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SURVEY OF CURRENT BUSINESS
Table 1.—National Income by
[Millions of dollars]
Line
1
2

1929

National income ...

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

1938

75 729

59 708

42 547

40 159

48 959

57 057

64 911

73 618

67 581

39 740

31 054

29 539

34 295

37 340

42 910

47 934

44 994

46 187
41 033
311
4, 843

39 119
33 861
' 304
4 954

30 477
25 511

28 997
93 g55

33 705
27' 629
' 268
5 808

36 690
30 189
' 303
6 198

41 920
34 054

46 107
38 614

42 976
34 752

7 532

7 139

7 859

662
101
561

657
106
551

14, 759

Business and professional
Income of unincorporated enterprises
Inventory valuation adjustment
Farm

.. . .

Rental income of persons
Corporate profits and inventory valuation adjustment ... .

292

267

4 674

4 875

621
111
510

577
126
451

542
133
409

590
147
443

650
171
479

990
418
572

1 827
1,234

2 018
1,423

11,540

8, 734

5,316

5, 599

7,010

10,387

10, 482

12, 691

11, 128

8,791
8,649
142
5 968

Income of unincorporated enterprises and inventory valuation adjustment -

16

23

1937

1936

46 844

_.

15

09

1935

50, 423
45 485
308
4,630

7
8
9

17
18
19
20
21

1934

1933

87,814

Wages and salaries ..
Private
Military _ _ .
Government civilian !_

11
12
13
14

1932

51,085

Compensation of employees

3
4
5
6

10

1931

1930

7,410
6, 655
755
4 130

5, 581
4,970
611
3 153

3,384
3,089

3,166
3 691
—525
9 433

4,564
4,618

5, 351
5, 401

6,530
6,650
— 120
3 952

7,073
7, 102

6,793
6,572

5 618

4 335

295

1 932

—54

2 446

—50
5 036

334

354

593

—29

365

595

221

5 425

3 761

2 713

1 971

1 694

1 661

1 776

2 081

2 560

6,582

1,634

— 1,970

— 1 992

1,091

2,918

5,002

6,204

4,263

9,628
1, 369
8, 259
5, 813
2,446
472

3. 322
842
2, 480
5 490
—3, 010
3 260

— 780

—3,017

385

151
521

1 716

3,145

— 1,278
4 088
— 5,366
2 414

—3,402
2 565
— 5,967
1 047

—370
2 056
—2, 426
—2 143

2 587
— 1 615
—625

2,194
2 863
—669
— 227

5,740
1 409
4,331
4 548
—217
— 738

6,235
1 502
4,733
4 685

3, 300
1 029
2,271
3 187
—916

6,445

Corporate profits before tax
.
Corporate profits tax liability .
Corporate profits after tax. .
Dividends
Undistributed profits
__.
Inventory valuation adjustment

4 778

10, 100

5 985

5 839

5 434

5 042

4 869

4 751

4 741

4 708

...

Net interest

498

744
972

951

48
—31

963

4 636

1
Includes also the pay of employees of government enterprises and of permanent United States residents employed in the United States by foreign governments and international
organizations.

Table 2.—Gross INational Product
[Millions of dollars]

|

2
3
4
5

6
g
9
10

Durable goods .
Nondurable goods
Services

1936

1937

1938

64, 975

72, 502

82, 743

90, 780

85, 227

51, 894

56, 289

62,616

67, 259

64, 641

3,469
22, 251
20 672

4,213
26, 656
21,025

5,111
29, 319
21, 859

6,304
32, 836
23, 476

6, 925
35, 185
25 149

5, 686
33, 985
24, 970

1931

1932

1933

1934

104, 436

91, 105

76, 271

58, 466

55, 964

78, 952

70, 968

61, 333

49, 306

46, 392

9.212
37, 677
32, 063

Gross national product
Personal consumption expenditures

1935

1930

7,155
34, 010
29, 803

5, 485
28, 946
26 902

3,646
22, 758
22 902

1929

Line

._ _

... . ._

..

16, 231

10, 265

5, 523

913

1,391

2,888

6,277

8,404

11,747

6,661

New construction
Residential nonfarm
Other

8 707
3,625
5,082

6 183
2,075
4,108

3 968
1, 565
2, 403

1 876
630
1,246

1 431
470
961

1 709
625
1,084

2,299
1,010
1,289

3 281
1,565
1,716

4 403
1,875
2,528

3 960
1, 990
1,970

Producers' durable equipment

5, 850

4, 465

2.839

1, 593

1,589

2,304

3,066

4, 169

5,095

3, 644

1 674
1,836
-162

—383
-83
-300

— 1 284
— 1,608
324

—2 556
—2, 590
34

— 1 629
— 1,370
-259

— 1 125
195
-1,320

912
376
536

954
2,066
-1,112

2 249
1,726
523

—943
— 1,046
103

Gross private domestic investment

11
12
13

Nonfarm
Farm

J4

Net foreign investment

15

Government purchases of goods and services

16
]7
18
19
20
21

Federal
- ...
National security
National defense
...
Other national security
..
Other
Less* Government sales

22

State and local

-.

771

.

"

. ..

..

1

.. _ . _

i Breakdown into "National defense" and "Other national security" riot available.




