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SURVEY OF CURRENT BUSINESS

8

February 1950

Table 2.—National Income and Product, 1948 and 19491
[Billions of dollars]
Quarterly
Item

1948

Unadjusted

1949

Seasonally adjusted at annual rates

III

III

IV

IV

NATIONAL I N C O M E BY DISTRIBUTIVE SHARES
226.2

National income
Compensation of employees
Wages and salaries
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income 2
Business and professional
F
Farm
Rental income of persons
Corporate profits and inventory valuation adjustmentCorporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
Addendum: Compensation of general Government employees.
GROSS NATIONAL P R O D U C T OR EXPENDITURE
Gross national product
Personal consumption expenditur*
Durable goods
Nondurable goods
Services.
Gross private domestic investment
New construction
Producers' durable equipment
Change in business inventories, totaL
Nonfarmonly
Net foreign investment
Government purchases of goods and services..
Federal
Less: Government sales
State and local

3 221.5

55.8

55.2

55.3

224.7

220.8

220.7

140.3
135.3
116.1
3.9
15.2
5.0

141.1
135.6
114.6
4.2
16.8
5.5

34.9
33.5
28.3
1.0
4.1
1.4

35.2
33.7
28.5
1.0
4.3
1.4

35.4
34.0
29.1
1.1
3.9
1.4

35.7
34.4
28.8
1.1
4.5
1.3

141.9
136.5
116.1
4.1
16.3
5.4

140.8
135.4
114.7
4.1
16.6
5.5

141.1
135.6
114.4
4.2
16.9
5.5

49.5
24.5
18.4

44.8
24.0
14.1
6.7

11.8
6.0
4.1
1.7

11.3
6.0
3.6
1.7

10.8
6.0
3.1
1.6

10.9
6.0
3.2
1.7

47.1
24.1
16.4
6.7

45.1
24.1
14.3
6.7

43.1
24.0
12.6
6.6

32.6
34.8
13.6
21.2
-2.2

3 31.4
3 28.8
3 11.4
317.3
2.6

8.1
7.5
2.9
4.6
.5

7.7
6.6
2.6
3.9
1.1

8.1
7.3
2.9
4.4
.2

31.6
29.4
11.5
17.9
2.2

30.7
26.4
10.6
15.8
4.3

32.3
28.9
11.4
17.5
3.3

3.8
17.8

4.2
19.9

1.0
4.9

1.0
5.0

1.1
4.7

1.1
5.3

4.1
19.3

4.2
19.6

4.2
20.1

262.4

257.4

63.2

62.5

64.2

67.6

262.0

257.9

254.6

178.8
23.5
102.2
53.1

179.4
24.4
98.9
56.1

42.0
5.0
23.1
13.9

44.5
5.8
24.6
14.0

44.1
6.3
23.7
14.1

48.7
7.2
27.4
14.2

178.7
23.0
100.4
55.3

179.3
23.6
99.8
55.9

179.7
25.7
97.6
56.5

45.0
17.9
20.7
6.5
5.1

34.7
17.3
19.7
-2.3
-1.8

10.4
3.5
5.0
1.9
1.7

6.4
4.1
5.0
-2.7
-2.6

9.6
4.9
4.9
—.2
.1

8.3
4.8
4.8
-1.3
-1.1

40.0
16.8
20.7
2.5
1.9

33.2
16.4
20.0
-3.2
-2.5

32.1
17.4
19.6
-5.0
-4.0

1.9

.0

.2

.4

-.2

-.4

1.0

1.2

-.3

10.7
6.4
.2
4.5

11.0
6.3
.1
4.8

42.3
25.5
.3
17.1

44.2
26.7
.3
17.8

43.2
25.8
.8
18.2

36.7
21.5
.6
15.8

43.4
25.8
.4
18.0

10.4
6.4
.1
4.1

11.2
6.7
.1
4.6

211.9

209.8

52.1

52.5

51.7

53.6

212.0

210.0

208.2

4.4
3.8
.6
47.3
44.1
3.2

3.6
3.1
.5
49.9
48.7
1.2

18.6
16.2
2.4
193.4
178.7
14.8

18.6
16.2
2.4
191.4
179.3
12.1

18.6
16.2
2.4
189.5
179.7

DISPOSITION OF PERSONAL INCOME
Personal income..
Less: Personal tax and nontax payments..
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures.
Equals: Personal saving

