

14 6

14.4

14.8

14.9

15.1

15.

41

4 0

4.3

4.0

4.

56 9

57.9

58.

4 2
67 8

4 2
76 6

39
72 9

4 2
75 1

41
78 2

4 4
80 2

41
82 5

4 1

41

84 2

50 3

4 0
55 0

38
53 1

54 4

55 8

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 rioted, 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
II

| III

IV

I

II

1967

1966

1965
III

IV

Annual total

II

I

|

I

III | IV

II

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
bil. $

632.4

683.9

743.3

628.0

638.9

645.1

662.7

675.4

690.0

708.4

725.9

736.7

748.8

762.1

766.3

r

do _

401.2

433.1

465.9

397.6

406.6

408.9

420.2

428.1

436.4

447.8

458.2

461.6

470.1

473.8

480.2

" 489. 7

Durable goods, total 9
___do
Automobiles and parts
do
Furniture and household equipment,- _ do_._

59.2
25.8
25.0

66.0
29.9
27.0

70.3
29.8
29.9

59.6
26.0
25.2

60.7
26.9
25.1

58.7
24.6
25.6

65.2
30.4
25.8

64.2
29.2
26.1

66.1
29.8
27.3

68.6
30.3
28.9

71.6
31.4
29.4

68.2
28.5
29.1

70.9
29.8
30.6

70.6
29.6
30.6

69.4
27.3
31.4

do _
do
do
do _

178.7
33.5
92.9
14.0

191.2
36.1
99.0
15.1

207.5
40.3
106.7
16.2

175.9
32.6
92.0
13.9

181.3
34.2
94.0
14.1

182.9
34.5
95.1
14.3

184.6
34.6
95.6
14.3

189.8
35.6
98.3
15.1

192.4
36.2
99.4
15.3

198.0
37.8
102.5
15.7

203.2
39.5
105.2
15.8

207.1
39.8
107.0
16.2

209.5
41.0
107.3
16.3

210.3
40.8
107.2
16.6

214.2
41.5
109.3
17.1

" 217. 2
-•43.2

do
-do _
do
do

163.3
24.3
59.3
11.6

175.9
25.7
63.6
12.6

188.1
27.0
67.1
13.6

162.1
24.3
58.8
11.5

164.6
24.5
59.8
11.7

167.3
24.5
60.8
11.8

170.4
24.7
61.9
12.0

174.2
25.5
63.2
12.5

177.8
26.1
64.2
12.8

181.2
26.5
65.3
13.1

183.5
26.1
66.2
13.2

186.3
26.9
66.5
13.5

189.8
27.4
67.4
13.7

192.9
27.7
68.5
14.0

196.6
27.8
69.6
14.4

- 200.0
'28.1
r
70. 6
14.6

94.0

107.4

118.0

93.4

94.2

97.9

105.1

105.1

108.2

112. 3

115.2

118.5

116.4

122.2

110.4

r

105.3
78.3
28.3
50.0
27.0
26.5
9.9
9.6

104.5
78.7
27.5
51.2
25.8
25.3
14.0
14.4

104.9
81.2
28.2
53.1
23.7
23.2
11.4
12.0

103.7
82.8
27.7
55.1
20.9
20.4
18.5
19.0

103.3
81.9
27.7
54.2
21.4
20.9
7.1
7.3

'104.6
"81.5
26.3
" 55. 2
"23.1
" 22. 5
".5
".6

Gross national product totalf
Personal consumption expenditures, total

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

775. 1
r

72.5
'29.7
"31.9

' 110.

