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SURVEY OF CURRENT BUSINESS August 1063 inent tax credit enacted last year have increased corporate cash flow and tended to stimulate new plant and equipment spending. There was an abundance of credit available throughout the second quarter—especially in the home mortgage market—and longterm interest rates continued to show little change. Supplementing these gains in fixed investment, net exports rose by more than $1 billion in the spring, the first rise in a year. The gain reflected a spurt in exports which was influenced by the termination of the dock strike toward the end of the first quarter. All told, demand in these two areas was up $5 billion, in sharp contrast with a net decline of nearly $2 billion in the previous quarter. Consumer buying up slightly On the other hand, consumer buying of both durable and nondurable goods advanced very little from the first quarter to the second; the increase in service outlays continued. Personal consumption expenditures for durable goods, at $51 billion, have been about unchanged for the last three quarters. Automobile sales in the spring continued at the very high pace first reached last autumn, when the 1963 models were introduced. On a seasonally adjusted basis, quarterly unit sales of new cars (including imports) have been at about 7.5 million annual rate in each of the last three quarters. The $2 billion rise in auto expenditures from a year ago to a second quarter 1963 total of $22% billion, reflected a one-tenth gain in new unit sales, some upgrading in the mix of purchases toward larger models with more "extras," and strength in the used car market. Although consumer purchases of durables other than autos, at nearly $29 billion, have changed little since last autumn, they are up nearly $1% billion from a year ago. Consumer purchases of nondurable goods at $166 billion were little changed from the first quarter reflecting a drop in apparel buying and a gain in food. The second quarter gain in food spend- Table 1.—Gross National Product in Current arid Constant Dollars (1-3, 1962 1960 1961 1962 II III 1962 1963 IV I 1-5) II 1960 1961 1962 Seasonally adjusted at annual rates II III 1963 IV I II Seasonally adjusted at annual rates Billions of 1954 dollars Billions of current dollars 502.6 518.2 554.9 552.4 556.8 565.2 571.8 579.6 439. 9 447.7 474.8 474.0 475.6 481.4 485.3 489.4 Gross national product Personal consumption expenditures 328.2 336.8 355.4 352.9 356.7 362.9 367.4 370.4 298.1 303.6 317.6 315.9 318.6 322.9 325.5 327.0 44.9 43.6 48.2 47.5 47.7 50.5 50.6 51.0 42.2 41.5 45.6 44.7 45.0 47.8 48.1 48.0 . _ 151.8 155. 1 161. 4 160.6 162. 5 163.6 165. 3 165. 9 141.4 143.3 147.8 147.4 148.8 148.9 150.1 150. 5 131.5 138.0 145. 7 144.8 146.6 148.9 151.4 153. 5 114. 5 118. 9 124.3 123.8 124.8 126.2 127.3 128.5 Durable goods Nondurable goods Services Gross private domestic investment 71.8 69.0 78.8 79.6 78.9 78.8 77.8 80.7 60.2 57.5 65.2 66.0 64.8 65.2 64.6 66.4 __ 40.7 41.6 44.4 44.5 46.0 45.0 43. 7 45.8 34.4 34.7 36.7 36.8 37.8 36.9 35.7 37.3 Residential nonfarm Other 21.1 21.0 23.2 23.3 24.2 23.7 22. 