View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

SUEVEY OF CUREENT BUSINESS

November 1953

Table 1.—National Income and Product, 1952 and First Three Quarters, 1953
[Billions of dollars]
Unadjusted

1952

1952

Item

Seasonally adjusted at annual rates

1953

1952

1953

I

II

III

IV

I

II

III

I

II

III

IV

I

II

291.6

70.7

71.8

73.0

76.1

75.7

77.4

(2)

286.8

287.9

290.4

301.4

306.7

310.7

(2)

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
2.6
5.8
2.6

51.8
49.1
40.8
2.6
5.8
2.6

52.6
50.2
42.1
2.6
5.5
2.4

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
10.4
22.8
10.0

208.0
198.0
164.5
10.6
22.9
10.0

210.4
200.6
166.9
10.5
23.1
9.8

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

12.3
6.7
2.9
2.6

50.5
26.1
14.7
9.6

51.5
26.3
15.3
10.0

51.5
26.1
15.2
10.2

51.1
26.7
14.0
10.3

50.8
27.0
13.4
10.4

49.7
27.0
12.3
10.4

- 49.1
26.9
11.6
10.6

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

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

10.7
10.9
5.9
4.9
-.2

11.3
11.5
6.0
5.4
-.2

(2)
(2)
(2)
(2)
-.6

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

43.8
44.6
24.4
20.3
-.8

45.2
45.9
25.0
20.8
-.6

8)
(

Net interest
Addendum: Compensation of general Government employees ._
_

7.0

1.7

1.7

1.8

1.8

1.9

1.9

2.0

6.7

6.9

7.1

30.9

7.6

7.7

7.5

8.0

8.0

8.0

7.6

30.1

30.8

31.3

31.5

31.5

31.9

31.8

348.0

83.4

84.4

85.4

94.7

89.2

90.8

91.3

340.4

345.1

345.3

361.1

362.0

372.4

369.0

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

56.3
7.4
29.3
19.6

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

231.0
30.4
121.3
79.2

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

14.6
7.0
3.3
3.7
6.8
.7
.7

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
8.8
8.7

56.5
24.9
11.5
13.4
27. 1
4.5
4.4|

III

NATIONAL INCOME BY DISTRIBUTIVE SHAKES
National income- _
Compensation of employees
Wages and salaries
Private _
_
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income 3.
Business and professional
Farm
Rental income of persons

__

-

__

_
_ _ _

2

(2)

-2.6

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services

___

Gross private domestic investmentNew construction
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories, total___
Nonfarm only _

__

Net foreign investment

-.2

.5

.1

-.6

9

-.5

-.6

-.7

2.1

.5

-2.0

-1.6

-2.1

-2.5

-2.1

Government purchases of goods and services
Federal
National security
National defense
.
"Other national security
Other
Less: Government sales. _
State arid local

77.5
54.2
48.9
46.5
2.4
5.8
.5
23.4

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

21.1
14.6
13.0
12.6
.4
1.7
.1
6.5

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
.7
24.9

83.5
58.9
53.5
51.3
2.3
6.0
24^6

83.6
58.4
52.1
50.4
1.7
6.8
.5
25.2

269.7

64.4

66.3

67.7

71.3

69.1

70.7

71.4

262.8

266.0

271.4

278.3

281.6

284.4

286.8

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

8.7
7.8
.9

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

37.0
33.1
3.9

235.0
218.1
16.9

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

62.6
56.3
6.3

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

249.8
231.0
18.8

348.0

83.4

84.4

85.4

94.7

89.2

90.8

91.3

340.4

345.1

345.3

361.1

362.0

372.4

369.0

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
-.8
.0

7.3
7.5
.2
-1.6
.0

7.4
7.6
.2
2
()
-.1

25.7
27.0
.9
.0
.1

26.9
28.0
.9
1.8
.4

28.2
28.9
.9
1.6
-.2

28.2
29.3
.9
-3.1
.0

29.2
30.1
.9
1.7
.2

29.6
30.0
.9

291.6

70.7

71.8

73.0

76.1

75.7

77.4

(2)

286.8

287.9

27.0
28.3
.9
-1.4
^
290.4

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

10.7
2.6
.0
3.2
1.1
2.2
.2

11.3
2.3
.0
3.2
1.3
2.2
.2

(2)
2.1
.0
3.1
1.1
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

43.8
9.0
.0
12.6
4.9
9.2
.9

45.2
9.0
.0
12.6
5.0
9.4
.9

(2)
8.8
.0
12.6
5.1
9.6
.9

269.7

64.4

66.3

67.7

71.3

69.1

70.7

71.4

262.8

266.0

271.4

278.3

281.6

284.4

286. g

____•_.

__. _

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 enterprisesEquals: National income
Less: Corporate profits and inventory valuation adjustmentContributions 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.




