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GROSS NATIONAL PRODUCT, NATIONAL
[Millions of dollars]

I
I
Line

1
2

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

Durable goods
Nondurable goods
Services

6

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

I960

1961 1902

1(55, 408 178, 313 181, 158 195, 013 209, 805 219, 774 232, 649 238, 025 256, 940 269,917 285, 164 293, 198 313, 538 328, 232 336, 828 355, 360
30. 351 29, 471 29, 099 32, 875 32. 398 39, 632 38. 545 40, 355 37, 286 43, 598 44, 905 43, 645 48, 236
99, 801 110, 135 115, 100 117,961 119,328 124. 762 131, 422 137, 728 141,617 147, 111 151,818 155. 144 161,406
64, 861 70, 199 75, 575 81, 813 86, 299 92, 546 99, 950 107, 081 114, 295 122, 829 131,509 138, 039 145, 718

20 593
93, 382
51,434

Residential nonfarm
Other _ _

24, 584
96, 607
59, 967

31,459

43, 087

32 977

49, 970

56, 334

49, 863

50,340

48, 872

63,843

67, 366

66, 125

56, 641

72, 726

71,757

68, 986

78, 787

19, 454

18, 813

24, 215

24,811

25, 532

27, 588

29, 722

34, 941

35, 512

36, 065

35, 483

40, 232

40, 708

41, 583

44, 409

7 535
7,719

New construction

2? 723
98, 737
56, 853

15, 254

Gross private domestic investment,

8
9

1948

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, 173 554, 894

Gross national product
Persona! consumption expenditures _

3
4
5

1947

10, 1°2
9, 332

9.642
9, 171

14, 100
10,115

12, 529
12, 2S2

12, 842
12, 690

13, 777
13,811

15. 379
14, 343

18, 705
16, 236

17, 677
17, 835

17,019
19, 046

18, 047
17, 436

22, 331
17, 901

21. 052
19, 656

21.038
20. 545

23. 220
21, 189

18, 925

22, 305

28, 497

10

Producers' durable equipment

10, 667

17, 236

18, 940

21, 290

21, 264

20, 789

23,119

27, 194

23, 109

25, 936

27, 561

25, 517

28, 830

11

Change in business inventories

-462

4, 708 -3,072

6, 815

10, 233

3, 067

447 -1,839

5,783

4, 660

1,563 -1,951

6,558

3,488

1, 886

5, 548

1 298
— 1 760

2, 976 -2, 209
-863
1 73?

6,000
815

9, 057
1, 176

2, 146
921

1, 068 -2, 129
490
-621

o, 486
297

5,075
-415

801 -2, 864
762
913

6,466
92

3,159
329

1. 545
341

4, 854
694

N OP far in
Farm

12
13

9, 039

3,490

3, 760

587

2,376

1,318

-434

961

1,094

2, 930

4, 944

19249

-759

2,996

4, 450

3,770

17, 900
8,861

14, 505
11,015

13, 958
10, 198

13, 098
12, 511

17, 857
15, 481

17, 431
16,113

16, 600
17, 034

17, 476
16, 515

19, 381
18, 287

23, 135
20, 205

26. 209
21, 265

22, 703
21, 454

22, 877
23, 636

26, 327
23, 331

27. 509
23, 059

28, 886
25, 116

Government purchases of goods and services- 28, 382

14

34, 536

40, 159

39, 029

60, 460

76,044

82, 830

75, 254

75, 592

78, 967

86, 536

93, 458

97, 199

99,616 107, 909 116,977

15, 650

19, 306

22, 241

1.9, 348

38, 768

52, 854

57, 904

47, 548

45, 282

45, 730

49, 711

52, 620

53, 644

53, 131

57, 358

62, 416

1 1, 360
5, 417
1,127

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, 837
8,281
498

46, 244
7, 879
479

45, 687
8,024
580

49, 003
8,944
589

53, 298
9,962
844

12, 732

15,230

17, 918

19, 681

21. 092

23, 190

24, 866

27, 706

30,' 310

33, 237

36, 825

40, 838

43, 555

46, 485

50, 551

54, 561

Net exports of goods and services
Exports..
Imports

15
16
17
18

Federal

19
20
21

._„

._

_.

__ _

,

National defense
Other..
Less; Government sales

22

State and local

__

TABLE 2.— NATIONAL INCOME (1-8, 1-9)

1

National income

2

Compensation of emplovees
Wages and salaries
Private
Military
Government civilian..

3
4
5
6

198, 177 223,487 217, 690 241, 876 279, 313 292, 155 305, 573 391, 794 330, 206 350, 836 366, 943 367, 384 400, 481 414, 497 426, 062 453, 695
128, 757 140, 969 140, 834 154, 190 180, 327 195, 012 208,812 207,595 223,852 242, 502 255, 499 257, 142 278, 528 293, 648 302, 086 322, 878
122, 858 135,214 134,310 146, 391 170,788 184,835 198, 030 196,259 210, 902 227, 634 238. 548 239, 803 258, 459 271, 308 278 8^1 297, 133
105, 512 116,443 113, 809 124, 1 21 141, 928 151,870 164, 157 161. 867 174, 927 189, 593 198, 379 196, 556 213, 146 222, 942 226, 991 241,573
9,951
9, 767
9, 644
9,663
8, 684 10,472 10,337
4, 248
9,894 10, 185 10, 823
9. 778
4, 999
9,873
4, 067
3, 970
13, 279 14, 801 16, 253 17, 271 20, 176 22, 493 23, 536 24, 441 26, 197 28, 378 30, 525 33, 480 35, 440 38, 472 41, 645 44, 737

5,899
5, 755
Supplements to wages and salaries
3,565
3, 042
Employer contributions for social
insurance.
2, 334
2,713
Other labor income
Employer contributions to pri1, 810
1, 555
vate pension and welfare
funds.
903
779
Other
35, 492 40, 194
Proprietors" Income
Business and professional
19. 948 22, 405
Income of unincorporated enter- 21, 419 22, 815
prises.
Inventory valuation adjustment
-410
-1,471
Farm
15,544 17,789
7,297
6,510
Rental income of persons
Corporate profits and inventory valuation 23, 626 30, 848
adjustment.
29, 525 33, 000
Profits before tax
Profits tax liability
11,283 12, 483
18, 242 20, 517
Profits after tax
6,521
Dividends
7, 243
Undistributed profits
11, 721 13, 274
Inventory valuation adjustment
-5. 899 -2, 152
Net interest
4,179
3, 792

