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SURVEY OF CURRENT BUSINESS

12

February 1961

Gross National Product
1959
1958

Line

1959

1960

IV

1960
I

II

1959
III

IV

1959

1958

1960

1960
IV

I

II

III

IV

Seasonally adjusted at annual rates
Billions of dollars

TABLE 3.— GROSS NATIONAL PRODUCT
(1-3, 1-4)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

482.1

503.2

293.5

313.8

327.8

319.6

37.3
142.0
114 2

43.4
147.6
122 8

43.6
152.4
131.7

43.5
149.6
126.6

444.2

Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services

1

3
4
5
6
7
8
9
10
11
12
13

__.

___ -

Producers' durable equipment.-Change in business inventories

_..

Nonfarm
Farm

503.5

444. 2

482.1

503.2

128.1

120.3

125.3

124.6

133.1

323.3

329.0

328.3

330.8

293. 5

313.8

327.8

86.1

76.9

81.6

80.4

88.9

44.2
150.5
128.6

44.5
153.5
130.9

42.7
152. 7
132.9

43.2
152.9
134.7

37.3
142. 0
114.2

43.4
147.6
122.8

43.6
152. 4
131.7

12.4
42.4
31.3

10.0
34.4
32.5

11.2
37.6
32.8

10.1
37.2
33.2

12.4
43.2
33.3

72.0

72.8

70.8

79.3

75.5

70.8

66.0

56.0

72.0

72.8

17.7

19.3

18.2

18.2

17.0

35.4
18.0
17. 4

40.3
22.3
18.0

40.4
21.1
19.3

39.4
21.3
18.1

40.8
21.4
19.3

40.7
21.3
19.4

40.5
21.1
19.5

40.3
20.5
19.8

35.4
18.0
17.4

40.3
22.3
18.0

40.4
21.1
19.3

10.3
5.7
4.7

8.7
4.4
4.3

10.0
5.3
4.7

11.2
6.0
5.2

10.5
5.4
5.2

23.1
-2.5

25.8
5.9

28.8
3.6

26.8
4.7

27.1
11.4

29.5
5.3

29.7
.6

28.7
-3.0

23.1
-2.5

25.8
5.9

28.8
3. 6

7.0
.4

6.2
4.5

7.8
.4

7.1
-.1

7.6
-1.2

5.4
.5

3.2
.4

4.3
.4

11.0
.4

5.0
.3

.3
.3

-3.4
.4

-3.6
1.0

5.4
o

3.2
.4

.3

4.4

.3

-.2

-1.3

3.0

-.4

1.2

2.0

3.7

4.6

1.2

3.0

.2

.4

.7

.5

1.5

22.7
21.5

22.9
23.8

26.5
23.5

23. 5
23.9

25.2
23.9

26.4
24.4

27.3
23.5

27.0
22.4

22.7
21.5

22.9
23.8

26.5
23.5

6.2
6.0

6.2
5.8

6.7
6.1

6.6
6.1

7.0
5.5

93.5

97.1

99.7

96.4

97.5

98.6

102.1

93.5

97.1

99.7

24.2

23.7

24.8

25.5

25.7

52.6

53.3

52.4

52.5

51.8

51.7

52.7

53.3

52.6

53.3

52.4

13.0

12.9

13.0

13.2

13.2

44.8
8.3
.5

46.0
7.8
.5

45.1
7.9
.6

45.5
7.5
.5

44.9
7.5
.5

44.7
7.6
.6

45.1
8.2
.6

45.7
8.2
.6

44.8
8.3
.5

46.0
7.8
.5

45.1
7.9
.6

11.3
1.9
.1

11.1
1.9
.1

11.3
1.9
.2

11.3
2.1
.1

11.3
2.1
.2

40.8

Net exports of goods and services

43.9

47.3

43.9

45.7

46.9

48.0

48.8

40.8

43.9

47.3

11.1

10.8

11.8

12.3

12.5

1.2

Exports
Imports . . . _ . Government purchases of goods and services
Federal
National defense
Other-- _ _ .
Less: Government sales

State and local

-1.0

Durable goods
Nondurable goods
Services
_

100.7

-1.0

Implicit price deflators for seasonally adjusted GNP, 1954=100

GNP in billions of 1954 dollars
401.0

__ _ _

_ _.
_.

