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SUEVEY OF CURRENT BUSINESS

November 1955

Table 1.—National Income and Product, 1953, 1954, and First Three Quarters 1955
[Billions of dollars]
Unadjusted
1953

1954

1953

1955
I

NATIONAL INCOME BY DISTRIBUTIVE

Seasonally adjusted at annual rates

II

III

I

II

1954

1955

III

IV

I

II

III

IV

I

II

320.7

III

SHARES

_ _ _

303.6

299.7

76.4

80.3

303.7

307.9

305.1

298.0

297.7

298.9

298.7

303.2

311.4

_ _

209.2

207.9

52.6

54.6

56.1

206.3

210.3

211.5

208.9

206.7

207.2

207.8

209.8

213.1

219.5

224.3

198.5
164.7
10.3
23.5
10.8

196.2
162.4
9.5
24.4
11.7

49.4
40.7
2.3
6.4
3.2

51.4
42.5
2.3
6.6
3.2

52.9
44.4
2.3
6.2
3.2

195.7
162.1
10.3
23.3
10.7

199.5
165.5
10.5
23.5
10.8

200.8
167.0
10.3
23.5
10.7

198.0
164.4
10.0
23.7
10.8

195.2
161.7
9.7
23.9
11.5

195.6
162.0
9.5
24.1
11.6

196.1
162. 1
9.4
24.5
11.7

198.1
163.8
9.3
25.0
11.8

200.8
166.5
9. 1
25.3
12.2

207.0
171.7
9.3
25.9
12.5

211.3
175.6
9. 1
26.6
13.0

Proprietors' and rental income *

48.4

48.4

12.2

12.2

12.2

49.1

48.4

47.7

48.4

49.0

48.2

48.3

48 2

48.8

48 7

48.8

Business and professional
Farm
Rental income of persons

25.9
12.3
10.3

25.9
12.0
10.5

6.6
2.9
2.7

6.8
2.7
2.7

6.9
2.6
2.7

26.3
12.6
10.2

26.0
12.1
10.2

25.7
11.7
10.3

25.6
12.5
10.3

25.3
13.2
10.4

25.9
11.9
10.5

26.0
11.7
10.6

26.3
11.2
10.7

26.6
11.5
10.7

27.1
11.0
10.7

27.- 6
10.6
10.7

37.2

33.8

9.1

10.9

40.2

40.5

36.8

31.4

32.6

34.0

33.1

35.5

39.6

42.2

38.3
21.3
17.0
-1.1

34.0
17.1
17.0
-.2

9.5
4.7
4.7
-.3

11.1
5.6
5.5
-.2

-.7

41.4
23.0
18.4
-1.2

41.5
23.1
18.4
-1.0

39.4
21.9
17.5
-2.6

30.9
17.2
13.7
.5

32.7
16.4
16.3
-.2

33.7
16.9
16.8
.2

33.5
16.8
16.7
-.5

36.0
18. 1
17.9
-.5

40.9
20.5
20.4
-1.3

43.0
21.6
21.4
-.8

-2.6

8.8

9.5

2.5

2.6

2.7

8.0

8.7

9.1

9.3

9.4

9.5

9.5

9.7

9.9

10.3

10.7

31.6

31.8

8.2

8.4

8.0

31.6

31.9

31.6

31.5

31.4

31.5

31.9

32.2

32.3

33.1

33.7

National income

_ _

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

_

. _

_

__

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

364.5

360.5

91.4

95.2

97.3

361.9

369.3

366.9

359.9

358.3

357.6

358.8

367.1

375.3

384.8

391.5

_

230.6

236.5

58.5

62.7

62.5

228.5

231.4

232.1

230.3

232.2

235.1

237.9

241.0

245.8

250.5

256.0

_ _ _ _ _

29.8
118.9
81.8

29.3
120.9
86.4

7.8
28.3
22.4

9.1
30.9
22.7

8.7
31.0
22.8

30.2
118. 7
79.6

30.6
119.7
81.1

30.5
118.8
82.7

28.0
118.6
83.8

28.3
119.2
84.7

29.0
120.4
85.7

29.4
121.5
87.0

30.4
122.5
88.1

34.4
122.4
89.0

35.1
125. 3
90.2

37.2
127.0
91.8

51.4

47.2

14.6

13.8

15.9

51.7

55.0

52.8

46.0

45.5

46.9

45.9

50.7

54.1

60.1

60.3

25.8
11.9
13.8
24.4
1 2
1.9

27.8
13.5
14.3
22.3
-2.9
-3.2

6.7
3.3
3.4
5.2
2.7
2.7

'8.2
'4.3
3.9
'6.2
-.6
-.6

9.0
4.6
4.4
6.0
.9
.8

25.2
11.7
