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SURVEY OF CURRENT BUSINESS

July 1948

27

Table 40.—National Income by Distributive Shares, Quarterly, 1944-47
[Billions of dollars]
1945

1944
I

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
Inventory valuation adjustment.
Net interest
Addendum: Compensation of general government
employees

II

44.6 45.7
29.2 30.0
28.2 29.0
20.3 20.6
4.6
5.1
3.2
3.3
1.0
1.1
8.4
8.6
3.7
3.8
3.1
3.0
16 17

III

IV

Year

I

II

45.7
30.5
29.4
21.0
5.4
3.0
1.1
8.4
3.9
2.8
17

46.5
31.4
30.3
21.3
5.6
3.3
1.1
8.7
4.0
3.0
17

182. 4
121.1
116.9
83.3
20.7
12.8
4.2
34.1
15.4
11.9
67

47.3
31.5
30.3
21.2
5.8
3.3
1.3
9.1
4.1
3.3
18

47.7
31.8
30.4
21.2
5.9
3.4
1.4
9.0
4.1
3.1
1.8

5.6
5.7
3.2
2. 5
.0
8

24.0
24.3
13.5

6.0
6.1
3.4

6.1
6.3
3.5

4.2
4.4
2.5

-.3
31

-.1
7

-.1
7

8.8

32.9

9.1

93

6.1
6.2
3.4

6.2
6.3
3.5

—.1
8

—.1
8

6.0
6.1
3.4
2. 7
.0
8

7.7

8.2

8.2

III

1946
IV

Year

I

II

III

44.3 42.4 181.7
30.6 29.0 122.9
29.2 27.7 117.6
20.2 19.5 82.0
5.9
4.9 22.5
3.1
3.2 13.0
1.4
1.4
5.4
8.8
9.1 36.0
4.4 16.8
4.2
2.9
3.0 12.3
17 17 7 0

41.5
27.4
26.0
20.0
2.9
3.1
1.4
9.8
4.7
3.4
17

44.0
28.8
27.4
22.1
1.9
3.3
1.4
9.8
4.9
3.3
1.6

45.5
29.9
28.5
23.9
1.6
3.0
1.4
10.7
5.3
3.8
1.7

3.4
3.6
2.2

19.8
20.4
11.6

3.5
3.8
1.7

4.5
5.1
2.1

3.9
5.9
2.4

-.2
7

-.2
8

-.6
30

-.3
8

9.2

8.3

35.9

6.1

1947

Year

I

II

III

IV

Year

48.4 179.3
31.1 117.3
29.8 111.7
25.0 91.0
7.8
1.3
3.5 12.9
1.3
5.6
11.4 41.8
5.6 20.4
4.1 14.6
1.7
6.7

48.8
30.7
29.3
24.6
1.1
3.6
1.5
11.6
5.6
4.2
1.8

49.9
31.4
29.9
25.7
1.0
3.2
1.4
11.2
5.7
3.7
1.7

50.2
32.0
30.7
26.7
.9
3.1
1.3
11.1
5.7
3. 6
1.8

53.6
33.4
32.2
27.7
.9
3.6
1.2
12.2
6.2
4.1
1.9

202.5
127.5
122.2
104.7

16.8
21.8
9.0

5.4
7.2
2.9

6.3
7.2
2.8

6.1
7.3
2.8

6.9
8.1
3.2

24.7
29.8
11.7

-.9 -1.2 -1.2
1. 1
1.1
1.1

-5.1

IV

4.9
7.0
2.8

-.6 -2.0 -2.1 -5.0 -1.8
9
9 34
8
1.0
5.4

4.6

4.7

20.9

4.4

4.4

3.8

3.9

13.6
5.3

46.0
23.2
15.6

7.1

4.3

4.2

16.8

Year

Table 41.—National Income by Distributive Shares, Seasonally Adjusted Quarterly Totals at Annual Rates, 1944—47
[Billions of dollars]
1945

