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SURVEY OF CURRENT BUSINESS 6 large advance in corporate profits and both private and government wage and salary payments increased substantially. The continued rise in business activity resulted in some gain in nonfarm proprietors' income, but farm proprietors' income did not quite match the 1962 total. On an industry basis, the recent national income gains were centered in the cyclically volatile commodity producing and handling sectors. Income and output also continued to increase during 1963 in the trend-dominated servicetype industries. Personal income, at $463 billion in 1963, was up $21 billion or nearly 5 percent from 1962. Income after taxes increased by $18 billion to total $403 billion for the year. J ; U i U ; i r v 11)04 The Current Expansion Has Been Stronger Than the Two Previous Postwar Upturns Whether Measured From; Percent Increase in Real GNP 25 PREVIOUS PEAK TROUGH 20 n 10 Market Pattern of 1968 Advance WITH incomes higher and consume s making' increased use of credit, personal consumption expenditures rose to $373 billion, a gain of $17% billion or about 5 percent. Consumer durables up The increase of nearly $2 billion in consumer spending on new autos was the major factor in the $3% billion or G^-percent rise of personal consumption expenditures for durable goods. Following a sharp advance early in the fourth quarter of 1962, when the new 1963 models were introduced, car sales continued high throughout 1963. A small dip occurred late in the third quarter when dealer inventories became low and unbalanced, but, with the introduction of the 1964 models, sales jumped back in the closing quarter to reach their best pace of the year. Home appliance and furniture demand also increased in 1963, aided in part by the high rate of home building activity during the last 2 years. Advancing strongly in the latter half of 1963, purchases of these items at $21 billion, was $1 billion, or 5/2 percent over 1962. Sales of other durables continued their slow uptrend of recent years, advancing by about 4% percent to a total of $8 billion. Table 1.—Key Income and Prod net Data, 1961-63 [Billions of dollars] Seasonally adjusted at annual rates 1961 19(>2 1%3 1962 IV Gross national product _ _ _ _ Personal consumption expenditures Durable goods Nondurable goods Services _ . _ _ _ . Gross private domestic investment Residential construction Business fixed investment Change in business inventories 1963 I 11 III IV 518. 2 554. 9 585.0 5fi5. 2 571.8 579.6 588.7 600. 0 336,8 43.6 155. 1 138.0 355. 4 48.2 161.4 145. 7 373.2 51.5 167. 2 154. 5 362. 9 50. 5 163. 6 148.9 367. 4 50. 6 165. 3 151.4 370.4 51.0 165.9 153. 5 374. 9 50.8 168. 6 155. 5 380.0 53. 5 108. 8 157. 6 69.0 21.0 46.0 1.9 78.8 23.2 500, 0 5. 5 82.3 25.0 52. 5 4. 7 78. 8 23.7 51. 1 4.0 77.8 22.7 50. 0 5. 1 80.7 24.8 51.7 4.3 83.7 25. 9 53. 6 4.2 87. 0 26.7 55.0 5.3 4.4 3.8 4.4 3.3 3.6 4.8 4.3 5.0 __ 107.9 57.4 50.6 117.0 62.4 54.6 125. 1 66.4 58.8 120. 2 63.6 56.6 123. 0 65. 5 57.5 123.8 66. 5 57.3 125. 7 66. 4 59.4 128. 0 67.0 61.0 Gross national product in constant (1963) dollars 531.2 563. 6 585. 0 571.4 575.7 580.8 587.5 595.7 National income _ _ _ _ _ _ 126. 