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Mav 1062

SURVEY OF CUEEENT BUSINESS

Investment Rise Small

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

Overall investment increased only
$ /2 billion in the quarter to reach an
annual rate of $77 billion. The increase
over the past 4 quarters amounted to
about $17 billion, at an annual rate.
This represents 36 percent of the rise
in GNP over the period, as compared
with 42 and 47 percent, respectively,
for the initial 4 quarters of the 1958-59
and 1954-55 recoveries.

1961

l

Rise in inventory accumulation

The first quarter increase in business
inventory investment—$!}£ billion—
reflected mixed trends in the economy.
There was a step-up of nearly $3 billion
in durable goods factories, where steel
consumers were hedging against a
strike in that industry. In addition,
industries holding nondurable goods
stocks stepped up the rate of accumulation by about $1% billion in this period.
A sharp rise in auto sales in the later
weeks of the quarter was not fully reflected in higher production schedules;
in consequence, there was a net decline
of $1% billion in the rate of accumulation of auto stocks at retail, and other
durable goods holdings in trade also fell.
To date the inventory buildup has
contributed some $11 billion to the $48
billion expansion in GNP. The proportion was significantly higher in 1958-59
and somewhat higher in the initial four
recovery quarters in 1954-55. The
first quarter 1962 rate of accumulation
was affected by the threat to future
steel production and was the highest in
recent years except for two quarters
preceding and one following the 1959
steel strike. In general, inventories appear to be under close control by buyers. Liquidation of abnormal steel
stocks accumulated during the first
quarter are currently resulting in a
lowering of steel output.
Business fixed investment weak but
moving up

Business capital outlays are programed to be higher this year but here,
as elsewhere, there was an adverse
weather element in the first quarter.
While the cumulative advance since
early 1961 has carried these outlays
to about the 1960 peak in dollars, in



1959 1960 1961

•1-

i

1962

III

I

IV

i,

I

1959 1960 1961
ii

III

IV

Se asona ly adjusted at
amnial rates

Seasonally adjusted at
annual rates

Billions of current dollars
Gross national product

1962

1961

Billions of 1954 dollar?

482.8 504.4 521.3 500.8 516,1 525.8 542.2 548.3 428.4 440.8 448.8 433. 2 445.5 451.8 464.6 468,2

Personal consumption expend314. 0 328.9 339. 0 330.7 336. 1 341.0 348.4 352.0 289.3 298.3 303.6 297.0 301. 6 305. 0 310.8 312.8
itures
_
_ _

43.5 44.3 42.3 39.4 42.0 42.3 45.5 44.8 41.0 41.8 40.1 37.6 39.8 39.9 43.1 42.6
147.3 152.4 155.5 153. 7 154.1 156.2 158.1 159. 8 138.8 141.8 143. 6 141.6 142. 6 144. 5 145.9 147. 0
123 2 132.2 141.2 137.5 139.9 142.4 144.9 147.3 109.5 114. 7 119.9 117.8 119.2 120. 6 121.9 123.2

Durable goods
Nondurable goods
Service^
Gross private domestic investment
New construction

72.4 72.4 69.6 59.8 68.8 73.2 76.6 77.0 61.1 60.6 57.7 49.6 57.3 60.4 63.5 63.7
40.2 40.7 41.7 39.6 41.3 42.7 43.3 41.8 34.3 33.9 34.4 32.9 34.1 35. 1 35.6 34.2

_ _

22 3 21.1 21.2 19.3 20.6 22.1 23.0 21.4 19.4 18.0 18.1 16.5 17.6 18.7 19.5 18.1
17.9 19.6 20.5 20.4 20.7 20.6 20.3 20.5 14.8 16.0 16.4 16.4 16.6 16.4 16.2 16.1

Residential nonfarm
Other

Producers' durable equipment. 25.9 27.5 25.7 24.2 24.7 26.0 28.0 28.5 21.3 22.7 21.2 19.9 20.3 21.4 23.1 23.4

6.3

4.2

2.2 -4.0

2.8

4.5

5.3

6.8

5.5

4.0

2.1 -3.2

2.9

3.9

4.7

6.1

6.2
.1

4.0
.3

1.8 -4.3
.3
.3

2.4
.4

4.1
.4

5.1
.2

6.6 5.6
.2 -.0

3.8
.2

1.7 -3.5
.3
.3

2.4
.4

3.5
.,4

4.5
.2

5.9
.2

Net exports of goods and services. -.7

3.0

4.0

3.9

2.6

4.0

3.5 -2.1

1.7

2.0

1.9

«6

2.0

1.3

Change in business inventories,
Nonfarm
Farm.

