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10

SURVEY OF CURRENT BUSINESS

with the goods portion down and
services up. Consumer prices moved
up a little, with the overall movement
the result of divergent tendencies again
in the markets for commodities and
services.
Increases have continued in shelter
outlays, coming from the improved
supply of housing and the rise in rents,
and in such associated items as telephone and utility services. Volume
gains as well as some price advances
have occurred in these areas of demand.

quarter approximated a seasonally adjusted annual rate between $17 and $18
billion. This was a billion or two under
the highs established in the first half of
the year, which had owed something to
the poststrike backlog of demand.
The easing in sales of household
durables since 1960 opened has been
more noticeable in major appliances
than in furniture. The course of demand in these markets is affected by
changes in the rate at which new houses
are being completed and occupied.
Several of the principal shifts in
consumer buying since midyear have
been of types which are often accompanied b}^ short-run changes in the
flow of saving. The decline in spending
for durable goods was reflected in a
slowing of consumer credit expansion
and some lessening of pressure on the
liquid asset position of consumers.
Changes in bmung of items of longer
life among the nondurables, such as
clothing, probably have a similar though
less marked effect; and on several
occasions changes in food costs have
also been associated with inverse movements in consumer saving.
Lessened buying with income maintained resulted in an advanced rate of
saving in the third quarter, though in
relation to disposable income it is still

Drop in durables

Purchases of consumer durable goods
were reduced by 4 percent, almost $2
billion at an annual rate, in the third
quarter, as auto buying fell back from
its poststrike peak while furniture and
appliance sales moved downward for
the third consecutive quarter.
The decrease in purchasing of new
cars was the major element in the lowering of durables spending. Allowances
for seasonal variation cannot be precise,
particularly as last summer's auto market was influenced by the unusually
early changeover to the new models and
by the prospect of additional lines of
compact cars to be introduced in the
fall. It appears, however, that consumer auto purchases in the third

November 1060

not much higher than the average
rates of 1951-53 and 1956-58.
Fixed Investment and Inventories

The largest change in the third
quarter came from the shift in business
inventory policy, with a resultant cessation of the earlier strong demand from
this source. Producers' equipment outlays and private construction activit}^
were little changed.
Residential building continued to
move down. A moderate easing of interest rates has occurred, but lead series
such as permits issued and applications
for FHA and VA backing indicated
little if any strengthening of demand.
Outlays for current residential work
are now off about one-tenth from the
high reached in the spring of 1959, and
the cut in the number of housing units
started has been more pronounced.
The decrease centered mainly in onefamily dwellings, as apartment-building
activity has not declined so much and
is strong in comparison with earlier
postwar years.
Fixed investment high

Business fixed investment approached
a seasonally adjusted annual rate of
$50 billion in the third quarter. This
important segment is $10 billion higher,

Table 10.—Gross National Product In Current and Constant Dollars (1-3, 1-5)
[Seasonally adjusted at annual rates]
Billions of 1954 dollars

Billions of current dollars
1959
1957

1958

1960

1957

1959
IV

III

I

II

1958

1959

1959

III

1960

III

IV

I

III

II

Gross national product

442. 8

444.2

482. 1

481.4

486.4

501.3

505. 0

503.5

408.6

401.0

428.0

426.3

429.1

440.5

442.2

438.0

Personal consumption expenditures

285.2

293. 5

313.8

316.0

319.6

323. 3

329.0

328.3

271.2

273.6

289.4

290.8

292.8

294.8

298.3

296.9

40.4
137.7
107. 1

37.3
142. 0
114.2

43.4
147.6
122.8

44.0
148.0
124.1

43.5
149.6
126.6

44.2
150. 5
128.6

44.5
153. 5
130. 9

42.7
152.7
132.9

38.5
132.6
100.1

35.6
133.7
104.3

40.8
139.3
109.3

41.2
139.5
110.1

41.1
140.5
111.2

41.8
141.1
112.0

41.9
143.2
113.3

40.2
142.3
114.4

Durable goods
Nondurable goods
^cr vices
_.

_.

_

66.1

New construction

__

Residential nonfarm__
Other

..

