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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
2,935 4,818 4,557 5,286 / 3, 908 3,956 13, 794 49, 567 80, 384 88, 615 75,923 21, 184 }l7, 003
\
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

III

IV

Year

I

II

III

IV

Year

I

II

III

IV

3

Year

.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

.

Equals: Disposable personal income .
Less: Personal consumption expenditures

7

II

.8

.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

5
6

I

Year

Equals: Personal saving

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

.__

Equals: Disposable personal income
Less: Personal consumption expenditures

7

Equals: Personal saving

II

III

IV

72.6 76.1 76.5 78.6 82.3

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

_

-

5
6

I

Year

70.9 71.4 72.6 75.3

Personal income
Less: Personal tax and nontax pavments..
Federal
State and local

II

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

I

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

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. 2
/
6. 7 6 . y 6. 9 6 . 7
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
' 137. 7
r
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§

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

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

' 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
' 50.8
r
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. 0
O

'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, 460
r
680
" 1, 850
'190
'360
'130
" 1, 260

of personal income have been

S-l

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