scb_081961

AUGUST 1961

survey of

CURRENTBUSINESS

U.S. DEPARTMENT OF COMMERCEOFFICE OF BUSINESS ECONOMICS

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CURRENT BUSINESSAUGUST 1961 VOL. 41, NO. 8

ContentsBUSINESS REVIEW PAGE

Summary 1Employment up, unemployment rate unchangedFurther rise inincomeRetail trade shows mixed trends'Rise in constructionactivityDefense buildup

Manufacturing Activity, First Half of 1961 2

NATIONAL PRODUCT AND INCOME RECOVERS IN SECONDQUARTER 5

ARTICLESConsumer Incomes Up in All Regions in 1960 9

Industrial Developments. 10United States Assets and Investments Abroad

Private Capital Outflow at Peak in 1960 20Direct Investments Abroad 20Industry Developments 24Other Private Foreign Investments 25

Manufacturers' Inventory and Sales ExpectationsA Progress Report on a New Survey 27

Sales Anticipations 2&Inventory Anticipations 28Condition of Inventories 29

NEW OR REVISED STATISTICAL SERIESInventory-Sales Ratios of Manufacturing and Trade Firms. . 32

MONTHLY BUSINESS STATISTICSGeneral S1-S24Industry S24-S40Subject Index Inside Back Cover

U.S. Department of CommerceLuther H. Hodges

SecretaryOffice of Business Economics

M. Joseph MedianDirector

Louis J. ParadisoManaging Director

Muvray F. Foss K. Celeste SlolEditor Statistics Editt

Billy Jo DawkinsGraphics

STAFF CONTRIBUTORSTO THIS ISSUE

Business Review and Feature:Lawrence BridgeDorothea S. Jones

National Product and Income:Harold Wolozin

Articles:Robert E. Graham, Jr.

Edwin J. ColemanJames M. LazardEdward A. Trott, Jr.Mae B. Rothery

Samuel PizerFrederick Cutler

Julius N. FreidlinMurray F. Foss

Marie P. Hertzberg* * *

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A Dams 2-4755.Seattle 4, Wash., 809 Federal Office Bldg., 909 First Ave.

Mutual 2-3300.


By the Office of Business Economics

"DLtituauon

B.BUSINESS activity continued to ad-vance in the early part of the summerfollowing the sharp pickup in the springfrom the first quarter low. Whileseasonal movements dominated mostof the broad indicators, most Julymeasures, after seasonal adjustments,were above June and higher than thesecond quarter averages. Personal in-come and employment increased andfurther gains were made in industrialproduction and construction activity.Price stability continued to charac-terize the major markets.

GNP ct New High in Current Dollars

Biiiion $550

500

450

400

GROSS NATIONAL PRODUCT

1960 Dollars

Current Dollars

1957 1958 1959 1960 1961 1962Quarterly Totals, Seasonally Adjusted, at Artnuai Rates

All Major Components of Domestic DemandIncrease in Second Quarter

I r i ! IChange From 1st to 2nd Quarter 1961

GNPTotal

InventoryChange

Government

'/////[ Fixed Investment

Net Exports

-5 0 5 10Billion $

Seasonally Adjusted, at Annual Rates

15

U. S. Department of Commerce, Office of Business Economics 61-8-1

July increases in employment, andincome from production, after allowingfor the usual summer lull, were gen-erally somewhat smaller than had oc-curred in the spring months. Such adevelopment should not be consideredunusual in view of the sizable advancesduring the second quarter.

The recovery, at the present time,extends over a broad range of demandcategories; however, the rates of in-crease vary considerably. In somecases the forces making for large con-tributions to the business revival, suchas the switch from inventory cuttingto accumulation and the pickup inautomobile demand from the low firstquarter rate, have lessened in theirintensity. On the basis of the surveydescribed later in this issue, it appearsthat manufacturers are planning anincrease in their inventories in thecurrent quarter. Other factors nowdiscernible, which are contributing sig-nificantly to rising output and income,include the stepped-up rate of govern-ment spending, the increase in resi-dential building activity, and a firmingin business plant and equipmentspending.Employment up, unemployment rate

unchanged

Employment in nonfarni establish-ments declined by less than the usualamount in July. Seasonally adjustednonfarni employment of 53.4 millionin July represented the fourth succes-sive month of increase and matchedthe year-ago rate for the first monththis year. Average factory hoursworked per week also increased a littleafter adjustment. The number ofpersons out of work declined, but byno more than is usual, so that the rateof unemployment continued unchangedat close to 7 percent of the civilianlabor force for the eighth month in arow.

The major industries showed eitherno change or small increases in em-ployment in July, and the rise in thenonfarm total was not quite so largeas the average monthly increase in thesecond quarter. This was particularlytrue of manufacturing where durablegoods extended the employment gainwhile nondurables evidenced a levelingout. Seasonally adjusted hours of workadvanced in hard goods industries, butwere off in nondurables.Further rise in income

Personal income in July, includinga special life insurance dividend pay-ment to veterans, totaled $422 billionat an annual rate, an increase of $4)billion from the June rate. Of thisrise, about $2 billion came from higherpayrolls, particularly in commodity-producing and service industries. Al-most all of the remaining increase wasattributable to the special dividendpayment; changes in other types ofincome were generally small.

Personal income, excluding the vet-erans' dividend, at $419 billion wasabout $15 billion above a year ago and$6 billion above the second quarteraverage. It may be recalled that asimilar payment in March caused anunusual spurt in March personal in-come, but its disappearance in thefollowing month was more than offsetby rising payrolls and other earnings.Retail trade shows mixed trends

Consumer buying of goods has con-tinued to lag relative to the flow ofincome. Retail store sales, after sea-sonal adjustment, were off a little inJuly, and about the same as a year ago.The rate for the month was about thesame as the second quarter monthlyaverage, in contrast to the previouslynoted increase in personal income.

Changes by kinds of business werequite mixed. Department store salesDigitized for FRASER

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

SURVEY OF CURRENT BUSINESS August 1961

rose by about 2 percent over June andabout the same percentage over a yearago, while sales of other nondurablesstores eased somewhat from the Junerate. Sales at automobile dealers wereoff as consumer purchasing of new carsdropped from earlier highs, but sales ofother durable goods improved in July.Rise in construction activity

Total construction outlays, seasonallyadjusted, rose again in July to an annualrate of almost $59 billion, exceeding theprevious high that had been reached inthe middle of 1959. The increases re-flected a continuation of the expansionin private residential activity and apickup in public expenditures. Privateexpenditures other than residential werelittle changed over the month. Withthe latest increases the third quarterthus begins with total expendituressome $2)4 billion higher, at a seasonallyMANUFACTURING PRODUCTION

Recovery Is Widespread, Featuredby Sharp Advances for Most Groups

Percent Change From1st Qtr. 1960 to Jan.-Feb. 1961 Avg.Jan.-Feb. 1961 Avg. & To June 1961

-30 -20 -10 0 10 20 30

Textile, Apparel, andLeather Products

adjusted annual rate, than they aver-aged in the second quarter of this year.

Defense buildupCongressional action earh^ in August

on the President's request for addedfunds to strengthen the Nation's de-fenses will result in a further step-upin defense outlays in the near future.In the fiscal year just ended, expendi-tures for national defense purposestotaled $46.8 billion (GNP basis) andincreased to an annual rate of $48.8billion in the April-June quarter of1961. The new requests would ma-

terially augment the increases projectedearlier in the year.

A large part of the additional defensemoney is scheduled for procurement ofnew weapons and equipment, many ofwhich have relatively short lead times.The remainder would be allotted foradditional personnel, operating andmaintenance outlays, and civil defense.As pointed out in the subsequent dis-cussion on manufacturing activity, de-fense orders had already been expandedduring the first 6 months of 1961 as aresult of the speedup in defense pro-curement earlier this year.

Manufacturing Activity, First Half of 1961

Data: Based on FRB's Seasonally Adjusted IndexU. S. Department of Commerce, Office of Business Economic* 6I~8~2

JC1 ACTORY operations have turnedaround briskly from the winter lows.Shipments and new orders received inJune were 8 percent and 9 percent,respectively, above January, after sea-sonal adjustment, and compared favor-ably with year-earlier rates.

Increases in shipments and newbusiness received have been pervasivethroughout the major industries, andhave extended to both defense and non-defense goods. With new orders some-what larger than sales, particularly inthe durable goods industries, the back-log of unfilled orders on producers'books lias shown some rise in theopening 6 months of 1961, although atthe end of June outstanding contractswere some 4 percent lower than inmid-1960.

Improved demand has been reflectedin inventory programs: factory stockswere unchanged in the March-Juneperiod, seasonally adjusted, in contrastto a running down of $1.8 billion duringthe previous 9 months. The cessationof this inventory drag on output has inturn been a major factor in the rise inmanufacturers' sales and new ordersreceipts.

Factors in recovery

The recently increased market formanufactured goods stems from en-larged requirements by rruost majorsections of demand. Among these are

the substantial rise in residential hous-ing activity, and higher governmentprograms for highways, military con-struction, and a broad range of defenseprocurement items; also contributingwas a moderate rise in consumer goodsdemand in the second quarter.

The most dynamic source of demandstems from the rapidly expanding mili-tary expenditure programs. As can beseen in table 2 contracts placed in thefirst 5 months of 1961 by the Depart-ment of Defense for procurement items,research and construction were 1.1 per-cent higher than in the correspondingperiod of 1960. Fiscal year 1961 obli-gations were lower than earlier pro-gramed and the shortfall will flow overinto the current fiscal year.

Nondurables set new highsShipments of nondurable goods were

only moderately affected by the 1960-61 recessionary forces, and soft goodsshipments soon reached new highs inthis year's recovery. Stocks of non-durables have kept pace with salesrequirements. In contrast, as can beseen in the chart, durable goods salesand stocks in June, seasonally adjusted,were still some 6 percent below their1960 highs.

