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SURVEY OF CURRENT BUSINESS

6
Increase in real GNP and Components in Three Periods of Economic Expansion Indexes
Quarters after Turn
0

4

6

8

100
100
100

108
108
108

112
109
109

111
112
111

100
100
100

107
106
105

111
108
107

112
110
109

100
100
100

132
127
127

139
124
125

131
i 143
123

100
100
100

97
105
108

97
105
110

95
102
116

Gross National Product
1954-56
1958-60 _.1961-63
Personal Consumption Expenditures
1954-56
1958-60
1961-63
Groass Private Domestic Investment
1954-56
.
1958-60
1961-63
Government Outlays
1954-56
1958-60
1961-63

-

1. Inventory accumulation abnormally high following resumption of production after the 1959 steel strike.

Consumer Expenditures
Continue Rise
Outlays for consumer goods and
services accounted for over half the
GNP rise in the first quarter. At $4#
billion, the latest increases were,
however, off somewhat from the $5%
billion increase recorded in the preceding quarter.

Auto expenditures stable

The first quarter gain in consumer
outlays was made without any assistance from the auto sector, normally
its most volatile element. After a
fourth quarter rise of more than $2
billion accompanying the introduction
of the 1963 models, auto expenditures
did well to hold at the high level of
$21% billion in the first quarter of
this year, especially since the weather
was not particularly favorable to auto
sales. The demand for both new and
used cars showed no signs of slackening
during the quarter and unit sales in
April were at near-record levels.

May 1963

A moderate increase in the rate of
inventory accumulation was approximately offset by a drop in residential
contruction activity, while business
plant and equipment outlays were little
changed over the period.
Inventory accumulation up

At a seasonally adjusted rate of $3
billion, the first quarter buildup in
stocks represented an advance over the
$1 billion rate recorded in each of the
last two quarters of 1962, and accounted
for one fourth of the GNP advance. It
was, however, well below the $6}£ billion
figure for the first quarter of 1962.
Though there was considerable specuOther expenditures up
lation as to the likelihood of a steel
Consumer outlays for furniture and
shutdown later in the year, the rise in
household
equipment showed a
stocks of steel consumers during the
moderate increase during the quarter.
first quarter was modest—since it did
In the nondurables field, higher expendinot really start until March—and much
tures for food, partly reflecting higher
smaller than the increase that took
prices, accounted for the bulk of the
place a year ago. Still, much of the
increase.
net increase in the rate of accumulation
Investment Little Changed
during the first quarter occurred among
Gross private domestic investment manufacturers and distributors of hard
in the first quarter was little changed goods and reflected some precautionary
from that of the closing quarter of 1962. buying.

Table 1.—Gross National Product in Current and Constant Dollars (1-3, 1-5)
1962
1960

1961

1962

I

II

1962

1963
III

IV

I

1960

1961

1962

545.0

552.0

555.3

563.5

571.8

440.2

447.9

471.9

467.4

470.8

471.6

477.7

482.7

356.7

350.2

354.9

358.2

363.5

367.8

298.3

304.3

318.2

313.9

316.9

319.0

322.8

325.3

43.7
155.2
139.1

47.5
162.0
147.1

46.3
159.9
144.1

47.2
161.3
146.3

47.1
163.0
148. 1

49.6
163.9
150.1

50.0
165.5
152.3

42.2
141.4
114.7

41.6
143.3
119.4

45.2
148.5
124.5

44.1
147.0
122.8

44.6
148.1
124.1

44.6
149.5
125. 0

47.6
149.3
126.0

47.9
150.4
127.0

72.4

Net exports of goods and services
Exports
Imports
Government purchases of goods and services
Federal — -

