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SUKVEY OF CUEEENT BUSINESS July 1949 of the two sources to obtain continuous series covering the period since 1929. Descriptions and definitions of the various series contained in the Supplement have not been repeated. For economy of space the many footnotes accompanying the tables in the Supplement have also been omitted, but it should be understood that these footnotes apply equally to the current estimates. Use of the present tables without reference to the Supplement may, therefore, lead to misundertanding or misuse of the data. Some aspects of the estimates published in this report should be noted. Adoption of the new Standard Industrial Classification for manufacturing industries by the Social Security Administration, effective with its 1947 tabulations, has in a number of the industry groups impaired the comparability of current social security statistics with those for earlier years. The estimates of pay rolls and employment in manufacturing for 1947 and 1948 presented here have been adjusted to conform to the National Income Division classification, and therefore to the data fof earlier years, by the use of collateral information. Detailed data from the Census of Manufactures and special tabulations of the Social Security Administration have permitted adjustment for 1947 which is believed to be highly accurate; The 1948 estimate for certain of the manufacturing industries is subject to a somewhat larger margin of error. Attention should also be drawn to the revision of the construction estimates incorporated in this report. These include revisions in the published series of new private construction activity prepared jointly by the Office of Domestic Commerce and the Bureau of Labor Statistics. These revisions have been incorporated for the period 1939-48. In addition, it has been known for some time that for definitional as well as statistical reasons the estimates of new private construction activity were not sufficiently inclusive for the purposes of national product measurement. For most years, however, the magnitudes involved were thought to be small, and no adjustment was attempted in view of the fact that the extreme paucity of data made it impossible to prepare accurate estimates. With the high level of construction in recent years the items omitted from the statistics of new private construction activity that should properly be counted as components of national product have increased in magnitude. Their omission from national product seems no longer advisable even though lack of basic data continues to prevent a precise estimate. Accordingly, for the purposes of the present report a set of interim estimates of the major omitted items was prepared for the period 1939-48 and included in gross national product under new private construction. The items covered include major additions and alterations to residential buildings, profit margins of residential builders, residential land development costs, settlement and allied charges, engineering and architectural fees, and the value of construction of a few minor types of nonresidential structures. The annual magnitudes involved, in billions of dollars, are as follows: 1939: 0.7, 1940: 0.8, 1941: 0.9, 1942: 0.6, 1943: 0.5, 1944: 0.5, 1945: 0.6, 1946: 1.4, 1947: 1.9, 1948: 2.3. While it is believed that the estimates reflect the order of magnitude of the omitted items, it should be emphasized that they are interim estimates subject to further revision and refinement. The revisions of the construction estimates have been carried back only to 1939. This should be taken into account when comparisons that involve construction are made with prior years. One of the greatest difficulties that had to be dealt with in preparing the current revisions was to measure the substantial effects of the shift from the unincorporated to the incorporated form of legal organization that began in 1946 and appears to have extended into 1948. This shift affected particularly the income of unincorporated enterprises and corporate profits, but had implications also for personal saving and many other components of the product and income flow. So far only incomplete information is available on the legal shift