428.0

439. 2

429.1

440.5

442.2

438.0

437.0

110.8

112.6

114.5

113.3

113.8

114.2

115.0

273.6

Gross national product
Personal consumption expenditures

289.4

296.8

292.8

294.8

298.3

296.9

297.6

107.3

108.4

110.4

109. 2

109. 7

110.3

110.6

115.2
111.2

35.6
133. 7
104.3

40.8
139. 3
109. 3

41.2
141.9
113. 7

41.1
140.5
111.2

41.8
141. 1
112.0

41.9
143.2
113. 3

40.2
142.3
114.4

41.2
141. 3
115.2

104. 9
106.2
109.5

106.2
106.0
112.4

105. 9
107. 4
115.9

105.7
106.5
113.8

105. 8
106.7
114.9

106.4
107.2
115.5

106.3
107.3
116.1

105.0
108. 2
117.0

48.3

60.9

60.5

59,4

66.2

62.8

58.6

51.9

31.0

34.4

33.6

33.4

34.0

33.8

33.6

33.5

114.1

117.2

120.3

117.9

120.0

120.4

120.5

120.3

__ _

16.2
14.9

19.4
15.0

18.0
15.6

18.3
15.0

18.3
15.7

18.2
15.6

18.0
15.6

17.6
15.9

111.7
116.8

115. 2
119. 7

117.1
124.1

115.9
120.2

117.2
123.4

117.2
124.2

117.0
124.6

116.8
124.1

Producers' durable equipment __ __
Change in business inventories

19.4
-2.2

21.3
5.2

23.7
3.2

22.2
3.8

22.4
9.8

24.2
4.8

24.4
.6

23.8
-2.4

119.0

121.3

121.5

120.9

121.1

122.0

122.0

120.8

-3.1

4.9

2.8

4.0

9.4

4.5

.3

-2.8

105.9
99.2

104.5
98.1

105.2
99.9

104.6
99.9

105.6
99.9

104.9
99.9

105.6
99.9

104.8
99.9

Gross private domestic investment
New construction
Residential nonfarm
Other

Nonfarm
Farm

2

15
16

Exports
Imports

17

Government
services

-2.4

1.6

and

Federal
State and local

Final sales
Inventory change
Durable goods output. .
Final sales
Inventory change
Nondurable goods output
Final sales
Inventory change
Services
Construction

.7

2.2

3.4

25.2
24.5

25.8
23.6

25.8
22.4

78.5

79.6

80.3

80.3

81.1

117.9

121.2

124.1

122.8

122.4

122.7

125.4

125.9

42.3
36.2

41.8
37.8

41.8
38.6

41.2
39.1

41.4
39.7

118.2
117.4

122.1
120.0

126.0
122.1

124.1
121.3

123.7
120.9

123.6
121.6

128.0
122.7

128.7
122.9

25.2
23.6

22.5
24.0

79.3

80.2

80.3

43.6
36.6

41.6
38.7

21.4
21.6

-

purchases of goods

Gross national product
Final sales
Inventory change

-.1

23.8
24.0

-1.5

21.9
24.3

44.5
34.8

.-

._

- _ ____

-

Billions of 1954 dollars, seasonally adjusted at annual rates

Billions of dollars

TABLE 5.— GROSS NATIONAL PRODUCT
BY MAJOR TYPE OF PRODUCT (I 6,1-7)'
1
2
3
4
5
6
7
8
9
10
11
12
13
14

503.5

-3.6
1.0

New construction
Residential nonfarm
Other

14

18
19

505.0

501.3

56.0

Gross private domestic investment

TABLE 4.— GROSS NATIONAL PRODUCT
IN CONSTANT DOLLARS, AND I IMPLICIT PRICE DEFLATORS (1-5, VII-3)

2

486.4

Billions of dollars, unadjusted for seasonal variation

444.2
446. 7
-2.5
229.1
231.6
-2.5
80.2
83.3
-3.1
148.9
148.3
.6
164.3
50.8

482.1
476. 1
5.9
249.9
244.0
5.9
94.1
91.0
3.1
155.8
153.0
2.8
175.9
56.3

503.2
499.6
3.6
257.8
254.2
3.6
96.1
93.9
2.2
161.7
160.3
1.4
188.7
56.6

486.4
481.7
4.7
251.2
246. 5
4.7
92.8
91.1
1.7
158.4
155.4
3.0
181.3
53.9

501.3
489.9
11.4
261.0
249.6
11.4
101.7
91.8
9.8
159.3
157. 8
1.5
184.0
56.3

505.0
499.7
5.3
261.3
256. 1
5.3
98.0
94.9
3.1
163.3
161.1
2.2
187.0
56.7

503. 5
503. 0
.6
255.7
255.1
.6
93.9
94.0
-.1
161.8
161.1
.7
190.8
57.6

1. For quarterly data beginning 1947, see SURVEY OF CURRENT BUSINESS, November 1960, pages 18 and 19.




503. 5
506.5
-3.0
253.1
256.0
-3.0
90.8
94.8
-3.9
162.3
161.3
1.0
193.4
57.2

401.0
403.2
-2.2
211.2
213.4
-2.2
71.5
74.2
-2.7
139.7
139.2
.5
145.3
44.4

428.0
422.8
5.2
228,3
223.1
5.2
82.1
79.5
2.6
146.2
143. 6
2.5
151.6
48.1

439.2
436.0
3.2
233.8
230.6
3.2
83.8
81.9
1.9
150.0
148.7
1.4
157.9
47.5

429.1
425.3
3.8
228.8
225.0
3.8
81.2
79.8
1.4
147.7
145.2
2.4
154.6
45.7

440.5
430.7
9.8
237.5
227.7
9.8
88.7
80.4
8.3
148.8
147.3
1.5
155.6
47.4

442.2
437.4
4.8
237.1
232.3
4.8
85.3
82.6
2.7
151.8
149.6
2.2
157.4
47. 6

438.0
437.4
.6
231.5
230. 9
.6
81.4
81.5
-.1
150.1
149.4
.7
158.8
47.7

437.0
439.4
2.4
229.1
231.5
-2.4
79.8
83.1
-3.4
149.3
148.3
1.0
160.0
47.9

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 SUBVEY 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