301.4

306.7

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

310.7

(2)

-.3

(2)

BUSINESS STATISTICS
THE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1953 Statistical Supplermnt to the SURVEY
OF CURRENT BUSINESS. That volume (price $1.50) contains monthly data for the years 1949 to 1952, 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 1949. Series
added or revised since publication of the 1953 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.
Data from private sources are

Statistics originating in Government agencies are not copyrighted and may be reprinted freely,
provided through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated, statistics through
1952 and descriptive notes are shown in the
1953 Statistical Supplement to the Survey

1953

1952
Se

beTm" 1

October

November

December

January

F

£T

Mareh

April

May

June

July

August

September

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
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, totaled- do
Business and professional of
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
N e t interest
__ _ _ _ _ _ _ _ _ _ _
do

290.4
194.1
184 4
151.5
10 6
22 4
9.6
51.5
26 1
15.2
10 2

301 4
201.3
191 3
158.3
10 4
22 6
10.0
51.1
26 7
14.0
10 3

306 7
204.5
194 5
161 3
10 4
22 8
10.0
50.8
27 0
13.4
10 4

310 7
208.0
198 0
164.5
10 0
22 9
10.0
49. 7
27 0
12.3
10 4

210.4
200.6
166.9
10.5
23.1
9.8
49.1
26.9
11.6
10.6

37.7
37 0
19 4
17 5
7
7.1

41 7
40 3
21 2
19 1
14
7.4

43.8
44 6
24 4
20 3
— 8
7.6

45 2
45 9
25 0
20 8
— 6
7.7

-2.6
7.9

Gross national product, total
do
Personal consumption expenditures, total do
Durable goodsdo
Nondurable goods
_
do
Services
do
Gross private domestic investment, total
bil of dol
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?
do
State and local
do

345 3
217 2
25.1
118.7
73 3

361 1
224.4
28.2
121. 1
75 1

362.0
227 7
30.2
121 2
76 3

372 4
230 6
30.7
122 1
77 6

369.0
231.0
30.4
121. 3
79.2

52 3
23.1
24 9
4.2
—2.0

57 9
23.9
25 5
8.5
— 1.6

54 0
25.0
26 2
2.9
—2 1

61 0
25.3
26 9
8.8
—2 5

56.5
24.9
27.1
4.5
-2.1

77.8
54.6
49.2
23 2

80.4
56. 4
50.5
24 0

82 4
57.4
51. 6
24 9

83.5
58.9
53.5
24 6

83.6
58.4
52.1
25.2

Personal income, total
do
Less: Personal tax and nontax payments.__do
Fquals: Disposable personal income
do
Personal saving §
do

271.4
34.8
236.6
19 4

278 3
35.3
243. 0
18 6

281 6
36.2
245 4
17 7

284 4
36.7
247 7
17 2

286.8
37.0
249.8
18.8

T

PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:
Total personal income_
bil. of dol
Wage and salary disbursements, total _ do
Commodity-producing industries
do
Distributive industries _ __ __ _ . d o
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
bil. of dol__
Total nonagricultural income

_ _ do. _

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
5.0
51.4
21.3
13.3

277.2
191.4
85.6
50.0
22.5
33.3
187.8
5.1
50.0
21.4
13.1

280.6
192.5
87.0
50.1
22.6
32.8
188.7
5.1
51.8
21.5
13.6

280.5
192.8
86.8
50.2
22.7
33.1
188.8
5.1
51.6
21.6
13.5

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
50.7
21.9
13.7

282.7
196.6
88.8
51.0
23.4
33.4
192.8
5.1
49.4
22.0
13.6

284.7
198.0
89.3
51.7
23.5
33.5
194.2
5.1
50.0
22.1
13.5

286.3
199.5
89.8
52.2
23.9
33.6
195.6
5.1
50.1
22.3
13.5

287.5
201.2
90.6
52.9
24.2
33.5
197.3
5.1
49.5
22.4
13.5

3.9

3.9

3.8

3.9

4.1

3.9

4.0

4.0

4.0

4.2

4.2

255.7

258.0

259.1

261.6

261.1

263.3

265.4

265.5

267.2

268.8

270.6

287.0
'201.0
'90. 2
'52.9
-24.1
'33.8
••197.1
5.1
'48.9
22.5
13.6
M.I
' 270. 7

285.8
199.5
88.7
52.9
24.2
33.7
195.7
5.1
48.9
22.7
13.6
4.0

269.6

NEW PLANT AND EQUIPMENT
EXPENDITURES
i 7, 408
7,265
6,244
All industries, quarterly total
_mil. of dol_.
7,225
6,147
Manufacturing
_
do
2,820
3,425
3,367
2 747
3,280
Mining
__
do
229
206
244
212
199
. - 331
289
Railroads
do
358
357
310
"
358
302
311
335
339
Transportation, other than rail
-- do
1,231
1,142
Public utilities
do
947
1,148
904
Commercial and other
_do
1,680
1,835
1,820
1,887
1,675
'Revised.
1 Estimates for July-September based on anticipated capital expenditures of business; those for October-December 1953 appear on p. 4 of the September 1953 SURVEY.
^Includes inventory valuation adjustment.
9Government sales are not deducted.
§Personal saving is excess of disposable income over personal consumption expenditures shown
as a component of gross national product above.




S-l

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