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SURVEY OF CURRENT BUSINESS

November 1963

Table 1.—Gross National Product in Current and Constant Dollars (1-3, 1-5)

1962
1960

1961

1962

1962

1963
I

IV

III

II

III

1960

1961

1962

Seasonally adjusted at annual rates

III

1963
IV

I

II

III

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1954 dollars

502.6

554.9

556.8

565.2

571.8

579.6

588.7

439.9

447.7

474.8

475.6

481.4

485.3

489.4

495.1

336.8

355.4

356.7

362.9

367.4

370.4

374.9

298.1

303.6

317.6

318.6

322.9

325.5

327.0

330.1

44.9
151.8
131.5

Durable goods
Nondurable goods
Services

518.2

328.2

Gross national product
Personal consumption expenditures

43.6
155.1
138.0

48.2
161.4
145.7

47.7
162.5
146.6

50.5
163.6
148.9

50.6
165.3
151.4

51.0
165.9
153.5

50.8
168.6
155.5

42.2
141.4
114.5

41.5
143.3
118.9

45.6
147.8
124.3

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

71.8

69.0

78.8

78.9

78.8

77.8

80.7

83.7

60.2

57.5

65.2

64.8

65.2

64.6

66.4

68.6

40.7

41.6

44.4

46.0

45.0

43.7

45.8

47.9

34.4

34.7

36.7

37.8

36.9

35.7

37.3

38.6

21.1
19.7

21.0
20.5

23.2
21.2

24.2
21.7

23.7
21.2

22.7
21.0

24.8
21.0

25.9
22.0

18.2
16.2

18.2
16.6

19.8
16.8

20.6
17.2

20.2
16.8

19.2
16.5

20.9
16.4

21.6
17.0

Producers' durable equipment

27.6

25.5

28.8

29.3

29.9

29.0

30.7

31.6

22.7

21.0

23.8

24.2

24.8

24.0

25.3

26.1

Change in business inventories

3.5

1.9

5.5

3.6

4.0

5.1

4.3

4.2

3.1

1.7

4.8

2.9

3.4

4.9

3.8

4.0

3.2
.3

1.5
.3

4.9
.7

2.8
.8

3.2
.8

4.3
.8

3.6
.6

3.7
.5

2.9
.3

1.6
.2

4.3
.5

2.4
.6

2.9
.6

4.1
.8

3.1
.6

3.5
.5

Gross private domestic investment..
New construction
Residential non-farm
Other

Nonfarm
Farm

3.8

4.1

3.3

3.6

4.8

4.3

1.7

2.3

1.8

2.3

1.4

1.8

2.8

2.3

28.9
25.1

29.4
25.3

28.8
25.5

28.6
24.9

30.7
25.9

31.4
27.1

24.9
23.2

25.5
23.3

27.0
25.2

27.6
25.3

26.9
25.5

26.7
24.9

28.7
25.9

29.4
27.1

99.6

107.9

117.0

117.0

120.2

123.0

123.8

125.7

79.9

84.3

90.2

89.9

91.9

93.4

93.2

94.1

53.1

57.4

62.4

62.4

63.6

65.5

66.5

66.4

42.3

44.8

49.0

48.8

49.6

50.6

51.0

50.7

45.7
8.0
.6

49.0
8.9
.6

53.3
10.0
.8

53.5
9.7
.8

54.3
10.4
1.1

56.4
10.1
1.0

56.7
10.6
.8

56.7
10.8
1.2

50.6

54.6

54.6

56.6

57.5

57.3

59.4

37.6

39.5

41.2

41.1

42.3

42.9

42.1

43.4

_ __

_

Government purchases of goods and services
Federal

4.4

27.5
23.1

46.5

Exports
Imports

3.0

26.3
23.3

Net exports of goods and services

-

--

- -

National defense
Other
Less1 Government sales
State and local

Source: U.S. Department of Commerce, Office of Business Economics.