1 453. 7 478.4 462. 2 466. 7 474.6 482.0 N.A. 302.1 43.8 80.2 322.9 47.0 83.8 340.4 51.3 86.7 327. 7 49.3 85.2 332.0 48.8 85. 9 338.7 50. 1 85.8 342.8 52.2 87.0 347. 9 N.A. 88.0 473.0 Xo.t exports of goods and services Government purchases Federal State and local . _ _ __ Compensation of employees Corporate profits •Ul other 417.4 442.1 463.0 449.9 453.9 459.9 465. 2 Disposable personal income 364.4 384, 4 402.6 391.4 394.5 400.0 404.4 411.3 Disposable income in constant (1963) dollars 372.6 389.5 402.6 394.6 396.1 400.4 403. 6 409.3 Personal income ._ _ - i The figures for 1963 and its fourth quarter are based on incomplete data. be published in the February SURVEY. Final figures in the usual amount of detail will 1948-1953- 1957-1960- ' 52 57 60* 63 Peak to the 11th Quarter of Expansion 1949- 1954- 1958- 196152 57 60* 63 Trough to the 11th Quarter of Expansion * Through the cyclical peak, 9 qtrs. foil owing the' trough. U.S. Department of Commerce, Office of Business Economics 64-1-8 Nondurable* and services also higher Nondurable goods expenditures—although fluctuating somewhat erratically during the year—gained nearly $6 billion to total $167 billion in 1963. Food buying moved up by about 3 percent; about half of this increase was due to higher prices. There were sizable gains for gasoline and oil and for most other nondurables. Apparel purchases, on the other hand, were only slightly higher. Consumer expenditures for services, continued to increase, about in line with the long-term growth. At Slo4 l 2 billion, consumer services were up by nearly $9 billion. As in other recent years, these purchases moved up fairly smoothly and the 1963 gains were widespread among the major types of services. Residential construction up sharply Residential building moved steadilyupward during 1963 to total $25 billion for the year. This was a gain of $2 billion, or 8 percent. A total of more than 1 3 2 million new private nonfarm units were started in 1963, nearly 125,000 or 8 percent above 1962. As in the preceding 2 years, multifamily units have accounted for all of the gain in housing starts. Last year roughly half a million multifamily dwelling units were started, more than 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. Except as otherwise stated, the terms "unadjusted" and "adjusted" refer to adjustment for seasonal variation. 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 1960 | 1961 | 1962 1960 III Annual total Data from private sources are provided 1961 IV I II 1962 III | IV j II 1963 III IV I II IIIi Seasonally adjusted quarterly totals at annual rates GENERAL BUSINESS INDICATORS—Quarterly Series NATIONAL INCOME AND PRODUCT bil $ 414 5 426 1 453 7 415 4 412 8 411 1 423 2 499 o 441 0 444 7 452 4 455 5 462 2 466 7 474 6 482 0 do 293.6 302.1 322. 9 295.8 293.9 294.0 300 1 304 4 309 9 316 0 322 5 325 3 327 7 332 0 338 7 342.8 271.3 9.9 38.5 22.3 46.2 34.2 12 0 12 1 278.8 227 0 10 2 41.6 23.3 48.1 35. 3 12.8 12 1 297. 1 241 6 10.8 44. 7 25.7 49.8 36. 5 13.3 12 0 273.3 224 2 9 9 39.1 22.5 46 1 33.8 12 2 12 1 271.3 221 6 10.0 39.7 22.5 46 6 33.8 12 7 12 1 271. 2 220 8 10 0 40.4 22.8 47 0 34. 2 1? 8 12 1 276. 