7 24.8 18.2 18.2 19.8 19.9 20.6 20.2 19.2 20.9 19.7 20. 5 21. 2 21.2 21.7 21.2 21.0 21.0 16.2 16.6 16.8 16.9 17.2 16.8 16.5 16.4 New construction Producers' durable equipment _. 27.6 25. 5 28.8 28.7 29.3 29.9 29.0 30.7 22. 7 21.0 23.8 23.6 24.2 24.8 24.0 25.3 Change in business inventories. Nonfarm Farm Net exports of goods and services. Exports Imports Government purchases of goods and services National defense Other Less: Government sales State and local 1.9 5.5 6.5 3. 6 4.0 5.1 4.3 3. 1 1.7 4.8 5.7 2.9 3.4 4.9 3.8 1.6 2 4.3 5.2 2.4 .6 2.9 .6 4.1 .8 3.1 .6 2.3 1.8 2.6 2.3 1.4 1.8 2.8 3.2 .3 1.5 .3 4.9 .7 5.8 .7 2.8 .8 3 2 .8 4.3 .8 3.6 .6 2.9 .3 3.0 4.4 3.8 4.4 4.1 3.3 3.6 4.8 1.7 26.3 27.5 28.9 29.5 29.4 28.8 28.6 30.7 24.9 25.5 27.0 27.6 27.6 26.9 26.7 28.7 23.3 23.1 25. 1 25.0 25.3 25.5 24.9 25.9 23. 2 23.3 25.2 25. 1 25.3 25.5 24.9 25.9 _ _ Federal 3.5 99.6 107.9 117.0 115.5 117.0 120.2 123.0 123.8 79.9 84.3 90.2 89.5 89.9 91.9 93.4 93.2 53.1 57.4 62.4 61.9 62.4 63.6 65.5 66.5 42.3 44.8 49.0 48.8 48.8 49.6 50.6 51.0 45.7 49.0 53.3 52.9 53.5 54.3 56.4 56.7 8.0 8.9 10.0 9.8 9.7 10.4 10.1 10.6 .8 .8 .8 1.1 1.0 .8 .6 .6 _.. 46.5 50.6 54.6 53.6 54.6 56.6 57.5 57.3 37.6 39.5 41.2 40.7 41.1 42.3 42.9 42.1 CHANGE IN BUSINESS INVENTORIES Billion $ 10 TOTAL 10 DURABLE GOODS 10 NONDURABLE GOODS 1 2 3 4 ' 1962 1 2 1963 Seasonally Adjusted, at Annual Rates U.S. Department of Commerce, Office of Business Economics 63-8-2 ing was another in a series of advances that have been registered in each quarter since early 1962. During this period, food purchases have gone up by nearly 6 percent, to reach a seasonally adjusted annual rate of $86% billion. With food prices rising about 2 percent since the start of 1962. there was a gain in real consumption of about 4 percent. Government up slightly Federal and State and local government outlays—possibly because of temporary factors—were also up only a little. Government buying at all levels had risen substantially during the autumn-winter slowdown in fixed investment, and had sustained the moderate economic advance during that period. The second quarter leveling off in State and local purchases resulted from a drop in construction outlays— after two quarters of vigorous advance •—which approximately offset the continued uptrend in payrolls. Highway building, in particular, fell back sharply, A $1 billion increase in Federal outlays to $66% billion was only half as August 1963 of the economic recoveries and expansions differed in the earlier periods. Thus, the 1961-63 upswing has already run as long as the 1958-60 advance, which reached its peak rate in the ninth quarter following the early 1958 trough. In contrast, after the 1954 low point, activity continued to expand for a total of 13 quarters, with an overall rise of 14 K percent from trough to peak. Notwithstanding the average rise in total real output, a rapid gain in productivity during the current expansion has held the increase in employment to modest levels. Since the cyclical low in early 1961, employment has gone