Table 2.—National Income by Type of Income (1—3, 1—9)
[Billions of dollars]

1962
1960

1961

1962

III

1963
IV

I

II

III

Seasonally adjusted at annual rates
1

National income

414.5

426.1

453.7

455.5

462.2

466.7

474.6

Compensation of employees

293.6

302.1

322.9

325.3

327.7

332.0

338.7

342.8

271.3
222.9
9.9
38.5
22.3
11.3
11.0

278.8
227.0
10.2
41.6
23.3
11.9
11.4

297.1
241.6
10.8
44.7
25.9
13.7
12.1

299.4
243.7
10.7
45.0
25.9
13.8
12.2

301.5
244.7
10.5
46.3
26.2
13.8
12.3

304.5
246.7
10.7
47.1
27.5
15.0
12.4

310.8
252.2
10.8
47.8
27.9
15.3
12.6

314.6
255.1
10.8
48.7
28.2
15.5
12.7

8.6
2.4

8.9
2.4

9.5
2.6

Wages and salaries
- _
Private
Military
Government civilian
_ _. „ _
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Employer contributions to private pension
and welfare funds
_
Other

46.2

__

_

_

Corporate profits and inventory valuation adjustmentProfits before tax
Profits tax liability
Profits after tax _
Dividends
Undistributed profits
Inventory valuation adjustment _
Net interest

__

_.

_

_
-

_ _

49.8

49.8

50.3

50.7

50.0

50.5

35.3
35.3
.0
12.8

36.5
36.5
.0
13.3

36.6

36.9

37.2

37.4

37.8

13.2

13.4

13.5

12.6

12.7

12.1

Business and professional
Income of unincorporated enterprises
Inventory valuation adjustment
Farm
_ _

48.1

34.2
34.2
-.1
12.0

Proprietors' income

Rental income of persons

481 .9

12.1

12.0

12.0

12.0

12.0

12.0

12.1

44.5

43.8

47.0

46.1

49.3

48.8

50.1

152.0

44.3
22.3
22.0
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

46.2
21.9
24.3
16.5
7.8
-.1

48.4
22.9
25.5
17.1
8.4
.9

48.3
22.9
25.4
17.1
8.3
.4

51.0
24.2
26.8
17.6
9.2
-.9

52.0
24.7
27.4
17.6
9.7
.0

18.0

20.0

22.0

22.3

23.0

23.3

23.7

24.3

1. Third quarter national income total and the corporate profits share are based on preliminary estimates and are subject
to revision in next month's SURVEY.




The third quarter increase in State
and local purchases and in consumer
demand for nondurable goods, which
had lagged in the preceding period, was
unusually large—nearly $5 billion for
the two groups combined as compared
with less than $K billion in the second
quarter. The overall increase from
first to the third quarters was about on
trend.
By type of output, the summer rise
in GNP was concentrated to an unusual
extent in construction and nondurable
goods, each of which rose $3K billion.
Durable goods production was down
only slightly, while total service output
continued to rise about as usual—at a
$3 billion annual rate.
By the end of the summer, the factors that had held back durable goods
output had largely spent themselves.
After leveling in the summer, auto
production was increasing rapidly. In
addition, steel consumers had made
considerable progress in reducing their
large stocks; any slowdown from the
third quarter pace of steel inventory

SURVEY OF CURRENT BUSINESS
cutting would tend to increase GNP.

gain in production and the price rise
were similar to those in each of the last
four quarters. Toward the end of the
quarter, price increases occurred for
some industrial commodities, but wholesale prices overall showed little change
because of offsetting price reductions.
In addition, the advance in material
costs was not immediately carried
through to final product prices.

Prices moderately higher
There were upward movements in
construction costs and consumer prices,
and for the summer quarter as a whole
the cost of final goods and services
moved up % percent. Thus, real national output in the third quarter was
1 percent above the second. Both the

Table 3.—Personal Income and Its Use (11—2)
[Billions of dollars]
1962
1962

1961

1960

1963

III

I

IV

II

III

Seasonally adjusted at annual rates
Personal income

401.3

Wage and salary disbursements
Commodity-producing industries
Manufacturing only _
Distributive industries
Service industries
_
__
Go vernment