1944

I

II

III

IV

Year

179.9 182.1 182.7 184.9 182.4
National income _ _ _ . .
Compensation of employees
118.0 119.8 122.3 124.4 121. 1
Wages and salaries
114 1 115.6 117 9 119 9 116 9
Private
82.8 82.6 83.4 84.5
Military
18.6 20.2 21.5 22.5 20.7
Government civilian. __
12.7 12.8 13.0 12.9 12.8
Supplements to wages and salaries
4.2
4.4
4.2
3.9
4.5
Proprietors' and rental income
33.7 34.4 33.5 34.8 34.1
Business and professional
15.0 15.2 15.5 16. 1 15.4
Farm
12 2 12.4 11.3 11.8 11.9
Rental income of persons
6.9
6.6
6.7
6.7
6.7
Corporate profits and inventory valuation adjustment
25.0 24.7 23.8 22.7 24.0
Corporate profits before tax _
_ 25.4 25.1 23.9 22.9 24.3
14.1 14.0 13.3 12.8 13.5
Corporate profits tax liability
C orporate profits after tax
_ _ 11.3 11.2 10.6 10.1 10.8
— 4 —.4
.2 — . 2 —.3
Inventory valuation adjustment
3.2
3.2
3.0
3.1
3.1
Net interest
__- - _
_
Addendum: Compensation of general government
30.4 32.3 33.9 35.0 32.9
employees
00

0

I

II

III

1947

1946
IV

Year

I

II

III

IV

Year

I

190.9 190.1 177.8 168.0 181.7 167.9 175.0 182.1 192.0 179.3 197.3
127.3 126.8 122.6 114.7 122.9 111.5 114.6 119.9 123.0 117.3 125. 0
122.4 121.4 117.2 109.0 117.6 105.8 108.9 114.4 117.5 111.7 119.3
86.3 84.8 80.0 77. 1 82.0 81.8 88.4 94.8 98.7 91.0 101.7
6.4
5.3
4.3
23.0 23.6 23.8 19.5 22.5 11.6
7.8
7.8
13.1 13.1 13.5 12.4 13.0 12.4 12.7 13.2 13.5 12.9 13.3
5.4
5.0
5.4
5.7
5.4
5.5
5.5
5.6
5.7
5.7
5.7
36.4 36.1 35.1 36.6 36.0 39.1 39.4 42.9 45.6 41.8 4614
16.3 16.6 16.7 17.6 16.8 18.7 19.6 21.1 22.4 20.4 22.5
13.0 12.5 11.5 12.1 12.3 13.6 13 2 15.2 16.4 14.6 16.9
7.0
6.9
7.0
7.0
7.1 7.0
6.6
6.6
6.7
6.8
6.8

II

III

IV

199.3
125.3
119.6
102.3
3.9
13.4
5.7
44.6
22.7
14.9
7.0

200.6
127.6
122 5
105.3
3.7
13.5
5.1
44.4
23.0
14 3
7.1

212.8
132.2
127 1
109.5
36
14.0
50
48.6
24.7
16 5
7.4

202. 5
127 5
122 2
104 7
39
13. 6
53
46.0
23 2
15 67.1

24.2
24.7
14.2
10.5
—.6
3.0

24.2
24.8
14.3
10.6
—.6
3.0

17.0
17.6
10.1
7.6
—.6
3.0

13.7
14.4
8.0
6.3
—.7
3.1

19.8 14.1 17.8 15.8 19.6 16.8 21.8 25.2 24.3 27.5 24.7
20.4 15.3 20.3 23.7 28.0 21.8 28.9 28.8 29.1 32.4 29.8.
11.6
9.0 11.4 11.3 11.4 12.7 11.7
6. 3 8.3 9.8 11.6
9.0 12.0 13.9 16.5 12.8 17.5 17.5 17.7 19.7 18.1
8.7
—.6 — 1.2 —2.6 —7.9 —8.5 —5.0 —7.1 — 3. 6 —4 8 —4 9 —5 1
3.0
3.4
4.1 4.2
3.1 3.3
3.5
4.4
3.8
4.5
4.3:

36.0

37.0

37.8

32.6

35.8

24.3

20.9

19.6

18.6

20.8

17.4

17.0

16.2

16.5

16. 8

Table 42.—Gross National Product or Expenditure, Quarterly, 1944-47
[Billions of dollars]
1944
I

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
N e t foreign investment
_ _ _ _ . __ _ _ _ _
Government purchases of goods and services
Federal
_
War
Nonwar
_-Less* Government sales
State and local
_ _




