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SUKVEY OF CURKENT BUSINESS

6

August 1952

Table 1.—National Income and Product 1951 and First Two Quarters 1952
[Billions of dollars]
Unadjusted
1951

Seasonally adjusted at annual rates

1951

I

II

1952

III

1952 .

1951

I

IV

II

I

II

III

IV

I

II

(2)

269.6

274.8

280.2

285.6

288.0

(2)

2.4

172.9
163.9
137.6
7.4
18.9
8.9

178.2
169.3
141.2
8.5
19.6
9.0

181.0
172.1
142.0
9.1
21.0
8.9

183.4
174.3
143.8
9.6
. 20.9
9.1

186.5
177.4
145.8
(2)
(2)
9.0

186.9
177.8
145.6
(2)
(2)
9.2

13.0
6.9
3.7
2.4

49.7
26.2
15.1
8.5

49.0
26.0
14.4
8.5

50.8
26.0
15.8
9.1

53.1
26.6
17.0
9.4

52.1
27.3
15.4
9.4

51.9
27.6
14.8
9.5

40.7
50.1
28.4
21.7
-9.4

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
3.0

42.7
42.7
24.7
18.1
—.1

NATIONAL INCOME BY DISTRIBUTIVE
SHARES
277.6

66.1

68.7

70.6

72.2

70.6

178.9
169.9
141.2
8.6
20.1
9.0

42.5
40.2
33.6
1.8
4.8
2.3

44.4
42.1
35.0
2.1
5.0
2.3

45.5
43.3
36.1
2.3
4.9
2.2

46.4
44.3
36.5
2.4
5.4
2.1

45.9
43.5
35.5
(2)
(2)
2.4

.-

50.6
26.2
15.6
8.9

12.4
6.6
3.8
2.1

12.2
6.5
3.6
2.1

12.7
6.5
4.0
2.3

13.3
6.7
4.2
2.4

13.0
6.8
3.8
2.3

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

41.6
42.9
24.2
18.7
-1.3

9.5
11.9
6.7
5.1
-2.3

10.4
10.9
6.2
4.7
-.5

10.8
10.0
5.6
4.3
.8

10.9
10.1
5.7
4.4
.8

10.0
10.0
5.8
4.2
.0

6.4

1.6

1.6

1.6

1.6

1.7

1.7

6.3

6.4

6.5

6.6

6.7

6.9

27.4

6.3

6.8

6.8

7.4

7.6

7.6

25.1

26.8

28.6

29.0

30.0

30.5

329.2

79.2

80.1

81.8

88.2

83.3

83.4

319.6

329.3

330.9

337.1

339.4

343.2

208.0
27.1
113.5
67.3

50.0
7.0
26.4
16.6

50.4
6.4
27.2
16.8

50.5
6.3
27.5
16.7

57.0
7.5
32.4
17.2

50.5
5.5
27.4
17.7

53.2
6.4
29.1
17.8

210.5
31.3
113.3
65.9

204.5
26.3
111.3
66.9

206.4
25.5
113.2
67.6

210.5
25.3
116.2
69.0

213.2
25.2
118.0
70.0

214.9
26.4
117.8
70.8

58.5
23.3
11.0
12.3
24.9
10.3
9.4

14.6
5.9
2.8
3.1
6.6
2.1
1.8

14.1
6.3
2.9
3.5
5.8
2.0
1.8

12.5
5.8
2.7
3.1
6.1
.7
.5

14.1
5.0
2.2
2.8
6.4
2.7
2.5

10.2
5.9
2.8
3.1
6.6
-2.3
-2.5

59.8
24.7
12.8
11.9
24.8
10.3
9.0

65.2
23.5
10.9
12.6
25.4
16.3
15.2

56.2
22.4
9.9
12.5
24.9
8.9
8.2

52.9
22.4
10.3
12.1
24.7
5.8
5.2

50.0
23.7
11.0
12.7
25.7
.6
—.1

49.3
23.6
11.0
12.6
25.7
.1
-.8

.2

17.3
5.2
2.6
2.6
6.4
5.6
5.3
fj

.0-

.2

.5

.2

-2.7

-.2

1.1

2.6

1.9

.9

62.6
41.3
37.1
33. 7
3.4
4.2
.4
21.7

12.6
7.8
6.9
6.1
.8
.9
.1
4.9

15.1
9.6
8.7
7.8
.9
.9
.1
5.5

16.9
11.5
10.4
9.6
.8
1.1
.1
5.5

17.9
12.3
11.1
10.2
.9
1.3
.1
5.7

18.2
