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SURVEY OF CURRENT BUSINESS Mar 1964 Table 1.—Gross National Product in Current and Constant Dollars (1-3, 1-5) 1963 1961 1962 1964 1 • -I 1963 1903 III IV | 1961 I 1962 1963 1 Seasonally adjusted at annual rates Gros*' national product Durable poods Nondurable goods _ Service* 5 _ _ _ -- _., _. . II r iv i Seasonally adjusted at annual raU'S Billions of current dollars V*ersona! consumption expenditures _ II IIM'4 Billions of 1954 dollars 518 2 554 9 585. 1 571 8 579 6 588. 7 \ 600. 1 608. 0 447. 7 474.8 492.9 485.3 489.4 49 5.1 501.7 5U6. 4 336. 8 355. 4 373. 1 367. 4 370. 4 374.9 379.9 387.9 303. 6 317. 6 328.9 325.5 327.0 ! 33 0. 1 332. 8 .m () 43. 6 155. 1 13*. 0 4s. 2 161.4 145. 7 51.5 167.1 154.5 50.fi ! 165.3 1 151.4 ; 51. 0 165.9 i 153.5 i 50. S i 168.6 155. 5 | 53. 6 16s. 7 ' 157. 7 55. 5 172. 4 100. 0 41.5 143.3 45. 6 147.8 124. 3 4s. 6 151.3 129. 0 4s. 1 ; 150.1 127. 3 4s'. 0 150.5 12S. 5 50, 4 151.9 130.6 52. 5 154. S 131.7 4 S. 0 152.6 12 j. 6 69 0 78 8 82 3 77 8 80 7 ' 83.7 87.1 84.8 57. 5 65. 2 67.7 64.6 66.4 6 8.6 71.4 68.9 41.6 44.4 46. 6 43. 7 45. 8 47. 9 49. 2 49. 7 34.7 36. 7 37. s 35. 7 37. 3 38. 6 39. 5 39. S 21 0 90 5 23 2 25 0 •>1 6 '» i • °1 0 i ->4 x '>! 0 25, 9 i 2l> 0 i 20 S "^ 4 •'>" 1 '>° 6 18 2 16.6 19 8 16. S 21. 0 16. s 19.2 Hi. 5 20. 9 j 16. 4 • 2 1.6 1 7.0 22.2 17.3 22.3 17.4 Producers' durable equipment 95 5 28. S 30. 9 29.0 : 30.7 31.6 32.5 32.9 21.0 23.8 25.5 24.0 25.3 ; 2 6. 1 2»>. S 27. 0 Chantro jn business inventories 1.9 5. 5 4. 7 5. 1 i 4.3 4 9 i 5 4 •> 1 1. 7 4.8 4.4 4.9 3. S | 4. 0 5. 0 2. 1 1.5 .3 4.9 4.2 .5 4.3 ! .8 i 3.6 .6 3.7 .5 ; 5.1 .3 1.9 .2 1.6 4.3 .5 3. 9 .6 4. 1 .8 ! 3. 1 .6 j 3.5 .5 4.7 .3 l.S .2 2.3 1.8 2.6 2.3 i 3.3 4.5 30.3 26. 9 31.5 27. 0 N e w construction Residential nonfarm Other Xonfarm Farm __. - Net exports of jfoodfe and services "F xport s Imports Government purchases of goods and services State a n d local : 4 4 3 8 4 5 4,3 5.4 6.6 98 9 25 1 30 7 26. 2 9s1 6 24. 9 30 7 25. 9 3! 4 27. 1 ; 3>;> 3 26. 9 i 33 6 27. 0 23! 3 27. 0 25.2 28. S 26.2 3.6 j 4.8 1.8 : 2.8 26. 7 24.9 2H. 7 25. 9 i 2 9.4 2 7. 1 125. 1 123.0 123,8 125.7 | 128.8 84. 3 90.2 93.7 93.4 93.2 j 9 4. 1 94. 2 <>4. 1 57.4 62. 4 66. 3 65.5 66.5 66. 4 66. 6 j 66. 9 44.8 49. 0 50. 5 ; 50. 6 , 51. 0 50.7 49.8 ' 49.3 53.3 10. 0 .8 56. 7 10. 5 1. 0 56. 4 i 10. 1 i 1. 0 ' 56. 7 10.6 .8 56. 7 i 10.8 1.2 57. 2 10.4 1. 0 ; _ 49 0 8.9 .6 57. 1 10.9 1.1 _ _ _ _ . . . . 50. 6 54. 6 58. 8 57. 5 57. 3 59.4 61.2 4 3.4 44.4 , 44.7 _ _ _ „ <> 97 5 23 1 107. 9 Federal Xalional defense Other Less" Government sales Oj 117.0 127.7 I 61.9 39.5 41.2 . 43. 2 42. 9 I 42. l Table 2.—National Income by Type of Income (1-3, 1-9) [Billions of dollars] 1964 1963 1961 1963 1962 " I IV III I Seasonally adjusted at annual rates National income 426.1 453. 7 478. 1 466.7 474.6 482.0 489.1 ^omwenScition of employees 302. 1 322. 9 340. 4 332. 0 338. 7 342.8 347.9 352.5 Wa^es and salaries -Private Military Government civilian . 278.8 227 0 10.2 41. 6 297. 1 241.6 10.8 44. 7 312. 3 253. 0 11.0 48.3 304. 5 246. 7 10.7 47. 1 310. 8 252. 2 10.8 47.8 314.6 255. 1 10.8 48.7 319.4 258. 