1

"17.5

105. 1

88.2
61.1
21.2
39.9
27.1
26.6
5.8
6.4

98.0
71.1
25.1
46.0
27.0
26.4
9.4
8.4

104.6
80.2
27.9
52.3
24.4
23.8
13.4
13.7

87.2
60.1
21.1
39.0
27. 1
26.6
6.1
7.0

89.4
62.4
21.4
41.0
27.0
26.5
4.8
5.6

90.2
63.4
21.8
41.6
26.8
26.3
7.7
8.1

94.4
67.3
23.1
44.1
27.2
26.6
10.6
10.1

96.3
69.3
24.7
44.6
27.0
26.5
8.8
7.9

98.8
71.9
25.1
46.8
26.9
26.4
9.4
7.9

102.4
75.7
27.3
48.3
26.8
26.2
9.9
8.7

8.5
37.1
28.6

6.9
39.1
32.2

5.1
43.0
37.9

7.8
36.1
28.3

8.7
37.5
28.8

8.5
38.3
29.8

6.1
35.1
28.9

8.2
40.7
32.6

7.4
40.3
32.9

6.1
40.5
34.4

6.1
42.0
36.0

5.4
42.5
37.1

4.6
43.7
39.0

4.3
44.0
39.7

5.3
45.3
39.9

r
5.3
"45.1
"39.8

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

128.7
65.2
50.0
63.5

136.4
66.8
50. 1
69.6

154.3
77.0
60.5
77.2

129.2
66.0
50.7
63.2

129.4
65.2
49.8
64.3

129.8
64.5
48.9
65.3

131.3
64.3
48.4
66.9

133.9
65.4
49.2
68.6

138.1
67.6
50.3
70.4

142.3
69.8
52.4
72.5

146.5
72.1
55.1
74.3

151.2
74.9
58.4
76.2

157.7
79.5
63.0
78.1

161.7
81.5
65.6
80.2

170.4
87.1
70.2
83.3

"175.0
89.5
"72.5
"85.4

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

do
do
do
do
do
do

626.6
313.6
122.8
190.7
244.2
68.8

674.5
337.2
132 8
204.4
262.9
74.4

729.9
366.2
144.7
221.5
287.2
76.5

621.9
310.7
122.7
188.0
242.4
68.8

634.1
318.5
124.9
193.5
246.5
69.2

637.4
317.9
123.3
194.7
250.1
69.3

652.0
325.9
129.6
196.3
254.6
71.6

666.5
332.8
130.0
202.9
260.1
73.6

680.6
340.2
133.9
206.3
266.0
74.4

698.5
349.9
137.9
212.0
271.0
77.6

716.0
359.6
143.2
216.4
276.6
79.9

722.6
361.7
141.6
220.1
283.5
77.4

737.4
370.3
145.8
224.5
291.6
75.5

743.6
373.2
148.3
224.9
296.9
73.5

759.2
380.9
150.5
230.5
303.1
75.2

" 774. 6
391.6
156.0
235.5
307.8
75.2

do
do
do

5.8
4.2
1.6

9.4
6.7
2.7

13.4
9.9
3.5

6.1
4.5
1.6

4.8
4.2
.6

7.7
4.5
3.2

10.6
8.7
2.0

8.8
7.0
1.8

9.4
7.1
2.3

9.9
5.0
4.9

9.9
7.4
2.5

14.0
9.7
4.3

11.4
9.9
1.5

18.5
12.8
5.7

7.1
3.4
3.7

-!(5
1.1

581.1

616.7

652.6

578.6

585.8

588.5

601.5

609.7

620.7

634.4

645.4

649.3

654.8

661.1

660.7

" 664. 7

373.7

398.4

418.0

370.7

378.6

379.3

389.1

394.1

400.7

409.9

416.2

415.2

420.4

420.4

424.2

430.6

do
do
do

59.0
170.3
144.4

66.4
178.9
153.2

71.3
187.7
159.1

59.3
167.8
143.6