Producers' durable equipment
Change in business inventories

72.0

67.5

70.8

79.3

75.5

70.8

58.1

48.3

60.9

56.7

59.4

66.2

62.8

58.6

35.4

40.3

41.1

39.4

40.8

40.7

40.5

31.8

31.0

34.4

35.0

33.4

34.0

33.8

33. 6

17.0
19.0

18.0
17.4

22.3
18.0

22.6
18.5

21.3
18.1

21.4
19.3

21.3
19.4

21.1
19.5

15.3
16.5

16.2
14.9

19,4
15.0

19.6
15.4

18.3
15.0

18.3
15.7

18.2
15.6

18.0
15.6

23.1

25.8

26.5

26.8

27. 1

29.5

29.7

24.6

19.4

21.3

21.7

22.2

22.4

24.2

24.4

-2.5

5.9

-.1

4.7

11.4

5.3

.6

1.6

-2.2

5.2

.0

3.8

9.8

4.8

.6

.3

.7

-3.1

4.9

-.1

4.0

9.4

4.5

.3

1.6
.8

.

-

_

Government purchases of goods and services
Federal _.
National defense
Or tier
Less* Government sales
State and local




-3.6

5.4

—.5

4.3

11.0

5.0

4.9

Nonfarni
Net exports of goods and services
Exports
Imports

56.0

36.1

28.5

Gross private domestic investment

1.2

-1.0

2

-.4

1.2

2.0

3.7

3.8

-.2

-2.4

25.2
23.9

26.4
24.4

27.3
23.5

24.4
20.6

21.4
21.6

21.9
24.3

23.1
24.8

22.5
24.0

-1.7

-1.5

-.1

.7

2.2

23.8
24.0

25.2
24.5

25.8
23.6

26.2
21.3

22.7
21.5

22.9
23.8

24.0
24.2

23.5
23.9

86.5

93.5

97.1

98.1

96.4

97.5

98.6

100.7

75.5

79.3

80.2

80.5

78.5

79.6

80.3

80.3

49.7

52.6

53.3

53.6

52.5

51.8

51.7

52.7

43.2

44.5

43.6

43.5

42.3

41.8

41.8

41.2

44.4
5. 7
.4

44.8
8.3
.5

46.0
7.8
.5

46.1
8.0
.5

45.5
7.5
.5

44.9
7. 5
.5

44.7
7.6
.6

45.1
8 2
.6

36.8

40.8

43.9

44.5

43.9

45.7

46.9

48.0

32.2

34.8

36.6

37.0

36.2

37.8

38.6

39.1

SUKVEY OF CURRENT BUSINESS

November 1960

was nearly, but not quite, offset by
continued strong advances in consumer
demand and in non-Federal Government buying. With Federal outlays
turning up quickly and expansion continuing in other markets, new highs in
total demand were soon being recorded.
Construction demand strong

Demand for construction has up to
now mitigated the severity of the postwar business declines and spurred the
recoveries, partly as a result of Gov-

ernment actions. From early 1956
through early 1958 construction volume
showed little change in total, and at the
GNP trough it was slightly higher than
it had been at the peak of general
business 2 quarters earlier. It turned
strongly upward in the middle of 1958,
providing considerable support to the
overall economic recovery, as direct
governmental action in this field and
the move of the Reserve authorities
towards general credit ease combined
to make effective a rise in real demand.

19

Government construction outlays increased throughout the period. Federal steps to make more housing
credit available were quickly reflected
in the pace of residential building,
which had been tapering before the
business downturn, but leveled thereafter and moved vigorously up in the
summer of 1958. Business investment
in construction declined moderately at
the end of 1957 and then sharply during
most of 1958; recovery did not get
underway until 1959.

Table 4.—Gross National Product By Major Type of Product, in Constant Dollars
[Billions of 1954 dollars, seasonally adjusted, at annual rates]
Goods output
Total
GNP