that occurred in 1946, and information on further shifts in 1947 and 1948 is even less satisfactory. Moreover, such information as exists became available only shortly before the estimates contained in this report had to be completed. The utmost effort was made to utilize the available data in the most effective manner, but, because of the difficulties of measuring the shift, the estimates for the product and income components that are most affected are subject to more than the usual margin of error, especially with respect to their detailed industrial breakdown. National Income and Gross National Product Series, 1929-48 THE JULY 1949 issue of the SURVEY OF CURRENT BUSINESS provides the latest National Income and Product data covering the years 1942-48. This presentation gives to subscribers the currently official figures on fundamental measures of the national economy. For completely revised series back to 1929, with detail for all component segments, reference should be made to the previously published NATIONAL INCOME SUPPLEMENT to the SURVEY OF CURRENT BUSINESS. The SUPPLEMENT contains, in addition to extensive statistical tables, an explanation of fundamental concepts and procedures underlying the data. That publication furnishes to business managers and analysts, economists, and students the basic data to which all subsequently published national income and gross national product figures are related. The National Income Supplement TO THE Survey of Current Business PRICE 25c Available from the Superintendent of Documents, Government Printing Office, Washington 25, D. C., or from your nearest Department of Commerce Field Office. SUEVEY OF CUEEENT BUSINESS 10 July 1949 Table VI.—Gross Savings and Investment Account, 1948 [Millions of dollars] Business purchases on capital account Change in business inventories Net disinvestment in the United States by rest of world Government deficit (+) or surplus (—) on income and product transactions. 38, 553 6,455 1,901 -8,400 GROSS INVESTMENT AND GOVERNMENT DEFICIT. 38, 509 Excess of wage accruals over disbursements Undistributed corporate profits (domestic) Corporate inventory valuation adjustment Statistical discrepancy Capital consumption allowances by private business. Foreign branch profits (net) Institutional depreciation Personal saving 30 12,748 -2,170 -302 15,489 494 215 12,005 GROSS PRIVATE SAVING. Table 1.—National Income by Distributive Shares, 1929-48 [Millions of dollars] 1929 National income Compensation of employees Wages and salaries . Private Military _ Government civilian Supplements to wages and salaries Employer contributions for social insurance Other labor in come __ Income of unincorporated enterprises and inventory valuation adjustment Business and professional Income of unincorporated enterprises ._ Inventory valuation adjustment Farm 1931 1930 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 87, 355 75, 003 58, 873 41, 690 39, 584 48, 613 56, 789 64, 719 73, 627 67, 375 72, 532 81, 347 103, 834 137,119 169, 686 183, 838 182, 691 179, 562 201, 709 226, 204 50, 786 46,515 39, 470 30, 826 29, 330 34, 067 37, 107 42, 675 47, 696 44, 747 47, 820 51, 786 64, 280 84, 895 109,212 121,163 50, 165 45, 894 38, 886 30, 284 28, 825 33, 520 36, 508 41,754 45, 948 42, 812 45, 745 49, 587 61, 708 81, 887 105, 647 116, 924 45, 206 40, 720 33.607 25, 297 23, 660 27, 420 29, 984 33, 866 38, 432 34,564 37, 519 41, 130 51, 537 65,788 78, 814 83, 449 591 1,862 6,330 14, 445 20, 638 295 398 315 270 271 306 338 358 370 312 '308 4,647 4,859 4,971 4,692 4,895 5,829 6,218 7,550 7,158 7,878 7,828 7,866 8,309 9,769 12, 388 12, 837 621 621 584 542 505 547 599 921 1,748 1,935 1,234 514 1,423 512 2,075 123, 026 117,011 117, 673 111,422 82, 101 90, 537 22, 598 7,962 12, 974 12, 923 127, 605 140, 261 122, 276 135, 283 104, 763 116, 146 3,951 3,910 13, 562 15, 227 2, 199 2,572 3,008 3,565 4,239 5,353 5,589 5,329 4,978 1,624 575 1,983 589 2,302 706 2.677 '888 2,937 1,302 3,805 1,548 3, 986 1,603 3.539 1,790 2,995 1,983 106 515 111 473 126 416 133 372 147 400 171 428 13, 927 10,963 8,262 7,032 8, 214 5,316 4,921 3,206 5,207 2, 925 6,603 4,276 9, 858 4,987 9,942 12, 249 10, 768 11,282 12, 660 16, 504 23, 041 26, 731 28, 997 31, 247 35, 035 38, 531 42, 848 6.074 6,630 6, 34? 