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SURVEY OF CURRENT BUSINESS

6

May 1957

Table 1.—Gross National Product, National Income, and Related Series, 1955, 1956, and First Quarter 1957
[Billions of dollars]
Unadjusted

1955

Seasonally adjusted at annual rates

1956

1956

1957

1955

I

II

III

IV

I

I

110.3

104.0

1956

II

III

IV

I

II

1957
III

IV

I

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product

_

__

Personal consumption expenditures
Durable goods
Nondurable goods
Services

_- _ _

Gross private domestic investment
New construction
Residential nonf arm
_ __ _
Other
Producers' durable equipment
_ .
Change in business inventories, total
Nonfarm only
_
_
Net foreign investment

__

390.9

...

_

_ _

_

_____

-_

Government purchases of goods and services
Federal
National security
National defense
Other national security
Other
Less* Government sales
State and local
-

100.9

102.6

377.3

387.4

396. 8

401.9

403.4

408.3

413. 8

423. 8

427.1

62.5
7.8
30.4
24.3

65.5
8.5
32.2
24.7

65.3
7.9
32.6
24.8

72.6
9.7
37.7
25.1

65.3
8.0
31.4
25.9

246.7
34.7
122.5
89.5

251.8
35.3
125.3
91.2

257.8
37.2
127.6
92.9

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

275.0
35.9
136.4
102. 7

60.6
32.7
16.6
16.1
23.7
4.2
3.8

65.4
33.2
15.3
17.8
28.7
3.5
3.8

17.0
7.1
3.2
3.9
6.5
3.5
3.5

15.2
8.4
4.0
4.4
7.3
-.5
-.4

17.1
9.2
4.3
4.9
7.2
.6
.7

16.1
8.5
3.9
4.6
7.6
.0
.0

17.1
7.1
3.0
4.1
7.9
2.2
2.3

54.7
31.5
16.1
15.3
21.3
1.9
1.4

60.2
32.9
16.9
16.0
22.4
4.9
4.5

62.3
33.5
17.2
16.4
25.0
3.7
3.4

65.1
33.0
16.2
16.8
25.9
6.1
5.9

63.1
32.6
15.3
17.3
26.4
4.1
4.2

64.7
33.6
15.6
18.0
27.5
3.5
3.9

65.1
33.6
15.5
18.1
29.5
2.0
2.4

68.5
32.9
14.9
18.0
31.5
4.1
4.4.

