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SURVEY OF CURRENT BUSINESS

August 1955

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

Unadjusted

1954

1953

1955

I

1954

1953

II

I

II

III

IV

I

II

1955

III

IV

I

II

]

NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income ._

303.6

299.7

76.4

303.7

307.9

305.1

298.0

297.7

298.9

298.7

303. 2

311.4

209.2
198.5
164.7
10.3
23.5
10.8

207.9
196.2
162.4
9.5
24.4
11.7

52.6
49.4
40.7
2.3
6.4
3.2

54.6
51.4
42.5
2.3
6.6
3.2

206.3
195.7
162.1
10. 3
23.3
10.7

210.3
199.5
165. 5
10.5
23.5
10.8

211.5
200.8
167.0
10.3
23.5
10.7

208.9
198.0
164.4
10.0
23.7
10.8

206.7
195.2
161.7
9.7
23.9
11.5

207.2
195.6
162.0
9.5
24.1
11.6

207.8
196.1
162.1
9.4
24.5
11.7

209.8
198.1
163. 8
9.3
25.0
11.8

213,1
200.8
166.5
9.1
25.3
12.2

219.5
207.0
171.7
9.3
25.9
12.5

48.4
25.9
12.3
10.3

48.4
25.9
12.0
10.5

12.2
6.6
2.9
2.7

12.2
6.8
2.7
2.7

49.1
26.3
12.6
10.2

48.4
26.0
12.1
10.2

47.7
25.7
11.7
10.3

48.4
25.6
12.5
10.3

49.0
25.3
13.2
10.4

48.2
25.9
11.9
10.5

48.3
26.0
11.7
10.6

48.2
26.3
11.2
10.7

48.8
26.6
11.5
10.7

48.7
27.1
11.0
10.7

37.2
38.3
21.3
17.0
-1.1

33.8
34.0
17.1
17.0
-.2

9.1
9.5
4.7
4.7
-.3

-.2

40.2
41.4
23.0
18.4
-1.2

40.5
41.5
23.1
18.4
-1.0

36.8
39.4
21.9
17.5
-2.6

31.4
30.9
17.2
13.7
.5

32.6
32.7
16.4
16.3
-.2

34.0
33.7
16.9
16.8
.2

33.1
33.5
16.8
16.7
-.5

35.5
36.0
18.1
17.9
-.5

39.6
40.9
20.5
20.4
-1.3

-.8

8.8

9.5

2.5

2.6

8.0

8.7

9.1

9.3

9.4

9.5

9.5

9.7

9.9

10.3

31.6

31.8

8.2

8.4

31.6

31.9

31.6

31.5

31.4

31.5

31.9

32.2

32.3

33.1

364.5

360.5

91.4

95.2

361.9

369.3

366.9

359.9

358.3

357.6

358.8

367.1

375.3

384.8

230.6
29.8
118.9
81.8

236.5
29.3
120.9
86.4

58.5
7.8
28.3
22.4

62.7
9.1
30.9
22.7

228. 5
30.2
118. 7
79.6

231.4
30.6
119.7
81.1

232.1
30.5
118.8
82.7

230.3
28.0
118.6
83.8

232.2
28.3
119.2
84.7

235.1
29.0
120.4
85.7

237.9
29.4
121.5
87.0

241.0
30.4
122.5
88.1

245.8
34.4
122.4
89.0

250.5
35.1
125.3
90.2

51.4
25.8
11.9
13.8
24.4
1.2
1.9

47.2
27.8
13.5
14.3
22.3
-2.9
-3.2

14.6
6.7
3.3
3.4
5.2
2.7
2.7

13.8
8.0
4.2
3.9
6.4
-.6
-.6

51.7
25.2
11.7
13. 5
24.3
2.2
2.8

55.0
26.2
12.2
14.0
24.4
4.5
5.4

52.8
25.8
12.1
13.8
25.0
2.0
2.8

46.0
25.9
11.7
14.1
24.1
-4.0
-3.6

45.5
25.9
11.8
14.1
22.9
-3.2
-3.4

46.9
27.3
13.0
14.3
22.4
-2.7
-3.2

45.9
28.5
14.2
14.3
22.2
-4.9
5 4

50.7
29.4
15.0
14.4
21.9
—.6
-1.0

54.1
31.2
16.0
15.1
21.5
1.5
1.5

60.1
32.1
16.4
15.7
23.7
4.3
4.2

-2.0

-.3

-.2

-.2

2.0

2.5

-1.2

-1.1

-.3

.9

-.4

-.7

84.5
59.5
51.4
49.4
2.0
8.5
.4
25.0

77.0
49.2
43.2
41.4
1.8
6.3
.4
27.8

18.4
11.6
10.3
9.7
.6
1.4
.1
6.8

18.9
11.3
10.1
9.6
.5
1.3
.1
7.6

83.6
59.0
51.9
49.8
2.1
7.7
.5
24.6