Final sales

Inventory
change

Total

Final sales

Inventory
change

Durable goods
Total

Nondurable goods

Final sales

Inventory
change

Total

Services

Final sales

Construction

Inventory
change

1947: I
II
III
IV

278.4
280. 4
282.9
287.2

277.8
280. 9
285. 4
285.2

0.6
-.5
-2.5
2.0

161. 3
163. 4
163. 2
165. 3

160. 7
163. 9
165. 7
163. 3

0.6
-.5
-2.5
2.0

54.5
55. 9
59.0
55.8

52.4
54.0
55.2
55.4

2.1
1.9
3.8
.3

106. 8
107.5
104. 2
109. 5

108.3
109.9
110.6
107.9

-1.5
-2.4
-6.3
1.6

94.2
94.5
95. 3
94. 9

22. 9
22.5
24.4
27.0

1948: I
II
III
IV

286. 4
293.3
295. 6
297.3

283.7
288.4
289. 8
293.2

2.7
4.9
5.8
4.1

164.5
168. 0
169. 1
169.4

161. 8
163. 1
163.3
165. 4

2.7
4.9
5.8
4.1

54.1
55.5
55.8
56. 2

53.9
54.8
54.7
54.9

2
.7
1.2
1.3

110.4
112.5
113.2
113.3

107.9
108. 3
108. 6
110.5

2.5
4.3
4.7
2.8

95. 0
96. 8
97. 6
99.6

26. 9
28.5
28. 9
28. 2

1949: I
II
III
IV

291.5
290.3
295.6
293.0

292.0
296. 3
297. 6
299.1

-.4
-6.0
-2.0
-6.0

164. 0
161. 4
163. 7
160.0

164. 5
167.4
165.7
166. 0

-.4
-6.0
-2.0
-6.0

52.5
50.0
55.3
49.5

52.0
54.9
55.5
54.7

.4
-4.8

111.6
111.4
108.4
110.5

112.5
112. 5
110.2
111.4

-.9
-1.2
-1.8
-.8

99.4
100. 3
101. 8
101.2

28.1
28.5
30.1
31.8

1950: I
II
III
IV

302.7
312.0
325.6
331. 6

300.0
306. 6
320. 4
316.1

2.7
5.4
5.2
15.5

166. 7
173.1
183.9
186.9

164. 1
167. 7
178.7
171.4

2.7
5^4
5.2
15.5

53.8
62.0
71.3
74.9

54.5
57.8
68.5
63.4

-.8
4.2
2.8
11.6

113.0
111.1
112.6
111.9

109.5
109.9
110. 2
108.0

3.4
1.2
2.4
3.9

102.7
103. 7
105. 4
108.4

33.3
35.2
36. 2
36.3

1951: I
II
III
IV

334.0
340.0
346. 3
346.9

324.0
325. 6
336.5
342. 4

10.0
14.5
9.8
4.5

187.2
190.1
194. 6
194.5

177.2
175. 6
184.8
190.0

10.0
14.5
9.8
4.5

71.5
75.3
77.4
74.1

66.3
64.5
68.2
70. 5

5.2
10.8
9.2
3.6

115. 7
114.8
117.3
120.4

110.9
111.1
116.6
119.4

4.8
3.6
6
.9

110.2
113 7
116.0
116.8

36. 6
36 2
35. 8
35.6

1952: I
II
III
IV

349.6
349.3
352.6
362.3

345.0
352. 0
348.9
357.4

4.6
-2.7
3.8
4.9

194.4
192.3
196.0
204.5

189.8
195.0
192.2
199.6

4.6
-2.7
3.8
4.9

75.0
73.7
71.0
80.6

71. 7
75. 5
70.5
77.8

3.3
-1.8
.5
2.8

119.4
118.6
124.9
123.9

118. 1
119.5
121.7
121.8

1.3
-.9
3.2
2.1

118.9
120. 1
119.9
120. 3

30. 3
36.9
36. 8
37.5

1953: I
II
III
IV

368. 9
373.2
370.2
363. 9

366. 4
370.0
369.4
368.5

2.6
3.2
.7
-4.6

208.6
211.7
208.5
202.1

206. 1
208.5
207.8
206. 6

2.6
3.2
.7
-4.6

82.7
83.0
83.3
74.4

79.2
80.7
80.9
78.7

3.5
2.2
2.4
-4.2

125. 9
128.7
125.2
127.6

126.9
127.7
126. 9
128.0

-1.0
1.0
-1.7
-.3

121. 5
122.9
123.0
122.7

38.8
38.7
38.7
39.1

1954: I
II
III
IV

360. 4
359. 4
362. 1
370. 1

362.9
362.3
364. 1
369.2

-2.5
-2.9
-2.0
.8

197.8
194.9
195.7
201.1

200.4
197. 8
197.7
200.3

-2.5
-2.9
-2.0
.8

72.3
70.5
70.2
73.1

75.8
