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SURVEY OF CURRENT BUSINESS

14

February 1957

Table 7.—National Income and Product, 1954, 1955, and 1956
[Billions of dollars]

Seasonally adjusted at annual rates

Unadjusted
1954

1955

II

I

1956

1955

1956

1956

III

I

IV

j

III

II

IV

I

II

III

IV

NATIONAL INCOME BY DISTRIBUTIVE SHARES
298.3

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

321.9

328.3

334. 4

334.9

338.7

343.5

62.1

213. 9

221.6

226.8

230.3

233.0

237.2

240.4

245.5

195.5
161. 2
10.0
24.4
11.4

210.4
174,5
9.8
26.1
12.8

225. 1
187. 5
9.5
28. 1
14.0

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

58. 7
48. 9
2.4
7.5
3.4

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

?23.5
186.2
9.5
27.8
13.8

226.2
188.3
9.5
28.5
14.2

231.1
192. 9
9.5
28.7
14.4

49.1

50.5

12.4

12,5

12.7

12.9

48.6

49.5

49.0

49.3

49.5

49.9

50.7

51.7

25.9
12 5
10.5

27.3
11.7
10.1

29.1
11.6
9.7

7.5
3.0
2.4

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

29.9
12.1
9.7

40.9

40.9

10.0

10.4

10.1

38.5

40.2

41.6

43.4

40.9

39.8

40.4

33.2
16.8
16.4
-.3

42.7
21.5
21.1
-1.7

43.4
21.9
21. 5
-2.5

10.8
5.4
5.3
-.8

11.1
5.6
5.5
-.7

10.5
5.3
5.2
-.3

— .7

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

41.2
20.8
20.4
-.8

-3.3

9.7

10.8

11.9

2.9

2.9

3.0

3.1

10.4

10.6

11.0

11.3

11.5

11.7

12.0

12.4

32.2

33.9

35. 9

9.0

9.0

8.5

9.4

32.9

33.9

34.3

34.6

35.0

35.5

36.3

36. 6

390. 9

412.4

98.4

100.9

102.6

110.3

377.3

387.4

396. 8

401.9

403.4

408.3

413.8

423.8

254.0

265.7

62.5

65.5

65.3

72.6

246.7

251.8

257.8

259.5

261.7

263.7

266.8

270.9

35. 7
126.2
92.1

34.0
132. 9
98.9

7.8
30.4
24.3

8.5
32.2
24.7

7.9
32.6
24.8

9.7
37.7
25.1

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

34.8
134.7
101.4

60.6

65.4

17.0

15.2

17.1

16.1

54.7

60.2

62.3

65.1

63.1

64.7

65.1

68.5

27.9
13.5
14.4
22.4
-2.3
-2.7

__ . __

311.3

60.2

29.4
120.9
86 3

- -

86.0

59.1

48.0

Business and professional _ __ .Farm
Rental income of persons _ _ _ _ _ _ _ _ _ _ _

84.9

57.7

32.9

_.

Proprietors' and rental income l

82.9

239. 1

236.5

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

342.4

223.2

48.9

_ __.

