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SUEVEY OF CURRENT BUSINESS

July 1972

NATIONAL INCOME AND PRODUCT TABLES
1971
1970

1971

I

II

1972

III

IV

I

1971
UP

1970

1971

I

II

Seasonally adjusted at annual rates

1972
III

IV

I

II*

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1958 dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2).
Gross national product. __

976.4 1,050.4 1,023.4 1,043.0 1,056. 9 1,078. 1 1,109.1 1,139.0

_

Change in business inventories
Nonfarm _
Farm

754.5

766.5

783.1

680.5

696.1

712.5

477.0

495.4

488.2

493 0

497.4

503 2

511 0

519 5

103.5
278.1
283. 3

99.8
273.4
274.8

101. 9
277.2
281.3

106.1
278.5
286.1

106. 1
283.4
290.9

111.0
288.3
296.7

113.6
296.3
302.6

83.1
207.0
186.8

92. 1
211.1
192.2

88 8
210.0
189.3

90 0
211.2
191.8

94 2
210.5
192.8

95 4
212 8
195.0

98 6
214 7
197.7

100 3
219 2
200.0

152.0
148 3

143.9
139 0

153.0
146 4

152.2
150 9

158.8
157 2

168.1
167 7

176.8
172 6

104.0
99 9

108 6
105 9

105 0
101 2

110 0
104 7

107 3
106 6

112 0
111 3

116 6
116 3

121 9
118 6

105. 8
38.4
67.4

101.9
37.6
64.3

105.0
38.3
66.7

106.3
38.7
67.6

109.8
38.8
71.0

116.1
41.3
74.8

120.1
41.5
78.7

77.6
23.6
54.0

76 8
22.8
54.0

75 3
23 4
51.9

76 4
23 0
53 3

76 4
22 5
53.9

79 2
22 2
57.0

82 2
23 0
59 2

84 4
22 7
61 6

42.6
42.0
.6

37.0
36.6
.5

41.4
40.9
.5

44.5
43.9
.7

47.3
46.7
.6

51.6
51.0
.6

52.4
51.8
.6

22. 3
22.0
.4

29 1
28.7
.4

25 9
25.5
.3

28 3
28 0
.4

30 1
29.7
.5

32 1
31 7
.4

34 2
33.8
.4

34 2
33.8
.4

4.9
4.8
1

Residential structures
Nonfarm .
Farm _
_

742.5

670.7

100.9
36.0
64.9

"NT onresidential
Structures
Producers' durable equipment

737.9

660.4

137.1
132 2

Gross private domestic investment
Fixed investment

731.9

648.0

90.5
264.4
261.8

_

741.7

664. 9

31.2
30.7
.5

Durable goods
Nondurable goods
Services

722.1

616.8

Personal consumption expenditures __

3.6
2.4
12

4.9
3.9
9

6.6
5.1
1.5

1.3
-.2
16

1.7
.8
.9

.4
.1
.3

4.3
3.6
.7

4.1
4.0
0

2.6
1.6
1i

38
3.0
g

53
40
13

.7
-.6
13

7
—.1
g

3
—.1
3

33
2.8
5

3.6

Federal
National defense
Other

.._
_

State and local

.1

.4

-2.1

-4.6

-4.9

2.2

1

27

— 7

1

—1 8

—3 3

-2.4

66.3
61.8

66.7
66.6

68.5
68.2

63.0
65.1

70.7
75.3

70.0
74.9

52.2
50.0

52 6
52.5

53 0
50.3

53 0
53.8

54 4
54.3

49 9
51 7

55 5
58.9

54 4
56.8

219.0

232.8

227.0

229.5

233.6

240.9

249.4

254.6

139.0

137.6

136.1

135.7

137.6

141.1

142.2

144.1

97.8
71.4
26.3

96.2
72.5
23.7

96.3
71.2
25.0

97.9
70.1
27.8

100.7
71.9
28.7

105.7
76.7
28.9

108.2
78.6
29.6

64.7

60.8

60.2

59.7

61.0

62.3

62.8

64.0

122.5

Government purchases of goods and services

4.5

66.1
65.4

96.5
75.1
21.5

Exports
Imports

.7

62.9
59.3

Net exports of goods and services

135.0

130.8

133.3

135.7

140.2

143.7

146.4

74.3

76.8

75.9

76.0

76.7

78.8

79.4

80.1

754.5

766.5

783.1

753 8
.7

766.3
.3

779.8
3.3

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
976.4 1,050.4 1,023.4 1,043.0 1,056.9 1,078.1 1,109.1 1,139.0

Gross national product
Final sales
Change in business inventories ..