9 225 8 10 0 41 2 23.1 47 6 35.0 12 6 1° 1 281.0 29S 8 10 0 42 2 23.4 48 3 35.7 12 6 12 1 286. 1 239 5 10 8 ^2 8 23.8 49 5 36. 3 139 2 I 0 290.7 236 1 11 1 43 6 25.2 49 5 36.0 13 5 12 0 296. 8 241 7 11 0 44 1 25.7 49 6 36.5 13 1 1° 0 299.4 243 7 10 7 45 0 25.9 49 8 36.6 139 2 I 0 301. 5 944 7 10 5 46 3 26.2 50 3 36.9 13 4 12 0 304.5 246 7 10 7 47 1 27.5 50 7 37.2 13 5 12 0 310.8 25° 2 10 8 47 8 27.9 50 0 37.4 12 6 12 0 314. 6 255 I 10 8 48.7 28.2 50 5 37.8 12 7 12 I 44 5 43 8 47.0 43 2 41 5 38 8 43 6 44 0 48 6 46 1 46 5 46 1 49 3 48 8 50 1 52 2 44 3 22.3 92. 0 14.5 7.5 .2 43 8 22,0 21 8 15. 3 6.5 .0 46 8 22.2 24.6 16.6 8.1 .2 42 1 21. 2 20 9 14.6 6 4 1.2 41 1 20.6 20 4 14 8 5 0 5 38 5 19.4 19 2 15.0 4 2 .3 43 4 21.8 21 6 15 1 6 5 .2 44 3 22.3 22 0 15 2 6 8 o 48 9 24.6 24 3 15 8 8 5 — 3 45 9 21.7 24 9 16 2 8 0 1 46 7 22.1 94 6 16 4 8 ° _ 2 46 2 21.9 24 3 16 5 7 8 — i 48 4 22.9 95 5 17 1 8 4 g 48 3 22.9 25 4 17 1 8 3 52 2 24.7 27 5 17 6 98 4 51 0 24.2 26 8 17 6 9 2 — 9 -do 18.0 20.0 22.0 18.2 18.8 19.1 19.8 20.3 21.0 21.2 21.7 22.3 23.0 23.3 23.7 24.3 do 502.6 518.2 554. 9 503. 5 502. 1 500. 4 512. 5 521.9 537. 8 544.5 552. 4 556. 8 565. 2 571. 8 579.6 588.7 Personal consumption expenditures, total. _do 328. 2 336. 8 355. 4 328.7 330. 3 330.7 334. 9 337.9 343.8 348.8 352.9 356.7 362.9 367.4 370. 4 374. 9 44 9 18.8 19.1 151. 8 98 1 79.5 11 7 131. 5 19 5 41.9 10 7 43 6 17 1 19.2 1 55. 1 28 6 81. 1 11 9 138. 0 20 4 44 1 10 7 48 2 20.4 20.2 161.4 29 8 84.2 19 3 145. 7 91 5 46.6 11 3 44 6 18.3 19.1 152. 0 28 3 79.4 11 8 132. 2 19 6 4? 1 10 7 43 9 17 9 18.8 152 3 27 7 79 9 11 9 134.2 19 9 42 8 10 8 41 2 43 9 17 0 19.6 155 3 2S 6 81 2 11 9 138. 8 90 6 44 4 10 7 46 4 18 9 20.0 156 9 29 3 81 6 11 9 140. 5 47 3 19 7 20.0 158 9 29 7 82 7 20.6 163 6 29 9 85 2 1° 6 148. 9 91 8 47 6 11 6 151. 4 92 2 48 2 11 8 51 0 22 3 20.7 165 9 29 7 86 3 13 0 153.5 29 4 48 8 12 1 50 8 21 5 21.3 168 (6 30 ) 87 2 45 0 10 8 47 7 19 8 20.3 1H2 5 °9 9 85 0 1° 3 146.6 21 5 46 9 11 4 50 6 142.6 21 3 45' 6 11 1 47 5 20 1 19.8 160 6 99 5 83 9 12 2 144.8 21 5 46 3 11 3 50 5 18.3 153 9 28 2 80 6 11 9 135. 6 20 0 43 3 10 7 43 1 16 7 19.1 154 5 28 2 81 0 11 7 137.3 20 4 43 8 10 6 do 71.8 69.0 78.8 70.9 65.3 59.6 66.6 72.0 77.6 77.3 79.6 78.9 78.8 77.8 80.7 83.7 do... do do do do 40.7 21. 1 27.6 35 3 2 41.6 21 0 25.5 19 15 44.4 23 2 28.8 5 5 4 9 40 5 21 0 27. 7 2 7 2 3 40 7 20 5 26.8 2 3 —2 7 39 3 19 0 24.6 —4 3 —4 6 41 0 20 1 24.5 I i g 42 6 21 9 25.8 3 5 3 2 43 2 22 8 27.1 7 2 6 9 41 7 27.4 81 7 6 44 5 23 3 28^7 6 5 5 8 46 0 24 2 29.3 3 6 2 8 45 0 23 7 29.9 4 0 3 2 439 7 2 7 29.0 5 1 4 3 45 8 24 8 30.7 4 0 36 47 9 25 9 31.6 do do do 3.0 26 3 23 3 4.4 27 5 23 1 3.8 28 9 25 1 3.3 26 7 23 4 4.9 27 0 22 1 5.4 27 5 22 1 4.3 26 5 22 2 4.1 97 8 23 7 4.0 °8 3 24 2 3.3 27 9 9 46 4.4 29 5 25 0 4.1 29 4 25 3 3.3 28 8 25 5 3.6 28 6 94 9 4.8 4.3 0-1 i 25 9 97 1 99.6 53 1 45.7 46.5 107.9 57 4 49 0 50.6 117. 0 62 4 53.3 54.6 100. 5 53 5 45 9 47.0 101. 6 53 7 45 9 48.0 104.7 55 4 47 5 49 3 106.8 57 1 49 0 49 7 107.9 57 1 48 6 50 8 112.3 59 8 50 9 52 5 115. 1 61 8 52 5 53 3 115.5 61 9 59 9 53 6 117.0 go 4 53 5 54 6 120.2 63 6 54 3 56 6 123.0 65 5 56 4 57 5 123.8 66 *5 56 7 57 3 125.7 499.1 253. 7 94.2 159. 5 188.8 56.7 516 3 257. 