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SUEVEY OF CUREENT BUSINESS May 1954 Table 1.—National Income and Product, 1952, 1953, and First Quarter 1954 l [Billions of dollars] Seasonally adjusted at annual rates Unadjusted 1952 1954 1953 1953 1954 1953 I II III IV I I II III IV 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 . ..- - 291.6 306.4 75.7 77.4 77.1 76.2 (2) 306.7 310.7 308.1 300.8 (2) - 193.2 183.6 151.1 10.4 22.2 9.6 207.6 197. 6 164.1 10.4 23.1 9.9 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 52.8 50.6 41. 9 2.6 6.1 2.3 50.6 47.8 39.3 2.5 6.0 2.8 204.5 194.5 161.3 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 9.8 207.7 198.0 164.4 10.3 23.3 9.8 205.1 194C *161. ^ 10.0 23.5 10.4 51.2 26.3 14.8 10.0 49.9 27.0 12.4 10.6 12.7 6.7 3.4 2.6 12.4 6.7 3.1 2.6 12.3 6.7 2.9 2.6 12.5 6.7 3.1 2.7 12.5 6.7 3.1 2.7 50.8 27.0 13.4 10.4 49.7 27.0 12.3 10.4 49.1 26.9 11.6 10.6 50.0 26.9 12.2 10.8 49.9 26.7 12.3 10.9 40.2 39.2 20.6 18.6 1.0 41.1 41.9 22.9 19.0 -.8 10.7 10.9 5.9 4.9 o 11.3 11.5 6.3 5.2 -.2 10.2 10.9 5.9 4.9 -.6 8.8 8.6 4.7 3.9 .3 (2) (22) ( 2) () .0 43.8 44.6 24.4 20.3 .8 45.2 45.9 25.0 20.8 -.6 40.7 43.3 23.6 19.6 -2.6 35.0 34.0 18.6 15.4 1.0 (22) (2) (2) () -.1 7.0 30.9 7.8 31.8 1.9 8.0 1.9 8.0 2.0 7.6 2.0 8.1 2.0 8.0 7.6 31.5 7.7 31.9 7.9 31.8 8.1 31.8 8.1 31.7 . __ __ __ _ _ 3 _ ._ ._ _ . C orporate profits and inventory valuation adjustment _ . . _ . Corporate profits before tax Corporate profits tax liability. _ Corporate profits after tax Inventory valuation adjustment - N e t interest _.- _ _ _ _ _ _ _ _ _ _ Addendum* Compensation of general government employees .. _ _ ._ GROSS NATIONAL PRODUCT OR EXPENDITURE 348.0 367.2 89.2 91.1 91.8 95.1 87.4 363.9 371.4 369.5 363.5 357.8 218.1 26.7 118.8 72.7 229.8 30.1 121.2 78.4 54.3 6.7 28.3 19.3 57.0 7.5 29.9 19.5 56.3 7.4 29.3 19.6 62.2 8.4 33.7 20.1 54.7 6.3 27.9 20.5 227.7 30.2 121.2 76.3 230.4 30.7 122.1 77.6 231.0 30.4 121.3 79.2 230.0 29. 1 120.4 80.5 229.8 28.2 120.4 81.3 52.5 23.4 11.1 12.3 25.4 3.7 3.1 54.4 25.1 11.8 13.3 26.7 2.5 3.2 15.0 5.3 2.4 2.8 6.3 3.4 3.5 13.4 6.3 3.0 3.3 7.0 .1 .3 14.6 7.0 3.3 3.7 6.8 .7 1.0 11.4 6.5 3.0 3.5 6.6 -1.7 —1.5 12 9 5.6 2.5 3.1 6.2 1.0 1.1 54.9 25.0 12.2 12.8 26.2 3.7 4.0 58.5 25.3 12.0 13.4 26.9 6.3 7.0 55.2 24.9 11.5 13.4 27.1 3.1 4. 2 48.8 25.3 11.6 13.6 26. 5 -3. 0 -2.3 46.8 26.4 12.3 14.1 25. 2 -4.8 -4.4 Net foreign investment —.2 -2.0 —.1 2 -1.0 -i.c Government purchases of goods and services Federal National security National defense ._ Other national security Other ___ _ Less" Government sales State and local _ _ - 77.5 54 2 48.9 46.5 2.4 5.8 .5 23.4 84.9 59.7 51.8 49.8 2.0 8.5 .6 25.2 269.7 34.6 31.1 3.6 235 0 218. 1 16.9 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 pavments _ - .-. _. Statistical discrepancy. - Plus' Subsidies less current surplus of Government enterprises Equals : National income _ Gross national product Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic investment New construction Residential nonfarm Other Producers' durable equipment Change i n business inventories, total Nonfarm only Personal income - _ __ . _ _ ._ ___ ._ ______ __ _._ _____ _ - . - _ _ - _.-_----. DISPOSITION OF PERSONAL INCOME Less- Personal tax and nontax payments. Federal State and local Enuals' Disposable personal income Less* Personal consumption expenditures Equals* Personal saving _ ._ - . .. . _. - _. 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 . _ _ -2.1 -2.5 -2.1 20.4 14.6 12.9 12.3 .6 1.9 .2 ! 