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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 __ __ 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 N et interest Addendum: Compensation of general government employees.. 291.0 305.0 75.4 77.2 76.9 75.6 73.8 74.9 305.9 308.2 306.2 299.9 298.9 299.6 195.4 209.1 50.9 52.2 52.9 53.1 50.9 51.3 52.0 206.2 210.0 211.4 208.8 206.4 206.6 207.2 185.0 152.2 10.5 22.4 10.4 198.0 164.5 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 49.0 12.6 12.2 12.0 12.3 12.3 12.2 12.1 50.3 48.9 47.8 49.1 49.4 49.0 48.5 25.7 14.2 10.0 26.2 12.2 10.6 6.6 3.3 2.6 6.6 3.0 2.6 6.5 2.8 2.6 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 38.2 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 37.2 20.0 17.2 1.0 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 31.9 346.1 364.9 88.5 91.5 91.1 93.8 86.7 88.0 88.4 361.8 369.9 367.2 360.5 355.8 356.0 355.5 218.4 230.1 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 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 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 — Plus1 Government transfer payments Net interest paid by Government Dividends Business transfer payments -- 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 Less: Corporate profits and inventory valuation adjustment Contributions for social insurance Excess of wage accruals over disbursements 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 SeptemDecemSupplement to the Survey October November 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