The largest sales gain among the non-durable groups in 1961 was achieved bythe textile industry, followed by paper,chemicals, and rubber. Food and bev-Digitized for FRASER


August 19G1 SURVEY OF CURRENT BUSINESS

Table I.Manufacturers' Sales and New Orders, 1960-61

AH manufacturingDurable goods

Pi'iniury inotnlsFabricated metalsElectrical machineryNonelectrical machineryTransportation equipment

Nondurable goodsFood and beverage __TextilesPaperChemicalsPetroleum ._Rubber

Al! ManufacturingDurable goods __

Primary metalsFabricated metalsElectrical machinery _ _Nonelectrical machineryTransportation equipment

Nondurable goods

Monthly Averages, Seasonally Adjusted, in Billions of Dollars

1960

I II III IV

1961

I 1 II|

Percent Changes

1960-11to 1961-11

1961-1to 1961-11

Sa lea

31. 17

15.432.651.702.002.803. 50

15. 744.741.241.042.313.12

.54

30. 93

14. 982. 191. 741.972.813.48

15.954. 661.271.042.363.21.53

30. 23

14. 522. 001. 691.942.773.44

15.704.661.211.092.313.18

.49

29, 33

13. 841. 781 . 561.902.703.36

15. 494.701. 141. 052 253.21

.48

29.08

13. 401.791. 571. 932.742.87

15. 694.801. 111.082.313.16

.47

30.61

14.482. 051. 681.972.873.29

16. 134.771. 231. 162.453.27.50

1

3 6-3

02

-6

1

-312

42

6

5

814

25

15

3

117646

New Orders

30. 24

14.542.051.621.922.813.44

15. 70

30.31

14.501.851.701.932.803.49

15.81

29.87

14.291. 861.622.112. 583.45

15. 58

28.98

13. 521.721.501.872.683. 19

15.46

29.15

13. 351.821.541.872.772.92

15.80

30.85

14.682. 191.711.902.863.32

16.18

2

1181

-22

-5

2

6

10201123

14

2

erage sales have shown little changedining the first 6 months of this year.As can be seen in the table, secondquarter sales were running ahead of ayear ago in all major soft goods in-dustries except textiles and rubber; thelatter industries are importantlyaffected by demand from automobileproducers.

Steel and autos pace advance

Among the durable goods industries,the steel and motor vehicle industrieshave shown the greatest fluctuations inoutput over the recent cycle (see chart).About two-fifths of the seasonallyadjusted increases in total sales and neworders from the low point of January1961 through June was concentrated inthese two industries. New ordersreceived by aircraft companies showedlittle change from the first to the secondquarter of this year, seasonally ad-justed, but were well in excess of thecorresponding periods of last year.

Motor vehicle output was at a near-record rate during the last quarter of1960, but when sales expectations failedto materialize manufacturers cut backtheir production drastically during thewinter months. In early spring, de-mand for passenger cars increased and

the higher levels have continued throughthe second quarter. Manufacturers'sales of motor vehicles and parts rose25 percent, seasonally adjusted, fromthe first quarter of 1961 to the second.In spite of the improved picture duringthe second quarter, June sales and neworders, including defense contracts, forautomotive manufacturers were stillbelow a year earlier.

July output of 400,000 carsthefinal month of the 1961 model runwas5 percent lower than in July 1960; forthe 1961 model run as a whole, produc-tion of 5,400,000 units was one-tenthbelow the 1960 run. Plans for the nextmodel year include an earlier shutdownfor model turnover than has beencustomary in recent years, followed byresumption of fairly high production inSeptember. The restriction of outputto the volume of retail deliveries duringthe first half of 1961, a period whenstocks are normally increased, willpermit an orderly liquidation of theoutgoing models during the summerand fall.

Clearly outlined in the chart are thebuildup in the steel industry's salesand orders preceding the 1959 strike,the quick recovery and the subsequentsubstantial drop in activity during1960. New orders received during the

second quarter of this year showed again of 20 percent over the first quarterwhile sales rose 14 percent. Productionin June was running 15 percent abovea year ago and indications are thatJuly will also be above a year ago,although operations in steel as wellas other primary metals are stillconsiderably below capacity.

Machinery orders in rising phaseActivity in the machinery industries,

as can be seen in the chart, has beenfar more stable during the recent down-turn and recovery than most othermajor durable goods industries. Elec-trical machinery sales rose 2 percentbetween the first and second quarters,seasonally adjusted, a gain sufficient tobring sales back to the year-earlierrate. Nonelectrical machinery ship-ments and orders have shown onlymoderately more fluctuation than didthose of electrical machinery companies;

MANUFACTURERS' SALiS AND INVENTORIESNondurable Goods Sales Reach New HighDurables Recover Rapidly

Billion $20

15

SALES

Nondurabies

Durables

10 I i i i 1 1 I i i i i i I i i i i i I i i i i i I i i i i i ! 1 1 i i

Factory Stocks Stabilize in SpringFollowing Earlier Liquidation

35

30

25

20

INVENTORIES

Nondurabies\I L L

1959 1960 1961Monthly, Seasonally Adjusted

U. S. Department of Commerce, Office of Business Economics 61 ~8 ~3Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF CUEEENT BUSINESS August 1961

both sales and new orders are currentlyabove a year ago.

The increasing flow of new businessto producers of machinery and otherinvestment goods in the first half ofthis year suggests a near-term rise inexpenditures for new plant and equip-ment. This appears in line with reportsby business earlier this year that theyintend expanding investment in thecurrent quarter. The rise in machinerynew orders thus far in 1961, however,is not large; orders are up relativelyless since the start of the year thanin most other major durable goodsindustries.

Electrical machinery companies' neworders increased by nearly 8 percentfrom the January low to May, on a sea-sonally adjusted basis, but droppedoff sizably in June, as defense business,which is usually placed in heavy

Table 2.Military Obligations for Procurement, Research and Construction, 1957-61

Total

Major procurement _Aircraft..MissilesShips _Electronics _.Other .

Research

Construction

Billions of Dollars

1957

15.90

12.786.362.811.30.81

1.51

1.68

1.44

1958

22.66

18.218.134.921.941.311.91

2.50

1.96

1959

20.04

15.316.414.311.811.161.62

3.18

1.56

1960

20.99

14.946.294.101.981. 111.46

4.58

1.48

Percent Change

Januarv-May 1960

7.00

5.002.021.35.56.40.66

1.38

.62

January-May 1961

7.80

5.772.301.32.95.46.74

1.46

. 57

January-May 1960-61

11

1614

-2681513

6

-8

Source: Department of Defense.

volume at this time of year withelectronics companies, was short ofseasonal expectations. Sales of electri-cal machinery were consistently some-what higher than new orders receiptsduring the first half of this year andoutstanding orders backlogs have beenslightly reduced.

DURABLE GOODS MANUFACTURERS

Metals and Transportation Equipment Lead Sales Advance

PRIMARY METALSBillion $

2 ~

TRANSPORTATION EQUIPMENTBillion $

Sales

2 -

Changes in Machinery Business Relatively Smaller in Current CycleELECTRICAL MACHINERY NONELECTRICAL MACHINERY

Sales

7New Orders

2 -

1959 1960 1961 1959 1960 1961Monthly, Seasonally Adjusted

*U, S. Department of Commerce, Office of Business Economics

Nonelectrical machinery orders havetended steadily upward thus far in1961, particularly in areas related tononagricultural business machinery pur-chases. The expansion has been par-ticularly large in the industrial machin-ery groupsmetal working, special andgeneral industry equipmentand inengines and turbines, bringing neworders above 1960 rates. Shipmentsby these companies have matchedthe inflow of new business, and back-logs have not increased, remainingbelow the 1960 volume.

New orders received by agriculturaland office and store machinery com-panies in June were little differentfrom January, after seasonal allowances,although showing some growth frommid-1960. Construction m a c h i n e r ynew orders fell somewhat in the secondquarter of this year.

Producers of fabricated metals, stone,clay and glass, lumber products, andother durable goods have received about10 percent more orders in the secondquarter than the first, after seasonalallowances; shipments rose 5 percent.These industries are primary suppliersof building materials and have bene-fited from the steadily rising rate ofnew construction projects since earlythis year. However, business in theseindustries has not yet recovered tothe level of last year. Sales exceedednew orders during all of 1960 and thefirst quarter of 1961, but are nowslightly smaller, and unfilled ordersbacklogs have turned up.


National Product and Income Recovers in Second Quarter

A. VIGOROUS upswing in output inthe April-June quarter initiated arecovery from the mildest of the fourpostwar recessions. GNP advanced atan annual rate of $15 billion from thefirst quarter to a new high of $516billion in current dollar terms. (Seechart.) The real volume of nationaloutput was about the same as at itsprevious cyclical peak a year earlier.

The second quarter recovery in GNPfeatured a marked shift from inventoryliquidation to accumulation, an upturnin the demand for automobiles andresidential construction, and continuedexpansion in government purchases andconsumer services. Fixed business in-vestment outlays and nondurable con-sumer goods expenditures rose slightly.Net exports of goods and services wasthe only major GNP component toshow a decline.

The increase in output and employ-ment was accompanied by a substantialrise in the flow of income. Personal in-

' TOTAL GNP INCREASES IN SECONDQUARTER

As Both Final Purchases andInventories Turnaround

Billion $550

500

450

Gross National ProductTotal

'"" Final Purchases

Inventory buildup

:v:!) Inventory liquidation

400 I . . i 1 . . . I . t 1 ' . . I i . - I . i1957 1958 1959 1960 1961 1962Quarterly Totals, Seasonally Adjusted, at Annual Rates


come rose from the first quarter by over$8 billion to an annual rate of $413billion in the second. Most of this in-crease was in wages and salaries andwas attributable to higher employment,but Government transfer paymentswere also up, reflecting initial disburse-ments under the temporary unemploy-ment insurance program. Completedata on corporate profits for the secondquarter are not available at this time,but it would appear that the year-longdowntrend in profits was sharply re-versed.

