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SURVEY OF CURRENT BUSINESS until recently made a quicker and significantly greater contribution to economic expansion than during the early stages of the 1954-55 recovery. This was owing less to the vigor of the 1960-61 growth in capital outlays than to the fact that revival in capital goods demand occurred early in the present business cycle. The current expansion in business capital outlays continues to compare relatively favorably with the late and halting 1958-59 revival, though in real terms the totals are still below 1957 peak rates. Government purchases of goods and services have played a significantly greater role in the current rise than in the two earlier periods of expansion under review. The impact of government purchases was concentrated in late 1961 and early 1962 and reflected mainly programs designed to meet the threat to Berlin and higher outlays in other areas of the defense program. In contrast defense outlays were rising slowly during the 1958-59 period and in 1954 they were still declining following the cessation of hostilities in Korea. On the other hand, State and local government purchases have moved steadily ahead, though recent increases have been somewhat less than those recorded in the earlier periods. Consumer Buying Continues Strong Personal consumption expenditures increased to $355 billion for the quarter, up $4% billion over the first quarter. So far this year the rate of increase in consumer buying has been lower than in 1961 because of durable goods spending. Last year hard goods purchases were stimulated by the sharp revival in residential construction, and the recovery of auto sales from their relatively low rate in the 1960-61 winter. Auto sales improve—-furniture appliance sales off and The second quarter gain in consumer expenditures for autos and parts—$1 billion—more than offset the minor drop in the first quarter, which was partly occasioned by poor weather, and the sales rate for the spring quarter was the best of recent years, even after Table 1.—Gross National Product in Current and Constant Dollars (1-3, 1-5) 1961 1959 1960 1961 II III 1962 IV I 1961 II 1959 1960 1961 Seasonally adjusted at annual rates II III 1962 IV I II Seasonally adjusted at annual rates Billions of current dollars Billions of 1954 dollars 482.7 503.4 518.7 513.1 522.3 538.6 545.0 552.0 428.6 440.2 447.9 443.9 450.4 463.4 467.4 470 8 Gross national product Personal consumption expendi313.5 328.5 338.1 335.5 340.1 346.1 350.2 354.9 288.9 298.3 304.3 302.5 306.0 310. 6 313.9 316.9 tures 43.6 44.8 43.7 43.5 44.0 46.6 46.3 47.2 41.0 42.2 41.6 41.3 41.7 44.4 44.1 44.6 147.1 151.8 155.2 153.9 156.2 157. 2 159.9 161.3 138.7 141.4 143.3 142.3 144.4 144.9 147.0 148.1 122.8 131.9 139.1 138.0 139.9 142.3 144.1 146.3 109.2 114.7 119.4 118.8 120.0 121.4 122.8 124.1 Durable goods _ __ Nondurable goods Services Gross private domestic investment New construction _ Residential nonfarm Other 72.7 72.4 69.3 67.6 72.4 76.6 75.9 77.4 61.7 60.7 57.8 56.5 60.4 64.1 63.3 64.1 40.2 40.7 41.6 41.0 42.6 43.2 41.6 44.5 34.4 34.3 34.8 34.3 35.6 36.1 34.6 36.7 __ 22.3 21.1 21.0 20.1 21.9 22.8 21.2 23.3 19.5 18.2 18.2 17.4 18.8 19.7 18.2 19.9 17.9 19.7 20.5 20.8 20.7 20.4 20.5 21.2 14.9 16.1 16.6 16.9 16.7 16.4 16.4 16.8 Producers' durable equipment . 