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SURVEY OF CURRENT BUSINESS
rates of inventory accumulation as much as by the increases
in national output. The average quarterly increase in final
purchases since mid-1951 has amounted to $9 billion, at
annual rates, whereas the average increase in national output
has amounted to only $4 billion, the balance being made up

May 1952

by a $5 billion average decline in the rate of inventory accumulation. By the end of the first quarter of the year, the
curves of output and final purchases had nearly converged,
as the rate of inventory accumulation dwindled to negligible
proportions.

Table 1.—National Income and Product, 1951 and First Quarter 1952 1
[Billions of dollars]
1
Jnadjusted 1
2

1951

Se asonally a<Ijusted at jmnual rate s

19 51
I

III

II

19 51

1952

IV 2

I

II

III

269.4

274.3

278.0

280.1

177.5
168.9
140.6
8.9
19.4
8.7

180.6
171.7
141.3
9 6
20.9
8.9

182 0
173.1
142.0

2.4

172.1
163.6
137.1
7.8
18.8
8.5

8.9

9 0

12.1
6.0
4.0
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

48 6
24 2
15 9
8 5

43.0
45.4
25 9
19 4
—2.3

42
39
22
17
2

42
40
22
17
2

I

IV 2

1952

I

NATIONAL INCOME BY DISTRIBUTIVE SHARES
275.5

70.1

70.8

8.7

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
2.4
4.9
2.2

46.1
44.1
36.1
C33)
()
2.0

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

42.8
44.3
25.3
18.9
-1.5

10.0
12.2
7.0
5.2
-2.2

10.8
11.4
6.5
4.9
-.6

11. 1
10.4
59
4.4
.7

10.9
10.3
5.9
4.4
.6

.0

42.9
51.8
29.6
22.2
-8.9

5.7
27.7

1.4
6.4

1.4
6.8

1.4
7.0

1.5
7.6

1.5
77

5.6
25.2

5.7
27 0

58
29 0

58
29 7

59
30 5

78.5

79.4

82.0

88.0

83.6

319.5

328.2

329 5

334 6

339 7

205.5
26.8
111.8
66.8

_ __

68.5

327.8

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

66.0

178.1
169.4
140.3

National income

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

49 6
5. 5
26 8
17.4

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

209 6
25 0
115 6
69 0

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
70
17
1.2

14.7
6.1
29
32
6 5
2 0
1.6

13.4
5.4
2 7
2.7
7 4
7
3

15 1
4 8
2 2
2 7
7 6
2 7
2 3

60.2
23.8
12 9
10 9
25 9
10 6
9.1

65
22
10
11
27
15
14

56 6
21 6
9 8
11 8
27 0
80
6 2

54
20
10
10
29
4
3

53
22
10
11
30

(3)
(3)

_

Proprietors' and rental income 4
Business and professional
Farm
Rental income o f persons _ _ _

__,

Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
In ven tor y valuation ad j ustment __ .
_

__
__

Net interest
_ _
Addendum: Compensation of general government employees

(3)

45.8
43.3
35.3
(3)
(3)

(3)
(3)
(3)
(3)

6
8
8
0
8

(3)
(3)

5
0
9
i
5

(3)

185 8
176 8
144 9

(3)
(3)

(3)
(3)
(3)
(3)
— 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

.
_
_

.2

—.7

.0

.3

6

6

—2.7

6
7
9
7
2
8
1
i

12

2 5

63.0
41.8
37 5
34 1
3.4
4 2
.2
21.4

13.0
8.1
7.2
6.4
.8
.9
.0
4.9

15 2
9.8
88
7 9
.9
9
.0
6.5

17 0
11.6
10 5
9 6
.8
12
.0
5.5

17 8
12 3
11 0
10 1
9
13
.0
55

18 4
13 1
11 8
11 2
6
13
.0
53

53 2
32.4
28 9
25 6
3.3
35
.2
21.0

60 3
39 1
35 3
31 7
36
37
.2
21 3

67 7
46 4
41 8
38 6
32
4 6
.2
21 4

70 7
49 2
44 1
40 5
36
51
.2
21 7

74
52
47
44
2
5

Persona] income

251.1

60.0

62 2

63 2

65 8

63 0

244 1

249 9

253 2

257 0

257 9

Less: Personal tax and nontax payments
Federal
State and local
Equals: Disposable personal income.
__
Less: Personal consumption expenditures
Equals: Personal saving
_

