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SURVEY OF CURRENT BUSINESS

12

February 1956

Table 5.—National Income and Product, 1953, 1954, and 1955
[Billions of dollars]

!
i
1953

1954

Unadjusted

Seasonally adjusted at annual rates

195.1

1955
I

I

II

i

1954

!
1
III

IV

I

II

1955

!

III

I

IV

II

III

IV

1

NATIONAL INCOME BY DISTRIBUTIVE SHARES

303. 6

322. 3

76.4

80.3

82.0

297.7

298.9

298.7

303.2

311.4

320.7

325. 7

207.9

221. 3

52. 6

54. 6

56.1

57.9

206.7

207.2

207.8

209.8

213.1

219.5

224.3

228.0

198.5
164.7
10.3
23 5
10 8

196.? !
162.-! ;
9.5
24.4 !
11.7

2^8. 5
173.2
9.1
26.2
12.8

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

54.8
45.6 i
2.3
7.0
3.1

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

214.7
178.8
9.0
26.9
13.2

48.4

48.4

49.1

12.2

12.2

12.2

12.5

49.0

48.2

48.3

48.2

48.8

48.7

48.8

50.1

25. 9
12.3
10. 3

2~\ 9
12.0
10. 5

27.3
11. 1
10.7

6.6
2.9
2.7

6.8
2.7
2 7

6.9
2. 6
2.7

7.0
2.9
2.7

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

28.0
11.4
10.7

37.2

33. 8

41.4

9.1

10.9

11.0

32. 6

34. 0

33. 1

35.5

39.6

42.2

41.9

38.3
21.3
17.0
i i

Compensation of employees

299. 7

209.2

National income

34. 0
17. 1
17.0
2

43.4
21.8
21.6

9.5
4.7
4.7

11.1
5.6
5.5

11.7
5.9
5.8

32.7
16. 4
16.3
2

33.7
16.9
16.8
2

33. 5
16.8
16.7

36.0
18.1
17.9

40.9
20. 5
20.4
1 3

43.0
21 6
21.4
g

44.5
22.3
22. 2
2 6

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

g

8.8

9.5

10. 5

2.5

2.6

2.7

2.8

31.8

33. 3

8.2

8.4

8.0

8.7

360. 5

387. 2

91.4

95.2

97.4

230. 6

236. 5

252. 3

58.5

62.7

62.5

29 8
118.9
81.8

29.3
120.9
86.4

35.3
125. 9
91.2

7.8
28.3
22.4

9.1
30. 9

51. 4

-

31. 6

364.5

Net interest

Addendum: Compensationof general governinentemployees

47. 2

59. 3

14.6

25.8
11.9
13.8
24.4
1.2
19

27. 8
13.5
14.3
22.3
-2.9
—a 9

32.4
16.6
15.8
23.8
3.2
3.0

**

-.4

6.7
3.3
3.4
5.2
2.7
2.7
i

3 1

9.5

9.5

9.7

9.9

10.3

10.7

11.2

31.4

31.5

31.9

32.2

32.3

33.1

33.7

34.0

103.1

358. 3

357. 6

358. 8

367. 1

375. 3

384.8

392.0

397. 3

68.6

232. 2

235. 1

237. 9

241.0

245. 8

250.5

255. 7

257. 2

8.7
31.0
22.8

9.7
35.7
23.2

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

36. 9
127. 0
91.8

34.8
128.8
93.6

13.8

16.0

14.9

45.5

46.9

45.9

50.7

54.1

60.1

60. 5

63. 2

8. 2
4.3
3.9
6.2

9.1
4.7
4.4
6. 0
.9
.8

8.3
4.2
4.1
6.3
.3

25.9
11.8
14.1
22.9
—3. 2
-3.4

27.3
13.0
14.3
22.4

28. 5
14.2
14. 3
22 2
-4^9
—5.4

29.4
15.0
14.4
21.9
— 6
-LO

31.2
16. 1
15. 1
21.5
1.5
1.5

32.6
16.9
15.7
23.2
4.3
4.2

33.2
17.2
16.0
24.9
2.4
2.0

32.3
16. 2
16.2
25. 5
5.3
5. 1

2

-.3

2

-1.1

-.3

-.7

.0

-.3

19.2

75.9

75.8

74.5

75.8

74.9

75.8

77.2

9.4

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

2 o 1

Government purchases of goods and services

-3^2

