The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 Personal consumption expenditures Durable goods Nondurable goods Services II 112.9 120.2 III IV 118.2 128.2 269.9 284.8 293.0 311.6 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 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 17.7 New construction Residential nonfarm Other 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 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 Net exports of goods and services (GNP basis) . . . . Exports Imports Government purchases of goods and services Federal . - State and local ..- 4.5 4.9 2.0 -3.5 1.1 -4.4 2.5 3.8 22 4 19 8 24 4 20 6 72.3 41. 7 30. 6 -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 Supplements to wages and salaries Proprietors' income _ Business and professional Farm. Rental income of persons Corporate profits and inventory valuation adjustment Profits before tax Profits tax liability _ _ Profits after tax _. 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 17.0 17.4 19. 6 17.3 17.2 17. 5 17.8 19. () 19. 6 19.8 20.0 43.7 44.5 46.6 46. 3 46. 1 45. 9 46. 8 47.4 46. 6 45.1 46.7 32 1 11.6 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 10.9 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 44. 7 21. 2 23 5 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 -.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. 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 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. 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 February 1900 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 DecemAugust SeptemOctober November 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
@FedFRASER