View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Gross National Product and Income in the Third Quarter
HPHE gross national product increased The most recent increase in final purby $3% billion in the third quarter, chases, $6% billion, compares with $9%
reaching a new high of $555X billion at billion for the second quarter and $5%
a seasonally adjusted annual rate. billion in the first quarter.
This represents an expansion of over
Net exports was the only major com$6 billion in final purchases, partly ponent of final purchases to decline.
offset by a reduction in the rate of Personal consumption expenditures ininventory accumulation. After allow- creased $3 billion despite a temporary
ance for price increases, there was a drop in auto purchases associated with
further rise in the volume offinalpur- the model changeover, followed in
chases, but with the inventory offset, October by the highest volume of sales
there was little increase in the volume in history. Despite sharply expanded
of total output over the quarter. production in that month, there was a
Compared with the third quarter of sizable decline in passenger car in1961, gross national product was up ventories.
6% percent, with real output up 4%
Expenditures for fixed investment
percent, and the remainder reflecting were up an additional $2 billion with
some rise in prices.
sharply higher construction activity
Inventories continued to rise, but the accounting for most of the rise. Feddecline in the annual rate of accumu- eral Government defense expenditures
lation for the quarter was $3 billion. and State and local government outlays

Final Purchases Move Aheat
for goods and services continued t<
push upward on a programed expansioi
and together accounted for an increasi
of $2 billion in the third quarter. Thi
programed rise in government ex
penditures is summarized in anothe:
section which reviews the 1963 federa.
budget.
A minor rise in national income anc
related measures paralleled the thirc
quarter GNP increase. Personal income was up $3 billion for the perioc
as a whole. Compared with a year ago
personal income was up $23 billion al
an annual rate, or 5% percent.
GNP REACHES NEW HIGH IN THIRD QUARTEF
Continued Rise in Final Purchases Offset Partly by
Reduced Inventory Accumulation
Fixed Investment Has Risen Less Than Other Final
Purchases in Recent Years
Billion 1954 $ (ratio scale)

500

Table 6.—Gross National Product in Current and Constant Dollars (1-3, 1-5)

1962

1961
1959 1960 1961

o,! IV

I

II

1961
III

1959

1960 1961

Seasonally adjusted at
annual rates

IV

I

II

Inventory Changs
Final Purchases

III

Seasonally adjusted at
annual rates

300

Billions of 1954 dollars

Billions of current dollars
Gross national product _ - . _

III

400

1962

482.7 503.4 518.7 522.3 538.6 545.0 552.0 555.3 428.6 440.2 447.9 450.4 463.4 467.4 470.8 471.6

Personal consumption expendi313.5 328.5 338.1 340.1 346.1 350.2 354.9 358.2 288.9 298.3 304.3 306.0 310.6 313.9 316. 9 319.0
tures
43.6 44.8 43.7 44.0 46.6 46.3 47.2 47.1 41.0 42.2 41.6 41.7 44.4 44. 1 44.6 44.6
147. 1 151.8 155. 2 156.2 157. 2 159.9 161.3 163.0 138.7 141.4 143.3 144.4 144.9 147.0 148.1 149.5
122.8 131.9 139.1 139.9 142.3 144.1 146.3 148.1 109.2 114.7 119.4 120.0 121.4 122.8 124.1 125.0

Durable goods
Nondurable goods
Services
Gross private domestic investment
_ _ _
- . _ -_

72.7 72.4 69.3 72.4 76.6 75.9 77.4 76.3 61.7 60.7 57.8 60.4 64.1 63.3 64.1 62.4

Residential nonfarm
Other
Producers' durable equipment
Change in business inventories

22.3 21. 1 21.0 21.9 22.8 21.2 23.3 24.3 19.5 18.2 18.2 18.8 19.7 18.2 19.9 20.5
17.9 19.7 20.5 20.7 20.4 20.5 21.2 21.8 14.9 16. 1 16.6 16.7 16.4 16.4 16.8 17.2