63. 3
32.5
14.2
18.2
32.0
-1.2
q

1.4

.0

.3

„

1.0

1.0

-.4

—.9

2

— 8

.1

12

17

2 4

4 0

76.8
46.7
41.2
39.1
2 2
59
.4
30.1

______

98.4

265.7
34.0
132. 9
98.9

-.5

___

412.4

254.0
35.7
126.2
92.1

_

79.8
47.0
41.6
39.6
2 0
58
.4
32.8

19.0
11.6
10.1
9.6
5
16
.1
7.4

19.9
11.5
10.2
9.7
5
1.5
.1
8.4

20.3
11.8
10.5
10.0
5
1.4
.1
8.5

20.6
12.1
10.8
10.3
.5
1.4
.1
8.6

20.5
12.5
11.2
10.7
.5
1.3
.1
8.1

76.3
46.8
41.8
39.2
2.6
5.4
.4
29.5

76.2
46.3
41.3
39.1
2.2
5.5
.4
29.9

76.5
46.6
41.3
39.4
1.9
5.8
.4
29.9

78.1
47.2
40.6
38.7
1.9
7.1
.5
30.9

78.5
46.4
40.5
38.6
1.9
6.3
.4
32.1

78.7
46.1
40.7
38.7
2.0
5.8
.4
32.6

80.2
47.2
41.9
39.9
2.0
5.7
.4
33.0

82.0
48.3
43.2
41.3
20
5.5
.4
33.7

84.9
49.8
45.0
42.9
2. 1
5.3
.4
35.0

NATIONAL INCOME BY DISTRIBUTIVE SHARES
324.0

342.7

82.9

84.9

86.0

88.9

311.3

321.9

328.3

334.4

334.9

338.7

343.5

353.0

_ _ 223. 2
210.4
174 5
9.8
26 1
12.8

239. 1
225.1
187 5
9.5
28 1
14.0

57.7
54.1
44.7
2.4
7 0
3.6

59.1
55. 5
46.1
2.4
70
3.6

60.2
56.8
47.8
2.4
6 6
3.5

62.1
58.7
48.9
2.4
7 5
3.4

61.5
57.5
47.6
2.4
7 6
4.0

213.9
201. 6
166. 7
9.7
25 3
12.2

221.6
209. 0
172.9
10.0
26.1
12.6

226.8
213.6
177.5
9.8
26.4
13.2

230.3
217.0
180. 5
9.7
26.8
13.3

233. 0
219.4
182.5
9.6
27.3
13.6

237.2
223. 5
186.2
9.5
27.8
13.8

240.4
226. 2
188.3
9.5
28.5
14.2

245.5
231.1
192.9
9.5
28.7
14.4

248.7
233. 6
194.7
9.4
29.4
15. 1

49.1
27.3
11.7
10.1

50.5
29.1
11. 6
9.7

12.4
7.0
2.9
2.4

12.5
7.2
2.8
2.4

12.7
7.4
2.9
2.4

12.9
7.5
3.0
2.4

12.9
7.5
2.9
2.4

48.6
26.5
11.8
10.3

49.5
27.1
12.2
10.2

49.0
27.7
11.3
10.0

49.3
28.0
11.4
9.8

49.5
28.2
11.5
9.8

49.9
28.9
11.3
9.7

50.7
29. 5
11.6
9.7

51.7
29.9
12. 1
9.7

51.5
30. 1
11.7
9.7

40.9
42.7
21.5
21.1
—1 7

41.2
43.7
22.1
21. 7
—2 5

10.0
10.8
5.4
5.3
-.8

10.4
11.1
5.6
5.5

10.1
10.5
5.3
5.2
—.3

10.7
11.4
5.8
5.7

—.7

38.5
39.7
20.0
19.7
-1.2

40.2
41.1
20.7
20.3
-.9

41.6
43.5
22.0
21.5
-1.9

43.4
46.4
23.4
23.0
-3.0

40.9
43.7
22.1
21.6
-2.8

39.8
42.9
21.7
21.3
-3.1

40.4
41.2
20.8
20.4
-.8

43.4
46. 7
23.6
23.1
-3.3

-2.6

10.8

11.9

2.9

2.9

3.0

3.1

3.2

10,4

10.6

11.0

11.3

11.5

11.7

12.0

12.4

12.6

33.9

35.9

9.0

9.0

8.5

9.4

9.5

32.9

33.9

34.3

34.6

35.0

35.5

36.3

36.6

37.4

306.1

National income
Compensation of employees
\Vages and salaries
Private
IV1 ilitary
Government civilian
Supplements to wages and salaries
Proprietors' and rental income 2
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
Net interest

--

--

Addendum: Compensation of general government employees
DISPOSITION OF PERSONAL INCOME

325. 2

78.3

80.2

81.8

84.9

82.8

295.1

303,8

309.6

314. 6

317. 5

322.9

327.0

333. 2

336. 5

Ivors' Personal tax and nontax payments
Federal _ _ _ _ _ _
_
__ _
State and local

