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SURVEY OF CURRENT BUSINESS 6 Increase in real GNP and Components in Three Periods of Economic Expansion Indexes Quarters after Turn 0 4 6 8 100 100 100 108 108 108 112 109 109 111 112 111 100 100 100 107 106 105 111 108 107 112 110 109 100 100 100 132 127 127 139 124 125 131 i 143 123 100 100 100 97 105 108 97 105 110 95 102 116 Gross National Product 1954-56 1958-60 _.1961-63 Personal Consumption Expenditures 1954-56 1958-60 1961-63 Groass Private Domestic Investment 1954-56 . 1958-60 1961-63 Government Outlays 1954-56 1958-60 1961-63 - 1. Inventory accumulation abnormally high following resumption of production after the 1959 steel strike. Consumer Expenditures Continue Rise Outlays for consumer goods and services accounted for over half the GNP rise in the first quarter. At $4# billion, the latest increases were, however, off somewhat from the $5% billion increase recorded in the preceding quarter. Auto expenditures stable The first quarter gain in consumer outlays was made without any assistance from the auto sector, normally its most volatile element. After a fourth quarter rise of more than $2 billion accompanying the introduction of the 1963 models, auto expenditures did well to hold at the high level of $21% billion in the first quarter of this year, especially since the weather was not particularly favorable to auto sales. The demand for both new and used cars showed no signs of slackening during the quarter and unit sales in April were at near-record levels. May 1963 A moderate increase in the rate of inventory accumulation was approximately offset by a drop in residential contruction activity, while business plant and equipment outlays were little changed over the period. Inventory accumulation up At a seasonally adjusted rate of $3 billion, the first quarter buildup in stocks represented an advance over the $1 billion rate recorded in each of the last two quarters of 1962, and accounted for one fourth of the GNP advance. It was, however, well below the $6}£ billion figure for the first quarter of 1962. Though there was considerable specuOther expenditures up lation as to the likelihood of a steel Consumer outlays for furniture and shutdown later in the year, the rise in household equipment showed a stocks of steel consumers during the moderate increase during the quarter. first quarter was modest—since it did In the nondurables field, higher expendinot really start until March—and much tures for food, partly reflecting higher smaller than the increase that took prices, accounted for the bulk of the place a year ago. Still, much of the increase. net increase in the rate of accumulation Investment Little Changed during the first quarter occurred among Gross private domestic investment manufacturers and distributors of hard in the first quarter was little changed goods and reflected some precautionary from that of the closing quarter of 1962. buying. Table 1.—Gross National Product in Current and Constant Dollars (1-3, 1-5) 1962 1960 1961 1962 I II 1962 1963 III IV I 1960 1961 1962 545.0 552.0 555.3 563.5 571.8 440.2 447.9 471.9 467.4 470.8 471.6 477.7 482.7 356.7 350.2 354.9 358.2 363.5 367.8 298.3 304.3 318.2 313.9 316.9 319.0 322.8 325.3 43.7 155.2 139.1 47.5 162.0 147.1 46.3 159.9 144.1 47.2 161.3 146.3 47.1 163.0 148. 