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SUKVEY OF CURRENT BUSINESS

10

February 1948

Table 7.—Consolidated Receipts and Expenditures of Federal, State and Local Governments, 1946 and 1947

1

[Billions of dollars]
1946

Percent
change

1947

1946

EXPENDITURES AND SURPLUS

1947

Percent
change

RECEIPTS

Compensation of employees
Other purchases
Net interest paid
Transfer payments
Subsidies less current surplus of government enterprises

21.2
95
4.5
10.8
8

+20.3
+16 8
0
+2.8
— 112 5

Total expenditures
Surplus on income and product transactions

46.8
3.5

43.5
12.9

-7.1
+268. 5

Total expenditures and surplus

50.3

56.4

+12.1

16.9
11 1
4.5
11.1
_ i

Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance

18 8
86
16 9

6.0

+14 4
+31 4
+5 9
—5 0

50 3

Total receipts

21 5
11 3
17 9
57
56 4

1 1° 1

1
Detail will not necessarily add to totals because of rounding
Source: U. S. Department of Commerce, Office of Business Economics.

crease in the Federal surplus was larger, because State and
local government surplus declined.
Although table 7 presents an over-all summary of the
major government receipt and expenditure transactions
which influenced economic activity, certain peculiarities of
the data should be noted. Most important, the expenditure
of government loans, which contributed materially to the
high level of exports, is reflected as expenditure by foreign
nations under "net foreign investment" rather than as government expenditures which for national income purposes
are defined to exclude loan transactions.
In 1947, the value of exports financed by government
credits amounted to more than 4 billion dollars. It is true,

of course, that some of these exports might have materialized
even if no United States government loans had been forthcoming, and to that extent the net effect of government operations on the export balance is smaller than this figure.
Nevertheless, it can be used as a first approximation of the
proportion of foreign demand that was really attributable to
the United States government.
Moreover, factors such as monetary and credit policies
may be important in judging the impact of government on
economic activity. Yet these are not reflected in the table
which shows only revenue and expenditure transactions that
are components of the current income and production of the
economy.

Table 8.—National Income and Product, 1946 and 1947
[Billions of dollars]
Quarterly, 1947
1946

Unadjusted

1947

Seasonally adjusted at annual rates

I
NATIONAL INCOME BY DISTRIBUTIVE SHARES

II

III

IV

I

II

III

IV

178.2
116.8
111.1
90.2
8.0
12.9
5.6
41.8
19.7
15.2
6.9
16.5
21.1
8.6
12.5
-4.7
3.2
21.2

National income
Compensation of employees
Wages and salaries
-Private
Military
Government civilian
_ __
Supplements to wages and salaries
Proprietors' and rental income 2
.
-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
_
Net interest
Addendum* Compensation of general government employees

202.6
128.1
122.8
105.2
4.1
13.4
5.4
47.8
23.5
17.0
7.3
23.0
28.7
11.3
17.4
-5.7
3.6
16.9

48.2
30.8
29.4
24.8
1.2
3.4
1.4
11.5
5.6
4.2
1.8
5.0
7.1
2.8
4.3
-2.1
.8
4.5

50.1
31.5
30.1
25.6
1.0
3.4
1.4
11.7
5.7
4.2
1.8
6.0
7.0
2.7
4.2
-1.0
.9
4.4

50.8
32.1
30.8
26.8
1.0
3.0
1.3
11.7
5.9
4.0
1.8
6.0
7.1
2.8
4.3
-1 1
.9
3.8

53.6
33.7
32.5
27.9
1.0
3. 6
1.2
12.9
6.3
4.6
1.9
(3)
(3)
(3)
(3)
(3)
1.0
4.3

194.6
124.7
119.1
101.2
4.6
13.3
5.6
46.2
22.4
16.8
7.0
20.4
28.9
11.5
17.4
-8.6
3.3
17.6

199.8
125.6
120.0
102.7
4.1
13.2
5.6
46.7
22.9
16.6
7.2
23.9
27.8
10.9
16.9
-3.8
3.5
17.1

203.3
128.7
123.6
106.2
3.9
13.5
5.1
47.0
23.5
16.2
7.3
23.9
28.2
11.1
17.1
-4.3
3.7
16.5

212. 3
132. 9
127. 8
110. 3
3.8
13.7
5.1
61. ,5
25.4
18. ,5
7.6
3
(3)
()

