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9

SUEVEY OF CUKEENT BUSINESS

February 1951

Table 4.—National Income and Product, 1948, 1949, and 1950

l

[Billions of Dollars]
Quarterly, 1950

Item

1948

1949

Seasonally adjusted at annual rates

Unadjusted

1950

I

III

II

IV

I

II

III

IV

216.9

229.1

244.0

142.3
135.2
114.3
4.5
16.4
7.1

147.9
140.6
119.5
4.5
16.6
7.3

155.3
147.8
125. 3

87.4

(3)
162.7
155.1
130.3
3
(3)
()
7.6

NATIONAL INCOME BY DISTRIBUTIVE SHARES
2 235. 6

53.7

57.2

61.1

140.6
134.2
113.7
4.3
16.1
6.4

152.2
144.9
122.6
(3)
(3)
7.3

35.0
33.2
27.9
1.1
4.2
1.8

36.9
35.1
29.7
1.1
4.3
1.9

39.0
37.1
31.9
(3)
(3)
1.8

(3)
41.2
39.5
33.2
3
()
(3)
1.8

47.3
22.1
17.7
7.5

41.7
21.0
13.4
7.3

43.6
23.2
13.1
7.4

10.4
5.4
3.2
1.8

10.3
5.6
2.9
1.8

11.4
6.2
3.4
1.8

11.6
6.1
3.6
1.9

41.5
21.4
12.8
7.3

41.2
22.3
11.7
7.1

45.5
24.6
13.5
7.4

46.3
24.3
14.4
7.6

31.8
33.9
13.0
20.9
-2.0

29.9
27.6
10.6
17.0
2.2

234.8
239.8
217.7
2 22.1
-5.1

7.1
7.3
3.3
4.0
-.3

8.7
9.3
4.1
5.2
-.6

9.5
11.4
5.1
6.4
-2.1

(3)
(3)
(3)
(3)
-2.1

28.1
29.2
13.2
16.0
-1.0

35.0
37.4
16.5
20.9
-2.4

38.1
46.4
20.6
25.8
-8.3

(3)
(3)
(3)
(3)
-8.5

4.1
17.5

4.7
19.5

5.0
21.1

1.2
5.1

1.3
5.1

1.3
5.0

1.3
5.9

5.0
19.7

5.0
19.8

5.0
21.2

5.1
23.4

259.1

National income

255.6

279.8

63.4

66.0

71.6

78.7

263.3

271.6

283.9

300.3

46.0
6.5
24.6
15.0

49.1
8.6
25.5
15.0

52.5
8.3
28.9
15.3

182.6
26.4
97.9
58.3

185.8
26.5
99.9
59.5

198.9
34.0
104.5
60.4

195. 8
30.0
104.3
61.5

10.3
5.4
3.1
2.3
5.6
-.7
-.7

13.3
6.5
3.9
2.6
6.4
.5
.4

15.0
5.9
3.3
2.5
6.6
2.6
2.5

41.8
20.0
11.2
8.9
19.5
2.3
2.7

47.7
21.5
12.4
9.1
21.8
4.4
4.3

47.8
23.0
13.6
9.4
26.3
-1.5
-1.7

60.2
22.9
12.9
10.0
26.1
11.2
11.0

223.5

Compensation of employees
_
Wages and salaries _ _
Private
Military
Government civilian.
_ -____.__.
Supplements to wages and salaries

140.2
134.4
115.7
4.0
14.7
5.8

__

4

Proprietors' and rental income
Business a n d professional
_ _ _ _ _ _ _
Farm
Rental income o f persons. __ _ _ _ _ _

___

Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment _
Net interest __ _
Addendum: Compensation of general Government employees

216.8

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
Personal consumption expenditures
Durable goods.
Nondurable goods
Services
_

__

177.4
22.9
100.9
53.7

Gross private domestic investment
New construction . _
.__
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories, total
Nonfarm only
Net foreign investment
Government purchases of goods and services
Federal _
Less: Go vernment sales _
State and local