up from 66.8 million to 68.7 million—a gain of 2% percent. During similar time spans—nine quarters from the cyclical low—of the earlier periods of expansion, the increases in employment were greater: 4% percent in 1958-60, and 6% percent in 1954-56. The existence of relatively high unemployment and excess industrial capacity has led to only small price rises during the current business expansion. This is in sharp contrast to the experience during the 1954-57 expansion, when the rise in demand was accompanied by a steady uptrend in prices. Expansion centers in durables production So far in the current period of economic expansion, the real volume of output of durable goods has gone up by one-third. As the chart on page 4 shows, this expansion is far greater than in either of the two previous upswings. In 1958-60, the maximum expansion in real durable output was 28 percent, and in 1954-56, it was 24 percent. The cyclical expansion in business fixed investment through the ninth quarter of economic expansion has reflected mainly the rising demand for equipment; nonresidential construction has shown little change. Consumer buying of autos, household furniture and appliances, and of other durable goods has jumped by over one-fifth since the cyclical low in early 1961, while total consumer buying has gone up by less than one-tenth. In sharp contrast to the other recent periods of SUEVEY OF CUEKENT BUSINESS economic advance, when Government buying of durables was sharply reduced, hard goods purchases by the Federal Government have expanded steadily since early 1961, rising by nearly one-fifth for the period as a whole. In general, the gains in demand for a wide variety of durable items have been pervasive and well sustained all during the present business upswing, as can be seen from the chart on page 4. The sharp second quarter 1963 rise shown in the chart in part reflected the stockpiling of steel which undoubtedly temporarily accentuated production of hard goods. (Continued on page 28) Table 2.—Personal Income and Its Use (II-2) [Billions of dollars] 1962 1960 II 1962 1961 1963 III IV I II Seasonally adjusted at annual rates Personal income __ __ Wage and salary disbursments Commodity-producing industries. . _ . _ Manufacturing only Distributive industries Service industriesGovernment __. 401.3 417.4 442.1 440.7 444.5 449.9 453.9 459.9 271.3 110.4 87.4 71.8 40.7 48.4 278.8 110.8 87.5 72.9 43.4 51.8 297.1 118.5 94.2 76.6 46.4 55.6 296.8 119.2 94.8 76.4 46.2 55.1 299.4 119.5 95.0 77.3 47.0 55.7 301.5 119.6 94.8 77.8 47.3 56.8 304.5 120.1 95.5 78.4 48.2 57.8 310.8 123.6 98.2 79.6 49.1 58.6 Other labor income 11.0 11.4 12.1 12.0 12.2 12.3 12.4 12.6 Proprietors' income Business and professional Farm 46.2 34.2 12.0 48.1 35.3 12.8 49.8 36.5 13.3 49.6 36.5 13.1 49.8 36.6 13.2 50.3 36.9 13.4 50.7 37.2 13.5 50.0 37.4 12.6 _ . Rental income of persons 12.1 12.1 12.0 12.0 12.0 12.0 12.0 12.0 Dividends Personal interest income 14.5 25.8 15.3 27.7 16.6 30.0 16.4 29.7 16.5 30.3 17.1 31.1 17.1 31.6 17.6 32.1 Transfer payments _ Old-age and survivors insurance benefits State unemployment insurance benefits _ Veterans' benefits Other 29.5 11.1 2.8 4.5 11.1 33.6 12.6 4.0 4.8 12.2 34.8 14.3 2.9 4.8 12.8 34.4 14.3 2.7 4.7 12.6 34.6 14.5 2.7 4.7 12.8 35.9 14.8 3.2 4.9 13. 