1 49.6 163.9 150.1 50.0 165.5 152.3 42.2 141.4 114.7 41.6 143.3 119.4 45.2 148.5 124.5 44.1 147.0 122.8 44.6 148.1 124.1 44.6 149.5 125. 0 47.6 149.3 126.0 47.9 150.4 127.0 72.4 Net exports of goods and services Exports Imports Government purchases of goods and services Federal — - 76.2 76.8 60.7 57.8 63.3 63.3 64.1 62.4 62.8 63.4 46.1 45.0 43.6 34.3 34.8 36.5 34.6 36.7 37.7 36.8 35.5 21.0 20.5 23.3 21.2 21.2 20.5 23.3 21.2 24.3 21.8 23.8 21.3 22.6 21.0 18.2 16.1 18.2 16.6 19.8 16.8 • 18.2 16. 4 19.9 16.8 20.5 17.2 20.1 16.7 19.1 16.4 27.6 25.5 28.9 27.6 28.9 29.2 29.9 30.1 22.7 21.1 23.8 22.8 23.8 24.0 24.8 25.0 2.1 3.2 6.7 4.0 1.0 1.2 3.0 3.7 2.0 2.9 5.9 3.7 .8 1.3 3.0 1.9 .2 3.2 .1 6.6 .1 3.9 .1 1.0 .0 1.1 .1 2.7 .3 3.4 .3 1.8 .1 2.8 .1 5.8 .1 3.6 .1 .8 .0 1.2 .1 2.7 .3 4.0 3.3 3.7 3.7 2.5 3.2 3.2 1.5 1.8 .5 1.3 .7 o .5 .5 27.3 23.3 28.4 25.2 28.2 24.5 29.0 25.3 28.3 25.8 28.2 25.0 27.9 24.7 24.9 23.4 25.3 23.5 26.3 25.7 26.1 24.8 26.6 25.9 26.2 26.5 26.3 25.8 26.0 25.5 116.0 99.7 -- 107.4 117.3 115.2 120.7 124.0 79.8 84.0 89.9 88.9 89.2 90.5 91.6 93.4 , 53.2 -. _ 76.3 44.5 26.4 23.5 . 77.4 41.6 4.1 - -- 75.9 44.5 2.9 - 76.6 3.7 .3 _. Change in business inventories 69.3 41.6 21.1 19.7 . Producers' durable equipment 553.9 40.7 - - - - New construction State and local 518.7 44.8 151.8 131.9 .-- - Gross private domestic investment National defense . Other Less: Government sales I 338.1 . . - - - . 503.4 . Nonfarm Farm IV 328.5 Gross national product Personal consumption expenditures Residential nonfann Other . III Billions of 1954 dollars Billions of current dollars - II Seasonally adjusted at annual rates Seasonally adjusted at annual rates Durable goods Nondurable goods Services I 1963 57.0 62.4 61.9 62.1 62.7 63.4 65.9 42.3 44.5 48.7 48.3 48.6 49.0 49.3 50.7 45.7 8.1 .6 49.0 8.7 .6 53.4 9.7 .8 53.0 9.6 .6 53.2 9.5 .6 54.0 9.6 .8 54.2 10.1 .9 56.6 10.2 .9 46 5 50.4 55.0 53.3 54.0 55.5 57.3 58.1 37.4 39.4 41.2 40.6 40.6 41.5 42.3 42.7 118.2 May 1963 SUEVEY OF CURRENT BUSINESS Fixed business investment stable nomic activity. As compared with a The former was about equally divided Business outlays for fixed investment year ago, for example, total government into a $4 billion increase in Federal continued at the peak rate of $51 billion, outlays accounted for $8% billion out of outlays and a $4% billion increase in which was reached in the third quarter a total GNP increase of $27 billion. State and local. of 1962, following a moderate cyclical rise from the first quarter of 1961. A Table 2.—Personal Income and Its Use (II-2) minor improvement in outlays by [Billions of dollars] manufacturers, mining firms and railroads during the quarter just about off1962 U963 set the continued decline in "other I 1961 II III IV I 1962 1960 transportation' 7 , representing mainly reduced expenditures for jet aircraft, Seasonally adjusted at annual rates and in public utilities. On the other 432.0 400.8 416.4 439.5 442.6 448.0 440.5 452.1 hand, outlays for commercial and other Personal income Wage and salary disbursements 289.9 271.3 278.8 295.9 297.8 299.7 295.8 303.3 community facilities appear to have 110.4 118.1 117.8 117.2 Commodity-producing industries 110.8 115.0 118.0 118. 