76.2

76.8

60.7

57.8

63.3

63.3

64.1

62.4

62.8

63.4

46.1

45.0

43.6

34.3

34.8

36.5

34.6

36.7

37.7

36.8

35.5

21.0
20.5

23.3
21.2

21.2
20.5

23.3
21.2

24.3
21.8

23.8
21.3

22.6
21.0

18.2
16.1

18.2
16.6

19.8
16.8 •

18.2
16. 4

19.9
16.8

20.5
17.2

20.1
16.7

19.1
16.4

27.6

25.5

28.9

27.6

28.9

29.2

29.9

30.1

22.7

21.1

23.8

22.8

23.8

24.0

24.8

25.0

2.1

3.2

6.7

4.0

1.0

1.2

3.0

3.7

2.0

2.9

5.9

3.7

.8

1.3

3.0

1.9
.2

3.2
.1

6.6
.1

3.9
.1

1.0
.0

1.1
.1

2.7
.3

3.4
.3

1.8
.1

2.8
.1

5.8
.1

3.6
.1

.8
.0

1.2
.1

2.7
.3

4.0

3.3

3.7

3.7

2.5

3.2

3.2

1.5

1.8

.5

1.3

.7

o

.5

.5

27.3
23.3

28.4
25.2

28.2
24.5

29.0
25.3

28.3
25.8

28.2
25.0

27.9
24.7

24.9
23.4

25.3
23.5

26.3
25.7

26.1
24.8

26.6
25.9

26.2
26.5

26.3
25.8

26.0
25.5

116.0

99.7

--

107.4

117.3

115.2

120.7

124.0

79.8

84.0

89.9

88.9

89.2

90.5

91.6

93.4 ,

53.2

-. _

76.3

44.5

26.4
23.5

.

77.4

41.6

4.1

- --

75.9

44.5

2.9

-

76.6

3.7
.3

_.

Change in business inventories

69.3
41.6

21.1
19.7

.

Producers' durable equipment




553.9

40.7

- - - -

New construction

State and local

518.7

44.8
151.8
131.9

.-- -

Gross private domestic investment

National defense .
Other
Less: Government sales

I

338.1

. . - - - . 503.4

.

Nonfarm
Farm

IV

328.5

Gross national product
Personal consumption expenditures

Residential nonfann
Other
.

III

Billions of 1954 dollars

Billions of current dollars

-

II

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Durable goods
Nondurable goods
Services

I

1963

57.0

62.4

61.9

62.1

62.7

63.4

65.9

42.3

44.5

48.7

48.3

48.6

49.0

49.3

50.7

45.7
8.1
.6

49.0
8.7
.6

53.4
9.7
.8

53.0
9.6
.6

53.2
9.5
.6

54.0
9.6
.8

54.2
10.1
.9

56.6
10.2
.9

46 5

50.4

55.0

53.3

54.0

55.5

57.3

58.1

37.4

39.4

41.2

40.6

40.6

41.5

42.3

42.7

118.2

May 1963

SUEVEY OF CURRENT BUSINESS

Fixed business investment stable

nomic activity. As compared with a The former was about equally divided
Business outlays for fixed investment year ago, for example, total government into a $4 billion increase in Federal
continued at the peak rate of $51 billion, outlays accounted for $8% billion out of outlays and a $4% billion increase in
which was reached in the third quarter a total GNP increase of $27 billion. State and local.
of 1962, following a moderate cyclical
rise from the first quarter of 1961. A
Table 2.—Personal Income and Its Use (II-2)
minor improvement in outlays by
[Billions of dollars]
manufacturers, mining firms and railroads during the quarter just about off1962
U963
set the continued decline in "other
I
1961
II
III
IV
I
1962
1960
transportation' 7 , representing mainly
reduced expenditures for jet aircraft,
Seasonally adjusted at annual rates
and in public utilities. On the other
432.0
400.8
416.4
439.5
442.6
448.0
440.5
452.1
hand, outlays for commercial and other Personal income
Wage and salary disbursements
289.9
271.3
278.8
295.9
297.8
299.7
295.8
303.3
community facilities appear to have
110.4
118.1
117.8
117.2
Commodity-producing industries
110.8
115.0
118.0
118. 3
Manufacturing only
91.9
94.1
87.4
87.5
94.4
93.6
94.0
94.6
leveled off for the moment after ac74.9
76.5
71.8
72.9
76.1
Distributive industries
78.1
76.2
77.1
45.1
45.9
43.4
46.9
47.3
46.3
Service industries
48.1
40.7
counting for about half of the total
54.9
48.4
56.4
57.5
51.8
55.8
Government
58.8
56.2
increase in fixed investment over the
Other labor income
12.0
12.4
12.3
11.0
11.4
12.3
12.5
12.6
past 2 years.
Proprietors' income .__ _ __
46.2
49.1
49.7
50.9
49.8
47.8
49.5
50.7
36.2
34.2
34.8
36.8
37.3
36.8
Business and professional
37.0
37.7
The OBE-SEC survey of business
12.9
Farm
13.1
12.8
12.8
13.6
12.0
13.0
13.0
investment intentions indicates a re12.6
12.3
12.8
12.9
12.8
Rental income of persons
11.9
12.9
13.0
sumption of the investment rise in the
Dividends
15.0
15.8
14.4
15.8
16.4
15.9
15.8
16.4
current quarter.
Personal interest income.
__ __.
27.4
29.4
30.6
29.7
25.8
28.8
30.0
31.3
Housing activity off

