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10

SURVEY OF CURRENT BUSINESS

July 1953
Table 1.—National Income by

[Millions of dollars!

1929

1930

1931

1932

1933

1935

1934

1936

1937

87, 355

75, 003

58, 873

41, 690

39 584

48 613

56 789

64 719

73 627

50 786

46 515

39 470

30 826

29 330

34 067

37 107

42 675

47 696

50 165
45 206
312
4,647

45 894
40 720
315
4,859

38 886
33 607
308
4 971

30 284
25 297
295
4 692

28 825
23 660
270
4 895

33 520
27 420
271
5 829

36 508
29 984
306
6 218

41 754
33 866
338
7 550

45 948
38 432
358
7 158

.

621
101
520

621
106
515

584
111
473

542
126
416

505
133
372

547
147
400

599
171
428

921
418
503

1 748
1 234
514

Income of unincorporated enterprises and inventory valuation adjustment..

13, 927

10,963

8,214

4,921

5,207

6,603

9,858

9,942

12, 249

8 262
8 120
142
5, 665

7 032
6 277
755
3,931

5 316
4 705
611
2,898

3 206
2 911
295
1,715

2 925
3' 450
525
2,282

4 276
4 330
— 54
2 327

4 987
5 037
—50
4,871

6 074
6 194
120
3,868

6 630
6 659
— 29
5 619

5,811

4,786

3 620

2,508

2,018

2 095

2,288

2 682

3 140

10 290

6 563

1 631

—1 995

— 1 981

1 098

2 997

4 946

6 166

9.818
1,398
8,420
5 823
2,597
472

3,303
848
2,455
5 500
— 3,045
3,260

—783
500
— 1,283
4 098
—5 381
2,414

—3, 042
382
—3, 424
2 574
— 5,998
1,047

162
524
— 362
2 066
— 2 428
—2, 143

1 723
746
977
2 ^96
— 1 619
— 625

3,224
965
2,259
2 872
613
— 227

5 684
1,411
4 273
4 557
— 284
— 738

6 197
1,512
4 685
4 693
—8
—31

6,541

6,176

5,938

5,430

5,010

4,750

4,539

4,474

4,376

Compensation of employees
Wages and salaries
Private
Military
Government civilian

-- . . . . . . . .
.....
_

_ _ . _ _ .

_

Supplements to wages and salaries
__
Employer contributions for social insurance
Other labor income

Business and professional
Income of unincorporated enterprises
Inventory valuation adjustment
Farm
_
Rental income of persons

_

.

- - - ..
.

--.....-...-. . . . . .
...

Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest

.--

Table 2.—Gross National Product
[Millions of dollars]
1929

1936

1937

103, 828

-

--

-

New construction
Producers' durable equipment
Change in business inventories

__ _

Net foreign investment
Government purchases of goods and services

_ ___
-

.

_-

58, 340

55, 760

64, 868

72, 193

82,483

90,213

70, 789

61, 153

49, 208

46, 346

51, 882

56, 215

62, 515

67, 121

9,362
37, 742
31,657

7,275
34, 052
29, 462

5, 569
28, 955
26, 629

3,694
22. 743
22, 771

3,503
22, 254
20, 589

4. 255
26, 732
20, 895

5. 158
29, 377
21,680

6,374
32, 887
23, 254

7,005
35, 232
24, 884

10, 209

5,362

886

1,306

2,807

6,146

8,318

11,440

7,824
6,438
1,562

5,566
4,926
—283

3.561
3.162
-1,361

1,668
1.781
—2, 563

1,142
1,783
— 1,619

1,420
2,531
— 1,144

1,890
3,351
905

2,783
4, 531
1,004

3,687
5,444
2,309

690

197

169

150

429

-54

-93

62

8,472

9,169

9,218

8,077

7,958

9,750

9,886

11,743

11, 590

1,311

-

- - - -

75, 930

1,410

1,537

1,480

2,018

2,991

2,931

4,815

4,552

1,344

-

- - -

90, 857

771

--

Gross private domestic investment

1,432

1, 549

1,484

2,022

2, 997

2, 935

4,818

4, 557

33
7,161

22
7,759

12
7,681

4
6,597

4
5,940

6
6,759

4
6,955

3
6,928

5
7,038

1. For the years 1947 to 1952, national security purchases are based on the Bureau of the
Budget classification "Major national security programs". (See The Budget of the United
States Government for Fiscal *ear Ending uune 30,1954, p. 1090.) The national defense com-




1935

1934

15, 824

..

Personal consumption expenditures

Federal
National security *
National defense
Other national security
Other
Less* Government sales
State and local

1933

78, 761

Gross national product

Durable goods
Nondurable goods
Services

1932

1931

1930

ponent of purchases is based on the following Budget components of major national security
programs: military services, the military assistance portion of international security and
foreign relations, civil defense, development and control of atomic energy, promotion of