_ _

722.1

971.5 1 046 7 1 018. 5 1 036.4 1 055.6 1 076.4 1 108.6 1 134. 7
.4
4.3
6.6
3.6
4.9
1.3
1.7
4.9

718.0
4.1

741.7

731.9

737.9

742.5

739 1
2.6

728 1
3.8

732 6
5.3

741.7
.7

471.9

495.5

487.1

492.4

497.5

504.8

517.6

537.6

385.8

393.8

389.4

391.0

394.5

400.4

407.0

420.9

Final sales
Change in business inventories

467.0
4.9

491.8
3.6

482.2
4.9

485.8
6.6

496.2
1.3

503. 1
1.7

517.2
.4

533.3
4.3

381.7
4.1

391. 2
2.6

385.6
3.8

385.7
5.3

393.7
.7

399. 7
.7

406.8
.3

417.5
3.3

Durable goods
Final sales
Change in business inventories

184 9
183.0
1.9

195 7
194 6
1.1

193 3
189 6
3.7

194.5
191.0
3.6

196.7
197.7
—1.0

198.2
200.1
—1.9

209.2
208.8
.4

219.4
216.2
3.2

160.0
158.6
1.4

164 5
163.8
.6

162.7
159.8
2.9

162 8
160.0
2.8

164.9
166.0
-1.1

167.4
169. 5
-2.1

175.0
174.8
.3

183.2
180. 7
2.5

Nondurable goods
Final sales
Change in business inventories _ _ __

287.0
284 0
3.0

299 8
297 3
2.5

293 8
292.6
1.2

297.9
294.8
3.1

300 8
298.5
2.3

306.6
303.0
3.5

308.4
308.4
.0

318.2
317.2
1.1

225.8
223.2
2.6

229 4
227.3
2.0

226 6
225.8
.9

228.3
225.7
2.6

229.5
227.7
1.9.

233.0
230.2
2.8

232.0
232.0
.0

237.6
236.8
.8

-

409.2

443.9

431.3

441.1

446.7

456.3

467.3

476.9

272.5

278.4

274.8

278.2

278.4

282.3

285.2

288.9

_ _

95.4

111.0

105.0

109.5

112.7

117.0

124.2

124.5

63.8

69.5

67.7

68.8

69.6

71.8

74.3

73.4

Goods output -

- - - -

Services

_ _

Structures

_

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product

_ _ _ _ _

Private
Business
Nonfarm
Farm
Households and institutions _
Rest of the world
General government ._ _ _ _
» Preliminary.




_ _

722.1

741.7

731.9

737.9

742.5

754.5

766.5

783.1

861 8

925 6

901 4

919 3

931 4

950 2

976 6 1 004 5

661 3

681 0

671 3

677 5

681.7

693 7

705.6

722.2

826.3
797 3
28 9

884.7
853 9
30 9

862.7
832 8
29 9

878.7
848 5
30 2

890.9
859 6
31 2

906.6
874 5
32 1

933.7
901 8
31 9

960.2
927 6
32.6

640.7
616 0
24 7

658.5
633 0
25 5

649.7
623 9
25 8

654.8
629 3
25.4

659.8
633 9
25.9

669.8
644.8
25.0

682.9
659.2
23.8

699.2
675.4
23.8

30.9

33 9

33.0

33.2

34.3

35.1

36.0

37.3

16.7

16.9

16.9

16.7

16.9

17.1

17.4

17.7

6.8

5.4

5.3

60.9

60.9

976.4. 1,050.4 1,023.4 1,043.0 1,056.9 1,078.1 1,109.1 1,139.0

46

114.7

69

124.8

57

122.1

74

123.7

62

125.5

85

127.9

68

132.5

70

134.4

40

60.7

56

60.7

4 7

60.6

60

60.5

5.0

60.8

60.8

SUEVEY OF CUERENT BUSINESS

16

July 1972

1.—Gross National Product and National Income
Table 1.1.—Gross National Product
1968
1968

1970

1969

1969

I

II

III

IV

I

Millions of dollars
Gross national product

1970

1971

1971
II

III

IV

I

II

III

IV

I

II

III

IV

Billions of dollars, seasonally adjusted at annual rates

864,202 930,284 976,445 1,050,356 834.0 857.4 875.2 890.2 907.0 923.5 941.7 948.9 958.0 971.7 986.3 989.7 1,023.4 1,043.0 1,056.9 1,078.1

Personal consumption expenditures. .. 536,178 579,457 616,761
Durable goods
Nondurable goods
Services

664,901 519.3 529.0 544.0 552.5 564.0 575.8 583.7 594.4 604.1 613.4 623.0 626.5

Gross private domestic investment

648.0

660.4

670.7

680.5

103, 483 80.4 82.4 86.3 87.0 90.2 91.0 90.6 91.4 90.2 91.6 92,6 87.5
278,123 225.0 227.8 233.6 236.9 240.2 245.1 247.3 251.1 257.8 262.4 266.3 271.3
283,295 213.9 218.8 224.1 228.6 233.7 239.6 245.8 251.9 256.1 259. 4 264.1 267.7

84, 032 90, 790 90, 496
230, 812 245,923 264, 439
221,334 242, 744 261,826

99.8
273.4
274.8

101.9
277.2
281.3

106.1
278.5
286.1

106.1
283.4
290.9

125,974 138,951 137,077

151,966 120.0 127.0 126.2 130.7 135.6 138.6 143.8 137.9 132.9 137.7 139.9 137.8

143.9

153.0

152.2

158.8

118, 909 131,146 132, 164

Fixed investment

148,344 117.1 117.4 118.5 122.6 128.6 130.4 133.2 132.3 131.4 131.4 133.7 132.1

139.0

146.4

150.9

157.2

105, 769 88.3 87.0
38, 363 30.5 29.6
67,406 57.9 57.3

98.5
36.3
62.1

101. 9
37.6
64.3

105.0
38.3
66.7

106.3
38.7
67.6

109.8
38.8
71.0

31.2 29.7 30.3 33.6
30.6 29.4 29.9 33.0
.4
.3
.5
.6

37.0
36.6
.5

41.4
40.9
.5

44.5
43.9
.7

47.3
46.7
.6

1.3
-.2
1.6

1.7
.8
.9

Nonresidential
88,835 98,509 100, 942
Structures _.
30,321 34, 224 36, 033
Producers' durable equipment.. 58, 514 64,285 64,909
Eesidential structures
Nonfarm. _.
Farm
_

