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SURVEY OF CURRENT BUSINESS August 1955 Table 1.—National Income and Product, 1953, 1954, and First Half 1955 [Billions of dollars] Seasonally adjusted at annual rates Unadjusted 1954 1953 1955 I 1954 1953 II I II III IV I II 1955 III IV I II ] NATIONAL INCOME BY DISTRIBUTIVE SHARES National income ._ 303.6 299.7 76.4 303.7 307.9 305.1 298.0 297.7 298.9 298.7 303. 2 311.4 209.2 198.5 164.7 10.3 23.5 10.8 207.9 196.2 162.4 9.5 24.4 11.7 52.6 49.4 40.7 2.3 6.4 3.2 54.6 51.4 42.5 2.3 6.6 3.2 206.3 195.7 162.1 10. 3 23.3 10.7 210.3 199.5 165. 5 10.5 23.5 10.8 211.5 200.8 167.0 10.3 23.5 10.7 208.9 198.0 164.4 10.0 23.7 10.8 206.7 195.2 161.7 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 48.4 25.9 12.3 10.3 48.4 25.9 12.0 10.5 12.2 6.6 2.9 2.7 12.2 6.8 2.7 2.7 49.1 26.3 12.6 10.2 48.4 26.0 12.1 10.2 47.7 25.7 11.7 10.3 48.4 25.6 12.5 10.3 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 37.2 38.3 21.3 17.0 -1.1 33.8 34.0 17.1 17.0 -.2 9.1 9.5 4.7 4.7 -.3 -.2 40.2 41.4 23.0 18.4 -1.2 40.5 41.5 23.1 18.4 -1.0 36.8 39.4 21.9 17.5 -2.6 31.4 30.9 17.2 13.7 .5 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 -.8 8.8 9.5 2.5 2.6 8.0 8.7 9.1 9.3 9.4 9.5 9.5 9.7 9.9 10.3 31.6 31.8 8.2 8.4 31.6 31.9 31.6 31.5 31.4 31.5 31.9 32.2 32.3 33.1 364.5 360.5 91.4 95.2 361.9 369.3 366.9 359.9 358.3 357.6 358.8 367.1 375.3 384.8 230.6 29.8 118.9 81.8 236.5 29.3 120.9 86.4 58.5 7.8 28.3 22.4 62.7 9.1 30.9 22.7 228. 5 30.2 118. 7 79.6 231.4 30.6 119.7 81.1 232.1 30.5 118.8 82.7 230.3 28.0 118.6 83.8 232.2 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 51.4 25.8 11.9 13.8 24.4 1.2 1.9 47.2 27.8 13.5 14.3 22.3 -2.9 -3.2 14.6 6.7 3.3 3.4 5.2 2.7 2.7 13.8 8.0 4.2 3.9 6.4 -.6 -.6 51.7 25.2 11.7 13. 5 24.3 2.2 2.8 55.0 26.2 12.2 14.0 24.4 4.5 5.4 52.8 25.8 12.1 13.8 25.0 2.0 2.8 46.0 25.9 11.7 14.1 24.1 -4.0 -3.6 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 16.0 15.1 21.5 1.5 1.5 60.1 32.1 16.4 15.7 23.7 4.3 4.2 -2.0 -.3 -.2 -.2 2.0 2.5 -1.2 -1.1 -.3 .9 -.4 -.7 84.5 59.5 51.4 49.4 2.0 8.5 .4 25.0 77.0 49.2 43.2 41.4 1.8 6.3 .4 27.8 18.4 11.6 10.3 9.7 .6 1.4 .1 6.8 18.9 11.3 10.1 9.6 .5 1.3 .1 7.6 83.6 59.0 51.9 49.8 2.1 7.7 .5 24.6 85.4 61.0 53.2 51.0 2.2 8.3 .4 24.3 84.2 59.3 51.3 49.4 1.9 8.4 .4 24.9 84.8 58.7 49.4 47.4 2.0 9.6 .3 26.2 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 6.1 .4 28.1 74.5 45.7 40.5 38.5 2.0 5.5 .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 _ _ _ 286.2 287.6 72.4 74.7 282.6 286.7 288.1 287.4 285.8 286.6 287.3 290.8 293.6 300.5 35.8 32 4 3.4 32.8 29. 1 3.7 9.7 8.6 1.2 9.3 8.2 1.0 35.4 32.0 3.4 35.8 32.4 3.4 36.1 32.7 3.5 35. 