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Rise in National Income and Product Review of National Accounts in Third Quarter rpHE expansion in economic activity continued through the third quarter with Gross National Product increasing about $10 billion at an annual rate to a new high of $526 billion. The third quarter rise in output, though not so large as in the preceding quarter, was more widely diffused than in the initial months of the advance. With changes in inventory investment playing a continuing but lesser role in the third quarter advance, the increase in final purchases was of about the same magnitude—$8 billion—as in the preceding quarter. Most of the GNP increase in the third quarter, as in the second, reflected a higher physical volume of output, as prices continued relatively stable. Real GNP thus rose approximately 4 percent above the recession low and was 2 percent above the prerecession high in the second quarter of 1960. About one-half of the third quarter gain in GNP, $5 billion, was in consumer buying. In contrast with the spring quarter, when automobiles had accounted for a large proportion of the gain, the third quarter increase in consumer buying was about equally divided between nondurable goods and services, with durables showing little change. Lesser gains in residential construction, business fixed investment, inventories, and government purchases—principally State and local—all contributed to the increase in GNP. Net exports of goods and services declined again in this quarter by approximately $1K billion. Comparable increases in income flows accompanied the third quarter rise in output. Employee compensation rose approximately $6 billion, compared with the $7% billion increase in the preceding quarter. Other distributive shares also went up, although on the basis of preliminary data it appears that the profit increase was not so large as the $5 billion (annual rate) reported for the initial quarter of cyclical revival. Consumer purchases rise Total personal consumption expenditures increased about $5 billion in the third quarter to $341 billion at seasonally adjusted rates, roughly matching the second quarter increase. Over the past two quarters about $10% billion of the $13% billion increase in disposable income has been translated into consumption expenditures. This rate of expenditure of additional income is about in line with the experience of the two quarters after the low point in the 1957-58 recovery. Durable goods outlays rose only $% billion in the third quarter, with an advance in furniture and appliance buying offsetting a small decline in auto purchases. Auto buying showed the influence of the model changeover and remained relatively low. At an annual rate of $16.5 billion, it was about $3 billion less than in the second quarter of last year, despite a $15 billion advance in disposable personal income over this period. Sales were picking up at the end of the quarter, and auto production and sales may be expected to contribute a substantial increase to GNP in the final quarter. The third quarter rise in furniture and appliances—$% billion at annual rates—matched the increase in the Table 1.