30,074
_. 29, 525
549

32, 637 31, 222
31, 994 30, 743
643
479

30.5
29.9
.6

42, 575 28.8
42, 017 28.2
558
.6

88.8
30.0
58.8

91.2 95.5 96.9 100.2 101.4 100.2 101.7 103.4
31.2 32.4 33.4 35.4 35.8 35.5 36.1 36.2
60.1 63.1 63.5 64.8 65.7 64.8 65.6 67.2

29.7 31.4 33.1 33.5 33.0
29.2 30.8 32.4 33.1 32.0
.4
.5
.5
.8
.9

30.9
30.5
.4

Change in business inventories.
Nonfarm_
_„
Farm
_.

7,065
6,948
117

7,805
7,702
103

4,913
4,819
94

3,622
2,392
1,230

2.9
2.8
.1

9.6
9.4
.2

7.7
7.5
.2

8.1
8.1
.0

6.9
6.8
.1

8.1 10.6
8.0 10.6
.1
.1

5.5
5.4
.2

1.5
1.4
.1

6.3
6.2
.1

6.2
6.1
.1

5.7
5.6
.1

4.9
3.9
•9

6.6
5.1
1.5

Net exports of goods and services. _-

2,489

1,911

3,563

727

1.9

3.4

3.4

1.3

1.2

1.1

2.7

3.6

3.9

4.0

2.8

4.5

.1

.4

50, 623
48, 134

55, 502
53, 591

62, 870
59,307

66, 133 47.8
65,406 45.9

50.7
47.3

53.1 50.8 47.9
49.7 49.5 46.6

56.8
55.8

58.1 59.2
55.5 56.5

61.5
57.9

63.0
59.2

63.7
59.8

63.2
60.4

66.3
61.8

66.7
66.6

68.5
68.2

63.0
65.1

232,762 192.9 198.0 201.6 205.7 206.2 208.1 211.6 214.0 217.3 216.7 219.5 222.6

Exports
Imports

Government purchases of goods and
services.
199,561 209,965 219,044
Federal
National defense
Other

98,768
78, 295
20,473

135,002

100, 793 111,184 122, 519

State and local

-2.1

227.0

229.5

233.6

240.9

95.0
72.9
22.1

96.2
72.5
23.7

96.3
71.2
25.0

97.9
70.1
27.8

100.7
71.9
28.7

99.5 101.8 105.1 107.4 110.4 112.3 114.6 117.6 120.5 124.3 127.6

130.8

133. 3

135.7

140.2

97, 760 96.1 98.5
71,447 76.5 78.3
26, 313 19.6 20.2

98, 781 96, 525
78,402 75, 055
20, 379 21,470

2.6

96.8

99.8 100.6
79.1 79.4
20.8 21.3

98.8
78.0
20.8

99.3
79.4
19.9

97.6
77.3
20.3

99.4
78.9
20.5

99.7
78.9
20.9

96.2
74.7
21.6

95.2
73.8
21.4

Table 1.2.—Gross National Product in Constant Dollars
[Billions of 1958 dollars]
1968

1968

1969

1970

1971

I

II

III

IV

I

II

1971

19 70

19 69
III

IV

I

III

II

IV

I

II

III

IV

lual
Sesisonally aduste i at am rat 3S
Gross national product

706.6

Personal consumption expenditures _ 452.7
Durable goods
Nondurable goods..
Services

725. 6

722.1 741.7

469.1 477.0

81.3 85.6
197.1 201.3
174 4 182 2

495.4

692.6

705.3 712.3 716.5 722 A 725.8

444.6

448.4

457.7

83.1 92 1 78 6 80 0 83.4
207.0 211.1 194.9 195.3 198.6
186 8 192 2 171 1 173 1 175 8

460.2

729.2

465.5 469.3 469.5

83 3 85 9
199.4 200.6
177 5 179 0

723.2

726.8

718.0

731.9

737.9

742.5

754.5

474.1 476.9

480.2

476.5

488.2 493.0

497.4

503.2

84.7
206.0
186.2

84.9
207.7
187.6

78.9
209.9
187.8

88.8
210.0
189.3

90.0
211.2
191.8

94.2
210.5
192.8

95.4
212.8
195.0

725.1 720.4
472.2

86 0 85 0 85.4
202.0 201.2 201.5
181 3 183 3 185 2

83.8
204.4
185.9

110.5

104.0

108.6

101.6

106.8

104.9

107.7

109.7

110.8

114.0

107.4

102.0

105.6

106.2

102.2

105.0

110.0

107.3

112.0

98.8

103.8

99.9

105.9

99.0

98.0

97.9

100.3

103 8

103.9

104.6

102.8

101.0

100.0

101.3

97.4

101.2

104.7

106.6

111.3

75 6
23 4

80 1
24 3

77 6
23 6

76 8
22 8

76 2
24 0

74 4
23 o

75 3
22 9

76 6
23 5

79 2
23 6

79 3
23 9

80 9
24 9

80 9
24 6

78 8
24.0

78 9
23.9

79.3
23.5

73.6
22.9

75.3
23.4

76.4
23.0

76.4
22.5

79.2
22.2

52 2

55 8

54.0

54 0

52 1

51.3

52.4

53 1

55 6

55.4

56 0

56 3

54.8

55.0

55.7

50.7

51.9

53.3

53.9

57.0

30.1
29.7
.5

32.1
31.7
.4

.7
•—. 6
1.3

.7
-.1
.8

Gross private domestic investment- . 105.2
Fixed investment
Nonresidential
Structures
*
Producers' durable
equipment