6.6

4.1

2.1

4.0

6.0

6.7

4.0

1.0

5.9

3.7

2.0

3.5

5.4

5.9

3.7

.8

5.3
.1

5.8
.1

3.6
.1

1.4

1.3

3.7
.3

1.9
.2

3.8
-2

5.9
.1

6.6
.1

3.9
.1

1.0 5.9
.0 -.0

3.4
.3

1.8
.1

Net exports of goods and services .. -.8

2.9

4.0

2.8

3.8

3.7

3.7

2.5 —2. 1

1.5

1.8

.7

__ .
..

. _ -. -

Government purchases of goods
and services_. Federal
National defense
Other
Less: Government sales
State and local




80

.8
.0

6.5
.1

Exports
Imports

Government Purchases of
Goods and Services

90

25.9 27.6 25.5 25.8 27.4 27.6 28.9 29.2 21.4 22.7 21.1 21.3 22.7 22.8 23.8 24.0

3.4
.1

„

100

40.2 40.7 41.6 42.6 43.2 41.6 44. 5 46.1 34.4 34.3 34.8 35.6 36. 1 34.6 36.7 37.7

New construction

Nonfarm
Farm

Personal Consumption
Expenditures

70
Fixed Investment

.7 -.3

22.9 26.4 27.3 26.9 28.3 28.2 29.0 28.3 21.9 24.9 25.3 25.1 26.2 26.1 26.6 26.2
23.6 23.5 23.3 24. 1 24.5 24.5 25.3 25.8 24. 1 23.4 23.5 24.4 24.8 24.8 25.9 26.5

60

97.2 99.7 107.4 106.9 112.1 115.2 116.0 118.2 80.1 79.8 84.0 83.3 87.2 88.9 89.2 90.5
53.6 53.2 57.0 56.5 59.5 61.9 62.1 62.7 43.9 42.3 44.5 44.1 46.7 48.3 48.6 49.0
46.2 45.7 49! 0 48.4 50.8 53.0 53.2 54.0
7.0 8.1 8.7 8.7 9.2 9.6 9.5 9.6
.5
.6
.6
.6
.6
.6
.6
.8
43.6 46.5 50.4 50.4 52.6 53.3 54.0 55.5 36.2 37.4 39.4 39.2 40.5 40.6 40.6 41.5

50

1956

1958

1960

1962

Quarterly, Seasonally Adjusted, at Annual Rates
U.S. Department of Commerce, Office of Business Economics

62-11-4

SURVEY OF CURRENT BUSINESS

November 1962

Table 8.—Gross National Product by Major Type of Product in Current and Constant
Dollars (1-6, 1-7)

Moderate Rise in Consumer
Buying

1962

1961

Personal consumption expenditures
advanced to $358 billion. Though the
$3 billion increase was the smallest
since activity began its current rise
early in 1961, it brought total consumption 5% percent ahead of a year ago.
After allowance for price changes, the
cumulative increase since the first quarter of last year amounts to about 7
percent. This compares with an 8 percent increase over the corresponding
period of the 1958-59 expansion, (see
chart.) and nearly 11 percent for
1954-55.

1959

III

IV

1959

III

1960

1961

III

I

IV

II

III

Seasonally adjusts at
annual rate?
\

Billions of 1954 dollars

Final sales
Inventory change

476.1 499.4 516.6 518.3 532. 6 538.3 547.9 554. 2 422.7 436. 5 446.0 446.9 458.1 461.5 467. 2 470. 8
. fr
2.0 3.5 5.4 5.9 3.7
6.6 4.1 2.1 4.0 6.0 6.7 4.0 1.0 5.9

