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SURVEY OF CURRENT BUSINESS
until recently made a quicker and
significantly greater contribution to economic expansion than during the early
stages of the 1954-55 recovery. This
was owing less to the vigor of the
1960-61 growth in capital outlays than
to the fact that revival in capital goods
demand occurred early in the present
business cycle. The current expansion
in business capital outlays continues to
compare relatively favorably with the
late and halting 1958-59 revival, though
in real terms the totals are still below
1957 peak rates.
Government purchases of goods and
services have played a significantly
greater role in the current rise than in
the two earlier periods of expansion
under review. The impact of government purchases was concentrated in
late 1961 and early 1962 and reflected
mainly programs designed to meet the
threat to Berlin and higher outlays in
other areas of the defense program. In
contrast defense outlays were rising
slowly during the 1958-59 period and
in 1954 they were still declining following the cessation of hostilities in
Korea. On the other hand, State and

local government purchases have moved
steadily ahead, though recent increases
have been somewhat less than those
recorded in the earlier periods.
Consumer Buying Continues
Strong
Personal consumption expenditures
increased to $355 billion for the quarter,
up $4% billion over the first quarter.
So far this year the rate of increase
in consumer buying has been lower than
in 1961 because of durable goods spending. Last year hard goods purchases
were stimulated by the sharp revival in
residential construction, and the recovery of auto sales from their relatively
low rate in the 1960-61 winter.
Auto sales improve—-furniture
appliance sales off

and

The second quarter gain in consumer
expenditures for autos and parts—$1
billion—more than offset the minor drop
in the first quarter, which was partly
occasioned by poor weather, and the
sales rate for the spring quarter was
the best of recent years, even after

Table 1.—Gross National Product in Current and Constant Dollars (1-3, 1-5)
1961
1959 1960 1961

II

III

1962
IV

I

1961
II

1959 1960 1961

Seasonally adjusted at
annual rates

II

III

1962
IV

I

II

Seasonally adjusted at
annual rates

Billions of current dollars

Billions of 1954 dollars

482.7 503.4 518.7 513.1 522.3 538.6 545.0 552.0 428.6 440.2 447.9 443.9 450.4 463.4 467.4 470 8

Gross national product

Personal consumption expendi313.5 328.5 338.1 335.5 340.1 346.1 350.2 354.9 288.9 298.3 304.3 302.5 306.0 310. 6 313.9 316.9
tures

43.6 44.8 43.7 43.5 44.0 46.6 46.3 47.2 41.0 42.2 41.6 41.3 41.7 44.4 44.1 44.6
147.1 151.8 155.2 153.9 156.2 157. 2 159.9 161.3 138.7 141.4 143.3 142.3 144.4 144.9 147.0 148.1
122.8 131.9 139.1 138.0 139.9 142.3 144.1 146.3 109.2 114.7 119.4 118.8 120.0 121.4 122.8 124.1

Durable goods _ __
Nondurable goods
Services
Gross private domestic investment
New construction _
Residential nonfarm
Other

72.7 72.4 69.3 67.6 72.4 76.6 75.9 77.4 61.7 60.7 57.8 56.5 60.4 64.1 63.3 64.1
40.2 40.7 41.6 41.0 42.6 43.2 41.6 44.5 34.4 34.3 34.8 34.3 35.6 36.1 34.6 36.7

__ 22.3 21.1 21.0 20.1 21.9 22.8 21.2 23.3 19.5 18.2 18.2 17.4 18.8 19.7 18.2 19.9
17.9 19.7 20.5 20.8 20.7 20.4 20.5 21.2 14.9 16.1 16.6 16.9 16.7 16.4 16.4 16.8

Producers' durable equipment . 25.9 27.6 25.5 24.6 25.8 27.4 27.6 28.9 21.4 22.7 21.1 20.2 21.3 22.7 22.8 23.8
6.6