23.2
22.8
4

23.7
23.2
5

22.3
22.0
4

29.1
28.7
4

22.8
22.3
5

23.7
23.2
4

22.6
22.2
4

23.7
23.3
4

24.5
24.0
6

24.6
24.3
3

23.7
23.0
7

21.9
21.6
3

22.2
21.8
.4

21.1
20.9
.2

22.0
21.7
.3

23.9
23.4
.5

25.9
25.5
.3

28.3
28.0
.4

Change in business inventories _ . . 6.4
Nonfarm. _
6.3
.1
Farm

6.7
67
0

4.1
40

2.6
1.6
1.1

2.6
25
.1

8.8
8.6
.2

7.0
6.8
.2

7.4
7.4
.1

6.0
5.9
.0

6.8
6.8
.0

9.4
94
0

4.6
4.5
'. 1

.9
1.1
-.2

5.6
5.6
.1

4.9
4.8
.1

4.8
4.7
.1

3.8
3.0
.8

5.3
4.0
1.3

Residential structures. ._. ..
Nonfarm
__
Farm-

Net exports of goods and services
Exports..
Imports

_

Government purchases of goods and
services
Federal
State and local




o

.1 -1.8

1.0

.2

2.2

.1

.9

1.8

1.6

— &

-.2

-.6

.7

.8

1.9

2.0

2.9

1.9

2.7

-.7

45.7
44.7

48.4
48.3

52.2
50.0

52.6
52.5

43.9
43.1

45.5
43.8

47.7
46.1

45.4
45.8

42 6
42 8

50 3
50 9

50.5
49 9

50.3
49.4

51.9
50.0

52.3
50.4

52.4
49.5

52.1
50.1

53.0
50.3

53.0
53.8

54.4
54.3

49.9
51.7

147.7

145 9

139 0

137 6

145 5

148 2

148 0

149 0

147 4

146 3

145 1 144 6

142 4

138.6

137.5

137.3

136.1 135.7

137.6

141.1

78 1
69.6

73 5
72.4

64 7
74.3

60 8
76.8

77 0
68.5

78 8
69.4

78 4
69.7

78 1
70.9

76 1
71 4

73 9
72 4

69 0
73.5

64 8
73.8

62.9
74.6

62.1
75.1

61.0
76.7

62.3
78.8

72 3
72 7

71 5
73.1

60.2
75.9

59.7
76.0

CURRENT BUSINESS STATISTICS

JLHE STATISTICS here update series published in the 1971 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $3.00) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1967 through 1970 (1960-70 for major quarterly
series), annually, 1947-70; for selected series, monthly or quarterly, 1947-70 (where available). Series added or significantly revised after the 1971
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1970 issued too late for
inclusion in the 1971 volume appear in the monthly SURVEY beginning with the September 1971 issue. Also, unless otherwise noted, revised monthly
data for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1971 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90.
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.
1969

Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS

1969

1971

1970

II

III

1970

IV

I

II

Annual total

1971

III

I

IV

II

1972

III

IV

I

HP

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
Gross national product, totalf

_

bil.$_

Services, total9
-Household operation
Housing.
_
Transportation

' 989.7 1,023.4 1,043.0 1,056.9 1,078.1 1,109.1 1,139.0

575.8

583.7

594.4

604.1

613.4

623.0

626.6

90.8
40.2
37.1

90.5
37.3
39.0

103.5
46.7
42.0

91.0
39.8
37.5

90.6
40.2
37.1

91.4
40.6
37.5

90.2
37.8
38.7

91.6
39.2
38.8

92.6
39.4
38.8

87.5
33.0

-do
--do
do_
do.

245.9
50.2
120.6
20.9

264.4
52.0
132.1
22.2

278.1
56.9
136.4
23.5

245.1
50.4
120.2
20.7

247.3
50.7
120.8
21.2

251.1
51.1
122.6
21.5

257.8
51.1
128.0
21.8

262.4
51.8
131.2
22.0

266.3
51.7
133.9
22.3

—-do_.
do_.
do_.
do..

242.7
33.8
84.1
16.6

261.8
36.3
90.9
18.2

283.3
39.5
99.2
19.9

239.6
33.0
83.1
16.5

245.8
34.0
85.0
16.8

251.9
35.1
87.2
17.1

256.1
35.3
88.7
17.7

259.4
35.9
90.1
18.0

264.1
36.9
91.4
18.5

do..

