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GROSS NATIONAL PRODUCT, NATIONAL
[Millions of dollars]
Line

TABLE L— GROSS NATIONAL
PRODUCT, (1-1, 1-3)

1
Gross national product
2 Personal consumption expenditures
Durable goods
3
4
Nondurable goods
5
Services
6 Gross private domestic investment _
New construction
_
7

1947

1948

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

1960

1961

1962

1963

234 289 259, 426 258, 054 284, 599 328, 975 346, 999 365, 385 363, 112 397, 469 419 180 442 769 444 546 482 704 502 601 518 656 556 199 583 918
165 409 178, 313 181, 158 195,013 209, 805 219,774 232, 649 238, 025 256 940 269 917 285 164 293 198 313 538 328 232 337 347 356 754 374 959
20, 593 22, 723 24, 584 30, 351 29, 471 29, 099 32, 875 32, 398 39, 632 38, 545 40, 355 37, 286 43, 598 44, 905 43, 690 48, 428 52, 098
93, 382 98, 737 96, 607 99, 801 110,135 115, 100 117, 961 119,328 124, 762 131 422 137, 728 141,617 147, 111 151,818 155, 390 161, 952 167 533
51 434 56, 853 59, 967 64 861 70, 199 75 575 81,813 86, 299 92 546 99 950 107 081 114 295 122 829 131 509 138 267 146 374 155 398
31, 459 43, 087 32, 977 49, 970 56, 334 49, 863 50, 340 48, 872 63,843 67, 368 66, 125 56,641 72, 726 71,757 68, 766 79, 126 82, 001
15, 254 19, 454 18, 813 24, 215 24, 811 25, 532 27, 588 29 792 34, 941 35, 512 36, 065 35, 483 40 232 40, 708 40, 989 44 220 46 552

7,535
7 719

10, 122
9 332

9,642
9 171

14, 100
10 115

12, 529
1° 989

12, 842
12 690

13, 777
13 811

15,379
14 343

18, 9705
16 36

17, 677
17 835

17, 019
19 046

18, 047
17 436

22, 331
17 901

21, 052
19 656

21,141
19 848

23, 575
20 645

25, 219
91 333

10

Producers' durable equipment .. 16, 667

18, 925

22, 305

28, 497

31, 006

11

Change in business inventories _

8
9

12

13
14
15

16
17
IS
19
20

21
23

Residential nonfarm
Other

-462

Nonfarm
1 298
Farm
— 1 760
Net exports of goods and services.. 9,039
17 900
Exports
8,861
Imports
Government purchases of goods
and services
28 382
Federal

_

18, 940

21, 290

21, 264

20, 789

23, 119

27, 194

23, 109

25, 936

27, 561

25, 917

29, 043

6,815

10, 233

3,067

447 -1,639

5, 783

4,660

1,563 -1,951

6,558

3, 488

1,860

5,863

4,443

2,976 —2 209
1 732
—863
3,490
3,760
14, 505 13 958
11,015 10, 198

6 000

9 057
1 176
2,376
17 857
15, 481

2 146

5 486

5 075

801 —2 864

759

913

6 466

3 159

1 519

1,094
19 381
18 287

2, 930
9
3 135
20 205

4,944
26 209
91 265

1,249
T> 703
21 454

-759
99 877
9
3 636

2,996
26 327
23 331

4, 592
27 636
9
3 044

5 967
' 596
4,000
99 175
95' 175

3 946

1,318
17 431
16 113

1 068 —2 129
490
—621
961
-434
16 600 17 476
17 034 16, 515

99 616 107 951 116 319 122 559

815

587
13 098
12, 511

Q91

297

415

99

341

497
4,399
9
30 793
26 3 4

_

40 159

39 029

60 406

76 044

82 830

75 254

75 592

78 967

86 536

93 458

97 199

19, 306

22, 241

19, 348

38, 768

52, 854

57, 964

47, 548

45, 282

45 730

49 711

52, 620

53 644

53 131

57 358

62 859

64 666

11,360
5 417
1,127

National defense. _ _ _
Other
Less: Government sales

34, 536

15, 650

_

State and local

17, 236

4,708 -3, 072

11, 578
8,231
503

13,570
8 853
182

14, 257
5 202
111

33, 864
5 213
309

46, 408
6 717
271

49, 289
8 989
314

41,189
6 674
315

39, 081
6 559
358

40, 355
5 706
331

44, 406
5 727
422

44. 9
837
8 31
498

46, 244
7 879
479

45, 687
8 024
580

49 003
8 944
589

53 586
10 152
879

55 198
10 296
828

12, 732

15, 230

17, 918

19, 681

21, 692

23, 190

24, 866

27, 706

30, 310

33, 237

36, 825

40, 838

43, 555

46, 485

50, 593

53 460

57 893

198, 177
128, 757
122, 858
105, 512
4,067
13, 279

223, 487
140, 969
135, 214
116,443
3,970
14, 801

217, 690
140, 834
134, 310
113,809
4,248
16, 253

241,876
154, 190
146, 391
124,121
4, 999
17, 271

279,313
180, 327
170, 788
141,928
8, 684
20, 176

292, 155
195,012
184, 835
151,870
10, 472
22, 493

305, 573
208,812
198, 030
164,157
10, 337
23, 536

301,794
207, 595
196, 259
161,867
9, 951
24, 441

330, 206
223, 852
210, 902
174, 927
9,778
26, 197

350, 836
242, 502
227, 634
189, 593
9, 663
28, 378

366, 943
255, 499
238, 548
198,379
9,644
30, 525

367, 384
257, 142
239, 803
196, 556
9, 767
33, 480

400, 481
278, 528
258, 459
213, 146
9,873
35, 440

414, 497
293, 648
271, 308
222. 942
9, 894
38, 472

426, 932
302, 246
278, 821
226. 991
10, 185
41, 645

455 618
323, 074
297,133
241 573
10,823
44,737

478 493
340 309
312, 148
252 917
10 915
48, 316

TABLE 2.—NATIONAL INCOME
(1-8, 1-9)

1
9

3
4

5
6
7
8
Q
10
11
12
13
14
15
16

17
IS
19
20
91

23
24
2"

National income
Compensation of employees
Wages and salaries
Private
Military
Government civilian
Supplements to wages and
salaries.
Employer contributions for
social insurance.
Other labor income _._
Employer contributions
to private pension
and welfare funds.
Other
Proprietors' Income
Business and professional
Income of unincorporated
enterprises.
Inventory valuation adjustment.
Farm
Rental income of persons
_ _
Corporate profits and inventory valuation adjustment.
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits. ..
Inventory
ment.
Net interest

valuation

5,899

5,755

6,524

7,799

9,539

10,177

10, 782

11,336

12, 950

14,868

16,951

17, 339

20, 069

22, 340

23, 425

25, 941

28, 161

3,565

3, 042

3, 503

3, 976

4,753

4,861

4,788

5,122

5, 814

6,766

7,811

7,982

9,671

11, 346

11,838

13, 642

15,063

2,334
1, 555

2,713
1,810

3,021
2,024

3, 823
2,743

4, 786
3, 582

5,316
4,019

5,994
4,598

6,214
4,739

7,136
5, 523

8,102
6,273

9,140
7,163

9, 357
7,267

10,398
8,164

10,994
8, 629

11,587
9,153

12, 299
9, 746

13, 098
10, 390

779
35, 492
19, 948
21,419

903
40,194
22, 405
22,815

997
35., 583
22, 657
22, 194

1,080
37,541
23, 541
24, 635

1, 204
42,329
25, 995
26, 322

1,297
42, 233
26, 896
26, 695

1,396
40, 723
27, 445
27, 613

1,475
40, 442
27, 751
27, 800

1, 613
42, 149
30, 382
30, 580

1,829
43, 715
32. 098
32, 600

1,977
44, 457
32, 677
32, 977

2,090
46, 052
32, 504
32, 560

2,234
46,475
35, 104
35, 244

2. 365
46, 236
34, 202
34, 221

2,434
48, 220
35, 293
35, 260

2, 553
49, 822
36, 602
36, 585

2,708
50, 638
37, 610
37, 645

-1,471

-410

463 -1,094

—327

201

-168

-49

-198

-502

-300

-56

-140

-19

33

17

-35

1 5, 544
6,510
23, 626

17, 789
7,297
30, 848

12. 926
8,274
28, 226

14, 000
9,013
35, 663

16, 334
9,431
40, 954

15,337
10, 154
37, 672

13, 278
10,528
37, 314

12, 691
10,869
33, 743

11,767
10,698
43, 126

11,617
10,913
41,990

11,780
11,891
41, 669

13, 548
12, 208
37, 155

11,371
11,902
47, 192

12, 034
12,110
44,453

12. 927
12,231
44, 135

13, 220
12, 203
48, 435

13 028
12, 327
50, 827

29, 525
11,283
18. 242
6 521
11, 721

33, 000
12, 483
20, 517
7 243
13, 274

26, 370
10, 375
15,995
7, 473
8,522

40, 628
17, 865
22, 763
9,208
13, 555

42.153
22. 447
19, 706
9, 029
10, 677

36, 691
19, 459
17, 232
8, 954
8,278

38,311
20, 222
18, 089
9, 225
8,864

34, 061
17, 220
16,841
9,839
7,002

44, 862
21,827
23,035
11.235
11,820

44, 683
21,227
23, 456
12,132
11,324

43, 208
20, 922
22, 286
12, 588
9, 698

37,410
18, 646
18, 764
12. 358
6, 406

47,657
23, 188
24, 469
13, 682
10, 787

44, 261
22. 252
22, 009
14, 523
7, 48R

44, 187
22. 267
21.920
15, 172
6, 748

48. 183
23, 174
25, 009
16,525
8, 484

51, 267
24, 550
26, 717
17 977
8,740

1,856 -4, 965 -1,199

9S1

-997

-318

-1,736 -2,693 -1,539

-255

-465

192

-52

252

-440

7 084

8,196

9,145

13,427

14,827

16, 384

22 084

24 392

adjust- -5,899 -2, 152
3 792

4 179

4 773

5 469

6 272

10,381

11,716

18, 050 20, 100

TABLE 3.—RELATION OF GNP
NATIONAL INCOME AND PERSONAL INCOME (1-17, 1-18)