—Gross National Product in Current and Constant Dollars (1-3, 1-5) [Seasonally adjusted at annual rates] 1958 1959 1960 1960 III 1961 IV I II 1958 1959 Gross national product 1961 IV I II III Billions of 1954 dollars 444.5 482.8 504.4 505.1 504.5 500.8 516.1 525.8 401.3 Durable goods Nondurable goods Services 1960 III III Billions of current dollars Personnal consumption expenditures. 293.2 314.0 1960 328.9 329.7 332.3 330.7 336.1 341.0 428.4 440.8 440.2 438.4 433.2 445.5 451.8 273.2 289.3 298.3 298.6 299.6 297.0 301.6 305.0 37.3 43.5 44.3 43.4 43.8 39.4 42.0 42.3 35.5 41.0 41.8 40.8 41.6 37.6 39.8 39.9 141.6 147.3 152.4 152.7 153. 1 153.7 154.1 156.2 133.3 138.8 141.8 142.0 141.3 141.6 142.6 144.5 114.3 123.2 132.2 133.6 135.4 137.5 139.9 142.4 104.4 109.5 114.7 115.8 116.6 117.8 119.2 120.6 Gross private domestic investment Now construction 56.6 72.4 72.4 70.5 65.6 59.8 68.8 73.2 49.0 61.1 60.6 58.6 54.9 49.6 57.3 60.4 35.5 40.2 40.7 40.4 40.7 39.6 41.3 42.7 31.1 34.3 33.9 33.6 33.9 32.9 34.1 35.1 Residential nonfarm _ Other 18.0 22.3 21.1 21.0 20.5 19.3 20.6 22.1 16.2 19.4 18.0 17.9 17.5 16.5 17.6 18.7 17.4 17.9 19.6 19.4 20.2 20.4 20.7 20.6 14.8 14.8 16.0 15.7 16.4 16.4 16.6 16.4 -- Producers' durable equipment. 23,1 25.9 27.5 27.7 26.7 24.2 24.7 26.0 19.4 21.3 22.7 22.7 22.1 19.9 20.3 21.4 4.2 2.4 -1.9 -4.0 2.8 4.5 -1.5 5.5 4.0 2.3 -1.1 -3.2 2.9 3.9 6.2 .1 4.0 .3 2.0 -2.2 -4.3 .4 .3 .3 2.4 .4 4.1 -2.4 5.6 .4 .8 -.0 3.8 .2 2.0 -1.3 -3.5 .2 .3 .3 2.4 .4 3.5 .4 1.2 -.7 3.0 3.0 3.9 2.6 -.2 -2.1 1.7 1.6 3.5 1.9 .6 Change in business inventories. -2.0 Nonfarm Farm -2.9 .9 __ _ Net exports of goods and services. Exports Imports . National defense Other • State and local 5.1 5.3 3.3 22.7 23.1 26.7 26.8 27.6 27.6 26.4 27.0 21.4 22.2 55.3 25.4 26.1 25.7 24.5 25.2 ._ 21.5 23.8 23.6 23.8 22.4 22,3 22.5 24.3 21.6 24.3 23.6 23.7 22.6 22.4 22.6 24.5 Government purchases of goods and services Federal . 6.3 93.5 97.1 100.1 101.9 101.6 105.0 107.3 109.0 79.3 80.1 80.2 81.3 80.3 83.3 84.7 «5.7 - 52.6 53.5 52.9 54.0 53.0 54.7 56.6 57.4 1.5 43.9 42.3 42.9 41.6 43.1 44.7 45.0 44.8 46.2 45.5 45.4 45.7 47.2 48.8 49.0 8.3 7.8 8.0 9.1 7.9 8,0K 8.3 8.9 5 6 5 5 6 6 6 40.8 43.6 47.2 48. t) 48.6 50.3 50.6 51.6 34.8 36.2 38.0 38.4 38.7 40.2 40.0 40. S November 1961 National Guard Units and progress on other phases of the defense buildup, the fourth quarter will see a further substantial rise in defense spending. The outlook for advancing government purchases in the current fiscal year is discussed in a following section. SURVEY OF CURRENT BUSINESS veterans enrolled for the fall semester. Dividend payments under the National Life Insurance Program, which included a special disbursement, in- creased by $1 billion at an annual rate and offset the declines noted above, and Social Security benefits continued to increase. Table 2.