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SUEVEY OF 'CURRENT BUSINESS

November 1956

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

1954

1955

Seasonally adjusted at annual rates

1956
I

1954

1956

I

II

III

IV

I

II

III

IV

I

II

295.8

III

II

1955

296.7

297.6

303.1

311.3

321.9

328.3

334.4

334.9

338.7

209.7

233.0

III

NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income

•

,

.

•

298.3

324.0

82.9

84.9

206.9

223.2

67.7

59.1

60.2

205.2

205.9

206.6

195.5
' 161.2
10.0
24. .4
11.4

210.4
174.5
9.8
26.1
12.8

54.1
44.7
2.4
7.0
3.6

55.5
46.1
2.4
7.0
3.6

56.8
47.8
2.4
6.6
3.5

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

48.9

49.1

12.4

12.5

12.7

49.6

48.6

25.9
12.5
10.5

27.3
11.7
10.1

7.0
2.9
2.4

7.2
2.8
2.4

7.4
2.9
2.4

25.3
13.9
10.4

32.9

40.9

10.0

10.4

31.7

33.2
16.8
16.4
-.3

42.7
21.5
21.1
-1.7

10.8
5.4
5.3
-.8

11.1
5.6
5.5
-.7

-.3

31.9
16.1
15.8
-.2

9.7

10.8

2.9

2.9

3.0

32.2

33.9

9.0

9.0

360.7

390.9

98.4

236.5

254.0

62.5

29.4
120.9
86.3

35.7
126.2
92.1

48.0
27.9
13.5
14.4
22.4
-2.3
-2.7

Compensation of employees
Wages and salaries
•
Private
L
'.._'
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

_

iNet interest

_

_

Addendum: Compensation of general government employees. ..

213.9

221.6

226.8

230.3

237.2

240.4

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

223.5
186.2
9.5
27.8
13.8

226.2
188.3
9.5
28.5
14.2

48.7

48.6

48.6

49.5

49.0

49.3

49.5

49.9

50.7

25.9
12.1
10.6

26.0
12.1
10.6

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

28.9
11.3
9.7

29.5
11.6
9.7

32.7

32.5

34.7

38.5

40.2

41.6

43.4

40.9

39.8

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

42.9
21.7
21.3
-3.1

9.3

9.5

9.8

10.1

10.4

10.6

11.0

11.3

11.5

11.7

12.0

8.5

31.7

32.1

32.5

32.7

32.9

33.9

34.3

34.6

35.0

35.5

36.3

100.9

102.6

357.6

358.5

359.4

367.1

377.3

387.4

396.8

401.9

403.4

408.3

413.8

65.5

65.3

232.2

235.0

237.8

241.1

246.7

251.8

257.8

259.5

261.7

263.7

266.8

7.8
30.4
24.3

8.5
32.2
24.7

7.9
32.6
24.8

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

33.0
134.0
99.7

60.6

17.0

'15.2

17.1

45.8

48.2

46.7

51.5

54.7

60.2

62.3

65.1

63.1

'64.7

65.1

32.7
16.6
16.1

7.1
3.2
3.9
6.5
3.5
3.5

'8.4
'4.0
4.4
7.3
-.5
-.4

9.2
4.3
4.9
7.2
.6
.7

25.9
11.8
14.1
22.9
-3.1
-3.3

27.3
13.0
14.3
22.6
-1.7
-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 '33.6
15.3 '15.6
17.3
18.0
26.4
27.5
4.1
3.5
3.9
4.2

33.6
15.5
18.1
29.5
2.0
2.4

-.8

• GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product

__

Personal consumption expenditures

_ _

Durable goods _ .
Nondurable goods
Services

1__ __

iGross private domestic investment 1
'
'
1
!

New construction
_
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories, total
Nonfarm only

_ ._

.

