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SUEVEY OF CUEKENT BUSINESS

August 1953

Table 2.—National Income and Product, 1952 and First Two Quarters 1953 l
[Billions of dollars]
Seasonally adjusted at annual rates

Unadjusted

1952

1952

Item

1952

1953

1953

I

II

III

IV

I

II

I

II

III

IV

291.6

70.7

71.8

73.0

76.1

75.6

(')

286.8

287.9

290.4

301.4

306.5

0)

193.2
183.6
151. 1
10.4
22.2
9.6

46.3
43.8
35.8
2.5
5.5
2.4

47.2
44.7
36.6
2.6
5.5
2.5

48.6
46.3
38.3
2.6
5.3
2.4

51.1
48.8
40.3
2.6
5.9
2.3

50.4
47.8
39.4
(2)
(2)
2.6

51.8
49.1
40.8
(2)
(2)
2.6

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

204.5
194.5
161.3

10.0

208.0
198.0
164.5
(2)
(2)
10.0

51.2
26.3
14.8
10.0

12.6
6.5
3.7
2.4

12.9
6.6
3.8
2.5

12.9
6.5
3.8
2.6

12.8
6.7
3.5
2.6

12.7
6.7
3.4
2.6

12.4
6.7
3.1
2.6

50.5
26.1
14.7
9.6

51.5
26.3
15.3
10.0

51.5
26.1
15.2
10.3

51.1
26.7
14.0
10.3

50.8
27.0
13.4
10.4

49.7
27.0
12.3
10.4

40.2
39 2
20.6
18.6
1.0

10.1
10.1
5.3
4.8
.1

10.0
9.6
5.1
4.5
.4

9.7
9.5
5.0
4.5
.2

10.4
10.0
5.2
4.8
.3

10.6
10.8
5.9
4.9
-.2

(2)
2
(2 )
(2)
() o

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

43.6
44.4
24.1
20.3
-.8

7.0
30.9

1.7
7.6

1.7
7.7

1.8
7.5

1.8
8.0

1.9
8.0

1.9
8.0

6.7
30.1

6.9
30.8

7.1
31.3

7.4
31.5

7.6
31.5

7.7
31.9

348.0

83.4

84.4

85.4

94.7

89.2

90.8

340.4

345.1

345.3

361.1

362.0

372.4

218.1
26.7
118.8
72.7

50.7
5.7
27.2
17.8

53.7
6.6
29.0
18.1

53.0
6.2
28.7
18.1

60.7
8.2
33.8
18.7

54.3
6.7
28.3
19.3

56.9
7.5
29.9
19.5

213.7
26.0
117.2
70.5

217.2
27.4
118.0
71.8

217. 2
25.1
118.7
73.3

224.4
28.2
121.1
75.1

227.7
30.2
121.2
76.3

230.4
30.7
122.1
77.6

52.5
23.4
11.1
12.3
25.4
3.7
3.1

14.0
4.9
2.2
2.8
6.2
2.9
2.7

11.1
5.8
2.8
3.1
6.9
-1.7
-1.9

13.4
6.5
3.1
3.4
5.8
1.1
1.0

14.0
6.1
3.0
3.1
6.5
1.4
1.3

15.3
5.3
2.4
2.8
6.3
3.7
3.7

13.5
6.3
3.0
3.3
7.0
.2
.2

50.4
23.3
11.0
12.4
25.6
1.5
.6

49.6
23.4
11.0
12.4
25.6
.7
-.1

52.3
23.1
10.8
12.3
24.9
4.2
3.6

57.9
23.9
11.6
12.3
25.5
8.5
8.1

54.0
25.0
12.2
12.8
26.2
2.9
2.6

61.0
25.3
12.0
13.4
26.9
84
8.7

II

I

NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income
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

3

-

_

.
-

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

__

„_

Net interest
Addendum: Compensation of general government employees...

8

i

-.6

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
New construction
_
Resid p-ntiRj n on farm
Other
Producers' durable equipment
Change in business inventories, total
Nonfarm only
Net foreign investment

.

_

2

Government purchase of goods and services
_
Federal
National security
National defense
Other national security
Other
.
Less' Government sales
State a n d local
_
___
_

...
-.
-

. _ . _ , .