25.9 27.6 25.5 24.6 25.8 27.4 27.6 28.9 21.4 22.7 21.1 20.2 21.3 22.7 22.8 23.8 6.6 4.1 2.1 2.1 4.0 6.0 6.7 4.0 5.9 3.7 2.0 2.0 3.5 5.4 5.9 3.7 6.5 .1 3.7 .3 1.9 .2 1.8 .3 3.8 .2 5.9 .1 6.6 .1 3 9 5.9 !l -.0 3.4 .3 1.8 .1 1.9 .2 3.4 .1 5.3 .1 5.8 .1 3.6 .1 Net exports of goods and services- -.8 2.9 4.0 4.0 2.8 3.8 3.7 3.7 -2.1 1.5 1.8 1.7 .7 1.4 1.3 .7 Change in business inventoriesNonfarm Farm _ Exports Imports National defense Other Less: Government sales State and local allowance for price changes. In real terms, it was still more than 10 percent short of the best quarters of 1955, when the widespread upgrading of lower priced models to which purchasers responded favorably encouraged a sharp rise in installment purchases which resulted in a record volume of car sales. The outstanding volume of automobile paper amounted to less than $10 billion at the beginning of 1955 as compared with nearly $17 billion at the beginning of 1962. Sales of domestically produced cars approximated 6% million units, at an annual rate, in the spring quarter, up by almost half a million from the first quarter of the year. The proportion of compact cars sold in each quarter represented about two-fifths of total sales. Sales trended down during the second quarter from the very high April sales peak. In June, it is very likely that sales were hurt by May's sharp decline in the stock market, but July was another good month with sales recovering to the second quarter level. Consumer buying of furniture and appliances declined by almost $K billion, following a minor decline in the first quarter. Expenditures in this category are below the best quarterly rates of the last 3 years. Consumer purchases of nondurable goods were up $1% billion for the quarter with food accounting for twofifths of the increase—clothing purchases were unchanged. The cumulative increase since early 1961 now amounts to 6 percent for clothing, and 5 percent for food with purchases in other categories ranging downward from the latter figure. Consumer expenditures for services continued to expand though at a slightly, reduced rate as compared with earlier years, a tendency that showed up in 1961 as indicated in the July National Income Number of the Survey. _ __, 22.9 26.4 27.3 26.4 26.9 28.3 28.2 29.0 21.9 24.9 25.3 24.4 25.1 26.2 26.1 26.6 23.6 23.5 23.3 22.4 24.1 24.5 24.5 25.3 24.1 23.4 23.5 22.7 24.4 24.8 24.8 25.9 Government purchases of goods and services. Federal August 19(32 97.2 99.7 107.4 106.0 106.9 112.1 115.2 116.0 80.1 79.8 84.0 83.3 83.3 87.2 88.9 89.2 Moderate Rise in Investment 53.6 53.2 57.0 56.6 56.5 59.5 61.9 62.1 43.9 42.3 44.5 44.4 44.1 46.7 48.3 48.6 46.2 45.7 49.0 49.0 48.4 50.8 53.0 53.2 7.0 8.1 8.7 8.5 8.7 9.2 9.6 9.5 .6 .6 .6 .6 .5 .6 .6 .8 43.6 46.5 50.4 49.4 50.4 52.6 53.3 54.0 36.2 37.4 39.4 38.9 39.2 40.5 40.6 40.6 Gross private domestic investment increased $V/2 billion in the quarter, following a minor drop in the first quarter. A $2% billion decline in the SUEVEY OF CURRENT BUSINESS tronic) methods of inventory control work for lower levels of inventory holdings at all stages of the business cycle. rates for prime commercial paper, are now relatively high, at least as compared with 1954-55. Finally, it is generally believed that modern (elec- Table 2.