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SURVEY OF CURRENT BUSINESS

Mar 1964

Table 1.—Gross National Product in Current and Constant Dollars (1-3, 1-5)
1963
1961

1962

1964

1

• -I

1963

1903

III

IV

|

1961

I

1962

1963

1

Seasonally adjusted at annual rates

iv

i

Billions of 1954 dollars

518 2

V*ersona! consumption expenditures _
Durable poods
Nondurable goods _
Service* 5

II r

Seasonally adjusted at annual raU'S

Billions of current dollars
Gros*' national product

II

IIM'4

_ _ _

--

_.,
_.

.

554 9

585. 1

571 8

579 6

588. 7 \

600. 1

608. 0

447. 7

474.8

492.9

485.3

489.4

49 5.1

501.7

5U6. 4

336. 8

355. 4

373. 1

367. 4

370. 4

374.9

379.9

387.9

303. 6

317. 6

328.9

325.5

327.0 ! 33 0. 1

332. 8

.m ()

43. 6
155. 1
13*. 0

4s. 2
161.4
145. 7

51.5
167.1
154.5

50.fi !
165.3 1
151.4 ;

51. 0
165.9 i
153.5 i

50. S i
168.6
155. 5 |

53. 6
16s. 7 '
157. 7

55. 5
172. 4
100. 0

41.5
143.3

45. 6
147.8
124. 3

4s. 6
151.3
129. 0

4s. 1 ;
150.1
127. 3

4s'. 0
150.5
12S. 5

50, 4
151.9
130.6

52. 5
154. S
131.7

4 S. 0
152.6
12 j. 6

69 0

78 8

82 3

77 8

80 7 '

83.7

87.1

84.8

57. 5

65. 2

67.7

64.6

66.4

6 8.6

71.4

68.9

41.6

44.4

46. 6

43. 7

45. 8

47. 9

49. 2

49. 7

34.7

36. 7

37. s

35. 7

37. 3

38. 6

39. 5

39. S

21 0
90 5

23 2

25 0
•>1 6

'» i •
°1 0 i

->4 x
'>! 0

25, 9 i
2l> 0 i

20 S
"^ 4

•'>" 1
'>° 6

18 2
16.6

19 8
16. S

21. 0
16. s

19.2
Hi. 5

20. 9 j
16. 4 •

2 1.6
1 7.0

22.2
17.3

22.3
17.4

Producers' durable equipment

95 5

28. S

30. 9

29.0

:

30.7

31.6

32.5

32.9

21.0

23.8

25.5

24.0

25.3 ;

2 6. 1

2»>. S

27. 0

Chantro jn business inventories

1.9

5. 5

4. 7

5. 1 i

4.3

4 9 i

5 4

•> 1

1. 7

4.8

4.4

4.9

3. S |

4. 0

5. 0

2. 1

1.5
.3

4.9

4.2
.5

4.3 !
.8 i

3.6
.6

3.7
.5 ;

5.1
.3

1.9
.2

1.6

4.3
.5

3. 9
.6

4. 1
.8 !

3. 1
.6 j

3.5
.5

4.7
.3

l.S
.2

2.3

1.8

2.6

2.3 i

3.3

4.5

30.3
26. 9

31.5
27. 0

N e w construction
Residential nonfarm
Other

Xonfarm
Farm

__.
-

Net exports of jfoodfe and services

<>

:

4 4

Government purchases of goods and services

3 8

4 5

4,3

5.4

6.6

97 5
23 1

"F xport s
Imports

98 9
25 1

30 7
26. 2

9s1 6
24. 9

30 7
25. 9

3! 4
27. 1 ;

3>;> 3
26. 9 i

33 6
27. 0

23! 3

27. 0
25.2

28. S
26.2

107. 9

3.6 j

4.8

1.8
:

2.8

26. 7
24.9

2H. 7
25. 9 i

2 9.4
2 7. 1

125. 1

123.0

123,8

125.7 |

128.8

84. 3

90.2

93.7

93.4

93.2 j

9 4. 1

94. 2

<>4. 1

57.4

62. 4

66. 3

65.5

66.5

66. 4

66. 6 j

66. 9

44.8

49. 0

50. 5 ;

50. 6 ,

51. 0

50.7

49.8 '

49.3

53.3
10. 0
.8

56. 7
10. 5
1. 0

56. 4 i
10. 1 i
1. 0 '

56. 7
10.6
.8

56. 7 i
10.8
1.2

57. 2
10.4
1. 0

;

_

49 0
8.9
.6

57. 1
10.9
1.1

_ _ _ _ . . . .

