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SURVEY OF CURRENT BUSINESS

12

July 11)52

Table 1.—National Income by
[Millions of dollars]

1930

1929

National income

1932

1931

1933

1934

1935

1936

87,355
_

_

_

__

_

Supplements to wages and salaries
Employer contributions for social insurance
Other labor income

_

_

56, 789

64,719

46,515

39, 470

30, 826

29, 330

34, 067

37, 107

42, 675

45 894
40, 720
315
4,859

38 886
33, 607
308
4,971

30 284
25, 297
295
4,692

28 825
23 660
270
4 895

33 520
27 420
271
5 829

36 508
29 984
306
6 218

41 754
33 866
338
7 550

621
101
520

621
106
515

584
111
473

542
126
416

505
133
372

547
147
400

599
171
428

921
418
503

13, 927

10, 963

8,214

4,921

5,207

6,603

9,858

9,942

8,262
8,120
5,665

7,032
6,277
755
3,931

5,316
4, 705
611
2,898

3,206
2,911
295
1,715

2,925
3 450
— 525
2 282

4,276
4 330
— 54
2 327

4,987
5 037
— 50
4 871

6,074
6 194
— 120
3 868

4,786

3,620

2,508

2,018

2,095

2,288

2,682

312

_ _ _ _

Income of unincorporated enterprises and inventory valuation adjustment
Business and professional
Income of unincorporated enterprises
Inventory valuation adjustment
Farm

48, 613

50 165
45, 206

_ _ _ _ _

39, 584

50, 786

__

41, 690

4, 647

_

Wages and salaries
Private
Military _
__
Government civilian

58, 873

5,811

Compensation of employees.,

75, 003

. __

.
_ _ _ __ _

142

Rental income of persons
___

__

6,563

1,631

-1,995

-1,981

1,098

2,997

4,946

9,818
1,398
8,420
5,823
2,597
472

3,303
848
2,455
5,500
-3,045
3,260

-783
500
-1,283
4,098
-5,381
2,414

-3,042
382
—3, 424
2,574
-5,998
1,047

162
524
— 362
2,066
— 2 428
-2, 143

1,723
746
977
2, 596
— 1 619
-625

3,224
965
2,259
2,872
— 613
-227

5,684
1 411
4,273
4,557
—284
— 738

6,541

Corporate profits before tax
_
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment

10,290

_

Corporate profits and inventory valuation adjustment

6,176

5,938

5,430

5 010

4 750

4 539

4 474

_

_

_

___

__.

_ _ _ _

_

_

Net interest

Table 2.—Gross National Product
[Millions of dollars]
1929

Gross national product. _

. _

1934

1935

1936

90, 857

75, 930

58, 340

55,760

64,868

72, 193

82,483

78,761

70, 789

61, 153

49,208

46,346

51,882

56,215

62,515

_ _ _ _ _ _ _

9,362
37, 742
31, 657

7,275
34, 052
29, 462

5, 569
28, 955
26, 629

3,694
22, 743
22, 771

3, 503
22, 254
20, 589

4, 255
26, 732
20, 895

5,158
29,377
21, 680

6,374
32, 887
23, 254

_

15, 824

10, 209

5,362

886

1,306

2,807

6,146

8,318

7,824
6,438
1,562

5,566
4,926
—283

3,561
3,162
—1,361

1,668
1,781
—2, 563

1,142
1,783
—1,619

1,420
2, 531
—1, 144

1,890
3, 351

905

2,783
4,531
1,004

771

690

197

169

150

429

—54

—93

8,472

9,169

9,218

8,077

7,958

9,750

9,886

11,743

1,311

_ _ .

Gross private domestic investment .

_

New construction
_.
Producers' durable equipment.
Change in business inventories

_

_

_
_ __

Net foreign investment
Government purchases of goods and services
Federal
National security '
National defense
Other national security
Other
Less* Government sales
State and local

1933

103, 828

1,410

1,537

1,480

2,018

2,991

2,931

4,815

2,935

4,818

6

4

6, 759

6, 955

3
6,928

_

Personal consumption expenditures.
Durable goods
Nondurable goods
Services

1932

1931

1930

_

_

_
_

1, 344

_

33
7,161

22
7,759

12

4

7,681

6, 597

4
5,940

i For the years 1947 to 1951, national defense purchases comprise the purchases of the Atomic Energy Commission, Defense Department, Maritime Administration (before 1950),
National Advisory Committee for Aeronautics, and Selective Service System, together with purchases for the programs of defense production and economic stabilization, foreign military
assistance administered by Mutual Security Agency (formerly Mutual Defense Assistance program), and the stockpiling of strategic and critical materials. Purchases under "Other