60.4
172.8
145.3

58.7
173.5
147.1

65.0
174.7
149.4

64.1
178.0
152.0

66.8
179.3
154.6

69.5
183.6
156.8

73.0
185.8
157.3

69.3
187.7
158.2

71.9
188.8
159.8

71.1
188.4
160.9

69.7
191.8
162.6

72.9
193.6
164.1

Gross private domestic investment, total... .do

87.8

98.0

105.6

87.3

87.6

90.8

95.9

95.9

98.3

101.6

104.0

106.5

103.6

108.4

96.9

91.3

do
do
. _ . _ . do
do

81.9
57.8
24.2
5.8

89.1
66.0
23.2
8.8

93.0
72.8
20.2
12.6

81.2
57.0
24. 3
6.1

82.8
58.9
23.9
4.8

83.2
59.7
23.5
7.6

86.6
62.9
23.7
9.3

87.9
64.5
23.4
8.0

89.6
66.7
23.0
8.7

92.4
69.7
22.6
9.2

94.5
71.8
22.8
9.5

93.1
71.7
21.4
13.4

93.0
73.6
19.4
10.6

91.2
74.2
17.0
17.2

90.2
73.0
17.3
6.7

90.9
72.6
18.3
.4

do

8.3

6.0

4.4

8.0

8.4

7.9

5.2

6.8

6.4

5.6

5.4

4.8

4.1

3.2

4.1

4.1

Fixed investment
Nonresident ial
Structures
Producers' durable equipment
Residential structures..- . _
Nonfarm
Change in business inventories...
Nonfarm

-do
do
do _
-do
do
do _
... _ .do
do
- ..-

Net exports of goods and services
Exports
Imports

do
do
do

_

Change in business inventories.. _
Durable goods
Nondurable goods. . ._
,
GNP in constant (1958) dollars
Gross national product, totalf

bil $

Personal consumption expenditures, total., -do.
Durable goods
Nondurable goods
Services

_. . .

Fixed investment
_
Nonresidential
_ _
Residential structures.. _
Change in business inventories
Net exports of goods and services

_

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

111.2
114.3
111.2
124.5
112.6
58.1
57.8
57.8
64.7
59.3
53.2
56.4
53.3
53.5
59.9
r
Revised.
* Preliminary.
f Revised series. 1Estimate 3 of national iiicome i ml
product and personal income have been revised (see p. 13 IT. of the Jiilv 1967 SURVEY feldata beginning 1964; for data prior to 1963, see p. 11 f I of the July 196(3 SURVEYr); revisions

2 6 9 - 6 5 3 O - 67 - 4




138.7
135.5
129.1
126.6
122.7
119.9
117.4
110.5
112.9
115.3
111.3
74.4
72.3
67.8
66.4
63.4
61.2
59.3
56.7
56.3
57.1
58.5
64.3
63.2
61.3
60.1
59.4
58.0
58.7
53.8
55.0
55.8
56.7
those
prior o May 1966 for p ersonal i ncome a ppear on p. 21 of the Jul> 1967 Su RVEY an d shown
9 Includes data no ;
for per iods pric r to 1963 on p. 18 ff . of th e July 19 66 SURV EY.
separa tely.