^Net foreign investment

-.4

11

.0

.3

.0

-.2

-.7

.3

-.4

-.9

.2

-.8

.1

'1.2

1.7

Government purchases of goods and services

76.5

76.8

19.0

19.9

20.3

80.8

75.5

75.6

74.2

76.3

76.2

76.5

78.1

78.5

78.7

80.2

48.9
43.0
41.1
1.9
6.3
.4
27.6

46.7
41.2
39.1
2.2
5.9
.4
30.1

11.6
10.1
9.6
.5
1.6
.1
7.4

11.5
10.2
9.7
.5
1.5
.1
8.4

11.8
10.5
10.0
.5
1.4
.1
8.5

54.0
46.5
44.7
19
7.8
.4
26.8

48.2
43.2
41.6
16
5.4
4
27.3

47.7
42.0
40.2
1.9
6.0
.4
28.0

45.7
40.1
38.0
2.1
5.9
.3
28.5

46.8
41.8
39.2
2 6
5.4
4
29.5

46.3
41.3
39.1
2 2
5.5
.4
29.9

46.6
41.3
39.4
1.9
5.8
.4
29.9

47.2
40.6
38.7
1.9
7.1
.5
30.9

46.4
40.5
38.6
1.9
6.3
.4
32.1

46.1
40.7
38.7
2.0
5.8
.4
32.6

47.2
41.9
39.9
2.0
5.7
.4
33.0

287.3

306. 1

78.3

80.2

81.8

284.9

285.6

286.9

291.4

295.1

303.8

309.6

314.6

317.5

322.9

327.0

32.9
29.1
3.8

35.5
31.3
4.2

10.2
9.0
1.2

10.4
9.1
1.3

9.6
8.5
1.0

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
4.1

35.9
31.7
4.2

36.3
32.0
4.3

37.3
32.9
4.4

38.1
33.6
4.4

38.8
34.1
4.6

Equals: Disposable personal income

254.4

270.6

68.1

69.9

72.2

252.3

252.8

254.0

258.0

260.6

268.5

273.8

278.4

280.2

284.9

288.2

Less: Personal consumption eppenditures

236.5

254.0

62.5

65.5

65.3

232.2

235.0

237.8

241.1

246.7

251.8

257.8

259.5

261.7

263.7

266.8

17.9

16.6

5.6

4.4

7.0

20.1

17.8

16.2

16.9

13.9

16.7

15.9

18.8

18.6

21.2

21.4

360.7

390.9

98.4

100.9

102.6

357.6

358.5

359.4

367.1

377.3

387.4

396.8

401.9

403.4

408.3

413.8

28.8
30.2
1.4
1.8

31.3
32.5

8.2
8.2

8.4
8.5

8.6
8.8

28.0
30.0

28.5
30.1

29.0
29.9

29.6
30.6

30.3
31.4

31.1
32.4

31.7
32.8

32.2
33.4

32.9
33.7

33.6
34.1

34.4
35.1

1.9

20

1.4

2.1

30

1.2

2.7

.6

1.1

1.1

-.2

.3

.2

.2

.2

-.5

.2

-.2

-.4

.2

.7

.1

.2

.7

.7

298.3

324.6

82.9

84.9

295.8

296.7

297.6

303.1

311.3

321.9

328.3

334.4

334.9

338.7

32 9
9.7
.0

40.9
11.1
.0

10.0
3.4
.0

10.4
3.4
.0

2.9
.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

40.2
10.9
.5

41.6
11.3
-.6

43.4
11.4
.0

40.9
12.1
.0

39.8
12.3
.0

12.7
.0

15.0
5.2
10.0
1.4

16.1
5.2
11.2
1.4

4.3
1.2
2.9
.4

4.4
1.6
2.8
.4

4.2
1.4
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

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

17.2
5.6
12.3
1.4

287.3

306.1

78.3

80.2

81.8

284.9

285.6

286.9

291.4

295.1

303.8

309.6

314.6

317.5

322.9

327.0

Federal
National security
National defense
Other national security _
Other
Less: Government sales
State and local

_
__

_
__.

r

-1.1

DISPOSITION OF PERSONAL INCOME
Personal income
Less: Personal tax and nontax payments
Federal
State and local

-

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
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
r Revised.