3 Manufacturing only 91.9 94.1 87.4 87.5 94.4 93.6 94.0 94.6 leveled off for the moment after ac74.9 76.5 71.8 72.9 76.1 Distributive industries 78.1 76.2 77.1 45.1 45.9 43.4 46.9 47.3 46.3 Service industries 48.1 40.7 counting for about half of the total 54.9 48.4 56.4 57.5 51.8 55.8 Government 58.8 56.2 increase in fixed investment over the Other labor income 12.0 12.4 12.3 11.0 11.4 12.3 12.5 12.6 past 2 years. Proprietors' income .__ _ __ 46.2 49.1 49.7 50.9 49.8 47.8 49.5 50.7 36.2 34.2 34.8 36.8 37.3 36.8 Business and professional 37.0 37.7 The OBE-SEC survey of business 12.9 Farm 13.1 12.8 12.8 13.6 12.0 13.0 13.0 investment intentions indicates a re12.6 12.3 12.8 12.9 12.8 Rental income of persons 11.9 12.9 13.0 sumption of the investment rise in the Dividends 15.0 15.8 14.4 15.8 16.4 15.9 15.8 16.4 current quarter. Personal interest income. __ __. 27.4 29.4 30.6 29.7 25.8 28.8 30.0 31.3 Housing activity off Residential construction was the only major GNP component to show a decline in the first quarter, being down about $1% billion from the closing quarter of 1962. This was the third successive year in which the year began with a sharp drop in housing activity and reflected a series of unusually severe winters, and possibly, in addition, improper seasonal adjustments. Housing starts, which were off sharply (after seasonal correction) in January and February, recovered sharply in March, and though still short of the best 1962 months suggested some recovery in dollar outlays for the second quarter. 29.4 33.4 34.6 34.1 34.2 34.4 35.7 36.5 11. 1 2.8 12.6 4.0 14.3 3.0 13.7 3.3 14.4 2.7 10.9 12.0 12.5 12.3 12.3 14.5 2.7 4.7 12.5 14.8 3.2 4.9 12.7 14.9 3.0 4.8 13.8 9.2 9.7 10.5 10.3 10.5 10.5 10.6 11.8 _ 51.4 44.0 7.4 52.8 45.0 7.8 57.6 49.1 8.5 56.4 48.0 8.4 57.7 49.2 8.5 58.5 49.9 8.6 58.7 50.1 8.7 59. 6 50. $ 9.0 Equals : Disposable personal income 349.4 363.6 382.9 375.6 381.8 384.1 389.3 392.6 Less: Personal consumption expenditures,. _ _ _ _ 328.5 338.1 356.7 350.2 354.9 358.2 363.5 367.8 20.9 25.6 26.2 25.4 26.9 26.0 25.8 24.8 317.3 327.3 341.6 336.6 340.9 342.1 345.8 347.1 Transfer payments _ Old-age and survivors insurance benefits . State unemployment insurance benefits Other . Less: Personal contributions for social insurance.-. Less: Personal tax and nontax payments Federal . State and local Equals: Personal saving . Addendum: Disposable personal income in constant (1954) dollars Table 3.—Gross National Product by Major Type of Product in Current and Constant Dollars (1-6, 1-7) 1962 1960 1961 1962 I II III 1962 1963 IV 1 1960 1961 1962 Seasonally adjusted at annual rates Federal outlays sharply higher Government expenditures for goods and services contributed over $3 billion to the $8 billion rise in GNP noted for the first quarter. A sharp rise in defense outlays, the largest in over a year, accounted for most of this increase. There was only a modest increase, less than $1 billion, in State and local government as unfavorable weather effected . a slight reduction in construction activity following sharp increases in the latest 1962 quarters. Government outlays thus continued to play an important direct, as well as indirect, role in the