50. 6

54. 6

58. 8

57. 5

57. 3

59.4

61.2

4 3.4

44.4 ,

44.7

Federal
Xalional defense
Other
Less" Government sales
State a n d local

Oj

_ _ _

„

117.0

127.7

I

61.9

39.5

41.2

.
43. 2

42. 9

I
42. l

Table 2.—National Income by Type of Income (1-3, 1-9)
[Billions of dollars]

1964

1963
1961

1963

1962

"

I

IV

III

I

Seasonally adjusted at annual rates
National income

426.1

453. 7

478. 1

466.7

474.6

482.0

489.1

^omwenScition of employees

302. 1

322. 9

340. 4

332. 0

338. 7

342.8

347.9

352.5

Wa^es and salaries
-Private
Military
Government civilian

.

278.8
227 0
10.2
41. 6

297. 1
241.6
10.8
44. 7

312. 3
253. 0
11.0
48.3

304. 5
246. 7
10.7
47. 1

310. 8
252. 2
10.8
47.8

314.6
255. 1
10.8
48.7

319.4
258. 1
11.8
49.5

323. f.
261. 1
11.8
50. 7

Supplements to wages and salaries
Emplover contribution for social insurance
Other labor income -Emplover contributions to private pension and welfare funds
Other
_
_ - _.
...

23.3
11.9
11.4
8.9
2.4

25.7
13.7
12.1
9.5
2.6

28. 0
15.4
12.6

27.5
15.0
12.4

27.9
15. 3
12. 6

28.2
15.5
12.7

28.5
15.7
12.8

28.8
16.0
12.9

48.1

49.8

50.5

50.7

50.0

50.5

50.8

50.8

35.3
35.3
.0
12.8

36. 5
36. 5
.0
13.3

37.7

37.2

37.4

37. 8

38.2

38.6

12.8

13.5

12. 6

12.7

12.6

12.2

12.1

12.0

12.1

12.0

12.0

12.1

12.2

12.3

43. 8

47.0

51. 1

48.8

50. 1

52. 2

53.2

43.8
22.0
21.8
15.3
6.5

46. 8
22.2
24.6
16. 6
8. 1

51.5
24.4
27. 1
17.8
9.3

48.3
22.9
25.4
17. 1
8.3

51.0
24.2
26.8
17.6
9.2

52. 2
24.7
27.5
17.6
9.8

54.3
25.8
28.6
18.8
9. 7

.0

.2

— 4

.4

.0

-1.1

-.2

20.0

22.0

24.1

23.3

23.7

24.3

25.0

25.6

...

_ -_„

'roprietors' income
Business and professional
Income of unincorporated enterprises
Inventory valuation adjustment
Farm__
_ __ _
_
'.ental income o f persons

-

-

_ __

_ _ _ .
._
.
_ _ _ _ _

orporate profits and inventory valuation adjustment
Profits before tax
Profits tax liabilitv
.
Profits after tax
Dividends _ _ Undistributed profits
Inventory valuation adjustment
6t interest

_

_

_

_ _

_

1. First-quarter national income total and the corporate profits share are based on preliminary estimates and are subject to revision in next month's S C R V K V .




i 4%. 9

1

55. 8
56. 0
24. 9
31. 1
19. 1
12.0

SURVEY OF CURRENT BUSINESS

May 1964
Recent Advances in Corporate Profits 1
[Billion dollars]
Business
cycle:
Peak Trough

II
1960

1961

Current

Percent
changes

IV

11-1960 1-1961
IV-1963 IV-1963

1963

Seasonally adjusted
annual rate
All industries,
total

45.2

38.8

53.2

17.7

37.1

23.2

18.6

28.1

21.1

51.1

Durable goods
industries

11.7

8.4

15.6

33.3

85.7

Nondurable
goods industries _-

11.5

10.2

12.5

8.7

facturing have risen by $2 billion, to
reach a record $15% billion in the final
quarter of 1963. In the 1954-57 period,
profits in durable manufacturing reached a peak in the sixth quarter of expansion and declined sharply thereafter.
In the 1958-60 expansion, the topping
out was evident after a little more than
a year of sharp increases and the trend
was generally downward thereafter.

Earnings in nondurable goods industries rose only slowly after the 1961
trough, but, in contrast to the experience of the two previous upswings, they
were still increasing as 1963 ended.
Following recovery from the troughs of
1954 and 1958, profits in soft goods
industries leveled off after about a year
and a half of recovery, and declined
gradually thereafter.