7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

6, 524
3,503

7,799
3, 976

9, 539
4,753

10, 177
4, 861

10, 782
4,788

11,336
5,122

12, 950
5, 814

14. 868
6,766

16, 951
7,811

17, 339
7, 982

20, 069
9,671

22, 340
11,346

23, 265
11,894

25, 745
13, 685

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

11,371
8,946

12, 060
9,473

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
20. 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, 425
48, 106
35, 293
35, 260

2, 587
49,808
36,511
36, 494

463 -1,094
12, 926 14, 000
8, 274
9, 013
28,226 35, 663

-327
16, 334
9, 431
40, 954

201
15, 337
10, 154
37, 672

-168
13, 278
10, 528
37,314

-49
12, 691
10, 869
33, 743

-198
11,767
10, 698
43, 126

-502
11,617
10,913
41, 990

-300
11, 780
11,891
41, 669

-56
13, 548
12, 208
37, 155

-140
11,371
11,902
47, 192

-19
12, 034
12, 110
44, 453

33
17
12, 813 13, 297
12, 075 11,976
43, 768 146,997

26, 370 40, 628 42, 153
10, 375 17, 865 22, 447
15, 995 22, 763 19, 706
9,029
7, 473
9,208
8,522 13, 555 10, 677
1, 856 -4, 965 -1,199
6,272
4,773
5,469

36, 691
19, 459
17, 232
8,954
8,278
981
7, 084

38,311
20, 222
18, 089
9,225
8,864
-997
8,196

34, 061 44, 862 44, 683 43, 208
17, 220 21, 827 21, 227 20, 922
16, 841 23, 035 23, 456 22, 286
9,839 11,215 12, 132 12, 588
9,698
7,002 11,820 11, 324
-318 -1,736 -2, 693 — 1,539
9,145 10, 381 11,716 13, 427

37, 410
18, 646
18, 764
12, 358
6,406
-255
14, 827

47, 657
23, 188
24, 469
13, 682
10, 787
-465
16, 384

44, 261
22, 252
22, 009
14, 523
7,486
192
18, 050

43, 784
22, 014
21, 770
15, 266
6,504
-16
20, 027

46, 814
22, 169
24, 645
16, 563
8,082
183
22, 036

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

1
2
8
4
fi
R
7
8
9
10
11
12
13
14
TS
1fi

Gross national product
Less: Capital consumption allowances
Equals: Net national product
Less: Indirect business tax and nontax liability.
Business transfer payments
Statistical discrepancy
Plus: Subsidies minus current surplus of
government enterprises.
Equals: National income
LevSs: Corporate profits and inventory valuation adjustment.
Contributions for social insurance
Excess of wage accruals over disbursements.
Plus: Government transfer payments to persons.
Net interest paid by government
Dividends
Business transfer payments . __
Equals: Personal income

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, 173 554, 894
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, 343 49, 373
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, 608 473 830 505 521
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 49, 097 53, 035

674
3 541
-226

739

510

843
— 734

985
1 247

1, 169
1 374

1, 369
1 283

1, 262

— 847

-171

-162

781

198

187

-154

-431

-243

853

1, 457

1,616

988 —2, 428
33

948

1,790
1,831
2,052
2,231
2 265
2 303
— 601 — 1 461 —2 962 —3 021 — 1 903 — 1 796
992
1,135
520
1,691
430
1,716

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, 062 453, 695
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 43, 768 46, 997
5.683
15

5,220
35

5, 737
-46

6,870
24

8,170
74

8,614
-22

8,728
-76

9,695
0

10, 995
0

12, 586
0

14, 522
0

14, 835
0

17, 574
0

20, 571
0

21, 439
0

23, 900
0

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, 325

32, 468

5,389
4,794
6,204
4,670
4,973
5,171
6,407
5,745
6,175
4,420
4,527
5,016
7,761
7,994
7,075
7,666
7,473
9,029
8,954
9,839 11,215 12, 132 12, 588 12, 358 13, 682 14, 523 15 266 16 563
6 521
7 243
9,208
9,225
1,369
1,457
781
843
985
1, 169
1,262
1,616
1,790
1,831
2,052
674
739
2,231
2,265
2,303
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, 377 442, 126

1. The figures for 1962 reflect the new depreciation guidelines issued by the Treasury Department July 11,1962, and the investment tax credit provided in the Revenue Act of 1962.

12



INCOME, AND PERSONAL INCOME, 1947-62
[Billions of dollars, seasonally adjusted at annual rates"

Line

1
2
3
4
5
6
7
8
9

19 59

TABLE 1.— GROSS NATIONAL
PRODUCT (1-1,1-3)— Con.

Gross national product.

I

_

III

IV

I

II

III

1962

[

IV

II

III

IV

I

II

III

IV

487. 8

482.7

488. 5

500.4

504.1

503. 5

502. 1

500. 4

512.5

521.9

537. 8

544.5

552.4

556. 8

565 2

313.0

316.7

318.8

324. 2

329.7

328. 7

330. 3

330.7

334.9

337.9

343.8

348.8

352.9

356.7

362. 9

42 0
144.7
119.0

_

472.0
305.7

__

Persona I consumption expend! tures__
Durable goods
Nondurable goods
Services

II

19 61

19 80

44 4
147.0
121.5

44 9
147.7
124.0

43 1
148.9
126.8

45 5
149 9
128.7

45 7
153 0
131.0

44 6
152 0
132. 2

43 9
152.3
134.2

41 2
153 9
135.6

43 1
154 5
137.3

43 9
155 3
138.8

46 4
156 9
140.5

47 3
158 9
142.6

47 5
160 6
144.8

47 7
162 5
146 6

50 5
163 6
148.9
78 8

69.8

Residential nonfarm
Other...

