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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)
(2)
(2)
(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

2
(2)
(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

. _

_

-2.5

-2.1

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

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

- .

-2.1

20.4
14.6
12.9
12.3
.6
1.9
.2 !
5.8 j

291.6

_____ _

_

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

265, 5

267. 2

268.8

270. 6

270. 7

270. 0

270. 5

269. 0

267.2

266. 4

194.7
84. 9
' 52. 2
24.1
T 33 5
r

190 2
5 1
r 50 0
r

4.8

265,4

r 283

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
r

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

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