—Personal Income and Its Use (II-2) [Billions of dollars] National and personal income higher In line with the increase in output, national income also rose to a new high. Compensation of employees increased $6 billion, at an annual rate, proprietors' income and net interest rose slightly, and corporate earnings continued to advance. The rise in employee compensation reflected mainly higher employment levels, although increases in hourly earnings, and in the workweek also contributed to the rise. Manufacturing payrolls showed some decline from July to September—largely attributable to the auto changeover mentioned earlier, and labor-management disputes—but for the quarter as a whole advanced by about $1% billion from the second quarter with metal and machinery industries showing the largest gains. Payrolls in the auto industry were off with declining production for the quarter as a whole but are now moving ahead again. Contract construction payrolls, reflecting the improvement in residential activity, moved up $X billion. Trade payrolls advanced, and the service industries and government rose further. In transportation, communications, and public utilities, payrolls were little changed. The third quarter advance in corporate earnings was, on the basis of incomplete data now at hand, less than the sharp initial cyclical rebound of $5 billion (annual rate) in the second quarter and appeared to be centered in manufacturing, transportation, finance, and public utilities. Largely reflecting the increases in employee earnings, consumer incomes moved up from $413 billion (annual rate) in the second quarter to $420 billion in the third. Transfer payments also increased, although the $K billion rise was somewhat less than that in the preceding quarter, owing principally to a drop in unemployment insurance payments. Veterans' readjustment payments declined considerably as fewer 1960 1958 1959 III 1960 1961 IV II I III Seasonally adjusted at annual rates Personal income Wage and salary disbursements 360.3 383.3 402.2 405.1 405.4 404.7 413.2 420.3 239.8 258.5 271.3 273.2 271.3 270.1 277.3 282.7 97 9 76.7 63.8 34.8 43.2 107.2 84.7 68.2 37.7 45.3 110.4 87.4 71.8 40.7 48.4 110.5 87.2 72.5 41.2 49.0 108.0 85.2 72.1 41.5 49.7 106.1 83.8 71.8 41.8 50.4 110.7 87.5 72.8 42.5 51.3 112.8 88.9 74.3 43.6 52.1 Commodity-producing industries. . Manufacturing only Distributive industries Service industries.. Government Other labor income 9.4 10.3 10.9 10.9 11.2 10.8 10.8 11.2 Proprietors' income 46.1 46.3 48.2 48.7 49.0 48.9 49.2 49.4 32.5 13.5 35.0 11.3 36.2 12.0 36.3 12.4 36.3 12.7 36.0 12.9 36.3 12.9 36.6 12.8 12.2 11.9 11.7 11.7 11.7 11.5 11.5 11.5 12.4 13.4 14.1 14.1 14.3 14.2 14.2 14.3 Personal interest income 21.0 23.6 26.2 26.4 26.7 26.8 27.0 27.4 Transfer payments 26.3 27.2 29.1 29.3 30.6 32,0 32.9 33.5 8.5 3.9 4.6 9.4 10.2 2.5 4.5 10.0 11.1 2.8 4.6 10.6 11.3 2.9 4.5 10.6 11.4 3.8 4.6 10.8 11.8 3.8 4.7 11.7 12.5 4.5 4.8 11.1 12. T 4.0 4.8 11.9 Business and professional Farm Rental income of persons Dividends -. - - _ _ Old-age and survivors insurance benefits State unemployment insurance benefits _ Veterans' benefits Other - -- Less: Personal contributions for social insurance.. _ 6.9 