View PDF

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

SURVEY OF CUEEENT BUSINESS

14

February 1955

Table 4.—National Income and Product, 1952, 1953, and 1954
[Billions of dollars]
j

Unadjusted
1952

1953

Seasonally adjusted at annual rates

1954

1954
I

II

1954

1953
III

IV

I

II

III

IV

I

II

III

IV

NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income. _ .__

_ _

291.0

Proprietors' and rental income
Business and professional
Farm
Rental income of persons

.

300.0

73.8

74.9

75.1

305.9

308.2

306.2

299.9

298.9

299.6

298.8

209.1
198.0
164.5
10.2
23.3
11.1

207.3
195.7
161.9
9.6
24.1
11.7

50.9
47.9
39.4
2.4
6.0
3.1

51.3
48.3
39.9
2.4
6.0
3.0

52.0
49.1
40.9
2.4
5.8
2.9

53.1
50.4
41.7
2.4
6.3
2.7

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
200.3
166.7
10.2
23.4
11.1

208.8
197.6
164.1
9.9
23.5
11.2

206.4
194.6
161.2
9.7
23.7
11.8

206.6
194.9
161.5
9.5
23.8
11.7

207.2
195.6
161.6
9.6
24.4
11.6.

208.9
197.2
163.0
9.5
24.7
11.7

49.9

_.

l

305. 0

195.4
185.0
152.2
10 5
22.4
10.4

49.0

48.7

12.3

12.2

12.1

12.0

50.3

48.9

47.8

49.1

49.4

49.0

48.5

48.1

25.7
14.2
10.0

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

26.2
12.2
10.6

25.9
11.9
10.9

6.4
3.2
2.7

6.5
3.0
2.7

6.5
2.9
2.7

6.6
2.7
2.7

26.5
13.4
10.5

26.3
12.1
10.5

26.1
11.1
10.6

25.9
12.3
10.8

25.6
13.0
10.8

25.9
12.2
10.9

25.9
11.6
10.9

26.3
11.0
10.9

38.2

38.5

34.9

8.3

9.1

8.7

41.4

41.0

38.3

33.1

34.1

34.9

33.9

37.2
20.0
17.2
1.0

39.4
21.1
18.3
-1.0

35.0
17.2
17.8
-.2

8.3
4.1
4.2
-.1

9.0
4.4
4.6
.1

8.7
4.3
4.4
-.1

-.1

42.4
22.7
19.7
-.9

41.9
22.5
19.5
-.9

40.9
21.9
19.0
-2.6

32.5
17.4
15.1
.6

34.5
17.0
17.5
-.4

34.5
17.0
17.5
.4

34.2
16.8
17.4
q

-.4

7.4
31.0

8.4
31.4

9.1
31.6

2.3
7.9

2.3
7.9

2.3
7.6

2.3
8.1

7.9
31.4

8.3
31.6

8.6
31.5

8.9
31.3

9.0
31.2

9.1
31.2

9.2
31.9

9.2
32.0

346. 1

364.9

357.2

86.7

88.0

88.4

94.1

361.8

369.9

367.2

360.5

355.8

356.0

355.5

362.0

218. 4

230. 1

234.0

54.8

58.3

57.3

63.6

228.6

230.8

231.2

229.7

230.5

233.1

234.8

237.7

26.8
116.0
75.6

29.7
118.9
81.4

28.9
120. 5
84.6

6.3
27.4
21.1

7.5
29.6
21.2

6.8
29.6
20.9

8.4
33.9
21.3

30.4
118.8
79.4

30.3
119.6
80.9

30.3
118.6
82.3

28.0
118.7
83.0

28.0
118.8
83.6

28.8
120.0
84.3

28.9
121.1
84.8

29.9
122.1
85.7

Gross private domestic investment - - . - _ _ .

50.7

51.4

46.1

12.3

10.0

12.2

11.6

51.9

55.9

52.4

45.5

44.5

45.6

45.3

49.5

New construction
Residential nonfarm
Other
Producers' dui able equipment
Change in business inventories, total
Nonfarm only _. ._
. .

23.7
11. 1
12 6
23.3
3.6
3.0

25.5
11.9
13.6
24.4
1.5
2.2

27.6
13.3
14.3
22.2
-3.7
-3.8

5.6
2.4
3.2
5.6
1. 1
1.1

6.8
3.3
3.5
5.9
-2.7
-2.7

7.8
3.9
3.9
5.2
-.8
-.9

7.4
3.8
3.6
5.4
-1.2
-1.2

25.0
11.7
13.3
24.1
2.8
3.3

25.9
12.2
13.7
24.6
5.4
6.2

25.6
12.1
13.5
24.8
2.0
2.9

25.7
11.7
13.9
24.0
-4.2
-3.7

26.0
11.7
14.3
22.7
-4.2
-4.2

27.0
12.8
14.2
22.4
-3.8
-4.0

28.3
14.0
14.2
21.8
-4.8
-5.0

29.1
14.8
14.3
21.7
—1.3
-1.6

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

... __

___ _ __ .

.

Net foreign investment

__ __

..