22.5

Manufacturing

Transportation,
communications, and
public utilities ..
All other industries

Table 3.—Persona] Income and Its Use (II-2)
[Billions of dollars]
1963
1961

7.1

6.7

8.3

16.9

13.5

16.9

13.4

25.2

I

1963

Personal income

IV

I

417.4

Wage and salary disbursements
Commodity- producing industriesManufacturing only
Distributive industries
Service industries
Government

gins as well as the expanding level of
business activity. As noted in recent
issues of the SURVEY, corporate profit
margins, whether measured as a percent
of corporate output or as a percent of
national income originating in corporate
enterprise, have been unusually strong.

_-

Other labor income _ _

1. Before tax and inventory valuation adjustment.

_

442.1

463.0

453.9

459.9

465.2

473.0

479.1

278.8
110.8
87.5
72.9
43.4
51.8

297.1
118.5
94.2
76.6
46.4
55.6

312.3
123.8
98.3
79.8
49.5
59.3

304.5
120.1
95.5
78.4
48.2
57.8

310.8
123.6
98.2
79.6
49.1
58.6

314.6
124.9
99.0
80.3
50.0
59.5

319.4
126.5
100.5
81.0
50.6
61.3

323. 6
128.0
101.7
82.0
51.2
62.5

11.4

12.1

12.6

12.4

12.6

12.7

12.8

12.9

Proprietors' income
Business and professional
Farm

48.1
35.3
12.8

49.8
36.5
13.3

50.5
37.7
12.8

50.7
37.2
13.5

50.0
37.4
12.6

50.5
37.8
12.7

50.8
38.2
12.6

50.8
38.6
12.2

Rental income of persons

12.1

12.0

12.1

12.0

12.0

12.1

12.2

12.3

Dividends
Personal interest income

15.3
27.7

16.6
30.0

17.8
32.5

17.1
31.6

17.6
32.1

17.6
32.8

18.8
33.5

19.1
34.3

33.6
12.6
4.0
4.8
12 2

34.8
14.3
2.9
4.8
12 8

36.9
15.3
2.8
5.0
13.8

37.0
14.8
3.0
4.9
14.2

36.5
15.4
2.6
5.0
13.5

36.7
15.5
2.6
5.0
13.6

37.5
15.5
3.1
5.1
13.8

38.5
15.7
2.8
5.1
14.9

Transfer payments
Old-age and survivors insurance benefits
State unemployment insurance benefits
Veterans' benefits
Other

Manufacturing profits strong

In the current expansion, as in the
earlier advances, profits in all major
industries have shared in the general
uptrend.
Durable manufacturing profits have
continued to expand through the 12th
quarter since the cyclical trough; over
the past year earnings in durable manu-

III

II

Seasonally adjusted at annual rates

23.9

14.9

1962

1964

--

Less: Personal contributions for social insurance..

9.5

10.2

11.8

11.5

11.7

11.9

12.0

12.3

Less: Personal tax and nontax payments
Federal
__
State and local
Equals : Disposable personal income

52.9
45.1
7.8
364.4

57.7
49.0
8.7
384.4

60.5
50.9
9.6
402.4

59.4
50.0
9.4
394. 5

59.9
50.4
9.6
400.0

60.8
51.1
9.7
404.4

62.1
52.2
9.9
410.9

60.4
49.9
10.6
418.7

Less: Personal consumption expenditures
Equals: Personal saving. _ __ ___

336.8
27.6

355.4
29.1

373.1
29.3

367.4
27.1

370.4
29.6

374.9
29.5

379.9
31.0

387.9
30.8

Addendum: Disposable personal income in constant
(1954) dollars

328.4

343.6

354.9

349.5

353.2

356.0

360.7

366.0

Table 4.—Gross National Product by Major Type of Product in Current and Constant Dollars (1-6, 1-7)