SURVEY OF CURRENT BUSINESS

July 1053

11

Distributive Shares, 1929-52
[ Millions of dollars]
1938

1939

1940

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

1952

67,375

72,532

81,347

103,834

137, 119

169, 686

183,838

182,691

180,286

198, 688

223,469

216,259

240, 632

278, 373

291,629

44,747

47,820

51, 786

64,280

84,895

109,212

121, 163

123,026

117,098

127,988

140, 166

139,915

153,433

178,920

193, 228

42, 812
34, 564
370
7,878

45, 745
37, 519
398
7,828

49, 587
41, 130
591
7,866

61, 708
51, 537
1,862
8,309

81, 887
65, 788
6,330
9,769

105. 647
78, 814
14, 445
12, 388

116, 924
83, 449
20,638
12, 837

117, 673
82, 101
22, 598
12, 974

111,227
90.577
7,962
12,688

122, 059
104, 803
4,068
13, 188

134, 357
115, 659
3,970
14, 728

133, 356
112, 978
4,248
16, 130

145, 573
123, 434
4,999
17, 140

169, 839
141, 185
8,640
20, 014

183, 643
151,116
10, 375
22, 152

1,935
1,423
512

2,075
1,540
535

2,199
1,624
575

2,572
1,983
589

3,008
2,302
706

3, 565
2,677
888

4, 239
2,937
1,302

5,353
3,805
1,548

5,871
3,970
1,901

5,929
3,565
2,364

5,809
3,042
2,767

6,559
3,503
3,056

7,860
3,976
3,884

9,081
4,756
4,325

9,585
4,847
4,738

10,768

11,282

12, 660

16,504

23,041

26,731

28,997

31,247

35,375

35, 365

39,751

34,405

36,977

41,581

41, 115

6,347
6,126
221
4,421

6,776
6,942
-166
4,506

7,720
7,772
-52
4,940

9,566
10, 210
-644
6,938

12, 573
12, 945
-372
10, 468

14, 963
15, 117
-154
11, 768

17, 156
17, 226
-70
11,841

18, 719
18, 832
-113
12, 528

20, 585
22, 404
-1,819
14, 790

19, 776
21, 323
-1, 547
15, 589

22, 085
22,480
-395
17, 666

21, 629
20, 998
631
12, 776

23, 629
24, 877
-1,248
13, 348

26, 091
26, 490
-399
15,490

26, 315
26, 062
253
14,800

3,278

3,465

3,620

4,322

5,395

6,109

6,495

6,256

6,620

7,059

7,506

7,720

8,473

9,093

10,039

4,292

5,753

9,177

14,615

19,894

24,279

24,046

19, 153

18,271

24,732

31,711

29, 189

36,011

42, 360

40,220

3,329
1,040
2,289
3,195
-906
963

6,467
1,462
5,005
3,796
1,209
-714

9, 325
2,878
6, 447
4,049
2,398
-148

17, 232
7,846
9,386
4,465
4,921
-2,617

21, 098
11, 665
9, 433
4,297
5,136
-1, 204

25, 052
14, 406
10, 646
4,493
6,153
—773

24, 333
13, 525
10, 808
4,680
6,128
-287

19, 717
11.215
8,502
4,699
3,803
-564

23, 464
9,583
13, 881
5,808
8,073
-5, 193

30, 489
11, 940
18, 549
6,561
11, 988
-5, 757

33, 762
13, 028
20, 734
7,250
13, 484
-2, 051

27,107
10, 817
16, 290
7,469
8,821
2,082

40,976
18, 247
22, 729
9,125
13, 604
-4, 965

43, 663
23, 595
20, 068
9,208
10, 860
-1, 303

39, 216
20, 635
18, 581
9,107
9,474
1,004

4,290

4,212

4,104

4,113

3,894

3,355

3,137

3,009

2,922

3,544

4,335

5,030

5,738

6,419

7,027

or Expenditure, 1929-52
(jMillions of dollars]
1938

1939

1940

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

1952

84,683

91,339

101,443

126,417

161,551

194,338

213, 688

215,210

211,110

233,264

259,045

258,229

286,826

329,822

347,956

64,513

67,466

72,052

82,255

91, 161

102,244

111,550

123,079

146,907

165,570

177,890

180,588

194,550

208, 108

218, 130

5,754
34, 032
24, 727

6,729
35, 258
25, 479

7,854
37, 594
26, 604

9,750
43, 960
28, 545

7,060
52, 871
31, 230

6,824
60,970
34, 450

7,103
67, 054
37, 393

8,472
74, 886
39, 721

16, 573
85, 849
44, 485

21, 369
95, 142
49, 059

22,883
100,889
54, 118

23, 840
99, 223
57, 525

29, 200
102, 618
62, 732

27, 258
113, 434
67,41fi

26, 692
118, 761
72,677

6,311

9,917

13,949

18,334

10,873

5,709

7,714

10,733

28,726

30, 187

42, 693

33, 465

52, 542

58, 580

52,544

3,309
3,975
-973

4,899
4,577
441

5,566
6,108
2,275

6,784
7,676
3,874

3,951
4,857
2,065

2,549
4,082
-922

2,817
5,706
-809

3, 934
7,545
-746

10, 291
12, 328
6,107

13,904
17, 080
-797

17, 716
19, 948
5,029

17, 250
18, 697
-2, 482

22, 733
22, 299
7,510

23, 132
24, 580
10, 868

23,428
25, 393
3,723

1,109

888

1,509

1,124

-207

-2, 245

-2,099

-1,438

4,561

8,895

1,864

528

-2,304

251

-235

12,750

13,068

13,933

24,704

59,724

88, 630

96,523

82,836

30, 916

28, 612

36, 598

43,648

42,038

62,883

77,517

5,280

5,157
{1,258

6,170
2,223

16, 923
13, 794

52, 027
49, 567

81, 223
80, 384

89,006
88, 615

74, 796
75, 923

20,946
21, 177

3,908
9
7,911

3,956

3,173
44
7,781

2,664
204
7,697

1,480
641
7,407

1,552
1,161
7,517

1,031
2,158
8,040

2,469
2,700
9,970

15, 784
13, 328
12, 233
1,095
3,751
1,295
12, 828

21, 022
16, 083
11,677
4,406
5,570
631
15, 576

25, 449
19, 274
13, 556
5,718
6,570
395
18, 199

22, 139
18, 498
14, 244
4,254
3,882
241
19, 899

41, 113
37, 416
34, 020
3,396
4,113
416
21, 770

54,162
48, 931
46, 516
2,415
5,752
521
23, 355

5,286
6
7,470

7,763

defense production and economic stabilization, and promotion of merchant marine (before
1950). The "other national security" component of purchases is based on the Budget components: international security and foreign relations (other than military assistance), and




promotion of merchant marine (after 1949). For the years 1939 to 1946, the national security
purchases represent the series labeled "War" in the 1951 National Income supplement.

SUEVEY OF CUBKENT BUSINESS

12

July 1953

Table 3.—Personal Income and
[Millions of dollars]
1929

1930

1931

1932

1934

1933

1935

1937

1936

85 127

Other labor income . . _ _ Proprietors' and rental income _
Dividends
Personal interest income
._ _ _
Transfer payments
Less: Personal contributions for social insurance

. . __..

64 835

49 274

46 629

53 230

59 861

68 353

73 976

45 894
45, 747

38 886
38 735

30 284
30 132

28 825
28 673

33 520
33 363

36 508
36 346

41 754
41 574

45 948
45, 382

520
19, 738

Wage and salary disbursements
Total wage and salary receipts

76 195

50, 165
50, 023

Personal income

515
15, 749
5 500
7,140
1 544
147

473
11, 834
4 098
7 022
2 673
151

400

2 596
5 980
2 193
157

428
12, 146
2 872
5 680
2 389
162

503
12 624
4 557
5 575
3 520
'l80

514
15, 389
4 693

5,823
7,524
1 499
142

Less: Personal tax and nontax payments
Federal
State and local

2,643
1,263
1,380
82, 484

3,723

Less : Personal consumption expend! tures

_ _ -- -

Equals: Personal saving

73, 688

78, 761

Equals: Disposable personal income

2 507
1,134
1,373

1 858
607
1,251

416

7,429
2 574
6,571
2 152
152

372
225
066
180
113
152

8,698

5,580

2 418
566

1 455
331
1,124

1 464
474
990

1 595
595
1,000

1 888
827
1,061

2 258
1 130
1 128

2 921
1 723
1 198

62, 977

47, 819

45 165

51, 635

57 973

66 095

71 055

70, 789

61, 153

49, 208

46, 346

51, 882

56 215

62, 515

67, 121

2 899

1,824

—1 389

—1 181

—247

1,758

3 580

3 934

Table 4.—Relation of Gross National Product
[Millions of dollars]
1929

7
2
6
2

1930

1932

1931

1935

1934

1933

1937

1936

103, 828

Gross national product
Loss: Capital consumption allowances
-Depreciation charges
Accidental damage to fixed capital
Capital outlays charged to current expense
Equals: N e t national product