--

35.5
31.3
4.2

38.5
33.9
4.6

10.2
9.0
1.2

10.4
9.1
1.3

9.6
8.5
1.0

8.4
7.3
1.0

11.2
9.8
1.3

34.5
30.4
4.1

35.3
31.2
4.1

35.9
31.7

36.3
32.0

37.3
32.9

38.1
33.6

38.8
34.1

39.9
35.1
4.8

41.0
36.1
4.9

Equals* Disposable personal income

- 270.6

286.7

68.1

69.9

72.2

76.5

71.6

260.6

268.5

273.8

278.4

280.2

284.9

288.2

293.3

295.4

254.0

265.7

62.5

65.5

65.3

72.6

65.3

246.7

251.8

257.8

259.5

261.7

263.7

266.8

270.9

275.0

16.6

20.9

5.6

4.4

7.0

3.9

6.3

13.9

16.7

15.9

18.8

18.6

21.2

21.4

22.4

20.4

390.9

412.4

98.4

100.9

102.6

110.3

104.0

377.3

387. 4

396.8

401.9

403.4

408.3

413.8

423.8

427.1

31.3
32.5

34.0
34.6

8.2
8.2

8.4
8.5

8.6
8.8

8.9
9.1

9.0
8.7

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

1.8
.3

.6
.9

-1.0
.2

-1.1
.2

-.9
.2

3.5
.4

3.0
.2

1.2
.7

2.7
.1

.6
.2

1.1
.7

1.1
.7

.2
.9

35.1
35.6
1.4
.0
1.4

35.8
36.1
1.4

324.0

342.7

82.9

84.9

86.0

88.9

311.3

321.9

328.3

334.4

334.9

338.7

343.5

353.0

40.9
11.1
.0
16.1
5.2
11.2
1.4

41.2
12.5
.0
17.3
5.5
12.0
1.4

10.0
3.4
.0
4.3
1.2
2.9
.4

10.4
3.4
.0
4.4
1.6
2.8
.4

10.1
2.9
.0
4.2
1.4
2.8
.4

10.7 _ _ _ _ _ _ _
2.8
.0
.0
4.4
4.8
1.3
1.3
3.5
3.0
.4
.4

38.5
10.6
.1
15.9
5.2
10.4
1.4

40.2
10.9
.5
16.2
5.2
10.7
1.4

41.6
11.3
-.6
16.0
5.2
11.0
1.4

43.4
11.4
.0
16.3
5.3
12.1
1.4

40.9
12.1
.0
16.9
5.4
11.8
1.4

306.1

325. 2

78.3

80.2

81.8

84.9

295.1

303. 8

309.6

314.6

317. 5

Personal income

Less* Personal consumption expenditures
Equals: Personal saving

__

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL
INCOME, AND PERSONAL INCOME
Gross national product
L/ess' Capital consumption allowances
Indirect business tax and nontax Habilitv ...
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
^set interest paid by government
Dividends
Business transfer payments
.
Equals* Personal income

--

_

1. This table reflects changes stemming from inclusion of fourth-quarter corporate profits
estimates for 1956.
Source: U. S. Department of Commerce, Office of Business Economics.




.3"

82.8

2. Includes noncorporate inventory valuation adjustment.

39.8
40.4
12.3
12.7
.0
.0
17.2
17.3
5.5
5.6
12.2 i 12.3
1.4
1.4
322.9

327.0

1.1

43.4
13.0 ~~14.~4
.0
.0
18.5
17.6
5.8
5.7
12.3
11.9
1.4
1.4
333.2

336.5

p BUSINESS STATISTICS
J_ HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1955 Statistical Supplement to the SUKVEY OK
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 (t), 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

19 56

March

April

May

Tune

July

IS 57

August

Septem- October Novem- December
ber
ber

January

February

March

April

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates :f
National income, total
bil of do]
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, totalcf
do
Business and professionalo71
do
Farm
do
Rental income of persons
_ do
Corporate profits and inventory valuation adjustment
total
bil of do]
Cor})orate profits before tax, total
do
Corporate profits tax liability
do
Corporate profits after tax
do

334.9

338.7

343.5

353.0

233.0
219 4
182.5
96
27.3
13 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