expansion of eco- - Billions of current dollars I II III 1963 IV I Seasonally adjusted at annual rates Billions of 1954 dollars _ 503.4 518.7 553.9 545.0 552.0 555.3 563.5 571.8 440.2 447.9 471.9 467.4 470.8 471.6 477.7 482.7 Gross national product Final sales Inventory change -- 499.4 516.6 550.6 538.3 547.9 554.2 562.3 568.7 436.5 446.0 468.9 461.5 467.2 470.8 476.5 479.7 4.1 2.1 3.2 6.7 4.0 1.0 1.2 3.0 3.7 2.0 2.9 5.9 3.7 .8 1.3 3.0 Goods output Final salesInventory change 258.2 259.4 276.9 274.9 276.7 275.7 280.4 286.2 234.0 233.5 247.7 246.4 247.1 245.8 251.5 255.2 _ _ 254.1 257.2 273.7 268.2 272.6 274.7 279.2 283.1 230.3 231.5 244.8 240.5 243.4 245.0 250.2 252.2 4.1 2.1 3.2 6.7 4.0 1.0 1.2 3.0 3.7 2.0 2.9 5.9 3.7 .8 1.3 3.0 97.2 94.0 104.5 103.4 104.5 104.9 105.6 108.3 85.0 82.1 90.8 89.9 90.3 90.8 92.5 94.7 _ _ __ 95.0 94.0 102.9 99.9 102.6 103.0 106.4 108.6 82.9 82.0 89.5 87.0 88.7 89.1 93.2 94.9 .1 1.4 2.9 1.6 1.6 -.7 -.2 .0 1.6 3.5 1.9 1.9 -.8 -.2 2.1 2.3 Durable goods ouput Final sales _ _ Inventory change Nondurable goods output Final sales Inventory change- Services Construction _ _ 160.9 165.4 172.4 171.5 172.2 170.8 174.8 177.8 149.1 151.4 156.9 156.5 156.8 155.0 159.0 160. 5 159.2 163.3 170.8 168.4 170.0 171.7 172.8 174.5 147.5 149.5 155.3 153.5 154.7 155.9 157.0 157. 3 -- 1.8 2.1 1.6 3.1 2.2 -.9 2.0 3.3 1.6 1.8 1.6 3.0 2.1 -.9 2.0 3.2 - _ _ _ _ _ _ 188.6 200.7 214.8 211.1 213.5 215.9 219.5 223.2 158.3 165.2 173.0 171.8 172.7 173.7 174.3 176.8 56.7 58.6 62.1 59.0 61.8 63.6 63.7 62.4 47.8 49.3 51.2 49.2 51.0 52.1 51.9 50.7 Addendum : Auto product 1 -_-... 20.8 17.5 21.5 20.1 21.1 21.6 23.2 23.0 17.3 14.5 17.8 16.8 17.4 17.7 19.4 19.3 1. Data for 1947-62 were presented in the February 1963 SURVEY OF CURRENT BUSINESS, pp. 14 and 15. c. BUSINESS STATISTICS urren JL HE STATISTICS here update series published in the 1961 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 1957 through 1960 (1951-60, 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 1961 BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (t), respectively; certain revisions for 1960 issued too late for inclusion in the aforementioned volume appear in the monthly SURVEY beginning with the July 1961 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 1960 and descriptive notes are shown in the 1961 edition of BUSINESS STATISTICS 1960 | 1961 1962 1960 I Annual total II 1961 III IV I II 1962 III IV I II 1963 III IV I Seasonally adjusted quarterly totals at annual rates GENERAL BUSINESS INDICATORS—Quarterly Series NATIONAL INCOME AND PRODUCTf bil. $ Compensation of employees, total . Wages and salaries, total _ Private. Military _ _Government civilian Supplements to wages and salaries Proprietors' income totaled 1 Business and professionalc? Farm _ Rental income of persons Corporate profits and inventory valuation ment total Corporate profits before tax, total Corporate profits tax liability. -_ Corporate profits after tax Dividends _. Undistributed profits Inventory valuation adjustment 415.5 427.8 458.0 413.9 417.2 416.6 414.4 411.8 424.3 431.3 444.0 448.9 456.7 459.8 466.6 do National income, totalf 293.7 302.2 321.6 290.6 294.6 295.8 293.9 294.1 300.2 304.5 309.9 315.2 321.7 323. 