21.1
19.0
2.1
190.8
178.8
12.0

18.6
16.2
2.4
191.2
179.4
11.8

7.3
6.6
.7
44.8
42.0
2.8

3.3
2.7
.6
49.2
44.5
4.7

262.4

257.4

63.2

62.5

64.2

67.6

262.0

257.9

254.6

15.7
20.3
.6
-.3
.1

16.8
21.2
.6
-2.5
.3

4.1
5.0
.2
-1.8
.1

4.2
5.2
.2
-2.2
.1

4.2
5.5
.2
-.9
.1

4.3
5.5
.2
)

16.4
20.6
.6
.0
.3

16.9
21.2
.6
-1.3
.3

16.9
21.8
.6
-5.0
.3

226.2

3221.5

55.8

55.2

55.3

224.7

220.8

220.7

32.6
5.1
.0
10.5
4.4
7.9
.6

3 31.4
5.6
.0
11.6
4.7
8.4

8.1
1.5
.0
2.8
1.0
1.9
.2

7.7
1.5
-.1
2.9
1.4
2.0
.2

8.1
1.4
.0
2.9
1.0
1.9
.2

1.3
.0
3.0
1.3
2.7
.2

31.6
5.6
.1
11.2
4.5
8.3
.6

30.7
5.6
-.3
11.7
4.6
8.2
.6

32.3
5.6
.0
11.9
4.7
8.1
.6

211.9

209.8

52.1

52.5

51.7

53.6

212.0

210.0

208.2

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME,
AND PERSONAL INCOME
Gross national product
Less: Capital consumption allowances
._.
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of Government enterprises.
Equals: National income
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income

(

1 Detail will not necessarily add to totals because of rounding.
2
Includes noncorporate inventory valuation adjustment.
w
3
Data for estimating fourth-quarter corporate profits are not yet available. In order to arrive at national income and corporate profits for the year, corporate profits for the fourth quarter
were obtained arbitrarily through averaging the results derived by holding constant, first, third-quarter corporate profits before tax, and second, third-quarter corporate profits and inventory
valuation adjustment. It is believed that annual totals calculated on this basis will be sufficiently accurate for general purposes.
4
Not available.
NOTE.—Data for prior years are published in the July 1949 SURVEY OF CURRENT BUSINESS and in the National Income Supplement to the July 1947 SURVEY.
Source: U. S. Department of Commerce, Office of Business Economics.




gUSINESS

STATISTICS

IE
THI DATA here are a continuation of the statistics published in the 1949 Statistical Supplement to the SURVEY OF CURRENT BUSINESS.
That volume contains monthly data for the years 1945 to 1948, 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 1945. Series added or revised since publication of the
1949 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 and dollar values refer to adjustment of monthly figures for seasonal variation.
Data subsequent to December for selected series will be found in the Weekly Supplement to the SURVEY.
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey

1948
December

1949
January

February

March

April

May

June

July

October

August

November

December

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:
National income, total
bil. of dol
do
Compensation of employees total
Wases and salaries total
do
do
Private
do
Military
do
Government civilian
do
Supplements to wages and salaries
Proprietors' and rental income, totals
do
Business and professionalc?
dr»
Farm
do
do
Rental income of persons
Corporate profits and inventory valuation adjustment total
bil of dol
do
Corporate profits before tax total
do
Corporate profits tax liability
do
Corporate profits after tax
Inventory valuation adjustment
do
do
Net interest

'
'
'
'

234.3
144.9
139 8
119.6
4.1
16.1
5.0
49.7
24.5
18.5
6.7

224. 7
141.9
136. 5
116.1
4.1
' 16.3
'5.4
' 47.1
'24.1
' 16. 4
6.7

'
'
'
'

'
'
'
'

220. 8
140 8
135 4
114 7
M. 1
16.6
' 5 5
r 45 1
24 1
' 14. 3
6.7

220. 7
141 1
135 6
114 4
M.2
' 16.9
'5.5
' 43 1
' 24 0
' 12. 6
' 6. 6

140.9
135. 3
113.5
4.5
17.3
5.6
43.7
24.0
12.9
6.8

.7
4.3

35.7
34 5
13.6
20.9
1.2
4.1

'31.6
29.4
11.5
17.9
'2.2
M.I

'30.7
26 4
10 6
15.8
' 4 3
M.2

'32.3
28.9
11.4
17.5
' 3 3
M.2

Gross national rvrodnct total
do
Personal consumption expenditures, tota 1 do
do
Durable goods
do
Nondurable goods
Services
do
Gross Drivate domestic investment
do
do
New construction
Producers' durable equipment
do
Change in business inventories
do
Net foreicrn investment
do
Government purchases of goods and s ervices,
total
bil of dol
do
Federal (less Government sales)
do
State and local