245.5
231. 1
192.9
9.5
28.7
14.4

248.7
233 6
194.7
9 4
29.4
15 1

49.5
28 2
11.5

49.9
28 9
11.3

50 7
29.5
11 6

51. 7
29 9
12.1
9.7

51.5
30 1
11.7
9.7

—2 6
12.6

9.7

9.7

39.8
42.9
21. 7
21.3
—3 1
11. 7

40
41
20
20

do

Net interest

9.8

40 9
43 7
22.1
21.6
28
11.5

12 0

43 4
46.7
23 6
23.1
33
12.4

4
2
8
4

g

do

403.4

408 3

413 8

423 8

427.1

Personal consumption expenditures, total
Durable goods
Nondurable goods
Services

do
do
do
do

261.7
34 8
130. 5
96 4

263. 7
33.4
J32. 3
98.0

266. 8
33.0
134.0
99 7

270.9
34.8
134.7
101.4

275.0
35.9
136.4
102.7

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

do
do
do
do

63.1
32.6
26.4

64 7
33.6
27.5

4.1

3.5

65 1
33 6
29.5
20

68 5
32 9
31.5
4 1

63.3
32.5
32.0
— 1.2

Gross national product total

Net foreign investment
do
Government purchases of goods and services, total
bil ofdol
Federal (less Government sales)
do
National security 9
do
State and local
do

.I

1.2

2.4

4.0

78 5
46 4
40 5
32.1

78 7
46. 1
40 7
32.6

80
47
41
33

2
2
9
0

82.0
48 3
43.2
33 7

84.9
49.8
45.0
35.0

17

Personal income, total
I^ess" Personal tax and nontax payments
Equals' Disposable personal income

do
do
do

317.5
37 3
280.2

322.9
38 1
284.9

327 0
38 8
288.2

333 2
39 9
293. 3

336.5
41.0
295.4

Personal saving§

do

18 6

21 2

21 4

22.4

20.4

bil. ofdol-.

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

318.6

321.7

322.8

324. 9

324.3

328.1

329.5

332.5

333.5

334.0

335. 0

336.6

' 338. 1

339. 3

do
do
- do _.do._do

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
60.5
30.8
38. 1

229.7
100.6
60. 2
30.9
38.0

231.0
101.1
60.6
31.1
38.2

232.9
102.3
60.9
31.3
38.4

232. 7
101. 2
61.5
31.3
38.7

233.7
101.9
61.5
31.4
38.9

r 234. 5
' 102. 0
'62.0
31.5
39.0

235. 0
102. 3
61. 9
31.7
39. 1

Other labor income
- _
do
Proprietors' and rental income _ - .
.. do-_Personal interest income and dividends
do
Transfer payments _ --.
-- -- . - _ . d o
Less personal contributions for social insurance
bil. ofdol- _

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

7.3
51. 0
29.8
18.8

7.3
50. 9
30.0
18.7

7.4
52.3
30.2
18.9

7.4
51.7
30.3
19.1

7.4
51. 2
29.2
19.3

7.5
51.6
30.6
19. 6

7.5
51.5
30.7
19.9

7.5
'51.6
30.9
'20.3

7.5
51. 5
31.1
20.9

5. 7

5.8

5.8

5.8

5.8

5.9

5.9

6.0

6.0

6.0

6.7

6.7

6.7

6.7

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

324. 0
309. 4
312. 8
314. 4
317. 9
318. 8
319.7
321.3 ' 322. 7
304.0
307. 6
316. 3
306. 8
310.3
Total nonogricultural income
__
do
'Revised,
t Revised series. Estimates of national income and product a nd persorlal incornt have bee n revised back to 1 952 (see p p. 7 ft*, of the July J 956 SURV EY); for d ita prior t o 1952, se 3 the 1954
NATIONAL INCOME SUPPLEMENT or the 1955 edition of \ BUSINESS STATISTIC 3.
cf Includes inventory valuation adjustment.
9G overnmeiit sales ar 3 not dediicted.
^Personal saving is excess of disposable income over personal consumpt ion expen ditures sh own as a componei t of gross national iproduct a Dove.

S-l
425052°—57-




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