SUKVEY OF CURRENT BUSINESS

July 1952

Distributive Shares, 1929-51

1937

1938

1939

13

[Millions of dollars]
1940

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

73,627

67,375

72,532

81,347

103, 834

137, 119

169, 686

183, 838

182, 691

180, 286

198, 688

223, 469

216, 259

239, 170

277,554

47, 696

44, 747

47, 820

51,786

64, 280

84,895

109,212

121, 163

123, 026

117,098

127, 988

140, 166

139,915

153,375

178,88

45, 948
38, 432
358
7,158

42, 812
34, 564
370
7,878

45, 745
37, 519
398
7,828

49, 587
41, 130
591
7,866

61, 708
51, 537
1,862
8,309

81, 887
65, 788
6,330
9,769

105, 647
78, 814
14, 445
12, 388

116, 924
83, 449
20, 638
12, 837

117, 673
82, 101
22, 598
12, 974

111, 227
90, 577
7,962
12, 688

122, 059
104, 803
4,068
13, 188

134, 357
115, 659
3,970
14, 728

133, 356
112, 978
4,248
16, 130

145, 603
123, 442
4,999
17, 162

169, 9 (
0
141, 151
8,64(
20, 10'

1,748
1,234
514

1,935
1,423
512

2,075
1,540
535

2,199
1,624
575

2,572
1,983
589

3,008
2,302
706

3, 565
2,677
888

4,239
2,937
1,302

5,353
3,805
1,548

5,871
3,970
1,901

5,929
3,565
2,364

5,809
3,042
2,767

6,559
3,503
3,056

7,772
3,962
3,810

8,97'
4,74*
4,22(

12, 249

10, 768

11, 282

12,660

16,504

23,041

26,731

28,997

31,247

35,375

35,365

39, 751

34, 405

37,015

41,77*

6,630
6,659
-29
5,619

6, 347
6,126
221
4,421

6,776
6,942
-166
4,506

7,720
7,772
-52
4,940

9,566
10, 210
-644
6,938

12, 573
12, 945
-372
10, 468

14, 963
15, 117
-154
11, 768

17, 156
17, 226
-70
11, 841

18, 719
18, 832
-113
12, 528

20, 585
22, 404
-1,819
14, 790

19, 776
21, 323
-1,547
15, 589

22, 085
22, 480
-395
17, 666

21, 629
20, 998
631
12, 776

23, 667
24, 907
-1, 240
13, 348

26, 21(
26,59
-38
15, 56*

3,140

3,278

3,465

3,620

4,322

5,395

6,109

6,495

6,256

6,620

7,059

7,506

7,720

8,175

8,87

6,166

4,292

5,753

9,177

14,615

19,894

24,279

24,046

19, 153

18,271

24, 732

31,711

29, 189

34,795

41,57

6,197
1,512
4,685
4,693
-31

3,329
1,040
2,289
3,195
-906
963

6,467
1,462
5,005
3,796
1,209
-714

9,325
2,878
6,447
4,049
2,398
-148

17, 232
7,846
9,386
4,465
4,921
-2, 617

21, 098
11,665
9,433
4,297
5,136
-1,204

25, 052
14, 406
10, 646
4,493
6,153
-773

24, 333
13, 525
10, 808
4,680
6,128
-287

19, 717
11, 215
8,502
4,699
3,803
-564

23, 464
9,583
13, 881
5,808
8,073
-5, 193

30, 489
11, 940
18, 549
6,561
11, 988
-5, 757

33, 762
13, 028
20, 734
7,250
13, 484
-2,051

27, 107
10, 817
16, 290
7,469
8,821
2,082

39, 610
18, 383
21, 227
8,957
12, 270
-4,815

42,87
24,21
18,66
9,03
9,62
—1,2

4,376

4,290

4,212

4,104

4,113

3,894

3,355

3,137

3,009

2,922

3,544

4,335

5,030

5,810

6,49

o

or Expenditure, 1929-51
[Millions of dollars]
1939

1938

1937

1940

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

90,213

84,683

91,339

101,443

126,417

161,551

194,338

213, 688

215,210

211,110

233,264

259, 045

258,229

284, 187

329, 232

67, 121

64,513

67, 466

72, 052

82, 255

91,161

102, 244

111,550

123, 079

146, 907

165, 570

177,890

180, 588

194,277

207, 972

7,005
35, 232
24, 884

5,754
34, 032
24, 727

6,729
35, 258
25, 479

7,854
37, 594
26, 604

9,750
43, 960
28, 545

7,060
52, 871
31, 230

6,824
60, 970
34, 450

7,103
67, 054
37, 393

8,472
74, 886
39, 721

16, 573
85, 849
44, 485

21, 369
95, 142
49, 059

22, 883
100, 889
54, 118

23, 840
99, 223
57, 525

29, 152
102, 760
62, 365

27, 120
113, 505
67, 347

11,440

6,311

9,917

13, 949

18,334

10,873

5,709

7,714

10, 733