—Personal Income and Its Use (II-2) [Billions of dollars] 1961 1959 1961 1960 II 1962 III I IV II Seasonally adjusted at annual rates Personal income Wage and salary disbursements Commodity -producing industries Manufacturing only __ _ Distributive industries Service industries _ __ Government - - 383.9 400.8 416.4 413.5 419.4 427.3 432.0 439.5 258. 5 271.3 278.8 276.9 281.0 286.1 289.9 295.9 107.2 84.7 68.2 37.7 45.3 110.4 87.4 71.8 40.7 48.4 110.8 87.5 72.9 43.4 51.8 110.3 87.1 72.4 43.1 51.2 111.7 88.2 73.4 43.8 52.2 114.3 90.7 73.9 44.3 53. 6 115. 0 91.9 74.9 45.1 54.9 118.1 94.4 76.1 45.9 55.8 10.4 11.0 11.4 11.3 11.4 11.6 12.0 12.3 46.5 35.1 11 4 46.2 34.2 12 0 47.8 34.8 13.1 47.2 34.5 12.7 48.1 35.1 13.1 49.5 36.0 13.6 49.1 36.2 12.9 49.5 36.8 12.8 Rental income of persons 11.9 11.9 12.3 12.2 12.3 12.5 12.6 12.8 Dividends 13.7 14.4 15.0 14.8 14.9 15.5 15.8 15.8 Personal interest income 23.5 25.8 27.4 27.2 27.5 28.1 28.8 29.4 Transfer payments 27.5 29.4 33.4 33.4 33.7 33.8 34.1 34.2 10.2 2.5 4. 5 10.3 11.1 2.8 4. 5 10.9 12.6 4.0 4.8 12.0 12.5 4.4 4.9 11.5 12.8 3.9 4.7 12. 3 13.4 3.7 4.8 11.9 13.7 3.3 4.8 12.3 14.4 2.7 4.8 12.3 Other labor income _ Proprietors' income Business and professional Farm __ _ _- Old-age and survivors insurance benefits State unemplovment insurance benefits Veterans' benefits _. . .. Other . . 7.9 9.2 9.7 9.6 9.7 9.9 10.3 10. 5 46.8 51.4 52.8 52.5 53.0 54.6 56.4 57.7 40.4 6.4 44.0 7.4 45.0 7.8 44.7 i 7. 8 45. 1 7.9 46.7 8.0 i 48.0 8.4 49. 2 8.5 Equals* Disposable personal income 337.1 349.4 363.6 361.0 366. 3 372.6 375. 6 381. 8 Less* Personal consumption expenditures 313. 5 328. 5 338. 1 335. 5 ! 340. 1 346.1 350. 2 354. 9 20.9 25.6 25. 5 i 26.3 26.5 25.4 26.9 317. 3 327.3 329.7 334. 5 336. 6 340.9 Less: Personal contributions for social insurance. __ Less* Personal tax and nontax payments _ Federal State and local -- -- -- Equals: Personal saving -. 23.6 | _ . ._ Addendum: Disposable personal income in constant (1954) dollars 310.7 325. 5 Table 3.—Gross National Product by Major Type of Product, in Current and Constant Dollars (1-6, 1-7) ! 1959 I960 | 1961 1961 II III 1962 IV I II Seasonally adjusted at annual rates Billions of current dollars Gross national product 1961 1959 1960 1961 II III 1962 IV I II Seasonally adjusted at annual rates Billions of 1954 dollars 482.7 503. 4 518. 7 513. 1 522.3 538. 6 545. 0 552.0 428.6 440.2 447.9 443.9 450. 4 463.4 467.4 470.8 Final sales Inventorv change 476. 1 499.4 516 6 511 0 518 3 532 6 538 3 547.9 422 7 436.5 446. 0 441.9 446. 9 458.1 461.5 467.2 6.6 4.1 2.1 4.0 6.0 6.7 4.0 5.9 3.7 2.0 2.0 5.4 5.9 3.7 Goods output Final sales Inventorv change 250.6 258.2 259.4 256.6 261.8 271.0 274.9 276.7 228.8 234. 0 233. 5 231.2 235. 3 243. 7 246.4 247.1 244.0 254.1 257.2 254. 4 257. 8 265.0 268.2 272.6 222.9 230.3 231.5 229. 2 231.8 238.4 240. 5 243. 4 6.6 4.1 2.1 2. 1 4.0 6.0 6.7 4.0 5.9 3.7 2.0 2.0 3. 5 5.4 5.9 3.7 Durable goods output Final sales Inventorv change 95.0 97.2 94.0 91. 3 97.7 102. 3 103.4 104.5 82.9 85.0 82.1 79.7 85.0 89.4 89.9 90.3 91.5 95.0 94.0 92.6 94.3 98.8 99.9 102.6 80.0 82.9 82.0 80.7 82.0 86.3 87.0 88.7 .1 -1.0 3.0 3.1 2.9 1.6 3.4 3.5 3.5 1.9 3.0 2.1 3.5 2.3 .0 -1.3 Nondurable goods output Final sales Inventory change Services Construction _ _ . 