1961

1962

1963

1963

I

II

1964
III

IV

1961

1962

1963

1963

I

I

II

1964
III

Seasonally adjusted at annual rates

I

Seasonally adjusted a annual rates

Billions of current dollars

IV

Billions of 1954 dollars

Gross national product

518.2

554.9

585.1

571.8

579.6

588.7

600.1

608.0

447.7

474.8

492.9

485.3

489.4

495.1

501.7

506.4

Final sales
Inventory change. _

516.3
1.9

549.3
5.5

580.3
4.7

566.6
5.1

575.4
4.3

584.5
4.2

594.8
5.4

605.8
2.1

446.0
1.7

470. 1
4.8

488.5
4.4

480.4
4.9

485.6
3.8

491.1
4.0

496.7
5.0

504.3
2.1

259.1
257.3
1.9

278.3
272.8
5.5

291.6
286.9
4.7

286.8
281.7
5.1

289.8
285.6
4.3

292.4
288.2
4.2

297.2
291.8
5.4

301.2
299.1
2.1

233.2
231.5
1.7

249.1
244.4
4.8

259.3
254.9
4.4

256.4
251.4
4.9

257.8
254.0
3.8

259.8
255.8
4.0

263.4
258.3
5.0

266.7
264.6
2.1

93.4
93.8
-.4

104.4
101.5
2.9

111.8
109.6
2.1

107.5
106.3
1.1

112.6
109.6
3.0

111.8
110.0
1.8

115.1
112.6
2.5

116.8
116.0
.9

81.3
81.6
-.3

91.0
88.5
2.6

97.2
95.4
1.8

94.0
93.0
1.0

97.8
95.2
2.5

97.1
95.5
1.6

100.0
97.8
2.2

101.9
101.0
.8

165.7
163.5
2.2

173.9
171.3
2.6

179.9
177.2
2.6

179.4
175.3
4.0

177.3
176.0
1.3

180.7
178.3
2.4

182.1
179.2
2.9

184.4
183.1
1.3

151.9
149.8
2.0

158.1
155.9
2.2

162.1
159.5
2.6

162.4
158.4
3.9

160.0
158.8
1.3

162.7
160.4
2.3

163.4
160.5
2.8

164.8
163.6
1.2

__ .

200.4

214.5

228.0

222.5

226.5

229.6

233.6

237.1

165.3

174.4

180.7

177.8

180.2

181.8

183.1

184.2

__ _

58.6

62.1

65.4

62.5

63.3

66.7

69.3

69.7

49.2

51.4

52.9

51.2

51.4

53.5

55.3

55.5

Addendum: Auto product

17.5

21.7

24.1

23.3

23.9

23.2

25.9

25.8

14.5

17.9

20.0

19.5

19.7

19.2

21.3

21.5

Goods output
Final sales
Inventory change
Durable goods output __
Final sales.
Inventory change

_ _

Nondurable goods output
Final sales
Inventory change
Services ..
Construction. _ __

728-330 °—64-




_ _

BUSINESS STATISTICS
IHE STATISTICS here update series published in the 1963 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 1959 through 1962 (1951-62, 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 1963 BUSINESS STATISTICS went to press are indicated by an asterisk
(*) arid a dagger (f), respectively; certain revisions for 1962 issued too late for inclusion in the aforementioned volume appear in the monthly
SURVEY beginning with the August 1963 issue. Also, unless otherwise noted, revised monthly data (for periods not shown herein) corresponding
to revised monthly averages are available upon request. 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,
through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated, statistics through 1962
and descriptive notes are shown in the 1963
edition of BUSINESS STATISTICS

1961

1962 | 196-3

1961
I

Annual total

|

II

|

Data from private sources are provided

19 62
III

|

IV

I

II

1964

19 63
III

IV

I

II

III

IV

I

Seas onally adjusted c uarterly totals at a n n u a l r ates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT

National income, total

bil. $.

426. 1

453. 7

478. 1

411.1

423. 2

do

Coi 1 1 pensat ion of employees, total

302. 1

322. 9

340. 4

294.0

300. 1

304. 4

309. 9

278 8

297 1
241. 6
10.8
44.7
95 7

312. 3
253. 0
11.0
48.3
28 0

271.2
220. 8

281 . 0
228. 8
10. 0
42.2
93 4

286. 1

40.4
22 8

276. 9
225. 8
10 0
41.2
°3 1

48.1
35.3
I9 8
12.1

49.8
36. 5
13 3
12.0

50. 5
37. 7
12 8
12. 1

47. 0
34.2
I9 8
12 1

47.6
35. 0
I9 6
1° 1

4«. 3
3.5. 7

49. 5
36.0
13.5

I9 1

4P>. 5
36.3
13 9
12 0

19 0

19 0

19 0

43.8

47.0

51.1

38. 8

43. 6

44.0

48.6

46.1

46.5

46.1

43.8
22.0
21.8
15.3
6.5
.0

46.8
22. 2
24.6
16.6
8.1

51.5
24.4
27.1
17.8
9.3
-.4

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
8.0
.1

46.7
22.1
24.6
16.4
8.2
2

46. 2
21.9
24.3
16.5
7.8
-.1

Wages and salaries, total...
. do....
Private
..
do
Military ._
__
_ . do_ .
Government civilian
do
Supplements to wages and salaries
. do .
Proprietors' income, totaled
do
Business and profession aid"
do
Farm
_ .
_
do
Rental income of persons
do
Corporate profits and inventory valuation adjustment, total
.
bil $
Corporate profits before tax, total
Corporate profits tax liability
Corporate profits after tax *
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest

_ _

do
do
do
do
do
do

227. 0
10.2
41.6

"10! o

429. 0

19 fi

441.0

"ids
42. 8
93 8

444.7
316.0

290. 7

"nil

43.6
25 ?

452. 4
322. 5

455. 5
325. 3

462. 2
327. 7

466. 7

474. r,

482. 0

489. 1

" 496. 9

332. 0

33S. 7

312. S

347. 9

352. 5

319.4
258. 1
11.8
49. 5
28. 5

323. 6
261.1
11.8
50. 7
28.8

50. 8
38. 2
12.6
12 2

50.8
38. 6
12.2
12 3

304. 5
246. 7
10. 7
47. 1

310.8

50. 0
37.4
12.6

19 ()

.50. 7
37. 2
13. 5
I9 0

314. 6
255. 1
10. 8
48. 7
28. 2
50. 5
37.8
12. 7

49.3

48.8

50. 1

52 2

53. 2

" 55. 8

48.4
22.9
25. 5
17.1
8.4
.9

48.3
22.9
25. 4
17 1
8. 3
.4

51.0
24.2
26. 8
17.6
9.2

52. 2
21 7
27. 5
17.6
9.8
.0

54.3
25.8
28. fi
18.8
9.7
-1.1

» 56. 0
r> 24. 9
f 31. 1
" 19. 1
" 1 2. 0
-.2

296 8
241.7
11.0
44.1

299. 4
243. 7
10.7
45. 0

244! 7
10. f)
46. 3

49.6
36. 5
13.1

25. 9
49.8
36. 6
13.2

50. 3
36. 9
13.4

1 0. 8
47.8
27. 9

]9 ()

[9

I

do

20.0

22.0

24.1

19.1

19.8

20. 3

21.0

21.2

21.7

22.3

23.0

23. 3

23.7

24.3

25. 0

25. 6

do

518. 2

554.9

585. 1

500. 4

512. 5

521. 9

537. 8

544. 5

552. 4

556. 8

565. 2

571.8

579. 6

588. 7

600. 1

608. 0

Personal consumption expenditures, total.. do

336.8

355. 4

373. 1

330.7

334. 9

337. 9

343. 8

348.8

352. 9

356. 7

362. 9

367.4

370. 4

374. 9

379. 9

387. 9

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
91 5
46.6
11.3

51. 5
22.3
21.3
167.1
30. 3
86.7
13. 0
154. 5
22.6
49.2
12. 1

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

47.3
19.7
20.0

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
22.4
48.8
12.1

50. 8
21.5
21.3
168. 6
30 9
87.2
13. 1
1 55. 5
22.8
49. 5
12.2

53. 6
23. 3
22.3

55. 5
24. 1
23. 1

158.9
29.7
82.7
12.1
142. 6
21.3
45.6
11.1

47.7
19.8
20.3
162. 5
29. 9
85. 0
12.3
146. 6
21.5
46.9
11.4

50. 5
22 2
20^6

156.9
29.3
81.6
11.9
140.5
20.8
45. 0
10.8

47.5
20.1
19.8
160.6
29.5
83. 9
12.2
144. 8
21.5
46.3
11.3

168.7
30. 4
87.4
13.2

172.4
32.1
89.2
33.3
160. 0
23.2
51.0
12.7

Gross national product, total..