417.4

442.1

444.5

449.9

453.9

459.9

278.8
110.8
87.5
72.9
43.4
51.8

297.1
118.5
94.2
76.6
46.4
55.6

299.4
119.5
95.0
77.3
47.0
55.7

301.5
119.6
94.8
77.8
47.3
56.8

304.5
120.1
95.5
78.4
48.2
57.8

310.8
123.6
98.2
79.6
49.1
58.6

314.6
124.9
99.0
80.3
50.0
59.5

_

Other labor income

11.0

11.4

12.1

12.2

12.3

12.4

12.6

12.7

Proprietors' income
Business and professional
Farm

46.2
34.2
12.0

48.1
35.3
12.8

49.8
36.5
13.3

49.8
36.6
13.2

50.3
36.9
13.4

50.7
37.2
13.5

50.0
37.4
12.6

50.5
37.8
12.7

Rental income of persons

12.1

12.1

12.0

12.0

12.0

12.0

12.0

12.1

Dividends
Personal interest income

14.5
25.8

15.3
27.7

16.6
30.0

16.5
30.3

17.1
31.1

17.1
31.6

17.6
32.1

17.6
32.8

29.5
11.1
2.8
4.5
11.1

33.6
12.6
4.0
4.8
12.2

34.8
14.3
2.9
4.8
12.8

34.6
14.5
2.7
4.7
12.8

35.9
14.8
3.2
4.9
13.0

37.0
14.8
3.0
4.9
14.2

36.5
15.4
2.6
5.0
13.5

36.7
15.5
2.6
5.0
13.6

Transfer payments
Old-age and survivors insurance benefits
State unemployment insurance benefits
Veterans' benefits
_
__ _
Other_

__ _

9.2

9.5

10.2

10.3

10.3

11.5

11.7

11.9

51.4
44.0
7.3

52.9
45.1
7.8

57.7
49.0
8.7

58.1
49.4
8.7

58.5
49.7
8.8

59.4
50.0
9.4

59.9
50.4
9.6

60.8
51.1
9.7

Equals: Disposable personal income

349.9

364.4

384.4

386.5

391.4

394.5

400.0

404.4

Less: Personal consumption expenditures

328.2

336.8

355.4

356.7

362.9

367.4

370.4

374.9

21.7

27.6

29.1

29.7

28.5

27.1

29.6

29.5

317.8

328.4

343.6

345.1

348.2

349.5

353.2

356.0

Less : Personal contributions for social insurance _ _
Less: Personal tax and nontax payments
Federal
State and local

Shifting patterns of recent advance

Higher demand for goods and construction in the third quarter was
reflected in income increases in the
commodity-producing-and-handling industries. The pattern of the output
advance in the last two quarters has also
led to a sizable increase in corporate
gross product: from the opening through
the third quarter of 1963, corporate
output advanced 4 percent while all
other output rose less then 2 percent.
With profit margins little changed—an
unusual development for this stage of an
upturn—the renewed upswing in corporate output has led to an increase in
profits.

465.2

271.3
110.4
87.4
71.8
40.7
48.4

November 1903

__ _

Equals: Personal saving
Addendum: Disposable personal income in constant
(1954) dollars
_

Final Product
In total, consumer buying rose $4^
billion in the third quarter to reach a
seasonally adjusted annual rate of $375
billion. Spending on soft goods was up
$2% billion, and on services about $2
billion; total hard goods purchases were
almost unchanged.
Consumer demand for nonauto durables was up by better than $}£ billion,
but expenditures on automobiles fell
back somewhat because of a temporary
shortage of new cars toward the middle
of the quarter. Late in the quarter, the
demand for the incoming 1964 models
pushed new automobile sales above
their previous 1963 highs, and early
fourth quarter sales figures indicate

Table 4.—Gross National Product by Major Type of Product in Current and Constant Dollars (1-6,
1962
1960

1961

1962

III

1962

1963
IV

I

II

1-7)