s-l

SUEVEY 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

III

1966

1965

1964

| 1966

August 1967

IV

I

II

IV

III

I

1967

II

III

IV

I

II

III

GENERAL BUSINESS INDICATORS— Quarterly Series— Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
562.4
530. 4
616.7
524.2
518.1
National income, total f _ _ . . _
bil. $
393.9
375.8
365.7
435.7
369.9
Compensation of employees, total
do
342.7
359.1
333.7
394.6 337.5
Wages and salaries total
do
276.5
269.4
272.4
289.8
316.7
Private
do
12.1
14.7
11.7
11.9
11.7
Military ..
do .
54.3
57.1
52.6
63.2
53.3
Government civilian
do
34.9
41.1
32.4
33.1
32.0
Supplements to wages and salaries
do
56.7
53.3
52.3
59.3
52.6
Proprietors' incom^ total 9
do
40.2
41.9
40.6
43.2
40.6
Business and professional 9
do
12.1
14.8
12.0
12.6
Farm
do
16.1
18.0
19.0
18.4
19.4
18.1
Rental income of persons
do
Corporate profits and inventory valuation adjust74.9
66.4
66.3
82.2
67.6
ment, total
bil. $
By broad industry groups:
7.9
8.4
8.0
8.0
Financial institutions
_._do
9.3
58.4
66.5
58.5
Nonfinancial corporations, total
do
72.9
59.6
32.7
38.7
32.4
Manufacturing total
do
43.1
33.6
16.5
14.9
15.1
15.3
Nondurable goods industries
do
18.7
22.2
17.2
Durable goods industries
do
17.8
24.4
18.4
Transportation, communication, and public
10.1
11.2
10.3
utilities
bil $
11.9
10.2
15.5
16.6
15.7
All other industries
do
18.0
15.8
67.4
66.8
76.6
Corporate profits before tax total
do
68.0
83.8
31.4
28.3
28.6
34.5
Corporate profits tax liability
do
28.8
38.4
45.2
Corporate profits after tax
do
39.1
38.8
49.3
17.8
19.8
17.9
18.3
Dividends
do
21.5
20.6
25.4
Undistributed profits
do
20.5
21.2
27.8
— 5
—1 7
— 4
—1 0
Inventory valuation adjustment
do
—1 6
15.8
17.9
Net interest _ _. _ do
16.0
16.6
20.2
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
497.5
510.5
Personal income, total
bil $
537.8
584.0
502.1
Less* Personal tax and nontax payments
do
59.4
65.6
59.0
60.9
75.2
Equals' Disposable personal income
do
438.1
472.2
508.8 443.1 449.6
411.9
Less' Personal outlays®
do
445.0
479.0 417.5 420.1
Equals; Personal saving§
do
26.2
27 ^
25.6
29.5
29.8
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
44.90
All industries
bil. $
11.54
12.84
51.96
60.63
Manufacturing
do
18.58
22.45
4.67
5.59
26.99
9.43
Durable goods Industries _ .
do
2.83
2.37
11.40
13.99
9.16
Nondurable goods industries.
do
2.76
2.30
11. 05
13.00
Mining . .
_
do
1.19
.33
.30
1.30
1.47
Railroad
._
do
1.41
1.9S
.37
.35
1.73
Transportation, other than rail
do._.
2.38
.59
.64
3.44
2.81
6.22
Public utilities
. .
.
do
8.41
1.76
6.94
1.71
Communication
do
4.30
1.17
4.94
5.62
1.06
Commercial and other
do
10.83
12.74
2.84
3.01
11.79
Seas. adj. qtrly. totals at annual rates:
All industries
do
45.65 47.75
Manufacturing
do
20.15
18.85
10.15
Durable goods industries
do
9.60
Nondurable goods industries
do
9.20
10.00
Mining . . .
do
1.20
1.30
Railroad
_ __
do
1.55
1.50
Transportation, other than rail
do___
2.60
2.40
Public utilities.. .
do
6.35
6.30
Communication
do
4.40
4.40
Commercial and other
do
11.40
11.00
U.S. BALANCE OF INTERNATIONAL
PAYMENTS^ 1
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil $
9,565
37, 099 39, 147
9,371
43,039
Merchandise, adjusted, excl. military
do
6,587
25, 297 26,244 29, 168
6,370
Military sales
_..
do 747
198
844
189
847
1,322
Income on U.S. investments abroad
-__do
5,389
5,888
1,387
6, 245
Other services
do
1,458
5, 666
1,425
6,171
6,779
Imports of goods and services
do
-28, 637 -32, 203 -37, 937 -7, 208 -7,440
Merchandise adjusted excl military
do
-18,621 -21,472 -25, 510 -4, 730 -4,907
-691
Military expenditures.'
do
-694
-2,861 -2, 921 -3, 694
Income on foreign investments in the U.S__do
-362
-380
-1,455 -1,729
-2, 074
Other services
do
-5,700 -6,081 -6, 659 -1, 422 -1,462
Unilateral transfers, net (excl. military grants);
transfers to foreigners ( — )
mil $
-680
-694
-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
Transactions in U.S. Govt. assets, excl. official
-579
-405
-1,674 -1,575 -1,531
Transactions in U.S. official reserve assets, net;
increase ( — )
mil $
-151
1,222
70
171
568
Transactions in foreign assets in the U.S., net (U.S.
1,724
liabilities); increase (+)
mil. $.
664
3,314
3,301
391
Liquid assets
. _.
do
1,485
448
2,629
113
789
239
Other assets
_.
do
216
2,512
685
278
-335
Unrecorded transactions
___
do
-174
-383
-949
-415
Balance on liquidity basis— increase in U.S. official
reserve assets and decrease in liquid liabilities to
all foreigners; decrease (— )
mil. $
-518 -1,334
-2,800 -1,335 -1,357
Balance on official reserve transactions basis— increase in U.S. official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
-618
-239
official agencies; decrease (-)
mil. $. -1,548 -1,304
225
r
Revised.
v Preliminary,
i Estimates for Apr.-June 1967 based on anticipate d capital expendit ures of bu siness.
2
Estimates for July-Sept. 1967 based on anticij3ated cap ital expe nditures of bush less.
Anticinated expenditures for the year 1967 are as foil3ws (in bi .$):Alli idustries, 62.40; m mufactoring, total, 27.91; durable goods industries, 14 50; nondiarable g oods indi istries, 1 3.42;
mining, 1.56; railroad, 1.53; transportation, 3.82; pu hlic utilit ics, 9.12; commerci al and o ther
3
(incl. communication), 18.46.
Includes commui lication.




