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SURVEY OF CURRENT BUSINESS

February VX>2

9

Table 3.—National Income and Product, 1949, 1950, and 19511
[Billions of dollars]
Quarterly, 1951
Item

1950

Seasonally adjusted at annual rates

Unadjusted

1951

IV

III

II

IV

III

NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income

2

2

216.7

239.0

275.8

66.0

68.5

70.1

2 71.1

269.4

274.3

278.0

139. 9
133. 4
113.0
4.2
16.1
6.5

153. 3
145.8
123.6
5.1
17.2
7.5

178.1
169.4
140.3

42.4
40.2
33.4
1.9
4.8
2.3

44.3
42.0
34.8
2.2
4.9
2.3

45.3
43.2
35.9

46.1
44.1
36.1

177.5
168.9
140.6
8.9
19.4
8.7

180.6
171.7
141. 3

182.0
173.1
142.0

2.0

172.1
163.6
137.1
7.8
18.8
8.5

()

)

Proprietors' and rental income _.
Business and professional
Farm_
Rental income of persons

41.4
20.9
13.0
7.5

44.0
22.3
13.7
8.0

48.9
23.7
16.9
8.3

12.2
6.0
4.1
2.1

12.0
5.9
4.1
2.0

12.3
5.8
4.3
2.1

12.4
5.9
4.4
2.1

48. 8
24.1
16.4
8.3

48.1
23. 6
16.3
8.2

49.1
23.4
17.3
8.4

49.8
23.6
17.6
8.5

Corporate profits and inventory valuation adjustment Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment

30.5
28.3
11.0
17.3
2.1

36.2
41.4
18.6
22.8
-5.1

2 43.0
2 44. 5
2 26. 6
2 18.0
-1.5

10.0
12.2
7.3
4.9
-2.2

10.8
11.4
6.8
4.6
— .6

11.1
10.4
6.2
4.2
.7

2 11.1
2 10. 5
2 6.3
2 4.3
.6

42.9
51.8
31.1
20.7
-8.9

43.0
45.4
27.0
18.4
-2.3

42.6
39.8
23.7
16.1
2.8

2 43. 6
241. 1
2 24.5
2 16. 7
2.5

Net interest

4.9
19.4

5.4
20.9

5.7

1.4
6.4

1.4
6.8

1.4
7.0

1.5
7.6

5.6
25.2

5.7
27.0

5.8
29.0

5.8
29.7

257.3

282.6

327.8

78.5

79.4

82.0

88.0

319.5

328.2

329.5

334.6

180. 2
23.9
98.7
57 6

193. 6
29.2
102.3
62.1

205. 5
26.8
111.8
66.8

49.5
6.9
26.1
16.5

49.9
6.3

26.9
16.7

50.0
6.2
27.1
16.6

56.1
7.4
31.7
17.0

208.8
31.3
112.1
65.4

202.4
25.9
110.1
66.5

204.0
25 2
111! 5
67.3

206.7
25.0
113.6
68.1

33.0
17.2
8. 3
9.0
19.0
-3.2
-2.5

22.1
12.6
9.5
22.5
4.3
3.6

59.1
22.2
10.9
11.3
27.3
9.7
8.0

16.7
5.0
2.6
2.4
6.4
5.3
4.9

14.4
5.7
2.8
2.9
7.0
1.7
1.2

14.7
6.1
2.9
3.2
6.5
2.0
1.6

13.4

5.4
2.7
2.7
7.4
.7
.3

60.2
23.8
12.9
10.9
25.9
10.6
9.1

65.6
22.7
10.9
11.7
27.2
15.8
14.1

56.6
21.6
9.8
11.8
27.0
8.0
6.2

54.6
20.7
10.1
10.6
29.0
4.9
3.3

.0

.3

.6

— 2.7

-.1

1.2

2.5

13.0
8.1
7.2
6.4
.8
.9
.0
4.9

15.2
9.8
8.8

17.8
12.3
11.0
10.1
.9
1.3
.0
5.5

53. 2
32.4
28.9
25.6
3.3
3.5
.2
21.0

60.3
39.1
35.3
31.7
3.6
3.7
.2
21.3

67.7
46.4
41.8
38.6
3.2
4.6
.2
24.4

70.7
49.2

5.5

17.0
11.6
10.5
9.6
.8
1.2
.0
5.5

44.1
40.5
3.6
5.1
.2
21.7

Compensation of employees
Wages and salaries
Private
Military,
Government civilian
Supplements to wages and salaries,_
4

Addendum: Compensation of general government employees._.