II

50.6
25 5
1.4
15.0
90
2.1
.5
.1
3
1.2
.4
.6
-.7
23 8
21.9
21 9
.3
3
1.9

51.8
27 1
1.6
16.2
9 3
1.3
.6
.1
5
1.4
-.7
—.5
-.7
24 2
22.2
22 1
.4
3
2.0

III

1946

1945
IV

Year

53.6 56 2 212 2
27 6 31 2 111 4
2.3
1.6
6.9
16.8 19.4 67.5
9 3 9 5 37 0
6.4
2.2
.8
2.3
.7
.6
.1
.1
5
5
6
18
1.4
1.5
5.4
.2 -1.2 -1.4
.3 — 1 2 — 8
-.3 — . 4 -2.1
24 0 24 6 96 5
22.3 22.6 89.0
22 2 22 5 88 6
.4
.5
1.6
3
3
12
7.5
1.7
2.0

I

II

54.3
28 5
1.6
17.2
9 7
1.8
.5
.1
4
1.5
-.2
— .1
—.7
24.7
22.7
22 7
.3
3
2.0

55.0
29 3
1.8
17.8
9 8
2.0
.7
.1
6
1.6
-.4
-.3
-.7 •
24.4
22.4
22 4
.3
3
2.0

III

IV

Year

52.9 51.2 213.4
30 1 34 9 122 8
8.3
3.0
1.8
18.5 21.9 75 4
9 8 10 0 39 2
3.2
2.2
9.2
.9
1.1 3.3
7
3
.2
7
8 26
2.2
7.3
1.9
.4 -1.1 -1.3
.5 — 1 1 — 1 0
-.3
.2 -1.4
19 9 13 9 82 8
18.0 11.7 74.8
18 5 12 3 75 9
.2
.3
1.0
7
8 2 2
2.2
8.0
1.9

I

47.3
32 4
2.7
19 2
10 5
5.4
15
4
10
2.2
1.8
18
.7
88
6.5
70
.3
7
2.2

11

III

50.1 53.7
35 3 37 2
4.2
3.6
20 9 21.9
10 8 11. 1
7.9
6.1
2 1 2.7
7 1.0
14 17
3.1 3.5
.9
1.7
9
1.7
1.3
1.3
7 3
74
4.8
5.0
5 5 4.7
.5
.8
11
6
2.5
2.5

1947
IV

Year

58.2
42.5
5.7
25.4
11.4
7.1
2.6
1.0
16
4.0
.5
.6
1.3
7.3
4.5
4.0
.9
.4
2.8

209.3
147 4
16.2
87.5
43.6
26.5
8.9
3.2
57
12.8
4.8
5.0
4.7
30.8
20.8
21.2
2. 5\
2 9J
10.0

I

II

54.7 56.2
37 6 40 3
4.4
5.0
21.6 23.6
11.6 11.7
8.2 6. 3
2.2
2.6
9
11
13 15
4.5
4.2
1.8 -.8
2.3 —.2
2.2
2.6
6 7 7.0
3.9
3.9
4 4
4.3
.5
.3
2.8
3.1

III

56.4
40 5
5.0
23.7
11 9
6.9
3.3
15
18
4.2
-.7
.0
2.1
70
3.9
4 2
.2
3.0

IV

Year

64.4 231 &
46 4 164 8
6.5 21 0
27 7
96 5
12 2
47 a
8.6
30 0'
36
11 7
18
53
17
6 4
4 8
17 8
.2
.6
7
.27
2.0
89
7 3 28 0
3.9
15.6
4 1
16 9
.2
1.1
34
12 3

28

SURVEY OF CURRENT BUSINESS

July IMS

Table 43.—Gross National Product or Expenditure, Seasonally Adjusted Quarterly Totals at Annual Rates, 1944-47
[Billions of dollars]
1944

I
Gross national productPersonal 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
War_
_.
Nonwar
Less; Government sales
State and local

205. 8
106.5
6.5
64.0
36.0
7.0
2.4
.7
16
4.8
-.2
.7
-2.7
95 0
87.5
._ 87.5
1. 1
1.0
7.4

II

208.3
109.9
6.7
66.3
36.9
5.1
2.3
.6
18
5.5
-2.7
-2.1
-2.9
96.3
88.8
88.4
1.6
12
7.5

III

1945
IV

Year

216.1 218.7 212.2
113.4 115. 8 111.4
7.4
7.0
6.9
69.1 70.5 67.5
37.4 37.9 37.0
6.4
6.9
6.5
2.4
2.3
2.3
.4
.4
.5
19
2.0
1.8
5.4
5.5
5.8
9
-1.7 — 1.4
K
-1.4 -.8
-1.2 -1.6 -2.1
96.9 98.0 96.5
89.3 90.4 89.0
88.6 90.0 88.6
2.0
1.6
1.6
1.2
1 2
13
7.6
7.6
7.5