1 11.8 49.5 323. f. 261. 1 11.8 50. 7 Supplements to wages and salaries Emplover contribution for social insurance Other labor income -Emplover contributions to private pension and welfare funds Other _ _ - _. ... 23.3 11.9 11.4 8.9 2.4 25.7 13.7 12.1 9.5 2.6 28. 0 15.4 12.6 27.5 15.0 12.4 27.9 15. 3 12. 6 28.2 15.5 12.7 28.5 15.7 12.8 28.8 16.0 12.9 48.1 49.8 50.5 50.7 50.0 50.5 50.8 50.8 35.3 35.3 .0 12.8 36. 5 36. 5 .0 13.3 37.7 37.2 37.4 37. 8 38.2 38.6 12.8 13.5 12. 6 12.7 12.6 12.2 12.1 12.0 12.1 12.0 12.0 12.1 12.2 12.3 43. 8 47.0 51. 1 48.8 50. 1 52. 2 53.2 43.8 22.0 21.8 15.3 6.5 46. 8 22.2 24.6 16. 6 8. 1 51.5 24.4 27. 1 17.8 9.3 48.3 22.9 25.4 17. 1 8.3 51.0 24.2 26.8 17.6 9.2 52. 2 24.7 27.5 17.6 9.8 54.3 25.8 28.6 18.8 9. 7 .0 .2 — 4 .4 .0 -1.1 -.2 20.0 22.0 24.1 23.3 23.7 24.3 25.0 25.6 ... _ -_„ 'roprietors' income Business and professional Income of unincorporated enterprises Inventory valuation adjustment Farm__ _ __ _ _ '.ental income o f persons - - _ __ _ _ _ . ._ . _ _ _ _ _ orporate profits and inventory valuation adjustment Profits before tax Profits tax liabilitv . Profits after tax Dividends _ _ Undistributed profits Inventory valuation adjustment 6t interest _ _ _ _ _ _ 1. First-quarter national income total and the corporate profits share are based on preliminary estimates and are subject to revision in next month's S C R V K V . i 4%. 9 1 55. 8 56. 0 24. 9 31. 1 19. 1 12.0 SURVEY OF CURRENT BUSINESS May 1964 Recent Advances in Corporate Profits 1 [Billion dollars] Business cycle: Peak Trough II 1960 1961 Current Percent changes IV 11-1960 1-1961 IV-1963 IV-1963 1963 Seasonally adjusted annual rate All industries, total 45.2 38.8 53.2 17.7 37.1 23.2 18.6 28.1 21.1 51.1 Durable goods industries 11.7 8.4 15.6 33.3 85.7 Nondurable goods industries _- 11.5 10.2 12.5 8.7 22.5 Manufacturing Transportation, communications, and public utilities .. All other industries facturing have risen by $2 billion, to reach a record $15% billion in the final quarter of 1963. In the 1954-57 period, profits in durable manufacturing reached a peak in the sixth quarter of expansion and declined sharply thereafter. In the 1958-60 expansion, the topping out was evident after a little more than a year of sharp increases and the trend was generally downward thereafter. Earnings in nondurable goods industries rose only slowly after the 1961 trough, but, in contrast to the experience of the two previous upswings, they were still increasing as 1963 ended. Following recovery from the troughs of 1954 and 1958, profits in soft goods industries leveled off after about a year and a half of recovery, and declined gradually thereafter. Table 3.—Persona] Income and Its Use (II-2) [Billions of dollars] 1963 1961 7.1 6.7 8.3 16.9 23.9 14.9 13.5 16.9 13.4 25.2 I 1963 III II IV I Seasonally adjusted at annual rates Personal income 1. Before tax and inventory valuation adjustment. gins as well as the expanding level of business activity. As noted in recent issues of the SURVEY, corporate profit margins, whether measured as a percent of corporate output or as a percent of national income originating in corporate enterprise, have been unusually strong. Wage and salary disbursements Commodity- producing industriesManufacturing only Distributive industries Service industries Government _- Other labor income _ _ _ 417.4 442.1 463.0 453.9 459.9 465.2 473.0 479.1 278.8 110.8 87.5 72.9 43.4 51.8 297.1 118.5 94.2 76.6 46.4 55.6 312.3 123.8 98.3 79.8 49.5 59.3 304.5 120.1 95.5 78.4 48.2 57.8 310.8 123.6 98.2 79.6 49.1 58.6 314.6 124.9 99.0 80.3 50.0 59.5 319.4 126.5 100.5 81.0 50.6 61.3 323. 