1
*
3
4
5
6
7

fi
9
10
11
12
13
14
15
16

Gross national product
Less: Capital consumption allowances.
Equals: Net national product
Less: Indirect business tax and
nontax liability.
Business transfer payments _ _
Statistical discrepancy

234, 289 259, 426 258, 054 284, 599 328, 975 346, 999 365, 385 363, 112 397, 469 419, 180 442, 769 444, 546 482, 704 502, 601 518, 656 556, 199 583, 918
13, 030 15, 471 17, 274 19, 065 21, 970 24, 007 26, 526 28, 809 31, 986 34, 412 37, 443 38, 605 40, 962 42, 993 44, 516 48, 738 50, 838
221, 259 243, 955 240, 780 265, 534 307, 005 322, 992 338, 859 334, 303 365, 483 384, 768 405, 326 405, 941 441, 742 459, 608 474, 140 507, 461 533, 080
18, 641 20, 405 21, 637 23, 747 25, 647 28, 140 30, 203 30, 151 32, 865 35, 692 38, 186 39, 322 42, 601 46, 421 48, 998 52, 832 55, 889
674
3 541

739
-847

781
510

843
—734

985
1,247

1, 169
1, 374

1,369
1,283

1,262
853

1, 457
1,616
988 -2,428

1,831
2,052
2, 231
1,790
2,367
2,443
2,407
—601 -1,461 -2,962 -3, 021 -2, 592 — 1,813 —2, 746

992
1,135
-162
430
520
187
-243
948
1,565
-171
198
-154
-431
33
1,583
999
-226
Plus: Subsidies minus current surplus of government enterprises.
198, 177 223, 487 217, 690 241, 876 279, 313 292, 155 305, 573 301, 794 330, 206 350, 836 366, 943 367,384 400, 481 414, 497 426, 932 455, 618 478, 493
Equals : National income
Less: Corporate profits and inven- 23, 626 30, 848 28, 226 35, 663 40, 954 37, 672 37, 314 33, 743 43, 126 41, 990 41, 669 37, 155 47, 192 44, 453 44, 135 48, 435 50, 827
tory valuation adjustment.
5,737
8, 614
9,695 10, 995 12, 586 14, 522 14, 835 17, 574 20, 571 21, 431 23, 947 26, 868
5, 683
5,220
6,870
8,170
8,728
Contributions for social insurance.
-46
0
0
0
35
24
74
-22
0
0
0
0
15
-76
0
0
0
Excess of wage accruals over
disbursements.

Plus: Government transfer pay- 11,113 10, 542 11, 622 14, 304 11, 590 12, 041 12, 887 14, 961 16, 050 17, 190 20, 089 24, 501 25, 412 27, 287 31, 271 32, 309 34, 287
ments to persons.
5,745
6,204
7, 075
7,761
4,973
4,794
5,016
5,407
5, 389
6,175
7,422
8,555
4,527
4,670
5,171
7,960
Net interest paid by govern4,420
ment.
9,029
8,954
9,225
9,839 11,215 12, 132 12, 588 12, 358 13, 682 14, 523 15, 172 16, 525 17, 977
7,243
7,473
9,208
6,521
Dividends
985
1, 262
1,457
1,616
1,831
2,052
1,169
1,790
2,231
739
781
843
1,369
2,367
2,443
674
2,407
Business transfer paymentsEquals: Personnal income
191,581 210, 435 208, 319 228, 468 256, 692 273, 071 288, 259 289, 825 310, 196 332, 943 351, 423 360, 259 383, 936 401,275 417, 598 442, 437 464,060




INCOME, AND PERSONAL INCOME, 1947-63
[Billions of dollars, seasonally adjusted at annual rates]