4.1

2.1

2.1

4.0

6.0

6.7

4.0

5.9

3.7

2.0

2.0

3.5

5.4

5.9

3.7

6.5
.1

3.7
.3

1.9
.2

1.8
.3

3.8
.2

5.9
.1

6.6
.1

3 9 5.9
!l -.0

3.4
.3

1.8
.1

1.9
.2

3.4
.1

5.3
.1

5.8
.1

3.6
.1

Net exports of goods and services- -.8

2.9

4.0

4.0

2.8

3.8

3.7

3.7 -2.1

1.5

1.8

1.7

.7

1.4

1.3

.7

Change in business inventoriesNonfarm
Farm _

Exports
Imports

National defense
Other
Less: Government sales
State and local




allowance for price changes. In real
terms, it was still more than 10 percent
short of the best quarters of 1955,
when the widespread upgrading of lower
priced models to which purchasers responded favorably encouraged a sharp
rise in installment purchases which
resulted in a record volume of car sales.
The outstanding volume of automobile
paper amounted to less than $10 billion
at the beginning of 1955 as compared
with nearly $17 billion at the beginning
of 1962.
Sales of domestically produced cars
approximated 6% million units, at an
annual rate, in the spring quarter, up by
almost half a million from the first
quarter of the year. The proportion of
compact cars sold in each quarter
represented about two-fifths of total
sales.
Sales trended down during the second
quarter from the very high April sales
peak. In June, it is very likely that
sales were hurt by May's sharp decline
in the stock market, but July was
another good month with sales recovering to the second quarter level.
Consumer buying of furniture and
appliances declined by almost $K
billion, following a minor decline in the
first quarter. Expenditures in this
category are below the best quarterly
rates of the last 3 years.
Consumer purchases of nondurable
goods were up $1% billion for the
quarter with food accounting for twofifths of the increase—clothing purchases were unchanged. The cumulative increase since early 1961 now
amounts to 6 percent for clothing, and 5
percent for food with purchases in other
categories ranging downward from the
latter figure.
Consumer expenditures for services
continued to expand though at a slightly,
reduced rate as compared with earlier
years, a tendency that showed up in
1961 as indicated in the July National
Income Number of the Survey.

_ __, 22.9 26.4 27.3 26.4 26.9 28.3 28.2 29.0 21.9 24.9 25.3 24.4 25.1 26.2 26.1 26.6
23.6 23.5 23.3 22.4 24.1 24.5 24.5 25.3 24.1 23.4 23.5 22.7 24.4 24.8 24.8 25.9

Government purchases of goods
and services.
Federal

August 19(32

97.2 99.7 107.4 106.0 106.9 112.1 115.2 116.0 80.1 79.8 84.0 83.3 83.3 87.2 88.9 89.2

Moderate Rise in Investment

53.6 53.2 57.0 56.6 56.5 59.5 61.9 62.1 43.9 42.3 44.5 44.4 44.1 46.7 48.3 48.6
46.2 45.7 49.0 49.0 48.4 50.8 53.0 53.2
7.0 8.1 8.7 8.5 8.7 9.2 9.6 9.5
.6
.6
.6
.6
.5
.6
.6
.8
43.6 46.5 50.4 49.4 50.4 52.6 53.3 54.0 36.2 37.4 39.4 38.9 39.2 40.5 40.6 40.6

Gross private domestic investment
increased $V/2 billion in the quarter,
following a minor drop in the first
quarter. A $2% billion decline in the

SUEVEY OF CURRENT BUSINESS
tronic) methods of inventory control
work for lower levels of inventory
holdings at all stages of the business
cycle.

rates for prime commercial paper, are
now relatively high, at least as compared with 1954-55. Finally, it is
generally believed that modern (elec-

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

1961
1959

1961

1960

II

1962

III

I

IV

II

Seasonally adjusted at annual rates
383.9

Commodity -producing industries
Manufacturing only
__ _ Distributive industries
Service industries
_ __
Government
-