6,776 7,720 9,566 12, 573 14, 963 17, 156 18, 719 20, 790 23, 111 24, 477 6,277 4,705 2,911 3,450 4, 330 5,037 6,194 6,659 6.126 6,942 7,772 10, 210 12, 945 15, 117 17,226 18, 832 22, 676 24, 727 24, 874 611 2,898 295 1, 715 -525 2,282 -54 2,327 -50 4,871 -120 3,868 -29 5,619 221 4,421 -166 4,506 -52 4,940 -644 -372 -154 —70 -113 -1, 886 -1,616 -397 6,. 938 10, 468 11, 768 11, 841 12, 528 14, 245 15, 420 18, 371 2, 508 2,018 2,095 2,288 2,682 3,140 3,278 3,465 3,620 4,322 5,395 6,109 -1, 995 -1, 981 1,098 -3, 042 162 1, 723 382 524 746 -3, 424 -362 977 2,574 2,066 2,596 -5, 998 -2, 428 -1, 619 1,047 -2, 143 -625 5,430 5,010 4,750 2,997 3,224 965 2,259 2,872 -613 -227 4,539 4,946 5,684 1, 411 4,273 4,557 -284 -738 4,474 6,166 6,197 1,512 4, 685 4,693 -8 -31 4,376 4,292 3,329 1,040 2,289 3, 195 -906 963 4,290 5,753 6,467 1,462 5,005 3,796 1,209 -714 4,212 9,177 14, 615 19, 894 9, 325 17, 232 21, 098 2,878 7,846 11, 665 6, 447 9, 386 9, 433 4,049 4,465 4,297 2,398 4,921 5,136 -148 -2, 617 -1, 204 4,104 4,113 3,894 24, 279 25, 052 14, 406 10, 646 4, 493 6,153 -773 3, 355 101 520 8,120 142 5,665 755 3, 931 5,811 4,786 3,620 Rental income of persons _ Corporate profits and inventory 10, 290 6,563 i,asi valuation adjustment 9,818 3,303 -783 Corporate profits before tax 500 848 Corporate profits tax liability __ 1, 398 8,420 2,455 -1, 283 Corporate profits after tax 5,823 5,500 4,098 Dividends 2,597 -3, 045 -5, 381 Undistributed profits 472 3,260 2,414 Inventory valuation adjustment. 6,541 6,176 5,938 Net interest 418 503 1, 540 535 6,495 6,544 6,648 24, 046 19, 153 18, 331 25, 615 24, 333 19, 717 23, 560 31, 602 13, 525 11, 215 9,620 12, 511 10, 808 8,502 13, 940 19, 091 4,680 4,699 5,808 7,018 6,128 3, 803 8, 132 12, 073 -287 -564 -5, 229 -5, 987 3,137 3,009 2,970 3,414 6,256 32, 623 34, 793 13, 619 21, 174 7,932 13, 242 -2, 170 3,824 6,215 Table 2.—Gross National Product or Expenditure, 1929-48 [Millions of dollars] 1929 Gross national product 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 103, 828 90,857 75, 930 58, 340 55, 760 64, 868 72, 193 82,483 90, 213 84,683 91, 339 101, 443 126, 417 161, 551 194, 338 213, 688 215, 210 212, 613 235, 697 262, 434 Personal consumption expenditures - - 78, 761 9,362 Durable goods 37, 742 Nondurable goods 31, 657 Services Gross private domestic investment. 15, 824 7,824 New construction *_ _ _ Producers' durable equipment... 6,438 Change in business inventories. __ 1,562 Net foreign investment 771 Government purchases of goods 8,472 and services 1,311 Federal War Nonwar _ _ _ } 1,344 Less: Government sales 33 State a n d local . _ _ _ _ _ _ 7,161 70, 789 7,275 34, 052 29, 462 10, 209 5,566 4,926 -283 690 61, 153 5,569 28, 955 26, 629 5,362 3,561 3,162 -1,361 197 49, 208 3,694 22, 743 22, 771 886 1,668 1,781 -2, 563 169 46, 346 3,503 22, 254 20, 589 1,306 1,142 1,783 -1,619 150 9,169 1,410 1,432 22 7,759 9,218 1,537 1,549 12 7,681 8,077 1,480 1,484 4 6,597 7,958 2,018 2,022 4 5,940 51, 882 56, 215 62, 515 67,121 64, 513 67, 466 4,255 5,158 6,374 7,005 5,754 6,729 26, 732 29, 377 32, 887 35, 232 34, 032 35, 258 20, 895 21, 680 23,254 24, 884 24, 727 25, 479 2,807 6,146 8,318 11, 440 6,311 9,917 1,420 1,890 2,783 3,687 3,309 4,899 2,531 3,351 4,531 5,444 3,975 4,577 441 -1, 144 905 1,004 2,309 -973 62 1,109 -54 429 888 —93 9,750 2,991 2,997 6 6,759 72, 052 7,854 37, 594 26, 604 13, 949 5,566 6,108 2,275 1,509 82, 255 9,750 43, 960 28, 545 18, 334 6,784 7,676 3,874 1,124 91, 161 102, 244 111, 550 7,060 6,824 7,103 52, 871 60, 970 67, 054 31,230 34, 450 37, 393 10, 873 5,709 7,714 3,951 2,549 2,817 4,857 4,082 5,706 2,065 -922 -809 -207 -2, 245 -2,099 123, 079 8,472 74, 886 39, 721 10, 733 3,934 7,545 -746 -1, 438 147, 758 166, 940 16, 481 21, 996 86, 750 96, 188 44, 527 48, 756 29, 455 31,090 10, 258 13, 812 12, 486 17, 207 6,711 71 4,672 8,898 178, 788 23, 519 102, 200 53, 069 45, 008 17, 892 20, 661 6,455 1,901 9,886 11, 743 11, 590 12, 750 13, 068 13, 933 24, 704 59, 724 88,630 96, 523 82, 836 30, 728 28, 769 2,931 4,815 4,552 5,280 5,157 6,170 16,923 52, 027 81, 223 89, 006 74, 796 20,792 15, 693 1,258 2,223 13, 794 49, 567 80, 384 88, 615 75,923 21, 184 }l7, 003 2,935 4,818 4,557 5,286 /\ 3, 908 3,956 3,173 2,664 1,480 1,552 1,031 2,469 204 641 1,161 2,158 2,861 1,310 44 5 6 9 9 4 3 6,955 6,928 7,038 7,470 7,911 7,763 7,781 7,697 7,407 7,517 8,040 9,936 13,076 36, 737 20, 897 21, 502 605 15,840 1 Includes, in addition to items shown in table 31, the following: construction expenditures for crude petroleum and natural gas drilling; and, for the period 1939-48, major additions and alterations to residential buildings, profit margins of residential builders, residential land development costs, settlement and allied charges, engineering and architectural fees, and the value of construction of a few minor types of nonresidential structures. (See page 7.) Table 3.