Autos important in recoveryThe increase in GNP was sharper

than in any other initial quarter ofcyclical recovery in the postwar period.The comparative vigor of the recentupturn is discernible also on a monthlybasis in the movement of payrolls.

A shift from inventory liquidation toaccumulation was a major factor rein-forcing the effect of the increase in finalpurchases on total production. In theprevious two postwar cycles, liquidationof business inventories continued be-yond the turning point of GNP, thoughat somewhat reduced rates. The recentincrease in final purchases was alsolarger than in prior first quarters ofrecovery in the postwar period.

The production and sale of passengercars was the most important singlefactor in the second quarter recovery.Nearly half of the rise in total GNPrepresented increased production ofautomobiles. From the fourth quarterof 1960 to the first quarter of 1961 therehad been a decline in automobile pro-duction which exceeded that in totalGNP, and was the sharpest for theindustry in recent years.

The first quarter decline in auto pro-duction and sales was due in part to thereductions in total employment andearnings in the latter half of 1960, andthe unfavorable expectations they en-gendered. Supply and demand factorspeculiar to this d}rnamic industry also

pla}7ed an important role. The un-usually severe winter was an addedfactor in the sales decline. Seasonallyadjusted retail sales of cars, which hadbeen drifting downward since mid-October, declined sharply in December,and production was promptly adjustedto the lower sales which continuedthrough January and February. Stocksheld about level during these months inCONSUMER SPENDING

Total Rises in Second QuarterBillion $

350

300

Persona! ConsumptionExpendituresTotal

250 I i i i I i i i 1 i i i I i i i I i t i f t t r

Services Continue Uptrend150

100

Services

Little Change in Major Nondurable Lines100

50

Food

Durables Up From First Quarter Low50

Durables Exc. Autos

Autos *J_ I _L i I i t r

1957 1958 1959 1960 1961 1962Quarterly Totals, Seasonally Adjusted, at Annual Rates


5Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 SURVEY OF CURRENT BUSINESS August 1961

contrast to the usual sharp seasonalrise. With the coming of spring, salesrose more than seasonally and thehigher levels continued into the secondquarter. Stocks declined slightly butsomewhat less than expected in thisperiod of the year. In spite of thesecond quarter improvement, automo-bile sales and production were sub-stantially below a year ago.

Support from GovernmentThe bulk of the second quarter

increase in GNP came in privateexpenditures, but the role of the FederalGovernment in stimulating businessactivity was important. In additionto the $2 billion annual rate increase indirect purchases of goods and services,the Federal Government institutedseveral programs swelling the flow ofincome in the economy, notably thefeed grain and the temporary unem-ployment insurance programs. Meas-ures affecting the supply of money andcredit designed to stimulate economicactivity will be noted later.

Consumption expenditures upPersonal consumption expenditures,

which had turned down in the openingquarter of the year with the decline inauto and other durable goods pur-chases, moved up in the second quarter.The $5K billion increase to an annualrate of $336 billion was concentrated inexpenditures for automobiles and serv-ices. (See chart.) Sales of durablegoods other than autosmainly furni-ture and appliancesshowed only mod-est increases which were not enough tobring them back to the highs of late1959.

Small changes were the rule for allthe major categories of nondurablegoods. Spending for food and bever-ages, which was up only slightly incurrent dollars, went up more in realterms as retail food pricesprincipallyof meat and dairy productsdeclinedfrom their first quarter average.Swing in inventories

The inventory swing from the first tothe second quarter featured changes instocks of automobile producers and

Table 1.-Gross National Product in Current and Constant Dollars (1-3, 1-5)[Seasonally adjusted, at annual rates]

FEDERAL GOVERNMENTExpenditures Exceed Receipts in First HalfOf 1961

Billion $105

100

95

90

85

80

75

70

Expenditures

Receipts

National Income Basis

I , , , | i i i I i ,

Gross national productPersonal consumption expendi-

tures

Durable goods _Nondurable goodsServices

Gross private domestic invest-ment- __ _

New constructionResidential rionfarmOther

Producers' durable equipment.Change in business inventories.

Nonfarm _Farm . .

Net exports of goods and services.ExportsImports _

Government purchases of goodsand services

Federal.. _National defenseOther . . ..Less: Government sales

State and local

1958 1959 19601960

II III IV

19

I

61

II

Billions of current dollars

444.5

293. 237.3

141.6114.3

56.635.518.017.4

23.1

-2.0-2.9

.91.2

22.721.5

93.552.644.88.3.5

40.8

482.8

314.043.5

147.3123.2

72.440.222.317.925.96.36.2.1

-.7

23.123.8

97.1

53.546.27.8.5

43.6

504.4

328.944.3

152.4132.2

72.4

40.721.119.627.54.2

4.0.3

3.0

26.723.6

100.1

52.945.58.0.6

47.2

506.4

329.945.3

153.3131.2

74.640.721.219.528.65.4

5.1.3

2.3

26.724.4

99.6

52.945.57.9.6

46.8

505.1

329.743.4

152.7133.6

70.540.4

21.019.4

27.7

2.4

2.0.4

3.0

26.823.8

101.9

54.045.49.1.6

48.0

504.5

332. 343.8

153.1135.4

65.640.720.520.2

26.7-1.9-2.2

.35.1

27.622.4

101.6

53.045.77.9.6

48.6

500.8

330.739.4

153.7137. 5

59.839.619 320.424.2

-4.0-4.3

.3

5.327.622.3

105.0

54.747.28.0.5

50.3

516.1

336.142.0

154.1139.9

68.841.320.620.724.7

2.82.4.4

3.926.422.5

107.3

56.648.88.3.5

50.6

1958 1959 19601960

II III IV

1961 I

I III

Billions of 1954 dollars a

401.3

273.235.5

133. 3104.4

49.031.116.214.819.4

-1.5-2.4

.8

-.2

21.421.6

79.3

44.5

34.8

428.4

289.341.0

138.8109.5

61.134.319.414.821.3

5.55.6-.0

-2.1

22.224.3

80.1

43.9

36.2

440.8

298.341.8

141.8114.7

60.633.918 016.022.7

4.03.8.2

1.7

25.323.6

80.2

42.3

38.0

443.4

299. 542.5

142. 9114.2

62.333.918 115.923.4

4.9

4.7_ 2

1.025.424.4

80.6

42.7

37.8

440.2

298.640.8

142.0115.8

58.633. 617.915.722.7

2.3

2.0.3

1.625.423.7

81.3

42.9

38.4

438.4

299.641.6

141.3116.6

54.933.917 516.4

22.1

-1.1

-1.3.2

3.526.122.6

80.3

41.6

38.7

433.2

297.037.6

141.6117.8

49.632.916 516.419.9

-3.2

-3.5.3

3.3

25.722.4

83.3

43.1

40.2

L445.5

1

301. 6 C

39.8142. 6 j119.2 *

57.31

34.1\

17 616.6 120.3 12.9 S

" i1.9

24.522.6 I

184.7

r

44.7 .

t..... j40.0

1957 1958 1959 1960 1961 1962Quarterly Totals, Seasonally Adjusted, at Annual Rates

U. S. Deportment of Commerce, Office of Business Economics 6 1 - 8 - 7

distributors; these accounted for thebulk of the inventory liquidation in thefirst quarter and for about one-fourthof the buildup in the second. Thesecond quarter increase in nonauto-motive stocks centered in trade. Man-ufacturers' stocks outside of the auto-motive industry were reduced somewhatas a continued liquidation in the stocksof durable goods' producers was onlypartly offset by accumulation in non-durable goods lines.

Business fixed investment stableThe second quarter increase in fixed

investment expenditures by businesswas minor in total, and individualindustry changes were likewise small.The latest OBE-SEC survey of capitalspending plans indicates a modestpickup in the second half of the year.Largely because of the presence ofexcess capacity, businessmen are usuallyreluctant to expand fixed capital out-lays in the early stages of recovery.Thus, business fixed investment con-tinued to decline in the initial phase ofthe 1958 upturn and was stable during1954 after total production had startedto rise.


August 1961 SURVEY OF CURRENT BUSINESS

Upturn in residential constructionResidential construction increased by

$1% billion from the first quarter to anannual rate of $20% billion in the second,offsetting about one-fourth of thedecline since its prior peak in thesecond quarter of 1959. Recent fluctu-ations in residential construction activ-ity have been confined to one-familydwellings; apartment house construc-tion has continued to increase.

The Federal Government in early1961 sponsored a number of measureswhich tended to stimulate the housingmarket. Aside from a policy aimed ateasing credit conditions in long-termmarkets in general, these includedFNMA's announcement of higher buy-ing prices for FHA insured mortgages,an increase in borrowing rights ofsavings and loan associations with theFederal Home Loan Banks, and areduction in the maximum permissibleinterest rate on FHA insured mortgages.

Nonfarm housing starts in June, at anannual rate of 1.4 million seasonallyadjusted, were about 250,000 higherthan the low point in January, indi-cating a further near-term rise inresidential construction activity. Ap-plications for FHA mortgages, adjustedfor seasonal variation, have also beenincreasing in recent months.

The Housing Act of 1961, passed onJune 30, authorizes FHA to insureno-dowii-payment mortgages withterms up to 40 years in hardship casesand 35 years in others, as well as homeimprovement loans up to 20 years.The Act also provides for specialhousing for the elderly; loans and grantsfor mass transit facilities, sewers, water-works and other public works; fundsfor the acquisition and preservation ofopen spaces in urban areas; loans forcollege housing, and general urbanrenewal support.

