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

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BUSINESS STATISTICS
J-HE 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 February 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

1948

1947

February

March

April

May

June

July

August

September

October

November

December

January

February

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

194.6
124.7
119.1
101.2
4.6
13.3
5.6
46.2
22.4
16.8
7.0

1?9 8
125.6
120.0
102.7
4.1
13.2
5.6
46.7
22.9
16.6
7.2

203.3
128.7
123.6
106.2
3.9
13.5
5.1
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

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
64.7
44.0
28.2
10.3
16.4
1.6
8.3

226.9
1C2.3
19.3
98. 4
44 6
26.1
9.6
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

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
7.8

199.6
21 6
177.9
12.1

205. 8
22 1
183. 7
11.2

212 3
132.9
127.8
110 3
3.8
13.7
5.1
51.5
25.4
18.5
76

38

1 o

8.2

189.5
117.1
119.2
53.0
33.5
14.6
18.1

190.6
117.0
119.1
53.4
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

210.4
128.1
130.1
60.3
37.1
15.2
17.5

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
1.8
47.1
14.6
10.5

2.1
1.8
47.4
14.7
11.1

2.1
1.8
45.5
14.9
10.4

2.0
1.8
48.1
15.6
21.2

2.0
1.9
50.4
15.4
11.8

2.0
1.9
49.9
15.5
10.5

2.0
1.9
54.0
15.6
10.8

'211.4
' 128. 2
'

130.3

'60.1
'37.4
' 15.4
17.4
2.1
1.9
' 54.5
' 15. 7
11.1

207.1
126. 7
128.8
58.4
37.5
15.4
17.5
2.1
1.9
51.7
15.8
11.0

183.6
168.8
173.0
168.2
' 184. 8
172.4
168.3
169.7
182.3
184.6
188.7
173.8
180.6
Total nonagricultural income
do. _
NEW PLANT AND EQUIPMENT
EXPENDITURES*
' 4, 960
3,940
3,160
All industries, total
mil of dol
4,140
' 620
450
330
Electric and gas utilities
do
500
* 2, 500
2,010
1,600
Manufacturing and mining
do
2,050
-•310
220
Railroad
do
160
230
' 1, 530
1,260
1,080
Commercial and miscellaneous
do
1,360
FARM INCOME AND MARKETINGS
Cash farm income, total, including Government
1,974
2,927
2,581
2,211
2,026
2,076
2,662
1,897
payments*
... _
.mil. of dol.
3,109
3,060
3,773
2,517
2,909
' 2, 555 P 1, 837
1,914
2,185
1,989
1,853
2,010
From marketings and C. C. C. loans*.
do_ _.
3,096
2,505
2,657
3,049
3.759
1,299
594
' 1, 044
743
621
692
P717
Crops*
_
do
1,540
1,205
707
2,122
1,187
1,497
1,610
1,511
1,442
P 1,120
1,452
1,320
1,368
1.146
1,318
Livestock and products*...
...do
1,637
1,556
1,552
1,318
329
303
392
345
345
382
379
292
Dairy products*
_
do
293
353
319
334
*318
1,019
968
782
726
^593
785
705
743
711
Meat animals* _ _ _ . . _ _
. . ..do. _
667
1,039
970
958
279
^201
206
234
224
236
261
181
251
232
Poultry and eggs*
do
280
262
244
' Revised. * Preliminary. § Personal savings is the excess of disposal)le income over persoilal consum ption expe nditures sb own as a component of gross na tional prod uct above
* New series. Quarterly data for 1939-46 and anniml data beg inning 192 3 for nation al income a nd gross ne tional pro( luct and m onthly da a for 1929- 16 for perso nal income are publis hedinthe
"National Income Supplement to Survey of Current E usiness",^yhich is av ailable froriQ the Super intendent of Docume nts, Wash ngton, D . C.,for25c mts; these series are compiled b:y the U.S.
I f M K A/fair
Department of Commerce. For description of the series on plant and equipment expenditures and data for 1929-45, see p. 24 of the March 1948 Survey.
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.
S-l
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