Exports
Imports

Government purchases of goods
and services _ _ _
_

3.3

97.1 100.1 108.7 105.0 107.3 109.0 113.2 115.9 80.1 80.2 85.5 83.3 84.7 85.7 88.3 90.3
53.5 52 9 57.3 54.7 56.6 57.4 60.0 61.5 43.9 42.3 44.9 43.1 44,7 45.0 46.8 48.4

Federal

46.2 45.5 49.2 47.2 48.8 49.0 51.7 52.8
7.8 8.0 8.6 8.0 8.3 8.9 9.0 9.4
7
5
5
5
.7
6
6
6

National defense
Other
Less* Government sales
State and local _

5.3

23.1 26.7 27.4 27.6 26.4 27.0 28.5 28.2 22.2 25.3 25.5 25.7 24.5 25. 2 26.7 26.2
23.8 23.6 23.4 22.3 22.5 24.3 24.5 24.7 24.3 23.6 23.5 22.4 22.6 24.5 24.7 24.9

_ _

43.6 47.2 51.4 50.3 50.6 51.6 53.2 54.3 36.2 38.0 40.6 40.2 40,0 40,8 41.4 41,9

_. _

Table 2.—Personal Income and Its Use (II-2)
[Billions of dollars]
1961
1959

1960

1961

I

II

1962
III

IV

I

Seasonally adjusted at annual rates
Personal income

383.3

Other labor income

402.2

416.7

404.7

413.2

420.3

428.6

432.9

258. 5
107.2
84.7
68.2
37.7
45.3

__

Wage and salary disbursements
Commodity-producing industries
Manufacturing
Distributive industries _ _ _ _
Service industries
Government
_. .

271.3
110.4
87.4
71.8
40.7
48.4

279.7
111.2
87. 8
73.4
43.1
51.9

270.1
106.1
83.8
71.8
41.8
50.4

277. 3
110.7
87.5
72.8
42.5
51.3

282.7
112.8
88.9
74.3
43.6
52.1

288.7
1 15. 2
90.8
74.8
44.7
54. 0

292.5
115.7
91.8
76.0
45.4
55. 3

10.3

10.9

11.1

10.8

10.8

11.2

11.5

11.9

46.3
35.0
11.3

48.2
36.2
12.0

49.6
36.5
13.1

48.9
36.0
12.9

49.2
36.3
12.9

49.4
36.6
12.8

50.8
37.2
13. 6

50.6
37.6
13.0

Rental income of persons

11.9

11.7

11.5

11.5

11.5

11.5

11.5

11.5

Dividends-

13.4

14.1

14.4

14.2

14.2

14.3

15,0

15.0

Personal interest income

23.6

26.2

27.3

26.8

27.0

27.4

28.0

28.7

Transfer payments

27.2

29.1

32.9

32.0

32.9

33.5

33.2

33.3

10.2
2.5
4.5
10.0

11.1
2.8
4.6
10.6

12.6
4.0
4.3
11.5

11.8
3.8
4.7
11.7

12.5
4.5
4.8
11. 1

12.7
4.0
4.8
11.9

13.4
3.8
4.8
11., 3

13.7
3.4
4.7
11.5

Proprietors' income _
Business and professional
Farm

_ - _ _

Old-age and survivors insurance benefits
State unemployment insurance benefits
Veterans' benefits
Other

_ _

7.9

9.3

9.7

9.5

9.7

9.8

1 0.0

10.5

46.0
39.6
6.4

50.4
43.2
7.2

51.8
43.9
8.0

50.3
42.6
7. 7

51.4
43.6

52.5
44.5
8.0

53., 1
44.8
8.3

54.7
46. 0
8.7

Equals: Disposable personal income

337.3

351.8

364.9

354.3

361. 8

367.7

375.6

378. 2

Less: Personal consumption expenditures

314.0

328.9

339.0

330.7

336.1

341,0

348., 4

352. 0

23.4

22.9

25.8

23.7

25.8

26.8

27., 1

26.2

310.6

319.0

326.8

318.4

324.8

329. 0

335., 0

336., 2

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

_

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

SURVEY OF CURRENT BUSINESS
real terms, they arc still below any
quarter of 1956 or 1957.
Capital outlays currently represent
a lesser proportion of GNP than in the
mid-1950's. In fact, if the average
ratio of fixed invest in out to GNP is
computed for 5-year periods (to minimize the effect of cyclical factors) the
recent decline appears to bo but a
continuation of postwar adjustments.
Period

Fixed
GNP Investment

[Billions of constant (1954)
(5-year averages)
1947-51
314
1952-56
387
1957-61
430