Residential construction was the only
major GNP component to show a
decline in the first quarter, being down
about $1% billion from the closing
quarter of 1962. This was the third
successive year in which the year began
with a sharp drop in housing activity
and reflected a series of unusually severe
winters, and possibly, in addition,
improper seasonal adjustments.
Housing starts, which were off sharply
(after seasonal correction) in January
and February, recovered sharply in
March, and though still short of the
best 1962 months suggested some
recovery in dollar outlays for the second
quarter.

29.4

33.4

34.6

34.1

34.2

34.4

35.7

36.5

11. 1
2.8

12.6
4.0

14.3
3.0

13.7
3.3

14.4
2.7

10.9

12.0

12.5

12.3

12.3

14.5
2.7
4.7
12.5

14.8
3.2
4.9
12.7

14.9
3.0
4.8
13.8

9.2

9.7

10.5

10.3

10.5

10.5

10.6

11.8

_

51.4
44.0
7.4

52.8
45.0
7.8

57.6
49.1
8.5

56.4
48.0
8.4

57.7
49.2
8.5

58.5
49.9
8.6

58.7
50.1
8.7

59. 6
50. $
9.0

Equals : Disposable personal income

349.4

363.6

382.9

375.6

381.8

384.1

389.3

392.6

Less: Personal consumption expenditures,. _ _ _ _

328.5

338.1

356.7

350.2

354.9

358.2

363.5

367.8

20.9

25.6

26.2

25.4

26.9

26.0

25.8

24.8

317.3

327.3

341.6

336.6

340.9

342.1

345.8

347.1

Transfer payments

_

Old-age and survivors insurance benefits .
State unemployment insurance benefits
Other

.

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

Table 3.—Gross National Product by Major Type of Product in Current and Constant
Dollars (1-6, 1-7)
1962
1960 1961 1962




I

II

III

1962

1963
IV

1

1960 1961 1962

Seasonally adjusted at
annual rates

Federal outlays sharply higher

Government expenditures for goods
and services contributed over $3 billion
to the $8 billion rise in GNP noted for
the first quarter. A sharp rise in
defense outlays, the largest in over a
year, accounted for most of this increase.
There was only a modest increase, less
than $1 billion, in State and local government as unfavorable weather effected
. a slight reduction in construction activity following sharp increases in the
latest 1962 quarters.
Government outlays thus continued
to play an important direct, as well as
indirect, role in the expansion of eco-

-

Billions of current dollars

I

II

III

1963
IV

I

Seasonally adjusted at
annual rates
Billions of 1954 dollars

_ 503.4 518.7 553.9 545.0 552.0 555.3 563.5 571.8 440.2 447.9 471.9 467.4 470.8 471.6 477.7 482.7

Gross national product
Final sales
Inventory change --

499.4 516.6 550.6 538.3 547.9 554.2 562.3 568.7 436.5 446.0 468.9 461.5 467.2 470.8 476.5 479.7
4.1 2.1 3.2 6.7 4.0 1.0 1.2 3.0 3.7 2.0 2.9 5.9 3.7
.8 1.3 3.0