8 325.8 330.8 271.3 222.9 9.9 38.5 22.4 46.2 34.2 12.0 11.9 278.8 227.0 10.2 41.6 23.4 47.8 34.8 13.1 12.3 295.8 239.7 11.0 45.2 25.8 49.8 36.8 13.0 12.8 268.5 221.6 9.8 37.1 22.0 45.2 34.5 10.7 11.9 272.2 224.4 9.8 38.0 22.3 46.9 34.5 12.4 11.9 273.3 224.2 9.9 39.1 22.5 46.3 34.1 12.2 11.9 271.3 221.6 10.0 39.7 22.6 46.5 33.8 12.7 12.0 271.2 220.8 10.0 40.4 22.9 46.5 33.7 12.8 12.0 276.9 225.8 10.0 41.2 23.2 47.2 34.5 12.7 12.2 281.0 228.8 10.0 42.2 23.5 48.1 35.1 13.1 12.3 286.1 232.5 10.8 42.8 23.8 49.5 36.0 13.6 12.5 289.9 235.0 11.2 43.7 25.2 49.1 36.2 12.9 12.6 295.9 240.1 11.2 44.6 25.8 49.5 36.8 12.8 12.8 297.8 241.4 10.9 45.5 25.9 49.7 37.0 12.8 12.9 299.7 242.2 10.6 46.9 26.1 50.9 37.3 13.6 12.9 303.3 244.5 10.8 48.0 27.5 50.7 37.7 13.0 13.0 45.6 45.5 51.5 48.6 46.2 44.4 43.3 40.1 45.0 46.0 51.1 50.4 50.7 51.0 54.0 45.4 22.4 23.0 14.4 8.6 2 45.6 22.3 23.3 15.0 8.3 .0 51.3 25.0 26.3 15.9 10.3 .2 49.2 24.3 24.9 14.3 10.6 -.6 46.4 22.9 23.5 14.2 9.2 -.2 43.3 21.4 21.9 14.4 7.5 1.2 42.8 21.1 21.7 14.5 7.1 .5 39.8 19.4 20.3 14.7 5.6 .3 44.8 21.9 22.9 14.8 8.1 .2 46.3 22.6 23.7 14.9 8.7 -.3 51.4 25.1 26.3 15.5 10.8 -.3 50.1 24.4 25.6 15.8 9.9 .3 50.9 24.9 26.1 15.8 10.3 -.2 51.1 24.9 26.1 15.8 10.3 1 53.2 26.0 27.3 16.4 10.9 .8 _do __ do do _ do do do do _ do do adjustbil. $ _. do do do do do do 16.4 18.1 20.0 22.2 17.6 17.7 18.2 18.8 19.1 19.8 20.3 21.0 21.5 22.0 22.5 23.0 23.5 do 503.4 518.7 553.9 501.7 504.8 503.7 503.3 500.8 513.1 522.3 538.6 545.0 552.0 555.3 563.5 571.8 Personal consumption expenditures, total __do 328.5 338.1 356.7 323.9 329.9 329.8 330.5 330.5 335.5 340.1 346.1 350.2 354.9 358.2 363.5 367.8 44.8 18.8 19.1 151.8 28.1 79.5 11.7 131.9 19.6 41.8 10.7 43.7 17.2 19.3 155.2 28.6 81.1 11.9 139.1 20.6 43.9 11.1 47.5 20.1 19.9 162.0 30.0 84.7 12.5 147.1 21.7 46.0 11.6 45.1 19.0 19.3 150.0 28.1 78.5 11.5 128.9 19.2 40.9 10.6 45.8 19.5 19.2 152.6 28.3 79.9 11.6 131. 5 19.6 41.7 10.6 44.5 18.3 19.1 152.5 28.4 79.5 11.7 132.8 19.7 42.2 10.6 44.0 18.3 18.7 152.3 27.8 80.2 11.9 134.2 20.0 42.6 10.7 40.8 15.4 18.4 153.5 28.1 80.3 11.9 136.2 20.2 43.1 10.9 43.5 16.9 19.2 153.9 28.0 80.6 11.7 138.0 20.6 43.6 10.9 44.0 16.9 19.7 156.2 29.0 81.5 11.9 139.9 20.7 44.1 11.1 46.6 19.4 19.8 157.2 29.2 82.1 12.1 142.3 21.0 44.8 11.4 46.3 19.1 19.7 159.9 29.8 83.7 12.1 144.1 21.3 45.2 11.5 47.2 20.3 19.3 161.3 29.8 84.2 12.3 146.3 21.8 45.7 11.5 47.1 19.3 20.1 163.0 30.3 85.3 12.5 148.1 21.9 46.2 11.6 49.6 21.5 20.5 163.9 30.2 85.6 12.8 150.1 22.0 46.8 11.8 50.0 21.5 20.8 165.5 30.3 86.5 12.9 152.3 22.3 47.4 12.0 do 72.4 69.3 76.6 79.1 73.5 70.3 66.5 60.1 67.6 72.4 76.6 75.9 77.4 76.3 76.2 76.8 do __ ___do_-do do do 40.7 21.1 27.6 4.1 3.7 41.6 21.0 25.5 2.1 1.9 44.5 23.3 28.9 3.2 3.2 40.9 21.5 27.4 10.8 10.6 40.7 21.2 28.4 4.4 4.1 40.5 21.0 27.7 2.1 1.7 40.7 20.5 26.8 11 -1.5 39.3 19.0 24.4 -3.6 -3.9 41.0 20.1 24.6 2.1 1.8 42.6 21.9 25.8 4.0 3.8 43.2 22.8 27.4 6.0 5.9 41.6 21 2 27^6 6.7 6.6 44.5 23.3 28.9 4.0 3.9 46.1 24.3 29.2 1.0 1.0 45.0 23.8 29.9 1.2 1.1 43.6 22.6 30.1 3.0 2.7 2.9 26.4 23.5 4.0 27.3 23.3 3.3 28.4 25.2 1.4 25.3 23.9 2.4 26.5 24.2 2.8 26.5 23.6 4.9 27.2 22.3 5.3 27.4 22. 2 4.0 26.4 22.4 2.8 26.9 24.1 3.8 28. 