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SURVEY OF CURRENT BUSINESS

August 19.~)4

Table 1.—National Income and Product, 1952, 1953, and First Two Quarters, 1954 l
[Billions of dollars]
j

Unadjusted
1952

Seasonally adjusted at annual rates

1953

1953

I

1953

1954

II

III

IV

I

1954

I

II

II

III

IV

I

II

NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income

291.0

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

77.2

76.9

75.6

73.8

305.9

308.2

306.2

299.9

298.9

50.9
48.0
39.6
2.6
5.8
2.9

52.2
49.4
40.9
2.6
5.8
2.9

52.9
50.1
42.1
2.6
5.5

53.1
50.5
41.9
2.5
6.1
2.6

50.9
47.9
39.4
2.4
6.0
3.1

51.3
48.3
39.9
2.4
6.0
3.0

206.2
195. 3
162.0
10.3
23.1
10.9

210.0
198.9
165.3
10.4
23.2
11.1

211.4
200.3
166.7
10.2
23.4
11.1

208.8
197.6
164.1
9.9
23.5
11.2

206.4
194.6
161.2
9.7
23.7
11.8

206. 6
194.9
161. 5
9.5
23.8
11.7

49.0
26.2
12.2
10.6

12.6
6.6
3.3
2.6

12.2
6.6
3.0
2.6

12.0

IS
2.6

12.3
6.5
3.1
2.7

12.3
6.4
3.2
2.7

12.2
6.5
3.0
2.7

50.3
26.5
13.4
10.5

48.9
26.3
12.1
10.5

47.8
26.1
11.1
10.6

49.1
25.9
12.3
10.8

49.4
25.6
13.0
10.8

49.0
25.9
12.2
10.9

38.2
37.2
20.0
17.2
1.0

38.5
39.4
21.1
18.3
-1.0

10.0
10.2
5.5
4.7
-.2

10.6
10.9
5.8
5.0
2

9.9
10.5
5.7
4.9
-.7

8.0
7.8
4.2
3.6
.2

8.3
8.3
4.1
4.2
-.1

.1

41.4
42.4
22.7
19.7
-.9

41.0
41.9
22.5
19.5
-.9

38.3
40.9
21.9
19.0
-2.6

33.1
32.5
17.4
15.1
.6

34.1
34.5
17.0
17.5
— .4

.4

8.4
31.4

2.0
7.9

2.2
7. 5

2.2
8.0

2.3
7.9

2.3
7.9

7.9
31.4

8.3
31.6

8.6
31.5

8.9
31.3

9.0
31.2

9. 1
31.2

364.9

88.5

91.5

91.1

93.8

86.7

88.0

361.8

369.9

367.2

360.5

355.8

356. 0

218.4
26.8
116.0
75.6

230.1
29.7
118.9
81.4

54.4
6.8
27.6
20.0

57.4
7.7
29.3
20.4

56.7
7.4
28.9
20.3

61.6
7.8
33.1
20.7

54.8
6.3
27.4
21.1

58.3
7.5
29.6
21.2

228.6
30.4
118.8
79.4

230.8
30.3
119. 6
80.9

231.2
30.3
118.6
82.3

229.7
28.0
118.7
83.0

230.5
28.0
118.8
83.6

233. 1
28.8
120.0
84.3

50.7
23 7
11.1
12.6
23.3
3.6
3.0

_ _ __

75.4

209.1
198. 0
164.5
10.2
23.3
11.1

7.4
31.0

_

305.0

346.1

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

„

195. 4
185. 0
152.2
10.5
22.4
10.4
49.9
25.7
14.2
10.0

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

51.4
25.5
11.9
13.6
24.4
1.5
2.2

12.8
6.5
3.1
3.4
6.5
-.1
.1

13.6
7.1
3.3
3.7
6.0
.5
.8

10.7
6.6
3.1
3.5
6.0
-1.8
—1.7

12.3
5.6
2.4
3.2
5.6
1.1
1.1

10.0
6.8
3.3
3.5
5.9
-2.7
-2.7

51.9
25.0
11.7
13.3
24.1
2.8
3.3

55.9
25.9
12.2
13.7
24.6
5.4
6.2

52.4
25. 6
12.1
13.5
24.8
2.0
2.9

45. 5
25.7
11.7
13.9
24.0
-4.2
-3.7

44.5
26.0
11.7
14.3
22.7
-4.2
4 2

45.6
27.0
12.8
14.2
22.4
-3.8
-4.0

18

3 3

18

19.7
12.8
11.2
10.9
.3
1.7
.1
6.9

83.0
58.1
51.0
48.7
2.2
7.7
.5
24.9

86.6
62.2
54.3
52.0
2.3
8.3
.4
24.4

85.4
60.3
52.3
50.6
1.7
8.4
.4
25.1

86.0
59.8
