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SURVEY OF CURRENT BUSINESS

12

Table 1-4.—Gross National Product or Expenditure, Quarterly, 1956-59
[Billions of dollars]
1957

1956

19 >9

19 38

1959

1958

I

' 1

IV

III

II

419.2 442.5 441.7 479.5 103.4 107.7 110.2 120.5

Gross national product

II

112.9 120.2

III

IV

118.2

128.2

269.9 284.8 293.0 311.6

Durable goods
Nondurable goods
Services

68.3

71.9

72.1

80.7

72.5

76.8

76.7

85.6

38.5 40.3 37.6 43.0
131.4 137.7 141.9 147.9
100.0 106.7 113.4 120.7

Personal consumption expenditures

8.3

9.1

8.8

9.4
33.6
29.6

11.1
35.8
30.0

10.3
36.0
30.4

12.3
42.5
30.7

32.1
28.0

34.4
28. 3

34.8
28. 5

11.4
40.7
28.6

67.4

66.6

54.9

71.1

13.0

12.3

14.4

15.2

17.2

19.1

17.2

35.5
17 7
17.8

36.1
17 0
19.0

35.8
18 0
17.7

40.2
22.2
18.0

7.5
3.4
4.1

8.7
4.3
4.4

9.8
5.1
4.7

9.8
5.3
4.5

8.3
4.4
3.9

10.2

11.4

10.3

Producers' durable equipment

27.2

28.5

22.9

26.1

5.6

6.0

5.3

6.0

5. 7

7.0

6.3

7.2

2.0 -3.8
1 2 —4 9

4.8
3.9

-. 1 -2.4 — . 8
— . 4 -2.6 — 1.0

-.6
—.8

3.2
2.9

1.8
1.6

-.5
7

.2
.1

ments increased about $% billion, reflecting the advance in rates as well as
the higher public debt. The growth in
transfer payments, noted earlier, accounted for $% billion of the rise in total
Federal outlays.
State and local purchases

17.7

New construction
Residential nonfarm
Other

February 1900

Gross private domestic investment..

Change in business inventories — total. ..
Nonfarm only
Net exports of goods and services
basis)

(GNP

4.7
5 1

5.8
4.5

6.4
5.0

5.7
4.6

2.9

4.9

1.2

-.8

.4

.4

.4

2

-.3

-.5

.2

.-

23.1
20.2

26.2
21.3

22.6
21.3

22.8
23.6

5.4
5.0

5.8
5.4

5.4

5.9
5.5

5.3
5.5

5.7
6.1

5.7
6.2

6.1
5.8

Government purchases of goods and services,

79.0

86.2

92.6

97.6

21.7

23.1

23.7

24.2

23.5

24.6

24.8

24.7

45.7
40.4
5 7

49.4
44.3
5 5

52.2
44.5
81

53.5
45.8
81
.4

12.5
10.9
17
.1

12.9
11.2
19
.l

13.3
11.2
2 2
.1

13.5
11.2
2 4

13.4
11.4
2. 1
.1

13.6
11.7
2.0
.1

13.5
11.5
2.0

13.1
11.2
2.0

33 2

36 8

40 5

44.1

9.2

10. 1

10.4

10. 7

10. 1

11.0

11.4

11.6

Exports...
Imports

-

Federal
National defense.
Other
Less* Government sales

_.

3

State and local

.4

0

.1

.1

Table 1—5.—Gross National Product or Expenditures, Seasonally Adjusted Quarterly Totals
at Annual Rates, in Constant Dollars, 1956-59
[Billions of 1954 dollars]
400.9 408. 3 399.0 426.0 391.0 393. 1 400.9 410.8 420.7 432.1 424.3 426.8

Gross national product

38 0 38.5 35.7 40.2 35.2 35.0 35.3 37.5 38.8 41.2 40.6 40.2
. _ 130. 3 132.6 133.7 139.3 131.3 132.7 135.3 135. 6 137.3 139.7 139.4 140.7
96 0 99.8 103.8 108.2 102.2 103.4 104.4 105.3 106.2 107.4 108.8 110.2
61.7