Goods output
Final salesInventory change

258.2 259.4 276.9 274.9 276.7 275.7 280.4 286.2 234.0 233.5 247.7 246.4 247.1 245.8 251.5 255.2
_ _ 254.1 257.2 273.7 268.2 272.6 274.7 279.2 283.1 230.3 231.5 244.8 240.5 243.4 245.0 250.2 252.2
4.1 2.1 3.2 6.7 4.0 1.0 1.2 3.0 3.7 2.0 2.9 5.9 3.7
.8 1.3 3.0

97.2 94.0 104.5 103.4 104.5 104.9 105.6 108.3 85.0 82.1 90.8 89.9 90.3 90.8 92.5 94.7
_ _ __ 95.0 94.0 102.9 99.9 102.6 103.0 106.4 108.6 82.9 82.0 89.5 87.0 88.7 89.1 93.2 94.9
.1 1.4 2.9 1.6 1.6 -.7 -.2
.0 1.6 3.5 1.9 1.9 -.8 -.2 2.1
2.3

Durable goods ouput
Final sales
_ _
Inventory change
Nondurable goods output
Final sales
Inventory change- Services
Construction

_ _

160.9 165.4 172.4 171.5 172.2 170.8 174.8 177.8 149.1 151.4 156.9 156.5 156.8 155.0 159.0 160. 5
159.2 163.3 170.8 168.4 170.0 171.7 172.8 174.5 147.5 149.5 155.3 153.5 154.7 155.9 157.0 157. 3
-- 1.8 2.1 1.6 3.1 2.2 -.9 2.0 3.3 1.6 1.8 1.6 3.0 2.1 -.9 2.0 3.2

- _ _ _ _ _ _

188.6 200.7 214.8 211.1 213.5 215.9 219.5 223.2 158.3 165.2 173.0 171.8 172.7 173.7 174.3 176.8

56.7 58.6 62.1 59.0 61.8 63.6 63.7 62.4 47.8 49.3 51.2 49.2 51.0 52.1 51.9 50.7

Addendum : Auto product 1 -_-... 20.8 17.5 21.5 20.1 21.1 21.6 23.2 23.0 17.3 14.5 17.8

16.8 17.4 17.7 19.4 19.3

1. Data for 1947-62 were presented in the February 1963 SURVEY OF CURRENT BUSINESS, pp. 14 and 15.

c.

BUSINESS STATISTICS

urren

JL 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

1960

| 1961

1962

1960
I

Annual total

II

1961
III

IV

I

II

1962
III

IV

I

II

1963
III

IV

I

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
bil. $

Compensation of employees, total .
Wages and salaries, total
_
Private.
Military
_
_Government civilian
Supplements to wages and salaries
Proprietors' income totaled 1
Business and professionalc?
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

415.5

427.8

458.0

413.9

417.2

416.6

414.4

411.8

424.3

431.3

444.0

448.9

456.7

459.8

466.6

do

National income, totalf

293.7

302.2

321.6

290.6

294.6

295.8

293.9

294.1

300.2

304.5

309.9

315.2

321.7

323. 8

325.8

330.8

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

295.8
239.7
11.0
45.2
25.8
49.8
36.8
13.0
12.8

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
224.2
9.9
39.1
22.5
46.3
34.1
12.2
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
12.2

