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SURVEY OF CURRENT BUSINESS

6

August 10.")

Table 2.—-National Income and Product, 1954, 1955, and First Half 1956
[Billions of dollars]
Unadjusted

1954

Seasonally adjusted at annual rates

1954

1956

1955

II

I

I

1955

1956

j

II

III

IV

I

II

III

IV

I

II

NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income

_ , _

298.3

324.0

206.9

223.2

57.7

195. 5
161.2
10.0
24.4
11.4

210.4
1 74. 5
9.8
26. 1
12.8

54. 1
44.7
2.4
7.0
3.6

. ..

48.9

49.1

12.4

_ . _ . _ _ _ .

25.9
12. 5
10.5

27.3
11. 7
10.1

7.0
2.9
2.4

32.9

40.9

33.2
16.8
16 4

Wages and salaries
Private
.
Military
Government civilian .
Supplements to wages and salaries

_ _ _ _ _ _ _
.

_

_ -

-

._ .

59.1

ifi! i

2.4
7.0
3.6

296.7

297.6

303.1

311.3

321.9

328.3

334.4

334.9

205.2

205.9

206.6

209.7

213.9

221.6

226.8

230.3

233.0

237.

194.0
160. 1
10.1
23.8
11.2

194.7
160.5
10.0
24.2
11.3

195. 2
160.7
9.9
24.6
11.4

198.1
163.3
9.8
24.9
11.6

201.6
166.7
9.7
25.3
12.2

209.0
172.9
10.0
26.1
12.6

213.6
177.5
9.8
26.4
13.2

217.0
180.5
9.7
26.8
13.3

219.4
182.5
9.6
27.3
13.6

223.
186.
9.
27.
13.

Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment

48.6

49.5

49.0

49.3

49.5

49.'

26.2
11.8
10.5

26. 5
11.8
10.3

27.1
12.2
10.2

27.7
11.3
10.0

28.0
11.4
9.8

28.2
11.5
9.8

28.!

10.0

31.7

32.7

32.5

34.7

38.5

40.2

41.6

43.4

40.9

42 7
21. 5
21 1
-1.7

10 8
5. 4
5 3

31.9
16.1
15 8
-.2

32.9
16.6
16.3
-.2

32.8
16.6
16.2
-.3

35.2
17.8
17.4
-.6

39.7
20.0
19.7
-1.2

41.1
20.7
20.3
-.9

43.5
22.0
21.5
-1.9

46.4
23.4
23.0
-3.0

43.7
22.1
21.6
-2.8

-3.1

10.8

2.9

2.9

9.3

9.5

9.8

10.1

10.4

10.6

11.0

11.3

11.5

11.'.

33.9

9.0

9.0

31.7

32.1

32.5

32.7

32.9

33.9

34.3

34.6

35.0

35.^

390.9

98.4

100.9

357.6

358. 5

359. 4

367.1

377.3

387.4

396.8

401.9

403.4

408.3

254.0

62.5

65.5

232.2

235.0

237.8

241.1

246.7

251. 8

257.8

259.5

261.7

263.7

29.4
120.9
86.3

35.7
126.2
92. 1

7.8
30.4
24.3

8.5
32.2
24.7

28.5
119.2
84.5

29.2
120.3
85. 5

29.4
121.5
86.9

30.4
122.5
88.3

34.7
122.5
89.5

35.3
125.3
91.2

37.2
127.6
92.9

35.4
129.2
94.9

34.8
130.5
96.4

33.4
132.3
98.0

48.0

. . _ _ _ .