--

- -

1.8

1. Includes noncorporate inventory valuation adjustment.

-1.0

-1.1

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

.9

BUSINESS STATISTICS
J_ HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1955 Statistical Supplement to the SUKVEY 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. Except
as otherwise stated, the terms "unadjusted" and "adjusted" refer to adjustment for seasonal variation.
Statistics originating in Government agencies are not 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
Septem- October Novem- December
ber
ber

January

February

March

April

May

June

July

August

Septem- October
ber

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

328.3

334.4

334. 9

338.7

Compensation of employees, total
do
Washes and salaries, total
__
do
Private
___do
Military
do
Government civilian
do
Supplements to wages and salaries
do

226 8
213 6
177.5
98
26 4
13 2

230 3
217 0
180.5
9 7
26 8
13 3

233
219
182.
9
27
13

0
4
5
6
3
6

237 2
223.5
186. 2
9.5
27 8
13.8

240 4
226.2
188.3
9. 5
28 5
14.2

49
27
11
10

49
28
11
9

3
0
4
8

49
28
11
9

5
2
5
8

49.9
28 9
11.3
9 7

50.7
29 5
11.6
9 7

41 6
43 5
22.0
21 5
—1.9
11 0

43 4
46 4
23.4
23 0
—3.0
11 3

40
43
22
21
—2
11

9
7
1
6
8
5

39.8
42.9
21.7
21.3
-3.1
11 7

12 0

Proprietors' and rental income, totalcf
do
Business and professional cf
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

0
7
3
0

_

Q

do

396 8

401 9

403 4

408.3

413 8

do
do
do
do

257 8
37.2
127 6
92 9

259 5
35.4
129 2
94 9

261
34
130
96

7
8
5
4

263.7
33.4
132 3
98.0

266
33
134
99

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

62.3
33 5
25.0
37

65.1
33 0
25.9
61

63 1
32 6
26. 4
4 1

r
64. 7
r

.2

— 8

76. 5
46.6
41 3

78 5
46.4
40 5
32 1

78. 7
46.1
40 7
32 6

80
47
41
33

Gross national product, total
Personal consumption expenditures, total
Durable goods
_ ._
Nondurable goods
Services _ -

Net foreign investment
do
Government purchases of goods and services, total
bil of dol
Federal (less Government sales) . _ _ .
do
National security 9
do

33 6
27.5 _ . _
35

r

8
0
0
7

65 1
33 6
29.5
20

.

1 7

12

do

29. 9

78. 1
47.2
40 6
30 9

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

do
do
do

309 6
35.9
273 8

314 6
36.3
278 4

317 5
37 3
280 2

322 9
38.1
284 9

327 0
38 8
288 2

Personal saving §

do

15.9

18.8

18 6

21.2

21 4

State and local

_

___

.

2
2
9
0

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

bil of dol

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

311 0

311 6

314 5

317 5

316 7

317 1

318 6

321 7

322 8

324 9

324. 3

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

223. 2
96.8
59. 1
30 0
37 3

225.2
97.5
59.9
30 2
37.6

224.0
95.9
59.9
30 4
37.8

7.2
49.4
27.6
17.4

7.2
49.1
27.9
17.4

7. 2
49.6
28 1
17. 7

7 3
49.2
30 2
18.0

7 3
49.4
28 5
18. 2

7 2
49. 7
28 7
18.3

7 2
49. 5
28 8
18.5

7 2
49. 7
29 1
18.6

7 2
50. 1
29 4
18. 7

7.3
50.0
29 6
18.6

7.3
50.5
29.7
18.6

5.3

5.3

5.3

5.4

5.7

5.7

5.7

5.8

5.8

5.8

5.8

r

328. 1

328 5

227.1
98.3
60.3
30.6
37.9

227 7
98. 5
60 3
30 8
38 1

7.3
51.0
29 8
18.8

7 3
50 7
30 0
18.7

5.9

5.9

r

302. 8
295.9
296. 9
299.4
Total nonagricultural income.
do
309.4 r 312. 8
301.6
301.5
304. 0
306.8
313.4
307.6
310.3
r
Revised.
fRevised series. Estimates of national income and product and personal income have been revised back to 1952 (see pp. 7 ff. of the July 1956 SURVEY); for data prior to 1952, see the 1954
NATIONAL INCOME SUPPLEMENT or the 1955 edition of BUSINESS STATISTICS.
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.




S-l

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