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SURVEY OF CUREENT BUSINESS

6

August 1059

Table 1-18.—Relation of Gross National Product, National Income, and Personal Income, Seasonally Adjusted Quarterly
Totals at Annual Rates, 1957-58 and First Two Quarters 1959

The numbering of the following tables conforms to that used
in U.S. Income and Output, recently issued as a supplement to
the SURVEY. This volume presents a full explanation of the
new quarterly reporting system, as well as data for 1946-57.

[Billions of dollars]
19£ 9

1958

1957

1958
I

Table 1-3.—Gross National Product or Expenditure, Seasonally
Adjusted Quarterly Totals at Annual Rates, 1957-58, and First
Two Quarters 1959
[Billions of dollars]
1958

19,59

1957

1958

Gross national product

442.5

441.7

431.0

Personal consumption expenditures

284.8

293.0

287.3 290.9

294.4

299.1

303.9

311.2

40.3

37.6
141.9
113.4

36.9
139.5
111.0

37.1
143.1
114.2

39.8
143.6
115.7

41.3
145.3
117.4

44.1
147.7
119.4

Durable goods
Nondurable goods
Services

- 137.7
106.7

Gross private domestic investment

II

I

III

IV

434.5 444.0 457.1 470.2 484.5

36.7
141.5
112.7

Less:
Capital consumption allowances
Indirect business tax and
nontax liability
Business transfer payments-Statistical discrepancy
Plus: Subsidies less current
surplus of government enterprises

II

I

Gross national product

66.6

54.9

52.4

51.3

54.2

61.3

69.8

77.5

36 1
17.0
19 0

35.8
18.0
17.7

35.5
17.1
18.4

34.6
16.9
17.7

35.4
18.0
17.4

37.3
19.9
17.4

39 7
21.9
17.8

41.0
23.1
17.9

28.5

22.9

23.8

22.6

22.2

23.2

23.9

26.0

Change in business inventories— total
Nonfarm . _ _ .__ _

2.0
1.2

-3.8
-4.9

-6.9
-8.1

-5.8
-7.0

-3.4
-4.5

.8
-.1

61

9.8

Net exports of goods and
services (GNP basis)

4.9

1.2

2.0

1.2

1.6

.2

—.9

22.6
21.3

22.2
20.2

22.3
21.1

23.1
21.5

22.7
22.5

21 5
22.4

22.1
23.9

II

434.5 444.0

457.1

470.2

484 5

442.5

441.7

431.0

36 9

37 9

37 5

37 6

38 0

38 5

39 3

39 9

38 1
1.7
.5

39 0
1.7
-2.1

38 3
1.7
-1.2

38 9
1.7
-1.5

39 1
1.7
-3.3

39 9
1.7
—2 4

40 7
1.7
.0

41 7
1.7
(i)

11

10

1l

1i

10

10

8

366.5 366.2 355.8 358.9 369.5 380.4

389.4

(i)

7

41 7

36 7

31 5

33 8

38 0

43 5

45 5

(i)

14 6

15 1

14 8

14 8

15 3

15 5

17 5

17 9

.0

.0

.6

.6

-1 3

o

0

o

20.0

24.4

22.8

24.9

25.4

25. 1

24.7

24 8

6.2
12.5
1.7

6.2
12 4
1.7

6.2
12.7
1.7

6.2
12 6
1.7

6.1
12 6
1.7

61
12 0
1.7

6.3
12 8
1.7

6.6
13 0
1.7

350 6

359.0

352.2

355.0

363 4

-1.8

26.2
21.3

Less:
Corporate profits and invenventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over
disbursements

I

10.4

5.4

Equals: National income _

IV

III

II

New construction
Residential nonfarm
Other
Producers'
ment

_ _

durable equip-

Exports
Imports.
Government purchases of
goods and services

Plus:
Government transfer payments to persons _
Net interest paid by government _ _ _ - _ _ - _
Dividends
Business transfer payments- ..
Equals: Personal income

86.2

92.6

89.3

91.1

93.8

96.5

97.4

97.7

Federal
_National defense
Other
--- _
Less : Government sales

49.4
44.3

52.2
44.5

51.3
44.3

53.1
44.5

54.2
45 3

8.1

53.8
45 8

36.8

Table II-2.-—Personal Income and Its Disposition, Seasonally Adjusted Quarterly Totals at Annual Rates, 1957-58 and First
Two Quarters 1959
[Billions of dollars]