1980

1959
I

o

21.8
22.6

24.0
20.9

24.3
20.4

25.1
20.8

25.4
21.9

26.2
22.1

8
9

29.6

29.7

29.6

30.7

31.4

32.4

10

5.1

5.4

3.6

3.6

4.2

6.4

11

4.4
.7
4.4
29.7
25.3

4.8
.6
3.9
29.4
25.5

3.0
.6
3.4
28.8
25.4

3.2
.5
4.3
30.5
26.3

3.7
.5
4.2
31.0
26.8

6.0
.4
5.8
32.6
26.9

12
13
14
15
16

118.7

121.4

334.7
43. 1
154.3
137.3
68.0
40.9

339.1
44.3
155. 7
139. 1
71.3
41.3

345.2
46.0
157.8
141.4
74.9
41.9

350.5
47.4
159. 5
143.6
77.4
42.5

354.0
47.7
161.0
145.3
78.9
44. 1

358.5
48.4
162.9
147.2
80.2
45.5

364. 0
50.2
164.4
149. 5
79.9
44.9

20.5
20. 2

20. 1
19.7

20.9
20.0

21.5
19.9

22. 1
19.8

22.5
20.0

23.5
20.6

24.4
21.1

26.8

24.9

25. 1

26.3

27.4

28. 1

28.8

-2.3

-3.9

2.1

3.7

5.6

6.9

6.1

-2.7
.4
4.9
27.0
22.1

-4.2
.3
5.5
27.7
22.2

1.8
.3
4.4
26.6
22 2

3.3
.4
4.2
27.8
23.7

5.2
.4
4.3
28.4
24.1

6.4
.5
3.4
28.0
24.6

5.5
.6
4.3
29.6
25.3

21.0
19.5

26.4

26.6

26.4

27.4

28.4

27.7

11.5

1.1

7.1

9.3

4.2

2.7

11.5
.1
-1.7
22.1
23.8

1.1
.0
-.5
23.8
24.3

7.0
.1
.0
23.8
23.9

9. 1
.2
1.5
25.2
23.7

3.9
.3
2.3
26.3
24.0

2.3
.4
3.3
26.7
23.4

6.2
.2

2
3
4
5

330.5
41.4
153. 7
135. 4
60.9
39.9

21.2
19.5

6.4

381.3
53.6
168. 9
158.8
87.1
48.3

330.3
43 9
152. 3
134. 2
65.3
40.7

21.5
19.3

24.3

377.4
52. 2
168.6
156.6
82.8
47.2

571.8

21.3
18.3

23.5
17.6

372.0
51.5
166.6
153.9
80.2
45.9

566.6

22.6
18.4

21.9
17.1

1

369.2
51.1
166. 0
152. 1
77.9
44.7

559.0

328.7
44. 6
152.0
132.2
70.9
40.5

316.7
44.9
147.7
124.0
68.8
41.0

599.0

553. 4

329.7
45.7
153.0
131.0
73.3
40.7

313.0
44.4
147.0
121.5
79.0
41. 1

587.2

545.5

324.2
45.5
149. 9
128.7
77.6
40.9

305.7
42.0
144.7
119.0
69.8
39.0

577.4

536.9

318.8
43. 1
148.9
126.8
73.2
39.6

488.5

Line
IV

522.4

502.1

482. 7

|

III

513. 9

503.5

487. 8

1963

501.4

504. 1

472.0

II

III | IV

| II

IV

IV

I

I

III

500.4

IV

1962

1961
II

III

III

|

I

II

II

I

6
7

97.2

87.5

97.8

96.5

97.2

98.9

100.5

101.6

104.5

106.8

107.9

112.6

114.3

116.1

120.9

122.8

124.8

17

53.8

53.9

54.0

52.8

52.4

52.9

53.5

53.7

55.4

57.1

57.1

59.8

61.4

63.6

62.4

63.8

65. 1

64.3

64.4

64.9

18

46.0
8.2
.5

46.5
8.0
.5

46.4
8.0
.4

46. 1
7.2
.5

45.4
7.6
.5

45.6
7.9
.5

45.9
8.3
.6

45.9
8.4
.6

47.5
8.5
.6

49.0
8.7
.6

48.6
9.1
.6

50.9
9.5
.6

52.5
9.6
.7

55.3
9.4
1.0

53.0
10.2
.8

53.5
11.4
1.0

54.8
11.3
1.0

55.2
9.9
.9

55.5
9.5
.6

55.3
10.5
.9

19
20
21

43.5

43.6

43.8

43.7

44.7

46.0

47.0

48.0

49. 1

49.7

50.9

52.8

52.8

52.5

53.5

54.8

56.3

56.7

58.4

59.9

22

391.7
270.9
251.6
906 9
9.9
34.8

405.6
279.8
259.7
214 6
9.9
35.3

400.6
280.2
259. 9
214 4
9.9
35.7

403.9
283.0
262. 5
216. 5
9.8
36.1

413.4
290.5
268.5
2°1 6
9.8
37.1

416.6
294.6
272. 2
924 4
9.8
38.0

415.4
295.8
273. 3
294 2
9.9
39.1

412.8
293. 9
271.3
921. 6
10. 0
39.7

412. 1
294.4
271.5
221. 1
10.0
40.4

423.5
299.3
276.0
224 9
10.0
41.2

429.7
304.7
281. 1
228. 9
10.0
42.2

442.4
310.7
286.8
233.2
10.8
42.8

447.2
316.6
291. 2
236. 5
11. 1
43.6

454.3
322.4
296.6
241. 5
11.0
44. 1

457.8
325.3
299.2
243. 5
10.7
45.0

463.2
328.0
301. 6
244. 8
10.5
46.3

467.9
332. 7
305.3
247 5
10.6
47.2

474.6
338. 1
310.1
251. 6
10.7
47.8

481.9
3 12. 7
314.3
255 0
10.7
48.7

490.0
347.7
318.8
257 6
11.7
49.6

]

19.4

20.0

20.3

20. 6

22.0

22.3

22.5

22.5

22.9

23.3

23.6

23.9

25.4

25.8

26.1

26.4

27.4

27.9

28.4

28.8

9.4

9.7

9.7

9.9

11.2

11.4

11.5

11.4

11.5

11.8

11.9

12. 1

13.4

13.6

13.8

13.8

14.7

15.0

15.2

15.4

*

10.0

10.3

10.6

10.7

10.8

11.0

11.0

11. 1

11.3

11.5

11.7

11.9

12.0

12.2

12.4

12.6

12.8

13.0

13.2

13.4

(
If

46.8
34.5

47.2
35.5

46.0
35.4

45.9
35.1

45.3
34.6

47.0
34.6

46.1
33.8

46.6
33.8

47.0
34.2

47.8
35.0

48.5
35.7

49.6
36.3

50.0
36.3

49.9
36.6

49.7
36.7

49.7
36.9

50.3
37.1

50.1
37.3

50.7
37.8

51.5
38.3

1
11
K
1*

12.4
11.8
46.1

11.7
11.9
50.5

10.6
11.9
46.1

10.8
11.9
46.0

10.7
12.1
47.9

12.4
12.1
45.2

12.2
12.1
43.2

12.7
12.1
41.5

12.8
12.2
39.2

12.8
12.2
44.3

12.8
12.2
44.0

13.3
12.2
49.0

13.7
12.2
47.1

13.3
12,2
48.0

13.0
12.2
48.3

12.8
12.2
50.3

13.2
12.3
49.1

12.8
12.3
50.2

12.9
12.4
51.4

13.2
12.4
53.1

46.9
22.8
24. 1
13.1
11.0

51.9
25.2
26.6
13.4
13.3

46.5
22.6
23.9
14. 1
9.8

45.3
22.0
23.3
14.2
9.0

48.5
24.4
24.1
14.4
9.7

45.4
22.8
22.6
14.4
8.2

42.1
21.2
20.9
14.6
6.4

41.1
20.6
20.4
14.8
5.6

39.3
19.8
19.5
14.9
4.6

43.9
22 1
2L8
15.0
6.8

44.3
22.3
22.0
15. 1
6.9

49.3
24.8
24.5
15.7
8.8

47.2
22.7
24.5
16.1
8.4

47.9
23.0
24.9
16.4
8.5

48.1
23. 1
25.0
16.5
8.5

49.4
23.8
25.7
17. 1
8.6

48.9
23.4
25.5
17.2
8.3

51.1
24.5
26.6
17.7
8.9

51.3
24.5
26.7
17.9
8.9

54. 3
26.0
28.3
19.1
9.2

2(
2
21
2'

-.8

-1.3

-.5

.7

-.6

-.2

1.2

.5

-. 1

.5

-.3

-.3

-. 1

.0

.1

.9

.2

-.9

.2

-1.2

22

16.0

16.2

16.4

17.0

17.6

17.7

18.2

18.8

19.3

19.9

20.4

20.9

21.3

21.8

22.3

22.9

23.5

24.0

24.7

25.4

2t

472.0
39.8

487.8
40.7

482.7
41.3

488.5
42.1

500.4
42.6

504.1
43.0

503.5
43.1

502.1
43.3

501.4
43.6

513.9
44.1

522.4
44.8

536.9
45.5

545.5
48.0

553.4
48.6

559.0
49.0

566.6
49.4

571.8
50.0

577.4
50.5

587.2
51.2

599.0
51.7

432.2
41.4

447.1
42.0

441.3
43.1

446.4
43.9

457.8
45.6

461.2
46.6

460.4
46.5

458.8
46.9

457.8
46.9

469.8
48.2

477.7
49.7

491.4
51.1

497.6
51.9

504.8
52.6

510.0
53.1

517.1
53.8

521.8
54.6

526.9
55.3

536.0
56.1

547.3
57.3

2.0
-2.3

2.0
-2.2

2.1
-3.9

2.1
-3.1

2.2
-2.9

2.2
-3.9

2.2
-3.2

2.2
-2.5

2.4
-2.5

2.4
-2.8

2.4
-2.4

2.4
-2.5

2.4
-2.2

2.4
—2.9

2.4
—1.7

2.4
-.8

2.4
-1.9

2.4
-4.3

2.4
-3.5

2.4
-1.8

.5

.2

.5

.4

.5

.4

.5

.7

1.1

1.5

1.8

1.9

1.7

1.6

1.6

1.5

1.3

1.1

.9

.7

391.7
46.1

405.6
50.5

400.6
46.1

403.9
46.0

413.4
47.9

416.6
45.2

415.4
43.2

412.8
41.5

412.1
39.2

423.5
44.3

429.7
44.0

442.4
49.0

447.2
47.1

454.3
48.0

457.8
48.3

463.2
50.3

467.9
49.1

474.6
50.2

481.9
51.4

490.0
53.1

17.1

17.6

17.7

17.8

20.3

20.6

20.8

20.7

20.9

21.3

21.6

21.9

23.5

23.9

24.1

24.3

26.2

26.7

27.1

27.5

1

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

1

24.9

25.1

25.2

26.4

26.3

26.8

27.5

28.9

30.3

31.2

31.6

31.7

32.0

31.9

32.2

33.4

34.5

33.8

34.0

34.7

1

6.6

6.8

7.3

7.5

7.7

7.8

7.8

7.8

7.6

7.4

7.4

7.4

7.6

7.8

8.1

8.3

8.4

8.4

8.7

8.8

1

13.1
2.0
375.0

13.4
2.0
384.7

14.1
2.1
385.5

14.2
2.1
390.2

14.4
2.2
395.8

14.4
2.2
402.0

14.6
2.2
403.5

14.8
2.2
404.3

14.9
2.4
407.2

15.0
2.4
413.8

15.1
2.4
420.6

15.7
2. 4
428.6

16.1
2.4
434.7

16.4
2.4
441.0

16.5
2. 4
444.5

17.1
2.4
449.7

17.2
2.4
455.2

17.7
2.4
460.2

17.9
2.4
466.3

19.1
2.4
474.5

\
1
1

115.9

4
i
(

L

735-313—64


If

r
i

i(

GROSS NATIONAL PRODUCT, NATIONAL INCOME,
Line

TABLE 4.—PERSONAL INCOME AND ITS DISPOSITION (II-l, II-2)

1947

1948

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

1960

1961

1962

1963

[Millions of dollars]

1 Personal income
2
3

191, 581 210,435 208,319 228, 468 256, 692 273, 071 288,259 289,825 310, 196 332,943 351, 423 360,259 383, 936 401,275 417, 598 442, 437 464,060

4
5
6
7

Wage and salary disbursements .122, 843 135, 179 134, 356 146, 367 170, 714 184, 857 198, 106 196, 259 210, 902 227, 634 238, 548 239, 803 258, 459 271, 308 278, 821 297, 133 312, 148
Commodity-producing
54, 336 60, 257 56, 914 63, 495 74, 885 80, 547 88, 077 84, 062 91, 390 98, 724 102, 217 97, 940 107, 243 110, 442 110, 780 118, 503 123, 294
industries.
Manufacturing only
42, 500 46, 459 43, 860 49, 393 58, 277 62, 960 69, 881 66, 077 72, 252 77, 706 80, 644 76, 701 84, 720 87, 411 87, 469 94, 174 98, 042
35, 164 38, 802 39, 016 41,313 45, 953 48, 749 51, 797 52, 324 55, 766 60, 336 63, 403 63, 819 68, 181 71, 802 72, 857 76, 634 80, 293
Distributive industries
15,997 17, 349 17, 925 19, 289 21, 060 22, 628 24, 283 25, 481 27, 771 30, 533 32, 759 34, 797 37, 722 40, 698 43, 354 46, 436 49, 330
Service industries
17, 346 18, 771 20, 501 22, 270 28, 816 32, 933 33, 949 34, 392 35, 975 38, 041 40, 169 43, 247 45, 313 48, 366 51, 830 55, 560 59, 231
Government