58.5

47.3

60.2

45.0

44.2

46.6

53.0

59.8

66.0

56.4

58.8

New construction
Residential nonfarm
Other

39 3
16 2
16. 1

31 9
15 4
16.5

31 5
16 2
15.2

34 4
19 4
15.0

31 3
15 4
15. 9

30 5
15.3
15. 1

31 2
16 3
15.0

32 6
17 8
14.8

34 3
19 3
15.0

35 1
20.2
14.9

34 9
19.7
15.2

33 3
18 4
14.9

Producers' durable equipment

25 0

24 6

19.3

21.5

20 1

19.0

18.6

19 3

19.8

21.3

4.4 -6.4
3.5 — 7. 2

C O

-3.2
—4.2

1.1
.0

5.7
4.7

Cross private domestic investment

Change in business inventories — total.-Nonfarm only

Government purchases of goods and services
..-

2.0 -3.5
1.1 -4.4

2.5

3.8
24 4
20 6

72.3
41. 7
30. 6

Exports
Imports

4.5
4.9

22 4
19 8

Net exports of goods and services (GNP
basis)
.
. . .

Federal . - State and local

-G!I

22.1

22 7

9.5 -.6
8.6 -1.4

2.8
2.1

.5 -1.4 -2.7 -3.5 -1.9

-2.2

.0 -2.6

.8

.1

21.6
21 6

21.7
24 3

21.0
20 2

21.3
21 2

22 3
21 8

21.7
23 1

20.4
23 1

20.9
24 5

23.1
25 0

22.4
24 7

75.1

78.4

80.7

76.5

77.7

78.9

80.8

81.3

81.4

81.0

79.1

42.8
32.3

44. 1
34.4

44.2
36.5

42 8
33.7

43.9
33.8

44.3
34.6

45 2
35.5

44 t
36.4

45 0
36. 4

44 1
36.9

42 7
36.3

Table 1-9.—National Income by Type of Income, Seasonally Adjusted Quarterly Totals at
Annual Rates, 1956-59
[Billions of dollars]
National income

350. 8 366. 5 366. 2 398. 5 355. 8 358. 9 369. 5 380. 4 389. 4 403. 9 398. 2

Compensation of employees. . _

242. 5 255. 5

\Vages and salaries
Private
Military
Government civilian '

•>>7 (>
ISO. t>
Q ~
28.4

NA

256.8 277.4 252. 5 253. 2 258. 5 202. 9 269. 9 278.9 279. 3 281. 6

38 5 239. 4 257. 8 '?3r> l> 236. 0 ->41 1 245. 1 9 50 9 259 4 259. 5 261. 5
198. 4 196! 2 212! 1 193. 4 193. 2 197; 1 200. 8 206.' 2 214! 0 213! 5 214! 8
9 0
9 5
9. 8
9. 9
9 8
9. 7
9 8
9. 7 10. 0
9 8
9 8
30.5 33! 5 3.ri' 9 32! 3 33! 2 34.0 34. 4 34.8 80! fi 36!3 36! 9

9

14.9

17.2

17. 5

17.8

19. ()