690

197

169

150

429

-54

-93

62

1,109

8,482

.-

9,182

9,218

8,078

8,031

9,764

9,990

11,816

11,712

12,816

1,311

1,410

1,537

1,480

2,018

2,991

2,931

4, 815

4, 552

5, 280

1, 344

1, 432

1, 549

1,484

2,022

2,997

2,935

4,818

4, 557

o, 286

33

22

12

4

4

6

4

3

5

6

7, 171

7,772

7,681

6,598

6,013

6,773

7, 059

7,001

7.160

7, 536

SURVEY OF CURRENT BUSINESS
Distributive Shares, 1929-53
[Millions of dollars]
1939

1940

72,753

81, 634

48, 108

52, 129

45, 941
37, 742
388
7,811

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

1952

1953

104,710

137,694

170,310

182, 639

181, 248

179, 577

197, 168

221, 641

216, 193

239,956

277, 041

290, 959

305,002

1

64,789

85, 271

109,587

121, 286

123, 181

117, 697

128,757

140, 927

140,858

154, 325

180,420

195, 423

209,061

2

49, 818
41, 395
563
7,860

62, 086
51, 894
1,866
8,326

82, 109
66, 123
6,168
9,818

105, 828
79, 197
14, 133
12, 498

116, 823
83, 843
20,033
12, 947

117, 577
82, 664
21, 819
13, 094

111, 836
91, 241
7,818
12, 777

122, 858
105, 512
4,067
13, 279

135, 172
116, 424
3,970
14, 778

134, 334
113, 873
4,248
16, 213

146, 526
124, 297
4,999
17, 230

170, 881
142, 050
8,684
20,147

185, 039
152, 222
10, 465
22, 352

197, 980
164, 503
10, 207
23, 270

3
4
5
6

2,167
1,540
627

2,311
1,624
687

2,703
1,983
720

3,162
2,302
860

3,759
2,677
1,082

4, 463
2,937
1, 526

5, 604
3,805
1,799

5, 861
3,970
1,891

5,899
3,565
2,334

5,755
3,042
2,713

6,524
3,503
3,021

7,799
3,976
3,823

9,539
4,753
4,786

10, 384
4,874
5,510

11, 081
4,745
6,336

7
8
9

11,610

13,010

17,401

23,907

28, 187

29,565

30, 835

35,265

34,433

38,389

34, 149

36, 140

40,809

39, 918

38,444

10

7,293
7,459
-166
4,317

8,442
8,487
-45
4,568

10, 897
11,512
-615
6,504

13, 899
14, 266
-367
10,008

16, 823
16, 979
-156
11, 364

18, 040
18, 109
-69
11, 525

19,011
19, 117
-106
11, 824

21, 321
23, 026
-1,705
13, 944

19, 948
21, 419
-1,471
14, 485

21, 649
22, 061
-412
16, 740

21, 431
20,963
468
12, 718

24,791
25, 135
-344
16, 018

25, 727
25, 519
208
14, 191

26, 215
26, 410
-195
12,229

11
12
13
14

2,742

2,885

3,465

4,547

5,097

5,413

5,634

6,208

6,510

7,198

7,874

8,473

9,129

10,021

10,596

15

5,689

9,120

14,511

19, 678

23, 781

23,033

18, 413

17,288

23, 626

30, 619

28, 141

35,106

39,913

38, 155

38,466

16

6,403
1,441
4,962
3,788
1,174
-714

9,320
2,834
6,486
4,043
2,443
-200

16, 982
7,610
9,372
4,458
4,914
-2,471

20,882
11,415
9,467
4,289
5,178
-1,204

24, 554
14, 074
10,480
4,484
5,966
-773

23,320
12, 949
10, 371
4,673
5,698
-287

18,977
10, 689
8,288
4,691
3, 597
-564

22, 551
9,111
13, 440
5,784
7,656
-5, 263

29, 525
11, 283
18, 242
6,521
11, 721
-5, 899

32, 769
12, 510
20, 259
7,248
13,011
-2, 150

26, 198
10, 411
15, 787
7,458
8,329
1,943

39, 970
17,829
22, 141
9,207
12, 934
-4, 864

41, 173
22, 476
18, 697
9,090
9,607
-1,260

37, 174
19, 965
17, 209
9,128
8,081
981

39, 430
21, 144
18, 286
9,365
8,921
-964

17
18
19
20
21
22

4,604

4,490

4,544

4,2S1

3, 658

3,342

3,185

3,119

3,842

4,508

5,171

5,912

6,770

7,442

8,435

23

22, 855
23, 989
-1,134
13, 285 .