—Personal Income and Disposition of Income, 1929-48 [Millions of dollars] 1929 Personal income Wage and salarv receipts Total employer disbursements _ .. --. . Less: Employee contributions for social insurance Other labor income Proprietors' and rental income Dividends Personal interest income Transfer payments Less: Personal tax and nontax payments Federal State and local Equals: Disposable personal income. Less: Personal consumption expenditures Equals: Personal saving 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 85, 127 76, 195 64, 835 49, 274 46, 629 53, 230 59, 861 68, 353 73, 976 68, 327 72, 607 78, 347 95, 308 122, 721 150, 286 165, 892 171, 927 176, 908 193, 508 211, 900 50,023 45, 747 38, 735 30, 132 28, 673 33, 363 36, 346 41, 574 45, 382 42, 258 45, 149 48, 929 60, 907 80, 721 103, 599 114, 881 115, 326 109, 440 120, 153 133, 108 50, 165 45, 894 38, 886 30, 284 28, 825 33, 520 36, 508 41, 754 45, 948 42, 812 45, 745 49, 587 61, 708 81, 887 105, 438 117, 117 117, 659 111, 452 122, 261 135, 253 142 147 151 515 520 473 19, 738 15, 749 11, 834 5,823 5,500 4,098 7,524 7,140 7,022 1,499 1,544 2,673 152 416 7,429 2,574 6,571 2,152 152 372 7,225 2,066 6,180 2,113 554 658 162 180 566 596 801 1,166 1,839 2,236 2,333 2,012 2,108 2,145 157 512 575 589 514 575 706 888 1,302 1,548 1,603 1,790 1,983 428 503 400 8,698 12, 146 12, 624 15, 389 14, 046 14, 747 16, 280 20, 826 28, 436 32, 840 35, 492 37, 503 41,250 45, 075 49, 496 2,596 2,872 4,557 4,693 3,195 3,796 4,049 4,465 4,297 4,493 4,680 4,699 5,808 7,018 7,932 5,980 5,680 5,575 5,580 5,842 5,417 5,395 5,402 5,411 5,495 5,940 6,672 7,401 7,785 8,267 2,193 2,389 3,520 2,418 2,834 2,963 3,119 3,119 3,150 2,971 3,597 6,179 11, 406 11, 687 11,114 2,643 2,507 1,858 1,455 1,464 1,595 1,888 2,258 2,921 2,862 2,440 2,604 3,293 5,981 17, 845 18, 935 20,867 18,814 21, 514 21, 107 1,263 1,134 607 474 595 827 1,130 1,723 1,635 1,235 1,364 2,016 4,668 16, 517 17, 536 19, 379 17, 162 19, 650 19, 003 331 1,380 1,373 1,251 1,124 990 1,000 1,061 1,128 1,198 1,227 1,205 1,240 1,277 1,313 1,328 1,399 1,488 1,652 1,864 2,104 82, 484 73, 688 62, 977 47, 819 45, 165 51, 635 57, 973 66,095 71,055 65, 465 70, 167 75. 743 92, 015 116, 740 132, 441 146, 957 151, 060 158, 094 171, 994 190, 793 78, 761 70, 789 61, 153 49, 208 46, 346 51, 882 56, 215 62, 515 67, 121 64,513 67, 466 72, 052 82, 255 91, 161 102, 244 111, 550 123,079 147, 758 166, 940 178,788 952 2,701 3,691 9,760 25, 579 30, 197 35,407 27, 981 10, 336 5,054 12,005 3,723 2,899 1,824 -1, 389 -1, 181 -247 1,758 3,580 3,934 SUKVEY OF CURRENT BUSINESS 28 July 1949 Table 43.—Gross National Product or Expenditure, Line No. 1 [Billions of dollars] 1941 1940 1939 1942 1 9 I II III IV I Year II III IV Year I II III IV Year I II IV III 3 Year 1 Gross national product 89.1 88.9 92.4 95.0 91.3 98.1 98.9 101.9 106.8 101.4 113.3 122.8 130.0 139.6 126.4 143.3 155.5 166.8 180.6 161.6 1 2 3 4 5 Personal consumption expenditures Durable goods _ __ Nondurable goods Services 65.4 67.2 68.0 69.3 6.4 6.6 6.9 7.0 33.8 35.2 35.5 36.4 25.1 25.3 25.7 25.9 67.5 70.2 71.7 72.0 74.3 6.7 7.5 7.8 7.7 8.4 35.3 36.4 37.5 37.7 38.8 25.5 26.3 26.4 26.6 27.1 72.1 77.2 81.2 84.8 85.9 7.9 9.6 10.2 10.0 9.2 37.6 40.0 42.9 46.1 46.8 26.6 27.6 28.0 28.7 29.9 82.3 87.1 89.3 92.0 96.2 9.8 7.5 6.9 6.8 7.0 44.0 49.4 51.5 53.6 56.9 28.5 30.2 30.9 31.6 32.3 91.2 7.1 52.9 31.2 2 3 4 5 9.7 8.0 10.8 11.2 4.8 4.9 4.9 5.0 4.1 4.3 4.7 5.2 .9 .8 -1.2 1.2 .7 -1.3 1.1 .8 9.9 12.8 12.4 15.1 15.5 4.9 5.0 5.5 5.8 5.9 4.6 5.6 5.8 6.3 6.8 .4 2.2 1.1 3.0 2.8 .3 2.1 .8 2.7 2.5 13.9 16.3 19.6 18.7 18.8 5.6 6.2 7.0 7.2 6.6 6.1 7.3 8.0 8.3 7.1 2.3 2.7 4.5 3.2 5.0 2.0 2.4 4.1 2.7 4.4 18.3 16.4 13.2 6.3 7.5 6.8 5.7 4.4 3.0 2.7 7.7 5.6 5.4 4.7 3.8 3.9 5.2 3.4 — 1.3 1.0 3.4 4.3 2.0 -2.8 -.5 10.9 6 4.0 7 4.9 8 2.1 9 .8 10 _ - 6 7 8 9 10 Gross private domestic investment New construction __ _-_ Producers ' durable equipment Change in business inventories — total Nonfarm only 11 Net foreign investment 12 13 14 15 16 Government purchases of goods and services FederalWar Nonwar Less: Government sales _ 17 State and local .7 .6 .9 1.2 1.0 __ ___ 8.0 7.9 7.9 7.8 1.8 1.4 1.6 1.3 13.1 13.4 13.3 13.5 15.6 5.2 5.8 5.5 5.6 7.8 1.? 