»-

139.0

137.1

152.0

138.6

143.8

132.9

137.7

139.9

131.1
98.5
34.2
64.3
32.6
32.0
7.8
7.7

132.2
100.9
36.0
64.9
31.2
30.7
4.9
4.8

148.3
105.8
38.4
67.4
42.6
42.0
3.6
2.4

130.4
96.9
33.4
63.5
33.5
33.1
8.1
8.0

133.2
100.2
35.4
64.8
33.0
32.0
10.6
10.6

132.3
101.4
35.8
65.7
30.9
30.5
5.5
5.4

131.4
100.2
35.5
64.8
31.2
30.6
1.5
1.4

131.4
101.7
36.1
65.6
29.7
29.4
6.3
6.2

1.9
55.5
53.6

3.6
62.9

.7
66.1
65.4

1.1
56.8
55.8

2.6
58.1
55.5

2.7
59.2
56.5

3.6
61.5
57.9

210.0
98.8
78.4
111.2

219.0
96.5
75.1
122.5

232.8
97.8
71.4
135.0

208.1
97.6
77.3
110.4

211.6
99.3
79.4
112.3

214.0
99.4
78.9
114.6

• 971.5 1,046.7
467.0 491.8
183.0
194.6
284.0 297.3
409.2 443.9
95.4
111.0

915.4
447.1
180.3
266.8
372.4
95.9

931.1
451.8
183.0
268.8
383.2
96.1

Fixed investment
__.do
Nonresident ial
do
Structures
do
Producers' durable equipment
do
Residential structures
do
Nonfarm
do
Change in business inventories
do
Nonfarm...
do
Net exports of goods and services.
Exports
-_
Imports
_

__do_.
do_.
do..

Govt. purchases of goods and services, total, .do—
Federal
do
National defense
..do
State and local
do—
_

' 948.9 '958.0 '971.7

664.9

Gross private domestic investment, total

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

'923.5 '941.7

616.8

do

•_'
__

' 976.4 '1,050.4

do.
___do
do

Durable goods, total 9Automobiles and parts
Furniture and household equipment
Nondurable goods, total?
Clothing and shoes
Food and beverages
Gasoline and oil

'930.3
579.5

Personal consumption expenditures, total

_

648.0

660.4

670.7

680.5

696.1

712.5

44.9
41.0

101.9
45.4
41.4

106.1
48.8
41.9

106.1
47.9
43.5

111.0
49.9
46.5

113.6
51.3
46.6

271.3
53.6
135.2
22.8

273.4
55.1
135.1
23.0

277.2
56.7
135.9
23.0

278.5
57.4
136.6
23.5

283.4
58.5
137.9
24.3

288.3
59.4
140.3
24.6

296.3
61.7
143.3
24.9

267.7
37.2
93.4
18.8

274.8
38.0
95.8
19.3

281.3
39.1
98.1
19.8

286.1
40.0
100.3
20.2

290.9
40.7
102.5
20.4

296.7
41.2
104.2
21.0

302.6
42.6
106.0
21.5

153.0

152.2

158.8

168.1

176.8

133.7
103.4
36.2
67.2
30.3
29.9
6.2
6.1

132.1
98.5
36.3
62.1
33.6
33.0
5.7
5.6

139.0
101.9
37.6
64.3
37.0
36.6
4.9

146.4
105.0
38.3
66.7
41.4

157.2
109.8
38.8
71.0
47.3
46.7
1.7

5.1

150.9
106.3
38.7
67.6
44.5
43.9
1.3
-.2

167.7
116.1
41.3
74.8
51.6
51.0
.4
.1

172.6
120.1
41.5
78.7
52.4
51.8
4.3
3.6

3.9
63.0
59.2

4.0
63.7

2.8
63.2
60.4

4.5
66.3
61.8

.1
66.7
66.6

.4
68.5
68.2

-2.1
63.0
65.1

-4.6
70.7
75.3

-4.9
70.0
74.9

217.3
99.7
78.9
117.6

216.7
96.2
74.7
120.5

219.5
95.2
73.8
124.3

222.6
95.0
72.9
127.6

227.0
96.2
72.5
130.8

229.5
96,3
71.2
133.3

233.6
97.9
70.1
135.7

240.9
100.7
71.9
140.2

249.4
105.7
76.7
143.7

254.6
108.2
78.6
146.4

• 943.4
458.0
184.7
273.3
391.9
93.4

956.4
462.3
184.4
277.8
400.6
93.5

• 965.5
467.3
185.2
282.1
405.1
93.1

•980.2
472.7
187.4
285.2
412.2
95.3

'1.5
1.0
.5

'6.3
1.6
4.7

'6.2
6.0
.2

'5.7

do
____do
do
do
do
do
do
do
.do

'7.8
5.0
2.8

'4.9
1.9
3.0

'3.6
1.1
2.5

'8.1
5.9
2.2

'10.6
6.5
4.1

'5.5
3.7
1.9

—bil. $.. ••725.6

_

• 922.5
449.7
182.3
267.4
377.9
94.9

725.8

•729.2

• 725.1

720.4

•723.2

• 726.8

•718.0

469.5

472.2

474.1

476.9

480.2

476.5

85.0
201.2

85.4
201.5
185.2

204.4
185.9

84.7
206.0
186.2

84.9
207.7
187.6

78.9
209.9
187.8

Change in business inventories
Durable goods
____
Nondurable goods
._—

40.9
6.6

• 984.1 1,018.5 1,036.4 '1,055.6 '1,076.4 1,108.6 1,134.7
465.6
482.2
533.3
485.8 496.2 503.1 517.2
216.2
189,6
174.8
200.1 208.8
191.0
197.7
292.6 294.8 298.5 303.0 308.4 317.2
290.7
418.7
431.3
441.1 446.7
456.3 467.3 476.9
124.2
124.5
105.0
117.0
112.7
109.5
Q