0 37.0 14.8 3.0 4.9 14.2 36.5 15.4 2.6 5.0 13.5 Less: Personal contributions for social insurance.. 9.2 9.5 10.2 10.2 10.3 10.3 11.5 11.7 51.4 44.0 7.3 52.9 45.1 7.8 57.7 49.0 8.7 57.9 49.3 8.6 58.1 49.4 8.7 58.5 49.7 8.8 59.4 50.0 9.4 59.9 50.4 9.6 Equals: Disposable personal income 349.9 364.4 384.4 382.7 386.5 391.4 394.5 400.0 Less: Personal consumption expenditures 328.2 336.8 355.4 352.9 356.7 362.9 367.4 370.4 21.7 27.6 29.1 29.8 29.7 28.5 27.1 29.6 317.8 328.4 343.6 342.6 345.1 348.2 349.5 353.2 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 Seasonally adjusted at annual rates II III IV I Billions of current dollars Gross national product Final sales. . Inventory change 1962 1963 II 1960 1961 1962 1963 Seasonally adjusted at annual rates II III IV I II Billions of 1954 dollars 502.6 518.2 554.9 552.4 556.8 565.2 571.8 579.6 439.9 447.7 474.8 474.0 475.6 481.4 485.3 489.4 499.1 516. 3 549.3 546.0 553.1 561.2 566.6 575.4 436.8 446.0 470.1 468.3 472.7 478.0 480.4 485.6 3.5 1.9 5.5 6.5 3.6 4.0 5.1 4.3 3.1 1.7 4.8 5.7 2.9 3.4 4.9 3.8 Goods output Final sales _ Inventory change 257.1 259.1 278.3 277.2 278.4 281.4 286.8 289.8 233.0 233.2 249.1 248.5 248.8 251.7 256.4 257.8 . ... 253.7 257. 3 272.8 270.7 274.8 277.4 281.7 285.6 229.9 231.5 244.4 242.8 245. 9 248.2 251.4 254.0 3.5 1.9 5.5 6.5 3.6 4.0 5.1 4.3 3.1 1.7 4.8 5.7 2.9 3.4 4.9 3.8 Durable goods output Final sales Inventory change 96.5 93.4 104.4 102.9 105.1 104.8 107.5 112.6 84.2 81.3 91.0 89.6 91.4 91.9 94.0 97.8 94.2 93.8 101.5 99.9 102.6 103.5 106.3 109.6 82.2 81.6 88.5 86.9 89.2 90.7 93.0 95.2 2.3 -.4 2.9 3.1 2.5 1.3 1.1 3.0 2.1 -.3 2.6 2.7 2.2 1.2 1.0 2.5 Nondurable goods output Final sales Inventory change Services 160.6 165.7 173.9 174.2 173.3 176.6 179.4 177.3 148.8 151.9 158.1 158.8 157.5 159.8 162.4 160.0 159.5 163.5 171.3 170.8 172.1 174.0 175.3 176.0 147.7 149.8 155.9 155.9 156.7 157.6 158.4 158.8 1.1 2.2 2.6 3.4 1.2 2.6 4.0 1.3 1.1 2.0 2.2 2.9 .8 2.2 3.9 1.3 188.8 200.4 214.5 213.5 215.2 220.2 222.5 226.5 158.8 165.3 174.4 174.2 174.8 177.5 177.8 180.2 Construction 56.7 58.6 62.1 61.8 63.1 63.6 62.5 63.3 48.1 49.2 51.4 51.3 52.0 52.2 51.2 51.4 Addendum : Au to pro due t 20.8 17.5 21.7 21.2 21.6 23.5 23.3 23.9 17.3 14.5 17.9 17.5 17.7 19.6 19.5 19.7 BUSINESS STATISTICS 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 (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' 7 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 Annual total 1961 I960 II III I IV II 1962 | III IV i | n 1963 III IV I II Seasonally adjusted quarterly totals at annual rates GENERAL BUSINESS INDICATORS—Quarterly Series NATIONAL INCOME AND PRODUCT! National income, totalf Compensation of employees, total bil. $__ 414.5 426.1 453.7 416.6 415.4 412.8 411.1 423 2 429. 0 441.0 444.7 452 4 455 5 462.2 466 7 do 293. 6 302.1 322.9 294. 6 295.8 293. 9 294.0 300. 