Full text of The National Income and Product Account : Second Quarter 1965

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CURRENT BUSINESS STATISTICS

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

1962 | 1963 j 1964

1962

II

Annual total

III

Data from private sources are provided

1963

IV

I

II |

1964

III | IV

I

II

1965

III

IV

I

| II

Seasonally adjusted quarterly totals at annual rates

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

560.3

589.2

628. 7

557.2

564. 4

572. 0

577.0

583.1

593.1

603.6

614. 0

624.2

634.8

641.1

656.4

665. 9

Personal consumption expenditures, total __do —

355.1

373.8

398.9

351.7

357. 2

363.0

368.0

371.1

376.6

379.5

389.1

396.0

404.6

405.9

416.9

424.4

Durable goods, total ©
do
Automobiles and parts .. _ d o _
Furniture and household equipment_-.do
Nondurable goods, total © _ _ _ . _ _ „
do
Clothing and shoes
~
do
Food a n d beverages _
- d o
Gasoline and oil
do
Services, total ©
__
do
Household operation
_ do
Housing
do
Transportation
_
do
Gross private domestic investment, total
do
Fixed investment
_
do
NonresidentiaL _ _
_ _._do
Structures
do
Producers' durable equipment ' _ _ •
do
Residential structures
do
Nonfarm.. _ _
_
do
Change in business inventories. __._.
do
Nonfarm __
.
• _
do
Net exports of goods and services.
do.
Exports
_
.
do
Imports
,__ do
Govt. purchases of goods and services, totaL.do
Federal
_ do
National defense
do
State and local
__
do
By major type of product:f
Final sales, total...
do
Goods, total
do
Durable goods
do
Nondurable goods. _ _
_ _
do
Services
_
do
Structures
_ __
do
Inventory change, total
_.„..
....do
Durable goods
do
Nondurable goods..
__._._.__
do

49 5
22 0
20.5
162.6
29.6
85.7
12.9
143.0
22.0
52.0
11.0
83.0
77.0
51.7
19.2
32.5
25.3
24.8
6.0
5.3
5.1
30.3
25.1
117.1
63.4
51 6
53 7

53 4
24.3
21.9
168.0
30 5
88.2
13 5
152 3
23.1
55 5
11 4
86.9
81 2
54.3
19 7
34.6
26 9
26 3
5.7
4 9
5.9
32 4
26 4
122.6
64.4
50 8
58 3

58 7
25.8
24.7
177.5
33.3
92.3
14 0
162 6
24.4
59 5
11 7
92.9
88.1
60.5
21 1
39.4
27 5
27.0
4.8
5.4
8.6
37 0
28 5
128.4
65.3
49 9
63 1

48 5
21.6
20.0
161.6
29.4
85.2
12 7
141.6
21.7
51 3
11.0
82.8
76.7
51.3
19 2
32.1
25 4
24.8
6.1
5.6
5.7
30 9
25 2
117.0
64.0
53 0
53 1

50 1
22 3
20.7
163.2
29 7
86 2
12 9
144 0
22 2
52 6
11 0
84.3
79 2
53 1
19 7
33 5
26 0
25 4
5.2
4 3
5.4
30 Q
25 2
117.4
63 3
51 3
54 1

51 1
23 0
21.0
165.3
30 2
86.7
13 4
146 7
22 4
53 6
11 2
84.7
78 3
52.7
19 5
33 2
25 6
25 0
6.4
53
4.9
30 5
25 5
119.3
64 4
50 9
55 0

52 2
23 6
21.4
166.6
30 3
87.5
13 3
149 2
22 8
54 5
11 3
82.6
78 1
52.1
19 0
33 1
26 0
25 4
4.5
38
4.5
30 0
25 6
121.9
65 4
51 5
56 5

52 6
23 9
21.4
167. 4
30 2
88 1
13 4
151 1
22 8
55 3
11 4
84.8
80 1
53 4
19 2
34 2
26 7
26 1
4.7
4 2
6.2
32 4
26 2
120.9
63 6
50 5
57 4

54 1
24 6
22.1
169. 2
31 1
88 5
13 5
153 3
23 5
55 7
11 4
87.9
82 1
55 1
20 0
35 1
26 9
26 4
5.8
52
5.7
32 6
26 9
123.0
64 2
51 0
58 8