3 93.8 163.5 200 4 58.6 549 3 272.8 101.5 171.3 214 5 62. 1 500 7 254.1 93.8 160. 3 189 9 56 8 504 4 254.3 93.2 161.1 192 8 57 3 504 7 252. 8 90.6 162.2 195 3 56 7 511 4 254.6 92.1 162. 5 199 1 57 7 518 3 257. 6 94.3 163.3 201 5 59 2 530 5 264.0 98.2 165.8 205 7 60 9 536 3 268.1 99.9 168.2 209 0 59 2 546 0 270.7 99.9 170.8 213 5 61 8 553 1 274.8 102.6 172.1 215 2 63 1 561 2 277.4 103.5 174.0 220 2 63 6 566 6 281.7 106.3 175.3 222 5 62 5 575 4 285.6 109. 6 176.0 Inventory change, total do 3.5 2.7 5.5 -2.3 -4.3 7.2 1.1 1.9 3.5 3.6 8.1 6.5 2.3 Durable goods do —.4 2 9 1 4 —6 6 —2 7 2 0 4 7 —1 5 31 2 5 4 8 Nondurable goods do 1.1 2.2 2.6 .4 2.3 1.3 2.5 2.6 3.3 1.5 3.4 1.2 r Revised. cf Includes inventory valuation adjustment. 0 Includes data not shown separately. 9 Government sales are not deducted. 1 Preliminary data for 4th qtr. 1963 for selected items appear on p. 6 of this issue of the SURVEY. 4.0 13 2.6 5.1 j1 4.0 National income total Compensation of employees, total.. _ Wages and salaries, total do__. . Private do Military _ do Government civilian _ do Supplements to wages and salaries do Proprietors' income, total cf _do Business and professional^" do Farm _ do Rental incoino of persons do Corporate profits and inventory valuation adjustment total bil $ Corporate profits before tax total Corporate profits tax liability Corporate profits after tax Dividends Undistributed profits Inventory valuation adjustment Net Interest do do do do <?o do ... - Gross national product, total Durable sroods, total 0 do Automobiles and parts _ _ _ -do Furniture and household equipment-.-do Nondurable goods, total 0 do Clothing and shoes do Food and alcoholic beverages do_ Gasoline and oil do Services, total © do Household operation do Housing do Transportation do Gross private domestic investment, total New construction Residential nonfarm Producers' durable equipment Change in business inventories Nonfarm Net exports of goods and services Exports Imports Govt. purchases of goods and services, totaL.do Federal (less Government sales) do National defense 9 do State and local. _ do. . By major type of product: Final sales, total Goods, total Durable goods Nondurable goods Services Construction _ _ do do do do do do 222 9 •>Q g 19 1 91 2 90 O 9° 0 20.9 165 93 30 85 8 I O C Or» 7 99fi f^ o •iq t 155. 5 99 8 49 r> 12 9 3 Kft 7 7 "Q /I KOA R 288.2 110.0 178. 3 63 3 f\R 7 4.3 30 1.3 4.2 s-1 2.4 SURVEY OF CURRENT BUSINESS S-2 1960 Unless otherwise stated, statistics through 1962 and descriptive notes are shown in the 1963 edition of BUSINESS STATISTICS ! 1961 1962 Annual total 1961 I 1962 IV III II •January I II 1963 III IV I 1964 II III IV I * W. 92 -• § ftf 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 total fail. $ Personal consumption expenditures, total _do _ _ Durable goods Nondurable goods Services - - do__ do do 439. 9 447.7 474.8 434. 0 443.4 450. 4 463. 1 467.8 474.0 475. 6 481.4 485. 3 489.4 495.1 29S. 1 303. 6 317.fi 298. 5 302. 2 304. 5 309. 2 313.0 315. 9 318.6 322.9 325. 5 327.0 330.1 42.2 141.4 114.5 41.5 143. 3 118. 9 45.6 147.8 124.3 39.3 141.9 117.3 40.9 142.9 118.4 41.6 143. 5 119.4 44.1 144.7 120.4 44.7 146.0 122. 3 44.7 147.4 123.8 45.0 148.8 124.8 47.8 148. 