203.7
143.7
14.9
87.1
41.7
24.6
8.5
3.3
5.2
12.4
3.7
3.9
4.8
30.7
23.7
3.0
10.0

229.6
164.4
19.8
99.3
45.3
27.8
10.7
4.9
5.7
17.9
— .7
1.3
8.7
28.7
17.7
1.3
12.3

54.0
37.4
4.1
22.3
11.0
7.6
2.1
.9
1.3
4.2
1.3
1.7
2.1
6.9
4.6
.5
2.9

56.2
40.4
4.7
24.5
11.2
6.0
2.4
1.0
1.3
4.6
-.9
-.3
2.6
7.2
4.4
.4
3.1

56.7
40.8
4.8
24.6
11.4
7.1
3.0
1.4
1.6
4.4
-.3
.3
2.0
6.9
4.3
.2
2.9

62.7
45.8
6.1
28.0
11.8
7.1
3.2
1.6
1.5
4.8
-.8
—.4
2.0
7.7
4.4
.2
3.4

221. 0
156.9
18.2
94.7
44.0
28.2
10.3
4.4
5.8
16.4
1.6
3.0
8.3
27.6
18.3
2.1
11.4

226.9
162.3
19.3
98.4
44.6
26.1
9.6
4.1
5.5
17.9
-1.4
.8
10.4
28.2
17.7
1.4
11.9

229.4
165.8
20.2
99.9
45.7
27.0
10.4
4.8
5.6
18.4
—1.7
.7
7.8
28.7
17.2
1.0
12.5

240. 9
172. ,5
21. 3
104. 2
47. 1}
29.9
12.4
6.3
6.1
18.8
-1.3
.6
8.2
30.3
17.7
.8
13.3

177.2
18.8
17.2
1.6
158.4
143.7
14.8

196.8
21.5
19.7
1.8
175.3
164.4
10.9

46.9
8.7
8.1
.5
38.2
37.4
.8

48.0
4.0
3.5
.5
44.0
40.4
3.6

49.4
4.6
4.2
.4
44.8
40.8
4.1

52.5
4.2
3.8
.4
48.3
45.8
2.4

189.8
21.0
19.3
1.7
168.8
156.9
11.9

191.4
21.2
19.4
1.8
170.1
162.3
7.8

199.6
21.6
19.8
1.9
177.9
165.8
12.1

205.8
22.1
20.2
1.9
183.7
172.5
11.2

8
(!)

,s

16.4

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
Not foreign investment
Government purchases of goods and services. _ __
Federal
Less* Government sales
State and local

_ _

-

--

DISPOSITION OF PERSONAL INCOME

Personal income _
jLess* Personal tax and nontax payments
State and local
Less* Personal consumption expenditures
Equals* Personal saving

See footnotes at end of table.



- -

SURVEY OF CURRENT BUSINESS

February 1948

S-l

Monthly Business Statistics
The 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 to December for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey

1947

1946

December

January

February

March

April

May

June

July

August

September

October

November

December

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT *
Seasonally adjusted quarterly totals at annual rates
National income _
_ _ bil. ofdol.
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

191.0
122.2
117.1
98.0
5.6
13.5
5.1
46.7
22.0
17.8
7.0

' 1C4. 6
124.7
' 119. 1
' 101. 2
4.6
13.3
'5.6
'46.2
22.4
'16.8
7.0

'
'
'
'