Goods output
Final sales- Inventory change

250.6 258.2 259.4 261.8 271. 0 274.9 276.7 275.7 228.8 234.0 233. 5 235.3 243. 7 246.4 247.1 245.8
244.0 254.1 257.2 257.8 265. 0 268.2 272. 6 274.7 222.9 230.3 231.5 231.8 238.4 240.5 243.4 245. 0
.8
6.6 4. 1 2.1 4.0 6.0 6.7 4.0 1.0 5.9 3.7 2.0 3.5 5.4 5.9 3.7

Durable goods output
Final sales
Inventory change

95.0 97.2 94.0 97.7 102.3 103.4 104.5 104.9 82.9 85.0 82.1 85.0 89.4 89.9 90.3 90. h
91.5 95.0 94.0 94.3 98.8 99.9 102.6 103. 0 80.0 82.9 82.0 82.0 86.3 87.0 88.7 89.1
3.5 2.3
.0 3.4 3.5 3.5 1.9 1.9 3.0 2.1
.1 3.0 3.1 2.9 1.6 1.C-

Nondurable goods output. ...
Final sales
_
Inventory change

155. 6 160.9 165.4 164. 2 168.8 171.5 172.2 170.8 145.9 149.1 151.4 150.3 154.4 156.5 156.8 155. 0
152.5 159.2 163. 3 163. 5 166. 3 168.4 170.0 171.7 143.0 147.5 149.5 149.8 152.1 153.5 154.7 155. 9
Q
3.1 1.8 2.1
.6 2.5 3.1 2.2
2.9 1.6 1.8
.5 2.2 3.0 2. 1 -,<J
175 8 188.6 200.7 201.3 206.6 211.1 213.5 215.9 151.4 158.3 165.2 165.4 168.7 171.8 172.7 173.7

56.3 56.7 58.6 59.2 61.0 59.0 61.8 63.6 48.3 47 8 49.3 49.7 51.0

ducers opening their new model year in
late September or early October, sales
for the latter month exceeded all records, giving an impetus to total consumer buying. Purchases of other types of
durable goods moved upward during the
quarter following a rather weak perform-

49.2 51.0

52.1

ance earlier in the year. Overall, durable
goods buying has held remarkably
steady—about $47 billion—since the
closing quarter of 1961, following a $6
billion rise earlier in that year.
Food and clothing purchases higher

383.9

400.8

416.4

419.4

427. 3

432. 0

439.5

442.6

258.5

271.3

278.8

281.0

286.1

289.9

295.9

297.8

Third quarter increases in the normally sluggish expenditures for food
and clothing were both significantly
higher than usual. Slightly higher
prices accounted for some of the increase
in food expenditures, but retail clothing
prices were off somewhat for the quarter.
Expenditures for other types of nondurable goods were little changed for
the quarter.

107.2
84.7
68.2
37.7
45.3

110.4
87.4
71.8
40.7
48.4

110.8
87.5
72,9
43.4
51.8

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
45.8

118.0
94.1
76.5
46.9
56.4

Drop in Inventory
Accumulation
Gross private domestic investment,
at a $76% billion annual rate, was off
nearly $1 billion for the quarter, but
still $Y2 billion higher than in the first
quarter when inventories were accumulating at a rate of nearly $7 billion as
compared with only $1 billion in the
third quarter.

[Billions of dollars]
19«1
1959

1960

1961

III

1962
IV

j

I

II

III

Seasonally adjusted at annual rates
Personal income
Wage and salary disbursements, - _ - . _ .
Commodity-producing industries ..
Manufacturing only
Distributive industriesService industries
Government
Other labor income