III

1960

1961

1962

III

1963
I

IV

II

III

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Billions of 1954 dollars

Billions of current dollars
Gross national product

502.6

518.2

554.9

556.8

565.2

571.8

579.6

588.7

439.9

447.7

474.8

475.6

481.4

485.3

489.4

495.1

Final sales
Inventory change

499.1
3.5

516.3
1.9

549.3
5.5

553.1
3.6

561.2
4.0

566.6
5.1

575.4
4.3

584.5
4.2

436.8
3.1

446.0
1.7

470.1
4.8

472.7
2.9

478.0
3.4

480.4
4.9

485.6
3.8

491.1
4.0

257.1
253.7
3.5

259.1
257.3
1.9

278.3
272.8
5.5

278.4
274.8
3.6

281. 4
277.4
4.0

286.8
281.7
5.1

289.8
285.6
4.3

292.4
288.2
4.2

233.0
229.9
3.1

233.2
231.5
1.7

249.1
244.4
4.8

248.8
245.9
2.9

251.7
248.2
3.4

256.4
251.4
4.9

257.8
254.0
3.8

259.8
255.8
4.0

96.5
94.2
2.3

93.4
93.8
-.4

104.4
101.5
2.9

105.1
102.6
2.5

104.8
103.5
1.3

107.5
106.3
1.1

112.6
109.6
3.0

111.8
110.0
1.8

84.2
82.2
2.1

81.3
81.6
-.3

91.0
88.5
2.6

91.4
89.2
2.2

91.9
90.7
1.2

94.0
93.0
1.0

97.8
95.2
2.5

97.1
95.5
1.6

160.6
159.5
1.1

165.7
163.5
2.2

173.9
171.3
2.6

173.3
172.1
1.2

176.6
174.0
2.6

179.4
175.3
4.0

177.3
176.0
1.3

180.7
178.3
2.4

148.8
147.7
1.1

151.9
149.8
2.0

158.1
155.9
2.2

157. 5
156.7
.8

159.8
157.6
2.2

162.4
158.4
3.9

160.0
158.8
1.3

162.7
160.4
2.3

Goods output _
Final sales
_
Inventory change., „
Durable goods output
Final sales
Inventory change ,
Nondurable goods output
Final sales.
Inventory change
Services

„

_

„__

_,,„_,„„,
_

188.8

200.4

214.5

215.2

220.2

222.5

226.5

229.6

158.8

165.3

174.4

174.8

177.5

177.8

180.2

181.8

Construction

56.7

58.6

62.1

63.1

63.6

62.5

63.3

66.7

48.1

49.2

51.4

52.0

52.2

51.2

51.4

53.5

Addendum: Auto product

20.8

17.5

21.7

21.6

23.5

23.3

23.9

23.2

17.3

14.5

17.9

17.7

19.6

19.5

19.7

19.2




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 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 as
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 riot copyrighted and may be reprinte< 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
Annual total

1961

1960
III

Data from private sources are provided

IV

I

II

1963

1962
III

IV

I

III

II

IV

II

I

III

Seasonally a< Ijustod 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

429.0

441.0

444.7

452.4

455. 5

462.2

466. 7

474. 6

p48l. 9

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
222.9
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
30. 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

271.2
220. 8
10.0
40.4
22.8
47.0
34.2
9
12 1

276, 9
225. 8
10 0
41.2
23. 1
47. 6
35. 0
12 6
12 1

281.0
228. 8
10.0
42.2
23.4
48 . 3
35.7
1? 6
I9 1

286. 1
232. 5
10.8
42.8
23.8
49. 5
36.3
13 ?
12 0

290. 7
236. 1
11.1
43.6
25. 2
49. 5
36. 0
13.5
I9 0

296. 8
241.7
11.0
44.1
25. 7
49.6
36. 5
13.1
12 0

299. 4
243. 7
10.7
45. 0
25.9
49.8
36 6
13.2
I9 0

301.5
244.7
10. 5
46. 3
2f. 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
I9 0

310.8
252. 2
10.8
47.8
27.9
50. 0
37.4
12.6
12.0

314.6
255. 1
10.8
48.7
28.2
50. 5
37.8
12.7
12.1

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

v 52, 0

44.3
22 3
22.0
14.5
7 5
2

43.8
22.0
21.8
15.3
6 5
.0

46. 8

42.1
21.2
20.9
14.6

41. 1
20. 6
20. 4
14.8
5.6
.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
-.3

48. 9
24.6
24. 3
15.8
8.5
-.3

45.9
21.7
24.2
16.2
8.0
.1

46.7
22. 1
24. 6
16.4
8.2
-.2

46.2
21.9
24.3
16. 5
7.8
-.1

48.4
22.9
25. 5
17.1
8.4
.9

48. 3
22. 9
25^4
17.1
8.3
.4

51.0
24.2
26.8
17.6
9.2
q

» 52. 0
f 24. 7
•f 27. 4
17.6
*9. 7
p.O

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
28.1
79.5
11.7
131.5
19.5
41.9
10.7

43.6
17.1
19.2
155. 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
12.3
145.7
21.5
46.6
11.3

44.6
18.3
19.1
152. 0
28.3
79.4
11.8
132. 2
19. 6
42.1
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
15.7
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