1.6 1.7 1.8 3.8 3.9 4.2 3.9 3.7 4.0 .0 .0 .0 .0 .0 13.2 13.2 12.6 13.3 5.2 5.3 4.8 5.4 1.1 1.2 1.8 1.4 4.1 4.1 3.4 3.9 .0 .0 .0 .0 7.9 7.6 7.9 7.8 7.8 1.5 1.1 .7 .6 2.1 13.9 18.7 21.3 26.0 32.8 6.2 11.2 13.6 18.0 24.9 2.2 7.5 10.7 15.2 21.7 4.0 3.7 2.9 2.8 3.3 .1 .1 .0 .0 .0 7.8 7.5 7.8 8.0 7.9 .6 -.6 1.1 .2 -1.0 24.7 39.2 52.6 68.2 77.9 16.9 31.3 45.8 60.6 70.4 13.8 28.2 43.4 58.4 68.3 3.2 3.2 2.8 2.4 2.3 .1 .3 .2 .3 .0 7.8 7.8 7.8 7.7 7.5 11 59.7 52.0 49.6 2.7 .2 12 13 14 15 16 7.7 17 Table 44.—Disposition of Personal [Billions of dollars] 1 19:59 1<HO 1<.41 1 o> U)42 O 8 J3 I 1 ? 1 4 II III IV Federal State and local . 5 6 Equals: Disposable personal income . Less: Personal consumption expenditures 7 Equals: Personal saving II III IV Year I II III IV Year I II III IV 3 Year .8 .6 .5 .5 2.4 .9 .6 .5 .6 2.6 1 ?, .8 .6 .6 3.3 2.4 1.3 1.2 1.0 6.0 1 ? .4 .4 .3 .3 -.3 .2 .2 .3 1.2 1.2 .5 .4 .3 .3 .3 .2 .3 .3 1.4 1.2 .8 .4 .5 .4 .4 .3 .4 .3 2.0 1.3 2.0 .4 .9 .4 1.0 .3 .7 .3 4.7 1.3 3 4 92.0 ?A 4 ?8 1 30.5 33.7 82.3 20.8 21.9 22.5 25.9 116.7 91 2 5 6 25.6 7 72.6 18.6 19.2 19.4 21.2 17.5 17.8 17.9 19.4 Personal income Less: Personal tax and nontax payments I Year 70.2 17.7 18.5 18 9 9,0 7 67.5 16.8 17.7 17.5 20.0 16.8 17 ?, 17 3 18.9 15.6 16.6 16.6 18.6 1.1 .5 .8 .3 2.7 1.4 .8 .9 .7 78.3 ?1 3 ?3 1 24.5 26.5 75.7 30.1 22,3 23,8 25 8 72.1 18.4 20.2 20.7 23.0 3.7 1.7 2.1 3.1 2.8 95.3 26.9 29.4 31.7 34.7 9.8 3.6 6.2 8.0 7.7 122.7 Table 45.—Disposition of Personal Income, Seasonally Line No. || [Billions of dollars] 1 2 3 4 1941 1940 1939 d 1942 V I III IV .__ _ _ __ - 5 6 Equals: Disposable personal income Less: Personal consumption expenditures 7 Equals: Personal saving __ ._ _ I Year II III IV 72.6 76.1 76.5 78.6 82.3 70.9 71.4 72.6 75.3 Personal income Less: Personal tax and nontax pavments.. Federal State and local II Year I II III IV 78.3 86.7 92.3 98.7 103.1 Year I II III IV 95.3 109.3 117.7 127.6 136.3 3 Year 122.7 1 2.4 2.4 2.4 2.4 2.4 2.6 2.6 2.6 2.6 2.6 3.3 3.3 3.3 3.3 3.3 6.0 6.0 6.0 6.0 6.0 2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.4 1.2 1.4 1.2 1.4 1.2 1.4 1.3 1.4 1.2 2.0 1.3 2.0 1.3 2.0 1.3 2.0 1.3 2.0 1.3 4.7 1.3 4.7 1.3 4.7 1.3 4.7 1.3 4.7 1.3 3 4 92.0 103.3 111.7 121.6 130.4 82.3 87.1 89.3 92.0 96 2 116. 7 91.2 5 6 9.8 16.2 22.4 29.5 34.2 25.6 7 70.2 73.5 73.9 76.0 79.7 67.5 70.2 71.7 72.0 74.3 68.5 69.0 70.2 72.9 65.4 67.2 68.0 69.3 3.1 1.8 2.1 3.6 2.7 3.3 2.2 4.0 193<) 3.7 6.2 7.8 10.6 14.0 Table 46.—Relation of Gross National Product, National [Billions of dollars] jf 5.3 75.7 83.4 89.0 95.4 99.8 72.1 77.2 81.2 84.8 85.9 194 L 194 0 0 194 2 o) 0) C3 3 1 ?, 3 4 5 6 7 8 9 10 11 1? 13 11 15 I Gross national product II III IV 21.6 21.8 22.9 25.0 Less: Capital consumption allowances _ 2.0 2,0 2.0 2.1 2.2 2.3 2.4 2.4 Indirect business tax and nontax liability .1 .1 .1 .1 Business transfer payments. __ _ -.1 -.2 .3 1.3 Statistical discrepancy Plus: Subsidies less current surplus of Government enter .1 .1 .1 .1 prises 17.5 17.7 18.1 19.2 Equals' National income Less: Corporate profits and inventory valuation adjust 1 3 1.2 1.6 1.7 ment .5 .6 .5 .5 Contributions f o r social insurance ______ .0 .0 .0 .0 Excess of wage accruals over disbursements .6 .6 .6 .6 Plus: Government transfer payments _ _____ .3 .3 .3 .3 Net interest paid by Government .8 1.4 8 8 Dividends _ _ ___ .1 .1 .1 .1 Business transfer payments 17.5 17,8 17.9 19.4 Equals: Personal income I Year II III IV 91.3 24.0 24.3 25.0 28.1 8.1 9.4 .5 1.4 ?. 1 .5 .1 ?.1 2.5 .1 2.3 .1 .7 — .1 .1 5.8 2.1 .0 2.5 1.2 • 3.8 5 1.8 .6 .0 .7 .3 8 .1 8.4 2.6 .1 .1 10.0 .1 .1 .4 ? 