Line

or Expenditure, 1929-53
[Millions of dollars]
1939

1940

1941

Lino

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

1952

211,393

213, 558

209, 246

232,228

257,325

257, 301

285,067

328,232

346,095

364,857

109,833

121, 699

146, 617

164, 973

177, 609

180,598

194,026

208,342

218,424

230,080

6,764
65, 368
37, 701

8,105
73, 222
40, 372

15, 892
84, 501
46, 224

20, 593
93, 077
51, 303

22, 214
98, 741
56, 654

23, 573
96, 879
60, 146

28,608
100, 386
.. 65,032

27, 148
111, 054
70, 140

26, 815
116, 012
75, 597

29,749
118, 925
81, 406

3
4
5

1953

1

100, 618

125,822

159, 133

192,513

67, 578

71,881

81,875

89,748

100,541

6,670
35, 131
25,777

7,771
37, 215
26, 895

9,659
43, 208
29, 008

6,968
51, 324
31, 456

6,605
59,259
34, 677

9,309

13, 155

18,072

9,875

5,600

7,130

10, 430

27, 125

29, 705

41, 176

32,549

51,219

56,864

50, 655

51,408

6

4,757
2,680
2,077

5, 452
2,985
2,467

6,629
3,510
3,119

3,721
1,715
2,006

2,326
885
1,441

2,712
815
1,897

3, 833
1,100
2,733

10, 291
4, 015
6, 276

14, 029
6,310
7,719

17, 904
8,580
9,324

17, 453
8,267
9,186

22, 733
12,600
10, 133

23, 332
10, 973
12, 359

23, 723
11, 100
12, 623

25, 536
11, 930
13, 606

7
8
9

4,180

5,531

6,942

4,343

4,027

5, 438

7,654

10, 733

16, 667

19, 110

17, 833

21, 135

23, 177

23,307

24, 378

10

372
316
56

2,172
1,902
270

4,501
4,049
452

1,811
652
1,159

-753
-577
-176

-1,020
-575
-445

-1,057
-595
-462

6,101
6,350
-249

-991
1,298
-2, 289

4,162
3,026
1,136

-2, 737
-1,862
-875

7,351
6,428
923

10, 355
8,951
1,404

3,625
2,971
654

1,494
2,169
-675

11
12
13

91,095

888

1,509

1,124

—207

—2, 245

—2, 099

— 1, 438

4,586

8,942

1,956

534

-2,201

227

-164

-1,866

14

13,320

14, 073

24,751

59,717

88, 617

96, 529

82,867

30,918

28, 608

36,584

43, 620

42,023

62, 799

77, 180

85,235

15

6,170
i 2, 223

16, 923
i 13, 794

52, 027
i 49, 567

81,223
i 80, 384

89, 006
i 88, 615

74, 796
i 75, 923

20, 934
i 21, 188

3,956
9

3,173
44

2,664
204

1,480
641

1,552
1,161

1,031
2,158

2,469
2,723

15, 776
13, 349
12, 254
1,095
3,751
1, 324

21, 019
15, 984
11, 578
4,406
5,570
535

25, 445
19,288
13, 570
5,718
6,570
413

22, 138
18, 511
14,257
4,254
3,882
255

40, 995
37, 260
33, 864
3,396
4,154
419

53, 951
48,501
46, 086
2,415
5,805
355

60, 105
52, 022
49, 993
2,029
M85
402

16
17
18
19
20
21

7,903

7,828

7,690

7,394

7,523

8,071

9,984

12, 832

15, 565

18, 175

19, 885

21, 804

23,229

25, 130

22

5,157
i 1, 258
---------3,908
9

)

8,163




SURVEY OF CURRENT BUSINESS

6

Table 3.—Personal Income and
[Millions of dollars]
Line
}
?

1929
85, 763
50 423

Personal income - __

4

Wage and salary disbursements
Other labor income
Proprietors' and rental income

5
6
7

Dividends... .__ _ .
Personal interest income
Transfer payments

g

8
9
10
11

__. -

1933

1934

76,881

65, 698

50, 115

47, 208

46 187

39 119

30 477

28 997

1938

1935

1936

53, 575

60, 210

68, 480

73, 921

68, 554

33, 705

36, 690

41 920

46, 107

42, 976

1937

551

510

451

409

443

479

572

595

12 495

8 029

7 570

593

16 318

8,704

12 048

12 258

14 772

13, 688

5,813
7,428
1,496

___ _

5, 490
6,949
1, 533

4,088
6,923
2,714

2. 565
6, 575
2, 170

2,056
6 212
2, 116

2,587
6,099
2,194

2, 863
5,892
2.400

4,548
5, 842
3,520

4,685
5 912
2,418

3,187
5,828
2,834

142

152

157

162

180

566

554

1,455

1, 464

1,595

1,888

607

331

827

1,124

474
990

595

1, 251

1,000

1,061

2,258
1 130
1,128

2,921
1,723
1, 198

2,862
1, 635
1,227

74, 374

63, 840

48, 660

45, 744

51, 980

58, 322

66, 222

71, 000

65, 692

70, 968

61, 333

19, 306

46, 392

51, 894

56, 289

62, 616

67, 259

64,641

4,168

Equals: Personal saving

152

1,858

78, 952

-_

151

2. 507
1, 134
1,373

83, 120

Equals: Disposable personal income

147

2,643
1,263
1. 380

_

Less: Personal consumption expenditures

14

1932

561

Less: Personal contributions for»social insurance

13

1931

20 184

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

12

1930

3, 406

2,507

—646

—648

86

2,033

3,606

3 741

1, 051

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

1 Gross national product
1

1930

1931
"

1932

1933

1934

1935

1936

1937

1938

104, 436

Line

91, 105

76,271

58, 466

55, 964

64, 975

72, 502

82, 743

90,780

85, 227

8,617
7,698

8,541
7,737

7, 615
7,038

7,112
6,598

351
263

7, 235
6. 665

7,496
6,700

7,746
6,910

7,783
6,939

413
506

389
415

7,161
6,661

329
248

275
225

237
277

236
334

381
415

304
532

387
457
77, 444

2
3
4
5

Less Capital consumption allowances
Depreciation charges
. . ..
Accidental damage to fixed capital
Capital outlays charged to current expense

6

Equals: Net national product

95,819

82, 564

68, 105

50,851

48, 803

57, 863

65, 267

75, 247

83, 034

7

Plus* Subsidies minus current surplus of government enterprises

— 147

— 193

—49

45

18

283

403

39

60

176

8
9
10

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

7, 003

7, 155

f>, 859

6, 788

7 055

7,815

9 154

534

737
754

641
731

594

594

567

-977

659
948

8,663

9 157

587
268

649
840

8, 190
— 171

1, 118

— 248

429
456

11

Equals: National income

12
13
14
15
16

Le^s* Undistributed corporate profits
Corporate profits tax liability
Corporate inventory valuation adjustment. . _. .
Contributions for social insurance
Excess of wage accruals over disbursements

17
18
19

Plus* Net interest paid by government
Government transfer payments
Business transfer payments

2

Equals: Personal income




-

..

--

.

8, 166
^ 552

87,814

_._

75, 729

59, 708

42, 547

40, 159

48, 959

57, 057

64, 911

73,618

67,581

2 446
1 369

—3 010

— 5 366

— 2 426

— 1 615

—669

842

498

—5 967

385

521

744

48
1, 502

—916
1,029

472
243
0

3, 260

2, 414

1, 047

-625

278
0

285
0

304
0

-31

963

253
0

262
0

-2, 143

—217
1,409
-738

333
0

598
0

1,800

1,977

983
909
587

964
999
534

1,084
2, 005

1, 141
1 433

1, 170
1 457

1,230
1, 553

1. 141
1 , 806

1, 101
2 926

1, 204
1, 851

649

737

659

641

594

594

567

85,763

76,881

65, 698

50, 115

47, 208

5% 575

60, 210

68, 480

73, 921

951
-227

0

0
1,192
2,405 i
429 i
68, 554

SURVEY OF CURRENT BUSINESS

Disposition of Income, 1929-53
[Millions of dollars]
:

1939

| 1940

1941

1942

1943
151,392 |

Lino

1945

1946

1947

1948

1949

1950

1951

1952

1953

165,696

171, 222

177, 990

190,522

208, 743

206, 818

227, 050

255,340

271,242

286, 066

1

1944

72,884 i

96,275

123, 497

45,941 I
627 i
14,352

49,818
687
15,895

62, 086
720
20, 866

82, 109
860
28, 454

105, 619
1,082
33, 284

117,016
1, 526
34, 978

117, 563
1,799
36, 469

111, 866
1,891
41, 473

122, 843
2,334
40, 943

135, 142
2,713
45, 587

134, 379
3,021
42, 023

146, 526
3,823
44, 613

170, 776
4,786
49, 938

185, 068
5,510
49, 939

198, 056
6,336
49, 040

2
3
4

3, 788
5, 809
2, 963

L
r

78,680

4,043
5. 781
3,114

4,458
5,833
3,113

4,289
5,808
3,143

4, 484
5,798
2,964

4,673
6.151
3,588

4,691
6,868
6,165

5,784
7,576
11,411

6,521
8,212
11, 787

7,248
8,950
11, 281

7, 458
9,768
12, 403

9,207
10, 628
15, 147

9,090
11, 592
12, 575

9, 128
12,318
13, 090

9, 365
13,475
13, 801

5
6
7

596

658

801

1,166

1,839

2, 236

2, 333

2,011

2, 118

2,178

2,234

2,894

3,417

3,811

4,007

8

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, 661
16, 194
2,467

20, 920
18, 179
2,741

29, 271
26, 278
2, 993

34, 373
31, 143
3, 230

35, 967
32, 484
3, 483

10

70, 444

76, 076

92, 982

117,516

133,547

146,761

150,355

159, 182

169, 016

187,601

188, 157

206, 130

226, 069

236,869

250, 099

12

67, 578

71, 881

81, 875

89, 748

100, 541

109,833

121, 699

146, 617

164, 973

177, 609

180, 598

194, 026

208, 342

218, 424

230, 080

13

2,866

4,195

11, 107

27,768

33,006

28,656

12,565

4,043

9,992

7,559

12, 104

17, 727

18, 445

20,019

14

36, 928

g
11

National Income, and Personal Income, 1929—53
[Millions of dollars]
1939

1940

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

1952

1953

Line

91,095

100, 618

125,822

159, 133

192,513

211,393

213,558

209, 246

232,228

257,325

257, 301

285, 067

328, 232

346,095

364, 857

7,838
7, 121
222
495

8,148
7.316
246
586

9,041
8,078
273
690

10, 155
9,162
484
509

10, 866
9, 854
399
613

12, 007
10, 793
360
854

12, 549
11,246
381
922

11, 666
10, 013
407
1,246

14, 118
12, 150
567
1,401

16, 494
14. 290
' 574
1, 630

18, 431
16, 380
518
1, 533

20, 516
18, 042
616
1, 858

23, 469
20, 344
909
2, 216

25, 304
22, 456
677
2,171

27. 226
24,170
K08
2,248

1
2
3
4
5

83, 257

92, 470

116,781

148, 978

181, 647

199, 386

201, 009

197, 580

218, 110

240,831

238, 870

264, 551

304, 763

320, 791

337, 631

G

485

420

102

150

183

652

760

835

-227

-171

-181

204

187

229

-529

7

9, 365
451
1,173

10, 021
431
804

11, 296
502
375

11, 769
495
-830

12, 735
505
-1,720

14, 127
506
2, 766

15, 522
532
4,467

17,3<-9
5n7
932

18, 658
674
1, 383

20, 390
739
-2,110

21, 644
781
71

23, 741
843
215

25, 637
985
1,287

28, 049
999
555

30, 037
1,016
1.047

8
9
10

72, 753

81, 634

104,710

137, 694

170,310

182, 639

181, 248

179, 577

197, 168

221, 641

216, 193

239, 956

277, 041

290, 959

305, 002

11

1,174
1,441
-714
2, 136
0

2, 443
2,834
-200
2.282
0

4,914
7, 610
-2,471
2,784
0

5,178
11,415
-1,204
3, 468
0

5, 996
14, 074
-773
4, 516
209

5, 698
12, 949
-287
5,173
-193

3. 597
10, ('-89
-564
6, 138
14

7, 656
9,111
-5, 2:>3

5, 981
-30

11,721
11, 283
-5, 899
5,683
15

13,011
12, 510
-2, 150
5, 220
30

8, 329
10,411
1,943
5, 737
-45

12, 934
17, 829
—4, 864
6, 870
0

9, W)7
22, 47f>
-1,260
S, 170
105

8, 081
19, 965
981
8, 685
-29

8, 921
21, 144
-964
8, 752
— 76

12
13
14
15
16

1,205
2,512
451

1,291
2,683
431

1,289
2,611
502

1,517
2, 648
495

2, 140
2, 459
505

2, 809
3,082
506

3. °>83
5, >33
532

4, 457
10, 854
557

4,370
11,113
674

4,442
10, 542
739

4, 597
11, 622
781

4,716
14, 304
843

4, S22
11,590
985

4, 876
12, 091
999

5, 040
12, 785
1,016

17
18
19

72, 884

78, 680

96, 275

123, 497

151,392

165, 696

171, 222

177, 990

190,522

208, 743

206, 818

227, 050

255, 340

271,242

286, 066

20




SURVEY OF CURRENT BUSINESS

8

Table 5.—National Income
[Billions of dollarsl
Unadjusted

1950

Line

1951

1952

1953

1952

1951

1950

I

II

III

IV

I

II

IV

III

I

II

III

IV

NATIONAL INCOME BY DISTRIBUTIVE SHARES
240.0

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

8
9
10
11

Proprietors' and rental income 1
Business and professionalFarm
Rental income of persons

12

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.