3 24.5 3.7 28.2 24.5 3.7 29.0 25.3 2.5 28.3 25.8 3.2 28.2 25.0 3.2 27.9 24.7 99.7 53.2 45.7 46.5 107.4 57.0 49.0 50.4 117.3 62.4 53.4 55.0 97.2 52.5 45.4 44.7 99.0 53.1 45.8 45.9 100.8 53.6 45.7 47.2 101.4 53.6 45.8 47.8 104. 8 55.4 47.7 49.4 106.0 56.6 49.0 49.4 106.9 56.5 48.4 50.4 112.1 59.5 50.8 52.6 115.2 61.9 53.0 53.3 116.0 62.1 53.2 54.0 118.2 62.7 54.0 55.5 120.7 63.4 54.2 57.3 124.0 65.9 56.6 58.1 499.4 254.1 95.0 159.2 188.6 56.7 516.6 257.2 94.0 163.3 200.7 58.6 550.6 273.7 102.9 170.8 214.8 62.1 490.8 251.3 94.0 157.3 183.8 55.8 500.4 256.2 96.9 159.3 187.7 56.4 501.5 254.9 94.8 160.1 189.9 56.8 504.4 254.1 94.2 160.0 193.1 57.2 504.4 251.6 90.2 161.4 195.9 56.8 511.0 254.4 92.6 161.8 199.0 57.5 518.3 257.8 94.3 163.5 201.3 59.2 532.6 265.0 98.8 166.3 206.6 61.0 538 3 268.2 99.9 168.4 211.1 59.0 547.9 272.6 102.6 170.0 213.5 61.8 554.2 274.7 103.0 171.7 215.9 63.6 562.3 279.2 106.4 172.8 219.5 63.7 568.7 283.1 108.6 174.5 223.2 62.4 4.1 2.3 1.8 2.1 .0 2.1 3.2 1.6 1.6 Net interest - - Gross national product, totalf __do __ Durable goods total 0 do Automobiles and parts _ _ _ do Furniture and household equipment_--do Nondurable goods, total 0 do Clothing and shoes _ do Food and alcoholic beverages ___do Gasoline and oil do __ Services total 0 _ do Household operation do Housing do Transportation do Gross private domestic investment, total New construction _ Residential nonfarm... .. Producers' durable equipment Change in business inventories Nonfarm Net exports of goods and services Exports _ Imports _ _ __ do do _ do Govt. purchases of goods and services, totaL.do Federal (less Government sales) do_ National defense 9 do State and local __ _ do __ By major type of product:*f Final sales, total Goods output, total Durable goods Nondurable goods Services Construction Inventory change, total Durable goods Nondurable goods . do do. __ do do do do do do do 2.1 4.4 2.1 -1.1 -3.6 4.0 6.0 4.0 6.7 1.0 3.0 1.2 <-> 1.0 33 -5.5 -1.3 2.8 3.4 3.5 3.5 1.9 1.9 -.8 2.2 1.1 3.4 1.6 1.9 .6 3.1 2.2 2.5 -.9 3^3 2.0 r Revised. t Revised series. Estimates of na tional in come am1 product and per sonal eludes d ata not s lown sep arately. 9Go\^ernmen , sales are not dediicted. *For qu arterly income have been revised back to 1959; revisions prioif to May 1961 for ]aersonal i ncome a Dpear data ba 3k to 194 7, see p. C 5 of the July 1962 SURVEY on p. 13 of the July 1962 SURVEY. o" Includes in mitory valuatioii adjustraent. 0In- _ 10.8 S.6 2.2 S-l SURVEY OF CURRENT BUSINESS S-2 Unless otherwise stated, statistics through 1960 and descriptive notes are shown in the 1961 edition of BUSINESS STATISTICS 1960 1961 1962 Annual total 1961 1960 II III IV I II 1962 III IV I 1%3 III II IV ' i » GENERAL BUSINESS INDICATORS— Quarterly Series— Continued NATIONAL INCOME AND PRODUCT— Con.f Quarterly Data Seasonally Adjusted at Annual Bates GNP in constant (1954) dollars Gross national product totalt bil. $__ 440.2 447.9 471.9 442, 3 439.7 437.7 433. 9 443.9 450. 4 463. 4 467.4 470.8 471.6 477.7 482. 7 298.3 304. 3 318.2 299. 7 299.1 298.8 298.2 302.5 306.0 310.6 313.9 316.9 319. 0 322.8 325. 3 do - do do 42.2 141.4 114.7 41.6 143. 3 119.4 45.2 148. 5 124. 5 43.0 142,3 114. 5 41.8 141.9 115.4 41.8 140.7 116.3 39.0 141.5 117.7 41.3 142.3 118.8 41.7 144.4 120. 0 44.4 144.9 121.4 44.1 147.0 122.8 44.6 148. 