8

Other labor income

2,334

2,713

3,021

3,823

4,786

5,316

5,994

6,214

7,136

8,102

9,140

9,357

10, 398

10, 994

11, 587

12, 299

13, 098

9
10
11

35, 492
Proprietors' income
19, 948
Business and professional
Farm
_ _ _ _ _ _ _ _ _ _ _ 15, 544

40, 194
22, 405
17, 789

35, 583
22, 657
12, 926

37, 541
23, 541
14, 000

42, 329
25, 995
16, 334

42, 233
26, 896
15, 337

40, 723
27, 445
13, 278

40, 442
27, 751
12, 691

42, 149
30, 382
11, 767

43, 715
32, 098
11,617

44, 457
32, 677
11, 780

46, 052
32, 504
13, 548

46, 475
35, 104
11,371

46, 236
34, 202
12, 034

48, 220
35, 293
12, 927

49, 822
36, 602
13, 220

50, 638
37, 610
13, 028

12

Rental income of persons _

6,510

7,297

8,274

9,013

9,431

10, 154

10, 528

10, 869

10, 698

10, 913

11,891

12, 208

11, 902

12, 110

12, 231

12, 203

12, 327

13
14

Dividends
_
_
Personal interest income... _ __

6,521
8,212

7,243
8,706

7,473
9,443

9,208
10, 263

9,029
11, 245

8,954
12, 100

9,225
13, 367

9,839
14, 552

11,215
15, 770

12, 132
17, 461

12, 588
19, 631

12, 358
21, 002

13, 682
23, 459

14, 523
25, 811

15, 172
27, 522

16, 525
30, 044

17, 977
32, 947

15
16

Transfer payments
_.
Old-age and survivors insurance benefits.
State unemployment insurance benefits.
Veterans' benefits
Other
_ ._

11, 787
463

11, 281
552

12, 403
664

15, 147
954

12, 575
1,872

13, 210
2,177

14, 256
2,979

16, 223
3,633

17, 507
4,915

18, 806
5,652

21, 879
7,321

26, 332
8,478

27, 464
10, 175

29, 518
11, 130

33, 638
12, 614

34, 716
14, 298

36, 730
15, 245

775

790

1,730

1,367

837

992

954

2,015

1,369

1,400

1,755

3,944

2,514

2,782

4,010

2,905

2,823

6,745
3,804

5,769
4,170

5,104
4,905

4, 884.
7,942

3,897
5,969

3,863
6,178

3,738
6,585

3,848
6,727

4,250
6,973

4,227
7,527

4,364
8,439

4,559
9,351

4,523
10, 252

4,547
11, 059

4,784
12, 230

4,782
12, 731

4,995
13, 667

20

Less: Personal contributions for
social insurance.

2,118

2,178

2,234

2,894

3,417

3,753

3,940

4,573

5,181

5,820

6,711

6,853

7,903

9,225

9,593

10, 305

11,805

21

Less: Personal tax and nontax payments.
Federal
State and local
_ _

21, 468

21, 135

18, 665

20, 813

29, 211

34, 357

35, 785

32, 940

35, 748

40, 001

42, 632

42, 335

46, 791

51, 386

52, 914

57, 879

61, 588

22
23

19, 650
1,818

18, 997
2,138

16, 194
2,471

18, 179
2,634

26, 278
2,933

31, 165
3,192

32, 359
3,426

29, 155
3,785

31, 521
4,227

35, 180
4,821

37, 342
5,290

36, 6404
5,695

0,367
6,424

44, 043
7,343

45, 108
7,806

49, 063
8,816

51, 948
9,640

24

Equals: Disposable personal income. 170, 113 189, 300 189, 654 207, 655 227, 481 238, 714 252, 474 256, 885 274, 448 292, 942 308, 791 317, 924 337, 145 349, 889 364, 684 384, 558 402, 472

25

Less: Personal
penditures.

17
18
19

__

consumption ex- 165, 409 178, 313 181, 158 195, 013 209, 805 219, 774 232, 649 238, 025 256, 940 269, 917 285, 164 293, 198 313, 538 328, 232 337, 347 356, 754 374, 959
4,704

10, 987

8,496

26

Equals: Personal saving

27, 804

27,513

27

Addendum: Disposable personal in- 201, 079 211, 508 213,815 230, 984 236, 959 243, 586 255, 024 256, 885 273, 355 286, 917 293, 807 296, 295 310, 733 317, 792 328, 248 343, 355
come in constant (1954) dollars.

54, 914

12, 642

17, 676

18, 940

19, 825

TABLE 5.—GROSS NATIONAL
PRODUCT IN CONSTANT
DOLLARS (1-2, 1-5)

18, 860

17, 508

23, 025

23, 627

24, 726

23, 607

21, 657

27, 337

[Billions of 1954 dollars]

1

Gross national product.

282.3

293.1

292.7

318.1

341.8

353. 5

369.0

363.1

392.7

400.9

408.6

401.3

428.6

439.9

447.9

476.4

492.6

2

Personal consumption expenditures.

195.6

199.3

204.3

216.8

218. 5

224.2

235.1

238.0

256.0

264.3

271.2

273.2

288.9

298.1

303.8

318.5

330.6

23.3
105.3
67.0

24.6
105. 1
69.6

26.3
106. 3
71.7

32.1
109.2
75.5

29.2
111.2
78.2

28.5
115.0
80.8

33.1
118.3
83.7

32.4
119.3
86.3

39.6
125.4
91.0

38.0
130.3
96.0

38.5
132.6
100.1

35.5
133.3
104.4

41.0
138. 7
109.2

42.2
141.4
114.5

41.4
143.5
118.9

45.7
148.3
124.5

49.3
151.6
129.7

41.5

49.8

38.5

55.9

57.7

50.4

50.6

48.9

62.5

61.7

58.1

49.0

61.7

60.2

57.4

65.9

1
67.7 j

19.9
9.6
10.3

22.7
11.4
11.2

22.3
11.2
11.1

27.4
15.5
11.9

26.0
12.9
13.2

26.0
12.8
13.2

27.6
13.6
14.0

29.7
15.4
14.3

33.9
18.2
15.7

32.3
16.2
16.1

31.8
15.3
16.5

31.1
16.2
14.8

34.4
19.5
14.9

34.4
18.2
16.2

34.3
18.2
16.1

36.7
20. 1
16.5

37.9
21.2
16.7

Producers' durable equipment. _
Change in business inventories-

21.7
-.1

22.8
4.4

19.8
-3.6

21.3
7.2

22.0
9.7

21.8
2.6

22.5
.5

20.8
-1.6

22.5
6.1

25.0
4.5

24.6
1.6

19.4
-1.5

21.4
5.9

22.7
3.1

21.4
1.7

24.0
5.2

25.6
4.1

Nonfarm
Farm
Net exports of goods and services
Exports
Imports
..
Government purchases of goods
and services.
Federal
. _
State and local
-

1 4
—1 6
8.0
19 2
11. 1
37.2

30
1 4
2.0
14 7
12.8
42.1

—2 6
— 1.0
2.6
15 1
12.4
47.2

65
.2
14.5
14.2
45.1

9 0
.7
2.2
17.3
15.1
63.3

2 2
.4
1.2
16.9
15.7
77.7

1 l
— .7
-.9
16.4
17.3
84.3

—2 1
.5
1.0
17.5
16.5
75.3

5 4
.7
.9
19.2
18.3
73.2

4 9
— .4
2.5
22 4
19.8
72.3

7
1.0
3.8
24 4
20.6
75.5

2 4
.8
-.2
21 4
21.6
79.3

5 9
.0
-2.1
21.9
24.1
80.1

2 9
.3
1.7
24.9
23.2
79.9

15
.2
2.5
25.8
23.3
84.3

4 8
.4
2.2
27 5
25.3
89.8

36
.5
2.2
29 1
26.8
92.1

19.4
17.8

22.9
19.2

25.3
21.9

21.6
23.5

39.3
24. I

53.3
24.5

58.8
25.5

47.5
27.7

43.5
29.7

41.7
30.6

43.2
32.2

44.5
34.8

43.9
36. 2

42.3
37.6

44.8
39.4

49.4
40.3

49.7
42.4

3
4
^
6
7

s

<)

10

11
12
13
14
15
16
17
IS
19

Durable goods
Nondurable goods
Services __ _ __

_. __

Gross private domestic investment- .
New construction _
Residential nonfarm
Other _

_ __

TABLE 6.—IMPLICIT PRICE
DEFLATORS
FOR
GNP
(VII-2, VII-3)

