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SURVEY OF CURRENT BUSINESS Consumer market developments in the first quarter featured a rebound in new auto sales, and continued growth in expenditures for services. Spending for food was up about in line with prices; while outlays for most other types of goods showed little change. Auto sales improve The $1 billion rise in the annual rate of auto spending, to $18 billion in the first quarter, reflected some catching up as the supply shortages of late 1959 were overcome. For the first 4 months of 1960, unit sales were above the yearearlier period by 15 percent. The effect of this improvement on total GXP was not so great as the figures would suggest; the gain centered in the new compact models, which generate less business for the supplier industries. Production was stepped up in the early months of this year, in order to bring retail stocks of cars up to the desired volume. By the end of the quarter auto inventories had been built up to record levels, and subsequently they have been held even. The size of stocks reflects the dealers' need to carry a wider variety of models this year, and May 1960 the industry's desire to post a large sales gain over 1959. Demand for furniture and household appliances has shown little change since new residential activity turned down after the middle of last year. quarter, has declined from month to month so far in 1960 though remaining at relatively high levels. The recent course of housing starts and of applications for Government backing indicates a continuation of this movement for the immediate future. Food and apparel While the decline in expenditures Food consumption about matched from last year's peak has amounted to 8 the fourth quarter in real volume. percent, the fall in starts has been conCurrent dollar outlays, however, siderably sharper. Outlay per unit has spirted late in the winter as prices risen, reflecting an increase in the prorose. Most of the price advance was portion of higher priced housing built traceable to supply factors affecting as well as a general advance in conhogs, poultry and eggs, as weather struction costs; and expenditures for losses reinforced the effects of the 1958- additions and alterations have held up. 59 price decline on production. Business fixed investment rose. Part First-quarter sales of clothing and of the immediate gain reflected a reshoes were about even with the final covery from the strike-caused slowquarter of last year on a seasonally downs, but the underlying influence was adjusted basis, the total being held the continuing cyclical upswing in down by a dip late in the winter demand for plant and equipment. Data though this was apparently made up in from the OBE-SEC survey of business capital plans indicate a continued imApril. provement during 1960. The scheduled gains from the fourth Capital Investment quarter to the first, while industrially Residential construction activity, widespread, were concentrated in areas which moved downward last year after where recovery in investment had reaching an all-time high in the spring lagged. Outlays in manufacturing rose Table 5.—Gross National Product in Current and Constant Dollars [Seasonally adjusted, at annual rates] Billions of current dollars j 1958 1959 1957 I Gross national product Personal consumption expenditures _ . Durable goods Nondurable goods _ Services - - _ Gross private domestic investment _ New construction Residential nonfarm Other Producers' durable equipment Chance i n business inventories Nonfarm _ _ _ IV I I III IV I 442.5 441.7 479.5 470.4 484.8 478. 6 483. 5 500.2 408. 3 399. 0 426.0 420.7 432.1 424. 3 426.8 439.3 284.8 293. 0 311.6 303.9 311.2 313. 3 317. 0 321. 1 270.8 273. 3 287.6 282. 3 288.3 288.8 291.1 293.5 40.3 137.7 106. 7 37.6 141.9 113.4 43.0 147.9 120.7 41.3 145.3 117.4 44. 1 147.7 119.4 43.6 148. 0 121. 6. 42.8 150. 1 124. 1 43.7 151.1 126. 3 38.5 132.6 99.8 35.7 133. 7 103. 8 40.2 139. 3 108.2 38. 8 137. 3 106.2 41.2 139.7 107.4 40.6 139.4 108.8 40.2 140.7 110.2 41.1 141.3 111.1 66.6 54.9 71.1 70.0 77.7 67.0 69.7 79.2 58. 5 47.3 60.2 59.8 66.0 56.4 58.8 66.3 36.1 35.8 40.2 39.7 41.0 41.0 39.2 40.4 31.9 31.5 34.4 34.3 35.1 34.9 33.3 34.0 17.0 19.0 18.0 17.7 22.2 18.0 21.9 17.8 23.1 17.9 22.6 18.3 21.3 17.9 21.3 19.1 15.4 16.5 16.2 15.2 19.4 15.0 19.3 15.0 20.2 14.9 19.7 15.2 18.4 14.9 18.2 15.7 27.0 22.9 26.1 23.9 26.0 27.5 28.1 24.6 19.3 21.5 19.8 21.3 22.1 22.7 23.1 2.0 -3.8 4.8 6.3 10.7 -1.0 3.0 10.6 2.0 -3.5 4.4 5.7 9.5 -.6 2.8 9.2 . - - 1.2 -4.9 3.9 5.4 9.8 -1.8 2.3 10.1 1.1 -4.4 3.5 4.7 8.6 -1.4 2.1 8.6 -.9 .0 -.6 1.2 3.8 .0 -2.2 -.7 -2.6 -2.7 -3.5 4.9 1.2 0 26. 