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SURVEY OF CURRENT BUSINESS

November 1951

Table 2.—National Income and Product, 1950, and First Three Quarters, 19511
[Billions of dollars]
Unadjusted
1950

Seasonally adjusted at annual rates
1951

1950
I

II

III

I

IV

II

1950

1951

III

I

II

III

IV

I

II

III

NATIONAL INCOME BY DISTRIBUTIVE SHARES
239.0

53.8

57.6

62.0

65.6

66.0

68.5

(2)

219.3

230.6

245.8

260.1

269.4

274.3

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
1.9
4.8
2.3

44.2
42.0
34.8
(2)
(2)
2.3

45.3
43.1
35.8
(2)
(2)
2.2

142.2
135.2
114.3
4.4
16.4
7.0

148.6
141.3
120.1
4.4
16.8
7.4

157. 3
149.7
127.2
5.0
17.5

165.2
157.2
132.7
6.6
17.9
7.9

172.1
163.6
137.1
7.8
18.8
8.5

177.4
168.8
140.5
(2)
(2)
8.7

(2)
180.4
171.6
141.1
(2)
(2)
8.8

Proprietors' and rental income ^
Business and professional
Farm
Rental income of persons

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

12.2
6.0
4.1
2.1

12.0
5.9
4.1
2.0

12.3
5.8
4.3
2.1

41.4
21.1
12.5
7.8

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

49.1
23.4
17.3
8.4

'Corporate profits and inventory valuation adjustment. _
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax..

36.2
41.4
18.6
22.8
51

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

10.6
12.7
5.7
7.0
-2.0

10.0
12.2
7.3
4.9
-2.2

10.8
11.4
6.8
4.6
-.6

(2)
(2)
(2)
(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
31.1
20.7
-8.9

43.0
45.4
27.0
18.4
-2.3

(2)
2
(2)
(2)
()
2.8

National income

_

.

__

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

- -

5.4

1.3

1.3

1.4

1.4

1.4

1.4

1.4

5.2

5.3

5.5

5.6

5.6

5.7

5.8

20 9

50

5.1

5.0

5.9

6.4

6.8

6.9

19.6

19.8

21.1

23.1

25.2

26.9

28.9

282.6

Net interest
Addendum: Compensation of general government em-

63.8

66.6

72.4

79.8

78.3

79.1

81.7

264.4

275.0

287.4

303.7

319.0

327.8

327.6

193.6
29.2
102.3
62.1

43.6
5.8
22.7
15.1

46.6
6.4
24.7
15.5

49.7
8.5
25.7
15.5

53.6
8.4
29.2
16.0

49.4
6.9
26.0
16.4

49.7
6.3
26.8
16.7

49.7
6.2
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

202.5
25.3
110.0
67.2

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

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

16.6
5.0
2.6
2.4
6.4
5.2
4.9

14.1
5.6
2.7
2.9
7.0
1.5
1.2

14.6
6.0
2.8
3.2
6.8
1.8
1.5

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

60.1
23.9
12.9
10.9
25.9
10.3
9.1

65.6
22.5
10.8
11.7
27.2
15.9
14.8

55.7
21.5
9.7
11.8
28.1
6.1
5.1

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
__ _

-2.3

-.4

-.4

-.9

-.6

-.7

.0

.2

-1.7

-1.6

-3.2

-2.7

-2.7

.0

1.2

42.5
23.1
.2
19.7

10.0
5.6
.1
4.5

10.2
5.3
.1
5.0

10.3
5.3
.1
5.0

12.0
6.9
.1
5.2

13.0
8.1
.0
4.9

15.2
9.8
.0
5.5

17.2
11.7
.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

53.4
32.5
.2
21.1

60.4
39.1
.2
21.4

68.2
46.8
.2
21.6

224.7

53.3

541

56.5

60.8

60.0

62.2

63.2

216.3

217.1

227.3

238.3

244.1

249.9

253.2

5.7
4.9
.8
56.5
49.7
6.8

6.4
5.7
.7
56.8
49.7
7.0

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

27.4
24.4
2.9
216.8
208.2
8.5

28.0
25.1
3.0
221.8
201.7
20.1

28.4
25.4
3.0
224.7
202.5
22.2

DISPOSITION OF PERSONAL INCOME
Personal income

204.3
193.6
10.7

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
9.6
.9
49.5
49.4
.2

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
-

282.6

63.8

66.6

72.4

79.8

78.3

79.1

81.7

264.4

275.0

287.4

303.7

319.0

327.8

327.6

5.0
5.4
.2
-.5

5.2
5.8
.2
-2.0

5.4
6.4
.2
—1.6

5.5
6.2
.2
2.3

5.6
6.3
.2
.3

5.8
6.2
.2
-1.5

6.0
6. 3
.2
(2)

20.1
22.3
.7
2.3

20.7
23.3
.7
.4

21.8
25.3
.8
-6.4

22.2
24.3
.8
3.4

22.6
25.9
.8
.8

23.1
24.9
.8
5.0

.3

.1

.2

.0

.1

.1

.1

23.9
25.0
.8
()
.1

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

239.0

53.8

57.6

62.0

65.6

66.0

68.5

<2)

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

10.8
2.3
.0
2.9
1.4
2.2
.2

Equals: Personal income .__

224.7

53.3

54.1

56.5

60.8

60.0

62.2

Less* Personal tax and nontax payments
Federal
_
State and local
Equals* Disposable personal income
Less* Personal consumption expenditures
Eouals* Personal saving
RELATION OF GROSS NATIONAL PRODUCT,
NATIONAL INCOME, AND PERSONAL INCOME

20.5
17.8
2.7

21.2
23.8
.8
-1.8

i Detail will not necessarily add to totals because of rounding,
a Not available.