Federal expenditures riseGovernment purchases of goods and

services contributed $2% billion to thesecond quarter rise in GNP, with theFederal Government accounting forthe bulk of the increase. Defensespending rose to its highest rate in 3years, and is expected to show furthersubstantial increases in the quartersahead as recent administration de-

cisions to increase the defense programare implemented.

In addition to stepping up its directdemand for goods and services, theFederal Government further added tothe flow of income through the tempo-rary extension of unemployment in-

surance benefits, and payments tofarmers participating in the feed-grainprogram. Total Federal expenditureswere up about $3 billion in the secondquarter; with a comparable rise intaxes, the budget deficit (on a nationalincome basis) held close to $5 billion.

(Continued on page 32)Table 2.Personal Income and Its Use (II-2)

Personal income

Wage and salary disbursements

Commodity-producing industriesM anufacturing only

Distributive industriesService industriesGovernment

Other labor income

Proprietors' income _ _ __

Business and professional.Farm

Rental income of persons

Dividends _ _ . _

Personal interest income.

Transfer payments _ _

Old-age and survivors insurance benefitsState unemployment insurance benefitsVeterans' benefits ._Other

Less: Personal contributions for social insurance..-

Less: Personal tax and nontax payments

FederalState and local

Equals : Disposable personal income

Less: Personal consumption expenditures

Equals: Personal saving

Addendum: Disposable personal income in constant(1954) dollars

1958

360.3

239 8

97.976.763.834.843.2

9.4

46.1

32.513.5

12.2

12 A

21.0

26.3

8.53.94.69.4

6.9

42.3

36.65.7

317.9

293.2

24.7

296.3

1959

383.3

258.5

107.284.768.237.745.3

10.3

46.3

35.011.3

11.9

13.4

23.6

27.2

10.22.54.5

10.0

7.9

46.0

39.66.4

337.3

314.0

23.4

310.6

1960

402.2

271.3

110.487.471.840.748.4

10.9

48.2

36.212.0

11.7

14.1

26.2

29.1

11.12.84.6

10.0

9.3

50.4

43.27.2

351.8

328.9

22.9

319.0

1960

II III IV

1961

I II

Seasonally adjusted at annual rates

403.1

272.4

111.888.572.340.547.8

10.8

48.6

36.412.3

11.7

14.0

26.1

28.6

11.2a 44.5

10.5

9.2

50.5

43.37.2

352.7

329.9

22.8

320.3

405.1

273.2

110.587.272.541.249.0

10.9

48.7

36.312.4

11.7

14.1

26.4

29.3

11.32.94.5

10.6

9.3

50.8

43.57.3

354.4

329.7

24.6

321.0

405.4

271.3

108.085.272.141.549.7

11.2

49.0

36.312.7

11.7

14.3

26.7

30.6

11.43.84.6

10.8

9.3

50.5

43.17.4

354.9

332.3

22.7

320.1

404.7

270.1

106.183.871.841.850.4

10.8

48.9

36.012.9

11.5

14.2

26.8

32.0

11.83.84.7

11.7

9.5

50.3

42.67.7

354.3

330.7

23.7

318.4

413.2

277.3

110.787.572.842.551.3

10.8

49.2

36.312.9

11.5

14.2

27.0

32.9

12.54.54.8

11.1

9.7

51.4

43.67.8

361.8

336.1

25.8

324.8

Table 3.Gross National Product by Major Type of Product in Current and ConstantDollars (1-6, 1-7) *

[Seasonally adjusted at annual rates]

Gross national product

Final salesInventor v change.

Goods outputFinal sales _-Inventory change

Durable "oods outputFinal sales _ .. _Inventory change

Nondurable goods outputFinal salesInventory change

Services __

Construction _ _

1958 1959 19601960

II III IV

1961

I II

Billions of current dollars

444.5

446.5-2.0

229.4231.4-2.0

80.483.3-2.8

149.0148.1

.9

164.2

50.9

482.8

476.56.3

250.3244.0

6.3

94.991.33.6

155.4152.8

2.6

176.2

56.2

504. 4

500.24.2

258.5254.3

4.2

96.794.32.5

161.8160.0

1.8

189.3

56.6

506.4

501.05.4

262.3256.9

5.4

100.296.33.9

162.1160.6

1.5

187.7

56.4

505.1

502.72.4

257.2254.8

2.4

94.694.2

.4

162.6160.6

2.0

191.2

56.7

504.5

506.4-1.9

252.8254.6-1.9

89.593.4

-3.8

163.2161.3

2.0

194.6

57.2

500.8

504.8-4.0

245.7249.7-4.0

81.687.4

-5.8

164.1162.3

1.8

197.9

57.2

516.1

513.22.8

257.1254.3

2.8

90.991.2-.3

166.2163.0

3.2

201.1

57.9

1958 1959 19601960

II III IV

1961

I II

Billions of 1954 dollars

401.3

402.8-1.5

211.5213.1-1.5

71.774.1

-2.4

139.8139.0

.8

145.2

44.5

428.4

422.95.5

228.6223.1

5.5

82.979.83.1

145.7143.3

2.4

151.7

48.1

440.8

436.84.0

234.6230.6

4.0

84.782.42.3

150.0148.3

1.7

158.7

47.5

443.4

438.54.9

237.9233.0

4.9

87.483.93.5

150.6149.1

1.5

158.0

47.4

440.2

437.92.3

233.3231.1

2.3

82.582.1

.4

150.8148.9

1.9

159.4

47.4

438.4

439.5-1.1

228.9230.0-1.1

79.082.0

-3.0

149. 8148.0

1.9

161.6

47.9

433.2

436.5-3.2

221.9225.2-3.3

71.476.5

-5.1

150.5148.7

1.8

163.2

48.0

445.5

442.62.9

232.5229.7

2.9

79.479.6-.2

153.2150.0

3.1

164.7

48.3

i For quarterly data beginning in 1947, see SURVEY OF CURRENT BUSINESS July, 1961, pages 34 and 35.


8 SURVEY OF CURRENT BUSINESS August 1961Table 4.Relation of Gross National Product, National Income,

and Personal Income (1-18)[Billions of dollars]

Table 6.Personal Consumption Expenditures by Major Type(H-6)

[Billions of dollars]

Gross national product

Less: Capital consumption allowance,

Equals: Net national product

Less: Indirect business tax and nontaxliability.

Business transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus ofgovernment enterprises

Equals: National income

Less: Corporate profits and inventoryvaluation adjustment

Contributions for social insur-ance _ _ _

Excess of wage accruals over dis-bursements _ -

Plus: Government transfer paymentsto persons

Net interest paid by governmentDividendsBusiness transfer payments

Equals: Personal income

1958

444. 5

38.6

405.9

39.31.8

-1.5

1.1

367.4

37.2

14.8

0

24.56.2

12.41.8

360.3

1959

482.8

40.8

442. 0

42.71.8

-1.7

.4

399.6

46.4

17.6

0

25.47.1

13.41.8

383.3

1960

504.4

43.1

461. 4

45.61.8

-2.6

.5

417.1

45.1

20.7

0

27.37.8

14.11.8

402.2

1960

II III IV

1961

1 II

Seasonally adjusted at annualrates

506.4

43.0

463.4

45.91.8

-2.9

.6

419.2

45.9

20.7

0

26.87.8

14.01.8

403.1

505.1

43.2

461.9

45.51.8

-4.0

.5

419.0

44.1

21.1

0

27.57.8

14.11.8

405. 1

504.5

43.7

460.9

45.91.8

-2.9

.5

416.5

42.9

20.8

0

28.87.7

14.31.8

405. 4

500.8

44.2

458. 6

45.71.8

-2.6

.5

412.2

40.0

21.2

0

30.17.5

14.21.8

404.7

516.1

45.0

471.1

46.41.8na

1.4

na

na

21.7

0

31.07.3

14.21.8

413.2

Table 5.Government Receipts and Expenditures (III-3. IIT-4)[Billions of dollars]

Federal Government receipts

Personal tax and nontax receipts. _Corporate profits tax accrualsIndirect business tax and nontax

accrualsContributions for social insurance-

Federal Government expenditures

Purchases of goods and services

Transfer paymentsTo persons .Foreign (net)

Grants-in-aid to State and localgovernments

Net interest paid

Subsidies less current surplus ofgovernment enterprises

Surplus or deficit ( ) on incomeand product account

State and local government receipts. - -

Personal tax and nontax receipts. _Corporate profits tax accrualsIndirect business tax and nontax

accruals _ _ -Contributions for social insurance ..Federal grants-in-aid

State and local government expendi-tures

Purchases of goods and servicesTransfer payments to personsNet interest paidLess: Current surplus of govern-

ment enterprises

Surplus or deficit ( ) on incomeand oroduct account

1958

78.5

36.617.7

11.912.4

87.9

52.6

21.320.01.3

5.4

5.6

3.0

-9.4

42.0

5.71.0

27.42.55.4

44.1

40.84.5.6

1.9

-2.1

1959

89.4

39.621.9

13.014.9

91.2

53.5

22.220.61.5

6.6

6.4

2.6

-1.8

46.5

6.41.2

29.62.76.6

46.9

43.64.8.7

2.2

-.4

1960

96.0

43.221.2

14.017.7

92.8

52.9

23.722.21.6

6.1

7.0

2.9

3.3

49.2

7.21.2

31.63.06.1

50.6

47.25.1.7

2.4

-1.4

1960

II III IV

1961

I II


96.9

43.321.8

14.217.7

92.5

52.9

23.421.81.6

6.1

7.1

2.9

4.5

49.2

7.21.2

31.73.06.1

50.1

46.85.0.7

2.3

-1.0

95.6

43.520.3

13.818.0

94.2

54.0

24.022.41.5

6.2

7.1

2.9

1.4

49.4

7.31.1

31.73.16.2

51.3

48.05.0.7

2.4

-1.9

94.6

43.120.0

13.817.6

94.2

53.0

25.323.71.6

6.0

7.0

2.9

.4

49.7

7.41.1

32.13.26.0

52.0

48.65.1.7

2.5

-2.3

92.5

42.618.6

13.318.0

98.0

54.7

26.524.81.6

7.1

6.8

3.0

-5.5

51.4

7.71.0

32.43.27.1

53.8

50.35.3.7

2.5

-2.4

na

43.6na

13.618.4

101.1

56.6

27.125.71.5

6.8

6.6

4.0

na

na

7.8na

32.93.36.8

54.2

50.65.4.8

2.6

na

Goods and services, total

Durable goods, total

Automobiles and parts

Furniture and household equip-ment -_. __ _

Other

Nondurable goods, total

Food and beverages

Clothins and shoes

Gasoline and oil

Other . _ ___ _ .