28 4
25. 5
30
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

6 4
5.8
7
56.7
50 0
6.8

59
52
6
59 9
56 1
3.8

11 5
10 5
1 0
51 5
49 6
1.8

27 6
24.7
2 9
216.5
208 8
7.8

28 1
25 1
30
221 8
202 4
19.4

28 4
25 4
30
224.9
204 0
20.8

29 7
26 7
31
227.2
206 7
20.5

31 6
28 4
3 2
226 3
209 6
16.7

327.8

78.5

79.4

82.0

88.0

83.6

319. 5

328.2

329.5

334 6

339 7

23 5
25 4
.8
3 2
5

56
6 3
.2
5
.2

58
6 2
.2
1l
.2

59
6.3
.2
5
.1

61
6 6
.2
4 2
.0

6 3
6 4
.2

22 6
25.9
.8
16
.8

23 1
24 9
.8
59
8

23 7
25 1
.8
2 3
.4

24 5
25 8
.8
35
.i

25 1
26 3
8

275.5

66.0

68.5

70.1

70.8

(3)

269.4

274.3

278.0

280 1

(3)

42.8
8.5
.0
11.7
4.9
9.4
.8

10.0
2.3
.0
2.9
1.1
2.1
.2

10.8
2.3
.0
2.9
1.4
2.2
.2

11.1
2.1
.2
2.9
1.1
2.2
.2

10.9
1.8
-.2
3.0
1.3
2.9
.2

(3)

42.9
8.3
.0
11.5
4.8
8.8
.8

43.0
8.4
.0
11.8
4.8
9.6
.8

42.6
8.5
.7
11.8
4.8
9.6
.8

42.5
8.6
—.7
11.8
4.9
9 8
.8

(3)

2.8
.0
3.0
1.1
2.2
.2

251.1

60.0

62.2

63.2

65.8

63.0

244.1

249.9

253.2

257.0

_

_
._
...

Net foreign investment— ._
Government purchases of goods and services
FederaL
_
_ _
National security
National defense
Other national security. .
Other
Less: Government sales
State and local. _

._
___
_ _ _ _ _

__
_

6
7
1
6
o
9
3

4
7
9
9
4
2
—1 2
20
7
5
2
9
4
2
2
22 4

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.
Data for the fourth quarter of 1951 are the same as those in the February issue of the
SURVEY except that an actual estimate of fourth-quarter corporate profits has been introduced.




3
4

(3)

.1

Not available.
Includes noncorporate inventory valuation adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.

(3)

4

9.1

o

11.9
4.9
91
.8
257.9

BUSINESS STATISTICS

WlontLi

J- 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 (t), 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.
Monthly averages for 1951 are shown in the March 1952 Survey of Current Business.
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

Data subsequent to March 1952 for selected

1952

1951

March

April

June

May

July

August

September

October

November

December

January

February

March

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
IVtilitarv
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' and rental income, totaled do
Business and professionalcf
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

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 5
168.9
140.6
8.9
19.4
8.7
48.1
23.6
16.3
8.2

42.9
51.8
' 29.6
'22.2
—8 9
5.6

r

43.0
45.4
'25.9
!9.4
-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
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

319.5
208.8
31.3
112.1
65.4
60.2
23.8
25.9
10.6
-2.7

Personal income, total
Less: Personal tax and nontax payments
Equals' Disposable personal income
Personal saving§