6 128.0 101.7 82.0 51.2 62.5 11.4 12.1 12.6 12.4 12.6 12.7 12.8 12.9 Proprietors' income Business and professional Farm 48.1 35.3 12.8 49.8 36.5 13.3 50.5 37.7 12.8 50.7 37.2 13.5 50.0 37.4 12.6 50.5 37.8 12.7 50.8 38.2 12.6 50.8 38.6 12.2 Rental income of persons 12.1 12.0 12.1 12.0 12.0 12.1 12.2 12.3 Dividends Personal interest income 15.3 27.7 16.6 30.0 17.8 32.5 17.1 31.6 17.6 32.1 17.6 32.8 18.8 33.5 19.1 34.3 33.6 12.6 4.0 4.8 12 2 34.8 14.3 2.9 4.8 12 8 36.9 15.3 2.8 5.0 13.8 37.0 14.8 3.0 4.9 14.2 36.5 15.4 2.6 5.0 13.5 36.7 15.5 2.6 5.0 13.6 37.5 15.5 3.1 5.1 13.8 38.5 15.7 2.8 5.1 14.9 Transfer payments Old-age and survivors insurance benefits State unemployment insurance benefits Veterans' benefits Other Manufacturing profits strong In the current expansion, as in the earlier advances, profits in all major industries have shared in the general uptrend. Durable manufacturing profits have continued to expand through the 12th quarter since the cyclical trough; over the past year earnings in durable manu- 1962 1964 -- Less: Personal contributions for social insurance.. 9.5 10.2 11.8 11.5 11.7 11.9 12.0 12.3 Less: Personal tax and nontax payments Federal __ State and local Equals : Disposable personal income 52.9 45.1 7.8 364.4 57.7 49.0 8.7 384.4 60.5 50.9 9.6 402.4 59.4 50.0 9.4 394. 5 59.9 50.4 9.6 400.0 60.8 51.1 9.7 404.4 62.1 52.2 9.9 410.9 60.4 49.9 10.6 418.7 Less: Personal consumption expenditures Equals: Personal saving. _ __ ___ 336.8 27.6 355.4 29.1 373.1 29.3 367.4 27.1 370.4 29.6 374.9 29.5 379.9 31.0 387.9 30.8 Addendum: Disposable personal income in constant (1954) dollars 328.4 343.6 354.9 349.5 353.2 356.0 360.7 366.0 Table 4.—Gross National Product by Major Type of Product in Current and Constant Dollars (1-6, 1-7) 1961 1962 1963 1963 I II 1964 III IV 1961 1962 1963 1963 I I II 1964 III Seasonally adjusted at annual rates Seasonally adjusted a annual rates Billions of current dollars Billions of 1954 dollars IV I Gross national product 518.2 554.9 585.1 571.8 579.6 588.7 600.1 608.0 447.7 474.8 492.9 485.3 489.4 495.1 501.7 506.4 Final sales Inventory change. _ 516.3 1.9 549.3 5.5 580.3 4.7 566.6 5.1 575.4 4.3 584.5 4.2 594.8 5.4 605.8 2.1 446.0 1.7 470. 1 4.8 488.5 4.4 480.4 4.9 485.6 3.8 491.1 4.0 496.7 5.0 504.3 2.1 259.1 257.3 1.9 278.3 272.8 5.5 291.6 286.9 4.7 286.8 281.7 5.1 289.8 285.6 4.3 292.4 288.2 4.2 297.2 291.8 5.4 301.2 299.1 2.1 233.2 231.5 1.7 249.1 244.4 4.8 259.3 254.9 4.4 256.4 251.4 4.9 257.8 254.0 3.8 259.8 255.8 4.0 263.4 258.3 5.0 266.7 264.6 2.1 93.4 93.8 -.4 104.4 101.5 2.9 111.8 109.6 2.1 107.5 106.3 1.1 112.6 109.6 3.0 111.8 110.0 1.8 115.1 112.6 2.5 116.8 116.0 .9 81.3 81.6 -.3 91.0 88.5 2.6 97.2 95.4 1.8 94.0 93.0 1.0 97.8 95.2 2.5 97.1 95.5 1.6 100.0 97.8 2.2 101.9 101.0 .8 165.7 163.5 2.2 173.9 171.3 2.6 179.9 177.2 2.6 179.4 175.3 4.0 177.3 176.0 1.3 180.7 178.3 2.4 182.1 179.2 2.9 184.4 183.1 1.3 151.9 149.8 2.0 158.1 155.9 2.2 162.1 159.5 2.6 162.4 158.4 3.9 160.0 158.8 1.3 162.7 160.4 2.3 163.4 160.5 2.8 164.8 163.6 1.2 __ . 