50.6
48.7
1.9
9.6
.3
26.2

81.9
55.0
46.9
45.4
1.5
8.4
.3
26.9

78.3
51.3
44.7
43.5
1.2
6.9
.3
27.0

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services

_

2

19

14.3
5.4
2.4
2.9
6.0
2.9
3.1
5

77.2
54.0
48.5
46.1
2.4
5.8
.4
23.2

85.2
60.1
52.0
50.0
2.0
8.5
.4
25.1

20.3
14.5
12.7
12.2
.6
1.9
.1
5.8

21,8
15.5
13.6
13.0
.6
2.1
.1
6.2

21.5
15.1
13.1
12.6
.4
2.1
.1
6.4

21.6
15.0
12.6
12.2
2'. 4
.1
6.7

20.0
13.7
11.7
11.4
.4
2.1
.1
6.3

271.2

286.1

69.6

71.5

71.6

73.4

70.2

71.1

283.3

286.4

287.5

287.3

285.1

285.7

34.4
31 1
3.2
236 9
218.4
18.4

36.0
32 5
3.5
250 1
230. 1
20.0

12.7
11.7
1.0
56.9
54.4
2. 5

7.2
6.3
.9
64.3
57.4
6.8

8.8
8.0
.8
62.8
56.7
6.2

7. 3
6.5
.8
66. 1
61.6
4.5

11.9
10.8
1.1
58.2
54.8
3.4

6.2
5.2
.9
65.0
58.3
6.7

35.5
32.1
3.4
247.8
228.6
19.2

35.9
32.5
3.5
250. 4
230.8
19.6

36.3
32.8
3.5
251.2
231.2
20.0

36.1
32.6
3.6
251. 2
229.7
21.5

32.8
29. 1
3.7
252.3
230.5
21.8

32.9
29.2
3.7
252.9
233.1
19.7

346. 1

364. 9

88.5

91.5

91.1

93.8

86.7

88.0

361. 8

369. 9

367.2

360. 5

355. 8

356.0

25 3
28. 0
1.0
.6
_ 2

27. 2
SO'.O
1.0
1.0
—. 5

6.6
7.2
.3
-1.0
-.1

6.8
7.5
.3
-.4

6.8
7.6
.3
— .6
1

7.0
7.7
.3
3. 1
-.2

7.1
7.4
.3
-1.9
-.1

7.2
7.5
.3

26.2
29.4
1.0
-1.2
-.4

27.4
30.2
1.0
2.6
-.6

27.4
30.1
1.0
2.1
-.4

27.9
30.3
1.0
.6
-.8

28.2
30.3
1.0
-3.0
-.4

29.0
30.2
1.0

291.0

305. 0

75.4

77.2

76.9

75.6

73.8

305.9

308.2

306. 2

299.9

298.9

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

38.2
8 7
,0

38. 5
88
-.1

10.0
2 6
.0

10.6
2 3
.0

9.9
2 1
.0

8.0
1.8
.0

8.3
2.8
.0

2.5
.0

41.4
8.8
.0

41.0
8.9
-.1

38.3
8.7
-.1

33.1 •
8.6
—.1

34. 1
9.8
.0

' 9.7
.0

Plus* Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
--

12.1
4.9
9.1
1.0

12.8
5.0
9.4
1.0

3.2
1.1
2.2
.3

3.2
1.6
2.2
.3

3.1
1.0
2.2
.3

3.3
1.3
2.7
.3

3.6
1.1
2.4
.3

3.7
1.6
2.2
.3

12.6
4.9
9.1
1.0

12.6
5.0
9.3
1.0

12.6
5.1
9.5
1.0

13.3
9.6
1.0

14.2
5.2
9.6
1.0

14.8
5.3
9.6
1.0

271.2

286.1

69.6

71.5

71.6

73.4

70.2

71.1

283. 3

286.4

287.5

287. 3

285.1

285.7

Gross private domestic investment
Residential nonfarm
Other
Producers' durable equipment-..
Change in business inventories, total
Nonfarm only
Government purchases of goods and services
Federal
National security _
_
National defense
Other national security
Other
Less: Government sales
State and local

__
__

__. __ _

DISPOSITION OF PERSONAL INCOME
Personal income

_ _ _ __

Less* Personal tax and nontax payments
State and local

__

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

Equals : Personal income

1. Detail will not necessarily add to totals because of rounding.
2. Not available.
3. Includes noncorporate inventory valuation adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.




