The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
SURVEY OF CURRENT BUSINESS August 1951 Table 2.—National Income and Product, 1950, and First Two Quarters, 1951 1 [Billions of dollars] Seasonally adjusted at annual rates Unadjusted 1950 1951 1950 1951 1950 I II 260.1 269.4 (2) 157.3 149.7 127.2 5.0 17.5 7.7 165.2 157.2 132. 7 6.6 17.9 7.9 172.1 163. 6 137.1 ( 22 ) ( ) 8.5 177.4 168.8 140. 5 ( 22 ) () 8.7 41.8 21.9 12.2 7.8 45.6 23.2 14.3 8.1 47.2 23.0 15.8 8.4 48.8 24.1 16.4 8.3 48.1 23.6 16. 3 8.2 30.5 31.9 14.4 17.5 -1.4 34.8 37.5 16.9 20.6 -2.7 37.4 45.7 20.5 25.2 -8.3 42.2 50.3 22.5 27.8 -8.2 42.9 51.8 28.5 23.3 -8.9 ( 22 ) (2) () (2) -2.3 1.4 6.8 5.2 19.6 5.3 19.8 5.5 21.1 5.6 23.1 5.6 25.2 5.7 26.9 77.6 78.6 264.4 275.0 287.4 303.7 318.5 325.6 53.6 8.4 29.2 16.0 49.4 6.9 26.0 16.4 49.7 6.3 26.8 16.7 184.7 26.3 98.4 60.1 188.7 26.6 100.4 61.6 202.5 34.3 105.5 62.7 198.4 29.4 104.9 64.0 208.2 31.5 111.5 65.2 201.7 25 9 109! 5 66.2 13.3 6.6 3.9 2.7 6.0 .7 .5 14.8 6.0 3.4 2.6 6.3 2.5 2.2 15.9 5.0 2.6 2.4 6.6 4.3 4.0 13.6 5.6 2.7 2.9 6.9 1.2 .9 40.1 20.1 11.2 8.9 18.9 1.1 1.1 47.9 21.4 12.4 9.0 21.4 5.2 4.4 47.3 23.5 13.7 9.7 24.5 7 —1.8 60.2 23.3 13.1 10.3 25.0 11.8 10.6 59.6 23.9 12.9 10.9 26.5 9.3 8.1 63.5 22.3 10.7 11.6 26.7 14.4 13.3 —.4 —.9 -.6 —.6 .1 —1.7 —1.6 —3.2 —2.7 -2.3 .5 10.2 5.3 .1 5.0 10.3 5.3 .1 5.0 12.0 6.9 .1 5.2 12.9 8.0 .1 4.9 15.1 9.7 .0 5.5 41.3 22.2 .3 19.3 40.1 21.1 .2 19.2 40.8 21.4 .2 19.7 47.8 27.5 .2 20.4 52.9 32.1 .2 21.1 60.0 38.7 .2 21.4 53.3 54.1 56.5 60.8 60.0 62.2 216.3 217.1 227.3 238.3 244.1 250.0 7.0 6.2 .8 46.3 43.6 2.6 3.9 3.2 .7 50.2 46.6 3.5 4.8 4.2 .6 51.7 49.7 2.0 4.7 4.2 .6 56.1 53.6 2.5 10.4 9.5 .9 49.6 49.4 .3 5.5 4.8 .7 56.6 49.7 6.9 19.0 16.4 2.6 197.3 184.7 12.5 19.5 16.9 2.7 197.5 188.7 8.9 20.2 17.5 2.7 207.1 202.5 4.6 23.1 20.3 2.7 215.2 198.4 16.8 26.6 23.8 2.8 217.5 208.2 9.3 27.1 24.2 2.9 222.8 201.7 21.1 282.6 63.8 66.6 72.4 79.8 77.6 78.6 264.4 275.0 287.4 303.7 318.5 325.6 21.2 23.8 .8 —1.8 .3 5.0 5.4 .2 5.2 5.8 .2 —2.0 .2 5.4 6.4 .2 —1.6 .0 5.5 6.2 .2 2.3 .1 5.7 6.3 .2 —.4 .2 5.7 6.2 .2 (2) 20.1 22.3 .7 2.3 .2 20.7 23.3 '.4 .7 21.8 25.3 .8 —6.4 —.1 22.2 24.3 .8 —3.4 .2 22.6 25.9 .8 .5 .8 219.3 230.6 245.8 260.1 269.4 II III IV 219.3 230. 6 245.8 44.2 42.0 34.8 ( 22 ) () 2.3 142.2 135.2 114.3 4.4 16.4 7.0 148.6 141.3 120. 1 4.4 16.8 7.4 12.2 6.0 4.1 2.1 12.0 5.9 4.1 2.0 41.4 21.1 12.5 7.8 10.6 12.7 5.7 7.0 -2.0 10.0 12.2 6.7 5.5 -2.2 ( 22 ) (2 ) () (2) -.6 1.4 5.0 1.4 5.9 1.4 6.4 66.6 72.4 79.8 43.6 5.8 22.7 15.1 46.6 6.4 24.7 15.5 49.7 8.5 25.7 15.5 48.9 22.1 12.6 9.5 22.5 4.3 3.6 10.6 4.2 2.2 1.9 4.7 1.8 1.8 10.2 5.3 3.1 2.2 5.5 —.6 .8 —2.3 —.4 42.5 23.1 2 19! 7 10.0 5.6 .1 4.5 224.7 20.5 17.8 2. 7 204^3 193.6 10.7 ross national product ess* Capital consumption allowances Indirect business tax and nontax liability _ .. Business transfer payments Statistical discrepancy _ lus - Subsidies less current surplus of government enterprises NATIONAL INCOME BY DISTRIBUTIVE National income Compensation of employees Wages and salaries Private Military Government civilian Supplements to wages and salaries _, II III IV I II 239.0 53.8 57.6 62.0 65.6 66.0 (2) 153.3 145.8 123. 