12.9
11.6
11.0
.6
1.3
.1
5.4

19.7
13.8
12.6
11.8
.8
1.3
.1
6.0

51.9
31.1
27.6
24.3
3.3
3.5
.3
21.1

59.8
38.6
34.9
31.2
3.6
3.7
.3
21.6

67.3
46.1
41.6
38.4
3.2
4.5
.5
21.7

71.2
49.4
44.3
40.8
3.5
5.1
.5
22.3

74.4
51.6
46.4
44.0
2.4
5.2
.4
23.2

78.0
55.3
50.3
47.2
3.0
5.1
.4
23.0

Personal income

254.1

60.4

62.7

63.9

67.0

64.4

65.9

246.2

251.9

256.1

262.0

263.0

264.4

Less* Personal tax and nontax payments
Federal

29.1
26.1
3.0
225.0
208.0
17.0

10.7
9.8
.9
49.7
50.0
-.3

5.9
5.1
.8
56.9
50.4
6.5

6.6
5.9

57.3
50.5
6.8

6.0
5.3
.7
61.1
57.0
4.0

11.8
10.8
1.0
52.6
50.5
2.1

6.9
6.1
.9
59.0
53.2
5.7

28.2
25.3
2.9
218.0
210. 5
7.5

28.7
25.8
3.0
223.2
204.5
18.7

29.0
26.0
3.0
227.1
206.4
20.7

30.4
27.3
3.1
231.5
210.5
21.1

32.5
29.3
3.2
230.5
213.2
17.3

32.9
29.6
3.3
231.5
214.9
16.5

329.2

79.2

80.1

81.8

88.2

83.3

83.4

319.6

329.3

330.9

337.1

339. 4

343.2

24.6
25.3
.9
1.4

5.9
6.2
.2
1.0

6.1
6.1
.2
-.8

6.2
6.3
.2
-1.6

6.5
6.6
.2
2.7

6.7
6.4
.2
-.5

6.9
6.7
.2
(2)

23.4
25.7
.9
.7

24.3
24.7
.9
5.7

25.0
25.0
.9
.0

25.8
25.8
.9
-.8

26.7
26.3
.9
-1.9

27.7
26.8
.9
(2)

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

_.

Proprietors' and rental income 3
Business and professional
Farm
_
Rental income of persons

Net interest
._ _..
Addendum: Compensation of general government employees

46.6
44.3
36.1
(2)
(2)

(2)
2
( 2)

(2)
()

(2)
(2)
(2)
(2)

1.7

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
_
National security
National defense
O ther national security
..
Other
Less: Government sales
State and local

.7-

DISPOSITION OF PERSONAL INCOME

State and local
Equals: Disposable personal income_
Less: Personal consumption expenditures
Equals: Personal saving
_ _

___

._

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

1.1

.1

.2

.5

274.8

280.2

285.6

288.0

(2)

(2)
2.2
.0
2.9
1.5
2.2
.2

40.7
8.1
.1
11.3
4.8
8.6
.9

41.2
8.2
-.2
11.6
4.9
9.0
.9

41.9
8.1
.8
11.6
4.9
9.2
.9

42.5
8.3
-.6
11.5
5.0
9.3
.9

42.7
8.5
.1
11.7
5.0
8.9
.9

(2)

65.9

246.2

251.9

256.1

262.0

263.0

.2

.3

.0

.0

.1

66.1

68.7

70.6

72.2

70.6

(2)

41.6
8.2
.0
11.5
4.9
9.0
.9

9.5
2.2
.0
2.8
1.1
2.0
.2

10.4
2.2
.0
2.9
1.4
2.1
.2

10.8
2.0
.2
2.9
1.1
2.1
.2

10.9
1.8
-.2
2.9
1.3
2.8
.2

10.0
2.5
.0
2.9
1.1
2.1
.2

254.1

60.4

62.7

63.9

67.0

64.4

Detail will not necessarily add to totals because of rounding.
Source: U. S. Department of Commerce, Office of Business Economics.




.7

269.6

•5

277.6

* Not available.