. .

-.2

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

. __ ...

.

-1.9

-.4

-.4

-.1

-.3

.3

-1.8

-3.3

-1.8

-.6

-1.1

-1.0

-.2

.8

77.2

. .. ..

85.2

77.5

20.0

19.7

19.1

18.6

83.0

86.6

85.4

86.0

81.9

78.3

75.6

74.1

54.0
48 5
46.1
2.4
5.8
.4
23.2

60.1
52.0
50.0
2.0
8.5
.4
25.1

50.0
43.6
42. 1
1.4
6.7
.3
27.5

13. 7
11.7
11.4
.4
2.1
.1
6.3

12.8
11.2
10.9
.3
1.7
.1
6.9

12.0
10.5
10.1
.4
1.5
.1
7.2

11.5
10.1
9.8
.4
1.4
.1
7.2

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
25.1

59.8
50.6
48.7
1.9
9.6
.3
26.2

55.0
46.9
45.4
1.5
8.4
.3
26.9

51.3
44.7
43.5
1.2
6.9
.3
27.0

47.9
42.1
40.5
1.5
6.1
.2
27.7

45.9
40.5
39.0
1.5
5.6
.2
28.2

DISPOSITION OF PERSONAL INCOME
__

271.2

286.1

286.5

70.2

71.1

71.4

73.9

283.3

286.4

287.5

287.3

285.1

285.7

286.2

289.0

Less: Personal tax and nontax payments. .... _.
..
Federal _.
_
. _ _ ...
State and local
Equals: Disposable personal income.. - . . . . _ .
...

34.4
31. 1
3.2
236.9

36.0
32.5
3.5
250.1

32.9
29.2
3.7
253.5

11.9
10.8
1.1
58.2

6.2
5.2
.9
65.0

7.7
6.8
.9
63.6

7.1
6.3
.8
66.8

35.5
32.1
3.4
247.8

35.9
32.5
3.5
250.4

36.3
32.8
3.5
251.2

36.1
32.6
3.6
251.2

32.8
29.1
3.7
252.3

32.9
29.2
3.7
252.9

32.9
29.2
3.7
253.2

33.1
29.3
3.8
255.9

Less: Personal consumption expenditures

218. 4

230.1

234.0

54.8

58.3

57.3

63.6

228.6

230.8

231.2

229.7

230.5

233.1

234.8

237.7

18.4

20.0

19.5

3.4

6.7

6.3

3.2

19.2

19.6

20.0

21.5

21.8

19.7

18.4

18.2

346. 1

364.9

357.2

86.7

88.0

88.4

94.1

361.8

369.9

367.2

360.5

355.8

356.0

355.5

362.0

25.3
28.0
1.0
.6

27.2
30.0
1.0
1.0

29.3
30.3
1.0
-3.7

7.2
7.5
.3
-1.9

7.4
7.6
.3
-2.0

7.6
7.8
.3

26.2
29.4
1.0
-1.2

27.4
30.2
1.0
2.6

27.4
30.1
1.0
2.1

27.9
30. 3
1.0
.6

28.2
30.3
1.0
-3.0

29.0
30.2
1.0
-3.8

29.8
30.0
1.0
-4.4

30.2
30.4
1.0

-.2

-.5

-.3

7.1
7.4
.3
-1.9
j

.0

-.1

-.1

A

-.6

-.4

-.8

-.4

-.1

-.3

-.4

305.0

300.0

73.8

74.9

75.1

305.9

308.2

306.2

299.9

298.9

299.6

298.8

Personal income _ .

... .

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

291.0

Equals* National income
Less: Corporate profits and inventory valuation adjustmentContributions for social insurance
_
.,
...
Excess of wage accruals over disbursements

38.2
8.7
.0

38.5
8.8

34.9
9.7
.0

8.3
2.8
.0

9.1
2.5
.0

8.7
2.3
.0

2.1
.0

41.4
8.8
.0

41.0
8.9
-.1

38.3
8.7
—.1

33.1
8.6
-.1

34.1
9.8
.0

34.9
9.7
.0

33.9
9.6
.0

9.7
.0

Plus' Government transfer payments
Not interest paid by Government
Dividends
Business transfer payments

.

12.1
4.9
9.1
1.0

12.8
5.0
9.4
1.0

14.8
5.3
9.9
1.0

3.6
1.1
2.4
.3

3.7
1.6
2. 2
13

3.6
1.1
2.3
.3

3.8
1.4
2.9
.3

12.6
4.9
9.1
1.0

12.6
5.0
9.3
1.0

12.6
5.1
9.5
1.0

13.3
5.2
9.6
1.0

14.2
5.2
9.6
1.0

14.8
5.3
9.6
1.0

14.7
5.4
9.8
1.0

15.5
5.4
10.4
1.0

_ __

271.2

286.1

286.5

70.2

71.1

71.4

73.9

283.3

286.4

287.5

287.3

285.1

285.7

286.2

289.0

Equals: Personal income

..

1. Includes noncorporate inventory valuation adjustment.




Source: U. S. Department of Commerce, Office of Business Economics.