Percent

dollars]
33
38
37

10.5
0. 8
8.6

Capital investment during the decade
or so following World War II reflected
a number of special factors. In the
1947-51 period, activity in certain
areas was abnormally stimulated by
the absence of normal growth during
the depression and war periods; in
others, it was curtailed by materials
shortages or by the conversion of
Government facilities erected during
the war. Finally, the outbreak of the
Korean war stimulated capital outlays
in certain strategic areas of the economy.
During the 1952-56 period, materials
were generally abundant and investment in many areas, notably durable
goods manufacturing, was still feeling
the stimulating effects of the Korean
expansion program, and the introduction of accelerated amortization. Thus,
the last 4 or 5 years are the first in the
postwar period when business investment has not been greatly distorted
b}r the effects of severe depression and
war. The problem of raising investment to more satisfactory levels in
relation to GNP must be viewed in
this light.
Residential construction lower

The decline in residential construction was an important factor in moderating the first quarter advance in GNP.
In the previous quarter, activity had
come close to matching the 1959 second
quarter peak of $23.5 billion, though in
real terms it was still 5 percent belo\v
that quarter.
The weather in man}7 areas of the
country may have had some effect on



Mav 1902

the rate of construction activity in terest rates on mortgage debt conlate 1961 and early 1962. The number tinuing to move do\vn slightly in the
of new private housing units author- opening months of the year.
ized by local building permits during
the winter m o n t h s (December-Febfu- Government Purchases Rising;
ary) reached a volume not achieved,
Net Exports Olf
since early 1959. On the other hand,
Government purchases of r-;oods and
housing s t a r t s during this period, at
an annual rate of 1,225,000 u n i t s , were services increased another 2'14 percent
off sharply from the 1,400,000 units in the first quarter, with higher Federal
started in October. Building peri nits defense expenditures and increased
were off slightly in March, but starts State and local outlays. The recent
rose sharply t o regain the October level, increases in Federal Government purand in April residential construction chases reflect the full impact of the
activity moved above the first quarter measures taken to meet the Berlin
crisis and accelerate the growth of
average.
As noted in the article on "Capital 11} ili t ary s tren g111.
Net exports were off $K billion,
Formation, Savings, and Credit" in
this issue of the SURVEY, financial con- following a rise which had contributed
ditions in the mortgage market have nearly $!}£ billion to the fourth quarter
remained relatively favorable with in- rise in GNP.

National Income and Purchasing Power
Move Higher
HIGHER employee compensation
accounted for most of the first quarter
increase in national income. On the
basis of preliminary evidence, corporate
profits do not appear to have changed
much from the $52 billion (annual rate)
of the first quarter, following three
successive quarterly rises cumulating
to $12 billion.
Within manufacturing, where half
of all corporate profits originate, earnings were nearly one-third above the

cyclical lows of the first quarter of
1961, though about the same as in
the fourth quarter of last year. Small
declines in a number of manufacturing
industries were counterbalanced by a
sharp increase in profits of primary
metal producers.
Outside of manufacturing, still low
rail profits advanced as recovery from
the recession was extended; earnings
of the communications and public
(Continued on page 20)

Fable 3.—Gross National Product by Major Type of Product in Current and Constant
Dollars (1-6", 1-7)
1961
1959 1960 1961

i
j

I

II

III

IV

Final sales
In v en t o r v c 1 1 an g e

Nondurable goods output
Final sales
Inventory change

|
I

I

II

III

1962

IV

I

Seasonally adjusted at
annual rates
1

Billions of 1954 dollars

482.8504.4 52,.3 500.8 516. 1 525. 8 542. 2 548. 3 428.4 440, 8 448. 8 433. 2 445. 5 451. 8 464. 6 468.2
i
476. 5 '500. 9 519.1 504. 8 51 3. 2 521.3 537.0 541. 6! 4^2. 9 436. 8 446. 7 436. 5 442.61447.91459.9 46? 1
6.3 4.'>i 2.2 -4.0 2.8 4.5 5.3 6.8J 5.5 4.0 2.1 ? o 2. 9 3.9 4.7 6.1

Gross national product

Durable goods output
Final sales
Inventory ch ange

1961

I 1959 1960

Seasonally adjusted at
annual rates
Billions of current dollars

Goodsoutput
Final sales
Inventory change

1961

1962

___

250. 3 258. 5 259. 0 245. 7 257. 1 261.4 271.6 274.9 228.6 234. 6 233. 6 221.9 232. 5 235. 4 244.6 247.1
244.0 254. 3 256. 8 249. 7 254. 3 256. 9 266. 3 268.1 223.1 230.6 231.5 225. 2 229. 7 231.6 239. 8 241. (
6.3 4.2 2. 2 -4.0 2.8 4.5 5.3 6.8 5.5 4.0 2.1 -3.3 2.9 3.9 4.7 6.]

