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SUEVEY OF CUEKENT BUSINESS August 1953 Table 2.—National Income and Product, 1952 and First Two Quarters 1953 l [Billions of dollars] Seasonally adjusted at annual rates Unadjusted 1952 1952 Item 1952 1953 1953 I II III IV I II I II III IV 291.6 70.7 71.8 73.0 76.1 75.6 (') 286.8 287.9 290.4 301.4 306.5 0) 193.2 183.6 151. 1 10.4 22.2 9.6 46.3 43.8 35.8 2.5 5.5 2.4 47.2 44.7 36.6 2.6 5.5 2.5 48.6 46.3 38.3 2.6 5.3 2.4 51.1 48.8 40.3 2.6 5.9 2.3 50.4 47.8 39.4 (2) (2) 2.6 51.8 49.1 40.8 (22) () 2.6 187.9 178.6 146.9 10.1 21.6 9.3 189.5 180.1 147.7 10.4 22.0 9.5 194.1 184.4 151.5 10.6 22.4 9.6 201.3 191.3 158.3 10.4 22.6 10.0 204.5 194.5 161.3 10.0 208.0 198.0 164.5 (22) () 10.0 51.2 26.3 14.8 10.0 12.6 6.5 3.7 2.4 12.9 6.6 3.8 2.5 12.9 6.5 3.8 2.6 12.8 6.7 3.5 2.6 12.7 6.7 3.4 2.6 12.4 6.7 3.1 2.6 50.5 26.1 14.7 9.6 51.5 26.3 15.3 10.0 51.5 26.1 15.2 10.3 51.1 26.7 14.0 10.3 50.8 27.0 13.4 10.4 49.7 27.0 12.3 10.4 40.2 39 2 20.6 18.6 1.0 10.1 10.1 5.3 4.8 .1 10.0 9.6 5.1 4.5 .4 9.7 9.5 5.0 4.5 .2 10.4 10.0 5.2 4.8 .3 10.6 10.8 5.9 4.9 -.2 (22) (2 ) (2) () o 41.7 41.5 21.8 19.7 .2 39.9 38.2 20.1 18.0 1.7 37.7 37.0 19.4 17.5 .7 41.7 40.3 21.2 19.1 1.4 43.6 44.4 24.1 20.3 -.8 7.0 30.9 1.7 7.6 1.7 7.7 1.8 7.5 1.8 8.0 1.9 8.0 1.9 8.0 6.7 30.1 6.9 30.8 7.1 31.3 7.4 31.5 7.6 31.5 7.7 31.9 348.0 83.4 84.4 85.4 94.7 89.2 90.8 340.4 345.1 345.3 361.1 362.0 372.4 218.1 26.7 118.8 72.7 50.7 5.7 27.2 17.8 53.7 6.6 29.0 18.1 53.0 6.2 28.7 18.1 60.7 8.2 33.8 18.7 54.3 6.7 28.3 19.3 56.9 7.5 29.9 19.5 213.7 26.0 117.2 70.5 217.2 27.4 118.0 71.8 217. 2 25.1 118.7 73.3 224.4 28.2 121.1 75.1 227.7 30.2 121.2 76.3 230.4 30.7 122.1 77.6 52.5 23.4 11.1 12.3 25.4 3.7 3.1 14.0 4.9 2.2 2.8 6.2 2.9 2.7 11.1 5.8 2.8 3.1 6.9 -1.7 -1.9 13.4 6.5 3.1 3.4 5.8 1.1 1.0 14.0 6.1 3.0 3.1 6.5 1.4 1.3 15.3 5.3 2.4 2.8 6.3 3.7 3.7 13.5 6.3 3.0 3.3 7.0 .2 .2 50.4 23.3 11.0 12.4 25.6 1.5 .6 49.6 23.4 11.0 12.4 25.6 .7 -.1 52.3 23.1 10.8 12.3 24.9 4.2 3.6 57.9 23.9 11.6 12.3 25.5 8.5 8.1 54.0 25.0 12.2 12.8 26.2 2.9 2.6 61.0 25.3 12.0 13.4 26.9 84 8.7 II I NATIONAL INCOME BY DISTRIBUTIVE SHARES National income Compensation of employees _ Wages and salaries Private Military Government civilian Supplements to wages and salaries Proprietors' and rental income Business and professional Farm Rental income of persons 3 - _ . - 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... 8 i -.6 GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic investment New construction _ Resid p-ntiRj n on farm Other Producers' durable equipment Change in business inventories, total Nonfarm only Net foreign investment . _ . Government purchase of goods and services _ Federal National security National defense Other national security Other . Less' Government sales State a n d local _ ___ _ ... -. - . _ . _ , . 