190.8
29.2
101.6
59.9

43. 1
17.7
8.6
9.1
19.9
5.5
4.4

__ __

178. 8
23.8
98.5
56.4

43.2
5.9
22.7
14.7

33.0
17.3
8.3
9.0
19.5
-3.7
-3.1

49.4
21.8
12.5
9.3
23. 4
4.1
4.1

10.8
4.1
2.2
1.9
4.8
1.8
1.9

1.9

.4

-2.5

-.4

-.4

-.9

-.7

-1.7

-1.7

-3.3

-3.4

36.6
21.5
.5
15.6

43.3
25.7
.4
18.0

42.1
22.9
.2
19.4

9.9
5.5
.1
4.4

10.2
5.3
.1
4.9

10.2
5.3
.1
4.9

11.9
6.8
.1
5.2

40.5
22.1
.3
18.7

39.9
21.4
.3
18.8

40.4
21.1
.2
19.5

47.6
27.1
.2
20.8

209. 5

_

206.1

223.2

53.4

53.8

56.1

60.0

216.4

215.1

224.9

234.9

21.2
19.0
2.2
188.4
177.4
10.9

18.7
16.2
2.5
187.4
178.8
8.6

20.5
17.8
2.8
202.7
190.8
11.9

7.0
6.2
.8
46.4
43.2
3.2

3.9
3.2
.7
49.9
46.0
3.9

4.8
4.2
.7
51.3
49.1
2.2

4.8
4.2
.6
55.2
52.5
2.7

19.0
16.3
2.7
197.4
182.6
14.8

19.5
16.8
2.7
195.6
185.8
9.8

20.3
17.5
2.8
204.6
198.9
5.7

23.3
20.4
2.8
211.6
195.8
15.8

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

__

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL
INCOME AND PERSONAL INCOME
Gross national product

259.1

255.6

279.8

63.4

66.0

71.6

78.7

263.3

271.6

283.9

300.3

Less: Capital consumption allowances. _
Indirect business tax and nontax liability.
Business transfer payments.. _
Statistical discrepancy
Plus: Subdidies less current surplus of Government enterprises

17.4
20.4
.7
-2.9
.0

18.8
21.3
.7
-1.9
.1

20.8
23.7
.7
-1.0
.1

4.9
5.3
.2
-.8
.0

5.1
5.7
.2
-2.1
.1

5.3
6.4
.2
-1.4
-.1

5.4
6.2
.2

19.7
22.0
.7
4.1
.2

20.5
23.2
.7
-1.3
.5

21.3
25.3
.7
-7.6
—.3

21.7
24.3
.7

Equals: National income

223.5

216.8

2 235. 6

53.7

57.2

61.1

216.9

229.1

244.0

(3)

1.6
.0
2.8
1.2
3.4
.2

28.1
6.7
.0
20.9
4.7
8.1
.7

35.0
6.8
.0
14.2
4.7
8.2
.7

38.1
6.9
.0
11.2
4.8
9.3
.7

(3)

60.0

216.4

215.1

224.9

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

31.8
5.2
.0
10.6
4.5
7.5
.7

29.9
5.7
.0
11.6
4.7
7.8
.7

234.8
6.8
.0
14.3
4.8
9.4
.7

7.1
1.8
.0
5.3
1.1
1.9
.2

8.7
1.8
.0
3.5
1.4
1.9
.2

9.5
1.7
.0
2.7
1.1
2.2
.2

209.5

206.1

223. 2

53.4

53.8

56.1

(3)

.0

(3)
3

()

(3)

7.2
.0
11.2
4.8
11.5
.7

234.9

1 Detail will not necessarily add to totals because of rounding.
2 Data for estimating fourth-quarter profits are not yet available. In order to arrive at national income and corporate profits for the year, fourth quarter corporate profits before tax were
assumed to be the same as in the third quarter.
3 Not available.
4
Includes noncorporate inventory valuation adjustment.
NOTE: Data for prior years are published in the July 1950 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.

924280°—51-




BUSINESS STATISTICS
A HE DATA here are a continuation of the statistics published in the 1949 Statistical Supplement to the SUEVEY OF CURRENT BUSINESS.
That volume (price $1.25) 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 el 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.
Monthly averages for 1949 are shown in the March 1950 issue of the Survey of Current Business.
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

1950

1949

December

Data subsequent to December 1950

January

February

March

April

May

June

July

August

September

October

November

December

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCTf
Seasonally adjusted quarterly totals at annual rates:
National income, total
bil. of dol
Compensation of employees total
do
Washes and salaries, total
do
Private
do
Militarv
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' and rental income, total c?
do
Business and professional of
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