2 21.3 22.6 21.3 22.8 23.6 21.5. 22 4 22.1 23.9 24.1 24. 1 23.4 24.1 24.8 .23.6 24.4 20.6 21. 6. 21.6 21.7 24.3 20.4 23.1 20.9 24.5 23.1 25.0 22.4 24.7 23.3 24.0 86.2 92.6 97.6 97.4 97.7 98.4 97.4 98.8 75.1 78.4 80.7 81.3 81.4 81.0 79.1 80.2 49.4 52.2 53. 5. 53. 8 53.9 53.6 52.7 52.3 42.8 44.1 44.2 44.9 45.0 44.1 42.7 42.4 44.3 5.5 .4 44. 5. 8.1 .5 45.8 8.1 .4 45.8 8.3 .3 46.2 8.0 .3 45.9 8.1 .4 45. 3 7.8 .4 44.8 7.8 .4 36 8 40.5 44.1 43. 6 43.8 44.8 44.7 46.5 32.3 34.4 36.5 36.4 36. 4 36.9 36.3 37.7 -1.8 NOTE.—For back data see Tables 1-3 and 1-5 in the July 1959 Survey, and for years prior to 1956, in U.S. Income and Output. II 28.5 Government purchases of goods and services State and local III 1960 1959 _ K xports Imports National defense Other Less' Government sales II 1958 _ _ _ . - _ . - - - Net exports of goods and services (GNP basis). ._ Federal 1959 1960 1959 1957 Billions of 1954 dollars -1.9 BUSINESS STATISTICS WlontLL 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 freety. 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 1959 March April May June July 1960 DecemAugust SeptemOctober November ber ber January j March | April February GENERAL BUSINESS INDICATORS NATIONAL INCOME AND PRODUCT Seasonally adjusted quarterly totals at annual rates: National income, total - _ bil. of dol Compensation of employees, Wages and salaries, total Private --- . Militarv Government civilian Supplements to wages and total . _. do _ _ do... -<io-_ do . _ _ ___ _do salaries do Proprietors' income, totaled - Business and professional cf - - Farm Rental income of persons _ - ._ Corporate profits and inventory valuation ment total bil Corporate profits before tax, total Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment Net interest Gross national product, total Personal consumption expenditures, total Durable poods Nondurable goods Services _ _ _ _ _ _ --do do.. . do -do. ._ adjustof dol do do .do do 389 4 403.9 398 2 402 6 269. 9 250. 9 200.2 9 8 34.8 19 0 278.9 259. 4 214.0 9 8 35.6 19 6 279 259 213 9 36 19 3 5 5 8 3 8 281 6 261. 5 214.8 9 8 36. 9 20 0 290 268 221 9 37 46 9 33.7 13 2 12.0 46.6 34.5 12.1 12.0 45 1 34 8 10 3 12.0 46 7 35. 1 11 6 12.0 46 35 10 12 45 5 46.5 22 6 23.8 — 9 51 0 52.6 25.6 27.0 — 1.6 46 46 22 23 — 46 9 45 7 22 2 9 34 5 0 4 6 8 3 1 6 2 9 6 9} 4 3 4 8 2 do 15 1 15 4 15 8 16 1 16 4 do 470.4 484.8 478 6 483 5 500 9 do do do do 303.9 41 3 145.3 117.4 311.2 44 1 147.7 ] 19. 4 313 3 43 6 14* 0 121.6 317 0 42 8 150. 1 124. 1 32] 43 151 126 70.0 39.7 23.9 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 40 4 28 1 i() (\ -.9 -1.8 22 1 23,9 0 21 5 22 4 ?4 1 24 1 —. 6 23 4 24. 1 1; 2 94 g '•'3 ('< 97 4 53 8 45 8 43.6 97 7 53 9 46 2 43.8 5? 6 45 9 44 8 97 4 '">2 7 45 3 44. 7 % 8 ^o 3 44 8 3QM 1 Gross private domestic investment, total.- do. _ New construction . do Producers' durable equipment do Change in business inventories do Net exports of coods and services - do E \-ports do Imports .- ... . - - - _ d o _ - Government purchases of goods and services, total bil of dol Federal (less Government ''ales) do National defense $ do State and local do 98 4 1 7 1 3 m9 4(i r personal income vtotal j (>m^- Porson'il ta and nontax pavrncrts Equals* Disposable personal income do do do 371 8 44 4 327.4 381 1 45 8 335. 3 381 0 45 9 335 "i 386 8 46 1 340 8 4'"4 Personal savins § do 23 5 24 1 21 9 23 7 04 4 47 7 GNP in constant (1954) dollars 420 7 432 1 42-t 3 4°6 8 4% 3 do do.. do do 282.3 38.8 137.3 106. 2 288. 3 41. 2 139.7 107 4 288,8 40 6 139 4 108 8 291.] 40.2 140 7 110 2 293. 41 ]41 111 Gross private domestic investment, total - do.. Now construction do Producers' durable equipment - ... do _ . Change in business inventories - . ...do 59.8 34.3 19.8 66. 0 35 1 21.3 9.5 56.4 34 9 22 1 -.6 .=.8. 8 33 3 22. 7 2.8 —2 7 —3 5 —1 9 —2 2 81.3 44 9 36.4 81.4 45 0 36.4 81.0 44 1 36. 9 79. 1 4? 7 36.3 Gross national product, total bil of dol Personal consumption expenditures, total Durable coods _ _ _ Nondurable goods _ Services Net exports of o'oods and services do Government purchases of goods and services, total bil. of dol. . Federal do State and local do r Revised. cTIncludes 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. 548341°—60- f* I 3 I (i6 3 H4 (i '>••{ i j 42 4 : 37.7 '