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SURVEY OF CURRENT BUSINESS

May

19f»i>

Table 1.—-National Income and Product, 1953, 1954, and First Quarter 1955
[Billions of dollars]
Seasonally adjusted at annual rates

Unadjusted
1953

i
I

II

III

IV

73.8

74.9

75.1

76.4

I

1954

1953

1955

1954

1954

i
I

I

I

III

IV

306. 2

299.9

| 1955

I

II

III

IV

298.9

299.6

298.8

302.6
208.9
197.2
163.0
9. 5
24.7
11.7
48.1
26.3
11.0
10.9

|

I

NATIONAL INCOME
BY DISTRIBUTIVE SHARES
305,0

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
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

300. 0

52.0
49.1
40.9
2.4
5.8
2.9
12.1
6.5
2.9
27

53.1
50.4
41.7
2.4
6.3
2.7
12.0
6.6
2.7
2.7

9.0
8.9
4.4
4.5
.1
2.3

8.7
8.7
4.3
4.4
i

9.1
9.2
4.5
4.7
i

2.3

2.3 |

7.9

7.6

8. 1

209.1
198.0
164.5
10.2
23.3
11.1
49.0
26.2
12.2
10.6

207.3
195. 7
16.1. 9
9.6
24.1
11.7
48.7
25.9
11.9
10.9

50.9
47.9
39.4
2.4
6.0
3.1
12.3
6.4
3.2
2.7

51.3
48.3
39.9
2. 4

38.5
39.4
21.1
18.3
-1.0
8.4

34.9
35.0
17.2
17.8
-.2
9.1

8.3
8.3
4.1
4.2
-.1
2.3

31.4

31.6

7.9

e'.o

3.0
12.2
6.5
3.0
2.7

305.9

308. 2

212.
1 200.
! 166.
i
9.
i
24.
| 12.
i
49.
:
26.
i
12.
1
11.

52.5
49.3
40.6
2.3
6.3
3.3
12.4
6.6
3.0
2.8

206.2
195.3
162. 0
10.3
23.1
10.9
50.3
26.5
13.4
10.5

210.0
198. 9
165.3
10.4
23.2
11.1
48.9
26.3
12.1
10.5

211.4
200.3
166.7
10.2
23.4
11.1
47.8
26.1
11.1
10.6

208.8
197.6
164.1
9.9
23.5
11.2
49.1
25.9
12.3
10.8

206.4
194.6
161.2
9.7
23.7
11.8
49.4
25.6
13.0
10.8

206.6
194.9
161.5
9.5
23.8
11.7
49.0
25.9
12.2
10.9

207.2
195.6
161.6
9.6
24.4
11.6
48.5
25.9
11.6
10.9

41.0
41.9
22. 5
19.5
-.9
8.3

38.3
40.9
21.9
19.0
-2.6
8.6

33.1
32. 5
17.4
15.1
.6
8.9

34.1
34. 5
17.0
17.5
-.4
9.0

34.9
34.5
17.0
17.5
.4
9.1

33.9
34.2
16.8
17.4
-.3
9.2

36.4 !
36.8
18.1 i

-.3
2.3

41.4
42.4
22.7
19.7
-.9
7.9

8.1

31.4

31.6

31.5

31.3

31.2

31.2

31.9

32.0

18.7 ;
-.4
9.2

i

-1.
9.
32.

GROSS NATIONAL PRODUCT OR
EXPENDITURE
362.0

Gross national product _

370.0
242. 0
33.4
122.1
86. 5

Personal consumption expenditures..
Durable goods
Nondurable goods
Services
'_
Gross private domestic investment New construction
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories, total
Nonfarm only
Net foreign investment
Government purchases of goods and services
Federal
National security
National defense
Other national security
Other
Less: Government sales
State and local
DISPOSITION OF PERSONAL INCOME
Personal i ncome _

-

._

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
enterprises—
_
Equals: National income
Less: Corporate profits and inventory valuation
adjustment
Contributions for social insurance
Excess of wage accruals over disbur semen ts_.
Plus: Government transfer payments
Net interest paid by Government
Dividends
Business transfer payments
292.7

Equals: Personal income
1. Includes noncorporate inventory valuation adjustment.