1946

I

II

III

IV

220.7
119.0
7.6
73.0
38.4
5.9
2.4
.4
21
6.0
-2.5
-2.2
-2.7
98 5
90.8
90.9
1.0
1 i
7.6

221.6
119.4
7.7
72.9
38.9
7.8
2.9
.5
2 4
6.5
-1.6
— 1. 1
-2.8
97 2
89.5
89.8
1. 1
13
7.7

213.8
123.7
8.1
76.3
39.4
11.0
3.4
.7
2.6
7.7
-.1
.4
—1.2
80.2
72.1
73.9
1.1
2.9
8.1

197.4
129.2
9.7
79.3
40.2
12.2
4.6
1.2
3 4
8.8
— 1.3
— 1.0
.9
55.2
46.8
49.2
.9
3 4
8.4

Year

I

II

III

1947
IV

Year

I

II

III

IV

213.4 196.1 202.8 215.6 222.4 209.3 226.4 228.3 227.9 243. 8
122.8 136. 8 143.1 152.6 157.0 147.4 158.1 164.2 165.6 171.1
8.3 12.2 15 2 18.0 19.5 16.2 19.6 21.1 21.1 22. 1
75.4 82 8 85.0 90.1 92 0 87 5 92.5 96.3 96 8 100 2
39.2 41.8 42.8 44.5 45.5 43.6 46.0 46.7 47.7 48.8
9.2 21.3 25. 1 28. 1 31.3 26 5 32.6 26.4 25.6 35.4
3.3
7.2
8.7
9.6 10.1
8.9 10.8 10.3 11.6 14.0
.7
4.5
4.3
2.3
2.9
3.6
3 9
32
5.2
7.0
2 6
5.8
6 3 60
4 9
60
6 2
6 3
57
6 9
7.3
17.9 17.6 18.9
8.8 12.3 13.9 16.2 12.8 16.6
4.1
5.2 -1.8 -3.5
5.3
4.8
-1.3
4.6
5.0
2.5
5.4
4.2
4.9
6.8
.8 -.9
-1.0
5.6
5.0
4.2
— 1.4
5.3
8.8 10.2
8.4
5.3
5 1
4.7
8.2
3.0
82 8 35 1 29 3 29 7 29 0 30 8 26 9 27.6 28 3 29 0
74.8 26.2 19.8 19.3 17.9 20.8 15.6 15.7 15.7 15.5
75.9 27.9 22.2 18.7 16.0 21.2 \17 7 17.0 16. 6 16.3
1.0
1.2
1.9
3.2
3.6
2.5 j l * . <
8
4 2
2 2
2 9 2.1
2 6
1.4
.9
30
17
9.5 10.4 11.1 10.0 11.3 11.9 12.6 13.5
8.0
9.0

Year
231. 6
164. 8
21.0
96. 5
47.3
30 0
11.7
5.3
6.4
17.8
.6
2.7
8.9
28.0
15.6
16. 9
1.3
12.3

Table 44.—Disposition of Personal Income, Quarterly, 1944—47
[Billions of dollars]
1945

1944

I
Personal income
..
_ _
_
Less; Personal tax and nontax payments
Federal
State and local
Equals* Disposable personal income
Less: Personal consumption expenditures _ _ _
Equals: Personal saving