74.5
72.0
73.3

-3.5
-4.0
-2.5
-.2

125.5
124.4
125. 6
128.0

124.6
123.2
125.1
127.0

.9
1.2
.5
1.0

122.7
123.8
124. 2
125.5

39.9
40.7
42. 1
43.5

1955: I
II
III
IV

382.2
389.5
397.5
401.1

377.5
383.0
391.5
394.0

4.7
6.5
6.0
7.1

208.1
214.4
220.8
224.2

203.4
207.8
214.8
217.1

4.7
6.5
6.0
7.1

78.7
82.9
84.8
85.9

76.8
78.7
82.6
82.4

1.9
4.2
2.2
3.5

129.4
131.4
136.0
138.3

126.6
129. 1
132.2
134.7

2.8
2.4
3.8
3.6

128.8
129.2
131.0
131. 6

45.3
45.9
45.7
45.3

1956: I
II
III
IV

398.8
398.9
400.2
405.5

393.0
394.8
396.2
401.5

5.8
4.1
3.9
4.0

222.1
220. 9
219.5
223.2

216.3
216.8
215.6
219.2

5.8
4.1
3.9
4.0

87.1
84.3
82.7
85.6

82.3
82.0
81.9
82.8

4.8
2.3
.8
2.8

134.9
136.6
136.9
137.6

134.0
134.8
133.7
136.4

.9
1.8
3.2
1.2

132.8
133.7
136. 6
138.8

43.9
44.3
44.0
43.5

1957: I
II
III
IV

409.6
410.0
411.0
403.8

407.1
407.2
408.7
404.8

2.5
2.8
2.3
-1.0

226.5
225.2
224.6
217.2

224.0
222.4
222.3
218.2

2.5
2.8
2.3
-1.0

86.6
87.6
87.3
80.3

85.4
85.5
85.2
81.9

1.2
2.0
2.2
-1.6

139.8
137.6
137.2
136.9

138.5
136.9
137.1
136.3

1.3
.7
.1
.6

138.9
140.8
142.7
142.4

44.2
43.9
43.8
44.2

1958: I
II
III
IV

391.6
394.6
403.1
414.3

397.9
398.7
404.4
411.4

-6.2
-4.1
-1.3
2.9

205.5
207.1
212.7
219.5

211.7
211.2
214.0
216.6

-6.2
-4.1
-1.3
2.9

69.6
69.4
71.0
76.0

75.9
73.6
72.5
74.7

—6.3
-4.2
-1.5
1.3

135.9
137.7
141.7
143.5

135.8
137.7
141.5
141.9

.1
.1
.2
1.6

142.1
144.5
146.3
148.3

44.0
43.0
44.0
46.5

1959: I
II
III
IV

422.9
434.2
426.3
429.1

416.1
424.1
426.3
425.3

6.8
10.1
-.0
3.8

225.4
233.7
225.2
228.8

218.6
223.6
225.2
225.0

6.8
10.1
-.0
3.8

81.7
87.1
78.5
81.2

76.9
80.2
81.1
79.8

4.9
6.9
-2.6
1.4

143.7
146.6
146.7
147.7

141.8
143.4
144.1
145.2

2.0
3.2
2.6
2.4

148.6
150.7
152.5
154.6

48.9
49.8
48.6
45.7

I960: I
II
III

440.5
442.2
438.0

430.7
437.4
437.4

9.8
4.8
.6

237. 5
237. 1
231.5

227.7
232.3
230.9

9.8
4.8
.6

88.7
85.3
81.4

80.4
82.6
81.5

8.3
2.7
-.1

148.8
151.8
150.1

147.3
149.6
149.4

1.5
2.2
.7

155.6
157.4
158.8

47.4
47.6
47.7




—.2
—5'. 2

SURVEY OF C U R R E N T BUSINESS
Paralleling' the 1957 experience, consi ruction outlays were firm after the
peak in general business in both 1948—
49 and 1953-54, total expenditures remaining about unchanged during the
following half year it) each case. In

the two earlier postwar recessions, construct.ion a c t i v i t y then rose rapidly and
was a substantial expansionary element
in the economy.
As in the more recent period, its
general strength reflected the basic

November 1000

uptrend in government purchasing and
firmness followed by rapid expansion
in residential building as the Federal
authorities took affirmative action.
Earlier the backlog and legacy of the
war had been factors.