3 .6 .0 .7 .3 9 .1 ?, 9 .6 .0 ,6 .3 1.4 .1 72.6 18 6 19.2 19 4 21.2 I II III IV 101.4 27.7 30.4 32.1 36.2 2.2 2.6 .1 1.0 ?1 72.5 19.0 19.8 20.3 22.3 2.2 .6 .0 .7 ,4 9 .1 Year ? ? ?.3 2.8 .1 ? 4 2.6 2.9 .1 .1 .4 1.6 — .1 — .1 — .1 .1 .0 2.4 3.0 .1 2.0 .0 — .0 81.3 23.0 25.3 26.9 28.7 9.2 2.3 .0 2.7 1.3 4.0 ,4 3.0 ,6 .0 ,7 .3 9 .1 3.6 .7 .0 .7 .4 1.0 .1 3.9 .7 .0 ,6 3 1.0 .1 4.1 .7 .0 6 .3 1.5 .1 78.3 ?1 3 ?3 1 24.5 26.5 Year I II III IV 126.4 35.3 38.5 41 7 46 1 9.3 2.5 2.9 .1 .1 2.5 2.9 .1 .2 .1 — .1 .0 11.3 .5 1.6 2.5 3.0 .1 3 2.5 c 3 Year 161 6 30 10.0 11 8 17 23 .] 5 2 — o 2 103.8 29.7 32.8 35.9 38.7 137 1 14.6 2.8 .0 2.6 1.3 4.5 .5 4.1 .8 .0 .7 .3 .9 .1 4.8 .8 .0 .7 .4 1.0 .1 5.4 .9 .0 .7 .3 1.0 5.6 .9 .0 .6 .4 1.4 1 .i 95.3 26.9 29.4 31.7 34.7 19 9 i 2 3 4 5 6 7 8 . 9 o 10 2.7 11 1 5 12 4.3 13 5 15 122.7 14 3.5 SURVEY OF CURRENT BUSINESS July 1949 29 Seasonally Adjusted Quarterly Totals at Annual Rates, 1939-48 1943 I II III 1944 IV Year I II III 1945 IV Year I II III 1946 Year IV I II III IV 1 183.5 192.8 197.2 203.9 194.3 207.6 211.1 217.0 219.0 213. 7 222.6 225.0 213.0 200.3 215.2 199.1 206.3 221.1 224.0 98.8 101.7 103.3 105. 27 6. 7 6 . y 6. 9 6 . / 58.8 60.6 61.6 62.9 33.3 34.2 34.8 35.6 102.2 106.9 110.2 113.3 115.7 6. 8 6. 8 61.0 63.7 66.1 68.5 70.0 34.4 36.5 37.2 37.7 38.3 111.6 119.0 120.5 123.3 129.5 8. 1 8 9. 6 67.1 72.2 73.1 75.2 79.1 37.4 39.0 39.3 39.8 40.8 123.1 8. 5 74.9 39.7 8.4 7.6 8.0 6.8 3.0 2.8 2.8 2.7 5.2 5.9 5.7 6.0 .2 -1.1 -.5 -1.9 1.1 -.5 -. 1-1.5 7.7 7.7 9.9 10.4 14.9 2.8 2.8 3.3 4.0 5.6 5.7 6.2 6.7 8.0 9.2 .1 -.8 -1.3 -. 1 -1.6 .1 -1.5 .1 -.3 -1.0 2 Q 4 5 6 1.3 5.2 7 2.5 2.4 8 3.0 4.0 9 -4.3 -1.3 10 -4.9 -1.0 7.3 2.6 4.5 .2 1.1 9.1 2.7 4.7 1.7 2.7 11 -1.7 -2.5 -2.2 -2.7 12 12 14 15 16 17 85.0 88.5 88.8 92.2 77.7 81.1 81.3 84.8 76.0 80.1 81.0 84.4 2.2 1.5 1.0 1.2 .5 .5 .7 .8 7.4 7.3 7.5 7.4 5.7 2.5 4.1 -.9 -.5 -2.2 -2.7 -2.9 -1.2 -1.6 88.6 95.0 96.2 96.9 98.0 81.2 87.5 88.8 89.3 90.4 80.4 87.5 88.4 88.6 90.0 1 5 1.1 1 6 2.0 1.6 .6 1.0 1.2 1.3 1.2 7.4 7.5 7.4 7.6 7.6 0 . O -2.1 -2.7 -2.7 -1.0 .6 96.5 98.6 97.3 80.2 55.2 89.0 90.8 89.5 72.1 46.8 88.6 90.9 89.8 73.9 49.2 1.6 1.0 1.1 1.1 .9 1.2 1.1 1.3 2.9 3.4 7.5 7.8 7.8 8.1 8.5 137.6 12. 6 82.5 42.5 143.0 153.0 157.5 15. 3 18. 2 19. 9 84.1 89.4 91.1 43.6 45.4 46.5 10.7 23.6 28.8 32.9 32.6 3.9 7.9 10.0 11.4 11.7 7.5 8.9 11.7 13.4 15.9 -.7 6.7 7.1 8.1 4.9 -.6 6.7 7.1 8.4 5.6 -1.4 2.8 5.3 5.6 4.9 82.8 35.1 29.2 29.6 29.0 74.8 26.2 19.8 19.3 17.9 75.9 27.9 22.2 18.7 16.0 1.0 1.2 1.9 3.2 3 6 2.2 3.0 4.2 2.6 1.7 8.0 8.9 1948 1947 9.4 10.3 11.1 Year I II III IV 212.6 228.2 233.6 232.4 248.6 147.8 160.5 165.6 168.1 16. 5 20. 8 21. 8 22. 0 86.8 92.4 95.8 96.7 44.5 47.3 48.1 49.4 29.5 10.3 12.5 6.7 6.9 4.7 31.5 12.1 16.2 3.2 4.8 29.5 12.2 17.5 -.2 2.4 8.9 10.2 173.5 23. 4 99.9 50.3 26.5 36.9 14.1 16.8 16.9 18.3 -4.5 1.8 1.8 3.6 8.7 7.8 Year I II III IV Year Line No. || | Line No. || [Billions of dollars] 235.7 251.4 261.6 266.5 270.3 262. 4 1 166.9 175.2 22. 0 22. 7 96.2 101.2 48.8 51.3 178.8 23. 5 102.2 53.1 2 3 4 5 178.7 180.3 180.9 23. 8 24. 8 22. 9 102.4 101.8 103.3 52.5 53.7 54.8 31.1 40.7 44.2 47.1 48.0 13.8 16.9 18.1 18.7 17.9 17.2 19.7 20.8 21.0 21.2 .1 4.1. 5.3 7.4 9.0 2.2 4.2 3.8 5.4 7.1 8.9 3.9 2.8 -.1 1.0 45.0 6 17.9 7 20.7 8 6.5 9 5.1 10 1.9 11 30.7 27.3 28.3 29.1 30.4 20.8 15.4 15.8 15.6 16.0 21.2 } 17.5 17.1 16.5 16.9 2.5 2.1 1.4 2.9 .8 .9 28.8 31.5 35.9 39.2 40.3 15.7 17.0 20.4 22.8 23.4 17.0 18.1 21.0 23.1 23.8 1.3 1.2 .7 .3 .3 36.7 20.9 21.5 .6 11.9 12.6 13.5 14.4 13.1 14.6 15.5 16.4 16.9 15.8 17 9.9 12 13 14 15 16 Income, Quarterly, 1939-48 [Billions of dollars] 194 3 1 1 I II III 1945 1944 IV 1 35.6 37.3 37.8 39.7 Year I II III IV 150.3 40.1 41.2 41.5 43.1 Year I II III 1946 Year IV 165.9 43.0 43.6 42.5 42.8 I II III 1948 1947 IV 171.9 41.4 43.5 45.2 46.8 Year 176.9 I II III IV 46.2 46.9 48.9 51.5 Year I II III IV 193.5 50.4 52.4 53.7 55.4 Year 211.9 2 3.8 3.7 4.9 5.4 17.8 5.2 6.0 4.4 3.3 18.9 8.5 4.9 3.9 3.6 20.9 7.6 3.4 4.2 3.6 18.8 8.7 4.0 4.7 4.1 21.5 9.3 3.9 4.2 3.7 21.1 3 3.4 4 3.4 4 4.7 3 5.1 3 16.5 13 4.8 4 5.6 4 4.1 3 3.0 3 17.5 1 4 8.0 4 4.5 .4 3.6 3 3.3 3 19.4 1.5 7.1 .5 2.9 .4 3.9 .4 3.3 .4 17.2 1.7 8.2 .6 3.5 5 4.3 .4 3.7 4 19.6 19 8.6 .6 3.3 6 3.8 5 3.3 5 19.0 21 151.1 33.8 40.1 41.0 43.2 123.1 32.4 35.3 37.3 42.8 158.1 147.8 172.0 41.1 48.5 49.4 51.7 166.9 41.6 43.9 44.2 