636.4 P641.9
459.1 T 463. 4
414.7 ' 418. 3
331.4 * 333. 2
16.1
16.2
67.3 ' 68. 9
44.4
45.2
57.8 '57.8
43.4
43.2
14.3
14.6
20.0
19.8

544.9
381.5
347.7
280.8
11.8
55.1
33.8
55.0
41.4
13.6
18.6

555.3
388.6
354.2
286.2
11.7
56.3
34.5
56.7
41.7
15.0
18.9

566. 5
397.2
362.0
292.1
12.1
57.8
35.2
57.2
42.0
15.2
19.1

582.8
408.4
372.4
300.0
13.1
59.4
36.0
57.8
42.5
15.3
19.2

600.3
420.8
381.3
306.9
13.6
60.7
39.5
60.0
42.8
17.1
19.2

610.4
430.7
390.2
313.8
14.2
62.2
40.5
59.3
43.3
16.0
19.3

622.1
441.2
399.6
320.1
15.1
64.3
41.6
59.2
43.3
15.9
19.4

634.1
450.2
407.4
326.1
15.8
65.6
42.7
58.6
43.4
15.1
19.6

72.6

73.4

74.9

78.7

81.1

81.3

81.9

84.6

78.1

"78.5

8.2
64.4
37.5
15.9
21.6

8.4
65.0
37.7
16.0
21.6

8.4
66.5
38.6
16.5
22.1

8.6
70.0
41.0
17.4
23.7

8.9
72.2
42.7
18.3
24.3

9.0
72.2
42.5
18.5
24.0

9.5
72.4
42.7
18.8
23.9

9.6
75.0
44.4
19.2
25.3

9.6
68.5
39.6
18.4
21.1

P9.3
p 69. 2

10.6
16.3
74.0
30.3
43.7
18.7
25.0
—1 4
17.1

10.9
16.5
75.6
30.9
44.6
19.4
25.2
—2. 1
17.6

11.2
16.7
75.8
31.1
44.8
20.2
24.6
-.9
18.2

12.0
17.0
80.8
33.1
47.7
20.9
26.8
-2.2
18.8

11.7
17.8
83.7
34.5
49.2
21.4
27.8
-2.6
19.3

12.0
17.8
83.6
34.5
49.2
21.6
27.6
-2.3
19.8

11.8
17.9
84.0
34.6
49.4
21.6
27.8
-2.2
20.4

12.0
18.6
83.9
34.6
49.3
21.2
28.2
.7
21.1

11.7
17.3
79.0
32.5
46.5
22.2
24.2
-.8
21.6

520.3
64.3
456.0
431.6
24.5

530.1
66.1
464.0
439.9
24.0

544.6
65.2
479.4
448.5
30.9

556.1
66.7
489.4
460.1
29.3

567.8
70.4
497.5
470.9
26.6

577.3
74.1
503.3
474.6
28.7

589.3
76.9
512.4
483.2
29.2

601.6
79.6
522.0
487.4
34.6

612.9
80.2
532.7
493.9
38.8

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
.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
5.61
2.87
2.74
.33
.40
.75
1.60
1.26
2.83