13
14
15
16
17
18

277.0

291.0

305.0

53.3

58.1

62.7

65.9

65.9

68.9

69.9

72.4

70.2

71.8

72.9

76.0

154.3
146.5
124.3
5.0
17.2
7.8

180.4
170.9
142.1
8.7
20.1
9.5

195.4
185.0
152.2
10.5
22.4
10.4

209.1
198.0
164.5
10.2
23.3
11.1

35.2
33.3
27.9
1.1

37.3
35.3
30.0
1.1

39.7
37.7
32.5
1.2

42.1
40.2
33.9
1.6

42.8
40.4
33.7
1.9

1.9

2.0

2.0

1.9

2.4

44.6
42.1
35. 1
2. 1
4.9
2.5

45.8
43.4
36.2
2.3
4.9
2.4

47.2
44.9
37.0
2.4
5.5
2.3

46.9
44.3
36.2
2.5
5.6
2.6

47.8
45.1
36.9
2.6
5.5
2.7

49.1
46.5
38.5
2.7
5.3
2.6

51.6
49.1,|
40. 6 ^
2.6
5.9
2.5

44.6
22.9
13.3
8.5

1 National income
2
3
4
5
6
7

49.9
24.8
16.0
9.1

49.9
25.7
14.2
10.0

49.0
26.2
12.2
10.6

10.6
5.4
3.1
2.1

10.9
5.6
3.2
2.1

11.4
5.9
3.3
2.1

11.7
5.9
3.6
2.2

12.3
6.3
3.8
2.2

12.3
6.2
3.9
2.2

12.4
6.1
4.0
2.3

12.8
6.2
4.2
2.4

12.4
6.3
3.7
2.4

12.5
6.4
3.6
2.5

12.6
6.4
3.6
2.6

12.5
6.6
3.3
2.6

10.5

9.2

10.2

9.9

10.6

9.1

9.7

9.3

10.0

9.1
4.9
4.2
0
1.8
7.7

9.2
4.9
4.3
.5
1.8
7.8

9.1
4.9
4.2
.2
1.9
7.5

9.8
5.2
4.5
.3
1.9
8.0

35.1

39.9

38.2

38.5

6.1

8.4

10.2

40.0
17.8
22.1
-4.9
5.9
20.8

41.2
22.5
18.7
-1.3
6.8
27.2

37.2
20.0
17.2
1.0
7.4
31.0

39.4
21. 1
18.3
-1.0
8.4
31.4

6.4
2.9
3.5
-.3
1.4
5.1

8.8
3.9
4.9

11.9
5.3
6.6
-1.8
1.5
4.9

285.1

328.2

346.1

364.9

64.1

67.7

194.0
28.6
100.4
65.0

208.3
27.1
111. 1
70.1

218.4
26.8
116.0
75.6

230.1
29.7
118.9
81.4

43.7
5.6
22.3
15.8

47.1
6.7
24.2
16.2

51.2
22.7
12.6
10.1
21.1
7.4

56.9
23.3
11.0
12.4
23.2
10.4

50.7
23.7
11.1
12.6
23.3
3.6

51.4
25.5
11.9
13.6
24.4
1.5

10.7
4.3
2.2
2.1
4.1
2.3

10.9
5.5
3.1
2.4
5.1
.2

14.5
6.8
3.9
2.9
6.0
1.7

l'.5
5.0

12.8
5.7
7.1
-2.3
1.5
5.8

11.3
6.2
5.1
-2.1
1.6
6.3

10.4
5.7
4.7
-.2
1.7
6.7

9.3
5. 1
4.2
.6
1.7
6.9

10.2
5.6
4.6
.4
1.8
7.4

73.5

79.8

77.9

80.6

82.3

87.4

83.1

84.6

85.1

93.3

49.7
8.2
25.2
16.3

53.6
8.1
28.8
16.7

49.8
6.8
25.8
17.2

50.7
6.6
26.6
17.5

50.7
6.3
26.9
17.4

57.1
7.4
31.7
18.0

50.5
5.7
26.3
18.6

53.9
6.8
28.2
18.8

53.2
6.1
28.3
18.8

60.7
8.2
33.1
19.4

15.2
6.1
3.4
2.8
5.9
3.1

16.1
5.2
2.6
2.6
5.9
5.0

14.7
5.9
2.8
3.1
6.1
2.6

14.6
6.4
2.9
3.5
5.4
2.8

11.5
5.8
2.7
3.1
5.8
-.1

14.0
5.0
2.2
2.9
5.9
3.0

10.9
5.9
2.8
3.2
6.4
-1.5

13.0
6.5
3.1
3.4
5.3
1.2

12.8
6.2
3.0
3.2
5.6
.9

4.7

2.3

2.5

-.5

2.7

-1.7

1.1

.9

0

.2

.8

.6

.1

-.6

-.2

GROSS NATIONAL PRODUCT OR
EXPENDITURE
19

Gross national product

20
21
22
23

Personal consumption expenditures
Durable goods
Nondurable goods
Services
..

24
25
26
27
28
29
30

Gross private domestic investment
New construction
Residential nonfarm
. _
Other
Producers' durable equipment _
Change in business inventories,
total.
Nonfarm only