.9

84.5

77.0

75.9

18.4

19.4

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

45. 8
40.8
38.8
2.0
5.4
.3
30.1

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
'^
L3
.1
7.8

11.6
10.3
9.8
5
1.4
.1
7.9

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

46.3
41.0
39.2
1.9
5.5
.3
31. 0

_ ._

286.2

287.6

303. 3

72.4

74.7

76. 5

79.7

285.8

286. 6.

287. 3

290.8

293. 6

300.5

306. 1

312.1

35 8
32 4
3.4
250.4

32 8
29.1
3.7
254. 8

33 9
30.0
3.9
269. 4

9.7
8.6
1.2
62.7

9.3
8.2
1.0
65.5

8.6
7. 7
.9
67.9

6.3
5.5
.8
73.4

32.7
29. 1
3.6
253. 1

32.7
29. 1
3. 6
253. 9

32.8
29. 1
3. 7
254. 5

33. 1
29. 3
3.8
257.8

32. 6
28.8
3.8
261.0

33. 4
29.5
3.9
267.1

34. 4
30.4
4.0
271.7

35. 4
31.3
4. 1
276. 6

230. 6

236. 5

252.3

58.5

62.7

62.5

68.6

232.2

235. 1

237. 9

241.0

245.8

250. 5

255.7

257. 2

19 8

18.3

17.1

4.1

2.8

5.4

4.7

21.0

18.8

16.6

16.8

15.3

16.6

16.0

19.4

364. 5

.-

81.7

-

Federal
National security
National defense
Other national securit v
Other
Less* Government sales
State and local

18.9

360.5

387.2

91.4

95.2

97.4

103.1

358. 3

357.6

358.8

367.1

375.3

384.8

392. 0

397. 3

27.8
30. 2
1.2
13

30. 0
30.3
1.2
— 8

32. 3
31.9
1.2

7.8
7.6
.3
— 6

8.0
7.9
.3
—1 2

8.2
8.2
.3
—1 2

8.4
8.2
.3

29.2
29.9
1.2

29.fi
30.4
1.2
—2 3

30.4
30.0
1.2
—1 5

30.9
30. 7
1.2
.7

31.2
31.1
1.2
.7

31.9
31.7
1.2
-.2

32.7
32.2
1.2
8

33. 5
32. 6
1.2

.1

.5

--

-

_ - . _ _ _
-

-

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
-. . .

-.4

-.1

.5

.1

.1

.2

303. 6

299.7

322. 3

76.4

80.3

82.0

Less: Corporate profits and inventory valuation adjustmentContributions for social insurance
Excess of wage accruals over disbursements

37.2
8 7
-. 1

33.8
9 6
.0

41.4
11.0
.0

9. 1
2.9
.0

10.9
2.9
.1

11.0
2.7
-. 1

.0

Plus* Government transfer payments

12.8
5 0
9.3
1.2

15.0
5 2
10.0
1.2

16.0
5.0
11.2
1.2

4. 1
1.
2.6
.3

4. 1
1. 5
2.5
.3

3.9
1.3
2.6
.3

286.2

287.6

303. 3

72.4

74.7

76.5

Equals" National income

Dividends
Business transfer payments
Equals: Personal income

-

_-

-

.--

-

1. Includes noncorporate inventory valuation adjustment.




-.4

.3

.0

-.3

.3

.4

.6

297.7

298.9

298.7

303. 2

311.4

320. 7

325.7

32. 6 1
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
.4

41.9
11.2
-.6

11.4
.0

4.0
1.2
3.5
.3

14.3
5. 1
9.7
1.2

1 5. 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

15.9
5.0
12.2
1.2

79.7

285.8

286.6

287.3

290.8

293.6

300.5

306.1

312.1

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

BUSINESS STATISTICS
JL HE 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

1956

1)55

1954

December

January

February

March

April

May

June

July

August

Septem- October Novem- December
ber
ber

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:
National income, total _ _
bil. of dol__

