Full text of The National Income and Product Account : Fourth Quarter 1954

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BUSINESS STATISTICS
JL HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1953 Statistical Supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $1.50) contains monthly data for the years 1949 to 1952, and monthly averages for earlier years
toack 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,
vided through the courtesy of the compilers, and are subject to their copyrights.
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey

Data from private sources are pro-

1955

1954
January

February

March

April

May

June

July

August

Septem- October Novem- December
ber
ber

February

January

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, total cT
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

298.9

299.6

298 8

206.4
194.6
161.2
9.7
23.7
11.8

206 6
194.9
161 5
9.5
23.8
11.7

207.2
195.6
161.6
9.6
24.4
11.6

208.9
197.2
163 0
9.5
24 7
11.7

49.4
25.6
13.0
10.8

49.0
25 9
12.2
10 9

48.5
25 9
11.6
10 9

48
26
11
10

34.1
34.5
17.0
17.5
-.4
9.0

34.9
34.5
17.0
17 5
.4
9. 1

33.9
34 2
16 8
17 4
—.3
9 2

— 4
9 2

1
3
0
9

355.8

356.0

355.5

362 0

Personal consumption expenditures, total __do
Durable goods.
do
Nondurable goods
do
Services
_
do

230.5
28.0
118.8
83.6

233 1
28.8
120 0
84.3

234 8
28 9
121 1
84 8

237
29
122
85

7
9
1
7

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

44.5
26.0
22.7
-4.2

45 6
27.0
22 4
-3.8

45
28
21
—4

49
29
21
—1

5
1
7
3

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
Personal income, total
do
Less: Personal tax and nontax payments
do
Equals: Disposable personal income
do
Personal saving§
_ do

-1.1

—1 0

2

81.9
55.0
46.9
26.9

78.3
51.3
44.7
27 o

75 6
47.9
42 1
27 7

285.1
32.8
252.3
21.8

285.7
32 9
252 9
19.7

286
32
253
18

3
3
8
8

2
9
2
4

8
74
45
40
28

1
9
5
2

289
33
255
18

0
1
9
2

PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates: t
Total personal income
bil. of dol..
284.4
284.9
286.2
285.0
285.0
286.5
286.6
285.7
285.4
286.3
289.3 r 291. 4
290.7
Wage and salary disbursements, total..
do
194.5
194.3
194.7
194.7
195.0
195.5
195 7
195 5
195 4
198 1 r 197 8
196 1
199 0
Commodity-producing industries
do
84.5
84.2
84.2
84.6
83.7
84.0
82.4
83.4
82.7
82.9
84.6
85.1
'84.4
r
Distributive industries
do
52.0
51.8
52.0
52.3
51. S
52 5
53 1
52 8
52 9
52 9
53 0
53 1
r
Service industries
do
25.2
24.9
25 0
24.8
25 2
25 5
25 4
25 9
25 8
26 1
26 2
26 1
26 3
04 q
q^ 9
04 9
Government
do
33 5
33 4
33 3
33 4
33 3
33 8
33 5
34 2
34 2
34 2
Other labor income
do
6.6
66
66
66
fi
fi
fi
f\
66
66
6 6
66
66
66
6 £>
Proprietors' and rental income
do
49.6
49.6
48.9
48.2
49.4
49.2
48.8
47.2
47.9
48.2
48.3
48.9
'48.8
Personal interest income and dividends
do
23.9
23.9
23.9
24.0
24.1
24.0
24.4
24.5
24.2
24.3
26.2
24.6
24 7
1a A
Transfer payments
do
14.8
15 0
15 8
15 9
1 Pi 7
1 fi R
15 8
15 8
15 8
16 0
16 5
15 5
Less personal contributions for social insurance
4.7
bil. of doL .
4.6
4.8
4.7
4.6
4.7
4.6
4.6
4.5
4.7
4.7
4.7
5. 1
Total nonagricultural income
do
267.9
268.2
269.1
268.8
269.7
270.3
270.2
270.6
271.1
272.3
274.6
' 276. 5
275.5
' Revised.
inont/Revis^(J Serie-'- Quar^erl7 ^im^es °f national income and product have been revised back to 1939 (annual data, to 1929); quarterly and monthly estimates of personal income, back to
1929 (monthly revisions prior to May 1953 appear m the 1954 issue of the National Income Supplement). For quarterly data prior to 2d quarter 1953, see pp. 8 and 9 of the July 1954 SURVEY
?
as afom onen^of 8?oss^
Government sales are not deducted.
§ Personal saving is excess of disposable income over personal consumption expenditures shown




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