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November 11)54

SURVEY OF CURRENT BUSINESS
Table 1.—National Income and Product, 1952, 1953, and First Three Quarters, 1954
[Billions of dollars]
Unadjusted

1952

1953

1954

1953
I

II

Seasonally adjusted at annual rates

III

IV

I

II

1954

1953
III

I

II

III

IV

I

II

III

NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income

__ __

291.0

Wages and salaries
Private
Military
Government civilian
Supplements to wages and salaries

77.2

76.9

75.6

73.8

74.9

305.9

308.2

306.2

299.9

298.9

299.6

50.9

52.2

52.9

53.1

50.9

51.3

52.0

206.2

210.0

211.4

208.8

206.4

206.6

207.2

198.0
164.5
10.2
23.3
11.1

48.0
39.6
2.6
5.8
2.9

49.4
40.9
2.6
5.8
2.9

50.1
42.1
2.6
5.5
2.7

50.5
41.9
2.5
6.1
2.6

47.9
39.4
2.4
6.0
3.1

48.3
39.9
2.4
6.0
3.0

49.1
40.9
2.4
5.8
2.9

195.3
162.0
10.3
23.1
10.9

198.9
165.3
10.4
23.2
11.1

200.3
166.7
10.2
23.4
11.1

197.6
164.1
9.9
23.5
11.2

194.6
161.2
9.7
23.7
11.8

194.9
161.5
9.5
23.8
11.7

195.6
161.6
9.6
24.4
11.6

49.9

12.3

12.2

12.1

50.3

48.9

47.8

49.1

49.4

49.0

48.5

6.5
3.1
2.7

6.4
3.2
2.7

6.5
3.0
2.7

6.5
2.9
2.7

26.5
13.4
10.5

26.3
12.1
10.5

26.1
11.1
10.6

25.9
12.3
10.8

25.6
13.0
10.8

25.9
12.2
10.9

25.9
11.6
10.9

38.5

10.0

10.6

9.9

8.0

8.3

9.1

41.4

41.0

38.3

33.1

34.1

34.9

39.4
24.1
18.3
-1.0

10.2
5.5
4.7
-.2

10.9
5.8
5.0
-.2

10.5
5.7
4.9
-.7

7.8
4.2
3.6
.2

8.3
4.1
4.2
-.1

9.0
4.4
4.6
.1

~-.~r

42.4
22.7
19.7
-.9

41.9
22.5
19.5
-.9

40.9
21.9
19.0
-2.6

32.5
17.4
15.1
.6

34.5
17.0
17.5
—.4

34.5
17.0
17.5
.4

-.3

7.4
31.0

8.4
31.4

2.0
7.9

2.1
8.0

2.2
7.5

2.2
8.0

2.3
7.9

2.3
7.9

2.3
7.6

7.9
31.4

8.3
31.6

8.6
31.5

8.9
31.3

9.0
31.2

9.1
31.2

9.2
31.9

364.9

88.5

91.5

91.1

93.8

86.7

88.0

88.4

361.8

369.9

367.2

360.5

355.8

356.0

355.5

230.1

54.4

57.4

56.7

61.6

54.8

58.3

57.3

228.6

230.8

231.2

229.7

230.5

233.1

234.8

26.8
116.0
75.6

29.7
118.9
81.4

6.8
27.6
20.0

7.7
29.3
20.4

7.4
28.9
20.3

7.8
33.1
20.7

6.3
27.4
21.1

7.5
29.6
21.2

6.8
29.6
20.9

30.4
118.8
79.4

30.3
119.6
80.9

30.3
118.6
82.3

28.0
118.7
83.0

28.0
118.8
83.6

28.8
120.0
84.3

28.9
121.1
84.8

50.7

51.4

14.3

12.8

13.6

10.7

12.3

10.0

12.2

51.9

55.9

52.4

45.5

44.5

45.6

45.3

23.7
11.1
12.6
23.3
3.6
3.0

N et interest
Addendum: Compensation of general government employees..

12.3

6.5
2.8
2.6

218.4

Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment

12.0

6.6
3.0
2.6

346.1

Corporate profits and inventory valuation adjustment

12.2

6.6
3.3
2.6

38.2

..-

12.6

26.2
12.2
10.6

37.2
20.0
17.2
1.0

_

49.0

25.7
14.2
10.0

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

75.4

209.1

185.0
152.2
10.5
22.4
10.4

-

305.0

195.4

Compensation of employees-.