68.8

73.2

77.6

73 3

70.9

65.3

59 6

66 6

72 0

77 6

77.3

79 6

78 9

41 1

41 0

39 6

40 9

40 7

40 5

40 7

39 3

41 0

42 6

43 2

41 7

44 5

46 0

45 0

21.9
17.1

New construction

79.0

39.0

Gross private domestic investment

23.5
17.6

22 6
18.4

21 3
18.3

21 5
19.3

21 2
19.5

21 0
19.5

20 5
20.2

19 0
20.3

20 1
20 8

21 9
20.7

22 8
20.4

21 2
20.5

23 3
21.2

24 2
21.7

23 7
21.2

29.9

10

Producers' durable equipment

24.3

26.4

26.6

26.4

27.4

28.4

27. 7

26.8

24.6

24.5

25.8

27.1

27.4

28.7

29.3

11

Change in business inventories

6 4

11 5

11

71

9 3

4 2

2 7

—2 3

—4 3

11

35

7 2

81

6 5

36

4 0

6.2
.2

11.5
.1

11
.0

7 0
.1

91
.2

39
.3

2 3
.4

—2 7
.4

— 4.6
.3

8
.3

3 2
.4

6 9
.4

7.6
.5

5 8

2.8
.8

32
.8

-.5

.0

1.5

2.3

3.3

4.9

5.4

4.3

4.1

4.0

3.3

4.4

4.1

3.3

23 8
24 3

23 8
23 9

25 2
23 7

26 3
24 0

26 7
23 4

27 0
22 1

27 5
22 1

26 5
22 9

27 8
93 7

28 3
24 2

27 9
24 6

29 5
25 0

29 4
25 3

28 8
25 5

12
13
14
15
16

Nonfarm
Farm

,

Net exports of goods and services

__

Exports
Imports

-.8

-1.7

,7

21 8
22 6

22 1
23 8

17 Government purchases of goods and services-

97.2

97.5

97.8

96.5

97.2

98.9

100. 5

101. 6

104.7

106.8

107. 9

112.3

115.1

115.5

117.0

120.2

18

53.8

53.9

54.0

52.8

52.4

52.9

53.5

53. 7

55.4

57.1

57.1

59.8

61.8

61.9

62. 4

63.6

46.0
8.2
5

4f>. 5
80
5

46.4
80
4

46. 1
7.2
5

45.4
7 6
5

45.6
7 9
5

45.9
8 3
G

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
9.9

52. 9
9 8
8

53. 5
9 7
8

54.3
10 4
11

43.5

43.6

43.8

43.7

44,7

46.0

47.0

48.0

49. 3

49.7

50.8

52. 5

53. 3

53. 6

54. 6

56.6

19
20
21
22

Federal
National defense. _ _
Other
Less' Government sales
State and local
Table 2.—National Income (1-8, 1-9)—Con.

1

National income

391.7

405.6

400.6

403.9

413.4

416.6

415.4

412.8

411.1

423.2

429.0

441.0

444.7

452.4

455.5

2

Compensation of employees

270.9

279.8

280.2

283.0

290. 5

294.6

295.8

293.9

294.0

300.1

304.4

309.9

316.0

322.5

325.3

327.7

251 6
206 9
9.9
34.8

259 7
214 6
9.9
35.3

259 9
214 4
9.9
35 7

262 5
216.5
9.8
36.1

268 5
221 6
9.8
37 1

272 2
224 4
9.8
38 0

273 3
224 2
9.9
39 1

271 3
221 6
10.0
39 7

271 2
220 8
10.0
40.4

276 9
225 8
10.0
41 2

281 0
228 8
10.0
42 2

286 1
232 5
10.8
42 8

290 7
236 1
11.1
43.6

296 8
241 7
11.0
44.1

299 4
243 7
10.7
45 0

301 5
244 7
10 5
46 3

19.4
9.4

20.0
9.7

20.3
9.7

20.6
9.9

22.0
11.2

22.3
11.4

22. 5
11. 5

22.5
11.4

22.8
11.6

23.1
11.8

23.4
12.0

23.8
12.2

25.2
13.4

25.7
13.7

25 9
13.8

26 2
13.8

10 0

10 3

10 6

10 7

10 8

11 0

11 0

11 1

11.2

11 3

11 4

11 6

11.8

12 0

12 2

12 3

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

47.6
35 0

48.3
35 7

49.5
36 3

49.5
36 0

49.6
36 5

49.8
36 6

50.3
36 9

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
12.1
38.8

12 6
12.1
43.6

12 6
12.1
44.0

13 2
12.0
48.6

13.5
12.0
146.1

13.1
12.0
146.5

13 2
12.0
i 46. 1

13 4
12.0
149.3

46 9
22.8
24 1
13 1
11 0
— 8
16.0

51 9
25 2
26 6
13.4
13 3
—1 3
16.2

46 5
22.6
23 9
14. 1
9 8

48 5
24.4
24 1
14.4
9 7
— 6
17.6

45 4
22.8
22 6
14.4
8 2
o

21 6
15 1
6 5
2

44 3
22 3
22 0
15.2
6 8
— 3

19.8

20.3

48 9
24.6
24 3
15.8
8 5
— 3
21.0

45.9
21.7
24.2
16.2
80
.1
21.2

46 7
22.1
24 6
16.4
8 2
—.2
21.7

46 2
21.9
24 3
16.5
7 8
— 1

18.8

38 5
19.4
19 2
15.0
4 2
3
19.1

43 4

17.7

42 1
21 2
20 9
14 6
6 4
12
18.2

41
20
20
14
5

16.4

45 3
22.0
23 3
14.2
9 0
7
17.0

22.3

48 4
22.9
25 5
17.1
8 4
9
23.0

472.0
39 8
432.2
41.4

487.8
40.7
447.1
42.0

482.7
41.3
441. 3
43.1

488.5
42.1
446.4
43.9

500.4
42.6
457.8
45. 6

504.1
43.0
461.2
46.6

503. 5
43. 1
460. 4
46.5

502.1
43.3
458.8
46.9

500. 4
43.5
457. 0
47.1

512.5
44. 1
468.4
48.4

521. 9
44.5
477.3
49.7

537.8
45.3
492.4
51.2

544.5
48.5
495.9
52.0

552.4
49.2
503.3
52. 7

556.8
49.7
507.1
53.3

565. 2
50. 1
515. 1
54.1

2.0
—2 3
.5

2.0
—2.2
.2

2.1
-3.9
.5

2.1
-3.1
.4

2.2
-2.9
.5

2.2
-3.9
.4

2.2
—3.2
.5

2 2
— 2.5
.7

2.3
-2.8

2.3
-3.2
2.2

2.3
-1.8
1.9

2.3
.0
2.1

2.3
-.9
2.2

2.3
-2.5
1.7

2.3
—2.6
1.4

2.3
-1.9
1.6

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

411.1
38.8

423.2
43.6

429.0
44.0

441.0
48.6

444.7
46.1

452.4
46.5

455.5
46.1

462. 2
49.3

17.1
.0

17.6
.0

17.7
.0

17.8
.0

20.3
.0

20.6
.0

20. 8
.0

20.7
.0

20.9
.0

21.3
.0

21.6
.0

21.9
.0

23.5
.0

23.9
.0

24.0
.0

24.2
.0

24.9

25.1

25.2

26.4

26.3

26.8

27.5

28.9

30. 4

31.3

31.7

31.7

32.1

32.1

32.3

33.6

6.6
13.1
2.0
375.0

6.8
13.4
2.0
384.7

7.3
14.1
2.1
385.5

7.5
14.2
2.1
390.2

7.7
14.4
2.2
395. 8

7.8
14.4
2 2
402.0

7.8
14.6
2 2
403. 5

7.8
14.8
2.2
404. 3

7. 7
15.0
2.3
406. 6

7.6
15. 1
2.3
414.5

7.6
15.2
2.3
420.2

7.7
15.8
2.3
428.0

7.8
16.2
2.3
433. 5

7.9
16.4
2.3
440.7

8.1
16.5
2.3
444.5

8.2
17.1
2.3
449.9

4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Wages and salaries
Private
Military
Government civilian
Supplements to wages and salaries
Employer contributions for social
insuranceOther 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 valuation adjustment
Net interest