200.4 214.5 228.0 222.5 226.5 229.6 233.6 237.1 165.3 174.4 180.7 177.8 180.2 181.8 183.1 184.2 __ _ 58.6 62.1 65.4 62.5 63.3 66.7 69.3 69.7 49.2 51.4 52.9 51.2 51.4 53.5 55.3 55.5 Addendum: Auto product 17.5 21.7 24.1 23.3 23.9 23.2 25.9 25.8 14.5 17.9 20.0 19.5 19.7 19.2 21.3 21.5 Goods output Final sales Inventory change Durable goods output __ Final sales. Inventory change _ _ Nondurable goods output Final sales Inventory change Services .. Construction. _ __ 728-330 °—64- _ _ BUSINESS STATISTICS IHE STATISTICS here update series published in the 1963 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 1959 through 1962 (1951-62, 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 1963 BUSINESS STATISTICS went to press are indicated by an asterisk (*) arid a dagger (f), respectively; certain revisions for 1962 issued too late for inclusion in the aforementioned volume appear in the monthly SURVEY beginning with the August 1963 issue. Also, unless otherwise noted, revised monthly data (for periods not shown herein) corresponding to revised monthly averages are available upon request. 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, through the courtesy of the compilers, and are subject to their copyrights. Unless otherwise stated, statistics through 1962 and descriptive notes are shown in the 1963 edition of BUSINESS STATISTICS 1961 1962 | 196-3 1961 I Annual total | II | Data from private sources are provided 19 62 III | IV I II 1964 19 63 III IV I II III IV I Seas onally adjusted c uarterly totals at a n n u a l r ates GENERAL BUSINESS INDICATORS—Quarterly Series NATIONAL INCOME AND PRODUCT National income, total Coi 1 1 pensat ion of employees, total bil. $. 426. 1 453. 7 478. 1 411.1 423. 2 do 302. 1 322. 9 340. 4 294.0 300. 1 304. 4 309. 9 278 8 297 1 241. 6 10.8 44.7 95 7 312. 3 253. 0 11.0 48.3 28 0 271.2 220. 8 281 . 0 228. 8 10. 0 42.2 93 4 286. 1 40.4 22 8 276. 9 225. 8 10 0 41.2 °3 1 48.1 35.3 I9 8 12.1 49.8 36. 5 13 3 12.0 50. 5 37. 7 12 8 12. 1 47. 0 34.2 I9 8 12 1 47.6 35. 0 I9 6 1° 1 4«. 3 3.5. 7 49. 5 36.0 13.5 I9 1 4P>. 5 36.3 13 9 12 0 19 0 19 0 19 0 43.8 47.0 51.1 38. 8 43. 6 44.0 48.6 46.1 46.5 46.1 43.8 22.0 21.8 15.3 6.5 .0 46.8 22. 2 24.6 16.6 8.1 51.5 24.4 27.1 17.8 9.3 -.4 38. 5 19.4 19.2 15.0 4.2 .3 43.4 21.8 21 . 6 15.1 6.5 2 44.3 22.3 22 0 15.2 6 8 -.3 48.9 24.6 24.3 15.8 8.5 -.3 45. 9 21.7 24.2 16.2 8.0 .1 46.7 22.1 24.6 16.4 8.2 2 46. 2 21.9 24.3 16.5 7.8 -.1 Wages and salaries, total... . do.... Private .. do Military ._ __ _ . do_ . Government civilian do Supplements to wages and salaries . do . Proprietors' income, totaled do Business and profession aid" do Farm _ . _ do Rental income of persons do Corporate profits and inventory valuation adjustment, total . bil $ Corporate profits before tax, total Corporate profits tax liability Corporate profits after tax * Dividends Undistributed profits Inventory valuation adjustment Net interest _ _ do do do do do do 227. 