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SUEVEY OF CUEEENT BUSINESS

May 1953

Table 1.—National Income and Product 1952 and First Quarter 1953 1
[Billions of dollars]
Seasonally adjusted at annual rates

Unadjusted
1952

1952

Item

I

II

III

1953

1952

1953
I

IV

I

II

III

IV

I

(2)

288.0

285.6

287.7

300.2

(2)

186.9
177.8
145.6
10.2
21.9
9.2

190.3
181.0
148.3
10.4
22.4
9.3

197.9
188.2
155.3
2
(2 )
()
9.6

201.6
191.8
158.7
2
(2)
()
9.8

NATIONAL INCOME BY DISTRIBUTIVE SHARES
290.4

National income

70.6

71.3

72.3

76.1

190.4
181.1
148.7
(2)
(2)
9.2

45.9
43.5
35.5
2.5
5.5
2.4

46.6
44.3
36.1
2.6
5.6
2.4

47.7
45.4
37.6
2.6
5.2
2.3

50.1
47.9
39.5
2
(2)
()
2.2

49.7
47.1
38.7
2
(2)
()
2.6

186.5
177.4
145.8
10.0
21.7
9.0

Proprietors' and rental incomp 3
Business and professional
Farm
Rental income of persons

52.5
27.6
15.2
9.6

13.0
6.8
3.8
2.3

13.0
6.9
3.7
2.4

13.1
6.9
3.8
2.4

13.4
7.0
3.9
2.5

13.4
7.1
3.7
2.5

52.1
27.3
15.4
9.4

51.9
27.6
14.8
9.5

52.5
27.5
15.2
9.8

53.6
28.2
15.5
10.0

53.6
28.6
14.9
10.1

Corporate profits and inventory valuation adjustment
r,nrpr>ratft profits before tav
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment

40.5
39.7
21.8
17.9
.8

10.0
10.0
5.5
4.5
.0

10.0
9.6
5.3
4.3
.4

9.7
9.5
5.2
4.3
.1

10.8
10.5
5.8
4.7
.3

8
8
-i

42.7
42.7
23.4
19.3

39.9
38. 2
21.0
17.2
1.7

37.8
37.2
20.4
16.8
.6

41.5
40.3
22.1
18.2
1.2

(2)
(2)
(2)
(2)
-.5

Net, interest
Addendum: Compensation of general government employees

7.0
30.7

1.7
7.6

1.7
7.7

1.8
7.4

1.8
8.0

1.8
8.0

6.7
30.0

6.9
30.5

7.1
31.1

7.2
31.3

7.4
31.3

Compensation of employpps
Wages and salaries
Private

Military
Government civilian

Supplements to wages and sal an' PS

GROSS NATIONAL PRODUCT OR EXPENDITURE
346.1

89.2

339.7

342.6

343.0

359.0

361.0

59.7
7.9
33.6
18.2

53.7
6.6
28.3
18.8

213.2
25.2
118.0
70.0

214.9
26.4
117.8
70.8

215.0
24.2
118.9
71.9

222.0
27.3
121.4
73.3

226.2
29.8
121.7
74.6

14.1
5.0
2.2
2.8
6.4
2.7
2.5

10.2
5.9
2.8
3.1
6.6
-2.3
-2.5

13.4
6.5
3.1
3.4
5.9
.9
.8

14.4
6.1
3.0
3.1
6.6
1.7
1.5

15.9
5.3
2.4
2.9
7.0
3.6
3.4

50.0
23.7
11.0
12.7
25.7
.6
-.1

49.3
23.6
11.0
12.6
25.7
.1
-.8

51.7
23.0
10.9
12.2
25.0
3.7
3.0

57.3
23.7
11.6
12.0
25.6
8.1
7.5

54.4
25.2
12.2
13.0
27.^

.5

.1

-.5

—.1

-.6

2.2

.4

-1.6

-.9

-2.0

18.2
12.8
11.6
11.0
.6
1.3
.1
5.4

19.7
13.7
12.6
11.8
.8
1.3
.1
6.0

19.6
13.7
12.4
11.7
.7
1.4
.1
5.9

20.3
14.2
12.6
12.1
.5
1.6
.1
6.1

20.2
14.4
12.8
12.2
.6
1.6
.1
5.8

74.4
51.2
46.4
44.0
2.4
5.2
.4
23.2

78.0
54.9
50.3
47.2
3.0
5.1
.4
23.0

77.9
54.8
49.6
46.8
2.8
5.6
.4
23.1

80.6
56.6
50.4
48.4
2.0
6.5
.3
24.0

82.4
57.5
51.2
49.0
2.2
6.5
.3
25.0

268.3

64.4

65.9

67.1

70.9

69.0

263.0

264.4

268.9

277.0

281.3

34.0
30.7
3.3

12.0
11.0
1.0

7.2
6.3
.8

8.0
7.2
.8

6.9
6.2
.7

12.6
11.5
1.0

33.5
30.4
3.2

33.6
30.4
3.2

34.1
30.8
3. 3

34.6
31.3
3.3

35.7
32.3
3.4

234.3
216.3
18.0

52.4
50.5
1.9

58.8
53.2
5.5

59.1
52.8
6.3

64.0
59.7
4.3

56.4
53.7
2.8

229.5
213.2
16.3

230.8
214.9
15.9

234.8
215.0
19.8

242.5
222.0
20.5

245.6
226.2
19.5

346.1

83.4

83.3

85.2

94.2

89.2

339.7

342.6

343.0

359.0

361.0

28.1
27.2
.9
-.2
.1

6.7
6.4
.2
-.4
.1

6.9
6.7
.2
1.8
.0

7.1
6.9
.2
1.3
.0

7.4
7.2
.2
3.3
.0

7.6
6.9
.2

27.7
26.8
.9
1.8
.2

28.3
27.3
.9
1.3
-.2

29.6
28.2
.9
.1
.0

30.4
28.4
.9
(2)

70.6

71.3

72.3

76.1

288.0

285.6

287.7

300.2

(2)

40.5
8.5
-.1

10.0
2.5
.0

10.0
2.2
.0

9.7
2.1
-.1

10.8
1.8
.0

.o
(2)
(2)2.7

26.7
26.3
.9
1.6
.5

290.4

Government purchases of goods and services
Federal
National security
National defense
Other national spcnrity
Other
Less! Government sales
State and lonal

94.2

52.8
6.0
29.0
17.8

77.8
54.4
49.2
46.6
2.6
5.6
.4
23.4

Net foreign investment

85.2

53.2
6.4
29.1
17.8

.0

Gross private domestic investment
New construction
Residential nonfarm
Ot.hp.r
Producers' durable equipment
Change in business inventories, total
Nonfarm only

83.3

50.5
5.5
27.4
17.7

52.1
23.5
11.1
12.4
25.5
3.1
2.4

Personal consumption expenditures
Dnrahlp goods
Nondurable goods
Services

83.4

216.3
25.8
119.0
71.5

Gross national product

39.9
8.4
.0

37.8
8.6
-.4

41.5
8.8
.0

(2)

.0

42.7
8.5
.1

11.9
5.0
9.1
.9

2.9
1.1
2.1
.2

2.9
1.5
2.2
.2

3.0
1.1
2.1
.2

3.0
1.4
2.7
.2

3.2
1.1
2.2
.2

11.7
5.0
8.9
.9

11.6
5.0
9.6
.9

12.0
5.0
9.3
.9

12.2
5.0
9.0
.9

12.8
5.0
9.1
.9

268.3

64.4

65.9

67.1

70.9

69.0

263.0

264.4

268.9

277.0

281.3

£

DISPOSITION OF PERSONAL INCOME
Personal income
T,ess: Personal tax and nontax payments
Federal
State and local
^
Equals: Disposable personal income
Less: Personal consumption expenditures r
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
Business transfer paympnts
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
Ne.t interest paid by govp.rnment
Dividends
Business transfer paympnts

T

,

„.,„.,

Equals: Personal income
1
2

Detail will not necessarily add to totals because of rounding.
Not available.




W

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

9.0
.0

BUSINESS STATISTICS

WlontU.

JL HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1951 Statistical Supplement to the SURVEY
or CURRENT BUSINESS. That volume (price $1.50) contains monthly data for the years 1947 to 1950, and monthly averages for earlier years
back to 1935 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1947. Series
added or revised since publication of the 1951 Supplement are indicated by an asterisk (*) and a dagger (t), respectively, the accompanying footnote indicating where historical data and a descriptive note may be found. The terms "unadjusted" and ''adjusted" used to designate index
numbers and dollar values refer to adjustment of monthly figures for seasonal variation.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
vided through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated, statistics through
1950 and descriptive notes are shown in the
1951 Statistical Supplement to the Survey

Data from private sources are pro-

1953

1952

March

April

May

June

July

August

September

October

November

December

January

February

March

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT!
Seasonally adjusted quarterly totals at annual rates:
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, 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
do
Gross national product, total
do
Personal consumption expenditures total do
Durable goods
do
Nondurable goods
do
Services
do
Gross private domestic investment
do
New construction
do
Producers' durable equipment ,
do _.
Change in business inventories
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
Personal savin g§