-

416.4

413.5

419.4

427.3

432.0

439.5

271.3

278.8

276.9

281.0

286.1

289.9

295.9

107.2
84.7
68.2
37.7
45.3

Wage and salary disbursements

400.8

258. 5

Personal income

110.4
87.4
71.8
40.7
48.4

110.8
87.5
72.9
43.4
51.8

110.3
87.1
72.4
43.1
51.2

111.7
88.2
73.4
43.8
52.2

114.3
90.7
73.9
44.3
53. 6

115. 0
91.9
74.9
45.1
54.9

118.1
94.4
76.1
45.9
55.8

10.4

11.0

11.4

11.3

11.4

11.6

12.0

12.3

46.5
35.1
11 4

46.2
34.2
12 0

47.8
34.8
13.1

47.2
34.5
12.7

48.1
35.1
13.1

49.5
36.0
13.6

49.1
36.2
12.9

49.5
36.8
12.8

Rental income of persons

11.9

11.9

12.3

12.2

12.3

12.5

12.6

12.8

Dividends

13.7

14.4

15.0

14.8

14.9

15.5

15.8

15.8

Personal interest income

23.5

25.8

27.4

27.2

27.5

28.1

28.8

29.4

Transfer payments

27.5

29.4

33.4

33.4

33.7

33.8

34.1

34.2

10.2
2.5
4. 5
10.3

11.1
2.8
4. 5
10.9

12.6
4.0
4.8
12.0

12.5
4.4
4.9
11.5

12.8
3.9
4.7
12. 3

13.4
3.7
4.8
11.9

13.7
3.3
4.8
12.3

14.4
2.7
4.8
12.3

Other labor income

_

Proprietors' income
Business and professional
Farm

__ _
_-

Old-age and survivors insurance benefits
State unemplovment insurance benefits
Veterans' benefits
_. .
..
Other

. .

7.9

9.2

9.7

9.6

9.7

9.9

10.3

10. 5

46.8

51.4

52.8

52.5

53.0

54.6

56.4

57.7

40.4
6.4

44.0
7.4

45.0
7.8

44.7 i
7. 8

45. 1
7.9

46.7
8.0 i

48.0
8.4

49. 2
8.5

Equals* Disposable personal income

337.1

349.4

363.6

361.0

366. 3

372.6

375. 6

381. 8

Less* Personal consumption expenditures

313. 5

328. 5

338. 1

335. 5 !

340. 1

346.1

350. 2

354. 9

20.9

25.6

25. 5 i

26.3

26.5

25.4

26.9

317. 3

327.3

329.7

334. 5

336. 6

340.9

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

-- -- --

Equals: Personal saving

-.

23.6 |

_ . ._

Addendum: Disposable personal income in constant
(1954) dollars

310.7

325. 5

Table 3.—Gross National Product by Major Type of Product, in Current and Constant
Dollars (1-6, 1-7)

!
1959 I960 | 1961

1961

II

III

1962
IV

I

II

Seasonally adjusted at
annual rates
Billions of current dollars
Gross national product

1961
1959 1960 1961

II

III

1962

IV

I

II

Seasonally adjusted at
annual rates
Billions of 1954 dollars

482.7 503. 4 518. 7 513. 1 522.3 538. 6 545. 0 552.0 428.6 440.2 447.9 443.9 450. 4 463.4 467.4 470.8

Final sales
Inventorv change

476. 1 499.4 516 6 511 0 518 3 532 6 538 3 547.9 422 7 436.5 446. 0 441.9 446. 9 458.1 461.5 467.2
6.6 4.1 2.1
4.0 6.0 6.7 4.0 5.9 3.7 2.0 2.0
5.4 5.9 3.7

Goods output
Final sales
Inventorv change

250.6 258.2 259.4 256.6 261.8 271.0 274.9 276.7 228.8 234. 0 233. 5 231.2 235. 3 243. 7 246.4 247.1
244.0 254.1 257.2 254. 4 257. 8 265.0 268.2 272.6 222.9 230.3 231.5 229. 2 231.8 238.4 240. 5 243. 4
6.6 4.1 2.1 2. 1 4.0 6.0 6.7 4.0 5.9 3.7 2.0 2.0 3. 5 5.4 5.9 3.7

Durable goods output
Final sales
Inventorv change

95.0 97.2 94.0 91. 3 97.7 102. 3 103.4 104.5 82.9 85.0 82.1 79.7 85.0 89.4 89.9 90.3
91.5 95.0 94.0 92.6 94.3 98.8 99.9 102.6 80.0 82.9 82.0 80.7 82.0 86.3 87.0 88.7
.1 -1.0 3.0 3.1 2.9 1.6
3.4 3.5 3.5 1.9 3.0 2.1
3.5 2.3
.0 -1.3

Nondurable goods output
Final sales
Inventory change
Services
Construction

_ _
.




155.6 160.9 165.4 165.3 164. 2 168.8 171.5 172.2 145.9 149.1 151.4 151.5 150.3 154.4 156.5 156.8
152.5 159.2 163. 3 161. 8 163.5 166.3 168.4 170.0 143.0 147.5 149.5 148.5 149.8 152.1 153.5 154.7
3.1 1.8 2.1 3.4
.6 2.5 3.1 2.2 2.9 1.6 1.8 3.1
.5 2.2 3.0 2.1
175.8 188.6 200.7 199.0 201.3 206.6 211.1 213.5 151.4 158.3 165.2 164.2 165. 4 168.7 171.8 172.7

