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SURVEY OF CUEKENT BUSINESS

January 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 November 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

November

December

January

February

March

April

May

June

July

August

September

November

October

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
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

119.4
101.5
4.6
13.3
5.4
47.0
22.4
17.6
7.0

200.1
126 3
120.9
103.5
4.1
13 2
5.5
47 2
21.9
18 0
7. 2

203.3
129 7
124.7
107.3
3.9
13 4
5.0
47 3
22 1
17 9
7 3

18.8
27.1
11.0
16.1
-8.3
3.2

22.4
29.0
11.6
17.4
-6.6
3.3

23 3
27 4
10.8
16 6
4 1
3.3

22 9
27 4
10.8
16 6
4 5
34

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

223.1
158.0
18.5
95.3
44.2
29.4
10.3
16 5
2.7
83

229 1
162 0
19 2
97 8
45 0
29 1
96
18 0
15
10 5

232 3
166 0
19 9
100 0
46 1
30 4
10 4
18 0
2o
7 7

28.2
16.9
11.2

27.4
16 0
11 4

27 5
15 6
11 9

28 2
15 8
12 5

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

190.9
21.2
169.7
11.7

192 3
21.4
170 9
89

200 4
21 7
178 7
12 7

Total nonagricultural income.
. do
NEW PLANT AND EQUIPMENT
EXPENDITURES*
All industries, total
mil. of aol__
Electric and gas utilities
do
Manufacturing and mining __
do. .
Railroad
do
Commercial and miscellaneous
do
FARM INCOME AND MARKETINGS
Cash farm income, total, including Government
payments*
.
mil. of dol
From marketings and C. C. C. loans* _ _ do.
Crops*
do
Livestock and products*
do.
Dairy products*
do
Meat animals*
do
Poultrv and eggs*
do

197.6
r 124. 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
137.5
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
65.5
35 3
15 2
17 2

196 1
121 2
123 3
55.1
35 5
15 4
17 3

194 9
122 5
124 6
56.2
35 7
15 3
17 4

210 9
124 5
126 6
57.5
36 4
15 2
17 5

1.8
1.6
47.6
13.5
10.3

1.8
1.6
47.2
13.7
10.4

2.1
1.6
46.6
13.9
11.1

2.1
1.7
46.8
14.0
10.7

2.1
1.7
47 7
14.0
10.9

2.2
17
46 9
14.0
10 9

2.1
18
46 9
14.0
10 5

2.1
18
47 6
14! 1
10 5

2.1
18
47 8
14.2
11 1

2.1
18
45 9
14.3
10 4

2.1
18
48 4
15.0
21 2

165.6

167.3

168.2

168.5

168 8

167 8

169 2

172 3

173 1

188 1

3,730
360
1,920
180
1,280
2,999
2,986
1,450
1,536
315
933
274

2,438
2,420
999
1,421
317
829
266

3,160
330
1,600
160
1,080

2,284
2,248
918
1,330
330
807
187

1,897
1,853
707
1,146
292
667
181

2 076
2,010
692
1 318
345
743
224

171 9

3,940
450
2 010
220
1,260
1 974
1 914
594
1 320
345
726
236

2 026
1 989
621
1 368
379
705
2fil

2 211
2 185
743
1 44°
392
782
234

r 204 4
r 125 2
r J27 2

"58.1
r
36 4
15 1
17 6

"2.0
•I

r

Q

CQ g

14.9
o

n

r 1 SO 1

204 9
127 5
129 4
59.6
37 0
15 2
17 6
1.9
19
49 9
15.1
10 5
1R1 fi

4 070
510
2? 010
290
1 250
2 662
2 657
1 205
1 452
382
785
251

2 517
2 505
1 187
1 318
353
711
929

q nfin

3 049
1

3 770
r q 7KQ

4Q7

1 552

3

HQA

r 1 fi*37

OOJ.

958

94/1

1 O*}Q
OAO

ocn

:ome are published in the
Department of Commerce. For source and a brief description'of the series on plant and equipment expenditures, see note marked "*"' on p. S-2 of the lieFrtember*1947 Survey; third 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 SeDtember 1947 SUTVPV
y
regarding earlier data.

771806°—48
3



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