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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 IV 1952 . 1951 I 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 (22) () 9.0 186.9 177.8 145.6 (22) () 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 (22) () 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) (22) (2) () (22) (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 3.6 239.5 240.7 243.4 242.7 242.9 260.9 174.8 75.8 46.5 20.8 31.7 171.3 4.2 52.5 20.5 12.4 3.4 3.4 3.3 3.3 3.5 235.4 234.0 235.5 236. 4 239.1 262.5 176.7 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 r r 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 r 266.0 178.6 76.8 48.2 21.3 32.3 175.1 4.5 52.8 21.4 12.5 3. 6 3.8 244. 9 245.3 NEW PLANT AND EQUIPMENT EXPENDITURES J r r r All industries, quarterly total mil. of dol. . rr 6. 665 i 7, 104 6, 715 6, 228 7, 421 r r r Manufacturing do i 3, 251 2,r 802 2,r 841 2,r 742 3r ^35 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
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