9 126. 2 48.1 150.1 127.3 48.0 150.5 128.5 48.0 152.6 129.6 60. 2 57. 5 65. 2 49.7 55. 6 59.9 64.7 04.4 66.0 64.8 65.2 64.6 66.4 68.6 i 34.4 22.7 36.7 23.8 3.1 34.7 21.0 1.7 33.1 20. 2 -3.6 34.2 20.2 1.2 35. 5 21.3 3.1 36. 0 22. 4 6.3 34.7 22. 7 7.0 36.8 23.6 5.7 37.8 24.2 2.9 36.9 24.8 3.4 35.7 24.0 4.9 37.3 25.3 3.8 38.6 26.1 4.0 1.7 2.3 1.8 3.6 1.9 1.9 1.7 .9 2.6 2.3 1.4 1.8 2.8 2.3 Govt purchases of goods and services, total.-do Federal __do State and local do 79.9 42.3 37.6 84.3 44.8 39. 5 90.2 49.0 41.2 82.3 43.1 39.1 83.7 44.0 39.1 84.2 44.6 39. 5 87.4 47.0 40.4 89.4 48.7 40. 7 89.5 48.8 40.7 89.9 48.8 41.1 91.9 49.6 42.3 93.4 50.6 42.9 93.2 51.0 42.1 94.1 50.7 43. 4 DISPOSITION OF PERSONAL INCOME Quarterly Data Seasonally Adjusted at AnnualPat.es personal income total bll. $ Less: Personal tar and nontax payments do Fouil^* Disposable personal Income do 401. 3 51. 4 349. 9 417.4 52.9 364. 4 442. 1 57.7 384. 4 406. 6 51.3 355. 3 414. 5 302! o 420. 2 53.0 367. 2 428.0 54. 9 373. 1 433. 5 50. 2 377. 3 440. 7 57. 9 382. 7 444.5 58. 1 386. 5 449. 9 58. 5 391.4 45H. 9 59. 4 394. 5 459. 9 59. 9 400.0 465. 2 60.8 404. 4 21.7 27.0 29. 1 24. 5 27.1 29. 2 29. 3 28. f, 29. 8 29.7 28. 5 27.1 29. (» 29.5 35. 68 34. 37 37. 31 7.57 8.61 8. 05 9. 54 8. 02 9.50 9.62 10.18 8. 25 9.74 10.14 do do do 14. 48 7.18 7. 30 13. 68 6. 27 7. 40 14. 08 7.03 7. 05 3. 00 1.41 1.59 3.46 1.58 1.88 3.34 1.50 1.84 3.88 1.79 2.09 3.14 1.44 1.09 3.69 1.77 1.92 3.72 1.79 1.93 4.13 2.03 2.10 3. 27 1.02 1.05 3.92 1.96 1.95 3.95 1.96 1.90 4.48 '• 2.23 2.25 3 .flf*I. 79 !.. W Mining .do Railroads _ _do Transportation other than rail do Public utilities do Communications _ do Commercial and other ___ - - -do .99 1. 03 1.94 5. 08 3. 13 8.44 .98 .67 1.85 5. 52 3.22 8. 46 1.08 .21 .17 .41 1.09 .75 1.94 .26 .18 .48 1.39 .81 2. 04 .25 . 16 .47 1.50 .78 2.10 .26 . 10 . 50 1.54 .88 2. 32 .26 . 10 .47 1 . 00 .88 2.00 .27 .26 .60 1.37 .93 .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 31 54 1 60 .•m 2fi' ¥'f 1 1(8 33.71 5 3. 30 33. 85 33. 50 34. 70 35. 40 35. 70 36. 95 38. 35 37.95 36. 95 38.05 40.00 13.75 6.50 7. 25 13.50 6.20 7.30 13. 65 6. 10 7.55 14.00 6. 40 7.60 14. 20 0. 55 7. 00 14.45 6.95 7. 50 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 16.25 8 05 8.20 ML 4& 8 2tt .95 I. 00 1.00 1.15 1.05 1. 80 5. 50 3.15 1.90 5. 05 3. 20 8 60 2.25 5. 40 3. 05 9 25 LOO . 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 1.85 5.90 3.85 10.20 1.05 1. 30 2.05 5.80 1 .05 I.I A 2 20 5. 60 7 <;o 2. 05 5. 1 5 3.70 8 75 1. 10 1. 00 2.00 5. 75 3.60 9.>. 00 85 1.05 1.75 5.35 3. 20 8 15 1.00 . 60 1 . 95 5.55 3. 35 ( > 00 Gross private domestic Investment, total__-do New construction _ Producers' durable equipment Change In business inventories Net exports of goods and services do do_ _do__ . do Personal ''avln0' § _do___. NEW PLANT AND EQUIPMENT EXPENDITURES Unadjusted quarterly or annual totals: \llindtistries bil. $_. Alan uf acturin g Durable goods Industries Nondurable goods industries 4.8 .85 2. 07 5.48 3.03 9. 