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Table 1.—National Income and Product, 1954, 1955, and First Quarter 1956
[Billions of dollars]
Unadjusted

1954

Seasonally adjusted at annual rates

1955

1955

1954

1956

I

II

III

IV

1955

1956

I

I

II

III

IV

I

II

III

IV

I

NATIONAL INCOME
BY DISTRIBUTIVE SHARES
299.7

322.6

76.4

80.3

81.7

84.1

297.7

298.9

298.7

303.2

311.4

320.7

325.7

332.2

207.9
196.2
162.4
9.5
24.4
11.7

221.3
208.5
173.2
9.1
26.2
12.8

52.6
49.4
40.7
2.3
6.4
3.2

54.6
51.4
42.5
2.3
6.6
3.2

56.1
52.9
44.4
2.3
6.2
3.2

57.9
54.8
45.6
2.3
7.0
3.1

56.8
53.3
44.1
2.2
7.0
3.5

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

224.3
211.3
175.6
9.1
26.6
13.0

228.0
214.7
178.8
9.0
26.9
13.2

230.1
216.6
180.3
8.9
27.4
13.5

Proprietors' and rental income 2
Business and professional
Farm
Rental income of persons

48.4
25.9
12.0
10.5

48.9
27.3
11.0
10.7

12.2
6.6
2.9
2.7

12.2
6.8
2.7
2.7

12.2
6.9
2.6
2.7

12.4
7.0
2.7
2.7

12.3
7.0
2.6
2.7

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

48.8
27.6
10.6
10.7

49.5
28.0
10.8
10.7

49.3
28.1
10.3
10.8

Corporate profits and inventory valuation adjustment- __
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment— _ -

33.8
34.0
17 1
17.0
-.2

41.8
43.8
22 0
21.8
-2.0

9.1
9.5
4 7
4 7
-.3

10.9
11.1
56
55
-.2

10.7
11.4
57
5.7
-.7

11.0
11.8
59
5.9
-.8

-.7

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

42.2
43.0
21.6
21.4
-.8

41.9
44.5
22.3
22.2
-2.6

9.5
31.8

10.5
33.3

2.5
8.2

2.6
8.4

2.7
8.0

2.8
8.7

2.9
8.8

9.4
31.4

9.5
31.5

9.5
31.9

9.7
32.2

9.9
32.3

10.3
33.1

10.7
33.7

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

__.

Net interest
Addendum: Compensation of general government employees

43.6
46.8
23.5
23.3
-3.1 ~-2~7
11.2
34.0

11.6
34.4

GROSS NATIONAL PRODUCT
OR EXPENDITURE
Gross national product

360.5

Gross private domestic investment- _
_ _.
New construction
Residential nonfarm Other
Producers' durable equipment
Change in business inventories, total
Nonfarm only.
_ _ __
N e t foreign investment- ._

__ _

_____

_ _ _ _

91.4

95.2

97.4

103.1

97.1

358.3

357.6

358.8

367. 1

375.3

384.8

392.0

397.3

398.6

252.3
35.3
125.9
91.2

58.5
7.8
28.3
22.4

62.7
9.1
30.9
22.7

62.5
8.7
31.0
22.8

68.6
9.7
35.7
23.2

61.7
7.6
30.2
23.9

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

255.7
36.9
127.0
91.8

257.2
34.8
128.8
93.6

258.8
33.9
129.9
95.1

47.2
27.8
13.5
14.3
22.3
-2.9
-3.2

59.3
32.4
16.6
15.8
23.8
3.2
3.0

14.6
6.7
3.3
3.4
5.2
2.7
2. 7

13.8
8.2
4.3
3.9
6.2
-.6
— 6

16.0
9.1
4.7
4.4
6.0
.9
.8

14.9
8.3
4.2
4.1
6.3
.3
.2

16.7
6.9
3.2
3.7
6.5
3.3
3 X

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
16.1
15.1
21.5
1.5
15

60.1
32.6
16.9
15.7
23.2
4.3
4 2

60.5
33.2
17.2
16.0
24.9
2.4
2.0

63.2
32.3
16.2
16.2
25.5
5.3
5.1

62.4
31.6
15.3
16.3
26.8
4.0
4.0

—.3

_

387.2

236.5
29.3
120.9
86.4

__

Personal consumption expenditures _ _ _
Durable goods
Nondurable goods
Services

— .4

-.1

— .2

-.3

.2 1

-.1

-1.1

—.3

.7

.9

—.4

— 7

o

3

o

18.8
11.4
10.2
9.7
.5
13
.1
7.4

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
61
.4
28.1

74.5
45.7
40.5
38.5
2.0
55
.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