. __

-_

_--

_

_

90, 857

75, 930

58,340

55, 760

64, 868

72, 193

82, 483

90, 213

8,816
7,553
413
850

8,747
7,653
389
705

8,312

7,663
6,950

7,245
6,608

7,218

7,972
6,838

237
455

7,369
6,577

7,684
6,607

275
362

95, 012

82, lie

67, 618

48, 515

57, 650

64, 824

74, 799

82,241

7,483

351
478

329
384

50, 677

6,526

236
556

381
696

304
830

Plus* Subsidies minus current surplus of government enterprises

— 147

-123

-49

-45

18

283

403

39

60

Less: Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

7,003
587
-80

7,155
534
-705

6,859

6,768

659
1,235

7,815
641
864

8,190
594
-346

8,663

649
1,188

737
1,437

7,055

594
862

9,157
567

-1,050

87, 355

75, 003

58, 873

41, 690

39, 584

48, 613

56, 789

64,719

73, 627

2,597
1,398
472
243
0

-3,045

—5,381

-5, 998
382
1,047
278
0

-2,428

-1,619

-613
965

-284
1,411
-738
598
0

-8
1,512
-31
1,800
0

983
912
587

964
1,010
534

2,024

1,170
1,454
659

1,230
1,552
641

1,141
1,795
594

2,926

1,101

649

1,141
1,415
737

594

1,204
1,851
567

85, 127

76, 195

64, 835

49, 274

46, 629

53, 230

59, 861

68, 353

73, 976

Equals: National income __ __ _

.

.

Less' Undistributed corporate profits
Corporate profits tax liability
Corporate inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements ..
Plus: Net interest paid by government
Government transfer payments
Business transfer payments
Equals: Personal income




_

- - _ ___

. .

848

3,260

253
0

500
2,414
262
0

1,084

524
-2, 143
285
0

746
-625
304
0

—227

333
0

SURVEY OF CURRENT BUSINESS

July 1953

13

Disposition of Income, 1929-52
[Millions of dollars]
1938

1939

1940

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

122,721

150,286

165,892

171,927

177,724

191,000

209,494

205,867

226,706

254,327

269,660

1952

68,327

72,607

78,347

95,308

42, 812
42,258

45, 745
45, 149

49, 587
48,929

61, 708
60,907

81, 887
80, 721

105, 438
103, 599

117,117
114, 881

117, 659
115, 326

111, 257
109, 246

122, 044
119, 926

134, 327
132, 149

133, 401
131, 167

145, 537
142, 643

169, 810
166,393

183, 708
180, 119

512
14,046
3,195
6,482
2,834
554

535
14, 747
3,796
5,417
2,963
596

575
16, 280
4,049
5,395
3,119
658

589
20, 826
4,465
5,402
3,119
801

706
28,436
4,297
5,411
3,150
1,166

888
32, 840
4,493
5,495
2,971
1,839

1,302
35, 492
4,680
5,940
3,597
2,236

1,548
37, 503
4,699
6,672
6,179
2,333

1,901
41, 995
5,808
7,354
11,420
2,011

2,364
42, 424
6,561
7,922
11, 803
2,118

2,767
47, 257
7,250
8,786
11, 285
2,178

3,056
42, 125
7,469
9,644
12, 406
2,234

3,884
45, 450
9,125
10, 462
15, 142
2,894

4,325
50,674
9,208
11, 260
12, 467
3,417

4,738
01,154
9,107
11, 888
12, 861
3,796

2,862
1,635
1,227

2,440
1,235
1,205

2,604
1,364
1,240

3,293
2,016
1,277

5,981
4,668
1,313

17, 845
16, 517
1,328

18, 935
17, 536
1,399

20, 867
19, 379
1,488

18, 808
17, 162
1,646

21,506
19, 650
1,856

21, 142
18, 997
2,145

18, 626
16, 159
2,467

20,873
18, 120
2,753

29,332
26, 179
3,153

34,645
31,089
3,556

65,465

70, 167

75,743

92,015

116,740

132,441

146,957

151,060

158,916

169,494

188,352

187,241

205,833

224,995

235,015

64,513

67,466

72,052

82,255

91, 161

102,244

111,550

123,079

146,907

165,570

177,890

180,588

194,550

208,108

218,130

952

2,701

3,691

9,760

25,579

30, 197

35,407

27,981

12,009

3,924

10,462

6,653

11,283

16,887

16,885

National Income, and Personal Income, 1929—52
1940

1939

1938

[Millions of dollars]

