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Table 1.—National Income and Product, 1954, 1955, and First Quarter 1956 [Billions of dollars] Unadjusted 1954 Seasonally adjusted at annual rates 1955 1955 1954 1956 I II III IV I 1955 1956 I II III IV I II III IV I NATIONAL INCOME BY DISTRIBUTIVE SHARES 299.7 322.6 76.4 80.3 81.7 84.1 297.7 298.9 298.7 303.2 311.4 320.7 325.7 332.2 207.9 196.2 162.4 9.5 24.4 11.7 221.3 208.5 173.2 9.1 26.2 12.8 52.6 49.4 40.7 2.3 6.4 3.2 54.6 51.4 42.5 2.3 6.6 3.2 56.1 52.9 44.4 2.3 6.2 3.2 57.9 54.8 45.6 2.3 7.0 3.1 56.8 53.3 44.1 2.2 7.0 3.5 206.7 195.2 161.7 9.7 23.9 11.5 207.2 195.6 162.0 9.5 24.1 11.6 207.8 196.1 162.1 9.4 24.5 11.7 209.8 198.1 163.8 9.3 25.0 11.8 213.1 200.8 166.5 9.1 25.3 12.2 219.5 207.0 171.7 9.3 25.9 12.5 224.3 211.3 175.6 9.1 26.6 13.0 228.0 214.7 178.8 9.0 26.9 13.2 230.1 216.6 180.3 8.9 27.4 13.5 Proprietors' and rental income 2 Business and professional Farm Rental income of persons 48.4 25.9 12.0 10.5 48.9 27.3 11.0 10.7 12.2 6.6 2.9 2.7 12.2 6.8 2.7 2.7 12.2 6.9 2.6 2.7 12.4 7.0 2.7 2.7 12.3 7.0 2.6 2.7 49.0 25.3 13.2 10.4 48.2 25.9 11.9 10.5 48.3 26.0 11.7 10.6 48.2 26.3 11.2 10.7 48.8 26.6 11.5 10.7 48.7 27.1 11.0 10.7 48.8 27.6 10.6 10.7 49.5 28.0 10.8 10.7 49.3 28.1 10.3 10.8 Corporate profits and inventory valuation adjustment- __ Corporate profits before tax Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment— _ - 33.8 34.0 17 1 17.0 -.2 41.8 43.8 22 0 21.8 -2.0 9.1 9.5 4 7 4 7 -.3 10.9 11.1 56 55 -.2 10.7 11.4 57 5.7 -.7 11.0 11.8 59 5.9 -.8 -.7 32.6 32.7 16.4 16.3 -.2 34.0 33.7 16.9 16.8 .2 33.1 33.5 16.8 16.7 -.5 35.5 36.0 18.1 17.9 -.5 39.6 40.9 20.5 20.4 -1.3 42.2 43.0 21.6 21.4 -.8 41.9 44.5 22.3 22.2 -2.6 9.5 31.8 10.5 33.3 2.5 8.2 2.6 8.4 2.7 8.0 2.8 8.7 2.9 8.8 9.4 31.4 9.5 31.5 9.5 31.9 9.7 32.2 9.9 32.3 10.3 33.1 10.7 33.7 National income Compensation of employees Wages and salaries _ Private Military Government civilian Supplements to wages and salaries __. Net interest Addendum: Compensation of general government employees 43.6 46.8 23.5 23.3 -3.1 ~-2~7 11.2 34.0 11.6 34.4 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. _ _ __ N e t foreign investment- ._ __ _ _ _____ _ _ _ _ Government purchases of goods and services. Federal National security National defense Other national security. Other Less: Government sales _ _ State and local 360.5 387.2 91.4 95.2 97.4 103.1 97.1 358.3 357.6 358.8 367. 