Services, total _

Housing _ _ _ _ _

Household operation. _

Transportation

Other

1958

293. 2

37.3

13 9

17.4

6.0

141.6

76 6

25.7

10 5

28.8

114.3

37.7

16.9

9.2

50.6

1959

314.0

43.5

18.1

18.9

6.6

147.3

78 0

27.4

11.0

30.9

123.2

39.9

18.1

10.0

55.2

1960

328.9

44.3

18.6

18.8

6.9

152.4

80.1

28.1

11.6

32.6

132. 2

42.2

19.6

10.5

59.9

1960

II III IV

1961

I II

Seasonally adjusted atannual rates

329.9

45.3

19.3

19.0

7.0

153. 3

80.6

28.3

11.6

32.8

131.2

41.9

19,5

10.5

59.3

329.7

43.4

17.8

18.7

6.9

152.7

79.9

28.3

11.6

32.9

133. 6

42.7

19.7

10.5

60.8

332. 3

43.8

18.6

18.3

6.8

153. 1

80.8

27.7

11.8

32.7

135.4

43.1

20.0

10.5

61.7

a30.-7

39.4

14.8

17.8

6.8

153.7

81.1

27.9

11.7

33.0

137. 5

43.6

20.6

10.5

62.8

336.1

42.0

16.7

18.3

7.0

154.1

81.4

27.6

11.7

33.4

139.9

44.2

20.9

10.7

64.1

Table 7.Foreign Transactions in the National Income Accounts(IV-2)

[Billions of dollars]

Receipts from abroad

Exports of goods and services

Payments to abroad

Imports of goods and services - _ -Net transfer payments by Govern-

ment - -_Net foreign investment

1958

22.7

22.7

22.7

21.5

1.3-.1

1959

23.1

23.1

23.1

23.8

1.5-2.3

1960

26.7

26.7

26.7

23.6

1.61.5

1960

II III IV

1961

I II


26.7

26.7

26.7

24.4

1.6.7

26.8

26.8

26.8

23.8

1.51.4

27.6

27.6

27.6

22.4

1.63.6

27.6

27.6

27.6

22.3

1.63.7

26.4

26.4

26.4

22.5

1.52.4

Table 8.Sources and Uses of Gross Saving (V-2)[Billions of dollars]

Gross private saving

Personal savingUndistributed corporate profits. _ .Corporate inventory valuation

adjustmentCapital consumption allowanceExcess of wage accruals over dis-

bursements

Government surplus on income andproduct transactions

Federal - -- -State and local

Gross investment

Gross private domestic invest-ment .- . -_ -

Net foreign investment

Statistical discrepancy .. ..

1958

69.5

24.76.4

.338.6

.0

11.4

9.42.1

56.6

56.6.1

1.5

1959

74.0

23.410.3

.540.8

.0

-2.2

1.8.4

70.1

72.42.3

1.7

1960

74.6

22.98.6

.043.1

.0

1.9

3.31.4

73.9

72.41.5

-2.6

1960

II III IV

1961

I II


74.7

22.89.3

.443.0

.0

3.5

4.51.0

75.3

74.6.7

-2.9

76.4

24.67.6

.943.2

.0

.5

1.41.9

71.9

70.51.4

4.0

73.9

22.77.2

.343.7

.0

1.9

.42.3

69.1

65.63. 6

2.9

74.0

23.75.8

.444.2

.0

-7.9

5.52.4

63.5

59.83.7

2.6

na

25.8na

na45.0

.0

na

nana

71.3

68.82.4

na


BY ROBERT E. GRAHAM, JR. AND EDWIN J. COLEMAN

Consumer Incomes Up in All Regions in 1960_L ERSONAL income was at a recorddollar total in each of the 50 States lastyear as the Nation's economy firstmoved ahead under the impetus ofexpanded demand and then turneddown briefly.

For the country as a whole, individualincomes in 1960 totaled $400 billion$19 billion, or 5 percent, more than in1959. Despite a 1% percent increase inconsumer prices, real incomes were upthroughout the country.

Uniformity in State rates of changefrom 1959 was a feature of last year'sincome flow. More than half of theStates (28) came within 1 percentagepoint of the national pace. By regions,uniformity was even more pronounced.

There were five States in which the1960 relative gain exceeded the nationalaverage by substantial margins. Thelargest occurred in South Dakota wherefarm income more than doubled, push-ing the aggregate income up by one-fourth.

Next largest rates of gain from 1959to 1960 were in Alaska and NorthDakota (13 percent each), Hawaii (12percent), and Arizona (11 percent). InNorth Dakota, the rise centered mainlyin agriculture. In the other threeStates, the above-average increasesreflected pervasive gains throughoutmost of their economies.

Although business declined in thelatter part of 1960, the reduction wasmoderate. Individual incomes in everymonth of last year were higher than inthe corresponding month of 1959, andtotal income on a seasonally-adjustedbasis rose through October. The down-turn that followed was comparativelymild and short-lived, and by March of1961 personal income had recovered allof the ground lost since the prerecessionOctober peak.

For the country as a whole, percapita personal income (total incomedivided by total population) amountedto $2,223 in I960up $63, or 3 percent,

from 1959. Price increases nearlycounterbalanced this rise, however, andreal per capita income in 1960 was onlya little more than in 1959.

Average incomes in 1960 were highestin Delaware ($3,013), the Districtof Columbia ($3,008), Connecticut($2,863), Nevada ($2,844), New York($2,789), Alaska ($2,735), California($2,741), New Jersey ($2,665), Illinois($2,613), and Massachusetts ($2,519).The fact that all of these States exceptAlaska are located in New England, theMideast, Great Lakes, and Far West isindicative of the concentration of highincomes in the north and west.

This article continues the series ofreports on State changes in personalincome published annually in the SUR-VEY. The estimates for 1960 presentedhere are revisions of the preliminaryfigures published in the April 1961issue of the SURVEY. Those for 1958and 1959 also are revisions of earlierestimates. For convenience, total in-

Regional Increases in Total Personal Income Were Generally Similar Last Year

Major Differences Came From Developments in Agriculture and Manufacturing

10 15 -5Percent Change 1959-60

5 10 15 20 0 10 15 20 0 10 15 20

ToinlUnited States

New England

Mideast

Great Lakes

Plains

Southeast

Southwest

Rocky Mountain

Far West

zp-.r

Farm IncomeT~Fari

f"22%

.

D.IT

U. S. Department of Commerce, Office of Business Economies

60143161 2Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


come for the years 1954-57 and percapita income for 1950-57 are reprintedin table 1 along with the 1958-60 data.Total and per capita income figures forearlier years may be found in thePersonal Income supplement to theSURVEY.1

Industrial DevelopmentsNationally, income in all major indus-

tries advanced from 1959 to 1960. Asindicated in the chart, State differencesin rates of total income change lastyear stemmed mainly from develop-ments in farming and manufacturing,although variations in other industriesalso had an impact.Farm income volatile

On a national basis, farm incometotaled 4 percent more in 1960 than in1959a somewhat smaller increase thanthe average of all nonfarm components.By States and regions, income fromagriculture showed the widest variationsin rates of change. These ranged fromdrops of one-tenth in several majoragricultural States to a more thandoubling in South Dakotathe latter inpart a recovery from the previous year'sdecline in wheat production. Therewere reductions in 18 States and in-creases in 30; in 7, the decline was 10percent or more; in 14, the gains ex-ceeded 15 percent.

The influence of farming on changesin total income in 1960 shows mostclearly in the Plains region. Five ofthe seven States in this area experiencedexceptionally large gains in farm incomelast year, and 3 of theseSouthDakota, North Dakota, and Ne-braskawere among the top half-dozen States in the Nation in terms ofrelative increase in total income. Onthe other hand, declines in incomefrom agriculture were primary factorsin the limited gains in aggregate incomein Iowa and Missouri.

Except in the last two States, there1. "Personal Income by States Since 1929" is available from

the Superintendent of Documents, U.S. Government Print-ing Office, Washington 25, D.C., or from the Department'sField Offices at $1.50 per copy. The text of the report providescomplete explanations of the concept, statistical derivation,and reliability of the estimates, as well as an analysis ofgeographic income shifts over the period. The PersonalIncome supplement also contains detailed breakdowns ofincome in each State according to type and industrial sourcefor the years 1929-53. Details for 1954-56 may be found inthe August 1959 SURVEY; for 1957 in the August 1960 SURVEY,and for 1958-60 in tables 4-70 of this issue.

were gains in most types of farming inthe Plains, but the bulk of the net in-come rise came from a step-up of morethan one-third in the value of wheatproduction. In all States of the region,gross income from meat animals de-clined, while in Iowa and Missourilower wheat production pushed the totalvalue of crops in 1960 below that in1959.