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

329,822

84,683

91,339

101,443

126,417

161,551

194,338

213,688

215,210

211, 110

233,264

259,045

258,229

286,826

7,992
6,894
387
711

8,101
7,082
222
797

8,440
7,228
246
966

9,294
7,878
273
1,143

9,981
8,712
484
785

10, 680
9,504
399
777

11,887
10, 584
360
943

12, 410
10, 885
381
1,144

12, 163
9,817
407
1,939

14, 845
12, 086
567
2,192

17, 612
14, 368
574
2,670

19, 371
16, 409
518
2,444

21,604
17, 943
616
3,045

76,691

83,238

93,003

117,123

151,570

183,658

201,801

202,800

198,947

218,419

241,433

238,858

265,222

24, 217
19, 702
909
3,606

305,605

1952

347,966
26, 961
22, 328
677
3,956

320,995

176

485

420

102

150

183

705

835

929

-75

-21

-12

378

408

63

9,154
429
-91

9,365
451
1,375

10, 021
431
1,624

11,296
502
1,593

11, 769
495
2,337

12, 735
505
915

14, 127
506
4,035

15, 522
532
4,890

17, 349
557
1,684

18, 658
674
324

20,390
739
-3, 186

21, 644
781
162

23, 729
837
402

25, 678
888
1,074

28,053
901
475

67,375

72,532

81,347

103,834

137,119

169,686

183,838

182,691

180,286

198,688

223,469

240,632

278,373

291,629

-906
1,040
963
1,977
0

1,209
1,462
-714
2,136
0

2,398
2,878
-148
2,282
0

4,921
7,846
-2, 617
2,784
0

5,136
11, 665
-1,204
3,468
0

6,153
14, 406
-773
4,516
209

6,128
13, 525
-287
5,173
-193

3,803
11,215
-564
6,138
14

8,073
9,583
-5, 193
5,981
-30

11, 988
11, 940
-5, 757
5,683
15

13, 484
13,028
-2, 051
5,220
30

8,821
10, 817
2.082
5,737
-45

13,604
18, 247
-4, 965
6,870
36

10,860
23, 595
-1,303
8,173
29

9,474
20, 635
1,004
8,643
-65

1,192
2,405
429

1,205
2,512
451

1,291
2,688
431

1,289
2,617
502

1,517
2,655
495

2,140
2,466
505

2,803
3,091
506

3,663
5,647
532

4,432
10, 863
557

4,378
11, 129
674

4,451
10, 546
739

4,614
11,625
781

4, 724
14, 305
837

4,841
11, 579
888

4,861
11,960
901

68,327

72,607

78,347

95,308

122,721

150,286

165,892

171,927

177,724

191, 000

209,494

205,867

226,706

254, 327

269,660




216,259

SUEVEY OF CURRENT BUSINESS

28

July 1953

Table 41.—National Income by Distributive Shares,
[Billions of dollars]
1949
I

National income

1950

III

II

Year

IV

I

II

III

IV

Year

221.2

215.7

215.5

212.7

216.3

220.8

233.9

247.8

260.1

240.6

140.9
134.5
114.7
4.2
15.7
6.3

139.8
133.3
113. 1
4. 1
16. 1
6.5

139.4
132. 8
112.2
4.2
16.4
6.6

139.7
132.9
112.0
4. 5
16.4
6.8

139.9
133.4
113.0
4 2
16.1
6.6

142.0
134.7
113.8
4 4
16. 5
7.3

148.6
141 0
119.9
4 3
16 8
7.6

157.6
149 5
127.3
4 9
17.4
8.0

165.6
157 1
132 9
6 3
17 9
8.5

153.4
145 6
123 4
50
17 1
7.9

43.8
21.8
14.4
7.5

42.2
21.7
12.8
7. 7

41.2
21.5
12,0
7.8

41.3
21.6
11.8
7.9

42.1
21.6
12.8
7.7

43.5
22. 1
13.2
8.2

44.7
23.2
13.1
8 4

46.3
24. 6
13.1
8. 5

47.3
24. 6
14.0
8.7

45 4
23 6
13.3
8 5

__ .
__

31.8
31.3
12.5
18.8
.5

28.7
24.7
9.9
14.8
4.0

29.8
26.6
10.7
16.0
3.1

26.5
25.8
10.3
15.5
.7

29.2
27.1
10.8
16.3
2.1

29.8
31.3
13. 9
17.3
—1.4

34.9
37.0
16 5
20.5
-2.1

38.1
45.6
20.3
25.3
—7.4

41.1
50. 1
22. 3
27.7
-8.9

36.0
41.0
18. 2
22.7
—5.0

4.8

5.0

5.1

5.3

5.0

5.4

5.6

5.8

6.0

Addendum: Compensation of general government employees. .

18.9

19.2

19.6

20.0

19.4

19.7

19.9

21.0

22.9

Compensation of employees
_
Wages and salaries
Private
.
_.
Military
Government civilian
Supplements to wages and salaries . ... _
Proprietors' and rental income
Business and professional
Farm
_ _ _ _ _
Rental income of persons

__
___ _

_ _ _ _ _

Corporate profits and inventory valuation adjustment
Corporate profits before tax _ _
_ _ _ _ _ _ _ _
Corporate profits tax liability
Corporate profits after tax
_
Inventory valuation adjustment
.
Net interest

Table 42.—Gross National Product

[Billions of dollars]
1949
I

Gross national product . _ . .

.

- _ _ . .

Personal consumption expenditures
Durable goods
__
Nondurable goods
Services

III

IV

Year

I

II

III

IV

Year

63.1

62.8

64.6

67.7

258.2

64.7

67.6

74.2

80.3

286 8

__

42,1
4.9
23.1
14.2

44.7
5.7
24.6
14.3

44.1
6.0
23.8
14.3

49.7
7.3
27.7
14.7

180.6
23.8
99.2
57.5

43.8
5.7
22 8
15.2

46.8
6.4
24.8
15.7

50.0
8.6
25 7
15.7

54.0
8.5
29 3
16.1

194.6
29.2
102 6
62 7

10.2
3.6
4.6
2.0
2.0

6.5
4.2
5.0
—2.7
—2.4

9.6
4.8
4.6
.2
.5

7.2
4.7
4.5
-2.0
-1.7

33.5
17.2
18.7
-2.5
—1.6

11.2
4 3
4.5
2.4
2.4

11.0
55
5.4
.1
—.2

15.0
6 8
6.3
1.8
1.5

15.4
61
61
3.2
28

52.5
22 7
22 3
7.5
6 6

.

__

Net foreign investment
Government purchases of goods and servicesFederal
National security
National defense. _ _ _
Other national security
Other
..
Less: Government sales
State and local

1950

. _ _ . .

._

Gross private domestic investmentNew construction
Producers' durable equipment
.
Change in business inventories— total...
Nonfarm only

II

5.7
20.9

.3

__

. __

__

_

_

.3

.0

—.1

.5

-.4

-.4

-.9

-.6

—2.3

10.5
6.4
4.8
3.4
1.4
1.6
.1
4.1

11.3
6.6
5.1
3.5
1.7
1.6
.1
4.6

10.9
6 3
4.9
3.4
1.5
1.6
.2
4.7

10.9
6. 1
4.4
3.3
1.2
1.8
.1
4 8

43.6
25.4
19.3
13.6
5.7
6.6
.4
18 2

10.1
55
4.2
3.2
1.1
1.3
.1
4.6

10.2
5.2
4.3
3.0
1.3
.9
.1
50

10.1
51
4.4
3.4
.9
.8
.1
50

11.6
6 4
5.6
4.6
1.0
.8
.1
5 2

42.0
22 1
18 5
14.2
4 3
3.9
.2
19 9

Table 43.—Gross National Product or Expenditure,
[Billions of dollars]
1949

1950

I

. _ __
_

Gross private domestic investment.
New construction
Producers' durable equipment
_
. _ _ - _ - . _ .
Change in business inventories — total
Nonfarm only

_ _ _ _ _ _

-

_
_____
_ _ _ _ _ _

Net foreign investment
Government purchases of goods and services _ _ _
Federal
_ _ _ _ _ _
National security
National defense
Other national security
Other
Less: Government sales
_ __ _
State and local




_

_ _
_ __

__ _ _
_ -

- - -

--

III

IV

260.6

Gross national product
Personal consumption expenditures.
Durable goods
Nondurable goods
Services _
-- _ _ _ _

II

258.6

256.9

256.8

178.7
22.4
100.1
56.3

180.2
23.6
99.6
57.0

180.5
24.5
98.1
57.9

183.0
25.0
99.1
58.9

37.5
17.1
19.2
1.2
1.1

32.6
16.8
19.1
—3.2
-2.1

32.7
16.9
18.3
-2.6
-1.2

31.0
18.2
18.2
—5.4
-4.2

Year

I

II

III

IV

258.2

265.0

280.3

295.6

306.3

286.8

180.6
23 8
99.2
57.5

185.1
26.0
98.6
60.4

189.7
26.8
100.7
62.2

203.8
34 2
106.1
63.5

199.6
29 8
105. 1
64.8

194.6
29 2
102 6
62.7

33.5
17.2
18.7
—2 5
-1.6

40.2
20.7
18.7
.7
.8

52.0
22.0
21.7
8 3
7.3

54.7
24 1
24.7
58
4 5

63.3
24 1
24.1
15 1
13 7

52.5
22 7
22 3
7 5
6.6

-1.6

-3.2

-2.7

—2.3

40.3
20.7
17 2
12. 1
51
3.8
.2
19 5

40.3
20.4
17 4
13. 7
3 7
3 2
.2
19 9

46.1
25.4
22 4
18.5
3 9
33
.3
20 6

42.0
22.1
18 5
14 2
4 3
39
.2
19 9

1.2

1.3

.2

-.5

.5

43.2
25.6
19.3
13.6
5.8
6.6
.3
17.5

44.5
26.6
20.5
13.9
6.6
6.3
.3
18.0

43.6
25.1
19.4
13.6
5.9
6.4
.7
18.5

43.3
24.5
17.8
13.1
4.7
7.0
.3
18.8

43.6
25.4
19.3
13.6
5 7
6.6
.4
18 2

-1.7
41.5
21.9
17.0
12.6
4 3
5.2
.3
19.6

Year

SURVEY OF CURRENT BUSINESS

July 1953

29

Seasonally Adjusted Quarterly Totals at Annual Rates, 1949—52
[Billions of dollars]
1952