303.2

311.4

320.7

325. 7

do
do
do
do
do
do _ _

209 8
198 1
163 8
9 3
25 0
11 8

213 1
200 8
166 5
Q l
25 3
12.2

219
207
171
9
25
12

5
0
7
3
9
5

224.3
211 3
175. 6
0 1
26 6
13.0

Proprietors' and rental income, totalcf
- -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

48.2
26 3
11 2
10.7

48.8
26 6
11 5
10.7

48.7
27 1
11.0
10.7

48.8
27 6
10. 6
10.7

50.1
28 0
11.4
10.7

35 5
36 0
18 1
17 9
—.5
9 7

39 6
40 9
20 5
20 4
—1.3
9 9

42 2
43.0
21 6
21.4
10 3

41 9
44. 5
22 3
22 2
—2. 6
10. 7

-3.1
11 2

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

Gross national product, total

228.0
214 7
178. 8
9 0
26 9
13.2

"'

do

367 1

375 3

384 8

392 0

397 3

Personal consumption expenditures total
Durable goods
Nondurable goods
Services

do
do
do
do

241 0
30 4
122.5
88 1

245
34
122
89

250 5
35 1
125.3
90 2

255 7
36. 9
127 0
91.8

257
34
128
93

2
8
8
6

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

do _
do_
do
do^ _

50 7
29.4
21 9
— .6

60
32
23
4

60 5
33. 2
24 9
2.4

63
32
25
5

2
3
5
3

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

.9

— .4

—.7

74.5
45 7
40 5
28 7

75.8
46 4
41.2
29 4

74
45
40
29

9
2
4
7

75.8
45. 5
40.6
30.2

77
46
41
31

8
4
4
0

54 1
31.2
21 5
15

1
6
2
3

— 3

.0

2
3
0
0

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

do
do
do

290 8
33 1
257 8

293 6
32 6
261 0

300 5
33 4
267 1

306 1
34.4
271 7

312 1
35 4
276 6

Personal saving§

do-

16 8

15 3

16 6

16.0

19 4

_

-

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

293 4

292 2

293 2

295 7

298 9

301 4

301 6

305 3

305 3

307 9

309 2

r 312 o

315 0

do
-do. ...
do
do
do

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

207.3
90.6
54 5
27 4
34 8

208.0
90.9
54 9
27 4
34 8

212.4
91.7
55.7
27 8
37.2

211.2
91.5
56. 1
27 9
35.7

212. 4
92 2
56.4
28.0
35.8

213.3
92.8
56 4
28 2
35.9

-215.3
r
94. 0
T
56 s
'•r 28 5
36 0

215. 7
94. 1
57 0
28 6
36 0

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. -

6.7
48.9
26. 5
17 1

6 8
49.1
25.0
17 0

6 8
48.8
25.3
17 0

6 8
48.5
25.5
17 4

6 9
49.0
25. 9
17 6

6 9
48.8
26.1
17 5

6 9
48.5
26. 3
17 1

7.0
47.9
26. 4
16 9

7.0
48.8
26.7
16 9

7. 1
49.7
27.1
16 9

7 1
49.8
27.4
16 9

7 1
50. 2
27. 6
17 1

7 2
50. 2
29. 9
17 4

4.6

5.0

5.0

51

5.1

5.2

5 2

5.3

5.3

5.3

5.3

Total nonagricultural income
_ . . . do.- 291. 7
278. 1
276.5
277.7
280. 9
283.7
286. 6
287.2
290.8
293.0
T
Revised.
o* 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.

294. 4

Wage and salary disbursements, total
Commodity-producing industries--, Distributive industries
Service industries
Government
-




bil of dol

T

5.3
r

296. 6

5.4

299.8

S-l

January

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