.0

3 Includes noncorporate inventory valuation adjustment.

.2

8.4
.0
11.6
5.0
9.6
.9

264.4

BUSINESS STATISTICS
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 (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 June 1952 for selected

1952

1951

June

July

August

September

October

November

December

January

February

March

April

May

June

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
Wages 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
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

280.2
181 0
172. 1
142.0

274.8
178 2
169.3
141.2
8.5

285.6
183 4
174.3
143.8

186.9
177.8
145.6

9.0
52.1
27.3
15.4
9.4

9.2
51.9
27.6
14.8
9.5

9.6

9.1

20.9

21.0

19.6
9.0
49.0
26.0
14 4

288.0
186 5
177.4
145.8

8.9

9.1

50.8
26.0
15.8

53. 1
26.6
17.0

8.5

9.1

9.4

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
3.0

6.4

6.5

6.6

—.1
6.7

1.7
6.9

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

329.3
204.5
26 3
111.3
66 9
65 2
23.5
25 4
16.3
o

330.9
206.4
25.5
113.2
67 6
56.2
22.4
24.9
8.9
1.1

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
19

343.2
214.9
26.4
117.8
70.8
49.3
23.6
25.7
.1
.9

59 8
21 6

67.3
45.5
21.7

71.2
48.9
22.3

74 4
51.2
23 2

78.0
54.9
23.0

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

251 9
28.7
223.2
18.7

256.1
29.0
227.1
20.7

262.0
30.4
231.5
21. 1

263 0
32.5
230 5
17.3

264.4
32.9
231.5
16.5

do
do
do
do

00

0

r

PERSONAL INCOME, BY SOURCE f
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 _ . . d o
Personal interest income and dividends. .do
Transfer payments
_
do
Less personal contributions for social insurance©
bil. of dol..
Total nonagri cultural income

do

254.3
171.6
75.4
47.0
20.4
28.8
168.2
4.2
48.8
20.4
12.7

254.5
170.7
75.0
46.3
20.4
29.0
167.3
4.2
50.1
20.4
12.5

256.7
171.2
74.8
46.5
20.4
29.5
167.9
4.2
51.5
20.5
12.6

257.3
172.1
75.7
46.3
20.4
29.7
168.8
4.2
50.9
21.0
12.4

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

3.5

3.4

39

3.8

3.8

3.4

3.4

3.3

3.3

3.5

234.0

235.5

236. 4

239.1

239.5

243.4

242.7

242.9

r
r

3.6

240.7

260.9
174.8
75.8
46.5
20.8
31.7
171.3
4.2
52.5
20.5
12.4

235.4

262.5
176.7
76.9
47.0
21.0
31.8
173.4
4.4
51.2
21.5
12.3

263.4
176.0
77.5
46.7
20.8
31.0
172.6
4.3
53.3
21.1
12.1

261.7
174.0
75.9
46.5
20.7
30.9
170.5
4.3
53.4
20.8
12.7

241.7

261.9
177.3
77.7
47.0
20.8
31.8
173.9
4.3
50.7
21.0
12.4

264. 5
177. 9
'76.7
r
47. 7
21.3
32.2
r
174. 6
4.4
'51.7
21.5
P
12.6

266.0
178.6
76.8
48.2
21.3
32.3
175.1
4.5
52.8
21.4
12.5

3. 6
r

3.8

244. 9

245.3

NEW PLANT AND EQUIPMENT
EXPENDITURES J
r
r
r
All industries, quarterly total
mil. of dol. . r 6. 665
i 7, 104
6, 715
6, 228
7, 421
r
r
r
r
Manufacturing
do
i 3, 251
2, 802
2, 841
2, 742
3r ^35
r
r
r
Mining
do
1238
241
244
236
208
r
r
r
r
1391
Railroad
do _
394
354
432
362
r
r
r
r
Transportation, other than rail
do
1417
372
344
420
361
1
T
r
r
r 1 117
Public utilities
.
._
do ._
] , 055
1 042
936
847
r
r
r
r
Commercial and other
do
i 1, 752
1, 872
1, 870
1, 949
1, 708
r
l
Revised.
Estimates for April-June based on anticipated capital expenditures of business.
fRevised 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 the July 1952
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 Revised beginning 1939. For revised annual data for 1939-51 and for quarterly data beginning 1947; see pp. 20-21 of this issue of the SURVEY.




S-l

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