1951
I

National income

II

270 6

Compensation of employees
Wages and salaries
Private
Military
Government civilian
__
Supplements to wages and salaries

Net interest

_

_

_

301.4

291.6

187 9
178.6
146.9
10 1
21.6
9.3

189 5
180. 1
147.7
10 4
22.0
9.5

194 1
184.4
151.5
10.6
22.4
9.6

201 3
191.3
158. 3
10.4
22.6
10.0

193 2
183. 6
151.1
10.4
22.2
9.6

50 7
26. 1
15.5
9 1

50 5
26. 1
14.7
9 6

51 5
26.3
15.3
10 0

51.5
26. 1
15.2
10.2

51.1
26.7
14.0
10.3

51.2
26.3
14.8
10.0

42.4
43.7
23.6
20. 1
13

41.7
41.5
21.8
19.7
2

39 9
38.2
20. 1
18.0
1 7

37.7
37.0
19.4
17.5
7

41.7
40.3
21.2
19.1
1.4

40.2
39.2
20.6
18.6
1.0

178 0
168.9
141.0
8.4
19.5
9.1

181 2
172.2
142.2
9. 1
20.8
9.1

178 9
169.8
141.2
8 6
20.0
9.1

50.1
26. 1
15.1
9.0

50 9
25.9
15.8
9.2

51.6
26. 1
16.1
9 4

41.7
50.7
27.5
23.2
—9 0

__ _ _

42.1
44.0
23.8
20.1
—1 9

42.3
39.4
21.2
18.2
3 0

43.3
40.6
21.8
18.8
2 7

6.2

6.4

6.5

25.0

-

Addendum: Compensation of general government employees..

26.7

28.4

or Expenditure, Quarterly, 1949-52

278 4

286 8

6.4

6.7

6.9

7.1

7.4

7.0

27.3

30.1

30.8

31.3

31.5

30.9

6.6

29.0

Year

IV

290 4

184 0
174.9
144.3
9 6
20.9
9.2

50.1
26.3
15.0
8.8

__

III

II
287 9

285 5

Corporate profits and inventory valuation adjustment
Corporate profits before tax
_
Corporate profits tax liability
. _ _. _ __ ___ __ _
Corporate profits after tax
Inventory valuation adjustment

Proprietors' and rental income
Business and professional
Farm
- . .__
__
Rental income of persons

I

Year

IV

280 9

_. __ __

276 6

172 5
163.5
137.3
7.4
18.8
9.0

._

III

[Billions of dollars]
1951
I

II

1952

III

Year

IV

I

II

III

Year

IV

Gross national product

79.1

80.3

82.2

88 3

329 8

83 4

84 4

85 4

94 7

348 0

Personal consumption expenditures
Durable goods
_ _ _ _
Nondurable goods
Services
-

50.0
6.9
26 4
16. 6

50.4
6.4
27 9
16.8

50.5
6. 4
27 4
16. 7

57
7
32
17

208
27
113
67

50
5
27
17

53
6
29
18

53
6
28
18

60
8
33
18

218 1
26*7
118 8
72 7

17.0
5 2
6.4
5.4
5. 1

14.7
59
6.4
2.4
2 1

14.5
6 3
5 7
2.5
2.2

12.3
58
6 0
.5
2
.8

3

5

1

— 6

_ 2

_ 2

17.0
11.4
10.6
9.8
.8
1.0
1
5.6

18.0
12 3
11.1
10 2
.9
13

62 9
41 1
37.4
34 0
3.4
4 1
4
21 8

18.1
12 7
11. 5
11 0
.6
13
1
5 4

19 6
13 7
12 5
11 8
.7
13
1
59

19 6
13 7
12 3
11 6
.7
15
1
6 0

20
14
12
12

77
54
48
46
2
5

_ _ _

Gross private domestic investment
__
New construction
Producers' durable equipment
Chance in business inventories — total. _ _
N on farm only

. _

_

.

__

__ _

__ _ _.

Net foreign investment

-.7

.0

Government purchases of goods and services
Federal
_ __
National security.- National defense
Other national securityOther
L/ess* Government sales
State and local

12.7
7.8
7.0
6. 1
.8
.9
1
5.0

15.1
9.6
8.8
7.8
.9
1.0
1
5.5

_ _ _

2
6
4
3

5 7

1
3
4
4

58.6
23 1
24 6
10 9
9 6

7
7
2
8

14.0
4 9
6 2
2 9
2 7

7
6
0
1

11 1
58
6 9
—1 7
—1 9

0
2
7
1

13 4
6 5
58
11
10

7
2
8
7

14 0
6 1
6 5
14
13

2
1
6
2
5
16
1
6 1

52
23
25
3
3

5
4
4
7
1

5
2
9
5
4
8
5
23 4

Seasonally Adjusted Quarterly Totals at Annual Rates, 1949-52
[Billions of dollars]
1951

1952

I
Gross national product _
Personal consumption expenditures
Durable goods
Nondurable goods
_ _
Services
_

Year

j

II

III

IV

Year

___
,_

Net foreign investment

330.4

332 5

336 9

329 8

340 4

345 1

345 3

361 1

348 0

204.8
26.5
111.6
66.7

206.6
25 7
113. 1
67.7

210.9
25 7
115.8
69.3

208.1
27 3
113.4
67.4

213 7
26 0
117.2
70.5

217 2
27 4
118.0
71.8

217 2
25 l
118 7
73.3

224 4
28 2
121 1
75 1

218 1
26* 7
118 8
72 7

59.9
24.6
24.4
10.9
9.5

_ _

Gross private domestic investment
New construction
Producers' durable equipment _
Change in business inventories— total
Nonfarm only




