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SURVEY OF CURRENT BUSINESS

October 1947

S-l

Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CUREENT 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 (t), 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 August 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

August

September

October

November

December

January

February

March

April

May

June

July

August

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
Proprietors' and rental income
Business and professional
Farm

179 9
119 2
113 6
93.8
6 7
13.2
55
41.9
19.9
15.2
6 8

199.4
125.8
120.3
103.0
4.1
13.1
5.5
47.0
21.8
18.0
7.2

18.8
27. 1
11.0
16. 1
—8.3
3.2
218.6
154.9
18.2
93.6
43.1
30.4
9.3
15.7
5.4
5.2

22 4
29.0
11.6
17.4
-6.6
33
222. 2
156 8
19.0
94 0
43.8
29 6
10.3
16.6
27
9.2

23.3
27.4
10.8
16.6
-4.1
3.3
226.0
159.0
20.0
95.0
44.0
28.8
9.5
17.8
1.5
10.6

28.6
18.2
10.4
179.5
19.1
160.4
13.1

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
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
do
State and local
do
Personal income
do
Less: Personal tax and nontax payments do
Disposable personal income
do
Personal savings §
do

197.6
124 9
119.4
101.5
4 6
'13.3
5 4
47.0
22.4
17.6
7 0

15 6
22.9
9.3
13.5
—7.3
3. 2
207.5
147.3
16.2
88.9
42.1
27 0
8.9
13.2
4.9
4.5

do
do
do

191.0
122 2
117. 1
98.0
56
13.5
51
46.7
22.0
17.8
7 0

28.2
16. 9
11.2
187.5
19.5
168.0
13.1

26.6
17 7
11.2
190 9
21.4
169.4
12.6

27.6
17.7
11.7
191.6
21.6
170.0
11.0

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
Total nonagricultural income
do

180.9
112.3
114.2
48.5
31.9
14.0
19.8

178.5
113.0
114.8
49.4
31.8
14. 1
19.5

184.0
113.6
115.4
49.5
32.0
14.2
19.7

188.4
115.4
117.2
50.6
33.0
14.4
19.2

189.9
117.0
118.8
52.3
33.5
14.4
18.6

190.3
117.1
119.2
53.1
33.5
14.6
18.0

190.7
117.5
119.6
53.2
33.7
14 6
18 1

191.8
117.5
119.6
53.7
33. 7
14 6
17 6

190.2
116.7
118.9
53.2
33 4
14 8
17 5

191.5
118.3
120.4
54.1
34.2
14 9
17 2

195.1
121.1
123.2
55.5
35.3
15 2
17.2

' 196. 1
' 123. 3
'55.1
' 35. 5
' 15.4
r
17.3

194.4
122.1
124.2
56.0
35.7
15.3
17.2

1.9
1.6
42.9
13.3
10.8
160.5

1.8
1.6
39.5
13.3
11.1
162.0

1.8
1.6
45.3
13.3
10.2
162.7

1.8
1.6
47.6
13.5
10.3
165.6

1.8
1.6
47.2
13.7
10.4
167.3

2.1
1.6
46.6
13.9
11.1
168.2

2.1
1.7
46.8
14.0
10.7
168.5

2.1
1.7
47.7
14.0
10.9
168.8

2.2
1.7
46.9
14.0
10.9
167 8

2.1
1.8
46.9
14.0
10.5
169.2

2.1
1.8
47.6
14.1
10.5
171.9

2.1
1.8
'47.8
'14.2
11.1
' 172. 3

2.1
1.8
45.8
14.2
10.5
172.6

'121.2

NEW PLANT AND EQUIPMENT
EXPENDITURES*
All industries, total
Electric and gas utilities _ - . _ _ _
Manufacturing and mining
Railroad
Commercial and miscellaneous

mil. of dol
do
do
do
do

3,310
280
1,810
160
1,070

3,730
360
1,920
180
1,280

3 160
330
1 600
160
1 080

' 3, 940
'450
' 2, 010
'220
' 1, 260

FARM INCOME AND MARKETINGS
Cash farm income, total, including Government
r
r
r
2,123
3,401
2,999
2,438
' 2, 284 ' 1, 897
payments*
mil. of dol
2,388
2 076
' 2 211
1 974
2, 026
2,110
2,986
2,420
' 2, 248 ' 1, 853
From marketings and C, C. C. loans*
do
2,325
3,386
r 1, 989
' 2, 185
2, 505
••2,010
' 1,914
2,657
r
r
1,108
1,862
1,450
999
Crops* __
. _
_.do
1,211
'692
'621
r 743
1,187
••918
594
1,205
707
r
Livestock and products*
.
do
899
1,524
1,421
1,217
1,536
' 1, 330 ' 1, 146
1, 318
1 452
1,318
* 1 320
' 1, 368 ' 1 442
T
r
342
Dairy products*
do
370
343
315
317
'345
330
'379
'392
382
353
'292
345
r
r
r
r
302
612
933
829
Meat animals*
do
875
807
743
667
' 705
' 782
711
726
785
Poultry and eggs*
do
211
274
236
288
266
'187
'224
232
'234
251
'181
'236
'261
' 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
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. Revisions for
January 1945-May 1946 for farm income are available on request; see note in September 1947 Survey regarding earlier data.
4
Digitized for758460°—47
FRASER



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