25.5
11.9
13.6
24.4
1.5
2.2

5.4
2.4
2.9
6.0
2.9
3.1

6.5
3.1
3.4
6.5
-.1
.1

6.8
5.6
2.4
3.3
3.2
3.5
5.9
5.6
1.1 -2.7
1.1 -2.7

7.8
3.9
3.9
5.2
-.8
-.9

25.0
11.7
13.3
24.1
2.8
3.3

25.9
12.2
13.7
24.6
5.4
6.2

25.6
12.1
13.5
24.8
2.0
2.9

25.7
11.7
13.9
24.0
-4.2
-3.7

26.0
11.7
14.3
22.7
-4.2
-4.2

27.0
12.8
14.2
22.4
-3.8
-4.0

28.3
14.0
14.2
21.8
-4.8
-5.0

-.6

-1.1

-1.0

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

6.6
7.1
3.1
3.3
3.5
3.7
6.0
6.0
.5 -1.8
.8 -1.7

-3.3

-.2

-.5

-.6

-.7

-.1

-.4

-.1

-.3

- - -

77.2

85.2

20.3

21.8

21.5

21.6

20.0

19.7

19.1

83.0

86.6

85.4

86.0

81.9

78.3

75.6

-

54.0
48.5
46.1
2.4
5.8
.4
23.2

60.1
52.0
50.0
2.0
8.5
.4
25.1

14.5
12.7
12.2
.6
1.9
.1
5.8

15.5
13.6
13.0
.6
2.1
.1
6.2

15.1
13.1
12.6
.4
2.1
.1
6.4

15.0
12.6
12.2
.5
2.4
.1
6.7

13.7
11.7
11.4
.4
2.1
.1
6.3

12.8
11.2
10.9
.3
1.7
.1
6.9

12.0
10.5
10.1
.4
1.5
.1
7.2

58.1
51.0
48.7
2.2
7.7
.5
24.9

62.2
54.3
52.0
2.3
8.3
.4
24.4

60.3
52.3
50.6
1.7
8.4
.4
25.1

59.8
50.6
48.7
1.9
9.6
.3
26.2

55.0
46.9
45.4
1.5
8.4
.3
26.9

51.3
44.7
43.5
1.2
6.9
.3
27.0

47.9
42.1
40.5
1.5
6.1
.2
27.7

271.2

286.1

69.6

71.5

71.6

73.4

70.2

71.1

71.4

283.3

286.4

287.5

287.3

285. 1

285.7

286.2

34.4
31.1
3.2

36.0
32.5
3.5

12.7
11.7
1.0

7.2
6.3
.9

8.8
8.0
.8

7.3
6.5
.8

11.9
10.8
1.1

6.2
5.2
.9

7.7
6.8
.9

35.5
32.1
3.4

35.9
32.5
3.5

36.3
32.8
3.5

36.1
32.6
3.6

32.8
29.1
3.7

32.9
29.2
3.7

32.9
29.2
3.7

Equals* Disposable personal income

236.9

250. 1

56.9

64.3

62.8

66.1

58.2

65.0

63.6

247.8

250.4

251.2

251.2

252.3

252.9

253.2

Less* Personal consumption expenditures

218.4

230.1

54.4

57.4

56.7

61.6

54.8

58.3

57.3

228.6

230.8

231.2

229.7

230.5

233.1

234.8

18.4

20.0

2.5

6.8

6.2

4.5

3.4

6.7

6.3

19.2

19.6

20.0

21.5

21.8

19.7

18.4

346.1

364. 9

88.5

91.5

91.1

93.8

86.7

88.0

88.4

361.8

369.9

367.2

360.5

355.8

356.0

355.5

6.6
.mo 7.2
.3
1.0
1.0 -1.0
-.5

6.8
7.5
.3
-.4
-.1

6.8
7.6
.3
-.6
i

7.2
7.0
7.1
7.4
7.5
7.7
.3
.3
.3
3.1 -1.9 -1.9
.0
-.2 -.1

7.4
7.6
.3
i

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
-3.8
-.1

29.8
30.0
1.0

305. 9

308.2

306.2

299.9

298.9

299.6

-.2

Net foreign investment
Government purchases of goods and services
Federal
National security
National defense
Other national security
Other
Less* Government sales
State and local
- -- --

-

-- --

-1.9

-1.8

-1.8

DISPOSITION OF PERSONAL INCOME
Personal income
Less* Personal tax and nontax payments
Federal
State and local

Equals* Personal savings
RELATION OF GROSS NATIONAL PRODUCT,
NATIONAL INCOME, AND PERSONAL INCOME
Gross nationa I product

-

- -

Less* Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of Government enterprises —

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

--

Equals • Personal income
1. Includes noncorporate inventory valuation adjustment.