28,726

30, 187

42,693

33,465

50,349

58, 515

3,687
5,444
2,309

3.309
3,975
—973

4,899
4,577
441

5,566
6,108
2,275

6,784
7,676
3,874

3, 951
4, 857
2,065

2,549
4,082
—922

2,817
5,706
—809

3,934
7,545
—746

10, 291
12, 328
6,107

13, 904
17, 080
—797

17, 716
19, 948
5,029

17, 250
18, 697
—2, 482

22, 889
21, 989
5,471

23, 252
24, 927
10, 336

62

1,109

888

1,509

1,124

—207

—2,245

—2,099

—1,438

4,561

8,895

1,864

528

—2,304

193

11,590

12,750

13, 068

13,933

24,704

59,724

88, 630

96, 523

82, 836

30, 916

28, 612

36,598

43, 648

41,865

62,552

4,552

5,280

5,157
1, 258

6,170
2,223

16, 923
13,794

52, 027
49, 567

81, 223
80, 384

89, 006
88, 615

74, 796
75, 923

20, 946
21, 177

3, 908
9
7,911

3,956
9
7,763

3,173
44
7,781

2,664
204
7,697

1,480
641
7,407

1,552
1,161
7,517

1,031
2,158
8,040

2,469
2,700
9,970

15, 784
13, 328
12, 233
1,095
3,751
1, 295
12, 828

21, 022
16, 083
11,677
4,406
5,570
631
15, 576

25, 449
19, 274
13, 556
5,718
6,570
395
18, 199

22, 165
18, 497
14, 244
4,253
3,909
241
19, 700

40, 881
37, 085
33, 663
3,422
4,202
406
21, 671

[

4,557

5, 286

5
7,038

6
7,470

[

national security" comprise those of the Maritime Administration (after 1949), National Security Council, National Security Resources Board, Philippine War Damage Commission, and
State Department, as well as purch ases for the following foreign economic assistance programs: those now administered by the Mutual Security Agency, government and relief in occupied
areas, India E mergency Food Aid, International Children's Emergency Fund, and Yugoslav Emergency Relief Assistance. National security purchases for the years 1939-46 represent the
series labeled "War" in the 1951 National Income supplement.




SURVEY OF CURRENT BUSINESS

14

July 1952

Table 3.—Personal Income and
[Millions of Dollars]
1929

Personal income

_ _ _ _

1930

1931

1932

1935

'

1936

76, 195

64, 835

49, 274

46, 629

53, 230

59 861

68 353

30, 132
30, 284
152

28, 673
28, 825
152

33, 363
33, 520
157

36, 346
36, 508
162

41 574
41, 754
180

400

2 596
5 980
2 193

428
12, 146
2 872
5 680
i 389

503
12, 624
4 557

__

_ _ _..

50, 023
50, 165
142

45, 747
45, 894
147

38, 735
38, 886
151

_

_ _ _ _ _ _ _

520
19, 738

7 524
1.499

515
15, 749
5, 500
7, 140
1,544

11,834
4,098

2,643

Equals: Disposable personal income
Less: Personal consumption expenditures

_ _ _ . _

1934

85, 127

Wageandsalaryreceipts_ __ _
Total employer disbursements.
_
Less: Employee contributions for social insurance
Other labor income
Proprietors' and rental incomeDividends
Personal interest income
Transfer payments

1933

_

_

_

_

5,823

473

416

7,429

372

7,225

8,698

1,134
1,373

1,858
607
1, 251

1,455
331
1, 124

1 464
474
990

1 595
595
1 000

1 888
827
1 061

o 258
1 130
1 128

73, 688

62, 977

47, 819

45 165

51 635

57 973

66 095

78,761

70, 789

61, 153

49, 208

46 346

51 882

56 215

62 515

3,723

- -

2,673

2,507

82, 484

Less* Personal tax and nontax payments
Federal
State and local

7 022

2, 574
6 571
2, 152

2,899

1 824

— 1 389

— 1 181

—247

1 758

3 580

1,263
1,380

Equals * Personal saving

2, 066
6 180
2 113

3' 520

Table 4.—Relation of Gross National Product,
[Millions of dollars]
1929

Gross national product

1933

1934

1935

1936

103 828

Less' Capital consumption allowances
Depreciation charges
_
Accidental damage to fixed capital
Capital outlays charged t o current expense
Equals: Net national product