IV

319.6

__

Government purchases of goods and services
Federal
National security.
_
_ _ __
National defense
Other national security _ _
_ _ _ _ _
Other
Less* Government sales
State and local
_ _ _

in

210.2
31.2
113.1
65.9

__
_

II

65.5
23.4
25.0
17.1
15.8

57.2
22 3
24.5
10.4
9.2

51.6
22.3
24.3
5.0
4.0

58.6
23. 1
24.6
10.9
9.6

50.4
23 3
25.6
1.5
6

49.6
23 4
25.6
.7
— 1

52 3
23 1
24.9
4.2
3 6

57 9
23 9
25 5
8.5
81

52
23
25
3
3

-.2

11

2.8

2 1

5

—2 0

—1 6

2

60.2
38.5
35.0
31.3
3.7
3.8
.3
21.7

67.5
45.7
42.4
3D 3
3.1
3.8
.6
21.8

71.6
49.2
44.4
40.9
3.5
5.3
.5
22.4

74.1
51.0
46.2
43 9
2.2
5 4
.5
23.1

77.7
54.7
49.8
47 1
2.7
5 4
.5
23.0

77.8
54 6
49.2
46 4
2.8
6 0
.6
23.2

80.4
56 4
50.5
48 6
19
6 3
.5
24.0

77 5
54 2
48 9
46 5
2 4
58
.5
23.4

-2.7

_
_

_ __
__ _ _
__

52.2
31.0
27.9
24.6
3.3
3.4
.3
21.2

62.9
41.1
37.4
34.0
3.4
4.1
.4
21.8

5
4
4
7
1

SUEVEY OF CURRENT BUSINESS

30

July 1953
Table 44.—Disposition of

[Billions of dollars]
1949

I

Personal income

II

1950

III

IV

Year

I

II

III

Year

IV

50.9

51 4

50 9

52 7

205 9

53 8

54 8

56 9

61 1

226 7

7.3
6.6
.7

3.4
9 7
•j

4.3
3 8
.6

3. 6
31
.5

18 6
16 2
2 5

7 1
63
8

4 0
3 3
7

4 9
4 3

4 9
4 3
6

20 9
18 1
2 8

Less: Personal tax and nontax pavments
Federal
State and local _
Equals: Disposable personal income

43.6

.

48.0

46 6

49 0

187 2

46 8

50 8

52 0

56 3

205 8

42.1

44.7

44. 1

49. 7

180.6

43. 8

46. 8

50.0

54.0

194 6

15

.Less: Personal consumption expenditures

3 4

2 4

— 7

6 7

30

4 0

2 o

2 3

11 3

Equals: Personal savin?*

Table 45.—Disposition of Personal Income,

[Billions of dollars]

1949

1950

ii

III

IV

205 9

218 3

920 2

228 9

239 4

225 t

18 6
16. 2
2.5

19 3
16. 7

19 0
17.2
2.7

20 6

n.8
2.8

23 6
20. 8
2. o

20 ')
1H. 1
2. 8

186.9

187 2

199. 0

200.3

208.3

215.8

20o 8

183 0

180 6

185 1

189 7

203 8

199 6

194 6

6. 7

13.9

10.6

4.4

III

IV

207 5 I

206 0

204 7

205 5

18 7 i
16.3
2. 4 !
1
183. 8 !

IS. 6
It). 2
2. 4

18 6
10. 1

18 6
16. 1
2. 5

187. 3

ISfl 1

178 7 1

180 2

ISO 5

10. 1 !

.

7. 1

5.6

3 9

Le c s' Pprsoiiol t?x and nontax payments
Federal
State and local
'Efjii'-il' 5 ' Disposable personal income

- __

Fruirls' Personal saving

1

i
j

I

n

1

Year

16.2 :1

Year

11.3

Table 46.—-Relation of Gross National Product,
[Billions of dollars]
1949

I

1950

III

II

IV

I

Year

II

Year

IV

III

63.1

62.8

64.6

67.7

258.2

64.7

67.6

74.2

80.3

286.8

4.6

Gross national product
Le^s' Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
_
Statistical discrepancy

4.8
5.3
.2
-1.5

4.9
5.6
.2
-.4

5.0
5.7
.2
3.0

19.4
21.6
.8
.2

5.1
5.4
.2
-.2

5.3
5.8
.2
-1.8

5.5
6.4
.2
-.2

5.6
6.2
.2
2.6

21. 6
23.7
.8
.4

5.1
.2
-1.0

_ _

Plus: Subsidies less current surplus of government enterprises-

.0

.0

-.1

.0

.0

.1

.2

.0

.1

.4

54.2

53.9

54.3

53.8

216.3

54.2

58.3

62.3

65.8

240.6

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

7.5
1.5
.0

7.3
1.5
-.1

7.7
1.4
.0

6.7
1.3
.0

29.2
5.7
.0

7.0
1.8
.0

8.7
1.8
.0

9.8
1.7
.0

10.5
1.6
.0

36.0
6.9
.0

Plus' Grovernmeiit transfer payments
Net interest paid by government
Dividends
Business transfer payments

2.8
1.0
1.7
.2

2.9
1.4
1.7
2

2.9
1.0
1.6
.2

3.0
1.2
2.4
.2

11.6
4.6
7.5
.8

5.3
1.1
1.8
.2

3.5
1.4
1.8
.2

2.7
1.0
2.2
.2

2.8
1.2
3.3
.2

14.3
4.7
9.1
.8

50.9

51.4

50.9

52.7

205.9

53.8

54.8

56.9

61.1

226.7

Equals* National income

_-

_____

Equals: Personal income

_

Table 47.—Relation of Gross National Product, National Income, and
[Billions of Dollars]
1949

Gross national product

_

III

II

I

1950

IV

I

Year

11

III

Year

IV

260.6

Plus: Subsidies less current surplus of government enterprises.

258.6

256.9

256.8

258.2

265.0

280.3

295.6

306.3

286.8

18.5
20.9
.8
-.7

._

Less' Capital consumption allowances
__
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
_ __

19.2
21.5
.8
1.6

19.6
22.1
.8
-1.3

20.2

19.4
21.6
.8
.2

20.6
22 2
.8
1.0

21.3
23.3
.8
2.0

22.1
25.2
.8
-.4

22.5
24.2
.9
-1.0

21.6
23.7
.8
.4

22.0
.8
1.0

.1

.2

-.2

j

.0

.4

.8

.0

.3

.4

215.5

212.7

216.3

220.8

233.9

247.8

260.1

240.6

221.2

215.7

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

31.8
5.8
.1

28.7
5.7
-.3

29.8
5.7
.0

26.5
5.7
.0

29.2
5.7
.0

29.8
6.6
.0

34.9
6.7
.0

38.1
6.9
.0

41.1
7.3
.1

36.0
6.9
.0

Plus* Government transfer payments
Net interest paid bv government
Dividends
Business transfer payments

11.2
4.6
7.4
.8

11.7
4.6
7.3
.8

11.9
4.6
7.3
.8

11.8
4.6
7.8
.8

11.6
4.6
7.5
.8

20.6
4.7
7.9
.8

14.2
4.7
8.2
.8

11.1
4.7
9.4
.8

11.3
4.8
11.0
.9

14.3
4.7
9.1
.8

207.5

206.0

204.7

205.5

205.9

220.2

228.9

239.4

226.7

Equals* National income

Equals i Personal income



-

_- --

218.3

SURVEY OF CURRENT BUSINESS

July 1953

31

Personal Income, Quarterly, 1949-52
[Billions of dollars]
1952

1951

II

I

III

IV

Year

III

II

I

IV

Year

60.5

63.0

64.0

66.9

254.3

64.4

66.3

67.7

71.3

269.7

10.7

9.8
.9

5.9
5.1
.8

6.7
5.9

6.0
5.3

29.3
26.2

.7

1.0

7.3
6.4
.9

8. 1

3.2

12.3
11.2

7.3
.8

7.0
6.2
.8

34.6
31.1

Equals: Disposable personal income

49.7

57. 1

57. 3

60 9

225 0

52 1

59 0

59.6

64.3

235. 0

Less: Personal consumption expenditures

50.0

50.4

50.5

57.2

208.1

50.7

53.7

53.0

60.7

218.1

0

6.7

6.8

3 7

16 9

1. 4

5 3

6.6

3.6

16.9

Personal income

_

Less: Personal tax and nontax payments _
Federal _ _ _
. _ _ _
State and local

_.