9

74.9

-.3

291.0

305.0

75.4

77.2

76.9

75.6

73.8

38.2
8.7
.0

38.5
8.8
-.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

9.1
2,5 ~~2.Y
.0
.0

41.4
8.8
.0

41.0
8.9
-^

38.3
8.7
-.1

33.1
8.6
-.1

34.1
9.8
.0

34.9
9.7
.0

9.6
.0

--

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

3.6
1.1
2.3
.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
5.2
9.6
1.0

14.2
5.2
9.6
1.0

14.8
5.3
9.6
1.0

14.7
5.4
9.8
1.0

-

271.2

286.1

69.6

71.5

71.6

73.4

70.2

71.1

71.4

283. 3

286.4

287.5

287.3

285.1

285.7

286.2

Efluals * National income

Plus1 Government transfer payments
Net interest paid by Government
Dividends
Business transfer payments

25.3
28.0
1.0
.6

-

Source: U. S. Department of Commerce, Office of Business Economics.

* BUSINESS STATISTICS

Wlontki

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.
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-

1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical SeptemSupplement to the Survey
October Novem- December
ber
ber

1954

January

February

March

April

May

June

July

August

Septem- October
ber

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates :t
National income, total
bil of dol

306.2

299.9

298 9

299.6

211.4
200 3
166.7
10 2
23.4
11.1

208.8
197 6
164.1
99
23.5
11.2

206.4
194 6
161.2
9 7
23.7
11 8

206.6
194 9
161.5
95
23 8
11 7

207.2

47.8
26 1
11. 1
10.6

49.1
25 9
12.?
10.8

49.4
25 6
13.0
10 8

49 0
25 9
12.2
10 9

48
25
11
10

38.3
40 9
21.9
19.0
-2.6
8.6

33.1
32 5
17.4
15.1
.6
8.9

34.1
34 5
17.0
17 5
— .4
90

34.9
34 5
17.0
17 5
4
91

— 3
9 2

do

367.2

360.5

355.8

356 0

355 5

do
_do
do
do

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 l
28 8
120 0
84 3

234 8
28 9
121 1
84 8

52.4
25.6
24 8
2.0

45.5
25.7
24 0
—4.2

44.5
26 0
22 7
—4.2

45
27
22
—3

45
98
21
—4

3
3
8
8

—1 8

— 6

—1 1

—1 0

85.4
60.3
52.3
25.1

86.0
59.8
50.6
26.2

81.9
55 0
46 9
26.9

78 3
51 3
44 7
27 0

75
47
42
27

6
9
i
7

287.5
36.3
251.2
20.0

287.3
36.1
251.2
21.5

285 1
32 8
252 3
21.8

285 7
32 9
252 9
19.7

286 2
32 9
253 2
18.4

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 cf
.-do
Business and professional cf
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
In ventor y valuation ad j ustment
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
Equals: Disposable personal income
Personal saving!

do. _
_ __do
-__do
do

195 6
161.6
96
24 4
11 6

6
0
4
8

5
9
6
9

9

PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:f
Total personal income
Wage and salary disbursements, total
Commodity-producing industries
Distributive industries
Service industriesGovernment

bil. of doL.
-.-do
.do
do
do
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 .

287.7

287.8

287.2

287.0

284.9

285.0

285.0

284.4

286.2

286.5

285. 7

285.4

287.4

199.2
88.0
52 5
24 9
33 8

199.1
87.9
52 5
25 0
33 7

197.9
87.0
52 4
25 0
33 5

196.0
85 5
52 1
25 0
33 4

194
84
51
24
33

7
5
9
8
5

194 7
84 6
51 8
24 9
33 4

194 5
84 2
52 0
25 0
33 3

194 3
83 7
52 0
25 2
33 4

195 0
84 2
52 3
25 2
33 3

195 5
84 0
52 5
25 5
33 5

195 7
83 4
53 1
25 4
33 8

195 5

195
82
52
25

6 5
48.9
23.4
13 7

66
48.0
23.5
14 6

66
49.1
23.7
13 9

67
50.2
23.8
14 4

66
49.6
23.9
14 8

66
49.6
23.9
15 0

66
48.9
23.9
15 8

66
48.2
24.0
15 9

66
49.4
24.0
15 8

66
49.2
24.1
15 8

66
47.9
24.2
15 8

r 82 7
r 52 g

r 25 8
34 2

r

66
48.2
24.3
15 5

7
8
9
8

04 9

6 f\

49.3
24.4
15 9

4.1
4.0
4.0
4.0
4.7
4.8
4.7
4.6
4.6
4.7
4.5
4.7
4.5
Total nonagricultural income
do
271.9
269.6
272.7
271.3
267.9
268.2
268.8
269.1
269.7
270.3
270.6 r 270. 2
271.6
r
Revised.
fRevised series. Quarterly estimates of 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 in 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.
(^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.

320500°—54——4




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