214.2
140.2
133. 6
112.7
4 6
16.4
6.6
40.7
20.6
12.8
7.3

216. 9
142.3
135. 2
114.3
4 5
16.4
7.1
41.5
21.4
12.8
7.3

229.1
147.9
140.6
119.5
4 5
16 6

7.4

7.6
46.3
24.3
14.4
7.6

28.4
27.6
10.6
16.9
.8

'28.1

35.0
37 4
16. 5
20 9
'-2.4
5.0

'38.1
46.4
20.6
25 8
'-8.3
5.0

-8.5
5.1

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
Chance 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

253.8
180. 6
25. 3
97.9
57.4
31.2
18.2
18.7
—5.7
7

' 263 3
' r182. 6
26 4
••97.9
' 53 3
' 41.8
' 20 0
' T19 5
2 3
-1.7

271 6
185 8
26 5
'99.9
r
59 5
' 47 7
r
21 5
* 21 8

r 283 9

42.8
24.3
18 5

MO. 5
' 21 8
18 7

'39.9

Personal income tot^l
do
Less: Personal tax and nontax payments__.do
Equals: Disposable personal income
do
Personal saving§
do

205.4
18.7
186.8
6.2

216 4
19.0
' 197. 4
' 14 8

215.1
19.5
195.6
'9 8

7.3

r

41.2
22.3
11.7
7.1

29.2
13.2
16.0
-1.0
5 0

4.8

' 244. 0
• 155 3
' 147. 8
* 125 3

r
r

' 7.4
45 5

r 24. 6
r
13 5

300.3
195. 8
30.0
104.3
61. 5
60.2
22.9
26.1
11.2
-3.4

r 198. 9

r

'34 0
' 104. 5
'60.4
r
47. 8
r 23 0

'26.3
—1 5
-3.3

r 4 4

r

162. 7
155. 1
130.3

— 1.7

'40.4
r
20 9
' 19. 5

' 21 1

18.8

47.6
26.9
20.8

r 224 9
r
20 3
' 204. 6
'5.7

234.9
23.3
211.6
15.8

PERSONAL INCOME, BY SOURCEf
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 _
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

208.4
132.9
135. 1
57.0
39.3
17.8
21.0

214.6
132.2
135.0
56.7
39.5
17.9
20.9

215.4
131.5
134.2
55.8
39.3
18.1
21.0

219.3
133.6
136. 4
57.7
39.6
18.1
21.0

213.8
135.3
138.1
59.1
39.7
18.2
21.1

214.5
137.7
140.5
60.9
40.1
18.5
21.0

217.1
140. 2
143.2
62.7
40.7
18.6
21.2

220.7
141.7
144. 5
63.3
40.9
18.7
21.6

225.4
145.5
148. 5
65.6
41.7
18.8
22.4

228.7
147.8
150.6
66.5
41.6
18.8
23.7

231.1
150.7
153.8
68.6
41.9
19.2
24.1

r 232. 9
' 152.' 1
' 155. 1
'69.1
'41.9
'19.3
'24.8

240.7
153. 5
156.4
69.9
41.8
19.3
25.4

2.2
3.1
40.6
18.9
12.9

2.8
3.0
43.5
17.5
18.4

2.7
3.0
41.0
17.7
22.2

2.8
3.3
40.2
18.0
24.2

2.8
3.3
39.8
18.2
17.2

2.8
3.4
41.5
17.8
14.1

3.0
3.4
42.3
17.8
13.4

2.8
3.4
45.5
17.8
12.3

3.0
3.4
46.1
18.4
12.0

2.8
3.4
45.0
21.1
11.4

3.1
3.4
45.7
19. 2
12'.1

3.0
3.4
'46.2
'19.4
11.8

2.9
3.4
46.9
25.3
11.6

191.1

195.2

199.0

203.7

198.7

198.4

200.7

202.7

207.3

211.2

212.7

r 213. 9

221.5

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

mil of dol
do
do
do
do
do
do ___

4,630
1,830
180
300
120
890
1,320

3,700
1,520
150
230
80
650
1,060

4,330
1,860
160
300
90
760
1,160

i 5, 410
i 2 520
i 200
1320
i 140
!990
i 1, 240

4,690
2, 050
180
280
120
820
1, 230

' Revised.
* Estimates based on anticipated capital expenditures of business; those for 1951 are shown on p. 4 of the January 1951 SURVEY.
tRevised series. Quarterly estimates of national income, gross national product, and personal income and monthly estimates of personal income have been revised beginning 1946: see
pp. 28-35 of the July 1950 SURVEY for the revised figures.
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.
924280—51-




S-l

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