52 Seas. adj. qtrly. totals at annual rates: ATanufacturing Nondurable goods Industries do -do Mining,.. Railroads do do Public utilities ' do BUSINESS POPULATION Firms In operation, end of quarter (seasonally adjusted) thous U.S. BALANCE OF INTERNATIONAL PAYMENTS* Quarterly Data are Seasonally Adjusted U S payments, recorded __m1I. $. 4 7f> 1 9ft 4, 058 4 4. 713 * 4, 755 4, 740 4. 750 4. 700 4. 770 -1. 7x0 4, 790 4, 800 4.815 4. 825 4, 835 4, 850 31,174 31. 778 33, 254 7, 073 7, 535 7,917 8, 653 8, no 8,310 8. 214 8,478 8, 453 9, 713 8.388 Imports: ^Merchandise Military expenditures Other services do do do 14, 723 3, 048 5 4^4 1 4, 497 2.934 5 430 10, 145 3, 028 r, 701 3, 380) 773 1 318 3,404 704 1 338 3. 820 080 1 305 3.881 717 3, 942 754 1 4 f) S 4. 030 748 4.127 732 4. 040 794 4.002 748 1 507 4, 170 725 1 540 4,404 707 1 570 072 Govt Brants and capital outflows do 3, 405 705 4, 056 730 4,281 187 985 171 850 173 1, 029 174 1.180 191 1, 075 182 1, 078 176 1.045 187 1.083 212 1.058 209 1,342 193 977 do do _do do 3, 892 1, 094 4,150 1, 598 1,011 1, 541 3,273 1, 557 1, 209 507 1,024 458 94 472 1. 002 344 219 439 844 399 234 211 1, 280 397 464 419 801 199 357 305 834 506 329 i 711 359 188 104 867 493 335 39 920 501 512 -87 1,727 488 616 623 537 276 289 -28 U 8 private capital (net) Direct investments Lonp-terrn portfolio Short-term 850 1,348 do 27, 970 30, 313 32, 093 7, 428 7. 956 7,2^7 7, 082 7, 088 7.901 8.327 8,177 7. 710 8,332 8. 466 do do 19, 459 7, 515 19, 913 8, 398 20, 479 9,311 5, 050 2, 038 4, 755 2,088 4, 987 2,120 5, 121 2,152 5, 022 2, 184 5, 262 2, 348 5, 270 2.280 4,925 2, 499 4,998 2,449 5, 481 2, 410 5. 539 2. 452 Repayments on U S Govt. loans do Foreign capital other than liquid funds (net) do 636 306 1,274 728 1,283 1,020 128 212 851 262 99 41 190 213 155 327 237 54 001 170 290 403 176 87 190 251 420 55 -3, 198 -1,465 -1,101 -905 -1,025 — 083 -245 -227 421 -390 -670 15 -971 -303 -558 -27 -415 -37 113 -409 -301 -492 -743 -122 -1,381 142 78 -334 -472 31 -3. 881 -2.370 -2, 186 Total, net receipts or payments (— ). do Net receipts or payments (— ), inch transactions in noi marketable, medium-term convertible Govt. securities .. - . .. .. _ . . . - . .mil. $..••Revised. * Preliminary. 1 Estimates for Oct.-Dec. 1963 based on anticipated capital expenditures of business. 2 Estimates for Jan.-Mar. 1964 based on anticipated capital expenditures of business. Anticipated expenditures for the year 1963 are as follows (in bil. $): All industries, 39.05; manufacturing, total, 15.62; durable goods industries, 7.77; nondurable goods industries, 7.85;FRASER ruining, 1.04; railroads, 1.08; transportation, 1.91; public utilities, 5.64; commercial and Digitized for 3 o t h e r (incl. communications), 13.75. Includes communications. — 655 -1.274 -585 -452 -356 -793 -805 -1.239 -256 -515 -1,087 TJ 8 receipts recorded Exports: Merchandise Services and military sales Excess of recorded receipts or payments (— ) __do Unrecorded transactions (net) do *40.75 •2 10 7fi- 3 1 4 30 a a* 3 J4 gr( -81 * Unadjusted. Data represent firms in operation as of Jan. 1; estimate for Jan. 1, 1963 (based on incomplete data) is 4,797,000. §Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product on p. 8-1. JMore complete details are given in the quarterly reviews in the Mar.f June, S'epi., and Dec. issues of the SURVEY.
@FedFRASER