0 10.2 41.6 "10! o 429. 0 19 fi 441.0 "ids 42. 8 93 8 444.7 316.0 290. 7 "nil 43.6 25 ? 452. 4 322. 5 455. 5 325. 3 462. 2 327. 7 466. 7 474. r, 482. 0 489. 1 " 496. 9 332. 0 33S. 7 312. S 347. 9 352. 5 319.4 258. 1 11.8 49. 5 28. 5 323. 6 261.1 11.8 50. 7 28.8 50. 8 38. 2 12.6 12 2 50.8 38. 6 12.2 12 3 304. 5 246. 7 10. 7 47. 1 310.8 50. 0 37.4 12.6 19 () .50. 7 37. 2 13. 5 I9 0 314. 6 255. 1 10. 8 48. 7 28. 2 50. 5 37.8 12. 7 49.3 48.8 50. 1 52 2 53. 2 " 55. 8 48.4 22.9 25. 5 17.1 8.4 .9 48.3 22.9 25. 4 17 1 8. 3 .4 51.0 24.2 26. 8 17.6 9.2 52. 2 21 7 27. 5 17.6 9.8 .0 54.3 25.8 28. fi 18.8 9.7 -1.1 » 56. 0 r> 24. 9 f 31. 1 " 19. 1 " 1 2. 0 -.2 296 8 241.7 11.0 44.1 299. 4 243. 7 10.7 45. 0 244! 7 10. f) 46. 3 49.6 36. 5 13.1 25. 9 49.8 36. 6 13.2 50. 3 36. 9 13.4 1 0. 8 47.8 27. 9 ]9 () [9 I do 20.0 22.0 24.1 19.1 19.8 20. 3 21.0 21.2 21.7 22.3 23.0 23. 3 23.7 24.3 25. 0 25. 6 do 518. 2 554.9 585. 1 500. 4 512. 5 521. 9 537. 8 544. 5 552. 4 556. 8 565. 2 571.8 579. 6 588. 7 600. 1 608. 0 Personal consumption expenditures, total.. do 336.8 355. 4 373. 1 330.7 334. 9 337. 9 343. 8 348.8 352. 9 356. 7 362. 9 367.4 370. 4 374. 9 379. 9 387. 9 43.6 17.1 19.2 155.1 28 6 81.1 11.9 138.0 20 4 44. 1 10.7 48.2 20.4 20.2 161.4 29 8 84.2 12.3 145. 7 91 5 46.6 11.3 51. 5 22.3 21.3 167.1 30. 3 86.7 13. 0 154. 5 22.6 49.2 12. 1 41.2 15.7 18.3 153. 9 28.2 80.6 11.9 135. 6 20.0 43.3 10.7 43.1 16,7 19.1 154. 5 28.2 81.0 11.7 137. 3 20.4 43.8 10.6 43.9 17.0 19.6 155.3 28. 6 81.2 11.9 138.8 20. 6 44.4 10.7 46.4 18.9 20. 0 47.3 19.7 20.0 50.6 22.0 20.9 165. 3 30. 2 85.8 12.8 151.4 22 2 48. 2 11.8 51.0 22.3 20.7 165. 9 29. 7 86.3 13.0 153. 5 22.4 48.8 12.1 50. 8 21.5 21.3 168. 6 30 9 87.2 13. 1 1 55. 5 22.8 49. 5 12.2 53. 6 23. 3 22.3 55. 5 24. 1 23. 1 158.9 29.7 82.7 12.1 142. 6 21.3 45.6 11.1 47.7 19.8 20.3 162. 5 29. 9 85. 0 12.3 146. 6 21.5 46.9 11.4 50. 5 22 2 20^6 156.9 29.3 81.6 11.9 140.5 20.8 45. 0 10.8 47.5 20.1 19.8 160.6 29.5 83. 9 12.2 144. 8 21.5 46.3 11.3 168.7 30. 4 87.4 13.2 172.4 32.1 89.2 33.3 160. 0 23.2 51.0 12.7 Gross national product, total.. Durable goods, total© do Automobiles and parts. do Furniture and household equipment. . .do Nondurable goods, total© . do Clothing and shoes . do Food and alcoholic beverages do Gasoline and oil _ __ do Services, total © do Household operation. _ do Housing _ do Transportation do Gross private domestic investment, total 163. 6 29.9 85.2 12.6 148. 9 21.8 47.6 11.6 157.7 23. 0 50.2 12.3 do 69.0 78.8 82.3 59.6 66.6 72.0 77.6 77.3 79.6 78.9 78.8 77.8 80. 7 83. 7 87.1 84.8 do do do do do 41.6 21.0 25.5 1 9 1 5 44.4 23.2 28.8 5 5 4.9 46.6 25. 0 30. 9 4. 7 4. 2 39.3 19.0 24.6 -4.3 -4.6 41.0 20.1 24.5 1.1 .8 42. 6 21.9 25.8 3.5 3.2 43.2 22.8 27.1 7.2 6.9 41.7 21.2 27.4 8.1 7.6 44.5 23.3 28.7 6.5 5.8 46.0 24.2 29.3 3.6 2.8 45. 0 23.7 29.9 4.0 3. 2 43.7 22.7 29.0 5. 1 4.3 45.8 24.8 30.7 4.3 3.6 47.9 25 9 31.6 4.2 3. 7 49. 2 26. 8 32. 5 5.4 5.1 49.7 27.1 32.9 2.1 3.9 do do..." do 4.4 27.5 23.1 3.8 28.9 25.1 4,5 30.7 26.2 5.4 27.5 22.1 4.3 26. 5 22 2 4.1 27.8 23. 7 4.0 28.3 24.2 3.3 27.9 24.6 4.4 29.5 25.0 4.1 29.4 25.3 3.3 28.8 25. 