85.4
61.0
53.2
51.0
2.2
8.3
.4
24.3

84.2
59.3
51.3
49.4
1.9
8.4
.4
24.9

84.8
58.7
49.4
47.4
2.0
9.6
.3
26.2

81.7
54.7
46.8
45.0
1.8
8.3
.4
27.0

75.9
48.6
43.6
42.0
1.5
5.4
.4
27.3

75.8
47.7
42.1
40.3
1.8
6.1
.4
28.1

74.5
45.7
40.5
38.5
2.0
5.5
.3
28.7

75.8
46.4
41.2
38.7
2.5
5.5
.3
29.4

74.9
45.2
40.4
38.5
1.9
5.2
.3
29.7

_ _ _ 286.2

287.6

72.4

74.7

282.6

286.7

288.1

287.4

285.8

286.6

287.3

290.8

293.6

300.5

35.8
32 4
3.4

32.8
29. 1
3.7

9.7
8.6
1.2

9.3
8.2
1.0

35.4
32.0
3.4

35.8
32.4
3.4

36.1
32.7
3.5

35. 9
32.4
3.5

32.7
29.1
3.6

32.7
29.1
3.6

32.8
29.1
3.7

33.1
29.3
3.8

32.6
28.8
3.8

33.4
29.5
3.9

250.4

254.8

62.7

65.5

247.3

250.9

251.9

251. 4

253.1

253. 9

254.5

257.8

261.0

267.1

230. 6

236.5

58.5

62.7

228.5

231.4

232.1

230.3

232.2

235.1

237.9

241.0

245.8

250.5

19.8

18.3

4.1

2.8

18.7

19.6

19.9

21.1

21.0

18.8

16.6

16.8

15.3

16.6

364.5

360.5

91.4

95.2

361.9

369.3

366.9

359.9

358.3

357.6

358.8

367.1

375.3

384.8

27.8
30.2
1.2
13
-.4

30.0
30.3
1.2
— 8

7.8
7.6
.3
— 6
.1

8.0
7.9
.3

27.0
29.5
1.2
.3
-.2

27.6
30.3
1.2
1.9
-.3

28.0
30.4
1.2
1.9
-.3

28.7
30.4
1.2
.9
-.7

29.2
29.9
1.2
-. 1
-.4

29.6
30.4
1.2
-2.3
.3

30.4
30.0
1.2
-1.5
.0

30.9
30.7
1.2

31.9
31.7
1.2

-.3

31.2
31.1
1.2
.7
.3

299.7

76.4

303. 7

307. 9

305. 1

298.0

297.7

298.9

298.7

303.2

311.4

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
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
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-.
.
_. ___
__

_

_

-2.2

<T

DISPOSITION OF PERSONAL INCOME
Personal income

_ ...

-

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

.
-

303.6

Equals: National income

1 -1

.1

.4

Less' Corporate profits and inventory valuation adjustment
Contributions for social insurance
_
Excess of wage accruals over disbursements

37.2
8.7
-.1

33.8
9.6
.0

9.1
2.9
.0

2.9
.1

40.2
8.8
.0

40.5
8.9
-.1

36. 8
8.6
-.1

31.4
8.5
.1

32.6
9.7
.0

34.0
9.6
.0

33.1
9.6
.0

35.5
9.6
.0

39.6
10.5 "16." 8
.1
.4

Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments

12.8
5.0
9.3
1.2

15.0
5.2
10.0
1.2

4.1
1.1
2.6
.3

4.1
1.5
2.5
.3

12.7
4.9
9.1
1.2

12.7
5.0
9.2
1.2

12.7
5.0
9.4
1.2

13.3
5. 1
9.5
1.2

14.3
5.1
9.7
1.2

15.1
5.2
9.8
1.2

15.0
5.2
10.0
1.2

15.7
5.2
10.6
1.2

15.9
5.1
10.2
1.2

16.2
5.0
10.7
1.2

286.2

287.6

72.4

74.7

282.6

286.7

288.1

287.4

285.8

286.6

287.3

290.8

293.6

300.5

-

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




--

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

* BUSINESS STATISTICS

Wlontki

-L 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,
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