54 9
24 9
22.7
168.9
30 6
88 7
13 7
155 7
23 3
56 5
11 5
92.4
84 3
56 5
20 5
36 0
27 9
27 3
8.1
69
7.3
34 4
27 i
124.3
64 4
50 3
59 9

57 4
25 5
23.9
173.7
32 3
90 6
14 0
158 0
23 6
57 5
11 7
89.7
86 5
58 1
20 7
37 5
28 4
27 8
3.3
3 fi
8.8
36 3
27 5
126.3
65 0
49 8
61 3

59 1
25 7
25.1
175.7
33 2
91 3
13 9
161 2
24 4
58 8
11 7
90.9
86 8
58 9
21 1
37 9
27 9
27 3
4.1
51
7.7
36 0
28 2
129.7
67 0
51 7
62 7

60 5
27 1
25.0
179.8
33 8
93 3
14 0
164 3
24 8
60 1
11 8
92.6
88 8
61 6
21 1
40 5
27 2
26 6
3.8
46
8.8
37 3
28 5
128.7
64 9
49 5
63 8

57 9
24 8
24.8
180.9
34 0
94 1
14 2
167 1
24 8
61 4
11 9
97.7
90 2
63 5
21 5
42 0
26 7
26 2
7.5
78
8.9
38 4
29 5
128.6
64 3
48 8
64 3

63 9
29 7
25.3
183.0
34 3
94 9
14 2
170 0
24 9
62 7
12 0
102.4
93 7
66 0
21 8
44 2
27 7
27 1
8.7
93
6.2
34 8
28 6
130.9
64 9
48 9
66 0

63 7
28 9
25.6
187.6
35 0
97 2
14 7
173 1
25 3
64 0
12 1
£01.1
94 4
66 4
22 7
43 7
28 0
27 5
6.7
71
7.5
39 8
32 3
132.9
65 9
49 4
67 0

554.3
278 5
106 2
172 9
213 3
62.6
6.0
2g
3.2

583. 5
291 1
113 1
178 1
226 9
65 5
5.7
28
2.9

623.9
311 3
122 8
188 4
244 0
68 6
4.8
33
1.5

551.1
276 6
105 5
171 1
212 1
62 4
6.1
2g
3.3

559.2
281 1
107 9
173 2
214 6
63 6
5.2
2 9
2.3

565.6
283 8
108 1
175 6
218 5
63 4
6.4
17
4.7

572.5
287 2
109 8
177 4
222 1
63 2
4.5
2 o
2.5

578.4
939 2
112 0
177 2
225 1
64 1
4.7
34
1.4

587. 3
292 9
114 3
178 6
228 2
66 2
5.8

595.5
295 3
116 2
179 1
232 1
68 0
8.1

3.5

4.3

610.7
304 9
120 1
184 9
237 3
68 5
3.3
2 2
1.1

620.1
308 3
121 6
186 8
242 8
69 0
4.1
35
.6

631.0
316 0
125 4
190 6
246 4
68 6
3.8
27
1.1

633.6
315 8
124 3
191 5
249 7
68 1
7.5
44
3.1

647.6
323 8
130 9
192 9
254 2
69 6
8.7
71
1.6

659.2
330 5
132 3
198 2
257 g
70 9
6.7
62
.5

Gross national product, totalf

2 q

3

Q

GNP in constant (1958) dollars
Gross national product, totalt—

-

bil. $..

Personal consumption expenditures, totaL.do
Durable goods..
Nondurable goods ...
Services.

„

_..__.__do
do
do

Gross private domestic investment, total... do
Fixed investment
_.
do
Nonresidential
do
Residential structures.
do
Change in business inventories
__do
Net exports of goods and services
do_...