1932

1931

1930

_ _
_

_

____

75, 930

58, 340

55 760

64 868

72 193

82 483

8,816
7,553
413
850

_ _

90 857

8,747
7,653

8,312

351
478

7,663
6,950

7,245
6,608

7,218

389
705

7,483

329
384

275
362

7 369
6, 577

7 684

237
455

236
556

381
696
74, 799

6,526

6,607

95, 012

82, 110

67, 618

50, 677

48, 515

57, 650

64, 824

Plus* Subsidies minus current surplus of government enterprises

— 147

— 123

—49

A K

18

283

403

39

Less: Indirect business tax and nontax liabilitv
Business transfer payments
Statistical discrepancy..
_______

7,003

7, 155

6, 859

6, 768

7,055

7,815

8, 190

641
864

8,663

-346

594
862

587
-80

_




737
1,437

659

1,235

594

75, 003

58, 873

41,690

39, 584

48, 613

56, 789

64,719

2,597

Less: Undistributed corporate profits
Corporate profits tax liability
Corporate inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements

Equals: Personal income

649
1,188

87, 355

Equals* National income

Plus: Net interest paid by government
Government transfer payments
Business transfer payments

534
-705

—3, 045

-5,381

-5, 998

-2. 428

— 1,619

—613

500

382

524

746

2,414

1,047

-2, 143

-625

-284
1,411
-738

262
0

278
0

285
0

304
0

333
0

598
0
1, 101
2 926

1,398

- __
_

_

__ _

472
243
0

848

3,260

253
0

964

965
-227

983
912
587

1,010

1,084
2 024

1,141
1, 415

1,170
1 454

1,230
1 552

1, 141
1 795

534

649

737

659

641

594

594

85, 127

76, 195

64, 835

49, 274

46, 629

53, 230

59,861

68,353

"