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

299.7
242.2
10.6
46.9
26.1
50.9
37.3
13.6
12.9

303.3
244.5
10.8
48.0
27.5
50.7
37.7
13.0
13.0

45.6

45.5

51.5

48.6

46.2

44.4

43.3

40.1

45.0

46.0

51.1

50.4

50.7

51.0

54.0

45.4
22.4
23.0
14.4
8.6
2

45.6
22.3
23.3
15.0
8.3
.0

51.3
25.0
26.3
15.9
10.3
.2

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
9.9
.3

50.9
24.9
26.1
15.8
10.3
-.2

51.1
24.9
26.1
15.8
10.3
1

53.2
26.0
27.3
16.4
10.9
.8

_do __
do
do _
do
do
do
do _
do
do
adjustbil. $

_. do
do
do
do
do
do

16.4

18.1

20.0

22.2

17.6

17.7

18.2

18.8

19.1

19.8

20.3

21.0

21.5

22.0

22.5

23.0

23.5

do

503.4

518.7

553.9

501.7

504.8

503.7

503.3

500.8

513.1

522.3

538.6

545.0

552.0

555.3

563.5

571.8

Personal consumption expenditures, total __do

328.5

338.1

356.7

323.9

329.9

329.8

330.5

330.5

335.5

340.1

346.1

350.2

354.9

358.2

363.5

367.8

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

47.5
20.1
19.9
162.0
30.0
84.7
12.5
147.1
21.7
46.0
11.6

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

49.6
21.5
20.5
163.9
30.2
85.6
12.8
150.1
22.0
46.8
11.8

50.0
21.5
20.8
165.5
30.3
86.5
12.9
152.3
22.3
47.4
12.0

do

72.4

69.3

76.6

79.1

73.5

70.3

66.5

60.1

67.6

72.4

76.6

75.9

77.4

76.3

76.2

76.8

do __
___do_-do
do
do

40.7
21.1
27.6
4.1
3.7

41.6
21.0
25.5
2.1
1.9

44.5
23.3
28.9
3.2
3.2

40.9
21.5
27.4
10.8
10.6

40.7
21.2
28.4
4.4
4.1

40.5
21.0
27.7
2.1
1.7

40.7
20.5
26.8
11
-1.5

39.3
19.0
24.4
-3.6
-3.9

41.0
20.1
24.6
2.1
1.8

42.6
21.9
25.8
4.0
3.8

43.2
22.8
27.4
6.0
5.9

41.6
21 2
27^6
6.7
6.6

44.5
23.3
28.9
4.0
3.9

46.1
24.3
29.2
1.0
1.0

45.0
23.8
29.9
1.2
1.1

43.6
22.6
30.1
3.0
2.7

2.9
26.4
23.5

4.0
27.3
23.3

3.3
28.4
25.2

1.4
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

3.8
28. 3
24.5

3.7
28.2
24.5

3.7
29.0
25.3

2.5
28.3
25.8

3.2
28.2
25.0

3.2
27.9
24.7

99.7
53.2
45.7
46.5

107.4
57.0
49.0
50.4

117.3
62.4
53.4
55.0

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

120.7
63.4
54.2
57.3

124.0
65.9
56.6
58.1

499.4
254.1
95.0
159.2
188.6
56.7

516.6
257.2
94.0
163.3
200.7
58.6

550.6
273.7
102.9
170.8
214.8
62.1

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
201.3
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

562.3
279.2
106.4
172.8
219.5
63.7

568.7
283.1
108.6
174.5
223.2
62.4

4.1
2.3
1.8

2.1
.0
2.1

3.2
1.6
1.6

Net interest

-

-

Gross national product, totalf

__do __

Durable goods total 0
do
Automobiles and parts _ _ _
do
Furniture and household equipment_--do
Nondurable goods, total 0
do
Clothing and shoes
_ do
Food and alcoholic beverages
___do
Gasoline and oil
do __
Services total 0
_ 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
Net exports of goods and services
Exports
_
Imports
_ _ __

do
do
_ do

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

.

do
do. __
do
do
do
do
do
do
do

2.1
4.4
2.1
-1.1
-3.6
4.0
6.0
4.0
6.7
1.0
3.0
1.2
<->
1.0
33
-5.5
-1.3
2.8
3.4
3.5
3.5
1.9
1.9
-.8
2.2
1.1
3.4
1.6
1.9
.6
3.1
2.2
2.5
-.9
3^3
2.0
r
Revised.
t Revised series. Estimates of na tional in come am1 product and per sonal
eludes d ata not s lown sep arately.
9Go\^ernmen , sales are not dediicted.
*For qu arterly
income have been revised back to 1959; revisions prioif to May 1961 for ]aersonal i ncome a Dpear
data ba 3k to 194 7, see p. C 5 of the July 1962 SURVEY
on p. 13 of the July 1962 SURVEY.
o" Includes in mitory valuatioii adjustraent.
0In-