.__

II

III

39.8
5.2

40.9
6.0
5.6
4
34.9
27.1
7.8

41.0
4.4
4.1
3
36 6
27.6
9.0

4.8
4
34.6
25.5
9.1

IV

Year

42.7 164. 5
3.3 18.9
3.0 17.5
3
14
39.5 145.6
31.2 111.4
8.2 34.2

j

42.7
8.5
8.0
4
34.3
28.5
5.8

II

III

43.2
4.9
4.5
4
38.4
29.3
9.0

41.9
3.9
3.6
.3
37.9
30.1
7.9

1947

1946
IV

Year

42.5 170.3
3.7 20.9
3.3 19.4
3
15
38.8 149.4
34.9 122.8
3.9 26.6

I

II

III

41.6
7.6
7.1
5
34.0
32.4
1.6

43.6
3.4
2.9
4
40.2
35.3
5.0

45.2
4.3
3.9
4
40.9
37.2
3.7

IV

Year

47.7 178.1
3.7 18.9
3.3 17.2
4
17
44.0 159.2
42.5 147.4
1.5 11.8

I

II

III

IV

47.0
8.7
8.2
6
38.3
37.6
.7

47.6
4.0
3.5
5
43.6
40.3
3.3

48.9
4.7
4.3
4
44.2
40.5
3.7

51.7
4.2
3.7
4
47.6
46.4
1.2

Year
195.2
21.6
19.7
2 0
173.6
164.8
8.8

Table 45.—Disposition of Personal Income, Seasonally Adjusted Quarterly Totals at Annual Rates, 1944—47
[Billions of dollars]
1944

I

Personal income
Less: Personal tax and nontax payments
Federal
State and local
Equals* Disposable personal income
Less* Personal consumption expenditures
Equals: Personal Saving _ _ _
_

II

III

1945
IV

Year

I

II

III

1947

1946
IV

Year

I

II

III

IV

Year

I

II

III

IV

Year

161.3 163.3 164.8 168.4 164.5 172.8 172.5 168.6 167.4 170.3 168.8 173.6 181.7 187.3 178.1 190.9 189.6 196.7 203.1 195. 2
18.9 18.8 18.9 19.0 18.9 21.4 21.3 20.7 20.3 20.9 17.9 18.7 19.2 19.7 18.9 21.2 21.4 21.7 22.2 21. 6

17.5 17.5 17.5 17.6 17.5 19.9 19.8 19.2 18.7 19.4 16.2 17.0 17.5 17.9 17.2 19.3 19.4 19.8 20.2 19.7
2.0
17
1.9
1.4
14
2 0
2.0
1.7
1.5
1.7
1.6
14
14
14
1.8
1.9
1.6
16
15
1. 5
142.4 144.5 145.9 149.3 145. 6 151.5 151.3 147.9 147.1 149.4 150.9 154.9 162.5 167.6 159.2 169.7 168.2 175.0 180.9 173. 6
106.5 109.9 113.4 115.8 111.4 119.0 119.4 123.7 129.2 122.8 136.8 143.1 152.6 157.0 147.4 158.1 164.2 165.6 171. 1 154.8
4.1
9.7
8.8
9.4
35.9 34.6 32.5 33.6 34.2 32.5 31.9 24.2 17.9 26.6 14.2 11.8 10.0 10.6 11.8 11.6

Table 46.—Relation of Gross National Product, National Income, and Personal Income, Quarterly, 1944-47
[Billions of dollars]

1945

1944
I
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
Equals: National income
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus* Government transfer payments
Net interest paid by Government
Dividends
Business transfer payments
Equals: Personal income




II

III

IV

50.6
29
3. 1
.1
.1

51.8

3.5
.1
2

53.6
30
3.7
.1
1.2

2
44.6

.2
45.7

.1
45.7

9 Q

6.2
6.1
1.3
1.3
2
.0
.7
.8
7
6
1l
1.0
1
1
39.8 40 9

1946

I

II

III

IV

56.2 212.2
3 1 11 9
3.7
4.0
.1
.5
4.1
3.0

54.3
32
3.7
.1
.2

55.0
3 2
3.8
.1
.1

52.9
3.3
4.0
.1
1.4

2
.7
46.5 182.4

.2
47.3

.1
.2
47.7 44.3

Year

6.0
5.6 24.0
52
1.3
1.3
.0
.0 -.2
8
.8
31
7
7
28
1.5
4 7
LI
1
5
41 0 42 7 164 5

Year

1947

I

II

III

IV

51.2 213.4
2.7 12 4
4.2 15.6
.1
.5
2.3 4.0

47.3
28
4.1
.1
—.7

50.1
2.9
4.3
.1
—.7

53.7
3.0
4.5
.1
.5

58.2 209.3 54.7 56.2 56.4 64.4
3. 1 11 8
32
3.3
33 34
4.7 17.5
4.4
4.5
4.7
5.0
.2
.2
.2
.2
.2
.6
1.9
1.0 —1.9 —1.6 -2.0 -2.1

.4
.8
42.4 181.7

.4
41.5

.5
44.0

.0
45.5

.0
.9
48.4 179.3

.0
48.8

.1
49.9

—.1
50.2

—.1
53.6

—. 1
202. 5

4.5
3.5
4.9 16.8
3.9
1.4
5.9
1.4
1.6
1.6
.0
.2 -.2
.0
.0
30
2.8
2.6
2.5 10.8
11 13 10 11 4 5
12
5.6
1 3 1.9
1.3
1
1
1
2
6
41.6 43 6 45 2 47.7 178. 1