56.3

56.7 58.6 57.5 59.2 61.0 59.0 61.8

48.3 47.8 49.3 48.5 49.7 51.0 49.2 51.0

August 1962
Residential construction
from winter lull

recovers

Residential construction was a strong
expansive force in the second quarter,
following its lagging influence during
the winter months. On an adjusted
basis, housing starts had declined late
in 1961 and continued to decline in the
first 2 months of this year. Meanwhile,
building permits issued had held at
a high rate throughout this period.
Housing starts began to advance in
March and were above a 1.5 million
annual rate in April and May before
a decline in June. The value of residential construction put in place was
up by over $2 billion on a seasonally
adjusted annual rate basis from the
first to the second quarter, which more
than offset the decline in the preceding
quarter.
The rise in housing this spring has
been quite general, including both
conventionally financed and FHA-VA
starts, metropolitan and nonmetropolitan areas, and one-family houses as
well as apartments. Nevertheless, the
advance has emphasized trends of
recent years toward multifamily units
and conventional financing. FHA-VA
applications for financing of new units
in the first half of 1962 were a little
higher than a year earlier, but they
have since drifted downward. Mortgage financing terms have remained
reasonable7 easy for borrowers as well
as attractive to lenders at a time when
demands for other types of loans have
been rather moderate, and the volume
of mortgage financing has shown a
substantial advance.
Government purchases

Government purchases of goods and
services were up only about $% billion
for the quarter, a low figure in terms
of the basic upward tendency. This
was the smallest increase since late
1960 and compares with increases of $5
and $3 billion, respectively, for the
closing 1961 and opening 1962 quarters.
The most recent increase was due
almost entirely to higher purchases by
State and local governments, as Federal
buying was virtually unchanged.
(Continued on page 32)

BUSINESS STATISTICS
J_ HP] 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 (f), 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.
Unless otherwise stated, statistics through 1960
and descriptive notes are shown in the 1961
edition of BUSINESS STATISTICS

1959

| 1960

1961

1959

ri

A n n u a l total

1961

1960

in

IV

I

|

II

III

IV

I

II

1962
III

I

IV

II

Seasonally adjusted f uarterly totals at annual rates

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

Wages and salaries, total
Private
.. - Military
Government civilian

--

Supplements to wages and salaries

415 5

4° 7 8

405 6

400 6

403 9

413 9

417

9

416 6

414 4

411 8

4°4 3

431 3

444 0

448 9

278. 5

293.7

302. 2

279. 8

280. 2

283. 0

290. 6

294. 6

295. 8

293. 9

294.1

300. 2

304.5

309. 9

315. 2

321.7

do
do
do
do

Compensation of employees, total

400 5

do

National income, totalf

258 .5
9
13 1

9

9

259 7
214 6
9. 9
35 3

9

9 9

9

979 9

9

9

271
290
10
40

9

9

9

°89
9
35
11
43

295 9
240 1
11.2
44 6

do

Proprietors' income, totald"-_
do
Business and professionalcf
do
Farm
_
.
do
Rental income of persons
do
Corporate profits and inventory valuation adjustment, total
bil $

9.9

35 4
9

71
9 9
2
9
38

3
9
9
5

78 8
227 0
10. 2
41 6

59
''14
9
35

9
4
9
7

6 5
9
1C) 5

9.8
36 1

68 5
99
16
9 8
37 1

9.8
38 0

3
2
9
1

71
291
10
39

3
6
0
7

29 5

994 4

73
224
9
39

09

6

99 9

93 9

9

9

46. 5
33 8
12 7
I9 0

46.5
33 7
12 8
I9 0

47.2
34 5
19 7
1° 2

48. 1
35 1
13 1
19 3

49
36
13
19

01

99 4

9

9

9

9

99

46. 5
35 1
11.4
11 9

46. 2
34 9
12 0
11 9

47.8
34 8
13.1
I9 3

47.2
35 5
11. 7
11 9

46. 0
35 4
10. 6
11 9

45. 9
35 1
10.8
11 9

45. 2
34 5
10 7
11 9

46.9
34 5
12.4
11 9

46.3
34 1
12 2
11 9

34

0 0

0 3

0 6

0

2
8
0
4

76 9
9
25 8
10 0
41 9

81 0
"8 8
10 0
49 o

86
9
32
10
49

35

38

25 8

49 1
36 9
I9 9
12 6

49. 5
36 8
12.8
12 8

47 9

45 6

45 5

50 5

46 1

46 0

48 6

46

9

44 4

43 3

40 1

45 0

46 0

51 1

50 4

47 7
03 o
24 5

45 4

45 6

51.9

45 3

95 9

39 8
19 4
9
0 3

9] ()