530.0

550.0

577.6

527.9

533.6

538.5

541.2

544.9

553.7 "560.0

567.1

575.9

582.6

584.7

597.5

601.4

338.6

352.4

372.1

335.9

340.3

344.8

348.3

350.0

355. 1

356.4

364.5

369.8

377.3

376.8

385.9

390.2

49.2
158 4
131 1

53 2
161 8
137 3

58 5
169 4
144 2

48.1
157 8
130 1

49 7
158 9
131 8

50 8
160 2
133 8

52 0
161 0
135 3

52 3
161 2
136 5

54 1
163 0
138 0

54 7
162 1
139 6

57 0
166 4
141 1

58 7
167 8
143 3

60 2
171 6
145 5

57 9
171 8
147 1

63 7
173 4
148 8

63 5
176 2
150 5

79.4
73 4
49 7
23.8
6.0
4.5

82.3
76 6
51 9
24.7
5.7
5.6

86.3
81 7
57 1
24.6
4.6
8.5

79.0
73 1
49 3
23.8
5.9
5.2

80.6
75 3
51 1
24.2
5.3
4.9

80. 7
74 5
50 7
23.8
6.2
4.4

78.7
74 2
50 0
24.2
4.4
4.0

80. 5
75 8
51 2
24.6
4.6
5.8

83.0
77 2
52 6
24.6
5.8
5.5

86.9
79 0

83.8
80 7
55 1
25.7
3.0
9.0

85. 2
80 7
55 7
25.0
4.5
8.1

86.0
82 2

90.2
83 1

94.7
86 2

93.0
86 5
62 0
24.5
6.5
6.7

Govt. purchases of goods and services, total-do
107.5
107. 8
109.8
110.7
107.8
Federal
do
60 0
60 7
59 7
57 8
60 2
State and local..
do
47.5
47.1
50.0
52l 8
47.fi
r
Revised, v Preliminary. fRevised series. Estimates of national income and product
and personal income have been revised back to 1929 (descriptive material and earlier data
appear on p. 6 ff. and p. 24 ff., respectively, of the Aug. 1965 SURVEY); revisions prior to June
784-836 O-65-5




co 7

25.3
7.9
7.1

108.7
108.5
110.3
109.9
110.0
109.6
59 2
60 6
61 3
59 7
58 2
58 7
48.0
49/1
49.5
50. 3
50.8
51.7
1964 for personal income appear on pp. 54-56 of the
shown separately.

KQ 1

en a

24.1
3.8
8.7

23.6
7.1
8.3

fi1 Q

24.3
8.6
6.0

111.5
110.5
110. 9
112.8
109.4
56 8
59 9
57 1
56 4
56 1
52.9
53.4
53. 3
54.5
54.7
Aug. 1965 SURVEY. ©Includes data not

s-1

September 1965

SUEVEY 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

Annual total

1962

IV

I

II

1965

1964

1963

III

IV

I

II

III

I

II

526. 3

541.4

' 550. 3

375.4

383.1

388.7
355.0
287.3
11.8
55.9
33.8
54.6
40.1
14.5
18.6

!V

III

IV

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income totalf
bil $

457.7
323.6

Private
Military

do
do

Supplements to wages snd salaries
Proprietors' income total?

do
do

Farm
Rental income of persons
Corporate profits and inventory valuation
ment total
Corporate profits before tax total
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits
Inventory valuation
fldjustment
Net Interest