(

()

2.2

()

8.9

281.2

8.9

GROSS NATIONAL PRODUCT OF 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
Xonfarm only
Net foreign investment

.5

-2.3

.2

43.6
25.9
19.3
13.6
5.7
6.6
.4
18.1

42.5
23.1
19.1
14.9
4.3
3.9
.2
19.7

63.0
41.8
37.5
34.1
3.4
4.2
2
2L 4

Personal income

205.1

224.7

251.1

60.0

62.2

63.2

65.8

244.1

249.9

253.2

257.0

Less: Personal tax and nontax p a y m e n t s . .
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures-.
Equals: Personal saving

18.6
16.2
2.5
186. 4
180.2
6.3

20.5
17.8
2. 7
204! 3
193. 6
10.7

28.4
25.5
3.0
222. 6
205. 5
17.2

10.5
9.6
.9
49.5
49.5
.0

5.7
4.9
.8
56.5
49.9
6.6

56.7
50.0
6.8

5.9
5.2
.6
59.9
56.1
3.8

27.6
24.7
2.9
216. 5
208.8
7.8

28.1
25.1
3.0
221.8
202. 4
19.4

28.4
25.4
3.0
224.9
204.0
20.8

29.7
26.7
3.1
227.2
206.7
20.5

257.3

282.6

327.8

78.5

79.4

82.0

88.0

319.5

328.2

329.5

334.6

19.1
21.7
.7
-.8
.0

21.2
23.8
.8
-1.8
.3

23. 5
25.4
.8
2.9
.5

5.6
6.3
.2
.5
.2

5.8
6.2
.2
—1.1
.2

5.9
6.3

6.1
6.6
.2
4^0
.0

22.6
25.9
.8
1.6
.8

23.1
24.9
.8
5.9
.8

23.7
25.1
.8
2.3
.4

24.5
25.8
.8
2.5
.1

216.7

239.0

2 275.8

66.0

68.5

2 71.1

269.4

274.3

278.0

30.5
5.7
.0
11.6
4.6
7.6
.7

36.2
7.0
.0
14.3
4.7
9.2

2 43.0
8.5
.0
11.7
4.9
9.4

10.0
2.3
.0
2.9
1.1
2.1
.2

10.8
2.3
.0
2.9
1.4
2.2
.2

70.1
11.1
2.1
.2
2.9
1.1
2.2
.2

2 11.1
1.8
-.2
3.0
1.3
2.9
.2

42.9
8.3
.0
11. 5
4.8
8.8

43.0
8.4
.0
11.8
4.8
9.6
.8

42.6
8.5
.7
11.8

2 43. 6
8.6
11.8
4.9
9.8
.8

205.1

224.7

251.1

60.0

62.2

63.2

65.8

244.1

249.9

253.2

257.0

Government purchases of goods and services.
Federal
National security _ 5
National defense
Other national security 6
Other
Less: Government sales
State and local.

.9
.0

DISPOSITION OF PERSONAL INCOME

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
2

Detail will not necessarily add to totals because of rounding.
Since the usual source materials on corporate profits are not yet available for the fourth
quarter, tentative and preliminary estimates of profits in that period, based upon the past
relationship of corporate profits and inventory valuation adjustment to private nonfarm
gross national product, are utilized above.
3
Not available.
4
Includes noncorporate inventory valuation adjustment.
5 Includes the purchases of the following agencies: Atomic Energy Commission, Defense.
Department, Maritime Administration (before 1950), National Advisory Committee for
Aeronautics, and Selective Service System; and for the following programs: Defense production and economic stabilization, foreign military assistance administered by Mutual Security
984165°—52

-2




.1

4.8
9.6
.8

2

281.2

Agency (formerly Mutual Defense Assistance program), and the stockpiling of strategic and
(formerly
critical materials.
6
Includes the purchases of the following agencies: Maritime Administration (after 1949),
National Security Council, National Security Resources Board. Philippine War Damage
Commission, and State Department; and for the following foreign economic assistance programs: Those now administered by the Mutual Security Agency, government and relief in
occupied areas, India Emergency Food Aid, International Children's Emergency Fund,
and Yugoslav Emergency Relief Assistance.
Source: U. S. Department of Commerce, Office of Business Economics.