99 (}

9

42 8
°1 1
9
17

46 3

99 3

43 3
9
14
9
19
1 9

44 8

?3 0

49 9
94 3
94 9
— 6

46 4

99 4

46 5
99 f;
9
3 9

99 9

3

93 7
— 3

50 1
94 4
95 6

9

51
9
5
°6
—
9

99 ()
9

9

0

16 4

18 1

9(3 o

16 2

16 4

17 0

17 6

17 7

18 9

18 8

19 1

19 8

9() 3

do

4S9 7

503 4

518 7

487 8

489 7

488 5

501 7

504 8

503 7

503 3

500 8

513 1

599 3

Personal consumption expenditures, total.. do

313. 5

328. 5

338.1

313.0

316. 7

318.8

323. 9

329. 9

329. 8

330. 5

330. 5

335. 5

Durable goods, total 0
._ _
do
Automobiles and parts
do
Furniture and household equipment,- -do

43 6
18 1
18. 9

44 8
18 8
19. 1

43 7
17 9
19.3

44 4
19 0
18.9

44 9
18 9
19.2

43 1
16 9
19.3

45 1
19 0
19.3

45 8
19 5
19. 2

44 5
18 3
19. 1

44 0
18 3
18.7

40 8
15 4
18.4

43 5
16 9
19. 2

15° 3
97 g

153 5

153 9

I

9g ()

g() 9

80 3
11 9

-

Gross national product, totalf -

33

151
9
8
79
11

8
1
5
7

155 9
9
86
81 1
11 9

147
97
77
11

0
g
8
1

147 7

131
19
41
10

9
6
8
7

139 1

191
17
39
9

72.7

72.4

do
do
do
do
do

40 9
22.3
9
5 9
6.6
6 5

do
do
do

99 ()

93 (;