18.8
27.1
11.0
16.1
-8.3
3.2

'20.4
'28.9
'11.5
17.4
'—8.6
3.3

'23.9
'27.8
' 10.9
'16.9
'-3.8
'3.5

23.9
28.2
11.1
17.1
'—4.3
'3.7

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

218.6
154.9
18.2
93.6
43.1
30.4
9.3
15.7
5.4
5.2

' 221. 0
' 156. 9
'18.2
'94.7
'44.0
'28.2
10.3
'16.4
'1.6
83

'226 9
'162 3
' 19 3
'98 4
'44 6
'26.1
96
' 17 9
'—1.4
' 10 4

'229 4
' 165 8
'20 2
'99.9
'45 7
'27 0
10 4
' 18 4
'.7
'78

240 9
172 5
21 3
104 2
47 o
29 9
12 4
18 8
—.3
c o

28.2
16.9
11.2

'27.6
'16.2
'11.4

'28 2
' 16 3
11 9

'28 7
'16 2
12 5

30 3
16 9
13 3

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

187.5
19.5
168.0
13.1

' 189. 8
'21.0
' 168. 8
'11.9

' 191 4

' 199 6
'21 6
' 177. 9
' 12.1

205 8
22 1
183.7
11 2

189.9
117.0
118.8
52.3
33.5
14.4
18.6
1.8
1.6
47.2
13.7
10.4

' 189. 3

203.3
' 128. 7
' 123. 6
' 106. 2
3.9
'13.5
' 5.1
47.0
23.5
16.2
7.3

r 21 2

' 170. 1
'7.8

'33.4
14.6
18.0

' 189. 5
'117.1
' 119. 2
'53.0
'33.5
14.6
18.1

' 190. 6
'117.0
' 119. 1
'53.4
'33.5
14 6
17 6

' 189. 4
'116.0
' 118. 2
'52.8
'33 1
14 8
17 5

' 190. 5
'117.3
'119.4
'53.5
'33 8
14 9
17 2

2.1
1.6
'45.8
'14.0
'11.0

2.1
1.7
'45.9
'14.1
10.7

2.1
17
'46.8
'14.2
10.9

2.2
17
'46.5
'14.3
10.9

2.1
18
'46.5
'14.4
10.5

rl!6.9
r 119.0
'53.0

199. 8
125. 6
120. 0
102. 7
4.1
13 2
'5.6
' 46.7
'22.9
'16.6
7.2

' 194. 1
' 120. 1
' 122. 2
'54.9
'34 9
15 2
17 2
2.1
18
' 47 1
'14.6
10.5

' 194. 9
' 119. 9
' 122. 0
' 54.4
'35 0
15 4
r 17 2

2.1
18
r 47 4
'14.7
11.1

212.3
132 9
127 8
110 3
38
13 7
51
51 5
25 4
18.5
76

38

' 193. 8
' 121. 2
' 123. 3
'55.5
'35 2
r 15 2
17 4

' 209. 9
' 123. 2
' 125. 2
'56.7
'35 8
15 2
17 5

' 203. 2
' 123. 7
' 125. 7
'57.2
r 35 g
15 1
17 6

' 204. 2
' 126. 4
' 128. 4
'58.8
15 2
17 6

209.7
127.4
129.4
59.8
36 9
15 2
17 5

2.1
18
r 45 5
'14.9
10 4
r 173 3

'2.0
18
'48 1
'15.6
21.2

2.0
19
r 50 4
'15.4
11 8

'2.0
19
49 9
'15.5
10 5

2.0
19
54 0
15.6
10 8

r 36 8

r igs 7
Total nonagricultural income.
do
' 168. 2
168.8
167.3
' 167. 8
' 168. 3 ' 169. 7 ' 172 4 ' 173 0
r 180 6
' 182 3
183 9
NEW PLANT AND EQUIPMENT
EXPENDITURES*
All industries, total
mil. ofdol.
3,730
3,160
3,940
4,440
' 4, 140
r
Electric and gas utilities
._
do
360
330
450
500
550
Manufacturing and mining _ _
do
1,920
1,600
2,010
' 2 050
2 230
Railroad
__
___do___
180
160
220
370
' 230
Commercial and miscellaneous
do
1,280
1,080
1,260
' 1 360
1,300
FARM INCOME AND MARKETINGS
Cash farm income, total, including Government
payments*
_ . -mil. ofdol
2,284
2,076
2,438
1,897
2 211
1,974
2,026
2 662
2 517
3 060
3 773
3 109
From marketings and C. C. C. loans* _ . do. _
2,248
1,853
2,420
2,010
1,914
1,989
2,185
2 657
2 505
3 049
3 096
2 909
3 759
Crops* _
_
do
692
918
999
707
594
621
743
1 187
1 205
1 497
1 299
2 122
1 540
Livestock and products*
do _
1,146
1,318
1,421
1,330
1,368
1 442
1 320
1 318
1 452
1 552
1 556
l' 637
1 610
Dairy products*
do
292
345
317
330
345
379
392
353
382
334
293
319
303
Meat animals*
. __.
do
829
807
667
743
726
705
782
711
785
958
970
1 019
1 039
Poultry and eggs*___
do
181
224
187
266
97Q
280
232
244
9fi9.
234
251
236
261
' Kevised. § 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 1939-46 and annual data beginning 1929 for national income and gross national product and monthly data for 1929-46 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; these series are compiled by the U. S.
Department of Commerce. For source and a brief description of the series on plant and equipment expenditures, see note marked "*" on p. S-3 of the September 1947 Survey; fourth quarter
of 1947 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.
774576°—48
5




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