'4.9
3.7
1.2

'1.7
-1.9
3.5

'.4
.4
.0

4.3
3.2
1.1

742.5

754.5

766.5

783.1

497.4

503.2

511.0

519.5

94.2
210.5
192.8

95.4
212.8
195.0

214.7
197.7

100.3
219.2
200.0

112.0

.116.6

111.3
79.2
32.1
.7

116.3
82.2
34.2

118.6
84.4
34.2
3.3

-1.8

-3.3

-2.4

'6.6
3.6
3.1

'1.3
-1.0
2.3

731.9

737.9

488.2

493.0

210.0
189.3

90.0
211.2
191.8

GNP in constant (1958) dollarsf
Gross national product, totalf
Durable goods
Nondurable goods
Services
_
Gross private domestic investment, total
Fixed investment
Nonresidential
_
Residential structures
Change in business inventories
Net exports of goods and services

_.
_
_

• 722.1

• 741.7

do.

469.1

477.0

495.4

do..
__do_.
do..

Personal consumption expenditures, total

85.6
201.3
182.2

83.1
207.0
186.8

92.1
211.1
192.2

do

110.5

104.0

108.6

114.0

107.4

102.0

105.6

106.2

102.2

105.0

110.0

do..
do..
do..
do..

103.8
80.1
23.7
6.7

99.9
77.6
22.3
4.1

105.9
76.8
29.1
2.6

79.3
24.6
6.8

104.6

102.8
80.9
21.9
4.6

101.0
78.8
22.2
.9

100.0
78.9
21.1
5.6

101.3
79.3
22.0
4.9

97.4
73.6
23.9
4.8

101.2
75.3
25.9

104.7
76.4
28.3
5.3

106.6
76.4
30.1
.7

.2

2.2

.1

—.6

2.0

2.9

1.9

2.7

-.7

.1

do

86.0
202.0
181.3

23.7
9.4

.7

Govt. purchases of goods and services, total, .do
145.9
139.0
137.6
146.3 1451
Federal..
__
_do.._.
73.5
64.7
60.8
73.9
72.3
State and local
do
72.4
74.3
76.8
72.4
72.7
' Revised.
* Preliminary.
f Revised series. Estimates of national income and product
and personal income have been revised back to 1969 (see p. 16 ff. of this issue of the SURVEY) ;




.3

144.6
142.4
138.6
137.5
137.3 136.1 135.7 137.6 141.1 142.2 144.1
64.0
62.8
71.5
69.0
64.8
61.0
62.9
62.1
60.2
59.7
62.3
80.1
79.4
73.5
73.1
73.8
78.8
74.6
75.1
75.9
76.0
76.7
revisions prior to May 1971 for personal income appear on pp. 25-26 of this issue of the SURVEY.
9 Includes data not shown separately.

S-l

SURVEY OF CTJEEENT BUSINESS

S-2
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS

1969

| 1970

1971

Annual total

1969

III

July 1972

1970

IV

I

II

1971

III

IV

I

II

1972

III

IV

I

II*

III

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf
bil. $__ ' 766. 0

r 798. 6

do

566.0

603.8

...do
do
do
do
do
do
do
do
do

509.7
405.6
19.0
85.1
56.3
67.2
50.5
16.7
22.6

541.9
426.8
19.6
95.5
61.9
66.8
49.9
16.9
23.3

79.8

Compensation of employees, total t
Wages and salaries, total
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' income, total 9
Business and professional 9
Farm
Rental income of persons. _

Corporate profits and inventory valuation adjustment, total
_
_
_bil. $_.
By broad industry groups:
Financial institutions
do
Nonfinancial corporations, total
do
Manufacturing, total
\.
—do
Nondurable goods industries
do
Transportation, communication, and public
utilities
bil. $__
All other industries
do
Corporate profits before tax, total
Corporate profits tax liability
Dividends
Undistributed profits

.__

do
—do
do
do

r 855. 7 r 774. 6 ••781.0 ' 787. 5 ' 796. 7 '806.3 '804.1 '834.5 ' 851. 4 '860.8 ' 876. 2 ' 903. 1
585.2
644.1 574.0
594.3 600.7 609.0
611.2
628.6
639.6
648.0
660.4
682.7
526.8
534,9 539. 5 546.1 547.2
573. 5
517.0
560.4
569.6
576.5
587.3 606.6
449.7 410.4 418.6 422.5 425.1 430.0
429.7
439.3 447.0 451.6
460.9
475.8
20.2
19.6
19.4
20.0
19.6
19.4
19.0
19.8
19.4
18.8
19.4
20.8
88.5
104.4
86.5
92.2
94.7
96.7
98.5
101.3
103. 3
106.0
107.0
110.0
59.5
70.7
58.4
57.0
61.2
62.8
63.9
68.2
70.0
71.5
73.0
76.1
67.2
67.7
70.0
67.1
67.1
66.6
65.8
68.1
69.3
70.7
71.8
73.3
49.7
50.1
52.6
50.5
49.8
50.0
49.9
51.3
52.4
53.1
53.8
54.3
18.0
17.3
16.6
17.4
17.1
16.5
15.9
16.8
16.9
17.6
18.1
19.1
24.5
22.9
23.0
22.7
23.2
23.4
23.8
23.9
24.4
24.8
25.0
25.2

