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SUEVEY OF CURRENT BUSINESS

November 1952

Table 2.—National Income and Product, 1951 and First Three Quarters, 1952 *
[Billions of Dollars]
Unadjusted

Seasonally adjusted at annual rates

1951

1951

1952

1951

1952

I

II

III

IV

I

II

III

I

II

III

IV

I

II

III

277.6

66.1

68.7

70.6

72.2

70.6

71.7

(2)

269.6

274.8

280.2

285.6

288.0

286.9

(2)

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
2.5
5.5
2.4

46.6
44.3
36.1
(2)
(2)
2.4

47.7
45.4
37.6
(2)
00
2.3

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
10.0
21.7
9.0

186.9
177.8
145.6
(2)
(2)
9.2

190.3
181.0
148.3
(2)
(2)
9.3

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

13.0
6.9
3.7
2.4

13.1
6.9
3.8
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

52.5
27.5
15.2
9.8

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

10.3
9.9
5.7
4.2
.4

(2)
(2)
(2)
(2)
.1

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
i

41.2
39.5
22.9
16.6
1.7

6.4

1.6

1.6

1.6

1.6

1.7

1.7

1.8

6.3

6.4

6.5

6.6

6.7

6.9

7.1

27.4

6.3

6.8

6.8

7.4

7.6

7.7

7.4

25.1

26.8

28.6

29.0

30.0

30.5

31.1

329.2

79.2

80.1

81.8

88.2

83.4

83.3

85.5

319.6

329.3

330.9

337.1

339.7

342.6

343.4

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

52.8
6.0
29.0
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

215.0
24.2
118.0
71.9

58.5
23.3
11.0
12.3
24.9
10.3
9.4

17.3
5.2
2.6
2.6
6.4
5.6
5.3

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

13.4
6.5
3.1
3.4
5.9
.9
.8

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

51.7
23.0
10.9
12.2
25.0
3.7
3.0

NATIONAL INCOME BY DISTRIBUTIVE SHARES
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
Eental income of persons
Corporate profits and inventory valuation adjustment-Corporate profits before tax.
_
Corporate profits tax liability
Corporate profits after tax __
___
Inventory valuation adjustment
Net interest
_
Addendum: Compensation of general government employees _
__
__
_ ._

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

.6

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

__

.-

.2

-.7

.0

.2

.7

.5

.1

-.3

-2.7

-.2

1.1

2.6

2.2

.4

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

19.6
13.8
12.4
11.7
.7
1.4
.1
5.9

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

77.9
55.2
49.6
46.8
2.8
5.6
.4
23.1

Personal income

254.1

60.4

62.7

63.9

67.0

64.4

65.9

67.1

246.2

251.9

256.1

262.0

263.0

264.4

268.9

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

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
.7
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

7.5
6.8
.7
59.6
52.8
6.7

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

33.6
30.2
3.3
235.3
215.0
20.3

329.2

79.2

80.1

81.8

88.2

83.4

83.3

85.5

319.6

329.3

330.9

337.1

339.7

342.6

343.4

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
—.4

6.9
6.7
.2
-2.1

7.1
6.9
.2
(2)

24.3
24.7
.9
5.7

25.0
25.0
.9
.0

25.8
25.8
.9
-.8

26.7
26.3
.9
-1.6

27.7
26.8
.9
.6

28.3
27.3
.9
(2)

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

_ _

-1.2

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

.1

1.1

.1

.2

.5

.2

274.8

280.2

285.6

288.0

286.9

(2)
2.1
-.1

40.7
8.1
.1

41.2
8.2
-.2

41.9
8.1
.8

42.5
8.3
-.6

42.7
8.5
.1

41.2
8.4
.0

(2)
8.6
—.4

3.0
1.1
2.1
.2

11.3
4.8
8.6
.9

11.6
4.9
9.0
.9

11.6
4.9
9.2
.9

11.5
5.0
9.3
.9

11.7
5.0
8.9
.9

11.6
5.0
9.6
.9

12.0
5.0
9.3
.9

67.1

246.2

251.9

256.1

262.0

263.0

264.4

268.9

.2

.0

.0

66.1

68.7

70.6

72.2

70.6

71.7

(2)

Less: Corporate profits and inventory valuation adjustment.
Contributions for social insurance
Excess of wage accruals over disbursements

41.6
8.2
.0

9.5
2.2
.0

10.4
2.2
.0

10.8
2.0
.2

10.9
1.8
-.2

10.0
2.5
.0

10.3
2.2
.0

Plus: Government transfer payments
Nftt interest paid by Government
Dividends
Business transfer payments

11.5
4.9
9.0
.9

2.8
1.1
2.0
.2

2.9
1.4
2.1
.2

2.9
1.1
2.1
.2

2.9
1.3
2.8
.2

2.9
1.1
2.1
.2

2.9
1.5
2.2
.2

62.7

63.9

67.0

64.4

Equals: Personal income
1
2

_.

__

__

___ _ _ _

_

254.1

Detail will not necessarily add to totals because of rounding.
Not available.