7.9 9.3 9.3 9.5 42.3 46.0 50.4 50.8 50,5 50.3 51.4 52.5 36.6 5.7 39.6 6.4 43.2 7.2 43.5 7.3 43.1 7.4 42.6 7.7 43.6 7.8 44.5 8.0 Equals i Disposable personal income 317.9 337.3 351.8 354.4 354.9 354.3 361.8 367.8 Less* Personal consumption expenditures 293.2 314.0 328.9 329,7 332.3 330.7 336.1 341.0 24.7 23.4 22.9 24.6 22.7 23.7 25.8 26.8 296.3 310.6 319.0 321.0 320.1 324.8 329.6 Less: Personal tax and nontax payments Federal -- - - State and local - Equals* Personal saving Addendum: Disposable personal income in constant (1954) dollars 9.3 318.4 9.7 9.8 Table 3.—Gross National Product by Major Type of Product in Current and Constant Dollars (1-6, 1-7) 1 [Seasonally adjusted at annual rates] 1961 1960 1960 III IV 1961 1958 1959 1960 1958 1959 1960 I Billions of current dollars II III III IV I II III Billions of 1954 dollars 444.5 482.8 504.4 505.1 504.5 500.8 516.1 525.8 401.3 428.4 440.8 440.2 438.4 433.2 445.5 451.3 Gross national product 446.5 476.5 500.2 502.7 506.4 504.8 513.2 521.3 402.8 422.9 436.8 437.9 439.5 436.5 442.6 447.9 2.8 4.5 -1.5 5.5 4.0 2.3 -1.1 -3.2 2.9 3.9 -2.0 6.3 4.2 2.4 -1.9 -4.0 Final sales Inventory change.. Inventory change 229.4 250.3 258.5 257.2 252.8 245. 7 257.1 261.4 211.5 228.6 234.6 233.3 228.9 221.9 232.5 235.4 231 4 244.0 254.3 254.8 254.6 249.7 254.3 256.9 213.1 223.1 230.6 231.1 230.0 225.2 229.7 231. 6 2.9 3.9 5.5 4.0 2.3 -1.1 -3.3 2.8 4.5 -1.5 6. 3 4.2 2.4 -1.9 -4.0 -2.0 Durable goods output Final sales. Inventory change.- 80.4 94.9 96.7 94.6 89.5 81.6 90.9 96.1 71.7 82.9 84.7 82.5 79.0 71.4 79.4 83.5 83. 3 91.3 94.3 94.2 93.4 87.4 91.2 92.6 74.1 79.8 82.4 82.1 82.0 76.5 79.6 80.8 .4 -3.0 -5.1 -.2 3.0 3.1 2.3 .4 -3.8 -5.8 -.3 3.5 -2.4 3.6 2.5 -2.8 Nondurable goods output Final sales. Inventory change 149.0 155.4 161. 8 162.6 163.2 164.1 166.2 165.3 139.8 145.7 150.0 150.8 149.8 150.5 153.2 151. § 148.1 152.8 160.0 160.6 161.3 162.3 163.0 164.3 139.0 143.3 148.3 148.9 148.0 148.7 150.0 151.0 .9 .9 2.6 1.8 2.0 2.0 1.8 3.2 1.0 .8 2.4 1.7 1.9 1.9 1.8 3.1 Goods output - 164.2 176.2 189.3 191.2 194.6 197.9 201.1 205.1 145.2 151.7 158.7 159.4 161.6 163.2 164.7 167.1 Services _ Construction _- - 50.9 56.2 56.6 56.7 57.2 57.2 57.9 59.2 44.5 48.1 47.5 47.4 47.9 48.0 48.3 49.2 i For quarterly data beginning in 1947, see SURVEY OF C U R R E N T BUSINESS, July 1961, pages 34 and 35. BUSINESS STATISTICS i 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 (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 1958 1959 19 59 1958 1960 III IV I Annual total II 1960 IV III I II 1961 III IV I II III Seasonally adjusted quarterly totals at annual rates GENERAL BUSINESS INDICATORS—Quarterly Series NATIONAL INCOME AND PRODUCT bil. $ 367.4 399.6 417.1 370. 1 381. 7 390.7 405.2 399.4 402. 8 413.5 419.2 419.0 416.5 412.2 426.0 do 257.1 278.4 293. 7 258. 9 263. 7 270.6 280.0 280. 5 282.4 290.2 294.6 296.0 294.0 292.6 300. 2 306.2 . do do do do 239.8 196. 6 9.8 33. 5 258.5 213. 2 9.9 35.4 271. 3 223.0 245. 8 201. 5 251. 4 206. 7 260. 1 215.0 260. 3 214.8 261. 9 216.0 38.5 241.6 197. 6 10. 0 34.0 34. 