10.4

11.0

11.4

11.4

11.6

12.0

12.3

12.4

Proprietors' income
Business and professional
Farm

46.5
35 1
11.4

46.2
34.2
12.0

47.8
34.8
13.1

48.1
35.1
13.1

49 5
36.0
13.6

49.1
36.2
12.9

49.5
36.8
12.8

49.7
37.0
12.8

Rental income of persons

11,9

11.9

12.3

12.3

12.5

12.6

12.8

12.9

Dividends

13.7

14.4

15.0

14.9

15.5

15.8

15.8

15.8

Personal interest income

23.5

25.8

27.4

27.5

28.1

28.8

29.4

30.0

Transfer payments

27.5

29.4

33.4

33.7

33.8

34.1

34.2

34.4

10.2
2.5
4.5
10.3

11.1
2.8
4.5
10.9

12.6
4.0
4.8
12.0

12.8
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

14.5
2.7
4.7
12.5

7.9

9.2

9.7

9.7

9.9

10.3

10.5

10.5

Old-age and survivors insurance benefits
State unemployment insurance benefits
Veterans' benefits
Other
Less: Personal contributions for social insurance. _
Less; Personal tax and nontax payments

46.8

51.4

52.8

53.0

54.6

56.4

57.7

58.5

40.4
6.4

44.0
7.4

45.0
7.8

45.1
7.9

46.7
8.0

48.0
8.4

49.2
8.5

49.9
8.6

Equals: Disposable personal income

337.1

349.4

363.6

366.3

372.6

375.6

381.8

384.1

Less. Personal consumption expenditures. -

313.5

328.5

338.1

340.1

346.1

350.2

354.9

358.2

20.9

25.6

26.3

26.5

25.4

26.9

26.0

327.3

329.7

334.5

336.6

340.9

342.1

- _ _ _ _ _ _ __

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




11

482.7 503.4 518.7 522.3 538. 6 545.0 552.0 555. 3 428.6 440.2 447.9 450.4 463.4 467.4 470.8 471. fc

Gross national product

Table 7.—Personal Income and its Use (II-2)

Federal
.State and local

I

Billions of current dollars

Construction

Consumer purchases of durable goods
were unchanged for the quarter, as
increased buying of furniture and household equipment offset the lower purchases of new cars, which was attributable in large part to inadequate dealer
inventories rather than to a lower level
of consumer demand. With all pro-

1961

Seasonally adjusted at
annual rates

Services

Durable goods sales unchanged

1960

1962

1961

23.6
310.7

317.3

Fixed investment rise

The third quarter rise in business
outlays for plant and equipment came
to a little over $1 billion as compared
with the second quarter rise of $2 billion.
The slowdown was concentrated in
equipment purchases as plant outlays,
which had shown little net gain during
(continued on p. 28)