T

278.0
180 6
171.7
141.3
96
20.9
8.9
49.1
23.4
17.3
8.4

do
do
do
do

280. 1
182 0
173.1
142.0

185 8
176 8
144 9

8.9
49.8
23.6
17.6
8.5

9.0
48 6
24.2
15.9
8.5

42.6
39.8
'22.8
M7.0
2.8
5.8

M2.5
MO.O
r
22.9
T
17. 1
2.5
5.8

j
59

328.2
202.4
25.9
110.1
66.5
65.6
22 7
27.2
15.8
—.I

329.5
204.0
25.2
111.5
67.3
56.6
21.6
27.0
8.0
1.2

334.6
206. 7
25.0
113.6
68.1
54.6
20.7
29.0
4.9
2.5

339 7
209. 6
25 0
115. 6
69 0
53.4
22 7
30 4
.2
20

53.2
32 2
21.0

60.3
38.9
21.3

67.7
46.2
21.4

70.7
49.0
21.7

74.7
52 3
22.4

244.1
27.6
216.5
7.8

249.9
28.1
221.8
19.4

253.2
28.4
224.9
20.8

257. 0
29.7
227.2
20.5

257.9
31.6
226.3
16 7

PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:
Total personal income _ . .
_ _ _ bil. ofdol__
Wage and salary disbursements, total
do
Commodity-producing industries
do
Distributive industries
do
Service industries
do
Government .
_. ____
do
Wage arid salary receipts, total 9
do
Other labor income _ . . - . _ _ . _ do _ _
Proprietors' and rental income
do
Personal interest income and dividends. _do
Transfer payments . - .
do
Less personal contributions for social insurance©
bil. of dol. _
Total nonagricultural income

do

245.5
165. 9
73.7
44.9
20.0
27.3
162.2
3.8
47.7
19.7
12.1

249.0
168. 2
75.0
45.3
20.1
27 8
164. 8
3.8
48.1
20.2
12.1

249.8
168.8
74.6
45.6
20 2
28.4
165.1
O

Q

48.0
20.2
12.7

251.0
169.9
75.2
45.6
20.3
28.8
166.4
3.8
48.0
20.0
12.8

252 4
170.6
74. 8
46.0
20 3
29.5
167. 1
3.8
49 2
19.7
12.6

253.7
170.8
74.5
46.2
20 3
29.8
167.4
3.8
49.7
20.1
12.7

253.6
171.7
75.0
46.4
20 3
30.0
168. 3
3.8
48.3
20.7
12.5

257.5
173.1
75.1
46 1
20 4
31 5
169. 5
38
50 5
20.8
12 9

256.5
174.3
75.1
46.1
20 5
32.6
170.7
39
49 1
20.2
12 6

258.6
175.4
76.8
46.5
20. 7
31.4
171.9
3.9
49 8
20.7
12 3

257 7
175.8
76.7
46 8
20 7
31 6
172.1
39
49 9
'19.3
12 9

3.7

3.4

3.7

3.5

3.5

3.4

3.4

3.6

3.6

3.5

227.8

229. 0

230.1

230.1

231.3

232.1

234.5

234.8

235. 9

235.8

r 177. 3

77.4
r
47 0
20 9
r
32 0
r
173. 7
3 9
r
48 6
* 19. 9
r
12 6

4.1

225.2

' 258 3

257. 8
177.2
77.3
47.1
20 7
32.1
173. 6
4.0
47 4
20.6
12.6

4.0
r

4.0

238. 0

238.0

NEW PLANT AND EQUIPMENT
EXPENDITURES
1
4,863
5,913
5,844
All industries, quarterly total J
mil. of dol._
6,672
6, 051
2,154
2,802
2,841
Manufacturing!
do
3 335
*31 120
203
Mining
_ __
_
do.
183
211
199
213
1
303
412
449
395
Railroad
do
377
1
125
136
Other transportation
do
130
120
140
1
753
893
Electric and gas utilities
_ _
do
933
838
998
1
1,345
1,467
Commercial and miscellaneous
do
1,374
1, 345
1,549
T
1
Revised.
Estimates based on anticipated capital expenditures of business; those for subsequent periods of 1952 are shown on p. 15 of the April 1952 SURVEY.
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.
9 Derived by deducting employee contributions for social insurance from total wage and salary disbursements.
QData through 1951 represent employee contributions only; thereafter, personal contributions of self-employed persons are also included.
^Revised beginning 1945. 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 1951 issue.




S-l

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