43. 9
17.0
19.6
155. 3
28.6
81. 2
11.9
138.8
20. 6
44.4
10.7

46. 4
18.9
20.0
156. 9
29.3
81.6
11.9
140.5
20.8
45. 0
10.8

47.3
19.7
20.0
158.9
29.7
82.7
12.1
142.6
21.3
45.6
11.1

47.5
20.1
19.8
160. 6
29. 5
83.9
12.2
144.8
21.5
46.3
11.3

47.7
19.8
20.3
162. 5
29.9
85.0
12. 3
146.6
21.5
46.9
11.4

50. 5
22. 2
20! 6
1 63. 6
29. 9
85. 2
12.6
148.9
21.8
47.6
11. 6

50 6
22. 0
20.9
165.3
30.2
85.8
12.8
151.4
22. 2
48' 2
11.8

51.0
22.3
20. 7
165. 9
29. 7
80. 3
J3.0
153.5
22.4
48.8
12.1

50.8
21.5
21.3
168.6
30.9
87.2
13. 1
155. 5
22,8
49.5
12.2

National income, total
Compensation of employees, total

Wages and salaries, total
_ _ _ d o _. .
Private
do
Military
do . _ _
Government civilian
do
Supplements to wages and salaries
do
Proprietors' income, totalcf
do
Business and professional^ . _ _ _ . _ _ lo
"Farm
lo
Rental income of persons
_
lo
Corporate profits and inventory valuation a Ijustment, total
_
_bil. $
Corporate profits before tax, total
Corpora. to profits tax liability
Corporate profits after tax— - - ._
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest

__

Gross national product, total

lo „._
lo
._ lo _ _
do
do
do

Durable goods, total ®
_
do _
Automobiles and parts
do
Furniture and household equipment, _ _ d o
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

do

24! 6
16.6
8.1
.2

n.4

1.2

46. 6
33.8
12 7
12 1

i s

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

40.7
21.1
27.6
3.5
3.2

41.6
21.0
25.5
1.9
1.5

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
1.1
.8

42.6
21.9
25.8
3.5
3.2

43.2
22.8
27.1
7.2
6.9

41.7
21.2
27.4
8.1
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

43.7
22.7
29.0
5.1
4.3

45.8
24.8
30.7
4.3
3.6

47.9
25.9
31.6
4.2
3.7

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
27.8
23.7

4.0
28.3
24.2

3.3
27.9
24.6

4.4
29.5
25.0

4.1
29.4
25.3

3.3
28.8
25. 5

3.6
28.6
24.9

4.8
30. 7
25.9

4.3
31.4
27.1

Govt. purchases of goods and services, totaL.do
Federal (less Government sales)
do
National defense 9
_
do
State and local
do

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
52.9
53.6

117.0
62.4
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
66.4
56. 7
59. 4

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
1 65. 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
226. 5
63.3

581 5
288. 2
110.0
178.3
229. 6
66.7

4.0
1.3
2.6

5.1
1.1
4.0

4.3
3.0
1.3

4.2
1.8
2.4

New construction
Residential nonfarm
Producers' durable equipment
Change in business inventories
Nonfarm
Net exports of goods and services
Exports
Imports

By major type of product:
Final sales, total
Goods, total
Durable goods_
Nondurable goods
Services
Construction
Inventory change, total
Durable goods
Nondurable goods
T
Revised.
*' Preliminary,




do
do
do
. do _ _ _
do

do
do
_ do .
do
do
do

4 3
do .
3.5
5.5
2.7
-2.3
1.1
3.5
1.9
7.2
8.1
6.5
do
-.4
2.3
-6.6
1.4
-2.7
2.9
2.0
-1.5
4.7
4.8
3.1
do
1.1
2.2
2.6
1.3
2.3
.4
1.5
2.6
2.5
3.3
3.4
e? Includes inve ntory \ifiliation adjusting >nt.
6) Include>s data n ot show n se party ely.
9 Goveniment sa es

3.6
2.5
1.2

are n ot deduc ed.

S-l

SURVEY OF CURRENT BUSINESS

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

1960

| 1961

1962

Annual total

1961

1960
IV

November 19';:-!

