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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
(2)
(2)
8.5

177.4
168.8
140. 5
(2)
(2)
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

(2)
(2)
(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
(2)
(2)
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

2
(2)
(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

I

I

II

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
(2)
(2)
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

Compensation of employees
Wages and salaries
Private
Military
Government civilian
Supplements to wages and salaries
_,

IV

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 _

III

239.0

NATIONAL INCOME BY DISTRIBUTIVE
National income

II

. _.. .

. „

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

.-

...

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

239.0
..

_. _

.'l

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

202.6

204.0

208.6

212.9

214.3

215.5

223.4

221 4

222.9

225.2

227 8

r
r
r

48 1
20.2
12 1

3 7
0

249.0
164.8
168. 2
75.0
45.3
20 1
27 8

249 8
165. 1
168 8
-74.6
r
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

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