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

1959

1960 | 1961

1959
III

Annual total

1960
I

IV

II

1961

| III

IV

I

II

1962

III

IV

I

II

| III

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
400.5

415.5

427.8

400.6

403.9

413.9

417.2

416.6

414.4

411.8

424 3

431 3

444 0

448 9

456 7

278.5

293.7

302.2

280.2

283.0

290.6

294.6

295.8

293.9

294.1

300.2

304.5

309.9

315.2

321.7

323.8

do
do
do
do
do
do
do
do
do ___
adjustbil $

258. 5
213. 1
35 4
20.1
46 5
35 1
11.4
11.9

271.3
222.9
9.9
38.5
22.4
46 2
34.2
12.0
11.9

278.8
227.0
10.2
41.6
23.4
47 8
34.8
13.1
12.3

259.9
214.4
9.9
35.7
20.3
46.0
35.4
10.6
11.9

262.5
216.5
9.8
36. 1
20.6
45 9
35.1
10.8
11.9

268.5
221.6
9.8
37.1
22.0
45 2
34.5
10.7
11.9

272.2
224.4
9.8
38.0
22.3
46 9
34 5
12.4
11.9

273.3
2?4 2
9.9
39.1
22.5
46 3
34 9
1
12
11.9

271.3
221. 6
10.0
39 7
22.6
46 5
33 8
12 7
12.0

271.2
220. 8
10.0
40 4
22.9
46 5
33 7
12 8
12.0

276. 9
225.8
10.0
41 2
23.2
47 2
34 5
12 7
I9 2

281.0
228 8
10.0
42 2
23.5
48 1
35 1
13 1
12.3

286.1
232 5
10.8
42 8
23.8
49 5
36 0
13 6
12 5

289.9
235 0
11 2
43 7
25.2
49 1
36 2
12 9
12 6

295.9
240 1
11.2
44 6
25.8
49 5
36 8
12 8
12.8

297.8
241 4
10.9
45 5
25.9
49 7
37 0
12 8
12.9

47 2

45 6

45 5

46 1

46 0

48 6

46 2

44 4

43 3

40 1

45 0

46 0

51 1

50 4

50 7

do
do
do
do
do
. __do_. _

47.7
23.2
24.5
13.7
10.8

45.4
22.4
23.0
14.4
8.6
.2

45.6
22.3
23.3
15.0
8.3
.0

46.5
22.6
23.9
14. 1
9.8
-.5

45.3
22.0
23.3
14.2
9.0
.7

49.2
24.3
24.9
14.3
10.6
-.6

46.4
22.9
23.5
14.2
9.2
-.2

43.3
21.4
21.9
14.4
7.5
1.2

42.8
21 1
21.7
14 5
7.1
.5

39.8
19 4
20.3
14 7
5.6
.3

44.8
21 9
22.9
14 8
8.1
.2

46.3
22 6
23.7
14 9
8.7
-.3

51.4
25 1
26.3
15 5
10 8
— 3

50 1
24 4
25.6
15 8
99
3

50 9
24 9
26.1
15 8
10 3
— 2

National income, totalf

bil $

Compensation of employees, total

. __do

Wages and salaries, total ... __
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' income, totalcf1
Business and professionalcf
Farm
_
_
Rental income of persons
Corporate profits and inventory valuation
ment total
Corporate profits before tax, total
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment

9.9

-.5

15 8

16 4

18.1

20.0

16.4

17 0

17 6

17 7

18 2

18 8

19 1

19 8

20 3

21 0

21 5

22 0

22 5

do

482.7

503.4

518.7

482.7

488.5

501.7

504.8

503.7

503.3

500.8

513. 1

522.3

538.6

545.0

552.0

555.3

Personal consumption expenditures, total. .do

313.5

328.5

338.1

316.7

318.8

323.9

329. 9

329.8

330.5

330.5

335.5

340.1

346.1

350.2

354.9

358.2

43 6
18 1
18.9
147.1
27 5
77.7
11 1
122 8
18 1
39 6
10 0

44.8
18 8
19.1
151.8
28 1
79.5
11 7
131 9
19 6
41 8
10 7

43.7
17 2
19.3
155.2
28 6
81.1
11 9
139 1
20 6
43 9
11 1

44.9
18.9
19.2
147.7
27.7
77.4
11 3
124.0
18 2
39.9
10 2

43.1
16 9
19.3
148.9
27 8
78.3
11 3
126 8
18 8
40 3
10 5

45.1
19 0
19.3
150.0
28 1
78.5
11 5
128 9
19 2
40 9
10 6

45 8
19 5
19.2
152.6
28 3
79.9
11 6
131 5
19 6
41 7
10 6

44.5
18 3
19.1
152.5
28 4
79.5
11 7
132 8
19 7
42 2
10 6

44 0
18 3
18.7
152.3
27 8
80.2
11 9
134 2
20 0
42 6
10 7

40 8
15 4
18.4
153.5
28 1
80.3
11 9
136 2
20 2
43 1
10 9

43 5
16 9
19.2
153.9
28 0
80.6
11 7
138 0
20 6
43 6
10 9

44 0
16 9
19.7
156.2
29 0
81.5
11 9
139 9
20 7
44 1
11 1

46 6
19 4
19.8
157.2
29 2
82.1
12 1
142 3
21 0
44 8
11 4

46 3
19 1
19.7
159.9
29 8
83.7
12 1
144 1
21 3
45 2
11 5

47 2
20 3
19.3
161.3
29 8
84.2
12 3
146 3
21 8
45 7
11 5

47 1
19 3
20.1
163.0
30 3
85.3
12 5
148 1
21 9
46 2
11 6

72.7

72.4

69.3

68.8

73.2

79.1

73.5

70.3

66.5

60.1

40 2
22.3
25 9
6 6

40 7
21.1
27 6
4 1
3 7

41 6
21.0
25 5
2 1
1.9

41 0
22.6
26 6
11
1.1

39
21
26
7
7

6
3
4
1
0

40 9
21.5
27 4
10 8
10 6

40
21
28
4
4

7
2
4
4
1

40 5
21 0
27 7
21
17

40 7
20 5
26 8
—1 1
—1 5

Q

Net interest

-

--

do __

Gross national product, totalf

Durable goods, total 0
..do
Automobiles and parts
do _
Furniture and household equipment. .-do
Nondurable goods, total®
do
Clothing and shoes
__do
Food and alcoholic beverages
do
Gasoline and oil
_
do .
Services, total © _ _ _ _
do. _
Household operation
_
_
do
Housing
do _
Transportation
_
do
Gross private domestic investment, total
New construction
_
Residential nonfarm.. .._ ...
Producers' durable equipment
Change in business inventories
Nonfarm _
-.

do

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

6.5

39
19
24
3
—3

67.6

72.4

76.6

75.9

77.4

76.3

3
0
4
6
9

41 0
20 1
24 6
21
18

42
21
25
4
3

43
22
27
6
5

41
21
27
6
6

6
2
6
7
6

44 5
23.3
28 9
4 0
39

46 1
24 3
29 2
10
10

6
9
8
0
8

2
8
4
0
9

do
do
do

22 9
23 6

2 9
26 4
23 5

4 0
27 3
23 3

— .5
23 8
24.3

0
23 8
23 9

14
25 3
23 9

2 4
26 5
24 2

2 8
26 5
23 6

4 9
27 2
22 3

5 3
27 4
22 2

4 0
26 4
22 4

2 8
26 9
24 1

38
28 3
24 5

3 7
28 2
24 5

3 7
29 0
25 3

2 5
28 3
25 8

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

97.2
53.6
46.2
43 6

99.7
53.2
45.7
46 5

107.4
57.0
49.0
50 4

97.8
54.0
46.4
43 8

96.5
52.8
46 1
43 7

97.2
52.5
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

106.9
56.5
48 4
50 4

112.1
59.5
50 8
52 6

115.2
61.9
53 0
53 3

116.0
62.1
53 2
54 0

118. 2
62.7
54 0
55 5

do
do
_ do
do
do
. _ do

476.1
244.0
91 5
152.5
175 8
56 3

499 4
254.1
95 0
159.2
188 6
56 7

516.6
257.2
94 0
163.3
200 7
58 6

481.5
247.0
93.1
153.9
177 6
56 9

481 4
245.7
91 9
153.8
181 3
54 4

490 8
251.3
94 0
157.3
183 8
55 8

500 4
256.2
96 9
159.3
187 7
56 4

501 5
254.9
94 8
160.1
189 9
56 8

504 4
254.1
94 2
160.0
193 1
57 2

504 4
251.6
90 2
161.4
195 9
56 8

511 0
254.4
92 6
161.8
199 0
57 5

518 3
257.8
94 3
163.5
901 3
59 2

532 6
265.0
98 8
166.3
206 6
61 0

538 3
268.2
99 9
168.4
211 1
59 0

547 9
272.6
102 6
170.0
213 5
61 8

554 2
274.7
103 0
171.7
215 9
63 6

do
do
do

6.6
3.5
3.1

4 1
2.3
1.8

2 1
.0
2.1

1.1
-2.0
3.1

71
2 6
4.5

10 8
8.6
2.2

4 4
2 8
1.6

2 1
10
1.1

—1 1
—3 3
2.2

—3 6
—5 5
1.9

21
—1 3
3.4

4 0
3 4
.6

6 0
3 5
2.5

6 7
35
3.1

4 0
19
2.2

10
19
—.ft

Net exports of goods and services
Exports
Imports

By major type of product:*f
Final sales, total
__
Goods output, total
Durable goods
Nondurable goods..
Services
Construction
__
Inventory change, total
Durable goods- __
Nondurable goods