15.29
6.78
3.51
3.27
.40
.55
1.00
2.09
1.42
3.06

15.57
6.84
3.54
3.30
.37
.48
.82
2.36
1.36
3.33

17.00
7.75
4.07
3.68
.38
.55
.86
2.36
1.58
3.52

13.59 i 15. 62 2 15. 85
7.02
6.10
6.89
3.61
3.58
3.08
3.42
3.02
3.31
.41
.32
.38
.38
.41
.40
1.01
1.09
.70
2.49
1.84
2.35
1.35
2.87 34.51 34.54

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
25.60
13.15
12.45
1.40
1.75
3.30
8.25
5.35
12.35

60.10
26.80
13.85
12.95
1.55
2.00
3.50
8.30
5.50
12.45

61.25
27.55
14.35
13.20
1.45
1.85
3.40
8.55
5.60
12.85

62.80
27.75
14.50
13.25
1.45
2.35
3.50
8.50
5.95
13.30

61.65 161.55 2 62. 80
28.35
27.85
27.30
14.60
14.20
14.20
13.70
13.70
13.10
1.65
1.40
1.50
1.50
1.80
1.50
4.20
3.05
3.80
9.20
9.20
9.25
5.75
12. 55 3 18.15 3 17.95

8,768
5,628
210
1,499
1,431
-7, 232
-4, 669
-671
-401
-1, 491

10,180
6,880
192
1,562
1,546
-8, 139
-5, 475
-711
-424
-1, 529

10,080
6,811
230
1,474
1,565
-8, 233
-5, 556
-754
-435
-1,488

10,119
6,925
212
1,353
1,629
-8, 599
-5, 772
-785
-469
-1, 573

10,511 10, 618
7,203
7,181
222
209
1,469
1,535
1,630
1,680
-8,997 -9, 265
-6, 025 -6, 225
-861
-911
-475
-471
-1, 636 -1,658

10,913
7,382
206
1,587
1,738
-9, 762
-6, 580
-953
-565
-1,664

10, 997
7,402
210
1,654
1,731
-9, 913
-6,680
-969
-563
-1,701

"11,317
P7,690
P338
pi, 582
p 1,707
p-9, 981
p-6, 689
p-1,041
p-531
"-1,720

-664

-775

-725

-660

-632

p-722

-851

-733

-709

-1,657

-389

-885

-812

-981

-1,135

-932

-396

-490

-244

-445

-365

-500

-328

P79.2
^32.6
P46.6
23.1
P23.6
r
-.7
22 1

r 619. 1

r
79.1
' 540. 0

r 504. 0

-36.0

i—

-1,084 p-1,006
-338

p-741

842

68

41

271

424

68

82

-6

*1,027

286
-24
310
53

-342
-267
-75
-113

211
416
-205
-245

236
-12
248
-110

492
227
265
-233

1,145
54
1,091
-198

459
83
376
277

1,205
425
780
-229

"312
p-483
v 795
p-206

-818

199

-457

-259

-651

-122

-419

--536

-165

p-513

r
-18 — 1,825 ' p-830
861
-175
-443
-916
207
239
-834
tSe e corrospending n ote on p. S-l.
91ncludes i nventor> valuatic n adjust ment.
by con01 ersonal outlays (Comprise persona consum ption ex penditur es, inter 2St paid
sunie rs, and p ersonal t ransfer p ayments to foreig iers.
ersonal sa ving is e xcess of c isposabl 3 income over per sonal out lays,
§Pe
c?:\ lore com plete (let ails are g iven in the quar terly rev ews in t le Mar. June, S ept., and
Dec. issues of the SITRV EY; quar terly rev sions ba 3k to 196C are on p . 22 ff of t his issue

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