6 5.1 17.2 7.5 35.0 33.1 27.8 1.1 4.2 1.9 37.1 35.2 29.8 1.1 4.3 1.9 39.5 37.5 32.3 1.3 4.0 1.9 41.8 40.0 33.7 1.6 4.6 1.8 42.4 40.2 33.4 ( 22) () 2.3 44.0 22.3 13.7 8.0 10.4 5.3 3.1 2.0 10.5 5.5 3.0 2.0 11.4 5.8 3.6 2.0 11.8 5.8 4.0 2.1 36.2 41.4 18.6 22.8 -5.1 7.1 7.5 3.4 4.1 -.3 8.8 9.4 4.2 5.2 -.7 9.7 11.8 5.3 6.5 -2.1 5.4 20.9 1.3 5.0 1.3 5.1 282.6 63.8 193.6 29.2 102.3 62.1 I SHARES _ __ Proprietors' and rental income 3 Business and professional .. Farm Rental income of persons _ I . _.. . . „ Corporate profits and inventory valuation adjustment Corporate profit before tax Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment _ - Net interest \ddendum ° Compensation of general government employees GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product - Personal consumption expenditures Durable goods Nondurable goods Services _. _ _ _ 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 : Government sales _ _ _ State and local - - DISPOSITION OF PERSONAL INCOME *ersonal income _ /ess: Personal tax and nontax payments . Federal State a n d local _ _. _ . _ _ - _ '.quals: Disposable personal income less* Personal consumption expenditures ! quals: Personal saving _ _ _. ELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME guals: National income. _ ^s' Corporate profits and inventory valuation adjustment Contributions for social insurance . _ Excess of wage accruals over disbursements us* Government transfer payments Net interest paid by government Dividends Business transfer payments luals: Personal income .- ... .. _. _ .'l 239.0 53.8 57.6 62.0 65.6 66.0 () 36.2 7.0 .0 14.3 4.7 9.2 .8 7.1 1.8 .0 5.3 1.1 1.9 .2 8.8 1.8 .0 3.6 1.4 1.9 .2 9.7 1.8 .0 2.7 1.0 2.2 .2 10.6 1.6 .0 2.8 1.2 3.3 .2 10.0 2.3 .0 2.9 1.1 2.1 .2 (2) 2.3 .0 2.9 1.4 2.2 .2 30.5 6.6 .0 21.0 4.7 7.8 .7 34.8 6.8 .0 14.2 4.7 8.4 .7 37.4 7.0 .0 11.0 4.7 9.4 .8 42.2 7.4 .0 11.1 4.7 11.1 .8 224.7 53.3 54.1 56.5 60.8 60.0 62.2 216.3 217.1 227.3 238.3 Detail will not necessarily add to totals because of rounding. ' Not available. ures receded after emphatic spurts, the tempo of civilian •oduction was generally maintained at a uniform pace. In each case, the resultant excess of output was absorbed business inventories. However, whereas this absorption is accomplished quite readily in the earlier period, a subajitial portion of the accumulation of stocks from March rough June appears to have been unplanned and invol 2 42.9 8.3 .0 11.5 4.8 8.8 ! .8 244.1 22.9 24.8 .8 "., « (2) 8.4 .0 11.8 4.8 9.7 .8 250.0 3 Includes noncorporate inventory adjustment. Source: U. S. Department of Commerce, Office of Business Economics. untary, resulting from more conservative purchasing by consumers than had been expected. During the second quarter, widespread efforts were made by businessmen to limit the growth of their inventory-sales ratios. These efforts, partially successful as far as distributors were concerned, played a key role in the general tapering-off of prices during the quarter. BUSINESS STATISTICS Wlontki X HE DATA here are a continuation of the statistics published in the 1949 Statistical Supplement to the SURVEY 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 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 June 1951 for selected series will be found in the Weekly Supplement to the SURVEY. 