13.5
24.3
2.2
2.8

26.2
12.2
14.0
24.4
4.5
5.4

25.8
12.1
13.8
25.0
2.0
2.8

25.9
11.7
14.1
24.1
-4.0
-3.6

25.9
11.8
14.1
22.9
-3.2
-3.4

27.3
13.0
14.3
22.4
-2.7
-3.2

28.5
14.2
14.3
22.2
-4.9
-5.4

29.4
15.0
14.4
21.9
-.6
-1.0

31.2 '32.6
'16.1 '16.9
15.1
15.7
21.5 '23.2
1.5
4.3
1.5
4.2

32.8
16.7
16.1
25.1
2 4
2.0

-1.2

-1.1

Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services

__
-

Gross private domestic investment

- -

_ _

_ _

New construction
Residential nonfarm
Other
Producers' durable equipment
Nonfarm only

-

_ _.

_ _ -_

-.3

-.2

-.2

-.2

-.3

-.7

.9

-.4

-.7

-.5

84.5

77.0

18.4

18.9

19.2

83.6

85.4

84.2

84.8

81.7

75.9

75.8

74.5

75.8

74.9

75.8

59.5
51.4
49.4
2.0
8.5
.4
25.0

49.2
43.2
41.4
1.8
6.3
.4
27.8

11.6
10.3
9.7
.6
1.4
.1
6.8

11.3
10.1
9.6
.5
1.3
.1
7.6

11.4
10.2
9.7
.4
1.3
.1
7.8

59.0
51.9
49.8
2.1
7.7
.5
24.6

61.0
53.2
51.0
2.2
8.3
.4
24.3

59.3
51.3
49.4
1.9
8.4
.4
24.9

58.7
49.4
47.4
2.0
9.6
.3
26.2

54.7
46.8
45.0
1.8
8.3
.4
27.0

48.6
43.6
42.0
1.5
5.4
.4
27.3

47.7
42.1
40.3
1.8
6.1
.4
28.1

45.7
40.5
38.5
2.0
5.5
.3
28.7

46.4
41.2
38.7
2.5
5.5
.3
29.4

45.2
40.4
38.5
1.9
5.2
.3
29.7

45.5
40.6
39.0
1.7
5.2
.3
30.2

286.2

287.6

72.4

74.7

76.5

282.6

286.7

288.1

287.4

285.8

286.6

287.3

290.8

293.6

300.5

306.1

35.8
32.4
3.4

32.8
29.1
3.7

9.7
8.6
1.2

9.3
8.2
1.0

8.6
7.7
.9

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

34.4
30.4
4.0

250.4

254.8

62.7

65.5

67.9

247.3

250.9

251.9

251.4

253.1

253.9

254.5

257.8

261.0

267.1

271.7

230.6

236.5

58.5

62.7

62.5

228.5

231.4

232.1

230. 3

232.2

235.1

237.9

241.0

245.8

250.5

256.0

-

19.8

18.3

4.1

2.8

5.4

18.7

19.6

19.9

21.1

21.0

18.8

16.6

16.8

15.3

16.6

15.7

-

364.5

360.5

91.4

95.2

97.3

361.9

369.3

366.9

359.9

358.3

357.6

358.8

367.1

375.3

384.8

391.5

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

27.8
30.2
1.2
1.3
-.4

30.0
30.3
1.2
-.8
-.1

7.8
7.6
.3
-.6
.1

8.0
7.9
.3
-1.2
.1

8.2
8.2
.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
.7
-.3

31.2
31.1
1.2
7
.3

31.9
31.7
1.2
— 2
.4

32.7
32.2
.1-2

303.6

299.7

76.4

80.3

303.7

307.9

305.1

298.0

297.7

298.9

298.7

303.2

311.4

320.7

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

10.9
2.9
.1

2.7
-.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
.1

42.2
10.8

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

3.9
1.3
2.6
.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

15.7
5.0
11.0
1.2

286.2

287.6

72.4

74.7

76.5

282.6

286.7

288.1

287.4

285.8

286.6

287.3

290.8

293.6

300.5

306.1

Net foreign investment

- -_

-2.0

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

- - -

-

-2.0

-2.5

-2.2

DISPOSITION OF 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

_

Equals* National income

Equals* Personal income
r

Revised.