9 32.4 3.5 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 3.9 250.4 254.8 62.7 65.5 247.3 250.9 251.9 251. 4 253.1 253. 9 254.5 257.8 261.0 267.1 230. 6 236.5 58.5 62.7 228.5 231.4 232.1 230.3 232.2 235.1 237.9 241.0 245.8 250.5 19.8 18.3 4.1 2.8 18.7 19.6 19.9 21.1 21.0 18.8 16.6 16.8 15.3 16.6 364.5 360.5 91.4 95.2 361.9 369.3 366.9 359.9 358.3 357.6 358.8 367.1 375.3 384.8 27.8 30.2 1.2 13 -.4 30.0 30.3 1.2 — 8 7.8 7.6 .3 — 6 .1 8.0 7.9 .3 27.0 29.5 1.2 .3 -.2 27.6 30.3 1.2 1.9 -.3 28.0 30.4 1.2 1.9 -.3 28.7 30.4 1.2 .9 -.7 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 31.9 31.7 1.2 -.3 31.2 31.1 1.2 .7 .3 299.7 76.4 303. 7 307. 9 305. 1 298.0 297.7 298.9 298.7 303.2 311.4 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 __. __ 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 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 _. _- Net foreign investment Government purchases of goods and services Federal _ _ _ _ _ _ _ _ _ National security National defense Other national security Other Less: Government sales State and local-. . _. ___ __ _ _ -2.2 <T 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 . - 303.6 Equals: National income 1 -1 .1 .4 Less' Corporate profits and inventory valuation adjustment Contributions for social insurance _ Excess of wage accruals over disbursements 37.2 8.7 -.1 33.8 9.6 .0 9.1 2.9 .0 2.9 .1 40.2 8.8 .0 40.5 8.9 -.1 36. 8 8.6 -.1 31.4 8.5 .1 32.6 9.7 .0 34.0 9.6 .0 33.1 9.6 .0 35.5 9.6 .0 39.6 10.5 "16." 8 .1 .4 Plus: Government transfer payments Net interest paid by government Dividends Business transfer payments 12.8 5.0 9.3 1.2 15.0 5.2 10.0 1.2 4.1 1.1 2.6 .3 4.1 1.5 2.5 .3 12.7 4.9 9.1 1.2 12.7 5.0 9.2 1.2 12.7 5.0 9.4 1.2 13.3 5. 1 9.5 1.2 14.3 5.1 9.7 1.2 15.1 5.2 9.8 1.2 15.0 5.2 10.0 1.2 15.7 5.2 10.6 1.2 15.9 5.1 10.2 1.2 16.2 5.0 10.7 1.2 286.2 287.6 72.4 74.7 282.6 286.7 288.1 287.4 285.8 286.6 287.3 290.8 293.6 300.5 - Equals: Personal income 1. Includes noncorporate inventory valuation adjustment. -- Source: U. S. Department of Commerce, Office of Business Economics. * BUSINESS STATISTICS Wlontki -L 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. 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- 1954 June July August 1955 Septem- October Novem- December ber ber January February March April May June July GENERAL BUSINESS INDICATORS NATIONAL INCOME AND PRODUCT Seasonally adjusted quarterly totals at annual rates :f National income total bil of dol 298.9 298.7 303 2 311.4 207.2 195.6 162.0 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 91 25.3 12.2 219. 