5.4
1.6
.0
2.6
1i
1.5
2
47.0

6.3
1.5
.0
2.5
13
1.6
2
47.6

6.1
1.3
.0
3.3
10
1.6
2
48.9

6.9
1.2
.0
2.7
11
2.2
2
51.7

24.7
5.6
.0
11. 1
4.4
6.9
.6
195. 2

4.2
3.4 19.8
6.1
6.0
1.5
1 5 1.6
6. 1
1.5
.0
.0
.0
.0
.0
9
2.5
5.6
1 0
1.2
9
8
10 37
10
1.5
4 7
1 0 1 1 1. 1
1
1
1
1
5
42 7 43 2 41.9 42 5 170 3

Year

I

II

III

IV

Year

231. 6
13 3
"18. 5
.6
-3.4

BUSINESS STATISTICS
J.HE DATA here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That volume
contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; it also provides a
description of each series and references to sources of monthly figures prior to 1938. Series added or revised since publication of the 1942 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 tc May for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey

1948

1947

May

June

July

August

September

GENERAL BUSINESS

October

November

December

January

February

March

April

May

' 205. 6
' 125. 7
' 127. 8
' 57.0
'37.5
' 15.4
'17.9

'207.4
' 125. 0
' 127.0
'56.3
'37.2
15.6
'17.9

208.1
' 126. 7
' 128. 7
'57.3
'37.9
15.5
18.0

2.1
'1.9
'49.3
' 16.6
'12.1

'2.0
'2.0
'51.9
'16.7
' 11.8

2.0
2.0
'51.8
'16.7
10.9

INDICATORS

NATIONAL INCOME AND PRODUCT*
Seasonally adjusted quarterly totals at annual rates:
National income
bil of dol
Compensation of employees
do
Wages and salaries
do
Private
do
Military
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' and rental income
do
Business and professional
do
Farm
do
Rental income of persons
do
Corporate profits and inventory valuation adjustment
bil of dol
Corporate profits before tax
do
Corporate profits tax liability
do
Corporate profits after tax
do
Inventory valuation adjustment
do
Net interest
do

215.5
' 134. 0
' 128. 8
' 111. 1
'3.5
'14.2
' 5.2
'50.6
'25.0
'18.0
'7.5

'25.2
' 28.8
' 11 3
' 17.5
'—3 6
'4.2

'24.3
'29.1
' 11.4
' 17.7
'—4 8
'4.4

27.5
32.4
12 7
19.7
'—4 9
' 4.5

26.3
31.4
12.2
19.2
'—5. 1
'4.6

' 228 3
r
164. 2
'21.1
'96.3
r
46.7
'26.4
r
10.3
17.9
'—1.8
' 10.2

' 227.9
r
165. 6
21. 1
96.8
47.7
25.6
11.6
17.6
—3.5
'8.4

' 243 8
' 171.1
' 22.1
' 100. 2
'48.8
' 35.4
' 14.0
'18.9
' 2.5
8.2

' 246. 0
' 172. 3
'21.4
' 101. 3
'49.6
'40.4
'14.3
' 19.6
'6.5
'3.9

'27.6
' 15.7
11.9

28.3
15.7
12.6

'29.0
' 15. 5
'13.5

'29.4
'16.0
'13.4

' 189. 6
'21.4
' 168. 2
'4.1

Gross national product
do
Personal consumption expenditures
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
bil of dol
Federal (less Government sales) _
do
State and local.
do
Personal income
do
Less: Personal tax and nontax payments do
Equals* Disposable personal income
do
Personal savings §
do
PERSONAL INCOME*
Seasonally adjusted, at annual rates:
Total personal income
_
bil. of dol
Wage and salary receipts, total...
_do
Total employer disbursements
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

'44.4
' 23.0
'14.3
'7.1

212. 8
132. 2
127. 1
109. 5
'3.6
' 14.0
' 5.0
48.6
24.7
16.5
'7.4

' 196. 7
'21.7
' 175. 0
'9.4

'
'
'
'

199.3
125. 3
119.6
102. 3
' 3.9
' r13.4
5.7
'44.6
'22.7
'14.9
'7.0

'
'
'
'