* BUSINESS STATISTICS

Wlontki

THE 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
numbers and dollar values refer to adjustment of monthly figures for seasonal variation.
Data from private sources are pro-

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.
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey

1953

1955

1954
January

December

February

March

April

May

June

July

Septem- October Novem- December
ber
ber

August

January

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates: t
National income, total
__.
bil. of dol _
Compensation of employees, total
Wages and salaries, total _ _
Private
Militarv..
_.
Government civilian. __
Supplements to wages and salaries

do
do
do
do
do
do

...

Proprietors' and rental income, total cf
do
Business and professional d*
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
Gross national product, total

299. 9

298.9

299.6

298 8

208. 8

197. 6
164. 1
9.9
23.5
11.2

206.4
194.6
161 2
9.7
23 7
11.8

206.6
194.9
161 5
9 5
23 8
11.7

207.2
195.6
161 6
9 6
24 4
11 6

208.9
197.2
163 0
9 5
24 7
11.7

49.1
25.9
12.3
10.8

49.4
25.6
13.0
10.8

49 0
25.9
12 2
10.9

48 5
25.9
11 6
10 9

48
26
11
10

33.1
32.5
17.4
15. 1
.6
8.9

34. 1
34.5
17.0
17 5
— .4
90

34. 9
34.5
17 0
17 5
4
9 1

33 9
34 2
16 8
17 4
_ 3
9 2

— 4
9 2

1
3
0
9

do ._

360.5

355. 8

356 0

355 5

362 0

Personal consumption expenditures, total
Durable goods-.. _
Nondurable goods
Services

do
_do._ .
do
do

229.7
28.0
118.7
83.0

230. 5
28.0
118.8
83.6

233. 1
28 8
120 0
84 3

234.8
28 9
121 1
84 8

237.7
29 9
122 1
85 7

Gross private domestic investment, total
New construction
Producers' durable equipment
_.
Change in business inventories . _

do
do
do
do

45.5
25. 7
24.0
-4.2

44.5
26.0
22.7
—4.2

45 6
27 0
22.4
—3 8

45
98
21
4

3
3
8
8

49 5
29 1
21 7
13

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...
Personal income, total
Less: Personal tax and nontax payments .
Equals: Disposable personal income
Personal saving§

do.
do
do
do

2

8

—.6

—1 1

—1 0

86.0
59. 8
50. 6
26. 2

81.9
55. 0
46.9
26. 9

78.3
51 3
44 7
27 0

75
47
42
27

6
9
1
7

74
45
40
°8

1
9
5
2

287.3
36.1
251. 2
21 . 5

285. 1
32.8
252. 3
23 8

285.7
32.9
252 9
19 7

286
32
253
18

2
9
2
4

289
33
255
18

0
1
9
2

:::

PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:f
Total personal income
Wage and salary disbursements, total
Commodity-producing industries
Distributive industries
Service industries
...
Government

bil. of dol_.

287. 0

284.9

285. 0

285. 0

284. 4

286. 2

286.5

285. 7

285.4

286. 6

286. 3

do
do
do
do
do

196.0
85.5
52.1
25 0
33.4

194. 7
84.5
51.9
24 8
33.5

194.7
84, 6
51.8
24 9
33 4

194. 5
84.2
52 0
25 0
33 3

194.3
83.7
52 0
95 2
33 4

195.0
84 2
52 3
95 2
33 3

195.5
84 0
52 5
25 5
33 5

195 7
83 4
53 1
25 4
33 8

195
82
52
25
34

195
82
52
25
34

196
82
52
26
S4

6. 7
50.2
23.8
14.4

6.6
49.6
23.9
14.8

6.6
49.6
23.9
15 0

6.6
48.9
23. 9
15 8

6 6
48.2
24.0
15 9

66
49 4
24. 0
15 8

66
49 2
24.1
15 8

6 6
47 9
24.2
15 8

4.1

4.7

4.8

4.7

4.6

4.6

4.7

4.5

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. .

5
7
8
8
2

4
4
9
9
2

1
9
9
1
2

' 289. 3

291.1

r 84 6

197 4
84 3
52 9

53 0
r 26 2

34 3

04 o

6 6
48 2
24.3
15 5

6 6
48 8
24.4
16 0

6 6
47 2
24.5
16 5

6 6
r 48 3
'24. 6
16 4

6 6
48 9
26 2

4.7

4.6

4.6

4.7

4.7

ia 7

Total nonagricultural income
.
do
269. 6
267. 9
268.2
lit*. 8
269.1
269. 7
270.3
270.6
270.2
271.1
272.3 ' 274. 6
276.1
T
Revised.
imnt?ev% Serie?>- Quar.terl7 ^nates ofnational income and product have been revised back to 1939 (annual data, to 1929): quarterly and monthly estimates of personal income, back to
1929 (monthly revisions prior to May 1953 appear in the 1954 issue of the National Income Supplement). For quarterly data prior to 2d quarter 1953, see pp. 8 and 9 of the July 1954 SURVEY
^Includes inventory valuation adjustment.
$ Government 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