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SURVEY OF CURRENT BUSINESS

12

February 1954

Table 4.—National Income and Product, 1951, 1952, and 1953
[Billions of dollars]
Quarterly, 1953
Item

1951

1952

Unadjusted

1953

I

NATIONAL INCOME BY DISTRIBUTIVE
SHARES

II

Seasonally adjusted at annual rates
IV

III

I

(2)

II

III

IV

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

_____

Proprietors' and rental income 3
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

278.4

291.6

307.7

75.7

77.4

77.1

306.7

310.7

308.1

178.9
169.8
141.2
8.6
20.0
9.1

193. 2
183. 6
151.1
10.4
22.2
9.6

207.6

51.8
49.1
40.8
2.6
5.8
2.6

52.6
50.2
42.1
2.6
5.5
2.4

52.8
50.6
41.9
2.6
6.1
2.3

204. 5
194.5
161.3
10.4
22.8
10.0

208.0

210.4

197.6
164.1
10.4
23.1
9.9

50.4
47.8
39.4
2.6
5.8
2.6

198.0
164.5
10.6
22.9
10.0

200.6

166.9
10.5
23.1
9.8

198.0
164.4
10.3
23.3
9.8

50.7
26.1
15.5
9.1

National income

51.2
26.3
14.8
10.0

49.9
27.0
12.4
10.6

12.7
6.7
3.4
2.6

12.4
6.7
3.1
2.6

12.3
6.7
2.9
2.6

12.5
6.7
3.1
2.7

50.8
27.0
13.4
10.4

49.7
27.0
12.3
10.4

49.1
26.9
11.6
10.6

50.0
26.9
12.2
10.8

42.4
43.7
23.6
20.1
-1.3

40.2
39.2
20.6
18. 6
1.0

42.4
43.2
23.6
19.6
-.8

10.7
10.9
5.9
4.9
-.2

11.3
11.5
6.3
5.2

10.2
10.9
5.9
4.9
-.6

43.8
44.6
24.4
20.3

45.2
45.9
25.0
20.8
-.6

40.7
43.3
23.6
19.6
-2.6

6.4

7.0

7.8

1.9

1.9

2.0

2.0

7.6

7.7

7.9

8.1

27.3

30.9

31.8

8.0

8.0

7.6

8.1

31.5

31.9

31.8

31.8

(2)
2
(2)
(2)
()

.3

(2)

207.7

2
(2 )
(2)
()
(2)

1.0

GROSS NATIONAL PRODUCT OR
EXPENDITURE
329.8

348.0

367.2

89.2

91.1

91.8

95.2

363.9

371.4

369.5

363.5

Personal consumption expenditures
Durable goods
__
Nondurable goods
Services
_ _ _

208. 1
27.3
113.4
67.4

218. 1
26. 7
118.8
72.7

• 229. 8
30. 1
121.2
78.4

54.3
6.7
28.3
19.3

57.0
7.5
29. 9
19.5

56.3
7.4
29.3
19.6

62.2
8.4
33.7
20.1

227.7

230.4

30.2
121.2
76.3

30.7
122.1
77.6

231.0
30.4
121.3
79.2

230.0

Gross private domestic investment
New construction
Residential nonfarm
Other
_
Producers' durable equipment
Change in business inventories, total
Nonfarm only

58.6
23.1
11.0
12.2
24.6
10.9
9.6

52.5
23.4
11.1
12.3
25.4
3.7
3. 1

54.4
25.1
11.8
13.3
26.7
2.5
3.2

15.0
5.3
2.4
2.8
6.3
3.4
3.5

13.4
6.3
3.0
3.3
7.0
.1
.3

14.6
7.0
3.3
3.7
6.8
.7
1.0

11.4
6.5
3.0
3.5
6.6
-1.7
-1.5

54.9
25.0
12.2
12.8
26.2
3.7
4.0

58.5
25.3
12.0
13.4
26.9
6.3
7.0

55.2
24.9
11.5
13.4
27.1
3.1
4.2

48.8
25.3
11.6
13.6
26.5
-3.0
-2.3

Gross national product

29.1
120.4
80.5

.3

Government purchases of goods and services. Federal
National securitv
_
National defense
Other national security
Other
Less: Government sales
State and local
"<