1
6
4
8
6

462.2

TABLE 3.—RELATION OF GNP NATIONAL INCOME AND PERSONAL
INCOME (1-17, 1-18)—Con.
1
2
3
4
6
7
8
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
Plus: Subsidies minus current surplus of
government enterprises.
Equals: National income
Less: Corporate profits and inventory valuation adjustment.
Contributions for social insurance
Excess of wage accruals over disbursements.
Plus: Government transfer payments to persons.
Net interest paid by government
Dividends
_
_
Business transfer payments
Equals* Personal income




13

GROSS NATIONAL PRODUCT, NATIONAL INCOME
1947

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

1948

1949

1950

1951

1952

1954

1953

1955

1956

1957

1958

1959

1960

1961

1962

[Millions of dollars]
1 Personal 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, 275 417,377 442, 126

_

2
3
4
5
6
7

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
Wage and salary disbursements
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
Commodity-producing 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
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
Distributive industries
Service 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
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
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

11,371

12, 060

35, 492
19, 948
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, 106
35. 293
12,813

49, 808
36,511
13, 297

9
10
11

Proprietors' income
Business and professional
Farm

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

12,075

11,976

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

15,266
27, 693

16, 563
30, 030

15
16

11, 787
Transfer payments
463
Old-age and survivors insurance
benefits.
775
State unemployment insurance
benefits.
Veterans' benefits
__ 6,745
Other
3, 804

11,281
552

1.2,403
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, 590
12, 614

34, 771
14, 298

790

1, 730

1, 367

837

992

954

2,015

1,369

1,400

1,755

3,944

2,514

2,782

4,040

2,919

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
12,152

4,788
12, 766

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, 545

10,215

21,468
19, 650
1,818

21, 135
18, 997
2,138

18, 665
16, 194
2, 471

20,813
18, 179
2,634

29,211
26, 278
2, 933

34, 357
31, 165
3, 192

35, 785
32, 359
3, 426

32, 940
29, 155
3,785

35, 748
31,521
4,227

40,001
35, 180
4,821

42, 632
37, 342
5, 290

42, 335
36, 640
5,695

46, 791
40, 367
6,424

51,386
44, 043
7,343

52, 944
45, 138
7,806

57, 686
49. 029
8,657

17
18
19
20

Less: Personal contributions for social
insurance.

21
22
23

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

24

Equals: Disposable personal income

25

Less: Personal consumption expenditures, . 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, 232 336, 828 355, 360

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, 433 384, 440

4,704

10, 987

8,496

12, 642

17, 676

18, 940

19, 825

18, 860

17, 508

23, 025

23, 627

24, 726

23, 607

21, 657

26

Equals: Personal saving

27

Addendum: Disposable personal income 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, 436 343, 587
constant (1954) dollars.
TABLE 5.— GROSS NATIONAL PRODUCT IN CONSTANT DOLLARS (1-2,
1-5)

27, 605

29, 080

[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

447.7

474.8

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

303.6

317.6

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

41.5
143.3
118.9

45.6
147. 8
124. 3

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

57.5

65.2

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

34.7
18.2
16.6

36.7
19.8
16.8

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
Q.I

25.0
4.5

24.6
1.6

19.4
-1.5

21.4
5.9

22.7
3.1

21.0
1.7

23.8
4.8

1.4
-1.6

3.0
1.4

-2.6
-1.0

6.5
.7

9.0
.7

2.2
.4

1.1
-.7

-2.1
.5

5.4
.7

.7
1.0

-2.4
.8

5.9
.0

2.9
.3

1.6
.2

4.3
.5

3.8

-.2

24.4
20.6

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Durable goods __
Nondurable goods
Services
Gross private domestic investment-.
New construction
Residential nonfarm
Other

_

Producers' durable equipment
Change in business inventories
Nonfarm.
Farm

_

Net exports of goods and services
Exports
Imports _ _ _

_

2.2

1.2

.9

1.0

.9

4.9
^
2.5

17.3
15.1

16.9
15.7

16.4
17.3

17.5
16.5

19.2
18.3

22.4
19.8

45.1

63.3

77.7

84.3

75.3

73.2

72.3

75.5

79.3

21.6
23.5

39. 3
24.1

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

8.0

Federal
State and local

2.6

14.7
12.8

15. 1
12.4

14.5
14.2

37.2

42.1

47.2

19.4
17.8

_ _ _

Government purchases of goods and services.

2.0

19 2
11.1

22.9
19.2

21. 9

.2

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

1
?,
3
4
5
6
7
8

q
10

11
i?,
13
14

15
16

21 A
21.6

-2.1

1.7

2.3

1.8

21.9
24.1

24.9
23.2

25.5
23.3

27.0
25.2

80.1

79.9

84.3

9 .2

43.9
36.2

42.3
37.6

44.8
39.5

49.0
41.2

[Index numbers, 1954=100]