1 375.3 384.8 392.0 397.3 398.6 236.5 29.3 120.9 86.4 252.3 35.3 125.9 91.2 58.5 7.8 28.3 22.4 62.7 9.1 30.9 22.7 62.5 8.7 31.0 22.8 68.6 9.7 35.7 23.2 61.7 7.6 30.2 23.9 232.2 28.3 119.2 84.7 235.1 29.0 120.4 85.7 237.9 29.4 121.5 87.0 241.0 30.4 122.5 88.1 245.8 34.4 122.4 89.0 250.5 35. 1 125.3 90.2 255.7 36.9 127.0 91.8 257.2 34.8 128.8 93.6 258.8 33.9 129.9 95.1 47.2 27.8 13.5 14.3 22.3 -2.9 -3.2 59.3 32.4 16.6 15.8 23.8 3.2 3.0 14.6 6.7 3.3 3.4 5.2 2.7 2. 7 13.8 8.2 4.3 3.9 6.2 -.6 — 6 16.0 9.1 4.7 4.4 6.0 .9 .8 14.9 8.3 4.2 4.1 6.3 .3 .2 16.7 6.9 3.2 3.7 6.5 3.3 3 X 45.5 25.9 11.8 14.1 22.9 -3.2 -3.4 46.9 27.3 13.0 14.3 22.4 -2.7 —3 2 45.9 28.5 14.2 14.3 22.2 -4.9 —5 4 50.7 29.4 15.0 14.4 21.9 -.6 —1 0 54.1 31.2 16.1 15.1 21.5 1.5 15 60.1 32.6 16.9 15.7 23.2 4.3 4 2 60.5 33.2 17.2 16.0 24.9 2.4 2.0 63.2 32.3 16.2 16.2 25.5 5.3 5.1 62.4 31.6 15.3 16.3 26.8 4.0 4.0 —.3 — .4 -.1 — .2 -.3 .2 1 -.1 -1.1 —.3 .7 .9 —.4 — 7 o 3 o 18.8 11.4 10.2 9.7 .5 13 .1 7.4 81.7 54.7 46.8 45.0 1.8 8.3 .4 27.0 75.9 48.6 43.6 42.0 1.5 5 4 .4 27.3 75.8 47.7 42. 1 40.3 1.8 61 .4 28.1 74.5 45.7 40.5 38.5 2.0 55 .3 28.7 75.8 46.4 41.2 38.7 2.5 5.5 .3 29.4 74.9 45.2 40.4 38.5 1.9 5.2 .3 29.7 75.8 45.5 40.6 39.0 1.7 5.2 .3 30.2 77.2 46.3 41.0 39.2 1.9 5.5 .3 31.0 77.4 45.7 40.8 38.9 1.9 5.2 .3 31.7 77.0 49.2 43.2 41.4 1.8 6.3 .4 27.8 75.9 45.8 40.8 38.8 2.0 5 4 .3 30.1 18.4 11.6 10.3 9.7 .6 14 .1 6.8 18.9 11.3 10.1 9.6 .5 13 .1 7.6 19.2 11.4 10.2 9.7 .4 1.3 .1 7.8 19.4 11.6 10.3 9.8 .5 1.4 .1 7.9 287.6 303.2 72.4 74.7 76.5 79.5 77.4 285.8 286.6 287.3 290.8 293.6 300.5 306.1 311.5 313.6 32.8 29. 1 3.7 33.9 30.0 3.9 9.7 8.6 1.2 9.3 8.2 1.0 8.6 7.7 .9 6.3 5.5 .8 10.2 8.9 1.2 32.7 29.1 3.6 32.7 29.1 3. 6 32.8 29.1 3.7 33.1 29.3 3.8 32.6 28.8 3.8 33.4 29.5 3.9 34.4 30.4 4.0 35.4 31.3 4.1 36.6 32.4 4.2 254.8 269.3 62.7 65.5 67.9 73.2 67:2 253.1 253.9 254.5 257.8 261.0 267.1 271.7 276.0 277.0 236.5 252.3 58.5 62.7 62.5 68.6 61.7 232.2 235.1 237.9 241.0 245.8 250.5 255.7 257.2 258.8 18.3 17.0 4.1 2.8 5.4 4.6 5.5 21.0 18.8 16.6 16.8 15.3 16.6 16.0 18.8 18.2 360.5 387.2 91.4 95.2 97.4 103.1 97.1 358.3 357.6 358.8 367.1 375.3 384.8 392.0 397.3 398.6 30.0 30.3 1.2 -.8 -.1 32.3 31.9 1.2 -.4 .5 7.8 7.6 .3 -.6 .1 8.0 7.9 .3 -1.2 .1 8.2 8.2 .3 -.9 .2 8.4 8.2 .3 2.3 .1 8.5 8.2 .3 29.2 29.9 1.2 -.1 -.4 29.6 30.4 1.2 -2.3 .3 30.4 30.0 1.2 -1.5 .0 30.9 30.7 1.2 .7 -.3 31.2 31.1 1.2 32.7 32.2 1.2 .8 .6 33.5 32.6 1.2 -1.7 .5 34.1 33.2 1.2 '.3 31.9 31.7 1.2 -.2 .4 299.7 322.6 76.4 80.3 81.7 84.1 297.7 298.9 298.7 303.2 311.4 320.7 325.7 332.2 33.8 9.6 .0 15.0 5.2 10.0 1.2 41.8 11.0 .0 16.0 5.0 11.2 1.2 9.1 2.9 .0 4.1 1.1 2.6 .3 10.9 2.9 .1 4.1 1.5 2.5 .3 10.7 2.7 i 3.' 