SURVEY OF CURRENT BUSINESS

July 1052

15

Disposition of Income, 1929—51
[Millions of dollars]
1939

1938

1937

1942

1941

1940

1943

1944

1945

1946

1947

1948

1949

1950

1951

73, 976

68,327

72,607

78,347

95,308

122, 721

150, 286

165, 892

171,927

177, 724

191, 000

209, 494

205,867

226,312

254,075

45, 382
45, 948
566

42, 258
42, 812
554

45, 149
45, 745
596

48, 929
49, 587
658

60, 907
61, 708
801

80, 721
81, 887
1,166

103, 599
105, 438
1,839

114, 881
117,117
2,236

115, 326
117, 659
2,333

109, 246
111, 257
2,011

119, 926
122, 044
2,118

132, 149
134, 327
2,178

131, 167
133, 401
2,234

142, 678
145, 567
2,889

166, 461
169, 877
3,416

514
15, 389
4,693
5, 580
2,418

512
14, 046
3,195
5,482
2,834

535
14, 747
3,796
5,417
2,963

575
16, 280
4,049
5,395
3,119

589
20, 826
4,465
5,402
3,119

706
28, 436
4,297
5,411
3,150

888
32, 840
4,493
5,495
2,971

1,302
35, 492
4,680
5,940
3,597

1,548
37, 503
4,699
6,672
6,179

1,901
41, 995
5,808
7,354
11, 420

2,364
42, 424
6,561
7,922
11, 803

2,767
47, 257
7,250
8,786
11, 285

3,056
42, 125
7,469
9,644
12, 406

3,810
45, 190
8,957
10, 545
15, 132

4,226
50, 649
9,036
11, 339
12, 364

2,921
1,723
1,198

2,862
1,635
1,227

2,440
1,235
1,205

2,604
1,364
1,240

3,293
2,016
1,277

5,981
4,668
1,313

17, 845
16, 517
1,328

18, 935
17, 536
1,399

20, 867
19, 379
1,488

18, 808
17, 162
1,646

21, 506
19, 650
1,856

21, 142
18, 997
2,145

18, 626
16, 159
2,467

20, 808
18, 120
2,688

29, 100
26,100
3,000

71,055

65,465

70, 167

75,743

92,015

116,740

132,441

146,957

151,060

158,916

169, 494

188,352

187,241

205, 504

224, 975

67, 121

64,513

67,466

72,052

82,255

91, 161

102,244

111,550

123,079

146, 907

165,570

177,890

180,588

194,277

207, 972

3,934

952

2,701

3,691

9,760

25,579

30, 197

35, 407

27,981

12,009

3,924

10,462

6,653

11, 227

17, 003

National Income, and Personal Income, 1929-51
[Millions of dollars]
1940

1939

1938

1937

1941

1942

1943

1944

1945

1946

1947

1948

1949

1950

1951

90,213

84,683

91,339

101, 443

126, 417

161,551

194,338

213, 688

215,210

211,110

233,264

259, 045

258,229

284, 187

329,232

7,972
6,838
304
830

7,992
6,894
387
711

8,101
7,082
222
797

8,440
7,228
246
966

9,294
7,878
273
1,143

9,981
8,712
484
785

10, 680
9,504
399
777

11, 887
10, 584
360
943

12, 410
10, 885
381
1,144

12, 163
9,817
407
1,939

14, 845
12, 086
567
2,192

17, 612
14, 368
574
2,670

19, 371
16, 409
518
2,444

21, 538
18, 001
614
2,923

24, 626
20,062
967
3,597

82, 241

76,691

83, 238

93, 003

117,123

151, 570

183,658

201,801

202,800

198,947

218,419

241,433

238,858

262,649

304,606

60

176

485

420

102

150

183

705

835

929

-75

-21

-12

419

541

9,157
567
-1,050

9,154
429
-91

9,365
451
1,375

10, 021
431
1,624

11, 296
502
1, 593

11, 769
495
2,337

12, 735
505
915

14, 127
506
4,035

15, 522
532
4,890

17, 349
557
1,684

18, 658
674
324

20,390
739
-2, 186

21, 644
781
162

23, 751
840
-693

25,329
860
1,404

73, 627

67, 375

72, 532

81,347

103, 834

137, 119

169,686

183,838

182,691

180, 286

198,688

223,469

216,259

239, 170

277,554

-8
1,512
-31
1,800
0

-906
1,040
963
1,977
0

1,209
1,462
-714
2,136
0

2,398
2,878
-148
2,282
0

4,921
7,846
-2, 617
2,784
0

5,136
11, 665
-1,204
3,468
0

6,153
14, 406
-773
4,516
209

6,128
13, 525
-287
5, 173
-193

3,803
11, 215
-564
6,138
14

8,073
9,583
-5, 193
5,981
-30

11, 988
11, 940
-5,757
5,683
15

13, 484
13, 028
-2,051
5,220
30

8,821
10,817
2,082
5,737
-45

12, 270
18, 383
-4,815
6,851
36

9,625
24, 213
—1,295
8,164
29

1,204
1,851
567

1,192
2,405
429

1,205
2,512
451

1,291
2,688
431

1,289
2,617
502

1,517
2,655
495

2,140
2,466
505

2,803
3,091
506

3,663
5,647
532

4,432
10, 863
557

4, 378
11, 129
674

4,451
10, 546
739

4,614
11, 625
781

4,735
14, 292
840

4,893
11, 504
860

73,976

68,327

72,607

78,347

95,308

122, 721

150, 286

165,892

171,927

177,724

191,000

209,494

205,867

226,312

254,075




SURVEY OF OUERENT BUSINESS

July 1!>.~>2

29

Table 41.—National Income by Distributive Shares, Seasonally Adjusted Quarterly Totals at Annual Rates, 1949—51
[Billions of dollars]
1949

I

II

III

IV

Year

221.2

215.7

215.5

212.7

216.3

140.9

National income
Compensation of employees
Wages and salaries
Private
_
Military
Government civilian
Supplement to wages and salaries