Gross national product

83.0

88.5

88.2

89.5

96.2

98.1

99.0

100.0

101.2

104.6

108.4

110.8

112.6

114.2

115.7

116.9

Personal consumption expenditures

84.6

89.5

88.7

89.9

96.0

98.0

99.0

100.0

100.4

102.1

105.1

107.3

108.5

110.1

111.0

111.9

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 3
108 3
116 1

105 9
109 2
117.3

76.6
78.4
74.8

85.9
88.6
83.1

84. 3
85. 9
82.6

88.3
90.9
85.1

95.3
97.5
93.1

98.4
100.3
96.5

100 1
101.3
98.9

100 0
100.0
100.0

103 1
103.0
103.2

109 8
109.0
110.7

113 5
111.2
115.7

114 2
111.2
117.6

116 8
114 3
120.1

118 4
115 5
121 6

119 7
115 9
123 8

121 1
117 1
125 9

76.8

83.1

87.0

89.0

96.8

97.5

99.0

100. 0

102.6

109.0

115.7

118.9

121.4

121 6

121 3

121 0

93.4
79.7

98.6
86.3

92.7
82.0

90.3
87.8

103.3
102.8

103.0
102.8

101.0
98.2

100.0
100.0

100.7
99.9

103.4
101.8

107.4
103.2

105.9
99.2

104.3
98 2

105 5
100 5

107 7
99 2

107 1
99 7

76.4

82.0

85.1

86.5

95.5

97.8

98.3

100.0

103.3

109.2

114.6

117.9

121.4

124.7

127.9

129.7

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

127 9
127 9

127 4
132 3

Durable goods
Nondurable 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 servicesFederal
State and local

17

http://fraser.stlouisfed.org/
14
Federal Reserve Bank of St. Louis

AND PERSONAL INCOME, 1947-62—Continued
Line TABLE 4.— PERSONAL INCOME AND
ITS DISPOSITION, (II-l, II-2)— Con.

1959
I

II

1961

1960
III

IV

I

II

III

IV

I

II

1962
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

406.6

414.5

420.2

428.0

433.5

440.7

444.5

449.9

251.6
104.7
82.5
66.0
36.2
44.7

1 Personal income

259.7
109.1
86.2
68.1
37.4
45.1

259.9
107.3
85.0
68.9
38.2
45.5

262.5
107.9
85.2
69.6
39.0
45.9

268.5
111.2
88.5
70.8
39.6
46.9

272.2
111.6
88.4
72.4
40.5
47.8

273.3
110.6
87.4
72.4
41.3
49.0

271.3
108.4
85.4
71.8
41.5
49.7

271.2
106.8
84.0
71.7
42.3
50.4

276.9
110.3
87.1
72.4
43.1
51.2

281.0
111.7
88.2
73.4
43.8
52.2

286.1
114.3
90.7
73.9
44.3
53.6

290.7
115.8
92.1
75.1
45.2
54.6

296.8
119.2
94.8
76.4
46.2
55.1

299.4
119.5
95.0
77.3
47.0
55.7

301.5
119.6
94.8
77.8
47.3
56.8

12.0

12.2

12.3

49.6
36.5
13.1

49.8
36.6
13.2

50.3
36.9
13.4

12.0

12.0

12.0

16.4
29.7

16.5
30.3

17.1
31.1

34.4 - 34.4
13.6 * 14.3

34.6
14.5

35.9
14.8

3.3

2.7

2.7

3.2

12.1

12.7

12.6

12.8

13.0

9.8

10.1

10.2

10.3

10.3

53.0
45.1

54.9
47.0

56.2
47.7
8.5

57.9
49.3
8.6

58.1
49.4
8.7

58.5
49.7
8.8

2
3
4
5
6
7

Wage and salary disbursements
Commodity-producing industries
Manufacturing only
Distributive industries
Service industries
Government-.

8

Other labor income

10.0

10.3

10.6

10.7

10.8

11.0

11.0

11.1

11.2

11.3

11.4

11.6

11.8

Proprietors' income
Business and professional
Farm

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

47.6
35.0
12.6

48.3
35.7
12.6

49.5
36.3
13.2

49.5
36.0
13.5

12

Rental income of persons

11.8

11.9

11.9

11.9

12.1

12.1

12.1

12.1

12.1

12.1

12.1

12.0

12.0

13
14

Dividends
Personal interest income

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

15.0
26.8

15.1
27.4

15.2
27.9

15.8
28.7

16.2
29.0

15
16

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

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

32.6
11.8

33.5
12.5

33.9
12.8

34.0
13.4

2.9

2.2

2.1

2.8

2.4

2.4

2.9

3.8

3.8

4.4

3.9

3.7

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
12.3

4.9
11.7

12.5

7.8

7.9

8.0

8.0

9.1

9.2

9.3

9.3

9.3

9.5

9.6

45.4
39.2
6.3

46.7
40.3
6.4

46.8
40.3
6.5

48.3
41.7
6.6

51.5
44.3

51.8
44.5

51.3
44.0

50.9
43.5

51.3
43.7

52.5
44.8

9
10
11

17
18
19
20

Other...
Less: Personal contributions for social
insurance.

21
22
23

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

24

Equals: Disposable personal income

329.6

338.0

338.8

341.9

344.3

350.3

352.2

353.4

355.3

362.0

367.2

373.1

377.3

382.7

386.5

391.4

25

Less: Personal consumption expenditures ..

305.7

313.0

316.7

318.8

324.2

329.7

328.7

330.3

330.7

334.9

337.9

343.8

348.8

352.9

356.7

362.9

26

Equals: Personal savings

23.9

25.1

22.1

23.1

20.1

20.6

23.4

23.0

24.5

27.1

29.2

29.3

28.5

29.8

29.7

28.5

27

Addendum: Disposable personal income in
constant (1954) dollars.

305.8

312.1

311.4

313.1

314.2

318.3

319.9

319.4

320.6

326.6

330.8

335.5

338.6

342.6

345.1

348.2

_

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

[Billions of 1954 dollars]

1

Gross national product

421.7

434.0

427.6

431.1

439.9

442.1

440.2

437.1

434.0

443.4

450.4

463.1

467.8

474.0

475.6

481.4

2

Personal consumption expenditures

283.6

289.1

291.0

291.9

295.8

299.5

298.6

298.6

298.5

302.2

304.5

309.2

313.0

315.9

318.6

322.9

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

39.3
141.9
117.3

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

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Durable goods _
Nondurable goods
Services

59.5

67.2

58.0

62.0

65.3

61.6

59.4

54.5

49.7

55.6

59.9

64.7

64.4

66.0

64.8

65.2

New construction
Residential nonfarm
Other

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

33.1
16.6
16.5

34.2
17.4
16.9

35.5
18.8
16.7

36.0
19.6
16.4

34.7
18.3
16.4

36.8
19.9
16.9

37.8
20.6
17.2

36.9
20.2
16.8

Producers' durable equipment
Change in business inventories

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

20.2
-3.6

20.2
1.2

21.3
3.1

22.4
6.3

22.7
7.0

23.6
5.7

24.2
2.9

24.8
3.4

5.5
.0

10.2
-.1

1.4
-.1

6.6
.0

7.8
.2

3.7
.3

2.2
.4

-2.3
.3

-3.8
.2

1.0
.2

2.9
.2

6.1
.2

6.7
.4

5.2
.5

2.4
.6

2.9
.6

Gross private domestic investment

Nonfarm
Farm.