31

Net foreign investment _

32

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

33
34
35
36
37
38
39

6.4

9.0

3.0

-2.2

.2

—.2

42.0

62.8

77.2

22.1
18.5
14.3
4.3
3.9
.3
19.9

41.0
37.3
33.9
3.4
4.2
.4
21.8

54.0
48.5
46.1
2.4
5.8
.4
23.2

2.2

2.3

0

1.4

2.8

—.4

-.4

-.8

-.6

85.2

10.1

10.1

10.2

11.6

12.7

15.2

16.9

18.0

18.1

19.6

19.4

20.0

60.1
52.0
50.0
2.0
8.5
.4
25.1

5.5
4.2
3.2
1.1
1.3
.1
4.6

5.2
4.3
3.0
1.3
.9
.1
5.0

5.2
4.4
3.5
.9
.8
.1
5.0

6.3
5.5
4.6
1.0
.8
.1
5.3

7.7
6.9
6.0
.8
.9
.1
5.0

9.7
8.8
7.9
.9
1.0
.1
5.5

11.3
10.4
9.6
.8
1.1
.1
5.6

12.3
11.2
10.4
.9
1.2
.1
5.7

12.7
11.6
11.0
.6
1.3
.1
5.3

13.8
12.5
11.8
.7
1.4
.1
5.9

13.5
12.0
11.2
.7
1.7
.1
5.9

13.9
12.5
12.0
.5
1.5
.1
6.1

61.3

60.7

63.1

64.1

67.4

64.9

66.7

68.1

71.6

6.6
5.9
.7
57.4
50.7
6.8

6.0
5.3
.6
61.5
57.1
4.3

12.2
11.2
.9
52.7
50.5
2.2

7.3
6.4
.8
59.4
53.9
5.5

8.0
7.3
.8
60.0
53. 2
6.8

6.9
6.2
.7
64.7
60.7
4.0

-1.9

DISPOSITION OF PERSONAL
INCOME
40

Personal income

227.1

255.3

271.2

286.1

53.9

54.9

57.0

41
42
43
44
45
46

Less: Personal tax and nontax payments— . 20.9
18.2
Federal
_
_.
2.7
State and local _
Equals: Disposable personal income
206.1
Less: Personal consumption expenditures.. 194.0
Equals: Personal saving
12.1

29.3
26.3
3.0
226.1
208.3
17.7

34.4
31.1
3.2
236.9
218.4
18.4

36.0
32.5
3.5
250.1
230.1
20.0

7.1
6.3
.8
46.8
43.7
3.1

4.0
3.3
.7
50.9
47.1
3.8

4.9
4.3
.7
52.0
49.7
2.4

4.9
4.3
.6
56.4
53.6
2.8

10.7
9.8
.9
50.0
49.8
.1

5.9
5.1
.8
57.2
50.7
6.5

RELATION OF GROSS NATIONAL
PRODUCT, NATIONAL INCOME,
AND PERSONAL. INCOME
47

Gross national product.

..

285.1

328.2

346.1

364.9

64.1

67.7

73.5

79.8

77.9

80.6

82.3

87.4

83.1

84.6

85.1

93.3

48
49

Less: Capital consumption allowances
Indirect business tax and nontax
liability.
Business transfer payments
_
Statistical discrepancy _ _
Plus: Subsidies less current surplus of
government enterprises.

20.5
23.7

23.5
25.6

25.3
28.0

27.2
30.0

4.9
5.4

5.1
5.8

5.2
6.4

5.3
6.2

5.6
6.3

5.8
6.2

6.0
6.4

6.1
6.7

6.1
6.6

6.3
6.9

6.4
7.2

6.5
7.4

.8
.2
.2

1.0
1.3
.2

1.0
.6
-.2

1.0
1.0
-.5

.2
.3
0

.2
—1.2
.2

.2
— 1.1
0

.2
2.2
0

.2
0
.1

.2
-.4
.2

.2
-.2
_ i

.2
1.9
0

.2
-.1
0

.3
-.7
0

.3
-1.6
-.1

.3
3.0
-.1

240.0

277.0

291.0

305.0

53.3

58.1^

62.7

65.9

65.9

68.9

69.9

72.4

70.2

71.8

72.9

76.0

35.1

39.9

38.2

38.5

6.1

8.4

10.2

10.5

9.2

10.2

9.9

10.6

9.1

9.7

9.3

10.0

6.9
0

8.2
.1

8.7
0

8.8
-.1

1.8
0

1.8
0

1.7
0

1.6
0

2.2
.1

2.2
0

2.0
.2

1.8
-.1

2.5
0

2.2
0

2.1
-.1

1.9
0

14.3
4.7
9.2
.8

11.6
4.8
9.1
1.0

12.1
4.9
9.1
1.0

12.8
5.0
9.4
1.0

5.3
1.1
1.9
.2

3.6
1.4
1.9
.2

2.7
1.0
2.2
.2

2.8
1.2
3.3
.2

2.9
1.0
2.0
.2

2.9
1.4
2.1
.2

2.9
1.0
2.1
.2

2.9
1.3
2.8
.2

2.9
1.0
2.1
.2

3.0
1.4
2.2
.3

3.1
1.1
2.1
.3

3.1
1.4
2.8
.3

227.1

255.3

271.2

286.1

53.9

54.9

57.0

61.3

60.7

63.1

64.1

67.4

64.9

66.7

68.1

71.6

50
51
52
53

Equals: National income

54

57
58
59
60

Less: Corporate profits and inventory
valuation adjustment.
Contributions for social insurance, ._
Excess of wage accruals over dis
bursements.
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments

61

Equals: Personal income

55
56

.

1. Includes noncorporate inventory valuation adjustment.




SURVEY OF CURRENT BUSINESS
and Product, 1950-53
[Billions of dollars]
Seasonally Adjusted at Annual Rates