139.8
133 3
113 1

139.4
132 8
112 2

139.7
132 9
112 0

139.9
133 4
113 0

16 1

6.5

16 4
6 6

16 4
6 8

134 5
114. 7
4.2
15 7

._ _

6.3

4.1

1951

1950

4.5

4.2

I

II

III

IV

Year

I

II

III

IV

218.9

231.3

247.2

259.4

239 2

269.6

274.8

280.2

285.6

277.6

148.7
141 2
120 1
4 3
16 8
7 5

165
157
132
6
17
8

4
0
7
3
9
4

153
145
123
5
17
7

4
6
4
0
2
8

172.9
163 9
137 6
7 4
18 9
8 9

178.2
169 3
141 2
85
19 6
90

181.0
172 1
142 0
9. 1
21 0

183.4
174 3
143 8

178.9
169 9
141. 2

16 1
6 6

142.0
134 8
113 9
4 4
16 4
7 2

157.4
149 5
127 1
4 9
17 5
7 9

20 9
9 1

20 1

8.9

42.6
22 1
12 4
80

43.4
23 2
12 2
7 9

46.8
24 6
13 9
83

48
24
14
8

0
7
8
5

45
23
13
8

2
7
3
2

49
26
15
8

7
2
1
5

49.0
26 0
14 4
85

50.8
26 0
15 8
9 i

53.1
26 6
17 0
9 4

50.6
26 2
15 6
8 9

5
5
5
0
0

37.0
44 3
20 6
23 7
—7 2

39
48
22
26
—8

8
4
5
0
6

34
39
18
21
—4

8
6
4
2
8

40
50
28
21
—9

7
1
4
7
4

41.2
43 3
24 5
18 8
—2 1

41.9
38 6
21 8
16 9
3 2

42.5
39 5
22 2
17 3
30

41.6
42 9
24.2
18 7
— 1.3

4.2

Year

9.6

8.6

9.0

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

43.8
21 8
14 4
7 5

42.2
21 7
12 8
7 7

41.2
21 5
12 0
7 8

41.3
21 6
11 8
7 9

42.1
21 6
12 8
7 7

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

31.8
31 3
12.5
18 8

.5

28.7
24 7
9 9
14 8
4 0

29.8
26 6
10 7
16 0
31

26.5
25 8
10 3
15 5

7

29.2
27 1
10 8
16 3
2 1

4.8

50

51

53

50

55

57

59

6 2

58

6 3

6 4

6 5

6 6

6.4

18.9

19.2

19.6

20 0

19.4

19 7

19 8

21 0

22 9

20 9

25 1

26 8

28 6

29.0

27.4

Net interest

_ _

Addendum: Compensation of general government employees
__
__.
__

28
30
14
16
—1

8
2
0
2
4

33
35
16
19
—2

Table 42.—Gross National Product or Expenditure, Quarterly, 1949-51
[Billions of dollars]

1949

1950

I
Gross national product

.

Personal consumption expenditures.
Durable goods
Nondurable goods ._
__
Services
... _ _ _ _ _ _

III

..

63.1

62.8

___

. __

II

42.1
4 9
23. J
14.2

44.7
5 7
24.6
14.3

10.2
36

6.5
4.2
5.0

4 8

._ .

Gross private domestic investment .
New construction
Producers' durable equipment-Change in business inventories—-total
Nonfarm only

4.6
2.0
2.0

Net foreign investment

—2.7
—2.4

.3

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

11.3

6.4
4 8

6.6

5 1

3.4
1.4
1.6

3.5
1.7
1.6

4.1

.

4.6

.1

_ _

Year

64.6

67.7

258. 2

64.1

44.1
6 0
23 8
14 3

49.7
7 3
27 7
14.7

180.6
23 8
99 2
57.5

43.7
5 7
22 9
15 1

9.6

7.2
47
4.5

33.5
17 2
18 7
—2.5
—1 6

10.7
4 3
4 4

10.4
5 6
5 3

2 0

__ 7

.5

— 4

— 4
10
5
4
3

4.6
2
5

—2.0
—1 7

.1

I

— 1
10 9
6. 1
4 4
3 3

66.9

16

18
.1

6 6

.4

10 0
5 5
4 2
31
1. 1
13
.1

4.8

18.2

4.5

1.5

.2
4.7

1.2

43
25
19
13

6
4
3
6

5.7

IV

73.3

46.7
6 4
24 8
15 6

2.0

o
10
6
4
3

III

49.9
8 5
25 7
15 6
14.2
69
6 2
1. 1

II

9
3
9
4

.3

10.5

IV

1951

2
2
3
1

10 1
5. 1
4 4
3 4

.1

.l

5.0

5.0

1.3
9

.9
8

I

79 9

284 2

79.2

80 1

81 8

88 2

329 2

53
8
29
16

9
5
4
1

194
29
102
62

3
2
8
4

50
7
26
16

0
0
4
6

50
6
27
16

4
4
2
8

50
6
27
16

5
3
5
7

57
7
32
17

0
5
4
2

208
07
113
67

0
i
5
3

15 1
6 2
6 1

3
9
0
5
6

17
5
6
5
5

3
2
4
6
3

14.6
59
6 6
2 1
18

14
6
5
2
1

1
3
8
0
8

12 5
5 8
6 1

2 5

50
22
22
5
4

58
23
24
10
q

5
3
<)
3
4

— 6

8

Year

—2 3

2

7

11 5
6 4
5 6
4 6
10

41
22
18
14
4
3

16
11
10
9

9
4
4
6

17 9
12*2
11 1
10 2

1 1

1 3

62
40
37
33
3
4

6
9
1
7
4
2

8
1
5.2

9
2
5
2
3
9

2

19 7

II

— 7
12
7
6
6

6
7
9
1

8
9
1
4.9

III

0
15
9
8
7

1
6
7
8

.9
9
1
5.5

IV

8
1

5 5

Table 43.—Gross National Product or Expenditure, Seasonally Adjusted Quarterly Totals at Annual Rates, 1949—51
[Billions of dollars]

1949

1950

1951

i

I

Gross private domestic investment
New construction
Producers' durable equipment-Change in business inventories — total
Nonfarm only, ...
. . .. _ _ .