-2.3

Net exports of goods and services. _

-3.1

-2.0

-1.1

.3

1.1

2.0

3.4

3.6

1.9

1.9

1.7

.9

2.6

2.3

1.4

22.7
23.8

23.9
23.6

25.0
23.9

25.2
23.2

25.6
22.2

25.9
22.3

24.5
22.5

25.8
23.9

26.0
24.3

25.7
24.8

27.6
25.1

27.6
25.3

26.9
25.5

80.6

78.3

78.5

79.9

80.2

80.6

82.3

83.7

84.2

87.4

89.4

89.5

89.9

91.9

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
39.1

44.6
39.1

44.6
39.5

47.0
40.4

48.7
40.7

48.8
40.7

48.8
41,1

49.6
42.3

20.9
23.2

Government purchases of goods and servicesFederal -State and local

21.2
24.4

22.9
24.9

80.9

80.9

44.4
36.5

Exports
Imports

44.4
36.4

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

[Index numbers, 1954 = 100]

1

Gross national product

111.9

112.4

112.9

113.3

113.8

114.0

114.4

114.9

115.3

115.6

115.9

116.1

116.4

116.6

117.1

117.4

2

Personal consumption expenditures

107.8

108.3

108.8

109.2

109.6

110.1

110.1

110.6

110.8

110.8

111 0

111.2

111 4

111 7

112 0

112 4

106.0
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

105.0
108 5
115.6

105.4
108 1
116.0

105 6
108 2
116.3

105 2
108 4
116.7

105 7
108 8
116 7

106 3
108 9
117 0

106 0
109 2
117 5

105 6
109 9
118 0

115.5
112.9
118.8

116.4
114.0
119.9

117.5
115.0
120.8

117.8
115.2
121.0

117.8
115 4
120.5

118.5
115.8
121.6

118.7
115 7
122.1

118.6
115 2
122.3

118.9
114 4
123.4

119.6
115 9
123.5

120 0
116 5
124 0

120.2
116 6
124.4

120 3
116 0
125 1

120 8
116 9
125 4

121 7
117 9
126 2

121 7
117 6
126 7

120.9

121.4

122.0

121.1

121.5

121.8

121.8

121.3

121.7

121.5

121.3

120.9

120 8

121 5

121 5

120 3

104.5
97.3

103 9
97.6

103.8
97.8

105 0
100.2

105 5
100.6

105 2
100.6

105 9
100 8

105 6
99.8

106 1
99 1

108 2
98 6

107 8
99 1

108 8
99 8

108 4
99 2

106 8
100 0

106 4
99 8

106 8
99 9

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

Durable goods
Nondurable 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.

__




120.2

120.6

121.3

123.3

123.8

123.8

125.3

126.1

127.3

127.6

128.2

128.4

128.7

129.1

130.1

130.8

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
126.1

128 1
127.0

127 8
128 6

127 2
129 9

126 9
130 9

126 9
131 7

127 9
132 8

128 2
133 8

15

BUSINESS STATISTICS
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

I

IV

II

1963
III

I

| IV

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
National income, totalf

-

bil. $_ ' 414. 5 ' 426. 1 ' 453. 7 ' 413. 4 ' 416. 6 '415.4 ' 412. 8 '411.1 ' 423. 2 ' 429. 0 ' 441. 0 ' 444. 7 ' 452. 4 ' 455. 5 ' 462. 2 ' 466. 7
do.__

293.6

302.1

322.9

290.5

294.6

295.8

293.9

294.0

300.1

304.4

309.9

316.0

322.5

325. 3

327.7

332.0

Wages and salaries, total
do
Private
- - do
Military
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' income, totalcf
do
Business and professionalcf
do
Farm
__
_ _.do
Rental income of persons
do
Corporate profits and inventory valuation adjustment total
bil. $

271.3

278.8
227.0
10.2
41.6
23.3
48.1
35.3
12.8
12.1

297.1
241.6
10.8
44.7
25.7
49.8
36.5
13.3
12.0

268.5
221.6
9.8
37.1
22.0
45.3
34.6
10.7
12.1

272.2
224.4
9.8
38.0
22.3
47.0
34.6
12.4
12.1

273.3
224.2
9.9
39.1
22.5
46.1
33.8
12.2
12.1

271.3
221.6
10.0
39.7
22.5
46.6
33.8
12.7
12.1

271.2
220.8
10.0
40.4
22.8
47.0
34.2
12.8
12.1

276.9
225.8
10.0
41.2
23.1
47.6
35.0
12.6
12.1

281.0
228. 8
10.0
42.2
23.4
48.3
35.7
12.6
12.1

286.1
232.5
10.8
42.8
23.8
49.5
36.3
13.2
12.0

290 7
236.1
11.1
43.6
25.2
49.5
36 0
13.5
12 0

296 8
241.7
11 0
44.1
25.7
49.6
36 5
13.1
12 0

299 4
243.7
10 7
45.0
25.9
49.8
36 6
13.2
12 0

301 5
244.7
10 5
46.3
26.2
50.3
36 9
13.4
12 0

304 5
246 7
10 7
47.1
27.5
50 7
37 2
13 5
12 0

Compensation of employees, total

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__
do

Gross national product, totalf

do

Personal consumption expenditures, totaL.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
Housing
_
do
Transportation
do
Gross private domestic investment, total

222.9
9.9
38.5
22.3
46.2
34.2
12.0
12.1

44.5

43.8

47.0

47.9

45.2

43.2

41.5

38.8

43.6

44.0

48.6

46.1

46.5

46.1

49 3

48 8

44.3
22.3
22.0
14.5
7.5
.2

43.8
22 0
21.8
15.3
6.5
.0

46.8
22.2
24.6
16.6
8.1
.2

48.5
24.4
24.1
14.4
9.7
-.6

45.4
22.8
22.6
14.4
8.2
-.2

42.1
21.2
20.9
14.6
6.4
1.2

41.1
20.6
20.4
14.8
5.6
.5

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

48.4
22.9
25.5
17 1
8.4
.9

48 3
22.9
25 4
17 1
8.3
4

18.0

20.0

22.0

17.6

17.7

18.2

18.8

19.1

19.8

20.3

21.0

21 2

21 7

22 3

23 0

23 3

' 537. 8 '544 5

'552 4

'556 8

' 565 2

571 8

' 502. 6 ' 518. 2 ' 554. 9

' 500. 4 ' 504. 1 ' 503. 5 ' 502. 1 ' 500. 4 ' 512. 5 '521.9

328.2

336.8

355. 4

324.2

329.7

328.7

330.3

330.7

334.9

337.9

343.8

348.8

352.9

356.7

362.9

367.4

44 9
18.8
19.1
151 8
28.1
79 5
11.7
131 5
19 5
41 9
10.7

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
21 5
46.6
11.3

45.5
19.6
19.1
149 9
28.1
78.5
11.4
128.7
19 1
40.9
10.5

45.7
19.2
19.3
153 0
28.5
80 2
11.6
131 0
19 5
41 5
10.7

44.6
18.3
19.1
152 0
28.3
79 4
11.8
132 2
19 6
42 1
10.7

43 9
17.9
18.8
152 3
27.7
79 9
11.9
134 2
19 9
42 8
10 8

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
156 9
29 3
81 6
11.9
140 5
20 8
45 0
10 8