9 1.3 2.6 .3 11.0 2.4 .0 4.0 1.2 3.5 .3 3.4 .0 4.2 1.3 2.9 .3 32.6 9.7 .0 14.3 5.1 9.7 1.2 34.0 9.6 .0 15.1 5.2 9.8 1.2 33,1 9.6 .0 15.0 5.2 10.0 1.2 35.5 9.6 .0 15.7 5.2 10.6 1.2 39.6 10.5 .1 15.9 5.1 10.2 1.2 42.2 10.8 .4 16.2 5.0 10.7 1.2 41.9 11.2 -.6 15.7 5.0 11.0 1.2 43.6 11.4 .0 15.9 5.0 12.2 1.2 12.6 .0 16.7 5.1 11.7 1.2 287.6 303.2 72.4 74.7 76.5 79.5 77.4 285.8 286.6 287.3 290.8 293.6 300.5 306.1 311.5 313.6 DISPOSITION OF PERSONAL INCOME Personal income _. _. -_ Less" Personal tax and nontax payments Federal State and local.. _ Equals: Disposable personal income Less : Personal consumption expenditures __ 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 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 Net interest paid by government Dividends Business transfer payments Equals: Personal income 1. This table incorporates changes stemming from revisions in corporate profits and farm income estimates for 1955. http://fraser.stlouisfed.org/ Source: U. S. Department of Commerce, Office of Business Economics. Federal Reserve Bank of St. Louis .2 2. Includes noncorporate inventory valuation adjustment. .7 BUSINESS STATISTICS WlontU, -L 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 revised since publication of the 1955 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data and a descriptive note may be found. In most instances, 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, through the courtesy of the compilers, and are subject to their copyrights. Unless otherwise stated, statistics through 1954 and descriptive notes are shown in the 1955 edition of BUSINESS STATISTICS Data from private sources are provided 1956 1955 March April May June July Septem- October Novem- December ber ber August February January 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 Wages and salaries, total Private Military _ Government civilian Supplements to wages and salaries do do do do do do Proprietors' and rental income, total cT -Business and professional c? -Farm Rental income of persons Corporate profits and inventory valuation ment total bil Corporate profits before tax total Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment Net interest Gross national product, total do do do do adjustof dol do do do do do __ 311.4 320.7 213 1 200 8 166 5 91 25 3 12.2 219 207 171 9 25 12 1 332 2 325. 7 224 3 211 3 | 175 6 ! 91 ! 26 6 13 0 i 48.8 27. 