_




10.8
S.6
2.2

S-l

SURVEY OF CURRENT BUSINESS

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

1960

1961

1962

Annual total

1961

1960
II

III

IV

I

II

1962
III

IV

I

1%3
III

II

IV

' i »

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

440.2

447.9

471.9

442, 3

439.7

437.7

433. 9

443.9

450. 4

463. 4

467.4

470.8

471.6

477.7

482. 7

298.3

304. 3

318.2

299. 7

299.1

298.8

298.2

302.5

306.0

310.6

313.9

316.9

319. 0

322.8

325. 3

do
- do
do

42.2
141.4
114.7

41.6
143. 3
119.4

45.2
148. 5
124. 5

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

47.6
149.3
126.0

47.9
150.4
127.0

Gross private domestic investment, total., do

Personal consumption expenditures, total ..do
Durable goods
Nondurable goods
Services

--

60.7

57.8

63. 3

61. 5

58.6

55. 8

50.0

56. 5

60.4

64.1

63.3

64.1

62.4

62.8

63.4

New Construction
Producers' durable equipment
Change in business inventories

do
do
do

34.3
22.7
3.7

34.8
21.1
2.0

36.5
23.8
2.9

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
20.2
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

37.7
24.0
.8

36.8
24.8
1.3

35. 5
25. (i
3.0

Net exports of goods and services

do

1.5

1.8

.5

1.0

1.5

3.3

3.5

1.7

.7

1.4

1.3

.7

-.3

.5

.5

79.8
42.3
37.4

84.0
44.5
39.4

89.9
48.7
41.2

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

91.6
49.3
42.3

93.4
50.7
42 7

400.8
51.4
349.4

416.4
52.8
363.6

440.5
57.6
382.9

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

448.0
58.7
389.3

452.1 '
59.5
392.6

do

20.9

25.6

26. 2

19.7

22.0

22.2

23.8

25. 5

26.3

26.5

25.4

26.9

26.0

25.8

24.8

bil. $ _

8.92

8.59

9.33

9.28

8.98

9.53

7.57

8.61

8.65

9.54

8.02

9.50

9.62

10.18

!8. 48

29.89

do
do
do.

3.62
1.80
1.82

3.42
1. 57
1. 85

3.67
1.76
1.91

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

3.72
1.79
1.93

4.13
2.03
2.10

3.37
1.65
1.72

3. 90
1.86
2.04

.25
.26
.48
1.42
2.89

.24
. 17
.46
1.38
2. 92

.27
.21
.52
1.37
3.29

.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

.27
.26
.60
1.37
3.30

.28
.24
.50
1.54
3.35

.27
.20
.50
1.52
3.55

.23
.22
.36
1.07
3.22

.27
.30
.51
1.42
3.49

do

36.30

35.90

35.50

33.85

33.50

34.70

35.40

35.70

36.95

38.35

37.95

137.95

u

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

15.05
7.25
7.80

15.00
7.30
7.70

15.30
7.50
7.80

15.30
7.30
8.00

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
1.00
2.00
5.75
13.40

1.00
.80
1.90
5.45
13.80

1.05
.95
1.65
5.30
13.70

1.05
1.10
2.00
5.60
13.70

4,820

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

-

DISPOSITION OF PERSONAL INCOMEt
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
Less* Personal tax and nontax payments
Equals: Disposable personal in come. _ _

bil. $
__do__ _
do

Personal savin01 §
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly totals or averages:
\llindustries
Manufacturing
Durable goods industries
Nondurable goods industries _

Mining
do
Railroads
-- ----- do
Transportation, other than rail
do
Public utilities
do
Commercial and other
do
Seas. adj. qtrly. totals at annual rates:
All i n dustries
uVianuiacturiug...- -----Nondurable goods in dustries