.5

.1

-.6

-.2

«— 5

-.6

2.1

.5

-2.0

-1.6

-2.1

-2.5

18.1
12.7
11.5
11.0
.6
1.3
.1
5.4

19.6
13.7
12.5
11.8
.7
1.3
.1
5.9

19.6
13.7
12.3
11.6
.7
1.5
.1
6.0

20.2
14.1
12.6
12.2
.5
1.6
.1
6.1

20.2
14.4
12.9
12.3
.6
1.6
.2
5.8

21.0
14.7
13.4
12.8
.6
1.5
.2
6.2

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
1.9
6.3
.5
24.0

82.4
57.4
51.6
49.4
2.2
6.5
24.9

83.5
58.9
53.5
51.3
2.3
6.0
.7
24.6

64.4

66.3

67.7

71.3

69.1

70.7

262.8

266.0

271.4

278.3

281.6

284.4

34.6
31.1
3.6

12.3
11.2
1.0

7.3
6.4
.9

8.1
7.3
.8

7.0
6.2
.8

12.7
11.5
1.2

7.2
6.2
1.0

34.2
30.7
3.4

34.3
30.8
3.5

34.8
31.2
3.6

35.3
31.6
3.7

36.2
32.3
3.8

36.7
32.8
3.9

235.0
218.1
16.9

-

77.5
54.2
48.9
46.5
2.4
5.8
.5
23.4

269.7

.

52.1
50.7
1.4

59.0
53.7
5.3

59.6
53.0
6.6

64.3
60.7
3.6

56.4
54.3
2.1

63.5
56.9
6.6

228.7
213.7
15.0

231.7
217.2
14.5

236.6
217.2
19.4

243.0
224.4
18.6

245.4
227. 7
17.7

247.7
230.4
17.2

348.0

83.4

84.4

85.4

94.7

89.2

90.8

340.4

345.1

345.3

361.1

362.0

372.4

27.0
28.1
.9
.5
.1

6.4
6.6
.2
-.5
.0

6.7
6.9
.2
-1.3
.1

6.7
7.2
.2
-1.7
.0

7.1
7.4
.2
3.9
.0

7.1
7.1
.2
-.7
.0

7.3
7.5
.2
(2)
.0

25.7
27.0
.9
.0
.1

26.9
28.0
.9
1.8
.4

27.0
28.3
.9
-1.4
-.1

28.2
28.9
.9
1.6
-.2

28.2
29.3
.9

29.2
30.1
.9
(2)
.2

291.6

70.7

71.8

73.0

76.1

75.6

(2)

286.8

287.9

290.4

301.4

306.5

40.2
8.6
-.1
12.0
4.9
9.1
.9

10.1
2.5
.0
2.9
1.0
2.1
.2

10.0
2.2
.0
2.9
1.4
2.1
.2

9.7
2.1
-.1
3.0
1.1
2.1
.2

10.4
1.9
.0
3.1
1.4
2.8
.2

10.6
2.6
.0
3.2
1.1
2.2
.2

(2)
2.3
.0
3.2
1.3
2.2
.2

41.7
8.6
.1
11.5
4.9
9.1
.9

39.9
8.6
.0
11.7
4.9
9.1
.9

37.7
8.7
3
12.2
4.9
9.1
.9

41.7
8.8
.0
12.4
4.9
9.1
.9

43.6
9.0
.0
12.6
4.9
9.2
.9

(2)
9.0
.0
12.6
5.0
9.4
.9

269.7

64.4

66.3

67.7

71.3

69.1

70.7

262.8

266.0

271.4

278.3

281.6

284.4

DISPOSITION OF PERSONAL INCOME
Personal income
Less • Personal tax and nontax payments _
Federal
State and local
Equals* Disposable personal income
Less* Personal consumption expenditures
Equals* Personal saving

_
--

-- --

-.

-

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL
INCOME, AND PERSONAL INCOME
Gross national product

-

_-__ .

Less* Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
.
..
Statistical discrepancy
Plus * Subsidies less current surplus of government enterprises
Equals: National income
Less* Corporate profits and inventory valuation adjustment.. __
Contributions for social insurance
Excess of wage accruals over disbursements
Plus* Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals* Personal income

1. Detail will not necessarily add to totals because of rounding.
2. Not available.




__

__

.'o

3. Includes noncorporate inventory valuation adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.

(2)

BUSINESS STATISTICS

WlontkL

THE1 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 ( f ) , 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

June

July

August

1953

September

October

November

December

January

S?JTU~
dry

March

April

May

June

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT t
Seasonally adjusted quarterly totals at annual rates:
National income, total _
bil. of dol
Compensation of employees, totaldo
Wages and salaries, totaL ... _ _ __ _ _ d o _ .
Private
-~ _ _ _
do
Military
__ . _
. do
Government civilian . _
do
Supplements to wages and salaries . _ do .
Proprietors' and rental income, totaled do
Business and profession aid71
- - - -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

287.9
189.5
180.1
147.7
10.4
22.0

301 4
201 3
191.3
158 3
10 4
22 6
10 0
51 1
26 7
14 0
10 3

306 5
204. 5
194.5
161.3

208.0

9.5
51. 5
26.3
15.3
10.0

290 4
194. 1
184.4
151.5
10.6
22 4
9. 6
51 5
26. 1
15 2
10 2

16.6
50.8
27.0
13.4
10.4

10.0
49.7
27.0
12 3
10.4

39 9
38.2
20.1
18.0
1.7
6 9

37 7
37 0
19.4
17 5
.7
7 1

41
40
21
19
1
7

43 6
44.4
24.1
20.3
-.8
7.6

— 6
7 7

Gross national product, total
do...
Personal consumption expenditures,total do
Durable goods
do
Nondurable goods
do
Services
_.
do
Gross private domestic investment
do
New construction
do, _ .
Producers' durable equipment . , . do
Change in business inventories
do
N e t 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
71 8
49 6
23 4
25.6
.7
5

