Full text of The National Income and Product Account : Fourth Quarter 1948

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BUSINESS STATISTICS
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 January for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

1949

1948

January

February

March

April

May

June

July

August

September

October

December

November

January

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCTf
Seasonally adjusted quarterly totals at annual rates:
National income, total
_ bil. of dol__
Compensation of employees, total
do
Waees 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
Inventory valuation adjustment
_.do
Net interest
do

213.9
K4.0
129 1
111.4
34
14 2
49
49 9
24.8
17 6
75

222.3
136 3
131 3
113.2
3 5
14.6
5.0
51 6
25.3
18.9
7.4

228.2
142.4
137.4
118.2
3.5
15.6
51
50 6
25.2
18.1
7.4

233.2
144.7
139.6
119.6
3.7
16.2
5.1
51.4
25.6
18.4
7.4

25.3
30 5
11 8
18.7
53
4.7

30.6
32.1
12.5
19.6
—2 5
4.8

30 2
34.0
13 3
20.8
—3 9
5.0

4
5.2

Gross national product, total
do
Personal consumption expenditures,total do
Durable goods
*
do
Nondurable goods . _ _ _ _ _ _
d o __
Ser vices
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

244.9
172.5
21.3
101.4
49 8
38.0
14 3
19.8
3.9
3.9

251.9
177 3
22.8
103.7
50.8
38.0
14.4
21 0
2.6
2.7

258. 1
180.1
23.7
104.3
52.1
40.2
14.8
21.9
3.5
—.3

264.9
181.0
22.9
105.1
53.0
42.8
14.7
22.7
5.3
—.4

30.5
16 7
13.7

33.9
19.1
14.8

38.2
22 7
15 5

41.5
25.2
16.3

Personal income, total..
Less: Personal tax and nontax payments
Equals" Disposable personal income
Personal savings§

207.0
23.0
183 9
11.4

-

210.8
20.6
190 2
12.9

216.3
20.0
196.2
16.1

do
do
do
do

---

—

-

219.6
20 2
199.4
18.4

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__
Other labor income
do
Proprietors' and rental income _ _ _ . __do_
Personal interest income and dividends. __do
Total transfer payments
do
Total nonagricultural income

do

208.8
127.4
129.6
58.9
37.5
15.5
17.7

206.4
126.8
128.8
57.8
37.8
15.6
17.6

205.7
126.6
128.7
57.7
37.6
15.6
17.8

208.6
126.8
128.8
57.3
37.8
15.9
17.8

209.2
129.0
131.0
58.5
38.6
15.9
18.0

214.4
131.4
133.6
60.4
38.8
16.1
18.3

214.8
133.4
135.6
60.9
39.5
16.4
18.8

216.7
135.9
138.0
62.3
40.0
16.5
19.2

217.3
136.7
138.9
63.0
40.0
16.4
19.5

218.5
137.5
139.6
63.0
40.2
16.6
19.8

219.9
138.0
140.1
63.8
39.7
16.6
20.0

' 221. 0
'r 137. 7
139. 9
'63.6
'39.8
'16.6
'19.9

220.8
136.0
138.3
62.4
39.4
16.5
20.0

2.2
1.9
51.8
16.5
11.2

2.0
2.0
49.6
16.6
11.4

2.1
1.9
48.4
16.6
12.2

2.0
2.0
51.2
16.7
11.9

2.0
2.0
50.4
16.8
11.0

2.2
2.0
53.0
16.8
11.1

2.2
2.1
51.7
17.0
11.1

2.1
2.1
50.3
17.3
11.1

2.2
2.1
50.4
17.5
10.6

2.1
2.1
50.7
17.8
10.4

2.1
2.1
51.4
18.1
10.3

2.2
2.1
'52.1
18.4
'10.7

2.3
2.1
53.0
18.6
11.1

184.3

184.3

185.1

185.3

186.6

189.7

191.3

193.8

195.0

195.6

196.3

' 197. 4

195.7

NEW PLANT AND EQUIPMENT EXPENDITURES
4,170
4,820
4,830
All industries, total
mil of dol
i 5 010
500
640
690
Electric and gas utilities
do
'780
2,140
1,800
2,090
!2,160
Manufacturing
_
_ _ _ _
do
180
200
200
1180
Mining
do
270
310
1400
330
Railroad
. . .
do
180
190
1160
170
Other transportation
do
1
1,240
1,340
Commercial and miscellaneous
do
1, 330
1,360
' Revised.
* Estimates based on anticipated capital expenditures of business.
§ Personal savings is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
f Revised series. Estimates of national income, gross national product, and personal income have been revised beginning 1944; see pp. 27-29 of the July 1948 Survey fo the revised figures.




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