19. 6

19.8

20.0

46. 1

45. 9

46. 8

47.4

46. 6

45.1

46.7

32 7
11.8

32.4
14.2

34. 5
11.8

31. 6
14. fi

32. 0
13. 9

32. 6
14. 2

33. 2
14. 1

46. 9
.,._> -,
13. 2

31. 5
12! 1

34 g
10! 3

35. 1
11. 6

11.5

11.8

12.0

11.7

11.8

11.9

11.9

12.0

12.0

12.0

12.0

42. 0

41. 7

36.7

NA

31.5

33.8

38.0

43.5

45. 5

51.0

46.0

NA

43. 3
21.1
22 2

37 1
18.2
18.9

NA
NA
NA

32.0
15.7
16.3

33. 6
16. 5
17. 1

38. 3
18.8
19. 5

44.6
21.9
22.7

4(5. 5
22.' 6
23.8

52. 6
25. 6
27. 0

46 4
22! 6
23. 8

NA
NA
NA

-1.5

Profits before tax
Profits tax liability _ _
Profits after tax

17.3

46. 3

44. 7
21. 2
23 5

Corporate profits and inventory valuation
adjustment

19. 6

46.6

10.9

Rental income of persons

17.4

44.5

32 1
11.6

Business and professional
Farm.

17.0

43.7

Supplements to wages and salaries
Proprietors' income _

-.4

NA

-.4

-.3 -1.1

— 9 -1.6

o

NA

13.3

14.3

15.6

13.9

14.4

15.1

15.8

16.1

Inventory valuation adjustment
Net interest- _

_.

11.7

14.1

14.7

15.4

NA—Not available.
1.. Includes also the pay of employees of g Dvernment enterprises and of permanent U.S. residents employed in the United
States by foreign governments and internal i< :>nal organizations.




Improved Federal Budget outlook

264. 3 270.8 273.3 287.6 268.7 271.1 275.0 278.4 282.3 288.3 288.8 291.1

Personal consumption expenditures
Durable goods
Nondurable goods.
Services

State and local government purchases
of GNP were up $3% billion to a $44
billion total. All major components
shared in the increase. More than half
of it was in compensation of employees,
as pay rates advanced and the number
employed rose 5 percent.
The fiscal position of these units as
shown in the income and product accounts improved somewhat. Current
revenues expanded with the step-up in
highway grants from the Federal Government and the continued increase in
receipts from sales and property taxes.

The new Budget transmitted by the
President to Congress last month programed Federal expenditures in balance
with estimated receipts for the current
fiscal year, that ending June 30, 1960.
A surplus is calculated for fiscal 1961.
A translation of the official Budget estimates into the income and product account framework is summarized in the
table on page 10.
Realization of the Budget projections
would mean that total Federal outlays
in calendar 1960 will be up somewhat
over the December quarter of 1959 as
a result of higher transfers and interest
payments. Outlays for goods and services are expected to remain substantially unchanged. The calculated rise in
receipts on income and product account
assumes an improvement in business,
as outlined in the President's message,
and allows for the social security tax
rate increase which went into effect last
month.
It may be noted that the calendar
1959 deficit on income and product account was substantially less than those
shown in the administrative and cash
budgets. This is partly because revenues as measured for national income
purposes include corporate profits taxes
on an accrual basis, and therefore this
measure reflected last year's recovery

BUSINESS STATISTICS

Wlontki

JL HE STATISTICS here are a continuation of the data published in the 1959 edition of BUSINESS STATISTICS, biennial Statistical Supplement
to the SURVEY OF CURRENT BUSINESS. That volume (price $2.25) contains monthly (or quarterly) data for the years 1955 through 1958 and
monthly averages for all years back to 1929 insofar as available; it also provides a description of each series and references to sources of monthly
figures prior to 1955. Series added or significantly revised since publication of the 1959 BUSINESS STATISTICS are indicated by an asterisk (*) and a
dagger (f), respectively; certain revisions for 1958 issued too late for inclusion in the aforementioned volume appear in the monthly SURVEY
beginning with the July 1959 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 1958 and
descriptive notes are shown in the 1959 edition of
BUSINESS STATISTICS

1958
December

1959
January

February

March

April

May

June

1960
July

August Septem- October Novem- December
ber
ber

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:
National income, total
bil of dol
Compensation of employees, total
Wages and salaries, total
Private
-_
Military
Government civilian
Supplements to wages and salaries

-do
do
do
do
do
do

Proprietors' income, total cf
do
Business and professionalc? _ _ _ _ ._ do
Farm
do
Pontal income of persons _ ._
- do .
Corporate profits and inventory valuation adjustment total
bil of dol
Corporate profits before tax, total
do
Corporate profits tax liabilitv
do
Corporate profits after tax
do
Inventory valuation adjustment
do