.3

State and local

1. Not available.

53.9
46 2

5.5

50.1
44.0

.4

.5

40.5

6.6

.5

39.2

8.9

7.5

.3

.5

39.7

40.8

9.4

8.3

.3

42 2

43 6

19 58

8.0

.6

366.3 371 8 381 1

195 9

43.8

1957

1958

I

II

III

IV

i

350.6 359.0 352.2 355.0 363.4 366.3 371. 8
Wage and salary disburse238.5 239.4 234.6 235. 4 242. 3 245 1 250.9
ments .
Commodity-producing in96.3
102.2
dustries
.98 2 100 9 104.2
95.8
97.8
Manufacturing only
74.9
75.8
80.6
82.1
76.9
76.7
79.1
63.1
63.4
63.4
64.1
63.8
Distributive industries
66.0
64.5
Service industries
_ _ ___ 32.7 34.6 33.7 34.3 34.9 35.3 36.0
41.2
40.2
44.7
44 3
42.2
45.2
Government
43.2
9 3
Other labor income
9 1
9.3
9 3
9 3
9 7
9 4
46. 1
45.9
Proprietors' income
44.5
46.6
46.9
46.8
47.4
Business and professional, - - 32.7 32.4 31.6 32.0 32.6 33.2 33.7
Farm
14 6
13 2
14 2
13 9
11 8
14 1
14 2

Personal Income _ _
Table I—5.—-Gross National Product or Expenditure, Seasonally
Adjusted Quarterly Totals at Annual Rates, in Constant Dollars,
1957-58, and First Two Quarters 1959
[Billions of 1954 dollars]
1957

19 58

19,59

1958
I

II

III

IV

I

II

408.3 399.0

391.0

393.1

400.9

410.8

420.6

431.8

270.8

273.3

268.7

271.1

275.0

278.4

282.3 288.3

Durable goods
38 5
Nondurable goods _ _ _ _ _ .. 132.6
Services
99.8

35.7
133.7
103.8

35.2
131.3
102.2

35. 0
132.7
103.4

35.3
135.3
104.4

37.5
135. 6
105.3

38.8
137.3
106.2

58 5

47.3

45.0

44.2

46.6

53.0

59.7

65.7

31 9
15.4
16.5

31.5
16.2
15.2

31.3
15.4
15.9

30.5
15.3
15.1

31.2
16.3
15.0

32.6
17.8
14.8

34.3
19.3
15.0

35.1
20.2
14.9

24.6

19.3

20.1

19.0

18.6

19.3

19.8

21.3

2.0
1. 1

-3.5
-4.4

—6.4
-7.2

-5.3
-6.1

-3.2
-4.2

1. 1
.0

5.6
4.7

9.2
8.6

Gross national product
Personal consumption expenditures.

Gross private domestic investment
New construction
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories— total
Nonfarm only
_____
Net exports of goods and services (GNP basis)
Government purchases of goods
and services
Federal
State and local




_ _

3.8

.0

.8

.1

.5

-1.4

-2.7

41.2
139.7
107.4

-3.5

75.1

78.4

76.5

77.7

78.9

80.8

81.3

81.4

42 8
32.3

44. 1
34.4

42 8
33.7

43.9
33.8

44.3
34.6

45.2
35.5

44.9
36.4

45.0
36.4

II

381. 1
259 4

109. 6
86.4
67.4
37.0
45 4
9 9
46. 6
34.5
12 1

Rental income of persons
Dividends
Personal interest income

11.5
12 5
19.5

11.8
12 4
20.4

11.7
12 7
20.2

11.8
12 6
20.3

11.9
12 6
20.5

11.9
12 0
20.8

12.0
12 8
21.3

12.0
13 0
22.0

Transfer payments
Old-age and survivors insurance benefits.
State unemployment insurance benefits
Veterans' venefits
Other