155.6 160.9 165.4 165.3 164. 2 168.8 171.5 172.2 145.9 149.1 151.4 151.5 150.3 154.4 156.5 156.8 152.5 159.2 163. 3 161. 8 163.5 166.3 168.4 170.0 143.0 147.5 149.5 148.5 149.8 152.1 153.5 154.7 3.1 1.8 2.1 3.4 .6 2.5 3.1 2.2 2.9 1.6 1.8 3.1 .5 2.2 3.0 2.1 175.8 188.6 200.7 199.0 201.3 206.6 211.1 213.5 151.4 158.3 165.2 164.2 165. 4 168.7 171.8 172.7 56.3 56.7 58.6 57.5 59.2 61.0 59.0 61.8 48.3 47.8 49.3 48.5 49.7 51.0 49.2 51.0 August 1962 Residential construction from winter lull recovers Residential construction was a strong expansive force in the second quarter, following its lagging influence during the winter months. On an adjusted basis, housing starts had declined late in 1961 and continued to decline in the first 2 months of this year. Meanwhile, building permits issued had held at a high rate throughout this period. Housing starts began to advance in March and were above a 1.5 million annual rate in April and May before a decline in June. The value of residential construction put in place was up by over $2 billion on a seasonally adjusted annual rate basis from the first to the second quarter, which more than offset the decline in the preceding quarter. The rise in housing this spring has been quite general, including both conventionally financed and FHA-VA starts, metropolitan and nonmetropolitan areas, and one-family houses as well as apartments. Nevertheless, the advance has emphasized trends of recent years toward multifamily units and conventional financing. FHA-VA applications for financing of new units in the first half of 1962 were a little higher than a year earlier, but they have since drifted downward. Mortgage financing terms have remained reasonable7 easy for borrowers as well as attractive to lenders at a time when demands for other types of loans have been rather moderate, and the volume of mortgage financing has shown a substantial advance. Government purchases Government purchases of goods and services were up only about $% billion for the quarter, a low figure in terms of the basic upward tendency. This was the smallest increase since late 1960 and compares with increases of $5 and $3 billion, respectively, for the closing 1961 and opening 1962 quarters. The most recent increase was due almost entirely to higher purchases by State and local governments, as Federal buying was virtually unchanged. (Continued on page 32) BUSINESS STATISTICS J_ HP] 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 (f), 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 1959 | 1960 1961 1959 ri A n n u a l total 1961 1960 in IV I | II III IV I II 1962 III I IV II Seasonally adjusted f uarterly totals at annual rates GENERAL BUSINESS INDICATORS—Quarterly Series NATIONAL INCOME AND PRODUCT! National income, totalf Compensation of employees, total Wages and salaries, total Private .. - Military Government civilian -- Supplements to wages and salaries bil $ 400 5 415 5 4° 7 8 405 6 400 6 403 9 413 9 417 9 416 6 414 4 411 8 4°4 3 431 3 444 0 448 9 do 278. 5 293.7 302. 2 279. 8 280. 2 283. 0 290. 6 294. 6 295. 8 293. 9 294.1 300. 2 304.5 309. 9 315. 2 321.7 do do do do 258 .5 9 13 1 9 9 259 7 214 6 9. 