1 124.1 44.6 149.5 125.0 47.6 149.3 126.0 47.9 150.4 127.0 Gross private domestic investment, total., do Personal consumption expenditures, total ..do Durable goods Nondurable goods Services -- 60.7 57.8 63. 3 61. 5 58.6 55. 8 50.0 56. 5 60.4 64.1 63.3 64.1 62.4 62.8 63.4 New Construction Producers' durable equipment Change in business inventories do do do 34.3 22.7 3.7 34.8 21.1 2.0 36.5 23.8 2.9 34.2 23. 3 4.0 34.0 22.7 1.9 34.3 22. 2 ~^7 33. 0 20.1 3.0 34.3 20.2 2.0 35. 6 21.3 3.5 36.1 22.7 5.4 34.6 22.8 5.9 36.7 23.8 3.7 37.7 24.0 .8 36.8 24.8 1.3 35. 5 25. (i 3.0 Net exports of goods and services do 1.5 1.8 .5 1.0 1.5 3.3 3.5 1.7 .7 1.4 1.3 .7 -.3 .5 .5 79.8 42.3 37.4 84.0 44.5 39.4 89.9 48.7 41.2 80.0 42.9 37.1 80.5 42.7 37.8 79.9 41.8 38.1 82.2 42.9 39.2 83.3 44.4 38.9 83.3 44.1 39.2 87.2 46.7 40.5 88.9 48.3 40.6 89.2 48.6 40.6 90.5 49.0 41.5 91.6 49.3 42.3 93.4 50.7 42 7 400.8 51.4 349.4 416.4 52.8 363.6 440.5 57.6 382.9 401.4 51.9 349.6 403.1 51.4 351.7 403. 7 50.9 352. 7 405. 4 51.0 354. 3 413.5 52.5 361.0 419.4 53.0 366.3 427.3 54.6 372.6 432.0 56.4 375.6 439.5 57.7 381.8 442.6 58.5 384.1 448.0 58.7 389.3 452.1 ' 59.5 392.6 do 20.9 25.6 26. 2 19.7 22.0 22.2 23.8 25. 5 26.3 26.5 25.4 26.9 26.0 25.8 24.8 bil. $ _ 8.92 8.59 9.33 9.28 8.98 9.53 7.57 8.61 8.65 9.54 8.02 9.50 9.62 10.18 !8. 48 29.89 do do do. 3.62 1.80 1.82 3.42 1. 57 1. 85 3.67 1.76 1.91 3.76 1.88 1.88 3.62 1.80 1.81 4.01 1.95 2.06 3.00 1.41 1.59 3.46 1.58 1.88 3.34 1.50 1.84 3.88 1.79 2.09 3.14 1.44 1.69 3.69 1.77 1.92 3.72 1.79 1.93 4.13 2.03 2.10 3.37 1.65 1.72 3. 90 1.86 2.04 .25 .26 .48 1.42 2.89 .24 . 17 .46 1.38 2. 92 .27 .21 .52 1.37 3.29 .27 .29 .55 1.42 2.99 .25 .24 .47 1.50 2.90 .24 .25 .46 1.58 2.99 .21 .17 .41 1.09 2.69 .26 . 18 .48 1.39 2.85 .25 .16 .47 1.50 2.94 .26 . 16 . 50 1.54 3.20 .26 .16 .47 1.06 2.94 .27 .26 .60 1.37 3.30 .28 .24 .50 1.54 3.35 .27 .20 .50 1.52 3.55 .23 .22 .36 1.07 3.22 .27 .30 .51 1.42 3.49 do 36.30 35.90 35.50 33.85 33.50 34.70 35.40 35.70 36.95 38.35 37.95 137.95 u 14.70 7.40 7.30 14.65 7.35 7.30 14.40 6.85 7.55 13.75 6.50 7.25 13.50 6.20 7.30 13.65 6.10 7.55 14.00 6.40 7.60 14.20 6.55 7.60 14.45 6.95 7.50 15.05 7.25 7.80 15.00 7.30 7.70 15.30 7.50 7.80 15.30 7.30 8.00 1.05 1.10 2.15 5.70 11.60 1.00 1.00 1.90 5.60 11.75 .90 1.00 1.80 5.70 11.65 .95 .70 1.75 5.35 11.30 1.00 . 70 1. 80 5. 50 11.05 1.00 .65 1.90 5.65 11.85 1.00 . 60 1.95 5.55 12.35 1.15 .70 2.05 5.15 12.45 1.05 .95 2.25 5.40 12.85 1.10 1.00 2.00 5.75 13.40 1.00 .80 1.90 5.45 13.80 1.05 .95 1.65 5.30 13.70 1.05 1.10 2.00 5.60 13.70 4,820 Government purchases of goods and services, total bil. $.Federal do State and local do - DISPOSITION OF PERSONAL INCOMEt Quarterly Data Seasonally Adjusted at Annual Rates Personal income total Less* Personal tax and nontax payments Equals: Disposable personal in come. _ _ bil. $ __do__ _ do Personal savin01 § NEW PLANT AND EQUIPMENT EXPENDITURES Unadjusted quarterly totals or averages: \llindustries Manufacturing Durable goods industries Nondurable goods industries _ Mining do Railroads -- ----- do Transportation, other than rail do Public utilities do Commercial and other do Seas. adj. qtrly. totals at annual rates: All i n dustries uVianuiacturiug...