1959

1961

1960

January

December

February

March

April

May

June

July

Novem- DecemAugust Septem- October
ber
ber
ber

January

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

_.do_ __
.
do. _
. . . do...
do
..do _
do.

Proprietors' income, total cf 1
-- do. _.
Business and professional^
.
do._.
Farm .__
.
do _.
Rental income of persons
_ _ __ ... . do._.
Corporate profits and inventory valuation adjustment, total
bil. of doL.
Corporate profits before tax, total
_. do
Corporate profits tax liability
.
. do _ _
Corporate profits after tax
_. _. _ _-do_ __
Inventory valuation adjustment
. . do _ _

402.8

414 4

419 4

419 3

281.6
261. 5
215. 6
9.8
36.1
20. 1

290.2
268.7
222 1
9.9
36.7
21.5

295 0
273.1
225 5
10.0
37 6
21.9

297
274
226
10
38
22

46.3
35.1
11.2
12.5

46.0
35.4
10.6
12.5

48.1
36.0
12.1
12.5

48 3
36.1
12 2
12.5

45.5
44.8
22.1
22.7
.7

48.0
48.8
23.8
25.0
-.8

45.3
45.7
22 3
23 4
—.4

42.2
41 5
20 3
21 3
7

2
9
0
1
8
3

295 2
273 2
10 3
39 3
22 0
48
35
12
12

8
9
8
5

16.9

17.8

18.5

19.1

19 4

do. _.

486.4

501.3

505.0

503 5

503 5

Personal consumption expenditures, total
Durable goods
_.
Nondurable goods _ ._. ...
Services
. ...

do
do. ..
do
do. _.

319. 6
43.5
149. 6
126.6

323.3
44.2
150.5
128.6

329.0
44.5
153 5
130.9

328
42
152
132

3
7
7
9

330
43
152
134

8
2
9
7

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

do
do
. do
do ...

70.8
39.4
26.8
4.7

79.3
40.8
27. 1
11.4

75.5
40 7
29 5
5 3

70 8
40 5
29 7
6

66
40
28
3

0
3
7
Q

Net exports of goods and services
do
Exports
_ __
do._Imports
do ...
Government purchases of goods and services, total
bil. ofdol..
Federal (less Government sales)
.do _
National defense?
do
State and local
do. .

-.4
23.5
23.9

1.2
25.2
23.9

2.0
26 4
24.4

37
27 3
23 5

4 6
27 0
92 4

96.4
52.5
45.5
43.9

97.5
51.8
44.9
45.7

98.6
51.7
44.7
46 9

389.0
46.5
342.4

396.2
49.2
347.0

404.2
50.0
354.1

408 0
50.5
357 5

408 5
50.4
358 1

25.2

29 2

27 2

Net interest

do

Gross national product, total

100
52
45
48

7
7
1
0

102
53
45
48

1
3
7
8

Personal income, total.. . _ _
Less: Personal tax and nontax payments
Equals: Disposable personal income

do.. .
do
do

Personal saving§

do

22.8

23.7

bil. of dol.-

429.1

440.5

442.2

438 0

437 0

292.8
41.1
140.5
111.2

294.8
41.8
141.1
112 0

298 3
41 9
143.2
113 3

296
40
142
114

297 6
41 2
141 3

59.4
33.4
22.2
3.8

66.2
34.0
22.4
9.8

62.8
33 8
24 2
4 8

58.6
33 6
24 4
6

-.1

7

2 2

GNP in constant (1954) dollars
Gross national product, total

Personal consumption expenditures, total _.do
Durable goods
do
Nondurable goods.
_.
do
Services.
. . .
do
Gross private domestic investment, total
New construction..
Producers' durable equipment
Change in business inventories

do
_.do
do
do.- -

Net exports of goods and services

_.do

Government purchases of goods and services, total
bil. ofdoL.
Federal
do
State and local
do

-1.5
78.5
42.3
36.2

9
2
3
4

mo
54
33
23
2

9
5
8
4

3 4

79.6
41.8
37.8

80.3
80 3
81 1
41 8
41 2
41 4
38.6
39.1
39.7
t Revised.
tRevised series. Estimates of national income and product and personal income have been revised back to 1957; revisions prior to the 2d quarter 1959 (and prior to May 1959
for personal income) appear on pp. 8 ff. of the July 1960 SURVEY.
^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.




S-l

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