9 35 3 9 9 9 9 979 9 9 9 271 290 10 40 9 9 9 °89 9 35 11 43 295 9 240 1 11.2 44 6 do Proprietors' income, totald"-_ do Business and professionalcf do Farm _ . do Rental income of persons do Corporate profits and inventory valuation adjustment, total bil $ Corporate profits before tax, total Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment 9.9 35 4 9 71 9 9 2 9 38 3 9 9 5 78 8 227 0 10. 2 41 6 59 ''14 9 35 9 4 9 7 6 5 9 1C) 5 9.8 36 1 68 5 99 16 9 8 37 1 994 4 9.8 38 0 73 224 9 39 3 2 9 1 71 291 10 39 3 6 0 7 29 5 09 6 99 9 93 9 9 9 46. 5 33 8 12 7 I9 0 46.5 33 7 12 8 I9 0 47.2 34 5 19 7 1° 2 48. 1 35 1 13 1 19 3 49 36 13 19 01 99 4 9 9 9 9 99 46. 5 35 1 11.4 11 9 46. 2 34 9 12 0 11 9 47.8 34 8 13.1 I9 3 47.2 35 5 11. 7 11 9 46. 0 35 4 10. 6 11 9 45. 9 35 1 10.8 11 9 45. 2 34 5 10 7 11 9 46.9 34 5 12.4 11 9 46.3 34 1 12 2 11 9 34 0 0 0 3 0 6 0 2 8 0 4 76 9 9 25 8 10 0 41 9 81 0 "8 8 10 0 49 o 35 50 5 46 1 46 0 48 6 46 9 44 4 43 3 40 1 45 0 46 0 51 1 50 4 45 6 51.9 45 3 95 9 39 8 19 4 9 0 3 9] () 99 (} 9 42 8 °1 1 9 17 46 3 99 3 43 3 9 14 9 19 1 9 44 8 ?3 0 49 9 94 3 94 9 — 6 46 4 99 4 46 5 99 f; 9 3 9 99 9 3 93 7 — 3 50 1 94 4 95 6 9 51 9 5 °6 — do 9 99 () 9 9 16 4 17 0 17 6 17 7 18 9 18 8 19 1 19 8 9() 3 do 4S9 7 503 4 518 7 487 8 489 7 488 5 501 7 504 8 503 7 503 3 500 8 513 1 599 3 Personal consumption expenditures, total.. do 313. 5 328. 5 338.1 313.0 316. 7 318.8 323. 9 329. 9 329. 8 330. 5 330. 5 335. 5 Durable goods, total 0 ._ _ do Automobiles and parts do Furniture and household equipment,- -do 43 6 18 1 18. 9 44 8 18 8 19. 1 43 7 17 9 19.3 44 4 19 0 18.9 44 9 18 9 19.2 43 1 16 9 19.3 45 1 19 0 19.3 45 8 19 5 19. 2 44 5 18 3 19. 1 44 0 18 3 18.7 40 8 15 4 18.4 43 5 16 9 19. 2 15° 3 97 g 153 5 153 9 I 9g () g() 9 80 3 11 9 33 151 9 8 79 11 8 1 5 7 155 9 9 86 81 1 11 9 147 97 77 11 0 g 8 1 147 7 131 19 41 10 9 6 8 7 139 1 191 17 39 9 72.7 72.4 do do do do do 40 9 22.3 9 5 9 6.6 6 5 do do do 99 () 93 (; Govt. purchases of goods and services, total. _do Federal (less Government sales) do National defense 9 do State and local do 552 0 340. 1 346. 1 350. 2 354. 9 44 o 16 9 19.7 46 6 19 4 19.8 46 3 47 2 90 3 19. 3 1 57 9 99 9 80 6 11 7 156 9 •)() o 81 5 11 9 1 59 9 9 9 8 83 7 I9 1 161 29 84 19 3 8 ° 3 9 138 0 139 9 9() 0 9() 9 9() ft 9() 7 43 1 10 9 43 0 10 9 44 1 149 9 1 44 11 144 91 45 11 146 21 45 11 3 8 7 5 191 19.7 77 4 11 3 6 3 9 6 159 9 8 79 11 5 9 4 7 J94 0 18 9 39 9 10 9 196 18 40 10 8 8 3 5 198 9 19 9 40 9 10 0 131 19 41 10 5 6 7 6 13° 8 19 7 10 6 49 6 10 7 69. 3 79. 0 68. 8 73. 2 79.1 73. 5 70.3 66.5 60. 1 67.6 72. 4 76.6 75.9 77.4 40 7 21.1 97 (j 4.1 3 7 41 6 21. 0 41 1 23. 5 9 6 4 11.5 11 5 41 0 22. 6 9 6 6 1. 1 1 i 39 (} 21.3 9 6 4 7.1 7 0 40 9 21. 5 97 4 10. 8 10 6 40 7 21.2 93 4 4.4 4 i 40 5 21.0 40 7 20. 5 9 6 8 -1.1 1 5 39 3 19.0 94 4 -3.6 3 9 41 0 20. 1 94 (5 2.1 18 49 (} 21.9 9 58 4.0 3 8 43 9 22.8 9 74 6.0 5 9 41 6 21.2 9 76 6.7 6 6 44 5 23. 3 28 9 4.0 3 9 9 (j 4 () 9 7 3 93 3 —1 7 9 3 9 1 4 53 39 9 9'-? Q 3 99 9 3 8 83 9g 9 9 9 4 9 6 5 94 o 5 3 97 4 93 g 93 % 94 3 4 9 93 5 99 4 97.2 53. 6 46.2 43. 6 99.7 53. 2 45. 7 46. 5 107. 4 57. 0 49. 0 50. 4 97. 5 53. 9 46. 5 43.6 97. 8 54. 0 46.4 43.8 96. 5 52. 8 46. 1 43.7 97. 2 59 5 45.' 4 44.7 99. 0 53.1 45.8 45. 9 100. 8 53. 6 45.7 47.2 101.4 53.6 45.8 47.8 104. 