However, additional light is thrown on the recent movements of consumption and income by the comparison presented in Chart 4, which shows the aggregates in question
not only in current dollars, but also in terms of constant
(1950) dollars. Prices of consumer goods, although virtually
stable from February through September, averaged about 7
percent higher for the first three quarters of this year than




.0

.2

.7

—.1

.2

.6

.3

219.3

230.6

245.8

260.1

269.4

274.3

(2)
2.1
.2
2.9
1.1
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

42.9
8.3
.0
11.5
4.8
8.8
.8

43.0
8.4
.0
11.8
4.8
9.6
.8

63.2

216.3

217.1

227.3

238.3

244.1

249.9

2

0

(2)8.4
1L8
4.8
9.6
.8

253.2

* Includes noncorporate inventory adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.

for 1950. Allowance for this difference in prices substantially dampens, but does not eliminate, the rise in disposable
income. A gain in real terms of about IK percent—roughly
proportionate to the growth of the population—-is implied.
On the other hand, allowance for the price factor indicates
that the physical volume of consumer purchases during 1951,
despite the first-quarter bulge, has run somewhat below last

BUSINESS STATISTICS
JL HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1951 Statistical Supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $1.50) contains monthly data for the years 1947 to 1950, 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 1947. Series
added or revised since publication of the 1951 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 September 1951 for selected series will be found in the Weekly Supplement to the SURVEY.
1950

Unless otherwise stated, statistics through
1950 and descriptive notes are shown in the
1951 Statistical Supplement to the Survey

September

October

1951

November

December

January

February

March

April

May

June

July

August

September

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:
National income total
bil of dol
Compensation of employees, total
do
TVages and salaries total
do
Private
do
Military
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' and rental income, total cf do
Business and professional cf
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

245.8
157.3
149 7
127.2
5.0
17 5
7.7
45.6
23.2
14.3
8.1

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
7.8
18.8
8.5
48.8
24 1
16.4
8.3

274.3
177.4
168 8
140.5

180 4
171 9
141 1

8.7
48.1
23.6
16.3
8.2

8.8
49.1
23 4
17.3
8.4

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
31 1
20.7
—8 9
5.6

43.0
45.4
27 0
18.4
—2 3
5.7

3.8
5.8

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

287.4
202.5
34.3
105.5
62.7
47.3
23.5
24.5
fr

303.7
198.4
29 4
104.9
64.0
60.2

327. 8
201.7
25 9
109.5
66.2
r
65. 6
r
22. 5
r
27.2
r
15.9
r
.0

327.6
202.5
25 3
110.0
67.2
55.7
21.5
28.1
6.1
1.2

Personal income total
Less1 Personal tax and nontax payments
Equals: Disposable personal income
Personal saving §

do
do
do
do

319 0
208.2
31 5
111.5
65.2
r
60. 1
23.9
r
25.9
r
10.3
f —2 7

oo o

—3 2

25.0
11.8
—2.7

40 8
21.2
19.7

47 8
27.3
20.4

227.3
20.2
207.1
46

r

r

238 3
23.1
215.2
16.8

r
r

r
r

53 4
32. 3
21.1
r

244 1
27.4
216. 8
r
8.5

r
r

60. 4
38.9
21.4

68 2
46.6
21.6

249. 9
28.0
221. 8
r
20.1

253 2
28.4
224.7
22.2

r
r

PERSONAL INCOME, BY SOURCE
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._ . _ d o __

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

249. 0
164 8
168.2
75.0
45.3
20.1
27.8

249.8
165 1
168.8
74.6
45.6
20.2
28.4

251.0
166.4
169.9
75.2
45.6
20.3
28.8

252 4
167 1
170.6
74.8
46.0
20.3
29 5

2.9
3. 6
45.3
21.6
11.3

3.2
3. 6
46.3
19.7
12.1

3.1
37
47.2
19.5
11.8

3.0
3.7
48.1
25.0
11.7

3.6
3.7
50.5
18.8
12.6

3.4
3.8
48.2
19.2
12.1

3.7
3.8
47.7
19.7
12.1

3.4
3.8
48.1
20.2
12.1

3.7
38
48.0
20.2
12.7

3.5
3.8
48.0
20.0
12.8

3.5
38
49.2
19.7
12.6

212.9

214.3

215.5

223.4

221.4

222.9

225.2

227. 8

229.0

230.1

4,700
5,830
All industries, quarterly total
mil of dol
5 160
Manufacturing
do
2,050
2,790
2,460
Mining
_do_
180
200
180
Railroad
do
300
290
320
Other transportation
do
120
140
120
Electric and gas utilities
do
750
820
940
1,340
1,240
1,440
Commercial and miscellaneous
do_
T
Revised.
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.
1
Estimates based on anticipated capital expenditures of business.
971026°—51
4

r
r
r

6,250
3,140
200
410
140
890
1,470

Total nonagri cultural income

do_ __

r

230. 1

253. 7
167. 4
170. 8
74. 5
'46.2
r
20.3
r
29.8

253.3
167.9
171.3
74.6
46.3
20.3
30.1

3.4
3.8
M9. 7
'20.1
12.7

3.4
3.8
48.4
20.7
12.5

231. 3

231.8

r

r

NEW PLANT AND EQUIPMENT
EXPENDITURES




1
1

6, 800
3, 650
i 240
1400
i 120
1
1, 030
i 1, 360

S-l

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