5.8 j 21.4 15.1 13.4 12.8 .6 1.9 .2 6.2 21.6 15. 1 13.0 12.6 .4 2.2 .1 6.5 21.6 14.9 12.5 12.0 .5 2.5 .1 6.7 20.1 13.8 11.7 11.4 .4 2.2 .1 6.3 83.4 58.5 51. 6 49.4 2.2 7.6 .7 24.9 85.0 60.5 53.5 51.3 2.3 7.6 .7 24.6 85.5 60.4 52.1 50.4 1.7 8.8 .5 25.2 85.7 59.5 50.0 48.1 1.9 10.0 .5 26.3 82.2 55.1 46.9 45.4 1.5 8.7 .5 27.1 284.5 69.1 71.0 71.4 73.1 69.7 281.6 284.4 286.8 285.9 283.2 36.6 32.7 3.9 247.9 229.8 18.1 12.7 i 7.2 11.5 1.2 56.4 54. 3 2.1 8.7 7.8 .9 62.6 56.3 6.3 8.0 7.2 .8 65.1 62.2 2.9 12.0 10.8 1.2 57.7 54.7 3.0 36.2 32.3 3.8 245.4 227.7 17.7 36.7 32.8 3.9 247.7 230.4 17.2 37.0 33.1 3.9 249.8 231.0 18.8 36.6 32.7 4.0 249.3 230.0 19.3 33.4 29.4 4.0 249.8 229.8 20.0 348.0 27.0 28. 1 .9 .5 .1 367.2 29.3 30.0 .9 .5 —.1 89.2 i 7. 1 7. 1 1 .2 I -.9 ! .01 91.1 7. 3 7. 5 .2 -1.3 .0 91.8 7.4 7.6 — .6 -.1 95.1 7.5 7.8 2 3^3 -.1 87.4 7.6 7. 4 2 (2)" 363.9 28.2 29.3 .9 -1.2 .0 371.4 29.2 30.1 .9 2 369.5 29.6 30.2 .9 .4 -.3 363.5 30.0 30.4 .9 1.1 357.8 30.3 30.4 .9 (2) -.3 291.6 306.4 75. 7 ' 77. 4 77.1 76.2 (2) 306.7 310.7 308.1 300.8 40.2 8.6 -. 1 41.1 8.9 .0 10. 7 i 2. 6 i .0 11.3 2.3 .0 10.2 2.1 .0 8.8 1.8 .0 (2) 2.9 .0 43.8 9.0 .0 45.2 9.0 .0 40.7 8.8 .0 35.0 8. 7 .0 (2) 10.0 .0 12 0 4. 9 9. 1 ! .91 19 8 3.2 1. 1 ! 2.2 i .2 i 3.2 1.6 2.2 .2 3.1 1.1 2.2 .2 3.3 1.4 2.7 .2 3.6 1.2 2.5 .2 12.6 4.9 9.2 .9 12.6 5.0 9.4 12.6 5.1 9.6 .9 13.3 5.2 9.4 .9 14.2 5.2 9.6 .9 71.0 71.4 73.1 69.7 281.6 284.4 286.8 285.9 283.2 269.7 1. Detail will not necessarily add to totals because of rounding. 2. Not available. Institutional and social and recreational building, which also had been subject to emergency controls, continued the rise which started in 1953. A considerable part of the expansion in commercial, institutional, and recreational construction complemented — .6 5. 1 9.3 .9 284.5 69.1 ; : * ; 6.2 1.0 63.8 57. 0 6.8 (2) 3. Includes noncorporate inventory valuation adjustment. Source: U. S. Department of Commerce, Office of Business Economics. the growth in housebuilding, particularly insofar as the latter has involved the opening up of new communities in suburban areas. Public utility construction maintained the record pace that was reached in the second quarter of last year. Indus- BUSINESS STATISTICS 1 HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1953 Statistical Supplement 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 nmbers and dollar values refer to adjustment of monthly figures for seasonal variation. Statistics originating in Government agencies are not copyrighted and may he reprinted freely. provided through the courtesy of the compilers, and are subject to their copyrights. Data from private sources are 1954 195 Unless otherwise stated, statistics through 1952 and descriptive notes arc shown in the 1953 Statistical Supplement to the Survey March April May July June August September October November December January ~ March GENERAL BUSINESS INDICATORS NATIONAL INCOME AND PRODUCT Seasonally adjusted quarterly totals at annual rates: National income, total _ ... . . bil.ofdoL. Compensation of employees, total do Wages and salaries, total do Private do. - - Military _. -do Government civilian do Supplements to wages arid salaries .-do ... Proprietors' and rental income, totalcf do Business and professional cf1 do Farm _ . do Rental income of persons - _ _ d o _ .. Corporate profits and inventory valuation adjustment, total bil. of dol. . Corporate profits before tax total do Corporate profits tax liabilitv do Corporate profits after tax . ... do Inventory valuation adjustment do Net interest - -..do 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 10.6 22 9 10 0 49 7 27 0 12 3 10 4 308.1 210 4 200.6 166.9 10.5 23 1 43.8 44. 