21.7

26 1

24.4

26 6

27 1

26 8

26 4

26 5

7.3

8.5

7.9

8.6

8.7

8.8

9.4

10.2

1.8
4 4
8 3

3.9
4 6
9.1

3.1
4 6
8.9

4.2
4 6
9.2

4.8
4 5
9.1

4.2
4 5
9.3

2.9
4 5
9.5

2 2
4 5
9 6

6.7

7.0

6.9

6.9

7.1

7.1

8. 1

8.3

42.7
37.4
5.4

42.6
36.7
58

41.9
36.2
5. 7

42. 1
36.3
5.8

42.9
37.1
5.9

43 4
37.4
6.0

44.4
38.2
6.2

45.8
39.5
6.3

Equals : Disposable Personal Income
307.9

316.5

310.3

312.9

320.4 322.9 327.4

335.3

Less: Personal consumption expenditures
- -_

284.8

293.0

287.3

290.9

294.4

299.1

303. 9

311.2

23 1

23 5

22.9

22.0

26.0

23.7

23.5

24.1

292.9

295.2

290.0

291.6

Less: Personal contributions
for social insurance
__ .
Less: Personal tax and nontax
payments
Federal
State and local

Equals* Personal saving
Addendum: Disposable personal income in constant
(1954) dollars

299.2 300.4

304.3 310.7

y BUSINESS STATISTICS
JL HE STATISTICS here are a continuation of the data published in the 1957 edition of BUSINESS STATISTICS, biennial Statistical Supplement
to the SURVEY OF CURRENT BUSINESS. That volume (price $2) contains monthly (or quarterly) data for the years 1953 through 1956 and
monthly averages for all years back to 1929 insofar as available; it also provides a description of each series and references to sources of monthly
figures prior to 1953. Series added or significantly revised since publication of the 1957 BUSINESS STATISTICS are indicated by an asterisk (*) and a
dagger (f), respectively; certain revisions for 1956 issued too late for inclusion in the aforementioned volume appear in the monthly SURVEY
beginning with the July 1957 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 1956 and
descriptive notes are shown in the 1957 edition of
BUSINESS STATISTICS

1958

June

July

1959

August Septem- October Novem- December
ber
ber

January

February

March

April

May

July

June

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates :f
National income, total
bil.ofdol
Compensation of employees, total
Wages and salaries, total
Private
_ _
Military
Government civilian
_ _
Supplements to wages and salaries.

358.9

369.5

380.4

389 4

253. 2
236.0
193.2
9.7
33.2
17.2

_do
do
_ do
do
do
_ _ do

258. 5
241. 1
197. 1
10.0
34 0
17.5

262.9
245.1
200 8
9.9
34 4
17.8

269 9
250.9
206 2
9 8
34 8
19 0

278 9
259. 4
214 0
9 8
35 6
19 6
46
34
12
12

Proprietors' income, totaled
do
Business and pro fessionalc?
- do __
Farm
__
_
do_ _
Rental income of persons
_ _ _ _ do
Corporate profits and inventory valuation adjustment, total. _.
_bil.ofdol _
Corporate profits before tax, total.. _ __ do _
Corporate profits tax liability
__do___
Corporate profits after tax
do_
Inventory valuation adjustment
_do__ _

45.9
32.0
13.9
11.8

46.8
32 6
14.2
11.9

47.4
33 2
14 1
11.9

46 9

33.8
33 6
16.5
17.1
.2

38.0
38 3
18 8
19.5

43.5
44 6
21 9
22.7
-1.1

45 5
46 5
22 6
23 8
-9

Net interest

do

14 1

14 4

14 7

15 1

15 4

...do

434.5

444.0

457. 1

470.2

484.5

Personal consumption expenditures, total. ..do
Durable goods
do_ _
Nondurable goods
_._do__ _
Services. _ _
do_ _

290.9
36 7
141. 5
112 7

294.4
37 1
143. 1
114 2

299.1
39 8
143 6
115 7

303
41
145
117

9
3
3
4

311
44
147
119

2
1
7
4

Gross private domestic investment, total
New construction
Producers' durable equipment
Change in business inventories

do
do _ _ _
_.do_ _
__do_ .

