Full text of The National Income and Product Account : Second Quarter 1948

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Wlontki

* BUSINESS STATISTICS

J-HE DATA here are a continuation of the statistics published in the 1947 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 July 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

July

August

September

October

November

December

January

February

March

April

May

June

July

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

200.6
127.6
122.5
105.3
3.7

13.5
5.1

212.8
132.2
127.1
109.5
3. 6
14.0

215.1
133.7
128.8
111.1
3. 5
14.2

5.0

4.9

51.9
25.4
18.9

7.1

7.4

7.5

7.6

27.5
32.4
12.7
19.7
-4.9

26.2
31.4
12.2
19.2
-5.3

30.9
33.4
13.0
20.4
-2.5

4.4

4.5

227.9
165. 6
21.1
96.8
47.7
25.6
11.6
17.6
-3.5

243.8
171.1
22.1
100.2
48.8
35.4
14.0
18.9

Personal income, total
Less* Personal tax and nontax payments
Equals* Disposable personal income
Personal savings §

4.6

4.7

243.8
172.0
21.4
101.0
49.6
38. 5
14.3
19.6

248.2
175.1
22.3
102.4
50.4
37.2
14.3
20.6

39

2.3
3.9

4.6

8.4

2.5
8.2

28.3
15.7
12.6

29.0
15.5
13.5

29.4
16.0
13.4

32.1
17.9
14.2

196.7
21.7
175.0

203.1
22.2
180.9

207.3
23.6
183.7
11.7

208.8
21.6
187. 3
12.2

9.4

9.7

"

4.9

24.3
29.1
11.4
17.7
-4.8

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 (less Government sales)
do
State and local
do
do
do
do
do

3.6

14.5

50.6
25.0
18.0

48.6
24.7
16.5

44.4
23.0
14.3

221.4
133.9
129.1
111.0

PERSONAL INCOME BY SOURCE t
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
do
Service industries
do
frnvfirnmfiTit
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
T otal nonagr icultural income

_ do

193 2
119.4
121.4
53.6
35.2
15.5
17.1

190 8
120. 1
122.2
54.3
35.4
15.3
17.2

206.2
121.9
123.9
55.4
36.0
15.2
17.3

200.0
122.7
124.7
55.9
36.0
15.2
17.6

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

2.0
1.8
45.3
15.6
11.1

2.1
1.8
42.8
15.6
10.5

2.0
1.9
45.0
16.2
21.2

2.0
1.9
47.5
15.9
12.0

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

172.9

173.1

187.4

179.7

181.4

184.2

184.7

184. 5

184.1

183.7

184.4

r 212. 3
r

129. 7
••131.9
r
59.6
38.2
15.8
18.3

211 5
130.5
132.7
59.5
38.5
16.1
18.6

2.2
2.0
52. 8
16.8
11.0

2.2
2.1
50.8
17.0
11.1

r 187. 7

188.2

r

NEW PLANT AND EQUIPMENT EXPENDITURES
4,170
4,960
i 4, 690
4,140
All industries total
mil. of dol
1610
500
620
500
2,609
Electric and gas utilities
do
2,290
i 2,1 010
1,800
1,870
1,129
Manufacturing
_do
180
210
180
180
1,480
IVIining
do
i 350
270
310
230
446
Railroad
_ _ _ _ _ _ _ do
i 210
745
180
190
200
Other transportation
do
1,240
1 1, 330
1,340
1,160
258
Commercial and miscellaneous
do
r
Revised.
1
Estimates based on anticipated capital expenditures of business.
§ Personal savings is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
t 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.
803819°—48S-l