1 304 4 309 9 316 0 322 5 325 3 327 7 332 0 338 7 271.3 222.9 9.9 38.5 22 3 46.2 34 9 12 0 12.1 278.8 227. 0 10.2 41.6 23.3 48.1 35.3 12.8 12.1 297. 1 241.6 10.8 44.7 25.7 49.8 36. 5 13.3 12.0 272 2 224. 4 9.8 38.0 22.3 47.0 34.6 12.4 12.1 273.3 224. 2 9.9 39.1 22 5 46.1 33.8 12.2 12.1 271.3 221. 6 10.0 39.7 22.5 46. 6 33.8 12.7 12.1 271.2 220.8 10.0 40.4 22.8 47.0 34 2 12.8 12.1 276. 9 225. 8 10.0 41.2 23. 1 47.6 35.0 12.6 12.1 281 0 228. 8 10 0 42.2 23 4 48 3 35 7 12.6 12.1 286 1 232. 5 10 8 42.8 23 8 49 5 36 3 13.2 12.0 290 7 236. 1 11 1 43.6 ?o 2 49 5 36 0 13 5 12.0 296 8 241.7 11 0 44.1 25 7 49 6 36 5 13 1 12.0 299 4 243 7 10 7 45 0 25 9 49 8 36 6 13 2 12.0 301 5 244 7 10 5 46.3 26 2 50 3 36 9 13 4 12.0 304 5 246 7 10 7 47 1 27 5 50 7 37 2 13 5 12.0 310 8 9 52 2 10 8 47.8 27 9 50.0 37 4 12.6 12.0 44.5 43. 8 47.0 45.2 43.2 41.5 38.8 43.6 44 0 48 6 46 1 46 5 46 1 49 3 48 8 44.3 22.3 22.0 14.5 7.5 .2 43.8 22.0 21.8 15.3 6.5 .0 46.8 22.2 24.6 16.6 8.1 .2 45.4 22.8 22 6 14.4 8.2 2 42.1 21.2 20.9 14.6 6.4 1.2 41.1 20.6 20.4 14.8 5.6 .5 38.5 19.4 19.2 15.0 4.2 .3 43.4 21.8 21.6 15.1 6.5 2 44 3 22.3 22.0 15.2 6.8 — 3 48 9 24.6 24.3 15.8 8.5 — 3 45 9 21.7 24 2 16.2 80 1 46 7 22 1 24 6 16.4 8 2 _ 2 46 2 21 9 24 3 16.5 7 8 — 1 48 4 22.9 25 5 17.1 84 9 48 22 25 17 8 Wages and salaries, total do Private do_ __ "Military do Government civilian _ _ do Supplements to wages and salaries do Proprietors' income, totalcf -_do__ _ Business and professionalo" do Farm do__ Rental income of persons do Corporate profits and inventory valuation adjustment total bil $ Corporate profits before tax, total do Corporate profits tax liability _ .__ -do _ _ _ Corporate profits after tax do Dividends . do Undistributed profits do Inventory valuation adjustment do 3 9 4 1 3 4 17.6 do 18.0 20.0 22.0 17.7 18.2 18.8 19.1 19.8 20.3 21.0 21 2 21 7 22 3 23 0 23 3 23.7 do 502 6 518.2 554.9 504.1 503. 5 502. 1 500 4 512 5 521 9 537 8 544 5 552 4 556 8 565 2 571 8 579 6 Personal consumption expenditures, total. .do 328.2 336.8 355. 4 329.7 328. 7 330. 3 330.7 334. 9 337.9 343.8 348. 8 352.9 356.7 362.9 367.4 370.4 44.9 18 8 19.1 151 8 28 1 79 5 11.7 131 5 19 5 41.9 10.7 43.6 17.1 19.2 155.1 28 6 81.1 11.9 138.0 20 4 44.1 10.7 48.2 20.4 20.2 161. 4 29.8 84.2 12.3 145.7 21.5 46.6 11.3 45.7 19.2 19.3 153.0 28 5 80.2 11.6 131. 0 19 5 41.5 10.7 44.6 18.3 19.1 152. 0 28 3 79.4 11.8 132.2 19 6 42.1 10.7 43.9 17.9 18.8 152 3 27 7 79.9 11.9 134.2 19 9 42.8 10.8 41.2 15 7 18.3 153 9 28 2 80 6 11.9 135 6 20 0 43 3 10.7 43.1 16 7 19.1 154 5 28 2 81 0 11.7 137 3 20 4 43 8 10.6 43 9 17 0 19.6 155 3 28 6 81 2 11.9 138 8 20 6 44 4 10.7 46 4 18 9 20.0 156 9 29 3 81 6 11.9 140 5 90 8 45 0 10.8 47 3 19 7 20.0 158 9 29 7 82 7 12 1 142 6 21 3 45 6 11.1 47 5 20 1 19.8 160 6 29 5 83 9 12 2 144 8 21 5 46 3 11 3 47 7 19 8 20.3 162 5 29 9 85 0 12 3 146 6 21 5 46 9 11 4 50 5 92 2 20.6 163 6 29 9 85 2 12 6 148 9 21 8 47 6 11 6 50 6 22 0 20.9 165 3 30 2 85 8 12 8 151 4 22 2 48* 2 11 8 51 0 22 3 20.7 165 9 29 7 86 3 13 0 153 5 29 4 48 8 12 1 do 71.8 69.0 78.8 73.3 70.9 65.3 59.6 66.6 72.0 77.6 77.3 79.6 78.9 78.8 77.8 80.7 do do ~~ do do do -- 40.7 21.1 27 6 3.5 