1
2
3
4
5
6
8
9
10
11
12
13
14
15
16
17

Gross national product
Personal consumption expenditures.
Durable goods___
__
X endurable goods
Services
_ _ _ _ _
Gross private domestic investment
New construction
Residential nonfarm
Other
Producers' durable equipment-Change in business inventories
Net exports of goods and services
Exports
_
Imports
Government purchases of goods
and services.
Federal
State and local
_


10


[Index numbers, 1954=100]

83.0
84.6

88.5
89.5

88.2
88.7

89.5
89 9

96.2
96.0

98.1
98.0

99.0
99.0

100.0
100.0

101.2
100.4

104.6
102.1

108.4
105.1

110.8
107.3

112.6
108.5

114.2
110.1

115.8
111.1

116. 7
112.0

118.5
113.4

88.4
88 7
76.8

92.4
94.0
81.7

93.5
90.9
83.6

94.6
91.4
85.9

101.1
99.0
89.8

102. 2
100. 1
93.6

99.4
99. 7
97.7

100.0
100.0
100. 0

100.1
99 5
101.7

101.3
100. 9
104. 1

104.7
103.9
107.0

104.9
106 3
109.4

106. 3
106 0
112 5

106.3
107 4
114 8

105.5
108 3
116 3

105.9
109 2
117 5

105.6
110 5
119 8

76 6
78.4
74.8
76.8

85.9
88.6
83.1
83.1

84 3
85.9
82.6
87.0

88.3
90.9
85.1
89.0

95 3
97.5
93.1
96.8

98.4
100.3
96.5
97.5

100 1
101.3
98.9
99.0

100.0
100. 0
100. 0
100.0

103 1
103.0
103.2
102. 6

109 8
109.0
110.7
109.0

113 5
111 2
115. 7
115.7

114 2
111 9
117. 6
118.9

116 8
114 3
120. 1
121.4

118 4
115 5
121 6
121.6

119 4
115 9
123 3
121.3

120 6
117 2
124 8
120. 9

199 9

93.4
79 7
76.4

98.6
86 3
82.0

92.7
82 0
85.1

90.3
87 8
86.5

103.3
102 8
95.5

103.0
102 8
97.8

101.0
98 2
98.3

100.0
100 0
100.0

100. 7
99 9
103. 3

103. 4
101 8
109.2

107.4
103 2
114.6

105 9
99 2
117.9

104.3
98 2
121.4

105 5
100 5
124.7

107 9.
99 0
128.1

105 9
99 5
129.6

105 7
98 1
133. 1

80.8
71.5

84.4
79.3

88. 0
81.7

89.6
83.7

98.7
90.2

99.2
94.8

98.6
97.5

100.0
100.0

104. 1
102. 2

109. 7
108. 6

114.9
114.2

118.3
117.3

122. 2
120. 3

125 5
123. 8

128 0
12S. 3

1°7 2
13:2. 5

130 2
136. 4

-

119 1
127 6
120.9

AND PERSONAL INCOME, 1947-63—Continued
1960

1959

1962

1961

1963
Line

I

II

III

IV

I

II

III

IV

I

II

III

IV

I

II

III

IV

I

II

III

IV

[Billions of dollars, seasonally adjusted at annual rates]
375.0

384.7

385.5

390.2

395.8

402.0

403.5

404.3

407.2

413. 8

420.6

428.6

434.7

441.0

444.5

449.7

455.2

460.2

466.3

474.5

1

251.6
104.7

259.7
109.1

259.9
107.3

262.5
107.9

268.5
111.2

272.2
111.6

273.3
110.6

271.3
108.4

271.5
107.2

276.0
109.5

281.1
111.7

286.8
114.6

291.2
116.2

296.6
118.7

299.2
119.3

301.6
119.8

305.3
120.7

310.1
122.9

314.3
124.1

318.8
125.5

2
3

82.5
66.0
36.2
44.7

86.2
68.1
37.4
45.1

85.0
68.9
38.2
45.5

85.2
69.6
39.0
45.9

88.5
70.8
39.6
46.9

88.4
72.4
40.5
47.8

87.4
72.4
41.3
49.0

85.4
71.8
41.5
49.7

84.5
71.6
42.3
50.4

86.5
72.2
43.1
51.2

88.1
73.5
43.7
52.2

90.8
74.1
44.4
53.6

92.4
75.1
45.3
54.6

94.2
76.4
46.3
55.1

94.9
77.3
46.9
55.7

95.2
77.8
47.2
56.8

96.1
78.6
48.2
57.8

97.7
79.7
49.0
58.5

98.5
81.0
49.9
59.4

99.9
81.9
50.2
61.3

4
5
6
7

10.0

10.3

10.6

10.7

10.8

11.0

11.0

11.1

11.3

11.5

11.7

11.9

12.0

12.2

12.4

12.6

12.8

13.0

13.2

13.4

8

46.8
34.5
12.4

47.2
35.5
11.7

46.0
35.4
10.6

45.9
35.1
10.8

45.3
34.6
10.7

47.0
34.6
12.4

46.1
33.8
12.2

46.6
33.8
12.7

47.0
34.2
12.8

47.8
35.0
12.8

48.5
35.7
12.8

49.6
36.3
13.3

50.0
36.3
13.7

49.9
36.6
13.3

49.7
36.7
13.0

49.7
36.9
12.8

50.3
37.1
13.2

50.1
37.3
12.8

50.7
37.8
12.9

51.5
38.3
13.2

9
10
11

11.8

11.9

11.9

11.9

12.1

12.1

12.1

12.1

12.2

12.2

12.2

12.2

12.2

12.2

12.2

12.2

12.3

12.3

12.4

12.4

12

13.1
22.6

13.4
23.0

14.1
23.7

14.2
24.5

14.4
25.2

14.4
25.5

14.6
26.0

14.8
26.5

14.9
26.9

15.0
27.2

15.1
27.7

15.7
28.3

16.1
29.0

16.4
29.6

16.5
30.4

17.1
31.2

17.2
31.9

17.7
32.4

17.9
33.4

19.1
34.2

13
14

26.8
9.5

27.1
10.3

27.3
10.4

28.5
10.5

28.6
10.7

29.1
11.2

29.7
11.3

31.1
11.4

32.7
11.8

33.5
12.5

34.0
12.8

34.1
13.4

34.4
13.6

34.3
14.3

34.6
14.5

35.8
14.8

37.0
14.8

36.3
15.3

36.5
15.4

37.2
15.4

15
16

2.9

2.2

2.1

2.8

2.4

2.4

2.9

3.8

3.8

4.4

3.9

3.7

3.3

2.7

2.7

3.2

3.0

2.6

2.6

3.0

17

4.6
9.9

4.6
10.1

4.4
10.5

4.5
10.6

4.6
10.9

4.5
11.0

4.5
11.1

4.6
11.3

4.7
12.4

4.9
11.8

4.7
12.6

4.8
12.2

4.7
12.7

4.7
12.6

4.7
12.7

4.9
12.9

4.9
14.2

5.0
13.3

5.0
13.4

5.1
13.6

18
19

7.8

7.9

8.0

8.0

9.1

9.2

9.3

9.3

9.4

9.5

9.7

9.8

10.1

10.3

10.4

10.4

11.5

11.7

11.9

12.1

20

45.4

46.7

46.8

48.3

51.5

51.8

51.3

50.9

51.5

52.4

53.3

54.4

56.1

57.6

58.5

59.3

60.1

61.1

61.9

63.3

21

39.2
6.3

40.3
6.4

40.3
6.5

41.7
6.6

44.3
7.2

44.5
7.3

44.0
7.4

43.5
7.5

43.9
7.7

44.7
7.8

45.4
7.9

46.5
7.9

47.5
8.6

48.9
8.7

49.6
8.9

50.2
9.0

50.7
9.4

51.5
9.6

52.2
9.7

53.4
9.9

22
23

329.6

338.0

338.8

341.9

344.3

350.3

352.2

353.4

355.6

361.4

367.3

374.2

378.5

383.4

386.0

390.4

395.1

399.1

404.4

411.2

24

305.7

313.0

316.7

318.8

324.2

329.7

328.7

330.3

330.5

334.7

339.1

345.2

350.5

354.0

358.5

364.0

369.2

372.0

377.4

381.3

25

23.9

25.1

22.1

23.1

20.1

20.6

23.4

23.0

25.1

26.7

28.2

29.1

28.0

29.4

27.5

26.4

25.9

27.1

27.0

29.9

26

305.8

312.1

311.4

313.1

314.2

318.3

319.9

319.4

320.7

325.9

330.6

336.2

339.2

342.9

344.3

347.1

349.9

352.6

356.3

360.7

27

[Billions of 1954 dollars]