4 34.8 35.3 35.7 36.1 268.3 221.4 9 8 37.1 272.4 224. 6 9.8 38. 0 273.2 224.2 9.9 39.1 271.3 221.6 10.0 39.7 270.1 219. 7 10.1 40.3 277. 3 226. 0 10.1 41.2 282.7 230 7 10.2 41.9 do 17.3 20.0 22.4 17.3 17.8 19.2 19.9 20.2 20.5 21.9 22 2 22.7 22. 7 22.5 22.9 23.4 do do do do adjustbil. $ 46.1 32. 5 13.5 12 2 46.3 35.0 11.3 11 9 48.2 36. 2 12.0 11 7 46.2 32. 7 13.4 12 2 46.5 33. 5 12. 9 12. 1 46.6 34.1 12.5 12.0 46.7 35.2 11.5 11.9 45.9 35.3 10.6 11.8 46.1 35.3 10.8 11.7 46.3 35.8 10.5 11.7 48.6 36. 4 12.3 11.7 48.7 36.3 12.4 11 7 49.0 36.3 12.7 11.7 48.9 36. 0 12.9 11 5 49.2 36.3 12.9 11 5 49 36 12 11 37.2 46.4 45. 1 37.9 43. 8 45.3 50.2 44.4 45.5 47.4 45.9 44.1 42.9 40.0 45.5 do _ do do do 37.4 18 6 18.8 — .3 46.8 23 1 23.7 — .5 45.0 29 3 22.7 44.7 22. 3 22.4 46.1 22 8 23.4 -.9 51.5 25 4 26. 1 — 1.3 44.8 22 1 22.7 — .4 44.9 22 1 22.7 48.1 23 9 24.2 46.3 23 0 23.3 — .4 43.2 21 4 21.7 42.6 21. 1 21.4 .0 38.2 19 0 19.1 — .2 .9 .3 39.6 19 6 20.0 45.2 22 4 22.8 do 14.8 16. 6 18.4 15.0 15. 6 16.2 16.4 16.7 17.0 17.8 18.3 18.6 18.9 19.2 19.6 20.2 do 444 5 482 8 504 4 447 0 460 6 472 2 488 5 482 3 488 3 501 5 506 4 505 1 504 5 500 8 516 1 525 8 Personal consumption expenditures, total. _do 293.2 314.0 328.9 294.5 299. 8 305. 8 313.6 316.5 320.0 323.8 329.9 329.7 332.3 330. 7 336. 1 341.0 Durable goods, total © do Automobiles and parts _ do Furniture arid household equipment_-_do 37.3 13.9 17.4 43.5 18.1 18.9 44.3 18. 6 18.8 36 7 13.2 17.6 39.5 15.6 17.8 41.6 17.2 18.0 44.5 19.0 18.9 44.4 18.4 19.2 43.7 17.6 19.3 44.7 18.8 19.1 45 3 19.3 19.0 43 4 17.8 18.7 43.8 18.6 18.3 39 4 14 8 17.8 42 0 16 7 18.3 42 3 16 4 18.8 do do _ do _ do 141. 6 25.7 76. 6 10.5 147.3 27.4 78.0 11.0 152.4 28.1 80.1 11.6 142.6 26. 2 70. 6 10.6 143. 2 26.2 76. 9 10. 6 144.9 26.5 77.4 10.7 147.3 27.8 78.1 10.9 147.7 27.6 77.8 11.1 149.3 27.8 78.7 11.1 150 5 28.1 78.9 11.4 153 3 28.3 80.6 11.6 152 7 28.3 79.9 11.6 153 1 27.7 80.8 11.8 153 7 27.9 81 1 11.7 154 1 27.6 81 4 11.7 156 2 28.6 81 9 11.8 do do do do 114.3 16.9 37.7 123. 2 18. 1 39.9 10 0 132.2 19. 6 42 2 10 5 115.2 17.0 38 0 9 2 117.1 17.2 38.5 9 4 119.4 17.5 39 3 9 5 121.9 17.8 39 8 9 8 124. 18 40 10 127. 0 18 9 40 5 10 2 128.6 19 2 41 1 10 4 131.2 19 5 41 9 10 5 133. 6 19 7 42 7 10 5 135. 4 20 0 43 1 10 5 137.5 20 6 43 g 10 5 139.9 20 9 44 2 10 7 142.4 21 2 44 8 10 9 do 56.6 72.4 72.4 55. 8 63. 6 70.4 79.1 68.2 71.8 78.9 74.6 70.5 65. 6 59.8 68.8 73.2 New construction _ Producers' durable equipment Change in business inventories do do do 35 5 23.1 -2.0 40 2 25.9 6.3 40 7 27.5 4.2 35 1 22.3 -1.6 36 9 23.4 3.3 39 0 24.3 7.1 4"> 2 26. 3 11.7 41 0 26.6 .7 39 6 26.6 5.6 40 Q 27.1 10.9 40 7 28.6 5.4 40 4 27.7 2.4 40 7 26.7 -1.9 39 6 24.2 -4.0 41 3 24.7 42 7 26.0 4.5 Net exports of goods and services Exports Imports do do do 1.2 22.7 21.5 n 23' 1 23.8 3.0 26.7 23.6 1.6 22.9 21.4 .4 22.7 22.3 -.6 22.1 22.7 — 1.7 22.3 24.0 24.5 24! o .0 24.1 24.0 1.8 25.6 23.9 2.3 26.7 24.4 3.0 26.8 23.8 5.1 27.6 22.4 5.3 27.6 22.3 3.9 26.4 22.5 2.6 27.0 24.3 93.5 52.6 44 8 40 8 97.1 53.5 46 2 43 $ 100.1 52.9 45 5 47 2 95.1 53.7 44 9 41 4 96.7 54.3 4 55 42 3 96.7 53. 