2

-do

Railroads
Transportation, other than rail—
Public utilities

do
___do
do

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

3 4, 658

3 4, 713

3

4, 752

4,710

4,720

4,730

4,740

4,750

4,760

4,770

4,780

4,790

4,800

4,810

U.S. BALANCE OF INTERNATIONAL
PAYMENTS*
Quarterly Data are Seasonally Adjusted
U S payments recorded
__ _ _ mil. $

31,317

31, 805

33, 245

7,690

8,000

8,078

7,690

7,411

8,082

8,622

8,271

8, 092

8,428

14, 723
3,048
5,417

14,514
2,947
5,462

16, 193
3,006
5,800

3. 836
'758
1,375

3, 664
797
1,368

3,422
722
1, 327

3.369
770
1,309

3,417
756
1,337

3,840
699
1,388

3,888
722
1,428

3,933
752
1,361

4,045
746
1,445

4,164
730
1,484

4,051
778
1,510

Remittances and pensions
Govt. grants and capital outflows

do
do

842
3,405

878
4,051

924
4,271

205
833

211
826

222
978

221
962

221
804

216
1,094

220
1,191

233
1,035

222
1,028

225
1,063

244
1,145

U S private capital
Direct investments
Long-term portfolio
Short-term
_ __

do
do
do
do

3,882
1,694
850
1,338

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

3, 051
1,377
1,207
467

683
209
203

1,134
415
170
549

1,407
684
235
488

1,059
457
120
482

876
2G9
218
389

845
429
194
222

1,173
320
474
379

957
231
402
324

606
401
299
94

762
413
161
188

726
332
345
49

38. 65

8,454

do
do
do

2

Imports:
Merchandise
Military expenditures
Other services

-- --

do

27, 984

30, 073

32, 064

7, 055

7, 002

7, 062

7.400

7,930

6,976

7,767

7.686

8,022

8,153

8,203

Exports:
Merchandise
Services and military sales

do
do

19. 459
7,554

19, 915
8, 151

20, 566
9,248

4,876
1, 909

4, 940
1,843

4, 986
1, 975

5,061
2,008

4.768
2, 060

4,940
1, 951

5. 146
2,132

5.072
2,183

5,340
2,417

5,170
2,216

4,984
2,432

Repayments on U.S. Govt. loans
Foreign capital other than liquid funds

do
do

636
335

1,274
733

1,275
975

147
123

172
47

147
-46

133
198

851
251

81
4

209
280

141
290

224
41

612
155

298
489

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

-3, 333

519

-1,106

-855

193

-409

1

U S receipts recorded

Unrecorded transactions _

do

-592

-1,732 -1, 181

-635

-998

-1,016

-290

-1,000

-140

-159

297

52

-628

-360

-585
90

-70

-275

-251

144

406

-540

—342
159
-3, 925 -2,360 -2,181
-775 -1,157 -1,313
Total, net receipts (+) or payments (— )
do
-1,264
-913
-495
-214
-681
v— 820
-791
is based on incomplete data.
'Revised.
* Preliminary.
1 Estimates for Jan.-Mar. 1963 based on anticipated capital expenditures of business.
t See corresponding note on p. S-l (revisions prior to 3d qtr. 1959 appear on n 8 ff of
the July 1962 SURVEY).
2 Estimates for Apr .-June 1963 based on anticipated capital expenditures of business.
Anticipated expenditures for the year 1963 are as follows (in bil. $): All industries, 39.10;
§ Personal saving is excess of disposable income over personal consumption expenditures
manufacturing, total, 15.69; durable goods industries, 7.78; nondurable goods industries,
shown as a component of gross national product on p. S-l.
7.90; mining, 1.01; railroads, .96; transportation, 1.84; public utilities, 5.66; commercial and
J More complete details are given in the quarterly reviews in the Mar., June, Sept,
other, 13.94.
and Dec. issues of the SURVEY. Revisions prior to 4th qtr. 1959 will be shown later.
3 Unadjusted. Data represent firms in operation as of Jan. 1; estimate for Jan. 1, 1962




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