345 3
217.2
25 1
118 7
73 3
52 3
23 1
24.9
4 2
2 0

361 1
224 4
28 2
121 1
75 1
57 9
23 9
25 5
8 5
16

77 7
54.7
49 8
23.0

77
54
49
23

§
6
2
1

80
56
50
24

Personal income, totaL _ _ _ __
_
Less: Personal tax and nontax payments
Equals: Disposable personal income
_
Personal saving§ _ _ _ _ _ _

266.0

271
34
236
19

4
8
6
4

278
35
243
18

do
do
_do
do

34 3
231. 7
14 5

7
3
2
1
4
4
r

198.0
164. 5

362. 0

2.9
2.1

372
230
30
122
77
61
25
26
8
2

4
4
7
1
6
0
3
9
8
5

4
4
5
0

82.4
57.4
51.6
24.9

83
58
53
24

5
9
5
6

3
3
0
6

281.6
36.2
245. 4
17.7

284
36
247
17

4
7
7
2

227.7

30.2
121.2
76 3
r
54 0
25.0

••26.2
1

PERSONAL INCOME, BY SOURCEf
Seasonally adjusted, at annual rates:
Total personal income
bil. of dol
Waue 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

268 1
181 6
78.2
48 5
21 8
33 1
178 0
4 7
52 2
20.9
12 6

266 3
180. 3
75.8
49.5
22.2
32 8
176.7
4. 7
51 5
20.9
12 7

271 3
185.4
80.6
49 5
22 2
33 1
181 9
4 7
50 6
21.0
13 4

276 4
188 4
83.8
49 4
22 3
32 9
184 8
4 9
52 5
21.2
13 3

277 3
190 2
84.7
50 0
22 4
33 1
186 6
50
51 4
21.3
13 3

277 2
191 4
85. 6
50 0
22 5
33 3
187 8
51
50 0
21.4
13 1

280 6
192 5
87.0
50 1
22 Q

3.9

3. 8

3. 8

3.9

3.9

247.4

246. 0

251.9

255.7

258. 0

281 0
194 6
88.0
50 6
22 8
33 2
190 9
5 1
50 2
21.7
13 3

283 6
196 2
88.8
50 9
23 2
33 3
192 4
5 1
^0 7
21.9
13 7

289 7
196 6
88.8
51 0
23 4

188 7
51
51 8
21.5
13 6

192 8
86.8
50 2
22 7
33 1
188 8
51
51 6
21.6
13 5

3.8

3.9

4.1

3.9

4.0

4.0

4.0

4.1

259. 1

261. 6

261. 1

263. 3

265. 4

265. 5

' 267. 2

268. 7

09 o

980

PJ

00

r
r

90 A 7
JQO A

r

89. 3

90

Q

oo a

A

192 8
5 1

r 1Q4 9

22.0

22.1

io a

285 9
199 3
89.7
52 1
195 5
C

10

r

1

22.3
I 0

C

NEW PLANT AND EQUIPMENT
EXPENDITUR ES{
All industries, quarterly total
mil. of dol..
6,808
6,244
i 7 244
6,147
7 265
Manufacturing
do____
3,156
2,820
i 3 241
2,747
3,367
Mim'n g
do
228
206
1 99Q
199
229
Railroads .. ._ _ ..... ...
_
do
386
289
i j.1 1
357
310
Transportation, other than rail
do
i 3,^
372
302
31 1
335
Public utilities
_ _
do
928
947
i i 216
1 142
904
Commercial and other _ _ _ _ _ _ ._
do
1,738
1, 680
1,835
1,675
1 1.810
r
Revised.
Estimates based on anticipated capital expenditures of business; those for July-September 1953 are shown on p. 3 of June 1953 SURVEY.
fRevised series.
Quarterly estimates of national income and product and quarterly and monthly estimates of personal income have been revised beginning 1949; see pp 28-32 of the July
1953 SURVEY for the data..
^Includes inventory valuation adjustment. .
9 Government sales are not deducted..
§Personal saving is excess of disposable income over personal consumpross
roduct
Data through
tion expenditures shown as a component of gross national product above.
©Data t h r o u h 1951 r e r n employee contributions only; thereafter, personal contributions of self-employed perrepresent m
sons are also included.
JRevisod beginning 1939. Revisions for 1939 and 1945-50 appear on pp. 20 and 21 of the August 1952 SURVEY; those for 1951, on p. 9 of the March 1953 issue. *




S-l

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