The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
SURVEY OF CURRENT BUSINESS 14 income accounts for business and persons, so that their impact on these broad areas of the national economy can readily be traced back to the public policies and programs involved. In particular, it is important to note that transactions with business are measured in accordance with the accounting practices of business rather than those of government. Corporate taxes are reported on an accrual basis, for example; and, since this is a current account, borrowing and other capital-fund transactions are excluded. The composition of transfers has already been indicated, and that of purchases is discussed below. The movements in the fourth line of the table stemmed mainly from the item of subsidies less enterprise surpluses, which has fluctuated irregularly with changes in postal, farm price support, and soil bank operations of the Federal Government. Expansion in purchases Purchases by the Federal, State, and local governments in the third quarter amounted to $93% billion, at annual rates, or one-fifth of the gross national product. Total buying by these governments was off fractionally in the summer of 1957. The decline involved a downward reaction in national security spending from the 3-year high reached earlier in the year; and the non-Federal portion of the government total was held level at this time, as supply November 1058 difficulties temporarily checked the growth of construction outlays. In each of the next three quarters, however, the government market expanded by $1 billion to $1K billion, at annual rates. The advance last summer amounted to $2% billion. The increases during the business downswing were principally in State and local expenditures. The Federal Government adopted a policy of expediting the award of supply contracts as a means of fighting recession, and noneconomic factors brought an increase in emphasis on military preparedness. The stretchout in production and delivery schedules could not be reversed immediately, however. Among other difficulties, the stepping up of the rate of purchases involved complicated technical problems arising, e. g., from the growing importance of revolutionary new types of weapons and power plants. Defense purchases began to move up around midyear. Increased outlays for military personnel and for research and development have contributed to the expansion, which continued in the summer quarter. Changes in defense procurement schedules begin to affect the national economy well in advance of the delivery dates concerned. Contract awards for military procurement fell off $1% billion in the summer of 1957, but had more than made up this drop by the opening quarter of 1958 and rose several billion further in the spring. One apparent consequence of this trend was the tapering, late in the winter, Table 1.—Gross National Product, 1953-57, and First 3 Quarters, 1958 [Billions of dollars] Seasonally adjusted at annual rates 1953 1954 1955 1956 1957 •& 363. 1 New construction _ Residential nonfarm Other __ _ Producers' durable equipment _ _ _ Change in business inventories, total Nonfarm only Net foreign investment Government purchases of goods and services. Federal National security _ National defense Other national security Other _ _ ___ Less: Government sales State and local _ II in 438.9 425.8 429.0 439.0 256.9 269. 4 279.8 282.5 288.3 287.2 286.2 288.3 291. 5 32.4 119.3 86. 3 39. 6 124. 8 92. 5 38. 4 131. 4 99. 6 39. 9 138.0 106. 5 40. 2 135. 5 104. 1 39. 5 137. 1 105. 9 40. 4 140. 5 107. 4 39. 6 138. 8 108. 7 36. 3 139. 8 110. 1 35. 6 141. 4 111.3 36. 1 142. 9 112. 5 50. 3 48. 9 63. 8 68. 2 65. 3 65.9 67. 0 66. 7 61. 5 49. 6 49. 2 53. 7 27. 6 29. 7 34.9 35. 7 36.5 36. 1 36. 1 36. 6 37. 1 36.3 34. 9 36.3 13. 8 13. 8 15. 4 14. 3 18. 7 16. 2 17. 7 18. 1 17.0 19.5 17. 2 18.9 16. 5 19. 6 16. 9 19. 7 17. 6 19. 6 17. 1 19.2 16. 2 18. 7 17.9 18. 4 22. 3 20. 8 23. 1 27. 0 27. 9 28. 7 28. 1 28. 0 26. 7 22. 9 22. 3 22. 3 .4 1. 1 -1. 6 -2. 1 5.8 5.5 5. 4 5.9 1.0 .2 1. 1 .6 2. 9 2. 0 2. 2 1. 3 -2.3 -3. 1 -9. 5 9. 3 -8. 0 -7. 8 -5. 0 -5. 4 -2. 0 -. 4 -. 4 1. 4 3.5 4. 2 4.2 3.6 1. 9 .5 .5 .5 84.4 76. 6 77. 1 80.3 87. 1 86.4 87.5 87.0 88. 3 89.5 90. 9 93. 3 59. 5 48. 9 46. 8 47. 1 50. 8 50. 5 51. 5 50.9 50. 5 50. 9 51. 9 53. 4 51. 5 43. 0 41. 3 42. 5 46. 5 45.8 47. 4 46. 9 46.0 45. 6 46. 0 46. 6 49. 3 2.3 41. 2 1. 9 39. 1 2. 2 40. 3 2. 2 44.3 2. 2 43. 7 2. 1 44. 9 2.5 44.9 2.0 43. 9 2. 1 43. 7 1.9 44. 1 2.0 44. 5 2. 1 8.4 6.2 5.9 5.0 4.8 5. 1 4.5 4.5 5.0 5.7 6.2 7.2 .4 .4 .4 .4 .5 .4 .4 .5 .5 .4 .4 .4 24. 9 27. 7 30. 3 33. 1 36.3 35. 9 36.0 36. 1 37.8 38. 6 39. 1 39. 9 Source: U. S. Department of Commerce, Office of Business Economics. I 445.6 32.9 118.0 81. 