2 45 9 43 5 97.5 53.9 46 5 43 6 98.1 54.1 46 3 44 0 96. 5 52.9 45 9 43 6 96.9 51.8 A 5 5 45 0 99.6 52.9 45 5 46 8 101.9 54.0 45 4 48 0 101. 6 53.0 45 7 48 6 105. 0 54.7 107.3 56. 6 48 8 109.0 57.4 do do do do do do 446 5 231.4 83.3 148. 1 164.2 50.9 476 5 244 0 91.3 152 8 176.2 56.3 500 2 254 3 94.3 160 0 189.3 56. 6 ^43 0 231 9 81.8 150 1 166. 0 50. 8 457 3 234 3 84.0 150 2 109. 6 53. 5 4 65 2 238 3 88.1 150 2 170. 7 56.2 476 8 244 6 92.4 152 2 174.2 58.1 481 6 247 1 93. 6 153 5 177.6 56.9 482 7 246 1 90.9 155 1 182.2 54.4 490 R 250 9 93.1 157 8 183.8 55.8 501 0 256 9 96.3 160 6 187.7 56.4 502 7 254 8 94.2 160 6 191.2 56.7 506 4 254 6 93.4 161 3 194. 6 57.2 504 8 249 7 87.4 1 62 3 197.9 57.2 9CJ4 »j 9 r>A Q 91.2 163 0 201.1 57.9 205. 1 59.2 do do do —2 0 —2.8 6 3 36 4 2 2 5 —1 6 —9 () 3 3 1 4 7 i 5 4 11 7 88 —2 0 5 6 2 4 10 9 9 4 5 4 39 2 4 19 38 4 n 58 9 8 «_> National income, total _ Compensation of employees, total Wages and salaries, total Private Military _ Government civilian Supplements to wages and salaries Proprietors' income, totalcf 1 Business and nrofessionalc? Farm Rental income of persons Corporate profits and inventory valuation ment, total __ _ _ Corporate profits before tax, total Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment Net interest Gross national product total Nondurable goods, total © Clothing and shoes Food and alcoholic beverages Gasoline arid oil ___ Services, total © Household operation _ Housing _ Transportation _ _ Gross private domestic in vestment, total Government purchases of goods and services, total bil. $... Federal (less Government sales) do National defense 9 __ __ _ do State and local do By major type of product:* Final sales, total. Goods output, total __ __ Durable goods output Nondurable goods output Services Construction Inventory change, total _ _ _ _ _ Durable goods output _ _ _ _ Nondurable goods output 9.2 9.9 .9 2.6 1.8 .4 r Revised. cT Includes inventory valuation adjustment. © Includes data not shown separately. 9 Government sales are not deducted. * For quarterly data back to 1947, see p. 34 of the July 1961 SURVEY. 616239—61 9.9 -.9 1.9 9.9 1.7 9.9 2.9 9.9 4 2 1 2 2.7 9.8 .7 3.2 1.5 1.5 4 2.0 2.0 .4 en o 1.8 2 6 8 5 .3 en f 513 2 3.2 S-l ro-i q 92.6 1.0 SURVEY OF CUERENT BUSINESS S-2 1958 Unless otherwise stated, statistics through 1960 and descriptive notes are shown in the 1961 edition of BUSINESS STATISTICS 1959 1958 1960 Annual total III November 11)01 1959 IV I II 1960 III IV I II 1 Gl III IV I II III i GENERAL BUSINESS INDICATORS— Quarterly Series— Continued NATIONAL INCOME AND PRODUCT Con. Quarterly Data Seasonally Adjusted At Annual Rates GNP in constant (1954) dollars Gross national product, total __ bil. $ 401.3 Personal consumption expenditures, total. _do 428.4 440.8 402. 9 413.6 422.1 434. 4 426. 6 430. 7 441.0 443.4 440.2 438.4 433. 2 445. 5 451.8 289. 3 298. 3 274. 4 278. 7 283.8 289.7 290. 8 292.8 295. 4 299. 5 298. 6 299. 6 297.0 j 301. 6 305. 0 41.0 .138.8 109. 5 41.8 141.8 114.7 35. 1 134.3 105.1 37. 5 135. 2 106. 1 39.2 136.8 107. 