697.5
619.7
486.9
20.5
112.4
77.8
73.5
54.7
18.7
24.4

69.9

78.6

79.8

73.5

69.3

71.5

72.0

66.9

76.6

80.1

78.3

79.4

81.8

12.4
67.4
36.6
. 17.7
18.8

14.«
55.4
27.7
16.7
11.0

16.7
61.9
30.9
16.8
14.1

12.5
67.3
35.8
17.3
18.5

12.4
61.1
32.8
17.1
15.7

12.8
56.5
29.4
16.4
13.1

14.0
57.5
29.9
17.0
13.0

15.0
57.0
28.9
17.2
11.7

16.1
50.8
22.6
16.4
6.2

16.6
59.9
30.9
16.6
14.3

16.4
63.7
31.2
16.8
14.4

17.0
61.3
30.1
16.9
13.3

16.6
62.7
31.2
16.9
14.3

16.5
65.2
35.4
17.7
17.7

10.1
20.7

7.6
20.1

8.2
22.9

10.2
21.2

9.3
19.0

8.0
19.1

7.4
20.1

7.8
20.3

7.2
20.9

7.8
21.2

8.8
23.7

8.5
22.6

7.6
23.9

7.8
22.0

84.9
40.1
44.8
24.3
20.5
-5.1
30.5

74.3
34.1
40.2
24.8
15.4
-4.4
34.8

83.3
37.3
45.9
25.4
20.5
-4.7
38.5

82.2
38.9
43.2
24.4
18.8
-2.4
31.1

80.5
38.4
42.1
24.7
17.4
-7.1
32.3

75.8
34.3
41.4
24.8
16.6
-6.4
33.2

75.2
34.6
40.6
24.7
15.8
-3.7
34.2

76.6
35.4
41.2
24.9
16.3
-4.6
35.3

69.6
32.2
37.4
24.7
12.7
-2.8
36.5

81.3
38.0
43.2
25.5
17.7
-4.7
37.3

84.5
38.6
45.8
25.4
20.4
-4.4
38.1

84.1
37.5
46.6
25.5
21.0
-5.8
39.1

83.2
35.3
48.0
25.2
22.7
-3.9
39.7

88.2
38.8
49.5
26.0
23.5
-6.5
40.1

—5.5
40.9

' 861. 4 ' 759. 6 r 774. 3 '786.7 ' 806. 1 '813.4 ' 819. 8 ' 838. 0 ' 858. 1 ' 867. 9 ' 881. 5 ' 907. 0
117.8
117. 0
118.2
116. 4
114.3
115.8
119.0
115.2
112.3
117.5
123.0
136.5
667.9
744.4
643.2
699.1
656.1
687.2
704.0
742.9
725.7
750.4
758.5
770.5
621.6
683.4
600.6
611.6
641.1
644.8
631.2
678.8
666.4
689.4
699.2
714.9
46.3
60.9
42.6
44.6
58.0
59.2
55.9
64.1
59.3
61.0
59.3
55.7

922.5
139.6
782.9
731.5
51.5

Net interest
do
DISPOSITION OF PERSONAL INCOME f
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
bil. $__ r 750. 9
Less: Personal tax and nontax payments
do
116.5
Equals: Disposable personal income.
do
634.4
Less: Personal outlays©
do
596.2
Equals: Personal saving§.
____
do
38.2
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
_
bil. $
75.56
Manufacturing
do
31.68
Durable goods industries K
do
15.96
Nondurable goods industries ^
do
15.72

' 806. 3
116. 7
689.5
634.7
54.9

26.2

79.71
31.95
15.80
16.15

81.21
29.99
14.15
15.84

19.25
8.16
4.03
4.12

21.46
9.12
4.59
4.53

17.47
7.14
3.59
3.56

20.33
8.15
4.08
4.07

20.26
7.99
3.87
4.12

21.66
8.66
4.26
4.40

17.68
6.69
3.11
3.58

20.60
7.55
3.52
4.03

20.14
7.31
3.40
3.91

22.79
8.44
4.12
4.32

19.38
6.61
3.29
3.32

47.76
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59

51.22
2.16
1.67
1.88
1.38
15.30
12.86
2.44
10.77
18.05

11.10
.47
.49
.53
.40
3.03
2.23
.80
2.11
4.07

12.34
.49
.55
.64
.44
3.23
2.61
.62
2.39
4.60

10.32
.45
.42
.73
.28
2.54
2.15
.39
2.14
3.76

12.18
.47
.47
.80
.31
3.28
2.59
.69
2.59
4.26

12.27
.46
.46
.74
.30
3.58
2.79
.78
2.56
4.16

12.99
.50
.43
.76
.33
3.74
3.12
.63
2.81
4.42

10.99
.49
.34
.34
.28
3.11
2.70
.41
2.50
3.94

13.06
.54
.47
.60
.36
3.83
3.20
.63
2.81
4.44

12.83
.55
.42
.39
.37
4.07
3.35
.71
2.62
4.42

14.35
.59
.45
.56
.37
4.29
3.60
.69
2.84
5.26

12.77
.58
.48
.50
.32
3.63
3.19
.44
2.72
4.55

14.72
.61
.47
.76
.38
4.27
3.56
.71

14.46
.58
.49
.50
.34
4.59
3.72
.87

28.24

27.96

i 90. 69
32.55
16.26
16.29

89.72
31.86
16.02
15.84

i 22. 90 122.41
8.18
7.96
4.09
3.95
4.09
4.00

Nonmanufacturing.
Mining
_..
Railroad
Air transportation. ....
Other transportation _ _ _
Public utilities
Electric
_ .
Gas and other
._
Communication
Commercial and other

do
do
do
do
do
do
do
do
do
do

Seas. adj. qtrly. totals at annual rates:
All Industries
Manufacturing
Durable goods industries f
Nondurable goods industries f