3.2 41.6 21.0 25 5 1.9 1.5 44.4 23.2 28.8 5.5 4.9 40.7 21.2 28 4 4.2 3.9 40.5 21.0 27 7 2.7 2.3 40.7 20 5 26 8 2 3 —2.7 39.3 19 0 24 6 -4.3 —4 6 41.0 20 1 24 5 1.1 8 42.6 21 9 25 8 3.5 3 2 43.2 22 8 27 1 7.2 6 9 41.7 21 2 27 4 8.1 7 6 44.5 23 3 98 7 6.5 58 46.0 24 2 29 3 3.6 28 45.0 23 7 29 9 4.0 3 2 43.7 29 7 29 o 5.1 43 45.8 24 8 30 7 4.3 36 do _ do do 30 26 3 23 3 4.4 27 5 23 1 3.8 28 9 25 1 2 3 26 3 24 0 33 26 7 23 4 4 9 27 0 22 1 5 4 27 5 22 1 4 3 26 5 22 2 4 1 27 8 23 7 4 0 98 3 °4 2 33 27 9 94 g 4 4 29 5 25 0 4 1 29 4 25 3 33 28 8 25 5 36 28 6 24 9 4 8 30 7 25 9 99.6 53 1 45 7 46 5 107. 9 57.4 49 0 50 6 117.0 62.4 53 3 54.6 98.9 52 9 45 6 46 0 499 1 253 7 94.2 159 5 188 8 56 7 516 3 257.3 93.8 163.5 200 4 58.6 549 3 272.8 101.5 171.3 214 5 62.1 499 9 254 8 94.4 160.4 188 8 56 3 Net interest . Gross national product totalf Durable goods, total© 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 _ __ __ __ __ Govt. purchases of goods and services, total., do Federal (less Government sales) do National defense 9 do State and local _ _ _ do 100. 53 45 47 5 5 9 0 6 7 9 0 104.7 55 4 47 5 49 3 106. 57 49 49 8 1 0 7 107.9 57 1 48 6 50 8 112.3 59 8 50 9 52 5 115. 1 61 8 52 5 53 3 115.5 61 9 52 9 53 6 117.0 62 4 53 5 54 6 120.2 63 6 54 3 56 6 123.0 65 5 56 4 57 5 123.8 66 5 56 7 57 3 500 7 254 1 93.8 160 3 189 9 56 8 504 4 254 3 93.2 161 1 1Q2 8 57 3 504 7 ?52 8 90.6 162 2 195 3 56 7 511 4 254 6 92.1 162 5 199 1 57 7 518 3 257 6 94.3 163 3 9()i 5 59 ° 530 5 264 0 98.2 165 8 205 7 60 9 536 3 268 1 99.9 168 2 209 0 59 2 546 0 270 7 99.9 170 8 213 5 61 8 553 1 274 8 102.6 172 1 215 2 63 1 561 2 277 4 103.5 174 0 290 2 63 6 566 6 281 7 106.3 175 3 222 5 62 5 575 4 285 6 109.6 176 0 226 5 63 3 Inventory change, total do 4.2 5.5 3.5 2.7 1.9 — 4 2 9 Durable goods do 2 3 2 5 14 2.2 Nondurable goods . do 1.1 2.6 1.7 1.3 r Revised. fRevised series. Estimates of national income and product and personal income have been revised back to 1959 (see p. 12 rT. of the July 1963 SURVEY); revisions prior to May 1962 for personal income appear on p. 19 of the July 1963 SURVEY, cfIncludes -2.3 —2 7 .4 • ^ By major type of product:*! Final sales, total -- Goods, total Durable goods Nondurable goods__ Services Construction do _ do _ do _ do do do . 101. 53 45 48 7.2 4.0 8.1 — 4. 3 3.6 6.5 1.1 3.5 5.1 4.3 2 5 —6 6 4 8 2 0 4 7 —1 5 13 31 11 30 3.3 2.5 2.3 2.6 11. 3O 4.0 2.6 3.4 1.5 .6,0 Li. U i. O 4. O O. O O. t i. & &.\) t.\J 1.2 inventory valuation adjustment. ©Includes data not shown separately. 9 Government sales are not deducted. *For quarterly data back to 1947, see p. 35 of the July 1962 SURVEY. s-1 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 III August 1003 IV I 1962 III II IV I II 1963 III IV I 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 total t ____bil. $__ 439.9 447.7 474.8 440.2 437. 1 434. 0 443.4 450. 4 463. 1 467.8 474.0 475.6 481.4 485 3 489 4 Personal consumption expenditures, total.. do 298.1 303.6 317.6 298. 6 298. 6 298.5 302.2 304. 5 309. 2 313. 0 315. 9 318.6 322.9 325.5 327.0 42.2 141.4 114. 5 41.5 143.3 118.9 45.6 147.8 124.3 42.1 141. 