8 55. 4 47.7 49.4 106. 0 56. 6 49.0 49.4 112. 1 59. 5 50. 8 52. 6 115.2 61.9 53. 0 53. 3 476 1 9 44 0 91 5 152.5 17r) 8 56 3 499 4 954 i 95 0 159.2 188 (i '">( i 7 516 6 476 3 "44 3 99 4 152.0 1 73 9 r >8 1 481 5 947 o 93 1 153.9 1 77 6 5(i ( J 481 4 9 r 4i 7 91 9 153.8 1S1 3 r )4 I 490 8 9~i 3 94 o 157.3 I S3 8 11 5 S 1 3 5 j ] 7 ] 10 8 9 (', s; (j 199 g do New construction. Residential nonfarm.Producers' durable equipment Change in business inventories Nonfarm -_. Net exports of goods and services Exports __ __ Imports 77 7 11 1 18 1 39 6 10 0 — 8 6 (i 3 5 3. 1 9() f) 43 0 111 2.1 1 9 9f} 4 94 0 103. 3 9 0() 7 58 ( \ 4 I 1 8 f 9 1 9 1 o 99 I 9 j) i 3 1 Revised. t He vised series. Estimates of national income and product and personal income have been revised back to 1959; revisions prior to May 1961 for personal income appear on p. 13 of the July 1962 SURVEY. cf Includes inventory valuation adjustment. ©In- 545 0 159 9 8 79 11 do do do do T 22 0 538 6 0 1 5 5 Services, total © Household operation Housing Transportation do do do 3 9 1 5 10 150 9 8 78 11 147 1 Inventory change, total Durable goods _ Nondurable goods 5 9 g 3 3 do do do do do do do do do do 35 4 1 3 3 148 27 78 11 Nondurable goods, total © _ „. Clothing and shoes Food and alcoholic beverages Gasoline and oil.. _ _ 33 99 (J 16 2 By major type of product:*! Final sales, total Goods output, total Durable goods Nondurable goods Services Construction 49. 5 36 8 12.8 12 8 45 5 9(3 o Gross private domestic in vestmen t, total 25 8 49 1 36 9 I9 9 12 6 45 4 18 1 _ 25 2 45 6 16 4 Gross national product, totalf - 5 0 6 5 47 7 03 o 24 5 0 - 38 9 0 2 7 47 9 26 6 -1.3 - 1 5 8 g do do do do 9 Net interest 86 9 32 10 49 o 8 39 4 5 9 500 4 50 9 96 9 1 59. 3 187 7 r )6 4 9 1 4 9 g 1 fi 5 4 5 7 11 9 134 4'J 9 2.1 1 7 9 g 9 6 5 501 5 54 9 94 8 1(H). 1 1 89 9 56 8 9 9 1 1 0 1 1 9g 99 9 504 4 54 1 94 ° 160.0 9 136 504 4 51 6 90 9 161.4 9 111 4 0 6 4 51 1 0 54 4 99 ^ 161.8 9 g9 ] 19 1 9 g 9 9 69 106. 9 56. 5 48.4 50.4 518 3 57 8 94 3 163. 5 9 3 0 8 4 539 6 65 0 98 8 166.3 9 1 3 9 5 3 7 j -^ 57 5 3 6 9 1 0 'A d 3 3 1 1 3 59 9 3 4 « (M 116.0 62. 1 53. 2 54. 0 r.oo o 0-0 fi (jO Q 109 6 170.0 168.4 A .• V •_> c 9 ^ '-t 1 cludes data not shown separately. 9 Government sales are not deducted. data back to 1947, see p. 35 of the July 1962 SURVEY. Q • ) J - 0 «) 1 UM 1 56 8 3 7 99 9 9 *For quarterly s-1 SURVEY OF CURRENT BUSINESS S-2 1959 Unless otherwise stated, statistics through 1960 and descriptive notes are shown in the 1961 edition of BUSINESS STATISTICS 1959 1961 1 1960 1 Annual total III August 1002 1961 1960 IV I III 11 IV I II 1962 III IV ' 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 totalf bll $ Personal consumption expenditures total Durable goods Nondurable goods Services .. - - 428. 6 440.2 447. 9 427.6 431.1 440.9 442.3 439.7 437.7 433. 9 443.9 450.4 463. 4 467.4 470.8 do 288. 9 298.3 304.3 291.0 291. 9 295. 6 299. 7 299. 1 298.8 298.2 302.5 306.0 310. 6 313.9 316. 9 do do do 41.0 138. 7 109. 2 42.2 141.4 114.7 41.6 143. 3 119.4 42. 0 139. 3 109.8 40.8 139.8 111.3 42.4 140. 6 112.6 43.0 142.3 114.5 41.8 141.9 115.4 41.8 140.7 116.3 39.0 141.5 117.7 41.3 142. 3 118.8 41.7 144. 4 120. 0 44.4 144.9 121.4 44.1 147.0 122.8 44.6 148.1 124. 1 61.7 60.7 57.8 58.0 62.0 66.7 61.5 58.6 55. 