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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 November 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

1948

1947

November

December

January

February

March

April

May

June

July

August

Septem-

October

November

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT!
Seasonally 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 fax, total d o _ _ .
Corporate profits tax liability
do
Corporate profits after tax
do
Inventory valuation adjustment
do
Net interest
do

212.8
132.2
127.1
109.5
3.6
14.0
5.0
48.6
24.7
16.5
7.4

215.1
133. 7
128.8
111.1
3.5
14.2
4.9
50.6
25.0
18.0
7.5

221.7
134.2
129.3
111.2
3.6
14.5
5.0
51.8
25.4
18.9
7.6

227 3
140.6
135 6
116 4
3.7
15 6
50
50 2
24 8
17.9
7 5

27.5
32.4
12. 7
19.7
-4.9
4.5

26.2
31.4
12.2
19.2
-5.3
4.6

30.9
33.4
13.0
20.4
-2.5
4.7

31.7
35.6
13.9
21.7

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 (les^ Government sales)
do
State and local
do

243.8
171.1
22.1
100.2
48.8
35.4
14.0
18.9
2.5
8.2

244.9
172.1
21.2
101.2
49.7
38.7
14.3
19.8
4 6
3.9

250.4
176.5
22.6
103.2
50.6
37.6
14.4
20.9
2.3
2.9

255.9
178.5
23.6
102.9
51.9
39.0
14.8
21.4
2.8
,7

29.0
15.5
13.5

30.1
17 6
13.7

33.5
19.3
14.7

37.7
22.6
15.5

Personal income total
Less' Personal tax and nontax pavments
Equals* Disposable personal income
Personal savings §

203.1
22.2
180.9
9.7

207 3
23.2
184 1
12.0

209.0
20.8
188.2
11.7

213.9
20.2
193.7
15.2

do
do
do
do

3 g

4.' 8
•

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 _ _ _ _ _ _ d o
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

201.4
125. 5
127.3
57.4
37.1
15.2
17.6

207.7
127.4
129.4
59.2
37.4
15.2
17.6

209.4
127.5
129. 7
59.3
37.5
15.3
17.6

206.8
126.9
128.9
58.0
37.8
15.4
17.7

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

207.2
126.8
128.8
57.2
37.9
15.6
18.1

212.3
129.7
131.9
59.6
38.2
15.8
18.3

212.9
131.8
134.0
60.0
39.0
16.2
18.8

214.6
134.3
136.5
61.3
39.5
16.3
19.4

214.9
134.7
137.0
62.0
39.3
16.1
19.6

215.6
' 135. 0
137. 3
62.0
'39. 4
'16.1
'19.8

216.7
135.2
137.5
62.3
39.0
16.2
20.0

1.8
1.9
47.1
16.1
10.8

2.0
1.9
51.3
16.2
10.9

2.2
1.9
52.4
16.5
11.1

2.0
2.0
50.0
16.6
11.3

2.1
1.9
49.3
16.6
12.1

2.0
2.0
51.9
16.7
11.8

2.0
2.0
50.7
16.8
10.9

2.2
2.0
52.8
16.8
11.1

2.2
2.1
51.0
17.0
11.0

2.2
2.1
50.0
17.3
10.9

2.3
2.1
50.1
17.5
10.5

2.3
2.1
"SO. 5
17.7
r
!0.3

2.3
2.1
51.1
18.0
10.3

181.4

184.2

184.7

184.5

184.1

183.7

184.4

187.7

189.3

191.6

192.5

' 192. 6

193.1

r

NEW PLANT AND EQUIPMENT EXPENDITURES

r 4, 830
4,940
All industries, total
_ _ _ mil. of dol
' 4, 820
4,170
690
620
Electric a n d g a s utilities
_ _ _ _ _ _ _ do _
640
500
r 2, 090
2,290
Manufacturing
do
1,800
2,140
200
Mining
_
_ _ _ _ _ _ _ do _
210
180
200
'310
'330
300
Railroad
do
270
170
190
180
190
Other transportation
do
1,360
Commercial and miscellaneous
do
1,340
1,340
1,240
r
Revised.
i Estimated based on anticipated capital expenditures of business.
§ Personal sayings 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 for the revised figures.
818342°—49
S-l




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