94.9 96.7 92.8 81.6 90.9 96.1 102.6 103.3 82.9 84.7 80.9 71.4 79.4 83.5 89.4 90. C
91.3 94. 3 92.7 87.4 91.2 92.6 99.6 99.8 79.8 82.4 80.9 76. 5 i 79.6 80.5 86. 8 87.1
.1 -5.8 -.3 3.5 3.1 3.5 3.1 2.3
3.6
.1 -5.1 -.2 3.0 2.6 2.1

155.4 161.8 166.1 164. 1 166. 2 165. 3 168.9 171.6 145.7 150.0 152. 7 150.5 153.2 151.9 155.2 157. 1
152.8 160.0|164.1 162.3 163 0 164 3 166 7 168 3J143 3 148 3 150 7 148 7 150 0 151 0 153.1 153.1
2.6 1.8| 2.0 1.8 3.2 1.0 2. 2 3.3 2.4 1.7 2.0 1.8 3.1
.9 2.1 3.i
176 2 189 3 203 6 197 9 201 1 205 1 210 0 914 3 151 7 158 7 166 2 163 2 164 7 167 1 169 8 172 i

Construction

56.2 56.6 58.8 57.2 57.9 59.2 60.7 59.1 48.1 47,5 48.9 48.0 48.3 49.2 50. 3 48.1

BUSINESS STATISTICS

urren
-fr-

J_ HE STATISTICS here update series published in the 1961 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 1957 through 1960 (1951-60, 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 1961 BUSINESS STATISTICS went to press are indicated by an asterisk
(*) and a dagger (t), respectively; certain revisions for 1960 issued too late for inclusion in the aforementioned volume appear in the monthly
SURVEY beginning with the July 1961 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 1960
and descriptive notes are shown in the 1861
edition of BUSINESS STATISTICS

1960 | 1961

1959
I

Annual total

II

IV

1

III

II

1962

1961

1960
III

IV

I

II

III

IV

I

Seasonally adjusted quarterly totals at annual rates

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

Compensation of employees, total
Wages and salaries, total
Private
M ilitary
Government civilian

_
„_

Supplements to wages and salaries

399 6

417 1

430 2

390 7

405 2

399 4

402 8

413 5

419 2

419 0

416.5

412.2

426. 0

434. 3

447.9

do

National income total

278.4

293. 7

302.9

270. 6

280.0

280. 5

282.4

290. 2

294. 6

296. 0

294. 0

292. 6

300. 2

306. 2

312.7

317.9

do
do
do
do

258.5
213. 2
9.9
35.4

271.3
223.0
9.9
38.5

27P. 7
227.8
10.4
41.5

251.4
206. 7
9.9
34.8

260. 1
215.0
9.9
35.3

260.3
214.8
9.9
35.7

261. 9
216. 0
9.8
36.1

268. 3
221.4
9.8
37.1

272.4
224. 6
9.8
38.0

273.2
224.2
9.9
39.1

271.3
221.6
10. 0
39.7

270. 1
219.7
10.1
40. 3

277.3
226. 0
10.1
41.2

282.7
230. 7
10.2
41.9

288. 7
234. 7
11.1
42.8

292.5
237.1
11.6
43.8

do

20.0

22.4

23. 2

19.2

19. 9

20. 2

20. 5

21. 9

22.2

22.7

22. 7

22.5

22. 9

23.4

24. 1

25. 4

46.3
35.0
11 3
11.9

48.2
36.2
12 0
11.7

49.6
36. 5
13. 1
11.5

46.6
34.1
12 5
12.0

46.7
35.2
11.5
11.9

45.9
35.3
10. 6
11.8

46.1
35. 3
10 8
11.7

46.3
35.8
10. 5
11.7

48.6
36. 4
19 3
11.7

48.7
36.3
12 4
11.7

49. 0
36. 3
12.7
11. 7

48.9
36. 0
12.9
11.5

49.2
36. 3
12 9
11.5

49.4
36. 6
12 8
11 5

50.8
37.2
13.6
11.5

50. 6
37. 6
13.0
11.5

Proprietors' income, totalcf 71
_ ._ _
do _
Business and profession aid
_
do
Farm
do
Rental income of persons
do
Corporate profits and inventory valuation adjustment, total. _
_
bil. $