_ __

__

r
Revised.
fRevised 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-




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

*For quarterly

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

1960

1959
IV

Annual total

November l(»f>2
1961

I960
I

II

III

IV

I

II

1962
IV

III

I

III

II

IV

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
Ml. $

428.6

440.2

447.9

431.1

440.9

442.3

439. 7

437.7

433. 9

443. 9

450.4 j 463.4

467.4

470.8

471.6

Personal consumption expenditures, totaL.do

288.9

298.3

304.3

291.9

295. 6

299. 7

299. 1

298. 8

298.2

302. 5

306. 0

310.6

313.9

316.9

319. 0

41.0
138.7
109.2

42.2
141.4
114.7

41.6
143.3
119.4

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

44.6
149.5
125.0

Durable goods
Nondurable goods
Services

j

do__ .
do _
do
do

61.7

60.7

57.8

62.0

66.7

61.5

58. 6

55.8

50.0

56.5

60.4

64.1

63.3

64.1

62.4

New construction

do

34.8
21.1
2.0

33.6
21.8
6.6

34.6
22 6
9.6

34.2
23.3
4.0

34. 0
22. 7
1.9

99 9

do

34.3
22.7
3.7

34.3

Change in business inventories

34.4
21.4
5.9

33.0
20 1
-3.0

34.3
20 2
2.0

35. 6
°1 3
3.5

36.1
22 7
5.4

34.6
22 8
5.9

36.7
23.8
3.7

37.7
24.0
.8

Net exports of croods and services

do

Gross private domestic investment total

— 2. 1

1.5

1.8

-1.1

2

1.0

1.5

3.3

3.5

1.7

•7

1.4

1.3

.7

-.3

Government purchases of goods and services, total
bil. $-.
Federal
do_ _
State and local
do

80.1
43.9
36.2

79.8
42.3
37.4

84.0
44.5
39.4

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

90.5
49.0
41.5

DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rotes
Personal income total
bil. $_
Less: Personal tax and nontax payments
do
Equals* Disposable personal income
_ do