Elsewhere agricultural developmentswith discernible effect on the totalincome flow included an increase inincome from tobacco farming in NorthCarolina; a spurt of two-thirds in cashTable I.Changes in Total and Per Capita

Selected Yea

receipts from potatoes in Maine; in-creased production of crops generally inOklahoma; sharp increases in wheatproduction in Oklahoma, Texas, Ohio,and Indiana; a decline in the value ofcotton production in the States of the"old" cotton belt; and reductions inincome from cattle and calves in mostStates as 1960 prices fell short of thosein 1959.Manufacturing a limiting factor

For the country as a whole, earningsof persons engaged in manufacturingincreased 3 percent from 1959 to 1960,half the rate of increase in nonmanu-Personal Income, bv States and Regions,

rs, 1950-60 i

State and region

United StatesNew England

M aineN^ew HampshireVermont __ _ _MassachusettsRhode IslandConnecticut __ _ _ _

Mideast __ - _ _ _New YorkNew Jersey _ -PennsylvaniaDelawareMarylandDistrict of Columbia _ _ _

Great Lakes _ _ _ _MichiganOhio _ _ _ _ _IndianaIllinoisWisconsin

PlainsMinnesota _ _ _Iowa _MissouriNorth Dakota . _ _ _ _South DakotaNebraska _ _Kansas

SoutheastVirginiaWest VirginiaKentucky. _Tennessee -North CarolinaSouth CarolinaGeorgiaFloridaAlabama __MississippiLouisiana - _Arkansas

SouthwestOklahomaTexas _ _ _ _ _New MexicoArizona

Rocky MountainMontanaIdahoWyomingColoradoUtah

Far West --- -Washington. _.OregonNevadaCaliforniaAlaskaHawaii

Total personal income

Percent of United States

1950

100. 006.73.48.31.20

3.45. 57

1.72

26.3612.433.867.30.31

1.67.79

22.514.795.722.667.102.24

8.801.861.682 53.35.35.86

1. 17

15.171.78.98

1.261.461.82.83

1. 561.611.18.71

1.30.68

6.501.114.61.35.43

2.23.42.34.21.86.40

11.701.771.09.14

8.70

.14

.31

1957

100. 00

6.54.46.31.18

3.25.49

1.85

25.4011.814.076.75.35

1.83.59

22.504.855.992.646.872.15

8.051.771.462.38.27.81.76

1.10

15.421.83.88

1.201.391.71.81

1.562.231.21.61

1.40.59

6.801.074.75.40.58

2.26.37.31.19.97.42

13.031.67.97.19

10.20

.15

.31

1960

100. 00

6.51.46.32.18

3.25.48

1.82

24.9811.734.066.42.34

1.86.57

21.564.565.692. 5'56.612.15

7.991.761.382.38.28.31.75

1.13

15. 641.84.78

1.181.381.80.84

1.592.481.20.64

1.31.60

6.801.084.63.43.66

2.28.34.30. 19

1.02.43

13. 721.661.00.20

10.86

.16

.36

Percentchange

1959 to 1960

5

5765535

4454554

444534

5623

132385

4423366564322

4532

11

642686

64486

1312

Per capita personal income

Percent of United States

1957

100

112829181

11497

137

117124124105141108130

11011011099

12296

9191919573789288

71828070686659698965487656

8780897988

929482989785

11710496

123122

11794

1960

100

111859384

113100129

117125120102136108135

10710410598

11898

9392909978839593

72837569707163728966537260

8683878190

959181

10510486

119104102128123

123102

Percentchange

1959 to 1960

3

3653333

3333335

232422

4422

122374

3322265313201

231i5

420463

33353

77

i Computed from tables 1 and 2.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

August 1061 SURVEY OF CURRENT BUSINESS 11

facturing income. The national in-crease reflected recovery from the1957-58 recession; the upswing follow-ing the 1959 steel strike and its sec-ondary effects; and the 1960 businessdecline which centered in a slide indurable goods production. Because ofState differentials in manufacturing,the impact of these developments variedthroughout the country.

In New England, the Mideast, andthe Great Lakes the relative smallnessof the gain in manufacturing incomeretarded significantly the overall income

rise. Because of the lesser importanceof factory production in the economyof the Plains, Southwest, and Far West,the comparatively small increase inmanufacturing activity in each of theseregions had limited effect on total in-come. By contrast, a rise of one-tenthin factory earnings in the Rocky Moun-tain Statescentering in Colorado andUtah and noted belowreinforced theupswing in nonmanufacturing incomethere even though these are the leastindustrialized States in the country.In the Southeast, income from manu-

facturing increased at the same rateas that in other industries, generally.

Approximately one-half of the Na-tion's income from manufacturing isderived from six major industries, andmany of the 1959-60 State changes canbe explained largely by changes in thewages and salaries paid out by thesegroups.

Payrolls increased 3 percent on anational basis in those industries pro-ducing primary and fabricated metalsand nonelectrical machinery. They de-clined 4 percent in aircraft production.

Table II.Percent Changes in Industrial Sources of Personal Income, by States and Regions, 1959-60

State and region

United Slates

New EnglandMai noNew HampshireVermontMassachusettsRhode IslandConnecticut

MideastNew YorkNew JerseyPennsylvaniaDelawareMarylandDistrict of Columbia

Great LakesMichiganOhioIndianaIllinoisWisconsin . _

PlainsMinnesotaIowaMissouriNorth DakotaSouth Dakota _ . _ _NebraskaKansas

SoutheastVirginia _ _ _ _ _ -West VirginiaKentuckyTennesseeNorth CarolinaSouth CarolinaGeorgia.- _ _ __.Florida.AlabamaMississippiLouisianaArkansas

Southwest . .Oklahoma _ _ _ _ _ _TexasNew MexicoArizona

Rocky MountainMontanaIdahoWyomingColoradoUtah

Far WestWashingtonOregonNevadaCalifornia __ _

Alaska _ _ _Hawaii- _ . _ _ _ _ _ _ _

Ei

Totalper-

sonalincome

5

5765535

4454554

444533

5623

132385

4423366564322

4532

11

642686

64486

1312

Farmincome

4

227665

1006

11n112325

20

1618

-101416

-9-658

1331321-11110

-1-12

167

-10-11-10-9

130-5-8

924

6-15

17-8

120-1

-27 1

50

*

Non-farm

income

5K

5(>55354

.

4554

444534

45435683

44134664

4524

4333

11

643986

64496

1312

irces of income

Go vern ment in comedisbursements

Total

7

864729

6566

64

879886

7676

12587

633

465678952

65668

7

6886

1058

11

107

Fed-eral

(5886

9__2

4454

53

7

86

586

1549

5246374567931

55654

711996

86

79

88

Stateand local

8

6

64

117

8

710s

129

889996

66669577

892965

8108985

7568

15

7336

108

124

109

13

304

Privatenonfarmincome

4

5465545

4453444

343434

45332782

4512456473325

32226

622986

533

105

1616

Income received by persons for participation in current production

Allprivate

nonfarmindus-tries

4

54

!4

155534342445331

9245124674733153222

12

722

1187

i 533

i 106

1818

Min-ing

0

30000

:.4

0

21710Q

106

2903

-23-8

8-6-2-5-6

1-3

700

1290

-3-9

0-52

22

3027

~010080

152

-180

Contractconstruc-

tion

9"

31582

3116

-1-8

1-2

31

-21137444

2228123

4-2

45

13213r

-614230

-919

6-1

3308

-32

1214

32

Manu-factur-

ing

3353331343456302423022402

-3-2

8-1

463244629121520129

1051

10121631034

269

Whole-sale and

retailtrade

57596767

44834564454453433046246234554744233323

10513

146563347

3215

Finance,insur-

ance, andreal

estate

6645564644553636566667785

10987754688898295

7975

12

76

1077

75688

1726

Corn-Trans- munica-porta- tions andtion public

utilities

2

2340224

4450

18512341121212030^114112

431112223221

0-2__2

212

32133

100

55540506557452

-33245354632

18132

66145867

1165354244

11

434652

4115

57H

Serv-ices

7

99

1011989778678

6

86888

10898

11677466

1111

95677564

14

10755

148977

169

1827

1 To maintain comparability, both the numerator and denominator include Alaska and Hawaii.Digitized for FRASER



These changes were primarily respon-sible for the smallness of the rise intotal manufacturing in the Great Lakes,Plains, and Southwest. In contrast,there were gains of 6 and 8 percent,respectively, in payrolls of auto andelectrical machinery producers. Thespurt in auto production was concen-trated in Michigan and was the mainfactor in that State's comparativelyfavorable manufacturing experiencelast yearthe best in the Great Lakesregion, and one of the best among majorindustrial States.

The 8-percent advance in payrolls ofmanufacturers of electrical machineryfocused on California where a rise ofmore than $200 million in 1960 approxi-mately matched the payroll declines inthat State's large aircraft industry.

Expansion of electrical machineryproduction in Massachusetts and ofnonelectrical machinery in Connecticutdid much to boost overall factory pay-rolls in New England, although, onbalance, these gains did not offset thesluggishness of the payroll rise else-where in New England's factoryeconomy.

In a number of States the course ofmanufacturing last year was dominatedby developments in a single industry.In Rhode Island, a decline in textiles;in Kansas, slackened aircraft produc-tion; in Montana, and Idaho, de-creased payrolls in lumbering; in Colo-rado, a speedup in the aircraft industry;and in Delaware, a spurt in chemicalproduction. In contrast, the sizablefactory payroll gains in Utah (17 per-cent) and Arizona (9 percent) werebroadly based with payrolls advancingin seven of the eight major manufac-turing industries in these two States.

Government income disbursements

Government income disbursementsgave buoyancy to the income flow in1960. The total paid directly to indi-viduals by Federal, State, and localgovernments increased $5 billion, or 7percent, from 1959 to 1960, the largestadvance in any major component.There was uniformity in rates of changeamong regions, with only the Far Westscoring a gain appreciably differentfrom the national figure. There, gov-ernment added $1 billion to the area's

income flow and accounted directly forone-third of that region's top-rankingincome rise.