Durable goods, total©
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

163. 6
29.9
85.2
12.6
148. 9
21.8
47.6
11.6

157.7
23. 0
50.2
12.3

do

69.0

78.8

82.3

59.6

66.6

72.0

77.6

77.3

79.6

78.9

78.8

77.8

80. 7

83. 7

87.1

84.8

do
do
do
do
do

41.6
21.0
25.5
1 9
1 5

44.4
23.2
28.8
5 5
4.9

46.6
25. 0
30. 9
4. 7
4. 2

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
28.7
6.5
5.8

46.0
24.2
29.3
3.6
2.8

45. 0
23.7
29.9
4.0
3. 2

43.7
22.7
29.0
5. 1
4.3

45.8
24.8
30.7
4.3
3.6

47.9
25 9
31.6
4.2
3. 7

49. 2
26. 8
32. 5
5.4
5.1

49.7
27.1
32.9
2.1
3.9

do
do..."
do

4.4
27.5
23.1

3.8
28.9
25.1

4,5
30.7
26.2

5.4
27.5
22.1

4.3
26. 5
22 2

4.1
27.8
23. 7

4.0
28.3
24.2

3.3
27.9
24.6

4.4
29.5
25.0

4.1
29.4
25.3

3.3
28.8
25. 5

3.6
28. 6
24.9

4.8
30. 7
25.9

,3
31.4
27. 1

5.4
32.3
26. 9

0. 6
33. 6
27.0

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

107.9
57.4
49.0
50.6

117.0
62 4
53.3
54.6

125. 1
66.3
56.7
58.8

104. 7
55. 4
47.5
49.3

106. 8
57. 1
49.0
49.7

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

123.8
66. 5
56.7
57.3

125. 7

127.7
66. 6

128.8
66. 9
57. 1
01 . 9

By major type of product:
Final sales, total
Goods, total
__ _
Durable goods
Nondurable goods
Services...
Construction

516. 3
257.3
93.8
163.5
200.4
58.6

549. 3
272. 8
101.5
171.3
214.5
62. 1

580. 3
286.9
109. 6
177. 2
228. 0
65.4

504.7
252. 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
201. 5
59. 2

530. 5
264.0
98.2
1 65. 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
220. 2
63.6

566. 6
106. 3
175.3
222. 5
62.5

575 . 4
285. 6
109. 6
176.0
2 26. 5
63. 3

581 5
288. 2
110 0
178.3
229. 6
66. 7

594. 8
291.8
112.6
179.2
233. 6
69. 3

605. 8
299. 1
1 1 6. 0
183. 1
237. 1
69. 7

1.9
— 4
2.2

5.5
2 9
9
6

4. 7
2. 1
2.6

-4.3
-6.6
2.3

1.1
-1.5
2.6

3.5

7. 2
4. 7
2. 5

8.1
4.8
3.3

6.5
3.1
3.4

3.6
2. 5
1.2

4.0
1.3
2.6

5.1
1.1
4.0

4.3
3. 0
1.3

4.2
1.8
2.4

5.4
2. 5
2.9

2. 1
.9
1. 3

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

Inventory change, total
Durable goods_ _
Nondurable goods_ _
r

Revised.

p Preliminary.




do
do
do....
Ido.._"
do
do
do
do
do

d" Includes inventory valuation adjustm ent.

9 0

L5

(3) Includ es data not sho\\ n separa tely.

56'. 7
59. 4

!

9 Gover nment sji es are n ot deduc ted.

S-l

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated, statistics through 1962
and descriptive notes are shown in the 1963
edition of BUSINESS STATISTICS

1961

1962 |

1961

1963

Annual total

II

III

Mav 1904

1962
IV

I

II

1963
III

I

IV

II

1964

III

IV

II

I

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

447.7

474.8

492. 9

443.4

450. 4

463. 1

467.8

474.0

475. 6

481.4

485. 3

489. 4

495. 1

501.7

506. 4

rersonal consumption expenditures, total- .do

303. 6

317.6

328. 9

302.2

304. 5

309.2

313. 0

315.9

318.6

322. 9

325. 5

327.0

330.1

332. 8

339.0

41. 5
143.3
118.9

45.6
147.8
124.3

48.6
151. 3
129.0

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

48.0
152. 6
129.6

50. 4
151. 9
130. 6

52. 5
154. 8
131.7

57.5

65. 2

67.7

55. 6

59.9

64.7

64.4

66.0

64.8

65. 2

64.6

60. 4

68. 6

71.4

68. 9

34.7
21.0
1. 7

36.7
23.8
4.8

37.8

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

38. 6
26. 1
4.0

39. 5
26.8
5.0

39. 8
27. 0
2. 1

Durable snoods
Nondurable goods
Services

_

do
do
-do

Gross private domestic Investment, totaL-.do
Ne \v con structlon
..
Producers' durable equipment
Change In business Inventories

