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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 (formerly Mutual Defense Assistance program), and the stockpiling of strategic and 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 83 274.3 177.4 T r 168.9 140. 6 '8.9 * 19.4 8.7 48.1 23.6 16 3 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 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 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 ' 328. 2 ' 202 4 25.9 r 110.1 r 66. 5 65 6 '22. 7 27.2 T 15.8 r 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 16.8 157.2 132.7 66 17.9 79 47 2 23.0 15.8 84 ! 1 r r 281.2 182.0 173 1 142.0 '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 43 6 41.1 24.5 16. 7 2 '1 5.8 8.2 r ] 1 2. 1 i r 278.0 ' 180. 6 171. 7 141.3 r T 65.4 60. 2 r 23. 8 25.9 10.6 -2.7 r j 1 '53.2 '32.2 '21.0 244.1 '27.6 ' 216.5 '7.8 1 2.8 5.8 334. 6 206. 7 25.0 113.6 68.1 54.6 20. 7 29.0 ' 329. 5 204 0 T ' 25. 2 r 111. 5 ' 67.3 ! r 56. 6 —A '21.6 '27.0 '8.0 1.2 '60.3 38.9 '21.3 '67.7 '46.2 '21.4 249.9 28.1 221 8 ' 19.4 253 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. Kevised. _ Estimates based on anticipated capital expenditures of business. (^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