6 10 6 10 7 5 0 7 3 9 5 j 48.8 26.6 11.5 i 10 7 48.7 27.1 11.0 10 7 39 6 40 9 20 5 20. 4 1 3 9.9 42 2 43 0 21.6 21.4 8 10 3 41 44 22 22 2 10 j - - - _. . 228 0 214 7 178 8 90 26 9 13 2 230 1 216. 6 180 3 8.9 27 4 13.5 49.5 28.0 10 8 10 7 49.3 °8 1 10.3 10 8 4 '3 46 23 2?, 3 11 9 5 3 2 Q 7 f> S 5 3 1 2 i -_ —2 7 11.6 do 375.3 384.8 392.0 397.3 398. 6 Personal consumption expenditures, total "Durable goods Nondurable goods -_. _ ___ Services do do do do 245.8 34 4 122.4 89 0 250. 5 35 1 125.3 90 2 255. 7 36 9 127.0 91.8 257.2 34 8 128.8 93 6 258. 8 33 9 129. 9 95. 1 Gross private domestic investment, total New construction Producers' durable equipment Change in business inventories _ _ _ . -- do do do -do. 54 1 31.2 21 5 1.5 60.1 32.6 23 2 4.3 60. 5 33.2 24. 9 2.4 63 2 32.3 25 5 5.3 62. 4 31.6 26.8 4.0 o — 3 o 75 8 46.4 41 2 29.4 74 9 45.2 40 4 •29.7 75.8 45.5 40.6 30.2 77 2 46.3 41 0 31.0 77 4 45.7 40 8 31.7 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 — 4 . | _ Personal income, total Less* Personal tax and nontax payments Equals* Disposable personal income do do do 293.6 32 6 261 0 300.5 33 4 267 1 306 1 34 4 271 7 311 5 35 4 276 0 313 6 36 6 277 0 Personal saving § do 15 3 16 6 16 0 18 8 18 2 PERSONAL INCOME, BY SOURCE Seasonally adjusted, at annual rates: Total personal income - - Wage and salary disbursements, total Commodity-producing industries Distributive industries Service industries _ __ Government bil. of dol do do do do 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 295.7 298 9 301 4 301.6 305.3 305.3 307.9 308. 7 311 5 314. 3 312 7 : r 313 3 314.9 202.6 87 8 53 6 27.0 34 2 204.6 88 9 53 6 27.2 34 9 207.3 90 6 54 5 27.4 34 8 208.0 90 9 54 9 27.4 34 8 212.4 91.7 55 7 27.8 37 2 211.2 91.5 56 1 27.9 35 7 212.4 92.2 56.4 28.0 35 8 213.3 92 8 56 4 28 2 35 9 215 3 94 0 56 8 28 5 36 0 215 8 94 1 56 9 28.7 36 1 216.2 '216.3 94 1 i ' 94 0 57 3 57 3 28. 6 ; r 28. 7 36 2 36 3 217.3 94 5 57 5 28.9 3(5 4 68 48.5 25.5 17.4 69 49.0 25.9 17 6 6.9 48.8 26.1 17 5 69 48.5 26.3 17.1 7.0 47.9 26.4 16.9 7.0 48.8 26.7 16.9 7. 1 49.7 27.1 16.9 71 49.3 27.4 16 9 7 l 49 7 27.6 17 1 7 2 49.4 29.9 17 4 51 51 5 2 5.2 5.3 5.3 5.3 5 3 5 3 5 4 287.2 280.9 294.4 299.9 291.7 296.6 293.0 290.8 Total nonagricultural income do 283.7 286.6 T Revised. 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. 72 49. 2 28. 1 17 7 72 49. 3 ' 28. 4 17.8 r 57 298. 6 : 5. 7 r 299. 0 7 3 49.3 1 28.7 i 18.0 5. 7 300.9 \ S-l April
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