8 _ IV 284. 4 238.0 _ in 441.2 Personal consumption expenditure Gross private domestic investment II 436.3 232. 6 _ _ 1 440.3 365.4 Durable goods Nondurable goods Services _ 1958 419.2 Gross national product _ 1957 397.5 v BUSINESS STATISTICS JL HE STATISTICS here are a continuation of the data published in the 1957 edition of BUSINESS STATISTICS, biennial Statistical Supplement to the SUBVEY OF CURRENT BUSINESS. That volume (price $2) contains monthly (or quarterly) data for the years 1953 through 1956 and monthly averages for all years back to 1929 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1953. Series added or significantly revised since publication of the 1957 BUSINESS STATISTICS are indicated by an asterisk (*) and a Dagger (f), respectively; certain revisions for 1956 issued too late for inclusion in the aforementioned volume appear in the monthly SURVEY Beginning with the July 1957 issue. 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. through the courtesy of the compilers, and are subject to their copyrights. Data from private sources are provided [Averages for the year 1957 are provided in the May 1958 issue of the SURVEY] 1957 Unless otherwise stated, statistics through 1956 and descriptive notes are shown in the 1957 edition of SeptemDecemBUSINESS STATISTICS October November ber ber 1958 January February March April May June July August Xr| October GENERAL BUSINESS INDICATORS NATIONAL INCOME AND PRODUCT Seasonally adjusted quarterly totals at annual rates: f 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, totaled do Business and professionalcf 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 368 7 361 5 350 6 352 4 257.3 240 5 199.9 98 30.8 16 8 254.8 238 0 197 4 9 5 31 1 16 8 250.9 234.4 192.7 9 4 32.3 16 5 250.7 234 2 191.8 9 6 32.8 16 4 255.3 238 4 195.0 10 0 33 4 16 9 55 5 31.7 11.8 12 0 55 0 31 3 11.5 12 2 55 3 30.6 12.6 12 1 56 2 30.7 13.4 12 1 56 6 31. 1 13.3 12 2 8 9 9 0 1 31.3 31.7 16 1 15.5 — 3 32 5 32.0 16 3 15.7 .5 2 43 1 44.2 22 0 22.1 —1 1 38 39 19 20 —1 do 12 8 12 9 13 0 13 1 13 2 do 445 6 438 9 425 8 429 0 439 0 Personal consumption expenditures, total Durable goods Nondurable goods Services do do do do 288.3 40 4 140.5 107 4 287.2 39 6 138 8 108 7 286.2 36 3 139.8 110 1 288.3 35 6 141.4 111 3 291.5 36 1 142.9 112 5 Gross private domestic investment total New construction Producers' durable equipment Change in business inventories do do do do 66 36 28 2 61 37 26 —2 49 6 36.3 22 9 -9.5 49 2 34.9 22 3 —8.0 53 7 36.3 22 3 —5.0 Gross national product total 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 7 6 0 2 5 1 7 3 .5 .5 .5 87.0 50 9 46 9 36 1 88 50 46 37 3 5 0 8 89.5 50 9 45 6 38 6 90.9 51 9 46 0 39 1 93.3 53 4 46.6 39 9 36 19 Personal income total Less: Personal tax and nontax payments Equals* Disposable personal income do do do 351 8 43.1 308 7 349 7 43.0 306 8 347 3 42.3 305.0 349 8 42.3 307.5 357.5 43.5 314.0 Personal saving § do 20.4 19 6 18.8 19.2 22.5 PERSONAL INCOME, BY SOURCE ^asonally adjusted, at annual rates :f Total personal income Wage and salary disbursements, total Commodity-producing industries Distributive industries Service industries __ Government bil. of dol 351.4 350.6 350.2 348.4 348.2 346.4 347.1 348.1 349.9 352.0 * 864. 2 i 358. 8 356.1 ' 357. 8 357.5 do _ do do do do 240.2 102.4 64.2 32.9 40.7 238.6 101.5 63.5 32.9 40.7 238.0 101.0 63.6 32.9 40.5 237.3 99.8 63.7 33.2 40.6 235.1 97.9 63.5 33.1 40.7 233.2 95.6 63.4 33.2 41.0 232.6 95.3 62.9 33.3 41.1 232.0 95.0 62.4 33.4 41.2 233.1 95.6 62.6 33.4 41.5 235.8 96.6 63.3 33.6 42.4 1 242. 2 97.1 63. 5 33.7 i 48.0 238.5 97.7 63.6 33.8 43.4 ' 239. 4 '98.4 '63.6 33.9 43.5 238.6 97.5 63.7 33.9 43.6 9.1 55.4 31.8 21.5 9.2 55.1 31.8 22.6 9.2 54.8 31.8 23.0 9.2 55.2 30.0 23.3 9.1 55.1 31.8 23.9 9.0 55.3 31.8 23.8 8.9 55.7 31.7 24.8 8.9 56.1 31.7 26.1 8.9 56.5 31.7 26.4 8.9 56.2 31.8 26.0 9.0 56.3 31.8 26.5 9.1 56.6 31.9 26.8 9.2 ' 57. 0 31.9 r 27.0 9.2 57.4 32.0 26.9 6.6 6.6 6.6 6.6 6.7 6.7 6.6 6.6 6.7 6.7 7.0 6.8 6.8 6.7 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. . 339.2 ' 340. 9 340.5 335.2 330.5 331.0 335.1 i 342. 0 336.1 335. 7 332.5 330.1 333.0 Total nonaericultural income do ' Revised. 1 Italicized total excludes and other footnoted figures include lump-sum retroactive salary payments to Federal employees; disbursements of $380 million multiplied by 12 (to put on annual rate basis) amounted to $4.6 billion. fRevised series. Estimates of national income and product and personal income have been revised back to 1946; revisions beginning 1946 appear on pp. 12 ff. of the July 1958 SURVEY. ^Includes inventory valuation adjustment. ? 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. 332.4 S-l