Compensation of employees

324.0

206.9

360.7

National income

32.7
16.6
16.1
23.7
4.2
3.8

33. 2
15. 3
17.8
28.7
3.5
3.8

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

8.5
3.9
4.6
7.6
.0
.0

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

33.6
15.6
18.0
27.5
3.5
3.9

33.6
15.5
18.1
29.5
2.0
2.4

32.9
14.9
18.0
31.5
4.1
4.4

7.0
2.9
2.4

7.2
2.8
2.4

7.4
2.9
2.4

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

-.4

-.5

1.4

.0

1.0

-.4

-.9

.2

o

.1

1.2

1.7

2.4

Government purchases of goods and services

76.5

76.8

79.8

19.0

19.9

20.3

20.6

76.3

76.2

76.5

78.1

78.5

78.7

80.2

82.0

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

47.0
41.6
39.6
2.0
5.8
.4
32.8

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

12.1
10.8
10.3
.5
1.4
.1
8.6

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

48.3
43.2
41.3
2.0
5.5
.4
33.7

287.3
32.9
29.1
3.8

306.1
35.5
31.3
4.2

325.2
38.5
33.9
4.6

78.3
10.2
9.0
1.2

80.2
10.4
9.1
1.3

81.8
9.6
8.5
1.0

84.9
8.4
7.3
1.0

295.1
34.5
30.4
4.1

303.8
35.3
31.2
4.1

309.6
35.9
31.7
4.2

314.6
36.3
32.0
4.3

317.5
37.3
32.9
4.4

322.9
38.1
33.6
4.4

327.0
38.8
34.1
4.6

333.2
39.9
35.1
4.8

Equals! Disposable personal income

254.4

270.6

286.7

68.1

69.9

72.2

76.5

260.6

268.5

273.8

278.4

280.2

284.9

288.2

293.3

Less: Personal consumption expenditures

236.5

254.0

265.7

62.5

65.5

65.3

72.6

246.7

251.8

257.8

259.5

261.7

263.7

266.8

270.9

17.9

16.6

20.9

5.6

4.4

7.0

3.9

13.9

16.7

15.9

18.8

18.6

21.2

21.4

22.4

_ __

360.7

390.9

412.4

98.4

102.6

110.3

377.3

387.4

396.8

403.4

408.3

413.8

423.8

.. ._

28.8
30.2
1.4
1.8

31.3
32.5
1.4
1.8

34.0
34.6
1.4
.9

8.2
8.2
.4
-1.0

8.6
8.8

8.9
9.1

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

35.1
35.6

3.0

1.2

2.7

.6

1.1

1.1

.2

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

_ _
_ _ __

.0

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
__

100.9
8.4
8.5
.4
-1.1

-.9

.2

.7

.1

.2

.7

.7

.9

311.3

321.9

328.3

334.4

334.9

338.7

343.5

2.8
.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

40.4
12.7
.0

13.0
.0

4.2
1.4
2.8
.4

4.4
1.3
3.5
.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

17.6
5.7
11.9
1.4

81.8

84.9

295.1

303.8

309.6

314.6

317.5

322.9

327.0

333.2

-.2

.3

.9

.2

.2

.2

298.3

324.0

342.4

82.9

84.9

86.0

Less: 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

40.9
12.5
.0

10.0
3.4
.0

10.4
3.4
.0

10.1
2.9
.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

17.3
5.5
12.0
1.4

4.3
1.2
2.9
.4

4.4
1.6
2.8
.4

287.3

306.1

325.2

78.3

80.2

Equals : National income

Equals: Personal income

_
- -

1. Includes noncorporate inventory valuation adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.




401.9

.4

1.4

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 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

1955

1957

1956

December

January

February

March

April

May

June

July

August

Septem- October Novem- December
ber
ber

January

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

334 4

334 9

338 7

343 5

Compensation of employees, total
do
Wages and salaries, total
_.do_
Privato
do
Military
„ __
do.__
Government civilian
_
do
Supplements to wages and salaries
- __do

230
217
180
9
26
13

3
0
5
7
8
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
95
28 5
14 2

245.5
231.1
192 9
9.5
28 7
14. 4

Proprietors' and rental income, totalcf-- -- do__Business and professional^1
do
Farm
__
_do_
Rcntal 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

49
28
11
9

3
0
4
8

49
28
11
9

5
2
5
8

49
28
11
9

50
29
11
9

7
5
6
7

51.7
29 9
12 1
9 7

Gross national product, total

_.

do

Personal consumption expenditures, total
do
Durable goods
- do
Nondurable goods
__do_. .
Services - _do_- _
Gross private domestic investment, total _.
New construction
Producers' durable equipment
_. _
Change in business inventories

do
do
do
do

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

do__do_ __
do.

Personal saving§

_do

9
9
3
7

43 4
46 4
23.4
23 0
-3.0
11 3

40 9
43 7
22.1
21 6
—2.8
11 5

39.8
42.9
21.7
21.3
-3.1
11 7

40 4
41 2
20 8
20 4
-8
12 0

-3.3
12 4

401 9

403 4

408 3

413 8

423 8

259 5
35.4
129.2
94 9

261 7
34.8
130.5
96 4

263 7
33.4
132.3
98.0

266 8
33 0
134.0
99 7

270 9
34.8
134. 7
101.4

65.1
33 0
25 9
61

63.1
32 6
26 4
4 1

64.7
33 6
27.5
35

65
33
29
2

68. 5
32 9
31 5
4 1

1
6
5
0

1

12

17

78 1
47.2
40 6
30 9

78
46
40
32

5
4
5
1

78 7
46. 1
40 7
32.6

80 2
47 2
41 9
33 0

82
48
43
33

314.6
36.3
278 4

317.5
37 3
280 2

322.9
38 1
284 9

327 0
38 8
288 2

333 2
39 9
293 3

18.8

18.6

21.2

21 4

22 4

— 8

2 4
0
3
2
7

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- _
Total nonagricultural income..

do

317 5

316 7

317 1

318 6

321 7

322 8

324 9

324 3

328 1

329 5

332 5

T

333 5

333 5

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

227.1
98.3
60.3
30.6
37 9

228 5
99.1
60. P
30 8
38 1

229.7
100. <5
60.2
30 9
38 0

r

231.0

232
102
60
31
38

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

73
50.0
29.6
18 6

7 3
50.5
29.7
18.6

7.3
51.0
29.8
18.8

7 3
50.9
30.0
18 7

7 4
52 3
30.2

5.4

5.7

5.7

5.7

5.8

5.8

5.8

5.8

5.9

5.9

6.0

301.5

304.0

306.8

307.6

310.3

309.4

314.4

316.3

302.8

301.6

312.8

18.9

r 101. 1
r

r

60. 6
31 1
38 2 |

7 4
51.7
30. 3
19 1

r
r

6.0
' 317. 9

5
1
9
2
3

7 4
51 2
29.2
19 2
6.0

318.3

"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.
414858°—57

5




S-l

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