5 115.0 41.6 140. 7 116.4 39.3 141.9 117.3 40.9 142.9 118.4 41.6 143.5 119.4 44.1 144.7 120.4 44.7 146. 0 122. 3 44.7 147.4 123 8 45.0 148.8 124.8 47.8 148.9 126. 2 48.1 150. 1 127.3 48 0 150.5 128 5 Durable ?oods Nondurable goods Services - do do do Gross private domestic investment, total. ..do New Construction Producers' durable equipment Change in business inventories Net exports of sroods and services do do __ do do 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. $ Less: Personal tax and nontax payments do Foii'ils* TMsposable personal income do Personal savin <* § _ do NEW PLANT AND EQUIPMENT EXPENDITURES Unadjusted quarterly totals or averages: Ml industries bil. $ . Manufacturing Durable goods industries Nondurable floods industries Mining "Railroads Transportation, other than rail Public utilities Commercial and other do__ do do _ -do do do -do do 60.2 57.5 65. 2 59.4 54.5 49.7 55. 6 59.9 64.7 64.4 66.0 64.8 65.2 64.6 66. 4 34.4 22.7 3.1 34.7 21.0 1.7 36.7 23.8 4.8 34.1 22.8 2.6 34.3 22.1 -1.9 33.1 20.2 -3.6 34.2 20 2 1.2 35.5 21.3 3.1 36.0 22.4 6.3 34.7 22.7 7.0 36.8 23.6 5.7 37.8 24.2 2.9 36.9 24.8 3.4 35.7 24.0 4.9 37.3 25 3 3.8 1.7 2.3 1.8 2.0 3.4 3.6 1.9 1.9 1.7 .9 2.6 2.3 1.4 1.8 2 8 79.9 42.3 37.6 84.3 44.8 39.5 90.2 49.0 41.2 80.2 42.4 37.8 80.6 42. 2 38.4 82.3 43.1 39.1 83.7 44.6 39.1 84.2 44.6 39.5 87.4 47.0 40.4 89.4 48.7 40.7 89.5 48.8 40.7 89.9 48.8 41.1 91.9 49.6 42.3 93.4 50.6 42.9 93.2 51.0 42.1 401.3 51.4 349.9 417.4 52.9 364. 4 442. 1 57.7 384.4 403. 5 51.3 352.2 404.3 50.9 353.4 406. 6 51.3 355. 3 414.5 52.5 362.0 420.2 53.0 367. 2 428.0 54. 9 373.1 433. 5 56. 2 377.3 440.7 57.9 382. 7 444. 5 58. 1 386. 5 449.9 58.5 391.4 453. 9 59.4 394.5 459 9 59.9 400 0 21.7 27.6 29.1 23.4 23.0 24. 5 27. 1 29.2 29.3 28. 5 29.8 29.7 28. 5 27.1 29. 6 8.92 8.59 2 9. 33 8. 98 9.53 7.57 8.61 8. 65 9.64 8. 02 9. 50 9.62 10.18 8 9"» 1 q ^4 - 10 OQ 3.C2 1.80 1.82 '3.42 } 57 1.85 3. 67 1.76 1.91 3. 02 1.80 1.81. 4.01 1.95 2. 06 3. 00 1.4! 1.59 3.46 1.58 1.88 3. 3 1 1.50 1.84 3.88 1.79 2. 09 3.34 1.44 1.69 H. 69 1. 77 1.92 3.72 1.79 1.93 4.13 2. 03 2.10 3. 27 3 ()3 ] qf; 1 °7 3 91 ,25 .26 .48 1.42 2.89 .24 . 17 .46 1.38 2.92 .27 .21 .52 1.37 3. 29 .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 .60 1.37 3. 30 .28 .24 .50 1.54 3. 35 97 ^20 .50 1.52 3.55 . 24 .21 .39 ). 04 3. 1 1 !30 L43 3. 40 . 26 .49 1 . 55 3. 62 36 95 38 35 37 95 36 95 i '^ 40 ! 30 CF) 15.35 7. f.n 7. 70 1 5. 80 7. 95 7.85 1.00 1 . 05 1. 10 2. 00 ',. 80 14.25 Seas. adj. qtrly. totals at annual rates: 1. fio 35. 50 33. 85 33. 50 31.70 35. 40 35. 70 14.40 6.85 7.55 13.75 6. 50 7.25 13. 50 6.20 7.30 13.65 6. 10 14.00 6.40 7.60 14.20 6. 55 7. 60 ! 4. 45 15. 05 6. 95 7 25 7.50 7.80 15. 00 7. 30 7.70 14. 85 7. 3." 7. c() 1. 15 . 70 2. 05 5. 1 5 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 90 1.70 5. 20 13. 20 13 45 4. SH5 M m uf a ctu i n g Durable goods Industries Nondurabl e good s in d ustrtes. do do_. _ do Mining Railroads do do Public utilities do 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. . 1. 5. 