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

BUSINESS STATISTICS

Wontki

J- 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
numbers and dollar values refer to adjustment of monthly figures for seasonal variation.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely,

Data from private sources are pro-

vided through the courtesy of the compilers, and are subject to their copyrights.
1955

1954

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

April

May

June

August

July

Septem- October Novem- December
ber
ber

January

February

March

April

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
Military
._ .
Government civilian
Supplements to wages and salaries

_

do
do ___
do
do
do
do

.__

Proprietors' and rental income, total cf
do
Business and professionalcf
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

298 9

299.6

298 8

302.6

206.4
194.6
161.2
9.7
23.7
11.8

206 6
194. 9
161 5

9.5

208 9
197.2
163 0

23 8
11. 7

207 2
195.6
161 6
9 6
24 4
11.6

24 7
11.7

9.5

212 7
200.2
166 0
9.3
24 9
12.5

49 4
25.6
13.0
10.8

49 0
25 9
12.2
10 9

48
25
11
10

5
9
6
9

48 1
26 3
11.0
10 9

49
26
12
11

34.1
34.5
17.0
17.5

34.9
34.5
17.0
17. 5

33
34
16
17
—
9

9
2
8
4
3
2

36.4
36. 8
18.1
18.7
— 4

—1 3

9.2

9.4

.4
9.1

-.4
9.0

_ _ _ ._

7
4
2
0

do

355.8

356 0

355 5

362 0

370 0

Personal consumption expenditures, total.. _do
Durable goods
do
Nondurable goods __
do
Services
_
do

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

242
33
122
86

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

44.5
26.0
22.7
-4.2

45.6
27.0
22.4
—3 8

45
28
21
4

49 5
29.1
21 7
—1 3

53 3
30 8
21 1
13

-1.1

—1 0

8

o

81.9
55.0
46.9
26.9

78.3
51 3
44 7
27 0

do
do
do __
do

285 1
32.8
252.3
21.8

285 7
32.9
252.9
19.7

bil. of dol._

285.0

284.4

286.2

286.5

285. 7

285. 4

286. 6

286.3

289.3

291.4

291.4

194.5
84.2
52 0
25.0
33.3

194.3
83.7
52 0
25.2
33.4

195.0
84.2
52 3
25 2
33.3

195.5
84.0
52 5
25 5
33.5

195.7
83.4
53 1
25 4
33 8

195 5
82.7
52 8
25 8
34 2

195
82
52
25
34

196
^2
52
26
34

1
9
9
1
2

198 1
84 6
53 0
26 2
34 3

197
84
53
9
6
34

8
4
1
1
2

199 3
85 2
53 5

6.6

6.6

48.9
23.9
15.8

48.2
24.0
15.9

6 6
49.4
24.0
15 8

6 6
49.2
24.1
15 8

6 6
47.9
24.2
15 8

6 6
48.2
24.3
15 *

6 6
47.2
24.5
16 5

6 6
48.3
24. 6
16 4

6 6
48.8
26.2
16 7

6 6
49.5
24.7
16 5

Gross national product, total

_ do
do
do
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
Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income
1'ersonal saving §
_._ _
_

- _

3
3
8
8

_ 2
_

75
47
42
27

74 }
45 9
40 5
28 9

6
9
1
7

286 2
32*9
253. 2
18 4

289
33
255
18

0
4
1
5

74
45
40
°8
292
32
260
ig

0
1
9
2

7
9
7
8
7
1
6
7

PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual ratcs:f
Total personal income

Wage and salary disbursements, total
do
Commodity-producing industries __ _ do
Distributive industries
do
Service industries
_____ _
_ __ do
Government
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. .

4
4
9
9
2

6 6
48.8
24.4
16 0

26 4
34 9

292.4
r

294.2

iqq g

901 5
87 4

r 85 Q
T Z'Z A
r O« '}

CO

K

9g ^

34 2

34 2

6 6
T
49.8
r
24.8
* i f\ <\

66
49.7
24.8
16 8

4.7
4.6
4.6
4.7
4.5
4.6
4,7
4.6
4.7
5.2
4.7
5.1
5.2
Total nonagricultural income
do
268.8
269.1
269. 7
270.3
270. 6
270. 2
271, 1
272.3
274.6
275.5 '• 276. 2
2,76. 5
278.5
' Revised.
t Revised series. Quarterly estimates of national 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.
9 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