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

346. 1

350. 2

354. 9

44 o
16 9
19.7

46 6
19 4
19.8

46 3

47 2
90 3
19. 3

1 57 9
99 9

80 6
11 7

156 9
•)() o
81 5
11 9

1 59 9
9
9 8
83 7
I9 1

161
29
84
19

3
8
°
3

9

138 0

139 9

9() 0

9() 9

9() ft

9() 7

43 1
10 9

43 0
10 9

44 1

149
9
1
44
11

144
91
45
11

146
21
45
11

3
8
7
5

191
19.7

77 4
11 3

5
9
4
7

J94 0
18 9
39 9
10 9

196
18
40
10

8
8
3
5

198 9
19 9
40 9
10 0

131
19
41
10

5
6
7
6

13° 8
19 7
10 6

49 6
10 7

69. 3

79. 0

68. 8

73. 2

79.1

73. 5

70.3

66.5

60. 1

67.6

72. 4

76.6

75.9

77.4

40 7
21.1
97 (j
4.1
3 7

41 6
21. 0

41 1
23. 5
9
6 4
11.5
11 5

41 0
22. 6
9
6 6
1. 1
1 i

39 (}
21.3
9
6 4
7.1
7 0

40 9
21. 5
97 4
10. 8
10 6

40 7
21.2
93 4
4.4
4 i

40 5
21.0

40 7
20. 5
9
6 8
-1.1
1 5

39 3
19.0
94 4
-3.6
3 9

41 0
20. 1
94 (5
2.1
18

49 (}
21.9
9
58
4.0
3 8

43 9
22.8
9
74
6.0
5 9

41 6
21.2
9
76
6.7
6 6

44 5
23. 3
28 9
4.0
3 9

9 (j

4 ()
9
7 3
93 3

—1 7

9
3
9

1 4
53
39

9

9'-? Q

3

99 9

3 8
83

9g 9

9

9 4
9
6 5
94 o

5 3
97 4

93 g

93 %
94 3

4 9

93 5

99 4

97.2
53. 6
46.2
43. 6

99.7
53. 2
45. 7
46. 5

107. 4
57. 0
49. 0
50. 4

97. 5
53. 9
46. 5
43.6

97. 8
54. 0
46.4
43.8

96. 5
52. 8
46. 1
43.7

97. 2
59 5
45.' 4
44.7

99. 0
53.1
45.8
45. 9

100. 8
53. 6
45.7
47.2

101.4
53.6
45.8
47.8

104. 8
55. 4
47.7
49.4

106. 0
56. 6
49.0
49.4

112. 1
59. 5
50. 8
52. 6

115.2
61.9
53. 0
53. 3

476 1
9
44 0
91 5
152.5
17r) 8
56 3

499 4
954 i
95 0
159.2
188 (i
'">( i 7

516 6

476 3
"44 3
99 4
152.0
1 73 9
r
>8 1

481 5
947 o
93 1
153.9
1 77 6
5(i ( J

481 4
9 r
4i 7
91 9
153.8
1S1 3
r
)4 I

490 8
9~i 3
94 o
157.3
I S3 8

11 5
S 1
3 5

j ]

7 ]

10 8

9 (',

s; (j

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

77 7
11 1
18 1
39 6
10 0

— 8

6 (i
3 5
3. 1

9() f)

43 0

111

2.1
1 9

9f} 4

94 0
103. 3
9
0() 7
58 ( \
9

4 I
1 8

f

1

9

1

o

99

I

9

j) i

3 1

Revised.
t He vised series. Estimates of national income and product and personal
income have been revised back to 1959; revisions prior to May 1961 for personal income appear
on p. 13 of the July 1962 SURVEY.
cf Includes inventory valuation adjustment.
©In-




340. 1

159
9
8
79
11

do

T

552 0

6
3
9
6

199 g

do
do
do

545 0

159
9
8
79
11

do
do
do
do

Inventory change, total
Durable goods
_
Nondurable goods

22 0

538 6

0
1
5
5

Services, total ©
Household operation
Housing
Transportation

do
do
do do
do
do

3
9

1 5

10

150
9
8
78
11

147 1

_ _

5

9
g
3
3

do
do
do
do

Gross private domestic in vestmen t, total

35

4
1
3
3

148
27
78
11

Nondurable goods, total ©
_ „.
Clothing and shoes
Food and alcoholic beverages
Gasoline and oil..
_

33

99 (J

26 6
-1.3

By major type of product:*!
Final sales, total
Goods output, total
Durable goods
Nondurable goods
Services
Construction

25 2

do
do
do
do

9

-

5
0
6
5

9
0
2
7

do

Corporate profits before tax, total
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest

1
5
8
g

o

8
39

4 5

9

500 4
50 9
96 9
1 59. 3
187 7
r
)6 4

9

1 4
9 g
1 fi

5
4
5
7

11 9
134

4'J 9

2.1
1 7
9 g
9

6 5

501 5
54 9
94 8
1(H). 1
1 89 9
56 8

9

9

1
1 0
1 1

9g

99

9

504 4
54 1
94 °
160.0

9

136

504 4
51 6
90 9
161.4

9

111

4 0
6 4

51 1 0
54 4
99 ^
161.8

9

g9 ]
19 1

9 g
9

9

69

106. 9
56. 5
48.4
50.4
518 3
57 8
94 3
163. 5

9

3
0
8
4

539 6
65 0
98 8
166.3

9

1
3
9
5

3 7

j -^

57 5

3 6
1 0

'A d

59

9

9

3 3

1
1 3

3 4

«

(M

Q

116.0
62. 1
53. 2
54. 0

r.oo o
• ) J - 0 «)

0-0 fi

(jO Q

109 6
170.0

168.4

1 UM 1

56 8

3 7
99

A

.• V

•_> c

9 ^

'-t 1

cludes data not shown separately.
9 Government sales are not deducted.
data back to 1947, see p. 35 of the July 1962 SURVEY.

9 9

*For quarterly

s-1

SURVEY OF CURRENT BUSINESS

S-2
1959

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

1959

1961

1 1960
1

Annual total

III

August 1002
1961

1960
IV

I

III

11

IV

I

II

1962
III

IV

'

II

III

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.f
Quarterly Data Seasonally Adjusted at Annual Rates
GNP in constant (1954) dollars
Gross national product totalf
bll $