12 4,755 4,720 4, 730 4,740 4, 750 4, 760 4, 770 4, 780 4, 790 4,800 4,815 4, 825 r 00 60 95 55 35 BUSINESS POPULATION Firms in operation, end of quarter (seasonally adjusted) thous '* 4, 658 s 4, 713 U.S. BALANCE OF INTERNATIONAL PAYMENTS* Quarterly Data are Seasonally Adjusted U.S. payments, recorded mil. $ 31. 174 31.778 33. 254 7.937 7,993 7, 673 7,535 7,917 8,653 8, 246 8, 316 8,214 8,478 8. 430 14, 723 do 3. 048 do do ___ 5, 434 14. 497 2, 934 5, 436 16, 145 3, 028 5. 791 3, 664 789 1,364 3, 422 725 1, 335 3. 386 773 1,318 3, 404 764 1,338 3. 826 680 1,3(55 3,881 717 1,415 3. 942 754 1, 423 4. 030 748 1.444 4 127 732 1.423 4, 046 794 1,501 3, 985 741 1,447 do -do 672 3, 405 705 4, 056 736 4, 281 169 826 177 957 187 985 171 856 173 1, 029 174 1, 186 191 1, 075 182 1.078 176 1 . 045 187 1,083 217 1,082 do ___do do do 3, 892 1.694 850 1,348 4, 150 1. 598 1,011 1,541 3, 273 1,557 1.209 507 1,125 362 221 542 1, 377 088 215 474 1,024 458 94 472 1,002 344 219 439 844 399 234 211 1,280 397 464 419 861 199 357 305 834 506 329 -1 711 359 188 164 867 493 335 39 958 556 457 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 r3 __do 27, 976 30,313 32. 093 7. 112 1, 001 7, 428 7, 956 7,247 7.682 7, 688 7 901 8 327 8 177 7 668 Exports: Merchandise Services and military sales do do 19, 459 7,515 19, 913 8, 398 20, 479 9,311 4, 940 1, 905 4, 986 1, 942 5 050 2, 038 4 755 2. 088 4 987 2,120 5 121 2,152 5 022 2, 134 5 262 2. 348 5 270 2,280 4 925 2, 499 4 998 2, 368 Repayments on U.S. Govt. loans Foreign capital other than liquid funds do do 636 366 I 274 728 1. 283 1.020 196 71 133 — 60 128 212 851 262 99 41 196 213 155 327 237 54 601 176 290 403 168 134 U.S. receipts, recorded. Excess of recorded receipts or payments (—)._. do Unrecorded transactions do Total, net receipts (-{-) or payments (— ) do Excl. transactions in nonmarketable, mediumterm convertible Government securities mil.$ r 1 -3,198 -1,465 -1,161 -683 -1,025 -825 -992 — 245 -193 -265 -227 -3.881 -2,370 -2. 186 -1,018 -1.257 Revised. *> Preliminary. V l m i ^ s f o i A p r - T u n l () f 3 ba c d on m t j d p i < < d capit i M i n u l o f o T J u h S i p ' . I'.M bised < n m t i c n < J e1 d c >p V i h ipired expenditjr « f c r mo v ar 1° -> cue a-> folio \ ^ (\\ pianu u t ' i r i i " , total, !"> o«> 'Uitccbl* 1 GOOI'^ i ' i d i A n i < s 7 7 2 , 7 SI M i n i m s 102 mlu id N 1 OS, tr Ji^K.rf . n - m , l % P"1*1" 01' i i . l < 07 f i aunisted. D<~>la u t i n v m firms m oj triiion a-> of T -905 ! 35. 90 14.65 7. 35 7.30 r ! — 472 421 -390 31 -670 15 -655 -971 -558 -303 -27 -1.274 — 585 -415 — 37 -452 113 -301 1 . ().-> 1 95 1 Q4 1 % _-f'9 -469 -492 —14 — 356 -793 -806 -456 (based on incomplete data) is 4,797.000. t See corresponding note on p. S-l (revisions prior to 3d qtr. 1900 appear on p. 12 if. of the July 1963 S U R V E Y ) . § Personal saving is excess of disposable income over persona) consumption expc-nolituivs shewn as a component of gross national product on p. S-l. + More complete details are given m the quarterly reviews in the .Mar.. June, Sept., and Dec. issues of the SURVEY. Revisions prior to 3d'qtr. 1960 will be shov/ti later!