National Product and Income
(Continued from pa-ye 12)
The recent course of the various
types of persona] income is traced in
table 11, and quarterly changes so far
t h i s year are summarized on a national
income basis in the accompanying
text table.
Income from corporate business

The production declines which took
place were largely in areas such as manufacturing, metal mining, and rail
t ra 11 sport a tio 11, w 11 ere the cor pora t e
form of business organization is the
rule. A number of the areas where
expansion occurred, by c o n t r a s t , are
largely or entirely outside the corporate
sphere. Government, for example, provided much of the increase over the
second q u a r t e r in total compensation of
employees.
This pattern of change in the industrial composition of the n a t i o n a l income was not favorable to corporate
business, and meant more pressure 4 on
profit margins, which moved lower.
From present indications there was a
substantial reduction in profits, though
data are not available to measure its
size. Marked declines in profits and
margins are reported for primary metals,
a u t o manufacturing and chemicals,
among other industries.




Pattern of pay re II rise
Strength in the wage and salary
component of n a t i o n a l income since
midyear has been m a i n l y a reflection of
developments in government and other
lines which a.re more i n f l u e n c e d by the
growth trend in the n a t i o n a l economy
than by short-term market fluctuations. Underlying the $2-billion increase in the a n n u a l payroll rate for the
summer q u a r t e r was a $1.-billion dip in
m a n u f a c t u r i n g , m i n i n g , and railroads,
more t h a n offset by increases of $3 billion elsewhere. Of the l a t t e r total, the
Federal G o v e r n m e n t a c c o u n t e d for $1
billion mostly reflecting the recent
pay i n c r e a s e - - - a n d State and local governments provided. $/•> billion. Most
of the r e m a i n d e r came I r o m t r a d e , cons t r u c t i o n , and services, in roughly equal
proportions; m i n o r advances also occurred in finance and c o m m u n i c a t i o n s .
I n t h e m a j o r i t y o f these i n d u s t r i e s , t h e
flow of labor income c o n t i n u e d strong
from m o n t h t o m o n t h d u r i n g t h e t h i r d
quarter.
The decline in m a n u f a c t u r i n g was
sharpest in those durables industries for
which production cutbacks h a v e been
noted in the analysis elsewhere in this

issue. Among the nondarables, wage
and salary payments reflected some
tapering in employment and hours
worked in food, textile and certain
other lines.
Table 17.—Changes in National Income,
1960

r

I n
_1

'

in

(Billions o f i l o l l - t r s -

National income, total....

11.6

n. a

The factors responsible for payroll
change were somewhat different after
midyear t h a n before. Overall -and in
most of the individual industries for
whirli d a t a are available--—shifts in employment and weekly hours played a
neutral or negative role; expansion
stemmed from pay increases.

BUSINESS STATISTICS
1
THE;STATISTICS here are a continuation of the data published in the 1959 edition of BUSINESS STATISTICS, biennial Statistical Supplement
to the SURVEY OF CURRENT BUSINESS. That volume (price $2,25) contains monthly (or quarterly) data for the years 1955 through 1958 and
monthly averages for all years back to 1929 insofar as available; it also provides a description of each series and references to sources of monthly
figures prior to 1955. Series added or significantly revised since publication of the 1959 BUSINESS STATISTICS are indicated by an asterisk (*) and a
dagger (f), respectively; certain revisions for 1958 issued too late for inclusion in the aforementioned volume appear in the monthly STHVEY
beginning with the July 1959 issue. 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. Data from private sources are provided
through the courtesy of the compilers, and are subject to their copyrights.
1959
Unless otherwise stated, statistics through 1958 and
descriptive notes are shown in the 1959 edition of SeptemBUSINESS STATISTICS
October Novein- December
ber
ber
i

1960

January

Februarv

March 1 April

May

June

July

| August

Septem- October
ber

GENERAL "BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT t
Seasonally adjusted quarterly totals at annual rates: t
National income, total
bil. of doL

399. 4

402 8

414 4

41Q 4

279 5
259 7
214.2
9 9
35 7
19.8

281
201
215
9
30
20

(i
5
0
8
1
1

290
208
222
9
30)