,_ _

48.6

26.0
12.1
10.6

32.2

60.6

17.0

15.1

45.8

48.2

46.7

51.5

54.7

60.2

62.3

65.1

63.1

64.2

27.9
13.5
14.4
22.4
— 2. 3

32.7
16.6
16.1
23.7
4.2
3.8

7. 1
3.2
3.9
6. 5
3.5
3.5

8.3
3.8
4.4
7.3
-.5

25. 9
11.8
14. 1
22.9
-3.1
-3.3

27.3
13.0
14.3
22.6
—2.2

28.7
14.2
14.4
22.5
-4.5
-5.1

29.5
15.0
14.5
21.7
.2
-.3

31.5
16.1
15.3
21.3
1.9
1.4

32.9
16.9
16.0
22.4
4.9
4.5

33.5
17.2
16.4
25.0
3.7
3.4

33.0
16.2
16.8
25.9
6.1
5.9

32.6
15.3
17.3
26.4
4.1
4.2

33. 1
15.1
18.0
27.5
3.5
3.9

—. 4

-.5

.0

.4

-1.1

-.4

-.9

.2

.1

1.7

76.5

76.8

19.0

19.9

80.8

75.5

75.6

74.2

76.3

76.2

76.5

78.1

78.5

78.7

48.9
43 0
41. 1
1.9
,3

11.6
10.1
9.6
.5
1.6
,1
7. 4

11.5
10.2
9.7

54.0
46. 5
44.7
1.9

45.7
40. 1
38.0
2.1
5.9
.3
28.5

46.3
41.3
39.1
2.2
5.5

46.6
41.3
39.4
1.9
5.8

47.2
40.6
38.7
1.9
7.1

46.4
40. 5
38.6
1.9
6.3

46.1
40.7
38.7
2.0
5.8

27! 3

47.7
42.0
40.2
1.9
6.0
.4
28.0

46.8
41.8
39.2
2.6
5.4

8.4

4
2Q.8

48.2
43.2
41.6
1.6
5.4

27.6

46. 7
41.2
39.1
2.2
5.9
.4
30.1

29.5

29.9

29.9

30.9

32.1

32.6

306.1

78.3

80.2

284.9

285.6

286.9

291.4

295.1

303. 8

309.6

32. 9
29. 1
3.8

Corporate profits and inventory valuation adjustment

48.7

25.9
12.1
10.6

236. 5

_ _

48.6

360. 7

.

49.6

287.3

Business and professional Farm
Rental income of persons

25.3
13.9
10.4

9.7

Proprietors' and rental income * _ _ _ _ _ _ _

Net interest _ _

295.8

82.9

_ _- -

Compensation of employees. _

35. 5
31.3
4.2

10.2
9.0
1.2

10.4
9.1
1.3

32.7
29.0
3.7

32.8
29.0
3.8

33.0
29. 1
3.8

33.3
29.4
3.9

34.5
30.4
4.1

35.3
31.2

35.9
31.7

36.3
32.0

37.3
32.9

38.1
33.6

_ .

.

Addendum: Compensation of general government employees

12.5
7 2
2.8
2.4

11.;
9. '

GROSS NATIONAL PRODUCT OR EXPENDITURE
C»ross 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 onlv
Net foreign investment

.

__ _

_

__

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

. . .
- -

- -

.. - - _ _ _ . . .

.. .. -

A

L5

-.7

.3

DISPOSITION OF PERSONAL INCOME
Personal income
F/oss* Personal tax and nontax payments
Federal
.. __ _ _ .
_ State and local
_.
Equals: Disposable personal income

_.

- ..
-

314.6

317.5

322.9

254.4

252.3

252.8

254.0

258.0

260.6

268.5

273.8

278.4

280.2

284.9

65.5

232.2

235.0

237.8

241.1

246.7

251.8

257.8

259.5

261.7

263.7

16.6

5.6

4.4

20.1

17.8

16.2

16.9

13.9

16.7

15.9

18.8

18.6

21.2

390.9

98.4

100.9

357.6

358.5

359.4

367.1

377.3

387.4

396.8

403.4

408.3

28.8
30.2
1.4
1.8

- -

69.9

62.5

360.7

Equals: Personal saving

68.1

254.0

17.9

_ . _ _ _ _ .

270.6

236.5

_ -

Less: Personal consumption expenditures

31.3
32.5
1.4
1.8

8.2
8.2
.4
-1.0

8.4
8.5
.4

28.0
30.0
1.4
1.9

28.5
30.1
1.4
2.0

29.0
29.9
1.4
1.4

29.6
30.6
1.4
2.1

30.3
31.4
1.4
3.0

31.1
32.4
1.4
1.2

31.7
32.8
1.4
2.7

32.9
33.7
1.4
1.1

33.6
34.1
1.4

.2

.7

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

_ 2

.3

2

298.3

324.0

82.9

l>ess- Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
.-

32.9
9.7
.0

40.9
11.1
.0

10.0
3.4
.0

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

15.0
5.2
10.0
1.4

16.1
5.2
11.2
1.4

287.3

306.1

Plus: Subsidies less current surplus of government enterprises
Equals: National income

Equals: Personal income

- __
--

1. Includes noncorporate inventory valuation adjustment.




-

32.2
33.4
1.4
.6

.1

.2

.7

328.3

334.4

334.9

40.2
10.9
.5

41.6
11.3
-.6

43.4
11.4
.0

40.9
12.1
.0

12.3
.0

15.9
5.2
10.4
1.4

16.2
5.2
10.7
1.4

16.0
5.2
11.0
1.4

16.3
5.3
12.1
1.4

16.9
5.4
11.8
1.4

17.3
5.5
12.2
1.4

295.1

303.8

309.6

-.5

.2

-.2

-.4

.2

295.8

296,7

297.6

303.1

311.3

3.4
.0

31.7
9.6
.0

32.7
9.7
.0

32.5
9.7
.0

34.7
9.8
.0

38.5
10.6
.1

4.3
1.2
2.9
.4

4.4
1.6
2.8
.4

14.3
5.1
9.7
1.4

14.8
5.2
9.9
1.4

15.0
5.2
10.0
1.4

15.8
5.2
10.3
1.4

78.3

80.2

284.9

285.6

286.9

291.4

401.9

.7

321.9

314.6

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

317.5

322.9

BUSINESS STATISTICS
X 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 significantly revised since publication of the 1955 Supplement are indicated by an asterisk (*) and a dagger (f), respectively. In most
instances, the terms "unadjusted" and "adjusted" used to designate index numbers and dollar values refer to adjustment for seasonal variation.
Statistics originating in Government agencies are riot copyrighted and may be reprinted freely. Data from private sources are provided
through the courtesy of the compilers, and are subject to their copyrights.
[Averages for the year 1955 are provided in the July 1956 issue of the SURVEY]
Unless otherwise stated, statistics through 1954 and
descriptive notes are shown in the 1955 edition of
BUSINESS STATISTICS