47 3
19 7
20.0
158 9
29 7
82 7
12 1
142 6
21 3
45 6
11 1

47 5
20 1
19.8
160 6
29 5
83 9
12 2
144 8
21 5
46 3
11 3

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
163 6
29 9
85 2
12 6
148 9
21 8
47 6
11 6

50 6
22 0
20.9
165 3
30 2
85 8
12 8
151 4
22 2
48 2
11 8

do

71.8

69.0

78.8

77.6

73.3

70.9

65.3

59.6

66.6

72.0

77.6

77.3

79.6

78.9

78.8

77.8

New construction
Residential nonfarm.
Producers' durable equipment
Change in business inventories
Nonfarm

do
do
do
do
do

40 7
21.1
27 6
35
3.2

41 6
21.0
25.5
19
1.5

44 4
23.2
28.8
55
4.9

40 9
21.5
27.4
9 3
9.1

40 7
9
12
28 4
4 2
3.9

40 5
21.0
27 7
2 7
2.3

40 7
20 5
26 8
—2 3
—2.7

39 3
19 0
24 6
—4 3
—4.6

41 0
20 1
24 5
11
.8

42
21
25
3
3

43
22
27
7
6

41
21
27
8
7

44
23
28
6
5

46
24
29
3
2

45
23
29
4
3

43
22
29
5
4

Net exports of goods and services
Exports
__
_
Imports

do
do
do

30
26 3
23 3

4.4
27 5
23 1

3.8
28 9
25 1

1.5
25 2
23 7

2 3
26 3
24 0

33
26 7
23 4

4 9
27 0
22 1

5 4
27 5
22 1

4 3
26 5
22 2

4 1
27 8
23 7

4 0
28 3
24 2

33
27 9
24 6

4 4
29 5
25 0

4 1
29 4
25 3

33
28 8
25 5

36
28 6
24 9

99.6
53.1
45.7
46 5

107.9
57.4
49.0
50 6

117.0
62.4
53.3
54 6

97.2
52.4
45.4
44 7

98.9
52.9
45 6
46 0

100.5
53.5
45 9
47 0

101.6
53.7
45 9
48 0

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
57 5

'499 1
253 7
94 2
159 5
188 8
56 7

'516 3
257 3
93 8
163 5
200 4
58 6

504 4
254 3
93 2
161 1
199 g
57 3

' 504 7
252 8
90 6
162 2
195 3
56 7

' 511 4
254 6
92 1
169 5
199 1
57 7

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:*!
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
Construction

_ __
_

do
do
do
do
do
do

' 549 3
272 8
101 5
171 3
214 5
62 1

' 491 1 ' 499 9
251 6
254 8
95 4
94 4
156 2
160 4
183 7
188 8
55 8
56 3

Inventory change, total
do
' 1 9 '5 5
'3.5
'9 3
'4 2
— 4
2 3
Durable goods
do
8 2
2 9
2 5
2.2
1.1
Nondurable goods
do
1.1
2.6
1.7
' Revised, f Re vised series. Fstimates of national income and product and personal
income have been revised back to 1959 (see p. 12 ff. of this issue of the SURVEY); revisions
prior to May 1962 for personal income appear on p. 19 of this issue of the SURVEY, d"Includes




'500
254
93
160
189
56

7
1
g
3
9
8

r 2 7

14
1.3

' —2 3 ' —4 3
—6 6
—2 7
2.3
.4

'11
15
2.6

518
257
94
163
201
59

6
9
8
5
2

3
6
3
3
5
2

'35
2 0
1.5

2
8
1
2
9

' 530 5
264 9
0
98
165 8
205 7
60 9
'72
4 7
2.5

7
2
4
1
6

5
3
7
5
8

' 536 3 ' 546 0
270 7
268 1
99 9
99 9
170 8
168 2
209 0
213 5
61 8
59 2
'81
4 8
3.3

'65
31
3.4

0
2
3
6
8

0
7
9
0
2

' 553 1 ' 561 2 '
977 4
274 8
102 6
103 5
172 1
174 0
220 2
215 2
63 6
63 1
'36
2 5
1.2

'40
13
2.6

7
7
0
1
3

566 6
281 7
106 3
175 3
222 5
62 5
'51
j -^

4n

inventory valuation adjustment. ©Includes data not shown separately. 9 Government
sales are not deducted. *For quarterly data back to 1947, see p. 35 of the July 1962 SURVEY.

SUEVEY 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
III

July

IV

I

II

1962
III

IV

I

II

1963
III

IV

I

II

III

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.f
Quarterly Data Seasonally Adjusted at Annual Rates
GNP in constant (1954) dollars
Gross national product totalt
bil. $

