Full text of The National Income and Product Account : Revised Fourth Quarter 1947

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SURVEY OF CURRENT BUSINESS

March 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 January 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 Surrey

1948

1947
January

February

March

April

May

June

July

August

SepOctoNovem- Decemtember | ber |
ber
ber

January

GENERAL BUSINESS 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
rlo
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

194.6
124.7
119.1
101.2
4.6
13.3
5.6
46.2
22.4
16.8
7.0

199.8
125.6
120 0
102.7
4.1
13.2
56
46.7
22 9
16.6
7.2

203.3
128.7
123.6
106.2
3.9
13.5
51
47.0
23 5
16.2
7.3

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

38

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

221.0
156.9
18.2
94.7
44.0
28.2
10.3
16.4
1.6
8.3

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
' —1.7
7.8

240.9
172 5
21 3
104 2
47 0
29 9
12 4
18 8
r
— 1. 3
82

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_
"W age 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

189.8
21.0
168.8
11.9

191.4
21 2
170.1
78

199.6
21 6
177.9
12 1

205 8
22 1
183 7
11 2

189.3
116.9

212 3
132.9
127 8
110 3
3.8
13 7
51
51 5
25 4
18 5
76

119.0
53.0
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
63.4
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

194 1
120.1
122.2
54.9
34.9
15 2
17 2

194.9
119.9
122.0
54.4
35.0
15 4
17 2

193 8
121 2
123.3
55.5
35 2
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
35 8
15 1
17 6

204 2
126 4
128.4
58.8
36 8
15 2
17 6

' 130. 1
••60.3
15 2
17 5

210 8
127 4
129.5
59.8
37 0
15 3
17 4

2.1
1.6
45.8
14.0
11.0

2.1
1.7
45.9
14.1
10.7

2.1
1.7
46.8
14.2
10.9

2.2
1.7
46.5
14.3
10.9

2.1
1.8
46.5
14.4
10.5

2.1
18
47.1
14.6
10.5

2.1
18
47.4
14.7
11.1

2.1
18
45.5
14.9
10.4

2.0
18
48.1
15.6
21.2

2.0
19
50.4
15.4
11.8

2.0
19
49.9
15.5
10.5

2.0
19
54.0
15.6
10.8

2.1
19
54.6
15.8
11.1

r 210 4
r 128 1
r 37 1

168.2
Total nonagricultural income
do
167.8
168.8
169.7
168.3
173.0
172.4
173.8
188.7
180.6
184.1
182.3
' 184. 6
NEW PLANT AND EQUIPMENT
EXPENDITURES*
All industries, total.
_
mil. of dol_.
3,160
3,940
4 140
4 440
E lectric and gas utilities .._
do
330
450
500
550 ~~~
"
Manufacturing and mining
do_ .
1,600
2,010
2 230
2 050
Railroad
_
do
160
220
370
230
Commercial and miscellaneous
.do
1,080
1,260
1,300
1,360
FARM INCOME AND MARKETINGS
Cash farm income, total, including Government
payments*
mil. of dol..
2,284
2,076
1,897
1,974
2,026
2,211
2,662
2,517
3 060
3 773
2 927
3 109
From marketings and C. C. C. loans*
do
2,248
1,853
1,989
2,010
1,914
2,505
2,185
2,909
2,657
2,558
3,096
3,049
3.759
743
Crops*
_
do
692
918
621
707
594
1 187
2 122
1 205
1 299
1 047
1 540
1 497
Livestock and products*
do
1,330
1,146
1,318
1,368
1,320
1,442
1,452
1,318
1,637
1,511
1,552
1,610
1,556
Dairy products*
do. _
292
345
330
379
345
382
392
353
329
293
303
319
334
Meat animals*
.
do
743
807
667
726
705
782
785
711
968
1 039
1 019
970
958
Poultry and eggs*
...do
224
187
181
236
206
279
280
261
251
232
244
262
234
' 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 1939-46 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
IN ational 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.