2
7
1
9
7

295 0
273 1

Proprietors' income, totaled
do. _
Business and professional d*
do
Farm
-- do .. „
Ren til income of persons
do
Corporate profits and inventory valuation adjustment, total
-_
- ^ bil. o f d o l . _
Corporate profits before tax, total
_-do
Corporate profits tax liability
-- -do _
Corporate profits after tax
do
Inventory valuation adjustment
do . -

40. 1
35 0
11. 1
12.4

40
35
11
12

3
I
2
5

40)
35
Ml
12

0
4
0
5

48 1
30 0
12 1

44.9
45.3
22.3
22.9
^

45. 5
44 8
22. 1

Xot Interest

do

1 0. 5

- do

Compensation of employees, total
Wages and salaries, total
Private
.. _ _ ._
Military
Oovernment civilian
Supplements to wages and salaries

do
do
do
do
do
.. do

10 0
37 0
21.9

19 f>

'•'97 9
974 9
220. 0
10 1
'•!X 8
22. 3
48 3
30 1
]•>

0

]'' f)

»

4,x. 0
48 8
23 8
25 0
—.8

45
45
92
93

10 9

17 8

18 5

481.4

480 4

501 3

505 0

503 5

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

310.0
44. 0
] 48. 0
J24. 1

319 0
43. 5
149 0
120.0

323
44
150
128

3
2
5
0

32<)
44
153
130

398
4'>
1 V>
13'}

Cross private domestic investment, total _ . do_
New construction
do
Producers' durable equipment
do
Change in business inventories
. _ . - ,do . .

07. 5
41. 1
20. 5
— .1

70 8
39 4
'>0 8
4. 7

79
40
97
11

3
8
i
4

40 7

24.0
24.2

— .4
23. 5
23. 9

1. 2
•?5 2
23 9

2 0
'">0 4
l)
4 4

Gross national product, total

Net exports of goods and services ._
do.. Exports
_ _ _ .
_do _
Imports
- -- .
- - - - - d o ._
Government purchases of goods and services, total
bil. o f d o l - .
Federal (less Government sales)
... _ d o
National defense 9
... do
State and local
..- - . - ..- - -do.. Personal in corn e, total . .
Less: Personal tax and nontax payments
Equals: Disposable personal income. Personal sa vine §

- -.- _

do
do
do ....
_do

3
7
3
4

0
5
5
9

](l 1

3
7
7
9

70 8
40 5
'H) "

5 3
3 7
27 3
4>
3 5

98. 1
53. 0
40. 1
44. 5

90 4
51 8
44 9
45 7

98
51
44
40

0
7
7
9

100 7

45. 5
43. 9

384. 8
40. 3
338. 5

38*). 0
40. 5
342 4

390. 2
49. 2
347 0

404. 2
50. 0
354 1

408. (I
50. 5
357 5

22. 5

9

2S

25 2

45 i
48 i)

<H)

<>

GNP in constant (1954) dollars
Gross national product, total

. ... .bil. ofdol -

Personal consumption expenditures, total
Durable goods..
Nondurable goods
..
S er vi ces

do _ .do.. do
do

Gross private domestic investment, total
do
New construction
._ . . . . _. .. do
Producers' durable equipment
do
Change in business inventories
do
Net exports of goods and services ...

do

Government purchases of goods and services, total
bil. ofdol..
Federal
do
State and local _ . . . .
do

420. 3

429. 1

440 5

442 2

438 0

290.8
41.2
139.5
110.1

292. 8
41.1
140. 5

294 8
41 8
141 1
1 1 2. 0

298
41
143
113

3
9
2
3

9% 9

56. 7
35. 0
21.7

59. 4
33. 4

02
33
24
4

8
8
2
8

58 0
33 0
94 4
(1

.0

3.8

00 2
34 0
22 4
9.8

— 1.7

1.5

1

80. 5
43.5
37.0

78. 5
42.3
30. 2

79 0
41 8
37.8

"Revised.
tRevised series. Estimates of national income and product and personal income have- been revised back to 1957;
1959 for personal income) appear on pp. 8 ft", of the July 1960 SURVEY.
concludes i n v e n t o r y valuation adjustment.
9 Governm
^Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national pi




40 9
142 3
114 4

2 2
80 3
41 8
38. 0

.0,
41 9
39. 1

visions prior t< .» the 2d quarter 1959 (and prior to May
t sales arc not deducted.

S-l

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