r

474. 8 ' 440. 2 ' 437. 1 ' 434. 0 ' 443. 4

450.4

298.1

303.6

317.6

298.6

298.6

298.5

302.2

304.5

309.2

313.0

315.9

318.6

322.9

325. 5

do
do
do

42.2
141.4
114.5

41.5
143.3
118.9

45.6
147.8
124.3

42.1
141.5
115.0

41.6
140.7
116.4

39.3
141.9
117.3

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

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

' 439. 9 ' 447. 7

' 463. 1 ' 467. 8 ' 474. 0

' 475. 6 '481.4

' 485. 3

do

60.2

57.5

65.2

59.4

54.5

49.7

55.6

59.9

64.7

64.4

66.0

64.8

65.2

64.6

New construction
Producers' durable equipment
Change in business inventories

do
do
do

34.4
22.7
3.1

34.7
21.0
1.7

36.7
23.8
4.8

34.1
22.8
2.6

34.3
22.1
-1.9

33.1
20.2
-3.6

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

Net exports of goods and services

do

1.7

2.3

1.8

2.0

3.4

3. 6

1.9

1.9

1.7

.9

2.6

2.3

1.4

1.8

79.9
42.3
37.6

84.3
44.8
39.5

90.2
49.0
41.2

80.2
42.4
37.8

80.6
42.2
38.4

82.3
43.1
39.1

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

Gross private domestic investment, total

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

DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
bil. $__ '401.3 -•417.4 ' 442. 1 * 403. 5 ' 404. 3 ' 406. 6 ' 414. 5 ' 420. 2 ' 428. 0 ' 433. 5 ' 440. 7 ' 444. 5 ' 449. 9 ' 453. 9
51.4
'57.7
'51.3
52.5
50.9 r '51.3
r 52 9
53.0
' 54. 9 '56.2
' 58. 1 ' 58. 5 ' 59. 4
'57.9
Less: Personal tax and nontax payments
do
355. 3 ' 362. 0 ' 367. 2 ' 373. 1 ' 377. 3 ' 382. 7 ' 386. 5 '391.4 ' 394. 5
Equals' Disposable personal income
do. _ ' 349. 9 ' 364. 4 ' 384. 4 ' 352. 2 ' 353. 4
Personal saving §
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly totals or averages:
All industries
bil. $

'21.7

'27.6

'29.1

'23.4

'23.0

'24.5

'27.1

'29.2

'29.3

'28.5

'29.8

'29.7

'28.5

'27.1

8.92

8.59

29.33

8.98

9.53

7.57

8.61

8.65

9.54

8.02

9.50

9.62

10.18

8.25

19.84

2 10. 09

3.42
1.57
1.85

3.67
1.76
1.91

3. 02
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

3.27
1.62
1.65

3.93
1.96
1.97

3.91
1.94
1.96

.24
.17
.46
1.38
2.92

.27
.21
.52
1.37
3.29

.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

.24
.21
.39
1.04
3.11

.26
.30
.52
1.43
3.40

.26
.26
.49
1.55
3.62

Manufacturing
Durable goods Industries
Nondurable goods industries

do
do
do

3.62
1.80
1.82

Mining
Railroads
Transportation, other than rail
Public utilities
Commercial and other

do
do
do
do
do

.25
.26
.48
1.42
2 89

Seas. adj. qtrly. totals at annual rates:
All Industries

do

35.90

35.50

33.85

33.50

34.70

35.40

35.70

36.95

38.35

37.95

36.95

138.40

2 39. 95

do

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

14.85
7.35
7.50

15.35
7.65
7.70

15.80
7.95
7.85

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
.90
].70
5.20
13. 20

1.00
1.05
1.95
5.55
13.45

1.05
1.10
2.00
5.80
14.25

4, 755

4,720

4,730

4,740

4,750

4, 760

4,770

4,780

4,790

4,800

4,815

4,825

D ura hip goo b u dn<?trip<? -. ._
j P'nnd ~1

Railroads

do

Public utilities

do

BUSINESS POPULATION
Firms In operation, end of quarter (seasonally adjusted)
_
thous

3 4, 658

3 4, 713

U.S. BALANCE OF INTERNATIONAL
PAYMENTS}
Quarterly Data are Seasonally Adjusted
U.S. payments, recorded .
_.
__mll. $

31, 174

31, 778

33, 254

7,937

7,993

7,673

7,535

7,917

8,653

8,246

8,316

8,214

8,478

8,430

14, 723
3,048
5,434

14, 497
2,934
5,436

16, 145
3,028
5,791

3,664
789
1,364

3,422
725
1,335

3,386
773
1,318

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

3,985
741
1,447

672
3, 405

705
4,056

736
4,281

169
826

957

187
985

171
856

173
1,029

174
1, 186

191
1,075

182
1,078

176
1,045

187
1,083

217
1,082

3,892
1.694
850
1,348

4,150
1,598
1,011
1,541

3,273
1,557
1,209
507

1,125
362
221
542

1,377
688
215
474

1,024
458
94
472

1,002
344
219
439

844
399
234
211

1,280
397
464
419

861
199
357
305

834
506
329
-1

711
359
188
164

867
493
335
39

958
556
457
-55

Imports:
Merchandise. __
Military expenditures
Other services

do
do
do

Remittances and pensions
Govt grants and capital outflows
U.S. private capital
Direct investments
Long-term portfolio
Short-term

.

_

do .
do
do
_.do
...do
do

r3

...do

27, 976

30, 313

32, 093

7,112

7,001

7,428

7,956

7,247

7,682

7,688

7,901

8, 327

8,177

7,668

Exports:
Merchandise
_
Services and military sales

do
do

19, 459
7, 515

19, 913
8,398

20, 479
9,311

4,940
1,905

4,986
1,942

5, 050
2, 038

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

4,998
2, 368

Repayments on U.S. Govt. loans
Foreign capital other than liquid funds

do
do

636
366

1,274
728

1,283
1,020

196
71

133
-60

128
212

851
262

99
41

196
213

155
327

237
54

601
176

290
463

168
134

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

-3, 198

-1, 465

-1,161

113

301

762

-683

-905

-1,025

U.S. receipts, recorded

Unrecorded transactions

do

-825
193

-992

-245

-265

-227

Total, net receipts (+) or payments (—)._. do
-3,881 -2,370 -2, 186 -1,018 -1,257
Excl. transactions in nonmarketable, mediumterm convertible Government securities mil.$
r
Revised.
» Preliminary.
i Estimates for Apr. -June 1963 based on anticipated capital expenditures of business.
2 Estimates for July-Sept. 1963 based on anticipated capital expenditures of business.
Anticipated expenditures for the year 1963 are as follows (in bil. $): All industries, 39.24;
manufacturing, total, 15.56; durable goods industries, 7.72; nondurable goods industries,
7.84; mining, 1.02 ; railroads, 1.08; transportation, 1.90; public utilities, 5.61; commercial and
other, 14.07.

3 Unadjusted. Data represent firms in operation as of Jan. 1; estimate for Jan. 1, 1963



-472

421

-390
31

-670

-971

-558

15

-303

-27

-655

-1,274

585

-415
-37

-452

-469
-356

492

-793

44
806
4.^fi

(based on incomplete data) is 4,797,000.
f See corresponding note on p. S-l (revisions prior to 3d qtr. 1960 appear on p. 12 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.
J More complete details are given in the quarterly reviews in the Mar., June, Sept.,
and Dec. issues of the SURVEY. Revisions prior to 3d qtr. 1960 will be shown later.

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