1951 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey June July August September October November December January February March April May June 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 Wages and salaries total do Private do Military do Government civilian do Supplement^ 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 230.6 148 6 141.3 120.1 '4.4 16 8 74 260.1 165 2 157.2 132.7 6.6 17 9 7.9 47 2 23 0 15.8 8.4 269.4 172.1 163.6 137.1 177 4 168 8 140 5 41 8 21.9 12.2 7.8 245.8 157 3 149.7 127.2 5.0 17 5 7.7 45 6 23.2 14.3 8.1 8.5 48 8 24.1 16.4 8.3 8 7 48 1 23 6 16 3 8*2 34.8 37.5 16.9 20.6 -2.7 5.3 37.4 45.7 20.5 25.2 -8.3 5.5 42.2 50.3 22.5 27.8 -8.2 5.6 42.9 51.8 28.5 23.3 -8.9 5.6 —2 3 5 7 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 275. 0 188.7 26.6 100.4 61.6 47.9 21.4 21 4 5.2 — 1.6 287.4 202.5 34.3 105 5 62. 7 47.3 23. 5 24 5 —.7 -3.2 303.7 198.4 29.4 104 9 64.0 60.2 23.3 25 0 11.8 -2.7 318.5 208.2 31.5 111.5 65.2 59.6 23.9 26 5 9 3 —2.3 40 1 20.9 19.2 40 8 21.2 19.7 47 8 27.3 20.4 52 9 31.9 21.1 Personal income, total Less* Personal tax and nontax payments Equals* Disposable personal income Personal saving§ 217.1 19. 5 197. 5 89 227.3 20 2 207. 1 4 6 238.3 23 1 215.2 16 8 244.1 26 6 217.5 9 3 do do do do 325 201 25 109 66 63 22 26 14 6 7 9 5 2 5 3 7 4 5 60 0 38 5 21 4 250 27 222 21 0 i 8 1 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 219.0 141.1 144. 1 62.8 41.3 18.7 21 3 222. 7 143.2 146. 1 63.9 41.9 18 8 21 5 227.7 147.2 150.3 66.2 42.8 18 9 22 4 231. 5 149.7 152.6 67.1 42.8 19 1 23 6 234.1 152.4 155.6 69.3 43.1 19.3 23 9 236. 4 154.2 157.3 69.9 43.2 19.5 24 7 244.4 155. 9 158.9 70.8 43.6 19 6 24 9 243.6 158.0 161.6 71.7 44.3 19 9 25 7 243.3 160.0 163.4 72.4 44.5 19.8 26 7 245.5 162.2 165.9 73.7 44.9 20 0 27 3 3.0 35 42.5 18.4 13 5 2 9 3 6 45 3 18.4 12 2 3.1 36 46. 1 18.9 11 9 2.9 36 45.3 21.6 11 3 3.2 3 6 46.3 19.7 12 1 3.1 3 7 47. 2 19.5 11 8 30 3 7 48. 1 25.0 11 7 3 6 3 7 50 5 18.8 12 6 3.4 38 48.2 19.2 12 1 47.7 19.7 12 1 48 1 20.2 12 1 202.6 204.0 208.6 212.9 214.3 215.5 223.4 221 4 222.9 225.2 227 8 3 7 0 249.0 164.8 168. 2 75.0 45.3 20 1 27 8 r r r 249 8 165. 1 168 8 -r 7 4 . 6 45 6 20 2 r 28 4 251 1 166. 1 169 6 74.9 45 7 20 2 28 8 3.7 38 48 0 20.2 12 7 35 38 48 2 20.2 12 8 229 0 230 0 3 4 Q r r NEW PLANT AND EQUIPMENT EXPENDITURES All industries, quarterly total mil. of dol Manufacturing _ _ _ _ _ _ do Mining_ _ do Railroad. _ _ _ _ do Other transportation _ __ _ do Electric and gas utilities do. Commercial and miscellaneous do ' Revised. 4,330 1,860 160 300 90 760 1,160 4 700 2,050 180 290 120 820 1,240 i Estimates for April-June 1951, based on anticipated capital expenditures of business. 5 830 2,790 200 320 140 940 1,440 i g 420 !3 240 i 220 i 440 i 140 i 950 1 1, 420 5 160 2,460 180 300 120 750 1,340 tRevised series. Quarterly estimates of national income, gross national product, and personal income and monthly estimates of personal income have been revised beginning 1948; for these revisions and for earlier revisions (covering data for 1946-47), see tables 41, 43, 45, and 48 in part V of the National Income Supplement to the SURVEY, July 1951. ^Includes inventory valuation adjustment. § Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above. 958517°—51- S-l
@FedFRASER