Largest increases in government in-come payments from 1959 to 1960allapproximately one-tenthwere scoredin California, Ohio, Oregon, Mississippi,and North Dakota. In each, wagesand salaries paid government employeeswas a primary factor. In Californiaand Ohio, the advance was concentratedin State and local agencies. In Mis-sissippi and Oregon, both Federalcivilian and State and local payrollsincreased; while in North Dakota, asharp rise in military pay provided themajor impetus.

Conversely, in Rhode Island, Ar-kansas, Virginia, West Virginia, Ver-mont, Tennessee, and the District ofColumbia, declines in military payrolls,together with only limited gains inFederal civilian payin part a reflec-tion of the curtailment in militaryactivitiesheld the advances in totalgovernment income disbursements tobelow-average proportions.

Factors other than payrolls intro-duced some irregularities into the flowof government income disbursementslast }^ear. In Pennsylvania and Illinois,payments of bonuses to veterans ex-panded sharply. In Iowa, Minnesota,and Montana, completion of veterans'bonus payments in 1959, or their sharpreduction in 1960, had a dampeningimpact on government income.

In a half-dozen States changes inunemployment benefits had substantialinfluence on the flow of total income.In California and Ohio, UI disburse-ments were up $150 million and $65million, respectively. In addition tolegislative actions relating to the dura-tion and rates of benefits, unemploy-ment rose sharply in both States asaircraft production in California andauto and auto-parts manufacturing inOhio were curtailed.

Sizable reductions in UI disburse-ments in New York, New Jersey,Pennsylvania, Delaware, West Virginia,and Illinois reflected both the exhaus-tion of benefit rights by many persons,as well as a lower volume of payments inthese industrial States as the Tempo-rary Unemployment Compensation Actof 1958 terminated in early 1959.

Changes in other industriesNationally, earnings of persons en-

gaged in mining in 1960 were littlechanged over the previous year; this,however, represented an "averaging-out" of significant changes in several ofthe major mining States. There weredeclines in coal and petroleum-produc-ing States and significant gains in thosewith a concentration of mining andquarrying other than fuel. Minnesotascored a top-ranking gain of nearly one-third in income from mining as iron oreshipments almost doubled the strike-affected levels of 1959.

In most regions the increase inconstruction earnings paralleled thenational advance of 3 percent. ByStates, however, disbursements in thisindustry exhibited wide variations rang-ing from a decline of nearly one-tenthin North Dakota to an increase ofalmost one-third in Wyoming.

An increase in roadbuilding projectswas a primary factor in the expansionof construction income in South Dakota,Nebraska, Arkansas, and Nevada. InAlaska, outlays for highway construc-tion more than doubled, providing apartial offset to declines in nonhighwayconstruction due to completion ofdefense projects. Conversely, termi-nation of roadbuilding projects in thelatter part of 1959 and 1960 appreciablyretarded the flow of income from con-struction in Pennsylvania, NorthDakota, Kentucky, and Kansas.

Income of persons engaged in thenumerous trade and service establish-ments registered a top-ranking gain of6 percent. The rise was broadly basedand although most States conformedclosely to the uniform regional pattern,noteworthy gains ranging from one-tenth to one-fifth were scored by thetourist-oriented areas of Nevada, Ari-zona, Florida, Hawaii, and the Districtof Columbia.

The economy in early 1961

Last year's business decline did notmanifest itself in the personal incomeflow until late in 1960, and hence, itsgeographic impact is blurred in thecomparisons involving calendar years1960 and 1959 which have formed thebulk of this report.

Because recent period changes in theDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

August 1001 SURVEY OF CURRENT BUSINESS 13

production cycle centered in the manu-facturing industry, a gauge of their geo-graphic effects may be had throughcomparison of monthly changes in fac-tory payrolls which can be estimatedfrom employment and earnings datacompiled by the Bureau of Labor Sta-tistics. In the first quarter of 1961,payrolls in manufacturing were $5 bil-lion (at annual rates) less than in thecorresponding quarter of the previousyear. Declines were confined generally

to the central and eastern areas of theNation, with the largest reductions inthe most industrialized States. In con-trast, the western regions registeredmoderate improvements in factorypayrolls over the year.

By May of 1961, the economy hadpassed the prerecession peak, and man-ufacturing wages and salaries hadrecovered most of the fall and winterreductions. Recovery lagged most

wiiere the declines had been greatestthe Great Lakes and Mideast. Simi-larly, the Western States continued toforge ahead in factory production. Itis significant that wages and salaries inthe Great Lakes, Mideast, and NewEngland States are currently at aboutthe same level as 4 }rears agojust priorto the 1957 recession; those in the lessindustrialized regions of the south andwest are one-fifth higher.

Table 1.Total Personal Income, by States and Regions, 1954-60

Table 2.Per Capita Personal Income, by States and Regions, 1950-60

State and region

United StalesNew England

Maine. __ _ _ . .New HampshireVermontMassachusettsRhode IslandConnecticut

Mideast\ew YorkNew .Jersey

Delaware _ _\I irvlandDistrict of Columbia

Great Lakes __ .Michigan _ ._OhioIndianaIllinoisWisconsin

PlainsMinnesotaIowaMissouriNorth DakotaSouth Dakota.. _ _ . _NebraskaKansas _ _ _ _ -

SoutheastVirginia _West VirginiaKentucky. _ _ _ .TennesseeNorth CarolinaSouth Carolina _GeorgiaFlorida. _ _ _AlabamaMississippiLouisianaArkansas

Southwest...OklahomaTexasNew MexicoArizona. _ _ _

Rocky Mountain _MontanaIdahoWyomingColoradoUtah

Far West..WashingtonOregonNevadaCalifornia

AlaskaHawaii

Table 1 (millions of dollars) Table 2 (dollars)