421.7

434.0

427.6

431.1

439.9

442.1

440.2

437.1

434.2

444.4

450.6

462.5

469.1

475.1

478.3

483.0

485.4

487.9

494.8

502.0

1

283.6

289.1

291.0

291.9

295.8

299.5

298.6

298.6

298.1

301.8

305.1

310.0

314.2

316.6

319.8

323.6

327.0

328.6

332.4

334.4

2

39.6
136.8
107.2

41.6
139.1
108.4

42.0
139.3
109.8

40.8
139.8
111.3

42.6
140.6
112.6

42.7
142.7
114.2

42.1
141.5
115.0

41.6
140.7
116.4

39.4
141.7
117.1

40.8
142.7
118.2

41.8
143.9
119.4

43.7
145.6
120.8

44.8
146.6
122.7

44.9
147.8
123.8

45.6
149.1
125.0

47.6
149.5
126.5

48.5
150.7
127.8

48.6
151.1
128.9

49.4
152.5
130.6

50.8
152.1
131.6

3
4
5

59.5

67.2

58.0

62.0

65.3

61.6

59.4

54.5

50.5

56.9

59.4

62.7

64.8

65.8

66.3

66.5

64.7

66.2

68.1

71.7

6

33.8
19.4
14.4

35.3
20.6
14.7

34.9
19.7
15.2

33.6
18.5
15.2

34.7
18.7
16.0

34.4
18.3
16.1

34.1
18.1
16.0

34.3
17.8
16.5

33.3
17.2
16.1

34.3
18.0
16.2

34.6
18.6
16.0

35.2
19.2
16.0

35.5
19.5
16.1

36.6
20.1
16.5

37.5
20.6
16.9

37.0
20.3
16.7

36.8
20.6
16.2

37.5
21.2
16.4

38.2
21.2
17.0

39.0
21.8
17.2

7
8
9

20.1
5.6

21.7
10.2

21.8
1.3

21.8
6.6

22.5
8.0

23.3
3.9

22.8
2.6

22.1
-1.9

20.5
-3.3

20.6
2.0

21.6
3.2

22.7
4.8

23.2
6.1

23.8
5.4

24.4
4.4

24.7
4.9

24.6
3.4

25.4
3.3

25.9
4.0

26.8
5.9

10
11

5.5
.0
-2.3
20.9
23.2
80.9

10.2
-.1
-3.1
21.2
24.4
80.9

1.4
-.1
-2.0
22.9
24.9
80.6

6.6
.0
-1.1
22.7
23.8
78.3

7.8
.2

3.7
.3

2.2
.4

-2.3
.3

-3.4
.2

1.9
.2

3.0
.2

4.6
.2

5.7
.3

5.0
.4

3.9
.5

4.4
.4

2.7
.7

2.7
.5

3.4
.6

5.5
.4

12
13

.3

1.1

2.0

3.4

3.7

2.1

2.0

2.1

1.3

2.8

2.8

2.1

1.3

2.1

2.0

3.5

14

23.9
23.6
78.5

25.0
23.9
79.9

25.2
23.2
80.2

25.6
22.2
80.6

26.1
22.4
81.8

24.7
22.6
83.6

26.0
24.0
84.0

26.3
24.2
87.7

26.1
24.8
88.8

28.0
25.2
89.9

28.2
25.4
89.4

27.9
25.7
90.7

27.1
25.8
92.4

28.9
26.8
91.0

29.4
27.4
92.3

30.9
27.4
92.4

15
16

44.4
36.5

44.4
36.4

44.3
36. 3

42.4
35.9

42.0
36.5

42.6
37.3

42.4
37.8

42.2
38.4

43.1
38.6

44.7
38.9

44.6
39.4

47.0
40.7

48.4
40.4

50.2
39.8

49.2
40.2

49.9
40.9

50.7
41.8

49.4
41.7

49.6
42.7

48.9
43.4

18
19

2

17

[Index numbers, 1954 = 100]
111.9
107.8

112.4
108.3

112.9
108.8

113.3
109.2

113.8
109.6

114.0
110.1

114.4
110.1

114.9
110.6

115.5
110.9

115.6
110.9

115.9
111.1

116.1
111.3

116.3
111.6

116.5
111,8

116.9
112.1

117.3
112.5

117.8
112.9

118.3
113.2

118.7
113.5

119.3
114.0

100. 0
105.8
110.9

106. 8
105.7
112. 1

107.0
106. 1
113.0

105.5
106.5
113.9

106.8
106.7
114.3

107.0
107.2
114.8

105.9
107.4
115.0

105. 5
108.3
115.3

105.1
108. 5
115.7

105.5
108.1
116.1

105.9
108. 2
116.5

105.3
108.4
117.0

105.7
108.8
117.0

106. 2
108.9
117. 3

106. 2
109.2
117.7

105.5
109.9
118.2

105.2
110.2
119.0

105.9
110.2
119.4

105.8
110.6
119.9

105.6
111.1
120.7

115. 5
112. 9
118.8
120.9

116.4
114.0
119.9
121.4

117.5
115.0
120.8
122.0

117. 8
115.2
121.0
121.1

117.8
115.4
120.5
121.5

118.5
115.8
121.6
121.8

118.7
115.7
122.1
121.8

118.6
115.2
122.3
121.3

119.7
117.1
122.5
121.7

119.3
116.1
123.0
121.5

119.5
115.7
123.8
121.3

119.0
115.0
123.8
120.9

119.5
115.5
124.2
120.9

120.3
116.9
124.3
121.3

121.5
118.2
125.4
121.3

121. 3
118.0
125.4
120. 4

121.6
117.9
126.3
120.6

122.3
118.5
127.1
121.0

123.6
119.7
128.4
121.0

123.9
120. 2
128.7
121.0

104.5
97.3
120.2

103. 9
97.6
120.6

103.8
97.8
121.3

105.0
100. 2
123. 3

105.5
100.6
123.8

105.2
100.6
123.8

105.9
100.8
125.3

105.6
99.8
126.1

105.9
99.0
127.8

107.8
98.4
127.8

107.2
98.8
128.4

107.9
99.6
128.4

107.3
99.2
128.7

105.6
100.2
129.1

105.2
99.6
129.7

105.6
99.0
130.8

106.0
98.4
131.3

105.7
98.0
132.8

105.4
97.9
133.1

105.6
98.1
135.2

15

121.3
119.0

121.4
119.6

121.8
120.7

124.5
121.9

124.9
122.5

124.3
123.2

126.1
124.5

127.1
125.0

128.4
127.2

127.9
127.7

127.9
129.0

127.3
129.7

126. 9
130.9

126.9
132.0

126. 9
133. 1

128.0
134. 2

128.6
134.7

130.2
135.9

129. 9
136.8

132.6
138.1

16
17

1

3
4
5
6
7
8
9
10
11
12




13
14

11

urren

t

BUSINESS STATISTICS

A HE STATISTICS here update series published in the 1963 edition of BUSINESS STATISTICS, biennial Statistical Supplement to the SURVEY
OP 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
(*) and 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.
1961 | 1962 | 1963
Unless otherwise stated, statistics through 1962
and descriptive notes are shown in the 1963
edition of BUSINESS STATISTICS

1961

II

Annual total

Data from private sources are provided

1962

III

I

IV

II

1963

III

I

IV

II

1964

III

i | n

IV

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
National income totalf
Compensation of employees, total

bil. $
do

Wages and salaries, total
do
Private
do. __
Military
do
Government civilian
_do_ .._
Supplements to wages and salaries
do
Proprietors' income, total cf
do
Business and professionalcf _
__do
Farm
do_ __
Rental income of persons
do
Corporate profits and inventory valuation adjustment total
- foil. $
Corporate profits before tax, total
Corporate profits tax liability
Corporate profits after tax
Divldends
Undistributed profits
Inventory valuation adjustment

do
do
_do__
do
do
do

' 426. 9 ' 455. 6 r 478. 5 ' 423. 5

' 463. 2

316.6

322.4

325.3

328.0

332.7

338.1

342.7

347.7

352.5 f 358 6

286.8
233.2
10.8
42.8
23.9
49.6
36.3
13.3
12.2

291.2
236.5
11.1
43.6
25.4
50.0
36.3
13.7
12.2

296.6
241.5
11.0
44.1
25.8
49.9
36.6
13.3
12.2

299.2
243.5
10.7
45.0
26.1
49.7
36.7
13.0
12.2

301.6
244.8
10.5
46.3
26.4
49.7
36.9
12.8
12.2

305.3
247.5
10.6
47.2
27.4
50.3
37.1
13.2
12.3

310.1
251.6
10.7
47.8
27.9
50.1
37.3
12.8
12.3

314.3
255. 0
10.7
48.7
28.4
50.7
37.8
12.9
12.4

318.8
257.6
11.7
49.6
28.8
51.5
38.3
13.2
12.4

323.2 p 328 7
260.8 p 265 3
11.7 p l l . 7
50.7 P51.7
29.4 P29.9
51.2 p 51 7
38.6 p39 1
12.6 P 12.6
12.4 P 12 4