46.4

45.1

46.2

45. 3

50.2

44.4

45.5

47.4

45.9

44. 1

42. 9

40.0

45. 5

47. 0

52.1

do
do
do
do

46.8
23 1
23.7
— 5

45.0
22 3
22.7

46.1
22.8
23.3
.i

46.1
22 8
23.4
— 9

51.5
25 4
26. 1
—1 3

44.8
22 1
22.7
— 4

44.9
22 1
22.7

48. 1
23 9
24. 2

46.3
93 0
23. 3
— 4

43.2
21 4
21.7
9

42.6
21. 1
21.4
3

39. 6
19 6
20. 0
4

45.2
22 4
22 8
3

47
93
23
_

52.4
26 0
26. 5
— 3

do

16 6

18 4

20 0

16 2

16 4

16 7

17 0

17 8

18 3

18 6

18 9

19 2

19 6

20 2

20 7

21.3

do

482.8

504.4

521.3

472.2

488.5

482.3

488. 3

501.5

,ri06. 4

505. 1

504. 5

500. 8

516. 1

525 8

542. 2

548. 3

Personal consumption expenditures, total. _do

314. 0

328.9

339. 0

305. 8

313. 6

316. 5

320.0

323. 8

329. 9

329. 7

332. 3

330. 7

336. 1

341.0

348. 4

352.0

43.5
18.1
18.9

44.3
18.6
18.8

42. 3
16.8
18. 6

41.6
17.2
18.0

44.5
19.0
18.9

44.4
18.4
19.2

43.7
17.6
19.3

44.7
18.8
19.1

45. 3

19.3
19.0

43.4
17 8
18.7

43.8
18.6
18.3

39.4
14.8
17.8

42.0
16 7
18.3

42 3
16 4
18.8

45. 5
19 3
19.1

44.8
18.7
18.9

147.3
27.4
78.0
11.0

152.4
28.1
80.1
11.6

155.5
28.4
81.8
11.8

144.9
26.5
77.4
10.7

147.3
27.8
78.1
10.9

147.7
27.6
77.8
11.1

149.3
27.8
78. 7
11. 1

1 50. 5
28. 1
78.9
31.4

153.3
28. 3
80. 6
11 6

152.7
28.3
79.9
11 6

153.1
27.7
80.8
11.8

153. 7
27.9
81.1
11 7

1 54. 1
27. 6
81.4
11 7

156 2
28 6
81.9
11 8

158. 1
29 5
82.7
11 8

159.8
29.4
84.0
12.0

do
do
do
do

123.2
18. 1
39.9
10.0

132. 2
19.6
42.2
10.5

141.2
21.0
44.5
10.8

11.9. 4
17.5
39. 3
9.5

121.9
17.8
39.8
9.8

124.4
18.2
40.1
10.2

127.0
18.9
40.5
10.2

1 28. 6
19.2
41. 1
10.4

131.2

133. 6
19.7
42 7
10.5

135.4
20.0
43 1
10. 5

137.5
20.6
43 6
10.5

139.9
20 9
44 2
10 7

142.4
21 2
44 8
10 9

144.9
21. 6
45 5
11.0

147.3
21.9
46 1
11.2

do

72.4

72.4

69.6

70.4

79.1

68.2

71.8

78.9

74.6

70.5

65.6

59.8

68.8

73.2

76. 6

77.0

40.2
25.9
6.3

40.7
27.5
4.2

41.7
25.7
2.2

39.0
24.3
7.1

41.2
26. 3
11.7

41.0
26.6
.7

39.6
26.6
5.6

40.9
27.1
10.9

40.7
28.6
5.4

40.4
27.7
2.4

40.7
26.7
-1.9

39. 6
24.2
—4.0

41 3
24.7
2 8

42 7
26.0
4 5

43 3
28.0
5.3

41.8
28. 5
6.8

—.7
23 1
23.8

3.0
26.7
23.6

4.0
27 4
23.4

-.6
22.1
22.7

— 1.7
22.3
24.0

— .5
24 0
24.5

.0
24 1
24.0

18
25 6
23.9

2 3
26 7
24.4

30
26 8
23.8

5. 1
27 6
22.4

5 3
27 6
22.3

39
26 4
22.5

2 6
27 0
24.3

4 0
28 5
24. 5

35
28 2
24.7

97.1
53.5
46.2
43.6

100.1
52.9
45.5
47.2

108.7
57.3
49 2
51.4

96.7
53. 2
45.9
43.5

97.5
53.9
46.5
43.6

98.1
54.1
46 3
44.0

96.5
52.9