383.9
46.8
337. 1

400.8
51.4
349.4

416.4
52. 8
363. 6

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

442. 6
58.5
384.1

23.6

20.9

25. 6

23.1

20.1

19.7

22. 0

22. 2

23.8

25. 5

26.3

26.5

25.4

26.9

26.0

8.14

8.92

8.59

8.99

7.89

9.28

8.98

9.53

7.57

8.61

8.65

9.54

8.02

9.50

3.02
1.44
1.57

3.62
1.80
].S2

3.42
1.57
1.85

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

3.69
1.77
1.92

3.61
1.74
1.87

4.13
2.03
2.11

.25
.23
.51
1.42
2.72

.25
.26
.48
1.42
2.89

.24
. 17
.46
1.38
2.92

.27
.22
.55
1.51
2.87

.22

.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

•>c

^47
1.18
2.69

.27
29
.55
1.42
2.99

!l6
.47
1.50
2.94

.26
. 16
.50
1.54
3.20

.20
.16
.47
1.06
2.94

^26
.60
1.37
3.30

.28
.23
.47
1.49
3.38

.29
.18
.53
1.52
3.54

do

33.58

35.15

36.30

35.90

35.50

33.85

33.50

34. 70

35.40

35. 70

36.95

do

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

14.45
6.95
7.50

14.65
7.05
7.60

14.95
7.25
7.70

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
2.25
5.40
12.85

1.10
.95
1.90
5.55
13.55

1.10
.70
1.95
5.50
13.70

3 4, 713

4,670

4,690

4,710

4,720

4,730

4,740

4,750

4. 760

4. 770

4,780

4,790

4,800

31,317

31, 805

7,541

7,549

7,690

8,000

8,078

7,690

7,411

8,082

8,622

8,291

8,030

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

3,862
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

3.920
752
1.388
234
1,050

4,032
743
1,405
222
1,032

2,375
1, 372
926
77

3,882
1,694
850
1,338

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

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

947
229
398
320

596
377
330
-111

do

25, 393

27, 984

29, 946

6,715

6, 865

7,055

7,002

7,062

7,400

7,953

6,979

7,614

7,709

7,983

do
do __
do
do

16, 282
7,194
1,054
863

19, 459
7,554
636
335

19, 915
8,151
1,274
606

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

5,070
2.189
160
4
290

5,345
2,307
237
94

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

-826

-684

-998 -1,016

-290

-592

'287

••4

'-539

'-680

Personal savinCT §
_ 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
_
Commercial and other

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

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

do

Mining
Railroads
Transportation, other than rail
Public utilities

do
do
do
do

BUSINESS POPULATION
Firms In operation, end of quarter (seasonally adjusted)
thous

3

4, 583 3 4, 658

U.S. BALANCE OF INTERNATIONAL
PAYMENTS!
Quarterly Data are Seasonally Adjusted
U.S. payments, recorded.
__mil. $_. 29, 548
Imports:
Merchandise
Military expenditures
Other services _ .
_ _
Remittances and pensions
Govt. grants and capital outflows
U.S. private capital
Direct investments
Long-term portfolio
Short-term

_ _. .

U.S. receipts, recorded
Exports:
Merchandise
Services and military sales
Repayments on U.S. Govt. loans
Foreign capital other than liquid funds

do
do
do
do
do
__do__ _
do
do __
do

Excess of recorded receipts or payments (— ).__do
Unrecorded transactions
Total, net receipts (+) or payments (— )
Major special transactions

do
do
do

412

-602

-3, 743 -3, 925 -2, 461
335

-524

129

285

Total, excluding special transactions
do
-4, 078 -3, 401 -2, 590 '-824 '-680
••Revised.
p Preliminary.
1
Estimates for July-Sept. 1962 based on anticipated capital expenditure s of busmess,
2
Estimates for Oct.-Dec. 1962 based on anticipated capital expenditure s of busmess.
Anticipated expenditures for the year 1962 are as follows (in bil. $) : All inclustries, 37.16;
manufacturing, total, 14.57; durable goods industries, 6.98; nondurable goo ds Indus tries,
7.59; mining, 1.10; railroads, .83; transportation, 2.06; public utilities, 5.43; co
mmercia 1 and
other, 13.16.

3 Unadjusted. Data represent firms in operation as of Jan. 1; estimate fo r Jan. 1 1962



-635
'-140

'-159

'-297

'-775 '-1,157 '-1,313
-80

-444

-29

-319

542 -1, 103 -1,008

-366
176
724

193

-910
-75

-400

-1,408
-520

-582

i 9.46 210.19

137.75 2 37. 95

-47

106

-171

-476

-218

100

77

p-720

'-695 '-1,157 '-869
-835
-319
-548
-888
-576
-295
(basec on incoinplete d ata) is 4,752,000.
* Includes chan ges in n<)nliquid Govt. liabilities,
t See corre spending* note on p. S-l ( revisions prior to 3d qtr. 1959 appear on p. 8 ff. of
the Ju ly 1962 SURVEY.)
Personal saving is excess of disposable inconae over j>ersonal <3onsump tion expenditures
showrjL as a coniponent of gross national f >roduct o a p. S-l.
^EY;
t Revised effective with the June 1962 SUE\ rev: sions pr or to 4tli qtr. 1959 will be
availa ble later

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