Unadjusted— Continued

1953
I

II

75.4

77.2

76.9

75.6

50.9
48.0
39.6
2.6
5.8
2.9

52.2
49.4
40.9
2.6
5.8
2.9

52.9
50.1
42.1
2.6
5.5
2.7

53.1
50.5
41.9
2.5
6.1
2.6

12.6
6.6
3.3
2.6

12.2
6.6
3.0
2.6

12.0
6.5
2 8
2! 6

12.3
6.5
3.1
2.7

III

IV

I

1952

1951

1950
II

III

IV

218.9

232. 2

249.9

258.8

143.0
135.7
114.7
4.4
16.6
7.3

149.8
142.2
121.0
4.3
16.9
7.5

158.5
150.5
128.1
4.9
17.5
8.0

166. 1
157.7
133.4
6.3
18.0
8.4

42.4
21.6
12.4
8.4

43.8
22.5
13.0
8.4

45.4
23.7
13.2
8.5

I

II

III

IV

268.9

275.8

278.4

173.7
164.5
138.2
7.4
19.0
9.2

179.5
170.0
141.9
8.5
19.6
9.5

182.7
173.1
143.0
9.2
20.9
9.6

46.9
23.6
14.5
8.7

49.3
25.2
15.3
8.9

49.4
24.7
15.7
9.0

49.8
24.4
16.1
9.2

1 953

I

IT

HI

IV

III

IV

287.2

290. 3

300. 1

305.9

308.2

306. 2

299. 9

1

192.1
181.9
149.2
10.6
22.2
10.2

196.1
185. 5
152.3
10.7
22.6
10.5

203. 2
192.4
159.1
10.4
22.9
10.8

206. 2
195.3
162.0

10.3
23.1
10.9

210. 0
198.9
165.3
10.4
23.2
11. 1

211.4 i
200.3
166.7
10.2
23.4
11. 1

208.8
197.6 i
164. 1 j1
9. 9
23. 5
11.2

2
3
4
5
(i
7

49.5
25.1
14.8
9.6

50.1
25.7
14.5
10.0

50.3
25.8
14.3
10.2

49.8
26.4
13.2
10.2

50.3
26.5
13.4
10.5

48.9
26.3
12.1
10. 5

47.8
26.1
11.1
10.6

49.1
25. 9
12.3
10.8

8
9
10
11

I

II

285.1

286.1

185.8
175.9
145.1
9.7
21.0
9.9

190.1
180.2
148.2
10.2
21.8
10.0

51.3
24.8
17.0
9.5

Lino

10.0

8.0

27.8

32.8

40.0

39.7

39.5

40.2

39.0

41.0

39.3

37.5

36. 5

39.4

41.4

41.0

38.3

33.1

12

10.5
5.7
4.9
-.7
2.2
7.5

7.8
4.2
3.6
.2
2.2
8.0

29.1
13.0
16.1
-1.3
5.7
19.7

34.7
15.5
19.2
-1.9
5.8
19.8

47.1
21.0
26.1
-7.1
6.0
20.9

48.9
21.8
27.1
-9.2
6.1
22.8

47.9
26.2
21.8
-8.4
6.4
25.0

41.0
22.4
18.6
-.8
6.7
26.7

36.5
19.9
16.6
2.5
6.9
28.3

39.2
21.4
17.8
1.7
7.1
29.0

39.1
21.0
18.1
.1
7.2
30.1

35.5
19.0
16.4
2.1
7.4
30.9

35.8
19.2
16. 6
.7!
7.5
31. 4

38.3
20. 6
17.7
1.1
7.6
31.5

42.4
22.7
19.7
-.9
7.9
31.4

41.9
22.5
19.5
-.9
8.3
31.6

40.9
21.9
19.0
-2.6
8.6
31.5

32. 5
17.4
15.1
. (i
8.9
31.3

13
14
15
If.
17
18

91.5

91.1

93.8

275. 9

294.4

305.0

319.3

326.1

331.3

336.3

340.3

341.4

344.2

358. 5

361. 8

369.9

367.2

360. 5

54.4
6.8
27.6
20.0

57.4
7.7
29.3
20.4

56. 7
7.4
28.9
20.3

61.6
7.8
33.1
20.7

189. 1
26.4
98.3
64.5

202.9
33.2
103.9
65.8

198.8
29.2
102.7
67.0

210.0
30. 6
111.1
68.3

204.4
26.2
109.1
69.3

207.3
26. 2
110.5
70.7

211.6
25.8
113.5
72.2

213 5
25.8
114.2
73.5

216.7
27.0
114.9
74.8

218.2
25.4
116. 6
76. 2

225.3
29.1
118.4
77.8

228.6
30.4
118.8
79.4

230. 8
30.3
119.6
80. 9

231.2
30.3
118. 6
82.3

14.3
5.4
2.4
2.9
6.0
2.9

12.8
6.5
3.1
3.4
6.5
-- 1

13.6
7.1
3.3
3.7
6.0
.5

10.7
6.6
3.1
3.5
6.0
-1.8

39.9
20.7
11.2
9. 5 !
16.6 \
2.5

49.0
22.0
12.4
9. 6
19.6
7.3

53.4
24.1
13.7
10.4
24.4
4.8

62.6
24.1
13.1
11.0
23.8
14.7

59.6
24.0
12.1
11.8
23.8
11.8

62.2
23.5
10.9
12.6
23.1
15.5

55.4
23.1
10.4
12.7
22.5
9.9

50.3
22.7
10.5
12.3
23.3
4.2

50.7
23.3
10.5
12.8
24.0
3.4

47.2
23.7
10.9
12.7
24.5

50.2
23.7
11.3
12.4
22.0
4.6

54. 4
24.2
11. 6
12.6
22.8
7.5

3.1

.1

.8

-1.7

2.6

6.3

3.5

13.3

10.4

14.1

8.4

2.8

2.1

4.0

7.5

3.3

6.2

2.9

-3. 7

-.5

-.6

—.7

-.1

-1.5

-2.5

-2.4

-2.5

-1.1

1.7

2.8

2.3

_. 7

-1.5

-.8

— 1.8

-3.3

— 1.8

-. 6

20.3

21.8

21.5

21.6

41.3

40.1

40.7

46.0

52.2

60.5

66.9

71. 6

73.7

78.1

77.3

79. 6

83. 0

86. ('.