do
do
do

4. 4

do

2. 3

1.8

2. 6

1.9

1.9

1.7

.9

2.6

2.3

1.4

1.8

2. 8

2.3

3. 3

4. 5

Govt purchases of goods and services, total do
Federal
do
State and local
do

84.3
44.8
39. 5

90.2
49.0
41.2

93. 7
50. 5
43.2

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

94.1
50.7
43.4

94.2
49.8
44. 4

94. 1
49. 3
44. 7

417 4
~2 9
3M <

442 1
57 7
J
,M 1

46} {}
On ">
40 J -}

ill V "
302 0

420 2
-4 0
307 2

428.0
54. 9
373. 1

433. 5
56. 2
377. 3

440, 7
57, 9

444.5
58. 1
380. 5

449.9
58. 5
391.4

453. 9
59. 4
394. 5

459. 9
59. 9
400.0

405. 2
00. 8
404. 4

473.0
02. 1
410.9

479. 1
00. 4
41S. 7

29 2

29. 3

28. 5

29.8

29. 7

27. 1

29. 0

31. 0

30. S

Vet exports of eroods and services

DISPOSITION OF PERSONAL INCOME
Quarterly Data Seasonally Adjusted at Annual Ratfs
Personal Income, total
bll. $_
Less: Personal tax and nontax payments
do
Fouals: Disposable personal Income
do
porsonal savin^ §
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unfi<li usted quarterly or annual totals:
Ml Indnstrios
'
Ml. $..
ATpnufp^turln 0 1
DuraMe "oods industries
Nondurable Broods Industries..

do
_do
do

29 1

OQ

(^

34. 37

37. 31

39. 22

8.61

8. 65

9.54

8. 02

9. 50

9.62

10.18

8. 25

9.74

10.14

11.09

13. OS

14.08
7. 03

15.69
7. 85
7. 84

3. 46
1.58
1.88

3.34
1. 50
l.Si

3.SS
1.79
2.09

3.14
1 . 44
1 . 09

3.69
1.77
1.92

3. 72
1.79
1.93

4.13
2.03
2.10

3.27
1.02

3.92
1. 90
1.95

3. 95
1.90
1.99

4. 56
2.31
2. 25

3. 05
1. SI
1.84

4. 45
•2. 32
2. 13

1. 08
. 85
2. 07
5. 48
3. 03
9. 52

1 . 04
1. 10
1. 92
5. 05
3. 79
10. U3

.26
.18
.48
1.39
.81
2.04

. 20
. 10
. 47
1 . 00
.88
2. 00

0"

!26
.60
1.37
.93
2.37

.28
.24
.50
1. 54
.87
2.48

. 27
'.20
.50
1.52
.95
2.60

.24
. 21
. 39
1.04
.85
2.26

. 20
.28
.54
1.40

OJ

1 . 50
.78
2.16

. 26
. 10
. 50
1.54
88
2. 32

.28
.33
.54
1.61
1.06

. 24
. 29
.48
1. 12

. 28
.41
. 68
1. 51

2^41

.29
.45
1. 00
.93
2.64

7. 40
.9$

1

9. 15

2

10.99

MinSnc.
..._
Railroads
Transportation, other than rail
Public utilities
Commnnicaf ions
Commercial and other