do
do
adjustbil $

_

Seas. adj. qtrly. totals at annual rates:
All industries

365.3

465.6
328.8

470.4
333.6

476.7
338.0

484.6
343.0

492.6
349.5

501.6
355.1

510.5
361.9

519.5

369. 0

296. 1
240.1
10.8
45.2
27.5
50.1
37.1
13.0
16.7

311.2
251.6
10.8
48.8
29.8
50.8
37.8
13.0
17.6

333.5
269.2
11.7
52.6
31.8
51.1
39.1
12.0
18.2

300.6
243.5
10.3
46.8
28.2
49.8
37.3
12.6
17.2

304.5
246.3
10.5
47.7
29.0
50.7
37.5
13.2
17.1

308.4
249.4
10.6
48.4
29.6
50.5
37.6
12.9
17.4

312.9
253.2
10.7
49.1
30.1
50.9
37.9
13.0
17.7

318.8
257.4
11.6
49.9
30.7
51.0
38.0
13.0
18.0

324.2
261.6
11.6
51.0
30.8
50.4
38.5
11.9
17.9

330.4
266.9
11.6
51.9
31.5
51.0
39.0
12.0
18.1

336.8
271.7
11.7
53.3
32.2
51.4
39.4
12.0
18.3

342.6
276.5
11.9
54.3
32.7
51.8
39.6
12.2
18.5

63.6

64.5

65.5

64.9

71.7

'72.0

65.9
28.1
37.8
17.7
20.0
-1.0

73.1
29.1
44.0
17.8
26.2
-1.4

'73.7
29.4
44.4
18.2
'26.1
-1.7

55.7

58.1

64.5

57.4

56.3

57.6

59.1

59.6

do
do
do
do
do
do

55.4
24.2
31.2
15.2
16.0
.3

58.6
26.0
32.6
15.8
16.8
-.4

64.8
27.6
37.2
17.2
19.9
-.3

56.5
24.7
31.8
15.6
16.3
.9

56.1
24.9
31.2
15.6
15.6
.2

58.5
26.0
32.6
15.7
16.8
-.9

58.9
26.1
32.8
15.8
17.0
.2

60.8
27.0
33.8
16.1
17.7
-1.2

64.0
27.3
36.7
16.7
20.0
-.4

64.5
27.5
37.0
17.1
19.9
.0

65. 3
27.8
37.5
17.4
20.1
.2

do

11.6

13.6

15.2

12.4

12.7

13.2

13.9

14.5

14.5

15.0

15.4

15.7

16.1

16.4

385.3
363.7
21.6

464.8
60.9
403.8
383.4
20.4

495.0
59.2
435.8
409.5
26. 3

450.3
59.5
390.8
371.9
18.9

456. 1
60.4
395.7
377.1
18.5

460.1
60.6
399.4
380.5
18.9

467.1
61.0
406.1
386.3
19.8

475.6
61.6
414.0
389.5
24.4

483.0
60.4
422.6
399.3
23.3

490.6
56.9
433.6
406.3
27.3

499.1
58.8
440.3
415. 3
25.0

507.1
60.7
446.4
416.9
29.5

516.6
64.8
451.9
428.1
23.8

524.9
66.0
458.9
436.0
23.0

11.11

Less: Personal outlays 0 _ _ _ _ _ „
__do
Equals: Personal saving §
do.
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadi'usted quarterly or annual totals:
All industries
bil. $

Mining
Railroads
Transportation, other than rail
Public utilities
Communications
Commercial and other

341.0

514.4

349.8
282.9
11.8
55.0
33.4
51.9
39.9
12.0
18.5

DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total..
bil. $_. 442.6
57.4
Less: Personal tax and nontax payments
do ___

Manufacturing
Durable goods Industries __
Nondurable goods Industries...

481.1

37.31

39.22

44.90

10.18

8.25

9.74

10.14

11.09

9.40

11.54

12.84

10.79

' 12. 81' 1 13.02

2 14. 30

do
do
do..

14.68
7.03
7.65

15.69
7.85
7.84

18.58
9.43
9.16

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

'5.47
'5.48
' 2. 76 '2.71
' 2. 70 '2.77

6.40
3.24
3.17

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

.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
.39
.58
1.32
1.08
2.59

'.33
'.44
'.77
'1.71
1.24
'2.85 '

.35
.39
.73
1.84

do

37. 95

36.95

38.05

40.00

41.20

42.55

43.50

45.65

47. 75

49.00

' 50. 35 '151.15

do

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

' 21. 55 ' 22. 00 23.00
' 10. 80 ' 10. 90 11. 60
' 10. 70 ' 11. 05 11.40

Nondurable goods industries

do

15.00
7.30
7.70

Mining.. _
Railroads.
Transportation, other than rail
Public utilities
Communications
_
Commercial and other
.

do
do
do
do
_ _do_ _
__do_ .