5 3.6 28. 6 24.9 4.8 30. 7 25.9 ,3 31.4 27. 1 5.4 32.3 26. 9 0. 6 33. 6 27.0 Govt. purchases of goods and services, total.. do Federal (less Government sales) do National defense 9 do State and local do 107.9 57.4 49.0 50.6 117.0 62 4 53.3 54.6 125. 1 66.3 56.7 58.8 104. 7 55. 4 47.5 49.3 106. 8 57. 1 49.0 49.7 107. 9 57. 1 48.6 50. 8 112.3 59. 8 50.9 52.5 115.1 61.8 52. 5 53. 3 115.5 61.9 52.9 53.6 117.0 62. 4 53. 5 54.6 120 2 63.6 54. 3 56. 6 123. 0 65. 5 56.4 123.8 66. 5 56.7 57.3 125. 7 127.7 66. 6 128.8 66. 9 57. 1 01 . 9 By major type of product: Final sales, total Goods, total __ _ Durable goods Nondurable goods Services... Construction 516. 3 257.3 93.8 163.5 200.4 58.6 549. 3 272. 8 101.5 171.3 214.5 62. 1 580. 3 286.9 109. 6 177. 2 228. 0 65.4 504.7 252. 8 90.6 162.2 195. 3 56.7 511.4 254. 6 92.1 162. 5 199.1 57. 7 518. 3 257. 6 94.3 163. 3 201. 5 59. 2 530. 5 264.0 98.2 1 65. 8 205.7 60.9 536. 3 268.1 99.9 168.2 209. 0 59.2 546.0 270.7 99.9 170.8 213.5 61.8 553. 1 274.8 102. 6 172.1 215. 2 63.1 561. 2 277. 4 103. 5 174.0 220. 2 63.6 566. 6 106. 3 175.3 222. 5 62.5 575 . 4 285. 6 109. 6 176.0 2 26. 5 63. 3 581 5 288. 2 110 0 178.3 229. 6 66. 7 594. 8 291.8 112.6 179.2 233. 6 69. 3 605. 8 299. 1 1 1 6. 0 183. 1 237. 1 69. 7 1.9 — 4 2.2 5.5 2 9 9 6 4. 7 2. 1 2.6 -4.3 -6.6 2.3 1.1 -1.5 2.6 3.5 7. 2 4. 7 2. 5 8.1 4.8 3.3 6.5 3.1 3.4 3.6 2. 5 1.2 4.0 1.3 2.6 5.1 1.1 4.0 4.3 3. 0 1.3 4.2 1.8 2.4 5.4 2. 5 2.9 2. 1 .9 1. 3 New construction.. Residential nonfarm Producers' durable equipment Change in business inventories Nonfarm- __ .. Net exports of goods and services Exports Imports Inventory change, total Durable goods_ _ Nondurable goods_ _ r Revised. p Preliminary. do do do.... Ido.._" do do do do do d" Includes inventory valuation adjustm ent. 9 0 L5 (3) Includ es data not sho\\ n separa tely. 56'. 7 59. 4 ! 9 Gover nment sji es are n ot deduc ted. S-l SURVEY OF CURRENT BUSINESS S-2 Unless otherwise stated, statistics through 1962 and descriptive notes are shown in the 1963 edition of BUSINESS STATISTICS 1961 1962 | 1961 1963 Annual total II III Mav 1904 1962 IV I II 1963 III I IV II 1964 III IV II I GENERAL BUSINESS INDICATORS— Quarterly Series— Continued NATIONAL INCOME AND PRODUCT— Con. Quarterly Data Seasonally Adjusted at Annual Rates GNP in constant (1954) dollars Gross national product total bll $ 447.7 474.8 492. 9 443.4 450. 4 463. 1 467.8 474.0 475. 6 481.4 485. 3 489. 4 495. 1 501.7 506. 4 rersonal consumption expenditures, total- .do 303. 6 317.6 328. 9 302.2 304. 5 309.2 313. 0 315.9 318.6 322. 9 325. 5 327.0 330.1 332. 8 339.0 41. 5 143.3 118.9 45.6 147.8 124.3 48.6 151. 3 129.0 40.9 142. 9 118.4 41.6 143. 5 119.4 44.1 144.7 120.4 44.7 146. 0 122. 3 44.7 147. 4 123.8 45.0 148. 8 124. 8 47.8 148.9 126. 2 48.1 150. 1 127.3 48.0 150.5 128.5 48.0 152. 6 129.6 50. 4 151. 9 130. 6 52. 5 154. 8 131.7 57.5 65. 2 67.7 55. 6 59.9 64.7 64.4 66.0 64.8 65. 2 64.6 60. 4 68. 6 71.4 68. 9 34.7 21.0 1. 7 36.7 23.8 4.8 37.8 34.2 20.2 1.2 35. 5 21.3 3.1 36.0 22. 4 6.3 34.7 22.7 7.0 36. 8 23. 6 5.7 37.8 24.2 2.9 36. 9 24.8 3.4 35. 7 24.0 4.9 37.3 25.3 3.8 38. 6 26. 1 4.0 39. 5 26.8 5.0 39. 8 27. 0 2. 