_do_ .
do
_ do
do

77.84
33.05
16.53
16.52

77.84
32.39
15.88
16.50

78.22
32.44
16.40
16.05

80.22
32.43
16.32
16.11

81.88
32.15
15.74
16.40

78.63
30.98
14.92
16.05

79.32
30.46
14. 21
16.25

81.61
30.12
14.06
16.06

80.75
29.19
13.76
15.43

83.18
30.35
14.61
15.74

86.79
30.09
15.06
15.02

do
do
do
do
do
do
do
do
do
do

44.80
1.89
2.06
2.23
1.65
11.48
8.98
2.50
8.71
16.78

45.46
1.85
1.94
2,80
1.63
11.80
9.36
2.44
8.76
16.67

45.78
1.92
1.74
2.94
1.37
12.14
9.77
2.37
9.14
16.52

47. 79
1.84
1.88
2.88
1.12
12.72
10.15
2.57
10.38
16.98

49.73
1.86
1.96
3.24
1.22
13. 84
11.34
2.50
10.62
17.00

47.66
1.94
1.56
3.08
1.22
13.68
11.20
2.48
10.20
15.97

48.86
2.04
1.46
1.29
1.33
14.64
12.16
2.48
10.70
17.39

51.50
2.08
1.88
2.28
1 40
14.91
12.61
2.30
11.21
17. 72

51.56
2.23
1.72
1.68
1.48
15.87
13.56
2.30
10.73
17.85

52.82
2.30
1.64
2.26
1.33
15.74
13.01
2.74
10.44
19.10

56.70
58.14
57.86
2.42
2.36
2.36
2.10
1.92
1.87
1.96
2.20
3.01
1.48
1.36
1.46
16.92
16.71
17.69
14.82
14.27
14.13
2.65
2.87
2.58
11.71
20.10 2 32. 72 2 32. 33

14,526
9,574

14,800
9,871

15,375
10,231

15,762
10,565

15,932
10,705

15,805
10,462

16,580
11,017

16,675
10,710

17,133
11,479

15,748 P 17,685
9,584 p 11,809

Nonmanufacturing
Mining
Railroad
_
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other

43.88
1.86
1.86
2.51
1.68
11.61
8.94
2.67
8.30
16.05

U.S. BALANCE OF INTERNATIONAL
PAYMENTScf
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil. $__ 55,501
36,417
Merchandise, adjusted, excl . military
do
Transfers under U.S. military agency sales con1,512
tracts
mil $
Receipts of income on U.S. investments
10, 539
abroad
mil $
Other services
do
7,033
Imports of goods and services
do
Merchandise, adjusted, excl. military
do
Direct defense expenditures. _
do
Payments of income on foreign investments in the
US
mil $
Other services
do

62, 874
41, 963

66, 136
42, 770

1,479

1,923

441

336

273

441

329

436

510

516

474

423

P357

11, 428
8,004

12, 900
8,543

2,706
1,805

2,775
1,818

2,936
1,935

2,779
1,977

2,863
2,035

2,850
2,057

2, 937
2,116

3,297
2,152

3,015
2,165

3,651
2,110

p 3,201
P 2,318

-53, 594 -59, 308 -65, 410 -13,864 -14, 129 -14,477 -14, 795 -14,943 -15, 093 -15,444 -16,639 -17,042 -16,285 p-18,832
-35, 796 -39, 799 -45, 459 -9, 271 -9,381 -9, 731 -9,831 -9, 968 -10, 269 -10, 728 -11, 722 -11, 951 -11, 058 p-13,482
-1, 259 -1, 210 -1, 203 -1, 175 -1, 214 -1, 198 -1,230 p-1,223
-4,856 -4, 852 -4, 817 -1, 221 -1, 251
1,304 -1,356 ^-1,365
-4, 584 —5, 167 -4, 905 -1,242 -1, 315
1 344 -1, 322 -1, 284 -1, 217 -1, 139 -1, 106
2 383 -2,481
2 404 -2, 402 -2, 597 -2, 589 -2, 641 p-2,762
-8, 377 -9, 490
10 229 -2, 130 -2, 182 -2, 222

Balance on goods and services total
do
671
' 1, 911
3,563
662
'727
Merchandise
'_
do .
621 '2.164 "•-2.689
490
303
l
' Revised.
p Preliminary.
Estimates (corrected for systematic biases) for Apr.June and July-Sept. 1972 based on expected capital expenditures of business. Expected expenditures for the year 1972 appear on p. 19 of the June 1972 SURVEY.
2 Includes communication,
f See corresponding note on p. S-l.
9 Includes inventory valuation
adjustment.
© Personal outlays comprise personal consumption expenditures, interest




-537 p- 1,147
91
1,136
36
'712
'989
••967
'898
-472 -1,494 p— 1,673
'289 -1,012
'737
••734
'193
••500
paid by consumers, and personal transfer payments to foreigners.
§ Personal saving is
excess of disposable income over personal outlays.
.
IfData for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
cfMore complete details appear in the
quarterly reviews in the Mar., June, Sept., and Dec. issues of the SURVEY.

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