- -----Nondurable goods in dustries 2 -do Railroads Transportation, other than rail— Public utilities do ___do do BUSINESS POPULATION Firms in operation, end of quarter (seasonally adjusted) thous 3 4, 658 3 4, 713 3 4, 752 4,710 4,720 4,730 4,740 4,750 4,760 4,770 4,780 4,790 4,800 4,810 U.S. BALANCE OF INTERNATIONAL PAYMENTS* Quarterly Data are Seasonally Adjusted U S payments recorded __ _ _ mil. $ 31,317 31, 805 33, 245 7,690 8,000 8,078 7,690 7,411 8,082 8,622 8,271 8, 092 8,428 14, 723 3,048 5,417 14,514 2,947 5,462 16, 193 3,006 5,800 3. 836 '758 1,375 3, 664 797 1,368 3,422 722 1, 327 3.369 770 1,309 3,417 756 1,337 3,840 699 1,388 3,888 722 1,428 3,933 752 1,361 4,045 746 1,445 4,164 730 1,484 4,051 778 1,510 Remittances and pensions Govt. grants and capital outflows do do 842 3,405 878 4,051 924 4,271 205 833 211 826 222 978 221 962 221 804 216 1,094 220 1,191 233 1,035 222 1,028 225 1,063 244 1,145 U S private capital Direct investments Long-term portfolio Short-term _ __ do do do do 3,882 1,694 850 1,338 3,953 1,475 1, 006 1,472 3, 051 1,377 1,207 467 683 209 203 1,134 415 170 549 1,407 684 235 488 1,059 457 120 482 876 2G9 218 389 845 429 194 222 1,173 320 474 379 957 231 402 324 606 401 299 94 762 413 161 188 726 332 345 49 38. 65 8,454 do do do 2 Imports: Merchandise Military expenditures Other services -- -- do 27, 984 30, 073 32, 064 7, 055 7, 002 7, 062 7.400 7,930 6,976 7,767 7.686 8,022 8,153 8,203 Exports: Merchandise Services and military sales do do 19. 459 7,554 19, 915 8, 151 20, 566 9,248 4,876 1, 909 4, 940 1,843 4, 986 1, 975 5,061 2,008 4.768 2, 060 4,940 1, 951 5. 146 2,132 5.072 2,183 5,340 2,417 5,170 2,216 4,984 2,432 Repayments on U.S. Govt. loans Foreign capital other than liquid funds do do 636 335 1,274 733 1,275 975 147 123 172 47 147 -46 133 198 851 251 81 4 209 280 141 290 224 41 612 155 298 489 Excess of recorded receipts or payments (— )_..do -3, 333 519 -1,106 -855 193 -409 1 U S receipts recorded Unrecorded transactions _ do -592 -1,732 -1, 181 -635 -998 -1,016 -290 -1,000 -140 -159 297 52 -628 -360 -585 90 -70 -275 -251 144 406 -540 —342 159 -3, 925 -2,360 -2,181 -775 -1,157 -1,313 Total, net receipts (+) or payments (— ) do -1,264 -913 -495 -214 -681 v— 820 -791 is based on incomplete data. 'Revised. * Preliminary. 1 Estimates for Jan.-Mar. 1963 based on anticipated capital expenditures of business. t See corresponding note on p. S-l (revisions prior to 3d qtr. 1959 appear on n 8 ff of the July 1962 SURVEY). 2 Estimates for Apr .-June 1963 based on anticipated capital expenditures of business. Anticipated expenditures for the year 1963 are as follows (in bil. $): All industries, 39.10; § Personal saving is excess of disposable income over personal consumption expenditures manufacturing, total, 15.69; durable goods industries, 7.78; nondurable goods industries, shown as a component of gross national product on p. S-l. 7.90; mining, 1.01; railroads, .96; transportation, 1.84; public utilities, 5.66; commercial and J More complete details are given in the quarterly reviews in the Mar., June, Sept, other, 13.94. and Dec. issues of the SURVEY. Revisions prior to 4th qtr. 1959 will be shown later. 3 Unadjusted. Data represent firms in operation as of Jan. 1; estimate for Jan. 1, 1962
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