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

1.25
1.75
2.55
6.80
4.55
11.30

' 9, 882

9,758

4,663
'662
1, 827

' 5, 469
693
1, 916

'224
'973

288
1,128

1, 533
1, 159
'688
'-314

264
882
-115
-503

' 9, 191

10, 173

Manufacturing

U.S. BALANCE OF INTERNATIONAL
PAYMENTScft
Quarterly Data are Seasonally Adjusted
U.S. payments, recorded
mil. $_. 33, 585

36, 280

40, 018

8,610

8,803

9,595

8,619

9,263

9,380

9,691

9,997

10, 950

1.30
'1.55
'2.70
'6.85
4.80

do
— .do
do

16, 173
3,078
5,878

16, 992
2,929
6,515

18, 619
2,824
7,014

4,053
801
1,528

4,058
755
1,576

4,219
738
1,594

4,343
721
1,653

4,372
715
1,692

4, 410
732
1, 736

4,599
720
1,742

4,709
691
1,736

4,901
681
1,800

Govt. grants and capital outflows

_._do

738
4,293

837
4,551

839
4,260

192
1,079

216
1,104

212
1,294

201
1,019

208
1,134

209
966

203
1,083

207
1,085

220
1,126

do
do
do
do

3, 425
1,654
1,227
544

4,456
1,976
1,695
785

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

957
514
314
129

1,094
626
562
-94

1,538
466
586
486

682
266
319
97

1,142
618
228
296

1,327
464
274
589

1,344
540
256
548

1,569
551
612
406

2,222
821
833
568

do

32, 579

34, Oil

38, 381

8,371

7,764

8,563

8,677

9,007

9,411

9,261

9,695

10, 014

do
do

20, 604
9,674

22, 069
10, 284

25, 288
11, 729

5,037
2,581

4,993
2,510

5,494
2,615

5,622
2,516

5,960
2,643

6,149
2,935

6,067
2,924

6,382
2,953

6,690
2,917

Repayments on U^S. Govt. loans
do
Foreign capital other than liquid funds (net), do

1,280
1,021

970
688

697
667

287
466

183
78

194
260

404
135

189
215

213
114

193
77

190
170

101
306

'174
'347

190
-101

Excess of recorded receipts or payments (— )__ .do
Unrecorded transactions (net)
do

-1,006
-1,197

-2,269
-401

-1,637
-1,161

-239
-472

-1,039
-160

-1,032
-76

58
-268

-256
103

31
-288

-430
-152

-302
-291

-936
-430

'-691
'-10

415
-166

U S private capital (net)
Direct investments
Long-term portfolio
Short-term
U.S. receipts recorded
Exports:
Merchandise
Services and military sales

r
r

3 4. 30 34.58
2

52. 95

1.35
1.65
3.00
6.65

rl.30

' 1.55
'2.90
'6.55

' 11. 60r 3 16.90

Imports :
Merchandise
Military expenditures
Other services

r

'.33
'.40
'.70
1.82

3

17. 25

' 5, 586 ' 6, 762
' 3, 084
3,322

Total, net receipts or payments (— )
do
-210
-582
-153
-257
-593 -1,366 ' -701
~2, 203 -2,670 -2,798
-711 -1,199 -1,108
'249
Net receipts or payments (— ), inch transactions in
nonmarketable, medium-term convertible Govt.
securities.
mil. $
-955
-460
-35
-257
-390 -1.316 ' -650
-849
-128
-1.967 -2.423
249
r
Revised.
* Preliminary.
fSee corresponding note on p. S-l (revisions for qtrs. prior to 4th qtr. 1962 appear on p. 24 ff.
1 Estimates for July-Sept. 1965 based on anticipated capital expenditures of business.
of the August 1965 SURVEY) .
9 Includes inventory valuation adjustment.
2
Estimates for Oct.-Dec. 1965 based on anticipated capital expenditures of business.
© Personal outlays comprise personal consumption expenditures, interest paid by consumers,
Anticipated expenditures for the year 1985 are as follows (in bil. $): All industries, 50.92;
and personal transfer payments to foreigners.
manufacturing, total, 21.88; durable goods industries, 10.96; nondurable goods industries,
§ Personal saving is excess of disposable income over personal outlays.
10.92; mining, 1.31; railrcads, 1.62; transportation, 2.79; public utilities, 6.69; commercial and
cf More complete details are given in the quarterly reviews in the Mar., June, Sept.,
other (incl. communications), 16.63.
3 includes communications.
and Dec. issues of the SURVEY.
tRevised data for 1960-61 appear on p. 10 of the June 1964 SURVEY.