...

Net foreign investment
Government purchases of goods and services
Federal
_ .__
_ _ _ _ _ _ _ _ _
_._
... - _
National security
National defense
- _ _ - _ _ ._ _
Other national security
Other
Less: Government sales- _ - _
___
State and local




256 9

256 8

258 2

263 5

277 8

291 3

180.2
23 6
99 6
57 0

180
24
98
57

5
5
1
9

183
25
99
58

0
0
1
9

180
23
99
57

6
8
2
5

184
26
98
60

9
0
7
1

189
26
100
61

3
7
8
8

203
34
106
63

5
2
2
1

37 5
17 1
19.2

- -

258 6

178.7
22 4
100. 1
56 3

_ ._.

III

260.6

Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods - _ _ . _ _ . _ _
Services

II

32 6

32 7
16 9
18.3
—2 6
—1 2

31
18
18
—5
—4

0
2
2
4
2

33
17
18
—2
—1

5
2
7
5
6

39
20
IS
—
—

0
8
5
2
1

50 0

50
24
24
2

g
3
4
1

5

—1 7

—1 6

—3 2

—2 7

6
4
3
6
7
6

41 3
21 9
16 9
12*5
4 3

4

53
3

40
20
17
12
5
3

40
20
17
13
3
3

45
25
22
18
3
3

18 2

19 4

19 3

1.2
1.1

19.1
—3 2
—2. 1

IV

1.2

1.3

43.2
25.6
19 3
13.6
58

44.5
26.6
20 5
13 9
6 6
6 3

43
25
19
13
5
6

17 5

18 0

18 5

6.6
.3

.3

.2
6
1
4
6
9
4

' Year

—.5
43
24
17
13
4
7

3
5
8
1
7
0

.3

18 8

43
25
19
13
5
6

I

III

II

22* 2
21 4
6 4
5 4

1
8
3
2
1
8

Year

I

304 2

284 2

319 6

32

199
29
105
64

4
7
3
4

194
29
102
go

3
?
8
4

210 5
31 3
113 3
65 9

20
2
11
6

61
24
23
13
12

6
2
8
6
2

50
22
22
5
4

3
9
0
5
6

IV

8

1
5
4
7
7
3

19 7

9
5
4
5
9
3

3

20 4

—2 3
41
22
18
14
4
3

9
2
5
2
3
9

2

19' 7

59
24
24
10
9

I

8
7
8
3
0

g
2
2
]_(
lt

—2 7
9
8
6
3
3
5

5(
3£
3^
3]

21 1

2]

51
30
27
24
3
3

3

Year

7
5

9

1
5.7

2

4

21 7

* BUSINESS STATISTICS

Wontki

X 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.
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 May 1952 for selected

1951

May

June

July

1952

September

August

October

November

December

January

February

March

May

April

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT f
Seasonally adjusted quarterly totals at annual rates:
National income, total
bil. of doL_
Compensation of employees, total
do
\\r<i°'es 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 professionalcf
do
Karm
do
Rental income of persons
do
Corporate profits and inventory valuation adiustment total
bil of dol
Corporate profits before tax, total
do
Corporate profits tax liability
do
Corporate profits after tax
do
Net interest

r
274. 8
' 178. 2
169. 3
'141.2
'8.5
r
19.6
r
9.0
T
49.0
' 26. 0
r
14.4
r
8. 5

'41.9
' 38. 6
'21.8
' 16. 9
'3 2
'6.5

!

'41.2
43. 3
24. 5
18 8
r
—2. 1
r
6. 4
r
r
r

do

r
329 3
' 204. 5
' 26. 3
r
111 3
r
66. 9
r
65. 2
r
23. 5
T
25. 4
r
16 3
r
—.2

Gross national product total
do
Personal consumption expenditures total do
Durable goods
do
Nondurable Roods
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
Personal income total
Less' Personal tax and nontax payments
Equals' Disposable personal income
Personal saving §