1954

285, 339

18, 8571,312

894543

0, 4031.5155, 190

73,23134 18911 62219 572

9065, 0841,858

64, 89414,12717,241

7, 62319 7516. 1 52

24,0845,1544,4897 055

783910

2, 2593, 434

43, 1485, 2562,4143, 0274, 0565 0232,4144,4145,3123,2581,8363 7561,782

19, 1363, 162

13, 3911,0881,495

6,1741,071

880537

2, 5431,143

35,8154, 9562,919

50827, 432

493893

1955

306, 598

20, 2001,452

952567

10, 0561. 6175, 556

78,01436", 50812,35120 706

1,0495,4531,947

70, 20815, 78518, 5898, 251

20 9686.615

24, 6835, 4504 2607 579

872861

2,2033, 458

47, 1545, 6032, 5863, 7824, 3475, 5352,6044,9186,0883,7082,0653,9851, 933

20,5133,341

14, 3801,1591,633

6,6701,158

917570

2, 7831,242

39, 1565,2113,139

58230, 224

500952

1956

330, 386

21, 6421, 5321,006

60610,719

1,6776, 102

84, 05839, 02313, 3792'> 410

1,2045 908 044

75, 34116, 58719.9018, 859

7, 137

26, 2005, 7684,5728,082

917926

2, 2943.641

50, 9716,0942,8784,0224,6525, 9022, 7115,2746,9793,9322,0974,4242,006

22, 1053,572

15, 4221, 2571,854

7,2851,2291,024

6143, 0641,354

42, 7785, 5023,398

60533, 273

5481, 024

1957

348,724

22 7931, 5901, 071

62811,346

1,6946, 464

88, 5S641, 19014, 20523, 525

1,2156, 3812, 070

78, 4B916, 92320, 906

9,21223, 941

7. 487

28,0996,1735, 1108,310

9391,0912, 6383, 838

53, 7906, 3863, 0824, 2034, 8645, 9762,8185, 4327,7634, 2062,1164,8842,060

23, 6973,730

16, 5561,4012,010

7, 8301,2801,072

6503,3671, 461

45, 4605,8323,400

64635, 582

5371,098

1958

357, 498

23, 3391, 6541, 097

64911,668

1, 7386, 533

90, 02942, 06114,40423, 5821 , 222G! 64 12, 119

77, 93916, 54020, 4949,123

24, 1007, 682

29, 5516, 4845, 2458, 6661,0491,1242, 7364,247

56, 1026, 6412,9744,3475, 0166, 3002,9315, 6768,4814,3822,2814,9292, 144

24, 8693,942

17, 1651, 5582,204

8,2071,3381,121

6883,5501, 510

47,4625,9773, 556

68837,241

5261,158

1959

380, 738

24, 7861,7241, 192

69412, 3871,8506, 939

95, 76645,01615.44124, 728

1,2857, 0962,200

83, 06517, 46921,9479,700

25, 6438, 306

30, 3726, 6585, 4099, 250

9761, 0202,7574, 302

59, 9957, 0413,0604,5645, 3486,7523,1576,0759,3984, 6022, 4935, 1452,360

26, 2374,117

18, 0331,6892,398

8,6301,3191, 186

7283,7761,621

51,8876,3503, 865

75740,915

5551,290

I1960 i

400, 002

26,0611. 8511, 263

13, 01 61,909

99, 98846, 92716, 25625, 700

1,3537, 4602, 292

86, 22518, 22522, 77810, 19226, 4258. 605

31,9417,0365,5319, 5221, 1041,2562, 9884, 504

62, 4807,3513,1094,7025,5227,1843,3416, 3499, 9384, 7852, 5575, 2452,397

27, 2004,312

18, 5081,7302,650

9, 1381,3681,205

7754,0791,711

54,8986, 6264,005

81943, 448

6291,442

1950

1,491

1,6291,1931,3161,1881, 6631,6521,900

1, 7591 , 8821,7901,5662,146

i 1,5802, 179

1, 6601,6821,6121, 5201,8261, 167

1,4111,3971,4491,4461 , 2681,2161,4721,380

1,0111,2341, 098

958995

1, 012882

1,0171,287

869733

1,087807

1,2881,1461, 3391, 1621, 295

1,4251,6001,2791,6231,4441,282

1,7881,6711,6001, 9381,839

2, 2311, 403

1951

1, 649

1, 8231,3001,4701,3281, 8451,8152, 200

1,9142, 0022, 0001 , 7342 285l] 7672, 344

1, 8721,8651,8671,6952, 0351, 697

1,5301,5331, 5541,5621,3221,4161, 5561,515

1,1271,3931,2211,1211,0801,1151,0461,1411,375

986793

1,173905

1,4191,2831,4531,2901,561

1,6431,7711,4461,8841,7201,458

1,9751,8161,7572,1832,037

2, 6291, 589

1952

1,727

1,9081,4271 , 5271,3961,9161, 8462, 322

1, 9942, 0792, 1 141,7952. 3951,8842,411

1, 9451,9461,9541, 7562, 0951, 760

1, 6071,5791,6251,6611,2321,2441,6701,715

1, 1941,4751,2901,2031,1321,1521,1171,2011,4571,044

8551,243

965

1,4991,4021, 5231,3451, 655

1,6991,7861, 5741,8281,7911,504

2,0681,9091, 8272, 3652,129

2,4871, 745

1953

1, 788

1, 9581,4311,5701,4341.9571, 8982.400

2, 0762.1472, 2161, 9022,5101,9672,276

2, 0532,1342, 0181,9132, 1971.784

1, 6141,6481,5591,7151,2461,3451, 6051,637

1,2371,4841,3071 , 2501,2181,1721, 1411,2391, 5351,084

8861,295

995

1,5291,476,549,361,610

,667,798

1,4991,8541,7141,526

2, 1031,9651,8082, 3572,165

2, 3871,782

1954

1,770

1, 9381,4311,6141,4481, 9361,8542, 351

2, 0512,1612,2141,8132. 4751,9242, 244

1,9692,0071, 9241,7872, 1741, 709

1,6561,6481,7061, 7051,2571, 3751, 7001, 691

1, 2321, 5091, 2531,2461, 2061,2001,0811,2091,5341,068

8831,3011,001

1,5531, 4661,5851,3881,604

1,6321,7471,4941,7901,6731,500

2,0891,9521,7672, 3632, 154

2,2721, 768

1955

1,866

2,0761. 5751,7121, 5282, 0851,9602, 489

2, 1532, 2702,3041,9152,7181,9522, 434

2,0942,1782, 0611,8922 2721,'804

1,6641,7101, 5871, 7951,3891,2791. 6201,662

1, 3231,5711,3561, 2971,2701,2851,1471,3321, 6591, 199

9941,3571,087

1,6151,5281,6451,4341,696

1,7011,8621,5181,8101,7581,556

2,2101,9811,8572, 4252,297

2,2831,789

1956

1,975

2,2141,6441,7741.6122, 2281 ! 9892,716

2 3022,4202, 4292, 0652, 9802, 1032, 644

2,2072 2292, ] 831,9852, 4401, 908

1, 7431. 7691,6821,9041 , 4581,3561, 6501,725

1,4021,6471, 5211,2851,3511,3481,1821,4021,7711,258

9891,4611,136

1,7021, 5951,7321,5271,816

1,7931,9021,6541,9131.8511,645

2,3262,0461,9692,4202,424

2,4911, S62

1957

2, 048

2 298l! 6861,8591, 6662, 3291, 9842, 813

2,4062, 5422, 5352, 1492, 8932, 2202, 668

2, 2602, 2452, 2532, 0292, 5051, 969

1, 8561,8631,8641,9511,4931,6001, 8921,809

1,4461,6711,6361,4291,4011,3451,2101,4181,8291,325

9921, 5651,148

1,7721,6411,8151,6101,806

1,8841,9341,6782,0121,9891,743

2,3972,1281,9602,5142,500

2,3971,916

1958

2, 064

2, 3021,7481,8781,7082, 3492, 0212, 720

2,4072. 5642, 4952, 1332, 8552, 2332,759

2,2002. 1632,1591, 9852,4511, 989

1,9541 , 9451,9212, 0441,6921, 6751,9771,984

1, 4851,7021,5821, 4531,4331,4161,2491,4691,8551,3601,0751,5601,209

1,8191,7361,8431,7231, 868

1,9652,0151,7382, 1372,1011,766

2,4302, 1482, 0502, 5862, 526

2,4691, 946

1959

2, 160

2, 3881,8001, 9801,7982, 4372,1662, 781

2, 5152, 7092, 5912, 2012, 9272, 3262, 868

2,3162, 2532, 2832,1012,5712, 122

1,9881,9711, 9702, 1581, 5571, 5021 , 9661, 990

1, 5661,7921, 6351,5141, 5081, 5001,3331,5571,9621,4201, 1531, 6051,327

1, 8831,7891,9081,8201,912

2,0291,9781,8022,2402, 1861,848

2,5702,2492,2012,7132,668

2,5462,118

I960 i

2, 223

2, 4711,9002, 0741,8592,5192, 2282, 863

2,5912, 7892, 6652, 2663, 0132, 3943, 008

2, 3732, 3222, 3392, 1792, 6132,171

2,0712, 0542, 0032, 1991, 7411,8422,1132, 068

1,6071,8481,6741, 5431, 5451, 5741,3971,6081,9881, 4621,1731, 6041,341

1,9121,8481, 9241,8062,011

2,1082,0181,7962, 3342, 3201,910

2,6432,3172, 2592,8442,741

2, 7352.274

1 Total includes Alaska and Hawaii in I960 but not in earlier years.


Tables 4-27.Persona! Income

[Millions of dollars]

Lino

1

234

4a56789

1011121314151617181920212223242526272829303132

3334353637

38

Item

Personal Income

Wage and salary disbursementsFarms. _ _ _Mining

AnthraciteBituminous and other soft coal mining._ ___Crude petroleum and natural gasMining a n d quarrying, except fuel _ _ _ _ _

Contract constructionManufacturingWholesale and retail trade __Finance, insurance, and real estate

Banking and other financeInsurance and real estate .

TransportationRailroads _ ._Highway freight and warehousingOther transportation

Communications and public utilitiesTelephone, telegraph, and other communi-

cationsElectric, gas and other public utilities

ServicesHotels and other lodging places _ _ _ _ _Personal services and private householdsBusiness and repair servicesAmusement and recreation _ - _Professional, social and related services

GovernmentFederal, civilianFederal, militaryState and local

Other industries

Other labor income

Proprietors' incomeFarm _Nonfarm

Property income

Transfer payments

Less: Personal contributions for social insurance.

Table 4. United States

1958

357, 498

237, 0632,8553,774

98942

1, 6911,043

14, 05876, 70143, 06010, 9054,4736,432

13,3625, 5603,9243,8787,397

4,0523,345

23, 8921,3456, 0423,9421,770

10, 79340, 48611,6417,482

21,363573

9,357

46,05213, 54832, 504

45,568

26,294

6,834

1959

380, 738

255, 8852,9173,834

83926

1,7581,067

15, 19684, 72046, 25511,7894,9366,853

14, 1835,5984, 4684.1177,743

4,2213,522

25, 9461,4406, 2454,5171,908

11,83642, 70311,979

7, 73722,987

599

10, 294

46,33311,31835, 015

48, 912

27, 208

7,893

I9602

400, 002

269, 1182, 9563, 832

68887

1,7121,165

15,61987,41149, 07312, 5515,3127, 239

14, 5775,4994,6584,4208,152

4, 4553,697

28, 1761, 5326,6265,0302,017

12,97146, 14412, 9048,078

25, 162627

10,891

48, 16311,97136, 192

52,015

29,049

9,238

Table 5. New England

1958

23, 339

15, 75211126

125

8216,2722,675

822287534546175218152478

268210

1,64078

386216

74885

2,303580466

1,25659

582

1,972218

1,754

3,491

1,960

417

1959

24, 786

17, 00611126

125

8706,9492,834

875312563567166239162495

274221

1,77982

396259

77965

2,441606484

1,35160

645

2,012135

1,877

3,620

1,995

493

1960

26, 061

17, 80610627

126

8927,1433,039

924330594578159249170517

286231

1,95785

42130882

1,0612, 565

647477

1,44158

680

2,161199

1,962

3,851

2,143

581

Table 6. Maine

1958

1,654

1,036241

154

3681733415195027158

33

1815828

2643

41208

5464908

31

2S677

159

230

151

31

1959

1,724

1,117241

166

3961873716215226179

351915909

2743

462226065978

3420132

16925015735

1960

1,8511,178

242

263

41519738172253251810362016981030

44

51244

6872

1059

37249

74174

26516441

Table 7.New Hampshire

1958

1,097736

Vs

1

139

301105271018249

104

251312708

1635

391364033621

25109

1495

1549219

1959

1,192811

61

142

340113301019248

115

251312768

1655

421524640651

27

11311

102

1689522

1960

1,263858

61

147

351124311120258

125

261312838

1765

471625239701

3012112

11017910127

Table 8. Vermont

1958

649401

166

624

127641669

231562

13

76

465

1112

2667169

42

15993565865912

1959 1960

694439

165

528

1467117

10241572

1376

486

1112

2970168

461

17

972671

946114

727

457176

630

1507518

102314

72

14

86

53622

3271166

491

181042876

100

6517

[Millions of dollars]

Line

1

2345689

101112131415161718192021222324252627

29303132

3334353637

38

Item

Personal Income

Wage and salary disbursementsFarmsMining

Bituminous and other soft coal miningCrude petroleum and natural gasMining and quarrying, except fuel

Contract constructionM anuf acturingWholesale and retail tradeFinance, insurance, and real estate

Banking and other financesInsurance and real estate .

Transportation _RailroadsHighway freight and warehousing -Other transportation

Communications and public utilitiesTelephone, telegraph, and other communica-

tionsElectric, gas

scb_081961

Documents

new federal bldg

federal reserve bank

new survey

sales anticipations

department of commerceoffice

department of commerceluther

inventory anticipations

direct investments