2 .5 .1 -.6 -.2 «— 5 -.6 2.1 .5 -2.0 -1.6 -2.1 -2.5 77.5 54.2 48.9 46.5 2.4 5.8 .5 23.4 18.1 12.7 11.5 11.0 .6 1.3 .1 5.4 19.6 13.7 12.5 11.8 .7 1.3 .1 5.9 19.6 13.7 12.3 11.6 .7 1.5 .1 6.0 20.2 14.1 12.6 12.2 .5 1.6 .1 6.1 20.2 14.4 12.9 12.3 .6 1.6 .2 5.8 21.0 14.7 13.4 12.8 .6 1.5 .2 6.2 74.1 51.0 46.2 43.9 2.2 5.4 .5 23.1 77.7 54.7 49.8 47.1 2.7 5.4 .5 23.0 77.8 54.6 49.2 46.4 2.8 6.0 .6 23.2 80.4 56.4 50.5 48.6 1.9 6.3 .5 24.0 82.4 57.4 51.6 49.4 2.2 6.5 24.9 83.5 58.9 53.5 51.3 2.3 6.0 .7 24.6 269.7 64.4 66.3 67.7 71.3 69.1 70.7 262.8 266.0 271.4 278.3 281.6 284.4 34.6 31.1 3.6 12.3 11.2 1.0 7.3 6.4 .9 8.1 7.3 .8 7.0 6.2 .8 12.7 11.5 1.2 7.2 6.2 1.0 34.2 30.7 3.4 34.3 30.8 3.5 34.8 31.2 3.6 35.3 31.6 3.7 36.2 32.3 3.8 36.7 32.8 3.9 235.0 218.1 16.9 52.1 50.7 1.4 59.0 53.7 5.3 59.6 53.0 6.6 64.3 60.7 3.6 56.4 54.3 2.1 63.5 56.9 6.6 228.7 213.7 15.0 231.7 217.2 14.5 236.6 217.2 19.4 243.0 224.4 18.6 245.4 227. 7 17.7 247.7 230.4 17.2 348.0 83.4 84.4 85.4 94.7 89.2 90.8 340.4 345.1 345.3 361.1 362.0 372.4 27.0 28.1 .9 .5 .1 6.4 6.6 .2 -.5 .0 6.7 6.9 .2 -1.3 .1 6.7 7.2 .2 -1.7 .0 7.1 7.4 .2 3.9 .0 7.1 7.1 .2 -.7 .0 7.3 7.5 .2 (2) .0 25.7 27.0 .9 .0 .1 26.9 28.0 .9 1.8 .4 27.0 28.3 .9 -1.4 -.1 28.2 28.9 .9 1.6 -.2 28.2 29.3 .9 29.2 30.1 .9 (2) .2 291.6 70.7 71.8 73.0 76.1 75.6 (2) 286.8 287.9 290.4 301.4 306.5 40.2 8.6 -.1 12.0 4.9 9.1 .9 10.1 2.5 .0 2.9 1.0 2.1 .2 10.0 2.2 .0 2.9 1.4 2.1 .2 9.7 2.1 -.1 3.0 1.1 2.1 .2 10.4 1.9 .0 3.1 1.4 2.8 .2 10.6 2.6 .0 3.2 1.1 2.2 .2 (2) 2.3 .0 3.2 1.3 2.2 .2 41.7 8.6 .1 11.5 4.9 9.1 .9 39.9 8.6 .0 11.7 4.9 9.1 .9 37.7 8.7 3 12.2 4.9 9.1 .9 41.7 8.8 .0 12.4 4.9 9.1 .9 43.6 9.0 .0 12.6 4.9 9.2 .9 (2) 9.0 .0 12.6 5.0 9.4 .9 269.7 64.4 66.3 67.7 71.3 69.1 70.7 262.8 266.0 271.4 278.3 281.6 284.4 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. Detail will not necessarily add to totals because of rounding. 2. Not available. __ __ .'o 3. Includes noncorporate inventory valuation adjustment. Source: U. S. Department of Commerce, Office of Business Economics. (2) BUSINESS STATISTICS WlontkL THE1 STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1951 Statistical Supplement to the SURVEY OF 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 ( 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. Data from private sources are pro- 1952 Unless otherwise stated, statistics through 1950 and descriptive notes are shown in the 1951 Statistical Supplement to the Survey June July August 1953 September October November December January U S?J dryT ~ March April May June GENERAL BUSINESS INDICATORS NATIONAL INCOME AND PRODUCT t Seasonally adjusted quarterly totals at annual rates: National income, total _ bil. of dol Compensation of employees, totaldo Wages and salaries, totaL ... _ _ __ _ _ d o _ . Private -~ _ _ _ do Military __ . _ . do Government civilian . _ do Supplements to wages and salaries . _ do . Proprietors' and rental income, totaled do Business and profession aid71 - - - -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 287.9 189.5 180.1 147.7 10.4 22.0 301 4 201 3 191.3 158 3 10 4 22 6 10 0 51 1 26 7 14 0 10 3 306 5 204. 5 194.5 161.3 208.0 9.5 51. 5 26.3 15.3 10.0 290 4 194. 1 184.4 151.5 10.6 22 4 9. 6 51 5 26. 