44.0

49.0

47.1

48.0

48.3

50.3

49.1

50.2

51.4

53.1

56.4

44.3
22.3
22.0
15.1
6.9
-.3

49.3
24.8
24.5
15.7
8.8

47.2
22.7
24.5
16.1
8.4
-.1

47.9
23.0
24.9
16.4
8.5
.0

48.1
23.1
25.0
16.5
8.5
.1

49.4
23.8
25.7
17.1
8.6
.9

48.9
23.4
25.5
17.2
8.3
.2

51.1
24.5
26.6
17.7
8.9
-.9

51.3
24.5
26.7
17.9
8.9
.2

54.3
26.0
28.3
19.1
9.2
—1.2

56.6
25 4
31.2
19.4
11.8
— 2

20.4

20.9

21.3

21.8

299.3

304.7

310.7

278.8

227.0
10.2
41.6
23.4
48.2
35.3
12.9
12.2

297.1
241.6
10.8
44.7
25.9
49.8
36.6
13.2
12.2

312.1
252.9
10.9
48.3
28.2
50.6
37.6
13.0
12.3

276.0
224.9
10.0
41.2
23.3
47.8
35.0
12.8
12.2

281.1
228.9
10.0
42.2
23.6
48.5
35.7
12.8
12.2

44.1

48.4

50.8

44.3

44.2
22.3
21.9
15.2
6.7
-.1

48.2
23.2
25.0
16.5
8.5
.3

51.3
24.6
26.7
18.0
8.7
-.4

43.9
22.1
21.8
15.0
6.8
.5

20.1

22.1

' 518. 7

r 556. 2

Personal consumption expenditures, total. .do

337. 3
43.7
17.1
19.3
155.4
28.7
81.3
11.9
138.3
20.4
44.2
10.7

Gross private domestic investment, total — do

442. 4

' 447. 2 ' 454. 3 ' 457. 8

r

340.3

do

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
Hou sing
do
Transportation
do

429. 7

323.1

-do

Net interest
Gross national product, totalf

r

302.2

0

24.4

19.9

583. 9

r 513. 9

356.8

375.0

334.7

339.1

345.2

350.5

354.0

48.4
20.6
20.2
162.0
29.9
84.6
12.3
146.4
21.6
46.5
11.3

52.1
22.7
21.4
167.5
30.7
87.1
12.8
155.3
2^ 7
48.9
11.7

43.1
16.7
19.1
154.3
28.3
80.9
11.7
137.3
20.3
43.9
10.6

44.3
17.4
19.5
155.7
28.7
81.4
11.9
139.1
20.6
44.4
10.7

46.0
18.6
19.9
157.8
29.4
82.2
12.0
141.4
20.9
45.0
10.8

47.4
19.7
20.1
159.5
29.6
83.2
12.2
143.6
21.3
45.6
11.1

47.7
20.3
19.9
161.0
29.7
84.1
12.2
145.3
21.3
46.2
11.2

r

' 522. 4 ' 536. 9 ' 545. 5 r 553. 4

22.3
r

' 467. 9 ' 474. 6

22.9

23.5

566. 6

571.8

358.5

364.0

48.4
20.5
20.3
162.9
30.0
85.2
12.3
147 2
21.7
46 8
11.4

50 2
21.8
20.6
164.4
30.2
85.9
12.5
149 5
22 0
47 5
11.5

559. 0

T

r 481.

9

r 490.

' 498. 4

0

25 A

24.0

24.7

577. 4

r 587. 2

369.2

372.0

377.4

381.3

390.0 p 396. 0

51 1
22.4
20.8
166.0
30.4
86.4
12.7
152 1
22 4
48 0
11.6

51 5
22.6
21.0
166.6
30.1
86.9
12.8
153 9
22 4
48 6
11.7

52 2
22.6
21.6
168.6
31.3
87.3
12.9
156 6
22 9
49 2
11.7

53 6
23 2
22.3
168.9
30 9
87.8
13.0
158 8
23 0
49 g
11.8

55 9 p 56 6
24 3
23.1
172.9 P 175. 7
32 1
89.7
13 3
161 1 j> igg 7
23 5
50 5
12.0

r

r

599. 0

25.9
r

p26 5

608. 8 P 618 5

68.8

79.1

82.0

68.0

71.3

74.9

77.4

78.9

80.2

79.9

77.9

80.2

82.8

87.1

85.9

P87.0

__.do
do do
do
do

41.0
21.1
25.9
1.9
1.5

44.2
23.6
29.0
5.9
5.3

46.6
25.2
31.0
4.4
3.9

40.9
20.9
25.1
2.1
1.8

41.3
21.5
26.3
3.7
3.3

41.9
22. 1
27.4
5.6
5.2

42.5
22.5
28 1
6.9
6.4

44.1
23.5
28 8
6.1
5.5

45.5
24.4
29 6
5.1
4 4

44.9
24 0
29 7
54
4 8

44.7
24 3
29 6
36
30

45.9
25 1
30 7
36
32

47.2
25 4
31 4
4 2
37

48.3
26 2
32 4
6 4
6 0

49.2
26 9
34 2
2 5
2 2

P49.0
p 26 3
P 35 0
p3 0
p2 7

do
do
do

4.6
27 6
23 0

4.0
29 2
25.2

4.4
30 7
26.3

4.4
26 6
22.2

4.2
27 8
23.7

4.3
28 4
24 1

3.4
28 0
24 6

4.3
29 6
25 3

4.4
29 7
25 3

3.9
29 4
25 5

3.4
28 8
25 4

4.3
30 5
26 3

4.2
31 0
26 8

5.8
32 6
26 9

7.7
34 ">
26 8

P6.0
P 34 2
p 28 2

Govt. purchases of goods and services, totaL.do
Federal (less Government sales)
do
National defense 9
__ _
do
State and local
do

108.0
57.4
49.0
50.6

116.3
62.9
53.6
53.5

122.6
64.7
55.2
57.9

106.8
57.1
49.0
49.7

107.9
57.1
48.6
50.9

112.6
59.8
50 9
52.8

114.3
61.4
52 5
52.8

116.1
63.6
55 3
52.5

115.9
62.4
53 0
53 5

118.7
63.8
53 5
54 8

121.4
65.1
54 8
56 3

120.9
64.3
55 2
56*7

122.8
64.4
55 5
58 4

124.8
64.9
55 3
59 9

' 547. 3 r 554. 0
273 5
273 9
103 5
101 4
172 6
170.0
212 2
216 8
61 6
63 2

561.2
278 2
104 1
174 1
220 0
63 0

r 568. 2
280 9
105 0
175 8
224 7
62 7

New construction
Residential nonfarm
Producers' durable equipment
Change in business inventories
Nonfarm
Net exports of goods and services
Exports
Imports
-

By major type of product:f
Final sales, total
_do
Goods, total
_
_ d o
Durable goods
_ _ _ _ _
do _
Nondurable goods
do
Services
_
do
Construction
do

' 516. 8 ' 550. 3 ' 579. 5 '511.8
255 0
257.9
273.6
285 8
94.5
108.2
92.9
102.3
163.4
162.1
177.6
171.3
214.7
200 8
228 4
199 3
62 0
58 1
65 2
57 6

r 518.

7

258 8
95.4
163.4
201 8
58 2

r
r
Inventory change, total
_ _ _ do
'4. 4
2.1
'5.9
3. 7
1.9
— 1
Durable goods
do
2 2
— 5
2 3
30
Nondurable goods
...do
1-xuiiu.u.xauic gvvnaa____
__uu
&, u '
A, \) '
&, A
&,\)
1. *
1.4
2.0
2.2
2.6
2.9
'Revised.
p Preliminary.
f Revised series. Estimates of national in come and product and personal income have been revised back to 1961 (see p. 8 ff. of this issue of
the SURVEY); revisions prior to May 1963 for personal income appear on p. 15 of this issue of




' 531. 4
264 8
98.4
166.5
206 8
59 7
r

5.6
36
2.0

r

538. 7
268 9
100 2
168.7
210 0
59 8
'6.9
39
2.9

the SURVEY.
separately.

r

Q I

31
3.0

T

51
31
2.'0

r

54
18
3! 6

'3 6
15
2^0

125.2 p 129.5
64.3 P67.0
54 0 p 57 0
60 9 P 62 5

' 573. 7 ' 9
583. 0 ' 592. 6 ' 606. 4
286 5
85 7
290 3
298 2
111 0
114 3
106 6
110 4
175 5
179 1
179 9
183 9
223 5
231 2
234 5
239 6
63 7
66 2
67 8
68 6
'36
2 7

'.Q

cf Includes inventory valuation adjustment.
9 Government sales are not deducted.

4 2
15
2!?