WontU 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 December 1951 for selected series will be found in the Weekly Supplement to the SURVEY.
Unless otherwise stated, statistics through
1950 and descriptive notes are shown in the
1951 Statistical Supplement to the Survey

1950
December

1951
January

February

March

April

May

June

July

September

August

October

November

December

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
Wages and salaries, total
do
:
!
Private
do
Military
do
i
Government civilian
do
i
Supplements to wages and salaries
do
Proprietors' and rental income totalcf 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

260.1

269. 4
172 1
163.6
137.1
78
18.8
85
48.8
24.1
16 4
83

42.2
50.3
22.5
27.8
-8.2
5.6

42.9
51 8
31.1
20.7
—8.9
5.6

303. 7
198 4
29.4
104.9
64.0
60.2
23.3
25.0
11.8
—2.7
47.8
27.3
20.4

T
319.5
' r208.8
31 3

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

238. 3
23.1
215.2
16.8

'8 9
49.1
23.4
17.3
8.4

8.9
49.8
23.6
17.6
8.5

42.6
39.8
23.7
16. 1

' 328. 2
' 202 4
25.9
r
110.1
r
66. 5
65 6
'22. 7
27.2
T
15.8
r

281.2
182.0
173 1
142.0

43 6
41.1
24.5
16. 7
2 '1
5.8

43.0
45.4
27.0
18.4
-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
1
New construction
do
1
Producers'durable equipment
do
Change in business inventories . . . d o
Net foreign investment
do
Government purchases of goods and services,
total
.
bil of dol
Federal (less Government sales)
do
State and local
. .
do

r
278.0
' 180. 6
171. 7
141.3

274.3
177.4
T
r 168.9
140. 6
'8.9
* 19.4
8.7
48.1
23.6
16 3

157.2
132.7
66
17.9
79
47 2
23.0
15.8
84

!
1

8.2

r ] 1 2. 1
r

i

r

r
T

65.4

60. 2
r 23. 8

' 25. 2
r 111. 5

' 67.3

244.1
'27.6
' 216.5
'7.8

'21.6
'27.0
'8.0
1.2

'60.3
38.9
'21.3

1

'53.2
'32.2
'21.0

!

r 56. 6

—A

j

334. 6
206. 7
25.0
113.6
68.1
54.6
20. 7
29.0

' 329. 5
204 0

T

'67.7
'46.2
'21.4

249.9
28.1
221 8
' 19.4

25.9
10.6
-2.7

r

1

2.8
5.8

253 2
28.4
' 224. 9
'20.8

r

4.9

2.5
70. 7
49.0
257. 0
29 7
i

«>27

')

20. 5

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
do
Total nonagricultural income..

do

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

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

3. 5

38
48.0

20.2
12.7

ss
48.0

20.0
12.8

223.4

221.4

222. 9

225. 2

227.8

229.0

230.1

9R R

252. 4
167.1
170.6
74.8
46.0
20.3
29.5
3.5
3.8
49.2
19.7 |
12.6
230.1

253. 7
167.4
170.8
74. 5
46.2
20.3
29.8

253.6
168.3
171.7
75.0
46.4
20.3
30.0

3.4
3.8
49. 7
20.1
12.7

3.4
3.8
48.3
20.7
12.5

231.3

232.1

257.5
169. 5
173.1
75. i ;
46. I i
20.4
31.5
36

r
256 5
' 170.7
' 174.3
' 75.1
r 46. 1
20.5
'•32.6

•} A
* Q
*

49.1
20. 2
12.6

3.4
3.9
49. 6
20. 5
12.3

' 234. 8

234.:',

3 8

50.5
20.8 :
12.9
234. 5

257 1
170.8
174.2
76. 2
46. 2
20.4
31.4

r

NEW PLANT AND EQUIPMENT
EXPENDITURES
! i (>, 506
All industries, quarterly total J
mil. of doL.
5,517
4,863
5,913
5,844 i
Manufacturing{.
. ..do
2,474
i 3,345
2 841 1
2,154 '
2 802 ! !
1
198
Mining
do. .
221
183 j
203
199 j
1
320
Railroad
do
i
472
303 i
412 i
377
Other transportation
_ . do
145
' 130
125
136
120
935
Electric and gas utilities
do
i 1,075
753
893
933
i 1,257
1,445
Commercial and miscellaneous
do
1,345
1,467
1,374 1
!
r
Revised. _ Estimates based on anticipated capital expenditures of business.
Kevised.
(^Includes inventory valuation adjustment.
§Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
I Revised beginning 19-15. For revised annual data for 1945-51, see p. 5 of the January 1952 SURVEY; and for quarterly data beginning 1947 for manufacturing, p). 20 of the December 195;
issue.




S-l

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