I

II

1962
IV

III

I

II

1963

III

IV

II

I

III

IV

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
GNP in constant (1954) dollars
439. 9

Personal consumption expenditures, total.. do
Durable goods
"N" on durable goods
Services

. -do
do
do

447.7

474.8

437.1

434. 0

443.4

450.4

463. 1

467.8

474.0

475.6

481.4

485. 3

489.4

495.1

298.1

303. 6

317. e

298. 6

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

41.fi
140.7
116.4

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

do

60.2

57. 5

65. 2

54. 5

49.7

55. 6

59. 9

64.7

64.4

66. 0

64.8

65. 2

64.6

66. 4

68. 6

New Construction

do

Change in business inventories

do

34.4
22.7
3.1

34.7
21.0
1.7

36. 7
23.8
4.8

34. 3
22.1
-1.9

33.1
20.2
-3. 6

34.2
20.2
1.2

35. 5
21 3
3.1

36.0
2? 4
6.3

34.7
22 7
7.0

36.8
23 6
5.7

37.8
24 ?
2.9

36. 9
24 8
3.4

35. 7
?4 0
4.9

37.3
25 3
3.8

38. 6
26 1
4.0

Net exports of eroods and services

do

1.7

2.3

1.8

3.4

3.6

1.9

1.9

1.7

.9

2.6

2.3

1.4

1.8

2.8

2.3

Oovt 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

80.6
42. 2
38.4

82.3
43.1
39.1

83.7
44.6
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

401.3
51.4

417.4
52. 9
364. 4

442. 1
57.7
384. 4

404. 3
50. 9
353. 4

106. 6
51.3
355. 3

414. 5
52. 5
362. 0

420.2

428.0

53. 0
367. 2

54. 9
373.1

433. 5
56 2

440.7

349.9

453. 9
59.4

394.5

459. 9
59. 9
400. 0

465. 2
60.8

21.7

27.6

29.1

23. 0

24. 5

27.1

29.2

35. 68

34. 37

37.31

9.53

7. 57

8.61

Gross private domestic Investment, total

DISPOSITION OF PERSONAL INCOME
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
bll. $_.
Less: Personal tax and nontax payments
do
Equals* Disposable personal income
do
Personal savin "§
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
Ml Industrie^
'
bil. $

57.9
382. 7

444. 5
58.1
386. 5

449.9

377.3

29. 3

28. 5

29.8

29.7

28. 5

27.1

29.6

29.5

8. 65

9. 54

8.02

9.50

9.62

10.18

8.25

9.74

i 10. 09

58. 5
391.4

404.4

2

11.00

Manufacturing
Durable goods Industries
Nondurable good* Industries

do
do
do

14. 48
7.1s
7. 30

13. 68
6. '27
7.40

14.68
7. 03

4.01
1.95
2. 06

3 00
1.41
1.59

3. 46
1.58
1. 88

3. 34
1.50
1.81

3. 88
1.79
2. 09

3.14
1.44
1 . 69

3.69
1.77
1.92

3.72
1.79
1.93

4.13
2.03
2.10

3.27
1.62
1 . 65

3.92
1.96
1.95

3.92
1.94
1.98

4.49
2 25
2.24

Mfining
"Railroads
Transportation, other than rail
Public utilities
Communications
Commercial and othor

do
do
do__ _
.-.do
do
do

99
1. 03
1.94
5, OS
3. 13
8.44

. 98
.07
1. 85
5. 52
3. 22
8. 46

1. 08
. Xo
2. 07
5.48
3. 63
9. 52

.24
.25
.46
1.58
. 85
2. 14

.21
.17
.41
1.09

.25
. 16
.47
1 . 50
.78
2. 16

. 26
. 16
. 50
1.54
.88
2. 32

.26
.16
. 47
1 . 06
.88
2. 06

.27
.26
.60
1.37
. 93
2. 37

.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
.28
.46
1. 59

. 27
.31
.51
1. 61

L94

.26
.18
.48
1.39
.81
2. 04

3 3. 58

35. 50

33. 85

33. 50

31.70

35. 40

35. 70

36. 95

38. 35

37. 95

36. 95

38. 05

i 39. 95

- 41. 15

14. 40
6. 85
755

13. 75
6. or
50
7 )

13. 50
6.20
7 ^0

1 3. 65
6. p
10
7 r"