___

Equals: Personal saving

.7

3.6

Seasonally Adjusted Quarterly Totals at Annual Rates, 1949~52
[Billions of dollars]
1951

1952

I
_

_ _

_ _

IV

246.5

252.8

256.5

281. 5

28.4
25. 4

28 9
25.8

29.3
20,1

30. 7
27.4

223 9

227 2

__

210.2

204. 8

206.6

_ _ _ _ _ _ _ .

_

III

218 1

Personal income

II

7.9

19.1

20.6

__

Less- Personal tax and nontax payments
Federal- __
_ ..
_ _ _ ___
State and local

_

_.
_ _

Less" Personal consumption expenditures

_

Equals' Personal saving

_

__

_
_______

3.0

_.

3.1

3.2

I

II

III

IV

254.3

262.8

26G. 0

271,4

278. 3

269.

29.3
26.2

34.2
30.7

34.3
30.8
3. 5

34,8
31.2
3 6

35. 3
31.6

34.

3.7

3.

230 8

225 0

228 7

9

31 7

236 6

243 0

o,,

210.9

208. 1

213. 7

217.2

217. 2

224.4

218.

20.0

16.9

15.0

14.5

19.4

18.6

16.

Yoar

3.3

3.4

3.2

Year

National Income, and Personal Income, Quarterly, 1949-52
[Billions of dollars]
1951

Gross national product

III

II

I

1952

IV

I

Year

II

III

IV

Year

79.1

Plus: Subsidies less current surplus of government enterprises. _

80.3

82.2

88.3

32S.8

83.4

84.4

85.4

94.7

348.0

5.9
6.3
.2
.5

Less- Capital consumption allowances
Indirect business tax and nontax liability . _
Business transfer payments
Statistical discrepancy _ _ _ _ _ _ _
_
_____

6.0
6.2
.2

6.1
6.4
2

24.2
25.7

6.9
.2

6.7
7.2
.2

-1.3

— 1.7

7.1
7.4
.2
3.9

27.0
28. 1

-1.2

6.4
6.6
.2
-.5

6. 7

Q

6.3
6.8
.2
2.7

.9
1.1

.9
.5

.2

.2

.0

.0

.4

.0

.1

.0

.0

.1

66.4

69.0

70.7

72.3

278.4

70.7

71.8

73.0

76.1

291.6

Less: Corporate profits and inventory valuation adjustment. __
Contributions for social insurance _
_ __ _ _ ._
Excess of wage accruals over disbursements

9.8
2.2

10.6
2.2

10.8
2.0

11.1
1.8
o

42.4
8.2

10.1
2.5

10.0
2 2

9.7
2. 1
—.1

10.4
1.9

40.2
8.6
—.1

Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
. ___ _ _

2.9
1.0
2.0
.2

2.9
1.4
2.1
.2

2.9

2.9
1.3
2.9
.2

11.6

2.9

2.9
1.4

3.0

3.1

2.1
.2

60.5

63.0

64.0

66.9

254.3

Equals: National income

_.

_ _ _

_ _

_ _

.0

_. _ __
_ _

Equals: Personal income

.0

.2

10

.0

.0

4.8
9.2
.9

.0

.0

66.3

64.4

2.8
.2

12.0
4 9

.2

2.1
.2

14

2. 1

10

2.1
.2

67.7

71.3

269.7

1. 1

9.1
.9

Personal Income, Seasonally Adjusted Quarterly Totals at Annual Rates, 1949—52
[Billions of dollars]
1951

II

I
Gross national product

1952

III

IV

III

II

I

Year

IV

Year

319.6

330.4

332.5

336.9

329.8

340.4

345.1

345.3

361.1

348.0

23.4
25.9

Less' Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

24.0
25.0

24.4
25.5

25.1
26.3

24.2
25.7

25.7
27.0

26.9
28.0

27.0
28.3

28.2
28.9

27.0
28.1

.9
-.5

.9
4.8

.9
.8

.9
-.8

.9
1.1

.9
.0

.9
1.8

.9

-1.4

.9
1.6

.9
.5

.6

.9

.0

.1

.4

.1

.4

-.1

o

.1

270.6

276.6

280.9

285.5

278.4

286.8

287.9

280.4

301.4

291.6

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

41.7
8.1

42.1
8.2
o

42.3
8.1

43.3

.1

42.4
8.2

.0

39.9
8.6

.0

-.3

41.7
8.8

40.2
8.6

-.6

41.7
8.6

37.7
8.7

.8

Plus: Government transfer payments _ _ __
Net interest paid by government
Dividends
Business transfer payments _
_

11.2

11.6

11.7

11.7

11.6

11.5

11.7

12.2

12.4

12.0

246.5

252.8

256.5

261.5

254.3

262.8

266.0

271.4

278.3

269.7

Plus: Subsidies less current surplus of government enterprisesEquals: National income

Equals: Personal income




_ _

_

_ . _

4.8
9.0
.9

_

4.8
9.0
.9

4.9
9.3
.9

0

O

4.9
9.5
.9

4.8
9.2
.9

.1

4.9
9.1
.9

4.9
9.1
.9

4.9
9.1
.9

.0

4.9
9.1
.9

-.1
4.9
9.1
.9

BUSINESS STATISTICS
-L HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1951 Statistical Supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $1.50) contains monthly data for the years 1947 to 1950, and monthly averages for earlier years
back to 1935 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1947. Series
added or revised since publication of the 1951 Supplement are indicated by an asterisk (*) and a dagger (t), respectively, the accompanying footnote indicating where historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index
numbers and dollar values refer to adjustment of monthly figures for seasonal variation.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
vided through the courtesy of the compilers, and are subject to their copyrights.