85. 4

86. 0

32

14.5
12.7
12.2
.6
1.9
.1
5.8

15.5
13.6
13.0
.6
2. 1
.1
6.2

15.1
13.1
12.6
.4
2.1
.1
6.4

15.0
12.6
12.2
.5
2.4
.1
6.7

21.9
17.0
12.6
4.3
5.2
.3
19.4

20.7
17.2
12.2
5.1
3.8
.2
19.4

20.7
17.8
14.0
3.7
3.2
.2
20.0

25.1
22.1
18.2
3.9
3.3
.3
20.8

30. 6
27.4
24.1
3.3
3.5
.3
21.6

38.8
35. 2
31.5
3.7
3.9
.3
21.8

45.2
41.4
38.3
3.1
4.4
.6
21.7

49.4
45.0
41.5
3.5
4.9
.5
22.2

50.9
46.2
44.0
2.2
5.1
.4
22.8

55. 1
50. 0
47.3
2.7
5.5
.4
23.0

54.1
47.8
45.0
2.8
6.6
.3
23.1

55.7
50. 0
48.1
1.9
6.0
.3
23.9

58.1
51.0
48.7
2.2
7.7
.5
24.9

62. 2
54. 3
52. 0
2.3
8.3
.4
24.4

60. 3
52. 3
50. 6
1.7
8. 4
.4 i
2o. 1 |

59. 8
50. 6
48. 7
1.9
9. 6
.3
20. 2

33
34
35
36
37
38
39

69.6

71.5

71.6

73.4

218.5

220.7

229.2

239.8

247.1

253.7

257.1

263.4

264.7

267.8

272.8

279.4

283.3

286. 4

287.5

287. 3

40

12.7
11.7
1.0
56.9
54.4
2. 5

7.2
6.3
.9
64.3
57.4
6.8

8.8
8.0
.8
62.8
56.7
6.2

7.3
6.5
.8
66.1
61.6
4.5

19.4
16.7
2.7
199.1
185.2
13.9

20.0
17.3
2.7
200.7
189.1
11.6

20.7
17.9
2.8
208.5
202.9
5.6

23.6
20.8
2.8
216.2
198.8
17.4

28.4
25. 5
2.9
218.7
210. 0
8.6

28.9
25.9
3.0
224.8
204.4
20.3

29.2
26.2
3.0
227.9
207. 3
20.6

30.6
27.5
3.0
232.8
211.6
21.3

34.0
30.8
3.2
230.7
213.5
17.2

34.0
30.8
3.2
233.8
216. 7
17.1

34.5
35.0
31.3 1 31.7
3.3
3.3
244. 4
238.3
218.2
225.3
20.2
19.1

35.5
32.1
3.4
247.8
228. 6
19.2

35. 9
32.5
3.5
250. 4
230. 8
19. ('•

36. 3
32.8
3. 5
251. 2
231.2
20. 0

36. 1
32. 6
3.6
251. 2
229. 7
21. 5

41
42
43
44
45
46

88.5

91.5

91.1

93.8

264.9

275.9

294.4

305.0

319.3

326.1

331.3

336. 3

340. 3

341.4

344. 2

358.5

361.8

369.9

367.2

360.5

6.6
7.2

6.8
7.5

6.8
7.6

7.0
7.7

19.6
22.3

20.2
23.3

20.9
25.2

21.3
24.2

22.5
25.9

23.1
25.0

23.8
25.4

24.5
26.3

24. 5
27.0 1

25. 2
28.0 !

25. 5 !
28. 3 !

2(5. 0
28.8

26.2
29.4

27.4
30.2

i
27. 4 i
30. 1 |

27. 9
30. 3

.3
-1.0
-.1

.3
-.4
--1

.3
-.6
-. 1

.3
3.1
-.2

.8
3.6
.2

.8
0
.6

.8
—2.6
-.2

.9
0
.2

1.0
1.5
.3

1.0
1.8
.6

1.0
2. 6
-.1

1.0
-.7
-.1

1.0
1.3
-.2

1.0
0
0

1.0 1
-1.2 !
-.2 j

1.0
2.2
-.4

1. 0
-1.2
—.4

1. 0
2.6
—.6

1.0
2.7
-.4

1.0
.6 i
-.8

75.4
i

9.9

10.9
5.8
5.0
-.2
2.1
8.0

88.5

v

10.6

10.2
5.5
4.7
-.2
2.0
7.9

77.2

76.9

75.6

218.9

232.2

249.9

258.8

268.9

275. 8

278.4

285.1

286.1

287.2

300.1

305.9

308.2

10. 0

10. 6

9.9

8.0

27.8

32.8

40.0

39.7

39.5

40.2

39.0

41.0

39.3

37. 5

2. 6
0

2.3
0

2. I
0

1.8
0

6.6
0

6.7
0

6.9
0

7.3
0

8.1
.2

8.2
-.1

8. t
.8

8. 3
-.6

8.5
.1

8.6
0

3.2
1.1
2. 2
.3

3.2
1.6
2. 2
.3

3. 3
1.3
2. 7
.3

20.6
4.7
7.9
.8

14.2
4.7
8.3
.8

11.1
4.7
9.5
.8

11.3
4.8
11. 1
.9

11.3
4.8
9.0
1.0

11.6
4.8
8.9
1.0

11. 7
4.8
9. 1 !
1.0

11. 7
4.8
9. 4
1.0

11.5 I
4.9
9. 1 1
1.0

11.8
4.9
9. 1
1.0

69.6

71.5

3. 1 i
1.0
2. 2
.3 |
i
71. 6

73. 4

218. 5

220.7

229. 2

239. 8

247. 1

253.7




264.9

185. 2
25.7
96.7
62.8

-2.3

i

257.1

263.4

Q

-1.8

I

264.7

!

267.8

290.3

51.9
25. 0
11.7
13. 3
24.1
2.8 !

55.9
25.9
12.2
13.7
24.6
5.4

19

229.7
28.0
118. 7
83.0
!
' i
52. 4 | 45. 5 1
25.6 ! 25.7
12. 1
11. 7
13. 5
13.9
24. 8
24. 0
2.0
-4.2 I

i

20
21
22
23
24
25
26
27
28
29
30

j

31

47
!

306.2 j 299.9

48
49
50
51
52
53

i

39. 4

41. 4 j

41.0

38. 3 I

33. 1

8.9
0

8.8
0

8.9
—.1

8. 7 !
-. 1

8. 6 !
-. 1 |

55
56

12.5
4.9
9. 1
1.0

i

36. 5 i
i
8. 7 ;
-.3 ]

12.6
4.9
9. 1
1.0

12.6
4.9
9. 1 1
1.0

12.6
5.0
9. 3
1.0

12.6 !
5.\ \
9. 5 i
1.0

13. 3 ;
5. 2 i
U. (i l
1.0 i

57
58
59
60

:
i
i
!

272.8 i 279.4
1

283.3

286.4 i 287.5

i

287.3

54

61

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