1 Durable snoods Nondurable goods Services _ do do -do Gross private domestic Investment, totaL-.do Ne \v con structlon .. Producers' durable equipment Change In business Inventories do do do 4. 4 do 2. 3 1.8 2. 6 1.9 1.9 1.7 .9 2.6 2.3 1.4 1.8 2. 8 2.3 3. 3 4. 5 Govt purchases of goods and services, total do Federal do State and local do 84.3 44.8 39. 5 90.2 49.0 41.2 93. 7 50. 5 43.2 83.7 44.6 39.1 84.2 44. 6 39. 5 87.4 47.0 40.4 89.4 48.7 40.7 89.5 48.8 40.7 89.9 48. 8 41.1 91.9 49.6 42.3 93.4 50 6 42.9 93.2 51.0 42. 1 94.1 50.7 43.4 94.2 49.8 44. 4 94. 1 49. 3 44. 7 417 4 ~2 9 3M < 442 1 57 7 J ,M 1 46} {} On "> 40 J -} ill V " 302 0 420 2 -4 0 307 2 428.0 54. 9 373. 1 433. 5 56. 2 377. 3 440, 7 57, 9 444.5 58. 1 380. 5 449.9 58. 5 391.4 453. 9 59. 4 394. 5 459. 9 59. 9 400.0 405. 2 00. 8 404. 4 473.0 02. 1 410.9 479. 1 00. 4 41S. 7 29 2 29. 3 28. 5 29.8 29. 7 27. 1 29. 0 31. 0 30. S Vet exports of eroods and services DISPOSITION OF PERSONAL INCOME Quarterly Data Seasonally Adjusted at Annual Ratfs Personal Income, total bll. $_ Less: Personal tax and nontax payments do Fouals: Disposable personal Income do porsonal savin^ § do NEW PLANT AND EQUIPMENT EXPENDITURES Unfi<li usted quarterly or annual totals: Ml Indnstrios ' Ml. $.. ATpnufp^turln 0 1 DuraMe "oods industries Nondurable Broods Industries.. do _do do 29 1 OQ (^ 34. 37 37. 31 39. 22 8.61 8. 65 9.54 8. 02 9. 50 9.62 10.18 8. 25 9.74 10.14 11.09 13. OS 14.08 7. 03 15.69 7. 85 7. 84 3. 46 1.58 1.88 3.34 1. 50 l.Si 3.SS 1.79 2.09 3.14 1 . 44 1 . 09 3.69 1.77 1.92 3. 72 1.79 1.93 4.13 2.03 2.10 3.27 1.02 3.92 1. 90 1.95 3. 95 1.90 1.99 4. 56 2.31 2. 25 3. 05 1. SI 1.84 4. 45 •2. 32 2. 13 1. 08 . 85 2. 07 5. 48 3. 03 9. 52 1 . 04 1. 10 1. 92 5. 05 3. 79 10. U3 .26 .18 .48 1.39 .81 2.04 . 20 . 10 . 47 1 . 00 .88 2. 00 0" !26 .60 1.37 .93 2.37 .28 .24 .50 1. 54 .87 2.48 . 27 '.20 .50 1.52 .95 2.60 .24 . 21 . 39 1.04 .85 2.26 . 20 .28 .54 1.40 OJ 1 . 50 .78 2.16 . 26 . 10 . 50 1.54 88 2. 32 .28 .33 .54 1.61 1.06 . 24 . 29 .48 1. 12 . 28 .41 . 68 1. 51 2^41 .29 .45 1. 00 .93 2.64 7. 40 .9$ 1 9. 15 2 10.99 MinSnc. ..._ Railroads Transportation, other than rail Public utilities Commnnicaf ions Commercial and other do do do do do do Sens. adj. qtrly. totals at annual rates: \!1 industries do 33. 50 34.70 35. 40 35. 70 36. 95 38.35 37. 95 36. 95 38.05 40. 00 41. 20 141.25 - 42. 70 do 13.50 6.20 7.30 13. 65 6.10 7.55 14.00 6.40 7.60 14. 20 0. 55 7.00 14. 45 6.95 7.50 15. 05 7.25 7.80 15. 00 7.30 7.70 14. 85 7. 35 7.50 15.30 7. 65 7. 05 15.95 8.00 8.00 16. 45 8.30 8.15 16. 65 8.30 8. 35 17.40 9. 00 8.40 1. 00 . 70 1. 80 5. 50 3.15 7.90 1. 00 .65 1.90 5. 65 3.20 8.60 1.00 . 60 1.95 5.55 3. 35 9.00 1.15 . 70 2. 05 5. 15 3.70 8.75 1.05 .95 2. 25 5' 40 3.65 9.25 1.10 1.00 2.00 5. 75 3.60 9.85 1.00 .80 1.90 5. 45 3. 60 10.20 1.05 .90 1.70 5.20 3. 55 9.65 1.00 1.00 2. 05 5. 45 3. 65 9.65 1.05 1.20 1.85 5. 90 3.85 10. 20 1.05 1.35 2. 10 5.80 4.05 10. 45 1.05 1. 25 2. 15 5. 70 1.10 1.40 2. 45 6.00 314.40 3 14. 35 4, 797 4, 750 4. 700 4, 770 4. 780 4,790 4, 800 4,815 4. 825 4. 835 4. 850 4. 860 4,875 35, 544 7,535 7,917 8,653 8, 246 8, 316 8,214 8,478 8. 463 9,753 8.373 8, 955 14, 497 16, 145 2,934 1 3, 028 5, 436 5,791 16. 