75.8
45.5
40.6
39.0
1.7
5.2
.3
30.2

77.2
46.3
41.0
39.2
1.9
5.5
.3
31.0

77.4
45.7
40.8
38.9
1.9
5.2
.3
31.7

77.0
49.2
43.2
41.4
1.8
6.3
.4
27.8

75.9
45.8
40.8
38.8
2.0
5 4
.3
30.1

18.4
11.6
10.3
9.7
.6
14
.1
6.8

18.9
11.3
10.1
9.6
.5
13
.1
7.6

19.2
11.4
10.2
9.7
.4
1.3
.1
7.8

287.6

303.2

72.4

74.7

76.5

79.5

77.4

285.8

286.6

287.3

290.8

293.6

300.5

306.1

311.5

313.6

32.8
29. 1
3.7

33.9
30.0
3.9

9.7
8.6
1.2

9.3
8.2
1.0

8.6
7.7
.9

6.3
5.5
.8

10.2
8.9
1.2

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

35.4
31.3
4.1

36.6
32.4
4.2

254.8

269.3

62.7

65.5

67.9

73.2

67:2

253.1

253.9

254.5

257.8

261.0

267.1

271.7

276.0

277.0

236.5

252.3

58.5

62.7

62.5

68.6

61.7

232.2

235.1

237.9

241.0

245.8

250.5

255.7

257.2

258.8

18.3

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

19.4
11.6
10.3
9.8
.5
1.4
.1
7.9

17.0

4.1

2.8

5.4

4.6

5.5

21.0

18.8

16.6

16.8

15.3

16.6

16.0

18.8

18.2

360.5

387.2

91.4

95.2

97.4

103.1

97.1

358.3

357.6

358.8

367.1

375.3

384.8

392.0

397.3

398.6

30.0
30.3
1.2
-.8
-.1

32.3
31.9
1.2
-.4
.5

7.8
7.6
.3
-.6
.1

8.0
7.9
.3
-1.2
.1

8.2
8.2
.3
-.9
.2

8.4
8.2
.3
2.3
.1

8.5
8.2
.3

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

32.7
32.2
1.2
.8
.6

33.5
32.6
1.2
-1.7
.5

34.1
33.2
1.2

'.3

31.9
31.7
1.2
-.2
.4

299.7

322.6

76.4

80.3

81.7

84.1

297.7

298.9

298.7

303.2

311.4

320.7

325.7

332.2

33.8
9.6
.0
15.0
5.2
10.0
1.2

41.8
11.0
.0
16.0
5.0
11.2
1.2

9.1
2.9
.0
4.1
1.1
2.6
.3

10.9
2.9
.1
4.1
1.5
2.5
.3

10.7
2.7
i
3.' 9
1.3
2.6
.3

11.0
2.4
.0
4.0
1.2
3.5
.3

3.4
.0
4.2
1.3
2.9
.3

32.6
9.7
.0
14.3
5.1
9.7
1.2

34.0
9.6
.0
15.1
5.2
9.8
1.2

33,1
9.6
.0
15.0
5.2
10.0
1.2

35.5
9.6
.0
15.7
5.2
10.6
1.2

39.6
10.5
.1
15.9
5.1
10.2
1.2

42.2
10.8
.4
16.2
5.0
10.7
1.2

41.9
11.2
-.6
15.7
5.0
11.0
1.2

43.6
11.4
.0
15.9
5.0
12.2
1.2

12.6
.0
16.7
5.1
11.7
1.2

287.6

303.2

72.4

74.7

76.5

79.5

77.4

285.8

286.6

287.3

290.8

293.6

300.5

306.1

311.5

313.6

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
Equals: National income

.. ...

Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements _ _ _
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income

1. This table incorporates changes stemming from revisions in corporate profits and farm

income
 estimates for 1955.
http://fraser.stlouisfed.org/U. S. Department of Commerce, Office of Business Economics.
Source:
Federal Reserve Bank of St. Louis

.2

2. Includes noncorporate inventory valuation adjustment.

.7

BUSINESS STATISTICS

WlontU,

-L 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

1955

March

April

May

June

July

Septem- October Novem- December
ber
ber

August

February

January

March

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:
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 cT -Business and professional c?
-Farm
Rental income of persons
Corporate profits and inventory valuation
ment total
bil
Corporate profits before tax total
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
Gross national product, total

do
do
do
do
adjustof dol
do
do
do
do
do

__

311.4

320.7

213 1
200 8
166 5
91
25 3
12.2

219
207
171
9
25
12

1

332 2

325. 7
224 3
211 3 |
175 6 !
91 !
26 6
13 0
i
48.8
27. 6
10 6
10 7

5
0
7
3
9
5

j
48.8
26.6
11.5 i
10 7

48.7
27.1
11.0
10 7

39 6
40 9
20 5
20. 4
1 3
9.9

42 2
43 0
21.6
21.4
8
10 3

41
44
22
22
2
10

228 0
214 7
178 8
90
26 9
13 2

230 1
216. 6
180 3
8.9
27 4
13.5

49.5
28.0
10 8
10 7

j - - - _. .

49.3
°8 1
10.3
10 8

4 '3
46
23
2?,
3
11

9
5
3
2
Q
7

f>
S
5
3
1
2

i

-_
—2 7
11.6

do

375.3

384.8

392.0

397.3

398. 6

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

do
do
do
do

245.8
34 4
122.4
89 0

250. 5
35 1
125.3
90 2

255. 7
36 9
127.0
91.8

257.2
34 8
128.8
93 6

258. 8
33 9
129. 9
95. 1

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

do
do
do
-do.

54 1
31.2
21 5
1.5

60.1
32.6
23 2
4.3

60. 5
33.2
24. 9
2.4

63 2
32.3
25 5
5.3

62. 4
31.6
26.8
4.0

o

— 3

o

75 8
46.4
41 2
29.4

74 9
45.2
40 4
•29.7

75.8
45.5
40.6
30.2

77 2
46.3
41 0
31.0

77 4
45.7
40 8
31.7

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

— 4

.

| _

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

do
do
do

293.6
32 6
261 0

300.5
33 4
267 1

306 1
34 4
271 7

311 5
35 4
276 0

313 6
36 6
277 0

Personal saving §

do

15 3

16 6

16 0

18 8

18 2

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

-

Wage 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 income and dividends
do. __
Transfer payments
do
Less personal contributions for social insurance
bil of dol

295.7

298 9

301 4

301.6

305.3

305.3

307.9

308. 7

311 5

314. 3

312 7 : r 313 3

314.9

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
94 0
56 8
28 5
36 0

215 8
94 1
56 9
28.7
36 1

216.2 '216.3
94 1 i ' 94 0
57 3
57 3
28. 6 ; r 28. 7
36 2
36 3

217.3
94 5
57 5
28.9
3(5 4

68
48.5
25.5
17.4

69
49.0
25.9
17 6

6.9
48.8
26.1
17 5

69
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

71
49.3
27.4
16 9

7 l
49 7
27.6
17 1

7 2
49.4
29.9
17 4

51

51

5 2

5.2

5.3

5.3

5.3

5 3

5 3

5 4

287.2
280.9
294.4
299.9
291.7
296.6
293.0
290.8
Total nonagricultural income
do
283.7
286.6
T
Revised.
cf 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.




72
49. 2
28. 1
17 7

72
49. 3
' 28. 4
17.8

r

57
298. 6 :

5. 7
r

299. 0

7 3
49.3 1
28.7 i
18.0
5. 7

300.9 \

S-l

April

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