7 41.7 139.3 108.8 41.6 139.2 110.0 41.4 140. 0 111.4 42.1 140.9 112.4 42.5 142.9 114.2 40.8 142.0 115.8 41.6 141.3 116. 6 37.6 141.6 117.8 39. 8 142.6 119.2 39. 9 1 44. 5 120.6 do do do 35. 5 333. 3 104. 4 Gross private domestic investment, total. _ _ d o 49. 0 61.1 60. 6 48.1 54. 7 59. 9 66. 9 57. 3 60. 4 66. 6 62.3 58. 6 54. 9 49. 6 57. 3 60. 4 31.1 19 4 -1.5 34. 3 f> l 3 5. 5 33. 9 22 7 4.0 30. 6 18.8 -1.3 32.1 19.5 3.1 33. 7 20. 1 6.2 35. 2 21.6 10, 1 34.7 21.7 .8 33.4 21.9 5. 0 34. 3 22.4 9.9 33.9 23. 4 4.9 33. 6 22.7 2.3 33.9 22.1 -1.1 32. 9 19.9 —3. 2 34.1 20.3 2.9 35. 1 21.4 3.9 r> -2.1 1.7 .2 -1.1 -2.2 -3.2 -.9 .6 1.0 1.6 3.5 3.3 1.9 .6 79.3 44.5 34.8 80.1 43.9 36.2 80.2 42.3 38. 0 80.2 44.9 35. 3 81.2 45.4 35. 8 80. 7 44.2 36. 5 81.0 44.6 36. 4 80. 5 44. 0 36. 5 78. 4 42.7 35. 8 78.4 41.7 36.7 8(\ 6 42.7 37.8 81.3 42.9 38.4 80.3 41.6 38.7 83.3 43.1 40.2 84.7 44.7 40. <: 85. 7 45. 0 40.8 300. 3 42. 3 317.9 3S3. 3 46. 0 337. 3 402. 2 50. 4 35.1 . 8 364. 6 42.7 321.8 368. 2 43.1 325. 0 374.7 44.9 329. 8 384. 6 46.1 338. 4 385. 1 46.4 338. 7 388. 9 46. 6 342. 3 395. 5 49.9 345.7 403. 1 50. 5 352.7 405. 1 50.8 354. 4 405. 4 50. 5 354. 9 404. 7 50. 3 351. 3 413.2 51.4 361 . S 420. 3 52. 5 367. 8 24.7 23.4 22.9 27.3 25.2 23.9 24.8 22.3 22. 3 21.8 22.8 24.6 22.7 23.7 25. 8 26.8 7.63 8.14 8.92 7.43 8. 01 6. 91 8.32 8.32 8. 99 7. 89 9.28 8.98 9.53 Manufacturing _ _ _ _ ...do_-_ Durable goods industries _ do Nondurable goods industries do 2. X6 1.37 1.49 3. 02 1.44 1.57 3.62 1. 80 1.82 2.66 1.26 1.41 2.93 1.38 1.56 2.46 1.14 1.31 3.02 1.45 1.57 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 3.44 1. 54 1. 90 Mining Railroads Transportation, other than rail Public utilities Commercial and other .24 .19 .38 1.52 2. 45 .23 .51 1.42 2.72 .25 .26 .48 1.42 2.89 .22 .14 .32 1.63 2.45 .25 .16 .41 1.72 2.54 .21 .16 .41 1.20 2.47 .24 .26 .53 1.47 2.79 .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 . 24 . 15 .53 1.59 2.85 do 29.61 29. 97 30. 62 32. 51 33. 35 33. 58 35.15 36. 30 35. 90 35.50 33. 85 33. 50 Manufacturing _ Durable goods industries do do 10. 86 5.16 5 70 10. 58 4.860 5 7 11.20 5. 26 5 94 11.80 5.74 6. 06 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 13. 50 6.20 7.30 13. 75 6. 15 7. 65 Mining Railroads do do .88 .63 1 29 6.10 9.85 .97 .58 1.62 6.26 9.96 . 95 . 63 1.71 5. 80 10. 33 .94 1.00 2.08 5. 82 10. 87 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 .95 .60 2.05 5. 95 11.50 4, 660 4, 580 4, 595 4,615 4, 635 4, 655 4, 670 4,690 4,710 4, 725 4,730 4,740 4, 755 4,770 7,210 Durable g'oods Nondurable goods Services New construction Producer^' durable equipment Change in business inventories.. _ Net exports of goods and services do do do _ do. _. Government purchases of eoods and services, total bil. $.. Federal do State and local do DISPOSITION OF PERSONAL INCOME Quarterly Data Seasonally Adjusted at Annual Pate* Personal income, total .bil. $ Less: 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 I . bil. $.. _ Seas. adj. qtrly. totals at annual rates: All industries do _. _ do . ..do. . do ._ _ _ d o Public