45 9
43.6

96. 9
51.8
45 5
45.0

99. 6
52.9
45 5
46.8

101.9
54.0
45 4
48.0

101.6
53.0
45 7
48.6

105. 0
54.7
47 9
50. 3

107.3
56. 6
48 8
50.6

109.0
57.4
49 0
51.6

113.2
60. 0
51 7
53.2

115.9
61.5
52 8
54.3

476.5
244.0
91.3
152.8
176 2
56 3

500.2
254. 3
94.3
160.0
189 3
56 6

519.1
256 8
92.7
164. 1
203 6
58 8

465.2
238.3
88. 1
150.2
170 7
56 2

476.8
244 6
92.4
152.2
174 2
58 1

481.6
247 1
93 6
153. 5
177 6
56 9

482.7
246 1
90 9
1 55. 1
182 2
54 4

490 5
250 9
93 1
157.8
183 8
55 8

502.
254
94
160.
1Q1
56

7
8
2
6
2
7

506. 4
254 6
93 4
161.3
194 6
57 °

504. 8
249 7
87 4
1 62. 3
197 9
57 2

513. 2
254 3
91 2
163.0
201 1
57 9

521.3
256 9
92 6
164. 3
905 1
59 2

537.0
266 3
99 6
166. 7
210 0
60 7

541. 6
268 1
99 8
168.3
914 'i
59 1

Inventorv change, total
_. .. _ do. _.
6.3
4.2
7.1
2.2
1
Durable goods output
do
3.6
2.5
5 4
Nondurable goods output
do
2.6
1.8
2.0
1.7
r
Revised.
cf Includes inventory valuation adjustment.
©Includes data not shown separately.
9 Government sales are not deducted.
*For quarterly data back to 1947, see p. 34 of the July 1961 SURVEY.

11.7
88
2.9

.7
—2 0
2.7

5 6
2 4
3.2

10.9
9 4
1.5

2 4
4
2.0

—1 9
—3 8
2.0

—4 0
—5 8
1.8

2 8
— 3
3.2

4 5
35
1 0

5 3
31

6 8
35

2.2

3.3

Corporate profits before tax total
Corporate profits tax liability
Corporate profits after tax
Inventorv valuation adjustment
Net interest
Gross national product, total _

Durable goods, total©
__. ___ do _
Automobiles and parts
do
Furniture and household equipment-- -do
Nondurable goods, total©
Clothing and shoes _
._
Food and alcoholic beverages
Gasoline and oil
___
Services, total ©
Household operation
Housing
Transportation

_ ... ... __

Gross private domestic in vestment, total

_ do_
do
do
do

-

New construction
_
_ _ _ _ __
do
Producers' durable equipmen t
do
Change in business inventories ...
_ do.- _
Net exports of goods and services
Exports
Imports

do
do
do

Government purchases of goods and services, total
bil. $_.
Federal (less Go vernmen t sa les)
do
National defense 9
_
do
State and local
do
By major type of product:*
Final sales, total
Goods output, total. _ _ _
Durable goods output
Nondurable goods output
Services
Construction




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

o

19 5
41 9
10.5

501.
256
96
160.
187
56

0
9
3
6
7
4

5 4
39
1.5

2
3
8
2

S-i

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated, statistics through 1960
and descriptive notes are shown in the 1961
edition of BUSINESS STATISTICS