962 2, 880 6. 276 3,404 764 1,338 3, 826 680 1,365 3.881 717 1,415 3,942 754 1,423 4.030 748 1,444 4,127 732 1,423 4, 046 794 1,501 4. 014 748 1,508 4. 182 725 1,546 4,392 708 1.594 4.374 " 4, 340 699 1.6?8 705 4,056 736 4,281 812 4, 532 171 856 173 1,029 174 1,186 191 1,075 182 1,078 176 1,045 187 1,083 211 1, 053 211 1.355 195 1,010 195 1,114 4,150 1,598 ! 1,011 1,541 3,273 1, 557 1,209 507 4,082 1,799 1,641 642 1,002 344 219 439 844 399 234 211 1,280 397 464 419 861 199 357 305 834 506 329 711 359 188 164 867 493 335 39 929 501 512 -84 1.734 488 620 626 474 209 294 — 1>9 945 601 215 129 Duribl 0 good s industries G ^°° Railroads Transportation other than rail Public utilities' j nua.; o . --- 1. 85 3^22 S. 40 do do do do BUSINESS POPULATION Firms in operation, end of quarter (seasonally adjusted) thous * 4. 713 * 4, 755 U.S. BALANCE OF INTERNATIONAL PAYMENTS! Quarterly Data are Seasonally Adjusted U.S. payments, recorded mil. $.. 31, 778 ! 33,254 Imports: Merchandise Military expenditures Other services. _ _ do do do Remittances and pensions. do 4 ! 16 ^3.37 Direct investments Long-term portfolio Short-term do -do do f S receipts recorded do 30, 313 32, 093 33, 379 7,956 7,247 7,682 7, 688 7,901 8,327 8,177 7,715 8.344 8,534 8, 786 do do 19,913 8, 398 20, 479 9,311 21, 902 9, 701 4,755 2,088 4,987 2,120 5,121 2,152 5,022 2,184 5,262 2, 348 5,270 2,280 4,925 2,499 5.010 2, 442 5.494 2,409 5. 559 2.362 5. 839 * 6, 074 2. 488 Repayments on TT S Govt loans do Foreign capital other than liquid funds (net).do 1, 274 728 1,283 1, 020 974 802 851 262 99 41 196 213 155 327 237 54 601 176 290 463 176 87 190 251 419 194 189 270 421 -390 -670 15 -971 -303 -558 -27 -415 -37 113 469 -301 -492 -748 -135 -1,409 121 161 -386 -169 -95 31 -655 -1, 274 -585 -452 -356 -793 -883 -1,288 -225 -264 Exports: Merchandise Services and military sales.. _ Excess of recorded receipts or payments (— ).._do Unrecorded transactions (net) do -1,465 -1, 161 -2, 165 -905 -1,025 -495 Total net receipts or payments ( — ) do Net receipts or payments (— ), incl. transactions in nonmarketable, medium-term convertible Govt. securities mil $ -2,370 r 1 2 -2, 186 -2,660 — 1 Q.'iS Revised. » Preliminary. Estimates for Jan.-Alar. 1964 based on anticipated capital expenditures of business. Estimates for Apr .-June 1964 based on anticipated capital expenditures of business. Anticipated expenditures for the year 1964 are as follows (in bil. $): All industries, 43.19; manufacturing, total, 17.72; durable goods industries, 8.97; nondurable goods industries, 8.75; mining, 1.04 ; railroads, 1.38; transportation, 2.06; public utilities, 6.01; commercial and other (incl. communications), 14.98. 3 Includes communications. 3 3." 60 p -41 533 -1,136 p -41 -50 -239 Unadjusted. Data represent firms in oper ation as of Jan. 1 ; estimat e for Jai . 1,1963, is based on incomplete data. §Personal saving is excess of disposable incoriHe over p ersonal c onsump ion expc^nditures shown as a component of gross national product on p. S-l. larterly reviews n the .\ Lar., Jim e, Sept., {More complete details are given in the qi and Dec. issues of the SURVEY. 4