Durable goods
Nondurable goods
Services

..
- -

440.2

447. 9

427.6

431.1

440.9

442.3

439.7

437.7

433. 9

443.9

450.4

463. 4

467.4

470.8

do

288. 9

298.3

304.3

291.0

291. 9

295. 6

299. 7

299. 1

298.8

298.2

302.5

306.0

310. 6

313.9

316. 9

do
do
do

Personal consumption expenditures total

428. 6

41.0
138. 7
109. 2

42.2
141.4
114.7

41.6
143. 3
119.4

42. 0
139. 3
109.8

40.8
139.8
111.3

42.4
140. 6
112.6

43.0
142.3
114.5

41.8
141.9
115.4

41.8
140.7
116.3

39.0
141.5
117.7

41.3
142. 3
118.8

41.7
144. 4
120. 0

44.4
144.9
121.4

44.1
147.0
122.8

44.6
148.1
124. 1

61.7

60.7

57.8

58.0

62.0

66.7

61.5

58.6

55. 8

50.0

56.5

60.4

64.1

63.3

64.1

do
do
do

34.4
21.4
5.9

34.3
22.7
3.7

34.8
21.1
2.0

34.9
21.8
1.3

33.6
21.8
6.6

34.6
22.6
9.6

34.2
23.3
4.0

34. 0
22.7
1.9

34.3
22. 2
"'.7

33. 0
20.1
-3.0

34.3
90 2
2.0

35. 6
21.3
3.5

36.1
22.7
5.4

34.6
22.8
5.9

36. 7
23.8
3.7

do

-2.1

1.5

1.8

-2.0

-1.1

2

1.0

1.5

3.3

3.5

1.7

1.4

1.3

.7

80.1
43.9
36.2

79.8
42.3
37.4

84.0
44.5
39.4

80.6
44.3
36.3

78.3
42.4
35.9

78.4
42.0
36.4

80.0
42.9
37.1

80.5
42.7
37.8

79.9
41.8
38.1

82.2
42.9
39.2

83.3
44.4
38.9

83.3
44.1
39.2

87.2
46.7
40.5

88.9
48.3
40.6

89.2
48.6
40.6

383.9
46.8
337.1

400.8
51.4
349.4

416.4
52.8
363.6

385. 5
46.8
338. 8

390. 2
48.3
341. 9

395.4
51.4
344.0

401.4
51.9
349.6

403.1
51. 4
351.7

403.7
50.9
352. 7

405. 4
51.0
354. 3

413.5
52.5
361.0

419.4
53. 0
366. 3

427.3
54.6
372. 6

432.0
56. 4
375.6

439.5
57. 7
381.8

23.6

20.9

25.6

22.1

23.1

20.1

19.7

22.0

22 2

23.8

25.5

26.3

26.5

25.4

26.9

8.14

8.92

8.59

8.32

8.99

7.89

9.28

8.98

9.53

7.57

8.61

8.65

9.54

8.02

19.48

2 9. 45

3.02
1.44
1.57

3.62
1.80
1.82

3.42
1.57
1.85

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

3.14
1.44
1.69

3. 76
1.79
1.97

3. 66
1.75
1.91

.'23
.51
1.42
2 79

.25
.26
.48
1.42
2.89

. 17
.46
1.38
2.92

.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

.26
.16
.47
1.06
2.94

. 26
. 55
1.34
3. 30

.27
.20
.44
1 . 52
3.36

Gross private domestic investment, total. ..do
New construction
_ _
Producer^' durable equipment
Change in business inventories

__

Net exports of goods and services

Government purchases of goods and services, total
bil. $..
Federal
do
State and local
_
do
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
bil $
Le^s" Personal tax and nontax payments
do
Equals: Disposable personal income
do
Personal saving §
__
,
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly totals or averages:
All industries
bil $
Manufacturing
Durable goods industries
Nondurable goods industries
Mining
. _
Railroads
Transportation, other than rail
Public utilities

do
do
.do
.do
do
do..
do

_

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

do

33. 35

33. 58

35.15

36.30

35. 90

35. 50

33.85

33.50

34. 70

35.40

35.70

Manufacturing
Durable goods industries
Nondurable goods industries

do
do
do

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

14.20
6.55
7.60

14. 70
7. 05
7. 65

1 4. 80
7.10
7. 70

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

1.15
. 70
2.05
5. 15
12.45

1.05
.95
2. 10
5. 35
12.85

1 . 05
.85
1 . 80
5. 70
13. 50

4,790

Mining
do
Railroads
do
Transportation, other than rail
do
Public utilities
do
Commercial and other
do
BUSINESS POPULATION
Firms in operation, end of quarter (seasonally adjusted)
_
..- _ _ -.thous