Data from private sources are pro-

1954

June

July

August

1955

Septem- October Novem- December
ber
ber

January

February

March

April

May

June

July

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates :f
National income total
bil of dol

298.9

298.7

303 2

311.4

207.2
195.6
162.0
9 5
24.1
11.6

207.8
196.1
162 1
9 4
24.5
11.7

209.8
198.1
163 8
9 3
25 0
11.8

213.1
200.8
166.5
91
25.3
12.2

219. 5
207.0
171.7
93
25.9
12.5

48.2
25.9
11 9
10 5

48
26
11
10

48
26
11
10

2
3
2
7

48 8
26 6
11 5
10 7

48 7
27.1
11 0
10 7

34.0
33.7
16.9
16.8
.2
9.5

33.1
33.5
16.8
16.7

35 5
36 0
18.1
17 9

9.5

39 6
40.9
20.5
20.4
—1 3

9 7

9.9

— 8
10.3

do

357.6

358.8

367 1

375.3

384.8

do
do
do ._.
do

235.1
29.0
120.4
85.7

237.9
29.4
121.5
87 0

241
30
122
88

0
4
5
1

245.8
34 4
122.4
89 0

250.5
35 1
125 3
90 2

46.9
27.3
22.4
-2.7

45.9
28.5
22.2
-4.9

50.7
29 4
21.9

54.1
31.2
21.5

60.1
32 1
23.7

—.4

— 7

Compensation of employees, total. _ __ _.. do
Wages and salaries, total
_
do
Private
do
Military
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' and rental income, total o*
do
Business and professionalc?
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
Personal consumption expenditures, total
Durable goods
Nondurable goods
Services
„__
Gross private domestic investment, total
New construction
Producers' durable equipment
Change in business inventories

_ 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
E quals : D isposable personal income
Personal saving§

do
do
do
do

3
0
7
6

e

-.6
9

-.3

4.3

1.5

75.9
48.6
43.6
27.3

75.8
47.7
42.1
28.1

74 5
45. 7
40 5
28.7

75.8
46.4
41.2
29.4

74
45
40
29

286.6
32.7
253.9
18.8

287.3
32.8
254 5
16.6

290 8
33.1
257 8
16 8

293 6
32.6
261 0
15 3

300
33
267
16

9
2
4
7
5
4
1 ___
6

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

bil. of dol_.

286.7

287.1

286.7

287.9

288.4

290.8

293.4

292.2

293.2

295.7

298.9

r

301. 4

301.2

do
do
do
do
do

195.8
84.2
52.1
25.8
33 7

196.6
83.8
52.8
26 2
33 8

195.8
83. 1
52 5
26 3
33 9

195.8
82.8
52 5
26 3
34 2

196.8
83 4
52 7
26 5
34 2

198.6
85 2
52 5
26 6
34 3

198.8
84 8
53 1
26 6
34 3

199.3
85 4
52 9
26 8
34 2

200.3
86 3
53 0
26 7
34 3

202.6
87 8
53 6
27 0
34 2

204.6
88 9
53 6
27 2
34 9

r

207. 3
90 6
54 5
f 27 4

207.7
90 6
54 9
27 4

66
48.2
24.6
16.0

66
47.6
24.6
16 1

66
48'.1
24.7
16 1

6 6
49.0
24.7
16.3

6 7
47.5
24.9
17 0

6 7
48.3
24.9
16 8

6 7
48^9
26.5
17 1

68
49.1
25.0
17 0

68
48.8
25.3
17 0

6 8
48.5
25.5
17 4

6 9
49.0
25.9
17 6

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. .

r 34 g

6 9
r
48.' 8
'26. 1
r
17 5

04. o
fi Q

48.3
26.3
17 2

4.5
4.4
4.5
4.6
4.5
4.5
4.6
5.1
5.0
5.0
5.2
5.1
5.2
Total nonagricultural income
do
272.1
272.1
272.1
271.5
275.9
273.8
276.5
280.9
278.1
277.7
283.7
286.6
286.8
' Revised.
fRevised series. Effective with the July 1955 issue of the SURVEY, estimates of national income and product and personal income have been revised back to 1952 (see pp 24 25 and
27); for quarterly or monthly data prior to 1952, see the 1954 NATIONAL INCOME SUPPLEMENT.
'
d" 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