380 4

389.4

403.9

398 2

262.9
245 1
200.8
9 9
34 4
17 8

269. 9
250 9
206. 2
9 8
34.8
19 0

278.9
259 4
214.0
98
35.6
19 6

279 3
259 5
213 5
98
36 3
19 8

281.6
261. 5
214.8
9.8
36.9
20 0

47 4
33.2
14 1
11.9

46 9
33.7
13.2
12.0

46.6
34.5
12 1
12.0

45 1
34.8
10 3
12.0

r 46. 7

43 5
44.6
21 9
22.7
—1 1

45 5
46.5
22 6
23.8
— 9

51 0
52.6
25 6
27.0
— 1.6

46 0
46.4
22 6
23.8
— 3

35. 1
f 11.6
12.0

do

14 7

15.1

15.4

15 8

16.1

do

457.1

r 470. 4

r 484. 8

478 6

483.5

Personal consumption expenditures, total
Durable goods
"Nondurable goods
8 or vices

do
do
do
do

299.1
39 8
143 6
115 7

303.9
41.3
145 3
117.4

311.2
44. 1
147 7
119.4

313. 3
43 6
148 0
121 6

317.0
42.8
150. 1
124.1

Gross private domestic investment, total
New construction
Producers' durable equipment
Change in business inventories

do
do
do
do

61.3
37 3
23 2
.8

••70.0
39.7
23 9
r
6. 3

••77.7
41 0
26 0
10.7

67.0
41 0
27 0
— 1.0

69.7
39.2
27.5
3.0

22.7
22 5

-.9
21.5
22 4

-1.8
22.1
23 9

.0
24.1
24 1

-.6
23.4
24. 1

96 5
54 2
45 3

97 7
53. 9
46 2
43 8

98
53
45
44

4
6
9
8

97.4
52. 7
45.3
44.7

Net interest
Gross national product, total

Net exports of goods and services
~ do
Fxports
do
Imports
do
Government purchases of goods and services, total
bil of dol
Federal (lo^s Government sales)
do
National defence 9
do
8t°te and local
do

r

42 2

97 4
53. 8
45 8
43 6

Personal income, total
I, oss' Personal tax and nontax naymciits
Ecruals' Disposoble personal income

do
do
do

366 3
43 4
322 9

371.8
44 4
327 4

381. 1
45 8
335 3

381. 0
45 9
335 1

380. 8
46. 1
340. 8

Personal saving §

do

23 7

23 5

24 1

21 9

23.7

GNP in constant (1954) dollars
410. 8

r 420. 7

r 432. 1

424. 3

426. 0

Personal conQumptn'on expenditures total
Durable goods
Nondurable goods
- Services

do
do
do
do

278 4
37. 5
135.6
105 3

282 3
38.8
137.3
106 2

288 3
41.2
139. 7
107 4

288 8
40 6
139. 4
108 8

290 3
39. 9
140. 2
110. 2

Gross private domestic investment total
New construction
Produce r s' durable eouipment
Change in business inventories

do
do
do
do

53 0
39. 6
19 3
1.1

56 4
34,9
22 1
— .6

33. 3
22. 7
2.8

Net °\ports of goods and services

do

—1 4

'• 59. 8
34.3
19. 8
r
5. 7
9 7

—1 9

—2 2

Gross national product, total

_

bil. of uol

r

GO 0

35.1
21 3
9. 5

r

Government purchases of goods and services, total
81.4
81.3
81 0
80.8
bil of dol
44 1
44 9
45 0
45 2
Federal
do
36.4
36.9
36. 4
35. 5
State and local. ._
do
r
Revised.
(^Includes inventory valuation adjustment.
9 Government sales are not deducted.
§Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.




f;8. 8

79. 1
42 7
36.3

S-l

January

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