-.2

-1.9

-.5

-.6

.0

-2.1

-2.5

-2.1

-1.0

62.9
41.1
37.4
34.0
3.4
4.1
.4
21.8

77.5
54.2
48.9
46.5
2.4
5.8
.5
23.4

84.9
59.7
51.8
49.8
2.0
8.5
.6
25.2

20.4
14.6
12.9
12.3
.6
1.9
2
5'. 8

21.4
15.1
13.4
12.8
.6
1.9
.2
6.2

21.6
15. 1
13.0
12.6
.4
2.2
.1
6.5

21.6
14.9
12.5
12.0
.5
2.5
.1
6.7

83.4
58.5
51.6
49.4
2.2
7.6
.7
24.9

85.0
60.5
53.5
51.3
2.3
7.6
24! 6

85.5
60.4
52.1
50.4
1.7
8.8
.5
25.2

85.7
59.5
50.0
48.1
1.9
10.0
.5
26.3

254.3

Net foreign investment

269.7

284.5

69.1

71.0

71.4

73.1

281.6

284.4

286.8

285.9

34.6
31.1
3.6
235. 0
218. 1
16.9

36. 6
32.7
3.9
247. 9
229. 8
18.1

12.7
11.5
1.2
56.4
54.3
2.1

7.2

8.7
7 8
.9
62.6
56. 3
6.3

8.0
7 2
'.8
65. 1
62.2
2.9

36. 2
32.3
3.8
245. 4
227 7
~17.' 7

36.7
32.8
3.9

37.0
33.1
3.9

36.6
32.7
4.0
249. 3

24.2
25.7
.9
1. 1

348. 0
27. 0
28. 1
.0
.5

3fi7. 2

89. 2
7. 1
7. 1
(2

91.8
7.4
7. 6
2

95.2
7.5
7.8
.2
(2)

363. 9
28.2
29.3
.9
-1.2

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

_.._

29.3
26.2
3.2

225.0

208.1
16.9

ilo

63.8
57.0
6.8

247.7
230.4

249.8

231. 0
18.8

230.0

371.4
29 2
30.1
.9
.7

369.5

363. 5
30. 0
30.4
.9
(2)

17.2

19.3

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

329.8

.4

.1

Equals: National income

278.4

291. 6

Less: Corporate profits and inventory valuation
adjustment
_..
_.
_
Contributions for social insurance
Excess of wage accruals over disbursements. _ _

42. 4
8.2
.0

Plus: Government transfer payments
Net interest paid bv Government
Dividends
Business transfer payments

11.6
4.8
9.2
.9

Equals: Personal income

__.

. __
- _-

254. 3

.9

—! 5

91.1
7. 3
7. 5

-i:«

i

.0

.0

—.1

307.7

75.7

77.4

77. 1

(2)

40. 2
8. 6
^
12.0
4. 9
9.1

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




iio'. o

42.4
8. 9
.0

1 0. 7
2. 6
.0

11.3
2.3
.0

10.2
2. 1
.0

(2)

12.8

3. 2
1. 1

3 2

!9

2

2. 2
2

2G9. 7

284.5

69.1

71.0

l

.1

29.6
30.2
.9
.4

_ 2

.0

.2

-.3

306.7

310. 7

308.1

(2)

1.8
.0

43.8
9. 0
.0

45.2
9.0
.0

40.7
8.8
.0

(2)

3. 1
1. 1
2.2
2

3. 3
I. 4
2. 7
2

12.6
4.9
9.2
t)

12.6
5.0
9.4
.9

12.6
5. 1
9 6
.9

13. 3
5.2
9.4
.9

71.4

73.1

231.6

284.4

286.8

285. 9

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

8. 7
.0

BUSINESS STATISTICS
Tin STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1953 Statistical Supplement to the SURVEY
[E
OF CURRENT BUSINESS. That volume (price $1.50) contains monthly data for the years 1949 to 1952, 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 1949. Series
added or revised since publication of the 1953 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. 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,
provided through the courtesy of the compilers, and are subject to their copyrights.
1952

Unless otherwise stated, statistics through
1952 and descriptive notes are shown in the
1953 Statistical Supplement to the Survey

December

Data from private sources are

1953

January

February

March

April

May

June

July

August

Se

tem
g >r '

Ootober
October

Novern
bor

December

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:
National income, total _ ... .
bil.ofdol
Compensation of employees, total .._ do
Wages and salaries total
do
Private
_ _. -. -do ...
Military...
... ... _ _ _ .do
Government civilian
do
Supplements to wages and salaries . . _ _ d o
Proprietors' and rental income, totalcf do
Business and professional^"
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 ..