do
do
do
do
do
do

Sens. adj. qtrly. totals at annual rates:
\!1 industries

do

33. 50

34.70

35. 40

35. 70

36. 95

38.35

37. 95

36. 95

38.05

40. 00

41. 20

141.25

- 42. 70

do

13.50
6.20
7.30

13. 65
6.10
7.55

14.00
6.40
7.60

14. 20
0. 55
7.00

14. 45
6.95
7.50

15. 05
7.25
7.80

15. 00
7.30
7.70

14. 85
7. 35
7.50

15.30
7. 65
7. 05

15.95
8.00
8.00

16. 45
8.30
8.15

16. 65
8.30
8. 35

17.40
9. 00
8.40

1. 00
. 70
1. 80
5. 50
3.15
7.90

1. 00
.65
1.90
5. 65
3.20
8.60

1.00
. 60
1.95
5.55
3. 35
9.00

1.15
. 70
2. 05
5. 15
3.70
8.75

1.05
.95
2. 25
5' 40
3.65
9.25

1.10
1.00
2.00
5. 75
3.60
9.85

1.00
.80
1.90
5. 45
3. 60
10.20

1.05
.90
1.70
5.20
3. 55
9.65

1.00
1.00
2. 05
5. 45
3. 65
9.65

1.05
1.20
1.85
5. 90
3.85
10. 20

1.05
1.35
2. 10
5.80
4.05
10. 45

1.05
1. 25
2. 15
5. 70

1.10
1.40
2. 45
6.00

314.40

3 14. 35

4, 797

4, 750

4. 700

4, 770

4. 780

4,790

4, 800

4,815

4. 825

4. 835

4. 850

4. 860

4,875

35, 544

7,535

7,917

8,653

8, 246

8, 316

8,214

8,478

8. 463

9,753

8.373

8, 955

14, 497 16, 145
2,934 1 3, 028
5, 436
5,791

16. 962
2, 880
6. 276

3,404
764
1,338

3, 826
680
1,365

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

4. 014
748
1,508

4. 182
725
1,546

4,392
708
1.594

4.374 " 4, 340
699
1.6?8

705
4,056

736
4,281

812
4, 532

171
856

173
1,029

174
1,186

191
1,075

182
1,078

176
1,045

187
1,083

211
1, 053

211
1.355

195
1,010

195
1,114

4,150
1,598 !
1,011
1,541

3,273
1, 557
1,209
507

4,082
1,799
1,641
642

1,002
344
219
439

844
399
234
211

1,280
397
464
419

861
199
357
305

834
506
329

711
359
188
164

867
493
335
39

929
501
512
-84

1.734
488
620
626

474
209
294
— 1>9

945
601
215
129

Duribl 0 good s industries
G

^°°

Railroads
Transportation other than rail
Public utilities'
j
nua.; o . ---

1. 85

3^22
S. 40

do

do
do
do

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

* 4. 713

* 4, 755

U.S. BALANCE OF INTERNATIONAL
PAYMENTS!
Quarterly Data are Seasonally Adjusted
U.S. payments, recorded
mil. $.. 31, 778 ! 33,254
Imports:
Merchandise
Military expenditures
Other services. _ _

do
do
do

Remittances and pensions.

do

4

! 16

^3.37

Direct investments
Long-term portfolio
Short-term

do
-do
do

f S receipts recorded

do

30, 313

32, 093

33, 379

7,956

7,247

7,682

7, 688

7,901

8,327

8,177

7,715

8.344

8,534

19,913
8, 398

20, 479
9,311

21, 902
9, 701

4,755
2,088

4,987
2,120

5,121
2,152

5,022
2,184

5,262
2, 348

5,270
2,280

4,925
2,499

5.010
2, 442

5.494
2,409

5. 559
2.362

5. 839 * 6, 074
2. 488

Repayments on TT S Govt loans
do
Foreign capital other than liquid funds (net).do

1, 274
728

1,283
1, 020

974
802

851
262

99
41

196
213

155
327

237
54

601
176

290
463

176
87

190
251

419
194

189
270

421
-390

-670
15

-971
-303

-558
-27

-415
-37

113
469

-301
-492

-748
-135

-1,409
121

161
-386

-169
-95

31

-655

-1, 274

-585

-452

-356

-793

-883

-1,288

-225

-264

3." 60

8, 786

do
do

3

Exports:
Merchandise
Services and military sales.. _

Excess of recorded receipts or payments (— ).._do
Unrecorded transactions (net)
do

-1,465 -1, 161 -2, 165
-905 -1,025
-495

Total net receipts or payments ( — )
do
Net receipts or payments (— ), incl. transactions in
nonmarketable, medium-term convertible Govt.
securities
mil $

-2,370

r
1
2

-2, 186 -2,660
— 1 Q.'iS

Revised.
» Preliminary.
Estimates for Jan.-Alar. 1964 based on anticipated capital expenditures of business.
Estimates for Apr .-June 1964 based on anticipated capital expenditures of business.
Anticipated expenditures for the year 1964 are as follows (in bil. $): All industries, 43.19;
manufacturing, total, 17.72; durable goods industries, 8.97; nondurable goods industries,
8.75; mining, 1.04 ; railroads, 1.38; transportation, 2.06; public utilities, 6.01; commercial and

other (incl. communications), 14.98.
3 Includes communications.



p -41

533 -1,136
p -41
-50
-239
Unadjusted. Data represent firms in oper ation as of Jan. 1 ; estimat e for Jai . 1,1963,
is based on incomplete data.
§Personal saving is excess of disposable incoriHe over p ersonal c onsump ion expc^nditures
shown as a component of gross national product on p. S-l.
larterly reviews n the .\ Lar., Jim e, Sept.,
{More complete details are given in the qi
and Dec. issues of the SURVEY.
4

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