1959

1961

1959 1 1960

Annual total

II

III

1961

1960
IV

I

II

III

IV

I

II

1962
III

IV

I

II

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
bil. $

428.4

440.8

448.8

434.4

426.6

430.7

441.0

443.4

440.2

438.4

433.2

445.5

451. 8

464. 6

468.2

Personal consumption expenditures, totaL.do

289.3

298.3

303.6

289.7

290.8

292.8

295.4

299.5

298.6

299.6

297.0

301.6

305.0

310.8

312.8

41.0
138. 8
109. 5

41.8
141.8
114.7

40.1
143.6
119.9

41.7
139.3
108.8

41.6
139.2
110.0

41.4
140.0
111.4

42.1
140. 9
112.4

42.5
142.9
114.2

40.8
142.0
115.8

41.6
141.3
116.6

37.6
141.6
117.8

39.8
142.6
119.2

39.9
144.5
120.6

43.1
145.9
121. 9

42.6
147.0
123.2

Durable goods
Nondurable goods
Services

do
do
do

_

do

61.1

60.6

57.7

66.9

57.3

60.4

66.6

62.3

58. 6

54.9

49.6

57.3

60.4

63.5

63.7

Ne vv construction
Producers' durable equipment
Change in business inventories

do
do
do

34.3
21.3
5.5

33.9
22.7
4.0

34.4
21.2
2.1

35.2
21.6
10.1

34.7
21.7
.8

33.4
21.9
5.0

34.3
22.4
9.9

33.9
23.4
4.9

33.6
22.7
2.3

33.9
22.1
-1.1

32.9
19.9
-3.2

34.1
20.3
2.9

35.1
21.4
3.9

35.6
23.1
4.7

34.2
23.4
6.1

Net exports of goods and services

do

-2.1

1.7

2.0

-3.2

-1.9

-.9

.6

1.0

1.6

3.5

3.3

1.9

.6

2.0

1.3

80.1
43.9
36.2

80.2
42.3
38.0

85.5
44.9
40.6

81.0
44.6
36.4

80.5
44.0
36.5

78.4
42.7
35.8

78.4
41.7
36.7

80.6
42.7
37.8

81.3
42.9
38.4

80.3
41.6
38.7

83.3
43.1
40.2

84.7
44.7
40.0

85.7
45.0
40.8

88.3
46.8
41.4

90.3
48.4
41.9

383. 3
46.0
337.3

402.2
50.4
351.8

416.7
51.8
364.9

384.6
46.1
338.4

385.1
46.4
338.7

388.9
46.6
342.3

395. 5
49.9
345.7

403.1
50.5
352.7

405.1
50.8
354.4

405. 4
50.5
354.9

404.7
50.3
354.3

413.2
51.4
361.8

420.3
52.5
367.7

428.6
53.1
375.6

432.9
54.7
378.2

23.4

22.9

25.8

24.8

22.3

22.3

21.8

22.8

24.6

22.7

23.7

25.8

26.8

27.1

26.2

Gross private domestic investment total

Government purchases of eoods and services, total
bil. $..
Federal
do
State and local
do
DISPOSITION OF PERSONAL INCOME
Quarterly Data Seasonally Adjusted at Annual Rate*
Personal income total
bil $
Less: Personal tax and nontax payments
do
Equals* Disposable personal income
do
Personal savin0" §
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly totals or averages:
All industries....
bil. $

8.14

8.92

8.59

8.32

8.32

8.99

7.89

9.28

8.98

9.53

7.57

8.61

8.65

9.54

18.14

29.44

Manufacturing
Durable goods industries
Nondurable goods industries

do
do
do

3.02
1.44
1.57

3.62
1.80
1.82

3.42
1.57
1.85

3.02
1.45
1.57

3.02
1.44
1.58

3.57
1.74
1.83

3.09
1.55
1.54

3.76
1.88
1.88

3.62
1.80
1.81

4.01
1.95
2.06

3.00
1.41
1.59

3.46
1.58
1.88

3.34
1.50
1.84

3.88
1.79
2.09

3.18
1.54
1.64

3.75
1.82
1.92

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

do
do
do
do
do

.25
.23
.51
1.42
2.72

.25
.26
.48
1.42
2.89

.24
.17
.46
1.38
2.92

.24
.26
.53
1.47
2.79

.26
.28
.54
1.48
2.74

.27
.22
.55
1.51
2.87

.22
.25
.47
1.18
2.69

.27
.29
.55
1.42
2.99

.25
.24
.47
1.50
2.90

.24
.25
.46
1.58
2 99

.21
.17
.41
1.09
2.69

.26
.18
.48
1.39
2.85

.25
.16
.47
1.50
2.94

.26
.16
.50
1.54
3.20

.24
.19
.41
1.07
3.05

.27
.22
.50
1.31
3.40

do

32.51

33.35

33.58

35.15

36.30

35.90

35.50

33.85

33.50

34. 70

35.40

' 36.10

do

11.80
5.74
6.06

12.25
5.83
6.42

12.87
6.16
6.71

14.10
7.15
6.95

14.70
7.40
7.30

14.65
7.35
7.30

14.40
6.85
7.55

13.75
6.50
7.25

13.50
6.20
7.30

13.65
6.10
7.55

14.00
6.40
7.60

14.40
7.00
7.45

14.65
7.20
7.50

.94
1.00
2.08
5.82
10.87

1.01
1.28
2.17
5.58
11.06

1.04
.85
2.15
5.48
11.19

1.00
1.00
2.00
5.75
11.35

1.05
1.10
2.15
5.70
11.60

1.00
1.00
1.90
5.60
11.75

.90
1.00
1.80
5.70
11.65

.95
.70
1.75
5.35
11.30

1.00
.70
1.80
5.50
11.05

1.00
.65
1.90
5.65
11.85

1.00
.60
1.95
5.55
12.35

1.10
.80
1.75
5.25
12. 75

1.05
.80
1.90
5.20
13.00

4,790

_

Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Nondurable goods industries

do

Mining

__......

do

Transportation, other than rail
do
Public utilities
do
Commercial and other
do
BUSINESS POPULATION
Firms in operation, end of quarter (seasonally ad- 3
justed)
thous • 4 583