301.4
201.3
191 3
158.3
10.4
22 6
10.0
51.1
26 7
14.0
10.3

306.7
204.5
194 5
161. 3
10.4
22 8
10.0
50 8
27 0
13.4
10.4

310 7
208.0
198 0
164. 5
10 6
22 9
10 0
49 7
27 0
12.3
10 4

308.1
210.4
200. 6
166. 9
10.5
23.1

41. 7
40 3
21.2
19 1
1. 4
7.4

43.8
44 6
24.4
20 3
— 8
7.6

45
45
25
20
—

2
9
0
8
6

40.7
43 3
23. 6
19 6
-2.6

37i
230
30
122
77

4
4
7
1
6

Gross national product, total
do
Personal consumption expenditures, total .do
Durable goods
_. .
.
-do
Nondurable goods
-do
Services
do
Gross private domestic investment, total
bil of dol
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 securitv9 - .
do
State and local. - - - - - do
Personal income, total.
do
Less: Personal tax and nontax payments, do
Equals: Disposable personal income
do
Personal saving§
.__
do ..

r

361.1
224.4
28.2
121. 1
75 1

278.3
35.3
243. 0
18.6

57.9
23.9
25.5
8.5
-1.6

r

80.4
56.4
50. 5
24.0

9.8

49.1
26.9
11.6
10.6

7.9

1.0
8.1

369. 5
231.0
30.4
121.3
79 2

363 5
230. 0
29 1
120 4
80 r>

r

55 2
24.9
27.1
'3 1
-2.1

48
25
26
—3
—1

8
3
5
0
0

7.7

r

363 9
227.7
30 2
121.2
76 3

r

54 9
25 0
26.2
r

r

r 5g 5

25
26
T
6
—2

'3 7

-2.1

207.7
198. 0
164. 4
10.3
23.3
9.8
50.0
26.9
12.2
10.8

3
9
3
5

83 4
' 58. 5
51 6
24.9

'60. 5
53 5
24 6

'85 5
' 60. 4
52 1
25 2

85
59
50
26

7
5
0
3

281.6
36. 2
245 4
17 7

284
36
247
17

286.8
37.0
249 8
18 8

285
36
249
19

9
6
3
3

r 85 0

4
7
7
2

PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at, annual rates:
Total personal income
- .bil.ofdoL.
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
bil. of doL.
Total non agricultural income

do

280. 6
192. 5
87.0
50.1
22.6
32.8
188.7
51
51.8
21.5
13 6

280.5
192.8
86.8
50.2
22.7
33.1
188.8
51
51.6
21.6
13 5

281.0
194.6
88.0
50.6
22.8
33.2
190.9
51
50. 2
21.7
13 3

283. 6
196.2
88.8
50.9
23. 2
33 3
192.4
5 1
50 7
21.9
13 7

282.7
196.6
88.8
51.0
23.4
33.4
192.8
51
49.4
22.0
13 6

284. 7
198.0
89.3
51. 7
23 5
33 5
194.2
51
50 0
22. 1
13 5

286 3
199.5
89.8
52 2
23 9
33 6
195. 6
5 1
50 1
22.3
13 5

287 5
201.2
90.6
52 9
24 2
33 5
197.3
51
49 5
22.4
13 5

287. 0
201.0
90.2
52.9
24 1
33 8
197.1
51
48 9
22.5
13 6

286.3
199. 9
89.3
52.7
24 1
33 8
196.0
51
49 0
22.7
13 6

287 2
199.3
88.7
52 7
24 2
33 7
195.6
51
49 5
22.8
14 5

3.9

4.1

3.9

4.0

4.0

4.0

4.2

4.2

4.1

4.0

261.1

263.3

265. 4

265.5

267.2

268.8

270.6

270.7

270.0

270. 5

285 9
198. 3

r
87. 7
r

52 9
24 1
r 33 $
r
194. 5
51
50 o
'22. 7
13 8

4.0

261. 6

r
r

284 7
196.4
85.9
52 8
24 2
33 5
192. 6
C

j

50 4
22.5
14 3

4.0
T

4.0

269. 0

267.2

NEW PLANT AND EQUIPMENT
EXPENDITURES
All industries, quarterly totaL- .. . -mil. of dol
Manufacturing
do
Mining
..
... do
Railroads
do
Transportation, other than rail .. ._ _. -do
Public utilities
do
Commercial and other
do

i 7 379
7,265
6,147
7,225
7 076
3,367
2,747
3 280
3 079
3 316
229
199
212
941
238
310
357
358
299
356
ocrr
311
335
339
355
1,142
904
1,148
1 206
1 22^
1,675
1,835
1,899
1,887
1.884
r
Revised.
1 Estimates based on anticipated capital expenditures of business; those for January-March 1954 appear on p. 4 of the December 1953 SURVEY.
^Includes inventory valuation adjustment.
9Government sales are not deducted.
§Personal saving is excess of disposable income over personal consumption expenditures shown
as a component of gross national product above.




S-l

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