49.0 190.8 178.8 .4 10.3 <\ 5 6 7 31.8 33.6 32.8 34.2 23.6 25.1 25.2 28.4 8.2 8.5 7.6 5.9 132.4 34.9 35.2 37.0 39.8 102.2 25.6 27.1 27.6 31.2 30.2 9.3 8.1 9.4 8.6 147.0 34.6 38.8 38.6 39.2 111.6 28.5 29.4 30.0 35.1 35.4 6.0 9.3 8.5 4.1 Adjusted Quarterly Totals at Annual Rates, 1939-48 28.0 1.4 4.8 3.7 »-* 1 Line No. 144.3 148.9 151.9 156.0 150.3 162.4 164.9 166.4 169.7 165.9 174.4 174.2 170.7 168.6 171.9 168.5 173.5 181.4 183.8 to 14.6 14.7 20.9 21.2 17.8 18.9 18.9 18.9 19.0 18.9 21.3 21.2 20.7 20.3 20.9 17.8 18.7 19.2 19.6 ,jxw 13.3 13.4 19.6 19.8 1.3 1.3 1.3 1.3 16.5 17.5 17.5 17.5 17.6 1.3 1.4 1.4 1.4 1.4 17.5 19.9 19.8 19.2 18.7 1.4 1.4 1.5 1.5 1.5 19.4 16.2 17.0 17.5 17.9 1.5 1.6 1.6 1.7 1.7 05 en 129.7 134.3 130.9 134.8 98.8 101.7 103.3 105.2 132.4 143.4 146.0 147.4 150.7 102.2 106.9 110.2 113.3 115.7 147.0 153.1 153. 0 150.0 148.3 111.6 119.0 120.5 123.3 129.5 151.1 150.6 154.8 162.2 164.2 123.1 137.6 143.0 153.0 157.5 -^ 30.9 32.6 27.7 29.6 30.2 36.5 35.8 34.1 35.0 35.4 34.1 32.5 26.7 18.8 II III IV Year I II III 1946 1945 IV Year I 2.2 3.1 .2 5.1 -.5 4.6 5.2 2.6 12.0 II III IV Year I II 28.0 13.0 11.8 III 9.3 1947 IV 6.7 Year I II III 0 1948 IV Year I II III IV Year 1 176.9 187.8 187.6 196.6 201.7 193.5 205.1 210.3 215.5 216.6 211.9 1 18.8 21.2 21.2 21.6 22.1 21.5 23.2 20.7 20.2 20.4 21.1 2 17.2 1.7 19.3 19.4 19.7 20.2 1.8 1.8- 1.9 1.9 19.6 21.1 18.7 18.0 18.2 1.9 2.0 2.1 2.1 2.2 19.0 2.1 3 4 158.1 166.6 166.4 175.0 179.7 147.8 160.5 165. 6 168.1 173. 5 172.0 181.9 189.6 195.2 196.2 166.9 175.2 178.7 180.3 180.9 190.8 178.8 5 6 12.0 7 10.3 6.1 .7 7.0 6.1 5.1 6.7 10.8 15.0 15.3 1 I -.4 [Billions of dollars] 1944 1943 37.5 43.0 44.2 47.4 37.9 40.8 41.1 47.1 1944 1943 I II III IV 1 45.3 47.7 49.1 52.3 2 3 4 5 6 2.6 2.7 3.1 3.1 .1 .1 -.9 -.6 2.7 3.3 .1 .1 [Billions of dollars] 2.8 3.3 .1 2.3 Year I II III IV 194.3 51.2 52.3 54.0 56.2 10.7 12.7 .5 .9 2.8 2.9 3.1 3.5 .1 .1 .2 -.2 3.0 3.7 .1 1.2 1946 1945 3.1 3.7 .1 2.8 Year I II III IV Year 213.7 54.8 55.4 53.0 52.0 215.2 11.9 14 1 .5 4.0 3.2 3.7 .1 .5 3.2 3.8 .1 .4 3.3 3.9 .1 1.0 2.7 4.1 .1 3.0 12.4 15.5 .5 4.9 I II III IV Year 48.1 50.5 55.1 58.9 212.6 3.1 4.6 .1 3.0 11.9 17.3 .6 4.2 2.8 2.9 4.0 4.2 .1 .1 .2 -.3 3.0 4.5 .1 1.3 1948 1947 I II III IV 55.1 56.8 58.0 65.8 3.2 3.4 3.5 4.4 4.5 4.7 .1 .1 .1 -.8 -.7 -1.1 3.6 5.1 .1 3.6 Year I II III IV 262.4 1 4.1 5.4 .2 2.6 15.7 20.3 .6 -.3 2 3 4 5 235.7 60.8 63.7 67.0 71.0 13.7 3.7 3.9 4.0 18.7 4.8 5.0 5.2 .1 .2 .2 ,6 1.0 -1.5 -1.5 -.0 Year Line No. 1 Line No. | Income, and Personal Income, Quarterly, 1939-48 7 .1 .1 .0 -.0 40.4 42.4 43.0 43.9 .1 .2 .2 .2 .2 169.7 45.0 46.1 46.1 46.7 .2 .1 .2 .4 .7 183.8 47.5 47.9 44.8 42.5 .5 -.0 .4 .8 .0 182.7 41.4 44.0 46.1 48.0 .9 179.6 .1 -.0 -.1 -.0 48.1 49.6 50.7 53.3 -.1 -.1 -.0 .1 .1 201.7 53.5 56.1 57.8 58.9 .1 226.2 6 7 9 10 11 12 13 14 15 5.9 6.2 6.3 5.9 1.1 1.1 1.2 1.1 .1 .1 .0 .0 .6 .6 .6 .6 .4 .6 .5 .6 1.0 1.0 1.0 1.4 .1 .1 .1 .1 35.6 37.3 37.8 39.7 24.3 6.3 6.3 6.0 5.5 4.5 1.3 1.3 1.3 1.3 .0 .2 -.2 -.0 .0 _ 7 .8 .8 2.5 .8 .7 .7 .7 2.1 .6 4.5 1.0 1.1 1.1 1.5 .1 .1 .1 .1 .5 150.3 40.1 41.2 41.5 43.1 24.0 5.8 5.9 4.1 3.3 5.2 1.5 1.6 1.5 1.5 -.2 .0 .0 .0 .0 .9 1.0 1.2 2.5 3.1 .9 1.0 2.8 .8 1.0 4.7 1.0 1.1 1.1 1.5 .1 .1 .1 .1 .5 165.9 43.0 43.6 42.5 42.8 19.2 3.6 4.7 4.6 5.4 6.1 1.6 1.6 1.5 1.4 2 .2 .0 .0 .0 5.6 3.0 2.8 2.6 2.5 3.7 1.0 1.3 1.0 1.1 4.7 1.2 1.3 1.3 1.9 5 .1 .1 .1 .1 171.9 41.4 43.5 45.2 46.8 18.3 6.0 -.0 10.8 4.4 5.8 .6 176.9 5.6 6.6 6.5 6.8 1.6 1.6 1.3 1.2 .0 .0 .0 .0 2.6 2.5 3.3 2.7 1.0 1.2 1.0 1.1 1.5 1.6 1.6 2.3 .1 .1 .1 .1 46.2 46.9 48.9 51.5 25.6 7.4 8.2 8.2 8.8 5.6 1.3 1.3 1.3 1.2 .0 .0 -.0 .0 .0 11.1 2.8 2.7 2.5 2.6 4.4 1.0 1.3 1.0 1.2 7.0 1.7 1.8 1.8 2.6 .1 .2 .2 .2 .6 193.5 50.4 52.4 53.7 55.4 32.6 5.1 .0 10.5 4.4 7.9 .6 211. 