270 3
180.9
22 9
103.3
54 8
48 0
17.9
21.2
9.0
1 0

' 262 0
' 178. 7
'23.0
' 100. 4
' 55 3
' 40.0
16.8
'20.7
'2.5
1 0

' 257. 9
'179.3
' 23. 6
'99.8
55 9
' 33 2
16.4
'20.0
'-3. 2
1.2

' 254 6
' 179. 7
' 97. 6
r 56 5
r
32 1
r
17.4
r
19. 6
' —5 0
'-.3

255. 2
179.8
25. 2
97.7
56 9
33. 7
18.7
18.7
-3.7
-2.0

40.3
23.4
16.9

42.3
25.2
' 17.1

'44. 2
' 26. 4
17.8

43.2
25 0
18.2

43.7
25. 0
18.8

dn
Personal income total
Less: Personal tax and nontax payments-__do
Equals: Disposable personal income
do
Personal saving§
do

216 6
20.4
196.2
15.3

' 212. 0
'18.6
' 193.4
' 14.8

' 210. 0
'18.6
'191.4
' 12.1

' 208.2
' 18. 6
' 189. 5
'9.8

209.3
18.6
190.7
10.8

r 25 7

PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:
Total personal income
bil. of dol
Wage and salary receipts, total
Employer disbursements, total _ _ " d o " "
Commodity-producing industries. _
Distributive industries
"do
Service industries _ __.
. ..do
do
Government
Less employee contributions for social insurance _
. .-_
bil. of dol
do
Other labor income
Proprietors' and rental income
Personal interest income and dividends " d o : : ; :
Total transfer payments
do
Total nonagricultural income

_

217.0
137.1
139. 4
62.3
40.0
16.9
20.2

' 214.6
' 135. 9
' 138. 2
' 60. 5
MO. 3
'17.1
20.3

'211.3
' 134. 0
'136.3
' 59. 4
39.5
'17.0
'20.4

' 210. 2
' 132. 3
' 134. 6
'57.4
39.4
' 17.3
'20.5

' 210. 5
' 133. 9
' 136. 0
' 57. 4
M0. 7
'17.3
20.6

' 210. 2
' 133. 7
' 135. 9
' 57. 0
MO. 9
' 17.4
'20.6

' 209. 4
' 132. 9
' 135. 2
' 56 7
40.3
'17.3
'20.9

' 207. 2
'133.0
' 135. 2
' 56. 4
40.5
' 17.1
'21.2

' 209.1
' 133.4
' 135. 6
' 56. 9
40.5
17.1
'21.1

' 208.3
' 133. 7
' 135. 9
' 57.1
M0. 5
17.1
'21.2

' 207. 0
' 132. 7
' 134. 9
' 55. 5
M0. 2
' 17.5
'21.7

2.3
2.0
50.3
16.9
10.7

2.3
2.0
M8. 5
17.0
' 11.2

2.3
2.1
M6.6
'17.0
' 11.6

2.1
2.1
M6.2
'17.0
' 12.6

2.2
2.1
'45. 0
' 17.1
' 12.4

2.3
2.1
' 45. 2
'17.0
'12.2

2.2
'2.1
' 45. 1
' 17.0
' 12.3

2.2
2.1
M2.8
' 16.9
' 12.4

2.2
' 2.1
r 43. 9
' 17. 1
' 12. 6

2.2
' 2.1
M2. 7
' 17.2
' 12. 6

193.6

' 192. 0

' 191.0

' 190.5

' 191.8

' 191.4

190. 5

' 190. 2

' 192. 2

r

'191.4

r

209. 4
132. 5
' 134. 7
' 56. 0
' 39. 5
17.4
'21.8

211.5
134.1
136.3
57.4

2.2
' 2 1
'42. 9
' 17.3
' 12.0

2.2
' 2 2
'44. 9
'17.4
'12.4

2.2
2 2
43.4
19.1
12.7

' 190.3

' 191.3

194.1

r

39. <
>

17.4
21.9

NEW PLANT AND EQUIPMENT
EXPENDITURES
All industries, quarterly total
Manufacturing, ._. _
Mining
Railroad
Other transportation
Electric and gas utilities
Commercial and miscellaneous
r

mil. of dol__
_do

5,410
2.320

do
do
do
do
_. - - d o . . . .

990

410
170
850
1,440

4,460
1, 850
190
360
130
680
1,260

1

4, 660
1.880
190
380
140
780
1, 290

i

i 4, 430
1
1,710
i 170
l 290
i 110
1900

4, 360
1,690
180
310
130
790
1,260

U.250

1

Revised.
Estimates based on anticipated capital expenditures of business.
cf Includes inventory valuation adjustment.
§ Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.




S-l

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