200. 6
127. 6
122. 5
105. 3
'3.7
13.5

'
'
'
'

5.1

' 188. 6
' 117. 0
' 119. 1

' 192. 4
' 119.6
' 121.7
' 54.0
' 35. 0
' 15.3
'17.4

' 193. 2
'119.4
' 121. 4
'53.6
' 35. 2
' 15.5
'17.1

' 190.8
'120.1
' 122.2
'54.3
'35.4
' 15.3
'17.2

' 206. 2
' 121.9
' 123. 9
'55.4
'36.0
15.2
'17.3

' 200. 0
' 122.7
' 124. 7
' 55.9
'36.0
' 15.2
17.6

' 201. 4
' 125. 5
' 127. 3
'57.4
'37.1
15.2
17.6

2.1
1.8
'44.2
' 15.3

2.1
1.8
'45.1
' 15.4
10.5

'2.0
1.8
'45.3
' 15.6
11.1

2.1
1.8
'42.8
' 15.6
'10.5

2.0
' 1.9
'45.0
'16.2
21.2

2.0
1.9
'47.5
' 15.9
'12.0

'1.8
1.9
'47.1
'16.1
'10.8

'52.9
'33.9
' 15.1
r
17.2

r 10. 3

' 207. 3
'23.2
' 184. 1
' 11.8

' 203. 1
'22.2
' 180. 9
'9.7

' 207.7
' 127. 4
' 129. 4
'59.2
' 37.4
15.2
'17.6
2.0
1.9
' 51. 3
'16.2
'10.9

' 209. 4
' 206. 8
' 126. 9
' 127.5
' 129. 7 ' 128. 9
'58.0
'59.3
' 37. 5 '37.8
' 15. 3 ' 15.4
17.7
'17.6

'2.2
1.9
'52.4
'16.5
11.1

'2.0
'2.0
'50.0
' 16.6
11.3

' 183. 7 ' 184. 4
' 187. 4
' 184. 2
' 172. 9 ' 173. 1
' 181. 4
' 184. 7 ' 184. 5 ' 184. 1
' 179. 7
172.4
' 169. 6
Total nonagricultural income
do
NEW PLANT AND EQUIPMENT
EXPENDITURES*
'4, 170
4,960
4,140
3,940
All industries, total
_
mil. of dol
r
500
620
500
Electric and gas utilities
do
450
' 1, 980
2,500
2,050
Manufacturing and mining
do
2,010
'270
Railroad
_
do
310
230
220
r
1,420
1,360
Commercial and miscellaneous
do
1,530
1,260
FARM INCOME AND MARKETINGS
Cash farm income, total, including Government
2,096
2,178
2,001
1,866
2,927
3,060
payments*
mil. of dol..
3,109
2,581
3,773
2,662
2,211
2,517
2,026
1,961
2,909
2,140
2,047
1,837
3,096
2,555
3,759
2,505
3,049
2,657
1,989
2,185
From marketings and C. C. C. loans*
do
698
1,299
678
670
717
1,044
1,497
1,187
Crops*
do
2,122
1,540
1 205
621
743
1,263
1,462
1,377
1,610
1,120
1,556
1,511
1,637
1,552
1,462
1,318
Livestock and products*
do
1,442
1,368
373
392
460
353
329
318
303
319
293
334
382
Dairy products*
_ _ _ _ _
do
392
379
645
724
720
1,019
593
1,039
970
968
785
711
Meat animals*..
do_ .
958
705
782
255
237
250
279
201
251
232
280
206
262
244
234
261
Poultry and eggs*
do
' Revised. §Personal savings is the excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
*New series. Quarterly data for 1939-43 and earlier annual data beginning 1929 for national income and gross national product and monthly data for 1929-43 for personal income are published in the "National Income Supplement to Survey of Current Business," which is available from the Superintendent of Documents, Washington, D. C., for 25 cents; revised figures beginning 1944 are on pp. 27-29 of this issue. For description of the series on plant and equipment expenditures and data for 1929-45, see p. 24 of the March 1948 Survey; first quarter of 1948 estimates
are based on anticipated capital expenditures of business. Revisions for January 1945-May 1946 for farm income are available on request; see note in September 1947 Survey regarding earlier
data; revisions beginning 1945 were in part to adjust the series to levels indicated by 1945 Census data; 1940-44 data have not been similarly revised.




S—1

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