4, 583

3 4, 658

3 4. 713

4, 655

4,670

4,690

4,710

4,720

4, 730

4,740

4. 750

4, 760

4,770

4,780

29, 548

31,317

31, 805

7,570

7, 541

7,549

7,690

8, 000

8,078

7, 690

7,411

8, 082

8, 622

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

,_

do
do
do
do
do

15, 310
3, 107
4, 925
791
3, 040

14, 723
3, 048
5, 417
842
3, 405

14, 514
2, 947
5, 462
878
4, 051

3, 976
776
1, 259
218
779

3, 862
754
1, 300
196
741

3, 801
771
1,347
204
768

3. 836
758
1. 375
205
833

3, 664
797
1, 368
211
826

3, 422
722
1, 327
222
978

3. 369
770
1, 309
221
962

3, 417
756
1,337
221
804

3,840
699
1,388
216
1, 094

3,888
722
1,428
220
1, 191

_.

__

3,914
755
1, 370
218
1,075

do
do
do
do

2, 375
1, 372
926

3, 882
1, 694
850
1,338

3, 953
1,475
1, 006
1, 472

502
322
246
-6

688
364
202
122

658
324
236
98

683
271
209
203

1, 134
415
170
549

1, 407
684
235
488

1, 059
457
120
482

876
269
218
389

845
429
194
222

1, 173
320
474
379

36. 95 2 37. 70

8,389

1, 051
331
345
375

U.S. BALANCE OF INTERNATIONAL
PAYMENTS*
Quarterly Data are Seasonally Adjusted
U S payments recorded
mil $
Imports:
Merchandise
_.
.
Military expenditures
Other services.. _
Remittances and pensions
Govt. grants and capital outflows.

3

1

do

25, 393

27, 984

29, 946

6, 484

6,715

6, 865

7,055

7, 002

7, 062

7, 400

7, 953

6, 979

7, 614

7, 696

Exports:
Merchandise

do

Repavrnents on U S Govt loans
Foreign capital other than liquid funds

do
do

16, 282
7, 194
1,054
863

19, 459
7, 554
630
335

19,915
*, 151
1,274
606

4, 297
1, 808
159
220

4, 195
1, 901
430
189

4, 657
1, 827
170
211

4, 876
1. 909
147
123

4, 940
1,843
172
47

4, 986
1, 975
147
-46

5, 061
2, 008
133
198

4, 768
2, 060
851
274

4, 940
1, 951
81
7

5, 146
2, 132
209
127

5, 068
2, 183
165
*280

Excess of recorded receipts or payments ( — )

do

-826

-684

U S receipts, recorded

Unrecorded transactions
Total net receipts (-}-) or payments ( — )
Major special transactions

do
do
do

-4, 155 -3, 333 -1,859 -1,086

-635

-998

-1,016

—290

602

-37

230

-18

-117

-194

-263

-29

-3, 743 -3, 925 -2, 461

1,123

—596

702

-752

412

335

-592

-524

129

285

-4,078 -3, 401 -2, 590 -1,123
-881
Total, excluding special transactions.
-do
r
Revised.
v Preliminary,
i Estimates for Apr. -June 1962 based on antici pated ca pitul exp enditurc s of bus ness,
2 Estimates for July-Sept. 1962 based on antici pated ca pital exi enrliturc s of bus ness.
Anticipated expenditures for the year 1962 are as : ollows ( n bil. $) : All inc .ustries, 37.16;
manufacturing, total, 14.74; durable goods industi ies, 7.04 nondur able goo ds indus- tries,
7.70; mining, 1.06; railroads, .84; transportation, 1.8 3; public utilities 5.51; co mmercia 1 and
Digitized forother, 13.12.
FRASER
!
Unadjusted.
http://fraser.stlouisfed.org/ Data represent firms in operaticn as of J an. 1; es tim ate fr>r Jan. 1 1962

Federal Reserve Bank of St. Louis

80

-1,192 -1,279
-444

-319

542 -1,103 -1,008
366
176
724

193

-910
-75

-400

-1,408

-693
217

-476

-520

-702
-672 -1,192
-835
-319
-835
-548
-888
-476
4
(based on incomplete data) is 4,752,000.
Inclu des char ges in n Dnliquid Govt. liabilities.
t See corresponding note on p. S-l ( *e visions prior to 3d qtr. 1959 appear on p. 8 ff. of
the July 1962 SURVEY.)"
§ Personal saving is excess of disposa Die inconae over ] >ersonal <•"onsumption expenditures
shown as a component of gross national p roduct o n p. S-l.
J Revised effective with the June 1962 SumT EY; rcvi sions pr or to 3d qtr. 1959 will be
available later.

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