6 24.4 20.3 -.8 7.6 45.2 45 9 25 0 20.8 -.6 7. 7 40.7 43 3 23 6 19.6 -2.6 ;w o Gross national product, total do Personal consumption expenditures, total. do Durable goods , - do Nondurable goods do Services do Gross private domestic investment, total bil oi 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 9 _. do State and local do 363. 9 227.7 30.2 121 2 76 3 371 4 230.4 30.7 122 1 77 f\ 369 5 231.0 30.4 121 3 79 2 363 5 230 0 99 i 80 5 357. 8 229. 8 28.2 120.4 81 3 54. 9 25.0 26.2 3.7 -2.1 58 o 25 3 26.9 6 3 —2 5 55 2 24.9 27.1 3 1 —2.1 48 K 25 3 26 5 - 3 0 —10 46 8 26.4 25. 2 — 4.8 —10 83.4 58.5 51.6 24.9 85. 0 60. 5 53 5 24 6 85. 5 60. 4 52. 1 25 2 85 7 59 5 50 0 82. 2 55. 1 46. 9 27 1 Personal income, total ._do .. Less: Personal tax and nontax pavments do Equals: Disposable personal income- , .. ...do .. Personal saving! - do 281.6 36.2 245.4 17.7 ... 284 36 247. 17 300 S 9.8 49 1 26.9 11 6 10. 6 34 18 15 1 8 7.9 4 7 7 2 205. 1 194. 7 161.2 10.0 23.5 10.4 49.9 26. 7 12.3 10.9 207 7 198.0 164. 4 10 3 °3 3 9 8 50 0 26 9 12 '> 10 8 0 *) 4 0 1 —.1 8.1 19() 4 9f, '] 286.8 37 0 249. 8 18 8 985 36 °49 19 283.2 33 4 249.8 20 0 9 6 3 3 PEKSONAL INCOME. BY SOURCE Seasonally adjusted, at annual rates: Total personal income bil of dol Wage and salary disbursements, total do Commodity-producing industries do D istributi ve industries do Service industries do Government _ . - . . . do Wage and salary receipts, total do O ther la bor 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 rionagricultural income do 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. (i 88.8 51.0 23.4 33 4 192 8 5. 1 49 4 22.0 13 6 ?84 7 198.0 89. 3 51.7 23. 5 33 5 194 2 51 50 0 22. 1 13 5 986 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 51 49 5 22.4 13 5 °87 0 201.0 90.2 52.9 24.1 33 8 197 1 51 48 9 22. 5 n6 286 3 199.9 89.3 52.7 24.1 33 8 196 0 5 1 49 0 22.7 13 6 287 2 199.3 88 7 52.7 24.2 33 7 195 6 51 49 5 22.8 14 5 28^ 9 198. 3 87 7 52. 9 24.1 33 6 194 5 5 1 50 0 22." 7 13 8 284 6 196.3 86 4 52. 2 24. 2 33 5 199 5 51 50 3 22.7 143 983 7 195.7 85 4 52.6 24.1 33 6 191 2 5 1 50 0 23.0 14 7 4.0 4.0 4.0 4.2 4.2 4. 1 4.0 4.0 4.0 4.1 4.8 265,4 265, 5 267. 2 268.8 270. 6 270. 7 270. 0 270. 5 269. 0 267.2 266. 4 r 283 194.7 84. 9 ' 52. 2 24.1 T 33 5 r 190 2 5 1 r 50 0 r r 23. 0 lr> 0 •>^2 8 193. (i 83 9 52. 0 24.3 33 4 189 1 5° 49 9 23.1 15 7 4.8 4.7 266. 0 265. 5 NEW PLANT A N D EQUIPMENT EXPENDITURES 6,339 mil. of dol.. 7,289 7, 098 i 6, 808 7, 666 2,945 * 2, 893 3, 392 Mining do 225 234 265 i 262 °88 i Railroads .. ... do i 29^ 313 300 359 341 337 Transportation, other than rail do 366 i 358 386 376 9 Public utilities ._ __ . do 925 1,219 1,158 1 1 026 1 46 Commercial and other do 1, 792 1,979 1.984 2, 023 U.975 r l Revised. Estimates based on anticipated capital expenditures. concludes inventory valuation adjustment 9Government sales are not deducted. §Personal saving: is excess of disposable income over personal consumption exneiiditures shown as a component of gross national product above. ^Revisions for 1952 and estimates for 1954 (based on anticipated capital expenditures of business) appear on p, 10 of the March 1954 SURVEY. All industries, quarterly totaU S-l
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