60.4

.3

.0

65.9

__ o

.7

269.6

.5

277.6

Equals: National income

23.4
25.7
.9
.7

.0

3 Includes noncorporate inventory valuation adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.

(2)

* 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.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
vided through the courtesy of the compilers, and are subject to their copyrights.
Unless other-wise stated, statistics through
1950 and descriptive notes are shown in the
1951 Statistical Supplement to the Survey

1952

1951
k e

' bor m "

November

Goober

Data from private sources are pro-

Docomher

January

February

March

A]iril

May

June

July

August

^b^r™"

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT f
Seasonally adjusted quarterly totals at annual rates:
National income total
bil of dol

280 2
181 0
172 1
142 0

288 0
186 5
177 4
145 8
10.0
2) 7
9 0
52 1
27 3
15 4
9 4

286 9
186 9
177 8
145.6

190 3
181 0
148 3

9.1
21.0
8 9
50 8
26 0
15 8
91

285 6
183 4
174 3
143. 8
9.6
20.9
9 1
53 1
26 6
17. 0
9 4

9
51
27
14
9

9
59
27
15
9

41 9
38.6
21 8
16.9
3 2
6.5

42 5
39. 5
22 2
17.3
30
6.6

42 7
42.7
24 7
18.1
— 1
6.7

41 2
39 5
22 9
16 6
17

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
National security $
do
State and local
do

330.9
206 4
25.5
113. 2
67.6
50 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

67.3
45 5
41 6
21 7

71.2
48 9
44 3
22 3

74
51
46
23

Personal income total
Less' Personal tax and nontax payments
Equals' Disposable personal income
Personal savin g§

256 1
29 0
227 1
20.7

262.0
30 4
231. 5
21.1

263 0
32 5
230 5
17.3

"Wages ard salaries total
do
Private
do
Military
do
Government civilian
do
Supplements to wa°'es and salaries
do
Proprietors' and rental income totaled do
lousiness and professional cf
do
Farm
do
Rental income of nersons
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

do
do
do
do

_

r

2
9
6
8
^

3
5
5
2
8

o

6.9

r

339 7
213 2
25.2
118 0
70. 0
50 0
23 7
25.7
6
r
2 2

7. 1

342 6
214 9
26.4
117 8
70.8
49 3
23 6
25 7
r

78
54
50
23

4
2
4
2

4

343 4
215 0
24 2
118 9
71.9
51 7
23 0
25 0
3 7
—1 2

0
9
3
0

77
54
49
23

1

9
8
6
1

268 9
33 6
235 3
20.3

264 4
32 9
231 5
16.5

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 _ _ _ _ _ _ _ _d o
Wai'e and salary receipts, total
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 O
bil. of dol. _
Total nonagricultural income .

__.do ___

257.3
172.1
75.7
46.3
20.4
29.7
168.8
4.2
50.9
21.0
12.4

261.7
174.0
75.9
46.5
20.7
30.9
170.5
4.3
53.4
20.8
12.7

260.9
174.8
75.8
46.5
20.8
31.7
171.3
4.2
52.5
20.5
12.4

263. 4
176.0
77.5
46.7
20.8
31.0
172.6
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

261.9
177.3
77.7
47.0
20.8
31.8
173.9

262.5
176.7
76.9
47.0
21.0
31.8
173.4

264.5
177.9
76.7
47.7
21.3
32.2
174.6

266 7
179.3
77.2
48.5
21.3
32.3
175. 8

263.9
177.4
74.0
49.3
21.5
32.6
173. 9

50.7
21.0
12.4

51.2
21.5
12.3

51.7
21.5
12.6

52.8
21.4
12.5

52.2
21.3
12.4

4.3

4.4

4.4

4.5

4.5

r
269 6
r 182. 5
'78.7
'49.4
21.5
r
32.9
' 179. 0

4.5

r

51.8
21.4
13. 1

273 3
184.3
80.7
49. 1
21.7
32.8
180.8
4 5
53.5
21.4
13.3

3.3

3.5

3.5

3.4

3.9

3.8

3.8

3.6

3.6

3.8

3.9

3.7

3.7

236.4

239.1

239.5

240.7

241.7

243. 4

242.7

242. 9

244.9

245.9

243.4

«• 249. 4

252.3

NEW PLANT AND EQUIPMENT
EXPENDITURES*
All industries, quarterly total
Manufacturing
Minin0"
Railroads
Transportation, other than rail
Public utilities
Commercial and other. . _

mil. of doL_
do
do
do
do
do
do

6,715
2,841
236
354
372
1,042
1,870

7.421
3, 335
244
432
344
1,117
1,949

6,951
3, 302

6, 228
2,742

208
362
361
847

1,708

"""//:
-

i 7, 125
i 3 381
i 211
i 331
1
373
1
1 104
i 1, 726

220
381
378
957

1,713

r

J
Revised.
Estimates for July-September based on anticipated capital expenditures of business.
tRevised 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.
9 Government sales are not deducted.
§ Personal saving is excess of disposable income over personal consump tion expenditures shown as a component of gross national product above.
OData through 1951 represent employee contributions only; thereafter, personal contributions of self-employed
persons are also included.
^Revised beginning 1939. For revised annual data for 1939-51 and for quarterly data beginning 1947, see pp. 20 and 21 of the August 1952 SURVEY.




S-l

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