1

.0

i

-. 1

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
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.
Data from private sources are

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

1954

1953

June

July

August

September

October

November

December

January

February

March

April

May

June

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:f
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 ... do
Proprietors' and rental income, totald"---do
Business and professional^"1
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. __

308 2
210.0
198.9
165 3
10 4
23.2
11.1
48.9
26.3
12.1
10 5

306 2
211 4
200 3
166 7
10 2
23 4
11 1
47 g
26 1
11 1
10 6

41.0
41.9
22.5
19.5
-.9
8.3

38.3
40.9
21 9
19 0
—2 6
86

33.1
32.5
17.4
15.1
.6
8.9

34
34
17
17

1
5
0
5
4
90

4
q 1

Gross national product, total
do
Personal consumption expenditures, total. do
Durable goods
do
Nondurable goods ... __
do
Services
do
Gross private domestic investment, total
bil. o. 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 Go vernmen t sales) . _
. .do
National security? _ _
do
State and local
_. do

369.9
230.8
30.3
119.6
80.9

367. 2
231. 2
30.3
118.6
82.3

360. 5
229.7
28 0
118.7
83 0

355 8
230 5
28 0
118 8
83 6

3 f )(i 0
233 1
28 8
120 0
84 3

55.9
25.9
24.6
5.4
-3.3

52.4
25.6
24.8
2.0
-1.8

45.5
25.7
24.0
-4.2
- .6

44 5
26 0
22 7
—4 2
1i

45 6
27 0
22 4
—3 8
—10

86.6
62.2
54.3
24.4

85.4
60.3
52.3
25.1

86
59
50
26

0
8
6
2

81 9
55 0
46 9
26 9

78 3
51 3
44 7
97 Q

Persona] income, total
do
Less: Personal tax and nontax payments.- -do
Equals: Disposable personal income
do
Personal saving§
do

286.4
35.9
250. 4
19.6

287 5
36.3
251. 2
20.0

287 3
36.1
251 2
21 5

OCR 1

299
208
197
164
9
23
11
49
25
12
10

9
8
6
1
9
5
2
1
9
3
8

298 9
206 4
194 6
161 2
9 7
23 7
11 8
49 4
25 6
13 0
10 8

206 0
194. 9
161 5
95
23 8
11.7
49 0
25.9
12 2
10 9

32.8
252 3
21 8

32.9
259 9

11 7

PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates :j
Total personal income
_ bil.ofdol
Wage and salary disbursements, total
do
Commodity-producing industries
do
Distributive industries
do
Service industries
do
Government..
.
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.ofdol—
Total nonagricultural income
do

i\

287.3

288 2

286 4

287 7

287 8

9

87 2

287 0

284 9

m

199.9
89.3
51.9
25.0
33.7
63
48.8
22.8
13 6

201. 4
89 8
52.7
25.3
33 6
64
47 9
23.0
13 6

200. 6
89 2
52.4
25.2
33 8
65
46 6
23.2
13 6

199.2
88 0
52.5
24.9
33 8
65
48 9
23.4
13 7

199. 1
87 9
52. 5
25.0
33 7
66
48 0
23.5
146

197.9
87 0
52. 4
25. 0
33 5
6 6
49 1
23.7
13 9

196.0
85 5
52.1
25.0
33 4

194.7
84 5
51.9
24.8
33 5

194.7
84 6
51.8
24.9

50 2
23.8

49 6
23.9

49 6
23.9
-t e A

4.1

4.1

4.1

4.0

4.0

4.0

4.1

4.7

4.8

4.7

4.6

271.5

273. 0

272.6

271. 9

272.7

271.3

269. 6

267.9

268.2

268. 8

209. 1

fi 7

H

A

00

194.5

194. 3

' 195. 0

195. 2

52.0
25.0

52.0
25.2

r 52. 3

23.9

24.0

5C.4
25.2
33. 4
6. 6
49.4
24.1
15. 8

R4. 9

CQ 7

25.2

4

c ft

14. ft

6.6
r

24.0
15.8
4.6

' 269. 7

4.7

270.1

NEW PLANT AND EQUIPMENT
EXPENDITURES
All industries, quarterly total!
mil. of doL.
7,289
7,098
7, 666
6,240
i 7,034
Manufacturing
._
do
3,192
2,945
3, 392
2.641
3,001
Mining
._
do
234
265
288
223
9A9
Railroads
do
359
300
341
248
248
Transportation, other than rail
do
!
366
386
376
360
343
Public utilities
do.
1,158
1,219
1,246
910
1, 167
"
""
Commercial and other
do
1,979
1,984
2 023
1 859
. ,
* r< . * . • , * . i~
••Revised.
i Estimates based on^anticipated capital expenditures of business; those for the 3d quarter of 1954 appear on p. 6 of the June 1954 SURVEY.
™
„ ™ „« ,^ ~
5 Government sales are not deducted.
§Personal saving is excess of disposable income over personal consumption expenditures shown
t Revised series.
mn^^vi%nn?^irte tlyTV?tImi5«S ^national income and product ha ve been revised back to 1939 (annual data, to 1929); quarterly and monthly estimates of personal income, back to
1929 (mo
SvfetoM for W62 appear^n^yiO oftoe^a^lS^E^Y001111116 Natlonal Income SuPPlement)- Foi> quarterly data prior to 2d quarter 1953, see pp. 8 and 9 of the July 1954 SURVEY.
tRev

:::::::::: ::::::::::

309117°—54

4




S-l

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