9 8 9 10 11 12 13 14 15 WlontkL BUSINESS STATISTICS THE DATA here are a continuation of the statistics published in the 1947 Statistical Supplement to the SURVEY OF CURRENT BUSINESS That volume contains monthly data for the years 1941 to 1946, 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 1941. Series added or revised since publication of the 1947 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 refer to adjustment of monthly figures for seasonal variation. Data subsequent to May for selected series will be found in the Weekly Supplement to the Survey. Unless otherwise stated, statistics through 1946 and descriptive notes may he found in the 1947 Supplement to the Survey 1948 May June July August 1949 September October November December January February March April May GENERAL BUSINESS INDICATORS NATIONAL INCOME AND PRODUCTf S easonally adjusted quarterly totals at annual rates: National income, total bil. of dol__ 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 do Business and professional 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 Inventorv valuation adjustment do Net interest do ' 224. 9 'r 137. 7 132. 8 '114.3 '3.8 '14.7 '4.9 ' 50. 4 '24.6 '19.1 '6.7 ' 230. 4 '143.3 ' 138. 3 '118.6 '3 9 '15.7 '5 0 '49.9 '33.0 '35.0 '13.7 '21.3 ' -2.0 '3.7 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 Net foreign investment ___do Government purchases of goods and services, total bil. of dol._ Federal (less Government sales) do State and local... _ do Personal income, total Less: Personal tax and nontax payments Equals: Disposable personal income Personal savings§ do do do_ do ' 234. 3 ' 144. 9 '139 8 119.6 '4 1 '16.1 '5 0 '49.7 '24 5 '18.5 '6.7 225 3 '142 5 " 137 5 ' 117 2 ' 33. 3 '36.6 ' 14.4 '22.2 '—3.3 '3.9 '35.7 '34.5 '13.6 '20.9 30 8 28.4 11 2 17.3 '2 3 '4.2 ' 261. 6 ' 178. 7 '23.8 ' 102. 4 ' 52. 5 '44.2 '18.1 '20.8 '5.3 '2.8 ' 266. 5 '180.3 '24 8 '101.8 '53 7 '47.1 '18.7 '21.0 '7.4 '-.1 ' 270. 3 ' 180. 9 22.9 ' 103. 3 '54.8 '48.0 '17.9 '21.2 '9.0 '1.0 ' 260. 0 ' 176. 5 '21 4 '99.7 '55 5 '41.2 '16.8 '20.3 '4.1 ' 35. 9 '20.4 '15.5 '39.2 '22.8 '16.4 '40.3 '23.4 '16.9 '41.7 '24 7 '17.0 ' 210. 3 '20.7 ' 189. 6 '10.8 ' 215. 4 '20.2 ' 195. 2 '15.0 ' 216. 6 '20.4 r 196. 2 '15.3 r94 5 ' 18.8 '6.6 '41 16 2 '50 '47 8 r 24 0 '17 1 '6.7 ' 1.9 '4.1 '.6 ' 213.7 '18.6 ' 195. 1 '18.5 PERSONAL INCOME BY SOURCEt Seasonally adjusted, at annual rates: Total personal income bil. of dol_. Wage and salary receipts, total do Employer disbursements, total do Commodity-producing industries do Distributive industries do. Service industries _ _ _ _ do Government do Less employee contributions for social insurance bil. of dol__ Othp.r labor income do Proprietors' and rental income _ _ _ do Personal interest income and dividends do Total transfer payments do. Total nonagricultural income. do r 209. 3 r 130. 9 ' 132. 9 '38.8 '16.5 '18.5 ' 213. 4 ' 132. 5 ' 134. 7 '60.1 '39.1 '16.7 '18.8 ' 214. 5 ' 134. 6 ' 136. 8 '60.7 '39.8 '16.9 "19.4 ' 215. 4 ' 136. 5 ' 138. 7 '61.9 '40.2 '16.9 r 19.7 ' 216. 3 ' 137. 7 ' 139. 9 '62.8 '40.4 ' 16.7 '20.0 ' 216. 3 ' 138. 1 ' 140. 3 '62.7 '40.4 '16.9 '20.3 ' 216. 6 ' 137. 5 ' 139. 7 '62.7 '39.8 '16.9 '20.3 ' 217. 0 ' 137. 1 ' 139. 4 '62.3 ' 40. 0 '16.9 '20.2 ' 215. 7 ' 136. 6 ' 138. 9 '61.4 ' 40.2 ' 17 0 ' 20 3 2.0 2 0 '49. 3 r 15.9 r 11.2 2.2 2.0 '51.8 r !5.9 "11.2 2.2 '2 0 'r 50.8 16.0 r 11.1 '2,2 ' 2.0 '49.5 '16.3 r 11.1 2.2 ' 2.0 '49.4 r 16.5 ' 10.7 '2.2 '2.0 '49.0 '16.8 10.4 '2.2 ' 2.0 '49.8 '16.9 "10.4 '2.3 '2.0 '50.3 '16.9 10.7 !88.4 190.2 192,0 193. 3 ' 192. 9 " 192. 8 ' 193. 6 r 59. 1 "185.9 r r ' 212. 9 ' 135. 0 ' 137. 3 '60.6 '39.5 '16.9 ' 20.3 ' 212. 4 ' 133. 5 ' 135. 8 '58.9 '39.4 '17.1 '20.4 ' 212. 5 ' 134. 7 ' 136. 8 '58.6 ' 40. 5 '17.1 ' 20.6 212.2 134.2 136.4 58.1 40.5 17.2 20.6 '20 '49.0 '17.0 11.1 2 . 0O '2.3 2.1 '47.2 '17.1 11.5 '2.3 2.1 '47.3 '17.1 12.4 2.1 2.1 '46.3 '17.2 12.2 2.2 2.1 46.7 17.2 12.0 ' 192. 7 ' 191. 7 ' 191. 5 ' 192. 3 191.5 NEW PLANT AND EQUIPMENT EXPENDITURES 4,820 4,830 5,410 All industries, total mil of dol 640 690 850 Electric and gas utilities do 2,140 2,090 2,320 Manufacturing do 200 220 200 Mining do 410 310 320 Railroad do 170 190 170 Other transportation do 1,440 1,340 1,360 Commercial and miscellaneous do " Revised. § Personal savings is excess of disposable income over personal consumption expenditures shown as a component of gross national product above. t Revised series. Quarterly estimates of national income, gross national product, and personal income have been revised beginning 1939; monthly estimates revised beginning 1942; see pp. 26-31 of this issue for the revised figures. " 4,r 460 680 " 1, 850 '190 '360 '130 " 1, 260 of personal income have been S-l
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