do
do
do
do

288.0
186.5
177.4
145 8
10 0
21.7
9.0
52.1
27.3
15.4
9.4

285.6
186.9
177.8
145 6
10.2
21.9
9.2
51.9
27.6
14.8
9.5

42.7
42.7
23.4
19.3
— .1
6.7

'21. 0
«• 17.2
1.7
6.9

T

339.7
213.2
25.2
118.0
70.0
50.0
23.7
25.7
.6
2.2

342.6
214 9
26.4
117.8
70.8
49.3
23.6
25.7
.1
4

343 0
215 0
24 2
118 9
71 9
51 7
23 0
25.0
3 7
—1 6

74.4
51.2
46.4
23.2

78.0
54.9
50.3
23.0

263.0
33.5
229.5
16.3

264. 4
33.6
230. 8
15.9

r
r

287
190
181
148

300 2
197.9
188 2
155 3

201.6
191 8
158 7

9
52
27
15
9

39.9
38.2

7
3
0
3
3
5
5
2
8

9 6
53.6
28 2
15 5
10 0

9 8
53. 6
28 6
14 9
10 1

T

37 8
37.2
20 4
16. 8
6
7 1

r

41 5 . _
40.3
22 1

_

r 18. 2

1 2
7 2

— 5
7. 4

359. 0
222 0
27.3
121 4
73 3
57 3
23 7
25.6
8 1
r
9

361 0
226 2
29 8
121 7
74 6
54 4
25 2
27. 5
1 7
—2 0

77.9
54 8
49. 6
23. 1

80.6
56.6
50.4
24.0

82.4
57 5
51. 2
25 0

268.9
34 1
234.8
19.8

277.0
34 6
242. 5
20 5

r

281
35
245
19

3
7
6
5

PERSONAL INCOME, BY SOURCEf
Seasonally adjusted, at annual rates:
Total personal income
bil. of dol_
Wage and salary disbursements, total
do
Commodity-producing industries
do
Distributive industries
_ _
do
Service industries
do
Government
- _
_- - -do
Wage and salary receipts, total
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 O
bil. ofdoLTotal nonagricultural income

do___

261.9
177.3
77.7
47.0
20.8
31.8
173.9
4.3
50.7
21.0
12.4

262.5
176.7
76.9
47.0
21.0
31.8
173. 4
4.4
51.2
21.5
12.3

264.5
177.9
76.7
47.7
21.3
32.2
174.6
4.4
51.7
21.5
12.6

266. 7
179.3
77.2
48.5
21.3
32.3
175 8
4 5
52.8
21.4
12.5

263.9
177.4
74.0
49.3
21.5
32.6
173.9
4.5
52.2
21.3
12.4

269. 6
182.5
78.7
49.4
21.5
32.9
179.0
4 5
51.8
21.4
13.1

273 8
185.3
81.6
49.3
21 6
32.8
181 9
4 5
53 4
21.4
12.9

276 1
187.5
82.9
49 9
21 8
32 9
184 0
4 6
53 5
21.3
13 0

275.8
187.9
83.5
49 6
21 9
32 9
184 4
4 6
52 9
21.3
12 8

280 0
189.9
85.4
50 0
21 9
32 8
186 4
4 7
54 6
21.2
13 4

280 6
190.3
85.2
50 1
22 1
32 9
186 5
4 7
54 6
21.4
13 6

r 2^0 9

M91.8
«• 86. 2
50 3
r
22 2
r 33 1
r

188 2
4 7
r 53 3
21.5
13 4

282 5
193. 2
87.1
50 4
22 5
33 2
189 6
4 7
53 Q
21.7
13 8

3.8

3.6

3.6

3.8

3.9

3.7

3.7

3.8

3.7

3.8

4.0

3.8

3.9

242.7

242.9

244.9

245.9

243.4

249.4

253 0

255 4

255 7

258 8

259 5

r 261 1

262 8

NEW PLANT AND EQUIPMENT
EXPENDITURES}:
i 6 54^
6, 141
6,808
All industries, quarterly total _ . mil. ofdoL.
6 244
7 265
2, 650
Manufacturing
do
3, 1 56
2 820
i 3 Q28
3 367
1 008
217
Mining
do
228
206
229
i 335
360
386
Railroads
do
289
357
372
Transportation, other than rail
_ _ _ d o _ _.
356
302
i 304
335
947
821
928
Public utilities
do
i ] Q30
1 142
1
Commercial and other
do
1,737
1, 738
1, 680
L835
1, 636
r
Revised.
* Estimates for January-March 1953 based on anticipated capital expenditures of business.
t Revised series. Quarterly estimates of national income and product and quarterly and monthly estimates of personal income have been revised beginning 1949; see pp. 29-31 of the July
1952 SURVEY for the data.
(^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.
OData through 1951 represent employee contributions only: thereafter, personal contributions of self-employed
persons are also included.
^Revised beginning 1939. Revisions for 1939 and 1945-50 appear on pp. 20 and 21 of the August 1952 SURVEY; those for 1951, on'p. 9 of the March 1953 issue.




S-l

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