14.00
6.40
7 60

1 4. 20
6. 55
7 60

14.45
6. 95
7 50

15.05
7. 25
7 80

15. 00
7. 30
7 ~0

14.85
7. 35
7 50

15. 30
7. 65
7 65

1 5. 85
7. 90
7 95

16. 30
8. 10
8. 20

. 90
1.00
1.80
5. 70
3. 20
S. 45

. 95
. 70
1 . 75
5. 35
3. 20
8. 15

1. 00
. 70
1. 80
5. 50
3.15
7.90

1.00
. 65
1.90
5. 65
3. 20
8. 60

1 . 00
. 60
1. 95
5. 55
3. 35
9. 00

1. 15
. 70
2. 05
5. 15
3. 70
8.75

1.05
.95
2. 25
5. 40
3. 65
9. 25

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
.00
1. 70
5.20
3. 55
9. 65

1.05
1 . 00
1.00
1.20
1.85
2. 05
5. 45
5. 95
3. 65
9. 65 ~M4~10

1.00
1.25
1 . 95
5. 85

Seas. adj. qtrly. totals at annual rates:
Manufacturing
..
Durable goodsindustries..
Nondurable eoods Industries

do
do .
do - -

Railroads

do

Public utilities
p mmujlll - ( < l ° h --- -

do

BUSINESS POPULATION
Firms in operation, end of quarter (seasonally adliisted)
tnous i 4. 658 4 4. 713

44,755

4, 730

4,740

4, 750

4, 760

4, 770

4. 7SO

4,790

4,800

4,815

4. 825

4. 835

U.S. BALANCE OF INTERNATIONAL
PAYMENTSt
Quarterly Data are Seasonally Adjusted
IT S payments recorded
mil $
Imports:
Merchandise.
Military expenditures

31, 174

31, 778

33, 254

7. 993

7, 673

7, 535

7, 917

8, 653

8, 246

8, 316

8.214

8,478

8, 420

14, 497

16, 145

3,422

5, 436

3.81

3 14.~75

4. 850

9.653

do. .. 14, 723
3.048
..do
5,434

3

2.934

3, 386
773
1.318

3,404
7(54
1,338

3, 826
680
1, 365

3,881
717
1,415

3. 942
754
1,423

4, 030
748
1,444

4, 127
732
1,423

4,046

5,791

725
1,335

3,970

3,028

794
1, 501

748
1. 499

4, 135
717
1.557

3,405

4,056

705

736
4.281

177
957

187
985

171
856

173
1,029

174
1, 186

191
] , 075

182
1, 078

176
1,045

187
1,083

212
1, 062

207
1, 355

do
do
do
do

3,892

4, 150
1,598
1,011
1, 541

3,273

1,694
850
1,348

1, 557
1, 209
507

1,377
688
215
474

1,024
458
94
472

1.002
344
219
439

844
399
234
211

1, 280
397
464
419

861
199
357
305

834
506
329
-1

711
359
188
164

867
493
335
39

929
501
512
-84

1, 682
462
619
601

do

27, 976

30, 313

32, 093

7,001

7,428

7,956

7,247

7, 682

7, 688

7,901

8,327

8,177

7, 691

8,323

do
do

19, 459
7,515

19, 913

20, 479
9,311

4,986

4,755
2,088

2, 120

5,121
2.152

5, 022
2,184

5, 262

1, 942

5, 050
2, 038

4,987

8,398

2,348

5,270
2,280

4,925
2,499

4,988
2,440

5, 466
2,441

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

636
366

1,274
728

1,283
1,020

133
-60

128
212

851
262

99
41

196
213

155
327

237
54

601
176

290
463

176
87

189
227

Excess of recorded receipts or payments (— )._-do

-3, 198
-683

-1,465 -1,161
-905 -1,025

-992
265

-245
227

421
390

670
15

-971
303

-558
27

415
-37

113
-469

301
-492

-729 -1,330
-122
68

472
-3,881 -2,370 -2, 186 -1, 257
Total net recei ts or a ments
do
Xet receipts or payments ( — ) , incl. transactions i
nonmarketable, medium-term convertible Govt.
securities
mil. $_ r
Revised.
* Preliminary.
1
Estimates for July-Sept. 1963 based on anticipated capital expenditures of business.
2 Estimates for Oct.-Dec. 1963 based on anticipated capital expenditures of business.
Anticipated expenditures for the year 1963 are as follows (in bil. $): All industries, 39.09;
manufacturing, total, 15.59; durable goods industries, 7.76; nondurable goods industries,
7.83; mining,
1.04; railroads, 1.07; transportation, 1.90; public utilities, 5.64; commercial and
other (incl.communications), 13.86. 3 Includes communications.

31

-655

-1,274

-585

-452

-356

-793

-851

4. 400

Remittances and tensions
Govt grants and capital outflows

do
do

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



-1,262

5, 560

-250

-75
-501 -1.110
4 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. S-l.
IMore complete details are given in the quarterly reviews in the Mar., June, Sept.,
and Dec. issues of the SURVEY.

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