3 4, 660

3

4, 717

4,635

4,655

4,670

4,690

4,710

4,725

4,730

4,740

4, 755

4,770

4,780

U.S. BALANCE OF INTERNATIONAL
PAYMENTS^
Quarterly Data are Seasonally Adjusted
U.S. payments, recorded
mil. $

29, 743

31, 412

32, 000

7,474

7,565

7,670

7,567

7,690

7,941

8,214

7,744

7,384

7,958

15,294
do
3,109
do
d o _ _ 5, 134
791
do
3,040
do

14, 722
3,048
5,557
848
3,381

14, 524
2,956
5, 599
870
4,100

3,861
789
1,272
187
741

3,974
786
1,303
214
746

3,858
754
1,337
206
760

3,785
767
1,373
198
750

3,830
756
1,438
213
843

3,674
798
1,402
207
775

3,433
727
1,344
230
1,013

3,374
759
1,360
212
1,000

3,418
761
1,360
219
825

3,843
705
1,419
218
1,018

3.889
731
1,460
221
1,257

U.S. private capital
Direct investments
Long-term portfolio
Short-term

do
do
do
do

2,375
1,372
926
77

3,856
1,694
850
1,312

3,951
1,601
967
1,383

624
347
280
-3

542
326
205
11

755
362
235
158

694
344
194
156

610
260
267
83

1,085
406
145
534

1,467
684
244
539

1,039
500
12
527

801
308
331
162

755
470
147
138

1,356
323
477
556

do

25, 472

28, 131

30, 162

6,137

6,495

6,731

6,914

7,069

7,041

7,107

7,454

8,005

7,072

7,631

do
do
do
do

16, 282
7,427
1,054
709

19, 409
7,891
631
200

19,916
8,400
1,269
577

3,924
1,793
158
262

4,299
1,856
159
181

4,193
1,959
430
149

4,650
1,915
168
181

4,837
1,991
148
93

4,927
1,927
170
17

4,995
2,058
145
-91

5,053
2,072
130
199

4,765
2,115
850
275

4,947
2,038
80
7

5,151
2,175
209
96

-4,271 -3, 281 -1,838 -1,337 -1,070

36. 60

8,914

Imports:
Merchandise __
Military expenditures
Other services. __
_ _ _ _ _
Remittances and pensions
Govt. grants and capital outflows

2

_
_

U.S. receipts, recorded
Exports:
Merchandise..
Services and military sales
Repayments on U.S. Govt. loans
Foreign capital other than liquid funds
Excess of recorded receipts or pavments ( — )

do

Unrecorded transactions

do

Total, net receipts (+) or payments (— )_

do_.

Major special transactions

do

-939

-653

-621

-900 -1,107

-103

271

33

-142

-212

-3, 743 -3, 929 -2, 454 -1, 061 -1,173

-668

-620

528

335

-648

-524

-616

129

276

-100

-961 -1,173
-4, 078 -3, 405 -2, 583
Total excluding special transactions
do
r
Revised.
» Preliminary.
1
Estimates for Jan .-Mar. 1962 based on anticipated ca pital exjDenditun3S of bus iness.
2
Estimates for Apr.-June 1962 based on antic pated ca pital ex Denditur es of bus iness.
:
Anticipated expenditures for the year 1962
bil. $) All inc
Digitized for manufacturing, total, 14.90; durable goods are as J ollows (i nnondur able goo lustries, 37.16;
FRASER
ds indus tries,
industi ies, 7.29
4;
7.62; mining, 1.01;
http://fraser.stlouisfed.org/ railroads, .80; transportation, 1.8 public utilities 5.60; co mmercia 1 and
other, 13.00.

Federal Reserve Bank of St. Louis

-290

621

-886

-1,283

-327

-54

-465

109

-206

-763 -1,112 -1, 434

-344

156

285

-80

-444

724

-777 -1,489
-75

*>-450

-520

-702
-568
-969
-620
-683 -1,112
-990 -344
Data represent firms in oper ation as of Jan. 1 .
Personal saving is excess of disposable incorne over iDersonal 2onsump tion expenditures
showri Tas a component of gross national product on p. S-l.
Vs ote change in presentation; unadjusted datei, as well as adjust ed data 1 or earlier periods,
appea r in the Mar., June, Sept., and Dec. issuesof the SL RVEY (fr ont secti on).

-953

3 1Unadjusted.

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