1956

1955

June

July

August

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 ratesrf
National income, total. _ _
bil. of doL
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 cf
do
Business and professional c?
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

321,9

328.3

334.4

334.9

221.6

226 8
213 6
177 5

3
0
5
7
8
3

233 0
219 4
182 5

26 4
13.2

230
217
180
9
26
13

49.5
27. 1
12 2
10.2

49.0
27 7
11 3
10.0

49
28
11
9

3
0
4
8

49
28
11
9

40 2
41 1
20.7
20 3
— 9
10.6

41 6
43 5
22.0
21 5
—1 9
11.0

209.0

172 9
10.0
26. 1
12.6

9.8

237.2
223. 5
186 2
9.5
27.8
13.8

9.6

27 3
13 6
5
2
5
8

49.9
28.9
11.3
9.7

43 4
46 4
23 4
23 0
30
11.3

40 9
43 7
22 1
21 6
28
11. 5

—3 1
11.7

-do _

387 4

396 8

401 9

403 4

408 3

Personal consumption expenditures, total
Durable goods
..
Nondurable goods
_
_.
Services
, _

_do _
do
-do
do

251 8
35 3
125.3
91 2

257
37
127
92

8
2
6
9

259
35
129
94

5
4
2
9

261
34
130
96

7
8
5
4

263
33
132
98

7
4
3
0

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

do
do _
do
do..-

60 2
32.9
22 4

62.3
33.5
25 0

65
33
25
6

1
0
9
1

63
32
26
4

1
6
4
1

64
33
27
3

2
1
5
5

Net foreign investment
_. _do Government purchases of goods and services, total
bil. ofdolFederal (less Government sales). - ._ do _
National security?--- -do
State and local - ._ ___
_ _ _ _ _ do
Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income

do .
do___
do

Personal saving §

do

4.9

3.7

-.9

.2

8

1

17

76.2
46.3
41.3
29.9

76.5
46 6
41 3
29 9

78.1
47 2
40 6
30 9

78.5
46 4
40 5
32 1

78.7
46 1
40 7
32 6

303.8

35.3

309 6
35 9

273.8

314 6
36 3
278 4

317 5
37 3
280 2

322 9
38 1
284 9

16.7

15.9

18.8

18 6

21 2

268.5

PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates :f
Total personal income _ __ _ ._

bil. of dol

306 0

309 2

308 7

311 0

311 6

314 5

317 5

316 7

317 1

318 6

3^1 7

r 322 8

324 2

Wage and salary disbursements, total , _ _ _ _ do .
Commodity-producing industries
do
Distributive industries..
.
do
Service industries
_._ do _ . _
Government_.
do

210.5
91.4
55 3
28.1
35 7

214.5
92.1
56 1
28.6
37 7

213.4
92.1
56 5
28.7
36 1

214.7
92.8
56 9
28 7
36 3

215.3
93.3
56 7
28 9
36 4

217.2
94.2
57 3
29 3
36 4

218 2
94.5
57 6
29 4
36 7

219 0
94.8
57 9
29 5
36 8

218 9
94.7
57 9
29 5
36 8

220 3
95.1
58 4
29 6
37 2

222 9
96.8
59 1
29 8
37 2

r

223 2
96.8
59 1
30 o
r 37 3

224 4
97.4
59 4
30 2
37 4

Other labor income
_
do
Proprietors' and rental income
._ do Personal interest income and dividends
do
Transfer payments
do
Less personal contributions for social insurance

7 0
49.4
26.7
17 6

7 1
48.5
26.9
17.5

7 1
49.0
27.1
17 4

7 2
49 4
27.6
17 4

7 2
49 1
27.9
17 4

7 2
49 Q
28.1
17 7

7 3
49 2

7 2
49 7
28.7
18 3

7 2
49 5
28.8
18 5

7
49
29
18

7 2

18 0

7 3
49 4
28.5
18 2

••29.4
18 7

73
49 9
29.7
18 7

5.2

5.3

5.3

5.3

5.3

5.3

5.4

5.7

5.7

5.7

5.8

5.8

bil. of dol-

30^2

2
7
1
6

5.8

r 50 1

Total nonagricultural income
do
294.7
290.4
295.9
293.8
296.9
299.4
302.8
301.6
301.5
304.0
306.8 ' 307. 6 309.4
r
Revised.
f Revised series. Estimates of national income and product and personal income have been revised back to 1952 (see pp. 7 ft. of the July 1956 SURVEY); for data prior to 1952, see the 1954
NATIONAL INCOME SUPPLEMENT or the 1955 edition of BUSINESS STATISTICS.
c? 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