8 50.0 56.5 60.4 64.1 63.3 64.1 do do do 34.4 21.4 5.9 34.3 22.7 3.7 34.8 21.1 2.0 34.9 21.8 1.3 33.6 21.8 6.6 34.6 22.6 9.6 34.2 23.3 4.0 34. 0 22.7 1.9 34.3 22. 2 "'.7 33. 0 20.1 -3.0 34.3 90 2 2.0 35. 6 21.3 3.5 36.1 22.7 5.4 34.6 22.8 5.9 36. 7 23.8 3.7 do -2.1 1.5 1.8 -2.0 -1.1 2 1.0 1.5 3.3 3.5 1.7 1.4 1.3 .7 80.1 43.9 36.2 79.8 42.3 37.4 84.0 44.5 39.4 80.6 44.3 36.3 78.3 42.4 35.9 78.4 42.0 36.4 80.0 42.9 37.1 80.5 42.7 37.8 79.9 41.8 38.1 82.2 42.9 39.2 83.3 44.4 38.9 83.3 44.1 39.2 87.2 46.7 40.5 88.9 48.3 40.6 89.2 48.6 40.6 383.9 46.8 337.1 400.8 51.4 349.4 416.4 52.8 363.6 385. 5 46.8 338. 8 390. 2 48.3 341. 9 395.4 51.4 344.0 401.4 51.9 349.6 403.1 51. 4 351.7 403.7 50.9 352. 7 405. 4 51.0 354. 3 413.5 52.5 361.0 419.4 53. 0 366. 3 427.3 54.6 372. 6 432.0 56. 4 375.6 439.5 57. 7 381.8 23.6 20.9 25.6 22.1 23.1 20.1 19.7 22.0 22 2 23.8 25.5 26.3 26.5 25.4 26.9 8.14 8.92 8.59 8.32 8.99 7.89 9.28 8.98 9.53 7.57 8.61 8.65 9.54 8.02 19.48 2 9. 45 3.02 1.44 1.57 3.62 1.80 1.82 3.42 1.57 1.85 3.02 1.44 1.58 3.57 1.74 1.83 3.09 1.55 1.54 3.76 1.88 1.88 3.62 1.80 1.81 4.01 1.95 2.06 3. 00 1.41 1.59 3.46 1.58 1.88 3.34 1.50 1.84 3.88 1.79 2.09 3.14 1.44 1.69 3. 76 1.79 1.97 3. 66 1.75 1.91 .'23 .51 1.429 2 7 .25 .26 .48 1.42 2.89 . 17 .46 1.38 2.92 .26 .28 .54 1.48 2.74 .27 22 . 55 1.51 2.87 .22 . 25 .47 1.18 2.69 .27 .29 .55 1.42 2.99 .25 .24 .47 1.50 2.90 .24 25 .46 1.58 2.99 .21 .17 .41 1.09 2.69 .26 .18 .48 1.39 2.85 .25 . 16 .47 1. 50 2.94 .26 .16 .50 1.54 3.20 .26 .16 .47 1.06 2.94 . 26 . 55 1.34 3. 30 .27 .20 .44 1 . 52 3.36 Gross private domestic investment, total. ..do New construction _ _ Producer^' durable equipment Change in business inventories __ Net exports of goods and services 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 $ Le^s" Personal tax and nontax payments do Equals: Disposable personal income do Personal saving § __ , do NEW PLANT AND EQUIPMENT EXPENDITURES Unadjusted quarterly totals or averages: All industries bil $ Manufacturing Durable goods industries Nondurable goods industries Mining . _ Railroads Transportation, other than rail Public utilities do do .do .do do do.. do _ Seas. adj. qtrly. totals at annual rates: All industries do 33. 35 33. 58 35.15 36.30 35. 90 35. 50 33.85 33.50 34. 70 35.40 35.70 Manufacturing Durable goods industries Nondurable goods industries do do do 12.25 5.83 6.42 12.87 6.16 6.71 14.10 7.15 6. 95 14.70 7.40 7.30 14.65 7.35 7.30 14.40 6.85 7. 55 13. 75 6.50 7. 25 13.50 6.20 7.30 13. 65 6.10 7.55 14.00 6.40 7.60 14.20 6.55 7.60 14. 70 7. 05 7. 65 1 4. 80 7.10 7. 70 1.01 1.28 2.17 5. 58 11.06 1.04 .85 2.15 5.48 11.19 1.00 1.00 2. 00 5. 75 11.35 1.05 1.10 2.15 5. 70 11.60 1.00 1.00 1.90 5.60 11. 75 .90 1.00 1.80 5.70 11.65 .95 .70 1.75 5. 35 11.30 1.00 .70 1.80 5.50 11.05 1 00 .65 1 90 5.65 11.85 1.00 .60 1.95 5.55 12.35 1.15 . 70 2.05 5. 15 12.45 1.05 .95 2. 10 5. 35 12.85 1 . 05 .85 1 . 80 5. 70 13. 50 4,790 Mining do Railroads do Transportation, other than rail do Public utilities do Commercial and other do BUSINESS POPULATION Firms in operation, end of quarter (seasonally adjusted) _ ..- _ _ -.thous 4, 583 3 4, 658 3 4. 713 4, 655 4,670 4,690 4,710 4,720 4, 730 4,740 4. 