5 207.0 171.7 93 25.9 12.5 48.2 25.9 11 9 10 5 48 26 11 10 48 26 11 10 2 3 2 7 48 8 26 6 11 5 10 7 48 7 27.1 11 0 10 7 34.0 33.7 16.9 16.8 .2 9.5 33.1 33.5 16.8 16.7 35 5 36 0 18.1 17 9 9.5 39 6 40.9 20.5 20.4 —1 3 9 7 9.9 — 8 10.3 do 357.6 358.8 367 1 375.3 384.8 do do do ._. do 235.1 29.0 120.4 85.7 237.9 29.4 121.5 87 0 241 30 122 88 0 4 5 1 245.8 34 4 122.4 89 0 250.5 35 1 125 3 90 2 46.9 27.3 22.4 -2.7 45.9 28.5 22.2 -4.9 50.7 29 4 21.9 54.1 31.2 21.5 60.1 32 1 23.7 —.4 — 7 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, total o* do Business and professionalc? 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 Personal consumption expenditures, total Durable goods Nondurable goods Services „__ Gross private domestic investment, total New construction Producers' durable equipment Change in business inventories _ do __do do do _ 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 Personal income, total Less: Personal tax and nontax payments E quals : D isposable personal income Personal saving§ do do do do 3 0 7 6 e -.6 9 -.3 4.3 1.5 75.9 48.6 43.6 27.3 75.8 47.7 42.1 28.1 74 5 45. 7 40 5 28.7 75.8 46.4 41.2 29.4 74 45 40 29 286.6 32.7 253.9 18.8 287.3 32.8 254 5 16.6 290 8 33.1 257 8 16 8 293 6 32.6 261 0 15 3 300 33 267 16 9 2 4 7 5 4 1 ___ 6 PERSONAL INCOME, BY SOURCE Seasonally adjusted, at annual ratesrf Total personal income Wage and salary disbursements, total Commodity-producing industries Distributive industries Service industries Government bil. of dol_. 286.7 287.1 286.7 287.9 288.4 290.8 293.4 292.2 293.2 295.7 298.9 r 301. 4 301.2 do do do do do 195.8 84.2 52.1 25.8 33 7 196.6 83.8 52.8 26 2 33 8 195.8 83. 1 52 5 26 3 33 9 195.8 82.8 52 5 26 3 34 2 196.8 83 4 52 7 26 5 34 2 198.6 85 2 52 5 26 6 34 3 198.8 84 8 53 1 26 6 34 3 199.3 85 4 52 9 26 8 34 2 200.3 86 3 53 0 26 7 34 3 202.6 87 8 53 6 27 0 34 2 204.6 88 9 53 6 27 2 34 9 r 207. 3 90 6 54 5 f 27 4 207.7 90 6 54 9 27 4 66 48.2 24.6 16.0 66 47.6 24.6 16 1 66 48'.1 24.7 16 1 6 6 49.0 24.7 16.3 6 7 47.5 24.9 17 0 6 7 48.3 24.9 16 8 6 7 48^9 26.5 17 1 68 49.1 25.0 17 0 68 48.8 25.3 17 0 6 8 48.5 25.5 17 4 6 9 49.0 25.9 17 6 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. . r 34 g 6 9 r 48.' 8 '26. 1 r 17 5 04. o fi Q 48.3 26.3 17 2 4.5 4.4 4.5 4.6 4.5 4.5 4.6 5.1 5.0 5.0 5.2 5.1 5.2 Total nonagricultural income do 272.1 272.1 272.1 271.5 275.9 273.8 276.5 280.9 278.1 277.7 283.7 286.6 286.8 ' Revised. fRevised series. Effective with the July 1955 issue of the SURVEY, estimates of national income and product and personal income have been revised back to 1952 (see pp 24 25 and 27); for quarterly or monthly data prior to 1952, see the 1954 NATIONAL INCOME SUPPLEMENT. ' d" 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. S-l
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