51 3
34.6
22 6
—5 8

54
35
22
—3

2
4
2
4

61 3
37.3
23 2
8

69
39
23
6

8
7
9
1

77
41
26
10

5
0
0
4

Net exports of goods and services^
do ._
Exports
do
Imports.
__ _ _ .
_
_do^ Government purchases of goods and services, total \
bil. ofdoL.
Federal (less Government sales) 1
do
National defense 9
- do
State and local
do

12
22.3
21 1

16
23. 1
21 5

2
22.7
22 5

— 9
21 5
22 4

18
22 1
23 9

44 3
39 7

91.1
51 3

93.8
53 1
44 5
40 8

96.5
54 2
45 3
42 2

97
53
45
43

4
8
8
6

97.7
53 9
46 2
43 8

355 0
42 1
312.9

363 4
42 9
320.4

366 3
43 4
322.9

371 8
44 4
327 4

381 1
45 g
335.3

22 0

26 0

23 7

23 5

24 1

Gross national product, total 1

Personal income, total___
_ _ do
Less: Personal tax and nontax payments
do
Equals: Disposable personal income
do_ _
Personal saving§
___do
PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:f
Total personal income
bil. of dol
Wage and salary disbursements, total
do __
Commodity-producing industries, total
do
Manufacturing only
do
Distributive industries.
_ -do Service industries
_
do
Government
... do
Other labor income
do
Proprietors' income:
Business and professional
do
Farm
_
do
Rental income of persons
Dividends
._
._
Personal interest income
Transfer payments
Less personal contributions for social insur

do
do _ _
do_..
do do- _ -

Q

13 2
12 0

6
5
1
0

357. 1

* S59. 9
i 363. 5

i 362. 4

364.2

364.3

367.5

366.9

369.0

371.0

375.4

379.0

381.3

' 383. 8

384. 1

237. 9
96.7
75.7
63.5
34.6
i 43.1
9.3

i 243. 2
97.2
76.1
63.8
34.8
i 47.4
9.3

i 241. 3
97.9
76.7
64.3
35.0
144.1
9.3

242. 5
99.3
77.9
64.1
35.0
44.1
9.3

242.1
98.7
76.9
64.1
35.2
44.1
9.3

246.1
101.8
79.7
64.7
35.3
44.3
9.4

247.0
102.2
80.6
64.7
35.6
44.4
9.4

248.7
102.8
80.9
65.6
35.6
44.6
9.6

250.1
103.5
81.7
66.0
36.0
44.7
9.7

254.0
106.3
83.8
66.6
36.4
44.8
9.8

257. 3
108.6
85.4
66.9
36.8
45.0
9.9

259. 8
109.8
86.7
67.5
37.1
45.4
9.9

' 261. 7
'110.9
r
87. 7
'68.0
37.2
' 45. 6
10.0

261.2
109. 8
86.7
68.2
37.3
45. 9
10.1

32.3
13.4

32.4
14.1

32.6
14.2

32.8
14.3

33.2
14.2

33.1
14.1

33.4
14.2

33.5
13.5

33.7
13.2

34.0
12.9

34.3
12.2

34.5
12.0

'34.7
12.1

34.8
12.2

11.8
12.6
20.4
26.4
7.0

11.8
12.6
20.4
26.8
7.2

11.9
12.6
20.5
27.2
7.1

11.9
12.6
20.6
27.3
7.1

11.9
12.6
20.7
27.4
7.1

11.9
12.6
20.8
26.6
7.1

11.9
10.8
21.0
26.3
7.1

12.0
12.7
21.1
26.1
8.1

12.0
12.8
21.3
26.4
8.1

12.0
12.8
21.6
26.6
8.2

12.0
12.9
21.8
26.9
8.3

12.0
13.0
22.0
26.4
8.3

12.0
13.1
22.2
'26.4
8.4

12.0
13.3
22.4
26.5
8.4

1
1

346.3
1 339. 9 i 345. 7 i 344. 5
346.1
362. 7
365.3 «• 367. 8
368.1
348.8
351.6
Total nonagricultural income
do
349.6
353.8
358. 5
T
Revised.
1 Italicized total excludes and other footnoted figures include lump-sum retroactive salary payments to Federal employees; disbursements (at seasonally adjusted annual
rates) amounted to $0.2 billion in June; $3.6 billion in July; and $0.2 billion in August.
fRevised series. Estimates of national income and product and personal income have been revised
back to 1946; revisions for 1946-55 appear on pp. 12 fl. of the July 1958 SURVEY and for 1956-April 1958 on pp. 10 ff. of the July 1959 SURVEY.
^Includes inventory valuation adjustment.
HFor data in constant dollars and revised definitions for several components (also data back to 1950), see pp. 10 ff. of the December 1958 SURVEY.
9 Government sales are not deducted. §Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
515099°—59-




S-l

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