750 4, 760 4,770 4,780 29, 548 31,317 31, 805 7,570 7, 541 7,549 7,690 8, 000 8,078 7, 690 7,411 8, 082 8, 622 8,389 do do do do do 15, 310 3, 107 4, 925 791 3, 040 14, 723 3, 048 5, 417 842 3, 405 14, 514 2, 947 5, 462 878 4, 051 3, 976 776 1, 259 218 779 3, 862 754 1, 300 196 741 3, 801 771 1,347 204 768 3. 836 758 1. 375 205 833 3, 664 797 1, 368 211 826 3, 422 722 1, 327 222 978 3. 369 770 1, 309 221 962 3, 417 756 1,337 221 804 3,840 699 1,388 216 1, 094 3,888 722 1,428 220 1, 191 3,914 755 1, 370 218 1,075 do do do do 2, 375 1, 372 926 3, 882 1, 694 850 1,338 3, 953 1,475 1, 006 1, 472 502 322 246 -6 688 364 202 122 658 324 236 98 683 271 209 203 1, 134 415 170 549 1, 407 684 235 488 1, 059 457 120 482 876 269 218 389 845 429 194 222 1, 173 320 474 379 1, 051 331 345 375 U.S. BALANCE OF INTERNATIONAL PAYMENTS* Quarterly Data are Seasonally Adjusted U S payments recorded mil $ Imports: Merchandise _. . Military expenditures Other services.. _ Remittances and pensions Govt. grants and capital outflows. U.S. private capital Direct investments Long-term portfolio Short-term ,_ _. __ 3 do 25, 393 27, 984 29, 946 6, 484 6,715 6, 865 7,055 7, 002 7, 062 7, 400 7, 953 6, 979 7, 614 7, 696 Exports: Merchandise do Repavrnents on U S Govt loans Foreign capital other than liquid funds do do 16, 282 7, 194 1,054 863 19, 459 7, 554 630 335 19,915 *, 151 1,274 606 4, 297 1, 808 159 220 4, 195 1, 901 430 189 4, 657 1, 827 170 211 4, 876 1. 909 147 123 4, 940 1,843 172 47 4, 986 1, 975 147 -46 5, 061 2, 008 133 198 4, 768 2, 060 851 274 4, 940 1, 951 81 7 5, 146 2, 132 209 127 5, 068 2, 183 165 *280 Excess of recorded receipts or payments ( — ) do -826 -684 U S receipts, recorded Unrecorded transactions Total net receipts (-}-) or payments ( — ) Major special transactions do do do -4, 155 -3, 333 -1,859 -1,086 -635 -998 -1,016 —290 602 -37 230 -18 -117 -194 -263 -29 -3, 743 -3, 925 -2, 461 1,123 —596 702 -752 412 335 -592 -524 129 285 -4,078 -3, 401 -2, 590 -1,123 -881 Total, excluding special transactions. -do r Revised. v Preliminary, i Estimates for Apr. -June 1962 based on antici pated ca pitul exp enditurc s of bus ness, 2 Estimates for July-Sept. 1962 based on antici pated ca pital exi enrliturc s of bus ness. Anticipated expenditures for the year 1962 are as : ollows ( n bil. $) : All inc .ustries, 37.16; manufacturing, total, 14.74; durable goods industi ies, 7.04 nondur able goo ds indus- tries, 7.70; mining, 1.06; railroads, .84; transportation, 1.8 3; public utilities 5.51; co mmercia 1 and Digitized forother, FRASER 13.12. ! Unadjusted. Data represent firms in operaticn as of J an. 1; es tim ate fr>r Jan. 1 1962 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 80 -1,192 -1,279 -444 -319 542 -1,103 -1,008 366 176 724 193 -910 -75 -400 -1,408 1 36. 95 2 37. 70 -693 217 -476 -520 -702 -672 -1,192 -835 -319 -835 -548 -888 -476 4 (based on incomplete data) is 4,752,000. Inclu des char ges in n Dnliquid Govt. liabilities. t See corresponding note on p. S-l ( *e visions prior to 3d qtr. 1959 appear on p. 8 ff. of the July 1962 SURVEY.)" § Personal saving is excess of disposa Die inconae over ] >ersonal <•"onsumption expenditures shown as a component of gross national p roduct o nT p. S-l. J Revised effective with the June 1962 Sum EY; rcvi sions pr or to 3d qtr. 1959 will be available later.