'64
30
3l 4

r 2 5

7
l'.8

© Includes data not shown

s-1

July 1964

SUEVEY OF CUKRENT 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

III

1963

1962
IV

I

II

III

IV

I

II

1964
III

IV

I

II

III

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 totalt foil.
$-- ' 447. 9
303.8
Personal consumption expenditures, total do
Durable goods

do

Services

__do

Gross private domestic Investment, total—do
New construction
_
Producers' durable equipment
Change in business inventories

do
do
do

41.4
143. 5
118.9

r

476. 4 ' 492. 6 ' 450. 6 ' 462. 5 ' 469. 1 ' 475. 1 ' 478. 3 ' 483. 0 ' 485. 4 ' 487. 9 ' 494. 8 ' 502. 0 ' 508. 0 v 513. 7
318.5

330.6

305.1

310.0

314.2

316.6

319.8

323.6

327.0

328.6

332.4

334.4

340.9

45.7
148.3
124.5

49.3
151.6
129.7

41.8
143.9
119.4

43.7
145.6
120.8

44.8
146.6
122.7

44.9
147.8
123.8

45.6
149.1
125.0

47.6
149.5
126.5

48.5
150.7
127.8

48.6
151.1
128.9

49.4
152.5
130.6

50.8
152.1
131.6

53.1
155.2
132.6

57.4

65.9

67.7

59.4

62.7

64.8

65.8

66.3

66.5

64.7

66.2

68.1

71.7

70.1

34.3
21.4
1.7

36.7
24.0
5.2

37.9
25.6
4.1

34.6
21.6
3.2

35.2
22.7
4.8

35.5
23.2
6.1

36.6
23.8
5.4

37.5
24.4
4.4

37.0
24.7
4.9

36.8
24.6
3.4

37.5
25.4
3.3

38.2
25.9
4.0

39.0
26.8
5.9

39.6
28.1
2.4

do

2.5

2.2

2.2

2.0

2.1

1.3

2.8

2.8

2.1

1.3

2.1

2.0

3.5

5.4

Govt. purchases of goods and services, total-do
Federal
_ _
do
State and local
do

84.3
44.8
39.4

89.8
49.4
40.3

92.1
49.7
42.4

84.0
44.6
39.4

87.7
47.0
40.7

88.8
48.4
40.4

89.9
50.2
39.8

89.4
49.2
40.2

90.7
49.9
40.9

92.4
50.7
41.8

91.0
49.4
41.7

92.3
49.6
42.7

92.4
48.9
43.4

91.6
47.8
43.8

Net exports of goods and services

DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total __ __ __ _
foil.
$_ ' 417. 6 r 442. 4
52.9 '57.9
Less' Personal tax and nontax payments
do _ _ .
' 364. 7 ' 384. 6
Equals' Disposable personal income
__do
'27.3 '27.8
Personal saving §
__
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
34.37 37.31
All Industries
foil.
$

r 464. 1 ' 420. 6 ' 428. 6 ' 434. 7 ' 441. 0 444.5 ' 449. 7 '455.2
'61.6 '53.3 '54.4 r 56. 1 '57.6 '58.5 '59.3 '60.1
' 402. 5 ' 367. 3 ' 374. 2 ' 378. 5 ' 383. 4 ' 386. 0 ' 390. 4 ' 395. 1
'27.5

'28.2

'29.1

'28.0

'29.4

'27.5

'26.4

'25.9

r
T

460. 2 ' 466. 3 ' 474. 5 ' 480. 9 P 437 9
'61.1 '61.9 '63.3 r 61. 4 P 5fi 5
399. 1 404.4 '411.2 '419 5 P 431 4
'27.1

'27.0

'29.9

r

29 5

r 35 4

l

39.22

8.65

9.54

8.02

9.50

9.62

10.18

8.25

9.74

10 14

11.09

9 40

Manufacturing
Durable goods industries
_„
Nondurable goods industries

_

__do_do
do

13.68
6.27
7.40

14.68
7.03
7.65

15.69
7.85
7.84

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

3.27
1.62
1.65

3.92
1.96
1.95

3.95
1.96
1 99

4 56
2.31
2 25

3 79
1 93
1 87

4 54
2 29
2 26

Mining
_
__
Railroads
Transportation, other than rail
Public utilities
Communications
Commercial and other. _

__ _ _ d o
do
.do
do
__ dodo__

.98
.67
1.85
5.52
3.22
8.46

1.08
.85
2.07
5.48
3.63
9.52

1.04
1.10
1.92
5.65
3.79
10.03

.25
.16
.47
1.50
.78
2.16

.26
. 16
. 50
1.54
.88
2.32

.26
.16
.47
1.06
.88
2.06

.27
.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

.26
.28
.54
1.40
.95
2.41

.27
29
.45
1.60
.93
2.64

.28
33
54
1.61
1.06
2 72

26
32
51
1 18
97
2 37

28
38
60
1 53

1 63

3 72

3 3 79

do

34.70

35.40

35.70

36.95

38.35

37.95

42 55

14.00
6 40
7.60

14.20
6 55
7.60

14.45
6 95
7.50

15.05
7 2*i
7.80

15.00
7 30
7.70

38.05
15.30
7.65
7.65

41 20

13.65
6. 10
7.55

36.95
14.85
7.35
7.50

40.00

do

15.95
8.00
8.00

16. 45
8 30
8.15

17.40
8 85
8 55

17.85
8 95
8 90

18 60

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 15
1.40
2 30
5 95
4.05
10 25

1 05
1 30
2 15
6 15

1 10
1 35
2 15
6 no

Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing

Railroads

do

Public utilities
do
Communications
do
Commercial and other
do
BUSINESS POPULATION
Firms in operation, end of quarter (seasonally adjusted)
thous 4 4, 713

M,755 4 4, 797

4, 760

4, 770

4,780

4,790

4,800

4, 815

4,825

4,835

4,850

4,860

31, 791

33, 486 35, 710

8,005

8,616

8,447

8,151

8,312

8,576

8,603

9,679

8,383

9,045

14, 497
2,954
5,401

16, 134
3,044
5,843

16, 931
2,897
6,332

3,826
695
1,346

3,881
714
1,389

3,948
758
1,412

4,058
749
1,462

4,088
745
1,465

4,040
792
1,504

4,017
747
1,529

4,197
731
1,578

4, 353
711
1,595

4,364
708
1, 630

705
4,054

738
4,293

826
4,522

174
1,034

174
1,206

187
1,074

189
1,065

177
1,066

185
1,088

213
1,041

219
1,333

203
1,009

191
1,139

4,180
1,599
1,025
1,556

3, 434
1, 654
1,227
553

4,202
1,862
1,644
696

930
435
259
236

1,252
377
445
430

1,068
260
390
418

628
446
303
-121

771
417
208
146

967
531
326
110

1,056
581
521
-46

1,621
451
598
572

512
236
302
-26

1,013
594
223
196

30, 419

32, 394

33, 352

7,262

7,717

7,706

7,925

8,408

8,355

7,655

8,337

8,528

8,832

19, 913
8,525

20, 576
9,508

21, 938
9,735

4,987
2,134

5,121
2,187

5,032
2,198

5,237
2,397

5,288
2,339

5,019
2,574

4,984
2,432

5,459
2,421

5,597
2,375

5,898
2,507

1,274
707

1,280
1,030

969
710

99
42

196
213

150
326

237
54

606
175

287
475

166
73

190
267

424
132

189
238

216
105

-1,372 -1,092 -2,358
—998 — 1 111 —286

-743
43

-899
332

-741
7

-226
214

96
430

-948
124

-1,342
42

977

145

-213
70

•I f)o

-748

-440

-140

9 55

6,087
2,771

Repayments on U.S. Govt. loans
do
Foreign capital other than liquid funds (net). do

9 00

9,179

do
do

i 43 35 2 44 3Q

1, 334
463
226
645

do __

CO

202
897

_do
do
do
do

04.

4, 347
720
1,613

do
do

00

9,113

do
do
_ do

3

4 62
2 23
2 39

4,875

U.S. BALANCE OF INTERNATIONAL
PAYMENTScf t
Quarterly Data are Seasonally Adjusted
U.S. payments, recorded
_ __ mil $

ll 05 2 11 ig

-42

Imports :
Merchandise _
Military expenditures
Other services..
Remittances and pensions
Govt grants and capital outflows
U.S. private capital (net)
Direct investments
Long-term portfolio
Short-term
U.S. receipts, recorded
Exports:
Merchandise
Services and military sales

-

Excess of recorded receipts or payments (—). ..do

Total, net receipts or payments (— )
do
-2, 370 -2,203 -2,644 -700
-1,231
Net receipts or payments (— ), incl. transactions in
nonmarketable, medium-term convertible Govt.
securities
mil. $_.
-1,942
r
Revised.
vPreliminary.
1 Estimates for Apr .-June 1964 based on anticipated capital expenditures of business.
2 Estimates for July-Sept. 1964 based on anticipated capital expenditures of business.
Anticipated expenditures for the year 1964 are as follows (in bil. $): All industries, 43.92;
manufacturing, total, 18.25; durable goods industries, 9.05; nondurable goods industries,
9.20; mining, 1.09; railroads, 1.44; transportation, 2.21; public utilities, 6.03; commercial and
8
other (incl. communications), 14.90.
Includes communications.




-334

-221

A(\()

-681

-1,072 -1,300

-132

3 14 85 3 15 05

66

-722 -1,148
43
-115
-42
4 Unadjusted. Data represent firms in operation as of Jan. 1; estimate for Jan. 1, 1963,
is based on incomplete data. fSee corresponding note on p. S-l (revisions prior to 3d qtr'
1961 appear on p. 8 ff. of this issue of the SURVEY) .
§Personal saving is excess of disposable income over personal consumption expenditures
shown as a component of gross national product on p. S-l.
cfMore complete details are given in the quarterly reviews in the Mar., June, Sept.
and Dec. issues of the SURVEY.
{Revisions for 1960—2d qtr. 1961 appear on p. 10 of the June 1964 SURVEY.

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