Data from private sources are pro-

1952

Unless otherwise stated, statistics through
1950 and descriptive notes are shown in the
1951 Statistical Supplement to the Survey

May

June

July

August

1953
September

October

November

December

January

F

|£™'

March

April

May

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT t
Seasonally adjusted quarterly totals at annual rates:
National income, total
bil of dol
Compensation of employees, total
do
Wages and salaries, total
do
Private
do
Military
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' and rental income, totalcf
do
Business and professionalcf
_ do
Farm
do
Rental income of persons .
._
do
Corporate profits and inventory valuation adjustment, total
bil of dol
Corporate profits before tax, total
do
Corporate profits tax liability
do
Corporate profits after tax .
do
Inventory valuation adjustment
do
Net interest
do

39.9
38.2
20 1
18.0

17

6.9

Gross national product, total-- ._ _ _ _ do
Personal consumption expenditures,total do
Durable goods-.
__ . _ do
Nondurable goods
___do
Services
do
Gross private domestic investmentdo
New construction _ - _ _ _
. __ _
do
Producers' durable equipment
do
Change in business inventories
do
Net foreign investment.
do
Government purchases of goods and services,
total
. _
bil. of dol
Federal (less Government sales)
do
National security 9 -do
State and local
_do

' 345. 1
' 217 2
' 27.4
' 118.0

Personal income, total- _
Less: Personal tax and nontax payments
Equals: Disposable personal income

' T266. 0
34.3
' r231. 7
14.5

r
49 6
'23.4
r
25. 6
T
.7
T
5

r 7 4

43 6
44.4
24.1
20.3
' 8
' 7.6

'361 1
' 224 4
' 28 2
' 121. 1

' 363. 4
'227 7
'30.2
' 121.2

' 57 9
' 23 9

'55 4
' 25.0
' 27 5
' 2.9
' 2 9

'
'
'
'

r
r

52 3
23. 1
' 24 9
' 4 2
' 2 0

r 77 7
r
54.7
r
49 8
23.0

do
do
do

'41 7
40 3
' 21 2
' 19. 1
'14

' 345. 3
' 217 2
'25.1
' 118. 7

51.5
'26.3
' 15.3
'10.0

r

306.5
' 204. 5
' 194. 5
'161.3

' 290. 4
' 194. 1
184 4
' 151.5
' 10.6
22 4
r
9.6
' 51.5
'26.1
15.2
'10.2
T

' 180. 1
' 147. 7
r
10.4
r
22 0
r
95
r

r

301. 4
201. 3
191.3
158. 3
10 4
22 6
' 10 0
' 51. 1
'26.7
' 14.0
' 10.3

'37.7
'37.0
' 19 4
' 17.5
' .7
7. 1

' 287. 9
189. 5

r

'
'
r
'

10 0
50.8
27.0
13.4
10.4

r 25 5

'

'85
16
r 56 4
r 50 5
24 0

82
57
'51
'24

T 278 3
r 35 3
' 243. 0
' 18.6

77 8
54 6
49 2
23 2

'281 6
'36 2
' 245. 4
' 17.7

r gO 4

' 271. 4
' 34 8
' 236. 6
' 19.4

4
4
6
9

PERSONAL INCOME, BY SOURCEf
Seasonally adjusted, at annual rates:
Total personal income. .
_ _ bil. of dol
Wage and salary disbursements, total
do
Commodity-producing industries
do
Distributive industries _ _ _ _ _ _
do
Service industries _
do
Government
do
Wage and salary receipts, total
do
Other labor income _
do
Proprietors' and rental income
do
Personal interest income and dividends. _do
Transfer payments. __ _
do
Less personal contributions for social insurance O
bil. of dol. _
Total nonagricultural income

do

T

266. 2
' 179. 9
78.0
48.0
21.6
32.3
r
176. 4
'4.6
51.8
20.9
12.7

r
268 1
' 181. 6
* 78. 2
r
48 5

r 21 8
r

T 33 i
178 0
r 4 7

r
52. 2
'20.9

r 12 6

'3.7

'3.9

' 245. 6

' 247. 4

' 266. 3
' 180. 3
'75.8
' 49. 5
' 22.2
r
32 8
' 176. 7
r
4.7
'51.5
'20.9
r
12 7

' 271. 3
' 185. 4
'80.6
' 49. 5
' 22 2
' 33 1
r
181.9
r
4 7
' 50. 6
'21.0
r
13 4

'3.8
r

'3.8

246. 0

' 251. 9

r 276 4
' 188. 4
'83.8
r 49 4
r 22 3

r 32 9
' 184 8
' 4 9
' 52. 5
'21.2
' 13 3

' 277 3
' 190. 2
84.7
50 0
22 4
33 1
r 186 6

' 5 0
51.4
21.3
13 3

'3.9

'3.9

' 255. 7

' 258. 0

r 277 2
' 191. 4
' 85. 6
' 50 0
r 22 5

r 33 3
' 187 8
'51
' 50. 0
'21.4
r 13 1

'3.8
' 259. 1

T 280 6
' 192. 5
87.0
50 1
22 6
32 g
' 188 7
'51
51.8
21.5
13 6
'3.9
' 261. 6

' 280 5 r 281 0
' 192. 8 ' 194. 6
86.8
88.0
50 2
50 6
22 7
22 8
33 1
33 2
' 188 8 r 190 9
'51
'51
51.6
50.2
21.6
21.7
13 5
13 3

'4.1
' 261. 1

' 283 6
' 196. 2
88.8
50 9
23 2
33 3
r 192 4
'51
50.7
21.9
13 7

28*^ 7
r 196. 6
88.8
51 0
r

00
00

' 197. 2
89.0

A
A

T 1Q9 ft

49.4
22.0

49.9
22.1

'3.9

'4.0

'4.0

'4.0

' 263. 3

' 265. 4

' 265. 5

' 266. 2

NEW PLANT AND EQUIPMENT
EXPENDITURE SJ
All industries, quarterly total
Manufacturing
_ __

mil. of doL.
do

1
6,244
7,265
6, 147
2,820
3, 367
2,747
206
229
199
Railroads
_ _
do
289
357
310
Transportation, other than rail _
do
302
335
311
Public utilities
_
do
947
1,142
904
Commercial and other
do
1
1,680
1,835
1,675
' Revised
-i j^Bbiiiirtuea ivi suusequtuii puiiuus ui iyuo, uaseu uii amicipaieu capiiai expenditures 01 ousmess, are snown on p. 6 or June 1953 SURVEY.
Estimates for subsequent periods^MQSS, based on^anticipated capital
of business, are shown on p. 3 of
series. Quarterly estimates of national income and product and quarterly and monthly estimates of personal income have been revised beginning 1949; see pp 29-31 of the July
1952 SURVEY foi the 1949 data and pp. . 28-32 of this issue for data beginning 1950.
. or
.
d1 Includes inventory valuation adjustment..
? Government sales are not deducted.
§Pcrsonal
saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above
OData through 1951 represent employee contributions only; thereafter, personal contributions of self-employed persons are also included.
{Revised beginning 1939 Revisions for 1939 and 1945-5 appear on pp. 20 and 21 of the August 1952
1939 and 1945-50
SURVEY; those for 1951, on p. 9 of the March 1953 issue.

259682°—53

4




6,808
3,156
228
386
372
928
1,738

S-l

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