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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 8,0 8.3 8.9
K
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

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

Wage and salary disbursements

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. $

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

401.3

Personal consumption expenditures, total. _do

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
4.86
5 70

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

!

8.61

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

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

34. 80

312

Merchandise, adjusted, excluding military transactions^ _ _ _ _ _
.mil. $ . 4, 066
731
Income on investments abroad
do
I L035
Other services and military transactions
do

!

8. SO

1,216

4,910
872
1,243

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

Merchandise, ad justed tc?

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

Imports of goods and services, total

+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

+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.

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