1 15 2 10 2 16.6 50.8 27.0 13.4 10.4 10.0 49.7 27.0 12 3 10.4 39 9 38.2 20.1 18.0 1.7 6 9 37 7 37 0 19.4 17 5 .7 7 1 41 40 21 19 1 7 43 6 44.4 24.1 20.3 -.8 7.6 — 6 7 7 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 N e t 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 345.1 217.2 27.4 118 0 71 8 49 6 23 4 25.6 .7 5 345 3 217.2 25 1 118 7 73 3 52 3 23 1 24.9 4 2 2 0 361 1 224 4 28 2 121 1 75 1 57 9 23 9 25 5 8 5 16 77 7 54.7 49 8 23.0 77 54 49 23 § 6 2 1 80 56 50 24 Personal income, totaL _ _ _ __ _ Less: Personal tax and nontax payments Equals: Disposable personal income _ Personal saving§ _ _ _ _ _ _ 266.0 271 34 236 19 4 8 6 4 278 35 243 18 do do _do do 34 3 231. 7 14 5 7 3 2 1 4 4 r 198.0 164. 5 362. 0 2.9 2.1 372 230 30 122 77 61 25 26 8 2 4 4 7 1 6 0 3 9 8 5 4 4 5 0 82.4 57.4 51.6 24.9 83 58 53 24 5 9 5 6 3 3 0 6 281.6 36.2 245. 4 17.7 284 36 247 17 4 7 7 2 227.7 30.2 121.2 76 3 r 54 0 25.0 ••26.2 1 PERSONAL INCOME, BY SOURCEf Seasonally adjusted, at annual rates: Total personal income bil. of dol Waue 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. of dol__ Total nonagricultural income do 268 1 181 6 78.2 48 5 21 8 33 1 178 0 4 7 52 2 20.9 12 6 266 3 180. 3 75.8 49.5 22.2 32 8 176.7 4. 7 51 5 20.9 12 7 271 3 185.4 80.6 49 5 22 2 33 1 181 9 4 7 50 6 21.0 13 4 276 4 188 4 83.8 49 4 22 3 32 9 184 8 4 9 52 5 21.2 13 3 277 3 190 2 84.7 50 0 22 4 33 1 186 6 50 51 4 21.3 13 3 277 2 191 4 85. 6 50 0 22 5 33 3 187 8 51 50 0 21.4 13 1 280 6 192 5 87.0 50 1 22 Q 3.9 3. 8 3. 8 3.9 3.9 247.4 246. 0 251.9 255.7 258. 0 281 0 194 6 88.0 50 6 22 8 33 2 190 9 5 1 50 2 21.7 13 3 283 6 196 2 88.8 50 9 23 2 33 3 192 4 5 1 ^0 7 21.9 13 7 289 7 196 6 88.8 51 0 23 4 188 7 51 51 8 21.5 13 6 192 8 86.8 50 2 22 7 33 1 188 8 51 51 6 21.6 13 5 3.8 3.9 4.1 3.9 4.0 4.0 4.0 4.1 259. 1 261. 6 261. 1 263. 3 265. 4 265. 5 ' 267. 2 268. 7 09 o 980 PJ 00 r r 90 A 7 JQO A r 89. 3 90 Q oo a A 192 8 5 1 r 1Q4 9 22.0 22.1 io a 285 9 199 3 89.7 52 1 195 5 C 10 r 1 22.3 I 0 C NEW PLANT AND EQUIPMENT EXPENDITUR ES{ All industries, quarterly total mil. of dol.. 6,808 6,244 i 7 244 6,147 7 265 Manufacturing do____ 3,156 2,820 i 3 241 2,747 3,367 Mim'n g do 228 206 1 99Q 199 229 Railroads .. ._ _ ..... ... _ do 386 289 i j.1 1 357 310 Transportation, other than rail do i 3,^ 372 302 31 1 335 Public utilities _ _ do 928 947 i i 216 1 142 904 Commercial and other _ _ _ _ _ _ ._ do 1,738 1, 680 1,835 1,675 1 1.810 r Revised. Estimates based on anticipated capital expenditures of business; those for July-September 1953 are shown on p. 3 of June 1953 SURVEY. fRevised series. Quarterly estimates of national income and product and quarterly and monthly estimates of personal income have been revised beginning 1949; see pp 28-32 of the July 1953 SURVEY for the data.. ^Includes inventory valuation adjustment. . 9 Government sales are not deducted.. §Personal saving is excess of disposable income over personal consump-ross national product roduct above. Data tthrough h r o u h 1951 rrepresent e r n employee m tion expenditures shown as a component of gross ©Data contributions only; thereafter, personal contributions of self-employed persons are also included. JRevisod 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