'9.1
' 21. 0
8.9
' 50.8
' 26. 0
' 15.8
'9.1

T

59.8

'6.7

' 337. 1
' 210. 5
' 25 3
'116.2
'69.0
'52.9
'22.4
'24.7
'5.8
'2.6

'339 4
' 213. 2
' 25 2
' 118 0
' 70.0
'50.0
' 23. 7
' 25.7
'6
r
1.9

' 71.2
'48.9
' 22. 3

' 74.4
' 51. 6
'23 2

262 0
' 30. 4
' 231 5
' 21. 1

' 263 0
' 32. 5
'230 5
'17.3

My

0

'67.3
'45.5
'21. 7

21 6

f

' 186. 5
' 177.4
' 145 8

9.0
'52.1
'27.3
' r15.4
9. 4

1

r

' 256. 1
' 29. 0
' 227. 1
' 20. 7

251 9
'28.7
r
223 2
'18.7

do
do
do
do

42.5
'39.5
'22.2
' 17.3
'3 0
r
6. 6

' 1*1.0
T
172. 1
T

r
330. 9
' 206. 4
' 25 5
' 113. 2
' 67. 6
' 56. 2
'22.4
'24.9
'8.9
r
1.1

f 38 3
oo. o
r

' 285. 6
' 1*3. 4
' 174.3
' 143. 8
'9.6
' 20. 9
' 9. 1
' 53. 1
' 26. 6
'17.0
'9.4

' 280. 2

..!

T

i

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

do__.

' 251. 4
r
168.9
75.1
45. 5
20.3
28.0
M65.3
'4.2
49.0
20.3
12 6

' 254. 3
'171.6
' 75. 4
' 47. 0
'20.4
28.8
r
168. 2
r
4.2
'48.8
'20.4
'12.7

' 254. 5
r
170. 7
75. 0
46. 3
20.4
29.0
'167.3
'4.2
50.1
20.4
12.5

' 256. 7
r 171.2

'74.8
* 46. 5
' 20. 4
' 29. 5
' 167. 9
'4.2
'51.5
'20.5
'12.6

'3.6
T

'3.4

'3.4

'3.3

232. 5

' 235. 4

••234.0

'235.5

' 257. 3
r
172. 1
r

46. ,'i
' 20. 4
' 29. 7
' 168. 8
••4.2
'50.9
'21.0
' 12. 4

'3.3
' 236. 4

'261.7
r
1 74. 0
'75.9
' 46. 5
r
20. 7
f
30. 9
' 170.5
'4.3
'53.4
20.8
'12.7
' 3. 5
' 239. 1

' 260. 9
M74.8
75.8
46.5
20. 8
31.7
r
171.3
'4.2
52. 5
20.5
12.4

'3.5
' 239. 5

' 263. 4
' 176.0
46. 7
20.8
31.0
'172.fi
r
4. 3
53. 3
21.1
12.1

' 263. 4
' 176.7
77.3
47.1
20.8
31.5
' 173. 1
'4.3
53. 4
20.1
12.8

' 263. 5
' 178. 0
'78.2
'47.1
20.9
'31.8
'174.5
'4.3
'52.1
' 20. 5
'12.4

' 3. 4

'3.9

'3.8

' 240. 7

' 241. 7

' 243. 4

' 261. 9
r 177.

3

'47^0
20.8
'31.8
'173.9
r4 v

' 50! 7
'21.0
'12.4

'3.S
' 242. 7

' 262. 5
'176.7
' 76. 9
' 47. 0
21.0
'31.8
'173.4
'4.4
'51.2
' 21 . 5
'12.3

263.4
177. 1
76.2
47.4
21. 3
32.2
173.8
4.4
51. 5
21. 5
12.5

'3.6

3.6

' 242. 9

243. 9

NEW PLANT AND EQUIPMENT
EXPENDITURES
All industries, quarterly total!
Manufacturing \
Mining
Railroad
Other transportation. _ _ . _
Electric and gas utilities
__
Commercial and miscellaneous

mil. of dol
do
do
. _ do _
do ._
do
do

5,913
5,844
6,672
i 6, 356
5, 552
|
3 335
2,802
2,841
i 3, 251
2,742
!
j
!
911
203
199
188
i 217
27ft
412
377
449
i 406
134
136
120
130
:
i 161
~~
I
893
933
761
998
i 934
!
1,467
1,374
-.
_
'
1, 549
1,351
i 1, 387
•Revised.
i Estimates for April-June based on anticipated capital expenditures of business; those for July-September are shown on p. 7 of the June 1952 SURVEY.
tRcvised series. Quarterly estimates of national income and product and quarterly and monthly estimates of personal income have been revised beginning 1949; see pp. 29-31 of this SURVEY
for the data.
(^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.
O Data through 1951 represent employee contributions
only; thereafter, personal contributions of self-employed persons are also included.
J Re vised 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.




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