utilities' do Commercial and other do BUSINESS POPULATION Firms in operation, end of quarter (seasonally adjusted) thous U.S. BALANCE OF INTERNATIONAL PAYMENTS Annual Data Are Quarterly Averages Exports of goods and services, total. . mil. $ . . ""III" 2 4, 533 2 4, 583 2 -1.9 6, 401 6, 421 7, 266 6, 062 6, 666 5, 970 6, 453 6, 352 6, 908 6, 796 7, 584 6,941 7,744 57( 494 441 455 524 507 605 402 460 443 622 282 418 312 Merchandise, adjusted, excluding military transactions^ _ _ _ _ _ .mil. $ . 4, 066 731 Income on investments abroad do I L035 Other services and military transactions do 4, 071 761 1 , 096 4, 852 801 1,172 3,816 703 1,088 4.196 913 1,033 3, 807 633 1 , 023 4. 074 668 1,106 4, 058 716 1,176 4, 343 1,026 1,079 4, 607 695 1,051 4, 994 4,676 735 1,248 5,132 1 , 023 1,171 5. 009 817 1,072 1,216 do 5, 263 5, 884 5, 832 5, 388 5, 446 5, 401 5, 964 6, 228 5, 944 5, 769 6,074 6,057 5, 427 5, 322 5, 634 do do do 3, 824 208 HI 1,076 3, 680 232 762 1,157 3,124 164 839 1,261 3, 522 188 829 907 3, 594 180 780 847 3, 879 193 789 1,103 3,847 207 786 1,388 3, 974 250 754 966 3, 830 249 767 923 3, 857 233 756 1,228 3,550 220 798 1,489 3, 485 227 Milit?ry expenditures Other servicescf1 3, 238 169 853 1 , 004 3, 407 215 759 941 3, 469 211 748 1,206 +674 +1,220 +569 +489 +124 +964 +1,027 +1,510 -999 -1,157 -1,128 -1,186 —124 -152 -135 -140 -993 -1.046 -875 -1,005 -949 -144 -805 -1,135 -1,022 -1,253 -142 164 -156 -979 -880 —1,089 -494 -1,032 -412 -738 -442 -287 — 294 -82 -607 -387 — 224 -220 +1,138 Unilateral transfers (net), total Government do do U.S. long- and short-term capital (net), total. _ ( l o _ - - Private do _ Direct investments do Government do +537 +1,434 -1,155 -1,100 -1,064 -135 -144 158 -956 -905 -1,020 —954 -711 —274 -243 -682 -1,241 -594 -964 -343 -424 -88 -784 -451 -156 -333 -893 -726 •j?',) -167 +554 +451 +930 +607 +307 Foreign long- and short-term capital (net) do +483 +347 +183 | +426 +569 Gold sales [purchase^ ( — )] do +175 -71 +132 ! -162 +95 Errors and omissions -.- do... r Revised. 1 Estimates for Oct.-Dec. 1961, based on anticipated capital expenditures of business, anticipated expenditures for the year 1961, and comparative data for 1959-60, appear on p. 6 of the Sept. 1961 SURVEY. 2 Unadjusted. Data represent firms in operation as of Jan. 1; estimate for Jan. 1, 1961 (based on incomplete data) is 4,717,000. -595 -838 -419 +243 -875 -651 -303 -224 988 ! 8. SO 34. 80 4,910 872 1,243 Merchandise, ad justed tc? Imports of goods and services, total ! 8.61 +884 +2,317 +1.888 -900 -1,079 -1.012 -155 ""-163 154 173 -857 -746 -906 -1,110 -1.075 -1,905 -1,400 -980 -924 -1,557 -724 -464 -331 -733 —327 -420 -151 -386 -348 -589 -934 -431 +345 +491 +187 +571 +198 +887 +548 +771 +858 +1,042 1+1,273 +346 -330 +94 +921 +50 +637 +72 +397 +95 +167 -9 -282 1 -452 +49 -128 +290 -8 +146 -117 +100 §Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product on p. S-l. ^Adjusted for balance-of-payments purposes, mainly for valuation, coverage, and timing, c?Excludes military expenditures.
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