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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.

Net exports of goods and services.

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

Federal
National defense
Other
Less: Government sales

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

_ _

Government purchases of goods
and services

State and local

1.9

3.2
.3

Nonfarm
Farm

Exports
Imports

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

__ __

401.3

Wage and salary disbursments
Commodity-producing industries. . _ . _
Manufacturing only
Distributive industries
Service industriesGovernment
__.

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!
bil. $__

Compensation of employees, total

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

National income, totalf

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
2.5O
2.3
2.6U
11. 3
4.0
2.6
3.4t
1.5O
.6,0
Li.
i.
4.
O. O
O.
i.
&.\)
t.\J
O
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

1 Q4

1 %

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

!

35. 90

14.65
7. 35
7.30

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

1 . ().->

1 95

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

— 472

421

-390
31

-670
15

-655

-971

-558

-303

-27

-1.274

— 585

-415
— 37

-452

113

-301

_-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!

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