1

_ _

Includes noncorporate inventory valuation adjustment.

.2

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

.6

11.2
-.6

* BUSINESS STATISTICS
THE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1955 Statistical Supplement to the SURVEY OF
CURRENT BUSINESS. That volume (price $2.00) contains monthly data for the years 1951 through 1954 and monthly averages for earlier years
back to 1929 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1951. Series
added or revised since publication of the 1955 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. In most instances, 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.
through the courtesy of the compilers, and are subject to their copyrights.

Unless otherwise stated, statistics through 1954 and
descriptive notes are shown in the 1955 edition of
BUSINESS STATISTICS

Data from private sources are provided

1954
Sei

berm~

October

1955

Novem- December

ber

January

February

Tvr u>h
i i darf n

April

May

June

July

August

6

^m" October

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:
National income, total
bil of clol
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 totaled
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 7

303 2

311 4

320.7

207
196
162
9

209 8
198 1
163 8
93
25 0
11 8

213 1
200 8
166 5
91
25 3
12.2

219 5
207 0
171.7
9 3
25.9
12.5

224 3
211.3
175.6
9 1
26.6
13.0

48
26
11
10

8
6
5
7

48 7
27. 1
11 0
10.7

48.8
27.6
10 6
10.7

8
1
1
4

24 5

11.7
48
26
11
10

3
0
7
6

48
26
11
10

2
3
2
7

33
33
16
16
—
9

1
5
8
7
5
5

35 5
36 0
18 1
17.9
— 5
97

39 6
40 9
20 5
20.4
—1 3
9 9

42.2
43.0
21.6
21.4
10 3

—2.6
10 7

do

358 8

367 1

375 3

384 8

391 5

Personal consumption expenditures total
Durable goods
Nondurable goods
Services

do
do
do
do

237
29
121
87

9
4
5
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

256 0
37.2
127 0
91.8

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

do do
do
do

45
28
22
—4

9
5
2
9

50
29
21
—

7
4
9
6

54 1
31 2
21 5
15

60.1
32 6
f 23 2
4 3

60.3
32 8
25 1
2 4

9

4

7

— 5

42 1
28 1

74
45
40
28

5
7
5
7

75 8
46.4
41 2
29 4

74 9
45.2
40 4
29 7

75.8
45.5
40.6
30 2

Gross national product total

n

Government purchases of goods and services, total
bil of dol
Federal (less Government sales)
do
National security 9
do
State and local
do

75 8

47 7

r

_ .

Personal income total
Le^s' Personal tax and nontax payments
Equals' Disposable personal income

do
do
do

287 3
32 8
254 5

290 8
33 1
257 8

293 6
32 6
261.0

300 5
33 4
267. 1

306 1
34 4
271.7

Personal savin a§

do

16 6

16 8

15 3

16 6

15 7

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

287 9

288 4

290 8

293 4

292 2

293 2

295 7

298 9

301 4

301 6

305. 3

* 305. 3

307 5

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

208.0
90 9
54.9
27.4
34.8

212.4
91.7
55. 7
27.8
37.2

••211.2
r
91. 5

34.9

207.3
90 6
54.5
27.4
34.8

212 0
92 1
56.0
28. 1
35.8

6
49
24
16

6
47
24
17

6
48
24
16

6
48
26
17

6
49
25
17

6
48
25
17

6
48
25
17

8
5
5
4

6 9
49.0
25 9
17 6

6
48
26
17

9
8
1
5

6 9
48.5
26 3
17 1

7.0
47.9
26. 4
16.9

51

51

52

5.2

5.3

5.3

5.3

280.9
287.2
276. 5
277.7
283.7
272.1
275.9 I 278.1
286.6
273.8
Total nonaerricultural income .._
- .-do' Revised.
cf Includes inventory valuation adjustment.
9 Government sales are riot deducted.
§ Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
365542°—55
4

291. 7

' 290. 8

292.6

Wa0'^ and salary disbursements total
Commodity -producing industries
Distributive industries
Service industries
Government

bil of dol
do
do
do
do
do

Other labor income
do
Proprietors' and rental income
do
Personal interest in com 6 and dividends
do
Transfer payments
do
Less personal contributions for social insurance
bil of dol




6
0
7
3

4 5

7
5
9
0

45

7
3
9
8

4 5

7
9
5
1

4 6

8
1
0
0

50

8
8
3
0

50

r 56. 1

27.9
35.7
7.0

r
48. 8
r

26, 7
' 16.9

70
49.7
27 1
17.0

S-l

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